John Neff 说，铁塔是核心光纤网络的数字信号转为无线信号的地方，是无线数据的瓶颈；多租户铁塔是建设网络覆盖最经济的方式，监管和经济原因使每座塔近似地理垄断。全球无线数据每年增长 30–40%，新增租户的边际利润率约 90%，长期租约自带涨价条款。按 217 美元的股价，他估算年化回报约 13%。
That transformation between digital and analog is fundamental to wireless connectivity, making cell towers a bottleneck business for wireless data and communications.美国铁塔是 Akre 2020 年初最大的持仓，也是当年少数拖累业绩的股票之一。市场归因于卫星网络竞争、T-Mobile 合并 Sprint 后的退租和印度业务，但 Akre 认为最简单的解释是：疫情初期投资者把它当避风港，估值冲到顶峰后回落。他们没有在高估时追加，体现了买入纪律；也不会因为短期下跌就换掉它。
But in our view, the simplest and most compelling explanation for American Tower’s 2020 stock price performance is the peak valuation reached in early 2020 as investors rightly concluded that American Tower, with its hell-or-high water lease revenue, qualified as a “safe haven” from COVID.