The Globe and Mail reports in its Saturday edition that Scott Lysakowski at Phillips, Hager & North sold Telus recently. The Globe's Brenda Bouw quotes Mr. Lysakowski saying: "Telus is a stock we started selling in October last year and exited in January this year, after adding to it last summer. We believe our decision to sell illustrates our flexibility in correcting our actions after making a wrong decision. When we added to the stock more than a year ago, our thesis was that the competitive threats of new entrants into the wireless industry were easing, valuations were very attractive and we had a view that once competition settled down, carriers would be able to show some better pricing discipline with their wireless products -- and that would normalize free cash flow levels. While we've seen some easing in the competitive pressures in parts of Canada, it hasn't happened in the West, which is Telus's backyard. That has put pressure on its free cash flow generation. Higher capital expenditures also stressed its payout ratio. It became apparent to us that Telus would need to cut its dividend substantially, so we decided it was time to exit our position." Since then, the company cut its dividend by 55 per cent.