We’ve seen a lot of predictions about the short-term direction of Telstra’s share price recently. But what we didn’t hear or read was one person forecasting it would hit $4. As is usual in the sharemarket, the fact everyone was wrong has only increased the number of people predicting what will happen next. We make no such short-term predictions but we do believe that, in five years’ time, those purchasing today will have made an astute buy, and 5% here or there doesn’t change our view. The share price is up 7% since last issue (Long Term Buy—$3.67) and our recommendation remains LONG TERM BUY/SUBSCRIBE as long as your Telstra shares combined with T3 and the final instalment represent less than 10% of your portfolio.