Taking a page from Craig McCaw's playbook, Clearwire has amalgamated various spectrum licenses and combined its assets with Sprint Nextel to form the widest bandwidth footprint in North America, according to Maravedis analyst Robert Syputa. Clearwire's business strategy essentially turns cheap spectrum into more expensive spectrum, similar to buying cheap real estate and then sprucing it up to increase its value. If the company can gain momentum with deployments and subscriber revenue, according to Syputa, it will achieve "real estate" success. Commentary