Vodafone produced solid earnings today in a tough European environment. I believe this shows the recession resistance of the business. I don't believe people will part with their cell phones en masse no matter how bad the economy gets. A cell phone is a necessity these days and not a luxury.
Vodafone trades at a 10% free cash flow yield and at almost an 8% dividend yield despite the durability of the business. I am not selling any of my position and will look to add on weakness.