At an 8% dividend yield shares of Berkeley Group pose a bit of a puzzle to investors. Usually such a high yield signals that the market has doubts about the company. On the other hand, however, its shares trade at nearly twice the net asset value, which is as silly a valuation as it is expensive. Classed as a homebuilder it is in reality more a property developer, transforming urban sites into expensive apartment blocks after navigating what can even be decade-long planning processes. More importantly, the firm has decided to return £1.7bn in cash to shareholders by 2021. Given that its sales seem pretty much locked in even until 2012 the above puzzle is quickly solved. Despite the cautious noises from the company regarding possible rate rises and the upcoming elections the stock remains a 'buy', says The Times' Tempus. This morning's announcement from Ofcom, the telecoms regulator, on its deliberations regarding the prices charged by BT to rivals for giving them access to its fibre-optic network, should be benign. Yes, come next February the company will also have to announce its pensions deficit, but that should already be priced in. Similarly, it is hard to believe that the company and rival BskyB will go into any sort of aggressive price war. It is simply not in either firm's interest to slit each others' throat in public. Given the fact that the above concerns have been overdone the 3.2% dividend yield is a reason to 'hold' the stock, Tempus writes.Please note: Digital Look provides a round-up of news, tips and information that is impacting share prices and the market. Digital Look cannot take any responsibility for information provided by third parties. This is for your general information only as not intended to be relied upon by users in making an investment decision or any other decision. Please obtain a copy of the relevant publication and carry out your own research before considering acting on any of this information.AB