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If the historical performance of the target falls short of validating its acquisition, large “synergies” will be forecast. Spreadsheets never disappoint.
The ample availability of extraordinarily cheap debt in 2017 further fueled purchase activity. After all, even a high-priced deal will usually boost per-share earnings if it is debt-financed.
Both of us believe it is insane to risk what you have and need in order to obtain what you don’t need.
The less the prudence with which others conduct their affairs, the greater the prudence with which we must conduct our own.
