Matthew Giampetroni
@matthewgiampetroni
Matthew Giampetroni
@matthewgiampetroni
markets—these sublime machines that synthesize beliefs and aggregate them into prices—instantiate a secularized version of the sacred
the people around you will either protect or infringe on the climate within your skull.
M&A is by far the largest source of redistribution of corporate resources among the capital allocation alternatives. M&A deals in 2021 totaled nearly $2.6 trillion, or 13.5 percent of sales. The chart shows that M&A tends to be cyclical. Early movers tend to do better than companies that buy later in the cycle.
Firms should invest in innovation while cutting losses when a strategy is unlikely to pay off. This is an explicit recognition of the value of quitting