Matthew Giampetroni

Great capital allocators always have a sense of the difference between price and value in all of their businesses. And, as important, they are willing to act to build value when those gaps become large enough to overcome frictions such as taxes and fees.

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.

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