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The key to making acquisitions is being ready because you really never know when the right big one is going to come along.
I have targets for business achievements; I do not have targets for acquisitions. Because if you have targets for acquisitions, you end up making compromises in terms of valuations, and you buy things because you have a target, and it is not good for business.
How do you make money? Spinoffs, split-ups, liquidations, mergers and acquisitions.
Most corporate name changes are the result of mergers and acquisitions. But these tend to be unimaginative.
We've demonstrated a strong track record of being very disciplined with the use of our cash. We don't let it burn a hole in our pocket, we don't allow it to motivate us to do stupid acquisitions. And so I think that we'd like to continue to keep our powder dry, because we do feel that there are one or more strategic opportunities in the future.
Successful enterprises are built from the ground up. You can't assemble them with a bunch of acquisitions.
Much of what is called investment is actually nothing more than mergers and acquisitions, and of course mergers and acquisitions are generally accompanied by downsizing.
Today we're focused on small acquisitions to add technology where necessary. I think it's fair to say we're not out looking for a large one, but I think it's also very fair to say that as a public company you can never say never.
Wal-Mart does not do big mergers, though it will buy much smaller competitors in so-called 'tuck-in acquisitions.'