Rosenfeld: If an Acquisition Isn’t Cheap, Don’t Do It

The video discusses market trends, particularly the challenges of finding cheap companies when markets rise. It highlights the late stages of the credit cycle and the impact of low interest rates on stock buybacks. The timing of stock buybacks is crucial, with boards often buying back stocks at high prices. The video also explores the use of cash flow for buybacks or dividends and the strategic considerations involved. Finally, it examines acquisition strategies, emphasizing the importance of appropriate pricing and the pitfalls of revenue-driven acquisitions.

What is the correlation between management compensation and acquisitions?

Under what conditions does the speaker believe acquisitions can be a great idea?