AXAHF - Smarts Not Scale
Stock prices represent the expected future performance of a given company. Stock prices, particularly at large cap companies, are governed by the interest and excitement (or negative view) of giant institutional investors. Over the years, I have met many very smart buy side investors and I have healthy respect for them. I think they both analyze and intuitively understand the trajectory of these giant public companies. So when I see the buy-side react negatively to an acquisition, or two or three, I take note.
Two deals this week sent the buy side scrambling and acquirers’