It is easy to become addicted to deals: buying growth can produce spectacular numbers. The problem comes when investors enable the habit, making it that much harder to break. Exhibit A: Li & Fung, the sourcing group whose clients include Target and Walmart. Its shares perked up last week in expectation that the $500m it raised in bonds will go on yet more deals.
收購很容易讓人上癮:通過收購帶來成長可催生亮麗的業績數字。問題在於,如果投資者縱容這種習慣,要打破這種習慣將比以往難得多。爲塔吉特(Target)和沃爾瑪(Walmart)供貨的採購業集團利豐(Li & Fung)就是一個例子。上週,由於投資者預期該集團發債所籌的5億美元將用於更多收購,利豐的股價爲之一振。
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