You raise some good points here, I hold AFL, and it is going about a similar strategy.. but in a different sector.. The last firm they bought was due to the vendors retiring. Most vendors are also not stupid and know how much they can sell a better quality business for... so then you end up with a stand off.. Nice to see HLA recover back to IPO price... was tempted to buy some in the 80s but cant pull the trigger due to the amount of medical roll up flops
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