Charlie Munger once said: Show me the incentive and I'll show you the outcome.
The incentive seems to be empire building because the board and management owns very little sky shares amongst them. We have an agency problem. And investment bankers will cheer on a deal because that's how they scoop fees.
Sky's capital allocation track record is dismal. Most acquisitions destroy shareholder value.
I'll prefer a simple dividend or buyback.
Charlie Munger once said: Show me the incentive and I'll show...
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