earthtoj - Stalling investment while prices of the targets are...

earthtoj - Stalling investment while prices of the targets are falling is a good thing. Stalling investment in a market rocketing upwards is not a good thing.

Investing at the low point in the cycle is a good thing - if the time horizon for that is more than 1 year into the future or completely unknown then return the money to shareholders now and capital raise later when you spot a bargain.

I think we are at or very close to a low point. I expect M&A in the next 4-5 months or a special dividend returning the unused cash.