There's definite pros and cons the roll-up model. It "worked" for SGH for years, at least in rising share price.
I'm not going to try repeat it all, it's been gone over many times, but my original "house of cards" argument for SGH revolved around the great fragility of this model for listed law firm when too much low quality acquired, way too much debt, and reputational and management credibility hits.
Loading up the truck, page-3053
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