Receive More Bang for Your Buck With Smaller Companies

Our sweet spot tends to be in the $2-3 billion range, where the companies are clearly established but can still be under the radar. We also can get a lot more bang for the buck in companies that size from the initiatives we see adding value. In my experience, it’s harder for a $30 billion company to add $10 billion in value than it is for a $3 billion company to add $1 billion in value. We’ve bought bigger companies in the past, but I can’t say we’ve been very good at it. It’s just too hard to have an informational edge.