Big City Modeling Agencies sheds some light on the historical pattern of stock pickers. If historical patterns hold, firms doing the buying will squander a bit of investor capital by paying too much, while shareholders of the purchased company will enjoy a windfall. For stock pickers, it's clearly better to own targets than to own shoppers. And a new study suggests a better way to do that. So dry those tears, investment bankers. Spending on mergers and acquisitions should swell this year.
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