[wiseheart]

Because I don't think they need acquisitions to grow, merely they are acquiring companies because they are able to. That is to say, I think their base agrobusiness model is solid. It might say that management doesn't know what to do with the money so they are buying other companies, but the same could be said of Google, and in their case it seems to be working well.

Perhaps, you could provide some more info on what kind of problems Graham says they will encounter? I can think of a few possibilities but Im not familiar with his thoughts. [img]/images/graemlins/smile.gif[/img]