This is definitely the "rose colored glasses" way of describing their playbook. I think, more accurately it's this: 1) Find a company that hasn't optimized the

This is definitely the "rose colored glasses" way of describing their playbook. I think, more accurately it's this: 1) Find a company that hasn't optimized the look of its cash flows and balance sheet to the tastes of pension funds and other institutional investors who manage "dumb" money (a.k.a. mom and pop). 2) Buy said company, and make the superficial changes necessary that will fool the dumb money into paying more than the company is really worth. 3) Sell to the public pension funds, whose managers are well-known for being the dumbest in the business, and whose failures are backstopped by taxpayers who will have to make up for this stupidity (and in some cases, corruption[1]) by paying truly scary amounts of taxes. [1] http://www.sfgate.com/business/bottomline/article/Former-CalPERS-CEO-Fred-Buenrostro-pleads-guilty-5616331.php http://www.sfgate.com/business/bottomline/article/Former-Cal...