Fair enough. My point was that there's a difference between a valuation mistake and a calculated risk that doesn't work out - and it can be very difficult to te

Fair enough. My point was that there's a difference between a valuation mistake and a calculated risk that doesn't work out - and it can be very difficult to tell which one's which, especially from the outside. Any acquisition can end up a failure because of integration issues, changing market conditions, failure to execute new products, etc. - it doesn't necessarily mean the original valuation was wrong.