+1 Also, billions are harder to spend than millions, because purchases that big change the environment. For example: a small, unprofitable company makes purp

+1 Also, billions are harder to spend than millions, because purchases that big change the environment. For example: a small, unprofitable company makes purple widgets, even though no one else thinks it's worth it to make purple widgets. Owning these guys would give you a competitive advantage because their widget-making technology coordinates well with your sprocket-making pipeline, so you acquire them for $1B. Suddenly a flock of other companies will jump up to make purple widgets; they will get acquired by your competitors, who can learn from your widget-making mistakes. This all cuts down on the competitive advantage that made you buy the company in the first place.