Often its agency issues. Managers are usually paid in proportion to the size of the thing they manage. So if you have a core product that returns more money tha

Often its agency issues. Managers are usually paid in proportion to the size of the thing they manage. So if you have a core product that returns more money than you can reasonably invest back into it, what do you do? You write up a plan about how much synergy you'll unlock by buying/building XYZ and go off empire-building.