>My understanding is that the vast majority of these M&A destroy capital. My understanding is M&A is how large, stable companies that are focused on maintenanc

>My understanding is that the vast majority of these M&A destroy capital. My understanding is M&A is how large, stable companies that are focused on maintenance activities ultimately fund R&D. It would be interesting to see how M&A compares with in-house R&D in terms of "destroying capital"