I think you are right about the M&A influence, just looking at one random company sitting at 434th of the S&P500, it has been around for only 16 years and the a

I think you are right about the M&A influence, just looking at one random company sitting at 434th of the S&P500, it has been around for only 16 years and the abstract mentions 5 other companies that had major influence on its trajectory. https://en.wikipedia.org/wiki/Skyworks_Solutions https://en.wikipedia.org/wiki/Skyworks_Solutions I think this is still on point with what the parent was alluding to: if your company lives and dies by M&As, do you have a clear vision of what the future will be in even a few years ? When two company merges, one of the vision mechanically dies after all.