> most BigCo are essentially PE holding companies Spot on. This is why you see Time Magazine buying MySpace and Fox News buying Photobucket. The M&A department

> most BigCo are essentially PE holding companies Spot on. This is why you see Time Magazine buying MySpace and Fox News buying Photobucket. The M&A department sometimes gets too powerful and starts running the company. Investors love it because they see ARR and think the company is doing something right, not realizing the longer-term consequences of stretching your corporate umbrella over ridiculously unrelated and categories. This is also why BigCo CEOs rarely do well at LittleCo. When I see a Series D company suddenly start buying competitors, I can always guess that a BigCo CEO appointment happened not too long before.