It is easy to become addicted to deals: buying growth can produce spectacular numbers. The problem comes when investors enable the habit, making it that much harder to break. Exhibit A: Li & Fung, the sourcing group whose clients include Target and Walmart. Its shares perked up last week in expectation that the $500m it raised in bonds will go on yet more deals.
收购很容易让人上瘾：通过收购带来增长可催生亮丽的业绩数字。问题在于，如果投资者纵容这种习惯，要打破这种习惯将比以往难得多。为塔吉特(Target)和沃尔玛(Walmart)供货的采购业集团利丰(Li & Fung)就是一个例子。上周，由于投资者预期该集团发债所筹的5亿美元将用于更多收购，利丰的股价为之一振。
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