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.
收購很容易讓人上癮：通過收購帶來增長可催生亮麗的業(yè)績數(shù)字。問題在于，如果投資者縱容這種習(xí)慣，要打破這種習(xí)慣將比以往難得多。為塔吉特(Target)和沃爾瑪(Walmart)供貨的采購業(yè)集團(tuán)利豐(Li & Fung)就是一個(gè)例子。上周，由于投資者預(yù)期該集團(tuán)發(fā)債所籌的5億美元將用于更多收購，利豐的股價(jià)為之一振。
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