By David Polonitza
Over the past 12 months, the M&A landscape has been more active than in almost any other period of time. While some might point to this trend as being an excellent development, there is a viewpoint that when companies are very willing to engage in M&A, the market is more likely to under perform than outperform in the future. Michael J. Mauboussin shares this viewpoint in his Legg Mason strategy letter.
