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Strategies & Market Trends : Value Investing
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To: Sergio H who wrote (48641)7/8/2012 10:36:16 PM
From: Spekulatius2 Recommendations  Read Replies (1) of 78715
 
Re Laz, you are right, its about 4x book but it's 10x tangible book. In any case,LAZ business model is attractive because it needs little capital to run. It's just that i think LAz peak earnings may not be much higher than 2.5$ and then you are paying more than 10x for peak earnings, which is not cheap.

M&A don't occur much when credit markets are strained, because they need M&A run on cheap financing. That is why M&A collapsed in 2008 and to some extend we are seeing a reduction in M&A in Europe, where credit spreads are elevated.
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