### Comment:
Was a bit more nuanced than that. Graham worries that it shows a lack of initiative on the company and that the company would be pissing away premium on acquisitions and not be able to effectively monetize them. 
  
 So depending on what the company does with its purchases, how it innovates them, and its ROI on them.

### REPLY:
Imo, three exceptions:      
 1. Patents.      
 2. Synergies.       
 3. Stifling competition.

### END.