Thursday, January 25, 2007
Singular no more
Never mind what Stephen Colbert says, I was happier with Cingular than back when I had their AT&T cell service. But the history of Cingular does show the way my generation has gotten rich through unproductive churning.
Building cell phone companies? A valuable service. Buying, selling and buying companies again? Not so much.
PS: I like the new black, the bouncing man, and I'll probably buy an iPhone.
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Indeed, profits incur taxes. OTOH, M&A increases corporate worth without increasing profits. By shuffling the coconuts it's posssible to increase wealth without having to increase income. It's the only reason to stay in any business who's operating margins are less than that of the current interest rate available from a savings account.
Posted by: Ken H at Feb 2, 2007 8:31:57 PM