When CEOs play interior designer with your capital

Over the years, I have noticed a strange quirk among CEOs. Ask them about their business and they will give you a cautious, carefully worded response. But ask them about a potential acquisition and their eyes light up. Suddenly, they are fluent. They have got charts, synergy estimates, cultural fits, and a banker on speed dial. It's not that they don't know how to allocate capital—it's just that buying something feels a lot more exciting than sitting on cash or buying back stock.

This article was originally published on April 10, 2025.