RE:you guys must be aging fast. Gibbons, for the most part, I'm aligned with you, but I think the point some investors are trying to make is that Crawford specifically raised money to go out shopping for businesses - and he did that over a year ago. There was no ambiguity in what he said his plans were for the money raised.
He's told us time and time again how full the target pipeline is, but he hasn't delivered, and in my opinion the market has responded in kind.
Sure, there's lots of good arguments for why it's better to build than buy - but that's not what Crawford said he would do, and he's never released a PR saying that that he's changed strategies, and he's always touted acquired growth over organic growth. In conference after conference and Q-call after Q-call he emphasizes acquistitions.
Investors want him to be good to his word - he needs to tell us what the strategy actually is - convince us that what he's doing is the best way to deploy capital. But no, instead they continue to tell us about a full pipeline, and lots of acquisition targets, while opening up a small shop here and there.
So that leaves us to wonder - are they low-balling all the time and losing out? Are they hoarding cash to make one large deal? Are they now comitting to organic growth instead?
Crawford needs to tell us. I want to sell, but I want to know what they're actually going to do with all that cash before I make a decision. Today's drop is certainly not going to instill any additional confidence.
gibbonsj wrote: Like chill out or sell. On a cost per client basis it's much more cost effective to build than to buy. With our footprint and infrastructure why buy unless it's a super giveaway deal. You guys are not very business minded.