Consolidation--The Juggernaut Hits the Wall

Thompson agrees, noting: "Our challenge is to be disciplined in our approach to capitalizing on these opportunities."

But have some of the very basic realities changed? Some industry observers have long suggested that a point in the consolidation process may occur when the fabled "law of diminishing returns" comes into play: As the revenues of each new acquisition join a larger and larger pool, the impact of each new purchase lessens, and the percentage growth of the industry naturally slows.