Consolidation--The Juggernaut Hits the Wall

"The private printers with whom I speak say business is good and that they are growing. The public companies, on the other hand, are reacting to short-term moves in their stock price, often announcing whatever they think will please 'the Street.' Their public status and stock price has become a handicap, crimping their M&A strategy and making stock options a less effective tool for attracting and retaining employees. My advice to them is to run the business like it was private and assume that the stock price will take care of itself if they do a good job. Or, if they can't wait, take the business private to use leverage to enhance the return to equity holders."