PI 400 -- M&A Activity - Acquisitions Yield To Slow Economy

In a mere two years, several events and economic changes turned a vibrant sellers' market to a sluggish buyers' market. I'll tell you about the more important ones.

First, there is a perception among stock market analysts, investors and lenders that (1.) the printing industry is flawed, (2.) the people in the printing industry are flawed and (3.) the concept of "roll-up consolidation plays" in the printing industry (and many other industries, for that matter) is flawed.