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Merrill depends on a relatively stable market for the stocks and bonds it underwrites and for the mergers and acquisitions it advises its clients on.
Still, there's little doubt that as HDS fills out its product line and makes software acquisitions, it will boost its share of the storage market.
If Beacon treats VillageCar just like its other acquisitions, it risks missing out on both opportunities.
In its latest acquisitions, it expects to benefit from the strategic locations of the two companies and their extensive customer base.
With $1.5bn of surplus cash on the balance sheet and its track record of successful acquisitions, it is well placed to build its long short capability.
Even so, debt market turmoil has raised fears it will have a hard time raising capital for the future acquisitions it needs to boost its dividend.
Although entering this market required Deere to make a number of acquisitions, it required no additional investment in its relevant hidden asset: its authority with customers.
And Microsoft is no stranger to acquisitions: it has bought hundreds of companies in its 33 years.
He points out that while the company is not making money, its losses are primarily due to acquisitions it has made in recent months.
It overpaid for many of the acquisitions it made.
And the acquisitions it has recently made have often been far from the stock trading business.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com