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Those who followed this path experienced massive profit expansion, as was to be expected. Because their R and SG investments were largely going to waste, cutting those expenses dropped almost entirely to the bottom line. Thus, all else being equal, a company with 1% operating margins and a P/E of 50 could quickly become a company with 10% operating margins, which would translate into a P/E of 5.
Larry Ellison knew this. This is why he hired one of Wall Street's top software analysts (Chuck Philips, a client of mine at the time) to help Oracle execute his acquisition strategy. The plan was brilliant. ORCL's stock killed cheap ugg boots sydney the market from the time of its acquisition of PeopleSoft until the anniversary of its last large acquisition, Sun Microsystems. Since that time, the stock has been a woeful laggard. Coincidence? Absolutely not.