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Cover of Anatomy of the Bear by Russell Napier People are going to realize how resilient cash flows have been in a bad recession. Buyers usually have to finance some kind of debt and cash flow is king. We are not going back to the silly days where anyone could raise billion-dollar deals but we are going to see M&A. For businesses with strong balance sheets, this is a great time to buy.- Russell Napier, Bloomberg21st September 2009
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