During this part of the cycle, M&A typically accelerates. We look at what is happening, and why, and ideas to position for the thematic. Why is M&A accelerating? • Debt is very cheap (unless you're an iron ore produce as Fortescue found out last week) • Company balance sheets are strong. • Companies are struggling for organic growth, so they are buying back their own shares at record pace, which sends a poor management signal in that they cannot find ways to grow.The cost cutting has already been done. Good acquisitions should be a better alternative. • Company PE's are higher than historic norms, so a good time to use the value of your equity. full note here (VIEW LINK)