What should investors be targeting in this market recovery

What should investors be targeting in this market recovery? I'll be keenly watching those bold enough to make transformational acquisitions by leveraging cheap debt to materially expand earnings. This isn't the time to be meek. Many small caps can borrow at around 5% interest rate while analysts are still using double digit discount rates for valuations! Recent examples include Empired (EPD) buying Intergen for $17.4m, Retail Food Group's (RFG) taking out Gloria Jean's Coffees for $163.5m and AMA Group (AMA) driving off with RMA for $7m. I expect AMA to make another acquisition before year end. Another that made bold move is Specialty Fashion (SFH) with $5m purchase of Rivers that's estimated to add about $180m in annualised sales. This will make SFH one of the largest listed retailers on a sales-to-market cap basis.