Just had another thought--what keeps the stock price high? The dividend. What happens if they spend all the cash and issue more stock. Unless they get it just right and get immediate revenue that matches the usually rosy pro-formas, they will have to reduce or eliminate the dividend. Look at AOC. Their dividend is a small percentage of that of MMC. Too much growth with not enough results. What happens when the dividend gets cut? there had better be some pretty interesting earnings growth or the stock tanks. Will be lots of fun to watch.