Browning-Ferris Industries

They turned to look and saw, about 30 feet away, a wooden crate sitting atop a rusted old BFI dumpster.

Good old Browning Ferris Industries.

The crate was moving each time the noise rang out, and the youths realized, with much astonishment, that whatever was making the noise was inside the crate, trying to beat its way out.

The crate started to rock back and forth until it finally toppled from the edge of the dumpster and fell to the ground with a crash.

And if I am the only diversified buyer in the game, the ultimate transaction price is going to be closer to the 453,000 than the one, you know, the one I remember when we talked about, we talked about acquisition, the one area of acquisitions where there's potential value creation, it's very difficult to create value from acquisition for one area, whether it's value, value creation acquisitions, is publicly traded companies that are created by roll-ups of private businesses.

Browning Ferris went around the country buying up garbage disposal companies.

Blockbuster in its days of glory went around buying video rental stores across the country.

You're saying, how do they create value? Because they offer the owners of these businesses a higher number than they can get from any private transaction, but a much lower number than what they can afford to pay.