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Low Rates Could Spur M&A Surge

-Over past five years low interest rates have spurred buybacks; M&A could be next

-Rising M&A consistent with mid-cycle view

-Lowly-valued stocks with high operating costs could attract interest  

The stock market’s worry du jour is the $15 trillion or so in bonds around the world that offer negative rates. There have been plenty of headlines about it, and rightly so. In other words, instead of getting interest  you are paying the borrowers, such as the Swiss and German govern...

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