Subject: Re: BRO & AJG
nothing new to add for BRO, except simplistically :

- when BRO steadily makes small acqs and the sharprice only goes up, the market considers them "compounding royalty".

- when BRO attempts to move the (business) needle via its largest acq based on past experience\success, and the relatively soft insurance market is abandoned for speculative memes, BRO is seen as an obsolete growth trap.