The M&A frenzy is coming back. Can someone smarter with an MBA for ex. tell me why companies always bid up for other companies in bull markets even if it means overpaying sometimes buying at ridiculous valuations or premiums (remember those acquisitions made in 2000?). The corollary being that M&A activity grinds to a halt during a bear. I don't know about you but I would be a CFO sitting on cash I would want to buy assets on the cheap at or near book value during a bear market.