Listen here.Buy anything worth $600 billion and you can't lose money, says Milkwood Capital's Rhys Summerton. That's the easy trade. The hard one is spotting a great serial acquirer before the market notices, and Summerton has the scars and the returns to prove it. He walks through the five things he looks for before backing management with a chequebook, tells the inside story of turning a forgotten R4 industrial stock into a South African ten-bagger, and explains exactly what went wrong when EOH's acquisition machine chased earnings straight into a near R100 billion wipeout. Along the way: why passive investing is starving thousands of small companies of capital, and why a tax loss might be the most underrated asset on any balance sheet..Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox every morning on weekdays. Register here.Support South Africa's bastion of independent journalism, offering balanced insights on investments, business, and the political economy, by joining BizNews Premium. Register here.If you prefer WhatsApp for updates, sign up to the BizNews channel here.