最好的學習就是從失敗中學習，
但這個失敗的經驗最好是別人的。
AOL和Time Warner這個在.com泡沫史上有名的併購災難，
值得我們來瞧瞧…
http://www.bloombergview.com/articles/2015-01-14/lessons-from-the-aoltime-warner-disaster
便宜的舊通路並不會增加內容商的價值，新的網路通路在破壞這一切。
As for AOL-Time Warner, the main lesson that bears remembering is that cheap distribution doesn’t automatically create value for the content producers. When Time Inc.’s print products were distributed cheaply online across AOL’s network, they decreased in value: The new distribution model hurt demand for high-cost print ads.
投資不變的真理：別買太貴。
AOL-Time Warner also taught us that content is king, but you can’t overpay for it and succeed. AOL used an inflated stock price to pay more than $160 billion for a business that had just north of $1 billion in earnings. (AOL's earnings were smaller.) When it was clear that AOL had overpaid, the company was forced to take a huge writedown. The job cuts and belt tightening that followed hamstrung the conglomerate, and it eventually had to spin off AOL, Time Warner Cable and Time Inc.
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