Mr. Herrlin of Merrill Lynch said that while Devon has a good track record of smart acquisitions, two deals at once will be complicated and somewhat risky.

In the case of Travelers, investors have historically bet on Mr. Weill's ability to make smart acquisitions that lead to higher earnings, Mr. Sharps said.

You put together this splendid team, brimming with homegrown stars and smart acquisitions, and nurtured by a calm, street-smart city native.

To justify a higher price with higher profits, Silgan will need to continue to pare down debt and make smart acquisitions.

And Owens-Illinois, the glass and plastic company, is not turning out as the smart acquisition many expected when the firm acquired it in 1987.

His other smart female acquisition was Fishwick Modesty.

A smart acquisition, that last, for industry-wide sales of sports cards, according to Sports Collectors digest, have fallen 67 percent since the 1991 boom.

"We like companies who do smart acquisitions, and Hubbell's track record is outstanding."

"The secret to their success is efficient, low-cost manufacturing, free-cash-flow generation and smart acquisitions," he said.

As Clear Channel wants the story to be told, it is a capitalist success built largely by one entrepreneur, Mr. Mays, through smart, aggressive acquisitions.