These bets are easy because it's hard to figure out if you've won or lost. Among the challenges is that acquisitions like WhatsApp and Motorola can be more about stopping threats. WhatsApp had been adding ~1 million people a day, and if FB's mission is to connect people in the world, then WhatsApp could have become a serious competitor in a few years. The Motorola patent portfolio has been discussed, but there's a lot of potential for simple expertise in consumer goods that was acquired as well. Us outsiders will never really really know.
Since we're talking about tech companies and not airlines, the value of an acq is a lot more difficult than discounted future revenue. YouTube was much derided as a terrible acquisition for YouTube in 2006 -- a bandwidth money pit and a copyright nightmare. But it looks like it was a smart move.
What you describe does happen, though. Microsoft paid $6B to acquire aQuantive in 2007 and then wrote if all off in 2012.
Since we're talking about tech companies and not airlines, the value of an acq is a lot more difficult than discounted future revenue. YouTube was much derided as a terrible acquisition for YouTube in 2006 -- a bandwidth money pit and a copyright nightmare. But it looks like it was a smart move.
What you describe does happen, though. Microsoft paid $6B to acquire aQuantive in 2007 and then wrote if all off in 2012.