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Expansionist deals are more likely to have a clear investment
thesis, while "transformative" deals often have no credible
The market is likely to reward the former and punish the latter.
The dilution/accretion debate. One more side discussion that comes to bear on the investment thesis: Deal making is often driven by what we'll call the dilution/accretion debate. We will argue that this debate must be taken into account as you develop your investment thesis, but your thesis making should not be driven by this debate.
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The thesis statement is a preliminary answer to the research question you have posed. A strong introductory thesis statement, followed by thorough research in the body of the paper, should convince the reader that you are, indeed, addressing and resolving a pertinent research question. The strategic restatement of the thesis statement in the conclusion should carry a convincing rhetorical effect to the reader that your research problem has been resolved.