Warren Buffet writes in Berkshire Hathaway’s 1981 Annual Report,

Many managers were apparently overexposed in impressionable childhood years to the story in which the imprisoned, handsome prince is released from the toad’s body by a kiss from the beautiful princess. They are certain that the managerial kiss will do wonders for the profitability of the target company…why else should the shareholders of company A want to buy an interest in company B at a takeover cost that is two times the market price they’d pay if they made direct purchases on their own? … We’ve observed many kisses, but very few miracles.