可悲的电信公司，对那些贬值的资产抄底很少奏效，而投资者否决涉及到成熟资产的扩张交易，它们几乎不产生协同成本。
Sadly for the telecoms firms, bottom-fishing for distressed assets rarely worked, and investors vetoed empire-building deals involving mature assets that yielded few cost synergies.
有趣的是，即便对抄底论深信不疑的市场老手也承认他们不知道低点在哪里。
Oddly, even market pundits who believe in capitulation admit they can't define it.
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