An area of lousy decision-making relates to M&A decisions.

The over-optimistic (and often unrealistic) value of potential synergy between buyer and seller to justify paying premium (over-market) prices.

The vast majority of promised synergistic benefits from an acquisition or merger do not materialise for a range of reasons.

The decision to proceed with such an acquisition rarely has to do with commercial pragmatism, and more to do with career and ego of managers and directors (and always to the cost of shareholders.)