Hmm.. EMC (which essentially was Smoking Joe T as the CEO for most its limelight years) did quite well with acquisitions, Data Domain, Isilon, VMware and many more smaller acquisitions. They never bought a company to inherit their cash flow but saw an opportunity to invest and grow their business by adding their amazing sales machinery which was stellar as well.
A broken clock is right twice a day, and even EMC CEO Joe Tucci was right once in his lifetime.
But don't look at his other acquisitions.