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One other risk with mergers that I've been thinking about is we sometimes don't know what the 'market' is. At the time the relevant market might be one thing, but as things develop, that could change. One could wonder if a merger that was allowed to occur in the past should have been allowed to happen given what transpired later (this would be situations when companies buy another company that may seem unrelated). I've been thinking about how Google bought YouTube and whether that was merger that, in hindsight, we should have allowed.

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