I just read a great german article about goodwill and how many companies have incredibly high goodwill. This can be a sign of bad M&A (overpaying for acquisitions). The example used in the article looked devastating and only looked at the German DAX index. So I decided to check for my own portfolio and I have to say I like what I see: No company above 30% of marketcap in goodwill. Outliers are $CRM, $ZBRA and $DHR, but still with a good percentage given their heavy M&A focus. $CNSWF continues to be a beast, only having 1.8% Goodwill AS A M&A FOCUSED COMPANY!