CEOs are wired with unshakable confidence, sometimes bordering on delusions of grandeur. That's just how the species operates. But here's the question worth asking: when these leaders suddenly catch merger fever, how worried should shareholders actually be?

The pattern's familiar. Executive suite gets restless. Growth feels sluggish. Then comes the bold acquisition announcement wrapped in synergy promises. Thing is, history's littered with expensive lessons about overconfident leadership chasing empire-building deals that destroy shareholder value.

So yeah, when you see your CEO eyeing the M&A menu with that hungry look, maybe start paying closer attention. Because that megalomania trait? It doesn't always translate to mega returns.