Warren Buffett argues it doesn’t make sense to make acquisitions when prices are high.

I always assumed slower growth and slumping markets would spur M&A, that companies would want to buy when prices fell.

This Bloomberg chart of deal activity over two decades shows that’s wrong.

Deal counts and dollar volumes declined after the dot.com crash in 2001 and again in the financial crisis in 2008. M&A volume was highest when prices were high as well.