I don't know why folks keep blaming Pat. He didn't ruin the company, Michael Dell did by using it as a piggy bank. VMware (unlike Microsoft and other companies) couldn't use stock to acquire firms. They also couldn't use their P&L as the company had increasing amounts of debt to finance the EMC takeover (VMware sent upwards of $25b to Dell, at times borrowing the cash), this is cash that could have been used to finance growth, R&D etc all the things Broadcom says it will do. To add insult to injury when the company was spun off more debt was added, so it's stock tanked, making it an easy acquisition target. Remember, Avago Technologies was also a Silverlake investment. This isn't as much about Pat as it is about Micheal Dell using VMware and dumping it as soon as he was done. VMware had revenue and cashflow a couple of billion dollars below Adobe, but Adobe consistently had +100b in market cap as it's earnings weren't going to pay off another firms acquisitions. The blame lies firmly in the hands of the owners (Dell, Silverlake, Broadcom).