QXO (NYSE: QXO) did exactly what investors expected this week. The building products distribution company started by entrepreneur Brad Jacobs announced another acquisition.

Investors may wonder why QXO stock was down about 14% for the week as of Friday afternoon, according to data provided by S&P Global Market Intelligence . The company just announced its third major acquisition, and second this year. Here's what some investors might be wary about.

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Bet on the jockey

QXO announced this week that it was buying TopBuild Corp (NYSE: BLD) . for about $17 billion. TopBuild is the leading distributor and installer of insulation and related construction products in North America. QXO has already closed acquisitions of Beacon Roofing Supply and Kodiak Building Partners in the last year, totaling about $13.25 billion.

QXO was founded by Brad Jacobs with the goal of consolidating the $800 billion building products distribution industry and leveraging technology to enhance efficiency. Jacobs was also the founder of other successful businesses, including the transportation and logistics company XPO Logisticsand equipment rental company United Rentals.

QXO stock was always a bet on Jacobs. While the $17 billion price tag for TopBuild may be scaring some investors away, Jacobs hasn't altered his vision for QXO. The latest combination is also expected to immediately and materially boost QXO's earnings. Those positive results would be even stronger if the construction and housing markets strengthen. That's why I'm holding onto my QXO shares.

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