libtool runs too often during 'make'

[Charles Day]

If I change a line of C code, then run 'make' to recompile, sometimes 'make'
seems to decide that libtool needs to be run on things unrelated to my
change. For example, I just made an insignificant change to the C code of
the QIF importer, and 'make' ran libtool on stuff in report-gnome for some
reason. It makes the compile take about 10 times as long. Any idea why this
happens?

This is on Windows XP in an MSYS shell.

Cheers,
Charles