Is It the End of Conglomerates?

When you have, i think, very distinctive growth trajectories, all these resource application things that happen inside firms get screwed up. I think differences in growth rates compound lots of problems. But the second question then becomes, for me, the fun part is, when you unbundle them, one of those tends to become really unloved. It's got to find a new home. And that process is completely fascinating,. One that we're going to see in many, many ways over the next year or two with all these different spin offs.