That, though, begs a bigger question: why should all of these
disparate ventures be a part of the same company at all? While
conglomerates were in vogue in the late 60s and early 70s, over
the last thirty years the accepted wisdom has been it is better
for companies to specialize and for investors to diversify on
their own, a viewpoint I agree with: one need only look at
Microsoft’s litany of failed acquisitions to appreciate how
wasteful many companies can be, and how justified investors
usually are in demanding a return of their money. What right does
Alphabet have to buck this trend?
That is actually an easy one to answer: Page and Brin can do
whatever they want because of Google’s dual-class structure.