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Notes -
Yeah, but the whole reason this approach is even viable is because when Red Lobster was both real estate company and restaurant operator, investors valued it at less than the sum of its parts. Since the late 1980s conglomerates have fallen out of fashion because asset managers of all kinds prefer to deal with pure play companies (especially outside big tech) and to handle allocation themselves. The big Japanese conglomerates often trade at very poor multiples compared to Western businesses not only because of the state of the Japanese economy but because when you buy into one you’re buying into like 15 arbitrary and often barely related business areas. By contrast in the American equity market an investor can more easily measure and tailor their exposure to real estate, oil, railroads, video games, b2b SaaS and so on. Those looking for a preset diversified portfolio can buy an index or buy big holding companies like Berkshire or the public PE firms that have exposure to many different kinds of business.
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