Cash Flow Diversity Fixed Costs 
Harvard Business Review
MAY 19, 2015
Wall Street began charging a “conglomerate discount,” saying that diverse operations were hard to analyze with confidence. True synergies across the diverse operations were often hard to see. Their job done, they fell out of favor in the ‘80s and ‘90s as focus came into fashion.
Harvard Business Review
MAY 28, 2018
While companies are required to share the same materials with all investors, they can emphasize the elements that will be most relevant to particular investor segments—highlighting stable cash flow for pension funds or payouts for growth-oriented investors, for example. The number of directors and officers would be reduced.
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