Conglomerates, at least in the United States, have a checkered history. Hailed in the 1960s as bastions of sophisticated management, they used cheap financing to acquire, then rationalize, many family-owned firms. The discipline they brought to these often loosely-run businesses drove much of the post-war productivity boom. Their job done, they fell out of favor in the ‘80s and ‘90s as focus came into fashion. 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. With GE’s recent announcement to split off its remaining finance operations, and Honeywell also considering divestment, the pressure on these groups remains in force.