Alphabet多元化架构为何受投资者欢迎_时事

Alphabet多元化架构为何受投资者欢迎

伯克希尔哈撒韦公司与Alphabet是不同类型的企业。巴菲特重视现金流和成熟品牌，佩奇则喜欢创造新事物。谷歌本周重组的目的之一，是想向投资者证明，花在实验性初创项目上的钱没有他们所担心的多，比如向偏远地区提供互联网接入服务的Project Loon高空气球计划。

Mr Page’s naming of Mr Buffett as a role model in providing “long-term, patient capital to anarray of businesses is not idle. He thinks that a multi-business group with a guidingintelligence at the centre can beat the single-sector company favoured by investors. The“conglomerate discount applied by Wall Street can be defeated.

佩奇视巴菲特为榜样，称巴菲特向大批企业提供“长期以及耐心的资本。这并非泛泛而谈，佩奇认为有着核心指导智慧的多元化企业集团，可以打败投资者所青睐的专注于单一行业的企业。华尔街所采用的“多元化企业折让(conglomerate discount)是可以被战胜的。

In principle, that is an odd thing for Mr Page to believe. Google’s technology, after all, usesonline auctions and markets — the wisdom of the crowd, not human curation. Why shouldconglomerates such as Alphabet, with their entrenched interests and fiefdoms, be better thancapital markets at allocating capital efficiently? Does he trust in inside knowledge only when theinsider is himself?