And it’s odd that the structure that Google announced would excite Wall Street, especially now. The new Alphabet will be more like a conglomerate, with Google as one of its many brands. But investors have long hated investing in conglomerates, usually giving a discount to their shares. The exception to that rule would be Warren Buffett’s Berkshire Hathaway, which has far outperformed the rest of the market over the long term. Nonetheless, many have regularly argued that Berkshire trades for less than its intrinsic value. Even Buffett’s conglomerate is hard to fully value.