The New Conglomerates

Plus: S&P Global, Financial Services Comp, Blackstone

“Private-equity funds are the conglomerates of this era.” — Jeff Immelt

One of the first stocks I ever bought was a UK-listed share called Trafalgar House. It was the early 1990s, many years before I would begin managing money professionally, and I was still learning my way around the stock market. Based on the rudimentary analysis I did, the stock looke…