No it isn't. Clearly Google's management believes the new structure is accretive to shareholder value otherwise they wouldn't have done it. I really wonder abo

No it isn't. Clearly Google's management believes the new structure is accretive to shareholder value otherwise they wouldn't have done it. I really wonder about this though. Conglomerates have a mixed track record [1] and from where I sit, it's not clear Larry/Sergey are better capital allocators than the public markets. [1] Brealey & Myers "Corporate Finance" has a good section on this topic, comparing big Asian conglomerates like Samsung, LG, Yahama, etc. to American public companies over time.