So we've talked about the reasons for diversification. We've talked about some of the cons of diversification. So ultimately what's the right amount of diversification? Well unfortunately there's no simple answer to this question. What I share with you is a very stylized representation of what we see out of some of the empirical work looking at diversification and success. And it's a little bit like the Goldilocks principle here. You can have a little to little and a little too much here and there's some type of sweet spot in between. I think we have found that large conglomerates, in general, demonstrate lower performance and then lower diversification firms may not be as successful as slightly more concentrated diversified firms. But again, this is gonna vary greatly across industries, across time and maybe even vary for individual firms here. So again, it requires you to do a fuller analysis of the industry and the firm. And really brings us back to our strategist's challenge here. What are the values of the organization? What are its mission? What are the opportunities that the market provides? How are competitors positioned in that market? And what are the capabilities that we bring to bare? Ultimately to determine that valuable competitive position that we occupy. What a discussion about strategy across industries brings to bear is really thinking about the strategist challenge now across multiple businesses. So, imagine now you're operating in four different businesses, and four different sizes here, larger to smaller. Each one you need to analyze it's strategy, thinking about the valuable competitive position that you can best occupy. But simultaneously, you also need to be thinking about the synergies and the value creation created across the different businesses that you're operating in. How, once again, holding this portfolio together makes sense to enhance your competitive standing in any individual business that you operate in? And that's the key here thinking about diversification. So let's return to General Electric. General Electric is a very interesting company. In some ways, they might be the exception that proves the rule, in terms of the desirability of conglomerates. And in fact, in recent years, GE has been shedding businesses, trying to get a focus more on large industrial businesses like their locomotive business or wind turbine businesses. And the like. I think also there is a compelling argument with GE that they are able to create value through some of their management practices. The way they share talent, they develop talent, and they farm talent across the different business that they create. But once again, they are somewhat the exception. I think more and more we're seeing successful businesses are those that focus on individual industries and leverage their adjacencies to other industries when it makes sense, when it creates synergies, and when it creates some shared value creation.