the clear, ongoing transition towards subsidiaries and away from equities over this millennium

Makes sense as a strategic goal, but I don't see it anywhere in the numbers I use to value the firm.
The value of the operating divisions, expressed as a % of the total observable value, has dropped maybe 5% in the last decade.

Different methods will give different numbers, but real investments per share have been rising a coupla percent per year faster than real operating earnings for years now. Maybe it's just because earnings have been weak for a long time, but that's hardly a lot of comfort.

Even before the recent fall-off, there was no upwards trend in the % of total value arising from operating earnings. Not that I have ever been able to discern.

If all the cash were deployed tomorrow to buy 100% of some gigantic company with lots of earnings, that would move the ratio. Siemens or Toyota or Verizon wouldn't be good fits, but would do wonders for operating earnings if wholly owned!

Jim