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Mention was made of diversification. This usually leads to disaster. A regulated company wants to get into a line of business that is not regulated where the money they can make is unlimited. This usually is their downfall. The railroad or electric company that is regulated know their business quite well and have an institutional mentality to work in that operating theater. Hocus pocus we now own a completely diferent business which we know nothing about. Think about a rairoad buying a circus. Not much crossover there unless it is Ringling Brothers Barnum and Bailey, which has the red and blue trains. Now they have to work in the competitive world and are no longer protected by the public utility commission. The management of a utility never had to make a risk decision in their corporate life. I we screw up we just put it into the rate base and presto we are covered. In the competitive world this is not the case. You have to eat your mistakes. There are many examples of getting out of your area of expertise and floundering. Think of the once mighty AT&T and look at them today.
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