Conglomerates went out of style long ago in Europe and the US. LVMH is the exception proving the rule. Its market worth closed at almost €300bn on Wednesday. Entire swaths of banks and metal bashers are worth less.
在欧洲和美国，集团企业早就过时了。路威酩轩集团（LVMH）则是个例外。其市值在周三收盘时已接近3000亿欧元。相比之下，整个银行股板块和金属股板块都要价值更低。
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