&gt; It also frees the management from &quot;fear of God&quot;<p>It doesn&#x27;t really matter if the &quot;God&quot; is Wall Street or a holding company like Alphabet.<p>Only that I&#x27;d trust a holding company to be forced to maintain the company in order to not risk its value. A stock holder on Wall St just wants as much profit as possible as fast as possible, and if it goes bust then you can always sell shorts and still profit.