I guess maybe the restructuring from Google to Alphabet worked. The idea was based on Berkshire Hathaway, another company with unusual growth. (http://www.berkshirehathaway.com/letters/2017ltr.pdf)
There are other conglomerates.
Berkshire Hathaway is an extremely good example. It includes a wide variety of companies that like to spin off cash, such as See's Chocolates, combined with a core insurance company that could need access to very large financial reserves. According to http://www.berkshirehathaway.com/letters/2017ltr.pdf they are operating under the assumption that a $400 billion catastrophe has a 2%/year probability, and they are prepared to weather such an event.
Another good example is Amazon. They are the humble bookstore that does everything from web hosting to delivering groceries.
A fool would judge their algorithm based on ANY single year's performance--up down or sideways. Moving averages over 5 or 10 years are what matter.
Check out Berkshire Hathaway's performance. There are plenty of years they have UNDER performed. But they are doing OK.