Okay, well then, thanks for pointing that out.

I retract my previous statement and substitute it with something more like:

The discount investors apply to conglomerates is linked to perceived lower risk.

So while it might not be accurate to say investors want smaller, nimbler, more focused companies without specifying which investors, it can be accurate to say something like investors looking for a higher rate of return (which implies greater risk) want smaller, nimbler, more focused companies.