A conglomerate is a large corporation made up of a number of different businesses, often operating in unrelated industries, which are owned and managed under one corporate group. Conglomerates typically grow through acquisitions and may include both core and non-core operations. Investors often apply a conglomerate discount, where the market values the group at less than the sum of its parts, due to perceived inefficiencies, lack of strategic focus, or difficulties in valuing the diverse businesses.