On March 19, the WSJ reported "UK billionaire Jim Ratcliffe has built one of the world's most unconventional conglomerates, with holdings across 25 core businesses that include London-based chemicals giant Ineos AG, a centuries-old London pub, and luxury British fashion brand Belstaff. Now the 70-year-old tycoon is making a deeper push into the US market with plans for launching an SUV as well as a $1.4 billion play on fracking at a moment when the business is under growing pressure."

What is the strategy of Jim Ratcliffe? "The grand planI mean, there isn't one," Ratcliffe said. Does this mean he has no strategy?

Ratcliffe's business empire exemplifies the company form of a conglomerate. What are the strengths and weakness of conglomerates? Can his conglomerate continue to function without Ratcliffe himself? If not, is that a fatal weakness? Why or why not?

Why is Ratcliffe launching an SUV in the US as well as a $1.4 billion play on fracking? What is the strategy behind such moves? Can anyone duplicate this strategy? If not, what makes Ratcliffe better at identifying and exploiting emergent opportunities than other people, do you think?