https://marco.org/2007/06/29/p-s-for-y-combinator-kids-dont-be-smug-because
P.S. for Y Combinator kids: Don’t be smug because you think that conglomerates went the way of the dodo. “Conglomerate” is just an old word for what you call “Yahoo, Microsoft, and Google.” Oh and Condé-Nast.