The question – shouted across the seventh fairway at Augusta by a golf buddy – almost interrupted Jack Welch’s swing as he teed off from the third hole. “For Chrissakes, Jack, what are you going to do next? Buy McDonald’s?”

It was April 1986 and the General Electric chief had just announced the addition of Kidder Peabody, one of Wall Street’s most venerable investment banks, to GE’s stable of manufacturing businesses.