The Portfolio Rotation Playbook: Why Honeywell Is Breaking Up to Build Up

On Independence Day weekend, corporate America is writing its own declaration of independence — from the slow, the stale, and the strategically misaligned. Honeywell, the industrial conglomerate better known for thermostats, jet engines, and warehouse equipment, just told investors it is hunting for $2 billion to $4 billion in automation acquisitions while signaling an aerospace spinoff. The company also made clear that anything above $4 billion — like a rumored takeover of automation software...