Commentary The Fed’s excess liquidity has goosed up stock prices to record highs. But now, as the Fed looks to normalize rates, executives and corporate boards will need to find other means to maintain, and even enhance, their companies’ stock prices. That can sometimes be done by “re-engineering” the parts of their businesses instead of continuing the status quo. That’s happening now. In November, for example, we saw plans for Johnson & Johnson (J&J) and General Electric (GE) to break up their operating divisions into two separate companies each, with GE adding a third company dedicated to what it calls “energy transition.”  Splitting up a conglomerate has advantages and disadvantages and can be done by various means. But segregating operating divisions into separate companies can tend to focus executive management and allows analysts to better measure performance relative to other industries.   Mergers and acquisitions, on the other hand, nowadays mostly …