Altria Chief Louis Camilleri wants to unlock value by spinning off Kraft and Philip Morris International to shareholders.

FORBES: Marlboro Man

Like Marathon, Conoco decided it could maximize value by spinning off its refining and marketing business to focus on exploration and production.

FORBES: ConocoPhillips Spending More Than $1 Billion On U.S. And Colombian Shale Plays

Holly has generated a lot of value since then, spinning off its pipeline assets into a master limited partnership, and acquiring two refineries in Tulsa for a song and combining them.

FORBES: Holly-Frontier Refining Merger: It Sure Took Long Enough

We got into it because we were doing a traditional value play, buying the spinning disk drive maker Seagate and Western Digital.

FORBES: Steve Forbes Interview: Whitney Tilson, Hedge Fund Manager, Part 2

Hard drive makers are in a race to boost capacities and keep spinning disks at least a beat ahead of flash drives on the value curve.

ENGADGET