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  "documentTitle": "State Street Corporation (STT)",
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  "authorName": "Trian Partners",
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      "text": "To re-gain investor confidence and improve its valuation, we believe State Street must commit to eliminate non-recurring charges",
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      "text": "Non-recurring charges ($9.5bn since 2007; over $3.0bn excluding conduit-related losses) have been a major cause of value leakage at State Street",
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      "text": "When Trian invested in Heinz in early 2006, the company had recognized non-recurring charges in each of the past eight years, adding up to 14% of cumulative GAAP EPS",
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      "text": "Not surprisingly, Heinz' valuation multiple had declined over time and the company traded at a low multiple relative to peers. From FY 2006 to FY 2011, Heinz has successfully delivered 5 consecutive years of performance with essentially no special items.",
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      "text": "In addition to the benefits to its share price, we believe a company-wide mandate would apply additional pressure on business units and managers to generate \"clean\" results without the crutch of add-backs to \"adjusted earnings\"",
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      "text": "When special items are highlighted by companies and added back to Adjusted EPS every quarter for several years in a row, we believe management teams lose credibility, investors have less trust in the numbers and valuation multiples decline",
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      "text": "3. Put An End To Non-Recurring Charges",
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