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  "documentTitle": "General Electric (GE)",
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  "authorName": "Trian Partners",
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  "presentationDate": "2015-10-05 00:00:00",
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  "notes": "Uses a waterfall-style bridge to explain the drop in ROE from ~40% to ~8%.",
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      "text": "Comparison of Tangible Equity/Assets and ROE for 2007 vs 2014",
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      "text": "Increased capital requirements, Higher regulatory costs, Greater competition from shadow banking, Declining spreads",
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      "text": "Return on tangible equity: 40%",
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      "text": "Source: Company SEC filings. (1) Pro Forma for the divesture of Synchrony... (2) Tangible equity / tangible assets less cash. (3) Represents income from continuing operations...",
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      "text": "The Economic Model for GE Capital Deteriorated",
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