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  "documentTitle": "General Electric (GE)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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      "text": "We believe the stock is undervalued at <14x 2015 pro forma earnings. We see a path to ~$40-$45 of implied value per share by the end of 2017 and will seek to work with management to help realize this value.",
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      "text": "GE Has Made Bold Changes. While management's credibility is low... will drive material improvement in financial performance.",
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      "text": "Trian's Investment. We believe in GE's transformation... Trian has not asked for a board seat but expects management to deliver on its commitments.",
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      "text": "GE's Structure Was Flawed. Trian has followed GE for many years... the underlying defensive growth of GE's core industrial businesses was obfuscated.",
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      "text": "Skepticism = Mispriced Security. Trian's White Papers most often highlight a company's underperformance... In each of those cases, management and the Board created significant shareholder value.",
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      "text": "Our Thesis In Brief",
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