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  "documentTitle": "General Electric (GE)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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  "presentationDate": "2015-10-05 00:00:00",
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  "notes": "This slide uses a four-column structure to frame the investment case for GE, contrasting past performance with future potential.",
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      "text": "GE has undertaken a massive change in its business model. We believe this change is underappreciated in the market today.",
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      "text": "Source: Trian estimates, Company SEC filings, presentations and press releases. (1)-(4) footnotes.",
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      "text": "Column 2: Dependence on GE Capital, unfocused portfolio, low shareholder returns, 1% EPS CAGR, low dividends, flat share count.",
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      "text": "World Class Asset; A Tough Decade; Significant Change Underway; Attractive Investment",
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      "text": "Column 1: #1 market share, organic growth, barriers to entry, services model, low obsolescence, world-class people.",
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      "text": "Column 4: Undervalued <14x earnings, $40-$45 target, margin improvement, $100bn capital return, motivated team, strong management relationship.",
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      "text": "Column 3: GE Capital <10% of 2018 earnings, portfolio transformation, industrial share gains, margin focus, capital respect, better execution.",
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      "text": "Why GE?",
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