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  "documentTitle": "General Electric (GE)",
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  "notes": "The slide uses a hypothetical scenario to demonstrate the benefit of capital structure optimization.",
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      "kind": "callout",
      "text": "~45 bps reinvestment opportunity with a levered income statement... equivalent to ~10% increase in GE's R&D budget",
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      "text": "A company levered only 2x requires ~45bps less margin expansion per year to achieve the same EPS growth than an identical company with no debt",
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      "text": "Balancing short-term results with long-term investment is critical for public companies: Typical shareholder's goal: Top-tier EPS growth; Management's goal: Top-tier EPS growth...WHILE investing for the long-term",
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      "text": "A levered company can use an efficient capital structure and the income statement to generate more balanced EPS growth that is less contingent upon margin expansion",
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      "text": "Margin Expansion per year: 45 bps",
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      "text": "A company levered only 2x requires ~45bps less margin expansion per year to achieve the same EPS growth than an identical company with no debt",
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      "text": "Source: Trian estimates. Note: Figures above are illustrative and not indicative of actual results, which may differ materially. Assumes 35% tax rate, 4% cost of debt and proceeds from modest leverage used to repurchase shares.",
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      "text": "Illustrative Income Statement: UnleveredCo vs. LeveredCo @ 2.0x Debt/ EBITDA",
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      "text": "Moderate Leverage can Alleviate Pressure on the Income Statement...",
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