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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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      "text": "We believe investor skepticism towards management has created a mispriced security",
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      "text": "We believe GE can be worth a total value of ~$40-$45 per share by year end 2017. In our view, GE can earn at least $2.20 per share in 2018 if it achieves modest operating margin improvement, efficiently uses its balance sheet, and is disciplined with capital.",
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      "text": "Trian Principals Nelson Peltz and Ed Garden have a longstanding relationship with Jeff Immelt. In recent years, Trian has periodically engaged in informal dialogue with Jeff Immelt and Jeff Bornstein.",
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      "text": "Prior to 2015, Trian had not invested in GE. GE Capital was ~40-50% of earnings: capital intensive business with no competitive advantage. Unfocused industrial portfolio with excessive management layers and cost. Mixed record of capital allocation.",
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      "text": "1) Includes dividends. See pages 68-75 for more detail.",
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