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  "documentTitle": "Multiple (ValueAct portfolio: Moody's, CBRE, Motorola Solutions, Adobe, Halliburton, Autodesk, Gardner Denver, Sara Lee, Verisign, CR Bard)",
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  "authorName": "Jeff Ubben",
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  "presentationDate": "2012-10-01 00:00:00",
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  "notes": "The table shows high concentration of revenue/profit in core business segments for Motorola Solutions, Adobe, and Moody's.",
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      "text": "Even though we have moved up in market cap, our core investments are getting less complex:",
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      "kind": "list",
      "text": "Invest in focused businesses with easily identifiable drivers; A non-core business can kill the investment; People-based service businesses are hard to fix; Dig deeper when analyzing new management teams",
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      "text": "Response: Even though we have moved up in market cap, our core investments are getting less complex:",
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      "text": "1Based on 2011 financials",
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      "text": "Company, Market Cap, Concentration, Market Share; Motorola Solutions, $13,660, 65% of revenue and 61% of EBIT from gov't radio business, 75%; Adobe, $15,893, 73% of revenue and 78% of gross profit from Digital Media business, 80%+; Moody's, $8,563, 69% of revenue and 86% of EBIT from ratings business, 80%+",
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      "text": "Complexity: Lessons Learned",
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