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  "documentTitle": "Morgan Stanley | Investment Banking Pitch Book | 24 slides",
  "authorId": "morgan-stanley",
  "authorName": "Morgan Stanley",
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  "presentationDate": "2018-08-01 00:00:00",
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  "notes": "The slide uses a 'before-after' framing to contrast legacy MLP structures with modern, investor-aligned models.",
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      "kind": "chart",
      "text": "Exhibit 6: A Shifting Return Profile Focused on Total Return",
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      "text": "Exhibit 5: The New Business Model",
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      "text": "How to Identify a 2.0 Company: Has it removed its incentive distribution rights? Does it have high distribution coverage? Does it try to self-fund the majority of its capex? Is the management team aligned with all investors? Does it have an independent Board of Directors and best-in-class corporate governance?",
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      "text": "Source: Cohen & Steers 'Green Shoots for MLP 2.0' Investor Letter",
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      "kind": "title",
      "text": "What Investors are Saying in Their Own Shareholder Updates",
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