<p>Team Baker Hughes, the second-place finishers in the 2026 Pershing Square Challenge, discuss their Baker Hughes thesis and why they believe the market hasn&#39;t fully appreciated the company&#39;s evolution from a cyclical oil field services business. They discuss how the long runway for the IET business, and they back their thesis up with 30+ expert calls, a trip to the Western Turbine Users conference, and a sum-of-the-parts case that leans on growth, not multiple expansion.</p><p><a href="https://drive.google.com/drive/folders/1qpmlOZNWu9RGn-eoG8_SqKgw81Ys1TTb?usp=sharing" target="_blank" rel="noopener noreferer">See the team&#39;s full pitch deck here</a></p><p>This episode is sponsored by Trata. Check them out at https://www.trata.com</p><p>Chapters</p><p>0:00 Intro and sponsor</p><p>2:21 Meet Team Baker Hughes</p><p>4:39 Why they backed into Baker Hughes</p><p>6:56 Watching the stock run from $45 to $65 mid-pitch</p><p>7:21 The differentiated work: 30+ expert calls and the turbine conference</p><p>8:27 The two businesses: oil field services vs. industrial energy technology</p><p>10:10 What the market is missing on the IET transformation</p><p>12:56 Is this just another cycle? The chart hit $65 three times</p><p>13:59 Why this gas turbine cycle is structurally different</p><p>17:01 AI as a distraction: onshoring and electrification</p><p>17:51 The installed base flywheel and recurring service revenue</p><p>21:13 The three turbine segments and the supply chain squeeze</p><p>23:34 Honoring 70-year customers vs. mercenary pricing</p><p>27:44 Valuation: a sum-of-the-parts story, not a multiple story</p><p>29:36 The Chart acquisition: can they really double their money?</p><p>34:56 The GE merger history and the GE Aero Alliance today</p><p>38:27 Management, alignment, and insider ownership</p><p>42:41 The C3 AI anecdote and wrap-up</p><p>Links:</p><p>Yet Another Value Blog - https://www.yetanothervalueblog.com</p><p>See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer</p><p>Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/</p>