Pershing Square Challenge 2026 runner-ups on Baker Hughes $BKR
About this episode
Team Baker Hughes discusses their investment thesis and insights on the company's evolution and market perception.
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't fully appreciated the company'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. See the team's full pitch deck here This episode is sponsored by Trata. Check them out at https://www.trata.com Chapters 0:00 Intro and sponsor 2:21 Meet Team Baker Hughes 4:39 Why they backed into Baker Hughes 6:56 Watching the stock run from $45 to $65 mid-pitch 7:21 The differentiated work: 30+ expert calls and the turbine conference 8:27 The two businesses: oil field services vs. industrial energy technology 10:10 What the market is missing on the IET transformation 12:56 Is this just another cycle? The chart hit $65 three times 13:59 Why this gas turbine cycle is structurally different 17:01 AI as a distraction: onshoring and electrification 17:51 The installed base flywheel and recurring service revenue…
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