Pershing Square Challenge 2026 runner-ups on Baker Hughes $BKR

YAVP #394

Team Baker Hughes, the second-place finishers in the 2026 Pershing Square Challenge, discuss their Baker Hughes thesis (see their pitch deck and contact info here) 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.

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Transcript for paid subs begins below (The initial transcript is AI-generated and is replaced with a professionally edited version when available)

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