Repositioning GE

摘要

Jeffrey immelt, ceneral electric's affable chief executive, never seems frustrated. His smile is invariably warm, his handshake welcoming, his demeanor calm and good-natured. But make no mistake, this is one frustrated man. As he sees it, GE proves again and again that its diversified portfolio of businesses gives it an advantage over single-focused competitors. Where Immelt sees a group of businesses that build on each other's technological, managerial and customer service strengths, however, investors see a melange of companies that do not belong under the same umbrella. To make matters worse, GE derives about 45 percent of its revenue from financial services, a sector that, even in the best of times, trades at lower multiples than industrial companies do.