At T&T Capital Management, we have long-believed that GM has offered significant value since emerging from bankruptcy. The bankruptcy process cleansed the company of some of the excessive liabilities and costs, while new management has improved the efficiency of the company. In addition, pent-up demand from the Great Recession has caused car sales volumes to improve dramatically over the last several years, offering tailwinds to GM. The company has developed a strong Chinese business through joint ventures, which offers significant value. The balance sheet has been bolstered by solid cash creation and a reduction in debt. The biggest issue with the company has been the pension obligations, which will benefit as interest rates tread higher. With the U.S. Government set to exit their final stake in GM soon, I’d expect the stock to head materially higher. I agree with the premise of the article that the company is ripe for activism moving forward. We are long the stock and short puts on GM.