In my previous article, I took the chance and reflected upon what I learned, and how my thoughts have changed since I wrote the twoIBM (IBM) articles during 2014. I wrote the following provocative statement towards the end of the article: “I’m not sure how many investors would have bought IBM if Berkshire Hathaway (BRK.A)(BRK.B) had not been a shareholder.” The reason why I made this statement was hinted in my conclusion sentence of the article: IBM’s business is too complicated and there are a good amount of disconfirming evidences.
Let me first clarify that I think there is a lot to like about IBM. I am not against it at all. My intention for writing this article series is not to reinforce what everyone already knows, but hopefully, to provide another angle in looking at IBM.
For me, I have ruled IBM out of my circle of competency after reading IBM’s annual reports for the past 25 years, a few books on the history and the business of IBM as well as the recent investor presentations and earnings call transcripts of IBM.
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