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Each of these companies had huge scandals related to accounting fraud. Are you assuming the same is the case with IBM?



Whenever you see many people (not just this author) talk about a company's "financial engineering" you should be concerned they might cross that line; couple that with an explicit pledge to double earnings/share to $20 by 2015 and the danger should be apparent.


.. and you're talking about 2010-2014, a period when the market as a whole went up by about 50%, and pointing to IBM as a success story?




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