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  • IBM And Oracle: A Comparison Of Economic Earnings [View article]
    how are you calculating cash taxes paid?
    Aug 26, 2015. 04:28 PM | Likes Like |Link to Comment
  • Why I'm Buying IBM Hand Over Fist [View article]
    You end up adjusting by a few billion a year after tax, unless you think these tech acquisitions will have worth into perpetuity, which is a leap of faith considering how fast tech moves. You're the guy relying on investopedia to puppet a definition, yet understand nothing.
    Aug 12, 2015. 02:18 PM | 1 Like Like |Link to Comment
  • Why I'm Buying IBM Hand Over Fist [View article]
    thanks for a definition. explain to me how they spend billions a year acquiring companies, have declining rev/ni, and take no write downs.
    Aug 12, 2015. 02:15 PM | Likes Like |Link to Comment
  • Why I'm Buying IBM Hand Over Fist [View article]
    IBM is paying $700m for Merge Healthcare. Probably a good business to get into. Like always though, they take no upfront expense to that purchase, but just capitalize the cost. They hide all of their R&D as capitalized acquisitions. They have declining revenues and profits for years, but these acquisitions are still valuable on their balance sheet?? Just keep believing.
    Aug 12, 2015. 11:37 AM | 2 Likes Like |Link to Comment
  • IBM: Very Safe To Buy If You're American [View article]
    Are you suggesting that the GAAP numbers and 10K info is not as useful in this case, and a more useful adjusted number should be used? Personally, I view GAAP as catering to debt holders.
    Jul 31, 2015. 05:57 PM | Likes Like |Link to Comment
  • IBM: Very Safe To Buy If You're American [View article]
    Wow......performance.

    THere is no info here other than a spreadsheet renaming ROIC. Also, regarding the debt, even management tells you that excluding GF is wrong, as it's a profit driver in their minds.

    From IBM 10K.....
    "management considers Global Financing receivables as a profit-generating investment, not as working capital that should be minimized for efficiency."

    They make very little profit off a relatively large receivable base, but need that to financing to push sales. The lack of work and reading to understand investments is what makes me glad that retail brokers exist.
    Jul 30, 2015. 12:39 PM | Likes Like |Link to Comment
  • What Everyone Is Missing About IBM [View article]
    ok, and the numbers get pretty bad.

    http://bit.ly/1JCQRRB
    Jul 24, 2015. 10:14 AM | 1 Like Like |Link to Comment
  • What Everyone Is Missing About IBM [View article]
    ......from the guy saying YUM, KMI are non-cyclical. The cash flow issues are very basic. You can't capitalize R&D forever. Apparently you take issue with an easy CFA exam, but I can see how a salesman would. Cheers.
    Jul 24, 2015. 09:36 AM | 1 Like Like |Link to Comment
  • What Everyone Is Missing About IBM [View article]
    I wrote an article outlining some. IBM has no FCF in reality. you can't just take away what has become a required cash flow in buybacks and dividends without killing the stock. You also can't acquire your R&D, which doesn't require a corresponding expense, forever. There will be write-downs, or as they have done simply sell units for a loss. Tech moves too fast to assume a company you bought will have a useful life past a few years without spending cash on it. IBM bulls will not look past outdated definitions of accounting terms and what GAAP says is ok. That's the second crutch.
    Jul 23, 2015. 04:35 PM | 2 Likes Like |Link to Comment
  • What Everyone Is Missing About IBM [View article]
    I read that. That is not total growth imperatives for the quarter. That is bits and pieces. I asked for a hard number for Q2 growth imperatives. If it's such a big deal, and clearly has growth, why is that number not given. Total growth imperatives.......rev and net profit for Q2. According to IBM, imperatives are cloud, analytics, and engagement. Historically, when a company doesn't break out numbers when they are struggling, and point to those numbers as proof they are getting better, it's a problem.
    Jul 23, 2015. 04:31 PM | 1 Like Like |Link to Comment
  • What Everyone Is Missing About IBM [View article]
    you're also using info from February, which is a bit off considering it is late July........anyway, tell me what the total dollar amount of these imperatives are in Q2. A 25-27B range is questionable if IBM is banking on these imperatives. They don't break it out for a reason.

    http://ibm.co/1KmCwvr

    page 2, halfway down page.
    Jul 23, 2015. 01:17 PM | 2 Likes Like |Link to Comment
  • What Everyone Is Missing About IBM [View article]
    I've researched them. Their accounting is useless, and after adjusting to reality they are overpriced at best. Keep relying on investing 101 from a book, and I'll keep relying on reality and an understanding of accounting shortfalls.
    Jul 23, 2015. 01:02 PM | 5 Likes Like |Link to Comment
  • What Everyone Is Missing About IBM [View article]
    "IBM's strategic imperatives grew 30% over the first half of the year". My question is what dollar amount does that equate to? IBM doesn't break out their super duper growth segment numbers. IBM bulls come down to one simple crutch: Buffett likes it, so I can't go wrong agreeing.
    Jul 23, 2015. 11:03 AM | 2 Likes Like |Link to Comment
  • IBM: A Consistent Player For Long-Term Investors [View article]
    How can you not consider the dividend and buyback as a permanent detractor to FCF? They cut either, they drop 20%. That FCF number also ignores the constant acquisitions they make.
    Jul 22, 2015. 09:21 AM | Likes Like |Link to Comment
  • IBM: A Consistent Player For Long-Term Investors [View article]
    Anyone believing IBM is ok is delusional, and clearly has no understanding of financial statements or business fundamentals. Look at any other tech co vs IBM the last 18 mos. A monkey could make money in tech, yet IBM falls short of even that. The huge growth, 30% plus, in divisions isn't even broken out in dollar amounts.
    Jul 21, 2015. 04:19 PM | Likes Like |Link to Comment
COMMENTS STATS
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