Thanks Jacques,
It was in response your post, back in March 1998, that I first delineated my concerns for IBM's poor quality of earnings and what I saw as a vulnerability to reduced hardware sales going forward. I have often felt bad, over these last 18 months as we watched IBM price go up, that I may have influenced you and Harry L. to miss that price appreciation. However, the reasons I gave then, hold true today. The only major change, in my mind, that has occurred since, is that IBM has done a masterful job in positioning itself as an e-commerce leader. Whether this will be enough to ward off further price erosion, remains to be seen.
Regards,
Jules |
