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Strategies & Market Trends : Fundamental Value Investing

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To: Sergio H who wrote (2938)	4/20/2013 10:23:58 PM
From: Spekulatius	1 Recommendation Read Replies (1) of 4719

I would avoid IBM. Even though Buffet likes it and owns a lot of stock, I think it is just an accounting issue waiting to happen. The very low (3%?) to nothing topline growth does not square with the consistent bottom like growth we have been seeing for many years. The service business that is driving IBM is tricky from an accounting perspective, since those LT service contracts with accrual accounting leave so much leeway to manipulate earning numbers. I am sure WEB looked at the numbers carefully, still I would feel uncomfortable being long this stock.

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