IBM Q4: Make Believe and Illusion

This isn’t your normal analysis of an IBM earnings report. It’s better.

The other day it was announced the Ringling Bros circus was closing, a victim apparently of changing tastes and of concern for the security of the elephants in the performances. But investors have no fear, if you miss the circus, a modern equivalent is presented every 3 months or so when IBM (NYSE:IBM) reports the results of its quarter. No elephants, but plenty of jugglers and high wire acts punctuated by some clowns and magicians on stage for yet another performance. It’s been a grand show and the results and the conference call this past quarter were no exception.

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