IBM Q4: Make Believe and Illusion

January 23, 2017

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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