Why the free cash flow decreased from 3.9 billions in 2012 to 3 billions in 2013? The last 2 quarters are even worst. only 0.235 billions for 2 quarters. What's happening to their competitive position? ROE was in the 70-80% , now only 58%. based on 3 billions free cash flow , it worth only 59 dollars. Am I missing something? IBM even worst because of its size and cannot grow. Cloud computing is disadvantaging IBM. Expensive software cannot sell at hefty price when it is commoditized and hardware customers do not want to own. The pressure of in sourcing is cutting into margin. I have heard there were lots of liar in off source staff that not qualified. Turn over was a norm and not reliable to deliver. .