When Garce, Mr. Dinky-Do and WW post, I read and try to understand although usually way over my head. So, I've bought a little IBM every year for the past five years or so and I'm very very happy with the result. I've just let it ride. My problem is its in a SEP act and one of these days I'm going to have to start taking it out. But a good problem to have.
Hey "mr big" you need to bone up on foreign currency translations. You ain't got it right.
IBM's valuation is in no way inflated compared to the past several years. IBM dumped $15 bil of low profit revenue and is replacing it with high margin sales. IBM's profitability has not been higher in the last 10 years -- IBM's valuation has deflated. That's a reason why most think there is room to run.