NON GAAP earnings are generally used by fast growing small companies .
When a mega Cap long established Tech company is using them to report earnings as IBM has been doing , something is fishy in their accounting methods .
There is only one way a company can keep earnings growth while sales are flat to down and it is NOT by year after year cutting costs .
The end result of all this is a tangible book value which goes more negative each quarter while the stock price goes in the opposite direction .
The GAP between them must now be close to $220 .
Imagine paying $220 more than the actual value to obtain a 1.5% interest a year .Buyers are crazy just like those analysts that promote IBM