Investors who in their imagination justified IBM as a value proposition because of a 2.10% yield have just lost 3 years worth of dividends
IBM has a long way to fall to meet its book value which is the level Buffet would normally consider buying a stock ....$16,21.
Its Tangible book value ?
Minus $12 per share
Using PEs which US corporations can "adjust" by excluding important charges is a fools way of evaluating a company .