If you go back thru History IBM has always been a good buy under $80.Yes I understand that today is different - but I believe that with a P/E of 18.75 you need to have this in your long term portfolio.
Times changed.I made a correction for your title.
You certainly are short sighted . IBM has only been above $80 since nov 1998 . In 1995 it was 25% of that around $20 . I suggest you take a look at a chart which displays a 10 yr time frame.