​Tom Watsons’ learning process to achieve these results can be found in three major crises during his tenure as IBM’s traditional founder: (1) The Crisis of 1914-15, (2) The Crisis of 1920-21, and (3) The Crisis of 1933-34 (the very trough of the Great Depression). If we find ourselves in difficult economic straits in 2026, this article may help a business leader survive what is coming!

Peter E. Greulich, Discerning Readers' Author and Public Speaker, April 2026

​The following is a review of the book "American Individualism," and  of the publication of the article entitled, "American Individualism." Both were written by Herbert Hoover and published in 1922 by Doubleday, Page & Company. The book had only six chapters with a total of 72 pages but its introductory chapter left its imprint on American society of the day as it was reprinted for decades.

Peter E. Greulich, April 2026

​This is a collection of insightful quotes about Thomas J. Watson Sr. that were published during his lifetime. The following comments come from an eclectic group of individuals: a magazine owner, a newspaper columnist, a State Supreme Court Justice, a fellow industrialist, university presidents, stockholders, a state governor, an engineer and inventor, and—of all things, an opera star.

​​Plato once wrote that "When men speak ill of thee, live so as nobody may believe them.” Plato, insightful as ever, picked his words carefully, as he chose the word “when” not “if.” For those who attack Tom Watson Sr.'s character today ... 

​Read these insights into Watson Sr.'s character and "THINK!"

“He [Thomas J. Watson Sr.] is a citizen of the world, seeing the same opportunities for all people of all creeds and races. He is meticulous and precise, the way an executive should be and yet, can discuss anything.”​

Jarmilla Novotna, Czech Republic Opera Star, August 1949

​“No one better than he [Thomas J. Watson Sr.] exemplifies the fact that machine does not displace man. … Thomas J. Watson … has remained a man of simple, unaffected character, genial, approachable, and eager to give any good cause a helping hand.”​

​“Thomas J. Watson at 80,” The New York Times, February 1954

​“ [Thomas J. Watson Sr. is] one of the truly great personalities of our time—a beacon light to businessmen in all free countries devoted to international cooperation.”

Dr. Frederick Brown Harris, Chaplain, United States Senate, July 1956

​“[Thomas J. Watson Sr. is] a man who walked with kings but did not lose the common touch.”

North Callahan, “So This Is New York,” Johnson City Press, October 1956

Three separate attempts by IBM to buyback it stock has proven that this technology company—and its leadership, should not have invested in its own stock. Shareholders, Employees, Customers and Society should beware of stock buybacks.

In 2019, Virginia M. (Ginni) Rometty stopped the last of IBM's share buybacks after a twenty-year run: 1999 through 2019. Since then Arvind Krishna has held off restarting IBM's stock buybacks and IBM's market value has increased 134% over the last six years.

In the next three stock buyback examples, IBM market value either declined or fell short of meeting the returns of lower-risk index funds in all three instances.

From 1986 through 1998, IBM attempted two separate buybacks of IBM stock. It appears that IBM shareholders benefited in the mid-to-late 90s from all this repurchase activity. Realistically, though, Lou Gerstner’s tenure maps directly to the rise of technology stocks and the longest U.S. economic expansion ever measured by the National Bureau of Economic Research, Inc. (NBER). It was the supreme example of a Wall Street "rising tide lifts all boats," as IBM's stock although rising was a laggard during this period behind other technology stocks as a whole. IBM, within its industry, fell behind.

From 1999 through 2019, IBM spent an average $9 billion dollars per year on its stock with a peak-year investment in 2007 of almost $19 billion--a twenty-year total of $176 billion. ​Unfortunately for IBM's shareholders, as shown in the chart below, any investor in several simple index funds that tracked large company stocks would have achieved higher returns with significantly less risk. When measured against the Dow Jones Industrial Average, IBM’s long-term shareholders would have ended each year better off in only five out of the twenty years.

​In April 2020, IBM installed its tenth chief executive officer: Arvind Krishna.
​
​How has Arvind Krishna performed since taking over the corner office? ​At the end of Arvind Krishna’s sixth year as chief executive officer (2020 through 2025) his performance continues as it started which can be described with one word: unremarkable. Most of his "gains" over this six year period as IBM's Chief Executive Officer have failed to match an inflation rate of 26% over the same period.

After six years, Arvind Krishna's performance numbers at the end of 2025 were as follows:

​The bar chart below documents IBM's Total Shareholder Equity and highlights how the increase in IBM's Goodwill and Intangible Assets from 2001 through 2025 have driven it into the red.

​Under Arvind Krishna they had dropped to $44 billion in 2024 only to rise again in 2025 to $46 billion. Select the link below to read more.

​IBM's stock did manage to outperform an investment in a large company stock index fund that returned 15.08% and a similar investment in the Dow Jones Industrial Average that returned 11.27%. ​Stock investors could have received higher returns with less risk in a Dow Jones Technology stock indexed mutual fund.

Select the link below to read more information about Arvind's record as IBM's Chief Executive Officer.

​This list chronicles for posterity Tom Watson’s foremost World War II and Korean War humanitarian activities. Select the image above or the link below this list to read more about Tom Watson Sr.'s humanitarian causes and his involvement in those efforts.

​No one can know for certain what the State of the Union Address will look like in 2029—a few years from now, but that should not prevent us from envisioning the type of "2029 State of the Union Address" we would like to see ... so that just maybe, we can bring it to pass!

In particular, we should envision new ways of governing, and the types of personalities and individual character traits we will need in those we put into public office to bring about a change worthy of the latest generation and establish a culture worthy of our future children, grandchildren and great-grandchildren.

​But what are those values you may ask?

​I believe you will recognize them when you see, read and hear them. They will tug at your heartstrings and pull us together as a nation rather than dividing us along colored, red-blue lines. After all it was not just a new political and socio-economic experience that ultimately founded this country of ours; it was also a new system founded on spiritual values.

In the next two elections vote with the deepest of spiritual values based on a singular, spiritual rule: elect those who treat you—and your neighbors, as they would want to be treated.

​In the United States we most commonly refer to such a philosophy as "The Golden Rule."

It is a foundational belief of so many worldwide religions!

Read this envisioning perspective to see for yourself.

Follow any provided link to "The 2029 State of the Union Address."

"Personal Memoirs of U. S. Grant," Volume I, Ulysses S. Grant, 1885

​To summarize IBM's patent performance briefly in the 21st Century: In 2022, IBM forfeited its three decades of patent leadership to Samsung and shows no indication of recovering its leadership position.

In the last six years patent production has dropped by -1.6%, -4.9%, -49.3%, -16.7%, -32.6% and -11.0%. IBM's yearly patent production is now down an overall -76% under Arvind Krishna's leadership as chief executive officer.

​Select the chart above or the link below to read the full story.

​Enjoy the information. Even after more than a decade, it still feels like we are just getting started.

Peter E. Greulich, IBM Retiree, Author and Publisher. 2026

Thomas Edison, called to the witness stand in a civil case surprised court and attorneys in freely admitting he did not know off-hand how to translate temperature from the Fahrenheit scale to the Centigrade scale.

​Mr. Edison was not trying to excuse ignorance. He was simply saying that he knew where to find the knowledge when he wanted it. He was insinuating that there are two types of knowledge. One type of knowledge merely ​encompasses the accumulation of a mass of detailed facts. The other type is the knowledge that gives one the perspective to evaluate that mass of facts and to use them. One type involves a good memory; the other involves wisdom.

Being able to determine between the two should be part of everyone’s education; both types are valuable, but to be able to distinguish between them is to know the difference between where we are going and what we are trying to accomplish.”

“He cannot afford ever to stop studying his own and other businesses, and he must be a close student of current social and economic trends. Only in this way is he enabled to keep abreast of the times.
​
“When an individual fails, in this changing world, to keep abreast of the times, they are lost.”

​This book update is for all those who are struggling—like myself, with what is happening in our country, with our youth, with our values and ideals, and with our direction as a democracy. It contains a few words of grounding advice from B. C. Forbes, founder of Forbes Magazine. His insights—derived from his interviews with some of America’s greatest 20th Century industrialist leaders, are as relevant today as they were a century ago.

​Maybe, this is the time and place to start our society’s transformation. Ask yourselves: "How do we inspire ourselves and others to see our common shortcomings and integrate these 'Keys to Success' in all our lives?"

Peter E. Greulich, January 1, 2026

"A View From Beneath The Dancing Elephant," Peter E. Greulich, 2025

​“The History of Tammany Hall” by Gustavus Myers was published twice: in 1901 and 1917. Mr. Myers wrote the following in the Foreword of his 1917 version to explain these two publications and the problems with getting them published because of its subject matter: The Corruption of Tammany Hall.

"Forward," Gustavus Myers, 1917

​The first issue of International Business Machines Newspaper was published by the Computing-Tabulating-Recording Company (C-T-R Company) in July 1919. The C-T-R Company wouldn't formally and legally change its name to International Business Machines until 1924, but it had used the name "International Business Machines" for years in its advertising and promotional material. This is an example of this trend toward a full and legal name of "International Business Machines" which was at that time being used in Canada.

​Below is an image from this first issue of the International Business Machines Magazine: Volume 1 Number 1 showing the Computing-Tabulating-Recording Company as the publishing entity.

Peter E. Greulich, November 2025