Warren Buffett displayed his "economic illiteracy" when he bought/sold IBM stock.Here is what Warren Buffett wrote about share buybacks in his 2023 Annual Report to Shareholders: "When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue . . . characters that are not mutually exclusive! [bolding emphasis in this statement is Warren Buffett's not this authors.]." It would be this author's contention that "anytime" a writer uses the words "all" or "every" or "always" that the reader should raise their level of distrust . . . just a bit . . . to catch a possible misleading generalization. Rarely is anyone always or in every way, one thing or another . . . be skeptical and inquisitive. No, all repurchases aren't harmful, but historically some have been, and Warren Buffett—at one time—bought into IBM's share buyback strategy, and then got out. He should have used IBM as an example to ensure we all are not . . . economically illiterate! Peter E. Greulich, February 28, 2023 Select the image or the icon below to read an IBM Case Study: Do Share Buybacks Work?
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The Best Presidents' Day Speech Ever Delivered: "We Should All Be Abraham Lincolns."This was an address delivered by Ida M. Tarbell on February 12, 1909 at the University of Michigan in honor of the Centennial Anniversary of Abraham Lincoln's birth. Subheadings were added for clarity by Peter E. Greulich and are his sole responsibility. The theme of this address by one of our country's greatest journalists—who was well-known in her day as a muckraker—is that "We Should All Be Abraham Lincolns." I hope you find time to enjoy this on President's Day . . . a day that has lost too much of its meaning as so many view it as just a day off from school or a long weekend from work. Peter E. Greulich, February 28, 2023 Select image or link below to read Ida M. Tarbell's speech: "We Should All Be Abraham Lincolns." |
Peter E. GreulichPeter E. has been studying IBM and early American corporate history since his retirement in 2011. These are his thoughts and musings, and of those whose biographies and autobiographies he has read with links to articles and book reviews on this website. Contact the author directly.
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