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An IBM Case Study for Warren Buffett's "Economically Illiterate"

2/28/2023

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Rather than shortchange Warren Buffett and write an article for clickbait, here is what he wrote about share buybacks in his report to shareholders this year (2023).
Image of baseball umpire yelling
​"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) [emphasis above is Warren Buffett's not mine.]."
It would be my 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.
Select the image above or the icon below to read an IBM Case Study: Do Share Buybacks Work?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!
Cheers,

​- Peter E.
An IBM Case Study: Do Share Buybacks Work?
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IBM's Corporate Constitution: The Basic Beliefs

1/2/2023

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IBM's 20th Century Corporate Constitution was referred to as "The Basic Beliefs."
Picture of three IBM Wild Ducks flying in formation.
A corporate constitution that is unforgettable, pervasive, and inclusive serves as a compass to guide individuals across rough organizational terrain. A constitution beckons to men and women of service who are willing to change everything about themselves except for a fundamental set of beliefs.
​
​Whatever form a corporate constitution takes it must provide three things: (1) It must provide a consistent, ever-present, guiding light—a “north star” by which individuals navigate rough organizational terrain; (2) It must provide the mechanism by which the organization defines its objectives—goals that aren’t necessarily monetary but—if achieved—rewards success with a monetary gain; (3) It must provide an internal mechanism that demands an ever-constant evolution—it should institutionalize change.
Read More About IBM's 20th Century Corporate Constitution
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IBM or Samsung: Who Will Capture the 2022 Patent Pennant?

11/10/2022

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For the last three decades, IBM has been industry-leading in this measurement.
Image of the 2021 Patent Leaders with the question,
​But through October of this year, IBM’s patent production has fallen off a cliff. This is giving Samsung an opening to become this year’s pennant winner. If so, IBM will close out its third full decade of patent leadership with a whimper rather than a flourish.
Charts of IBM's history of performance in this area and an overview of the IBM-Samsung positioning of themselves for patent leadership is available by following the link below or selecting the image above.
Cheers,

Peter E. Greulich
IBM's 21st Century Patent Leadership Home Page
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Tom Watson Jr.: Old Thoughts but Forever Truths

9/10/2022

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​Dangers of Data Centralization Circa 1971
Picture
“Today the Internal Revenue Service has our tax returns. The Social Security Administration keeps a running record on our jobs and our families. The Veterans Administration has medical records on many of us, and the Pentagon has our records of military service.
“In this scatteration lies our protection. But put everything in one place, computerize it, and add to it without limit, and a thieving electronic blackmailer would have just one electronic safe to crack to get a victim's complete dossier—tough as that job would be.
​"And a malevolent Big Brother would not even have to do that, he could sit in his office, punch a few keys, and arm himself with all he needed to know to crush any citizen who threatened his power.
“Along with the bugged olive in the Martini, the psychological test, and the spike microphone, the critics have seen ‘data surveillance’ as an ultimate destroyer of the individual American citizen's right to privacy--his right to call his soul his own.”

This was included in a statement from Robert P. Bigelow, Attorney at Law, Boston, quoting Thomas J. Watson Jr. before a U.S. Senate Congressional Hearing: "Federal Data Bank, Computers, and the Bill of Rights" on March 10, 1971​
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IBM's Two-Decade-Long Productivity Stall and Fall

8/8/2022

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​At the end of 2021, every single 21st Century IBM employee produced 25% less revenue and when adjusted for inflation, 54% less; every single 21st Century IBM employee produced 14% less profit and when adjusted for inflation, 47% less.
Picture of two rings with
The revenue and profit productivity "tortoises" have overtaken the Gerstner-Palmisano-Rometty-Krishna profit hare. The "Productivity Insights" on each of the charts provided get across the impact of these productivity losses on revenue and profits. It seems to be a lost message in the 21st Century but productivity matters
​​Or as Tom Watson used to say, "Employee enthusiasm matters."
IBM's Two-Decade Productivity "Stall and Fall."
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IBM Wild Ducks: The Royal Dissenter

7/11/2022

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Mr. Buck Rodgers, an amazing IBM executive marketing manager, defined the type of Wild Duck that was known within IBM as a "Royal Dissenter."
​After years of study and experience around Wild Ducks, I often wonder: What is harder:
Picture
(1) Being a Wild Duck when the executives around you don't believe in outspoken individuals?

​(2) Maintaining that internal "something," no matter the conditions, that keeps an individual outspoken?
For me it is the latter.
I do believe, though, that IBMers of the 20th Century had an easier time being a wild duck than today's employees. Why? Because in a Watson Sr., Watson Jr., T. Vincent Learson, or Frank T. Cary administration, we knew the corner office had our backs.

​Come hell or high water, they had our backs!
I think 21st Century Royal Dissenters at IBM would be wise to follow Kierkegaard's advice:

"If what the wild goose tried to do is to be commended in any way, then it must above all watch out for one thing--that it hold on to itself. As soon as it notices that the tame geese have any kind of power over it, then away, away in migratory flight."

In simple words: Find another company to work for! Fly away from the tame ducks—geese.
Read about Buck Rodgers "Royal Dissenters"
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IBM and Arvind Krishna's Performance through 2021

4/12/2022

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As has become custom, Peter E. has updated IBM's and Arvind Krishna's key performance indicators (KPIs) through the end of 2021. They are summarized on the "Arvind Krishna Overall Performance Home Page."
Color slide with the tagline: Arvind Krishna's Overall Performance and Key Performance Measurements.
Select image to read this article.
​Select the image provided or the icon below to read about Arvind Krishna's performance from the end of 2019 when Virginia M. Rometty relinquished the corner officer to the end of 2021, or from 2011 to the end of 2021 when Rometty and Krishna ran the company, or from 1999 to to the end of 2021 when Gerstner, Palmisano, Rometty and Krishna ran the company in the 21st Century.
IBM released its 2021 Annual Report in March 2022 and these pages were updated in early April 2022. The next set of updates to these specific pages should be in April 2023 after the release of the IBM 2022 Annual Report.
Contact Peter E. Greulich if you would like to utilize any of his information or have him prepare a unique IBM article or graph to your organization's unique specifications.
Arvind Krishna's Overall Performance Through 2021
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IBM 2022 Key Performance Indicators (KPIs)

4/4/2022

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Each year after IBM releases its annual report, I update this chart to document the difference between two sets of IBM chief executive officers: (1) Two 20th Century leaders who managed a business and (2) Four 21st Century leaders who are managing a business to a stock price or to a stock price metric such as earnings-per-share.
A chart that compares two, sixteen-year periods of transition at IBM: 1960 to 1976, 2005 to 2021. The chart includes these IBM KPIs: Net Income (profit), Tangible Assets, Revenue, Net Income Productivity, Market Value, Stock Price Appreciation, Sales Productivity, Employment, and Goodwill.
In the 20th Century, IBM made a sixteen-year transition that set it apart from and ahead of its competition for almost a half century [Read: The Greatest Business Gamble of the 20th Century].

​Some analysts believe that IBM is in a similar transition in the 21st Century. This author disagrees.
​​Over the last sixteen years how have IBM's chief executive officers performed against some similar critical key performance metrics? The answer should not be a surprise to any IBMer or analyst that understands what it took to build the 20th Century IBM. The Watsons invested in making people more productive, processes more effective and products more valuable.

This is what happens when you invest in paper (stock buybacks/repurchases) instead.
IBM's 21st Century Key Performance Indicators
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MBWA: Test Your Corporate Culture's Atmosphere!

3/3/2022

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This is a story adapted from an insight by Charles M. Schwab. The executive tale provides a unique perspective into what made the 20th Century IBM so great--building cathedrals, and what is causing the slow deterioration of the 21st Century IBM--laying brick:
Image of a bricklayer building a cathedral.
Three men were laying brick. Each of the men in succession were asked: "What are you doing? "
  • The first answered: "Laying some brick."
  • The second said: "Working for twenty dollars an hour."
  • The third, looking skyward, responded: "Helping build a magnificent cathedral."
Have you asked three employees what they are doing today? Are they earning a paycheck or building cathedrals? Yes, your employees own their self-motivation, but executives own the surrounding, cultural atmosphere that gives purpose to "laying brick."

Thomas J. Watson Sr. created at IBM an atmosphere of "Democracy in Business." Download and read this free article by Peter E. Greulich. It is his research into Watson Sr.'s philosophy of instilling a democratic spirit into his business--the 20th Century IBM.

​"Democracy" can and should be your corporate atmosphere.

Build cathedrals: Manage By Wandering Around!
Select the image above or the menu item below.
Thomas J. Watson Sr.'s "Democracy in Business."
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The Golden Rule in Business: IBM and J. C. Penney

2/14/2022

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Two men—J. C. (James Cash) Penney and Thomas J. Watson Sr.—from uniquely different backgrounds founded two of the 20th Century’s greatest corporate brands. ​These two men seemed unlikely kindred spirits.
Image of two skyscrapers rising above the clouds labeled
​Yet operating independent of, and unknown to each other until later in life, they built two unique business brands—one in retail and one in business machines—on the same belief system: treat customers, employees, shareholders and society the way you want to be treated.
Select the image above or the link below to read the rest of the story: A Corporate 101 story.
Thomas J. Watson Sr. and J. C. Penney, and the golden rule
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    Peter E. Greulich

    Pete 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 he has read with links to articles and book reviews on this website.


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