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If my foresight were as clear as my hindsight, I should be better off by a damned sight.

J. L. Mott, President of the Iron and Steel Association, 1873

Even A Blind Squirrel Finds the Occasional Nut

Published July 26, 2021
​Updated April 2, 2022
Picture of a blind squirrel chewing on a nut with the tagline:
For first-quarter of 2021, IBM announced, "Revenue of $17.7 billion, up 1 percent (down 2 percent adjusting for currency). For the second quarter of 2021, IBM announced, "Revenue of $18.7 billion, up 3 percent (flat adjusting for divested businesses and currency). Of course Wall Street focuses on the "ups" and not the "downs" and "flats," and analysts have never asked IBM why it adjusts for "divested businesses" but never "acquired businesses."

Heck, even a blind squirrel finds the occasional nut. This was an old IBM sales representative saying which is so true in analyzing the revenue performance of the 21st Century IBM.

​When it comes to IBM, always wait for the full-year revenue results.

Even then, wait a little longer.
Even a Blind Squirrel Finds the Occasional Nut
  • ​​IBM Revenues Have Dropped from $107 Billion to $57 Billion in Ten Years
  • By Focusing on Sales Productivity, IBM’s 2021 Revenues Could Have Been $126 Billion Instead of $57 Billion
  • IBM Has Not Maximized Shareholder Value
  • What Is Wrong at IBM?

 Too Many "Years" of Declining Revenue
IBM continues to announce quarter after quarter of declining revenues with the occasional quarterly gain. Unfortunately a quarterly gain means little with the yearly revenue returns that IBM has achieved from 2011 through 2021: Revenues have declined by $50 billion.
A bar chart showing IBM's yearly revenue performance from 2011 through 2020: Virginia M. (Ginni) Rometty and Arvind Krishna.
​Whenever IBM breaks its string of quarterly revenue declines, it is reminiscent of what IBM salesmen would tell a rookie after they closed their first deal and started strutting around the office like they were hot stuff. After letting the salesman or saleswoman enjoy the moment, one of the thirty-plus-year IBM reps would tap the salesperson on the shoulder and say, “Enough son, even a blind squirrel finds the occasional nut. You need to go out there and do it again and again for the next thirty years to maintain a career with this company.”

IBM, though, is a blind squirrel that has only been able to find the occasional year-over-year revenue nut because of two decades of misplaced investment dollars and abysmal human relations practices.

Yes, that is a picture of a squirrel over IBM's 2018 results.

​A very, very small nut!
Bar chart showing IBM's yearly revenue growth numbers from 1999 through 2021.
 Sales Productivity Is Horrendous
​If IBM’s 307,600 employees produced revenue at the end of 2021 as productively as an employee in 1999 (in inflation adjusted dollars), the corporation would have attained revenues of $126 billion instead of $57 billion.

​To state it in terms (cynically) that Martin Schroeter, a former twenty-first-century IBM CFO and now Kyndryl's CEO, can understand—a reduction in headcount rather than increased revenue: The corporation could have achieved its $57 billion in revenue with only 139,278 employees—168,322 fewer employees.​
With this realization, it doesn’t take much management intuition to realize that there is a long-term, business-execution problem at IBM, not quarterly, short-term, sales-execution issues. ​
Image of female CEO with reasons why sales productivity is so important.
Select image to read why sales productivity should be considered a corner office problem
​It is a corner office, sales-leadership problem because customer revenue is really, really hard to financially engineer.

It takes an entire corporation working together as one to drive revenue productively.
 Shareholder Returns Are Suffering
To wake up the long-term shareholders, it is necessary to be brutally honest and hit them right where it hurts: in their long-term returns. It can be shown "In One Chart" that IBM is on the wrong path. IBM’s first three, twenty-first-century chief executive officers invested $176 billion dollars since 1999 in their own stock (paper) and have returned less value than an equivalent investment in lower-risk index funds that track either the Dow Jones Industrial Average (DJIA) or large-company stocks. [See Footnote #1]
A line graph showing IBM's shareholder returns benchmarked against the Dow Jones Industrial Average (DJIA) and a large company stock index fund from 1999 through 2020.
All stakeholders should be wondering if IBM spent this $176,000,000,000 of the shareholders’ money wisely. IBM’s history reflects that instead of investing in paper the corporation’s executives should have invested in business-first: making people more productive, processes for effective, and products more valuable [Read "Do Stock Buybacks Work?"].
What is Wrong at IBM?
It is not a corporation's goal of shareholder maximization that is wrong, but how a business attempts to maximize that value. A study of IBM’s successes and failures at maximizing shareholder value reveals an almost non-intuitive truth: the path to maximize shareholder value is a two-way road that must be shared between a stakeholder community of customers, employees, and shareholders who maintain supportive economic and political societies that allow a business to maximize its profits.
​In other words, it isn't the goal of maximizing shareholder value that has been the problem at IBM, but its chosen path—best exemplified in its two, earnings-per-share roadmaps that left employees strewn along the roadside like so much roadkill.

Shareholder-first and -foremost, and me-first and -only are not viable means to maximize profits through which an equitable distribution of profits can be made to all stakeholders

Cheers,

- Peter E.
A slide with two hands holding up two cards with the taglines:
Select the image to read about the two extremes of shareholder maximization

 [Footnote #1]: Virginia M. Rometty left $2 billion dollars in approved share buybacks (repurchases) unspent. Arvind has as yet to make any statements on restarting the share buybacks, but they are already approved by the board of directors and could be easily resumed.
REturn to IBM's 21st Century Corporate Performance
© 2022 Peter E. Greulich. All Rights Reserved
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        • Failure of Work at Home
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        • Aggressive Bookkeeping
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      • 1890: U.S. Census
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      • Articles by Watson >
        • On World Peace
        • On the Cost of War
        • On Public Education
        • On Thomas Jefferson
        • On Thoughtful Mistakes
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        • The $1,000-A-Day Chief Executive Officer
        • Employees are Valued
        • Democracy's Man o' War
        • Human Relations in 1956
        • A CEO Who Earned His Pay
        • The Lengthening Shadow
      • Slice of Life Stories >
        • Dali, Salvador
        • Drucker, Peter F. >
          • Authority and Power
          • Short-Term Thinking
          • A Corporate Culture
          • Raising Business Issues
          • Focus on Principles
          • Character and Manners
          • Knowledge Workers
          • Recognizing Ability
          • Individual Respect
          • Employee Paternalism
        • Eastman, George
        • Penney, J. C. (James Cash) >
          • Watson Homestead
          • Golden Rule Businesses
        • Fighting Discrimination
      • Pre-World War II >
        • A Lost Dream of Peace
        • USO Camp Show Founder
      • World War II Effort >
        • Selling War Bonds
        • Production Awards
        • Controlling Profits
        • Machine Records Units
        • Wartime Contributions
        • Widows & Orphans Fund
        • Declaring Human Rights
        • Supporting Home Morale
        • Employee Military Service
        • War's End & Reconversion
      • Post-World War II >
        • Endicott Memorial
        • Poughkeepsie Memorial
        • Rehiring WWII Veterans
      • A Pajama Party
      • A 1943 Tax Problem
      • The Story of "THINK"
      • A Gift of Retirement
      • Learning from Crises
      • IBM Employee Housing >
        • Construction Timeline
      • Two Journalists "THINK"
      • A Buddy Davis Interview
      • Quotes of Watson
      • Quotes about Watson
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