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        • Drucker, Peter F. >
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          • Recognizing Ability
          • Individual Respect
          • Employee Paternalism
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          • Golden Rule Businesses
        • Fighting Discrimination
      • Pre-World War II >
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        • USO Camp Show Founder
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        • Selling War Bonds
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Lou Gerstner wrote, "People truly do what you inspect, not what you expect." … Lest we forget, these "inspection pages" exist because chief executives are "people" too.

Peter E. Greulich

Ginni Rometty's Dividend Strategy Performance

Published July 19, 2021
A slide with a Ginni Rometty Key Performance Indicator (KPI) #4: The Dividend Strategy Proved Pointless.
Questions answered by Virginia M. (Ginni) Rometty's key performance indicator (KPI) #4:
  • How much money did Ginni Rometty spend on dividends?
  • Did raising dividends every year compensate for the market’s lack of confidence in Rometty’s leadership and short-term strategies?
​
​​These are excerpts from "THINK Again!: The Rometty Edition."
​Virginia M. (Ginni) Rometty: The Dividend Strategy Proved Pointless
  • Watson Sr. May Have Coined the Term: "Widow’s and Orphan’s" Stock
  • KPI #4: The Dividend Strategy Proved Pointless
  • Behavioral Changes to Consider Before Investing in IBM

 Watson Sr. May Have Defined the Term: "Widow’s and Orphan’s" Stock
We are responsible to more than 1600 stockholders—men, women, and children. … It is the money, in many cases belonging to widow’s and orphan’s; so, we have to deal with it in a serious and honest way."   [See Footnote #1]
​Thomas J. Watson Sr., One Hundred Percent Club, 1926
 KPI #4: The Dividend Strategy Proved Pointless
​Shareholders, after the first year in the following eight-year analysis, lost anywhere from $8 billion to $80 billion because of falling market value—even considering the $39 billion the corporation spent on dividends.
Picture
​It is a diversion to talk about the value of dividends or the corporation’s twenty-five-year history of ever-increasing dividends (Dividend Aristocrat), when an investor’s overall stock wealth, including dividends, falls by almost 40% (2018). The dividends paid below mean little to an investor in the face of such large losses. If an investor had to sell most anytime during the last decade, they would have lost money.
Picture
Because of IBM’s long-term drop in market value, its stock is no longer considered a “flight to safety” or a “widow’s and orphan’s” investment.
 Behavioral Changes to Consider Before Investing in IBM
  • To write about a stock’s dividend return as if it is the equivalent to a rate of return on a certificate of deposit is shortsighted and misleading. IBM needs a stable stock price again for dividends to matter. It needs to recover its brand image that it can, at a minimum, weather down economies. Then dividends can once again support the stock price—not until [How IBM Built its 20th Century Brand].

[Footnote #1] Today, a widow’s-and-orphan’s stock refers to an equity investment that is presumed low-risk (protects principle) but yields a stable dividend (i.e., provides income) that pays the rent. In 1956, shortly before Watson Sr.’s death, the annual report documented that, aside from institutional investors, shareholders were 48% women and 43% men, with the other 9% involving joint ownership.

​Watson Sr.’s 1925 One Hundred Percent Club speech may have defined this term. This slogan was an insurance company (Equitable Insurance) tagline because it protected "widows and orphans" in the event of the death of the husband and father. This usage of the term in 1925 is the first recorded instance that the author has found that the "widows and orphans" term is used in reference to stocks.

Until Watson used this term
—and IBM produced the results during the Great Depression—it would have seem ridiculous to have invested money in the stock market for a steady return. It was purely for speculative investments.
Return to Virginia M. (Ginni) Rometty Overview
Next Rometty KPI: acquisition Strategy

Picture
Picture
© 2022 Peter E. Greulich. All Rights Reserved
​
Information posted on this site recognizes the legal right of copyrighted material. The following material is considered in the public domain effective January 1, 2022: (1) works published in the United States prior to 1927, (2) works published in the United States after 1926 but before 1964 with a proper © copyright notice that were not renewed in their 28th year, and (3) works published in the United States before 1978 that have no © copyright notice, and (4) all unpublished works created over 120 years ago. Other documents used here that do not fit these criteria are used in good faith and a belief that such usage would withstand a test of fair use. Any concerns with the public domain or fair usage of material on this site will be removed until a discussion can resolve the matter with its permanent removal or republication. Just use the "Contact" menu item above or the "Contact Us" hyperlink provided here: [Contact Us]
  • Home
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        • Procter, William C.
        • Rockefeller Sr., John D.
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        • Verity, George M. >
          • True Steel
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          • A Business Biography
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          • Father, Son & Company
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          • Selected Addresses
          • New Industrial Leader
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          • My Own Story
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            • A Review
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          • The Ordeal of Woodrow Wilson
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            • Volume VI: Facing War
          • Woodrow Wilson's Last Words
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        • The Need to Decentralize
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        • Martin Schroeter
      • Employees >
        • Resource Actions
        • Age Discrimination >
          • Cutting Old Heads
        • Employee Engagement
        • Aren't Buying Into IBM
        • Massive Work Slowdown
        • Failure of Work at Home
      • Financial Engineering >
        • Workforce Rebalancing
        • Aggressive Bookkeeping
      • Shareholders >
        • Share Buybacks
        • Shareholder Risk
        • Employee Engagement
        • Warren Buffett's Mistake
        • Do Share Buybacks Work?
    • CEO Performance >
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      • Ginni Rometty Overview >
        • Shareholder Value
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        • Revenue & Profit Growth
        • Revenue & Profit
  • 20th Century IBM
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        • Stock Market Headwinds
        • CEO Historic Footnotes >
          • IBM's Founding Team
          • Financial Engineering
          • The Greatest Gamble
    • Corporate Practices >
      • IBM Anniversaries
      • IBM Benefits
      • IBM Creativity >
        • IBM Cartoons
        • IBM Song Books
        • IBM UK Dictionary
        • IBM Computing Dictionary
      • IBM Wild Ducks >
        • The Wild Goose
        • Royal Dissenters
        • Corporate Constitution
        • Respect for the Individual
        • Service to the Customer
        • Pursuit of Excellence
    • Corporate Products >
      • 1890: U.S. Census
      • 1920: Dayton Scales
      • 1940: The Electromatic
    • Thomas J. Watson Sr. >
      • Articles by Watson >
        • On World Peace
        • On the Cost of War
        • On Public Education
        • On Thomas Jefferson
        • On Thoughtful Mistakes
        • On Stakeholder Relations
      • Articles about Watson >
        • 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
      • Women in the Workplace
      • A Successful Rebranding
      • Tom Watson's Wild Ducks
  • Articles
    • Corporate Articles >
      • High-Performance Corporations
      • The Art of the Restart
      • Crises, Recoveries & Lessons Learned
      • Strategy Should Create Human Relationships
      • A Time-Tested Corporate Constitution
      • IBM, JC Penney and The Golden Rule
      • How IBM Created its 20th Century Brand
      • The Greatest Business Risk of the 20th Century
      • How to Grow a Business
      • The Importance of Sales Productivity
      • How Much Is a Great CEO Worth
      • Let Your Guard Down
    • Business Articles >
      • Business Witticism
      • The Golden Rule in Business
      • Who and What Built Early American Capitalism
      • Capitalism Needs Industrialist Minded CEOs
      • Producing Corporate True Steel
      • CEO Perspectives >
        • Rules of Success
        • Top Employee Qualities
        • Industrialist vs. Capitalist
      • An Open Letter to the World's CEOs
      • Henry Ford Takes Control
      • The Razor Blade Business Model
      • Two Successful 20th Century Businesswomen
      • Sears: A Dead Franchise Walking
      • A LinkedIn Incognito Mode
      • Value a College Education
    • Political Articles >
      • Political Witticisms
      • Memorial Day
      • Pursuing The "American Way"
      • America: Home of the Brave
      • Securing the Borders of the Americas
      • General Grant's Stand for Justice
      • America's Heartland Stands Strong
      • The New Freedom
      • Teddy Roosevelt on Socialism
    • Spiritual Articles >
      • Inauguration Day Prayer
      • Wilson's Last Words
      • Spiritual Songs
    • Fiction Articles >
      • A Father's Love
      • Introducing a Friend to God
      • Hyphenated Relationships
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