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IBM
In what I view as to not be a surprising development but a disappointing one for Microsoft shareholders, Ford (F) CEO Alan Mulally has announced that he won’t be taking the CEO position at Microsoft (MSFT).  Mulally could have come in with a fresh set of eyes and ideas to help Microsoft compete more effectively...
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To whom much is given, much is expected.  These words exemplify the reign of Steve Ballmer who took over one of the finest companies in the world at its peak.  Over the last decade, Microsoft has more than doubled its earnings, but this was largely due to its entrenched Windows and Office franchises.  Ballmer allowed...
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One of the hardest things to evaluate when investing in businesses is how management will allocate capital.  The best thing to do is look at management’s historical track record, but there is no perfect way to measure things.  Great capital allocation can make an average business a great investment if bought at the right price....
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There are many companies that have had better growth than IBM has over the last decade, but I would be hard pressed to name a company that has done better for shareholders.  IBM has consistently outlined a long term plan to focus on higher margin businesses, and to return cash to shareholders through increasing dividends,...
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This morning I finally had the opportunity to read the most recent Chairman’s letter from Samuel Palmisano, who had been the CEO of IBM before stepping down recently.  He has done a remarkable job of converting a business that was focused both on the Enterprise and the Consumer, to a business that is at the...
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