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IBM Investor Briefing: What Lies Ahead

As a careful reader, my attention was drawn to the following excerpt from IBM's (NYSE:IBM) 4Q 2014 earnings conference call:

So over the longer term, when we look at the opportunities we will continue to develop, we see the ability to generate low-single digit revenue growth, and with a higher value mix, high-single digit operating earnings per share growth, with free cash flow realization in the 90's. Of course we will spend more time on the rate and pace of achieving that trajectory at our investor meeting next month.

"Trajectory" is a favorite word for Schroeter, appearing some 17 times in the presentation. Now some wise-guy commenter is bound to observe, that if IBM continues on its current trajectory, it will crater. So I took the fun out of it, and mentioned it myself. Read more