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Why I Bought Shares Of IBM

International Business Machines (NYSE:IBM) is the very definition of a turnaround stock. Once known as a giant atop the technology sector, IBM has had a dramatic fall from grace. IBM dramatically underestimated the cloud revolution and the shift away from hardware toward software and services, and as a result, it held onto its low-margin hardware businesses for far too long.

This has had a significant impact on the stock. Shares of IBM are down 28% in the past two years. In fact, IBM was the only stock in the Dow Jones Industrial Average to decline in both 2013 and 2014. With such terrible performance, it might seem crazy to buy the stock now. Read more