International Business Machines Corporation

Daily Journal Annual Meeting 2023 — Munger Q&A

“the rise of IBM and the fall of IBM. IBM was the most admired company in America for most of my young life... in the last 10 or 15 years, they've slipped.”

Daily Journal Annual Meeting 2023 — Munger Q&A

“And to have IBM have the huge position it once had in terms of other dominance. And now it's just one that also [Indiscernible].”

Afternoon Session - 2022 Meeting

“we did it with red hat when IBM bought it”

Part 1 - 2021 Meeting

“There were then six U.S. companies on the list, and their names are familiar to you. We have General Electric, we have Exxon, IBM Corp”

Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020

“What went wrong with your estimate for IBM and how is that a miscalculation different than for Apple? IBM's an entirely different business than Apple.”

Afternoon Session - 2019 Meeting

“It's what Tom Watson Sr. said at IBM, you know.”

Afternoon Session - 2019 Meeting

“IBM, you know. I'm no genius, but I'm smart in spots, and I stay around those spots.”

Buffett: "I was wrong" on Kraft Heinz | February 25, 2019

“with IBM bouncing back, how do you feel about getting out? I'm glad I got out”

Buffett: "I was wrong" on Kraft Heinz | February 25, 2019

“after my experience with IBM, I don't think I understand exactly where the cloud is going”

Afternoon Session - 2018 Meeting

“Warren, you have bought in and sold out of IBM. You have praised Jeff Bezos but never bought Amazon.”

Afternoon Session - 2018 Meeting

“IBM even, you know, it has no tangible. There's a net. mine is tangible net work.”

Buffett tells CNBC he's boosting Apple stake by $13B | May 3, 2018

“you had gotten rid of most of your IBM shares as of the year end right you held a little bit do you still have those no meaning you have zero IBM shares”

Buffett's health care partnership is "determined" to contain costs | February 26, 2018

“You sold more of your IBM stake and bought more Apple... I was wrong on IBM. Now, I may have been wrong when I sold it... certainly was wrong when I bought it.”

Buffett's health care partnership is "determined" to contain costs | February 26, 2018

“IBM recently, just finally showed an increase in revenue for the first time in like 27 quarters.”

Setting the stage for CEO succession | January 10, 2018

“it was an advantageous to sell last year rather than this year. So does that mean you're not selling IBM this year?”

Setting the stage for CEO succession | January 10, 2018

“if we had high-cost IBM and we were selling, we would have sold it last year, and if we had low cost, we would have waited until this year”

Setting the stage for CEO succession | January 10, 2018

“You already spoke about IBM, whatever you would or wouldn't tell us on that.”

"I was wrong" on IBM | August 30, 2017

“On the Flipcoin, IBM, the last time we had talked to you, you had sold many shares of IBM. Are you still dubious about IBM's recovery process?”

Buying Apple, selling IBM, missing Google | May 8, 2017

“IBM, why you are selling some of that stake”

Buying Apple, selling IBM, missing Google | May 8, 2017

“One question that did come in from a shareholder that I didn't get the chance to ask you was about IBM and Watson.”

Buying Apple, selling IBM, missing Google | May 8, 2017

“We've talked to you pretty extensively about IBM. Andrew and I got the chance to ask questions from the stage at the shareholder meeting”

Buying Apple, selling IBM, missing Google | May 8, 2017

“he wondered if your sale of IBM was related in any way to the performance of Watson?”

Buying Apple, selling IBM, missing Google | May 8, 2017

“Even IBM has no. has net no tangible assets. And if you take the equity, gap equity, subtract the intangible assets, it's less than zero.”

Apple is in, IBM is out

“when I bought the IBM, started buying it six years ago. I thought it would do better in the six years that have elapsed than it has”

2017 Annual Meeting Highlight Reel

“we made a large investment in IBM, I made a large investment in IBM, which has not turned out that well.”

Why Buffett turned tech

“we made a large investment in IBM, I made a large investment in IBM, which has not turned out that well...it's been a significant laggard”

Afternoon Session - 2017 Meeting

“we made a large investment in IBM. I made a large investment in IBM, which has not turned out that well.”

Morning Session - 2017 Meeting

“when I bought the IBM, started buying it six years ago. I thought it would do better in the six years that have elapsed than it has.”

Morning Session - 2017 Meeting

“I could be making two mistakes on IBM. I mean, the, you know, it's harder to predict, in my view, um, it's harder to predict”

Buffett buys airlines and Apple | February 27, 2017

“IBM is your third biggest holding, too.”

Buffett buys airlines and Apple | February 27, 2017

“your IBM stock, yeah, that call is looking much better at this point, too. I'm sure we'll talk about that”

Warren Buffett's Investment Strategy: How to Live and Invest like a Legend (Full Interview)

“tom watson senior who built ibm said i'm no genius but i'm smart in spots”

Daily Journal Annual Meeting 2017 — Munger Q&A

“I don't know if IBM is going to sell that much of Watson. I always say I'm agnostic on the subject.”

Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016

“we own stock in companies like IBM or Coke that do a lot of business abroad”

Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016

“Maybe we talk about some of his top holdings that he mentioned over the weekend. shares like American Express, IBM, Coca-Cola.”

Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016

“if you look at American Express, if you look at Coca-Cola, if you look at IBM at this point, are these positions that you have some affinity for”

Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016

“Did you talk to Charlie before you bought IBM? Yeah. Yeah. So you've got at least the okay go ahead.”

Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016

“which is to touch a little bit more on IBM and how you're thinking about that company these days.”

Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016

“we feel fine or we wouldn't own it. And we've never sold a share of IBM. Periodically, we buy a little more”

Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016

“We also talked a bit about IBM, and there were some shareholder questions that came in over the weekend about shares of IBM, particularly since the shares are now trading at about $145”

Afternoon Session - 2016 Meeting

“GEICO working with IBM's Watson. Yeah. And this shareholder, Guillermo Bermudez, writes in and wants to know, would IBM be able to offer insurance industry competitors”

Afternoon Session - 2016 Meeting

“How would you explain IBM's moat? I'm not sure that's a simple question... It has certain strengths and weaknesses... coping with considerable change in the computing world”

Cheaper stocks are "good news" for Buffett

“Was that a mistake to buy into IBM? Well, I don't think so, but it could be.”

IBM "could be" a mistake

“Was that a mistake to buy into IBM? Well, I don't think so, but it could be.”

Copying Buffett is "a big mistake"

“Was that a mistake to buy into IBM? Well, I don't think so, but it could be.”

"America's never been greater" | February 29, 2016

“One, it's John Deere, and the other is IBM. You've been buying that stake for five years at this point. I think your cost basis for it was $13.8 billion, and at the end of the year it was worth $11.1 ”

"America's never been greater" | February 29, 2016

“I don't think it's the case with IBM, but I could be wrong...we've never sold a share of IBM.”

"America's never been greater" | February 29, 2016

“You sound like a hold on IBM right now... if you were buying up in the 170s and it's at 130, you would buy twice as much”

"America's never been greater" | February 29, 2016

“Warren, let me just get one crack to bat on the IBM issue, which is this. Just to the extent that investors want to understand your time, horizon”

"America's never been greater" | February 29, 2016

“have any of the companies under Berkshire's umbrella gained any competitive advantage by using IBM Watson so far? We have, at Geico, we're doing a fairly elaborate experiment with Watson.”

"America's never been greater" | February 29, 2016

“we've put money into it, IBMs put money into it, and we think that there could be a very big payoff”

"America's never been greater" | February 29, 2016

“Of the big four investments, we have talked about already American Express, Coca-Cola, IBM.”

Daily Journal Annual Meeting 2016 — Munger Q&A

“Warren Buffett decided to buy IBM. And he's still very optimistic...IBM was a lot like us, they had a traditional business that was very large and it was very sticky.”

Daily Journal Annual Meeting 2016 — Munger Q&A

“Do you use the same discount rate for different businesses. For example, an IBM or a Coca-Cola?”

2016 Berkshire Hathaway Shareholder Letter

“81,232,303 International Business Machines Corp. ....... 8.5 13,815 13,484”

Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015

“we're going to talk about Berkshire's Big Four Investments. We will be catching up with the CEOs of IBM, Coca-Cola, Wells Fargo, and American Express.”

Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015

“One of the companies that you've told me you've been buying more stock in is IBM. You told me that on Saturday that in the first quarter you bought more shares.”

Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015

“One of the things you said on Saturday was there's been more stupid stuff...when it comes to buying back stock. And one of the big questions about IBM”

Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015

“but maybe you don't feel like you have the expertise, and yet that changed somehow with IBM...I feel pretty good about IBM's future”

Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015

“IBM is a very, it's a trusted organization, it's an innovative organization, and they're competing against a lot of other people”

Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015

“One of the interesting things about an IBM, and it's true of other tech companies, IBM earns infinite returns on tangible common equity. I mean, those are very good businesses.”

Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015

“IBM announced last week that it would raise its dividend by 18 percent. That marks the 20th straight year that the company has increased its payout.”

Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015

“Berkshire Hathaway is the largest shareholder of IBM. It's also revealed we found out over the weekend. Warren told us that you've been buying more shares”

Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015

“18% hike in the dividend is very good news because they see it as a way of getting money back to shareholders that maybe means IBM won't be making quite as many share repurchases”

Morning Session - 2015 Meeting

“can you also use IBM as a case study, how it checked all those boxes?”

Morning Session - 2015 Meeting

“IBM is still an enormous enterprise. And I think it's still a very admirable enterprise. And I think we bought it at a reasonable price.”

Morning Session - 2015 Meeting

“is IBM similar to those textile mills in the 1960s? And did you try to talk Warren out of buying IBM? The answer is no. I think IBM is a very interesting company.”

Fifty years of Buffett's Berkshire | March 2, 2015

“his investments, including IBM and Deer”

Fifty years of Buffett's Berkshire | March 2, 2015

“you have a lot of stocks that you've been purchasing some in particular like IBM...why are you buying more IBM? I well I'm buying it because I like it”

Fifty years of Buffett's Berkshire | March 2, 2015

“There have been no surprises at... at IBM since we started buying it a few years ago. And the pleasant surprise is that the stock has gone down.”

Fifty years of Buffett's Berkshire | March 2, 2015

“IBM's changed with it...made enormous progress under Lou and at Thresner”

Fifty years of Buffett's Berkshire | March 2, 2015

“what makes you think you understand IBM's competitive mode? Well, I don't understand it.”

Fifty years of Buffett's Berkshire | March 2, 2015

“I personally was chairman of the board of a company that competed with IBM for 10 years in the 1960s”

Fifty years of Buffett's Berkshire | March 2, 2015

“we actually did quite well competing with IBM in the tab card business”

Fifty years of Buffett's Berkshire | March 2, 2015

“I think I know enough about IBM to make an investment decision.”

Fifty years of Buffett's Berkshire | March 2, 2015

“I think Jenny's done a great job of fostering change at IBM.”

Fifty years of Buffett's Berkshire | March 2, 2015

“if you were a big enterprise...had a contract with IBM, it would be so difficult to get out”

Fifty years of Buffett's Berkshire | March 2, 2015

“IBM is helping people jump to the cloud or with a hybrid cloud, but we have, you know, 70 some businesses at Berkshire”

Fifty years of Buffett's Berkshire | March 2, 2015

“Warren what you must know your your exact cost or your average cost on IBM what do you know offhand what it is exactly it would it why I can come with a dollar or two probably it's probably around 170”

Fifty years of Buffett's Berkshire | March 2, 2015

“IBM, I don't even know what that is anymore. It's almost like a, like a service stock or something.”

Fifty years of Buffett's Berkshire | March 2, 2015

“I certainly don't encourage it. Yeah. Do you think that you owning shares of IBM has boosted that company right now, that it's... Well, it might be selling a little higher than otherwise, which is too”

Fifty years of Buffett's Berkshire | March 2, 2015

“the four biggest holdings are Wells Fargo, Coca-Cola, American Express, and IBM. Those are the four horsemen.”

Fifty years of Buffett's Berkshire | March 2, 2015

“I can promise you IBM would be at 1,000 by the end of next year.”

Daily Journal Annual Meeting 2015 — Munger Q&A

“IBM [IBM], on the other hand, went from butchers' scales and what not to totally dominate the early computer market. Of course when the other evolutions came along IBM has failed a lot.”

2015 Berkshire Hathaway Shareholder Letter

“We purchased additional shares of IBM (increasing our ownership to 8.4% versus 7.8% at yearend 2014)”

2015 Berkshire Hathaway Shareholder Letter

“81,033,450 International Business Machines Corp. ......... 8 . 4 13,791 11,152”

We'll never want to "go to war" with Coca-Cola | May 5, 2014

“how do you compete with IBM? How do you price your stop?”

Afternoon Session - 2014 Meeting

“rate of change in technology and competitive landscape could affect IBM”

Morning Session - 2014 Meeting

“investments in Wells Farmer? cargo, Coke, American Express, and IBM”

Morning Session - 2014 Meeting

“big legacy positions in Wells Fargo, Coca-Cola, American Express, IBM, and Procter & Gamble overshadowing the rest”

"People react too much to short-term things" | March 3, 2014

“IBM has underperformed the S&P 500 by a big margin since you acquired a stake in it. The revenue trends have been less than anticipated.”

"People react too much to short-term things" | March 3, 2014

“If IBM bought in a lot of stock last year and if the stock had been even lower, they would have bought”

"People react too much to short-term things" | March 3, 2014

“I feel good about owning the stock. But my level of understanding of a company like IBM”

"People react too much to short-term things" | March 3, 2014

“I know less about the future of IBM than I might know about the future of Wells Fargo or Coca-Cola”

Daily Journal Annual Meeting 2014 — Munger Q&A

“IBM [ticker: IBM] got very good at it, but everybody else just hates it.”

2014 Berkshire Hathaway Shareholder Letter

“We purchased additional shares of IBM (increasing our ownership to 7.8% versus 6.3% at yearend 2013).”

2014 Berkshire Hathaway Shareholder Letter

“76,971,817 International Business Machines Corp. ...... 7 . 8 13,157 12,349”

2014 Berkshire Hathaway Shareholder Letter

“As Tom Watson, Sr. of IBM said, "I'm no genius, but I'm smart in spots and I stay around those spots."”

2014 Berkshire Hathaway Shareholder Letter

“In their glory days, General Motors, IBM, Sears Roebuck and U.S. Steel sat atop huge industries.”

The Buffetts; Alan Greenspan

“Well, I'm sure Ginni Rometty is disappointed with some aspects of this year, but they're going to earn more. They're going to earn more money this year than they've ever earned.”

Buffett sees "gradual improvement" in economy | May 6, 2013

“Do you feel any different about IBM? Since you bought IBM, they've had a couple of tough, tough quarters.”

Buffett sees "gradual improvement" in economy | May 6, 2013

“I think we'll be right about IBM, but I've said at the meeting in terms of the certainty of conviction, I feel more certainty of conviction in terms of where Coca-Cola will be in 10 years”

Buffett sees "gradual improvement" in economy | May 6, 2013

“Berkshire Hathaway, General Motors, IBM does not make more money because somebody is front running by a nanosecond”

Afternoon Session - 2013 Meeting

“At Coca-Cola, at Wells Fargo, to a lesser degree, at IBM, at most of our companies, our interest in the company goes up every year”

Morning Session - 2013 Meeting

“pricier and more mature businesses, for example, IBM, Burlington Northern, Heinz, and Lubrizol”

Afternoon Session - 2013 Meeting

“Can you talk a little bit more about the IBM investment? Where do you see the moat for that business?”

Afternoon Session - 2013 Meeting

“than an IBM. But I feel good enough about IBM that we put a considerable amount of money in it...We've got enough conviction about IBM's position that we took a very large position.”

2013 Berkshire Hathaway Shareholder Letter

“We purchased additional shares of Wells Fargo (increasing our ownership to 9.2% versus 8.7% at yearend 2012) and IBM (6.3% versus 6.0%).”

2013 Berkshire Hathaway Shareholder Letter

“68,121,984 International Business Machines Corp. ..... 6 . 3 11,681 12,778”

"No question" the global economy is slowing | October 24, 2012

“IBM spent $3 billion in each quarter this year. the dollar buying in stock. The cheaper they buy it, the more our interest goes up.”

"No question" the global economy is slowing | October 24, 2012

“You still like IBM, even after all, the troubles technology companies have seen? Well, they're struggling a little.”

"No question" the global economy is slowing | October 24, 2012

“We've added shares this year. We haven't had a lot of shares, but we've probably added, you know, it'd be in many hundreds of millions. Wells, we'd probably added maybe a billion dollars worth this ye”

"No question" the global economy is slowing | October 24, 2012

“Have you regretted getting into IBM shares at all? No, I'm delighted to be in it. And I think they'll probably do better abroad than in the United States”

"No question" the global economy is slowing | October 24, 2012

“We've used that money. We used it to buy what? $11 or $12 billion worth of IBM in the last 12 months.”

"No question" the global economy is slowing | October 24, 2012

“if it's Wells Fargo or IBM or Coca-Cola. I mean, I've got four stocks that are... aggregate over 50 billion”

Are Google and Apple "inevitable?"

“Given that you're now in IBM, are there any other entrenched leaders in technology that are, to use one of your terms, inevitable”

Are Google and Apple "inevitable?"

“isn't the same thing true in IBM. Well, I don't think it is. I think IBM is easier to understand.”

Morning Session - 2012 Meeting

“We bought IBM over a period of six or eight months last year in the market.”

Afternoon Session - 2012 Meeting

“Given that you're now in IBM, are there any other entrenched leaders in technology that are to use one of your terms inevitable”

Afternoon Session - 2012 Meeting

“Now he's going to say isn't the same thing true in IBM. Well, I don't think it is. I think IBM is easier to understand.”

Morning Session - 2012 Meeting

“that will be true for Coca-Cola and Wells Fargo and IBM and all of the other securities. I just don't know in which order”

2012 Berkshire Hathaway Shareholder Letter

“Berkshire's "Big Four" investments – American Express, Coca-Cola, IBM and Wells Fargo – all had good years.”

2012 Berkshire Hathaway Shareholder Letter

“IBM has made many small acquisitions in recent years and now regularly reports "adjusted operating earnings," a non-GAAP figure”

2012 Berkshire Hathaway Shareholder Letter

“68,115,484 International Business Machines Corp. ...... 6 . 0 11,680 13,048”

Afternoon Session - 2011 Meeting

“This, IBM is an interesting case. I mean, there's just one after another that are utterly fascinating.”

2011 Berkshire Hathaway Shareholder Letter

“63.9 million shares of IBM that cost us $10.9 billion. Counting IBM, we now have large ownership interests in four exceptional companies”

2011 Berkshire Hathaway Shareholder Letter

“I can think of no major company that has had better financial management, a skill that has materially increased the gains enjoyed by IBM shareholders.”

2011 Berkshire Hathaway Shareholder Letter

“CEOs Lou Gerstner and Sam Palmisano did a superb job in moving IBM from near-bankruptcy twenty years ago to its prominence today.”

2011 Berkshire Hathaway Shareholder Letter

“In the end, the success of our IBM investment will be determined primarily by its future earnings.”

2011 Berkshire Hathaway Shareholder Letter

“We should wish for IBM's stock price to languish throughout the five years.”

2011 Berkshire Hathaway Shareholder Letter

“Naturally, what happens to the company's earnings over the next five years is of enormous importance to us.”

2011 Berkshire Hathaway Shareholder Letter

“Today, IBM has 1.16 billion shares outstanding, of which we own about 63.9 million or 5.5%.”

2011 Berkshire Hathaway Shareholder Letter

“I was late to the IBM party...my thinking crystallized...Todd Combs built a $1.75 billion portfolio”

2011 Berkshire Hathaway Shareholder Letter

“many businesses such as Coca-Cola, IBM and our own See's Candy meet that double-barreled test”

Morning Session - 2010 Meeting

“there's a whole list. In fact, I think I've got a page even for that. There's a, yeah, let's put up slide number eight. And this is just a sample page of people who oppose putting up collateral, being”

Bernanke "did a magnificent job"

“Was that a mistake to buy into IBM? Well, I don't think so, but it could be.”

People won't feel good until jobs come back

“Was that a mistake to buy into IBM? Well, I don't think so, but it could be.”

Berkshire split "made sense" for BNSF deal

“Was that a mistake to buy into IBM? Well, I don't think so, but it could be.”

A "bad number" for housing starts is good

“Was that a mistake to buy into IBM? Well, I don't think so, but it could be.”

Expectations were "too high" for the economic recovery

“Was that a mistake to buy into IBM? Well, I don't think so, but it could be.”

Morning Session - 2006 Meeting

“what you've learned so far about the other information technology companies such as IBM, some microsystem, Oracle, Dell, EMC, and Intel”

2006 Berkshire Hathaway Shareholder Letter

“35 university classes, including one from IBMEC in Brazil, will come to Omaha”

Afternoon Session - 2005 Meeting

“IBM or General Motors or General Electric will not earn more money because their stock turns over more frequently”

Poor Charlie's Almanack

“best summarised by Thomas Watson senior the founder of IBM I am no genius I am smart in sports and I stay around these sports”

Poor Charlie's Almanack

“IBM just raised its return expectations for its pension fund to ten percent. [Year 2000] Most companies are at nine percent We think six percent is more realistic.”

Poor Charlie's Almanack

“In contrast, IBM in its heyday might be selling at six times book value. So it's just like the pari-mutuel system.”

Poor Charlie's Almanack

“IBM can't or at least didn't. Just look at what disappeared from its balance sheet when it decided that it had to change size... IBM got bounced off the wave after "surfing" successfully for sixty yea”

Poor Charlie's Almanack

“And just as IBM fell off the wave, other companies did, too. Thus, a large investment disaster resulted from too high prices.”

Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)

“IBM made more money for shareholders back in its heyday from [the stock's] bottom to top, yet people didn't flock to its meetings”

Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)

“Look at the guy who took over the company that became IBM. At the time, it had three equal sized business”

Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)

“a story Munger wrote – that I think loosely resembles Cisco, IMB and the like – in which the managers of a formerly reputable tech company become greedy”

Afternoon Session - 2002 Meeting

“creative accounting and the stories of tremendous growth and success over many years. GE, Tyco, and IBM immediately come to mind”

Wesco 2001 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)

“for example, the pension funds of AT&T or IBM -- is 6% for a long time.”

Morning Session - 1998 Meeting

“names like IBM, Microsoft, HP, Intel. Would you ever consider investing in companies in this sector”

Morning Session - 1997 Meeting

“just as IBM leveraged the holorith machine into the computer, predicting whether somebody's going to be able to do that”

Morning Session - 1997 Meeting

“IBM owned a big piece of Intel, as you know, and they sold it in the mid-80s. So, you know, here are a bunch of people that should know a lot”

Morning Session - 1997 Meeting

“was the joint development and was launched in January of this year in conjunction with IBM. IBM has been our partner in that product.”

1996 Berkshire Hathaway Shareholder Letter

“Witness the shocks some years back at General Motors, IBM and Sears, all of which had enjoyed long periods of seeming invincibility.”

USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)

“IBM in its heyday might be selling at 6 times book value. So it's just like the pari-mutuel system. Any damn fool could plainly see that IBM had better business prospects”

USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)

“Just look at what disappeared from its balance sheet when it decided that it had to change size both because the world had changed technologically and because its market position had deteriorated.”

USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)

“IBM got bounced off the wave after "surfing" successfully for 60 years. And that was some collapse - an object lesson in the difficulties of technology”

USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)

“Just as IBM fell off the wave, other companies did, too. Thus, a large investment disaster resulted”

Warren Buffett's First National Television Appearance - PBS (1985)

“Haven't ever owned, for example, IBM? Never owned IBM. Marvel's company. I mean, it's a sensational company, but I haven't known IBM.”

1984 Berkshire Hathaway Shareholder Letter

“Frank Cary, then CEO of IBM; Tom Murphy, then CEO of General Motors”

1977 Berkshire Hathaway Shareholder Letter

“earnings of IBM were $28 million (now $2.7 billion), Safeway Stores, $10 million, Minnesota Mining”