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Which in turn can be explained by a decrease in buybacks and/or dividends and thus by lower expected ROI.


Or more likely that IBM has been screwing the pooch every which way for the last ~~20~~ 30 years.


And the market would find out about that suddenly the day they announce buying Red Hat?


That doesn't bode well for Red Hat over the long term.


Unless Red Hat cannibalizes IBM from the inside out, and there's some talk that this is exactly what they want. They may be grooming Red Hat's CEO to replace IBM's CEO.


That would be a pleasant surprise.




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