IBM

Resumen

Análisis de IBM

Contexto del Sector

The Technology sector is explicitly avoided by this strategy due to the high risk of rapid obsolescence and intense competition. IBM's focus on AI and hybrid cloud places it in a highly competitive, fast-changing market, which is fundamentally misaligned with the strategy's preference for stable, predictable, essential services like utilities or infrastructure.

✓ Por qué nos gusta

• • Fails core sector criteria: Technology is explicitly avoided due to risks of rapid obsolescence and intense competition.
• • Valuation is extremely high (P/E of 34.39x), far outside the strategy's ideal range of 8-15x and the acceptable maximum of 20x.
• • Dividend yield of 2.21% is below the 3% minimum requirement for new purchases.

⚠ Qué vigilar

• • Permanent business model risk: The technology sector is characterized by intense competition and disruption, which is contrary to the 'forever' hold philosophy.
• • Valuation is dependent on continued high growth in AI and cloud, not stable, predictable cash flows like an essential service.
• • The stock's recent strong performance is driven by market optimism, not a temporary problem creating a value opportunity.