IBM
基本信息
International Business Machines Corporation，美国老牌信息技术与服务公司。Druckenmiller 把 IBM 当作”管理层为了取悦短期股东而牺牲长期竞争力”的反面教材，反复用它对照 Amazon。
德鲁肯米勒的核心观点
用回购而非投资——长期会被吃掉
2015 年 11 月：IBM 自 2006 年以来 14 个季度收入下滑、R&D 占销售从 6.2% 降至 5.9%（且基数萎缩），却面对 Amazon、Palantir 等公司的全方位侵蚀。“在这种状态下你 R&D 还在缩——这算什么转型？“
$189 高位回购的”股东回报”
“他们以平均 189 美元的价格回购了 430 亿美元股票。他们说自己是资本的好管家、向股东返还价值——但股票现在 142 美元。这不是我心中的’股东回报’。” 他对此明确拒绝把”转型期”作为辩解。
2017 年仍是反面例子
2017 年 12 月：他不再具体说 IBM 是不是当时的好做空，但仍把它列为”投资不足、回购、分红，眼睁睁让对手在云和 AI 领域吃掉自己午餐”的典型公司。
与 Ginni Rometty 的隔空交锋
当 IBM 时任 CEO Ginni Rometty 称公司处于”转型期”需要时间，Druckenmiller 当场拒绝：“不，我不相信这个转型。“
原文引用
CNBC Interview - Stan Druckenmiller on Fed Policy (2015-11-04)
“IBM has missed three quarters since 2006 — they really care about their quarterly earnings. … Their R&D has shrunk as a percentage of sales. They’re under major attack from Amazon, Palantir, and all these companies out there eating away at them. … They bought back $43 billion in stock at an average price of $189. They say they’re stewards of capital and returning value to shareholders — but I don’t know how you buy something at $189 when it’s at $142. That’s not my kind of return to shareholders.”
来源：CNBC Interview - Stan Druckenmiller on Fed Policy
Legendary Investor Stanley Druckenmiller On The Stock Market, Tax Reform, And His Stock Picks - CNBC (2017-12-14)
“I don’t know whether IBM stock is a short right now — but that’s the kind of company which, to me, has been under-investing, buying back stock, paying dividends, while competitors are basically eating their lunch in cloud and AI and everything else that competitiveness is built on.”
来源：Legendary Investor Stanley Druckenmiller On The Stock Market, Tax Reform, And His Stock Picks - CNBC