As far as the immediate, short term, I was clearly wrong on IBM. I still believe in the 3-5 year long term but have some strong suggestions for the IBM board. To stop the bleeding and get a bottom in place the board should implement the following three recommendations. 1) Increase the share buyback program by $3 billion. Retiring shares paying a 4% dividend should be pretty much a wash even if you borrow some of the money. 2) Require CEO Rommetty to announce her retirement to take effect no later than 12/31/17.( If she refuses, dismiss her immediately) and 3) Acquire Nutanix which Goldman Sachs called a once in a decade opportunity.