Berkshire Hathaway Inc. chairman Warren Buffett said he
continues to make purchases of IBM stock even though it has gone
down because "he likes it," adding the tech company has "done
everything we've liked" since the initial purchases.
In comments on CNBC, Mr Buffett said he expected at the outset
that the shares of the technology and consulting company would go
down, particularly with foreign exchange headwinds but "there have
been no surprises" since Berkshire started buying it a few year's
ago.
He said he is happy with IBM's level of share buybacks. "The
pleasant surprise is that the stock has gone down," and "they've
been able reduce the shares (outstanding) to 990 million." "I like
buying anything cheaper," he said.
"Ginny" Rometty has done a "great job" of fostering change at
IBM," but "it doesn't happen overnight."
Full story at www.cnbc.com
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