Central Banking Gone Haywire: The Scourge Of Yield-Free Debt

We heard one of America’s worst CEOs, Ginni Rometty, on bubblevision this morning justifying IBM’s insanely over-valued $33.7 billion acquisition of Red Hat on the grounds that it would be “free cash flow accretive” in year one. Really? Let’s see. During FY 2019 (ended in February) Red Hat posted sales, pre-tax income and operating free cash flow of […]
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