[IP] IBM sells its PC business to CHINA
Begin forwarded message:
From: DV Henkel-Wallace <gumby@xxxxxxxxxxxxxxxxxx>
Date: December 8, 2004 1:46:36 PM EST
To: dave@xxxxxxxxxx
Subject: Re: [IP] IBM sells its PC business to CHINA
Dave,
You know, this reminds me of another bubble, about 20 years ago. The
dollar was sliding, so people with lots of dollars (mostly Japanese
companies) bought US assets as a hedge (remember Pebble Beach,
Rockefeller Center, Columbia Pictures, Universal, etc). Most of those
were subsequently sold at a loss -- sometimes to the original sellers!
IBM may have gotten the better deal of the two. They got to hang onto
all the high-margin (so-called "value add") parts of that division;
Lenovo basically got the low-margin manufacturing.
What this really shows is that the PC hardware as innovation platform
is probably dead. I think most of us realised this already.
Regards,
-d
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