International Business Machines (NYSE: IBM ) is a stock I covered last March, issuing a buy rating on the name at the time. My thesis, which I laid out for investors, was that despite an elevated valuationProfessional equity portfolio manager for a boutique buy-side asset manager.My focus is on finding high-quality companies, applying a disciplined approach to valuation and identifying underappreciated opportunities. My goal is to identify opportunities in cash-rich companies with strong balance sheets and ...