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 ...

Core Viewpoint - Microsoft has seen a stock price increase of over 20% since the last analysis, indicating strong market performance and investor confidence in the company [1]. Group 1: Company Analysis - The focus is on identifying high-quality companies with strong balance sheets and shareholder-friendly policies, which aligns with Microsoft's financial health and strategic direction [1]. - A disciplined approach to valuation is emphasized, suggesting that Microsoft is viewed as an undervalued opportunity in the market [1]. - The investment strategy is long-only with a long-term focus, which is consistent with the growth trajectory observed in Microsoft's stock performance [1].