Core Viewpoint - International Business Machines (IBM) is viewed positively, with a buy rating issued previously, highlighting its potential despite elevated valuation levels [1] Group 1: Investment Thesis - The investment thesis focuses on identifying high-quality companies with strong balance sheets and shareholder-friendly policies [1] - The approach combines both quantitative and qualitative measures to uncover underappreciated opportunities in stocks [1] Group 2: Investment Strategy - The strategy emphasizes a long-only approach with a long-term investment focus, targeting cash-rich companies [1]

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].