2011 Annual Report(9/105):
If IBM were to earn, say, $20 billion in the fifth year,
our share of those earnings would be a full $100
million greater under the “disappointing” scenario of a lower stock price than they would have been at the higher
price(好處1). At some later point our shares would be worth perhaps $1 1⁄2 billion more than if the “high-price”
repurchase scenario had taken place(好處2).
