IBM 2001 Annual Report Download - page 47

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45
dear fellow investor,
Last year at this time, Lou Gerstner said 2001 would be a
“show me” year for IBM. We knew heading into 2001 that
global economies were decelerating, and that IBM wouldn’t
be immune from the slowdown. We also knew that a tight
economy would provide an acid test of our competitive position,
and that of our major competitors. No hiding. No getting
swept along by a booming economy. Show me.