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From a distance, International Business Machines (IBM) appears like a good investment for value investors. The company has a market value of about $119 billion, annual revenue of more than $77 billion, and net income of more than $7 billion. Its 4.8% dividend yield and stable cash flows make it seem like a good company to own. However, a closer look shows a mismanaged fallen angel. A company with no clear path to becoming great again. Its legacy businesses are struggling, and its strategy in cloud is not working as