Whitney Tilson’s email to investors discussing the IBM value trap; Are Analyst Trade Ideas Valuable?; Bitcoin Rally Fuels Market in Crypto Derivatives; My theory on where Jeffrey Epstein and Ghislaine Maxwell got their BIG money.
1) IBM (IBM) reported yet another dismal quarter after the close yesterday, in which revenue fell 4.2% and operating income (excluding “other income and expense” and interest expense) tumbled 26.6%.