Systematic Ideas : Long IBM & Short Prosieben Media (PSM GY) - 6 July

New Longs: IBM USNew Shorts: PSM GYClosing Positions: BAYN GY, DISCA US, WPG LN, SJM US, POP SM : UHR VX, ADSK (Flip Book Closes) Long IBM (IBM US)IBM has been a massive underperformer for the last 6 years as growth and margins shrank in the commoditised legacy businesses. Warren Buffet’s stake sale earlier was the slap on the wrist that management needed to step things up. The company has been selling off low margin units and focusing on higher end products and services. IBM is making a signi...