Common Stocks and Common Sense: The Strategies, Analyses, Decisions, and Emotions of a Particularly Successful Value Investor

by Edgar Wachenheim

I concluded that Gerstner might be able to reduce costs by $5 billion. After taxes at a 32 percent effective rate, the cost reductions would add about $3.4 billion to net earnings, or about $1.50 per share based on the 2.29 billion IBM