The valuation of IBM may not be the most attractive when compared to other tech stocks. However the management look to have direction and are very shareholder friendly in their actions. The moat at IBM now looks very favourable due to their positioning in the market place. I personally would be much happier holding IBM over MSFT, apple, Intel, dell or HP. I don't have any tech stock held or on my watchlist, just sayin. Buffett may also like having once decent tech stock he can point to when people call him a dinosaur.