Interested in Being a Book Reviewer?

We are seeking securities analysts and investment professionals who will read and review the book.

The Invitation

IBM: Nobody Looked makes a specific, evidence-based claim: that IBM's financial decline was documented in its own SEC filings for over two decades, and that every professional in the chain of responsibility — sell-side analysts, buy-side advisors, board members, auditors, and regulators — either failed to see it or failed to act on it.

The book names names. It cites filings. It shows the math. And it arrives at a conclusion that the securities industry will find uncomfortable: the numbers were always there, and nobody looked.

We believe the strongest test of any argument is to invite its critics to examine it. That is why we are extending this invitation to working securities analysts, portfolio managers, research directors, and other investment professionals.

What We Are Asking

We are offering advance access to the complete manuscript of IBM: Nobody Looked to qualified securities analysts and investment professionals who are willing to:

  • Read the manuscript — in full or in part, with particular attention to the financial data, methodology, and conclusions.
  • Provide a written response — whether that is agreement, disagreement, correction, or critique. All substantive responses are welcome.
  • Allow attribution — we ask that reviewers be willing to have their name, title, and firm associated with their response. Anonymous feedback, while appreciated, does not serve the purpose of this exercise.

This is not a request for endorsement. It is a request for engagement. If the analysis is flawed, we want to know. If the conclusions are wrong, show us where. And if the numbers are right — if the data says what we say it says — then say so, and let the record reflect it.

Why This Matters

The investment industry operates on a foundation of trust. Investors trust their advisors. Advisors trust the analysts. Analysts trust the filings. But when the filings tell one story and the recommendations tell another, the question is not whether someone made a mistake. The question is whether the system itself is designed to prevent anyone from being required to notice.

IBM: Nobody Looked argues that this is exactly what happened — not through conspiracy, but through a structure of incentives, conventions, and professional norms that made it possible for an iconic American company to decline in plain sight while every professional whose job it was to protect investors continued to say "buy."

If that argument is wrong, the industry should be eager to demonstrate it. If it is right, the industry should be the first to acknowledge it.

Who Should Respond

Sell-Side Analysts Particularly those who have covered IBM or large-cap technology
Buy-Side Analysts Portfolio managers and research analysts at mutual funds, pension funds, or endowments
Independent Analysts Researchers not affiliated with a broker-dealer or investment bank
CFA Charterholders Professionals bound by the CFA Institute's Standards of Professional Conduct
Financial Journalists Reporters and editors covering markets, corporate governance, or investor protection
Securities Attorneys Attorneys specializing in securities litigation, fiduciary duty, or regulatory compliance

Request the Manuscript

To request a review copy of the manuscript, please contact the author directly. Include your name, title, firm, and a brief note about your interest in reviewing the book.

Raymond M. Mullaney

Author & Founder, The Fiduciary Mandate

Ray@IBMNobodyLooked.com (203) 330-1040

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