Julian Robertson (Trades, Portfolio) calls Stanley Druckenmiller the greatest investor alive. Most people would name Warren Buffett if asked that question.
Druckenmiller respects Buffett's opinion but disagrees with him about International Business Machines (IBM, Financial).
He believes that IBM has a secular problem, and he thinks that Buffett's opinion is that the company is just going through a cyclical downturn.
If the IBM problem truly is secular, the last thing it should be doing is buying back stock as aggressively as it is.
