Brad,

Thank you for visiting the blog. To clarify the point regarding IBM vs Johnson and Johnson, it is stated that the speaker was illustrating his point with "a" case example. If you watch the video, the speaker does clarify that we cannot be cherry picking, and that's why there is wider analysis comparing the return of the two periods. Please do have a look at the video, 18:00-19:00. The link to the video is given at the end of the post.