Project for Philosophical Evaluations of the Economy |
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I can, you can
Q&A between Noah denkt™ and its Alter Ego on the Yahoo-Mircosoft-Saga, first drafted on May 15,
published on May 21, 2008
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Question by Alter Ego of Noah denkt™ (AE): There seems to be a consensus in the financial community that
Yahoo was out of its mind not to accept the Microsoft take-over offer.
Answer by Noah denkt™ (Nd): Right.
AE: What do you make of that?
Nd: Well, it surprises us. After all, it seems in not way clear to us, why this merger would have created more value
adequately, especially if the corporate identity of this brand doesn't sit well with that of the acquiring company?
AE: Why then do you think does the financial community prefer a Yahoo takeover by Microsoft?
Nd. There are two reasons for that: First, they no longer have faith in Jerry Yang and his directors team, and
second, they see the immediate financial gain that the Microsoft buy-out would have brought to the Yahoo
shareholders.
AE: And according to Noah denkt™ these two positions have no merit?
Nd: No, no we too have our doubts about the ability of Yahoo’s current directors to lead the company into a
prosperous and independent future. But then again, we are much more inclined to give Jerry Yang and his people
a second or third chance than your average analyst might be prepared to.
AE: And why are you so patient here?
Nd: Because, first of all, we do not believe that Yahoo is as bad as its balance sheet currently suggests. And
secondly, we do not like to abandon someone just because he is running into difficulties.
AE: So there is an element of stubbornness in Noah denkt™’s position here?
Nd: You might say that. But you could also say that we are not prepared to give up the hope that anyone can
successfully reinvent himself, if such a a reinvention is due.
AE: And that moment for a re-orientating of Yahoo is due now?
Nd. Well, what is due for Yahoo is, to get more concentrated in its strategizing and more coherent in the
implementation of that.
AE: What in particular are you referring to here?
Nd: It seems to us, that the Yahoo management tends to be too hazy and vague when it comes to assessing and
evaluating the market reality and its response to that. Just think for instance, of the less than brushed-up
appearance that Jerry Yang and his Chief Counsel gave to the House Foreign Affairs Committee when being
questioned about Yahoo’s China activities. The lack of presence that Jerry Yang demonstrated there was simply
astonishing, if not to say outrageous.
AE: And you think that this lack of immediacy in his personality translates into a less than pointed business
performance?
Nd. Yes, we think so. After all, it is only natural to assume that the subdued way in which Mr. Yang expresses
himself will also lead to certain disorientation in the people that work for him. For too little will they feel
reinvigorated by their boss, that they would now still want to bring their strength to bear.
AE: If that is true then, couldn’t this lack of focus and responsiveness be remedied by hooking Yahoo up with
Microsoft’s high energy Balmer?
Nd: That would work if chemically and culturally both companies were on the same wavelength. That however is
not the case in our opinion.
AE: What makes Noah denkt™ think that Yahoo and Microsoft do not share the same Silicon Valley mentality?
Nd: It’s the perception that Microsoft’s culture is far more predatory and dictatorial than that of Yahoo. So we
simply do not see that you can connect the two easily.
AE: So, in your opinion, it all rests with Mr. Yang’s ability to be more expressive and to the point.
Nd. Yes.
AE: And you do not think that the companies business model as such needs to be revamped. After all, it is the
rapidness of the Google front that is causing Yahoo the biggest problems. And so the question obviously is,
whether its bloated entry page idea isn’t wrong altogether. For too long does it take to download all those
advertising graphics, that you would now still want to do that.
Nd. But we quite like the news summary that Yahoo provides us with on this entry page.
AE: And the search engine function does not get diluted by that?
Nd. Perhaps a little bit. But we do like to have a choice between the Google search radicalism and the Yahoo
news agency function.
AE: So it’s all about your personal luxury?
Nd: No, it’s all about choice.
AE: Even if that choice means that Yahoo won’t be able to overcome its underdog position with respect to Google?
Nd: Yes, even then. After all tastes and moods change. And so it isn’t a given to us, that Yahoo’s combined news
and gossip approach will forever be perceived as slow. For too important is it to have a peripheral view at times,
that you could now still want to reduce that.
AE: Could it be that you are simply hopeless?
Nd: Why is that?
AE: Because you simply do not understand that people are more and more sole-issue driven.
Nd: Are they really? To us it often seems, as if they really don’t know what they want. For too over-stimulated is
their life normally, that they wouldn’t want to have an editorialized version of that occasionally.
AE: So we end this discussion by agreeing to not agree?
Nd: Well, if we can't convince you, we cannot convince you. There is nothing we can do about that.
AE: No, unfortunately not.
Nd: So let’s leave it as it is and wait for a better idea.
AE: Just like Yahoo is being hanging loose right now?
Nd. Right, just like Yahoo is waiting for better take on things.
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Q&A between Noah denkt™ and its Alter Ego on the Yahoo-Mircosoft-Saga, first drafted on May 15,
published on May 21, 2008
-------------------------------------------------------------------------------------------------------------------------------------------
Question by Alter Ego of Noah denkt™ (AE): There seems to be a consensus in the financial community that
Yahoo was out of its mind not to accept the Microsoft take-over offer.
Answer by Noah denkt™ (Nd): Right.
AE: What do you make of that?
Nd: Well, it surprises us. After all, it seems in not way clear to us, why this merger would have created more value
adequately, especially if the corporate identity of this brand doesn't sit well with that of the acquiring company?
AE: Why then do you think does the financial community prefer a Yahoo takeover by Microsoft?
Nd. There are two reasons for that: First, they no longer have faith in Jerry Yang and his directors team, and
second, they see the immediate financial gain that the Microsoft buy-out would have brought to the Yahoo
shareholders.
AE: And according to Noah denkt™ these two positions have no merit?
Nd: No, no we too have our doubts about the ability of Yahoo’s current directors to lead the company into a
prosperous and independent future. But then again, we are much more inclined to give Jerry Yang and his people
a second or third chance than your average analyst might be prepared to.
AE: And why are you so patient here?
Nd: Because, first of all, we do not believe that Yahoo is as bad as its balance sheet currently suggests. And
secondly, we do not like to abandon someone just because he is running into difficulties.
AE: So there is an element of stubbornness in Noah denkt™’s position here?
Nd: You might say that. But you could also say that we are not prepared to give up the hope that anyone can
successfully reinvent himself, if such a a reinvention is due.
AE: And that moment for a re-orientating of Yahoo is due now?
Nd. Well, what is due for Yahoo is, to get more concentrated in its strategizing and more coherent in the
implementation of that.
AE: What in particular are you referring to here?
Nd: It seems to us, that the Yahoo management tends to be too hazy and vague when it comes to assessing and
evaluating the market reality and its response to that. Just think for instance, of the less than brushed-up
appearance that Jerry Yang and his Chief Counsel gave to the House Foreign Affairs Committee when being
questioned about Yahoo’s China activities. The lack of presence that Jerry Yang demonstrated there was simply
astonishing, if not to say outrageous.
AE: And you think that this lack of immediacy in his personality translates into a less than pointed business
performance?
Nd. Yes, we think so. After all, it is only natural to assume that the subdued way in which Mr. Yang expresses
himself will also lead to certain disorientation in the people that work for him. For too little will they feel
reinvigorated by their boss, that they would now still want to bring their strength to bear.
AE: If that is true then, couldn’t this lack of focus and responsiveness be remedied by hooking Yahoo up with
Microsoft’s high energy Balmer?
Nd: That would work if chemically and culturally both companies were on the same wavelength. That however is
not the case in our opinion.
AE: What makes Noah denkt™ think that Yahoo and Microsoft do not share the same Silicon Valley mentality?
Nd: It’s the perception that Microsoft’s culture is far more predatory and dictatorial than that of Yahoo. So we
simply do not see that you can connect the two easily.
AE: So, in your opinion, it all rests with Mr. Yang’s ability to be more expressive and to the point.
Nd. Yes.
AE: And you do not think that the companies business model as such needs to be revamped. After all, it is the
rapidness of the Google front that is causing Yahoo the biggest problems. And so the question obviously is,
whether its bloated entry page idea isn’t wrong altogether. For too long does it take to download all those
advertising graphics, that you would now still want to do that.
Nd. But we quite like the news summary that Yahoo provides us with on this entry page.
AE: And the search engine function does not get diluted by that?
Nd. Perhaps a little bit. But we do like to have a choice between the Google search radicalism and the Yahoo
news agency function.
AE: So it’s all about your personal luxury?
Nd: No, it’s all about choice.
AE: Even if that choice means that Yahoo won’t be able to overcome its underdog position with respect to Google?
Nd: Yes, even then. After all tastes and moods change. And so it isn’t a given to us, that Yahoo’s combined news
and gossip approach will forever be perceived as slow. For too important is it to have a peripheral view at times,
that you could now still want to reduce that.
AE: Could it be that you are simply hopeless?
Nd: Why is that?
AE: Because you simply do not understand that people are more and more sole-issue driven.
Nd: Are they really? To us it often seems, as if they really don’t know what they want. For too over-stimulated is
their life normally, that they wouldn’t want to have an editorialized version of that occasionally.
AE: So we end this discussion by agreeing to not agree?
Nd: Well, if we can't convince you, we cannot convince you. There is nothing we can do about that.
AE: No, unfortunately not.
Nd: So let’s leave it as it is and wait for a better idea.
AE: Just like Yahoo is being hanging loose right now?
Nd. Right, just like Yahoo is waiting for better take on things.
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| © Landei Selbstverlag, owned by Wilhelm ("Wil") Leonards, Gerolstein, Germany. All rights reserved. Reminder: Noah denkt™ is a project of Wilhelm ("Wil") Leonards and his Landei Selbstverlag (WL & his LSV). Consequently, all rights to the texts that have been published under the Noah denkt™brand name are reserved by WL & his LSV. The commentary and the reasoning that was provided on this page is for informational and/or educational purposes only and it is not intended to provide tax, legal or investment advice. It should therefore not be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security or any issuer by WL & his LSV or its Noah denkt™ Project. In fact, WL & his LSV encourage the user to understand that he alone is responsible for determining whether any investment, security or strategy is appropriate or suitable for him. And to leave no doubt as to what this means we urge our user to also note our extended Legal Notice. |
| Conflict of Interest Statement with respect to Yahoo and Microsoft Q: Does Wil Leonards hold shares in Yahoo and/or Microsoft? A: No Q: Has Wil Leonards done consulting work for Yahoo and/or Microsoft? A: No Q: Do members of Wil Leonards' family hold shares in Yahoo and/or Microsoft? A: No Q: Have members of Wil Leonards' family done consulting work for Yahoo and/or Microsoft? A: No Q: Are there any other conflicts that Wil Leonards might have with respect to Yahoo and/or Microsoft? A: Yes, there are. Q: Which are they? A: Wil Leonards is a satisfied and content consumer of Yahoo! and Microsoft products and therefore has a natural interest in both companies' well-being. |
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| Addition to this Q&A from Jan. 6, 2009: Noah denkt™ believes that the Yahoo share price is likely to rise in 2009, given the low level that it is currently trading at. |
| that Noah denkt™ is not convinced about the wisdom of the recently negotiated search engine co-operation between Microsoft and Yahoo. We continue to believe though that due to the general recovery in the economy the Yahoo stock price is likely to end the year 2009 on a higher level than it finished in 2008. |