world of technocrazy

The Anatomy of the Boss From Hell

Here’s Dan Loeb’s Letter to Investors About the Value of Yahoo’s Alibaba Stake: Here's Dan Loeb's Letter to Investors About the Value of Yahoo's Alibaba Stake -by @ karaswisher bit.ly/wyOLvJ — All Things D (@allthingsd) Maret 13, 2012 Long Equity: Yahoo! — The Case for Alibaba As investors are aware, we established a sizeable position in Yahoo following a difficult operational and strategic stretch during the waning days of CEO Carol Bartz’s tenure that culminated in a significant sell-off in the shares in August. Initially, we were attracted to the company simply by its significant discount to intrinsic value. In September, we announced publicly that we had accumulated 5.2% of the shares of the company and laid out our case for why valuation was depressed. While the travails of “core Yahoo” grab all the headlines, core Yahoo forms only a modest portion of the Company’s actual value (a mere $2.00 per share, trading at ~14.49 as of 03/12/12). The after-tax value of Ya...