Altaba Inc. (formerly Yahoo) Message Board

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Technology Stocks : Altaba Inc. (formerly Yahoo)

AABA 19.63

0.0%

Nov 6 4:00 PM EST

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To: sam who wrote (1021)	7/31/1997 12:45:00 AM
From: sam	of 27307

Fundamentals? What fundamental??? I have seen the bull market. But with this one? I have to say I am speachless. I went into a short position 0n 50 (100 shr), but I never had any paper loss in such amount at this speed. But one thing remain for sure: YAHOO had not change the fact of operation loss. I guess no one cares about it any more. But if you are a true believe of cash follow and value investing, YAHOO is the perfect example delieve value far below it's market value. Let's take a simple look at their last quarter: On Balance sheet: No significant long asset. Large potion of short asset is cash and marketable security (>90% of the total asset). Their operation is at lose. The loss is likely become bigger as the statement elaborated. If there is no interest income and security gain, the net income is in red and it actually worse than last year. In another word, YAHOO is more like two part company. One that runs a network and is lossing money quickly, another one is like a $90MM mutual fund company. The mutual fund company made some money that fill the black hole of network business, sinc the network business is tiny so the lose is not too big to make the total net income negative. I am sitting here begin to wonder the envy of mutual fund managers. With the proceeding of this VISA and Netscape, the quarterly statement clearly indicated that possibility much more expending compare to revenue. You figure what the result is going to be. Unless the can wait another 2~3 quarter to have another write down. So the stock went up 6 bucks, so people went long make some money and a little pride on their understanding of stock market. But why would I care YHOO beat the analyst estimate by 1~2 cent, any creative accountant can make that happen. Why would I care the growth rate is infinitive when you have 1c earning vs 0 earning. The trueth still is: YAHOO is Significantly overvalued with people who blinded on what market value is. I will stay on and maybe short more if it is up again. Laugh if you like, but I don't believe we live on such an in efficient market. Sam

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