Gary, Over the last four quarters Yahoo's operating margins have gone from roughly 7, then 11, then 22 then 32 percent. In one year Yahoo has gone from break-even to Microsoft profitability while selling out less than 1/6 of its daily inventory.
We all know about myriad hopeful fanciful claims made over the years about the "next Microsoft."
Yahoo's it. The opportunity, the global scale, the market dominance, the network effects, the operating leverage, the profitability, the cash-generation, and the increasing returns...all the key drivers of the Microsoft story are already Yahoo's story in 1998. Yahoo is robustly on it's way to becoming a centibillion-dollar company.
If it looks like a tornado, twists like a tornado, roars like a tornado, kicks up debris like a tornado, flattens all obstacles like a tornado, it's a tornado. This ain't no mirage. |
