“We aren't at all opposed to disciplining Microsoft, but we think a breakup is simply too harsh. We continue to believe that a more appropriate remedy would relate to behavioral changes, government changes and perhaps an economic hit.”
“Yahoo!'s financial model shows great flexibility, in our view, ... Yahoo! should be a core holding for growth investors. The company has one of the best financial models we have ever seen and we consider it to be one of the world's most powerful brands.”
“The beauty or scary thing about Yahoo! (depending on your perspective), is that is has created this big ... base (and database) of users -- more and more of them keep going to the site a lot, they keep doing things with Yahoo!'s integrated sets of services and the users become dependent on the site and services and they don't pay a cent for them.”
“Most have a trickle of volume and the bulk will remain of marginal import in the scheme of things. We saw an exchange for the worldwide market in Ferris wheels recently -- we started to wonder if we are reaching the peak.”