Whether it's because of my Wall Street background or it's just
legitimately funny on its own, the Underpants Gnome episode of South
Park is one of my all-time favorites. I particularly love the
explanation of the business plan – Step One: Collect Underpants, Step
Two: ?, Step Three: Profit – as it so well captured the silliness of
tech bubbles and pilloried the ridiculousness of the CEOs and corporate
boards of the era.
I'm not sure Yahoo! (Nasdaq:YHOO)
shareholders see quite the same humor in it, though, as the company's
past acquisitions of GeoCities, HotJobs, AltaVista fit that model pretty
well. Now we have Yahoo! spending over $1 billion of shareholders'
money on Tumblr. Management promises that this time
will be different, and how this deal goes over the next couple of years
will say a lot about whether new management will produce different
results for this long-struggling internet company.
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