> In reality, if you spin off all of Yahoo's assets (specifically Japan / Alibaba), the business would still be given a multiple, a meaningful valuation. I'm s

> In reality, if you spin off all of Yahoo's assets (specifically Japan / Alibaba), the business would still be given a multiple, a meaningful valuation. I'm sure it would but right now, the sum of the parts is greater than the market value of the whole. That says something about investors' expectations for the future prospects of the company.