From a Yahoo shareholder perspective, there's no point to having Yahoo buy Netflix in 2012 unless there is 1) some synergy to have been gained, or 2) Yahoo is a

From a Yahoo shareholder perspective, there's no point to having Yahoo buy Netflix in 2012 unless there is 1) some synergy to have been gained, or 2) Yahoo is acting as a portfolio manager for its shareholders. If Yahoo shareholders wanted to own Netflix in 2012, they should have sold Yahoo shares, bought Netflix shares, and experienced those gains. If they wanted active portfolio management, they should have sold Yahoo shares and put their money with a portfolio manager.