I object to the math here. Just because many investors were not taking Yahoo's cash into account in valuing the company does NOT mean that they spent less than

I object to the math here. Just because many investors were not taking Yahoo's cash into account in valuing the company does NOT mean that they spent less than 1.1 billion for Tumblr. The issue with spending 1.1 billion for Tumblr is that this is 108 other companies that they can't buy for 10 million each (assuming $20 million to assess the companies). Which is OK, I suppose, if Tumblr is worth it, but are they?