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  "documentTitle": "Yahoo! Inc. (YHOO)",
  "authorId": "18_SpringOwl",
  "authorName": "SpringOwl Asset Management LLC",
  "documentKindSlug": "activist-deck",
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  "presentationDate": "2015-12-01 00:00:00",
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  "pageNumber": 82,
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  "notes": "Uses a 'reductio ad absurdum' argument regarding the $3B M&A write-off compared to a $42M content write-off.",
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      "kind": "callout",
      "text": "It's another maddeningly wasteful use of shareholders' cash",
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      "text": "After 4 years of wasted investment and nothing to show for it, Mayer has recently promised to make a major investment in reinventing mobile search. It's another maddeningly wasteful use of shareholders' cash. There's a very low probability that Yahoo is going to recreate how people search on a mobile device. Google and Bing have won that war; Yahoo lost. It would be nice if history had gone differently for Yahoo, but it didn't; and we all must live in reality now.",
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      "text": "The next CEO should focus on: Laying off all Yahoo staff trying to create a new type of search and simply relying on Yahoo outsourced search deals with Bing and to some extent Google. Writing off Mayer's $3 billion in misguided M&A. Mayer has increased product development costs significantly during her tenure and she's now spent $4 billion total over her tenure - but for what?",
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      "text": "Source: SpringOwl Asset Management LLC",
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      "kind": "title",
      "text": "Step Six: End All Search Investment, Write Off Mayer M&A, Cut Product Development Budget Dramatically",
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