Stocks: (YHOO)(GOOG)(NWS)
Bill Miller, one of the world’s greatest money managers, had his worst year in over a decade. His investments in EBay, Amazon, and Yahoo! killed his performance in 2006. But, he justified his Yahoo! holdings by saying the stock could go from its current $26 to $40 next year. Maybe his grief over losing all that money has clouded his judgment.
Miller thinks that Yahoo!’s new search technology for advertisers, the so called Panama Project, will drive earnings and the stock price. He has not made it clear why he thinks anyone would switch from Google, which has almost the entire market and a product that works remarkably well.
It is also worth noting that in the November Comscore numbers on intrenet audience, Fox Interactive, which owns MySpace, passed Yahoo! to move into first place for total pageviews. Yahoo! shareholders cannot be too happy about that. Google also made big strides forward in th study.
Maybe Yahoo! should sell Panama back to the panamanians.
Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.
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