In a recent column I found it interesting that the market really doesn’t care about the deep discount that Yahoo ($YHOO) shares trade at. This comes even after the tax-free spin of its $38bn stake in Alibaba ($BABA).

Here’s an excerpt:

This should be a big relief for pockets of the market that were concerned that Marissa Mayer might try to dump the BABA stake and go on an acquisition spree — myself included. However, a sale would have generated a sizable tax bill — not that friendly for shareholders.
There’s likely disappointment by some that YHOO won’t be making a huge acquisition, like buying up Twitter ($TWTR). Instead, YHOO is taking the chance to return cash to shareholders and avoid a big acquisition approach, which requires YHOO investors to trust in a Mayer led turnaround of the advertising business.

Granted, the spin is good news — effectively saving Marissa Mayer from herself—it appears the market is already looking ahead. With BABA’s stake fate sealed, and Yahoo Japan likely the next to go, is there really any value left in Yahoo’s core business?

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