It is axiomatic in the online world that no one knows what anything is truly worth. Yet for practically all of its corporate life, Yahoo has been comfortable with the answer: It’s worth more.

That perspective has gotten Yahoo into trouble, certainly when it sat on the buying side of the table. Think back to early 1999, when Yahoo purchased GeoCities, a service that allowed users to build their own Web pages.

Given that GeoCities at the time had 3.5

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