Is Yahoo due for a breakup? Of course not. A recent report by Sanford Bernstein, a Wall Street research firm, has sent the stock sailing, but in practice, it's a silly idea. How one would actually separate the display-advertising business (worth $25 billion!) from the search business ($15.6 billion) seems questionable, and selling off Yahoo's stakes in Yahoo Japan and Alibaba would mean shutting the company out of Asia's largest markets. Besides, we think Bernstein's analysis undervalues some of Yahoo's assets.

Why, cuddly, adorable Flickr, Yahoo's photo site, surely deserves a few billion dollars of its own. Likewise Web 2.0 properties Jumpcut and Upcoming, judging by the way South of Market hipsters won't shut up about them. And if TechCrunch is worth $100 million, shouldn't we assign the same valuation to Yahoo's in-house blog, Yodel Anecdotal? Lastly, there's CEO Jerry Yang's awkward charm, and president Sue Decker's Machiavellian, company-destroying will to power. Those? Those are priceless.

Contact information for this author is not available.