Sharing thoughts I had in mind buying YAHOO:
1) Cheap P/E
3) New CEO from Google who knows how Google works inside and tries to cultivate the same culture in YAHOO
4) No matter how badly Yahoo was for last decade people still using it - even if operations will continue to slide down (though there are a lot of evidence that company is improving) revenues still should stay high
5) A lot of buzz about CEO that keeps attracting interest to a company
Disclaimer: I long yahoo
Disclosure: I am long YHOO.