- In 1998 Yahoo was making truckloads of money by selling banner ads and traffic at absurd prices to internet startups and big companies.
- The money prevented Yahoo management from paying attention to search traffic which was small at the time. Nobody knew how valuable it would become.
- Because Yahoo made money by selling ads, it called itself a media company but it really was a tech company. It also didn't want to pit itself against Microsoft.
- Yahoo failed to hire the best programmers and develop the hacker-centric culture that characterizes the best tech companies such as Google and Microsoft.
- Yahoo got overrun by suits who had no interest in making good software. And they paid that mistake dearly.
This is a summarized version.
Where does this summary come from?