Oh Yahoo! How the mighty have fallen.

• Yahoo was once upon a time the front page of the internet, but eventually the internet didn’t need a front-page. And if it did, that front page became FB.
• Yahoo started off as "Search — directory", then "Index Search". Even in 2000, Google was much better at search than Yahoo. Yahoo then wasted precious years under Terry Semel trying to compete with Google in search, rather than investing in other areas where it was really quite strong — Finance, Sports, News and at the time maybe even Mail.
• Yahoo then made a bunch of key mistakes in M&A by being far too tentative — since they could have acquired Facebook and maybe even buy Google if it had been more decisive.
• By the time Marissa Mayer was hired away from Google and she took over the reins, Yahoo had no reason to exist. The company had no products that were insanely great, that people truly loved. I think it was too much of a distracted turnaround — combined with a bad product, not enough good people, plus far too many fires were burning internally — to re-establish any of its products as market-leaders.

In general, consumer technology turnarounds are impossible. It’s hard to think of any that succeed but I am willing to be found to be incorrect as my memory is still vague on this awkward era on the new millennium