What goes around comes around. A few years ago, eBay was congratulating itself on buying Skype for a whopping $2.6Bln. At the time, even analysts (!) were saying that they had greatly overpaid. The transaction was eBay at its worse levels of hubris and misguided manifest destiny. A capstone to the awful leadership of Meg Whitmann, who know seeks to wreak political damage in California.
Now the news is out that Skype is back on the block. The rationale for flogging it is that there are "limited synergies" - a shame eBay didn't think of that a few years ago. Due diligence anyone?
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Friday links: long term investing
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