Despite posting a high-quality September quarter and beating consensus numbers, Yahoo's guidance continues to be cautious due to a challenging near-term business environment.

We are excited by the opportunity to invest in a company that we believe is on track to be a significant player in the storage market.

Over the last nine to 12 months, they've been growing into an enterprise software company. Today, we're seeing some growing pains. They are going to grow their top line but there is low visibility as to how rapidly they are going to grow it.

The general takeaway from our moonlighting is that Amazon is executing on its near-term and long-term financial and operating goals. Customers are plentiful and active, customer service levels are high, and operations are becoming more efficient.

While it's imprecise to extrapolate trends from a single distribution center, in our view the activity levels at this facility demonstrate that Amazon is highly likely to meet or exceed our December quarter revenue estimate of $1 billion. Shipment levels appear to be at least on plan, with a very high backlog of orders to be filled.

The quality of teams in this league is outstanding. It's the best conference in the country. No one is even debating that anymore. We used to say it in recruiting and somebody would say, 'Well, maybe the ACC.' Nobody is questioning it anymore.