We leave the meeting believing that Yahoo! is a must own. While the stock will undoubtedly be subject to the whims of the current trading environment, the growth opportunities, although not lay-ups, are enormous and compelling in our opinion.

Amazon is two-and-a-half years down the learning curve. As of tomorrow, Borders will be a few hours down the learning curve. It's another option for book buyers, but we don't view [Borders] as a big competitive threat to Amazon. We see this as more of a defensive move than an offensive move.

That announcement reminded people how big e-commerce will be during the holiday season.

For eBay, Yahoo would represent a huge expansion of their base. For Yahoo, whose revenue is almost entirely derived from advertising, it gets them a new stream.

The company has turned a corner. Beginning with this report, Amazon is demonstrating the importance of scale and leverage. We recommend that long-term investors strategically add to positions.

They're restricted on price because they have to supply their land-based stores. It's not in their best interest to undercut prices.