Stata: There are important elements of truth in that criticism. As part of that strategic process that I mentioned earlier, that was a first-order question for us. But that criticism doesn't account for everything we've done and is therefore a bit unfair.

Something that's visible is what we've done in the advertising side. We saw [ad] exchanges and their many variances in terms of demand-side and supply-side platforms. We saw those trends early and made huge investments, including acquisitions of market-leading companies, which were integrated very well [into Yahoo]. We've done tremendous scientific and technology achievements that we've poured into that platform. I don't think we get recognition for being out ahead and for the innovation that we brought to that market.

Internally, we're on our second generation of cloud computing that is very innovative. One bit that we made external, Hadoop, has taken off and is fundamentally changing the large-data space as an industry.

On top of that cloud, we're building a platform for content ingestion, enrichment, relevance and personalization, that is second to none in the industry. We bought Associated Content so we can fuel that, in addition to having enormous content relationships ourselves and great original programming. On top of that platform, you'll see much more consumer-facing innovation coming in 2011.

Those are some things we've been doing that either people haven't seen because we haven't told them about it or maybe they haven't given us as much recognition as we deserve.