Daniel Loeb

It's no wonder Yahoo! Inc. (Nasdaq: YHOO) investors are pissed. I would be too if I owned Yahoo - but I don't.

Why not?

Maybe it's the four CEOs in five years, the botched sale to Microsoft in 2008, or a Chief Executive Officer who can't be bothered to verify his own credentials in SEC filings.

Or maybe it's the dysfunctional board of directors and the erosion of massive amounts of shareholder value over the years.

Add it all up and you have an unmitigated disaster on your hands.

Activist shareholder Daniel Loeb, who owns 5.8% of the company through his hedge fund, Third Point, LLC, has every right to be angry and vocal about it.

The way I see things, Yahoo is following what I call the Christopher Columbus School of Management: it has no idea where it's going, has no idea where it's been and has no idea what to do when it arrives.

The Search for an Identity at Yahoo (Nasdaq:YHOO)

Yahoo was ostensibly a search engine in the beginning. The latest outgoing CEO, Scott Thompson, had been trying to rebuild the beleaguered Silicon Valley company into one more reflection of his own strengths in data personalization as opposed to the bloated advertising-driven business it has become.

Whether or not Thompson would have succeeded is now a moot point. Incoming interim CEO Ross Levinsohn has an advertising background. Talk about a conundrum.

Here's the thing...