Thursday, February 28, 2008

NBA Poetry: Tracy McGrady's 'Broken

NBA Poetry: Tracy McGrady's 'Broken Wall'
By J.E. Skeets
Wednesday, Feb 27, 2008 4:10 pm EST
Thanks to Wolves' wordsmith Rashad McCants, more and more of today's NBA players are picking up the pen to express themselves through poetry. It's a beautiful thing. And today we showcase one such poem: Tracy McGrady's poignant piece entitled "Broken Wall" ...

I ask you to pull a chair, Wall
Stretch and lighten
and peel away your frustration

Create a window
and walk thru to me

They tell me, Wall
that the rings have blinded you
That a red ring chokes you
while the black ring consumes your soul

They tell me, Wall
that the torch weighs heavy
upon your mighty frame
That your corners ache
not the trembling floor

All they want to demolish us, Wall
I see it, feel it
They take Great pleasure in
cracking our foundation

But one nail can't break us, Wall
One chip can't stop 'chips

We will build you again, Wall
Stronger
But until then I shall hold you
Us

Yes, yes
stress THIS
We will rise again, Wall

Sunday, February 24, 2008

The Boy And The Apple Tree

A long time ago, there was a huge apple tree. A little boy loved to come and play around it everyday. He climbed to the tree top, ate the apples, and took a nap under its shadow. He loved the tree and the tree loved to play with him.

Time went by, the little boy had grown up and he no longer played around the tree every day. One day, the boy came back to the tree and he looked sad. "Come and play with me," the tree asked the boy.

"I am no longer a kid, I don't play around trees anymore." The boy replied, "I want toys. I need money to buy them."

"Sorry, I don't have money, but you can pick all my apples and sell them. So, you will have money."

The boy was so excited. He grabbed all the apples on the tree and left happily. The boy never came back after he picked the apples. The tree was sad.

One day, the boy returned and the tree was so excited. "Come and play with me" the tree said.

"I don't have time to play. I have to work for my family. We need a house for shelter. Can you help me?"

"Sorry, but I don't have a house. But you can chop off my branches to build your house."

So the boy cut all the branches of the tree and left happily. The tree was glad to see him happy but the boy never came back since then.

The tree was again lonely and sad. One hot summer day, the boy returned and the tree was delighted. "Come and play with me!" the tree said.

"I am sad and getting old. I want to go sailing to relax myself. Can you give me a boat?"

"Use my truck to build your boat. You can sail far away and be happy." So the boy cut the tree trunk to make a boat. He went sailing and never showed up for a long time.

Finally, the boy returned after he left for so many years. "Sorry, my boy. But I don't have anything for you any more. "No more apples for you," the tree said.

"I don't have teeth to bite" the boy replied.

"No more truck for you to climb on."

"I am too old for that now," the boy said.

"I really can't give you anything. The only thing left is my dying roots," the tree said with tears.

"I don't need much now, just a place to rest. I am tired after all these years." The boy replied.

"Good! Old tree roots are the best place to lean on and rest. Come, come sit down with me and rest."

The boy sat down and the tree was glad and smiled with tears.



This is a story of everyone. The tree is our parent. When we were young, we loved to play with Mom and Dad. When we grown up, we left them, and only came to them when we needed something or when we were in trouble.

No matter what, parents will always be there and give everything they can to make you happy. You may think the boy is cruel to the tree but that's how all of us are treating our parents.

Love your parents. And appreciate them before they are gone.

Thursday, February 21, 2008

Think it over

Think it over……好好想想……
Today we have higher buildings and wider highways,but shorter temperaments and narrower points of
view;
今天我们拥有了更高层的楼宇以及更宽阔的公路,但是我们的性情却更为急躁,眼光也更加狭隘;
We spend more,but enjoy less;
我们消耗的更多,享受到的却更少;
We have bigger houses,but smaller famillies;
我们的住房更大了,但我们的家庭却更小了;
We have more compromises,but less time;
我们妥协更多,时间更少;
We have more knowledge,but less judgment;
我们拥有了更多的知识,可判断力却更差了;
We have more medicines,but less health;
我们有了更多的药品,但健康状况却更不如意;
We have multiplied out possessions,but reduced out values;
我们拥有的财富倍增,但其价值却减少了;
We talk much,we love only a little,and we hate too much;
我们说的多了,爱的却少了,我们的仇恨也更多了;
We reached the Moon and came back,but we find it troublesome to cross our own street and meet our
neighbors;
我们可以往返月球,但却难以迈出一步去亲近我们的左邻右舍;
We have conquered the uter space,but not our inner space;
我们可以征服外太空,却征服不了我们的内心;
We have highter income,but less morals;

我们的收入增加了,但我们的道德却少了;
These are times with more liberty,but less joy;
我们的时代更加自由了,但我们拥有的快乐时光却越来越少;
We have much more food,but less nutrition;
我们有了更多的食物,但所能得到的营养却越来越少了;
These are the days in which it takes two salaries for each home,but divorces increase;
现在每个家庭都可以有双份收入,但离婚的现象越来越多了;
These are times of finer houses,but more broken homes;
现在的住房越来越精致,但我们也有了更多破碎的家庭;
That's why I propose,that as of today;
这就是我为什么要说,让我们从今天开始;
You do not keep anything for a special occasion.because every day that you live is a SPECIAL OCCASION.
不要将你的东西为了某一个特别的时刻而预留着,因为你生活的每一天都是那么特别;
Search for knowledge,read more ,sit on your porch and admire the view without paying attention to your
needs;
寻找更我的知识,多读一些书,坐在你家的前廊里,以赞美的眼光去享受眼前的风景,不要带上任何功利
的想法;
Spend more time with your family and friends,eat your favorite foods,visit the places you love;
花多点时间和朋友与家人在一起,吃你爱吃的食物,去你想去的地方;
Life is a chain of moments of enjoyment;not only about survival;
生活是一串串的快乐时光;我们不仅仅是为了生存而生存;
Use your crystal goblets.Do not save your best perfume,and use it every time you feel you want it.
举起你的水晶酒杯吧。不要吝啬洒上你最好的香水,你想用的时候就享用吧!
Remove from your vocabulary phrases like"one of these days"or "someday";
从你的词汇库中移去所谓的“有那么一天”或者“某一天”;
Let's write that letter we thought of writing "one of these days"!
曾打算“有那么一天”去写的信,就在今天吧!
Let's tell our families and friends how much we love them;
告诉家人和朋友,我们是多么地爱他们;
Do not delay anything that adds laughter and joy to your life;

不要延迟任何可以给你的生活带来欢笑与快乐的事情;
Every day,every hour,and every minute is special;
每一天、每一小时、每一分钟都是那么特别;
And you don't know if it will be your last.
你无从知道这是否最后刻。

Monday, February 18, 2008

How To Tie A Tie: The Pursuit Of The Perfect Knot

http://www.kinowear.com/blog/how-to-tie-a-tie-the-pursuit-of-the-perfect-knot/


I love it when a woman pulls on my tie.
There is something domineering, yet incredibly sexy about it…
Last night I’m at a party, and I chat up this gorgeous blonde with dark smoky eye makeup, angular face, an hourglass figure and long legs. After a good session of banter and comfort building, she compliments me on my tie and pulls it towards her for a kiss - at which point I thanked the man who invented them in my head.
I’m pretty confident that I look great in ties. Having to rock a tie each morning can build some expertise when it comes to executing a precise knot.
Perfection is in the subtle details. For example, a simple touch such as a dimple in a tie can add both sophistication and depth to one man’s outfit, while another’s childish knot can add the look of a clip-on from the fifth grade.
So I’m putting on my tie this morning and wondering just how many men are completely unaware of this subtle and absolutely necessary art.
Maybe you’ve never learned how to tie a tie. Maybe you’re just out of practice. Maybe you wear one to work each day, but want a fresh trick or two to upgrade your style. Where ever you are, I’m sure you can learn something today.
So…let’s dive into the twisted world of silk…


Friday, February 8, 2008

超搞笑: 《无极》的意义要五年之后才能明白

1。雪国---整个南方冰天雪地,从没遇过如此反常的现象

2。馒头---国家居然连馒头的外形颜色各方面制定了标准

3。猪肉---引:当年名言:“跟着我,有肉吃……”

说明肉贵得不的人人吃得起,只有大富大贵的贵族才能吃

4。片中张柏芝和人上床后发现被骗---现实!$%@*&%$#

5。片中谢霆锋因为被张柏芝骗而变坏:“你毁了我做一个好人的机会……”--------现实.... 不要实现哪~~~~~~

6。中日韩三角关系,日本将军挂了。这……这……难道是预言了安倍晋三???

7。陈导现在在拍梅兰芳,里面阿娇!!!!!!!!!

啊!!!!!!!!!!!!!!!!!陈导,我们都错怪你了。

8。那什么,,,,,我还想说一个先前的,,,,,

程蝶衣,,,,,,

只能说陈导很有天赋,,,,,,

9。锋芝因为《无极》牵手,可是《无极》里面的两人没有好结局,,,,,现实啊 不要这样啊,,,,,

照片也是无极拍摄期间拍滴,,,

10。人肉风筝--------------报纸上说国家要搞太空行走,还是脐带式的,,,,

11。圆环套圆环的城堡-----------北京也是圈子套圈子的城,外加今年五圈会……

12。关张柏芝的黄金鸟笼-------------奥运鸟巢会场,,,,,,

13。无极是事情的起始,所谓“无极生太极,太极生……”陈导说5年后看难道是…………?

无极生太极,太极生两仪。

莫非是指在GMD的统治下 生出了GCD 所谓事情开始 而太极生两仪是指台海两岸没有统一 分裂成了两份 五年之后是指五年后台海统一,,,,,

14。说到这个擅抖的想起来

陈半仙导梅兰芳两个星期前在上海,人造雪用了一吨多

然后过了没几天,南方就雪灾了~~~~

15。刘烨那件黑色的羽衣,穿上就不能脱下来,脱了就灰飞烟灭了

股市套牢啊,,,,

16。陈满神对张柏芝说"你永远也得不到男人真心的爱,得到了也会马上失去"

现实,,,,,

17。然后《一个馒头引发的血案》 馒头=包子

纸包子事件 胡紫薇姐姐,,,,,

18。张柏芝刚出场的时候 站在屋顶上风情万种地对众士兵说:"你们想看看我斗篷下面的是什么么?"下面鸦雀无声 所有男人都翘首以盼,,,

跟目前正在疯狂点击的那个帖子的情形何其相似,,,,

19。刘烨在无极里演的是个BL然后死了,,,

断背山的男主角之一死了,,,,

20。海棠花------香港对紫荆花 澳门对莲花 xx对海棠花,,,,,

21。最后张东健背着张柏芝飞向天空---------嫦娥1号啊,,,,,

再补充一个 陈红对张柏芝说:你此生不能获得真爱,即使获得了也转瞬即逝。。。

我们拭目以待

Wednesday, February 6, 2008

最感动的一场春节晚会 - 记湖南台春晚“我们一起过年”

随着南方各省市雪灾的加重,很多人呼吁将一向喜庆的中央台的春晚改为以赈灾为主题的慈善晚会。但是看完今晚湖南台的春晚之后,我想这样的一场晚会已经有了,而且很成功,很感人。
我是含着泪看完这个晚会的,我相信电视机前很多其他的观众也是一样。而现场的观众、嘉宾,还有演职人员,也没有一个没有感动到流泪。我想这是我看过的最感人的场面,也是我经历时间最长的一次感动,整整三个多小时,我一直沉浸在这样一种悲伤和感动中。
让我印象最深刻的是我们湖南省的书记讲话的那一段,我不仅感动于他的真诚与清廉,更敬佩他的坚强与冷静。这次雪灾,湖南灾情最为严重。受灾之广,影响之大,历史罕见。我们的书记连日来肯定是夜以继日,废寝忘食的工作。责任之重,压力之大,无法用言语形容。但是这位书记接过主持人的话筒时,眼神坚定,思路清晰,表情镇定,体现了一个领导人的风范,老百姓看到有这样的领导人,肯定会感到信心百倍。虽然讲到后面,书记同志非常激动,难以自持,甚至涕泪俱下,声音梗塞,但是他依然思路是那样清晰,他没有忘记感谢所有伸出援助之手的爱心人士,他没有漏掉任何一位。他也没有忘记鼓励全省的灾区人民看到希望,坚持信念。到最后,我们能清晰地看到,书记的手都在抖动,但是整段讲话却跌宕起伏,承接有序,既有对现实灾情的焦虑,又有对战胜灾情的自信;既有对牺牲英雄的缅怀,又有对爱心人士的感谢;既有颂扬中央的英明决策,又有体恤老百姓的民生民情。可以说是一首既悲壮的朗诵诗,没有一个人听了不落泪的。我仿佛看到了当年伟大的毛主席也曾用这样动人心魄的演说鼓舞中国人民战胜一切苦难。
最后用毛主席当年领导人民战胜瘟疫时写的一首诗作为结束:

送瘟神

作者: 毛泽东

 

  读六月三十日《人民日报》,余江县消灭了血丝虫。浮想联翩,夜不能寐。微风拂晓,旭日临窗,遥望南天,欣然命笔。

 

绿水青山枉自多,华佗无奈小虫何!
千村薜荔人遗矢,万户萧疏鬼唱歌。
坐地日行八万里,巡天遥看一千河。
牛郎欲问瘟神事,一样悲欢逐逝波。
 
春风杨柳万千条,六亿神州尽舜尧。
红雨随心翻作浪,青山着意化为桥。
天连五岭银锄落,地动三河铁臂摇。
借问瘟君欲何往,纸船明烛照天烧。

Tuesday, February 5, 2008

Yang e-mail reaches out to Yahoo employees [Response to Microsoft's bid]

fellow yahoos:

since we talked to you this morning, there's been a lot of media coverage and industry chatter about microsoft's unsolicited proposal to acquire yahoo!. we know you've been hearing and reading a lot about this. that's why we wanted to reach out to all of you at the end of the day to emphasize a few things that we hope will give you some more context about this proposal, the process that our board is taking, and what you can expect in the days ahead.

first, we want to emphasize that absolutely no decisions have been made--and, despite what some people have tried to suggest, there's certainly no integration process underway. this proposal is just that--a proposal. and it was only made in the last 24 hours. you can be sure the board is going to review it thoughtfully and carefully, and do what's right for our great company. microsoft's proposal is one of many options that we're evaluating in order to maximize value for our shareholders and employees over the long-term. that's why we will respond to microsoft after our board has completed a careful review of all of our strategic alternatives.

second, we can't let any of the noise we're hearing around this situation distract us from our core mission. it's critical that we continue to focus on running our business, executing our strategy and delivering value to all of our users, advertisers and publishers.

finally, we realize that this may have been a tough day for many of you, especially those on the front lines of our business. we know you have many questions, and we're committed to making sure you're as informed as possible as this process moves forward. in the interim, we both want to thank you for your continued energy, focus and determination. we'll continue to share information with you as we have it and can do so.

jerry and roy bostock (our new non-executive chairman)

Monday, February 4, 2008

The timeless way of building

http://www.scs.carleton.ca/~deugo/Patterns/ospdg/Presentations/TimelessWayOfBuilding.pdf

Dot-com pioneers--where are they now?

February 1, 2008 1:11 PM PST
Dot-com pioneers--where are they now?
Posted by Josh Lowensohn
In light of Friday's announcement that Microsoft has made a bid to buy Yahoo, it's a good opportunity to take a look at some of the pioneering tech companies that made the Web what it is today. Some of them continue to innovate and turn a profit, while others have either died off or been consumed by larger companies.
About.com. After being launched in 1997, Web guide service About.com was picked up by The New York Times company in 2005 for nearly $700 million. About's still kicking, and serving up a large variety of content, both written and video.
AltaVista was one of the first big search engines for the Web. After launching in late 1995, the service gained popularity before parent company Digital Equipment Corporation was sold to Compaq in 1998. It then changed hands three more times to fall under Yahoo's control, who still uses its technology in its Web search.
Amazon.com. Founder Jeff Bezos' 1995 e-marketplace baby survived the dot-com bust and quickly began to turn a profit selling a huge array of products. It's snatched up over a dozen other high-profile sites including the Internet Movie Database, Alexa Internet, and on Thursday Audible.com.
AOL started out as a video games-by-telephone modem service before nearly going under in the early 1980s. It turned into an ISP beginning in the 1990s, and continued to grow massively until competition made the company change its focus to content. It later merged with Time Warner in 2001. The company continues to be known for its instant-messaging service, portal news site, and as an Internet service provider.
Ask Jeeves has been around since 1996 and was formerly known for its cartoon mascot of a smarmy concierge-type who would answer search queries. Jeeves was nixed 10 years later when the company re-branded as Ask.com. Ask continues to compete in the search world, but trails behind the popularity of larger search behemoths like Google and Yahoo.
Buy.com was founded in 1997, and like Amazon.com it began with relatively few types of items for sale before expanding to cover nearly every product in every category. The company went public in 2000, but stock values tanked. Company founder Scott Blum bought back control of Buy.com and took it private, and it continues to sell goods online.
CBS MarketWatch, now known simply as MarketWatch, was partially owned by Viacom until News Corp.-owned Dow Jones snatched it up in early 2005. The media company continues to provide written and video content, both on the Web and on TV.
CMGI (College Marketing Group Information) was founded in the mid-1980s, and had an IPO in 1994 as CMG Information Services. The venture capital company continued to grow, and stock prices soared up until the dot-com bubble burst, taking the company with it.
CNET Networks, parent of News.com, started out producing TV shows about technology and later expanded into creating online content, ranging from video games to a technology news service and blog network. The company has expanded into several major global markets both in China and the U.K. Recently, a group of investors led by Jana Partners announced an intention to try to take over a majority of seats on its board of directors.
CompuServe is one of the better known dot-com pioneers, and also one of the oldest. It's best known for its role as an ISP, which brought it popularity in the early 1990s before tanking due to customer dissatisfaction with bad modem hardware and poorly written software. It was quickly snatched up by Worldcom in 1998 before getting flipped to AOL only 24 hours later. CompuServe remains an ISP with a news portal serving up stories from Netscape.com.
E*Trade. This financial services company started from a company called TradePlus before moving its operations onto the Net in 1991 under the E*Trade brand. The company went public five years later and managed to survive the dot-com bubble burst. But it has struggled as of late, along with many companies in the financial industry.
EarthLink is another ISP that managed to survive the dot-com burst. The company started out in 1994 providing dial-up service, and continues to offer it and VoIP (voice over Internet Protocol) phone services using DSL, satellite and cable. The company's also managed to branch out into telephone services with its popular MVNO Helio.
eBay. A pioneer in online auctions, eBay is now a more diverse company--and it also faces growing competition from Amazon.com, along with what one analyst calls "buyer fatigue" following years of revenue leaps. In January, longtime CEO Meg Whitman said she'd soon be handing the reins to John Donahoe, head of eBay Marketplaces.
Excite@Home was the result of one of the largest mergers of the dot-com era: the popular portal Excite.com and broadband infrastructure builder AtHome. The plan was to create a company that provided the pipes and the content (similar to AOL), but combining two successful companies turned out to create one dud and Excite@Home sold off the Excite portal in 2001.
Expedia was one of the first Web services to offer travel arrangements for airfare. It was created by Microsoft in 1996 before branching off as its own company three years later. In 2001 came a purchase by InterActiveCorp (then USA Networks), which holds a handful of travel and entertainment sites. The site continues to be one of the best-known online travel services.
Games.com is best known for its various handoffs, including one between Atari and Games Inc. for over a million dollars. The site now serves as a portal to AOL's gaming offerings, many of which are casual, and can be played in a Web browser free of charge.
iVillage was created as a media company providing content aimed mostly at women. Created in 1995 by some former America Online employees, the company continued to grow. Four years later, the company went public. Despite share prices soaring in the beginning, they quickly bottomed out. After merging with Women.com in 2001, iVillage's offerings began to thrive again, and in mid-2006 NBC Universal picked it up for $600 million.
Lycos is best known for its search engine roots. Now a Web portal too, Lycos underwent huge growth after its launch in 1994. It was enough to attract the attention of Spanish company Terra Networks, who snatched it up in 2000. Four years later, Daum Communications became the new (and current) owners. Lycos continues to roll out new services like Mix.
Monster.com shares a similar title with Craigslist in serving up classifieds for jobs. The service launched in 1999 as a merged solution from two former job classifieds competitors, the Online Career Center and the Monster Board, from which Monster.com gets its moniker. It has localized sites for nearly 40 countries.
Netscape offered one of the first Web browsers that completely dominated the browser market in the mid-1990s before getting dominated by Microsoft's in-house browser, Internet Explorer (which came as the default browser in every copy of Windows). It was purchased by AOL in 1998 and now resides as a content portal and social news service that was later spun off from the Netscape brand and into Propeller. The last traces of the famous Netscape Navigator browser now reside in a customized variation of Mozilla Firefox, whose support is slated to be discontinued next month.
Overstock.com has always played second cousin to competitor Amazon.com. The service was founded in 1997 as D2: Discounts Direct, but the brand didn't stick and was later changed to Overstock. It may be best known among investors for its IPO failure and subsequent loss in sales, but consumers are likely to associate it with the company's ads featuring spokesmodel Sabine Ehrenfeld. The company continues to sell a wide range of goods, though it has yet to turn a profit.
Pets.com was a vertical of the Amazon.com model, focusing purely on pet goods and known well for its sock puppet mascot. Despite the killer advertising campaign, the company had bad timing with the burst of the dot-com bubble, and couldn't stay afloat.
Priceline.com offers discount travel services including airfare, hotels, and cars. After launching in 1998, the site expanded into several other areas, including long-distance calling, home loans, and car sales before re-focusing on travel. The company is well known for its mascot, William Shatner, who played James T. Kirk in the Star Trek TV series and movies. Priceline continues to do well, with a recovering stock price and profits from licensing its purchase technology to eBay.
Shockwave.com is a games site that's been offering casual games since 1998. The site merged with the Atom Corporation in 2001, and was later picked up by MTV (by parent company Viacom) for $200 million. Despite the Shockwave moniker, most of the games utilize Adobe Flash.
Webvan. Flush with millions of dollars raised from venture capitalists, Internet-only supermarkets like Webvan spent huge sums to build high-tech warehouses and flashy Web sites, and to hire armies of deliverymen. In the end, the wild spending broke them. The concept lives on, though, with established supermarket chains and online companies like NetGrocer.com.
News.com's Scott Ard, Elinor Mills, Greg Sandoval, and Jon Skillings contributed to this report.

Letter to ask for salary raise

Hello, Mr. XXX,
I’m sorry to write such a letter, but, you know, my parents are peasants, I have to care about the money for the maintenance of my family. You know, I have been in XXX for about 1.5 year, but I never got a pay rise. I have always been a loyal and diligent employee, work the work and talk the talk, I think it’s so unfair to me. To be honest, I feel a little bit shy to ask for money, but I think I’m not for the money, I just want the reason. I don’t know how to tell my mom why my salary is never got change.
However, I owe XXX and you a big thanks. You give me courage and confidence to speak English, and I do learn a lot and get a lot from XXX in the paste 1.5 year.
I’m really sorry to talk about this, but you know I have no choice. Being a tester in Microsoft, I can’t feel so much successful, but I never forget to learn from other guys around me. I really want to do something. So, please remember me, I’m always ready for a more challenge or tough task.

Ballmer's letter to Yahoo: We want you

Below is the text of the letter that Microsoft sent to Yahoo's board of directors:
January 31, 2008
Board of Directors Yahoo! Inc. 701 First Avenue Sunnyvale, CA 94089 Attention: Roy Bostock, Chairman Attention: Jerry Yang, Chief Executive Officer
Dear Members of the Board:
I am writing on behalf of the Board of Directors of Microsoft to make a proposal for a business combination of Microsoft and Yahoo!. Under our proposal, Microsoft would acquire all of the outstanding shares of Yahoo! common stock for per share consideration of US$31 based on Microsoft's closing share price on January 31, 2008, payable in the form of US$31 in cash or 0.9509 of a share of Microsoft common stock. Microsoft would provide each Yahoo! shareholder with the ability to choose whether to receive the consideration in cash or Microsoft common stock, subject to pro-ration so that in the aggregate one-half of the Yahoo! common shares will be exchanged for shares of Microsoft common stock and one-half of the Yahoo! common shares will be converted into the right to receive cash. Our proposal is not subject to any financing condition.
Our proposal represents a 62% premium above the closing price of Yahoo! common stock of US$19.18 on January 31, 2008. The implied premium for the operating assets of the company clearly is considerably greater when adjusted for the minority, non-controlled assets and cash. By whatever financial measure you use - EBITDA, free cash flow, operating cash flow, net income, or analyst target prices - this proposal represents a compelling value realization event for your shareholders.
We believe that Microsoft common stock represents a very attractive investment opportunity for Yahoo!'s shareholders. Microsoft has generated revenue growth of 15%, earnings growth of 26%, and a return on equity of 35% on average for the last three years. Microsoft's share price has generated shareholder returns of 8% during the last one year period and 28% during the last three year period, significantly outperforming the S&P 500. It is our view that Microsoft has significant potential upside given the continued solid growth in our core businesses, the recent launch of Windows Vista, and other strategic initiatives.
Microsoft's consistent belief has been that the combination of Microsoft and Yahoo! clearly represents the best way to deliver maximum value to our respective shareholders, as well as create a more efficient and competitive company that would provide greater value and service to our customers. In late 2006 and early 2007, we jointly explored a broad range of ways in which our two companies might work together. These discussions were based on a vision that the online businesses of Microsoft and Yahoo! should be aligned in some way to create a more effective competitor in the online marketplace. We discussed a number of alternatives ranging from commercial partnerships to a merger proposal, which you rejected. While a commercial partnership may have made sense at one time, Microsoft believes that the only alternative now is the combination of Microsoft and Yahoo! that we are proposing.
In February 2007, I received a letter from your Chairman indicating the view of the Yahoo! Board that "now is not the right time from the perspective of our shareholders to enter into discussions regarding an acquisition transaction." According to that letter, the principal reason for this view was the Yahoo! Board's confidence in the "potential upside" if management successfully executed on a reformulated strategy based on certain operational initiatives, such as Project Panama, and a significant organizational realignment. A year has gone by, and the competitive situation has not improved.
While online advertising growth continues, there are significant benefits of scale in advertising platform economics, in capital costs for search index build-out, and in research and development, making this a time of industry consolidation and convergence. Today, the market is increasingly dominated by one player who is consolidating its dominance through acquisition. Together, Microsoft and Yahoo! can offer a credible alternative for consumers, advertisers, and publishers. Synergies of this combination fall into four areas:
-- Scale economics: This combination enables synergies related to scale economics of the advertising platform where today there is only one competitor at scale. This includes synergies across both search and non-search related advertising that will strengthen the value proposition to both advertisers and publishers. Additionally, the combination allows us to consolidate capital spending.
-- Expanded R&D capacity: The combined talent of our engineering resources can be focused on R&D priorities such as a single search index and single advertising platform. Together we can unleash new levels of innovation, delivering enhanced user experiences, breakthroughs in search, and new advertising platform capabilities. Many of these breakthroughs are a function of an engineering scale that today neither of our companies has on its own.
-- Operational efficiencies: Eliminating redundant infrastructure and duplicative operating costs will improve the financial performance of the combined entity.
-- Emerging user experiences: Our combined ability to focus engineering resources that drive innovation in emerging scenarios such as video, mobile services, online commerce, social media, and social platforms is greatly enhanced.
We would value the opportunity to further discuss with you how to optimize the integration of our respective businesses to create a leading global technology company with exceptional display and search advertising capabilities. You should also be aware that we intend to offer significant retention packages to your engineers, key leaders and employees across all disciplines.
We have dedicated considerable time and resources to an analysis of a potential transaction and are confident that the combination will receive all necessary regulatory approvals. We look forward to discussing this with you, and both our internal legal team and outside counsel are available to meet with your counsel at their earliest convenience.
Our proposal is subject to the negotiation of a definitive merger agreement and our having the opportunity to conduct certain limited and confirmatory due diligence. In addition, because a portion of the aggregate merger consideration would consist of Microsoft common stock, we would provide Yahoo! the opportunity to conduct appropriate limited due diligence with respect to Microsoft. We are prepared to deliver a draft merger agreement to you and begin discussions immediately.
In light of the significance of this proposal to your shareholders and ours, as well as the potential for selective disclosures, our intention is to publicly release the text of this letter tomorrow morning.
Due to the importance of these discussions and the value represented by our proposal, we expect the Yahoo! Board to engage in a full review of our proposal. My leadership team and I would be happy to make ourselves available to meet with you and your Board at your earliest convenience. Depending on the nature of your response, Microsoft reserves the right to pursue all necessary steps to ensure that Yahoo!'s shareholders are provided with the opportunity to realize the value inherent in our proposal.
We believe this proposal represents a unique opportunity to create significant value for Yahoo!'s shareholders and employees, and the combined company will be better positioned to provide an enhanced value proposition to users and advertisers. We hope that you and your Board share our enthusiasm, and we look forward to a prompt and favorable reply.
Sincerely yours,
/s/ Steven A. Ballmer Steven A. Ballmer Chief Executive Officer Microsoft Corporation