April 2003 - An Update From the Digital World


The coming of age of online advertising
We continue to believe that online advertising will surprise on the upside in C2003 in spite of -- and perhaps, in part, because of -- the challenging economic and social environment.

Yahoo!'s the proxy for the online ad industry, and we like what we see
We touch on Yahoo!'s impressive list of improvements to provide a better experience for users and more effective marketing for advertisers.

Yahoo!'s own platform is still underpenetrated, in our view
While the market opportunities for the Internet leaders remain quite large, we believe Yahoo!'s ability to tap and leverage its own platform is distinctly compelling.

Our Internet & PC Applications Software Industry View is Attractive
We continue to believe that, at the margin, online is gaining share from offline, that this will occur for some time to come, and that this should continue to benefit the Internet leaders. So far, it appears that trends in 2003 have been strong.


April 2003 - An Update From the Digital World (12 pages)