Each share that yhoo buys back decreases the value of the company. Yahoo is spending cash to lessen share count and value. Cash has value, cash is an asset. The more cash Yahoo spends on shares the less Yahoo is worth.
Nobody is even talking about what could happen when this smart CEO does revamp yhoo's core and increases its earnings. These earnings will go to a lower share count also increasing its pps. The asian assets are a bonus and were a great investment. Yhoo actual business is what MM is going to perfect.