Will Bartz succeed where her predecessor failed? Tough to say. All I can guarantee is that she won't have an easy time. At least she's starting from a low point, though. Cash from operations decreased 48% in Q4, and free cash flow took a 34% dive. Cash from operations and free cash flow for the year both went down by 2%. Let's get that cash flowing again, Bartz! For now, I can't see buying the stock. It is comfortably above the 52-week low, and it did perk up after hours yesterday by more than 5% on the earnings data, but I just don't see any good reason for owning a portal that is particularly challenged with growth problems in a period of economic contraction.

The new CEO is really going to have isolate herself in the corner office and do a lot of reflecting on what Yahoo!'s role in the new digital landscape will be. The company's portfolio of properties will have to be evaluated and properly adjusted. Do I have confidence that she is up to the task for such a process? Whether she is or isn't, I would imagine she'll eventually take the easy route out: sell the company.

I'm sure that, at some point in the future, we'll hear about Yahoo! being in talks with one media company or other. Maybe Yahoo! will go back to the table with Microsoft (the company should have sold out when it had the chance!). Maybe a consortium of funds will want to take it over. (I'm not willing, however, to gamble with the stock on the speculative appearance of such a catalyst.)

No matter what, though, Yahoo! will need to reinvigorate its brand standing and become more aggressive in terms of increasing shareholder value. Yang failed; the pressure is now on Bartz...

Disclosure: I don't own any company mentioned; positions can change at any time.