The smart part is meant as not gambling on a Carly Fiorina-type merger to "save" the company. Her deals were smaller and focused, and my contention is she didn't blindly throw capital around (at least in a way that makes headlines) to try to save the company. Value is decided by the capital markets, and I still believe core Yahoo is not worthless, whatever it's problems or other management issues.

(edits for spelling, slight re-phrasing of last point)