One other possible hint from the 10-K that the Microsoft deal might not be terminated at the end of the month: If you compare the language describing the relationship between this year's 10-K and last year's, it didn't really change that much. If there was a strong likelihood that Yahoo! was thinking of terminating the agreement, I would have expected more language in the "risk factors" section describing the relationship. We will have to sit tight and see what happens. In the meantime, the gains from Yahoo!'s YJ forward hedging program should pay immediate dividends in the April results announced in a few weeks. Yahoo! investors can likely thank Dan Loeb again for his input on the board. He's really the only person on the board or in management who would have the knowledge and experience to demand that Yahoo! be more thoughtful and opportunistic when the yen was trading at such strong levels at the end of last year. And to think former Yahoo! CEO Scott Thompson was trying to keep Loeb off the board because he lacked sufficient experience to be an effective director. What a bizarre argument. Since Scott Thompson was fired for lying on his resume on May 13 of last year, Yahoo!'s stock is up 51%. At the time of publication the author was long YHOO. Follow @ericjackson This article was written by an independent contributor, separate from TheStreet's regular news coverage.