I think these great businesses that do not rely on superior capital allocation but benefit from the fact that they are low capex, platform businesses usually related to virtual services with extremely strong moats due to network effects are still very much underappreciated.
There might be value where most people arent looking for it. Among typical value investments I have also owned Baidu since it went below $100 at the end of 2012 and I am certainly looking at Alibaba which could be a great valueplay. Though I agree with the author of the article that buying Yahoo for Alibaba might not be a good idea. And of course it doesnt mean you should pay any price but I am hopeful that the IPO price might suffer if the current tech market environment continues to be cautious.