Far from being chastised, therefore, former chief executive Meg Whitman deserves credit for orchestrating one of the better performing investments over the past five years.

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FT.com / Lex / Technology, media & telecoms - Ebay / Skype

Nonsense. You have to adjust for the risk of such a large M&A deal—which is at least as risky as early stage venture. A 6% return (over the index) in four years is fine if you are a mutual fund, not fine for a high risk deal.