Everyone is dancing on Yahoo’s grave this morning, after Wall Street punished the company for rejecting Microsoft’s merger offer. But perhaps because I came of age when Yahoo! celebrated everything fun and weird about the Internet, or because it’s good to see a nerdy founder replace a bigshot media executive, or because Yahoo is an underdog, I smiled when I read the news. Already people have forgotten how perilous getting bought by Microsoft would have been for Yahoo. Yahoo has hemorrhaged talent, been rightly strung up for its cooperation with repressive governments — not that Yahoo was the only one — and its executives can’t stop selling out the company to the press, but the Silicon Valley I know should be celebrating Yahoo’s pluck. It isn’t easy competing against Google, and it’s unclear that Microsoft would have made it any easier.