Must-read: Online ads, and why it pays to own a niche

VentureBeat has a nice (and long) opinion piece by Jeremy Liew of Lightspeed Venture Partners that makes an argument for … well, it’s hard to pinpoint exactly what it’s arguing. But as is often the case with these pieces, it’s chock full of financial stats, graphs, and interesting observations about the online ad market. It’s a must-read for folks watching the ad battle between Google (GOOG), Yahoo (YHOO) and Microsoft (MSFT).