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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: regli who wrote (33087)5/24/2005 5:14:49 PM
From: zebra4o1  Read Replies (1) of 110194
 
RE Google. I have to admit that I just don't get Google. I've seen search engines come and search engines go. Google just happened to be the popular search engine when the profit potential of search advertising was discovered. I just can't see how a search engine is a business with 'a wide moat around it'. Sooner or later someone will come up with a better search algorithm. Is Google's 'technology' really that special and unique? Success and profits breeds competitors. No way Google is going to have paid search all to themselves.

And no matter how good a company Google is, you have to wonder about the valuation. Right before the 2000 crash Jeremy Siegel wrote a famous WSJ article about 'the failure of any large-cap stock to justify, by its subsequent record, a P/E ratio anywhere near 100." Google's market cap is now $70 billion. Could their market cap really increase by a factor of 10 from here? How about 5?
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