While it's true you should never get suckered, I fail to see how owning stock in Google could be ruled off as a bad investment so quickly.
First and foremost: the price of the stock will not necessarily be priced richly. You must understand that the vast majority of sales of securities is still organizations, not your dinky little personal investor looking to make a profit playing the market. These organizations know the company inside and out before buying an IPO, while there are exceptions (the internet bubble of the 90s), large institutions are usually very cautions about becomming "irrationally exhuberant."
Google's competition is
meaningless. Last time I saw the statistics, google has roughly 75% of all search engine traffic, such a large number that the government was looking into regulating it as a public utility. No newcommer, or even established internet company is going to push them off this edge, at least not very quickly anyways.
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While most business are run to generate a profit, Google, it seams, hasn't been run this way...
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Are you kidding me? Google is very profitable, in the same way that Yahoo is profitable; you don't have to be selling a product to become a cash cow.