Buy and hold or invest to make a quick buck... it doesn't make a difference. I think Google is fundamentally weak. That is all. It's pretty simple actually, the more risky a company, the harsher discount whatever it is you are valuing to get a stock price. Google has at it's very heart a risk to lose everything in the quick pace of internet advertising/searching services. And even if they don't lose it all, they risk loosing a much more substantial portion than many companies.
And stop criticizing me for being in school, despite what you say I havn't once applied outdated theory to Google. The dividend argument was actually an example of the markets being out of touch with stock price, and it was a misunderstanding. I know that hedges are the ones who drive the markets today, but I also know that hedges might not be around for a while (regulation is just around the corner - hedge funds no longer operate as the once did, nothing even close, but this is a different story all together) and I know that knowing market swings and momentum will earn you money. But when I say Google is overvalued, I mean that it's overvalued. I don't mean you wont make money on it because the market is pushing it up. You seem to believe that when you make money on a stock that it was a good investment, but there are countless factors that aren't accounted for in hindsight. If you ever used the portfolio software that you sold, you would know that the real value of a portfolio is the Risk/Reward Ratio (Beta - or some equivelant), you should know about diversification, liquidity risks, inflation risks, risks risks risks.
I now see that you are arguing that Google may still be a good buy, and perhaps I could agree with you, I think the markets are out of touch with intrinsic values (and Warren Buffet agrees with me - or rather I agree with him). You could make money on google, but it's still overvalued.
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