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I agree, and I don't think it has to. Part of the problem is the strong growth expectation that comes with being a $0 dividend stock.

They should start paying dividend. It's the third largest company in the world by market cap, behind Apple and Exxon, and the only company of its size that pays no dividend.

Yet their earnings [1] (and share price [2]) keep going up and up. Maybe the point is that our perception of GOOG has changed and we all have a little confirmation bias.

[1] http://investor.google.com/pdf/2013Q3_google_earnings_slides... [2] https://www.google.com/finance?q=NASDAQ:GOOG

... or it's simply that profit dives lag behind reputation. Facebook's stock price is climbing as their users leave for Twitter...

Their first mistake was going public.

We should all be so lucky to make a mistake like that.

My god, how could you not?

"Billionaire or footnote, billionaire or footnote? Think. Think."