Although I am what the board would call a short on Google-- I will be honest. I believe that this is an unbelievably great company now. They are making money and a lot of it. They are continually exploring new revenue streams, and although they have had failures-- they will find more winners in the future. This stock won't go much lower than the upper $100's- I am guessing around $170 before they nail something and this thing comes screaming back. Brin takes a lot of heat, but he has got the company here, so cut him some slack. But the stock is going down over the next few months. Hold on for the ride.
For the longer term, I gotta disagree. Same deal as in the first internet bubble. Even a "great company" can still be badly overpriced in the market. And even a "great company" can wake up one day to find that either Microsoft has 90% of the market (Netscape), or that the customers have forgotten why they ever paid for this stuff (AOL). Those two were "great companies" too, the greatest. The list of victims is very, very long.