When Google was $90 per share, who would have thought...
that it would have reached $800 per share? It sank from $700 to $400 in 2008. Did they have pull backs and set backs? Well we are all so anxious that we want a deal NOW, TODAY, ASAP, but patience is a virtue and what Sail said earlier the only thing that has changed is the price of the stock. Exxon is still in the deal, no letter or warning has been issued. So be patience and wait till they get the work done !
Google management regularly communicated every single detail to their shareholders and were as transparent as the glass door in the mansion of a Texas billionaire. They treat their employees like demigods too.
How can you compare Goog with Ioc. when was the last time you heard anything from ioc management?
One might point out GOOG's virtually flawless execution as well. When was the last time IOC delivered something except $8,7M to Phil and is brother-in-law as a retirement payment or all of Mitsui's money back?
I don't think so. My recollection was that he simply pointed out in 2005 that the fundamentals didn't support a $400 share price. He was 100% right as GOOG was way ahead of itself and took years to grow into its valuation (sound familiar???). He was 100% right as 6 years later GOOG was still in the 400s. Nearly all of GOOG's run since has been since mid 2012.
I've been long GOOG since mid 2011 in the low 500s.
Eric understands the time value of money. Many IOC investors do not. IOC is trading at the same price it was in Dec 2009. If you haven't traded it around that's 4 years of dead money and no dividends, living with lederhosen-browning volatility, and watching the S&P 500 go pretty much up and to the right, up 68% including dividends (14.4% annualized). If IOC goes to $106 tomorrow such an investor would barely match the S&P 500 with about 4X the volatility.
And that's without the dry cleaning bills for the lederhosen or the prescription stress meds.