zett - 4:58 am on Apr 16, 2011 (gmt 0)
I've said it before, and I'll say it again: Google stock looks like a pyramid scheme to me.
The only way investors can make money out of the stock is by share price gains. The company does not pay any dividends. The dual-class stock structure removes any chance for common share holders ("Class A") to change this (as "Class B" votes, owned by the founders and early investors, count ten times more) or anything else in terms of strategy or products. This makes looking at earnings per share a cruel joke, because the investors do NOT get a share of the earnings!
So how, exactly, is a Google stock holder going to make money then? ONLY by buying low and selling high. Stock owners do not control the company or the dividends, and they can ONLY hope that the stock will grow. Once the market turns bearish however, there basically is no reason to keep the stock at all.
GOOG is probably a bubble waiting to burst. (Until now, they could manage to keep the stock up due to positive outlook. Their growth promises were key, but market reality makes them weaker by the day. The dismissal of Schmidt was the first sign things are going badly wrong at Google.)