Timely reality check; see the article for more details
This analysis doesn't mean that Google stock will tank next week. Irrational valuations can last a long time, and sometimes they correct gently rather than violently. And it doesn't mean that Google is poorly run. On the contrary, it has been brilliantly run. It means that amid the breathless coverage that will doubtless attend Google's IPO anniversary, we need to remember that the ringing superlatives are based on a stock price that's nuts. Google is a terrific company that may one day deserve to sit beside GE, Exxon and Microsoft. But not yet.