The Google IPO

Several of you have asked me whether I intend to buy Google stock when it is issued. I have answered no. I have bored anyone who has asked by comparing Google to Comsat, Ford Motor, and Apple Computer—all IPO's that were excessively hyped and were far from once-in-a-lifetime opportunities.

Guess what? I have changed my mind. In the last month, I have read so many articles in so many financial magazines explaining that Google will be overpriced that I can't resist. When everyone agrees, everyone is usually wrong.

Also, I have overlooked two things. First: Google is effective for two reasons: they have a great search engine software and they have what might be the largest computer in the commercial world. Someone might come up with better search software. Matching Google's computer capacity would take an enormous investment.

Second: Google might just turn out to be the first "really big thing" since the personal computer.