Google's Sale of Its Shares Will Defy Wall St. Tradition. The initial public offering, in the form of a five-stage auction, is expected to make the company's founders instant billionaires. By John Markoff. [New York Times: Technology]
I hope not only the IPO defies Wall St. but the company itself does it. I am sick and tired of watching Wall St. destroy companies over nonsense like short term profit in the face of growth, dwindling stock prices in the face of cash reserves, and stupid concepts on market share vs. profit. A company needs to make money in the long run. That's it. The more it makes the better it is. Period. That's way long term investment pays off. I remember discussing with an analyst about this. I was saying that the first duty of a company was to survive financially, he was saying that wasn't enough. It actually is enough. Surviving means exactly that... the company is still there, hasn't run out of money and it may be making some small profit. The rest is long term thinking. It is better to have a company generating wealth for years (like Apple, Micro$ucks or HP) than to have some upstart like Netscape come, shine and disappear. I hope Google stays in course. I, of course, won't be able to participate in the IPO, but as soon as it make sense I will become a long term investor in Google...
7:44:51 AM
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