The weekend is a time for mature reflection - to consider the things done right and wrong in the past five days and apply the wisdom gleaned to the week ahead.
Google has had a mighty run. Next Thursday is earnings. What to do. Six weeks ago, I had reasoned if it was well over six hundred going into earnings, I would trim a third. That's the smart thing. But I'm not smart!
I think something else is going on. Google dawdled all last year. The numbers said 600, easy. Forget 600 - nobody could believe Google 500. The big number thing. Now, it's time to look at the situation again, and the analysts are saying 700, 800, 900... 3000, 5000. And everybody's worried because we're over 600. It's embarrassing. So I'm thinking this is like when the Dow went from four thousand to seven thousand overnight, and never looked back. I think that Google is being revaluated and we're going to see 750 soon and never look back. Fair value. Can you imagine where this stock would be right now if it were overvalued?
So, next week, I'm standing pat. I'm trimming nothing. But I wish I had a black cat bone with a heap of mojo on it.
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What's a mojo, anyway?
- Robert Klein
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