the fact is that this share is making money but is it overvalued??? at 100b but still only making 1.5b a year. it is still on a pe of around 50 ie you need to pay for 50 years until you see a profit. Is the growth sustainable given msft and yahoo and other new entrants? if it were a choice between shell and goog I know what I would take.
I have absolutely no brand loyalty to goog. I have start to use yhoo as well. I have never clicked on any advert either. if msft start linking search with office products I will use them. goog is still a tech company and all dogs have their day.
goog is the short of the century, the issue is timing.