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Google: The Most Misunderstood Company In The Known Universe

|Includes:Alphabet Inc. (GOOG)

Google can't get a date on Saturday night.

After a stellar earnings report last night, all I'm hearing this morning is grousing about the stock split, which is a non-event. The naysayers ("GOOGLE GROWTH DECELERATING!") sound like refugees from a Republican presidential debate. Cramer was disappointed with the call because the analysts didn't ask the right questions, but he defended the company and the results on CNBC today, while Melissa Lee and David Faber jumped all over him. Faber said Facebook is getting search! I have one word for Faber: Bing! You want another word? Panama! (anybody remember that?)

The truth is that Page and Brin, in ten years, have built a huge, and hugely successful, company by creating the largest, lowest cost data system on the face of the earth that is, by design, literally (and I mean literally!) infinitely scalable, which they have turned into a gigantic vacuum cleaner for sucking up money from every nook and cranny of the world. While most corporations are centrally controlled like little politburos, Page and Brin have instituted advanced, decentralized management structures and procedures that ensure that the best ideas percolate to the top. They have executed brilliantly (Adwords! Android! Youtube!).

Right now, GOOG is trading below yesterday's closing price. Why shouldn't Page and Brin be paranoid about maintaining control of Google? Every hedge fund manager on the planet thinks that they could run the company better.

Disclosure: I am long GOOG.

Additional disclosure: I have owned GOOG since 2004.

Stocks: GOOG