I have been stunned at how many sharks smell blood and are circling Google and attacking with vicious criticism. They bemoan the Dutch auction approach, the voting rights, the price range being over $100 per share. Google has gone from being the best loved internet company in the world, doing everything right, to being attacked and hated by the media, investors, and everyone else almost overnight. Meanwhile, Google is in their quiet period and can’t respond or participate in the debate.
The firestorm, the media frenzy will soon pass. I can’t wait.
Google is still the smartest, best internet company since eBay. It will be worth tens of billions of dollars in the near term. I have never seen a company execute so well and make so many smart moves that anticipate where the world is heading.
But the frenzy will do some short term damage and drive the buy-and-flip crowd away from the IPO. Personally, I’m planning to buy 5 times more shares in the auction than I was planning to previously, precisely because of all these ridiculous attacks.