The Kelly Letter bought shares of Google (NASDAQ:GOOG) in the midst of the subprime financial crisis at an average cost basis of $407. They rose to a high this year of $630 on January 4, fell to a low of $434 on July
Wmns Nike Free Run 3.0 V5 2014 Verde Mujeres Venta Hombres Running Zapatos 6, and closed Friday at $500. I listed GOOG as one of the letter
Nike Free Run 3.0 V4 amarillas azules Mujeres Zapatos Corrientes De Venta best buys from May 23 until now, a period that
2012 Nike Free Run Tr Fit Naranja Hombres Ahorra Hasta Un 50% De Descuento included share prices between the $434 low and Thursday $509 high. Now that GOOG is back over $500, I removed it from the short list of best buys.

That due to valuation, however, not a lack of faith in Google future. I want to revisit the case for Google, having read and heard a great deal of skepticism about the company prospects as it competes with Apple (NASDAQ:AAPL)
2012 Nike Free Run 3.0 Piel Gris Blanco Mujeres Running Zapatos For Barato and Microsoft (NASDAQ:MSFT) in the hunt for online profits.

The bearish case against Google is well presented in the August 16 edition of
2012 Nike Free Run 2 2.0 Azul Naranja Mujeres Running Zapatos For Barato Fortune magazine, which sports the unsubtle cover title, Google
2012 Nike Free Run 3 Azul Plata Mujeres Para Baratos Pero Real Para Hombre Over? with a picture of the letters in Google name melting into a puddle of their individual colors. The article by Michael V. Copeland and Seth Weintraub begins with the teaser:

Yes, the company is still growing at rates that
Nike Free Run Powerlines Ii Azul Oscuro Hombres Guardar Off50% -70% would be the envy of the rest of the
Nike Free Run 10o Aniversary Verde Gris Mujeres A Precio Más Bajo 55% De Descuento Fortune 500. But
2014 Nike Free Run Gimnasio Blanco Rojo Hombres Aquí Sería Su Mejor Opción its core business is slowing, its stock is down, its Android mobil
Nike Free Run 3.0 V2 2012 Blanco Gris Mujeres Bueno Guality Y Media Precio platform generates scant revenue, and competition (hello, Facebook) is fierce. Can
2013 Nike Free Run Líneas Azul Gris Hombres Cada Par De Zapatos Que Compra Google find its footing in this brave new world?

The article contends that a classic innovator dilemma confronts Google, and company seems
Nike Free Run 3 de plata Mujeres Orange Con Precio Barato unsure about how to move beyond
2012 Nike Free Run 3.0 V2 Blanco Gris Verde Mujeres Venta Zapatos Baratos the core search business that has brought it such massive success. That
Nike Run Balanza gratuito 2014 Gris Rosa Mujeres Liquidación Envío Rápido success is to the tune of $23 billion per year in revenue, 91% of which
Nike Free Run Powerlines Ii Azul Plata Hombres Disfrute El Mayor Descuento comes from the AdWords and AdSense business model
2012 Nike Free Run 3.0 V2 Gris Naranja Mujeres Precio Barato Calidad Cozy built around Google PageRank algorithm. With
2012 Nike Free Run 2 Negro Blanco Mujeres Comercio Al Por Mayor Price.Fast Entrega 99% of its profit coming from search, Google looks vulnerable to an evolving internet that might not value search as much as it does other activities. Five years ago you would have simply Googled it, looked at the list of results, weighed your options, and made the purchase, perhaps by clicking on one of the sponsored links that accompanied your search. Today you might still do that, but increasingly you might pose
2013 Nike Free Run Powerlines Gris Verde Hombres Outlet Tienda Online 2014 the question running shoes should I buy? to your friends on Facebook, or maybe write knows about training for marathons? on Twitter. By the time shopping service
2014 Nike Free Run Gimnasio Negro Blanco Hombres Liquidación Envío Rápido Groupon sends you (and 25 of your friends) an offer for the perfect shoes and registration for a race, you probably just pounce on it.

They also tell the story of one James Buck, an American
2012 Nike Free Run 3.0 V2 Blue Moon Silver Mujeres Ahorra Hasta Un 50% De Descuento graduate student who was arrested in Egypt for taking
Nike Run Balanza gratuito 2014 Verde Mujeres Orange Con Calidad Auténtico photos of a protest near Cairo. He typed only the
2014 Nike Free Run Gimnasio Negro Blanco Hombres Liquidación Envío Rápido word into his Twitter account via cell phone, and his network of people contacted officials at the University of California at Berkeley, who involved the US State Department and a local
Nike Free Run 3.0 V5 Ext Negro Rosa Mujeres Usted Puede Ahorrar Mucho Aquí lawyer to get Buck out of jail within
Nike Run Balanza gratuito 2014 Mujeres Verde Naranja Con Calidad Superior 24 hours. Those two examples
2014 Nike Free Run Gimnasio Blanco Negro Hombres Guardar Descuento Grande form the
Nike Free Run 4.0 Anti-piel Negro Rosa Mujeres Zapatos Corrientes De Venta crux of the article argument that search isn what it used to be and, therefore, Google will need new business lines to grow. The growth of the internet itself is not enough to grow Google search business because
Nike Free Run Powerlines Ii Verde Negro Hombres Precio Barato Calidad Cozy search isn a core part of the new internet.

I disagree. The examples offered are fundamentally flawed.

In the first, we see a different way to gather information but not one that
Wmns Nike Free Run 3.0 V5 2014 Azul Mujeres Venta Hombres Running Zapatos displaces initial search. While we may turn to our various online networks for personal advice on
2012 Nike Free Run 2 Rose verde Mujeres Con Precio Barato which shoes or other products to buy, where will the friends offering advice get their information? Somebody had to do
Nike Free Run 2014 Vino Rojo Oscuro Blanco Mujeres Con Descuento 56% -78% initial research to whittle down the list of offerings in each category. They could always go to the
Nike Free Run 3.0 Plata Mujeres Purple A La Venta Con Precio De Descuento source directly, such as a
2012 Nike Free Run 2 2.0 Azul Naranja Mujeres Zapatos Corrientes De Venta consumer website that specializes in product
Nike Free Run 2 2012 Luz azul púrpura Mujeres Se Venden Con El Precio Bajo reviews, but a Google search remains the best way to get a list of such sources. Some people will have walked into physical stores to perform comparisons, but that option existed since long before Google took over the
Nike Free Run 2 Orange Yellow Mujeres Excelente Calidad internet search industry.

So, research still needs to happen even when many people get their information via word of mouth, or word of fingertip (typing) as the case may be these days.
Nike Free Run 3.0 V3 2012 mujeres rojas Outlet En Venta When you merely utter the word anymore, it tantamount to planning to Google something, be it shoes, or restaurants, or
Nike Free Run 2 2012 Luz azul púrpura Mujeres Bueno Guality Y Media Precio the history of space exploration. Moreover, somebody
Nike Free Run 4.0 2012 Azul Verde Mujeres Nueva Colección Está Disponible fishing for tips from
Nike Free Run 2 2012 Luz azul púrpura Mujeres Para Usted Al Mejor Precio friends rather than Googling their own information is assuming that those friends have already done worthwhile research which,
Nike Free Run Powerlines Ii Azul Oscuro Hombres Aquí Sería Su Mejor Opción as I just pointed out, probably
2012 Nike Free Run 2 Negro Blanco Mujeres Ahorra Hasta Un 50% De Descuento included Googling as part of an in depth effort.

In the second example involving the
Nike Free Run 3.0 V5 Ext Lago Mujeres Azul Negro Todo De Alta Calidad arrest of James
Nike Free Run 3.0 V3 2012 mujeres rojas A La Venta Con Precio De Descuento Buck, we find a straw man. At no point in history was a Google keyword
Nike Free Run 4.0 Anti-piel Negro Rosa Mujeres Zapatos Corrientes De Venta search the preferred way
2013 Nike Free Run Powerlines Negro Hombres Usted Puede Ahorrar Mucho Aquí to
Nike Run Balanza gratuito 2014 Verde Mujeres Orange Tienda Outlet On Sale get out of jail. Had Buck not found access
2012 Nike Free Run 3.0 Piel café Mujeres Con Precio Barato to his Twitter account, he could just as easily
2012 Nike Free Run 3.0 V2 Blanco Gris mujeres rojas A La Venta Con El Envío y El Descuento Más Grande have emailed a friend in California or called them. The State Department responds to phone calls
2012 Nike Free Run 3 Pinke plata Mujeres Para Baratos Zapatos Auténticos as well and, by
2012 Nike Free Run Tr Fit Naranja Hombres Venta Hogar Es Su Mejor Opción the way, automatically sends a consular to
Nike Free Run 4.0 2012 Azul Verde Mujeres Nueva Colección Está Disponible visit any American arrested abroad. They even provide a manual in
Nike Free Run 3.0 V7 ​​shinne azules mujeres negras Con Calidad Superior English
Nike Free Run 4.0 2012 Negro Rojo Mujeres Para Barato Zapatos Para Hombre on how best to proceed in the arresting country legal system, and basic legal advice. I know this after an incident left me wiser and leaner at the end of an 11 day stay in a foreign hoosegow, and more familiar with
Nike Free Run 3.0 V2 verde plata Mujeres Con Precio Barato a jail system
2013 Nike Free Run Powerlines Gris Verde Hombres Guardar Descuento Grande than I thought I ever be. Maybe James Buck could have saved his network of friends the trouble of him by running that lowly keyword search from his cell phone.

Thus, I reject entirely the argument that search is no longer a key part of the
Nike Free Run 3.0 V5 Ext Pink mujeres rojas Con Alta Calidad y Bajo Precio online experience. Social networking is great, but it did not supplant the need for somebody to research which running shoes are best for a marathon nor did it
2012 Nike Free Run 3.0 Piel de café amarillas Mujeres Con Descuento Grande get James Buck out of an Egyptian prison. Google
Nike Free Run 3.0 V2 Blanco Rosa Mujeres Con Alta Calidad y Entrega Rápida still plays a role in finding
2012 Nike Free Run 3.0 V2 Negro Gris Moda Envío Rápido the right shoes, and the State Department needed neither Google nor Twitter to receive word that James Buck had been arrested and required a
2012 Nike Free Run 3.0 Piel Gris Blanco Mujeres Proporciona Varios 50% De Descuento
Nike Free Run 3.0 V2 Negro Naranja Mujeres Nueva Colección Está Disponible consular
2012 Nike Free Run 2.0 Gris Azul Blanco Mujeres Running Zapatos For Barato visit.

If the argument that search no longer matters falls flat, then the case against Google becomes unconvincing. It owns search, as the Fortune article points out:
Nike Free Run Powerlines Ii Azul Oscuro Hombres Tenemos Buena Reputación sites lead the US market with 64% of all searches
Nike Free Run 3.0 V2 Blanco Rosa Mujeres Con Precio Barato conducted. If that can grow or even stay constant, then the growth of the internet should produce more
Nike Free Run 3.0 V5 Ext Fuego Rojo Blanco Mujeres Nosotros Outlet Store search activity that turns into more revenue for Google.

As for it being a vulnerable one trick pony, most great companies are exactly that. It di worsification that usually causes problems. For instance, it doesn seem to bother anybody that Coca Cola (NYSE:KO) makes 100% of its profit selling
Nike Run Balanza gratuito 2014 Negro Rosa Mujeres Tenemos Buena Reputación drinks, that Exxon Mobil
2012 Nike Free Run Tr Fit Azul Blanco Hombres Precio Barato Calidad Cozy (NYSE:XOM) makes 100% of its profit selling oil and gas, or that McDonald (NYSE:MCD) makes 100%
Wmns Nike Free Run 3.0 V5 2014 Azul Mujeres Regalo Para Usted o Su Familia of its profit selling food. That what they do, and they do it better than most. Online search is what Google does, and it does it better than most.

All of Google other efforts are aimed at growing its search business, and that fine. The Fortune article mentions Google budding
Nike Free Run Powerlines Ii Negro Oro Hombres Outlet Store Waiting For You sub businesses such as Android, DoubleClick for multimedia ads, Google Apps for Enterprise, Google
Nike Free Run 3.0 2012 Verde Plata Mujeres Cómodo y Envío Appropriate.Free Me (a planned social service to compete with Facebook), and YouTube. To downplay the impact
Nike Free Run 3.0 V7 ​​shinne azules mujeres negras Ven y Únete a Nosotros that these and other non core initiatives
Nike Free Run 2 2012 Gris Amarillo Mujeres Envío Libre Con Entrega Rápida will have on Google bottom line, the article quotes Caris Co. internet and software analyst Sandeep Aggarwal as predicting that they total just $5 to $8 billion in 2013, which is peanuts compared to the $40 billion that Aggarwal estimates search will produce in three years. Let take the middle of the non core projected revenue range, $6.5 billion, and add
2012 Nike Free Run 2 Negro Blanco Mujeres Es Una Buena Opción Para Usted it to the $40 billion in core search revenue
Nike Free Run 2 2 to get total revenue in 2013 of $46.5 billion. Going from $23 billion now to $46.5 billion in three years doesn look like cause for concern, does it? I wish I could double my business revenue every three years.

Other
2014 Nike Free Run Gimnasio Hombres blancos Venta Barato sources show Google current revenue being $26 billion rather than the $23 billion used in the Fortune article, but the
Nike Free Run Powerlines Ii Azul Blanco Hombres Aquí Sería Su Mejor Opción growth rate to $46.5
Nike Free Run Trainer 3.0 Negro Hombres A La Venta Con Precio De Descuento billion remains impressive from anywhere below $30 billion.

Finally,
Nike Roshe Run 2014 mujeres rojas Ant-piel Para Baratos Pero Real Zapatos the article implies that Facebook advertising is going to prove more valuable to some advertisers than Google various forms of advertising. Real world results, however, give the nod
Nike Free Run Powerlines Ii Gris Hombres Envío Gratis Para Todo El Mundo to Google. As long as three years ago, advertising analysts found that Facebook way of advertising by targeting user interests was not as effective as Google way of targeting user behavior. The former
Nike Free Run Powerlines Ii Negro Oro Rojo Hombres Para Auténtico Barato relies on what people say while the latter relies on what people do.
Nike Free Run Powerlines Ii Negro Rojo Hombres Running Zapatos For Barato We should all know by now that actions speak louder than words. The traffic was cheaper and more consistent. The volume was far higher.

It not even close. Facebook ads just don work.

And for all the
2012 Nike Free Run 2 Negro Rojo Blanco Mujeres Aquí Sería Su Mejor Opción hype that it gotten, it not even in the same ballpark as Google AdWords. Not even the same league. While targeting users by their listed interests may sound promising,
Nike Free Run 3.0 Rose Gris Mujeres Ahorre 61% De Descuento y Envío Gratis it just not very effective.

More recent comparisons I seen (by Googling
Nike Free Run Powerlines Ii Verde Negro Hombres Venta Zapatos Para Hombre
Nike Free Run 2014 Gris Mujeres rojas 2014 Nuevo Estilo the topic, incidentally) have shown Facebook narrowing the gap, but not closing it. It seems that knowing a person identity is less important than
Nike Free Run 2014 Vino Rojo Oscuro Blanco Mujeres Más De 60% De Descuento knowing what they looking for right now. For example, will my sister have better
2013 Nike Free Run Powerlines Negro Hombres Bueno Guality Y Media Precio luck getting customers to Red Frog Coffee by targeting 30 year old women within a
2012 Nike Free Run Tr Fit Negro Azul Hombres Se Venden Con El Precio Bajo 50 mile radius of the
Nike Run Balanza gratuito 2014 Gris Naranja Mujeres Todo De Alta Calidad shop who identify shops as an interest of theirs, or by targeting anybody searching on the phrase shop within that same 50 mile radius? Probably the latter, because it allows flexibility for any demographic, for people who are traveling through the geographic zone instead
2012 Nike Free Run 3.0 Negro de plata de la Mujer Con Descuento 56% -78% of just those living there, and specifically people who are looking for coffee shops in the area. Advantage: Google.

I sure results from both advertising platforms vary based on a number of factors, so there no doubt that an increasingly popular Facebook and its ever improving advertising platform are a challenge for Google, but they almost assuredly not a game ending development
Wmns Nike Free Run 3.0 V5 2014 mujeres negras rojas Ven y Únete a Nosotros for the search giant.

Google has a history of surprising entrenched competitors with innovation. The search market itself was well
Nike Free Run 4.0 azules claros mujeres negras Running Zapatos For Barato established when Google came on the
2012 Nike Free Run Tr Fit gris azul de los hombres Versión Adecuado Para Usted scene with its minimalist search box. I remember those days. I was one of the early users,
2014 Nike Free Run Gimnasio Negro Verde Hombres Para Usted Al Mejor Precio and
2012 Nike Free Run Tr Fit Gris Verde Hombres Versión Adecuado Para Usted loved showing people stuck on Yahoo (NASDAQ:YHOO) a new way to search. Since then, Google has managed to outflank
2012 Nike Free Run 3 Naranja Gris Mujeres Con El Envío Libre El 70% De Descuento installed software companies, such as Microsoft, with its excellent Google Docs system, and even browser makers with its unsurpassed Google Chrome browser that is both faster and more elegant than any
Nike Free Run Powerlines Ii Azul Verde Hombres Venta other offering.

Should that innovation turn itself to social networking online, Google could open up a very
2012 Nike Free Run Tr Fit Azul Hombres Amarillo Running Zapatos For Barato profitable new business line. The Fortune article concedes that, too. In the concluding paragraph, we read that if Google added a layer to its core search business and to Android, and blew it out
2012 Nike Free Run 3.0 V2 Blanco Gris Verde Mujeres Con Calidad Auténtico on YouTube, giving people a reason to hang out on Google sites for long periods, advertisers come flocking and Google would become
Nike Free Run 2 grises verdes Mujeres Proporciona Varios 50% De Descuento To that, I like to add that Google is up to something more with its Chromium project than just pumping out the world best
Nike Free Run Powerlines Ii Azul Negro Hombres Disfrute De Más Descuento internet browser.
2012 Nike Free Run 2 Blue Orange Mujeres Ha Sido Amplia Popular Durante Muchos Años I contended for
Nike Free Run Powerlines Ii Negro Verde Hombres Aquí Sería Su Mejor Opción some time now that all of Google endeavors seem to be heading toward a grand
Nike Free Run Powerlines Ii Naranja Hombres Para Barato Pero El Real unified offering that could
Nike Roshe Run 2014 mujeres rojas Ant-piel Envío Gratis Para Todo El Mundo finally present a real challenge to the operating system duopoly of Microsoft and Apple. Those parts are essentially in
Nike Free Run Powerlines Ii Green Men Para Baratos Pero Real Para Hombre place now, and Google is in the final stages of pulling them together when it rolls out the
Nike Free Run Powerlines Ii Verde Blanco Hombres Para Hombres Baratos Running Zapatos Chromium OS this fall. There a nice three minute video on the OS at YouTube that shows how most of what we do on a computer involves the internet anyway, so we should reorient the OS to
2012 Nike Free Run 3.0 Piel Negro Púrpura Mujeres En Venta En Su Selección emphasize the internet.

Once that rolls out, it could be a
Nike Run Balanza gratuito 2014 Negro Rosa Mujeres Envío Rápido compelling alternative to existing operating systems. Computer makers could bundle
Nike Free Run 4.0 2012 Negro Rojo Mujeres Con Alta Calidad y Bajo Precio it for free, greatly helping their margins. Computer buyers would be able to
2012 Nike Free Run Tr Fit Gris Verde Hombres Disfrute El Mayor Descuento get online
Nike Run Balanza libre 2014 mujeres del ciruelo rojo Comprar Con Seguridad within seconds of powering up their
Nike Free Run Powerlines Ii Negro Oro Hombres Tienda Outlet On Sale machines and access all of their online services, which comprise
Nike Free Run 3.0 V4 amarillas azules Mujeres Venta Aquí Con Alta Calidad the bulk of what they doing with computers now anyway. What would they use? Anything they wanted, but probably a lot of what Google offers: Gmail, GDocs, Google Apps, Google
Nike Run Balanza libre 2014 mujeres del ciruelo rojo Tienda Outlet On Sale Earth, YouTube, Google Buzz, Google Maps, Google Me social networking, and so on. What does Google hope to get out of this free
2012 Nike Free Run Tr Fit Gris Verde Hombres Con Más Bajo Precio Auténtico giveaway? More people online to generate more ad revenue.

All in all, I don see much of a
Nike Free Run OG 2014 mujeres rojas de piel Anti- En Venta En Su Selección problem in Google future. Even if it maintains its current hold on search, the mere growth of the internet will see its revenue advance smartly. If it does a few things right to grow search, its revenue will improve all the faster. If it proves clever with
Nike Free Run 2 2 its many new lines of business, they should add a decent chunk to overall revenue as well. If all of this adds up to a doubling of sales in the coming
2012 Nike Free Run 2.0 Gris Púrpura Mujeres Con Más Bajo Precio Auténtico three years, current
Nike Free Run Trainer 3.0 Negro Hombres Amarillo Para Barato Pero El Real shareholders will be happy.

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