August 03, 2004

Google Initial Public Offering - Where Are The Bubble-Blowers?

Given the Google Initial Public Offering site has launched, I expected the hype to kick into high gear.

But where is it? Where's all the articles proclaiming "Google has revolutionized the world - you must own this stock at any price!". Where are the stock market touts, arguing "Computer power doubles every 18 months, so Google's value should double every year and a half, so it'll be worth a dozen times more in a handful of years".

The absence is astonishing. All I've been able to read is well-argued evaluation and skepticism and even crabbiness.

I'm beginning to think this is a sobering demonstration of what happens when the marketing machine is turned off, or even reversed. Google did not make the standard IPO deal, where the investment banks fleece the small investors, generally by lying about the stock (just look at what came out in the scandals). This may not have been for for any particular moral reason. But rather because Google wanted any fool's money for itself, in a *self-fleecing* system via auction.

However, it seems that in retaliation, the moneybags are now dumping on Google. Not a scintilla of hype to be found. It's scary.

By Seth Finkelstein | posted in google | on August 03, 2004 11:52 PM (Infothought permalink) | Followups
Seth Finkelstein's Infothought blog (Wikipedia, Google, censorware, and an inside view of net-politics) - Syndicate site (subscribe, RSS)

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It could be that everyone remembers that they got burnt really badly in the last bubble, and they're over-reacting to that here. Google is obviously better than or buydogfoodonline DOT org, but it's still an internet company, and the money people may be reacting in an instinctive and Pavlovian way.

Posted by: Hack at August 4, 2004 09:58 AM