I'm aware of that, I'm also aware that historically companies that are fawned over as much as Google is don't look so hot in retrospect.
In this case I wouldn't touch GOOG with an 11 and 1/2 foot poll. The management lately has been making a bunch of bizarre moves. By which I mean buying out other companies before developing a means of turning them into profitable units and depending way to highly on their monopoly position. If the Dems take the white house next election, or McCain has more integrity than the Bush administration they should get smacked by the DoJ for their corporate activities. Not to mention the fact that their business has little to no focus outside of ad revenue. There doesn't appear to be any planning about what to do next.
Even ignoring that fact, they've got a P/E which is nearly 2x what MSFT's is at the moment. Despite the fact that MS has a far more secure business model and has demonstrated over the years a staying power which is formidable.
Yeah, Google's going to keep going up for a while, but ultimately, unless they start managing their cash, they're going to run into trouble eventually. There just isn't any excuse for the kind of decadent buying sprees they've been involved with. At some point, probably in the near future, they're going to be facing a far less accomodating regulatory environment.
You guys can definitely speculate in Google if you wish, it's your money. But lets just be honest about the fact that buying into Google now, is a speculative endeavor, not one that's built upon sound investment principles.
But that's just my opinion, feel free to differ.