The Great Divergence

[Jester]

There was no reason to look at Google and see profits. They hadn't even conceived of their ad strategy. They just had one of the better search engines. They were functionally no different than Yahoo, Excite, Lycos, Alta Vista, etc, etc, etc.

The rational investor is able to derive the potential of success from the available inputs.

I lack the expertise to judge whether Google's functionality, or anything else about it, could be distinguished from its competitors back in the late '90s, speaking in terms of technology.

But unless you're claiming that Google's success was literally random, it's tough to see how it makes you super-rational that you declared one of the stock market's great all-time winners to be an obvious loser.

-Jester