Americans have a long history of selling out - think Warren Beatty and “Ishtar” or politicians and Indian casinos. The public is trusting until proven otherwise, then turns on icons like rats on garbage. Never more so with culture: Being “cool,” “tight” or “wicked excellent” is a hard image to keep and one boneheaded move can send you to tomorrow’s cut-out bin. Ask Michael Jackson. Or Madonna.
Which brings us to Google.
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Ah, price targets are back in fashion. And stupid investors will fall for them again. It's what we do on Wall Street while we wait for real news.
Analyst Safa Rashtchy at Piper Jaffray made a splash with a $600 target on Google. Not to be outdone, an old competitor of mine, Mark Stahlman (is he still at it?) now at Caris & Co., declared Google will hit $2000, or about a $650 billion market cap. Yeah, maybe.
But all this talk reminded me of a few paragraphs from Wall Street Meat:
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