I was a skeptic, too. They have search down, but how does that translate to a "buy"? I figured that out early this year! Wish I'd figured out sooner...
@Tom B. - You took the words out of my mouth!
I, too, was a skeptic, but once I 'got it' I picked up some shares earlier this year.
"If Google's earnings go down (hasn't happened much), that's a good time to start shorting Internet positions."
1. So how can Google be an indicator to the Internet if it went public in 2004?
2. Wasn't Google growing like crazy and making money even during the Internet bust back in 2000, as revealed before their IPO?
3. Do not forget Yahoo was the leader back in 1995. Somehow Google surpassed them. People are fickled. Maybe Yahoo can regain some marketshare. Live search (Microsoft) is improving also. This is big money and even a little slice is big.
4. Shorting stocks is risky. If you made money, it was probably luck. Shouldn't even think about it.
"2. Wasn't Google growing like crazy and making money even during the Internet bust back in 2000, as revealed before their IPO?"
Almost a philosophical question, depending how you frame it. The Internet is a bit like the Highway system (a series of pipes, if you prefer). The INTERNET could be doing great (in terms of use) even if NO stock is doing well. 2000 was about lots of worthless paper like Pets.com with absurd valuations, and Alan Greenspan eager to burst the bubble to advance Bush's poll numbers heading into the election. Sorry SUNW didn't last another quarter or two before crashing and burning.... 
Commenting by HaloScan
