Henry Blodget is back, and he has a pretty good blog. Blodget was the CIBC/Merrill Lynch analyst who put the $400 price target on Amazon (AMZN) back during the .com boom. Turns out he’s a pretty good writer. He makes a good bear case for Google (GOOG):
Google’s major weakness is that it is almost entirely dependent on one, high-margin revenue stream. The company has dozens of cool products, but with the exception of AdWords, none of them generate meaningful revenue. From an intermediate-term financial perspective, therefore, they are irrelevant.
Blodget was considered the top analyst for the Internet sector back in his day. Like him or hate him, his writing is worth checking out if for no other reason than to get a different view.
Disclosure: I’m holding GOOG put options, which means I think GOOG’s stock price will decline. Do NOT construe any of the above as investment advice.