Subject: Re: Bear Case
The fundamental bear case is that the Company's competitive moat has diminished significantly. This will lead to ongoing declines in revenues/profits -- as the days of 20%+ growth in revenues are behind us. Depending on how you look at the company, somewhere between 50% and 80% of revenues/profits are linked to search/ads -- and if one goes, they'll both go.

OK, however even assuming a modest 5% growth rate in revenues would still make the stock attractive at current levels.

FYI: Growth rates (Revenue) have been above 20% in quite some time.

Google is a cash cow and it will take some time to erode their position in the market. Things are different from 15 years ago when Yahoo messed up their position (IMO).

tecmo
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BTW: Search was 76% of revenues over the past year.