Don't go gaga over Google- The business is a dynamo. The stock is a pipe dream, says Fortune's Geoff Colvin

With Google in its mid-toddler years as a public company - it turns three on Aug. 19 - it has achieved something truly historic: It has created more investor wealth in less time than any company in history. So investors, repeat after me: All hail, Google! But don't put it in the wealth-creation pantheon quite yet. And please don't buy it at today's price.
The company's Wall Street rise has been breathtaking, especially when you look at wealth creation in the most fundamental and revealing way: total dollars that investors could take out today (the market value of all equity and debt) minus total dollars that they put in (equity investments, loans and retained earnings).
Google's figure is $149 billion and rising fast, pushing the company past most of America's biggest, most successful, most respected corporations. With Google (Charts, Fortune 500) at its recent record stock price of well over $500, only three companies have created more wealth: General Electric (Charts, Fortune 500), Exxon Mobil (Charts, Fortune 500) and Microsoft (Charts, Fortune 500).

http://money.cnn.com/magazines/fortune/fortune_archive/2007/08/06/100141308/index.htm?postversion=2007072403