I'm a huge google fan and I've sunk quite a bit of money, for me, into the stock. The company dominates one of the most important and lucrative tech markets, Search. The stock has performed and I've been a happy camper. However, I thought this was an excellent point by asymco:
"Cracks in strategy are hard to spot. One hint is that most of Google's R&D efforts are defensive. Building browsers and mobile operating systems are methods to ensure they have distribution of search to as many screens as possible. These are expensive means to ensure channels are available for distribution. Expensive not only in terms of engineering costs but also in terms of relationships and opportunity costs."