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December 02 2020

Commentary by Eoin Treacy

Email of the day on what's priced in

Sorry, but what does this mean? "As a result, the share offers a lot of optionality on future innovation."

Thank you for this question and I apologise for being less than clear. Options allow one to gain outsized exposure to an opportunity without having to pay for it upfront. The risk is that the opportunity fails to pan out.

Google/Alphabet is primarily and advertising company. Everything it does with search, YouTube, email, photo storage, classroom apps and the world’s leading mobile phone operating system is designed to drive profitability in the ads sector. That’s what the company is valued on.

The significant investments in autonomous driving, quantum computing, artificial intelligence, deep learning, fibre connectivity all attach a low valuation on the balance sheet relative to the advertising business. In short by buying google one is getting leverage to these additional business for free. They may end up being worth nothing. However, if even one comes off it would be cause for the share to double. Autonomous driving alone is a trillion-dollar business idea.

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