This document provides a valuation and investment analysis of Google Inc. It summarizes Google's business model which derives 98% of revenue from online advertising. It also discusses competition from Microsoft and Yahoo, and risks from new technologies and intellectual property claims. The document valuates Google's stock using terminal value and discounted cash flow analyses, finding the current market price to be overvalued compared to its estimated shareholder value. Analyst opinions are mixed, with one optimist view that Google is well positioned for long term growth, while a pessimist doubts if the high valuation is supportable. The conclusion is to hold off on a recommendation until signals from Google's business strategies materialize.