What am I missing here?

Google was at $170 three months ago, after a blowout first quarter as a public company. Now, after yet another dramatic performance, beating even the wildest bullish scenarios, Google's only 23% higher.

Now I don't want to sound ungrateful -- after all, who can be disappointed in a 23% gain over 3 months? But there was a lot of downside priced into GOOG prior to the fourth-quarter earnings release. Wasn't the fear that GOOG would pull an EBAY?

But GOOG didn't pull an EBAY. GOOG once again proved the brilliant Wall Street analysts wrong. Analysts expected growth to slow as Google gets bigger -- but it accelerated. Analysts expected margins to shrink -- but they expanded.

The popular press is fighting the last war, talking about bubbles and mania. How is this a bubble? What other company posts nearly $1 billion in cash flow on $2 billion in sales? And sports a 100% growth rate? And sees virtually unlimited opportunity to keep it going?

I'd say that's a recipe for a double, not a measly 10% bump. I'm a buyer at these levels, GOOG looks like a screaming bargain to me.