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Market cap measures only the equity component of a companies capital structure. To calculate the total value of a company, you must look at its enterprise value (market cap + debt - cash). For Google that is $180b, for TWX, DIS and NWS that is $247 billion.

Google is in a growth business. Those other companies are not.

At 30 times next years earnings Google is a bargain compared to most companies with its growth rate. However, their profits are all search. At some point a better product will come along. The question, will Google have diversified enough by then.

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