In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche
The dividend is troubling in itself because the company simply cannot afford it. The money would be better spent on expansion or better technology. Instead, it looks as if the company is trying to buy shareholders off with a high dividend.
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Buffett loves to invest in “toll-booth companies;” such as Coke and Pepsi, that control the gateway to an industry. A gateway company does not have to worry about next-generation competitors; because it can simply charge them a toll, if they want to sell through its market channels.
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Alphabet (NASDAQ: GOOG) is now so profitable; and so successful, that it has become very boring. Every quarter the company turns in a great earnings report – that looks much like the last one. Despite this redundancy, Google’s financial numbers are well worth reading. It is possible to learn a lot from those numbers because they are so good.
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