We are all reading story after story about this relatively new company called Google Inc. (NASDAQ: GOOG), which now has a valuation exceeding $145 billion ($190B counting A&B shares) after closing today around $625, adding almost $10 from yesterday's all-time high. In the past year, I probably have done at least 20 stories myself, and the public fascination continues.

Google has very quickly built an empire that even the mighty Microsoft Corp.(NASDAQ: MSFT) is losing sleep over. Microsoft Chairman Steve Ballmer is tired of having to field questions about Google at what are supposed to be Microsoft meetings. However, despite all the good news, I think things are getting a tad pricey right now. But you still hear numbers literally being thrown into the media current by silly guys in need of attention (Henry Blodget) who have long been considered passé, most recently to the tune of Google achieving a $2,000 price tag. Of course, no time frame was associated with this prediction, so it is pretty much worthless gossip.

If Google was $2,000 per share, it would have a capitalization of $470 billion. For comparison, General Electric (NYSE: GE) is valued at $430 billion, and Exxon Mobil (NYSE: XOM) is valued at $516 billion, so it would be jockeying for position as the largest company in the world.

As it stands today, you could trade Google for all of Berkshire Hathaway (NYSE: BRK.A) -- valued at $135 billion -- and have money left over to buy all $9.8 billion worth of Intuitive Surgical (NASDAQ: ISRG), still leaving a few bucks for a lifetime of fine dining. This comes to mind because this is what I have actually done instead. The combination has destroyed Google in terms of stock appreciation. Nevertheless I am gaining appreciation for Google in many ways. I think the company has done, and is doing, many smart things. Many of its adventures have not borne fruit yet, but it has carved out a HUGE swath of the internet that will not be rivaled anytime soon, and it is still growing. Does this growth and these investments (expenditures) justify the price today? The answer to that question in my opinion is no, not today. I think Google will pull back again after its October 18th earnings report.

Today Google Inc. (NASDAQ: GOOG) is the top Internet search and advertising property there is -- No Question! Yesterday it was something else. Why do investors believe that everything now ends with Google? Have we already reached the end of the internet revolution. Maybe we just think Google has locked up the next stages as well.

Yahoo Inc. (NASDAQ: YHOO) started with two graduate students from Standford University and was all the rage. Google started with two graduate students from Stanford University and now it is all the rage. Do we think Stanford is running out of bright graduate students all of a sudden? I would call them and make an inquiry but surely they would not take me seriously.

Has Google perfected Internet advertising? I don't think so, do you? Will Yahoo, Microsoft Inc. (NASDAQ: MSFT), eBay (NASDAQ: EBAY), News Corp (NYSE: NWS) and all the international players concede an inch of ground more than temporarily?

I am not saying that Google won't eventually conquer the Internet world, (because I do not know) but this feat is by no means as certain as the market currently seems to believe: driving the price of GOOG up $95 per share as I write this story, on no news, in about eight weeks.