In this day of quarterly numbers and short-term decisions, it’s refreshing to see a company move counter to this trend. According to The Wall Street Journal, Google is such a company.
Messrs. Brin, Page and Schmidt made it starkly clear in Google’s so-called “Owner’s Manual,” filed as part of the company’s IPO prospectus in April 2004, that they would not shy away from making big long-term bets at the expense of short-term gains.
“If opportunities arise that might cause us to sacrifice short-term results but are in the best long-term interest of our shareholders, we will take those opportunities,” the document says. “We will have the fortitude to do this. We would request that our shareholders take the long-term view.”
Google shares have sunk 22% in the past month as the search and ad giant looks to move into the mobile business by purchasing at auction rights to the 700 MHz spectrum. The price of entry is expected to be in the billions.