Google Sell the future, buy the past

What price is the future? This is one of the main functions of markets. While they often do a fine job, sometimes they spit out manic nonsense – take Google. The internet search group’s shares have gone ballistic over the past few months, rising 24% in the past month alone. Its shares now trade at $280, giving the group a market capitalization of $78bn. There’s little logic to the recent moves. Indeed, the main justification has been the setting of absurd «price targets» by third-rate brokerages...