you are right. I guess what I was thinking was that google's bigness was essentially a bad capital allocation strategy, since they were lazy and not motivated by absolute return, but some combination of acceptable risk, politics, personal preferences, etc in a large management team that has seemed...disconnected for quite some time.
They have a structural advantage in cash flow and stability of funding, but stability is also a handicap when disruption is the objective.
They have a structural advantage in cash flow and stability of funding, but stability is also a handicap when disruption is the objective.