Google ( GOOG ) Why I bought Google - Should you Buy GOOG?

I have been buying Google over the past few weeks here....accumulating a position while I can still buy it under $500. I think once the technology sector turns ( and it could be soon ) higher this could be the last time you will ever see Google below $500 again.

Why?

Well first things first, the Gphone Anroid platform will be coming out this fall...that should be a plus.

Second, 2nd quarter earnings for Google are usually slow.....this 3rd quarter I think will be a blowout. Remember Q1 earnings? GOOG reported a blowout quarter...the stock went from $460 to $600....they miss in Q2 slightly and its all the way back to where it started? Are you kidding?

Third, YouTube is starting to make money.....when they get that together...lookout! We will eventually have a YouTube cable channel with ads flashing silently on your TV screen. Oh, did we forget about Doubleclick already? This is a huge growth opportunity.

Google will continue to growth each and every year. Google is expected to earn $19.69 per share this year...I think it will be over $20. For 2009, Google is expected to earn $24.50.

With 13 billion in the bank, and sporting a PEG ratio of .82 ( Yahoo has a PEG of 2.44...how crazy is that! ) I think Google is very cheap here. To me the Google's downside is very limited!