I know a few things:

1. My son Max is very happy now with my Google buy for him at $490 and $430ish. I also know – because he just pinged me – that I am an ass for not owning Baidu at $250 as well.

You can’t win :) !

I think the best thing about Google’s numbers, is not the numbers themselves (who the hell really knows what they all mean anyway), BUT, the market’s reaction…

MUTED!

It should be muted. If we were in a bull market, the Nasdaq would be flying on this news and the S&P futures would be blasting. On Google’s numbers tonight, Google is flying and Baidu is flying. It has nothing to do woth semiconductors or housing or inflation or interest rates for the moment.

Google has great margins and have shown tonight that at least so far, oil is not killing them.

The fact that Google has no marketing costs, shipping costs, production costs and packaging costs is why Google can still crank out growth.

They feed brains and help their customers lever knowledge. Not a bad one… two combination and likely why they are the greatest company of all time (to this point).

Tomorrow, Google’s numbers won’t improve the housing outlook or fix the credit crisis, so don’t get tricked into doing more. Focus on the list of stocks I put on the blog this morning and find a few that can thrive in this environment.

Let me know some of your favorite names now that we know the Googster’s numbers.