Stalwart, blue-chip, US stock market juggernaut, and Google parent, Alphabet (GOOGL), made a new 52-week low this week. This is a company that has over 10% revenue growth, a seemingly insurmountable ecosystem and moat, and now trades at only 10 times forward EV to EBITDA. In this report, we review Google’s business model, revenue growth, capital allocation, current valuation and big risks. We conclude with our strong opinion on investing.