For Some Veterans, Google Stirs Flashbacks

For some investment industry veterans, seeing Google (GOOG Quote) shares top $400 brings back memories -- bad ones -- of stocks that have fallen from grace.

During the 1960s, stocks such as Xerox (XRX Quote), IBM(IBM Quote) and Polaroid were all the rage, selling at multiples as high as 100 times earnings -- even higher that where Mountain View, Calif.-based Google trades today.

"I saw them all go to less than 10 times earnings," said Don Hodges, a 30-year veteran of the investment world who oversees $215 million in assets for First Dallas Securities, which doesn't own Google shares. "I couldn't see putting a big position into Google." ...