Let's discuss the potential GOOGL/GOOG spread, currently trading around flat. Is there any inherent premium to the voting shares (GOOGL)? Or is that 1-vote vs. 10-vote shares so negligible that the 1 vs. 0 doesn't even matter? The spread is very tempting at these levels from a buying perspective, long the 1-vote shares, short the 0-vote shares.
I've been long GOOGL and short GOOG for a few days. The compensation mechanism that is in place for GOOG until the end of a year is pretty interesting (and hard to price). From http://www.sec.gov/Archives/edgar/data/1288776/000128877613000040/memorandumofunderstanding.htm There are a lot of variables involved here that make it hard to value. Theoretically it's even possible for GOOG to trade higher than GOOGL at the end of the year and still get a payout!
I have looked at the Graham Guru Analysis of GOOGL several times. Most times I think about the Long Term Growth of the company and hoping to take advantage of its EPS growth over the period of time.