Perhaps frustrated with the growing fascination with all things Google, Yahoo CEO Terry Semel came out swinging yesterday at the Web 2.0 conference when he proclaimed "So far they don’t seem to have a plan, but maybe they do." Semel is extremely media savvy so this wasn't a flippant statement that came out of nowhere. Clearly, he had a message to deliver, and a Q&A session was the ideal forum. Truth be told, Semel has a point because Google doesn't have a growth engine beyond search. Perhaps it's off-base to describe Google as a one-trick pony but none of its other initiatives (Okrut, Froogle, Gmail, Blogger, Picasa, etc.) have been huge successes other than perhaps driving a little more AdSense revenue. This is why I firmly believe Google is going to do something more dramatic with its $7-billion war-chest than build free Wi-Fi spots. One of the perils of having a $300+ stock price is that when growth starts to slows, analysts start to howl for something more.