Regulator approval has finally set the stage for Google's participation in the upcoming 700 Mhz wireless auction. A company with deep pockets (billions of dollars) and a clear commitment to open systems will try to get a piece of what's practically the future of wireless communication in the US. But aside from the eventual benefits to end users, Google's participation is also a great way to make use of their significant paper assets.

As Google's stock price remains high, it makes a lot of sense for the company to maximize their high valuation. There may come a time where Google's apparent lack of focus will cause their performance on the market to suffer; the company may become less valuable as a result. Now is Google's chance to make full use of their financial assets, while they literally still can.

And even if Google becomes the next Berkshire Hathaway, there's nothing wrong with spending money on a future income-generating investment.