Few indeed are the writers who produce a masterpiece. Fewer still are those who produce two. As Google celebrates its fifth birthday as a listed company, investors should consider YouTube and whether Google can again spin straw into gold.

Bought in 2006 for $1.65bn in stock, the video streaming site has rocketed to a dominant position in online video. YouTube is responsible for 58 per cent of online video streams, according to Nielsen, compared with the 4 per cent mustered by second-placed Hulu. But Google shareholders are paying to provide the world with laughing baby clips. Estimates for the cost of streaming over 5bn videos a month range from $400m to $700m annually. While Google does not break out the figures, losses are likely to be in the hundreds of millions.