Google Inc. (NASDAQ: GOOG) reiterated what it has said for quite some time at its annual shareholders meeting yesterday: it isn't nearly as interested in large acquisitions (too late) as some think it is and likes buying small startup companies.

Add to that the propensity of Google management to want to "partner" with content sites on the web (and other places) instead of buying content companies, you've got the thrust of the meeting.

Google CEO Eric Schmidt said that recent large acquisitions from Google weren't done as a response to some competitive threat, but more to fill holes in Google's product portfolio. I think it's both -- Google is trying to compete better in the segments where it operates while establishing new advertising beachheads ("filling in product holes").

And no -- Google won't be buying Dow Jones & Co. (NYSE: DJ) or any other content company, according to Schmidt. Google co-founder Larry Page added to the discussion as well, and the general feel from Google's meeting for shareholders is that the company wants to partner with anyone who creates good content and who has an audience or can build one.

What does partnering solve for Google? Well, it lets the company sell advertising across every partnership and become -- as I've said many times before -- the largest advertising network the world has ever seen. And, Google will get a cut of every ad viewed, listened to or clicked on.