Google Inc. is a fantastic company run by genuinely bold and curious entrepreneurs.
The company's price is too expensive.
The costs to maintain growth are enormous. I question the company's stated free cash flow. I would almost reckon that Google has little to zero cash available besides that which it receives from "Search," which appropriately serves as an annuity of sorts. However, unlike an annuity, the company must spend excess amounts of money to constantly refresh old products, as well as to procure new products... all in order to maintain advertising turf. The cow makes cash, but the calf gets it all.
If you are looking for a payback on an investment, better to buy a utility or a manufacturer that pays a dividend. The internet companies are all about Ponzinomics.... but they have been good at Ponzinomics.
Also, I'm not hating on Google. Nor am I seeking cash payouts, like dividends.
However, look at Walmart or Wells Fargo, companies that make cash and have very low development costs. Banking is certainly competitive and risky, but WFC, for example, doesn't need to blow all its cash each month just to stay alive.