"Google's P/E is ridiculous" - really? Google's P/E is around 25 which I think is reasonable for a company that a) has been growing earnings on average 20% per

"Google's P/E is ridiculous" - really? Google's P/E is around 25 which I think is reasonable for a company that a) has been growing earnings on average 20% per year for the last 3 years; and b) Is sitting on a big pile of cash worth about 15% of its market value. (Disclosure: I own google shares)