If the goose is likely to live for significantly longer than 20 years and has potential to lay $15 or $20 in the future then yes I'd probably buy that goose for

If the goose is likely to live for significantly longer than 20 years and has potential to lay $15 or $20 in the future then yes I'd probably buy that goose for $250. Of course there's risk with it (eg. Google might significantly lose business to competitors) but that's why you diversify. A PE of 20 for a mature company like Google isn't crazy. Even Coca Cola has a high PE at 28.