> My point was: if you buy Google stock, you're paying Google multiples on top of venture investments' multiples. That's exponentially costlier.

Google's venture investments are negligible compared to Google's overall enterprise value. I doubt they are a real factor in the stock price and in fact, it's possible that you're getting exposure to the venture arm for free.

> The venture investments made by Google have the same liquidity constraints...

You're missing the point. When you invest in Google, you can exit your position at any time.

> ...and you could argue Google's SG&A are much more expensive than 2% management fee (not sure about the performance fees, though).

Google's overhead is associated with a business that generated more than $65 billion in revenue last year. The management fees paid to your friendly neighborhood VC are not.