The 50 stocks in the S&P index that had no earnings or the highest p/e ratio for 2002 are, on average, up 44.3 percent this year. On the other hand, the 50 stocks in the S&P index with the lowest p/e ratios have climbed, on average, just 9.5 percent. Irrational Exuberance is once again leading this market as investors are “just buying stocks for the desire of it and the FEAR of missing an opportunity.”
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