Maybe they are pricing in the post-COVID re-opening.
A lot of earnings may be expected to bounce back.
Earnings are so artificially low due to lockdown restrictions, that they really don’t reflect the normal P/E valuation.
“pricing in the post-COVID re-opening”
I think there is a LOT of that going on. Plus low interest rates. Plus anticipation of inflation and maybe hyperinflation.
If They are publicly traded they can’t hide any PE. It gets reported on the annual reports. I cringed every time Trump ballyhooed the market because the markets would retaliate. now in hindsight, they need to keep pumping it up. Trumps market was production fed. This market is only media fed.