>Profits have never been higher all along the board. Everyone in the chain is "passing the cost on" and also taking a little extra cut. This feels correct, but

>Profits have never been higher all along the board. Everyone in the chain is "passing the cost on" and also taking a little extra cut. This feels correct, but if that were the case, if companies are generating record profits, why aren't we seeing that reflected in stock prices? At the very least, why isn't price / earning ratios cratering?