P/Es are a little confusing... earnings by that metric really means net income or earnings per share. In other words their liabilities and costs figure into "e

P/Es are a little confusing... earnings by that metric really means net income or earnings per share. In other words their liabilities and costs figure into "earnings". Fred Wilson is using some wonky math there. Using projected earnings their P/E would be easily be calculated at 100+ and possibly much more. They would really have to do something out of this world to have a P/E in the teens. http://www.google.com/finance?q=NASDAQ:ZNGA&fstype=ii http://www.google.com/finance?q=NASDAQ:ZNGA&fstype=ii