S&P 500 company P/E ratios range from something like 2 to 500+, not counting the NaNs. You're right that in the aggregate things aren't particularly crazy, and

S&P 500 company P/E ratios range from something like 2 to 500+, not counting the NaNs. You're right that in the aggregate things aren't particularly crazy, and it's definitely not true that "most stock prices are pure imagination", but there are still a lot of pretty imaginary stock prices (hello, CrowdStrike)!