One of the more popular measures of stock market value, the forward price/earnings (P/E) multiple, is so high that one closely-followed economist warned that buying stocks now would be like “picking up nickels in front of a steam roller.”

Indeed, while stock prices (P) have surged, analysts’ published forecasts for earnings (E) have gone sideways.

But that is far from the whole story.

One narrative that’s been flying under the radar is how Donald Trump’s election is impacting the analysts’ forecasts for earnings. Keep in mind, the “E” in forward P/Es are 12-month forecasts for earnings. While most strategists agree that Trump’s proposals — should they be enacted — would be a big net positive for earnings, few have actually tweaked their earnings outlooks.

“The ‘P’ is up but the ‘E’ is effectively stale,” RBC Jonathan Golub said to Yahoo Finance. “[We have] a market that has a P/E lower than the stated number and an E that’s lower than the stated number.”

In other words, this forward P/E measure that has people freaked out is actually a bit of a mirage.

A similar phenomenon is occurring among economic forecasters who are calling for lackluster US GDP growth.

“The consensus essentially sees growth running in place at 2.2%, which is about how the US economy has fared since the end of the recession,” Renaissance Macro’s Neil Dutta said. “This is particularly conservative considering that data has generally been surprising on the upside over the last six months with GDP typically tracking above 2.5%. That is higher than the highest primary dealer estimate on Wall Street for 2017 – 2.4%. Nowcasts of economic activity suggest growth remains strong into the New Year. Thus, we see more room for upward revisions to the consensus.”

So, what gives?

“Analysts tend to be cautious in adjusting estimates following breaking news, acting only after ascertaining company-specific impacts,” Golub said. “Investors, by contrast, are quicker to respond to incomplete information.”

In other words, Golub is saying that investors are already pricing in the expectations for better earnings growth, which is driving up the “P.” Meanwhile, most analysts have yet to pull the trigger on their post-Election updated forecasts for earnings.

“This timing difference creates the false impression that valuations are stretched, and should correct as analysts catch up to the market,” Golub said.

So then, what’s taking so long?

Belski attributes this issues within the business of forecasting where, as he says, “analysts are almost always wrong.”

“We are so afraid of being wrong that we don’t wanna be right,” Belski said, speaking to the issue of career risk. This message is echoed in a recent Wall Street Journal story aptly titled, “Wall Street Strategists Feel Better Together in 2017.”