If a companies Price/Earnings Ratio was 13.2% in 2012 and increased to 15% in 2013, but their price book ratio was 1.9 in 2012 and 0.95 in 2013, it seems like this information is contradicting itself. What does this mean? My understanding is that P/E ratio was what investors thought about the companies future performance and Price/Book Ratio is what investors thought about the companies future prospects.