Just goes to show that the most important financial statement is...

Just goes to show that the most important financial statement is the statement of cashflows. If you're paying out dividends by borrowing funds you don't have a right to pay anything out at all.

I'm surprised that so much emphasis is still placed on P/E - I have always used P/Free Cash Flow (P/FCF) or a discounted cashflow (DCF) method instead. You would think that the last crash proved that the E in P/E can be whatever you want it to be... or have investors already forgotten that?