问题如下：
1. Based on Pinho’s directive and the data from the last four quarters presented in Exhibit 1, the valuation metric that Silveira should use is the:
选项：
A. price-to-earnings ratio (P/E).
B. production-to-demand ratio (P/D).
C. earnings-to-price ratio (E/P).
解释：
C is correct. The E/P based on trailing earnings would offer the most meaningful ranking of the shares. Using E/P places Gesticular’s negative EPS in the numerator rather than the denominator, leading to a more meaningful ranking
既然earning为负P/E没有意义，为什么E/P就有意义了？意义是什么？
