The percentage of S&P 500 stocks with P/E ratios within 20 percent of the index is at a twenty year high, and there is evidence that investors are relying too heavily on benchmarking and ETFs, argues BMO Chief Investment Strategist Brian G. Belski in a recent report. He thinks this gives more active investors an opportunity to incorporate fundamentals into their investment decisions and find deals that other people overlook. S&P 500 stock performance “The year-to-date performance of stocks with the lowest price multiples has dramatically outperformed the overall market,” writes Belski. “As QE has driven stock prices higher, investors…