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The key question in today's market, of course, is what constitutes excessive valuation.
"What you're seeing is a resolution of excessive valuation in the market.
"You saw excessive valuations in some areas like solar."
"That prolonged decline initially reflected excessive valuations for these funds."
Those who spoke of excessive valuations a year ago have been largely discredited by the market's continued advance.
It is often clerical errors made in compiling these field cards that lead to an excessive valuation in the first place.
Proving once again that the market's leadership can change on a dime, investors last week began to realize that excessive valuations in stocks posed more risk than they could comfortably accept.
The unsought weight of excessive valuation has hung heavy around his neck ever since his move, restricting him to three goals in a year, anchoring him to the turf in every game he plays.
After 20 years of generating superlative investment returns by buying stocks that were undervalued and selling short those that carried excessive valuations, Mr. Robertson, 67, confirmed yesterday that he was shutting Tiger's operations.
Mr. Richardson, whose fund outperformed the S.& P. 500 for the one-, three- and five-year periods through the end of the first quarter, said indexing had another weakness besides excessive valuation: lack of diversification.
Donald Fine, chief market analyst at Chase Asset Management, said that market psychology had clearly changed since Alan Greenspan, the Fed chairman, rattled traders by asking if stock prices had reached excessive valuations.
Now, with the prices of almost all these former highfliers in the cellar and the overall stock market deep in bear market territory, investors are seeing how wrong they were to ignore excessive valuation levels and to buy stocks based on ephemera like "engaged shoppers" or so-called pro forma results.