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Valuation is in the eye of the beholder

Equity valuations always appear stretched during crises and whether something is cheap or expensive is usually relative to historical prices

JUST because equities have rebounded strongly in the face of poor coincident economic data does not mean it is expensive and should be avoided at this juncture. Global equity markets have been on a tear lately. Their meteoric rise from March lows has prompted many calls for a downward turn in...

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