| 1. | Instead, they prefer to base their moves on relative valuations.
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| 2. | Relative valuation should be taken into account, and then modest shifts made.
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| 3. | Lower rates also increase the attractiveness of stock yields on a relative valuation.
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| 4. | I don't accept that relative valuation.
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| 5. | We believe the relative valuation is compelling,
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| 6. | So those relative valuations are historically low.
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| 7. | It may also be used to determine relative valuation of a market as a whole.
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| 8. | _Relative valuation : $ 134.
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| 9. | "We're going to a new relative valuation range, " he said.
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| 10. | So we're able to find companies with superior fundamentals at low relative valuations ."
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