In particular, I mentioned that the absolute valuation of emerging markets versus its own history looked cheap and the discount on forward earnings valuations had widened out between the developed world and the emerging world, and that both of those provided a really powerful valuation argument.

FORBES: Time To Get Pickier With Emerging Market Stocks

The real way to determine if a stock is cheap or expensive is not on the absolute amount of the stock price, but on its valuation.

FORBES: Confidence in Apple's Cash Management