So there is, it is clear, a school of investors that thinks such bonds are still cheap.
Atalanta Sosnoff Capital's Martin Sosnoff says oil producers like Occidental are still cheap.
But the stock is still cheap, says Auer, as the company continues to post record sales and earnings results.
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Many stocks are still cheap relative to what PE firms and competitors might pay for them, however, Glass says.
AAPL- was in a league of its own last week, as this super grower is still cheap on most metrics.
The good news for the rest of East Asia is that currencies are still cheap compared with other emerging economies'.
Chris Argent, from the Fire Brigades Union (FBU), said he was not surprised by the rise but it was "still cheap".
ConocoPhillips shares have been on a tear, up 51% in the past year on high oil prices, but are still cheap at seven times trailing earnings.
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And unlike REITs, Murchie says, MLPs are still cheap for the amount of cash they pump out, particularly considering their propensity to increase those payouts over time.
Other solutions are more complex, but still cheap, such as injecting a sugary mixture into a water supply contaminated by hexavalent chromium to make it less toxic and less mobile underground.
For more cautious and disciplined players, retailers are still cheap.
In short, he thinks the stock is still cheap.
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It's still cheap at 15 times expected 2010 earnings, he says, but management has done an excellent job of investing in products with strong recurring revenue such as surgical stapling machines and single-use laparoscopic tools.
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"While we've seen a big rally, Japan started very cheap and still looks cheap, " says Russ Koesterich, global chief strategist at iShares, an exchange-traded-fund provider.
As I said last week, the stock is still very cheap relative to its fair value.
While obviously far from March's lows, stocks (globally) are still very cheap by historical standards.
Some very solid industrial companies are paying decent dividends and still look cheap (see story).
Nevertheless, Exelon is still pretty cheap, trading for 11 times trailing earnings, just below the utility average.
Indeed, adjusting for differences in inflation over time, most Asian currencies still look cheap against the yen.
Although basic goods in China are still relatively cheap, it is costly to lead a middle-class life in China.
China still has cheap labor in its interior, away from its developed coastal cities, and productivity gains could mitigate higher wage costs.
With shale gas still very cheap in North America, Underground Coal Gasification may not make major progress on this continent anytime soon.
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Launching a radio station is a cheaper way of increasing reach than launching a television channel, but it is still not cheap.
Emerging markets equities still look cheap relative to historic price-to-book averages.
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