The semiconductor and equipment industry normally trades at a premium to the market, when measured in terms of the relative valuation of risk-adjusted EVA performance.

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Its valuation of six times debt-adjusted cash flow is a 20% discount to the sector.

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Continental Europe is cheap, with a sector-adjusted price-to-earnings market valuation that is at a 30% discount to the U.S. That, Credit Suisse says, is very close to an all-time low.

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There is no graph of the cyclically adjusted price-earnings ratio, another valuation measure, in its presentation book, although the subject did arise in questions at the conference: David Kostin, a strategist, said Wall Street was slightly above fair value on this measure.

ECONOMIST: Two contrary views on the outlook for markets

Of the three approaches, methods 1 and 3, using currency shares and empirics respectively to adjust for currency valuation effects, result in robust relationships between changes in currency-adjusted FX reserves and the BOP surplus, whereas method 2 using forex purchases as an alternative proxy for adjusted FX reserves is inferior.

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Valuation becomes a matter of ratios of highly formalized GAAP earnings in relation to fluctuating prices adjusted by highly abstract notions of variance and value at risk.

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Finally, we believe Och-Ziff has a strong management team, solid track record of healthy risk-adjusted returns, market share gain opportunities, accelerating fund inflows, and an attractive valuation.

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