Not absolute cheap, just relatively cheap.

不是必然的便宜，只是与便宜相关。

youdao

Yet he is convinced that "by October 10th global equities were cheap on an absolute basis and cheaper than at any time in 20 years."

Grantham承认，他的想法和他们有冲突。但他仍然相信，“到10月10日，全球股价绝对是低廉的，比往后20年的任何时候都要低。”

youdao

Finally, just because stocks look cheap, relative to record-low yielding Treasury bonds, does not make them cheap in any absolute sense.

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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.

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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.

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