As chart 3 shows, Wall Street got back to an average valuation by the March lows, but never looked particularly cheap by historical standards.

如表3所示，华尔街在3月低点时回到平均估值区，但从历史标准来看，从来就没有进入低估区间。

youdao

But this does put investors in control.The headline valuation number matters much less than some of the term's details, specifically the liquidation preference.

但这确实使得投资者获得了控制权，因此重要的估值数字，其重要性远低于一些条款细则，特别是清算优先权。

youdao

The current valuation is completely irrational, but as Keynes so correctly noted, the market can stay irrational longer than you can remain solvent.

微软当前的估值完全是非理性的，但正如凯恩斯(Keynes)所言，在市场回归理性之前，你很可能已经破产了。

youdao

But valuation concerns mightn't prove a deterrent as investors chase distributions and growth that have yielded far more than other investment options.

WSJ: Rise of Energy Master Limited Partnerships Has Some Concerned

What we find when we break up the various factors to examine them individually is that growth matters for stocks, but that its main effect is not in the total valuation of stocks, but in their valuation relative to bonds.

FORBES: The Stock Markets Are Forecasting Economic Stagnation, Not Recovery

Perella reached a conclusion but its valuation has not been made public.

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