Clearly, shares are no longer as cheap as they were at the end of 2008 and the beginning of last year, but I do not think valuations are excessive.

股票价格显然不再像2008年末和去年年初时一样便宜，但我不认为估值过高。

youdao

Excessive and excessively pro-cyclical leverage is clearly dangerous, but was it caused by the new financial instruments and deregulation?

过度的以及过分顺周期的杠杆行为无疑是危险的，不过这是由新的金融工具与放松监管造成的吗？

youdao

This can be seen most clearly in excessive energy consumption and serious environmental pollution.

突出表现在能源消耗高、环境污染重。

youdao

Daily life in Japan is punctuated by mind-boggling encounters with gross inattention to or tolerance of clearly excessive, unnecessary, easily reducible costs that are, in any case, being incurred and must at some point be paid for.

FORBES: Japan's Commercial Launch Industry Needs a "Cost Killer"

Whatever Avigdor Lieberman's drawbacks may be, they clearly don't include excessive worship of the international community's taste for opulent statecraft or a desperate desire to be loved by Europe.

CENTERFORSECURITYPOLICY: Israel's opening to China

But if the Fed was ever really serious about unwinding excessive leverage, the time had clearly arrived.

FORBES: Bernanke: 60 Minutes, 2 Big Lies