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Upcoming third-quarter reports and fourth-quarter business outlooks will solidify the stock gains of the last seven months, setting the stage for sharp valuation expansion in 2010.
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Additionally, I suspect Harry's has to work carefully to avoid infringing on patents, but their success of late has certainly given the big guys a bit of a market-share haircut while earning sharp valuations.
In China, Jiang Chao, a strategist at Haitong Securities, predicted that China's central bank would cut interest rates further, which would make stocks attractive again, given the sharp drop in valuations during the recent crash.
Morale was also hurt by budget cuts and by the sharp drop in the valuation of AOL Time Warner stock.
"The sharp increase in equity valuation appears to have been an important factor behind an apparently developing imbalance," Mr. Greenspan said.
That round of investments was itself a sharp rise from the $1 billion valuation assigned to Twitter in a fund-raising round in September 2009.
The first is through the national impact of the sharp decline in stock market valuations, and the attendant collapse in realized capital gains.
Despite the sharp rise in underlying stock valuations, many of these portfolios still have a reasonably modest price-to-earnings ratio around 20, according to fund tracking firm Morningstar.
But by late January, fears of rising interest rates, combined with the sharp rise in small-cap valuations, led to a stall and then a selloff once the March employment report made it clear that a rate hike was definitely coming.
At the same time, sharp movements in a currency's valuation often trigger money market fears.
That's a sharp decline from its last private valuation of around $2.4 billion.
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