As everyone debates whether the US stock market is in another secular bull — near an all time
high valuation level — there is one developing in Japan right before our eyes
at more than reasonable
valuations that almost no one believes is
possible.
On the margin point, the trial Judge made the observation that most claimants seemed to contend that all
valuations were «standard»; clear reference to the analysis of the authorities on the issue set out by Mr Justice Coulson in K / S Lincoln v CB Richard Ellis and the tendency for those bringing claims to argue for the lowest
possible margin; but accepted that this
valuation was in the exceptional category but
at the lower end of such — a firm steer that in the right case a
higher margin would be achievable.