But on a relative basis, the Taurus has been gaining.

If rates fall, moreover, stocks become more attractive on a relative basis to bonds.

That probably explains why we've done better on a relative basis.

"We went through a hard year in the bear market when they were cheap on a relative basis," he said.

It has to do with guys at the high end are making too much money on a relative basis.

"They're saying, we think this is fair value, at least on a relative basis."

In the process, Gerber's stock performance has also lagged on a relative basis.

All this means that Italy, on a relative basis, is becoming poorer.

Performance, on the other hand, can definitely be measured on a relative basis.

"The numbers could show us looking pretty good on a relative basis," Mr. Johnson said.