But he is hardly bullish about the American market, which he contends is richly valued.

Q. So where should people invest in stocks, in this richly valued market?

And with its richly valued shares, it bought smaller equipment companies that were also riding the Internet wave.

But if it's richly valued, it can't.

The distinction is important, for luxury goods companies tend to be valued more richly than high-end retailers.

Real estate, especially the richly valued American housing market, may also suffer if mortgage rates rise, analysts say.

InterActive's stock is not richly valued at all.

ALL last summer, real estate brokers were waiting for the Europeans to show up and snap up some pieds-à-terre with their richly valued euros.

Another reason that investors seem to be broadening their stock search is that a number of richly valued companies have recently announced shortfalls in anticipated earnings growth.

For another, stocks are still richly valued compared with earnings.