1.   The existing settlements systems, which involves banks, custodians, registrars, paper share certificates and so on is expensive by international standards.

2.   Although in expensive by Swiss standards, it was elegant, spotless and well- located.

3.   And even though many of the hottest stocks have cooled, most of the former highflyers remain expensive by traditional valuation methods.

4.   And, yes, even after the plunge, many technology stocks remain expensive by historical measures.

5.   A decade ago the dollar was ridiculously expensive by almost any measure, a situation that was great for American tourists and horrible for American exporters.

6.   A year ago, most stocks looked expensive by traditional valuation measures.

7.   But it did not seem too expensive by New York standards.

8.   Companies with consistent earnings gained as investors sought some safer investments amid concern that stocks are expensive by historical valuations.

9.   Higher rates would diminish the value of fixed-rate munis, which are already considered expensive by many investors when compared with taxable securities.

10.   In addition, many stocks remain expensive by historical standards despite their declines this year.