Can someone explain Stereo Out Levels?

If you are peaking at the master channel’s stereo out you need to either lower the volume master fader, adjust the levels inside the mix or put an limiter or compressor & limiter in the master’s inserts, as we know.
Lowering the level with the master fader is not such a dramatic thing to to. Due to the technique Nuendo’ audio engine uses, the negative effects are so minimal that I have not yet heard any.

Big K