«Clinically, these results indicate that neuropathic symptoms are very common in knee OA and that neuropathic processes — such
as changes in conditioned modulation — predict who will respond to a common treatment for knee OA,» said Ajay D. Wasan, MD, MSc, the principal investigator, vice chair for Pain Medicine at UPMC, and a visiting professor at the University of Pittsburgh in Pennsylvania.
Not exact matches
Important factors that could cause actual results to differ materially from those reflected
in such forward - looking statements and that should be considered
in evaluating our outlook include, but are not limited to, the following: 1) our ability to continue to grow our business and execute our growth strategy, including the timing, execution, and profitability of new and maturing programs; 2) our ability to perform our obligations under our new and maturing commercial, business aircraft, and military development programs, and the related recurring production; 3) our ability to accurately estimate and manage performance, cost, and revenue under our contracts, including our ability to achieve certain cost reductions with respect to the B787 program; 4) margin pressures and the potential for additional forward losses on new and maturing programs; 5) our ability to accommodate, and the cost of accommodating, announced increases
in the build rates of certain aircraft; 6) the effect on aircraft demand and build rates of
changing customer preferences for business aircraft, including the effect of global economic
conditions on the business aircraft market and expanding conflicts or political unrest
in the Middle East or Asia; 7) customer cancellations or deferrals
as a result of global economic uncertainty or otherwise; 8) the effect of economic
conditions in the industries and markets
in which we operate
in the U.S. and globally and any
changes therein, including fluctuations
in foreign currency exchange rates; 9) the success and timely execution of key milestones such
as the receipt of necessary regulatory approvals, including our ability to obtain
in a timely fashion any required regulatory or other third party approvals for the consummation of our announced acquisition of Asco, and customer adherence to their announced schedules; 10) our ability to successfully negotiate, or re-negotiate, future pricing under our supply agreements with Boeing and our other customers; 11) our ability to enter into profitable supply arrangements with additional customers; 12) the ability of all parties to satisfy their performance requirements under existing supply contracts with our two major customers, Boeing and Airbus, and other customers, and the risk of nonpayment by such customers; 13) any adverse impact on Boeing's and Airbus» production of aircraft resulting from cancellations, deferrals, or reduced orders by their customers or from labor disputes, domestic or international hostilities, or acts of terrorism; 14) any adverse impact on the demand for air travel or our operations from the outbreak of diseases or epidemic or pandemic outbreaks; 15) our ability to avoid or recover from cyber-based or other security attacks, information technology failures, or other disruptions; 16) returns on pension plan assets and the impact of future discount rate
changes on pension obligations; 17) our ability to borrow additional funds or refinance debt, including our ability to obtain the debt to finance the purchase price for our announced acquisition of Asco on favorable terms or at all; 18) competition from commercial aerospace original equipment manufacturers and other aerostructures suppliers; 19) the effect of governmental laws, such
as U.S. export control laws and U.S. and foreign anti-bribery laws such
as the Foreign Corrupt Practices Act and the United Kingdom Bribery Act, and environmental laws and agency regulations, both
in the U.S. and abroad; 20) the effect of
changes in tax law, such
as the effect of The Tax Cuts and Jobs Act (the «TCJA») that was enacted on December 22, 2017, and
changes to the interpretations of or guidance related thereto, and the Company's ability to accurately calculate and estimate the effect of such
changes; 21) any reduction
in our credit ratings; 22) our dependence on our suppliers,
as well
as the cost and availability of raw materials and purchased components; 23) our ability to recruit and retain a critical mass of highly - skilled employees and our relationships with the unions representing many of our employees; 24) spending by the U.S. and other governments on defense; 25) the possibility that our cash flows and our credit facility may not be adequate for our additional capital needs or for payment of interest on, and principal of, our indebtedness; 26) our exposure under our revolving credit facility to higher interest payments should interest rates increase substantially; 27) the effectiveness of any interest rate hedging programs; 28) the effectiveness of our internal control over financial reporting; 29) the outcome or impact of ongoing or future litigation, claims, and regulatory actions; 30) exposure to potential product liability and warranty claims; 31) our ability to effectively assess, manage and integrate acquisitions that we pursue, including our ability to successfully integrate the Asco business and generate synergies and other cost savings; 32) our ability to consummate our announced acquisition of Asco
in a timely matter while avoiding any unexpected costs, charges, expenses, adverse
changes to business relationships and other business disruptions for ourselves and Asco
as a result of the acquisition; 33) our ability to continue selling certain receivables through our supplier financing program; 34) the risks of doing business internationally, including fluctuations
in foreign current exchange rates, impositions of tariffs or embargoes, compliance with foreign laws, and domestic and foreign government policies; and 35) our ability to complete the proposed accelerated stock repurchase plan, among other things.
Such statements are based on management's current views and assumptions that could ultimately prove inaccurate and are subject to risk factors such
as (but not limited to)
changes in raw materials prices, currency fluctuations, the pace at which cost - reduction projects are implemented and
changes in general economic and financial
conditions.
Certain matters discussed
in this news release are forward - looking statements that involve a number of risks and uncertainties including, but not limited to, doubts about the Company's ability to continue
as a going concern, the need to obtain additional funding, risks
in product development plans and schedules, rapid technological
change,
changes and delays
in product approval and introduction, customer acceptance of new products, the impact of competitive products and pricing, market acceptance, the lengthy sales cycle, proprietary rights of the Company and its competitors, risk of operations
in Israel, government regulations, dependence on third parties to manufacture products, general economic
conditions and other risk factors detailed
in the Company's filings with the United States Securities and Exchange Commission.
As a group, they believe that, should
conditions cause them to
change their collective mind, there will be enough liquidity
in markets to reposition their portfolios with relative ease and at a relatively low cost.
LONDON, May 2 - The dollar consolidated gains on Friday after hitting a 3 - 1 / 2 month high
in the previous session
as investors waited for the outcome of a U.S. «Despite the moves we have seen
in the dollar
in recent days, financial
conditions haven't really tightened noticeably but that may
change if the rally continues,» said Manuel Oliveri, an FX strategist at Credit...
Actual results and the timing of events could differ materially from those anticipated
in the forward - looking statements due to these risks and uncertainties
as well
as other factors, which include, without limitation: the uncertain timing of, and risks relating to, the executive search process; risks related to the potential failure of eptinezumab to demonstrate safety and efficacy
in clinical testing; Alder's ability to conduct clinical trials and studies of eptinezumab sufficient to achieve a positive completion; the availability of data at the expected times; the clinical, therapeutic and commercial value of eptinezumab; risks and uncertainties related to regulatory application, review and approval processes and Alder's compliance with applicable legal and regulatory requirements; risks and uncertainties relating to the manufacture of eptinezumab; Alder's ability to obtain and protect intellectual property rights, and operate without infringing on the intellectual property rights of others; the uncertain timing and level of expenses associated with Alder's development and commercialization activities; the sufficiency of Alder's capital and other resources; market competition;
changes in economic and business
conditions; and other factors discussed under the caption «Risk Factors»
in Alder's Annual Report on Form 10 - K for the fiscal year ended December 31, 2017, which was filed with the Securities and Exchange Commission (SEC) on February 26, 2018, and is available on the SEC's website at www.sec.gov.
Such risks, uncertainties and other factors include, without limitation: (1) the effect of economic
conditions in the industries and markets
in which United Technologies and Rockwell Collins operate
in the U.S. and globally and any
changes therein, including financial market
conditions, fluctuations
in commodity prices, interest rates and foreign currency exchange rates, levels of end market demand
in construction and
in both the commercial and defense segments of the aerospace industry, levels of air travel, financial
condition of commercial airlines, the impact of weather
conditions and natural disasters and the financial
condition of our customers and suppliers; (2) challenges
in the development, production, delivery, support, performance and realization of the anticipated benefits of advanced technologies and new products and services; (3) the scope, nature, impact or timing of acquisition and divestiture or restructuring activity, including the pending acquisition of Rockwell Collins, including among other things integration of acquired businesses into United Technologies» existing businesses and realization of synergies and opportunities for growth and innovation; (4) future timing and levels of indebtedness, including indebtedness expected to be incurred by United Technologies
in connection with the pending Rockwell Collins acquisition, and capital spending and research and development spending, including
in connection with the pending Rockwell Collins acquisition; (5) future availability of credit and factors that may affect such availability, including credit market
conditions and our capital structure; (6) the timing and scope of future repurchases of United Technologies» common stock, which may be suspended at any time due to various factors, including market
conditions and the level of other investing activities and uses of cash, including
in connection with the proposed acquisition of Rockwell; (7) delays and disruption
in delivery of materials and services from suppliers; (8) company and customer - directed cost reduction efforts and restructuring costs and savings and other consequences thereof; (9) new business and investment opportunities; (10) our ability to realize the intended benefits of organizational
changes; (11) the anticipated benefits of diversification and balance of operations across product lines, regions and industries; (12) the outcome of legal proceedings, investigations and other contingencies; (13) pension plan assumptions and future contributions; (14) the impact of the negotiation of collective bargaining agreements and labor disputes; (15) the effect of
changes in political
conditions in the U.S. and other countries
in which United Technologies and Rockwell Collins operate, including the effect of
changes in U.S. trade policies or the U.K.'s pending withdrawal from the EU, on general market
conditions, global trade policies and currency exchange rates
in the near term and beyond; (16) the effect of
changes in tax (including U.S. tax reform enacted on December 22, 2017, which is commonly referred to
as the Tax Cuts and Jobs Act of 2017), environmental, regulatory (including among other things import / export) and other laws and regulations
in the U.S. and other countries
in which United Technologies and Rockwell Collins operate; (17) the ability of United Technologies and Rockwell Collins to receive the required regulatory approvals (and the risk that such approvals may result
in the imposition of
conditions that could adversely affect the combined company or the expected benefits of the merger) and to satisfy the other
conditions to the closing of the pending acquisition on a timely basis or at all; (18) the occurrence of events that may give rise to a right of one or both of United Technologies or Rockwell Collins to terminate the merger agreement, including
in circumstances that might require Rockwell Collins to pay a termination fee of $ 695 million to United Technologies or $ 50 million of expense reimbursement; (19) negative effects of the announcement or the completion of the merger on the market price of United Technologies» and / or Rockwell Collins» common stock and / or on their respective financial performance; (20) risks related to Rockwell Collins and United Technologies being restricted
in their operation of their businesses while the merger agreement is
in effect; (21) risks relating to the value of the United Technologies» shares to be issued
in connection with the pending Rockwell acquisition, significant merger costs and / or unknown liabilities; (22) risks associated with third party contracts containing consent and / or other provisions that may be triggered by the Rockwell merger agreement; (23) risks associated with merger - related litigation or appraisal proceedings; and (24) the ability of United Technologies and Rockwell Collins, or the combined company, to retain and hire key personnel.
Encourage team members to lay out specifics
in the plan and bring up these details for review and revision
in advance,
as conditions change, rather than waiting.
The experienced traveler is always prepared for sudden
changes in weather
conditions, yet is also committed to traveling
as light
as possible.
«We see every
change in market
conditions as an opportunity to redouble our educational efforts,» said Edward Tilly, Cboe's CEO, on a conference call Friday.
The Business Model Canvas looks beyond those charts and is especially useful because it combines a practical and tangible approach
in covering the various areas and aspects of planning a business but emphasizes the need to iterate
as conditions change.
Important factors that could cause our actual results and financial
condition to differ materially from those indicated
in the forward - looking statements include, among others, the following: our ability to successfully and profitably market our products and services; the acceptance of our products and services by patients and healthcare providers; our ability to meet demand for our products and services; the willingness of health insurance companies and other payers to cover Cologuard and adequately reimburse us for our performance of the Cologuard test; the amount and nature of competition from other cancer screening and diagnostic products and services; the effects of the adoption, modification or repeal of any healthcare reform law, rule, order, interpretation or policy; the effects of
changes in pricing, coverage and reimbursement for our products and services, including without limitation
as a result of the Protecting Access to Medicare Act of 2014; recommendations, guidelines and quality metrics issued by various organizations such
as the U.S. Preventive Services Task Force, the American Cancer Society, and the National Committee for Quality Assurance regarding cancer screening or our products and services; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, licensing and supplier arrangements; our ability to maintain regulatory approvals and comply with applicable regulations; and the other risks and uncertainties described
in the Risk Factors and
in Management's Discussion and Analysis of Financial
Condition and Results of Operations sections of our most recently filed Annual Report on Form 10 - K and our subsequently filed Quarterly Reports on Form 10 - Q.
When our envy is rooted
in things we can not
change about ourselves, such
as a difficult childhood, a traumatic event, or certain health
conditions and disabilities, using envy to motivate self - improvement is more likely to dig us deeper into frustration and self - blame.
For example, the expected timing and likelihood of completion of the proposed merger, including the timing, receipt and terms and
conditions of any required governmental and regulatory approvals of the proposed merger that could reduce anticipated benefits or cause the parties to abandon the transaction, the ability to successfully integrate the businesses, the occurrence of any event,
change or other circumstances that could give rise to the termination of the merger agreement, the possibility that Kraft shareholders may not approve the merger agreement, the risk that the parties may not be able to satisfy the
conditions to the proposed transaction
in a timely manner or at all, risks related to disruption of management time from ongoing business operations due to the proposed transaction, the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of Kraft's common stock, and the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Kraft and Heinz to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers and on their operating results and businesses generally, problems may arise
in successfully integrating the businesses of the companies, which may result
in the combined company not operating
as effectively and efficiently
as expected, the combined company may be unable to achieve cost - cutting synergies or it may take longer than expected to achieve those synergies, and other factors.
During periods of adverse
changes in general economic, industry or competitive
conditions, such
as we experienced
in calendar years 2008 and 2009, some of our vendors may experience serious cash flow issues, reductions
in available credit from banks, factors or other financial institutions, or increases
in the cost of capital.
Real estate investing includes risks such
as declines
in value of real estate,
changing economic
conditions, tax laws or property taxes.
Factors that could cause actual results to differ include general business and economic
conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high - purity silicon; demand for end - use products by consumers and inventory levels of such products
in the supply chain;
changes in demand from significant customers;
changes in demand from major markets such
as Japan, the U.S., India and China;
changes in customer order patterns;
changes in product mix; capacity utilization; level of competition; pricing pressure and declines
in average selling prices; delays
in new product introduction; delays
in utility - scale project approval process; delays
in utility - scale project construction; delays
in the completion of project sales; continued success
in technological innovations and delivery of products with the features customers demand; shortage
in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks
as described
in the Company's SEC filings, including its annual report on Form 20 - F filed on April 27, 2017.
Factors that could cause actual results to differ include general business and economic
conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high - purity silicon; demand for end - use products by consumers and inventory levels of such products
in the supply chain;
changes in demand from significant customers;
changes in demand from major markets such
as Japan, the U.S., India and China;
changes in customer order patterns;
changes in product mix; capacity utilization; level of competition; pricing pressure and declines
in average selling prices; delays
in new product introduction; delays
in utility - scale project approval process; delays
in utility - scale project construction; continued success
in technological innovations and delivery of products with the features customers demand; shortage
in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks
as described
in the Company's SEC filings, including its annual report on Form 20 - F filed on April 20, 2016.
Such risks and uncertainties include, but are not limited to: our ability to achieve our financial, strategic and operational plans or initiatives; our ability to predict and manage medical costs and price effectively and develop and maintain good relationships with physicians, hospitals and other health care providers; the impact of modifications to our operations and processes; our ability to identify potential strategic acquisitions or transactions and realize the expected benefits of such transactions, including with respect to the Merger; the substantial level of government regulation over our business and the potential effects of new laws or regulations or
changes in existing laws or regulations; the outcome of litigation, regulatory audits, investigations, actions and / or guaranty fund assessments; uncertainties surrounding participation
in government - sponsored programs such
as Medicare; the effectiveness and security of our information technology and other business systems; unfavorable industry, economic or political
conditions, including foreign currency movements; acts of war, terrorism, natural disasters or pandemics; our ability to obtain shareholder or regulatory approvals required for the Merger or the requirement to accept
conditions that could reduce the anticipated benefits of the Merger
as a
condition to obtaining regulatory approvals; a longer time than anticipated to consummate the proposed Merger; problems regarding the successful integration of the businesses of Express Scripts and Cigna; unexpected costs regarding the proposed Merger; diversion of management's attention from ongoing business operations and opportunities during the pendency of the Merger; potential litigation associated with the proposed Merger; the ability to retain key personnel; the availability of financing, including relating to the proposed Merger; effects on the businesses
as a result of uncertainty surrounding the proposed Merger;
as well
as more specific risks and uncertainties discussed
in our most recent report on Form 10 - K and subsequent reports on Forms 10 - Q and 8 - K available on the Investor Relations section of www.cigna.com
as well
as on Express Scripts» most recent report on Form 10 - K and subsequent reports on Forms 10 - Q and 8 - K available on the Investor Relations section of www.express-scripts.com.
Factors that could cause actual results to differ include general business and economic
conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high - purity silicon; demand for end - use products by consumers and inventory levels of such products
in the supply chain;
changes in demand from significant customers;
changes in demand from major markets such
as Japan, the U.S., India and China;
changes in customer order patterns;
changes in product mix; capacity utilization; level of competition; pricing pressure and declines
in average selling prices; delays
in new product introduction; delays
in utility - scale project approval process; delays
in utility - scale project construction; cancelation of utility - scale feed -
in - tariff contracts
in Japan; continued success
in technological innovations and delivery of products with the features customers demand; shortage
in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks
as described
in the Company's SEC filings, including its annual report on Form 20 - F filed on April 27, 2017.
All options and restricted shares awarded under our equity plans are also subject to a double - trigger accelerated vesting
condition under the terms of our equity award letters, which provides for an acceleration of the vesting schedule if the associate is terminated without cause or resigns for good reason (
as defined by the applicable equity plan) within the one - year period following a
change in control (
as defined by the applicable equity plan).
We are seeking to require prior consent and approval of any
changes made to the LIBOR or reference benchmark rate
in the final credit agreement
as a
condition of investing.
«They said the decision was made on the eve of a presidential meeting, that the political
conditions had
changed, and there were no longer the
conditions to keep negotiating
as we had been,» Mr. Lopes said
in a conference call with journalists on Wednesday.
The relatively fixed exchange rate remained a weak point
in the monetary control process,
as attempts by the Reserve Bank to
change monetary
conditions were significantly offset by private capital flows.
The BlackRock ® Diversified Income Portfolio is flexible
in nature, meaning the investment managers have the ability to adjust or shift its asset allocation
as market
conditions change in order to find attractive income opportunities with an appropriate amount of risk.
However, an improvement
in market internals would encourage us to give a longer leash to this speculation, and we will align our outlook
as conditions change.
Though the Near - Term Tax Free Fund seeks minimal fluctuations
in share price, it is subject to the risk that the credit quality of a portfolio holding could decline,
as well
as risk related to
changes in the economic
conditions of a state, region or issuer.
With Allocation, you'll be able to determine if your portfolio is
in balance
as market
conditions change.
Sales of high - end and luxury consumer products, such
as our performance electric vehicles, depend
in part on discretionary consumer spending and are even more exposed to adverse
changes in general economic
conditions.
BlackBerry's ability to manage inventory and asset risk; BlackBerry's reliance on suppliers of functional components for its products and risks relating to its supply chain; BlackBerry's ability to obtain rights to use software or components supplied by third parties; BlackBerry's ability to successfully maintain and enhance its brand; risks related to government regulations, including regulations relating to encryption technology; BlackBerry's ability to continue to adapt to recent board and management
changes and headcount reductions; reliance on strategic alliances with third - party network infrastructure developers, software platform vendors and service platform vendors; BlackBerry's reliance on third - party manufacturers; potential defects and vulnerabilities
in BlackBerry's products; risks related to litigation, including litigation claims arising from BlackBerry's practice of providing forward - looking guidance; potential charges relating to the impairment of intangible assets recorded on BlackBerry's balance sheet; risks
as a result of actions of activist shareholders; government regulation of wireless spectrum and radio frequencies; risks related to economic and geopolitical
conditions; risks associated with acquisitions; foreign exchange risks; and difficulties
in forecasting BlackBerry's financial results given the rapid technological
changes, evolving industry standards, intense competition and short product life cycles that characterize the wireless communications industry, and the company's previously disclosed review of strategic alternatives.
Many factors could cause BlackBerry's actual results, performance or achievements to differ materially from those expressed or implied by the forward - looking statements, including, without limitation: BlackBerry's ability to enhance its current products and services, or develop new products and services
in a timely manner or at competitive prices, including risks related to new product introductions; risks related to BlackBerry's ability to mitigate the impact of the anticipated decline
in BlackBerry's infrastructure access fees on its consolidated revenue by developing an integrated services and software offering; intense competition, rapid
change and significant strategic alliances within BlackBerry's industry; BlackBerry's reliance on carrier partners and distributors; risks associated with BlackBerry's foreign operations, including risks related to recent political and economic developments
in Venezuela and the impact of foreign currency restrictions; risks relating to network disruptions and other business interruptions, including costs, potential liabilities, lost revenues and reputational damage associated with service interruptions; risks related to BlackBerry's ability to implement and to realize the anticipated benefits of its CORE program; BlackBerry's ability to maintain or increase its cash balance; security risks; BlackBerry's ability to attract and retain key personnel; risks related to intellectual property rights; BlackBerry's ability to expand and manage BlackBerry ® World ™; risks related to the collection, storage, transmission, use and disclosure of confidential and personal information; BlackBerry's ability to manage inventory and asset risk; BlackBerry's reliance on suppliers of functional components for its products and risks relating to its supply chain; BlackBerry's ability to obtain rights to use software or components supplied by third parties; BlackBerry's ability to successfully maintain and enhance its brand; risks related to government regulations, including regulations relating to encryption technology; BlackBerry's ability to continue to adapt to recent board and management
changes and headcount reductions; reliance on strategic alliances with third - party network infrastructure developers, software platform vendors and service platform vendors; BlackBerry's reliance on third - party manufacturers; potential defects and vulnerabilities
in BlackBerry's products; risks related to litigation, including litigation claims arising from BlackBerry's practice of providing forward - looking guidance; potential charges relating to the impairment of intangible assets recorded on BlackBerry's balance sheet; risks
as a result of actions of activist shareholders; government regulation of wireless spectrum and radio frequencies; risks related to economic and geopolitical
conditions; risks associated with acquisitions; foreign exchange risks; and difficulties
in forecasting BlackBerry's financial results given the rapid technological
changes, evolving industry standards, intense competition and short product life cycles that characterize the wireless communications industry.
In the next day's briefing, Sanders added
conditions to the meeting — North Korea had to take concrete steps toward denuclearization — acting
as though nothing had
changed from the day before.
Rates provided by J.G. Wentworth Home Lending, LLC NLMS # 2925 (www.nmlsconsumeraccess.org); Equal Housing Lender; Programs, rates, terms, and
conditions are accurate
as of the stated date
in the mortgage table, and are subject to
change without notice.
We intend the discussion of our financial
condition and results of operations that follows to provide information that will assist
in understanding our Combined and Condensed Combined Financial Statements, the
changes in certain key items
in those financial statements from period to period, and the primary factors that accounted for those
changes,
as well
as how certain accounting principles, policies and estimates affect our Combined and Condensed Combined Financial Statements.
The additional factors considered when determining any
changes in fair value between the most recent valuation report and the grant dates included, when available, the prices paid
in recent transactions involving our equity securities,
as well
as our operating and financial performance, current industry
conditions and the market performance of comparable publicly traded companies.
Forward - looking statements are based on estimates and assumptions made by BlackBerry
in light of its experience and its perception of historical trends, current
conditions and expected future developments,
as well
as other factors that BlackBerry believes are appropriate
in the circumstances, including but not limited to the launch timing and success of products based on the BlackBerry 10 platform, general economic
conditions, product pricing levels and competitive intensity, supply constraints, BlackBerry's expectations regarding its business, strategy, opportunities and prospects, including its ability to implement meaningful
changes to address its business challenges, and BlackBerry's expectations regarding the cash flow generation of its business.
With respect to certain stock awards, the performance
conditions restrict exercisability or settlement until certain liquidity events occur, such
as a qualifying initial public offering (IPO) or
change in control.
The trend can be seen
in both the supply of and demand for market - making services, and reflects both post-crisis cyclical
conditions (such
as diminished bank risk appetite and strong bond issuance) and structural
changes in the markets themselves (such
as tighter risk management or regulatory constraints).
In fact, we think there are four major factors that will influence interest rates around the world: changing demographic trends, innovations in technology and energy, financial conditions as related to leverage, liquidity and cash flow, and monetary polic
In fact, we think there are four major factors that will influence interest rates around the world:
changing demographic trends, innovations
in technology and energy, financial conditions as related to leverage, liquidity and cash flow, and monetary polic
in technology and energy, financial
conditions as related to leverage, liquidity and cash flow, and monetary policy.
Economy - wide demand
conditions,
as well
as changes in the international price environment, are important forces underlying the shift
in inflation.
Any opinions, recommendations, and assumptions included
in this presentation are based upon current market
conditions, reflect our judgment
as of the date of this presentation, and are subject to
change.
VANCOUVER — The Real Estate Board of Greater Vancouver says market
conditions in the city are
changing as sales
in April fell to a 17 - year low for the month.
Guy Spier has made a similar point by suggesting that investors should use an «inflight» checklist
in addition to a «preflight» checklist to make sure you focus on both the initial
conditions,
as well
as how the situation may be
changing.
Overall,
as the statements after the past five Board meetings have made clear, the sequence of
changes to the cash rate, other adjustments by lenders
in response to the rise
in term funding costs since mid 2007 and tighter credit standards have combined to produce financial
conditions that are tight.
Others have said it's not
as important to include, because
conditions are always
changing in the marketplace and
in the energy business.
We caution you that these statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including volatility
in the economy and the credit markets, supply and demand
changes for vacation ownership and residential products, competitive
conditions; the availability of capital to finance growth, and other matters referred to under the heading «Risk Factors» contained
in the Information Statement filed
as an exhibit to our Annual Report on Form 10 - K for the year ended December 30, 2011 filed with the U.S. Securities and Exchange Commission (the «SEC») and
in subsequent SEC filings, any of which could cause actual results to differ materially from those expressed
in or implied
in this presentation.
As seen in prior cycles, changes in short - term interest rates alone had yielded little effect on financial conditions, as buoyant risk sentiment strengthened equities, corporate bonds, as well as various forms of «esoteric» investment
As seen
in prior cycles,
changes in short - term interest rates alone had yielded little effect on financial
conditions,
as buoyant risk sentiment strengthened equities, corporate bonds, as well as various forms of «esoteric» investment
as buoyant risk sentiment strengthened equities, corporate bonds,
as well as various forms of «esoteric» investment
as well
as various forms of «esoteric» investment
as various forms of «esoteric» investments.
Financials are likely to benefit
as rising Bund yields should favor European Banks starting to lift from very oversold
conditions, so much of what has been written about
in the last few days remains key to focus on, and has not
changed.
In Buffett's words, they can «adapt to
changing conditions as they go along.»