PREA recently released the results of its first quarter Consensus Forecast Survey, which asked respondents about their views on real estate
asset returns over the next few years.
Not exact matches
It's no secret that the venture capital industry, as an
asset class, has seen spectacularly mediocre
returns over the last 10 years or so.
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.
Furthermore, a government crackdown on corruption late in 2017 that saw numerous Saudi business people, including notable royals, detained and imprisoned (infamously, in the Riyadh Ritz Carlton hotel) and
assets handed
over to the authorities in
return for freedom could also spook investors.
Traditionally, most elect the target - date investment fund, which is a mutual fund that will
return your various
assets (stocks, bonds, and cash) at a fixed retirement date — depending on how well the market performs
over time.
Over the past few years, public pensions including California Public Employee's Retirement System (CalPERs) and California State Teacher's Retirement System (Calstrs)-- the largest in the country by
assets — have posting mediocre
returns due to low interest rates and growing retirement obligations.
On Monday, the fund said its portfolio
return was 5.1 percent per annum in U.S. dollar nominal terms
over the five years to March 31, 2017, helped by the run - up in global financial
assets, versus 3.7 percent a year ago.
Actual results, including with respect to our targets and prospects, could differ materially due to a number of factors, including the risk that we may not obtain sufficient orders to achieve our targeted revenues; price competition in key markets; the risk that we or our channel partners are not able to develop and expand customer bases and accurately anticipate demand from end customers, which can result in increased inventory and reduced orders as we experience wide fluctuations in supply and demand; the risk that our commercial Lighting Products results will continue to suffer if new issues arise regarding issues related to product quality for this business; the risk that we may experience production difficulties that preclude us from shipping sufficient quantities to meet customer orders or that result in higher production costs and lower margins; our ability to lower costs; the risk that our results will suffer if we are unable to balance fluctuations in customer demand and capacity, including bringing on additional capacity on a timely basis to meet customer demand; the risk that longer manufacturing lead times may cause customers to fulfill their orders with a competitor's products instead; the risk that the economic and political uncertainty caused by the proposed tariffs by the United States on Chinese goods, and any corresponding Chinese tariffs in response, may negatively impact demand for our products; product mix; risks associated with the ramp - up of production of our new products, and our entry into new business channels different from those in which we have historically operated; the risk that customers do not maintain their favorable perception of our brand and products, resulting in lower demand for our products; the risk that our products fail to perform or fail to meet customer requirements or expectations, resulting in significant additional costs, including costs associated with warranty
returns or the potential recall of our products; ongoing uncertainty in global economic conditions, infrastructure development or customer demand that could negatively affect product demand, collectability of receivables and other related matters as consumers and businesses may defer purchases or payments, or default on payments; risks resulting from the concentration of our business among few customers, including the risk that customers may reduce or cancel orders or fail to honor purchase commitments; the risk that we are not able to enter into acceptable contractual arrangements with the significant customers of the acquired Infineon RF Power business or otherwise not fully realize anticipated benefits of the transaction; the risk that retail customers may alter promotional pricing, increase promotion of a competitor's products
over our products or reduce their inventory levels, all of which could negatively affect product demand; the risk that our investments may experience periods of significant stock price volatility causing us to recognize fair value losses on our investment; the risk posed by managing an increasingly complex supply chain that has the ability to supply a sufficient quantity of raw materials, subsystems and finished products with the required specifications and quality; the risk we may be required to record a significant charge to earnings if our goodwill or amortizable
assets become impaired; risks relating to confidential information theft or misuse, including through cyber-attacks or cyber intrusion; our ability to complete development and commercialization of products under development, such as our pipeline of Wolfspeed products, improved LED chips, LED components, and LED lighting products risks related to our multi-year warranty periods for LED lighting products; risks associated with acquisitions, divestitures, joint ventures or investments generally; the rapid development of new technology and competing products that may impair demand or render our products obsolete; the potential lack of customer acceptance for our products; risks associated with ongoing litigation; and other factors discussed in our filings with the Securities and Exchange Commission (SEC), including our report on Form 10 - K for the fiscal year ended June 25, 2017, and subsequent reports filed with the SEC.
And Elliott, whose 13.4 % annual rate of
return over its four - decade history is unmatched among hedge funds, has also outperformed at a time when that
asset class has woefully lagged the market.
While this is below the average
returns of 10 %
over the last 50 years,
asset allocation is a zero - sum game.
«Stocks certainly look more attractive than bonds, but the case for stocks versus other
asset classes is less clear... «So while
returns may compress from the outsized gains we have seen
over the last several years, we remain constructive on equities.
As always, more
return leads to more risk but by spreading out your portfolio
over a number of different
assets you can continue to decrease your risk of holding only one type of investment.
By investing in a diverse pool of
assets, it should collectively lower your risk yet stabilize your
returns over the long term.
Over the next seven years, shareholders enjoyed a 500 %
return as the firm grew its market cap from $ 700 million to $ 10 billion, and client
assets reached $ 280 billion.
Hamblin Watsa emphasizes a conservative value investment philosophy, seeking to invest
assets on a total
return basis, which includes realized and unrealized gains
over the long - term.
Fairfax seeks to differentiate itself by combining disciplined underwriting with the investment of its
assets on a total
return basis, which Fairfax believes provides above - average
returns over the long - term.
There is strong reason to expect the S&P 500 to underperform the 2.4 % total
return available on Treasury debt
over the coming decade, though both
asset classes are so richly valued that substantial volatility and interim losses should be expected in both.
HCI believes farmland is a real
return asset class as it has historically been effective in protecting capital from inflation while generating an attractive income stream that grows
over time.
The first is that active management is important for delivering above - market
returns in this environment; the ability and agility to alter a portfolio's
asset allocation mix
over time can deliver significant benefits.
Over the long run we expect
returns to be positive and reflect rising marginal costs for these supply - constrained
assets as demographics inexorably increase their demand.
PIMCO plans to introduce an ETF clone of Total
Return Fund, which holds
over $ 250 billion in
assets.
Pimco Total
Return Fund holds
over $ 240 billion in
assets and is piloted by noted bond fund manager, Bill Gross.
The Strategic Total
Return Fund currently carries a duration of about 2 years, primarily in U.S. Treasury securities, with just
over 15 % of
assets allocated to foreign currencies.
The Strategic Total
Return Fund currently has an overall duration slightly
over 3 years, primarily in straight Treasuries, with a small 1 % exposure to precious metals shares and about 4 % of
assets in utility shares.
We believe the venture
asset class will produce outsized
returns over the next 5 - 10 years.
From record - breaking stock market
returns to falling unemployment, the U.S. has no shortage of positive economic indicators, and the majority of investors say they feel confident about achieving both their short - and long - term goals, according to the latest «Morgan Stanley Investor Pulse Poll,» which surveyed more than 1,200 investors age 25 to 75 with
over $ 100,000 in
assets.
Equities are essentially 50 - year duration investments at current valuations, and even if investors are passive and don't hold any view about future market
returns at all, one of the basic principles of financial planning is to align the duration of ones
assets with the expected horizon
over which the funds are expected to be spent.
«
Over the last few months, sentiment about fixed income has flipped dramatically: from a favored investment destination that is deemed to benefit from exceptional support from central banks, to an
asset class experiencing large outflows, negative
returns and reduced standing as an anchor of a well - diversified
asset allocation.»
In our view, the current market environment begs for investors to honestly assess their tolerance for loss, to align the duration of their investment portfolio with the horizon
over which they expect to spend their
assets; to consider their tolerance for missing
returns should even this obscenely overvalued market continue to advance for a while; to understand historical precedents; to consider whether they care about such precedents; and to decide the extent to which they truly believe this time is different.
Do value strategy
returns vary exploitably
over time and across
asset classes?
Monthly inverse volatility weights derive from actual daily
asset return volatilities
over the past 90 trading days.
Using weekly
returns for these
assets, and for SPDR S&P 500 (SPY),
over the available sample period of May 2006 (limited by GDX) through October 2017, we find that:
Equity hedge fund
returns have been disappointing
over the last 14 years An exposure analysis shows no structural factor exposure, but frequent factor rotation Multi-factor long - short products are an interesting alternative, depending on the fee level INTRODUCTION Hedge fund
assets reached an
Monthly risk parity weights derive from actual daily
asset return volatilities and correlations
over the past 90 trading days.
Using monthly net - of - fee
return and
assets under management data for a large sample of hedge funds
over the period 1980 - 2006, they conclude that: Keep Reading
«Recent
returns over the last several years have outpaced underlying fundamentals across nearly all
asset classes»
Over the past couple of years, speculators have also used short sales of gold to obtain low cost funds to invest in other
assets — for example, by shorting gold (borrowing it and selling it in the spot market), market participants have been able to obtain US dollars at between 1 and 2 per cent, well below the rate of
return available on US
assets.
«Leaving the question of price aside, the best business to own is one that
over an extended period can employ large amounts of free — other peoples money — in highly productive
assets so that
return on owners capital becomes exceptional.»
After providing double - digit
returns for many years, REITs are now well off the previous highs and trade at an estimated 15 % discount to net
asset value (Source: TD Securities) and yielding an average of 7 %, a spread of 2.75 %
over 10 - year bonds.
The Strategic Total
Return Fund moved the bulk of its
assets from short - term Treasury securities to Treasury inflation protected securities as real yields on these securities surged well
over 3 %.
Average holding periods of stock in mutual funds is under 11 months and the SPY turns
over its
assets once a week (investment periods which are too short for fundamental oriented investment
returns to manifest themselves).
And we see earnings and dividend growth offsetting a modest
return drag from multiple contraction
over the medium term, making equities attractive relative to other
asset classes.
The most popular basket commodities fund, the PowerShares DB Commodity Index Tracking Fund (NYSEArca: DBC), has
over $ 7 billion in
assets under management — more than three times the
assets of the iPath Dow Jones - UBS Commodity Total
Return ETN (NYSEArca: DJP) and nearly six times the
assets of the iShares S&P GSCI Commodity - Indexed Trust (NYSEArca: GSG).
My average gross savings rate exceeded 50 % for 9 years and the end result is: — 61 % of my wealth has come from saving; and — 39 % from investment
return on a balanced low expense low tax portfolio of
assets which has achieved a CAGR of 6.9 %
over that period.
The
return that an
asset achieves
over a certain period of time.
There are no rules because
asset price moves carry on for unpredictable amounts of time, even if they do tend to
return to the mean
over the long term.
Reflecting on this financial year just past, it may be helpful to look at the
returns of the major
asset classes
over this year and then for the last 20.
One factor supporting the Australian dollar
over the past couple of years has been that interest rates right across the yield curve in Australia, and perceived
returns on other
assets, have been higher than those in a number of other countries, particularly those which experienced a recession and a collapse of share prices in the early part of this decade.
As a factual matter, on average, the universe of risk
assets has become more expensive
over time, and implied future
returns have come down.
Companies are cutting capital expenditure and focusing on core
assets with fast
returns, which will lead to slower production growth
over the medium term.