You must also be able to switch between funds to derive maximum
benefits of changing market conditions.
Not exact matches
Actual operational and financial results
of SkyWest, SkyWest Airlines and ExpressJet will likely also vary, and may vary materially, from those anticipated, estimated, projected or expected for a number
of other reasons, including, in addition to those identified above: the challenges and costs
of integrating operations and realizing anticipated synergies and other
benefits from the acquisition
of ExpressJet; the challenges
of competing successfully in a highly competitive and rapidly
changing industry; developments associated with fluctuations in the economy and the demand for air travel; the financial stability
of SkyWest's major partners and any potential impact
of their financial condition on the operations
of SkyWest, SkyWest Airlines, or ExpressJet; fluctuations in flight schedules, which are determined by the major partners for whom SkyWest's operating airlines conduct flight operations; variations in
market and economic conditions; significant aircraft lease and debt commitments; residual aircraft values and related impairment charges; labor relations and costs; the impact
of global instability; rapidly fluctuating fuel costs, and potential fuel shortages; the impact
of weather - related or other natural disasters on air travel and airline costs; aircraft deliveries; the ability to attract and retain qualified pilots and other unanticipated factors.
That does have the
benefit of propping up the U.S. stock
market in the near future and enabling the Fed to navigate a soft landing for the U.S. taking into account rapidly
changing global conditions.
These forward - looking statements include, among other things, statements about full - year 2018 guidance, project milestones, increased opportunities in the
market, backlog, bids and
change orders outstanding, target projects and revenue opportunity pipeline, to the extent these may be viewed as indicators
of future revenues or profitability, the expected impacts
of the F2G program and progress toward completing the proposed combination with CB&I and the anticipated
benefits of that transaction.
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.
We can then
change how we
market and sell, as well as how we support customers in ways that help our customer - service team, and also
benefit all
of our customers.
Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic, political, and capital
markets conditions and other factors beyond the Company's control, including natural and other disasters or climate
change affecting the operations
of the Company or its customers and suppliers; (2) the Company's credit ratings and its cost
of capital; (3) competitive conditions and customer preferences; (4) foreign currency exchange rates and fluctuations in those rates; (5) the timing and
market acceptance
of new product offerings; (6) the availability and cost
of purchased components, compounds, raw materials and energy (including oil and natural gas and their derivatives) due to shortages, increased demand or supply interruptions (including those caused by natural and other disasters and other events); (7) the impact
of acquisitions, strategic alliances, divestitures, and other unusual events resulting from portfolio management actions and other evolving business strategies, and possible organizational restructuring; (8) generating fewer productivity improvements than estimated; (9) unanticipated problems or delays with the phased implementation
of a global enterprise resource planning (ERP) system, or security breaches and other disruptions to the Company's information technology infrastructure; (10) financial
market risks that may affect the Company's funding obligations under defined
benefit pension and postretirement plans; and (11) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the Company's Annual Report on Form 10 - K for the year ended Dec. 31, 2017, and any subsequent quarterly reports on Form 10 - Q (the «Reports»).
Though BCE claimed it desperately needed the deal for its Bell Media division to compete in an ever -
changing and increasingly international
market (not to mention to bulk up its presence in Quebec), and altruistically promised to undertake a variety
of tangible
benefits for the greater good
of Canadian society, Blais was having none
of it.
The answer lies in hiring people whose expertise allows them to keep up with the rapid evolution
of online
marketing and implement the necessary
changes for business
benefit.
These risks and uncertainties include: Gilead's ability to achieve its anticipated full year 2018 financial results; Gilead's ability to sustain growth in revenues for its antiviral and other programs; the risk that private and public payers may be reluctant to provide, or continue to provide, coverage or reimbursement for new products, including Vosevi, Yescarta, Epclusa, Harvoni, Genvoya, Odefsey, Descovy, Biktarvy and Vemlidy ®; austerity measures in European countries that may increase the amount
of discount required on Gilead's products; an increase in discounts, chargebacks and rebates due to ongoing contracts and future negotiations with commercial and government payers; a larger than anticipated shift in payer mix to more highly discounted payer segments and geographic regions and decreases in treatment duration; availability
of funding for state AIDS Drug Assistance Programs (ADAPs); continued fluctuations in ADAP purchases driven by federal and state grant cycles which may not mirror patient demand and may cause fluctuations in Gilead's earnings;
market share and price erosion caused by the introduction
of generic versions
of Viread and Truvada, an uncertain global macroeconomic environment; and potential amendments to the Affordable Care Act or other government action that could have the effect
of lowering prices or reducing the number
of insured patients; the possibility
of unfavorable results from clinical trials involving investigational compounds; Gilead's ability to initiate clinical trials in its currently anticipated timeframes; the levels
of inventory held by wholesalers and retailers which may cause fluctuations in Gilead's earnings; Kite's ability to develop and commercialize cell therapies utilizing the zinc finger nuclease technology platform and realize the
benefits of the Sangamo partnership; Gilead's ability to submit new drug applications for new product candidates in the timelines currently anticipated; Gilead's ability to receive regulatory approvals in a timely manner or at all, for new and current products, including Biktarvy; Gilead's ability to successfully commercialize its products, including Biktarvy; the risk that physicians and patients may not see advantages
of these products over other therapies and may therefore be reluctant to prescribe the products; Gilead's ability to successfully develop its hematology / oncology and inflammation / respiratory programs; safety and efficacy data from clinical studies may not warrant further development
of Gilead's product candidates, including GS - 9620 and Yescarta in combination with Pfizer's utomilumab; Gilead's ability to pay dividends or complete its share repurchase program due to
changes in its stock price, corporate or other
market conditions; fluctuations in the foreign exchange rate
of the U.S. dollar that may cause an unfavorable foreign currency exchange impact on Gilead's future revenues and pre-tax earnings; and other risks identified from time to time in Gilead's reports filed with the U.S. Securities and Exchange Commission (the SEC).
These anti-takeover provisions could substantially impede the ability
of public stockholders to
benefit from a
change in control or to
change our management and Board
of Directors and, as a result, may adversely affect the
market price
of our common stock and your ability to realize any potential
change of control premium.
These risks and uncertainties include competition and other economic conditions including fragmentation
of the media landscape and competition from other media alternatives;
changes in advertising demand, circulation levels and audience shares; the Company's ability to develop and grow its online businesses; the Company's reliance on revenue from printing and distributing third - party publications;
changes in newsprint prices; macroeconomic trends and conditions; the Company's ability to adapt to technological
changes; the Company's ability to realize
benefits or synergies from acquisitions or divestitures or to operate its businesses effectively following acquisitions or divestitures; the Company's success in implementing expense mitigation efforts; the Company's reliance on third - party vendors for various services; adverse results from litigation, governmental investigations or tax - related proceedings or audits; the Company's ability to attract and retain employees; the Company's ability to satisfy pension and other postretirement employee
benefit obligations;
changes in accounting standards; the effect
of labor strikes, lockouts and labor negotiations; regulatory and judicial rulings; the Company's indebtedness and ability to comply with debt covenants applicable to its debt facilities; the Company's ability to satisfy future capital and liquidity requirements; the Company's ability to access the credit and capital
markets at the times and in the amounts needed and on acceptable terms; and other events beyond the Company's control that may result in unexpected adverse operating results.
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.
Other characteristics that are shared due to the common methodology include: (1) The estimates encompass both transfers and
changes in society's real resources (the latter being
benefits in the context
of the 2016 RIA but costs in this RIA because gains are forgone); (2) the estimates have a tendency toward overestimation in that they reflect an assumption that the April 2016 Fiduciary Rule will eliminate (rather than just reduce) underperformance associated with the practice
of incentivizing broker recommendations through variable front - end - load sharing; and (3) the estimates have a tendency toward underestimation in that they represented only one negative effect (poor mutual fund selection)
of one source
of conflict (load sharing), in one
market segment (IRA investments in front - load mutual funds).
«Just setting that mix isn't enough: To reap the
benefits of your plan, you need to revisit your investments as the
market moves and your situation
changes.
Even if we don't see outsized price increases in commodities, from a total return perspective, commodity returns will
benefit from a
change to positive roll yields based on the reshaping and structuring
of the fundamental
market in commodities.
Employees work in approximately eight branches
of the OCE, including Sustainable Development, Agricultural Labor Affairs, World Agricultural Outlook Board, Climate
Change Program Office, and the Offices
of the Chief Meteorologist, Environmental
Markets, Energy Policy and New Uses, and Risk Assessment and Cost -
Benefit Analysis.
In their 2015 election platform, the Trudeau Liberals identified a number
of items related to Employment Insurance (EI) that they would
change: reversing the Harper EI reforms defining «suitable work»; reducing the waiting period for EI
benefits; reducing EI premiums; introducing more flexible parental leave; providing better access to compassionate care; and increasing funding for employment and training programs managed by provinces, territories and Aboriginal labour
market organizations.
Important factors that may affect the Company's business and operations and that may cause actual results to differ materially from those in the forward - looking statements include, but are not limited to, increased competition; the Company's ability to maintain, extend and expand its reputation and brand image; the Company's ability to differentiate its products from other brands; the consolidation
of retail customers; the Company's ability to predict, identify and interpret
changes in consumer preferences and demand; the Company's ability to drive revenue growth in its key product categories, increase its
market share, or add products; an impairment
of the carrying value
of goodwill or other indefinite - lived intangible assets; volatility in commodity, energy and other input costs;
changes in the Company's management team or other key personnel; the Company's inability to realize the anticipated
benefits from the Company's cost savings initiatives;
changes in relationships with significant customers and suppliers; execution
of the Company's international expansion strategy;
changes in laws and regulations; legal claims or other regulatory enforcement actions; product recalls or product liability claims; unanticipated business disruptions; failure to successfully integrate the Company; the Company's ability to complete or realize the
benefits from potential and completed acquisitions, alliances, divestitures or joint ventures; economic and political conditions in the nations in which the Company operates; the volatility
of capital
markets; increased pension, labor and people - related expenses; volatility in the
market value
of all or a portion
of the derivatives that the Company uses; exchange rate fluctuations; disruptions in information technology networks and systems; the Company's inability to protect intellectual property rights; impacts
of natural events in the locations in which the Company or its customers, suppliers or regulators operate; the Company's indebtedness and ability to pay such indebtedness; the Company's dividend payments on its Series A Preferred Stock; tax law
changes or interpretations; pricing actions; and other factors.
Factors that could cause actual results to differ materially from those expressed or implied in any forward - looking statements include, but are not limited to:
changes in consumer discretionary spending; our eCommerce platform not producing the anticipated
benefits within the expected time - frame or at all; the streamlining
of the Company's vendor base and execution
of the Company's new merchandising strategy not producing the anticipated
benefits within the expected time - frame or at all; the amount that we invest in strategic transactions and the timing and success
of those investments; the integration
of strategic acquisitions being more difficult, time - consuming, or costly than expected; inventory turn;
changes in the competitive
market and competition amongst retailers;
changes in consumer demand or shopping patterns and our ability to identify new trends and have the right trending products in our stores and on our website;
changes in existing tax, labor and other laws and regulations, including those
changing tax rates and imposing new taxes and surcharges; limitations on the availability
of attractive retail store sites; omni - channel growth; unauthorized disclosure
of sensitive or confidential customer information; risks relating to our private brand offerings and new retail concepts; disruptions with our eCommerce platform, including issues caused by high volumes
of users or transactions, or our information systems; factors affecting our vendors, including supply chain and currency risks; talent needs and the loss
of Edward W. Stack, our Chairman and Chief Executive Officer; developments with sports leagues, professional athletes or sports superstars; weather - related disruptions and seasonality
of our business; and risks associated with being a controlled company.
Important factors that may affect the Company's business and operations and that may cause actual results to differ materially from those in the forward - looking statements include, but are not limited to, operating in a highly competitive industry;
changes in the retail landscape or the loss
of key retail customers; the Company's ability to maintain, extend and expand its reputation and brand image; the impacts
of the Company's international operations; the Company's ability to leverage its brand value; the Company's ability to predict, identify and interpret
changes in consumer preferences and demand; the Company's ability to drive revenue growth in its key product categories, increase its
market share, or add products; an impairment
of the carrying value
of goodwill or other indefinite - lived intangible assets; volatility in commodity, energy and other input costs;
changes in the Company's management team or other key personnel; the Company's ability to realize the anticipated
benefits from its cost savings initiatives;
changes in relationships with significant customers and suppliers; the execution
of the Company's international expansion strategy; tax law
changes or interpretations; legal claims or other regulatory enforcement actions; product recalls or product liability claims; unanticipated business disruptions; the Company's ability to complete or realize the
benefits from potential and completed acquisitions, alliances, divestitures or joint ventures; economic and political conditions in the United States and in various other nations in which we operate; the volatility
of capital
markets; increased pension, labor and people - related expenses; volatility in the
market value
of all or a portion
of the derivatives we use; exchange rate fluctuations; risks associated with information technology and systems, including service interruptions, misappropriation
of data or breaches
of security; the Company's ability to protect intellectual property rights; impacts
of natural events in the locations in which we or the Company's customers, suppliers or regulators operate; the Company's indebtedness and ability to pay such indebtedness; the Company's ownership structure; the impact
of future sales
of its common stock in the public
markets; the Company's ability to continue to pay a regular dividend;
changes in laws and regulations; restatements
of the Company's consolidated financial statements; and other factors.
Important factors that may affect the Company's business and operations and that may cause actual results to differ materially from those in the forward - looking statements include, but are not limited to, increased competition; the Company's ability to maintain, extend and expand its reputation and brand image; the Company's ability to differentiate its products from other brands; the consolidation
of retail customers; the Company's ability to predict, identify and interpret
changes in consumer preferences and demand; the Company's ability to drive revenue growth in its key product categories, increase its
market share or add products; an impairment
of the carrying value
of goodwill or other indefinite - lived intangible assets; volatility in commodity, energy and other input costs;
changes in the Company's management team or other key personnel; the Company's inability to realize the anticipated
benefits from the Company's cost savings initiatives;
changes in relationships with significant customers and suppliers; execution
of the Company's international expansion strategy;
changes in laws and regulations; legal claims or other regulatory enforcement actions; product recalls or product liability claims; unanticipated business disruptions; failure to successfully integrate the business and operations
of the Company in the expected time frame; the Company's ability to complete or realize the
benefits from potential and completed acquisitions, alliances, divestitures or joint ventures; economic and political conditions in the nations in which the Company operates; the volatility
of capital
markets; increased pension, labor and people - related expenses; volatility in the
market value
of all or a portion
of the derivatives that the Company uses; exchange rate fluctuations; risks associated with information technology and systems, including service interruptions, misappropriation
of data or breaches
of security; the Company's inability to protect intellectual property rights; impacts
of natural events in the locations in which the Company or its customers, suppliers or regulators operate; the Company's indebtedness and ability to pay such indebtedness; tax law
changes or interpretations; and other factors.
The economic cost
of changes in behavior due to taxes, government
benefits, monopolies, and other forces that interfere with the otherwise - efficient operation
of a
market economy.
Understanding
Changes in Ontario's Electricity
Markets and Their Effects finds that poor energy policy choices — including Ontario's Green Energy Act — has increased electricity prices for residents, cost tens
of thousands
of manufacturing workers their jobs and produced only minimal health and environmental
benefits.
Using gold stocks to
benefit from a rise in gold prices may be a decent idea if the anticipated price movement is due to a fundamental
change in the gold
market that will cause a sustainable increase in prices, such as the implementation
of quantitative easing programs.
In social policy, the Party is committed to breaking the cycle
of poverty by developing a «living wage» policy that is sufficient to allow workers to support their families; make
changes to the welfare system to encourage people on social assistance to move beyond poverty, such as allowing some
benefits to remain until they are firmly established in the workplace; and reviewing the housing component
of Alberta Works social assistance to bring it in line with the current reality
of the Alberta housing
market.
Canada would experience some dilution
of its
benefits in terms
of preferential access to the CPTPP
markets, but that might be small
change compared to resolving access to the US
market on terms at least equivalent to NAFTA.
or the
benefit of updating a restaurant menu regularly to account for
changes in food prices (a key factor in the success
of skateboarding champ Tony Hawk's
MARKET Restaurant and Bar).
IBWSS promises to help to
change on - trade sector better understand the opportunities and
benefits of bulk and bottled in
market wine and spirits.
Also, systems that are modular and simple in design have the additional
benefit of facilitating the rapid replacement
of component parts when new technologies are developed or when
changes in
market demand make it necessary.
IBWSS UK promises to bring about a
change in the industry by helping the on - premise and off - premise sector better understand the opportunities and
benefits of private label, bulk and bottled in
market wine and spirits.
Those shifting trends first
benefitted cutting edge startups like Honest Tea and Sweet Leaf, and the big tea brands — Nestea, AriZona, Snapple and Lipton — have all seen fit to re-jigger themselves in the face
of a
changing market.
IBWSS promises to bring about a
change in the industry by helping the on - trade sector better understand the opportunities and
benefits of bulk and bottled in
market wine and spirits.
Waltham Forest Council says they are forced to house people outside
of the capital because shifts in the housing
market and
changes to
benefits have led to an acute shortage
of available properties.
State worker unions have opposed the proposed pension
changes, saying future workers would see their retirement
benefits reduced by as much as 40 %, or, if they choose 401k's will be subject to gyrations
of the stock
market.
«technology - driven,
market - based solutions that will decrease emissions, reduce excess greenhouse gases in the atmosphere, increase energy efficiency, mitigate the impact
of climate
change where it occurs, and maximize any ancillary
benefits climate
change might offer for the economy.»
She reiterated the need to act urgently, as the development
of the Nigerian insurance industry will come with other attendant
benefits that are critical to achieve the type
of growth and
change for the economy and for the large number
of Nigerians who have been deprived
of the financial stability, protection and business growth that developed insurance
markets have provided for their citizens for centuries.
«It's hard not to believe that a
change from Obama will be beneficial to business and that will, in turn,
benefit our New York real estate
market,» said Arthur Mirante II, the tri-state president
of commercial brokerage Avison Young.
«A well - executed prize, in theory, should
change the nature
of the
market and redefine supply and demand,» said Tom Vander Ark, who headed the Gates Foundation's education program through much
of the 2000s and worked afterward with the XPRIZE organization, which conducts competitions designed to
benefit the public.
Fortunes do
change that quickly in the auto industry and Jaguar is poised to reap the
benefits of finally diving into the crossover / SUV
market.
While you may not be able to keep up with every nuance
of what's
changing in digital
marketing or book publishing, you'll always
benefit from building your own platform and reach to readership.
I often wonder, with the
benefit of hindsight, whether we would do it differently if we had to do it again, and I don't think we would
change much, other than to get more involved in the
marketing and publicity
of these traditionally published books.
The cheapest TSX - listed ETF offering U.S.
market exposure costs 0.24 per cent to own, although that includes the
benefit of currency hedging to block out distortions caused by
changes in the Canada-U.S. exchange rate.
Fixed interest rate is recommended for those who have a conservative nature and a variable interest rate is meant for those who want to seize the
benefits of market conditions and are comfortable with the idea
of risking to pay a higher installment if the situation
changes.
We
changed the pricing and
benefits of our travel credit cards to adapt our offer to your needs and the
changing market.
The author warns, «Portfolio managers who pursue the long - term
benefits of exposure to the momentum factor may place the portfolio's value at risk when momentum results or
market returns
change direction, potentially upending the
benefits of a recent positive exposure to momentum stocks.»
As Jim Keenehan, senior consultant for AFS 401 (k) Retirement Services, told Employee
Benefit News: «It is no coincidence that Fidelity lowered the fees on its own suite
of passive or index funds so I think this
change is also going to have an impact
of opening the door a bit on the Fidelity platform for Fidelity to win back some
of the
market share they have been losing so rapidly to Vanguard.»
The
changes are meant to ensure that lenders do everything they can to protect the health
of the housing
market, which will ultimately
benefit buyers.
Thanks — put another way though — if you just buy a portfolio
of say low EV / EBITDA (just as an example), and you basically run 100 % exposure on that approach — does history say in expensive
markets you plod on with the same or is there a demonstrable
benefit in
changing exposure based on overall
market valuation?
Yes, they have the potential to: i)
benefit massively, at least in the short - term, from a spike / step -
change in volatility, and / or a large
market decline, and ii) possibly
benefit longer - term from an accompanying spike or sustained increase in interest rates (and / or credit spreads)-- historically, a primary driver
of broker profitability was interest earned on client balances, which has now been almost eliminated.