Return on equity should continue to grow over the next three to five years, especially as the company expands its reinsurance portfolio to take on longer -
duration risks in an effort to spur results.
Fixed - income investors should consider evaluating
the duration risk in their portfolios.
Not exact matches
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).
Indeed, this
duration of couchification is the most telling aspect of the study: Those who got up more frequently — presumably, even to stand and fetch the cable remote... or a glass of water
in the kitchen, let us hope — were less at
risk.
Duration, the most commonly used measure of bond
risk, quantifies the effect of changes
in interest rates on the price of a bond or bond portfolio.
Given that I think curve flattening may continue
in 2018 — I am somewhat more comfortable with
duration risk than credit
risk, at least
in the United States.
Collins has adopted a more defensive position
in the last 18 months, reducing
duration and credit
risk by scaling back overweight positions
in high - yield and municipal bonds, but he's sticking with allocations to intermediate term funds.
Specifically, longer -
duration bonds are reasserting their role as an effective ballast to equity
risk and can be especially helpful
in equity - centric portfolios.
In fact, if you don't hold bonds to maturity, you may experience similar interest - rate
risk as a comparable -
duration bond fund.
In this case, I think what muni investors seek is a manager who knows how to conduct deep credit research, adjust for
duration and monitor the market for
risks and opportunities.
If you are a prodigious saver, are willing to keep your money safe for a set
duration of time while earning an interest rate above the current
risk free rate 10 Year Treasury, and are concurrently investing
in other more aggressive instruments, I recommend diversifying your capital into a 5 - year CD account or longer
duration.
We recommend that you diversify your portfolio by placing bids
in different loans, with different
risk bands and loan
durations, to try to reduce
risk by limiting your exposure to any one loan.
«While shortening the
duration of a TIPS exposure results
in a lower yield, the chart below shows it still provides an attractive breakeven ratio, or yield received for the amount of
risk that an investor takes.
Lesson 3:
Duration and Interest Rate
Risk — Since interest rates affect bond prices, one of the biggest
risks when investing
in bonds is that interest rates will move higher, causing the value of your bonds to lose value.
Former Fed Governor Stein highlighted that Federal Reserve's monetary policy transmission mechanism works through the «recruitment channel,»
in such way that investors are «enlisted» to achieve central bank objectives by taking higher credit
risks, or to rebalance portfolio by buying longer - term bonds (thus taking on higher
duration risk) to seek higher yield when faced with diminished returns from safe assets.
As yields have fallen,
duration, or rate sensitivity, has risen, meaning that the
risk associated with a change
in rates has generally risen for most bond benchmarks and traditional funds.
That different outlook is captured
in the figure nearby highlighting how the downside
risks to bonds —
in this case looking at short
duration bonds — is masked
in an era of zero interest rate policy but is revealed when the Fed begins raising rates.
The world is VASTLY more leveraged today than it was
in the 1980s or even the early 2000s, so any rise
in rates (
duration) is going to wound
risk assets rather quickly.
This is the process by which we put our research to work using the levers of credit
risk and
duration to make money
in the bond market and to stabilize returns over the cycle.
It's not just about reducing interest - rate
risk and
duration, it's about sticking to what you are trying to achieve
in your overall portfolio.
And
in the emerging markets (EM), FX (foreign exchange) expressions now offer a similar yield as the EM - DM (developed market) yield spread, without any
duration risk, on the back of recent stellar EM spread performance.
We are watching all of this play out real - time as fixed - income fund flows are broadly shunning sectors with embedded credit and / or
duration risks,
in favor of freshly attractive, and lower
risk, high - carry assets.
IGIH provides exposure investment - grade, US - dollar - denominated corporate bonds while minimizing interest - rate
risk by shorting U.S. Treasurys that match
in terms of
duration.
In this explainer on duration, Matt talks about some of the risks and opportunities in a potentially rising interest rate environmen
In this explainer on
duration, Matt talks about some of the
risks and opportunities
in a potentially rising interest rate environmen
in a potentially rising interest rate environment.
Organizing such a productive effort, planning its
duration in time, making sure that it corresponds
in a positive way to the demands which it must satisfy, and taking the necessary
risks — all this too is a source of wealth
in today's society.
You want to trade him when demand is at its highest (
in other words, when competitive teams panic) but you also need to move him before the foot issue returns, unless you're willing to
risk keeping him for the
duration of his contract.
If we honest about it for much of 2017 he was Sh ** We need more CM partnership options
in a season
duration — reliance upon ramsey to have the impact he showed 3 or 4 seasons ago is a
risk.
Longer
duration of breastfeeding may or may not affect the appearance of your breasts, but it will reduce the
risk for breast cancer over your lifetime,
in addition to the many other health benefits to you and to your breastfed baby.
Taking the present - day levels of contaminants
in Norwegian breastmilk and the long
duration of breastfeeding (12 months)
in Norway into account, the Norwegian Scientific Committee for Food Safety concludes that contaminants poses a low
risk to Norwegian infants, and that the benefits of breastmilk to Norwegian infants clearly outweigh the
risk presented by contaminants.
The study showed that breastfeeding is associated with about a 10 percent lower
risk of several major cardiovascular diseases
in later life among Chinese women, and breastfeeding
duration seemed to play a role.
As a clinical expert
in the management of breastfeeding and human lactation, the IBCLC is trained to counsel mothers and families on initiation, exclusivity, and
duration of breastfeeding, and to assist amidst any difficul ¬ ties or high -
risk situations.
Most studies have revealed protective effects of breastfeeding on common infections
in the first 8 to12 months of life.8, 27,29,30 One study, which distinguished between infectious diseases until and from the age of 6 months, revealed results similar to those from our study.24 Although the authors used exclusive breastfeeding for 3 months as the reference group, exclusive breastfeeding for 6 months reduced the
risk of gastrointestinal tract infections between the ages of 3 and 6 months but not between the ages of 6 and 12 months.24 We can not explain why breastfeeding
duration was only associated with lower
risks of lower respiratory tract infection from 7 to 12 months.
Duration of breastfeeding and
risk of infectious diseases
in the first year of life.
However, the organization also called for more research regarding the benefits of 6 vs 4 months of exclusive breastfeeding.25 Thus far, several studies
in industrialized countries revealed that a shorter
duration of breastfeeding increases the
risk of common infectious diseases, such as respiratory and gastrointestinal tract infections.8, 19,24,26, — , 32 However,
in these studies, various definitions of the exclusiveness of breastfeeding were used24, 27,28,30 or the combination of
duration and exclusiveness of breastfeeding was not taken into account.8, 31
These findings agree with the results of a British retrospective study demonstrating an increased
duration of gestation with increasing coital frequency at all gestational ages up through 37 weeks.8 Similarly, low -
risk women delivering prematurely
in another study were less likely to be sexually active than the full - term controls.10
Research published
in Pediatrics found that women who were suffering from postpartum depression had an increased
risk of a negative breastfeeding experience, including decreased breastfeeding
duration, increased difficulties while nursing, and a mother's confidence
in breastfeeding.
It is important to note that
duration of breastfeeding, the longer a mother breastfeeds
in her life (one or more babies and the collective number of months), significantly impacts her
risk for breast cancer; the protective effect of lactation on breast cancer
risk is cumulative.
The intake of such supplementary fluids is associated
in young infants with an increased
risk of disease and a shortening of the
duration of breast - feeding.
In a new study of over 7,000 older Chinese women published online today in the journal Rheumatology, breastfeeding — especially for a longer duration — is shown to be associated with a lower risk of rheumatoid arthritis (RA
In a new study of over 7,000 older Chinese women published online today
in the journal Rheumatology, breastfeeding — especially for a longer duration — is shown to be associated with a lower risk of rheumatoid arthritis (RA
in the journal Rheumatology, breastfeeding — especially for a longer
duration — is shown to be associated with a lower
risk of rheumatoid arthritis (RA).
Conversely, many researchers have observed a greater
risk of overweight
in children and adolescents who had not been breastfed compared with those who had16, 17 or who were breastfed a shorter rather than longer
duration.18 — 25 On the basis of a review of 11 studies, Dewey26 concluded that «the evidence to date suggests that breastfeeding reduces the
risk of child overweight to a moderate extent.»
Given the length and
duration that a woman spends
in labor, epidurals have proven to be a very beneficial pain management approach, outweighing the potential
risks associated with them.
Research has found that women's breast cancer
risk declines
in inverse proportion to the
duration of breastfeeding: That is, the longer you breastfeed your baby, the lower your
risk for developing breast cancer.
Confirming findings from studies conducted outside the United States, this study demonstrated an approximate 1.5-fold increase
in the
risk of shortened breastfeeding
duration in the pacifier group.
Breastfeeding is associated with about 10 % lower maternal
risk of several major cardiovascular diseases (CVDs)
in later life, and the magnitude of the inverse association was stronger among those with a longer
duration of breastfeeding, according to a large, prospective, observational study among Chinese women.
If the umbilical cord becomes compressed during pregnancy or during labor, the
risk of damage is determined by the
duration of time
in which the umbilical cord was compressed.
The
risk jumps sevenfold for a first - time mother and tenfold
in pregnancies over 41 weeks
in duration.
In adjusted analysis a shorter
duration of predominant breast feeding (less than two months) was a
risk factor for four or more hospital, doctor, or clinic visits because of upper respiratory tract infections (OR 1.43, 95 % 1.02 to 2.01, p = 0.041), as was partial breast feeding for less than six months (OR 1.46, 95 % CI 1.07 to 2.00, p = 0.018).
A recent study indicates long
duration of lactation (at least 24 months) is associated with a reduced
risk of heart disease
in women.
In conclusion, findings from this meta - analysis suggest that breastfeeding, particularly a longer
duration of breastfeeding, was inversely associated with
risk of EOC.
However, when
duration of breastfeeding was examined, children who had breastfed for longer than six months had a 43 % reduction
in risk for AML and a 28 % reduction
in risk for ALL [13].