As an active manager who is selecting good businesses and capable management teams that are undervalued out of the broader universe of equities, we expect to deliver better than the broad
market returns over time as we have over Southeastern's history.
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.
From the start of 2005 through the end of 2014, it delivered a total
return of 746 %, or 23.8 % per year, compared with a 20.6 % annual
return for the S&P railroad index and 7.7 % for the broader
market over that
time.
Should the policy offer attractive guaranteed rates of
return,
over time the cash value will grow to a reasonable level without being subject to
market volatility or capital gains taxes.
Dividends included, Scotiabank shares have
returned an annualized 13 %
over that
time, even accounting for the 2008
market crash.
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.
«As a long - term value investor, we remain cautious and recognise that to generate good real
returns over time, we have to be prepared for periods of underperformance relative to the
market indices, some even for a stretch of several years.»
«We had to find a niche [that had] less competition but also generated a better
return than the
market with less risk
over time,» he says.
And while NerdWallet emphasizes that past
market performance doesn't guarantee you'll earn the average historical
return of 10 % in the future, the value of investing in stocks
over a long period of
time is still significant.
«These homes are stores of value and they have proven
over time to have a positive
return without the kinds of volatility you get in equity
markets.»
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.
If you can keep your savings above the required minimum balance, a money
market account can offer you greater
returns on your savings
over time.
In fact,
over the past 35 years, the
market has experienced an average drop of 14 % from high to low during each calendar year, but still had a positive annual
return more than 80 % of the
time.
These are the risk premiums
over 10, 20 and 30 year
time frames based on the annual
returns for the total U.S. stock
market (represented by the CRSP Total Market Index) and 20 Year Treasuries going back to
market (represented by the CRSP Total
Market Index) and 20 Year Treasuries going back to
Market Index) and 20 Year Treasuries going back to 1926:
Earlier this week I posted a handful of graphs that showed rolling
returns for the stock
market over various
time frames.
Moderate interest rates were associated with a whole range of subsequent
returns over the following decade, and we know that those outcomes were 90 % correlated with the level of valuations at the beginning of those periods (on reliable measures such as
market cap / GDP, price / revenue, Tobin's Q, the margin - adjusted Shiller P / E, and others we've presented over time - see Ockham's Razor and the Market C
market cap / GDP, price / revenue, Tobin's Q, the margin - adjusted Shiller P / E, and others we've presented
over time - see Ockham's Razor and the
Market C
Market Cycle).
To the extent that lower Treasury yields are even weakly associated with higher equity valuations, recognize that this effect is also expressed
over time as lower subsequent stock
market returns.
Oh: «Apollo plans to say that,
over time, bonds and loans backing its leveraged buyouts have delivered
market - beating
returns.»
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.
That's because average stock
market returns have been higher than those on bonds and savings accounts
over time.
Cash alternatives, such as money
market funds, typically offer lower rates of
return than longer - term equity or fixed - income securities and may not keep pace with inflation
over extended periods of
time.
The stock
market, on the other hand, has
returned an average of
over 10 % annually during the same
time period.
Our
time - tested approach to fixed income investing seeks to actively exploit
market inefficiencies to generate strong risk - adjusted
returns over the long run.
The point I'm trying to make... I will continue to make monthly buys at
market highs and
market lows as
over time it all averages out and being a dividend growth investor I'm looking to take advantage of
time in order to maximize my compounding
returns.
If current levels were to turn out, in hindsight, to be the final lows of this decline, I suspect that the overall
return over the next cycle (by the
time we do observe a full 20 % loss) will be as tame as we've seen since the bull
market started in 2003.
As shown below, dividends have produced approximately 40 % of the stock
market's total
return over time.
A 3 %
return is a good conservative dividend yield at
market prices but
over time, if you are carefully choosing your dividend investments, you can grow that dividends.
Conversely, when the inclinations of investors shift from risk - aversion to speculation in an undervalued
market, extraordinary
returns can unfold
over a very short period of
time.
While a
return of 1 % + might not seem like a lot, this will compound
over time and give me an advantage
over the
market if I can sustain these gains.
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.
... [H] is risk - adjusted
returns... have lagged the
market over a number of
time periods
over the trailing 15 years.»
For comparative purposes, the S&P 500 ® Index (the «S&P 500»), which is the Fund's benchmark and is considered to be reflective of the US securities
markets, had a total
return of 23.63 %
over the same
time period.
Historically, accepting
market risk in the 8 % of history matching the present
market return / risk classification has turned a dollar into about 7 cents
over time.
Markets tend to
return to the mean
over time When stocks go too far in one direction, they come back.
As such, we encourage the Committee to also devote
time and attention to several issues that will help ensure the long - term stability of the individual
market, including: Section 1332 waivers under the ACA; long - term stability funding; limiting third - party premium payments; and
returning to the states more regulatory authority
over the individual and small group
markets.
Through volatile
markets it's important to take a long - term perspective and remember that
market returns are driven by economic and earnings growth
over time, and both appear positive, in our view.
Plenty of studies warn against this, including one that shows that missing out on just 10 of the best days in the stock
market over 160,000 daily
returns in 15
markets around the world can cause you to end up with about half of what you would have earned if you had stuck with an index fund
over time.
Last year I wrote on Suven Life Sciences, also I did some secondary level maths to get a sense of
returns an investor could get buying the business at then
market cap (~ 2000 INR Crores or 400 Million USD) and exiting in 2024 See Snap shot below The base case CAGR didn't excite but reading management commentary compelled me to take a tracking position in model portfolio
Over to this year One thing in AR gave me a Jeff Bezos moment For the first
time management was sounding optimistic (this is coming from a management which is very conservative on record) Emphasis mine Management views on past Despite having grown the business every single year across the last five years, our business sustainability has been consistently questioned.
Although bitcoin has seen its total
market share drop, especially
over the past two months, the price of a bitcoin reached an all -
time high of $ 1800 before
returning to its support margin last week.
Unreasonably high rates of
return many not be sustainable
over prolonged periods of
time due to various
market conditions.
The move also allowed Argentina, Latin America's third - largest economy after Brazil and Mexico, to
return to international capital
markets for the first
time in
over a decade.
Charlie Bilello, one of my favorite follows on Twitter, analyzed the relationship between
market valuation and future
returns (
over various
time horizons) in a recent post Valuation,
Timing, and a Range of Outcomes.
In what follows, I'm going to argue that if they can, then as
markets develop and adapt
over time, those excess
returns should fall.
Looking back through history, whenever value stocks have gotten this cheap, subsequent long - term
returns have generally been strong.3 From current depressed valuation levels, value stocks have in the past, on average, doubled
over the next five years.4 Not that we necessarily expect
returns of this magnitude this
time around, but based on the data and our six decades of experience investing through various
market cycles, we believe the current risk / reward proposition is heavily skewed in favor of long - term value investors.
To be considered a top mutual fund the investment must be one that
over an extended period of
time had consistently experienced high
returns and proven to be less volatile in
market operations and
market gain.
I've noted before that day - to - day
returns can't be controlled, so a «good day» for me is one where I take actions that I believe will produce good results
over time (such as buying high ranked candidates on short - term weakness, selling lower ranked holding on short - term strength, and aligning our exposure to
market fluctuations with the prevailing Market Cli
market fluctuations with the prevailing
Market Cli
Market Climate).
The measures of valuation and
market action that define each «Market Climate» are factors that can be tested in decades of historical data, are objective, observable, and have strongly affected the average profile of return and risk in the markets over
market action that define each «
Market Climate» are factors that can be tested in decades of historical data, are objective, observable, and have strongly affected the average profile of return and risk in the markets over
Market Climate» are factors that can be tested in decades of historical data, are objective, observable, and have strongly affected the average profile of
return and risk in the
markets over time.
Our booklet, «What has worked in investing», shows that both in the US and internationally, basic fundamental value criteria produce better than
market returns over long periods of
time.»
But during this
time, the Strategy has compounded at 6.99 % per year on average, beating the
market's 5.12 % average annual
return by
over 30 % annually.