The interest rate of fixed - rate mortgage remains the same all throughout the entire term of the loan, regardless
of the fluctuations in the market.
Obviously, individuals who make a living helping people achieve their goals of homeownership are well aware
of fluctuations in the market and how delinquencies will affect rates.
Buy and hold is a passive investment strategy for which an investor buys stocks and holds them for a long period regardless
of fluctuations in the market.
The results show that 75 percent of 2,000 people polled agree home ownership is worth the risk
of fluctuations in the market and that 73 percent of renters want to own someday.
An overwhelming 75 percent of the respondents said that owning a home is worth the risk
of fluctuations in the market and 73 percent of renters said that owning a home is one of their goals.
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.
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.
the impact
of investment (including changes
in interest rates), economic (including inflation, recent changes
in tax law, rapid changes
in commodity prices and
fluctuations in foreign currency exchange rates) and underwriting
market conditions;
Factors which could cause actual results to differ materially from these forward - looking statements include such factors as the Company's ability to accomplish its business initiatives, obtain regulatory approval and protect its intellectual property; significant
fluctuations in marketing expenses and ability to achieve or grow revenue, or recognize net income, from the sale
of its products and services, as well as the introduction
of competing products, or management's ability to attract and maintain qualified personnel necessary for the development and commercialization
of its planned products, and other information that may be detailed from time to time
in the Company's filings with the United States Securities and Exchange Commission.
The report concluded that the
fluctuation in tablet
market share is driven by the extreme popularity
of tablets eight inches and smaller powered by Android.
While
fluctuations in the global price
of coffee on the commodity
markets led industry behemoth Starbucks to boost its per - cup price tag last month, a growing share
of consumer dollars are going to higher - cost specialty or craft coffee.
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.
A generous back -
of - the - envelope estimate is that Hugh Hefner is worth $ 26 million, not accounting for price
fluctuations in Hefner's stock
market and bond investments.
In fact, decades down the road from that first stock, he's surprised more people don't recognize the wisdom in investing early and often, rather than trying to time the market and take advantage of fluctuation
In fact, decades down the road from that first stock, he's surprised more people don't recognize the wisdom
in investing early and often, rather than trying to time the market and take advantage of fluctuation
in investing early and often, rather than trying to time the
market and take advantage
of fluctuations.
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.
In addition, both variable and fixed - rate mortgage rates have risen over the past year as a result of moves by the Bank of Canada and fluctuations in the bond market
In addition, both variable and fixed - rate mortgage rates have risen over the past year as a result
of moves by the Bank
of Canada and
fluctuations in the bond market
in the bond
markets.
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»).
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 risks include,
in no particular order, the following: the trends toward more high - definition, on - demand and anytime, anywhere video will not continue to develop at its current pace or will expire; the possibility that our products will not generate sales that are commensurate with our expectations or that our cost
of revenue or operating expenses may exceed our expectations; the mix
of products and services sold
in various geographies and the effect it has on gross margins; delays or decreases
in capital spending
in the cable, satellite, telco, broadcast and media industries; customer concentration and consolidation; the impact
of general economic conditions on our sales and operations; our ability to develop new and enhanced products
in a timely manner and
market acceptance
of our new or existing products; losses
of one or more key customers; risks associated with our international operations; exchange rate
fluctuations of the currencies
in which we conduct business; risks associated with our CableOS ™ and VOS ™ product solutions; dependence on
market acceptance
of various types
of broadband services, on the adoption
of new broadband technologies and on broadband industry trends; inventory management; the lack
of timely availability
of parts or raw materials necessary to produce our products; the impact
of increases
in the prices
of raw materials and oil; the effect
of competition, on both revenue and gross margins; difficulties associated with rapid technological changes
in our
markets; risks associated with unpredictable sales cycles; our dependence on contract manufacturers and sole or limited source suppliers; and the effect on our business
of natural disasters.
Be aware that
fluctuations in the financial
markets and other factors may cause declines
in the value
of your account.
Investors shouldn't get too caught up
in every twist and turn
of the stock
market, experts say, and should keep their big - picture investment strategies
in mind as they weather
fluctuations due to political events.
To make sense
of what's really behind the
fluctuations in the
market, we are joined by economist Michael Hudson, president
of the Institute for the Study
of Long - Term Economic Trends, a Wall Street financial analyst and author...
Special risks are associated with investing
in foreign securities, including risks associated with political and economic developments, trading practices, availability
of information, limited
markets and currency exchange rate
fluctuations and policies.
In Strategic Growth, the Fund remains largely hedged, with an exposure to
market fluctuations ranging from between 5 - 15 %
of portfolio value, depending on day - to - day
market conditions.
Fluctuations in the
market price
of our Class A common stock could cause you to lose all or part
of your investment because you may not be able to sell your shares at or above the price you paid
in this offering.
Last week I noted that the Fund would quickly and almost invariably lose at least 1 - 2 %
in the event
of a substantial
market decline, at which point I expected the put options beneath the portfolio to reduce the impact
of market fluctuations on the portfolio.
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.
Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk
of currency
fluctuations, all
of which may be magnified
in emerging
markets.
It has historically made sense to hedge against
market fluctuations based on much less restrictive definitions
of market conditions, but at present, the
market is
in a set
of conditions that has almost invariably been followed by deep and abrupt losses, though often only after a further marginal advance over a small number
of trading sessions.
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.
Negative conditions
in the general economy both
in the United States and abroad, including conditions resulting from financial and credit
market fluctuations and terrorist attacks
in the United States, Europe or elsewhere, could cause a decrease
in corporate spending on enterprise software
in general and slow down the rate
of growth
of our business.
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.
In the equity
markets - particularly for strategies that can be partially or fully exposed to
market fluctuations - such recoveries are reasonable and even commonplace (within a matter
of weeks or months) once the
market has become deeply depressed.
It also repeated the risks to its outlook, citing uncertainty
in overseas economies and the effects
of fluctuations in financial and capital
markets.
In any event, I'm pleased with the overall behavior
of our stock holdings, and I expect that we'll have plenty
of opportunity to increase our exposure to
market fluctuations at more appropriate valuations.
The value - conscious, historically - informed, risk - managed, full - cycle discipline
of the Funds is intended to achieve long - term investment returns, while reducing sensitivity to general
market fluctuations in conditions that have historically been associated with weak or negative
market return / risk profiles.
Accordingly, the Strategic Growth Fund is now back to a fully - hedged investment stance - meaning that the Fund continues to be fully invested
in a broadly diversified group
of stocks that appear to have some combination
of favorable valuation and favorable
market action, while at the same time, the Fund carries an offsetting short position
of equal size
in the S&P 500 and Russell 2000 indices (using option combinations that mimic short futures contracts) intended to mute the impact
of broad
market fluctuations on the Fund.
It pursues this objective by investing principally
in equity securities
of non-U.S. issuers and using hedging strategies to vary the exposure
of the Fund to general
market fluctuations.
Depending on the specific
market environment, the Funds may employ hedging techniques to minimize the impact
of fluctuations in the overall stock or bond
markets, and may also take positions
in individual securities that differ substantially from their weights
in the major stock or bond
market indices.
The fatal flaw here is failure to recognize the importance
of fluctuations in the neutral rate and
market perceptions
of its future level.
«The wild
fluctuations of the digital currencies along with competitive business activities underway via network
marketing and pyramid scheme have made the
market of these currencies highly unreliable and risky,» the central bank was quoted as saying
in a Farsi report by the Iran newspaper's website.
That's not the whole story, however, because incredible as it may seem iPhone 5 sales figures
in the last three quarters were lower than what Wall Street expected causing massive
fluctuations in the value
of Apple's shares
in the stock
market.
Not all segments
of the bond
market react to interest rate
fluctuations in the same manner.
We can not predict whether this structure, combined with the concentrated control by Mr. Spiegel and Mr. Murphy, will result
in a lower trading price or greater
fluctuations in the trading price
of our Class A common stock as compared to the
market price were we to sell voting stock
in this offering, or will result
in adverse publicity or other adverse consequences.
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.
Factors that could cause
fluctuations in the
market price
of our common stock include the following:
Still, given the
market's rich valuation, one would have expected
in advance that the Fund would be largely hedged, and to that extent, the Fund's hedging approach performed
in 2006 basically as expected - it muted the impact
of market fluctuations on the Fund, and contributed several percent
in «implied» interest.
The Strategic Growth Fund remains fully invested
in a widely diversified portfolio
of stocks, with about half
of that portfolio hedged against the impact
of market fluctuations.