Financial markets were resilient despite sharp adjustments in a wide range
of global asset prices in the wake of the vote, and financial conditions are generally more accommodative.
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.
«I'm not going to be dismissive
of the risks, but I think markets have
priced them in and if anything as we look at the fundamentals
of stock markets around the world, the fundamentals
of European equities right now are I think significantly better than they are for the United States,» said the managing partner
of Triogem
Asset Management and
global investing expert on CNBC's «Fast Money.»
«A lot
of these products were
priced for higher rates,» says Natalie Taylor, an analyst with CIBC
Global Asset Management.
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.
The difference in
price between B.C. gas and
global LNG wouldn't be high enough to pay for the operating and capital costs
of pipeline and liquefaction
assets.
During difficult market conditions, such as the
asset - backed commercial paper crisis in the summer
of 2007 and the
global financial crisis
of late 2008, the BAX has consistently provided customers with
price transparency, liquidity and central counterparty guaranteed transactions.
The plan is China's contribution to a
global effort to stamp out the common practice
of multinationals altering the
price put on labor, services or intangible
asset transfers within
global operations to allow firms to divert profits to low - tax countries.
«The 2017 stress test shows the UK banking system is resilient to deep simultaneous recessions in the UK and
global economies, large falls in
asset prices and a separate stress
of misconduct costs,» the BoE said.
As the
global economy deteriorated in 2008, the collapse in virtually all
asset prices led to the unwinding
of the yen carry trade, leading to it surging as much as 29 percent against the yen in 2008, and 19 percent versus the US dollar by February 2009.
Toronto - Dominion Bank sees as many as 90,000 jobs lost by the end
of the decade from the move and Eric Lascelles, chief economist at RBC
Global Asset Management, says higher minimum wages across Canada could boost consumer
prices by 0.5 percent over two years.
The
global financial crisis, like the Great Crash
of 1929, also reflected widespread regulatory shortcomings and other weaknesses in a number
of countries.1 But it is likely that monetary policy played at least a contributing role in encouraging the buildup
of leverage and
asset prices in a fragile financial system.
While risks to the world outlook remain and have been reflected in sharp
price movements in a range
of asset classes,
global growth is expected to trend upwards beginning in 2016.
«If our outlooks in November 2016 and June 2017 were something
of a «group hug,» with a view that growth and
asset prices would move higher together, this round contained more tension and skepticism
of the market's reaction,» adds Sheets, whose team recently published its «2018
Global Strategy Outlook» in conjunction with the
Global Economic team's «2018
Global Macro Outlook.»
In short, given the increased concerns
of global growth slowing, oil
price instability, the potential Brexit, and U.S. election, we think owning gold as part
of a diversified
asset allocation continues to be a sound approach.
RBC
Global Asset Management Inc. (RBC GAM Inc.) today announced the expansion
of its corporate class funds, including the addition
of US$
priced options on...
2016.01.25 RBC
Global Asset Management expands suite
of US$ investment solutions for Canadian investors RBC
Global Asset Management Inc. (RBC GAM Inc.) today announced the expansion
of its corporate class funds, including the addition
of US$
priced options on...
In a day and age in which regular
asset classes that commercial portfolio managers normally consider have become overwhelmingly bloated in
price as a consequence
of the persistent and extended cheap money policy
of global Central Bankers, an investment strategy
of concentration in few select still undervalued
assets versus diversification is likely the only strategy that will work moving forward in returning significant yields.
If at any point,
global currencies stop expanding, the
prices of all
assets could plummet.
While there were some concerns about growth in credit and
asset prices, there were a number
of plausible explanations suggesting that the stability
of the
global financial system would continue.
While base rates kept at or close to zero for almost seven years and three massive
asset - buying programs by the Fed have undoubtedly helped stabilize the US (and world) economy during and after the recession that followed the
global financial crisis, the continuation
of expansionary monetary policies is now supporting a growing excess
of global liquidity that has been distorting the market signals sent by stock and bond
prices and thus contributing to the growing volatility seen in recent weeks.
«Despite an estimated $ 3 trillion
of art
assets in the world, only $ 44 billion trades in a given year — and less than 2 percent
of qualified buyers participate in this market due to high transaction costs, long lead times, and limited transparency on
pricing and value,» Artsy will bring this last major consumer category online and thereby substantially expand the size
of the
global art market.
On the other hand, the non-bank credit avalanche has enabled a furious pace
of fixed investment in physical
assets that has promoted structural
global excess capacity in virtually all manufactured products and exerted downward pressure on product
prices.
Some
of this good news is already
priced in, but we expect a steady and synchronized
global economic expansion to underpin risk
assets for now.
Over the last several weeks, it has become increasingly evident that many
of the world's central banks are looking to wind down the extraordinary monetary stimulus that has supported
asset prices since the
global financial crisis.
T. Rowe
Price Group (TROW - $ 79) With more than $ 730 billion
of assets under management, T. Rowe
Price is a leading
global investment manager that offers a broad array
of mutual funds, sub-advisory services and separate account management for individual and institutional investors.
The
global central banks, which had «underwritten» the 9 year rally in
asset prices, were in the process
of «changing their ways.»
Examples
of these risks, uncertainties and other factors include, but are not limited to the impact
of: adverse general economic and related factors, such as fluctuating or increasing levels
of unemployment, underemployment and the volatility
of fuel
prices, declines in the securities and real estate markets, and perceptions
of these conditions that decrease the level
of disposable income
of consumers or consumer confidence; adverse events impacting the security
of travel, such as terrorist acts, armed conflict and threats thereof, acts
of piracy, and other international events; the risks and increased costs associated with operating internationally; our expansion into and investments in new markets; breaches in data security or other disturbances to our information technology and other networks; the spread
of epidemics and viral outbreaks; adverse incidents involving cruise ships; changes in fuel
prices and / or other cruise operating costs; any impairment
of our tradenames or goodwill; our hedging strategies; our inability to obtain adequate insurance coverage; our substantial indebtedness, including the ability to raise additional capital to fund our operations, and to generate the necessary amount
of cash to service our existing debt; restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business; the significant portion
of our
assets pledged as collateral under our existing debt agreements and the ability
of our creditors to accelerate the repayment
of our indebtedness; volatility and disruptions in the
global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees; fluctuations in foreign currency exchange rates; overcapacity in key markets or globally; our inability to recruit or retain qualified personnel or the loss
of key personnel; future changes relating to how external distribution channels sell and market our cruises; our reliance on third parties to provide hotel management services to certain ships and certain other services; delays in our shipbuilding program and ship repairs, maintenance and refurbishments; future increases in the
price of, or major changes or reduction in, commercial airline services; seasonal variations in passenger fare rates and occupancy levels at different times
of the year; our ability to keep pace with developments in technology; amendments to our collective bargaining agreements for crew members and other employee relation issues; the continued availability
of attractive port destinations; pending or threatened litigation, investigations and enforcement actions; changes involving the tax and environmental regulatory regimes in which we operate; and other factors set forth under «Risk Factors» in our most recently filed Annual Report on Form 10 - K and subsequent filings by the Company with the Securities and Exchange Commission.
The top 25 mutual funds according to Kiplinget.com as
of September 30, 2009 are: FUND NAME SYMBOL Baron Small Cap BSCFX CGM Focus CGMFX Dodge & Cox Stock DODGX Fairholme Fund FAIRX FBR Focus FBRVX Fidelity Contrafund FCNTX Fidelity Low -
Priced Stock FLPSX FPA Crescent FPACX Longleaf Partners LLPFX Pimco CommodityRealRet Strat D PCRDX Selected American Shares S SLASX T. Rowe
Price Equity Income PRFDX T. Rowe
Price Mid-Cap Growth RPMGX T. Rowe
Price Small - Cap Value PRSVX Vanguard Primecap Core VPCCX Vanguard Selected Value VASVX Artio International Equity II A JETAX Dodge & Cox Intl Stock DODFX Marisco
Global MGLBX T. Rowe
Price Emg Mkts Stock PRMSX Dodge & Cox Income DODIX Fidelity Intermediate Municipal Income FLTMX Harbor Bond Institutional HABDX Loomis Sayles Bond LSBRX Vanguard Infl - Protected Secs VIPSX These mutual funds cover a wide variety
of assets.
First
Asset Global Momentum Class ETF (TSX: FGL) The First
Asset Global Momentum Class ETF's investment objective is to seek to provide shareholders with long term capital appreciation, through investing the ETF's portfolio to gain exposure to equity securities
of companies primarily from developed markets that exhibit strong
price and earnings momentum characteristics.
Yet ignoring bearishness in
asset prices around the world is particularly near - sighted, if for no other reason that
global economic weakness is the biggest threat to the worldwide profits and the worldwide revenue
of large U.S. - based corporations.
First
Asset Global Momentum (CAD hedged) Class ETF (TSX: FGM) The First
Asset Global Momentum (CAD hedged) Class ETF's investment objective is to seek to provide shareholders with long term capital appreciation, through investing the ETF's portfolio to gain exposure to equity securities
of companies primarily from developed markets that exhibit strong
price and earnings momentum characteristics.
First
Asset Global Value Class ETF (TSX: FGU) The First
Asset Global Value Class ETF's investment objective is to seek to provide shareholders with long term capital appreciation, through investing the ETF's portfolio to gain exposure to equity securities
of companies primarily from developed markets that exhibit strong «value» characteristics like low
price - to - book ratios and low
price - to - cash flow ratios.
Specifically, the All
Asset strategies» recent strong performance (see Figure 1) may be attributable in large part to four fundamental drivers
of global capital market returns: the breakeven inflation rate (BEI), EM currency valuations, EM - to - U.S. cyclically adjusted
price / earnings (CAPE) ratios and the
global value premium.
Based on current positioning, we expect the All
Asset strategies to benefit from the following return tailwinds: a stable to rising breakeven inflation rate, appreciating EM currencies, convergence
of EM - to - U.S. cyclically adjusted
price / earnings (CAPE) ratios toward longer - term averages, and appreciation
of global value stocks from today's elevated discounts toward longer - term norms.
Stocks and riskier
assets are not merely climbing the proverbial Wall
of Worry; rather, at this moment in time, the ultra-accommodating monetary policy
of global central banks is an unchallenged source for
asset price inflation.
But maybe the problem here isn't the Fed but that markets are slowly but surely
pricing in
global deflation, which would explain why
asset allocators are shifting out
of risk
assets into safe haven
assets.
%
of AUM, 3i Group, Affiliated Managers, AHL, alternative
assets, Altira, Argo Group, Artio
Global, Ashmore Group,
asset managers, carry trade, Charlemagne Capital, CIFC, Cowen Group, David Harding, FRM Holdings, GLG Partners, IFMI, Integrated Asset Management, Janus Capital, Man Group, MPC Capital, Polar Capital, Price / Cash, Ramius, Record plc, Volcker rule, Winton Ca
asset managers, carry trade, Charlemagne Capital, CIFC, Cowen Group, David Harding, FRM Holdings, GLG Partners, IFMI, Integrated
Asset Management, Janus Capital, Man Group, MPC Capital, Polar Capital, Price / Cash, Ramius, Record plc, Volcker rule, Winton Ca
Asset Management, Janus Capital, Man Group, MPC Capital, Polar Capital,
Price / Cash, Ramius, Record plc, Volcker rule, Winton Capital
Despite getting hit with a lawsuit over its student loan servicing practices by the Consumer Financial Protection Bureau, Navient's joint book runners Bank
of America Merrill Lynch, Barclays, and RBC were able to
price an
asset backed security offering above the one month Libor.According to a report in
Global Capital, Navient's $ 270 million in A1 -LSB-...]
«Landry uses a proprietary
price momentum model to target top performing
global asset classes,» says Howard Atkinson, President
of Horizons ETFs.
This injects uncertainty into the
global economic outlook: potential for greater capex and productivity growth, but also a risk
of overheating and increased risk premia across
asset prices.
The
global house
price bubble was a consequence
of lower interest rates, but it was long term interest rates that galvanized home
asset prices, not the overnight rates
of central banks, as has become the seeming conventional wisdom.
The 22 August 2011 article Saving your portfolio's tail — at a
price contrasts James Montier view on not buying expensive tail risk insurance to that
of Diversified
Global Asset management, a Canadian fund manager that successfully used tail risk insurance to hedge his portfolio from the volatility in early August 2011.
Faber, RA, and Starr recommend
global asset allocations that take advantage
of cheaply
priced emerging market stocks and fairly valued developed market stocks.
The oil
price collapse, which follows a drop in
global coal
prices, shows that the
global fossil fuel sector is presently one
of the world's riskiest
asset classes.
However, to combat the chronic under - valuing and under - funding
of valuable
global assets, such as tropical forests, we still need to create
global markets that place a
price on their beneficial ecosystem services as well as to find mechanisms for paying developing countries and local communities to maintain such
assets.
Lovelock (2009), p. 6; Kevin Parker,
global head
of Deutsche Bank
Asset Management, quoted in John M. Broder, «Climate Deal Likely to Bear Big
Price Tag,» New York Times, Dec. 9, 2009.
The FSB is chaired by the Governor
of the Bank
of England Mark Carney, who in September created waves in the
global financial sector with a speech to insurers warning
of serious risks to investors from climate change due to, among other factors, a sudden
asset write down with «jump - to - distress
prices».
A group
of 70
global investors managing more than $ 3 trillion
of collective
assets have launched the first - ever coordinated effort to spur the world's 45 top oil and gas, coal and electric power companies to assess the financial risks that changes in demand and
price pose to their business plans.
Wild swings in the
price of bitcoin, the best known
of a myriad
of digital currencies issued by private companies, cyber heists involving such
assets, and fears they may be used for crime have raised calls for concerted actions by
global regulators.