Not exact matches
«While common wisdom has it that
higher volatility necessarily signals a discrete end to the [bull market], it is often the case that
higher vol is a natural occurrence in the «late innings»
of extended rallies, particularly when the Fed is raising rates,
as was the case in late 1999 - 2000,» he wrote.
«This is typical
of a late cycle expansion which is another reason why multiples will be lower
as higher volatility typically demands a
higher equity risk premium.
As a result
of those
high fees and
volatility, gaming platform Steam announced in early December that it would no longer support cryptocurrency.
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.
Volatility has come back with a vengeance recently
as worries
of rising inflation sent interest rates
higher, rattling investors.
Stocks are falling
as traders worry about rising interest rates, and
volatility as measured by the VIX has jumped to its
highest since the market turmoil
of August 2015.
In a guest post in The
High Frequency Trading Review, Narang freely admits that «there has been an increasing incidence, in recent times, of days exhibiting unusually high volatility (measured as days when the close - to - close return, or alternatively, the high - low trading range are large in magnitude).&ra
High Frequency Trading Review, Narang freely admits that «there has been an increasing incidence, in recent times,
of days exhibiting unusually
high volatility (measured as days when the close - to - close return, or alternatively, the high - low trading range are large in magnitude).&ra
high volatility (measured
as days when the close - to - close return, or alternatively, the
high - low trading range are large in magnitude).&ra
high - low trading range are large in magnitude).»
The market
volatility index, otherwise known
as the VIX and even better known
as the fear gauge — a measure
of the expected
volatility of U.S. stocks — has surged to the
highest level in more than two years.
As a result, it is now clear that the U.S. is in the latter stages of the multi-year credit cycle, a period when rising corporate leverage negatively affects returns to corporate debt as investors demand higher risk premiums to compensate for the greater volatility created by increased leverag
As a result, it is now clear that the U.S. is in the latter stages
of the multi-year credit cycle, a period when rising corporate leverage negatively affects returns to corporate debt
as investors demand higher risk premiums to compensate for the greater volatility created by increased leverag
as investors demand
higher risk premiums to compensate for the greater
volatility created by increased leverage.
One study by economist Elaine McCrate found that any reduction in wages associated with the benefit
of flexibility is modest at best and, in fact, many jobs with greater flexibility have
higher wages.137 Furthermore, the
volatility of earnings for many independent contractors would offset any compensating wage differentials, because workers can not compare the value
of flexibility to
higher earnings when they aren't able to predict their earnings
as independent contractors.138
The stock market opened way down, continuing last Friday's selloff, though it has climbed back since the open — implying the return
of volatility —
as skittish investors continue to fear the sequence I describe in this AM's WaPo: tight labor market, wage pressures,
higher interest rates, inflation, lower profit margins.
They also developed new rules, known
as circuit breakers, allowing exchanges to halt trading temporarily in instances
of exceptionally large price declines.12 For example, under current rules, the New York Stock Exchange will temporarily halt trading when the S&P 500 stock index declines 7 percent, 13 percent, and 20 percent in order to provide investors «the ability to make informed choices during periods
of high market
volatility.»
And price
volatility is actually
higher at lower rates than it is with
higher rates because you don't have
as large
of an income stream to cushion the blow from the loss
of principal.
a bond where no periodic interest payments are made; the investor purchases the bond at a discounted price and receives one payment at maturity that usually includes interest; they have
higher price
volatility than coupon bonds
as a result
of interest rate changes
During the first half
of 2016, a rotational migration to low
volatility, potentially
higher - income assets became evident,
as did the outperformance
of dividend - generating stocks.
For our part, Thursday was difficult,
as our largely defensive holdings were clearly out -
of - favor, bank stocks (which we continue to avoid) shot
higher on short covering, and option
volatility declined
as investors abandoned the desire to defend against losses.
And,
as noted by Christopher Metli, in our Institutional Equity Division, there was an unusually
high number
of volatility shorts in the market heading into this week, which may help to explain (some
of) the large swings in VIX.
As a result
of higher exchange rate
volatility, both during the crisis and subsequently, market participants and policymakers became keenly aware
of the need for better exchange rate risk management.
We don't view bitcoin
as a currency due to its
high transaction costs, tremendous price
volatility and inability to be a true store
of value
But no
higher as the increasing correlation
of assets begins to increase
volatility at that point.
While I believe stocks will gradually work
higher over the year, I think it will be in the context
of considerably
higher volatility as the external policy environment has grown considerably more problematic.
The Japanese yen has always been a strong performing currency, often looked to
as a safe option during times
of high volatility in the forex markets.
A measure
of 30 - day
volatility known
as the CBOE VIX reached a
high of 16.92, which was still well below the historic average.
Indeed, once our estimated market return / risk profile is strictly negative (
as it is at present), the negative implications for the S&P 500 aren't affected by the position
of the market relative to that average, except that the market tends to experience
higher volatility once the market breaks that average.
Intraday
volatility was
high as investors were cautious ahead
of the US Federal Reserve policy announcement scheduled later in the day.
ESMA issued a call to submit evidence on potential interventions in crypto CFD, arguing that the very
high price
volatility of crypto currencies
as the underlying assets have raised concerns about the protection
of investors.
For instance, a big special dividend financed by debt would still leave shareholders with a period
of high leverage and potential earnings
volatility before they have
as much in their pockets
as the buyout price.
Factors such
as these, in the context
of rising interest rates and
high valuations, seem likely to result in greater
volatility in the months ahead.
Higher oil prices would reinforce current market trends based on reflation: rising long - term bond yields and a shift out
of perceived safer assets — bond proxies and low -
volatility stocks — and into cyclical assets such
as EM.
This is a clear sign that while Treasury yields may raise, and
volatility spike, the demand for USD credit remains very
high and
as soon
as there are signs
of weakness, investors buy the dip.
The strength
of Amazon and Netflix — both
of which are classified
as consumer - discretionary names,
as opposed to technology — means that despite the
high volatility of the FAANG group overall, the quintet has generally been a positive force in the market.
This past month was one
of the most volatile months
of the past three years,
as the CBOE Short - Term
Volatility Index (VXST) rose 48.2 % on October 9, and the CBOE Brazil ETF
Volatility Index (VXEWZ) hit its all - time daily closing
high of 72.83 on October 20 (before the re-election
of Dilma Rousseff
as President
of -LSB-...]
The resulting new market structure, including a troublesome feature known
as the ETF / underlying security liquidity mismatch, have yet to be truly tested by a bear market, recession or
higher levels
of volatility.
Some members
of the FOMC apparently «commented that the recent decline in equity prices needs to be viewed in the context
of overall valuation levels, which they saw
as relatively
high, and a couple noted that
volatility had begun to subside,» according to the Fed's minutes.
Oil prices and the US Yields to dictate the pace this week While geopolitical tensions remain bubbling under the surface, rising oil prices and
higher US yields suggest investors are likely to deal with increased
volatility as a broad range
of political,... Read more
The long / short strategy generated excess returns
of 45 basis points per month, 50 %
higher than the 31 basis points per month generated by the unconditional quality strategy, despite running at lower
volatility (10.4 %
as opposed to 12.2 %).
This indicator is not typically used
as part
of a detailed trading method, but by pinpointing
higher or lower levels
of volatility it can help traders decide the -LSB-...]
In recent times Venezuela
as a sovereign country has been involved in sociopolitical problems and with a
high volatility in its prices
of raw material exports such
as oil, because
of the low prices...
As discussed in previous blogs,
high yield spreads are one
of the best coincident indicators
of equity
volatility.
«
As someone who was on both sides, I had experienced the stability
of being a salaried employee in
higher management versus the
volatility of being a freelancer.
We see central banks nearing the limits
of extraordinary monetary easing, low returns across most asset classes
as well
as higher equity and bond
volatility amid looming political risks and Federal Reserve (Fed) tightening.
Therefore, curve flattener reflects the consensus bearish
volatility view where asset prices continue to boom under policy accommodation, while curve steepener expresses a bullish
volatility thesis where
higher term premium (
as a result
of «quantitative tightening») would reverse policy - induced private capital displacement and «financial adventurism.»
Volatility soared when the United Kingdom voted to exit the European Union (EU), with the VIX index of U.S. equity market volatility spiking to near 2016 highs, as Bloomberg d
Volatility soared when the United Kingdom voted to exit the European Union (EU), with the VIX index
of U.S. equity market
volatility spiking to near 2016 highs, as Bloomberg d
volatility spiking to near 2016
highs,
as Bloomberg data shows.
Oil prices and the US Yields to dictate the pace this week While geopolitical tensions remain bubbling under the surface, rising oil prices and
higher US yields suggest investors are likely to deal with increased
volatility as a broad range
of political, economic and financial events unfolds US Core PCE, GDP price index, personal consumption data are...
NOTE:
High - yield bonds are subject to additional risks, such
as increased risk
of default and greater
volatility, because
of the lower credit quality
of the issues.
The Board also considered that the Fund's total net assets will decrease
as a result
of the Initial Tender Offer (and the Conditional Tender Offer, if conducted), which may result in greater
volatility, less investment flexibility and proportionately
higher expenses for the Fund's remaining shareholders following the Tender Offers.
This
volatility is likely to lead to a situation in which companies with a
high level
of risk meet the threshold conditions for inclusion in indices solely
as a result
of exceptional trading, even before they have any business activity whose results can be evaluated.»
The
high volatility of bitcoin is a giant hurdle that limits the acceptance
of bitcoin
as a currency because the price
of a currency must...
While we remain focused on long - term business fundamentals
as we evaluate potential investments, we don't mind taking advantage
of higher volatility to increase exposure to
high - quality businesses at more attractive prices.
To illustrate this, we'll compare some summary statistics about the S&P over time
as compared to during periods
of high excess
volatility.