Their price movements are uncorrelated to the movements
of other asset prices, such as shares and property.
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.
The firstquarter 2018 figure included $ 4 million in net
other expenses, mainly corresponding to restructuring expenses and $ 8 million in depreciation and amortization related to the revaluation
of assets carried out as part
of the Bostik and Den Braven purchase
price allocation processes.
Still, the Fed chairman reiterated his argument that lower rates boost growth by helping increase
prices of stocks, homes and
other assets.
However, if the economy is near or above its potential, as some measures indicate, it may merely cause faster - than - desired
price increases, or a jump in stock and
other asset values that raise concerns
of a bubble.
Others say the recent
prices simply reflect the fact that digital currencies are a far more sturdy
asset than they were two years ago, and their values can no longer be derailed by a bit
of negative news.
Despite having share
prices that move with market
prices, these funds can give rise to first - mover advantages for redeeming shareholders and create the potential for destabilizing waves
of redemptions and
asset fire sales if liquidity buffers and
other tools to manage liquidity risk prove insufficient.
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
other words, if you tighten monetary policy, certainly by more than is discounted in the market — and what's discounted in the market is very minor rising market — that will reverberate through
asset class
prices, as well as then you can have a situation in terms
of the economy.
Besides Mr. Drexler, major (5 % or greater) shareholders in the firm, as
of the annual proxy in April, include FMR LLC (which includes the Fidelity Contrafund), Baron Capital Group, BlackRock, and T Rowe
Price, all
of whom voted in favor
of the directors up for election as well as the
other management proposals — and Columbia Wanger
Asset Management (whose parent Ameriprise, did not return requests for information).
Valuations
of risky
assets are still stretched, and liquidity mismatches, leverage, and
other factors could amplify
asset price moves and their impact on the financial system.
The performance goals upon which the payment or vesting
of any Incentive Award (
other than Options and stock appreciation rights) that is intended to qualify as Performance - Based Compensation depends shall relate to one or more
of the following Performance Measures: market
price of Capital Stock, earnings per share
of Capital Stock, income, net income or profit (before or after taxes), economic profit, operating income, operating margin, profit margin, gross margins, return on equity or stockholder equity, total shareholder return, market capitalization, enterprise value, cash flow (including but not limited to operating cash flow and free cash flow), cash position, return on
assets or net
assets, return on capital, return on invested
Bond yields spiked, and
prices for a number
of other financial
assets that had benefited from expectations
of ongoing
asset purchases by the Fed dropped precipitously, not just in the United States but in almost every
other country.
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.
In particular, are there macro prudential tools that the Federal Reserve and
other regulators can use to limit leverage and speculation and thus prevent the type
of asset price booms and busts that have proved so troublesome?
If the prevailing patterns
of capital flows were to exert downward pressure on interest rates and upward pressure on
other asset prices, they would contribute to more expansionary financial conditions than would otherwise be the case.
Under the Bonus Plan, our compensation committee, in its sole discretion, determines the performance goals applicable to awards, which goals may include, without limitation: attainment
of research and development milestones, sales bookings, business divestitures and acquisitions, cash flow, cash position, earnings (which may include any calculation
of earnings, including but not limited to earnings before interest and taxes, earnings before taxes, earnings before interest, taxes, depreciation and amortization and net earnings), earnings per share, net income, net profit, net sales, operating cash flow, operating expenses, operating income, operating margin, overhead or
other expense reduction, product defect measures, product release timelines, productivity, profit, return on
assets, return on capital, return on equity, return on investment, return on sales, revenue, revenue growth, sales results, sales growth, stock
price, time to market, total stockholder return, working capital, and individual objectives such as MBOs, peer reviews, or
other subjective or objective criteria.
«If the outlook for the labor market does not improve substantially, the committee will continue its purchases
of agency mortgage - backed securities, undertake additional
asset purchases, and employ its
other policy tools as appropriate until such improvement is achieved in a context
of price stability,» the Fed's announcement stated.
The FOMC's annoucement after their meeting on Wednesday affirmed the Fed's QE3 policy, offering no changes, while stating, «If the outlook for the labor market does not improve substantially, the Committee will continue its purchases
of agency mortgage - backed securities, undertake additional
asset purchases, and employ its
other policy tools as appropriate until such improvement is achieved in a context
of price stability.»
While the liberalizing reforms usually undermine the ability
of the elite to capture a disproportionate share
of growth, in
other words, because the reforms often seem to encourage massive foreign capital inflows, and these push up the
price of assets largely controlled by the elite, political opposition to the reforms is weakened.
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.
The
price of bitcoin and many
other digital
assets have been on the rise over the past few days after a long 3 - month downtrend.
Compared with
Other Bubbles, Bitcoin Is almost off the Charts Five - year
price momentum
of bitcoin vs. historic
asset bubbles;
priced monthly; logarithmic scale
Shares
of mutual funds, on the
other hand, can only be purchased at the end
of the trading day at their net
asset value
price.
Former Dallas Fed President Richard Fisher explained to CNBC in 2016 that the Fed's quantitative easing program boosted the
prices of stocks and
other assets, but that the economic benefits were limited.
Many factors could cause BlackBerry's actual results, performance or achievements to differ materially from those expressed or implied by the forward - looking statements, including, without limitation: BlackBerry's ability to enhance its current products and services, or develop new products and services in a timely manner or at competitive
prices, including risks related to new product introductions; risks related to BlackBerry's ability to mitigate the impact
of the anticipated decline in BlackBerry's infrastructure access fees on its consolidated revenue by developing an integrated services and software offering; intense competition, rapid change and significant strategic alliances within BlackBerry's industry; BlackBerry's reliance on carrier partners and distributors; risks associated with BlackBerry's foreign operations, including risks related to recent political and economic developments in Venezuela and the impact
of foreign currency restrictions; risks relating to network disruptions and
other business interruptions, including costs, potential liabilities, lost revenues and reputational damage associated with service interruptions; risks related to BlackBerry's ability to implement and to realize the anticipated benefits
of its CORE program; BlackBerry's ability to maintain or increase its cash balance; security risks; BlackBerry's ability to attract and retain key personnel; risks related to intellectual property rights; BlackBerry's ability to expand and manage BlackBerry ® World ™; risks related to the collection, storage, transmission, use and disclosure
of confidential and personal information; BlackBerry's ability to manage inventory and
asset risk; BlackBerry's reliance on suppliers
of functional components for its products and risks relating to its supply chain; BlackBerry's ability to obtain rights to use software or components supplied by third parties; BlackBerry's ability to successfully maintain and enhance its brand; risks related to government regulations, including regulations relating to encryption technology; BlackBerry's ability to continue to adapt to recent board and management changes and headcount reductions; reliance on strategic alliances with third - party network infrastructure developers, software platform vendors and service platform vendors; BlackBerry's reliance on third - party manufacturers; potential defects and vulnerabilities in BlackBerry's products; risks related to litigation, including litigation claims arising from BlackBerry's practice
of providing forward - looking guidance; potential charges relating to the impairment
of intangible
assets recorded on BlackBerry's balance sheet; risks as a result
of actions
of activist shareholders; government regulation
of wireless spectrum and radio frequencies; risks related to economic and geopolitical conditions; risks associated with acquisitions; foreign exchange risks; and difficulties in forecasting BlackBerry's financial results given the rapid technological changes, evolving industry standards, intense competition and short product life cycles that characterize the wireless communications industry.
For example, lower rates have accelerated purchases
of cars and
other consumer durables and created apparent increases in wealth as
asset prices inflate.
Since the fundamental value
of an
asset in a financial market is an aggregation
of the stochastic stream
of future dividends, trading at
prices higher than the fundamental value is only profitable when there is a widespread belief that
other traders will continue to buy at
prices even further away from fundamental values.
These risks and uncertainties include food safety and food - borne illness concerns; litigation; unfavorable publicity; federal, state and local regulation
of our business including health care reform, labor and insurance costs; technology failures; failure to execute a business continuity plan following a disaster; health concerns including virus outbreaks; the intensely competitive nature
of the restaurant industry; factors impacting our ability to drive sales growth; the impact
of indebtedness we incurred in the RARE acquisition; our plans to expand our newer brands like Bahama Breeze and Seasons 52; our ability to successfully integrate Eddie V's restaurant operations; a lack
of suitable new restaurant locations; higher - than - anticipated costs to open, close or remodel restaurants; increased advertising and marketing costs; a failure to develop and recruit effective leaders; the
price and availability
of key food products and utilities; shortages or interruptions in the delivery
of food and
other products; volatility in the market value
of derivatives; general macroeconomic factors, including unemployment and interest rates; disruptions in the financial markets; risk
of doing business with franchisees and vendors in foreign markets; failure to protect our service marks or
other intellectual property; a possible impairment in the carrying value
of our goodwill or
other intangible
assets; a failure
of our internal controls over financial reporting or changes in accounting standards; and
other factors and uncertainties discussed from time to time in reports filed by Darden with the Securities and Exchange Commission.
It was determined that after the strategic review process and corresponding significant decrease in the share
price on the announcement that Fairfax and
other institutional investors were investing in the company through a $ 1 billion private placement
of convertible debentures, in lieu
of purchasing the company, that the carrying value
of the company's
assets exceeded their fair value based on the impairment testing performed by management.
Kinder Morgan, on the
other hand, owns primarily fee - based
assets, which generate steady income irrespective
of commodity
prices.
Using
prices for nearly 100,000 art transactions and contemporaneous quarterly levels
of indexes for
other asset classes over the period January 1985 through March 2009 (as available), they conclude that: Keep Reading
In the January 2013 version
of their paper entitled «Conditional Risk Premia in Currency Markets and
Other Asset Classes», Martin Lettau, Matteo Maggiori and Michael Weber explore the ability of a simple downside risk capital asset pricing model (DR - CAPM) to explain and predict asset ret
Asset Classes», Martin Lettau, Matteo Maggiori and Michael Weber explore the ability
of a simple downside risk capital
asset pricing model (DR - CAPM) to explain and predict asset ret
asset pricing model (DR - CAPM) to explain and predict
asset ret
asset returns.
So in addition, the Fund periodically hedges its exposure to those market fluctuations, based primarily on the status
of valuations and market action (
price behavior, trading volume, breadth, industry action, and
other asset types such as bonds, commodities, and so forth).
In their May 2013 paper entitled «Oil
Prices, Exchange Rates and
Asset Prices», Marcel Fratzscher, Daniel Schneider and Ine Van Robays examine relationships between crude oil price and behaviors of other asset cla
Asset Prices», Marcel Fratzscher, Daniel Schneider and Ine Van Robays examine relationships between crude oil
price and behaviors
of other asset cla
asset classes.
They originated in agriculture as a way
of hedging against falling
prices and
other uncertainties, but now they can be bought and sold for virtually any
asset out there (as long as there are people willing to buy and sell them).
«Leaving the question
of price aside, the best business to own is one that over an extended period can employ large amounts
of free —
other peoples money — in highly productive
assets so that return on owners capital becomes exceptional.»
Of course it makes sense why investors would jump to compare bitcoin to
other assets — stocks can explode to record
prices in a short time and attract a cultish following.
In
other words it manufactures inflation
of assets priced in dollars.
The
prices of financial instruments and the underlying
assets will be influenced by, among
other things, changing national and international political and economic events and the prevailing conditions
of the relevant marketplace.
In particular, the organization raised concerns about leveraged trading
of cryptocurrencies, though it acknowledged that the low correlation between cryptocurrencies and
other assets «suggests that the risk
of spillovers from idiosyncratic
price moves in crypto
assets to the wider market may be limited at this point.»
Although decades
of history have conclusively proved it is more profitable to be an owner
of corporate America (viz., stocks), rather than a lender to it (viz., bonds), there are times when equities are unattractive compared to
other asset classes (think late - 1999 when stock
prices had risen so high the earnings yields were almost non-existent) or they do not fit with the particular goals or needs
of the portfolio owner.
As well, this practice also worsens market efficiency and liquidity — in
other words, stock
prices would not accurately reflect relevant, available information and
assets could not be quickly bought or sold — and discourages the production
of fundamental information, compared to a scenario where all traders have access to the same information about
prices.
However, right now we are focused on enabling our customers to gain exposure to the
price action
of ether, and
other digital
assets, through Bitcoin.
Real estate also remains by far the economy's largest
asset — so large that it absorbs about 80 percent
of bank credit in many countries, with such credit thereby raising housing and
other real estate
prices, adding to the economy's debt overhead.
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.
Tax cuts always effect
assets prices, regulations are estimated to account for up to 35 %
of building new construction costs for homes in some locations and though federal deregulation may not impact local regulations as much it does have a multiplier effect on the economy just like a tax cut does and anticipation
of an infrastructure plan the scale
of this administration's, though it hasn't been passed, would also have an anticipatory effect on leading indicators like stocks and
other commodities that raise costs, which we have already seen.
For these people, the goal should be to become familiar with how
asset prices typically move during those hours and then when possible, take advantage
of other optimal time periods.
The critics charged that those policies would eventually produce destructive bubbles in the
prices of stocks and
other assets and, eventually, undesirably high inflation.
The key drivers
of the Savings Glut, however, have weakened or reversed: China's growth is rebalancing toward domestic consumption, and its stock
of foreign exchange (FX) reserves has declined;
other Asian emerging markets have already accumulated sufficient FX reserves and no longer need to accumulate
assets; and the plunge in oil
prices is forcing a number
of oil exporters to reduce savings to delay or smooth the adjustment in expenditures.