I refer to the object
of this price appreciation as «land» because it does not represent profit on capital investment as economists use the term.
It would be natural to have some kind
of price appreciation as earnings accelerate, but since 2008 (or even the peak prior) the acceleration in price far exceeds the acceleration in earnings power.
Not exact matches
Pretty much from his first statements
as governor in 2013 — that's about $ 100,000 ago in real estate
appreciation terms — through to last week when the bank released its latest financial system review, Poloz has walked a tightrope between admitting that elevated house
prices and debt levels pose a risk to the economy, and assuring Canadians that the likelihood
of a crash is actually pretty low.
Your initial outlay
of $ 1,000 in 2008 would be worth more than $ 19,300 Thursday, according to CNBC calculations, or over 19 times
as much, including
price appreciation and dividend gains reinvested.
According to CNBC calculations, a $ 1,000 investment would be worth more than $ 11,200
as of Tuesday, or over 11 times
as much, including
price appreciation and dividend gains reinvested.
Shares that are exchanged by a participant or withheld by Apple to pay the exercise
price of an option or stock
appreciation right granted under the 2014 Plan,
as well
as any shares exchanged or withheld to satisfy the tax withholding obligations related to any option or stock
appreciation right, will not be available for subsequent awards under the 2014 Plan.
In no case, except due to an adjustment to reflect a stock split or other event referred to under «Adjustments» below, and except for any repricing that may be approved by shareholders, will the plan administrator (1) amend an outstanding stock option or stock
appreciation right to reduce the exercise
price or base
price of the award, (2) cancel, exchange, or surrender an outstanding stock option or stock
appreciation right in exchange for cash or other awards for the purpose
of repricing the award, (3) cancel, exchange, or surrender an outstanding stock option or stock
appreciation right in exchange for an option or stock
appreciation right with an exercise or base
price that is less than the exercise or base
price of the original award, or (4) take any other action that is treated
as a repricing under U.S. generally accepted accounting principles.
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
Total return comprises
price appreciation / depreciation and income
as a percentage
of the original investment.
«When you buy bitcoins, you are essentially betting on
price appreciation alone
as a way
of making money on your investment.»
Subject to Section 6 and the other terms and conditions
of the Plan, each Stock
Appreciation Right grant will be evidenced by an Award Agreement (which may be in electronic form) that will specify the exercise
price, the term
of the Stock
Appreciation Right, the conditions
of exercise, and such other terms and conditions
as the Administrator, in its sole discretion, will determine.
Additionally, such big volume acts
as a leading indicator that points to the likelihood
of further
price appreciation.
Consequently, investors may need to rely on sales
of our common stock after
price appreciation, which may never occur,
as the only way to realize any future gains on their investment.
Each Stock
Appreciation Right grant will be evidenced by an Award Agreement that will specify the exercise
price, the term
of the Stock
Appreciation Right, the conditions
of exercise, and such other terms and conditions
as the Administrator, in its sole discretion, will determine.
In that sense their main concern is with rising land values — that is, the values that do not accrue
as a result
of earnings on capital (the rents that typically are pledged to lenders
as interest payments on the loans taken out to by the properties) but are economy - wide asset -
price appreciation in specific categories.
In the event
of a change
of control (
as defined in the plan), the compensation committee may, in its discretion, provide for any or all
of the following actions: (i) awards may be continued, assumed, or substituted with new rights, (ii) awards may be purchased for cash equal to the excess (if any)
of the highest
price per share
of common stock paid in the change in control transaction over the aggregate exercise
price of such awards, (iii) outstanding and unexercised stock options and stock
appreciation rights may be terminated, prior to the change in control (in which case holders
of such unvested awards would be given notice and the opportunity to exercise such awards), or (iv) vesting or lapse
of restrictions may be accelerated.
We've come a long way since then, however,
as a resurgence
of technological optimism has created pockets
of rampant
price appreciation over the past few years.
In particular, AIC payments, LTI payments and stock options represent a significant portion
of our executive compensation program,
as shown by the chart below, and this variable compensation is «at risk» and directly dependent upon the achievement
of pre-established corporate goals and stock
price appreciation:
As a result, the financial opportunity in our equity rewards program is best realized through long - term
appreciation of our stock
price, which mitigates excessive short - term risk - taking.
In the 11th issue
of the AMM Dividend Letter we highlighted the buying
of Visa Europe
as a potential catalysts for further
price appreciation and dividend growth for Visa (V).
As a result, the Fresno housing market is expected to have a healthy level
of home -
price appreciation in 2017, while other California markets could level off.
Housing affordability will decline in 2015,
as a result
of rising mortgage rates and home
price appreciation.
In contrast to the strength in volumes, the value
of total imports declined by around 5 per cent over the year to the December quarter,
as the currency
appreciation has lowered Australian dollar import
prices.
As usual, I don't place too much emphasis on this sort of forecast, but to the extent that I make any comments at all about the outlook for 2006, the bottom line is this: 1) we can't rule out modest potential for stock appreciation, which would require the maintenance or expansion of already high price / peak earnings multiples; 2) we also should recognize an uncomfortably large potential for market losses, particularly given that the current bull market has now outlived the median and average bull, yet at higher valuations than most bulls have achieved, a flat yield curve with rising interest rate pressures, an extended period of internal divergence as measured by breadth and other market action, and complacency at best and excessive bullishness at worst, as measured by various sentiment indicators; 3) there is a moderate but still not compelling risk of an oncoming recession, which would become more of a factor if we observe a substantial widening of credit spreads and weakness in the ISM Purchasing Managers Index in the months ahead, and; 4) there remains substantial potential for U.S. dollar weakness coupled with «unexpectedly» persistent inflation pressures, particularly if we do observe economic weaknes
As usual, I don't place too much emphasis on this sort
of forecast, but to the extent that I make any comments at all about the outlook for 2006, the bottom line is this: 1) we can't rule out modest potential for stock
appreciation, which would require the maintenance or expansion
of already high
price / peak earnings multiples; 2) we also should recognize an uncomfortably large potential for market losses, particularly given that the current bull market has now outlived the median and average bull, yet at higher valuations than most bulls have achieved, a flat yield curve with rising interest rate pressures, an extended period
of internal divergence
as measured by breadth and other market action, and complacency at best and excessive bullishness at worst, as measured by various sentiment indicators; 3) there is a moderate but still not compelling risk of an oncoming recession, which would become more of a factor if we observe a substantial widening of credit spreads and weakness in the ISM Purchasing Managers Index in the months ahead, and; 4) there remains substantial potential for U.S. dollar weakness coupled with «unexpectedly» persistent inflation pressures, particularly if we do observe economic weaknes
as measured by breadth and other market action, and complacency at best and excessive bullishness at worst,
as measured by various sentiment indicators; 3) there is a moderate but still not compelling risk of an oncoming recession, which would become more of a factor if we observe a substantial widening of credit spreads and weakness in the ISM Purchasing Managers Index in the months ahead, and; 4) there remains substantial potential for U.S. dollar weakness coupled with «unexpectedly» persistent inflation pressures, particularly if we do observe economic weaknes
as measured by various sentiment indicators; 3) there is a moderate but still not compelling risk
of an oncoming recession, which would become more
of a factor if we observe a substantial widening
of credit spreads and weakness in the ISM Purchasing Managers Index in the months ahead, and; 4) there remains substantial potential for U.S. dollar weakness coupled with «unexpectedly» persistent inflation pressures, particularly if we do observe economic weakness.
The decline in earnings over the past year owes largely to a fall in Australian dollar
prices,
as the
appreciation of the Australian dollar has more than offset rising world commodity
prices evident since mid last year (see section on commodity
prices and the terms
of trade below).
Also, if the future prospects
of D are just
as good then, the market should not offer much more than a 4 % yield, which means a
price appreciation of 47 % (1.08 ^ 5) over 5 years is not unreasonable.
Hut8 Mining will be actively mining Bitcoin from our data centers and are implementing an investment strategy involving liquidation
of a portion
of mined coins
as a ratio
of future forecasted expenses, while holding the remainder
as inventory to benefit from
price appreciation & volatility.
If one is right on the commodity (and has the patience), the leverage contained in the share
price appreciation is superb, and usually occurs without the attendant volatility
of the futures and / or options markets (
as fun
as they can be).
Listed
as one
of the fastest - growing metroplexes in the U.S., growth is driving rent and property
price appreciation.
That said, buy - and - hold investors will need to proceed cautiously,
as the healthy share -
price gains already racked up across much
of the industry leave most
of the railroad stocks with below - average
appreciation potential to 2017 - 2019.
Market participants will be looking to economic data
as a gauge
of whether the Fed and, to a lesser degree, other central banks will provide liquidity to stoke
price appreciation, Chandler says.
«YTD, IMV shares have generated strong returns
of 125 %, with 37 %
of this generated since our Top Pick update, and we see strong
price appreciation potential on forthcoming DPX - Survivac clinical updates
as described above, independent
of any new pipeline advances that Immunovaccine may undertake during our forecast period.
Assuming no further change in the exchange rate, it would be expected to remain around that level during the second half
of the year before edging up slightly in mid 2005
as the effects
of the
appreciation on
prices begin to dissipate.
In addition, the
appreciation of the Australian dollar is likely to have restrained export volumes,
as well
as lowering Australian dollar
prices.
More inventory is coming onto the market, and this could slow the rate
of home -
price appreciation as we head into 2017.
(gg) «Stock
Appreciation Right» or «SAR» means a right granted under Section 8 which entitles the recipient to receive an amount equal to the excess
of the Fair Market Value
of a Share on the date
of exercise
of the Stock
Appreciation Right over the exercise
price thereof on such terms and conditions
as are specified in the agreement or other documents evidencing the Award (the «SAR Agreement»).
As I've explained numerous times before, it's considered auspicious to give gifts
of gold bullion and jewelry during the Hindu Festival
of Lights, and in years past we've seen some
price appreciation in the days and weeks leading up to the celebration.
Attendees can expect to walk away with an
appreciation of the key factors governing dairy ingredients
pricing, supply and demand,
as well
as an
appreciation of the science and technology to transform milk and whey into value - added dairy ingredients.
Workers at the Etihad have traditionally been given the tickets
as a token
of appreciation for their efforts on top
of their salaries but from next season they will have to pay 50 %
of a regular season ticket
price.
Much love and
appreciation to my beloved wife, Lonna, a pearl
of great
price (
as.
I've never brought myself to get rid
of an Adam Sandler movie and this won't become the first, but unless you're
as devoted in your
appreciation, this may be better served
as a one - time viewing until it comes down in
price.
Included in the PowerPoint: Macroeconomic Objectives (
AS Level) a) Aggregate Demand (AD) and Aggregate Supply (
AS) analysis - the shape and determinants
of AD and
AS curves; AD = C+I+G + (X-M)- the distinction between a movement along and a shift in AD and
AS - the interaction
of AD and
AS and the determination
of the level
of output,
prices and employment b) Inflation - the definition
of inflation; degrees
of inflation and the measurement
of inflation; deflation and disinflation - the distinction between money values and real data - the cause
of inflation (cost - push and demand - pull inflation)- the consequences
of inflation c) Balance
of payments - the components
of the balance
of payments accounts (using the IMF / OECD definition): current account; capital and financial account; balancing item - meaning
of balance
of payments equilibrium and disequilibrium - causes
of balance
of payments disequilibrium in each component
of the accounts - consequences
of balance
of payments disequilibrium on domestic and external economy d) Exchange rates - definitions and measurement
of exchange rates - nominal, real, trade - weighted exchange rates - the determination
of exchange rates - floating, fixed, managed float - the factors underlying changes in exchange rates - the effects
of changing exchange rates on the domestic and external economy using AD, Marshall - Lerner and J curve analysis - depreciation /
appreciation - devaluation / revaluation e) The Terms
of Trade - the measurement
of the terms
of trade - causes
of the changes in the terms
of trade - the impact
of changes in the terms
of trade f) Principles
of Absolute and comparative advantage - the distinction between absolute and comparative advantage - free trade area, customs union, monetary union, full economic union - trade creation and trade diversion - the benefits
of free trade, including the trading possibility curve g) Protectionism - the meaning
of protectionism in the context
of international trade - different methods
of protection and their impact, for example, tariffs, import duties and quotas, export subsidies, embargoes, voluntary export restraints (VERs) and excessive administrative burdens («red tape»)- the arguments in favor
of protectionism This PowerPoint is best used when using worksheets and activities to help reinforce the ideas talked about.
Overall we see credit primarily
as a source
of income, with limited potential for
price appreciation from spread compression.
However,
as home
price appreciation frequently outstrips the efforts
of even the most frugal household, saving 20 %
of the purchase
price may be unattainable.
The change in
price of a given property measures the underlying rate
of appreciation because basic factors such
as physical location, climate, housing type, etc., are constant between transactions.
Equities or stocks are a part ownership
of a company and
as an owner, you are entitled to part
of the profits and dividends and the stock
price appreciation over time.
In the 11th issue
of the AMM Dividend Letter we highlighted the buying
of Visa Europe
as a potential catalysts for further
price appreciation and dividend growth for Visa (V).
Housing affordability will decline in 2015,
as a result
of rising mortgage rates and home
price appreciation.
With a lowered expectation in the growth and future cash flows
of the company, investors will not get
as much growth from stock
price appreciation, making stock ownership less desirable.
The chart below illustrates how the return (the aggregate result
of dividend and stock -
price appreciation) was twice
as great among stocks
of companies initiating or growing dividends
as it was among companies paying none.