I won't hold my breath in terms
of value realization, but if it helps BBEP to reach my target exit price I'll be more than happy.
And poor RoEs, management neglect of shareholder value, and the absence of activist investors meant prices weren't actually that cheap, and there was little chance
of value realization anyway.
We believe that we are at the beginning of a period
of value realization in a number of these markets, and Baupost now has the capability to identify and rigorously analyze and monitor opportunities in foreign countries.
However, some kind
of value realization event is really needed here:
If management's suitably restrained, cash re-investment can be just as good a source
of value realization / enhancement.
This is the best way to highlight how they can deliver a dramatically improved return, due to the (potential) acceleration
of value realization.
Then, of course, uncertainty as to the timing
of value realization has been reduced, but the exact amount of the value that will be realized and whether the auction will even be successful is obviously still not clear.
Not exact matches
That could be a painful
realization, but it is far preferable to basing decisions
of any
value on unreliable, flawed data.
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.
What's likely to happen over the next several quarters is a gradual
realization that the net asset
value of many corporations, after subtracting debt obligations, is actually negative.
The HFRI Relative
Value (Total) Index is managed by maintaining positions in which the investment thesis is predicated on
realization of a valuation discrepancy in the relationship between multiple securities.
HFRI Relative
Value Index maintains positions in which the investment thesis is predicated on
realization of a valuation discrepancy in the relationship between multiple securities.
This growth, coupled with an increasing
realization of the
value of coworking by independent workers, will continue to drive demand for coworking spaces.
Vagueness can be avoided,
of course, if we go to the logical extreme
of such a move, which would lie in attributing to the consequent nature all valuations, reserving to the primordial nature only the constitution
of metaphysical possibility and the subjective aim toward
value realization in general.
There is no way
of removing valuations from the primordial nature, no way
of divorcing sheer possibility from possibility - for -
value -
realization.
Indeed, for Whitehead, nothing can be fully understood independently
of its importance, for reality as such is
value -
realization.
Now in Whitehead's schema, the complex transformations
of bodily experience into higher levels
of integration with mental initiatives
of wider scope is a similar requirement for sustained
realization of value, rather than momentary purposes (IMM 690).
Pluralism becomes necessary when the concrete
realization of these
values differs from society to society and individual to individual, as it inevitably will.
God is always luring, beckoning the creatures to become «more» than what they have been, to greater
realizations of value and beauty in interdependence with each other.
The «synthesis
of omniscience» is described as including «all possibilities
of physical
value conceptually, thereby holding the ideal forms apart in equal, conceptual
realization of knowledge» (RM 147).
If the basic situation
of human life is set originally in complexity, any
realization of harmony will be a precarious venture along the razor's edge between inclusion
of discordant data as effective contrasts and their dismissal as incompatible
values.
The last thing the philosopher should be is an aloof onlooker or a rhetorical cheerleader, for «without the knowledge
of actual conditions and
of relations
of cause and effect, any
values that we set up as ends are bare ideals in the sense in which ideal» means utopian, without means for its
realization» (JDE 18).
In dependency politics,
values per se are not at issue, only the
realization of values.
To heighten sensitivity and willingness to take the risk
of response is to grow in our ability to realize
value within ourselves and to contribute to such
realization in others.
Coming out, I come into the
realization of myself as best able to relate most intimately — to touch and be touched most deeply, to give and receive most naturally, to empower and be empowered most remarkably — best able to express everything I most
value — God in human life, God in justice, God in passion, God as love — in sexual relationship to a lover who is female.
He has not, like Kierkegaard, devalued man's relation to man and to culture in favour
of his individual relation with God; nor has he, like Nietzsche, stressed the dynamic
realization of culture and
value in individual life at the expense
of the relation to God and fellow - man in all their independent «otherness.»
For the practical
realization of a world order based on such objectives it is necessary that there be a change in the
values by which human beings are inspired and motivated and structures by which they are governed.
Each such event is a type
of experience that strives toward the
realization of some
value.
With these considerations it is possible to note the following characteristics which both eternal objects and propositions share: 1) potentiality or «patience» for
realization, 2) indeterminacy or abstraction from actualities, and 3) absence
of truth -
value.
At any time or place in which humankind is led to find
value and significance in existence, it is the working
of God which is present to provide the ground and explanation for such a
realization.
Whitehead approaches the question
of man's desire for immortality, not by following the traditional path
of the soul as having substance, but that every act, every event, every
realization of value has everlasting significance and contributes everlastingly to the nature
of things.
But he feels it also through the eyes
of his «perfect vision»; that is, he sees the past as surrounded with relevant possibilities for a greater
realization of value.
Why is the principle
of a
value's
realization different from that
of its preservation in God?
This
realization, or «call,» along with the power
of the Holy Spirit, keeps us from turning our backs on what we
value.
In this
realization of forms, a
value is achieved complete with purpose and emotion.
(Religion in the Making, Cleveland: Meridian Books, 1960, 88) In the last chapter
of the book, God is conceived
of as having both
of the above features
of the principle:»... the nature
of God is the complete conceptual
realization of the realm
of ideal forms... But these forms are not realized by him in mere bare isolation, but as elements in the
value of his conceptual experience.»
The order
of value which is defined by love is the unifying fact, partly realized, partly stretching beyond
realization as a possibility, to which we can give our allegiance completely.
We see in the world
of change that enduring personal identity is the
realization of value in that world.
Personality then is the best example
of a sustained
realization of value in the world.
So Whitehead concludes, «Thus the effective
realization of value in the World of Change should find its counterpart in the World of Value: — this means that temporal personality in one world involves immortal personality in the o
value in the World
of Change should find its counterpart in the World
of Value: — this means that temporal personality in one world involves immortal personality in the o
Value: — this means that temporal personality in one world involves immortal personality in the other.
«38 What we have learned, if this account is true, is that every act, every event, every
realization of value has everlasting significance and contributes everlastingly to the nature
of things.
Hence, far from urging any such model, I should urge that each person, in his or her specificity, is intended to become what he or she has the potential for becoming — and that will mean great variety, many differing types
of fulfillment and self -
realization, each with its
value and importance.
For, he contends, «without this kind
of approach, education in the parish will diminish in effectiveness, in numbers
of persons reached, and in the
realization of the increasing importance
of education in the church in a period
of national
values crisis.»
The idea that this planted in my mind was the
realization, which came as something
of a shock, that not all the supreme
values pursued by mankind now and in the past were necessarily compatible with one another.
It is at least as true that the individual
realizations of value are particular concrescences
of the ecosystem, or some segment thereof, as that the
value of the ecosystem is the mere addition
of the
value of individuals atomistically conceived.
There is within life an Eros toward the
realization of greater, rather than lesser,
values.
In the broader sense God's moral outreach is pervasive
of all, for, according to Whitehead, he wants and encourages creative
realization of value everywhere.
What does follow is that in some sense God relishes the
realization of value by all finite occasions and societies
of occasions and the maximization
of value for the whole world community.
If God seeks maximum enhancement
of value within the realm
of finite occasions, then he would not seem to favor some
value realizations over others.
I do not think one can avoid the implication in Whitehead's aesthetic metaphysics that any
realization of value is in some sense desirable and coherent with the nature
of God.