The latest review by the Standing Committee on Government Operations and Estimates recommended that departments and agencies include tax expenditures in their reports and that standing committees review tax
expenditures on a cyclical basis (recommendations 12 and 13).
Even if you're not having a period due to partial hysterectomy or amenorrhea, you can still experience PMS symptoms as long as you're not menopausal and are producing some
hormones on a cyclical basis.
UCU Scotland President Lesley McIntosh said: «We have seen massive increases in the teacher education budgets then
cutbacks on a cyclical basis, which just leads to a ridiculous hire - and - fire regime.
Although our approach is relatively inactive (meaning we don't make frequent changes to the portfolios on a quarterly or annual basis) we do tilt portfolios
on a cyclical basis as relative risks evolve.
Although we
rebalance on a cyclical basis to account for relative asset class risk, we can do this without creating excessive tax inefficiencies, charging high fees or creating other portfolio frictions that degrade performance.
So while we don't believe that the record high gold / XAU ratio can be taken entirely at face value, there's no question that it is elevated
even on a cyclical basis (that is, even allowing for a gradual structural increase over time), and there's no question in the data that cyclically elevated gold / XAU ratios have been associated with strong subsequent gains in the XAU index over a 3 - 4 year period on average, though certainly not without risk or volatility.
A difficulty has been that when insurance markets harden, as they
do on a cyclical basis, there is no flexibility in the MTC.
To adjust for this, we weight portfolios
on a cyclical basis to rebalance for risk.