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.
Furthermore, a government crackdown
on corruption late in 2017 that saw numerous Saudi business people, including notable royals, detained and imprisoned (infamously, in the Riyadh Ritz Carlton hotel) and
assets handed
over to the authorities in
return for freedom could also spook investors.
Traditionally, most elect the target - date investment fund, which is a mutual fund that will
return your various
assets (stocks, bonds, and cash) at a fixed retirement date — depending
on how well the market performs
over time.
On Monday, the fund said its portfolio
return was 5.1 percent per annum in U.S. dollar nominal terms
over the five years to March 31, 2017, helped by the run - up in global financial
assets, versus 3.7 percent a year ago.
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.
«Stocks certainly look more attractive than bonds, but the case for stocks versus other
asset classes is less clear... «So while
returns may compress from the outsized gains we have seen
over the last several years, we remain constructive
on equities.
Hamblin Watsa emphasizes a conservative value investment philosophy, seeking to invest
assets on a total
return basis, which includes realized and unrealized gains
over the long - term.
Fairfax seeks to differentiate itself by combining disciplined underwriting with the investment of its
assets on a total
return basis, which Fairfax believes provides above - average
returns over the long - term.
There is strong reason to expect the S&P 500 to underperform the 2.4 % total
return available
on Treasury debt
over the coming decade, though both
asset classes are so richly valued that substantial volatility and interim losses should be expected in both.
Equity hedge fund
returns have been disappointing
over the last 14 years An exposure analysis shows no structural factor exposure, but frequent factor rotation Multi-factor long - short products are an interesting alternative, depending
on the fee level INTRODUCTION Hedge fund
assets reached an
Over the past couple of years, speculators have also used short sales of gold to obtain low cost funds to invest in other
assets — for example, by shorting gold (borrowing it and selling it in the spot market), market participants have been able to obtain US dollars at between 1 and 2 per cent, well below the rate of
return available
on US
assets.
«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.»
The Strategic Total
Return Fund moved the bulk of its
assets from short - term Treasury securities to Treasury inflation protected securities as real yields
on these securities surged well
over 3 %.
My average gross savings rate exceeded 50 % for 9 years and the end result is: — 61 % of my wealth has come from saving; and — 39 % from investment
return on a balanced low expense low tax portfolio of
assets which has achieved a CAGR of 6.9 %
over that period.
There are no rules because
asset price moves carry
on for unpredictable amounts of time, even if they do tend to
return to the mean
over the long term.
Reflecting
on this financial year just past, it may be helpful to look at the
returns of the major
asset classes
over this year and then for the last 20.
One factor supporting the Australian dollar
over the past couple of years has been that interest rates right across the yield curve in Australia, and perceived
returns on other
assets, have been higher than those in a number of other countries, particularly those which experienced a recession and a collapse of share prices in the early part of this decade.
As a factual matter,
on average, the universe of risk
assets has become more expensive
over time, and implied future
returns have come down.
Companies are cutting capital expenditure and focusing
on core
assets with fast
returns, which will lead to slower production growth
over the medium term.
Based
on particular strength in the precious metals market mid-last week, I reduced the exposure of the Strategic Total
Return Fund in precious metals shares, from close to 18 % of
assets down to just
over 10 %.
Instead of going all in
on one
asset, your portfolio is spread out
over a wider terrain, and you have experts cherry picking what they believe will ensure the best
returns (as well as the best
assets to minimize your exposure to risk if things go south).
The Wall Street Journal reports that gold
returns over the last five years are a compounded 25 % per year, far above average
returns on most other
assets.
Sure, there will be years here and there when the
return on equities is negative, but
over the long run, equities have dominated other
asset classes and we see no reason for that to change.
Wells Fargo has historically had one of the highest
return on assets of all major money center banks, which I suspect will bode well for the company
over the long run.
Yet Teys recently considered closing our Beenleigh plant, following a nine - year average
return on our
asset base of 2.8 per cent, shrinking to only 1 per cent
over the past four years.
The District is responsible for funding the plans, and if plan
assets decrease (e.g. because of a year of negative
returns on assets invested in the stock market), the District must make up the loss, generally smoothed
over several years.
Instead of going all in
on one
asset, your portfolio is spread out
over a wider terrain, and you have experts cherry picking what they believe will ensure the best
returns (as well as the best
assets to minimize your exposure to risk if things go south).
In Ben Graham's Net Current
Asset Values: A Performance Update Professor Henry Oppenheimer examined the return on stocks selected using Benjamin Graham's net current asset value strategy over the period 1970 to
Asset Values: A Performance Update Professor Henry Oppenheimer examined the
return on stocks selected using Benjamin Graham's net current
asset value strategy over the period 1970 to
asset value strategy
over the period 1970 to 1983.
It is true that
returns on TFSA
assets would otherwise be taxed, and these
returns and underlying
assets will increase steadily
over time.
Strategic Dividend Value is hedged at about half the value of its stock holdings, and Strategic Total
Return continues to hold a duration of just
over 3.5 years (meaning that a 100 basis point move in interest rates would be expected to impact Fund value by about 3.5 %
on the basis of bond price fluctuations), with less than 10 % of
assets in precious metals shares, and about 5 % of
assets in utility shares.
It is not as if they are to the point where they have no
assets in the plans and must make benefit payments out of cash flow, but the plans are distinctly underfunded
on any basis that assumes fair investment
returns over the next 30 years, which would be 5 % per year, and not 7 - 9 % per year.
When
asset manager Black Rock queried more than 1,000 401 (k) investors for its latest DC Pulse Survey, 66 % expected
returns on their savings
over the next decade to be in line with what they've experienced in the past, while another 17 % believed
returns will be even higher.
One historical record of the impact of taxes
on returns in Australia is the annual Russell Investments / Australian Securities Exchange (ASX) Long - term Investing Report, which measures pre - and post-tax
returns for various
asset classes
over 20 - year periods.
The information is intended to show the effects
on risk and
returns of different
asset allocations
over time based
on hypothetical combinations of the benchmark indexes that correspond to the relevant
asset class.
He used to say that investors should seek protection in the form of margin of safety either through conservatively calculated intrinsic value (usually based
on asset value)
over market price or superior rate of sustainable earnings
on price paid for a business vs a passive rate of
return on that money.
My point is simply that it's very likely that if you are moving money in and out of stocks based
on volatility, you're much less likely to get the full market
return over the long term, and might be better off putting more weight in
asset classes with lower volatility.
I discovered how to price European options and stumbled
over a term and an equation I didn't understood: If we assume that investors are indifferent to risk and that expected
returns on all
assets...
This is
on top of the problem that when high - quality long interest rates are so low, it is typically a bad time to try to make money in financial
assets, because
returns on risky
assets are typically only 0 - 2 % percent higher than the yield
on long BBB / Baa debt
over the long run.
As a result,
on average, I see low real
returns for
assets over the next 5 - 10 years, unless policy changes dramatically.
Strategic Total
Return has a duration of about 3 years in Treasury securities (meaning that a 100 basis point move in interest rates would be expected to affect Fund value by about 3 %
on the basis of bond price fluctuations), just
over 10 % of
assets in precious metals shares, and about 5 % of
assets in utility shares.
Accordingly, at Research Affiliates we focus
on gauging which
assets and currencies are priced to deliver attractive
returns over longer horizons, all while using shorter - term price and economic momentum as a barometer for the conviction in our expectations of future
returns.
For completeness my real
return target of 4 % was set based
on historical
returns of all my
asset classes
over long periods combined with expected
asset allocations.
On the other hand, the more aggressive the
asset allocation, the higher the initial spending rate — with one caveat: As the equity percentage approaches 100 %, the
return volatility will likely increase, and
over shorter time horizons may actually increase the chance of prematurely running out of money.»
The new Target Date recommendation takes more risk by investing in the more volatile small - cap - value and emerging markets
asset classes early
on, but history suggests that leads to significantly higher
returns over a 20 to 40 year time frame which is what a young investor has ahead of them.
After all, it's a capital light industry that is highly scalable; relatively small fixed overhead costs can be amortized
over vast
asset bases, resulting in some very fat margins and
returns on shareholder capital as an
asset manager's business expands.
With high
returns on assets and a low P / E it is not surprising that Garmin shows up
on Joel Greenblatt's magic formula investing site for the top 30 companies with a market cap
over a billion.
The extent to which the
return on an
asset fluctuates
over time.
Alternative
Asset Opportunities (TLI: LN)-- happy accidents deaths are now accelerating, it trades
on a nice NAV discount, net cash is now
over 10 % of its market cap, the directors have proposed a (first)
return of capital, and it's still a marvelous non-correlated investment.
In other words, these
assets can grow
over time without appearing
on your
return.
Based
on returns for the
asset class (not the funds), a Couch Potato that used the total bond market index would have earned at a compound annual rate of 9.27 percent
over the last 30 years while one that used inflation - protected bonds would have earned at a compound rate of 9.24 percent.