And second, stock
returns following periods of steep yield curves are highly dependent on starting levels of valuation.
Investors have a tendency to overprice stocks when inflation is low, setting themselves up for lower long - term
returns following these periods.
Global mining investors have been demanding greater
returns following a period marked by failed acquisitions and spending on mine expansions that flooded metals markets.
Not exact matches
There has been a wide range of
returns in the three - and 12 - month
periods following daily closes of the VIX below 14, as the chart above shows.
Finally, by substituting the historic linear trend above into the IRR term of this equation, and the industry average investment
period of 13 years into the c term, we get the
following formula, which shows that nominal R&D productivity / ROI currently stands at about 1.2 (i.e., we get only 20 % back on top of our original R&D investment after 13 years), is declining exponentially by about 10 % per year, and will hit 1.0 (zero net
return on investment) by 2020:
Moderate interest rates were associated with a whole range of subsequent
returns over the
following decade, and we know that those outcomes were 90 % correlated with the level of valuations at the beginning of those
periods (on reliable measures such as market cap / GDP, price / revenue, Tobin's Q, the margin - adjusted Shiller P / E, and others we've presented over time - see Ockham's Razor and the Market Cycle).
But that
period was
followed by a prolonged
period of subpar
returns.
Regardless of the
period, 3 - month
returns following the start of a
period of steady tightening were on average negative and more volatile, as markets initially reacted negatively to the start of a tightening cycle.
The primary feature driving our current market
return / risk classification is that market internals and credit spreads have clearly deteriorated,
following an extended
period of extremely overvalued, overbought, overbullish conditions.
For example, a break below the 20 - EMA,
followed by sideways price action, and then a
return back above the 20 - EMA (while it trends sideways) is merely a shakeout that should not bother a trader who is seeking bigger gains with a longer holding
period.
«While the average forward
returns following the «triple play» of 52 - week highs are indeed higher than the average forward
returns for all
periods, they're only slightly higher,» said the report from Bespoke Investment Group.
The
following scatter plot relates monthly S&P 500 Index
return to same - month change in NYSE margin debt over the available sample
period.
Not surprisingly, the stock price has
followed, delivering a 12.4 % pa
return vs the S&P 500's 5.2 % pa over that
period.
Valuations in 1949 and 1982 were like paying $ 13.70 for the future $ 100 cash flow, as valuations were consistent with subsequent annual S&P 500 total
returns averaging 18 % over the
following 12 - year
period.
1954 and 1992 were like paying $ 25.60, and were
followed by 12 % annual S&P 500 total
returns over the subsequent 12 - year
period.
The
following chart summarizes average (equally weighted) sector
returns and standard deviations of average sector
returns by calendar month over the available sample
period.
Following a multi-year
period of underperforming shareholder
returns, amid a slump in comparable store sales and hampered by relatively high expenses, the Company would appear to be vulnerable to an activist campaign.
An investment in the S&P 500 Index, the most widely
followed measure of large stocks, earned a total
return of 5.75 percent a year through the end of September, two months shy of a full seven - year holding
period.
In the prior 27 midterm
periods, the S&P 500 has rallied 12 % on average during the 10 months
following the election; the
return jumps to 22 % when the Fed is in the middle of a tightening cycle.
The blue line shows the cumulative
return of the S&P 500 restricted to only the 10 - week
period following the above signals, provided that our measures market internals or credit spreads were also hostile at the time.
Technical features were selected by the authors based on the
following claims: • Stocks with high (low)
returns over
periods of three to 12 months continue to have high (low)
returns over subsequent three to 12 month
periods.
The
following table, excerpted from the paper, shows the correlations of
returns for U.S. stocks, U.S. bonds and gold for the entire 1995 - 2005 sample
period.
A legally mandated waiting
period may
follow, after which the woman must
return to be given an injection by a physician or nurse.
There was indeed a brief
period in the time
following the experience of the resurrection when the believers expected the
return of the Lord and the end of history so that a certain indifference to normal responsibilities in an ongoing history appears.
Following a healthy diet with cleansing properties during a
period of aspartame withdrawal can help to
return the body to its natural blood sugar and energy levels.
The aerodynamic platforms will complement engine manufacturer competition that
returned to the IndyCar Series in 2012
following a six - year
period in which Honda was the sole supplier.
Out of all the strikers linked to us I would rank their desirability / fit / potential as
follows: 1) Lacavette mainly for potential but and squad fit 2) Martinez, slight unknown, bit of a risk but he will have decent motivation imo 3) Higuain — better goal
returns over a long
period than Benzema 4) Benzema — decent but question his attitude, desire.
Thibaut Courtois has taken the number one spot
following his
return from a loan
period at Atletico Madrid.
Athletes who suffer concussion should
follow a six - step, symptom - limited,
return to play process towards
return to game play and may require a longer rest
period and / or extended
period of non-contact exercise before
return than adults because they have a different physiological response to concussion, take longer to recover, and have other unique risk factors.
Recently I've
returned with vigor to this, my soul's longing,
following a
period filled with studies, demanding jobs, and familial responsibilities....
Following a concussion and a
period of cognitive rest, some kids need a slow
return to full activity.
London's Labour campaigners are in an optimistic mood after opinion polls saw Ken drawing neck - and - neck with Boris Johnson,
following a difficult
period in which he lost support amid recurring questions about his tax
returns.
«Skidmore's policy does enable students who have been sanctioned to seek readmission to the college, and in the process of the readmission hearing, the college assesses the student's readiness to
return, and considers whether sanctions have been
followed during the
period of suspension, and also looks at how the student plans to reintegrate him or herself into the community,» said Wise.
Many Tuareg armed fighters
returned to Mali after the fall of Colonel Gaddafi,
following a
period working for the Libyan regime as security personnel.
After putting the ducklings back in the dark
following this «priming»
period, they
returned them to the enclosure but this time offered them a choice of what to
follow — either two identical objects, or two that were different.
During the nearly month - long
follow - up
period, there were no differences between the two groups in the percentages of patients that had a stent placed to open an artery, underwent coronary artery bypass surgery,
returned to the emergency room or experienced a major cardiac event, such as heart attack.
After a relatively stable MIS 2
period, Termination 1 is marked by a rapid 13C depletion over the Glacial - Bolling transition
followed by a
return to somewhat heavier values during the Younger Dryas, similar to earlier observations [1].
Thus temperatures during the
period when a lot of sunlight first
returns to the polar areas
following winter, March in the Arctic and September in the Antarctic, are crucial.
At the end of the funding
period (annually), unspent funds in the account may be carried forward to the next fiscal
period upon discussion and approval of the
following year's budget proposal with the Associate Dean for Postdoctoral Affairs, with the exception of funds designated to sponsor major events, which must be
returned to the sponsors if unspent.
The computer - managed microscope then
follows the fate of each cell over an extended
period of time,
returning to the same neuron over weeks or months to take pictures of them as they grow.
Research has shown that
periods of de-loading
followed by a
return to training actually result in increased weight loss and support strength and fitness gains.»
With a minimal 2 - hour therapy
period, this study found that castor oil packs produced a «significant» temporary increase in the number of T - 11 cells that increased over a 7 hour
period following treatment and then
returned to normal levels within 24 hours later.
There is a strict 30 Day elimination
period on Autoimmune Paleo that eliminates and then reintroduces (as the body allows without symptoms
returning) the
following:
People can have temporary
periods of hypothyroidism due to medications, thyroiditis, or postpartum thyroid issues after having a baby,
followed by a
return to normal thyroid function.
You may not know definitively if it was your
period until the bleeding
returns (or not) the
following month.
After receiving her third Oscar nomination by the age of 23, Saoirse Ronan will
follow up «Lady Bird» with a
return to her
period drama roots, starring alongside four - time Oscar nominee Annette Bening for an adaptation of Anton Chekhov's stage classic «The Seagull.»
After an eight year
period of silence
following his time travelling Sundance Grand Jury Prize winning debut Primer, Shane Carruth
returns to his position not only at the helm with his latest masterpiece, Upstream Color, but once again as writer, actor, cinematographer, sound designer, editor and even distributor.
When I
returned to work with my father for a brief
period following university, things seemed jaded on the site.
Follow - up support over an extended
period of time with mentors when teachers
return to the classroom and try to implement new practices.
Both districts faced problems that reflected initial
periods of severe racial segregation,
followed by such remedial efforts as busing,
followed by evidence of resegregation,
followed by a need to end busing and encourage the
return of, e.g., suburban students through increased student choice.