As I mentioned at the beginning, however, the sub-prime crisis should really be seen in the context of a general repricing of
risk in financial markets and this has had a more noticeable impact on the Australian financial system.
There's no way you can avoid
risk in the financial markets if you hope to beat inflation over the long - term and earn a respectable return on your portfolio.
[A compact disk with the model comes with the book Managing Downside
Risk in Financial Markets by Frank Sortino and Stephen Satchell.]
It comes in a CD when you purchase Managing Downside
Risk in Financial Markets by Frank Sortino and Stephen Satchell.
Our investigations into Managing Downside
Risk in Financial Markets have led us to an unexpected conclusion: Much of academic investment research should be tossed out.
Current Research E: Managing Downside
Risk in Financial Markets Introducing the Minimum Acceptable Return (MAR) Monthly Returns Ten Valuation Levels Short Intervals Longer Sequences Not There Yet
It comes with the book, Managing Downside
Risk in Financial Markets, by Frank Sortino and Stephen Satchell.
Dated: October 23, 2005 Current Research D: Expanded Switching Algorithms Current Research E: Managing Downside
Risk in Financial Markets.
Notes through November 29, 2005 Notes through January 13, 2006 covered the following topics: Managing Downside
Risk in Financial Markets, The 4 % Shocker, Monthly Returns, Refusing to See: Dividends, A Must Read from Rob Bennett, Another Must Read from Rob Bennett, Take a Look, Updated Calculator.
Managing Downside
Risk in Financial Markets by Frank Sortino and Stephen Satchell provides a good overview of what is known as Post-Modern Portfolio Theory.
The model comes with the purchase of the book, Managing Downside
Risk in Financial Markets by Frank Sortino and Stephen Satchell.
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.
In its latest Annual Report, it argued that «even if inflation does not rise, keeping interest rates too low for long could raise financial stability and macroeconomic risks further down the road, as debt continues to pile up and risk - taking in financial markets gathers steam.&raqu
In its latest Annual Report, it argued that «even if inflation does not rise, keeping interest rates too low for long could raise
financial stability and macroeconomic
risks further down the road, as debt continues to pile up and
risk - taking
in financial markets gathers steam.&raqu
in financial markets gathers steam.»
In the Minutes from the January FOMC meeting, the Federal Reserve addressed the
financial situation, and noted that the increasing role of bond and loan mutual funds could pose a liquidity
risk if everyone tries to get out of the
market at the same time.
Mark Campanale, executive director of the Carbon Tracker Initiative, a thinktank that analyses the
financial risks of fossil fuel investments, said: «The
financial markets are fast losing faith
in the investment case for fossil fuels.
«The next move that will start happening
in the
financial industry is that funds will start leveraging credit
risk to a greater extent,» Gundlach said, «which will build up an overexposure potentially should the
market turn against bonds later on.»
«These attacks represent a
risk to global
markets in 2017 by threatening to upend central banks» roles as technocratic institutions that provide
financial and economic stability,» according to Eurasia Group.
It pointed to the continued presence of fragile fixed - income
market liquidity as a key vulnerability
in the overall
financial system, while it repeats the
risks of a sharp increase
in long - term interest rates, stress from emerging
markets like China and prolonged weakness
in commodity prices.
At the time, TD was among the Top 10 banks
in the structured - products
market, a business built on arcane
financial instruments that shift
risk between balance sheets and was ultimately a compounding factor of the
financial crisis.
This is why many
financial advisors recommend people take steps, such as diversifying their portfolios and getting out of the stock
market, to limit their
risk late
in the game.
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.
Staley told CNBC that given the high level of debt across the world,
in particular among emerging
markets where dollar - denominated debt has grown dramatically, many economies could be at
risk if there were sudden changes
in financial conditions.
BI: Which developments
in global
financial markets, if any, would you flag as most concerning for
risk appetite?
In 2007, Cramer went on a fiery rant, blasting then - Fed Chair Ben Bernanke and central bankers for their lack of knowledge about the
risk that the subprime mortgage
market posed to the
financial system.
The ratings on ACT reflect Standard & Poor's view of the company's position as a leader
in the fragmented and competitive convenience store (c - store) industry
in North America, as well as
in the more concentrated Scandinavian
market; its solid profitability and cash flow; and its intermediate
financial risk profile.
Google (goog) will ban online advertisements promoting cryptocurrencies and initial coin offerings starting
in June, part of a broader crackdown on the
marketing of a new breed of high -
risk financial products.
Important factors that could cause our actual results and
financial condition to differ materially from those indicated in the forward - looking statements include, among others, the following: our ability to successfully and profitably market our products and services; the acceptance of our products and services by patients and healthcare providers; our ability to meet demand for our products and services; the willingness of health insurance companies and other payers to cover Cologuard and adequately reimburse us for our performance of the Cologuard test; the amount and nature of competition from other cancer screening and diagnostic products and services; the effects of the adoption, modification or repeal of any healthcare reform law, rule, order, interpretation or policy; the effects of changes in pricing, coverage and reimbursement for our products and services, including without limitation as a result of the Protecting Access to Medicare Act of 2014; recommendations, guidelines and quality metrics issued by various organizations such as the U.S. Preventive Services Task Force, the American Cancer Society, and the National Committee for Quality Assurance regarding cancer screening or our products and services; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, licensing and supplier arrangements; our ability to maintain regulatory approvals and comply with applicable regulations; and the other risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10 - K and our subsequently filed Quarterly Reports on For
financial condition to differ materially from those indicated
in the forward - looking statements include, among others, the following: our ability to successfully and profitably
market our products and services; the acceptance of our products and services by patients and healthcare providers; our ability to meet demand for our products and services; the willingness of health insurance companies and other payers to cover Cologuard and adequately reimburse us for our performance of the Cologuard test; the amount and nature of competition from other cancer screening and diagnostic products and services; the effects of the adoption, modification or repeal of any healthcare reform law, rule, order, interpretation or policy; the effects of changes
in pricing, coverage and reimbursement for our products and services, including without limitation as a result of the Protecting Access to Medicare Act of 2014; recommendations, guidelines and quality metrics issued by various organizations such as the U.S. Preventive Services Task Force, the American Cancer Society, and the National Committee for Quality Assurance regarding cancer screening or our products and services; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, licensing and supplier arrangements; our ability to maintain regulatory approvals and comply with applicable regulations; and the other
risks and uncertainties described
in the
Risk Factors and
in Management's Discussion and Analysis of
Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10 - K and our subsequently filed Quarterly Reports on For
Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10 - K and our subsequently filed Quarterly Reports on Form 10 - Q.
Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic, political, and capital
markets conditions and other factors beyond the Company's control, including natural and other disasters or climate change affecting the operations of the Company or its customers and suppliers; (2) the Company's credit ratings and its cost of capital; (3) competitive conditions and customer preferences; (4) foreign currency exchange rates and fluctuations
in those rates; (5) the timing and
market acceptance of new product offerings; (6) the availability and cost of purchased components, compounds, raw materials and energy (including oil and natural gas and their derivatives) due to shortages, increased demand or supply interruptions (including those caused by natural and other disasters and other events); (7) the impact of acquisitions, strategic alliances, divestitures, and other unusual events resulting from portfolio management actions and other evolving business strategies, and possible organizational restructuring; (8) generating fewer productivity improvements than estimated; (9) unanticipated problems or delays with the phased implementation of a global enterprise resource planning (ERP) system, or security breaches and other disruptions to the Company's information technology infrastructure; (10)
financial market risks that may affect the Company's funding obligations under defined benefit pension and postretirement plans; and (11) legal proceedings, including significant developments that could occur
in the legal and regulatory proceedings described
in the Company's Annual Report on Form 10 - K for the year ended Dec. 31, 2017, and any subsequent quarterly reports on Form 10 - Q (the «Reports»).
The stricter residential mortgage lending regulations introduced by the Office of the Superintendent of
Financial Institutions were aimed at reducing
risk in the
market amid high housing prices.
All -
in, Morgan Stanley thinks $ 3 billion of the ~ $ 24 billion spent on
financial information is at
risk if new players — headlined by chat product Symphony — make major inroads into the
market.
Risks and uncertainties include, among other things, the uncertainties inherent in research and development; the uncertainties inherent in business and financial planning, including, without limitation, risks related to Pfizer's business and prospects, adverse developments in Pfizer's markets, or adverse developments in the U.S. or global capital markets, credit markets or economies generally; and competitive developm
Risks and uncertainties include, among other things, the uncertainties inherent
in research and development; the uncertainties inherent
in business and
financial planning, including, without limitation,
risks related to Pfizer's business and prospects, adverse developments in Pfizer's markets, or adverse developments in the U.S. or global capital markets, credit markets or economies generally; and competitive developm
risks related to Pfizer's business and prospects, adverse developments
in Pfizer's
markets, or adverse developments
in the U.S. or global capital
markets, credit
markets or economies generally; and competitive developments.
OTTAWA — An overbuilt and overpriced condominium
market is posing a
risk to Canadian households, banks and the economy
in general, the Bank of Canada warned Thursday
in its latest review of the health of the country's
financial system.
These
risks and uncertainties include: Gilead's ability to achieve its anticipated full year 2018
financial results; Gilead's ability to sustain growth
in revenues for its antiviral and other programs; the
risk that private and public payers may be reluctant to provide, or continue to provide, coverage or reimbursement for new products, including Vosevi, Yescarta, Epclusa, Harvoni, Genvoya, Odefsey, Descovy, Biktarvy and Vemlidy ®; austerity measures
in European countries that may increase the amount of discount required on Gilead's products; an increase
in discounts, chargebacks and rebates due to ongoing contracts and future negotiations with commercial and government payers; a larger than anticipated shift
in payer mix to more highly discounted payer segments and geographic regions and decreases
in treatment duration; availability of funding for state AIDS Drug Assistance Programs (ADAPs); continued fluctuations
in ADAP purchases driven by federal and state grant cycles which may not mirror patient demand and may cause fluctuations
in Gilead's earnings;
market share and price erosion caused by the introduction of generic versions of Viread and Truvada, an uncertain global macroeconomic environment; and potential amendments to the Affordable Care Act or other government action that could have the effect of lowering prices or reducing the number of insured patients; the possibility of unfavorable results from clinical trials involving investigational compounds; Gilead's ability to initiate clinical trials
in its currently anticipated timeframes; the levels of inventory held by wholesalers and retailers which may cause fluctuations
in Gilead's earnings; Kite's ability to develop and commercialize cell therapies utilizing the zinc finger nuclease technology platform and realize the benefits of the Sangamo partnership; Gilead's ability to submit new drug applications for new product candidates
in the timelines currently anticipated; Gilead's ability to receive regulatory approvals
in a timely manner or at all, for new and current products, including Biktarvy; Gilead's ability to successfully commercialize its products, including Biktarvy; the
risk that physicians and patients may not see advantages of these products over other therapies and may therefore be reluctant to prescribe the products; Gilead's ability to successfully develop its hematology / oncology and inflammation / respiratory programs; safety and efficacy data from clinical studies may not warrant further development of Gilead's product candidates, including GS - 9620 and Yescarta
in combination with Pfizer's utomilumab; Gilead's ability to pay dividends or complete its share repurchase program due to changes
in its stock price, corporate or other
market conditions; fluctuations
in the foreign exchange rate of the U.S. dollar that may cause an unfavorable foreign currency exchange impact on Gilead's future revenues and pre-tax earnings; and other
risks identified from time to time
in Gilead's reports filed with the U.S. Securities and Exchange Commission (the SEC).
Wrangling between Greece's government and its international creditors will likely remain the key
risk event
in global
financial markets this week.
Chapter 1 concludes that although economic benefits of monetary ease are becoming more evident
in some economies,
market and liquidity
risks have increased to levels that could compromise
financial stability if left unaddressed.
More broadly, global trade has slowed and
financial stability
risks have increased — with the recent
market turmoil partly reflecting lower confidence
in the effectiveness of policies.
But that has prompted regulators
in the country to crack down on the cryptocurrency sector,
in a bid to stamp out potential
financial risks as consumers pile into a highly risky and speculative
market that has seen unprecedented growth this year.
Hedge - fund strategies generally didn't do well
in 2014 and 2015 — a period when the erratic «
risk - on» and «
risk - off» trading patterns were prevalent
in global
financial markets.
For example, heightened
risk taking by investors and elevated leverage
in large
financial institutions and
in shadow banking activities were among the factors that turned a downturn
in the U.S. subprime mortgage
market into a global
financial crisis.
All three of these reasons — evidence that U.S. monetary policy is currently only moderately accommodative, the fact that U.S.
financial conditions have been influenced by economic and
financial market developments abroad, and
risk management considerations — argue, at the moment, for caution
in raising U.S. short - term interest rates.
BlackRock combines proprietary
risk management technology, including extensive analytics, with a deep understanding of
financial markets and investment processes,
in order to examine and understand the
risks involved when making investment choices.
With inflation rates having surprised on the downside for a few years now, there is unusually low compensation for future inflation
risk in many
financial markets.
Policy makers should raise the statutory borrowing limit «well ahead of the deadline»
in order to «mitigate
risks of
financial market disruptions and a loss
in consumer and business confidence,» they warned.
Factors that could cause or contribute to actual results differing from our forward - looking statements include
risks relating to: failure of DBRS to rate the Notes at the anticipated ratings levels, which is a closing condition, or at all; changes
in the
financial markets, including changes
in credit
markets, interest rates, securitization
markets generally and our proposed securitization
in particular; the willingness of investors to buy the Notes; adverse developments regarding OnDeck, its business or the online or broader marketplace lending industry generally, any of which could impact what credit ratings, if any, are issued with respect to the Notes; the extended settlement cycle for the scheduled closing on April 17, 2018, which may exacerbate the foregoing
risks; and other
risks, including those described
in our Annual Report on Form 10 - K for the year ended December 31, 2017 and
in other documents that we file with the Securities and Exchange Commission from time to time which are or will be available on the Commission's website at www.sec.gov.
Current political and
financial uncertainty surrounding the European Union may increase
market volatility and the economic
risk of investing
in companies
in Europe.
«Some younger investors... are extremely
risk averse because they have seen their parents lose their jobs, lose equity
in their homes and experience stock
market declines after 9/11, Enron and the global
financial crisis,» the certified
financial planner said.
These statements may involve a number of
risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of
financial markets, the investment performance of NexPoint Advisors, L.P.'s or Highland Capital Management L.P.'s sponsored investment products, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes
in tax laws.
The increase
in the ties between national
financial systems, the greater sophistication of
financial markets and
financial market instruments allow
risks to be shared more broadly and capital to flow to where the returns are expected to be the highest.
So do the increase
in the mobility of saving and investment; the increase
in the desired exposure to foreign assets (the reduction
in home bias); the
financial market innovation that allows for better diversification and
risk sharing; and the differentials
in the pace of technology adoption or workplace practices that give rise to varying productivity trends across countries.
For example, an NEO's RSUs could be forfeited, and Shares at
Risk recaptured, if during 2010 that NEO participated in the marketing of any product or service without appropriate consideration of the risk to our firm or the broader financial system as a wh
Risk recaptured, if during 2010 that NEO participated
in the
marketing of any product or service without appropriate consideration of the
risk to our firm or the broader financial system as a wh
risk to our firm or the broader
financial system as a whole.