Actual results may
vary materially
from those expressed or implied by forward - looking statements based on a number of factors, including, without limitation: (1) risks related
to the consummation of the Merger, including the risks that (a) the Merger may not be consummated within the anticipated time period, or at all, (b) the parties may fail
to obtain shareholder approval of the Merger Agreement, (c) the parties may fail
to secure the termination or expiration of any waiting period applicable under the HSR Act, (d) other conditions
to the consummation of the Merger under the Merger Agreement may not be satisfied, (e) all or part of Arby's financing may not become available, and (f) the significant limitations on remedies contained in the Merger Agreement may limit or entirely prevent BWW
from specifically enforcing Arby's obligations under the Merger Agreement or recovering damages for any breach by Arby's; (2) the effects that any termination of the Merger Agreement may have on BWW or its business, including the risks that (a) BWW's
stock price may decline significantly if the Merger is not completed, (b) the Merger Agreement may be terminated in circumstances requiring BWW
to pay Arby's a termination fee of $ 74 million, or (c) the circumstances of the termination, including the possible imposition of a 12 - month tail period during which the termination fee could be payable upon certain subsequent transactions, may have a chilling effect on alternatives
to the Merger; (3) the effects that the announcement or pendency of the Merger may have on BWW and its business, including the risks that as a result (a) BWW's business, operating results or
stock price may suffer, (b) BWW's current plans and operations may be disrupted, (c) BWW's ability
to retain or recruit key employees may be adversely affected, (d) BWW's business relationships (including, customers, franchisees and suppliers) may be adversely affected, or (e) BWW's management's or employees» attention may be diverted
from other important matters; (4) the effect of limitations that the Merger Agreement places on BWW's ability
to operate its business, return capital
to shareholders or engage in alternative transactions; (5) the nature, cost and outcome of pending and future litigation and other legal proceedings, including any such proceedings related
to the Merger and instituted against BWW and others; (6) the risk that the Merger and related transactions may involve unexpected costs, liabilities or delays; (7) other economic, business, competitive, legal, regulatory, and / or tax factors; and (8) other factors described under the heading «Risk Factors» in Part I, Item 1A of BWW's Annual Report on Form 10 - K for the fiscal
year ended December 25, 2016, as updated or supplemented by subsequent reports that BWW has filed or files with the SEC.
Second, he directly relates turnover and volatility reduction for an equally weighted portfolio that: (1) initially selects the 500 of 3,000 liquid global
stocks with the lowest weekly volatility over the prior three
years; and, (2) each subsequent month rebalances
stocks that have at least doubled their baseline portfolio weight and sells
stocks when they fall out of the top X % of the volatility ranking, with X
varying from 20 % (baseline)
to 90 %.
Stock returns vary greatly from year to year, and as a result, bonds outperformed stocks in about one - third of the past one - year time periods, helping stabilize portfolio values when stock returns were small or nega
Stock returns
vary greatly
from year to year, and as a result, bonds outperformed
stocks in about one - third of the past one -
year time periods, helping stabilize portfolio values when
stock returns were small or nega
stock returns were small or negative.