Sentences with phrase «subsequent returns as»

Intuitively, a valuation multiple of half the historical norm has the opposite impact on subsequent returns as a valuation multiple of twice the historical norm.]

Not exact matches

There are no late fees with most business models and the DVDs are mailed out in standard envelopes as subsequent selections are returned.

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.

As we've noted previously, MarketCap / GVA has a correlation of about 92 % with actual subsequent 10 - year S&P 500 total returns, even in recent market cycles.

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).

To the extent that lower Treasury yields are even weakly associated with higher equity valuations, recognize that this effect is also expressed over time as lower subsequent stock market returns.

If one creates as scatter plot of the Shiller P / E versus actual subsequent 10 - year market returns, one gets a nice scatter, but a good deal of noise as well.

It is difficult to rate an indicator as «reliable» when it has literally zero statistical correlation with subsequent returns.

As we've demonstrated repeatedly, the valuation measures most strongly correlated with actual subsequent returns, particularly over a 7 - 15 year horizon, are those that normalize for profit margin variability in some way.

As a result, starting valuations, on historically reliable measures, are 90 % correlated with actual subsequent 10 - year total market returns.

This adjustment has historically been important, as adjusting for that embedded profit margin significantly improves the relationship between the CAPE and actual subsequent market returns (something we can demonstrate both with algebraic return estimates and regression models — see Margins, Multiples, and the Iron Law of Valuation).

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.

While subsequent performance after a large drawdown is decidedly mixed 1 - 6 months out (dominated by episodes in 2008), 12 - month returns have tended to be more strongly positive as markets claw back losses.

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.

The prevailing overvalued, overbought, and overbullish combination of conditions has historically been associated with subsequent market returns below Treasury bill yields, so while we hold about 1 % of assets in call options as a modest speculative exposure to market fluctuations, a larger exposure closer to 2 % continues to await a short - term pullback sufficient to «clear» that overbought condition.

In this segment of the «Look Back» series, we consider inflation and the subsequent real rates of return of holding cash (defined as holding Treasury bills or T - bills) over the past century.

We emphasize «historically reliable» because as in every bubble, there are numerous popular measures with quite poor correlation with actual subsequent market returns that Wall Street can offer to convince investors that valuations are just fine.

These doctrines were justification by faith in Christ; sanctification / Spirit - baptism as a subsequent work of grace; divine healing as part of Christ's atonement; and the literal premillennial return of Christ at the end of the church era.

When, either in the Persian or the Hellenistic period, a writer said, «Thy dead shall live,» he used as a parallelism, «My dead bodies shall arise,» (Isaiah 26:19) and one of the familiar prayers of subsequent Judaism ends with the words, «Blessed art Thou, O Lord, who dost return souls to dead bodies.»

Unremarkable season later viewed as laying the groundwork for a return to prominence in subsequent seasons.

And while Matip returned after the Bournemouth defeat to feature - and slip up - in the 2 - 2 draw against West Ham, his subsequent six - game absence (five being the same as Coutinho) also reads as W4 D2 L0.

Lacazette's return from injury will be a welcome boost for Arsenal, who are now hoping to progress to the next round of the Europa League as they pursue victory in the tournament and subsequent qualification for the Champions League next season.

They may return to play or practice on a subsequent day only upon being evaluated and cleared in writing by a licensed professional (as defined in the statute).

However, significant concerns exist regarding unknown fetal effects, as well as risk of relapse and treatment dropout with subsequent return to opioid use and risk of overdose (64).

Since his fall from grace and subsequent return to the public stage — just as a commentator, for now — Spitzer has hardly been shy about criticizing his successor.

Since the three main Westminster political parties all endorse the conclusions of Sir Ian Wood's recent review on how to maximise the economic recovery of oil and gas from the UK Continental Shelf (Search for UKCS Maximising Recovery Review Final Report, here), and its tacit underlying fiscal premises (namely that there is a need for a simplified fiscal regime to incentivise investment and drilling activity, as well as to ease the burden upon the new regulator of the upstream sector), it does not take the gift of prophecy to appreciate that the ultimate outcome of this subsequent review on the shape of the UK fiscal regime seems foreordained; namely, a return to the situation that prevailed before the introduction of SC, whereby the only levy on income from oil and gas fields is to be Corporation Income Tax at the standard rate levied on the likes of Starbucks and Amazon.

«As we approach the 2019 elections, the return of Ekiti into the fold of progressive states is important as the election of July 14 is going to be a key pointer to subsequent elections,» he saiAs we approach the 2019 elections, the return of Ekiti into the fold of progressive states is important as the election of July 14 is going to be a key pointer to subsequent elections,» he saias the election of July 14 is going to be a key pointer to subsequent elections,» he said.

But perhaps one of the reasons why this film is so fascinating is that it delves deeply into the formative episodes in Napoleon's early life and gives as much importance to them as to his later actions on the battlefield in Italy, his tenure as emperor, and his subsequent exile, return, and exile.

Here his return and subsequent coma prompt Lena to venture into the Shimmer, and once she's apparently defused its power he wakes up feeling right as rain — only it isn't actually him, but rather a doppelgänger born of the Shimmer.

WHAT: Feeling partially responsible for the kidnapping and subsequent death of a teenage girl, 911 dispatcher Jordan Turner (Halle Berry) takes a leave of absence, eventually returning six months later in a new position as a training supervisor.

The hope is that returns will revert to the mean and the under - performing asset classes will out - perform in the subsequent year, as Mebane Faber lays out in The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets.

We find that the positive returns at announcement are not reversed over time, as there is no evidence of a negative abnormal drift during the one - year period subsequent to the announcement.

-LSB-...] In Hedge Fund Activism, Corporate Governance, and Firm Performance, authors Brav, Jiang, Thomas and Partnoy found that the «market reacts favorably to hedge fund activism, as the abnormal return upon announcement of potential activism is in the range of [7 %] seven percent, with no return reversal during the subsequent year.»

In contrast, I've often quoted the Shiller P / E (which essentially uses a 10 - year average of inflation - adjusted earnings) as a simple but historically informative alternative, but I should emphasize that we strongly prefer our standard methodologies based on earnings, forward earnings, dividends and other fundamentals, all which have a fairly tight relationship with subsequent 7 - 10 year total returns (see Lessons from a Lost Decade, The Likely Range of Market Returns in the Coming Decade, Valuing the S&P 500 Using Forward Operating Earnings, and No Margin of Safety, No Room for returns (see Lessons from a Lost Decade, The Likely Range of Market Returns in the Coming Decade, Valuing the S&P 500 Using Forward Operating Earnings, and No Margin of Safety, No Room for Returns in the Coming Decade, Valuing the S&P 500 Using Forward Operating Earnings, and No Margin of Safety, No Room for Error).

As of last week, the Market Climate for stocks remained in the most negative 0.5 % of all historical observations, and was characterized by rich valuations, unfavorable market action, and a variety of hostile «Aunt Minnies» that are associated with poor subsequent returns.

Once the stock's adjusted cost basis has been reduced to zero, any subsequent return will be taxable as a capital gain.

As in the previous example, the first line of the file is a comment, the second line is the CSV header, and subsequent lines contain trading dates and numerical returns of the portfolio.

Note that this applies to IRAs only, and not employer - sponsored accounts such as 401 (k) s and 403 (b) s. Also, these distributions are counted as income on the tax return, which could affect financial aid eligibility in the subsequent year.

Underlying the modestly positive top - line U.S. equity and bond market returns for the month was a 64 % rise, and subsequent decline, in the CBOE Volatility Index, otherwise known as VIX.

Subsequent investors see it as a safe investment since the promised «returns» have already been paid to the initial investors.

As I've detailed previously, when earnings - based measures are used to explain subsequent market returns, the embedded profit margin almost always carries as much impact as P / E itselAs I've detailed previously, when earnings - based measures are used to explain subsequent market returns, the embedded profit margin almost always carries as much impact as P / E itselas much impact as P / E itselas P / E itself.

Your first late fee is waived, but making subsequent late or returned payments could result in fees as high as $ 37.

He measured firm - specific returns as one - year (two - year) buy - and - hold returns earned from the beginning of the fifth month after the firm's fiscal year - end through the earliest subsequent date: one year (two years) after return compounding began or the last day of CRSP traded returns.

Generally, just as in the case of factors, we see that aggregate valuation is a slightly better predictor of subsequent returns compared to P / B, but both show quite strong predictability.

However subsequent growths in your balance would depend on contributions such as the mandatory monthly contributions, voluntary contributions as well as returns generated by the PFA on that particular fund.

In the equity market, at least since the 1980s, we know that the cyclically adjusted price - to - earnings (CAPE) ratio, as demonstrated by Robert Shiller, and the dividend yield are both good predictors of long - term subsequent returns.

As your principal grows with additional interest earnings, so do subsequent earnings for an ever increasing return on your money.

Notably, the White House administration has delayed implementation of the income verification rules, leaving income verification for now on the «honor system» (with random checks of a statistically significant sample to verify compliance), but raising concern from many that there may be a higher incidence of fraudulent income reporting to qualify for the subsidy in the coming year (though ultimately, inappropriately reported amounts could still be recaptured by the Federal government when the subsequent tax return is filed later, as discussed below, limiting the potential scope of any fraud).

It is then straightforward to calculate objects such as the Fed Model (the ratio of the forward operating earnings yield to 10 - year Treasury yields), and to demonstrate that it has zero correlation with subsequent market returns.

Still, it is worth noting that, over the past 15 years, the advisers making it onto each year's honor roll on average over the subsequent 12 months went on to make 1.2 percentage points more a year than those who didn't, while nevertheless incurring 25 % less risk, as measured by volatility of returns.