Not exact matches
Most likely, this reflects central banks» aggressive liquidity injections,
which have translated into an increasing conviction among investors that major
tail risks have been indefinitely removed.
For traders looking for volatility - based protection, the strategists recommend going long the SGI US Equity
Tail Risk Index,
which hedges long equity exposure.
The right -
tail risk is the possibility that the current bullish environment has more horsepower and stamina than we're forecasting,
which could push valuations to even greater extremes.
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
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
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.
«The use of the value - at -
risk models
which made no sense from my judgment because they cut off the
tail» David Einhorn
The kids do grab him, pull his
tail, haul him by his
tail (usually I can tell this by hearing him yowling for help,
which I then tell the 3 year old to let him go NOW or
risk her dolls being put in time - out,
which is a horrible punishment in her opinion...) and he has never scratched or bitten them.
In patients with chronic cerebrovascular disease and comorbidities, a shortened telomere G -
tail length was associated with age and Framingham
risk score,
which is an algorithm used to estimate the 10 - year cardiovascular
risk of an individual.
Peter (voiced by James Corden) is playful and charming, and so driven to get his hands on the vegetables in the McGregor garden that it not only puts his family —
which includes triplets Flopsy (voiced by Margot Robbie), Mopsy (voiced by Elizabeth Debicki) and Cotton -
tail (voiced by Daisy Ridley), as well as cousin Benjamin (voiced by Matt Lucas)-- at
risk, but jeopardizes the budding relationship between new neighbor Thomas McGregor (Domhnall Gleeson) and sweet animal lover Bea (Rose Byrne), who watches out for the rabbits.
The improvement in return results from the skewness premium received by the option writer in exchange for assuming large negative
tail risk,
which is a function of the preference - for - lottery hypothesis, likely a foundation of the low - volatility anomaly.
Most asset classes display negative skew and fat
tails,
which also makes volatility problematic as a
risk measure.
In their May 2013 paper entitled «Volatility vs.
Tail Risk:
Which One is Compensated in Equity Funds?»
This not only exacerbates the first point above, but it results in an incentive structure
which is asymmetric (heads, I win big...
tails, I don't lose) leading to excessive
risk - taking.
I may not have exotic
tail risk hedged out the wazoo, or try to necessarily bet against the idiotic & irrational, but my goal is to consistently seek out stocks, markets & asset classes
which (ideally) offer the most attractive
risk / reward equation, in terms of absolute value (not relative value).
James Montier: A Value Investor's Perspective on
Tail Risk Protection: An Ode to the Joy of Cash http://myinvestingnotebook.blogspot.co.uk/2011/07/james-montier-value-investors.html Warren Buffett first coined the phrase «an economic moat», by
which he meant the factors that enable some businesses to sustain and protect above average profits for a long period of time.
There are also larger species (up to eight inches), the smooth newt and the paddle -
tailed newt,
which will put not only small fish, but even the standard Chinese newt at
risk.
A prophylactic
tail docking suggests that it is undertaken for the necessary protection of the dog from
risk of disease or injury
which is likely to arise in the future resulting from the retention of the entire
tail.
This
risks fragmenting the breed gene pool if
tail types are deemed «correct» or «faulty» depending on the country in
which the dog resides.
However, with a potential
risk of more severe problems, and the lack of a normal
tail raises serious questions as to whether breeds should exist
which rely on such deformities.
The changes mean vets will be allowed to shorten the
tails of some working dogs,
which ministers say are at increased
risk of injury.
There's certainly more of a focus on characters and story here than
Tail Concerto ever had, though it could hardly be called integrated — the majority of the game is spent tapping A to skip through dialogue sequences
which, if it weren't for the awesome character portraits (some of
which will probably be enough to push borderline furries over the edge) replete with inexplicable bubbles of French speech, would run the
risk of quickly growing dull.
Instead of arguing about fat
tails, uncertainty, and
risk —
which are just constructs and excuses to argue, after all — we should do the opposite.
I guess this should include the most likely scenario and the
tail -
risk «worse - case» (the latter of
which is important to any
risk assessment).