Reported sales of Crop Science were up by 125.2%, mainly because of a 119.5% portfolio effect
. Pharmaceuticals registered encouraging sales growth of 5.3% to EURO$4,354 million, with business in China developing particularly well.
Speaking at the conference, Taleb discussed the difference between well-behaved risks - for which the "portfolio effect
" of diversification works well for traders and insurers of non-catastrophe lines - and extreme tail risks.
The rating case uses the portfolio P90 production estimate with a 3% production haircut in all years to reflect potential measurement bias, availability issues, additional curtailment and a potentially lower than estimated portfolio effect
. Only bundled REC revenues were included.
It also doubles down on the QE "portfolio effect
." Should Japan one day succeed in generating growth and inflation, holding the 10-year at zero implies an increasingly negative real yield, and an ever-greater incentive to sell bonds and buy real assets.
Trinidad said a Brexit scenario would have some portfolio effect
as a so-called risk-off sentiment likely to prevail in the global markets would not spare Philippines financial markets.
The portfolio effect
of maintaining five businesses in diverse markets and the continued focus of the group on further increasing returns on its investments means that the board remains confident of maintaining its track record of year-on-year increases in profitability in 2016."
This highlights what is known as "the portfolio effect
," making it more reasonable for European financial companies to move to other assets outside Europe, hence further depressing the euro.
"We are confident, however, that the portfolio effect
of our diverse, substantially contract-based business model will nonetheless enable the group to continue to make progress."
In developing a framework that appraisers can use for incorporating historical transactions and that includes portfolios of assets, the first step is to consider the potential for a portfolio effect
It has always managed the individual exposures, but now assesses the portfolio effect
of this risk, together with other significant risks.
RESOLUTION The Commission ultimately settled for a package of divestitures to resolve both horizontal and portfolio effect
concerns in particular geographic markets.