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We believe deteriorating fundamentals and earnings momentum could result in Vodafone being the classic value trap.
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In structural materials, pores are generally believed to deteriorate the mechanical reliability.
Impurities in Czochralski silicon (Cz-Si) used for ultra large-scaled-integrated (ULSI) circuits have been believed to deteriorate the performance of devices.
Cartilage function is believed to deteriorate as a result of chondrocyte death and changes in the biochemical composition of the extracellular matrix as well as in the biomechanical properties [ 35, 36].
And the intelligence agencies in the United States believe that the deteriorating public health picture in Russia, and in the hospitals and clinics struggling to deal with it, could lead to political upheaval at worst and relief emergencies at best.
This increase does not represent a turn in rates, to us, and is totally inadequate to offset what we believe is a deteriorating claims environment, both in respect of frequency (which the AA Insurance suggests has risen around 8% since the end of March 2014) and average claims amount.
"They were addressed in 2009, they put together the corrective actions, but then in 2010, 2011, we believe that they deteriorated," he said.
Bruce Bartlett, a tax expert who worked in the administrations of Mr. Reagan and the elder Mr. Bush, says he believes that the deteriorating budget outlook will ultimately persuade the political class.
Though "ringfenced" from the coalition's spending cuts, the NHS is widely believed to be deteriorating to the point of collapse because it needs an annual budget increase of at least 4% (in real terms) to meet rising expectations.
He also believes that the deteriorating security situation is a natural progression from the dismantling of larger cartels.
"Given the pace at which economic events are currently moving and the Eurozone economy is deteriorating, we believe it is premature to rule out an ECB interest rate cut in February," said Howard Archer, chief economist at IHS Global Insight.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com