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But the unforgiving markets will take it in their stride.
"On balance, markets will take this in stride," Mr. Joy said.
The president said the investment markets "will take care of themselves".
The recent bounce in sterling is a headwind... Smartphones are slowing and Arm's progress into other markets will take time.
Export growth will slow, and the labor, housing and credit markets will take time to recover, he said.
But it also scrupulously avoids the old Chicago assumption that competition and markets will take care of everything for the best.
Similar(25)
We don't know which direction the market will take over the next 12 months, but low costs and careful risk-taking are a good combination under all market conditions.
But does that mean the private market will take over?
"The market will take care of itself," said Mayor Oberst.
The new common market will take in 130m-plus people in Burundi, Kenya, Rwanda, Tanzania and Uganda.
Investment for supplying China's domestic market will take up some of the slack.
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