1.   This can occur when the market environment is not competitive and when the removal of NTBs results in an increase in competition.

2.   And it is not diverse enough to do well in all types of market environments, he said.

3.   After all, no system makes money in all market environments.

4.   But Schroders failed to keep pace with competitors in a souring market environment, and customers like Bass PLC and Arla Foods have been moving their pension funds elsewhere.

5.   But that may not be possible in the current market environment, where investors are steering clear of companies with byzantine financial statements and muddled strategies, Picken warned.

6.   Finally, with so many companies farming out actual production to contract manufacturers, some clearly lost touch with the overall market environment.

7.   He argues that Growth Opportunity is too aggressively positioned for the current market environment.

8.   In a market environment that many people see as increasingly driven by individual investors, sentiment is crucial.

9.   In contrast, there is precious little protection in the current market environment, where worried lenders and investors alike are forcing managers to sell, forcing prices lower.

10.   In spite of the difficult market environment, the company said, operating margins at the Gucci division widened slightly, and losses at Yves Saint Laurent narrowed.