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Commodities are most often used as inputs in the production of other goods or services. The quality of a given commodity may differ slightly, but it is essentially uniform across producers. The U. Commodity Futures Trading Commission is an agency of the U. The Congressional Budget Office is a non-partisan arm of Congress, established in , to provide Congress with non-partisan scoring of budget proposals. Three thousand households across the country are surveyed each month.
In general, while the level of consumer confidence is associated with consumer spending, the two do not move in tandem each and every month. The Consumer Price Index CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Consumer sentiment is important because it is directly related to the strength of consumer spending. Preliminary estimates for a month are released at mid-month.
Final estimates for a month are released near the end of the month. It is released by the Bureau of Labor Statistics around the middle of each month. Core Inflation is a measure of inflation that excludes certain items that face volatile price movements. Core inflation eliminates products that can have temporary price shocks because these shocks can diverge from the overall trend of inflation and give a false measure of inflation. Correlation is a statistical measure of how two securities move in relation to each other.
Correlations are used in advanced portfolio management. The buyer of a credit swap receives credit protection, whereas the seller of the swap guarantees the credit worthiness of the product. By doing this, the risk of default is transferred from the holder of the fixed income security to the seller of the swap.
Credit Quality is one of the principal criteria for judging the investment quality of a bond or bond mutual fund. The highest rating is AAA, and the lowest is D. Securities with credit ratings of BBB and above are considered investment grade. Credit risk arises whenever a borrower is expecting to use future cash flows to pay a current debt. Investors are compensated for assuming credit risk by way of interest payments from the borrower or issuer of a debt obligation.
Credit risk is closely tied to the potential return of an investment, the most notable being that the yields on bonds correlate strongly to their perceived credit risk. The credit spread is the yield the corporate bonds less the yield on comparable maturity Treasury debt.
This is a market-based estimate of the amount of fear in the bond market Bass-rated bonds are the lowest quality bonds that are considered investment-grade, rather than high-yield. They best reflect the stresses across the quality spectrum. Currency Forward is a forward contract in the forex market that locks in the price at which an entity can buy or sell a currency on a future date.
It provides real-time insight into the trends that shape our recommended actions to manage portfolios and has proven to be a useful investment decision-making tool. This index is not intended to be a leading index or predict future conditions; it is a coincident measure of where they are now. Because our index is tailored to the current environment, the components of the CCI are periodically changed to retune the index to those factors most critical to the markets and economy, so it may continue to be a valuable investment decision-making tool.
Firms are asked whether output, employment, orders, prices, and other indicators increased, decreased, or remained unchanged over the previous month. Survey responses are used to calculate an index for each indicator.
The debt ceiling refers to the maximum amount of money the United States Federal Government can borrow, and is set by law created under the Second Liberty Bond Act of The ratio is a coverage ratio on a national level. Default Rate is the interest rate charged to a borrower when payments on a revolving line of credit are overdue.
This higher rate is applied to outstanding balances in arrears in addition to the regular interest charges for the debt. Default rate is the rate in which debt holders default on the amount of money that they owe. It is often used by credit card companies when setting interest rates, but also refers to the rate at which corporations default on their loans.
Default rates tend to rise during economic downturns, since investors and businesses see a decline in income and sales while still required to pay off the same amount of debt. Default Risk is when companies or individuals will be unable to make the required payments on their debt obligations.
Lenders and investors are exposed to default risk in virtually all forms of credit extensions. The higher the risk, the higher the required return, and vice versa. Deflation is a general decline in prices, often caused by a reduction in the supply of money or credit.
A security whose price is dependent upon or derived from one or more underlying assets. The derivative itself is merely a contract between two or more parties. Its value is determined by fluctuations in the underlying asset. The most common underlying assets include stocks, bonds, commodities, currencies, interest rates and market indexes. Dow Jones Industrial Average is the most widely used indicator of the overall condition of the stock market, a price-weighted average of 30 actively traded blue chip stocks, primarily industrials.
The 30 stocks are chosen by the editors of the Wall Street Journal. The Dow is computed using a price-weighted indexing system, rather than the more common market cap-weighted indexing system. A measure of the value of the U. This index is similar to other trade-weighted indexes, which also use the exchange rates from the same major currencies. While the stock selection process is somewhat subjective, a stock typically is added only if the company has an excellent reputation, demonstrates sustained growth, is of interest to a large number of investors and accurately represents the market sectors covered by the average.
The Dow Jones Transportation Average is a price-weighted index that covers twenty companies in the transportation industry. The Dow Jones Utility Average is a price-weighted index that covers fifteen prominent companies in the utilities industry. The discount rate: The rate at which member banks may borrow short term funds directly from a Federal Reserve Bank.
The discount rate is one of the two interest rates set by the Fed, the other being the Federal funds rate. The Fed actually controls this rate directly, but this fact does not really help in policy implementation, since banks can also find such funds elsewhere. A chart showing the economic projections of Federal Reserve board members and Federal Reserve Bank presidents which includes forecasts for: inflation, unemployment, gross domestic product, and Fed funds rates.
The DuPont method of performance measurement that was started by the DuPont Corporation in the s. With this method, assets are measured at their gross book value rather than at net book value in order to produce a higher return on equity ROE. Durable goods orders refer to an economic indicator released monthly by the Bureau of Census that reflects new orders placed with domestic manufacturers for delivery of factory hard goods durable goods in the near term or future.
Duration is a measure of the sensitivity of the price the value of principal of a fixed-income investment to a change in interest rates. It is expressed as a number of years. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices.
The bigger the duration number, the greater the interest-rate risk or reward for bond prices. Earnings Before Interest, Taxes, Depreciation and Amortization EBITDA is essentially net income with interest, taxes, depreciation, and amortization added back to it, and can be used to analyze and compare profitability between companies and industries because it eliminates the effects of financing and accounting decisions.
The natural fluctuation of the economy between periods of expansion growth and contraction recession. The bank was formed in Germany in June and works with the other national banks of each of the EU members to formulate monetary policy for the European Union.
International organization that serves as a firewall for the Eurozone to provide liquidity to member countries. Eurodollars are U. Given that they are held outside the country, they are not under the jurisdiction of the Federal Reserve.
An emerging market is a nation that is progressing toward becoming advanced, as shown by some liquidity in local debt and equity markets and the existence of some form of market exchange and regulatory body. Emerging market debt EMD is a term used to describe bonds issued by less developed countries. This type of debt is primarily issued by sovereign government issuers, and may be denominated in local currencies, or more heavily used currencies such as the Dollar or Euro.
The survey is distributed to roughly manufacturing executives and asks questions intended to gauge both the current sentiment of the executives and their six-month outlook on the sector. The monthly jobs report known as the employment situation report is a set of labor market indicators based on two separate surveys distributed in one monthly report by the U. The report includes the unemployment rate, non-farm payroll employment, the average number of hours per week worked in the non-farm sector, and the average basic hourly rate for major industries.
US government agency responsible for data collection, analysis and forecasting of energy-related statistics in support of efficient markets, sound policymaking and transparency. It is also a major component used to calculate the price-to-earnings valuation ratio. Equity Sensitivity: As investors move further down in the capital structure, equity sensitivity begins to play a larger role.
When investors look for less yield and more total return capital appreciation in certain asset classes, the equity sensitivity also plays an increasing role in absolute risk. Investments such as convertible bonds, preferred stocks, and dividend-paying stocks have higher correlation to the equity markets and are more subject to equity sensitivity than fixed income investments such as U. The rate of interest at which prime banks borrow funds from other prime banks in the European Union EU interbank market.
Eurozone Group of seventeen European countries that have adopted the Euro as their currency. The EuroStoxx Banks is a subset of the EuroStoxx Index of banking stocks, there are 47 constituents in this index. Excess Returns are the returns in excess of the risk-free rate or in excess of a market measure, such as an index fund. Existing home sales is a measure of the number and price of sales of single family homes other than new construction.
Financial research firm that provides data and software services used by investment professionals. The central bank of the United States and the most powerful financial institution in the world. The Federal Reserve Bank was founded by the U. Congress in to provide the nation with a safe, flexible and stable monetary and financial system.
It is based on a federal system that comprises a central governmental agency the Board of Governors in Washington, DC and 12 regional Federal Reserve Banks that are each responsible for a specific geographic area of the U. The Federal Reserve Bank is considered to be independent because its decisions do not have to be ratified by the President or any other government official. Fed Funds Futures are a product offered by the Chicago Board of Trade which allow investors to speculate on what the Federal Reserve will do with interest rates.
The Fed funds futures curve graphically represents the anticipated Fed funds rate at future points in time. The Fed funds rate is the interest rate on loans by the Fed to banks to meet reserve requirements. An international credit rating agency based out of New York City and London. The yield curve is considered to be flattening when shorter-term rates rise more quickly than longer-term rates or fall more slowly of a similar credit quality, and is often perceived as an indication that slower economic growth lies ahead.
A floating rate auction is the same as a treasury auction except that the interest payments are tied to 3-month treasury bills. Floating rate bank loans are loans issued by below investment grade companies for short term funding purposes with higher yield than short-term debt and involve risk. The president of the Federal Reserve Bank of New York serves continuously, while the presidents of the other regional Federal Reserve Banks rotate their service in one-year terms.
Forward guidance is a tool used by a central bank to exercise its power in monetary policy in order to influence, with their own forecasts, market expectations of future levels of interest rates. The forecasted earnings used in the formula can either be for the next 12 months or for the next full-year fiscal period.
Free cash flow FCF measure of financial performance calculated as operating cash flow minus capital expenditures. FCF represents the cash that a company is able to generate after laying out the money required to maintain or expand its asset base. Free cash flow is important because it allows a company to pursue opportunities that enhance shareholder value. The term Futures refers to future contracts, a financial contract obligating the buyer to purchase an asset or the seller to sell an asset at a predetermined future date and price.
Contracts detail the quality and quantity of the underlying asset, and are standardized to facilitate trading on a futures exchange. Futures are used to either hedge or speculate on the price movement of an underlying asset, such as a physical commodity or financial instrument. A term used to refer to government bonds issued by a nation in the Group of Seven G7. A G7 bond is considered relatively less risky than bonds issued by nations outside the G7.
All these nations are considered industrialized and developed countries. The Group of Ten G is composed of eleven countries that meet annually to discuss international financial matters. The countries agreed to participate in the General Arrangements to Borrow, which is an agreement to provide the IMF with additional funds to increase its ability to lend.
The Group of Twenty G Finance Ministers and Central Bank Governors is the premier forum for our international economic development that promotes open and constructive discussion between industrial and emerging-market countries on key issues related to global economic stability.
By contributing to the strengthening of the international financial architecture and providing opportunities for dialogue on national policies, international co-operation, and international financial institutions, the G helps to support growth and development across the globe. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.
The GICS methodology is used by the MSCI indexes, which include domestic and international stocks, as well as by a large portion of the professional investment management community. The GICS hierarchy begins with 10 sectors and is followed by 24 industry groups, 67 industries and sub-industries. Each stock that is classified will have a coding at all four of these levels. A gilt is a bond issued by the British government, considered the U.
Generally regarded as low-risk investments. Global Macro Strategy is a hedge fund strategy that bases its holdings—such as long and short positions in various equity, fixed income, currency, and futures markets—primarily on overall economic and political views of various countries macroeconomic principles.
Private employment includes persons employed at nonfarm establishments outside federal, state and local government. Government or public sector employment includes employees at Federal, state and local governments. It is gross of any fee waivers or expense reimbursements. A measure of economic output similar to gross domestic product GDP which includes all taxes received and excludes subsidies on products.
Guaranteed Lifetime Withdrawal Benefit GLWB is a rider on a variable annuity that allows minimum withdrawals from the invested amount without having to annuitize the investment. The amount that can be withdrawn is based on a percentage of the total amount invested in the annuity.
The Hang Seng index is a market capitalization weighted index which tracks daily changes of the 48 largest companies in the Hong Kong stock market. Housing starts are the number of new residential construction projects that have begun during any particular month. The presidents of regional Federal Reserve Banks are commonly classified as hawks or doves. Hawks generally favor tighter monetary policy, with less monetary support from the Federal Reserve.
Doves are the opposite, generally favoring easing of monetary policy. High Yield bond portfolios concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These portfolios generally offer higher yields than other types of portfolios, but they are also more vulnerable to economic and credit risk. These portfolios primarily invest in U. High-Yield spread is the yield differential between the average yield of high-yield bonds and the average yield of comparable maturity Treasury bonds.
The industrial sector, together with construction, accounts for the bulk of the variation in national output over the course of the business cycle. The industrial detail provided by these measures helps illuminate structural developments in the economy. Information Ratio: A risk-adjusted return measure that indicates the risk of the portfolio relative to the benchmark. It is the excess return divided by the Tracking Error.
Data is compiled from surveys sent to participants from firms in construction, manufacturing, retailing, and wholesaling, who are asked to assess their current business situation as well as their business outlook for the next six months. The Ifo Institute is one of the leading economic research institutes in Europe and at the same time the one most often quoted in the German media.
The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling. Initial Jobless Claims is a measure of the number of jobless claims filed by individuals seeking to receive state jobless benefits. This number is watched closely by financial analysts because it provides insight into the direction of the economy.
Higher initial claims correlate with a weakening economy. An Insured Bond is a bond with interest and principle payments insured by a third party. Insured bonds are usually found as a feature of municipal bonds; they are purchased, underwritten and repackaged by a financial guarantee company who then sells the issue to investors.
Such changes usually affect securities inversely and can be reduced by diversifying investing in fixed-income securities with different durations or hedging e. International Council of Shopping Centers ISCS measured nominal same-store or comparable store sales excluding restaurant and vehicle demand. An international agency which provides policy advice to 28 member countries. The International Energy Agency IEA was founded in during an oil crisis in order to help ensure energy security for member nations.
International Monetary Fund IMF is an international organization created for the purpose of promoting global monetary and exchange stability, facilitating the expansion and balanced growth of international trade, and assisting in the establishment of a multilateral system of payments for current transactions. The yield curve is considered to be inverted when short-term interest rates are higher than long-term interest rates of a similar credit quality.
Jobless Claims is the number of people who are filing or have filed to receive unemployment insurance benefits, as reported weekly by the U. Department of Labor. There are two categories of jobless claims — initial, which comprises people filing for the first time, and continuing, which consists of unemployed people who have been receiving unemployment benefits for a while. Jobless claims are an important leading indicator on the state of the employment situation and the health of the economy.
It collects data from employers including retailers, manufacturers and different offices each month. The labor market conditions index LMCI assesses changes in labor market conditions. The LMCI is derived from a dynamic factor model that extracts the primary common variation from 19 labor market indicators. An economic indicator that changes before the economy has changed. Examples of leading indicators include production workweek, building permits, unemployment insurance claims, money supply, inventory changes, and stock prices.
The Fed watches many of these indicators as it decides what to do about interest rates. The Leading Economic Index is a monthly publication from the Conference Board that attempts to predict future movements in the economy based on a composite of 10 economic indicators whose changes tend to precede changes in the overall economy.
The three most widely used leverage ratios are the debt ratio, debt-to-equity ratio, and interest coverage ratio. The higher the ratio, the more leverage the company is using and the more risk it is assuming. London Interbank Offered Rate Libor : An interest rate at which banks can borrow funds, in marketable size, from other banks in the London interbank market.
A series of benchmarks comprised of mutual funds that, grouped by investment category, for the purpose of making performance comparisons. Liquidity risk is the risk stemming from the lack of marketability of an investment that cannot be bought or sold quickly enough to prevent or minimize a loss. A type of graph where the y axis is scaled so that equal distances on the graph measure the same in percentage terms, as opposed to traditional arithmetic scaling where equal distance represents equal distance between the chart units in absolute terms.
The velocity of M1 is personal income divided by the M1 money supply. The M1 money supply consists of 1 currency outside the U. The money supply is an economic term for the total amount of currency and other liquid assets available in an economy at a point in time. There are several ways to define this number.
M1 includes physical money such as coins and currency, checking accounts demand deposits , and Negotiable Order of Withdrawal NOW accounts. M2 includes all of M1, plus time-related deposits, savings deposits, and non-institutional money-market funds. Low correlation means that different asset types have not performed in the same way: When returns on some asset types were declining, returns on others were gaining. M3 is a measure of money supply that includes M2 as well as large time deposits, institutional money market funds, short-term repurchase agreements, and other larger liquid assets.
It serves as one indicator of the Japanese economy. Managed Futures funds use systematic quantitative programs to find and invest in positive and negative trends in the futures markets for financials and commodities. Historically, the benefit of managed futures have been solid long-term returns with very low correlation to equities and fixed income securities. Margin debt is debt used to purchase securities within an investment account. Margin debt carries an interest rate, and the amount of margin debt will change daily as the value of the underlying securities changes.
Term used to describe the ratio of advancing securities to declining securities on a stock exchange. Classifications such as large-cap, mid-cap and small-cap are only approximations and may change over time. Investing in MLPs involves additional risks as compared to the risks of investing in common stock, including risks related to cash flow, dilution and voting rights.
MLPs may trade less frequently than larger companies due to their smaller capitalizations which may result in erratic price movement or difficulty in buying or selling. MLPs are subject to significant regulation and may be adversely affected by changes in the regulatory environment including the risk that an MLP could lose its tax status as a partnership. Additional management fees and other expenses are associated with investing in MLP funds.
A market breadth indicator that is based on the difference between the number of advancing and declining issues on the NYSE. It is primarily used for short and intermediate term trading. Merger Arbitrage is a hedge fund strategy in which the stocks of two merging companies are simultaneously bought and sold to create a riskless profit. A merger arbitrageur looks at the risk that the merger deal will not close on time, or at all.
A yield curve weighted index of the normalized implied volatility on 1-month Treasury options which are weighted on the 2, 5, 10, and 30 year contracts. The prices of mid-cap stocks are generally more volatile than large cap stocks. Monetary policy is the process through which the monetary authority central bank, currency board, or other regulatory committee of a country controls the size and rate of growth of the money supply, which in turn affects interest rates.
An independent, unaffiliated research company that rates fixed income securities. The MSCI All Country World Index is an unmanaged, free-float-adjusted, market capitalization-weighted index composed of stocks of companies located in countries throughout the world. It is designed to measure equity market performance in global developed and emerging markets. The index includes reinvestment of dividends, net of foreign withholding taxes. All values are expressed in U. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
A municipal bond is a debt security issued by a state, municipality, or county to finance its capital expenditures. These bonds are usually exempt from federal taxes, and may also be exempt from state and local taxes, especially if the investor lives in the state where the bond is issued. The ratio can be used as a gauge of price levels of municipal bonds relative to Treasuries. The Municipal Securities Rulemaking Board MSRB writes investor protection rules and other rules regulating broker-dealers and banks in the United States municipal securities market, including tax-exempt and taxable municipal bonds, municipal notes, and other securities issued by states, cities, and counties or their agencies to help finance public projects or for other public policy purposes.
The survey asks respondents to rate market conditions for the sale of new homes at the present time and in the next 6 months as well as the traffic of prospective buyers of new homes. The National Association of State Budget Officers is a professional membership organization for state finance officers, and is the instrument through which the states collectively advance state budget practices.
Members include department stores, specialty, discount, catalog, internet and independent retailers, restaurant chains and grocers, as well as businesses that supply goods and services to retailers. The NRF forms an umbrella over more than other state, national and international retail associations. The Nelson A. Rockefeller Institute of Government is a public policy research institute that conducts studies and related projects on state and local government and finance, American federalism, public management, and New York State issues.
The small business optimism index is compiled from a survey that is conducted each month by the National Federation of Independent Business NFIB of its members. The index is a composite of ten seasonally adjusted components based on questions on the following: plans to increase employment, plans to make capital outlays, plans to increase inventories, expect economy to improve, expect real sales higher, current inventory, current job openings, expected credit conditions, now a good time to expand, and earnings trend.
The Nikkei Stock Average is a price-weighted index comprised of the top blue-chip companies on the Tokyo Stock Exchange. Non-rated bonds have not been issued a rating by bond rating agencies such as Standard and Poors and Moodys. Bonds that have not been rated by an agency are usually considered to be junk bonds or fall below investment grade. Non-financial commercial paper is short term debt maturities less than days issued by nonfinancial corporations.
The New York Stock Exchange is based in New York City, and is considered the largest equities-based exchange in the world based on total market capitalization of its listed securities. The Organization of Petroleum Exporting Countries OPEC was founded in to coordinate the petroleum policies of its members, and to provide member states with technical and economic aid.
OPEC is a cartel that aims to manage the supply of oil in an effort to set the price of oil on the world market, in order to avoid fluctuations that might affect the economies of both producing and purchasing countries. Operation Twist is the name given to a Federal Reserve monetary policy operation that involves the purchase and sale of bonds.
A technical analysis term that describes the state of a security in which the price has made an extended move to the upside. When prices reach these levels, a correction is possible. The non-farm payroll report is intended to represent the total number of paid workers in the U. Determined by dividing current stock price by common stockholder equity per share book value , adjusted for stock splits.
The PE ratio price-to-earnings ratio is a measure of the price paid for a share relative to the annual net income or profit earned by the firm per share. It is a financial ratio used for valuation: a higher PE ratio means that investors are paying more for each unit of net income, so the stock is more expensive compared to one with lower PE ratio. Central bank of mainland China which controls monetary policy and regulates financial institutions.
It is calculated by dividing the current market price of a stock by the earnings per share estimate for the future period. Personal consumption expenditures consist of the actual and imputed expenditures of households; the measure includes data pertaining to durables, nondurables, and services.
It is essentially a measure of goods and services targeted toward individuals and consumed by individuals. Personal income is the dollar value of income from all sources by individuals in the U. Personal spending is the dollar value of purchases of durable and non-durable goods and services by consumers in the U.
Philadelphia Federal Index is a regional federal-reserve-bank index measuring changes in business growth. The index is constructed from a survey of participants who voluntarily answer questions regarding the direction of change in their overall business activities. The survey is a measure of regional manufacturing growth. When the index is above 0 it indicates factory-sector growth, and when below 0 indicates contraction. The Philadelphia Fed Survey is a business outlook survey used to construct an index that tracks manufacturing conditions in the Philadelphia Federal Reserve district.
The Philadelphia Fed survey is an indicator of trends in the manufacturing sector, and is correlated with the Institute for Supply Management ISM manufacturing index, as well as the industrial production index. Porter of Harvard Business School in It draws upon Industrial Organization IO economics to derive five forces that determine the competitive intensity and therefore attractiveness of a market.
Attractiveness in this context refers to the overall industry profitability. Producer Price Index is an inflationary indicator published by the U. Bureau of Labor Statistics to evaluate wholesale price levels in the economy. The value is the same whether the calculation is done for the whole company or on a per-share basis. Private equity is money invested in companies that are not publicly traded on a stock exchange or that is invested as part of buyouts of publicly traded companies in order to make them private companies.
PPIs measure price change from the perspective of the seller. The headline PPI for finished goods is a measure of the average price level for a fixed basket of capital and consumer goods for prices received by producers. Purchasing Managers Indexes are economic indicators derived from monthly surveys of private sector companies, and are intended to show the economic health of the manufacturing sector.
A PMI of more than 50 indicates expansion in the manufacturing sector, a reading below 50 indicates contraction, and a reading of 50 indicates no change. Because investments from gold to bonds and stock are priced to include expected inflation rates, it is the unexpected changes that produce this risk.
Fixed income securities, such as bonds and preferred stock, subject investors to the greatest amount of purchasing power risk since their payments are set at the time of issue and remain unchanged regardless of the inflation rate. This inserts more money in the economy known as easing , which is intended to encourage economic growth.
Relative Strength Index RSI is a technical momentum indicator that compares the magnitude of recent gains to recent losses in an attempt to determine overbought and oversold conditions of an asset. Retail sales measure the total receipts at retail and food services stores that sell merchandise and related services to final consumers. Bureau of the Census. Retail sales cover both the durables and nondurables portions of consumer spending, which together typically accounts for about two-thirds of GDP, and is therefore a key element in economic growth.
Risk-on risk-off refers to changes in investment activity in response to global economic patterns. During periods when risk is perceived as low, risk-on risk-off theory states that investors tend to engage in higher-risk investments. When risk is perceived as high, investors have the tendency to gravitate toward lower-risk investments. An indicator of how profitable a company is relative to its total assets.
ROA gives an idea as to how efficient management is at using its assets to generate earnings. The amount of net income returned as a percentage of shareholders equity. The return on invested capital measure gives a sense of how well a company is using its money to generate returns. A capitalization weighted index of 2, small cap and micro cap stocks that captures the smallest 1, companies in the Russell , plus 1, smaller U. The Russell Midcap Index measures the performance of the smallest companies in the Russell Index.
A price-weighted index composed of 18 U. It is composed of 30 of the largest and most actively-traded stocks on the BSE. Initially compiled in , the Sensex is the oldest stock index in India. The SET index is an index calculated based on the prices of all common stocks that trade on the main board of the Stock Exchange of Thailand SET , other than those that have been suspended more than one year. A simple moving average SMA is a simple, or arithmetic, moving average that is calculated by adding the closing price of the security for a number of time periods and then dividing this total by the number of time periods.
Short-term averages respond quickly to changes in the price of the underlying, while long-term averages are slow to react. The index tracks the daily price performance of all A-shares and B-shares listedon the Shanghai Stock Exchange. The index was developed on December 19, with a base value of Index trade volume on Q is scaled down by a factor of Sharpe Ratio: A risk-adjusted measure of performance evaluation.
It compares the return above the risk-free rate earned as compared to the corresponding risk assumed by the portfolio, as measured by standard deviation. Good risk-adjusted performance is indicated by a higher Sharpe Ratio. Many of the companies within this market are subsidiaries of state-run companies. Short selling also known as shorting or going short is the practice of selling assets, usually securities, that have been borrowed from a third party usually a broker with the intention of buying identical assets back at a later date to return to the lender.
The short seller hopes to profit from a decline in the price of the assets between the sale and the repurchase, as the seller will pay less to buy the assets than the seller received on selling them. Small cap is a term used to classify companies with a relatively small market capitalization. The prices of small cap stocks are generally more volatile than large cap stocks.
A legal entity, generally a subsidiary, created for a specific purpose with a corporate structure that secures its assets, even in the event the parent company goes bankrupt. The composite indexes and the regional indexes are seen by the markets as measuring changes in existing home prices and are based on single-family home re-sales. The index is weighted according to market capitalization.
Standard deviation is a historical measure of the variability of returns relative to the average annual return. A higher number indicates higher overall volatility. Leveraged Loan Index measures the performance of the largest facilities in the leveraged loan market.
The strategic asset allocation process projects a three- to five-year time period. While the strength of the asset allocation decisions is retested often, we do not anticipate making adjustments until midway through the strategic time frame, which generally is about every two to three years. If significant market fluctuations warrant a change, adjustments may be made sooner.
A systemically important financial institution SIFI is a financial institution whose failure might trigger broader problems for the economy. The benefits in question depend on the type of financial instruments involved. The Tankan Survey is an economic survey conducted by the Bank of Japan of thousands of Japanese businesses, where businesses are asked about current trends and conditions, as well as business expectations for the next quarter and year.
Lowering the amount of purchases tapering would indicate less easing of monetary policy. Tactical portfolios are designed to be monitored over a shorter time frame to potentially take advantage of opportunities as short as a few months, weeks, or even days.
For these portfolios, more timely changes may allow investors to benefit from rapidly changing opportunities within the market. Tail risk is a technical measure of portfolio risk that arises when there is an increased probability that an investment will experience a price swing much larger than it would be expected to under normal conditions.
Tail risks include market events that generally would have a small chance of occurring. These portfolios employ investments and strategies that attempt to limit the effect of taxes. The TED spread is the yield differential between three-month London interbank offered rate Libor and the three-month U. T-bill rate. The European version of this measure would consider the difference between the three-month Euribor interbank lending rate and the three month German T-bill yield. This is considered an effective measure of the liquidity available to banks.
Technical analysis is a method of evaluating securities by analyzing statistics generated by market activity, such as past prices and volume. The Bureau of Economic Analysis is a division of the U. Reports from the Bureau of Economic Analysis are the foundation upon which many economic policy decisions are made by government, and many investment decisions are made in the private sector by companies and individual investors.
The Bureau Of Labor Statistics is a government agency that produces economic data that reflects the state of the U. The Act implements financial regulatory reform sponsored by the Democratically controlled th United States Congress and the Obama administration.
Passed as a response to the lates recession. The Federal Reserve is the central bank of the United States. Its unique structure includes a federal government agency, the Board of Governors, in Washington, D. The Federal Reserve Bank is the banks that carry out Fed operations, including controlling the money supply and regulating member banks.
The International Monetary Fund IMF is an organization of countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. The Irish Stock Exchange ISEQ is a limited company trading equities, government and corporate bonds, investment funds, and specialist securities such as asset-backed debt, securitized bonds, and warrants.
Irish government bonds are traded on EuroMTS, the electronic trading system for market makers in Irish government bonds, and are settled through Euroclear. The Statutory Debt Limit was established under the Second Liberty Bond Act of that limits the amount of public debt that can be outstanding. The Statutory Debt Limit, or debt ceiling, prevents the U.
Treasury from issuing new debt once the limit has been reached. However, the debt limit can be raised, and has often been raised, with approval from the U. The settlement was negotiated with regulators from Nevada, Maine and Texas. But LPL said it has now reached a turning point.
In the settlement, LPL did not admit or deny the charges. LPL and state regulators said the firm cooperated with the investigation and has attempted to improve its supervisory system. LPL has been hit with millions of dollars in regulatory fines over the last several years. Gilchrist said. Learn more about reprints and licensing for this article. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. Investor advocates differ on whether the case against brokers selling risky bonds — L bonds offered by GWG Holdings —fulfills Reg BI's investor-protection promises.
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