26d:T5bb,Year over year (YoY) compares a figure in the current period to the same period one year earlier. It strips out seasonal effects, since comparing a company's holiday quarter to the prior holiday quarter is far more meaningful than comparing it to the quarter right before it. A company reporting up 12% year over year means this period was 12% higher than the same period last year, not 12% higher than last quarter. Quarter over quarter (QoQ) compares a figure in the current quarter to the immediately preceding quarter instead. It captures a more current read on momentum, but on its own it can be misleading for seasonal businesses, the quarter right after the holidays will usually look weak next to the strong holiday quarter before it, even if nothing about the business changed. Both are calculated the same way, just with a different prior period. The formula is: ``` (Current period value - Prior period value) / Prior period value x 100 ``` Neither measure is inherently better, they answer different questions. Year over year is the more reliable long-run growth signal since it cancels out seasonality. Quarter over quarter is more sensitive to recent shifts, useful for spotting an inflection point early, but it's best read alongside year over year, not on its own.26e:Ta70,A collar is a strategy that combines a position an investor already owns with two , a bought below the current price and a sold above it, to limit both how much the position can lose and how much it can gain. It is often used by investors who want to hold onto a , perhaps for tax reasons or long-term conviction, but who want to cap the downside during a period of uncertainty. The sets a floor under the position, since the investor can sell the at the put's no matter how far the shares fall below it. The sold against the position caps the upside, since the shares can be called away if the rises above the call's , and the premium collected from selling that call helps pay for the put. Investors often size the two strikes so the premium received from the call roughly offsets the premium paid for the put, which is why the strategy is sometimes described as having very little upfront cost. The tradeoff is straightforward. In exchange for meaningful protection against a large decline, the investor gives up the ability to fully participate if the rallies hard, since gains beyond the call's pass to whoever bought the call. Collars are commonly used around events that could move a sharply in either direction, or by employees and insiders holding a large, concentrated position who want protection without selling the underlying shares outright.26f:Tb4c,A zero-coupon bond is a that pays no periodic interest at all, instead it is sold at a discount to its and pays the full in one lump sum at maturity. The investor's entire return comes from the difference between the discounted purchase price and the received at the end, rather than from a stream of along the way. Because there are no to reinvest, a zero-coupon bond has no before maturity, its full return is locked in at the moment of purchase if held to maturity, unlike a that pays regular , whose realized return can end up higher or lower than its stated depending on the rate at which get reinvested. This certainty comes with a tradeoff, a zero-coupon bond also has a duration equal to its full time to maturity, the longest possible duration for a given maturity, which makes its price highly sensitive to changes in interest rates in the years before it matures. Zero-coupon bonds, sometimes called zeros, are commonly used to fund a future expense with a known date, such as a specific tuition payment or a strategy for a pension liability, since a zero maturing on or near that date delivers a known dollar amount with no income to reinvest along the way. US Treasury zero-coupon bonds, created by separating a regular or into its principal and interest components, are one of the more common ways investors access this structure in a very low form.17:["$","main",null,{"style":{"backgroundColor":"var(--bg)","flex":1},"children":[["$","script",null,{"type":"application/ld+json","dangerouslySetInnerHTML":{"__html":"{\"@context\":\"https://schema.org\",\"@type\":\"DefinedTerm\",\"name\":\"EDGAR\",\"description\":\"EDGAR (Electronic Data Gathering, Analysis, and Retrieval) is the Securities and Exchange Commission's free public database of company filings. Every 10-K, 10-Q, and 8-K a U.S. public company is required to file lands here, and anyone can search it and read the filings for free.\\n\\nBecause it's the primary source, the filing exactly as the company submitted it to the regulator, it's the one place a number quoted anywhere else can always be checked against.\",\"url\":\"https://www.theglossaryinvest.com/glossary/edgar\",\"inDefinedTermSet\":\"https://www.theglossaryinvest.com/reference\"}"}}],["$","script",null,{"type":"application/ld+json","dangerouslySetInnerHTML":{"__html":"{\"@context\":\"https://schema.org\",\"@type\":\"BreadcrumbList\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Glossary\",\"item\":\"https://www.theglossaryinvest.com/reference\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"EDGAR\",\"item\":\"https://www.theglossaryinvest.com/glossary/edgar\"}]}"}}],["$","$L8",null,{}],["$","section",null,{"className":"rd-page-bottom-pad rd-subpage-hero-top","style":{"maxWidth":"700px","margin":"0 auto","padding":"48px 24px 80px"},"children":["$","$L1f",null,{"title":"EDGAR","explanation":"EDGAR (Electronic Data Gathering, Analysis, and Retrieval) is the 's free public database of company filings. Every , , and 8-K a U.S. public company is required to file lands here, and anyone can search it and read the filings for free.\n\nBecause it's the primary source, the filing exactly as the company submitted it to the regulator, it's the one place a number quoted anywhere else can always be checked against.","synonyms":[],"terms":{"10-k":{"term":"10-K","explanation":"$20","synonyms":[]},"10-q":{"term":"10-Q","explanation":"A 10-Q is the quarterly counterpart to a , a report US publicly listed companies file with three times a year covering financial results for that quarter. The fourth quarter is instead covered within the .\n\nA 10-Q is less exhaustive than a , its financial statements are typically unaudited, but it gives investors a more frequent, timely look at how a company is performing between .","synonyms":[]},"10-year-treasury-yield":{"term":"10-year Treasury yield","explanation":"$21","synonyms":["10-year yield"]},"12b-1-fee":{"term":"12b-1 fee","explanation":"$22","synonyms":["distribution fee"]},"52-week-high-and-low":{"term":"52-week high and low","explanation":"$23","synonyms":["52-week high","52-week low"]},"accounts-payable":{"term":"Accounts payable","explanation":"$24","synonyms":["trade payables","AP","payables"]},"accounts-receivable":{"term":"Accounts receivable","explanation":"$25","synonyms":["trade receivables","AR","debtors"]},"accredited-investor":{"term":"Accredited investor","explanation":"An accredited investor is someone who meets certain income, , or professional criteria that regulators use to determine they can handle the greater risk and reduced disclosure that come with certain private investments, such as , , and .\n\nThe rules exist because these investments are less regulated and less transparent than public markets, so access is restricted to investors considered financially sophisticated or well-resourced enough to bear the risk of a loss, or to properly evaluate the opportunity in the first place.","synonyms":[]},"accrued-interest":{"term":"Accrued interest","explanation":"$26","synonyms":[]},"accumulation-distribution-line":{"term":"Accumulation/distribution line","explanation":"$27","synonyms":["A/D indicator"]},"acquisitions":{"term":"Acquisitions","explanation":"$28","synonyms":["M&A","business acquisitions"]},"active-share":{"term":"Active share","explanation":"$29","synonyms":[]},"actively-managed-etf":{"term":"Actively managed ETF","explanation":"$2a","synonyms":["active ETF"]},"activist-investor":{"term":"Activist investor","explanation":"$2b","synonyms":[]},"advance-decline-line":{"term":"Advance-decline line","explanation":"$2c","synonyms":["A/D line"]},"adx":{"term":"ADX","explanation":"$2d","synonyms":["average directional index"]},"agency-bond":{"term":"Agency bond","explanation":"$2e","synonyms":["agency debt"]},"all-or-none-order":{"term":"All-or-none order","explanation":"$2f","synonyms":["AON order"]},"alpha":{"term":"Alpha","explanation":"$30","synonyms":[]},"alternative-trading-system":{"term":"Alternative trading system","explanation":"$31","synonyms":["ATS"]},"altman-z-score":{"term":"Altman Z-score","explanation":"$32","synonyms":["Z-score"]},"american-style-and-european-style-options":{"term":"American-style and European-style options","explanation":"$33","synonyms":["American-style option","European-style option"]},"analyst-estimate":{"term":"Analyst estimate","explanation":"$34","synonyms":["consensus estimate"]},"anchoring-bias":{"term":"Anchoring bias","explanation":"$35","synonyms":["anchoring"]},"annual-general-meeting":{"term":"Annual general meeting","explanation":"$36","synonyms":["AGM"]},"annual-report":{"term":"Annual report","explanation":"An annual report is a document a publicly listed company publishes each year summarizing its financial performance, strategy, and outlook for . It typically includes a letter from the CEO, financial statements, and often an confirming those statements were independently reviewed.\n\nAn annual report often overlaps heavily with the information in a company's , but tends to be written in a more polished, -friendly style rather than the more formal, legally required format of the .","synonyms":[]},"asset-allocation":{"term":"Asset allocation","explanation":"$37","synonyms":[]},"asset-turnover":{"term":"Asset turnover","explanation":"$38","synonyms":[]},"asset-light-business":{"term":"Asset-light business","explanation":"$39","synonyms":[]},"assets-under-management":{"term":"Assets under management","explanation":"$3a","synonyms":["AUM"]},"at-the-market-offering":{"term":"At-the-market offering","explanation":"$3b","synonyms":["ATM offering"]},"atr":{"term":"ATR","explanation":"$3c","synonyms":["average true range"]},"auditors-report":{"term":"Auditor's report","explanation":"An auditor's report is a statement from an independent accounting firm confirming whether a company's financial statements have been reviewed and fairly represent its financial position, in accordance with the applicable accounting standards. It is included in a company's and .\n\nA clean, unqualified audit opinion is the normal, expected outcome. A qualified opinion, where the auditor flags specific concerns or exceptions, is comparatively rare and is generally treated as a serious warning sign worth investigating further.","synonyms":[]},"authorized-participant":{"term":"Authorized participant","explanation":"$3d","synonyms":["AP"]},"authorized-shares":{"term":"Authorized shares","explanation":"$3e","synonyms":[]},"availability-bias":{"term":"Availability bias","explanation":"$3f","synonyms":["availability heuristic"]},"average-daily-trading-volume":{"term":"Average daily trading volume","explanation":"$40","synonyms":["ADTV"]},"balance-sheet":{"term":"Balance sheet","explanation":"$41","synonyms":["statement of financial position"]},"balanced-fund":{"term":"Balanced fund","explanation":"$42","synonyms":[]},"bankruptcy":{"term":"Bankruptcy","explanation":"$43","synonyms":[]},"bar-chart":{"term":"Bar chart","explanation":"$44","synonyms":["OHLC chart"]},"best-execution":{"term":"Best execution","explanation":"$45","synonyms":[]},"beta":{"term":"Beta","explanation":"$46","synonyms":[]},"bid-size-and-ask-size":{"term":"Bid size and ask size","explanation":"$47","synonyms":[]},"bid-ask-spread":{"term":"Bid-ask spread","explanation":"The bid-ask spread is the difference between the highest price a buyer is currently willing to pay for a security, the bid, and the lowest price a seller is currently willing to accept, the ask. Every trade happens somewhere between these two prices.\n\nA narrow spread generally signals a heavily traded, liquid security where buyers and sellers agree closely on price, while a wide spread signals lower and can mean a meaningfully higher hidden cost to trading, since a buyer pays the ask and a seller receives the bid, not some price in between.","synonyms":[]},"black-scholes-model":{"term":"Black-Scholes model","explanation":"$48","synonyms":["Black-Scholes"]},"bloomberg-terminal":{"term":"Bloomberg terminal","explanation":"$49","synonyms":[]},"blue-chip":{"term":"Blue chip","explanation":"A blue chip is a large, well-established company with a long track record of stable performance, often a household name. The term borrows from poker, where the blue chip is traditionally the highest-value chip on the table.\n\nBlue chip stocks are generally seen as lower-risk than smaller or newer companies, since their business is proven and their cash flows are more predictable. That predictability is why a valuation model usually gives them a lower than a riskier company would get, though still meaningfully above what a safe yields.","synonyms":[]},"board-of-directors":{"term":"Board of directors","explanation":"A board of directors is the group of people elected by to oversee a company's management on their behalf. The board hires and can fire the CEO, approves major decisions such as large , and is responsible for looking after ' interests.\n\nBoard members are typically a mix of company executives and independent directors from outside the company, with independent directors generally seen as better positioned to challenge management when needed. vote on board members, usually at the .","synonyms":[]},"bollinger-bands":{"term":"Bollinger Bands","explanation":"$4a","synonyms":[]},"bond":{"term":"Bond","explanation":"$4b","synonyms":[]},"bond-duration":{"term":"Bond duration","explanation":"$4c","synonyms":["bond duration"]},"bond-duration-matching":{"term":"Bond duration matching","explanation":"$4d","synonyms":["duration matching"]},"bond-etf":{"term":"Bond ETF","explanation":"$4e","synonyms":["fixed income ETF"]},"bond-indenture":{"term":"Bond indenture","explanation":"$4f","synonyms":["indenture"]},"bond-ladder":{"term":"Bond ladder","explanation":"$50","synonyms":[]},"bond-price-yield-relationship":{"term":"Bond price and yield relationship","explanation":"$51","synonyms":[]},"book-building":{"term":"Book building","explanation":"$52","synonyms":[]},"book-value-per-share":{"term":"Book value per share","explanation":"$53","synonyms":[]},"book-entry-ownership":{"term":"Book-entry ownership","explanation":"$54","synonyms":[]},"book-to-bill-ratio":{"term":"Book-to-bill ratio","explanation":"$55","synonyms":["book-to-bill"]},"borrow-rate":{"term":"Borrow rate","explanation":"$56","synonyms":["cost to borrow"]},"bracket-order":{"term":"Bracket order","explanation":"$57","synonyms":[]},"breakout-and-breakdown":{"term":"Breakout and breakdown","explanation":"$58","synonyms":["breakout","breakdown"]},"broadening-pattern":{"term":"Broadening pattern","explanation":"$59","synonyms":["megaphone pattern"]},"broker":{"term":"Broker","explanation":"A broker is a firm or platform that executes buy and sell orders for investors in exchange for a fee or commission. A broker is the intermediary between an and the , since cannot place orders directly on an exchange themselves.\n\nFull-service brokers bundle in research, advice, and account management alongside trade execution, usually at a higher cost. Discount brokers strip that down to just placing orders as cheaply as possible, which is the model most modern online brokerage apps use.","synonyms":[]},"brokerage-account":{"term":"Brokerage account","explanation":"A brokerage account is an account opened with a that lets an investor buy and sell , , funds, and other securities. Money deposited into the account sits as cash until it is used to buy an investment, and proceeds from selling an investment land back in the account as cash.\n\nBrokerage accounts come in different flavors depending on tax treatment, a standard taxable account has no special tax benefits, while retirement-focused accounts offer tax advantages in exchange for restrictions on withdrawing the money early.","synonyms":[]},"bull-case-bear-case":{"term":"Bull case and bear case","explanation":"The bull case for a is the strongest realistic argument for why it could do well, laying out the catalysts, strengths, and conditions that would need to hold true. The bear case is the mirror image, the strongest realistic argument for why the could struggle or fail to work out.\n\nLaying out both cases honestly, rather than only the one an investor already believes, is a useful discipline for stress testing an before committing money to it, and for understanding what would actually need to change for the original to be wrong.","synonyms":[]},"bull-bear-market":{"term":"Bull market and bear market","explanation":"A bull market is a sustained period of rising prices, typically defined as a gain of twenty percent or more from a recent low. A bear market is the opposite, a sustained decline, typically defined as a drop of twenty percent or more from a recent high.\n\nThese labels describe the overall market or a specific index, not any single , and are usually only confirmed in hindsight once the twenty percent threshold has clearly been crossed. Bull and bear markets can last anywhere from months to years, and neither one moves in a straight line the whole way through.","synonyms":[]},"business-cycle":{"term":"Business cycle","explanation":"$5a","synonyms":["economic cycle"]},"butterfly-spread":{"term":"Butterfly spread","explanation":"$5b","synonyms":[]},"buy-to-cover":{"term":"Buy to cover","explanation":"$5c","synonyms":[]},"calendar-spread":{"term":"Calendar spread","explanation":"$5d","synonyms":["time spread"]},"call-risk":{"term":"Call risk","explanation":"$5e","synonyms":[]},"callable-bond":{"term":"Callable bond","explanation":"$5f","synonyms":[]},"candlestick-chart":{"term":"Candlestick chart","explanation":"$60","synonyms":["candlestick"]},"capital-allocation":{"term":"Capital allocation","explanation":"$61","synonyms":[]},"capital-expenditure":{"term":"Capital expenditure","explanation":"$62","synonyms":["capex","capital spending","capital investment"]},"capital-gains":{"term":"Capital gains","explanation":"A capital gain is the profit made when an investment is sold for more than what was paid for it. A gain is unrealized while the investor still holds the position, since the profit only exists on paper, and becomes a realized gain once the position is actually sold.\n\nRealized capital gains are typically subject to capital gains tax, and many tax systems apply a lower tax rate to gains on investments held for longer than a year compared to shorter-term trades, which is one reason long-term investing can be more tax-efficient than frequent trading.","synonyms":[]},"capital-gains-distribution":{"term":"Capital gains distribution","explanation":"$63","synonyms":[]},"capital-structure":{"term":"Capital structure","explanation":"$64","synonyms":[]},"capital-intensive-business":{"term":"Capital-intensive business","explanation":"$65","synonyms":[]},"cash-account":{"term":"Cash account","explanation":"A cash account is the simplest type of . An investor can only buy securities with money they have actually deposited, with no borrowing involved. This makes a cash account the lower-risk counterpart to a .\n\nBecause there is no borrowed money in play, a cash account cannot lose more than what was deposited into it from market moves alone, and there is no risk of a . Most new investors start with a cash account before, if ever, moving to a .","synonyms":[]},"cash-and-equivalents":{"term":"Cash and equivalents","explanation":"$66","synonyms":["cash and cash equivalents","cash position","cash balance"]},"cash-and-short-term-investments":{"term":"Cash and short-term investments","explanation":"$67","synonyms":[]},"cash-at-beginning-of-period":{"term":"Cash at beginning of period","explanation":"$68","synonyms":["opening cash balance","beginning cash balance"]},"cash-at-end-of-period":{"term":"Cash at end of period","explanation":"$69","synonyms":["closing cash balance","ending cash balance"]},"cash-conversion-cycle":{"term":"Cash conversion cycle","explanation":"$6a","synonyms":["CCC"]},"cash-flow-statement":{"term":"Cash flow statement","explanation":"$6b","synonyms":["statement of cash flows"]},"cci":{"term":"CCI","explanation":"$6c","synonyms":["commodity channel index"]},"central-bank":{"term":"Central bank","explanation":"A central bank is the institution responsible for managing a country's or region's monetary policy, primarily by setting interest rates and controlling the money supply, with the general goals of controlling and supporting stable . The is the central bank of the United States.\n\nCentral bank decisions on interest rates ripple through the whole economy and markets, affecting everything from mortgage rates to how attractively are priced relative to , which is why investors pay close attention to central bank meetings and statements.","synonyms":[]},"cftc":{"term":"CFTC","explanation":"$6d","synonyms":["Commodity Futures Trading Commission"]},"chairman":{"term":"Chairman","explanation":"$6e","synonyms":[]},"chips-act":{"term":"CHIPS Act","explanation":"The CHIPS Act is US legislation passed to boost domestic semiconductor manufacturing, offering subsidies and incentives for companies to build chip production capacity within the United States. It was motivated by concerns over supply chain reliance on chip manufacturing concentrated in a small number of other countries.\n\nFor investors, the CHIPS Act is a relevant specifically for companies involved in semiconductor manufacturing and related infrastructure in the US, since it can lower the cost of building new domestic capacity and shift where future manufacturing investment happens.","synonyms":[]},"circuit-breaker":{"term":"Circuit breaker","explanation":"$6f","synonyms":["market-wide circuit breaker"]},"clearinghouse":{"term":"Clearinghouse","explanation":"$70","synonyms":["central counterparty"]},"closed-end-fund":{"term":"Closed-end fund","explanation":"$71","synonyms":["CEF"]},"closing-and-opening-auctions":{"term":"Closing and opening auctions","explanation":"$72","synonyms":["closing auction","opening auction"]},"cme":{"term":"CME","explanation":"$73","synonyms":["Chicago Mercantile Exchange"]},"commodity-business":{"term":"Commodity business","explanation":"$74","synonyms":[]},"commodity-etf":{"term":"Commodity ETF","explanation":"$75","synonyms":[]},"common-stock":{"term":"Common stock","explanation":"$76","synonyms":["ordinary shares","share capital"]},"common-size-financial-statements":{"term":"Common-size financial statements","explanation":"$77","synonyms":["common-size analysis"]},"compound-interest":{"term":"Compound interest","explanation":"Compound interest is interest earned not just on an original investment, but also on the interest that investment has already accumulated. Over time this creates a snowball effect, since each period's gains become part of the base that earns further gains.\n\nThe effect is small in the early years and becomes dramatically larger the longer money is left to grow, which is why starting to invest early, even with small amounts, has such a large impact on long-term outcomes compared to starting later with more money.","synonyms":[]},"concentration-risk":{"term":"Concentration risk","explanation":"$78","synonyms":["Customer concentration"]},"confirmation-bias":{"term":"Confirmation bias","explanation":"Confirmation bias is the tendency to notice, favor, and remember information that supports a belief already held, while overlooking or downplaying information that contradicts it. In investing, it shows up as reading a 's numbers, news, or ratios selectively once a bullish or bearish view has already formed, rather than weighing the evidence evenhandedly before reaching a conclusion.\n\nIt's rarely deliberate, which is exactly what makes it hard to catch in your own analysis. Deciding what evidence actually matters before looking for it, rather than after, is one of the more reliable ways to guard against it.","synonyms":[]},"consolidated-tape":{"term":"Consolidated tape","explanation":"$79","synonyms":["the tape"]},"constant-currency-growth":{"term":"Constant currency growth","explanation":"$7a","synonyms":[]},"consumer-confidence":{"term":"Consumer confidence","explanation":"$7b","synonyms":[]},"contango-and-backwardation":{"term":"Contango and backwardation","explanation":"$7c","synonyms":[]},"contract-multiplier":{"term":"Contract multiplier","explanation":"$7d","synonyms":[]},"contrarian-investing":{"term":"Contrarian investing","explanation":"$7e","synonyms":[]},"convertible-bond":{"term":"Convertible bond","explanation":"$7f","synonyms":["convertibles"]},"convexity":{"term":"Convexity","explanation":"$80","synonyms":[]},"corporate-bond":{"term":"Corporate bond","explanation":"$81","synonyms":[]},"corporate-governance":{"term":"Corporate governance","explanation":"Corporate governance refers to the systems and rules that determine how a company is directed and controlled, including how the board oversees management, how executive pay is set, and how rights are protected. Strong governance is meant to keep management accountable to rather than just to itself.\n\nInvestors care about governance because weak governance, such as a board that rubber-stamps management decisions or a CEO with too much unchecked power, has historically been linked to poor long-term outcomes for , even when the underlying business looks fine on paper.","synonyms":[]},"corporate-life-cycle":{"term":"Corporate life cycle","explanation":"$82","synonyms":[]},"cost-of-capital":{"term":"Cost of capital","explanation":"$83","synonyms":["WACC"]},"cost-of-debt":{"term":"Cost of debt","explanation":"Cost of debt is what a company actually pays to borrow money, its interest rate, adjusted down to reflect that interest payments reduce a company's taxable income. That adjustment matters: a company paying a 5% interest rate doesn't really carry a 5% cost, since the tax savings from deducting that interest lowers the real burden.\n\nCost of debt is typically far lower than , since lenders are repaid before and take on less risk as a result. It's the second of the two inputs, alongside , that get blended into a company's overall .","synonyms":[]},"cost-of-equity":{"term":"Cost of equity","explanation":"$84","synonyms":[]},"cogs":{"term":"Cost of goods sold","explanation":"$85","synonyms":["COGS","cost of sales","cost of revenue"]},"cot-report":{"term":"COT report","explanation":"$86","synonyms":["Commitments of Traders report"]},"counterparty":{"term":"Counterparty","explanation":"A counterparty is the other party on the opposite side of a financial transaction, the seller to a buyer's purchase, or the party on the other end of a contract or loan. Every trade needs a counterparty willing to take the other side.\n\nCounterparty risk is the risk that the other party in a transaction fails to hold up its end, for example a firm on the other side of a contract going before paying out. This risk is a bigger concern in less regulated, than on a standard exchange, where the exchange itself typically guarantees trades are settled.","synonyms":[]},"coupon":{"term":"Coupon","explanation":"$87","synonyms":[]},"covenant":{"term":"Covenant","explanation":"A covenant is a condition a lender attaches to a loan or , requiring the borrower to maintain certain financial standards for as long as the debt is outstanding, often a maximum ratio or a minimum level of cash flow relative to its debt payments.\n\nBreaching a covenant can trigger default even if every payment has been made on time, giving the lender the right to demand immediate repayment or renegotiate terms. This is why a company's debt load matters beyond simply whether it can afford the interest, the conditions attached to that debt carry real consequences of their own.\n\nCovenants exist to protect the lender, but they also constrain the borrower's flexibility. A company operating close to a covenant limit has less room to weather a bad year without triggering a technical default, even one it could otherwise easily afford to work through.","synonyms":[]},"covered-call":{"term":"Covered call","explanation":"$88","synonyms":["buy-write"]},"cpi":{"term":"CPI","explanation":"$89","synonyms":["Consumer Price Index"]},"creation-and-redemption":{"term":"Creation and redemption","explanation":"$8a","synonyms":[]},"credit-default-swap":{"term":"Credit default swap","explanation":"$8b","synonyms":["CDS"]},"credit-rating-agency":{"term":"Credit rating agency","explanation":"$8c","synonyms":["rating agency"]},"credit-risk":{"term":"Credit risk","explanation":"$8d","synonyms":["default risk"]},"credit-spread":{"term":"Credit spread","explanation":"$8e","synonyms":["yield spread"]},"cup-and-handle-pattern":{"term":"Cup and handle pattern","explanation":"$8f","synonyms":["cup and handle"]},"currency-etf":{"term":"Currency ETF","explanation":"$90","synonyms":[]},"currency-swap":{"term":"Currency swap","explanation":"$91","synonyms":["cross-currency swap"]},"currency-hedged-fund":{"term":"Currency-hedged fund","explanation":"$92","synonyms":[]},"current-ratio":{"term":"Current ratio","explanation":"$93","synonyms":["working capital ratio"]},"current-yield":{"term":"Current yield","explanation":"$94","synonyms":[]},"custodian-bank":{"term":"Custodian bank","explanation":"$95","synonyms":[]},"customer-acquisition-cost":{"term":"Customer acquisition cost","explanation":"$96","synonyms":["CAC"]},"customer-lifetime-value":{"term":"Customer lifetime value","explanation":"$97","synonyms":["LTV"]},"cyclical-business":{"term":"Cyclical business","explanation":"$98","synonyms":[]},"dark-cloud-cover":{"term":"Dark cloud cover","explanation":"$99","synonyms":[]},"dark-pool":{"term":"Dark pool","explanation":"$9a","synonyms":[]},"day-order":{"term":"Day order","explanation":"$9b","synonyms":[]},"days-inventory-outstanding":{"term":"Days inventory outstanding","explanation":"$9c","synonyms":["DIO"]},"days-payable-outstanding":{"term":"Days payable outstanding","explanation":"$9d","synonyms":["DPO"]},"days-sales-outstanding":{"term":"Days sales outstanding","explanation":"$9e","synonyms":["DSO"]},"days-to-cover":{"term":"Days to cover","explanation":"$9f","synonyms":["short interest ratio"]},"dead-cat-bounce":{"term":"Dead cat bounce","explanation":"$a0","synonyms":[]},"debt-ceiling":{"term":"Debt ceiling","explanation":"$a1","synonyms":["debt limit"]},"debt-issuance":{"term":"Debt issuance","explanation":"$a2","synonyms":["new borrowings","debt raise","debt financing"]},"debt-repayment":{"term":"Debt repayment","explanation":"$a3","synonyms":["debt paydown","debt reduction"]},"debt-to-equity-ratio":{"term":"Debt-to-equity ratio","explanation":"$a4","synonyms":["D/E ratio"]},"deferred-revenue":{"term":"Deferred revenue","explanation":"$a5","synonyms":["unearned revenue","contract liabilities"]},"deferred-tax":{"term":"Deferred tax","explanation":"$a6","synonyms":["deferred income tax"]},"delisting":{"term":"Delisting","explanation":"$a7","synonyms":[]},"da":{"term":"Depreciation & amortisation","explanation":"$a8","synonyms":["D&A"]},"derivatives":{"term":"Derivatives","explanation":"A derivative is a financial contract whose value is based on, or derived from, the price of an underlying asset such as a , , commodity, or currency, rather than being an ownership stake in that asset itself. and are the two most common types.\n\nDerivatives can be used to hedge risk, for example locking in a future price to protect against an unfavorable move, or to speculate with , since a derivative contract often costs much less upfront than buying the underlying asset outright while still controlling exposure to its full value.","synonyms":[]},"designated-market-maker":{"term":"Designated market maker","explanation":"$a9","synonyms":["DMM"]},"dilution":{"term":"Dilution","explanation":"$aa","synonyms":["Share dilution","Stock dilution"]},"direct-listing":{"term":"Direct listing","explanation":"$ab","synonyms":[]},"discount-rate":{"term":"Discount rate","explanation":"$ac","synonyms":["Required rate of return","Hurdle rate"]},"discounted-cash-flow":{"term":"Discounted cash flow","explanation":"$ad","synonyms":["DCF"]},"disposition-effect":{"term":"Disposition effect","explanation":"$ae","synonyms":[]},"distribution-yield":{"term":"Distribution yield","explanation":"$af","synonyms":[]},"diversification":{"term":"Diversification","explanation":"Diversification means spreading investments across different companies, industries, or asset types so that a single bad outcome does not sink the whole . The opposite is concentration, holding a small number of positions where any one of them can meaningfully move the total result.\n\nDiversification does not eliminate risk, the whole market can still fall together, but it does reduce the damage from company-specific and -specific problems, since a decline in one holding can be offset by stability or gains elsewhere. Broad and are a common, low-effort way for investors to diversify.","synonyms":[]},"dividend":{"term":"Dividend","explanation":"A dividend is a portion of a company's profit paid directly to its , usually in cash, on a regular schedule. It's one of the most direct ways a business returns value to its owners, cash landing straight in an investor's account without them needing to sell any shares.\n\nNot every company pays one. Established, stable businesses with predictable cash flow, utilities, consumer staples, mature industrials, tend to pay dividends regularly. Fast-growing companies more often reinvest all their profit back into the business instead, since expanding the business itself can create more value than paying cash out today.\n\nA dividend isn't guaranteed. A company can reduce or eliminate it at any time, and doing so usually sends a strong negative signal to the market, since dividends create an expectation of continuity that's hard to walk back without raising real concern about the business.","synonyms":[]},"dividend-discount-model":{"term":"Dividend discount model","explanation":"$b0","synonyms":["DDM"]},"dividend-per-share":{"term":"Dividend per share","explanation":"$b1","synonyms":[]},"dividend-yield":{"term":"Dividend yield","explanation":"$b2","synonyms":[]},"dividends-paid":{"term":"Dividends paid","explanation":"$b3","synonyms":["dividend payments","shareholder distributions"]},"doji":{"term":"Doji","explanation":"$b4","synonyms":[]},"dollar-cost-averaging":{"term":"Dollar-cost averaging","explanation":"Dollar-cost averaging is an investing approach where a fixed amount of money is invested at regular intervals, such as monthly, regardless of whether prices are up or down at the time. This means buying more shares when prices are low and fewer shares when prices are high, without trying to time the market.\n\nThe main benefit is behavioral as much as mathematical, it removes the temptation to guess when the \"right\" time to invest is, and it smooths out the average price paid over time compared to investing a lump sum all at once right before a downturn.","synonyms":["DCA"]},"double-top-and-double-bottom":{"term":"Double top and double bottom","explanation":"$b5","synonyms":["double top","double bottom"]},"dow-jones":{"term":"Dow Jones Industrial Average","explanation":"$b6","synonyms":[]},"downside-protection":{"term":"Downside protection","explanation":"$b7","synonyms":[]},"dram":{"term":"DRAM","explanation":"DRAM, short for dynamic random access memory, is a type of memory chip used as a computer or server's fast, short-term working memory, holding data that is actively being used so a processor can access it quickly. It needs to be constantly refreshed with power to retain data, which is where the \"dynamic\" in its name comes from.\n\nDRAM is one of the two dominant categories of memory chip alongside , and demand for it has become closely tied to growth in data centers and AI infrastructure, which require large amounts of high-speed memory. Only a handful of companies in the world manufacture DRAM at meaningful scale.","synonyms":[]},"drawdown":{"term":"Drawdown","explanation":"A drawdown is the percentage decline in an investment or 's value from a recent peak to a subsequent low point, before it recovers. A that falls seventy percent from its high has experienced a seventy percent drawdown, regardless of how long the decline took or whether it has since recovered.\n\nDrawdowns are a common way to measure and communicate downside risk, since they capture the real, lived experience of holding through a decline in a way that average annual returns alone do not.","synonyms":[]},"drip":{"term":"DRIP","explanation":"$b8","synonyms":["dividend reinvestment plan"]},"dtcc":{"term":"DTCC","explanation":"$b9","synonyms":["Depository Trust & Clearing Corporation"]},"dual-class-shares":{"term":"Dual-class shares","explanation":"Dual-class shares are a share structure where a company issues two or more classes of with different voting rights, most commonly one class available to the public with one vote per share, and another class held mostly by founders or insiders that carries many more votes per share, sometimes called supervoting shares.\n\nThis structure lets founders and early insiders retain control over major company decisions even after selling most of the economic ownership to public through an . Critics argue it weakens accountability, while supporters argue it protects long-term decision making from short-term market pressure.","synonyms":[]},"dupont-analysis":{"term":"DuPont analysis","explanation":"$ba","synonyms":["DuPont formula"]},"e-mini-futures":{"term":"E-mini futures","explanation":"$bb","synonyms":["e-mini"]},"earnings-growth":{"term":"Earnings growth","explanation":"$bc","synonyms":["net income growth","earnings growth rate"]},"earnings-per-share":{"term":"Earnings per share","explanation":"$bd","synonyms":["EPS"]},"earnings-quality":{"term":"Earnings quality","explanation":"$be","synonyms":["quality of earnings"]},"earnings-report":{"term":"Earnings report","explanation":"$bf","synonyms":["earnings release"]},"ebitda":{"term":"EBITDA","explanation":"$c0","synonyms":["adjusted EBITDA","normalized EBITDA"]},"ebitda-growth":{"term":"EBITDA growth","explanation":"$c1","synonyms":[]},"ebitda-margin":{"term":"EBITDA margin","explanation":"$c2","synonyms":[]},"ebitda-per-share":{"term":"EBITDA per share","explanation":"$c3","synonyms":[]},"ecn":{"term":"ECN","explanation":"$c4","synonyms":["electronic communication network"]},"edgar":{"term":"EDGAR","explanation":"EDGAR (Electronic Data Gathering, Analysis, and Retrieval) is the 's free public database of company filings. Every , , and 8-K a U.S. public company is required to file lands here, and anyone can search it and read the filings for free.\n\nBecause it's the primary source, the filing exactly as the company submitted it to the regulator, it's the one place a number quoted anywhere else can always be checked against.","synonyms":"$17:props:children:3:props:children:props:synonyms"},"effective-tax-rate":{"term":"Effective tax rate","explanation":"$c5","synonyms":[]},"efficient-market-hypothesis":{"term":"Efficient market hypothesis","explanation":"$c6","synonyms":["market efficiency"]},"elliott-wave-theory":{"term":"Elliott Wave theory","explanation":"$c7","synonyms":["Elliott Wave"]},"emerging-markets":{"term":"Emerging markets","explanation":"Emerging markets are economies that are still developing and industrializing, generally offering faster potential growth than developed markets like the United States or Western Europe, but usually also carrying more political, currency, and market risk.\n\nInvestors gain exposure to emerging markets either by buying listed directly in those countries or through and built specifically to track a broad basket of emerging market companies.","synonyms":[]},"endowment-effect":{"term":"Endowment effect","explanation":"$c8","synonyms":[]},"engulfing-pattern":{"term":"Engulfing pattern","explanation":"$c9","synonyms":[]},"enterprise-value":{"term":"Enterprise value","explanation":"$ca","synonyms":["EV"]},"eps-accretion":{"term":"EPS accretion and dilution","explanation":"$cb","synonyms":[]},"eps-growth":{"term":"EPS growth","explanation":"$cc","synonyms":[]},"equal-weighted-index":{"term":"Equal-weighted index","explanation":"$cd","synonyms":["equal weight index"]},"equity-carve-out":{"term":"Equity carve-out","explanation":"$ce","synonyms":["IPO carve-out"]},"equity-method-investments":{"term":"Equity method investments","explanation":"$cf","synonyms":[]},"equity-risk-premium":{"term":"Equity risk premium","explanation":"$d0","synonyms":["Market risk premium"]},"equity-value":{"term":"Equity value","explanation":"$d1","synonyms":[]},"esma":{"term":"ESMA","explanation":"ESMA, short for the European Securities and Markets Authority, is the European Union's securities regulator, responsible for investor protection, market integrity, and financial stability across EU financial markets. It is the closest European counterpart to in the United States.\n\nESMA sets and coordinates rules that individual EU national regulators then apply within their own countries, aiming for consistent oversight of markets across the whole bloc rather than having every country regulate securities in an entirely separate way.","synonyms":[]},"etf":{"term":"ETF","explanation":"$d2","synonyms":["exchange-traded fund"]},"ev-to-ebit":{"term":"EV to EBIT ratio","explanation":"$d3","synonyms":["EV/EBIT"]},"ev-to-ebitda":{"term":"EV to EBITDA ratio","explanation":"$d4","synonyms":["EV/EBITDA"]},"ev-to-fcf":{"term":"EV to FCF ratio","explanation":"$d5","synonyms":["EV/FCF"]},"ev-to-revenue":{"term":"EV to revenue ratio","explanation":"$d6","synonyms":["EV/revenue","EV/sales"]},"ex-dividend-date":{"term":"Ex-dividend date","explanation":"$d7","synonyms":["ex-date"]},"exchange-traded-note":{"term":"Exchange-traded note","explanation":"$d8","synonyms":["ETN"]},"exercise-and-assignment":{"term":"Exercise and assignment","explanation":"$d9","synonyms":[]},"expense-ratio":{"term":"Expense ratio","explanation":"An expense ratio is the annual fee a fund, whether an or a , charges its investors, expressed as a percentage of the money invested. It is automatically deducted from the fund's returns, so investors never see a separate bill for it.\n\nA fund with a 0.5 percent expense ratio costs an investor five dollars a year for every one thousand dollars invested. That fee is charged every year the money stays invested, so even a seemingly small difference in expense ratio can meaningfully erode returns over decades due to .","synonyms":[]},"exponential-moving-average":{"term":"Exponential moving average","explanation":"$da","synonyms":["EMA"]},"extended-hours-trading":{"term":"Extended hours trading","explanation":"$db","synonyms":["after-hours trading","pre-market trading"]},"semiconductor-fab":{"term":"Fab","explanation":"A fab, short for fabrication plant, is the highly specialized factory where semiconductor chips are physically manufactured. Building a single competitive fab can cost tens of billions of dollars and take years to construct and bring up to full production.\n\nBecause fabs are so expensive and slow to build, chipmakers plan capacity years in advance based on expected future demand, which means a fab built for one demand environment can end up with too much or too little capacity by the time it is actually running, a major source of the boom-and-bust cycles common in the semiconductor .","synonyms":[]},"fair-value-per-share":{"term":"Fair value per share","explanation":"$dc","synonyms":[]},"fallen-angel":{"term":"Fallen angel","explanation":"$dd","synonyms":[]},"falling-knife":{"term":"Falling knife","explanation":"$de","synonyms":[]},"false-breakout":{"term":"False breakout","explanation":"$df","synonyms":["fakeout"]},"family-office":{"term":"Family office","explanation":"$e0","synonyms":[]},"fasb":{"term":"FASB","explanation":"$e1","synonyms":["Financial Accounting Standards Board"]},"fcf-conversion":{"term":"FCF conversion ratio","explanation":"$e2","synonyms":["free cash flow conversion"]},"fcm":{"term":"FCM","explanation":"$e3","synonyms":["Futures Commission Merchant"]},"fdic":{"term":"FDIC","explanation":"$e4","synonyms":["Federal Deposit Insurance Corporation"]},"federal-funds-rate":{"term":"Federal funds rate","explanation":"The federal funds rate is the interest rate at which banks lend money to each other overnight in the United States, set within a target range by the . It is 's primary tool for influencing broader interest rates across the economy.\n\nChanges to the federal funds rate ripple out to mortgage rates, savings account yields, corporate , and the investors use to value future cash flows, which is why Fed decisions on this rate are closely watched by the market.","synonyms":[]},"federal-reserve":{"term":"Federal Reserve","explanation":"The Federal Reserve (the Fed) is the of the United States. It sets the : the interest rate at which banks lend money to each other overnight. This rate ripples through the entire economy, affecting mortgage rates, yields, and valuations.\n\nWhen is high, the Fed raises rates to slow spending. When the economy weakens, it cuts rates to stimulate growth. For investors, Fed decisions are among the most important macro events to follow.","synonyms":["the Fed"]},"fibonacci-retracement":{"term":"Fibonacci retracement","explanation":"$e5","synonyms":["Fib retracement"]},"fill-or-kill-order":{"term":"Fill-or-kill order","explanation":"$e6","synonyms":["FOK order"]},"finra":{"term":"FINRA","explanation":"$e7","synonyms":["Financial Industry Regulatory Authority"]},"fixed-charge-coverage-ratio":{"term":"Fixed charge coverage ratio","explanation":"$e8","synonyms":["FCCR"]},"flag-pattern":{"term":"Flag pattern","explanation":"$e9","synonyms":[]},"float-adjusted-market-cap":{"term":"Float-adjusted market cap","explanation":"$ea","synonyms":["free-float market cap"]},"floating-rate-note":{"term":"Floating-rate note","explanation":"$eb","synonyms":["FRN","floater"]},"flywheel-effect":{"term":"Flywheel effect","explanation":"A flywheel effect is a self-reinforcing loop where growth in one part of a business feeds directly into another part, which in turn feeds back into the first, so each cycle makes the next one easier. The name comes from a physical flywheel, a heavy spinning wheel that takes real effort to get moving but keeps spinning with less and less added push once it's up to speed.\n\nIn investing, a flywheel usually shows up as some combination of more users, more data, or more scale feeding directly into a better product, which then attracts more users, more data, or more scale. What separates it from ordinary growth is the direction of causation, each part of the loop makes the others stronger, not just bigger. A flywheel that's genuinely spinning tends to compound an advantage that's hard for a new competitor to copy, since a rival has to replicate the whole loop, not just one piece of it, to catch up.","synonyms":[]},"follow-on-offering":{"term":"Follow-on offering","explanation":"$ec","synonyms":[]},"fomc-meeting":{"term":"FOMC meeting","explanation":"$ed","synonyms":["FOMC","Fed meeting"]},"fomo":{"term":"FOMO","explanation":"FOMO, fear of missing out, is the anxiety that a 's price is moving without you, and that waiting any longer means missing out on gains everyone else already appears to be getting. It pushes a decision to buy, or to keep holding past where the original justified it, based on what the crowd is doing rather than on an independent read of what the business is worth.\n\nThe danger sits less in the emotion itself than in the order it puts decisions in. A buy driven by FOMO starts from the price already moving and works backward to find a reason to justify it, the reverse of deciding a business deserves a position first and treating the entry price as a separate question. Deciding what would justify buying before the price starts moving, not after, is the most reliable way to keep that decision in your own hands instead of the crowd's.","synonyms":[]},"form-13f":{"term":"Form 13F","explanation":"$ee","synonyms":["13F"]},"form-4":{"term":"Form 4","explanation":"$ef","synonyms":[]},"forward-pricing":{"term":"Forward pricing","explanation":"$f0","synonyms":[]},"fractional-shares":{"term":"Fractional shares","explanation":"A fractional share is a portion of a single share of , smaller than one whole share, that some now allow investors to buy directly. This lets an investor put a fixed dollar amount, say fifty dollars, into a regardless of what one full share costs.\n\nFractional shares make it easier for investors with smaller amounts of money to build a , including buying into expensive that would otherwise require hundreds or thousands of dollars for just one whole share.","synonyms":[]},"free-cash-flow":{"term":"Free cash flow","explanation":"$f1","synonyms":["FCF"]},"fcf-growth":{"term":"Free cash flow growth","explanation":"$f2","synonyms":[]},"free-cash-flow-margin":{"term":"Free cash flow margin","explanation":"$f3","synonyms":["FCF margin"]},"free-cash-flow-per-share":{"term":"Free cash flow per share","explanation":"$f4","synonyms":[]},"fcf-yield":{"term":"Free cash flow yield","explanation":"$f5","synonyms":["FCF yield"]},"free-riding-violation":{"term":"Free-riding violation","explanation":"$f6","synonyms":["free riding"]},"fund-family":{"term":"Fund family","explanation":"$f7","synonyms":[]},"fund-flows":{"term":"Fund flows","explanation":"$f8","synonyms":[]},"fund-of-funds":{"term":"Fund of funds","explanation":"$f9","synonyms":["FoF"]},"fund-prospectus":{"term":"Fund prospectus","explanation":"$fa","synonyms":["prospectus"]},"fund-share-classes":{"term":"Fund share classes","explanation":"$fb","synonyms":["share class"]},"futures":{"term":"Futures","explanation":"A futures contract is an agreement to buy or sell a specific asset at a predetermined price on a specific future date. Unlike an option, both parties are obligated to go through with the transaction when the contract expires, there is no choice to walk away.\n\nFutures are widely used to hedge against future price moves, for example a producer locking in a price for a commodity it will sell later, and are also heavily traded speculatively. Like other leveraged instruments, futures can produce losses larger than the initial amount put up to enter the contract.","synonyms":[]},"futures-basis":{"term":"Futures basis","explanation":"$fc","synonyms":["futures basis"]},"futures-expiration-and-rollover":{"term":"Futures expiration and rollover","explanation":"$fd","synonyms":["futures rollover"]},"gaap":{"term":"GAAP and non-GAAP","explanation":"$fe","synonyms":[]},"gamblers-fallacy":{"term":"Gambler's fallacy","explanation":"$ff","synonyms":[]},"gamma":{"term":"Gamma","explanation":"$100","synonyms":[]},"gap-up-and-gap-down":{"term":"Gap up and gap down","explanation":"$101","synonyms":["gap up","gap down"]},"gdp-growth":{"term":"GDP growth","explanation":"GDP, gross domestic product, is the total value of everything a country's economy produces in a given period. GDP growth measures how much that output is expanding or shrinking, and is one of the most widely watched gauges of how an entire economy is doing.\n\nIn a valuation model, long-run GDP growth is often used as an anchor for a company's , the slow, steady rate assumed forever once a forecast's explicit years end. The reasoning: no single company can outgrow the broader economy forever, since it would eventually have to become the entire economy, so a rate somewhere near long-run GDP growth, often 2-3% in a developed economy, is a reasonably conservative ceiling.","synonyms":["Gross domestic product"]},"gics":{"term":"GICS","explanation":"$102","synonyms":["Global Industry Classification Standard","sector classification"]},"glide-path":{"term":"Glide path","explanation":"A glide path is the predetermined schedule a follows to gradually shift its from riskier like toward more conservative ones like as its target date gets closer.\n\nDifferent fund providers can use meaningfully different glide paths, some shifting to conservative allocations earlier and more aggressively than others, which is worth checking before assuming two with the same target year will behave the same way.","synonyms":[]},"going-concern-value":{"term":"Going concern value","explanation":"$103","synonyms":["Going concern"]},"going-private-transaction":{"term":"Going-private transaction","explanation":"$104","synonyms":["going private"]},"golden-cross-and-death-cross":{"term":"Golden cross and death cross","explanation":"$105","synonyms":["golden cross","death cross"]},"good-faith-violation":{"term":"Good faith violation","explanation":"$106","synonyms":["GFV"]},"good-til-canceled-order":{"term":"Good-til-canceled order","explanation":"$107","synonyms":["GTC order"]},"goodwill":{"term":"Goodwill","explanation":"$108","synonyms":["acquisition premium","excess purchase price"]},"gordon-growth-model":{"term":"Gordon Growth model","explanation":"$109","synonyms":["Perpetuity growth model"]},"government-bond":{"term":"Government bond","explanation":"$10a","synonyms":["Treasury bond"]},"greenshoe-option":{"term":"Greenshoe option","explanation":"$10b","synonyms":["overallotment option"]},"gross-margin":{"term":"Gross margin","explanation":"$10c","synonyms":["gross profit margin"]},"gross-profit":{"term":"Gross profit","explanation":"$10d","synonyms":["gross income"]},"growth-investing":{"term":"Growth investing","explanation":"$10e","synonyms":[]},"guidance":{"term":"Guidance","explanation":"$10f","synonyms":["forward guidance"]},"halo-effect":{"term":"Halo effect","explanation":"$110","synonyms":[]},"hammer-and-hanging-man":{"term":"Hammer and hanging man","explanation":"$111","synonyms":["hammer","hanging man"]},"harami-pattern":{"term":"Harami pattern","explanation":"$112","synonyms":["harami"]},"hard-to-borrow":{"term":"Hard to borrow","explanation":"$113","synonyms":["HTB"]},"head-and-shoulders-pattern":{"term":"Head and shoulders pattern","explanation":"$114","synonyms":["head and shoulders"]},"hedge-fund":{"term":"Hedge fund","explanation":"$115","synonyms":[]},"hedging":{"term":"Hedging","explanation":"Hedging means taking a position specifically designed to offset potential losses in another investment, similar in spirit to buying insurance. An investor or fund might hedge a holding by using or by shorting a related security, so that a loss in one position is partly or fully offset by a gain in the other.\n\nHedging reduces risk, but it also typically reduces potential upside, since the hedge that protects against losses will also eat into gains if the original position performs well. Funds that describe themselves as fully hedged are generally aiming for more stable, lower- returns rather than the biggest possible gain.","synonyms":[]},"heikin-ashi-chart":{"term":"Heikin-Ashi chart","explanation":"$116","synonyms":["Heikin-Ashi"]},"herd-mentality":{"term":"Herd mentality","explanation":"$117","synonyms":["herd behavior"]},"high-bandwidth-memory":{"term":"High-bandwidth memory","explanation":"High-bandwidth memory (HBM) is a type of memory chip built by stacking multiple layers vertically and placing it physically next to a processor, rather than on a separate chip further away. That shorter distance and wider connection lets data move between the memory and the processor far faster than standard memory chips allow.\n\nThis design is what makes HBM the memory of choice for AI servers, since AI workloads move enormous amounts of data in and out of memory constantly, and a slower connection would leave expensive processors sitting idle waiting for data. Because HBM is harder to manufacture than standard memory, it commands higher prices and stronger margins, and whichever supplier leads in HBM production is generally best positioned to benefit from AI-driven demand.","synonyms":["HBM"]},"high-frequency-trading":{"term":"High-frequency trading","explanation":"$118","synonyms":["HFT"]},"high-yield-bond":{"term":"High-yield bond","explanation":"$119","synonyms":["junk bond"]},"hindsight-bias":{"term":"Hindsight bias","explanation":"$11a","synonyms":[]},"home-bias":{"term":"Home bias","explanation":"$11b","synonyms":["home country bias"]},"hostile-takeover":{"term":"Hostile takeover","explanation":"$11c","synonyms":["hostile bid"]},"hyperscaler":{"term":"Hyperscaler","explanation":"A hyperscaler is one of a small number of companies that operate cloud computing infrastructure at a massive, global scale, think Amazon (AWS), Microsoft (Azure), Google Cloud, and Meta. Between them, they own and run millions of servers across data centers worldwide, renting out computing power and storage to everyone from small startups to the largest enterprises.\n\nHyperscalers are also the single biggest buyers of the hardware that powers artificial intelligence, memory chips, GPUs, networking gear, because they build and expand data centers at a scale no other type of customer matches. That makes them a critical demand driver for any company that supplies them.","synonyms":[]},"ichimoku-cloud":{"term":"Ichimoku cloud","explanation":"$11d","synonyms":["Ichimoku"]},"ifrs":{"term":"IFRS","explanation":"$11e","synonyms":["International Financial Reporting Standards"]},"immediate-or-cancel-order":{"term":"Immediate-or-cancel order","explanation":"$11f","synonyms":["IOC order"]},"impairment":{"term":"Impairment charge","explanation":"$120","synonyms":["impairment"]},"implied-volatility":{"term":"Implied volatility","explanation":"$121","synonyms":["IV"]},"itm-atm-otm":{"term":"In the money, at the money, and out of the money","explanation":"$122","synonyms":["ITM","OTM"]},"in-kind-creation":{"term":"In-kind creation","explanation":"$123","synonyms":[]},"income-before-taxes":{"term":"Income before taxes","explanation":"$124","synonyms":["pre-tax income","EBT","pre-tax profit"]},"income-statement":{"term":"Income statement","explanation":"$125","synonyms":["P&L","profit and loss statement","statement of operations"]},"income-taxes":{"term":"Income taxes","explanation":"$126","synonyms":["tax expense","income tax provision"]},"index-committee":{"term":"Index committee","explanation":"$127","synonyms":[]},"index-concentration":{"term":"Index concentration","explanation":"Index concentration refers to how much of a market index's total value is driven by just a handful of its largest constituent companies. An index is described as top heavy when a small number of make up a disproportionately large share of the whole index's weight.\n\nThis is a different concept from , which applies to a single company relying too heavily on one customer or source. Index concentration means an investor who thinks they are broadly diversified by owning an may actually have outsized exposure to the performance of just a few giant companies within it.","synonyms":[]},"index-fund":{"term":"Index fund","explanation":"An index fund is a fund, structured as either an or a , built to match the performance of a specific market index such as a broad benchmark rather than to try to beat it. It buys and holds the same securities the index holds, in roughly the same proportions.\n\nBecause there is no active manager trying to pick winners, index funds typically charge much lower fees than actively managed funds. Over long periods, low-cost index funds have historically been difficult for most active managers to consistently beat after fees, which is why they are a common starting point for new investors.","synonyms":[]},"index-provider":{"term":"Index provider","explanation":"$128","synonyms":[]},"index-rebalancing":{"term":"Index rebalancing","explanation":"$129","synonyms":["index rebalance"]},"index-reconstitution":{"term":"Index reconstitution","explanation":"$12a","synonyms":["reconstitution"]},"industry":{"term":"Industry","explanation":"$12b","synonyms":[]},"inflation":{"term":"Inflation","explanation":"$12c","synonyms":[]},"initial-margin":{"term":"Initial margin","explanation":"$12d","synonyms":[]},"insider-buying":{"term":"Insider buying","explanation":"$12e","synonyms":[]},"insider-trading":{"term":"Insider trading","explanation":"Insider trading is buying or selling a company's based on material information that is not yet available to the public, such as knowing about an unannounced result or merger in advance. It is illegal in most markets because it lets someone profit unfairly at the expense of other investors who do not have that information.\n\nRegulators such as actively investigate and prosecute insider trading. Company insiders, such as executives and board members, are allowed to buy and sell their own company's , but they must disclose those trades publicly and are barred from trading around material information that has not yet been released.","synonyms":[]},"institutional-ownership":{"term":"Institutional ownership","explanation":"$12f","synonyms":["Institutional investors"]},"intangible-assets":{"term":"Intangible assets","explanation":"$130","synonyms":["intangibles"]},"intellectual-property":{"term":"Intellectual property","explanation":"$131","synonyms":["IP"]},"interest-coverage-ratio":{"term":"Interest coverage ratio","explanation":"$132","synonyms":["interest coverage","times interest earned"]},"interest-expense":{"term":"Interest expense","explanation":"$133","synonyms":["finance costs","interest charges","borrowing costs"]},"interest-rate-risk":{"term":"Interest rate risk","explanation":"$134","synonyms":["duration risk"]},"interest-rate-swap":{"term":"Interest rate swap","explanation":"$135","synonyms":[]},"interval-fund":{"term":"Interval fund","explanation":"$136","synonyms":[]},"intrinsic-value":{"term":"Intrinsic value","explanation":"$137","synonyms":[]},"inventory":{"term":"Inventory","explanation":"$138","synonyms":[]},"inventory-turnover":{"term":"Inventory turnover","explanation":"$139","synonyms":["stock turnover"]},"inverse-etf":{"term":"Inverse ETF","explanation":"$13a","synonyms":[]},"inverted-yield-curve":{"term":"Inverted yield curve","explanation":"$13b","synonyms":["yield curve inversion"]},"investment-bank":{"term":"Investment bank","explanation":"An investment bank is a financial institution that helps companies and governments raise capital, advises on , and often provides trading and research services to institutional clients. It is a different business from a regular retail bank that takes deposits and makes consumer loans.\n\nWhen a company goes public through an , an investment bank typically underwrites the offering, meaning it helps price the shares, buys them from the company, and resells them to investors, taking on some of the risk of the sale in exchange for a fee.","synonyms":[]},"investment-thesis":{"term":"Investment thesis","explanation":"$13c","synonyms":[]},"investment-grade-bond":{"term":"Investment-grade bond","explanation":"$13d","synonyms":["IG bond"]},"investor-relations":{"term":"Investor relations page","explanation":"An investor relations page is the section of a public company's own website built specifically for investors, rather than the general public. Most public companies maintain one. It's typically where you'll find press releases, investor presentation slides, webcasts, and often the same filings available on , just organized in a friendlier layout.\n\nIt's usually the fastest place to see a fresh the day it's released, often faster than it shows up anywhere else.","synonyms":[]},"ipo":{"term":"IPO","explanation":"$13e","synonyms":["initial public offering"]},"ipo-pop":{"term":"IPO pop","explanation":"$13f","synonyms":[]},"iron-condor":{"term":"Iron condor","explanation":"$140","synonyms":[]},"jobs-report":{"term":"Jobs report","explanation":"$141","synonyms":["nonfarm payrolls","NFP"]},"market-cap-size-categories":{"term":"Large-cap, mid-cap and small-cap","explanation":"Companies are often grouped into size categories based on , the total value of all their shares. Large-cap companies are generally worth ten billion dollars or more, mid-cap companies fall roughly between two and ten billion, and small-cap companies are generally worth under two billion, though the exact cutoffs vary by source.\n\n sits above all three, reserved for the very largest companies in the market. In general, larger companies tend to be more established and less , while smaller companies carry more growth potential alongside more risk, less analyst coverage, and often less trading .","synonyms":[]},"leaps":{"term":"LEAPS","explanation":"$142","synonyms":["Long-term Equity Anticipation Securities"]},"level-2-quotes":{"term":"Level 2 quotes","explanation":"$143","synonyms":["Level II quotes","market depth"]},"leverage":{"term":"Leverage","explanation":"Leverage means using borrowed money to increase the size of an investment or a company's operations beyond what its own cash alone would allow. A company that carries a lot of debt relative to its equity is described as highly leveraged.\n\nLeverage magnifies outcomes in both directions. It increases potential returns when things go well, since gains apply to a larger investment than the investor's own capital alone would have funded, but it also increases potential losses, and can turn a manageable downturn into a serious problem if debt payments cannot be covered. Ratios like are used to measure how leveraged a company is.","synonyms":[]},"leveraged-buyout":{"term":"Leveraged buyout","explanation":"A leveraged buyout is the of a company using a large amount of borrowed money, with the target company's own and future cash flows typically used as collateral for the debt. It is a technique closely associated with .\n\nBecause so much of the purchase is debt-funded, the buyer only needs to put up a relatively small amount of its own capital to control the whole company. The strategy works well when the acquired company generates enough cash flow to pay down the debt over time, but it also means the company inherits a much heavier debt load than it had before the deal.","synonyms":["LBO"]},"leveraged-etf":{"term":"Leveraged ETF","explanation":"$144","synonyms":[]},"inventory-valuation-methods":{"term":"LIFO and FIFO","explanation":"$145","synonyms":[]},"limit-order":{"term":"Limit order","explanation":"$146","synonyms":[]},"limit-up-limit-down":{"term":"Limit up-limit down","explanation":"$147","synonyms":["LULD"]},"limit-on-close-order":{"term":"Limit-on-close order","explanation":"$148","synonyms":["LOC order"]},"line-chart":{"term":"Line chart","explanation":"$149","synonyms":[]},"liquid-assets":{"term":"Liquid assets","explanation":"$14a","synonyms":["liquidity"]},"liquidation-value":{"term":"Liquidation value","explanation":"Liquidation value estimates what a company's would fetch if sold off piece by piece and the business wound down today. It is typically the most conservative of the common asset based estimates, since a forced, piecemeal sale rarely captures what those are worth operating together as a functioning business.\n\nA trading at or below its liquidation value can look like an obvious bargain, since the market is pricing the whole business at less than its pieces could raise if sold separately. That reading skips a needed step, checking why the market is pricing it that way in the first place, since a persistently low price relative to liquidation value often reflects a business that is struggling to operate, not one the market has simply overlooked.","synonyms":["Break up value"]},"locate-requirement":{"term":"Locate requirement","explanation":"$14b","synonyms":[]},"lockup-period":{"term":"Lockup period","explanation":"A lockup period is a window of time, commonly ninety to one hundred eighty days, after a company's during which company insiders, early investors, and employees are contractually barred from selling their shares. It is meant to prevent a flood of selling right after a company goes public.\n\nWhen the lockup period expires, a large number of new shares can suddenly become eligible for sale at once, which sometimes puts short-term pressure on the price if a meaningful number of insiders choose to sell.","synonyms":[]},"long-term-debt":{"term":"Long-term debt","explanation":"$14c","synonyms":["long-term borrowings","non-current debt"]},"long-term-growth-rate":{"term":"Long-term growth rate","explanation":"$14d","synonyms":["Terminal growth rate"]},"loss-aversion":{"term":"Loss aversion","explanation":"$14e","synonyms":[]},"macd":{"term":"MACD","explanation":"$14f","synonyms":["moving average convergence divergence"]},"maintenance-margin":{"term":"Maintenance margin","explanation":"$150","synonyms":[]},"margin-account":{"term":"Margin account","explanation":"$151","synonyms":[]},"margin-call":{"term":"Margin call","explanation":"$152","synonyms":[]},"margin-of-safety":{"term":"Margin of safety","explanation":"Margin of safety is the gap between what a is estimated to actually be worth, its , and the price it currently trades at in the market. Buying with a large margin of safety means paying meaningfully less than that estimated value, which is a central idea in popularized by Benjamin Graham.\n\nThe point of a margin of safety is to build in a buffer for being wrong. Since is always an estimate, not a precise figure, buying at a real discount to that estimate gives an investor room for error before the investment actually loses money.","synonyms":[]},"mark-to-market":{"term":"Mark to market","explanation":"$153","synonyms":["MTM"]},"market-cap":{"term":"Market capitalisation","explanation":"$154","synonyms":["market cap","market value"]},"market-capitulation":{"term":"Market capitulation","explanation":"$155","synonyms":[]},"market-maker":{"term":"Market maker","explanation":"A market maker is a firm that continuously quotes both a price it is willing to buy a security at and a price it is willing to sell it at, providing so other investors can trade quickly without waiting for a matching buyer or seller to show up. Exchanges and rely on market makers to keep trading smooth.\n\nA market maker profits from the , the small gap between its buy and sell price, collected many times over across a huge volume of trades. This is a different business model from investing, a market maker is not betting on where a is headed, it is profiting from facilitating trades themselves.","synonyms":[]},"market-order":{"term":"Market order","explanation":"$156","synonyms":[]},"market-sentiment":{"term":"Market sentiment","explanation":"$157","synonyms":["Investor sentiment"]},"market-cap-weighted-index":{"term":"Market-cap weighted index","explanation":"$158","synonyms":["cap-weighted index"]},"market-implied-expectations":{"term":"Market-implied expectations","explanation":"Market-implied expectations is what a valuation model reveals when it's run in reverse: instead of assuming growth and profitability assumptions to calculate a fair price, the current market price is held fixed and the model is solved backward for what assumptions would actually be needed to justify it.\n\nComparing those implied assumptions against what a business has actually shown it can do, and against what its market can realistically support, turns a 's price into something that can be checked rather than a fact simply accepted at face value.","synonyms":["Reverse DCF"]},"market-on-close-order":{"term":"Market-on-close order","explanation":"$159","synonyms":["MOC order"]},"marketable-limit-order":{"term":"Marketable limit order","explanation":"$15a","synonyms":[]},"marubozu":{"term":"Marubozu","explanation":"$15b","synonyms":[]},"master-feeder-fund-structure":{"term":"Master-feeder fund structure","explanation":"$15c","synonyms":["feeder fund"]},"bond-maturity-date":{"term":"Maturity date","explanation":"$15d","synonyms":[]},"md-and-a":{"term":"MD&A","explanation":"MD&A, short for management's discussion and analysis, is a section of a company's and where management explains, in their own words, what drove the numbers for the period. It is where a company's leadership can add context that raw financial statements alone cannot provide.\n\nBecause it is written by management rather than being a strictly standardized table of numbers, MD&A is useful for understanding a company's own explanation of its results, but it should be read alongside the actual financial statements rather than taken entirely at face value.","synonyms":[]},"mean-reversion":{"term":"Mean reversion","explanation":"$15e","synonyms":[]},"measured-move":{"term":"Measured move","explanation":"$15f","synonyms":[]},"mega-cap":{"term":"Mega cap","explanation":"$160","synonyms":[]},"merger-arbitrage":{"term":"Merger arbitrage","explanation":"$161","synonyms":["merger arb","risk arbitrage"]},"minority-interest":{"term":"Minority interest","explanation":"$162","synonyms":["Non-controlling interest","NCI"]},"moat":{"term":"Moat","explanation":"$163","synonyms":["economic moat","competitive moat"]},"modified-duration":{"term":"Modified duration","explanation":"$164","synonyms":[]},"momentum-investing":{"term":"Momentum investing","explanation":"$165","synonyms":["momentum strategy","momentum trading"]},"money-flow-index":{"term":"Money flow index","explanation":"$166","synonyms":["MFI"]},"money-market-fund":{"term":"Money market fund","explanation":"$167","synonyms":["MMF"]},"morning-star-evening-star":{"term":"Morning star and evening star","explanation":"$168","synonyms":["morning star","evening star"]},"mr-market":{"term":"Mr. Market","explanation":"Mr. Market is a metaphor coined by investor Benjamin Graham to describe the 's daily mood swings. Imagine a business partner named Mr. Market who shows up every day offering to buy your shares or sell you his at a different price, sometimes wildly optimistic, sometimes wildly pessimistic, based purely on emotion rather than the business's actual value.\n\nThe lesson is that an investor is never obligated to trade with Mr. Market just because he shows up with a price. A rational investor treats his quoted price as an opportunity to buy when he is unreasonably pessimistic or sell when he is unreasonably optimistic, rather than assuming his mood reflects the truth about what a business is worth.","synonyms":[]},"multi-bagger":{"term":"Multi-bagger","explanation":"A multi-bagger is a that has risen to several multiples of what an investor originally paid for it, most commonly used once a position has at least doubled (a \"two-bagger\"), though the term gets used loosely for any large multiple, five times, ten times, or more. It describes the size of a gain, not how it happened or how long it's likely to last.\n\nThe label really only applies looking backward. A can be a multi-bagger and still be in the middle of a sharp pullback at the same time, since the term measures the total move from an earlier low, not where the price is heading next. A large multi-bagger gain earned over a short period is also, by definition, a large amount of value that can come back out just as fast if the reasons behind the run turn out to be temporary.","synonyms":[]},"municipal-bond":{"term":"Municipal bond","explanation":"$169","synonyms":["muni bond","munis"]},"mutual-fund":{"term":"Mutual fund","explanation":"$16a","synonyms":[]},"naked-option":{"term":"Naked option","explanation":"$16b","synonyms":["uncovered option"]},"naked-short-selling":{"term":"Naked short selling","explanation":"$16c","synonyms":["naked shorting"]},"nand-flash-memory":{"term":"NAND flash memory","explanation":"NAND flash memory is a type of memory chip used for long-term data storage, the kind found in , USB drives, and smartphones. Unlike , NAND retains data even when the power is turned off, which is what makes it suitable for permanent storage rather than temporary working memory.\n\nNAND and are often produced by the same handful of large memory manufacturers, but they serve different purposes and their pricing cycles do not always move in lockstep, so it is worth distinguishing which one a company's results are referring to.","synonyms":[]},"narrative-investing":{"term":"Narrative investing","explanation":"Narrative investing means recognizing that a 's price can be driven, at least for a period, more by the story investors believe about a company's future than by its current financial results. A compelling narrative around a new technology or market opportunity can push a 's valuation well ahead of what its present-day numbers would justify.\n\nThis is not automatically irrational, narratives sometimes turn out to be true, and being early to a correct narrative can be highly rewarding. The risk is that a narrative can also be wrong or overextended, and a priced heavily on story rather than substance can fall hard if the story stalls or the numbers fail to catch up.","synonyms":[]},"nasdaq":{"term":"Nasdaq","explanation":"$16d","synonyms":[]},"nbbo":{"term":"NBBO","explanation":"$16e","synonyms":["National Best Bid and Offer"]},"net-asset-value":{"term":"Net asset value","explanation":"Net asset value, usually shortened to NAV, is the total value of everything a fund holds, minus any , divided by the number of fund . It represents the per-share price of the fund itself.\n\n calculate and publish their NAV once per day after markets close, and that is the price at which shares are bought and redeemed. also have a NAV, but because trade continuously on an exchange, their market price can drift slightly above or below NAV during the day before typically converging back to it.","synonyms":["NAV"]},"net-cash-from-financing-activities":{"term":"Net cash from financing activities","explanation":"$16f","synonyms":["financing cash flow"]},"net-cash-from-investing-activities":{"term":"Net cash from investing activities","explanation":"$170","synonyms":["investing cash flow"]},"net-cash-from-operating-activities":{"term":"Net cash from operating activities","explanation":"$171","synonyms":["operating cash flow","OCF","cash from operations"]},"net-cash-per-share":{"term":"Net cash per share","explanation":"$172","synonyms":[]},"net-change-in-cash":{"term":"Net change in cash","explanation":"$173","synonyms":[]},"net-debt":{"term":"Net debt","explanation":"$174","synonyms":[]},"net-debt-per-share":{"term":"Net debt per share","explanation":"$175","synonyms":[]},"net-income":{"term":"Net income","explanation":"$176","synonyms":["earnings","net profit","bottom line","net earnings","PAT"]},"net-income-per-employee":{"term":"Net income per employee","explanation":"$177","synonyms":[]},"net-margin":{"term":"Net margin","explanation":"$178","synonyms":["net profit margin","net income margin"]},"nopat":{"term":"Net operating profit after tax","explanation":"$179","synonyms":["NOPAT"]},"net-revenue-retention":{"term":"Net revenue retention","explanation":"$17a","synonyms":["NRR"]},"network-effects":{"term":"Network effects","explanation":"Network effects occur when a product or service becomes more valuable to each user as more people use it. A messaging app is far more useful once most of the people someone wants to reach are already on it, and a marketplace becomes more attractive to buyers as more sellers join, and vice versa.\n\nThis creates a self-reinforcing cycle: more users make the product better, which attracts still more users, often making it very difficult for a smaller competitor to catch up even with a superior product, since a new entrant has to overcome the value everyone already gets from being where everyone else is.\n\nNetwork effects are one of the strongest sources of a , common in social platforms, marketplaces, and payment networks, since they can make an early leader's position self-sustaining long after any original product advantage has faded.","synonyms":[]},"normalization":{"term":"Normalization","explanation":"Normalization is the process of adjusting a company's reported figures to strip out items that don't reflect its ongoing, sustainable economics, a one time gain or loss, an unusually large or small year of spending, or a non-cash charge that doesn't cost real cash the way an operating expense does. The goal is a figure that represents what the business would typically look like in a normal period, not whatever happened to show up in the one actually being reported.\n\nNormalized figures matter most before comparing a company across years or against peers, or before using a reported number as the base for a valuation. Valuing a company off an unadjusted figure that happens to include a windfall, or an unusually heavy investment year, produces an estimate that's really valuing an anomaly rather than the business.","synonyms":["normalized","normalised","normalisation"]},"nyse-specialist":{"term":"NYSE specialist","explanation":"$17b","synonyms":[]},"occ":{"term":"OCC","explanation":"$17c","synonyms":["Options Clearing Corporation"]},"odd-lot":{"term":"Odd lot","explanation":"$17d","synonyms":[]},"oem":{"term":"OEM","explanation":"$17e","synonyms":["Original equipment manufacturer"]},"oligopoly":{"term":"Oligopoly","explanation":"An oligopoly is a market controlled by a small number of large companies, rather than one monopoly or many small competitors. Prices, capacity, and competitive behavior all depend heavily on what the other few players do, since each company's actions directly affect the others' market share.\n\nOligopolies often form in industries with very high costs to enter, building a competitive factory, network, or platform can require billions of dollars and years of specialized expertise, so new competitors rarely show up. That scarcity of players is itself a kind of : the existing companies don't need to worry about a steady stream of new entrants undercutting them, even if they still compete hard against each other.","synonyms":[]},"on-balance-volume":{"term":"On-balance volume","explanation":"$17f","synonyms":["OBV"]},"open-interest":{"term":"Open interest","explanation":"$180","synonyms":["OI"]},"open-market-operations":{"term":"Open market operations","explanation":"$181","synonyms":["OMO"]},"open-end-fund":{"term":"Open-end fund","explanation":"$182","synonyms":[]},"operating-cash-flow-margin":{"term":"Operating cash flow margin","explanation":"$183","synonyms":["CFO margin"]},"operating-cash-flow-per-share":{"term":"Operating cash flow per share","explanation":"$184","synonyms":[]},"ebit":{"term":"Operating income","explanation":"$185","synonyms":["EBIT","operating earnings","operating profit","income from operations"]},"operating-leverage":{"term":"Operating leverage","explanation":"$186","synonyms":[]},"operating-margin":{"term":"Operating margin","explanation":"$187","synonyms":["EBIT margin"]},"option-delta":{"term":"Option delta","explanation":"$188","synonyms":[]},"option-premium":{"term":"Option premium","explanation":"$189","synonyms":[]},"option-rho":{"term":"Option rho","explanation":"$18a","synonyms":[]},"options":{"term":"Options","explanation":"An option is a contract that gives its buyer the right, but not the obligation, to buy or sell a specific asset at a set price before a set . A call option gives the right to buy at that price, a put option gives the right to sell at it.\n\nOptions are a type of and can be used to hedge an existing position, to speculate on a 's future direction with less money upfront than buying the shares outright, or to generate income by selling options against shares already owned. Because an option can expire worthless, options trading carries the risk of losing the entire amount paid for the contract.","synonyms":[]},"options-expiration-date":{"term":"Options expiration date","explanation":"$18b","synonyms":["expiration date"]},"options-straddle":{"term":"Options straddle","explanation":"$18c","synonyms":[]},"order-backlog":{"term":"Order backlog","explanation":"$18d","synonyms":["order backlog"]},"order-book":{"term":"Order book","explanation":"$18e","synonyms":[]},"organic-growth":{"term":"Organic growth","explanation":"$18f","synonyms":[]},"other-current-assets":{"term":"Other current assets","explanation":"$190","synonyms":[]},"other-current-liabilities":{"term":"Other current liabilities","explanation":"$191","synonyms":[]},"other-financing-activities":{"term":"Other financing activities","explanation":"$192","synonyms":[]},"other-income":{"term":"Other income","explanation":"$193","synonyms":["non-operating income"]},"other-investing-activities":{"term":"Other investing activities","explanation":"$194","synonyms":[]},"other-non-current-assets":{"term":"Other non-current assets","explanation":"$195","synonyms":[]},"other-non-current-liabilities":{"term":"Other non-current liabilities","explanation":"$196","synonyms":[]},"other-operating-activities":{"term":"Other operating activities","explanation":"$197","synonyms":[]},"other-shareholders-equity":{"term":"Other shareholders equity","explanation":"$198","synonyms":[]},"other-working-capital":{"term":"Other working capital","explanation":"$199","synonyms":["changes in working capital"]},"over-the-counter-market":{"term":"Over-the-counter market","explanation":"$19a","synonyms":["OTC market"]},"overbought-oversold":{"term":"Overbought and oversold","explanation":"$19b","synonyms":["overbought","oversold"]},"overconfidence-bias":{"term":"Overconfidence bias","explanation":"$19c","synonyms":[]},"par-value":{"term":"Par value","explanation":"$19d","synonyms":["face value"]},"parabolic-sar":{"term":"Parabolic SAR","explanation":"$19e","synonyms":["parabolic stop and reverse"]},"passive-active-investing":{"term":"Passive investing and active investing","explanation":"$19f","synonyms":[]},"payment-for-order-flow":{"term":"Payment for order flow","explanation":"$1a0","synonyms":[]},"payout-ratio":{"term":"Payout ratio","explanation":"$1a1","synonyms":["dividend payout ratio"]},"peer-group":{"term":"Peer group","explanation":"$1a2","synonyms":["Comps"]},"peg-ratio":{"term":"PEG ratio","explanation":"$1a3","synonyms":["PEG"]},"pennant-pattern":{"term":"Pennant pattern","explanation":"$1a4","synonyms":["pennant"]},"penny-stock":{"term":"Penny stock","explanation":"$1a5","synonyms":[]},"pension-fund":{"term":"Pension fund","explanation":"$1a6","synonyms":["retirement fund"]},"permanent-loss-of-capital":{"term":"Permanent loss of capital","explanation":"$1a7","synonyms":[]},"perpetual-bond":{"term":"Perpetual bond","explanation":"$1a8","synonyms":["perpetuity bond"]},"settlement-physical-vs-cash":{"term":"Physical settlement and cash settlement","explanation":"$1a9","synonyms":[]},"piercing-pattern":{"term":"Piercing pattern","explanation":"$1aa","synonyms":["piercing line"]},"pink-sheets":{"term":"Pink sheets","explanation":"$1ab","synonyms":[]},"piotroski-f-score":{"term":"Piotroski F-score","explanation":"$1ac","synonyms":["F-score"]},"pivot-point":{"term":"Pivot point","explanation":"$1ad","synonyms":[]},"pmi":{"term":"PMI","explanation":"$1ae","synonyms":["Purchasing Managers' Index"]},"point-and-figure-chart":{"term":"Point and figure chart","explanation":"$1af","synonyms":["P&F chart"]},"poison-pill":{"term":"Poison pill","explanation":"$1b0","synonyms":["shareholder rights plan"]},"portfolio":{"term":"Portfolio","explanation":"A portfolio is the full collection of investments an individual or fund owns, which can include , , funds, cash, and other . How a portfolio is put together, which it holds and in what proportions, drives most of an investor's long-term risk and return.\n\nA well-constructed portfolio is usually built around a specific goal and time horizon rather than being a random collection of someone liked. Two investors can each own good individual investments and still end up with very different outcomes depending on how those pieces fit together as a portfolio.","synonyms":[]},"portfolio-turnover-ratio":{"term":"Portfolio turnover ratio","explanation":"$1b1","synonyms":["portfolio turnover"]},"position-limit":{"term":"Position limit","explanation":"$1b2","synonyms":[]},"position-sizing":{"term":"Position sizing","explanation":"Position sizing is the decision of how much money to put into a single investment relative to the rest of a . It is a separate decision from picking which to buy, and arguably just as important to long-term outcomes.\n\nEven a great investment idea can hurt a badly if it is sized too large and turns out wrong, while a modest idea sized sensibly does limited damage even if it fails. Position sizing is one of the main practical tools of , and should generally track how much conviction and how much real knowledge an investor actually has about a given company.","synonyms":[]},"ppi":{"term":"PPI","explanation":"$1b3","synonyms":["Producer Price Index"]},"precedent-transaction-analysis":{"term":"Precedent transaction analysis","explanation":"$1b4","synonyms":["precedent transactions"]},"preferred-stock":{"term":"Preferred stock","explanation":"$1b5","synonyms":["Preferred shares"]},"premium-and-discount-to-nav":{"term":"Premium and discount to NAV","explanation":"$1b6","synonyms":[]},"price-action":{"term":"Price action","explanation":"$1b7","synonyms":[]},"price-consolidation":{"term":"Price consolidation","explanation":"$1b8","synonyms":["trading range"]},"price-target":{"term":"Price target","explanation":"A price target is an estimate, usually published by a Wall Street analyst, of what a 's price is expected to be at some point in the future, typically twelve months out. It is generally derived from the analyst's own valuation model and forecasts.\n\nPrice targets are frequently revised as new information comes in, and they vary widely between the same , so a single price target is best treated as one data point and one person's estimate, not a guarantee or a precise prediction of where a is headed.","synonyms":[]},"price-to-book":{"term":"Price to book ratio","explanation":"$1b9","synonyms":["P/B","PB ratio"]},"price-to-earnings":{"term":"Price to earnings ratio","explanation":"$1ba","synonyms":["P/E","PE ratio"]},"price-to-free-cash-flow":{"term":"Price to free cash flow ratio","explanation":"$1bb","synonyms":["P/FCF","price to FCF"]},"price-to-net-cash":{"term":"Price to net cash ratio","explanation":"$1bc","synonyms":[]},"price-to-sales":{"term":"Price to sales ratio","explanation":"$1bd","synonyms":["P/S","PS ratio"]},"price-to-tangible-book":{"term":"Price to tangible book ratio","explanation":"$1be","synonyms":["P/TBV"]},"price-weighted-index":{"term":"Price-weighted index","explanation":"$1bf","synonyms":[]},"pricing-power":{"term":"Pricing power","explanation":"$1c0","synonyms":[]},"primary-dealer":{"term":"Primary dealer","explanation":"$1c1","synonyms":[]},"prime-broker":{"term":"Prime broker","explanation":"$1c2","synonyms":["prime brokerage"]},"private-equity":{"term":"Private equity","explanation":"Private equity refers to investment firms that raise money from institutions and wealthy individuals to buy entire companies, usually not publicly traded, with the goal of improving the business and selling it for a profit years later. Buyouts are often financed heavily with debt through a .\n\nUnlike a public market investor, a private equity firm typically takes an active, hands-on role in running the companies it owns, often replacing management, cutting costs, or pursuing before eventually exiting through a sale or an .","synonyms":[]},"ppe":{"term":"Property, plant & equipment","explanation":"$1c3","synonyms":["PP&E","fixed assets","tangible assets"]},"protective-put":{"term":"Protective put","explanation":"$1c4","synonyms":[]},"proxy-advisor":{"term":"Proxy advisor","explanation":"$1c5","synonyms":["proxy advisory firm"]},"proxy-fight":{"term":"Proxy fight","explanation":"$1c6","synonyms":["proxy contest"]},"proxy-statement":{"term":"Proxy statement","explanation":"$1c7","synonyms":["DEF 14A"]},"purchases-of-investments":{"term":"Purchases of investments","explanation":"$1c8","synonyms":[]},"put-call-parity":{"term":"Put-call parity","explanation":"$1c9","synonyms":[]},"put-call-ratio":{"term":"Put/call ratio","explanation":"$1ca","synonyms":["put call ratio"]},"quantitative-easing":{"term":"Quantitative easing","explanation":"$1cb","synonyms":["QE"]},"quantitative-tightening":{"term":"Quantitative tightening","explanation":"$1cc","synonyms":["QT"]},"quick-ratio":{"term":"Quick ratio","explanation":"$1cd","synonyms":["acid-test ratio"]},"quiet-period":{"term":"Quiet period","explanation":"$1ce","synonyms":[]},"rate-of-change-indicator":{"term":"Rate of change indicator","explanation":"$1cf","synonyms":["ROC indicator"]},"ratio-mining":{"term":"Ratio mining","explanation":"Ratio mining is the habit of already holding a bullish or bearish view on a and then searching through the many available ratios for the handful that support it, while quietly setting aside the ones that don't. With dozens of ratios available for any company, a favorable number to lead with is almost always findable in either direction, which makes this kind of evidence gathering easy to do without ever noticing it happening.\n\nThe discipline that guards against it is deciding in advance which checks actually matter for the decision being made, then looking at the full set before forming a conclusion, rather than searching for support after one is already reached.","synonyms":[]},"re-rating":{"term":"Re-rating","explanation":"$1d0","synonyms":[]},"real-interest-rate":{"term":"Real interest rate","explanation":"$1d1","synonyms":["real rate"]},"real-yield":{"term":"Real yield","explanation":"$1d2","synonyms":["inflation-adjusted yield"]},"recency-bias":{"term":"Recency bias","explanation":"$1d3","synonyms":[]},"recession":{"term":"Recession","explanation":"A recession is a significant, widespread decline in economic activity, commonly defined as two consecutive quarters of shrinking . In the US, the official call is made by the National Bureau of Economic Research (NBER), which looks at a broader set of measures. Recessions typically bring rising unemployment, falling consumer spending, and weaker corporate .\n\nNot every slowdown becomes an official recession, and the exact timing of a recession is often only confirmed well after the fact. prices frequently start falling before a recession officially begins and often start recovering before it officially ends, since markets tend to price in expectations about the economy rather than just react to current conditions.","synonyms":[]},"record-date":{"term":"Record date","explanation":"$1d4","synonyms":[]},"redemption-fee":{"term":"Redemption fee","explanation":"$1d5","synonyms":[]},"reflexivity":{"term":"Reflexivity","explanation":"$1d6","synonyms":[]},"regulation-nms":{"term":"Regulation NMS","explanation":"$1d7","synonyms":["Reg NMS"]},"reinvestment-risk":{"term":"Reinvestment risk","explanation":"$1d8","synonyms":[]},"reit":{"term":"REIT","explanation":"A REIT, short for real estate investment trust, is a company that owns, operates, or finances income producing real estate, structured so it avoids corporate income tax as long as it distributes nearly all of its taxable income to as . Most REITs hold physical property, offices, apartments, shopping centers, warehouses, or data centers, and collect rent as their main source of .\n\nBecause a REIT's value sits mostly in the real estate it owns rather than in operations it has to run, asset based approaches like hold up unusually well for this kind of business, better than they would for a company whose value comes mainly from brand, software, or talent.","synonyms":["Real estate investment trust"]},"relative-strength-vs-benchmark":{"term":"Relative strength vs benchmark","explanation":"$1d9","synonyms":["relative performance"]},"relative-valuation":{"term":"Relative valuation","explanation":"$1da","synonyms":[]},"renko-chart":{"term":"Renko chart","explanation":"$1db","synonyms":["renko bricks"]},"replacement-cost":{"term":"Replacement cost","explanation":"Replacement cost is what it would cost to build or acquire an equivalent set of from scratch today, a factory, a distribution network, a brand, a customer base. It answers a different question than , which reflects what an asset cost when it was originally purchased, adjusted for , not what building the same thing today would require.\n\nA business trading for less than its own replacement cost is priced below what a competitor would have to spend to recreate it, which also doubles as a rough check on how defensible its market position is. If a rival could build the same thing more cheaply than the market currently prices the incumbent, that difference invites competition rather than protects it.","synonyms":["Replacement value"]},"rd":{"term":"Research & development","explanation":"$1dc","synonyms":["R&D"]},"residual-income-model":{"term":"Residual income model","explanation":"$1dd","synonyms":["Economic profit model"]},"retail-investor":{"term":"Retail investor","explanation":"$1de","synonyms":["individual investor"]},"retained-earnings":{"term":"Retained earnings","explanation":"$1df","synonyms":["accumulated earnings","retained profits"]},"retention-ratio":{"term":"Retention ratio","explanation":"$1e0","synonyms":[]},"return-of-capital":{"term":"Return of capital","explanation":"$1e1","synonyms":[]},"return-on-assets":{"term":"Return on assets","explanation":"$1e2","synonyms":["ROA"]},"return-on-capital-employed":{"term":"Return on capital employed","explanation":"$1e3","synonyms":["ROCE"]},"return-on-equity":{"term":"Return on equity","explanation":"$1e4","synonyms":["ROE"]},"return-on-invested-capital":{"term":"Return on invested capital","explanation":"$1e5","synonyms":["ROIC"]},"revenue":{"term":"Revenue","explanation":"$1e6","synonyms":["sales","turnover","top line"]},"revenue-growth":{"term":"Revenue growth","explanation":"$1e7","synonyms":[]},"revenue-per-employee":{"term":"Revenue per employee","explanation":"$1e8","synonyms":[]},"revenue-per-share":{"term":"Revenue per share","explanation":"$1e9","synonyms":[]},"revenue-recognition":{"term":"Revenue recognition","explanation":"$1ea","synonyms":[]},"reverse-merger":{"term":"Reverse merger","explanation":"$1eb","synonyms":["reverse takeover"]},"rights-offering":{"term":"Rights offering","explanation":"$1ec","synonyms":["rights issue"]},"risk-management":{"term":"Risk management","explanation":"Risk management, in an investing context, refers to the practical steps an investor takes to control how much damage any single investment or event can do to their . This includes things like , , and having a clear plan for when to sell.\n\nWhere describes how much risk someone is willing to take, risk management is the actual discipline of keeping the within that comfort zone, rather than finding out the hard way that a position was too large or too concentrated.","synonyms":[]},"risk-tolerance":{"term":"Risk tolerance","explanation":"Risk tolerance is how much and potential loss an investor is personally willing and able to accept in exchange for the possibility of higher returns. It depends on both financial factors, like time horizon and income stability, and psychological factors, like how someone actually reacts when their drops.\n\nRisk tolerance is different from , which is what an investor actually does to control risk. Risk tolerance is more about self-knowledge, understanding your own limits before a downturn happens rather than discovering them for the first time in the middle of one.","synonyms":[]},"risk-free-rate":{"term":"Risk-free rate","explanation":"The risk-free rate is the return available on an investment considered to carry essentially no risk of default, typically the yield on a stable government's . It serves as a baseline: any riskier investment should be expected to offer more than this rate, otherwise there's no real reason to accept the extra risk.\n\nThe risk-free rate shows up as the starting point in several valuation tools, including , since it represents the safe alternative return an investor gives up by choosing to hold a instead.","synonyms":[]},"risk-on-risk-off":{"term":"Risk-on and risk-off","explanation":"$1ed","synonyms":[]},"risk-reward":{"term":"Risk-reward","explanation":"Risk-reward describes the balance between how much an investor stands to gain if an investment works out against how much they stand to lose if it does not. An investment is described as having an asymmetric risk-reward, or asymmetric upside, when the potential gain is meaningfully larger than the potential loss.\n\nInvestors generally look for situations with favorable, asymmetric risk-reward rather than simply chasing the highest expected return, since a position with limited realistic downside and substantial potential upside can be attractive even if the probability of success is not particularly high.","synonyms":[]},"roadshow":{"term":"Roadshow","explanation":"A roadshow is a series of presentations a company's leadership team gives to large in the lead-up to an , pitching the business and gauging demand for the shares. It typically involves traveling to meet fund managers over one to two weeks.\n\nFeedback and demand gathered during the roadshow directly feeds into how the is ultimately priced. Strong demand during the roadshow often leads to raise the offering price range before the actually starts trading.","synonyms":[]},"roll-yield":{"term":"Roll yield","explanation":"$1ee","synonyms":[]},"rolling-an-option":{"term":"Rolling an option","explanation":"$1ef","synonyms":[]},"round-lot":{"term":"Round lot","explanation":"$1f0","synonyms":[]},"rounding-bottom":{"term":"Rounding bottom","explanation":"$1f1","synonyms":["saucer bottom"]},"rsi":{"term":"RSI","explanation":"$1f2","synonyms":["relative strength index"]},"rule-144":{"term":"Rule 144","explanation":"$1f3","synonyms":[]},"rule-of-40":{"term":"Rule of 40","explanation":"$1f4","synonyms":[]},"russell-1000":{"term":"Russell 1000","explanation":"$1f5","synonyms":[]},"russell-2000":{"term":"Russell 2000","explanation":"$1f6","synonyms":[]},"sp-500":{"term":"S&P 500","explanation":"$1f7","synonyms":["Standard & Poor's 500"]},"saas":{"term":"SaaS","explanation":"SaaS stands for Software as a Service. It's a way of delivering software where, instead of buying a copy and installing it on your own computer or servers, you access the software over the internet. Usually through a web browser, while the company that built it hosts and maintains everything (servers, updates, security, etc.) on their end.\n\n is almost always recurring. You pay for ongoing access rather than owning a copy.","synonyms":["software as a service"]},"sales-load":{"term":"Sales load","explanation":"$1f8","synonyms":[]},"sales-of-investments":{"term":"Sales of investments","explanation":"$1f9","synonyms":[]},"same-store-sales":{"term":"Same-store sales","explanation":"$1fa","synonyms":["comparable store sales","comp sales"]},"schedule-13d":{"term":"Schedule 13D","explanation":"$1fb","synonyms":["13D"]},"schedule-13g":{"term":"Schedule 13G","explanation":"$1fc","synonyms":["13G"]},"secondary-offering":{"term":"Secondary offering","explanation":"$1fd","synonyms":[]},"sector":{"term":"Sector","explanation":"$1fe","synonyms":[]},"sector-etf":{"term":"Sector ETF","explanation":"$1ff","synonyms":[]},"sec":{"term":"Securities and Exchange Commission","explanation":"The Securities and Exchange Commission is the U.S. federal agency responsible for regulating securities markets and protecting investors. It's the reason public companies are required to file standardized financial disclosures, including the and , on a regular schedule.\n\nThat requirement is what makes those filings trustworthy as a source: they follow a consistent legal format and are filed under real legal liability, not written as marketing material.","synonyms":["SEC"]},"securities-lending":{"term":"Securities lending","explanation":"$200","synonyms":[]},"segment-reporting":{"term":"Segment reporting","explanation":"$201","synonyms":["business segments"]},"sell-side-analyst":{"term":"Sell-side analyst","explanation":"$202","synonyms":[]},"sga":{"term":"Selling, general & administrative","explanation":"$203","synonyms":["SG&A"]},"semi-transparent-active-etf":{"term":"Semi-transparent active ETF","explanation":"$204","synonyms":[]},"settlement-date":{"term":"Settlement date","explanation":"$205","synonyms":[]},"settlement-risk":{"term":"Settlement risk","explanation":"$206","synonyms":[]},"share-float":{"term":"Share float","explanation":"$207","synonyms":["public float","free float"]},"share-repurchases":{"term":"Share repurchases","explanation":"$208","synonyms":["buybacks","stock repurchases"]},"shareholder":{"term":"Shareholder","explanation":"A shareholder is anyone who owns at least one share of a company's , which makes them a partial owner of that business. Owning shares typically comes with the right to vote on major company decisions and to receive a proportional share of any the company pays.\n\nA majority shareholder owns more than half of a company's shares and can generally control the outcome of votes on their own. Everyone below that threshold is a minority shareholder, whose influence depends on how the rest of the ownership is spread out and on protections written into corporate law and the company's own rules.","synonyms":[]},"shares-outstanding":{"term":"Shares outstanding","explanation":"$209","synonyms":["Outstanding shares","Share count"]},"shell-company":{"term":"Shell company","explanation":"$20a","synonyms":["shell corporation"]},"shooting-star-candlestick":{"term":"Shooting star candlestick","explanation":"$20b","synonyms":[]},"short-interest":{"term":"Short interest","explanation":"$20c","synonyms":[]},"short-selling":{"term":"Short selling","explanation":"$20d","synonyms":[]},"short-squeeze":{"term":"Short squeeze","explanation":"$20e","synonyms":[]},"short-term-debt":{"term":"Short-term debt","explanation":"$20f","synonyms":["short-term borrowings"]},"short-term-investments":{"term":"Short-term investments","explanation":"$210","synonyms":["marketable securities","current investments"]},"simple-moving-average":{"term":"Simple moving average","explanation":"$211","synonyms":["SMA","moving average"]},"sinking-fund":{"term":"Sinking fund","explanation":"$212","synonyms":[]},"smart-beta":{"term":"Smart beta","explanation":"$213","synonyms":["factor investing"]},"smart-order-routing":{"term":"Smart order routing","explanation":"$214","synonyms":["SOR"]},"soft-landing-hard-landing":{"term":"Soft landing and hard landing","explanation":"$215","synonyms":["soft landing","hard landing"]},"solvency":{"term":"Solvency","explanation":"$216","synonyms":[]},"sovereign-wealth-fund":{"term":"Sovereign wealth fund","explanation":"$217","synonyms":["SWF"]},"spac":{"term":"SPAC","explanation":"$218","synonyms":["special purpose acquisition company"]},"spinning-top-candlestick":{"term":"Spinning top candlestick","explanation":"$219","synonyms":[]},"spinoff":{"term":"Spinoff","explanation":"$21a","synonyms":[]},"split-off":{"term":"Split-off","explanation":"$21b","synonyms":[]},"ssd":{"term":"SSD","explanation":"An SSD, short for solid-state drive, is a data storage device built from chips rather than the spinning magnetic disks used in older hard disk drives. SSDs read and write data much faster and have no moving parts.\n\nDemand for high-capacity SSDs has grown alongside data centers and AI infrastructure, which require fast storage to keep pace with processing demands, making SSD demand a relevant data point for companies that manufacture .","synonyms":["solid-state drive"]},"stagflation":{"term":"Stagflation","explanation":"$21c","synonyms":[]},"step-up-bond":{"term":"Step-up bond","explanation":"$21d","synonyms":[]},"stochastic-oscillator":{"term":"Stochastic oscillator","explanation":"$21e","synonyms":["stochastics"]},"stock":{"term":"Stock","explanation":"$21f","synonyms":[]},"stock-certificate":{"term":"Stock certificate","explanation":"$220","synonyms":[]},"stock-exchange":{"term":"Stock exchange","explanation":"A stock exchange is a marketplace where shares of publicly listed companies are bought and sold. The New York Stock Exchange and the are the two largest in the United States, and most countries have at least one exchange of their own.\n\nA company lists its shares on an exchange through an , and from that point its price is set continuously by the trades happening on that exchange. Exchanges are regulated venues with listing requirements companies must meet and maintain, which is part of what gives investors confidence that trading on them is fair and transparent.","synonyms":[]},"stock-market":{"term":"Stock market","explanation":"The stock market is the collective term for all the buying and selling of publicly listed company shares, across every exchange where that trading happens. People often use it loosely to mean \"how are doing overall\" on a given day, usually judged by a broad index.\n\nThe stock market is not one single thing in one place, it is the sum of activity across exchanges, , and the millions of buy and sell orders investors place every day. When people say the stock market went up or down, they generally mean a major index moved, not that every single moved the same way.","synonyms":[]},"stock-screener":{"term":"Stock screener","explanation":"A stock screener is a tool that lets investors filter thousands of down to a shortlist based on chosen criteria, such as valuation ratios, , , or growth rates. It is generally used as a starting point for finding candidates worth researching further, not as a final investment decision on its own.\n\nScreeners are useful for narrowing down a huge universe of quickly, but the output is only as good as the criteria chosen, and a passing a screen still requires deeper research into the actual business before it makes sense to invest.","synonyms":["screener"]},"stock-split":{"term":"Stock split","explanation":"$221","synonyms":[]},"stock-based-compensation":{"term":"Stock-based compensation","explanation":"$222","synonyms":["SBC","share-based compensation","equity compensation"]},"stop-order":{"term":"Stop order","explanation":"$223","synonyms":["stop-loss order"]},"stop-limit-order":{"term":"Stop-limit order","explanation":"$224","synonyms":[]},"strangle":{"term":"Strangle","explanation":"$225","synonyms":[]},"street-name":{"term":"Street name","explanation":"$226","synonyms":[]},"strike-price":{"term":"Strike price","explanation":"$227","synonyms":["exercise price"]},"subordinated-debt":{"term":"Subordinated debt","explanation":"$228","synonyms":["junior debt"]},"sum-of-the-parts-valuation":{"term":"Sum of the parts valuation","explanation":"$229","synonyms":["SOTP"]},"sunk-cost-fallacy":{"term":"Sunk cost fallacy","explanation":"$22a","synonyms":["sunk cost"]},"support-and-resistance":{"term":"Support and resistance","explanation":"$22b","synonyms":["support level","resistance level"]},"survivorship-bias":{"term":"Survivorship bias","explanation":"$22c","synonyms":[]},"sustainable-growth-rate":{"term":"Sustainable growth rate","explanation":"$22d","synonyms":["SGR"]},"sustainable-investing":{"term":"Sustainable investing","explanation":"Sustainable investing is an approach that factors environmental, social, and considerations, often shortened to ESG, into investment decisions alongside traditional financial analysis. This can range from simply avoiding certain industries to actively favoring companies with strong sustainability practices.\n\nSupporters argue that companies managing these factors well tend to carry less long-term risk, while critics argue ESG scoring can be inconsistent between providers and does not always correlate cleanly with financial performance. Either way, it has become a large and widely referenced category of investing.","synonyms":["ESG"]},"swaption":{"term":"Swaption","explanation":"$22e","synonyms":[]},"switching-costs":{"term":"Switching costs","explanation":"Switching costs are the money, time, effort, or risk a customer would have to spend to leave one product or vendor for a competitor. The higher these costs, the harder it is for a customer to leave even if a cheaper or better alternative exists.\n\nThey can be financial (cancellation fees, the cost of new hardware or licenses), operational (retraining staff, migrating data, rebuilding workflows built around one tool), or contractual (multi-year agreements). In enterprise software especially, a company's tools become embedded in daily workflows and file formats, so replacing them means disrupting the entire business, not just swapping one app for another.\n\nHigh switching costs are one of the most common sources of a . They let a company retain customers and raise prices over time without losing much business, since the pain of switching often outweighs the savings a competitor offers.","synonyms":["Customer lock-in","Vendor lock-in"]},"synthetic-position":{"term":"Synthetic position","explanation":"$22f","synonyms":[]},"t-plus-1-settlement":{"term":"T+1 settlement","explanation":"$230","synonyms":["T+1"]},"tailwinds-headwinds":{"term":"Tailwinds and headwinds","explanation":"Tailwinds are external forces working in a company's favor, making growth easier: a market it has barely begun to penetrate, a product cycle picking up, favorable regulation, a weakening competitor. Headwinds are the opposite, external forces working against it: new competition, a saturating market, rising costs, unfavorable regulation.\n\nBoth terms borrow from sailing, wind that pushes a boat forward versus wind that pushes back against it. Neither is something the company itself controls or created, they describe the environment a business is operating in, separate from how well it is actually executing.\n\nWhen projecting a company's future growth or margins, whether real tailwinds or headwinds are blowing, and how strong they are, is one of the main reasons to project faster or slower than a company's own historical average, rather than just extrapolating the past forward unchanged.","synonyms":["Tailwind","Headwind"]},"tangible-book-value":{"term":"Tangible book value","explanation":"$231","synonyms":[]},"tangible-book-value-per-share":{"term":"Tangible book value per share","explanation":"$232","synonyms":[]},"target-date-fund":{"term":"Target date fund","explanation":"A target date fund is a fund built around a specific future year, typically an expected retirement year, that automatically adjusts its over time, shifting from more toward more and cash as that target date approaches.\n\nThe appeal is that an investor does not have to manually rebalance their allocation as they get older, the fund does it for them following what is called a . Target date funds are common default in retirement accounts.","synonyms":[]},"tariff":{"term":"Tariff","explanation":"A tariff is a tax a government charges on goods imported from another country. It is paid when the goods cross the border, which means it raises the cost of anything a company manufactures or sources overseas before that product ever reaches a customer.\n\nFor a business that makes or assembles its products abroad, a new or higher tariff is a direct hit to cost. The company then has to choose between absorbing the extra cost itself, which lowers its margin, or passing some or all of it on to customers through higher prices, which can hurt demand instead. Companies that manufacture heavily in one country are more exposed to a tariff change than a company with production spread across many countries or based domestically.\n\nTariffs are set by government policy, not by anything a company controls, and they can change with little warning. That makes tariff exposure a real risk to watch in a company's supply chain, separate from how well the business itself is run.","synonyms":[]},"technical-analysis":{"term":"Technical analysis","explanation":"$233","synonyms":["TA","technicals"]},"tender-offer":{"term":"Tender offer","explanation":"$234","synonyms":[]},"term-premium":{"term":"Term premium","explanation":"$235","synonyms":[]},"terminal-value":{"term":"Terminal value","explanation":"$236","synonyms":["Continuing value"]},"thematic-etf":{"term":"Thematic ETF","explanation":"$237","synonyms":[]},"theta":{"term":"Theta","explanation":"$238","synonyms":["time decay"]},"three-white-soldiers-three-black-crows":{"term":"Three white soldiers and three black crows","explanation":"$239","synonyms":["three white soldiers","three black crows"]},"ticker":{"term":"Ticker","explanation":"A ticker, or ticker symbol, is the short combination of letters used to identify a specific on an exchange, a unique shorthand that replaces typing out a company's full legal name every time it's quoted, traded, or discussed.\n\nMost US-listed use between one and five letters, chosen by the company itself when it lists, sometimes to spell something memorable rather than simply abbreviating the company name. The same underlying company can trade under different tickers on different exchanges around the world.\n\nA ticker only identifies which is being referred to. It says nothing about the price, size, or quality of the business behind it.","synonyms":[]},"time-value-options":{"term":"Time value","explanation":"$23a","synonyms":["extrinsic value"]},"time-value-of-money":{"term":"Time value of money","explanation":"The time value of money is the idea that a dollar received today is worth more than a dollar received in the future, even setting aside any risk that the future payment might not arrive at all. Money available today can be put to work immediately, and quietly erodes what a future dollar will actually be able to buy by the time it arrives.\n\nThis is the reason a does not simply add up a company's projected future cash flows. Every future year's cash gets discounted, shrunk down to what it would be worth if received today, before it counts toward anything. The further out a cash flow sits, and the higher the used, the smaller its present value becomes.","synonyms":[]},"tips":{"term":"TIPS","explanation":"$23b","synonyms":["Treasury Inflation-Protected Securities"]},"top-down-bottom-up-investing":{"term":"Top down investing and bottom up investing","explanation":"$23c","synonyms":[]},"total-addressable-market":{"term":"Total addressable market","explanation":"$23d","synonyms":["TAM"]},"assets":{"term":"Total assets","explanation":"$23e","synonyms":["asset base"]},"total-current-assets":{"term":"Total current assets","explanation":"$23f","synonyms":["current assets"]},"total-current-liabilities":{"term":"Total current liabilities","explanation":"$240","synonyms":["current liabilities"]},"total-debt":{"term":"Total debt","explanation":"$241","synonyms":["Gross debt"]},"total-liabilities":{"term":"Total liabilities","explanation":"$242","synonyms":["liabilities"]},"total-non-current-assets":{"term":"Total non-current assets","explanation":"$243","synonyms":["long-term assets"]},"total-non-current-liabilities":{"term":"Total non-current liabilities","explanation":"$244","synonyms":["long-term liabilities"]},"total-operating-expenses":{"term":"Total operating expenses","explanation":"$245","synonyms":["operating expenses","opex","operating costs"]},"total-return-swap":{"term":"Total return swap","explanation":"$246","synonyms":["TRS"]},"total-shareholders-equity":{"term":"Total shareholders equity","explanation":"$247","synonyms":["shareholders equity","book value","net assets"]},"tracking-difference":{"term":"Tracking difference","explanation":"$248","synonyms":[]},"tracking-error":{"term":"Tracking error","explanation":"$249","synonyms":[]},"trade-date":{"term":"Trade date","explanation":"$24a","synonyms":[]},"trading-commission":{"term":"Trading commission","explanation":"$24b","synonyms":[]},"trading-halt":{"term":"Trading halt","explanation":"$24c","synonyms":[]},"trading-volume":{"term":"Trading volume","explanation":"$24d","synonyms":["volume"]},"trailing-stop-order":{"term":"Trailing stop order","explanation":"$24e","synonyms":["trailing stop"]},"transfer-agent":{"term":"Transfer agent","explanation":"$24f","synonyms":["registrar"]},"treasury-auction":{"term":"Treasury auction","explanation":"$250","synonyms":[]},"treasury-bill":{"term":"Treasury bill","explanation":"$251","synonyms":["T-bill"]},"treasury-note":{"term":"Treasury note","explanation":"$252","synonyms":["T-note"]},"treasury-stock":{"term":"Treasury stock","explanation":"$253","synonyms":["treasury shares"]},"treasury-yield":{"term":"Treasury yield","explanation":"$254","synonyms":[]},"trend-channel":{"term":"Trend channel","explanation":"$255","synonyms":["price channel"]},"trendline":{"term":"Trendline","explanation":"$256","synonyms":["trend line"]},"triangle-pattern":{"term":"Triangle pattern","explanation":"$257","synonyms":[]},"triple-top-triple-bottom":{"term":"Triple top and triple bottom","explanation":"$258","synonyms":["triple top","triple bottom"]},"ttm-fwd":{"term":"TTM and FWD","explanation":"$259","synonyms":[]},"turnaround":{"term":"Turnaround","explanation":"$25a","synonyms":[]},"two-and-twenty":{"term":"Two and twenty","explanation":"Two and twenty is shorthand for a common fee structure, a two percent annual management fee charged on managed, plus twenty percent of any investment profits the fund generates. The management fee is charged regardless of performance, while the profit share, sometimes called a performance fee or carried interest, only applies when the fund makes money.\n\nThe structure has been criticized for rewarding fund managers heavily even in years of mediocre performance, and fee pressure has pushed many funds toward lower rates over time.","synonyms":[]},"underwriter":{"term":"Underwriter","explanation":"$25b","synonyms":["bookrunner"]},"unemployment-rate":{"term":"Unemployment rate","explanation":"$25c","synonyms":["jobless rate"]},"unit-investment-trust":{"term":"Unit investment trust","explanation":"$25d","synonyms":["UIT"]},"uplisting":{"term":"Uplisting","explanation":"$25e","synonyms":[]},"uptick-rule":{"term":"Uptick rule","explanation":"$25f","synonyms":[]},"uptrend-downtrend":{"term":"Uptrend and downtrend","explanation":"$260","synonyms":["uptrend","downtrend"]},"value-investing":{"term":"Value investing","explanation":"$261","synonyms":[]},"vega":{"term":"Vega","explanation":"$262","synonyms":[]},"venture-capital":{"term":"Venture capital","explanation":"Venture capital is money invested in young, high-growth-potential private companies, usually startups, in exchange for equity. Unlike , which typically buys established businesses, venture capital backs unproven companies at an earlier and riskier stage.\n\nMost venture-backed startups fail to return the investment, but the model works because a small number of big winners can generate returns large enough to cover the losses on everything else. Venture capital firms typically invest across multiple funding rounds as a company grows, before an eventual exit through an or .","synonyms":["VC"]},"vertical-spread":{"term":"Vertical spread","explanation":"$263","synonyms":[]},"vix":{"term":"VIX","explanation":"$264","synonyms":["fear gauge"]},"volatility":{"term":"Volatility","explanation":"Volatility is a measure of how much and how quickly the price of an investment moves up and down over time. A highly volatile can swing sharply in either direction over short periods, while a low-volatility tends to move more gradually.\n\nVolatility is not the same thing as risk in the sense of losing money permanently, a volatile can still end up higher over the long run, but it does mean an investor has to be prepared to stomach larger short-term swings, both up and down, along the way.","synonyms":[]},"vwap":{"term":"VWAP","explanation":"$265","synonyms":["volume-weighted average price"]},"wedge-pattern":{"term":"Wedge pattern","explanation":"$266","synonyms":["rising wedge","falling wedge"]},"whipsaw-action":{"term":"Whipsaw action","explanation":"$267","synonyms":[]},"whisper-number":{"term":"Whisper number","explanation":"$268","synonyms":["whisper estimate"]},"williams-percent-r":{"term":"Williams %R","explanation":"$269","synonyms":["Williams percent R"]},"working-capital":{"term":"Working capital","explanation":"Working capital is minus , a measure of the short-term resources a company has available to fund its day-to-day operations. Positive working capital generally means a company can comfortably cover its near-term obligations.\n\nThis is the snapshot of a company's short-term financial position at a single point in time, distinct from the change in working capital that shows up as its own line on the .","synonyms":[]},"yield-curve":{"term":"Yield curve","explanation":"$26a","synonyms":[]},"yield-to-call":{"term":"Yield to call","explanation":"$26b","synonyms":["YTC"]},"yield-to-maturity":{"term":"Yield to maturity","explanation":"$26c","synonyms":["YTM"]},"yoy-qoq":{"term":"YoY and QoQ","explanation":"$26d","synonyms":["YoY","Y/Y","QoQ","Q/Q"]},"zero-cost-collar":{"term":"Zero-cost collar","explanation":"$26e","synonyms":["costless collar"]},"zero-coupon-bond":{"term":"Zero-coupon bond","explanation":"$26f","synonyms":["zeros"]}}}]}]]}]