Look-through earnings include the profits that a company pays to its shareholders in the form of dividends and the retained earnings that the company uses to expand its operations. This concept was popularized by Warren Buffet to analyze the overall earnings-generating capabilities of the firm. The idea is that all of these profits have value to investors - the dividends provide an immediate benefit, while the retained earnings should increase the stock's value in the future. Taobiz explains Look-Through Earnings The investor should consider all of these profits - the look-through earnings - in assessing the value of a stock. Look-through earnings also account for the taxes that would have been paid if the retained earnings had been distributed as dividends.
A money-making strategy that teaches investors a common-sense method for value investing in the stock market that is designed to beat the market's average annual returns. The Magic Formula strategy is described in the best-selling book "The Little Book That Beats The Market" (1980) by investor and Wharton graduate, Joel Greenblatt. Taobiz explains Magic Formula Investing Investors can use Greenblatt's online stock screener tool to select 20 to 30 top-ranked companies, based on their earnings yield and return on capital, in which to invest. These will all be large companies, and no financial companies, utility companies or non-U.S. companies will be included. Investors sell the losing stocks before they have held them for one year to take advantage of the income tax provision that allows investors to use losses to offset their gains. They sell the winning stocks after the one-year mark, in order to take advantage of reduced income tax rates on long-term capital gains. Then they start the process all over again.
The largest securities market in Spain, also known as the Bolsa de Madrid. In 1809, Jose I Bonaparte attempted to establish Spain's first stock exchange in Madrid but it failed because Madrid was not a major business center at the time. 1831 saw the enactment of the law creating the Madrid Stock Exchange with securities of banks, railways and iron and steel companies being the first traded. Taobiz explains Madrid Stock Exchange (MAD) .MA The Exchange remained open during WWI, but closed during the Spanish Civil War from 1936 through early 1940. The Spanish Stock Exchange was transformed in 1988 with Spain's incorporation into the European Monetary System. In 1993, the Madrid Stock Exchange switched to all-electronic trading for fixed-income securities. In 1999 Spain's securities markets began trading in Euros. Its regulatory body is the Spanish Stock Exchange Commission.
The Computer Assisted Trading System (CATS) was developed by the Toronto Stock Exchange in 1977 and implemented in the Madrid Stock Exchange (MSE) in 1989. This was the world's first fully electronic trading system. The MSE initially traded seven large-cap stocks on the system and expanded to 51 by the end of the year. Taobiz explains Madrid SE CATS (MSE) .MC By 1995, the Madrid Stock Exchange had replaced CATS with the Sistema de Interconexión Bursátil Español (SIBE), a more modern electronic trading system developed by the MSE. SIBE connects the four Spanish stock exchanges (Madrid, Valencia, Bilbao and Barcelona) to form a unified, continuous market, providing price information and other data in real time.
The market used for trading Spain's public debt (central government, some regional governments, and some public-sector organizations) and other securities. It is part of the Madrid Stock Exchange, which is the largest securities market in Spain and one of the four members of the Bolsas y Mercados Españoles, an organization designed to streamline Spain's four major securities exchanges (Madrid, Valencia, Barcelona and Bilbao). Taobiz explains Madrid Fixed Income Market .MF Spain's 1988 incorporation into the European Monetary System transformed the Spanish Stock Exchange. In 1993 the Madrid Stock Exchange switched to all-electronic trading for fixed-income securities. In 1999 Spain's securities markets began trading in euros. Its regulatory body is the Spanish Stock Exchange Commission.
A CEO or managerial team whose ability to lead a company is highly suspect. Taobiz explains Mad Hatter This term refers to one of the many strange characters in Lewis Carroll's "Alice's Adventures in Wonderland". At the tea table, Alice meets the Mad Hatter, who is eternally caught in tea time and constantly quizzing Alice with nonsensical and unanswerable questions.
An investment technique used to eliminate the risk of a portfolio of assets. In most cases, this would mean taking a position that offsets the whole portfolio. But this technique is difficult in practice because there is rarely one asset that will offset the risk of a broader portfolio, so applying a macro-hedge most likely requires taking an offsetting position in each individual asset. Taobiz explains Macro-Hedge Here's an example of a macro-hedge: an index-fund manager believes there will be a loss in the index in the upcoming period. To eliminate the risk of a downward turn in the index, the manager can take a short position in the index fund's futures market that will lock in a price for the index.
A technical correction toward an area of support that occurs on lower-than-average volume. The low volume is a signal to traders that the trend is not reversing and that it is only the weak longs looking to lock in a quick profit. Frequent moves that occur in the opposite direction of a trend, which are accompanied by low volume, are normal fluctuations and generally deemed to be insignificant. On the other hand, a large spike in volume in the opposite direction of the trend could be used to signal that the smart money is starting to look for the exits and that the trend is getting ready to reverse. Taobiz explains Low Volume Pullback Many technical traders will try to enter a position on the short-term weakness seen in a low volume pullback because it increases the risk/reward ratio as stop losses are closer to major support levels. It is common that large changes in volume will precede a price move. Traders will use indicators, such as the on-balance volume (OBV) to find situations where the trend and the volume are diverging.
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