A publicly-traded biotechnology company marketing products in the field of oncology. The company made international headlines in 2002 after ImClone's founder and CEO Sam Waksal was indicted for attempting an insider trade of the company's stock. Shortly after Waksal's indictment, "domestic diva" Martha Stewart was also indicted for insider trading of the same stock. Stewart received information from Waksal and her own broker that Waksal had been trying to dump $5 million worth of his shares in the company on insider information, and she sold her shares on the knowledge that Waksal had tried to sell his. Both Sam Waksal and Martha Stewart were convicted of insider trading and other crimes and were sentenced to spend time in federal prisons.
An inefficient portfolio is an investment portfolio that delivers an expected return that is too low for the amount of risk taken on, or conversely, an investment portfolio that requires too much risk for a given expected return. An inefficient portfolio has a poor risk-to-reward ratio. An inefficient portfolio exposes an investor to a higher degree of risk, either by expected returns that are too low for the risk endured, or by risking too much for size of the expected return. If expected returns are not met for a particular risk level, or the risk required to attain a specific level of return is too high, the portfolio is said to be inefficient. For example, a portfolio of junk bonds expected to only return the risk-free rate of return would be said to be inefficient (this is an extreme example).
When an investor or portfolio manager increases (or decreases) holdings in a particular industry. This strategy is used because many investors feel it is easier to predict what an entire industry will do, rather than individual stocks.
The theft of trade secrets by the removal, copying or recording of confidential or valuable information in a company for use by a competitor. Industrial espionage is conducted for commercial purposes rather than national security purposes (espionage), and should be differentiated from competitive intelligence, which is the legal gathering of information by examining corporate publications, websites, patent filings and the like, to determine a corporation's activities. Industrial espionage describes covert activities, such as the theft of trade secrets, bribery, blackmail and technological surveillance. Industrial espionage is most commonly associated with technology-heavy industries, particularly the computer and auto sectors, in which a significant amount of money is spent on research and development (R&D).
A managed mutual fund that tends to perform much like a benchmark index such as the S&P 500, which gives it the reputation of being a "closet index fund."The majority of actively managed funds are expected to outperform the so-called average performance produced by passively managed index funds. Also known as a "closet tracker" or "pseudo tracker". Investors pay fund investment managers higher fees to do better than index funds, although managers often fail to outperform the index. A high R-squared factor, a mutual fund risk analysis measure, between 85 and 100 indicates that a managed fund's performance patterns are in line with the fund's benchmark index. If this is the case, investors may be better off investing in the index itself, which has lower portfolio turnover and lower expense ratio features.
The feeling of satisfaction and joy that a tax refund creates in a person. This feeling is somewhat misguided because the tax is only refunded because the person paid too much tax during the previous year. While it may be more emotionally uplifting to receive a tax refund after tax season compared to having less tax removed from each paycheck, a tax refund, logically, is less desirable than owing tax. This means that you have given the government an interest-free loan; you paid out a little bit extra from each paycheck to the government and at the end of the next tax season, you receive the same amount back.
An infamous phrase uttered by Alan Greenspan in 1996 to describe the overvalued market at the time. Although every word spoken by Mr.Greenspan, former chairman of the Federal Reserve Board, is scrutinized, this phrase was even more so examined as market analysts tried to uncover any and all possible results. The phrase even became the title of a New York Times best-selling book by Robert Schiller. On February 1, 2006, Ben Bernanke replaced Alan Greenspan as the Federal Reserve Board chairman.
Analyzing an underlying decision or decision-making process in the context of resources spent and potential gain. The investment view will examine the project or business, taking into account the factors which make an investment attractive. Some investors may look for "value," which they determine by looking at a company’s price-earnings (PE) ratio compared to the industry norm, while others may seek a solid, dividend-yielding stock like General Electric. Of course, as one ages or experiences other material changes in their life, their investment view often changes. Business decisions could have many different reasons for going ahead, this could include building a brand or reducing potential entrants to the industry, but when an investment view is taken, there will be a more structured look at the cost-return relationship given the time. Having a solid, well-defined investment view can help investors maximize profits by focusing their efforts on investments that they know and understand. At its core, a strong investment view will encompass general things, such as profit potential and risk tolerance, as well as more specific items like preferred industries and/or economic sectors.
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