The costs involved with a company paying increased healthcare fees and other benefit-related costs for its current employees and retired pensioners. It is believed that escalating legacy costs can be a very large contributing factor towards limiting a company's competitiveness. Typically, it is the larger, older and more established companies that have problems with spiraling legacy costs, because they have the most pension and healthcare liabilities. In the face of these costs, many companies are taking measures to lower legacy costs as much as possible. One example of this can be seen by the trend of companies changing their employee retirement plans from defined-benefit plans to defined-contribution plans.
A scale developed by American scientist Fred Fiedler to identify whether an individual's leadership style is relationship-oriented or task-oriented. The Least Preferred Coworker (LPC) scale requires a person to rate the one individual they would least want to work with - the least preferred coworker - along a scale of 18 to 25 bipolar adjectives, with ratings from 1 to 8. The LPC score is then computed by totaling all the ratings. A high LPC score indicates that the individual is a relationship-oriented leader, while a low LPC score suggests a task-oriented leader. A typical set of bipolar adjectives used in the LPC Scale would include Pleasant/Unpleasant, Friendly/Unfriendly, Supportive/Hostile and so on. The responses are graded from 1 for the least favorable attribute (for example, Unpleasant or Unfriendly), to 8 for the most favorable one (Pleasant or Friendly). The LPC Scale assumes that people whose leadership style is relationship-oriented tend to describe their least preferred coworkers in a more positive manner, while those whose style is task-oriented rate them more negatively.
A rating system that ranks a mutual fund's success based on whether the fund has met certain goals. Mutual funds are ranked based on total return, consistent return, preservation, tax efficiency or expenses. The top 20% of funds receive the highest ratings and are named Lipper Leaders, based on the Thomson Reuters mutual fund company of the same name (Lipper). Asset managers, fund companies and financial intermediaries recognize Lipper's benchmarking and classifications as an industry standard. A fund that has received a Lipper rating for total return has proven to return income from dividends, interest and capital appreciation. A rating for expense identifies low cost funds. Consistent return ratings are funds that provide constant returns that are risk-adjusted. A Lipper rating for preservation is for funds that demonstrate a high ability to preserve capital as compared with other funds within the same asset class.
Assets whose fair value cannot be determined by using observable measures, such as market prices or models. Level 3 assets are typically very illiquid, and fair values can only be calculated using estimates or risk-adjusted value ranges. In addition to Level 1 and Level 2 assets (both of which have more accurate fair values), Level 3 assets must be reported on by all publicly traded companies as of 2008. This classification system came about as a result of FASB Statement 157, which aims to bring clarity to the balance sheet assets of corporations. Even though they are hard to value, Level 3 assets are held at large investment shops and commercial banks by the billions. These assets received heavy scrutiny during the credit crunch of 2007, as many Level 3 assets consist of mortgage-backed securities (which suffered massive defaults and write-downs in value). The firms that owned them were often not adjusting asset values downward even though credit markets had dried up in the market for asset-backed securities, and all signs pointed to a decrease in fair value.
A security that is not registered with the SEC, and so cannot be sold publicly in the marketplace. The name comes from the SEC requirement for an "investment letter" from the purchaser, stating that the purchase is for investment purposes and is not intended for resale. Also known as letter stock or letter bond.
A saying often used in investing that acknowledges the tendency among investors to sell winning positions too early. Most traders tend to take gains off the table early out of fear that they will evaporate quickly, while they also tend to hold onto large losing positions in the hope that they will turn around. The key to letting your profits run is to not panic when volatility increases and to maintain your convictions about why you entered into the trade. Cutting losses before they become substantial is a key part of implementing this strategy. Successful investors can lose over half the time as long as losses are not allowed to compound. Giving profitable trades room to continue their upward climb takes a tremendous amount of courage, but it will likely pay off in the future.
A corporate manager or an executive who, like the fabled Irish elf, is a mischievous and elusive creature said to possess buried treasures of money and gold. Also spelled "Lepre-con Leader". According to Irish folklore, the location of hidden treasure is revealed only when the leprechaun is caught. In the case of a leprechaun leader, the "buried treasure" is not usually buried, but protected in an offshore account!Examples of leprechaun leaders are the executives of Enron, who stowed away millions of dollars until they were finally caught.
A very disappointing investment. Your expected return wasn't even close to being achieved. Just like the used car that breaks down while driving out of the lot, these investments leave a bitter taste.
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