An updated trust investment law that reflects the changes that have occurred in investment practice since the late 1960s, specifically with regard to modern portfolio theory. The Uniform Prudent Investor Act (UPIA) made five fundamental changes to the previous Prudent Investor Act standard. The most important change was that the standard of prudence would henceforth be applied to any investment in the context of the total portfolio, rather than to individual investments. Another key change was the extension of permission to the trustee to delegate investment management functions, subject to appropriate safeguards; such delegation was expressly forbidden by the former trust law. By taking the total portfolio approach and eliminating category restrictions on different types of investments, the UPIA fostered a greater degree of diversification in investment portfolios. It also made it possible for trustees to include in their portfolios investments such as derivatives, commodities and futures. While these investments individually have a relatively higher degree of risk, they could potentially reduce overall portfolio risk and boost returns when considered in a total portfolio context.
When economic growth produces negative external consequences to the extent that the growth is unproductive with respect to the broader global systems in which it is viewed. Uneconomic growth occurs at a faster rate than what is considered sustainable. Uneconomic growth studies deal with the negative social and/or environmental impacts of too much growth in a broad economic sense (such as a nation's gross domestic product). The term was popularized by former World Bank economist Herman Daly in the late 1990s, but the core ideas of unproductive growth have a long and varied history. Negative consequences include negative impacts to social welfare and environmental damage. These outweigh the short-term value of an extra unit of growth. Uneconomic growth is generally attributed to poor planning, not negative intentions. The term's proliferation has centered mostly on the environmental movement, as data suggests that certain areas of growth, such as an increased use of fossil fuel, has uneconomic consequences. When a nation increases production at the expense of known damage to the environment, it creates a negative consequence that is felt by not only by that country, but by the entire planet. This same principle can be brought down to the level of a city, company, and even one's own home.
A nickname dating back to 1812 used to refer to the U.S. government. The term is said to come from "Uncle Sam" Wilson, who provided barrels of beef to the U.S. Army during the War of 1812. The barrels were stamped "U.S." to indicate that they were government property, but they came to be associated with Wilson's nickname, and eventually "Uncle Sam" became a nickname for the U.S. government. The most popular visual representation of Uncle Sam is a cartoon image drawn by James Montgomery Flagg in 1916 of a white-haired, bearded, Caucasian male dressed in a patriotic top hat and jacket for a U.S. Army recruitment poster with the words "I Want You." The term is commonly used by financial writers, often in conjunction with discussions of income taxes.
A floor broker who executes orders for other brokers who cannot do it themselves because they have more business than they can handle at that particular time. The name came about because brokers were once paid $2.00 for a round lot trade. Today, commission is negotiated.
An internship in which the intern is charged with using social media such as Twitter and Facebook to drive attention to a company and its products. A twinternship is usually an unpaid (although paid positions are not uncommon), temporary position in which a "twintern" will use popular social media outlets to publicize products and promotions for a business. Also known as a "brand advocate". Twinterns usually work as a part of a company's public relations team. Twinternships have gained popularity as a cheap and relatively easy way to communicate a company's brand with younger, tech-savvy consumers. Some companies have even held promotional contests to award similar paid positions to young twinternship hopefuls.
Slang for an investment that yields disappointing results or turns out worse than expected. Failed business deals, securities that realize significant losses and unsuccessful initial public offerings (IPOs) could all be called "turkeys". For an individual investor, a turkey could be a speculative equity investment in a startup technology company that subsequently goes bankrupt. For a corporation, a turkey could be the purchase of a smaller company that ends up producing much less revenue than anticipated, making it an investment that gobbles up the company's profits.
Any form of accounting that does not follow principles of conservatism. While there are many methods by which financial statements can be fudged, it always comes down to inflating revenue or hiding expenses. Examples of accounting shenanigans include the big bath, cookie jar accounting and improper recognition of revenue. Any method that boosts profitability through accounting tricks eventually catches up with the company. As soon as it does "poof", past profits disappear like magic. (Hence the name "voodoo accounting").
An investor who either provides capital to startup ventures or supports small companies that wish to expand but do not have access to public funding. Venture capitalists usually expect higher returns for the additional risks taken.
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