A type of option that can only be exercised on predetermined dates, usually every month. Like the mixed culture of Bermuda, bermuda options are a combination of American and European style options.
A ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR the more consistent a manager is and consistency is an ideal trait.Rp = Return of the portfolioRi = Return of the index or benchmarkSp-i = Tracking error (standard deviation of the difference between returns of the portfolio and the returns of the index) A high IR can be achieved by having a high return in the portfolio, a low return of the index and a low tracking error. For example: Manager A might have returns of 13% and a tracking error of 8% Manager B has returns of 8% and tracking error of 4.5%The index has returns of -1.5%Manager A's IR = [13-(-1.5)]/8 = 1.81Manager B's IR = [8-(-1.5)]/4.5 = 2.11Manager B had lower returns but a better IR. A high ratio means a manager can achieve higher returns more efficiently than one with a low ratio by taking on additional risk. Additional risk could be achieved through leveraging.
1. An option strategy seeking maximum profit when the price of the underlying security declines. The strategy involves the simultaneous purchase and sale of options; puts or calls can be used. A higher strike price is purchased and a lower strike price is sold. The options should have the same expiration date. 2. A trading strategy used by futures traders who intend to profit from the decline in commodity prices while limiting potentially damaging losses. 1. You make money if the underlying goes down and lose if the underlying rises in price. 2. A bear spread is created through the simultaneous purchase and sale of two of the same or closely related futures contracts. This is accomplished in the agricultural commodity markets by selling a future and offsetting it by purchasing a similar contract with an extended delivery date.
A unit of currency used in the Republic of Ireland until 2002. The punt was introduced in 1928 and was pegged (one for one) to the British pound sterling. In 1979, the peg was removed and the punt, now called the Irish pound, floated against the British pound. The punt was replace by the Euro in 2002. |||One punt (represented by the symbol £) equaled 240 pence until 1969, when it was adjusted to equal 100 pence (one British pound). The euro was introduced on January 1, 2002, at which point Ireland adopted a dual currency with a fixed exchange rate. The Irish punt ceased to be legal tender on February 9, 2002.
1. The adjustment of the weights of assets in an investment portfolio so that its performance matches that of an index.2. linking movements of rates to the performance of an index. 1. Indexing is a passive investment strategy. An investor can achieve the same risk and return of an index by investing in an index fund. 2. Examples of rates that could be linked to the performance of an index are wages or tax rates.
A type of options strategy used when an option trader expects a decline in the price of the underlying asset. Bear Put Spread is achieved by purchasing put options at a specific strike price while also selling the same number of puts at a lower strike price. The maximum profit to be gained using this strategy is equal to the difference between the two strike prices, minus the net cost of the options. For example, let's assume that a stock is trading at $30. An option trader can use a bear put spread by purchasing one put option contract with a strike price of $35 for a cost of $475 ($4.75 * 100 shares/contract) and selling one put option contract with a strike price of $30 for $175 ($1.75 * 100 shares/contract). In this case, the investor will need to pay a total of $300 to set up this strategy ($475 - $175). If the price of the underlying asset closes below $30 upon expiration, then the investor will realize a total profit of $200 (($35 - $30 * 100 shares/contract) - ($475 - $175)).
In the U.K., the amount of expenditures less the total receipts taken in by the government. Public sector net borrowing is the measure of fiscal surpluses and deficits along with the amount of new debt created. If this number is positive, it means the U.K. is running a fiscal deficit, while a negative number represents a fiscal surplus. |||The Office of National Statistics in the U.K. issues an estimate of the public sector net borrowing each month. This statistic is often used by forex traders to determine the fundamental health of the British economy and currency.
Someone who is high up in a company due to unfair hiring practices, such as nepotism, and doesn't really do anything for the company. It could also refer to someone who makes themselves out to be much more able or important than they really are. Generally, the term is used to describe someone who is not particularly good at their job. Empty suits can be found in many large organizations. Incompetent employees who know how to work the system can climb into positions of authority that they really don't deserve or aren't able to maintain effectively. Some consider governmental positions to be commonly filled by empty suits that were appointed for political reasons.
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