A baseball reference applied to businesses that train employees only to have them leave for competing firms. A farm team typically has non-ideal practices that cause high employee turnover - often to bigger and more prestigious companies. Like sport farm teams, these companies fully train the employees only to have them leave to work for another company. Being a farm team for your competitors will often, over time, lead to the destruction of the business.
The founder of The Vanguard Group, and a major figure in the index investing community. John Bogle was the first person to offer an index fund to retail customers. Bogle's flagship Vanguard 500 Fund became the world’s largest mutual fund by assets in 2002. Bogle is an author which has long been a proponent of passive investing over active management, and for low fees and no sales charges. John Bogle is considered the Godfather of Index investing, believing that the average investor cannot "beat the market" over time, and shouldn’t pay (or at least overpay) for anyone else to try. His Vanguard funds are renowned for their ultra-low expense ratios, and for having no loads. The Vanguard 500 Fund carries a total expense ratio of less than 0.5% of assets annually, and has outperformed the majority of mutual funds over the past 25 years.
An all-electronic equity derivatives exchange launched on February 6, 2004, as a joint effort by the Montreal Exchange, Boston Stock Exchange and Interactive Brokers Group to provide an alternative to existing options markets. Technical operations of the Boston Options Exchange (BOX) are handled by the Montreal Exchange. The BOX was the first options exchange to offer price improvement to traders through a process called PIP, which stands for Price Improvement Period. Although all investors can be "PIPed," the investor must have a broker that is willing and able to offer a facilitation trade – a trade where the broker guarantees the first penny of price improvement. Because not all brokers offer this to their clients, some investors do not have access to the price improvement offered on the BOX.
A cash-settled, cross-currency derivative in which the underlying asset is denominated in a currency other than the currency in which the option is settled. Quantos are settled at a fixed rate of exchange, providing investors with shelter from exchange-rate risk. At the time of expiration, the option's value is calculated in the amount of foreign currency and then converted at a fixed rate into the domestic currency. |||The CME Nikkei 225 is an example of a quanto. It is a futures contract for which the underlying asset - in this case, the Nikkei 225 Stock Average Index - is settled in U.S. dollars, as opposed to Japanese yen. Investors use quantos when they believe that a security will do well in another country but fear that country's currency will not. Thus, investors buy an option in the foreign stock while keeping the payout in their home currency.
The term fake claims refers to insurance claims that are made fraudulently. These claims are made in an attempt for the policy holder to benefit financially from making claims that are false or exaggerated. While such practices are a fairly common occurrence, they are highly illegal. Fake claims are often exaggerations of valid claims to an insurance policy. For example, a homeowner insurance policy holder may have been the victim of a breaking and entering where items were stolen. The number (and value) of the stolen items may be exaggerated on the claims report, indicating that more items were stolen than really were. This exaggeration could lead to the homeowner receiving a larger claim settlement than that to which he or she is truly entitled. Large claims are often investigate to mitigate such problems.
Typically used in the insurance industry, this is when a company defers the sales costs that are associated with acquiring a new customer over the term of the insurance contract. |||Most of the sales costs arise from referral commissions to external distributors and brokers.
The action of placing a trade or trades that go against the ticker tape. Someone who is buying stocks while the overall market is falling is said to be fighting the tape. Many traders say that fighting the tape is a cardinal sin.
The process of closing out a position in a swap contract or another OTC derivative agreement prior to maturity. The position is closed by taking an offsetting position (i.e. taking a short position if you're long) in the same contract or by paying the opposite party the market value of the swap agreement.
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