A report issued by an individual analyst, investment bank or financial services company indicating how a particular company's stock will perform in the coming quarter. Analysts provide guidance as to how they expect a company to perform. This is typically a range of values that a particular variable is expected to fall between. If a stock peforms better than than what analysts expected, it is considered to have "beat expectations" or delivered stronger-than-expected results. Publicly-traded companies also issue their own guidance outlining expected future profits or losses. This forecast helps financial analysts set their own expectations, and can be compared to analyst expectations to get a better idea of potential company performance in the upcoming quarter.
A game-theory situation with several players. Similar to a prisoner’s dilemma, a diner’s dilemma occurs when several participants attempt to obtain the highest possible personal reward, but instead find themselves in an unfavorable situation. The diner's dilemma is based on a situation where several people agree to split the bill before going out to eat. By following a logical course of action, every member of the group finds him- or herself ordering dishes more expensive than what they would normally buy, and they all end up facing the outcome they tried to avoid: a more expensive meal. For example, prior to going out for dinner, Steve, Dave and Arthur decide that they will split the bill equally. Since the restaurant offers a wide mix of expensive and reasonably priced items, the three friends are faced with a tough decision. Arthur, who would not normally purchase the expensive items, figures that since his costs will be distributed between the other members, today he can afford to do so. Dave and Steve use the same logical reasoning. As a result, the three friends end up spending more money than they would have liked.
In the foreign exchange world, a collective term for the legions of Japanese housewives who resorted to currency trading in the first decade of the new millennium. With Japanese interest rates near zero percent for most of the decade, their motivation for currency trading was to increase the low returns on their portfolios. These homemaker-traders are also called "Mrs. Watanabes." |||Japanese housewives have had a discernible impact on currency markets. Bank of Japan officials said in 2007 that the housewives' trading activity helped to stabilize currency markets because of their tendency to buy on dips and sell into rallies. A significant amount of this trading was carried out through online margin accounts, which offered leverage of 20 to 100 times. Carry trades, which involve borrowing in low-interest rate currencies and investing in higher yield assets, were also a favored strategy for many of the Japanese housewives.
An investment that is not one of the three traditional asset types (stocks, bonds and cash). Most alternative investment assets are held by institutional investors or accredited, high-net-worth individuals because of their complex nature, limited regulations and relative lack of liquidity. Alternative investments include hedge funds, managed futures, real estate, commodities and derivatives contracts. Many alternative investments also have high minimum investments and fee structures compared to mutual funds and ETFs. While they are subject to less regulation, they also have less opportunity to publish verifiable performance data and advertise to potential investors. Alternative investments are favored mainly because their returns have a low correlation with those of standard asset classes. Because of this, many large institutional funds such as pensions and private endowments have begun to allocate a small portion (typically less than 10%) of their portfolios to alternative investments such as hedge funds. While the small investor may be shut out of some alternative investment opportunities, real estate and commodities such as precious metals are widely available.
The European equivalent of the National Best Bid and Offer (NBBO). The EBBO refers to the current best prices available for selling or buying a trading instrument such as a stock. On any exchange, a series of price levels appear for both the buy and sell sides. The EBBO represents the best price that is available - the lowest price for a buy or the highest price for a sell. The EBBO continually updates the prices so the market participant's have fair access to the best prices. The EBBO guarantees that market participants have access to the best available prices at any given time. Where EBBO is supported, market participants' trade orders will be filled at or better than the EBBO price for a given trading instrument.
An annual symposium sponsored by the Federal Reserve Bank of Kansas City since 1978, and held in Jackson Hole, Wyoming, since 1981. The symposium focuses on an important economic issue that faces U.S. and world economies. Participants include prominent central bankers and finance ministers, as well as academic luminaries and leading financial market players from around the world. The Symposium proceedings are closely followed by market participants, as unexpected remarks emanating from the heavyweights at the Symposium have the potential to affect global stock and currency markets. |||The topic for the 2010 Symposium was "Macroeconomic Challenges: The Decade Ahead." Speakers included Federal Reserve chairman Ben Bernanke, ECB President Jean-Claude Trichet, and Kansas City Fed President Tom Hoenig.
Slang terminology for a large insurance broker that is sometimes referred to according to the initials in its name. An alphabet broker, for example, would be referred to as "HIT" rather than "Hedged Investment Portfolio." Alphabet brokers are often known through their acronym name rather than the full name. For example, many more individuals are familar with the name AIG rather than American Insurance Group.
A mathematical measurement of the degree of uncertainty of a random variable. Entropy in this sense is essentially a measure of randomness. It is typically used by financial analysts and market technicians to determine the chances of a specific type of behavior by a security or market. Entropy has long been a source of study and debate by market analysts and traders. It is used in quantitative analysis, and can help predict the probability that a security will move in a certain direction or according to a certain pattern. Volatile securities have greater entropy than stable ones that remain relatively constant in price. The concept of entropy is explored in "A Random Walk Down Wall Street."
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