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Dealer

A dealer is a securities firm that buys and sells securities from its inventory. A dealer is distinct from a broker in that the broker does not maintain an inventory.

Deduction

An amount that can be subtracted from gross income, from a gross estate, or from a gift, thereby lowering the amount on which tax is assessed.

Depression

A depression is an economic condition caused by systemic economic problems in a country which cannot be elevated by monetary policy. That is, no amount of monetary easing can reverse economic shrinkage. Depressions may respond to fiscal policy changes.

Dispersion of returns

Dispersion of returns measures the range of returns that an individual manager (or firm) achieves for its various clients. If the dispersion is very low, then all accounts are probably being managed the same way and it is likely that a stated style is being used. If the dispersion is very high, then there is less confidence in the manager's adherence to his style or that different managers within the same firm are managing money in diverse ways.

Diversification

Diversification is the process of spreading assets among a large number of investments to minimize the portfolio's exposure to unusually bad performance effecting any one element of the portfolio. Diversification can refer to asset classes or to securities within any one asset class.

Dividend

A dividend is a cash or stock distribution paid to holders of shares of common stock. The payment of dividends is not required. The board of directors has to declare a dividend.

Dollar cost averaging

Dollar cost averaging is a simple strategy which allows an investor to capture some benefit from the fluctuations of prices within the securities markets. The strategy involves periodically purchasing the exact same dollar amount of a security. When prices are high, the number of units purchased will be small. When prices are low, the number of units purchased will be large. Over time the effective average purchase price for the total number of units purchased will be less than the arithmetic average price of the security during that period. The wider the fluctuations in securities prices, the larger the advantage to employing this strategy.

Dow Jones Industrials or Dow or DJII

The Dow Jones is a price movement index which measures the combined price changes of a group of 30 of the largest industrial companies such as IBM and General Electric. It has limited value because it tracks only a very small segment of the market and does not include dividends.

Durable goods

Durable goods are those products with useful lives in excess of three years. The list includes major household appliances and automobiles.

Duration

Duration is a measure of the sensitivity of a bond (or portfolio of bonds) to interest rate changes. As an example, if the duration of a bond is 5.1, then for every 1% rise in general interest rates, the bond will decline in value by 5.1 x 1% or 5.1%. Conversely, if interest rates drop by 1% then the bond will increase in value by 5.1%. Another way to describe duration, is that it is the time it takes to get 1/2 of your money back (on a discounted basis).

   
 

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