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Passive management

Passive management refers to the investment of assets in order to mimic an externally defined pattern. That is , the purchase and sale decisions are based upon decisions made by others such as index creators like S&P.

Penny stocks

Penny stocks are highly volatile, low priced, thinly traded securities. They are usually highly speculative investments and rarely fit into institutional portfolios.

Percentile

Percentile is a statistical term, It refers to the breaking apart of a distribution of the result into one hundred equal parts or groups of observations. Each part is referred to as a percentile.

Pooled income fund

A trust created by a charitable organization that combines the contributions of several donors and distributes income to those donor based on the earnings of the trust. The trust is managed by the charitable organization, and contributions are partially deductible for income tax purposes.

Portfolio

All the investments held by an individual or mutual fund.

Preferred stock

Preferred stock is a senior security that pays a regular predetermined rate of interest before the common stock pays a dividend. Preferred stock is in effect a hybrid between common stock and a bond that never matures. Preferred stockholders may or may not have voting rights.

Prepayment risk

Prepayment risk is a risk associated with mortgage pass through bonds arising when individual homeowners refinance their mortgages in order to take advantage of lower interest rates. The holders of these bonds receive the principle immediately and find that they no longer can earn the relatively high interest rate that they expected when the bought the bonds.

Price to book ratio

Price to book is a measure of the value of the company in an accounting sense relative to the price of the stock. It is simply the division of the price of the stock divided by the book value per share shown on the accounting point of view represents the value of the physical assets adjusted for the depreciation less the debts owned against those assets.

Price/earnings ratio

The Price/Earning ratio is one of the common measures of a common stock's value. It indicates how many years it would take for the company to earn an amount of money equal to the firm's current capitalization (excluding growth).

Prime rate

The prime rate is the rate of interest banks charge their best clients for borrowing money.

Principal

In a security, the principal is the amount o mount that is invested, excluding earnings. In a debt instrument such as a bond, it is the face amount.

Probate

The court-supervised process in which a decedent's estate is settled and distributed.

Program trading

Program trading or computer trading is a formula driven process where different signal cause stock trades to be initiated. Because these trades are all begun at once, program trading generates bursts of activity in the market and can exert great pressure in prices. If several programs "kick in" at the same time stock prices can move very rapidly and an orderly market trading environment may cease to exist.

Prospectus

A document provided by mutual fund companies to prospective investors. The prospectus gives information needed by investors to make informed decisions prior to investing in a specific mutual fund. The prospectus includes information on the minimum investment amount, the fund's objectives, past performance, risk level, sales charges, management fees, and any other expense information about the fund, as well as a description of the services provided to investors in the fund.

Proxy

A proxy is a legal limited power of attorney giving a trustee the right to vote a shareholder's interest in a company at the annual board of directors meeting.

Proxy battle

A proxy battle occurs when two parties with opposing views attempt to gather more votes from stockholders than the other party can gather.

Proxy voting

Proxy voting is the process of gathering up the proxies of various stock holders and using their rights at the corporate annual meeting.

Put option

A put option is a contract whereby the purchaser of the contract has a legal right to demand that the issuer (seller) of the contract buy the purchaser's stock in a specified company on a specified date for a predetermined price. Put options are purchased by the investment advisor to limit the risk of declining stock prices. In essence, "insurance" is purchased against potential losses.

   
 

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