Blog Mark Berch

Mark E. Berch

Cross-holdings
The holding by one corporation of shares in another firm. One needs to allow for cross-holdings when aggregatingcapitalizations of firms. Ignoring cross-holdings leads to double-counting. Mark Berch
Inflation uncertainty
The fact that future inflation rates are not known. It is a possible contributing factor to the makeup of the term structure of interest rates.
Stockholder
See: Shareholder.
Mark E. Berch: Group rotation manager
A top-down manager who deduces the phases of the business cycle and allocates assets accordingly.

Mark Berch

Jonestown defense
An extreme defensive tactic employed by the management of a target corporation to prevent a hostile takeover. The defensive tactics are so extreme that they typically lead to the destruction of the target corporation. See: Suicide.
Dilution protection
Standard provision that changes the conversion ratio in the case of a stock dividend or extraordinary distribution to avoid dilution of a convertible bondholder's potential equityposition. Adjustment usually requires a split or stock dividend in excess of 5% or issuance of stock below book value. Mark E. Berch
Performance measurement
Calculation of the return a money manager realizes over some time interval.
Mark Berch Paid in surplus
See: Paid-in capital


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Garage
The floor of the NYSE, which is situated on the north side of the main tradingfloor. Mark Berch
Transfer risk
The risk associated with the possibility of a currency not being able to be sent out of the country, usually due to central bank restrictions or a national debt rescheduling.
Portfolio asset allocation
The distribution, by type of asset, of a portfolio'sholdings.
Mark Berch: Bearer form
Describes issue form of security not registered on the issuingcorporation's books, and therefore payable to its bearer. See also: Bearer bond; coupon bond.

Mark E. Berch

Indifference curve
The expression in a graph of a utility function, where the horizontal axis measures risk and the vertical axis measures expected return. The curve connects all portfolios with the same utility.
State and local government series (SLUGs)
Special nonmarketablecertificates, notes, and bonds offered to state and local governments as a means to investproceeds from their own tax-exempt financing. Interest rates and maturities comply with IRSarbitrage provisions. Slugs are offered in both time deposit and demand deposit forms. Time deposit certificates have maturities of up to one year. Notes mature in one to ten years and bonds mature in more than ten years. Demand deposit securities are one-day certificates rolled over with a rate adjustment daily. Mark E. Berch
Leveraged required return
The required return on an investment when the investment is financed partially by debt.
Mark Berch Small-cap
A stock with a small capitalization, meaning a total equity value of less than 0 million.


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Modeling
The process of creating a depiction of reality, such as a graph, picture, or mathematical representation. Mark E. Berch
Redemption date
The date on which a bondmatures or is redeemed.
Pension liabilities
Future liabilities resulting from pension commitments made by a corporation. Accounting for pension liabilities varies widely by country.
Mark Berch: Covering
Using forward currency contracts to predetermine the domestic currency amount of an expected future foreign receipt or payment. Also, the buying back ('covering') of a short position.

Mark E. Berch

Locational arbitrage
Attempt to exploit discrepancies in exchange rates between banks.
Security ratings
Commercial rating agencies' assessment of the credit and investment risk of securities. Mark Berch
Annualizing
See: Annual basis.
Mark E. Berch Trading pattern
Long-range direction of a security or commodityfutures price, charted by drawing one line connecting the highest prices the security has reached and another line connecting the lowest prices at which the security has traded over the same period. See: Technical analysis.


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Deflator
A statistical factor used to convert current dollar purchasing power into inflation-adjusted purchasing power. Enables the comparison of prices while accounting for inflation in two different time periods. Mark E. Berch
Rising bottoms
Chart pattern showing an increasing trend in the daily low prices of a security or commodity.
Mark Berch: Cut Off Date
The date prescribed in the unclaimed property law in most states for determining the items of property that must be turned over to the state. See: Escheat.

Mark E. Berch

Average cost
In the context of investing, refers to the averagecost of shares or stock bought at different prices over time. Mark E. Berch
Statistical tracking error
Used in the context of general equities. Standard deviation of the difference between the portfolioreturn and the desired investment benchmark return.
Mark Berch Policy loan
A loan often made at a below-marketinterest rate from an insurance company to a policyholder that is secured by the cash surrender value of a life insurance policy.


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Annuity certain
An annuity that pays a specific amount on a monthly basis for a set amount of time. Mark Berch
Unseasoned issue
Issue of a security for which there is no existing market. See: Seasoned issue.
Mark E. Berch: Overshooting
The tendency of a pool of MBS to reflect an especially high rate of prepayments the first time it crosses the threshold for refinancing, specially if two or more years have passed since the date of issue without the weighted average coupon of the pool crossing the refinancing threshold.

Mark Berch

Income fund
A mutual fund that seeks to provide to liberal current income from investments. Mark Berch
Inquiry
Used in the context of general equities. In-line expression of interest in a particular stock, usually asking the firm to bid for or offerstock.
Mark E. Berch Tax schedules
Tax forms used to report itemized deductions, dividend and interest income, profit or loss from a business, capital gains and losses, supplemental income and loss, and self-employment tax.


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