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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Mark E. Berch Blog

Mark E. Berch

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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