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BurnhamSecurities,Inc.FuhrmanDivisionGlossaryofInvestmentTermsABCDEFGHIJKLMNOPQRSTUVWXYZAMERICANDEPOSITORYRECEIPTS(ADR)CertificatesissuedbyaU.S.DepositoryBank,representingforeignsharesheldbythebank,usuallybyabranchorcorrespondentinthecountryofissue.OneADRmayrepresentaportionofaforeignshare,oneshareorabundleofsharesofaforeigncorporation.IftheADR'sare"sponsored,"thecorporationprovidesfinancialinformationandotherassistancetothebankandmaysubsidizetheadministrationoftheADR's."Unsponsored"ADR'sdonotreceivesuchassistance.ADR'scarrythesamecurrency,politicalandeconomicrisksastheunderlyingforeignshare;thepricesofthetwo,adjustedfortheSDR/ordinaryratio,arekeptessentiallyidenticalbyarbitrage.AmericanDepositoryShares(ADS)areasimilarformofcertification.ANALYSTEmployeeofabrokerageorfundmanagementhousewhostudiescompaniesandmakesbuyandsellrecommendationsontheirstocks.Mostspecializeinaspecificindustry.ANNUALREPORTYearlyrecordofapubliclyheldcompany'sfinancialcondition.Itincludesadescriptionofthefirm'soperations,itsbalancesheetandincomestatement.SECrulesrequirethatitbedistributedtoallshareholders.Amoredetailedversioniscalleda10-K.ARBITRAGEProfitingfromdifferencesinthepriceofasinglesecuritythatistradedonmorethanonemarket.ARMSINDEXAlsoknownasTRadingINdex(TRIN):=(numberofadvancingissues/numberofdecliningissues)dividedby(totalupvolume/totaldownvolume).Anadvance/declinemarketindicator.Lessthan1.0indicatesbullishdemand,whileabove1.0isbearish.ASSIGNMENTThereceiptofanexercisenoticebyanoptionswriterthatrequireshimtosell(inthecaseofacall)orpurchase(inthecaseofaput)theunderlyingsecurityatthespecifiedstrikeprice.AT-THE-MONEYAnoptionisat-the-moneyifthestrikepriceoftheoptionisequaltothemarketpriceoftheunderlyingsecurity.Forexample,ifxyzstockistradingat45,thenthexyz45optionisat-the-money.洽AVERA翼GEAn刻arit雁hmeti攻cmea录nof柳selec汉teds讽tocks笛inte吧nded桶tore卸prese滚ntth凑ebeh擦avior来oft恐hema垫rket盼orso风meco载mpone绪ntof蛋it.俩Oneg真oode帆xampl厕eis常thew兆idely心quot伪edDo县wJon娃esIn见dustr缓ialA杏verag恳e,wh贴icha窑ddst疏hecu院rrent械pric禁esof毙the面30DJ免IA's蛾stock雁s,an捐ddiv奴ides往ther启esult蹈sby聚apre捎deter慨mined留numb柳er,t堂hedi各visor陈.揪AVERA昂GEMA累TURIT购YThe猜aver毁aget党imet邀omat枣urity摔ofs诱ecuri末ties夺held母bya员mutua细lfun墙d.Ch鸡anges侦ini追ntere扩stra主tesh愉aveg懂reate萌rimp象acto指nfun鉴dswi撕thlo顶nger再avera淹geli鸣fe.俘BACK奥OFFIC役EBro躺kerag焰ehou夺secl灰erica流lope鹰ratio羞nsth筑atsu丘pport苹,but品don伸otin拉clude蠢,the结trad角ingo懂fsto燃cksa扮ndot异hers识ecuri盲ties.愚Incl岁udes畅allw劲ritte皮ncon兄firma哭tion去ands透ettle性ment猜oftr遗ades,负reco沃rdke召eping补and我regul青atory猎comp萝lianc冈e.盏BANKE非R'SA辉CCEPT雁ANCE汁Asho补rt-te剩rmcr径edit塑inves出tment视crea茫tedb驼yan犹on-fi静nanci余alfi贫rman婚dgua冻rante允edby财aba偿nkas欣top车aymen珍t.Ac化cepta义nces抗aret浩raded扣atd城iscou暂ntsf糖romf闷acev瘦alue点inth冒esec名ondar象ymar遍ket.坡These迎inst匆rumen洗tsha享vebe脊ena满popul进arin虎vestm丑entf透ormo喘neym壤arket缠fund脱s.刚BASIS犬The还price烦ani演nvest您orpa泼ysfo角ras却ecuri其typl侍usan逆yout魂-of-p宾ocket给expe形nses.暂Iti劈suse泰dto余deter井mine爬capit乔alga凯inso好rlos摊sesf寻orta西xpur泄poses秋when咏the寿stock膜iss拴old.重BASIS存POIN扰TSRe芬fers芝toyi场eldo险nbon酸ds.E映achp售ercen百tage妥point比ofy游ield闹inbo殊ndse嫌quals裂100桃basis灌poin而ts.I馅fab窃ondy固ield亮chang踏esfr斗om6.别25%壶to6.帅39%,葛that献'sa触rise废of14本basi在spoi剩nts.团BEAR怀Anin善vesto鲜rwho盛beli害eves唉asto心ckor象the徐overa钓llma豆rket麻will赤decli旷ne.A歼bear浮mark递etis铸apr糠olong雾edpe暮riod累offa侄lling抹stoc系kpri条ces,档usual棉lyby轰20%漠ormo埋re.爆BEAR缴RAID愈Asit是uatio誉nin边which贴larg摸etra均ders骄sell害posit庭ions地with拐thei势ntent与iono励fdri饥ving绞price丽sdow注n.皮BETA臣(STOC垦KS)M野easur态eof床asto倘ck's装risk昌inre磨latio山nto刚them忍arket寨.0.7柏mean喊sas扁tock丝price纪isl胖ikely刊tom距oveu悠por铃down慈70%蜻ofth杨emar房ketc屋hange呈;1.3窑mean栏sthe提stoc诞kis袄likel肥yto恐move笔upor辨down脱30%倡more迎than巡the体marke卷t.历BETA胖EQUAT妇ION(博STOCK高S)Th罚ebet弹aof胜asto笔ckis鹊dete型rmine扯das凤follo呀ws:[灿(n)(炊sumo括f(xy屑))]-肺[(sum筛ofx心)(su蜘mof殊y)][逗(n)(队sumo军f(xx恐))]-踩[(sum跑ofx盒)(su毁mof期x)]w荒here:值n=奶#of贿obser裹vatio辜ns(2本4-60蒸month施s)x民=rat坛eof俭retur室nfor最the鸟S&P5予00In润dexy忆=ra旺teof暖retu痒rnfo饰rthe茶stoc至k.公BETA胡(MUTU招ALFU飘NDS)炭heme蚂asure当ofa绳fund样'sri曲skin策rela授tion姑toth暖emar护ket.意0.7m叼eans肥thef宋und's盈tota白lret如urni完slik议elyt犬omov构eup否ordo珠wn70碰%of拍the逆marke松tcha放nge;星1.3m唱eans火total沈retu嫌rnis瞒like庸lyto静move峡upo袭rdow私n30胶%mor辫etha镇nthe蜜mark渡et.僻BETA坏EQUAT射ION(腐MUTUA再LFUN愿DS)T贝hebe赏taof乖afu叨ndis次dete宏rmine悉das锅follo伞ws:[醉(n)(毫sumo满f(xy符))]-蓬[(su拐mof叮x)(s则umof慌y)]椅[(n)占(sum鼓of(x颈x))]建-[(s穴umof鹿x)(命sumo养fx)]笼wher乏e:n溉=#o湖fobs京ervat舒ions班(36m拾onths虎)x=饱rate俗ofr糊eturn施for黎theS健&P50常0Ind肚exy华=rat汤eof陵retur织nfor两the久fund.能BLOW-垫OFFT孟OPA橡steep蛙and式rapid赛incr走ease缘inpr播icef旗ollow盒edby脂ast族eepa烧ndra羽pidd杏ropi鞭npri盯ce.T袍hisi错san宰indic锹ator缘seen校inch比arts纹andu斩sedi臣ntec粗hnica辞lana提lysis缩ofs骗tock心price荡and宋marke静ttre音nds.百BREAK容OUTA群rise驰ina巾secu锯rity'味spri凉ceab析ovea系resi岔stanc郊elev变el(c眨ommon莲lyit粗spre碍vious删high零pric描e)or摧drop年belo捷wal岁evel欢ofsu项pport葛(com穗monly思the孟forme浆rlow杏estp设rice.泡)Ab榜reako腥utis漆take温nto投signi抗fya拖conti铺nuing付move能int剃hesa衔medi祝recti淋on.C肠anbe弄used世byt草echni续cala心nalys率tsas勿abu除yor遍sell气indic芹ation半.疫BULL礼Anin摩vesto闷rwho猜thin羞ksth集emar总ketw酬illr苦i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