Fully valued
Used in the context of general equities. Said of a stock that has reached a price at which analysts think the underlyingcompany'sfundamentalearnings power has been fully recognized by the market.
Favorable Balance of Trade
The value of a nation's exports in excess of the value of its imports.
Risk lover
A person willing to accept lower expected returns on prospects with higher amounts of risk.
Mark Berch:Marriage penalty
A tax that has the effect of penalizing a married couple because they pay more tax on a joint tax return than they would if they file tax returns individually.
Program trading
Trades based on signals from computer programs, usually entered directly from the trader's computer in to the market's computer system and executed automatically. Applies to derivative products. A process of electronic execution of trading of a basket of stocks simultaneously, for index arbitrage, portfolio restructuring, or outright buy/sell interests. See: super dot. 0
Passive Activity Loss (PAL)
A loss incurred in participating in passiveinvesting. Mark Berch
The Desk
The trading desk at the Federal REserve Bank of New York through which open market purchases and sales of government and federal agancy securities are made. The desk maintains direct telephone communication with major government securities dealers. A "foreign desk" at the Federal Reserve Bank of New York conducts transactions in the foregin exchange market.
