Stock Market
Contents
1. Market Square
2. Trading in the stock exchange floor
3. Securities. Categories of common stock
3.1 The growth stocks
3.2 The cyclical stocks
3.3 Special Situations
4. Preferred Shares
4.1-Corporate bonds
4.2 U.S. Government Bonds
4.3-Municipal bonds
4.4 Titles convertible
4.5 Option
4.6 Rights
4.7 Warrants
4.8 Commodities and Financial Futures
5. Stock quotes average reading Newspaper
5.1 The price-earnings ratio
6. European stock markets to the general trend of
6.1 New Ways for Old Men
6.2 Europe, meeting electronics
7. New issues
8. Investment funds. A different approach
8.1 Advantages of investment funds
Load vs. no load 8.2
8.3 Common equity funds
8.4 Other types of mutual funds
8.5 The daily prices of the investment fund
8.6 Election of an investment fund
1. MARKET PLACE
The stock market. For some it's a puzzle. For others it is a source of profit and endless fascination. The market value is the financial nerve center of any country. This reflects a change in the economy. It is sensitive to interest rates, inflation and political events. In a very real sense, has its fingers on the pulse of the world.
Taken in its broadest sense, the stock market is also a control center. This is the market where Businesses and governments come to raise money so they can continue and expend their operations. It's the market where giant corporations and institutions are doing and changing their financial commitments. The bag is also a place of individual opportunity.
The phrase "stock market" means many things. In the strictest sense, a stock market is a place where shares are traded - bought and sold. The phrase "stock market" is often used to refer to the larger bag and more important in the world, the New York Stock Exchange, which is also the oldest in the U.S.. It was founded in 1792. New York Stock Exchange is located at 11 Wall Street in New York. It is also known as the Big Board and the exchange. In the mid 1980s, the NYSE listed shares constituted approximately 60% of total shares traded on organized national exchanges in the United States.
AMEX is the American Stock Exchange. It has the second-most traded in the U.S.. Located at 86 Trinity Place Midtown Manhattan, the AMEX was known until 1921 as the curb of Exchange, and is still known today as the sidewalk. Early traders gathered near Wall Street. Nothing can stop the runners outdoors. Even in the snow and rain put the lists of stocks for sale. The venue was known as the outdoor curb market, hence the name of the sidewalk. In 1921, sidewalk finally moved indoors. For the most part, stocks and bonds traded on the AMEX are those of small and medium companies, such as con-trasts with the large companies whose shares are traded on the NYSE.
The bag is not for profit run by a board of directors. Its member firm are subject to strict and detailed self-regulatory code. Self-regulation is a matter of self-interest to members of stock exchanges. It has built public confidence in the stock market. Also required by law. The U.S. Securities Commission (SEC) administers federal securities laws and oversees all bag values in the country. Whenever self-regulation does not work, the SEC is likely to step directly. The exchange does not buy, sell or possess any value or set stock prices. The bag is only where the public market through member brokers, can buy and sell at prices set by supply and demand.
Cuesta money to become a member of Exchange. There are about 650 members, or "seats" in the New York Stock Exchange, owned by large and small companies and in some cases by individuals. These seats can be bought and sold, in 1986 the price of a seat from an average of about $ 600,000. Before being allowed to buy a seat which must pass a test that strictly scrutinizes your knowledge of the securities industry, and a check of experience and character.
Beyond the Bag New York and the AMEX there are also "regional" exchange in the U.S., of which the best known are the Pacific, Midwest, Boston and exchange Philadelphia.
There is a market place in which the volume of transactions in common stock begins to approach that of the NYSE. These stock exchanges common over-the-counter "or" OTC "-that is not in any organized change ex. Most securities other than common shares are traded on the counter. For example, the vast market for U.S. government securities is an over-the-counter market. So the money market is the market where all kinds of short-term debt obligations are traded daily in huge quantities. Like wise the market long term and short-term loans to state and local government. And most of the negotiation corporate bonds also is accomplished over-the-counter.
Although most of the common shares traded over the counter are the smaller companies, many companies are still considerable in the list of "OTC", including a large number of banks and insurance companies-sas.
Since there is no floor of physical operations, over-the-counter trading is done through extensive phone and other electronic networks that link traders as closely as if they were sitting in the same room. With the help of computers, prices of distributors in Seattle, San Diego, Atlanta and Philadelphia can be flashed on one screen. Lines dedicated phone link to the most active traders. Confirmations are sent electronically instead of via email. Dealers thousands of miles away to complete strangers trades exe-cute in the thousands or even millions of dollars based on thirty seconds of telephone conversation and knowledge that each is a securities dealer registered with the National Association of Securities Dealers (NASD), the industry self-regulatory organization which oversees the trade counter. No matter which way market prices move subsequently, each knows that the trade will be honored.
2. STOCK EXCHANGE TRADING FLOOR
When people want to place an order to buy or sell stocks, which in contact with a brokerage firm who is a member of the Exchange. A registered representative or "RR" will take over. He or she is a trained professionals who have passed an examination in many subjects, including the rules of change and producers.
The individual order is transmitted to a telephone operator on the floor of the Stock Exchange and the Registrar phone row floor. The floor broker who actually executes the order on the trading floor has a leak-tion and high-pressure job. The trading floor is a larger than half the size of a football field. It is dotted with mul-tiple places called "trading posts". The product floor broker to the post where this or that particular stock is traded and learns that other agents have their client orders to buy or sell shares, and at what prices. If the order of the person as a "market order"-as which means an order to buy or sell immediately at the best price available the size of market intermediary, decides whether to bargain for better prices or accept one order shown, and executes the trade, all this happens in seconds. In general, shares are traded in round lots of stock exchanges. A lot - 100 shares is generally called the bargaining unit, nothing less is called an odd lot.
When you first see the trading floor, you can assume all brokers are the same, but are not. There are five categories of market professionals active on the trading floor.
Brokers Commission, usually floor brokers, the work of member companies. They use their experience, judg-ment and enforcement the ability to buy and sell to the customer of the Company for a commission.
Floor Brokers are individual entrepreneurs acting in a variety of clients. Running orders for the floor brokers who have more volume that can handle, or to the member companies of the bag, which are not on the floor.
Registered competitive market makers have a particular responsibility for trade their own or their company's accounts when called by an officer of Exchange to make an offer or to reduce the spread of existing trading or improve depth of an existing budget.
Competitive Traders trade for their own accounts, according to strict rules designed to ensure that their activities contribute to market liquidity.
And last but not least, we are specialists in stock. Market strives to preserve price continuity, which means that if a stock is trading at, say, 35, the next buyer or seller must be able to order a fraction of the price. But what if a buyer comes when there is agent will not sell near the bottom price? Or vice versa for a seller? How is price continuity preserved? At this point enters the specialist. The specialist runs a special role to maintain continuity in the specific stock price. The specialist does this by standing ready to buy shares at a price reasonably close to the last recorded sale price when someone wants to sell and there is a lack of buyers, and sell when there is a lack of sellers and someone wants to buy. For each population in the list, one or more specialist firms assigned to perform this stabilization function. The specialist also acts as an intermediary, the execution public order for the population, and keep track of limit orders to be executed if the stock price reaches a certain level. Some of the companies Specialized are large and are assigned to many different populations. The exchange and the SEC are particularly interested in the spe-cialist function, and commerce specialists is about to make sure they are giving prece-dence to requests from the public and help stabilize the markets, not just trying to make profits for themselves. Since that a specialist can be called at any time to buy and hold large amounts of shares, the specialist firms must be well capitalized.
In today's markets, where several million dollars, offices of institutions (banks, pension funds, mutual funds, etc.) have become commonplace, the specialist can not absorb all of large blocks of shares offered for sale, nor supply the large blocks being sought by institutional buyers. In recent years, there has been rapid growth in trade block by large brokerage firms and other companies in the securities industry. If an institution wants to sell a large block of shares, these companies will conduct a quick search for experts and potential buyers, and if not enough buying interest is found, the block trading company bridge the gap by stock itself, assuming the risk of owning the shares and to dispose of them subsequently at a profit. If the institution which wants to buy rather than sell, the process is reversed. In a sense, these firms are fulfilling the same function-ing as a specialist, but in a much larger scale. They are intervening to buy and hold shares temporarily when supply exceeds demand, and vice versa.
So specialists and block traders perform similar stabilizing functions, though the block traders have no official role and have no other reason than to make a profit.
3. VALUES. CATEGORIES OF ORDINARY SHARES
There is much to say about values. Security is an instrument means (1) a position in the ownership of a corporation (a population), (2) a creditor relationship with a company or government body (a bond), or (3) property rights, as represented by an option, subsription right and subsription order.
People who own stocks and bonds are referred to as investors or, respectively, the shareholders (shareholder-res) and bondholders. In other words, an action of a share of a company. When you have a population in a corporation that is part owner of the company. As evidence property may request a certificate with your name and number of shares you have. By law, no person under 21 may buy or sell stocks. However, children may hold shares if held in trust for them by an adult. A bond represents a promise by the company or government to repay a loan plus a certain amount of interest for a defined period of time.
We said that's common shares are shares of ownership in companies. A corporation is a legal entity independent that is responsible for its own debts and obligations. The individual owners of the company are not liable for the obligations of the corporation. This concept, known as limited liability, has made possible the growth of large corporations. It has helped millions of shareholders to be secure in his position as corpo-owners fee. All who have risked is what they paid for their actions.
A shareholder (owner) of a company has certain basic rights in proportion to the number of shares he or she owns. A shareholder has the right to vote for the election of directors, who control the company and the management of the AP-point. If the firm is profitable and directors decide to pay part of these profits to shareholders as dividends, a shareholder is entitled to receive their share. And if the company is sold or liquidated, entitled to its share of revenues.
What kind of actions can be found at the stock exchange? The question can be answered in different ways. One way is by industry groupings. Many businesses of all sectors, from aerospace to dis-tributers wholesale. The oil and gas companies, telephone com ¬ panies, computer companies, autocompanies and electrical utilities are among the largest groups in terms of total revenue and value market. Perhaps a more useful way to distinguish the shares is in accordance to the qualities and values of investors.
3.1 Actions of growth.
The phrase "growth stock" is widely used as a term to describe what many investors are looking for. People who are willing to take higher than average, many times the risks of investing in what is often called "high growth" stocks in stocks of companies that are clearly growing much faster faster than average and the community into action commands a higher price in the market. The reason is that company profits continue to grow rap-idly by at least a few more years to a level that justifies the premium price. The investor should keep in mind that only a small minority of companies actually succeed in making earnings grow rapidly and consistently over a long period. The potential rewards are high, but stocks can fall in price at incredible rates when earn-ings do not grow as expected. For example, companies in the video game industry boomed in the 1980s, when it seemed that everyone was about to become a video arcade. But when the public interest became personal computers, companies were caught in hundreds of millions of dollars-res in inventory of video games, and action collapsed.
Less glamorous, but also less risk in what we call, for want of a better phrase-"the actions moderate growth. "Typically, these stocks could be sold at no premium, but where it seems that the company's earnings grow at a more faster than the average of its industry. The trick, of course, is in the forecast-ing that firms are actually better than average growth, but even if the prognosis is poor, the risk should not be large, if the price was just for starters.
There is a broad category of stocks has no particular name, but is attractive to many investors, especially those who prefer to stay on the conservative side. These are stocks of companies that are not glam-Orous, but grow in line with the economy. Some examples are food companies, beverage companies, PA, and packaging manufacturers, retail stores, and many companies in the fields of diverse populations.
While the economy is healthy and growing, these are perfectly reasonable investments, and in certain moments, when everybody is interested in "glamor" stocks, these "non-glamorous" issues can be ne-glected and available at bargain prices. Their growth can be rapid, but usually is reasonably consistent. Moreover, since these companies usually do not need to plow all their earnings in the business, tend to pay substantial dividends to its shareholders. Besides the real growth that these companies achieve their values should be adjusted upward over time in line with inflation, a general advantage of common stock that is worth repeating.
3.2 cyclical stocks.
These are stocks of companies that do not show any tendency clear of growth, but where populations fluctuate according to the business cycle (prosperity and recession) or some other recognizable pattern. Obviously, one can make money by purchasing these near the bottom of a price cycle and sell near the top. But the bottoms and tops can be difficult to recognize when they occur and, sometimes, when you think that a population is near the end of a cycle, but instead may be in a process of long-term decline.
3.3 Special Situations.
There is a type of investment that professionals usually refer to as "special situations". These are some cases where business development in particular, perhaps a merger, change of control of the sale of property, etc. - seems likely to increase the value of a stock. Special situation investments may be less affected by general market movements in investment values of average, but if the expected development does not occur, an in-VESTOR may suffer a loss, sometimes considerable. Here, the investor has to judge the likelihood that the expected development really come to pass.
4. Preferred stock
A preferred stock is a stock that has some resemblance to a link (see below). One of the preferred stock holder is entitled to dividends at a certain rate, and such dividends must be paid before dividends can be paid on common shares of the company. In most cases preferred dividend is cumulative, This means that if not paid in a given year, is payable by the company to preferred stockholders. If the company is sold or liquidated, the preferred stockholders have a right over a specific proportion of assets before common stockholders. However, while a bond is scheduled to be redeemed by the corporation in a certain maturity "" The date, preferred stock is usually a permanent part of the capital structure of the corporation. In exchange for receiving a dividend insured, the Preferred shareholders generally, is not participating in the progress of the company, the preferred stock only entitled to fixed dividend and no more (except for a small minority of cases in which the preferred stock is "participating" and get the greatest return on a revenue base of the company to grow).
Many preferred stock is traded on the NYSE and other exchanges, but they are usually very attractive prices to individual buyers. The reason is that for companies wishing to invest for fixed income, preferred shares have a tax advantage for the bonds. As a result, these companies generally offer prices of shares preferred above the price he would be paid by a bond to provide the same income. For the individual buyer, a bond may be a better buy.
4.1-Bonds Corporate
Unlike a stock, a bond is not proof of ownership, but a loan to a company (or government, or any other organization). It is a debt obligation. When you buy a corporate bond, which has bought a portion of a large loan, and their rights are to a lender. You have entitled to interest payments at a specified rate, and repayment of the amount of "face" of the bond at a specified date. The fixed rate usually six months ago. The quality of a corporate bond depends on the financial strength of the issuing company.
Bonds are usually issued in units of $ 1,000 or $ 5,000, but bond prices are quoted on the basis of 100 as "par" value. The bond's price of 96 means that a bond of face value of $ 1,000 is actually selling $ 960 and so on.
Many corporate bonds are traded on the NYSE, newspapers and lead a separate table showing daily trading bonds. The major trading in corporate bonds, however, occurs in large blocks of $ 100,000 or more off-exchange negotiated by brokers and distributors acting on their own or by the institutions.
4.2-US Government Bonds
U.S. Treasury Bonds (long term), notes (medium term) and bills (short term), and the obligations of various U.S. government agencies, are traded outside of exchanges in a professional market where the great basic unit of trading is often $ 1 million face value in quantity. However, the trade also made in small quantities, and can be purchased Treasuries in lots of $ 5000 or $ 10,000 through a regular runner. U.S. gov-ernment bonds are considered to provide investors with the latest security.
4.3-Municipal Bonds
Bonds issued by state and local governments and governmental units are generally called "mu-nicipals' or "tax exempt", since income from these bonds is largely exempt from federal income tax.
Tax-exempt bonds are attractive to people in higher tax brackets and some institutions. There are many different topics and newspapers in general, the list only a small number of municipalities negotiate actively. The trade takes place in a vast and specialized over-the-counter market. As compensation for the tax, the inter-est rates on these bonds are generally more lower than in the U.S. government or corporate bonds. Variations in quality is usually high, but according to the financial strength of the various states and communities.
4.4 convertible securities
A convertible bond (or convertible bonds) is a corporate bond that can become the com-company common stock in the under certain terms. Convertible preferred stock carries a similar "conversion privilege. These titles are intended to combine the reduction the risk of a bond or preferred stock with the benefit of conversion to common stock if the company succeeds. The market price of a convertible security generally represents a combination of a pure bond price (or a pure preferred stock price), plus a premium for the conversion privilege. Many convertible securities are listed on the NYSE and other markets, and many others are traded over-the-counter
4.5 Options
One option is a piece of paper gives the right to buy or sell a certain value at a specified price during a specified period of time. A "call" is a call option, a "" is an option to sell. In simplest form, these have become an extremely popular to speculate on the expectation that the price of a stock will go towards up or down. In recent years a new type of option has become extremely popular: the options related to stock market averages diverse that allow you to speculate on the direction of the market as a whole instead of individual stocks. Many trading techniques used by sophisticated investors are built about the options, some of these techniques are in-tended to reduce risks rather than speculation.
4.6 Rights
When a company wants to sell new securities to raise additional capital, it is often the rights of its shareholders to buy new titles (more often additional shares) at an attractive price. The right is in the nature of a call option with a short-lived. The holder can use ( "exercise") the right or to sell to another person. In a rights issue, usually traded (for the short time until maturity) in the same stock exchange or other measures to which they apply.
4.7 Warrants
A warrant is like a law that is issued by a company and gives the the option holder to buy stock (or security) of the company's business for a specified price. However, a warrant has a life most often several years, sometimes without limit as to the rights, securities are traded (which means they can be sold by the owner to another person), and various orders are traded on major exchanges.
4.8 Commodities and Financial Futures
The commodity markets, where food products and industrial raw materials are traded in large quantities, are beyond the scope of this text. But because the supply of commodities in the markets of "futures" ie, contracts for de livery of goods within a specified future date have also become the hub of "futures" which, by logical definition, are not goods at all.
Financial futures are relatively new, but have expanded rapidly in importance and activity commercial. As options, futures can be used for protective purposes as well as for speculation. Realizing the head lines were further actions, which allow investors to speculate on the future direction of the stock market averages. Two other types of financial futures are also of great importance: the interest rate futures, which are based mainly on prices of U.S. Treasury bonds, notes and bills, which fluctuate according to the level of rates interest and currency futures, which are based on exchange rates between foreign currencies and the U.S. dollar. While futures can be used for protective purposes, in general are a highly speculative area for professionals and other experts inve ¬ STORS.
5. STOCK AVERAGES reading recurring appointments
The financial pages of newspapers are mystery to many people. But dramatic movements in the stock market often make the front page. In newspaper headlines, television news summaries, and elsewhere, almost everyone has been exposed to stock market averages.
In a brokerage company office, is common to hear the question "How is the market?" and the answer, "five dollars" or "down a dollar." With 1500 shares traded on the NYSE, there must be some easy way to express the price trends of the day. The market average is a way to summarize information.
Despite all the competition, the popularity crown still does to an average that has some of the qualities an old-the Dow Jones Industrial Average, an average of 30 major stock dating from the 1890s. This average is named after Charles Dow, one of the first theoretical stock market, and one of the founders of Dow Jones & Company, a leading financial news service and publisher of the Wall Street Journal.
In the days before the computers, an average of 30 stocks was perhaps as much as anyone could calculate on a practical basis at intervals throughout the day. Now, the Standard & Poor's 500 Stock Index (500 chips) and the New York Stock Exchange Composite Index (all shares on the NYSE) provide a much clearer picture of the overall market. Professionals Is likely to focus on these sea "broad" market rates. But old habits die slowly, and someone shouts: "How is the market? "and someone answers" to five dollars, "or" five "-it 's where the Dow Jones Industrial Average (the "Dow" for short), that they are talking.
The importance of daily changes in the averages will be clear if you view them in percentage terms. When the market is changing rapidly, the normal daily change is less than half of 1%. A change of ½% is still moderate and 1% is large but not extraordinary, 2% is dramatic. Market averages, is a small step for the thousands of detailed lists of stock prices and related data will find in the system Financial daily financial tables. These tables include complete reports on the previous day trading on the NYSE and other principal exchanges. You can also give a surprising amount of information.
Some newspapers provide more extensive tables than others. As the Wall Street Journal is available worldwide, we will use it as a source of convenient examples. You will find a prominent page entitled "New York Stock Exchange composite trading. This table includes the operations of the day for all shares traded on the NYSE. "Composite" means that also includes transactions on the same populations in some other markets (Pa-specific, Midwest, etc.), where populations are "twice listed. Here are some sample entries:
52 Weeks Yld PE Net Sales
High Low Ratio Stock Div% 100s High Low Close Chg.
52 7 / 8 37 5 / 8 Cons Ed 2.68 5.4 12 909 49 3 / 8 48 7 / 8 49 1 / 4 1 / 4
91 1 / 8 66 1 / 2 The Gen 2.52 2.8 17 11924 91 3 / 8 89 5 / 8 90 -1
41 3 / 8 26 1 / 4 Mobile 2.20 5.4 10 15713 41 40 1 / 2 40 7 / 8 +5 / 8
Some of the abbreviated names of the companies of the lists can be a considerable puzzle, but you get used to them.
While some of the columns contain longer term information about stocks and companies, we will look first at the columns that actually report on the trade of the day. Near the center of the table, see a column entitled "Sales 100s". Stock trading generally takes place in units of 100 shares and is tabulated in this way, the average figures for example, that 90,900 shares of Consolidated Edison, 1,192,400 shares of General Electric, and Mobil 1,571,300 shares traded on January 8. (Mobil was actually the 12 "most active "actions on the NYSE that day, which means that the post 12 in number of shares traded.)
The next three columns show the price high for the day, the lowest, and the last or "closing" prices. The "net change". (net change) column on the right shows how the closing price different from the previous day's close, in this case, January 7.
Prices are traditionally calibrated in eighths of a dollar. If who are not familiar with the equivalents, which are:
1 / 8 = $ .125
1 / 4 = $ .25
3 / 8 = $ .375
1 / 2 = $ .50
5 / 8 = $ .625
3 / 4 = $ .75
7 / 8 = $ .875
Con Edison traded on January 8 at a high level of $ 49.375 per share and a minimum of $ 48 875, closed at 49.25 U.S. dollars, which was a gain of $ 0.25 the previous day. General Electric closed down $ 1.00 per share to $ 90 00, but won a U notation trading during the day to $ 91 375, which was a new high price of the stock during the most recent 52 weeks (a new reduced price would have been identified by a "d").
The two left columns show the high and low prices reported in the last 52 weeks, not includ-ing the last day. (Note that the height of General Electric is shown as 91 1 / 8, not 91 3 / 8.) You Note that, although Con Edison nor Mobil reached a new high on January 8, each was near the top of its range of "price" of the past 52 weeks. (Price charts shares which are issued by financial services several vices, showing the price history of each stock in detail.)
The other three columns in the table to give information useful for making judgments about the actions and investments. Just to the right of the name, the "dividend". (dividend) column shows the current annual dividend rate the action - or, if no clear regular rate, then the total real dividends for the past 12 months. The dividend rates shown here are $ 2.68 annually for Con Edison, GE's $ 2.52 and $ 2.20 for Mobil. (Most com-panies that pay regular dividends pay them quarterly: actually $ 0.67 quarterly Con Edison, etc.) The "Yid." (Yield) column refers tie annual dividend to the latest available. In the case of Con Edison, for example, $ 2.68 (annual dividend) / $ 49.25 (stock price) == 5.4%, which represents the current performance of the population.
5.1 The Price-Earnings Ratio
Finally, we have the "index of PE, or price-earnings ratio, which represents a key figure for judging the value of an action. The price-earnings ratio, also known as the "price earnings multiple", or sometimes simply as the many ""-is the relationship between the price of a stock to Earnings per share after the stock.
This concept is important. In simplest terms (and without complications account factors ca-), "the Earnings per share "of a company are calculated on the company's net profit for the year, divided by the number of shares outstanding. The result is a very real sense, what each share earned in the business during the year - not to be confused with the dividends that the company may or may not have paid. The council management of the company may decide to plow the revenues into the business, or to pay to shareholders as dividends, or (more likely) a combination of both, but in any case those gains are often regarded as the key measure of business success and shareholder value.
The price-earnings ratio tells you much about of how investors view a stock. Investors are offering a stock price to earnings multiple higher if a firm is expected to grow rapidly in the future. The multiple may seem too high relative to income, but not in relation to expected future earnings. Moreover, if the future of a now it looks interesting, and earnings are not expected to substantially increase the market price is reduced to a point where the multiple is low.
Also multiple change with the general cycles of the stock market because investors are willing to pay more or less for certain values and potentials. Between 1966 and 1972, a period of enthusiasm and specula-tion, the average multiple was usually 15 or higher. In late 1970, when investors were generally cautious and skeptical, the average multiple was below 10. However, Note that these figures refer to average multiples of whatever the average multiple is at any given time, multiples of individual stocks oscillate up and down it.
Now we can return to the table. The PE ratio for each stock is based on the latest stock price and earnings reported for the past 12 months. The multiples, as you can see, were 12 for Con Edison, 17 for GE, Mobil and 10. In January 1987, the average multiple for all stocks was close to about 15. Con Edison is seen by investors as a relatively good quality of the company utilities, but by nature, if your business can not grow much faster than the economy as a whole. GE, on the other hand, is usually given a rating of premiums, a company that is expected to outpace the economy.
You can not buy a share in the PE ratio alone, but reason tells you much what is useful. For stocks where no PE ratio shows, often means that the company showed a loss for the past 12 months and that no relationship PE can be calculated. Somewhere near the top table NYSE, you will find some small tables that also relate to the New York Stock Exchange the day-composite trading. Here is the table showing the 15 shares listed the largest number of shares for the day (the "more active" list), a table of populations showed the highest percentage of profits or falls (at discount prices in general populations predominate here), and one of the reserves she made new maximum or minimum price on the last 52 weeks.
You will find a large table of "American Stock Exchange composite trading, what it does for stocks listed on the AMEX just what the New York Stock Exchange Composite table of the New York Stock Exchange shares are listed. There are small ta-ble that covers the Pacific Stock Exchange, Boston Exchange, and other regional exchanges.
The tiles above the counter stock trading are generally divided into two or three sections. For the major over-the-counter stocks covered by the NASDAQ quotation and reporting system, actual sales of the day is reported and tabulated to shares on the NYSE and Amex. For less active over-the-counter stocks, the document only contains "supply" and "asked" prices, according reported by dealers to the NASD.
Worth familiar with the daily price chart of U.S. Treasury and agency securities. The Treasury issues are show not only in terms of price but in terms of performance represented by the current price. This is the easiest way to get an overview of the current state of interest rates-you can see at a glance the current rates of treasury bonds in the long term, medium term notes and letters in the short term.
In elsewhere in the document will also find a large table showing prices of corporate bonds traded on the NYSE, and a small tax table, select exempt bonds (traded OTC). But unless you have a specific ¬ special interest in any of these questions, table of bond prices is the best way to follow the bond market.
There are other tables in the list. These are generally more experienced ¬ mented investors and interested in taking greater risks. For example, there are pictures showing several different trading on exchanges in the options listed first, options to purchase or sell common shares (options buying and selling options). There are futures prices of commodities futures and futures interest rates, foreign currency futures and stock futures. There are also options on interest rates and index options on stock futures.
6. EUROPEAN stock markets GENERAL TREND
Competition between stock exchanges in Europe is fierce. However, most investors and companies prefer fewer, larger markets. If the exchange do not sit to them, electronic usurpers.
How many stock exchanges is a Europe with a single capital market need? Nobody knows. But first, the answer is clear: unless you have today. America has eight stock exchanges, and seven bags of futures and options. Of these, only the New York Stock Exchange, the American Stock Exchange, NASDAQ (the over-the-counter market), and the two Chicago futures exchanges have significant turnover and prêt-sions nationally.
The 12 countries Members of the European Community (EC), however, with 32 exchanges and 23 futures and options exchanges. Of these, the London market, Frankfurt, Paris, Amsterdam, Milan and Madrid, at least, want a significant role in European and world stages. And the number of exchanges is growing. The newcomers include exchanges in Italy and Spain. In eastern Germany, Leipzig wants to reopen the stock market was closed in 1945.
Admittedly, the EC is not as integrated as the United States. Most intermediaries, investors and firms remain national rather than pan-European in nature. This is the work of regulating the securities markets, not there is a European equivalent of America Securities and Exchange Commission (SEC). Taxation, company law and accounting practices vary widely. Several obstacles regulatory barriers to cross-border investment, for example, pension funds, remain in place. Recent turmoil in the exchange rate mechanism cross0border Europe has reminded investors on the currency risk. Although the Maastricht treaty, talk of a common currency is little more than that
Without But local loyalties that sustain so many European exchanges look increasingly out of date. Countries that once had regional stock exchanges have been merging in one. A single European market in financial services is underway. The EC services investment of the Directive, which should come into force in 1996, will that cross-border brokers without the need to establish local subsidiaries. Jean-Francois Theodore, president of the Paris Bourse, said that this will lead to another Big Bang Union. And funding is the multina-tional business excellence: electronics and the end of most capital controls mean that securities dealers not move to Europe but the world in search of better returns.
This affects more than just the stock exchanges. Investors want financial markets are cheap, accessible and high liquidity (the ability to buy or sell shares without moving the price). Companies, large and small, need a capital market where they can obtain financing at the lowest possible cost if European exchanges do not meet these requirements, the European economy suffers.
In recent years in favor of the form to shake the bags has been the competition. The event that trig-endangered Big Bang was in London in October 1986, he opened his bag and foreign banks, and features a screen more than your trading system called SEAQ. Within weeks the trading floor had been abandoned. At that time, other European bourses saw Big Bang as a British eccentricity. The markets are matched buy and sell orders (order-driven trading), while London is a market in which dealers offer firm prices for trades (quote-driven trading). However, many mainland markets soon were forced to copy example London.
This is because Big Bang had strengthened London in the grip of international equity trading. SEAQ-tional arm quickly grab pieces of bed ¬ European companies. Today the London Stock Exchange recognizes handle about 95% of all European trade bordering claims to handle three-quarters of the negotiation of blue chip stocks based in the Netherlands, half of those in France and Italy and a quarter of those in Germany, although as we shall see, there is some controversy about these figures.
London market-making tradition and the presence of many international fund managers helped win the business. So did three other factors. One of them was the stamp duty on share deals done in their home countries, which usually avoid SEAQ. Another was the lack of hours of negotiation in the continental exchanges. The third SEAQ was the ability, with market makers quoting two prices for companies as large quantities, to handle the transactions in large blocks of shares that can be fed through an order-driven markets only when they are counter-parties.
A similar struggle for business has been seen between changes in trade ex ¬ futures and options. Here, the first market to trade in a product tends to business in his corner. Former European options exchange (EOE) in Amsterdam was the first European derivatives exchange, today is the only one to negotiate an option European equity index. LIFFE in London, which opened in 1982 and is now Europe's largest drift-ing exchange, has held two to one lead in the German government bond futures (their most active contract) on DTB Frankfurt, which opened in 1990. LIFFE competes with several other European markets, not always successfully: it lost the ECU bond market futures MATIF in Paris.
Bags European armored themselves for this battle in three ways. The first was to fend off foreign competition with the rules. In three years of wrangling over the reversal of the EC Services Directive, a member of several countries driven rules that require securities to be traded only on a recognized stock exchange. They also demanded standards for disclosure of trades and the prices have stalled budget negotiations SEAQ system. They were rejected in the final compromise, partly because governments were realized that he risked driving business outside the EC. But attempts to curb competition residual remains. Italy passed a law in 1991 requiring to transactions in shares of Italy, which was conducted through a company based in Italy. Under pressure from the European Commission, he might have to repeal.
6.1 New Ways for Old Men
The second response to competition has been frantic efforts by the exchanges to modernize their systems, improve services and reduce costs. This has meant investment in new trading systems, improve the way in which agreements were reached, and pressuring governments to the scrapping of stamp duty. It has also meant whenever he tries to beat London at their own game, for example, by finding ways to match the feats of In London trading.
Paris, yes galvanized in 1988, is a good example. Your bag is now open to outsiders. It has a computerized system trading system based on continuous auctions, and the solution of most of their offerings is the computer-ized. Efforts to create a block trading mechanism continue, albeit slowly. Meanwhile, MATIF, the French futures exchange, has become the largest continent. It is especially proud of his contract ECU bonds, which should grow in importance, provided that the monetary union looms.
Frankfurt, the largest continent-the stock market, has moved more heavily, partly because Germany's federal system has kept regional stock exchange in being, and left much of the regulation of markets Land (state) level. From 1 January 1993 all German exchanges (including the DTB) are grouped UN-der of a company called Deutsche Börse AG, chaired by Rolf Breuer, a board member of Deutsche Bank. But there is still much to be done in centralized German share trading. German floor brokers continue to resist the in-roads made by screen-based bank IBIS trading system. A bill to establish a federal securities regulator (and make the trade illegal insider-) still is calm, in Bonn.
Other bags are moving too. Milan goes ahead with the display based on trade and speeding up settlement. Spain and Belgium are reforming their securities markets and launching new futures exchanges. Am-sterdam plans especially determined attack on SEAQ. You are running a report McKinsey recommended a screen-based system offers wholesale, a special mechanism for large block transactions and a larger market-making role for intermediaries.
Ironically, London, is now trailing in some ways. Its share of prehistoric settlement, the computer project for the modernization has been scrapped. SEAQ trading system is falling apart, and only recently the exchange belatedly approved plans prepared by Arthur Andersen for a replacement, and there is much skepticism in the city about its ability to deliver. However, the figures said the exchange for its share of continental stock trading suggest that London hold up well against its competition.
These figures are correct? Not necessarily: deals made through an agent based in London, often as a business account SEAQ even if the counterparty is based elsewhere and the order was executed through a continental bag. In the electronic age of today, with many member companies Most of the European ex-changes, the actual location of the agreement may be impossible to determine. Continental Bags claim, however, to recover losses London.
Financial in London, agreed that the glory days no longer exist SEAQ international arm, when other European ex-changes were dying. Trying to London is now more often a complement to, rather than a replace-tute, who treated at home. Large blocks of shares can be bought or sold through London, but collapsed or as-semble through the local stock exchanges. Prices tend to be derived from national exchanges; is remarkable that trad-ing in SEAQ falls when closed. Baron van Ittersum, chairman of the Amsterdam exchange birthday this effect calls the "queen" Dutch trade in shares in London minimized in Dutch holidays.
This type of competition, through promoting diversity has European exchanges to cut the red ribbon pro-tected its members from competition outside, to embrace electronics, and to adapt to the wishes of investors and issuers. However, diversity also may have had a cost in reduced liquidity. Investors especially outside Europe, are discouraged if liquidity remains divided between the various exchanges. Businesses also suffer: they complain of the costs of stock in several different markets.
So the third the response of stock markets in Europe in his battle pan-European cooperation has been operating ventures that could anticipate a larger European market. There are words here that is more wishful thinking than facts. Work on assembly of two EC projects to gather market information, pipes and Euroquote was abandoned, thanks mainly to the hostility of Frankfurt and London. Eurolist, under which a company meeting the listing requirements for a stock exchange shall be entitled a list of everyone going forward, but this is not a single market. As Mr. de Paris Theodore says, "there is a business case weight of European exchanges Building large-regulated market in Europe tomorrow, "Sir Andrew Hugh Smith, chairman of the ex ¬ change of London also has long vocative ad European market for professional investors ¬ nal
One reason little has been done is that stock markets have been faced with so many reforms at home. Many wanted to push these through before thinking about Europe. But there is an atavistic nationalism. London, for example, is unwilling to cede the leadership that has gained in cross-border trade between institutions, and other exchanges are unwilling to accept that what remains. Mr. Theodore said that there is no future for European exchanges if they are forced to row a boat with a coxswain. Baron van Ittersum Amsterdam also emphasizes that a common European market should not be one under the control of London.
Therefore the last, no idea grab exchanges in Europe: the bilateral or multilateral links. Futures markets have proven the road. Last year, four more exchanges led EOE Amsterdam and OM, an op-tion of exchange based in Sweden and London, joined in a federation called FEX In January this year in the continent's two largest exchanges, DTB MATIF and announced a relationship that was clearly aimed at overthrowing the LIFFE in London, its dominant position Pfauwadel Gerard, president of MATIF, trumpets supply as a precedent for other European markets. Mr. Breuer, chairman of Deutsche Börse, believes that a network of European stock markets is the way forward, although he admits London is not warm to the idea. The stock exchanges in France and Germany can be expected to follow the MATIF / DTB lead.
It is unclear how that linkage-up work, however. The idea is that members of an exchange must be able to trade the products listed in another. So a Frenchman wanting to buy German government bond futures could do so through a distributor in MATIF, although the contract is traded in Frankfurt. Based trading that is easy to arrange through the screen: all needed are the local terminals. But the linking of an electronic marketplace as the DTB floorbased a free trade market of protest as it is more difficult MATIF Nor have they thought of all trade in an effective way to pool their settlement systems
In any case, the links and networks will do nothing to reduce the plethora of European stocks, or to build a single market for leading European blue chip stocks. For a greater common effort is necessary not mean the death of national exchanges, because there will always be business for individual investors, and are issued locally-Curiti Mr. Breuer noted that in Ultimately, all business is local. Small investors undoubtedly go on concern the currency
risk unless and until monetary union happens. However, large investors in bulk and used for coverage. For them, investment in large European blue-chip securities would be much simpler in a single European wholesale market, possibly subject to a single regulator
More to the point, if investors and issuers want a market will emerge-if now ex-changes provide or not. What, after all, is an exchange? It's just a system to bring together many buyers and sellers as possible, preferably under a set of rules. Used to refer to a physical trading floor supervision. But computers have made possible to reproduce the characteristics of an exchange physical electronically. And that the dissemination of prices and the work of implementing the rules of a market easier.
Most users trade does not know or care that the exchange they are using: dealing through brokers or dealers. Their concern is treated with a reputable company such as SG Warburg, Gold-man Sachs and Deutsche Bank, not a reputable exchange. Since large companies are now members of most exchanges, which can choose where to trade and where to turn to outside exchange operations, which is why there is so much controversy over market shares in Europe This fluidity creates much room for new rivals to undermine the established exchanges.
6.2 Europe, Meet Electronics
Consider the experience of the NYSE, York, which has remained true to its trading floor stalwartly. It has been losing business steadily for two decades, even in their own stocks on the list. The Winners have included NASDAQ and regional cheaper. New York trading also been migrated to trading systems electro ¬ nic, as Posit Jeffries & Co, instinct Reuters and Wunsch (a team pompously renamed the Arizona Stock Exchange).
Something similar may happen in Europe. OM, the Swedish options exchange, has a system of electronic commerce called Click. Recently changed its name to London Securities and Derivatives Exchange. His ex-boss ecutiv, Lynton Jones, the dreams of offering customers side by side on a screen a selection of cash, options and futures, some of them tailored to suit the client in particular futures markets in Chicago, worried like all trade established by the loss of market share, have recently launched "flex" contracts that combine the vir-homogeneous sea of exchange traded products with tailor-made on those who do not need a prescription.
Electronic commerce systems of America is trying to penetrate the European markets the same way, with imagination Instinet and Posit tion products are already active, but have had limited success so far. NASDAQ has an international arm in Europe. And there are homegrown systems, too. Tradepoint, a new order electronic trading system for stocks British pilot is about to open in London. Even bond traders might play a role. Their trade association, ISMA, recognized exchange British trade in Eurobonds, has a computerized information system known as TRAX, the majority of its members use the international center houses Euroclear and Cedel for commerce solution. It would be difficult for ISMA to broaden its scope to actions or futures and options. The association recently announced a link with the Amsterdam Stock Exchange.
Electronics presents a threat to established exchanges than ever in trying to meet it alone. A single European securities market (or the derivatives market), do not look like a stock exchange established at all. Could be a diverse network of trade and settlement systems that already exist, necessary computer terminals scattered throughout the EC. You will need to be regulated at European level to provide uni-form, an audit trail to allow deals he turned from seller to buyer, and a way to ensure that investors can get to market makers offering the best prices. Existing national regulators prefer to do this through cooperation, but some financial and speaks of the need for a European SEC. Civil aviation is a reluctant European analogy slowly moving towards a European system of air traffic control.
Once the European market under the Regulation is in place, the competition window winners and losers among the members-bags, on the basis of service and cost, or the charms immediate rivals Acy and size of the quote-driven trade established against the price competitiveness of order-driven trading. Not a pleasant prospect, but if the EC existing exchanges are not subject to the European framework, other artists will step in to deny the affair.
7. NEW ISSUES
Up to now, we have discussed the role securities markets in commercial markets, where research dor you want out of a particular investment can easily sell to another investor who wishes to buy. We did not discuss another function of securities markets, that is to raise new capital for corpora-tions and governments that the federal government and state and local levels.
When one stock exchanges, are not buying a "new issue". In the case of an old established company, the population may have been issued For several decades, and the company has no direct in-terest in the trade today, except to register the change of ownership in their books. It has taken the in-version another investor, and you know when ready to sell, another investor to buy from you at any price.
The new songs are different. You probably noticed ads on the pages of financial newspapers to new issues of shares or bonds of large advertising that due to severe restrictions on ads advertising, new issues, the state virtually nothing except the name of security, provides the number and names of companies that are "subscription" security or take to market.
Sometimes there is only a single insurer, more often, especially if the offer is a great, many companies participating in the group assurance. Subscribers to plan and manage the offering. To negotiate with the company offering to reach an agreement on prices is high enough to meet the company, but low enough to attract buyers. In the case of untested companies, subscribers can work for a fee Prearo-ranged. In the case of established companies, the insurers usually assume the role of risk because of purchases of securities of the company at a specified price and the public reoffering at a price slightly higher, the difference, which is usually between 1% and 7% is the benefit of the Underwriters. Normally, the Underwriter-ers have carefully sought the demand is disappointing, or if the overall market, which is a turn for the worse, while supply is up-subscribers can get the values that can not be sold at the offer price scheduled. In this case, the subscription to "union" is dissolved and the underwriters sell the securities than they can get, sometimes in a substantial loss.
The reissue process is critical to the economy. It is important that both old and new companies have the ability to raise additional capital to meet the growing business needs. For you, the individual investor, the area could be dangerous. If a privately owned company is "making public" for first time in securities in the open market, usually does so in a time when profits have been rising and everything is particularly peachy. The offer also can come at a time when the overall market is upbeat and the prices are relatively high. Even experienced investors may have great difficulty assessing the true value a new offer under these conditions.
And it may be hard for your broker to give impartial advice. If the brokerage firm in the group of under-writing, or the "selling group" of dealers that complements the underwriting group, which has a staff in-est in seeing the securities sold. Furthermore, the committees tend to be substantially higher than in an ordi-nary values. Moreover, if the action is a burning issue in great demand, may be sold only through small individual allocations to favored customers (who will benefit if the stock then the free market transactions at a price well above the offer price fixed)
If you are considering buying a new issue to a protective step you can take is to read the prospectus, the prospectus is a legal document describing the company and offer the securities to the public. Unless the de-fering is very small, can not be done without going through a process registration with the SEC. The SEC can not vouch for the value of the offer, but act to ensure that the essential facts about the com-pany and the offer stated in the prospectus.
This requirement of full disclosure was part of the securities laws of the 1930s and has been a boon to investors and securities markets. Works because both the insurers and the supply of com-panies know that if you omit any material information or inaccuracies in the prospectus, the way is open to lawsuits from investors People who bought titles.
In a typical new offering, the final prospectus is not ready to date the securities are offered. But before that you can get a "preliminary prospectus" or "red herring"-so na med ¬ red because it carries a warning letter-tion that the prospectus has not been approved by the SEC as disclosure of the meeting require ¬ ment
The red herring will not contain the offering price or the final assessment, however, arrangements will a description of the company's business, and financial statements that show exactly what the company growth and profitability have been in recent years It also tells you something about man management. If the management group is to take the opportunity to sell a large percentage of their shares to the public, is particularly careful.
It is a very different case when a public company set the sale of additional shares to raise new capital. Here the company and the stock have track records that can be studied, and is not as difficult to estimate what might be affordable for the people of the tender price is to be near the current market price, insurers and the overall profit margin will be lower, but you still need to be careful. While the SEC has rules strict against promoting any new offering, the securities industry often manages to create an aura of excitement about a company when an offer is on the road the other hand, the knowledge that a great offer that can bring down the price of a stock market, and there are times when the price of fering turns out to have been a bargain
New bond offerings are a whole different animal. Bond markets are very professional, and there is nothing glamorous about a bond issue new. Everyone knows that a new corporate rating
bonds will be similar to former All-rated bonds. In fact, to sell the new issue so effective, they usually price to yield slightly higher "effective" than the current market for comparable older bonds, whether an interest rate slightly higher or slightly lower price in dollars, or both. So for a buyer of bonds, new issues often de-fer a slight price advantage.
What is true of corporate bonds applies also to the U.S. government and municipal issues. When the Treas-URY comes to market with a new issue of bonds or notes (a very frequent phenomenon), is priced very close to the new issue market for outstanding (existing) Treasury securities, but the new edition usually carries a bit off that makes it a good buy. The same is true of government notes and bonds are state and local market, and if you are a buyer of municipals, this new offering can provide mod-est price concessions. If quality is what you want, there is no reason you should not do, even if the agent makes some extra money in the agreement.
8. Investment funds. A different approach
Up until now, we have described the way in which securities are bought directly, and we have themed how to make such investments through a brokerage account.
However, a brokerage account is not the only way to invest. For many investors, a broker-dealer has disadvantages-the difficulty of selecting an individual broker, the costs of the Commission (especially in small transactions), and the need to participate in decisions that many prefer to leave to the professionals. For people who feel this way, it is an excellent alternative drawdown mutual.
It's not easy running a small investment account effective. A mutual fund avoids this problem by pooling money from many investors to can be managed efficiently and economically as large single drive. The best known type of mutual fund is probably the money market fund, where the pool is invested in complete safety in the shortest term income producing investments. Another large group of mutual funds investing in common stock, and others invest in bonds long-term, tax-exempt securities, and more special-ized types of investments.
The principle of investment funds has been so successful that funds manage more than $ 400 billion of researchers of money ", not including more than $ 250 billion in money market funds.
8.1 Advantages of Funds Investment
Investment funds have several advantages. The first is professional management. Decisions as to which-Curiti to buy, when to buy and when to sell are made for you by professionals. The size of the pool can pay for the highest quality management, and About the Author
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