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Definition: A call or put option which can be exercised by its owner any time before it expires.

Definition: What you are actually buying when you invest in a foreign company that does not make its shares available for purchase in the U.S. It is such an effective substitute for the stock of the company that most investors who buy ADRs have no idea they’re actually doing so.

Definition: A second system Congress created for computing a person’s income taxes when it saw that under the rules of its regular income tax system, a few people were able to legally reduce their taxes down to zero, a level that it thought was unfair.

Definition: A measure of how well the value of a collection of investment (ie: a portfolio) increases above and beyond how it is expected to increase. Two factors that contribute to its expected increase are how well the market as a whole is expected to increase and how risky the investments in the portfolio are.

Definition: An instruction to your broker that you want all of the limit order you entered to be executed at one time and price or not at all.

Definition: Abbreviation for American Institute of Certified Public Accountants, the national, professional organization that represents Certified Public Accountants (CPAs).

Definition: A broad term for the various bonds and other investments that a Federal agency offers to investors.

See: Agency securities.

See: Agency securities.

Definition: An organization, set up by the U.S. Government, to meet the borrowing needs of what the government believes is a vital part of the economy. These organizations obtain the money they want to lend out primarily by issuing bonds, known as agency bonds or agency securities, to investors.