Glossary
Tax-loss selling—selling just prior to year-end to realize losses for tax purposes
Technical analysis—analysis of past security-price fluctuations using charts
Tender offer—a cash bid to buy some or all of the securities of a target company
Thrift conversion—the conversion of a mutual thrift institution to stock ownership
Top-down investing—strategy involving making a macroeconomic forecast and then applying it to choose individual investments
Torpedo stocks—stocks for which investors have high expectations and which are therefore vulnerable to substantial price declines
Trader—a person whose job it is to buy and sell securities, earning a spread or commission for bringing buyers and sellers together
Trading flat—available for sale or purchase without payment for accrued interest
Treasury bills (T-bills)—noninterest-bearing obligations of the U.S. government, issued on a discount basis with original maturities ranging from three months to one year; the interest income from Treasury bills is the difference between the purchase price and par
Treasury bonds (T-bonds) —U.S. government obligations with original maturities of ten years or more; interest is paid semiannually
Treasury notes (T-notes) —U.S. government obligations with original maturities ranging from one to ten years; interest is paid semiannually
Value - the worth, calculated through fundamental analysis, of an asset, business, or security
Value investing—a risk-averse investment approach designed to buy securities at a discount from underlying value
Value investment—undervalued security; a bargain
Volume—the number of shares traded
Window dressing—the practice of making a portfolio look good for quarterly reporting purposes
Working capital—current assets minus current liabilities
Writing call options—selling call options on securities owned
Yield —return calculated over a specific period
Zero-coupon bond—a bond that accrues interest until maturity rather than paying it in cash
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