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Fed Model
The "Fed model" or "Fed Stock Valuation Model" (FSVM), is a disputed theory of equity valuation that compares the stock market's forward earnings yield to the nominal yield on long-term government bonds, and that the stock market – as a whole – is fairly valued, when the one-year forward-looking I/B/E/S earnings yield equals the 10-year nominal Treasury yield; deviations suggest over-or-under valuation. The relationship has only held in the United States, and only for two main periods: 1921 to 1928 and from 1987 to 2000. It has been shown to be flawed on a theoretical basis, fails to hold in long-term analysis of data (both in the United States, and international markets), and has poor predictive power for future returns on a 1, 5 and 10-year basis. The relationship can breakdown completely at very low real yields (from natural forces, or where yields are artificially suppressed by quantitative easing); in such circumstances, without additional central bank support for the s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
S And P 500 Pe Ratio To Mid2012
S, or s, is the nineteenth letter in the Latin alphabet, used in the modern English alphabet, the alphabets of other western European languages and others worldwide. Its name in English is ''ess'' (pronounced ), plural ''esses''. History Origin Northwest Semitic šîn represented a voiceless postalveolar fricative (as in 'ip'). It originated most likely as a pictogram of a tooth () and represented the phoneme via the acrophonic principle. Ancient Greek did not have a phoneme, so the derived Greek letter sigma () came to represent the voiceless alveolar sibilant . While the letter shape Σ continues Phoenician ''šîn'', its name ''sigma'' is taken from the letter ''samekh'', while the shape and position of ''samekh'' but name of ''šîn'' is continued in the '' xi''. Within Greek, the name of ''sigma'' was influenced by its association with the Greek word (earlier ) "to hiss". The original name of the letter "sigma" may have been ''san'', but due to the complica ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dot-com Bubble
The dot-com bubble (dot-com boom, tech bubble, or the Internet bubble) was a stock market bubble in the late 1990s, a period of massive growth in the use and adoption of the Internet. Between 1995 and its peak in March 2000, the Nasdaq Composite stock market index rose 400%, only to fall 78% from its peak by October 2002, giving up all its gains during the bubble. During the dot-com crash, many online shopping companies, such as Pets.com, Webvan, and Boo.com, as well as several communication companies, such as Worldcom, NorthPoint Communications, and Global Crossing, failed and shut down. Some companies that survived, such as Amazon, lost large portions of their market capitalization, with Cisco Systems alone losing 80% of its stock value. Background Historically, the dot-com boom can be seen as similar to a number of other technology-inspired booms of the past including railroads in the 1840s, automobiles in the early 20th century, radio in the 1920s, television in the 19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bloomberg News
Bloomberg News (originally Bloomberg Business News) is an international news agency headquartered in New York City and a division of Bloomberg L.P. Content produced by Bloomberg News is disseminated through Bloomberg Terminals, Bloomberg Television, Bloomberg Radio, ''Bloomberg Businessweek'', ''Bloomberg Markets'', Bloomberg.com, and Bloomberg's mobile platforms. Since 2015, John Micklethwait has served as editor-in-chief. History Bloomberg News was founded by Michael Bloomberg and Matthew Winkler in 1990 to deliver financial news reporting to Bloomberg Terminal subscribers. The agency was established in 1990 with a team of six people. Winkler was first editor-in-chief. In 2010, Bloomberg News included more than 2,300 editors and reporters in 72 countries and 146 news bureaus worldwide. Beginnings (1990–1995) Bloomberg Business News was created to expand the services offered through the terminals. According to Matthew Winkler, then a writer for ''The Wall Street Journal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Hill (website)
''The Hill'' is an American newspaper and digital media company based in Washington, D.C. that was founded in 1994. Focusing on politics, policy, business and international relations, ''The Hill''s coverage includes the United_States_Congress, U.S. Congress, the presidency and executive branch, and election campaigns. ''The Hill'' describes its output as "nonpartisan reporting on the inner workings of Government and the nexus of politics and business". The company's primary outlet is TheHill.com. ''The Hill'' is additionally distributed in print for free around Washington, D.C. and distributed to all congressional offices. It is owned by Nexstar Media Group. History Founding and early years The company was founded as a newspaper in 1994 by Democratic Power broker (politics), power broker and New York businessman Jerry Finkelstein, and Martin Tolchin, a former correspondent for ''The New York Times''. New York Representative Gary L. Ackerman was also a major shareholder. The name ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Everything Bubble
The expression "everything bubble" refers to the correlated impact of monetary easing by the Federal Reserve (and followed by the European Central Bank and the Bank of Japan) on asset prices in most asset classes, namely equities, housing, bonds, many commodities, and even exotic assets such as cryptocurrencies and SPACs. The term is related to the Fed put, being the tools of ''direct'' and ''indirect'' quantative easing that the Fed used to execute the monetary easing, and to modern monetary theory, which advocates the use of such tools, even in non-crisis periods, to create economic growth through asset price inflation. The term first came in use during the chair of Janet Yellen, but it is most associated with the subsequent chair of Jerome Powell, and the 2020–2021 period of the coronavirus pandemic. The everything bubble was not only notable for the simultaneous extremes in valuations recorded in a wide range of asset classes and the high level of speculation in the mar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Penguin Press
Penguin Group is a British trade book publisher and part of Penguin Random House, which is owned by the German media conglomerate Bertelsmann. The new company was created by a merger that was finalised on 1 July 2013, with Bertelsmann initially owning 53% of the joint venture, and Pearson PLC initially owning the remaining 47%. Since 18 December 2019, Penguin Random House has been wholly owned by Bertelsmann. Penguin Books has its registered office in City of Westminster, London.Maps ." . Retrieved 28 August 2009. Its British division is Penguin Books Ltd. Other separate divisions are located in the |
Adventures In A New World
An adventure is an exciting experience or undertaking that is typically bold, sometimes risky. Adventures may be activities with danger such as traveling, exploring, skydiving, mountain climbing, scuba diving, river rafting, or other extreme sports. Adventures are often undertaken to create psychological arousal or in order to achieve a greater goal, such as the pursuit of knowledge that can only be obtained by such activities. Motivation Adventurous experiences create psychological arousal, which can be interpreted as negative (e.g. fear) or positive (e.g. flow). For some people, adventure becomes a major pursuit in and of itself. According to adventurer André Malraux, in his ''Man's Fate'' (1933), "If a man is not ready to risk his life, where is his dignity?". Similarly, Helen Keller stated that "Life is either a daring adventure or nothing." Outdoor adventurous activities are typically undertaken for the purposes of recreation or excitement: examples are adventure racing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Javier Estrada (professor)
Javier Estrada (born 12 November 1964), is a Spanish-Argentinian finance professor and finance author. Estrada is a professor of finance at the IESE Business School in Barcelona, Spain, and specializes in portfolio management, risk management, and wealth management. He was educated at the Universidad de La Plata, and the University of Illinois at Urbana–Champaign. Estrada has published a number of books on finance. He is also regularly quoted in the main financial news media, including ''The Wall Street Journal'', ''The Financial Times'', ''Bloomberg'', ''Barron's'', ''Forbes'', and other financial media. Published works * * * See also *Fed model References External links Jaiver Estrada(IESE Business School biography)Javier Estrada (American Association of Individual Investors The American Association of Individual Investors is a nonprofit organization with about 150,000 members whose purpose is to educate individual investors regarding stock market portfolios, fina ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Humphrey–Hawkins Full Employment Act
The Full Employment and Balanced Growth Act (known informally as the Humphrey–Hawkins Full Employment Act) is an act of legislation by the United States government. Impetus and strategy Unemployment and inflation levels began to rise in the early 1970s, reviving fears of an economic recession. In the past, the country's economic policy had been defined by the Employment Act of 1946, which encouraged the federal government to pursue "maximum employment, production, and purchasing power" by cooperation with private enterprise. Some Representatives, dissatisfied with the vague wording of this act, sought to create an amendment that would strengthen and clarify the country's economic policy. The Act's sponsors embraced a form of Keynesian economics, advocating public intervention to increase economic demand and to secure full employment.Cate, T., ''An Encyclopedia of Keynesian Economics'', 2nd ed. (Cheltenham: Edward Elgar Publishing, 2013)p. 182 Economists in the Carter administ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Irrational Exuberance
"Irrational exuberance" is the phrase used by the then-Federal Reserve Board chairman, Alan Greenspan, in a speech given at the American Enterprise Institute during the dot-com bubble of the 1990s. The phrase was interpreted as a warning that the stock market might be overvalued. Origin Greenspan's comment was made during a televised speech on December 5, 1996 (emphasis added in excerpt): The Tokyo market was open during the speech and immediately moved down sharply after this comment, closing off 3%. Markets around the world followed. Greenspan wrote in his 2008 book that the phrase occurred to him in the bathtub while he was writing a speech. The irony of the phrase and its aftermath lies in Greenspan's widely held reputation as the most artful practitioner of Fedspeak, often known as Greenspeak, in the modern televised era. The speech coincided with the rise of dedicated financial TV channels around the world that would broadcast his comments live, such as CNBC. Greenspan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Policy Report To The Congress
The Monetary Policy Report to the Congress is a semi-annual report prepared by the Board of Governors of the Federal Reserve and presented to the Congress of the United States. The Chairman of the Board of Governors is called on to offer oral testimony about the report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services to the House of Representatives. Monetary Policy Reports are mandated by the Humphrey–Hawkins Full Employment Act of 1978, which required the Federal Reserve to formally report on its activities to Congress. The Monetary Policy Reports were previously referred to as Humphrey-Hawkins reports. The Monetary Policy Report is delivered twice a year, in February and July, and reports the basic state of the United States economy The United States is a highly developed mixed-market economy and has the world's largest nominal GDP and net wealth. It has the second-largest by purchasing power parity (PPP) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Economist
''The Economist'' is a British weekly newspaper printed in demitab format and published digitally. It focuses on current affairs, international business, politics, technology, and culture. Based in London, the newspaper is owned by The Economist Group, with its core editorial offices in the United States, as well as across major cities in continental Europe, Asia, and the Middle East. In 2019, its average global print circulation was over 909,476; this, combined with its digital presence, runs to over 1.6 million. Across its social media platforms, it reaches an audience of 35 million, as of 2016. The newspaper has a prominent focus on data journalism and interpretive analysis over original reporting, to both criticism and acclaim. Founded in 1843, ''The Economist'' was first circulated by Scottish economist James Wilson to muster support for abolishing the British Corn Laws (1815–1846), a system of import tariffs. Over time, the newspaper's coverage expanded further into ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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