Friday, March 30, 2012

investing

 securities: stocks and bonds.
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 Issue: a set of securities that a company or government offers for sale. That is, when a company sells stocks or bonds to the public (or offers them for private placement) the collection of stocks or bonds is said to be an issue. If the company or government is selling a set for the first time, it is said to be making a new issue. Typically, issues of securities may be bought and sold on the open market.
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Liquidation
When a business or firm is terminated or bankrupt, its assets are sold and the proceeds pay creditors and shareholders.

Priority
・creditor (bondholders)
・preferred shareholders
・common shareholders
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 bond: a certificate of ownership of a specified portion of a debt due to be paid by a government or corporation to an individual holder and usually bearing a fixed rate of interest.

 High-grade bond: a bond with Triple-A or Double-A rating in Standard & Poor's, or Moody's rating system.

 principal: The face amount of a bond. Once a bond has been issued, it may sell at more or less than its principal amount, depending upon changes in interest rates and the riskiness of the security. At maturity, however, the bond will be redeemed for its principal amount. Also called principal amount. Funds put up by an investor.

 Maturity: the time when the issuer of a bond or other debt security must repay the principal or when a borrower must repay a loan in full.

 redemption /rɪ'dɛmpʃən/ paying off, as of a mortgage, bond, or note.

 interest /'ɪntərɪst/: a sum paid or charged for the use of money or for borrowing money.

 Interest Rate: The percentage of the value of a balance or debt that one pays or is paid each time period. For example, if one holds a bond with a face value of $1,000 and a 3% interest rate payable each quarter, one receives $30 each quarter. The percentage of the interest rate remains constant (usually), but the amount one pays or is paid changes according to the amount of the balance or debt. For example, if one pays off part of the principal on a loan each month, the amount one pays in interest decreases even though the rate remains the same.

 coupon rate: the interest rate fixed on a coupon bond or other debt instrument.

 face value: the value printed on the face of a stock, bond, or other financial instrument or document.

 Face value:  or par value, is the dollar value of a bond or note.That is the amount the issuer has borrowed, usually the amount you pay to buy the bond at the time it is issued, and the amount you are repaid at maturity, provided the issuer doesn't default. However, bonds may trade at a discount, which is less than face value, or at a premium, which is more than face value, in the secondary market. That's the bond's market value, and it changes regularly, based on supply and demand.

 default /dɪ'fɔlt/  failure to meet financial obligations.

 callable bond (also called redeemable bond): the bond issuer  can redeem it before maturity. The issuer has the right, but not the obligation, to buy back the bonds from the bondholders.

Bond
  short-term: less than one year to maturity
  medium-term: 2-10 years to maturity
  long term: more than 15 years to maturity
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option
・call ・put

 call option:  the buyer of the call option has the right to buy from the seller at a certain time (the expiration date) for a certain price (the strike price).
 put option: the buyer of the put option has the right to sell at the strike price by the future date.
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 Appreciation: an increase in value of a property or other asset. 
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 Yield. Yield is the rate of return on an investment expressed as a percent. Yield is usually calculated by dividing the amount you receive annually in dividends or interest by the amount you spent to buy the investment.
In the case of stocks, yield is the dividend you receive per share divided by the stock's price per share. With bonds, it is the interest divided by the price you paid. Current yield, in contrast, is the interest or dividends divided by the current market price. In the case of bonds, the yield on your investment and the interest rate your investment pays are sometimes, but by no means always, the same. If the price you pay for a bond is higher or lower than par, the yield will be different from the interest rate. For example, if you pay $950 for a bond with a par value of $1,000 that pays 6% interest, or $60 a year, your yield is 6.3% ($60 ÷ $950 = 0.0631). But if you paid $1,100 for the same bond, your yield would be only 5.5% ($60 ÷ $1,100 = 0.0545).
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 Bootstrap: To start a company with personal finances rather than through loans or venture capital.
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 Venture Capital: The provision of funding for a start-up.
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 Portfolio: the set of open positions held by an investor.
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 Dollar-cost averaging: to invest the same quantity in the same issue each month.
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 Market Value: a subjective estimate of what a willing buyer would pay a willing seller for a given asset, assuming both have a reasonable knowledge of the asset's worth.
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・book value
・market value

 book value: 1.the value of a business, property, etc., as stated in a book of accounts. 2.total assets minus all liabilities; net worth.
 market value: 1.the value of a business, property, etc., in terms of what it can be sold for on the open market; current value . 2.market price.
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・book value
・assets
・liabilities

 book value (Net Asset Value): underlying value of the company, value of the company's assets minus the value of its liabilities.
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Asset
・tangible ・intangible

 Tangible asset: have a physical form;include both fixed assets, such as machinery, buildings and land, and current assets, such as inventory.
 Intangible asset: nonphysical assets, such as patents, trademarks, copyrights, goodwill and brand recognition.
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investment
speculation
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market price
underlying value
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 emolument /ɪ'mɒlyəmənt/ profit, salary, or fees from office or employment; compensation for services.
 fee/fi/ A charge or payment for professional services.A sum paid or charged for a privilege.A charge allowed by law for the service of a public officer.
 commission:  a sum or percentage allowed to agents, sales representatives, etc., for their services.
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Margin buying is buying securities with cash borrowed from a broker, using other securities as collateral.
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capital/'kæpɪtl/
4.the wealth, whether in money or property, owned or employed in business by an individual, firm, corporation, etc.
5.an accumulated stock of such wealth.
6.any form of wealth employed or capable of being employed in the production of more wealth.
7.Accounting  a.assets remaining after deduction of liabilities; the net worth of a business. b.the ownership interest in a business.
any source of profit, advantage, power, etc.; asset.
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fund /fʌnd/
1.a supply of money or pecuniary resources, as for some purpose: a fund for his education; a retirement fund.
2.supply; stock: a fund of knowledge; a fund of jewels.
3.funds, money immediately available; pecuniary resources.
4.an organization created to administer or manage a fund, as of money invested or contributed for some special purpose.
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account/ə'kaʊnt/
7.an amount of money deposited with a bank, as in a checking or savings account.
8.Also called charge account. an accommodation or service extended by a business to a customer or client permitting the charging of goods or services, the returning for credit of unsatisfactory merchandise, etc.
9.a statement of financial transactions.
10.Bookkeeping .
a.a formal record of the debits and credits relating to the person, business, etc., named at the head of the ledger account.
b.a balance of a specified period's receipts and expenditures.
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Net Current Asset: a company's current assets minus the total (or current?) liabilities

working capital 
1. the amount of capital needed to carry on a business.
2. current assets minus current liabilities.
3. liquid capital assets as distinguished from fixed capital assets.
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asset
・fixed  ・liquid

 fixed asset: any long-term asset, as a building, tract of land, or patent.
 liquid asset: an asset in the form of money, or one that can be converted quickly into money.
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proceeds
a. something that results or accrues.
b. the total amount derived from a sale or other transaction.
c. the profits or returns from a sale, investment, etc.
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defer /dɪ'fɜr/: to put off (action, consideration, etc.) to a future time.
put off: to postpone or delay.
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obligation /ɒblɪ'geɪʃən/ any bond, note, bill, certificate, or the like, as of a government or a corporation, serving as evidence of indebtedness.
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debenture /dɪ'bɛntʃər/certificate of indebtedness.
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market capitalization = total stock value
Market capitalization (often simply market cap) is the total value of the tradable shares of a publicly traded company; it is equal to the share price times the number of shares outstanding. Preferred shares are not included in the calculation.
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capital structure
how the corporation finances its assets through some combination of equity, debt, or hybrid securities.

For example, a firm that sells $20 billion in equity and $80 billion in debt is said to be 20% equity-financed and 80% debt-financed.
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convertible note (or, if it has a maturity of greater than 10 years, a convertible debenture) is a type of bond that the holder can convert into shares of common stock in the issuing company or cash of equal value, at an agreed-upon price.
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amortize /'æmərtaɪz/ to liquidate or extinguish (a mortgage, debt, or other obligation), especially by periodic payments to the creditor or to a sinking fund.
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underwrite  ('ʌndəraɪt)
1. finance  to undertake to purchase at an agreed price any unsold portion of (a public issue of shares, etc)
2. to accept financial responsibility for (a commercial project or enterprise)
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arbitrage /'ɑrbɪtrɑʒ/ the simultaneous purchase and sale of the same securities, commodities, or foreign exchange in different markets to profit from unequal prices.
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pro forma /proʊ 'fɔrmə/ indicating hypothetical financial figures based on previous business operations for estimate purposes.
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beta /'beɪtə/ Also called beta coefficient, beta line. Stock Exchange . an arbitrary measure of the volatility of a given stock using an index of the volatility of the market as a whole: A beta of 1.1 indicates a stock that is 10 percent more volatile than the market.
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 Earnings: a company's total revenue less its operating expenses, interest paid, depreciation, and taxes.

 revenue /'rɛvənyu/ Revenues, the collective items or amounts of income of a person, a state, etc. The return or yield from any kind of property, patent, service, etc.; income. An amount of money regularly coming in.
 income /'ɪnkʌm/ the monetary payment received for goods or services, or from other sources, as rents or investments.
 receipt /rɪ'sit/ receipts, the amount or quantity received.

 expenditure /ɪk'spɛndɪtʃər/ 1. the act of expending  something, especially funds; disbursement; consumption. 2. something that is expended; expense.
 expense /ɪk'spɛns/  cost or charge: the expense of a good meal. The act of expending; expenditure.

 Operating Expense: expenditure that a business incurs as a result of performing its normal business operations. Example: employees' wages, research and development funds.

 depreciation /dɪpriʃi'eɪʃən/ 1.decrease in value due to wear and tear, decay, decline in price, etc. 2.such a decrease as allowed in computing the value of property for tax purposes. 3.a decrease in the purchasing or exchange value of money. 4.a lowering in estimation.
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 earnings /'ɜrnɪŋz/ money earned;  wages; profits.

profit
・gross・operating ・net

 profit /'prɒfɪt/ Pecuniary gain resulting from the employment of capital in any transaction. Returns, proceeds, or revenue, as from property or investments. The monetary surplus left to a producer or employer after deducting wages, rent, cost of raw materials, etc.
 gross profit: gross receipts less the cost of goods or production but before the deduction of such other costs as rent or salaries.
 operating profit: a company's earning power from its operations, equal to earnings before deduction of interest payments and income taxes.
 net profit: the actual profit made on a business transaction, sale, etc., or during a specific period of business activity, after deducting all costs from gross receipts.
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・bull market ・bear market

 bull market: A market, especially a stock market, characterized by rising prices.
 bear market: A market, especially a stock market, characterized by falling prices.
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issue
・junior・senior

 Junior Issue: any issue that ranks lower in claim to another issue in terms of dividends, interest, principal, etc.
 Senior: opposite of junior
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 stock /stɒk/  1.the outstanding capital of a company or corporation. 2.the shares of a particular company or corporation.
 quotation /kwoʊ'teɪʃən/ the statement of the current or market price of a commodity or security.

 common stock: stock that ordinarily has no preference in the matter of dividends or assets and represents the residual ownership of a corporate business.

 preferred stock
・Preference in dividends.
・Preference in assets in the event of liquidation.
・Convertible into common stock.
・Callable at the option of the corporation.
・Nonvoting.

 equity: stock, both common and preferred. Also called equity security.
 dividend /'dɪvɪdɛnd/ a sum of money paid to shareholders of a corporation out of earnings.
 shareholder /'ʃɛərhoʊldər/ a holder  or owner of shares,  especially in a company or corporation.
 share /ʃɛər/ one of the equal fractional parts into which the capital stock of a joint-stock company or a corporation is divided.
 broker /'broʊkər/ 1. an agent who buys or sells for a principal on a commission basis without having title to the property. 2. a person who functions as an intermediary between two or more parties in negotiating agreements, bargains, or the like. 3. stockbroker.
 stockbroker /'stɒkbroʊkər/ a broker,  especially one employed by a member firm of a stock exchange,  who buys and sells stocks  and other securities for customers.
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 corporation /kɔrpə'reɪʃən/  an association of individuals, created by law or under authority of law, having a continuous existence independent of the existences of its members, and powers and liabilities distinct from those of its members.
 municipal corporation: a city, town, village, etc., that operates under a corporate charter granted by the state.
 public corporation:  1. a corporation, owned and operated by a government, established for the administration of certain public programs. 3. a large private corporation with many shares, which are sold to the public or traded on a stock exchange.
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 on commission: paid entirely or partially with commissions from sales one has made or for work one has done: The salespeople who are on commission earn 6 percent of the total amount they sell.
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 fund /fʌnd/ 1. a supply of money or pecuniary resources, as for some purpose: a fund for his education; a retirement fund. 2. supply; stock: a fund of knowledge; a fund of jewels. 3.funds, money immediately available; pecuniary resources: to be momentarily without funds. 4. an organization created to administer or manage a fund, as of money invested or contributed for some special purpose.

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net current assets = working capital
net assets = book value
working capital =  current assets - current liabilities
book value    =  total assets  - total liabilities

total assets = current assets + ??
total liabilities = current liabilities + ??
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aggregate market value of common =
  price of share * number of shares of common

total capitalization at market =
  debt + market  value of common + preferred stock

earned per share =
  net income / number of shares of common

price/earnings ratio =
 price of share / earned per share

price / book value  ratio =
  price of share /  book value per share

net/sales = net income / sales

earnings / book value = net income / book value

stock capital = book  value

capital structure = the number of shares of common stock and the market value of common

total number of shares of common = number of shares of common + assuming all preferred stock converted to common
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pag 10
The purchase of high-grade bonds plus a diversified list of leading common stocks.

pag 22
Divide his holdings between high-grade bonds and leading common stocks.... never less than 25% or more than 75%

pag 22
defensive investor: interested in safety and freedom from bother

pag 28
The defensive investor must confine himself to the shares of important companies with a long record of profitable operations and in strong financial conditions.

pag  47
Holders of stocks have the possibility that a loss of the dollar's purchasing power ( inflation) may be offset by advances in their dividends and the prices of their shares.

pag 89
Buy stocks at bargain prices in a protracted bear market.
Sell stocks when prices are dangerously high.

pag 98
the preferred holder lacks both the legal claim of the bondholder, and the profit possibilities of a common shareholder.

pag 99
A bondholder is entitled to receive fixed interest and payment of principal on a definite date. The owner of a preferred stock is entitled to a fixed dividend, and no more, which must be paid before any commom dividend.

pag 99
All investment-grade preferred stocks should be bought by corporations, just as all tax-exempt bonds should be bought by investors who pay income tax.

pag 114
Rules of common stock selection
1. mininum of 10, maximum of 30 issues
2. each company should be large, prominent, and conservatively financed.
3. long record of continuous dividend payments.
4. price no more than 25 times the average earnings of the past 7 years.

pag 120
we urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.

pag 122
an industrial company's finances are not conservative unless the common stock (at book value) represents at least half of the total capitalization, including all bank debt. For a railroad or public utility the figure should be at least 30%.

pag 140
Bull-market periods are usually characterized by the transformation of a large number of privately owned businesses into companies with quoted shares.

pag 177
Financial history says clearly that the investor may expect satisfactory results, on the average, from secondary common stocks only if he buys them for less than their value to a private owner, that is, on a bargain basis.

pag 188
To the extent that the investor's funds are placed in high-grade bonds of relatively short maturity - say, of seven years or less - he will not be affected significantly by changes in market prices and need not take them into account.

pag 189
By pricing we mean the endeavor to buy stocks when they are quoted below their fair value and to sell them when they rise above such value.

pag 198
the better a company's record  and prospects, the less  relationship the price of its shares will have to their book value.

pag 200
A stock does not become a sound investment merely because it can be bought at close to its asset value. The investor should demand, in addition, a satisfactory ratio of earnings to price, a sufficiently strong financial position, and the prospect that its earnings will at least be maintained over the years.

pag 202
The stock market often goes far wrong, and sometimes an alert and courageous investor can take advantage of its patent errors.

pag 203
The true investor scarcely ever is forced to sell his shares, and at all other times he is free to disregard the current price quotation. He needs pay attention to it and act upon it only to the extent that it suits his book, and no more. Thus the investor who permits himself to be stampeded of unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage. That man would be better off if his stock had no market quotation at all, for he would then be spared the mental anguish caused him by other person's mistakes of judgment.

pag 205
Basically, price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal. At other times he will do better if he forgets about the stock market and pays attention to his dividend returns and to the operating results of his companies.

pag 205
The investor's primary interest lies in acquiring and holding suitable securities at suitables prices.

pag 206
It is far from certain that the typical investor should regularly hold off buying until low market levels appear, because this may involve a long wait, very likely the loss of income, and the possible missing of investment opportunities. On the whole it may be better for the investor to do his stock buying whenever he has money to put in stocks, except when the general market level is much higher than can be justified by well-established standards of value. If he wants to be shrewd he can look for the ever-present bargain opportunities in individual securities.

pag 226
One course open to the defensive investor is to put his money into investment-company shares. Those that are redeemable on demand by the holder, at net asset value, are commonly know as "mutual funds"(or "open-end funds").

pag 238
If you want to put money in investment funds, buy a group of closed-end shares at a discount of, say, 10% to 15% from asset value, instead of paying a premium of about 9% above asset value for shares of an open-end company.

pag 268
to underwrite means to guarantee to the issuing corporation, or other issuer, that the security will be fully sold.

pag 271
Defensive investors will confine themselves to high-grade bonds and the common stocks of leading corporations.

pag 283
The chief criterion used for corporate bonds is the number of times that total interest charges have been covered by available earnings for some years in the past. In the case of preferred stocks, it is the number of times that bond interest and preferred dividends combined have been covered.

pag 287
Thus in the past, at least, there have been persuasive reasons for confining the purchase of industrial bonds and preferred stocks to companies that not only are of major size but also have shown an ability in the past to withstand a serious depression.

pag 293
Stock of a company with a lot of surplus cash and nothing ahead of the common is clearly a better purchase (at the same price) than another one with the same per share earnings but large bank loans and senior securities.

pag 294
one of the most persuasive tests of high quality is an uninterrupted record of dividend payments going back over many years. We think that record of continuous dividend payments for the last 20 years or more is an important plus factor in the company's quality rating. Indeed the defensive investor might be justified in limiting his purchases to those meeting this test.

pag 310
Don't take a single year's earnings seriously. If you do pay attention to short-term earnings, look out for booby traps in the per-share figures.

pag 337, 348
seven statistical requirements for inclusion in a defensive investor's portfolio

 Adequate size: not less than $100 million of annual sales for an industrial company and, not less than $50 million of total assets for a public utility.
2. a sufficiently strong financial position: for industrial companies current assets should be at least twice current liabilities. Long-term debt should not exceed the net current assets (working capital). For public utilities the debt should not exceed twice the stock equity (at book value).
3. Continued dividends for at least the past 20 years.
4. No earnings deficit in the past ten years.
5. Ten-year growth of at least one-third in per-share earnings: a minimum increase of at least one-third in per-share earnings in the past ten years using three-year averages at the beginning and end.
6. Price of stock no more than 1.5 times net asset value (book value).
7. Price no more than 15 times average earnings of the past three years.

pag 347
The defensive investor who follows our suggestions wil purchase only high-grade bonds plus a diversified list of common stocks. He is to make sure that the price at which he bought the latter is not unduly high as judged by applicable standards.

pag 391
It always seemed, and still seems, ridiculously simple to say that if one can aquire a diversified group of common stocks at a price less than the applicable net current assets alone - after deducting all prior claims, and counting as zero the fixed and other assets- the results should be quite satisfactory.

pag 403
stock-option warrant: long-term rights to buy common shares at stipulated prices.

pag 414
Ordinarily, a common stock issue has the first right to buy additional common shares when the company's directors find it desirable to raise capital in this manner. This so-called "preemptive right" is one of the elements of value entering into the ownership of common stock - along with the right to receive dividends, to participate in the company's growth, and to vote for directors.

pag 513
The margin of safety for bonds may be calculated by comparing the total value of the enterprise with the amount of debt. If the business owes $10 million and is worth $30 million there is room for a shrinkage of two-thirds in value before the bondholders will suffer loss.
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emolument  /ɪ'mɒlyəmənt/ profit, salary, or fees from office or employment;
 folly /'fɒli/ the state or quality of being foolish; lack of understanding or sense.
 whereby /wɛər'baɪ/  by what or by which; under the terms of which.
 whereas /wɛər'æz/ while on the contrary
 thereafter /ðɛər'æftər/ after that in time or sequence; afterward.
 preclude /prɪ'klud/ 1.to prevent the presence, existence, or occurrence of; make impossible.2.to exclude or debar from something.
 run-of-the-mill /'rʌnəvðəmɪl/ merely average; commonplace; mediocre.
 boom /bum/ a period of rapid economic growth, prosperity, high wages and prices, and relatively full employment.
 endow /ɛn'daʊ/ to provide with a permanent fund or source of income.
 shenanigan /ʃə'nænɪgən/Usually, shenanigans.mischief; prankishness. deceit;trickery.
 quirk /kwɜrk/
1.a peculiarity of action, behavior, or personality; mannerism.
2.a shift, subterfuge, or evasion; quibble.
3.a sudden twist or turn.
 bona fide /'boʊnə faɪd/ 1.made, done, presented, etc., in good faith; without deception or fraud. 2.authentic; true.
 therefor /ðɛər'fɔr/ for or in exchange for that or this; for it.
 notwithstanding   /nɒtwɪð'stændɪŋ/ in spite of; without being opposed or prevented by.
 perforce /pər'fɔrs/ of necessity; necessarily; by force of circumstance.
 sell out: to dispose of entirely by selling.
 assay /æ'seɪ/ to examine or analyze.
 vitiate /'vɪʃieɪt/ to impair the quality of; make faulty; spoil.
 thereto /ðɛər'tu/ 1.to that place, thing, etc. 2.to that matter, circumstance, etc.
 genus /'dʒinəs/ a kind; sort; class.
 levelheaded /'lɛvəl'hɛdɪd/ having common sense and sound judgment; sensible.
 vindicate /'vɪndɪkeɪt/ to clear, as from an accusation, imputation, suspicion, or the like: to vindicate someone's honor.
 molehill /'moʊlhɪl/ a small mound or ridge of earth raised up by a mole  or moles  burrowing under the ground.
 foreshorten   /fɔr'ʃɔrtn/ to abridge, reduce, or contract; make shorter.
 outset /'aʊtsɛt/ the beginning or start
 run-of-the-mine /'rʌnəvðə'maɪn/ common or ordinary; run-of-the-mill.
 ratify /'rætəfaɪ/
1.to confirm by expressing consent, approval, or formal sanction.
2.to confirm (something done or arranged by an agent or by representatives) by such action.
 legerdemain /lɛdʒərdə'meɪn/
1.sleight of hand.
2.trickery; deception.
3.any artful trick.
 mince /mɪns/ to soften, moderate, or weaken (one's words), especially for the sake of decorum or courtesy.
 ominous /'ɒmənəs/
1.portending evil or harm; foreboding; threatening; inauspicious.
2.having the significance of an omen.
 assignat /'æsɪgnæt/ one of the notes issued as paper currency from 1789 to 1796 by the revolutionary government on the security of confiscated lands.
 wanton /'wɒntn/
1.done, shown, used, etc., maliciously or unjustifiably.
2.deliberate and without motive or provocation; uncalled-for; headstrong; willful.
3.without regard for what is right, just, humane, etc.; careless; reckless.
4.sexually lawless or unrestrained; loose; lascivious; lewd.
5.extravagantly or excessively luxurious, as a person, manner of living, or style.
 tottering /'tɒtərɪŋ/
1.walking unsteadily or shakily.
2.lacking security or stability; threatening to collapse; precarious.
 ignominious /ɪgnə'mɪniəs/
1.marked by or attended with ignominy;  discreditable; humiliating: an ignominious retreat.
2.bearing or deserving ignominy;  contemptible.
 abet /ə'bɛt/ to encourage, support, or countenance by aid or approval, usually in wrongdoing.
 wag /wæg/ to move from side to side, forward and backward, or up and down, especially rapidly and repeatedly.
 skimpy /'skɪmpi/
1.lacking in size, fullness, etc.; scanty.
2.too thrifty; stingy
 conspicuous /kən'spɪkyuəs/ easily seen or noticed; readily visible or observable
 heteroclite /'hɛtərəklaɪt/ irregular or abnormal; anomalous.
 hindsight /'haɪndsaɪt/ recognition of the realities, possibilities, or requirements of a situation, event, decision etc., after its occurrence.
 stalwart /'stɔlwərt/ strongly and stoutly built; sturdy and robust.
 volatile /'vɒlətl/ (of prices, values, etc.) tending to fluctuate sharply and regularly.
 thereon /ðɛər'ɒn/ 1. on or upon that or it. 2. immediately after that; thereupon.
 abstruse /æb'strus/ 1. hard to understand; recondite; esoteric: abstruse theories. 2. Obsolete . secret; hidden.
 commingle /kə'mɪŋgəl/ to mix or mingle  together; combine.
 astray /ə'streɪ/ 1.out of the right way; off the correct or known road, path, or route: Despite specific instructions, they went astray and got lost. 2.away from that which is right; into error, confusion, or undesirable action or thought: They were led astray by their lust for money.
 acumen /ə'kyumən/ keen insight; shrewdness: remarkable acumen in business matters.
 therein /ðɛər'ɪn/ 1.in or into that place or thing. 2. in that matter, circumstance, etc.
 cognoscenti /kɒnyə'ʃɛnti/ persons who have superior knowledge and understanding of a particular field, especially in the fine arts, literature, and world of fashion.
 therefrom /ðɛər'frʌm/ from  that place, thing, etc.
herein /hɪər'ɪn/ 1. in or into this place. 2. in this fact, circumstance, etc.; in view of this.
 hitherto /'hɪðərtu/ 1.up to this time; until now: a fact hitherto unknown. 2.to here.

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