By Mike Piper
Locate all the following defined in Plain-English with out technical jargon:
The Accounting Equation and why it's so significant
How to learn and get ready monetary statements
How to calculate and interpret a number of various monetary ratios
The options and assumptions in the back of usually accredited Accounting rules (GAAP)
Preparing magazine entries with debits and credits
Cash approach vs. accrual method
Inventory and value of products Sold
How to calculate depreciation and amortization charges
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A golden firm that is constantly over-performing, has never existed: it is a myth. Consider, for example, that in 1917 the US monthly magazine Forbes published the list of the top 100 US companies. Seventy years later, in 1987, Forbes published once again the original list and showed that 61 companies of the original top 100 had gone out of business. More than that: the surviving 39 companies had down-performed the market by 20 %. 2 2 Year Capital at year-end 0 1 2 3 4 5 6 7 8 9 10 E 100 000 E 120 000 E 144 000 E 172 800 E 207 360 E 165 888 E 298 598 E 358 318 E 429 982 E 515 978 E 619 174 Gain during the year E 20 000 E 24 000 E 28 800 E 34 560 E − 41 472 E + 132 710 E 59 720 E 71 664 E 85 996 E 103 196 Performance (%) +20 % +20 % +20 % +20 % −20 % +80 % +20 % +20 % +20 % +20 % Foster, R.
F. (1997) The Art of Short Selling, New York: John Wiley & Sons, Inc. 32 Investment Strategies of Hedge Funds consider any fees due to the broker or any interest income generated by the liquidity coming from the short sale. A customer sells 100 shares short at a unit price of $100. As a result he has to set up a margin account as follows: $10 000 $5000 Liquidity generated by the short sale Additional margin under Regulation T $15 000 Margin account balance at short sale inception If the share price goes down to $80, the customer makes a $2000 profit: $15 000 $-8000 Margin account balance at short sale inception Necessary outlay to repurchase shorted shares $7000 Margin account balance after closing out the short sale $7000 $-5000 Margin account balance after closing out the short sale Additional margin under Regulation T $2000 Profit Whereas, if the share price goes up to $120, the customer suffers a $2000 loss: $15 000 $-12 000 Margin account balance at short sale inception Necessary outlay to repurchase shorted shares $3000 Margin account balance after closing out the short sale $3000 $-5000 $-2 000 Margin account balance after closing out the short sale Additional margin under Regulation T Loss In this case, however, the margin account stands for 25 % of the share repurchasing price: the New York Stock Exchange (NYSE) requires a minimum 30 % margin and most brokers require at least 35 %.
The probability that among n managers there are a few who obtain k consecutive positive returns is measured by the following formula: 1 n · k 2 k · 1 2 n−k where n! n and where n! = 1 · 2 · = k k! · n − k ! 10 %, namely 1 out of every 1000 investors. 07 %, or 10 out of 1000 investors. 47 %, or 50 out of 1000 investors. The hedge fund picker will always bump into a fund that started to short the NIKKEI in 1990 or the NASDAQ on March 2000, but it is difficult to determine if it was by pure chance or due to the manager’s skills.