Reading comprehension boosters 100 lessons for building higher level literacy

... palazzo, thinking about the value of the prestiti that your family has had registered at the loan office in the Piazza San Marco for the past few generations From your own experience and that ... pieces of paper of a certain face value, purchased at a discount For example, the Bank of England might offer a bill with a face value of ten pounds It could be purc...

Ngày tải lên: 20/06/2014, 20:20

... same as saying that the present value of a week in Paris in a decade has cheapened Again, an increase in the DR means that the present value of a future item has decreased; if the value of one ... the case of companies that are buying back their shares A company that has grown its earnings by 5% per year and annually buys back 5% of its outstanding shares will appr...

Ngày tải lên: 20/06/2014, 20:20

... economists, and psychologists—began the serious mathematical study of social phenomena In Chapter 1, we saw that a dramatic improvement in the quality of financial data occurred at the beginning of the ... was the result of a massive collaborative effort to collect and analyze stock and bond prices As researchers began to examine the aggregate performance of stocks a...

Ngày tải lên: 20/06/2014, 20:20

... managers fail this trial and are still in the deepest stages of denial We’ll examine their rationalizations for active management at the end of this chapter The cream of the crop—thoughtful and ... computer, The Market Is Smarter Than You Are 89 made possible the storage and analysis of a mass and quality of stock data that Cowles could only dream of Any time you h...

Ngày tải lên: 20/06/2014, 20:20

... past the cusp of one of the greatest speculative bubbles of all time For this generation, the horses are already out of the barn, and it may be another 30 years the typical 129 130 The Four Pillars ... inception of Morgan Stanley’s EAFE (Europe, Australasia, and Far East) Index As of year-end 2000, there is a 32-year track record of accurate foreign returns F...

Ngày tải lên: 20/06/2014, 20:20

... with the vast amounts of capital now available There was even a fashionable new technology involved: the laws of probability Fermat and Pascal had recently invented this branch of mathematics, and, ... technology the East India Company and the Tops: A History of Manias 143 other great trading corporations of England and Holland—made vast fortunes with it This is another e...

Ngày tải lên: 20/06/2014, 20:20

... First, the knowledge that brutal bear markets are a fact of life and that there is no way to avoid their effects And second, that when times get tough, the former stays the course; the latter abandons ... You The next major error that investors make is the assumption that the immediate past is predictive of the long-term future Take a look at the data from the tabl...

Ngày tải lên: 20/06/2014, 20:20

... the company If analysts are too critical of the companies they are covering, that vital information the lifeblood of their craft—could dry up in a heartbeat So the recommendations parroted back ... fee each year The ad urges the magazine’s investment-professional readers to “Find out more about the annuity that keeps paying and paying and paying ” A great deal, no doubt,...

Ngày tải lên: 20/06/2014, 20:20

... well that they can get away with a regular output of unvarnished reality As we’ve already seen, Jane Bryant Quinn is one of these Scott Burns of the 222 The Four Pillars of Investing Dallas Morning ... withdrawal rate would actually have depleted all the portfolios in about 15 years This means that a “penalty” of about 1.5%–2% was extracted by the luck of the draw...

Ngày tải lên: 20/06/2014, 20:20

... Tax-Exempt Vanguard High-Yield Tax-Exempt State Funds: Vanguard California Intermediate-Term Tax-Exempt Vanguard California Long-Term Tax-Exempt Vanguard Florida Long-Term Tax-Exempt Vanguard Massachusetts ... things to say about these vehicles a few chapters ago, but here I’d make a rare exception Vanguard does make available a relatively lowcost VA, and REITs are one of the few ar...

Ngày tải lên: 20/06/2014, 20:20

... difference; it mandates investing larger amounts of money at market bottoms than at market tops You can think of value averaging as a combination of DCA and rebalancing (Value averaging works just as well ... capital gains If, over the years, an average of 50% of the fund value consisted of unrealized capital gains, then this would cause about 3% of the portfolio value e...

Ngày tải lên: 20/06/2014, 20:20

... matter, and the performance of active managers does not persist Duh The laws of arithmetic continue to apply: since professional investors are the market, in the aggregate they must receive the ... Corporate Fund, 261 Vanguard Small-Cap Index Fund, 99 Vanguard Tax-Managed Small-Cap Index Fund, 99 Vanguard Total International Fund, 255, 256 Vanguard Total Stock Market Fund, 104,...

Ngày tải lên: 20/06/2014, 20:20

... the same as saying that the present value of a week in Paris in a decade has cheapened Again, an increase in the DR means that the present value of a future item has decreased; if the value of ... versus Growth Abroad, 1975–96 Country Japan Britain France Germany Italy Netherlands Belgium Switzerland Sweden Australia Hong Kong Singapore Average Value Stocks Growth Stocks Value Advantage...

Ngày tải lên: 21/06/2014, 02:20

... Morgan Stanley’s EAFE (Europe, Australasia, and Far East) Index As of year-end 2000, there is a 32-year track record of accurate foreign returns For the period, this index shows an 11.89% annualized ... was less than inflation—that is, it had a negative real return—whereas the EAFE beat inflation handily You’ll also see that the EAFE beat the S&P 500 by a similar margin in the 1980s T...

Ngày tải lên: 21/06/2014, 02:20

... financial chaos of Paris arrived a most extraordinary Scotsman: John Law After escaping the hangman for killing a man in a 1694 duel, he studied the banking system in Amsterdam and eventually made ... poor quality of the roads and public safety made travel a dangerous, slow, and extremely uncomfortable endeavor At a stroke, the railroads made overland travel cheap, safe, rapid, an...

Ngày tải lên: 21/06/2014, 02:20