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Questions and Answers
Mutual funds are an aggregate of stocks, bonds, and assets purchased with money from many ______ and typically managed by a portfolio manager and investment experts.
Mutual funds are an aggregate of stocks, bonds, and assets purchased with money from many ______ and typically managed by a portfolio manager and investment experts.
investors
Mutual funds are the most common investment vehicle for individuals because they do not require a lot of money to get ______.
Mutual funds are the most common investment vehicle for individuals because they do not require a lot of money to get ______.
started
When putting money into a mutual fund, it is being thrown into a pot with another couple hundred million of pesos that can go as high as a billion pesos or ______.
When putting money into a mutual fund, it is being thrown into a pot with another couple hundred million of pesos that can go as high as a billion pesos or ______.
more
Detailed information about the mutual fund is called ______.
Detailed information about the mutual fund is called ______.
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Portfolio managers or money managers are paid from a fee within the fund, usually a percentage of the value of the ______.
Portfolio managers or money managers are paid from a fee within the fund, usually a percentage of the value of the ______.
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No-load mutual funds let you avoid paying a sales commission on the ______.
No-load mutual funds let you avoid paying a sales commission on the ______.
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A 6% front load means you pay 6% of every peso invested as a fee, you invest in the remaining fund.An investment of PHP 100,000 means that PHP 94,000 goes to the fund and PHP 6,000 goes to the ______.
A 6% front load means you pay 6% of every peso invested as a fee, you invest in the remaining fund.An investment of PHP 100,000 means that PHP 94,000 goes to the fund and PHP 6,000 goes to the ______.
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Deferred sales charge permits the load to be postponed, and it gradually declines over a period of years until the sales charge is 0.Example: If you invest PHP 100,000 in February in a mutual fund with a 5% deferred sales charge, you would pay 5% if you sell the fund the first year, 4% the second year, and so forth until the sixth year, when you could withdraw all the funds without a ______.
Deferred sales charge permits the load to be postponed, and it gradually declines over a period of years until the sales charge is 0.Example: If you invest PHP 100,000 in February in a mutual fund with a 5% deferred sales charge, you would pay 5% if you sell the fund the first year, 4% the second year, and so forth until the sixth year, when you could withdraw all the funds without a ______.
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Back-end loads means you pay a set fee upon the sale of the mutual fund.Example: If you purchase and then sell a fund within too short a time, certain funds will charge a back-end fee, often 1 or 2 % HOW TO BUY MUTUAL FUNDS 1.Call a stockbroker, a professional buyer and seller of investments, and ask about the ______.
Back-end loads means you pay a set fee upon the sale of the mutual fund.Example: If you purchase and then sell a fund within too short a time, certain funds will charge a back-end fee, often 1 or 2 % HOW TO BUY MUTUAL FUNDS 1.Call a stockbroker, a professional buyer and seller of investments, and ask about the ______.
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Money can be taken directly from the bank account each month and transferred into a mutual fund. It offers ______.
Money can be taken directly from the bank account each month and transferred into a mutual fund. It offers ______.
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If you diversified and one or more of your investments hits a slump, you can rely on your other investments to boost your total ______.
If you diversified and one or more of your investments hits a slump, you can rely on your other investments to boost your total ______.
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It does not cost much out of pocket to buy mutual fund shares. It carries almost no risk of going bankrupt.This is due to diversification within a fund, a mutual fund is very unlikely to lose its entire ______.
It does not cost much out of pocket to buy mutual fund shares. It carries almost no risk of going bankrupt.This is due to diversification within a fund, a mutual fund is very unlikely to lose its entire ______.
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A mutual fund is a vehicle made up of a pool of monies collected from investors for the purpose of investing in securities in stocks, bonds, and money markets. It is structured and maintained to match investment objectives such as Growth and Liquidity. This is known as a ______.
A mutual fund is a vehicle made up of a pool of monies collected from investors for the purpose of investing in securities in stocks, bonds, and money markets. It is structured and maintained to match investment objectives such as Growth and Liquidity. This is known as a ______.
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In a mutual fund, each shareholder participates proportionately in the gains/losses of the fund based on the ______ per share (NAVPS).
In a mutual fund, each shareholder participates proportionately in the gains/losses of the fund based on the ______ per share (NAVPS).
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In mutual funds, the market capitalization is determined by the number of ______ outstanding.
In mutual funds, the market capitalization is determined by the number of ______ outstanding.
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The investment advisor in a mutual fund company acts in the best interest of the shareholders and may recommend a specific investment known as a 'pick'. The 'pick' is chosen by the ______.
The investment advisor in a mutual fund company acts in the best interest of the shareholders and may recommend a specific investment known as a 'pick'. The 'pick' is chosen by the ______.
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The personnel involved in a mutual fund company include fund accountants who are responsible for the calculation of the ______.
The personnel involved in a mutual fund company include fund accountants who are responsible for the calculation of the ______.
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Deferred sales charge permits the load to be postponed, gradually declining over a period of years. This means that if you invest in a mutual fund with a deferred sales charge, you would pay a percentage of the sales charge if you sell the fund within a certain timeframe until the sales charge reaches ______.
Deferred sales charge permits the load to be postponed, gradually declining over a period of years. This means that if you invest in a mutual fund with a deferred sales charge, you would pay a percentage of the sales charge if you sell the fund within a certain timeframe until the sales charge reaches ______.
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Mutual funds are an aggregate of stocks, bonds, and assets purchased with money from many ______ and typically managed by a portfolio manager and investment experts.
Mutual funds are an aggregate of stocks, bonds, and assets purchased with money from many ______ and typically managed by a portfolio manager and investment experts.
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Deferred sales charge permits the load to be postponed, and it gradually declines over a period of years until the sales charge is 0. Example: If you invest PHP 100,000 in February in a mutual fund with a 5% deferred sales charge, you would pay 5% if you sell the fund the first year, 4% the second year, and so forth until the sixth year, when you could withdraw all the funds without a ______.
Deferred sales charge permits the load to be postponed, and it gradually declines over a period of years until the sales charge is 0. Example: If you invest PHP 100,000 in February in a mutual fund with a 5% deferred sales charge, you would pay 5% if you sell the fund the first year, 4% the second year, and so forth until the sixth year, when you could withdraw all the funds without a ______.
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It does not cost much out of pocket to buy mutual fund shares. It carries almost no risk of going bankrupt. This is due to diversification within a fund, a mutual fund is very unlikely to lose its entire ______.
It does not cost much out of pocket to buy mutual fund shares. It carries almost no risk of going bankrupt. This is due to diversification within a fund, a mutual fund is very unlikely to lose its entire ______.
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When putting money into a mutual fund, it is being thrown into a pot with another couple hundred million of pesos that can go as high as a billion pesos or ______.
When putting money into a mutual fund, it is being thrown into a pot with another couple hundred million of pesos that can go as high as a billion pesos or ______.
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Money can be taken directly from the bank account each month and transferred into a mutual fund. It offers ______.
Money can be taken directly from the bank account each month and transferred into a mutual fund. It offers ______.
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A 6% front load means you pay 6% of every peso invested as a fee, you invest in the remaining fund. An investment of PHP 100,000 means that PHP 94,000 goes to the fund and PHP 6,000 goes to the ______.
A 6% front load means you pay 6% of every peso invested as a fee, you invest in the remaining fund. An investment of PHP 100,000 means that PHP 94,000 goes to the fund and PHP 6,000 goes to the ______.
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Hedge funds are not required to register with the SEC in the US and are subject to virtually no regulatory oversight, meaning they take significant ______.
Hedge funds are not required to register with the SEC in the US and are subject to virtually no regulatory oversight, meaning they take significant ______.
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Hedge funds are similar to mutual funds in that they are pooled investment vehicles that accept investors' money and generally invest it on a collective basis, but hedge funds solicit funds from (wealthy) individuals and other investors like commercial ______.
Hedge funds are similar to mutual funds in that they are pooled investment vehicles that accept investors' money and generally invest it on a collective basis, but hedge funds solicit funds from (wealthy) individuals and other investors like commercial ______.
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Hedge funds are a type of investment pool that solicits funds from (wealthy) individuals and other investors and invests these funds on their behalf, making them different from mutual funds that are open to any investor and have greater ______ oversight.
Hedge funds are a type of investment pool that solicits funds from (wealthy) individuals and other investors and invests these funds on their behalf, making them different from mutual funds that are open to any investor and have greater ______ oversight.
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Hedge funds, unlike mutual funds, are not required to register with the SEC in the US and are subject to virtually no regulatory oversight, allowing them to take on significant investment ______.
Hedge funds, unlike mutual funds, are not required to register with the SEC in the US and are subject to virtually no regulatory oversight, allowing them to take on significant investment ______.
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Hedge funds, similar to mutual funds, are pooled investment vehicles that accept investors' money and generally invest it on a collective basis, but hedge funds have more flexibility in their investment strategies due to their more limited regulatory ______.
Hedge funds, similar to mutual funds, are pooled investment vehicles that accept investors' money and generally invest it on a collective basis, but hedge funds have more flexibility in their investment strategies due to their more limited regulatory ______.
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Banks that do only one type of business are known as ______
Banks that do only one type of business are known as ______
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Consumer Durables financed by finance companies may include appliances and ______
Consumer Durables financed by finance companies may include appliances and ______
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Floor-plan Inventory financing helps businesses finance their ______ with the floor of inventory as collateral
Floor-plan Inventory financing helps businesses finance their ______ with the floor of inventory as collateral
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Captive Sales Finance Companies are usually owned by ______ companies
Captive Sales Finance Companies are usually owned by ______ companies
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Basel III requires a minimum Capital Adequacy Ratio (CAR) of ______
Basel III requires a minimum Capital Adequacy Ratio (CAR) of ______
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Products of Financial Services Industry in the US in 1950 vs 2007 include examples of Financial Institutions with quasi-banking ______
Products of Financial Services Industry in the US in 1950 vs 2007 include examples of Financial Institutions with quasi-banking ______
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Financial intermediaries face various risks including interest rate risk, market risk, credit risk, and ___________ risk
Financial intermediaries face various risks including interest rate risk, market risk, credit risk, and ___________ risk
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Market risk arises for financial intermediaries when actively trading assets and liabilities due to changes in interest rates, exchange rates, and other asset prices, rather than holding them for longer-term investment, funding, or hedging purposes. This risk is also known as ___________ risk
Market risk arises for financial intermediaries when actively trading assets and liabilities due to changes in interest rates, exchange rates, and other asset prices, rather than holding them for longer-term investment, funding, or hedging purposes. This risk is also known as ___________ risk
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Credit risk is the risk faced by financial intermediaries that promised cash flows from loans and securities may not be paid in full. FIs making loans or buying bonds with long maturities are more exposed to this risk than those dealing with short maturities. This is also known as ___________ risk
Credit risk is the risk faced by financial intermediaries that promised cash flows from loans and securities may not be paid in full. FIs making loans or buying bonds with long maturities are more exposed to this risk than those dealing with short maturities. This is also known as ___________ risk
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The risk incurred by financial intermediaries when the maturities of assets and liabilities are mismatched is known as ___________ risk
The risk incurred by financial intermediaries when the maturities of assets and liabilities are mismatched is known as ___________ risk
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The risk faced by financial intermediaries in trading assets and liabilities due to changes in interest rates, exchange rates, and other asset prices is known as ___________ risk
The risk faced by financial intermediaries in trading assets and liabilities due to changes in interest rates, exchange rates, and other asset prices is known as ___________ risk
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The risk that promised cash flows from loans and securities held by financial intermediaries may not be paid in full is known as ___________ risk
The risk that promised cash flows from loans and securities held by financial intermediaries may not be paid in full is known as ___________ risk
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In 1999, some banks agreed to settle their claims with the Russian government, receiving less than five cents for every dollar owed them. This is an example of a ______ on payments.
In 1999, some banks agreed to settle their claims with the Russian government, receiving less than five cents for every dollar owed them. This is an example of a ______ on payments.
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Argentina's economic problems continued into 2003; in September 2003, it defaulted on a $3 billion loan repayment to the IMF. This default led to further ______ on corporate debt.
Argentina's economic problems continued into 2003; in September 2003, it defaulted on a $3 billion loan repayment to the IMF. This default led to further ______ on corporate debt.
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Argentina ended up defaulting on $130 billion in government-issued debt in December 2001, and in 2002, passed legislation that led to defaults on $30 billion of ______ debt owed to foreign creditors.
Argentina ended up defaulting on $130 billion in government-issued debt in December 2001, and in 2002, passed legislation that led to defaults on $30 billion of ______ debt owed to foreign creditors.
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Financial support from international organizations and governments enabled banks to avoid the full extent of losses. Nevertheless, Indonesia had to declare a moratorium on some of its debt repayments, while Russia defaulted on payments on its short-term government ______.
Financial support from international organizations and governments enabled banks to avoid the full extent of losses. Nevertheless, Indonesia had to declare a moratorium on some of its debt repayments, while Russia defaulted on payments on its short-term government ______.
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Argentina had to default on its government debt largely because of an overvalued peso and the adverse effect this had on its exports and foreign currency earnings. This default was influenced by the peso being ______.
Argentina had to default on its government debt largely because of an overvalued peso and the adverse effect this had on its exports and foreign currency earnings. This default was influenced by the peso being ______.
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Technology risk refers to the risk incurred by a financial institution when technological investments do not produce the anticipated ______ savings.
Technology risk refers to the risk incurred by a financial institution when technological investments do not produce the anticipated ______ savings.
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An off-balance-sheet activity does not appear on an FI’s current balance sheet since it does not involve holding a current primary claim (asset) or the issuance of a current secondary claim (liability). Off-balance-sheet activities affect the future shape of an FI’s balance sheet in that they involve the creation of contingent assets and liabilities that give rise to their potential (future) placement on the balance sheet. Accountants place them “below the bottom line” of an FI’s asset and liability balance sheet. An example of an off-balance-sheet activity is the issuance of standby letter of credit guarantees by insurance companies and banks to back the issuance of municipal bonds. FOREIGN EXCHANGE RISK The risk that exchange rate changes can affect the value of an FI’s assets and liabilities denominated in foreign currencies. Example: PHP to USD; USD to British Pound COUNTRY OR SOVEREIGN RISK The risk that repayments from foreign borrowers may be interrupted because of interference from foreign governments. Examples: U.S., European, and Japanese banks had enhanced sovereign risk exposures to countries such as Argentina, Russia, Thailand, South Korea, Malaysia, and Indonesia.
An off-balance-sheet activity does not appear on an FI’s current balance sheet since it does not involve holding a current primary claim (asset) or the issuance of a current secondary claim (liability). Off-balance-sheet activities affect the future shape of an FI’s balance sheet in that they involve the creation of contingent assets and liabilities that give rise to their potential (future) placement on the balance sheet. Accountants place them “below the bottom line” of an FI’s asset and liability balance sheet. An example of an off-balance-sheet activity is the issuance of standby letter of credit guarantees by insurance companies and banks to back the issuance of municipal bonds. FOREIGN EXCHANGE RISK The risk that exchange rate changes can affect the value of an FI’s assets and liabilities denominated in foreign currencies. Example: PHP to USD; USD to British Pound COUNTRY OR SOVEREIGN RISK The risk that repayments from foreign borrowers may be interrupted because of interference from foreign governments. Examples: U.S., European, and Japanese banks had enhanced sovereign risk exposures to countries such as Argentina, Russia, Thailand, South Korea, Malaysia, and Indonesia.
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Hedge funds, similar to mutual funds, are pooled investment vehicles that accept investors' money and generally invest it on a collective basis, but hedge funds have more flexibility in their investment strategies due to their more limited regulatory ______.
Hedge funds, similar to mutual funds, are pooled investment vehicles that accept investors' money and generally invest it on a collective basis, but hedge funds have more flexibility in their investment strategies due to their more limited regulatory ______.
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Products of Financial Services Industry in the US in 1950 vs 2007 include examples of Financial Institutions with quasi-banking ______
Products of Financial Services Industry in the US in 1950 vs 2007 include examples of Financial Institutions with quasi-banking ______
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Detailed information about the mutual fund is called ______.
Detailed information about the mutual fund is called ______.
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Captive Sales Finance Companies are usually owned by ______ companies.
Captive Sales Finance Companies are usually owned by ______ companies.
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Floor-plan Inventory financing helps businesses finance their ______ with the inventory as collateral.
Floor-plan Inventory financing helps businesses finance their ______ with the inventory as collateral.
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Economies of scope refer to an FI’s ability to generate cost synergies by producing more than one output with the same inputs. For example, the same information on the quality of customers stored in its computers can be used to expand the sale of both loan products and insurance products. This is an example of leveraging ______.
Economies of scope refer to an FI’s ability to generate cost synergies by producing more than one output with the same inputs. For example, the same information on the quality of customers stored in its computers can be used to expand the sale of both loan products and insurance products. This is an example of leveraging ______.
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Operational risk is the risk that existing technology or support systems may malfunction or break down. For instance, in September 2001, Citibank's ATM system crashed, causing its 2,000 nationwide ATMs, debit card system, and online banking functions to go down for almost two business days. This is an example of operational risk due to ______ failure.
Operational risk is the risk that existing technology or support systems may malfunction or break down. For instance, in September 2001, Citibank's ATM system crashed, causing its 2,000 nationwide ATMs, debit card system, and online banking functions to go down for almost two business days. This is an example of operational risk due to ______ failure.
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Bank of America announced in February 2005 that it had lost computer backup tapes containing personal information on about 1.2 million federal government employee charge cards. This incident occurred while the tapes were being transported to a data-storage facility for safekeeping, highlighting the importance of data ______ measures.
Bank of America announced in February 2005 that it had lost computer backup tapes containing personal information on about 1.2 million federal government employee charge cards. This incident occurred while the tapes were being transported to a data-storage facility for safekeeping, highlighting the importance of data ______ measures.
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Megamergers like that of Citicorp with Travelers to create Citigroup aim to better exploit economies of scope by combining resources to offer a wide range of services to over 100 million customers. This strategy involves leveraging synergies in banking, securities, and ______ services.
Megamergers like that of Citicorp with Travelers to create Citigroup aim to better exploit economies of scope by combining resources to offer a wide range of services to over 100 million customers. This strategy involves leveraging synergies in banking, securities, and ______ services.
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Back-end loads in mutual funds require investors to pay a fee when selling the fund. This fee is often a percentage of the total value of the investment and is known as a ______ fee.
Back-end loads in mutual funds require investors to pay a fee when selling the fund. This fee is often a percentage of the total value of the investment and is known as a ______ fee.
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Hedge funds, unlike mutual funds, have more flexibility in their investment strategies and are not subject to the same level of regulatory oversight. This flexibility allows hedge funds to take on more ______ investments.
Hedge funds, unlike mutual funds, have more flexibility in their investment strategies and are not subject to the same level of regulatory oversight. This flexibility allows hedge funds to take on more ______ investments.
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Bank of America could not rule out the possibility of unauthorized purchases using lost data, but it said the account numbers, addresses, and other tape contents were not easily accessible without highly sophisticated equipment and technological expertise. Even though such computer breakdowns are rare, their occurrence can cause major dislocations in the FIs involved and potentially disrupt the financial system in general. Several highly publicized securities violations by employees of major investment banks resulted in criminal cases brought against securities law violators by state and federal prosecutors. LIQUIDITY RISK u The risk that a sudden surge in liability withdrawals may leave an FI in a position of having to liquidate assets in a very short period of time and at low prices. INSOLVENCY RISK u The risk that an FI may not have enough capital to offset a sudden decline in the value of its assets relative to its liabilities. Insolvency risk is a consequence or outcome of one or more of the risks described above: interest rate, market, credit, off-balance-sheet, technology, foreign exchange, sovereign, and liquidity risks. Technically, insolvency occurs when the capital or equity resources of an FI’s owners are driven to, or near to, zero because of losses incurred as the result of one or more of the risks described above. THANK YOU! u FROM THE TEXT BOOK: FINANCIAL INSTITUTIONS MANAGEMENT - A RISK MANAGEMENT APPROACH BY ANTHONY SAUNDERS AND MARCIA MILLON CORNETT
Bank of America could not rule out the possibility of unauthorized purchases using lost data, but it said the account numbers, addresses, and other tape contents were not easily accessible without highly sophisticated equipment and technological expertise. Even though such computer breakdowns are rare, their occurrence can cause major dislocations in the FIs involved and potentially disrupt the financial system in general. Several highly publicized securities violations by employees of major investment banks resulted in criminal cases brought against securities law violators by state and federal prosecutors. LIQUIDITY RISK u The risk that a sudden surge in liability withdrawals may leave an FI in a position of having to liquidate assets in a very short period of time and at low prices. INSOLVENCY RISK u The risk that an FI may not have enough capital to offset a sudden decline in the value of its assets relative to its liabilities. Insolvency risk is a consequence or outcome of one or more of the risks described above: interest rate, market, credit, off-balance-sheet, technology, foreign exchange, sovereign, and liquidity risks. Technically, insolvency occurs when the capital or equity resources of an FI’s owners are driven to, or near to, zero because of losses incurred as the result of one or more of the risks described above. THANK YOU! u FROM THE TEXT BOOK: FINANCIAL INSTITUTIONS MANAGEMENT - A RISK MANAGEMENT APPROACH BY ANTHONY SAUNDERS AND MARCIA MILLON CORNETT
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Captive Sales Finance Companies are usually owned by ______ companies
Captive Sales Finance Companies are usually owned by ______ companies
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Market risk arises for financial intermediaries when actively trading assets and liabilities due to changes in interest rates, exchange rates, and other asset prices, rather than holding them for longer-term investment, funding, or hedging purposes. This risk is also known as ______ risk
Market risk arises for financial intermediaries when actively trading assets and liabilities due to changes in interest rates, exchange rates, and other asset prices, rather than holding them for longer-term investment, funding, or hedging purposes. This risk is also known as ______ risk
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No-load mutual funds let you avoid paying a sales commission on the ______
No-load mutual funds let you avoid paying a sales commission on the ______
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Detailed information about the mutual fund is called ______
Detailed information about the mutual fund is called ______
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Financial intermediaries face various risks including interest rate risk, market risk, credit risk, and ______ risk
Financial intermediaries face various risks including interest rate risk, market risk, credit risk, and ______ risk
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Mutual funds are the most common investment vehicle for individuals because they do not require a lot of money to get ______
Mutual funds are the most common investment vehicle for individuals because they do not require a lot of money to get ______
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Study Notes
Mutual Funds
- A mutual fund is a vehicle made up of a pool of monies collected from investors for the purpose of investing in securities in stocks, bonds, and money markets.
- It is structured and maintained to match investment objectives such as Growth and Liquidity.
- In a mutual fund, each shareholder participates proportionately in the gains/losses of the fund based on the Net Asset Value Per Share (NAVPS).
- The market capitalization of a mutual fund is determined by the number of outstanding shares.
- Mutual funds are managed by a portfolio manager and investment experts.
- They offer diversification, which means that if one investment hits a slump, other investments can boost the total value.
Types of Mutual Funds
- No-load mutual funds: let you avoid paying a sales commission on the investment.
- Front-load mutual funds: charge a fee when you invest, e.g., 6% of every peso invested.
- Back-end load mutual funds: charge a fee when you sell the fund, e.g., 1 or 2% of the investment value.
- Deferred sales charge mutual funds: permit the load to be postponed, gradually declining over a period of years until the sales charge reaches 0.
Risks
- Financial intermediaries face various risks including interest rate risk, market risk, credit risk, and liquidity risk.
- Market risk arises when actively trading assets and liabilities due to changes in interest rates, exchange rates, and other asset prices.
- Credit risk is the risk that promised cash flows from loans and securities may not be paid in full.
- Liquidity risk is the risk that a sudden surge in liability withdrawals may leave an FI in a position of having to liquidate assets in a very short period of time and at low prices.
- Insolvency risk is the risk that an FI may not have enough capital to offset a sudden decline in the value of its assets relative to its liabilities.
Hedge Funds
- Hedge funds are pooled investment vehicles that accept investors' money and generally invest it on a collective basis.
- They are similar to mutual funds but have more flexibility in their investment strategies due to their more limited regulatory oversight.
- Hedge funds are not required to register with the SEC in the US and are subject to virtually no regulatory oversight.
Other Financial Institutions
- Captive Sales Finance Companies are usually owned by manufacturing companies.
- Floor-plan Inventory financing helps businesses finance their inventory with the inventory as collateral.
- Banks face various risks, including technology risk, operational risk, and country or sovereign risk.
Risk Management
- Operational risk is the risk that existing technology or support systems may malfunction or break down.
- Technology risk refers to the risk incurred by a financial institution when technological investments do not produce the anticipated cost savings.
- Foreign exchange risk is the risk that exchange rate changes can affect the value of an FI's assets and liabilities denominated in foreign currencies.
- Country or sovereign risk is the risk that repayments from foreign borrowers may be interrupted because of interference from foreign governments.
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Description
Learn the definition, objectives, and basic concepts of mutual funds, as well as how to calculate investments in them. Explore how mutual funds work, with an aggregate of stocks, bonds, and assets managed by investment experts to benefit many investors.
