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Initial investment capital necessary for starting a business. Investment capital usually consists of inventory, equipment, pre-opening expenses and leaseholds.

An investor involved in financing a company’s operations before going public in exchange for an ownership percentage.

Book Value minus goodwill and intangible assets.

A security not listed on a stock exchange, but traded on the over-the-counter market.

The ratio of put trading volume divided by the call trading volume. For example, a put/call ratio of 0.74 means that for every 100 calls bought, 74 puts were bought. It is a contrary indicator. A reading of 1.0 or more is very bullish as most people think the market is going down. When the majority thinks the market is going to move a certain direction, it usually does the opposite.

A specialist in the investment industry paid by fee to provide advice and research to investors with large accounts.

Capital and preferred shares issued by a split-share corporation. A split-share corporation holds common shares of one or more companies. The corporation then issues two classes of shares – capital shares and preferred shares. The objective is to generate fixed, cumulative, preferential dividends for the holders of preferred shares and to enable the holders of the capital shares to participate in any capital appreciation (or depreciation) in the underlying common shares.

This policy requires all listed companies to publicly disclose material information in a timely manner.

We use this with respect to options trades in determining if we like an option enough to buy it or if we are in an option, if we want to stay in it. This calculation tells you how far the underlying stock must move before the option will double in value. We prefer a 7%-10% value, less if we can get it. This does not mean we will not buy an option, but it does give us insight as to how long we will hold it. Percent to double is a Smith Barney proprietary calculation.

The unique, 3-digit number assigned to each Participating Organization and Member to identify it for market transparency.