Category Investing Terms

Leverage, a term frequently encountered in the world of finance and investing, refers to the strategy of using borrowed capital to increase the potential return of an investment. This in-depth article aims to unravel the complexities of leverage, examining its mechanics, applications, benefits, and associated risks.

The essence of leverage lies in its ability to amplify investment results. When investors use borrowed funds to invest, they are essentially increasing their purchasing power beyond what their own capital would allow. This can lead to significantly higher returns than investing only one’s own money. However, it’s crucial to note that leverage works both ways – it can magnify gains when investments perform well, but it can also exacerbate losses when investments perform poorly.

Understanding the mechanics of leverage involves recognizing how it is implemented in various investment scenarios. In the stock market, leverage is often used through buying on margin, where investors borrow money from a brokerage to purchase more stock than they could with their own funds alone. In real estate, leverage is employed when investors take out a mortgage to purchase a property, investing a portion of their own money and borrowing the rest.

Leveraged investment products, such as leveraged exchange-traded funds (ETFs) or options, provide another avenue for employing leverage. These financial instruments use financial derivatives and debt to amplify the returns of an underlying asset or index. While these products offer the potential for high returns, they also carry high risk and are often more suited to experienced investors.

One of the key benefits of leverage is the potential for increased returns. By using borrowed funds, investors can control a larger investment with a relatively small amount of their own capital. This can be particularly advantageous in situations where the investment has a high potential for appreciation. Moreover, in certain jurisdictions, the interest paid on borrowed money used for investments can be tax-deductible, adding another layer of benefit to leveraging.

However, the risks associated with leverage are substantial and must be carefully considered. The primary risk is that of magnified losses. Just as leverage can increase gains, it can also increase losses if the investment value decreases. This can lead to scenarios where investors owe more than the initial amount they invested. Additionally, there is the risk of margin calls in the stock market, where investors must provide additional funds if the value of the leveraged securities falls below a certain level.

Another important consideration is the cost of borrowing. The interest and fees associated with borrowed funds can reduce the net return on the investment. Investors need to ensure that the potential returns justify the costs and risks associated with leveraging.

In conclusion, leverage is a powerful tool in the investing world, offering the potential for increased returns but also carrying significant risks. Its effectiveness depends on the investor’s ability to accurately assess investment opportunities and manage the risks associated with borrowing. While leverage can be a valuable strategy for experienced investors under the right circumstances, it requires a thorough understanding of its mechanics, costs, and risks to be used effectively.

Arbitrage, a concept deeply rooted in the financial and investment spheres, refers to the strategy of exploiting price discrepancies of the same asset in different markets to garner profit. This comprehensive article seeks to dissect the nuances of arbitrage, exploring its mechanisms, variations, and the role it plays in financial markets.

At its core, arbitrage involves the simultaneous purchase and sale of an asset or equivalent assets in different markets to take advantage of differing prices for the same item. The essence of this strategy lies in its ability to capitalize on market inefficiencies, where the same asset is temporarily valued differently in separate markets. This price difference, known as the arbitrage spread, is the source of potential profit without the typical investment risk of market movement.

The practice of arbitrage is predicated on the theory of price convergence. In an efficient market, the prices of identical assets should, in theory, be the same after accounting for factors like currency exchange rates and transaction costs. Arbitrageurs contribute to this efficiency by buying in the lower-priced market and selling in the higher-priced one, thus helping to equalize prices across markets.

There are various forms of arbitrage, each exploiting different types of market inefficiencies. The most straightforward is spatial arbitrage, where the same asset is traded at different prices in different geographical locations. Another common form is triangular arbitrage, often used in foreign exchange markets, involving the exchange of three different currencies to exploit currency mispricings. Merger arbitrage is a more complex strategy, involving buying and selling the stocks of merging companies to capitalize on market reactions to merger announcements.

One of the critical elements for successful arbitrage is speed. The opportunity for profit in arbitrage tends to be fleeting, as other market participants will quickly act to exploit the same opportunity, thus closing the price gap. This necessity for rapid execution has led to the growth of algorithmic and high-frequency trading in arbitrage strategies, where computers can detect and act on arbitrage opportunities in milliseconds.

Despite its appeal, arbitrage is not without its challenges and risks. Transaction costs can erode the profit margin from the arbitrage spread. Additionally, there’s the risk of execution, where the price of the asset could change unfavorably before both sides of the trade are completed. In some cases, especially in less liquid markets, there might be a risk of holding an asset for longer than intended, exposing the arbitrageur to market risk.

The role of arbitrage in financial markets is pivotal. It not only offers the potential for risk-free profit to those who can capitalize on it but also plays a crucial role in maintaining market efficiency. By taking advantage of price discrepancies, arbitrageurs help ensure that prices of the same asset do not significantly differ across markets, thus contributing to the overall stability and efficiency of financial markets.

In conclusion, arbitrage is a sophisticated investment strategy that exploits market inefficiencies for profit. While it offers the allure of risk-free returns, it requires sophisticated technology, quick execution, and an in-depth understanding of market dynamics. Arbitrageurs play a vital role in financial markets, helping to align prices and maintain market efficiency, making them an integral part of the financial ecosystem.

Technical analysis is a trading discipline utilized extensively in the world of investing to evaluate and identify potential trading opportunities. It is grounded in the analysis of market data, primarily through the study of past market prices and volume, to forecast future price movements. This article delves into the intricate world of technical analysis, exploring its methodologies, tools, underlying assumptions, and its place in modern investment strategies.

The core premise of technical analysis is that market prices reflect all available information and that historical price movements tend to have recurring patterns. Technical analysts, or chartists as they are sometimes called, focus on patterns of price movements, trading signals, and various other analytical charting tools to evaluate a security’s strength or weakness. This approach stands in contrast to fundamental analysis, which delves into a company’s financial statements and economic factors to assess its intrinsic value.

Technical analysis involves multiple methods and tools, the most prominent being the use of charts. These charts vary in complexity from simple line charts depicting closing prices over time to more intricate candlestick charts, which provide detailed information about the open, high, low, and close of prices within a specific period. Chartists look for specific patterns, such as head and shoulders or double tops and bottoms, which are believed to signify future price movements.

Another critical aspect of technical analysis is the use of indicators and oscillators. These are mathematical calculations based on the price, volume, or open interest of a security, used to predict future price movements. Common indicators include moving averages, which smooth out price trends over time, and the Relative Strength Index (RSI), which measures the speed and change of price movements to identify overbought or oversold conditions.

Technical analysis operates on three fundamental assumptions. The first is that the market discounts everything, meaning that all current prices reflect all known information. The second assumption is that price moves in trends – prices are more likely to continue a past trend than move erratically. The third and final assumption is that history tends to repeat itself – price movements are often thought to be repetitive in nature due to market psychology and investor behavior.

Despite its widespread use, technical analysis is often subject to criticism. Skeptics argue that the practice is subjective and that patterns and trends are in the eyes of the beholder. Moreover, the efficient market hypothesis (EMH), which asserts that stocks always trade at their fair value, making it impossible to consistently outperform the market, challenges the foundational principles of technical analysis.

However, for many traders and investors, technical analysis remains an essential tool in their investment decision-making process. It is particularly favored in short-term trading strategies due to its ability to provide quick, actionable insights based on price movements alone. Additionally, many practitioners combine technical analysis with fundamental analysis to create a more holistic approach to investing.

In conclusion, technical analysis is a sophisticated and widely-employed trading discipline that focuses on analyzing market prices and patterns to identify trading opportunities. While it has its critics, its emphasis on trends and market psychology makes it a valuable tool for many investors, particularly in short-term and speculative trading. As with any investment strategy, its effectiveness depends on the skill and experience of the practitioner, as well as the integration of other complementary methods and insights.

Income investing is an investment strategy primarily focused on building a portfolio of securities that regularly generate income. This article aims to provide an in-depth understanding of income investing, the types of securities commonly associated with this strategy, and its appeal to certain types of investors.

At the heart of income investing is the pursuit of consistent, predictable cash flows. Unlike growth investing, where the primary goal is capital appreciation (an increase in the value of the assets), income investing targets securities that provide regular income distributions. This strategy is particularly attractive to retirees or those nearing retirement who require a regular income stream to meet their living expenses. It also appeals to conservative investors who prefer to minimize risk and enjoy steady returns.

The cornerstone of an income-investing portfolio is typically dividend-paying stocks. Companies that pay regular dividends are often well-established with stable earnings, making them less volatile and more attractive to income-focused investors. These dividends are typically paid out from the company’s profits and are distributed to shareholders on a regular basis, such as quarterly. Dividend yields, which measure the dividend as a percentage of the stock price, are a key metric for income investors when evaluating these stocks.

Bonds are another staple in the income investing portfolio. When an investor buys a bond, they are essentially lending money to the issuer (a corporation or government entity) in exchange for periodic interest payments and the return of the bond’s face value at maturity. The interest payments, known as coupon payments, are the source of income for bondholders. Bonds are generally considered lower risk compared to stocks, but their return potential is also lower. Within the bond category, there are various types, including government bonds, corporate bonds, and municipal bonds, each with different risk and return profiles.

Real Estate Investment Trusts (REITs) are also a popular choice for income investors. REITs are companies that own or finance income-producing real estate across a range of property sectors. They are required to pay out a majority of their taxable income to shareholders in the form of dividends, making them a natural fit for income-generating portfolios.

Income investing also extends to other income-generating assets like master limited partnerships (MLPs), preferred stocks, and certain types of annuities. Each of these investment vehicles has its unique characteristics, risks, and tax treatments, making them suitable for different investor needs.

One of the primary advantages of income investing is the potential for a stable and predictable income stream. This can be particularly valuable in retirement planning, providing a steady flow of cash that can be used for daily living expenses. Moreover, income-generating securities often provide a cushion during market downturns, as they tend to be less volatile than growth-oriented securities.

However, income investing is not without risks. For instance, dividend-paying stocks can cut or eliminate their dividends, and bond issuers can default on their payments. Interest rate risk is another factor, especially for bonds, as their prices tend to move inversely with interest rates.

In conclusion, income investing is a strategy focused on generating regular income through a portfolio of dividend-paying stocks, bonds, REITs, and other income-generating securities. It is well-suited to investors who seek steady cash flows, such as retirees, or those who prefer a more conservative investment approach. While income investing tends to be lower risk than growth investing, it still requires careful selection of securities and monitoring of the economic environment to manage potential risks effectively.

An annuity is a financial product designed to provide a steady stream of income, typically used as a part of retirement planning. This article aims to offer an in-depth exploration of annuities, their various types, how they function, and the roles they can play in an individual’s financial portfolio.

At its most basic, an annuity is a contract between an individual and an insurance company. The individual pays a lump sum or a series of payments to the insurance company, which in turn commits to making periodic payments back to the individual at some point in the future. These periodic payments can last for a specified number of years or for the lifetime of the individual, providing a predictable source of income.

There are several types of annuities, each catering to different financial needs and objectives. The two primary categories are fixed annuities and variable annuities. Fixed annuities provide regular, guaranteed payments, offering stability and predictability. The amount of these payments is determined at the start of the annuity contract and does not change, making them an appealing option for those seeking a secure, steady income.

Variable annuities, on the other hand, offer payments that can vary based on the performance of investment options chosen by the annuity holder. These investment options typically include mutual funds that invest in stocks, bonds, or money market instruments. While variable annuities provide the potential for higher returns (aligned with market performance), they also come with greater risk, as the income stream can fluctuate over time.

Another distinction in annuities is between immediate and deferred annuities. Immediate annuities start paying out income soon after the initial investment is made, often within a year. They are usually purchased with a single lump-sum payment and are well-suited for retirees who need immediate income. Deferred annuities, in contrast, involve accumulating funds over time, with the payout phase starting at a future date. These are often used by individuals who are still in their earning years and are looking to grow their retirement funds.

One of the key advantages of annuities is their ability to provide a steady income stream, particularly valuable for retirees. This can help manage the risk of outliving one’s savings, a significant concern for many during retirement. Moreover, the tax treatment of annuities can be beneficial, as the money invested in the annuity grows tax-deferred until it is withdrawn.

However, annuities also have drawbacks. They can be complex and often come with various fees and expenses, such as administrative fees, mortality and expense risk charges, and surrender charges for early withdrawal. Additionally, the income from fixed annuities might not keep pace with inflation, potentially reducing purchasing power over time.

In conclusion, annuities are a financial product offering a fixed stream of payments, often used for retirement income. They come in various forms, including fixed, variable, immediate, and deferred, each tailored to different investment goals and risk tolerances. While they provide the benefit of a steady income and tax-deferred growth, they also carry fees and may have limitations regarding flexibility and inflation adjustment. Understanding these characteristics is essential for anyone considering an annuity as part of their financial planning strategy.

An annual report is a comprehensive document produced by a company to give shareholders and other interested parties information about its activities and financial performance throughout the preceding year. This article aims to provide a detailed understanding of the components, importance, and utility of an annual report in the landscape of corporate communication and investment analysis.

The annual report serves as a primary communication channel between a company and its stakeholders, offering a window into its operational and financial health. It is a legally required document for publicly traded companies, ensuring transparency and accountability in their dealings with investors and the public.

One of the key sections of an annual report is the letter from the CEO or the Chairman of the Board. This letter typically provides an overview of the company’s performance, future outlook, and often addresses the challenges and opportunities faced during the year. It sets the tone for the rest of the report and offers insights into the company’s strategic direction.

The core of the annual report is the financial statements, which include the balance sheet, income statement, and cash flow statement. The balance sheet provides a snapshot of the company’s financial condition at the end of the year, showing what it owns (assets) and what it owes (liabilities and shareholders’ equity). The income statement details the company’s revenues and expenses, culminating in its net income or loss for the year. The cash flow statement shows how changes in the balance sheet and income affect cash and cash equivalents, breaking the analysis down to operating, investing, and financing activities.

In addition to these financial statements, the annual report also contains a management discussion and analysis (MD&A) section. This part is critical as it offers management’s perspective on the financial and operational results, including explanations of the company’s performance, underlying reasons for changes in financial results, and discussions about market conditions, risks, and future prospects.

Other elements commonly found in an annual report include reports on corporate governance, highlighting the company’s leadership structure, board members, and their roles. Information on executive compensation, shareholder equity changes, and a review of the company’s subsidiaries and acquisitions can also be found.

The importance of an annual report cannot be overstated for investors and analysts. It provides a wealth of information used for evaluating a company’s financial health and for making informed investment decisions. Analysts scrutinize annual reports to assess a company’s solvency, profitability, and liquidity, and to estimate its future earnings potential.

However, while annual reports are invaluable sources of information, they should not be used in isolation. Savvy investors and analysts often combine insights from annual reports with other data sources, including quarterly reports, sector trends, and macroeconomic analysis, to build a comprehensive picture of a company’s performance and prospects.

In conclusion, the annual report is a fundamental document that offers an in-depth look at a company’s activities and financial performance over the previous year. It is a critical tool for shareholders, investors, and analysts, providing essential data and insights for evaluating a company’s health and making sound investment decisions. The ability to effectively interpret and analyze these reports is a vital skill for anyone involved in the financial markets.

Exchange-Traded Funds (ETFs) represent a pivotal innovation in the investment landscape, offering a blend of versatility and accessibility that aligns with the diverse needs of modern investors. This comprehensive guide delves into the intricate world of ETFs, elucidating their mechanisms, benefits, and considerations that investors should keep in mind.

At its core, an ETF is a type of fund that amalgamates the traits of both mutual funds and individual stocks. Similar to mutual funds, ETFs pool investments from various individuals to purchase a collection of securities. However, they echo the traits of stocks in their ability to be traded on stock exchanges. This dual nature endows ETFs with a unique appeal, allowing investors to buy and sell shares throughout the trading day at market prices, contrasting with mutual funds that are only traded at the end of the trading day based on their net asset value.

The versatility of ETFs is further amplified by their broad spectrum of underlying assets. They can track a diverse range of investments, including but not limited to, stock indices, commodities, bonds, or a combination of various asset classes. This tracking is typically accomplished by replicating the performance of a specified index. For instance, an ETF that tracks the S&P 500 Index will hold the same stocks in the same proportions as the index itself. This replication strategy enables ETFs to provide an efficient and straightforward avenue for investors to gain exposure to wide market segments or specific sectors, depending on their investment goals.

One of the primary appeals of ETFs lies in their cost efficiency. They are generally known for lower expense ratios compared to traditional mutual funds. This cost advantage is primarily due to the passive management approach adopted by most ETFs, as they aim to replicate the performance of an index rather than outperform it. Additionally, the unique trading mechanism of ETFs often results in more favorable tax treatment compared to mutual funds, as the in-kind redemption process typically used by ETFs can help reduce capital gains distributions.

Another significant advantage of ETFs is their transparency. Most ETFs disclose their holdings daily, providing investors with a clear understanding of where their money is being invested. This level of transparency is not always available with mutual funds, where holdings are typically disclosed only quarterly.

However, like any investment vehicle, ETFs are not devoid of risks. The market price of an ETF’s shares can fluctuate significantly during the trading day, influenced by market supply and demand. This can occasionally lead to discrepancies between the market price of the ETF shares and the underlying value of the assets they represent, known as the net asset value (NAV). Moreover, while the passive management of ETFs can be a boon for cost-conscious investors, it also means that these funds are unlikely to outperform the market significantly.

In conclusion, Exchange-Traded Funds offer a versatile, cost-effective, and transparent way for individuals to diversify their investment portfolios. Their ability to combine the advantages of mutual funds with the flexibility of stock trading makes them an attractive option for both novice and seasoned investors. Nevertheless, it’s crucial for investors to thoroughly understand the specific attributes and risks associated with ETFs to ensure they align with their investment objectives and risk tolerance.

Amortization is a fundamental concept in finance, particularly relevant in the context of loans and mortgages. This article seeks to provide a comprehensive understanding of amortization, a process that involves spreading out a loan into a series of fixed payments over a specified period. By dissecting the principles and implications of amortization, we can gain insights into how it affects both borrowers and lenders in the financial landscape.

The process of amortization refers to the gradual reduction of a debt over a set period of time through regular, fixed payments. Each payment made by the borrower includes a portion that goes towards paying the interest on the loan and another portion that reduces the principal amount of the loan. Initially, a larger portion of each payment is typically allocated to interest, but as time progresses, the proportion allocated to the principal increases. This is due to the decreasing balance of the principal, which in turn lowers the interest computed in successive periods.

One of the key features of an amortized loan is the predictability it offers. Since the payments are fixed, borrowers can easily plan their finances, knowing exactly how much they need to pay periodically throughout the term of the loan. This structured approach to loan repayment is particularly appealing to individuals who require consistency and predictability in their financial planning.

Amortization schedules are tools that lay out the details of each payment in the amortization process. An amortization schedule will typically show the total amount of each payment, the amount of each payment that is applied to interest and principal, and the remaining balance of the loan after each payment. This schedule is valuable for borrowers, allowing them to see how their loan balance decreases over time and how much they are paying in interest.

While amortization is most commonly associated with mortgage loans, it is also applicable to other types of installment loans such as auto loans, personal loans, and certain types of business loans. The length of the amortization period can vary depending on the type of loan and the terms agreed upon by the borrower and lender. For instance, a typical home mortgage might have an amortization period of 15 to 30 years, while an auto loan might be amortized over 3 to 7 years.

The concept of amortization also extends beyond the realm of loans. It is used in accounting to spread the cost of an intangible asset over its useful life. Similar to depreciation, which deals with tangible assets, amortization in accounting allows businesses to write off the value of an intangible asset gradually over time, reflecting its consumption and utility over its lifespan.

In conclusion, amortization is a vital concept in both lending and accounting, offering a structured approach to managing large expenditures or debts over time. It allows for the steady reduction of debt through fixed payments and provides clarity and predictability in financial planning for both individuals and businesses. Understanding amortization and its implications is crucial for anyone engaged in financial decision-making, be it in obtaining a loan, paying off debt, or managing business finances.

Blockchain technology, a term frequently mentioned in discussions about digital currencies and technological innovations, has revolutionized the way transactions are recorded and maintained. This article delves into the core of blockchain technology, a complex, yet groundbreaking system that underpins the world of cryptocurrency and beyond. Understanding blockchain is pivotal for grasping the mechanics of modern digital currencies and the potential implications for various industries.

At its heart, a blockchain is a distributed database or ledger that is shared across a network of computers, often referred to as nodes. This technology’s key feature is its ability to record and store transactions in a secure, transparent, and tamper-proof manner. Each transaction in the blockchain is verified by a consensus of a majority of the participants in the system, making fraudulent transactions extremely difficult.

The transactions recorded on a blockchain are grouped into blocks, and each block is linked to the previous one, forming a chain. This structure is the origin of the term “blockchain.” Every block contains a unique code known as a cryptographic hash, which, along with the hash of the previous block, ensures the integrity of the blockchain. Any attempt to alter a transaction would require not just altering the block containing it but all subsequent blocks, which becomes exponentially difficult in a well-established blockchain network.

One of the most significant advantages of blockchain technology is its decentralization. Unlike traditional databases managed by central authorities, blockchains are decentralized and distributed across multiple nodes. This decentralization ensures no single entity has control over the entire network, providing a level of security and transparency that is not typically possible with centralized databases.

Blockchain technology gained prominence with the advent of Bitcoin, the first cryptocurrency, but its applications extend far beyond. It has potential uses in various fields, including finance, supply chain management, voting systems, and identity verification, among others. In these applications, the ability of the blockchain to provide secure, transparent, and immutable records brings significant advantages.

In the financial sector, blockchain technology is seen as a means to streamline processes, reduce fraud, and lower costs. For instance, it can be used for faster and more secure transactions, smart contracts that automatically execute when conditions are met, and improved audit trails. In supply chain management, blockchain can enhance traceability, allowing companies and consumers to verify the authenticity and origin of products.

Despite its numerous benefits, blockchain technology faces challenges and limitations. Scalability remains a significant issue, as the size of the blockchain grows with every transaction, requiring substantial computing power and storage capacity. Additionally, the decentralized nature of blockchain, while beneficial for security and transparency, can lead to slower transaction processing times compared to centralized systems.

In conclusion, blockchain technology represents a paradigm shift in how data is recorded, stored, and shared. Its impact extends far beyond the realm of cryptocurrencies, offering possibilities for enhancing transparency, security, and efficiency across numerous sectors. As the technology continues to evolve and mature, its potential applications and implications for the future of digital transactions and record-keeping are vast and varied. Understanding blockchain is essential for anyone interested in the intersection of technology, finance, and innovation.

Growth investing, a strategy deeply ingrained in the investment world, revolves around the idea of investing in companies that show signs of above-average growth. This article aims to shed light on the nuances of growth investing, a method that seeks to capitalize on the potential of rapidly expanding companies. By understanding the principles and considerations of growth investing, investors can better navigate the complexities of building a forward-looking investment portfolio.

The essence of growth investing lies in identifying companies that are expected to grow at an above-average rate compared to their industry or the overall market. These companies are typically characterized by strong revenue and earnings growth, innovative products or services, and the potential to capture and dominate significant market share. Unlike value investing, which focuses on undervalued companies with the potential for price appreciation, growth investing concentrates on companies that are expected to generate higher-than-average financial returns due to their growth prospects.

Investors who adopt a growth investing strategy often look for companies in rapidly expanding industries or those introducing groundbreaking technologies or business models. These companies may not necessarily be profitable at the moment of investment, especially if they are reinvesting their earnings to fuel growth. However, the expectation is that their investments in research, development, and market expansion will lead to substantial profits in the future.

Growth stocks, the typical targets of growth investing, are often associated with high price-to-earnings (P/E) ratios. This is because investors are willing to pay a premium for the anticipated future earnings growth. The high P/E ratio also reflects the market’s optimism about the company’s future prospects. However, this optimism also means that growth stocks can be more volatile and susceptible to market fluctuations, especially if the company’s growth prospects do not materialize as expected.

One of the key challenges in growth investing is identifying the right companies to invest in. This process requires thorough research and analysis to distinguish between genuinely high-growth potential companies and those that are merely part of temporary market trends or bubbles. Investors often look at a range of factors, including the company’s historical growth rates, industry trends, competitive advantages, management quality, and future earnings potential.

Despite the potential for high returns, growth investing carries certain risks. High-growth companies, especially in technology or emerging sectors, can face significant competition and rapid changes in market conditions. Their high valuations also leave little room for error; any setback or slower-than-expected growth can lead to substantial price corrections. Additionally, since growth stocks typically do not pay dividends, investors are entirely reliant on stock price appreciation for returns.

In conclusion, growth investing is a dynamic and forward-looking investment strategy focused on capitalizing on the potential of high-growth companies. While it offers the possibility of significant returns, it also comes with higher risk and volatility. Investors engaging in growth investing must conduct extensive research, maintain a long-term perspective, and be prepared to withstand market fluctuations. As with any investment strategy, a balanced approach and a diversified portfolio can help mitigate some of the inherent risks of growth investing.