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Glossary of Terms

naked option

the writing of an option without ownership of the underlying asset.

negative gearing

using borrowed funds for the purchase of an investment where the cost of borrowing exceeds the return obtained from the investment. the practice can have tax advantages for investors on a high marginal rate as negative net income can be offset against income gained from other sources. negative gearing can apply in the case of borrowing to purchase shares or managed investments where the tax advantages and potential for long-term capital growth are an attractive combination.

net

the figure remaining after all necessary deductions have been taken away. the opposite of gross.

net asset value

the total assets of a company less the total liabilities (including intangible items like goodwill).

new issue

any security being offered to the public for the first time so a company can raise additional money for retiring debt, acquisitions or for working capital.

new york stock exchange (nyse)

the oldest and largest stock exchange in the u.s., located on wall street in new york city.

noise

fluctuations in the market which can confuse one's interpretation of market direction.

non-marginable securities

stocks which are not eligible to be used as collateral

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