词汇表

The vocabulary of substantial wealth — 44 个词条，每个词条均有独立页面：释义、重要性，以及需要注意的关键细节。

全部银行与保险家族与治理慈善私募市场公开市场税务 Trust与遗产

HEMS HEMS Standard

A trustee distribution standard limiting payouts to a beneficiary's health…

SBLOC Securities-Based Line of Credit

A securities-based line of credit (SBLOC) is a revolving loan extended by a lender…

QPRT Qualified Personal Residence Trust

A trust into which a homeowner transfers a personal residence at a reduced gift-tax…

SFO Single-Family Office

A single-family office is a private organization owned and operated by one family…

KYC Know Your Customer

A legally required process by which banks and financial institutions verify a…

RAP Rule Against Perpetuities

A legal rule that historically limited how long a trust could hold property before…

10b5-1 Plan A pre-arranged written trading plan that allows corporate insiders to buy or sell company stock on a set schedule, providing an affirmative defense… 公开市场

Advance Rate An advance rate is the percentage of a collateral asset's market value that a lender is willing to extend as a loan, effectively setting the maximum… 公开市场 Alpha Alpha is the portion of an investment's return that is attributed to the manager's skill or decisions, after accounting for the return explained by… 公开市场

Basis Point bp One one-hundredth of one percentage point, commonly written as "bp" or "bps," used in finance to express small differences in rates, fees, and… 公开市场 Benchmark A benchmark is a standard index or reference portfolio used to measure whether an investment portfolio is performing well or poorly relative to a… 公开市场 Beta Beta measures how sensitively an investment's returns move relative to a reference market — typically expressed as a number where 1.0 means the… 公开市场 Blackout Period A company-imposed window of time during which designated employees and insiders are prohibited from buying or selling company stock, typically… 公开市场 Buffered Note A buffered note is a type of structured note that absorbs the first defined percentage of losses on a reference asset, in exchange for capping the… 公开市场

Closed-End Fund CEF A closed-end fund (CEF) is a pooled investment vehicle that raises a fixed amount of capital through an initial offering, lists its shares on an… 公开市场 Collar A collar is an options strategy that limits both the downside loss and upside gain on a security position by simultaneously purchasing a protective… 公开市场 Collateral (Maintenance) Call A lender's demand that a borrower deposit additional collateral or repay part of a loan because the pledged assets have fallen below the required… 公开市场 Concentrated Position A concentrated position is a single investment — typically one stock or private holding — that represents an outsized share of a family's total net… 公开市场 Convexity A measure of how a bond's duration itself changes as interest rates move, capturing the curvature in the price-yield relationship that duration alone… 公开市场 Cost Basis Cost basis is the original purchase price of an asset, adjusted for certain events, used to calculate the taxable gain or loss when that asset is… 公开市场 Covered Call A strategy in which an investor who owns shares sells another party the right to buy those shares at a set price, collecting a cash premium in… 公开市场 Credit Spread A credit spread is the additional yield a bond offers above a comparable-maturity government bond, compensating investors for the risk that the… 公开市场

Direct Indexing Direct indexing is a strategy in which an investor owns the individual securities that make up an index directly, rather than holding a fund that… 公开市场 Drawdown Drawdown is the peak-to-trough decline in the value of a portfolio or investment over a specific period, measuring how much was lost from a prior… 公开市场 Duration A measure of a bond's price sensitivity to interest-rate changes, expressed in years, indicating how much a bond's price will rise or fall when rates… 公开市场

Exchange Fund A private partnership that allows multiple investors to contribute appreciated shares and receive diversified fund interests in return, potentially… 公开市场 Exchange-Traded Fund ETF An exchange-traded fund (ETF) is a pooled investment vehicle that holds a basket of securities and trades on a stock exchange throughout the day like… 公开市场 Expense Ratio An expense ratio is the annual cost of owning a fund, expressed as a percentage of assets, covering management fees and operating expenses charged… 公开市场

General Obligation Bond GO A general obligation bond is a municipal debt security backed by the full taxing power of the issuing government, rather than by revenues from a… 公开市场

High Yield High-yield bonds are debt securities rated below investment grade by credit-rating agencies, offering higher interest payments to compensate… 公开市场

Investment Grade IG Investment grade (IG) describes bonds rated by recognized credit-rating agencies within the higher-quality tiers, indicating a relatively lower… 公开市场

Margin Loan A margin loan is a loan from a broker-dealer to an account holder, secured by securities in a brokerage account and governed by federal margin… 公开市场

Premium / Discount to NAV Premium or discount to NAV describes whether a fund's market price trades above (premium) or below (discount) the per-share value of the assets it… 公开市场 Protective Put A protective put is an options contract purchased on a security already owned, granting the right to sell that security at a specified price, thereby… 公开市场

Rebalancing Rebalancing is the disciplined process of buying and selling portfolio holdings to restore the asset mix back to its original or target policy… 公开市场 Restricted and Control Stock Shares of a company that cannot be freely sold or transferred until specific conditions — such as a vesting schedule or regulatory holding period —… 公开市场 Revenue Bond A revenue bond is a municipal security whose principal and interest are repaid solely from the income generated by a specific project or facility… 公开市场 Rule 144 An SEC safe-harbor rule that defines the specific conditions under which holders of restricted or control stock may sell those shares into the public… 公开市场

Securities-Based Line of Credit SBLOC A securities-based line of credit (SBLOC) is a revolving loan extended by a lender using a borrower's investment portfolio as collateral, outside the… 公开市场 Separately Managed Account SMA A separately managed account (SMA) is a professionally managed investment portfolio in which the client directly owns each individual security… 公开市场 Sharpe Ratio The Sharpe ratio measures the return an investment delivered above a risk-free rate, divided by the volatility of those returns, expressing how much… 公开市场 Structured Note A structured note is a debt security issued by a financial institution whose repayment terms are linked to the performance of an underlying asset… 公开市场

Tax-Equivalent Yield TEY Tax-equivalent yield is the pretax return a taxable bond must offer to produce the same after-tax income as a tax-exempt bond for an investor at a… 公开市场 Tax-Loss Harvesting TLH Tax-loss harvesting (TLH) is the practice of selling a security at a loss to generate a realized capital loss that can offset taxable capital gains… 公开市场 Treasury Bill T-bill A Treasury bill is a short-term U.S. government debt obligation, maturing in one year or less, sold at a discount to face value and redeemed at full… 公开市场 Treasury Inflation-Protected Securities TIPS Treasury Inflation-Protected Securities are U.S. government bonds whose principal value is adjusted periodically in line with a government inflation… 公开市场

Volatility Volatility measures how widely and rapidly an investment's returns fluctuate over time, most commonly expressed as the annualized standard deviation… 公开市场

Wash Sale A wash sale occurs when an investor sells a security at a loss and repurchases the same or a substantially identical security within thirty days… 公开市场

Yield Curve The yield curve is a visual representation of the interest rates available on bonds of the same credit quality across a range of maturities, from… 公开市场 Yield to Maturity YTM Yield to maturity (YTM) is the total annualized return a bond investor would earn if the bond is held until it matures and every promised payment is… 公开市场

词汇表

财富阶梯

投资

规划

家族

参考期