Investor Presentaiton
Glossary
Net Buyback Yield: A company's net share buyback is the difference between the capital raised by issuing new shares and the money the company
spent on buying back any outstanding shares. A positive net share buyback means that more was spent on buying back existing shares than received
from issuing new shares. Net buyback yield is the amount of a company's net buybacks divided by its market capitalization. Please note that net
buyback yield does not represent a dividend paid by the company.
Price-to-earnings (P/E) ratio: Share price divided by earnings per share. Lower numbers indicate an ability to access greater amounts of earnings
dollar invested.
per
Return on Equity: Measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have
invested.
R-Squared: Represents the percentage of a fund or security's movements that can be explained by the independent variable.
Total Payout Ratio: The percentage of earnings paid to shareholders in dividends and buybacks. Calculated as yearly dividends per share and
buybacks per share over earnings per share.
Value: Characterized by lower price levels relative to fundamentals, such as earnings or dividends. Prices are lower because investors are less certain
of the performance of these fundamentals in the future. This term is also related to the Value Factor, which associates these stock characteristics with
excess returns vs the market over tim.
Yield curve control: Targeting a longer-term interest rate by a central bank, then buying or selling as many bonds as necessary to hit that rate target.
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