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  /Title (markets.pdf)
  /Creator (Cheatography)
  /Author (echoecho)
  /Subject (markets Cheat Sheet)
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    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{markets Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{echoecho} via \textcolor{DarkBackground}{\uline{cheatography.com/198358/cs/43287/}}}
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}echoecho \\
  \uline{cheatography.com/echoecho} \\
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Not Yet Published.\\
   Updated 25th January, 2025.\\
   Page {\thepage} of \pageref{LastPage}.
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  %\includegraphics[width=48px,height=48px]{dave.jpeg}
  Measure your website readability!\\
  www.readability-score.com
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\begin{tabularx}{5.377cm}{X}
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{cardinals}}  \tn
% Row 0
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\mymulticolumn{1}{x{5.377cm}}{real money is your ability to invest quietly and reap gargantuan.} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{sizing too big in volatile markets is the biggest sin of the financial markets (you could be right about the longterm trends however you get smashed due to your position size and volatility)} \tn 
% Row Count 6 (+ 4)
% Row 2
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\mymulticolumn{1}{x{5.377cm}}{{\bf{"the trend is your friend until it ends."}}} \tn 
% Row Count 7 (+ 1)
% Row 3
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\mymulticolumn{1}{x{5.377cm}}{{\bf{"keep dancing and stand near the door."}}} \tn 
% Row Count 8 (+ 1)
% Row 4
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\mymulticolumn{1}{x{5.377cm}}{{\bf{"It's more than what you think you know, it's what you have to think about (consider)."}}} \tn 
% Row Count 10 (+ 2)
% Row 5
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\mymulticolumn{1}{x{5.377cm}}{} \tn 
% Row Count 10 (+ 0)
% Row 6
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\mymulticolumn{1}{x{5.377cm}}{they are always opportunities regardless of the economic environment.} \tn 
% Row Count 12 (+ 2)
% Row 7
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\mymulticolumn{1}{x{5.377cm}}{"the big money is not in the buying or selling, but in the waiting." - c. munger} \tn 
% Row Count 14 (+ 2)
% Row 8
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\mymulticolumn{1}{x{5.377cm}}{money follows assets - build soemthing valuable and your pockets will thank you.} \tn 
% Row Count 16 (+ 2)
% Row 9
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\mymulticolumn{1}{x{5.377cm}}{to make money you need a lot of dumb people.} \tn 
% Row Count 17 (+ 1)
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{building efficiency}}  \tn
% Row 0
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{\bf{occupancy rate =}} & occupied space / total space ​ ×100\%. (above 80\% is good) \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
{\bf{space utilisation ratio =}} & usable space / total space ​ ×100\%. \tn 
% Row Count 5 (+ 2)
% Row 2
\SetRowColor{LightBackground}
{\bf{cost per square foot (sq) =}} & total cost of property / total square footage \tn 
% Row Count 8 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{risk management (market mathematics)}}  \tn
% Row 0
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\mymulticolumn{1}{x{5.377cm}}{- "a fool and his money are soon parted."} \tn 
% Row Count 1 (+ 1)
% Row 1
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\mymulticolumn{1}{x{5.377cm}}{- {\bf{gresham's dynamic:}} the more the bad practices spread, the more everyone has to mimic them to be competitive.} \tn 
% Row Count 4 (+ 3)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- never depend on too much on variables you cannot control.} \tn 
% Row Count 6 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- there is a price that pulls everyone out of their positions.} \tn 
% Row Count 8 (+ 2)
% Row 4
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\mymulticolumn{1}{x{5.377cm}}{- number go up doesn't mean anything fundamentally has changed about the underlying asset(s).} \tn 
% Row Count 10 (+ 2)
% Row 5
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\mymulticolumn{1}{x{5.377cm}}{} \tn 
% Row Count 10 (+ 0)
% Row 6
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\mymulticolumn{1}{x{5.377cm}}{- ride with house money.} \tn 
% Row Count 11 (+ 1)
% Row 7
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\mymulticolumn{1}{x{5.377cm}}{- investors should know better, you can't baby sit adults too much.} \tn 
% Row Count 13 (+ 2)
% Row 8
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\mymulticolumn{1}{x{5.377cm}}{- we are living in the {\bf{golden age of fake business}}.} \tn 
% Row Count 15 (+ 2)
% Row 9
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\mymulticolumn{1}{x{5.377cm}}{- the {\bf{usa is the top level of the global mlm scheme}}, china being second} \tn 
% Row Count 17 (+ 2)
% Row 10
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\mymulticolumn{1}{x{5.377cm}}{- the most valuable commodity is information.} \tn 
% Row Count 18 (+ 1)
% Row 11
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\mymulticolumn{1}{x{5.377cm}}{- the weakest link of the chain determines the strength of the whole chain.} \tn 
% Row Count 20 (+ 2)
% Row 12
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\mymulticolumn{1}{x{5.377cm}}{} \tn 
% Row Count 20 (+ 0)
% Row 13
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\mymulticolumn{1}{x{5.377cm}}{- the stock is a higher risk vehicle, bonds are lower risk. the bond market is much bigger and more widely held but equities are more transparent than bonds.} \tn 
% Row Count 24 (+ 4)
% Row 14
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\mymulticolumn{1}{x{5.377cm}}{- {\bf{banks?}} are the loans good.} \tn 
% Row Count 25 (+ 1)
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{power law vs. normal distribution}}  \tn
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\begin{tabularx}{5.377cm}{X}
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{zone of possible agreement (ZOPA)}}  \tn
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\mymulticolumn{1}{p{5.377cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/echoecho_1719812327_ZOPA.png}}} \tn 
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\mymulticolumn{1}{x{5.377cm}}{the seller determines the price, the consumer determines the value.*}  \tn 
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{change in capital structure}}  \tn
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\mymulticolumn{1}{p{5.377cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/echoecho_1720406246_capital structure irr.png}}} \tn 
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\mymulticolumn{1}{x{5.377cm}}{{\emph{demonstrates how the use of leverage can significantly increase equity returns as the debt is paid off over time.}}**}  \tn 
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{capital structure dynamics}}  \tn
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\par\addvspace{1.3em}

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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{low vs high leverage}}  \tn
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\mymulticolumn{1}{p{5.377cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/echoecho_1719948697_capital structure example.png}}} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\par\addvspace{1.3em}

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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{capital structure}}  \tn
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\mymulticolumn{1}{p{5.377cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/echoecho_1719948663_capital structure.png}}} \tn 
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{cap structure decile}}  \tn
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\mymulticolumn{1}{p{5.377cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/echoecho_1719948507_cap structure graph box.png}}} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{theory of reflexivity}}  \tn
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\mymulticolumn{1}{x{5.377cm}}{Image could not be loaded.} \tn 
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\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{fund structure}}  \tn
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\mymulticolumn{1}{p{5.377cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/echoecho_1720409575_gp and lp structure.png}}} \tn 
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{PE fund structure}}  \tn
\SetRowColor{LightBackground}
\mymulticolumn{1}{p{5.377cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/echoecho_1720409737_pe fund structure.png}}} \tn 
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\mymulticolumn{1}{x{5.377cm}}{- {\emph{3.7\% of all managers reach a 1BN USD in AUM.{\bf{ \newline - }}93\% of all small funds (below 100M) fail within the first 5 years.}}}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
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\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{exters pyramid}}  \tn
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\mymulticolumn{1}{p{5.377cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/echoecho_1720411175_exters pyramid for 21st century.png}}} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{simple v. compound interest}}  \tn
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\mymulticolumn{1}{p{5.377cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/echoecho_1720412318_simple interest vs.-compound-interest.jpg}}} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{deadweight loss}}  \tn
\SetRowColor{LightBackground}
\mymulticolumn{1}{p{5.377cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/echoecho_1720412491_deadweight loss.png}}} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{value of money}}  \tn
\SetRowColor{LightBackground}
\mymulticolumn{1}{p{5.377cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/echoecho_1720412607_value of money.jpg}}} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{time value of money}}  \tn
\SetRowColor{LightBackground}
\mymulticolumn{1}{p{5.377cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/echoecho_1720412732_time value of money.png}}} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{primary v. sceondary markets}}  \tn
% Row 0
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{\bf{primary:}} & where securities are issued directly by companies to investors. \tn 
% Row Count 3 (+ 3)
% Row 1
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{\bf{secondary:}} & where those securities are traded among investors. \tn 
% Row Count 5 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{risk profile (primaries vs. secondaries)}}  \tn
\SetRowColor{LightBackground}
\mymulticolumn{1}{p{5.377cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/echoecho_1720412953_risk profile, secondaries vs primaries.png}}} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{risk profile (secondaries)}}  \tn
\SetRowColor{LightBackground}
\mymulticolumn{1}{p{5.377cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/echoecho_1720413417_fewer secondary funds return a loss.png}}} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{secondary funds have excellent risk/return profile through the cycle. fewer secondary funds return a loss}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{secondary pricing}}  \tn
\SetRowColor{LightBackground}
\mymulticolumn{1}{p{5.377cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/echoecho_1720413518_secondary pricing.png}}} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{types of secondary transactions}}  \tn
\SetRowColor{LightBackground}
\mymulticolumn{1}{p{5.377cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/echoecho_1720413694_types of secondaries.png}}} \tn 
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{total addressable market (tam)}}  \tn
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\mymulticolumn{1}{p{5.377cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/echoecho_1722337107_PENETRATION.jpg}}} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\mymulticolumn{1}{x{5.377cm}}{number of target users x purchases expected in a given period of time = market size or volume*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
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\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{jevons paradox}}  \tn
\SetRowColor{LightBackground}
\mymulticolumn{1}{p{5.377cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/echoecho_1722338375_jevons paradox.png}}} \tn 
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\mymulticolumn{1}{x{5.377cm}}{an observation that increased efficiency in the use of a resource often leads to a higher overall consumption of that resource, rather than a reduction.*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{the fiat problem}}  \tn
% Row 0
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\mymulticolumn{1}{x{5.377cm}}{fiat doesn't allow you to save effectively. It forces market participants to nvest in hopes you can place it in something that matches inflation or beat it such as: real estate, bonds, stocks etc. It is a game that forces participants to play.} \tn 
% Row Count 5 (+ 5)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{s\&p 500}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{is an optimal system that attempts to match inflation and perpetually increase price value.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.14011 cm} x{2.83689 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{securities}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{10-K:}} & annual \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
{\bf{10-Q:}} & quarterly \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
{\bf{8-K:}} & current report for unscheduled material events or corporate changes. \tn 
% Row Count 6 (+ 4)
% Row 3
\SetRowColor{white}
{\bf{S-1:}} & registration statement for new securities. \tn 
% Row Count 8 (+ 2)
% Row 4
\SetRowColor{LightBackground}
{\bf{form 4:}} & filed before shareholder meetings detailing matters to be voted on. \tn 
% Row Count 12 (+ 4)
% Row 5
\SetRowColor{white}
{\bf{proxy statement (def 14a):}} & changes in beneficial ownership of a company's securities by insiders. \tn 
% Row Count 16 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{volcker rule}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{restricts banks from making certain kinds of speculative investments that do not benefit their customers, to prevent excessive risk-taking.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{the market does most good when it's most unfettered and it is our desire to control that often turns it against us.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{circuit breaker}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{regulatory measure that temporarily halts trading on an exchange to prevent panic-selling and extreme volatility.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{credit event}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{a negative occurrence, such as default, bankruptcy, or restructuring, that affects a debtor's ability to meet its financial obligations.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.89126 cm} x{3.08574 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{monetary policy}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{qe:}} & generally quantitative and targets specific amounts. (increases the reserves of banks, improving their liquidity and lending capacity) \tn 
% Row Count 6 (+ 6)
% Row 1
\SetRowColor{white}
{\bf{qqe:}} & expands the monetary base quantitatively and qualitatively, affecting both the amount and type of assets purchased. \tn 
% Row Count 11 (+ 5)
% Row 2
\SetRowColor{LightBackground}
{\bf{yield curve control:}} & central bank targets specific yields on government bonds to control interest rates across different maturities. \tn 
% Row Count 16 (+ 5)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{3.63321 cm} x{1.34379 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{global averages}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{housing:}} & \textasciitilde{}25-30\% \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
{\bf{food:}} & \textasciitilde{}15-20\% \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
{\bf{transportation:}} & \textasciitilde{}10-15\% \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
{\bf{healthcare:}} & \textasciitilde{}5-10\% \tn 
% Row Count 4 (+ 1)
% Row 4
\SetRowColor{LightBackground}
{\bf{education:}} & \textasciitilde{}2-5\% \tn 
% Row Count 5 (+ 1)
% Row 5
\SetRowColor{white}
{\bf{recreation:}} & \textasciitilde{}5-8\% \tn 
% Row Count 6 (+ 1)
% Row 6
\SetRowColor{LightBackground}
{\bf{miscellaneous:}} & \textasciitilde{}10-15\% \tn 
% Row Count 7 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{metrics as of 2022/23*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{point of sale (pos) loans}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{consumers of pos loans spend on average {\bf{40\% more money and shop 50\% more often}}.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{purchase loans}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{a consumer loan taken to finance a purchase} \tn 
% Row Count 1 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.4885 cm} x{2.4885 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{shape ratio}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{measures the performance of an investment compared to a risk-free asset, after adjusting for its risk, calculated as the average return earned in excess of the risk-free rate per unit of volatility or total risk.} \tn 
% Row Count 5 (+ 5)
% Row 1
\SetRowColor{white}
{\bf{calculate the average return:}} & find the average return of the investment over a specific period, typically the annual return.
 \tn 
% Row Count 10 (+ 5)
% Row 2
\SetRowColor{LightBackground}
{\bf{calculate the risk-free rate:}} & determine the return of a risk-free investment, such as a government bond or Treasury bill, over the same period. This represents the return an investor could achieve with no risk. \tn 
% Row Count 19 (+ 9)
% Row 3
\SetRowColor{white}
{\bf{calculate the standard deviation of Returns:}} & measure the volatility or fluctuation in the investment's returns over the same period. this indicates the investment's risk. \tn 
% Row Count 26 (+ 7)
% Row 4
\SetRowColor{LightBackground}
{\bf{calculate the sharpe ratio:}} & subtract the risk-free rate from the average return of the investment, and then divide this difference by the standard deviation of returns.
 \tn 
% Row Count 34 (+ 8)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\emph{a higher sharpe ratio = indicates better risk-adjusted performance, meaning the investment provided more return for the amount of risk taken.{\bf{ \newline  \newline }}lower sharpe ratio = suggests less desirable risk-adjusted performance.}}}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{short-trade}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{look at leverage, how much debt they have relative to equity.} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{compare this to other companies in the same sector.} \tn 
% Row Count 4 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{find out what they need in order to achieve a tangible equity/leverage ratio comparable to their peers} \tn 
% Row Count 7 (+ 3)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{what will they need to raise?} \tn 
% Row Count 8 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{how much assets will they need to sell?} \tn 
% Row Count 9 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{will they make enough money to be able to pay their dividends?} \tn 
% Row Count 11 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{cover-trade}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{buy to cover refers to a buy trade order that closes a trader's short position.}}} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{short positions are borrowed from a broker and a buy to cover allows the short positions to be "covered" and returned to the original lender.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{government surplus}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{occurs when a government's revenues exceed its expenditures over a specific period.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{mag7}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{typically refers to the "magnificent seven," a group of seven large-cap U.S. tech stocks that dominate market indices.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{mortgage-backed securities (mbs)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{a bond secured by a bundle of home loans.} \tn 
% Row Count 1 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{mbs can offer regular income through interest and principal payments, portfolio diversification, and potentially higher yields than other fixed-income securities.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{asset-backed security (abs)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{financial securities backed by income-generating assets such as credit card receivables, home equity loans, student loans, and auto loans.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{ABSs are created when a company sells its loans or other debts to an issuer, a financial institution that then packages them into a portfolio to sell to investors.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{stripped mbs}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{a stripped mortgage-backed security (mbs) segregates the principal and interest portions of the MBS into individual securities.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{mortgage-backed revenue bond}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{a debt security, usually issued by a municipality, that is used to fund low-rate mortgages.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{audit risk}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{risk that financial statements are materially incorrect, even though the audit opinion states that the financial reports are free of any material misstatements.} \tn 
% Row Count 4 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{inherent risk}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{the risk posed by an error or omission in a financial statement due to a factor other than a failure of internal control.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{most likely to occur when transactions are complex or in situations that require a high degree of judgment in regard to financial estimates.{\bf{ \newline  \newline }}inherent risk is common in the financial services sector due to complex regulations and the use of difficult-to-assess financial instruments.}}}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{control risk}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{risk that a company's internal controls will fail to detect or prevent a material misstatement in financial statements.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{detection risk}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{risk that an auditor's procedures will fail to detect a material misstatement in the financial statements.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.74195 cm} x{3.23505 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{risk on/risk off}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{risk-on /risk-off:}} & paradigm under which asset prices are dictated by changes in investors' risk tolerance. \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
{\bf{risk-on:}} & have high-risk appetite and commonly drive up some asset prices. \tn 
% Row Count 7 (+ 3)
% Row 2
\SetRowColor{LightBackground}
{\bf{risk-off}} & more risk averse and sell assets. \tn 
% Row Count 9 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{stealth startup}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{a company's {\bf{temporary state of secretiveness}}, usually {\bf{undertaken to avoid alerting competitors}} to a pending product launch or another business initiative.} \tn 
% Row Count 4 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.18988 cm} x{2.78712 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{market edge}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{first call:}} & paying for first call (to get informed first) \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
{\bf{first call:}} & shelter goes up during July-Aug. \tn 
% Row Count 5 (+ 2)
% Row 2
\SetRowColor{LightBackground}
{\bf{write-offs:}} & most taxes filed (April 15th, US) \tn 
% Row Count 7 (+ 2)
% Row 3
\SetRowColor{white}
{\bf{sell in may go away:}} & theory that the period from nov-april inclusive has significantly stronger stock market growth on average than the other months. \tn 
% Row Count 13 (+ 6)
% Row 4
\SetRowColor{LightBackground}
{\bf{4 things that move markets:}} & strong fundamentals, innovation, speculation and war \tn 
% Row Count 16 (+ 3)
% Row 5
\SetRowColor{white}
{\bf{gold and risk assets:}} & scan for unusual price-action that indicates war. \tn 
% Row Count 19 (+ 3)
% Row 6
\SetRowColor{LightBackground}
{\bf{TAM:}} & total addressable market. \tn 
% Row Count 21 (+ 2)
% Row 7
\SetRowColor{white}
{\bf{hedge:}} & the best way to hedge risk is to control everything. \tn 
% Row Count 24 (+ 3)
% Row 8
\SetRowColor{LightBackground}
 & {\emph{also spread risk out in multiple \seqsplit{locations/jurisdictions}. so It's harder to track assets and ownership.}}* \tn 
% Row Count 29 (+ 5)
% Row 9
\SetRowColor{white}
{\bf{escape velocity on assets:}} & no matter how bad a company is. there is a certain price where people who sold it want to take profit, people who see it for the first time want to buy and people who bought already want to buy more. When all these three things happen at once it is market physics, you get escape velocity. \tn 
% Row Count 43 (+ 14)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{bubble theory}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{bubbles have this aspect where they are extremely hard to define, they involve these incredible abstractions," Thiel said at Yale, drawing an implicit parallel to cryptocurrency markets.} \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{indicators;}}} \tn 
% Row Count 5 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{1) moderately big innovations are usually systematically underestimated for 5-10 years.} \tn 
% Row Count 7 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{2) things that are exponential are extremely powerful but extremely unsustainable.} \tn 
% Row Count 9 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{3) psychosocial mania - there is a psychosocial component. (the tulip bubble of 1637)} \tn 
% Row Count 11 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{balloons in the air theory: too many balloons in the air to juggle.*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.4885 cm} x{2.4885 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{underground banking}}  \tn
% Row 0
\SetRowColor{LightBackground}
unreported or illegal economic activities that {\bf{operate outside government regulation}} and taxation. & some estimates put the underground economy at 11\% to 12\% of U.S. gross domestic product (GDP), or roughly \$2.25 - \$2.5T. (2018.) \tn 
% Row Count 7 (+ 7)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\emph{shadow economy, the black market, or the informal economy.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.44333 cm} x{3.53367 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{wall street / main street}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{main street:}} & general individual investor (invest in small amounts of money, typically less sophisticated or rational when making investment decisions). \tn 
% Row Count 5 (+ 5)
% Row 1
\SetRowColor{white}
{\bf{wall street:}} & professional investment managers and security traders. \tn 
% Row Count 7 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{wholesale (banking)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{refers to banking services sold to large clients, such as corporations, other banks, and government agencies.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\emph{oppositie of consumer/retail banking.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{(handshake) banking}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{system, institution, or concept that relies on trust-based or informal agreements to manage financial transactions, rather than formal contracts or legal documentation.} \tn 
% Row Count 4 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{informal savings or lending groups where members pool money and rely on trust for repayments.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{datacenter infrastructure}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{} \tn 
% Row Count 0 (+ 0)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{(banks) and banking}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{banks hold treasuries}} and that is their security of all the credit they generate.} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{the vast amount of the money (value) in the world is greater, from credit issued.} \tn 
% Row Count 4 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{the nascent and wager}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{it's not a bad thing in my opinion that older market players may be dismissive or think a new paradigm or technology is too small yet - that's continued opportunity for you (the early). It is the naïveté of youth and entrepreneurship, it's the opportunities that may seem small that can end up being really big tomorrow.} \tn 
% Row Count 7 (+ 7)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.09034 cm} x{2.88666 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{sharpe ratio}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{whether the return getting from an investment is worth the risk they're taking.} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{a sharpe ratio greater than 1.0 is considered acceptable, higher indicates the investment provided more return for the amount of risk-taken.} \tn 
% Row Count 5 (+ 3)
% Row 2
\SetRowColor{LightBackground}
2-2.99 = {\bf{very good}} & greater than 3 = {\bf{excellent}} \tn 
% Row Count 7 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\emph{the top 10\% own 93\% of stocks.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.4885 cm} x{2.4885 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{BTFP (bank term funding program)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{when there is an increase in the use of {\bf{discount window lending}} from the central bank, this signals a problem in the financial system.} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
interbank rate (mainly, overnight rate): & interest charged on short-term loans made between U.S. banks. \tn 
% Row Count 7 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{keys}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{it is better to observe what governments do rather than listen to what they say*} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{central bank reserves percentage changes*} \tn 
% Row Count 3 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{good return ton return/risk ratio} \tn 
% Row Count 4 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{trust but verify} \tn 
% Row Count 5 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{maximisation of speed {\bf{ {\emph{(can this be done by the end of the day?)}} }}} \tn 
% Row Count 7 (+ 2)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{low rates can make anyone look good, with regular-high rates you have to really know what you're doing or you'll be exposed for being a hobo} \tn 
% Row Count 10 (+ 3)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{constant size on various trades} \tn 
% Row Count 11 (+ 1)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- know your circle of competence} \tn 
% Row Count 12 (+ 1)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- as an investor it is not everything you touch, don't be a creep. as a man attempting to woo a woman he likes, you study her, get to know her, find out what moves her soul, what makes her tick. All of this is your study period, your homework} \tn 
% Row Count 17 (+ 5)
% Row 9
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- {\bf{don't buy stocks at a premium price}}, despite if its a great company, because if you do it essentially means you are betting on the company to continue to be great and that is often not a good investing bet as great can become merely very good, and that's a negative surprise.} \tn 
% Row Count 23 (+ 6)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- own or get owned type style of asset investing} \tn 
% Row Count 24 (+ 1)
% Row 11
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- those who are credit dependent are controlled by some institution.} \tn 
% Row Count 26 (+ 2)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{} \tn 
% Row Count 26 (+ 0)
% Row 13
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- it's not merely what market you're in, it's what street and what corner you're on.} \tn 
% Row Count 28 (+ 2)
% Row 14
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- {\bf{if you lose 75\% you're practically out of business, it takes five and a half 25\% up (gain) years to come back to zero.}}} \tn 
% Row Count 31 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{real vs. nominal value}}  \tn
\SetRowColor{LightBackground}
\mymulticolumn{1}{p{5.377cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/echoecho_1720393490_real nominal value.png}}} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.32733 cm} x{1.55618 cm} x{1.69349 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{5.377cm}}{\bf\textcolor{white}{financial quarters}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{quarter}} & {\bf{commences}} & {\bf{final date}} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
Q1 & january 1 & march 31 \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
Q2 & april 1 & june 30 \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
Q3 & july 1 & september 30 \tn 
% Row Count 4 (+ 1)
% Row 4
\SetRowColor{LightBackground}
Q4 & october 1 & december 31 \tn 
% Row Count 5 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}---}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{debt}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- the debt that is outstanding = someone owns it} \tn 
% Row Count 1 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{fed}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- monetary policy works with long and variable lags.} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- USA = largest collateral hub in the world.} \tn 
% Row Count 3 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- prices and wages are assumed to be sticky, so monetary policy affects output and employment in the short to medium term.} \tn 
% Row Count 6 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{benjamin strong (Fed Implementation): benjamin strong thought he could use the banks power to set interest rates to influence what was happening in the economy. In other words, this was the start of modern monetary policy.{\bf{ \newline  \newline }}after 08 due to the alarming debt problem, the fed panicked and lowered the rates to 0\% for 15 years. Once you do that it is very hard to raise it.}}}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{window guidance}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{a credit policy allowing central banks to steer bank lending toward certain economic activities.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{in the post-war period, it was common for both developed and emerging economies to employ various forms of credit control and allocation.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.14425 cm} x{1.41887 cm} x{2.01388 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{5.377cm}}{\bf\textcolor{white}{fund reporting}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{type of reporting}} & {\bf{frequency}} & {\bf{details}} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
{\bf{regulatory}} & \seqsplit{quarterly/annually} & Form PF, AIFMD, etc. \tn 
% Row Count 5 (+ 2)
% Row 2
\SetRowColor{LightBackground}
{\bf{investor}} & \seqsplit{monthly/quarterly/annually} & Performance, NAV, strategy updates \tn 
% Row Count 8 (+ 3)
% Row 3
\SetRowColor{white}
{\bf{internal}} & \seqsplit{daily/weekly} & Performance, risk metrics, compliance \tn 
% Row Count 11 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}---}
\SetRowColor{LightBackground}
\mymulticolumn{3}{x{5.377cm}}{{\emph{window dressing typically happens at the end of the month. Fund manager try to make their books look better.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}---}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.4885 cm} x{2.4885 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{twap (twapping)}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{order division:}} the large order is divided into smaller portions. & {\bf{execution schedule:}} these portions are then executed at regular intervals over the set time period. \tn 
% Row Count 6 (+ 6)
% Row 1
\SetRowColor{white}
{\bf{minimizing market impact:}} By spreading the trades out, the strategy aims to reduce the market impact, avoiding significant price movements that a large order might cause. & {\bf{achieving average price:}} The average price of the trades should be close to the market's average price over the time period, ensuring the trader gets a fair price without excessive costs. \tn 
% Row Count 16 (+ 10)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{linear/logarithmic}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{there's more money now than in the past. Showing a linear graph would hide the early growth in the market, and would make it difficult to show normal growth in the future, because it would explode off the chart. (useful when analysing longer timeframes)} \tn 
% Row Count 6 (+ 6)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{3.18528 cm} x{1.79172 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{trade on}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{- if uncorrelated trades, look at the drivers of these markets and their behaviours.} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{- if leveraged open interest needs to be flushed out = short} \tn 
% Row Count 4 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{- stop orders should be placed 1\% up or down from the last sale of the position you enter.} \tn 
% Row Count 6 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{- swing trade: \textasciitilde{}4 day trades where the asset is 3-5\% off its MA.} \tn 
% Row Count 8 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{- ema (15, 30, 65 and 2000), rsi and pivot points} \tn 
% Row Count 9 (+ 1)
% Row 5
\SetRowColor{white}
{\bf{country risk}} & {\bf{beta}} \tn 
% Row Count 10 (+ 1)
% Row 6
\SetRowColor{LightBackground}
{\bf{gamma}} & {\bf{delta}} \tn 
% Row Count 11 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{carry trade}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{borrowing money in a currency with low interest rates and investing it in a currency with higher interest rates to profit from the interest rate differential.} \tn 
% Row Count 4 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{short selling}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{seeing a companies weakness before anyone else does and shines light on it. {\bf{It is the greatest disinfectant on what otherwise is a dubious company or tale}}.} \tn 
% Row Count 4 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{putting a sell on a company a lot of people don't like you and angers a lot of market participants. everyone likes you when you buy a stock and they make more money…}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.23965 cm} x{2.73735 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{de-fi (key metrics)}}  \tn
% Row 0
\SetRowColor{LightBackground}
24/hr volume & open interest \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
funding rate & 24/hr liquidation \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
stables volume & cme \tn 
% Row Count 3 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{when you buy an L1, you buy the L1's main de-fi coin/asset + meme coin*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{3.88206 cm} p{1.09494 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{physics of de-fi}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{a lot of liquidation and no bids (huge drop in asset price = negative diversion)} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{lending against crypto (via ETFs) is what = problem} \tn 
% Row Count 4 (+ 2)
% Row 2
\SetRowColor{LightBackground}
leverage (is not) ≠ & equity \tn 
% Row Count 5 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{when there is a huge liquidation in other stuff, people will sell what they can = mini crash or brutal crash.} \tn 
% Row Count 8 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{cme (chicago mercantile exchange)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{provide insights into market sentiment, trading volumes, and price movements across various futures and options markets.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{free roll}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{a situation in gambling or investing where there is no risk of loss but a potential for gain.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{market corrections}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{everything happens for a reason. {\bf{market correction is a politically correct term in reality it is profit harvesting by institutions}} (retail investors pay for this...).} \tn 
% Row Count 4 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{three main economic groups}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{consumers, producers and government.} \tn 
% Row Count 1 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{group economics}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{group economics is a collective of people who pool their finances to reach a common goal that couldn't have been accomplished otherwise.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{unit economics}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{unit economics \textgreater{} chasing top-line turnover (usually associated with high cost)} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{ltv \textgreater{} cac} \tn 
% Row Count 3 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{unit economics = ltv / cac} \tn 
% Row Count 4 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{moat identifiable strata.}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{planned obsolescence} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{subscription based business models} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{religion} \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{pyramid scheme Monopolies} \tn 
% Row Count 4 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{middleman delivery services} \tn 
% Row Count 5 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{tech, AI and anything that doesn't need a bank loves financial crises'. They have essentially infinite profit margins once they have created really good software.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.09034 cm} x{2.88666 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{apy}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{simple interest =}} & principal x interest rate x time \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
{\bf{compound interest =}} & a = p (1 + r/n) \textasciicircum{} nt \tn 
% Row Count 4 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{apy takes into account the effect of compounding and is a more accurate measure of the true return on an investment.*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{usa}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{US corporations expenditure has been outsourced and is not included in domestic GDP. The military provides protection for the US companies internationally.} \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{raising rates = exportation of inflation. this hurts the US' trading partners.} \tn 
% Row Count 6 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{asia}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{hong kong is the conduit for mainland Chinese capital}} to go into a semi-free market in comparison to china.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{compound effects}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{if you can make 20\% on your money annual. It will double every 4 years, the math works.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{g-sibs}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{\textasciitilde{}30 largest banks. typically determined by both size and complexity and cross border activity. these banks are elected by the fsb (financial stability board)} \tn 
% Row Count 4 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{13 from Europe, 10 from North America, \textasciitilde{}7 from Asia}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{funds lag the s\&p}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Unsurprisingly, the majority do not beat the benchmarks, and even the ones who do don't keep their lead for long. Over its 23-year history, the SPIVA report shows that, on average, 64-80\% of active large-cap fund managers fare worse than their benchmark (the S\&P 500) in any given year.} \tn 
% Row Count 6 (+ 6)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{0.89586 cm} x{4.08114 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{averages}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{avg= }} & total amount spent / total amount of shares \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\emph{it no longer needs to get back 10 (where it started). by the time the asset is at 4 you've doubled your money.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.73735 cm} x{2.23965 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{portfolio allocation}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{allocation to any asset class depends on your:} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
liquidity needs & time horizon \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
tax considerations & legal situation \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{unique circumstances} \tn 
% Row Count 4 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.33919 cm} x{2.63781 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{funding rate}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{negative funding rate:}} & shorts paying longs (bearish) \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
{\bf{positive funding rate:}} & longs paying shorts (bullish) \tn 
% Row Count 4 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.4885 cm} x{2.4885 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{cpi}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{cpi (consumer price index) is a widely used measure for inflation, but it has its limitations. some alternative metrics offer different perspectives on economic changes:} \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{} \tn 
% Row Count 4 (+ 0)
% Row 2
\SetRowColor{LightBackground}
{\bf{pce (personal consumption expenditures):}} & index is preferred by the fed as it includes a broader range of goods and services than the cpi.
 \tn 
% Row Count 9 (+ 5)
% Row 3
\SetRowColor{white}
{\bf{core inflation:}} & excludes volatile elements like food and energy prices, offering a more stable measure. \tn 
% Row Count 14 (+ 5)
% Row 4
\SetRowColor{LightBackground}
{\bf{gdp deflator:}} & measures the change in prices of all new, domestically produced final goods and services in an economy.
 \tn 
% Row Count 20 (+ 6)
% Row 5
\SetRowColor{white}
{\bf{producer price index (ppi):}} & measures the average change over time in the selling prices received by domestic producers for their output.
 \tn 
% Row Count 26 (+ 6)
% Row 6
\SetRowColor{LightBackground}
{\bf{asset price index:}} & tracks changes in asset prices, such as real estate, stocks, or bonds. \tn 
% Row Count 30 (+ 4)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{x{2.4885 cm} x{2.4885 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{cpi (cont)}}  \tn
% Row 7
\SetRowColor{LightBackground}
{\bf{real wage growth}} & considers changes in wages relative to inflation, reflecting actual purchasing power. \tn 
% Row Count 5 (+ 5)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.54287 cm} x{3.43413 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{inflation}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{no inflation:}} & prices stay the same, no purchasing power eroding, people earn the same each year, debt easier to pay. \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
{\bf{low inflation:}} & drive economic growth, keeps money moving around \tn 
% Row Count 6 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{can't do credit with a deflationary money.* \newline  \newline in many cases inflation is transitory, as more currency can be created infinitum.** \newline  \newline 2\% inflation will not be reached unless the underlying problem is address. hardcore QT will slow much advancements however it is the only way, all else is the art of keynesianism.*** \newline  \newline whoever is close to the central bank will steal the wealth of those paying the highest levels of interest with any given nation.****}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.84149 cm} x{3.13551 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{causes of inflation}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{demand-pull:}} & increase in demand for goods and services that outpaces supply. \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
{\bf{cost-push:}} & rising production costs, such as wages and raw materials, which push prices higher. \tn 
% Row Count 7 (+ 4)
% Row 2
\SetRowColor{LightBackground}
{\bf{growth in m supply:}} & excessive growth in the money supply can devalue currency, contributing to inflation. \tn 
% Row Count 11 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.44333 cm} x{3.53367 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{gdp}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{real gdp:}} & inflation-adjusted measure that reflects the value of all goods and services produced. \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
{\bf{nominal gdp:}} & the value of all goods and services produced at current market prices. \tn 
% Row Count 7 (+ 3)
% Row 2
\SetRowColor{LightBackground}
{\bf{actual gdp:}} & measurement in real-time, meaning a specific interval, and shows what the state of the economy is at this very moment. \tn 
% Row Count 12 (+ 5)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.59264 cm} x{3.38436 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{two market types}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{sellers market:}} & shortage of goods available for sale, resulting in pricing power for the seller. \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
{\bf{buyers market:}} & environment that favours buyers over sellers. \tn 
% Row Count 5 (+ 2)
% Row 2
\SetRowColor{LightBackground}
{\bf{value =}} & were rational buyers and sellers meet. \tn 
% Row Count 7 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\emph{the logic of expected value (EV) can be used to overly justify anything, be wary the trap of delusion.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{basis}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{the expenses or total cost of an investment. (can be used to refer to the difference between the spot price of an asset and its corresponding derivative futures contract.)} \tn 
% Row Count 4 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{rube goldberg theory}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{a set of reactions that work in succession, triggering one event after another until the final event is triggered.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{chain letter theory}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{a message that encourages the recipient to forward it to multiple people, often with promises of luck or threats of bad consequences if not followed.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.59264 cm} x{3.38436 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{net-net}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{value of a company's assets minus its total liabilities and any other relevant deductions, often used to assess its intrinsic value.} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
{\bf{current assets:}} & assets that are cash + assets that are converted into cash within 12 months (including accounts receivable and inventory) \tn 
% Row Count 8 (+ 5)
% Row 2
\SetRowColor{LightBackground}
{\bf{strategy \#1:}} & find companies with a market value below its net-net working capital (NNWC) —cash and short-term investments + 75\% of accounts receivable + 50\% of inventory - total liabilities—may be an effective strategy for small investors. \tn 
% Row Count 17 (+ 9)
% Row 3
\SetRowColor{white}
{\bf{strategy \#2:}} & invest in companies whose stock prices are no more than 67\% of their NCAV per share.  (study showed an average return of 29.4\% from 1970-1983 when holding stocks for one year using this, recommended holding \textasciitilde{}30 stocks) \tn 
% Row Count 26 (+ 9)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\emph{strategy does not consider long-term assets or liabilities, which usually makes it unreliable for long-term investments.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{usa post 1945}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{The U.S. dollar was chosen as the world's reserve currency.} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Countries started asking for physical gold from the U.S., prompting Nixon to halt it.} \tn 
% Row Count 4 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{U.S. and Nixon stopped backing the U.S. dollar with gold in 1971.} \tn 
% Row Count 6 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Without gold backing, fiat currency is established, Some countries devalue their currency to enhance desirability as trading partners.} \tn 
% Row Count 9 (+ 3)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{When the government needs money:} \tn 
% Row Count 10 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{1) The Federal Reserve prints it.} \tn 
% Row Count 11 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{2) The government sells bonds to raise money, promising to pay back with interest.} \tn 
% Row Count 13 (+ 2)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{3) This forces the Federal Reserve to later print more money.} \tn 
% Row Count 15 (+ 2)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{} \tn 
% Row Count 15 (+ 0)
% Row 9
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Since 1971, the U.S. has had a trade deficit, buying more from other countries than they buy from us. Printing more money leads to a decrease in the value of the dollar (inflation).} \tn 
% Row Count 19 (+ 4)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{After the U.S. dollar stopped being backed by gold and inflation rose:} \tn 
% Row Count 21 (+ 2)
% Row 11
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{* Wives had to get jobs too.} \tn 
% Row Count 22 (+ 1)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{* Inflation continued to rise, making it difficult for people to save.} \tn 
% Row Count 24 (+ 2)
% Row 13
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{* People resorted to debt to get by.} \tn 
% Row Count 25 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.09494 cm} x{3.88206 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{hayek v. keynes}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{hayek:}} & it was debated if capitalism was even the right way to organize society, or if the new ideologies of communism and fascism, with their centrally planned systems, held the answer. He was convinced both were utterly wrong. Hayek said, "Not merely can human beings struggle to understand how to cope with uncertainty, but the world is just too complex for them to cope with understanding all of it. A market system conveys so much information that makes it feasible; central planning will fail under the weight of the impossibility of understanding the complexity of the economy." That's Hayek's most important insight, and if people had listened to that, they would never have been so worried about the threat from communism as they were, because central planning failed under the weight of its own inconsistency of central planning. \tn 
% Row Count 27 (+ 27)
% Row 1
\SetRowColor{white}
{\bf{keynes:}} & keynes flattered governments with the idea that they could tilt the course of human history their way, to which Hayek's rebuttal was that they shouldn't even try. We might uncover the laws of the universe; however, we were never going to master the complexities of human nature. \tn 
% Row Count 36 (+ 9)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{08 blow up}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{rock bottom fico} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{no income verification} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{adjustable rates} \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{1-4\% default rate, {\bf{5-8\% default blow up- boom}}} \tn 
% Row Count 4 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.38896 cm} x{2.58804 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{national debt problem}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{there is a crazy budget deficit and presumably, you have to do one of three things: you have to raise taxes a lot, you have to cut spending a lot or you're just going to keep borrowing money.} \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{ways to solve}}} \tn 
% Row Count 5 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{figure out ways to have smaller governments, figure out ways to increase the age on Social Security, means test Social Security so not everyone gets it. just figure out ways to gradually dial back a lot of these government benefits.} \tn 
% Row Count 10 (+ 5)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{} \tn 
% Row Count 10 (+ 0)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{largest expenditure of tax revenue}}} \tn 
% Row Count 11 (+ 1)
% Row 5
\SetRowColor{white}
\#1) social security & \#2) interest payments \tn 
% Row Count 13 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\emph{inflation is a tax on the poor.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{turtle trader}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{purchasing a stock or contract during a breakout and quickselling on a retracement or price fall.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\emph{an experiment in the 1980s that demonstrated anyone could be trained to trade successfully using a specific trend-following system.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{headline risk}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{the risk of a negative impact on the value of a company, as reflected by its stock price and other publicly traded instruments associated with the company.} \tn 
% Row Count 4 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{it also refers to the damage to the core business due to a loss in reputation caused by a news piece.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.14471 cm} x{3.83229 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{indicators}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{leading:}} & metrics that predict future conditions. \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
 & {\emph{(help you identify and anticipate trends and what might happen to the economy, your industry, your competitors etc.)}}* \tn 
% Row Count 6 (+ 4)
% Row 2
\SetRowColor{LightBackground}
{\bf{lagging:}} & a financial sign that becomes apparent only after a large shift has taken place. \tn 
% Row Count 9 (+ 3)
% Row 3
\SetRowColor{white}
 & {\emph{(confirms long-term trends, but they do not predict them.)}}* \tn 
% Row Count 12 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.28942 cm} x{2.68758 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{term length (horizons)}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{short term:}} & less than two years \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
{\bf{medium term:}} & 2 - 10 years \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
{\bf{long term:}} & 10 years + \tn 
% Row Count 3 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{market levels}}  \tn
\SetRowColor{LightBackground}
\mymulticolumn{1}{p{5.377cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/echoecho_1728250635_upper-middle-market.png}}} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{3.73275 cm} x{1.24425 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{market (deal sizes)}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{upper middle market:}} & 500MM - \$1B+ \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
{\bf{middle market:}} & 10MM - \$500MM \tn 
% Row Count 4 (+ 2)
% Row 2
\SetRowColor{LightBackground}
{\bf{commercial business(lower middle market):}} & 10MM - \$50MM \tn 
% Row Count 6 (+ 2)
% Row 3
\SetRowColor{white}
{\bf{small business:}} & \textless{} 10MM \tn 
% Row Count 7 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\emph{the upper middle market makes up a relatively small percentage (1\%) of the overall market compared to the middle market. While they are nearly invisible, they usually have reputable brands, have high {\bf{barriers to entry}}, command {\bf{premium valuation multiples}}, and boast a large market share.{\bf{ \newline  \newline }}around 55\% of the companies in the upper middle market have been in business for 30 years+}} \newline  \newline {\emph{long-standing presence and high revenues account for a significant contribution to economy.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.9908 cm} x{2.9862 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{fixed v. float exchange rate}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{fixed exchange rate:}} & denotes a nominal exchange rate that is set firmly by the monetary authority with respect to a foreign currency or a basket of foreign currencies. \tn 
% Row Count 7 (+ 7)
% Row 1
\SetRowColor{white}
{\bf{floating exchange rate:}} & determined in foreign exchange markets depending on demand and supply, and it generally fluctuates constantly. \tn 
% Row Count 12 (+ 5)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{reverse repo's \& the fed (CB)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{reverse repos go up -\textgreater{} reversal by Yellen via short-term bond issuance -\textgreater{} bull market.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Libor (li-bur) \& SOFR}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{the global reference rate for unsecured short-term borrowing in the interbank market.} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{} \tn 
% Row Count 2 (+ 0)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{the secured overnight financing rate (SOFR) is a benchmark interest rate for dollar-denominated derivatives and loans that replaced the London Interbank Offered Rate (LIBOR).} \tn 
% Row Count 6 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{today, SOFR is the dominant U.S. dollar interest rate benchmark.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{runway}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{the term cash runway refers to the length of time that a company has before it exhausts its current sources of funding before it must seek additional capital. Early-stage startups estimate their cash runway by using financial forecasts or calculating the burn rate.} \tn 
% Row Count 6 (+ 6)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{3.38436 cm} x{1.59264 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{untruths}}  \tn
% Row 0
\SetRowColor{LightBackground}
treasury dumping = & riskier assets dump \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
efficient market hypothesis (EHM) states that share prices reflect all information = & rubbish \tn 
% Row Count 6 (+ 4)
% Row 2
\SetRowColor{LightBackground}
stocks trade at their fair market value on exchanges = & rubbish \tn 
% Row Count 8 (+ 2)
% Row 3
\SetRowColor{white}
consistent alpha generation is impossible = & false \tn 
% Row Count 10 (+ 2)
% Row 4
\SetRowColor{LightBackground}
possible to beat the market and that stocks can deviate from fair market values = & true \tn 
% Row Count 13 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{counter to negative on hedge funds}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{they (a1) fund growth in companies by providing capital and (b1) assist a company's management to navigate hardship in their respective industry, geography, and market.  \newline % Row Count 4 (+ 4)
the byproduct of (a1) and (b1) is (a2); jobs, and (b2); wealth. anyone who tells you that b2 is the sole function of a hedge fund is ignorant, glib, envious, and actively seeks to lie to you.  \newline % Row Count 8 (+ 4)
those liars essentially evangelise their position out of envy. their ethos boils down to the logic in the following question: if everyone pretends a lie is true, then why is the actual truth even relevant?% Row Count 13 (+ 5)
} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.4931 cm} x{3.4839 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{austerity}}  \tn
% Row 0
\SetRowColor{LightBackground}
austerity = & less spending + more taxes \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{} \tn 
% Row Count 1 (+ 0)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{when a government loses the authority to print money, {\bf{austerity is the only option left}}.} \tn 
% Row Count 3 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{} \tn 
% Row Count 3 (+ 0)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{cutback measures have three main goals:}}} \tn 
% Row Count 4 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{avoid the accumulation of deficits that increase total debt} \tn 
% Row Count 6 (+ 2)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{reduce high inflation} \tn 
% Row Count 7 (+ 1)
% Row 7
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{limit over investment and speculative bubbles} \tn 
% Row Count 8 (+ 1)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{} \tn 
% Row Count 8 (+ 0)
% Row 9
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{you can only reduce debt to gap ratio by either:}}} \tn 
% Row Count 10 (+ 2)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{increasing gdp} \tn 
% Row Count 11 (+ 1)
% Row 11
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{lowering government debt via (increasing taxes or cut spending)} \tn 
% Row Count 13 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\emph{adopt austerity measures when there are economic problems, especially when they cannot pay their debts.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{recession feedback loop}}  \tn
\SetRowColor{LightBackground}
\mymulticolumn{1}{p{5.377cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/echoecho_1737239524_recession.png}}} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{geometric nature of return}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{geometric return:}} compounding effect, where your returns grow on the returns that have already been earned. (snowballing down a hill, picking up more snow as it goes.)} \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{geometric mean:}} the nth root of the product of n numbers, used to find the central tendency in multiplicative datasets.} \tn 
% Row Count 7 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{determining the culprit}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{who is interested + who is capable} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{cui prodest scelus is fecit {\emph{(for whom the crime advances, he has done it)}}} \tn 
% Row Count 3 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{folllow the trail, cui bono?} \tn 
% Row Count 4 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{counterparty risk}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{the potential for one party in a financial transaction to default or fail to meet its obligations, leading to financial losses for the other party.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{0.9154 cm} x{2.10542 cm} x{1.55618 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{5.377cm}}{\bf\textcolor{white}{capital ratios}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{category}} & {\bf{description}} & {\bf{range}} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
{\bf{poor}} & capital ratio is below regulatory minimums, indicating significant risk of insolvency and inability to absorb losses. Bank may face regulatory scrutiny and potential intervention. & less than regulatory minimum \tn 
% Row Count 12 (+ 10)
% Row 2
\SetRowColor{LightBackground}
{\bf{below average}} & capital ratio meets regulatory minimums but is at the lower end of the spectrum. Bank has limited buffer against losses and may struggle during economic downturns. & regulatory minimum to below 8\% \tn 
% Row Count 22 (+ 10)
% Row 3
\SetRowColor{white}
{\bf{average}} & capital ratio meets regulatory requirements but does not provide a substantial cushion against risks. Bank's stability may be adequate but lacks robustness for unforeseen challenges. & 8\% to below 10\% \tn 
% Row Count 33 (+ 11)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{x{0.9154 cm} x{2.10542 cm} x{1.55618 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{5.377cm}}{\bf\textcolor{white}{capital ratios (cont)}}  \tn
% Row 4
\SetRowColor{LightBackground}
{\bf{above average}} & capital ratio exceeds regulatory minimums, providing a reasonable buffer against risks. Bank is better positioned to absorb losses and maintain stability in various economic conditions. & 10\% to below 12\% \tn 
% Row Count 11 (+ 11)
% Row 5
\SetRowColor{white}
{\bf{good}} & capital ratio is comfortably above regulatory requirements, indicating strong financial health and resilience. Bank can withstand adverse events and has capacity for growth and innovation. & 12\% to below 15\% \tn 
% Row Count 22 (+ 11)
% Row 6
\SetRowColor{LightBackground}
{\bf{excellent}} & capital ratio significantly exceeds regulatory minimums, demonstrating exceptional financial strength and risk management. Bank is well-prepared for unexpected shocks and has ample capacity for expansion and investment. & 15\% and above \tn 
% Row Count 35 (+ 13)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{x{0.9154 cm} x{2.10542 cm} x{1.55618 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{5.377cm}}{\bf\textcolor{white}{capital ratios (cont)}}  \tn
% Row 7
\SetRowColor{LightBackground}
\mymulticolumn{3}{x{5.377cm}}{} \tn 
% Row Count 0 (+ 0)
\hhline{>{\arrayrulecolor{DarkBackground}}---}
\SetRowColor{LightBackground}
\mymulticolumn{3}{x{5.377cm}}{{\emph{the percentage of banks capital to its risk weighted assets.  It measures the funds it has in reserve against the riskier assets it holds that could be vulnerable in event of a crisis.{\bf{ \newline  \newline }}major depository banks around the world have also used financial innovations such as structured investment vehicles to circumvent capital ratio regulations.}}}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}---}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{negative ev}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- losses} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- poor ROI} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- high risks {\emph{(high levels of risk that are not adequately compensated by potential rewards. This could include factors such as market volatility, regulatory uncertainties, or operational challenges.)}}} \tn 
% Row Count 7 (+ 5)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- wasted resources} \tn 
% Row Count 8 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- opportunity cost {\emph{(pursuing opportunities with negative EV may prevent a business from allocating resources to more promising ventures that could generate higher returns.)}}} \tn 
% Row Count 12 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{tail risk}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{the risk of extreme and rare financial events that lead to significant losses, occurring more frequently than predicted by standard models.} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{(financial crises, market crashes, natural disasters, pandemics, political upheaval, terrorist attacks, sovereign debt crises.)}}} \tn 
% Row Count 6 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{capitalism/socialism}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{{\emph{capitalist society =}}}} voluntary cooperation, voluntary exchange.} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{{\emph{socialist society =}}}} force, no choice, all is decided for you.} \tn 
% Row Count 4 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{positive ev}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- built-in incentive} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- narrative} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{profitability?, ROI?, risk management (are there strategies in place to help mitigate potential loses), opportunity assessment (is it the one with the highest yield?), decision making (focus on actions that are expected to add value to the business)} \tn 
% Row Count 7 (+ 5)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{the stripper index}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{sex industry workers can and do indicate soon to be realised economic downturn.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{the post Series-A problem}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{If you are dependent on external funding Post Series-A you run the risk of being subject to slow enshittification with all subsequent rounds raised. The faster to revenue, the better.} \tn 
% Row Count 4 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{IRR}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{If you make 10\% in a month is better than 10\% in a year due to IRR.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{seigniorage}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- the difference between the face value of money—both paper bills and coins—and what it costs to produce it.} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- may be counted as positive revenue for a government when the money it creates is worth more than it costs to produce.} \tn 
% Row Count 6 (+ 3)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- if, for example, it costs the U.S. government 5 cents to produce \$1, the seigniorage is 95 cents or the difference between the two amounts.} \tn 
% Row Count 9 (+ 3)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- the banks get to benefit from seignorage (profits from creating money) and the government benefits from cash, that's why it still exist. If you look at a governments treasury balance sheet there's a entry labelled seignorage income (profits from selling their cash to a bank) and the bank pays for it with digital currency and puts it in their ATM.} \tn 
% Row Count 17 (+ 8)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- in some situations, {\bf{the production of currency can result in a loss instead of a gain}} for the government creating the currency. this loss is more commonly experienced in the production of coins because the metal used to produce coins has inherent value.} \tn 
% Row Count 23 (+ 6)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{this value, often called the melt value, may be higher than the denomination it originally represented or, when combined with production costs, may result in a loss. For example, the U.S. penny, with a face value of one cent, cost 2.10 cents to produce in 2021—the sixteenth year in a row that production costs exceeded the penny's face value.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{tender offer (buyback)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{an offer to purchase some or all shareholders' shares in a corporation.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{mark to market}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{accounting practice that values assets and liabilities at their current market prices.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{capital cost}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{total expenses incurred to acquire and maintain a capital asset, including purchase price, installation, and maintenance.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{bridge finance}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{short-term loan used to cover immediate expenses, until permanent financing is secured.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{fire sale}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{rapid sale of goods or assets at heavily discounted prices, often due to financial distress.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{global liquidity cycles}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{fluctuations in the availability of global capital and credit, influenced by monetary policies and economic conditions.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{money market fund (mmf)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{a type of mutual fund that invests in short term, high-quality, low-risk debt instruments, offering liquidity and stability.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{net asset value (NAV) of a money market fund usually stays the same at \$1 per share. this is because regulations in the market allow the fund to calculate the value of its investments based on their original cost rather than their current market value. so even if the value of the investments in the fund fluctuates, the NAV remains stable at \$1 per share.*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{commercial paper}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{short-term, unsecured promissory note issued by corporations to finance their immediate operational needs.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{promissory note}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{written promise to pay a specified sum of money to a specified person at a specified future date.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{anchor limited partner}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{a primary investor in a fund, often providing significant capital and credibility, attracting additional investors.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{vc dilemma}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{as VC firm funds that grow beyond AUM \$1B they have a real challenge to create returns as there is simply not sufficient "exitable" unicorns to support the 25\%+ IRR promised to LP investors. So the possible reactions are to go deep and broad, reducing the previous rigour around due diligence, or move into more traditional PE investments.} \tn 
% Row Count 7 (+ 7)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{in many cases they tend to use both*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{self-dealing}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{when someone in a fiduciary position acts in their own interest rather than in the best interest of those they represent.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{long-tail liability}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{an insurance claim that is not settled until a long time after a policy has expired.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{1x liquidation preference}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{gets paid back their full investment amount before any shareholders lower in the priority stack receive their payouts} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{a multiple greater than 1x, such as a 2x or 3x liquidation preference, is less common.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{long tail}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{a business strategy that allows companies to realise significant profits by selling low volumes of hard-to-find items to many customers, instead of only selling large volumes of a reduced number of popular items.} \tn 
% Row Count 5 (+ 5)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{insurance loss control}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{a set of risk management practices designed to reduce the likelihood of a claim being made against an insurance policy.} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{finite risk insurance}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{a transaction in which the insured pays a premium that constitutes a pool of funds for the insurer to use to cover any losses. ( a company might enter into a finite risk insurance agreement to cover potential losses from product liability claims up to \$1 million over the course of a year. If the losses exceed \$1 million, the company would be responsible for covering the additional costs.)} \tn 
% Row Count 8 (+ 8)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.34379 cm} x{3.63321 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{valuation}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{pre-money:}} & value of company before any external funding is injected into it. (value of the company without taking into account the new investment). \tn 
% Row Count 5 (+ 5)
% Row 1
\SetRowColor{white}
{\bf{post-money:}} & value of a company after external funding has been added to its balance sheet. It is the total value of the company after the new investment has been made. \tn 
% Row Count 11 (+ 6)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\emph{example, if a company has a pre-money valuation of \$10 million and raises \$5 million in a funding round, its post-money valuation would be \$15 million (\$10 million pre-money + \$5 million investment).}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{use of secondaries}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{start-ups are using funding markets as ATMs, this is not sustainable.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{before capital used to be raised off DCF and now startups are raising on future funding.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{4.42953 cm} p{0.54747 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{top 5 factors}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{timing:}} & 42\% \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
{\bf{team/execution:}} & 32\% \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
{\bf{idea (truth) outlier:}} & 28\% \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
{\bf{business model:}} & 24\% \tn 
% Row Count 4 (+ 1)
% Row 4
\SetRowColor{LightBackground}
{\bf{funding:}} & 14\% \tn 
% Row Count 5 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.74195 cm} x{3.23505 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{futures}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{based on forwards:}} & forwards are commonly used by producers and manufacturers in the the real world to fix the price in which they take or make delivery of an asset. \tn 
% Row Count 6 (+ 6)
% Row 1
\SetRowColor{white}
 & these principles are taken a step further and converted into tradable futures contracts. Advantages being one doesn't have to move any assets around in order to speculate on the price of them changing. \tn 
% Row Count 14 (+ 8)
% Row 2
\SetRowColor{LightBackground}
 & as many people can participate in the future markets {\bf{the volume and value of contracts traded on an assets i.e copper can far exceed the amount of copper that is physically exists on the planet}}. \tn 
% Row Count 22 (+ 8)
% Row 3
\SetRowColor{white}
 & if you do not offset or rolled your position prior to contract expiration, the contract will expire and it will go to settlement. At this point, a trader with a short position will be obligated to deliver the underlying asset under the terms of the original contract. \tn 
% Row Count 33 (+ 11)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.43873 cm} x{2.53827 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{perpetuals (perps)}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{fluid:}} & have no settlement date. \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
{\bf{contingent on minimum requirements:}} & initial and maintenance margin, liquidation and insurance fund. \tn 
% Row Count 6 (+ 4)
% Row 2
\SetRowColor{LightBackground}
{\bf{collateral/ initial margin:}} & amount committed when opening a leveraged position. \tn 
% Row Count 9 (+ 3)
% Row 3
\SetRowColor{white}
{\bf{maintenance margin:}} & dynamic value that changes according to the assets market price and to the total balance of the traders margin account {\bf{(minimum value required to keep all positions open)}} \tn 
% Row Count 18 (+ 9)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.43873 cm} x{2.53827 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{general theory of employment, interest and money}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{aggregate demand:}} & emphasised the importance of total spending in an economy (as the primary driver of economic activity) \tn 
% Row Count 6 (+ 6)
% Row 1
\SetRowColor{white}
{\bf{involuntary unemployment:}} & unemployment can persist even when people are willing to work due to insufficient demand for goods and services. \tn 
% Row Count 12 (+ 6)
% Row 2
\SetRowColor{LightBackground}
{\bf{role of government:}} & government intervention to stimulate demand during economic downturns, using fiscal and monetary policies. \tn 
% Row Count 18 (+ 6)
% Row 3
\SetRowColor{white}
{\bf{liquidity preference:}} & concept of liquidity preference, stating that people prefer holding cash over other assets due to uncertainty. \tn 
% Row Count 24 (+ 6)
% Row 4
\SetRowColor{LightBackground}
{\bf{interest rates:}} & central banks could influence interest rates to encourage or discourage investment and spending. \tn 
% Row Count 29 (+ 5)
% Row 5
\SetRowColor{white}
{\bf{animal spirits:}} & psychological factors that influence economic decision-making, which can lead to market fluctuations. \tn 
% Row Count 35 (+ 6)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{x{2.43873 cm} x{2.53827 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{general theory of employment, interest and money (cont)}}  \tn
% Row 6
\SetRowColor{LightBackground}
{\bf{paradox of thrift:}} & saving too much during a recession can exacerbate economic problems by reducing demand, leading to a self-reinforcing cycle of decline. \tn 
% Row Count 7 (+ 7)
% Row 7
\SetRowColor{white}
{\bf{long-term vs. short-term decisions:}} & short-term factors (economic decisions) often dominate economic behaviour. \tn 
% Row Count 11 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{basel framework}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{an international regulatory framework for managing credit risk and market risk.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\emph{their key function is to ensure that banks hold enough cash reserves to meet their financial obligations and survive in financial and economic distress.}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{essence of monies creation}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- if you haven't got the ability to produce what you need. You have to go and find money in order to exchange it for what you need - this is the trap.} \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- {\bf{money has to be backed}}. productivity or gold is recent instruments of what has been used to achieve this.} \tn 
% Row Count 7 (+ 3)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- a change is zero(0) because there is no disappearance. It is merely a transformation, the money did not go anywhere - it simply changed hands.} \tn 
% Row Count 10 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{interpolation}}  \tn
\SetRowColor{LightBackground}
\mymulticolumn{1}{p{5.377cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/echoecho_1725542769_Interpolation_example_polynomia-17f3432d98424155a2923472c95ae75f.png}}} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{a mathematical technique to estimate the values of unknown data points that fall in between existing, known data points. \newline  \newline this process helps fill in the blanks. \newline  \newline technical traders use interpolation to understand how prices have behaved in the past, even when they do not have full information.}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{3.68298 cm} x{1.29402 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{disorder brothers}}  \tn
% Row 0
\SetRowColor{LightBackground}
uncertainty & entropy \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
variability & time \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
imperfect / incomplete knowledge & the unknown \tn 
% Row Count 4 (+ 2)
% Row 3
\SetRowColor{white}
chance & \seqsplit{randomness} \tn 
% Row Count 5 (+ 1)
% Row 4
\SetRowColor{LightBackground}
chaos & turmoil \tn 
% Row Count 6 (+ 1)
% Row 5
\SetRowColor{white}
volatility & stressor \tn 
% Row Count 7 (+ 1)
% Row 6
\SetRowColor{LightBackground}
disorder & error \tn 
% Row Count 8 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{0.89586 cm} x{4.08114 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{net interest margin (nin)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{the difference between a financial firm's interest income and interest expenses, expressed as a percentage of income-generating assets.} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
{\bf{calc:}} & (net interest income a lender earns from credit products like loans and mortgages) - (interest it pays to holders of savings accounts and certificates of deposit (CDs). \tn 
% Row Count 9 (+ 6)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.14011 cm} x{2.83689 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{publishing rights}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{mechanical royalties:}} & payments to songwriters and publishers for the reproduction of their music, typically when their songs are sold, streamed, or used in physical or digital formats. \tn 
% Row Count 8 (+ 8)
% Row 1
\SetRowColor{white}
{\bf{performance royalties:}} & payments made to songwriters, composers, and publishers when their music is publicly performed, such as on the radio, TV, or live venues. \tn 
% Row Count 15 (+ 7)
% Row 2
\SetRowColor{LightBackground}
{\bf{synchronization royalties:}} & payments made to songwriters and publishers when their music is licensed for use in visual media, such as movies, TV shows, or commercials. \tn 
% Row Count 22 (+ 7)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.9908 cm} x{2.9862 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{sporting revenue}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{market and merchandise:}} & brand sponsorships and event physical goods. \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
{\bf{broadcasting rights:}} & exclusive right to broadcast the top sporting events live. \tn 
% Row Count 5 (+ 3)
% Row 2
\SetRowColor{LightBackground}
{\bf{live gate:}} & the sum of money taken at a sporting venue for the sale of tickets. \tn 
% Row Count 8 (+ 3)
% Row 3
\SetRowColor{white}
{\bf{ancillary rights:}} & all rights that are related to exploiting property in ways that are different from their original format. \tn 
% Row Count 13 (+ 5)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{2.4885 cm} p{2.4885 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{banks (exist to)}}  \tn
% Row 0
\SetRowColor{LightBackground}
broker & dealer \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
bank & credit \tn 
% Row Count 2 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{wells notice}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{notification from the SEC indicating that it may take enforcement action against a person or firm, giving them a chance to respond before the action is taken.} \tn 
% Row Count 4 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.88666 cm} x{2.09034 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{animal spirits}}  \tn
% Row 0
\SetRowColor{LightBackground}
confidence & corruption \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
money Illusion & fairness \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{stories} \tn 
% Row Count 3 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\emph{the five cognitive and psychological types of animal spirits identified by Akerlof and Shiller include following. These phenomena help economists consider answers to tricky questions such as "why do economies fall into depression" and why are financial prices and corporate investments so volatile?"}}*}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{confiscation}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{there is a problem with trying to finance things by confiscating the wealth of the wealthy.} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{all you can confiscate is the material wealth, you cannot confiscate human capital without enslavement.}}} \tn 
% Row Count 5 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{fragility \& volatility}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{volatility cleans up a system periodically.} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{the illusion of stability attempts to hide/conceal risk within a system. (hidden risk, this is usually hidden in the tails).} \tn 
% Row Count 4 (+ 3)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{the longer we've been doing something that we don't understand, the longer we would do it.} \tn 
% Row Count 6 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{with time what is fragile will break. Whatever is not perishable, namely an idea, will have life expectancy that increases with time. There is an intelligence of time that is at work, a book that has been read for 3,000 years will still be read approximately 3,000 years to come.} \tn 
% Row Count 12 (+ 6)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{} \tn 
% Row Count 12 (+ 0)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{companies that are currently lowering sales by percentages will be a lot more hurt under economic pressure.} \tn 
% Row Count 15 (+ 3)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{debt brings fragility, bigger size causes fragility.} \tn 
% Row Count 17 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.59264 cm} x{3.38436 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{asset volatility}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{80 vol. assets:}} & a higher volatility indicates that the price of the asset can fluctuate widely in a short period, indicating higher risk. \tn 
% Row Count 5 (+ 5)
% Row 1
\SetRowColor{white}
 & {\emph{80 vol asset would imply that the price of the asset is expected to exhibit significant fluctuations}}* \tn 
% Row Count 9 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.64241 cm} x{3.33459 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{stonks}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{NYSE:}} & older (1792) \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
{\bf{ Nasdaq:}} & younger brother (1971) \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
{\bf{S\&P500:}} & tracks 500 of the largest companies on both exchanges. \tn 
% Row Count 5 (+ 3)
% Row 3
\SetRowColor{white}
{\bf{index:}} & amalgamates a whole bunch of share prices and transforms it into one clean number. \tn 
% Row Count 9 (+ 4)
% Row 4
\SetRowColor{LightBackground}
{\bf{DOW (exclusive):}} & only follows the 30 companies it considers the most important. \tn 
% Row Count 12 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{annual general meeting (agm)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{a yearly gathering of a company's interested shareholders.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.09494 cm} x{3.88206 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{market v. limit order}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{market:}} & "buy some juice!" / juice costs 5$\frac{3}{4}$ \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
{\bf{limit:}} & "buy some juice!, if it's less than 4$\frac{3}{4}$" / juice costs 5$\frac{3}{4}$ \tn 
% Row Count 4 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}


% That's all folks
\end{multicols*}

\end{document}