Fundamentals of Investing: Fourteenth Edition, Global Edition

Fundamentals of Investing
Fourteenth Edition, Global Edition
Chapter 3
Investment Information and
Securities Transactions
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Learning Objectives
3.1 Discuss the growth in online investing and the pros and cons of using the
Internet as an investment tool.
3.2 Identify the major types and sources of investment information.
3.3 Explain the key aspects of the commonly cited stock and bond market
averages and indexes.
3.4 Review the role of stockbrokers, including the services they provide,
selection of a stockbroker, opening an account, and transaction basics.
3.5 Describe the basic types of orders, online transactions, transaction costs,
and the legal aspects of investor protection.
3.6 Discuss the roles of investment advisors and investment clubs.

Investment Research and Planning
(1 of 2)
• There are a wide range of options for conducting

investment research. The internet has reduced the cost of
executing trades and provides access to tools formerly
restricted to professionals.
– Getting Started in Investment Research
– A Word of Caution About Internet Trading

Investment Research and Planning
(2 of 2)
• Getting Started in Investment Research
– Investment Education Sites
 Offer articles, tutorials, and online classes
 Examples: Wise Bread, Kahn Academy, The Motley Fool,
Investopedia, CNN Money Essentials
– Investment Tools
 Planning: Develop financial plans, set investment goals
 Screening: Screen stocks on a wide variety of characteristics
 Charting: Plot charts that track the performance of investments
over time
 Stock Quotes and Portfolio Tracking: Keep track of your
investments by obtaining current stock quotes as well as your
overall portfolio value
Figure 3.1 Tools &
Calculators
At sites like www.calculator.net

you’ll find many tools and calculators that
you can use to solve specific personal
finance problems such as evaluating loan
offers, saving for retirement, and making
sound investment decisions. Screenshot of
https://www.calculator.net/financial-calculator.html

Figure 3.2 Zacks Stock Screener

A Word of Caution About Internet
Trading
• Investing online still involves risk
• Exercise same cautions as regular investing
• Remember: there is no live broker to act as a “safety net”
• Be skeptical of “free” advice online
• Know what you are buying and from whom
• Watch out for frequent trading
– High transaction costs
– Higher taxes on short-term gains
• Beware of the risks of margin trading

Types and Sources of Investment
Information
• Investment information can be either descriptive or analytical:
• Descriptive Information – factual data on past performance of
the economy, financial markets, an industry, a company, or
even a specific investment
• Analytical Information – available current data in conjunction
with projections and recommendations about potential
investments
– Types of information
– Sources of information

Figure 3.3 A Report
Containing Descriptive
Information

Types and Sources of Information
(1 of 9)
• Types of Information
– Economic and current event information
– Industry and company information
– Information on alternative investments
– Price information
– Information on personal investment strategies

(2 of 9)
• Sources of Information
– Economic and Current Event Information
▪ Financial journals:
– Wall Street Journal: Best-known source; reports daily
world, national, regional, and corporate news
– Barron’s: second credible source, published weekly
– Investor’s Business Daily: contains more detailed price
and market data than WSJ

(3 of 9)
 Institutional News
– Monthly economic letters of several of the banks in the Federal
Reserve System provide useful economic information
– Wire services: Dow Jones, Bloomberg Financial Services, AP,
UPI
– Websites specializing in financial news:
• CNN Business
• Marketwatch
 Business Periodicals:
– Some present general business and economic articles, others
cover securities markets and related topics, or specific industries.
– Business and Finance-oriented periodicals: Bloomberg
Businessweek, Fortune, Forbes, and The Economist provide
in-depth articles on a wide range of business topics.
(4 of 9)
 Government Publications:
– Economic Report of the President, provides broad view
of current and expected state of economy
– Federal Reserve Bulletin,
https://www.federalreserve.gov/
– Department of Commerce
• Survey of Current Business
– U.S. Census Bureau
• Quarterly Financial Report
 Special Subscription Services: Kipling Letter

(5 of 9)
– Industry and Company Information
▪ Trade publications: periodicals devoted to a specific industry
–Examples: Chemical Week, American Banker, Computerworld,
Industry Week, Oil and Gas Journal, and Public Utilities
Fortnightly
▪ General business periodicals: Wall Street Journal, Business Week,
Forbes, Fortune
▪ Company Web Sites:
–Investor information
–Annual reports
–Filings
–Financial and press releases
▪ Free and subscription resources online that emphasize industry and
company information
Table 3.1 Online Sources for
Industry and Company Information
Website Description Cost
D&B Hoover's Online (hoovers.com) Reports and news on public and Varies according to level of service
private companies with in-depth
coverage of 43,000 of the world's top
firms
CNET (news.cnet.com) One of the best sites for high-tech Free
news, analysis, and breaking news.
Has great search capabilities and
links.
Yahoo! Finance (finance.yahoo.com) Provides information on companies Free
gathered from around the web: stock
quotes, news, investment ideas,
research, financials, analyst ratings,
insider trades, and more.
Market Watch (marketwatch.com) Latest news from various wire Free
services. Searchable by market or
industry. Good for earnings
announcements and company news.

(6 of 9)
▪ Regulation FD (fair disclosure rule): requires critical company
information to be disclosed simultaneously to investment professionals
and the public via press releases or SEC filings
▪ Stockholders’ Report (Annual Report): report published yearly by
publicly held corporations
▪ Form 10-K: annual statement filed with SEC by all companies with
publicly traded stock
–Freeedgar.com: SEC-maintained website with free access to SEC
filings
▪ Comparative Data Sources: Dun & Bradstreet’s Key Business Ratios,
Risk Management Association’s and the Almanac of Business &
Industrial Financial Ratios

Figure 3.4 Pages from Procter & Gamble’s 2018
Stockholders’ Report
The excerpt from Procter & Gamble’s Annual Report quickly acquaints the investor with some key Information
on the firm’s operations over the past year. (Source: Procter & Gamble annual report,
http://www.pginvestor.com/Cache/1001242072.PDF?O=PDF&T=&Y=&D=&FID=1001242072&iid=4004
124
, Accessed November 8, 2018.) Courtesy of Procter & Gamble
(7 of 9)
 Subscription Services
– Standard & Poor’s Corporation (S&P): basic news and market
commentary is free; Bloomberg Businessweek
– Mergent: equity and bond portraits, corporate research
– Value Line Investment Survey: provides online access to data,
graphing, portfolio tracking and technical indicators
 Brokerage Reports: research reports available to brokerage firms’ clients
– Back-office research reports: analysis of and recommendations
on prospects for the securities markets, specific industries, or
specific securities.
 Investment Letters: newsletters that provide, on a subscription basis,
the analyses, conclusions, and recommendations of their authors.

(8 of 9)
– Price Information
▪ Quotations: contain price information about various types of securities,
including current price data and statistics on recent price movements;
CNBC TV has real-time stock quotes
– Other Online Investment Information Sources
▪ Financial Portals: supersites that combine investing features with other
personal finance features
▪ Bond Sites: online resources for bond and interest rate information;
Bloomberg and Wall Street Journal
▪ Mutual Fund Sites: online resources for mutual fund information
▪ International Sites: online resources for global investing, from country
research to foreign currency exchange
▪ Investment Discussion Forums: websites where investors can exchange
opinions on stocks and investing strategies
Table 3.2 Symbols for Some Well-
Known Companies
Company Symbol Company Symbol
Alphabet GOOG Johnson & Johnson JNJ
Amazon.com, Inc. AM Z N McDonald’s Corporation MCD
Apple AA P L Microsoft MS FT
AT&T T Netflix N F LX
Bank of America BAC Nike NKE
Costco Wholesale COST Nordstrom JWN
Cisco Systems CSCO Oracle ORCL
The Coca-Cola Company KO PepsiCo, Inc PE P
Estee Lauder Companies EL Ralph Lauren RL
ExxonMobil XOM Southwest Airlines LUV
Facebook FB Starbucks SBUX
FedEx FDX Target TGT
Hewlett-Packard HPQ United Parcel Service UPS
Intel INTC Walmart Stores WMT
Int’l Business Machines IBM Walt Disney DIS

Table 3.3 Popular Investment
Websites (1 of 3)
The following websites are just a few of the thousand of sites that
provide investing information. Unless otherwise mentioned, all
are free.
Website Description
CNN Business Covers domestic and foreign markets. Provides access to market data and
has a heavy emphasis on Silicon Valley.
Motley Fool Comprehensive and entertaining site with educational features, research,
news, and message boards. Model portfolios cover a variety of investment
strategies. Free but offers premium services, such as its Stock Advisor
monthly newsletter, for a fee.
Yahoo! Finance Simple design, content-rich; easy to find information quickly. Includes financial
news, price quotes, portfolio trackers, bill paying, personalized home page,
and a directory of other major sites.
MarketWatch A site devoted more to investment data and numbers rather than news,
MarketWatch provides quotes and charts that update throughout the trading
day.

Websites (2 of 3)
Website Description
Investing in Bonds Developed by the Securities Industry and Financial Markets
Association; good for novice investors. Bond education, research
reports, historical data, and links to other sites. Searchable
database.
Treasury Direct Run by U.S. Treasury Department. Information about U.S. savings
bonds and Treasury securities. Can buy Treasury securities online
through Treasury Direct program.

Websites (3 of 3)
Website Description
Morningstar Profiles mutual funds with ratings; screening tools, portfolio analysis and
management; fund manager interviews, e-mail newsletters; educational
sections. Advanced screening and analysis tools are available for a fee.
Mutual Fund Investor's Center Not-for-profit, easy-to-navigate site from the Mutual Fund Education Alliance
with investor education, search feature, and links to profiles of funds,
calculators for retirement, asset allocation, and college planning.
MAXfunds Offers several custom metrics and data points to help find the best funds and
give investors tools other than past performance to choose funds. Covers
more funds than any other on- or offline publication. MAXadvisor Powerfund
Portfolios, a premium advisory service, is available for a fee.

Types and Sources of Information (9 of 9)
– Avoiding Scams
▪ Beware of stock manipulators posting false news or overly optimistic opinions
▪ Always know your source
▪ Beware of “pump-and-dump”—promoters who hype a stock and sell out on the inflated
prices
– E.g., “Rudy” sports drink, cryptocurrencies
▪ Beware of “get-rich-quick”—promoters selling worthless investments to naïve buyers
▪ The Commodities Futures Trading Commission (CFTC) issued the following advice:
– Don’t purchase digital coins or tokens based on a single tip, especially if that tip
came via social media.
– Be skeptical of ads or websites that promote the idea that you can get rich fast by
investing in cryptocurrencies.
– No investment is guaranteed. If someone tells you an investment has no risk, do not
invest.

Understanding Market Averages and
Indexes (1 of 9)
• Studying the performance of market averages and indexes
allow you to conveniently
1. Gauge general market conditions
2. Compare your portfolio’s performance to that of a large,
diversified (market) portfolio
3. Study the market’s historical performance and use that as a
guide to understand future market behavior
• Stock Market Averages and Indexes
• Bond Market Indicators

Indexes (2 of 9)
– Averages: reflect the arithmetic average price behavior of a
representative group of stocks at a given point in time.
– Indexes: measure the current price behavior of a
representative group of stocks in relation to a base value set
at an earlier point in time.

Indexes (3 of 9)
– The Dow Jones Averages
▪ Dow Jones Industrial Average (DJIA): average made up of 30 stocks,
most of which are issued by large, well-respected companies with long
operating histories from industry sectors such as technology,
transportation, banking, energy, healthcare, consumer products and many
others.
–Price-weighted (stocks with higher prices get more weight than stocks
with lower prices)
–Stock makeup can change due to a merger or bankruptcy as well as
when Dow Jones believes the average does not reflect the broader
market.
Equation 3.1
DJIA 
Closin g share price of stock 1  Closin g share price of stock 2  ...  Closin g share price of stock 30
DJIA divisor
Indexes (4 of 9)
– The Dow Jones Averages
▪ Dow Jones Transportation Average: based on 20 stocks, including
railroads, airlines, freight forwarders and mixed transportation companies
▪ Dow Jones Utility Average: comprised of 15 public utility stocks
▪ Dow Jones Composite Average: made up of 65 stocks, including 30
industrials, 20 transportations and 15 utilities
▪ Dow Jones also publishes numerous indexes including:
–U.S. Total Stock Market Index
–Indexes for various sectors based on company size (e.g. large cap,
mid cap, small cap) or industry.
–Indexes that track global equities market, developed and emerging
stock markets, and regional markets in Asia, Europe, the Americas,
the Middle East, and Africa.

Indexes (5 of 9)
– Standard & Poor’s Indexes: Many investors feel they provide a
more broad-based and representative measure of general market
conditions than do the Dow averages. They are widely used,
frequently as a basis for estimating “market return”
▪ S&P 500 Index: Common stock index comprising 500 large
(but not necessarily the largest) companies
Closing market Closing market Closing

capitalization of  capitalization of    market capitalization
stock 1 stock 2 of stock 500
S & P 500 Index =
Divisor

Indexes (6 of 9)
– Standard & Poor’s Indexes:
▪ S&P 100 Index: comprises 100 large companies, each of
which must have stock options available for trade
▪ S&P 400 MidCap Index: comprises 400 medium-sized
companies (accounts for 7% of U.S. equity market)
▪ S&P 600 SmallCap Index: comprises 600 small-sized
companies (account for 3% of U.S. equity market)
▪ S&P Total Market Index: comprises all stocks listed on
NYSE and Nasdaq

Figure 3.5 The DJIA Average Compared to the
S&P 500 Index from June 1, 2016 to June 1, 2018
During this period, both indexes followed a rising trend, with the DJIA gaining
about 38% and the S&P 500 gaining about 30%. (Source: Yahoo! Finance
screenshot, http://www.finance.yahoo.com.)
Indexes (7 of 9)
– NYSE, NYSE MKT, and Nasdaq Indexes: each index reflects the movement of stocks
listed on its exchange
▪ NYSE Composite Index: includes all stocks listed on the NYSE; behavior of index
is normally similar to that of the DJIA and S&P 500 indexes.
– NYSE MKT Composite Index: reflects the price of all shares traded on the
NYSE MKT Exchange; tends to move in the general direction, but not exactly
as the S&P and NYSE indexes
▪ Nasdaq Stock Market Indexes: reflect Nasdaq stock market activity
– Composite Index: most comprehensive, calculated using the more than 3,000
common stocks traded on the Nasdaq
– Nasdaq 100: includes 100 of the largest domestic and international
nonfinancial companies listed on Nasdaq
– Biotech and Computer Indexes
– Movements of these indexes are often sharper than those of the other major
indexes

Indexes (8 of 9)
– Value Line Indexes: stock indexes constructed by equally weighting the price of each
stock included to eliminate the bias of stocks with large total market values.
▪ Value Line Composite Index: includes nearly 1,700 stocks in the Value Line
Investment Survey that are traded on the NYSE, NYSE MKT , and OTC markets.
– Other Averages and Indexes
▪ Frank Russell Company (pension advisory firm) publishes three primary indexes:
– Russell 1000: 1,000 largest companies
– Russell 2000: 2,000 small to medium-sized companies
– Russell 3000: 3,000 companies in the Russell 1000 and 2000
▪ Wall Street Journal publishes a number of global and foreign stock market indexes:
– World Index
– Europe/Australia/Far East (EAFE MSCI) Index

Indexes (9 of 9)
• Bond Market Indicators
– Bond Yields
▪ Bond yield: the return an investor would receive on a bond if it were
purchased and held to maturity
▪ Reported as annual rates of return
▪ Reflects the interest payments an investor receives as well as gains or
losses in the bond’s value from the date of purchase until it matures
– Bond Indexes
▪ Dow Jones Corporate Bond Index: equal-weighted index of 96 U.S.-
issued corporate bonds:
– 48 industrial
– 36 financial
– 12 utility

Making Securities Transactions (1 of 13)
• You need to understand how to make securities

transactions based on the information you’ve used to
locate attractive security investments.
– The Role of Stockbrokers
– Basic Types of Orders
– Online Transactions
– Transaction Costs
– Investor Protection: SIPC and Arbitration

• The Role of Stockbrokers

– Stockbrokers: (also called account executives, investment
executives, and financial consultants) act as intermediaries
between buyers and sellers of securities
 Must be licensed by both the SEC and the securities
exchanges where they place orders
– Client places order with stockbroker. Stockbroker works for a
brokerage firm that maintains memberships on the securities
exchanges, and members of the securities exchange execute
orders that the brokers in the firm’s various sales offices transmit
to them
– For transactions in markets such as Nasdaq, brokerage firms
typically transmit orders to market makers; these transactions
are executed rapidly due to competition among dealers

– Brokerage Services
▪ Primary service is to execute clients’ purchase and sale
transactions at the best possible price
▪ Client’s security certificates are typically held in street
name
– Street name: stock certificates issued in brokerage
firm’s name, but held in trust for the client who
actually owns them
▪ Research information is often provided on specific
stocks or economic conditions
▪ Statements showing detailed account transactions are
provided

– Types of Brokerage Firms
 Full-Service Broker: offers an investor a full array of
brokerage services such as providing investment advice and
information, holding securities in street name, offering online
brokerage services and extending margin loans
 Premium Discount Broker: focus primarily on making
transactions for customers.
– Charge low commissions
– Limited free research information and investment advice
 Basic Discount Broker: typically deep-discount brokers
through whom investors can execute trades electronically
online via a commercial service, on the Internet, or by phone.

Table 3.4 Select Full-Service,
Premium Discount, and Basic
Discount Brokers
Full-Service Broker Premium Discount Broker Basic Discount Broker

Morgan Stanley Bank of America Firstrade
Merrill Lynch Charles Schwab Ally Invest
UBS Financial Services E* Trade Robin hood
Wells Fargo Fidelity.com Interactive Brokers
Blank TD Ameritrade Blank
Blank Wells Trade Blank

Making Securities Transactions
(5 of 13)

– Selecting a Stockbroker
 Find someone who understands your investment goals
 Consider the investing style and goals of your
stockbroker
 Be prepared to pay higher fees for advice and help from
full-service brokers
 Ask for referrals from friends or business associates
 Beware of churning: increasing commissions by causing
excessive trading of clients’ accounts

(6 of 13)
– Opening an Account
 Single or Joint
– Joint accounts are most common between spouses or parent and
child
– Custodial account: brokerage account of a minor that requires a
parent or guardian to be involved in all transactions
 Cash or Margin
– Cash account: brokerage account where customer can make
only cash transactions
– Margin account: brokerage account in which brokerage firm
extends borrowing privileges to a customer
 Wrap account: account that allows brokerage customers with
portfolios worth $100,000 or more to shift stock selection decisions to
a professional money manager, in return for a flat annual fee
(7 of 13)

– Odd-Lot and Round-Lot Transactions
 Odd lot: order consists of less than 100 shares of
stock
 Round lot: orders for a 100-share unit or multiples
thereof

(8 of 13)
• Basic Types of Orders
– Market Order:
 Orders to buy or sell stock at the best price available at the
time the order is placed
 Quickest way to fill order
– Limit Order:
 Order to buy at or below a specified price (limit buy order) or to
sell at or above a specified price (limit sell order)
– Fill-or-Kill: order cancelled if not immediately filled
– Day Order: order expires at the end of the day if not filled
– Good-’til-Canceled (GTC) Order: Order remains in effect
for six months unless executed, canceled, or renewed

(9 of 13)
• Basic Types of Orders
– Stop-Loss Order:
 “Suspended order” placed to sell a stock if the price reaches or falls
below a specified level
 Orders can be day orders or GTC orders
 Once activated, becomes a market order
 Used to protect against adverse effects of a rapid decline in share
price
 Can also use stop orders to buy stocks, such as to limit risk on short
sales
 Stop-Limit Order: order to buy or sell stock at a given or better price
once a stipulated stop price has been met
– Prevents sales at an undesirable price
– No sale may occur if price continues to decline

(10 of 13)
• Online Transactions
– Day Trading
 Day trader: an investor who buys and sells stocks quickly
throughout the day in hopes of making quick profits
 Highly risky, especially if used with margin trading
 High brokerage commissions due to frequent trading
– Technical and Service Problems
 Service outages
 Slowdowns in process of confirming trades can lead to
duplicate orders
 Long wait times on hold when using telephone

(11 of 13)
• Online Transactions
– Tips for Successful Online Trades
 Know how to place and confirm your order before you
begin trading
 Verify the stock symbol of the security you wish to buy
 Use limit orders
 Don’t ignore the online reminders that ask you to
check and recheck
 Don’t get carried away: have a strategy and stick to it
to avoid impulse trading
 Open accounts with two brokers
 Double-check orders for accuracy
(12 of 13)
• Transaction Costs
– Fixed commissions: apply to small transactions, the ones most often made by
individual investors
– Negotiated commission: commission to which both parties agree; used on large
institutional transactions
• Investor Protection: SIPC and Arbitration
– Securities Investor Protection Corporation (SIPC): nonprofit membership
corporation authorized by the Securities Investor Protection Act of 1970 to
protect consumer accounts against the consequences of financial failure of the
brokerage firm.
▪ Insures each customer’s account for up to $500,000 for securities and
$250,000 for cash
▪ Does not guarantee that the investor will recover the dollar value of the
securities; only that the securities themselves will be returned.

(13 of 13)
• Investor Protection: SIPC and Arbitration

– Mediation: informal, voluntary dispute resolution
process between a customer and a broker
 Nonbinding if parties cannot agree
– Arbitration: Formal dispute resolution process that
requires customer and broker to present arguments
before a panel
 Binding arbitration: requires customer to accept
arbitration panel’s decisions and give up right to sue
broker

Investment Advisors and Investment
Clubs (1 of 5)
• Investment advisor: an individual or firm that provides
investment advice, typically for a fee
• Investment clubs: legal partnership binding a group of
investors (partners) to a specific organizational structure,
operating procedure and purpose.
– Using an Investment Advisor
– Investment Clubs

Clubs (2 of 5)
• Using an Investment Advisor
– Regulation of Advisors
 Investment Advisors Act of 1940 ensures that investment
advisors make full disclosure of information about their
backgrounds, conflicts of interest, and so on
 Advisors are required to be registered and file periodic
reports with the SEC
– No law or regulatory body guarantees competence
 Look for advisors with professional designations
– CFA, CIMA, CIC, CFP, ChFC, CLU, and CPA
– Robo-Advisors
– The Cost and Use of Investment Advice

Clubs (3 of 5)
– Robo-Advisors
 Investors get investment advice generated by computer
algorithms rather than from a human advisor
 Essentially they are programs that gather various
financial data from clients and using those inputs,
generate automated investment recommendations
 Benefits include helping investors make unbiased
decisions, providing an automated approach to
rebalancing a portfolio, and being cost efficient
 Only as good as the algorithm used to generate advice

Clubs (4 of 5)
– The Cost and Use of Investment Advice
 Typical professional investment advice fees
– Small portfolios: annual fees between 2% and 3% of funds
under management
– Large portfolios: annual fees between 0.25% and 0.75% of
funds under management
– Online advisors are much less expensive: Free or annual
fee
 Look for advisors with good performance record and overall
reputation
 Expect lots of questions from good advisor to assess your
investing expertise
 Online advisors lack the “human touch” aspect
Clubs (5 of 5)
• Investment Clubs
– A legal partnership binding a group of investors to a specified
organizational structure, operating procedure, and purpose.
– Goal of most clubs is to earn favorable long-term returns by making
investments according to the group’s investment objectives.
– Investors pool their knowledge and money in a jointly owned and
managed portfolio.
– Members make stock recommendations and analyze stock
performance.
– Better Investing Community assists in organizing clubs and provides
educational tools
– Better Investing Community has over 200,000 individual and club
investors and more than16,000 investment clubs

Chapter 3 Review: Learning Goals
1. Discuss the growth in online investing and the pros and cons of
using the Internet as an investment tool.
2. Identify the major types and sources of investment information.
3. Explain the key aspects of the commonly cited stock and bond
market averages and indexes.
4. Review the role of stockbrokers, including the services they provide,
selection of a stockbroker, opening an account, and transaction
basics.
5. Describe the basic types of orders, online transactions, transaction
costs, and the legal aspects of investor protection.
6. Discuss the roles of investment advisors and investment clubs.

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What are some sources of investment information discussed?

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What tools can be used for investment research and planning?

What tools can be used for investment research and planning?

Fundamentals of Investing

Fourteenth Edition, Global Edition

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• There are a wide range of options for conducting

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At sites like www.calculator.net

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Closing market Closing market Closing

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• You need to understand how to make securities

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• The Role of Stockbrokers

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• The Role of Stockbrokers

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Full-Service Broker Premium Discount Broker Basic Discount Broker

Blank Wells Trade Blank

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• The Role of Stockbrokers

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• The Role of Stockbrokers

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Copyright © 2020 Pearson Education Ltd. All Rights Reserved.

Copyright © 2020 Pearson Education Ltd. All Rights Reserved.

• Investor Protection: SIPC and Arbitration

Copyright © 2020 Pearson Education Ltd. All Rights Reserved.

Copyright © 2020 Pearson Education Ltd. All Rights Reserved.

Copyright © 2020 Pearson Education Ltd. All Rights Reserved.

Copyright © 2020 Pearson Education Ltd. All Rights Reserved.