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12 13 14 -CFA -CFA -CFA -CFA 15,. () () Copyright 2004 Reiji Itoh Service All Rights Reserved
2001 12 11 2001 2.3 43.5 6.3 * 7133
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"" OTCBB 2001 3817 "" "" 1934 100
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19 1 20 20 " "1924 200 40 30 1940 1970 361 500
70 80 80 90 a [ Mutual Fund]? 4 4000? 500 5000 2
19? 1868 "" 100 1873 "" 1879 1931 1943 " " 1997 154 1600? 1500 570?580
3 30 50 1951 6 1957 "" 1959 12 1961 1970 90 1994?
1997 6 44 5300 45 24 76 58 1 2 3
4 LRC 5
1 2 1 2 3 2/3 75% 4Anumber status 5 60%
3 4 5 6
7 ------------------------------------------- / NASDAQ National Association of Securities Dealers Automated Quotation System 1971 5,500 3100 620 560 350 150 100 100 90 80% NASDAQ
(market maker) NYSE Nasdaq National Market NASDAQ NMS The NASDAQ Small Cap Market SM
OTC Bulletin Board OTCBB American Depositary Receipt 1/32 (Pink Sheet) (National Quotation Bureau)
500 (market maker) 11 size of market (NYSE)
1996 National Association of Security DealersNASD (the Office of Individual Investor Service) 1987
100 5 10 100 1994 (Chicago Board Options Exchange)1996 (Chicago Mercantile Exchange) (Acceleration)1933 20 (ADRs) (Affiliate)
(All Hands) (All-or-None) "" "" (Best Efforts Commitment) "" (Blue Sky) (Capitaliztion)
(Closing) (Comfort Letter) (Comment Letter) (Due Diligence) (Effective Date), FCPA
(Firm Commitment) "" GAAP GAAS (Green Shoe Option) IPO (Letter of Intent) MD&A S-K (Managing Underwriter)
NASD NASDAQ NMS NASDAQ 1933 (1933 Act) 1933 " " 1934 (1934 Act) 1934 "" (Over-Allotment Option) 30 ( 15%) ""? (Primary Offering) (Private Placement)
(Prospectus) (Proxy) (Proxy Statement ) (Quiet (or Cooling Off) Period) 90 Red Herring (Registration Statement)
1933 D (Regulation D) 1933 " " S-K (Regulation S-K) 1933 1934 S-X (Regulation S-X) 1933 1934 (Restricted Shares) D (Road show) (Round-Lot Holder) 100 144 (Rule 144) (SEC)
/ (Secondary Offering / Partial Secondary Offering) (Syndicate) (Tombstone) (Transfer Agent and Registrar) (Underwriting Agreement) 24 GAAP (U.S. GAAP) GAAP GAAS (U.S. GAAS) GAAS /
Series 3 National Commodities Futures Series 4 Options Principal Series 5 Interest Rate Options Representative Series 6 Investment Company Products/ Variable Contracts Series 7 General Securities Registered Representatives Series 11 Assistant Representative Order Processing () Series 15 Series 17 Foreign Currency Options Limited Representative Limited Securities Registered Representative () Series 22 Direct Participation Programs (DPPs) Series 24 General Securities Principal Series 31 Futures Managed Funds Series 42 Registered Option Representative Series 52 MSRB Municipal Securities Representative Series 55 Equity Trader Limited Representative Series 53 Municipal Securities Principal Series 62 Corporate Securities Representative Series 63 Uniform Securities Agent State Law Examination (USASLE) (Blue Sky ) Series 65 Uniform Investment Adviser Law Examination Series 66 Uniform Combined State Law Series 72 Government Securities Limited Representative () (A. R. C./ IA. T. A.)(T. C. P.) (P. S. C. / T. C. P.)(T. C. P.)
(I. C. C.) (F. M. C.) ( F. C. C.) (D. O. T.) (U. P. C.)( U. I.) B B Share B A B A B A A B Baby Bond Small Piece Bond Back door listing
Backwardation Balance Sheet assets liabilitiesshareholder's equity Balanced Equities Balanced Fund () Base Metal (Ag)(Cu)(Zn) (Pb)(Ni) (Al) Basic Point 1 0.01% 1 100 () Basis point,0.01%,,, 0.01, 0.001 Bear bond (linked instrument) ( )
Bear Market Bearer bond interest coupon Benchmark Beneficiary Beta Beta: (Capital Asset Pricing Model) Beta 1,, Beta 1, β Bid bid size Biding price Bid Blue Chip
Blue Sky (Blue Skyed) Bollinger Bands Bollinger Bands - (John Bollinger) (Standard Deviation). 20 20 (Standard Deviation) 2 2 20 2 20 2 Bond Fund Bond Rating (Standard & Poor s ) (Moddy s) ABC D Bond rating service Book value =(+)/
() Book value per share (Equity) Preferred Stock Redeemable Preferred Stock : = / Book-building.,,,.,.,,,.,... Bottom-up Investing Breadth of market,,.,.(stock index),.,,,.. Bulk Mining Bull Market Business Cycle Stock
Business Inventory Buy-back buying hedge
3 -CFA Chartered Financial
Analyst CFA CFA CFA CFA CFA Level CFA CFA CFA CFA
CFA AIMR CFA CFA CFA CFA CFA CFA CFA CFA 2002 () 322% -CFA CFA AIMR 1 AIMR CFA CFA
12 31 2003 CFA 2003 12 31 12 31 250 275 2003 6 1 2002 9 16 525 2003 3 17 1025 9/16/2002 12/16/2002 03/17/2003 $250 $375 $450 $275 $350 $575 $525 $725 $1,025
AIMR AIMR AIMR AIMR 30 AIMR 2 AIMR 1 23 45 6 Email
2 Level Level Level Level Level 50% 50% CFA AIMR Level Level Level AIMR CFA CFA AIMR AIMR CFA Level
48%~62%Level 46%~65%Level 64%~82% 3 AIMR CFA AIMR AIMR CFA 40% CFA CFA 4 AIMR AIMR AIMR 50 80 AIMR
5 CFA AIMR CFA AIMR CFA AIMR AIMR AIMR CFA CFA CFA CFA AIMR CFA CFA CFA CFA CFA AIMR CFA
1963 CFA ICFA AIMR CFA -CFA 1 02 AIMR 2003 12 3 17 6 16 9 15 AIMR AIMR AIMR AIMR 9 15 AIMR 10 6 10 12 6 2003 12
12 7 2003 12 12 2004 1 Level I 2003 12 Auckland, New Zealand AUK Bangkok, Thailand BAK Beijing, PRC BJG Hong Kong HNK Jakarta, Indonesia JAK Kuala Lumpur, Malaysia KUL Manila, Philippines MLA Melbourne, Australia MEL Mumbai, India BOM New Delhi, India NDL Seoul, Korea SEO Shanghai, PRC SHG
Singapore SNG Syndey, Australia SYD Taipei TAI Tokyo / Japan TOK Wellington, New Zealand WEL http://www.aimr.org/ -CFA CFA Level CFA CFA AIMR CFA CFA CFA CFA
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