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November 06, 2008

Some Definitions
by Bob Hoye

A few regular dictionaries don't provide a definition of a bear, some define a bull in stock market terms.

Bull: "speculate for the rise" - Concise Oxford Dictionary.

Bear: "speculator who sells stocks or shares that he may or may not possess because he expects a fall in prices" - Dictionary of Economics (Penguin)

Some of the more elegant and interesting definitions are found in the first English dictionary composed and published by Samuel Johnson in 1755:

Pension: "An allowance made to any one without the equivalent. In England it is generally understood to mean pay given to a state hireling for treason to his country."

Probably means bad policy advice.

Stockjobber: "A low wretch who gets money by buying and selling shares in the funds."

Excise: "A hateful tax levied upon commodities, and adjudged not by the common judges of property, but by wretches hired by those to whom excise is paid."

Bull: "A stock-jobber."

Bear: "A description of stock-jobbers, who sell unreal stock."

Johnson's last one is a gem and two other definitions of bears are included on the following page.

Bob Hoye
Institutional Advisors

The opinions in this report are solely those of the author. The information herein was obtained from various sources; however we do not guarantee its accuracy or completeness. This research report is prepared for general circulation and is circulated for general information only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that income from such securities, if any, may fluctuate and that each securitys price or value may rise or fall. Accordingly, investors may receive back less than originally invested. Past performance is not necessarily a guide to future performance.

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