M

Management fee
An investment advisory fee paid by a mutual fund's manager for services. Many registered investment advisors also charge fees for accounts under management or for advisory services.

Margin
An account in which a customer purchases securities on credit extended by a broker/dealer.

Margin call
A demand upon an investor for additional funds because of adverse price movement in a security.

Market index
A statistical collection that measures and quantifies a specific market's price changes over specific time periods.

Market order
An order to buy or sell a stated amount of a security at the best possible price at the time the order is received in the market place.

Market price
A security's price as determined by willing buyers and willing sellers in an open market.

Market value
The market value of a security is the last-sale price multiplied by total shares outstanding. It is calculated throughout the trading day and is related to the total value of the index.

Maturity
The date on which a bond's interest is required to be repaid.

Mean
A type of mathematical average. It's derived by dividing a sum by the number of values that make up the sum.

Member corporation
A brokerage corporation with one officer or employee who is also a member of the NYSE.

Member firm
A brokerage partnership with one officer or employee who is also a member of the NYSE.

Member organization
Member firms and member corporations.

Merger
Any combination of two or more companies.

Modern portfolio theory
Investment strategy based on risk-return trade-offs and efficient diversification.

Money market fund
A low-risk mutual fund that invests only in short-term securities, such as bankers' acceptances, commercial paper, repurchase agreements, and government treasury bills. The fund's goal is principal preservation with modest dividends. Money market funds are neither insured nor guaranteed by the FDIC or any other government agency. Although the fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the fund.

Mortgage
A loan secured by the collateral of some specified real estate property. Mortgages require the borrower to make a predetermined series of payments.

Mortgage bond
A high-grade bond secured by a mortgage.

Moving average
The average of security prices calculated in a period as short as a few days or as a long as a few years. As each new variable is included in calculating the average, the last variable of the series drops off.

Municipal bonds
Bonds issued by states, cities, counties and towns to fund public capital projects like roads, schools, sanitation facilities, bridges, as well as operating budgets. These bonds are exempt from federal taxation and from state and local taxes for the investors who reside in the state where the bond is issued.

Mutual fund
A pool of money invested by an investment company in a number of securities like stocks, bonds, or government securities. Each mutual fund is different in it's make-up and philosophy. Because most mutual funds invest in a large number of securities, they offer investors the benefit of diversification which can help reduce market risk.

Securities offered through First Allied Securities, Inc.   A register broker/dealer.  Member FINRA/SIPC.
Schannep Investment Advisors is a registered investment adviser in the state of Arizona.  First Allied Securities, Inc. does not endorse or support this web site, nor are they affiliated with Schannep Investment Advisors, Inc.