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Exam Code: Series7 Practice exam 2022 by team
Series7 General Securities Representative Series 7

Exam ID : Series7
Exam Title : General Securities Representative Series 7
Questions : 135 (125 Scored)
Unscored : 10
Duration : 3 hrs 45 min.

The Series 7 exam is designed to assess the competency of entry-level General Securities Representatives. The Series 7 exam seeks to measure the degree to which each candidate possesses the knowledge, skills and abilities needed to perform the critical functions of a General Securities Registered Representative. In order to obtain registration as a General Securities Representative, candidates must pass both the Series 7 exam and a general knowledge co-requisite, the Securities Industry Essentials (SIE) exam.

Seeks Business for the Broker-Dealer from Customers and Potential Customers 7%
Opens Accounts After Obtaining and Evaluating Customers Financial Profile and Investment Objectives 9%
Provides Customers with Information About Investments, Makes Suitable Recommendations, Transfers Assets and Maintains Appropriate Records 73%
Obtains and Verifies Customers Purchase and Sales Instructions and Agreements; Processes, Completes and Confirms Transactions 11%

The exam is administered via computer. A tutorial on how to take the exam is provided prior to taking the exam. Each candidates exam includes 10 additional, unidentified pretest items that do not contribute toward the candidate's score. The pretest items are randomly distributed throughout the exam. Therefore, each candidates exam consists of a total of 135 items (125 scored and 10 unscored). There is no penalty for guessing. Therefore, candidates should attempt to answer all items. Candidates will be allowed 3 hours and 45 minutes to complete the Series 7 exam. All candidate test scores are placed on a common scale using a statistical adjustment process known as equating. Equating scores to a common scale accounts for the slight variations in difficulty that may exist among the different sets of exam items that candidates receive. This allows for a fair comparison of scores and ensures that every candidate is held to the same passing standard regardless of which set of exam items they received. Candidates are not permitted to bring reference materials to their testing session. Severe penalties are imposed on candidates who cheat or attempt to cheat on FINRA-administered exams.

Course Outline, exam Syllabus

Function 1: Seeks Business for the Broker-Dealer from Customers and Potential Customers
1.1 Contacts current and potential customers in person and by telephone, mail and electronic means; develops promotional and advertising materials and seeks appropriate approvals to distribute marketing materials
Knowledge of:
 Standards and required approvals of public communications
 Types of communications (e.g., retail, institutional, correspondence)
 Seminars, lectures and other group forum requirements
 Product specific advertisements and disclosures
 Investment company products and variable contracts
 Options-related communications; options disclosure document (ODD)
 Municipal securities
 Research reports (e.g., quiet periods, distribution, third-party research)
 Government securities, collateralized mortgage obligations (CMOs), certificates of deposit (CDs)
– Communications with the Public
– Communications with the Public about Variable Life Insurance and Variable Annuities
– Use of Investment Companies Rankings in Retail Communications
– Requirements for the Use of Bond Mutual Fund Volatility Ratings
– Communications with the Public about Collateralized Mortgage Obligations (CMOs)
– Options Communications
– Members Responsibilities Regarding Deferred Variable Annuities
– Options
SEC Rules and Regulations
Securities Act of 1933
Section 5 – Prohibitions Relating to Interstate Commerce and the Mails
156 – Investment Company Sales Literature
482 – Advertising by an Investment Company as Satisfying Requirements of Section 10
498 – Summary Prospectuses for Open-End Management Investment Companies
Securities Exchange Act of 1934
15c2-12 – Municipal Securities Disclosure
15c3-3 – Customer Protection — Reserves and Custody of Securities
Cboe Rules
9.8 – Addressing of Communications to Customers
9.9 – Delivery of Current Options Disclosure Documents
9.15 – Options Communications
G-21 – Advertising
1.2 Describes investment products and services to current and potential customers with the intent of soliciting business Knowledge of:
 Process for bringing new issues to market (e.g., due diligence, registration statement, preliminary prospectus, final prospectus, underwriting agreement, selling group agreement, blue-sky laws and procedures)
 Regulatory requirements for initial public offerings (IPOs) (e.g., restrictions on prospecting or soliciting, allowable communications with the public)
 Primary financing for municipal securities (e.g., competitive sale, negotiated sale, private offering, advance refunding)
 Syndicate formation and operational procedures (e.g., purpose of syndicate bid, roles and responsibilities of underwriters, selling group concession and reallowance)
 Pricing practices and components of underwriters spread and determination of underwriters compensation and selling practices
 Prospectus requirements (e.g., timeliness of information, preliminary prospectus (red herring), final prospectus)
 Information required in a registration statement and offering material on new issue (e.g., in pre-filing period, in cooling-off period, in post-registration period)
 Official statements, preliminary official statements, notice of sale for municipal securities
 Qualified institutional buyer (QIB) and accredited investor
 Qualification requirements for Regulation A offerings (e.g., filing of abbreviated registration statement and offering circular
 Regulation D offerings (e.g., exemption from SEC registration, access to capital markets, accredited investors)
 Securities and transactions exempted from registration, including Section 3(a)(11) of the Securities Act of 1933 and Rule 147 thereunder (i.e., intrastate offering)
 Regulatory requirements for private placements or resales
 Nonregistered foreign securities sold to institutions qualified in the U.S.
 Foreign securities prohibited from being sold to U.S. investors
– Networking Arrangements Between Members and Financial Institutions
– Tape Recording of Registered Persons by Certain Firms
– Corporate Financing Rule — Underwriting Terms and Arrangements
– Public Offerings of Securities with Conflicts of Interest
– Restrictions on the Purchase and Sale of Initial Equity Public Offerings
– New Issue Allocations and Distributions
– Sale of Securities in a Fixed Price Offering
– Disclosure of Price and Concessions in Selling Agreements
– Notification Requirements for Offering Participants
SEC Rules and Regulations
Securities Act of 1933
Section 3 – Exempted Securities
Section 4 – Exempted Transactions
– Communications Not Deemed a Prospectus
– Options Material Not Deemed a Prospectus
– Persons Deemed Not To Be Engaged in a Distribution and Therefore Not Underwriters
– Private Resales of Securities to Institutions
– Reclassification of Securities, Mergers, Consolidations and Acquisitions of Assets
– Intrastate Offers and Sales
– Post-filing Free Writing Prospectuses in Connection with Certain Registered Offerings
Securities Exchange Act of 1934
– Prohibition of Use of Manipulative or Deceptive Devices or Contrivances with Respect to Certain Securities Exempted from Registration
– Employment of Manipulative and Deceptive Devices by Brokers or Dealers
– Purchases of Certain Equity Securities by the Issuer and Others
– Delivery of Prospectus
– Records To Be Made by Certain Exchange Members, Brokers and Dealers
Regulation A – Conditional Small Issues Exemption
Regulation C – Registration
– Delayed or Continuous Offering and Sale of Securities
– Contents of Prospectus Used After Nine Months
– Prospectus for Use Prior to Effective Date
– Prospectus in a Registration Statement at the Time of Effectiveness
– Prospectus in a Registration Statement After Effective Date
– Conditions to Permissible Post-filing Free Writing Prospectuses
Regulation D – Rules Governing the Limited Offer and Sale of Securities Without Registration Under the Securities Act of 1933
– Use of Regulation D
– Definitions and Terms Used in Regulation D
– General Conditions to be Met
– Filing of Notice of Sale
– Exemption for Limited Offerings and Sales of Securities Not Exceeding $5,000,000
– Exemption for Limited Offers and Sales Without Regard to Dollar Amount of Offering
– Disqualifying Provision Relating to Exemptions under Rules 504 and 506
– Insignificant Deviations from a Term, Condition or Requirement of Regulation D
Regulation M
Regulation S – Rules Governing Offers and Sales Made Outside the United States Without Registration Under the Securities Act of 1933
Trust Indenture Act of 1939
MSRB Rules
– Primary Offering Practices
– Transactions with Employees and Partners of Other Municipal Securities Professionals
– Disclosures in Connection with Primary Offerings
– CUSIP Numbers, New Issue, and Market Information Requirements
– Solicitation of Municipal Securities Business
Function 2: Opens Accounts After Obtaining and Evaluating Customers Financial
Profile and Investment Objectives
2.1 Informs customers of the types of accounts and their appropriateness and provides
disclosures regarding various account types and restrictions
Knowledge of:
 Types of accounts (e.g., pattern day trading, prime brokerage, delivery verses payment/receive versus payment (DVP/RVP), advisory or fee-based)
 Account registration types (e.g., tenants in common (TIC), community property, sole proprietorship, partnership, unincorporated associations)
 Requirements for opening customer accounts
 Retirement plans and other tax advantaged accounts
 Transfers, rollovers, eligibility, distribution strategies and taxation (e.g., types of allowable contributions, distribution options, taxation of distribution at retirement, age restrictions for distributions, permissible investments)
 Employer-sponsored plans and ERISA (e.g., 457, defined benefit, profit-sharing, stock options and stock purchase, non-qualified deferred compensation programs)
 Wealth events (e.g., inheritance)
 Account registration changes and internal transfers
2270 – Day-trading Risk Disclosure Statement
2130 – Approval Procedures for Day-trading Accounts
4512 – Customer Account Information
4514 – Authorization Records for Negotiable Instruments Drawn from a Customers Account
4515 – Approval and Documentation of Changes in Account Name or Designation
Cboe Rule
9.1 – Opening of Accounts
Internal Revenue Code
219 – Retirement Savings
415 – Limitations on Benefits and Contributions Under Qualified Plans
529 – Qualified Tuition Programs
530 – Coverdell Education Savings Accounts
Employee Retirement Income Security Act of 1974 (ERISA)
2.2 Obtains and updates customer information and documentation, including required legal
documents and identifies and escalates suspicious activity
Knowledge of:
 Customer screening (e.g., customer identification program (CIP), know-your-customer (KYC), domestic or foreign residency and/or citizenship, corporate insiders, employees of broker-dealers or self-regulatory organizations (SROs))
 Information security and privacy regulations (e.g., initial privacy disclosures to customers, opt-out notices, disclosure limitations, exceptions)
 Account authorizations (e.g., power of attorney (POA), trust documents, corporate resolutions, trading authority, discretionary account documents)
408T – Discretionary Power in Customers Accounts
2090 – Know Your Customer
3260 – Discretionary Accounts
SEC Rules and Regulations
Securities Exchange Act of 1934
Section 3(a)(35) – Definitions and Application of Title – “Investment Discretion”
Regulation S-P – Privacy of Consumer Financial Information and Safeguarding Personal Information
Cboe Rule
9.4 – Discretionary Accounts
2.3 Makes reasonable efforts to obtain customer investment profile information including, but not limited to, the customer's other security holdings, financial situation and needs, tax status and investment objectives
Knowledge of:
 Essential facts regarding customers and customer relationships
 Financial factors relevant to assessing a customers investment profile
 Security holdings, other assets and liabilities, annual income, net worth, tax considerations
 Other considerations (e.g., age, marital status, dependents, employment, investment experience, home ownership and financing, employee stock options, insurance, liquidity needs)
 Investment objectives (e.g., preservation of capital, income, growth, speculation)
 Reasonable-basis suitability, customer-specific suitability and quantitative suitability
 Investment strategies and recommendations to hold
 Verification of investor accreditation and sophistication
2111 – Suitability
2214 – Requirements for the Use of Investment Analysis Tools
G-19 – Suitability of Recommendations and Transactions
2.4 Obtains supervisory approvals required to open accounts
Knowledge of:
 Required review, approvals and documentation for account opening and maintenance
 Physical receipt, delivery and safeguarding of cash or cash equivalents, checks and securities
 Circumstances for refusing or restricting activity in an account or closing accounts
3110 – Supervision
3120 – Supervisory Control System
Cboe Rule
9.2 – Supervision of Accounts
G-27 – Supervision
Function 3: Provides Customers with Information About Investments, Makes Suitable
Recommendations, Transfers Assets and Maintains Appropriate Records
3.1 Provides customers with information about investment strategies, risks and rewards, and communicates relevant market, investment and research data to customers
Knowledge of:
 Customer-specific factors that generally affect the selection of securities (i.e., customers investment profile, including the customers risk tolerance, investment time horizon and investment objectives, liquidity needs)
 Portfolio or account analysis and its application to security selection (e.g., diversification, asset allocation principles, concentration, volatility, potential tax ramifications)
 Portfolio theory (e.g., alpha and beta considerations, Capital Asset Pricing Model (CAPM))
 Delivery of annual reports and notices of corporate actions (e.g., dividends, splits, odd lot tenders)
 Fundamental analysis of financial statements and types of financial statements included in an annual report, importance of footnotes, material risk disclosures and key terms (e.g., assets, liabilities, capital, cash flow, income, earnings per share (EPS), book value, shareholders' equity, depreciation, depletion, goodwill)
 Balance sheet and methods of inventory valuation: last-in, first out (LIFO), first-in, first-out (FIFO) and methods of depreciation
 Income statement and calculations derived from an income statement: earnings before interest and taxes (EBIT); earnings before taxes (EBT); net profit; and earnings before interest, taxes, depreciation and amortization (EBITDA)
 Principal tools to measure financial health
 Liquidity: working capital, current ratio, quick assets, acid test ratio
 Risk of bankruptcy: bond ratio, debt-to-equity ratio
 Efficient use of assets: inventory turnover ratio, cash flow
 Profitability: margin-of-profit ratio, net profit ratio, asset coverage and safety of income (i.e., net asset value (NAV) per bond, bond interest coverage, book value per share)
 EPS: fully diluted EPS, price-earnings (P/E) ratio, dividend payout ratio, current yield
 Competitiveness (comparative performance): return on common equity
SEC Rules and Regulations
Securities Exchange Act of 1934
14e-3 – Transactions in Securities on the Basis of Material, Nonpublic Information in the Context of Tender Offers
14e-4 – Prohibited Transactions in Connection with Partial Tender Offers Cboe Rule
9.3 – Suitability of Recommendations
3.2 Reviews and analyzes customers' investment profiles and product options to determine suitable investment recommendations
Knowledge of:
Equity securities
 Types of stock (e.g., authorized, issued, outstanding, Treasury stock, stated value)
 Characteristics of common stock
 Rights of common stockholders (e.g., pre-emptive right, pro rata share of dividends, access to corporate books, voting power (statutory, cumulative, nonvoting), residual claims on corporate assets)
 Spinoffs
 Stock acquired through a consolidation or transfer
 Penny stocks and rules associated with penny stock transactions
 Characteristics of preferred stock
 Types of preferred stock (e.g., cumulative, non-cumulative, participating, nonparticipating, convertible, callable, adjustable-rate and variable-rate)
 Rights of preferred stockholders (e.g., preference upon corporate dissolution, dividend payment, conversions, sinking fund provisions)
 Rights and warrants: origination, exercise terms, relationship of subscription price to market price of underlying stock, anti-dilution agreement
 Electronic exchanges or auction markets (e.g., electronic communications networks (ECNs), over-thecounter (OTC), dark pools of liquidity)
 Types and characteristics of non-U.S. market securities (e.g., American Depositary Receipts (ADRs), corporate equity)
 Tax treatment of equity securities transactions
 Capital gains and losses, dividend distributions (qualified and non-qualified), wash sales, holding periods
 Determination of net long-term and short-term gains or losses
 When-issued securities, securities acquired through conversion
 Calculation of cost basis per share on: purchases, exchange of convertibles for common shares, stock dividends and stock rights, inherited or gifted securities
 Cost valuation: FIFO, LIFO, identified shares
Packaged products  Investment companies, exchange-traded funds (ETFs), unit investment trusts (UITs)
 Types of mutual funds: equity, fixed income, money market, interval
 Structure of investment companies (e.g., open-end and closed-end funds)
 Fund objectives (e.g., value, growth, income, balanced, international, sector, life cycle)
 Characteristics of:
 Open-end funds: e.g., NAV, forward pricing, offering price, exchange privileges within families of funds, fees and expenses: no load, load (front-end, back-end), distribution fees, management fees, nature of 12b-1 fees
 Closed-end funds: distributed in primary market at IPO price, traded in secondary market
 Sales practices (e.g., dollar-cost averaging (DCA), computing sales charge, breakpoints)
 Redemption (e.g., redemption price, payout or withdrawal plans, conversion privilege, restrictions, contingent deferred sales charge, tenders)
 Tax treatment of mutual funds
 Reinvestment of dividends and capital gain distributions
 Charges and expenses
 Variable life insurance/annuity contracts
 Characteristics and insurance features (e.g., minimum guarantees, death benefits, living benefits, riders)
 Separate accounts (e.g., purpose, management of portfolio, investment policies, performance of account)
 Valuation of a variable annuity contract (e.g., accumulation units, surrender value, annuitization units)
 Purchasing or exchanging variable annuities (e.g., immediate annuity, charges, fees, penalties, right of accumulation (ROA), waiver of premium)
 Annuitization: types of election, variable payout, assumed interest rate, relationship between assumed interest rate and actual rate of return
 Tax treatment of variable annuity contracts during accumulation period and annuity period and taxation at surrender of contract
 Real estate investment trusts (REITs)
 Structure (e.g., finite number of shares, distributed in primary market at IPO price, traded in secondary market, premiums and discounts to NAV)
 Types and characteristics (e.g., equity REIT, mortgage REIT, hybrid REIT)
 Tax treatment (e.g., dividends, capital gains, distributions)
 Direct participation programs (DPPs)
 General characteristics
 Structures (e.g., limited partnerships (e.g., roles and duties of general partners vs. limited partners), limited liability companies, corporations that have tax pass-through exemption from the IRS)
 Tax treatment (e.g., flow-through of income, expenses and tax liability, real estate depreciation, oil and gas tax advantages)
 Types of DPPs (e.g., real estate, oil and gas, small-cap debt and equity, business development companies (BDCs), equipment leasing) and their investment advantages, risks and tax implications
 Types of DPP offerings (i.e., private placements and public offerings)
 Evaluation of DPPs (e.g., economic soundness of the program, expertise of the general partner, basic objectives of the program; start-up costs, leverage and other revenue considerations) Options
 Listed options and their characteristics (e.g., contract specifications and adjustments, dividends, exercise/assignment, settlement date, opening and closing transactions, values (premium, intrinsic and time), volume, open interest, position limits, exercise limits)
 The Options Clearing Corporation (OCC)
 American-style and European-style
 Long-term Equity AnticiPation Securities (LEAPS)
 Basic strategies (e.g., covered writing and hedging for equity, index, foreign currency and yield-based options)
 Protective put for equity and index options
 Covered call and put writing for equity options
 Advanced strategies (e.g., spreads, straddles, combinations, uncovered writing)
 Long (debit) and short (credit) spreads
 Straddle/combination for equity and index options
 Uncovered (naked) call or put writing for equity, index and yield-based options
 Profit and loss calculations, break-even points, economics of positions
 Tax treatment of option transactions (equity, index, foreign currency, yield-based)
Debt Securities
 Types of debt securities and money market instruments (e.g., corporate commercial paper, brokered CDs, Eurodollar bond, variable-rate preferreds)
 Characteristics: structure, risks and rewards, call provisions
 Structured products (e.g., equity-linked securities, exchange-traded notes (ETNs))
 Types and characteristics of non-U.S. market securities (e.g., sovereign and corporate debt)
 Types of yields (e.g., coupon (nominal), current, yield to maturity (YTM), yield to call (YTC), yield to worst and discount yield, calculations and relationship to price)
 Bond ratings
 Tax implications of taxable debt securities, including original issue discount (OID) rules, interest, principal, premiums, discounts, and capital gains and losses
Corporate bonds
 Types of corporate bonds (e.g., mortgage bonds, equipment trust certificates, debentures, step coupon bonds, zero-coupon bonds, convertible bonds, high-yield bonds, income bonds) and their characteristics
 Convertible bonds: general characteristics, (e.g., conversion privilege, fixed versus variable, conversion ratio or price, calculation of parity price of underlying security, arbitrage, factors influencing conversion)
Municipal securities
 General characteristics of municipal fund securities, method of quotations (e.g., yield/basis price, dollar price), interest rate, payment periods, denominations, diversity of maturities (e.g., serial, term) and legal opinion (purpose and contents)
 Analysis and diversification of municipal investments: geographical, type and rating
 Analysis of general obligation (GO) bonds, including: characteristics of the issuer, nature of the issuers debt, factors affecting the issuers ability to pay, municipal debt ratios
 Analysis of revenue bonds, including feasibility studies, sources of revenue, security (protective covenants of bond indenture), financial reports and outside audits, restrictions on the issuance of additional bonds, flow of funds, earnings coverage, sources of credit information, rating services, credit enhancements
 Purpose and characteristics of specific types of municipal securities:
 Types of municipal bonds (e.g., GO bonds, limited tax GO bonds and notes, revenue bonds, short-term municipal obligations (e.g., tax anticipation notes (TANs), bond anticipation notes (BANs), revenue anticipation notes (RANs), tax-exempt commercial paper, grant anticipation notes (GANs), tax and revenue anticipation notes (TRANs)))
 Special tax, special assessment, moral obligation, advance or pre-refunded, double-barreled, taxable (e.g., Build America bonds), OIDs, zero-coupon (capital appreciation) bonds, certificates of participation (COPs), alternative minimum tax (AMT), lease revenue, variable rate securities, auction rate securities
 Municipal fund securities including 529 college savings plans, local government investment pools (LGIPs), ABLE accounts (e.g., change in beneficiary, rollovers, ownership, tax consequences of unqualified withdrawals)
 Call features (e.g., par or premium, optional, mandatory, partial call, sinking fund, extraordinary calls, make whole calls), advantages/disadvantages to issuers and investors
 Put or tender options
 Refunding methods: direct exchange versus sale of new issue, advance refunding, refunding at call dates/current refunding, escrowed to maturity, crossover refunding
 Factors affecting the marketability of municipal bonds: rating, maturity, call features, interest (coupon) rate, block size, liquidity (ability to sell the bond in the secondary market), dollar/yield price, issuer name (local or national reputation), credit enhancement, credit and liquidity support, denominations
 Pricing of municipal securities and other mathematical calculations: dollar price, accrued interest (regular coupon, odd first coupon), computations of accrued interest (30/360), amortization of premium, accretion of discount, relationship of bond prices to changes in maturity, coupon, various yield calculations (taxable equivalent yield, net yield after capital gains tax, current yield, YTC on premium bonds) value of basis point, in default,
 Tax treatment of municipal securities: securities bought at a discount or premium in the secondary market, OID, federal income tax status, state and local tax status, computation of taxable equivalent yield, accrued interest, AMT, bonds, taxable bonds, bank qualified bonds Registered hedge funds and fund of funds
 Structure (e.g., private placements, registered, exemption from registration under the Investment Company Act of 1940, blind pool/ blank check)
 Characteristics (e.g., limited or no liquidity, limited available information, lock-up provisions, charges and expenses, tangible assets, wide array of investment styles, models and vehicles)
 Tax treatment of distributions
Asset-backed securities
 Collateralized mortgage obligations (CMOs)
 Collateralized debt obligations (CDOs)
 Characteristics (e.g., indenture, maturities, form of ownership, interest payment periods, call and put features, calculation of accrued interest, and specific characteristics (e.g., maturity, type of collateral, priority of claim, call provisions))
U.S. Treasury securities
 Treasury bills, notes, bonds
 Treasury receipts (Separate Trading of Registered Interest and Principal Securities (STRIPS)/zero-coupon)
 Treasury Inflation Protected Securities (TIPS)
 Characteristics (e.g., types, maturities, denominations, payment of interest)
U.S. government agency securities
 Government National Mortgage Association (GNMA)
 Federal National Mortgage Association (FNMA)
 Federal Home Loan Mortgage Corporation (FHLMC)
 Student Loan Marketing Association (SLMA)
 Characteristics: types, maturities, denominations, primary dealers, distribution, issue form, quotations, passthrough, calculating a spread, pricing, payment of interest and principal
2114 – Recommendations to Customers in OTC Equity Securities
2121 – Fair Prices and Commissions
2122 – Charges for Services Performed
2124 – Net Transactions with Customers
2310 – Direct Participation Programs
2320 – Variable Contracts of an Insurance Company
2341 – Investment Company Securities
2350 Series – Trading in Index Warrants, Currency Index Warrants, and Currency Warrants 4210(f)(2) – Definitions Related to Options, Currency Warrants, Currency Index Warrants and Stock Index Warrant Transactions
SEC Rules and Regulations
Securities Exchange Act of 1934
Section 9(a) – Prohibition Against Manipulation of Security Prices (Transactions Relating to Purchase or Sale of Security)
Exemption of Certain Issuers from Section 15(D) of the Act
3a51-1 – Definition of "Penny Stock"
15g-1 – Exemptions for Certain Transactions
15g-2 – Penny Stock Disclosure Document Relating to the Penny Stock Market
15g-5 – Disclosure of Compensation of Associated Persons in Connection with Penny Stock Transactions
15g-9 – Sales Practice Requirements for Certain Low-priced Securities
Investment Company Act of 1940
Section 2(a) – General Definitions
Section 10 – Affiliations or Interest of Directors, Officers and Employees
Section 12(a) – Functions and Activities of Investment Companies (Purchase of Securities on Margin;
Joint Trading Accounts; Short Sales of Securities; Exceptions)
Section 13(a) – Changes in Investment Policy (Prohibited Actions for Registered Investment Companies)
Section 15(a) – Investment Advisory and Underwriting Contracts (Written Contract to Serve or Act as Investment Adviser; Contents)
Section 16(a) – Changes in Board of Directors; Provisions Relative to Strict Trusts (Election of Directors)
Section 17(a) – Transactions of Certain Affiliated Persons and Underwriters (Prohibited Transactions)
Section 18 – Capital Structure
Section 19 – Dividends
Section 22 – Distribution, Redemption, and Repurchase of Redeemable Securities
Section 23 – Distribution and Repurchase of Securities: Closed-end Companies
Section 30 – Periodic and Other Reports; Reports of Affiliated Persons
Section 35 – Unlawful Representations and Names
Section 36 – Breach of Fiduciary Duty
Section 37 – Larceny and Embezzlement
12b-1 – Distribution of Shares by Registered Open-end Management Investment Company Cboe Rules
1.1 – Definitions
4.5 (f) – Long-term Equity Option Series (LEAPS®)
4.6 – Adjustments
6.20 (e) – Exercise of American-style Index Options
6.21 – Allocation of Exercise Notices
8.1 – Just and Equitable Principles of Trade
8.3 – Position Limits
8.31 – Position Limits for Broad-based Index Options
8.32 – Position Limits for Industry Index Options
8.41– Position Limits — Interest Rate Options
8.42 (b) – Exercise Limits — Index Options
8.42 (f) – Exercise Limits — Interest Rate Options
11.1 – Exercise of Option Contracts
MSRB Rules
D-12 – Definition of Municipal Fund Securities
G-13 – Quotations Related to Municipal Securities
G-17 – Conduct of Municipal Securities Activities
G-30 – Prices and Commissions
G-45 – Reporting of Information on Municipal Fund Securities
Real Estate Investment Trusts (REITs)
REIT Modernization Act of 1999
Internal Revenue Code
301 – Distributions of Property
316 – Dividend Defined
856 – Definition of Real Estate Investment Trust
858 – Dividends Paid by Real Estate Investment Trust After Close of Tax Year
1035 – Certain exchanges of Insurance Policies
1091 – Loss from Wash Sales of Stock or Securities
1233 – Gains and Losses from Short Sales
1256 – Contracts Marked to Market
3.3 Provides appropriate disclosures regarding investment products and their characteristics, risks, services and expenses
Knowledge of:
 Required disclosures on specific transactions (e.g., material aspects of investments, statement of additional information, material events, control relationships)
 Types of investment risk (e.g., call, systematic and nonsystematic, reinvestment, timing)
 Types of investment returns (e.g., tax-exempt interest, return of capital)
 Costs and fees associated with investments (e.g., markups, commissions, net transactions, share classes, non-discretionary fee-based accounts, surrender charges, 12b-1 fees, mortality and expense charges in variable products, soft dollar arrangements)
 Tax considerations (e.g., unification of gift and estate taxes, lifetime exclusion, annual gift limit, taxation of securities received as a gift, inheritance of securities)
 Market analysis considerations (e.g., market sentiment, market indexes, options volatility, put/call ratio, market momentum, available funds, trading volume, short interest, index futures)
 Market analysis considerations for municipal securities, including Bond Buyer indexes (e.g., 11 GO Bonds Index, Municipal Bond Index (40 Bond), 20 GO Bonds Index)
 Technical analysis of basic chart patterns and key terms (e.g., trend lines, saucer/inverted saucer, headand-shoulders/inverted head-and-shoulders, breakouts, resistance/support levels, moving averages, consolidation, stabilization, overbought and oversold)
 Disclosure of material events effecting retail sales of municipal bonds
2165 – Financial Exploitation of Specified Adults
SEC Rules and Regulations
Securities Exchange Act of 1934
Section 28(e) – Effect on Existing Law (Exchange, Broker, and Dealer Commissions; Brokerage and Research Services)
Internal Revenue Code
2503 – Taxable Gifts
3.4 Communicates with customers about account information, processes requests and retains documentation
Knowledge of:
 Customer confirmations and statements, including: components, timing, mailings to third parties, and exceptions
 Account value, profits and losses, realized and unrealized
 Withdrawals and tenders
 Customer account records (e.g., updating for change of address, sending required notifications, investment objectives)
 Transferring accounts between broker-dealers (e.g., Automated Customer Account Transfer Service (ACATS), transfer agent and procedures)
 Books and records retention requirements
 Account closure procedures
409T – Statements of Accounts to Customers
2231 – Customer Account Statements
2232 – Customer Confirmations
2273 – Educational Communication Related to Recruitment Practices and Account Transfers
4510 – Books and Records Requirements
11870 – Customer Account Transfer Contracts
SEC Rules and Regulations
Securities Exchange Act of 1934
10b-10 – Confirmation of Transactions
15g-6 – Account Statements for Penny Stock Customers
17a-4 – Records To Be Preserved by Certain Exchange Members, Brokers and Dealers
Regulation FD – Disclosure Requirements
Cboe Rules
6.1 – Reporting duties
7.1 – Maintenance, Retention and Furnishing of Books, Records and Other Information
7.2 – Reports of Uncovered Short Positions
7.3 – Financial Reports
7.4 – Audits
7.5 – Automated Submission of Trading Data
7.7 – Risk Analysis of Market-maker Accounts
7.8 – Risk Analysis of Portfolio Margin Accounts
7.9 – Regulatory Cooperation
9.5 – Confirmation to Customers
9.6 – Statements of Accounts to Customers
9.14 – Transfer of Accounts
MSRB Rules
G-8 – Books and Records To Be Made by Brokers, Dealers, and Municipal Securities Dealers and Municipal Advisors
G-9 – Preservation of Records
G-15 – Confirmation, Clearance, Settlement and Other Uniform Practice Requirements with Respect to Transactions with Customers
G-26 – Customer Account Transfers
Function 4: Obtains and Verifies Customers Purchase and Sales Instructions and Agreements; Processes, Completes and Confirms Transactions
4.1 Provides current quotes
Knowledge of:
 Orders, offerings and transactions in customer accounts (e.g., at advertised yield)
 Trade execution activities
 Types of securities quotes (e.g., firm, subject)
 Types of orders (e.g., all-or-none (AON), fill-or-kill (FOK), immediate-or-cancel (IOC), not-held, market-onclose (MOC), spread, straddle)
 Short sale requirements and strategies (e.g., order marking, locate, borrow and delivery, speculation, hedging, arbitrage)
 Securities lending (e.g., hard to borrow, fail to deliver)
 Best execution obligations
4320 – Short Sale Delivery Requirements
4551 – Requirements for Alternative Trading Systems to Record and Transmit Order and Execution Information for Security Futures
5210 – Publication of Transactions and Quotations
5220 – Offers and Stated Prices
5260 – Prohibition on Transactions, Publication of Quotations, or Publication of Indications of Interest During Trading Halts
5290 – Order Entry and Execution Practices
5310 – Best Execution and Interpositioning
6100 Series – Quoting and Trading in NMS stocks
6110 – Trading Otherwise than on an Exchange
6120 – Trading Halts
6121 – Trading Halts Due to Extraordinary Market Volatility
6130 – Transactions Related to Initial Public Offerings
6400 Series – Quoting and Trading in OTC Equity Securities
6500 Series – OTC Bulletin Board® Service
6600 Series – OTC Reporting Facility
11860 – COD Orders
SEC Rules and Regulations
Securities Exchange Act of 1934
15c2-7 – Identification of Quotations
15c2-11 – Initiation or Resumption of Quotations Without Specified Information
15g-3 – Broker or Dealer Disclosure of Quotations and Other Information Relating to the Penny Stock Market
15g-4 – Disclosure of Compensation to Brokers or Dealers
Regulation ATS – Alternative Trading Systems
Regulation SHO – Regulation of Short Sales
Cboe Rules
5.33 – Certain Types of Orders Defined
5.7 – Required Order Information
NYSE Rules
7.12 – Trading Halts Due to Extraordinary Market Volatility
7.31 – Orders and Modifiers
7.35 Series – Auctions
7.37 – Order Execution and Routing
54 – Dealings on the Floor-persons
64 -- Bonds, Rights and 100-Share-Unit Stocks
71 – Precedence of Highest Bid and Lowest Offer
72(d) – Priority of Cross Transactions and Supplemental Material .10 – Definition of a Block
74 – Publicity of Bids and Offers
75 – Disputes as to Bids and Offers
76 – “Crossing” Orders
77 – Prohibited Dealings and Activities
80B – Trading Halts Due to Extraordinary Market Volatility
104 – Dealings and Responsibilities of DMMs
123A – Miscellaneous Requirements
123D(d) – Initial Listing Regulatory Halt
127 – Block Crosses Outside of the Prevailing NYSE Quotation
1000 – Automatic Executions
1001 – Execution of Automatically Executing Orders
1002 – Availability of Automatic Execution Feature
1004 – Election of Buy Minus Zero Plus Orders
4.2 Processes and confirms customers transactions pursuant to regulatory requirements and informs customers of delivery obligations and settlement procedures
Knowledge of:
 Information required on an order ticket (e.g., symbol, account number, price)
 Market making activities: role and functions of the designated market maker, listing requirements, limitations on trading during significant market declines, principal transactions, agency transactions, quotations (e.g., firm, subject or otherwise qualified, bid wanted, offer wanted, size obligations), SEC order handling rules, transaction reporting
 Use of automated execution systems
 Regulatory reporting requirements (e.g., Order Audit Trail System (OATS), Trade Reporting and Compliance Engine (TRACE), Electronic Municipal Market Access (EMMA), trade reporting facility (TRF), Real-Time Transaction Reporting System (RTRS))
 Delivery requirements
 Good delivery (e.g., certificates in possession of the seller, certificates in the name of two persons, deceased owner, stock or bond powers, mutilated certificates, due bills, DVP/RVP, book entry securities, stock certificate, endorsements, denominations, bearer, registrar, registered, Direct Registration System (DRS))
 Settlement of transactions (e.g., security-specific requirements, when-, as- and if-issued, ex-rights, exdividends, due bill checks, negotiated settlements, option exercise/assignment, dont know (DK), extensions)
5330 – Adjustment of Orders
6000 Series – Quotation, Order, and Transaction Reporting Facilities
6140 – Other Trading Practices
6700 Series – Trade Reporting and Compliance Engine
7000 Series – Clearing, Transactions and Order Data Requirements, and Facility Charges
11000 Series – Uniform Practice Code
SEC Rules and Regulations
Securities Exchange Act of 1934
15c6-1 – Settlement Cycle
Cboe Rules
6.20 – Exercise of Options Contracts
6.21 – Allocation of Exercise Notices
6.22 – Delivery and Payment
MSRB Rules
G-12 – Uniform Practice
G-14 – Reports of Sales or Purchases
Nasdaq Stock Market Rules
4600 Series – Requirements for Nasdaq Market Makers and Other Nasdaq Market Center Participants
4750 Series – Nasdaq Market Center-Execution Services
NYSE Rules
63 – “When Issued”— “When Distributed”
130 Series – Comparison and Exchange of Contracts
133 – Comparison—Non-cleared Transactions
135 – Differences and Omissions—Cleared Transactions (“DKs”)
136 – Comparison—Transactions Excluded from a Clearance
4.3 Informs the appropriate supervisor and assists in the resolution of discrepancies, disputes, errors and complaints
Knowledge of:
 Erroneous reports, errors, cancels and rebills
 Requirements for addressing customer complaints and consequences of improper handling of complaints
 Methods of formal resolution (e.g., arbitration, mediation, litigation)
 Form U4 reporting requirements
4513 – Records of Written Customer Complaints
4530 – Reporting Requirements
8000 Series – Investigations and Sanctions
11892 – Clearly Erroneous Transactions in Exchange-listed Securities
11893 – Clearly Erroneous Transactions in OTC Equity Securities
12000 Series – Code of Arbitration Procedure for Customer Disputes
13000 Series – Code of Arbitration Procedure for Industry Disputes
14000 Series – Code of Mediation Procedure
Cboe Rules
5.11 – Price Binding Despite Erroneous Report
9.17 – Customer Complaints
4.4 Addresses margin issues
Knowledge of:
 Requirements and characteristics of margin accounts (e.g., minimums, approvals, ineligible accounts, eligible/ineligible securities), and required disclosures (e.g., interest rate disclosure and hypothecation)
 Product or strategy specific requirements (e.g., Treasury securities, mutual funds)
 Calculations in margin accounts (e.g., long and/or short positions)
 Initial margin: long market value, short market value, debit balance, credit balance, initial Regulation T margin requirement on long or short positions, Regulation T requirement for established accounts, loan value, excess equity, buying power of deposited securities
 Maintenance: additional purchases, sales (long or short), cash withdrawals, stock withdrawals, simultaneous purchases and sales, restrictions, liquidation to meet a margin/maintenance call, deposit of cash or securities required to meet a margin or maintenance call
 Special memorandum account (SMA): balance, buying power, prohibited use of SMA, effect of excess equity, deposit of marginable securities, receipt of cash dividends and earned interest, liquidation of securities in the account, cash or securities withdrawals, new margin securities purchased or sold short
 Other margin accounts (e.g., portfolio margin, day trading)
2264 – Margin Disclosure Statement
4210 – Margin Requirements
Cboe Rules
10.1 – General Rules
10.2 – Time Margin Must Be Obtained
10.3 – Margin Requirements
10.4 – Portfolio Margin
10.5 – Determination of Value for Margin Purposes
10.6 – "When Issued" and "When Distributed" Securities
10.7 – Guaranteed Accounts
10.8 – Meeting Margin Calls by Liquidation Prohibited
10.9 – Margin Required Is Minimum
10.10 – Compliance with Margin Requirements of New York Stock Exchange
10.11 – Daily Margin Record
Federal Reserve
Regulation T – Credit by Brokers and Dealers

General Securities Representative Series 7
Business-Tests Representative techniques
Killexams : Business-Tests Representative techniques - BingNews Search results Killexams : Business-Tests Representative techniques - BingNews Killexams : The future of AI for business is human

L.E.K Consulting is a Business Reporter client.

Earlier this autumn, games designer Jason Allen entered a picture “Theatre d’Opera Spatial” into the Colorado State Fair fine arts competition. It won first prize in the digital arts category.

Nothing unusual there. Except that Mr Allen didn’t really create the artwork. He used Midjourney, an artificial intelligence (AI) text-to-image generator. Did he cheat, or was he simply demonstrating the power that AI has to take over human tasks, even those involving substantial human creativity?

AI is increasingly transforming organisations across all sectors of the economy. It’s used to Excellerate and automate processes, to strengthen customer relationships, to generate predictive analytics, even to support human resource management.

Three-quarters of business executives anticipate that AI will make business processes more efficient, as well as creating new business models. It is no surprise then that, despite economic uncertainty, funding is still flowing into AI start-ups, with annual investment continuously increasing since 2014, and total investment reaching $77.5 billion in 2021.

Getting AI right

However, it is not simple for businesses to use AI effectively. According to Stuart Robertson, Partner at L.E.K. Consulting, a successful AI project requires four things: the right problem, the right data, the right expertise, and the right organisational structure. If any of these isn’t right, the AI project is doomed to failure.

Having appropriate goals (the right problem) means applying AI to problems of high business value, where AI techniques can extract maximum value from data. However, this is an increasingly rare issue for mature organisations, many of which have been exposed to AI-powered services for some years.

At the same time there is a need to ensure appropriate resources (the right expertise, the right data) are in place. AI skills and experience may be in short supply, but they are readily available to organisations who can pay. And most organisations “run on data”, meaning that the issue isn’t usually having the right data assets, but rather deciding on how to best use AI to analyse it.

But even with addressing the right problem, using the right expertise and data, many organisations fail to deliver real value from AI. That’s because putting AI technology and data scientists together in a room is not going to deliver magic solutions to business problems. You need to change the way you are working.

The right organisational structure

As well as investing in AI technology and skills, organisations also need to invest in restructuring the way that they work. Stuart Robertson warns: “In our experience, the most common point of failure is at the organisational configuration level.”

Reconfiguring the organisation so that it works effectively with AI does not have to be complicated. AI should not be regarded as a separate discipline in a specialist knowledge silo. Instead organisational roles and processes need to be adjusted so that people can work alongside the algorithm, using it to support their decisions on a day-to-day basis. AI should be integrated into workflows, rather than being treated as an external support tool that people use from time to time, when they feel like it.

Treated in this way, AI can enhance the way that people work - reducing risk, increasing efficiency and the quality of decisions, and enriching job satisfaction.

Managing the outcomes of AI models

To be seen as successful, any investment in AI needs to demonstrate improvements to business outcomes, effectively (and cost effectively) solving the problem it was set up to address. This requires constant monitoring of the quality of the decisions that the AI system delivers and their effects on the wider organisation.

For example, while the AI algorithm may have been developed using highly structured processes and trained using highly representative data, over time models can still drift as small errors get repeated and amplified, or circumstances change compared to the data it was trained on. A “human in the loop” is needed to retrain, test, tune and retune the model as it is used.

It is at this interface between the AI and the human where some of the most difficult AI management problems are to be found, and their solutions can only be developed by humans.

The future of AI technology

Ever-more powerful computers are improving the effectiveness of AI systems and creating new ways of delivering support to decision makers. Quantum computing, which allows calculations to be undertaken simultaneously rather than sequentially, may become commercially available by the end of the decade, accelerating this process exponentially and enabling complex problems, predictions and simulations to be calculated in seconds rather than years.

AI is only going to get more useful and universally applicable for enterprises. More and more businesses have gone beyond experimenting with it and are now using it in earnest to Excellerate business outcomes.

And they are probably doing better than they think they are. It’s easy to undervalue progress with AI because of the hype around AI in the media. Any business that has made a start, whether that’s automating a process, building a product recommendation engine, or using AI to analyse media content around their brand, is on their way to success. New and better opportunities will arise as they learn from their experience and as technology continues to evolve.

Today’s AI is very much a controllable management tool. It needs the right techniques of course. But more than technology and process, it needs people. People and AI systems working closely together represent a powerful future for business.

L.E.K. can help you define how to reengineer your organisation to take full advantage of the potential of AI. For more information please visit

Originally published on Business Reporter

Tue, 29 Nov 2022 18:16:00 -0600 en text/html
Killexams : Town Plastic Surgery Provides Premium Experiences at a Fraction of the Cost

Us Weekly has affiliate partnerships so we may receive compensation for some links to products and services. 

Long gone are the days of secrecy and taboos when it comes to plastic surgery.

The truth is that more and more people are seeking out plastic surgery procedures to gain confidence and achieve their dream appearance. As people have become comfortable talking about their plastic surgery, we’ve learned that plenty of average, working people are interested in exploring cosmetic alterations.

For too long, the best cosmetic procedures and techniques were reserved for celebrities and the wealthy. Thankfully, as this technology has advanced and this industry has blossomed, cosmetic procedures are becoming more accessible for the average person.

That’s especially true when doctors and offices take a novel approach to their business model. One such clinic is called Town Plastic Surgery, which is offering a best-in-class cosmetic surgery experience at an affordable and reasonable price.

How do they do it? By specializing.

At their elegant Manhattan office, Town Plastic Surgery exclusively offers breast augmentation procedures. By focusing on one procedure and bringing on a team of board-certified experts who specialize in that one procedure, Town Plastic Surgery has effectively reinvented the wheel when it comes to one of the most sought-after cosmetic changes: breast augmentation.

Their specialty means they can offer breast augmentation at a more reasonable price, finally offering a long-awaited middle ground between luxury and bargain clinics.

And with their own patent-pending system of care called ENLARGE, Town Plastic Surgery is already innovating and improving upon the plastics industry, which was certainly due for some shaking up.

Keep practicing to learn more about their approach and what makes it so appealing for people seeking breast augmentations, or head over to their website to request a consultation!

The New Era in Plastic Surgery

The Food and Drug Administration has been reviewing and approving breast augmentation procedures since the 1970s. While individual cases can vary, at this point, it’s a fairly standard surgery, benefitting from decades of research to make the procedure less invasive and the results more natural.

With breast augmentation becoming so normalized and socially acceptable, it was only a matter of time before the medical industry found ways to make it more affordable and approachable. That’s where Town Plastic Surgery comes in.

Town’s New and Noteworthy Approach

Many, if not most, plastic surgery clinics offer a wide range of procedures, from facial reconstruction to tummy tucks. If you are a patient who regularly seeks out plastic surgery, then having a trusted doctor you can return to for each new procedure makes sense.

But what if you are only seeking to augment your breasts? Traditional clinics tend to be expensive, especially if you are looking for the highest quality of care. If you just want one procedure done well, where can you turn? That’s the question Town Plastic Surgery is looking to answer.

Their approach is to standardize and specialize in breast augmentation. By focusing their attention exclusively on breast augmentation, their board-certified surgeons have honed their craft and expertise. Rather than being generalist plastic surgeons, focusing on a range of procedures and body parts, from facial blepharoplasties to mommy makeovers and Brazilian butt lifts, Town Plastic Surgery are specialists, which improves patient outcomes while keeping costs low.

Town Plastic Surgery represents a new era in the industry. By bringing innovation to the traditional clinic setting, they’re opening the door for so many more people to seek out quality care and achieve the self-confidence they’ve been looking for. You could even call it revolutionary.

Expertise and Innovation

You can feel the difference the moment you step into Town Plastic Surgery’s offices in Manhattan between the technology and the clean, modern decor, but the true difference starts with their staff.

A Staff of Specialized Professionals

Town Plastic Surgery’s staff of board-certified experts are true specialists. Led by Dr. Ross Ratner, a leading NYC-based plastic surgeon, the staff at Town have spent years honing their craft. They know the breast augmentation procedure intimately and can offer their patients individualized and specialized care because they’ve seen it all.

They’re also especially interested in innovating upon the procedure, making it less invasive, minimizing healing times, and improving results. Only a specialized environment can foster innovation like that.

A Commitment to Healing

Part of the reason why Town patients are seeing such great results is that the office has developed a signature system of healing. Their patent-pending aftercare program called ENLARGE, combines AI-powered technology with a human touch.

Patients receive daily virtual checkups from Town staff after the procedure, with one or two in-person checkups after about two weeks. For most patients, the full aftercare timeline is as low as five weeks. Many patients simply take a long weekend and get the procedure done on Thursday or Friday, often returning to their jobs on Monday. That’s how minimally invasive and standardized Town’s experience is.

Unfortunately, aftercare is a seriously neglected piece of plastic surgery, especially for more affordable clinics. More interested in their bottom line than in patient care, some offices offer very little care after the procedure.

For Town Plastic Surgery, aftercare is of the utmost importance.

Town’s ENLARGE aftercare program is proven to Excellerate patient results, reduce recovery times, and provide a better overall experience. Patients can easily get in touch with their doctor and care team to ask questions, share their experiences, and receive assurance and affirmation.

From their AI-powered tech to their people-first bedside manner, what’s clear is that Town Plastic Surgery has merged the best of modern medical technology with proven patient care, providing their clients with an efficient but warm experience in which they feel heard and helped.

Visit Town Plastic Surgery’s website today, and see the difference for yourself.

Town Plastic Surgery © Provided by US Weekly Town Plastic Surgery

Experience, Experience, Experience

This leads us to the experience of being a Town patient. In addition to their expert skills as plastic surgeons, Town offers patients a truly luxurious and well-honed experience, from their first interaction with the clinic to their last.

Clean and Modern

When patients reach out to Town Plastic Surgery, their first touchpoint is a well-designed and easy-to-understand website. Interested clients are offered a consultation, which can be held either in person or virtually. Town understands that its patients lead busy lives, and they’re willing to go the distance to help them achieve their dream body without majorly inconveniencing themselves.

During their consultations, Town Plastic Surgery uses 4D Vectra technology, so patients don’t need to just imagine what their new body will look like, they can actually visualize it and make tweaks as needed and select the type of implants and type of placement that is just right for them.

After their consultation (both virtual or in-person), patients come into the office and are immediately met with a sleek, bright, and clean office, smartly outfitted with modern decor. The elegant office space, located just south of Bryant Park in Manhattan, offers a luxurious experience at a fraction of the cost of similar clinics.

While breast augmentation is fairly standard, it’s important that you go to an office that puts effort and care into designing a beautiful, safe, and relaxing environment, and that’s exactly what Town Plastic Surgery has done at their New York office.

Personal and Human

Town Plastic Surgery sits at the intersection of great technology and interpersonal care. Nowhere is that clearer than in their clinic. In addition to their team of highly trained doctors, Town also employs a wide staff of nurses who are uniquely focused on making this a stress-free and even relaxing experience.

Before, during, and after the procedure, nurses regularly check in with the patient, monitoring their progress and answering any questions as they come up. It’s truly a best-in-class experience, and it’s amazing to see it offered at such a reasonable price.

Town Plastic Surgery Is the Future of Plastic Surgery

Speaking of, let’s talk about price. With breast augmentation procedures starting well below the Manhattan industry average at $6500, Town Plastic Surgery represents an exciting new option for patients.

In an age where so many industries are being reinvented to better serve customers, it’s about time that plastic surgery started to follow suit. The type of experience that Town Plastic Surgery offers used to be reserved for celebrities and the ultra-wealthy. Not anymore.

With a specialized practice that exclusively offers breast augmentation, Town Plastic Surgery is able to offer its patients high-quality care at reasonable prices.

If you’ve been looking for a sensational experience with the best technology and doctors available but have been deterred by the outrageous prices, Town Plastic Surgery is here for you.

You can learn more about their offering and unique system of care on their website, where a representative from their care staff can talk you through what they can do for you.

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Thu, 08 Dec 2022 07:13:00 -0600 en-US text/html
Killexams : Business Calendar: shopping test, soccer fest

STORY: From a Black Friday test for U.S. retailers, to Qatar’s hopes for the World Cup, these are the stories to watch out for in business and finance over the coming days.

['Black Friday' test for retailers]

“Black Friday” will test whether U.S. consumers are still in the mood to spend.

October retail sales rose more than expected, but economists fear inflation and rising rates will keep spending in check.

[The dollar's dominance]

After a year of dollar dominance, the tide may have turned on foreign exchange markets.

Signs that inflation has peaked have seen the greenback slide from exact highs.

Next week will test whether the bears are back in charge of the dollar.

[Is the IMF's pessimism justified?]

The IMF says the global economic outlook is even gloomier than it was a month ago.

A slew of global business activity surveys will offer clues to whether it’s right.

Purchasing managers’ indexes in most of Europe are already below the key 50-point level that separates growth and contraction.

[China's key loan prime rates]

China's central bank sets its key loan prime rates on Monday.

That will test its pledge to step up support for the economy.

Recent days have seen markets cheer pro-growth measures, including support for the country’s beleaguered property market.

[World Cup gets into full swing]

And the World Cup gets into full swing, with high stakes for host Qatar.

It hopes the event will burnish its reputation, and boost domestic economic activity.

But the soccer fest could yet be tarnished by disputes over everything from human rights to social restrictions.

Fri, 18 Nov 2022 20:41:00 -0600 en-US text/html
Killexams : Elon Musk’s tough ‘Jobs’: Billionaire’s business skills put to the test

Not all great business visionaries make great business leaders. Steve Jobs was certainly a great visionary, but his business skills were so lacking, he was booted from the company he created. He returned to Apple years later and built a much better mousetrap, having spent time in those intervening years learning from his mistakes. 

In the coming months, we will be able to determine if Elon Musk, the Tesla CEO and now owner of the influential but unprofitable social media behemoth Twitter, has the ability to rise to Jobsian heights. 

It won’t be easy for many reasons, including the most formidable obstacle to Musk’s success: Musk himself. 

I know what you’re saying: Hasn’t Musk already proven himself to be the next Steve Jobs? At last count, he’s the world’s richest man. He built Tesla into an iconic brand in the growing electric-vehicle market while dabbling in a myriad of other successful ­pursuits. 

Maybe, but his net worth has declined dramatically in the past six months as investors began to poke holes in Tesla’s business model and Elon’s mastery of simple ­investing. 

Investor Doug Kass calls Tesla “the most overvalued company in history.” For good reason: Based on its market cap of more than a $600 billion, its profit should be multiples of the roughly $5.5 billion it made last year. 

Steve Jobs.
Steve Jobs learned from his mistakes before returning to the helm at Apple.
Bloomberg via Getty Images

EV subsidies, Environmental Social Governance investing trends, and lots of free money by the Fed contributed to Tesla’s stratospheric valuation. Increased competition in the EV market now pressures Tesla’s shares in the opposite direction, as do higher interest rates. 

With a likely GOP House, ESG (and those Tesla subsidies) will come under scrutiny because ­Republicans believe it pushes left-wing politics and oil companies to stop drilling. 

‘The worst buyout.’ 

Which brings us to Musk’s purchase of Twitter. Like Kass, analyst Dan Ives gives this Musk venture a negative superlative, describing it as the “worst LBO [leveraged buyout] in the history of tech.” 

Elon Musk.
Elon Musk borrowed around $13 billion to purchase Twitter.
Bloomberg via Getty Images

The world’s richest man didn’t want to or maybe couldn’t afford the entire $44 billion price tag on his own, so he borrowed — a lot, around $13 billion. The Musk-owned Twitter — which rarely makes money and has negative cash flow — will see its annual debt expense grow exponentially to around $1 billion. 

Musk, by most estimates, overpaid by anywhere from $20 billion to $40 billion for his new toy, which is why he’s firing people — even those he needs to keep the social media site up and running. 

How could such a great executive do that? The reason was best explained to me by a banker who knows Musk well. 

“Elon doesn’t read balance sheets and financial statements,” he said. “It’s all gut for him.” 

“Gut” told him to buy Twitter, waiving due diligence about the company’s annoying bot problem, as markets and his own currency (Tesla stock) began to correct. Musk wanted to own the global public square. Sounds great until the bill came due and his gut told him to try to renege. 

Not sure what his gut said when he suddenly reversed course again, but I’m pretty sure his legal team told him to ignore it because he was facing a humiliating defeat in Delaware’s Chancery Court. 

Musk is still very rich — he’s worth around $200 billion. But much of it is in Tesla stock, which has crashed about 50% from its highs. His net worth has declined by around $100 billion in exact months. 

Add it all up, and you get the feeling that Elon has a ways to go before he is next Steve Jobs. 

Still ‘Ape’ for AMC 

AMC Theaters is a money-losing movie-house chain, but it has a cult-like investor base. They call themselves the “Apes.” They love the stock despite the company’s funky balance sheet (debt, and losses) and plans to dilute their holdings with new preferred shares. 

Elon Musk.
Elon Musk overpaid for Twitter by anywhere from $20 billion to $40 billion.

Their continued allegiance to the stock is worthy of Freudian analysis (which I won’t get into here) because it’s based on a easily disprovable conspiracy theory that’s prominent on message board and social media. 

Basically, the Apes believe if they hold the stock long enough, at some point shares will rise. Greedy Wall Street hedge funds who want to destroy AMC for no apparent reason are betting that shares will decline through short sales. Because of the Apes’ strategy, the hedgies will be forced to cover their bets and shares will soar to $100 or even $1,000. 

So far, just the opposite has happened. About 90% of AMC’s value has evaporated since its highs of last year. Continued operating losses for third quarter and a weak slate of movies mean the stock will remain under pressure. AMC shares popped Friday on some Ape-inspired euphoria over the strong box-draw of the latest “Black Panther,” but they were valued (preferred plus common) at a paltry $8.81. 

Maybe that’s why company insiders, such as top executives, unloaded more than $100 million of AMC stock as the Apes were holding and buying. 

Take CEO Adam Aron. Between November 2021 and early January 2022, Aron sold $43 million worth of his AMC shares at prices between $20 and $40, records show. 

Aron is fond of telling the investing world how much he loves the support of his friends in the Ape community. It’s obvious why. Their irrational exuberance helped bail out the company from likely bankruptcy after its pandemic closure, and blunted the impact of streaming on ticket sales. Plus, they made him rich.

Mon, 05 Dec 2022 23:09:00 -0600 en-US text/html
Killexams : The world finally has a representative female crash test dummy

In the early 1970s, the gods of crash test dummies at GM created the Hybrid I, designed to represent the average male in height, weight, and proportions. When engineers needed dummies to represent women, children, and infants, the gods of the dummies resized Hybrid I instead of creating the average forms of other human genders and ages. The first female-focused crash tester didn't arrive until 2011 and its build represented just 5% of women, being 4' 11" and weighing 108 pounds — the rough dimensions of a 12-year-old girl. And it's still in use today. BBC News reports that a research team in Sweden has finally created a dummy to correct this decades-long oversight.

This is a hugely important thing to do when NHTSA says women are 73% more likely than men to be seriously injured in a car crash. Last year, the Insurance Institute for Highway Safety studied 18 years of crash reports, after subtracting for differences in vehicle size, it found "women were still twice as likely to be moderately injured and a bit more likely to be seriously hurt," and 2.5 times more likely to suffer moderate leg injuries.

The new tester is 5' 3" and weighs 137 pounds. The U.S. Centers for Disease Control say the average U.S. woman is 5' 4" and weighs 170.8 pounds. Word Data Info says the average European woman stands 5'5" tall and weighs 155 pounds. The new test dummy's chest and hips better represent the average woman's physiology, its biomechanics better represent the average woman having less muscle mass and muscle strength than men, and correspondingly less joint stiffness than men.

Astrid Linder, engineer and director of traffic safety at the Swedish National Road and Transport Research Institute, led the research team behind the new dummy. She said the stiffness aspect is especially important because women are more at risk of whiplash in low-severity crashes than men. She told NPR, "We found that you could get quite different performances of the different seats depending on if it was the male or the female that were in these seats."

On top of that, a properly proportioned dummy returns better data on airbag crashes with women sitting closer to the wheel, and how seat belts perform over different hip shapes with more flexible joints.

Creating the new crash test dummy is only the first step. It will take more study and new government regulations to get the dummy into use, which some U.S. Congress members are working on

Thu, 10 Nov 2022 05:05:00 -0600 en text/html
Killexams : Times Have Changed, But SOPHiA Hasn't
UK Biobank Centre Begins Major Research Initative

Christopher Furlong/Getty Images News

Investment Thesis

When Swiss entrepreneur Dr. Jurgi Camblong established SOPHiA GENETICS (NASDAQ:SOPH) in the early years of the 2010s, his goal was to make the world's disparate genomic databases more accessible to healthcare providers, drug developers, and academic institutions. Many of these databases are housed in public libraries with varying and often incompatible structures.

At the time, the gene diagnostic testing industry wasn't very advanced -- it was largely limited to research and widely absent from standard-of-practice clinical guidelines. This shouldn't come as a surprise given that, at the time, sequencing a genome costs nearly $30,000, limiting insurance coverage, and distorting the economic valuation of these tests, a critical aspect in adopting new healthcare technologies.

The problem for SOPH is times have changed, and it seems that the gene testing industry has developed in a way that makes the company's mission less viable than it once was. The asset and value proposal of Sophia DDM, manifested in the genetic biobank data platform, is not as valuable as it once was; every gene diagnostic company now has a biobank, given the explosion in gene testing volumes, as lower costs created more access. These companies are also offering updated, well-organized, clinically-validated biobanks developed in CLIA-certified labs, directly competing with SOPH. Even biopharma companies who, unlike gene testing businesses, don't have built-in synergies to build a genome biobank are venturing into this field. For example, Natera (NTRA), Invitae (NVTA), and Myriad (MYGN) collect and store genomic data of their customers to build their bioinformatics business; Eli Lilly (LLY) found a way to build its own database by paying for comprehensive genomic profiling of all cancer patients (Thyroid, Lung and other indications).

When SOPH was founded, the correlations between gene makeup and cancer risk were patentable, and running big-data analysis algorithms on genomic databanks could yield substantial financial rewards. Uncovering the impact of a point or structural mutation on health was also patentable. Today, neither of these is, at least in the US, the largest gene testing market, after the US Supreme Court rulings in Mayo Medical Laboratories v. Prometheus Laboratories (2012) and Association for Molecular Pathology v. Myriad Genetics (2013), respectively.

Finally, the decentralized approach to genomic data analysis is inconsistent with current trends, manifested in increasing regulatory oversight over Laboratory Developed Tests "LDT." For example, obtaining a CLIA-waived authorization from the CMS (the de facto marketing authorization for the industry) requires a CLIA certificate, granting access for lab inspections and demonstrating test reproducibility given a standardized and streamlined manufacturing process. All these requirements pose practical limits on using the Sophia DDM platform for drug development and clinical use, as discussed in more detail below.

Our hold rating mirrors SOPH's obscure market position and an unclear path to profitability, weighed against its large addressable market (if the business model were realized) and relatively low valuation.

Market Position and Business Model

When the Coronavirus hit the world in March 2020, it became a priority for governments around the world to prevent the spread of the virus by tracing and isolating those infected. Behind the scenes, a global community of scientists came together to 1) devise a testing solution for diagnosis and 2) develop a vaccine for prevention, utilizing genetic sequencing as a critical component of their research. These scientists rushed to sequence as many coronavirus genomes as possible before performing a genetic alignment against known virus samples (some from previous pandemics) in order to identify the similarities and differences between COVID-19 and other viruses of similar family/phylogeny. These samples are stored in genetic biobanks containing thousands of known virus genetic sequences, structures, and functional impact. One way to access these biobanks, record and analyze virus genomic data is through the Sophia DDM platform, which is what the University of Sassari did through its partnership with SOPH, giving us a practical example of what the company does and how it monetizes its platform.

This article doesn't dismiss the value proposition of SOPH but instead questions its commercial prospects. As mentioned above, biobanks and bioinformatics are critical components of any genetics-based testing and drug development endeavor, which explains why SOPH has amassed a small but impressive list of customers in that space in exact years.

However, SOPH's target market behavior and trends suggest the two are deviating in different directions. For example, gene diagnostic testing companies already have their own genomic biobanks and are, in fact, driving the commercialization of bioinformatics through advances in AI and machine learning techniques, directly competing with SOPH. Second, it is clear that these once-potential clients are advancing their products without the need for the Sophia DDM database, which despite being on the market since 2011, occupies a very small market share.

Beyond gene testing companies, SOPH's business model also suffers from other drawbacks impacting its clinical clients (healthcare providers). First, its solution is for Research Only Use and Not for Clinical use. Now, I'm not naive to the fact that many providers use ROU devices in patient care. During SOPH's Investor Day, a hospital representative in Brazil talked about how it utilizes Sophia DDM software in patient care.

Nonetheless, I also believe that any use of ROU devices is also limited to a confirmatory tool or assistant procedure rather than as a primary diagnostic machine.

Americans are a very litigious society. Patients are quick to drag healthcare providers to court if they have even the slightest suspicion that something was done incorrectly, motivated by the money that a lawsuit can generate, as Dr. Leiyu Shi, associate professor at John Hopkins, explains in his book, "Delivering Health Care in America." This is a significant risk for using ROU devices in the treatment course.

This brings us back to the obscurity of SOPH's business model. The company, which defines itself as a software company, is now venturing to get a test approved for the market. It would be interesting to see if this works out. trial preparation is the first and one of the most critical steps of genetic testing. Given that Sophia DDM is a data analysis tool, it would be interesting to see how the FDA or the CMS would classify a testing device whose only purpose is to aid the analysis process. To me, this is like building a database and reporting system to sell on the front end without making any effort to develop the backend analytic capability that would enable the system to generate useful results.


SOPH needs to communicate better with stakeholders about their core business and the core product they have developed so far. Management's enthusiasm over Sophia DDM conceals serious questions about its market position and commercialization plan, at least in the magnitude pitched to investors.

Management states that its primary target market is US healthcare providers but failed to reconcile this proposition with the fact that its product is an ROU. Its pitch to gene testing companies is also flawed, given of the dozen gene testing companies that I follow, each one of them has a biobank of data collected from their patients, and many are considering leveraging this data into a new bioinformatics segment for biopharma companies.

Mon, 28 Nov 2022 18:01:00 -0600 en text/html Killexams : HIROTSU BIO SCIENCE INC.: World's First Test for Early-Stage Pancreatic Cancer, "N-NOSE® plus Pancreas", Now Available

TOKYO--()--HIROTSU BIO SCIENCE INC. (Head Office: Chiyoda-ku, Tokyo; Representative: Takaaki Hirotsu; hereafter referred to as "HIROTSU") is pleased to announce the commercialization of "N-NOSE plus Pancreas," the first next-generation "cancer type specific test" for the "N-NOSE®".
"N-NOSE plus Pancreas" is the world's first test that can detect early-stage pancreatic cancer. Through the “N-NOSE plus Pancreas”, HIROTSU aim to achieve early detection of as many cases of pancreatic cancer as possible and contribute to improving pancreatic cancer treatment results.

Pancreatic cancer, which is particularly difficult to detect in its early stages and is often found in advanced stages up to stage 4, is responsible for about 30,000 deaths annually according to the latest cancer statistics, and the 5-year survival rate by cancer type is significantly lower than that of other cancers. Since there is no effective screening for pancreatic cancer, such as gastric and colorectal cancer screening, the medical society has been saying that it would be revolutionary if a method to test for early-stage pancreatic cancer could be developed.

HIROTSU have been conducting research and development of a "cancer-specific test" as a next-generation test for the "N-NOSE" primary cancer screening test that was launched in January 2020, and we have been putting all our efforts into research and development in order to commercialize a specific test for pancreatic cancer, which is particularly difficult to detect in its early stage. In November 2021, we succeeded in creating a "special nematode" that specifically reacts to the smell of pancreatic cancer by genetically modifying C. elegans nematodes. Subsequent research confirmed that this special nematode is capable of detecting early-stage pancreatic cancer, and after completing verification tests at a testing center, we have now commercialized the "N-NOSE plus Pancreas".

“N-NOSE plus Pancreas" may greatly contribute to early detection and early treatment of pancreatic cancer. We are committed to making use of this technology, which was made possible by the fusion of biotechnology and the idea of using the superior abilities of living organisms, to help save as many lives as possible.

Overview of "N-NOSE plus Pancreas”

Pre-order Period:
From November 17, 2022 to January 3, 2023

Pre-order Website:

70,000 yen (tax included)
*35,000 yen (tax included) if applied for during the pre-order period

Shipping of Products:
From January 4, 2023

About N-NOSE nematode cancer screening

N-NOSE is the world’s first primary cancer screening test that utilizes “nematodes,” microorganisms that are highly sensitive to the odor of cancer in human urine. Clinical research has shown that nematodes even respond to early-stage cancer (stages 0 and I), which is difficult to detect with conventional screening methods.
The fact that cancer risk can be assessed in one test, regardless of the location in the body,* is another strength that sets N-NOSE apart from other tests.
* Types of cancer that nematodes are known to respond to: stomach, colorectal, lung, breast, pancreatic, liver, prostate, uterine, esophageal, gall bladder, bile duct, kidney, bladder, ovarian, oral/pharyngeal—15 types of cancer (as of September 2019)

Address: New Otani Garden Court 4-1 Kioicho, Chiyoda-ku, Tokyo
President and CEO: Takaaki Hirotsu
Founded: August 2007
Business: Research, development, and sale of a cancer screening test that utilizes the olfactory sensory functions of nematodes

Wed, 16 Nov 2022 13:27:00 -0600 en text/html
Killexams : QVAL: This Value ETF Has A Few Surprises
New York Stock Exchange at wall street in New York city.

JHVEPhoto/iStock Editorial via Getty Images

The "value drought" of the 2010s made investors rethink how they define inexpensiveness in the equity universe.

In the past, Price/Earnings- and Price/Book-driven models were deemed sufficient for creating a passable value portfolio; later, the rise of intangible assets rendered the approaches that were considered adequate irrelevant. And in a few of my ETF analysis articles on Seeking Alpha, I elaborated on the weaknesses of such minimalist methodologies that are on the brink of being outright facile.

Thankfully, funds with better strategies are aplenty. Today, I would like to take a closer look at the Alpha Architect U.S. Quantitative Value ETF (BATS:QVAL), a fund leveraging a proprietary value & quality-centered model capable of creating cheaper portfolios with impressive profitability characteristics.

Please take notice that the ETF was launched in 2014 as an actively managed vehicle, yet in 2017, it switched to a passive index-based strategy, and then returned to an active one. Though these shifts might mean returns before January 31, 2022, when QVAL abandoned the index, are essentially irrelevant, the basics of its value strategy have not been changed meaningfully, thus in the performance analysis section, I will be looking into total returns since inception.

QVAL's proprietary stock-selection model is not linear earnings- or book-value-centered. Its selection universe consists of liquid U.S. exchanges-traded names; ADRs, REITs, financial firms, ETFs, and those with insufficient data are removed. The minimum market cap in the universe is about $1 billion. The remaining securities face tough proprietary "value trap" tests, including, for instance, the analysis of accruals. Next, to find the most attractively priced names, the fund looks at Total Enterprise Value/Earnings Before Interest and Taxes, a solid choice as it is mindful of debt. At times, heavy debt levels result in elevated Returns on Equity and low P/Es, leading to incorrect conclusions and investment decisions that after all disappoint. Other traditional multiples like P/E are also assessed. Finally, "current profitability, stability, and exact operational improvements" are analyzed to select 50 to 100 stocks from the cheapest cohort, which are then weighted equally. More details can be found on the fund's website.

QVAL: solid value exposure, impeccable quality, and even a few surprises on the growth side

In the current version, QVAL features 50 stocks, with the principal ten accounting for a reasonable 23.4% of the net assets.

The fund is somewhat skeptical about the mega-cap universe, with ConocoPhillips (COP), an oil & gas exploration & production company with operations principally in the Lower 48 (the Permian Basin, Eagle Ford, etc.), being the only representative of the league. It is worth mentioning that COP's market value has soared this year on the back of the oil price rally supercharged by geopolitics, and is now standing only slightly shy of an all-time high of about $163.5 billion.

At the same time, about 50.5% of the net assets are parked in mid-caps, or stocks with less than $10 billion in market value. There is little surprise here as the size discount inherent to smaller companies makes that universe a treasure trove for value-seeking stock pickers. The weighted-average market capitalization is at approximately $18.9 billion, with the median marginally north of $10 billion, as per my estimates.

QVAL is pronouncedly bullish on the energy sector, with about 37.4% allocated to the oil & gas (including refining) names. It should be noted that being overweight petroleum players is a rarity among well-known large-AUM value-centered funds. For instance, the iShares S&P 500 Value ETF (IVE) has just 8.3% allocated to the sector, while the Invesco S&P 500 Pure Value ETF (RPV) deployed about 11%.

Next, QVAL sees opportunities in materials, with around 24.6% allocated to it, and Steel Dynamics (STLD) is the largest holding from the sector, with 2.57% weight.

In the meantime, the fund completely ignores financials, in line with the methodology. Real estate, healthcare, utilities, and communication companies have also failed to qualify. Also, there is just one stock from the consumer staples sector, Tyson Foods (TSN), with a 1.6% weight. As I explained in a exact article on the Invesco S&P 500 Equal Weight Consumer Staples ETF (RHS), though the sector is rich with incredible quality stories, valuation leaves a lot to be desired, so there is no coincidence defensive plays are underrepresented here.

ETF sector exposure analysis

Calculated by the author using data from Seeking Alpha and the fund

Did QVAL succeed in selecting top-quality value stocks? The answer is yes, and grossly.

First and foremost, let us look at the LTM P/E ratio. Though the metric is not the ideal one, there is no denying the Street is enamored of it. The fact is, the weighted-average P/E of this portfolio, as per my calculations, is below 6x, a phenomenal level. There is little wonder that the driver of this ultra-low ratio is the energy sector thanks to the inherent inexpensiveness of oil & gas companies compared to other sectors even during periods of strong petroleum price performance. Next, the weighted-average P/S is also comparatively cheap, at around 1x, while EV/Sales is ~1.1x.

Another metric of interest is EV/EBITDA, a substitution for TEV/EBIT I would like to use this time, a ratio mostly similar to it, also reflecting a company's debt burden, yet with the difference being depreciation & amortization (at times, some one-off items) added back. The ratio is just 4.16x, fairly appealing for my taste. What about the net operating cash flow yield? It is about 18.6%. Again, I am impressed.

Now, quality. Just 4% of the net assets are allocated to stocks with a C or C+ Quant Profitability rating. The rest have B- or better. Cash-burning companies are absent. Looking at the financial position, over 89% have Total debt/EBITDA below 2x. And finally, the figure that might leave capital efficiency-focused investors speechless for a moment. QVAL's weighted-average Return on Total Capital is about 24%. Nothing short of impressive.

Ultimately, growth. Above, I said that the fund is overweight energy equities, with special attention paid to exploration & production companies, or those most leveraged to the crude oil price. And weighted-average forward revenue growth of over 23%, a phenomenal result, does not look that surprising in this regard. Meanwhile, the WA Forward EPS growth is 31%, which is simply astounding.

Performance: did QVAL's unique strategy deliver?

Unfortunately, though QVAL's current portfolio offers an incredible blend of value with quality (and even growth), which points to the strategy's potency and efficacy, it does not necessarily mean past returns would support a bullish view.

The fact is, it grossly underperformed the iShares Core S&P 500 ETF (IVV) since its inception despite a few bright spots like 2016, 2017, 2021, and 2022 to date when it outpaced the bellwether vehicle. It also failed to keep pace with RPV; the high standard deviation is yet another disappointment.

Portfolio QVAL IVV RPV
Initial Balance $10,000 $10,000 $10,000
Final Balance $15,406 $23,519 $18,104
CAGR 5.49% 11.16% 7.62%
Stdev 23.02% 15.69% 21.26%
Best Year 33.40% 31.25% 33.49%
Worst Year -17.28% -13.18% -12.30%
Max. Drawdown -42.00% -23.93% -41.55%
Sharpe Ratio 0.31 0.7 0.41
Sortino Ratio 0.44 1.07 0.58
Market Correlation 0.87 1 0.87

Created by the author using data from Portfolio Visualizer. Based on the returns for the November 2014 - November 2022 period

The table below shows whether QVAL outperformed IVV over certain periods; alpha months and years are highlighted in green.

ETFs returns comparison

Created by the author using data from Portfolio Visualizer

The next table illustrates that QVAL delivered better returns than RPV only in 2017 and 2020.

ETFs returns comparison

Created by the author using data from Portfolio Visualizer

Summing up

Whether the Fed pivot or not, QVAL's focus on value & quality is one I wholeheartedly appreciate.

The ETF has solid value exposure, impeccable quality, and even a few surprises on the growth side, partly owing to the current stage of the commodity cycle. But although I am constructive on this fund, there are a few issues worth elaborating on.

First, though it has impressive earnings and cash flow yields at the levels that investors in IVV could only dream about, they are so substantial owing principally to the fact that QVAL is overweight the capital-intensive oil & gas industry, and I believe a share of stocks with no less than a B- Quant Valuation grade (which shows how a company's multiples compare to the sector and the historical averages) is a better indication of whether the portfolio is priced attractively. The fact is, it is only 44%, while 29% are comparatively overvalued (D+ and worse).

Also, as I said above, the main ten holdings account for a modest share of the net assets owing to the equal weighting. The problem is that other risk indicators are somewhat unsatisfying, to say the least.

QVAL Risk Grade

Seeking Alpha

In sum, owing to the advantages/downsides mix, QVAL is a Hold.

Mon, 05 Dec 2022 18:41:00 -0600 en text/html
Killexams : The world finally has a representative female crash test dummy

In the early 1970s, the gods of crash test dummies at GM created the Hybrid I, designed to represent the average male in height, weight, and proportions. When engineers needed dummies to represent women, children, and infants, the gods of the dummies resized Hybrid I instead of creating the average forms of other human genders and ages. The first female-focused crash tester didn't arrive until 2011 and its build represented just 5% of women, being 4' 11" and weighing 108 pounds — the rough dimensions of a 12-year-old girl. And it's still in use today. BBC News reports that a research team in Sweden has finally created a dummy to correct this decades-long oversight.

This is a hugely important thing to do when NHTSA says women are 73% more likely than men to be seriously injured in a car crash. Last year, the Insurance Institute for Highway Safety studied 18 years of crash reports, after subtracting for differences in vehicle size, it found "women were still twice as likely to be moderately injured and a bit more likely to be seriously hurt," and 2.5 times more likely to suffer moderate leg injuries.

The new tester is 5' 3" and weighs 137 pounds. The U.S. Centers for Disease Control say the average U.S. woman is 5' 4" and weighs 170.8 pounds. Word Data Info says the average European woman stands 5'5" tall and weighs 155 pounds. The new test dummy's chest and hips better represent the average woman's physiology, its biomechanics better represent the average woman having less muscle mass and muscle strength than men, and correspondingly less joint stiffness than men.

Astrid Linder, engineer and director of traffic safety at the Swedish National Road and Transport Research Institute, led the research team behind the new dummy. She said the stiffness aspect is especially important because women are more at risk of whiplash in low-severity crashes than men. She told NPR, "We found that you could get quite different performances of the different seats depending on if it was the male or the female that were in these seats."

On top of that, a properly proportioned dummy returns better data on airbag crashes with women sitting closer to the wheel, and how seat belts perform over different hip shapes with more flexible joints.

Creating the new crash test dummy is only the first step. It will take more study and new government regulations to get the dummy into use, which some U.S. Congress members are working on

The world finally has a representative female crash test dummy originally appeared on Autoblog on Thu, 10 Nov 2022 13:30:00 EST. Please see our terms for use of feeds.

Thu, 10 Nov 2022 05:18:00 -0600 en-US text/html
Killexams : The world finally has a representative female crash test dummy

In the early 1970s, the gods of crash test dummies at GM created the Hybrid I, designed to represent the average male in height, weight, and proportions. When engineers needed dummies to represent women, children, and infants, the gods of the dummies resized Hybrid I instead of creating the average forms of other human genders and ages. The first female-focused crash tester didn't arrive until 2011 and its build represented just 5% of women, being 4' 11" and weighing 108 pounds — the rough dimensions of a 12-year-old girl. And it's still in use today. BBC News reports that a research team in Sweden has finally created a dummy to correct this decades-long oversight.

This is a hugely important thing to do when NHTSA says women are 73% more likely than men to be seriously injured in a car crash. Last year, the Insurance Institute for Highway Safety studied 18 years of crash reports, after subtracting for differences in vehicle size, it found "women were still twice as likely to be moderately injured and a bit more likely to be seriously hurt," and 2.5 times more likely to suffer moderate leg injuries.

The new tester is 5' 3" and weighs 137 pounds. The U.S. Centers for Disease Control say the average U.S. woman is 5' 4" and weighs 170.8 pounds. Word Data Info says the average European woman stands 5'5" tall and weighs 155 pounds. The new test dummy's chest and hips better represent the average woman's physiology, its biomechanics better represent the average woman having less muscle mass and muscle strength than men, and correspondingly less joint stiffness than men.

Astrid Linder, engineer and director of traffic safety at the Swedish National Road and Transport Research Institute, led the research team behind the new dummy. She said the stiffness aspect is especially important because women are more at risk of whiplash in low-severity crashes than men. She told NPR, "We found that you could get quite different performances of the different seats depending on if it was the male or the female that were in these seats."

On top of that, a properly proportioned dummy returns better data on airbag crashes with women sitting closer to the wheel, and how seat belts perform over different hip shapes with more flexible joints.

Creating the new crash test dummy is only the first step. It will take more study and new government regulations to get the dummy into use, which some U.S. Congress members are working on.

Thu, 10 Nov 2022 04:39:00 -0600 en-SG text/html Series7 exam dump and training guide direct download
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