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Alex Gaetani

The items listed below are derived and adapted from other guides and / or glossaries of encyclopedias, financial sites, etc..

Are updated, according to what are currently quoted, other media (internet, tv, newspapers,etc.):

Diversification

Indicates the strategy that aims to reduce the exposure to risk is not systematic (ie, those that the investor can control, as opposed to that which can not control, such systematic). For example, the investor can check whether your capital is invested in emerging markets or other risky investments, but can not control the fluctuations of the global market. Diversification implies investing in a variety of categories of financial instruments and funds. A diversified portfolio should include actions, bonds and real assets diversified geographically and sectorally. The aim is to ensure that any “underperformance” area is compensated by a “overperformance” another area.

Separate

The Separate Account is a special form of management at the confluence of customer investments that adhere to contracts connected to it (life insurance policies generally C.d. revaluation service).

The fund is held accounted for separately from the other activities of the Society for the protection of customer savings; the results are certified annually by an independent auditing firm that certifies the correctness.

Compared to any other form, revaluation service policies are characterized by the fact of consolidating the performance: the annual revaluation is acquired outright and becomes the basis on which to perform the revaluation of the following year.

For the purposes of determining the efficiency, The rules stipulate a particular method of reporting income:

• Financial instruments are part of the management are recorded at historical cost.
• Capital gains should be considered only if made and any losses suffered as effectively.

The ability of the Company to affect the performance of the separate management, through the implementation of discretionary plus and minus latent allows us to come, with a multiannual, to management aimed at the stabilization of income over the medium / long term.

Macroeconomics and Microeconomics

The Microeconomics look at the trees, the Macroeconomics look at the forest!

Macroeconomics studies the economy as a whole and the interactions between macro variables: GDP, economic policy, import-export, investments, consumption, supply and demand.

Microeconomics studies how households and firms make decisions to allocate resources in markets where goods and services are bought and sold, and what are the mechanisms that determine market outcomes.

Spread

Literally translated from English means standard deviation.
Economically speaking the term spread is these days used to indicate the difference between the yield of Italian government bonds (Btp) and German (Waistband).
500 basis points of spread on mean 5% more yield. In practice, if a Federal Government makes to those who buy the 2% means that a BTP make 7%.
This is good news for investors who buy BTP, because more and more cash these, however, that the maturity of the State is able to repay the amount invested (otherwise there is a default).
It is not, but, State sees rise for the cost of its debt, because of higher interest than is required to pay investors.
More interests that are required because Italy is a country considered most at risk in Germany in terms of possibility of bankruptcy.
More and more Spread rises according to the markets this risk is real.

Custody

If you want to buy financial stocks, next to the current account you must open a securities deposit. It is nothing more than a contract signed between the account holder and the bank through which the latter manages the purchased financial securities on behalf of the former. Administrative costs are paid for its maintenance which vary from bank to bank, State, and stamp (a progressive tax the amount of which varies depending on the value of securities purchased).

Rating

E’ judgment (pagellina), that should always be independent, about the level of credit risk of a state and / or society.
In the case of a bond, for example the Italian BPT (way of public debt), the objective is to quantify the probability of receiving the deadlines set, interest payments and repayment of capital, by the Italian State.
Right now the best known rating agencies are: S&P, Moody’s e Fitch.