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Recovery of Funds

As separate state and federal investigations progressed, more details emerged about an interstate dog-fighting ring that involved drugs and gambling. Gruesome details of abuse, torture, and execution of under-performing dogs galvanized animal rights activists and expressions of public outrage. Vick and several others were indicted on federal and Virginia state felony charges related to the operation.

In July , Vick and three other men were indicted on federal felony charges of operating an unlawful interstate dog fighting venture known as " Bad Newz Kennels ". Vick was accused of financing the operation, directly participating in dog fights and executions, and personally handling thousands of dollars in related gambling activities.

By August 20, Vick and the other three co-defendants agreed to separate plea bargains for the federal charges. Four days later, Vick filed plea documents with the federal court. Vick admitted to providing most of the financing for the operation, and to participating directly in several dog fights in Virginia , Maryland , North Carolina and South Carolina.

He admitted to sharing in the proceeds from these dog fights. He further admitted that he knew his colleagues killed several dogs who did not perform well. He admitted to being involved in the destruction of 6—8 dogs, by hanging or drowning. The "victimization and killing of pit bulls" was considered an aggravating circumstance, allowing prosecutors to exceed the federal sentencing guidelines for the charge.

Vick denied placing any side bets on the dogfights. District Judge Henry E. Hudson accepted Vick's guilty plea, but reminded Vick that he Hudson was under no obligation to accept the prosecution's recommendation of a reduced sentence.

While free on bail, Vick tested positive for marijuana in a random drug test. In November, Vick turned himself in early to begin accruing time-served credit against his likely federal prison sentence. District Court in Richmond for sentencing. Judge Hudson said he was "convinced that it was not a momentary lack of judgment" on Vick's part, and that Vick was a "full partner" in the dog fighting ring, and he was sentenced to serve 23 months in federal prison.

Department of Labor complained that these funds were paid at least partially with unlawfully withdrawn monies that Vick held in trust for himself and eight other employees of MV7, a celebrity marketing company he owned.

Separate Virginia charges against all four defendants in the dog-fighting case were brought following indictments by the Surry County grand jury when it met on September 25, The principal evidence considered was sworn statements of the defendants during their plea agreement process before the federal court.

Vick was charged with two class-6 felonies, which each carried a maximum penalty of five years' imprisonment. Citing the high costs and transportation logistics of proceeding while Vick was still in federal prison, state prosecutor Gerald Poindexter decided to postpone Vick's trial in Surry County Circuit Court until after Vick's release from federal custody. On October 14, , Vick attorney Lawrence Woodward filed a motion to enter a plea via two-way electronic video with the Surry County Courts.

Vick was transported to Virginia in November to face the state charges. In return for the plea agreement, the other charge was dropped. Vick has lobbied for H. Certified Financial Planner Michael Smith advised Vick from , but resigned after Vick took bad advice from friends, made ill-conceived investments, overspent, and otherwise undermined the wealth-building plan that Smith had created. After the dog fighting indictments were announced in July , financial claims against Vick escalated. His financial affairs strained, Vick was unable to meet scheduled payments and other obligations.

As he served his sentence in the federal penitentiary in Leavenworth, Kansas, friends and family continued to occupy some of Vick's other homes in the South Beach section of Miami Beach, Florida.

On July 7, , Vick sought Chapter 11 bankruptcy protection [] in U. Bankruptcy Court in Newport News after failing to "work out consensual resolutions with each of his creditors," according to court papers. The three biggest unsecured creditors were Joel Enterprises Inc. Joel Enterprises of Richmond was listed as one of Vick's larger creditors. Sports agents Andrew Joel and Dave Lowman claimed Vick signed a contract with their firm in , nine days before he announced he was leaving Virginia Tech early and declaring himself eligible for the NFL Draft.

With his mother as a witness, Vick signed a five-year marketing agreement that anticipated a wide range of endorsement activities using Vick's name, likeness, voice, and reputation. After the Virginia Supreme Court denied a Vick motion and ruled that the civil trial could proceed in December , [] the parties agreed to submit the dispute to binding arbitration for resolution instead of a formal civil court trial. The bank's Specialty Financing Group provided financing for rental car fleets.

District Court in Atlanta granted a summary judgment in favor of Wachovia. The order provided that further interest could be accrued. The money was held in trust under pension laws to fund retirement plans for nine MV7 employees. The Labor Department simultaneously filed a complaint in federal bankruptcy court to prevent Vick from discharging his alleged debt to the MV7 pension plan. In August , trustee W. The trustee noted in court documents that Vick "has limited ability to arrange his finances and limited ability to participate in the bankruptcy case on an in-person basis.

Talbot as people who had obtained broad written authority to act as his attorney-in-fact over all of his financial affairs. Vick had hired Wong, a business manager in Omaha, Nebraska , in the fall of on the recommendation of Falcons teammate Demorrio Williams. Wong helped cash in some of Vick's investments to provide restitution funds required by the federal court in his criminal case.

Court papers also alleged Wong "caused certain business entities owned by [Vick] to be transferred to her. Vick next turned to Talbot, a medical school graduate from Hackensack, New Jersey who claimed to have expertise in financial management. Vick later told the court he met Talbot in April through his brother, Marcus. Talbot had been accused of defrauding church members in New Jersey. Vick's attorneys filed a first plan of reorganization through bankruptcy on November 12, Creditors challenged Vick's spending plan given his loss of salary and suspension from the NFL.

Vick's attorneys told the judge on November 13 that Vick "has every reason to believe that upon his release, he will be reinstated into the NFL, resume his career and be able to earn a substantial living. After creditors objected to the initial reorganization plan, Vick appeared in person before Santoro at a hearing in Newport News on April 2, He said his crime was "heinous" and he felt "true remorse.

The judge commended Vick for trying to work out his financial mess after years of poor choices, but told Vick the numbers did not add up.

If you do, you're going to be nothing to anybody. On April 28, attorneys met with Santoro and said they made substantial progress on a revised plan. They reported having settled all disputes with Vick's creditors, including Joel. On August 27, Santoro approved the revised reorganization plan.

During his career with the Falcons, Vick became a spokesperson for many companies. Even before the animal cruelty case surfaced in , however, Vick's corporate status had deteriorated.

Among the negative incidents was his middle finger gesture to Atlanta football fans in The company had been supplying him with complimentary gear since October ; his re-signing marked the first time a sponsor had brought back an athlete after dropping him. In , Vick launched a sports clothing line called V7 to be sold exclusively at Modell's. Part of the proceeds was to go to the Boys and Girls Club of Philadelphia.

In June , Vick, along with his brother Marcus and mother Brenda, established The Vick Foundation, a nonprofit organization to support at-risk youth with after-school programs in the Metro Atlanta and Hampton Roads areas. The announcement of the new organization came just before the start of the foundation's first fundraiser, the Michael Vick Golf Classic.

The foundation ceased operations that year. The Vick Foundation said the money would be used to provide help with funeral expenses, transportation for family members and other support services. From Wikipedia, the free encyclopedia. Michael Vick Vick in This article contains embedded lists that may be poorly defined, unverified or indiscriminate.

Please help to clean it up to meet Wikipedia's quality standards. Where appropriate, incorporate items into the main body of the article. This section may lend undue weight to certain ideas, incidents, or controversies. Please help to create a more balanced presentation. Discuss and resolve this issue before removing this message. Bad Newz Kennels dog fighting investigation. Retrieved September 22, Archived from the original on December 7, Retrieved December 6, Retrieved June 4, Retrieved December 7, Archived from the original on Archived from the original on 12 October Retrieved 4 December College Football at Sports-Reference.

Archived from the original on 24 February Retrieved 5 December Archived from the original on 7 December San Jose Mercury News. Retrieved January 14, Retrieved 6 December Archived from the original on December 26, Retrieved December 26, Pro Football Hall of Fame. Vick's NFL future could be bleak. 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The investor is responsible for any shortfall following such forced sales. Regulation of margin requirements by the Federal Reserve was implemented after the Crash of Before that, speculators typically only needed to put up as little as 10 percent or even less of the total investment represented by the stocks purchased. Other rules may include the prohibition of free-riding: One of the many things people always want to know about the stock market is, "How do I make money investing?

Fundamental analysis refers to analyzing companies by their financial statements found in SEC Filings, business trends, general economic conditions, etc. Technical analysis studies price actions in markets through the use of charts and quantitative techniques to attempt to forecast price trends regardless of the company's financial prospects. One example of a technical strategy is the Trend following method, used by John W. Henry and Ed Seykota, which uses price patterns, utilizes strict money management and is also rooted in risk control and diversification.

Additionally, many choose to invest via the index method. The principal aim of this strategy is to maximize diversification, minimize taxes from too frequent trading, and ride the general trend of the stock market which, in the U. Finally, one may trade based on inside information, which is known as insider trading. However, this is illegal in most jurisdictions i. The New York Stock Exchange. It is the largest stock exchange in the world by dollar volume and the second largest by number of companies listed.

The New York Stock Exchange trading floor is located at 11 Wall Street, and is composed of five rooms used for the facilitation of trading. The NYSE trades in a continuous auction format.

There is one specific location on the trading floor where each listed stock trades. Most of the time natural buyers and sellers meet in a market that provides efficient price discovery in an auction environment that is designed to produce the fairest price for both parties.

The human interaction and expert judgment as to order execution differentiates the NYSE from fully electronic markets. Recent proposals have been made to adopt a Hybrid market structure combining elements of open outcry and electronic markets. The frenzied commotion of men and women in colored smocks has been captured in several movies, including Wall Street. NYA was created, with a base value of 50 points equal to the yearly close, to reflect the value of all stocks trading at the exchange instead of just the 30 stocks included in the Dow Jones Industrial Average.

To raise the profile of the composite index, in the NYSE set its new base value of 5, points equal to the yearly close. Previously, the index had stood just below points, with lifetime highs and lows of points and 33 points, respectively.

The right to directly trade shares on the exchange is conferred upon owners of the "seats". The term comes from the fact that up until the s NYSE members sat in chairs to trade; this system was eliminated long ago. In , the number of seats was fixed at , and this number was increased several times over the years. In , the exchange stopped at seats. These seats are a sought-after commodity as they confer the ability to directly trade stock on the NYSE. Seat prices have varied widely over the years, generally falling during recessions and rising during economic expansions.

The NYSE now sells one-year licenses to trade directly on the exchange. This name was shortened to its current form in Anthony Stockholm was elected the Exchange's first president.

But the volume of stocks traded had increased sixfold in the years between and and a larger space was required to conduct business in the expanding marketplace. Eight New York City architects were invited to participate in a design competition for a new building and the Exchange selected the neoclassic design from architect George B. Demolition of the existing building at 10 Broad Street and the adjacent lots started on 10 May The trading floor was one of the largest volumes of space in the city at the time at x feet wide 33 x The main facade of the building features marble sculpture by John Quincy Adams Ward in the pediment, above six tall Corinthian capitals, called "Integrity Protecting the Works of Man".

Additional trading floor space was added in and the "blue room" with the latest technology for information display and communication. Another trading floor was opened at 30 Broad Street in With the arrival of the Hybrid Market, a greater proportion of trading was executed electronically and the NYSE decided to close the 30 Broad Street trading room in early The Exchange was closed shortly after the beginning of World War I July , but it was re-opened on November 28 of that year in order to help the war effort by trading bonds.

The perpetrators were never found. The Black Thursday crash of the Exchange on October 24, , and the sell-off panic which started on Black Tuesday, October 29, are often blamed for precipitating the Great Depression. In an effort to try to restore investor confidence, the Exchange unveiled a fifteen-point program aimed to upgrade protection for the investing public on October 31, On October 1, , the exchange was registered as a national securities exchange with the U.

Securities and Exchange Commission, with a president and a thirty-three member board. On February 18, the not-for-profit corporation was formed, and the number of board members was reduced to twenty-five. The protestors threw fistfuls of mostly fake dollar bills down to the traders below, who began to scramble frantically to grab the money, as fast as they could.

Hoffman claimed to be pointing out that, metaphorically, that's what NYSE traders "were already doing". The NYSE then installed barriers in the gallery, to prevent this kind of protest from interfering with trading again. This was a very controversial move and prompted a quick change in the rule; trading now halts for an hour, two hours, or the rest of the day when the DJIA drops 10, 20, or 30 percent, respectively.

The rationale behind the trading halt was to give investors a chance to cool off and reevaluate their positions. On September 17, , NYSE chairman and chief executive Richard Grasso stepped down as a result of controversy concerning the size of his deferred compensation package. On December 6, , the NYSE's governing board voted to acquire rival Archipelago and become a for-profit, public company. The Dow Jones Industrial Average.

Dow compiled the index as a way to gauge the performance of the industrial component of America's stock markets. It is the oldest continuing U. Today, the average consists of 30 of the largest and most widely held public companies in the United States.

The "industrial" portion of the name is largely historical — many of the 30 modern components have little to do with heavy industry. To compensate for the effects of stock splits and other adjustments, it is currently a scaled average, not the actual average of the prices of its component stocks — the actual average of prices is multiplied by a scale factor, which changes over time, to generate the value of the index.

First published on May 26, , the DJIA represented the average of twelve stocks from various important American industries.

Of those original twelve, only General Electric remains part of the average. The other eleven were:. When it was first published, the index stood at It was computed as a direct average, by first adding up stock prices of its components and dividing by the number of stocks. Many of the biggest percentage price moves in the Dow occurred early in its history, as the nascent industrial economy matured.

In , the number of stocks in the DJIA was increased to twenty, and finally to thirty in , near the height of the "roaring s" bull market. The highs of September 3, would not be surpassed until The s and especially the s saw a very rapid increase in the average, though severe corrections did occur along the way.

The uncertainty of the early s brought a significant bear market, and whether it has ended or simply gone into hibernation has been an ongoing subject of debate. The DJIA is criticized for being a price-weighted average, which gives relatively higher-priced stocks more influence over the average than their lower-priced counterparts.

Additionally, the inclusion of only 30 stocks in the average has brought on additional criticism of the average, as the DJIA is widely used as an indicator of overall market performance. Another issue with the Dow is that not all 30 components open at the same time in the morning. Only a few components open at the start and the posted opening price of the Dow is determined by the price of those few components that open first and the previous day's closing price of the remaining components that haven't opened yet; therefore, the posted opening price on the Dow will always be close to the previous day's closing price which can be observed by looking at Dow price history and will never accurately reflect the true opening prices of all its components.

Thus, in terms of candlestick charting theory, the Dow's posted opening price cannot be used in determining the condition of the market.

The individual components of the DJIA are occasionally changed as market conditions warrant. They are selected by the editors of The Wall Street Journal. When companies are replaced, the scale factor used to calculate the index is also adjusted so that the value of the average is not directly affected by the change. To calculate the DJIA, the sum of the prices of all 30 stocks is divided by a "divisor", which is published on the Chicago Board of Trade's website.

The divisor is adjusted in case of splits, spinoffs or similar structural changes, to ensure that such events do not in themselves alter the numerical value of the DJIA. The initial divisor was the number of component companies, so that the DJIA was at first a simple arithmetic average; the present divisor, after many adjustments, is less than one meaning the index is actually larger than the sum of the prices of the component prices. Events like stock splits or changes in the list of the companies composing the index alter the sum of the prices of the component prices.

In these cases, in order to avoid discontinuity in the index, the Dow divisor is updated so that the quotations right before and after the event coincide:.

Because the DJIA is an average of stock prices, it is more strongly affected by relative changes in performance of high-priced stocks than by lower-priced ones. In this sense higher-priced stocks have a greater "weight" in the index.

A list of the effective weight of each component is published daily by Dow Jones, although the weights change whenever the prices of the component stocks change.

The weights are simply proportional to the stock prices, and are not used in calculating the DJIA. Apart from investing in the individual stocks in the Dow Jones, there also is the option to invest in an exchange-traded fund ETF which represents ownership in a portfolio of the equity securities that comprise the DJIA.

The units of this ETF, therefore, represent an opportunity for the investor to achieve the same performance of the DJIA minus fund expenses and trade like any other stock on the Amex Exchange, so they can be bought on margin, sold short or held for the long term.

Like most other stock market indices, the Dow undergoes periods of general increase and general declines or stagnation.

A bull market is a term denoting a period of price increases, while a bear market denotes a period of declines. Wall Street generally considers a bear market in session when the main stock market index is more than 20 percent below its all-time high.

By this definition, as of the close of , the Dow will enter a bear market if it sustains a fall below the 10, point milestone, which it last touched in April There are two types of bull markets. A secular bull market is a period in which the stock market index is continually reaching all-time highs with only brief periods of correction, as during the s, and can last upwards of 15 years. A cyclical bull market is a period in which the stock market index is reaching week or multi-year highs and may briefly peak at all-time highs before a rapid decline, as in the early s.

It usually occurs within relatively longer bear markets and lasts about three years. The following are the secular bull and bear markets experienced by the Dow since its inception: On October 3, , the Dow achieved new record closing and intra-day highs for the first time in nearly seven years.

Later that month, the index closed above 12, for the first time October 19 , and stayed above the milestone to set record weekly October 27 and monthly October 31 closing levels. While some experts might consider the concurrent record highs on the DJIA, the Dow Jones Transportation Average, and the Dow Jones Utilities taking place on February 14, the first time that all three finished at record highs on the same day since March 17, as Dow Theory confirmation that the bear market ended in , the depressed state of the technology market compared with leaves that a matter of dispute.

Dow Theory is a theory on stock price movements that provides a basis for technical analysis. Following Dow's death, William P. Hamilton, Robert Rhea and E. George Schaefer organized and collectively represented "Dow Theory," based on Dow's editorials.

Dow himself never used the term "Dow Theory," though. The six basic tenets of Dow Theory as summarized by Hamilton, Rhea, and Schaefer are described below.

As with many investment theories, there is conflicting evidence in support and opposition of Dow Theory. Alfred Cowles in a study in Econometrica in showed that trading based upon the editorial advice would have resulted in earning less than a buy-and-hold strategy using a well diversified portfoilio. Cowles concluded that a buy-and-hold strategy produced After numerous studies supported Cowles over the following years, many academics stopped studying Dow Theory believing Cowles's results were conclusive.

In recent years however, some in the academic community have revisited Dow Theory and question Cowles' conclusions. The Chicago Board of Trade also notes that there is growing interest in market timing strategies such as Dow Theory. One key problem with any analysis of Dow Theory is that the editorials of Charles Dow did not contain explicitly defined investing "rules" so some assumptions and interpretations are necessary. And as with many academic studies of investing strategies, practitioners often disagree with academics.

Many technical analysts consider Dow Theory's definition of a trend and its insistence on studying price action as the main premises of modern technical analysis. Markets have three trends Price is all vibrant. It is never stagnant and can't be. It should and must have its own direction to move, which may or may not be known to us.

This direction is called as the trends of that particular stock or the average. To start with, Dow defined an uptrend trend 1 as a time when successive rallies in a security price close at levels higher than those achieved in previous rallies and when lows occur at levels higher than previous lows. Downtrends trend 2 occur when markets make lower lows and lower highs.

It is this concept of Dow Theory that provides the basis of technical analysis' definition of a price trend. Dow described what he saw as a recurring theme in the market: But we can still find out a direction to the stock trend and that's called "choppy trend". Simply the sideways movements of any scrip is defined as "choppy" trend. Trends have three phases Dow Theory asserts that major market trends are composed of three phases: The accumulation phase phase 1 is when investors "in the know" are actively buying selling stock against the general opinion of the market.

During this phase, the stock price does not change much because these investors are in the minority absorbing releasing stock that the market at large is supplying demanding. Eventually, the market catches on to these astute investors and a rapid price change occurs phase 2. This is when trend followers and other technically oriented investors participate. This phase continues until rampant speculation occurs.

At this point, the astute investors begin to distribute their holdings to the market phase 3.!!! The stock market discounts all news Stock prices quickly incorporate new information as soon as it becomes available. Once news is released, stock prices will change to reflect this new information. On this point, Dow Theory agrees with one of the premises of the efficient market hypothesis.

Stock market averages must confirm each other In Dow's time, the US was a growing industrial power. The US had population centers but factories were scattered throughout the country. Factories had to ship their goods to market, usually by rail. Dow's first stock averages were an index of industrial manufacturing companies and rail companies. To Dow, a bull market in industrials could not occur unless the railway average rallied as well, usually first.

The logic is simple to follow. If manufacturers' profits are rising, it follows that they are producing more. If they produce more, then they have to ship more goods to consumers. Hence, if an investor is looking for signs of health in manufacturers, he or she should look at the performance of the companies that ship the output of them to market, the railroads.

The two averages should be moving in the same direction. When the performance of the averages diverge, it is a warning that change is in the air. The index contains major railroads, shipping companies, and air freight carriers in the US. Trends are confirmed by volume Dow believed that volume confirmed price trends. When prices move on low volume, there could be many different explanations why. An overly aggressive seller could be present for example.

But when price movements are accompanied by high volume, Dow believed this represented the "true" market view. If many participants are active in a particular security, and the price moves significantly in one direction, Dow maintained that this was the direction in which the market anticipated continued movement. To him, it was a signal that a trend is developing. Trends exist until definitive signals prove that they have ended Dow believed that trends existed despite "market noise".

Markets might temporarily move in the direction opposite the trend, but they will soon resume the prior move. The trend should be given the benefit of the doubt during these reversals. Determining whether a reversal is the start of a new trend or a temporary movement in the current trend is not easy.

Dow Theorists often disagree in this determination. Technical analysis tools attempt to clarify this but they can be interpreted differently by different investors. All of the stocks in the index are those of large publicly held companies and trade on major US stock exchanges such as the New York Stock Exchange and Nasdaq.

It is considered to be a bellwether for the US economy and is a component of the Index of Leading Indicators. A broader index of companies was also published weekly.

This introduction was made possible by advancements in the computer industry which allowed the index to be calculated and disseminated in real time. The index, near the height of the bubble, reached an all-time closing high of 1, Since then, the US stock markets have gradually recovered.

This is similar to the Dow 30, but different from others such as the Russell , which are strictly rules-based. Although the index includes many large companies in the US, it is not simply a list of the biggest companies, and includes a handful 11 as of September 19, that are incorporated outside of the US and are therefore technically not US companies.

The companies are carefully selected to ensure that they are representative of various industries in the US economy. In addition, companies that do not trade publicly such as those that are privately or mutually held and stocks that do not have sufficient liquidity are not in the index. By contrast, the Fortune attempts to list the largest companies in the United States by gross revenue, regardless of whether their stocks trade or their liquidity, without adjustment for industry representation, and excluding companies incorporated outside the US.

The index was previously market-value weighted; that is, movements in price of companies whose total market valuation share price times the number of outstanding shares is larger will have a greater effect on the index than companies whose market valuation is smaller. The transition was made in two tranches, the first on March 18, and the second on September 16, They trade like any other stock on the American Stock Exchange, so they can be bought on margin, sold short, or held for the long term.

Notable among them is The Vanguard Group's fund: NDAQ the stock of which was listed on its own stock exchange in With approximately 3, companies, it lists more companies and, on average, trades more shares per day than any other U. The current chief executive officer is Robert Greifeld. When it began trading on February 8, , it was the world's first electronic stock market. At first, it was merely a computer bulletin board system and did not actually connect buyers and sellers. The NASDAQ helped lower the spread the difference between the bid price and the ask price of the stock but somewhat paradoxically was unpopular among brokerages because they made much of their money on the spread.

Over the years, NASDAQ became more of a stock market by adding trade and volume reporting and automated trading systems. Until , most trading occurred via the telephone, but during the October stock market crash, market makers often didn't answer their phones. The index peaked at an intra-day high of 5, The index declined to half its value within a year, and finally found a bear market bottom at its intra-day low of 1, While the index has gradually recovered since then, reaching a six-year monthly closing high above the 2, level on November 30, , it is still as of early trading for less than half of its peak value.

The LSE described the offer as "derisory. While the seller of those shares was undisclosed, it occurred simultaneously with a sale by Scottish Widows of 2.

However only a further 0. With approximately 3, companies, it lists more companies and, on average, trades more shares per day than any other stock exchange in the world.

It is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, digging, transportation, media and biotechnology.

Level I shows the highest bid and lowest offer — the inside quote. Level II shows all public quotes of market makers together with information of market makers wishing to sell or buy stock and recently executed orders. Level III is used by the market makers and allows them to enter their quotes and execute orders.

It was founded in NASD regulates trading in equities, corporate bonds, securities futures and options, with authority over the activities of more than 5, brokerage firms, approximately , branch offices, and more than , registered securities representatives.

NASD licenses individuals and admits firms to the industry, writes rules to govern their behavior, examines them for regulatory compliance, and is sanctioned by the U. Securities and Exchange Commission "SEC" to discipline registered representatives and member firms that fail to comply with federal securities laws and NASD's rules and regulations. It provides education and qualification examinations to industry professionals. It also sells outsourced regulatory products and services to a number of stock markets and exchanges e.

The NASD is funded primarily by assessments of member firms' registered representatives and applicants, annual fees paid by members, and by fines that it levies.

The annual fee that each member pays includes a basic membership fee, an assessment based on gross income, a fee for each principal and registered representative, and charge for each branch office. The securities market has become increasingly "retail"; with a majority of American's owning stock through work and personal investing. Some members of the securities industry have criticized the NASD for purportedly pursuing minor rule violations.

Some investors lost money from their investments during the volatility experienced during this period, bringing into question whether the NASD carried out is duty to protect the individual investor. Today, NASD, in conjunction with the SEC, and various state attorney general offices' have vigorously worked to ensure the integrity of the market place for the investing public. The NASD operates the nation's largest arbitration forum for the resolution of disputes between customers and member firms, as well as between brokerage firm employees and their firms.

As of June , the pool of arbitrators consisted of 3, individuals classified as representing the public and 2, individuals considered industry panelists. McMahon, the Supreme Court ruled that account forms signed by customers requiring arbitration for disputes were enforceable contracts. Brokerage firms now require all customers to sign such documents, requiring binding arbitration. For disputes between customers and member firms, the panel that decides the case consists of three arbitrators, one representing the securities industry and two designated as public investor representatives.

For a given case, the two sides are provided separate lists by NASD of local, available arbitrators, from which they chose. If one side rejects all listed arbitrators, NASD names the arbitrators who will serve; these can be rejected only for biases, misclassification, conflicts, or undisclosed material information, and biases or conflicts must be identified prior to the beginning of hearings. According to NASD, there were 6, cases for arbitration filed in , a decrease from the peak of 8, cases filed in The average time to complete a case has risen from NASD rules do not require parties to be represented by attorneys.

A party may appear pro se, or be represented by a non-attorney in arbitration. However, representation by a non-attorney is not advised since this may be the unauthorized practice of law. Brokerage firms routinely hire attorneys, so a customer who does not can be at a serious disadvantage. In June , Lewis D. Followers of this style, known as value investors, generally buy companies whose shares appear underpriced by some forms of fundamental analysis; these may include shares that are trading at, for example, high dividend yields or low price-to-earning or price-to-book ratios.

The main proponents of value investing, such as Benjamin Graham and Warren Buffett have argued that the essence of value investing is buying stocks at less than their intrinsic value. The discount of the market price to the intrinsic value is what Benjamin Graham called the "margin of safety". The intrinsic value is the discounted value of all future distributions.

However, the future distributions and the appropriate discount rate can only be assumptions. Warren Buffett has taken the value investing concept even further as his thinking has evolved to where for the last 25 years or so his focus has been on "finding an outstanding company at a sensible price" rather than generic companies at a bargain price.

Value investing was established by Benjamin Graham and David Dodd, both professors at Columbia University and teachers of many famous investors. In Graham's book The Intelligent Investor, he advocated the important concept of margin of safety — first introduced in Security Analysis, a book he coauthored with David Dodd — which calls for a cautionary approach to investing. In terms of picking stocks, he recommended defensive investment in stocks trading not far from their tangible book value as a safeguard to adverse future developments often encountered in the stock market.

However, the concept of value as well as "book value" has evolved significantly since the s. Book value is meaningful only in some traditional stable industries where the value of an asset is well defined.

When an industry is going through fast technological advancements, the value of its assets is not easily estimated. Sometimes, the production power of an asset can be significantly reduced due to competitive disruptive innovation and therefore its value can suffer permanent impairment.

One good example of decreasing asset value is a personal computer. An example of where book value does not mean much is the service and retail sectors. One modern model of calculating value is the discounted cash flow model DCF. The value of an asset is the sum of its future cash flows, discounted back to the present. Value investing has proved to be a successful investment strategy.

There are several ways to evaluate its success. One way is to examine the performance of simple value strategies, such as buying low PE ratio stocks, low price-to-cash-flow ratio stocks, or low price-to-book ratio stocks. Numerous academics have published studies investigating the effects of buying value stocks.

These studies have consistently found that value stocks outperform growth stocks and the market as a whole.

Another way to examine the performance of value investing strategies is to examine the investing performance of well-known value investors. Simply examining the performance of the best known value investors would not be instructive, because investors do not become well known unless they are successful.

This introduces a selection bias. A better way to investigate the performance of a group of value investors was suggested by Warren Buffett, in his May 17, speech that was published as The SuperInvestors of Graham and Doddsville.

In this speech, Buffett examined the performance of those investors who worked at Graham-Newman Corporation and were thus most influenced by Benjamin Graham. Buffett's conclusion is identical to that of the academic research on simple value investing strategies--value investing is, on average, successful in the long run.

Benjamin Graham is regarded by many to be the father of value investing. Along with David Dodd, he wrote Security Analysis, first published in The most lasting contribution of this book to the field of security analysis was to emphasize the quantifiable aspects of security analysis such as the evaluations of earnings and book value while minimizing the importance of more qualitative factors such as the quality of a company's management.

Graham later wrote The Intelligent Investor, a book that brought value investing to individual investors. Many of Graham's students, such as William J. Graham's most famous student, however, was Warren Buffett, who ran successful investing partnerships before closing them in to focus on running Berkshire Hathaway. Charlie Munger joined Buffett at Berkshire Hathaway in the s and has since worked as Vice Chairman of the company.

Buffett has credited Munger with encouraging him to focus on long-term sustainable growth rather than on simply the valuation of current cash flows or assets. Another famous value investor is John Templeton. He first achieved investing success by buying shares of a number of companies in the aftermath of the stock market crash of He went on to become famous for investing in global equity markets.

Many successful value investors have gained fame recently. He is known for investing in special situations such as spin-offs, mergers, and divestitures. He is best known for buying large stakes in Sears and Kmart and then merging the two companies. Fundamental analysis of a business involves analyzing its financial statements and health, its management and competitive advantages, and its competitors and markets.