Investing Glossary

A 401(k) is an employer-sponsored retirement savings account in the US that lets employees invest pre-tax income, lowering their taxable income today. Many employers match a portion of contributions — effectively free money. Funds grow tax-deferred until withdrawal in retirement. A Roth 401(k) variant uses after-tax contributions for tax-free withdrawals later.

After-hours trading is the buying and selling of stocks outside the standard market session (9:30am–4:00pm ET), through electronic networks. It lets investors react to earnings reports and news released after the close, but it carries lower liquidity, wider spreads, and greater volatility than regular trading hours.

An altcoin is any cryptocurrency other than Bitcoin. The term comes from 'alternative coin.' Altcoins include Ethereum, Solana, Cardano, Ripple (XRP), and thousands of others. Altcoins are generally more volatile than Bitcoin and carry higher risk. During crypto bull markets, altcoins often outperform Bitcoin ('alt season'); during crashes, they typically fall harder.

Asset allocation is how you divide your portfolio across asset classes such as stocks, bonds, cash, and real estate. It is widely considered the single most important driver of long-term returns and risk. A common rule of thumb is to hold a higher stock allocation when young and shift toward bonds as you approach retirement.

A bear market is a period of declining stock prices, typically defined as a drop of 20% or more from recent highs. Bear markets are often triggered by economic recessions, rising interest rates, geopolitical crises, or financial shocks. While painful, bear markets are historically temporary — every bear market in history has eventually recovered.

Beta measures how volatile a stock is relative to the overall market. A beta of 1.0 moves in line with the market; above 1.0 is more volatile (amplifying gains and losses); below 1.0 is less volatile. High-beta stocks like tech tend to swing more, while low-beta stocks like utilities are steadier — useful for managing portfolio risk.

The bid-ask spread is the difference between the highest price a buyer is willing to pay (bid) and the lowest price a seller is willing to accept (ask). For highly liquid stocks like Apple, the spread might be just $0.01. For less liquid small-cap stocks or crypto, it can be much wider. The spread represents a hidden cost of trading.

Bitcoin is the world's first and largest cryptocurrency, created in 2009 by the pseudonymous Satoshi Nakamoto. It operates on a decentralised blockchain network with a hard cap of 21 million coins. Bitcoin is often called 'digital gold' and is primarily used as a store of value. Its price is highly volatile, having ranged from under $1 to over $100,000.

A blockchain is a decentralised, distributed digital ledger that records transactions across a network of computers. Once a transaction is recorded in a block and added to the chain, it cannot be altered. Bitcoin uses blockchain technology to record transactions without needing a bank or central authority. Ethereum's blockchain also supports smart contracts and decentralised applications.

A blue chip stock is a share in a large, well-established, financially stable company with a long track record of reliable performance. Examples include Apple, Microsoft, Johnson & Johnson, and Coca-Cola. Blue chip stocks are typically household names, pay consistent dividends, and are considered relatively safe investments compared to smaller or newer companies.

Bollinger Bands are a technical indicator made of a moving average with two bands plotted two standard deviations above and below it. The bands widen when volatility rises and contract when it falls. Prices touching the upper band may signal overbought conditions, while the lower band may signal oversold conditions.

A bond is a loan an investor makes to a government or company in exchange for regular interest payments and the return of the principal at maturity. Bonds are generally less risky than stocks and provide steady income, which is why they are used to balance and stabilise a portfolio. Bond prices fall when interest rates rise, and vice versa.

Book value is a company's total assets minus its total liabilities — essentially what would be left over for shareholders if the company sold everything and paid all its debts. The Price-to-Book (P/B) ratio compares the stock price to book value per share. Value investors often look for stocks trading below their book value.

A breakout occurs when a stock's price moves above a resistance level or below a support level with strong volume. Breakouts often signal the start of a significant new price move. Traders buy breakouts above resistance hoping for continued upside momentum. False breakouts — where the price quickly reverses — are a common risk.

A bull market is a period in which stock prices are rising or expected to rise — generally defined as a 20% or more increase from recent lows. Bull markets are driven by economic growth, low unemployment, rising corporate earnings, and investor optimism. The longest US bull market ran from 2009 to 2020 (over 11 years).

Buy and hold is a long-term investing strategy of purchasing quality investments and holding them for years or decades regardless of short-term market swings. It minimises trading costs and taxes, removes the temptation to time the market, and historically outperforms most active trading approaches for ordinary investors.

A call option gives the buyer the right to purchase a stock at a specific strike price before the expiration date. If the stock rises above the strike price, the call option becomes profitable. For example, a call option with a $100 strike price on a stock trading at $120 has $20 of intrinsic value. Call buyers are bullish on the underlying asset.

A candlestick chart shows four prices for each time period: open, high, low, and close. The body (rectangle) shows the range between open and close. Wicks (thin lines) show the high and low. Green/white candles mean the price closed higher than it opened (bullish). Red/black candles mean it closed lower (bearish). Candlestick patterns are used to predict future price direction.

A capital gain is the profit you make when you sell an investment for more than you paid for it. If you buy a stock at $50 and sell at $80, your capital gain is $30 per share. Gains on assets held less than a year are 'short-term' and taxed at higher ordinary income rates; gains on assets held longer are 'long-term' and taxed at lower rates.

Common stock is the standard type of share most investors buy. It represents ownership in a company and usually carries voting rights. Common shareholders benefit from price appreciation and dividends, but they are last in line to be paid if a company goes bankrupt — after creditors, bondholders, and preferred shareholders.

Day trading involves buying and selling securities within the same trading day — sometimes within minutes or seconds. Day traders aim to profit from short-term price movements, often using leverage. Studies show 70–80% of day traders lose money over the long term. It requires significant screen time, discipline, and a thorough understanding of technical analysis.

The debt-to-equity ratio compares a company's total debt to its shareholder equity, showing how much it relies on borrowing to finance operations. A high ratio means more leverage and higher financial risk, especially when interest rates rise. Acceptable levels vary widely by industry — capital-intensive sectors naturally carry more debt.

Decentralised Finance (DeFi) refers to financial services built on blockchain technology that operate without banks or traditional intermediaries. DeFi protocols allow users to lend, borrow, trade, and earn interest on crypto directly through smart contracts. Popular DeFi platforms include Uniswap (decentralised exchange), Aave (lending), and MakerDAO (stablecoins).

Diversification is the strategy of spreading investments across different assets, sectors, and geographies to reduce risk. If you own 30 stocks across 10 sectors, a collapse in one company or sector has a limited impact on your overall portfolio. The classic saying is 'don't put all your eggs in one basket.' However, over-diversification can dilute returns.

A dividend is a cash payment made by a company to its shareholders, usually quarterly. Dividends are paid from a company's profits as a way of returning value to investors. Not all companies pay dividends — fast-growing companies typically reinvest profits rather than paying them out. The dividend yield is the annual dividend divided by the stock price, expressed as a percentage.

The dividend payout ratio is the percentage of a company's earnings paid out to shareholders as dividends. A ratio of 50% means half of profits are distributed. A very high payout ratio (above 80%) can be unsustainable, while a low ratio leaves room for the dividend to grow and for reinvestment in the business.

Dividend yield is the annual dividend per share divided by the current share price, expressed as a percentage. A stock paying $4 per year at a $100 price has a 4% yield. Yield rises when prices fall, so an unusually high yield can signal either a bargain or a company in trouble. It lets investors compare income across stocks.

Dollar-cost averaging (DCA) involves investing a fixed amount of money at regular intervals regardless of market conditions — for example, $200 every month into an S&P 500 ETF. This strategy automatically buys more shares when prices are low and fewer when prices are high, reducing the impact of volatility and removing the need to time the market.

Enterprise value (EV) is a more complete measure of a company's total worth than market cap. It adds debt and subtracts cash from the market capitalisation, reflecting what it would actually cost to acquire the whole business. EV is used in valuation multiples like EV/EBITDA to compare companies with different debt levels.

Earnings Per Share (EPS) is a company's net profit divided by its total number of outstanding shares. It represents how much profit the company makes per share of stock. EPS is one of the most important metrics for valuing a stock. Rising EPS over time is a strong indicator of a healthy, growing business.

An ETF is a basket of securities that trades on a stock exchange like a single stock. ETFs typically track an index (like the S&P 500), sector, commodity, or theme. They offer instant diversification, low fees (often 0.03–0.20%), and tax efficiency. Index ETFs are widely recommended for long-term investors because they consistently outperform most actively managed funds over time.

Ethereum is the second-largest cryptocurrency by market cap. Unlike Bitcoin, Ethereum is a programmable blockchain platform that supports smart contracts — self-executing code that powers decentralised applications (dApps), DeFi protocols, and NFTs. Ether (ETH) is the native currency used to pay for transactions and computation on the Ethereum network.

The Federal Reserve (the 'Fed') is the central bank of the United States. It manages monetary policy, sets benchmark interest rates, and aims to keep inflation low and employment high. Fed decisions on rates and money supply are among the most market-moving events investors watch, influencing everything from mortgages to stock valuations.

Fibonacci retracement is a technical tool that uses horizontal lines at key ratios (23.6%, 38.2%, 50%, 61.8%) to identify potential support and resistance levels where a price might reverse after a move. Traders use these levels, derived from the Fibonacci sequence, to plan entries and exits.

Free cash flow (FCF) is the cash a company generates from its operations after spending on capital expenditures (buildings, equipment, etc.). It is the money left over that a company can use to pay dividends, buy back stock, pay down debt, or reinvest in growth. Many analysts consider free cash flow a more reliable indicator of financial health than reported earnings.

A gas fee is the cost of executing a transaction or smart contract on the Ethereum network. Gas fees are paid in ETH and fluctuate based on network congestion. During periods of high activity, gas fees can be very expensive (sometimes more than the transaction itself). Layer 2 networks like Arbitrum and Optimism were created to reduce Ethereum gas fees.

Growth investing focuses on companies expected to grow their revenue and earnings significantly faster than the broader market. Growth stocks often have high P/E ratios because investors pay a premium for future earnings potential. Technology companies like Amazon, Tesla, and NVIDIA are classic growth stocks. Growth investing carries higher risk but can deliver exceptional returns.

Bitcoin halving is an event that occurs approximately every four years (every 210,000 blocks) where the reward for mining new Bitcoin is cut in half. This reduces the rate at which new Bitcoin is created, increasing scarcity. Historically, Bitcoin halvings have preceded major price bull runs 12–18 months later. The last halving occurred in April 2024.

Hedging is a risk management strategy that involves taking an offsetting position to reduce potential losses. For example, buying put options on stocks you own protects you if prices fall. Holding gold or bonds in a stock portfolio acts as a hedge against stock market crashes. Hedging reduces potential gains but also limits potential losses.

A stock market index tracks the performance of a group of stocks. The S&P 500 tracks 500 large US companies. The NASDAQ Composite focuses on technology stocks. The Dow Jones Industrial Average (DJIA) tracks 30 major US companies. Indices provide a benchmark for comparing portfolio performance and serve as a barometer for the overall market.

An index fund is a mutual fund or ETF designed to track the performance of a market index like the S&P 500, rather than trying to beat it. Because they are passively managed, index funds charge very low fees and consistently outperform the majority of actively managed funds over the long term — a core building block of beginner portfolios.

Inflation is the rate at which the general level of prices for goods and services rises over time, eroding the purchasing power of money. Moderate inflation (around 2%) is normal and healthy. High inflation hurts savers and bondholders, while investing in stocks, real estate, and other real assets is a common way to outpace it.

An interest rate is the cost of borrowing money or the reward for saving it, expressed as a percentage. Central banks like the Federal Reserve set benchmark rates to manage the economy. Rising rates make borrowing more expensive and tend to pressure stock and bond prices; falling rates tend to stimulate markets and the economy.

An Initial Public Offering (IPO) is when a private company first sells its shares to the public on a stock exchange. IPOs allow companies to raise capital from public investors and give early investors and employees a way to cash out. Famous IPOs include Facebook (2012), Uber (2019), and Airbnb (2020). IPO stocks can be volatile in their first few months of trading.

Leverage involves using borrowed money to increase the size of a trading position. For example, 10:1 leverage means you can control $10,000 worth of stock with $1,000 of your own money. Leverage amplifies both gains and losses — a 10% move in your favour doubles your money, but a 10% move against you wipes you out entirely. Leverage is extremely risky for beginners.

A limit order is an instruction to buy or sell a security at a specific price or better. A buy limit order will only execute at your specified price or lower. A sell limit order will only execute at your specified price or higher. Limit orders give you price control but don't guarantee execution if the market doesn't reach your price.

Liquidity refers to how easily an asset can be bought or sold at its current market price without affecting that price. Cash is the most liquid asset. Stocks of large companies like Apple or Microsoft are highly liquid (millions of shares trade daily). Small-cap stocks and real estate are less liquid. Low liquidity can make it hard to exit a position quickly.

The Moving Average Convergence Divergence (MACD) is a trend-following indicator showing the relationship between two exponential moving averages. A MACD line crossing above the signal line is a bullish signal; crossing below is bearish. It is one of the most widely used technical indicators by traders for identifying momentum shifts.

Margin is borrowed money from a broker used to buy securities, allowing investors to take larger positions than their cash alone permits. Trading on margin amplifies both gains and losses and incurs interest charges. It is a high-risk practice that can lead to losing more than your initial investment.

A margin call happens when the value of a margin account falls below the broker's required minimum, forcing the investor to deposit more cash or sell assets to cover the shortfall. Margin calls often occur during sharp market declines and can force investors to sell at the worst possible time, locking in heavy losses.

Market capitalisation (market cap) is the total value of a company's outstanding shares. It is calculated by multiplying the current stock price by the total number of shares outstanding. Companies are categorised as large-cap (over $10 billion), mid-cap ($2–10 billion), or small-cap (under $2 billion). A higher market cap generally indicates a larger, more established company.

A market maker is a firm or individual that continuously quotes both buy (bid) and sell (ask) prices for a security, providing the liquidity that lets other investors trade instantly. Market makers profit from the bid-ask spread and play a crucial role in keeping markets orderly and efficient.

A market order is an instruction to buy or sell a security immediately at the best currently available price. It guarantees execution but not price — in volatile markets, you may get a price significantly different from what you expected (called slippage). Market orders are best used for highly liquid stocks and when speed of execution matters more than exact price.

Market sentiment refers to the overall attitude of investors toward a particular security or market. Sentiment can be bullish (optimistic, expecting prices to rise) or bearish (pessimistic, expecting prices to fall). Sentiment is measured through tools like the VIX volatility index, the Fear & Greed Index, put/call ratios, and surveys of investor attitudes.

A moving average smooths out price data by calculating the average price over a set period. The 50-day and 200-day moving averages are the most widely watched. When a stock's price is above its 200-day MA, it is in a long-term uptrend. The 'golden cross' (50-day crossing above 200-day) is a bullish signal; the 'death cross' is bearish.

A mutual fund pools money from many investors to buy a diversified portfolio of stocks, bonds, or other assets, managed by a professional fund manager. Unlike ETFs, mutual funds are priced once per day after market close. Actively managed mutual funds often charge higher fees and historically struggle to beat low-cost index funds over the long term.

A Non-Fungible Token (NFT) is a unique digital asset verified using blockchain technology. Unlike regular cryptocurrencies (where one Bitcoin equals another Bitcoin), each NFT is unique. NFTs represent ownership of digital art, collectibles, music, or virtual real estate. The NFT market peaked in 2021–2022 before declining significantly.

Options are financial contracts that give the buyer the right (but not the obligation) to buy or sell an asset at a specific price (the strike price) before a specific date (the expiration date). Call options profit when prices rise; put options profit when prices fall. Options can be used for speculation or to hedge existing positions.

The Price-to-Earnings (P/E) ratio measures how much investors are paying for each dollar of a company's earnings. A P/E of 20 means investors pay $20 for every $1 of annual earnings. A high P/E can indicate a growth stock or an overvalued stock. A low P/E can indicate a value stock or a company with declining prospects. The average S&P 500 P/E ratio is around 15–25.

The Price-to-Sales (P/S) ratio compares a company's stock price to its annual revenue per share. It is particularly useful for valuing companies that are not yet profitable (like many tech startups). A P/S below 1 is often considered cheap; above 10 is expensive. Unlike the P/E ratio, it can be used for loss-making companies.

Paper trading is practising buying and selling stocks or crypto using virtual money instead of real cash. It allows investors and traders to test strategies, learn market mechanics, and build experience without any financial risk. The term comes from the old practice of recording simulated trades on paper. Market Navigator's simulator is a free paper trading platform using live market prices.

The Price/Earnings-to-Growth (PEG) ratio refines the P/E ratio by dividing it by the company's expected earnings growth rate. A PEG around 1.0 is often considered fair value; below 1.0 may indicate an undervalued growth stock. The PEG helps investors avoid overpaying for fast-growing companies that look expensive on P/E alone.

A portfolio is the collection of all investments held by an individual or institution — including stocks, bonds, ETFs, crypto, real estate, and cash. A well-constructed portfolio is diversified across asset classes, sectors, and geographies to manage risk. Portfolio management involves regularly rebalancing holdings to maintain your target allocation.

Preferred stock is a class of ownership that sits between common stock and bonds. Preferred shareholders receive fixed dividends before common shareholders and have a higher claim on assets in bankruptcy, but they typically have no voting rights. Preferred shares behave more like bonds and are favoured by income-focused investors.

Profit margin measures how much of each dollar of revenue a company keeps as profit. Gross profit margin = (Revenue - Cost of Goods Sold) / Revenue. Net profit margin = Net Profit / Revenue. Software companies often achieve 20–40% net margins. Retailers typically have margins of 2–5%. Higher margins generally indicate a stronger business model.

A put option gives the buyer the right to sell a stock at a specific strike price before the expiration date. If the stock falls below the strike price, the put becomes profitable. Puts are used either for speculation (betting prices will fall) or as insurance to protect an existing stock position from a decline (known as a protective put).

Rebalancing is the process of realigning the weightings of a portfolio back to its target allocation. For example, if stocks rise sharply and now represent 80% of your portfolio (vs your target 70%), you would sell some stocks and buy more bonds to rebalance. Rebalancing forces you to sell high and buy low — the opposite of what emotions typically drive you to do.

A recession is a significant, widespread decline in economic activity lasting more than a few months, typically marked by falling GDP, rising unemployment, and reduced consumer spending. Recessions often coincide with stock market downturns, but markets are forward-looking and frequently begin recovering before the economy does.

A Real Estate Investment Trust (REIT) is a company that owns or finances income-producing real estate, such as apartments, offices, malls, or warehouses. REITs trade like stocks and are legally required to pay out at least 90% of taxable income as dividends, making them a popular way to earn real estate income without buying property directly.

Return on equity (ROE) measures how efficiently a company generates profit from shareholders' invested capital, calculated as net income divided by shareholder equity. A consistently high ROE (above 15%) often signals a high-quality, well-managed business with a durable competitive advantage.

Revenue (also called sales or turnover) is the total income a company earns from its business activities before any costs are deducted. Revenue growth is one of the primary indicators of a company's health and momentum. Consistent double-digit revenue growth is typical of high-performing growth stocks.

A Roth IRA is an individual retirement account funded with after-tax dollars, allowing investments to grow and be withdrawn completely tax-free in retirement. It is especially powerful for young investors who expect to be in a higher tax bracket later. Contributions (but not earnings) can be withdrawn anytime without penalty.

The Relative Strength Index (RSI) is a momentum indicator that measures the speed and magnitude of price changes on a scale of 0–100. An RSI above 70 suggests a stock may be overbought (potentially due for a pullback). An RSI below 30 suggests it may be oversold (potentially a buying opportunity). RSI was developed by J. Welles Wilder in 1978.

The S&P 500 is a stock market index tracking the 500 largest publicly traded US companies. It is widely considered the best single indicator of the US stock market's overall health. With an average annual return of roughly 10% over the long term (including dividends), it is the benchmark most investment professionals measure their performance against.

A shareholder (or stockholder) is anyone who owns at least one share of a company's stock. Shareholders are partial owners of the business and may be entitled to dividends, voting rights on major company decisions, and a claim on assets if the company is liquidated. Common shareholders typically get one vote per share at the annual general meeting.

Short selling is a trading strategy where an investor borrows shares and immediately sells them, hoping to buy them back later at a lower price and profit from the difference. It is a way to profit from falling stock prices. Short selling carries theoretically unlimited risk (prices can keep rising indefinitely) and is typically used by experienced traders and hedge funds.

A short squeeze occurs when a heavily shorted stock rises sharply, forcing short sellers to buy back shares to cover their positions — which drives the price even higher, creating a feedback loop. The most famous recent short squeeze was GameStop (GME) in January 2021, when retail investors on Reddit's WallStreetBets drove the stock from around $20 to nearly $500.

Slippage is the difference between the price you expected for a trade and the price at which it actually executes. It commonly occurs with market orders during fast-moving or low-liquidity conditions, where prices shift between placing and filling the order. Using limit orders helps control slippage.

A stablecoin is a cryptocurrency designed to maintain a stable value, usually pegged 1:1 to the US dollar. Popular stablecoins include USDT (Tether), USDC (USD Coin), and DAI. Stablecoins are widely used in DeFi and crypto trading to avoid volatility. They allow traders to stay 'in crypto' during market downturns without converting back to fiat currency.

A stock (also called a share or equity) is a fractional ownership stake in a company. When you buy a stock, you become a shareholder and are entitled to a portion of the company's profits (as dividends) and assets. Stock prices fluctuate based on supply and demand, driven by company performance, investor sentiment, and broader economic conditions.

The stock market is a collection of exchanges where buyers and sellers trade shares of publicly listed companies. Major US exchanges include the New York Stock Exchange (NYSE) and NASDAQ. Stock markets provide companies with capital to grow and give investors the opportunity to share in that growth. The overall performance of the US stock market is typically measured by the S&P 500 index.

A stock split increases the number of a company's shares while proportionally lowering the price of each, leaving the total value unchanged. In a 2-for-1 split, one $200 share becomes two $100 shares. Splits make shares more affordable to retail investors. A reverse split does the opposite, consolidating shares to raise the price.

A stop loss is a pre-set price at which you automatically sell a stock to limit your loss on a trade. For example, if you buy a stock at $100 and set a stop loss at $90, your position automatically sells if the price falls to $90, capping your loss at 10%. Stop losses are a fundamental risk management tool that prevent small losses from becoming catastrophic ones.

Support is a price level where a stock has historically stopped falling and bounced back up. Resistance is a level where it has historically stopped rising and pulled back. These levels form because large numbers of traders cluster buy or sell orders around them. When support breaks, it often becomes the new resistance level, and vice versa.

Swing trading involves holding positions for several days to weeks to capture medium-term price moves. It is a middle ground between day trading and long-term investing, requiring less screen time than day trading but more active management than buy-and-hold investing. Swing traders typically use a combination of technical and fundamental analysis.

A ticker symbol is the unique series of letters used to identify a publicly traded company on a stock exchange. For example, Apple trades as AAPL, Microsoft as MSFT, and Tesla as TSLA. Ticker symbols make it quick and unambiguous to look up, quote, and trade a specific security.

A Treasury bond is a long-term debt security issued by the US federal government, considered one of the safest investments in the world because it is backed by the full faith and credit of the US Treasury. Treasuries pay fixed interest every six months and are widely used as a 'risk-free' benchmark and a safe haven during market turmoil.

Value investing involves buying stocks that appear to be trading below their intrinsic (true) value. Value investors look for undervalued companies with strong fundamentals — low P/E ratios, high dividend yields, and solid balance sheets — that the market has overlooked or temporarily beaten down. Warren Buffett is the most famous value investor.

The VIX, or CBOE Volatility Index, measures the market's expectation of volatility over the next 30 days based on S&P 500 options prices. Known as the 'fear gauge', a high VIX (above 30) signals fear and uncertainty, while a low VIX (below 15) signals calm, complacent markets. It spikes during crashes and crises.

Volatility measures how much the price of an asset fluctuates over time. A highly volatile stock can swing 5–10% in a single day. Low-volatility assets (like Treasury bonds) move very little. Volatility is often measured using the VIX index (also called the 'fear gauge') for the overall stock market. Higher volatility means higher risk and higher potential reward.

Trading volume is the number of shares (or crypto units) bought and sold during a given period, usually one day. High volume confirms price moves — a stock rising on high volume is more significant than one rising on low volume. Volume spikes often accompany major news events, earnings releases, or technical breakouts.

A crypto wallet stores the private keys that prove ownership of cryptocurrency on the blockchain. Hot wallets are connected to the internet (exchange accounts, browser extensions like MetaMask) — convenient but less secure. Cold wallets are offline hardware devices (Ledger, Trezor) — much more secure for storing large amounts. Your seed phrase is the master key to all your funds.

Yield is the income an investment generates, expressed as a percentage of its price. For stocks it usually means dividend yield; for bonds it means the interest return relative to price. Yield lets investors compare the income potential of very different assets on a like-for-like basis.