Index
Accounting issues
fair value accounting (mark-to-market)
insurance expenses, amortization of
insurance unearned premiums
REITs
Allowance ratio (loan loss reserve to total loans)
American International Group (AIG)
Annaly Capital Management (NLY)
Annuities
Asian Contagion
Asset allocation
Asset Managers
Assets and liabilities
assets defined
banks
insurance industry
sensitivities
Assets-to-equity ratio (assets/equity)
Assets under custody (AUC)
Assets under management (AUM)
Auto insurance. See also Insurance industry
Auto loans. See also Consumer Finance
Bancassurance
Bank of America
Bank of America Merrill Lynch Global Broad Market Index
Bank of NY Mellon
Banks
asset sensitivity
assets and liabilities
capital conservation buffer
capital ratios
CD rates
characteristics of industry group
commoditization of financial services
core funding
countercyclical buffer
credit metrics
credit quality
cross-selling
deposit funding
described
diversified
dividends
economic conditions, sensitivity to
efficiency ratio
and employment trends
fractional reserve banking system
global liquidity standards
going concern and gone concern capital
industry breakdown
interbank lending
and interest rates
investment banks. See Investment Banks (IBs)
leverage
leverage ratios
liability sensitivity
liquidity
liquidity ratios
mega banks
money center banks
money multiplication
mortgage finance companies
net interest income (NII)
net interest margin (NIM)
non-interest-bearing deposits
non-interest income
performance
publicly traded, size rankings
regional
regulation of
regulatory capital
required reserve ratio (RRR)
residential loans
risk-adjusted balance sheets
role of
sensitivity to economic conditions
size
super-regional
thrifts
types of
up-selling
value versus growth
volatility
weight in various benchmarks
wholesale funding
Basel Accords
Basel Committee
Basel II
Basel III
Bear markets
and asset managers
and banks
Financials sector
and insurance products
and REITs
and top-down processes
Benchmarks
bank weighting in various benchmarks
described
Financials sector benchmarks
Financials sector compared to other sectors
fixed income
global financials
insurance weighting in various benchmarks
MSCI Indexes. See MSCI
NAREIT REIT Indexes
overweighting and underweighting
real estate, weighting in various benchmarks
Russell 2000. See Russell 2000
sector benchmarks
small-cap. See also Russell 2000
S&P 500. See S&P 500
and top-down method of investing
Beta
described
insurance industry
yield/beta ratio
Bond indexes
Bonds
Book value
Bottom-up investing
Brand equity
Brokers
Capital Markets industry
insurance industry
and interest rates
Bull markets
and banks
financial sector
and insurance products
and REITs
and top-down processes
Business and earnings drivers
Business strategy
Capex efficiency ratio
Capital conservation buffer
Capital expenditures (capex)
Capital markets
Capital Markets industry
Asset Managers
Brokers
Custody Banks
Diversified Investment Banking
industry breakdown
Investment Banking
Capital ratios
Capitalization rate (cap rate)
CD rates
Citigroup
Client execution
Combinatory play
Combined ratio
Commoditization of financial services
Competition and competitive advantage
Consumer credit. See Consumer Finance
Consumer Finance
Consumer spending
Core funding
Core funding ratio
Correlation
Countercyclical buffer
Country, sector, size and style decisions
Credit metrics
Credit quality
and Asset Managers
banks
Credit ratings
agencies
insurance companies
Credit risk
Credit Suisse
Cross-selling
Custody Banks
Debt service ratio (DSR)
Deferred Acquisition Expenses (DAE)
Deferred Policy Acquisition Cost (DAC)
Deposit funding, banks
Deutsche Bank
Distribution platforms, insurance
Diversified banks
Diversified Capital Markets
Diversified Financial Services
Diversified Financials industry
Asset Managers
Brokers
Capital Markets
Consumer Finance
Custody Banks
described
Diversified Capital Markets
Diversified Financial Services
Diversified Investment Banking
industry breakdown
Investment Banks (IBs)
weight in MSCI ACWI
Diversified Investment Banking
Diversified REITs
Dividend yield (DY)
Dividends
banks
investment income
REITs
value versus growth companies
Dodd-Frank Act
Domestic investing
DownREIT
Duration, defined
Earned premiums. See also Insurance industry
Earnings growth
Earnings variability
Economic conditions, sensitivity to
Efficiency ratio
Einstein, Albert
Emerging markets
banks
and commodity demand
indexes
insurance industry in
Employment trends
Enterprise value to earnings before interest, taxes, depreciation and amortization ratio (EV/EBITDA)
Equity REITs
EURIBOR
Exchange-traded funds (ETFs)
Expense ratio
Fair value accounting
Fee income, insurance industry
FICC (fixed income, currencies and commodities)
Financial Accounting Standards, FAS 157 (fair value accounting)
Financial crisis of 2008-2009
and banks
and insurance companies
and mortgage-backed securities
Financial obligations ratio (FOR)
Financial strength
Financials sector overview
balance sheets
bear markets. See also Bear markets
benchmarks. See also Benchmarks
beta
bull markets
characteristics of
complexity
cyclical versus defensive
ETFs
fixed income benchmarks
global benchmarks
Global Industry Classification Standard (GICS)
importance of
income statements
industry groups, industry, and sub-industry breakdowns. See also Industry breakdown
interest rate sensitivity
investing strategies
leverage
other people’s money (OPM), reliance on
performance
regulatory environment. See also Regulatory compliance
sector benchmarks
security analysis
size of
top-down investing in Financials. See Top-down method of investing
value versus growth orientation
volatility. See Volatility
weight
Fixed income, currencies and commodities (FICC)
Fixed income benchmarks
Float cycle
Fractional reserve banking system
Fundamental and stock price performance analysis
Funds from operations (FFO)
General insurance
Geographic diversity
Global financial benchmarks
Global Industry Classification Standard (GICS)
Global investing
Global liquidity standards, banks
Global systemically important banks (G-SIBs)
Going concern capital
Gone concern capital
Hard and soft markets, insurance industry
Hedging
Hybrid REITs
Indemnification, defined
Industrial REITs
Industry breakdown
Banks
Diversified Financials
Global Industry Classification Standards (GICS)
Insurance
Real Estate
Insurance Core Principles (ICPs)
Insurance industry
annuities
assets and liabilities
auto insurance
bancassurance
beta
brokers
characteristics of insurers
combined ratio
credit ratings
credit risk
Deferred Acquisition Expenses (DAE)
Deferred Policy Acquisition Cost (DAC)
distribution platforms
drivers
earned premiums
in emerging markets
expense ratio
expenses
fee income
financial ratios
float cycle
float cycle90
general insurance
growth
hard and soft markets
industry breakdown
Insurance Core Principles (ICPs)
insurance defined
interest rate risk
investment portfolios
Life & Health Insurance (L&H)
loss ratio
Multiline Insurers
net investment income
net value
premiums
Property & Casualty Insurance (P&C)
regulation of
Reinsurance
revenue sources
risk
solvency
Solvency II
underwriting cycle
underwriting income
unearned premiums (UEP)
volatility
weight in benchmarks
weight in various benchmarks
Interbank lending
Interbank offered rate (IBOR)
Interest rate sensitivity
banks
consumer finance companies
Financials sector
insurance industry
real estate industry
REITs
International Association of Insurance Supervisors
Investing strategies
country level
industry level
overview
sector level
security level
Investment Banks (IBs)
Investment portfolios
insurance industry
management. See Portfolio management
JP Morgan Chase & Co.
Law of Large Numbers
Leverage
banks
Financials sector
Leverage ratios
banks
and Financials stock selection
Liabilities. See Assets and liabilities
LIBOR
Life & Health Insurance (L&H). See also Insurance industry
Liquidity, banks
Liquidity coverage ratio (LCR)
Liquidity ratios
Loan loss reserve to nonperforming loans ratio (NPL coverage ratio)
Loan loss reserve to total loans ratio (allowance ratio)
Loan-to-deposit (LDR) ratio
Loss ratio
Macroeconomic factors, top-down method of investing
Margins
Mark-to-market accounting
Market efficiency
Mega banks
Mergers and acquisitions (M&A)
Money center banks
Money multiplication
Mortgage-backed securities (MBS)
Mortgage REITs
Mortgages
bank loans
mortgage finance companies
MSCI
AC World Financials
AC World Sectors Index
AC World Value Index
ACWI
EAFE
EM
World Financials Index
World Index
World Industry Index
Multiline Insurers
Mutual funds
NAREIT REIT Indexes
National Association of Insurance Commissioners (NAIC)
Nationally recognized statistical rating organizations (NRSROs)
Net asset value (NAV)
Net flows measurement
Net interest income (NII)
Net interest margin (NIM)
Net investment income
Net leverage
Net operating income (NOI)
Net stable funding ratio (NSFR)
Net value
Newton, Isaac
Non-interest-bearing deposits
Non-interest income
Non-revolving credit
Nonperforming assets to total assets ratio (NPA)
Nonperforming loans to total loans ratio (NPL)
Northern Trust
Office REITs
Other people’s money (OPM)
asset managers, role of
custody banks, role of
reliance on
Over-the-counter trades (OTC)
Pawn shops
Payout ratio
Portfolio drivers, top-down method of investing
Portfolio management
benchmarks. See also Benchmarks
and investing as a science
top-down method. See Top-down method of investing
Premium-to-surplus ratio
Premiums, insurance. See also Insurance industry
Price to book ratio (P/B)
Price to cash flow ratio (P/CF)
Price-to-earnings (P/E) ratio
Price-to-FFO ratio (P/FFO)
Price to sales ratio (P/S)
Private REITs
Pro forma cap rates
Probability of default (POD)
Product mix
Property & Casualty Insurance (P&C). See also Insurance industry
Property prices
Public non-listed REITs
Publicly traded banks, size rankings
Publicly traded REITs
R-squared
Real Estate industry
industry breakdown
and interest rates
Real Estate Investment Trusts (REITs). See Real Estate Investment Trusts (REITs)
Real Estate Management & Development (REMD)
weight in various benchmarks
Real Estate Investment Trusts (REITs)
accounting issues
cap rate
characteristics of
defensive
defined
diversified REITs
dividends
DownREIT
equity REITs
funds from operations (FFO)
historical background
hybrid
industrial REITs
interest rate sensitivity
mortgage REITs
net asset value (NAV)
net operating income (NOI)
office REITs
private
property prices
public non-listed
publicly-traded
residential REITs
retail REITs
size of
small cap
specialized REITs
sub-industry breakdown
supply and demand
tax treatment
types of
Umbrella Partnership REIT (UPREIT)
value versus growth
weight in benchmarks
Real Estate Management & Development (REMD)
Regional banks
Regulatory capital
Regulatory compliance
banks
Consumer Finance companies
Financials sector regulatory environment
insurance industry
Reinsurance
Reinvestment
Required reserve ratio (RRR)
Residential loans. See Mortgages
Residential REITs
Retail REITs
Return on equity (ROE)
Revenue sources, insurance industry
Revolving credit
Risk
banks
company-specific
Consumer Finance
hedging
identifying
and insurance
insurance company investment portfolios
interest rate risk
investment banks
investment risk management
mortgage-backed securities
political
REITs
and return
value at risk (VaR)
Risk-adjusted balance sheets
Risk-based capital (RBC) ratio
Russell 2000
Russell 2000 Financials
Russell Value and Growth Indexes
Sales growth
Sallie Mae (Student Loan Marketing Association)
Saving trends
Savings & loans (S&Ls)
Securities underwriting. See also Investment Banks (IBs)
Security analysis
business and earnings drivers (step 1)
Financials sector considerations
fundamental and stock price performance analysis (step 3)
goal of
overview
process
risks, identifying (step 4)
strategic attributes, identifying (step 2)
valuations and consensus expectations, analyzing (step 5)
Senior Loan Officer Opinion Survey (SLOOS)
Shareholder equity, defined
SIBOR
Small cap companies, benchmark index. See Russell 2000
Solvency, insurance industry
Solvency II
Solvency ratio
South Sea Bubble
S&P 500
S&P 500 Financials
S&P 500 Insurance Index
Specialized REITs
Standard deviation
State Street Bank
Stock selection
bottom-up investing
security analysis. See Security analysis
top-down method of investing
Strategic attributes, identifying
Student Loan Marketing Association (Sallie Mae)
Student loans
Super-regional banks
Supply and demand
Systemically important financial institutions (SIFI)
Taxation
annuities
portfolio drivers
REITs
Texas ratio
Thrifts
TIBOR
Top-down method of investing
advantages of
asset allocation
benchmarks, use of
bottom-up investing compared
country, sector, size and style decisions
described
ETFs, investing in
macroeconomic factors
overview
portfolio drivers
quantitative factor screening
risk control
scalability
70-20-10 allocation
stock selection. See also Security analysis
UBS
Umbrella Partnership REIT (UPREIT)
Underwriting cycle
Underwriting income
Unearned premiums (UEP)
Unemployment rate
Up-selling
Valuation metrics
Valuations and consensus expectations, analyzing
Value at Risk (VaR)
Value investing
Value versus growth
Volatility
banks
Financials sector
insurance industry
Volcker Rule
Weighted average cost of capital (WACC)
Wholesale funding
Yield/beta ratio
Yield curve
