What Is the Philadelphia Federal Index? The Philadelphia Federal Index (or Philly Fed Survey) is a regional federal-reserve-bank index measuring changes in business growth. It is also known as the “Manufacturing Business Outlook Survey.” Key Takeaways The Philadelphia Federal Index (or Philly Fed Index) is a regional federal-reserve-bank index measuring changes in business growth covering
Philip Fisher was a renowned investment strategist and author of Common Stocks and Uncommon Profits. Known for his buy-and-hold approach to investing, Fisher’s principles identify long-term growth stocks and their emerging value based on fundamental analysis. Philip Fisher founded his investment firm, Fisher & Co., in 1931. Fisher died on March 11, 2004, at the
What Is the Phillips Curve? The Phillips curve is an economic theory that inflation and unemployment have a stable and inverse relationship. Developed by William Phillips, it claims that with economic growth comes inflation, which in turn should lead to more jobs and less unemployment. The original concept of the Phillips curve has been somewhat
What Is Phishing? Phishing is a method of identity theft that relies on individuals unwittingly volunteering personal details or information that can be then be used for nefarious purposes. It is often carried out through the creation of a fraudulent website, email, or text appearing to represent a legitimate firm. A scammer may use a
What Is the Philadelphia Stock Exchange (PHLX)? The Philadelphia Stock Exchange (PHLX), located in Philadelphia, Pennsylvania, was the first official U.S. securities exchange, formed in 1790. However, it currently focuses on equity, currency, and index options rather than stock trading. Understanding the Philadelphia Stock Exchange (PHLX) Originally known as the Board of Brokers, the PHLX
What Is the PHLX Housing Sector Index (HGX)? The Philadelphia Stock Exchange (PHLX) Housing Sector Index (HGX) tracks housing development companies working directly in the U.S. construction market. Multiple companies in the building and prefabrication of residential homes, mortgage insurers, and suppliers of building materials make up the index. The index trades on the Nasdaq.
What Is Physical Capital? Physical capital is one of what economists call the three main factors of production. It consists of tangible, human-made goods that assist in the process of creating a product or service. The machinery, buildings, office or warehouse supplies, vehicles, and computers that a company owns are all considered part of its
What Is a Pick-and-Shovel Play? A pick-and-shovel play is an investment strategy that invests in the underlying technology needed to produce a good or service instead of in the final output. It is a way to invest in an industry without having to endure the risks of the market for the final product. This investment
What Is the Pick-Up Tax? The pick-up tax was an estate tax levied by individual states, allowing them to share in the proceeds and revenue from federal estate taxes. Although states were able to claim a portion of an individual’s federal estate transfer tax, the pick-up tax did not increase the estate’s tax liability. The
What Is a Piecemeal Opinion? A piecemeal opinion is a report issued by an outside auditor expressing a view limited to only specific line items within a company’s financial statements. Auditors provide a piecemeal opinion in a situation where complete information is not available. Accounting standards such as generally accepted accounting principles (GAAP) generally no longer permit the
