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
What Is Personal Finance? Personal finance is a term that covers managing your money as well as saving and investing. It encompasses budgeting, banking, insurance, mortgages, investments, and retirement, tax, and estate planning. The term often refers to the entire industry that provides financial services to individuals and households and advises them about financial and
What Is a Personal Financial Advisor? A personal financial advisor is a professional who provides financial advice and services to clients according to their specific needs. Personal financial advisors have the expertise and experience to deliver solutions tailored to their customers’ needs, avoid costly errors, and mitigate risk, as well as offer a suite of
What Is a Personal Guarantee? The term personal guarantee refers to an individual’s legal promise to repay credit issued to a business for which they serve as an executive or partner. Providing a personal guarantee means that if the business becomes unable to repay the debt, the individual assumes personal responsibility for the balance. Personal
What Is a Personal Identification Number (PIN)? A personal identification number (PIN) is a numerical code used in many electronic financial transactions. Personal identification numbers are usually issued in association with payment cards and may be required to complete a transaction. The purpose of a personal identification number (PIN) is to add additional security to
