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You can close Windows Media Player as you would any other program: n n n n Click the Close (X) button in the upper-right corner of Media Player s program window. Or, choose File Exit from Media Player s menu. Or, right-click Media Player s taskbar button and choose Close. Or, if Media Player is in the active window, press Alt+F4.

o matter how small, an investment fund with multiple managers should have a custodian Why A custodian safeguards the assets It sees that every penny is always invested, at least in a money market fund if not otherwise directed It executes all transactions as directed and provides regular transaction reports and asset statements Yes, it is possible for a tiny investment fund to own shares in multiple mutual fund accounts without a custodian, but it places a burden on the sponsor s small staff or a volunteer board member And even if they can do the job well, their successors may not be as competent in that task If the investment fund has one or more separately managed accounts (as opposed to mutual funds), a custodian is a must For one thing, it separates the function of custody from that of investment management.

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I don t work in an advertising agency today, but I ve talked with some who do For these young people, this office nightmare seems almost unbelievable Word processing is ubiquitous, and 5-yearolds understand the cut and paste function Spell-check now even cleans up sentence fragments and poor grammar Portions of documents can be freely, easily, and quickly disseminated throughout the organization, allowing for broader collaboration The World Wide Web now makes fact checking a breeze Getting out a 50page report to a client today can certainly be accomplished in a day or two with the same level of accuracy and insightfulness But here s the so what I am certain that as incredible as this paper maze contrast may seem, it will be nothing in comparison to where we ll be in 2024.

The investment manager doesn t get its hands on any assets Nobody at the manager s rm can abscond with any assets as long as custody is with a different party Nor can it lie to us about the assets it is managing for us For most kinds of skullduggery, the trustee and investment manager (or their staff people) would have to collude a less likely occurrence Some notorious cases of fraud could hardly have happened if the client had used a custodian The custodian is usually a bank, although the task might feasibly be done by a broker or even a consultant One advantage of the bank is that the assets never belong to the bank If the bank ever went bankrupt, its creditors could not get their hands on any of our assets.

Bear: An investor who believes that a security or the market is falling or is expected to fall. Broker: An individual or rm that charges a fee or commission for executing buy and sell orders submitted by another individual or rm. Bull: An investor who believes that a security or the market is rising or is expected to rise. Call: An option contract that gives the holder the right, but not the obligation, to buy a speci ed amount of an underlying security at a speci ed price within a speci ed time (e.g., if you buy an IBM January 85 call, you have the right to buy 100 shares of IBM at $85 each by the third Friday in January). Capital: The amount of money you have invested. When your investing objective is capital preservation, your priority is to try not to lose any money. When your objective is capital growth, your priority is to try to make your initial investment grow in value. Capital also refers to accumulated money or goods available for use in producing more money or goods. Delta neutral: Refers to an options position constructed so that the profitability of the position relies on the magnitude of the move not the directional bias; it is relatively insensitive to the price movement of the underlying instruments. A delta neutral trade is arranged by selecting a calculated ratio of short and long positions with a combined delta of zero. Go long: To buy securities, options, or futures with the intent to pro t from a rise in the price of the assets. Go short: To sell securities, options, or futures with the intent to pro t from a drop in the price of the assets.

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