Investment Glossary

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January effect

the inexplicable tendency of shares to perform better in January than at any other time of the year. Some analysts speculate that the share market tends to become oversold in December when investors sell to establish losses for tax purposes (USA).

Junk bond

a high-risk, high-yield debt security that, if rated at all, is graded less than BBB. These securities are most appropriate for risk-oriented investors.

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