M-P terms

m2 expansion

Growth in the M2 measure of money supply over a specified period.

m2 money supply

A measure of the money supply that includes cash, checking deposits, and easily convertible near money.

macro environment

The combination of growth, inflation, interest rates, policy, and liquidity shaping economic conditions.

macro friction

Economic conditions that impede growth, investment, financing, trade, or market activity.

macro headwinds

Broad economic conditions that can slow growth, weaken demand, or pressure asset valuations.

macro regime

A persistent combination of growth, inflation, policy, and liquidity conditions affecting asset prices.

macro stagflation

A broad economic environment combining weak growth with persistent inflation.

macroeconomic frictions

Economic pressures or constraints that impede growth, investment, financing, trade, or business activity.

macroeconomic headwinds

Broad economic forces that can slow activity, weaken demand, or pressure financial performance.

macroeconomic regime

The prevailing set of economic conditions including interest rates and inflation that influence asset pricing.

maintenance capex

Capital spending required to keep existing assets operating at their current capacity.

Also matched as: maintenance capital expenditure

margin compression

The narrowing of profit margins due to rising costs or declining pricing power.

margin expansion

An increase in profit as a percentage of revenue.

margin friction

Temporary cost or pricing pressure that prevents profit margins from expanding.

margin of safety

The difference between an estimated intrinsic value and the purchase price, intended to allow for uncertainty or analytical error.

margin squeeze

Pressure on profits when costs rise faster than selling prices.

marginal cost

The additional cost incurred to produce one more unit of a good or service.

marginal cost of production

The additional production cost associated with the final unit of output.

maritime blockades

Restrictions on shipping routes or ports that disrupt trade and increase transport or supply costs.

mark to market losses

Losses recognized when an asset or liability is remeasured at its current market value.

Also matched as: mark-to-market losses

market cap concentration

The degree to which a small number of companies account for a large share of a market index.

Also matched as: market-cap concentration, market capitalization concentration

market capitalization

The market value of an asset or company, commonly calculated for a company as share price multiplied by shares outstanding.

market share

Market share is the percentage of total sales or demand in a defined market captured by a company, product, or service.

Also matched as: market shares

maturity wall

A period when a large amount of debt comes due and must be repaid or refinanced.

mazdutide

An investigational GLP-1 related metabolic therapy candidate often discussed in obesity and diabetes treatment pipelines.

mbridge

mBridge is a cross-border payments initiative exploring shared digital settlement infrastructure for transactions among multiple central banking jurisdictions.

mean reversion

The statistical tendency of a variable to move back toward a long-run average, when such a stable average exists.

medicare advantage

US private health plans approved by Medicare to provide covered benefits to enrolled members.

merchant silicon

Standardized semiconductor products designed for sale to multiple customers rather than for one customer's exclusive use.

miner capitulation

A period when unprofitable cryptocurrency miners shut down equipment or sell reserves under financial pressure.

monetary regime

The prevailing framework of central-bank policy, interest rates, money creation, and exchange-rate management.

monopolistic pricing power

The ability to set prices above competitive levels due to limited effective competition.

monopoly premium

A valuation premium attributed to durable market dominance, high barriers to entry, or sustained pricing power.

monopoly pricing power

The ability to sustain prices above competitive levels because effective competition is limited.

monopsony power

Buyer-side market power where one large buyer can strongly influence supplier prices and terms.

multiple compression

A decline in valuation ratios such as price-to-earnings or enterprise-value-to-sales.

multiple expansion

An increase in valuation ratios such as price-to-earnings or enterprise-value-to-sales.

near shoring

Relocating production or sourcing to a nearby country or region.

Also matched as: near-shoring, nearshoring

nearshoring

Relocating production or sourcing to a nearby country or region.

negative free cash flow

A condition where cash outflows for operations and investment exceed cash generated in the period.

net asset value

The value of assets minus liabilities, calculated for an entity, fund, or investment portfolio.

Also matched as: NAV

net cash position

Cash and equivalents minus total debt, providing a buffer against financial distress.

net charge offs

The value of debt that a bank determines is uncollectible and records as a loss.

net debt

Total debt minus cash and cash equivalents.

net interest income

Income a lender earns from interest on assets minus interest paid on funding sources.

net interest margin

Net interest margin (NIM) measures the spread between interest income earned and interest expense paid relative to earning assets.

Also matched as: net interest margins, nim

net revenue retention

Recurring revenue from an existing customer cohort after expansion, contraction, and churn, divided by that cohort's starting recurring revenue.

Also matched as: NRR

network centrality

How important a node is in a network based on how strongly it connects and influences flows across the system.

network effect

A phenomenon where a product gains value as more users join the platform.

Also matched as: network effects

network topology

Network topology is the structural arrangement of nodes and connections within a network, affecting performance, resilience, and information flow.

Also matched as: network topologies

neue klasse

Neue Klasse is BMW's next-generation electric-vehicle platform and manufacturing architecture.

nim compression

A decline in net interest margin because asset yields fall, funding costs rise, or the mix of interest-bearing assets and liabilities changes.

non dilutive capital

Funding that does not require issuing new common equity and therefore does not directly reduce existing ownership percentages.

Also matched as: non-dilutive capital

non performing loans

Non-performing loans (NPLs) are loans on which borrowers are not making scheduled interest or principal payments.

Also matched as: non performing loan, npl, npls

oligopoly

A market structure dominated by a small number of firms, creating high barriers to entry.

on device ai

Artificial intelligence inference or processing performed locally on a device rather than solely in a remote data center.

Also matched as: on-device AI

oncology pipeline

Oncology pipeline refers to the portfolio of cancer-related drug candidates, programs, or studies progressing through research and development stages.

Also matched as: oncology pipelines

operating cash flow

Cash generated or consumed by a company's core business operations.

Also matched as: cash flow from operations, CFO

operating leverage

The sensitivity of operating profit to changes in revenue caused by the mix of fixed and variable costs.

operating margins

Operating profit as a percentage of revenue after operating expenses, before interest and taxes.

Also matched as: operating margin

operating ratio

Operating expenses divided by revenue; a lower ratio generally indicates greater operating efficiency.

operational efficiencies

Improvements that increase output, quality, speed, or service while using fewer resources or lowering cost.

operational efficiency

The ability to produce an intended output or service with minimal waste, delay, or cost.

orbital manufacturing

Manufacturing or material processing performed in orbit to use microgravity, vacuum, or other space conditions.

order backlog

Order backlog is the value or volume of confirmed customer orders that have not yet been delivered, fulfilled, or recognized as revenue.

Also matched as: order backlogs

order book

The set of confirmed customer orders that have not yet been delivered or recognized as revenue.

organic growth

The rate at which a company expands revenue through internal operations rather than acquisitions.

organic volume growth

Growth in units sold excluding price changes, acquisitions, disposals, and currency effects.

outcome based pricing

A revenue model charging customers based on realized value or cost savings rather than per-seat licensing.

owner earnings

An estimate of cash available to owners after operating costs, taxes, and the capital spending needed to maintain competitive capacity.

p e multiple

A valuation ratio equal to market price per share divided by earnings per share.

Also matched as: P/E multiple

packaging inflation

An increase in the cost of packaging materials, manufacturing, or transport.

panic premium

Extra price paid for perceived safety or immediate liquidity during periods of acute market stress.

patent cliff

A period when important patents expire and revenue may fall rapidly because generic or biosimilar competition enters.

patent expirations

The end of patent protection, after which competitors may be able to offer equivalent or similar products.

peace dividend

Economic resources or lower risk costs made available when military tension or defense needs decline.

peoples bank of china

People's Bank of China (PBOC) is the central bank of China and is responsible for monetary policy, financial stability, and currency management.

Also matched as: pboc

permanent capital impairment

A lasting loss of investment value that is unlikely to recover over the long term.

permanent capital loss

The risk of losing invested money that cannot be recovered due to fundamental business failure.

permanent impairment

A lasting loss in the value of an investment that is unlikely to recover.

petrochemical inflation

An increase in the prices of petrochemical feedstocks and products used across manufacturing and packaging.

phase transition

Phase transition describes a nonlinear shift in system behavior when gradual changes cross a threshold and produce a new state.

Also matched as: phase transitions

platformization

A strategy of consolidating products, data, or workflows into a shared platform rather than separate point solutions.

political moat

A competitive advantage created by policy, licensing, public contracts, strategic importance, or durable government relationships.

power premium

An extra valuation component assigned to assets exposed to strong, durable power-demand trends.

power purchase agreements

Contracts under which a buyer agrees to purchase electricity from a producer under specified price, volume, and duration terms.

Also matched as: power purchase agreement, PPA, PPAs

premium multiple

A valuation ratio above relevant peers or historical norms because investors expect stronger growth, quality, or lower risk.

premium valuation

A market valuation above relevant peers or historical norms.

premium valuation multiple

A valuation ratio above relevant peers or historical norms.

premiumization

A strategy of shifting sales toward higher-priced or higher-value products and services.

price controls

Government rules that set, cap, or otherwise constrain the prices charged for specified goods or services.

price inelastic

Describes demand that changes proportionally less than price over a defined range and period.

price to book

A valuation ratio comparing market price to book value per share.

price to book multiple

Price to book multiple is a valuation ratio comparing market value to reported net asset value on the balance sheet.

Also matched as: price to book multiples

price to earnings multiple

Valuation ratio comparing current share price to per-share earnings, indicating market expectations for growth.

Also matched as: pe multiple

price to earnings ratio

Valuation metric comparing current share price to annual earnings per share.

price to sales multiple

A valuation metric comparing stock price to revenue, used to assess relative company value.

price war

Intense competitive price cutting that can reduce industry margins and alter market share.

pricing power

The ability of a company to raise prices without losing significant customer demand.

Also matched as: pricing powers

private credit

Loans negotiated outside public bond markets, typically provided by private funds to businesses.

privatization of qe

A nonstandard expression for private-sector balance sheets or credit channels supplying liquidity that might otherwise be associated with central-bank asset purchases.

Also matched as: privatization of quantitative easing

profit margins

Profit margins measure the share of revenue retained as profit after covering specified costs, expressed as a percentage.

proof of work

A blockchain consensus method in which participants expend computing power to validate transactions and secure the network.

Also matched as: proof-of-work, PoW

protected national champion

A domestically important company that receives policy protection or support because of strategic national objectives.

purchasing power parity

Economic theory suggesting exchange rates should equalize the price of identical goods in different countries.