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A former colleague at a major stock brokerage firm always confused "fiscal" with "physical". On June 30th, he would talk about the close of the "physical year". Just a mental block for an intelligent man. Fiscal year-end differs for corporations with most ending June 30th while others use December 31st. Fiscal is fancy jargon for "show me the money".

Bank Of America Investment Measurements connotes appearances men notice. Year-end fiscal measurements get the attention of both genders. A friend reminds me, "You cannot track what you do not measure". Many market watchers measure the stock markets performance by tracking the Dow Jones Industrial Average. So, just what is the Dow Jones Industrial Average?

GAAP basis, earnings per diluted share for fiscal year 2007 was $1.71 compared to $1.85 in fiscal year 2006.

Investment Opportunity The Dow Jones Industrial Average

For the first six months of fiscal 2008, consolidated revenues declined 5 percent to $1.00 billion from $1.06 billion for the first half of fiscal 2007. RV Group sales were down 6 percent, while Housing Group sales improved slightly. Operating income for the first six months of fiscal 2008 was $10.4 million, compared to an operating loss of $23.5 million in last year's corresponding period. The net loss for the first half of fiscal 2008 was reduced to $3.6 million, or $0.06 per share, compared with a net loss of $20.8 million, or $0.33 per share, last year.

Banc Of America Investment When Charles Dow, a journalist, devised his index for securities, most investors were bond buyers. Bonds provided predictable ownership with specific interest payment (coupon) and a promised return of your money (principle) on a specific date (maturity). Only a few investors wanted stocks; for most, stocks were too risky.

-- The governor also has recommended increasing taxes by $438.2 million in fiscal 2004 and $560.1 million in fiscal 2005.

Banking Investment Think you have trouble following stock prices? In 1884, investors read charts with prices up 1/4 point, down 1/8th point. All seemed rather perplexing (frankly, it is not much different today with newspapers printing decimal stock-closing prices.

Bolivia's fiscal position has improved in recent years, and the country had a record 6% fiscal surplus for 2006.

Investment Solution Strategic On July 3 1884, Charles Dow published an average of leading American stocks to make it easier for investors. Railroad stocks and Western Union (for obvious reasons) were on the list. Railroads were the backbone of emerging economic forces tracked in the U.S. economy.

GAAP adjusted net income for the second quarter of fiscal 2006 was $8.4 million, an increase of 11% GAAP adjusted net income for the second quarter of fiscal 2005 of $7.5 million, remaining constant at $0.38 per diluted share. GAAP adjusted EBITDA in the second quarter of fiscal 2006 was $13.7 million, a 6% increase compared to $13.0 million in the second quarter of fiscal 2005. GAAP adjusted EBITDA is provided in the notes to the financial statements included in this press release.

Investment Banking Services * Some recognized names: New York Central
* Union Pacific
* Chicago & North Western

Bank Investment As time progressed, the list changed, and still changes. Theoretically, the Dow Jones Industrial Average represents a wide range of industry in the United States. The Dow no longer includes railroads or utilities; they are separate averages. The Transportation and Utility Averages are proxies or "leading indicators" for the economy. One tells us about the movement of product; the other the energy used to produce it.

Alternative Investment Today, the Dow Jones Industrial Average is a list of 30 stocks. When an index has a few stocks, the price of a few impacts the average. This often skews index pricing. For example during 2005, General Motors stock (GM) stalled and sputtered.

Online Investment Services * GM 2005 performance Stock price January 3, 2005: $40.30
* Stock price December 30, 2005: $19.42
* Stock price loss percentage: 48%
* Current Dividend: $2.00
* Year-end Yield: 10.30% (this is called a "yield rally")

Accompany Essential Investment The Wilshire 5000 Average

Investment Company The Dow Jones Industrial Average gets the recognition, but the Wilshire 5000 tells you more. For some reason, news stations will not give the Wilshire 5000 averages. It is reported here: .

Investment Management Solution Ray Randall serves clients as a registered investment advisor with his firm, Ethos Advisory Services, Essex, Massachusetts Ethos Advisory Services. He has wide experience within the financial services industry, writes a weekly newsletter for Ethos Advisory Services, and coordinates the developments at Echievements.com. Ray holds a Masters Degree from Gordon-Conwell Theological Seminary, Hamilton, MA. You may call Ray (617-275-5565).

Investment Management Services

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