Equivalent annual cost. The net present value (NPV) of cost divided by an annuity factor that has the same life as the investment

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Each way
On both purchase and disposal, as of a broker's commission.

A decline in prices following an advance. Opposite of rally.

Overreaction hypothesis
The supposition that investors overreact to unanticipated news, resulting in exaggerated movement in stock prices followed by corrections.

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Batting average

Percentage of the time you are successful (from baseball).

"The U.S.' largest pension funds have accumulated major-league batting averages in selecting top-performing domestic equity and fixed-income money managers during the last 5 years."
Pensions & Investments , May 2, 1994, p.1.

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