Glossary

Mechanical by design. Overriding the rule is where the edge disappears.

In a market with large promoter holdings this can be a small fraction, so a company’s index weight is often far below what its market capitalisation suggests. The company is big; the part the index counts is not.

How full the planes were. It only tells you about profit when compared with the breakeven load factor.

The number to compare with the actual load factor; the closer the two, the thinner the airline’s cushion.

The best-documented factor and the one with no comfortable explanation. It fails hardest at inflection points, by construction.

Regulated plants recover their full fixed charges only when availability meets the regulator’s normative level.

For regulated plants, availability matters more for profit; PLF matters most for merchant sales and fuel efficiency.

Hides whether one enormous winner carried the whole result.

Works well through most conditions and lags badly in sharp recoveries from a bottom.

The obligation has become bank funding while continuing to read as trade payables. The tell is days payable rising with no supplier friction at all — because the supplier has already been paid. The question worth asking is what happens if the bank withdraws the facility.

Reads as boilerplate and is frequently specific and serious. Nobody reads it.

Use an authenticator app rather than SMS — a SIM swap defeats SMS entirely.

Lagged for most of the 2010s, which is exactly the kind of stretch that makes people abandon a factor before it works.

Rates for banks, the rupee for IT, crude for paints. Write down what hurts a company before buying it.

Read it as operational and governance disclosure that happens to sit under this heading. Whether you value sustainability is a separate question from whether attrition and penalties tell you something.

Not a final finding. A few minor points are common; many serious ones, especially on data integrity, raise the risk of a warning letter.

In practice, that plant stops exporting to the US until the FDA is satisfied — often for years.

Water use is a real risk for a beverage maker and near-irrelevant for a software firm. Without this filter a sustainability report reads as hundreds of equally weighted facts.

The alternatives are NAI (no action) and VAI (voluntary action). OAI usually holds up new approvals from that plant.

No deduction, and no set-off against losses. The rate sits well above the ordinary top slab, which is the point — it is designed to be worse than having declared the income.

It controls for the sector and market factors neither of you can judge, leaving the part that is about the businesses.

Bonuses and splits divide by a simple factor. A rights issue priced below the market contains an element of bonus, so it needs a computed factor rather than a divisor.

One of the two factors that dominate a score. Closing an old card raises it and usually lowers the score.

The second term in return on equity. It magnifies a bad year by exactly the factor it magnifies a good one, which is why two lenders with the same headline return are not the same investment.

The restaurant that is really a cook. It is a disclosed risk factor in Indian annual reports and almost nobody reads that far.

Compare it against peers. If competitors grew, the “external factor” was competitive.

Check what is inside it before applying any multiple. A one-off gain from selling a factory spends once and inflates the figure for exactly one year.

Load factor, fares and extras rolled into one number, to be set against the cost per seat-kilometre.

A factor tilt in index-fund clothing. The name is marketing; the method is a published, mechanical rule you can read.

Worth a few weeks of patience when the thesis is intact and the twelve-month mark is close. Never the deciding factor: tax on a gain costs far less than a large fall suffered while waiting for a date.