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The following is an excerpt from Black Fortunes: The Story of the First Six African Americans Who Escaped Slavery and Became Millionairesby Shomari Wills, which details the origins of Black Wall Street. Ottawa W. Gurley (aka OW) was a turn-of-the-20th century black educator, entrepreneur, and landowner born to former enslaved Africans. In 1889, after resigning from a position he held …

What is an exchange? An interchange is the transfer of digital information from one computer to another. In business, it usually refers to Electronic Data Interchange (EDI), a system used to communicate strictly formatted messages that represent documents other than monetary instruments. An exchange should not be confused with the interchange rateor “swipe fee”, which is a fee that a …

What is the Basel Committee on Banking Supervision? The Basel Committee on Banking Supervision (BCBS) is an international committee formed to develop banking regulatory standards. As of 2022, it is composed of central banks and other banking regulatory authorities from 28 jurisdictions and has 45 members. Key points to remember The Basel Committee is made up of central banks from …

What is an overline? In the insurance sector, the term “over-line” refers to the part of an insurance company’s coverage that exceeds the normal amount of coverage it provides. Top-up coverage can arise when an insurer guarantees more policies than normal, or when a reinsurer accepts a larger amount of liabilities through a reinsurance contract than is typical for that …

A 401(k) plan is a popular way to save for retirement, but each employer determines what they offer with their own plans. Different 401(k) plans may have different fees, corresponding contribution limits, and investment options. To determine if your 401(k) is competitive, you can compare its terms and offers with other 401(k) terms. You can do this by using a …

What are transaction costs? Transaction costs are the expenses incurred when buying or selling a good or service. Transaction costs represent the labor required to bring a good or service to market, giving rise to entire industries dedicated to facilitating trade. From a financial perspective, transaction costs include broker fees commissions and spreads, which are the differences between the price …

Berkshire Hathaway earnings results Metric Beat/Miss/Match Reported value Analyst prediction Earnings per share ($) To lack (29,754) (4,079) Revenue ($B) To lack 9.3 57.5 Operating profit ($B) To beat 9.3 6.9 Source: Forecasts based on the consensus of analysts from visible alpha Berkshire Hathaway (BRK.A) Financial Results: Analysis Berkshire Hathaway, Inc. (BRK.A, BRK.B) announced results for the second quarter of …

What is a firewall? A firewall is a legal barrier preventing the transfer of inside information and the performance of financial transactions between commercial and investment banks. The restrictions imposed on collaborations between banks and brokerage firms within the framework of the Glass–Steagall Act of 1933 acted as a form of firewall. One of the purposes of a firewall is …

When it comes to choosing investments for your 401(k), the number of options available can be overwhelming. There are, however, a number of relatively simple investment strategies you can use to get the most out of your 401(k). One strategy is to invest in a target date fundwhich will automatically optimize your wallet for retirement on a certain date. Another …