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86-533: SCIC was created was to reduce investment in domestic companies and government divisions in the Vietnamese government , and to diversify their holdings. The SCIC commenced operation in August 2006, and as of 30 May 2012 has around 416 linked firms in their portfolio . SCIC board members include: This article about investment is a stub . You can help Misplaced Pages by expanding it . This Vietnam -related article

172-483: A P/E higher than others in its industry. According to Investopedia author Troy Segal and U.S. Department of State Fulbright fintech research awardee Julius Mansa, growth investing is best suited for investors who prefer relatively shorter investment horizons, higher risks, and are not seeking immediate cash flow through dividends. Some investors attribute the introduction of the growth investing strategy to investment banker Thomas Rowe Price Jr., who tested and popularized

258-445: A company's earnings , free cash flow, and ultimately the returns to its investors, riskier or volatile . Investors compare a company's debt-to-equity ratio with those of other companies in the same industry, and examine trends in debt-to-equity ratios and free cashflow. Islamic Golden Age The Islamic Golden Age was a period of scientific, economic and cultural flourishing in the history of Islam , traditionally dated from

344-609: A condition, divide the patients into two groups, perform bloodletting only on one group, watch both, and compare the results." Astronomy in Islam was able to grow greatly because of several key factors. One factor was geographical: the Islamic world was close to the ancient lands of the Greeks, which held valuable ancient knowledge of the heavens in Greek manuscripts. During the new Abbasid Dynasty after

430-524: A gradual decline much earlier; thus, Khan (2003) identifies the proper golden age as being the two centuries between 750 and 950, arguing that the beginning loss of territories under Harun al-Rashid worsened after the death of al-Ma'mun in 833, and that the crusades in the 12th century resulted in a weakening of the Islamic empire from which it never recovered. Regarding the end of the Gola, Mohamad Abdalla argues

516-400: A greater level of uncertainty. Industry to industry volatility is more or less of a risk depending. In biotechnology , for example, investors look for big profits on companies that have small market capitalizations but can be worth hundreds of millions quite quickly. The risk is high because approximately 90% of biotechnology products researched do not make it to market due to regulations and

602-569: A long period of time the personal physicians of the Abbasid Caliphs were often Assyrian Christians . Among the most prominent Christian families to serve as physicians to the caliphs were the Bukhtishu dynasty. Throughout the 4th to 7th centuries, Christian scholarly work in the Greek and Syriac languages was either newly translated or had been preserved since the Hellenistic period. Among

688-470: A man deprived of sense experience by being blindfolded and free falling would still be aware of his existence. In epistemology , Ibn Tufail wrote the novel Hayy ibn Yaqdhan and in response Ibn al-Nafis wrote the novel Theologus Autodidactus . Both were concerning autodidacticism as illuminated through the life of a feral child spontaneously generated in a cave on a desert island . Persian mathematician Muḥammad ibn Mūsā al-Khwārizmī played

774-406: A method that could be generally used to determine the sum for any integral power. He used this to find the volume of a paraboloid . He could find the integral formula for any polynomial without having developed a general formula. Islamic art makes use of geometric patterns and symmetries in many of its art forms, notably in girih tilings. These are formed using a set of five tile shapes, namely

860-416: A month for the next 3 years, regardless of the share price of their preferred stock(s), mutual funds , or exchange-traded funds . Many investors believe that dollar-cost averaging helps minimize short-term volatility by spreading risk out across time intervals and avoiding market timing. Research also shows that DCA can help reduce the total average cost per share in an investment because the method enables

946-482: A mosque, boarding house, and a library. It was maintained by a waqf (charitable endowment), which paid salaries of professors, stipends of students, and defrayed the costs of construction and maintenance. The madrasa was unlike a modern college in that it lacked a standardized curriculum or institutionalized system of certification. Muslims distinguished disciplines inherited from pre-Islamic civilizations, such as philosophy and medicine, which they called "sciences of

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1032-468: A number of individual end investors into funds such as investment trusts , unit trusts , and SICAVs to make large-scale investments. Each individual investor holds an indirect or direct claim on the assets purchased, subject to charges levied by the intermediary, which may be large and varied. Approaches to investment sometimes referred to in marketing of collective investments include dollar cost averaging and market timing . Free cash flow measures

1118-480: A previously settled portion of the profit, though the agent was not liable for any losses. Many will notice that the qirad is similar to the institution of the commenda later used in western Europe, though whether the qirad transformed into the commenda or the two institutions evolved independently cannot be stated with certainty. In the early 1900s, purchasers of stocks, bonds, and other securities were described in media, academia, and commerce as speculators. Since

1204-431: A regular decagon , an elongated hexagon , a bow tie, a rhombus , and a regular pentagon . All the sides of these tiles have the same length; and all their angles are multiples of 36° (π/5 radians ), offering fivefold and tenfold symmetries. The tiles are decorated with strapwork lines (girih), generally more visible than the tile boundaries. In 2007, the physicists Peter Lu and Paul Steinhardt argued that girih from

1290-477: A satisfactory overall price for all [their] holdings." Micro-investing is a type of investment strategy that is designed to make investing regular, accessible and affordable, especially for those who may not have a lot of money to invest or who are new to investing. Investments are often made indirectly through intermediary financial institutions. These intermediaries include pension funds , banks , and insurance companies. They may pool money received from

1376-514: A short-term uptrend, and they usually sell them once this momentum starts to decrease. Stocks or securities purchased for momentum investing are often characterized by demonstrating consistently high returns for the past three to twelve months. However, in a bear market , momentum investing also involves short-selling securities of stocks that are experiencing a downward trend, because it is believed that these stocks will continue to decrease in value. Essentially, momentum investing generally relies on

1462-426: A significant role in the development of algebra , arithmetic and Hindu–Arabic numerals . He has been described as the father or founder of algebra . Another Persian mathematician, Omar Khayyam , is credited with identifying the foundations of Analytic geometry . Omar Khayyam found the general geometric solution of the cubic equation . His book Treatise on Demonstrations of Problems of Algebra (1070), which

1548-507: A source of law in place of qiyas and extension of the notion of sunnah to include traditions of the imams . The body of substantive Islamic law was created by independent jurists ( muftis ). Their legal opinions ( fatwas ) were taken into account by ruler-appointed judges who presided over qāḍī 's courts, and by maẓālim courts, which were controlled by the ruler's council and administered criminal law. Classical Islamic theology emerged from an early doctrinal controversy which pitted

1634-459: A value investor uses analysis of the financial reports of the issuer to evaluate the security. Value investors employ accounting ratios, such as earnings per share and sales growth, to identify securities trading at prices below their worth. Warren Buffett and Benjamin Graham are notable examples of value investors. Graham and Dodd's seminal work, Security Analysis , was written in the wake of

1720-451: A young age with study of Arabic and the Quran , either at home or in a primary school, which was often attached to a mosque. Some students would then proceed to training in tafsir (Quranic exegesis) and fiqh (Islamic jurisprudence), which was seen as particularly important. Education focused on memorization, but also trained the more advanced students to participate as readers and writers in

1806-422: Is a stub . You can help Misplaced Pages by expanding it . Investment Investment is traditionally defined as the "commitment of resources to achieve later benefits". If an investment involves money, then it can be defined as a "commitment of money to receive more money later". From a broader viewpoint, an investment can be defined as "to tailor the pattern of expenditure and receipt of resources to optimise

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1892-407: Is generated without investing capital or bearing risk. Savings bear the (normally remote) risk that the financial provider may default. Foreign currency savings also bear foreign exchange risk : if the currency of a savings account differs from the account holder's home currency, then there is the risk that the exchange rate between the two currencies will move unfavourably so that the value of

1978-545: Is listed in The Guinness Book Of Records as the world's oldest degree-granting university. The Al-Azhar University was another early madrasa now recognized as a university. The madrasa is one of the relics of the Fatimid caliphate. The Fatimids traced their descent to Muhammad's daughter Fatimah and named the institution using a variant of her honorific title Al-Zahra (the brilliant). Organized instruction in

2064-481: Is made up of lines of altitude and azimuth with an index, horizon, hour circle, zenith, Rete , star pointer, and equator to accurately show where the stars are at that given moment. Use of the astrolabe is best expressed in Al-Farghani 's treatise on the astrolabe due to the mathematical way he applied the instrument to astrology, astronomy, and timekeeping. The earliest known Astrolabe in existence today comes from

2150-416: Is no unambiguous definition of the term, and depending on whether it is used with a focus on cultural or on military achievement, it may be taken to refer to rather disparate time spans. Thus, one 19th century author would have it extend to the duration of the caliphate, or to "six and a half centuries", while another would have it end after only a few decades of Rashidun conquests, with the death of Umar and

2236-450: Is obligatory upon every Muslim". This injunction was seen to apply particularly to scholars, but also to some extent to the wider Muslim public, as exemplified by the dictum of al-Zarnuji , "learning is prescribed for us all". While it is impossible to calculate literacy rates in pre-modern Islamic societies, it is almost certain that they were relatively high, at least in comparison to their European counterparts. Education would begin at

2322-543: Is reasonable for a telecommunications stock to show a P/E in the low teens, in the case of hi-tech stock, a P/E in the 40s range is not unusual. When making comparisons, the P/E ratio can give you a refined view of a particular stock valuation. For investors paying for each dollar of a company's earnings, the P/E ratio is a significant indicator, but the price-to-book ratio (P/B) is also a reliable indication of how much investors are willing to spend on each dollar of company assets. In

2408-438: Is supposed to have lasted from the end of the ninth to the end of the eleventh century. The era after this period is conventionally known as the "age of decline". A survey of literature from the nineteenth century onwards demonstrates that the decline theory has become the preferred paradigm in general academia. The various Quranic injunctions and Hadith (or actions of Muhammad ), which place values on education and emphasize

2494-627: Is traditionally said to have ended with the collapse of the Abbasid caliphate due to Mongol invasions and the Siege of Baghdad in 1258. There are a few alternative timelines. Some scholars extend the end date of the golden age to around 1350, including the Timurid Renaissance within it, while others place the end of the Islamic Golden Age as late as the end of 15th to 16th centuries, including

2580-470: The ahl al-hadith movement, led by Ahmad ibn Hanbal , who considered the Quran and authentic hadith to be the only acceptable authority in matters of faith, against Mu'tazilites and other theological currents, who developed theological doctrines using rationalistic methods. In 833 the caliph al-Ma'mun tried to impose Mu'tazilite theology on all religious scholars and instituted an inquisition ( mihna ), but

2666-710: The Al-Azhar Mosque began in 978. Arabic became a trade language . The Muslim-ruled Spanish capital of Córdoba , which surpassed Constantinople as the Europe 's largest city, also became a prominent world leading centre of education and learning producing numerous polymaths. Juristic thought gradually developed in study circles, where independent scholars met to learn from a local master and discuss religious topics. At first, these circles were fluid in their membership, but with time distinct regional legal schools crystallized around shared sets of methodological principles. As

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2752-512: The First Fitna . During the early 20th century, the term was used only occasionally and often referred to as the early military successes of the Rashidun caliphs . It was only in the second half of the 20th century that the term came to be used with any frequency, now mostly referring to the cultural flourishing of science and mathematics under the caliphates during the 9th to 11th centuries (between

2838-448: The Iberian peninsula (modern Spain and Portugal) in the 10th century. It was easier to manufacture than parchment , less likely to crack than papyrus , and could absorb ink, making it difficult to erase and ideal for keeping records. Islamic paper makers devised assembly-line methods of hand-copying manuscripts to turn out editions far larger than any available in Europe for centuries. It

2924-660: The Stanford Encyclopedia of Philosophy , translation of philosophical texts from Arabic to Latin in Western Europe "led to the transformation of almost all philosophical disciplines in the medieval Latin world". The influence of Islamic philosophers in Europe was particularly strong in natural philosophy, psychology and metaphysics, though it also influenced the study of logic and ethics. Ibn Sina argued his " Floating man " thought experiment concerning self-awareness , in which

3010-608: The Timurid Renaissance under the Timurid dynasty . With a new and easier writing system , and the introduction of paper , information was democratized to the extent that, for probably the first time in history, it became possible to make a living from only writing and selling books. The use of paper spread from China into Muslim regions in the eighth century through mass production in Samarkand and Khorasan , arriving in Al-Andalus on

3096-495: The Wall Street Crash of 1929 . The price to earnings ratio (P/E), or earnings multiple, is a particularly significant and recognized fundamental ratio, with a function of dividing the share price of the stock, by its earnings per share. This will provide the value representing the sum investors are prepared to expend for each dollar of company earnings. This ratio is an important aspect, due to its capacity as measurement for

3182-618: The Wall Street crash of 1929 , and particularly by the 1950s, the term "investment" had come to denote the more conservative end of the securities spectrum, while " speculation " was applied by financial brokers and their advertising agencies to higher risk securities much in vogue at that time. Since the last half of the 20th century, the terms "speculation" and "speculator" have specifically referred to higher risk ventures. A value investor buys assets that they believe to be undervalued (and sells overvalued ones). To identify undervalued securities,

3268-399: The investment is sold, unrealised capital appreciation (or depreciation) if yet unsold. It may also consist of periodic income such as dividends , interest , or rental income. The return may also include currency gains or losses due to changes in foreign currency exchange rates . Investors generally expect higher returns from riskier investments. When a low-risk investment is made,

3354-437: The law of sines is attributed; he wrote " The Book of Unknown Arcs of a Sphere " in the 11th century. This formula relates the lengths of the sides of any triangle, rather than only right triangles , to the sines of its angles. According to the law, where a , b , and c are the lengths of the sides of a triangle, and A , B , and C are the opposite angles (see figure). The earliest use of statistical inference

3440-415: The "world's first true scientist". Avicenna made rules for testing the effectiveness of drugs, including that the effect produced by the experimental drug should be seen constantly or after many repetitions, to be counted. The physician Rhazes was an early proponent of experimental medicine and recommended using control for clinical research. He said: "If you want to study the effect of bloodletting on

3526-482: The 15th century resembled quasicrystalline Penrose tilings . Elaborate geometric zellige tilework is a distinctive element in Moroccan architecture . Muqarnas vaults are three-dimensional but were designed in two dimensions with drawings of geometrical cells. Jamshīd al-Kāshī 's estimate of pi would not be surpassed for 180 years. Ibn Muʿādh al-Jayyānī is one of the several Islamic mathematicians on whom

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3612-559: The 8th century to the 13th century. This period is traditionally understood to have begun during the reign of the Abbasid caliph Harun al-Rashid (786 to 809) with the inauguration of the House of Wisdom , which saw scholars from all over the Muslim world flock to Baghdad , the world's largest city by then, to translate the known world's classical knowledge into Arabic and Persian . The period

3698-550: The Arabic writings attributed to Jābir ibn Ḥayyān (written c. 850–950), would remain the basis of all theories of metallic composition until the eighteenth century. Likewise, the Emerald Tablet , a compact and cryptic text that all later alchemists up to and including Isaac Newton (1642–1727) would regard as the foundation of their art, first occurs in the Sirr al-khalīqa and in one of

3784-739: The Islamic period. It was made by Nastulus in 927-28 AD and is now a treasure of the Kuwait National Museum . In about 964 AD, the Persian astronomer Abd al-Rahman al-Sufi , writing in his Book of Fixed Stars , described a "nebulous spot" in the Andromeda constellation , the first definitive reference to what is now known to be the Andromeda Galaxy , the nearest spiral galaxy to the Milky Way . The geocentric system developed by Ptolemy placed

3870-718: The Persian contribution to this new Islamic civilization is of immense importance. The work of Iranians can be seen in every field of cultural endeavor, including Arabic poetry, to which poets of Iranian origin composing their poems in Arabic made a very significant contribution." While cultural influence used to radiate outward from Baghdad, after the Mongol destruction of the Abbasid Caliphate, Arab influence decreased. Iran and Central Asia, benefiting from increased cross-cultural access to East Asia under Mongol rule , flourished and developed more distinctively from Arab influence, such as

3956-557: The Quran and hadith. The classical theory of Islamic jurisprudence elaborates how scriptures should be interpreted from the standpoint of linguistics and rhetoric. It also comprises methods for establishing authenticity of hadith and for determining when the legal force of a scriptural passage is abrogated by a passage revealed at a later date. In addition to the Quran and sunnah, the classical theory of Sunni fiqh recognizes two other sources of law: juristic consensus ( ijmaʿ ) and analogical reasoning ( qiyas ). It therefore studies

4042-694: The adherents of the Church of the East ( Nestorians ), contributed to Islamic civilization during the reign of the Umayyads and the Abbasids by translating works of Greek philosophers and ancient science to Syriac and afterwards to Arabic . They also excelled in many fields, in particular philosophy , science (such as Hunayn ibn Ishaq , Yusuf Al-Khuri , Al Himsi , Qusta ibn Luqa , Masawaiyh , Patriarch Eutychius , and Jabril ibn Bukhtishu ) and theology . For

4128-503: The ancients" or "rational sciences", from Islamic religious sciences. Sciences of the former type flourished for several centuries, and their transmission formed part of the educational framework in classical and medieval Islam. In some cases, they were supported by institutions such as the House of Wisdom in Baghdad, but more often they were transmitted informally from teacher to student. The University of Al Karaouine , founded in 859 AD,

4214-507: The application and limits of analogy, as well as the value and limits of consensus, along with other methodological principles, some of which are accepted by only certain legal schools. This interpretive apparatus is brought together under the rubric of ijtihad , which refers to a jurist's exertion in an attempt to arrive at a ruling on a particular question. The theory of Twelver Shia jurisprudence parallels that of Sunni schools with some differences, such as recognition of reason ( ʿaql ) as

4300-420: The attempts to impose a caliphal writ in matters of religious orthodoxy ultimately failed. This controversy persisted until al-Ash'ari (874–936) found a middle ground between Mu'tazilite rationalism and Hanbalite literalism, using the rationalistic methods championed by Mu'tazilites to defend most substantive tenets maintained by ahl al-hadith . A rival compromise between rationalism and literalism emerged from

4386-400: The boundaries of the schools became clearly delineated, the authority of their doctrinal tenets came to be vested in a master jurist from earlier times, who was henceforth identified as the school's founder. In the course of the first three centuries of Islam, all legal schools came to accept the broad outlines of classical legal theory, according to which Islamic law had to be firmly rooted in

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4472-411: The cash a company generates which is available to its debt and equity investors, after allowing for reinvestment in working capital and capital expenditure . High and rising free cash flow, therefore, tend to make a company more attractive to investors. The debt-to-equity ratio is an indicator of capital structure . A high proportion of debt , reflected in a high debt-to-equity ratio, tends to make

4558-423: The comparison of valuations of various companies. A stock with a lower P/E ratio will cost less per share than one with a higher P/E, taking into account the same level of financial performance; therefore, it essentially means a low P/E is the preferred option. An instance in which the price to earnings ratio has a lesser significance is when companies in different industries are compared. For example, although it

4644-404: The complex demands within pharmacology as the average prescription drug takes 10 years and US$ 2.5 billion worth of capital. In the medieval Islamic world , the qirad was a major financial instrument. This was an arrangement between one or more investors and an agent where the investors entrusted capital to an agent who then traded with it in hopes of making a profit. Both parties then received

4730-419: The desirable patterns of these flows". When expenditures and receipts are defined in terms of money, then the net monetary receipt in a time period is termed cash flow , while money received in a series of several time periods is termed cash flow stream. In finance , the purpose of investing is to generate a return on the invested asset . The return may consist of a capital gain (profit) or loss, realised if

4816-426: The dominant approach by scholars is the "decline theory.": The golden age is considered to have come into existence through a gigantic endeavor to acquire and translate the ancient sciences of the Greeks between the eighth and ninth centuries. The translations era was followed by two centuries of splendid original thinking and contributions, and is known as the "golden age" of Islamic science. This so-called "golden age"

4902-687: The equivalent of professional athletes today. The House of Wisdom was a library established in Abbasid -era Baghdad , Iraq by Caliph al-Mansur in 825 modeled after the academy of Jundishapur . During this period, the Muslims showed a strong interest in assimilating the scientific knowledge of the civilizations that had been conquered. Many classic works of antiquity that might otherwise have been lost were translated from Greek , Syriac , Middle Persian , and Sanskrit into Syriac and Arabic, some of which were later in turn translated into other languages like Hebrew and Latin . Christians , especially

4988-577: The essence of objects flows into the eyes. Alhazen correctly argued that vision occurred when light, traveling in straight lines, reflects off an object into the eyes. Al-Biruni wrote of his insights into light, stating that its velocity must be immense when compared to the speed of sound. The early Islamic period saw the establishment of some of the longest lived theoretical frameworks in alchemy and chemistry . The sulfur-mercury theory of metals , first attested in pseudo-Apollonius of Tyana's Sirr al-khalīqa ("The Secret of Creation", c. 750–850) and in

5074-420: The establishment of organised scholarship in the House of Wisdom and the beginning of the crusades ), but often extended to include part of the late 8th or the 12th to early 13th centuries. Definitions may still vary considerably. Equating the end of the golden age with the end of the caliphates is a convenient cut-off point based on a historical landmark, but it can be argued that Islamic culture had entered

5160-476: The existence and strength of trends. Dollar cost averaging (DCA), also known in the UK as pound-cost averaging, is the process of consistently investing a certain amount of money across regular increments of time, and the method can be used in conjunction with value investing, growth investing, momentum investing, or other strategies. For example, an investor who practices dollar-cost averaging could choose to invest $ 200

5246-423: The future. To identify such stocks , growth investors often evaluate measures of current stock value as well as predictions of future financial performance. Growth investors seek profits through capital appreciation – the gains earned when a stock is sold at a higher price than what it was purchased for. The price-to-earnings (P/E) multiple is also used for this type of investment; growth stock are likely to have

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5332-647: The importance of acquiring knowledge, played a vital role in influencing the Muslims of this age in their search for knowledge and the development of the body of science. The Islamic Empire heavily patronized scholars. The money spent on the Translation Movement for some translations is estimated to be equivalent to about twice the annual research budget of the United Kingdom's Medical Research Council . The best scholars and notable translators, such as Hunayn ibn Ishaq , had salaries that are estimated to be

5418-738: The institution, and it placed its holder within a genealogy of scholars, which was the only recognized hierarchy in the educational system. While formal studies in madrasas were open only to men, women of prominent urban families were commonly educated in private settings and many of them received and later issued ijazas in hadith studies, calligraphy and poetry recitation. Working women learned religious texts and practical skills primarily from each other, though they also received some instruction together with men in mosques and private homes. Madrasas were devoted principally to study of law, but they also offered other subjects such as theology, medicine, and mathematics. The madrasa complex usually consisted of

5504-413: The medieval Islamic world include the synthesis of ammonium chloride from organic substances as described in the works attributed to Jābir, and Abū Bakr al-Rāzī's experiments with vitriol , which would eventually lead to the discovery of mineral acids like sulfuric acid and nitric acid by thirteenth century Latin alchemists such as pseudo-Geber . Al-Biruni (973–1050) estimated the radius of

5590-555: The method in 1950 by introducing his mutual fund , the T. Rowe Price Growth Stock Fund. Price asserted that investors could reap high returns by "investing in companies that are well-managed in fertile fields." A new form of investing that seems to have caught the attention of investors is Venture Capital. Venture Capital is independently managed dedicated pools of capital that focus on equity or equity-linked investments in privately held, high growth companies. Momentum investors generally seek to buy stocks that are currently experiencing

5676-453: The movement of the capital in 762 AD to Baghdad, translators were sponsored to translate Greek texts into Arabic. This translation period led to many major scientific works from Galen , Ptolemy , Aristotle , Euclid , Archimedes , and Apollonius being translated into Arabic. From these translations previously lost knowledge of the cosmos was now being used to advance current astrological thinkers. The second key factor of astronomy's growth

5762-490: The names that come directly from Arabic origins or are the translations of Ptolemy's Greek descriptions which are still in use today. Alhazen played a role in the development of optics . One of the prevailing theories of vision in his time and place was the emission theory supported by Euclid and Ptolemy, where sight worked by the eye emitting rays of light, and the other was the Aristotelean theory that sight worked when

5848-551: The planets. One of the first to criticize this model was Ibn al-Haytham , a leader of physics in the 11th century in Cairo. Then in the 13th century Nasir al-Din al-Tusi constructed the Maragha Observatory in what is today Iran. Al-Tusi found the equant dissatisfying and replaced it by adding a geometrical technique called a Tusi-couple , which generates linear motion from the sum of two circular motions. Then, Ibn al-Shatir who

5934-513: The principle that a consistently up-trending stock will continue to grow, while a consistently down-trending stock will continue to fall. Economists and financial analysts have not reached a consensus on the effectiveness of using the momentum investing strategy. Rather than evaluating a company's operational performance, momentum investors instead utilize trend lines, moving averages, and the Average Directional Index (ADX) to determine

6020-543: The process of the P/B ratio, the share price of a stock is divided by its net assets; any intangibles, such as goodwill, are not taken into account. It is a crucial factor of the price-to-book ratio, due to it indicating the actual payment for tangible assets and not the more difficult valuation of intangibles. Accordingly, the P/B could be considered a comparatively conservative metric. Growth investors seek investments they believe are likely to have higher earnings or greater value in

6106-621: The prominent centers of learning and transmission of classical wisdom were Christian colleges such as the School of Nisibis and the School of Edessa , the pagan center of learning in Harran , and the renowned hospital and medical Academy of Gondishapur, which was the intellectual, theological and scientific center of the Church of the East. Many scholars of the House of Wisdom were of Christian background and it

6192-471: The purchase of more shares when their price is lower, and less shares when the price is higher. However, dollar-cost averaging is also generally characterized by more brokerage fees, which could decrease an investor's overall returns. The term "dollar-cost averaging" is believed to have first been coined in 1949 by economist and author Benjamin Graham in his book, The Intelligent Investor . Graham asserted that investors that use DCA are "likely to end up with

6278-479: The return is also generally low. Similarly, high risk comes with a chance of high losses. Investors, particularly novices, are often advised to diversify their portfolio . Diversification has the statistical effect of reducing overall risk. In modern economies, traditional investments include: Alternative investments include: An investor may bear a risk of loss of some or all of their capital invested. Investment differs from arbitrage , in which profit

6364-505: The rise of the Islamic gunpowder empires . The metaphor of a golden age began to be applied in 19th-century literature about Islamic history , in the context of the western aesthetic fashion known as Orientalism . The author of a Handbook for Travelers in Syria and Palestine in 1868 observed that the most beautiful mosques of Damascus were "like Mohammedanism itself, now rapidly decaying" and relics of "the golden age of Islam". There

6450-421: The savings account decreases, measured in the account holder's home currency. Even investing in tangible assets like property has its risk. And similar to most risks, property buyers can seek to mitigate any potential risk by taking out mortgage and by borrowing at a lower loan to security ratio. In contrast with savings, investments tend to carry more risk, in the form of both a wider variety of risk factors and

6536-453: The sun, moon, and other planets in orbit around the Earth. Ptolemy thought that the planets moved on circles called epicycles and that their centers rode on deferents . The deferents were eccentric , and the angular motion of a planet was uniform around the equant which was a point opposite the deferent center. Simply, Ptolemy's models were a mathematical system for predicting the positions of

6622-478: The tradition of commentary on the studied texts. It also involved a process of socialization of aspiring scholars, who came from virtually all social backgrounds, into the ranks of the ulema . For the first few centuries of Islam, educational settings were entirely informal, but beginning in the 11th and 12th centuries, the ruling elites began to establish institutions of higher religious learning known as madrasas in an effort to secure support and cooperation of

6708-415: The ulema. Madrasas soon multiplied throughout the Islamic world, which helped to spread Islamic learning beyond urban centers and to unite diverse Islamic communities in a shared cultural project. Nonetheless, instruction remained focused on individual relationships between students and their teacher. The formal attestation of educational attainment, ijaza , was granted by a particular scholar rather than

6794-490: The work of al-Maturidi (d. c. 944), and, although a minority of scholars remained faithful to the early ahl al-hadith creed, Ash'ari and Maturidi theology came to dominate Sunni Islam from the 10th century on. Ibn Sina (Avicenna) and Ibn Rushd (Averroes) played a major role in interpreting the works of Aristotle, whose ideas came to dominate the non-religious thought of the Christian and Muslim worlds . According to

6880-449: The works attributed to Jābir. Substantial advances were also made in practical chemistry. The works attributed to Jābir, and those of the Persian alchemist and physician Abū Bakr al-Rāzī (c. 865–925), contain the earliest known systematic classifications of chemical substances. However, alchemists were not only interested in identifying and classifying chemical substances, but also in artificially creating them. Significant examples from

6966-412: Was a significant step in the development of algebra, is part of the body of Persian mathematics that was eventually transmitted to Europe. Yet another Persian mathematician, Sharaf al-Dīn al-Tūsī , found algebraic and numerical solutions to various cases of cubic equations. He also developed the concept of a function . Ibn al-Haytham (Alhazen) discovered the sum formula for the fourth power, using

7052-430: Was from these countries that the rest of the world learned to make paper from linen. The centrality of scripture and its study in the Islamic tradition helped to make education a central pillar of the religion in virtually all times and places in the history of Islam. The importance of learning in the Islamic tradition is reflected in a number of hadiths attributed to Muhammad, including one that states "Seeking knowledge

7138-515: Was given by Al-Kindi (c. 801–873, also known as "Alkindus" in Europe), in Risalah fi Istikhraj al-Mu'amma ( A Manuscript on Deciphering Cryptographic Messages ) which contains the first description of the method of frequency analysis . Ibn al-Haytham (Alhazen) was a significant figure in the history of scientific method , particularly in his approach to experimentation, and has been described as

7224-498: Was led by Christian physician Hunayn ibn Ishaq , with the support of Byzantine medicine . Many of the most important philosophical and scientific works of the ancient world were translated, including the work of Galen , Hippocrates , Plato , Aristotle , Ptolemy and Archimedes . Persians also were a notably high proportion of scientists who contributed to the Islamic Golden Age. According to Bernard Lewis : "Culturally, politically, and most remarkable of all even religiously,

7310-440: Was the religious observances followed by Muslims which expected them to pray at exact times during the day. These observances in timekeeping led to many questions in previous Greek mathematical astronomy, especially their timekeeping. The astrolabe was a Greek invention which was an important piece of Arabic astronomy. An astrolabe is a handheld two-dimensional model of the sky which can solve problems of spherical astronomy. It

7396-644: Was working in Damascus in 1350 AD employed the Tusi-couple to successfully eliminate the equant as well as other objectionable circles that Ptolemy had used. This new model properly aligned the celestial spheres and was mathematically sound. This development by Ibn al-Shatir, as well as the Maragha astronomers remained relatively unknown in medieval Europe. The names for some of the stars used, including Betelgeuse , Rigel , Vega , Aldebaran , and Fomalhaut are several of

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