Normal random variable

Normal random variable

Normal random variable

A random variable that has a normal probability distribution.

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Normal portfolio

Normal portfolio

Normal portfolio

A customized benchmark that includes all the securities from which a manager normally chooses, weighted as the manager would weight them in a portfolio.

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Normal backwardation theory

Normal backwardation theory

Normal backwardation theory

Holds that the futures price will be bid down to a level below the expected spot price.

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Nonsystematic risk

Nonsystematic risk

Nonsystematic risk

Nonmarket or firm-specific risk factors that can be eliminated by diversification. Also called unique risk or diversifiable risk. Systematic risk refers to risk factors common to the entire economy.

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Non-reproducible assets

Non-reproducible assets

Non-reproducible assets

A tangible asset with unique physical properties, like a parcel of land, a mine, or a work of art.

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