List of Glossary Terms

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Numeric


A PRIORI
A Latin phrase meaning "known ahead of time" or more precisely, known without any empirical evidence or experience. The classical example would be a mathematical truism like 1 + 1 = 2. This truth... read more
 
A2X
The A2X is a South African stock exchange which competes directly with the Johannesburg Securities Exchange (JSE). It is currently operating only in the secondary market... read more
 
ABANDON
An option contract which is not enforced because it is out-of-the-money. Options confer a right to either buy (call) or sell (put) a certain quantity of shares (or other... read more
 
ABANDONED BABY
A rare candlestick pattern which can indicate either a new bullish or a new bearish trend. A bullish abandoned baby pattern occurs where there is a long red candle, representing... read more
 
ABC
Elliott wave terminology for a three-wave countertrend (or downtrend) price movement in an Elliott cycle. Wave "a" is the first down-wave against the trend of the... read more
 
ABNORMAL ITEM
An income or expense which may be part of the company's normal business but which is abnormal in amount. So, an unusually high expense or income might be considered abnormal.This... read more
 
ABOVE-THE-LINE
Any normal expense or income which has been included in the calculation of a company's gross profit and which is a part of its normal business (such as cost-of-sales... read more
 
ACCELERATED BOOKBUILD
An offering of new shares in the short term which is non-promoted to institutional investors in order to raise capital. An accelerated bookbuild is an immediate means of... read more
 
ACCEPTANCE
Where a bank "accepts" some kind of debt instrument usually at a discount. Debt instruments are basically IOU's written by one organisation in favour of another. If the company... read more
 
ACCEPTANCE DATE
The date on which the right acquired by a shareholder, as a result of a rights issue, must be exercised. Listed companies often raise additional capital from... read more
 
ACCOMMODATION
The extension of credit by the Reserve Bank to commercial banks. The central bank acts as a banker to the commercial banks, lending them money as they need it through what... read more
 
ACCOUNTANCY
A set of conventions for recording and gathering financial transactions in an organisation. The academic discipline which is accountancy has established a set of conventions for totaling the... read more
 
ACCOUNTING CONSERVATISM
Accountants are notoriously conservative people. Conservatism applies to incomes, expenses, liabilities and assets of unknown amounts. To be conservative means generally... read more
 
ACCOUNTING CONVENTION
These are conventions developed by the accounting profession to ensure that the financial statements display a clear and accurate picture of the progress of the business during the accounting.... read more
 
ACCOUNTING PERIOD
The period of time over which the financial affairs of a company are being accounted for in the financial statements. The matching principle ensures that the incomes... read more
 
ACCOUNTING POLICY
A policy established by the board of directors for the allocation of transaction entries into the books of account. For public, listed companies, the accounting policies... read more
 
ACCOUNTING RECORDS
The books of a business. These are the books of first entry and other working papers used by the accountants to draw up a company's financial statements. The financial statements... read more
 
ACCOUNTS PAYABLE
Amounts owing to the company's creditors in the balance sheet. These appear under current liabilities. These amounts are owed by the company in the short term (normal... read more
 
ACCOUNTS RECEIVABLE
Amounts owing to the company, usually by customers who have bought products on credit. This is another term for "debtors" and appears in the balance sheet under current assets.... read more
 
ACCRUAL
A balance sheet item that consists of an expense or income which has not yet been paid or received. So, for example, if a company owes rent on the date of the balance sheet... read more
 
ACCUMULATION
When the volumes traded in a share start to pick up while the share price moves sideways or upwards, this is known as an "accumulation phase". It indicates that the... read more
 
ACID TEST RATIO
An accounting ratio used to determine whether a company's current assets excluding its stock (i.e. just its debtors' book and cash balance) is... read more
 
ACID TURN RATIO

The ratio os a company's turnover to its assets. The ratio is calculated by dividing a company's total sales by the average value... read more

 
ACQUISITION
This is when one company acquires more than 50% of the shares of another or obtains a controlling interest in its shares. The company acquiring the shares then becomes the "holding... read more
 
ACT OF GOD
A completely unpredictable event or "black swan" (see "The Black Swan" by Nasssim Talbert) event, usually but not always occurring as a result of some natural phenomenon such as a hurricane,... read more
 
ACTIVIST SHORT SELLER
An activist short seller is an investor who takes a short position in a listed company and then publicly attacks them to profit from the fall in their shares.... read more
 
ACTUALS
(1) Refers to actual physical commodities, as distinguished from the futures on those commodities. So, for example, there is a "spot market" for gold which shows the... read more
 
ACTUARIES INDEX
Most stock market indexes, except for the very simplest are calculated by actuaries. This is because the calculation must take into account the minute-to-minute trading in... read more
 
ACTUARY
An actuary is an expert in mathematics and statistics who is capable of calculating the probability of key commercial events or of calculating the changing weightings in a stock market... read more
 
ACZ
An actuary is an expert in mathematics and statistics who is capable of calculating the probability of key commercial events or of calculating the changing weightings in a stock market... read more
 
ADAM SMITH
The first person to study and write about economics. Adam Smith (1723 - 1790) is regarded as the father of the discipline of economics. His book "An Inquiry into the Nature and Causes... read more
 
ADJUSTED TOTAL EQUITY
This is also known as "adjusted shareholders' equity" and refers to the total amount of money which the shareholders have in a business - the adjustment made is that it excludes any unrealised... read more
 
ADMINISTERED PRICE
Prices of certain products in South Africa are determined, not by the forces of supply and demand, but by various government departments and institutions. For example, water, paraffin,... read more
 
ADRS
Certificates that are issued by a bank of US origin and traded in the U.S. as domestic shares. The certificates represent the foreign securities that the bank holds in that security's... read more
 
ADVANCE VOLUME DECLINE INDEX
A breadth indicator which gives a ratio of the volumes of shares with rising prices to shares with falling prices, developed by Richard Arms, an American... read more
 
ADVANCE/DECLINE RATIO
This is a refinement of the net advance/decline line (Net A/D), calculated by dividing the difference between the total number of shares up and the total number of shares down by... read more
 
ADVANCE/DECLINE RATIO
Your software includes a net advance/decline line (Net A/D) for each sector of the market. These are "breadth indicators" which show the extent of the markets move for various sectors and the... read more
 
ADVERSE EXCURSION
The loss attributable to price movement against the position in any one trade from the time that the trade began. So, for example, if XYZ shares were bought for 1000c each and the share has fallen... read more
 
ADVERSE OPINION
 
ADVICE
Investment advice has become a big industry in South Africa and world-wide. Lay people with surplus cash obviously wish to generate a return which is better than inflation... read more
 
AFFECTED TRANSACTION
A transaction defined in the Companies Act (71 of 2008) as one which will result in a change in the control of the company. This could be any type of merger, acquisition... read more
 
AFRICA BOARD
A division of the JSE which was abandoned in June 2012. The Africa board was originally supposed to attract companies from the rest of Africa to list on the JSE. Only two shares... read more
 
AFRICAN AND OVERSEAS
05- 09- 2020
This is the holding company of Rex Truform (RTO) which is also listed on the JSE. Rex Trueform (RTO) is an extremely thinly-traded company listed on the JSE - which makes it... read more
 
AFRICAN DAWN CAPITAL
03 - 09 - 2020
This is a small micro-lending company, listed on the Alt-X in 2004. Its share price rose as high as 550c in November 2007, but has since fallen back to 13c. The company is... read more
 
AFRICAN GROWTH AND OPPORTUNITY ACT
An American Act which allows certain African countries to export to America duty free. Altogether, 37 countries in Africa benefit from this piece of American legislation, but South Africa,... read more
 
AFRICAN PHOENIX INVESTMENTS LIMITED
06 - 03 - 2020
Phoenix (AXL) is a black-controlled investment holding company whose principal asset is its 100% subsidiary, Standard General Insurance (Stangen). African Bank Investments... read more
 
AFRICAN STOCK EXCHANGE

A stock exchange located somewhere in Africa. The largest stock exchange in Africa is the JSE with... read more

 
AFRIMAT CONSTRUCTION INDEX
An economic index of activity in the construction sector prepared and produced by the economist Roelof Botha, on behalf of Afrimat, every quarter. The index includes wages... read more
 
AFTER TAX EARNINGS
The profit of the company after taxation has been deducted. This figure is shown in the income statement and is used for calculating the return on shareholders'... read more
 
AFTER TAX INCOME
The profit of the company after taxation has been deducted. This figure is shown in the income statement and is used for calculating the return on shareholders'... read more
 
AFTER-TAX PROFIT
The profit of the company after taxation has been deducted. This figure is shown in the income statement and is used for calculating the return on shareholders'... read more
 
AFTERNOON FIX
Twice every trading day members of the London Gold Market Fixing meet on a conference call to decide the gold price - at 10.30am (the morning fix) and then again at 3pm (the afternoon... read more
 
AGE REBATE
The Income Tax Act (58 of 1962) offers three rebates - primary, secondary and tertiary. In the tax year ending on 28th February 2021, the primary rebate allows people under the... read more
 
AGENT
A natural or juristic person who acts on behalf of another such person in a commercial transaction. When a stockbroker acts on behalf of his/her clients and has no personal interest... read more
 
AGGREGATE DEMAND
This is an economics term which refers to the total expenditure within the economy. It is a method of calculating gross domestic product. The formula is:
Gross Domestic Product = Consumer... read more
 
AGM
This is a meeting of the shareholders of a company, which is required in terms of section 61 of the Companies Act (71 of 2008). The AGM must be held within six months of... read more
 
AGOA
An American Act which allows certain African countries to export to America duty free. Altogether, 37 countries in Africa benefit from this piece of American legislation, but South Africa,... read more
 
AGRICULTURAL PRODUCTS DIVISION
A division of the JSE that runs spot markets and derivatives markets in agricultural grain products. The main products are soya beans, wheat, sunflower and maize... read more
 
AGRICULTURE
An industry engaged in the production of a wide variety of products, both animal and vegetable, by means of cultivating the land. This industry is a major part of the economy and... read more
 
AIM
A part of the London Stock Exchange which caters for smaller companies - in a similar way to the JSE's Alt-X. Some South African companies are listed on both the AIM... read more
 
ALAN GREENSPAN
The Chairman of the Federal Reserve Bank of America (Fed) from 1987 to 2006. Alan Greenspan is notable because he ushered in the idea of stimulating the economy by the injection of funds to compensate... read more
 
ALCO
A committee of senior executives in a large company that manage the cash flow of the business to ensure that there is sufficient liquidity to meet working capital... read more
 
ALGO
Trading automatically, usually without human intervention, through a computer system that is directly connected to an organised exchange. This type of trading has become more common with... read more
 
ALGORITHMIC TRADING (ALGO)
Trading automatically, usually without human intervention, through a computer system that is directly connected to an organised exchange. This type of trading has become more common with... read more
 
ALL SHARE INDEX
All stock exchanges have indexes which provide averages of the prices of their listed shares. These averages are normally "weighted" so that larger companies are more important and smaller companies... read more
 
ALLOCATION
The number of shares actually sold to a person who has applied to participate in a new issue. Where the shares of an initial public offer (IPO) are very popular and in great demand... read more
 
ALLOTMENT LETTER
Formerly a letter which was issued to inform someone who had applied for shares, either in a rights issue or a public issue, that they had been apportioned a certain number of shares.... read more
 
ALPHA
Premium that an investment portfolio earns above a given point of reference; a measure of stock performance independent of the market. Unit trusts and other collective... read more
 
ALPHAMIN RESOURCES CORPORATION
12 - 08 - 2020
Alphamin (APH) is a tin mining and exploration company operating out of Mauritius. Its primary asset is just over 80% of Alphamin Bisie Mining which has a tin mine in the... read more
 
ALT-X
The Alt-X is part of the JSE. It is a board which is available to those companies which cannot qualify to list on the "main board". The listing requirements... read more
 
ALTERABLE PROVISION
The Companies Act (71 of 2008) distinguishes between alterable and unalterable provisions. An alterable provision is one which may be changed to suit the company concerned - as... read more
 
ALTERNATE DIRECTOR
An individual appointed to take the place of existing director in certain specific circumstances, or at times when he is not available. The Companies Act in section 1 defines an... read more
 
ALTERNATIVE ASSET
This is an asset which is not traded on any organised exchange in a conventional manner. So, for example, properties are alternative assets, but the shares in a real estate investment... read more
 
ALTERNATIVE EXCHANGE (ALT-X)
The Alt-X is part of the JSE. It is a board which is available to those companies which cannot qualify to list on the "main board". The listing requirements... read more
 
ALTERNATIVE INVESTMENT MARKET
A part of the London Stock Exchange which caters for smaller companies - in a similar way to the JSE's Alt-X. Some South African companies are listed on both the AIM... read more
 
AMALGAMATION
This occurs where two or more companies come under the control of one, whose shareholders then become the shareholders of the companies that were merged. The Companies Act (71 of 2008) uses the... read more
 
AMERICAN DEPOSITORY RECEIPT
Certificates that are issued by a bank of US origin and traded in the U.S. as domestic shares. The certificates represent the foreign securities that the bank holds in that security's... read more
 
AMERICAN OPTION
An options contract that allows the holder to exercise the option at any time up to and on the expiration date. This is as opposed to a European option that can only be exercised... read more
 
AMERICAN STOCK EXCHANGE
Originally an overflow of companies that were too small to list on the New York Stock Exchange, the "Amex" or "the curb" as it was known used to trade on the... read more
 
AMEX
Originally an overflow of companies that were too small to list on the New York Stock Exchange, the "Amex" or "the curb" as it was known used to trade on the... read more
 
AMORTISATION
Accounting method in which an asset's cost is spread out over a period of time. For example, a vehicle costing R100 000 might be amortised or "depreciated" over five years... read more
 
ANAUME
Candlestick formation. An exceptional exhaustion pattern (meaning "gap filling") composed of five candles. The anaume occurs when the gap is filled in after a market price... read more
 
ANDREWS METHOD
This is a technical analysis technique (also known as "Andrews' pitchfork" because of its shape) for establishing upper and lower support and resistance lines. A median line is... read more
 
ANNUAL EARNINGS CHANGE
The historical earnings change between the most recently reported fiscal year's earnings and the preceding or a forecast. Paragraph 3.4(b) of the JSE's Listing Requirements... read more
 
ANNUAL FINANCIAL STATEMENTS
Sometimes known as an Annual Report or just the "financial statements", this is a document required by the Companies Act (71 of 2008) to be produced once a year for presentation... read more
 
ANNUAL GENERAL MEETING
This is a meeting of the shareholders of a company, which is required in terms of section 61 of the Companies Act (71 of 2008). The AGM must be held within six months of... read more
 
ANNUAL NET PROFIT MARGIN
The percentage that the company earned from gross sales (also called "turnover") for the most recently reported fiscal year. In other words, the after-tax profit... read more
 
ANNUAL REPORT
Sometimes known as an Annual Report or just the "financial statements", this is a document required by the Companies Act (71 of 2008) to be produced once a year for presentation... read more
 
ANNUAL RETURN
Every company is required in terms of section 33 of the Companies Act (71 of 2008) to submit a return to the Companies and Intellectual Property Commission (CIPC). This return... read more
 
ANNUAL SALES CHANGE
The percentage change in sales (turnover) between the most recently reported financial year and the preceding. You should note that unless the increase in sales is more than... read more
 
ANNUALISE
The process of adjusting performance or return which has been made over a period of less than or more than a year so that it can be compared with the annual results of other entities.... read more
 
ANNUITY INCOME
An income which comes in regularly, usually as the result of a contractual obligation and a pre-arranged bank debit order. When analysing a share, it is always good to determine... read more
 
APEC
APEC is a group of 21 countries formed in 1989 to encourage trade among the Pacific rim countries. The countries in APEC are: United States; Australia; Brunei Darussalam; Canada; Chile; China;... read more
 
APH
12 - 08 - 2020
Alphamin (APH) is a tin mining and exploration company operating out of Mauritius. Its primary asset is just over 80% of Alphamin Bisie Mining which has a tin mine in the... read more
 
APPLICANT
An investor who applies for shares in a company's new issue. Sometimes, if the company is seen to be a very good investment, the shares will be heavily "over-subscribed".... read more
 
APPLICATION
This is a form completed by someone who wishes to buy shares as part of a primary market offer. When companies list on the stock exchange, they normally do so by way... read more
 
APPRAISAL RIGHTS
Where a minority shareholder does not agree with a fundamental transaction (i.e. one which will change the control of the company, such as a merger or acquisition,... read more
 
ARBITRAGE
Simultaneous trading in assets, currency or bills of exchange in different international markets, to take advantage of the different rates of return ruling in each. For example,... read more
 
ARMS INDEX
Also known as TRading INdex (TRIN): An advance/decline stock market indicator. A reading of less than 1.0 indicates bullish demand, while greater than 1.0 is bearish. The... read more
 
ARMS RICHARD
Richard Arms was an American technical analyst and wrote books on technical analysis. He was most famous for his book "The Arms Index", but wrote many other books including "Trading... read more
 
ARTICLES OF ASSOCIATION
Prior to the Companies Act (71 of 2008), this was a document, drawn up by the subscribers of a company at its inception, which governed the internal affairs and management... read more
 
ASCENDING FORMATION
A formation, which is part of an uptrend, where the share price forms a triangle bounded by a horizontal resistance line at the top and characterised by a pattern... read more
 
ASCENDING SCALLOP
Similar to the cup and handle formation, this chart formation occurs when price dips momentarily, forming a cup, before resuming its upward course. Typically bullish, the scallop form can be... read more
 
ASIA PACIFIC ECONOMIC COOPERATION (APEC)
APEC is a group of 21 countries formed in 1989 to encourage trade among the Pacific rim countries. The countries in APEC are: United States; Australia; Brunei Darussalam; Canada; Chile; China;... read more
 
ASK
The price at which an investor who is holding a share (or other security) is willing to sell. Also referred to as the "offer price." The JSE's computer system will... read more
 
ASSESSED LOSS
A loss made by a business which has been accepted as valid by the Receiver of Revenue. Such assessed losses can be carried forward and off-set against the profits of the... read more
 
ASSET
An item on the balance sheet that means the possessions of a company, an organisation or an individual. Assets can be tangible (e.g. a vehicle), or intangible (e.g. goodwill).... read more
 
ASSET BACKING
A strong asset backing indicates that a company has large resources of assets. These may reside in a parent company, or they may belong to the company itself. As a private investor,... read more
 
ASSET BASE
A concept which came from the previous Companies Act and its doctrine of Capital Preservation. Money raised by a company as a result of issuing shares to the public was protected... read more
 
ASSET BUBBLE
An asset bubble is a period where the price of a particular asset reaches unsustainable levels due to investor enthusiasm. Over the centuries there have been a number of famous... read more
 
ASSET CLASS
A category of assets which all have similar characteristics. Thus shares, property, commodities, and fixed interest investments bonds are all particular asset classes.... read more
 
ASSET LIABILITY COMMITTEE (ALCO)
A committee of senior executives in a large company that manage the cash flow of the business to ensure that there is sufficient liquidity to meet working capital... read more
 
ASSET MANAGEMENT
The management of listed or unlisted assets (equities, options etc.) by a "fund manager". Asset management is a very well-developed business in South Africa... read more
 
ASSET MANAGER
The JSE is dominated by institutional investors which account for as much as 90% of all trades. These institutions are pension funds, insurance companies and unit... read more
 
ASSET MARKET
An asset market is the spot market for a particular asset. Thus, the gold market or the oil market or the market for pork bellies in America. Financial assets... read more
 
ASSET OF LAST RESORT
An asset which will hold its value irrespective of any developments in the economy. Investors are primarily concerned with achieving a balance between risk and security.... read more
 
ASSET STRIPPING
 
ASSET TURN RATIO
The ratio of a company's sales or turnover to the average value of assets held over the accounting period. The objective is to determine how efficiently... read more
 
ASSIGNMENT
When a trader sells short an option, he may be assigned in the event that the purchaser exercises the option. A trader with a short call position is assigned a short... read more
 
ASSOCIATED COMPANY
A company in which between 20% and 50% of the share capital is held. Where less than 20% is held then the shares would be considered an "investment" and where more than 50%... read more
 
ASTROPHYSICAL CYCLE
Any earthly cycle that has been scientifically related to the physics of the planetary system. Some technical analysts say that share market cycles have a correlation to planetary cycles and... read more
 
ASX
Formed in 1987 with the amalgamation of the six state exchanges, the ASX offers organised exchanges in equities, derivatives, fixed interest and commodities. It is... read more
 
AT BEST
An instruction given to a stockbroker by his clients to sell or buy "at best" would give the broker freedom to purchase or sell the shares concerned at the price most advantageous... read more
 
AT CALL
The term used to describe money placed, usually with a bank, which can be drawn immediately - as opposed to money which is tied up for a period of time. The rate of interest which... read more
 
AT MARKET
An order to be transacted immediately against the best opposite order in the book at the time of making such entry.
 
AT-THE-MONEY
An option whose strike price is nearest the current price of the underlying deliverable.
 
ATS
ATS (see SETS). In 1996 the open outcry trading floor was closed on 7 June and replaced by an order driven, centralised, automated trading system known as the Johannesburg Equities Trading... read more
 
ATTRIBUTABLE EARNINGS
That part of a company's profit which is "attributable" to the ordinary shareholders. In other words, after the normal operating expenses have been deducted, together... read more
 
ATTRIBUTABLE PROFIT
That part of a company's profit which is "attributable" to the ordinary shareholders. In other words, after the normal operating expenses have been deducted, together... read more
 
AUDIT
All companies listed on the JSE have to produce at least two sets of audited financial statements each financial year - interim and final. Those financials... read more
 
AUDIT DISCLAIMER
This is an audit opinion given when the auditor cannot obtain sufficient documents and information to support their opinion. This can happen because management does not have the necessary... read more
 
AUDIT OPINION
An audit opinion where the auditor refuses to give an opinion because he feels that he can place no reliance on the underlying financial accounts. There are four types of audit opinion (1) an... read more
 
AUDITOR
A person who is qualified to conduct an audit on a company or other organisation. Auditors are either internal auditors working for the company that they are auditing or external,... read more
 
AUDITOR-GENERAL
The auditor-general of South Africa (AGSA) is an appointment in terms of Chapter 9 of the constitution (section 181). The AGSA is tasked with conducting regular audits of all national... read more
 
AUDITORS' REPORT
A part of the annual financial statements required by the Companies Act where the auditors state that they have examined the financials and that in their opinion they represent... read more
 
AUTHORISED CAPITAL
The number of shares in each class which a company is authorised to issue to the public or in exchange for assets. The authorised shares must be stated in the Memorandum... read more
 
AUTHORISED SHARES
The number of shares in each class which a company is authorised to issue to the public or in exchange for assets. The authorised shares must be stated in the Memorandum... read more
 
AUTHORIZED SHARE CAPITAL
The number of shares in each class which a company is authorised to issue to the public or in exchange for assets. The authorised shares must be stated in the Memorandum... read more
 
AUTO CATALYST
A stainless-steel cylinder containing a honeycomb coated with a solution of rhodium, platinum and palladium. It is installed on a vehicle's exhaust system to convert pollutants from the burning... read more
 
AUTOMATED TRADING SYSTEM
ATS (see SETS). In 1996 the open outcry trading floor was closed on 7 June and replaced by an order driven, centralised, automated trading system known as the Johannesburg Equities Trading... read more
 
AUTOREGRESSIVE INTEGRATED MOVING AVERAGE (ARIMA)
A linear stochastic model forecasting methodology described by Box and Jenkins in their book "Time Series Analysis, Forecasting and Control".
 
AVERAGE
The mean of a set of numbers. Averages are used extensively in the share market for the determination of market indexes and economic data. The moving average... read more
 
AVERAGE COST
A method of valuing shares in a portfolio at the average of what they cost. For example, if 100 shares are bought for 100 cents each and then a further 100 of the same shares... read more
 
AVERAGE DIRECTIONAL MOVEMENT INDEX
Indicator developed by J. Welles Wilder to measure market trend intensity. Average Directional Movement Index Technical Indicator (ADX) helps to determine if there is a price... read more
 
AVERAGE NUMBER OF SHARES IN ISSUE
Certain statistics for listed companies on the JSE are given in the form of "per share" data - such as earnings per share and dividends per share. These... read more
 
AVERAGE TRUE RANGE
A moving average of the true range. Developed by J. Welles Wilder and introduced in his book, "New Concepts in Technical Trading Systems" (1978), the Average True Range (ATR) indicator... read more
 
AVOIDANCE
The organisation of a person's financial affairs in such a way as to minimise their tax liability within the requirements of the Income Tax Act (58 of 1962). In other words, avoidance... read more
 
AVOISION
Taking advantages of those parts of the Income Tax Act (58 of 1962) which are not clear to get out of paying tax. This practice runs the risk that it is found to be evasion rather than... read more