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From The Glossary »

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Beta:

A statistical measure of the market risk of an investment. A positive beta implies that an investment is positively correlated with the market and will thus tend to move in the same direction as the market as a whole. A negative beta implies that an investment is negatively correlated with the market and will tend to move in an opposite direction as the market as a whole. The size of the absolute value of beta indicates how big this move will be, ...
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