Related by context. All words. (Click for frequent words.) 64 curve flattening 63 dated JGBs 60 steepener 60 shorter maturities 60 yield curve steepened 60 dated maturities 60 curve flattens 59 curve steepening 59 yield curve steepens 58 steepeners 58 curve flatteners 57 yield curve steepen 57 curve steepens 57 superlong bonds 57 TIPS breakevens 57 Keiko Onogi debt 56 curve inversion 56 superlongs 56 curve steepener 56 Shorter dated 56 superlong 55 SWAPS Spreads 55 8bps 55 8bp 55 Gilt futures 55 Aud Jpy 55 yield curve flattens 55 dated gilts 55 Eurodollar futures contracts 55 USD YEN 55 TREASURIES Longer dated 55 TREASURIES Long 55 TREASURIES US 54 negative convexity 54 steepening yield curve 54 #s/#s [002] 54 Inflation devalues 54 JGB futures dip 54 2bps 54 EONIA 54 curve steepening trades 54 Wider spreads 54 treasurys 54 TSYs 54 Foreign cenbanks 54 steepening yield 54 Swap spreads 54 overbought oscillators 54 G Secs 54 curve flattened 53 EURO GOVT 53 levered ETFs 53 laddered portfolio 53 2x leveraged 53 2bp 53 callable CDs 53 Euribor futures 53 Inadome 53 superlong JGBs 53 strippable 53 euribor 53 inverted yield curves 53 TREASURY TRADING 53 TREASURIES Treasuries 53 implied vol 53 eurodollar 53 Keiko Onogi senior 53 JGBs dip 53 7bp 53 Gilt strips 53 Mean reversion 53 flatteners 53 4bps 53 eurodollar futures 53 steeper yield curve 52 upward sloping curve 52 convexity 52 Slusiewicz 52 FOREX Dollar climbs 52 5bps 52 LEAPs 52 Eurodollar contracts 52 VIX ETNs 52 Akira Takei fund 52 1bp 52 Junk bonds 52 yield curve 52 term Shahar unlinked 52 Eurodollars 52 diversifiers 52 Eurocurrency 52 euroyen 52 Inflation Protected Securities 52 QE quantitative easing 52 yield curve flattened 52 steepening 52 curve steepen 52 d defeasance 52 Mr McColough 52 OIS curve 52 NTN Fs 52 3bps 52 ECB refi 52 c defeasance 52 FOREX Dollar edges 52 2bps wider 52 perma bulls 52 Implied yields 52 9bp 52 TREASURIES Prices slip 51 OFZ curve 51 bearspread 51 7bps 51 spread = TWEB 51 #yr yields 51 underlyings 51 ETF TLT 51 MONEY MARKETS Libor 51 Dohke 51 ultrasafe 51 R#s [002] 51 convexity hedging 51 risk aversion eases 51 #bp [001] 51 speculators unwound 51 mortgage backeds 51 euribor futures 51 gilt futures 51 5bp 51 Pork bellies closed 51 Quadruple witching 51 S.Africa rand steady 51 bullspread 51 NOB spreads 51 Akihiko Inoue 51 curve steepened 51 Convertible arbitrage funds 51 breakevens 51 TBonds 51 #Y yields 51 yield differentials 51 FOREX Dollar drops 51 9bps 51 goldbugs 51 4bp 51 JGB yields 51 Shorter maturities 50 Libors 50 Mr Serebriakov 50 MONEY MARKETS Euro 50 high yielders 50 drift sideways 50 FOREX Dollar slips 50 grossly oversold 50 upmoves 50 JGBS Japanese government 50 Treasuries TLT 50 gbp aud 50 TREASURIES Bonds dip 50 flatter yield curve 50 SIMON MARAIS 50 Narrower spreads 50 index futures NIFc1 50 swap spreads 50 Keiko Onogi 50 Gbp Usd 50 bullishly aligned 50 QE lite 50 permabears 50 bearishly configured 50 tsy 50 Bond yields 50 HYPs 50 implied volatilities 50 sterling Libor 50 Tetsuya Miura chief 50 reflation trade 50 muni yields 50 note US2YT RR 50 PRECIOUS Gold edges 50 FOREX Dollar slides 50 Volatility Percentile 50 Aud Usd 50 RPT TREASURIES Bonds 50 Implied volatilities 50 Akitsugu Bando 50 MF Global Kalivas 50 #Y yield 50 bullishly aligned toward 50 Takafumi Yamawaki senior 50 Bernd Wuebben senior 50 3bp 50 Usd Chf 49 furth er 49 daily macd 49 bullishly biased 49 Longer dated 49 JPMEMBIPLUS 49 #bp #bp [001] 49 #.#bps [002] 49 #s/#s curve 49 mezzanine tranches 49 FOREX Yen dips 49 VXZ 49 German bund yields 49 MONEY MARKETS US 49 implied vols 49 yield curve inversion 49 #yr treasury yields 49 ETF traders 49 German Bunds 49 SLV ETF 49 Bund yields 49 NWQ specializing 49 Takafumi Yamawaki fixed 49 Swissie 49 Plain vanilla 49 bearishly biased 49 Tatsuo Ichikawa 49 1bps tighter 49 Eurodollar futures 49 aud jpy 49 FOREX Yen rises 49 FOREX Yen gains 49 TREASURIES Prices 49 Aggressive traders 49 NTN Bs 49 TREASURIES Bonds rise 49 German Bund 49 Immediate annuities 49 EM ASIA DEBT 49 #bp #bp [002] 49 gilts 49 Stheeman 49 traders unwound 49 3x leveraged 49 eurodollars 49 arbs 49 Katsutoshi Inadome fixed 49 Akitsugu Bando senior 49 Tradewinds NWQ specializing 49 etfs 49 JGB yield curve 49 MBSs 49 pessimistically aligned 49 6bps 49 Gbp Jpy 49 PRECIOUS Gold ticks 48 optionable 48 bond yields 48 Lou Brien 48 US#YT RR 48 TSY 48 PIK toggles 48 FOREX Euro slips 48 GARTH MACKENZIE Yes 48 Kasikov 48 bollinger bands 48 Slaughter bulls 48 EurJpy 48 ASIA LOCAL BONDS 48 QQQQs 48 ETF TBT 48 bearishly aligned toward 48 BTPs 48 consolidative tone 48 UST2YR 48 LQD 48 Kenro Kawano 48 Bunds 48 curve inverted 48 TREASURIES Bonds pare 48 TREASURIES Prices rise 48 KL mart 48 TREASURIES Bonds slip 48 http:/www.InvestorsObserver.com/FREEelection NOTEJennifer Heldmann 48 Merger arbitrage 48 3mth 48 Swiss francs CHF 48 GBP CHF 48 Rydex Inverse 48 Treasuries 48 Makoto Yamashita chief 48 TREASURIES Prices fall 48 S.Africa rand 48 Peter Chatwell 48 TheSUBWAY intends 48 FOREX Euro edges 48 legally Avioli 48 mean reversion 48 headfake 48 JGBs 48 backspread 48 shekel denominated 48 Bob Haberkorn 48 eurusd 48 Baa rated 48 Year Treas Bond 48 6bp 48 Arbitrageurs 48 Rupee eases 48 CBOE volatility 48 FOREX Euro slides 48 leveraged inverse ETFs 48 +# bp [002] 48 PRANAV answers 48 notes UST2YR declined 48 PRECIOUS Gold eases 48 CDSs 48 midrate 48 Koji Shimamoto chief 48 Gilt yields 48 FOREX Dollar rallies 48 steepening bias 48 daytrade 48 THE RUPEE 48 Jarhom 48 USTreasury Bond 48 gbp jpy 48 Kunibe 48 FOREX Dollar recovers 48 toppish 48 Carry trades 48 ETFs ETNs 48 CBOE Vix index 48 PUTs 48 inverse ETFs 48 Carsten Fritsch currency 48 EURO GOVT Bund 48 Treasurys 48 Treasury yields 48 strategist Teun Draaisma 48 permabulls 48 superlong sector 48 #.#-#.# pct [003] 48 +6 bps 48 rebalance portfolios 47 Naomi Hasegawa senior 47 WNS ADS 47 ProShares UltraShort Euro 47 largecap stocks 47 Sailesh answers hi 47 stochastic indicator 47 Commonfund Strauss 47 #year/# 47 license Gurowitz 47 stale longs 47 Backwardation 47 MONEY MARKETS Interbank 47 muni ETFs 47 Satoshi Okumoto general 47 cov lite 47 underinvested bulls 47 Slight Bullish 47 METALS Copper rises 47 note US2YT = RR 47 Non reportable 47 Riskier assets 47 Libor interbank lending 47 usdjpy 47 bearishly 47 yield curve steepening 47 unwound safe haven 47 lifestyling 47 METALS Copper ends 47 Iron Condor 47 Eur Chf 47 Premarket futures 47 Sharada Selvanathan currency 47 candlestick patterns 47 CBOE VIX 47 VStoxx 47 rates EURIBORSWD = 47 Adarsh Sinha currency 47 iTraxx indices 47 JPY crosses 47 Spreads Widen 47 Lehman Aggregate 47 Forward premia 47 iron condor 47 nBonds 47 Collateralized Debt Obligations CDOs 47 iron condors 47 Dollar tumbles 47 TBond futures 47 NEVILLE CHESTER 47 positively sloped 47 WALL STREET Stocks 47 Vix index 47 Renaissancere 47 Demarin 47 options expiries 47 Maki Shimizu 47 Lara Rhame currency 47 +5 bps 47 closet indexers 47 PE multiples 47 Hiroki Shimazu 47 Gilts 47 PRECIOUS Gold steady 47 quote . [003] 47 2Y yields 47 Tatsuo Ichikawa fixed 47 = TWEB 47 Fixed Maturity Plans 47 Greenlight Einhorn 47 Intraday bias remains 47 Currency ETCs 47 Direxion ETFs 47 UK gilts 47 MARKET REACTION STOCKS 47 1bps 47 inverse ETF 47 #bp #bp [003] 47 Bilal Hafeez currency 47 swissie 47 weekly stochastics 47 shorting penny 47 backwardated 47 Rupee weakens 47 Synthetic Convertible 47 shorters 47 Suvrat Prakash 47 FOREX Euro rallies 47 HUI upleg 47 sterling denominated 47 steep yield curve 47 indexed swaps 47 Hitoshi Inagawa Tokyo 47 Mr. Cieszynski 47 harmed Mwakasungure 47 RMBSs 47 Currency speculators 47 Ms Gacis 47 convertible preferreds 47 Loonie tumbles 47 EMERGING MARKETS LatAm 47 perma bear 47 Itraxx 47 varying maturities 47 mkt awaits 47 move inversely 47 notes ETNs 47 FOREX Yen falls 47 WAYNE McCURRIE Yes 47 Years Duration Corporate 47 Yasutoshi Nagai chief 47 inflates bubbles 47 Mr Munckton 47 gilt yields 47 HIGHLIGHTS BOJ Shirakawa 46 barbarous relic 46 Henrik Gullberg currency 46 UltraShort ETFs 46 Jesper Dannesboe senior 46 Mr Barbetti 46 deflationists 46 Junya Tanase forex 46 Ginnie Maes 46 Asset allocators 46 g secs 46 +3 bps 46 GLOBAL MARKETS Dlr 46 Peso denominated 46 Shekel weakens 46 ZAR# = 46 VIX volatility 46 Galil CPI 46 NYSE TBT 46 Fund HYG 46 S.African rand 46 contrarion 46 BoE QE 46 rate EURIBOR3MD = 46 Spreads widened 46 mezzanine CDOs 46 Eur Gbp 46 trending sideways 46 RPT GLOBAL MARKETS Stocks 46 TREASURIES Bond 46 ratio skew implies 46 Gold ETF GLD 46 Akcin 46 Nuveen taxable closed 46 Hibors 46 volatilty 46 yield curve inverts 46 taxable munis 46 PIET VILJOEN Yes 46 Modray 46 earnings annoucements 46 streetTRACKS Gold Trust 46 CBOE Volatility 46 yield curve inverted 46 overbought oversold 46 Bargain hunting lifts 46 Treasurys waned 46 Telegraph Questor 46 PIBs 46 #.#bps [004] 46 Akitsugu Bando strategist 46 comparably rated 46 STYLE NOTE 46 GLOBAL MARKETS Euro 46 WAYNE McCURRIE Ja 46 Di Galoma 46 #.#bp [005] 46 maturity YTM 46 #-#/# yielding [002] 46 MF NAVs 46 grossly overbought 46 Weakens Against 46 Euro steadies 46 imminant reversal 46 FOREX Yen edges 46 FOREX Dollar tumbles 46 5s #.#bps #s 46 TREASURIES Bonds climb 46 subprime CDOs 46 tumbles anew 46 macd 46 Libor OIS 46 indexed swaps OIS 46 +1 bp 46 FX OUTLOOK 46 implieds 46 FOREX Euro falls 46 WAYNE McCURRIE Alec 46 Alessandro Tentori 46 Spreadbetters 46 SPXCF 46 indicies 46 Rupee rises 46 USTreasurys 46 Collateralised Debt Obligations CDOs 46 Atsushi Ito fixed 46 Premarket Dow 46 Baygun 46 Toshiyuki Kanayama market 46 maturities 46 Eurozone periphery 46 cheg 46 #yr treasuries 46 BOARD DXY 46 Peter Schaffrik 46 #/#nds [001] 46 quadruple witching expiration 46 Lara Rhame senior 46 quickly Kelmon 46 Summary Box Treasurys 46 Yingxi Yu precious metals 46 yielding TYX #.# 46 speculative longs 46 CRR hikes 46 US#YT = RR 46 Inverted yield 46 lenders SVRs 46 CurrencyShares Euro Trust FXE 46 BZF 46 VIPSX 46 iTraxx index 46 Wrzesniok Rossbach 46 gilts outperformed 46 term upcycles 46 HKD CNY 46 Negative Outlooks indicate 46 FOREX Dollar steadies 46 Sacha Tihanyi currency 46 uncollateralised 46 dollar denominated Boden 46 Medcohealth Solutions 46 AUD CAD 46 Kristjan Kasikov currency 46 WEEKAHEAD Emerging debt 46 directional bias 45 midterm JGBs 45 Realized Volatility 45 inverted curve 45 Sharemarket closes 45 tradable counters stands 45 Fidelity Inflation Protected 45 curve inverts 45 Kt Corp 45 JGB futures 45 EURO GOVT Bunds 45 Armin Mekelburg currency 45 multicap funds 45 GBPAUD 45 Financial ProShares NYSEArca 45 MONEY MARKETS Aussie 45 GTC cautions 45 stat arb 45 #.#bps [001] 45 India chana guar 45 UST#Y 45 pessimistically aligned toward 45 perceived riskiness 45 Mr Vrondas 45 RUDI VAN DER MERWE 45 overgeared 45 riskier 45 deferreds 45 Elisabeth Afseth 45 libor 45 inverses 45 TNote 45 AUCTION RESULTS 45 ultrashort bond 45 drift downwards 45 Leveraged loans 45 #bp/#bp 45 quantitive easing 45 bonds UST#Y 45 gyrate wildly 45 illiquid 45 PRECIOUS Gold extends 45 Masatoshi Sato senior 45 alotta 45 USTBond 45 underowned 45 #.#bp [003] 45 .#/.# [002] 45 Pimco Gross 45 shortable 45 overtrade 45 intermarket 45 inflationists 45 HUI chart 45 Shubha Jayaram Treasury 45 Deluard 45 superlong yields 45 Eur Yen 45 COMMODITIES Gold 45 Ioannis Sokos 45 LTNs 45 SNAPSHOT US 45 NYSE SGOL 45 Loonie rises 45 GLD ETF 45 PRECIOUS Gold steadies 45 dematerialized form 45 benchmark German Bunds 45 portfolio diversifier 45 Broader indices 45 #.#/#.# [024] 45 skeptically skewed 45 #-#/# yielding #.# [001] 45 #yr yield 45 EMERGING MARKETS Latam 45 FOREX Yen slips 45 Volatilities 45 HGNSI 45 Dean Curnutt president 45 TIPs 45 NYSE LIFFE Gilt 45 Russian Ruble XRU 45 NYMEX Crude dips 45 Secondline stocks 45 notes UST2YR 45 rate sensitives 45 Summary Box Rates 45 bund futures 45 Hiroshi Yoshida forex 45 Nastia deserved 45 Molson Coors 3Q 45 Bachus R Ala 45 two-year/#-year spread 45 hourly stochastic 45 Insider buying 45 AUD CHF 45 Bund futures 45 IMM speculators 45 Editors Skyworks 45 GLOBAL MARKETS Weak 45 Hirschmueller 45 Bandou 45 Leaviss 45 ccy 45 JGB auctions 45 cenbanks 45 c.banks 45 profittaking 45 index swaps OIS 45 ascending triangle formation 45 Covered bonds 45 FOREX Dollar retreats 45 0 # YIB 45 Rupee surges 45 resetted annually 45 hourly oscillators 45 Hourly indicators 45 Katsutoshi Inadome 45 Adjustable Rate Mortgages ARMs 45 NYSE VXX 45 Suki Cooper analyst 45 DAX# 45 EURCHF 45 UltraShort Financials ProShares SKF 45 collaterized debt obligations 45 bund yields 45 UST3YR 45 goldilocks scenario 45 di Galoma 45 plus #.#bp 45 StreetTracks Gold Shares 45 pe ratios 45 Zyblock 45 technically overbought 45 Matthew Wakeman EFG 45 Eur Aud 45 VIX futures 45 reinvesting maturing mortgage 45 INSTANT VIEW BoE 45 DAVID SHAPIRO Alec 45 triple witching expiration 45 publish Goeglein writings 45 Alexander Zumpfe 45 iShares Lehman 45 ABX indices 45 GICs 45 Junior subordinated deferrable 45 Strategy Attempt small 45 China Portfolio PGJ 45 SPY ETF 45 GBPCAD 45 jpy 45 Brayan Lai credit 45 leaseback schemes 45 KCBT wheat 45 CDS indices 45 FOREX Dollar rises 45 Telecom pivotals 45 streetTracks Gold Shares 45 Skittish investors 45 DENNIS DYKES 45 #-#/# yielding [001] 45 DAVID SHAPIRO Yes 45 BlueCrest AllBlue 45 Eonia 45 Trust SLV 45 Perez Santalla 45 Treasury notes UST#Y 45 candlestick chart 45 merger arb 45 BankNifty 45 Charles Gradante managing 45 Karsten Linowsky fixed 45 GBPCHF 45 yr dlr 45 Yogesh Radke 45 ECB hawkishness 45 Hungary cbank 45 gold ETF GLD 45 Traditional alkaline batteries 45 downtrending 45 lengthening maturities 45 Yield Morning Commentary 45 Slow STO 45 TBond 45 JPY INR 45 Dollar pares gains 45 Years Duration #.# 45 Trups 45 Dollar steadies 45 Nzd 45 RICHARD SEDDON Yes 45 #JGBv# 45 PRECIOUS Gold slips 45 Vanguard Inflation Protected 45 VIX 45 EURUSD GBPUSD 45 accomodative monetary policy 45 5y 45 Reverse convertibles 44 Eur Jpy 44 statistical arbitrage 44 risk premia 44 Joe Terranova 44 Hitomi Kimura bond 44 Tetsuya Miura bond 44 usd cad 44 PIK toggle 44 Oh'e 44 toppy 44 Amikura 44 Soured loans 44 Breakout2 44 IMM FX 44 Euribor futures contracts 44 Ranges AUD USD 44 SAM MAGUIRE 'S IRISH 44 riskier currencies 44 #.# bpa 44 #-#/# mth 44 bunds widened 44 nverstop 44 Financial Sector SPDR 44 #/#nds [002] 44 riskier assets 44 intra EMU 44 Gold steadies 44 NZ sharemarket edges 44 knishes chicken nuggets 44 Libor OIS spreads 44 Takashi Ohba senior 44 TheTechTrader.com board 44 NZ dlrs 44 Koji Ochiai 44 DE#YT = TWEB 44 Kotak Opportunities 44 sideway trading 44 riskless 44 SupplySMART ™ energy 44 Elwin de Groot 44 Yen Trust FXY 44 gyrates wildly 44 thedollar 44 disappointed Bienemy 44 Deleveraging involves 44 Pork bellies 44 Cubes QQQQ 44 nondollar 44 gilt yield 44 #x FY# 44 • Compounded singles 44 Short Dow# ProShares DOG 44 notes UST#Y 44 gold futures GCZ0 44 tradable counters remains 44 Uridashi bonds 44 WORLD BONDS 44 Non deliverable 44 Shinji Ebihara quantitative 44 backwardation 44 mildly bearish 44 Xover 44 reverse convertibles 44 Federal Reserveā 44 spec longs 44 German bunds widened 44 Katsutoshi Inadome strategist 44 Xinyi Lu chief 44 Replacement calves 44 NorthStar Realty 44 SSFs 44 Daytraders 44 MAX KING 44 candlestick charts 44 EUR GBP AUD 44 CORRECTED FOREX Dollar 44 optimistically aligned 44 ascending wedge 44 Comex copper 44 risker 44 TIP TLT 44 calculated base actual/# 44 notes US2YT = RR 44 adjustables 44 RuiXue Xu 44 deposits FDs 44 SGD MYR 44 Rupee trims 44 HiVol 44 PRECIOUS Gold climbs 44 #/#-year [002] 44 inverse leveraged 44 woefully lagged 44 Copom voted unanimously 44 Expense ratios 44 BOND REPORT 44 EURO CORP 44 CGBs 44 CRG intends 44 Kaoru Kondo chief 44 DJ EuroSTOXX 44 COMEX GOLD 44 #-#/# yielding #.# [004] 44 Akitsugu Bandou senior 44 Souter biographer Tinsley Yarbrough 44 Tjornehoj 44 Gbp Usd #.# 44 author Nassim Nicholas 44 Lehman Aggregate Bond 44 THYS VISSER 44 2Y 44 Euribor 44 gray foamy mousse 44 yesterdayā 44 Dollar pares losses 44 fxgai 44 Mr Modray 44 STOCKS Financials 44 EURAUD 44 eur aud 44 Bollinger bands 44 PE ratios 44 Hourly charts 44 #.# wud 44 GBP NZD 44 contrarian viewpoint 44 marketwide rollover 44 Powershares QQQ Trust 44 Illiquid 44 USTBonds 44 PowerShares DB Crude 44 toward Anglo unguaranteed 44 bearish undertone 44 Teruhisa Ishikawa 44 Masatsugu Miyata forex 44 interestrates 44 Chotaro Morita head 44 Triax Diversified High 44 Valuation Informed Indexing 44 abv #.# 44 Rupee dips 44 upward sloping 44 safe haven allure 44 note US5YT RR 44 uridashi bonds 44 Comex gold 44 Bullish UUP 44 Bart Melek global 44 Hidenori Suezawa chief 44 nominals 44 +2 bps 44 Pibs 44 OATei 44 Credit Default Swaps CDS 44 XLF Loading 44 higher yielding currencies 44 Toshihiro Azuma forex 44 Luc Van Hecka 44 PTTRX 44 RICHARD HIRSCH 44 Irrational exuberance 44 BoE Blanchflower 44 month Euroyen futures 44 December soymeal settled 44 #bp tighter 44 SIVs CDOs 44 Mr Cavenagh 44 Extends Downtrend 44 iTRAXX 44 Benedikt Germanier currency 44 Unlike hallucinogens 44 inverse floaters 44 Phil Schlakman head 44 Wrap Aus 44 midswaps 44 #.#-#.# usd [001] 44 multistrategy funds 44 Treasury notes US#YT 44 RuiXue Xu rates 44 ETF SPY 44 Convertible arbitrage 44 FOREX Dollar dips 44 EURIBOR plus 44 encountered bargain hunters 44 Treasuries pared 44 unlinked shekel 44 Vanguard GNMA fund 44 Inc HLEX 44 Loonie soars 44 retracements 44 Takashi Nishimura 44 http:/www.InvestorsObserver.com/FREEDP NOTE All 44 FOREX Dollar pares 44 Hibor 44 Sonja Marten 44 Statistical Arbitrage 44 Euroshares outlook 44 TED Spread 44 Akito Fukunaga fixed 44 JESSICA CROSS 44 arbitrages 44 ANDILE MAZWAI 44 MACD oscillator 44 diversifieds 44 LIBOR OIS 44 Shinji Kunibe fund 44 METALS Copper dips 44 Jun Ishii 44 EU#YT = RR 44 JPY CHF 44 Paul Mackel currency 44 dollar yuan NDFs 44 Onside kicks 44 Freeport McMoran FCX 44 RUSSELL LEIGH 44 collaterised debt obligations 44 underweighting 44 USD CHF Dollar 44 MARKET CLOSE NZ 44 GREG POTTER Yes 44 DAVID SHAPIRO Well 44 METALS Copper falls 44 LIBOR indexed 44 OFZs 44 Portfolio Turnover