On this episode of Advances in Care , host Erin Welsh and Dr. Craig Smith, Chair of the Department of Surgery and Surgeon-in-Chief at NewYork-Presbyterian and Columbia discuss the highlights of Dr. Smith’s 40+ year career as a cardiac surgeon and how the culture of Columbia has been a catalyst for innovation in cardiac care. Dr. Smith describes the excitement of helping to pioneer the institution’s heart transplant program in the 1980s, when it was just one of only three hospitals in the country practicing heart transplantation. Dr. Smith also explains how a unique collaboration with Columbia’s cardiology team led to the first of several groundbreaking trials, called PARTNER (Placement of AoRTic TraNscatheteR Valve), which paved the way for a monumental treatment for aortic stenosis — the most common heart valve disease that is lethal if left untreated. During the trial, Dr. Smith worked closely with Dr. Martin B. Leon, Professor of Medicine at Columbia University Irving Medical Center and Chief Innovation Officer and the Director of the Cardiovascular Data Science Center for the Division of Cardiology. Their findings elevated TAVR, or transcatheter aortic valve replacement, to eventually become the gold-standard for aortic stenosis patients at all levels of illness severity and surgical risk. Today, an experienced team of specialists at Columbia treat TAVR patients with a combination of advancements including advanced replacement valve materials, three-dimensional and ECG imaging, and a personalized approach to cardiac care. Finally, Dr. Smith shares his thoughts on new frontiers of cardiac surgery, like the challenge of repairing the mitral and tricuspid valves, and the promising application of robotic surgery for complex, high-risk operations. He reflects on life after he retires from operating, and shares his observations of how NewYork-Presbyterian and Columbia have evolved in the decades since he began his residency. For more information visit nyp.org/Advances…
Economies of scale are cost advantages reaped by companies when production becomes efficient. Companies can achieve economies of scale by increasing production and lowering costs. This happens because costs are spread over a larger number of goods. Costs can be both fixed and variable. The business size generally matters when it comes to economies of scale. The larger the business, the more the cost savings. Economies of scale can be both internal and external. Internal economies of scale are based on management decisions, while external ones have to do with outside factors. Internal functions include accounting, information technology, and marketing, which are also considered operational efficiencies and synergies. Become a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support .…
An attorney-in-fact, also called an agent, is a person who is authorized to act on behalf of another person, known as the principal, typically to perform business or other official transactions. The principal usually designates someone as their attorney-in-fact by assigning them power of attorney, although a court may choose to assign it if the person being represented is incapacitated. The rules regulating power of attorney vary from state to state. An attorney-in-fact is not necessarily a lawyer. Power of attorney may also be granted to more than one person. Become a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support .…
The Bank Bill Swap Rate, or Bank Bill Swap Reference Rate, is a short-term interest rate used as a benchmark for the pricing of Australian dollar derivatives and securities—most notably, floating rate bonds. The BBSW is an independent reference rate that's used for pricing securities. Fixed-income investors use BBSW since it's the benchmark to price floating-rate bonds and other securities. There is a risk premium added to the BBSW to compensate for the risk of the securities, as compared with the risk-free rate, which is typically based on government bonds. The BBSW is calculated and published by the Australian Securities Exchange (ASX), which maintains this rate. The bank bill swap rate is Australia's equivalent of the London Interbank Offered Rate (LIBOR) and is used as a reference rate in much the same way on an institutional level. Become a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support .…
The Affordable Care Act (ACA) is the comprehensive healthcare reform signed into law by then-President Barack Obama in March 2010. Formally known as the Patient Protection and Affordable Care Act and commonly referred to as Obamacare, the law includes a list of healthcare policies intended to expand access to health insurance to millions of uninsured Americans.1 The law expanded Medicaid eligibility, created health insurance exchanges, mandated that Americans purchase or otherwise obtain health insurance, and prohibited insurance companies from denying coverage due to preexisting conditions The ACA was designed to reform the health insurance industry and help reduce the cost of health insurance coverage for individuals who qualify. The law includes premium tax credits and cost-sharing reductions to help lower expenses for lower-income individuals and families. Become a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support .…
Kiting is the fraudulent use of a financial instrument to obtain additional credit that is not authorized. Kiting encompasses two main types of fraud: Issuing or altering a check or bank draft, for which there are insufficient funds and Misrepresenting the value of a financial instrument to extend credit obligations or increase financial leverage.kiting typically involves passing a series of checks at two or more banking institutions, using accounts that have insufficient funds. Relying on the float time required for a check deposited at one bank to clear at another, the kiter typically writes a check at the first bank against an account at the other. Before that check clears, they then withdraw the funds from the second bank account and deposit the funds back into the first. The process may then be repeated in the opposite order, sometimes repeatedly. The net result is a series of fraudulent withdrawals that rely on being a step ahead of the fraudulent check on which they are based having cleared. Become a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support .…
The term joint tenant with the right of survivorship (JTWROS) refers to a legal ownership structure involving two or more parties for any financial account or another asset. When one of the co-owners dies in a joint tenancy with the right of survivorship, then the surviving co-owner automatically owns the asset. Each tenant has an equal right to the account's assets and is afforded survivorship rights if one of the account holder(s) dies. A surviving member inherits the total value of the other member's share of property upon the death of that other member. Become a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support .…
A J Curve is an economic theory which states that, under certain assumptions, a country's trade deficit will initially worsen after the depreciation of its currency—mainly because in the near term higher prices on imports will have a greater impact on total nominal imports than the reduced volume of imports. This results in a characteristic letter J shape when the nominal trade balance is charted as a line graph. Become a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support .…
A null hypothesis is a type of statistical hypothesis that proposes that no statistical significance exists in a set of given observations. Hypothesis testing is used to assess the credibility of a hypothesis by using sample data. Sometimes referred to simply as the "null," it is represented as H0. The null hypothesis, also known as the conjecture, is used in quantitative analysis to test thA null hypothesis is a type of conjecture in statistics that proposes that there is no difference between certain characteristics of a population or data-generating process.eories about markets, investing strategies, or economies to decide if an idea is true or false. Become a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support .…
Hard skills are technical skills required for a job. They are learned abilities acquired and enhanced through education and experience. Hard skills are important for your resume, as employers look for them when hiring. Hard skills alone don’t translate into success, as employees also need other skills, such as soft skills. Unlike soft skills, hard skills can be quantified. For example, a hard skill might be proficiency in a second language, while a soft skill could be the ability to work well on a team. Become a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support .…
The Gini index, or Gini coefficient, measures income distribution across a population. Developed by Italian statistician Corrado Gini in 1912, it often serves as a gauge of economic inequality, measuring income distribution or, less commonly, wealth distribution among a population. The coefficient ranges from 0 (or 0%) to 1 (or 100%), with 0 representing perfect equality and 1 representing perfect inequality. Values greater than 1 are theoretically possible due to negative income or wealth A country in which every resident has the same income would have an income Gini coefficient of 0. Conversely, a country in which one resident earned all the income, while everyone else earned nothing, would have an income Gini coefficient of 1 Become a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support .…
A Giffen good is a low-income, non-luxury product that defies standard economic and consumer demand theory. Demand for Giffen goods rises when the price rises and falls when the price falls. In econometrics, this results in an upward-sloping demand curve, contrary to the fundamental laws of demand which create a downward-sloping demand curve. The term "Giffen goods" was coined in the late 1800s, named after noted Scottish economist, statistician, and journalist Sir Robert Giffen. The concept of Giffen goods focuses on low-income, non-luxury products that have very few close substitutes. Giffen goods can be compared to Veblen goods which similarly defy standard economic and consumer demand theory but focus on luxury goods. Become a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support .…
The Chartered Financial Analyst designation is regarded by most to be the key certification for investment professionals, especially in the areas of research and portfolio management. It is, however, just one of many designations used today. This can cause some confusion, as investors and professionals alike puzzle out what each designation means and which is best. Professionals with the designation stand out to employers and may receive higher salaries than those without it. Candidates are required to pass three levels of exams to become chaterholders. CFA charter holders often work at institutional investment firms, broker-dealers, insurance companies, pension funds, banks, and universities. Become a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support .…
An endowment is a donation of money or property to a nonprofit organization, which uses the resulting investment income for a specific purpose. An endowment can also refer to the total of a nonprofit institution’s investable assets, also known as its “principal” or “corpus,” which is meant to be used for operations or programs that are consistent with the wishes of the donor(s). Most endowments are designed to keep the principal amount intact while using the investment income for charitable efforts. Endowments are typically organized as a trust, private foundation, or public charity. Many endowments are administered by educational institutions, such as colleges and universities. Others are overseen by cultural institutions, such as art museums, libraries, religious organizations, private secondary schools, and service-oriented organizations, such as retirement homes or hospitals Become a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support .…
Alpha is a term used in investing to describe an investment strategy's ability to beat the market, or its "edge." Alpha is thus also often referred to as “excess return” or the “abnormal rate of return” about a benchmark, when adjusted for risk. Alpha is often used in conjunction with beta , which measures the broad market's overall volatility or risk, known as systematic market risk. Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market return or other benchmark over some period. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole. Become a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support .…
Berkshire Hathaway is a holding company for a multitude of businesses, including GEICO and Fruit of the Loom. It's run by chair and CEO Warren Buffett. Berkshire Hathaway is headquartered in Omaha, Nebraska. Originally, it was a company comprised of a group of textile milling plants. Buffett assumed control of the struggling New England company in 1965. Since that time, Berkshire has grown to be one of the largest companies in the world, based on market capitalization. Today, it is one of the world's largest companies by market capitalization. As of May 2023, Berkshire Hathaway had a market capitalization of over $715 billion, making it one of the largest publicly traded companies worldwide. Become a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support .…
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