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Since the economy is 66% consumer driven, when consumer

spending slows, the GDP begins to fall. Consumer spending slows for a multitude of reasons: when

the consumer can no longer get reasonable credit rates, when he's fearful of loosing his job, when

his debt load is higher than is comfortable, when he already has all the stuff he needs. The economic

cycle has periods of expansion and contraction. A recession is a contraction. Its normal.

welcome to the world of share market,

first you have to get PAN card,

then open a demat and trading account,

then only you can invest,

it takes around 1 or 2 months to get the above,

In this time you study about stock market.

better you go to a stock broker to get these things.

like anand raathi, geojit, indiabulls.......

all the best.......... http://marketlive.in/stock-market-tutorials/stocks-tutorial.php Security Analysis by

Graham & Dodd\par

2. The Intelligent Investor by Bejamin Graham\par

3. One up on Wall Street by Peter Lynch\par

4. Investment Analysis & Portfolio Management by Prassana Chandra\par

stocks-tutorial-basics-of-share-market.php.htm

A mutual fund is a professionally managed type of collective investment scheme that poolsmoney from many investors and invests it in stocks, bonds, short-term money market

instruments, and/or othersecurities.

[1]

The mutual fund will have a fund managerthat tradesthe pooled money on a regular basis. The net proceeds or losses are then typically distributedto the investors annually.

Since 1940, there have been three basic types ofinvestment companies in the United States:

open-end funds, also known in the U.S. as mutual funds; unit investment trusts (UITs); andclosed-end funds. Similar funds also operate in Canada. However, in the rest of the world,mutual fundis used as a generic term for various types of collective investment vehicles, suchas unit trusts, open-ended investment companies (OEICs), unitized insurance funds, andundertakings for collective investments in transferable securities (UCITS).

Contents[hide]

y 1 Historyy 2 Usagey 3 Net asset valuey 4 Average annual returny 5 Turnover

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y 6 Expenses and TERs o 6.1 Management feeso 6.2 Non-management expenseso 6.3 12b-1/Non-12b-1 service feeso 6.4 Investor fees and expenseso 6.5 Brokerage commissions

y 7 Types of mutual funds o 7.1 Open-end fundo 7.2 Exchange-traded fundso 7.3 Equity funds

7.3.1 Capitalization 7.3.2 Growth vs. value 7.3.3 Index funds versus active management

o 7.4 Bond fundso 7.5 Money market fundso 7.6 Funds of fundso 7.7 Hedge funds

y 8 Mutual funds vs. other investments o 8.1 Share classeso 8.2 Load and expenses

y 9 See alsoy 10 Referencesy 11 Further reading

[edit] History

Massachusetts Investors Trust (now MFS Investment Management) was founded on March21, 1924, and, after one year, it had 200 shareholders and $392,000 in assets. The entire

industry, which included a few closed-end funds represented less than $10 million in 1924.

The stock market crash of 1929 hindered the growth of mutual funds. In response to the stockmarket crash, Congress passed the Securities Act of 1933 and the Securities Exchange Act of

1934. These laws require that a fund be registered with the U.S. Securities and ExchangeCommission (SEC) and provide prospective investors with a prospectus that containsrequired disclosures about the fund, the securities themselves, and fund manager. The SEChelped draft the Investment Company Act of 1940, which sets forth the guidelines with whichall SEC-registered funds today must comply.

With renewed confidence in the stock market, mutual funds began to blossom. By the end ofthe 1960s, there were approximately 270 funds with $48 billion in assets. The first retail

index fund, First Index Investment Trust, was formed in 1976 and headed by John Bogle,who conceptualized many of the key tenets of the industry in his 1951 senior thesis atPrinceton University

[2]. It is now called the Vanguard 500 Index Fund and is one of the

world's largest mutual funds, with more than $100 billion in assets.

A key factor in mutual-fund growth was the 1975 change in the Internal Revenue Codeallowing individuals to open individual retirement accounts (IRAs). Even people alreadyenrolled in corporate pension plans could contribute a limited amount (at the time, up to

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$2,000 a year). Mutual funds are now popular in employer-sponsored "defined-contribution"retirement plans such as (401(k)s) and 403(b)s as well as IRAs including Roth IRAs.

As of October 2007, there are 8,015 mutual funds that belong to the Investment Company

Institute (ICI), a national trade association of investment companies in the United States, withcombined assets of $12.356 trillion.

[3]In early 2008, the worldwide value of all mutual funds

totaled more than $26 trillion.[4]

[edit] Usage

Since the Investment Company Act of 1940, a mutual fund is one of three basic types ofinvestment companies available in the United States.[5]

Mutual funds can invest in many kinds ofsecurities. The most common are cash instruments,stock, and bonds, but there are hundreds of sub-categories. Stock funds, for instance, caninvest primarily in the shares of a particular industry, such as technology or utilities. Theseare known as sector funds. Bond funds can vary according to risk (e.g., high-yield junk bonds

or investment-grade corporate bonds), type ofissuers (e.g., government agencies,corporations, or municipalities), or maturity of the bonds (short- or long-term). Both stockand bond funds can invest in primarily U.S. securities (domestic funds), both U.S. andforeign securities (global funds), or primarily foreign securities (international funds).

Most mutual funds' investment portfolios are continually adjusted under the supervision of aprofessional manager, who forecasts cash flows into and out of the fund by investors, as wellas the future performance of investments appropriate for the fund and chooses those which heor she believes will most closely match the fund's stated investment objective. A mutual fundis administered under an advisory contract with a management company, which may hire orfire fund managers.

Mutual funds are subject to a special set of regulatory, accounting, and tax rules. In the U.S.,unlike most other types of business entities, they are not taxed on their income as long as theydistribute 90% of it to their shareholders and the funds meet certain diversificationrequirements in the Internal Revenue Code. Also, the type of income they earn is oftenunchanged as it passes through to the shareholders. Mutual fund distributions of tax-freemunicipal bond income are tax-free to the shareholder. Taxable distributions can be eitherordinary income orcapital gains, depending on how the fund earned those distributions. Netlosses are not distributed or passed through to fund investors.

[edit] Net asset value

Main article: Net asset value

The net asset value, or NAV, is the current market value of a fund's holdings, less the fund'sliabilities, usually expressed as a per-share amount. For most funds, the NAV is determined

daily, after the close of trading on some specified financial exchange, but some funds updatetheir NAV multiple times during the trading day. The public offering price, or POP, is theNAV plus a sales charge. Open-end funds sell shares at the POP and redeem shares at theNAV, and so process orders only after the NAV is determined. Closed-end funds (the sharesof which are traded by investors) may trade at a higher or lower price than their NAV; this is

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known as a premium ordiscount, respectively. If a fund is divided into multiple classes ofshares, each class will typically have its own NAV, reflecting differences in fees and

expenses paid by the different classes.

Some mutual funds own securities which are not regularly traded on any formal exchange.These may be shares in very small or bankrupt companies; they may be derivatives; or they

may be private investments in unregistered financial instruments (such as stock in a non-public company). In the absence of a public market for these securities, it is the responsibilityof the fund manager to form an estimate of their value when computing the NAV. How muchof a fund's assets may be invested in such securities is stated in the fund's prospectus.

[edit] Average annual return

US mutual funds use SEC form N-1A to report the average annual compounded rates ofreturn for 1-year, 5-year and 10-year periods as the "average annual total return" for eachfund. The following formula is used:[6]

P(1+T)n

= ERV

Where:

P = a hypothetical initial payment of $1,000.

T = average annual total return.

n = number of years.

ERV = ending redeemable value of a hypothetical $1,000 payment made at the beginning ofthe 1-, 5-, or 10-year periods at the end of the 1-, 5-, or 10-year periods (or fractional

portion).

[edit] Turnover

Turnoveris a measure of the fund's securities transactions, usually calculated over a year'stime, and usually expressed as a percentage of net asset value.

This value is usually calculated as the value of all transactions (buying, selling) divided by 2divided by the fund's total holdings; i.e., the fund counts one security sold and another onebought as one "turnover". Thus turnover measures the replacement of holdings.

In Canada, under NI 81-106 (required disclosure for investment funds) turnover ratio iscalculated based on the lesser of purchases or sales divided by the average size of theportfolio (including cash).

[edit] Expenses and TERs

Mutual funds bear expenses similar to other companies. The fee structure of a mutual fundcan be divided into two or three main components: management fee, non-management

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expense, and 12b-1/non-12b-1 fees. All expenses are expressed as a percentage of theaverage daily net assets of the fund.

[edit] Management fees

The management fee for the fund is usually synonymous with the contractual investment

advisory fee charged for the management of a fund's investments. However, as many fundcompanies include administrative fees in the advisory fee component, when attempting to

compare the total management expenses of different funds, it is helpful to define managementfee as equal to the contractual advisory fee plus the contractual administrator fee. This "levels

the playing field" when comparing management fee components across multiple funds.

Contractual advisory fees may be structured as "flat-rate" fees, i.e., a single fee charged to thefund, regardless of the asset size of the fund. However, many funds have contractual feeswhich include breakpoints so that as the value of a fund's assets increases, the advisory feepaid decreases. Another way in which the advisory fees remain competitive is by structuringthe fee so that it is based on the value of all of the assets of a group or a complex of fundsrather than those of a single fund.

[edit] Non-management expenses

Apart from the management fee, there are certain non-management expenses which mostfunds must pay. Some of the more significant (in terms of amount) non-managementexpenses are: transfer agent expenses (this is usually the person you get on the other end ofthe phone line when you want to purchase/sell shares of a fund), custodian expense (thefund's assets are kept in custody by a bank which charges a custody fee), legal/audit expense,fund accounting expense, registration expense (the SEC charges a registration fee when fundsfile registration statements with it), board of directors/trustees expense (the members of theboard who oversee the fund are usually paid a fee for their time spent at meetings), and

printing and postage expense (incurred when printing and delivering shareholder reports).

[edit] 12b-1/Non-12b-1 service fees

In the United States, 12b-1 service fees/shareholder servicing fees are contractual fees whicha fund may charge to cover the marketing expenses of the fund. Non-12b-1 service fees aremarketing/shareholder servicing fees which do not fall under SEC rule 12b-1. While funds donot have to charge the full contractual 12b-1 fee, they often do. When investing in a front-endload or no-load fund, the 12b-1 fees for the fund are usually .250% (or 25 basis points). The12b-1 fees for back-end and level-load share classes are usually between 50 and 75 basispoints but may be as much as 100 basis points. While funds are often marketed as "no-load"funds, this does not mean they do not charge a distribution expense through a different

mechanism. It is expected that a fund listed on an online brokerage site will be paying for the"shelf-space" in a different manner even if not directly through a 12b-1 fee.

[edit] Investor fees and expenses

Fees and expenses borne by the investor vary based on the arrangement made with theinvestor's broker. Sales loads (or contingent deferred sales loads (CDSL)) are not included inthe fund's total expense ratio (TER) because they do not pass through the statement of

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operations for the fund. Additionally, funds may charge early redemption fees to discourageinvestors from swapping money into and out of the fund quickly, which may force the fund to

make bad trades to obtain the necessary liquidity. For example, Fidelity DiversifiedInternational Fund (FDIVX) charges a 1 percent fee on money removed from the fund in less

than 30 days.

[edit] Brokerage commissions

An additional expense which does not pass through the statement of operations and cannot becontrolled by the investor is brokerage commissions. Brokerage commissions are

incorporated into the price of the fund and are reported usually 3 months after the fund'sannual report in the statement of additional information. Brokerage commissions are directly

related to portfolio turnover (portfolio turnover refers to the number of times the fund's assetsare bought and sold over the course of a year). Usually, higher rate of portfolio turnover

returns in higher brokerage commissions. The advisors of mutual fund companies arerequired to achieve "best execution" through brokerage arrangements so that the commissionscharged to the fund will not be excessive.

[edit] Types of mutual funds

[edit] Open-end fund

The term mutual fundis the common name for what is classified as an open-end investment

company by the SEC. Being open-ended means that, at the end of every day, the fund issuesnew shares to investors and buys back shares from investors wishing to leave the fund.

Mutual funds must be structured as corporations or trusts, such as business trusts, and anycorporation or trust will be classified by the SEC as an investment company if it issuessecurities and primarily invests in non-government securities. An investment company will

be classified by the SEC as an open-end investment company if they do not issue undividedinterests in specified securities (the defining characteristic ofunit investment trusts or UITs)and if they issue redeemable securities. Registered investment companies that are not UITs oropen-end investment companies are closed-end funds. Neither UITs nor closed-end funds aremutual funds (as that term is used in the US).

[edit] Exchange-traded funds

Main article: Exchange-traded fund

A relatively recent innovation, the exchange-traded fund or ETF, is often structured as an

open-end investment company. ETFs combine characteristics of both mutual funds andclosed-end funds. ETFs are traded throughout the day on a stock exchange, just like closed-end funds, but at prices generally approximating the ETF's net asset value. Most ETFs areindex funds and trackstock market indexes. Shares are issued or redeemed by institutionalinvestors in large blocks (typically of 50,000). Most investors purchase and sell sharesthrough brokers in market transactions. Because the institutional investors normally purchaseand redeem in in kind transactions, ETFs are more efficient than traditional mutual funds(which are continuously issuing and redeeming securities and, to effect such transactions,

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continually buying and selling securities and maintaining liquidity positions) and thereforetend to have lower expenses.

Exchange-traded funds are also valuable for foreign investors who are often able to buy and

sell securities traded on a stock market, but who, for regulatory reasons, are limited in theirability to participate in traditional U.S. mutual funds.

[edit] Equity funds

Equity funds, which consist mainly of stock investments, are the most common type ofmutual fund. Equity funds hold 50 percent of all amounts invested in mutual funds in theUnited States. [7] Often equity funds focus investments on particular strategies and certaintypes of issuers.

[edit] Capitalization

Fund managers and other investment professionals have varying definitions ofmid-cap, andlarge-cap ranges. The following ranges are used by Russell Indexes: [8]

y Russell Microcap Index micro-cap ($54.8 539.5 million)y Russell 2000 Index small-cap ($182.6 million 1.8 billion)y Russell Midcap Index mid-cap ($1.8 13.7 billion)y Russell 1000 Index large-cap ($1.8 386.9 billion)

[edit] Growth vs. value

Another distinction is made between growth funds, which invest in stocks of companies thathave the potential for large capital gains, and value funds, which concentrate on stocks thatare undervalued. Value stocks have historically produced higher returns; however, financial

theory states this is compensation for their greater risk. Growth funds tend not to pay regulardividends. Income funds tend to be more conservative investments, with a focus on stocksthat pay dividends. A balanced fund may use a combination of strategies, typically includingsome level of investment in bonds, to stay more conservative when it comes to risk, yet aimfor some growth.[citation needed]

[edit] Index funds versus active management

Main articles: Index fund and active management

An index fund maintains investments in companies that are part of major stock (or bond)indexes, such as the S&P 500, while an actively managed fund attempts to outperform a

relevant index through superior stock-picking techniques. The assets of an index fund aremanaged to closely approximate the performance of a particular published index. Since thecomposition of an index changes infrequently, an index fund manager makes fewer trades, onaverage, than does an active fund manager. For this reason, index funds generally have lowertrading expenses than actively managed funds, and typically incur fewer short-term capitalgains which must be passed on to shareholders. Additionally, index funds do not incurexpenses to pay for selection of individual stocks (proprietary selection techniques, research,etc.) and deciding when to buy, hold or sell individual holdings. Instead, a fairly simple

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computer model can identify whatever changes are needed to bring the fund back intoagreement with its target index.

Certain empirical evidence seems to illustrate that mutual funds do not beat the market and

actively managed mutual funds under-perform other broad-based portfolios with similarcharacteristics. One study found that nearly 1,500 U.S. mutual funds under-performed the

market in approximately half of the years between 1962 and 1992. [9]Moreover, funds thatperformed well in the past are not able to beat the market again in the future (shown byJensen, 1968; Grimblatt and Sheridan Titman, 1989). [10]

[edit] Bond funds

Bond funds account for 18% of mutual fund assets. [11] Types of bond funds include termfunds, which have a fixed set of time (short-, medium-, or long-term) before they mature.

Municipal bond funds generally have lower returns, but have tax advantages and lower risk.High-yield bond funds invest in corporate bonds, including high-yield orjunk bonds. Withthe potential for high yield, these bonds also come with greater risk.

[edit] Money market funds

Money market funds hold 26% of mutual fund assets in the United States.[12]

Money marketfunds entail the least risk, as well as lower rates of return. Unlike certificates of deposit(CDs), money market shares are liquid and redeemable at any time.

[edit] Funds of funds

Funds of funds (FoF) are mutual funds which invest in other underlying mutual funds (i.e.,they are funds comprised of other funds). The funds at the underlying level are typicallyfunds which an investor can invest in individually. A fund of funds will typically charge a

management fee which is smaller than that of a normal fund because it is considered a feecharged for asset allocation services. The fees charged at the underlying fund level do notpass through the statement of operations, but are usually disclosed in the fund's annual report,prospectus, or statement of additional information. The fund should be evaluated on thecombination of the fund-level expenses and underlying fund expenses, as these both reducethe return to the investor.

Most FoFs invest in affiliated funds (i.e., mutual funds managed by the same advisor),although some invest in funds managed by other (unaffiliated) advisors. The cost associatedwith investing in an unaffiliated underlying fund is most often higher than investing in an

affiliated underlying because of the investment management research involved in investing infund advised by a different advisor. Recently, FoFs have been classified into those that are

actively managed (in which the investment advisor reallocates frequently among theunderlying funds in order to adjust to changing market conditions) and those that are

passively managed (the investment advisor allocates assets on the basis of on an allocationmodel which is rebalanced on a regular basis).

The design ofFoFs is structured in such a way as to provide a ready mix of mutual funds forinvestors who are unable to or unwilling to determine their own asset allocation model. Fundcompanies such as TIAA-CREF, American Century Investments, Vanguard, and Fidelityhave also entered this market to provide investors with these options and take the "guess

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work" out of selecting funds. The allocation mixes usually vary by the time the investorwould like to retire: 2020, 2030, 2050, etc. The more distant the target retirement date, the

more aggressive the asset mix.

[edit] Hedge funds

Main article: Hedge fund

Hedge funds in the United States are pooled investment funds with loose SEC regulation,unlike mutual funds. Some hedge fund managers are required to register with SEC asinvestment advisers under the Investment Advisers Act. [13] The Act does not require an

adviser to follow or avoid any particular investment strategies, nor does it require or prohibitspecific investments. Hedge funds typically charge a management fee of 1% or more, plus a

performance fee of 20% of the hedge fund's profit. There may be a "lock-up" period,during which an investor cannot cash in shares. A variation of the hedge strategy is the 130-30 fund for individual investors.

[edit] Mutual funds vs. other investments

Mutual funds offer several advantages over investing in individual stocks. For example, thetransaction costs are divided among all the mutual fund shareholders, which allows for cost-effective diversification. Investors may also benefit by having a third party (professional fundmanagers) apply expertise and dedicate time to manage and research investment options,although there is dispute over whether professional fund managers can, on average,outperform simple index funds that mimic public indexes. Yet, the Wall Street Journalreported that separately managed accounts (SMA or SMAs) performed better than mutualfunds in 22 of 25 categories from 2006 to 2008. This included beating mutual fundsperformance in 2008, a tough year in which the global stock market lost US$21 trillion invalue. [14][15] In the story, Morningstar, Inc said SMAs outperformed mutual funds in 25 of

36 stock and bond market categories. Whether actively managed or passively indexed, mutualfunds are not immune to risks. They share the same risks associated with the investmentsmade. If the fund invests primarily in stocks, it is usually subject to the same ups and downsand risks as the stock market.

[edit] Share classes

Many mutual funds offer more than one class of shares. For example, you may have seen afund that offers "Class A" and "Class B" shares. Each class will invest in the same pool (orinvestment portfolio) of securities and will have the same investment objectives and policies.But each class will have different shareholder services and/or distribution arrangements with

different fees and expenses. These differences are supposed to reflect different costs involvedin servicing investors in various classes; for example, one class may be sold through brokerswith a front-end load, and another class may be sold direct to the public with no load but a"12b-1 fee" included in the class's expenses (sometimes referred to as "Class C" shares). Stilla third class might have a minimum investment of $10,000,000 and be available only tofinancial institutions (a so-called "institutional" share class). In some cases, by aggregatingregular investments made by many individuals, a retirement plan (such as a 401(k) plan) mayqualify to purchase "institutional" shares (and gain the benefit of their typically lower

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expense ratios) even though no members of the plan would qualify individually.[16]

As aresult, each class will likely have different performance results. [17]

A multi-class structure offers investors the ability to select a fee and expense structure that is

most appropriate for their investment goals (including the length of time that they expect toremain invested in the fund).

[17]

[edit] Load and expenses

Main article: Mutual fund fees and expenses

A front-end load orsales charge is a commission paid to a brokerby a mutual fund whenshares are purchased, taken as a percentage of funds invested. The value of the investment isreduced by the amount of the load. Some funds have a deferred sales charge orback-endload. In this type of fund an investor pays no sales charge when purchasing shares, but willpay a commission out of the proceeds when shares are redeemed depending on how long theyare held. Another derivative structure is a level-load fund, in which no sales charge is paid

when buying the fund, but a back-end load may be charged if the shares purchased are soldwithin a year.

Load funds are sold through financial intermediaries such as brokers, financial planners, andother types of registered representatives who charge a commission for their services. Sharesof front-end load funds are frequently eligible forbreakpoints (i.e., a reduction in thecommission paid) based on a number of variables. These include other

It has been suggested that this article or section be merged with Credit crunch (Discuss)

The term liquidity crisis may refer to :

y a "general feeling of mistrust in the banking system"[1] conducting to a temporarydisappearance of credit;

y a lack of cash experienced by one particular business;[2]y the term is sometimes used as a synonym ofcredit crunch.

Contents

[hide]

y 1 Liquidity crisis as an economic crisisy 2 Liquidity crisis for a businessy 3 Referencesy 4 See also

[edit] Liquidity crisis as an economic crisis

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Nouriel Roubini describes the crisis of August 2007 as a credit crisis and credit crunch andexplains it is not just a liquidity crisis.[3]

A credit crunch is a sharp increase in the interest rates and a strong decrease in allocated

credits.[1]

[edit] Liquidity crisis for a business

A liquidity crisis occurs when a business experiences a lack ofcash required to grow thebusiness, pay for day-to-day operations, or meet its debt obligations when they are due,causing it to default. When "liquidity crisis" is used to refer to an economy as a whole itmeans that liquidity crises affecting principal players in the economy are resulting indiminished availability of credit.

Some businesses choose to "trade through" a liquidity crisis in the hope of finding additionalcash flow needed to survive the temporary crisis. This often involves delaying payment ofcreditors, issuing bonds, making additional loans, selling assets, and encouraging more

prompt payment from customers. Continuing to trade through a liquidity crisis incircumstances where the underlying business is not viable (or where the market itself isexperiencing a prolonged recession orcredit crunch) will only delay the inevitablebankruptcy and result in further losses.

When a liquidity crisis occurs, it is vital that the stakeholders accurately and objectivelyassess whether the business is viable and ultimately can succeed with the injection of furthercash to stave offinsolvency, or whether it is incapable of surviving long term in the currentmarket. The financierorbanklender is often the ultimate arbiter of whether a businesssurvives a liquidity crisis or not.

The decision whether to "trade through" a liquidity crisis or declare bankruptcy is quite

possibly the most difficult and complex decision any business leader can faceIn financialmarkets, a share is a unit of account for various financial instruments including stocks(ordinary or preferential), and investments in limited partnerships, and REITs. The commonfeature of all these is equity participation (limited in the case of preference shares).

Contents

[hide]

y 1 National variations o

1.1 United States

y 2 Shareholders and dividendsy 3 Valuationy 4 Tax treatmenty 5 Share certificatesy 6 see alsoy 7 References

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[edit] National variations

[edit] United States

In American English, the plural stocks is widely used instead ofshares, in other words to

refer to the stock (or perhaps originally stock certificates) of even a single company.Traditionalist demands that the plural stocks be used only when referring to stock of morethan one company are rarely heard nowadays..

[edit] Shareholders and dividends

The income received from shares is called a dividend, and a person owning shares is called ashareholder.

[edit] Valuation

Shares are valued according to various principles in different markets, but a basic premise isthat a share is worth the price at which a transaction would be likely to occur were the sharesto be sold. The liquidity of markets is a major consideration as to whether a share is able to besold at any given time. An actual sale transaction of shares between buyer and seller isusually considered to provide the best prima-facie market indicator as to the 'true value' ofshares at that particular moment.

[edit] Tax treatment

Tax treatment of dividends varies between territories. For instance, in India, dividends are taxfree in the hands of the shareholder, but the company paying the dividend has to pay dividend

distribution tax at 12.5%. There is also the concept of a deemed dividend, which is not taxfree. Further, Indian tax laws include provisions to stop dividend stripping.

[edit] Share certificates

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