For simplicity's sake in our illustration of trading math, let's assume that this is the precise exchange ratio.

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The exchange ratio is currently 6.6 yuan to the dollar.

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The cost-exchange ratio decisively favors offensive forces.

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Discount broker Charles Schwab announced this morning that it is cutting the annual expense ratio on six of its eight proprietary exchange traded funds.

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The average exchange traded fund (ETF) does have a lower expense ratio than the average traditional mutual fund, but not less than most low-cost index funds that have been available for decades.

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In a sign of broad optimism, the number of New York Stock Exchange-listed companies posting gains on Thursday outnumbered losers by a ratio of 4.6 to 1, making for the broadest-based stock advance in more than two months.

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To give you an example, here is a snippet from an email exchange that I recently had with an ETF provider concerning the high expense ratio of a new fund and how they were marketing the product.

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In exchange for this the US government receives a lower Debt-to-GDP ratio, which affords it the option of reducing its Treasury Bill exposure should interest rates rise.

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This is evident in the chart below, which displays the ratio of puts bought to open, relative to calls, on three major exchange-traded funds (ETFs).

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But until recently they have suffered from a low power-to-weight ratio, unlike the other sort of room-temperature fuel cell, the temperamental and costly proton-exchange-membrane device, which several firms hope soon to use in motor cars.

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