Patent Application
20080114701
The invention relates generally to a computer-implemented system and method for using analyst data to identify peer securities relative to a primary security, and in particular, to comparing and/or classifying securities based on similarities derived from degrees of overlap in analyst coverage.
When conducting investment research, it is often desirable to compare financial data for similar securities to better inform decision making. For example, investors may desire to compare market capitalizations, price to earning ratios, cash flow, operating efficiencies, projected growth, or other information for similar securities in order to determine whether to buy, sell, hold, or take some other action with respect to one or more securities. This type of analysis, often referred to as comparable analysis or peer analysis, is sometimes provided as a service of Financial Information Products that deliver news and financial data to clients.
As an example, one method of identifying peers relative to a given security provides users with manual control over peer identification. For example, a user may manually enter ticker symbols for securities to be compared into a Financial Information Product interface. Data for the specified ticker symbols may be retrieved, and the data may be displayed side-by-side (or according to some other configuration) in the interface for the user to view and analyze. One disadvantage of this method, however, is that investors may not be aware of all sectors, industries, business models, and other information for potentially thousands of securities, and the securities must be filtered and identified manually. This introduces other disadvantages, such as a greater likelihood of error, as investors may mistakenly believe securities are related or unrelated, or the investors may not be aware of all potentially relevant securities. For example, error may occur because manual peer identification may be over-inclusive (e.g., securities in similar sectors may have distinct products lines that do not compete in the marketplace) or under-inclusive (e.g., securities may be left out because an investor is unaware of a comparable security).
Another method of peer identification relies upon third-party classification schemes such as the Global Industry Classification System (as provided by Morgan Stanley Capital International and Standard & Poor's), the Financial Times Stock Exchange scheme, offerings by Dow Jones, and others. Generally, these schemes tend to organize securities by mapping each security into a hierarchy based on various factors, such as region, sector, industry, or other criteria. For example, the Global Industry Classification System organizes securities hierarchically according to one or more regions, where each region includes one or more sectors, each sector includes one or more industries, and each industry includes one or more securities. In some instances, an industry may also include one or more sub-industries. While these classification schemes are able to sort a large number of securities into generally related categories, the hierarchy of securities may be inconsistent from one scheme to another, potentially leaving certain securities out of a comparison analysis. Moreover, securities may be placed into the same category because their products and/or services are marketed in facially similar industries, even though those products and/or services satisfy different niches in the marketplace.
Referring to
Referring to
While these results provide a reasonable comparison, the results may vary from one classification system to another, screening criteria may vary from one security to another, and the results may include comparables that are not true peers of a primary security. For example, SanDisk Corp. (SNDK) is listed among securities 224 identified as comparable to AAPL 222 because SNDK is classified within Computers & Peripherals 216. However, SNDK designs, develops, and markets flash storage card products used in a variety of consumer electronics, whereas AAPL primarily designs, develops, and markets consumer electronic devices such as personal computers and portable music players, as well as digital downloads. Thus, a financial analyst may find that SNDK is not a good peer of AAPL because their products fulfill different roles in the market. On the other hand, a financial analyst may find that CDW Corp. (CDWC) and Xerox Corp. (XRX) are good comparables for AAPL because they sell similar products to consumers. However, screening methods based on an existing system such as the Global Industry Classification System would not return CDWC or XRX as comparables because CDWC is classified within the Services Sector and Retail Industry and XRX is classified within the Office Equipment Industry.
Existing comparative investment research systems that identify peers suffer from these and other drawbacks.
The invention addressing these and other drawbacks of existing systems relates to a system and method for using analyst data (e.g., security analysts) to identify peer securities relative to a primary security. The identification of peer securities may be based, at least in part, on degrees of overlap in analyst coverage. The identified peer securities may be used for, among other things, comparing data for similar securities, creating a classification system for a set or sets of securities, generating comparisons across multiple peer sets for one or more primary securities, or many other security research tasks.
According to various aspects of the invention, peer securities may be identified based, at least in part, on degrees of overlap in broker or financial analyst coverage. For example, two securities may be considered related, and therefore identified as peers, based on criteria associated with analysts that cover the two securities (e.g., based on a number of analysts associated with both a primary security and one or more other securities). A user may identify peer securities, and may compare data for the peer securities to inform investment decision-making, among other uses.
By using degrees of overlap in analyst coverage to identify sets of peer securities, the invention overcomes drawbacks of existing systems by identifying peers as related because analysts tend to specialize or focus research in particular areas. Whereas a broad sector or industry may contain hundreds of securities, an analyst may only cover a relatively small number of securities (e.g., on an order of ten to twelve securities), and therefore the analyst may become a specialist in a particular set of securities. Analysts may tend to look at similar factors from one covered security to another, and therefore the invention utilizes degrees of overlap in analyst specialties (coverage) to identify a set of peer securities for a primary security.
For example, within a single Sector or Industry, there may be many different sub-Industries, business models, product lines, market roles, or other factors distinguishing one company from another. As an example, a Software Industry may include various companies specializing or focusing in distinct areas, or combinations of areas, such as operating systems, enterprise applications, services, desktop or office applications, development tools, video games, among many others. In another example, a Semiconductor Industry may include various companies specializing or focusing in analog integrated circuits, digital integrated circuits, microprocessors, and digital signal processors, among many others. By recognizing that issues related to a security's profitability, overhead, supply chain, capital expenditure, consumer demand, etc. may depend on overlapping factors, and that a security analyst may be likely to exploit this overlap when making predictions, identifying peer securities based on degrees of overlap in analyst coverage may be very useful when conducting financial research, among other things.
According to some aspects of the invention, a set of peer securities may be automatically generated for a primary security based on a degree of analyst coverage overlap. For example, analysts having active estimates and/or recommendations for a primary security may be identified, and for each identified analyst, other securities for which the analyst has an active estimate and/or recommendation may be determined. A set of candidate peer securities may be generated that includes the one or more additional securities.
According to some aspects of the invention, a predetermined number of candidate peer securities may be designated as peer securities based on a degree of analyst coverage overlap. When the candidate peer securities have identical overlap, ties may be broken based on predetermined criteria, such as market capitalization or other criteria. The predetermined number of candidate peer securities designated peer securities may be based on a ranking assigned to each candidate peer security. The ranking may be based on a degree of analyst coverage overlap, such as a number, a percentage, a ratio, or other criteria which measures the degree of overlap among analysts covering both the primary security and the candidate peer security.
According to some aspects of the invention, a user may customize criteria used to generate a set of peer securities. A set of candidate peer securities may be generated automatically based on a degree of analyst coverage overlap and/or the user may customize the generated set of peer securities according to various criteria. For example, a user may trade, invest, or conduct research on a limited number of exchanges, and the set of peer securities may be customized by excluding those securities in the set of candidate peer securities that are not traded on the exchanges associated with the user. In another example, a user may customize the generated set of peer securities by selecting one or more of the candidate peer securities for inclusion in the set of peer securities (e.g., by selecting or de-selecting a check-box or other graphical selection object). In some implementations, the generated set of candidate peer securities may be filtered and/or augmented according to various criteria (e.g., according to a sector and/or industry classification of the primary security). For example, the generated set of candidate peer securities may be augmented to provide a user with additional candidate peer security options, or for other purposes, when a number of candidate peer securities is below is a predetermined threshold, or in other cases. In another example, a user may customize the set of peer securities by manually inputting a ticker symbol, setting filtering criteria (e.g., excluding candidate peer securities that fail to satisfy the filtering criteria), or according to other techniques.
According to some aspects of the invention, sets of peer securities may be stored, analyzed, and/or displayed for use in comparative analysis, for example. A primary security may have multiple sets of peer securities, allowing data to be compiled, collated, aggregated, and otherwise analyzed in various ways. Market capitalizations, price to earnings ratios, asset turnover, correlations in price changes, or other information may be stored, analyzed, and/or displayed for various one or more primary securities, sets of peer securities, or other combinations thereof, and data for the one or more primary securities, sets of peer securities, or other combinations may be analyzed, processed, compared, etc. in many ways. For example, data may be analyzed across one or more peer sets for a primary security (e.g., to research various useful metrics for the primary security). In another example, relationships between primary securities and their candidate peers may be analyzed to partition the primary securities into a classification system. For example, the relationships may be analyzed using clustering techniques to form one or more clusters, and each security may be mapped to one of the clusters.
Other objects and advantages of the invention will be apparent to those skilled in the art based on the following drawings and detailed description.
a-d are views of exemplary comparable analysis applications.
According to various aspects of the invention, as illustrated in
By using degrees of overlap in analyst coverage to identify sets of peer securities, the invention overcomes drawbacks of existing systems by identifying peers as related because analysts tend to specialize or focus research in particular areas. Whereas a broad sector or industry may contain hundreds of securities, an analyst may only cover a relatively small number of securities (e.g., on an order of ten to twelve securities), and therefore the analyst may become a specialist in a particular set of securities. Analysts may tend to look at similar factors from one covered security to another, and therefore the invention utilizes degrees of overlap in analyst specialties (coverage) to identify a set of peer securities for a primary security.
For example, within a single Sector or Industry, there may be many different sub-Industries, business models, product lines, market roles, or other factors distinguishing one company from another. As an example, a Software Industry may include various companies specializing or focusing in distinct areas, or combinations of areas, such as operating systems, enterprise applications, services, desktop or office applications, development tools, video games, among many others. In another example, a Semiconductor Industry may include various companies specializing or focusing in analog integrated circuits, digital integrated circuits, microprocessors, and digital signal processors, among many others. By recognizing that issues related to a security's profitability, overhead, supply chain, capital expenditure, consumer demand, etc. may depend on overlapping factors, and that a security analyst may be likely to exploit this overlap when making predictions, identifying peer securities based on degrees of overlap in analyst coverage may be very useful when conducting financial research, among other things.
According to some aspects of the invention, system 300 may include a server 360 that hosts an application 330. Application 330 may comprise an Internet web site, an intranet site, or other host site or application maintained by a service provider, or other entity. Investors, analysts, or other users may perform various tasks related to researching or analyzing securities by accessing application 330. For example, users may manage, view, and/or otherwise analyze data for one or more peer securities relative to a primary security. Application 330 may comprise a contributors module 340, a data module 342, a history module 344, a performance module 346, a data source interface module 347, a ticker digest module 348, a peer identification and analysis module 345, and/or other modules 349, each of which may implement the various features and functions (as described herein) to identify, select, view, classify, compare, and/or otherwise analyze one or more peer securities relative to a primary security.
Application 330 may be accessed to utilize various features and functions, such as those described in U.S. Pat. No. 6,510,419, entitled “Security Analyst Performance Tracking and Analysis System and Method,” filed Apr. 23, 1999; U.S. patent application Ser. No. 09/524,253, entitled “Security Analyst Estimates Performance Viewing System and Method,” filed Mar. 13, 2000; U.S. Pat. No. 6,681,211, entitled, “Security Analyst Performance Tracking and Analysis System and Method,” filed May 24, 2000; co-pending U.S. patent application Ser. No. 09/722,050, entitled “Security Analyst Estimates Performance Viewing System and Method,” filed Nov. 27, 2000; co-pending U.S. patent application Ser. No. 09/775,599, entitled “Security Analyst Performance Tracking and Analysis System and Method,” filed Feb. 5, 2001; co-pending U.S. patent application Ser. No. 09/893,460, entitled “Security Analyst Estimates Performance Viewing System and Method,” filed Jun. 29, 2001; co-pending U.S. patent application Ser. No. 09/982,838, entitled “Security Analyst Estimates Performance Viewing System and Method,” filed Oct. 22, 2001; U.S. patent application Ser. No. 10/118,237, entitled “Security Analyst Performance Tracking and Analysis System and Method,” filed Apr. 9, 2002, now abandoned; U.S. Pat. No. 6,983,257, entitled “Security Analyst Performance Tracking and Analysis System and Method,” filed Apr. 10, 2002; co-pending U.S. patent application Ser. No. 10/681,286, entitled “System and Method for Facilitating the Selection of Security Analyst Research Reports,” filed Oct. 9, 2003; and co-pending U.S. patent application Ser. No. 10/965,720, entitled “System and Method for Analyzing Analyst Recommendations on a Single Stock Basis,” filed Oct. 18, 2004, each of which are incorporated herein by reference in their entirety.
In operation, one or more users may access application 330 through an interface, such as a graphical user interface 350 displayed via a terminal 312 or a remote terminal 310, connected to server 360 on a network 320 via a communications link. One or more databases (370a, 370b . . . 370n) may be operatively connected to server 360. Databases (370a, 370b . . . 370n) may store data provided by one or more financial data sources (380a, 380b . . . 380n). Databases (370a, 370b . . . 370n) and/or financial data sources (380a, 380b . . . 380n) may include sources of analyst predictions, research reports, or other data, and may comprise, for example, individual security analysts, institutions (e.g., brokerages), combinations thereof, or other information. Financial data sources (380a, 380b . . . 380n) may further comprise one or more databases (e.g., Institutional Brokers Estimates Service database), an Internet web site, an intranet site, or other host site or application, or any combination thereof, maintained by a Financial Information Services Provider (e.g., Thomson Financial), or other entity. Application 330 may access, receive, store, or otherwise manage data from financial data sources (380a, 380b . . . 380n), or from databases (370a, 370b . . . 370n), via a data source interface module 347. Therefore, peer identification and analysis module 345 may identify one or more peer securities relative to a primary security based, at least in part, on analyst data and other information stored in databases (370a, 370b . . . 370n) and/or financial data sources (380a, 380b . . . 380n).
According to some aspects of the invention, as illustrated in
According to some aspects of the invention, peer security identification method 400 may begin in an operation 405, where a primary security may be identified. In some implementations, method 400 may operate at predetermined intervals, and the primary security may be automatically identified by the system. In some implementations, an investor, analyst, or other user may submit a request to identify peers (e.g., by inputting a ticker symbol, selecting a button or other graphical selection object associated with triggering peer identification method 400), and the primary security may be identified based on the request. For example, as shown in
After identifying the primary security, one or more analysts having active estimates and/or recommendations for the primary security may be identified in an operation 410. For example, security analysts generally provide prediction information for one or more securities, where the prediction information may include earnings estimates, financial estimates, recommendations (e.g., buy, sell, hold, etc.), price targets, or other information for each of the one or more securities. A security analyst tends to cover (i.e., provide prediction information) for a relatively small number of securities, typically on an order of ten to twelve securities. Thus, the security analyst may be considered a specialist for a given set of securities, which may be closely related by industry, sector, business model, product line, or various other characteristics. Moreover, the securities that an analyst covers may vary from time to time (e.g., according to shifts in market trends, a company's business model, etc.), such that analysts having past coverage for the primary security may not necessarily be relevant when identifying current peers for the primary security. Thus, operation 410 may limit the analysts identified for the primary security to those having active estimates, recommendations, or other prediction information for the primary security, thereby generating a list of analysts with specialized knowledge or experience of the primary security.
For similar reasons as stated above, the analysts identified in operation 410 may also be considered specialists for one or more other covered securities. For example, among other factors, analysts tend to conduct a large amount of research when compiling predictions for various securities. Thus, analysts tend to cover securities with similar market niches, product models, or other shared characteristics, in order to exploit advantages of overlapping research, knowledge, or other information. For example, an analyst covering AAPL, which primarily develops and markets consumer electronics and related products, may be unlikely to cover Chevron Corp. (CVX), which primarily develops and markets oil and gasoline products. Instead, an AAPL analyst is more likely to cover securities which develop and market consumer electronics and related products in similar market niches to AAPL, such as Hewlett-Packard Co. (HPQ) or Dell Computer, Inc. (DELL). Thus, in an operation 415, additional securities (other than the primary security) covered by the analysts (as identified in operation 410) may be identified, and included in a list of jointly covered securities. That is, for each jointly covered security, at least one analyst having an active estimate or recommendation for the jointly covered security also has an active estimate or recommendation for the primary security.
The list of jointly covered securities may be analyzed in an operation 420 in order to generate a set of candidate peer securities based on overlapping analyst coverage. Operation 420 may assign a ranking variable to each security in the jointly covered list based on a degree of analyst coverage overlap, and a jointly covered security may be included in the set of candidate peer securities when its ranking variable exceeds a predetermined threshold. Jointly covered securities where the degree of overlap is relatively low may be excluded from the set of candidate peer securities because, in those instances, joint coverage may be based on factors unrelated to common characteristics, such as a random assignment by a brokerage house, random variations in analyst knowledge, or other factors. In contrast, when a degree of overlap for a jointly covered security is relatively higher, the joint coverage is more likely to be based on characteristics that are common to the primary security and the jointly covered security, such as being market competitors or partners, being in related market niches, or other factors.
In some implementations, the ranking variable for a jointly covered security may be a total number of analysts having active estimates or recommendations for both the primary security and the jointly covered security. The jointly covered securities may be sorted according to the ranking variable, and the jointly covered securities having a ranking variable of one may be excluded from the set of candidate peer securities. That is, when only one analyst covering a jointly covered security also covers the primary security, that security may be excluded from the set of candidate peer securities (i.e., each candidate peer security is covered by at least two analysts who also cover the primary security). For example, as shown in
In some implementations, the ranking variable for a jointly covered security may be based on a ratio, or percentage, of joint coverage. For example, in some instances, securities may be closely related as peers, yet a ranking variable based on a total number of joint analysts may be suboptimal because of disparities in coverage volume. For example, as shown in
Thus, the ranking variable may optionally be based on a ratio, or percentage, of joint coverage, which may be obtained by dividing a total number of joint analysts for a jointly covered security by a total number of analysts for the jointly covered security (i.e., the ranking variable may be a percentage of a jointly covered security's analysts who are also analysts for the primary security). Thus, in the example of PEET, SBUX, and CAKE, the ranking variable for PEET may be obtained by dividing the number of joint PEET/SBUX analysts (i.e., four) by the total number of PEET analysts (seven), yielding a ranking ratio of 0.571 (or percentage of 57.1%), and a similar calculation (e.g., twelve divided by twenty-two) may yield a ranking variable of 0.545 (or 54.5%) for CAKE, thereby ranking PEET higher than CAKE when ranking according to ratio (or percentage). Those jointly covered securities having a ranking ratio (or percentage) below a predetermined threshold may be excluded from the set of candidate peer securities. For example, when the ratio for a security is less than 0.25 (or the percentage is less than 25%), the security may be excluded from the set of candidate peers. Those skilled in the art will appreciate that various techniques may be used to generate the ranking variable, including combinations of methods described above.
In some implementations, when ranking variables for two or more jointly covered securities are identical, ties may be broken according to various predetermined criteria. For example, as shown in
After the set of candidate peer securities has been identified in operation 420, the set of candidate peer securities may be augmented and/or filtered in an operation 425. For example, For example, a system may be configured to provide the user with a predetermined minimum number of candidate peer securities from which to select peer securities, Thus, when a number of candidate peer securities is below the predetermined number, the set of candidate peer securities may be augmented according to various criteria (e.g., inclusion in a predetermined classification system). In another example, a user may elect to override one or more system generated peer securities, include additional candidate peer securities in the set of peer securities, add filtering criteria to determine specific types of peer securities, or make other customizations. In such cases, the set of candidate peer securities may be filtered and/or augmented in operation 425. For example, operation 425 may include augmenting the set of candidate peers by including any additional securities that are similarly classified with the primary security (e.g., if the number of candidate peers for AAPL is below the minimum number, the candidate peers may be augmented with any additional securities classified in “Information Technology→Computers & Peripherals”). Those skilled in the art will appreciate that other techniques for augmenting the set of candidate peers may be used without departing from the scope of the invention.
Operation 425 may also include filtering the set of candidate peer securities, or the augmented set of candidate peer securities, according to various criteria. For example, an investor, analyst, or other user may be associated with a limited number of exchanges (e.g., an investor may only trade on exchanges in the United States), and any candidate peer securities that are not traded on those exchanges may be excluded. In another example, various criteria may be provided, and the candidate peer securities may be filtered according to the provided criteria. For example, if criteria specifies that a candidate peer security must have a similar market capitalization to the primary security, a ratio of market capitalization for candidate peers identified in operation 420 to market capitalization for the primary security may be calculated, and those candidate peers having a ratio falling outside a defined range may be excluded (e.g., the ratio must be between 0.1 and 10.0). Those skilled in the art will appreciate that candidate peer securities may be filtered according to various different criteria, including market capitalization, profit margin, asset turnover, growth rate, rate of return, or other criteria, or a combination thereof, and operation 425 may filter the candidate peer securities accordingly.
Processing then proceeds to an operation 430, where it may be determined whether the set of peer securities being generated is a user customized set of peers. In some implementations, a user may select an option 502 (as shown in
In some implementations, a user may select an option 504 (as shown in
Processing then proceeds to operation 445 where the set of candidate peer securities may be stored and associated with the primary security for subsequent use. For example, the peer securities may be used as part of a comparative analysis application, where data for the primary security and corresponding data for the peer securities may be displayed for an investor, analyst, or other user. For example, as shown in
Those skilled in the art will recognize additional functions and features that may be enabled by identifying peer (or candidate peer) securities based on degrees of coverage overlap. For example, in some implementations, a set of candidate peer securities may be determined for each security in databases 370a-n and/or financial data sources 380a-n. The candidate peer securities may be identified using one or more (or a combination) of techniques described above. All security-candidate peer security combinations may then be analyzed using clustering techniques, such as those described in the aforementioned patents and/or patent applications. The clustering techniques may analyze the security-candidate peer security combinations to create one or more partitions, and each security may be assigned to one of the partitions. Thus, the peer identification method according to the invention may be used to reengineer a process for classifying stocks. In some implementations, a primary security may be associated with two or more sets of peer securities, and investors, analysts, or other users may compare data across peer sets, within peer sets, across an aggregation of peer sets, or according to other permutations. For example, various techniques for analyzing data may be used in various ways, such as described in the aforementioned patents and/or patent applications, including but not limited to generating comparisons, screening tools, models, reports, digests, or other analyses.
As described above, a system 300 for identifying peer securities relative to a primary security may be varied in many ways. By way of example, server 360 may comprise a web server, workstation, or other device executing Microsoft Windows NT, Microsoft Windows 2000, Unix, Linux, Xenix, IBM, AIX, Hewlett-Packard UX, Novell Netware, Sun Microsystems Solaris, OS/2, BeOS, Mach, Apache, OpenStep, or any other suitable operating system or platform. Those skilled in the art will recognize that other client/server and network configurations may be used. Graphical user interface 350 may be displayed via a personal computer, workstation, dumb terminal, or other user terminal networked to server 360. In addition, users may also access server 360 through a wireless terminal 314, such as a portable computer, personal digital assistant, wireless phone, web-enabled mobile phone, Wireless Access Point device, web-to-voice device, or other wireless device. Network 320 may include any one or more of, for instance, the Internet, an intranet, a Personal Area Network, a Local Area Network, a Wide Area Network, a Storage Area Network, or a Metropolitan Area Network. Any suitable communications link may be utilized, including any one or more of, for instance, a copper telephone line, a Digital Subscriber Line connection, a Digital Data Service connection, an Ethernet connection, an Integrated Services Digital Network line, an analog modem connection, a cable modem connection, or other connection. Databases (370a, 370b . . . 370n) may be, include, or interface to, for example, an Oracle™ relational database sold commercially by Oracle Corporation. Other databases, such as Informix™m, DB2 (Database 2) or other data storage or query formats, platforms, or resources such as On Line Analytical Processing, Standard Query Language, a Storage Area Network, Microsoft Access™, or others, may also be used, incorporated, or accessed into the invention. Financial data sources (380a, 380b . . . 380n) and/or databases (370a, 370b . . . 370n) may be directly networked to server 360, or operatively connected to server 360 through network 320. As an illustrative example, data source interface module 347 may access data via an Application Program Interface or File Transfer Protocol site provided by a particular financial data source (e.g., 380a). Those skilled in the art will appreciate that the invention described herein may work with various system configurations. Accordingly, more or less of the aforementioned system components may be used and/or combined in various implementations.
Graphical user interface 350, and the various features, functions, characteristics, and appearances described therein may differ in appearance, content, and configuration. Further, graphical user interface 350a may use any suitable combination of buttons, pull-down or drop-down menus, tabs, click-boxes, check-boxes, hypertext links, hot links, or other graphical selection objects, which may comprise any known navigational tool that enables users to select, access, display, or navigate through the various views, portions, or modules of application 330. The selection portions may be accessed using any known input device, such as, for example, a keyboard, computer mouse, light stylus instrument, or finger or other body part in a touch-screen implementation. While a selection portion may be described and illustrated as a button in some implementations, it could comprise a different selection portion (e.g., a check-box) in some implementations. These selection portions may be present in addition to the various navigational tools that may be unique to, or associated with, a web browser (e.g., Netscape™) or other graphical user interface 350 used to access application 330.
Implementations of the invention may be made in hardware, firmware, software, or any combination thereof. The invention may also be implemented as instructions stored on a machine-readable medium, which may be read and executed by one or more processors. A machine-readable medium may include any mechanism for storing or transmitting information in a form readable by a machine (e.g., a computing device). For example, a machine-readable storage medium may include read only memory, random access memory, magnetic disk storage media, optical storage media, flash memory devices, and others, and a machine-readable transmission media may include forms of propagated signals, such as carrier waves, infrared signals, digital signals, and others. Further, firmware, software, routines, or instructions may be described in the above disclosure in terms of specific exemplary aspects and implementations of the invention, and performing certain actions. However, those skilled in the art will recognize that such descriptions are merely for convenience and that such actions in fact result from computing devices, processors, controllers, or other devices executing the firmware, software, routines, instructions, etc.
Aspects and implementations may be described as including a particular feature, structure, or characteristic, but every aspect or implementation may not necessarily include the particular feature, structure, or characteristic. Further, when a particular feature, structure, or characteristic is described in connection with an aspect or implementation, it is understood that it is within the knowledge of one skilled in the art to effect such feature, structure, or characteristic in connection with other aspects or implementations whether or not explicitly described. Thus, various changes and modifications may be made, without departing from the scope and spirit of the invention. The specification and drawings are to be regarded as exemplary only, and the scope of the invention is to be determined solely by the appended claims.
