Which point or points are local optima in this diagram? The dashed line represents the objective function and the objective is to maximize the value of the objective function. 
Definitions:
Short-term Speculation
Engaging in financial transactions with the expectation of achieving significant gains within a short time frame, often involving high risk.
Market Value
The price at which an asset would trade in a competitive auction setting.
Equity Method
An accounting technique used by firms to assess the profits earned by their investments in other companies, by reporting these profits proportionate to their stake.
Dividend Policy
A company's strategy or policy outlining how often dividends will be paid out to shareholders and in what amount.
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