take a haircut
 v. phr.— «When securities are used, the brokerage firm take a “haircut” on their value. This means that, for capital purposes, they are valued at somewhat less than their market prices. How much less is up to the stock exchange.» —“On Wall Street, Some Fail, All Worry” by Terry Robards New York Times Aug. 16, 1970. (source: Double-Tongued Dictionary)

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