Someone pointed out I was incorrect in stating (or using) as an example “1 basis point as opposed to a penny.”
I was using the example for context because I have sat across from people when talking about markets or finances when someone trying to sound like they were up on the art of investing have used the wording of “a 300 basis point gain” as to say their stock rose by $3.00.
For the record as to not offer any confusion. A basis point is actually 1/100th of a percent. Not 1/100th of a dollar.