LAG TIME is the period of time between two closely related events, phenomena, etc., as between stimulus and response or between cause and effect: a time-lag between the declaration of war and full war production.
SPENDING LEVEL is the true expenditure or cash outlay of any entity in a given category or budgetary area.
HEDGE FUND is a special type of investment fund with fewer restrictions on the types of investments it can make. Of note is a hedge funds ability to sell short. In exchange for the ability to use more aggressive strategies, hedge funds are more exclusive, i.e., fewer people, usually only the wealthy, are allowed to invest in hedge funds.
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