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2020年01月22日 05:32:58
来源:四川新闻网
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Smartphone maker Xiaomi has become one of the biggest Chinese brands to be publicly criticised by the state television station CCTV, after a report on Sunday night attacked the quality of its charging units.中国智能手机制造商小米(Xiaomi)已成为受到官方的中央电视台批评的最大本土品牌之一,周日晚播出的一个栏目抨击了小米充电宝的质量。In a measure of how far Xiaomi has come in just four years as a technology company, it has now joined Apple and Nikon in being censured on air. Previously, CCTV had criticised Apple for threatening Chinese national security with its iPhone location features; and Nikon for failing to remove spots from the lens of its D600 camera.小米就此加入苹果(Apple)和尼康(Nikon)等大品牌的行列,受到央视的谴责,这突显出这家科技公司在短短4年里取得的进展有多大。此前央视曾批评苹果的iPhone定位功能对中国的国家安全构成威胁,而尼康未能去除其D600相机镜头的斑点。CCTV has also singled out the US coffee shop chain Starbucks – which has more than 1,000 branches in China – for being too expensive.央视还曾把矛头指向星巴克(Starbucks),称这家在中国有1000多家分店的美国咖啡连锁店要价过高。Some analysts say this focus on foreign brands was driven by economic nationalism and a corruption-fighting zeal – which plays well with Chinese viewers.一些分析师表示,对国外品牌咬住不放,是由经济民族主义和反腐败狂热驱动的——这个角度颇能迎合中国观众。However, CCTV’s own reputation has been damaged in recent months after nearly a dozen of its executives appeared to be detained in an anti-corruption sweep – including the head of the flagship consumer affairs programme.不过,央视自己的声誉在近几个月受到损害,10来名高管似乎在反腐败斗争中被拘留,包括旗舰消费者事务节目的负责人。Xiaomi’s offence is relatively prosaic: in a 20-minute programme devoted to mobile phone chargers, CCTV said it had found that only three of the dozens it tested were up to standard – and Xiaomi’s performed only half as well as advertised.小米的过错相对平淡:央视在一个聚焦于手机充电宝的20分钟栏目中表示,在接受测试的几十个样品中,只有3个合格;小米的充电宝偏差率超过50%。But, given the fierce competition for market share in China’s booming smartphone industry – the world’s largest – such a denunciation by state TV is potentially damaging.但是,鉴于中国蓬勃发展的智能手机行业(全球规模最大)对市场份额的竞争十分激烈,官方电视台的这种谴责潜在具有破坏力。Most brands, faced with the ire of the most powerful media force in China, tend to be contrite, make apologies, offer refunds – and hope to move on. Xiaomi, however, went on the offensive, and accused CCTV of doing the tests using a knock-off charger rather than an authentic one.多数品牌在面对中国最强大媒体势力的攻击时,倾向于表示懊悔,道歉,提供退款——并希望尽快翻过这一页。小米则以攻为守,指责央视用山寨(而不是真品)充电宝做测试。“The chargers were not purchased from official channels,” said Xiaomi in a written statement. “The authenticity of the products in the tests [was] not verified. Xiaomi has been agitated by knock-off products, hurting the rights and interests of Xiaomi fans.”“抽样调查的小米移动电源是通过非小米官方及授权渠道购买,”小米在一份书面声明中表示。“检测产品均为市场上随机抽样购买,并不对真假负责。小米一直饱受山寨假货的困扰,喜爱小米的用户经常被山寨产品侵害权益。”It added the company, its users, “and even national quality inspection agencies and the media are victims of knock-off products”.小米补充称,该公司、公司产品的用户,“甚至国家质量监督检测机构和媒体,都成为了山寨产品的受害者”。Some observers had fun with Xiaomi’s statement. Sina’s Weibo, China’s Twitter-like microblog, had a steady feed throughout the day of comments on the irony that Xiaomi phones themselves bear an uncanny resemblance to Apple’s iPhones. “Xiaomi IS a knock-off brand,” said a Weibo user going by the handle of Pioneer B.一些观察人士取笑小米的声明。类似Twitter的中国微平台——新浪微(Weibo)昨日一整天都有人评述一个讽刺的事实,即小米手机本身在外形上酷似苹果的iPhone。一个新浪微用户称,小米自己就是一个山寨品牌。With its popular combination of high-end handsets at low-end prices, Xiaomi is by some estimates the largest selling smartphone in China. Its shipments in China grew 240 per cent year on year to 15.1m in the second quarter, according to research by Canalys.按照某些估计,以高端手机和低端价格这一受欢迎组合打开局面的小米,是中国销量最大的智能手机品牌。根据市场研究公司Canalys的数据,第二季度小米在中国市场的出货量同比猛增240%,至1510万台。Other consultancies put rival Lenovo in the number one spot.其他咨询公司将其竞争对手联想(Lenovo)排在第一位。Xiaomi, which was founded in 2010, is privately owned and was valued at bn in its last fundraising round a year ago.成立于2010年的小米是一家私有企业,在一年前的上一轮筹资中,公司估值为100亿美元。 /201408/324423金华市妇保医院整形网上挂号金东区中医院门诊的开门时间After getting his M.B.A. from the College of William and Mary, Chris Perry knew he#39;d have to venture beyond Williamsburg, Va., to find a good job in marketing and branding.从威廉玛丽学院(College of William and Mary)获得MBA学位后,佩里(Chris Perry)知道他必须去弗吉尼亚州威廉斯堡以外的地方闯一闯,才能找到一份与营销和品牌有关的好工作。The best jobs in his field are in big cities like New York, and industry recruiters weren#39;t coming to his university. So, through the career website LinkedIn he started reaching out to people who worked at companies that he had an interest in. His first few introductions didn#39;t get much response. Mr. Perry acknowledges that his notes were cordial but may have sounded too self-serving. So he softened his approach.他所属领域的最好的工作都在纽约这样的大城市,行业招聘人员不会来到他们这所大学招聘。所以,他开始通过职业社交网站LinkedIn联系那些在他感兴趣的公司工作的人。他最初发出的一些自我介绍没有获得太多回复。佩里承认他发送的信息都挺诚恳的,但可能听起来有点自私。所以他软化了他的措辞。#39;I#39;d put in the title that I was a recent M.B.A. graduate looking for advice, #39; says Mr. Perry. #39;I#39;d focus on talking about them during informational interviews and I#39;d mention any accomplishments of theirs that I may have about.#39;佩里说,我会在标题中写上,我是一名刚毕业的MBA学生,希望获得您的建议。他说,我会在信息性的谈话时集中谈论对方,我还会提到我可能读到的有关他们的任何成就的信息。He also participated in LinkedIn industry groups that allowed him to communicate directly with contacts he couldn#39;t have reached without a chain of introductions.他还参与了一些LinkedIn上的行业组织,这些组织可以使他能够直接与那些在该组织外需要经过一系列引荐才能联系到的人。One fellow group member worked for Reckitt Benckiser, a British consumer-goods company with a major office in Parsippany, N.J. The contact agreed to speak with Mr. Perry on condition that he not ask for a reference. After a pleasant conversation, the contact ended up forwarding Mr. Perry#39;s résumé to the HR department, which helped him get an interview and a job. He#39;s now a senior leader on Reckitt#39;s e-commerce team.其中一个组织的一位成员在英国消费品公司利洁时(Reckitt Benckiser)工作,这家公司在新泽西州的帕西帕尼设有一个主要办事处。这位联系人同意与佩里交谈,但前提是佩里不要求推荐信。在经过了一次愉快的交谈后,这位联系人最终将佩里的简历推荐给该公司的人力资源部门,后者帮助他获得了一次面试机会,最终他在这个公司获得了一份工作。现在佩里是利洁时电子商务团队的高级负责人。Social-media websites like LinkedIn have made job hunting easier by automating many tasks. But one-click networking invitations fall short when trying to reach people, say experts. Instead, job hunters need to engage other professionals on a more personal level. This includes getting introductions to people outside of your network who can help you with your career. The trick is knowing how to ask.类似LinkedIn这样的社交媒体网站,通过使许多工作自动完成,使求职变得更加容易。但专家说,在尝试拓展人脉时,只点击发送关系网邀请是不够的。求职者需要在更加个人化的层面上与其他专职人员接触。这包括使自己被引荐给你的关系网之外、可能对你的职业有帮助的人。窍门在于知道如何提出这样的请求。Focus on your first- and second-degree connections. The former are contacts that have aly accepted your invitation to join your network, or vice versa, and the latter are contacts known to your first-degree connection. Third-degree connections require more than one introduction and can be difficult to reach, as you may not have a mutual acquaintance.将注意力放在你的第一级和第二级关系上。第一级关系是已经接受你的邀请加入你的关系网的人,反之亦然,第二级关系是你的首要联系人认识的人。第三级关系是需要超过一个人引荐的人,你们之间可能难以建立联系,因为你们可能没有共同认识的人。Consider whom you want to get an introduction from. Do research on LinkedIn, Google and even Glassdoor to find out what kind of employee your chosen first-degree contact is, says Dan Schawbel, a workplace expert from Boston and author of #39;Promote Yourself: The New Rules of Career Success.#39;波士顿职场专家施瓦贝尔(Dan Schawbel)说,考虑一下你想获得谁的引荐,在LinkedIn、谷歌(Google),甚至是Glassdoor上查出你选择的第一级联系人是哪种员工。施瓦贝尔著有《提升自己:职场成功的新规则》(Promote Yourself: The New Rules of Career Success)一书。#39;You really don#39;t want an endorsement from somebody that#39;s not liked at work or who has a poor workplace reputation, #39; says Mr. Schawbel. #39;How much do you really know about that person that you connected with at that trade show?#39;施瓦贝尔说,你肯定不想被在职场不受欢迎或者名声不好的人引荐,对于在那次展会认识的联系人你真正了解多少?When asking for an introduction, make it easy for your first-degree contact by mentioning how you#39;d like to be introduced and the reasons you need help, writing out the introduction to be forwarded and providing something in return for the effort. Networking works best when both parties can offer the other something useful.当提出引荐请求时,要使你的第一级联系人能轻松完成这件事,你要告诉对方你希望以何种方式被引荐以及你需要帮助的理由,还要写好引荐信,并且要对对方有所回馈。关系网在双方都能为对方带来益处时能够发挥最佳作用。You should also give your contact an easy way out in case he or she isn#39;t comfortable making the introduction, says New York career coach Melissa Llarena. #39;Always be gracious, since at the very least they might offer useful advice or a referral to somebody else that can help you with an introduction, #39; she says.纽约职业导师利亚雷纳(Melissa Llarena)说,你还应当使你的联系人能轻松拒绝这个请求,因为这个引荐有可能会令他(或她)感到不便。她说,要始终保持友好,因为他们至少可能会提供一些有用的建议,或者推荐另外一个可以帮助引荐你的人。Groups are one way to contact second- and third-degree LinkedIn members directly. But don#39;t join a group and start contacting individual members without making an earnest attempt to participate in community dialogue. You could get ejected from the group by the moderators.加入行业组织是在LinkedIn直接接触到第二和第三级联系人的一个方式。但不要一加入一个组织,就开始联系个别成员,而没有认真尝试参与社群对话。你可能会被管理员逐出该组织。Answer some questions and start new topics. Go beyond #39;liking#39; updates by making thoughtful comments on new posts or by sharing relevant links. You want to show regular engagement, says Mr. Schawbel. That includes answering any network requests promptly.施瓦贝尔说,你可以回答一些问题以及发起新话题。不要只对新帖子点“赞”,要发表有深度的或者分享相关链接。你要表现出你是一个经常积极参与讨论的人。这包括迅速回复任何关系网请求。Preface any requests with regular status updates to show that you#39;re active. It will also give you and your contact something to reference. Just don#39;t share the same personal updates about your cats across all of your social-media accounts. Try to keep your LinkedIn updates on a more professional level.在提出请求前要经常更新状态,这样可以显示你的活跃度。这也会给你和你的联系人提供参考。只是不要在所有社交媒体账户的个人状态更新上分享同一个关于你的猫的信息。试着让你的LinkedIn账户上的状态更新更加职业化。You#39;ll get a much better response if your profile is up-to-date and includes a photo. That includes making your profile relevant to the job that you want to get, says Ms. Llarena.如果你的简介是最新的而且包括一张照片,你会获得更好的回复。利亚雷纳说,这包括让你的简介与你想要获得的工作相关。Once you#39;ve established a regular dialogue, take the relationship offline as soon as you can. Ask for 30 minutes and treat your contact to coffee or lunch.一旦你和联系人确立了经常性的对话关系,要尽快在线下发展这一关系。可以邀请你的联系人抽出30分钟时间一起喝杯咖啡或者共进午餐。 /201311/263578浙江金华市妇女医院简介

金华丽都整形医院全身美白咋样浙江金华市儿童医院门诊In the daunting battle against corporate online espionage worldwide, one major solar company wants to deploy a powerful and novel weapon: higher tariffs.在抗击全球商业网络间谍活动的艰巨斗争中,一家大型太阳能企业希望能动用一件强大的新型武器:更高的进口关税。SolarWorld Americas, the largest manufacturer of solar panels in the ed States, has asked the Commerce Department to investigate claims that Chinese military personnel broke into the company’s computers and stole documents important to its business and its long-running trade dispute with China.这家太阳能世界工业(美国)公司(SolarWorld Americas)是美国最大的太阳能组件生产企业。公司已提请商务部调查自己提起的指控,即中国军方人员攻入了它的计算机系统,盗取了与公司业务及其同中国之间的长期贸易纠纷有关的关键资料。The company’s request followed the Justice Department’s decision to prosecute five members of the People’s Liberation Army, accusing them in May of stealing online files from a group of American companies, most of which had engaged in trade disputes with China.此前,美国司法部于今年5月决定起诉中国人民解放军的五名成员,指控他们盗取一系列美国企业的网络文件,其中多数公司存在与中国的贸易纠纷。SolarWorld says the new prosecution underscores the sophisticated ways that Chinese companies are retaliating against trade obstacles, especially the use of cyberwarfare.太阳能世界表示,这桩新的诉讼突显了中国企业报复贸易屏障时手法之老道,尤其是还发动了网络战。As a deterrent, the company is proposing that the administration should use tariffs to crack down on such retribution.为了加以震慑,公司提请奥巴马政府动用关税手段来打压这种报复行径。“We think it is critically important that the Commerce Department set a precedent here and take a strong stand that it will not tolerate cyberhacking of U.S. companies that file trade cases,” said Timothy C. Brightbill, a lawyer representing SolarWorld.“我们认为至关重要的是,商务部要在本案中创下先例,立场坚定地表明,不会容忍针对提起贸易案的美国企业实施网络间谍活动,”太阳能世界的代理律师蒂莫西·C·布莱特比尔(Timothy C. Brightbill)说。While acknowledging that the Justice Department is unlikely to compel the suspects to appear in a ed States courtroom, he said the federal government could impose additional steep tariffs on imports of Chinese solar panels. “This is a way that the U.S. could actually make it hurt,” Mr. Brightbill said.尽管承认司法部不大可能迫使嫌疑人出现在美国的法庭上,他表示联邦政府能够做到对进口的中国太阳能组件加征高额关税。“通过这种方式,美国能让对方真正付出代价,”布莱特比尔说。A broader investigation by the Commerce Department into the costs of solar panels divided the industry from its start. Domestic solar farm developers and installers of solar systems, whose businesses had benefited from an abundance of cheap imported equipment, worried that the passed-on costs of tariffs would slow solar adoption among consumers.从一开始,美国商务部针对太阳能组件成本启动的大型调查就让这一行业陷入分裂。美国的太阳能电厂开发商和太阳能系统安装企业得益于廉价进口设备的充足供应。二者担心,关税带来的成本转嫁会放慢消费者使用太阳能的步伐。And American companies exporting polysilicon, the main raw material for solar products, to China feared that tariffs would make it harder for them to do business there. Indeed, China imposed steep duties on American polysilicon at the beginning of this year and recently tightened import policies on the material.此外,对中国出口多晶硅的美国公司也担心,加征关税会让它们在中国的生意更难做。而太阳能产品主要的原材料正是多晶硅。实际上,中国已在今年初对美国产多晶硅加征了高额关税,并于近期收紧了该原材料的进口政策。Still, many executives and officials have been frustrated in trying to hold Chinese companies accountable for what they see as unfair or unscrupulous business practices. A federal judge recently found a state-controlled Chinese drywall manufacturer, Taishan Gypsum Company, in criminal and civil contempt after it abruptly abandoned court proceedings five years into a case that found it liable for contaminated drywall used in the homes of seven Virginia families.尽管如此,美国政商两界的许多高级官员一直在为如何让中国企业承担责任而颇为头疼。在他们看来,中国企业采用的是不公平或不道德的商业手法。一名联邦法官近期判决,中国的国有干板墙生产商泰山石膏股份有限公司犯有刑事与民事类的藐视法庭罪,理由是公司突然停止参与一桩进行了五年的诉讼案的法律程序。案件认定,这家企业要为弗吉尼亚州七户人家使用的有毒干板墙负责。Senator Bill Nelson, Democrat of Florida, said he believed the implications of the case went far beyond drywall.来自佛罗里达州的民主党联邦参议员比尔·尼尔森(Bill Nelson)表示,他认为本案的意义远远超出了干板墙的范畴。“It poses a defining moment for the Chinese government and its companies, which raises grave questions as to the risk of doing business with the Chinese,” Senator Nelson said in July on the Senate floor. “Will the Chinese government and its companies honor their moral and legal obligations under this or any other commercial contract?”“这是考验中国政府和中国企业本质的时刻,就与中国做生意的风险提出了重大疑问,”尼尔森今年7月在参议院发言称。“不管是在这项商务合同,或是其他合同中,中国政府和公司会不会信守道德和法律义务?”In the case of online crime, corporations across many industries are frequently reluctant to cooperate with prosecutions, said Shawn Henry, president of CrowdStrike Services, a security technology and services company, and a former executive assistant director of the F.B.I. They worry that publicizing security breaches risks their reputation and erodes competitive advantages, as well as opening the door to lawsuits.安全技术与务公司CrowdStrike的总裁肖恩·亨利(Shawn Henry)称,在网络犯罪案件中,有众多行业的公司常常不愿与检方合作。亨利曾在联邦调查局(FBI)担任常务助理局长。企业担心,公开安全缺口可能有损自身名誉、削弱竞争优势,并会打开诉讼的大门。The threat of trade sanctions, Mr. Henry said, could offer the government a rare way to thwart hacking schemes before they happen.亨利认为,威胁动用贸易制裁可以让美国政府拥有一样提前阻止网络攻击活动的罕见武器。“The value to the Chinese government and the companies that are benefiting from these thefts of intellectual property is in the billions of dollars, and the penalties or the risk is almost zero,” he said. “There aren’t any mechanisms to hold anyone accountable.”“中国政府和企业从这些知识产权盗窃活动中赚取的钱财数以亿计,而受到的惩罚和其中的风险几乎为零,”他说。“目前完全不存在能将任何人绳之以法的机制。”It is not clear how or if the Commerce Department will proceed; officials there declined to comment beyond saying that they were reviewing the request. Also uncertain is whether the White House, which is struggling to balance promoting the sp of green energy and protecting domestic manufacturing, would support the use of tariffs in such cases. A Justice Department spokesman, Marc Raimondi, said that the administration “embraces an all-tools approach to these types of crimes.”尚不明朗的是,商务部是否将推进此事,以及如何推进。部门官员仅表示正在审核这一申请,除此之外不予置评。同样不清楚的是,苦于在促进绿色能源推广与保护国内制造业之间取得平衡的白宫,是否会持在此类案件中动用关税手段。司法部发言人马克·雷蒙迪(Marc Raimondi)称,政府“欢迎在应对这类犯罪时多管齐下”。“It’s not just a criminal justice solution,” Mr. Raimondi said. “There are a number of different tools that can be used to target this type of criminal activity.”“不光可以动用刑事司法解决手段,”雷蒙迪说。“还有多种不同的工具可以用于打击此类犯罪活动。”Trade officials would first have to open an inquiry into how SolarWorld had been harmed and how the Chinese-owned solar companies — unnamed in the Justice Department indictment — had benefited, in order to impose additional duties on imports from those companies. If the Chinese government or companies decline to respond to information requests, the department can use other facts, including those presented by the other side in making a determination, trade lawyers said.贸易官员必须首先启动调查,针对的是太阳能世界受侵害的情况,以及中国太阳能企业——司法部的诉状中未公布具体名称——从中受益的情况,然后才能对来自这些企业的进口商品加征关税。贸易律师表示,倘若中国政府或公司拒绝提供相关信息,商务部可以在作出裁决时采信其他事实,比如提出申请的一方呈交的据。Even if the Commerce Department does not open an investigation, trade experts say, the SolarWorld request and the Justice Department indictment are bringing needed attention to a government that is more aggressive than others have been in trying to promote its industries.贸易专家表示,就算商务部决定不启动调查,太阳能世界提出的要求和司法部的正式起诉,也将必要的关注聚焦到了中国政府身上。在努力提升本国产业上,中国政府的咄咄逼人姿态比起别国来可谓尤为突出。“The Chinese have taken their efforts on behalf of their economy — and a lot of them are state-owned enterprises, a lot of them are state-supported — to a level that I think most people within the trade area haven’t seen,” said Paul C. Rosenthal, a lawyer at Kelley Drye in Washington. “It needs to be addressed, and there need to be better remedies available to address it.”“中国以经济为名进行了种种尝试,很多受益者是国有或受到国家持的企业。这种活动的程度之深,我想是贸易领域的多数人前所未见的,”在华盛顿执业的凯利律师事务所(Kelley Drye)律师保罗·C·罗森塔尔(Paul C. Rosenthal)说。“这个问题需要得到正视,需要有更好的补救措施来加以应对。” /201409/325594金华隆胸手术大概多少钱Investors for years have been searching in vain for a formula to replicate Warren Buffett#39;s legendary returns over the past 50 years.多年来,投资者一直在寻找一套公式,以图复制沃伦#12539;巴菲特(Warren Buffett)50年取得的神奇回报,但都徒劳无功。The wait could be over.或许不必再找了。A new study that claims to have uncovered this formula was published last month by the National Bureau of Economic Research in Cambridge, Mass. Its authors, all of whom have strong academic credentials, work for AQR Capital Management, a firm that manages several hedge funds and other investment offerings and has billion in assets.马萨诸塞州坎布里奇国家经济研究局(National Bureau of Economic Research)11月份发表一项新研究成果,声称找到了这套公式。论文作者都有深厚的学术资历,他们供职的AQR资产管理公司(AQR Capital Management)管理着多只对冲基金和其他一些投资产品,资产规模达900亿美元。The study#39;s authors analyzed Mr. Buffett#39;s record since he acquired Berkshire Hathaway in 1964. Their formula, which has more than a dozen individual components, comes in two major parts.论文作者分析了巴菲特从1964年收购伯克希尔#12539;哈撒韦公司(Berkshire Hathaway)以来的投资成绩。他们的公式含有十多个单项,可以归纳为两个主要部分。The first is a #39;focus on cheap, safe, quality stocks,#39; defined as those that have exhibited below-average volatility and sport low ratios of price-to-book value -- a measure of net worth. In addition, the researchers looked for stocks whose profits are growing at an above-average pace and that pay out a significant portion of their earnings as dividends.第一部分是“专注于便宜、安全、优质的股票”,即波动性低于平均水平、股价与每股账面价值之比(市净率,一种净值衡量指标)不高的股票。除此以外,研究人员还看好利润增长高于平均速度、相当大一部分利润当作股息派发出去的股票。The second part of the formula will raise eyebrows: It calls for investing in these stocks #39;on margin#39; -- that is, borrowing money to buy more shares than could otherwise be purchased. To match Mr. Buffett#39;s long-term return, the researchers found, a portfolio would need to be 60% on margin -- borrowing enough so that it owned 0 of #39;cheap, safe, quality stocks#39; for every 0 of portfolio value.公式的第二部分将会令人错愕:它要求用“保金交易”来投资这些股票,也就是借钱买股,买进的数量比不借钱能够买到的更多。研究人员发现,要达到巴菲特那样的长期回报,投资组合需要有60%的借入比例,也就是说,借款比例足以让每100美元的投资组合持有160美元“便宜、安全、优质的股票”。Andrea Frazzini, one of the study#39;s authors, a finance professor at New York University and a vice president at AQR, said the Berkshire portfolio has, on average, been leveraged to a similar extent through Mr. Buffett#39;s career.论文作者之一、纽约大学(New York University)金融学教授、AQR公司副总裁安德烈亚#12539;弗拉奇尼 (Andrea Frazzini)说,在巴菲特整个职业生涯中,伯克希尔投资组合的平均杠杆率一直与上述水平相当。It can be easy to overlook the extent of this leverage, since Mr. Buffett is able to borrow from other parts of his business. But that doesn#39;t mean the company isn#39;t still leveraged, Mr. Frazzini argues. According to its most recent annual report, for example, the total value of Berkshire#39;s holdings are double the company#39;s net worth, implying that its current leverage is about 2-to-1 -- somewhat higher than its long-term average.这样的杠杆率很容易被忽略,因为巴菲特可以从他公司的其他部门借款。但弗拉奇尼说,这并不意味着该公司就没有杠杆了。比如从最近年报来看,伯克希尔的持股总值是其净值的两倍,说明它当前的杠杆率约为2比1──比它的长期平均水平还要高一些。Employing margin can magnify profits, of course. It also increases potential losses when things go wrong. But note that the formula combines a heavy use of margin with stocks that tend to be much less risky than the market, so the net result can still be a portfolio that is no riskier than the market as a whole.采用保金交易当然可以放大利润。当行情不妙的时候,它也会增加潜在损失。但请注意,前面说的那套公式是将保金交易的大量使用同风险远低于市场的股票结合,所以综合来看的话,投资组合的风险仍然可以不高于大市。To be sure, a heavily margined portfolio will always run the risk of getting a #39;margin call#39; -- the need to come up with additional cash -- if its holdings fall too far. Berkshire Hathaway has been able to sidestep that risk over the last 50 years. Despite a heavily reliance on leverage, its worst return in any calendar year was a loss of 9.6%. And its book value has been less volatile than the Samp;P 500. Volatility is a common measure of a portfolio#39;s risk.无可否认的是,大量使用保金交易的投资组合始终存在收到“追加保金通知”的风险──如果所持资产跌幅太大,那么就要存入更多的现金。伯克希尔#12539;哈撒韦在过去50年里一直能够避开这种风险。虽然严重依赖于杠杆,其自然年度最差的回报率也就是亏损9.6%。而且其账面价值的波动性也低于标准普尔500种股票指数(Samp;P 500)。波动性是衡量投资组合风险的一个常用指标。One factor that is conspicuous in its absence from the formula is anything to account for Mr. Buffett#39;s significant investments in privately owned companies. But that isn#39;t necessary, according to the researchers, because the public companies in which he has invested have outperformed the private ones.公式中明显缺失的一个因素,是它没有解释巴菲特为什么大量投资非上市公司。但研究人员说,这没有必要,因为他所投上市公司的表现好于非上市公司。This is somewhat surprising, given that Mr. Buffett has often trumpeted his abilities to pick good managers. Yet the researchers nevertheless find that his #39;returns are more due to stock selection than to his effect on management.#39; (A Berkshire Hathaway spokeswoman said that Mr. Buffett declined to be interviewed.)考虑到巴菲特常常鼓吹他挑选优秀管理人员的能力,这一点多少让人吃惊。但研究人员还是发现,其回报“更多地源于选股,而非他对管理层的影响”。(伯克希尔#12539;哈撒韦发言人表示巴菲特不接受采访。)Lasse Pedersen, another of the study#39;s authors, a finance professor at New York University and a principal at AQR, stressed that Mr. Buffett still deserves plenty of credit. After all, he says, it has taken years for researchers to come up with a formula that, after the fact, does as well as Mr. Buffett has been doing for nearly 50 years. In addition, he had the discipline to stick to his approach through both thick and thin.论文的另一名作者、纽约大学金融学教授、AQR主要负责人之一拉斯#12539;佩德森(Lasse Pedersen)强调,巴菲特并非浪得虚名。他说,毕竟研究人员花了数年时间才总结出一套“马后炮”表现与巴菲特近50年投资成绩相当的公式。除此以外,他还拥有不论丰歉都坚守既定方针的自控力。Unfortunately, the investment formula that the researchers devised isn#39;t necessarily easy for individual investors to follow. It requires investing in a large and diversified basket of stocks, for example. Furthermore, adhering to the formula can be challenging for a portfolio that relies on margin.不幸的是,研究人员总结出来的这套投资公式散户应用起来不一定容易。比如它要求投资一大篮子多样化的股票。另外,对于一个依靠保金交易的投资组合来说,坚守这套公式也有可能遇到挑战。Nevertheless, it may be possible for you to at least partially follow the researchers#39; formula without actually resorting to borrowed money. If you have cash in your portfolio, for example, you could add it to the portion you aly have allocated to equities-achieving the equivalent of going on margin by, in effect, #39;borrowing#39; from yourself. This, of course, is what Mr. Buffett does by borrowing from other parts of his business.但是,你或许还是能够在不借钱的情况下至少部分地运用研究人员总结出的这套公式。比如,如果你的投资组合里面有现金,你可以把这些现金加到已经配置于股市的那部分中去。这在事实上是自己给自己借钱,也就相当于做保金交易。巴菲特从他公司的其他部门借钱,当然也就是这种办法。Even if you decide not to follow the researchers#39; investment formula precisely, this new study has important investment implications. For example, since the study#39;s authors find that Mr. Buffett#39;s record is due to #39;neither luck nor magic,#39; Berkshire#39;s performance need not suffer after Mr. Buffett retires -- so long as his successor is able to do just as good a job picking stocks.即使你决定不完全按照研究人员的投资公式去做,这项新研究也有着重要的投资含义。比如论文作者发现巴菲特的成绩“既不是因为运气,也不是因为魔力”,所以如果继任者的选股能力跟他一样好,伯克希尔在巴菲特退休之后的表现就不一定很差。That#39;s a pretty big #39;if,#39; of course, but the researchers#39; findings imply that a strict adherence to the same investment principles could, over time, do as well as Mr. Buffett has done historically.当然这个“如果”是个很大的假设,但研究人员的发现意味着,如果严格遵守同样投资原则的话,随着时间的推移,投资成绩是可以达到巴菲特的历史水平的。The study also holds out the tantalizing possibility that an investor following the formula can perform even better than Berkshire. That#39;s because, as Mr. Buffett has pointed out, his portfolio has grown so large that it will be difficult for it to perform as well in the future. In contrast, a smaller portfolio can profit from investing in stocks that are too small to make any meaningful difference to Berkshire#39;s bottom line.另外,这项研究也展示了一种撩拨人心的可能性:遵守这套公式的投资者甚至可以取得比伯克希尔还要好的成绩。因为巴菲特自己也说过,他的投资组合已经变得十分庞大,将来会很难拥有同样的表现。相比之下,规模更小的投资组合可以投资于因为太小、不足以给伯克希尔利润表现带来实质性改变的股票,从而获利。The following stocks from within the Samp;P 1500 index score favorably along each of the five dimensions that the researchers employ in defining #39;cheap, safe, quality stocks,#39; according to FactSet. The ratios of their prices to per-share book values are below average, as are their #39;betas#39; -- a measure of the extent to which their prices move in lock step with the overall market.据FactSet说,以下取自标准普尔1500种股票指数(Samp;P 1500)的股票非常符合研究人员在定义“便宜、安全、优质股票”时确定的五个维度。它们的价格相对于每股账面价值的比率低于平均水平,衡量股价与大市联动程度的“beta系数”也低于平均水平。In addition, these stocks are of companies whose #39;profitability#39; -- or total profits as a percentage of assets -- is above average, as is the five-year growth rate of that profitability. And, finally, these stocks are of firms whose dividends represent an above-average proportion of their earnings.除此以外,这些股票代表的公司“盈利能力”(总利润除以资产总额)高于平均水平,“盈利能力”五年增长率也高于平均水平。最后,这些股票所代表公司的派息额占其利润的比重也高于平均水平。Examples include drug retailer CVS Caremark; Devry Education Group, a for-profit education company; chipmaker Intel, Owens amp; Minor, a medical-supplies distributor; grocery distributor Spartan Stores; and Vectren, an energy holding company.这些股票包括:药品零售企业CVS Caremark;营利性教育企业Devry Education Group;芯片制造企业英特尔(Intel);医药用品经销商Owens amp; Minor;百货经销企业Spartan Stores;能源控股公司Vectren。Though there are no mutual funds that pick stocks according to the precise formula the researchers devise, several come close. One is offered by AQR: the U.S. Defensive Equity Fund, with an annual 0.51% expense ratio, or for every ,000 invested. Though the fund has a high minimum for those investing in it directly, it is available to investors through their financial advisers.虽然没有哪只共同基金是完全根据研究人员总结的公式来选股,但也有好几只比较接近。有一只是AQR销售的“防守型美股基金”(U.S. Defensive Equity Fund),年费率0.51%,即投资1万美元要交51美元的费用。这只基金为直接投资的人设定了一个很高的最低额度,但投资者可以通过他们的投资顾问机构来投资。Another fund that focuses on some of the same stock-picking methods is the DFA US Large Cap Equity Portfolio. It is available to individuals only through their financial advisers or certain retirement and 529 plans, and fees vary.另一只侧重于上述一部分选股方法的基金是“DFA大盘美股投资组合”(DFA US Large Cap Equity Portfolio)。散户只能通过投资顾问机构或某些退休金计划、529大学储蓄计划来投资,费率各有差别。The exchange-traded fund that perhaps come closest to following the researchers#39; stock-picking methodology is iShares MSCI USA Quality Factor, with an expense ratio of 0.15%. It invests in stocks with a high return on equity and stable earnings growth.最接近研究人员选股方法的交易所交易基金,可能是“iShares MSCI USA Quality Factor”。费率为0.15%。它投资的是净资产收益率高、利润增长稳定的股票。 /201312/270455金华丽都医院去胎记价格

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