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惠州哪里做包皮好惠阳区男科最好的医院惠阳区治疗膀胱炎多少钱 With the number of babies born through in vitro fertilization at an all-time high, some doctors are trying an alternative that potentially could be less expensive and less taxing on a woman#39;s body.随着试管婴儿的数量创下历史最高纪录,部分医生开始尝试有可能花费更低、对女性身体的损害也较轻的替代方法。Some fertility clinics are offering a gentler version of IVF that uses fewer, milder drugs and requires less frequent medical visits.一些妇产医院推出了更温和的试管受方案,它采用的药物更少更温和,患者也可减少去看医生的次数。Success rates aren#39;t well established. The American Society for Reproductive Medicine says pregnancy rates from minimal-stimulation IVF are likely to be lower than with traditional IVF. Indeed, if the milder kind doesn#39;t succeed and women return for additional cycles, the cost can quickly approach or exceed traditional IVF, some doctors say.不过,该类方案的成功率还不确定。美国生殖医学协会(American Society for Reproductive Medicine,简称“ASRM”)称,微刺激试管受方案的妊娠率有可能低于传统方案的妊娠率。有些医生指出,假如温和方案没有成功,患者又重新开始新一轮治疗的话,其费用会很快接近甚或超过传统方案的花费。For the first time, the organization that publishes clinics#39; success rates, the Society for Assisted Reproductive Technology says it will break out success rates for minimal-stimulation cycles in its 2014 statistics, which will be released in 2016. The odds of successfully having a baby after any form of IVF averaged about 37% per cycle in 2012. The odds vary by factors including a woman#39;s age and the number of eggs retrieved.各医院试管婴儿成功率的发布机构――美国辅助生殖技术协会(Society for Assisted Reproductive Technology)表示,该机构将在2014年的数据中首次公布微刺激方案的成功率。该数据将于2016年出炉。2012年,在接受任一类型试管受治疗后,患者每周期成功生育的平均几率约为37%。成功几率依受女性的年龄及取出的卵子数量等因素而有所变化。Babies conceived using IVF made up 1.5% of all births in 2012, according to the ASRM. Those bundles of joy come at a cost -- an average of ,400 per IVF cycle not including drugs that can add thousands more. Insurance coverage varies.ASRM的数据显示,2012年试管婴儿数量占到新生儿总数的1.5%。这些新生命带来的喜悦也是有代价的――每个治疗周期的平均费用为12,400美元,这还不包括可能达数千美元的药费。保险的报销额度各有不同。In general, the cost of minimal stimulation could be 50% to 60% of the cost of a full stimulation cycle, says Suheil Muasher, a reproductive endocrinologist at the Duke Fertility Center in Durham, N.C.北卡罗来纳达勒姆(Durham)杜克生育医学中心(Duke Fertility Center)的生殖内分泌科医生苏海勒#12539;马阿谢尔(Suheil Muasher)称,总体而言,微刺激方案的费用可能要比充分刺激治疗周期的费用低50%到 60%。In conventional IVF, a woman typically is prescribed injectable drugs to stimulate her ovaries to make more eggs than they would without medication. Eggs are harvested, combined with sperm in a laboratory and the embryos later transferred into a woman#39;s uterus in the hopes they#39;ll successfully produce a pregnancy.在传统的试管婴儿治疗周期中,医生通常会给患者注射药物来刺激她们的卵巢排出比不注射药物要更多的卵子。他们会把卵子采集起来,在实验室中对它们进行受精处理,然后把培育出的胚胎移植入患者的子宫,期望借此让她们成功妊娠。There is no universal definition for mild or minimal-stimulation IVF. Terminology developed by the International Society for Mild Approaches in Assisted Reproduction defines it as a protocol consisting of milder doses of injectable drugs, oral drugs or a combination of both that aims for the collection of two to seven eggs, based on published research. Conventional IVF aims for more eggs.温和刺激或微刺激试管受方案没有通用的定义。根据已发表的研究,国际辅助生殖温和技术协会(International Society for Mild Approaches in Assisted Reproduction)制订的术语对它的定义是:一种由温和剂量的注射药、口药或注射药加口药构成,以采集两至七个卵子为目标的治疗方案。传统试管婴儿方案的卵子采集目标要更高。The minimal approach requires fewer doctor visits for blood work and ultrasound monitoring. The medication savings from this approach can be between ,000 and ,000, says Dr. Muasher. #39;It#39;s more patient-friendly, it#39;s less costly and for some patients it has fewer complications,#39; he says.如果采用微刺激方案,患者去看医生进行血检或超声波检查的次数会减少。马阿谢尔医生称,采用该方案可节省3,000 至8,000美元的费用。他说:“它更利于患者的身体,费用更低而且对某些患者来说引发的并发症更少。”Proponents say it is a particularly good option for patients who have a very strong response to fertility drugs and are at high risk of ovarian hyperstimulation syndrome, a potentially dangerous complication. Women can be at high risk due to previous IVF history or risk factors like polycystic ovary syndrome or being young with irregular cycles.其持者称,对于对促药反应非常强烈以及患卵巢过度刺激综合征(一种潜在的危险并发症)风险较高的患者,它是一个特别好的选择。之前有过做试管婴儿的经历、多囊卵巢综合征之类的风险因素或年轻时经期不规律等原因都会让女性面临高风险。They also say it is an alternative for women, including many older ones, who produce just a few eggs in response to drugs, regardless of the dose. It is also appropriate for women who don#39;t want to be faced with a decision about what to do with embryos they don#39;t use.他们还表示,它是一个替代方案,适用于无论用于刺激的药物剂量有多大都只排出几个卵子的女性,其中包括年纪较大的女性。它也适合不想面对未使用胚胎处理问题的女性。Neeburbunn Lewis, a 35-year-old nurse living near Portland, Maine, and her husband spent between ,000 and ,000 for the single cycle of conventional IVF that produced her first child. When the couple wanted a second child, #39;financially, going through another cycle was not feasible,#39; she says. She also experienced ovarian overstimulation that put her in the hospital when she went through IVF. #39;I could not put my body through that again,#39; she says. She heard about minimal-stimulation IVF from her OB-GYN and did one cycle at the Maine location of Boston IVF. Her cost this time: ,000. She is eight months pregnant with her second child.今年35岁的护士尼伯本#12539;刘易斯(Neeburbunn Lewis)家住缅因州波特兰附近,她与丈夫在一个周期的传统试管受治疗上花了20,000 到25,000美元,这给她带来了她的第一个孩子。她说,在他们二人想要第二个孩子时,“从经济状况上说,再进行一轮治疗是不可行的。”此外,她还得过卵巢过度刺激综合征,并因此在试管受期间入院治疗。她说:“我不能让我的身体再经受一次了。”她从自己的妇产科医生那儿听说了微刺激试管受,于是在波士顿人工受医疗中心(Boston IVF)的缅因分部接受了一周期治疗,这一次的花费是5,000美元。现在她怀第二胎已经八个月了。Ms. Lewis#39;s reproductive endocrinologist, Benjamin Lannon, says he sees minimal-stimulation IVF as an option #39;where cost is the primary barrier#39; to access. But patients need to understand their chances of getting pregnant per cycle are lower than with conventional stimulation, he says.刘易斯的生殖内分泌科医生本杰明#12539;兰农(Benjamin Lannon)说,他认为微刺激试管受是“费用为主要障碍”时采取的选择,但是患者需明白该方案每周期的受几率要低于传统刺激方案。To perform a milder course of IVF, Sherman Silber, director of the Infertility Center of St. Louis, uses an inexpensive oral drug and low, infrequent doses of injectable drugs to stimulate women to produce only a modest amount of eggs at one time, which he says increases their average quality. In some cases, if enough embryos aren#39;t produced in one cycle, they are frozen and the cycle is repeated until there are several more embryos to transfer.为了实施温和刺激试管受方案, 路易斯不症医疗中心(Infertility Center of St. Louis)主任舍曼#12539;西尔伯(Sherman Silber)采用了平价口药,并以较低频率为患者注射少量药物,以此刺激她们一次只排出数量适中的卵子。他说此举可提高卵子的平均质量。在某些情况下,如果医生在一个周期内没有培育出足够的胚胎,便会把它们冷冻起来,接着重复治疗周期直到有更多胚胎可供移植为止。Dr. Silber#39;s research, presented at the October ASRM meeting, found it was more effective, with a higher pregnancy rate per egg, and less expensive than traditional IVF for women 40 and older and for women with low ovarian reserve. Dr. Silber is preparing to submit his data to a peer-reviewed journal.西尔伯医生在10月份ASRM会议上提交的研究发现,该方案更为有效,每个卵子的受率更高,对于年龄在40岁及以上的女性以及卵巢储备较低的女性来说,它的费用也更低。西尔伯医生还准备向一家同行评议的期刊提交他的数据。Still, the likelihood of needing to repeat minimal-stimulation IVF for success has some doctors concerned. #39;I would argue that the evidence speaks against it,#39; says Norbert Gleicher, medical director of the Center for Human Reproduction, a fertility center in New York. He was an author of a 2012 study published in Reproductive BioMedicine Online that compared 14 women under age 38, with normal ovarian function who underwent low-intensity IVF to 14 who had regular IVF. The low-intensity regimen #39;reduced pregnancy chances without demonstrating cost advantages,#39; the study found. Dr. Gleicher is now trying to get funding for a randomized trial to compare the two approaches.尽管如此,为了成功妊娠需重复微刺激试管受治疗的可能性也让部分医生感到担忧。纽约一家生殖中心――人类生殖医学中心(Center for Human Reproduction)的医务主任诺伯特#12539;格莱谢尔(Norbert Gleicher)说:“我认为据是不利于它的。”他是2012年发表于《生殖生物医学在线》(Reproductive BioMedicine Online)的一项研究的作者之一。该研究将14名年龄在38岁以下、卵巢机能正常并接受了低强度试管受治疗的女性,与14名接受了常规试管受治疗的女性进行了比较。该研究发现,低强度方案“降低了受几率,而且没有表现出成本优势。”现在格莱谢尔医生正尝试为一项比较这两种方案的随机性实验筹集资金。Zev Rosenwaks, director of the New York-Presbyterian/Weill Cornell Medical Center for Reproductive Medicine, says while minimal stimulation might work for some women, his own experience suggests that moderate stimulation -- with nine or 10 eggs as the ideal and using the lowest dose of drugs possible -- produces the most success with the lowest risk of complications. He says he has seen #39;too many [women] to count#39; who have tried and failed with minimal stimulation at other clinics.纽约-长老会/韦尔康奈尔生殖医学中心(New York-Presbyterian/Weill Cornell Medical Center for Reproductive Medicine)主任泽夫#12539;罗森瓦克斯(Zev Rosenwaks)指出,尽管微刺激方案或许对某些女性有效果,他自己的经验则表明适度刺激――以九至10个卵子为理想目标并尽可能采用最低剂量药物――可带来最高的成功率,而且引发并发症的风险最低。他说,他见过的曾在其他医院尝试微刺激方案但最终失败的女性“多到难以计数”。 /201403/2818174G hype: Time for a reality check By Stephanie N. Mehta Wireless carriers tout a new wave of wireless technology but it will be years before most consumers benefit — and before carriers make money. Verizon Wireless, a joint venture of Verizon (VZ) and Vodafone (VOD), last week announced it had completed data "calls" using its flavor of so-called 4G technology, a new generation of radio upgrades that promises to improve the throughput and capacity of wireless phone networks. Rival Sprint Nextel (S) immediately responded with a flurry of news releases touting its 4G network, which uses a competing technical standard. In proclaiming its ability to deliver peak downlink speeds of 10 Mbps, one release gushed: "At these speeds, Sprint 4G breathes new life into wireless Internet." Um, wasn't that what 3G was supposed to do? Okay, that was a little harsh. But some analysts say the wireless carriers and their suppliers are hyping 4G technologies way before the services –and devices–are y for prime time. Indeed, many carriers globally still are building out their third-generation networks, and are only now starting to see returns on their investments, which included substantial payments for additional spectrum licenses. 3G all over again? "Yay, Verizon made a test call on LTE," deadpans Jane Zweig, CEO of the Shosteck Group, a telecommunications consulting firm. LTE stands for Long Term Evolution, and it is the technology Verizon and many other incumbent phone operators are using to transition to yet another generation of broadband networks. Zweig, whose firm has predicted that global wireless giant Vodafone won't make a return on its 3G investment (including spectrum) until 2013, sees 4G as a replay of 3G: a long, painful slog that will take many years to get up and running–and many more after that to produce financial gains for the carriers. "Let's replay 3G," she says. "Where are the devices? What is it that people are going to do? How much is the build out going cost? What's the resturn on investment. Is this a vendor dream or a carrier's nightmare?" The carriers' 3G experience in the U.S. and abroad certainly offer clues as to how long it will take for 4G to become pervasive (and useful) to consumers. When carriers started rolling out 3G systems in the early part of the decade–Japan's NTT DoCoMo (DCM) in 2001 became the first operator of a 3G network; Verizon followed two years later as the first major carrier in the U.S. to offer 3G–there was a lot of excitement (ample press releases, white papers and briefings by breathless executives) but not a lot for consumers to do with the network. Some road warriors procured wireless data cards to hook their laptops up to the new network, but the first wave of 3G phones didn't offer much of a multimedia experience. If you build it… A few executives at U.S. wireless operators admitted at the time that 3G mainly allowed them to handle high volumes of voice calls at peak times. Not exactly what the futuristic data network was intended for. Along came Apple's (AAPL) iPhone: More than five years after 3G launched in the U.S. consumers finally had a device that showed them the power of mobile broadband networks. (Ironically the first iPhone ran on ATamp;Ts (T) less robust EDGE network, sometimes referred to as a 2.5G network.) Other 3G devices started hitting stores, and today there's a real consumer case for 3G: almost a decade after carriers pledged billions of dollars to acquire wireless spectrum and build out networks. And, still, as Zweig and other analysts point out, 3G coverage in the U.S. remains spotty and service problems persist. Will 4G help? Many operators (and the vendors that hope to sell them expensive new gear) are aly touting 4G as the solution to issues of data overload they are now facing as consumers spend a growing amount of time downloading applications and doing heavy-duty computing on their mobile devices. But as with 3G, fully formed 4G systems–the networks, the devices, the applications–are years away. Telecom executives like to e the 1989 movie Field of Dreams: "If you build it, they will come." They'll come, alright, just not any time soon. /200908/81942惠州友好看男科费用可以报销吗

惠州友好医院简介APPLE prides itself on constantly re-imagining the future, but even the world#39;s leading gadget-maker likes to dwell on the past too. Thirty years ago Steve Jobs commanded the stage at the Flint Centre for the Performing Arts near Apple#39;s headquarters in Cupertino to show off the new Macintosh computer. On September 9th Mr Jobs#39;s successor, Tim Cook, held a similar performance in the same location to thunderous applause. Those invited were given a chance to play with the gadgets presented on stage: two new iPhones and a wearable device, called the Apple Watch. “This is the next chapter in Apple#39;s story, ” he said, sounding much like the young Mr Jobs in 1984.苹果公司以能够不断勾画未来蓝图而自豪,但即使作为世界上最顶尖的小型设备制造商,苹果也难免沉溺于过去。三十年前,史蒂芬·乔布斯在弗林特演艺中心(位于库比蒂诺的苹果公司总部附近)展示Macintosh电脑;今年9月,乔布斯的继任者,蒂姆·库克,在同一个舞台面对千万热情观众举行了一个类似的产品展示活动。被邀请到的人有机会试用展台上的设备:两台新款iPhone和一款叫做Apple Watch可佩戴手表。像当年的乔布斯一样,库克说:“这是苹果的下一篇章!”It may well be true—but not for the reasons most people might think. Consumers, analysts and investors have been howling for proof that Apple can still do the magic tricks of the Jobs era; iPad sales have weakened in recent quarters and the iPhone, launched a tech aeon ago in 2007, still generates more than half of the firm#39;s revenues. Yet lost in the maelstrom of snazzy new gadgets, applause and photos was an important shift: this week#39;s announcements showed that Apple#39;s future will be less about hardware and more about its “ecosystem”—a combination of software, services, data and a plethora of partners.这可能是真的——但原因并非大多数人想的那样。消费者、市场分析员、投资者一直都在极力试图明苹果可以再创乔布斯时代的传奇;然而,iPad近几季的销量已有所下降,于2007年发布的iPhone掀起了一段科技狂潮,它至今仍然占据苹果公司收入的半壁江山。然而,在充斥着时髦的新产品、掌声、美图的狂潮中,被人忽略的是苹果的重大转型:本周发布会表示苹果未来的重心将从硬件转移到“生态系统”——一个集软件、务、数据、众多合作伙伴于一体的有机系统。If Apple were simply a hardware-maker, there would be reason to worry. It is losing market share to rivals such as Samsung of South Korea and Xiaomi of China, which make cheaper devices, and to Google#39;s Android operating system, which runs on 71% of the world#39;s smartphones. Apple#39;s average selling price is 9, compared with 9 for smartphones worldwide, according to IDC, a market-research firm. That is good for profits, but it makes Apple increasingly a niche player, somewhat like a luxury-goods firm, says Colin Gillis of BGC, a stockbroker.如果苹果只是一家简单的硬件制造商,那么情况是让人担忧的。苹果的市场份额正在缩小,相反的韩国的三星和中国的小米因为价格低廉而占据着越来越多的市场份额,并且谷歌的安卓操作系统占领了全球70%的只能手机。据市场调研公司IDC的数据,苹果手机的平均售价为609美元,而全球智能手机均价为249美元。一名来自BGC的股票经纪人科林.吉利斯认为:这样利润固然客观,但是这使得苹果市场越来越成为一种缝隙市场,有点类似于奢侈品企业。As with Apple#39;s existing products, much effort went into the watch#39;s design. Its backplate contains sensors that measure the user#39;s vital signs; and people can send their heartbeat to other watch-wearers—as a new sort of expressive message. But starting at 9, and only usable in conjunction with an iPhone, it looks unlikely to be a serious competitor to other expensive watches (see article).与现有的产品一样,苹果为设计这款手表做出了很大努力。它的后板装有感应器,可以测量出佩带者的生命特征;作为一种新的信息表达方式,人们可以将心率数据发送给其他的手表用户。但是它的售价为349美元起,而且只能与iphone联合使用,这使得它难以敌对其他名贵手表。Still, many are likely to stick with their iPhones and even plunk down the money for an Apple Watch, because of the firm#39;s ecosystem. Apple is considered a laggard in online offerings, especially since it bungled the launch of its map service. Its services and apps can be maddening. But iTunes, Apple#39;s media store, now boasts more than 800m active users, three times as many as Amazon#39;s. Apple#39;s software and services category, which includes iTunes, its Apps Store, revenue from warranties and other businesses, brought in sales of more than billion in 2013 and is growing steadily.但是许多人仍然愿意坚守苹果阵营,继续使用iPhone,甚至是为了苹果的“生态系统”而大手笔地花钱购买Apple Watch。在线务方面,苹果被认为是落后者,尤其是它粗制滥造的地图务。它的务和应用有时候让人抓狂。但是,苹果的媒体商店iTunes,它的活跃用户现在已经飙升超过了8亿,是亚马逊的三倍之多。苹果的软件和务,包括iTunes、应用Store,来自授权和其他业务的收入等,2013年超过160亿美元,并依然在稳定增长。Apple#39;s watch is supposed to help the firm expand into new areas. One example is a mobile wallet. It aims to replace swiping credit cards with the tap of an Apple watch (or an iPhone) on a device connected to a retailer#39;s cash register. Apple#39;s new health and fitness applications help people monitor their workouts. The firm#39;s new operating systems, due out soon, will allow its devices to work together seamlessly: an e-mail started on an iPhone can be finished on an iMac.苹果试图通过智能手表拓展到新领域,移动钱包就是一个例子,它的目标是用苹果手表(或手机)轻触与收款机相连的设备来取代划信用卡。苹果新的健身应用可以帮助人们监视自己的运动过程。另外,新的操作系统即将推出,它将实现设备的无缝操作:如在iPhone上开始写的电子邮件可以在iMac电脑上继续写完。For Ben Wood of CCS Insight, another market-research firm, Apple#39;s plan is to be even more like the Hotel California (as in the Eagles#39; song), “where you can check out any time you like, but you can never leave”. The more Apple-gadget owners store their data in them, from photos to health information, the more they are locked in, and must stick with Apple.另一家市场调研公司CCS Insight 的本.伍德认为,苹果的计划更像是“加州旅馆”(老鹰乐队的歌):“你可以随时退房,但却永远不会离开。”苹果用户在系统中储存的数据越多,从照片到健康信息,他们就越依赖苹果。At the same time, Apple is trying to become more open to partners—a big change for the firm. “There has always been a huge tension between keeping control and opening up” at Apple, explains Michael Cusumano of MIT#39;s Sloan School of Management. Mr Jobs saw Apple products as complete works of art and never wanted them unbundled. Only after the executive team rebelled, for instance, did he relent and in 2003 let iTunes become available on Windows—a move that dramatically increased sales of the iPod.与此同时,苹果正尝试向合作伙伴们更开放——这对苹果是个好机会。麻省理工斯隆管理学院的迈克尔.库森曼诺解释说,就开放程度问题,苹果内部一直存在很大分歧。在乔布斯看来,苹果的产品是一个完整的艺术作品,绝不希望它被拆分。直到管理团队出现反叛之后,他才在2003年做了退步,让iTune可以通过Windows访问——这一举措大大地提升了iPod的销量。Three years after Mr Jobs#39;s death, Apple seems to be y to go further, hoping to entice other firms to contribute to its ecosystem and make it more attractive. Earlier this year Apple announced a partnership with IBM, as well as changes that make it easier for outside developers to design apps for the iPhone. And Apple#39;s watch will have third-party apps from the start. The iPhone launched without the app store; it opened only a year later, after many outside developers had hacked the device, allowing them to write apps for it.乔布斯去世了三年,苹果似乎要采取进一步行动,希望通过与其他公司合作来构建苹果的“生态系统”,使其更具吸引力。今年早些时候,苹果就宣布与IBM合作,同时作了些改变以方便外部开发者为iPhone设计应用。并且苹果手表一开始就会有第三方应用。iPhone刚发行的时候并没有应用商店,直到一年后许多外界开发商黑进了手机,苹果才勉强允许他们开放应用。The new openness does not only apply to technology. Mr Cook has let outsiders join his inner circle, hiring executives from retail and other industries to expand Apple#39;s expertise. He has also overseen the largest acquisition in Apple#39;s history, the billion purchase in May of Beats, a headphones and music-streaming company. For its new payment system it teamed up with big retailers, such as Whole Foods and Walgreens, and credit-card firms, including MasterCard and Visa.这种新的开放制度不仅适用于技术层面,库克已经允许外界人士参与它的内部圈子,并且聘请零售和其他行业的管理者来扩展苹果公司的业务面。库克见了苹果史上最大的一起并购案:苹果于今年5月斥资30亿美元收购了Beats(一家生产耳机和音乐流媒体公司)。至于其新开发的付体系,苹果将与各大零售商进行合作,如有机食品连锁店Whole Foods 和沃尔格林,以及信用卡公司,包括万事达卡和Visa卡。This opening-up may need to go further, to keep up with Google#39;s ecosystem. The internet giant#39;s services still beat Apple#39;s. And it not only lets device-makers modify Android, but also gives it away (albeit with conditions, such as the requirement to carry Google#39;s services). “Apple v Android” could still end up a repeat of “Apple v Windows”: in personal computers Apple lost the battle against Microsoft because it refused to license its operating system to other hardware-makers.为了赶上谷歌的生态系统,苹果的对外开放制度需要更进一步。目前苹果的务仍逊于这家互联网巨头。谷歌不仅允许制造商们改造安卓系统,而且可以完全撒手不管(虽然这是有条件的,比如必须安装谷歌的某些务)。“苹果VS安卓”的结局可能会和“苹果VS Windows”一样:在个人电脑市场,苹果因为拒绝向其他硬件制造商认其操作系统,所以不敌微软。Umberto Eco, an Italian novelist, once compared Apple#39;s platform to Catholicism and Microsoft#39;s to Protestantism. The Macintosh, he wrote, “tells the faithful how they must proceed, step by step”. By contrast, Windows “allows free interpretation of scripture...and takes for granted the idea that not all can achieve salvation.” This still rings true today, but Apple is clearly going through a Reformation.一名意大利小说家恩贝托.艾克曾经将苹果比作天主教,而将微软比作新教。他这样写道:Mac电脑“告诉信徒必须沿着一个方向,一步一步坚定地走下去。”相反的,Windows则“允许对教义进行自由的解释,并且认为不是所有的想法都可以最终解决问题。”这些道理至今仍然受用,但是很显然,苹果已经开始改变并且将进一步改革。 /201409/330253惠州梅毒医院哪家好 惠州男性生育体检在哪里最好

惠州友好泌尿专科男科预约 You have twade through thick paragraphs of wheedling, flattery, product assessment and unabashed self-aggrandizement tget there, but buried in Carl Icahn’s rambling 4,200-word “letter tTim Cook” is his justification for the highest Apple price target on Wall Street — nearly twice the current consensus.卡尔·伊坎在长达4,200字的《致蒂姆o库克的一封信》中,解释了他为什么给苹果(Apple)估出了目前整个华尔街最高的目标股价——几乎是当下股价的两倍。尽管你得耐着性子读完大段的甜言蜜语、谄媚讨好、产品评估和毫不害臊的自我夸耀之后,才能了解到这一点。His argument takes some wild leaps — he likes tcompare P/Es in the hand with P/Es in the bush — but the math is there for anyone tsee: (I e)他的论述非常跳跃——他喜欢比较当下和预期的市盈率(P/E)——不过其他人都可以看看他的计算方法:(引用如下)Apple, adjusting for net cash, currently sells at a P/E (price tearnings per share ratio) of only 8x our FY 2015 forecast, a significantly lower P/E than a broad market index, the Samp;P 500, which trades today at a P/E of 15x FY 2015 consensus.In contrast tthe Samp;P 500’s slower growth, we expect Apple tgrow its EPS by 30% in each of FY 2016 and FY 2017.在经过净现金值调整后,根据我们对苹果2015年的每股收益预期,公司股票目前的市盈率(股价与每股收益之间的比值)只有8倍,远远低于大盘指数的整体水平——根据市场对2015年的平局预期,标普500指数目前的市盈率达到15倍。相较于标普500指数的缓慢增长,我们预计苹果的每股收益将在2016财年和2017财年分别上涨30%。Our forecasted growth for FY 2016 and FY 2017 more than adequately justifies using a P/E multiple of 19x our FY 2015 forecast, which along with net cash values Apple at 3 per share today.对2016和2017财年的增长预期让我们有充分的理由来使用基于2015年预期值19倍的市盈率来估算苹果股价,综合净现金值考虑之后可以得到苹果目前的合理股价应该达到203美元。The literary device of a “letter” tCook breaks down pretty quickly. Apple’s CEdoesn’t need tbe told how great Apple’s products are. Or how “flawed and fragmented” Google’s Android.The literary device of a “letter” tCook breaks down pretty quickly. Apple’s CEdoesn’t need tbe told how great Apple’s products are. Or how “flawed and fragmented” Google’s Android.从文学手法来说,这封致库克的公开信很快就跑题了。苹果的首席执行官不需要听伊坎再唠叨一遍苹果的产品有多么优秀,或是谷歌(Google)安卓系统的生态环境有多么“破碎离”。What alsbreaks down is the logic of his pitch to Apple’s board of directors for a massive tender offer trepurchase shares.同样无甚逻辑的,是他对苹果董事会提出的大批回购股票的要求。According tIcahn, self interest will soon force mutual funds tpour money back intApple. But if that’s inevitable, why would the company need tenlarge what is aly the largest share buyback in the history of capitalism?根据伊坎所述,在自身利益的驱使下,他很快就会敦促投资公司把钱投入苹果。不过如果这是不可避免的,苹果为何还要扩大已经是公司历史上最大的股票回购规模?No, this isn’t a letter tTim Cook at all. It’s a letter tinvestors, telling them tbuy Apple before it’s tolate.所以,这并不是一份给蒂姆o库克的信,而是一封给投资者的信,告诉他们要尽快购买苹果的股票。 /201410/334797惠州友好割包皮惠州看男科哪里比较专业



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