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内蒙古呼和浩特市永泰医院整形美容科武川县激光去痘印多少钱乌兰察布市脂肪丰胸价格 Business商业报道Breaking up News Corp拆分新闻集团Murdoch does the splits新闻集团分家,默多克来操刀Investors like the idea of hiving off the groups newspaper arm投资者期盼分离新闻集团的新闻出版业务SHAKESPEARE mused that It is beyond the power of man to bring love and wisdom to an union.莎士比亚曾写过,爱使人愚笨。人对于喜爱的事物无法做出理智的判断。News Corporations shareholders have long agreed, arguing that Rupert Murdochs love for newsprint has clouded his judgment and tainted his media empire.新闻集团的股东们长期以来一致认为,鲁伯特·默多克对新闻出版业的钟爱混淆了他的判断力,危害了他的传媒帝国。The sluggish growth and the legal cases besetting News Corps publishing arm set it in sharp contrast to the groups robust film and television assets, which account for three-quarters of revenues and almost all operating profit.新闻集团的出版业务,发展缓慢,官司缠身,和其蓬勃壮大的影视业务一比,相形见绌。当前,集团四分之三的收入和几乎所有的盈利都来源于影视业务。After months of hinting that it may heed investors and separate the two parts, News Corps board met on June 27th to approve a split, and was set to confirm its decision as The Economist went to press.新闻集团将听取投资者的意见,拆分成两家独立的上市公司—这样的暗示流传了数月之久之后,新闻集团的董事会终于在6月27日探讨了拆分的可行性,并定于本期《经济学人》杂志出版之时给出定论。News that a split was under consideration sent News Corps share price up by around 10%.新闻集团打算拆分的消息出来后,该公司的股票价格上涨了约10%。At over , it is now at its highest since 2007.当前股价涨过22美元每股,为2007年以来的最高水平。This bolstered the view that dividing the group will boost both companies and reward shareholders.这无疑有力地持了新闻集团拆分为两家独立的上市公司对公司和股东都将大有裨益这一观点。After the phone-hacking scandal at News Corps British newspaper arm—which is still being investigated by Lord Justice Leveson, a senior judge—the group had to drop its bid for full ownership of BSkyB, a profitable satellite broadcaster; it aly owns 39%.新闻集团旗下的英国报纸闹出电话窃听丑闻之后—上诉法院的高级法官Leveson仍在调查此案—被迫放弃收购效益良好的英国卫星电视运营商BskyB。Separating the publishing division and giving it a new boss may not be enough to overcome regulatory obstacles to News Corp taking full ownership of BSkyB.新闻集团已经拥有该公司39%的股份。将出版业务分离出来,指派一个新的管理者,还不足以克收购BskyB所面临的政策上的障碍,But it should help protect the entertainment businesses from the scandals rising legal costs, and at least ward off pressure for News Corp to sell its existing stake.但却足以保护集团的业务免受窃听丑闻昂贵的诉讼费用带来的损失,并且顶住压力留住已经持有的BskyB股份。Besides closing the News of the World in the wake of the hacking scandal, News Corp has recently rid itself of another sour asset, MySpace, and initiated a billion share buy-back.自窃听丑闻发生以来,新闻集团除了停刊旗下的《世界新闻报》外,近期还卖掉了经营不善的社交网站聚友网,并斥资100亿美元回购集团股份。Such moves have supported the groups share price and pleased shareholders.这些买卖交易导致集团股价飙升,股东们自然不亦乐乎。But splitting the company in two is the ultimate dream of investors, says Michael Nathanson of Nomura, a stockbroker.将新闻集团一分为二才是股东们的终极梦想,野村券的股票经纪人Michael Nathanson如是说。Analysts worry that News Corp is still juggling too many minority stakes in smaller companies, such as Hulu and Tata Sky.有分析师担心,新闻集团在太多的小公司里持有小额股份,如在Hulu视频网站和印度卫星电视运营公司Tata Sky都持有股份,而这些小额股份不易管理。Todd Juenger of Sanford C. Bernstein, an investment bank, also worries about the billion of idle cash on News Corps balance-sheet.投行斯坦福·伯恩斯坦的Juenger也指出,新闻集团的资产负债表上闲置的110亿美元资产颇为令人担心。However, Chase Carey, the groups chief operating officer, has been busy trying to sort out its tangle of holdings, selling some of its minority stakes at a profit and buying full control of other holdings.新闻集团的首席运营官Chase Carey已经开始试着整理这一团乱麻般的闲置资产,他以有所盈利的价格售出一部分小公司的股权,并全股收购余下的小公司。Investors seem prepared to cut Mr Carey some slack while he does so.投资者对于Carey此番的运营方案并无异议。Any reorganisation of the top table will probably keep him just below Rupert Murdoch, leaving his son James Murdoch,一旦高层人员有所调整,Carey很有可能荣升为新闻集团的第二把手。who gave up the chairmanship of News Corps British newspaper arm after the scandal, out of the spotlight for now.这下鲁伯特·默多克的儿子詹姆斯·默多克会暂时退出公众的视线了。窃听丑闻发生之后,詹姆斯·默多克便辞去了新闻集团英国报业的主席职位。The fastest-growing parts of the company are its television and cable businesses.新闻集团发展最快的是无线电视和有线电视业务。News Corp was shrewd in understanding the market for conservative political TV in America:集团精明地预见到了保守的政论节目在美国的广泛市场:the core audience of Fox News creates a stable cashflow.福克斯新闻台的核心观众群,带来了稳定的资金流入。The company has also made wise investments in sports broadcasting, which viewers still prefer to watch live.集团还明智地投资于体育节目的直播。体育频道的观众爱看现场直播。BSkyB owns the lions share of Britains football rights, Fox has American football, and its cable network hosts NASCAR races.BSkyB在英国享有最大份额的足球节目直播权,福克斯拥有美式橄榄球赛的直播权,并且福克斯有线电视网还负责主持全美运动汽车竞赛。The company is expanding its holdings in Australia and Latin America, and is considering a new national sports network in America to rival ESPN.新闻集团还在扩张其在澳洲和拉丁美洲所持的体育赛事直播权,同时还在策划在美国建立一个可以匹敌ESPN的全国体育节目网。The portfolio of newspapers in News Corps publishing arm encompasses loss-makers like the London Times and the New York Post,新闻集团出版业务的众多资产中,既有像《泰晤士报》和《纽约邮报》这样入不敷出的,as well as the Wall Street Journal, which Mr Murdoch paid too much for but which at least is in profit,有像《华尔街日报》这样投资巨大才略有盈利的,and the Sun, a populist cash-cow.也有像《太阳报》这样提倡民粹主义的摇钱树。The newspaper business may not be growing, but it generates enough cashflow to sustain itself, says Jeff Logsdon of BMO Capital Markets.加拿大蒙特利尔资本市场的Jeff Logsdon指出,新闻出版业或许无法扩大,但所产出的收益足以维持自身的运营。It is unlikely that the company will try to offload its British papers while Mr Murdoch is still alive, in part because the phone-hacking trials could go on for years.在默多克有生之年,新闻集团抛弃旗下英国报纸可能性不大,部分原因正是电话窃听案。窃听案怕是得审上好几年。The ideal outcome for investors may be a repeat of what happened when Viacom, a film and cable giant, spun off its broadcast arm, CBS, in 2005.投资者所期望的理想结果是,拆分之后两家公司的运营能像当时的美国维亚康姆集团那样。Sumner Redstone remained chairman of both sides but Leslie Moonves, given the job of running the supposedly sluggish CBS part,影视巨头维亚康姆集团于2005年将有线电视业务和无线电视业务拆分开来。showed that it could be revived—since when the shares of both businesses have risen.由哥伦比亚广播公司专营无线电视业务。Sumner Redstone仍然兼任两家公司的主席。Leslie Moonves负责运营当时不被看好的哥伦比亚广播公司,通过妥善的管理使哥伦比亚广播公司重整旗鼓—自此以后,两家公司的股价都有所攀升。 /201307/248323Perhaps the Elephantine Jews didnt know about the rule, or perhaps distance from Jerusalem made them indifferent to it,也许是笨拙的犹太人压根就不晓得规矩,抑或是离耶路撒冷的遥远使他们变得漠不关心,because they built their own temple, here in the heart of this alien land.因为他们在这陌生的土地上建立自己的神庙。They boasted about its antiquity, how it was older than the rebuilt Jerusalem temple,他们吹嘘子自己的古代辉煌,如何比耶路撒冷重建圣殿年代更为久远,with five monumental gateways, a holy of holies inside, with bronze hinges to the doors, a cedar roof, and gold and silver vessels.有五个宏伟的石门,最里则是最神圣的场所,有着铜铰链门,雪松的屋顶,金银的器皿。More outrageously, animals were, indeed, sacrificed to Elephantine along with offerings of grain and fruit.更肆无忌惮是, 事实上是用于祭祀的牲畜们,还有谷物和水果。There was much curling of smoke and sprinkling of blood.这里曾经烟雾缭绕并且鲜血撒满地。But circumstances were about to deal the proud Elephantine Jews a cruel blow.但现实环境是与这种骄傲粗笨的犹太人打交道通常对人是残酷的打击。Their temple stood right next to the Egyptian temple of Khnum, the rams-headed god who presided over the annual life-giving flood of the Nile.他们的寺庙位于埃及Khnum寺庙旁边,这里的公羊神明掌管尼罗河一年一度的洪水。The Egyptians held rams sacred, but the Jews sacrificed them to a God they proclaimed as the one and only.埃及人认为公羊是神圣的动物,但犹太人则用它们祭祀自己宣称是唯一的神明。Not tactful.这种做法一点也不明智。The priests of Khnum bribed the commander of the local Persian garrison to attack and destroy the Jewish temple.Khnum的祭司贿赂当地波斯驻军的指挥官发动袭击并摧毁了犹太圣殿。201406/305592呼和浩特哪家医院去胎记好

玉泉区吸脂多少钱Hi,Lisa,is that Lyse or Lisa?你好 Lisaa 是lyse 还是lisaIts Laiza, but Ill respond to anything.是Laiza 但是我也无所谓了Lisa,Lyse, Ill take it all.Lisa,Lyse 我都能接受get as far away from me as you can, because...backing up.退后点 因为 好啦 回来吧All right, here is how it works, its like...好的 这个大家伙是这么弄的you know the slot machines in Vegas,你知道赌城的吧So we are kind of doing that kind of theme.我们也要玩那个And you are gonna pull the lever on the slot machine.你要推动拉杆And if you get three planet hollywoods logogs in a row,如果出现了三个好莱坞星球的图案you are gonna win that trip that I just described.你就会赢得我刚才说的大奖All right, good luck, Laiza.好 祝你幸运There is no way...不可能Oh,no. thats impossible.不 不可能啊It seems like it would be rigged or something and yet.我还想是不是会在机子上动动手脚好让你赢呢Try it again.再试一次Oh,thats...奥 这Maybe its not. maybe its just random. one more time?机子大概没动过手脚 随机看运气了 能在玩一次吗No, thats it.不行No Im kidding. one moer time.我开玩笑的 再来一次Wow, it happened.哇 真的转到了You are going.你要去旅行了Yeah, you are welcome.好 不用谢Thats great. thats gonna be fun.太好啦 旅途会很有意思的And since Im in the holiday spirit,既然节日气氛这么浓all of you are also gonna go to see Britney in Las Vegas.发福利了 大家一起去看布兰妮吧注:EllenShow中英字幕来源于:艾伦秀字幕组 /201401/271534内蒙古自治区中蒙医医院祛眼袋多少钱 The end of the Soviet Union前苏联的末途Walking dead行尸走肉The cruelty of the last years of the Soviet Union前苏联—充满折磨的晚年The Last Man in Russia: The Struggle to Save a Dying Nation.By Oliver Bullough.《俄罗斯最后一人:拯救行将灭亡之国》STNATION, writes Oliver Bullough in his haunting account of the late Soviet Union, is not sexy. Biographies of Stalin and Mikhail Gorbachev abound, but nobody has written seriously about Leonid Brezhnev, on whose watch the Soviet Union sank into drunken decay. The author of a definitive book about the tortured history of the north Caucasus, Mr Bullough has a good sense of how the traumas of Russias past affect its present. His new book is a mixture of travelogue and biography, as he traces the life of Father Dmitry Dudko, an Orthodox priest who exemplified both resistance to Soviet rule and defeat at its hands.奥利弗布洛写过一本描述前苏联晚年的著作,阅读之后令人过目难忘,不过其中“停滞部分”却让人不愿直视。关于斯大林和戈尔巴乔夫的传记汗牛充栋,勃列日涅夫却鲜有人问津,即便他眼睁睁地看着前苏联陷入混沌恍惚的泥潭。关于叙述北高加索伤痕累累历史的著作,布洛的《让我们名声大噪》无疑是最好的一本,也就是说,对于俄罗斯过去的创伤如何影响当今时代—布洛的嗅觉像一样灵敏。布洛的这本新书集游记和传记于一体,主线以东正教传教士德米特里杜德科神父的一生为轴。德米特里杜德科神父代表了一类人,首先反对苏联制度,之后却臣于它。The Orthodox hierarchy in the post-war Soviet Union was tainted by collaboration with the KGB. For those repelled by the sterility and corruption of the official ideology, religion was part of the axis of resistance. So the authorities kept the lid on, and religious practice beyond the liturgy was risky.由于同克格勃合作,二战后的前苏联东正教教义算是蒙上了一层不堪的色。所有厌恶政府思想体系下不作为和腐败的角色中,宗教处在抗争的洪流中心。所以,政府当局一直在雪藏宗教,而宗教习俗也不再局限于礼拜仪式,开始走向危险的边缘。Father Dmitry, whose post-war theological studies had been interrupted by eight years in the gulag, was a striking exception. He preached passionately and lucidly. He fostered discussion and roused his flock against the degradation, despair, abortions, alcoholism and promiscuity of Soviet life. He resolutely opposed anti-Semitism. Jews were “sacred friends”, he said. In the early 1970s his sermons became a sensation, published in the West and in samizdat in the Soviet Union. The Communist authorities objected. He defied them. They exiled him to a distant village. His flock followed him there. The authorities moved him again. And on it went.德米特里杜德科神父战后研究宗教学,期间由于羁押在古拉格而中断八年。他可以说是人尽皆知的异数。德米特里杜德科神父传教富有、条理清晰,并且鼓励集思广益,号召教徒反对国家的倒退,抗击前苏联令人绝望生活中的病症,比如堕胎、酗酒和滥交。毋庸置疑,他是坚决反对反犹太主义的。用他的话说,犹太人是“神圣的朋友”。上世纪70年代,他所著的长篇训诫引起不小的轰动,西方国家和前苏联地下都有出版,当然共产党当局是明令禁止的。德米特里杜德科神父同他们抗争,政府将他流放到了边远农村。教徒们继而一路追随。政府又转移他的流放地,教徒继续跟随。最后就是“政府藏,教徒追”。He began to see the Soviet system as the source of his countrys ills. In 1977 he told the New York Times of the “diabolic storm” that had broken on his country. “Our nation has become corrupted, the family has fallen apart, the nation has got drunk, traitors have betrayed each other.” That was true. But by the late 1970s detente was ending. Fame in the West was no protection. Even a lone independent-minded priest was an existential—and intolerable—threat for the brittle Soviet leadership. The fledgling dissident movement was systematically crushed—by imprisonment, exile, coercive psychiatry or ferocious pressure on family members.德米特里杜德科神父开始认识到前苏联大的系统正是国家症结所在。1977年,他向“纽约时报”讲道,说“罪恶的风暴”搅得这个国家天翻地覆。“我们的国家腐败透顶,家庭离破碎,我们的国家此时就像一个醉汉,卖国贼之间互相叛变。”他没说错。不过,70年代后期国际紧张关系不再处在缓和状态,西方国家不再顾及名声。在脆弱不堪的前苏联领导层面看来,甚至一个单独具有独立思想的神父也成了实实在在并且不能再坐视不管的威胁。异见运动还没孵化就遭到有计划的打击——监禁、流放、强加精神病罪名亦或异见者家人承受着不堪重负的压力。In January 1980 Father Dmitry was arrested. His friends prayed; the West protested. But he emerged six months later, a changed man: a zealous, repentant patriot who, in a sensational television broadcast, admitted to working with foreign powers against the Soviet state. Worse, he denounced his friends and helpers.1980年1月,德米特里杜德科神父遭逮捕。他的朋友开始祈祷,西方国家表示抗议。不过在六个月之后,德米特里杜德科神父不再是之前德米特里杜德科神父:“洗心革面”之后的他成了一位热忱的爱国志士。他在电视广播中的表态令人震惊:承认与外国势力里勾外连,以反对前苏联政府。更不堪的是,他还揭发了自己的朋友和战友。It was a huge propaganda coup for the regime. He showed no signs of torture, drugs or exhaustion. One of his followers wrote an open letter accusing the KGB of the “murder of my spiritual father”.对于政权而言,大篇幅的宣传获得了意想不到的成功。在他身上,人们看不出一丝拷打或者下了迷魂药的迹象,而他也不显一丝疲态。德米特里杜德科神父的一位追随者发表了一封公开信,谴责克格勃“谋杀了自己的灵魂长者”。Mr Bullough explains the mystifying conversion. The KGB played on his fears of renewed imprisonment and separation from his family. A skilful interrogator, Vladimir Sorokin found and enlarged the “chink” in his victims soul: patriotism. Surely no true, law-abiding Russian could side with the enemies of his country?布洛在书中解释了这一令人匪夷所思的转变。克格勃利用了德米特里杜德科神父恐惧二进宫的心理以及害怕同家人再度分开的心情。弗拉基米尔索罗金深谙审讯之道,他在手中这位受害者的灵魂之中察觉到了一个致命的软肋,并且将其放大:爱国主义。但是,真就没有一个真正并且守法的俄国人会站在国家敌人这一边了吗?Later Father Dmitry was filled with remorse. But it was too late. Dogged by loneliness and guilt, and unable to resurrect his crusade for trust, hope and faith, he descended into the fetid swamps of Russian nationalism, wallowing in the paranoid anti-Semitism he had once eschewed. The brave, happy and confident man of the 1960s and 1970s became a miserable racist, a campaigner for hatred and nihilism.之后,虽然德米特里杜德科神父心理满是悔恨,但是为时已晚。孤独和罪恶感陪着他走完余生,其间他一直苦于不能重塑自己当年“为信任、希望和信念而战斗的形象”。他深陷散发着“俄罗斯式爱国主义”恶臭的泥潭之中,沉浸在多疑好猜忌的反犹太主义之中,即使这是他曾经一度反对的。60年代勇敢、自信、快乐的德米特里杜德科神父死了,70年代的德米特里杜德科神父变成一个卑鄙无耻的种族主义分子,一个满脑子仇恨、虚无缥缈的沿街叫骂的人。Mr Bullough largely succeeds in using this sad tale as a metaphor for the fate of the Soviet Union. He weaves the woes of past decades into his journeys to wretched villages, along with the lies and greed in the metropolis. Father Dmitry may be all but forgotten in modern Russia, but his old self would have plenty to say about it.布洛以这则悲情故事来充当前苏联命运的影子,新书也因此获得了巨大的成功。在过去的几十年里,他游历了一些贫穷困苦村庄,他把其中所体验的悲伤编入书中,当然还有大都市的谎言和欲望。德米特里杜德科神父或许已经消逝在现代俄罗斯人民的生活里,但是60年代的神父依然对现代俄罗斯影响深刻。 /201404/291900乌兰察布市OPT祛斑好不好

呼和浩特市第一医院冰点脱毛多少钱 Finance and Economics;Apples share price; iRational?财经;苹果的股价; 苹果股价合理吗?Apple is an iconic brand. Now it is a totemic investment, too.苹果本是一种电子产品的品牌,现在却成了投资的风向标。The new iPad, which was released on March 16th, is the most popular version of the tablet yet. Apple sold 3m of them in just four days. But some buyers took to discussion forums to report that it has a tendency to heat up. A similar debate exists about Apples stock.3月16日发布的新一代苹果是迄今为止最受欢迎的平板电脑。在仅仅4天内,苹果就销售了300万台。一些消费者在论坛区说,苹果的销售变得越来越火。人们同样认为苹果的股价会蒸蒸日上。The companys share price has risen by 83% in the past year, and by almost 50% so far in 2012. Apple is now easily the largest company in the world by market capitalisation, at some 565 billion dollar. It looms over Exxon Mobil, which is worth a mere 408 billion dollar. Since the start of this year it has added 187 billion dollar to its valuation, roughly equivalent to the entire market caps of companies like Procter Gamble, Johnson Johnson and Wells Fargo. Apple is larger than the American retail sector combined.在2011年,苹果的股价上涨了83%;今年,到目前为止上涨了约50%。苹果市值约为5650亿,轻松成为世界上最大的公司。其市值超过了埃克森美孚公司的市值:仅有4080亿。今年以来,苹果市值增加了1870亿,大致和宝洁、强生、富国的总市值相等。苹果市值比全美零售业市值还要高。It accounts for 4.5% of the SP 500 and 1.1% of the global equity market (see chart 1). Some bank analysts have started to report Americas corporate earnings without Apple, because including the firm so skews results. Fourth-quarter earnings are expected to have risen by 6.7% from the prior year for companies in the SP 500, but by a much more modest 3.6% if Apple is excluded, according to UBS.如图1所示,苹果市值占史坦普500股价指数的4.5%,占整个股本市场的1.1%。一些分析家们在报道美国公司收益时已经剔除苹果公司了,因为如果包含该公司的话会扭曲报告结果。根据史坦普500股价指数,公司收益在第四季度预计同比上涨6.7%。然而瑞士指出,如果把苹果公司剔除的话,这一涨幅会仅有3.6%多点。Around a third of all hedge funds own it, including big names like SAC Capital and Greenlight. Some have made very big bets. Citadels 5.1 billion dollar stake in Apple (as of December 31st) accounted for around 12% of its equity portfolio. Many hedge funds that have done well in the past year owe much to this single position.大约三分之一的对冲基金持有苹果的股票,其中包括著名的SAC股权基金与绿光基金。一些基金甚至孤注一掷。截至去年月31日,城堡投资集团持有苹果51亿美元的股票,大约股票投资组合12%。许多去年收益好的对冲基金在很大程度上受益于大量持有苹果股份。The stocks gains this year have not only boosted the spirits of shareholders but also brightened the whole equity market. Apple is responsible for more than 10% of the SP 500s rise this year (see chart 2), and for 39% of the NASDAQ 100s gains. No other stock has ever grown to have such a significant impact on an index so quickly, says Howard Silverblatt of Standard Poors, a ratings agency.今年股市的上涨不仅激发了股民的信心,也未整个股票市场带来了生机。史坦普500股价指数在本年度的涨幅中,苹果贡献度不少于10%(如图2);在纳斯达克100指数的涨幅中,苹果贡献度为39%。标准普尔(信用评级机构)的Howard Silverblatt说,还没有其它股票像苹果能对指数产生如此迅速而重大的影响。The share price keeps soaring. On March 20th, a day after Apple announced it would use some of its cash hoard (estimated at 97.6 billion dollar at the end of 2011) on a quarterly dividend and a 10 billion dollar share buy-back, its shares closed at a record high of 605.96 dollar. This is the first time in 17 years that Apple will pay a dividend. Dividend funds, which had not considered investing in Apple before, could pile in, potentially pushing the price higher still.苹果的股价涨势依然逼人。在3月19日,苹果宣布在2011年低前预计将拿出976亿用于季度分红,同时将回购100亿美元的股本。次日,其股价创历史新高(605.96美元)。这是17年来苹果的首次分红。之前从未考虑过投资苹果公司的股利基金,或将蜂拥而至并继续推高苹果股价。Most analysts remain committed fans of the shares. Some claim that a 1 trillion dollar valuation could soon be possible. The bullish case runs as follows. Apple has low penetration in the personal-computer and smartphone markets, and can hook millions more customers in emerging markets like China and Brazil. Although questions remain over how much of Apples innovation was due to its magician-in-chief, Steve Jobs, who died last October, the launch of the new iPad has calmed nerves somewhat. Apple is poised to enter new arenas like television and mobile payments.大多数分析家们仍然看好苹果股票。一些分析家宣称,苹果市值有可能突破1万亿。其理由如下。尽管苹果在个人电脑和智能手机市场中的市场渗透率较低,但其在如中国和巴西这样的新兴市场中能吸引数百万的顾客群体。尽管有人认为苹果总裁乔布斯的去世意味着苹果的辉煌将一去不复返,然而新一代iPad的销售业绩明了这种怀疑是毫无意义的。而且,苹果打算进军如电视和掌上付这样的新领域。The firm still has a ton of cash to invest in new products and ward off emerging threats. Horace Dediu of Asymco, a data-analysis firm, has estimated that even after the dividend payout and any buy-back activity this year, Apple could still end 2012 with over 35 billion dollar more in the bank than it had at the end of the previous year. With an historic price-earnings (p/e) ratio of 22, shares are not as dear as you might expect, and look even more attractive when the p/e is calculated based on forward earnings. Apples revenues are forecast to grow by at least 51% in fiscal-year 2012 and by 23% in 2013, according to Morgan Stanley.苹果公司拥有大量的资金可投资于新产品和预防潜在的风险。数据分析公司Horace Dediu of Asymco估计到:苹果今年即使施行了分红和回购行为,其2012的存款将同比增长至少350亿美元。考虑到苹果的市盈率仅仅为22,那么其股价就并非那么高了。如果通过未来收益来计算市盈率的话,苹果的股价将会更有吸引力。根据根斯坦利,苹果公司的在2012和2013会计年度的预计收益至少分别上涨51%和23%。Others reckon that the outlook for its business is not the only thing that has been driving the steep ascent of Apples shares. The stock has seen such heavy gains in recent weeks that many investors cant afford not to have Apple in their portfolio. Fund managers that are judged against a benchmark where Apple is heavily weighted, like the NASDAQ 100 or the SP 500 technology index, have to scramble to keep a heavy exposure to Apple. “The speed of the move and the size of the company scare people who havent got it,” says Andy Ash of Monument Securities. “The danger is that you end up with everyone buying it because they have to rather than because they want to.”其他人认为,苹果公司的前景并非是推动其股价快速上涨得唯一因素。苹果的股价在近几周来不断上涨,许多投资者不得不把苹果纳入其投资组合。基金经理的业绩基准如纳斯达克100指数、斯史坦普500股价指数,受苹果影响是很大的,因此他们争先恐后的重仓持有苹果股票。纪念碑券公司的Andy Ash说:“苹果公司的发展规模和速度使人们争相抢购苹果的股票。然而危险的是虽然人人最终持有苹果股票,但是并非都出自于真心,而是他们不得不买。”Some wonder whether the stock is headed into bubble territory. Apples p/e is much lower than that of stocks in the dot-com bubble; America Onlines was a ridiculous 154 in 1999. But contrarian thinking is thin on the ground. There is very little short interest in Apple. “Call” options, which give the right to buy Apple stock, are much more expensive than “puts”, which give the right to sell the stock, says Mark Sebastian of Option Pit, a consultancy. Of the 54 analysts who track Apple stock, only one has a sell rating, according to Bloomberg. Robert Shiller, a Yale economist and author of “Irrational Exuberance”, reckons that the “emotional attachment” to the Apple story and “wild” enthusiasm about its stock are reminiscent of a bubble. “You could play the bubble, because it might not be over yet, but I wouldnt put money in Apple stock,” he says.一些人怀疑疑虑,苹果的股价是否存在泡沫了。然而相较于互联网泡沫时代股票的市盈率,苹果的市盈率非常的低了;美国互联网公司在1999年市盈率竟然高达154.但是逆向投资者少有人在。几乎没有投资者抛售苹果股票。Option Pit(咨询公司)的Mark Sebastian说,苹果股票的看涨期权远贵于看跌期权。根据Bloomberg,追踪苹果的54位分析家中只有一位建议卖出。耶鲁大学经济学家兼非理性繁荣的作者Robert Shiller说到,投资者们对苹果传奇的情感依附和狂热让人想起泡沫时代。他说:“你可以利用苹果股价泡沫来赚钱,因为其还不会破灭,但是我是不会购买苹果股票的。”Even if bubble talk is over the top, a higher share price is justified only if Apple continues to meet earnings expectations. That usually gets harder. The stocks of market-leading companies historically underperform once they have reached the top slot, since they are less nimble and more vulnerable to attacks by regulators and the press. It is harder to continue impressive earnings growth on a large base. Even a modest earnings miss could have a big effect on the share price, since more of Apples shareholders today are fickle traders.即使泡沫论夸大其词,但是苹果只有不断达到预期收益才能保其持续上涨的股价是合理的。然而,这变得越来越难。从过去来看,一旦市场领先的企业一旦位居榜首,其股价就会表现不佳。其原因是他们对监管者和媒体的攻击反应迟钝,更加容易受到影响。总体上来看,持续保持良好的收益增长相当难。由于苹果的许多股东都相当浮躁,即使在合理范围内的收益损失都会对其股价产生较大的影响。If there was a fall, it would ripple. Technology investors, which have a higher concentration of Apple in their portfolios, are the most vulnerable. Apple makes up more than 18% of PowerShares QQQ, an exchange-traded fund with heavy exposure to technology stocks, for example. More unsettling are funds that have strayed into buying Apple against their mandate, including some mutual funds that are supposed to focus on smaller companies. “If Apple has a wobble, you could see it dictate broader market movements,” says Alec Levine of Newedge, a broker.如果苹果股价下跌,其将会产生连锁反应。重仓持有苹果股票的科技型投资者最容易受到影响。例如,交易所基金PowerShares QQQ重仓持有科技股,其中苹果比重超过了18%。那些违背委托意愿而购买苹果股票的基金对股价下降更会心神不宁,这其中包括一些本应投资于小型企业的共同基金。新际集团的经纪人Alec Levine说:“如果苹果的股价产生波动的话,它将引起整个市场范围的波动。”Hedge funds could be among the biggest losers. They look clever now for buying a stock that has seen such a rise, but they will look dumb if they lose money when it falls. Some may question whether they should earn such high fees simply for buying into the worlds most valuable listed firm. Wheres the genius there?对冲基金可能属于损失最惨的投资家之一。它们的购买行为在股价上涨期看似明智,但股价一旦下跌损失惨重,它们就哑口无言了。一些人质疑,是不是仅仅因为他们购买了全球市值最大的公司的股票就可收取高额费用。真正的投资大师在哪里呢? /201307/246181呼市附属自治区医院整形中心呼和浩特武川县自体脂肪隆鼻价格



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