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Leaders领导人们Investment management投资管理The rise of BlackRock贝莱德来了In 25 years, BlackRock has become the worlds biggest investor. Is its dominance a problem?贝莱德二十五年间成为世界上最大资产管理公司,一家独大会出问题吗?ASK conspiracy theorists who they think really runs the world, and they will probably point to global banks, such as Citigroup, Bank of America and JPMorgan Chase.问问阴谋论者到底是谁主宰着世界,他们很可能会将矛头指向跨国,比如花旗、美国、根大通,Oil giants such as Exxon Mobil and Shell may also earn a mention.石油巨头埃克森美孚、壳牌可能也会躺。Or perhaps they would focus on the consumer-goods firms that hold billions in their thrall: Apple, McDonalds or Nestlé.或许,还会有人揪着几家资产亿万的消费品公司不放:苹果、麦当劳、雀氏,诸如此类。One firm unlikely to feature on their list is BlackRock, an investment manager whose name rings few bells outside financial circles.有一家公司不大可能会入其法眼,那就是贝莱德集团,这家投资管理公司出了金融界可谓是知之者甚少。Yet it is the single biggest shareholder in all the companies listed above.然而,贝莱德却是上述所有上市公司中最大的一家。It owns a stake in almost every listed company not just in Americabut globally.贝莱德持有几乎所有上市公司的股票,不仅仅持有美国公司的股票,而是世界各国上市公司的股票。Its reach extends further: to corporate bonds, sovereign debt, commodities, hedge funds and beyond.贝莱德涉猎领域远不止这些:企业债券、债权债务、商品期货、对冲基金等其他投资项目都可以看到他的身影。It is easily the biggest investor in the world, with .1 trillion of directly controlled assets and another trillion it oversees through its trading platform, Aladdin.贝莱德直接管理的资产总值为4.1万亿美元,还通过Aladdin交易网络监管着11万亿美元的投资,这就使得贝莱德毫不费力便可登上全球最大投资公司的宝座。Established in 1988 by a group of Wall Streeters led by Larry Fink, BlackRock succeeded in part by offering passive investment products, such as exchange-traded funds, which aim to track indices such as the Samp;P 500.1988年,拉里芬克带着一帮华尔街精英成立了贝莱德集团,公司的成功在一定程度上要归功于推出诸如交易所交易基金的被动投资产品,该产品以同标普500这样的基础指数保持联动关系为目的。These are cheap alternatives to traditional mutual funds, which often do more to enrich money managers than clients.同传统的共同基金相比,该基金成本更低,通常投资公司会比客户收益更高。The sector continues to grow fast, and BlackRock, partly through its iShares brand, is the largest competitor in an industry where scale brings benefits.并且,交易所交易基金的业务增长迅速,在一个规模化才能产生效益的行业中,贝莱德成为了佼佼者。Its clients, ranging from Arab sovereign-wealth funds to mom-and-pop investors, save billions in fees as a result.贝莱德的客户,从阿拉伯的主权财富基金持有者到小投资者却因此省下了数以亿计的费用。The other reason for its success is its management of risk in its actively managed portfolio.贝莱德成功的另一原因在于对投资组合的风险的积极管理。Early on, for instance, it was a leader in mortgage-backed securities.比如,公司在其曾是按揭券行业的领跑者,But because it analysed their riskiness zipcode by zipcode, it not only avoided a bail-out in the chaos that followed the collapse of Lehman, but also advised the American government and others on how to keep the financial system ticking in the darkest days of 2008,通过一步步分析发现风险,不仅规避了雷曼兄弟破产后混乱的救市局面,还在2008年金融市场最黑暗的时候谏言美国政府及其他投资者,如何让市场继续运转下去。and picked up profitable money-management units from struggling financial institutions in the aftermath of the crisis.与此同时,在危机对金融机构带来的冲击余波未息之际,贝莱德自谋出路,甄选可盈利的资金管理项目。Other peoples money借鸡生蛋Compared with the many banks which are flourishing only thanks to state largesse, BlackRocks success—based on providing value to customers and paying attention to detail—is well-deserved.同许多依靠政府援手才能风光无限的相比,贝莱德的成功—基于让客户实现盈利及注重细节—实至名归。Yet when taxpayers have spent billions rescuing financial institutions deemed too big to fail, a 25-year-old company that has grown so vast so quickly sets nerves jangling.然而,当纳税人投入数以亿计的资金拯救一家被视作太大而不可能破产的金融机构时,这家成立仅25年却以惊人的速度发展壮大的公司不免会让人捏一把汗。American regulators are therefore thinking about designating BlackRock and some of its rivals as systemically important. The tag might land them with hefty regulatory requirements.因此,美国监管机构正考虑将贝莱德及其竞争对手定义为极为重要,或许这一标签会让监管部门背上强权机构的恶名。If the regulators concern is to avoid a repeat of the last crisis, they are barking up the wrong tree.如果监管部门想避免上次金融危机重演,那么他们就找错对象了。Unlike banks, whose loans and deposits go on their balance-sheets as assets and liabilities, BlackRock is a mere manager of other peoples money.同借、贷款都会以资产与负债形式计入资产负债表的不同,贝莱德更多只是客户资产管理者的身份。It has control over investments it holds on behalf of others—which gives it great influence—but it neither keeps the profits nor suffers the losses on them.他只是代表客户管理投资—这也让其影响力巨大—却不以投资的盈亏而赚钱或赔本。Whereas banks tumble if their assets lose even a fraction of their value, BlackRock can pass on any shortfalls to its clients, and withstand far greater shocks.只要出现一丁点亏损,便会牵一发而动全身;而无论客户出现任何损失,贝莱德都可以相安无事,即便再大的冲击都是如此。In fact, by being on hand to pick up assets cheaply from distressed sellers, an unleveraged asset manager arguably stabilises markets rather than disrupting them.事实上,通过低价收购亏损方出售的资产,毫无疑问一家独大的投资管理公司能够为市场带来稳定,而非混乱。But for regulators that want not merely to prevent a repeat of the last blow-up but also to identify the sources of future systemic perils, BlackRock raises another, subtler issue, concerning not the ownership of assets but the way buying and selling decisions are made.要不是监管机构不仅希望避免上次金融危机重演,还想确认未来体系风险的来源,贝莱德还会引发另一微妙的问题,不是资产的所有权,而是买入或卖出的决策方式。The trillion of assets managed on its Aladdin platform amount to around 7% of all the shares, bonds and loans in the world.Aladdin交易平台上监管的股票、债券、贷款占世界交易的7%左右,涉及资金总额为15万亿美元。As a result, those who oversee many of the worlds biggest pools of money are looking at the financial world, at least in part, through a lens crafted by BlackRock.正是如此,那些监管世界上最大金库的人在一定程度上是通过贝莱德精心打磨的镜头审视金融界;Some 17,000 traders in banks, insurance companies, sovereign-wealth funds and others rely in part on BlackRocks analytical models to guide their investing.近1.7万来自、保险公司、主权财产基金或其他机构的交易员都会关注贝莱德提供的分析模型,进而指导自己的投资。Aladdins geniusAladdin的高明之处That is a tribute to BlackRocks elaborate risk-management models, but it is also discomfiting.上述成就皆源于贝莱德精心设计风险管理模式的馈赠,但问题也随之而来。A principle of healthy markets is that a cacophony of diverse actors come to different conclusions on the price of things, based on their own idiosyncratic analyses.健康市场的一大原则便是不同的参与者会就价格得出不同的结论,任何资产的价值都是不同意见相互妥协而得出最终价格。The value of any asset is discovered by melding all these different opinions into a single price.不论是从政治角度、还是自然角度、亦或是市场角度来讲,一个有单一思维主宰的生态系统是不健康的。An ecosystem which is dominated by a single line of thinking is not healthy, in politics, in nature or in markets. Such groupthink in finance is a recipe for booms.在金融领域,集思广益是市场繁荣、或是萧条的秘诀。Though Aladdin advises clients on investment decisions rather than making them, it inevitably frames how they think of market risk.Aladdin交易网络向客户提供投资决策的建议,而非强迫客户投资,这必然会让客户对市场风险的分析陷入思维定势。The last crisis had many causes.导致2008年金融危机的原因有很多,One of them, which perhaps lay behind all the others, was that investors stopped thinking critically about what they were buying.其根本原因或许是投资者缺乏批判思维,只知道一味的投资却不思考。Too many decided to trust credit-rating agencies, which assured them, for example, that packages of American subprime mortgages were extremely unlikely to default.太多投资者选择了相信信用评级机构,比如,这些机构向他们保美国次级房贷是最不可能违约的贷款项目。BlackRocks models are no doubt better than the clunkers put out by Moodys or Standard amp; Poors up to 2008:毫无疑问,贝莱德模式要比穆迪、标普在2008年前发布的信用评级信息准确的多:the firms relative recent success has proved that.近期贝莱德的成功便是明。But too many investors relying on a single model sps an unhealthy orthodoxy and is likely to make the markets more volatile than they otherwise would be.但是,过多投资者依赖单一模式会造成一个恶性的正统体系,而这很可能会让市场比起多种模式时更加脆弱。That is probably not a serious systemic risk, for it will be self-limiting: the more money follows BlackRock, the more money there is to be made betting against it.或许,这并不是什么严重的系统风险,因为市场会发挥其自身调节作用:贝莱德监管的资金越多,便会有更多资金。The real danger is for investors.真正危险的是投资者,The more they rely on BlackRocks analysis, the smaller the upside when it gets things right and the greater the downside when it gets things wrong—as, one day, it eventually will.他们越是依赖贝莱德的风险分析,当分析结果正确的时候,股价上扬时利润越小,而当分析错误的时候,股价下跌时赔的越多。终有一天,上述情景便会成为现实。Until then BlackRocks single-minded focus on mastering risk is to be commended.到那时,贝莱德一心致力于风险控制的做法将会受到表彰。If its peers in the financial world had taken the same approach in the run-up to 2008, much of the chaos of the past five years would have been averted.如果金融界的同仁在08年金融危机初始阶段采取了同样的措施,过去五年的混乱局面本可规避。 201401/271826YAEL:Today, on a Moment of Science, were conducting an experiment on sleep deprivation.雅艾尔:在今天的科学一刻节目中,我们正在进行的是一项睡剥夺眠的实验。On my right, we have my friend Bob, who hasnt slept in eighty-eight hours straight!我的右手边是88小时没有合过眼,我的朋友鲍勃。Bob? Bob? Okay, so hes pretty unresponsive.鲍勃?鲍勃?好吧,他没什么反应。And on my left, we have Don, who has been restricted to no more than four hours of sleep a night for the past two weeks.而我的左边是唐,他被限制在过去两周每晚睡眠时间不超过4个小时。How are you feeling, Don?现在感觉如何,唐?DON:Well, Im a little tired, Yael, but not as tired as Bob over there, who I think is drooling.唐:嗯,雅艾尔,我只是感觉有点累,但是没有鲍勃看起来那样累,我觉得他在流口水。YAEL:If youve ever relied on a doctor or an airplane pilot, then you know theres a lot at stake over whether Don is telling the truth about how tired he feels.雅艾尔:如果你的吃饭职业是医生或飞机飞行员,那你就会清楚唐在讲自己是否有多累的感觉存在着很多危险。DON:Of course Im telling the truth. I feel fine.唐:我当然说的是实话。我感觉很好。YAEL:Well, you might think you feel fine, but I have in front of me the result of the cognitive performance tests both you and Bob over here took earlier today.雅艾尔:嗯,你可能会自认为感觉很好,但在我面前的是今天早些时候你和鲍勃两人的认知表现测试结果。And guess what?! Don! Don!你猜结果如何?唐!唐!DON:Huh? What?唐:嗯?什么?YAEL:These cognitive performance tests show that you and Bob are having equal trouble performing some pretty basic tasks.雅艾尔:这些认知表现测试显示你和鲍勃在执行一些非常基本的任务时有着一样的麻烦。DON:But Bob hasnt slept in three days!唐:但鲍勃可是3天没睡过觉!YAEL:Exactly. So that means that even missing only a couple of hours of sleep a night really adds up if you do it every night.雅艾尔:没错。所以即使如果每天只是少几个小时的睡眠,长此以往如此也会有显著的效果。In other words, sleep debt is cumulative,换句话说,睡眠债是累积的,and right now, you have no more business going out there and driving a car than Bob does.而现在,比起鲍勃,你最好也别出门谈生意及驾驶车辆。Whats more, youre so tired right now that you cant even properly evaluate how tired you are, which makes your sleep debt even more dangerous.更重要的是, 现在如此疲倦的你甚至不能正确地评价自己有多疲倦,这使得你的睡眠债更危险。DON:Guess I better catch up on some Zs!唐:我想自己最好感觉补点觉!YAEL:Looks like Bobs beaten you to it. 雅艾尔:看起来鲍勃已经先你一步。 201311/263599If youve ever glanced skyward on a clear evening, youve probably noticed with somewonderment the sheer numbers of stars.你是否在某个晴朗的夜晚抬头瞥见夜空后惊奇地发现满天繁星。Some are tiny, barely visible points.有些小到难以看见。Others radiate strong white light.其他一些则发出强烈的白光。And from our earthly vantage point, these points of light seem fixed.从地球这一有利视角看去,这些光点似乎总是这么亮。But, of course, stars and other celestial objects grow brighter and dimmer over time.但是,星星和其它天体当然会随着时间的推移逐渐变得明亮或是昏暗。Now, amassive new data set collected by astronomers at the California Institute of Technology and theUniversity of Arizona documents the brightening and dimming of more then 200 million heavenlybodies.而现在,加州理工学院和亚利桑那大学的天文学家已搜集了大量数据并且记录了2亿多天体变得明亮和黯淡的过程。The data come from images captured by a large telescope in Arizona looking for Near EarthObjects, or NEOs in other words, asteroids whose proximity to Earth could be cause for alarm.这些数据源自于科学家在亚利桑那州用大型望远镜探测近地天体,也就是NEOs时捕捉的卫星图片,近地天体是指那些接近地球时有可能会对地球构成威胁的小行星。Information about how celestial objects dim and brighten was a fortunate byproduct of the asteroid hunt.有关天体如何明暗变幻的信息是科学家探测小行星时意外的收获。And its now proving valuable for helping astronomers and other scientistsunderstand more about the evolution of stars, black holes, and the structure of the Milky Way.如今,这一收获在帮助天文学家和其他科学家深入了解恒星,黑洞和系的演变过程方面有重要价值。For example, the data include information about more than 1,000 exploding stars, or supernovas.例如,这些数据涵盖了1千多个爆发星体,或称为超星体的信息。Being able to observe, as it were, how supernovas play out by measuring the increasing intensityof their brightness over time, allows scientists to better understand the life and death of stars.的确,人们可以通过观测并对比日益变亮的超星体的亮度来弄清它们爆发的过程 ,从而进一步了解星辰的诞生和灭亡。And thats only one example.这只是其中的一例。As more scientists mine the data, new discoveries about how theheavens work are sure to follow.随着越来越多的科学家探测相关数据,关于苍穹演变史的新发现指日可待。 201404/285515Science and technology科学技术Visible-light communication可见光通信Tripping the light fantastic与光共舞A fast and cheap optical version of Wi-Fi is coming一个高速而廉价的光学Wi-Fi即将问世AMONG the many new gadgets unveiled at the recent Consumer Electronics Show in Las Vegas was a pair of smartphones able to exchange data using light.最近,在国际消费电子展上首次展出的电子产品中,有一对能利用光交换数据的智能手机。These phones, as yet only prototypes from Casio, a Japanese firm, transmit digital signals by varying the intensity of the light given off from their screens.目前,这两部不过是日本卡西欧公司的样机,它们能通过改变自身屏幕的光强来传传输数字信号。The flickering is so slight that it is imperceptible to the human eye, but the camera on another phone can detect it at a distance of up to ten metres.这样的闪光很微弱,人眼无法感知,但另一部手机的摄像头能够在十米的范围内检测得到。In an age of Wi-Fi and Bluetooth, flashing lights might seem like going back to sending messages with an Aldis lamp.在这个Wi-Fi和蓝牙横行的时代里,使用闪光可能有点像回到用奥尔迪斯手提信号灯发送信息的年代。In fact, they are the beginning of a fast and cheap wireless-communication system that some have labelled Li-Fi.事实上,它们正是有人称之为Li-Fi的高速、廉价的无线通讯系统的鼻祖。The data being exchanged by Casio’s phones were trifles:两部卡西欧手机交换的数据量非常小:message balloons to be added to pictures on social-networking sites.不过是添加在社交网站图片中的虚拟对话框。But the firm sees bigger applications, such as pointing a smartphone at an illuminated shop sign to information being transmitted by the light:但卡西欧公司发现这项技术有更大的应用前景,比如将智能手机对准发光的商店招牌读取通过灯光传送的信息:opening times, for example, or the latest bargains.如营业时间或最新优惠。Yet that is still only a flicker of what is possible.但是,这项技术可能有万千功能,以上不过是冰山一角。Last October a number of companies and industry groups formed the Li-Fi Consortium, to promote high-speed optical wireless systems.去年十月,多家公司及实业集团共同成立了Li-Fi联盟,以推广高速无线光学通信系统。The idea is that light can help with a looming capacity problem.他们的想法是可见光通信将有助于解决即将来临的数据传输瓶颈问题。As radio-based wireless becomes ubiquitous, more and more devices transmitting more and more data are able to connect to the internet, either through the mobile-phone network or through Wi-Fi.随着无线电通讯的普及,越来越多的数据传输量越来越大的设备能够通过移动网络或Wi-Fi与互联网连接。But there is only a limited amount of radio spectrum available.但可用于通信的无线电频段是有限的。Using light offers the possibility of breaking out of this conundrum by exploiting a completely different part of the electromagnetic spectrum, one that is aly ubiquitous because it is used for another purpose: illumination.运用一个完全不同的电磁波段—可见光,就有可能解决这个难题;这个波段其实早已相当常用,因为它有另一个作用:照明。Lighten the darkness照亮黑暗To turn a light into a Li-Fi router involves modulating its output, to carry a message, and linking it with a network cable to a modem that is connected to a telephone or cable-broadband service, just like a Wi-Fi router.要将一个可见光源变成能够携带信息的Li-Fi路由器,需要调制其光强以及用网线将其与一个调制解调器连接,一如Wi-Fi路由器。Incandescent light bulbs and fluorescent tubes are not really suitable for modulation,白炽灯和日光灯的光其实并不适合调制,but they are yesterday’s lighting technology.不过它们已是旧式的照明技术了。Tomorrow’s is the light-emitting diode.新式的照明技术是发光二极管,LEDs are rapidly replacing bulbs and tubes because they are more efficient.LED正凭借其更高的能量利用率迅速取代电灯泡和灯管。And because they are semiconductor devices, tinkering with their electronics to produce the flickering signals required for data transmission is pretty straightforward, according to Gordon Povey,歌登·波文在英国爱丁堡大学与哈拉尔德?哈斯及其同事一起研究光通信;他说,因为LED是半导体器件,who is working on light communication with Harald Haas and his colleagues at the University of Edinburgh, in Britain.调整一下其电路就能很轻易地产生传输数据所需的闪光信号。The rate of data transfer is also good. Dr Povey’s group is aly up to 130 megabits a second over a distance of about two metres, using standard LEDs.用可见光传输数据的速度也相当可观。波文士的研究小组已能利用标准LED在约两米内以最高每秒130兆位的速度传输数据。Dr Povey, who is also the boss of VLC, a firm set up to commercialise the technology, thinks such devices should be able to reach 1 gigabit per second, and do so over greater range.同时也是VLC公司的老板的波文士认为这种器件应能达到每秒1千兆比特的传输速度,且传输距离可以更远。Specially constructed LEDs would be even faster.采用特制LED所达到的速度将会更高。The Li-Fi consortium reckons more than 10 Gbps is possible.Li-Fi联盟估计传输速度可能达到10 Gbps以上。In theory, that would allow a high-definition film to be downloaded in 30 seconds.理论上,这个速度意味着不到30秒就能下载一部高清电影。Dr Povey believes that adapting existing LEDs to work with the sensors and light sources—cameras, ambient-light detectors, screens, flashbulbs, torches and so on.波文士认为,改造现在的LED使之适应智能手机及类似设备上已有的感应器及光源,如摄像头、环境光感应器、屏幕、闪光灯泡、手电筒等,aly found in smartphones and similar devices will be the fastest way to bring Li-Fi to market.是将Li-Fi推向市场最快的方法。VLC has aly produced a smartphone app which allows low-speed data transmission between a pair of iPhones.VLC已设计了一款智能手机软件,两部iPhone能用此软件以低速传输数据。It has also made an experimental optical transceiver that plugs into a laptop to receive and send light signals.该公司也制造了一台用作试验的光收发器,可插入笔记本电脑以收发光信号。Later this year it will bring out Li-Fi products for firms installing LED-lighting systems.今年再过不久,VLC将面向安装了LED照明系统的企业推出Li-Fi产品。There are limitations to using light, of course.当然,利用可见光通信也存在局限性。Unlike radio, light waves will not penetrate walls.可见光不同于无线电波,无法穿透墙壁。Yet for secure applications that could be a bonus.但对于安全应用而言这可能是个意外的优点。And light bulbs—some 14 billion of them around the world—are almost everywhere and often on.而全球大约共有一百四十亿个灯泡,它们几乎随处可见,而且经常亮着。As they are gradually replaced by LEDs, every home, office, public building and even streetlight could become a Li-Fi hotspot.随着电灯泡逐渐被LED所取代,每家每户、办公室、公共建筑物、甚至路灯都可能成为一个Li-Fi热点。Having a line-of-sight connection with the LED in question would undoubtedly improve the signal,若你正在使用的LED光源处于视线范围内,信号强度无疑会有所增加,but light reflected from walls or ceilings might often be enough.不过仅靠墙壁或天花板的反射光可能往往也足够了。In any case, having a good line of sight helps Wi-Fi as well.同样,不论如何,若在视线之内有Wi-Fi信号源,信号当然也会更强。And spotting a nearby light in order to sit next to it is certainly easier than finding the location of a Wi-Fi router.而在身边找一个光源就近使用之当然要比寻找Wi-Fi路由器来得容易。Communication, though, is a two-way street.不过通信是双向的。That means the LEDs involved in Li-Fi would need photodetectors to receive data.这意味着Li-Fi中的LED需要有光电探测器来接收数据。Some LED systems have such sensors aly.一些LED系统已经配备这种探测器了。But even if LEDs are not modified Dr Povey reckons hybrid systems are possible:但即使不对LED进行改造,波文士认为混合系统也可能行得通:data could be downloaded using light but uploaded using radio.通过光下载数据,而上传数据则使用无线电波。In an office, for example, an LED-powered desk lamp could work as a Li-Fi router, able to link up with any networked device placed on the desk.例如在一个办公室里,一盏LED台灯也可以是一个Li-Fi路由器,它能连接桌上任何一个已经联网的设备。A big advantage of light is that it can be used in areas which contain sensitive equipment that radio signals might interfere with, such as aircraft and operating theatres.可见光通信的一大好处在于:它在装有可能会受无线电信号干扰的敏感设备的场所能派上用场,如飞机上及手术室内。LEDs in the ceiling of an airliner would not only allow internet access but could also transmit films on demand to individual seats, removing the need for lots of expensive and heavy cabling, thus saving airlines fuel.将LED安装在大型客机的舱顶,不仅能提供网络务,还能将旅客点播的电影传送至他们的座位上,这样就不必安装许多昂贵而又笨重的线缆,如此一来也会节省燃油。That alone could be enough to, as it were, make this idea fly.光是这一点,似乎就足以令这项技术腾飞。点击此处下载本期经济学人讲解PDF与音频字幕 /201307/246741Its really awful.真是太糟糕了。You started seeing Michael coming in every day, looking like death.你开始看到迈克尔每天进来,像死了一般。It was opposite.这是背道而驰的。The testimony was just destroying him.词是在毁了他的一生。To sit there in court and watch the legal system hurl absurd and vindictive and nasty, mean-spirited allegations at him like this, absolutely traumatized him.坐在法庭亲眼目睹我们的法制系统对他进行这样荒谬,肮脏的报复,卑鄙的指控,绝对是在伤害他。For me, and for other people who actually knew Michael,对我和其他那些实际上真正了解迈克尔的人而言,this was a real human being, whose life was being destroyed, and every day it just seemed to get worse.这是一个真正的人,他的生活被摧毁,每天只是似乎变得更糟。One of the sheriffs came to me and said, you know ,Youve got the best seat in the house.其中一位地方长官来到我身边对我说,你知道,你获得了法庭中最好的位置。And I said,Why?我说:为什么?And he said,Because youre sitting right behind Michael.他说因为你坐在迈克尔身后。And when we find him guilty.而我们发现他有罪。201309/258189

Treachery was repaid by treachery, as he was double-crossed by his supposed allies.背叛被背叛偿还,因为他被自己的盟友出卖。But a mystery still remains. 但仍然有个未解之谜。Why was Tsparang entired abandoned?为什么Tsparang最终被遗弃?From the top of citadel, you can still see the imprints left by the ancient aqueduct, following the contours of the hill. 从城堡的顶端,你仍然可以看到古代留下的痕迹,山的轮廓。Even the legend Tsering Gyalpo speaks of has a basis in science. 甚至传说Tsering Gyalpo也谈到有关的科学依据。Guge is in the shadow of three of the worlds largest mountain ranges, the Himalayas, the Karakorum and the Kunlun.三座世界上最大的山脉,喜马拉雅山脉、喀喇昆仑和昆仑中,其中便有古格的身影。201402/277841

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