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安和乡卫生院有没有位置宁都县妇幼保健院预约是不是真的宁都人民医院彩超检查好吗 In 1990, when Eric Babolat was a college student in France, he remembers watching Sharon Stone play tennis with a hologram instructor in the movie Total Recall and thinking, ;That#39;s the future of tennis.; This was not idle reflection. Babolat represents the fifth generation in a family business of tennis equipment makers, started when his great-great grandfather made the first strings out of sheep gut, obtained from the slaughterhouses of Lyon. Their latest innovation, a racquet called Babolat Play, has just come on the market. This time, it#39;s not just strung; it#39;s wired.埃里克o百保力记得,1990年他在法国上大学时,曾经看过一部名叫《宇宙威龙》(Total Recall )的电影。在这部电影中,莎朗o斯通和一个全息投影的“教练”一起打网球。当时埃里克不禁想到:“这就是网球的未来”。他可不是闲着没事才回想往事。埃里克o百保力是著名家族企业、法国网羽设备制造商百保力集团(Babolat)的第五代继承人,从他的曾曾祖父开始,百保力家族就已经在用羊肠线制做网球拍,制作原料来自法国里昂的屠宰场。百保力集团最近推出了一款名叫Babolat Play的网球拍。特别之处在于它是一副安装有电子设备的网球拍。The company first came up with the idea of a connected racquet a decade ago, thinking it would provide more reliable data about prototypes. ;We have professional testers who analyze if a racquet is rigid, heavy, light,; Babolat says. ;We wanted to make sure that they were speaking the same language, and our engineers wanted captors to show exactly what was going on.; They quickly realized this feature could prove interesting for players, too. ;Nobody really knows what happens the moment the racquet hits the ball.;百保力公司早在十年以前就提出了电子网球拍的理念,它觉得这样做可以收集更加可靠的数据用来开发原型产品。埃里克o百保力说:“我们有专业的测试人员测试一网球拍是否太硬、太重或太轻了。我们希望所有测试人员都按照相同的标准测试,而且我们的工程师也想要捕捉详细的数据来进行研究。”后来他们很快发现,这项功能也会吸引网球运动员们的兴趣。“没有人具体知道球拍击中球的那一刻究竟发生了什么。”At the time, the technology wasn#39;t up to the task, but three years ago it looked more promising, and Babolat gave it another go. To develop the system, it hired Movea, a leader in motion sensing technology headquartered in Grenoble. (In 2008, Movea acquired Gyration, who had worked with Nintendo on an early prototype for the Wii.) Babolat established two conditions. First, the technology would have to fit inside the racquet handle so that it wouldn#39;t affect a player#39;s game. Second, it needed to be accessible and useful to all players, not just pros.当时,这项技术还没有立即提上议事日程。到了三年前,这项技术似乎变得越来越吸引人,于是百保力集团又进行了一次尝试。这家公司重金聘请了总部位于法国格勒诺布尔市的运动感应技术公司Movea来研发这个系统。【2008年,Movea收购了曾与任天堂(Nintendo)合作研发Wii游戏机早期原型机的Gyration公司。】百保力集团专门提出了两个条件:第一,这个技术单元必须嵌入到网球拍的手柄内部,以免影响运动员比赛。第二,它的实用性必须针对所有运动员,而并不只是针对专业人士。They started by modifying the company#39;s bestselling model, the Pure Drive. The Play version is the same weight, around 11 ounces, and looks nearly identical; the only obvious difference is two orange stripes at the bottom of the handle, buttons that activate the racquet and synchronize it via Bluetooth.研发团队开始在百保力最畅销的网球拍产品Pure Drive的基础上进行开发。Babolat Play和Pure Drive的重量相同,都是11盎司,外观看起来也一般无二。唯一显著的区别是Babolat Play的手柄底部有两个橙色亮条,以及用来激活球拍和通过蓝牙进行同步的按钮。You have to remember to switch the racquet on before playing -- and, prior to that, to charge it. Afterwards, you download the data to your user account on a computer, tablet or smartphone app. Here you can see a breakdown of your shots by number and classification (forehands, backhands, serves, smashes), the power of your strokes in percentage, based on the speed of the racquet (100 percent corresponds roughly to a flat serve of 136 miles per hour), the type of spin you use and how often. An impact locator shows what percentage of your shots hit the sweet spot or the areas around it. CyrilleSoubeyrat, vice president of engineering for Movea, says this was the most complicated feature to make, requiring the development of brand new technology.打球之前,一定要记得打开球拍的开关——当然前提是别忘了充电。运动完毕后,你可以在电脑、平板或智能手机上通过一款应用登陆你的个人账户,下载你的数据。你在这里可以看到对运动数据的详细分类(正手、反手、发球、高压球),它还可以根据球拍的运行速度测算出你的击球力度,然后用百分比的形式显示出来(100%的力度大致相当于平击发球的速度达到每小时136英里)。另外它还能分析你经常使用的旋转球的种类和频率。球拍上安装的冲击定位器可以显示有多少比率的击球是击中了球拍的最佳击球点或其附近位置。Movea公司工程副总裁西里尔o索贝莱特表示,冲击定位器是整个产品研发过程中最难的部件,需要专门开发全新的技术。Soubeyrat did his best to explain in simple terms what happens inside the racquet during play. In the handle, sensors deliver signals to an electronic system, which executes algorithms. Some analysis takes place continuously, such as the racquet#39;s position in relation to the ground. Other measurements start each time the ball hits the strings, setting off a reaction like when a car crash sets off an airbag.索贝莱特尽可能用简单的语言向我们解释了这款球拍的工作原理:运动时,手柄中的传感器会向负责运行算法的电子控制系统发送信号。有些分析运算会不间断地进行,比如球拍相对于地面的位置。其它的运算只是在击球的一瞬间才启动,就像车辆发生撞击时,气囊就会自动弹出一样。At the moment of impact, the racquet experiences several modes of flexion and torsion, and at different frequencies. The electronic system analyzes all of these vibrations simultaneously, and within 200 milliseconds produces information about 20 different properties of the shot. At the same time, it recognizes and rejects all the ;parasitic; gestures, such as bouncing the ball between serves or using the racquet to whack clay off one#39;s sneakers.击球的瞬间,球拍短时内会在不同频率上经历好几种形式的弯曲、扭曲。电子控制系统会实时分析所有这些震动,在不到200毫秒的时间内,就会得出关于这次击球的大概20种不同性质的数据。同时它还可以自动识别、排除一些“无关动作”,比如在发球间隙将球弹来弹去时造成的震动,以及用球拍敲掉沾在球鞋上的土时造成的震动。Soubeyrat says the technology is remarkably accurate, even if there are things it cannot measure, like whether that ball you hit so powerfully went right over the court and into the parking lot. Eventually, he says, other tools could round out the offer, such as sensors in the shoes.索贝莱特表示,这项技术的精确度非常惊人,尽管有些东西目前它可能还无法测量到,比如说某次击球力度太大,将球打出界外甚至打到了停车场里。但是索贝莱特认为,最终随着其它工具的发展(比如在网球鞋里安装传感器),这个问题终究会得到解决。One of the most addictive things about the new technology is the gaming aspect. Each player starts out as a ;newbie; and can work his or her way up through levels like a game. ;There#39;s nothing more frustrating in tennis than feeling you aren#39;t progressing,; Eric Babolat says. ;To put a bit of reward in the application seemed like an obvious thing to do.; You can join the global Babolat Play community, check your ranking and compare your performance to other players, even Rafael Nadal. If you like what you see you can share the data on Facebook.这项新技术最令人上瘾的地方是它含有的因素在里面。每个运动员一开始都是一个“菜鸟”,然后可以像打游戏一样逐渐“升级”。坎里克o百保力说:“网球这项运动最令人沮丧的莫过于觉得自己没有进步。因此,在这款应用中加入一点激励的元素也就成了顺理成章的事。”你可以加入全球Babolat Play社区,然后查看自己的排名,把自己的表现和其他球员(甚至是纳达尔)进行对比。如果你对自己的进步满意的话,也可以把你的数据分享到Facebook上。Can the racquet improve a player#39;s technique? ;The advantage of gaming is that it motivates people to play more tennis,; Babolat says. ;It#39;s exciting to see how you evolve.; The company lent me a Play for a couple of weeks to try out. After noting (to my chagrin) that all of my serves were flat, I concentrated on adding some spin and immediately saw the difference, on the court and on the app. As for the impact locator, I managed to hit the sweet spot a good part of the time, but also hit a sizable percentage below it, and realized that I wasn#39;t bending my knees enough. Afterwards, going back to my old racquet was a bit of a letdown.这样一款电子球拍是否真能提高网球爱好者的技术?对此,埃里克o百保力说:“游戏元素的好处是,它能鼓励人们花更多的时间练习网球。看着自己的技术一天天提高,这种感觉很令人兴奋。”这家公司借给我一球拍让我试用一两个星期。在它的提醒下,我注意到我的所有发球都太平了,于是我着重加了一些旋转进去,结果马上就看到了效果,而且无论是实地效果还是在应用上显示的效果都很明显。至于撞击定位器的功能,虽然我有相当一部分击球都正中甜点,但仍然有很大一部分击球点的位置偏低,于是我意识到是这是我的膝盖弯得不够造成的。但是用回我的旧球拍之后,我又有点松劲了。Babolat introduced the Play in mid-December in the ed States, its number one market, selling it in 50 specialized stores. (It launches in Europe in May.) Though it was on the shelves for only ten days, it took fourth place for December#39;s overall tennis racquet sales in the U.S., in terms of dollar value -- at 0, it is roughly twice the price of a normal racquet. Eric Babolat notes that in 2013, his company sold 1.8 million unconnected racquets worldwide, and he feels that the potential for connected racquets is huge: ;I#39;m convinced that 10 years from now all racquets will be wired.;百保力集团在12月中旬将Play球拍引入其第一大市场美国,目前这款产品在美国的50个专营店中有售。(相比之下今年五月才在欧洲发布。)上架仅十天,它的销量就占到12月美国所有品牌网球拍销量的第四位。Play球拍的售价为400美元,基本上是一个普通球拍的两倍。埃里克o百保力指出,2013年,他的公司在全球共卖出180万普通球拍,他觉得电子球拍具有巨大的潜力:“我相信,十年以后,所有的球拍将都安装电子设备。”Meanwhile, two other companies have been working on a similar concept. Artengo, a French brand specializing in modestly priced racquet sport equipment, now sells a gadget that attaches to the outside of a handle and gathers data (also developed by Movea). And in January, Sony (SNE) showed off a prototype sensor at the Consumer Electronics Show in Las Vegas. Weighing under 3 ounces and made to snap onto the butt of certain Yonex racquets, it comes out in Japan this spring.与此同时,还有另外两家公司也在研究类似的产品。比如法国迪卡侬旗下的Artengo品牌专门销售中端价位的球拍和其它运动产品,现在Artengo推出了一款可以附着在球拍手柄之外收集数据的设备(也是由Movea公司研发的)。另外,今年一月,索尼公司(Sony)在的消费电子展上展出了一款传感器的原型产品。它的重量不足3盎司,可以附着在尤尼克斯(Yonex,一家日本网羽用品公司)公司的球拍上。它今年春天已经在日本正式上市。Babolat sees this competition as encouraging. ;I#39;m surprised that Sony is among the first to enter this field, since sports is not really their thing. But it#39;s reassuring to see that they are focusing on tennis, and that they believe it has potential as online community entertainment.;埃里克o百保力认为这种竞争令人振奋。他说:“索尼成为第一批在这个领域竞争的公司之一,这让我觉得很惊讶,因为体育并不是他们擅长的方面。但是看到他们也把重点放在网球上,并且他们也相信在线社区的潜力,还是让人吃了一颗定心丸。”Last July, the International Tennis Federation wrote its 31st rule, permitting the use of approved ;Player Analysis Technology; during competitions. Babolat is looking forward to the day the Play makes its debut in an official tournament. For the moment, however, only the Pure Drive is wired, and the company#39;s star ambassadors -- Nadal and Jo-Wilfried Tsonga -- use a different model.去年七月,国际网球协会(International Tennis Federation)制订了它的第31条规则,允许在网球比赛中使用经过批准的“运动员分析技术”。埃里克o百保力非常期待有一天能在正式的网球锦标赛上看到Play球拍的亮相。目前这家公司的产品中,电子球拍只有Pure Drive一款,而公司的产品代言人纳达尔和威尔弗雷德o特松加则使用的是另一款产品。The pros had the chance to try the new racquet at a demonstration match at Roland Garros in 2012. According to Babolat, Nadal and his coach, Antonio Nadal, were like children when they got their hands on it -- Toni teasing his nephew that now he#39;d see how badly he was serving, Rafa responding that he would show his uncle just how powerfully he was hitting. ;They are always on the lookout for the detail that make a difference,; the Frenchman says. ;A player feels certain things, and his trainer sees others. For the first time they had quantifiable data they could discuss.;2012年的一场法网表演赛上,专业运动员们获得机会试用新的电子球拍。据埃里克o百保力表示,当纳达尔和他的教练安东尼奥o纳达尔(托尼)拿到这款新球拍时,他们表现得就像小孩子一样。托尼对他侄子开玩笑说,现在他可以知道他发球到底有多差了。尔o纳达尔则回答说,他要让他叔叔看看他的击球多么有力。埃里克o百保力说:“他们总是在寻找任何能提高成绩的细节。运动员可以感觉到一些东西,而教练能看到其它一些东西。Play球拍让他们第一次有了可以研究的量化数据。”Before the demonstration began, a 14-year-old ball boy went up to Babolat and told him excitedly that the racquet combined his two favorite activities, tennis and games. ;It confirmed that we were on the right track, especially with young people,; Babolat says. ;This is not just an old sport, people wearing white at Wimbledon. Tennis is cool.;表演赛开始之前,一名14岁的球童走过来,高兴地对埃里克o百保力说,这款球融合了他最喜欢的两个活动——网球和电脑游戏。埃里克说:“这再次让我确信,我们走在正确的道路上,尤其是对于年轻人来说。网球不仅仅是一项古老的运动——比如大家传统上都要穿着白色的球衣参加温布尔登公开赛。网球还很酷。”(财富中文网) /201405/302077赣州生宝宝多少钱

赣州市蓉江区妇幼保健院怎么样赣县第二人民医院妇科电话多少 iPad miniNext generation of iPads set to launch on 22 October - with rumours suggesting Apple could be working on a 13-inch modelFresh off the launch of its new iPhones, and before its even had time to restock the shelves, Apple is said to be gearing up to launch its next range of iPads.According to Current Editorials, the tech giant could announce a new iPad mini as well as an improved iPad - dubbed iPad 5 - on 22 October. This would be almost a year to the day since Apple#39;s CEO Tim Cook unveiled the first generation mini, and the release would see the tablets go on sale in time for Christmas.Previous reports suggested Apple would launch successors to its current range of tablets at an event on 15 October, but this has now changed. Apple historically launches products on a Tuesday, making them available for pre-order the following Friday, before putting them on sale the Friday of the week after. This suggests any new devices announced on 22 October will be on sale by 1 November. Leaked photos have aly hinted at what the tablets could look like, including a range of colourful cases, and in an investor note, analysts state Apple could also be working on a 13-inch model.According to Apple site, 9to5Mac, the rumoured iPad 5 will also keep the 9.7-inch, high-resolution screen seen on older models. The camera is due an upgrade, too, and is thought Apple would move to an 8MP rear-facing lens, with the possibility of even a 12MP camera being added.Leaked images from Tactus additionally suggest the iPad 5 will be thinner than its predecessors.Technology site Expert Reviews believes Apple will stick with its traditional pricing strategy for both models and charge the same price for its new products as it did for the outgoing models. For example, the 16GB iPad 5 is expected to cost around £399, this raises to £479 for 32GB and £559 for 64GB. If Apple additionally follows its iPad 4 launch and introduces a 128GB iPad 5 model, this should start at around £639 for 128GB, while 4G-y models will cost more still. Similarly, the iPad mini is expected to launch with at around £269 for 16GB and then in £80 increments for the 32BG and 64GB models. Models with 3G and 4G access will cost more. Apple could also launch a new line of Mac computers including a Macbook Pro and Mac mini at the event. Both are expected to be fitted with Intel’s Haswell processors that boost speeds and battery life.有分析人士预测,全新的iPad 5将搭载苹果A7处理器,屏幕尺寸维持9.7英寸,后置摄像头将升级至800万像素,另有128G版本可选。而第二代iPad mini也将保持其原有的7.9英寸大小,但有可能配备与iPad 3相同的超高像素密度的Retina显示屏。另外,有传言称,在iPhone 5S上配有的Touch ID指纹识别功能,或许将被应用在苹果最新的这两款平板产品上。如果iPad 5和第二代iPad mini能如期于本月22日发布,这两款全新的平板电脑将有望在11月1日与全球果粉们见面。参照iPad以往的市场价格,新款iPad 5 16G的售价可能为399英镑,折合人民币3893元;而32G和64G的售价则分别为479英镑和599英镑,分别折合人民币4693元和5844元。 /201310/259714蓉江新区人民医院可以做人流吗

龙南县产检多少钱 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寻乌人民医院评价定南县中医院专家预约



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