首页>要闻>天下           天下         

      

海宁市中医院开双眼皮多少钱好医资讯

2019年07月20日 14:07:54 | 作者:99社区 | 来源:新华社
Yet another Shakespearean banking tragedy opened this week, with Standard Chartered starring this time as the villainous rogue. The day of reckoning will be Wednesday, when the New York Department of Financial Services will hear the bank#39;s defence against charges of hiding the involvement of Iranian government clients in 60,000 wire transactions, worth at least 0bn. Call it the Ides of August. 上周业又有一出莎士比亚悲剧上演,此次扮演卑鄙恶棍的是渣打(Standard Chartered)。;审判日;就是周三(8月15日),届时纽约州金融务局(New York state Department of Financial Services)将听取渣打的辩护词,该行此前被控隐瞒参与伊朗政府客户约6万笔、至少价值2500亿美元的电汇交易。此次事件完全称得上是;八月风云;。 That hearing will focus on ;wire stripping;. Standard Chartered employees allegedly hid the fact that wire transfers to New York were coming from Iranian government-owned institutions by stripping out references to Iran from wire instructions. Standard Chartered called this a ;repair procedure,; and insists it was permitted. 法庭聆讯将以;电汇代码消除;(wire stripping)为焦点。渣打员工涉嫌通过删除电汇指令中提到伊朗的部分,隐瞒汇往纽约的款项来自伊朗政府下属机构的事实。渣打将此类操作称作;修正流程;,并坚称其符合法规要求。 Media commentators and bank analysts have suggested that the evil actors in this drama were the employees who did the ;repairs; and the managers who supervised them. Others have absolved Standard Chartered, accepting the bank#39;s argument that the scope of wrongdoing was minimal and had nothing to do with terrorism. But the New York regulators#39; order centres on the bank#39;s general counsel and compliance offices. This focus on lawyers is important. 媒体员和分析师指出,在这出戏中扮演恶人的演员是那些执行;修正;程序的员工以及管理他们的上级经理。其他人则认为渣打无罪,接受该行有关违规操作的范围极小以及绝不牵涉恐怖主义的说辞。但纽约州监管当局的报告将矛头对准了该行法律总顾问办公室以及合规办公室。这种对内部律师的关注引人回味。 Among the most incriminating documents cited in the order are memoranda and emails from the bank#39;s attorneys, who allegedly advised that wire instructions should not identify the names of Iranian clients because that would trigger scrutiny in New York. Legal and compliance officers were allegedly involved in a plan called Project Gazelle, which sought to build the bank#39;s business with Iranian clients without exposing the New York branch ;to the risk of a breach of sanctions;. Given these allegations, the opening line at next week#39;s hearing might be: ;The first thing we do, let#39;s kill all the lawyers.; 报告引用的最能将渣打治罪的文件之一,是渣打律师团队的备忘录和电子邮件,他们涉嫌建议在电汇指令中不列明伊朗客户的名称,因为这可能触发来自纽约监管当局的检查。该行法律及合规主管则被指控参与;瞪羚计划;(Project Gazelle),该计划的目的是在不给纽约分行带来;违反制裁禁令风险;的情况下,建立与伊朗客户的业务往来。鉴于以上指控内容,本周听会的开场白有可能是:;我们要做的第一件事,是把律师通通干掉。; Indeed, the order puts the bank#39;s senior attorneys and compliance officers at the heart of the wire stripping scheme, even when outside counsel advised otherwise. As early as 1995, soon after President Bill Clinton announced economic sanctions against Iran, the bank#39;s general counsel allegedly ;embraced a framework for regulatory evasion;. He allegedly strategised about how to avoid scrutiny by the US Office of Foreign Assets Control, known as OFAC, and instructed employees that a memorandum describing the plan to avoid regulatory compliance was ;highly confidential and MUST NOT be sent to the US;. 报告实际上将渣打的高级律师以及合规主管们置于电汇代码消除阴谋的核心,而当时该行的外部法律顾问曾给出与内部律师相反的意见。报告指出,早在1995年,当时的美国总统比尔#8226;克林顿(Bill Clinton)宣布对伊朗实施经济制裁后不久,渣打的法律总顾问就;采纳了一整套逃避监管的方案;。据称,他设计了躲避外国资产控制办公室(Office of Foreign Assets Control,简称OFAC)检查的策略,并向手下员工指示,一份描述该行逃避监管合规要求计划的备忘录是;高度机密并且绝不能被传至美国;。 We know bankers can be ruthless when pursuing profits. But bank lawyers are not supposed to think like bankers. Decades ago, the general counsel of a bank thought more about ethics than efficiency. But today#39;s in-house counsel are often profit centres, fonts of wisdom on how to avoid accounting rules, cut taxes and maintain the secrecy of dubious practices. One reason for the recent wave of abuses at big banks is that their in-house lawyers have been more focused on speed and profit than on right and wrong. 我们都知道家在追求利润时可能变得冷酷无情。但律师的想法不应与家一致。几十年前,一家的法律总顾问对道德的重视程度甚于效率。但如今,内部法律顾问部门常常变成了利润中心,为如何规避会计准则、少交税以及隐瞒可疑操作出谋划策。近年来大型纷纷爆出违规丑闻的一大原因在于,它们的内部律师团队关注效率和利润甚于关注对错本身。 It is now apparent that speed was a concern of Standard Chartered#39;s lawyers: if the wire instructions had contained references to Iran, they probably would have been investigated and so delayed. The bank#39;s chief legal and compliance officer for its wholesale banking business apparently called the risk of such delays a ;deal-breaker; in efforts to develop new business. 我们现在可以清楚看出,交易速度是渣打律师团队的关注重点之一:如果电汇指令中包含提到伊朗的语句,则很可能受到调查进而导致交易延迟。该行批发业务部门的首席法律与合规官直白地表示,对于该行拓展新业务的努力而言,此类交易延迟风险简直就是;交易杀手;。 Standard Chartered#39;s lawyers also allegedly ;outsource[ed] the entire OFAC compliance process for the New York branch to Chennai, India, with no evidence of any oversight or communication between the Chennai and the New York offices;. Inadequately trained due diligence staff allegedly had simultaneous responsibility for both ;repair procedures; and ;compliance;. The regulators called this dual role ;a paradoxical task to say the least;. Allegedly, when staff in India found questionable disclosures, they contacted clients, who then sent ;repaired; wires stripped of any references to Iran. Even if that process proves to have been legal, it was due diligence in name only. 渣打律师团队还涉嫌;将纽约分行的整个OFAC合规流程外包到印度钦奈(Chennai),并且没有据显示其曾履行过监督职责,或钦奈方面与纽约分行之间进行过任何沟通;。报告称,渣打让未受过充分培训的尽职调查人员同时负责;修正流程;和;合规;。纽约州监管当局表示,这种双重角色;说得最轻也构成了职责冲突;。报告还指出,当渣打驻印度员工发现有问题的信息后,他们与客户取得了联系,客户随后发出了剔除任何与伊朗有关语句的;修正版;电文。即使这一流程被明为合法,该行的尽职调查也不过空有其名而已。 As recent debacles at Barclays, HS and now Standard Chartered demonstrate, employees of big global banks increasingly lack a moral compass. Some general counsels and compliance officers do provide ethical guidance. But many are facilitators or loophole instructors, there to show employees the best way to avoid the law. Not even mafia lawyers go that far; unlike many bankers, mobsters understand the value of an impartial consigliere who will tell them when to stop. 近期巴克莱(Barclays)、汇丰(HS)以及渣打爆出的一系列丑闻表明,大型跨国的员工越来越缺乏道德方向感。确实有一些的法律总顾问和合规主管在提供道德指引。但还有许多人是违规行为的协助者或者钻漏洞方面的指导员,其存在的意义不过是教给员工逃避法律约束的最佳方式。黑帮律师都不至于如此缺乏底线;与很多家不同,黑帮成员明白一位公正的法律顾问的价值,因为他能够告诉他们何时应该停手。 Bank executives have recently been criticised and even replaced, and more heads will roll. The Standard Chartered saga is not over: the bank allegedly orchestrated similar schemes in Sudan, Myanmar and Libya. But as the drama unfolds, many in the audience will ask: who were the true villains? The bankers? Or ;yes men; lawyers who may have enabled and emboldened them? 近期管理层备受指责,部分甚至遭到撤换,未来还将有更多的人受到惩罚。渣打的故事并未就此结束:该行还被指控在苏丹、缅甸以及利比亚策划了类似阴谋。但随着戏剧情节的推进,很多观众会问:谁是真正的恶人?是家吗?还是那些给家出谋划策和壮胆的;好好先生;律师们? Lawyers are supposed to be the grown-ups at the party, professionals who guide their colleagues and tell them what they can and cannot do. They should be ombudsmen, not enablers. One lesson from recent scandals is that banks need reliably independent in-house counsel, with a strong moral backbone. 律师们本应是派对上的成年人,是为自己的同事提供指引、告诉他们哪些能做哪些不能做的专业人士。他们应是监察员,而不是助纣为虐者。我们从近期丑闻中得到的一大教训是,需要足够独立、具备坚定道德观的内部法律顾问。 /201208/194911;Boy, why have you got cotton-wool in your ear? Is it infected?; ;No, sir, but you said yesterday that everything you told me went in one ear and out the other , so I am trying to stop it.;“孩子,你为什么用棉花塞住耳朵?它感染了吗?” “没有,老师。可是你昨天说你告诉我的知识都是一个耳朵里进,一个耳朵里出,所以我要把它堵在里面。”

When investors are feeling bullish about life, they consider Burberry a luxury goods company. That is one reason it has offered a total return of 125 per cent over the past five years, more than twice as much as rivals such as Tod#39;s or LVMH. When they are feeling bad – as they were on Wednesday – they consider it a retail chain. Shares of the fashion group fell 7 per cent despite what appeared to be another impressive three months (April to June) of sales growth. Considering that Britain#39;s miserable summer looks tailor-made for Burberry#39;s raincoats, that seems odd. In fact, it fits a recent trend. 当投资者对人生感到乐观时,他们会把巴宝莉(Burberry)视为一家奢侈品公司。这是为何过去5年期间其股票的总回报率高达125%、超过竞争对手如Tod#39;s或LVMH两倍多的原因之一。而当他们感觉不好时(正如本周三那样),就会把它当成一家连锁零售商。这家时尚集团的股价下降了7%,尽管4月至6月三个月的总体销售增长再度令人印象深刻。鉴于英国阴雨绵绵的夏天仿佛是为巴宝莉德雨衣量身定做的一般,这显得蹊跷。事实上,它与近期趋势是吻合的。 There is nothing fundamentally wrong at the group. It has 500 stores (a mix of wholly owned, concessions, outlets and franchises) in all the right places: four stores in Brazil, for example. It is planning for 100 in China in the medium term, with three flagship stores in Shanghai. In the April to June period, Burberry reported strong growth in the UK, Germany, France and China. Group underlying sales growth was 11 per cent, bringing total revenue in the three months to pound;410m; growth on the retail side, which accounts for two-thirds of Burberry#39;s revenue, was even stronger at 14 per cent. 该集团没有任何根本上的问题。它有500家门店分布在所有合适的地方(包括全资拥有、特许经营、批发和专营):例如在巴西有4间门店。它正计划中期在中国设立100家,包括三家位于上海的旗舰店。在4月至6月期间,巴宝莉报告在英国、德国、法国和中国都实现强劲增长。集团基本销售增长11%,推动三个月总营收达4.1亿英镑;而零售增长(占巴宝莉总营收的三分之二)更为强劲,达14%。 The company#39;s continued focus on growth still looks justifiable, whatever the jitters about the global economy. Annual sales growth at its wholly owned Chinese stores is about 20 per cent, though the picture is more mixed in the US, where Burberry has been moving up market since 2006. 该公司对增长的持续关注,看来仍是合理的,无论人们对全球经济如何感到恐慌。在其全资拥有的中国门店,年销售额增长约为20%,尽管美国的情况更复杂些,自2006年起,巴宝莉在美国向高端市场转移。 Burberry#39;s problem is not growth but valuation. Past success has bred high expectations of management; anything that smacks of less than relentless forward momentum in underlying earnings gets punished. Burberry#39;s growth rate has been slowing for a couple of quarters now. Some of that is priced in: its share price has fallen 25 per cent since mid-April. The tumble on Wednesday looks like more of the same. Its shares now trade at a forward price/earnings multiple of about 17 times. That is in line with the luxury sector, which is where for the moment it belongs. 巴宝莉的问题不是增长,而是估值。过去的成功培养了人们对管理层更高的期望;基本盈利迅猛增长的势头只要有一点松懈,就会受到惩罚。现在巴宝莉的增长速度已连续两个季度放缓。其中一部分已在股价中得到反映:4月中旬以来已下跌25%。周三的暴跌看起来也是同样性质。其股价意味着预期市盈率约为17倍。这与奢侈品行业一致,它暂时仍属于这一板块。 /201207/190295

Ikea is the retailer for the 99%.宜家家居是面向99%人群的大众零售商。Or at least that#39;s the point Anders Dahlvig, the former CEO of the Swedish furniture and home goods giant, is trying to make in The Ikea Edge. Early on in the book he tells the er, ;Like any business, Ikea strove for professionalism and profits. But this was never an end in itself. The company has a social ambition that feels genuine: to create a better everyday life for people.;至少,这是这家瑞典家具和家居用品巨头的前任CEO安德斯;达尔维格在其著作《宜家之道》(The Ikea Edge)中试图传达的讯息。他在书中开宗明义地告诉读者:;宜家家居和所有企业一样,都致力于专业和利润。但这并不是一家的终点。宜家孜孜以求的是一个社会公益性目标:为人们创造更好的日常生活。;In these days of Occupy Wall Street, it#39;s easy to scoff at that kind of message from a big company. But by the end of the book, it#39;s hard not to believe him. In part that#39;s because the company#39;s objective isn#39;t that grandiose: to improve ordinary people#39;s lives by giving them the option of decent quality furniture at low prices. And most of us, unless you#39;re part of the 1%, have experienced this part of the Ikea promise firsthand.如今占领华尔街运动正进行得如火如荼,在这样的日子里,我们很容易对一家大公司发出的此类讯息嗤之以鼻。但读完这本书之后,你很难不相信他的这番话。部分原因是,宜家家居的目标称不上好大喜功:它只是希望能让普通百姓能够用上价格低廉的优质家居,从而改善生活品质。我们大多数人(除非你属于1%人群)应该都亲身体验过宜家的这一承诺。Much of The Ikea Edge is spent explaining how the company manages to offer ridiculously low prices that make it impossible to leave the store without a lengthy receipt. I#39;m sure I#39;m not the only person to have driven home from Ikea with a bag of 100 tea lights not because I have an extensive candle collection ; I don#39;t ; but simply because the price tag was .99. (Each one is less than 4 cents!)《宜家之道》这本书的相当一部分都是在诠释,该公司具体是如何设法提供价格低得离谱的家具,以至于顾客不可能不揣着一条长长的收据单离开店铺。我曾经带着一个装有100只茶蜡的袋子,从宜家驱车回家。这并不是因为我正在广泛地收集蜡烛;;我没有这个癖好;;而仅仅是因为这包茶蜡仅仅3.99 美元(每只茶蜡还不到4美分!)。我确信有过这种经历的绝非我一人。 /201112/166353

Dire predictions of market collapses and economic gloom in 2012 have so far proven overly pessimistic. But what should investors do to continue making money the rest of the year? 有些人曾预测2012年金融市场可能崩溃,经济前景一片黯淡,但从目前来看,这一预测过于悲观。投资者该如何去做,才能在今年余下的几个月里继续赚钱? In January, many expected Europe#39;s debt woes to sp from Greece to the rest of the euro zone, China#39;s economic growth rate to falter and the U.S. to be once again gripped by a midyear market scare, if not necessarily one triggered by a debt-ceiling debate and a debt downgrade. 2012年1月,许多人认为欧债危机会从希腊蔓延到整个欧元区,中国经济增速徘徊不前,美国股市将在年中因债务上限争论或债务降级等因素再度遭遇抛售恐慌。 Given those concerns, many investors predicted the price of U.S. Treasurys, which do well when investors are fearful, would rise and the price of stocks and other risky assets would fall. 在这种考虑下,很多投资者认为美国国债(往往在市场恐慌时表现较好)的价格会上涨,股票和其他风险资产的价格会下跌。 Treasury prices did indeed rise, while their yields, which move in the opposite direction, fell to record lows. But the Standard amp; Poor#39;s 500-stock index has gained nearly 14% so far this year, while high-yield #39;junk#39; bonds have returned nearly 10%. In fact, most major asset classes are in positive territory for the year. 国债价格确实上涨了,与国债价格反向运动的国债收益率跌至历史低位,但标普500股票指数(Standard amp; Poor#39;s 500-stock index)今年至今也已上涨近14%,高收益“垃圾债券”的回报率接近10%。事实上,今年大多数的主流资产类别都实现了正收益。 Behind the solid performance: European policy makers have been proactive in dealing with the Continent#39;s problems, the decline in China#39;s growth rate might be coming to an end, and the U.S. economy hasn#39;t slipped into a recession. 撑这些坚实投资业绩的是:欧洲政策制定者积极主动应对欧洲大陆面临的各种问题,中国的经济增长率可能止跌回升,美国也没有陷入另一次经济衰退之中。 Yet substantial uncertainties remain, ranging from the Federal Reserve decision on whether to launch another round of bond buying, China#39;s leadership transition and Europe#39;s wobbly single-currency zone. 不过,未来还有很大的不确定性,如美联储(Federal Reserve)会不会展开新一轮的国债购买行动,中国领导层的交接问题,以及欧洲摇摇欲坠的单一货币体制等。 To top it off, the U.S. elections in November could determine whether taxes rise or fall next year, and whether budget cuts will take a big chunk out of the gross domestic product. 此外,美国11月份的大选将决定明年税收政策的起伏,以及预算削减是否会给国内生产总值(GDP)带来较大的不利影响。 #39;There are a lot of stresses in the global marketplace and events that could lead to volatility,#39; says Phil Sharkey, head of investments for the New York metropolitan region at Citi Private Bank. #39;You have an opportunity to look at where your portfolio is and consider whether or not you can make some changes.#39; 花旗私人(Citi Private Bank)负责纽约大都市区域投资业务的主管菲尔#8226;沙奇(Phil Sharkey)说,“全球市场还存在很多压力,突发事件风险较大,这都可能导致市场出现波动。你现在可以审视一下自己的投资组合,看看是否有需要调整的地方。” The key for investors is to find investments that still have room to rally during the next four months, but also can weather the potential downturns. Here are six ideas, culled from interviews with money managers and other experts: 对投资者来说,最关键的是要找到一些投资品种,既能在今年未来四个月中保持上涨空间,又能抵御经济低迷的风险。《华尔街日报》采访了投资经理和其他一些专家,总结出以下六大投资思路: High-Yield Bonds 高收益债券 Yes, corporate junk bonds have rallied nearly 10% this year. And, yes, their yields have dropped to 6.87%, near their lowest level in at least 15 years. Still, the asset class offers the chance to earn solid returns for the rest of the year. 没错,企业垃圾债券今年已经上涨近10%;没错,它们的收益率已跌至6.87%,接近至少15年以来的最低点。不过,在未来数月,该资产类别仍有机会获得良好的投资收益。 Default rates are low, as the economy is doing just well enough for issuers to make their payments-and the Federal Reserve has promised to keep interest rates at rock-bottom levels. #39;You#39;re kind of in the sweet spot,#39; says Eric Stein, manager of the Eaton Vance Strategic Income fund, which had 29% of its .9 billion portfolio in high-yield investments as of June 30. 企业垃圾债券的违约率很低,因为经济运行情况尚好,发债方能按时付本息──而且美联储也已承诺继续把利率维持在极低的水平。伊顿万斯收入战略基金(Eaton Vance Strategic Income fund)的投资经理艾瑞克#8226;斯坦恩(Eric Stein)说,“目前正是天时、地利、人和。”截至2012年6月30日,该基金管理的29亿美元有29%放在高收益投资品种上。 The rally, though, has made it tougher to find value. Michael Lewitt, a portfolio manager at Cumberland Advisors, which has .1 billion under management, says that he is looking at short-term triple-C-rated bonds-those near the low end of the rating scale-that were the result of leveraged buyouts done right before the financial crisis. 不过,企业垃圾债券的整体上扬也让寻找价值洼地变得相对困难。美国坎伯兰顾问公司(Cumberland Advisors)管理着21亿美元的资产,其投资组合经理迈克尔#8226;莱维特(Michael Lewitt)说,他正在关注投资级别为CCC的短期债券──即在评级标准上接近最差等级的品种──这些债券大多是金融危机爆发前不久因杠杆收购而产生的。 The issuers might have taken on too much debt, he says, but many still have solid businesses, limiting the chance of defaults. 莱维特说,这些发债方的债务负担也许很重,但其中不少企业的经营比较稳定,从而降低了违约的可能性。 Junk-bond funds that have been among the top performers this year and during the past three years include Federated High Yield Trust, Fidelity Advisor High Income Advantage and Hotchkis amp; Wiley High Yield Fund, according to Lipper. 根据基金情报提供商理柏公司(Lipper)的数据,垃圾债券基金是过去三年及今年至今以来表现最好的基金之一,包括联邦高收益信托基金(Federated High Yield Trust)、富达顾问高收入优势基金(Fidelity Advisor High Income Advantage)和Hotchkis amp; Wiley高收益基金(Hotchkis amp; Wiley High Yield Fund)等。 Municipal Bonds 市政债券 Municipal borrowers have gotten a lot of bad press this year, with cities like Stockton and San Bernardino in California filing for bankruptcy protection, sparking fears of more to come. But so far the asset class has weathered those defaults just fine, with the Barclays Municipal Bond index returning about 5% so far this year. 今年,市政借款人的坏消息不断,加州的斯托克顿(Stockton)和圣伯纳地诺(San Bernardino)等城市申请破产保护引发了更多的恐慌。不过,该资产类别目前经受住了违约的冲击,巴克莱市政债券指数(Barclays Municipal Bond index)本年至今的回报率在5%左右。 And since the bonds are tax-free, the returns are that much more valuable than those of other fixed-income products. 由于市政债是免税的,因此其投资回报的含金量比其他固定收益产品多得多。 The recent bankruptcies #39;are very specific instances of financial trouble,#39; says Guy Benstead, a partner at Cedar Ridge Partners, which manages more than 0 million, speaking of the high-profile defaults. #39;But contagion is just not there.#39; Cedar Ridge Partners公司管理着六亿多美元的资产,其合伙人盖#8226;本斯泰德(Guy Benstead)在谈到近期这些备受瞩目的债券违约时说,“这是一些地方政府出现财政危机的具体体现,但不至于蔓延开来。” Municipal-bond yields are very attractive right now. A 30-year triple-A muni now pays 3.01%, Mr. Benstead says-1.7 percentage points more than an equivalent Treasury, once you factor in the tax break. Some states are even more generous: The average bond issued by New York state, for example, now yields 3.23%. New York is rated double-A by Samp;P. 本斯泰德说,目前市政债的收益率很有吸引力,30年期AAA级品种的利率为3.01%,把免税因素考虑在内的话,要比同期限美国国债的利率多出1.7个百分点。有些州的市政债利率更高。举例而言,纽约州发行的市政债目前平均收益率为3.23%,其在标普的投资等级为AA级。 #39;You can buy tax-free income with close to the same yield as taxable bonds,#39; Mr. Benstead says. 本斯泰德说,“免税债券的收益率已与非免税债券相差无几。” If tax rates look like they will rise in 2013, municipal bonds might get another boost. As part of President Barack Obama#39;s health-care overhaul, high-earning investors will be hit with a 3.8 percentage-point surtax on investment income next year. That makes munis, whose income isn#39;t subject to the tax, that much more attractive, says Ron Roge, chief executive of wealth manager R.W. Roge amp; Co. in Bohemia, N.Y., which oversees more than 0 million. 如果2013年的税率上升,市政债券还将再次走红。作为奥巴马总统(President Barack Obama)医疗改革方案的一部分,明年政府将对高收入投资者额外征收3.8个百分点的利得税。财富管理公司R.W. Roge amp; Co.的首席执行长罗恩#8226;罗杰(Ron Roge)说,这将使免税的市政债券变得更有吸引力。该公司位于纽约州波西米亚市(Bohemia),管理着超过两亿美元的资产。 #39;People will realize they can shelter money in muni bonds,#39; he says. #39;Demand will go up and prices will go up.#39; 罗杰说,“人们会意识到,他们可以把资金投到市政债券这个避风港上。对市政债券的需求将会加大,价格将上涨。” Investment research firm Morningstar#39;s top muni-bond mutual-fund picks include Fidelity Intermediate Municipal Income and Franklin Federal Tax-Free Income. 投资研究机构晨星公司(Morningstar)评选的最佳市政债券共同基金包括富达中级市政收入基金(Fidelity Intermediate Municipal Income)和富兰克林联邦免税收入基金(Franklin Federal Tax-Free Income)等。 Residential Mortgage-Backed Securities 住房贷款抵押债券 During the housing downturn of 2008, few assets were more unloved than so-called nonagency residential mortgage-backed securities-those backed by home loans that weren#39;t insured by Fannie Mae or Freddie Mac FMCC -23.33% . 在2008年美国住房市场陷入衰退期间,非机构担保住房贷款抵押债券(nonagency RMBS)是最不受欢迎的;也就是说,这些债券的房屋抵押物没有房利美(Fannie Mae)或房地美(Freddie Mac)提供担保。 But in these days of low yields, nonagency RMBS have suddenly become popular. The reason? Once bad loans are accounted for, their yields average about 7%, more than double the yield on a 30-year Treasury bond. 但在目前的低收益率环境下,非机构RMBS突然变得吃香起来。原因何在?因为即使把不良贷款考虑在内,这些债券的平均收益率约为7%,是30年期美国国债收益率的一倍以上。 They also are benefiting from the fact that no new securities are hitting the market while older bonds are slowly disappearing, as homeowners refinance the loans and pay down their balances, says Michael Murgio, chief investment strategist at GenSpring Family Offices, a wealth-management firm that oversees .4 billion. Genspring Family Offices是一家管理着154亿美元资产的财富管理公司,其首席投资策略师迈克尔#8226;莫奇奥(Michael Murgio)说,还有一点对这种债券是有利的,即没有新债券投放市场,老债券则随着房屋业主的贷款再融资和分期还贷在慢慢消失。 At the same time, the issues that have plagued these securities are slowly being worked out, says Tad Rivelle, chief investment officer for fixed income at asset-manager TCW Group, which oversees billion in U.S. fixed-income assets. 资产管理公司TCW Group的固定收益投资总监泰德#8226;瑞威尔(Tad Rivelle)说,与此同时,将这些债券推入深渊的种种问题正在慢慢得到解决。该公司管理着770亿美元的美国固定收益资产。 Among the positives: Mortgage servicers have been putting the infrastructure in place to deal with defaults; losses on the loans have been steady and could get smaller; and the housing market looks like it could be turning the corner. 各种利好因素包括:抵押贷款务商一直在建立机制应对违约情况;贷款损失金额比较稳定,并有可能减少;住房市场出现复苏迹象。 It is difficult and expensive for small investors to buy RMBS directly. Instead, Lou Stanasolovich of Legend Financial Advisors recommends the Angel Oak Multi-Strategy Income mutual fund, which had more than 78% of its portfolio allocated to nonagency RMBS as of the end of June, according to Morningstar. 小投资者直接购买非机构RMBS比较困难,成本也高。Legend Financial Advisors公司的卢#8226;斯塔纳索洛维奇(Lou Stanasolovich)建议买入天使橡木多元化收入(Angel Oak Multi-Strategy Income)共同基金。据晨星公司的数据,截至2012年6月底,该基金配置在非机构RMBS上的比重超过78%。 Dividend-Paying Stocks 分红股票 It is tempting to look at the high valuations attached to dividend-paying stocks and say they are overpriced. But investors should remember that the last time government-bond yields were so low was in the 1950s, says Tobias Levkovich, head of U.S. equity strategy at Citigroup. He believes dividend payers could outperform as long as interest rates stay low. 人们可能会注意到分红股票的高估值,因此认为其价格过高。然而,花旗集团(Citigroup)首席美国股票策略师托拜斯#8226;莱夫科维奇(Tobias Levkovich)说,投资者应该记住20世纪50年代美国国债收益率极低的那个时期。他认为,只要利率保持低位运行,分红股票会有更好的表现。 That is especially true if something goes wrong in Europe or elsewhere in the world, says Jim McDonald, chief investment strategist at Chicago-based private bank Northern Trust NTRS +0.13% . 芝加哥私人Northern Trust的首席投资策略师吉姆#8226;麦当劳(Jim McDonald)说,如果欧洲或其他国家爆发危机,分红股票的优势会更明显。 He is telling clients to load up on high-quality U.S. large-cap stocks, as well as on global multinational corporations that are benefiting from U.S. stability and stronger growth in emerging markets. (For more on dividend-stock strategies, see this week#39;s Upside column, page B7.) 他建议客户增持高质量的美国大市值股票,以及那些能从美国保持稳定和新兴市场增长加速中获益的全球跨国公司股票。 With the Bush-era tax cuts for dividends set to expire in 2013, Mr. Levkovich says investors should consider companies that are in a position to raise debt in order to issue special one-time payouts before year-end. In a recent report, Mr. Levkovich said companies like Freeport-McMoRan Copper amp; Gold, FCX +0.08% Marathon Oil MRO -0.95% and Best Buy BBY -0.69% could be candidates for such payouts, based on a screen that looked at debt levels and other measures. 由于小布什(Bush)执政期间的股息减税政策即将于2013年到期,莱夫科维奇建议投资者考虑持有那些有能力在今年年底发行债券用于一次性特别分红的上市公司。在最近一份研究报告中,莱夫科维奇根据对负债水平和其他一些指标的分析,推荐的是弗里波特-麦克莫兰铜金公司(Freeport-McMoRan Copper amp; Gold)、马拉松石油公司(Marathon Oil)和百思买公司(Best Buy)。 Cyclical Stocks 周期性股票 Investors looking for a riskier bet should consider stocks in more economically sensitive sectors of the market known as #39;cyclicals,#39; including tech and energy, some strategists say. Such companies could see a pop if potential economic problems are resolved. 一些策略师表示,追求高风险高收益的投资者可以考虑对经济环境更为敏感的“周期性”板块,包括高科技和能源类股票等。如果经济方面的潜在问题得以解决,这些上市公司的表现会有长足进步。 For example, cyclical stocks could benefit if U.S. economic data improve this fall after the early summer#39;s run of soft numbers, says Barry Knapp, chief equity strategist at Barclays BARC.LN +3.57% . They also could rally if the U.S. elections provide clarity on taxes and budget cuts. 巴克莱(Barclays)首席股票策略师巴里#8226;纳普(Barry Knapp)说,举例而言,如果美国的经济数据继今年夏初的疲软后有所复苏,周期性股票将获益良多。如果美国大选在税收政策和预算削减问题上扫清迷雾,这些股票也可能大涨。 A lower-risk, if more complicated, bet would be buying call options, which give investors the chance to buy an asset at a predetermined price, on industrial stocks, Mr. Knapp says. 纳普说,一个风险相对较低、但可能更为复杂的做法是买入工业类股票的看涨期权,从而让投资者能以事先确定的价格购买资产。 Cyclical stocks also have the benefit of being cheap. In the three months since the market#39;s recent low on June 12, the Samp;P 500 rallied 8.5%, but cyclicals underperformed #39;defensive#39; stocks by about 0.3%, according to Credit Suisse CSGN.VX +2.26% research. 周期性股票还有一个好处,就是便宜。据瑞士信贷集团(Credit Suisse)的数据,从2012年6月12日的市场近期低点以来,近三个月标普500指数上扬了8.5%,但周期性股票的表现落后于“防御型”股票0.3个百分点左右。 That is highly unusual: During the past 30 years, it has happened just 10 times, the last time in 2006. During six of those episodes, the markets continued to rally, with cyclical stocks taking the lead. 这十分不正常:过去30年来,这种情况只发生过10次,最近一次是在2006年。在这10次中,有六次市场继续上涨,而领军的正是周期性股票。 Energy stocks now have a 12-month forward price/earnings ratio of 11.5, compared with the Samp;P 500#39;s P/E ratio of 12.8. Industrial stocks have a P/E ratio of 12.6. 目前,能源类股票的未来12个月市盈率(P/E)为11.5,而标普500指数的市盈率为12.8,工业类股票的市盈率为12.6。 Low-cost exchange-traded funds that track cyclical stocks include the Industrial Select Sector SPDR XLI +0.49% and the Energy Select Sector SPDR XLE -0.04% . 投资者可以选择低成本的跟踪周期性股票的交易所交易基金(ETF),如Industrial Select Sector SPDR和Energy Select Sector SPDR等。 Emerging-Market Bonds 新兴市场债券 Despite the slowdown in economic growth that has hit much of the developing world, bonds issued by emerging-market nations still look attractive. Such markets used to be considered debt-laden and volatile; these days they offer cleaner balance sheets and economic growth. 虽然许多发展中国家的经济增长都出现放缓,但新兴市场国家发行的债券依然具有吸引力。以往人们认为这些国家的债务水平高,市场波动性大,但现在看来,新兴国家的资产负债表更健康,经济增长能力较强。 They also offer something you can#39;t get with most developed-market government bonds: yield. The payouts might not be astronomical, but they are much better than those offered by Treasurys, Mr. Stein says, whose .4 billion Eaton Vance Global Macro Absolute Return fund owns the bonds of Malaysia, the Philippines and Mexico. The fund has returned 2.02% so far this year and has a yield of 3.64%. 新兴市场债券还能提供绝大多数发达国家政府债券所欠缺的东西:收益率。斯坦恩说,虽然新兴市场债券的收益率不算太高,但也比美国国债好得多。他管理的64亿美元规模的伊顿万斯全球宏观绝对收益基金(Eaton Vance Global Macro Absolute Return fund)持有马来西亚、菲律宾和墨西哥的债券。该基金本年至今的投资回报率是2.02%,债券收益率为3.64%。So far this year, emerging-market bonds denominated in U.S. dollars have returned close to 12%, nearly four percentage points more than such bonds denominated in local currencies. 今年至今,以美元计价的新兴市场债券的回报率接近12%,比以当地货币计价的此类债券高出近四个百分点。 That might be about to change. David Rolley, co-head of the global fixed-income group at money manager Loomis Sayles, says local currency bonds offer more opportunity than those denominated in U.S. dollars, though investors should expect more volatile price swings. #39;Some have been very volatile,#39; he says. #39;But there#39;s better value in local currency bonds.#39; 这种情况可能即将发生变化。资产管理公司Loomis Sayles的全球固定收益联席经理戴维#8226;罗利(David Rolley)说,以当地货币计价的新兴市场债券有更大的投资机会,当然,其价格波动性可能也更大。罗利说,“有些债券波动性非常大,但更具投资价值。” /201208/197076

  • 新华分享浙江嘉兴文眼线手术要多少钱
  • 嘉兴脱唇毛哪个医院好
  • 平湖做眼角除皱手术多少钱
  • 健解答嘉兴曙光整形美容医院治疗纹身怎么样
  • 华龙口碑嘉兴美容整形
  • 嘉善开韩式双眼皮多少钱
  • 好热点嘉兴曙光医院粉刺痤疮多少钱
  • 海盐二三门诊点痣多少钱
  • 秀洲区激光全身脱毛价格
  • 家庭医生典范嘉兴大的美容医院
  • 浙江新安国际医院祛眼袋多少钱中华报
  • 嘉兴取痣哪家医院好
  • 海宁市中医院整形中心乐视新闻嘉兴切眼袋多少钱
  • 嘉兴二院隆鼻多少钱
  • 嘉兴市治疗黄褐斑多少钱华互动嘉善哪里割双眼皮好
  • 桐乡市妇幼保健院激光去痣多少钱放心网
  • 医护在线嘉兴冰点脱毛一般多少钱
  • 嘉兴乳晕颜色深哪家医院好
  • 嘉兴整形公立医院整形美容
  • 嘉兴市脂肪移植隆胸费用
  • 嘉兴市第一医院激光祛太田痣多少钱飞度共享嘉兴无痛祛斑费用
  • 南湖区保妥适多少钱69门户
  • 桐乡市濮院中心医院胎记多少钱
  • 同城时讯嘉兴疤痕修复大概多少钱
  • 嘉兴曙光整形美容医院激光祛斑手术多少钱
  • 嘉兴曙光开双眼皮哪家好放心分类
  • 光明口碑浙江嘉兴复合激光去斑价格
  • 海宁市第二人民医院冰点脱毛多少钱
  • 嘉兴割双眼皮哪家医院好
  • 嘉兴美容院排名
  • 相关阅读
  • 明天开始一年内赚的盆满钵满穷的只剩钱的生肖
  • 百倍的热情千遍的呵护万分的用心品鉴华菱星马运煤专线上
  • 洛阳城市建设勘察设计院有限公司招聘信息
  • 阿梅你真的学了中医比较擅长是哪一方面的?你是在乡下学的吗
  • 深圳互金协会发布通知严禁成员单位开展首付贷等违规业务
  • 乌兰察布市召开十三五人才发展规划座谈会
  • 《梦想的声音》本周逆势上扬田馥甄浓妆惊艳颠覆
  • 特朗普要废了耶伦?华尔街的小心脏都要跳出来了!
  • 车市之星专访上海锦俊总经理尤悦梅
  • 地铁时代常青城暂无房源可售(图)
  • 编辑:ask卫生

    关键词:海宁市中医院开双眼皮多少钱

    更多

    更多