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来源:门诊论坛    发布时间:2017年10月23日 12:32:18    编辑:admin         

SEOUL (Reuters) - A Korean Air Lines Coexecutive, whose dismay over the way she was served macadamia nuts led to aplane returning to its gate to expel the cabin crew chief, has stepped down as head of in-flight service, the airline said on Tuesday.首尔(路透社)——据一韩国航空公司周二表示,该公司副社长因对乘务员上澳洲坚果的方式感到不快,致飞机飞回登机口将乘务工作负责人赶下飞机,这位副社长已经辞去其在航空公司的职位。Korean Air apologized for Fridays incident at New Yorks John F. Kennedy International Airport in which Heather Cho, a vice president of the airline, took issue with a crew member for substandard service.大韩航空公司就周五发生在纽约肯尼迪国际机场的事件致歉,事件经过是该航空公司副社长赵显娥因务规格与乘务员发生争论。The incident aboard an Airbus A380 jumbojet that had been pushed back from its gate bound for Incheon, near Seoul, provoked outrage in South Korea when it was reported on Monday.发生在空客A380大型喷气式客机上的事件导致这班飞往首尔附近城市仁川市的客机折返,据周一新闻报道,韩国民众对此感到愤怒;I am sorry to our customers and the Korean people that I unintentionally caused social uproar and I ask forgiveness from anyone who has been hurt by me,; a company official, speaking to Reuters by telephone, ed Heather Cho as saying late on Tuesday.该航空公司一名官员于周二晚些时候援引赵显娥的话回应路透社的电话采访,“我就自己无意间引发社会骚动向我们的顾客以及韩国人民致歉,我请求所有受到影响的人员的谅解”;I take responsibility for the incident,; the official ed her as saying.官方原因她的话说,“这件事情的责任在我”。Cho was seated in first-class when she took issue with a flight attendant who handed her macadamia nuts in a bag, not on adish, according to an industry official briefed on the matter, who declined to be identified.一名不愿透露身份的业内人士简要说明了事件,当时,坐在头等舱的赵显娥同递给她袋装澳洲坚果的乘务员发生了争论。Cho ;took issue with the cabin crew chiefs qualifications,; and the plane was returned by the pilot to its gate to expel the crew chief, the airline said.航空公司说,赵显娥“争论起乘务工作负责人的资质”,飞行员将飞机飞回登记口将乘务工作负责人赶下了飞机。The flight arrived in Incheon 11 minutes behind schedule.结果,客机晚点了11分钟才到达仁川市。来 /201412/347796。

China will loan Venezuela bn to boost oil output, the Venezuelan president said in a televised broadcast from Beijing, in a show of continued support for the troubled Latin American economy from one of its main creditors.委内瑞拉总统尼古拉斯氠岚Nicolas Maduro)在发自北京的电视画面中表示,中国将向委内瑞拉提供50亿美元贷款,以提高其石油产量。此举表明,这个陷入困境的拉美经济体继续得到中国的持。中国是委内瑞拉的主要债权国之一。China has lent bn to Venezuela in oil-backed loans secured under former president Hugo Chávez but has become much less enthusiastic about adding to its exposure as the Venezuelan economy has worsened. Venezuela is the eighth-largest oil supplier to China, primarily of heavy crude that trades at lower than benchmark prices.中国已向委内瑞拉提供00亿美元以石油作担保的贷款,这些贷款是在委内瑞拉前总统乌戈查韦Hugo Chávez)任内敲定的。然而,随着委内瑞拉经济发生恶化,中国扩大对委投资的热情已大大降低。委内瑞拉是中国第八大石油供应国。该国供应的主要是重质原油,价格比基准油价要低一些。Nicolas Maduro, Venezuelan president, said in a broadcast aired in his home country on Tuesday evening that the deal would “increase oil production in a gradual way in coming months Mr Maduro is visiting China ahead of a military parade on Thursday to celebrate the end of the second world war in Asia.周二晚,在委内瑞拉播出的电视节目中,马杜罗表示,这笔交易将“在今后几个月里逐步提高石油产量”。马杜罗眼下在中国访问。周四,北京将举行纪念二战亚洲战事结束的阅兵式。Analysts said Venezuela’s economic woes combined with a global slide in oil prices posed China with a dilemma over its dealings with the Latin American country.分析人士表示,委内瑞拉遭遇的经济困境以及全球油价的下滑,令中国在与这个拉美国家打交道时左右为难。“There are two points of view in China said Lin Boqiang, energy expert at Xiamen University and an adviser to state oil company PetroChina. “One is that ‘they are on the rocks, don’t lend moreand the other is that oil prices are so low, it’s an opportunity to secure supply because we know the price will surely go up. You can’t say that either view is incorrect.”厦门大Xiamen University)能源专家、国有石油企业中国石PetroChina)的顾问林伯强表示:“在中国有两种观点。一种认为,‘他们已经破产了,别再借钱给他们’。另一种则认为,油价这么低,正是搞定供应的良机,因为我们知道油价肯定会涨。这两种观点哪种你也不能说是错的。”Venezuelan production has slipped steadily because of chronic under-investment in the country’s ageing and complex oilfields, despite their importance to its economy and export revenues. Crude oil sales account for 96 per cent of Venezuela’s exports, and every drop in the price of oil equates to a 0m hit to government revenues.委内瑞拉的石油产量持续下滑,原因是该国老化而复杂的油田长期投资不足,尽管这些油田对该国经济和出口创收非常重要。原油出口收入占委内瑞拉出口收入6%,油价每下跌1美元,该国政府收入就减少7亿美元。Mr Maduro said Venezuela currently sent about 700,000 barrels a day of oil to China.马杜罗表示,目前委内瑞拉每日向中国输送约70万桶原油。A drop in oil prices to six-year lows has eroded Venezuelan state revenues as well as its ability to meet its payments on debt from China. Beijing extended the schedule for payment late last year, in the face of falling crude prices.油价跌至6年低点不仅侵蚀了委内瑞拉的政府收入,还降低了该国向中国偿债的能力。去年底,面对原油价格的不断下跌,中国政府延长了委内瑞拉的还款期限。来 /201509/397106。

German officials reacted ominously Monday to the latest allegations of U.S. spying, saying that the affair threatened to make a return to ‘business as usualimpossible.德国官员周一就美国在德国从事间谍活动的最新指控表现出的反应给人以不祥之感。他们表示,这起事件可能将导致德美关系再无可能回归“一切如常”的轨道。The air over Germany has been thick with moral outrage over the weekend after revelations that an employee of Germany’s secret service, the Bundesnachrichtendienst or BND, had been arrested on suspicion of passing information to the CIA in return for cash payments.上周末,一位供职于德国联邦情报局(BND)的雇员因为涉嫌向美国中央情报局(CIA)传递情报以获取现金报酬而被捕。消息一经披露,德国上下一片哗然,群情激奋。Reports citing political and diplomatic sources said the employee had passed information to the CIA from the very parliamentary committee that Germany set up last year to look into allegations made by former NSA analyst Edward Snowden.相关报道援引政治和外交消息源称,这位雇员是从一个议会委员会向中情局传递情报的,而德国去年成立这个委员会正是为了审查美国国家安全局(NSA)前分析师爱德华o斯诺登曝光的美国间谍活动。According to the newspaper Bild-Zeitung, officials swooped when the man tried to sell information to Russia. But as they made the arrest, he admitted “I’ve been selling to the Americans for two years aly!”据德国《图片报Bild-Zeitung)报道,就在这名男子试图向俄罗斯出售情报那一刻,他被执法官员一举捕获。但他在被捕后承认,“我一直在向美国人出卖情报,已经两年了!”The furore over Snowden’s disclosures–including accusations that the U.S. had tapped the mobile phone of Chancellor Angela Merkel–has never really died down.斯诺登此前披露称,美国曾经窃听德国总理默克尔的手机。这些指控引发的怒火从未真正平息过。Currently on an official visit to China, Merkel told a press conference that, if confirmed, the “seriousallegations “would be for me a clear contradiction of what I consider to be trusting cooperation between agencies and partners.”目前正在中国进行国事访问的默克尔在一个记者招待会上表示,如果得到实,这些“严重”指控“显然跟我所认为的两国机构的互信合作关系背道而驰。”Foreign Minister Frank-Walter Steinmeier also weighed in, saying that if it’s confirmed that U.S. services are involved, “it will become a political issue and we can’t just get back to business as usual,Reuters reported.路透社(Reuters)报道称,德国外交部长弗兰瓦尔特o施泰因迈尔也发表了自己的看法。他说,如果实美国情报机构参与了这起事件,“它将成为一个政治问题,我们根本无法重建正常关系。”Lower-ranking officials have been less restrained, with senior Bundestag members calling for the expulsion of the BND agent’s U.S. handlers from Germany.低级别官员就没这么克制了,一部分联邦议院的资深议员甚至呼吁德国政府将这位BND雇员的美国联络人驱逐出境。The newspaper Bild-Zeitung, meanwhile, reported Interior Minister Thomas de Maiziere as telling colleagues that they should be prepared to get themselves “a 360-degree viewby spying back on Germany’s western allies such as U.S., U.K. and France.《图片报》同时报道称,内政部长托马斯o德迈齐埃告知同事,他们应该做好万全准备,让自己获得“一60度的视角”,对美英法等德国西方盟友进行反刺探。The Interior Ministry didn’t immediately respond to a request for comment, but any such step would represent a dramatic watershed in post-war German policy. Acutely conscious of the excesses of the Nazi-era Gestapo and the communist East German Stasi, spying is something the Federal Republic would still rather pretend it didn’t have to do–especially if by doing so it casts doubt on its anchoring in the Atlantic alliance.内政部没有立即回应记者的置评请求,但任何此类动作都将成为德国战后政策一道颇具戏剧性的分水岭。德意志联邦共和国一直对纳粹时期的盖世太保和东德秘密警察的猖獗活动十分敏感,一直假装自己没必要从事间谍活动——特别是,如果德国搞这一套,外界对德国在大西洋联盟中的柱作用产生怀疑。Attempts by Merkel to agree a mutual “no spyingarrangement with the U.S. were rejected by Washington last year.默克尔去年曾试图与美国签署“互不刺探”协定,但遭到华盛顿拒绝。Snowden’s disclosures have aly encouraged some in Germany to hold back in the new free trade initiative between the E.U. and the U.S., known as the Transatlantic Trade and Investment Partnership, or TTIP. U.S. internet and digital giants are set to be among the biggest beneficiaries of those talks.斯诺登曝光的间谍活动已经鼓励一些德国官员阻止欧盟和美国签订新的自由贸易协定——跨大西洋贸易与投资伙伴协议(Transatlantic Trade and Investment Partnership,简称TTIP)。美国互联网和数字巨头将是这些贸易谈判的最大受益者之一。“Free trade and spying don’t mix,said Ralf Stegner, a deputy head of the Social Democratic Party (Merkel’s coalition partners), told the newspaper Handelsblatt.社会民主党(默克尔执政联盟伙伴)副党魁拉尔夫o斯特格纳对德囀?商报Handelsblatt)说:“自由贸易和间谍活动不可调和。 /201407/310986。

Edward Snowden may have recently received a three-year extension of his stay in Russia, but the former National Security Agency contractor says in a new interview with WIRED magazine that he still clings to hope of returning home to the ed States, even if it means living behind bars.据英囀?当日新闻》网站(Today.com3日报道,爱德华·斯诺登可能已获得俄罗斯为期三年的居留许可。然而,这位前美国国家安全局职工在新一期《连线》杂志采访时表示,即使要遭受牢狱之苦,也愿意重返美国。“I told the government I’d volunteer for prison, as long as it served the right purpose, Snowden said the article released Wednesday. “I care more about the country than what happens to me. But we can’t allow the law to become a political weapon or agree to scare people away from standing up for their rights, no matter how good the deal. I’m not going to be part of that.”“我告诉美国政府只要目的正确,我愿意回国认罪刑,”斯诺登在周三公布的报道中表示。“比起自身的遭遇,我更关心美国的安危。但无论有多大的好处,我们不能让法律成为政治武器,或者成为恫吓人们放弃捍卫自身权利的威胁。我绝不会这样做。”Described by WIRED as “the most wanted man in the world, Snowden is being sought for leaking top-secret documents that unveiled widesp surveillance programs overseen by the federal government. He currently is hiding out in an undisclosed community in Russia, where he says he goes mostly unrecognized.斯诺登因泄漏机密文件、向媒体披露由联邦政府启动的秘密监控项目而被通缉,被《连线》杂志形容为“世界头号通缉犯”。目前,他藏身于俄罗斯一隐秘社区内,并称在那里没人能认出他。The magazine includes numerous photographs of Snowden, including a previously unseen one of him with his former boss Michael Hayden, a past director of both the NSA and CIA. Other photos show Snowden in silhouette in a hotel room, or on a couch looking fatigued. In another photo, Snowden wears a T-shirt with the word “SECURITYon the back. The one expected to draw criticism, however, is the magazine cover showing Snowden, whom many Americans consider a traitor, wrapped in an American flag.这本杂志中包含许多斯诺登的照片,其中一张首次曝光他与前任老板——前美国国家安全局及中央情报局局长迈克尔·海登的合影。其它照片则是关于斯诺登在酒店房间里或沙发上看似疲惫的剪影。在另一张照片中,斯诺登穿了一件背部印有“SECURITY”(“安保”)的T恤。斯诺登被多数美国人认为是卖国贼,原本以为这样的照片是在吸引更多的批评指责,然而,斯诺登拥抱美国国旗的照片却刊登在这本杂志的封面上。“He thought very carefully about that moment, WIRED editor-in-chief Scott Dadich, who wrote about the photo shoot for the magazine, told TODAYs Willie Geist. “He said, ‘I love my country. I feel like a patriot. And this is an important thing for me.And it was at that moment that we knew that we had the cover.”“他仔细斟酌着那一时刻。”《连线》杂志主编斯科特#8226;达迪奇(Scott Dadich)为杂志撰写了这组照片拍摄的故事,他向《当日新闻》记者的威利#8226;盖斯特(Willie Geist)透漏“斯诺登说,‘我爱我的祖国,我是一个热爱祖国的人。这一点对我来说至关重要。’那一刻,我们认为这张照片应作为杂志的封面。”In the WIRED article, Snowden disputed government claims that he lifted 1.7 million documents, calling the figure inflated. He also said he left a trail of digital b crumbs so that investigators would know which documents he copied and took and which ones he only “touched.”在《连线》杂志的一篇文章中写道,斯诺登与美国政府发生争议,政府声称他盗取了170万个文件,他直呼数字被恶意夸大。他还解释到自己故意留下一些蛛丝马迹,以便调查人员知道哪些文件被他复制,以及哪些文件只是被“动过”而已。His intent was to act as a whistleblower, not as a spy for a foreign government, he told the magazine. Government auditors, however, failed to catch on to any of the clues he left behind.他告诉该杂志,他的目的是揭发高密,而不是外国政府间谍。然而,政府审计人员未能理解任何他留下的线索。“I figured they would have a hard time, he said. “I didn’t figure they would be completely incapable.”“我想他们那段时期一定很难度过。”他说。“我没有想到他们会完全没办法。”In audio released by WIRED, Snowden describes technology as “the greatest equalizer in human historyand said his actions were driven by the desire to help educate Americans about their nation and their leaders.《连线》杂志发布的一段音频中,斯诺登将技术描写为“人类历史上最伟大的均衡器”,还称他的行为是为了帮助美国人去了解他们的国家和领导人。“I gave this information back to the public, to public hands, and the reason I did that was not to gain a label but to give you back a choice about the country you want to live in, he said.“我将这些信息公之于众,这样做的原因不是要给自己添加一个标签,而是还你一个选择权,由自己决定要生活在什么样的国家里”他称。Snowden also told WIRED about a top-secret NSA program in the works called “Monstermind, which would automatically retaliate against cyber attacks from foreign countries without any human involvement.斯诺登再次向《连线》杂志爆料,美国国家安全局正推进一个名为“怪兽大脑”的机密NSA项目,这一项目可以自动回击国外网络攻击,无需人工参与。WIRED writer Jim Bamford, who spent three days interviewing Snowden for the article, explained how such a program could go awry.《连线》杂志编辑吉姆·班福德(Jim Bamford)解释了这一项目的漏洞之处,为写这篇文章他耗时三天对斯诺登进行个人专访。“So you can have North Korea maybe attacking the ed States through a cyber attack, but masquerading it through Iran or masquerading it through Russia, he said. “And if you just turn around and automatically fire back, you may be starting an accidental war.”“所以你可以设想,朝鲜要通过网络攻击美国,但它伪装成是来自伊朗或俄罗斯的攻击”他称。“如果你只是转向自动反击,那么你可能会引发一场意外的战争。”The NSA told TODAY in a statement its officials would gladly speak with Snowden but back on American ground.美国国家安全局向《当日新闻》透漏,政府官员声明愿意与斯诺登对话——但要等他回到美囀?;If Mr. Snowden wants to discuss his activities, that conversation should be held with the US Department of Justice. He needs to return to the ed States to face the charges against him, ; the agency said.“如果斯诺登先生想讨论自己的种种行为,那么他应该与美国司法部面谈。他需要回到美国接受指控。”该机构表示。Bamford told TODAY hes amazed by the extent of the documents Snowden had access to.班福德告诉《当日新闻》,他的惊讶于斯诺登所窃取的文件机密程度。“Ive probably interviewed more NSA whistleblowers than anybody else, said Bamford, who is a former agency whistleblower himself. ;I was astonished at the accesses that Ed Snowden had. I mean, he had access to material well beyond top secret. Way over most anybodys head at NSA.”班福德之前也是一名泄密者,他称,“我可能是采访国家安全局泄密者最多的人。”“我对爱德华·斯诺登所窃取的文件机密程度感到很吃惊。我是说,他窃取的材料远远超出最高机密。这已超过了多数美国国家安全局领导的权限。”来 /201408/323301。

As we get closer to relegating 2014 to the history books, your local stock market guru most likely couldn’t be happier to see those books slammed shut.2014年即将成为历史,各路股市专家也终于可以松一口气了。It’s been one of the worst years for investment decision-making on record, almost across the board. No strategy worked consistently, save for the type of shareholder activism that only a handful of Wall Street’s billionaire titans are able to engage in.从投资决策角度来看,2014年是有史以来最糟糕的年景之一,几乎可以说是全盘皆输。除了少数华尔街亿万富豪才玩得起的“股东积极主义”维权策略还算奏效外,没有哪种投资策略在这一年里始终灵光。For almost everyone else, it was a year of frustration against a backdrop of better-than-average returns for the most popular index in the land.对于更多的普通投资者而言,在标普500指数回报高于历史平均值的大背景下014年是充满挫折的一年。With a bit of help from Charles Dickens, let’s take a look back at the year in which almost nothing worked:我们不妨借用一些狄更斯的名句,来回顾下几乎各种战略都失灵的2014年:It was the best of times, it was the worst of times…这是最好的时代,这是最坏的时代……The Samp;P 500’s total return of 14% this year was 40% higher than its 25-year average annual gain. Wall Street’s chief strategists spent much of the last 12 months revising their targets higher from behind. The index printed over 50 all-time record closes, with nearly all investment management professionals racing to at least pull even. A few characteristics made the U.S. stock market particularly difficult to keep up with this year.今年,标00指数的总回报率4%,比该指5年期平均年化收益率高0%。过2个月,华尔街的首席战略师们一直在上调其目标值。标00指数出现0多次创纪录的收盘,几乎所有专业投资管理人士都卯足了劲,至少要跑平该指数。但有些因素让美股投资者要获得高于基准股指的收益,在今年尤为困难。It was the age of wisdom, it was the age of foolishness…这是智慧的时代,也是愚蠢的时代……An odd assortment of Samp;P sectors led the market higher this year, with some strange bedfellows atop the leaderboard. Even if a manager had foreseen that the healthcare sector would gain 27% this year, would they have guessed that utilities would be in the No. 2 slot, with gains of 23%? Unlikely.今年领跑美国股市的标00公司的行业组合有些奇特,出现了一些令人意想不到的黑马。就算基金经理预见到了医疗保健行业今年将上涨27%,难道他们也能猜到公用事业行业将位列第二,上涨23%?不大可能。Given that every single Wall Street economist had called for higher rates at the start of this year and 67 of 67 economists surveyed by Bloomberg concurred, the rate-sensitive utilities industry would have been the last sector a rational person would want to overweight. Bets on the financial sector were slow to pay off while wagers on “cheapenergy stocks demolished portfolio performance in the third and fourth quarters, just as they had elevated it during the first and second.今年年初,所有华尔街经济学家都呼吁提高利率,彭社就这个问题调查7位经济学家的意见,他们全票赞同,有鉴于此,任何一个有理性的人都不会想要增持对利率敏感的公用事业股。把赌注押在金融股上的投资者,回报进展缓慢;而瞅准了“低价”能源股的投资者,投资组合业绩在第一和第二季度曾因此推高,却在第三和第四季度被大拖后腿,可谓“成也萧何,败也萧何”。It was the epoch of belief, it was the epoch of incredulity…这是信仰的时代,也是怀疑的时代……Rounding out the top-performing sectors of 2014 was an unlikely pair: tech (+16%) and consumer staples (+13.2%)—the most aggressive and most defensive areas of the market, running side-by-side toward the finish line, with confounded spectators struggling to concoct a narrative for this. Why would the least cyclical sectors—healthcare, staples and utilities—lead the markets in a year in which unemployment plummeted and GDP growth gained momentum? Much to the chagrin of the pundit class, sometimes there are no satisfying answers. To e Kurt Vonnegut:另外两个014年表现上佳的行业可谓风马牛不相及:高科技(上6%)和必需消费品(上涨13.2%)。市场上最激进与最保守的两大投资领域前后脚撞线,留下困惑的旁观者们不知该如何解释这一现象014年,美国失业率大幅下降,GDP呈增长势头,为何领跑市场的却是医疗保健、必需消费品、公用事业等周期性最不明显的行业?令专家们懊恼的是,有些时候就是没有令人满意的。美国作家库尔特o冯内古特曾写道:Tiger got to hunt, bird got to fly;老虎要猎食,鸟儿要飞翔;Man got to sit and wonder ‘why, why, why?’人类想知道“这是为什么?”Tiger got to sleep, bird got to land;老虎要入眠,鸟儿要降落;Man got to tell himself he understand.人不得不告慰自己,原来如此。If you thought that getting sector over- and under-weights correct at the outset proved difficult, switching between them throughout the year was nearly impossible. A quantitative analyst from Nomura Securities explained to Barron’s in November that “industry leadership has been reversing from month-to-month at a rate unseen in decades of stock-market history. ‘Even if you’re picking the right stocks in a sector,he says, ‘things are moving around so much that your performance doesn’t persist.’”如果你认为一开始准确判断应增持和减持哪些行业的股票是件难事,在年内不断调整投资组合更是难上加难1月,野村券一位定量分析师向《巴伦周刊》表示:“行业领军者每个月都在变换,其变化速度之快,在股市数十年未见。即便你选对了某行业的个股,由于市场环境瞬息万变,业绩也根本无法持续。”It was the season of Light, it was the season of Darkness…这是光明的季节,也是黑暗的季节……Getting sector calls right was the least of any investor’s problems this year because, outside of the brilliance of U.S. stock gains, the lights were off around the world.对投资者而言,今年对行业的准确判断还只是个小问题,因为除了美股,今年全球的投资好选择不多。With both the Samp;P 500 and Nasdaq returning over 14% while the Dow and MidCap 400 each kicking in close to 10%, you would assume that passive investors would have an awful lot to celebrate this year. And indeed, they would have, if it weren’t for those pesky overseas stocks that did nothing but drag on the performance of any diversified portfolio.鉴于标普500和纳斯达克指数都回升4%以上,道琼斯和标普400中型股指数也都回升了0%,你可能会认为今年被动投资者应该收获颇丰。确实,要不是那些恼人的海外股业绩不佳,大拖多元化投资组合的后腿,被动投资者原本应该值得庆祝。With the majority of professional advisors (myself included) preaching the benefits of global diversification to their clients, 2014 looks more like a draw than an outright victory in the harsh light of December’s low winter sun. Consider the fact that, through last week, the MSCI World Index gained just 2% on the year, with nearly 5% drops for both the MSCI Emerging Markets index and the EAFE index of developed markets outside of the ed States. Ironically, the single best-performing foreign market in the world, the Shanghai Composite of mainland Chinese equities (up 45%) is the only one that U.S. investors could not actually put their money into.大多数专业顾问(包括我在内)都会对其客户大力鼓吹全球化多元投资组合的好处,然而,2月看来,残酷的现实是2014年更像是个平局,而非大获全胜。事实上,上周根士丹利资本国际全球指数同比仅上涨了2%,而根士丹利资本新兴市场指数(MSCI Emerging Markets)和追踪美国以外发达国家市场的EAFE指数双双下跌了近5%。具有讽刺意味的是,除美国以外全球唯一一个表现上佳的市场——中国大陆股市的上综指(上涨了45%),也是唯一一个美国投资者无法进入的市场。Over 10- and 20-year stretches, geographic and asset class diversification have proven beneficial for returns and risk management. Unfortunately, you are not guaranteed to see the benefits of such a strategy during any 12-month period. In an era of 140-character writing and two-minute , should we be surprised that investors have trouble judging the success of their portfolios over long periods?0年和20年的时间跨度来看,地域和资产类别的多元化已经明对投资回报和风险管理有益。不幸的是,2个月内,不一定能看到此种战略的好处。在如今这个140字微消息和2分钟短视频盛行的时代,投资者不能以长期的表现来判断其投资组合的成败,又有何奇怪?It was the spring of hope, it was the winter of despair…这是充满希望的春天,也是令人绝望的寒冬……One of the most discouraging aspects of 2014 for professional investors has been the start-and-stop nature of the recovery. We coasted into January on a trend of strengthening economic reports. Within a few weeks, a nationwide snowstorm seemingly drove the economic data off the side of the road.对专业投资者而言014年最令人沮丧的一点是,美国经济复苏时断时续014月,经济领域捷报频传。然而,在短短几周内,一场暴风雪席卷全美,各种经济数据似乎也因此停摆。Market watchers were forced to digest the reality of negative 2.9% GDP for the first quarter of the year. All of a sudden, everyone’s forecasts seemed too rosy—or at least too smooth—compared to the lumpy reality. This led to a raft of second-guessing on the timing of the Fed’s eventual exit from its bond-buying stimulus program. We went from confidence to WTF? in a space of a few weeks, with all the asset class rotations and market corrections that come along with a fresh bout of uncertainty.市场观察人士被迫接受一季度美国GDP负增.9%这一现实。突然间,同波诡云谲的现实相比,所有人的预测似乎都过于乐观,至少是过于平稳。这导致人们纷纷猜测美联储最终退出其债券购买计划的时机。短短几周内,我们从信心满满变成了垂头丧气,同时,伴随着不确定性的再次来袭,资产类别的交替以及市场调整也随之而来。Despite the fact that each market rebound ended up as a V-shaped affair, each successive rally was carried out with less and less individual stock participation. Glaring divergences between winners and losers, large caps and small caps, preoccupied the commentariat for most of the spring and summer. Deflationary concerns from Europe and the Japanese technical recession further confounded analysts, as Treasury yields and inflation indicators in the U.S. were driven lower despite the improving domestic economy.尽管每轮市场反弹最终都呈V形,每次连续的涨势中,个股的参与越来越少。今年春夏两季的绝大部分时间里,时事分析员们都专注于赢家与输家、大盘股和小盘股之间的明显差异。欧洲的通缩担忧以及日本的技术性衰退,使得分析师们愈加困惑,尽管美国经济正在好转,美国国库券收益率和通胀指标却双双下行。Put succinctly, there was no way to describe or explain the crosscurrents of 2014. And I’m not convinced that the benefit of hindsight will make what happened this year any clearer years from now.简言之,2014年种种相反的趋势无法描述和解释。我也不信,多年之后,人们凭借后见之明,能将今年发生的种种事情看得更清楚。We had everything before us, we had nothing before us…我们的前路应有尽有,我们的前路一无所有……While the Samp;P 500 is on track to conclude another stellar year of gains, those who sought to beat the index are poised to finish with a more dubious distinction. According to Lipper, 85% of all active stock mutual fund managers had been trailing their benchmarks through the end of November. In a typical year, there are nearly twice as many managers outperforming, with only around two thirds of funds struggling to catch up. Lipper says this is the worst year for active managers relative to the market in three decades.在即将结束的2014年,标普500指数再次实现亮眼增长,而那些本欲跑赢该指数的基金经理们,表现则没那么出色。Lipper公司称,截止11月底5%的活跃股票型共同基金经理业绩低于标00指数。而在正常的年份里,跑赢该指数的基金经理比例是今年的两倍,也就是说,通常只有约三分之二的基金表现不如标普500指数。Lipper公司称,这是30年来活跃基金经理相对大盘表现最差的一年。Stock pickers encountered difficulty this year in part because of concentration at the top of the market. Just five stocks—Apple, Berkshire Hathaway, Johnson amp; Johnson, Microsoft, and Intelaccounted for 20% of the market’s gains. If you weren’t at least equally weighted toward them, you had virtually no shot at making up for missing their enormous, index-driving gains. A majority of the market’s stocks did not perform nearly as well. According to the Leuthold Group, only 30% of Samp;P 1500 stocks posted gains exceeding the index itself. You’d have to go back to 1999 to see anything like this.今年选股遇到困难,部分原因在于市场顶部高度集中。苹果、伯克希尔o哈撒韦、强生、微软和英特尔这五只股票占去了市场涨幅的20%。如果你未持有上述股票,几乎就没有机会分享这场增长盛宴,而正是这几家公司的增长推高了标普500指数。市场上大部分股票的表现要逊色得多。研究公司路佛集团称,标500综合指数成分股中,仅0%的个股跑赢了该指数。上次出现这样的景象,那还是1999年的事。Fund shareholders weren’t wasting any time reacting to this year of disappointment. Collectively, they’ve added just billion to active stock-picking funds in the last 11 months, less than a quarter of the 2 billion they added in 2013, which was the first year of positive flows for the industry since 2007. This is not to say that they were sitting still. ETFs and passive index funds took in over 6 billion in net deposits through Thanksgiving, and Vanguard surpassed the trillion mark sometime in late summer. Investors seem to have decided that they’d rather bet on the horses than the jockeys, after all.在令人失望的2014年里,基金投资者们没有太多的动作。总体而言,过1个月中,主动选股基金仅新增了350亿美元资金,还不013年同期新增资金(1620亿美元)的四分之一013年是该行业自2007年以来首次实现资金净流入。不过,这并不是说基金行业毫无作为。截止感恩节,交易所交易基金(ETFs)和被动指数型基金吸纳了2060多亿美元净存款,行业领先者先锋集团管理的基金规模在今年夏末突破了3万亿美元大关。投资者们似乎已经决定,与其把宝押在“骑手”身上,不如直接把赌注押在“赛马”身上。We were all going direct to Heaven, we were all going direct the other way我们都将直上天堂,我们都将直下地狱The malaise was not confined to those picking individual stock winners. Through December 1, aggregate hedge fund returns trailed the market to the point of farce. According to data compiled by Bloomberg, hedge funds were up an average of 2% on the year, just barely offering the coupon rate of a risk-free 10-year Treasury note. Over 1,000 funds are on track to close down in 2014, the worst year for liquidations since .萎靡不振的不光是那些挑选个股的基金。截2日,对冲基金整体回报严重落后于市场。彭收集的数据显示,对冲基金平均同比上涨了2%,其回报率也就勉强赶上无风0年期美国国债的票面利率014年将000多只基金倒闭,是009年以来破产清算最多的一年。Among the gargantuan hedge funds that make up a majority of the industry’s assets under management, dispersion of returns shot up to notable levels. And for every big winner, like William Ackman’s Pershing Square, there was a big loser to counterbalance it, like John Paulson’s Advantage Fund. Investors choose hedge funds for their “non-correlated returns,meaning a tendency to move opposite from the general market’s direction. They certainly got such returns this year, unfortunately.几家大型对冲基金的资产规模,占据了该行业的大半江山。各家的回报率相差巨大。每个像威廉o阿克曼旗下潘兴广场那样的,都对应着一个像约翰o保尔森旗下优势基金那样的大输家。投资者选择对冲基金,是冲着其“非相关收益”,意即与大盘走向背道而行的趋势。今年,他们绝对是获得了“逆市”的收益,可惜是在大盘表现出色的情况下“逆市”。Financial advisors and asset allocators who had been hoping to see some benefit this year from tactical strategies were also not spared the punishment of a capricious market. Of the top three tactical strategies in the country (Mainstay Marketfield, Good Harbor U.S. Tactical Core, F-Squared Premium AlphaSector Index), two had nearly imploded with double-digit losses while the third found itself under SEC investigation for misleading the public about its historical returns. The other giant tactical manager, Schwab’s billion Windhaven Diversified Growth product, looks to end 2014 with a return close to zero. So much for tactics.那些原本希望今年凭借战术策略获得些利益的财务顾问和资产配置人员,也在反复无常的市场中栽了跟头。全美前三位的战术策略产品中,有两款产品几乎因为高达两位数的亏损而崩盘,还有一款产品则因为向公众误报自身历史回报率而受到美国交会调查。另一家战术产品巨头嘉信理财旗0亿美元的Windhaven Diversified Growth产品014年的回报率几乎为零。战术策略原来不过如此。In short, the period was so far like the present period, that some of its noisiest authorities insisted on its being received, for good or for evil, in the superlative degree of comparison only.简言之,那个时代与当今时代极为相似,一些最哗众取宠的权威人士,要么将其捧上天,要么把其贬得一文不值。When Dickens wrote about the French Revolution in A Tale of Two Cities, he did it with nearly a century of hindsight. Here, at the end of December, I don’t enjoy that luxury. As such, some of the trends I’ve written here are likely to remain in force for the foreseeable future, while others may have aly begun to fade. As one of this period’s “noisiest authorities,I insist only on your receiving this review with just one caveat in mind: Past performance does not guarantee future results.狄更斯在《双城记》中描写法国大革命时,距离事件发生已有近一个世纪。而我则是在今2月就回顾盘点这一年。因此,我在此描述的某些趋势,可能将在可预见的未来继续存在,而另一些趋势则可能已经开始减弱。作为当今时代“最哗众取宠的权威人士”之一,我只要求各位在阅读这篇文章时记住一点:过去的业绩并不能保将来的表现。来 /201501/354385。

North Korea is to switch to a new time zone to mark its liberation from the Japanese at the end of World War Two, says state media。朝鲜官方媒体宣布,朝鲜将调整所在时区,以纪念二战末从日本统治下获得解放。North Korea is currently in the same time zone as South Korea and Japan, which are nine hours ahead of GMT。目前朝鲜和日韩两国同处东九区。But Pyongyang Time will see the clocks put back by 30 minutes on 15 August5日,平壤时间将向后调0分钟。State news agency KCNA said ;wicked Japanese imperialists; had ;deprived Korea of even its standard time; by changing the clocks during occupation。朝鲜官方新闻机构朝中社称“邪恶的日本帝国主义者”通过在占领期间更改时间“剥夺了韩国自己的标准时间”。The entire Korean peninsula was 8.5 hours ahead of GMT until Japan colonised it in 1910.整个朝鲜半岛910年被日本殖民统治前都比标准时间快8.5小时。KCNA ed officials as saying the decision to adopt Pyongyang Time reflected ;the unshakeable faith and will of people on the 70th anniversary of Koreas liberation;。朝中社援引领导人关于使用平壤时间的讲话称,这表明了“朝鲜解0周年纪念之际人民不可动摇的决心和意志”。South Korea said the move could cause some short-term inconvenience at the Kaesong industrial plant in North Korea, jointly run by the two Koreas。韩国认为这一举措将在开城工业园造成短暂的不便。该工业园位于朝鲜,由朝韩两国共同运营;And in the longer term, there may be some fallout for efforts to unify standards and reduce differences between the two sides,; Unification Ministry official said。韩国统一部官员称,“长期来看,这将对统一标准、减少双方差异的努力造成影响。”There is no international body that approves a countrys change of time zone as countries decide for themselves。更改时区并不由国际机构批准,各国可以自行决定。来 /201508/393752。