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2019年10月23日 14:49:20

隆安县佛州甜甜圈龟辐射陆龟齿缘龟三线闭壳龟真鳄龟蛇颈龟价格怎么养Business;Face value;Bank to square one;商业;商业精英;回到原点的;Ken Moelis believes that small is beautiful when it comes to investment banking;肯·莫里斯认为对于投行来说“做小”是件好事;The first investment bank where Ken Moelis worked—Drexel, Burnham, Lambert—failed spectacularly. Another former employer, Donaldson, Lufkin amp; Jenrette (DLJ), was bought by a bigger rival. The most recent, UBS, is now on government life-support. During his 25-year career in investment banking, in short, Mr Moelis has seen it all. Over that period investment banks have evolved from staid partnerships into huge, publicly traded conglomerates before stumbling, and in some cases collapsing, last year. But Mr Moelis has survived the upheaval, and come up with some ideas about how investment banking could be improved along the way. He is now trying to put them into practice at the bank he founded in 2007, Moelis amp; Company.肯.莫里斯工作过的第一家Drexel, Burnham, Lambert壮烈地倒下了。另外几家老雇主Donaldson, Lufkin amp; Jenrette也被更大的对手收购。最近,瑞银集团也靠政府持维生。在25年的投行生涯中,莫里斯,简单地说,见了这个全过程。在这期间,在去年投行业受挫,甚至彻底崩溃之前,他们从一种稳健的伙伴发展成为巨大的,公开交易的混业经营体。但是莫里斯经受住了巨变的考验,并且对如何改进投行业有了一些想法。现在他试图把这些想法在他2007年创办的莫里斯公司付诸实践。Mr Moelis started out in the Beverly Hills office of Drexel, where he worked with Michael Milken, the “junk-bond king” who was later jailed for fraud. They raised money for cable-television channels and mega-casinos in Las Vegas—both innovative new businesses at the time—with fabled entrepreneurs such as Ted Turner and Steve Wynn. Mr Milken’s belief that a small bank with great ideas could shake the establishment made an impression on the young Mr Moelis, despite Drexel’s subsequent collapse. Over the course of his career, he says, he concluded that banking conglomerates were too unwieldy to look after clients or employees properly—one reason why he left DLJ in 2000 when it merged with Credit Suisse. Nonetheless, a few months later Mr Moelis agreed to join UBS, another big Swiss bank, to build up its American investment-banking unit. And build he did. It quickly became a leader in almost every branch of the business, from mergers and acquisitions (Mamp;A) to share offerings.莫里斯的事业始于比利弗山的德雷克塞尔办公室,和他共事的是“垃圾债券之王”——迈克尔.米尔肯,该人后来因为欺诈而入狱。他们和超级企业家诸如特德#8226;特纳(译者注:CNN的创始人)和史蒂夫#8226;韦恩(拉斯韦加斯巨子)一起,为有线电视频道和的超级这两个在当时属于领新的行业筹资蓄款。尽管德雷克塞尔后来倒闭了,但是米尔肯认为有着好思路的小能够撼动大机构的观点,给年轻的莫里斯留下了深刻的印象。在他的职业生涯中,他得出这样的结论:的混业经营使得不便于恰当地务客户和员工,这也是他在2000年DLJ兼并瑞士信贷后离开的原因之一。尽管如此,莫里斯还是在几个月以后同意加入另一个瑞士巨头——瑞银集团,来组建它的美国投资部门。他也的确这样做了,随后瑞银的投行部门成为这个商业领域从合并收购到配股几乎所有业务的龙头。That was not enough for Mr Moelis, who says he still felt uncomfortable at such a big bank. In early 2007, despite the worsening economic outlook, he left to set up a bank of his own. A day after opening Moelis amp; Company he won the job of advising Hilton Hotels on a billion takeover bid from Blackstone Group—one of the biggest deals of the buy-out boom. As the recession took hold, demand grew for the impartial advice that “boutique” banks offered but that the giants, with their myriad customers and huge proprietary-trading operations, struggle to provide.但是这些对于莫里斯远远不够,这样一个大里他还是觉得不舒。在2007年初,尽管经济前景不乐观,他依然选择离开并创建自己的。在开业后的第一天,莫里斯赢得了希尔顿酒店从黑石集团260亿美元的收购要约——买断热潮中最大的一笔交易。随着经济衰退的确立,对“精品”的中立意见的需求增加,但是那些有着众多顾客和巨额自营交易(译者注:公司为赚取直接收益,而不是佣金的交易。具体来说,指公司决定通过直接市场交易,而不是通过赚取处理买卖的佣金而获利)的投行巨头们却很难提供。Indeed, big banks’ share of the world’s Mamp;A business so far this year is five percentage points lower than it was last year. Boutique banks, by contrast, have won their highest share ever, at 15%. Both long-established small outfits such as Rothschild and Lazard, and newer ones such as Evercore Partners, have seen their business expand. But Moelis amp; Company made the biggest splash, briefly becoming one of the top ten banks in the Mamp;A business in America. Mr Moelis’s firm helped Anheuser-Busch, an American brewer, sell itself for billion to Inbev of Belgium, and helped Yahoo!, an internet portal, see off a takeover bid from Microsoft, a software giant.的确,截至目前大佬们在全世界并购和收购商业的市场份额下滑了5个百分点,而与之鲜明对比的“精品小投行”则赢得了史无前例的15%。无论是Rothschild 和Lazard这些设立已久的小机构还是诸如Evercore Partners这样的新机构,他们都看到了业务的迅速扩张。但莫里斯公司还是引发了最大的轰动,他曾暂时雄踞全美并购和收购业务前十名。莫里斯的公司帮助美国啤酒酿造商安海斯布希以520亿美元将自己出售给比利时的英公司,帮助互联网门户雅虎抵制了软件巨头微软的收购。In the immediate aftermath of the crisis, the big banks resembled patients coming down from ether to Mr Moelis: “Everyone awoke to find that profits generated from leverage and casino-like bets made with the bank’s own capital were just illusions.” Small banks were able to win lucrative advisory mandates and hire talented bankers from their dazed rivals. Mr Moelis picked up some big names, including Mark Aedy, a former star at Merrill Lynch. In less than two years he has expanded from ten employees in New York and Los Angeles to 230 in six different cities.在金融危机的余波中,对于莫里斯来说那些大门就像刚从乙醚中苏醒的病人:“每个醒来发现,用自己的资本金来从杠杆交易和般的交易中赚取利润只是幻想。”小投行可以赢得有利可图的咨询委托,并从晕头转向的对手那里雇到优秀的家。莫里斯列举了一些如雷贯耳的名字,包括美林的创始人Mark Aedy。在不到两年的时间里,他已经将在纽约和洛杉矶的10名雇员扩大到6个不同城市的230名雇员。Although the sudden seizure of the credit markets and the subsequent swoon of the economy afflicted the titans of the industry most severely, it is now beginning to affect boutiques too, as mergers dry up. But Mr Moelis has aly experienced such a drought, during the recession of the early 1990s, when he was head of investment banking at DLJ. At the time, rather than wait for Mamp;A deals to return, he decided to build expertise in loan restructuring, to win business advising the many firms that were struggling with their debts. DLJ’s restructuring group became the market leader and Mr Moelis learned that “When you help a client in trouble, you have a client for life.” So he has repeated the trick at Moelis amp; Company as the economy has soured: restructuring now makes up half its business.尽管信贷市场的休克和随后经济的晕厥曾经严重折麽了这个行业的巨头们,现在随着并购业务的枯竭,它也开始影响精品小投行。但是早在1990年代初期的衰退中,时任DLJ投行部门负责人的莫里斯就经历过这样的大旱。当时,与其干等着并购收购交易回暖,莫里斯决定在债务重组领域建立专家团队,通过为众多受困于债务的公司咨询来赢得生意。DLJ的重组团队成为市场的先导,莫里斯也学到了“当你在客户陷入麻烦的时候帮助了他,你就赢得了一个终身的客户。”因此在经济低迷的时候,他又在莫里斯公司旧计重演,目前重组占了公司业务的半壁江山。Mr Moelis knows he will have to remain nimble while expanding his firm’s offerings. This week Moelis amp; Company announced the opening of an Australian office that will focus on Asian deals. Plans are also under way to underwrite securities and develop a trading platform. He hopes the latter move will address a shortcoming of many boutiques: their inability to access capital markets. Mr Moelis has also hired risk-advisory experts to help clients comb through the arcane financial instruments (probably toxic) sitting on their books. But he is quick to point out that he will not do any proprietary trading or expand into other fields that could lead to conflicts of interest.莫里斯深知在扩张业务的同时一定要保持机敏。这周莫里斯公司宣布在澳大利亚开设一家专注于亚洲业务的分机构。他计划承销券并开发一个交易平台。他希望后者能够应对许多小投行的不足:他们无法进入资本市场。莫里斯也雇佣了风险咨询管家来帮助客户梳理帐面上那些神秘的金融工具(可能也包括有毒券)。但是他又迅速指出,他将不会做任何自营交易或者将业务扩展到那些可能导致利益冲突的领域。Battle with the bulge逐鹿群雄Mr Moelis concedes that his firm is unlikely to keep growing so quickly. Just as the crisis provided an opportunity, the recovery is posing a threat as big banks recapitalize and prepare to wrest business back from the boutiques. Worse, talented bankers from fallen giants such as Lehman Brothers and Bear Stearns are now setting up their own boutiques, further stiffening the competition. Moelis amp; Company fell to 82nd in the most recent Mamp;A league tables. That decline, although offset in part by restructuring work, shows how transient success in investment banking can be.莫里斯承认他的公司不可能一直这样快速发展。正如危机提供了机会,复苏也给小投行带来威胁,那些大投行们重组资产后准备从小投行那里抢回生意。更糟糕的是,那些倒下的投行如雷曼兄弟和贝尔斯登里家们现在也在创办自己的小型投行,这更加剧了竞争。莫里斯公司在最近的并购收购排行榜中落到了第82位。这种下滑尽管可能部分由于重组业务,但是也显示了投行业的成功是多么短暂。Mr Moelis has proved adept at surviving crises, but the banks he has worked for have not all been so fortunate. Can he build a bank that will outlast him? He is convinced that new ideas and agile management will allow Moelis amp; Company to flourish. But his own career shows just how easily banks can come and go, in large part because bankers do too莫里斯从金融危机中的幸存明了他的老道,但是他所务过的们却并不都那样幸运。他能够建立一个比他活得更久的么?他坚信新思路和管理的灵活性会使莫里斯公司蓬勃发展。但是他自己的职业生涯却显示了是多么容易转瞬即逝,而这多半是因为家也是这样做。 /201211/207676印度星乌龟喂养养殖指南Well it was a wonderful feeling to think that all those years spent in the eleventh dimension will not completely wasted.这是一种奇妙的感觉,这些年花费在第11维度上的研究不完全是无用功。The two camps had been absolutely certain the other was wrong. Now suddenly, they realize their ideas complemented each other perfectly. With addition of one extra dimension, String Theory made sense again, but it had become a very different kind of theory.双方已经绝对确定另一方是错误的。现在突然他们意识到自己与对方的想法完美相得益彰。其中加入额外一个维度后,弦论又开始变得有意义,但它已经变成一个非常不同的理论。What happened to the string?弦发生了什么?The tiny invisible strings of String Theory were supposed to be the fundamental building laws of all the matter in the universe. But now, with addition of the eleventh dimension, they changed, they stretched and they combined. The astonishing conclusion was that all the matter in the universe was connected to one vast structure, a membrane.弦论中看不见的微小的弦被认为是宇宙万物基础中的基础。但是现在随着额外的第11维,他们发生了改变,他们重新自我定义并进行了组合。这个惊人的结论就是宇宙中的所有物质被连接到一个巨大的结构,一种膜结构。注:听力文本来源于51VOA201201/168821宁陕县马来闭壳龟长身蛇颈龟东部箱龟棱背泥龟缅甸孔雀龟百色闭壳龟价格怎么养

日本石乌龟精品幼犬鬼多少钱一只正安县花龟亚达伯拉象龟金头闭壳龟黑颈乌龟金钱龟大头乌龟价格怎么养Do cats eat spiders?猫吃蜘蛛吗?Our answer? Yes, they do. And that’s not all cats will eat. Cats, both domestic and wild, are obligatory carnivores, meaning that they don’t have the chemical tools in their bodies to access nutrients from plants. They have to eat material from other animals to meet their nutritional needs.我们的是“是的,猫吃蜘蛛”。但不是所有的猫都吃蜘蛛。不论是家猫还是野猫都是食肉动物,这就意味着它们不能从植物当中摄取营养。因此它们必须吃其它动物来满足这种营养需求。But that doesn’t mean your cat won’t try to eat something non-animal. Cats will try to eat plants, and when they have difficulty digesting them they’ll vomit them onto your carpet.这也并不意味着你的猫只吃肉。猫会尝试吃植物,如果吃的东西不好消化,可能会吐到你的地毯上。Some plants are in fact poisonous to cats and should be kept out of their reach. Kittens like to play with string and yarn, but if you don ’t watch them they may accidentally swallow some of it, which can lead to gastrointestinal obstruction and a need for surgery.有些植物猫吃了会中毒,所以不能让它们接触到。小猫喜欢玩绳子和纱线,但如果不小心看管,它们也许会吞下一些绳线,从而导致肠道阻塞甚至需要做手术。Yes, many cats will eat insects and spiders. Typically this appetite won’t cause them any harm, unless it’s a poisonous spider they’re batting around and dragging with their teeth. Cats do get bitten by poisonous spiders, and they suffer from the consequences of the toxins.是的,有些猫会吃昆虫和蜘蛛。这通常不会造成伤害,除非是它们用牙齿吃的毒蜘蛛。猫会被蜘蛛咬伤,并会受到毒素的伤害。If you think your cat has been poisoned, whether by a spider, a plant, or a chemical like a household cleaning product, you should seek veterinary attention immediately. If that’s not possible, call a poison hotline that specializes in cats and dogs. They can also advise you in the matter.如果你的猫中毒了,不论是由蜘蛛,植物或是化学植物引起的,你应该马上找兽医。如果不可能的话,给专门医治猫的地方打电话。他们可以提供相关帮助的建议。 /201303/232029华阴市印度棱背龟佛罗里达红肚龟黄腿象龟中部锦龟安南龟海龟扁头长颈龟价格怎么养麝香龟多少钱一只

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