明星资讯腾讯娱乐2019年09月22日 21:56:35

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

  People like lists of things. They#39;re everywhere on the internet. You name any subject matter you can think of, odds are there#39;s a list about it. Nowhere is safe. Even here, on the Guardian Science section, one of the most popular articles in recent months is a list. But why are lists so popular? Well, here are 10 astonishing facts about lists that may help explain it.一份典型的清单,它的样式对于这个客的作者来说再熟悉不过了。 人们喜欢把事情列在清单上。清单在互联网上无处不在。任何你能够想到的事情,可能都有与之相关的清单,无一例外。甚至是在《卫报》的科学版块,最近几个月最热门的的一篇文章也是一份清单(译文在此)。但是,清单为何如此流行?下面十项关于清单的惊人事实或许有助于解释这一现象。1. People will tend to remember the first thing on a list一、人们更容易记住清单上的第一件事Lists are commonly used as tools for assessing people#39;s memory. Word lists are a typical tool for testing someone#39;s ability to remember and recall items, and can be designed and adapted to analyse a wide variety of human memory abilities. One of the things uncovered by this sort of research is the primacy effect, meaning people are more likely to remember the first thing they are presented with, due to the way attention works and the demands of memory formation. So when you try to tell someone about this list, you may end up saying ;The first thing on the list was that you#39;re more likely to remember the first thing on the list;.清单通常是被用来评估人们记忆的工具。单词表就是用以测试记忆和回想条目能力的典型工具,它可以被设计并适合于分析人类记忆能力的多样性。这类研究所发现的事实之一就是“首因效应”,也就是说,由于注意力的工作方式以及记忆形成的需要,人们更容易记住摆在他们面前的第一样事物。所以,当你试图告诉别人本文中的清单时,你最后可以说,“清单上的第一件事是,你更容易记住清单上的第一件事。”2. The human brain may automatically structure information in list form (although it may not)二、人类大脑可能会自动将信息以清单形式加以组织(也可能不是这样)Much research has been conducted into how humans store and structure their knowledge and thoughts. Collins and Quillan in 1969 proposed theirHierarchical Network model, where concepts and categories are stored at a certain level in the brain/mind and the properties of these are listed ;below; (metaphorically). However, this view has met with some criticism, mainly based on how human memory or knowledge is rarely shown to be so rigidly organised. Still, it shows how fundamental lists may be.许多研究都意在揭示人类是如何存储和组织其知识和想法的。柯林斯和奎利安在1969年提出了他们的层级网络模型,根据这个模型,概念和范畴储存在大脑/观念中的特定层面上,而它们的具体内容则列在下面(比喻说法)。然而,这一观点受到了一些批评,其理由主要是人类的记忆或知识很少表明是如此严格的被组织起来的。但是,这还是表明了清单可能有多么重要。3. Lists take advantage of a limited attention span三、清单利用了有限的注意力持续时间There is an increasingly common view that internet use shortens a person#39;s attention span. While a lot of this is Greenfield-esque paranoia about new technology, evidence suggests our visual attention is attracted to novelty, and on the internet novelty is always only a click away. There is data to suggest that this is how internet use works, and much of the web is dedicated to exploiting this. Rather than paragraphs of narrative, pushing the limits of a typical attention span, lists offer novelty every few lines, and thus are more likely to avoid the ded TL:DR response.一个日益普遍的看法是,互联网的使用缩短了人们的注意力持续时间。当网络用户中的很多人展现出格林菲尔德式的对新技术的狂热时,有据表明我们的视觉注意力会被新奇事物所吸引,而在互联网上,新鲜玩意总是随着鼠标点击一闪而过。有数据显示网络使用是如何工作的,而许多网站都致力于利用这一点。不同于挑战典型的注意力持续时间的大段的叙述,清单用寥寥数行展示新奇事物,因此它能更加容易的避免令人担忧的“太长而不愿读”的用户反应。4. You probably won#39;t remember all the things on a typical list四、你可能不会记得一份典型清单上的所有东西A lot of lists are lists of 10, or some multiple thereof, given that the majority of humans have grown up using the decimal system. However, short-term memory, or ;working memory; as it#39;s known to psychologists, has an average capacity of 7 (+/-2). This means you can hold an average of 7 ;things; in your short term memory. These can be letters, words, or even sentences, as long as they count as one ;thing;. This is the limit of your short term memory. These things can be transferred to the long term memory if you rehearse or encounter them enough, but this means that if you try to remember everything on this list to tell someone about later, you#39;ll be unable to recall 3 items on average. This bit might be one of them, which would be ironic.许多清单都列出十项事情,或是十的倍数,因为大多数人类已经进化到使用十进制。然而,如心理学家所知,短时记忆或“工作记忆”的平均存储能力是7(+/-2)。这就意味着,在短时记忆中,你可以平均记住七项“东西”。它们可能是字母、单词、甚至是句子,只要能算作是一样“东西”。这是你短时记忆的极限。如果你重述或看到它们的次数足够多,这些东西就可以转化成长期记忆,但是这意味着,如果你试图记住本文列出的所有东西以便转述给别人,平均算起来,有三样东西你可能想不起来。这一段可能就是其中之一,真是有够讽刺的。5. People are very good at grouping random things together, so lists can be about anything五、人们非常擅长把随机事物组合在一起,所以任何东西都可以登上清单Probability theories of category formation demonstrate that we tend to lump very different things together in the same category, (e.g. Football and Chess have very few features in common, but both would be considered a type of game). This tendency to group things together despite their differences mean lists with a nominal subject matter can include things that wander off topic quite bizarrely, like a list of scientific facts about the human body including a discussion of atomic structure.类别形成的概率理论表明,我们倾向于把不同的东西堆在同一个类别之下(例如足球和国际象棋鲜有相同特征,但是两者都可以看成是游戏类型)。无视不同而将东西组合在一起的倾向意味着,有着一个名义上主题的清单可能包括一些风马牛不相及的东西,比如关于人类身体的科学事实的清单里却包括了关于原子结构的讨论。6. Popular things can be listed六、流行事物可以被列入清单Lists are very popular, so logically lists about popular things would be more popular again. Bacon, sexy ladies, funny cats and tweets, all of these regularly end up on lists. You may say this point isn#39;t scientific in any way, but I include it as evidence for the above point. Which means it is scientific in a very tenuous way.清单非常流行,所以从逻辑上讲,关于流行事物的清单会更加流行。火腿、性感女郎、有趣喵星人以及推特。通常情况下,所有这些东西最后都会排上清单。你可能会觉得这一论点根本不科学,但我把它作为上一个论点的据。这意味着,它是科学的,以一种相当微妙的方式。7. Lists fit the way humans tend to 七、清单适合人类倾向于进行阅读的方式It has been demonstrated many times, in scientific studies and Martin Robbins#39; blog, that the way people things on the internet follows anF-shaped pattern. While this is detrimental to blogs and articles with continuous prose, this is obviously beneficial for lists of things, as the er is ing in a pattern that largely follows a list structure.通过科学研究和马丁?罗宾的客已经论多次的是,人们在网上看东西的方式遵循着一种F型模式。这一模式不利于登载系列散文的客和文章,却显然有利于清单,因为读者阅读的模式很大程度上遵循了清单的结构。8. There are many popular types of list, not just on the internet八、有许多受欢迎的清单类型,并不只是在网上Lists predate the internet by some considerable margin, and aren#39;t necessarily constrained or dependent on it. Examples include shopping lists, bucket lists, guest lists and hit lists. These lists are invariably detached from the subject matter in some way; nobody ever buys a shopping list, bucket lists rarely feature buckets, a guest list is rarely seen inside a party/club, and there are no records of someone being killed with an actual hit list. Contrastingly, Craigslist was created by someone called Craig. To date, there is no evidence of a popular list of all the angles at which a ship may list, suggesting that list formats are incompatible.清单在很大程度上先于互联网,并且不受制于或依赖于它。例子包括购物单、愿望单(bucket lists)、宾客单和暗杀名单(hit lists)。这些清单总是以某种方式脱离主题;从未有人买过购物单,愿望单和“桶(bucket)”没有关系,宾客单在聚会或俱乐部里基本见不到,也没有关于暗杀名单上的某人被害的记录。相反,一个名叫克雷格(Craig)的人创办了克雷格清单网站(Craigslist,美国免费分类广告网站——译注)。迄今为止,尚无据表明存在一个可以包罗万象的流行清单,这说明清单样式是不兼容的。9. Some entries on a list are likely to be just padding九、清单上的某些条目似乎只是打酱油的As mentioned, a list of 10 things, or a multiple thereof. This will inevitably lead to someone preparing a list and including things that shouldn#39;t really be in it in order to make it 10 items in length. This makes it look ;proper;. See the point before this one for a demonstration of this happening.如上文所述,大部分人使用十进制。绝大多数清单除了在标题里使用“惊人的”、“令人震惊的”或“ 不可思议”等等词汇(听上去让人印象深刻,但在技术上无法反驳)之外,还会列出十项或者是十的倍数项的事物。这就不可避免的使得某些人在制作清单时,为了凑出十个条目而列出一些并不该出现的事物。这让清单看上去是“合适的”。本文第八条就可以明这一点。10. People will tend to remember the last thing on a list十、人们倾向于记住清单上的最后一件事Lists are commonly used as tools for assessing people#39;s memory. Word lists are a typical tool for testing someone#39;s ability to remember and recall items, and can be designed and adapted to analyse a wide variety of human memory abilities. One of the things uncovered by this sort of research is the recency effect, meaning people are more likely to remember the last thing they are presented with, due to the way attention works and the demands of memory formation. So when you try to tell someone about this list, you may end up saying ;The last thing on the list was that you#39;re more likely to remember the last thing on the list;.清单通常是被用来评估人们记忆的工具。单词表就是用以测试记忆和回想条目能力的典型工具,它可以被设计并适合于分析人类记忆能力的多样性。这类研究所发现的事实之一就是“近因效应”,也就是说,由于注意力的工作方式以及记忆形成的需要,人们更容易记住摆在他们面前的最后一样事物。所以,当你试图告诉别人本文中的清单时,你最后可以说,“清单上的最后一件事是,你更容易记住清单上的最后一件事。” /201303/229907

  South Koreans Love Phablets韩国人喜欢平板手机In a worldwide sample of nearly 100,000 iOS and Android devices, seven percent were “phablets,” the jumbo-phone/mini-tablet hybrid. But in South Korea, 41 percent of such devices are phablets, according to Flurry Analytics.在全世界将近10万样本的iOS和安卓设备中,7%的设备是大尺寸手机与小尺寸平板的混合体。但是,根据Flurry Analytics的数据,在韩国,41%的设备是平板手机。Growth in the South Korean mobile installed base does seem to be slowing down as it reaches saturation, Flurry said. Connected devices grew 17 percent in the past year in South Korea, versus 81 percent in the rest of the world, as measured by Flurry.Flurry表示,韩国的手机激活用户数增长看起来正在减缓,由于这一数量即将饱和。根据Flurry计算,去年,韩国手机设备激活数量增长了17%,而世界其他地区则增加了81%。South Koreans have a notable tendency to buy local devices. As of August 2013, 85 percent of devices owned in South Korea were manufactured there, Flurry said. Samsung had 60 percent market share.韩国人非常倾向于购买国产手机。Flurry表示,截止到2013年8月,85%的韩国手机是本土制造。三星的市场占有率是60%。Flurry released the South Korean stats on the occasion of a distribution partnership with SK Planet, the South Korean app store, which is integrating Flurry analytics into its new developer center for usage by its 37,000 app developers. Flurry said it aly tracks 33 million devices in South Korea.Flurry在于韩国软件商店SK Planet建立分销合作伙伴关系之际发布了韩国的数据,SK Planet在其新的开发者中心使用Flurry的数据,供其37000名软件开发者参考。Flurry表示已经跟踪了韩国的330万台设备。SK Planet told Flurry that 68 percent of its revenue comes from game-related spending, at an impressive rate of .27 per user per month (that’s about double the U.S. average monthly user revenue for all apps, not just games). Another interesting tidbit is that a third of SK Planet’s in-app purchases are paid for with gift certificates.SK Planet告诉Flurry其68%的收入来自于游戏相关花费,每用户每月花费5.27美元,相当惊人的数字(这是美国包括游戏在内的软件月用户收益的两倍)。另一个有趣的花絮是SK Planet的应用内购的三分之一是用礼券付。 /201310/260375。

  The illustration on Google#39;s homepage on Monday may look pretty whimsical, but it#39;s spotlighting a very serious issue: clean water. Not bad for an 11-year-old from Long Island.本周一的谷歌首页涂鸦看起来十分意想天开,但关注却是一个非常严肃的问题:净水。该作品出自一名来自纽约长岛的11岁孩子之手,相当不错。Audrey Zhang, a fifth-grader from Levittown, N.Y., is the winner of this year#39;s Doodle 4 Google competition, rising to the top of some 100,000 entries on the theme of ;draw one thing to make the world a better place.;纽约州莱维敦的五年级学生张天羽在10万名参赛者中脱颖而出,赢得了本年度谷歌国际少年绘画大赛冠军。这次比赛的主题是“画一个能使世界变得更好的东西”。Her piece, titled “Back to Mother Nature,; depicts an elaborate water-cleaning machine. Zhang worked with a team of artists at Google to animate her drawing.她的作品《回归大自然》描绘了一台复杂的净水机器。她和一组谷歌的艺术家们共同将这幅作品变成了动画。;To make the world a better place, I invented a transformative water purifier,; Google ed Zhang as saying. ;It takes in dirty and polluted water from rivers, lakes and even oceans, then massively transforms the water into clean, safe and sanitary water. When humans and animals drink this water, they will live a healthier life.;“为了让世界更好,我想到了一台革命性的净水器” 谷歌引用了张天羽的原话,“它能够大量转化江河湖海里的污水,把它们变成安全卫生的净水。人和动物喝这种水,会活得更健康。”She created a whole world around the device -- one populated by humans, a whale in a top hat and dragons.在作品中,她围绕这台机器创造了一整个世界:人类、带着大礼帽的鲸鱼和龙居住在其中。Zhang#39;s piece is “so lush and so rich and so full and so complete,” Google Doodle team leader Ryan Germick told the Washington Post. “Every leaf seemed to have life in it.”张天羽的作品“非常丰富和完整”,谷歌涂鸦团队领导瑞安·格米克对《华盛顿邮报》表示,“仿佛每片树叶都有生命”。Along with having her artwork featured on Google#39;s homepage, Zhang wins a ,000 college scholarship. In addition, her school will receive a ,000 Google for Education technology grant, and the company is donating ,000 in her name to a charity dedicated to bringing clean water to schools in Bangladesh.除了作品被展示在谷歌主页,张天羽还获得了3万美元的大学奖学金。她所在的学校也将获得5万美元的谷歌教育科技拨款。谷歌还以她的名义向慈善机构捐赠了2万美元,用于给孟加拉的学校提供净水。On Sunday, the night before the Doodle debuted, Zhang told Newsday she was ;excited; by the big win, but said she wouldn#39;t be awake when her art first went online at midnight.周日也就是张天羽的作品被谷歌展示的前一天,她接受纽约长岛报纸《新闻日》的采访,表示自己对获奖感到兴奋,但不会熬夜等自己的作品上线。;I have school tomorrow, so I can#39;t stay up late,; she told the paper.“我明天还要上学,不能晚睡。” 张天羽如是说。 /201406/304930


  In his annual speech at the start of the new year, Samsung Electronics Co. Chairman Lee Kun-hee highlighted how tough the competition has been in 2013 and emphasized the pressing need to move away from old habits and come up with new technologies.三星电子(Samsung Electronics Co., 005930.SE)董事长李健熙(Lee Kun-hee)在新年伊始发表的讲话中特别指出了2013年市场竞争的激烈程度,并强调了抛弃旧习惯、创造新技术的迫切性。#39;Research amp; development center(s) should work around the clock, non-stop, #39; Mr. Lee said according to a statement provided by Samsung.三星发布的公告显示,李健熙在讲话中说,研发中心应该日以继夜地运转,不能停下来。He also said Samsung must #39;get rid of business models and strategies from five, ten years ago and hardware-focused ways.#39;他还说,三星必须“摆脱五年前、甚至是十年前的商业模式和策略以及专注于硬件的经营方式”。Boosting software capabilities has been a key challenge for Samsung as it tries to compete better with Apple Inc. and Google Inc. in the mobile market. Though the South Korean company is currently the largest seller of mobile phones, its traditional strength has been hardware not software.三星正试图在移动市场上更有力地抗衡苹果公司(Apple Inc.)和谷歌(Google Inc.),因而提升软件能力是三星面临的一个主要挑战。尽管三星目前是全球销量最大的手机生产商,但其传统强项是硬件,而非软件。Investors have also shown concerns about Samsung#39;s future outlook as they drove the company shares down by about 10% in 2013 despite Samsung#39;s record-breaking earnings results, largely driven by its smartphone sales. The company#39;s shares started the new year with a 4.6% drop Thursday as the growth momentum for its key mobile unit cools.投资者也表现出对三星未来前景的担忧。尽管三星2013年的利润达到创纪录水平(主要受智能手机销售提振),但其股价仍下跌了约10%。由于关键的移动业务增长势头减弱,三星的股价周四在新年第一天就下跌了4.6%。At the start of every year, South Korean conglomerates such as Samsung, Hyundai and LG all hold year-opening ceremonies with speeches from top executives.三星、现代(Hyundai)和LG等韩国企业集团在每年新年伊始都会举行庆典,公司高管们都会在庆典上发表讲话。Mr. Lee was one of them, seen walking into the ceremony venue supported hand-in-hand by his eldest daughter Lee Boo-jin.李健熙是这些高管中的一位,他的大女儿李富真(Lee Boo-jin)牵着他的手两人一起走入仪式会场。The comments weren#39;t as wild as the ones he made about 20 years ago when he urged Samsung executives and employees to #39;change everything except for your wife and children.#39; It#39;s a famous e that is frequently cited in local media reports as well as tens of books published on Samsung.大约20年前,李健熙曾发表过相对更为张扬的言论,他当时敦促三星的高管和职员“除了老婆孩子,一切都要变”。这句名言被当地媒体报道频繁引用,同时还被收录在有关三星的数十本书籍里。This year, Mr. Lee also noted how exhausting the patent battles with rivals overseas had been. Samsung, which has fighting with Apple Inc. in courts around the globe over patent infringement, owes the Cupertino-based company nearly billion in damages.李健熙今年还指出,和海外竞争对手之间的专利权之争令人万分疲惫。三星和苹果公司(Apple Inc.)围绕侵权问题在世界各地法院展开争斗,三星因此要向苹果公司付近10亿美元的损失赔偿金。Mr. Lee also mentioned the #39;big and small accidents#39; at the company#39;s factories, noting that Samsung should be one of the safest places to work. The company had to cope with gas leaks at a semiconductor manufacturing facility last year, while the chief executive of affiliate Samsung Engineering Co. was fired after a water tank explosion that led to casualties.李健熙还提到了公司工厂发生的大大小小的事故,称三星应当是最安全的工作场所之一。去年该公司一处半导体工厂发生毒气泄漏事故,而在另一场事故中,该公司旗下附属公司Samsung Engineering Co. 的水箱发生爆炸致人丧生,该附属公司首席执行长随后被解雇。He also reflected back on the past 20 years, saying that while Samsung was able to reach the top position in some business areas, some had shown no growth.李健熙还对过去20年做了回顾。他称,虽然三星能够在一些领域拔得头筹,但在其他一些领域尚没有增长。Samsung is the world#39;s biggest maker of smartphones, TVs and semiconductors by shipments.按发货量计,三星是全球最大的智能手机、电视和半导体生产商。 /201401/271974






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