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English英语译成Chinese汉语: Investment Firm Profile General field: 商务/金融 Detailed field: 投资/证券
原文文本 - English英语 Aberdeen Asset Management Inc.'s (formerly NWD Investments) manages the US assets of Aberdeen Asset Management. The firm previously had US assets managed in London. The firm's investment philosophy is focused on identifying solid growth opportunities around the world. To narrow the investment universe, the firm analyzes trends, changes and opportunities in industries on a global scale.
Research: The firm combines bottom-up fundamental research from its team of global analysts along with the select use of quantitative screening. The firm watches for companies with catalysts for fundamental change such as new management, distribution or product. Analysts may perform due diligence research, which includes assessing company management, franchise, reviewing financial statements and financial modeling. Once investment candidates are identified, risk is managed through a quantitative screening process. This may include BARRA risk analysis, tracking error ranges and factor analysis.
Buy Criteria:
1) Above average earnings per share growth;
2) High return on invested capital;
3) Healthy balance sheet;
4) Companies that are well-positioned to take advantage of growth opportunities in their industries;
5) Companies that offer long-term strategic growth opportunities because of their strong competitive advantage within key growth segments.
Sell Criteria:
1) Stock price reaches a predetermined price target;
2) Company's growth may disappoint in relation to market expectations;
3) Corporate event such as management change or profit warning;
4) Analyst's outlook for a company's industry and franchise deteriorates;
5) More favorable opportunity is identified.
Portfolio Construction: The firm monitors stock decisions, currency valuations, sector and country allocations, portfolio composition and cash holdings daily. Every month, funds are reviewed for liquidity and returns versus the benchmark.
English英语译成Chinese汉语: The other side of the smart phone war General field: 技术/工程设计 Detailed field: 电脑：软件
原文文本 - English英语 While Apple, Google and Research In Motion slug it out over who has the slickest smartphone on the planet, there are other pieces to this fight that most people never see.
The phones draw all the attention, but beneath the covers it's an ecosystem battle rather than one fought by individual companies. One of the more visible battles is being waged by the service providers--Verizon ( VZ - news - people ), AT&T ( T - news - people ), BT Group ( BT - news - people ), NTT and a slew of others. This is the reason virtually all the major carriers are in a race to upgrade their networks from 3G to 4G and provide new data pricing based upon different levels of service. But given the level of investment and the lack of guarantees that subscribers will stick around for more than a single contract, this market is becoming particularly shaky. That explains why the profits AT&T has reaped from its deal with Apple ( AAPL - news - people ) are far lower than the profits Apple has made with a much lower up-front investment.
Moving down a level, a huge battle is being fought over the networking technology used to access those networks. Hewlett-Packard ( HPQ - news - people ) and Cisco ( CSCO - news - people ) are both vying for a piece of the network infrastructure. The good news is that when customers put in this kind of infrastructure, whether it's new or updated, it tends to stick around for a long time. That's also the bad news, because companies typically don't update their network infrastructure with any regularity. Routers are supposed to last a while, which is why both Cisco and HP have expanded into other markets.
Down another level still are the pieces that manage all of this stuff. This is the world where IBM ( IBM - news - people ) is particularly strong, followed somewhat distantly by Cisco and HP. Unlike the two levels sandwiched between Apple and this group, customer loyalty is very high in this space because most of the sales are at the CIO or IT manager level. Moreover, this is a group that turns over its technology on a regular basis because it makes economic sense, according to their number-crunchers. IBM started out focusing on the equipment but has migrated over the past couple decades to enabling the management of the ecosystem. It's like selling shovels and jeans to gold miners rather than trying to strike it with a claim. So when the dot-com bust swallowed server companies like Sun--now part of Oracle ( ORCL - news - people )--IBM emerged relatively unscathed.
"We play in the ecosystem that supports these devices, the enabling applications and we support the carriers," says Steve Mills, IBM's top software visionary. "These are big surrounding markets and they rival the device market. It's the applications and the management tools. We also work with the carriers to help them provision, and we work with the banking industry for online banking and the travel industry for online reservations."
Down yet another notch are the application developers and the component makers--everything from semiconductors to memory and logic--intellectual property that gets built into the chips. As with the levels sandwiched between Apple and IBM, these companies are getting pressured on the bottom by declining prices and rising costs. Applications developers are facing the same kinds of competition that dot-com companies faced in 2000. While it may be good for consumers, it's expensive to stand out amid the swarm, and the pricing pressure is enormous. Component vendors, meanwhile, struggle to gain a foothold in the Big Three platforms and face continued pricing pressures that can only be absorbed by continued volume. Any change in contracts, such as when Apple began developing its own chip, and the bottom falls out of their business plan.
The focus may be on the top, where a bloody war is brewing, but carnage has already begun in the supply chain for all three of the biggest smartphone companies.
English英语译成Chinese汉语: Footballing trends in Europe: the long and the short of it General field: 其它 Detailed field: 体育/健身/娱乐
原文文本 - English英语 The Professional Football Players Observatory was established in 2005 to monitor demographic trends in European football. It has just released its demographic study for 2011. This time the study has been extended to cover the top-flight of 36 national associations – all members of Uefa – covering over 13,000 players. It is, by some distance, the most detailed study of its kind.
Some of the data is interesting largely for curiosity value. The study shows for instance that the average European club squad comprises 24.5 players of whom 5.2 are aged 21 or under, 8.1 are over 1.85cm tall, and 8.2 are expatriates (1.1 of whom are Brazilian). Internazionale have the oldest first-team squad in Europe (29.61 years) and Olimps Riga of Latvia the youngest (19.02 years). SV Mattersburg of Austria and the Ukrainian side Volyn Lutsk have the tallest squads (186.68cm) and Barcelona the shortest (177.38cm). English clubs have the largest squads (27.4 players) and Czech clubs the smallest (22.1). English clubs have the highest percentage of internationals in their squads (61.1%) with Germany second on 49.6%, the Irish league has the fewest internationals, only 2%, and is the only one of the 36 leagues surveyed not to feature any Brazilians.
Where the study gets really interesting, though, is when it traces trends, often using the PFPO coefficient to rank national championships. "The coefficient," the report explains, "is calculated from the theoretical position of leagues on the regression line obtained by correlating the percentage of matches played in European club competitions by the representatives of national associations and the average personnel expenditure of clubs according to championship." England is thus given a value of 1.0, Spain 0.93, Italy 0.90, Germany 0.88 working through Scotland (0.49, ranked 14th), Poland (0.30, ranked 24th) to Estonia (0.09, ranked 36th).
Does size matter?
The average height of a footballer in Europe is 181.96cm, up 0.28cm on 2008, when PFPO first carried out their study. That suggests there could be some truth to the regular lament of former players that football is becoming more and more about physique and less and less about technique. The Premier League is the seventh tallest of the 31 leagues studied (five were unable to provide sufficient data), Scotland 27th.
Yet Barcelona, surely the best side in the world at the moment, have the shortest squad (followed by Shamrock Rovers, AEK Larnaca, Lorient and St Mirren). The liberalisation of the offside law logically should mean more space, and thus less of a premium on size – which is perhaps reflected in the fact that the PFPO study shows midfielders tend to be shorter than other positions. So why the rise? Perhaps at a lower level, physique continues to be prized. Perhaps Xavi, Lionel Messi, Andrés Iniesta, Wesley Sneijder, Samir Nasri and Luka Modric are a freakish generation of gifted short players who will soon be replaced by giants.
Or perhaps there has been a lag between changes at the top of the game and scouting systems catching up. The PFPO study shows an overwhelming tendency for the 11 most picked players in a squad to be shorter than their team-mates; it's only a theory, but could it be that when judging who to buy, height is far more of an issue than it is when coaches, having seen their players on a training pitch and had a greater opportunity to assess ability, are picking who to play?
How important is stability?
It's a commonplace of punditry when discussing whether a manager should be allowed more time before being sacked to point out that the two longest-serving managers in the Premier League are Sir Alex Ferguson and Arsène Wenger and to conclude that stability brings success. Of course the opposite is also true, that success brings stability and, while Manchester United's board showed great patience to Ferguson early in his career, and the Arsenal board are showing great patience to Wenger now, essentially both have stayed in their jobs for as long as they have because they keep winning things. And there are counter examples: José Mourinho has made a habit of club-hopping with significant success, while the great Bela Guttmann declared early in his career that "the third season is fatal" and made sure never to stay long enough anywhere to put his theory to the test.
The PFPO study shows a clear correlation between player stability and success – although again it would be a step too far to claim causality. Generally speaking, the higher the PFPO coefficient of the league, the longer a player will stay: Sweden top that list with an average stay of 3.19 years, with the Republic of Ireland last with an average stay of 1.73 years.
Manchester United is the most stable club, with players staying an average of 5.71 years (although it will be interesting to see what happens when Ryan Giggs, Paul Scholes and Gary Neville retire), followed by Dynamo Kyiv, Barcelona, SV Mattersburg and Hacken. Or, to add more statistical meat to the bones, in 24 of the 36 leagues studied players stayed longer at the four highest ranked clubs than the other sides in the league.
The PFPO study took Switzerland and Ukraine as case studies, plotting average stay of player against average points per game. In Switzerland the correlation is clear (a coefficient of determination [R2] of 46%); in Ukraine less so (R2 25%), with Shakhtar Donetsk winning more points than might be expected for the average length of stay of their players, and Metalist and Sevastapol fewer.
What's the impact of foreign players?
Blaming foreign imports for a national team's failings always seems a little simplistic, something that is probably seen better in cricket than in football. A decade or so ago (things began to change after the 2005 Ashes, and have shifted radically in recent months) it was common to see pundits lamenting the number of foreign players in the English county game after the Kolpak ruling, supposedly stopping young English players getting a chance. At the same time others insisted the county system was too baggy and that 18 counties meant that it was too easy for young English players to break through so they weren't toughened by the fight for recognition as their Australian counterparts were.
Both, clearly, couldn't be true and the suspicion now must be that – more by luck than judgment – a happy medium had been reached whereby young players found opportunities in a challenging environment (which makes the decision to cut the number of foreign players from two to one troubling).
In football, you would have thought that having 180-200 English players playing in the Premier League, by general consent one of the top two leagues in the world, would be a big enough pool from which to select a 23-man national squad. Only Cypriot clubs have a higher percentage (72.3%) of expatriate players (defined as "a footballer playing outside of the country in which he grew up and from which he departed following recruitment by a foreign club") than English clubs (58.4%), but when the percentage of expatriates is plotted against the PFPO coefficient (R2 42%), you find England actually has relatively few expatriate players (as do Spain and France). Cyprus and Hungary are the big outliers on the other side of the line – that is, relatively large numbers of expatriate players for the PFPO coefficient. Of the five countries with the highest percentage of expatriate players, England is the only one where that percentage has not grown in the past two years.
The PFPO figures aren't designed to show a correlation between the percentage of expatriate players in a league and the performance of the national team. Other factors such as wealth, size of population and footballing history must be taken into account before any realistic assessment of over- or under-achievement can be made. But, as a very crude measure, let's take the 10 leagues surveyed with the highest percentages of expatriate players: Cyprus, England, Portugal, Greece, Belgium, Scotland, Turkey, Italy, Germany and Russia. Their Fifa world rankings are: 89, 6, 8, 11, 58, 52, 31, 14, 3, 13. Now let's take the bottom 10: Serbia (the fewest expatriate players), Iceland, Estonia, Lithuania, Slovenia, Czech Republic, Latvia, Croatia, Bulgaria, Republic of Ireland. Their Fifa world rankings are: 23, 113, 86, 55, 17, 30, 76, 9, 49, 35. It's a very basic way of looking at it, but that surely is enough to suggest, at the very least, that the relationship between expatriate players in a league and international success is nowhere near as simple as some have made out.
English英语译成Chinese汉语: Democratising finance: How passive funds changed investing
原文文本 - English英语 The process of bringing diversified, affordable investment products to the masses started with investment trusts, which first appeared in the UK in the 1860s and afforded “the investor of moderate means the same advantages as large capitalists”.
Open-ended mutual funds followed in the 1920s, and were boosted in the 1990s byfund supermarkets which made them more popular by removing the initial charges for investing.
By contrast, passive investing is a fairly recent arrival. It did not start until the 1970s, when academic research started to highlight the fact that most active fund managers do not achieve better returns after costs than the broader market.
On Tuesday, the People’s Bank of China issued 10 billion yuan of one-year central bank bills with a tender price at 98.11 yuan and at a yield of 1.9264%.
China Development Bank is going to issue 20 billion yuan of ten-year floating rate notes on Wednesday. Interest is paid on a semi-annual basis according to the benchmark rate i.e. one-year fixed deposit rate.
Policy should better be in conformity with market expectations in 2010, while unexpected policy changes should be reined in, according to Ba Shusong, Vice Director of Financial Institute at the Development Research Center of the State Council. The monetary policy this year should be generally loose, or tighter in the first half and looser in the second half.
Market review
Inter-bank bond market – stable yield expected
The central bank issued 10 billion yuan of one-year central bank bills (1001009) at a yield unchanged at 1.9264%. Back operation was also suspended. Some institutional investors believed that liquidity is likely to be tightened after the Spring Festival despite the stabilised rate of central bank bills issuance, thus causing a rise of interest rate. Market investors are therefore cautious and stable trading in the secondary market is observed.
English英语译成Chinese汉语 (University of Leeds) Chinese汉语译成English英语 (University of Leeds) Spanish西班牙语译成Chinese汉语 (University of Leeds) French法语译成Chinese汉语 (University of Leeds)
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Adobe Acrobat, DejaVu, memoQ, Microsoft Excel, Microsoft Word, OmegaT, Passolo, Powerpoint, Trados Studio, Wordfast
Economist by profession, and former translator/revisor at the UN. 14 years of translation, revision and post-editing experience, with expertise across finance, economy, tech and general texts.
Selected translation/revision experience:
- Bloomberg: translation of technical documents, marketing materials and research reports (translation, EN-ZH)
- World Intellectual Property Organisation: international patents (translation, ZH-EN)
- Ginkgo Foundation (a China-based NGO): covid-19 prevention guide (translation and revision, ZH-FR)
- United Nations: UN resolutions and General Assembly reports (EN-ZH, FR-ZH, translation and self-revision)
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