明星资讯腾讯娱乐2017年10月24日 12:04:52

In 1128, an enraged princess arrived here.1128年,一位愤怒的公主抵达这里。Her name was Matilda and she was the only survival legitimate child of King Henry I of England and hes acknowledged there.她的名字是玛蒂尔达,是英格兰国王亨利一世唯一合法并且得到承认的血脉。Her father had commanded her to marry a 15 year-old boy, Jeffry, the eldest son of the Count Anjou.她被父亲吩咐嫁给昂儒伯爵的长子,15岁的男孩杰弗瑞。Matilda was outraged.玛蒂尔达被此举激怒。She was 26 years old. She was the granddaughter of William, the conqueror.她已经26岁了。她是征者威廉的孙女。She was the widow of mighty holy Roman emperor.她是强大的神圣罗马帝国皇帝的遗孀。She always called herself empress. Jeffry was the heir of a mere count.她总是叫自己皇后。而杰弗瑞只是少数伯爵的继承人之一。Matilda was notoriously willful, but in the selection of a husband, she had no say.玛蒂尔达是出了名的固执己见,但在选择丈夫这等终身大事上,她却无话可说。Princesses were powerful tool used by Europe Medieval Dynasties to expand their territories.欧洲中世纪王朝利用公主们作为强力的政治工具从而达到扩张自己领土的目的。King Henry hoped that the arranged marriage of Le Mans cathedral would produce a male heir who would automatically become Count of Anjou, Duke of Normandy and King of England.亨利希望勒芒大教堂的这场包办婚姻会产生一位男性继承人,自动成为昂儒伯爵,诺曼底公爵及英格兰国王。 201407/312948

  Don: Hey, Yaeuml;l, Have you heard? Weve discovered two new oceans? 嘿,Yaeuml;l,你听说了吗?我们已经发现了两块新大洋。Yaeuml;l: Where? 在哪啊?D: On Mars. Well, they arent there any longer, but they were there a few billion years ago. 在火星上。虽然现在不在那儿了,但几十亿年前一直都在。Y: I thought scientists werent sure if Mars had oceans or not. 我想科学家们还是不确定火星上到底有没有海洋。D: They werent. The Mars Opportunity Rover found sulfates and other salts in the soil that were left behind when standing water evaporated. It also discovered cross-bedding in the soil which was created by water ripples, and tiny mineral deposits called blueberries that only appear if water is present. The northern lowlands of Mars looked like there might have been an ocean there, but there wasnt definite proof. 恩,不确定。机遇号火星探测器在土壤中发现了水分长期挥发后所留下的硫酸盐和其它的盐类。同时还在土壤中发现了水波所形成的交错层,以及称之为蓝莓的小型矿床,而这种矿床只有在存在水的地方才产生。火星的北部低地看起来像是曾经有过一片海洋,但还没有发现确凿的据。Y: So, what has changed their minds? 那又是什么让科学家们改变了想法呢?D: Gamma Ray evidence. 是伽马射线。Y: That sounds exciting.听起来真令人兴奋啊。 D: It is. The Mars Odyssey spacecraft had a gamma-ray spectrometer onboard that could detect elements buried as much as a third of a meter, or thirteen inches, below the soil. Scientists used the spectrometer to measure the amount of potassium, thorium, and iron above and below what they thought to be the shoreline of ancient oceans. They expected to see low concentrations above the shoreline and larger concentrations below. That would indicate that the elements had been leached out of the soil by the water. 是啊。奥德赛号火星探测器有一个γ射线能谱仪主板,它可以检测到埋藏于地底三分之一或地下13英寸的元素。科学家们利用光谱仪在所推断的远古海洋海岸线附近测量钾、钍、铁的含量。科学家们预测海岸线上的元素浓度较低,而海岸线以下的浓度较高。这将明那些元素是通过水过滤到土壤中的。Y: So, what did they find? 那么他们究竟发现了什么呢?D: They found the shorelines of a younger ocean about ten times the size of the Mediterranean Sea, and an older ocean twice that size. 他们发现了一个较新,海岸线大约是地中海的10倍的海洋痕迹,和一个年代比较久远相当于地中海海岸线两倍的海洋痕迹。Y: Its too bad those oceans still arent there.这些海洋已经不在那儿真是太糟糕了。D: Yeah. It sure would be a great spot for a cruise.对啊,如果它们还在那儿,那将是个很适合巡航的地儿。201307/249043


  Business商业报道Corporate etiquette公司礼仪Manners maketh the businessman仓廪不实而知礼节The economic crisis prompts an outbreak of politeness in business经济危机的爆发使得公司职员知礼守节WHEN Andrew Chadwick-Jones, a management consultant with Oliver Wyman in London, went to pitch to a private-equity firm late last year,去年年底,伦敦奥利弗·威曼管理咨询公司的安德鲁·查德威克·琼斯,前往一家私募公司展业时,he expected the usual: about 20 minutes and a brisk attitude.他像往常那样预期:约20分钟的长度,不友善的态度。He was surprised to find the private-equity people instead explaining their strategy, offering introductions to senior staff and being more open and friendly.但他惊讶地发现,私募公司的人转而向他讲解起该公司的战略,为他介绍起公司的高层,人也变得更加开放友好了。Now that money and deals are scarce, theyve got to be nicer to all the people they interact with, they might help bring business in future, he says.目前资金和交易量都不足,他们必须更好对待每个他们所接触到的人,以期将来可以照顾自己的生意,他说。Rudeness is out, and civility is the new rule in an uncertain world.粗鲁已经过时了,礼貌是这个瞬息万变的世界里的新规则。The former kings of abrasive behaviour—Masters of the Universe bankers, hedge-fund traders, private-equity chiefs—have been humbled.以前粗鲁行为的代表们—国际家中的翘楚,对冲基金的交易员,私募基金经理—已经学得温良恭检让了。On Wall Street, says a banker, its now all about charm and openness and taking time with people.华尔街的一位家说,现在所有人都要施展魅力,乐观开朗,使出浑身解数和人们交流。Cocky young things straight out of the best business schools have stopped skipping interview appointments, recruiters say,招聘人员说,刚从名牌商学院毕业的那些自大的年轻人已经不敢对面试挑三拣四了,and there is much less looking over peoples shoulders at drinks parties, reports one veteran.而且,酒会上监视别人的行为也少了很多了,一位职场老手说。Many people, fearful for their jobs, are trying to burnish their contacts at other firms.许多人因为担心自己的工作,正力图改善和其他公司的关系。The change in tone also reflects an upheaval in the balance of power between companies.这种状况的变化,也反映了公司与公司之间权力平衡的剧烈变化。Before the crisis, says Michel Pretie, head of investment banking at Societe Generale in Paris,位于巴黎的法国兴业的投资负责人米歇尔?佩雷蒂说,危机发生之前,他带着并购的提案拜会其他公司的高级执行官时,he would go and see a senior chief executive with a mergers-and-acquisitions idea, get in for a short while and, on the way out, walk past a line of all his competitors.只有很短的会见时间,出来走到门口,经过一排人还全是自己的竞争对手。Now, he says, Youre ushered in, you get an hour with the CEO and he walks you to your car.现在,他又说道,有人给你引路了,一个小时的和首席执行官的会见时间,他还会亲自送你到你的车前。As the representative of a bank with money to lend, Mr Peretie is now the chief executives potential saviour.因为代表的手里有贷款,他现在就成了首席执行官们的潜在救星。During this crisis, when there is so much uncertainty about who will end up having power, the best strategy is to be civil to everyone,在这场危机中,由于根本不能确定谁最后会手握权柄,最好的策略就是对每个人都彬彬有礼,says Adam Galinsky of the Kellogg School of Management at Northwestern University.西北大学凯洛格商学院的亚当?加林斯基说。People have more time to be friendly when business is slow.商业节奏的放缓使人们有更多的时间和睦相处了。Some reckon the new cordiality reflects a feeling that everyone is in the same boat:有人认为这种新的热诚反映出一种人人同舟共济的感觉:when some firms have to fire good performers as well as bad, no one is safe.当部分企业不得不不分良莠地裁员时,没人是安全的。But if people at different firms are being nicer to each other, things may not be getting any nicer inside companies.但是,如果说不同公司的人们之间彼此更为友好了的话,在公司内部,事情可能就没有任何改观了。At many, stress and in-fighting are on the rise because of the threat of job cuts.裁员的威胁增加了大量的压力和明争暗斗。And as soon as things turn up again, all agree, the extra niceness will vanish.大家都同意,一旦事情有所起色,这些额外的友善将消失殆尽。 /201304/237377

  In 1859, an unassuming Australian landowner named Thomas Austin got the hunting bug.1959年,澳大利亚一位默默无名的地主—Thomas Austin在打猎上碰到了瓶颈。Eager for something to shoot, he released twenty-four wild rabbits onto his property and had a jolly time tracking them down.在强烈的打猎欲望的催使下,他在自家的土地上放生了24头野兔。Unfortunately, some of the rabbits managed to escape and, as rabbits are known to do, began to breed like…well, rabbits.一时之间,他的一大乐趣便是找出那些兔子。可偏偏就有那么一些兔子逃了出去,做着我们所知兔子该做的事—生殖繁衍。By 1900, Austin was dead but his unwanted legacy lived on in the form of a rabbit infestation that sp throughout the entire Australian continent.1900年,Austin去世了。但是他那些让人头疼的“遗产”却已然遍布整个澳大利亚大陆,它们成群结队地袭击着一个个的庄园,让人头疼不已。Desperate landowners scrambled to captureover two million rabbits per year, but this hardly made a dent in the rabbit population.每年,农场主们能捕到超过两百万只兔子,可是,这只能算是冰山一角,区区两百万对兔子这一群体不够成任何影响。Rabbits, it seemed, had taken up permanent residence down under.就这样,兔子俨然已成澳大利亚的“常住居民”。With its long ears, twitching nose, and adorable hopping ability, the individual rabbit is fairly cute.乍看上去,长长的耳朵,抽动的鼻子和蹦蹦跳跳的可爱姿势,兔子真的是可爱得不行。Multiply that bunny by millions, however, and they begin to seem entirely sinister.当然,这只是针对一只兔子而言。如果是上百万只兔子聚在一起,那简直就是灾难。The greatAustralian rabbit infestation was ecologically devastating.澳大利亚兔子的“横行霸道”从生态学上来看简直就是毁灭性的。The buck-toothed creatures helpedextinguish nearly one-eighth of Australias native mammal species and led to the extinction ofcountless numbers of plants, leading to wide sp soil erosion.这些长着小龅牙的生物“帮助”澳大利亚八分之一的土著哺乳动物走向灭绝,顺道再让不计其数的植物从此消逝,最后的结果便是,澳大利亚严重的大面积水土流失。The Australian government tried to corral the rabbits by building so-called rabbit-proof fences across vast stretches of land.澳大利亚政府也曾圈出大片土地,围上所谓的防兔围栏,试图将兔子都赶到一个地方。Undaunted, the rabbits burrowed under.可是,这些兔子是毫无畏惧的,Finally, in the 1950s, theAustralians resorted to chemical warfare, injecting several rabbits with myxoma, an experimental virus known to target and kill rabbits.到后来的20世纪50年代,澳大利亚人终将化学药物投入了人兔大战中。人们将粘液瘤注入兔子体内,粘液瘤是一种用来杀兔子的实验用病毒。The virus sp, and the rabbit population dropped from six-hundred million to one-hundred million.随着该病毒的传播,兔子数量从6亿只急速减至1亿只。But thats still a lot of rabbits, and those with a natural resistance to the virus began breeding with a fury.但是,1亿仍是一个很大的数目。而且有些兔子天生就对这种病毒有抗体,接着这些兔子开始迅猛繁殖。And so, the rabbit wars carry on still.因而,直至今天,在澳大利亚这片土地上人兔大战仍在进行着。 /201407/310073


  Business商业报道Corporate Governance公司治理Anything you can do, Icahn do better无论你做什么,伊坎总能做得比你好The pressure on companies from activist shareholders continues to grow激进投资人对公司的压力正与日俱增TIM COOKS nightmare is over, but John Donahoes has just begun.蒂姆·库克的噩梦算是结束了,可约翰·多纳霍的噩梦才刚刚开始。On February 10th Carl Icahn, the godfather of activist shareholders, ended his campaign to get Mr Cook, the boss of Apple, to return some of its 160 billion cash mountain to shareholders through share buy-backs.2月10号,激进投资界的教父级人物卡尔·伊坎停止了对苹果总裁库克的公开施压。伊坎此次行动的目标是让苹果通过股权回购,将其1600亿美元的巨额资产部分返还给股东们。Mr Icahn declared victory, although Apple is not handing back as much of its cash as he had wanted.伊坎宣告获胜,尽管苹果并未打算把钱悉数奉上。His next target is eBay, which he is pressuring to spin off PayPal, its online-payments business.如今他正向他下一个目标易趣施压,要求其剥离线上付业务Paypal。Mr Donahoe, eBays boss, has told Mr Icahn to get lost, but surely knows he cannot brush off the pugilistic investor so easily.易趣总裁约翰·多纳霍已经跟伊坎表示让他滚开,但他当然明白要摆脱这位强势的投资人可没那么容易A visit from an activist shareholder is now a possibility for any publicly traded company:现在的公开上市公司,随时都可能碰上某位激进投资人的莅临访问。if not the 77-year-old Mr Icahn, then one of the growing army of younger imitators he has inspired.就算不是77岁的卡尔·伊坎,也可以是他鼓动的越来越多的年轻效仿者之一。Mr Cook was first put under pressure to stop hoarding cash last year by David Einhorn, boss of Greenlight Capital, a hedge fund.首先是去年对冲基金绿光资本老总大卫·艾因霍恩要求蒂姆不要再继续囤积现金。Having shaken up Yahoos management and strategy in 2012, Dan Loeb and his fund, Third Point, have turned their attention to Sony, calling for it to separate its electronics and entertainment arms; to Sothebys, an auction house they want to repurchase shares; and to Dow Chemical, which they want to shed its petrochemicals business.继2012年整顿完雅虎的管理及战略,丹·勒布和他的第三点基金开始将目光转向索尼、苏富比拍卖行和陶氏化学,要求拆分索尼的电子和业务,回购苏富比股权,剥离陶氏化学的石油化工业务。Nelson Peltz, who has been a shareholder activist almost as long as Mr Icahn, last month joined the board of Mondelez, a snacks business he had targeted.上月,资历和伊坎相差无几的激进投资人尼尔森·佩尔兹加入了亿滋董事会,一个他决定收拾的食品公司。TCI, a London-based fund run by Chris Hohn, has rediscovered its activist mojo after having been badly hurt by the financial crisis.TCI基金在遭受金融危机重创之后,重新发现了激进投资的魔力。Last year it urged EADS to sell its military-planes business, and took on the management of Japan Tobacco.该基金总部位于伦敦、总裁为克莱斯·霍恩。去年,它要求欧洲航空防务航天公司出售其军用飞机业务,还和日本烟草产业公司较上了劲。Steve Ballmer was helped on his way out of Microsofts top job by ValueAct Capital, run by Mason Morfit.史蒂夫·鲍尔默丢掉微软CEO一职,也多亏了梅森·默菲特的ValueAct资本的帮忙。Last month Bill AckmansPershing Squaremade a tasty profit when Suntory acquired Beam, which had been spun out of Fortune Brands as a result of his activism.上月,三得利收购Beam让比尔·阿克曼的对冲基金潘兴广场狠赚了一笔。阿克曼的积极运作促成Beam脱离富俊集团,But Mr Ackman has also demonstrated that activists have no monopoly on wisdom: Ron Johnson, the new boss he lobbied for J.C. Penney to install in 2011, made things worse at the struggling retailer, and lasted just 17 months.但也正是他让人们发现激进分子并不是永远正确:2011年阿克曼鼓动彭尼百货把总裁之位交给荣·约翰逊,而约翰逊却让这个麻烦不断的零售商雪上加霜,17个月后他便离职了。Mr Ackman has been at loggerheads with Messrs Icahn and Loeb over Herbalife, a nutritional-supplements business.阿克曼就保健品公司康宝莱与伊坎和勒布先生展开了对决。Mr Ackman has shorted its shares, calling the firm a pyramid scheme.阿克曼做空康宝莱股票,并称其用的是金字塔式的传销骗术;他的对手则大举买进该公司股票。His rivals have gone long on them. So far, Mr Ackman is out of pocket.截至目前,阿克曼已经赔得精光了。The activists growing influence has many causes,激进投资人影响力的增加有多重原因。including rule changes that have given shareholders more voting power and have made institutional investors cast their votes more thoughtfully.规则的改变使股东获得了更多的投票权,也使机构投资人在投票时更谨慎。Social media have made it easier for activists to mount a campaign: Mr Icahn now tweets like a budgie on speed.社交媒体使他们能更容易地发起一场运动:伊坎现在发推文快得就像一只鹦鹉在叫唤。And, says Bob Monks, a campaigner for shareholder rights, Mr Icahn has had a huge impact by making it clear to the greediest people in the world that you can make a lot of money out of activism.一直为股东权益奔走的鲍勃·孟克思称,伊坎之所以有如此影响力,是因为他让世界上最贪婪的人们清楚的看到,通过激进的运作可以赚很多很多钱。It is the way these profits are made that is the focus of the activists critics.对激进投资人的质疑集中在这些钱是怎么赚来的。Activists usually buy a block of shares, make a public call for change and lobby management and other shareholders to implement it.他们通常先买下一大堆股票,再公开呼吁变革,然后鼓动管理层和其他股东执行这一改革方案。When they do, the activists sell at a profit.当管理层当真照做时,激进投资人便卖出股票,获取利润。Martin Lipton, a lawyer who has long helped protect incumbent management, not least by inventing the poison pill, a potent defence against takeovers, argues that activists encourage firms to do things that boost their share price in the short run but harm their long-term performance.马丁·利普顿是一名律师,长期致力于保护现任管理层,特别是通过他发明的能够有效抵制收购的毒丸策略。他认为,这些激进投资人鼓励公司做的事情能在短期推高公司股价,却会伤害到其长期表现。This critique has plenty of adherents, in academia, business and government.这一批评在学术界、商界和政府有诸多拥护者。Wheres the evidence?据在哪里?Yet empirical proof that activists exacerbate short-termism is strangely elusive.但奇怪的是,鲜有据明激进投资人确实激化了企业的短视行为。Indeed, such evidence as there is suggests the opposite.从现有的据看,事实正好相反。The Long-Term Effects of Hedge-Fund Activism, a recent paper by Lucian Bebchuk ofHarvardLawSchooland others, examined the roughly 2,000 interventions at companies by activist funds from 1994 to 2007.哈佛大学法学院的卢西恩·别布丘克与他人合著的论文《对冲基金激进主义的长期效应》调查了从1994到2007年间激进对冲基金对公司2000次左右的干预。Over the five years following an intervention both the share price and the operating performance of the target company improved, on average.平均来看,干预之后的五年内,公司的股价和经营业绩均得到提高,The operating performance got stronger towards the end of the five-year period, not weaker.经营业绩在五年期结束时并没有下滑,反而是增长了。This is the sort of evidence that has convinced Mary Jo White, the chairman ofAmericas Securities and Exchange Commission,正是这类据说了美国券交易委员会主席玛丽·乔·怀特。to argue in a recent speech that activist shareholders should no longer be automatically viewed negatively.她在最近的一次演讲中提到,不能再这样不假思索得否定激进投资人了。These days, she said, There is widesp acceptance of many of the policy changes that so-called ‘activists are seeking to effect.她说现在这些所谓‘激进者所寻求的政策变化已有很多获得了广泛接受。A recent article in the Columbia Law Review, The Agency Costs of Agency Capitalism:《哥伦比亚法律》最近刊登了代理人资本主义的代理成本:Activist Investors and the Revaluation of Governance Rights, argues that the activists have become a vital adjunct to the institutional investors who own most shares, and who are willing to respond to governance proposals but not to propose them.激进投资人和管理权的重估一文。该文认为激进投资人已成为机构投资人的一个重要帮手。机构投资人拥有公司绝大多数股票,愿意就提出的治理方案作出回应,但不愿提出方案。Activists have thus become governance intermediaries, who find underperforming firms and offer their managers and institutional shareholders concrete proposals for business strategy through mechanisms less drastic than takeovers.因此激进投资人成了治理中间人,找出业绩不好的公司,并为其管理者和机构投资人通过比收购更温和的机制提供公司战略方面的具体建议。So it is crucial, the authors argue, to pass reforms that help the activists do their job.因此,该文作者认为,当务之急是通过改革,助激进投资人一臂之力。Mr Lipton and others are pressing for a rule change that would have the opposite effect, by obliging activists to disclose stakes at a lower threshold and more quickly.而现在利普顿和一些人推动的规则改革则会起到相反的效果,它降低了激进投资人强制性披露持股比例的门槛。That would force them to show their hand before they had built a big enough stake to make a decent profit if and when their proposals succeeded.若要在提议成功之后获得丰厚收益,激进投资人必须先增持一定数量的股票。但这一规则变更将迫使他们过早摊牌。Boards have an obvious motive to back curbs on troublesome activists.董事会显然欲约束这些麻烦的激进分子。But a better strategy—and one that big firms are increasingly adopting—is to talk to them, consider their ideas and even invite them or their representatives to become directors, as firms from Microsoft to Mondelez have done.然而更好的、也是大公司越来越倾向于选择的策略,是与他们交谈,考虑他们的意见甚至邀请他们或其代表加入董事会;微软和亿滋就是这么做的。If a boards strategy is in fact better than that proposed by the activist, having the debate in public may strengthen the incumbent management, as happened when activists took on firms such as AOL, Target and Clorox.如果董事会的策略确实好于激进投资人提出的,公开就此进行辩论也可能巩固现任管理层的地位。美国在线、塔吉特百货和高乐氏在应对激进投资人挑战时就是如此。Indra Nooyi, the boss of PepsiCo, chose to work with Ralph Whitworth, a veteran activist who took a stake in the company.百事可乐总裁英德拉·诺伊选择了和资深激进投资人、拥有百事可乐股票的拉尔夫惠特沃思合作。By doing so she was able to head off calls for a break-up of the firm, while still boosting its shares, thereby restoring her authority.这样她既平息了要求拆分公司的呼声,又推高了公司股价,由此在公司重树威信。Mr Donohoes encounter with Mr Icahn may prove less nightmarish if he treats his ideas about eBay on their merits rather than dismissing them out of hand.如果多诺霍能中肯得看待伊坎对易趣的建议,而不是不假思索的否定,也许结果就不会那么糟糕了。 /201402/276495





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