A large hedge fund led by Nobel Prize-winning economists and renowned Wall Street traders that nearly collapsed the global financial system in 1998 as a result of high-risk arbitrage trading strategies. The fund formed in 1993 and was founded by renowned Salomon Brothers bond trader John Meriwether. |||LTCM started with just over $1 billion in initial assets and focused on bond trading. The trading strategy of the fund was to make convergence trades, which involve taking advantage of arbitrage between securities that are incorrectly priced relative to each other. Due to the small spread in arbitrage opportunities, the fund had to leverage itself highly to make money. At its height in 1998, the fund had $5 billion in assets, controlled over $100 billion and had positions whose total worth was over a $1 trillion. Due to its highly leveraged nature and a financial crisis in Russia (i.e. the default of government bonds) which led to a flight to quality, the fund sustained massive losses and was in danger of defaulting on its loans. This made it difficult for the fund to cut its losses in its positions. The fund held huge positions in the market, totaling roughly 5% of the total global fixed-income market. LTCM had borrowed massive amounts of money to finance its leveraged trades. Had LTCM gone into default, it would have triggered a global financial crisis, caused by the massive write-offs its creditors would have had to make. In September 1998, the fund, which continued to sustain losses, was bailed out with the help of the Federal Reserve and its creditors and taken over. A systematic meltdown of the market was thus prevented.
特许人寿理财师（CLU-Chartered Life Underwriter） 目录 1 特许人寿理财师概述 特许人寿理财师概述 特许人寿理财师，是美国人寿保险管理学会(LOMA，Life Office ManagementAssociation)推出的，是美国三大理财认证之一。作为公认的寿险专业领域最高级别的资格认证，CLU始于1927年，已有超过94000人取得该证书，是目前持有人数最多的理财认证证书。 LOMA是——个国际性的保险学术组织，会员分布在美国、加拿大、日本、欧洲、中国香港等30多个国家和地区，是寿险专业领域最高级别的认证。 CLU比较侧重于收入支出规划、不动产规划、财产传承规划、财产管理等方面的能力。考试涉及人寿保险经营原则及地位、人寿保险销售渠道、个人理财、所得税筹划、人寿保险相关法律、房产以及遗产规划等内容。取得证书后，也要参加继续教育。 随着CLU的发展，它的范畴超出了寿险的范围，现在是一个综合理财规划认证。 特许人寿理财师是一个小作品。你可以通过或修订扩充其内容。
乔·伍德兰德（Joe Woodland），美国人，是一位颇有抱负的工程师，在27 岁时，他决心发明一种自动的超市结账系统，来改善手工计算价格太慢，而且费用较高、经常出错的情况。 在40年代，乔·伍德兰德(JoeWood Land)和伯尼·西尔沃(Berny Silver)两位工程师就开始研究用代码表示食品项目及相应的自动识别设备，于1949年获得了美国专利。 当时，还没有价格较为低廉而日后在条形码系统中不可缺少的激光和电脑。因此，尽管伍德兰德加盟 IBM，希望该公司能够生产他的发明，但他却发现自己的创意无人问津，最后他把这项专利买给了另一家公司。 到了 70 年代早期，超市明显需要这种工具。利润率萎缩，劳动成本上升。 但是，自动结算系统的运转，需要超市和包装品公司就标准条形码问题达成一致，从而将条形解译为价格。如果各家商店使用不兼容的条码，将会出现混乱。因此，超市和消费品公司的代表开会解决这一问题。在考虑了各种建议后，委员会选择了通用产品代码（UPC），这种条码是 IBM 在伍德兰德创意的基础上设计出来的。
One of two stock exchanges in Switzerland, located in the nation’s fifth-most populous city of Berne. The Berne Exchange is much smaller than the Swiss Exchange, which dominates share trading in Switzerland. The exchange was formally set up in 1884 and is managed by the Berne Stock Exchange Association. It is also known by its abbreviation BX. Taobiz explains Berne Exchange - BX The Berne Exchange aims to attract listings of Swiss small and medium-sized enterprises, which typically are unable to meet the more stringent listing criteria of the Swiss Exchange. It introduced a fully electronic trading platform in 2002.
A resource of economic value that cannot be readily replaced by natural means on a level equal to its consumption. Most fossil fuels, such as oil, natural gas and coal are considered nonrenewable resources in that their use is not sustainable because their formation takes billions of years. Nonrenewable resource fuels are still the primary source of all the power generated in the world due to their affordability and high energy content. Besides the environmental impact of burning fossil fuels, the economic impact of nonrenewable resources can also be very damaging. As nonrenewable resources become more scarce, the cost to obtain them will continue to rise. Eventually, the price will hit a point that end users cannot afford, forcing a move toward alternative energy sources.
A business metric that represents the average cost per unit of output over the long run, where all inputs are considered to be variable. Long-term unit costs are almost always less than short-term unit costs because in a long-term time frame, companies have the flexibility to change big components of their operations, such as factories, to achieve optimal efficiency. A goal of both company management and investors is to determine the lower bounds of LRATC. |||For instance, if a manufacturing company builds a new, larger plant for production, it is assumed that the LRATC per unit would eventually become lower than at the old plant as the company takes advantage of certain economies of scale.
A holding company for a multitude of businesses run by Chairman and CEO Warren Buffett. Berkshire Hathaway is headquartered in Omaha, Nebraska and began as just a group of textile milling plants, but when Buffett became the controlling shareholder in the mid 1960s he began a progressive strategy of diverting cash flows from the core business into other investments. Insurance subsidiaries tend to represent the largest pieces of Berkshire Hathaway, but the company manages hundreds of diverse businesses all over the world. Taobiz explains Berkshire Hathaway Because of Berkshire Hathaway's long history of operating success and keen stock market investments, the company has grown to be one of the largest in the world in terms of market capitalization. Berkshire stock trades on the New York Stock Exchange in two classes, A shares and B shares. The A shares are noted for their very high prices - in excess of $100,000 per share in 2007. Early in his career Buffett came across the novel idea to use the "float" from his insurance subsidiaries to invest elsewhere, mainly into focused stock picks that would be held for the long term. Buffett has long eschewed a diversified stock portfolio in favor of a handful of trusted investments that would be overweighted in order to leverage the anticipated return. Over time, his investing prowess became so noted that Berkshire's annual shareholder meetings became a mecca for value investing proponents and the focus of intense media scrutiny.
乒乓球台 球网包括网，网柱，支架三部分。网将台面分成大小相等的两部分，网垂直于台面，于端线平行，高15.25厘米，网柱外缘离开边线15.25厘米，网与网柱台面紧贴，国际比赛规定网应柔软，呈暗绿色，网柱应为大一颜色，其表面无光泽。乒乓球台的发展 乒乓球运动最早起源于英国，由网球演变而来，大学生课间的娱乐活动。最初是以室内餐桌为球台，以书本为球网， 羊皮纸贴面自制球拍用橡胶或软木做球对球桌大小和球网 高低没有统一规定。 在欧洲乒乓球全盛时期（1926—1951），这时期由于颗粒 球拍的出现有利于增大球的旋转，当时的球网较高，（17 厘米）球台较窄（146.4厘米）球体较软，大大加快了削球 的发展。 第十一届世界乒乓球锦标赛后，国际乒联对乒乓球的规则做 了重要修改，对球台规格也作出了调整，把球台放宽到152.5 厘米，球网降低到15.25厘米 国际比赛用乒乓球台的要求有哪些？ 球台必须是ITTF批准的，颜色只能是蓝色或绿色。 以下几个参数是ITTF检测的重点： 1）长：2740mm宽：1525mm 高：760mm 2) 弹性：从离台300mm的地方释放乒乓球，反弹高度在230~260mm 3) 摩擦系数：<0.6 4) 反光度：在MUNSELL系统中不超过15度
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