十一、结尾万能句子 1. 至于我，在某种程度上我同意后面的观点，我认为…… As far as I am concerned, I agree with the latter opinion to some extent.I think that ____. 2. 总而言之，整个社会应该密切关注……这个问题。只有这样，我们才能在将来…… In a word, the whole society should pay close attention to the problem of ______.Only in this way can ______in the future. 3. 但是，……和……都有它们各自的优势（好处）。例如，……，而……然而，把这两者相比较，我更倾向于（喜欢）…… But ______and ______have their own advantages.For example, _____, while_____.Comparing this with that, however, I prefer to______. 4. 就我个人而言，我相信……，因此，我坚信美好的未来正等着我们。因为…… Personally, I believe that_____.Consequently, I'm confident that a bright future is awaiting us because______. 5. 随着社会的发展，……因此，迫切需要……如果每个人都愿为社会贡献自已的一份力量，这个社会将要变得越来越好。 With the development of society, ______.So it “ s urgent and necessary to ____.If every member is willing to contribute himself to the society, it will be better and better. 6. 至于我（对我来说，就我而言），我认为……更合理。只有这样，我们才能…… For my part, I think it reasonable to_____.Only in this way can you _____. 7. 对我来说，我认为有必要……原因如下：第一，……； 第二，……；最后……但同样重要的是…… In my opinion, I think it necessary to____.The reasons are as follows.First _____.Second ______.Last but not least,______. 8. 在总体上很难说……是好还是坏，因为它在很大程度上取决于……的形势。然而，就我个人而言，我发现…… It is difficult to say whether _____is good or not in general as it depends very much on the situation of______.However, from a personal point of view find______. 9. 综上所述，我们可以清楚地得出结论…… From what has been discussed above, we may reasonably arrive at the conclusion that____. 10. 如果我们不采取有效的方法，就可能控制不了这种趋势，就会出现一些意想不到的不良后果，所以，我们应该做的是…… If we can not take useful means, we may not control this trend, and some undesirable result may come out unexpectedly, so what we should do is_____.
Goldman And JPMorgan Probed Over Metals Warehouse Manipulations Submitted by Tyler Durden on 07/25/2013 17:43 -0400 Commodity Futures Trading Commission Department of Justice Federal Reserve Reality Following our initial uncovering of the manipulation and monopolization of the metals warehousing business two years ago , the last few days have seen the public's attention grabbed by the reality of what the banks are actually doing. Following this week's hearing, as the Fed reconsiders banks roles in non-banking businesses (and the 'societal benefit' ), it seems the CFTC has woken up. As the WSJ reports , the Department of Justice has opened an initial probe into the metals warehousing industry and the Commodity Futures Trading Commission has also sent letters to some firms telling them to preserve documents, in what is likely the beginning stages of an investigation. Via WSJ , ... The probe comes amid growing concern in Washington over banks' ownership of metals warehouses and other commodity assets. ... Banks that trade physical commodities have come under attack by government officials, companies and consumer groups, who worry about the ability of the financial sector to exert influence over markets for raw materials. ... Mr. Brown held a hearing on the subject this week at which some company officials alleged banks are deliberately creating shortages of aluminum and other raw materials for financial gain. The Federal Reserve has said it is reconsidering the permission it granted to banks over the past decade to participate in physical commodity markets . The permission expires later this year. Average: 5 Your rating: None Average: 5 ( 10 votes) !-- -- Tweet !-- - advertisements - .AR_2 .ob_empty {display: none;} .AR_2 .rec-link {color: #565656;text-decoration: none;font-size: 12px;} .AR_2 .rec-link:hover {color: #565656;text-decoration: underline;font-size: 12px;} .AR_2 {float: left;width:50%} .AR_2 li {list-style: none outside none !important;font-size: 10px;padding-bottom: 10px;line-height: 13px;margin:0;} .AR_2 .ob_org_header {color: #000000;text-decoration:bold; margin-left: 0px; font-size:14px;line-height:35px;} .AR_3 .rec-link {color: #565656;text-decoration: none;font-size: 12px;} .AR_3 .rec-link:hover {color: #565656;text-decoration: underline;font-size: 12px;} .AR_3 .rec-src-link {font-size: 12px;} .AR_3 li {padding-bottom: 10px;list-style: none outside none !important;font-size: 10px;line-height: 13px;margin:0;} .AR_3 .ob_dual_left, .AR_3 .ob_dual_right {float: left;padding-bottom: 0;padding-left: 2%;padding-top: 0;} .AR_3 .ob_org_header {color: #000000; text-decoration:bold; margin-left: 0px; font-size:14px;line-height:35px;} .AR_3 .ob_ads_header {color: #000000; text-decoration:bold; margin-left: 0px; font-size:14px;line-height:35px;} -- - advertisements - Login or register to post comments 10589 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: Guest Post: GLD And SLV: Disclosure In The Precious Metals Puzzle Palace First Official Complaint Filed To DOJ-Anti Trust Over JPM's Role In Silver Manipulation Case 2012 Year In Review - Free Markets, Rule of Law, And Other Urban Legends GATA Claims To Have Evidence Of "Massive Physical Short Gold And Silver Positions That Can Not Be Covered" Civil And Criminal Probes Launched Against JP Morgan For Silver Market Manipulation
The New Tapering Normal Optimism In Charts Submitted by Tyler Durden on 05/28/2013 08:27 -0400 Lehman Morgan Stanley POMO POMO Reality recovery Renaissance Yen That all the increase in risk assets has been on the back of multiple expansion for the past year is by now not news to anyone. What may come as a surprise to some who have not been paying attention, as Morgan Stanley conveniently reminds us, is that corporate profits have been declining not for one or two quarters, but for two full years now. " For net margins, March 2013 quarter-end results showed the top 1500 US equities at 7.15%, below the peak achieved in the June quarter of 2011. In fact, net margins have declined for the top 1500 companies every quarter since June 2011 ." This is to be expected in a world in which underlying fundamentals continue to deteriorate and where the bulk of corporate activity focuses not on growth and expansion but on masking earning declines through the use of stock buybacks and levered dividends. Yet what has remained the same throughout this Fed-driven recovery (of the stock market, if not the economy), is the optimism surrounding the future. After all, if the the present is ugly, one has to at least project confidence and hope. So how does the future look? The following several charts should summarize it quickly and painlessly. First: the consensus forward EPS for the SP - down, down, down. But the constant "tapering" of optimism when it comes to fundamentals is only half the story. The other half is that these numbers would be even worse if the impact of stock buybacks was eliminated. From JPM: The Divisor of the SP500 Index is shown in Figure 5. This Divisor experienced a massive increase in the 1990s but started falling in 2004 due to strong buyback activity. Between 2004 and 2008 it fell by 7% or almost 2% per annual decline pace. It rose after Lehman due to large share issuance especially by financials and a drying up of share buyback activity. It started declining again in 2011 as share buybacks picked up. Since September 2011 the SP500 Index Divisor is down by more than 2%. The fall in the SP500 Index Divisor has helped the earnings picture in the US. Had the Divisor remained constant since Q3 2011 , the 4-quarter rolling SP500 Operating Earnings-Per-Share would have only risen by $1.50 instead of the reported $3.70 increase . The SP500 Operating EPS has risen from $94.60 in Q3 2011 to $98.30 in Q1 2013. Indeed studies have found that managers tend to increase share buybacks in periods of slow earnings growth to boost EPS via shrinking the denominator, i.e. the number of shares. In other words, applying a 16x multiple to the $2.20 EPS boost from buybacks alone, means 35 SP points comes from balance sheet jiggering alone. But while optimism when it comes to corporate profitability has tapered to say the least, it remains just as buyoant in other areas. Such as profit margins where there is hope the recent two year reversal will finally, well, reverse again. So a wholesale margin renaissance according to Wall Street desperate to justify bubble valuations: nothing new there either. Ok we'll bite - how do companies feel about the future. Apparently, not so hot: Confused? Don't be: negative guidance preannouncements are at post Lehman highs . But why listen to companies when sellside research is always right. But maybe we are missing something, and it is really a top-line growth story, with revenues poised to surprise to the upside. Well, no. Sadly, there is no hope of a pick up in revenues either, which is perfectly logical: when companies don't invest in capital spending and future growth, this is the direct result. Morgan Stanley admits as much: " If companies don’t invest in capital spending and research and development, they may maintain higher margins, but this lack of spending will not be a good catalyst for economic growth ." Alas, there is no economic growth, and in fact when stripping away buybacks, there would have been no EPS growth in Q1 either. Which means that the only deus ex will have to be multiple expansion. The same forward multiple, by the way, which as we noted, is now higher than it was at the market's last all time highs back in 2007 . But why worry: it's Tuesday, there is a POMO, the Yen is getting crushed again, and central bankers have everything under control. Just like they did back in 2007 when subprime and everything else was also "contained." So best to just ignore reality and BTFD: because the Chairpriest said so. Average: 4.666665 Your rating: None Average: 4.7 ( 6 votes) Tweet - advertisements - Login or register to post comments 7414 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: Overnight Sentiment: Greek Euphoria Taibbi: "Goldman Raped The Taxpayer, And Raped Their Clients" Ted Kaufman's Friday Hearing Explains Everything That Is Broken With The US Financial System This Is The Government: Your Legal Right To Redeem Your Money Market Account Has Been Denied - The Sequel This Is The Government: Your Legal Right To Redeem Your Money Market Account Has Been Denied
The Chart That The BoJ Is Most Worried About (And So Should You Be) Submitted by Tyler Durden on 05/26/2013 18:01 -0400 Bond CDS China Fail Japan Lehman Reality Repo Market Volatility Until the last few days, the attention of the mainstream business media has been on how 'wonderful' Japan's policy prescription must be since its stock market is soaring at a record pace. The reality is that the far bigger JGB market has been crumbling . As we explained here , this is a major problem for the bubble-blowers, as the extreme volatility (VaR shock) that the Japanese Government Bond market has been through in the last few weeks has some very large and painful consequences, that as yet, have not been discussed widely. The term 'shadow banking' has been one ZH readers are by now extremely familiar with as we have discussed this as the panacea of unseen leverage ( most recently in Europe and China ) for years; the funding markets in Japan, so heavily reliant on JGB repo for short-term liquidity and the efficient functioning of two-way markets in the bonds, are hitting a wall. As JPMorgan notes, the number of JGB 'fails' - where a repo deal breaks down - has more than doubled in the last week. For a market that represents 40% of the total Japanese money-market, this will be a critical area to watch for a JGB waterfall. Via JPMorgan: The sharp rise in JGB volatility has not left the JGB repo market unaffected. The 80tr large Japanese repo market accounts for 40% of the total size of Japanese money market (which it also includes CDs/CPs, currency swaps, BoJ money market operations, and Call transactions) and it is an important lubricant of the JGB market. This is because repos with JGBs as collateral, account for more than 99% of domestic repo transactions. The haircuts are typically very low in the JGB repo market ranging from zero to 2%. This is because market participants are comfortable or accustomed to control risks through margin calls without often setting a haircut upfront. But these margin calls or haircuts where applicable, tend to rise when volatility rises. And the rise in margin calls or haircuts has caused a rise in “fails” . 175 fails in the month of April represents a sharp increase from March but it is still much lower from the 1000 figures seen immediately post Lehman. A fail is a situation where a recipient of JGBs in a transaction does not receive the JGBs from the delivering party on the scheduled settlement date. Typically the number of fails in Japan is quite small, partly because market participants try to avoid fails in advance, and because some market participants have never experienced fails. According to the BoJ, the situation is quite different from that prevailing in US repo markets, where fails occur much more frequently than in Japan and where market participants take action in accordance with the fails practice on a daily basis. The retrenchment in Japanese repo market is then fed into the JGB market propagating the initial volatility (VaR) shock. The repo market is used by market participants for funding or short selling and its functioning is important in maintaining a two-way market for JGBs.
Spot The Bubble: Average New Home Price Soars By Most Ever In One Month To All Time High Submitted by Tyler Durden on 05/23/2013 10:35 -0400 Census Bureau Reality Curious why in yesterday's FOMC minutes the following line " a few participants expressed concern that conditions in certain U.S. financial markets were becoming too buoyant" received special attention? Here is the reason: as the chart below shows, according to the census bureau , the average new home sale price just hit a new all time high, rising by a record 15.4% to a record $330,800. In a country in which real disposable consumer income is flat at best and in reality declining, it only makes sense that the average new home price just hit a level not seen since the prior credit-bubble fueled housing peak. Average new home sale price: And the sequential change in the average new home sale price: Obviously both of the above charts are justified by the average real disposable income per capita in the US: Or maybe not... Average: 4.333335 Your rating: None Average: 4.3 ( 9 votes) Tweet - advertisements - VectorVest Stock Analysis. Find out Whether a Stock is a Buy, Sell or Hold. Get your Free Stock Analysis simply by clicking here! Login or register to post comments 14818 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: Guest Post: It's Always The Best Time To Buy Guest Post: Will John Paulson Be Wrong This Time? Guest Post: The Unsafe Foundation of Our Housing 'Recovery' New Home Sales Plummet 13% To 284,000 Annualized Rate, 19K Actual Homes Sold Lowest Monthly Ever Public College Tuition Soars By Most Ever (Or Searching For Deflation In All The Wrong Places)
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