The Beatles Biography

New chapter, there is no doubt the focus of the title examination, but talking about the titles of class, Chen Huating teacher mentioned that there is no need to do too much extension, because it will not be too complicated, if it is interested, you can listen to Yeh teacher of tax law.
titles of financial management one of the aims is to achieve the greatest profits, at least cost. but savings are also also means, to be legitimate. planning, as a business tax is a costly endeavor, the completion of this chapter, we will find, tax planning, will give companies save a lot of oh the ~
titles theories, we also excessive entanglement of the above is not necessary turbotax, or to listen to Chen’s words, get to know the book on the subject, then exam guide above the question to do so would be. It would appear, would think that a lot easier.
Theory: the titles
corporate assets are classified into two major categories of liabilities and owners’ equity, therefore, the tax administration is also divided into debt financing tax management of tax administration and equity financing.
debt financing tax administration: bank borrowings, tax management, issuance of bonds, tax management, tax administration of the funds of the inter-enterprise lending, borrowing costs of tax administration, tax administration of the lease.
exercises: Title
cases calculation problems and liabilities, tax planning
a enterprises to invest a total of 20 million , when EBIT of 300 million , the enterprise income tax rate of 25%. assume that the total investment consists of the following two ways: 1, total investment by the investor; 2, the total investment by investors invest 12 million , the bank borrowings to invest 800 million , 10 percent of the loan interest rate. standing on a tax perspective, which way to achieve higher returns? the titles
all of the equity capital, there is no tax adjustment.
when the taxable income of $ 300 million Income tax payable 300t25% = $ 750 turbotax 2011,000
equity rate of return on capital (before tax) = 300d2000 = 15 %
interests in return on capital (after tax) = 300t (1-25%) d2000 = 11.25%
program titles total business investment is still 20 million, of which 12 million of equity capital, the other 8 million as a liability financing, the borrower interest rate of 10%, thus increasing the interest expense 800 000.
when the taxable income of $ 2.2 million in income taxes payable 220t25% = 55 Million
equity rate of return on capital (before tax) = 220d1200 = 18.33%
interest return on capital (after tax) = 220t (1-25%) d1200 = 13.75%
difficult to see that planning before and after the interest rate of return on capital, a difference of 2.5% (13.75% -11.25). titles < br> Of course, the titles and then take into account the interests of maximizing the trade-off between the benefits and risks, not the blind pursuit of gain while ignoring the risks. this question, for example, if only the pursuit of income and massive debt for tax planning quicken, then its financial risk will increase and should therefore be tax planning together to consider the capital structure.

Some people say that high heels and flat shoes like the fish and eat it - can not have both. Indeed, high heels and flat shoes like a pair of enemies, for a long time in the past, high heels firmly occupy the feet of a female friend, in the beautiful, noble and glamorous at the same time give beauty-conscious women to women The friends brought no small trouble, and feet discomfort and even deformation of these high heels are the problems brought about. Therefore, the recent flat shoes wave intensified, go shopping, you can always see a lot of the beauty of wearing flat shoes, flat shoes of their feet, not only did not let the beautiful discount, but more of a casual fashion temperament. Wear a good pair of flat shoes can make your day to worry about, so deeply sought after like the flat shoes for girls.

High heels too “dangerous”, so high, grasp the center of gravity is a big project! The site of the United States “physiological” sexologist Professor Elroy reminded, long-wearing women, legs, perineum and lower abdominal muscles are always tense, which directly affects the pelvic blood circulation to the pelvic sex organs the normal physiological function has been adversely affected. But the beauty of the woman, in order to allow visual feast for the eyes, the woman or brave the beautiful struggle. Flat shoes on balance do not ask, do not walk on stilts out, a pair of flat shoes allow your feet to be completely relaxed, allow your body to a more intimate with the solid earth and practical engagement and integration! This naturally comfortable and wonderful experience, high-heeled shoes must not be given.

Long-term wear high heels is hazardous to health! 73% of women suffering from diseases related to high heels. In particular, the deformation and bending of the bones prone to adolescent girls wear high heels. Long-term wear high heels can lead to pelvic and foot deformation. Wear high heels, in order to make the center of gravity to balance the body to lean forward, back, we must slightly bent, hips also need to slightly protruding knee passive stiffness, body center of gravity must be removed in the soles of the feet, toes necessary to squeeze the tip of the shoes, wear high heels to walk, can affect bone development in these areas. And flat shoes on the less demanding of endurance, especially for shopping the day. Fashion intimate design of nature, feel the comfort, among the beautiful and generous but without losing the comfort and health.

Wearing high heels, and lower limbs are not effective, standing, walking can not be arbitrary. The reaction of the entire body, collaborative capacity fell prone lumbar sprain. After wearing high heels, the body center of gravity forward, toe weight increases, hard roughly a full square foot front squeezed into the narrow toe of the cone, so that both feet tortured, are likely to cause thumb valgus thumb bursitis, hammer toes, metatarsal head ischemic necrosis and other diseases, in addition to causing foot pain, numbness and discomfort of these lesions, but also through the reflection mechanism involved in the waist, causing low back pain. And flat shoes on the feet do not ask, do not have wronged their own forefoot. Whether you are in the office or driving to work, or is the bubble bar to meet friends after work, flat shoes will always be your loyal companion.

Wear high heels, always beware of the heel! If high heels heel instability, believe it, prone to habitual ankle sprain. Hallux weight - below knee O-type legs wearing high heels to embark on a few hours feeling back pain, Sun said China Yan This is because when you wear high heels, the body’s natural forward, chest and buttocks to enhance the effect of , but a long time, lordosis, lower extremity lateral muscles and back muscles tense, prone to fatigue and soreness, and so on. Flat shoes can be affixed to “fly” in case the package was stolen, you can quickly start the hunt.

Elegant stand out, and loudly declared war on the heels: you OUT! In fact, wear flat shoes or a lot of benefits, do not wear high heels, not lower their own requirements, but return to their own, most recently, from the fashion capital of Paris, the streets of Manhattan, New York, USA, more and more The women began to put on, lightweight and comfortable flat shoes, in fact, the reason is very simple, although high heels does allow the body to become graceful, but flat shoes comfortable but more people look to.

So, the era of flat shoes instead of high heels has been the advent of flat shoes have always been comfortable and easy on behalf of new trends, as flat shoes popular brand of cutting-edge, hit fast fashion line, “Tony Dream Korea” flat shoes , brought us the most fashionable humane flat shoes - folding flat shoes, simple design style, full of personality and fashion taste! The application of the bright colors, rich addition to the classic, pure black and white, but also the use of yellow, pink, gold, silver, blue, pink, purple and bright red full breath of spring and summer bright colors!

This the Pui dream Korea folded flat shoes for us to create the most stylish and comfortable user-friendly flat shoes, not only can be folded, to reflect the different style uppers of different fabrics, accompanied by toe different styles of decoration as the crowning touch in changing style design, and fully demonstrated all the elements of the nowadays fashionable charm for your trip to show off the unique qualities of its own way, every day step on a cloud.

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Moncler launched their new diffusion line beginning in fall of 2010 with their Moncler Grenoble collection. Maintaining the brand’s outerwear identity, the collection incorporates some signature visual elements from Moncler with shiny quilted materials in some more unorthodox suits and jackets. The balaclava which has been so prominent for the 2010 fall collection makes an appearance which makes perfect sense given the Moncler’s outdoor and winter sport roots. The whole presentation took place at a Manhattan driving range which offered a different stage than your often seen runway.

Not hungry as people eat meal full meal, as movement is also true. Some people like to use the weekend to focus on fitness to compensate for the lack of usual p90×2 exercise. Fitness experts point out that too lazy the Games bodily harm, and focus on sports will hurt the body, is tantamount to eating and drinking.

Workers in terms of one, a week ago, five days sitting in the office, the basic movement, the body actually has adapted to this state. Suddenly come up with a lot of time in the weekend, to focus p90×2 exercise physiology and body balance has been formed it will break, the consequences are worse than no exercise. Therefore, scientific and effective approach is a weekly p90×2 exercise 3 to 5 times. The usually busy with work p90×2 exercise, at least in the gossip activities of the body, movement, or pay attention to the steady.

Many people have begun to realize that to adopt the scientific, healthy way to weight control, but still there is some misunderstanding on the weight loss. Movement at the same time, ignoring the nutritional supplements, only the control diet. The control diet is necessary, but if people would just exercise, not pay attention to the supply of nutrition, the body would cause harm. The human body every day requires a certain amount of calories and nutrients to maintain the operation, especially women, there is a need for menstrual loss compensation, the minimum package of calories and nutrition to ensure. Otherwise, the body in the state of long-term lack of complementary high-intensity exercise can cause decreased immunity, the disease can also take advantage of.

Usually two interfere with each area in the gym are men: the area of ​​training equipment, aerobics have become unique to women. Many men always think, “the woman’s dance aerobics, a little sissy, training equipment is a man thing.” It is not true. Fitness coach said: male preference for training equipment, mainly because they feel that this can increase strength, improve the body, training equipment and to improve heart and lung function, and enhance the role of body flexibility and coordination, it is recommended that men should be the training equipment and aerobics combine to play a complementary role.

Nowadays, some young people bodybuilding is very fanatical. In order to practice out of a beautiful muscle exercises in the gym all day. In fact, the long muscles of the tips should be a degree of relaxation. ” Muscle exercise p90×2 will consume large amounts of nutrients after exercise, proper rest, the nutrients in the muscle will be replenished, and supplement the amount of even more than consumption, a phenomenon called in physiology excess recovery “. “Excess recovery” so that the muscles get more nutrients, the more practice the more developed. Some studies show that the time to rest to the muscles again with the last exercise capacity as the standard basis, it normally takes two to three days.

Appropriate exercise and fitness training to help build up good body immunity, but the movement is excessive, but would be counterproductive. Low-intensity and intermittent exercise, can produce good health. Therefore, low-intensity exercise every day, not only healthy, but also can reduce the risk of heart attack. Excessive movement only to cause adverse effects such as muscle cramps, stiffness, strain. Serious and may also cause fractures, sports anemia, and even lead to sudden death. So, p90×2 exercise can consult a fitness coach, to choose the appropriate amount of exercise.

Understand the above misunderstanding, fitness enthusiasts should pay attention to avoid mistakes in order to avoid counter-productive, not to achieve fitness for purpose, but delayed their bodies.

Last year, the iPad 2 listed immediately after the emergence of a large number of Andrews Tablet PC. These flat panel manufacturers ambitious, some with a dream away from the Apple iPad hands of the best flat-panel crown, while others want to take a slice of it in the prosperity of the tablet market. To be honest, most of these flat-panel solo, did not give the left a deep impression, only the Amazon Kindle Fire and ASUS, the Transformer of Prime still gave us a little surprise. But these Tablet PC you want to shake the iPad’s market dominance is beyond their grasp. After all, in the past year, the iPad is still the benchmark of the performance parameters of all the Tablet PC, of ​​course, in large part also due to the equilibrium configuration of the Apple products and Apple brand awareness.

Different from the recently released iphone 4S, the third generation of Apple’s Tablet PC a year later after the meet with consumers. Long wait, as to their expectations index reached the highest point. Eventually Apple likes to March 7, this long-awaited products finally met with the people of the world, product details come to light, past all the rumors guess with the release of the product and verify the true body. Little change in appearance but upgraded “hot” core. Have to admit that Apple did not release the product within the previous two months, there are still a few members of Reggie Andrews camp, at least in the parameters and performance on the Apple iPad together. But with the release of the new iPad, Apple once again proved themselves not only the pioneer of this product category, it is decided the king of the flat panel market.

Strictly follow the past practice, the price of the third generation of the iPad is the same with the previous generation, still starting from $ 500 gold price point (Wi-Fi), said that playing the “price war” is simply an insult to Apple, but this price plus high-resolution screen, support 4G LTE upgrade rear camera and faster graphics, Apple’s products can be said is invincible! We do not doubt that the excellent quality of Apple products, but at the moment can not help but ask: such a configuration, Apple products, whether in the flat panel market for other vendors to establish new benchmark? Well, we further ado, Syrian and quickly start iPad evaluation.

With iphone 3GS and iphone 4S experience of the Apple iPad old bottles new wine “strategy a little do not feel surprised. From the appearance of new ipad and previous generations is almost no sign of any product, but the thickness increase of 0.6 mm, weight 51 grams. To tell the truth, even if the products lighter and thinner “The big trend is obvious, Apple increased thickness and weight do not believe that because the addition of these and not like the latest iPad, after all, The tablet is not the most thin plate, but on the whole are also considered slim. Of course, if the tap, so much the better. The overall feeling to get started: a hand can easily control it in the hands, but we still recommend the use of two hands, after all, a hand time to take the tablet time long or there will be fatigue.

Of course, the satisfaction of natural there will be dissatisfied. Would also like to dissatisfied people will ramble on a few days complaining. In addition to these two new ipad truly top tablet. Ipad3 continuation of the excellent quality of Apple products has always been strong, from the first time I saw it there is this feeling! This may be because the products are still using the polished aluminum shell, and the sake of the protective glass on the retinal screen. This is the top Tablet PC should have quality? ! We have a new look to describe the third generation ipad new products simply do not need to have a new look, this is because it continues to love the classic look.

Was undoubtedly of the most classic appearance of the entire screen concave places we are most familiar home button. Home button in front of the other side is a VGA front camera. But we use FaceTime’s chat tool! Video effects in a later evaluation. Ipad3 in terms of interface and the previous generation: a separate switch button, mute button, volume control keys, 3.5 mm headphone 30pin port and microphone.

The rear camera in the rear of the fuselage, the photographers must not only 5 megapixels with glittering and AF disappointed. New ipad, it was named for the isight camera. The use of this camera F2.8 large aperture and a backside illumination technology (backside illumination). In fact, this camera with the camera on the iphone 4S, only pixels instead of 8 million. This configuration can be considered to improve a lot, but to take photographs in public places to take a tablet PC, or feel strange.

Light from the appearance of a rough look, new iPad screen and the older generation is not much difference, but one open the Tablet PC, display immediately see the outcome! High-resolution 9.7-inch IPS screen is not covered! Really hard to imagine how Apple would have thought to use this screen to 2048 x 1536 resolution, but ipad2 twice that of (1024X768) resolution. Some time ago, the Andrews tablet manufacturers to produce 1080P full HD screen, and Apple’s response to this unprecedented high-resolution screen, can be described as direct “spike” You have to know, headed flat-panel market, even 1080P it so that the full HD standard commercialization has not yet begun on the first in the world, Apple introduced a higher-resolution retinal screen!

The effect of such a screen in the end how? Such good effect can be said on the Tablet PC really is the first time! Said specific mobile devices, new ipad the highest resolution, but it’s pixel density is only 264ppi and compared to the iphone 4S of 326ppi or not quite right. But this is no bad influence in the Tablet PC market is king. The screen to do this with the naked eye simply can not see a single pixel! There is no doubt that this is one of the screen on the market today, we can see the display is gorgeous. Screen display lifelike, use this screen, you really kind of love the feeling!

IPS screen is no longer a stranger. This screen can restore the color, so that the eye looks more comfortable. Apple at the press conference claimed that the saturation of the color gamut of 40% compared with the previous generation, This screen can be another perspective and previous generations of flat, high-contrast screen in the outdoor environment can achieve better effect. The new high-resolution retinal screen can be said to set a new standard for the industry. Apple once again shows us the technology we once thought that the near future unlikely. 1080P screen equipment you out “! Whether it is to read or watch the video, the new ipad will give you an unparalleled feeling. Apple once again fully beyond the opponent on the screen can be said now is a “lonely and lost.”

In addition to hardware upgrades, software, it is not surprising. Because in ipad3 released the week before, Apple has released IOS 5.1 system, and believe that the ipad2 the users have upgraded. Regardless of hardware or software design, Apple maintained the consistency of the product, the IOS 5.1 for people who are familiar with previous Apple systems, and is not much difference. Upgrade of system software, we have placed great hope, but a the IOS simple user interface perhaps is the key to its success. From the ease of Apple’s IOS system is undoubtedly the easiest to use, especially for first-time users of the system.

Still some worth mentioning that the new features in the IOS 5.1. While most are ported from the iphone. For example, under the lock screen, camera and Siri support Japanese. The ipad2 the user takes some comfort in that, all the features of the new ipad ipad2 on new ipad software can be said that no one is unique. But make no mistake, this IOS system with the constant upgrading and improvement. Our current feeling is that this mobile systems have great potential, to see Apple how to develop. Like to use the five mobile phone gestures can go back to the main screen or by using a combination of multiple gestures to switch between open programs are unique in the Apple system updates later, are fully capable to create a superior flat-panel system to.

Light from the high-resolution screen, consider the new ipad need more powerful hardware support. But Apple did not release We look forward to the new A6 processor, but use a upgraded version of the A5X. The SoC continuation of previous generations of 1GHz dual-core processor, and graphics core into four. The memory has also doubled, to upgrade from 512MB to 1GB. Apple familiar with upgrading the road, we can only use the vocabulary of the “seamless” natural “to describe Apple’s strategy. , I mean all of Apple’s applications can run smooth. Of course, this may be hardware A5X the credit, it could be Apple optimize the IOS 5.1, or are they the result of collaboration. But there it is, no doubt, the new ipad is simply a model of the Tablet PC running speed. Product capacity and the previous generation, or divided into 16GB, 32GB, and 64GB. To be honest, we still hope that Apple can increase a greater capacity, so help 1080P video recording storage.

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Fundamental medical assurance guidelines to accelerate the mass small shoulder to alleviate
new rural co-cover up the surface continue to be steady expansion quicken 2012, to cover up the crowd to reach the 835 million people, the participation rate continues unchanged in more than 90% .60% or more co-ordination of regional implementation of the outpatient co-ordinate reimbursement of hospitalization costs in the co-ordinate regional policy within the confines gradually progress to a maximum pay limit progress to the National Farmers’ per capita net income of more than six times the progressive farmers of serious disease resistance to risk in order to expand the pilot.
progress rural children with severe disease medical degree of pilot in an orderly manner, Anhui, Jiangxi, Hunan, Inner Mongolia, pilot limitations extended to the province, rural childhood leukemia and the first grudge compensation has exceeded 70%, fit District medical assistance, the premise of a family re-allowance of 20% to 20,109 at the end of, and has ensured that more than 2,300 children in rural patients access to real-time treatment.
authorities and social spending on health accounted for the proportion of total health expenditure from time to time progress, from 40 percent in 2001 improved to 61.8%; the proportion of health expenditure of the total cost is gradually decreased, from 60% in 2001 to 38.2% in 2009.
kingdom fundamental drug guidelines steady progress, the underlying mass medical care responsible for beginning to reduce the
to 2010 drew to a close , the fundamental criteria of drugs was 57.2 percent authorities to do the dynamic structure of underlying medical Wei specific purposes. Anhui, Ningxia, Jilin, Jiangxi, Shaanxi, Gansu, Hainan initially completed the bottom of the whole cover up the fundamental drug sales of zero slip price uniformly reduced by about 30%. the
actively perform around the fundamental drugs for clinical use guidelines and basic drug formulary to ensure that the clinical use.
enhance the underlying medical and health service of the system to establish mass medical care more convenient since
2009 center arrangement of accumulated funds of 40 billion to support the 1877 county-level hospital, the middle of the 5169 township health centers, 2382 urban community health service of the middle and 11000 remote geographical village health clinic to establish, the Ministry of Finance also arranged more than 130 billion for County village Wei dynamic structure of three medical device repairing.
, issued a general practitioner, focusing on the underlying health step team for planning, 3 training and retraining, orders directed the cultivation of a variety of methods to cultivate the underlying 60000 a general doctor.
oriented cultivation of the central and western township hospitals order 5000 medical students admission to a semester-oriented support of township hospitals employ more than 20,000 practicing physicians, in-service training of township hospitals and village clinics and community health service of institutional mandates and 3.77 million people.
promote fundamental public health service of the equalization, so that the people are not ill, less ill
2 009 for urban and rural residents provided free of charge package, including the Luo Ankang files governance 9 fundamental Public Health serve, to identify the current 48.7 percent of urban residents and 38.1 percent of rural residents have the well-being of files.
2 009 beginning of the implementation of funding in accordance with the specification of not less than 15 on a nationwide uniform reached 17.5 , the will progress to 25 .
to the end of 201 012 children under the age of 60,010,015 free injection of hepatitis B vaccine.
distinguish 4.892 million, 804,000, 8.62 million school-age rural women access to free cervical cancer, breast self-examination and free folic acid, and 1455 million rural maternal hospital labor allowance.
accelerate public hospital reform pilot to ease the large hospital regional health planning and regional medical institutions in planning quicken, understand the various types and levels of public hospital category, the number of planning, structure, construction and large medical equipment and equipment specifications, the public hospital to carry out the degree of economic to carry out, the masses need to beg to surrender the course of urbanization conform.
local public hospital, there are programs, the pace to relocation, consolidation, transformation and restructuring, etc., promote the optimization and adjustment of tectonic structures in public hospital.
Give priority to the county hospital, to promote the county medical change, promotion all villages in the medical service of the degree, so that minor illnesses within the village, serious illness, not the county. governance advice and other institutions to carry out, carry forward price, basic health care to ensure pay policy guidance and regulatory effects, and reasonable medical capital equipment, the implementation of the hierarchy of medical collaboration, hosting, restructuring, driven by underlying medical Wei vitality, two-way referral.
accepted by the general practitioner to cultivate, to employ the practice of passing doctors and physicians more than address the underlying, so that quality health care capital to sink to the bottom, a reasonable triage patients.
to carry out the old care, rehabilitation and continuation of service of the gradual completion of the acute and chronic diseases, sub-rule, the progress of medical capital use efficiency.
encouraged, support and guide social capital to carry out medical Wei provoke career, accelerate constitute investment main body of the multi-diversified investment approach run medical system style, powerful medical capital, contentment and more coherent medical service of the demand.

May 01, 2011 06:33 Finance
Finance U.S. Eastern time on April 30 at 9:30 am, the time the evening of April 30, 22:30 pm, Warren - Warren Buffett (column convene Annual General Meeting) under the command of Berkshire Hathaway, Buffett and Munger with the shareholders of five hours, Q, is a big feast of countless value investors Finance live the Buffett general meeting of shareholders grand Buffett’s 2011 shareholders’ meeting of the General Assembly Record:
[Sokol, Berkshire Hathaway head Warren Buffett said in an interview with Fox Business Channel, he will not be held on this weekend’s Berkshire Hathaway’s question at the range limits. the same time, when asked whether he would limit shareholders to ask questions of the former executives David - Sokol (David Sokol,) suspected of insider trading, Buffett said no restrictions on such issues.
insider trading case] Buffett previously said on CNBC, will be public comment on the insider trading scandals of David - Sokol on the shareholders ‘meeting, the shareholders’ meeting an interview with CNBC for an interview with the insider trading case.
Conference site Buffett came to power speech
[Conference site] Buffett introduced the situation of the board of directors, an interesting fact is that Berkshire Hathaway, 12 directors have been six 79 years of age.
site of the General Assembly] Buffett said that in addition to residential real estate-related industries, other industries is improving.
[ ,],[Seoul accounted for 3% -5%, the first loss in its insurance business within nine
Results] [About Berkshire Berkshire stock investment in the Asia-Pacific region a loss of about $ 1.7 billion of which only the Japanese market investment in a loss of $ 1 billion.
[About Berkshire performance of Berkshire’s insurance business in the first quarter profits fell by $ 1 billion, mainly due to an increase in insurance expenses caused by the disaster, but The whole situation depends on the circumstances of the hurricane season, the third quarter is usually a disaster, the most frequent quarter.
[on the performance of Berkshire] In addition, rail, utilities (2241.834,51.90,2.37%) and energy business profit that nearly doubled, thanks to the contribution of the Burlington Northern Santa Fe Railway Company (of BNSF) and the gradual recovery with the economic situation, the performance of manufacturing, service and retail businesses continue to improve.
Berkshire performance of] the recent tornado will Berkshire’s GEICO insurance company is expected to bring 25,000 cars Payout However, GEICO, the first quarter of strong growth, especially in March, a quarter premium income grew by about 50%.
on Berkshire results] Buffett continues to emphasize the company of GEICO customer loyalty is high, claiming that the business has created a lot of goodwill value
the response to the SEC accused the U.S. Securities and Exchange Commission (SEC) has criticized the Berkshire in the calculation of certain investment gains and losses, mark-to-market (mark-to-market) accounting method, Buffett defended this end
[Sokol] Buffy special, said Sokol’s behavior like when Solomon Brothers scandal is both inexcusable and incomprehensible reason that is difficult to understand, because Sokol also did not take any steps to conceal his transactions the the situation of the company’s shares.
[About Sokol] In addition, Buffett believes that Sokol’s net assets has been very high, it is difficult to understand why he would sacrifice their own credibility to such a point the size of transactions ( Sokol bought $ 10 million of Lubrizol stock, and with the Berkshire investment to benefit three million U.S. dollars). Sokol will sacrifice credibility for the sake of $ 3 million, so that he could not understand, but he admitted that he did not timely Sokol to buy Lubrizol shares the fact that it is a mistake.
[Sokol] Buffett said his mistake was not asked Sokol: time to buy (Lubrizol stock)? br> [Sokol] a question on the Sokol.: Can not understand when you find the Sokol scandal, why did not immediately take tough measures, but released a full is defended and praised the Sokol’s news release, this has tarnished himself and Berkshire honor people, why do not you heartless (rutheless)?
[Sokol] Buffett to back him in announcing Investment Lubrizol found the process of Sokol in advance to buy things (these details are basically disclosed in a report released this week by the Audit Committee of Berkshire)
Buffett admits insider trading] the wording of a news release after the discovery of the scandal is not tough enough. He also said to have been filed with the SEC a lot of the details about this event. Charlie Munger said he can not make decisions in anger, manifested ; ruthless degree > [investment strategy] Buffett said, we certainly will choose a large-scale industry, the scientific community will be a huge winner. Munger said: Question: in the first news release, you mentioned that when Sokol first proposed investment Lubrizol, you’re not interested, but I heard the outcome of the talks with the company’s CEO, you have the interest. you start do not think it is a good idea to invest in the company, Why did you want to change their minds?
Lubrizol Buffett: I began to feel the right path Lubrizol’s business do not quite understand, and I in the investment want to know the industries in which the situation of the company, and Munger did not quite know.
[About Lubrizol] Buffett: But then Lubrizol CEO of contacts and communicate with Sokol, I think The company is large, the customer relationship is also very strong, the company dominant in the relevant market, and I think this is sustainable.
the General Assembly site] Question: Can you talk about the current stock price of Berkshire view?
Berkshire Buffett said, had to think twice Berkshire’s share price below their intrinsic value, you want to buy-back, but prior to the implementation of repurchase stock picked up.
[About Berkshire] Buffett: We do not think that Berkshire’s stock price is too high. He also said, intends to acquire a very large multinational companies, because the other party is too big, only spend part of Berkshire stock valued in order to make this acquisition, but only Berkshire’s share price rose to fully reflect its value only when such operation.
[Berkshire] Buffett: I am more like cash for the acquisition of Berkshire’s share price is reasonable, also reluctant to use the stock price of the acquisition.
conference site] Question: The United States is facing so many problems, such as the growing debt, the Financial deficit, slow economic growth and the lack of a clear solution, and why the U.S. economy’s prospects are always so optimistic?
[on the U.S. economy] Buffett: Since I was born, the average American standard of living increased five times, It is this power to us through the various difficulties, the potential of the United States had not exhausted, but other countries are catching up in the next 100, we might have 15 or 20 bad days, but we now progress extent will be earth-shaking.
conference site] Question: Is it still prefer the higher returns of the company, like Coca-Cola or Procter & Gamble, rather than those with a large number of investment strategy] Buffett said, prefer the former, with a lot of inventory and accounts receivable less attractive in an inflationary environment, we usually need a lot of capital to industry (such as utilities or rail) is not particularly enthusiastic preference for those lower capital requirements for companies such as See’s Candies Candy Company.
General Assembly site] Question: I believe that assets under management in Berkshire is very successful, but I have reached the retirement age, I hope to obtain from the investment some income, Berkshire is not possible a dividend?
Berkshire profit distribution] Buffett said, when Berkshire invested $ 1, but can not create the value of $ 1 will the distribution of dividends from investment income, you can sell the stock in batches
[Buffett’s Berkshire profit distribution: I think that if Berkshire announced a dividend, its stock price will likely decline, as will be seen as Berkshire recognition of its investment opportunities are limited.
General Assembly site] Question: Taking into account the current economic situation, do you think Berkshire investment in Wells Fargo Bank and UCO Bank prospects?
[on the rich and UCO Bank] Buffett: the rich and the Triangle is a list of the best bank in the United States, very large scale, but the profit level of the entire U.S. banking industry is much lower than in 2007, because the leverage ratio will decline. Buffett also recommended that participants read the M & T Bank and JP Morgan Chase CEO of open letter to shareholders.
conference site] Question: Over the past few years, my Berkshire stock or more than inflation rate is not much, taking account of inflation, why do not you invest in gold and other commodities?
[investment strategy] Buffett said with a smile, before dozens of the price of an ounce of gold once per share, Berkshire almost stock, but now the price of gold to catch up with our share price even close.
[investment strategy] Buffett said that the investment can be divided into three categories, first class is to do with money. said he pulled out a dollar bill on the back printed bet on the government’s monetary policy in the long run, almost all currencies have devalued, unless the rate of return is very high, otherwise we do not think the investment in money is a reasonable
[investment strategy] type of investment can not be used for production, the only thing that can be resold, the typical example is gold, the gold of the world put together, you can build a cube mm side length of 67 feet or no use. Buffett the purchase of any assets that can not be used for the production, is nothing more than gambling, expect someone higher price bought from you.
on the investment strategy of the third type of investment can be produced to create such as a farm, you re willing to pay much money depends on what you think it could produce much value of this investment style is like Buffett and Munger.
[investment strategy] Munger, investment Gold is in order to hedge, if you buy an asset, but only the end of the world when I could return, I am afraid this can not be justified.
[investment strategy] Buffett: the world’s gold total market value of $ 8,000,000,000,000. only two trillion U.S. dollars in total value of farmland that is used to buy the one side and 67 feet long gold cube money could buy the nation’s farmland, plus 10 Exxon Mobil, and then also the remaining $ 1 trillion!
[Conference site] question: when you raise money for your first investment fund, how do you attract investors?
site of the General Assembly] Buffett said with a smile, to buy my biography, architecture is like 60 generations, the big firms, the overall stock price can not keep up its parts should be valuable, and you agree with this view? do not agree, do you think Berkshire’s corporate structure?
Berkshire architecture] Buffett said Berkshire is indeed a large enterprise groups, one of the benefits of this structure is to transfer funds to high-return business, the tax is more cost-effective. and go-go (referring to the funds have continued influx of different push up the stock market) for firms in the group, then some companies is a Ponzi scheme.
[Conference site] Question: Buffett and Munger, one hundred after you most want people to remember the characteristics of what is it?
conference site] Buffett: longevity. Munger: Warren Buffett wants people to attend his funeral, this is my ‘ve ever seen looks age the greatest bodies of
meetings in question: relative to the important currencies, the dollar has been depreciating, the Fed also continued to maintain low interest rates, which most of the big powers, do you think this will What impact on your business? you are interested in the money market?
dollars] Buffett said turbotax for mac, a few had short the dollar, and earn about $ 100,000,000, but very do these types of transactions , I think the dollar’s purchasing power will no doubt gradually decreased, the problem is the rate of decline.
dollars] Buffett said, at present, 80 percent of Coca-Cola’s revenue comes from non-US markets, which can also help Berkshire defense dollar risk.
[dollars] Buffett: Now one U.S. dollar’s purchasing power is only equivalent to when I was born (1930), 6 cents, in spite of Berkshire’s performance is still very good, although I hate inflation, but we have to adapt to inflation.
meetings in question: in deciding investment Berkshire or a mutual fund, you should consider what factors?
[investment strategy] Buffett: If you are not active investors, I suggest to buy index funds, of course, Berkshire
[Conference site] Question: Do you think what kind of tax law adjustments or monetary policy changes can promote the growth of the U.S. economy?
[on the U.S. economy] Buffett: We in the monetary and financial policies has been the best, it is difficult to imagine that can continue to take measures in monetary policy. Munger: We have the largest error is not to draw adequate lessons from the financial crisis, the unfortunate
real estate] Buffett: U.S. real estate industry downturn, we are the number of new residential construction is far less than the newly formed family. We will eventually consume a large number of slow-moving housing built during the bubble, when the residential construction industry will recover, bring a large number of jobs.
[real estate] Munger: many talented engineers into the financial industry. hedge fund managers to pay tax rates are even lower than the physics teacher, this is ridiculous!
of the locale for an hour!
General Assembly site] Question: Do you two pairs of BYD and its chairman have praise , whether the company would still like your original investment as attractive? new product releases of the company to defer whether worth worrying about?
on BYD] Munger: BYD’s share price now is that we buy twice the time, so of course, unlike the time so cheap, we BYD progress made expressed satisfaction
[Conference site] Question: I invest in commodities, you are on oil What are the views? the buy or sell?
on oil prices] Buffett: We long ago traded oil on the present trend of oil prices, we can not say, I think, a wise investor time to study of productive assets, to earn more money than commodity speculation.
[on oil] Munger: oil is not like the gold that used to play with.
General Assembly site] Question: Can you talk about the most important lessons you to a secondary school in the past?
[investment strategy] Munger: I have to admit, the previous neglect of the technology industry, I read recently introduced Google In the Plex large enterprises the verge of collapse, but the economy is not a drag, had given to the rescue with taxpayers’ money?
[government bailout] Buffett: World does have some government-funded rescue organizations, the shareholders saved is not worth the management does not deserves to be saved, but some institutions do not let it crash, but I skeptical of the U.S. government aid to the automotive industry.
[government bailout] Buffett: Unfortunately there will always be too big to fail companies. Nevertheless, the acceptance of social contribution to save the company, the CEO should be bankrupt, to pay the price.
[government bailout] Munger: just the end of the financial crisis and recession suitable for Wall Street, caused by these disasters is not so much evil, as it is stupid.
conference site] Buffett: What we did not curse to remember that the delivery of a small piece of paper up to tell me.
conference site] Question: you go to resign from the Board of Directors of the Washington Post, this imply that the company’s business does not have confidence?
[Washington Post] Buffett: We do not plan to sell any shares of the Washington Post, to the satisfaction of the company’s management, as always.
[Conference site] Question: As an Australian investor, Berkshire stock price appreciation of the ability to offset the depreciation of the dollar against the Australian dollar ?
[Australian dollar] Buffett: I can not provide any guarantee for the U.S. government’s dollar policy and the Australian Government’s Australian policy, I can not decide I can only say that we will continue to work , prompting Berkshire shares rose.
conference site] Question: Berkshire, stock portfolio, the importance of gradual decline, you seem to focus on large-scale acquisitions. whether this is your future plan?
[on the stock portfolio Warren Buffett: We have two types of business Berkshire attaches equal importance, we hope that through the acquisition of a large enterprise of the future earnings prospects in Guinea, but invested in the stock investment of time and effort did not reduce the performance of such business will also significantly affect Berkshire’s performance.
[stock portfolio Munger: We will continue to hold a large number of publicly traded securities, but with the increasing our size, this choice will become less and less, In addition, I consider to buy the entire company to create a permanent working relationship more interesting.
[on the stock portfolio] Buffett : I find it very interesting
[The General Assembly site] Question: Taking into account the economic situation of a higher inflation rate, what kind of business in Berkshire would benefit from it? which will be affected?
[on inflation affect] Buffett: benefit is the required capital investment less, and have the ability to increase the price of the company as inflation, such as See’s candy company, the worst affected are those companies that charge a fixed price, such as utilities
the General Assembly site] Question: Berkshire will take into account the Class A shares of a stock split? What are the advantages and disadvantages of doing so? What are the long-term effects?
[Class A shares] Pakistan Buffett: We issued Class B shares, which has the equivalent of a stock split, holders of Class B shares nothing wrong, we are unlikely to be repeated stock splits.
General Assembly site] Question: Have you ever praised Aguilar of special. Yaen, by Ajit Jain, said he may become the successor, you can illustrate he let you in what impressed you? we not know much about him, can you talk about?
on successor do not like] Warren Buffett: Ajit pursuit of media attention, he made all the decision-making, which I feel I can do better.
[successor] Buffett: Ajit is very creativity, thanks to his contribution, we entered the field of insurance. Munger: No to Thanksgiving Day, Ajit flew to London to work, because the British, however Thanksgiving Day. Buffett: Christmas Day, we give him a holiday
General Assembly site] Question: How do you the value of goodwill?
[about goodwill] Buffett: The basic measure of a company attractive, should not be the provider reputation factors into account.
conference site] question: Can you give some examples to illustrate what enterprise initiatives is correct, what is wrong?
[on corporate initiatives] Munger: Good Costco (Costco) is managed by a genius to become a typical leader in the industry, the company reached $ 400 million in South Korea, a store sales, Costco’s success is the wise management, business ethics and diligent work of the integrated is extremely rare.
[enterprise initiatives Munger: General Motors of ups and downs of the rise and fall as an example, can speak a whole class.
corporate initiatives] Buffett: Munger is too like a good city more, two terrorists hijacked aircraft Munger and I sat turbotax, claiming that the executions before we meet our last wish, the results Munger can not allow me to revisit the first Costco advantages. And I said, kill me a break!
the General Assembly site] Question: Our children’s lives with no fear, nothing missing, how to motivate them to study hard to grow, so that they can the next generation of competition with the development of home ?
about their children’s education] Munger: This really is a problem, do not think that children who grow up in wealthy families like working 60 hours a week. Buffett: I do not want my children just because the parents have money feel very special. he said with a smile: Of course I do not want to give them too much incentive, so that they do a better job than me!
meetings in question: the current management of Berkshire is largely not for the money to work hard, but we are unlikely to find another one willing to take only $ 100,000 CEO, you hope that future executives how much salary?
[executive compensation] Buffett: next bits CEO is likely to have a lot of money is also a successor, but taking into account the size of the company, he should also get large salary; he can also get the option awards, but should be granted based on the company’s intrinsic value, rather than stock.
on executive compensation] Buffett: Some of our managers to pay tens of millions, but they deserve such a high salary.
General Assembly site] Question: Taking into account your renewable energy and natural resources are very interested in the ability to talk about a variety of resource depletion on the impact of your investment strategy?
[resources] Buffett: little effect, there are many social problems of our investment decisions, in fact, not much impact, I am not saying they important, but not necessarily affect our decision.
[resources] Munger: Some people think that the solution to the problem of resource depletion is dig, dig, dig, these people are simply crazy.
conference site] Question: Lubrizol directly with you reached an agreement with acquisition, but did not seek other acquisitions, Lubrizol Board of Directors of such a breach of its fiduciary responsibility?
Lu Bo Run] Buffett: Of course not, we will not participate in this bidding, if they do so, we would not participate in, and that their final selling price is likely lower than it is now.
General Assembly site] Question: You will be in the future any standards they have to do a good job?
[the company’s market capitalization on the performance measures] Buffett: We hope to continue to outperform the market, rather than average over the past constant fluctuations in market value is not to measure the intrinsic value of a good standard.
General Assembly site] Question: During the financial crisis, you were the number of profitable investments, such as Goldman Sachs, General Electric and other companies, but these Terms of the investment of the same, can explain why?
[financial crisis] Buffett: All of these investments are at different times of the five investment (Goldman Sachs, General Electric, Dow Chemical, Mars and Swiss Re), the opportunity cost of consuming the same to each transaction results related to your successful investment is very unreasonable.
conference site] Question: Do you read every day 5 copies newspaper, there is a lot like corporate earnings, your reading speed is faster than most people, what are your recommendations for high school students and others how to improve reading speed?
[Reading Skills] Buffett: my reading speed is not fast, but slower than before, Munger reading faster.
on reading skills] Munger: the importance of reading speed is exaggerated, slow down all right, read faster how?
meetings in question: the U.S. Congress is trying to use political means to break the bond size limit (debt ceiling) What is your view?
[on U.S. Treasury bonds] Buffett: This is very stupid , like Indiana, 1890 on behalf of the Legislative pi changed, so that children are easier to learn and equally foolish, but the establishment of the debt ceiling itself is a mistake, the United States is evolving, our debt affordability is also evolving U.S. Treasury bonds.
] Buffett: Although borrowing more debt is not necessarily a good idea, but its set maximum limit is not the right solution.
General Assembly site] questions: Sino-US energy The company plans to build nuclear power plants in eastern Iowa, but taking into account the Fukushima spill, do you think of the return for the nuclear power plant is expected to be worth taking the risk?
[nuclear power] Buffett: I think that nuclear power plant is one of the world’s way to deal with the problem of lack of resources, I think nuclear power plant is very important and it is safe, but taking into account the impact of the Japanese nuclear disaster, I do not think the plan in the United States successfully implemented.
nuclear power Buffett: We had running the risk of an oil pipeline carrying dangerous goods railway, I put themselves as the chief risk officer. death toll of the disaster.
[Conference site] Question: North Burlington and Coca-Cola and other companies for your investment, if you can predict its growth rate and long-term cash flow?
[profit forecast] Buffett: growth must be prediction methods learned harm than benefit. This so-called lists three kinds of Buffett’s holdings of stock, this is how going on?
on Buffett’s holdings] Berkshire CFO Marc Hamm Berg: the shares are employee pension plan purchase, Buffett is the largest shareholder, this information is also disclosed.
[Buffett on Buffett’s holding]: I hold a lot I recommend you not to buy the securities: U.S. Treasury bonds, but This is just because I do not want to worry about the money.
[The General Assembly site] Question: culture and business environment is very different with the United States, investment companies what makes it special?
[on investment] Pakistan Buffett: When I invest in the oil (11.71,0.03,0.26%), whether measured by oil reserves, cash flow or any other standard, and its shares are very cheap. another Russian company, is also cheap, I’m not geopolitical expert, but I feel the investment is much better.
[on investment] Buffett: We understand not all of the overseas countries tax laws, customs, which makes foreign investment more difficult, but basic investment principles, namely to assess the value of finding good managers as well as fight for preferential purchase price is the same.
[Conference site] Question: Now the bank deposit interest rates so low, that you put the surplus money into where to go?
[capital investment] Buffett: for short-term funds, there is nothing particularly good place and ended the first quarter, our account surplus of 38 billion U.S. basically bought the bonds
[capital investment] Munger: the pursuit of short-term high earnings are likely to be counterproductive. Buffett: Because we are able in the short term to come up with a lot of cash, which help us to seize the many investment opportunities.
[ ,],[only windy in time to apply, and therefore can not be the most basic form of power supply only if the government provides tax incentives, investment in wind power is only reasonable, otherwise unable to win attractive returns < br> [wind power] Buffett: only 35% of the time in Iowa wind.
General Assembly site] Question: You mentioned the Sokol will NetJets rescued from the brink of bankruptcy, I do not quite understand, if the company was on the verge of bankruptcy, you are not obliged to disclose to the shareholders of that fact?
[disclosure] Buffett: If NetJets was an independent company, it has long been bankrupt. However, in Berkshire, under the wings of it to survive, our two insurance subsidiaries also appeared in this case.
[disclosure] Buffett: Berkshire to pay corporate taxes accounted for 2% of the nation’s total tax levy.
[Conference site] Question: Now young people, the unemployment rate reached almost 20%, you are smart, sensible and young people want to get a good job any suggestions?
[employment] Warren Buffett: The most important is to strengthen their abilities, never know when you can need them. in 50 generations, on the Carnegie Training (Presentation Skills), 100 , and I get benefit from not count.
the General Assembly site] Question: Mr. Munger, you will be Todd Combs introduced into Berkshire, able to disclose specific details? you think his primary Kexi Er how did you make?
[chief investment officer heir Munger: He wrote me a letter, and then we had dinner with Warren Buffett: his performance needs to measure the five time instead of six, we will very likely there will be more than one investment manager, a good two to three.
[The General Assembly site] Question: Johnson & Johnson is one of the largest in the Berkshire investment enterprises, the recent the company heavily in the acquisition of a medical device company that Synthes, taking into account the previously ridiculed Kraft Foods stock acquisition of Cadbury’s behavior, you What do you think the decision of the Johnson & Johnson?
[Johnson & Johnson acquisition that Synthes Buffett : If they use cash instead of stock acquisition, I will be satisfied with. Munger: we know more, medical equipment, chocolate and pizza industry is not our area of ​​expertise.
General Assembly site] Question: Do you the appetite for the acquisition? what kind of business you are too big? recently have any plans?
[takeovers] Buffett: My appetite has been good, but we will not issue new shares or sell its business to acquire another company, we will continue to accumulate cash before making decisions.
conference site] Question: What do you now …

Bluetooth and WIFI difference?

Bluetooth and WIFI, a wireless communication network standard.
The same work in the public band of ISM2.4GHz
Different places beats by dre, Bluetooth is FHSS (Frequency Hopping Spread Spectrum) beats by dre, generally every second hopping 1600, 83.5MHz of the band is divided into 79-band channels, each time only 1MHz bandwidth modulation mode is now a variety of GFSK (Gaussian Frequency Shift Keying), wireless data and voice communication at the same time, the communication distance is 10 meters, four today launched the latest version Bluetooth4.0 transmission distance can reach 50 meters. almost all digital products can be integrated Bluetooth, for example, mobile phones, headsets, printers, mouse and keyboard, camera, etc., to use an extremely wide range.
The protocol used by the wifi IEEE802.11b LAN protocol, the transmission range of 100 meters, maximum speed can reach 11Mbps, the use of the DSSS (Direct Sequence Spread Spectrum) and QPSK or BPSK (phase shift keying), bandwidth is 22MHz.
the main provider of wireless Internet access business, so often seen in devices that require wireless Internet access in its presence, such as laptops, PDAs, smart phones.
Another point, Bluetooth, a WPAN wireless personal area network, said upstairs, ie, point-to-point and wifi belongs to the WLAN wireless LAN, multiple terminals simultaneously transmit network mode. As the two work in the same band, they The interaction between the interference problem has been the focus of discussion.

Bluetooth and wi-fi is a wireless transmission, I would like to ask: What is the difference of the wifi and BuleTooth, Bluetooth?

wi-fi and Bluetooth BuleTooth use:

wi-fi is a wireless LAN standard, mainly used for LAN, wi-fi devices to communicate via the AP in order to

Bluetooth devices can communicate directly with Bluetooth is mainly used to connect external devices, or close data transfer such as Bluetooth headsets, mobile phones and handheld computers to transfer files such as bluetooth bandwidth is 1Mbps, the effective distance is theoretically 10M about

Simply put, Bluetooth devices can communicate directly with the wi-fi devices to communicate via the AP to like the difference between intercom and telephone.

wifi and BuleTooth, Bluetooth more different:
From: Bluetooth is generally less than 10 m, and WiFi as far as the products can reach 96 km
Speed: Bluetooth low-speed, the WiFi high-speed;
Usage: Bluetooth is designed for different electronic equipment communications, WiFi is designed for wireless local area network.

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