1“魔鬼交易员”受审

1"Devil traders"trial

　　一年前导致瑞银亏损达23亿美元的交易员科维库·阿德波利(Kweku Adoboli)最近被英国法庭以欺诈罪判处7年徒刑。

A year ago to ubs loss of $2.3 billion traders kewei library · aduh polly(Kweku Adoboli)A UK court has recently been to fraud sentenced to seven years in prison.

　　2011年9月，瑞银宣布，旗下投行部门的一位交易员进行的未授权交易，导致了巨额亏损，但客户头寸并未受影响。这位交易员随后被警方拘留调查，就是现年32岁的阿德波利。

In September 2011,Ubs announced,Its investment banking department a traders of unauthorized transactions,Led to huge losses,But customers position has not affected.The traders then detained by police investigation,Is the 32-year old aduh polly.

　　交易系统中存在的漏洞，使得一些爱冒险的交易人员在未经授权情况下代表机构进行交易。据说，阿德波利就是这样一位有良好出身、聪明、有活力并渴望成为交易明星的交易员。

Existing in the trading system vulnerability,Make some adventurous traders in unauthorized cases representative organization transactions.It is said that,Adriano polly is such a good background/smart/Has the vigor and the desire to become a trading star traders.

　　作为交易所交易基金(ETF)部门的交易员，由于在工作中表现出色，阿德波利曾一度被其他同事看好，而他也热爱自己的工作，据外媒的报道，他甚至把瑞银称作自己的家。但在2008年阿德波利损失了40万美元后并未向上司汇报，而是自行设计了一项机制来填补这一空缺，而后更以虚假的交易隐瞒真实交易的真正风险。

As the exchange fund(ETF)Department traders,Because in the work performance,Adriano polly once by other colleagues value,And he loves his work,According to the media reported,He even put the ubs called his own family.But in 2008 aduh polly lost 400000 dollars to the boss did not report,But to design a mechanism to fill this vacancy,And then more with false transactions to hide the real deal the real risk.

　　阿德波利的一些交易也曾赚了一些钱，这让他受到鼓舞进行更多的冒险，但后来市场的剧烈波动令其在交易中惨遭损失。不久后他不得不向瑞银坦白了自己的行为，在此之前，他隐瞒了自己的这种交易足有3年。

Adriano polly some trading had earned some money,This let he encouraged more adventure,But then the market swings to the transactions were loss.Soon he had to ubs confessed his own behavior,Before this,He conceals his this kind of trading full 3 years.

　　这位魔鬼交易员为自己的辩护是，瑞银的冒险风气盛行，并且他公司的上司知道他所进行的危险交易。不过据《金融时报》报道，瑞银集团将被处以高达5000万英镑的罚款，同时面临新的监管措施。

The devil traders for his defense is,Ubs adventure climate prevailing,And his company boss know he of dangerous trading.But according to[Financial times]reports,Ubs will be imposed a fine of up to 50 million pounds,At the same time, facing a new regulatory measures.

　　——肖妍茹

- XiaoYan shavings

　　马克·默比乌斯

Mark's than uz

　　2 亲掌中国机会基金

2 kiss palm China opportunity fund

　　时隔18年之后，全球最大的资产管理机构富兰克林邓普顿再投A股，新启动的中国机会基金从11月12日开始募集资金，到30日结束。据悉，邓普顿中国机会基金将直接或间接投资中国A股、中国B股以及在中国香港上市的H股和红筹股。在正常市况下，该基金至少70%的资产将投资于在沪深两地上市交易的中国A股公司。

After eighteen years after,The world's largest asset management agency franklin templeton to pitch A share,New start Chinese opportunity funds from November 12, began to raise funds,To 30 days end.It is reported,Templeton China opportunity fund will be direct or indirect investment China's A shares/China B shares in China and Hong Kong listing of H shares and red chips.In normal market down,At least 70% of the assets of the fund will be invested in Shanghai and shenzhen in both the listing for trading of the China's A shares of the company.

　　中国机会基金将由邓普顿旗下的明星基金经理人、人称“新兴市场教父”的马克·默比乌斯亲自掌舵，同时还有两位本土基金经理辅佐。默比乌斯现任邓普顿新兴市场集团执行主席，他的团队共管理着480亿美元的新兴市场股票资产。

China's opportunity to fund the templeton's star fund managers/said"Emerging markets the godfather"The word mark than uz himself at the helm,At the same time there are two domestic fund manager assisted.Than the word uz templeton emerging market group executive chairman,His team a total of $48 billion of the management of the emerging market assets.

　　与多数投资者期盼牛市不同，默比乌斯更喜欢熊市。他曾表示，熊市的好处在于你可以用很低的价格买进股票。在他看来，想要在投资中取得成功唯一的途径就是，购入估值偏低的股票。换句话说就是，在股票的交易价格尚不能体现公司的真正价值时介入。

And most investors look forward to different bull market,Vision uz than more like a bear market.He said,The benefits of a bear market is that you can use very low price to buy the stock.In his view,Want to be in the investment success is the only way,Buying undervalued stocks.In other words,In the stock market price is still can't reflect the real value of intervention.

　　他认为，成功投资的前提是：不管在哪个市场投资都必须有耐心，并且目光要足够长远。关于基金经理的职业，默比乌斯曾有过有趣的言论：“作为基金经理的好处（也是问题）是我们必须对所有的东西都感兴趣，这是因为我们所投资的生意本质上是无限的，即便是时尚杂志也可能包含一些有趣的内容。”

He thinks,Success is the premise of investment:No matter in which market investment must have patience,And eyes should be enough in the long run.About the fund manager's career,Vision than uz had interesting remarks:"As the benefits of the fund manager(Is also a problem)Is we have to all interested in anything,This is because we have investment business is essentially unlimited,Even fashion magazines may contain some interesting content."

　　——宁鹏

- NingPeng

　　雷军

Lei jun

　　3 投资百万获利百倍

Three millions of investment profit one hundred times

　　欢聚时代（语音通讯平台YY和游戏资讯网站多玩游戏网的母公司）11月登上了纳斯达克的舞台，打破今年3月以来无中概股赴美IPO的冰冻期。

Times together(Voice communication platform YY and game information website much playing games and the parent company)November on the nasdaq stage,Break since march this year in the United States is no share IPO of the frozen period.

　　董事长雷军是YY上市的大赢家。七年前，雷军将一笔100万美元的天使投资注入到YY中，现在按照10.5美元的发行价计算，他可以获得大约112倍的账面回报。

The chairman lei jun is YY listing of the big winners.Seven years ago,Lei jun will be a $1 million angel investment into the YY,Now, in accordance with the price of $10.5 calculation,He can get about 112 times the book returns.

　　但对于雷军而言，这厢得意，那厢却并不如意。继小米手机之后，11月14日，雷军的小米公司正式发布了“小米盒子”，将产品触角延伸到了电视领域。

But for in lei jun,The car's,The car is not best.The millet mobile phone later,On November 14,Lei jun of millet company officially released"Millet box",Will practise products to TV field.

　　但谁都知道，到目前为止，不管是微软的维纳斯计划，还是盛大的盒子，占领客厅娱乐的企图都一一落空。“小米盒子”又凭什么能够为同行雪耻？

But who know,So far,Whether Microsoft Venus plans,Or big box,Attempt to capture the sitting room entertainment to fall to the ground."Millet box"And with what to peer revenge?

　　果然，到11月22日晚，小米发布公告称，“因系统维护，23日起先暂停视频内容服务”。消息人士称，“广电总局等有关部门开始着手调查，小米盒子已被叫停，前途未知。”

indeed,To November 22nd,Millet announcement said,"For system maintenance,23 at first stop video content service".Sources said,"Administration of radio, film and television, and other relevant departments began investigating,Millet box has been called,Future unknown."

　　根据广电总局2011年下发的文件，要想做机顶盒只能选择连接广电总局批准的互联网电视内容服务机构设立的合法内容服务平台。雷军当时只是模糊地表示，“小米12月上市时将与持有互联网电视牌照的机构方达成合作。”

According to the administration of radio, film and television in 2011 issued documents,If you want to do set-top box can only choose connection administration of radio, film and television approved Internet TV content service agencies set up legal content service platform.Lei jun was only vaguely said,"Millet December listed will and hold the Internet TV licence organization party have reached a cooperation."

　　雷军作为兼有投资人身份的创业者，不会在一棵树上吊死，投资YY便是一例。而YY只是雷军系中第一家上市的公司。

Lei jun as investors with the identity of the entrepreneurs,Don't commit suicide by hanging dead in a tree,Investment is a YY.And YY just lei jun is the first listed company.

　　——詹晨

- ZhanChen

　　吴亚军

WuYaJun

　　4 女首富的“离婚术”

4 the richest woman"Divorce operation"

　　家族信托的介入，让中国女首富吴亚军的离婚多了几分传奇色彩。

The involvement of family trust,Let Chinese women's richest man, WuYaJun divorce much a few minutes legend.

　　11月20日，针对龙湖地产主席吴亚军离婚的消息，龙湖地产对外发出声明：“主席吴亚军女士与蔡奎先生已经以和平、友好的方式解除婚姻关系。”

November twenty days,According to the real estate WuYaJun lake chairman of the news of the divorce,Longhu real estate foreign issued a statement:"President WuYaJun ladies and Mr. CaiKui has to peace/Friendly way to dissolve the marriage relationship."

　　当日，这个“和平、友好”的离婚让龙湖地产股价应声下跌4.2%，第二天更是补跌2.92%，到了第三天，股价便开始反弹。市场对龙湖地产债务违约风险的忧虑淡去，也不在纠结于吴亚军与蔡奎的私事，而是将目光聚焦在这个位居福布斯2012全球女富豪排行榜榜首的女首富的“未雨绸缪”。

the,this"peace/friendly"Divorce let longhu real estate shares fell 4.2% said,The second day is complement fell 2.92%,On the third day,Share price began to rebound.Market for longhu real estate debt risk of default worries disappeared,Also not ravel in WuYaJun and CaiKui private affairs,But will focus on this in 2012 global Forbes list of the richest women top female's richest man"Save for a rainy day".

　　早在2008年筹备龙湖地产上市之时，吴亚军和蔡奎就通过汇丰国际信托各自设立一个家族信托，将股权委托给信托代持，两个信托的受益人分别为吴亚军和蔡奎各自的家族成员，且无交集。

As early as in 2008 when the lake for real estate listing,WuYaJun and CaiKui through HSBC international trust each set up a family trust,Will equity entrusted to trust a generation,Two trust beneficiary WuYaJun CaiKui respectively and their family members,And no intersection.

　　在成立信托之前，吴亚军和蔡奎在英属维京群岛注册多个离岸公司，其中Silver Sea (吴亚军控制)和Silver Land(蔡奎控制)位于顶层，两人分别通过旗下全资子公司Charm Talent和Precious Full持有龙湖地产46.52%和31.01%的股权，这一股权结构为二人分手铺好后路。

In the established before the trust,WuYaJun and CaiKui registered in the British virgin islands more offshore company,The Silver Sea (WuYaJun control)And Silver Land(CaiKui control)Is located in the top,Two people were through its wholly owned subsidiary Charm Talent and Precious Full hold longhu real estate 46.52% and 31.01% of the equity,The equity structure of two people break up good shop posterior.

　　至2012年龙湖地产中报公布时止，吴亚军通过Charm Talent持有龙湖地产的23.4亿股股权，其丈夫蔡奎以类似方式持有龙湖地产15.7亿股股份。两人离婚后，为了避免大批股份落在第三方手上，据悉蔡奎已签署协议书，让吴亚军暂时掌管属于他的大约28%的股权。

To 2012 longhu real estate center daily news of the promulgation of the check,WuYaJun through the Charm Talent hold longhu real estate 2.34 billion strands of equity,Her husband CaiKui in a similar manner hold longhu real estate 1.57 billion shares.Two people after the divorce,In order to avoid a large number of shares fell in the third party hands,It is reported CaiKui signed agreement,Let WuYaJun temporarily in charge of his own about 28% of the equity.

　　从这一系列的事件不难推测，在龙湖地产2009年上市前，吴亚军和蔡奎就已经为可能的离婚做好准备，以降低离婚事件对公司和股价的影响。在过去诸多离婚引发股权之争的“反面教材”后，吴亚军借助海外信托的“离婚术”，或将为中国富豪处理类似事件树立范本。

From this a series of events is not hard to guess,In longhu real estate in 2009 before the public,WuYaJun and CaiKui have for possible ready for divorce,In order to reduce the divorce events for the company and the influence of the share price.In the past many divorce caused the struggle of the equity"Negative materials"after,WuYaJun with overseas trust"Divorce operation",Or will be handled similar issues of China's richest set template.

　　——杨斯媛

- YangSiYuan

　　孙正义

SunZhengYi

　　5 杀入美国电信业

5 into American telecommunications

　　软银集团首席执行官孙正义与美国两大手机运营商之间的决战很快就要到来了。

Softbank group CEO SunZhengYi to two of the main U.S. battle between mobile operators is fast approaching.

　　软银集团宣布，以200亿美元价格收购了Sprint Nextel 70%的股份。Sprint Nextel虽然是美国第三大手机运营商，与市场领先者AT&T和Verizon Wireless之间仍有不小差距。这两大巨头目前占有了美国无线行业三分之二的用户量和几乎所有的利润。

Softbank group announced,The price to $20 billion acquisition of the Sprint Nextel 70% of the shares.Sprint Nextel although it is the third largest mobile phone operator,And the market leader At&T and Verizon Wireless still is not a small gap between.The two giants of the wireless industry at present two thirds of the users and almost all of the profits.

　　这位在日本电信行业只手遮天的人物曾对媒体表示，“这就好像是穷孩子挑战富孩子。有时，穷孩子会因为更有勇气而赢得最后的胜利。”

The telecommunications industry in Japan only cover day characters have media said,"This is like the poor children challenge rich children.sometimes,Because of poor children have more courage and win the final victory."

　　在日本，孙正义通过降价来迫使竞争对手在利润和用户之间做出选择。他将用相同的战略来对付Verizon和AT&T，同时他还将投资数十亿美元的资金来改善Sprint的网络。Verizon和AT&T一共拥有1.6亿注册用户，而Sprint的注册用户数量只有3200万人。

In Japan,The price SunZhengYi to force competitors in the profit and the user to choose between.He will use the same strategy to deal with Verizon and At&T,He also will invest billions of dollars in funds to improve the Sprint network.Verizon and At&T altogether has 160 million registered users,And Sprint registered users quantity only 32 million people.

　　当被问及软银与Sprint的交易时，AT&T的首席财务官约翰·斯蒂芬斯（John Stephens）表示，美国无线行业的进入门槛很高，因为它的网络必须能够覆盖广袤的地区，而且还需经常升级以应对无线数据使用量不断增长的问题。

When asked about the deal with softbank Sprint,At&T's chief financial officer John stephens(John Stephens)said,The wireless industry into the threshold is very high,Because of its network must be able to cover the vast area,And still need often upgrade to deal with wireless data usage growing problem.

　　Verizon和AT&T为了争夺用户已经交战了很多年，它们一直在推出新的价格方案和升级政策。孙正义的到来或将迫使它们在提高价格方面有所收敛，但前提条件只有一个，那就是他必须让Sprint的网络比竞争对手的网络更优秀。

Verizon and At&T in order to fight for the users have been battling for many years,They have been in the new price plan and upgrade policy.The arrival of the SunZhengYi or will force them to raise prices in be convergence,But premise condition is only one,That is what he must let Sprint network than rival network is more outstanding.

　　这一次，孙正义的策略能否奏效？

This time,SunZhengYi strategy will work?

　　——詹晨

- ZhanChen