Wang Qun Air large area of the net stock-based impairment

 1. passive funds

number of standard index fund has reached 58 (excluding feeder fund), except for a small number of funds tracking the same subject, the majority of the Fund's underlying index point to clear , from different angles and at different levels based on market conditions reflect the distinctive characteristics, the basis for our understanding of the development trend of market conditions with a good guide. Last week, the average net loss of such funds rate of 2.05%, all net funds are folded, however, the specific performance of the Fund's net value of the difference. Overall, tracking broader market blue-chip, consumer-based net loss of stock means a lesser extent, track small and medium market category, the mean commodity stocks higher base rate of net loss, and, this phenomenon has been going on for some time. In any case, even if the market outlook style conversion, small capitalization stocks, and related that basis, it is worth a lot of attention is that the underlying reason for itself.

2. Proactive Fund

standard stock type, partial shares, flexible and configurable the main stock market is doing these three categories of funds, the net loss last week's average rate was 4.05%, 3.65% and 3.4%, all the 364 old and new funds, remaining Theme industry when Bo was up 0.05% of the net, the net value of all other funds impairment, flexible configuration of all the funds rate is the net loss of more than 1 %, while only a partial stock funds in a fund's net weekly rate of not more than 1% loss. After the first week of the New Year does not make the Fund does not pay the whole then, the total net value of the second week of a significant impairment of funds, almost three categories of funds that So start, give us the first risk warning, perhaps implying that the investment process in the future there may be more twists and turns. In any case, according to the relevant fund's past performance, from the long, medium and short-term observation of the three angles, choose a good comprehensive performance relative to the long-term investment funds, is always the same strategy.

Wang Qun of China Air China Galaxy Securities Research Department

Premier League - Liverpool lost the next two 6-minute break before the ball derby 2-2 risk level

 Beijing at 22:05 on January 16 (UK local time at 14:05 on the 16th), the 2010/11 Premier League season, the first 23 were a highlight of Liverpool's Anfield stadium sits against city rivals Everett Dayton. After 90 minutes of fighting, Liverpool and Everton a point from each of the 2-2 draw. Liverpool Meireleis the first half to help lead; the second half before the opening 6 minutes, Di Siting and Beckford with two goals to help Everton go-ahead score, a penalty shot to tie the game with Houkuyite.

215 This was the first Merseyside derby, before the 214 battle, Liverpool 84 wins, 66 held the upper hand 64 level, which won 33 at home 97 40 fighting level 24 negative.古迪逊公园 Stadium this season, the Battle of the first leg, Liverpool lost by 0-2, also the last four games against the second defeat. Liverpool's last home defeat dates back to the 1999/00 season, the Red Army was defeated 0-1 at Anfield, after 5 wins and 6 of 11 games unbeaten. Battle of Anfield last season, relying on Dirk Kuyt Liverpool's lore ,1-0 victory over Everton. At present, Liverpool ailing, recently three straight race, the race has just completed a 1-2 Premier League brutal

the game, Steven Gerrard to prison, and Enge Ge Jovanovic injury, Liverpool evolutions 4-3-3, Maxi - Rodriguez, Fernando Torres and libraries ite composed of Trident. Everton, the offensive core Cahill missed the Asian Cup for participated in Merseyside derby. Opening is only 8 seconds, Liverpool will complete the first shot, the ball Kuyt, Torres volley from 16 yards right of the restricted area was Howard confiscated. 2 minutes, Coleman 25 yards volley wide of the right goal post. After 2 minutes, Beckford by Liverpool 30 yards passing and failure lob over the bar. 11 minutes, the Grand - Johnson, a long pass, Torres 18 yard volley over the bar. 14 minutes, 25-yard volley put the Ottoman anti-aircraft guns. The first 17 minutes, Torres restricted the right of 8 yards to the far corner rubbing shot hit the post, then stopped to Kuyt Everton players hit over the bar. 22 minutes, Kuyt 30 yards hit the Everton player to fly long-range Chudi Xian. Immediately, Meireleis out the left corner, Maxi - 6 Pier Rodriguez nodded the ball the right goal post.

first 25 minutes, Mikel Arteta hanging half a long pass into the box, the ball from the center pier was Fu Laini 6 Reyna confiscated. 29 minutes, Liverpool take the lead in breaking the deadlock in the field, Grand - Johnson pass in the restricted area on the left, Kuyt shot was Howard saved twice, once tip-Meireleis 18 yards network ,1-0! This is Meireleis first ball after joining Liverpool. 31 minutes, Kuyt stole the ball passed to Torres restricted area on the right, which is 18 yard volley was saved by Howard. Immediately, Maxi - Rodriguez 6 yards volley over the bar. 40 minutes, 20-yard shot hit Torres Everton players fly Chudi Xian. After 2 minutes, 8 yards Tongshe Meireleis was Howard closed out. 45 minutes, Maxi - Rodriguez 25 yard volley by Howard confiscated. Injury time, long-range is 30 yards Anniqiebei Reina resolved. The end of the first half, Liverpool Everton 1-0 at home. Easy side battles

the second half, Liverpool to make personnel adjustments, Kiel replaced Agnes Kos Georgia. Opening only 46 seconds, then tied the score Everton, Arteta out on the left corner, the ball from the center pier Di Siding 6 succeeded, 1-1! This is Di Siding Premiership after joining Everton first ball. 52 minutes, Everton go-ahead score, Osman cross, Beckford 12 yards single-handedly succeeded Tuishe ,2-1! Immediately, the Reina booked. 55 minutes, closed the left side 18 yards Meireleis Howard shot was confiscated. 61 minutes, Spearing header ferry, Maxi - Rodriguez 12 Howard Wharf ball from the center to be confiscated. 62 minutes, Anniqiebei Reyna 20 yards shot was confiscated. Immediately, Torres booked. 67 minutes, Howard threw himself Maxi - Rodriguez, Liverpool to a penalty chance, Kuyt hit kick ,2-2!

69 minutes, Barnes pass in front on the right, Anniqiebei the ball from the center terminal 12 misses to the left. 71 minutes, the Grand - Johnson cross from the left, Torres 12, the ball from the center pier was Howard confiscated. 2 minutes later, Torres then Meireleis right corner shot was blocked. 77 minutes, Torres 12 yards lob over the bar. 81 minutes, Chervy replaced goal hero Meireleis. 89 minutes, the Coleman 20-yard volley wide of the left goal post. Then, Dirk Kuyt booked. Ultimately, Liverpool and Everton 2-2 shake hands.

Liverpool Lineup (4-3-3): 25 - Reina / 34 - Kelly, 37 - Scott Ritter, 5 - Agger (46 '16 - Kiel Georgia Coase), 2 - Grand - Johnson / 21 - Lucas, 4 - Meireleis (81 '33 - Chervy), 26 - Spearing / 18 - Dirk Kuyt, 9 - Fernando Torres, 17 - Maxi - Rodriguez Adams

Everton Lineup (4-4-2): 24 - Howard / 18 - Phil - Neville, 5 - Heitinga, 15 - Di Siding, 3 - Barnes / 23 - Kellerman, 25 - Feilai Ni, 10 - Mikel Arteta, 21 - Ottoman (78 '26 - Luodeweier) / 16 - Beckford (74' 14 - Vaughan), 28 - An Niqie shell (81 '7 - 比利亚雷特迪 Knopf)



Birmingham 1-1 Aston Villa 4 minutes, Dunn violations Bentley booked. 4 minutes later, Aston Villa almost broke the deadlock, Walker biography, Carew hit the crossbar 6 terminal pop-up ball from the center. 49 minutes, Birmingham broke the deadlock in the field, David - Murphy pass, Roger - Johnson, 6 yards, 1-0 shot succeeded! 73 minutes, Aston Villa tie the game, Collins hit volley from 12 yards flew into the net nest Rich Virgin 1-1! After 90 minutes of fighting, Derby 1-1 Birmingham City to shake hands, two rounds of the Premier League this season, are a draw.

Birmingham Lineup (4-5-1): 26 - The - Foster / 2 - Stephen - Carr, 5 - Roger - Johnson, 6 - Ridge Virginia, 3 - David - Mexico Philippines / 11 - Bentley, 12 - Bari - Ferguson, 22 - Hleb (76 '19 - Zigic), 8 - Gardner, 18 - Kate - Faye / 14 - Matt - Derbyshire (84 '4 - Bowyer)

Aston Villa Lineup (4-4-2): 1 - Feilideer / 21 - Clark, 5 - Richard - Dunn, 29 - Collins, 36 - Volcker / 12 - Orr Brighton, 19 - Petrov, 20 - Leo - Cork (71 '25 - Class South), 6 - Downing / 10 - John - Carew (71 '14 - del Feng Faso), 11 - Ebanglahuo



Sunderland 1-1 Newcastle, 34 minutes, Alan Richardson violations - Smith eat yellow card. After 3 minutes, Joey - Barton deliberate handball stained yellow. 52 minutes, Newcastle took the lead to break the deadlock, Joey - Barton out on the right corner, Ameiaobi header ferry, Nolan Qiangdian 6 yards to break the restricted area on the left, 1-0! This is Nolan 10 league goals this season. Last-minute injury time, Sunderland tied the score, Barr Beardsley pass, bought last summer, 13 million Qiangdian striker broke 6 yards, 1 Ji-1! Finally, Tyne and Wear Derby County 1-1 draw.

Sunderland Lineup (4-4-2): 1 - Gordon / 15 - Aonuo Ha (75 '7 - Zenden), 19 - Bramble, 29 - Anton - Rio Ferdinand, 2 - Philip - Bar Beardsley / 27 -  Germany (88 '25 - Cole Baker), 10 - Jordan - Henderson Mickelson, 3 - Keenan - Richardson, 8 - Mar Blanc / 33 - Kian, 11 - Darren - Bent

Aston Villa Lineup (4-4-2): 1 - Happel / 12 - Rahim Simpson, 2 - Kolo Cheeney, 6 - Williamson, 3 - Sanchez - Enrique / 7 - Joey - Barton, 4 - Nolan, 17 - Alan - Smith (37 '8 - Gesi Li), 18 - Gutierre Sri Lanka (90 '15 - Gosling) / 20 - Leon - Best (88' 11 - Loving Kranz), 23 - Emeiaobi

(Sohu sports nineteenth)

Houston Radio Rockets off the bench is to force the team or the opportunity to usher in a rebound

 Beijing January 16, NBA regular season to continue. Road to 112-106 victory over the Houston Rockets Atlanta Hawks to end the two-game losing streak at the same time made two straight away; and the Hawks have to end 5-game winning streak, while 10-game winning streak at home was the end. For this game, the local radio station in Houston, made comments.

2 games back to back, but the outbreak of the rocket was on the offensive end. This guide said: Starting lineup, in addition to 4 others outside Battier scored in double figures all; while on the bench, Brooks had 24 points and 10 assists for a team-high data. In addition, the return to the bench of Jordan - Hill, but more efficient than the main time. The rocket, the victory is very important, this is the team into 2011, after the first 2 wins. In fact, a strength of the eagle is a good team, at least the 2 seasons they have been in the eastern teams. The game, the Rockets scored with an excellent offensive game victory! Guide analysis: Control the rebounds the entire game can take the initiative to control the game which the Rockets grabbed 45 rebounds, of which there are 11 offensive rebounds; contrast, the Hawks grabbed only 32 rebounds, offensive rebounds is 7. Can obviously be seen by comparing the Rockets grabbed more rebounds than the Hawks in 13! This is obviously a huge gap, which ensures the rocket's second attack also shattered the eagle's back. Brooks scored two pairs, Jordan - Hill added 16 +8, data show Houston scored 46 points off the bench together! Hawks reserve it? They have only 15 points poor. The data can obviously see that the rocket explosion Hawks finished off the bench. At the critical moment, the replacement of a force to help the Rockets made the whole game victory. In basketball, the star role is indeed important, but the replacement is part of the game, they can not be ignored. This season, the Rockets off the bench than the overall performance of the main well. Commentator, said: The campaign Lowry played not bad, just 16 points 5 rebounds 4 assists and did not look so nice Brooks. The rocket, the good news is that Brooks's getting better and better competitive state; two point guards in terms of healthy competition is not a bad thing for the Rockets. Indeed is the case, Brooks look forward to an early return to the starting lineup; Lowry declined to Yin. They brought a wealth to the rocket attack, which makes Adelman very satisfied. Dangers of this victory can enhance confidence in the rocket generals, and now the crisis of the rocket suspended. Next 3 games against the Rockets will be the Bucks, Knicks and Grizzlies, the three rivals is not particularly strong. Therefore, the Rockets rebounded ushered opportunity.

Charles Brand Adams patience is everything

 Charles Brand Adams (Charles Brandes) is a lucky: 40 years ago, the fledgling, he is in the . Soon after, Brandes alone play the leading role, creating Brandes Investment Partners. 40 years, Brandes's assets under management from the initial 1.3 billion dollars to 47.8 billion U.S. dollars, and he had by virtue of its long-term outperform the Fund's outstanding performance has won respect on Wall Street.



information, Brandes Global Equity Fund Management ended the 2007 average rate of return over the past 20 years to reach 19.21%, to head of U.S. equity funds over the past 10 years average return rate of 21.1%. The Nielsen Company, which voted in 2000, Brandeis was named the best fund manager first.

patience, patience, or the patience

70s of last century, has just received stock broker training, Brandeis had the honor to get to know Graham, and to learn the value of investments parent first-hand experience. In the 40-year investment career, Brandeis consistently adhere to the law of Graham Value Investing: Finding the market who have not received attention undervalued after its sale to some extent, the average investment holding period of 3 to 5 years.

at Brandeis view, the real investment is the actual value of the company's long-term concern for investors considering only quarterly earnings, the market behavior and can not be called investment, but speculation. He believes that mode of operation Kuaijinkuaichu is opportunistic, and For example in 1974 to 1975 bear market, value investors, who did not get very large gains, but the place now, these people still have made a satisfactory return. Thus, even the next five or six years the market may not be very good, but value-based return on investment for some companies may still be quite satisfactory.

Brandeis that the investment has three elements, namely the analysis, the principal security, adequate income, can not meet the market behavior of these three elements are all speculation rather than investment, but to do this three Be patient, waiting for an accurate measure of the company's stock sold for less than the value to be patient when waiting for stock to reach the conditions thrown more patience. This cycle of the investment process, also need patience. He made research shows that the United States over the past 80 years, changes in stock returns and GDP relationship does not exist, Brandes said the results of this study confirm that investors would be best to focus on the value of the stock and its long-term profitability of comparison, growth stocks and value stocks the most expensive compared the long-term performance, you will find the long-term average annual return of value stocks over growth stocks will be 5% to 6%, sometimes up to 10%.

this, Brandes believes that the actual stock price is its future earnings and discounted cash flow valuation, and these earnings and cash flow of the market's expectations. For the hot growth stocks, because of its high valuation of stock in the region, in the event of unexpected earnings decline, its stock price will decline. The results surprised even there, as the market has a higher expected before, in the In contrast, value stocks cheaper prices, market expectations are very low, so any of their results announcement for the market, are likely to be-than-expected. This is why value stocks have a better long-term performance of one of the reasons.

addition, Brandes also believes that buying good stocks do not equal a good investment. Those with high and stable level of income, the company recorded strong gains almost all good company, but only in the company's stock price to purchase more, it is a good investment. (Xinhua Yang Bo)

For the sisters ... ...

 Tears, and do not know how long the first time after the tears; is wronged, against, or helpless? I do not know hh
to complain sister, she really hated; has recently been with her Taikang, each playing calls were to end up unhappy, and the big fat may hh
afternoon, three fat, as well as love with in chat, talking about the three fat sister; I think that BoA like my sister, maybe they are cover the eyes of love, perhaps for their own ~ what people are willing to do; we strive to think of a way out, trying to help the sister get let go; like me, sister Lily, Nannan sister, we have been out to the Boa idea, think of ways to the same; but they will not adopt, we are sad, they will be helpless. do not know where that these priorities? hope that they can hear our blessing to get what you want, happy live!
sometimes feel like I am, and three fat, inexplicable think go together, there is not a ~ ~ and some idea of their own stubborn want some things to think this community is very terrible; the same We all have a good sister, and we will be happy together, and then will result and heartache. three long time no fat, said today that she communicated with her sister, and I know her heart, I really know, and I did a long time and a sister, said the truth; there are a lot of things hh
thing I do not understand today's state, broke a; fact, today I did not get upset, three fat to touch me, not the time of the phone with my sister I really can not stand ~ but I did not let anyone see my tears, I am very pleased! they will not think I cry you, left ~ ~ ~
want them to say sorry to complain three hh To the little ugly fat

PS: good luck to the three fat sister, and my BoA, and three fat, huh
PS: baseball cap very, very low, helpless in the street walked all the want to go ~, and occasionally a little off the release of tears is also very good ~

Being posted

 News reporter Zhu Di Southern Baidu search engine as a platform to attack his own false statements appeared, recently, the harmonious development across the Taiwan Strait Chairman Renan Li Foundation for a piece of paper pleadings, the Baidu company to court. Required to stop infringement, delete posts, and a public apology on its website.

Renan Li is the chairman of Foundation for the harmonious development across the Taiwan Strait, he said, open Baidu there will be tens of thousands of search results. These posts include

Forced, and its


Renan Li said that his parents and sister live in Shenzhen, announced a net posts home addresses, parents had seven or eight times by the users of harassment, nearly 80 years, and even angrily mother, hospitalized . In addition, the mobile phone number in the post exposure, there was a time, received no less than three hundred calls a day.

Renan Li said Baidu has violated its reputation, for which he was 28 October 2010, Beijing Haidian District People's Court to sue Baidu, and in November 3, 2010 in Shenzhen Notary Department to conduct a web security. January 2, 2011, the Haidian District People's Court received the notice of filing.

Yesterday, the South is a reporter sent to interview the matter to Baidu's letter, asking them to reply the same day, at 7 o'clock last night, Baidu has not responded.

(This article Source: Southern Metropolis Daily)

Thanks for life

 Thank
life I have always believed in life has much to be grateful for things and moments. Confused, someone over to help; sick, someone greetings; achievements, it was affirmation and encouragement, are enough for us to move half a day. < br> a result of wrong eating unclean food causes intestinal upset stomach. This was not it! sent a friend exclaimed: ; I'll go, still does not work? surrender I feel more and more to live in happiness. my lack of care does not always around his friends, nor the lack of people worthy of your own to care.
few days ago was my birthday, I still do not used birthday, we take extra care not to reveal a little wind. However, several friends noticed, and not forget to remind you: like, say: Are you ready to everything. warm and moving. setbacks makes a strong, successful and exciting. there is living in my friends, they always care for and support me in silence.
thank living, it gives me a lot of moving, I have to take treasure.