Wash a lot of things today, and continue to serve those uncle, also wash the toilet room ...

 Today I do not know how, or some stuffy uncomfortable, huh. Thought that dinner can see better. Rang dishes, fried liver, fish smell,UGGs, eat, much warmer.
Pillow smells and feel uncomfortable,UGG shoes, I look at getting up early this morning the weather good, the pillow interior washed out to a good, but could not do today, and in the mattress pad below three or four books, make do with what the first is also good tonight .
night on the Internet,UGG boots cheap, to see what job site,UGG boots, look for references.
call back downstairs hot water bottle, buy some things, day after day so too.
quite like you The hh

Long autumn song

 Autumn is always a sudden to come to our side, after a month of autumn, the insects flying cicadas, busy harvest, warm and miserable everywhere, the fall is quietly slip away from us. When the leaves are wind chase, cold autumn rain lonely and sad at the Shu Chashang cappella, we touched dry cheeks, facing the wall of vines in late autumn sunset in the brilliant red and gold tragic, the frost have to, turn of autumn and winter, verse recited in the ears cold.
independent in the autumn cold, my mind in the mountain walk between the palm leaves. a child thought to think of the fall harvest, farmers think of the joy of harvest to think of smiling faces. This mindset has troubled me throughout childhood and youth. until middle age, experience, better describe the late autumn and will have a complex and variegated, that is the field of labor in the small courtyard of the neighbors are kind of busy parents and fatigue, a mixed of joy and pain concerned about, the real cause of the emotion.
morning small farm house, the children sleep in the dim light of early morning, parents had to get up to work. mother busy cooking in the steps, eager to lick the flames honeycomb with fine steel pot, white gas transpiration, mother board on file deft hands and feet, The Hydrangea, disclosure of Chlorophytum long have readily picked up the broken planted in the bucket, do not mind the victory stood youth. clean the yard, old apple tree leaves, the next piece of the leaves from time to time spinner. a flock of chickens in the dark night, do not want to the chicken coop to sleep, like leap to discuss all the apple tree branch,Bailey UGG boots, the tree will have a thick layer of chicken manure, exudes a strong smell. his father's broom while sweeping, the remaining fine soil on the ground, a Article illusion of delicate silk pattern a fraction of idle people. grindstone dipped in water, curved sickle on the stone ax creaked, knives flash, drift through the air war on the eve of the powder and corn flavor.
eat over dinner, is a busy day of field work. hilly areas of production, mechanization and livestock production mode hybrid, corn stalks cut sickle required to do cattle feed, and then spin to plow deep plowing. This is often kinship as the unit is to implement the joint mutual gains approach. high heaven, several people scattered in the cornfield in front of people tipped over in wielding scythe blazing like corn stalks on the people sitting behind the deft moves the golden dew corn teeth stripped off,UGG boots, throw into a pile. green and yellow leaves, gold Guangcan corn, confirmed the farmer's hard work. At first, people chatting with the mouth, family gossip, domestic and foreign news, which was originally isolated because of the TV where suddenly broadened horizons, family, state, and world affairs, every concern. Time flies more and more corn, less and less words,UGG boots cheap, the date of the West Ramp, long past noon,UGG bailey button, in order to finish a fast live, hungry stomach is still patience, we are doing the final finishing work, waiting for the tractor back home once again open to corn. In the short gap in the leisure, the adults lay askew on the break strength of corn stalks, and teenagers children will find their own fun. ridge down the side axillaris leaves have finished, there are a few light flush of fruit in the branches, carefully pick the kids to enjoy. to side is a lush hay and thorns, Grasshopper calls to attract the children run to capture the East concentrated run. children are also efforts to find happiness, for adults, the harvest season, but has become a labor of responsibility is a matter of course the right thing comes naturally. That harvest the joy of exertion in the extreme melting slowly dismembered, one by one they unkempt, dirty clothes, chap the skin.
brilliant autumn sunshine, against the background of their neighbors, parents track the lives of hard toil. golden grass, As the waves rolled, it lowers the Akikusa a smile in a child has grown up to middle age. That leaves yellow, wilt, and then unexpectedly in a moment, swept away by a burst of tiny breeze, autumn color is not left live. precisely because of the fall of the mind to understand, farmers know how to parent the words in the fall, so as to help you complete a dream of another, in the fall to start your new creative pen it, this season is rich in imagery and feeling, and inspiration.

Touch you through the soul

 Touch your soul through
Yang Xianping
way home
2003 12 13, morning, north desolate, our family, starting from the Beijing Railway Station, see the shrinking of the winter wheat along the way, they quiet, alone, light green body V in the loess above the gray sky overhead, like a group of naive children. the north wind swept the grass hill and Hebei Yanshan village mm steel we were carrying, travel through the earth. son to walk around in the car, so many people, he cared, not strange. I had followed, like a guard. wife and a lady across the chat, was very happy mm Fengtai District, Baoding, Shijiazhuang, Xingtai Station After more than ten minutes will get off there, and I salute the cars ahead on the mouth of the wife dressed for his son.
River station to the train stop, the moment the doors open, to breathe the first port air, I think of them heavy cinder, dust and iron filings mm on here, I too familiar, even though ten years have passed, I still can details of which from its window dressing, to identify the most familiar of section.
sky is dark gray, gray mm more than before the sun dark buildings in the sequence of vehicles over the crowd as well. standing on the platform sparsely populated, and turned to see the vast sky in the west and the mountains mm My home is there, where the westernmost River, surrounded by mountains, large trees and wormwood inside, mixed with a lot of stone, bone decay and insects.
a lot of vehicles on city streets, shops everywhere, there are those who keep walking, which, I feel strange here is the hometown mm although the administrative, cultural and economic center, but more than 70 kilometers distance away, but I did not see it as my own home mm The house is concrete, is our family life and even grandparents resting place. It is small, the map did not indicate mm small to my heart.
to the old bus station, a number of vehicles in which random found leading to the dock mm villages where their parents car, take a moment to roar with the left, through the dust and smoke, all the way west. out of the window is populated villages and towns, large and noisy, so far, I have been able to call out their name mm Chancery. Metro. Shangxian. hh Chapter village many years ago, I had been there many times through mm, in the car or on foot, carrying bags, or empty-handed.
over the Baita Town , road potholes up a thick layer of black soot, a series which had been Chiguo truck, setting off large areas of black ash. Still later, the rolling hills were occupied villages and mines, many of the derrick and the chimney at the top and housing above the wheat fields look Weidun. into a row of poplar and willow body hair gray, Dry winter branches paddled north. to the Royal Road, the village, on top of the hill, I truly see a home hidden mountains mm Lan in the gray twilight among the peaks of mountains, the rugged, sunset, such as pulp. down the road is still bumpy, narrow winding side, scattered into a piece of wheat, hay yellow, red-brick pile of the farm and white of the lime kiln.
up the side of the high slope, the vehicle driving in the red cliffs on the side of the rock straight put up, high enough to have Baizhang, gods, stand like a wall a thousand yards; the other side was deep valleys, unfathomable, like hell; a lake was named king huge reservoir Results Baibing mm fish are imprisoned, and there are those of water. roadside restaurants scattered bright lights, but do not see a customer. I close my eyes, think we should see the mother: how she's one of the like? her white hair, wrinkles, black-faced; there after an absence of two years Xiaozhi sweet daughter is not tall, and will call grandparents?
I kept thinking, could not help the tears flow down, like insects, where the downward mm heart.
home, the night has been very rich, soft tread mountain, passing a family, to see their windows, as well as in the sheep yards, drops, heaps of the long stone. and then climbed over a mountain, is our home. light fading through the window frames and glass, fall in the yard a yellow light. a warm room or the old looks like mm ash paintings, portraits of Christ, white walls hung with cobwebs and smoke mark the years. I sat down in a chair for many years,bailey UGG boots, suddenly felt a rush of relax, wholeheartedly, like drunkenness, and also like the completely relaxed mm son fell asleep in my wah-wah Tu Kang was born, in the place where his grandparents.

deep dusk in the evening When the mother said a pot of boiling water, so my wife and feet. stove in the yard east foot of the wall, supported by the fine wood, the top cover with a layer of Wong and linoleum. the mother from the side of the pyre holding the sticks, the wood has decayed the sound of dull, broken stud. this time, the night has been uplifted, from the valley below, wheat and even the old cemetery, across the three cypress trees and a grove of poplar trees covered with crows, gradually flooded the home. opposite the village too busy eating dinner. I heard the crying of their children, adults cry, the cry of dogs and sheep.
the house lights dim, briquettes on the fire, dark red rice cooked. son moment not busy, in his grandfather's grandmother kang, holding a half-day chewing on the apple. I go outside and light a fire for your mother. firewood is busy, kept sending out the sound Slap Slap Bobo, it seems out of the flames a picture of the tongue, from the side of my face, whistling up. Soon, the water inside began to stir, and hissing ringing. mother said, and put the two dry wood is about to start. I Enliaoyisheng to find of a two-meter-long dry apple tree branch, holding both ends of the first, on his knees, hard to break.
our family of seven people, sitting around the dinner table to eat. before us is: potato Wire , cut ham, eggs, bread and a small dish of pickled vegetables. son of disturbed students, and younger brother fighting for printing sweet little daughter, wooden bowls, or as a cooked beans, hitting each other with a spoon and chopsticks. Mother Fangxiawankuai, for we care mm I know my mother can not eat cold food, stomach pains. to her that you eat, I look at them. and the mother not to say, I see I see, just a moment . I insist, the mother insisted. I had to sit down and ate a few mouthfuls of bread, drinking the soup.
solemn dusk outside the window, in the face of the obvious outline of Castle in the sky, but it is black. the stars from our not far away, watching the world. opposite the village have to sleep, lights go out one after another mm I still can name them one by one, including property, character, children, native, and the tomb where the deceased mm I got up, go east walls, remove the lid, a surge of warm steam boom the sky. stove off in the flame is clearly off, and soon will become ashes.
scoop the water, side of the basin, from the side of the small on the road, went to her room to sleep years ago, only a few minutes, boiling water was actually not hot. their way in a short heat has been confiscated by the winter sky. waiting for me down, son and niece are still children laughing with, or even wearing dirty shoes, the father and mother sleep on the kang, swiftly ran. mother sat kang edge, always concerned about her grandchildren can not self-defense, for fear they suddenly fall bump with. wife sat mother, holding a black the stool, to repair a broken brass locks.
front wall is a mirror: a wicker basket on end a cluster of red flowers with green leaves, while the words is a large landscape landscapes: mountains, river, willow, peach, and the birds flying in the air still. another one: Jesus, a shepherd holding a staff, on the grass by the river,Discount UGG boots, mountain yellow background. The following his words, said: The frame, which kept the 2-year-old, destroyed the gun, carry cameras, Shanghai Air Force Political Science, pvt and holding his son, my officers; 19,UGG bailey button,33,48,55 year-old mother, sitting in the middle of the father, Shijiazhuang, and the Shaolin Temple brother, son and niece when the full moon child; there sudden death of the Uncle and grandfather, grandmother passing away due to cancer, sat aunt,UGGs, on the side of the aunt.

how to distinguish fur?

 The so-called fur - is linked to skin and hair are natural, not the kind of hair pasted to another to be processed into the skin above the fur.

sheep wool one - is from the sheep skin,Bailey UGG boots, discount Ugg shoes, hair,UGG boots, flaking off in a block directly fur, skin and hair is natural so linked. Is the real natural sheepskin wool with leather together.

UGG on the market at present there are several, according to the quality of materials from low to high order: a, imitation leather: imitation leather + artificial wool; b, leather: leather + artificial wool; leather + blended hair; sheep + wool blend; c, real leather hair: one sheepskin leather and wool. UGG above

only C is the real fur. B Although the leather, but you've seen sheep or cattle long long hair blended wool that? So A, B is not fur.

are sheep even one hair, and the quality and not as a result of different origin.

one Australian import sheepskin boots, wool Why so expensive it?

a, because the materials used are imported the most high-end Australian sheep wool, the best Merino (Merino sheep skin) fur. Cost than the ordinary domestic sheep wool 30-50 million higher

b, this material is mainly drawn from 2 ways. 1, the spring lamb New Season 2, is slightly larger not more than 13 months of wool shorn sheep Double face is generally sourced from 2 types of lamb - new season (higher quality seed free grades, up to 6 months of age) or older shorn lamb (maximum 13 months of age). sheepskin Australian spring, which is 7 / 8 per month, (and this season with the Chinese vice versa), lamb's wool about 1.5 inches.

advantage of this material: high grade, breathable, warm and comfortable. So expensive. If not, the price of the natural production of this material is low, because the costs are different. So before you compare MM to buy materials.

Explaination ☉ Hongxiutianxiang Bo were also creating confusion --- (empty stall XVII)

 Explaination ☉ Hongxiutianxiang Bo were also creating confusion --- (empty stall seventh)
Bo Name: Hongxiutianxiang also add to the trouble
truth: was your flowery Meijuan, Homecoming ... lovely flowers are everywhere, so all may pay with piles of rubbish. good morning beautiful but since the day enjoyable someone Hospitals. toward the evening flight volume, the clouds Jade Villa, rain wind film, Intuit Yanbo Huachuan mm Jinping people to see This Shaoguang cheap.
message: all the pure colors like red, white, and all can be used like the colors on the flag, like the color of those who do not adulterated. like Forest Hill neighbors, like the garden in front of the block can be species of fungus on vegetables, planted beans, planted with roses .... you can in a bad mood or have a lazy afternoon in the attic to hide me.
Red: ① blood color: red, red leaves, red, Red, red string, Department of foot (the old pre-existence that men and women destined for marriage). ② revolution: the Red Army. ③ smooth, successful, valued, welcome: good start, Reds. ④ happy: hanging red. ⑤ dividends: dividends. < br> Sleeve: ① original meaning: the sleeves, sleeve. ② hidden in his sleeve: sleeve reservoir, stand by. ③ possession of material in the sleeve: sleeve edge. ④ beats. ⑤ cuffs. ⑥ do-(hidden hands in the sleeves, said leisurely demeanor: also referred to can not or do not wish to be involved)
Hong: ① original meaning: grains of incense. smell fragrant, and by means flower. ② smells good, and the alcohol. ③ aromatic raw materials or finished products. ④ delicious, sensual beauty. ⑤ popular words of praise. ⑥ affectionate, pro. ⑦ comfort: sleep well. ⑧ old woman used to describe things or substituting for the woman said: perfumed boudoir, a pin, certain death. ⑨ pumping: smoking (opium). ⑩ means incense: the altar of incense (Buddha incense candle when you put the desk case).
disorder: ① no order: hell broke loose, disordered. ② disruption: disruption: the chaos, destruction. ③ confusion. ④ any casual: you eat. ⑤ improper relationship between men and women. ⑥ across: turbulence. ⑦ Governance: chaos Robinson. ⑧ dizzy: confused. ⑨ the end of movement is called chaos.
red armbands Hong chaos:
Xingaoqiao you are a woman, there are many perfect ideas, but unfortunately it is more difficult to achieve. you will like flaunt your own, hoping to get other people's attention and welcome. Of course, you sometimes secretly enthusiasm, hope to have a stranger like you. Because deep down inside you face treason and your passion and red blood in your body yellow lure, and you will be a special girl . appearance and inner duplicity, both inside and outside with different traditional and romantic, this double personality makes you a female red ingenuity, but also courage and commitment will be Hero's. of course, also is often to let you night, sleepless nights, gas Fire Attack heart!!! ancient times there is a Riverside, sophisticated official career home daughter Chen Miao often, because of childhood ill health, life committed solitary magic, the parents of her rounded Buddhism. Later, because Acacia Red, who wrote a Que Love Poems: Fan Xin Sheng switch. yo (this is something, the predecessor of the debt so you will after you were born yet). Amitabha!!! even Buddha of compassion!!!
for the job, even not very clear what you want to do, even the most sense is that you can hand the kind of woman hidden in the sleeve, you can leisurely enjoy life at home, the woman. of course, can be on the hall, the next was Chufang woman, wife, mother, live in one. is that from childhood you The character and make it all look askance gas into space. as if a sudden gust of wind blowing,UGG shoes, all blown away by these. Thus, even to see is a lonely woman, like a sleeve, like being in a drawer , as a family as being idle at home Jour. In fact, these are not entirely to blame you, these are your past debt yo!!! So, in the future you have to remember: the girls at home is to have a career, let people really appreciate you. Yes, even seen the wedding of your Music is the soul of wedding music for you all】, 【green】 【small】 after taste * West. even know, you should be can engage in a boutique investment. to your art talent and literary training, you should be able to thrown red. but you must remember: when your business is a good time, we must remember to Bong for the temple,Bailey UGG boots, Also you are going to love these past debt!!! know not???
your family life will only appear in even the two extremes. or is full of sweet, mellow one, can be described as sweet cake and eat a mouthful of fragrant!!! or is a lose-lose, go our separate ways, although made with the forest birds, their flight disaster!!! although you can also be regarded as a household of women, you will be doing first-hand taste of good food, and you The heart is also very good at love and affection, is also eager to Integration, also known affectionately touching. but your older son committed debt situation, which will not let you sleep well in comfort. So, you happy with the original happy family life, it will have the same eclectic and incense case, it also becomes perfumed boudoir past is no longer the previous perfumed boudoir, and that ; certain death. can be determined to Buddha, Buddha support, comfort conditioning atmosphere, day after day to read Buddhist scriptures, as long as you can read enough to pharmacists by 500 times, on all heavy shine, and also read 1000 times? You will be able to benefit mind and body, plenty of money!!! a word for the card: sunshine incense Health Zi Yan, very thick in front of well-being. chanting over five hundred times if, given a rainbow down to earth. (empty without it, Hunong moved)
heart of husband you want to be a relaxed mood, he can be like you bad or lazy afternoon with a loft to hide me. But also normal. must have had previous life full of marriage, so you will definitely want to come to this life of repayment. This from you that confused, arbitrary, casual, improper relationship between men and women, turbulence, chaos Chen,UGG boots cheap, dizzy, confused and so on. This is what you give your husband under the purposed, Fortunately, all this is over. So you Past debt has also a similar, and to act as if played out, also take a bow!!! So, from now on even believe you should have a new beginning, you just determined to bowing, chanting seriously,UGG boots, we will certainly There is a good new beginning!!!, of course, you have to remember: After you identify the best daughter a dry would be better!!! pharmacist if you can read 1000 times through, it could not be better!! ! even believe that you can to!!! Amitabha!!! hard yo!!! air to air refueling for you!!!
Postscript: Amitabha!!! empty your Road Less first yo!!! this many days without blogging , and bloggers have also wanted to empty soon forget!!! empty can of course do not even remember you, and also Bugan Wang yo!!! mind often misses you, especially the bloggers that have not yet written , empty will be cheering!!! I'm sorry yo!!! even aunt the other day came from Beijing, to accompany some time, because even some of my friends, there are a number of local people to find what she asked (she can really be psychic), even have no time to write a blog. Hongxiutianxiang also add to the trouble that day to see the birthday, and also think of a gift to her, only to drag a couple of days and have come to the blessing of a late !!! hope you can happy happy!!! all over, everything will be all right after!!! hard yo!!! is the Mystery of the next prime the heart, because the November 11, as is his birthday, so the couple will pay close attention to the time!!! want to also give him a blessing!!!
love index: (no way, even before the Buddha for the deduction even a star, so after you read well, and then also you !!!)

Medium-term adjustment of the stock market is now pressure on the dollar by the end of next year is the financial pressure

 Medium-term adjustment of the stock market is now pressure on the dollar
end of next year is the financial pressure
2009-12-22 daily news
mid-term adjustment of the stock market, the time may be longer.
Because the first international. Euro weak the dollar rose, the dollar is strong, depending on the adequacy of the weak euro. The euro mines do not know when exhausted, in Dubai, after the impact of European financial institutions, debt crisis emerged Greece, Greece is followed by Portugal, Ireland and other countries, if necessary, can endorse a mine to the euro's rise to the pressure to go back.
the Fed to issue government bonds to build a strong dollar is being artificially. In meeting on interest rates, the Fed suggested the current financial markets improved enough to withdraw the United States ; the most urgent assistance measures, is expected to surpass most other developed economies, and the Fed will change the super-loose policy stance. StephenHull currency strategist at Morgan Stanley in a research report and EmmaLawson said dollar against the euro is currently reported to $ 1.4346, the end of March next year before the end of the former rose 1.41,6 rose 1.37, rose to 1.32 before the end of the year. Ironically, the period prior to the forecast of Morgan Stanley were 1.48,1.52 and 1.60.
from the above situation, whether it is European and American governments, financial institutions, or the rating agencies are doing their best to create a strong dollar, this process is not over and will continue for several months until the U.S. successfully issued bonds, dollar global dominant currency until the position is not completely shaken.
secondary cause in the country. the end is approaching, the market expansion into the crazy state to catch the last bus.
12 16, 8 GEM companies issued new shares 18 Issue 2, week 10 new shares issued. previous week 9 bursts are new shares, starting from December 21 the week are included in the six shares on GEM, 3 small plates, including CNR shares and new shares were issued 10 purchase In 2009 the last 3 weeks, there 29 new shares issued, the pressure on the market is clearly not small.
fund the so-called billions of dollars can change the flow of funds currently on the market not credible, a mere few hundred million dollars of funds to compensate for the price of crude oil prices on the suppression of the gold ? can change the amount of money next year, hundreds of billions of decline? can change the small board and the GEM stock market of the future performance of the overdraft? is currently raising a small fund of funds has been difficult, if the expected weakening, even the big fund companies have might run into fund-raising difficulties.
expect the stock market to ease the financial pressure on banks, everyone knows,cheap UGG boots, the banks expect further easing of capital market pressure and bad pressure .12 19, the China Banking Regulatory Commission regulatory activities, said Li Fuan, director of innovation and collaboration, next only to capital of the banking system in the 5 billion dollar shortfall over. supplementary capital from banks is expected to be implemented and the refinancing plan and other factors, if the securities financing by the scale of 438.223 billion yuan this year, subject, A-share market financing of a sufficient size support the huge capital gap, while the large A-share market financing will have much extent, still unknown. give the whole market financing is not enough financial listed companies, do not say a merger and reorganization of central enterprises.
Not only that , Graduate School of the People's Bank of China Ministry of Finance Deputy Chairman Jiao Jinpu even said that the financial structure and financial system deficiencies, the banking industry is not more dispersed, but more and more concentrated, urban commercial banks, rural commercial banks, including rural credit cooperatives objectives are listed. financial institutions listed 47% of total amount of the securities market, if a financial pyramid structure is positive,UGG shoes, the current financial structure is the inverted pyramid. it plainly, emergency credit last year's financial crisis, now the capital market emergency rescue banks and ease pressure on bank capital. Otherwise, the bank only once again sold off, the introduction of strategic investors had.
do not expect next year to maintain the size of the credit, now is a state of emergency to normal status from the transition period Who can expect next year to keep prices this year, GEM crazy? If you continue,Discount UGG boots, then the GEM and the real estate market is not crazy,UGG boots cheap, but the Chinese economy has been crazy.
have to mention is that Next year is the expansion of M & A years. in accordance with the State Council more. from the proposed 2006 target, the central enterprises mergers and acquisitions continue to use the capital market, this year increased from 141 early this year reduced to the current 132, communications, aerospace and other industry restructuring have been started. matters worse, the small plates there is no mechanism for the formation of delisting, but has repeatedly re-Shell Resources, the abuse of capital market resources.
bad company M & A process is a waste of money, big market process In 2009, there have been 176 companies to major asset restructuring plan or draft, of which 16 companies restructuring failed. Under the proposed reorganization plans major asset basis, this year, through the merger and reorganization of assets into the listed company's total of about 124.8 billion yuan, is expected to increase the total market value of 1.325 trillion yuan of listed companies, related companies average earnings per share increased 78%. into the total market value of assets and almost 10 times leverage, which the enterprise's internal management structure, sense of responsibility to investors has not fundamentally improved.
If large companies do not rally this year special rose, is a policy to suppress it? is lack of funds it? is not is that an investor's profit for these companies have in mind a clear account.
Note: The property market has said tepid, the same is true for the stock market to determine .
financial experts recommend a familiar look see thousand old friend, a verbal storm back quite well.

This weekend, the Asian Games opening

 Another weekend, and yesterday, for various reasons, the manuscript should have to pay to sign onto today. But after yesterday's review and improvement, are no big problem. In the morning the leaders will be open all morning until the afternoon to sign pay Fortunately, no major problems, are some small areas.
usually if nothing, to sleep at this time, but this exception, twelve Asian Games opening! Although there are cultural performances, athletes entered the stadium, the torch lighting the same old, but once every four years, after all, it is quite looking forward to it! do not know what this year's torch lighting new tricks, the Chinese delegation, who took the first gold medal, Japan, South Korea, China, Asia can not shake the position of even the threat of a string of questions hh will be answered in tonight eleven.
the opening ceremony began less than an hour, and look forward to the hh

Poems by Shu Ting (middle)

 Leaves a
moon floating like a piece of ice

Qinliang of the night you sent me back home, all the way because neither

sighed gently melancholy
not just sorrow

how we can not explain it leaves the egg on the peak under the

conveyed to us what kind of mood
just that, after breaking up
I hear your footsteps
and leaves mixed together in the spring of
two
whisper to us from all directions

and leaves the foot of evidence has prompted
winter, a dark
deeply shock the memory of our eyes

avoided each other more strongly reflected
meet again our thoughts, but as the season
lay the ring of trees
stamp < br> leaves and shoots a thousand-line poem

tree but should be only an eternal theme

support butterfly Wei Zhao Miscellaneous Construction and Maintenance ham? / P>
We will not leave the earth ? / P>
three
across the windows, the wind
told me how you said you walked the trail

kapok tree shake it off for a while Huayu
said that although the chilly spring night does not chill your heart

I suddenly felt: I am a leaf hiding the dark soil

wind held the funeral for me I quietly
wait
that dream
green thatch thatch made from me the first line of White Swan】 【life

in Beijing, a white swan was shot
do not tell me
This is a water clock; a natural dance
I can turn in your shoulders do not hide my nest

philistine valuation feathers; scholars points couples
doors do not have a symbol of families; posters
seeking tourists died during the night sleep too
not believe silence, silence may be a conspiracy
If you can not stop, then turned around
!

you do not let me see nothing of the anger and dismay!
not retain my partner
prickly when the trees stir up the signal so that guns and taught them the ball back
freedom of choice
do not take my stuffed
I was curled up in the warm hot wings breakdown drops of blood drops in the
rolling in the dust, cooling into the amber
Do not cry, child
when you one day want to become a

a cloud bunny bounce
an exercise books, do not forget the white sailing

【I】
date stands off in the urban areas, there are three white swans hh < br> sky just covered with feathers
joy instant, shivering as the cloud
rich, long stretch of Xiutui
Li Jin was originally a three-wing
heart trembling girl
night cadence chain
has been turned into floating pearl
holding three Qingyun
Fountain slowly in
Xi Zhao Ying such as network of grass to take off

off
the impulse to wait a while
Yunhong town in
makeup mirror in the morning, White KE】 【

been cut off in the forest floor
two white noise Ke
ax
from the shoulders and shake off the memory and the broken pile in Mangcao
between the two white Ke
rewritten last movement as a prelude to
Song of bright sunshine, save moving
like gold thatch thatch De Arbuscular bees
mix mix
burning leaves Zhuo Yi
flash chromatography
Sam Rainsy as extended diffuse to the skies pour warm

effectively echoed around the silent
form but in the rest of life among the
Xuanwu the sunset date
know footlights
will illuminate
swallows the red garden trees seem to have a better understanding of the language
chosen as the wild that two white
Ke
】 【Return of the wind in the night seemed full of harmonies

Greenfield, fireflies, light
station in a distant tips Dream
memory, such as the small wooden bridge
overwhelmed in the time frame of the bank
under the moonlight was still giggling the other side of the stone steps ran up
heart trembling, afraid to leave
Do not return home, do not recall
wandering feet have been tired
head on the shoulders of the mountains far
seems like Zoulehenyuan
Who would have thought back to the original place of departure
pure eyes heavy as the stars shine I rise
, as long as ten years ago, perhaps as
apples will be reaching out to

blood falls down the soul as
discerning from the fire as
this is not true, not true
youth is through the call of the jungle back to forgotten 

New Year fun (d) - Dujiangyan

 Li Bing and his son with building water conservancy projects of the great achievements of the long history of admiration and Dujiangyan, and pure natural beauty, We 2008-2-11 Huayang starting from 8 am, 1 hour 35 minutes arrived. To the door that want to stop parking costs 10 yuan, which is not Kengren Well, but these people do not think they are the way to make money through this Kengren can do, there is no rational to him. but we parked the car after he said something that made me laugh and cry, then: So far, the age of the oldest, the only retention, diversion dam is characterized by a non-ambitious water conservancy project. childhood had heard the story of Li Bing and his son built the Dujiangyan, is great, but how to build the weir, how diversion, something a little on the detailed can not be said here. in college who studied fluid mechanics,UGG boots, inkling that the principles of fluid motion. In the face of Dujiangyan, Li Bing and his son then I can not imagine how to calculate how this works, how to locate the open pass drainage areas. The more we do not know, the more can not imagine, the more incredible, more Chinese people can feel the wisdom and experience the ancient civilization of the great flood for the greatest feat of human pride. Do not wordy, up to see how she scientific solution automatically divert the river, automatic flushing, control water flow problems, eliminate the flooding, the western Sichuan Plain into a it.
we are away from the reactor from the door into the park, the quiet jungle, always make people linger. First of all to visit the Heritage Museum Dujiangyan, which a large number of historical data on the Dujiangyan Irrigation Project to deepen the understanding of Guyan, by the way look at the stone hall. and then go forty-two (the number of my dad) is located steps away from the heap of Fulong, we see that the right of a monument ,Discount UGG boots, that is Yu Leishan, Li Bing was the construction of Dujiangyan Irrigation Project, the first opening Yu Leishan, soil separation Jiang Yu Leishan open here, forming an isolated hill heap, this is the origin from the heap.
Fulong Front Hall, dedicated the statue of Li Bing. It is said that when the gate is in the construction of river bed in the back again. because of stone lying in the river, the text clearly visible chest. the middle of the text: ice shoulder to ensure that only benefit the people of Minjiang River. in the rear left open at a pavilion, the name I saw green water in the swing Neijiang. Why is it green? - because the color depth of the refraction presented.
here you can see the most spectacular treasure bottle
Baopingkou the level and flow with the river Jihuan automatically adjust the amount of water, like the same bottle, and strictly control the flow of river water into the Chengdu Plain, when the treasure bottle of water into the saturated (about 700 cubic meters / second), no matter how much flooding occurred Minjiang River, Po bottle also refused the shown the level of water science in ancient China, are not worthy of you whom we are proud!
add Baopingkou origin: As early as 2000 years ago the state of Qin, no gunpowder, and the use of iron are more backward, and this is a picture-Yu Leishan and rock (conglomerate sedimentary rock), the structure is very strong, indeed the gap to be excavated is not easy to do. I think of the use of burning rock, so hot, then water vinegar. chisel to the floor, and then burn a layer, repeat the procedure, and finally, after eight years, opened a wide-m 20M, high-40M, 80M long gap, this hole in the Yu Leishan split off from the reactor, also built a treasure bottle.
we shake down the bridge into the sandstorm weir. My parents went up a sweat scared ah!
Feisha weir is Dujiangyan The second main water conservancy project, which weir repair the side away from the reactor is a low dam, crest is only 2.15 meters away from the river. Its main function is to Neijiang flood sediment. from the fish within the river divided into the , was from the heap a natural swirl together, when summer and fall quarter bottle of water flow can be greater than the flow of treasure, the treasure can not bottle the water, the main escape from the sandstorm weir, and swirl the pan- windblown sand in the sediment from the weir together from the outflow will go. . flood, from the fish head points into the flow of the main channel Neijiang up to four times the flow of treasure bottle .75% of the river can escape from here. When the dry season, water level lower than the Feisha weir, it has become a natural sluice, flood discharge automatically lose the function of irrigation to ensure the Chengdu Plain. Data also showed that the second use of the weir in the corner Feisha fluid mechanics,UGGs, discharged about 15% of river sediment. fish head is 80% of sediment, the flow of sediment on the Chengdu Plain water only about 5%. The next figure I'm from the West Tea Horse Road taken off. 

The social roots of moral hypocrisy

 Abstract: China's traditional morality is a moral Jiaoren not a good life, a desire to start from the restraint Man enough to be the most useful tools of desire . This moral basis for existence is the existence of an authoritarian regime. autocratic society are bound to appear most vulnerable to political and moral authority. in authoritarian societies, people rely on the interest of achieving the supreme political authority and moral goodness and beauty to complete, it is legitimate or not legitimate interests have been submerged under the guise of morality. China's br> close reading of Mr. Huang Renyu's moral issue? this moral can adapt to the needs of social development? China since ancient times are proud of their own morality, but that is precisely the problem can become difficult to resolve a deadlock in China. The moral issue is it? is that China is built on the basis of moral founding, this is a problem of moral and ethical. then this is what is ethics? This is a moral Jiaoren not a good life. Here, dead better than the injured , seriously better than the minor injuries, minor injuries better than non-injury. In the desire to restrain myself, is also the standard that they are so-called Do not moved by temptations. The result, those who are ultimately to be a normal person into a whole person of unsound mind, can become a The common characteristics. in fact, the Chinese representative of the god of the highest moral character, the first Chinese sage Confucius did not fully have a good this Southern child difficulty, we can see that things are very hard to do.
descendants ambition seems to have crossed the saints, so after Almost all the the pursuit of perfection in the world of high virtue, we are using this kind of people. in the West has seen in modern times there is so ethical, they face the emphasis on German life. Although we have are not related. we all levels and types of schools are in the difficult moral lamented, of moral education is low, are exploring ways to solve this problem, but few people from this Reflections of a , the negative effective. and we are always thinking about the way we work must be a problem, or the moral conscience of our society is a problem, or is our human nature is a problem, hence the so-called moral bankruptcy one said. on this issue that I have a totally opposite view, that modern China has the People always remember the fifties and sixties that was a high level of social morality, but I do not know, as an informant, criticism, telling lies, perjury, conspiracy can be implemented as well as Yangmou openly, the so-called five four types of molecules or molecular improper What some people and moral society? may then really Even if no one close family can always break into, so close the doors it is unnecessary; then of course there is not much theft, at least not so much today, but it also was not much to steal things, not to mention at that time in their own yard with two pumpkins can be treated as cutting the tail of capitalism go, things were equal, even when things do not like, is unfit to talk about ethics in the. when people do not have any legal sense of freedom In rural areas, all farmers are locked in a fixed land; in the city, all the other people are locked in fixed units, layers of people between the level of dependency. society is not public power representatives, but no minimum space to the slave, in this case few less Daozei not necessarily that people's moral standards were high, because the customs house in an iron cage is no longer the wolf bite, not that this is not the wolf nature of the bite. not to mention sounding at the same time people in how brutally destroying their own kind. we are still using this age of not as good as gone, but now people do not want a little free space relative only to the beginning of modern morality. But if we can not doubt the requirements and even the least sense of civic and public rules is immune to the huge gap between guaranteed, it would only enable us to continue from generation to generation hypocrisy. formalism and hypocrisy prevalent in society can only be intensified.

Trendy husband and wife after 80 Little things make people eat big thing

 Abstract by the appropriate man he is, I leveraged female, the same as 80, but not non-mainstream. Enthusiastic gossip, like food, are Scorpio Mensao, like naked, but also like (abuse) of small animals, the most important is mm super BT! s
body  wow, perfect match! s
wife in the time I do not know, I may still be a man of the left. blind date no less than ten times, not in a blank . Spring is home to a few days later saying: ; pro-marriage! s
My mother said: ; forced wow, we were a perfect match. s
by the fitness he is male, I am a female leverage,UGG bailey button, the same as 80, but not non-mainstream. enthusiastic gossip, like food, are Scorpio Mensao, like naked, but also like (abuse) of small animals, most notably mm super BT! s
BT is what? You OUT, metamorphosis chant! but our only nest couple of metamorphosis,Bailey UGG boots, the society has nothing to do, the people friendly . s
we both love is the greatest appearance than the spring of your brother, Lang feeling concubine Italy, Juanqimei get any cooler. s
husband and I are good on ever since the original support of two starling, thrush, a parrot to come home to him all the lost parents serve. once and he returned to her husband's family that he intended to appease the next Kutaichoushen parrot, the parrot did not want a deep resentment of the mouth down, the hand came close to being pecked bleeding. He turned to parents, said: vegetables, stewed parrot!
Yu Fu technique s
BT's own acquaintance, he called me little gray, I call him little day; love, he calls me baby child, I tell him to call bell; married, he called I lead, I told him, man, get married, he told my wife, I call him the treasurer; present,UGG boots clearance, he told me to follow suit old bitch,cheap UGG boots, I call him wicked lords. s
to purified water to wash my skin every time I take a look to pick up pots of water on his Hekou chrysanthemum tea is also not so good waste of time to indignant and said: He found some tea in the teapot was very loved, I was hooked on to deal with his . It means a hundred test unhappy, and he is absolutely right for mercy, to Han to Han. s
there are times my husband went to his buddy's wedding, came back I asked: ! Then flattering: . he: you? call me! By the way, the owner or not to pot? circle of our mother Zhaoyan sigh, do nothing all day to wait on that a few birds, really boring, there are many good hold grandchildren. s
I have a soft heart, with her husband exchanged glances, then made it! s
Although I'm not a small majority, and made man is the first time. a lot of bitter history, the main cause is the lack of sex life. now opportune, prepared to put pregnancy on the agenda. s
around me say colleagues, classmates, friends, all of them are in his arms, stomach With, and some children running all over the floor. I'm going to learn from them, the results provoke the guidance of a male colleague QQ . s
me: : do not worry, definitely a male baby, my ass so much. husband, apart from anything else went straight to bedroom! husband is helpless: mouth from time to time shouting: s

Just normal to see the world

 Often see those who complain about the summer heat and winter cold, people complain, remember in the winter when the heat better, lamented in the ice and snow in the summer of glory. So, life is always missed, missed the taste of spring's breeze, missed the feeling The sun's bright summer, missed the taste of rice and wheat in the golden autumn, also missed out on the snow-covered winter enjoy a piece of silver. missed in the sigh seasons, missed a lot in the sigh of the time.
for example, when you feel bored, you will think too short life, such as drinking water does not taste like. When you are frustrated desperation, you would think that there is no hope of life such as a pool of stagnant water. When you want to achieve, you will think that life is very happy. When you have gone through ups and downs from one to win your life, you will think that life is wonderful. In fact, life itself is nothing. just because you add to it plain, pain, pleasure and excitement!
four seasons of reincarnation, since there are verdant spring, also has autumn leaves. Since there is a warm summer, will have the winter wind and snow. We have no way to get the river back, and we and no ability to stop time, we have no way to change the heat of summer, there is no way to change the winter cold. but if we can go to a happy mood sunny summer, with wisdom to see the eyes of the snowy winter, Then our world will never be bright. So, as long as the heart Duoliaoyifen moved, then the world would be a more brilliant! it is just normal to look at the world, you will find that the world is really beautiful ... ... 

Daily radiant

 Afraid of her burned me.

told me to grow up quickly so high.

Take me to the nature run.

Radiant, beaming, radiant every day.
I have to get the look ......


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; trees nodded to me,

Birdie told me the flowers smiled at me.

wind came and I hand,

I want to embrace the clouds to a close,

But she flies too high.

what I want to kiss the sun,

numerous friends of nature,

Sale - Friends of the Eagle Mountain community families of the victims

 Mm for the Eagle Club charity Friends of the families of the victims Mountain ,UGGs
August 7, 2002, Peking University Eagle Club mountaineers climbing the peak of Tibet Shisha process, the five members of misfortune avalanche, the two killed and three missing. August 19,UGG boots, six members of a successful search and rescue teams arrived at the scene to find three members of the body, and concluded that two other members buried in the deeper snow layers. So far OK, North climbers avalanche, killing all five players.
They are: Lei Yu, Lin Li Qing, Yang Lei, Lu Zhen, Zhang Xingbo.
killed five young people,bailey UGG boots, to their own family, brought great misfortune and pain. As our fellow climbers, to express the grief of the victims and relatives of the victims concerned,Bailey UGG boots, sympathy sentiment, after communication with the North Eagle Club, in which we are faithful to the issue of charity fund-raising initiatives Mountain: < br> sale items:
coaches autographs, they are: the National Mountaineering Team leader Dr. Ma Xinxiang; Muztagata Chinese climbers in 2002 captain, who climb the world's highest peak Mount Qomolangma, the national mountaineering team plays off the coach; has world's highest peak Mount Everest climb , the Tibet Mountaineering Team Niagara coach; Qinghai Mountaineering Association Jingyang coach.
commemorative T shirt without signature.
the 80 T-shirt, could have been specially designed for this year's national climbers climb Muztagata for Shenzhen Mountaineering Club climbers directed production, highly collectible. Mountain in North Greece is difficult after the incident, to communicate with the national team, climbing club decided to come to a charity sale.
sale objectives:
Sale shall mean: the cost per net ¥ 30.00 (including production costs and transportation costs) of premium.
expected to be received ¥ 5600.00, as the climbers to the families of the victims of Beijing University funds.
buy sale items way:
mountaineering club commissioned the Appropriation:
sale is completed, will amount to the North Eagle Club, handed over by them on behalf of the families of the victims. charity money will be allocated in the want the support of the majority of climbers! 

In dry skin care set (in dry skin apply)

 In dry skin care set (in dry skin apply)
dry skin, lack of sebum secretion, and normal skin care without long-term science and its sebum film is also very easily destroyed. Once the sebum membrane damage,UGG shoes, not only function to reduce moisture,UGG bailey button, and the skin will become dry,UGG boots, itching, peeling or even on the hot and cold,cheap UGG boots, touch and pressure of the defense followed suit less easily cause swelling, local redness and so on. This suit all skin care Like skin products and a weak acid, can fully cleaning, conditioning, nourishing your skin. 

Big States dress PK Olympics

 China
saw this dress, did not want to say,UGG boots, Oh great PK to see a comparison online do not really know the general ugly, how that so uncomfortable wearing the white hat ah!
Spain
people Spain is also wearing a hat, the color is red and yellow, looking more refined than in China, but also design sense, but also Spanish characteristics, and most importantly,UGG boots cheap, people still wear Li Ning brand it,UGGs, ha ha does not appear in China No designer!
looked very elegant French
, especially that female models, and tie a belt, it is very French style girl.
Australia more formal bar and feeling of their country like, blue
Russia is white hat, but at least we can not say very good and see the fine points
than the Chinese people but also Asian countries, Korea is also wearing a suit, how to look for more of it than the Chinese foreign flavor < br> Germany was a very strict sense of their country is also very simple and elegant color
Greek Mediterranean feel that the collar is also very unique Chinese characteristics
not holding the two pieces of red cloth with yellow cloth hard, looking to find uncomfortable. do not say that there is no national feeling,UGG shoes, coupled with the white hat ...
a middle-aged tour throughout!

Twelve horoscope

 Pisces Gregorian 2 19 - March 20 Pisces born in the fall to winter, between the constellations seen in the top of the head to the east, the sign it as a symbol of two fish. Pisces is ruled by the

humans because of the great dreams, Pisces because of the dream was growing up. You pure goodness, and helpful, whenever people need your help, you will not only lend a helping hand, but also attach a lot of love! Learning to help others before their own ability to measure whether the permit, if necessary, said, Pisces, because personality is relatively weak, not strong, so sometimes too honest, vulnerable to other people into trouble. Because the relationship between personality, he is not dared to refuse the trust of others things, so often the case in the knowledge was not being involved in incidents. Watching someone else's face often change their attitude and thus, we can see he is a man without self-confidence. As a more sensitive nature, so easy to fall into serious setbacks Zhimaxiaoshi into, or which cause depression. Talented, like fantasy. By Lai Xinjiang, can adapt to different environments and positions. Is rich in creativity and artistic talent, indulge in the plot and poetic dream, that true happiness is the spiritual body of the world combined. Select from the earthly life, the material will not have much success. Sympathetic, self-sacrifice, the spirit of compassion in society, especially the weak and unfortunate.

a good observation, insight and common sense, ability to learn very fast, very good memory, but also flexible and imaginative, like daydreaming, enjoy the whimsy of the state, also have good reasoning ability, like to travel and be comfortable. Born with a kind, generous, compassion, patience, and conservative temperament. The words of others is very sensitive to the attitude of the people around is no different. Nature of peace, extremely sensitive, angry and perverse tendency to be troubled by the nervous system. If we can overcome the conservative

habits, the feelings are very straightforward, affectionate and considerate person you love, but beware of irrational jealousy. Nature need to get attention and dear, if not then vulnerable to deep injury. In love, very sensitive, romantic fantasy, and unrealistic ideals will make you greatly disappointed.

Pisces people are warm hearted, affectionate, and loved romantic atmosphere. Very friendly to anyone, it is easy to put into the arms of others, trust others. See other people hurt, often forget their ability to work for others, Auntie, easy to believe others do for others, but also want to get a good impression on others, if the other side too realistic for you, destroy your dreams and hope, you will feel dissatisfied with a large against injustice. Generous nature and compassion, will be a lot of friends, these are spiritual and intelligent, loyal friend, willing to sacrifice themselves to help friends. Character is very inclined to sympathize with other people, sensitive and rich intuitive. Individual alertness, mental strength are particularly sensitive, with a vivid imagination, and easy to accept the hint, easily affected by others.

the seat full of idealistic people, but also to take practical approach. Fill deep compassion for others, but often appear shy and modest attitude of interest, lack of confidence in their own, with a special love and harmonious nature, and enjoy home life.

Aries (Gregorian March 21 - 4 19 born persons) is located in Aries from late autumn to early autumn, a little south of the sky on a constellation. Symbol used to indicate the sheep's horn. Aries is ruled by the

Aries character, every word can be Whether for anything, will go all out, Aries's horn is used to illustrate the personality. Aries people, filled with a sense of justice, and strong action, and often can lead others to express their frank opinions, cheerful and encourage colleagues and the trust and respect by others. In addition, the Aries person. Do not want to stay in a rut, stick to bad habits, his thoughts are on the cutting edge of innovation in school. Therefore, it would be more patience, there is impatience, good strong tendency. A high degree of tolerance, there is no fear of hard fighting instinct and willpower. Once you have good hearts, will be able to surmount every difficulty to forge ahead. In the new environment, can play a pioneer spirit, leaders take the lead, open up a new machine, quite the style of leadership. There are also side of the aggression, the greatest joy is to overcome all difficulties, so that the difficult things into orbit.

Aries people is a will, courage, determination, mobility, planning, leadership, is the leader of the masses of people standing in the leadership. Has a sense of adventure ahead, and actively forward the spirit of a pioneering, can take all the new concepts, but also s ambitious, but also has the courage and practical action to realize their personal will. But few loose ends to complete the transaction you created.

who has a positive mobile Aries personality, life, personal, social, economic decisions on all aspects of his personal mental and emotional performance. Passionate sense of justice is full of people, bright and lively, with charming manners and good mental ability, like a respected, good at diplomacy, with the spirit of adventure and enterprise, hobby activities, and his friendly, chivalrous heart, generosity temperament.

like action, is frank type, do not want to home in the quiet, joy around, hate to be bound, and active thinking, imagination, there are intuitive, can be predicted that inspired a rich, warm mental activity, but easy to rough action, and easy to do things on impulse.

Taurus (Gregorian April 20 - May 20 born), Taurus is seen in the sky at night in the winter south of the constellation. Taurus symbol, symbolic head of cattle, and its ruler, the

like a cow Taurus personality, attitude stability and attitude of life very seriously, but on the other hand is also very stubborn, as long as one loses his temper, often no one can stop it. Taurus people, often smiling, not meddling, it will not destroy others live in peace, can be considered to be fairly sophisticated social expert. In his mind, filled with an intensity not a good psychological defeat,UGG bailey button, once loses his temper, it reveals the violent side of unimaginable, often surprised that people around. Moderate and strong personality, temperament calm and at ease. Although hesitant of things, but once decided, will be able to perseverance, perseverance to move forward. Patient and strong, to act cautiously, but there are stubborn side. Entrusted by the people shall be the sole property of loyalty and will never give up halfway. Possessive, comparative pursuit of material satisfaction, and adhere to the degree of perfection of things, is an artistic design and horticulture are very talented people. Man humor, funny, and often can be friends of all ages.

Taurus people have a natural aesthetic sense, like the beautiful and practical objects. Honest, gentle, sincere, reliable, obedient, trustworthy person is someone else, have the courage to have patience, determination and a determination, imaginative and innovative thinking on economic matters, robust and reliable manner, also good at saving.

gives the impression of a quiet, honest, stable, introverted, more negative style of work, but humane, very careful work, and certainly stress methods, ability to do our best, there are the advantages of patience is Taurus . On the one hand there is stubborn, selfish, bad temper, more lazy, likes luxury vanity, self-indulgence of the shortcomings. Verbal or written communication to express, seem stiff and the reaction is not very sensitive.

love strong, but there are exclusive unique ingredients. Usually like a quiet home life and the heart and kindness and affection. Can be a loyal and satisfied married couples. Is to concentrate on doing what they have learned, do not overlook the details, so take a long time, is the time to really understand that people might think you're slow to learn, but you have to remember what they have learned is that persistent than others. A determination, a matter of interest some to learn that there is sufficient imagination and innovative thinking, which can improve your work, and help you succeed.

like beautiful things, such as food, luxury goods, but also enjoy the arts and fine arts. Taurus people are not so mentally active, but has a wealth of general knowledge and practical, neither is the idealist who will not be a dream, but the bit cautious and steady enthusiasm of people, not the wish of any something for nothing, just continued efforts in the cause to achieve the proper results. Practical step by step until the target date to reach, so you will eventually get solid fruits of success.

Gemini (Gregorian May 21 - 6 21 born persons) Gemini is from winter to spring, between the east coast in the Galaxy, a constellation. Gemini's twin brother, symbols, and its ruler, the

Geminis, the biggest feature in character is a very keen observation. Gemini people, very smart craft, in every respect as able to show their talents. But on the other hand, it made everything know everything, but everything is not fine defects. Curiosity, and desire to constantly absorb new knowledge, Geminis will keep young and charming, making many friends around around him. Personalized sharp and fast. Have a strong curiosity and thirst for knowledge, for new ideas and new popular feeling very sharp. Smart witty, eloquent, is a strategist and speaker. Failing to be able to properly correspond to calm observation, bold and have to play. And often there will be some whim of ideas, there is a bold assumption, carefully verify the personality.

Gemini personality is the temper of a cynical attitude toward the artist, the other character is a clear social house, Gemini will make this dual character of the people who live in contradiction, like fantasy, and easy to meet the day in contemplation and dream. However, inspired and imaginative, the actual occurrence of this constellation have a lot of writers, the new artistic creator, inventor, composer and so on. Potential advantages of artistic ability, disadvantage is the tendency to delay, selfish, do not care about other people's feelings and thoughts, nervousness, get along well and so on.

Gemini people have a wide range of talent, the fast and powerful, intuitive and proactive, do not worry, a happy and lively, clever and changeable. Kind words eloquent, thought unique, strong imagination, a sense of humor, good observation and insight, full of wit. Appearance is very enthusiastic, but the heart is cold.

like having two careers, two romances, like the richly varied life, like frequent travel. Of different environments has great resilience, good timing is right. Comparison of this constellation are controlled by reason, not easy to emotional, and very little experience of deep love.

Cancer (Gregorian 6 21 - July 22 Cancer is born in the spring night, there was a slight bias south of the signs. symbol is represented by the crab's claws. Cancer is ruled by the moon It is indeed incredible. Cancer of the response is not slow, on the contrary, he's feeling very keen, often due to damage by careless people, secretly secretly sad tears. as the result of careful consideration too. So be too realistic . too obvious feelings of likes and dislikes, we should pay more attention to do. feeling rich, strong susceptibility of things. Foreign pro-, and humility, quite public awareness, but internally there is a strong defensive instincts are reluctant to interfere with his private life. general is a mild introvert, but will not bow to evil forces. eager to participate in love family, love village, caring community, a strong sense of self, respect for the people to protect their positions, with nostalgia, is a very traditional man.

Cancer person is more conservative, can enjoy the fun and make friends, not selfishness or vanity, to be frank, generous, honest, loyal friends, and personal beliefs, can be entrusted with important duties or work in secret . have a good comprehension and powers of observation, like meditation, is very attentive, eager to analyze their own thoughts and impulses, is very active imagination, likes to meditate on what happened in the past, to analyze their own inner impulses, there is excellent intuitive, there is a sensitive baby, but the conservative heart, do not often reveal the truth, gentle, considerate, loving, value love, beloved people he loves and has a tendency to jealousy, like children. is a romantic type, but , sometimes absent-minded, mutable.

an active type and negative type of two types. active type who has a strong will power and endurance, the gateway to life, life is very skilled, and favorite activities can catch up with the times, for modern pop feel interested in anything. passive type of person, seems easy to self-sufficiency, listless, lazy behavior, do not want to do any work necessary to success, like the submissive, very stubborn is also attached to his already own, these two types are trained early on with the enlightenment.

this constellation, it is very sensitive, often criticized by malicious people to feel sad criticism. For the past all are remembered and sentimental, very few partners to abandon the old friendship with the former. like the collection of ancient works of art or books, but also like to remember those fun. usually has a good memory.

Leo (Gregorian 7 23 - born August 22) Leo is seen in the sky at night in the spring south of the signs. it symbolizes the heart of a lion and the tail. the ruler, Law will be properly cared for each other. As Leo, born with the temperament of the king, so do also understand the pain of others. But sometimes he like to forget the loneliness and hypocrisy in general, and being obsessed with pleasure. due to have a temper hot-tempered, stubborn, and unwilling to compromise the character, so this point is that Leo people need special attention. they are honest, quite dignified. like to own charm and ability to create a place in the world, and dedicated to a position of authority. doing things with go all the way open and above board, disgust despicable villain acts. there acting talent, self-confident, almost narcissistic. On the other hand, due to generous heart, since to attract the masses. However, about their emotions easily, often feel lonely.

Leo impulsive personality, passion, honesty and loyalty, high ideals, solemn and great sense of humor, fun nature, will attract many people, the people are very polite and considerate. generous, impatient, will not bear grudges for too long, a lively imagination, broad interests, talkative, good reasoning and ability to judge, but also creativity, leadership, life passion, impulse, moving style and artistic talent , performing talent, personality clear, fair and square, imposing, bold self-confidence, enthusiasm, love, is a leading figure. but there are also selfish, arrogant, irritable, moody, vanity, waste and other shortcomings. a bustling side, there are dark , lonely, lonely side.

haughty disposition, a kind of aristocratic temperament, noble and generous heart, naturally do not want the dirty secret aggrieved self-esteem to do, or do mean things. You trust in others, also requires others take the absolute trust of your attitude. you like to be someone else's faith, like the master authority. hard work, but do not want to live to be under the jurisdiction of the position. repetitive and monotonous things for bored, do not like complex trivial details. Leo, in general very strong, with a deep ambition and the tyrannical. the challenge to others, you are above board and fair, never take Yinsi response.

the people of this Block have sufficient self-confidence, and self-belief. but also requires to be praised, very conceited, think they own all the best in the world. like the emotional heart of the bets will be shown love frank . and adventurous nature, the pursuit of ideals to face any danger encountered.

Virgo (solar calendar August 23 - 9 months 22 born persons) Virgo has emerged from the spring in summer A little sign on the south sky. Just as the symbol of purity imposed virgin hair. ruler as the br>
Virgo, it first became apparent, with pure, clean freak, and sense of justice. Virgos are the most annoying thing is unreasonable. His nerves were more sensitive, that some Zhimaxiaoshi also thoughtful . Virgo person is not deliberately look for someone else's trouble, but his love of nature will have to pick holes in the habit, so often not the truth. This is one of the greatest Virgo shortcomings should be addressed. Virgin Block, who, if able to have the strong natural curiosity and a keen sensibility cooperate with each other in pursuit of higher ideals, we can create the extraordinary career. man diligent, meticulous, and like with the society, to act to take reasonable doctrine It is a great contributions to society people. considerate of others, work efficiency has commanding presence, but sometimes overly cautious, but unable to grasp the outline, but in general is a project people, and always in a conscience. more in the minds of personality, full of critical spirit, easily become a sharp critic. has strong moral values.

Virgos are hardworking, practical, prudent, honest and reliable, helpful nature, there are diplomatic skills, grooming and attractive, about dress, independent thinking and observation. also have excellent analytical skills and quick comprehension.

love meditation, very diligent, very much reading, the mind is the wisdom and knowledge are stored, and the analysis of strong and suitable for scientific research. but also has a broad definition of the brains and superior intelligence, to become a smart politician. with a good understanding of the nature and easily moved, kindness compassion, emotional sensitivity and conservative, the overall attention to detail overlooked easily understood the overall situation, with a spirit of service. inborn love neat and precise,UGGs, likes the pure. a sentimental, melancholy tendencies. full of inspiration and intuition to understand the lively personality and motivation of others , modest man, not competition with others, look like a negative, in fact, is the steadfast determination and pragmatism. has shown signs of not drive, but the attitude is very careful to do things according to their conscience, to keep order.

attitude of the actual wealth but also down to earth, with a special smart, capable and diligent workers, good memory, perception of power is also strong, but also has carefully wit, after graduation have the habit of learning, will continue to absorb the spiritual food, good critical judgments, like the analysis, but tend to find fault is easy.

Libra (Gregorian 9 23 - born October 22, Libra is seen in the night in the summer Milky Way constellation west, the constellation of Libra, the sign just as summer levy two plates, Libra, ruled by the a very balanced state, which is Libra's personality. to live together, the probable timely and telling jokes, to grasp the harmony site. In general, Libra is the ordinary people's lives and happiness. Libras will always will not hurt to keep the smooth and slick, smooth manner, so the heart does not like to show the truth. personalized sound and sensible. have a good sense of balance and impartiality, good coordination, in the opposite opinion can often take on mediation responsibility. everything emphasis on logic and strategy, definitely not of violence to resolve things, but by clever wrist, in the other's rights and interests to find the balance. cool lake not indecisive, smooth and slick, quite social talent, easily Bode in positions of providence and courtesy.

Libra people have a balanced mind and body attractive, charming personality, attractive, pleasant and elegant, a woman is beautiful, man is handsome. nature, passionate, gentle, kind, compassion, warm, generous, loyal, a impressionable personality. cherish harmony pleasant living environment, approachable, romantic idealism, sociable, elegant. but on the other hand, there are selfish, willful, irritable, impulsive, fickle drawbacks.

have a strong thirst for knowledge, insight, imagination, and intuitive, natural and expressive, and ask others to give a warm and appreciative response. No hi dispute, there is a tendency to evasive, but indecision, suspense shortcomings,Discount UGG boots, optimistic by nature, like their friends. There intuitive and understand human nature, perspective other people's motives. chorus can control the performance of a rational method feelings are not as excited with the cool and clever way to express feelings.

charming personality brought about by too many friends and acquaintances. resonate with the heart strong, compassionate and heavy feelings, attitude towards others just and good. is to understand the feelings of others, is due to inner peace and love, with friends and family around to keep a harmonious relationship, tend to seek to share the happiness of marriage partner, but also the love of the unusual the concept of beauty and aesthetics, there is a sense of balance, line and color of the trial do not feel particularly good strength.

you like all fair dealing. too sophisticated and skilled in the measure,Bailey UGG boots, so that when the temporary things need to determine under indecisive. Instrumentation attitude is very elegant, but pay attention to courtesy, to the heterosexual love life, with a noble development, detailed and balanced performance, there will be a harmonious sexual relationship

How Buffett investment during inflation - Orient Securities Research Institute

 Buffett: Inflation during the how to invest - Orient Securities Research Institute 

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Tags: Financial stocks Category: Investment Classics article

Buffett: Inflation during the how to invest - Orient Securities Research Institute

2009-06-22 Dynamic analysis of stock market

This article was first published in May 1977 in the Contemporary investors will benefit.

Buffett believes that in terms of economic nature, in fact very similar to stocks and bonds, stock shares, but is wearing a coat to the fancy dress party on Wall Street Because the nature of the stock and bonds are very similar to the stock by the effect of inflation is also very large. Inflation transfer wealth to improve the income of the shareholders the potential for welfare of workers is not large. To generate more economic benefits, we need a substantial increase in real capital, and investment in modern production facilities. In addition, the effects of inflation real capital accumulation, expansion of some enterprises after the payment of funds depleted, the companies issuing new shares in the dividend and the games between the end of injury or investors. Inflation rate of return of the enterprise are universal, but requires a lot of expenditure on tangible assets to maintain the business enterprises tend to hurt more by inflation; needs of enterprise expenditure on tangible assets less harm to a lesser extent; economy companies with high goodwill also less subject to damage ... ...

similar to stocks and bonds in the inflation environment, poor performance, it is no secret. Over the past ten years (the sixties and seventies), most of the time we are in an inflationary environment in the stock, this is a difficult period.

However, people in the stock market during this period because of the understanding is still insufficient. Problems of inflation during the bondholders is not difficult to understand. When the dollar value of the monthly deterioration of income and principal in U.S. dollars of securities will not be a big winner.

stocks and bonds has long been that different. For many years, it is generally accepted that stocks can hedge against inflation risk. Produce the source of this understanding is that the stock is not representative claims, but has the ownership of the company production facilities. Investors that, no matter how the Government printing money, the company's production facilities will be able to maintain their real value.

But why backfire? I think mainly due to the economic nature, in fact very similar to stocks and bonds.

I know that for many investors, this argument may sound strange, they will quickly retort that the return on bonds is fixed, annual rate of return on equity investment fluctuations. However, if you carefully examine the company's total return after World War II, you will find a surprising phenomenon: the return on equity, in fact little change.

coupon stock is fixed

the first decade after World War II (1946-1955), the Dow Jones industrial average annual return of 12.8%. The next decade, the figure was 10.1%. The following decade, the return was 10.9%. However, for many years in general, tend to book value of the rate of return of 12%. Years of inflation, there is no indication that the rate of return significantly more than this level, in the years when price stability is the same. Now, we as a manufacturer of these companies, rather than listed stocks. Assuming the business owner to buy shares at the net. Well, they will also be the return of their own about 12%. Because of this high consistency rate of return, we can reasonably assume it to

, of course, in the real world, not just stock investors buy and hold long term. Instead, investors to invest in the share of the company's profit distribution in a larger cup of soup, Yong war between wits. Obviously, the whole, this chaos in vain, to no impact on equity coupon is only reduced investors should obtain, because frequent trading produces a lot of friction costs, such as advisory fees, brokerage commissions. The existence of an active options market to further increase the cost of friction, the casino-like market did not improve the productivity of U.S. companies, but it requires thousands of people in this labor.

stock is permanent

Another fact is that stock investors in the real world is not usually buy the stock at book value. Sometimes they can buy less than book value, but most of the time higher than the book value purchase price, this happens, the 12% rate of return is even greater pressure. With inflation and no increase in return on equity capital. In essence, buy the shares get is inherently fixed rate securities, which are the same and buy bonds.

, of course, in the form of bonds and stocks have a significant difference. First, the bonds will eventually expire, perhaps the long-term investors need to wait, but eventually investors will be able to re-negotiated contract terms. If the current or expected inflation rate coupon makes less than his past, he may refuse to further the game, unless the supply of coupons can now rekindle his interest. Similar situations have occurred in recent years.

However, the stock is permanent. Maturity of the stock infinity. Stock investors locked in gains earned by U.S. firms can, no matter how many. If corporate America is bound to be the rate of return of 12%, then investors must accept the return. Overall, neither equity investors to exit, can not re-negotiate the contract terms. Individual companies may be sold or liquidated, the company may repurchase shares. However, overall, new issues and retained earnings to ensure that our system will increase the equity capital.

So, we hit a point to the form of bonds. Coupon bonds will eventually be re-negotiated equity Of course, we must admit that the long-term rate of return of 12% coupon does not appear to require significant changes.

wearing

our stock, but is wearing a coat to the Wall Street stock fancy dress party of the

ordinary bonds and the return rate was 12% of the Normally, bond investors receive all cash coupon, you can freely re-investment. In contrast, stock investors some of the equity coupon retained by the company, its re-investment rate of return can only be the company's rate of return. In other words, 12% annual rate of return of part of the dividend, the remainder being invested in the company, and then generate 12% return rate.

high inflation, high interest rate era - the stock lost its investors have quit

look back ,1946-1966 years, investors may think they got really points the three cups full of soup. First, they benefit from the interest rate was much higher than the rate of return on equity. Second, the company will be a large return on equity and access to higher reinvestment rate of return is difficult to obtain by other means such a high rate of return. Third, as is widely recognized that the first two advantages, stock investors also benefit from the appreciation of equity capital. This means that, in addition to about 12% of basic share capital return on capital, the investors also received a bonus, this part of the dividends from the Dow's book value from 1.33 times in 1946, rose to 2.20 in 1966 times the benefits. Increase in the valuation process, investors temporarily invested enterprises earned more than the inherent profitability of its rate of return.

to 60 mid and large institutional investors finally found the investment in However, in these financial giants began to compete to buy shares, we entered the accelerated inflation, the era of higher interest rates. Reverse the rising valuation process begins, which is quite logical. Inexorably rising interest rates reduce the investment of all existing fixed coupon value of the subject. With the long-term corporate bond rates start to rise (and eventually rose to 10%), and shares 12% of the equity rate of return and re-investment privileges are pale.

assumed that stocks were risky than bonds, which is understandable. Although the share capital of the largely fixed coupon in the long run, but every year there is indeed a fluctuation. The attitude of investors in the future, subject to considerable annual fluctuations, although this effect is often wrong. Another big equity risk factor is the maturity of their infinitely long. As this layer of additional risk, investors expect the natural reaction is secure in return on equity than bond returns, for example, if the return on bonds is 10%, then the same type of shares issued by the company's return on equity of 12% can not be regarded as With the spread down, began to seek out stock investors.

However, stock investors as a whole can not quit. They can do is a lot of hands, a large amount of friction costs, followed by valuation levels dropped significantly, because 12% of the share capital of the coupon in less attractive in an inflationary environment. Over the past 10 years, bond investors through a series of shocks, in the process, they found that the level of any coupons - either 6%, 8% or 10% - are not doomed, bond prices also will collapse. Most stock investors do not realize they also have a

enterprises to improve the profitability of the five methods is difficult in an inflationary environment of ridiculous

we must consider that 12% of the equity coupon is immutable? Is there any law that the company's return on equity capital continues to rise in the inflation environment, it can not be adjusted upward?

of course, no such law. However, on the other hand, the United States can not be arbitrary or through legislation to improve the company profitability. To improve the return on equity, companies need to do at least the following point: (1) increase turnover, that is, sales and business use of total assets; (2) leverage the use of more expensive; (3) use more leverage; (4) reduce the income tax; (5) increased operating margins.

addition to these, I am afraid to increase return on ordinary shares of no other way. Whether these methods can not improve during the inflation, the company's equity capital rate of return? Below we will carefully described.

first, to increase turnover. About this, we need to consider three major asset categories: accounts receivable, inventory, fixed assets.

accounts receivable growth and increases in proportion to sales, whether sales growth by volume growth, price increases or by the driver. This is no increase in space.

The inventory situation is not so simple. The long term, following the trend of flat stock unit sales trend. However, the short term, the inventory turnover rate may be due to factors such as the expected cost or the impact of the bottleneck up and down.

use the When sales rise due to inflation, using the But in any case, the amount of turnover rate.

20 century and the early 70s, the company using the This trend seems to slow. However, many use the

turnover rate of inflation rose marginally

to fixed assets, as long as the rise in the inflation rate, the first result is to enhance turnover. This is because sales will immediately reflect the new price level, but on account of fixed assets reflect changes only slowly, that is, with the retirement of existing assets and the new price is reset to reflect the changes. Obviously, the slower the company's relocation process, turnover rose more. However, when the company's replacement cycle is complete, the turnover rate will not be so up. Assuming the inflation rate stability, sales and fixed assets will begin to rise with inflation rate constant.

Overall, the turnover rate of inflation can bring a certain degree of increase. Part of the increase is certain, since the use of However, the turnover rate of inflation rise is limited, the rate of return on equity capital sufficient to lead to a significant increase.

then use the leverage it can bring cheaper rate of return on equity capital increase? unlikely. High inflation often leads to increased borrowing costs, rather than decrease. Capital requirements led to soaring inflation rate soared, as lenders worry about long-term loan contracts deepening, more and more stringent loan conditions. However, even if interest rates will not rise further, leverage will become more expensive because the company carrying on the average cost of debt is less than replacement cost. After the expiration of existing debt, need to be replaced. Overall, the cost of future changes in leverage on return on equity may have a slight inhibition.

lenders willing to lend?

financing needs caused by inflation, ironically, is that companies need high profit margins relatively low debt to capital; but low profit margins on the debt of companies seem to Yuhenantian. Lender awareness of the issue now know more than before, so not quite willing to lend to those capital demand, low profit margins so that they substantially increase the company leverage.

However, in an inflationary environment, many companies seem to be the future by increasing leverage to increase return on equity. Management do so because they need a lot of capital, they want to cut dividend or issue new shares do not need to be able to obtain large amounts of capital, because in an inflationary environment attractive to new shares issued is not significant. Therefore, regardless of the cost of their natural reaction is to a large scale borrowing.

However, the current loan interest rates increase the return on equity to enhance the role and the early 60's 4% interest rate for loans far cry from the role. To make matters worse, the debt ratio will also lead to increased credit rating downgrades, leading to further rise in interest costs.

Therefore, in addition to previously outlined, the above reasons will lead to leverage costs. Overall, the downside of leverage costs may offset the benefits of increased leverage.

addition, the U.S. company's debt is much higher than the traditional system, the balance sheet shows the level. Many companies have a huge pension obligations, the number and the company's current employees upon retirement linked to wage levels. In 1955-1965 years, low interest rate environment, the debt from these pension plans is reasonably predictable. Today, no one can say clearly how much the company ultimately obligations.

, of course, on both an annual report on the performance of the pension debt is not accurate data. If the authenticity and reliability of this data, then the number of companies can pre-pay this amount, add it to the existing pension assets, pension assets will be left to an insurance company, all of it to bear the company's pension liabilities are . Alas, I am afraid that in the real world could not find one willing to listen to the transaction of insurance companies.

United States, almost every issue of the company's accounting thought However, by the burden of private sector pension system, the U.S. has the burdens of the companies in fact equivalent to a surprising number of the bond debt.

shareholders should be viewed with a critical eye the increase in leverage, whether it is traditional debt, or not accounted for with the price-linked In the case of non-liability company obtained a 12% rate of return is much better than the debt-ridden enterprises to obtain the same rate of return. This means that now the company's return on equity of 12% of the value is far less than 20 years ago, the rate of return of 12% of the value. reduce the income tax is not feasible



reduce the corporate income tax seems unlikely to improve the return on equity capital. Held by U.S. investors in the company's stock can only be counted as class D, A, B, C class were federal, state and municipal governments hold,UGG bailey button, the representative of the rights of their income tax. Although these

the A, B, C stocks, another attractive feature is that as long as any kind of payment is required, for example, holders of the shares of Class A (Federal Government), as long as Congress can take action. Even more interesting is that sometimes one type of security holders will vote back possession of the enterprise to improve their share of the company in New York in 1975,Discount UGG boots, very frustrating to find out the situation. Whenever A, B, C class

Looking ahead, the long term, that A, B, C class of stock control would reduce their share of the vote would be unwise. Class D shareholders will likely have to work hard to maintain their own share.

FTC statistics show that operating margins decline in inflation

we mentioned above, the five ways to increase return on equity, the last one is to improve operating margins. Some optimists hope that this approach can significantly improve the return on equity. There is no evidence they were wrong. However, the $ 1 in sales in only 100 cents, we get the residual value, pre-tax profits, and this $ 1 of net sales but also a number of expenditure, major projects, including labor, raw materials, energy, and a variety of inter taxes other than income taxes. Inflation period, the relative importance of these costs seems difficult to decline.

Moreover, the recent statistical evidence does not support the view that inflation margin expanded during the argument. In 1956-1965 this period of relatively low inflation, the Federal Trade Commission (FTC) report on the manufacturing companies each quarter pre-tax average annual return on sales was 8.6%. 1966-1975 years, the average profit margin is 8%. In other words, despite the significant increase in the inflation rate, the company profit margins declined.

replacement cost if the enterprise in accordance with the pricing, profit margins will expand in the inflation period. However, a simple fact is that, although most large enterprises have widespread influence on the market confidence, but they failed to do the replacement cost pricing. Replacement cost method of accounting is almost always shown over the past decade, a substantial decline in corporate profits. If you like oil, steel and aluminum and other major industries veritable monopoly power, then we can only think highly of their pricing policy constraints.

above may increase the return on common stock of the five factors are finished. In my opinion, the inflation period, the effectiveness of these methods are not large. Maybe you're more optimistic after completing the analysis, but remember that 12% rate of return has been with us for many years.

future earnings three factors: book value and market value of the relationship between tax rates and inflation rate

Maybe you agree with the 12% rate of return on equity of more or less fixed, however you want in the coming years are still making good returns. This is understandable, after all, a long time, many investors earnings are good. However, your future earnings will depend on three variables: book value and market value of the relationship between tax rates and inflation rates.

us to simply calculate the book value and market value. When the stock price has been equal to book value, everything is very simple. If the stock's book value is 100 dollars, the average market value is $ 100, corporate earnings will be 12% of investors 12% returns. If the dividend payout ratio is 50%, the investor will receive a $ 6 dividend, and the increase in book value from the enterprise to obtain another $ 6, $ 6 which will naturally be reflected in the investors in the market value of shares held.

If the stock price is 150% of book value, the whole situation changed. Investors also will receive $ 6 cash dividend, but the return rate of only 4% of the cost. Book value of the enterprise will also rose by 6% to $ 106, the market value of the shares held by investors in a similar manner also rose 6% to $ 159. However, the total return investors - including stock appreciation and dividends - only 10%, 12% lower than the corporate rate of return of the original.

for less than book value when investors buy shares when the price, just reversed the process. For example, if the stock price is 80% of book value, assuming that earnings and dividend payout ratio, and the cases of the same, then the dividend yield would be 7.6% (6 / 80), the stock appreciated by 6%,cheap UGG boots, the total return of 13.5%. In other words, a discount to buy shares is higher than the rate of return premium to buy shares, it is common sense.

100%. Assuming the future of this ratio is close to 100%, which means that stock investors will get 12% of all corporate returns, at least they contain inflation, the tax rate of return of 12%.

inflation is a tax, income after deduction of the number?

inflation is to develop a legislative body than any of our taxes are more damaging taxes. Inflation tax has engulfed the capital of the wonderful features.

If I close the inflation rate assumption is correct, then even if the market rises, the result is still disappointing. Last month, the Dow is about 920 points, compared to 10 years rose 55 points. However, when adjusted for inflation, the Dow fell about 345 points - fell to 520 points from 865 points. Even to get this result, the Dow component companies have about half of the income is not distributed to owners, but the re-investment.

the next decade, only 12% of the equity interest count votes, 40% dividend payout ratio and the current 110% of book value, the Dow will double. Taking into account the inflation rate of 7% in the 1800 sale of stock investors to pay capital gains tax on the actual situation of the poor more than it is now.

Here, I can almost hear the pessimistic investors to predict the response I had. They may think that, regardless of the investment environment in the future, what kind of difficulties faced, they always strive to turn in an excellent investment in their own responses. Their success may not be large, of course, investors whole, can not succeed. If you think you can sell a whim to buy the securities, and gains more than the inflation rate, I'd like to be your agent, but not partners. Even the so-called tax-free

investors - pension funds, university endowment funds - can not escape the inflation tax. If I assume that the 7% inflation rate is correct, then the University of accounting should be the top 7% of annual revenue on purchasing power just as a supplement. Endowment Fund rate of return if less than 7%, they actually earn nothing. If the inflation rate of 7%, 8% of the overall investment rate of return, then, these institutions from the fact that the tax-free to pay 87.5% of the

inflation real capital accumulation, after the payment of funds running low expansion

To understand the effect of inflation on real capital accumulation, requires a little calculation. We do return to the 12% return on equity capital, net of depreciation of the profits should be allowed to reset the existing capacity.

we assume that half of the profits distributed as dividends out of the remaining 6% of equity capital for future growth. If inflation is low, a large part of the company's growth is real growth in physical output. Because in this case, in order to replicate this year's physical output, the second year into the accounts receivable, inventory and fixed assets, funds must be increased by 2%, so only 4% of the incremental investment in physical output section. That is, the amount of 2% growth in funding for the Unreal, reflect inflation; the remaining 4% real growth in funding. If the population growth of 1%, the actual increase in output to bring the per capita net income grew 4% 3%. We used the per capita net income growth of economy is basically in this level.

Now we do another operation. If the inflation rate is 7%, dividend policies and leverage ratios remain the same, consider the inflation component, the remaining zero real growth. 12% of the profits in the half for the dividend, the remaining 6% of all used to maintain the volume of business last year, the increase in funding. Many companies do not actually post in the normal dividend retained earnings to finance for business expansion, they began to ask how we can reduce the dividend at the same time not annoy shareholders? I give them a good news, we already have such programs the.

recent years, the dividend capacity of the power generation industry little or none. In other words, if investors agree to buy their shares, they have the ability to dividend. In 1975, the power industry to pay common stock dividend of 3.3 billion, require investors to return 3.4 billion. Of course, they cleverly decided to shattering, so to avoid repeating the mistakes of Con Ed's. In 1974, Con Ed is simply to tell investors the company unable to pay dividends. The company frank but unwise in the capital markets in return was a disaster.

smart little utilities companies to maintain and even increase its quarterly dividend levels, and then ask the new and old shareholders send your money back. In other words, the company issued new shares. This approach would give huge tax department of capital and underwriters. However, it seems everyone is high spirits, especially the underwriters. Perhaps the Government is the solution

end it

actual as companies grapple with the problem of capital accumulation is expected to cut dividends this approach will be more widely used. However, the controlling shareholder can not completely solve the problem. Inflation rate of 7% and 12% rate of return led to real growth to meet the company's future cash flow less required.

Thus, with the traditional method of private capital accumulation has become precarious in the face of inflation, our government will increasingly attempt to influence the industry's capital inflows, they may fail as the United Kingdom, or, as the Japanese as a success. United States does not have Japanese-style, government, business and labor required close cooperation of cultural and historical background of the soil. If you're lucky, we might be able to avoid the steps the UK has followed in the UK, the distribution of various groups around the cake, the cake bigger rather than battling third.

short, over time, we may hear more about the investment, stagflation and the private sector can not meet the needs of the story.

with: inflation environment is expected to better company performance Since

impact of inflation on corporate profits is universal, then what hurt small companies? in 1983 letter to shareholders,Bailey UGG boots, Buffett pointed out that although a long time people think that natural resources, plant, machinery or other tangible assets of most companies provide a wealth of inflation protection, but not the case. Net tangible assets of any need for operating expenditures are non-leveraged companies will be hurt by inflation. Requires very little expenditure on tangible assets, the smallest businesses hurt by inflation. Return on assets of businesses typically low weight, and its rate of return is often insufficient to meet the inflation of the company's existing business operations, capital requirements, there is no remaining funds to support real growth in dividends to shareholders, to acquire new business. In contrast, inflation in the years in the wealth accumulated, those smaller demand for tangible assets, intangible assets with lasting value, accounting for a larger enterprise. Period of inflation, economic goodwill (not accounting goodwill) can continue to create value, because the real economic value of goodwill in the name is usually proportional to growth and inflation.

in 1981 letter to shareholders, Buffett noted that Berkshire Hathaway's acquisition of the two types of company results are very beautiful, one of which happens to be well adapted to the inflation environment of the enterprise. Such companies must have two characteristics: (1) have the ability without worrying about market share and unit of production dropped significantly in the case of easily raise prices (even when the steady demand, production capacity has not been fully utilized as it can), ( 2) have the ability to significantly increase the amount of corporate output (more is due to inflation than real growth) and less need to coordinate the additional capital investment.