The Lisbon Strategy, also known as the Lisbon Agenda or Lisbon Process, is an action and development plan for the European Union. It was set out by the European Council in Lisbon on March 2000.

Preparation was carried out in relation with the broader reaching Council of Europe, the international organization of the "wider Europe", which also has charge of education in Europe.

Between April and November 2004, Wim Kok headed up a review of the program and presented a report on the Lisbon strategy suggesting how to give new impetus to the process.

The review group consisted of 12 individuals representing different Stakeholder groups. Among these are Anne-Marie Idrac, chair of RATP, the Paris public transport system, and a former Transport Minister; Will Hutton, governor of the London School of Economics and chief executive of the Work Foundation; and Niall Fitzgerald, chair of Unilever and co-chair of the Transatlantic Business Dialogue, a lobby organisation criticized for representing US-american interests in Europe.

The Commission used this report to declare the social and environmental aspects of the Lisbon Agenda were no longer a priority and that instead the strategy would be revised to focus on the economic context only.

Contents [hide] 1 Background and objectives 2 The Strategy 3 Key thinkers and concepts 4 Bibliography 5 See also 5.1 Lobbying around the strategy 6 External links

Background and objectives

The Lisbon Strategy intends to deal with the low productivity and stagnation of economic growth in the EU, through the formulation of various policy initiatives to be taken by all EU member states. The broader objectives set out by the Lisbon strategy are to be attained by 2010.

It was adopted for a ten-year period in 2000 in Lisbon, Portugal by the European Council. It broadly aims at making "the EU the world's most dynamic and competitive economy" by the 2010 deadline. According to Euronews this is to be achieved by transforming Europe into the world's largest knowledge based economy by 2010.

The Strategy

The main fields are economic, social, and environmental renewal and sustainability. The Lisbon Strategy is heavily based on the economic concepts of:

• Innovation as the motor for economic change (based on the writings of Joseph Schumpeter)
• The "learning economy"
• Social and environmental renewal

Under the strategy, a stronger economy will drive job creation in the EU, alongside social and environmental policies that ensure sustainable development and social inclusion, which will themselves drive economic growth even further.

Key thinkers and concepts

Contemporary key thinkers on whose works the Lisbon Strategy is based and/or who were involved in its creation include Maria Joao Rodrigues, Christopher Freeman, Bengt-Ake Lundvall, Luc Soete, Carlota Perez, Manuel Castells, Giovanni Dosi, and Richard Nelson.

Key concepts of the Lisbon Strategy include those of the Knowledge Economy, Innovation, Techno-Economic Paradigms, Technology Governance, and the "Open Method" of Steering.

Bibliography

• Maria Joao Rodrigues (2003), European Policies for a Knowledge Economy, Edward Elgar.

Gresham's law is stated as: "Bad money drives good money out of circulation".

Gresham's law applies specifically when there are two forms of commodity money in circulation which are forced, by the application of legal tender laws, to be respected as having the same face value in the marketplace. It is named after Sir Thomas Gresham, an English financier in Tudor times.

Contents 1 Definitions of "good money" and "bad money" 1.1 Good money 1.2 Bad money 2 Theory 3 Origin of the title 4 Gresham's context 5 Gresham's law in reverse 6 Analogical extensions of Gresham's law 7 References 8 See also

Definitions of "good money" and "bad money"

The terms "good" and "bad" money are used in a technical sense, and with regard to exchange values imposed by legal tender legislation, as follows:

Good money

Good money is money that has little difference between its exchange value and its commodity value. In the original discussions of Gresham's law, money was conceived of entirely as metallic coins, so the commodity value is the market value of the coined bullion of which the coins are made.

An example is the US dollar, which, prior to the 1900s was equal to 1/20.67 ounce (1.5048 g) of gold, and carried an exchange value roughly equal to its coined gold market value.

It is worth noting that in the absence of legal tender laws, metal coin money will freely exchange at somewhat above bullion market value. (This is not a purely theoretical result, but rather can be observed today in bullion coins such as the Krugerrand and the U.S. Gold Eagle.) Honestly coined money is of a known purity, and in a convenient form to handle. People prefer to trade in coins than in anonymous hunks of bullion, so they attribute more value to the coins. Thus, coining is frequently profitable.

Bad money

Bad money is money that has a substantial difference between its commodity value and its market value, where market value is lower than exchange value.

In Gresham's day, bad money included any coin that had been "debased," Debasement was often done by members of the public, cutting or scraping off some of the metal. Coinage could also be debased by the issuing body, whereby less than the officially mandated amount of precious metal is contained in an issue of coinage, usually by alloying it with base metal. Other examples of "bad" money include counterfeit coins made from base metal. In all of these examples, the market value was the supposed value of the coin in the market.

In the case of clipped, scraped or counterfeit coins, the market value has been reduced by fraud, while the exchange value remains at the higher value. On the other hand, with coinage debased by a government issuer the market value of the coinage was often reduced quite openly, but the exchange value of the debased coins was held at the higher level by legal tender laws.

All modern money is "bad money" in this sense, since fiat money has entirely replaced the commodity money to which Gresham's law applies. The ubiquity of fiat money could indeed be taken as evidence for the truth of Gresham's law.

Theory

Gresham's law says that any circulating currency consisting of both "good" and "bad" money, where both forms are required to be accepted at equal value under legal tender law, quickly becomes dominated by the "bad" money. This is because people spending money will hand over the "bad" coins rather than the "good" ones, keeping the "good" ones for themselves.

Consider a customer purchasing an item which costs five pence, who has in his possession several silver sixpence coins. Some of these coins are more debased, while others are less so -- but legally, they are all mandated to be of equal value. The customer would prefer to retain the better coins, and so offers the shopkeeper the most debased one. In turn, the shopkeeper must give one penny in change -- and has every reason to give the most debased penny. Thus, the coins that circulate in the transaction will tend to be of the most debased sort available to the parties.

If "good" coins have a face value below that of their metallic content, individuals may melt them down and sell the metal for its higher bullion value. For an example of this, we will look at the 1965 US Half-dollars which were made from only 40% silver. The previous year the half-dollar was 90% silver. With the release of the 1965 half, which was legally required to be accepted at the same value as the previous year's 90% halves, the older 90% silver coinage of the US quickly disappeared from circulation, and the debased money was allowed to circulate in its stead. As the price of bullion silver rose above the face value of the coins many of those old half-dollars were melted down.

In addition to being melted down for its bullion value, money that is considered to be "good" tends to leave an economy through international trade. International traders are not bound by legal tender laws the way citizens of the country are, so they will offer higher value for good coins than bad ones, and thus higher value than can be obtained within the country. The good coins may leave their country of origin to become part of international trade. Thus, the good money is driven out of the country of issue, escaping that country's legal tender laws and leaving the "bad" money behind. This occurred in Britain during the period of the Gold Exchange Standard.

Origin of the title

George Selgin in his paper "Gresham's Law" offers the following comments:

The expression "Gresham's Law" dates back only to 1858, when British economist Henry Dunning Macleod (1858, p. 476-8) decided to name the tendency for bad money to drive good money out of circulation after Sir Thomas Gresham (1519-1579). However, references to such a tendency, sometimes accompanied by discussion of conditions promoting it, occur in various medieval writings, most notably Nicholas Oresme's (c. 1357) Treatise on money, and can even be found in much earlier works, including Aristophanes' The Frogs, where the prevalence of bad politicians is attributed to forces similar to those favoring bad money over good.

The passage from The Frogs referred to is as follows; it is usually dated at 405 B.C.:

The course our city runs is the same towards men and money.

She has true and worthy sons.

She has fine new gold and ancient silver,

coins untouched with alloys, gold or silver,

each well minted, tested each and ringing clear.

Yet we never use them!

Others pass from hand to hand,

sorry brass just struck last week and branded with a wretched brand.

So with men we know for upright, blameless lives and noble names.

These we spurn for men of brass....

"Gresham's Law" was also earlier described by the astronomer Nicolaus Copernicus, in the year that Gresham was born.

Gresham's context

According to George Selgin in his paper "Gresham's Law":

As for Gresham himself, he observed "that good and bad coin cannot circulate together" in a letter written to Queen Elizabeth on the occasion of her accession in 1558. The statement was part of Gresham's explanation for the "unexampled state of badness" England's coinage had been left in following the "Great Debasements" of Henry VIII and Edward VI, which reduced the metallic value of English silver coins to a small fraction of what that value had been at the time of Henry VII. It was owing to these debasements, Gresham observed to the Queen, that "all your ffine goold was convayd ought of this your realm."

Gresham made his observations of good and bad money while in the service of Queen Elizabeth, with respect only to the observed poor quality of the British coinage. The previous monarchs, Henry VIII and Edward VI, forced the people to accept debased coinage by means of their legal tender laws. Gresham also made his comparison of good and bad money where the precious metal in the money was the same. He did not compare silver to gold, or gold to paper.

Gresham's law in reverse

In an influential theoretical article, Rolnick and Weber (1986) argued that bad money would drive good money to a premium rather than driving it out of circulation. However their research did not take into account the context in which Gresham made his observation. Rolnick and Weber ignored the influence of legal tender legislation which requires people to accept both good and bad money as if they were of equal value. They also focussed mainly on the interaction between different metallic moneys, comparing the relative "goodness" of silver to that of gold, which is not what Gresham was speaking of.

The experiences of dollarization in countries with weak economies and currencies (for example Israel in the 1980s, the Eastern European countries in the period immediately after the collapse of the Soviet bloc, or South American countries throughout the late twentieth and early twenty-first century) may be seen as Gresham's Law operating in its reverse form (Guidotti & Rodriguez, 1992), since in general the dollar has not been legal tender in such situations, and in some cases its use has been illegal.

These examples show that in the absence of legal tender laws, Gresham's law works in reverse. If given the choice of what money to accept, people will transact with money they believe to be of highest long-term value. However, if not given the choice, and required to accept all money, good and bad, they will tend to keep the money of greater perceived value in their possession, and pass on the bad money to someone else. Said in another way, in the absence of legal tender laws, the seller will not accept anything but money of real worth (good money), while the existence of legal tender laws will force the seller to accept money with no commodity value (bad money). Thus, the buyer will always try to spend his bad money first, but in the absence of legal tender laws, the seller will not accept money with no real worth.

Analogical extensions of Gresham's law

The Gresham's Law principle has been applied, by analogy, to many different fields.

For example, movie critics have invoked Gresham's law to explain why movies with innovative visuals and writing are rare but, once created, are much copied or made into sequels. The claim is that production companies and theaters see all movies as virtually interchangeable product, and prefer ones which are cheaper to make or that have less risk to promote.

In higher education, "diploma mills" have come into existence producing low-cost qualifications which are often of little or no market value. According to Gresham's law these "bad" diplomas ought to drive out the "good diplomas". However, unlike money, there is no law requiring employers to accept all diplomas as being of equal value. Consequently, each employer is free to assess the value of qualifications as they see fit.

References

• Armitage, Angus, The World of Copernicus, New York, Mentor Books, 1951, pp. 89-91 (chapter 24: The Diseases of Money). Copernicus made notes on "Gresham's [Copernicus'?] Law" in 1519, presented a report on it to a 1522 diet, and drew up an enlarged, Latin-language version of his treatise, setting forth a general theory of money, for the 1528 diet.
• Guidotti, P. E., & Rodriguez, C. A. (1992). Dollarization in Latin America - Gresham law in reverse. International Monetary Fund Staff Papers, 39, 518-544.
• Rolnick, A. J., & Weber, W. E. (1986). Gresham's law or Gresham's fallacy. Journal of Political Economy, 94, 185-199.
• Selgin, G., University of Georgia (2003). Gresham's Law.

1，文化的问题
我觉得制约华人企业的发展的瓶颈最重要的就是文化。中国和英国一样，都有着深厚的文化底蕴，但是这是财富，同时也是包袱。中国崇尚儒家治国，所以仁义有余而严谨不足，简单的说就是不按游戏规则办事，讲私人感情。我个人更推崇的是法家，讲究客观，讲究严谨。

儒家还有个致命的弱点“宁为鸡口，不为牛后”，所以企业在形成规模后很难再有壮大的机会，能源都消耗在“内战”上了，也就是逝者如斯夫MM说的“将军之争”，历史上有“石达开”，现在蒙牛的牛根生 出走伊利，四川的刘永好兄弟，沈阳飞龙的姜伟。这种家庭式的作坊企业在创业阶段由于血缘关系，往往异常团结，但是在上了轨道之后，人人以功臣自居，想各立山头。出了矛盾就拉票人散伙单干，而且往往很多创业者在企业上了轨道以后，就已经不适应形势的需要，只能成为绊脚石，而执政者念及功劳和苦劳不忍心下手。革命不是请客吃饭，作企业也一样，讲究的是能者居之。否则只能在竞争中被淘汰，物竞天择，适者生存（很残酷的说），但是同受儒家思想影响的日本三大财阀 三井，三菱，住友，在经营阵容中已经没有家族成员了，这一点需要我们学习。

欧美人喜欢打桥牌讲究的协作，互惠互利，双赢。日本人喜欢下围棋，讲究的是从大局着眼，不计较局部得失，赢取最后的胜利。中国人喜欢打麻将，讲究的是吃上家，看下家，拆对门，玩独的。（写到此处，停一停可能有鸡蛋和砖头飞来，哈哈哈）

2，少壮派内功修为不足
虽然有陈天桥，丁磊等等少壮富豪，一夜成名，但是他们的泡沫太多，经不起风浪，国际市场有很多人为控制不了的因素，这种没有实业作依托的公司不能说是昙花一现，至少不能百日红花，像李泽楷的盈科数码。打个不恰当的比喻像天山童姥的八荒六和唯我独尊功（没有映射姑姑的意思，哈哈哈）和周芷若九阴神功一样，虽然瞬间威力无比，但长期看容易走火入魔。反观如果练成九阳神功就算是一套普通的少林长拳也能化腐朽为神奇。这就是盈科和长实 和黄的区别。
其次，穷奢极欲和小富即安也是问题

3，TOP岗位的接班人
新老交替顺利也一直困扰者各个企业。小弟才疏学浅，我所知道得也只有柳传志的接班人 杨元庆和郭为算是比较成功。剩下的不是老领导不全放权迷恋权位，就是新领导“阿斗”气太浓。

4，政府干预
很多大企业都是政府安排领导，造成不是很专业的结果。而且，这些领导因为外行，不懂业务，就任人唯亲。简单的说就是外行领导内行，历史上李鸿章任用丁汝昌这个陆军将领兼他的安徽老乡来领导北洋水师，造成全军覆没，导致中国近代史沉入谷底。
而且，国企不是通过市场竞争来强化自己的实力，是靠行政干预来逼强欺弱，典型的就是 青岛啤酒和青岛海尔。

5，始终不能建立自己的商业信用
商业社会虽然讲究的是尔虞我诈，但是那只是商业手法。在商言商，一定要建立信用体系。中国最弱的就是商业信用。虽然美国也有安然这种事件，但是总体来看西方国家只是在个别环节上有问题，整体来看还是比较健康。反观中国，尤其是在金融系统，违规放贷，呆账坏账，不胜枚举。勿以善小而不为，勿以恶小而为之，看看我们自己把，扪心自问一下，考试做过弊吗？坐车逃过票吗？当你觉得我是小题大做时，就说明你已经有问题了。不做假帐，谈何容易。

【心理统计学】是统计学方法在心理学领域的应用。它解决的是心理学实证研究中最重要问题——实验数据的分析处理。 www.6park.com

1.分类 www.6park.com

描述统计——集中趋势分析，离中趋势分析，相关分析。 www.6park.com

推理统计——参数分析、非参数分析、 www.6park.com

从内容上看它，心理统计学可分为描述统计和推论统计两大部分。其中描述统计又分为集中趋势分析和离中趋势分析和相关分析三大部分。推理统计又可按样本容量分为Z检验，T检验，P检验三大类方法。按参与计算的数据个数分,又有单总体检验，平均数差异检验（两总体差异的研究）和多因素分析三种计算。按数据处理方法又可分为参数分析和非参数分析。 www.6park.com

2.描述统计 www.6park.com

描述统计又分为集中趋势分析和离中趋势分析和相关分析三大部分。 www.6park.com

集中趋势分析主要靠平均数、中数、众数等统计指标来表示数据的集中趋势。例如被试的平均成绩多少？是正偏分布还是负偏分布？ www.6park.com

离中趋势分析主要靠全距、四分差、平均差、方差、标准差等统计指标来研究数据的离中趋势。例如，我们想知道两个教学班的语文成绩中，哪个班级内的成绩分布更分散，就可以用两个班级的四分差或百分点来比较。 www.6park.com

相关分析探讨数据之间是否具有统计学上的关联性。这种关系既包括两个数据之间的单一相关关系——如年龄与个人领域空间之间的关系，也包括多个数据之间的多重相关关系——如年龄、抑郁症发生率、个人领域空间之间的关系；既包括A大B就大(小)，A小B就小(大)的直线相关关系，也可以是复杂相关关系（A＝Y－B*X）；既可以是A、B变量同时增大这种正相关关系，也可以是A变量增大时B变量减小这种负相关，还包括两变量共同变化的紧密程度——即相关系数。实际上，相关关系唯一不研究的数据关系，就是数据协同变化的内在根据——即因果关系。获得相关系数有什么用呢？简而言之，有了相关系数，就可以根据回归方程，进行A变量到B变量的估算，这就是所谓的回归分析，因此，相关分析是一种完整的统计研究方法，它贯穿于提出假设，数据研究，数据分析，数据研究的始终。 www.6park.com

例如，我们想知道对监狱情景进行什么改造，可以降低囚徒的暴力倾向。我们就需要将不同的囚舍颜色基调、囚舍绿化程度、囚室人口密度、防风时间、探视时间进行排列组合，然后让每个囚室一种实验处理，然后用因素分析法找出与囚徒暴力倾向的相关系数最高的因素。假定这一因素为囚室人口密度，我们又要将被试随机分入不同人口密度的十几个囚室中生活，继而得到人口密度和暴力倾向两组变量（即我们讨论过的A、B两列变量）。然后，我们将人口密度排入X轴，将暴力倾向分排入Y轴，获得了一个很有价值的图表，当某典狱长想知道，某囚舍扩建到N人/间囚室，暴力倾向能降低多少。我们可以当前人口密度和改建后人口密度带入相应的回归方程，算出扩建前的预期暴力倾向和扩建后的预期暴力倾向，两数据之差即典狱长想知道的结果。 www.6park.com

推论统计是统计学乃至于心理统计学中较为年轻的一部分内容。它以统计结果为依据，来证明或推翻某个命题。具体来说,就是通过分析样本与样本分布的差异，来估算样本与总体、同一样本的前后测成绩差异，样本与样本的成绩差距、总体与总体的成绩差距是否具有显著性差异。例如，我们想研究教育背景是否会影响人的智力测验成绩。可以找一100名24岁大学毕业生和100名24岁初中毕业生。采集他们的比－西智力测验成绩。用推论统计方法进行数据处理，最后会得出类似这样儿的结论：“研究发现，大学毕业生组的成绩显著高于初中毕业生组的成绩，二者在.01水平上具有显著性差异，说明大学毕业生的比－西智力测验成绩优于中学毕业生组。”。 www.6park.com

3.推论统计 www.6park.com

推论统计的理论假设是概率论。概率论研究发现，当样本总体的样本容量达到特定值时候，则[样本总体分布]的形状为Z分布（样本容量三十以上）、T分布（样本容量为三十到八）或P分布（样本容量为十以下）的。这时，我们从样本总体中随机抽出一个样本，这个样本落在这个样本总体的中心区域的可能性较大，落在边缘区域可能性较小，出了某一区域的可能性很小。这一规律在所有定样本容量的数据分布中都存在。因此，我们可把两组数据放到一个坐标系上，然后根据两组数据的统计参数来比较两个分布是否有显著性差异，并估算出猜错的可能性。 www.6park.com

推论统计中最常用到的指标为Z分数（大样本研究）、T分数（小样本研究）、P分数（二项分布研究），检验方式主要有Z检验、T检验、）。除此以外，推理统计中另有非参数分析方法，可以根据数据的秩来计算统计结果。 www.6park.com

推论统计结果的可靠性除了受到实验方法和数据处理方法的影响，还受到样本容量影响，根据过大或过小的样本计算出的结论都可能是不可靠的，为此，心理统计学中又有[[ω2]]法和D值法来检验样本是否大到足以影响推论的地步。 www.6park.com

4.结语 www.6park.com

一般地讲，‘古典’心理统计学的内容主要就是这些。随着统计学、心理学、现代测量理论的发展，包括IRT理论[[item response theory]]理论在内的许多心理学数学研究方法仍在进一步充实心理统计学。实际上，用作心理统计核算的著名数学软件——社会科学统计系统（简称SPSS）每年出一个新版本，而今已经连出了十三版。而且仍然在不断添加新的数据处理程序。因而心理统计学既是古老的学科，又是不断发展着的学科。 www.6park.com

统计学也不仅应用在心理学领域，包括临床医学、教育学、社会学等社会社会科学都广泛使用这些统计学的新成果。因此，想进一步了解心理统计的相关知识，可以搜索SPSS、SAS、心理测量学、现代心理测验理论、数据处理方法、实验心理学、实验方法、统计学、社会学、统计、推理统计、医学统计学等关键词。

我们首先来说说到底什么是hedge fund。 www.6park.com

Hedge fund在商业界，新闻界和学术界有着不同的定义，到现在为止，我个人还没听说过有一个被广泛接受的定义。下面我们看看以下几个定义。 www.6park.com

对冲基金（hedge fund）是众多投资工具之一，其投资目的仍然是以资本增值为主，这方面它与传统的基金分别不大，可是由于对冲基金的基金经理较为低调，所以了解对冲基金的投资者不多。不过，自从金融风暴之后，经过索罗斯（Soros）的量子基金（Quantum Fund）狙击多个经济体系之后，大多数投资者皆闻之色变。
对冲基金的特点是没有一定的投资目标，并不像主题基金或地区基金般有明确的投资路线。因为这个原因，使基金经理可全权处理投资策略，令基金的动向难以触摸。 www.6park.com

以上的定义是从对冲基金的投资结构来定义对冲基金。 www.6park.com

A private, unregistered investment pool encompassing all types of investment funds, companies and private partnerships that can use a variety of investment techniques such as borrowing money through leverage, selling short, derivatives for directional investing and options. www.6park.com

上述定义是从对冲基金的投资方法，监管的角度来定义对冲基金。 www.6park.com

A hedge fund is a loosely regulated investment company that charges incentive fees and usually seeks to generate returns that are not highly correlated to returns on stocks and bonds. www.6park.com

上述定义是从对冲基金的收费和投资结构来定义对冲基金。 www.6park.com

从以上的三个定义，我们可以大抵对冲基金有一个一般性的了解。我们总结以下几点结论：
1）对冲基金的目的就是赚钱（这有点是废话，但是我们可以从后面的几章看出，这并非完全是废话。大伙可以想象，如果对冲基金的唯一目的就是赚钱，可就不是废话了。如果对冲基金的唯一目的就是赚钱，难保有些人会跳出来跟你讲什么corporate social responsibility 等等。搞不好变成政治问题就不好了。）
2）对冲基金的投资结构多种多样。我将在第二章详细说明对冲基金的投资结构。
3）对冲基金的投资方法多种多样。最主要就是卖空与投资杠杆。我将在第三章详细说明对冲基金的投资方法。
4）投资监管部门对对冲基金的监管是松散的。
5）对冲基金的收费主要是incentive fees，但是根据我的经验，多数对冲基金还是会收一个management fee的。我在这里解释一下这两个基本的费用问题。Management fee这是一个flat的费用（大约在asset的1%-2%），说它是flat的费用是因为不论这个基金是否盈利，对冲基金公司都会收取你这个费用。一般会按照每月月末的balance进行收取，有的公司也会每季度，或每半年收取一次。Incentive fee是按照基金的盈利来收取的（大约在赢利的15%-25%），在这里有一个water mark的概念，什么意思呢？ www.6park.com

我给大家举个简单的例子：某客户A投资对冲基金100，000美元在月初，第一个月月末，A的asset变成了150000，这时对冲基金会对这50000元的盈利收取一个incentive fee（比如说15%，那就是7500）。第二个月月末，A的asset又变成140000，那怎么办？对冲基金是不会把你已经交过的incentive fee还给你的，但是这个月你就不用交incentive fee了，什么时候再交呢？就是你的Asset多于150000的时候再交，这个150000就是water mark。 www.6park.com

这时候有人就会问你这个water mark是怎么确定的？你这个时间为什么是一个月？你这个是什么破对冲基金，为什么我赚钱就得交incentive fee，如果我就赚了比银行利息小的钱，你还收我incentive fee，我还不如存银行呢。再说，你还先收我了一个management fee，你也太黑了吧。现在我们就解决这个问题，谁让客户上帝呢？（有时候还真不是上帝，如果整个对冲基金资产过高，那对冲基金就会牛起来了，妈的爱来不来，老子就是这条件） www.6park.com

一般情况下，这个water mark的确定就是第一次收取incentive fee的基数，或者是在投资协议里确定。Incentive fee收取的时间也是在投资协议里确定。（有的公司按月或者是按季，年收取，有的公司最后收取。）那银行利息怎么办呢？这也是在投资协议里确定。比如说有的公司就会用London Interbank Offered Rate (LIBOR)作为利息。 www.6park.com

在以上面的例子说事。A投了100000，第一个月月末变成了150000，先收他一个management fee(1%，就是1500，这时候A还有148500)。再来算银行利率（比如说应该是100，我就不搞复杂了，就按照月初的asset来算。）这时候A所需要交incentive fee的amount就是（150000-100000）-（1500+100）=48400，我们再把这个48400*15%=7260。这个7260就是A所要交的incentive fee。 www.6park.com

银行利率我再说两句。比方说A是个大客户，billion级别的，那他就非常care这个银行利率了，因为LIBOR每天一个价，这时候跟他的投资协议里就有非常详细的规定了。比如说每天或月算利息，还是每收incentive时候收，等等。对了，如果这个对冲基金是做外汇的怎么办？他今天持有的是美元，过没两个小时就是英镑了，又过一个小时就是日元了。有的外汇对冲基金就会这么做，按照每天的GMT 0：00，或者是美东时间16：00所持有的货币的LIBOR来算（用sn/on） www.6park.com

下面我贴一个LIBOR，10月份的rate，大家如果乐意算，就算算。
http://www.bba.org.uk/content/1/c4/63/21/Oct05.xls www.6park.com

ps.这一系列文章我不准备些太多章，那要是写可长了。我将会把一些小问题，就象是上面的收费问题，融合到一些章节里去。 www.6park.com

在以上的三个定义中，我们总结了上述5条，大家不觉得还缺些什么吗？我个人觉得缺点什么。首先，这些定义没有明确对冲基金的投资策略。这策略可重要了，一是这关系到你赚钱的多少，二是你如果总改变投资策略在业内的影响可不好。其次，在第三条定义中说涉及到投资结构就是stock和bond，对冲基金的投资结构还包括forex, index, 等等。 www.6park.com

一般写论文可能在这个时候就要提出自己所认为的概念了，我就不提了，留给大家提吧。 www.6park.com

什么哲人曾说过，博古而通今。咱们也不好不讲点历史装装样子，下面我就copy paste一段吧！ www.6park.com

The first known hedge fund was created by Alfred Winslow Jones in 1949. His fund should look familiar to today’s hedge fund participants. The fund was organized as a limited partnership and used private placement rules to avoid registration. It invested primarily in common stocks and used moderate leverage to carry long and short positions modestly larger than the fund capital. www.6park.com

The number of hedge funds has grown significantly, and there are many different types of hedge funds. But this first hedge fund bears a close resemblance to the most common hedge fund strategy today, called long/short equity. www.6park.com

During the early years of the hedge fund industry (1950s — 1 970s), the term ‘hedge fund” as used to describe the hedging strategy used by managers at the time “Hedging” refers to the hedge fund manager making additional trades in an attempt to counterbalance any risk involved with the existing positions in the portfolio. Hedging can be accomplished in many different ways but the most basic technique is to purchase a long position and a secondary short position in a similar security. This is used to offset price fluctuations and is an effective way of neutralizing the effects of market conditions. www.6park.com

Today, the term “hedge fund” tells an investor nothing about the underlying investment activities, similar to the term “mutual fund”. So how do you figure out what the hedge fund manager does? You are able to figure out a little more about the underlying investment activities by understanding the trading/investment strategies that the hedge fund manager states he trades. The ‘investment strategy” is the investment approach or the techniques used by the hedge fund manager to have positive returns on the investments If a manager says he trades long/short equity then you know he is buying undervalued equities and selling overvalued equities Although this de***ion is the long/short equity strategy at its most basic, it is important to understand the strategies that the manager says. www.6park.com

看到这里，有的朋友就会说，你来点正经的行不？我怎么开对冲基金都不会，你呼呼啦啦说了上面的不等于零嘛！好！那我就来点正经的，讲讲怎么开对冲基金公司。 www.6park.com

开对冲基金公司就跟开别的公司一样，没什么难的。一般来讲，对冲基金公司都不大，至少从门脸来看不大，也就是三间大瓦房。英国的对冲基金公司一般都在伦敦金融城，也有一些在曼城和爱丁宝。 www.6park.com

对冲基金公司跟别的小公司区别在哪里？第一，他有钱。第二，他用的support businesses特别多，比如说：prime brokers，administrators，compliance consultants，systems providers，Hedge Fund consultants，corporate communication firms，accountants， lawyers等等，对了，还有保险公司。 www.6park.com

对冲基金公司用这么多support businesses我们能看出什么？第一，对冲基金公司经理必须得学会用consultancy firms。（这个里面还真有些技巧，有时间我可以给大家说说我的经验。咱得少花钱多办事。）第二，对冲基金公司要有一个强大的operation部门，这个我会在人力资源那章讲。 www.6park.com

在开对冲基金公司前，我们未来的合伙人，或是老板什么的应该考虑哪些问题呢？这的确是一个系统工程，我认为需要考虑的有以下几点：
1） 商业机会。
这一条我认为就是一个对冲基金公司的组建者在宏观上考虑建立，运营这个对冲基金公司。建立一个对冲基金公司绝对不是我们一拍脑子想建立就建立的。
2） 短期，中期，长期的目标。
不又是什么哲人说过什么目标的话，我是记不住了。不过想想也是，没有目标我们朝着什么方向走呀？上面这两条大伙回去翻翻MBA的书都有了。又什么SWOT分析，这个分析那个分析的，回去都分析分析，我就不在这里多说了，多说这种东西，就好像我在这里“装X”了。
3） 对冲基金公司的性质，所有权分配，资本的投入。
开对冲基金公司容易，但开什么样的好呀？Partnership? LLC? 甚至是sole。开什么样的对冲基金公司主要是由tax efficiency 决定的。但是还有其他因素。这个其他因素就包括将来你要怎么样呀？跟policy makers之间的那点事（你是想让policy makers帮你说话时候容易点？还是怎么样？我将在corporate communication那一章具体说说这个事）咱们学过点经济学的都知道，任何一个政策都有side effects，你开什么样的对冲基金公司这个决策也有side effects，这就需要决策者进行平衡一下。
你如果是和哥们开对冲基金公司，所有权分配你就得考虑了，省得分赃不均。
资本的投入就不说了，就是钱。
以上的几条因素不但自己要考虑一下，而且要请一个专业的consultant帮你看看。主要是税务和整体分析的。下面给出的表格是一些税务和整体分析公司的名录，兄弟可不是替他们做广告呀。
贴不上呀，怎么办？我那名录是Excel的。没问题，我将把这个东西以html的格式贴到文章最后，贴到这里编辑太麻烦。
4） 法律与监管环境。
现在监管一天比一天严了，还象第三条一样，给个律师的名录。他们比我专业多了。再给两个网站，大伙看看，这网站主要是行业新闻，这些新闻需要我们自己分析。http://www.hedgeweek.com/index.asp 和http://www.fsa.gov.uk/
5） 对冲基金公司的投资策略，特点，方法。
这部分我准备在第5章讲，不知道大伙喜欢我用大白话讲呢还是给出一大堆s数学公式，来装Professional。
6） 目标客户群（包括大小，性质）和市场营销的策略。
这部分我将在第4章讲。
7） 管理团队（我也说个MBA的词“团队”，其实我挺烦这个词的，说哥们们多好听，不过在给开工资时就不是哥们了，呵呵）和人力资源系统。
这部分我将在第6章讲。
8） 服务商和专业咨询公司选择的策略。
服务商主要就是指Prime Brokers。对Prime Broker的选择也是一门学问。
说说对prime brokers的选择。Prime Brokers，包括其他的一些支持企业里面是三教九流什么都有了。由国际大牌企业，有名不见经传的小公司，还有故事大王。对他们的appraisal该怎么做呀？
比方说，有些员工在对prime broker的选择时特别爱犯的毛病就是建名气大的用。又什么“四大”八大的（这些媒体评出来的东西，或者是在行业内以及相关产业从业人员，我指的是除了老板的所有人，评出的东西，我个人认为都不可偏听偏信。你比如说，Refco的事，Refco挺大了吧，这不是该出事还是出事。我的策略就是对什么高氏，摩氏，雷氏，巴氏等大牌子，公司的business intelligence也不能松懈，该盯还得盯，再说还兴许盯出什么business opportunities呢！大不了对他们的权数变一变。）
说到正题，appraisal到底该怎么做呀？我的答案是用公式（我不乐意说模型，咱本身就没文化，说什么文明词丫!）这个公式你得自己做，买是买不来的。但是也得花点钱买一个prime broker评估的结果。我自己公式算出来的结果和买来的结果作一下比较（包括算法和结果），然后再做决策。
又有人问了，你这个公式变量都有哪些呀？我就简要说几个大的变量包括：交易速度，服务质量，价格，交易数量，内部对冲度，市场灵敏度，数据准确性等等。把上面的加和再减去风险的数就有了。算的时候呢，朋友们需要根据自己的不同口味对每项进行加权。风险的变量有哪些呢？这根corporate valuation还有点不同，你总不能因为到人家那里买这点东西，就due人家的Diligence吧？这个风险主要是从一些public available的东西下手，比如说新闻了，什么公司注册信息了等等，等等。这个调查呢还是得用上面提到的business intelligence的兄弟姐妹。大伙又该说了，你这又什么business intelligence，又什么这个那个的，你得花多少钱呀？你这方法有性价比吗？实际上，business intelligence的成本与运营并没有几个钱（比较而言），但是，当你运营他后，你不但可以感觉到他的效果，甚至，你可以从管理会计的报表上直接看出来你没白给他们工资。
选了prime broker后，跟别的broker还打交道吗？呵呵！大伙听说过狡兔三窟吧。而且，在每个broker里面放的钱也应该跟上面通过共识算出来的那个数有关。
综上所述，我们在评估prime broker时一定要客观，严谨。（水都会有偏差，谁都会有个人倾向，怎么办？那你就跟你的兄弟们brainstorm吧！）员工有点偏差不要紧，但做老板的一定要客观或尽量客观，不能左了，也不能右了。
（ps.大伙看我的语气是不是有点看不起什么四大八大的？呵呵！行，你就说我吃不着葡萄说葡萄酸吧！）
这时候，有些朋友会问了，那如果我用那些大企业，再跟他们他的过程中跟他们建立了一种企业间的或私人间的友好关系，而这种关系可能将来会用到，也可能用不到，我怎么可观的算他们？这就要回到第一条去了，“商业机会”，从宏观看你开公司这件事。将来你会在什么时候用到他？怎么用？得花多少钱？能得到什么？等等等放到一起在建立一个公式，然后把算出来的数加到前面的数里（你想出来的东西越多，数字就会越准确）。
这里多提一句公式。有些人认为一个干金融弄出来的公式越多，就越professional，这是孩子话！也许不是，就是他只看到了那些干活的了。通常analyst最爱弄这些东西。这些东西大部分有用，但是又少部分就不敢恭维了，因为什么呢？有些analyst在分析时最爱犯的毛病就是该用数学的也用，不该用的也用，把一个很简单的事情，用一系数学公式来说，这东西读起来的“恶”就一个字。那公式到底好用不好用？这要从两个方面连看：一是看你算法如何，二是看你用得如何。决策者用算学公式的原理是什么？我想就是要用数把各式各样的想法（在操作的时候，就是各式各样的信息）统一起来，不要偏，应为决策者并不是神。数学使人发明的，是供人使用的，如果咱们让数给用了，我想这比被人鸡奸还难受。
咨询公司现在讲就太多了，如果有需要我单独讲讲这个问题。这个问题有一部分会在第6章和第8章出现。
9） 网络硬件系统与软件系统的选择。
这个部分首先要自己想想。比如说什么硬件与软件的性价比，可靠性，软件再开发的能力，网络的压力，流量，安全等等。然后也参考一下consultant的意见。一般都是general consultant能做这个评估。
10） 风险与灵敏度的策略。
这个问题不想数学也得数学了，准备加一章风险。在行业内，也有给对冲保险的，后面给出一个保险公司名录。 www.6park.com

最后，再跟大伙分享一下先主父对我的教导。在我来英国前，先主父说你要去英国了，你的读几本书，然后跟他谈谈感受。共有三本。亚当.斯密《国富论》，孟德斯鸠《论法的精神》，卢梭《社会契约论》。当时要出国了，心里也长草了，再说一心的就想着什么专业课程了，再加上经验不够（以前也就是小打小闹，也谈不上经验）也没读出个什么所以然来。后来谈感受的时候，挺大岁数了还挨了一顿臭骂，换回来六个字“抓本质，建系统”。后来来到英国后，越来越发现想在这资本主义混着三本书还真有用（读这三本书真是仁者见仁，智者见智，可能我就有点倒练九阴真经了。反正到现在我是读过不下20遍）。“抓本质，建系统”这六个字我还在慢慢体会，博大精深呀！这六个字对运营公司相当有用，有什么用呢？就是不用象有的同行早6晚10的。