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equal meaning 在 IELTS Thanh Loan Facebook 的精選貼文

2021-06-20 16:00:18 有 135 人按讚

TỪ VỰNG & Ý TƯỞNG IELTS WRITING - CHỦ ĐỀ EDUCATION

✅ Dismiss gender misconception (phrase) 
Meaning: eliminate the thinking related to gender 
Vietnamese: loại bỏ những hiểu lầm về giới tính
✅ Treat/ regard somebody as equal to somebody (phrase) 
Meaning: when you treat somebody or regard somebody as your equals, it means you consider them having the same quality, status … as you have 
Vietnamese: đối xử ai đó/ xem ai đó như người có cùng địa vị
✅ Perceive (verb) 
Meaning: to understand or think of somebody/something in a particular way 
Vietnamese: Thấu hiểu, cảm thụ
✅ Curriculum (noun) 
Meaning: The subjects comprising a course of study in a school or college 
Vietnamese: Giáo trình
✅ Tutorial (noun) 
Meaning: A period of tuition given to an individual or a class by a tutor in a school Vietnamese: Một tiết học
✅ Misconduct (noun) 
Meaning: Unacceptable or improper behavior 
Vietnamese: Một hành vi không hợp phép, sai trái
✅ Literacy rate (noun)
Meaning: Percentage of population who can read and write
Vietnamese: Tỉ lệ dân số biết đọc và viết
✅ Higher education (noun)
Meaning: Education beyond high school, especially in a college or university
Vietnamese: Giáo dục đại học
✅ Cognitive ability (noun phrase)
Meaning: The ability related to mental activities and problem solving
Vietnamese: Kĩ năng suy nghĩ và xử lí tình huống

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equal meaning 在元毓 Facebook 的最佳解答

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2021-03-11 17:00:08 有 188 人按讚

【近日股市資金行情之我見】

這兩個月忙著跨海搬家，沒太多時間寫長文。這篇文章從今年1月斷斷續續寫到現在，主要嘗試回答兩個問題：

1. 2021年初是否存在市場過熱現象？

2. 美國政府2020年的瘋狂印鈔行為（參見下圖）是否會引發嚴重通貨膨脹？投資人應該如何因應？

首先關於第一個問題，在今年2月份我們看到美國股市的option契約數量大增，從19M/每日增加至30M/每日；SPACs形式2020年增加200件，募資$74B；GME軋空炒作行情。

這樣是否存在擦鞋童現象？

這部分我想先回顧17世紀荷蘭鬱金香投機事件。

傳說當年荷蘭鬱金香莖球被瘋狂炒作，價格上漲幾百倍，荷蘭舉國人民紛紛陷入投機熱潮，甚至20世紀德國知名投資客柯斯多蘭尼稱當年有駝背侏儒光是出租其後背供投資客們寫上最金莖球價格，然後穿梭人群中賺了一小筆。

隨後鬱金香莖球炒作泡沫破裂，荷蘭國家經濟受到重創，進而影響當年曾是海上商業王國的地位。

然而史實是如此嗎？

美國經濟學家Peter Garber專門研究此一投機炒作的經濟史，並寫下幾篇著名論文。而依據其著作"Famous First Bubbles The Fundamentals of Early Manias" 一書，我整理幾個重點：

1. 實際上鬱金香熱潮時間相當短，價格明顯彈升發生在1636年11月～1637年1月份。

2. 參與人數總共約350人，全是職業商人；真正支付高價（超過300荷蘭盾）者約莫10人，多數人其實是透過遠期合約的方式進行炒作，而最後多以違約拒絕真實支付現金，直到荷蘭當地鬱金香相關商會與政府出面介入，才以履約價格的10%甚至5%方式解除合約。

3. 非常昂貴的品種，如Semper Augustus 的真實漲幅只有5倍（從原本的1千出頭荷蘭盾漲至5千多），並非都市傳說中幾百倍的漲幅。

漲幅較大的主要是那些本來就平價的品種，例如Gouda buds，起漲價格約２荷蘭盾，最高價50多荷蘭頓。即便存在瘋漲，但至多也是一、二十倍，這即便放在現代農產品供需失調時的價格軌跡來比較，也並不離奇。例如台灣颱風後的香菜價格漲幅。

這邊可以題外話說明為何Semper Augustus這品種售價昂貴。因為這特殊品種本不存在於大自然，而是農夫必須將快開花的鬱金香球莖人工嫁接罹患某種病毒的鬱金香，才能開出特殊花色。而這種嫁接病毒的球莖將會死亡，不再具備繁衍後代的能力。此外，嫁接後的成功率在當年也並不高，不保證存活也不保證開出特殊花色。

物以稀為貴下使得Semper Augustus這品種本來售價就高昂，是一般品種的百倍。

讀者可參見以下幾張當年不同品種的價格走勢圖：

4. 也因為這個事件的範圍與熱潮都比傳說中小得多，因此並未對實質荷蘭資本市場或經濟體造成多少負面影響。

荷蘭鬱金香泡沫事件有三點啟示：

a. 即便在當年差不多時期的著作、媒體都有對其瘋狂投機炒作的描述，但實證來看誇大成分居多。很可能受到作家喜歡站在道德高點批判投機行為的習慣影響，但做為投資人或經濟史研究者在考據曾經的泡沫事件，始終必須以事實為依歸。

b. 小範圍小規模的投機炒作，無論價格哄抬得多麼高聳入天，事實是「毀約」始終是一種選項，有行無市的價格不存在經濟學意義。

c. 同樣地，小範圍小規模的投機炒作，無論價格哄抬得多麼高聳入天，對整體經濟乃至於資本市場的影響同樣不會太大。這意味著我們雖然應該警醒擦鞋童現象，但也無需杯弓蛇影。

如同我在去年幾篇文章中談到的，我認為Covid-19疫情本身造成的經濟損害遠不如人為的隔離措施所造成。目前看到的全世界生產力衰退，人禍成分高過天災。但與2009年不同之處在於：

「Personal savings soared as high as 33.7% in April following the Cares Act and were still a healthy 13.7% in December before Congress passed another $900 billion in Covid aid. This means that, unlike during the 2009 recession, households aren’t weighed down by debt.
Personal bankruptcies, home foreclosures and loan delinquencies last fall were the lowest since at least 2003. The mortgage delinquency rate was 0.7% in the third quarter of 2020 compared to 7% in the first quarter of 2009. ...」

出自Wrong Stimulus, Wrong Time - WSJ （ Feb. 5, 2021）報導。

因此在我看來，此文撰寫的時間點，雖然多多少少某些類股上存在擦鞋童現象，投資人不必過度擔憂。投資人真正該做好未雨綢繆準備的，是美國瘋狂印鈔下必然到來的嚴重通貨膨脹。

問題二：通貨膨脹下股票標的如何選擇？

高資產或高負債的公司在嚴重通膨時期的股價表現優於高現金部位的公司。在經濟學大師Armen A. Alchian 1965年的論文 "Effects of Inflation Upon Stock Prices "中，特別指出傳統經濟學如凱因斯、費雪等著名學者之見認為銀行身為典型債務人，在通貨膨脹環境下應該有較好的股價表現。而Alchian則點出這些學者大老忽略銀行雖然集債務於一身（大眾存款之於銀行就是債務），然而銀行受限於法規與現實，其資產多是「現金資產（money-type assets）」，故在嚴重通貨膨脹影響下，銀行實際經濟損失大過通膨泡沫所得，股價表現當然好不到哪去。

Alchian此文對我的啟發甚大，揭櫫面對貨幣因素影響甚大時的投資方向。

但我們要知道Armen Alchian的論文寫作時期與如今的投資環境又有幾個重大侷限條件之不同，因此我們不能生吞活剝地硬套Alchian的觀點，而是必須真實理解背後隱含的正確經濟學邏輯，並依據當今侷限條件之不同而修改並應用。

引入費雪的利息理論與張五常的財富倉庫概念，現今世界何謂資產、何謂債權債務、何謂現金？我們必須要能超脫會計學、法學的思維侷限，而從真正在投資決策上有效益的經濟學角度切入。

一個我認為值得投資人注意的重點是：投資人對於高商譽（goodwill）的公司能否有正確地、在經濟學層面的深度理解與評價機制。

這點同樣也適用在面對新科技寵兒如電動車之流之正確價格評估。

以長期投資角度看，如果以夠低的成本入手高資產或高品牌價值公司，本身部位又很大，則隨後的股市大幅修正甚至崩盤基本可以無視

如果部位不大，則可以視隨後散戶瘋狂狀況逐漸增加現金部位。

回到現實面，我認為通膨現象確實在發生，有兩個現象值得注意：

a. 機構法人買入加密貨幣的金流增加

「...JPMorgan, said the size of the bitcoin market had grown to equal about a fifth of gold held for investment and trading purposes, with a market capitalisation for the cryptocurrency of $750bn at its peak earlier this year, meaning it “is far from a niche asset class”. 」

「...Analysts at Canadian insurance company Manulife said in late January that the expansion in central banks’ balance sheets and rising public debt would push investors further into alternative asset classes ...」

「...Xangle showing that investors have lost more than $16bn to fraud since 2012 ...」

b. 近日美國美國前25大銀行對私人之貸款佔總資產比例從去年54.1%下降之45.7%，且放在Fed reserve account總金額達$3.15兆美元。

（The 25 largest U.S. banks currently hold 45.7% of their assets in loans and leases, according to Fed data released Friday, down from 54.1% this time last year. .. reserve balances in their Federal Reserve depository accounts at sky-high levels, $3.15 trillion at present
）

通膨現象將會更嚴重，因為「...According to a recent House Budget Committee estimate, $1 trillion from last year’s bills hasn’t been spent—including $59 billion for schools, $239 billion for health care and $452 billion in small business loans. State and local governments added 67,000 jobs in January. They don’t need more federal cash. ...」
WSJ "wrong-stimulus-wrong-time " Feb. 5, 2021

如同我在「論比特幣」一文中闡述過：比特幣顯然不是被當作交易貨幣而是某種無根財富倉庫，因此其價格之暴漲暴跌均同時具備「合理與不合理」之雙面性。因為不存在適當的評價方式去推估其價格之合理性。

但在此文我想進一步指出，從另一層面來看，這種無根倉庫的價格變動本身卻可提供我們對於貨幣因素下真實通貨膨脹的現狀診斷。這好比我們切脈在左關中層把得一數滑脈，搭配右關心位或肝位的脈相，或胃經、肝經或經外奇穴的壓痛診斷，或舌診眼診等等訊息，我們可以推知患者是肝臟、胰臟有惡性腫瘤亦或慢性胃潰瘍。

比特幣的暴漲本身也是一個類似性質的市場訊號。

換言之，當我們把貨幣看做經濟體的血液/體液時，投資人懂不懂得把經濟的脈？是否可以從貨幣的脈相得知經濟血液/體液的品質、健康度、病理變異方向程度與進程...等等。當我們脈診上發現血液/體液堆積於某經絡時，我們看到某類型資產價格飛漲甚至軋空時，診斷者有沒有能力正確推測隨後的、不同時間點地病程發展與相對應的症狀發作？

中美貿易戰框架與因應Covid-19疫情的政府舉措則是結構性地在解剖學層面改變經濟體本身，所需要的制度經濟學知識又是否足夠投資人能趨吉避凶甚或從中獲利？

這些都是參與投資市場者必須時時捫心自問的問題。

我文末再強調一次：美國主要銀行減少對私人企業放款而增加手中政府債券這現象。

參考：

Financial Times "Bitcoin boom backstopped by central banks’ easy-money policies" 2021/2/4

Financial Times "US mortgage executives forecast a $3tn year in 2021 " 2021/01/08

WSJ "For One GameStop Trader, the Wild Ride Was Almost as Good as the Enormous Payoff " 2021/02/03

Armen A. Alchian, "Effects of Inflation Upon Stock Prices" (1965)

Peter M. Garber, Famous First Bubbles The Fundamentals of Early Manias (2000）

WSJ, "Fed Policy Is Smothering Private Lending" (2021/03/08)

文章連結：
https://ppt.cc/f7YCNx

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元毓

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元毓說粉絲頁美國法學碩士，智財權、競爭法與法律經濟分析專業。分享20年投資經驗所得之經濟學體悟。

equal meaning 在 Milton Goh Blog and Sermon Notes Facebook 的最佳解答

By Milton Goh Blog and Sermon Notes

2021-02-10 09:10:55 有 221 人按讚

Not Impressed by the Reputations of Men

“God had given me a clear revelation to go and confer with the other apostles concerning the message of grace I was preaching to the non-Jewish people. I spoke privately with those who were viewed as senior leaders of the church. I wanted to make certain that my labor and ministry for the Messiah had not been based on a false understanding of the gospel...Even the most honored and esteemed among the brothers were not able to add anything to my message. Who they are before men makes no difference to me, for God is not impressed by the reputations of men.” (Galatians‬ ‭2:2, 6‬ ‭TPT‬‬)

I love the apostle Paul’s mindset. He was not ‘starstruck’ by Peter, James, and John.

Whereas others would have been intimidated by the fame and reputation of the apostles in Jerusalem, Paul wasn’t.

He was led by God to go and meet them, and the only reason he wanted to speak with them was to confirm that he was preaching the correct Gospel.

Paul valued praise from God, not the praises of men.

If God is not impressed by the reputations of men, then as His children we shouldn’t be impressed too.

There is no need to feel intimidated when speaking to someone with a glorified title.

“When he went into the house of one of the rulers of the Pharisees on a Sabbath to eat bread, they were watching him.” (Luke‬ ‭14:1‬ ‭WEB‬‬)

Jesus went to a party where the most respected Pharisees were, and He still spoke straightforwardly, without mincing His words. He was not afraid to speak the truth, even if it offended reputable men.

“He spoke a parable to those who were invited, when he noticed how they chose the best seats, and said to them, “When you are invited by anyone to a marriage feast, don’t sit in the best seat, since perhaps someone more honorable than you might be invited by him, and he who invited both of you would come and tell you, ‘Make room for this person.’ Then you would begin, with shame, to take the lowest place. But when you are invited, go and sit in the lowest place, so that when he who invited you comes, he may tell you, ‘Friend, move up higher.’ Then you will be honored in the presence of all who sit at the table with you. For everyone who exalts himself will be humbled, and whoever humbles himself will be exalted.” He also said to the one who had invited him, “When you make a dinner or a supper, don’t call your friends, nor your brothers, nor your kinsmen, nor rich neighbors, or perhaps they might also return the favor, and pay you back. But when you make a feast, ask the poor, the maimed, the lame, or the blind; and you will be blessed, because they don’t have the resources to repay you. For you will be repaid in the resurrection of the righteous.”” (Luke‬ ‭14:7-14‬ ‭WEB‬‬)

Jesus’ words above are essentially meaning that the guests at the party were pretentious hypocrites, all trying to curry favor with the rich and famous. Think about how offensive these words would be to most people at the party.

We are a new creation in Christ in contrast to the children of Adam. We are the new and improved version 2.0. Children of Adam are transgressors, whereas children of God are royal priests and heirs of His estate.

Even the wealthiest unbeliever is only like a piece of firewood, due to be thrown in the unquenchable fires of Hell when he dies.

As for speaking to fellow believers, God’s word says that we are one in Christ and that titles don’t matter—we are all of equal standing. We are all saved by one Lord, born-again of the same Spirit, and none of us earned this salvation—it’s all by grace through faith.

“For you are all children of God, through faith in Christ Jesus. For as many of you as were baptized into Christ have put on Christ. There is neither Jew nor Greek, there is neither slave nor free man, there is neither male nor female; for you are all one in Christ Jesus.” (Galatians‬ ‭3:26-28‬ ‭WEB‬‬)

Don’t get me wrong, Paul respected the office of apostle which Peter, James, and John held. These positions are given by God. Paul also teaches us to respect the governing bodies and submit to them for the Lord’s sake.

We should also respect our leaders in church for the sake of the offices that they hold since they are ordained by God. Give them proper honor for the sake of the office. Submit to those who have the authority over us, as this authority was given by God.

However, we don’t need to fear reputable men. You don’t have to shrink back, feeling like you are somehow less important, less worthy, or less loved. God loves you even as (as much as) He loves Jesus—that’s how important you are to Him!

If people abuse their office of authority and mistreat you, they themselves will be accountability for it before Jesus. Maybe their eternal rewards will be given to you instead, to restore you for the injustice.

“Jesus answered, “You would have no power at all against me, unless it were given to you from above. Therefore he who delivered me to you has greater sin.”” (John‬ ‭19:11‬ ‭WEB‬‬)

No one can harm you when God is protecting you. Men have no power of their own. Therefore, be bold and have confidence in Christ. Straighten your shoulders and back, and raise your chin up. Be set free from the fear of reputations of men!

I shared more about the time when Jesus went to that Pharisee’s party in my book “Messiah’s Miracles: The Power of Having Faith in Jesus Christ”. Did you know that He healed a man with dropsy there? There is a spectacular lesson in it. See God’s Grace and love towards you in all the 37 recorded miracles of Jesus Christ, and let faith arise for your own supernatural breakthroughs: https://bit.ly/messiahs-miracles

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Milton Goh Blog and Sermon Notes

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Hi Dear Page Viewers/Likers, This page is not an official New Creation Church (NCC) or Pastor Joseph Prince page. These sermon notes are not affiliated with NCC or Pastor Prince. These sermon notes are compiled by me, and I'm just a loyal and regular attendee of the church's Sunday services, and I feel led to take detailed personal sermon notes of Pastor Prince's anointed messages to share them with the world, which desperately needs the true word of God and the original gospel of grace. I feel blessed to be able to attend Pastor Joseph Prince's services in person, and would like to help everyone who isn't able to attend in person, to get hold of the messages as soon as it is preached! Help to ensure that I have the time freedom to continue to post even more high-quality sermon notes MORE FREQUENTLY, and get to download ALL my sermon notes in e-Book format HERE ===> https://www.patreon.com/Miltongohblog God Bless You, Milton Goh

By God’s Grace, this page extends the reach of Pastor Joseph Prince sermon notes and fresh-written daily devotionals about Jesus and His finished work at the cross. The goal is to shine as the light of the world every day, sowing seeds for salvation.

equal meaning 在一二三渡辺 Youtube 的最佳解答

By 一二三渡辺

2018-10-12 14:06:37 有 532 人看過有 2 人喜歡

RD350LC RZ250 4L3 RZ350 4U0 Pocket rocket　ヤマハ・RZ

In the successor model of RD, is the name of the 250cc motorcycle-only car for the domestic market have been sold from Yamaha Motor Co., Ltd. in August 1980.

During the 1970s, has been enhanced to automobile exhaust gas regulations, particularly in North America, the use of two-stroke engine is strictly day become, was born from the idea of making the last two-stroke sport model.

"R" of "RZ" is originally, "Z" There is a symbol which means Yamaha 350cc in-house means a water-cooled. Turned from the last character of the alphabet to the other, also put that the meaning of the last, and the ultimate.

Engine that is designed around driving performance basic original sport bike takes the layout of two parallel cylinder two-stroke water-cooled (54mm × 54mm) bore and stroke same as TZ is a racer commercial made by the company at the time, as the same class boasted the top time of 35ps. Other plastic parts are also used frequently to reduce weight, the rear suspension is mono shock, such as halogen headlights cast wheel of the cantilever type of road sports model adopted for the first (mono-cross suspension), the new design, a large, state-of-the-art at that time was equipped with the item. Or partly because of that it was (August 1980) Release of have to wait nearly a year since 1979 has been introduced for the first time in scoop of magazine motorcycle, followed by some time situation such as waiting three months to delivery from order became a blockbuster about. Surface was well received by the hands of styling and design (GK Dynamics Co., Ltd. now) GK Industrial Design Inc. Research Institute. In addition, the white model of early type also known as the Pearl paint color is a beautiful flag of the Rising Sun aka. (White is solid white and later)

There is special mention to the height of the driving performance, that performance was more than equal Watariaeru four-stroke 400cc class with higher amounts of exhaust, was also called "400 killer" and. 3.97kg/ps power-to-weight ratio and also be used as a target for the vehicle, such as driving performance, which was a four-stroke 400cc class on a par with at the time. Uncommon at the time employed in the commercial vehicles (with the expansion chamber) of the chamber type of muffler, along with the image of looks up the race, had also contributed to the performance up. Many individual single disc front brake is said, of Riadoramu is too poor for the height of the driving performance, have a double disc of 350 specification

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Video shows what equal means. The same in all respects.. Exactly identical, having the same value.. Fair, impartial.. equal synonyms: peer. ... <看更多>

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