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11月2日 恶作剧今天和AM小搞了一起恶作剧，不经意地想起了大学时我搞得无数场恶作剧和每次她给我的那个“嗤之以鼻”的微笑。
想不起来每次我都怎么骗她，那个微笑似乎印在了我的脑海里。
我很自私地怀念着有她鞭策着我的日子， 怀念着我们一起熬夜的日子，lecture上在corporate finance的notes上聊天的日子，我们一起做presentation的日子，一起career talk, 一起在lib读书但效率不高的日子。周末的早上，我们一起做A2去biz开会的日子。
没有她的日子，我最害怕就是自己懈怠了， 怕我和她之间的距离越拉越大。
i drop it, i drop it for 3 years only.
10月30日 爷爷明天爷爷过世两周年的日子， 今晚有点沉重。
早早回到家， 回忆回忆和爷爷一起的日子。
都是美好的回忆，但还是很难过，鼻子很涩。
明天有不少安排，我要有条不紊地把这些事情都做完。
爷爷说： “要不计时间，不计报酬， 把工作做好！”
10月10日 我不该有感情我只工作， 我不谈感情。
我交朋友， 我不交女朋友。
这一次次的伤疤就像狗皮膏药一样，一层层地越贴越厚。
这一片片地撕出来，似乎都是同一个错误。
我不要再犯同样的错误。
我很抱歉，也害另一个人和我一样难堪。
喜欢，没有资格喜欢。。
当喜欢变成一种伤害，变成一种诉讼的时候， 心里是很冷很淡很委屈。
我功利了， 我实际了，我不再对任何感情抱有希望。
我不难过。
我还有很多东西， 我就是不可以有感情。
我要把我所拥有的做到最好。
10月3日 HANDBUCH DER KLASSICHEN HERRENMODE曾经年少爱追梦一心只想往前飞
行遍千山和万水一路走来不能回 蓦然回首情已远身不由已在天边 才明白爱恨情仇最伤最痛是后悔 如果你不曾心碎你不会懂得我伤悲 当我眼中有泪别问我是为谁 就让我忘了这一切 啊给我一杯忘情水换我一夜不流泪 所有真心真意任它雨打风吹 付出的爱收不回 给我一杯忘情水换我一生不伤悲 就算我会喝醉就算我会心碎 不会看见我流泪 小时候很会演泽的一首歌曲， 长大了却发现歌词比旋律更贴切。
沿着正确的道路，过着平静而structured的日子。
感情越来越麻木， 忍不住要把力宏同学有点历史的“情敌贝多芬“翻出来听一下。。。
继续研究着HANDBUCH DER KLASSICHEN HERRENMODE。今天路过个寺庙，进去了一下。
8月11日 放不下开始工作了，很忙，有点累，日子过得很快。
慢慢地意识到自己的finance真得很差。
拿起电话，却不能再依赖你的讲解，你不会再那么耐心地解释给听，捕捉到我每一个似懂非懂的瞬间，一路路地问下去，非把我这个一知半解的家伙问得原形毕露，才慢慢地讲给我听。
慢慢地意识到自己的态度真得很差。
明明是个草包，却能装得像将军似的和你争辩。
慢慢地意识到自己对工作的不负责任，
总是懒得去反复检查每个数据是否正确。
总是太习惯顺手把你做的valuation model拿来直接用。
工作的日子，似乎看到的每一个问题，都是以前你对我说过的话。
“why dun you get it right for the first time?"
我真得很后悔从没有改过 你对我说的话，
从没有把它们当成一回事。
当现在，这些问题都暴露在我的工作上的时候，
似乎我都能想起过去两年中你也和我说过同样的话。
放不下， 工作的日子总能让我回想起两年来我们每一个通宵达旦的夜晚。
工作上每一次对自己的失望，总让我明白了为什么你会对我那么失望。
我要改掉自己这些讨厌的令对我好的人失望的缺点。
如果以后再有机会一起工作， 我绝对不可以再让你失望。
   5月30日 败犬女王最近很无聊，正在看一个朋友推荐的台湾偶像剧 - 败犬女王。
看得还有点欲罢不能，偶像剧就是可以让人暂时地脱离一下现实，憧憬一下童话般的爱情邂逅。
主人公们为了爱，博一把的争取执著的劲儿，还挺令人羡慕和怀念的。
还是可以被偶像剧感动，或许是因为我心里还是有那么一点点儿的温暖的吧。
已经把感情的事儿看得很淡，偶尔的花痴也只是说说好玩的。
大学毕业了，目标都达到了。高兴得意了会儿之后，觉得有时候也是很失落吧。
应该开始筹划我下一个1，2，3了。
4月12日 破事很多的一个礼拜这个周末破事很多，也是前面玩得太爽了，给积压下来的。
周一有个inidvidual presentation, present一个很枯燥的，我还没有读懂的paper.
浩大的40 多个slides的ppt,才着手了5个。
现在做ppt, 眼睛似乎也变尖了，尽善尽美着。
一直还蛮enjoy做ppt,比写report和paper要好多了。
再过几个月，俺就正式加入卖ppt的行列了，呵呵。。。
陪客，开会，做ppt, 胡扯，到处跑，其实还都是自己喜欢还挺在行的事情。
最近去了趟越南-胡志民市， 摩托车之多，蚊子之多，吃得也多。
钱是几千几万几十万的，很难搞清楚，一不小心就会被坑了。
以前爸爸说， 越南就是中国80年代时候的样子。
我看也的确差不多，可是越南人的头脑一点都不像80年代的中国人那么淳朴。
俺在夜市上看中一件pink colour的假鳄鱼，问贩子要个M号。
结果贩子给了俺一件pink colour的假polo,还说是一样的。
于是我说也就算了，回新后，发现M号变 L号了。
回去做ppt了。。。
3月23日 过程大学四年就像弹指一挥间，糊里糊涂就快走完了。
好不容易混到从校长到教授们到biz sch的各种人到PGP的几乎所有员工都会很舒服地和我打招呼的境界。
却又快要离开了。
去一个新的环境，又变成最年轻的一批，开始新的四年。
要说不舍得，还真得有那么一点。
很多人说不喜欢NUS,其实我还蛮喜欢这个学校。至少比新加坡的高中和中学都要好多了。
我在biz sch活得很开心，认识了大学阶段对我最重要的人。
虽然，这个人现在不理我，让我无比的郁闷。
大学四年其实也很慢，其间发生了很多很多事。
大二的暑假是分水岭。
大二之前的事情让我学会了感情要有个度，
大二之前的事情让我学会不再为女人而哭，
大二之前的事情让我学会了很多事情只是习惯。
大三在认识了她之后就变得好忙碌，
什么破case competitions,我们都去参一脚，
那么多的烂projects,我们都要尽善尽美，
那么多个一起工作的日日夜夜，
让我非常敬佩，怜爱，慢慢关心着这个女孩。
我的这个破脾气和pushiness终于让她不再能忍受我这个家伙。
于是，我们就疏远着，互不理睬。
大家也忙， 都把工作看得比较重，都清高。
这种程度的坚持是我从来没有遇到过的，
她的坚持反而加固了我慢慢等待，认真做事的决心。
想着大半年前，我们还嚷嚷我们的毕业旅行。
想着大半年前，我们一起度过的每一个宁静而美好的周末。
想着大半年前，她那么地关心着我的每一个面试。
心里就挺不是滋味儿。 好久没来space写东西， 今天来发泄发泄。
上天很眷顾我们，大半年前，我们想做的事情，每一件我们都得到了。
本来这该给我们大学生涯画上完美的句号。
却最终，越走越远。
继续忙着学校的事情，希望把成绩拉上去。
忙着比赛的事情，希望有点成果。
忙着做个好人，看到自己在senior year帮到别人，觉得很开心。
虽然，很多人叫我忘了她。
虽然， 她不再天天在我身边。
她给我的鼓励似乎有着惯性，
仍然不断在push我，往前走。
写多了，本来只是想说又快进入年轻的爬爬虫期了。
1月27日 2009祝大家春节快乐。
最近每逢周末，我都在家睡大觉。基本从人间蒸发了，其实俺一直窝在PGP舒服的小房间里。
感情照旧不顺利，基本上可以不用说了。 本人爱面子，随缘，不强求，随便。
New Year的 Resolution就是“Emotionally weak is unacceptable!"
希望自己可以做到emotional calm, 提高emtional strength.
其他方面都还不错，就是事情似乎很多。
也是我自己揽来充实我的bachelor生活的。
我的plant依然处于半枯死状态，似乎几片叶子有了点生机。
我非常开心，真得不希望看到plant枯死。
郁闷的日子，几杯wine下肚，就能睡个好觉。
生活很平淡，很充实，很满足。
我马上就要回学校了，最后一个semester.
要发扬一下我最在行的“临阵磨刀“的精神。 1月4日 星期天今天是09年的星期天，心情格外的平静。
阳光很好，于是我拼命地晒一下我那快枯死的plant.
Plant在我这儿住了1个月，叶子就纷纷耷拉下来了。我非常于心不忍中。
早上看了一个很漂亮的不认识的女生的很精致的blog,非常舒服。
看精致的有才气的女生的blog是一种享受,照片文字音乐很完美地融合在一起。
09年的主旋律依然是找工作。
在这个deleveraging的environment中， 我还是认为everything is about branding and leveraging.
在铜臭味十足的商学院呆了4年，自己得到就是这个真谛。
其实说白了就是，大家都选自己知道的牌子，和“水往低处流，人往高处走“的道理。
勤劳刻苦当然是永远不变得真谛。又是需要冲刺的半年。
居然很兴奋，因为对未来的未知。
12月28日 2008年的圣诞节这个圣诞忙碌而有趣。报一下流水账吧。
24日早上的大雨很是refreshing, 从bugis junction 到 parkview的一小段路就把我给全淋湿了。
圣诞夜是爬虫日，我们几个爬爬虫在公司混了半天。
因为大多数的大爬虫都不在，所以气氛很轻松。
24日下午和几个同事去唱歌。我大概有1年没有进过KTV了，唱啥都走调，估计把大家吓到了
24日晚，又开始拉着大头陪我采购shirts,我之不好意思。大头最近老陪我买衬衫。
24日更晚，我们去了同学的生日聚会，学会了杀人游戏。发现自己这方面很有天份。
25日，去了某大爬虫家吃饭。之丢脸，一进门就喊错人，分不清老外的长相！
然后又把ＢＢＱ Ｓｏｕｒｃｅ给摔得满地都是。其实，我还把ｓｐｅａｋｅｒ给摔了，希望那个还没坏。
本是要在屋顶ＢＢＱ的。我们很笨的用完了一包ｓｔａｒｔｅｒ准备生火。
结果火还没出来，就下雨了。于是又撤回到屋里。
和一群国籍人种混杂的（借用学姐的话，我之同意）不熟悉的至少比我老７，８岁的人过圣诞节。
其实还挺有趣的，没有我想象中的那么痛苦。
一顿饭吃到４点半，俺才打道回府。
和大头一个月的“同居生活“结束了，我之想念她。
感谢大头这个月帮我整理房间，煮饭给我吃，照顾我的生活。
从明天起，我的弦要甭紧一点。假期就快结束了，在ＩＣ的日子也过去一半了。
最后的一个月，每天都要学到点东西，ｐｒｏｄｕｃｅ一点东西。
12月21日 相爱无梦西关大少的主题曲之好听，于是我贴上了。
MSN, Space的界面是越变越蠢，几乎到了让我不能忍受的程度。
现在space的作用就是来paste some nice songs i like + talk some rubbish updates...
Wish everybody Merry Christmas! 特别感谢帮我做香水survey的亲朋好友！ 11月25日 todayToday, on the bus, I heard the story from a friend of mine that her final round internview with ^^^^ consulting has been called off due to current market condition....
In the afternoon, I also experienced the "due to current market condition" effect from ****bank.
Thanks to my friend, she helped me to manage my expectations.
It is still a happy day cos I finished my insurance paper. Only left with CP presentation on Thur.
I went to ikea, had 4 chicken wings+ meat balls; bought a green plant for the 1st time....
I got a bottle also to get rid of my little disappointment.
Ah, i am falling in love with Portia de Rossi...I realise that blond is charming....
It is okay. I move on....
11月12日 Mum is reading market news faster than me!I was stuck with an exam and projects, haven't been reading news for a couple of days. Then today, mum updated me on market news. How amazing that mum is reading market news faster than me! I called an old friend today with the encouragement from A ke, felt quite happy. Then gossiped with Datou for about another 1 hour. Wasted the entire afternoon talking and almost the entire evening, catching up market news & gossip. Garlic fish + banana juice is an awful combination for dinner, made me feel like vomitting. Recently, I reformatted my IBM twice. No chinese, yet.... I need to get a job cos i need a faster laptop!
Deutsche Post's DHL Cedes U.S. Market to UPS, FedEx (Update2)
By Andreas Cremer and Mary Jane Credeur Nov. 10 (Bloomberg) -- Deutsche Post AG's DHL Express overnight-delivery unit will abandon efforts to compete with United Parcel Service Inc. and FedEx Corp. in the U.S., firing 14,900 workers and closing three-fourths of its outlets. Deutsche Post's spending on the U.S. will total 7.5 billion euros ($9.6 billion) by the end of 2009, including DHL's losses, reorganization costs and the expense of buying Airborne Inc. ground-delivery unit 5 years ago, Chief Executive Officer Frank Appel told reporters today at the company's Bonn headquarters. DHL's retreat enables UPS and FedEx to further expand their combined 80 percent share of the U.S. market. Deutsche Post, Europe's biggest postal service, said it's poised to report a net loss for 2008 because of the U.S. withdrawal, the first full-year deficit since its stock began trading in 2000. ``FedEx and UPS have literally spent decades developing a quite formidable position in the U.S. with extremely reliable networks,'' said Dan Ortwerth, an analyst at Edward Jones & Co. in St. Louis, who recommends buying shares of both companies. ``DHL underestimated this challenge from the start'' and was ``flailing even in boom times.'' Deutsche Post rose 65 cents, or 6.9 percent, to 10 euros in Frankfurt trading. That pared the stock's decline this year to 57 percent. UPS rose $1.68, or 3.2 percent, to $53.60 at 4:15 p.m. in New York Stock Exchange composite trading, and FedEx gained $1.71, or 2.6 percent, to $66.29. 9,500 Fewer Jobs DHL Express will eliminate 9,500 jobs in the U.S. in addition to 5,400 positions cut since the start of the year. The combined figure is about 3.1 percent of Deutsche Post's average global workforce of 477,394 employees in the first half of 2008. Several thousand jobs will be cut at DHL's hub in Wilmington, Ohio, and more than 1,000 jobs will be eliminated in both Pennsylvania and California, DHL Express CEO John Mullen told reporters today on a conference call. The unit will drop domestic truck operations and reiterated plans to hand over air shipments within the U.S. to Atlanta-based UPS under a tentative agreement announced in May. DHL Express's remaining U.S. business will focus on international deliveries, and will have 4,000 employees and 103 outlets. DHL Express's U.S. volume will shrink to about 100,000 packages a day, from 1.2 million now. UPS, FedEx and other package-delivery companies are often considered a bellwether for the economy because they deliver items ranging from auto parts and consumer goods to mortgage and banking documents. `Need for Action' Deutsche Post bought Brussels- and Redwood City, California- based DHL in 2002, adding a global express-delivery service to its network and later expanding the brand to include cargo. The company hasn't made a profit from U.S. express operations since buying Seattle-based Airborne's ground-delivery unit in 2003. Reorganization costs over two years will total $3.9 billion, most of which will be booked in 2008, Deutsche Post said. DHL's U.S. cargo, freight-forwarding and bulk-mail businesses are successful and won't be affected by the express-unit cutbacks, the company said. An economic decline in the U.S. ``generated considerable need for action,'' Appel said. He wouldn't specify the net loss he's predicting for this year. Deutsche Post stuck to a forecast announced Oct. 27 of 2008 earnings before interest and taxes, excluding one-time gains or costs, of about 2.4 billion euros. `Impossible for Us' ``The market wanted the company to get its performance and profitability under control a long time ago,'' Axel Funhoff, a Brussels-based analyst at ING Groep NV, said in a report, adding that he's reviewing a ``hold'' recommendation on Deutsche Post stock. ``They will be in better shape'' after the U.S. express withdrawal. DHL Express ranks fourth in U.S. express deliveries with 5 percent of the market, according to SJ Consulting Group in Sewickley, Pennsylvania. UPS leads with 51 percent, followed by Memphis, Tennessee-based FedEx with 31 percent and the United States Postal Service at 13 percent. ``The reality of the lack of scale, the productivity that they have, the market reach and the brand awareness make it impossible for us to make it economically viable,'' Mullen said on the call. DHL Express unveiled plans in May to limit losses in the U.S. by closing express-delivery sorting centers and shifting air deliveries to UPS. A slowing U.S. economy led Deutsche Post to cut its 2008 outlook from earnings before interest and taxes, or Ebit, from 2.9 billion euros, excluding one-time items. UPS Switch DHL remains in talks on the UPS proposal and, ``while the scope of these discussions will now reflect our change in strategic direction, we are working toward contract completion by year end,'' Jonathan Baker, a DHL spokesman in Plantation, Florida, said today in an e-mail. Third-quarter net income more than doubled to 805 million euros from 350 million euros, Deutsche Post said today. Sales increased 4.1 percent to 13.8 billion euros. Ebit in 2009 will probably rise, the company said, without specifying a number. DHL Express's U.S. unit will report a full-year loss of $1.5 billion. DHL's U.S. turnaround was hampered by delivery delays at a package-sorting hub in Ohio that opened in 2005. Deutsche Post scrapped a 2009 break-even target for the U.S. division last year and wrote down the unit's value by 594 million euros in the fourth quarter. Appel declined to talk today about the Wilmington base until an agreement with UPS is reached. UPS's takeover of DHL's U.S. routes may cost 10,000 jobs at Air Transport Services Group Inc.'s ABX unit and Astar Air Cargo Inc., which handle the flights, Air Line Pilots Association President John Prater said in U.S. congressional testimony Sept. 9. UPS countered at the hearing that its cooperation with DHL would preserve 40,000 jobs industrywide. To contact the reporter on this story: Andreas Cremer in Bonn via acremer@bloomberg.net; Mary Jane Credeur in Atlanta at mcredeur@bloomberg.net. Deutsche Post's DHL Plans $175 Million Shanghai Hub (Update2)
By Irene Shen  Nov. 26 (Bloomberg) -- DHL Express, the largest courier in China, plans to build a $175 million hub in Shanghai because of the country's growing shipments of documents, auto parts and mobile phones. The Pudong International Airport facility will begin operations in the second half of 2010, Daniel McHugh, Asia- Pacific chief executive officer of the Deutsche Post AG unit, told journalists in Shanghai today. DHL, FedEx Corp. and United Parcel Service Inc. have expanded in China as economic growth and surging industrial output fuels demand for cargo shipments. China's logistics market grew 14 percent to 3.84 trillion yuan ($519 billion) last year, according to the National Development and Reform Commission. The 55,000 square meter (592,000 square foot) hub, DHL's sixth in Asia, will be able to handle as many as 20,000 parcels and 20,000 documents an hour, the company said. The Shanghai facility follows others in cities including Singapore, Hong Kong and Bangkok. DHL chose to build the facility in Shanghai instead of Incheon, South Korea, the other city on its shortlist, because of the growth in China's domestic and overseas shipments, Jerry Hsu, DHL's president of Greater China, said in an interview today. ``It's the right location with the resources in the Yangtze River Delta and China's economic growth,'' he said. Pudong handles about 40 percent of China's air cargo traffic, including 63 percent of international shipments, according Shanghai Airport Authority. UPS, FedEx UPS is also building a hub at Pudong Airport, which is due to open next year. The facility will have an initial investment of $20 million, the company said on April 12. FedEx, the world's largest air-cargo carrier, aims to begin operations at a $150 million hub in the southern city of Guangzhou in December 2008. DHL, which operates in China through a tie-up with Sinotrans Ltd., may form a domestic air-cargo venture with a local carrier, Hsu said. The company has held talks with a number of airlines and drawn up a shortlist based on their hubs and gateways, he added. The plan may be activated once DHL's domestic air-cargo volume in China surpasses its international traffic, which is likely to take five to 10 years, Hsu said. The company has already invested $400 million in Air Hong Kong, its cargo airline venture with Cathay Pacific Airways Ltd., Hong Kong's biggest carrier. DHL has invested $2.2 billion in Asia Pacific, including $618 million in China, it said today. The company, with 11,400 employees in China, has about a third of the country's express delivery business, it added. To contact the reporter on this story: Irene Shen in Shanghai at ishen4@bloomberg.net 10月31日 Another article...Deutsche Bank Posts Profit, Says Doesn't Need Capital (Update1) By Aaron Kirchfeld and Jann Bettinga Oct. 30 (Bloomberg) -- Deutsche Bank AG, Germany's biggest bank, reported a surprise third-quarter profit and said it doesn't need to raise capital, prompting the biggest gain in 16 years in Frankfurt trading. The bank rose as much as 20 percent after posting net income of 435 million euros ($573 million). Analysts had predicted a loss. New accounting rules easing requirements for marking down investments allowed Deutsche Bank to lower writedowns for the quarter by 845 million euros to 1.2 billion euros. Chief Executive Officer Josef Ackermann, who indicated the company may trim its dividend to conserve cash, said financial markets remain ``challenging.'' The profit masked 1.4 billion euros of trading losses and deteriorating earnings in consumer banking and asset management. The bankruptcy of Lehman Brothers Holdings Inc. in September froze up credit markets and forced rivals including UBS AG of Zurich to accept government funds. ``The surprise profit and comments about the solid capital situation calmed the market,'' said Daniel Hupfer, who helps manage about $40 billion at M.M. Warburg in Hamburg, including Deutsche Bank shares. ``Deutsche Bank has been doing a good job compared to big European competitors such as UBS.'' Deutsche Bank advanced 3.68 euros to 28.48 euros by 4:20 p.m. in Frankfurt. The stock has fallen 68 percent this year, slashing the firm's market value to 16.4 billion euros. The decline compares with the 55 percent slump in the 69-company Bloomberg Europe Banks and Financial Services Index. Investment Banking Loss The German bank's profit was also boosted by a 321 million- euro tax gain and 273 million euros from the sale of a stake in Allianz SE, Europe's biggest insurer, and shares in industrial- gas maker Linde Group. The median estimate of 17 analysts surveyed by Bloomberg News was for a 154 million-euro loss. The investment-banking unit, led by Anshu Jain and Michael Cohrs, reported a third straight quarterly pretax loss of 789 million euros after 1.26 billion euros in losses from trades made for its own account. Equities sales and trading reported a loss of 142 million euros, the first since at least 2002. It included 386 million euros in losses from equities proprietary trading. Revenue from fixed-income sales and trading rose 60 percent to 924 million euros, helped by foreign-exchange and commodities trading and the accounting rules. The bank had a loss of 873 million euros from proprietary credit trading. The investment banking unit, known as corporate banking and securities, faced a ``sharp deterioration'' in market conditions, especially after the bankruptcy of Lehman, Deutsche Bank said. These market conditions have carried into the fourth quarter, the company added. `Conserving Capital' Pretax profit from consumer banking, asset management and global transaction banking fell by almost half to 449 million euros as the company set aside more money to cover loan losses in Spain and Poland and as ``unfavorable'' markets hurt fee income. The German bank booked writedowns of 1.2 billion euros on loans for leveraged buyouts, residential-mortgage backed securities, assets secured by bond insurers and commercial real estate. That brought total markdowns to about 8.5 billion euros since last year. Banks worldwide have reported about $687 billion of credit losses and asset writedowns since the start of 2007, data compiled by Bloomberg show. ``After a period of exceptional market turbulence, the outlook for our business remains challenging,'' Ackermann said in a statement. ``We will balance our dividend policy with our commitment to conserving capital strength in a highly uncertain environment.'' Dividend in Doubt Chief Financial Officer Stefan Krause told analysts on a conference call that setting aside money for a dividend at last year's level of 4.50 euros a share ``doesn't make sense'' under current circumstances. Deutsche Bank has ``very strong'' capital and doesn't need to raise funds, Krause said. Governments and central banks from the U.K. to Switzerland to the U.S. are coming to the aid of lenders as the financial crisis batters economies. Germany forged a 500 billion-euro rescue package, including as much as 80 billion euros to buy stakes in lenders. Banks will likely report ``considerably'' lower profitability and slower growth of assets and revenue as governments tighten regulations in return for bailouts, Deutsche Bank said in its annual report. The process of lowering leverage may also lead to a ``significant'' decrease in profitability, it said. Plans to Shrink Deutsche Bank improved its tier 1 ratio, used to assess a bank's ability to absorb loan losses, to 10.3 percent at the end of the third quarter from 9.3 percent at the end of June. ``The strengthening of the capital ratios remains in the market focus,'' Andreas Weese, a Munich-based analyst at UniCredit SpA who has a ``buy'' rating on Deutsche Bank, wrote in a note to clients today. ``With a tier 1 ratio of above 10 percent, we continue to see no need for capital measures.'' CFO Krause, 45, is overseeing efforts to shrink Deutsche Bank's balance sheet to reduce the company's dependence on borrowed money. The bank had the most assets in Europe after Royal Bank of Scotland Group Plc in Edinburgh at the end of the second quarter, an amount that increased by 3.5 percent to 2.06 trillion euros by the end of September. International accounting rule makers on Oct. 13 decided that financial institutions in the more than 100 countries that use International Financial Reporting Standards can reclassify some investments so they no longer have to book paper gains and losses as credit markets fluctuate. Cutting Bonuses The accounting changes, which were backed by the European Union, bring the rules more into line with those in the U.S. The bank would've reported a pretax loss of 732 million euros instead of a profit of 93 million euros if it hadn't applied the accounting changes, based on figures provided by Deutsche Bank. Deutsche Bank's non-interest expenses rose 14 percent to 4.04 billion euros because of a reduction in planned bonuses in the year-earlier period. The company is cutting bonuses ``all over the place,'' Krause said. Deutsche Bank increased the number of employees in the quarter to 81,308 from 77,920 a year ago, while trimming the headcount at the corporate and investment bank by 1,668 workers. The world's biggest banks and securities firms have announced about 150,000 job cuts since last year, according to data compiled by Bloomberg. To contact the reporter on this story: Aaron Kirchfeld in Frankfurt at akirchfeld@bloomberg.net; Jann Bettinga in Frankfurt at jbettinga@bloomberg.net Last Updated: October 30, 2008 12:00 EDT
10月30日 An interesting article fr Reuters....《特约撰稿》今天，我被华尔街裁员2008年 10月 30日 星期四 14:46 BJT
1 / 1看大图 街外人/文
10月底的纽约刚刚下了场秋雨，凉爽了不少。早上7点整，我还是像往常一样从位于布鲁克林的公寓出发，坐地铁换乘三次到曼哈顿中城。
因为下雨的缘故，天色比往常这个时候暗了不少，走在去地铁站的路上，秋风飕飕，我感到身上这件常穿的单薄外套，也应该换成行李箱中的冬季大衣了。工作太忙碌，以致这些生活琐事只有在有了切肤的感觉後才会想起来。
我任职于一家全美排名领先的大型对冲基金。一年半来纽约前，我在一所常青藤名校拿到了工程学博士学位。像我这样“over-educated”的高学历者在华尔街一点也不稀罕。我的一个中国哥们Mike，来工作前就拿了金融工程硕士（MFE）学位，MEF学位项目一般招有很强数学和工程背景的学生，教他们运用高深的数学统计工具对复杂金融产品建模分析，定价和预测。而在这个MFE项目入学之前，Mike其实已经在另一所东北部的名校拿到了理论物理的博士，论文课题是玻色-爱因斯坦凝聚态物理。
虽然看上去跟金融一点关系没有，可是Mike并不是特例，在他所在的MFE班里面，像他这样入学前拥有物理，数学，统计和计算机等专业博士学位的人不下10个。据我观察，最近几年拿到这个MFE学位的求职者在华尔街非常吃香。
这些年来大量的复杂金融衍生物的产生和交易，创造了很多需要金融工程专业技能的工作机会，而拥有这样技能的专才供应量又很少，所以过去几年即便对刚刚毕业才入行的定量分析师来说工资和年底奖金都很是可观。对于我自己和Mike来说，我们的收入就比和我们一块毕业还在做博士後搞研究的同学高了好几倍。而且随着经验的积累，行情还会看涨。可以说，这也是三年前我们下定决心走这条路的很大动力。
不到8点，我和往常一样准时来到了公司位于曼哈顿中城的办公室。虽然时间还很早，但是已经有不少分析师和交易员到达，那几个在公司里很强势的基金经理这会也都到了。我打开电脑看了看昨天亚洲市场的情况，和盘前指数期货的动态。又开始每天固定工作，摆弄我那个市场波动率掉期（variance swap）衍生物的定价交易模型。
本来上半年我的一个主要交易模型就已经优化的很好了，差不多可以产品上线交易了，但到了七八月，市场因为房地产双美危机，银行流动性吃紧、能源商品价格大幅波动，我的交易模型被上面叫停了，说是需要继续测试观察。
其实我心里知道，公司业绩不好，特别是在传统的并购风险套利交易上亏了很多钱，加上投资者的赎回请求一波压过一波，公司很难拿出钱来试水新的模型，现在实在不是推自己想法的好时候。刚刚过去的四十多天又是那麽的戏剧性，历史性的事件一个接一个，快的让不仅局外人目不暇接，连我这样天天坐在交易台前，看着路透和彭博终端的“insider”也经常茫然不知所措。
昨天晚上，我才接了一个在美国做教授的叔叔的电话， 说他401k退休金亏的很多了，才买了房又跌去了不少。问我该怎麽办。虽然是专业金融人士，但我真没什麽好建议给他。
今天，我还需要做一些在新进数据上的回归和参数检验的程序性的工作。到了8点半，坐在对面桌上的交易员大头头Steve来到了我桌前，要我跟他去旁边的小会议室开会。我也没多想，跟着就去了，会议室里面已经坐了一个人，是楼上人力资源部的Linda，平时不怎麽打交道，电梯里见过也就礼节性的问问好那种。我心中一惊：难道有什麽事情要发生？还没来得及细想，门关上了，Linda递过来一个橙色信封。Steve第一句话就是：“对不起，今天公司裁员”。
我懵了。
下面的对话，我头脑中一片空白，只记得Steve问我有什麽要求。我才想起来我还没拿到绿卡，现在仅仅是工作签证，不知道公司这边会怎麽向移民局报告。Linda回答说，公司还会把我在工资系统中保留到年底，保证我在美的身份问题，之後会提供一张15天内回中国的单程机票。我又问了这次裁员有多少，被告知25%，“这次裁员实在不是因为员工个人的表现怎麽样，是因为公司的业绩不好，生存受到了威胁”，她补充道。
虽然我早就对这天有所准备，心里还是吃了一惊。这已经是公司第二轮裁员，今年7月中已经有18%被裁掉了。我当时还为躲过一劫暗暗自得，没想依然“是祸躲不过”。Steve告诉我，按照公司政策，我需要马上交还出入门卡，拿上工作桌面上的个人物品，立即离开办公楼层。我楞了一会，也不知道还要说些什麽。短暂的静默後，谈话结束了。我走出会议室，拿上那件在今天的寒风中略显单薄的外衣，冲旁边桌上熟稔的印度裔交易支持工程师苦笑了一下，就在Steve和Linda“护送”下走进了电梯。
走到了这栋有70多年历史的高极写字楼的大堂，外面下着小雨，上班的人还一个个鱼贯而入。没有雨伞的我站在旋转门前不知道应该干什麽，出去是一定的，可是又能去什麽地方呢？
我当然知道金融业今年很糟糕，很多人失业，可心里还是不愿意相信这一天会这麽快降临在自己头上。毕竟我入行不久，工资和公司里其他资深的员工比起来并不高，又很愿意干活。在7月那波裁员之後，我还一度感觉应该不会到我。一个多月前，我也曾在不详的预感中向众多猎头投了简历，希望一旦有变，能给自己找条後路。然而华尔街被裁的人太多，僧多粥少，比我资深的人更是不在话下，我的简历也统统一去无回。
早盘的数据告诉我，今天一定又是一个繁忙的交易日，市场可能会有大的动作，可是我的一天已经提前结束。同时结束的，会是我在华尔街付出诸多心血的事业吗？
很多人抱怨说，这次的金融危机，是像我这样华尔街金融工程师一手制造的，他们认为是我们用别人看不懂的数学模型造出的衍生物，特别是这次危机中风口浪尖的信用违约掉期（CDS）扰乱了市场，最後造成了危机。
而我其实已经不止一次和人辩论这个问题了，我认为金融工程师只是金融衍生物产品线中实际操作的一环，就好象底特律三大汽车巨头的组装线上的工人。通用福特造了那麽多庞大废油的SUV，在高油价下卖不掉，最後造成经营困难，可是没有人会因为这些工人负责组装SUV而把三大的危机的责任推给他们。深层次的问题在于，这些SUV在油价便宜的时候，消费者需求很大，现在市场条件变化了，而汽车企业高层没有及时转向调整经营策略，所以造成了困难。
同样道理，在房市节节上涨繁荣兴旺的时候，市场上对各种资产抵押贷款证卷（ABS）和相应的信用违约保险CDS等金融产品的需求非常旺盛，不管是普通买房的消费者还是贷款的银行都通过了这样的产品受益。消费者能更容易获得信贷，银行能把放贷风险通过证卷化转移出去，下游的投资者能拿到更高收益的证卷，相应的风险可以通过CDS转移对冲。但是当房市开始下滑的时候，所有这些好处都开始变味。
我想，真正应该怪的是这个过程中所有以前的受益者贪婪人性的集体性放大，和作为政府监管部门一味的放任不管。深受新古典主义经济学派影响的美国经济决策者们，是不是应该更多负责和反省在过去30多年来因放松监管(deregulation)所造成的乱象？格林斯潘们是不是应该站出来承认，当时的决策只顾及眼前利益而损害了经济长期稳定的基础呢？
我冒雨走出了大楼。无论如何，我知道自己已经不属于了这里。看看表，才8：45。唯一可以高兴一点的是，回去的地铁一定有座，不用像平时那样站着回家。
生活还要继续。（完） 10月19日 大学转个贴~
爱情要随缘。你跟对方在大学里相识是一种缘分;你们彼此相爱，也是一种缘分；你们最终不能走到一起，也是一种缘分。
然而，有的人却不是这样想的，或者认识到了这一点，但在实施的过程中，却改变了初衷。不管从什么时候开始恋爱，都想在毕业时把恋爱成果巩固下来。似乎大学四年，谈情说爱跟学业同种重要，即使拿到了毕业证，如果失去了恋人，那也算不上真正的毕业。于是，当毕业在即，因为这样那样的原因跟恋人的感情出现问题时，就很难去承受。感情挫折同就业一样成为困扰大学毕业生的难题。于是，有人在感情挫折中不能自拔，失去理智走上极端。 实际上，这时间从来没有完美的爱情，所谓完美的爱情，都是相对的。随着时势和条件的变化，在完美的爱情都会产生审美疲劳。无论多么完美的爱情，都要靠一种责任感去维护，也只有如此，爱情和婚姻才会持久。在大学里花前月下产生的所谓完美爱情，踏入社会后，未必经受得住世俗的冲击。 商界巨子李晓华（是国内第一个拥有法拉利跑车的人，第一个同时荣获联合国颁发的“科学与和平奖”及“和平使者奖”两个奖项的中国人，并有一个小行星以他的名字命名为“李晓华星”），初中没毕业就插队北大荒，当时他才十八岁。北大荒有过她的初恋。可女方却回北京和一个高干子弟结了婚。当时，李晓华扒着火车从北大荒回京，敲开女方家的门时，他妈妈出来了，说：“你不能给她带来幸福，你也不能改变她的生活状况，你要什么没什么，就是一个农民，虽然他也是一个知识青年，但不能嫁给一个农民。” 这件事对李晓华打击很大，后来功成名就，他这样感慨地说：“要改变贫穷的命运，只有加倍努力。奋斗对于人的一生是非常重要的。这时我要告诉现在年轻人的衷言。在我贫穷潦倒的时候，我在北大荒做一个农你们的时候，没有人肯嫁给我。没有必要的经济基础，只凭爱心与执着，连真爱都得不到。” 李晓华的肺腑之言道出了爱情的残酷。如果因为经济原因，你的她提出跟你分手，你默默接受就是，不必为此耿耿于怀，不必为此深陷“伤心太平洋”。因为你即使暂时维系住这份感情，而物质条件又不会在短时内改变的话，分手是迟早的事。 反过来讲，毕业之时说分手，未必不是一件好事。当你踏入社会后，你的眼界开阔了，这时你也许会发现你的大学爱情是幼稚的，也许会碰上更值得相守一生的人。经过社会的锻炼，你们都变得比以前成熟了，这时做出的选择也许更具有生命力。 有的人之所以很难放弃已经明日黄花的爱情，是因为再就业压力的冲击下，期望用恋人的感情来安慰自己必备的心灵，为自己疗伤。 但爱情绝不是一根救命稻草。当你打算用爱情来拯救你的命运时，只会让你更加失望，让你更加受伤。正确的做法是，即使放弃这份支离破碎的爱情，尽快从痛苦中走出来。 后汉时代，太原有一个叫孟敏的人。一天，他扛着瓦罐上市，一不小心，瓦罐掉在地上摔碎了，但他头也不回地向前走去，旁观者无不奇怪。有位叫郭林宗的人看到了，跑上前去问孟敏，为什么不回头看看？孟敏回答：“从肩上掉下去肯定会摔得粉碎，我看她又有何用？我前面还有更重要的事要做。”郭林宗认为，这是个拿得起放得下的人，一定会有所成就。果然，10年后孟敏成为知名学士。 当爱情已无法弥补时，沉浸在里面又有什么意义? 拿得起，放得下，专心去做更重要的事情！ ------------------------------------------------------------------------------------------------------------------- 最近过得是忙碌而幸福的。 支持，帮助，鼓励，动员，或许我也得相信佛家的思想，是我前世做了些善事。 这辈子要继续做善事，要继续加油找个工作，consistently 读书～ 10月9日 Nowotny Says ECB Rate Cut Shouldn't Be Seen as Series據開心，一早上讀news居然看到bloomberg放了采訪Prof Nowotny的專訪，超開心。 在Vienna的時候很幸運地碰巧上了prof的課，從此以后才真正地開始關心Financial news. Prof知識淵博，上課時不但討論當今的問題，還能把自二戰以來的經濟問題說得清楚。不但對歐洲大陸了如指掌，也經常說說我們中國的經濟問題，說得連我這個中國人都聽得津津樂道。 最主要的是prof人特谦虚. 谦虚是美德啊~
Nowotny Says ECB Rate Cut Shouldn't Be Seen as Series (Update1)
By Matthias Wabl and Zoe Schneeweiss Oct. 8 (Bloomberg) -- European Central Bank council member Ewald Nowotny said today's interest-rate cut shouldn't be viewed as the first in a series. The ECB's new benchmark rate of 3.75 percent ``will ensure that inflation expectations remain anchored,'' Nowotny, who heads Austria's central bank, said in a telephone interview from Vienna today. ``Today's move should not be seen as a first step in a possible series. The situation has to be assessed as we go along.'' The ECB unexpectedly cut its main lending rate from 4.25 percent in coordination with other central banks today after the global credit crunch pushed up borrowing costs and forced governments across Europe to bail out banks. The International Monetary Fund said the global economy is heading for a recession in 2009 and yesterday increased its estimate of losses from the crisis to $1.4 trillion. The rate cut sends ``a strong message, but more importantly it is symbolic because it shows coordination of effort,'' ECB council member Michael Bonello said in a telephone interview from Valletta, Malta. ``Governments are doing their part, as are central banks.'' The U.S. Federal Reserve also reduced its key rate by half a point, to 1.5 percent, and central banks in Canada, the U.K., Sweden and Switzerland lowered borrowing costs. China cut interest rates for the second time in three weeks, reducing the main rate to 6.93 percent. `Work to be Done' ``It's a helpful step, but there's a lot more work to be done,'' said Lawrence Hatheway, an economist at UBS in London. ``It should be seen, and surely the markets will view it this way, as the first in a series of steps for these institutions.'' The worldwide turmoil is hurting the economy of the 15 euro nations. Europe's manufacturing and services industries contracted for a fourth month in September and confidence in the economic outlook dropped to the lowest since the wake of the Sept. 11 terrorist attacks. ``Inflation, but also growth prospects, have come down significantly, and that allowed central banks to carry out this coordinated action,'' Nowotny said. ``This should send a clear signal to market participants and should help calm markets.'' 9月28日 小宇宙感谢大脸猫同学，让我热血沸腾，小宇宙不断燃烧，想竞争，各方面的。
不是为了最终的结果，就是纯粹的摩拳擦掌，很不爽。
记得上一次有这种想法，是刚进大桥的时候，很不爽我们班的小个子第一名。
他妈的，有啥了不起，不就是会考试吧～
就是要比比，这种盯人战术就是有趣，兴奋！ 9月26日 圈子生活的圈子在忙碌的时候就变成了biz的那些人和几个能在pgp打上照面的朋友。
想在reces week见几个老朋友，吃个饭，却被各种biz的破事所阻碍。
有时候，想吐些话，又不想说英文的时候，似乎听众不多。
所以那天很不要脸的拉上认识不多久的邻居同学出去跑步。
但是总体老说，压力变动力的理论还是成立的。
还是有时间吃个水煮鱼，土豆丝，说说话，谈谈天～
生活就是这样吧～～～
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