是有過幾個不錯對象
說起來并不寂寞孤單
可能我浪盪 讓人家不安
才會結果都健忘
我沒有什麼陰影魔掌 你千萬不要放在心上
我又不脆弱 何況那算什麼傷
反正愛情不就都這樣
我沒有說謊 我何必說謊
你懂我的 我對你從來就不會假裝
我哪有說謊 請別以為你有多難忘
消失 真的不是我逞強
我好久沒來這間餐廳 沒想到已經換了裝潢
角落那窗口 聞得到玫瑰花香 被你一說是有些影響
我沒有說謊 我何必說謊
你知道的 我缺點之一就是很健忘
我哪有說謊 是很感謝今晚的相伴
但我竟然有些不習慣
我沒有說謊 我何必說謊
愛一個人沒愛到難道就會怎麼樣
別說我說謊 人生已經如此的艱難
有些事情就不要拆穿
我沒有說謊 是愛情說謊
它帶你來 騙我說 可我 沒有可能有希望
我沒有說謊 祝你做個幸福的新郎
我的心事請你全遺忘
I only drink isopropyl, and I absolutely <3 it.
to say good bye.
Nobody can hurt me.
Tomorrow will be better.
My weakness cannot control my will.
I will live as freely as I want to until the end.
Death as my destiny does not bring regret to my tomb.
lockerz sucks!
It makes me sad.
You make me sad too.
Even as the financial system collapsed last year, and millions of investors lost billions of dollars, one unlikely investor was racking up historic profits: John Paulson, a hedge-fund manager in New York.
His firm made $20 billion between 2007 and early 2009 by betting against the housing market and big financial companies. Mr. Paulson’s personal cut would amount to nearly $4 billion, or more than $10 million a day. That was more than the 2007 earnings of J.K. Rowling, Oprah Winfrey and Tiger Woods combined.
How did he do it? Believing that a housing-market collapse was coming, Mr. Paulson spent over $1 billion in 2006 to buy insurance on what he then saw as risky mortgage investments. When the housing market cracked and the mortgages tumbled, the value of Mr. Paulson’s insurance soared. One of his funds rose more than 500% that year. Then in 2008, he shorted financial shares, or wagered that they would fall in price, profiting again when these companies collapsed.
And are there any investing skills that average investors can learn from his success? Yes. There are no guarantees, of course, but the success of Mr. Paulson and a few other underdog investors lends encouragement to individuals trying to compete with Wall Street’s pros.
Here are eight investing lessons of Mr. Paulson’s $20 billion gamble, the greatest trade in financial history:
1 Don’t Rely on the Experts
Many investors lost big in 2007 and 2008 as housing crumbled and the stock market tumbled. But no one lost more than commercial and investment banks caught with toxic mortgage-related securities. These bankers were the very same ones who created these investments, and Wall Street’s top analysts had vouched for their safety, even as Mr. Paulson and others bet against the investments.
Lesson: When Wall Street is wheeling out its latest can’t-miss product, be skeptical.
2 Bubble Trouble
Some academics argue that financial markets have become more efficient. But a rash of financial bubbles in recent years — including housing, energy, technology and Asian currencies — suggests that markets are becoming harder to navigate, and are more prone to overshooting. Today, investors of all sizes read the same articles, watch the same business-television programs and chase the same hot tips. They invariably head for the exits at the same time.
Lesson: Have an exit strategy — and cash to cushion any tumble.
3 Focus on Debt Markets
Most investors track the ups and downs of the stock market but have only a vague sense of moves in debt markets. That’s a mistake. Early signs of trouble were seen in sophisticated markets that don’t get much limelight, like the subprime-mortgage bond market. These problems eventually felled the housing and stock markets, and the overall economy, a set of falling dominos that Mr. Paulson and his team correctly anticipated.
Lesson: Debt markets can do a better job predicting problems than stock markets.
4 Master New Investments
Mr. Paulson scored huge profits by buying credit-default swaps, a derivative investment that serves as insurance on debt. When risky mortgage bonds tumbled in value, Mr. Paulson’s insurance soared. But many experts were flummoxed by CDS contracts or shied away from educating themselves about these relatively new investments.
Mr. Paulson and his team had no experience with CDS contracts. But they put the time into learning about them.
Lesson: Educate yourself about the range of exchange-traded funds being introduced, some of which can play a valuable role in a portfolio.
5 Insurance Pays
A number of investors worried about a bursting of the housing market, but few did much about it, even though insurance, such as CDS contracts, at the time were selling at dirt-cheap prices. Out-of-the-money put contracts — options that pay off only if the market tumbles — also were trading at reasonable levels. As cheap as this insurance was, many pros ignored it.
Lesson: Don’t underestimate the value of a safety net, such as put options.
6 Experience Counts
Some of the biggest winners in the meltdown were middle-aged investors dismissed by some as past their prime. But they had experienced past market downturns, while some of the bankers and analysts caught flat-footed knew only good times.
Lesson: A historical perspective can be a valuable tool.
7 Don’t Fall in Love
With an Investment
In early 2009, Mr. Paulson became more bullish about the banks and financial companies that he had wagered against in 2008, after determining that these companies had improved their balance sheets. The moves resulted in profits this year.
Lesson: Even the greatest trade doesn’t last forever.
8 Luck Helps
In early 2006, Mr. Paulson determined that housing was in trouble and set out to profit from the impending fall. But some housing experts already had determined that real estate was overpriced; others had wagered against housing but could no longer stomach their losses. Just months after Mr. Paulson placed his historic trade, U.S. housing prices began to fall.
Lesson: Don’t risk too much in any one trade, even one that seems like a sure thing.
-Write to Gregory Zuckerman at gregory.zuckerman@wsj.com
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Copyright (c) 2009 Dow Jones & Company, Inc.
Except video games.
^_^
Now that I have access to get 2 free PS3 games (w.e.t & kill zone II) I feel like the luckiest person in the world.
Anything from the mall that is over 10 bucks is not valuable to me.
-adjective
1. of, pertaining to, or typical of aborigines: aboriginal customs.
2. original or earliest known; native; indigenous: the aboriginal people of tahiti.
