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John Rogers, 11.30.05Once we understand the business and where we think it's going, we'll estimate the sustainable free cash flow the company can generate net income, plus depreciationand amortization, minus maintenance capital spending. Depending on the growth potential, defensibility and profitability of the business, we'll put a 10- 14x multiple on that free cash flow to arrive at a target price.

一旦我们理解公司并且它的发展方向，我们就会估计这家公司能够产生的持续的自由现金流——净收益+折旧+分期还款-净投资，依靠企业的成长潜力、可防御性和收益情况，我们会把目标价定为自由现金流的10-14倍。

A little after Noon I found the Sea very calm, and the Tyde ebb'd so far out, that I could come within a Quarter of a Mile of the Ship; and here I found a fresh renewing of my Grief, for I saw evidently, that if we had kept on board, we had been all safe, that is to say, we had all got safe on Shore, and I had not been so miserable as to be left entirely destitute of all Comfort and Company, as I now was; this forc'd Tears from my Eyes again, but as there was little Relief in that, I resolv'd, if possible, to get to the Ship, so I pull'd off my Clothes, for the Weather was hot to Extremity, and took the Water, but when I came to the Ship, my Difficulty was still greater to know how to get on board, for as she lay a ground, and high out of the Water, there was nothing within my Reach to lay hold of; I swam round her twice, and the second Time I spy'd a small Piece of a Rope, which I wonder'd I did not see at first, hang down by the Fore-Chains so low, as that with great Difficulty I got hold of it, and by the help of that Rope, got up into the Forecastle of the Ship; here I found that the Ship was bulg'd, and had a great deal of Water in her Hold, but that she lay so on the Side of a Bank of hard Sand, or rather Earth, that her Stern lay lifted up upon the Bank, and her Head low almost to the Water; by this Means all her Quarter was free, and all that was in that Part was dry; for you may be sure my first Work was to search and to see what was spoil'd and what was free; and first I found that all the Ship's Provisions were dry and untouch'd by the Water, and being very well dispos'd to eat, I went to the Bread-room and fill'd my Pockets with Bisket, and eat it as I went about other things, for I had no time to lose; I also found some Rum in the great Cabbin, of which I took a large Dram, and which I had indeed need enough of to spirit me for what was before me: Now I wanted nothing but a Boat to furnish my self with many things which I forsaw would be very necessary to me.

午后不久，海面风平浪静，潮水也已远远退去。我只要走下海岸，泅上几十米，即可到达大船。这时，我心里不禁又难过起来。因为我想到，倘若昨天我们全船的人不下小艇，仍然留在大船上，大家必定会平安无事。这时就可安抵陆地；我也不会像现在这样，孤苦伶仃孑然一身了。而现在，我既无乐趣，又无伴侣。想到这里，我忍不住流下泪来。可是，现在悲伤于事无济，我即决定只要可能就先上船去。当时，天气炎热，我便脱掉衣服，跳下水去。可是，当我泅到船边时，却没法上去，因为船已搁浅，故离水面很高；我两臂所及，没有任何可以抓住的东西。我绕船游了两圈，忽然发现一根很短的绳子。我惊异自己先前竟没有看见这根绳子。那绳子从船头上挂下来，绳头接近水面；我毫不费力地抓住绳子往上攀登，进入了船上的前舱。上去后发现船已漏水，舱底进满了水。因为船搁浅在一片坚硬的沙滩上，船尾上翘，船头几乎都浸在水里，所以船的后半截没有进水。可以想像，我急于要查看一下哪些东西已损坏，哪些东西还完好无损。首先，我发现船上的粮食都还干燥无恙。这时，我当然先要吃些东西，就走到面包房去，把饼干装满了自己的衣袋，同时边吃边干其他活儿，因为我必须抓紧时间才行。我又在大舱里找到了一些甘蔗酒，就喝了一大杯。此时此刻，我极需喝点酒提提神。我这时只想有一只小船，把我认为将来需要的东西，统统运到岸上去。

If you dialed an 800 number, blew the whistle and then pressed in a series of tones (called multi-frequency or MF tones) on your "Blue Box", you could make long distance and international calls for free, since the only thing the billing machine at the local telephone company central office knew was the original toll-free call to the 800 number.

如果你拨打800号码，吹响口哨，然后在你的"蓝色盒子"上按下一串音频，你就可以免费拨打国内长途或国际长途了。因为本地电话公司市话局的计费系统接收到这个口哨声音后唯一知道要做的事情就是启动这个 800 号码的免费长途呼叫功能。

However there are some differences in the learning motivation in terms of different backgrounds:① The higher the academic degree holders, the lower the intensity of the learning motivation in self-development, social contact, family requirement and degree pursuing.② The students from town and villages show great motivation in Better Serving Society, however the students from cities pay more attention to the assessments from family and working company.③The intensity of the motivations in female students in pursuing knowledge, self-development and social contact are apparently stronger than male students.④With the increasing of age, the motivation intensity decreases in the aspects of self-development, career-development and competition or promotion. The students in the age of 40"s to 50"s pay more interests in educating children.⑤The motivation intensity in Better Serving Society, Avoid Failure in The Work and Better Educating Children decreases with the increasing of the income. Middle income class emphases more in promotion.⑥ The intensity of motivation in pursuing knowledge is very strong in state-worker and free-lancer. Teachers pay more attention to career development and the free-lancer emphasis in developing enterprises and self-expressing.

在对比分析中，成人学员因学历、来源地、性别、年龄、收入、职业的不同，其学习动机存在一定的差异：①随着学历层次的升高，成人学员在发展、交往、家庭、文凭动机的多个子项上表现出差异，动机强度依次降低；②县乡学员在"更好地服务社会"项目中比城市学员表现强烈，而城市学员更重视家庭及单位对自己的看法与评价；③女性学员在求知、职业、交往三大类上的动机水平较明显高于男性学员；④在发展、职业、竞争或提升三个方面，随着年龄的增加，其动机强度呈递减趋势，而41－50岁的学员在"为了更好地教育子女"这一项上表现尤为突出；⑤在"更好的服务社会"、"避免工作失败"、"更好的教育子女"三个项目中，随着收入的增加，其强度水平依次减弱，中间收入的学员较其它两层次更在意"得到提升"；⑥不同职业的学员有不同的动机表现，公务员与自由职业者的求知动机表现强烈，教师的职业动机水平相对偏高，自由职业者强调"发展事业"与"表现自己"。

Company is one of the earliest development of sugar-free enterprise-based formulations, one of the early development of the sugar-free type Xinqin particles, Motherwort Medicine, Stephen milk particles, advanced technology, high quality standards, efficacy significantly.

公司是国内最早开发无糖型制剂的企业之一，前期开发的无糖型辛芩颗粒、益母草冲剂、乳泉颗粒，工艺先进，质量标准高，疗效显著。

The Company provided free of charge breeding duck seedlings, and strict demands on the implementation of full-time farmers grazing free-style stocking, put an end to a mixture of chemical additives, such as feed, only to add Tim to feed grains such as rice or corn coarse grain, and the quality of pure sea duck , superior flavor taste for eggs in the top grade.

本公司免费提供良种蛋鸭种苗，并严格要求农户实行全日制自由放牧式放养，杜绝等化学添加剂的混合饲料，只补充添喂稻谷或玉米粒等粗原粮，所产生的海鸭蛋品质纯正、口感风味俱佳，为蛋中上品。

In order to further support the export of domestically made cigarettes, and meanwhile continue strengthening the administration of taxation on exported cigarettes, the State Taxation Administration has, upon deliberation, decided to increase the outer-port customs (that is, the representative office in Shanghai Waigaoqiao Port) under Shanghai Customs and Haicang Representative Office under Amoy Customs as the ports for export of duty-free cigarettes, meanwhile, for the exported cigarettes, if the customs declaration form on the exported goods supplied to Shanghai Ocean Ship Chandler Company within the plan of duty-free exported cigarettes is affixed with a seal of "being inspected by Shanghai Customs", they are permitted to be exempted from duty and be written off after verification.

为进一步支持国产卷烟出口，同时继续加强出口卷烟的税收管理，经研究，总局决定增列上海海关所属外港海关（即上海外高桥港口办事处）、厦门海关所属海沧办事处为免税卷烟出口口岸；同时准予对在免税出口卷烟计划内供应给上海远洋船舶供应公司的出口货物报关单上加盖"上海海关"验讫章的出口卷烟，予以免税核销。

Company production and operation of lead-free solder and lead-free soldering iron Units mouth, has the function of the industry's best advantage.

公司生产经营的无铅焊台及无铅烙铁嘴，有着业界最优的功能优势。

Based on the technology introduced from Japan and Europe, the company adopts the domestic and overseas advanced equipment and raw materials to develop high quality non-flavescenct household appliances ornament paints, ecological polyester woodware paints and non-toxicity and pollution-free building interior- and extencr.wall latex paints, meanwhile, it produces several hundreds of varieties in eight categories including high grade polyurethane varnish, color paints and nitro-, amino- and alkyd paints series products, amino-hammer paint and synthetic resin, low-free TDI polyester curing agent.

以日本，欧洲引进的先进技术为依托，采用国内外的先进设备和原材料，开发出适合中国特点、达到国际品质的高档无黄变家居装饰漆、生态聚酯木器漆及无毒无污染的建筑内外墙乳胶漆。公司同时生产高级聚氨酯清漆、彩色漆、硝基、氨基、醇酸系列漆、氨基锤纹漆及合成树脂、低游离TDI聚酯固化剂等八大类几百个品种

Although Tecent company is offerred have free Qq show, but design is finite, a lot of users resemble me so same, because do not have the free Qq show that suits him purpose, would rather is smooth back, after I had tried Qq show, I came up against show of Qq of a good friend that day also is smooth back, I not by burst out laughing, the reason that he is informed me to laugh also is a yock, visible Qq beautiful dress has entered our life.

腾讯公司虽然提供的有免费的qq秀，但是款式有限，很多用户像我这样一样，因为没有合自己心意的免费qq秀，宁肯光着背，那天我我试过qq秀之后碰到一个好友qq秀也是光着背，我不由的哈哈大笑，他得知我笑的原因也是大笑，可见qq秀服装已经进入到我们的生活。

Breath, muscle contraction of the buttocks; arch body, as far as possible to hold his head, right leg straight towards the ceiling (peg-leg knee in order to avoid muscle tension).

呼气，收缩臀部肌肉；拱起身体，尽量抬起头来，右腿伸直朝向天花板（膝微屈，以避免肌肉紧张）。

The cost of moving grain food products was unchanged from May, but year over year are up 8%.

粮食产品的运输费用与5月份相比没有变化，但却比去年同期高8％。