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We borrow money against portfolios of interest-bearing receivables whose risk characteristics we understand. We did this in 2001 when we guaranteed $5.6 billion of bank debt to take over, in partnership with Leucadia, a bankrupt Finova (which held a broad range of receivables). All of that debt has been repaid. More recently, we have borrowed to finance a widely-diversified, predictably-performing portfolio of manufactured-home receivables managed by Clayton. Alternatively, we could "securitize" that is, sell these receivables, but retain the servicing of them. If we followed this procedure, which is common in the industry, we would not show the debt that we do on our balance sheet, and we would also accelerate the earnings we report. In the end, however, we would earn less money. Were market variables to change so as to favor securitization, we could sell part of our portfolio and eliminate the related debt. Until then, we prefer better profits to better cosmetics.

2我们也会举债用来买进有利息收入且我们了解其风险属性的应收帐款,像我们在2001年就与 Leucadia 合作联合对当时破产的融资公司 Finova给予56亿美元的债务担保,目前该笔借款业已清偿完毕,而最近,我们也借钱给子公司 Clayton 房屋以协助其买进风险相当分散且容易预估绩效的房屋贷款债权,当然我们大可以像其它同业一样将这些债权证券化卖掉,只保留后续的服务部份,如此我们帐上不但可以降低负债比例,而且可以达到美化帐面的目的,但如此一来,我们却必须牺牲部份利润,除非市场真的转变,使得证券化较有利,我们才可能出售部份应收帐款以降低负债,在这之前,我们宁要里子不要面子。

Technical and scientific advances in endodontics have made root canal therapy a widely accepted procedure with a predictably high success rate.

根管治疗作为一种保存患牙的有效方法,对其充填质量、疗效进行评价和分析,可以了解人群的根管治疗状况,同时也有利于不断完善治疗,提高治愈率。

Helen Mirren predictably showed sang-froid; Jennifer Hudson managed to look surprised and tearful, naming her grandmother as her inspiration.

Helen Mirren 像原先预见的那样表现沉稳, Jennifer Hudson 尽量想表现的出人意料的感人至深,以她的祖母作为她的精神源泉。

As usual, Morgan Freeman plays the voice of reason and rationality, a dont-judge-a-book-by-its-cover straight-shooter with an incredible and understated intellect, while Jack Nicholson stays true to form as his predictably proud, arrogant and egotistical self.

弗里曼的角色是判断力和理性的代表,是个坦白正直、不以貌取人而且智慧超常的人,而杰克?尼科尔森依然扮演了傲慢、自负并任性的角色。

As usual, Morgan Freeman plays the voice of reason and rationality, a don't-judge-a-book-by-its-cover straight-shooter with an incredible and understated intellect, while Jack Nicholson stays true to form as his predictably proud, arrogant and egotistical self.

弗里曼的角色是判断力和理性的代表,是个坦白正直、不以貌取人而且智慧超常的人,而杰克?尼科尔森依然扮演了傲慢、自负并任性的角色。

Predictably then, structuralists judge good communication as accurate and clear and view communication competence as the accurate, precise, and skillful use of language and other symbol systems.

可以预见,然后,结构主义法官良好的沟通,准确和清晰,认为交际能力的准确,准确,熟练运用语言和其他符号系统。

Predictably, the different white and blue check shirt has a different name. Viyella House.

可以预想,这种不同的蓝格白衬衫会有一个不同凡响的名字:维耶拉。

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On the other hand, the more important thing is because the urban housing is a kind of heterogeneity products.

另一方面,更重要的是由于城市住房是一种异质性产品。

Climate histogram is the fall that collects place measure calm value, cent serves as cross axle for a few equal interval, the area that the frequency that the value appears according to place is accumulated and becomes will be determined inside each interval, discharge the graph that rise with post, also be called histogram.

气候直方图是将所收集的降水量测定值,分为几个相等的区间作为横轴,并将各区间内所测定值依所出现的次数累积而成的面积,用柱子排起来的图形,也叫做柱状图。

You rap, you know we are not so good at rapping, huh?

你唱吧,你也知道我们并不那么擅长说唱,对吧?