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The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities - that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future - will eventually bring on pumpkins and mice.

投资与投机之间永远是一线之隔,尤其是当所有市场的参与者都沉浸在欢愉的气氛当中时更是如此,再也没有比大笔不劳而获的金钱更让人失去理性,在经历过这类经验之后,再正常的人也会像参加舞会的灰姑娘一样被冲昏了头,他们明知在舞会中多待一会也就是继续将大笔的资金投入到投机的活动之上,南瓜马车与老鼠驾驶现出原形的机率就越高,但他们还是舍不得错过这场盛大舞会的任何一分钟,所有人都打算继续待到最后一刻才离开,但问题是这场舞会中的时钟根本就没有指针!

The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities - that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future - will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight .

投资与投机之间永远是一线之隔,尤其是当所有市场的参与者都沉浸在欢愉的气氛当中时更是如此,再也没有比大笔不劳而获的金钱更让人失去理性,在经历过这类经验之后,再正常的人也会像参加舞会的灰姑娘一样被冲昏了头,他们明知在舞会中多待一会-也就是继续将大笔的资金投入到投机的活动之上,南瓜马车与老鼠驾驶现出原形的机率就越高,但他们还是舍不得错过这场盛大舞会的任何一分钟,所有人都打算继续待到最后一刻才离开,但问题是这场舞会中的时钟根本就没有指针!

"The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities - that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future - will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There's a problem, though: They are dancing in a room in which the clocks have no hands."

投资与投机之间永远是一线之隔,尤其是当所有市场的参与者都沉浸在欢愉的气氛当中时更是如此,再也没有比大笔不劳而获的金钱更让人失去理性,在经历过这类经验之后,再正常的人也会像参加舞会的灰姑娘一样被冲昏了头,他们明知在舞会中多待一会也就是继续将大笔的资金投入到投机的活动之上,南瓜马车与老鼠驾驶现出原形的机率就越高,但他们还是舍不得错过这场盛大舞会的任何一分钟,所有人都打算继续待到最后一刻才离开,但问题是这场舞会中的时钟根本就没有指针!

The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities - that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future - will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight.

投资与投机之间永远是一线之隔,尤其是当所有市场的参与者都沈浸在欢愉的气氛当中时更是如此,再也没有比大笔不劳而获的金钱更让人失去理性,在经历过这类经验之后,再正常的人也会像参加舞会的灰姑娘一样被冲昏了头,他们明知在舞会中多待一会-也就是继续将大笔的资金投入到投机的活动之上,南瓜马车与老鼠驾驶现出原形的机率就越高,但他们还是舍不得错过这场盛大舞会的任何一分钟,所有人都打算继续待到最后一刻才离开,但问题是这场舞会中的时钟根

"The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities - that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future - will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There's a problem, though: They are dancing in a room in which the clocks have no hands."

C n! h9 u5 O C: C昆山,bbs,论坛,昆山BBS,昆山论坛,kb,kbcool 投资与投机之间永远是一线之隔,尤其是当所有市场的参与者都沉浸在欢愉的气氛当中时更是如此,再也没有比大笔不劳而获的金钱更让人失去理性,在经历过这类经验之后,再正常的人也会像参加舞会的灰姑娘一样被冲昏了头,他们明知在舞会中多待一会也就是继续将大笔的资金投入到投机的活动之上,南瓜马车与老鼠驾驶现出原形的机率就越高,但他们还是舍不得错过这场盛大舞会的任何一分钟,所有人都打算继续待到最后一刻才离开,但问题是这场舞会中的时钟根本就没有指针!

Theline separating investment and speculation, which is never bright andclear, becomes blurred still further when most market participants haverecently enjoyed triumphs. Nothing sedates rationality like large dosesof effortless money. After a heady experience of that kind, normallysensible people drift into behavior akin to that of Cinderella at theball. They know that overstaying the festivities - that is, continuingto speculate in companies that have gigantic valuations relative to thecash they are likely to generate in the future - will eventually bringon pumpkins and mice. But they nevertheless hate to miss a singleminute of what is one helluva party. Therefore, the giddy participantsall plan to leave just seconds before midnight.

投资与投机之间永远是一线之隔,尤其是当所有市场的参与者都沉浸在欢愉的气氛当中时更是如此,再也没有比大笔不劳而获的金钱更让人失去理性,在经历过这类经验之后,再正常的人也会像参加舞会的灰姑娘一样被冲昏了头,他们明知在舞会中多待一会-也就是继续将大笔的资金投入到投机的活动之上,南瓜马车与老鼠驾驶现出原形的机率就越高,但他们还是舍不得错过这场盛大舞会的任何一分钟,所有人都打算继续待到最后一刻才离开,但问题是这场舞会中的时钟根本就没有指针!

" There is no critical boundary between speculation and investment, especially when all participators are immersed in delighted atmosphere, There is nothing so easier than large amount of unearned money that can lead person to loss the logos. Even more normal person will lose his head, after such kind of experience mentioned. The more time they stay in the dancing party, that is invest much capital into the speculative operation, the larger the proportion of The Pumpkin carriage and mouse driver show the hoof is. All of them intend to stay to the last minute rather than miss any minute of the dancing party. But the point is there is no pointer in the clock at all." Buffett wrote these words to shareholders in 2000 years.

&股神&巴菲特2000年写给股东的信中写道:&投资与投机之间永远是一线之隔,尤其是当所有市场的参与者都沉浸在欢愉的气氛当中时更是如此,再也没有比大笔不劳而获的金钱更让人失去理性,在经历过这类经验之后,再正常的人也会像参加舞会的灰姑娘一样被冲昏了头,他们明知在舞会中多待一会-也就是继续将大笔的资金投入到投机的活动之上,南瓜马车与老鼠驾驶现出原形的机率就越高,但他们还是舍不得错过这场盛大舞会的任何一分钟,所有人都打算继续待到最后一刻才离开,但问题是这场舞会中的时钟根本就没有指针!&

Party B agrees that in the event it continues to operate or subsequently begins to operate any other business , in addition to the requirements set forth in Section V of this Agreement, it will not use, or permit, participate in or aid the use of any reproduction, counterfeit, copy or colourable imitation of the Products, Proprietary Equipment or Samples, either in part or in whole, or the Marks in connection with such other business which may cause confusion, mistake or deception or which may dilute Party A's exclusive rights in and to the Products, Proprietary Equipment or Samples, and further agrees not to utilise or aid or participate in the use of any designation of origin or description or representation which falsely suggests or represents an association or connection with Party A.

乙方同意如果其继续经营或继续开始经营任何其他生意,除了本协议第 V 条所提要求外,乙方亦将不会部分或全部的使用、许可、参加或帮助他人部分或全部的使用产品、专有设备及样品的任何复制、伪造、仿制、抄袭或似是而非的仿制品,不会在商业经营中使用可能造成混淆、错误、欺骗并由此可能削弱甲方在其产品、专有设备及样品上的专有权的商标。乙方进一步同意不利用、帮助或参加使用任何错误的表达或代表了与甲方的关系或联系的对产品原件或其描述、陈述的设计。

Then, safety analysis method was constituted considered the typical damage of concrete beam bridge. 5. By amending the reduction rate of loading capacity used in Code for Maintenance of Highway Bridges and Culvers (JTG H11-2004), a new reliable index is presented in the same safety standard to reflect the relation between load and resistance. According to the basic principal of calibration method, the recommended gradation index was computed under various factors such as different load combinations, vehicle operating status and different failure modes. With these calculated numerical values, the calculated reliability indexes standard for the estimation of safety degree of in-service concrete girder bridge members was ultimately obtained.6. Based on the related standards and results on crack and displacement that cannot continue to loading at home and abroad, the evaluation grade of the concrete beam bridge is proposed by analogy.

针对材料和构件损伤对混凝土梁式桥抗力的影响,基于材料和构件层次典型损伤的修正计算公式,在结构既有以及时变抗力评估的概率模型基础上,通过误差传递公式获得抗力统计参数,对抗力进行修正,构成了考虑混凝土梁式桥典型损伤的安全性分析方法。5、依据校准法原理,将《公路桥涵养护规范》(JTG H11-2004)中不同类别承载力下降率转化为修改分项系数,分别计算了轴心受压、轴心受拉、受弯、大偏心受压、受剪构件在各种情况下的可靠指标,根据破坏类型对校准结果进行分析,提出了基于可靠度的公路混凝土梁式桥安全性评定等级。6、基于不能继续承载的裂缝和位移的相关国内外规范和研究成果分析,通过类比提出了混凝土梁式桥不能继续承载的裂缝和位移评定等级界限。

Whenever they penetrated our territory, they were faced with fierce resistance from Iraqi people, tribes, party members, Saddam's Fedayeen and security forces who performed a great task that suits their noble characters.Therefore, the enemy, after trying and failing to belittle your might, approached you from land as the situation is now. We should consider their approach as the best position for us to be in to have the enemy in a state which enables us to inflict heavy losses upon him. The enemy became embroiled in Iraq's sacred land, which is defended by a great people and an army with vast experience.

伟大的战士们,伟大的英雄们,要仇恨你们的敌人,最有勇气的伊拉克人民们,记住你们所承受的痛苦,尽可能的反击敌人,使他们不能够继续这场战争,使他们不可能继续犯下更多的罪行,针对我们所有的人民,你们将因此获得荣誉和胜利,真主会保佑大家,你们将因此获得崇高的荣誉,你们将教会给侵略者们最大的教训,尽力反击他们,使他们不能够再对人类犯下更多的罪行,尽可能的反击他们,你们就可以阻止邪恶的扩张。

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But we don't care about Battlegrounds.

但我们并不在乎沙场中的显露。

Ah! don't mention it, the butcher's shop is a horror.

啊!不用提了。提到肉,真是糟透了。

Tristan, I have nowhere to send this letter and no reason to believe you wish to receive it.

Tristan ,我不知道把这信寄到哪里,也不知道你是否想收到它。