获利

Treasury bonds, unlike corporates or municipals, can't gain from an improving economy; if interest rates rise, Treasurys will get hammered.

美国国债不同于公司债或市政债券，无法从经济好转中获利；如果利率上调，国债将遭受打击。

If only on the K line combinations to judge the short-term direction of the operation, will inevitably face more uncertainty risks, but also tried to Rs easily formed the habit of a strong rise in the often away prematurely in the hands of profit-chips, in the mining market rebound due to the strong efforts to weak difficult to grasp , it is easy bearing.

如果仅仅依靠日K线的组合来判断短线的操作方向，难免会面临较多的不确定性风险，同时也容易形成追涨杀跌的习惯，在强势的行情中往往会过早抛掉手中的获利筹码，在弱市行情中又由于反弹力度时强时弱难以掌握，很容易被套。

Some of famous scholars focused on evaluation model known as "Black and Scholes option evaluation model" which was established by Fisher Black and Myron Sholes in 1973. Option evaluation is no doubt very important to trader but how to make capital gain through put-call strategy is more concerned.We examined if we can make profit by the evaluation model of option and spot to research Taiwan option market merely through strategy implementation.

有的学者著重于评价模式之建立，如Fisher Black与Myron Scholes於1973年，提出所谓的&Black and Scholes选择权订价模型&交易人对於选择权评价的方式虽然重视，但是他们更想知道的事如何运用选择权的买卖策略来获取资本利得，但在相关研究上，对於此领域的研究却不是很完善，所以本文将对选择权与现货标的的评价方式透过策略的运用，重新评价，以台湾选择权市场为研究物件，仅就策略性操作是否有其获利模式进行研究。

We won, we still made money!Let's put that another way, because this is a really really importantpoint:Even though in this example, we lost 80% of the trades we made,8 h8 G L7 awe still made a profit.

让我们得出有一条方法，这是真的真的很重要的一点：在这个例子中，即使我们80%的交易都是赔钱的，但我们仍然做到总体获利。

No-limit is not a game where you can call frequently and turn a profit.

无限德州不是一个你通过频繁的跟注能获利的游戏。

Although a mistake, the Waumbec acquisition has not been a disaster. Certain portions of the operation are proving to be valuable additions to our decorator line at New Bedford, and it's possible that we may be able to run profitably on a considerably reduced scale at Manchester. However, our original rationale did not prove out.

Waumbec 虽然是个错误，但所幸并未酿成灾难，部份的产业仍对位于 New Bedford 的室内装饰品生产线有所助益，而我们也相信 Manchester 在大幅缩减营运规模之后，仍将有获利的空间，只是我们原先的理论被证明不可行。

Although a mistake, the Waumbec acquisition has not been a disaster. Certain portions of the operation are proving to be valuable additions to our decorator line at New Bedford, and it's possible that we may be able to run profitably on a considerably reduced scale at Manchester. However, ouroriginal rationale did not prove out.

Waumbec虽然是个错误，但所幸并未酿成灾难，部份的产业仍对位于New Bedford的室内装饰品生产线有所助益，而我们也相信Manchester在大幅缩减营运规模之后，仍将有获利的空间，只是我们原先的理论被证明不可行。

A few shareholders have questioned the wisdom of remaining in the textile business which, over the longer term, is unlikely to produce returns on capital comparable to those available in many other businesses. Our reasons are several:(1) Our mills in both New Bedford and Manchester are among the largest employers in each town, utilizing a labor force of high average age possessing relatively non-transferable skills. Our workers and unions have exhibited unusual understanding and effort in cooperating with management to achieve a cost structure and product mix which might allow us to maintain a viable operation.(2) Management also has been energetic and straightforward in its approach to our textile problems. In particular, Ken Chace's efforts after the change in corporate control took place in 1965 generated capital from the textile division needed to finance the acquisition and expansion of our profitable insurance operation.(3) With hard work and some imagination regarding manufacturing and marketing configurations, it seems reasonable that at least modest profits in the textile division can be achieved in the future.

部份股东开始质疑我们是否应该继续留在纺织产业，虽然就长期而言其投资报酬率明显低于其它的投资，但我们的理由有以下几个：(1)我们在纽贝福及 Manchester 的工厂都是当地最大的聘雇业者，员工的年龄偏高，缺乏转换工作的能力，同时我们的员工及其公会也已经尽其所能地与经营阶层配合努力改善成本结构及产品组合，以使我们的经营得以维持下去(2)管理阶层也相当努力同时坦承面对产业的问题，尤其是在1965年经营权易主后， Ken Chace 依然尽力尽力地协助我们把纺织部门产生稳定的资金流入转到获利更加的保险事业投资与购并之上(3)努力工作加上对制造与行销组合的乐观预期，我们的纺织事业在未来看起来应该可以维持一个起码的利润空间。

Arbitrage involving risk; as in the simultaneous purchase of stock in a target company and sale of stock in its potential acquirer; if the takeover fails the arbitrageur may lose a great deal of money.

有危险的套汇；在目标公司同时购买股票并在它可能获利时抛出；如果套汇失败可能会损失大量的钱。注意，注意力集中

Although the study of DSSW model confirmed the noise trader obtained more gain than arbitrageur, the arbitrageur restricted the fluctuation of price and the benefit space of noise trader.

DSSW模型研究证实了噪声交易者获得的平均收益甚至要高于套利者，但套利者的存在依然抑制了价格的波动，从而也限制了噪声交易者的获利空间。

I can not make it blossom and suits me

我不能让树为我开花

When temperatures are above approximately 80 °C discolouration of the raceways or rolling elements is a frequent feature.

当温度高于 80 °C 左右时，滚道或滚动元件褪色是很常见的特征。