on 01-Feb-2018 (Thu)

This reading will focus on economic and financial risk as it relates to investment management.

All businesses and investors manage risk in the choices they make, even if not conciously. Business and investing are about allocating resources and capital to chosen risks. In their decision process, businesses and investors may take steps to avoid some risks, pursue the risks that provide the highest rewards, and measure and mitigate their exposure to these risks as necessary. Risk management processes and tools make difficult business and financial problems easier to address. Risk is not just a matter of fate; it can be actively controled with decisions, within a risk management framework. Risk is an integral part of the business or investment process. Even in the earliest models of modern portfolio theory, such as mean–variance portfolio optimization and the capital asset pricing model, investment return is linked directly to risk but requires that risk be managed optimally. Proper identification and measurement of risk, and keeping risks aligned with the goals of the enterprise, are key factors in managing businesses and investments. Good risk management results in a higher chance of a preferred outcome—more value for the company or portfolio or more utility for the individual.

Portfolio managers need to be familiar with risk management not only to improve the portfolio’s risk–return outcome, but also because of two other ways in which they use risk management at an enterprise level. First, they help to manage their own companies that have their own enterprise risk issues. Second, many portfolio assets are claims on companies that have risks. Portfolio managers need to evaluate the companies’ risks and how those companies are addressing them.

This reading takes talks about the risk management of enterprises in general and portfolio risk management. The principles underlying portfolio risk management are generally applicable to the risk management of financial and non-financial institutions as well.

The concept of risk management applies to individuals. Although many large entities formally practice risk management, most individuals practice it informally and disorderly, oftentimes responding to risk events after they occur, and they ignore more subtle risks often. Many individuals simply do not view risk management as a formal, systematic process that would help them achieve not only their financial goals but also the ultimate end result of happiness, or maximum utility as economists like to call it, but they should.

Although the primary focus of this reading is on institutions, we will also cover risk management as it applies to individuals. We will show that many common themes underlie risk management—themes that are applicable to both organizations and individuals.

Although often viewed as defensive, risk management is a valuable offensive weapon in the manager’s arsenal. In the quest for preferred outcomes, such as higher profit, returns, or share price, management does not usually get to choose the outcomes but does choose the risks it takes in pursuit of those outcomes. The choice of which risks to undertake through the allocation of its scarce resources is the key tool available to management. An organization with a comprehensive risk management culture in place, in which risk is integral to every key strategy and decision, should perform better in the long-term, in good times and bad, as a result of better decision making.

The fact that all businesses and investors engage in risky activities (i.e., activities with uncertain outcomes) raises a number of important questions. The questions that this reading will address include the following:

• What is risk management, and why is it important?

• What risks does an organization (or individual) face in pursuing its objectives?

• How are an entity’s goals affected by ri

...

the operating system is the one program running at all times on the computer—usually called the kernel. (Along with the kernel, there are two other types of programs: system programs, which are associated with the operating system but are not necessarily part of the kernel, and application programs, which include all programs not associated with the operation of the system.)

Ideally, we want the programs and data to reside in main memory permanently. This arrangement usually is not possible for the following two reasons: 1. Main memory is usually too small to store all needed programs and data permanently. 2. Main memory is a volatile storage device that loses its contents when power is turned off or otherwise lost.

The main requirement for secondary storage is that it be able to hold large quantities of data permanently.

Most programs (system and application) are stored on a disk until they are loaded into memory. Many programs then use the disk as both the source and the destination of their processing.

A device controller maintains some local buffer storage and a set of special-purpose registers.

The device controller is responsible for moving data between the peripheral devices that it controls and its local buffer storage

To start an I/O operation, the device driver loads the appropriate registers within the device controller. The device controller, in turn, examines the contents of these registers to determine what action to take (such as “read a character from the keyboard”). The controller starts the transfer of data from the device to its local buffer. Once the transfer of data is complete, the device controller informs the device driver via an interrupt that it has finished its operation. The device driver then returns control to the operating system

Riemann's definition of integral starts with the construction of a sequence of easily calculated areas that converge to the integral of a given function.

However, Riemann integration does not interact well with taking limits of sequences of functions

The insight is that one should be able to rearrange the values of a function freely, while preserving the value of the integral.

While the Riemann integral considers the area under a curve as made out of vertical rectangles, the Lebesgue definition considers horizontal slabs that are not necessarily just rectangles, and so it is more flexible.

As later set theory developments showed (see non-measurable set), it is actually impossible to assign a length to all subsets of ℝ in a way that preserves some natural additivity and translation invariance properties. This suggests that picking out a suitable class of measurable subsets is an essential prerequisite.

The set of measurable functions is closed under algebraic operations, but more importantly it is closed under various kinds of point-wise sequential limits:

In mathematics and in particular measure theory, a measurable function is a function between two measurable spaces such that the preimage of any measurable set is measurable

The Riemann integral uses the notion of length explicitly.

Even if a simple function can be written in many ways as a linear combination of indicator functions, the integral is always the same. This can be shown using the additivity property of measures.

We say that the Lebesgue integral of the measurable function f exists, or is defined if at least one of and is finite:

Complex valued functions can be similarly integrated, by considering the real part and the imaginary part separately.

A technical issue in Lebesgue integration is that the domain of integration is defined as a set (a subset of a measure space), with no notion of orientation.

High-quality earnings result from activities that a company will likely be able to sustain in the future and provide a sufficient return on the company’s investment. The concepts of earnings quality and financial reporting quality are interrelated because a correct assessment of earnings quality is possible only when there is some basic level of financial reporting quality. Beyond this basic level, as the quality of reporting increases, the ability of financial statement users to correctly assess earnings quality and to develop expectations for future performance arguably also increases.

三十而 立 不起来？？？学会这招，硬一辈子！还有女性教学3个动作

在众多女孩因为持续锻炼XO挤获得阴道高潮后，又发现了一个问题：

可能在过去对XO挤的描述里，过多地提到女生收缩音道，对男生XO挤的应用只是顺带提了一句，导致大家误以为XO挤只是“女生专属”的运动。

其实不然！

来，我们看看这个动作，会解救多少焦虑的男同学！

现在，男生们都站起来，双腿张开，与肩同宽；双脚保持大约45度角的“外八字”；单手轻轻放在小腹上。双腿放松，腿部肌肉仅做支撑，不做发力。

1. O型夹
用臀部近肛门处的肌肉群发力，向内收紧，同时用鼻子吸气。此时，你会发现香蕉跟着往上“弹”了一下。神奇吧？

这个动作，可以加速香蕉充血，让它瞬间高耸入云。

2.X型挤
同样用臀部肌肉群发力，向外推开，同时张开嘴呼气。此时，注意一下放在小腹上的那只手，确保小腹没有动（否则就是用腹部发力了，这不好，做多了容易肚子疼）。

这个动作，在性爱的“高潮临界点”时前，可以缓和“喷射感”，从而达到“延长时间”的效果。

应用场景：
1.勃起或喷射略有困难时，做O型夹；
2.需要延长时间时，在“临界点”前做X型挤；
一句话总结：O会增加敏感度（附加反应可能会是加速喷射），X可以延长时间，这回我说明白了吗？

3.日常训练，每天XOXOXO交替着做5组（每组12-16个回合，两组之间歇1分钟，别太久），这可以锻炼括约肌强度和运动能力；坚持下去，哪怕只有1周，你都会回来感谢我的！

一个简单的动作，解决3大性爱难题！学起来~

动作一：O型夹


假设下图是你的芒道，现在，将你芒道口两旁的肌肉收紧。举个低俗却形象的比喻，假设你在尿尿，尿液快出来时，突然用力夹断它。

这样夹，可以让芒道口收紧，如下图。



动作二：X型挤


现在，你需要动用芒果内部的肌肉，想办法往外挤。同样用低俗且形象的比喻，假设你尿不出来时，用力把尿往外挤的那个动作，就是它了。

这样挤，会让芒道口变大，而芒道壁的肌肉会鼓起来，于是内部空间范儿变得更狭小，G点也会因此突出了。


以上两个动作先练几个回合
然后，重点来了...


动作三：节奏控


想象芒果正在和香蕉合作共创高潮。当香蕉头在芒道口时，使用“O型夹”，当香蕉头进入芒道内部时，使用“X型挤”。如此往返，O－X－O－X－O－X。中间变换的过程不能太机械，要柔软地“渐变”。

这样不仅香蕉头永远都在芒道最紧的部位，芒果的松紧按摩，也很容易把香蕉的血液输送上来，让香蕉更加坚如磐石。



Tips：
1. 此法对盆底肌肉的力量和灵活度均有要求，长期练习，可以提高盆底肌肉的运动能力，对女性身体健康大有裨益。

2. 练习的过程中，务必按照一定的节奏，刚开始不熟悉动作时，宁愿动作特别慢，也不要打乱了节奏；节奏正确后，速度可以慢慢提高；而如果一开始片面追求速度，打乱了节奏后就很难找回；学过钢琴等乐器的朋友们应该能理解个中缘由。

3. 建议先独自练习，熟悉后，再与伴侣共同尝试。

男生反馈

1
我最喜欢芒道壁在香蕉进入时，有一定的阻力。形象地说就是，让香蕉感到在把前面的肉向四周逼开。在“X型挤”时，香蕉如果刚好从外面往里推，就会产生这种感觉，非常舒服。

2
往外抽时，肉合在一块，往里推时，肉又被推开。棒呆了！

3
我不知道别的男人怎样，我个人喜欢有“包裹感”。如果女孩单纯地做“O型夹”，虽然芒道口会很紧，但里面却是空荡荡的。夹住了香蕉底，最敏感的香蕉头却被“松开”了，好像把香蕉头放在温水里一样，毫无感觉。这个组合的动作，就解决了这个问题，不仅照顾了香蕉底，香蕉头也一直处在紧密的“包裹感”中。

[科普]芒道“松”与“紧”的秘密

很多女孩会担心，和男票合作次数越来越多了，芒道会不会因此被撑大呢？

答案是：不会！

女孩成年后，芒道的大小就基本是固定的了。除了怀孕期间，会稍微变大一些，以方便宝宝出来；怀孕后半年内，又会恢复原来的大小（变大，是因为怀孕，而不是因为“顺产”噢！即使是剖腹产，只要到了孕中期都会变大的，和“顺产”无关。）

之所以我们会觉得“松”或“紧”，并不取决于芒道的“大小”，而是取决于盆底肌肉的收缩能力。盆底肌肉和腹肌/胸肌等肌肉一样，都需要经常锻炼，才能保持活力。

怀孕期间，由于受到长时间的挤压，盆底肌收缩能力减弱；此外，即便终身不孕，随着年龄的增长，肌肉能力也会随之下降（如果你想通过不生孩子来保持永远紧致，那也是不靠谱的，和你的脸部肌肉一样，年纪大了就会松弛）。

预防松弛的最好的办法就是：锻炼锻炼再锻炼！快去实践，知行合一哟！