当我们进入投行后和同事们该聊什么

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　　【中文版】今年头6个月，全球并购交易总额较去年同期增长75%。这一增长突显出美国、欧洲和亚洲的市场情绪正在发生转变。金融危机之后一度盛行的避险情绪和“有机增长”理念被抛到一边，人们再度相信，并购更容易带来规模增长。除金融以外的多数行业都出现了并购反弹。在金融业，更为严格的监管抑制了并购兴趣。大量并购交易出现在医疗行业，包括Medtronic以480亿美元并购Covidien，以及Valeant以625亿美元收购Allergan。（来源：金融时报）

　　【英文版】The value of global mergers and acquisitions rose by 75% on the same period last year. The increase highlights a shift in thinking in the US, Europe and Asia. Risk aversion and organic expansion, embraced after financial crisis, are being pushed aside as the belief returns that growth can be more easily bought than built. The rebound has spread across most sectors except financials, where tougher regulation has suppressed appetite. Much activity has been in healthcare, including Medtronic’s $48bn acquisition of Covidien and Valeant’s $62.5bn pursuit of Allergan.

　　2. 耶伦：不宜用加息抑制金融风险

　　【中文版】珍妮特·耶伦刚刚发表了一次最为意味深长的讲话。她认为利率政策相较于严格的银行监管，并不是有效的宏观调控措施。“货币政策对于提高金融稳定性面临显着的局性。”美联储不应再关注于如何预防金融机构的风险错误，而应确保当错误发生时普通民众不会为再此买单。为实现这一目标，美联储将会要求银行具备更充足的资本金，时时测试资产组合以应对经济冲击等。（来源：纽约时报）

　　【英文版】Janet Yellen just delivered the most significant speech. She believes interest rate policy is a poor substitute for good regulation. “Monetary policy faces significant limitations as a tool to promote financial stability.” Rather than protect the financial world from making mistakes, the Fed will try to ensure that if mistake happens, the rest won’t pay the consequences. They are doing this by demanding that banks hold more capital, and that they constantly test their portfolios to ensure they could weather a downturn, among other steps.

　　3. 美股下半年持续高歌猛进

　　【中文版】股票市场正在以更强劲的势态在下半年迅猛发展，而这也是投资者在上半年所不敢想象的。今年标准普尔500指数到现在为止已经上涨了7.4%。道琼斯工业平均指数也在上涨了3%之后*9次挺进了17000点。伴随而来的是美国劳工统计局的就业数据，显示了在6月份新增28.8万个工作机会。失业率也出乎意料地由上个月的6.3%下降到6.1%。（来源：华盛顿日报）

　　【英文版】The stock market is rolling into the second half of the year in stronger shape than many investors dared to hope in January. The widely followed S&P 500 index has gained 7.4% for the year so far. The Dow Jones Industrial Average is up 3%, after pushing through 17000 for the first time. Accompanied is a report from the Bureau of Labor Statistics showing U.S. employers added 288,000 jobs in June. The unemployment rate unexpectedly fell to 6.1%, from 6.3% a month earlier.

　　[商场花边]

　　1. 保洁将终结“市场营销”----头衔变更以建设更广阔的营销角色新格局

　　【中文版】保洁正式宣布取消“市场营销”头衔使用。从14年7月1日开始，这个世界上*5的广告消费公司的营销总监们将集体变更头衔，新头衔是“品牌总监”。保洁发言人指出，一个头衔的变更并不意味市场营销时代的终结，这意味着对于当今的市场总监，需要有对品牌更广阔的视野和对其企业组织的更深入的理解。

　　保洁公司品牌管理总共四部分：品牌营销（也就是之前的“市场营销”）；消费者和市场理解；企业传播（即公共关系部门）；产品设计。（来源：广告时代）

　　【英文版】The end of marketing as we know it officially comes today at Procter & Gamble Co.. Well, at least the title. As of July 1, hundreds of marketing directors and associate marketing directors at the world's biggest advertising spender will officially become brand directors and associate brand directors. Eliminating marketing from the title and the organization doesn't really mean marketing is a thing of the past. It's meant to signify the broader purview of marketing directors and the organization they're part of now. Brand Management at P&G now encompasses four functions – including brand management (formerly known as marketing), consumer and marketing knowledge, communications, and design.

　　2. 谁赢得了比特币？

　　【中文版】风险投资家蒂姆·德瑞普在美国政府举行的一场比特货币的竞卖中独中标的。作为投资公司德丰杰(Draper Fisher Jurvetson)的共同创立者，德瑞普将与新兴公司Vaurum共同在发展中国家提供获取比特币的渠道，并将竞卖中所赢得的3万比特币作为提供市场流动性的来源。（来源：雅虎财经）

　　【英文版】Venture capitalist Tim Draper was the single winning bidder for a cache of bitcoins at a U.S. government auction. Draper, the co-founder of investment firm Draper Fisher Jurvetson, will work with startup Vaurum to help provide access to bitcoins in developing economies and use the about 30,000 bitcoins won in the auction as a source of liquidity.

　　3. 企业高层是否应该公开健康状况

　　【中文版】7月1日晚，摩根大通的CEO杰米·戴蒙向员工宣告他正在接受咽喉癌的治疗。杰米·戴蒙公布患癌，这也引发了社会公众对披露公司高层健康状况的思考—是否该披露，何时披露，披露多少？尽管没有相关的证券法规强制要求公司披露高层的健康信息，专家表示像杰米·戴蒙这种高知名度并且一举一动影响公司命运的高层领导，向投资者披露其重要信息是非常有必要的。在过去几年中，我们已经看到了不少公司的重要人士及时公告患病情况的例子，比如伯克希尔的沃伦·巴菲特，L-3通信的弗兰克·兰扎等。（来源：纽约时报）

　　【英文版】Jamie Dimon, the CEO of JPMorgan, told employees that he is being treated for throat cancer on July 1st. Jamie Dimon’s cancer revelation raises questions about disclosing the C.E.O.’s illness — whether to disclose, how much, and when. No specific securities regulations compel companies to disclose health-related information about executives. But experts say it is important that well-known executives like Mr. Dimon, who have become closely linked to companies they oversee, disclose important information to investors. And over the years, there have been several prominent examples of business greats providing rapid disclosure of illnesses, such as Warren Buffett from Berkshire and Frank Lanza from L-3 Communications.

　　[互联网前沿]

　　1. 腾讯入股58同城，持续扩张互联网版图

　　【中文版】腾讯周五声明将以73.6亿美元收购58同城20%的股份。这是腾讯今年以来进行的第五大并购，旨在将其所有的商业并购与微信业务整合起来以充分利用网络平台效益。腾讯以低于市场公开交易价23%的价格购买58同城的股份。但这并不代表58同城被贱价收购。恰恰相反，腾讯的收购价已经约相当于58同城90倍的预期市盈率。（来源：华尔街日报）

　　【英文版】Tencent said Friday it will spend $736 million to take about 20% of 58.com. This marks Tencent's fifth major acquisition so far this year, aiming to link all its diverse purchases to WeChat and be able to benefit from network effects. Tencent bought its stake in 58.com at a deep 23% discount to the publicly traded share price. It doesn't mean 58.com came cheap. Tencent's discounted price is equivalent to around 90 times forward earnings.

　　2. Facebook侵犯用户隐私了吗？

　　【中文版】周三，对于2012年就700,000名不知情用户的情绪操纵研究一事，“脸书”首席运营官桑德伯格因“公司沟通不当”向公众道歉。但对于执行这项极具争议的实验本身，桑德伯格却不”作道歉，理由是“大部分公司都在这样做”。据邮报报道，脸书已经开始例行更为严格的规范。在常规的产品测试之外的研究，必须经由50个内部专家审核才可以批准进行，审核涉及到用户隐私和用户数据安全方面。而发表在学术领域刊载的研究要经过第二轮的内部专家审核。（来源：华盛顿邮报）

　　【英文版】On Wednesday, Facebook’s COO, Sheryl Sandberg, expressed regret over how the company communicated its 2012 mood manipulation study of 700,000 unwitting users, but she did not apologize for conducting the controversial experiment. It’s just what companies do, she said. Facebook has since implemented stricter guidelines, the Journal reported. Research other than routine product testing is reviewed by a panel of 50 internal experts in fields such as privacy and data security. Company research intended for publication in academic journals goes through a second round of review, again by in-house experts.

　　3. Netflix股价再创新高

　　【中文版】*5的流媒体视频服务提供商Netflix股价再创新高，受签约用户数量不断增长的推动，公司利润看涨，高盛推荐投资人“买入”。周二其股票涨幅为7.4%，纽约473.10美元报收，大幅超过3月4日454.98美元的收盘价。Netflix今年在网络电影和电视服务市场份额量增加29%。高盛分析师预计，Netflix将在未来三年加倍到2.07亿用户，在2014年发展6个新市场，之后每年2-4个新市场。同时，国际签约用户将在2017年之前达到现在的五倍，而未来12个月的目标股价从380美元上调至590美元。（来源：彭博社）

　　【英文版】Netflix Inc. (NFLX), the largest Internet subscription service, rose to a record high after Goldman Sachs recommended the stock, saying profit margins will expand as the company signs up new customers. The stock price jumped 7.4 percent to $473.10 at the close in New York, exceeding the old closing high of $454.98 sent on March 4. Shares of the Web-based film and TV service have gained 29 percent this year. The potential audience will more than double to 207 million subscribers in the next three years with six new markets in 2014 and two to four annually after, Heath Terry, the Goldman analyst, said in a note. He said international subscribers may rise almost fivefold by 2017 and raised his 12-month price target on the stock to $590 from $380.

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