繼量化寬鬆後，再新現一個名詞，叫量化派A。

FT剛出了一份報道幾有趣，分享下。

如果CPI升5%叫通脹勁的話，睇下英國「派Grade通脹」有幾利害。今年獲派A*及A Grade的比例接近45%，較2019年的25.5%升足廿個百份點。

原因，公開考試取消，變成由老師根據「一籃子」因素決定學生值咩Garde。

調查報道亦發現，私立學校學生獲A及A*比重達七成，公立學校就不足四成。

//Top grades at A-level have reached a record high this year, after exams were cancelled and replaced with teacher assessments for a second year in a row.

On Tuesday, the Joint Council for Qualifications, the exam board body, said the number of A and A* grades given reached 44.8 per cent in England, Wales and Northern Ireland — up from 25.5 per cent in 2019.

Because grades were decided by teachers on the basis of a “basket of evidence”, which demonstrated the maximum potential of each student, this effectively did away with fixed grade boundaries that before the pandemic put limits on the number of top marks that could be awarded.

The decision, which led to a ballooning in top grades, was taken after an outcry in 2020 over a computer-based approach designed to keep results in line with previous years, leading to manifest injustices, particularly in schools in more disadvantaged areas.//

#Hi家教時事英語筆記

近期台灣的疫情升溫，這幾天有個名詞大家一定不陌生，就是「校正回歸」啦！今天跟著編編學習幾個簡單生字哦～

#校正回歸 backlog
#確診病例 confirmed case
#疫情爆發 outbreak
#潛伏期 incubation period
#死亡人數 death toll

#校正回歸 backlog
英文是backlog，log在英文中有紀錄之意，而船長的航海紀錄本寫的就叫log。登入網站的動作為log in，所以backlog就是代表後來才登錄的資料，我們就稱為「校正回歸」哦。

Did you hear the news, The CECC announced that new cases and the backlog of 400 cases added to previous days.
你有聽說那個新聞嗎？疫情指揮中心剛宣佈了新確診數以及有400個個案被加入前幾天的確診數據。

#確診病例 confirmed case
All of the household and healthcare worker contacts of the confirmed case have been traced.
目前已對曾接觸過確診病例的所有家人和醫護人員進行了追蹤

#疫情爆發 outbreak
這裡有一個單字要特別注意，那就是和outbreak很像的 breakout ，代表「突破、越獄」的意思。是完全不同的意思哦，千萬不要搞混這兩種用法。

The covid-19 outbreak in whole world is unprecedented.
此次新冠肺炎病毒在全世界爆發是前所未有的。

#潛伏期 incubation period
Have you ever traveled to or lived in a foreign country during the incubation period?
潛伏期內，你是否曾在國外旅遊或居住？

#死亡人數 death toll
Toll常用在當「過路費」的意思，但美式英文裡toll還有一個重要的意思，高強度的受苦折磨、傷害 a high degree of suffering or damage，這樣就能理解為什麼會翻成死亡人數囉。

The situation was growing increasingly complex and the death toll was rising daily.
情況越來越複雜，死亡人數每天都在上升。

#日付33元外語課_輕鬆幫你省荷包
https://bit.ly/3qLV6rM

［結果都係私有化］但，點解要私有化？就解你知。

TLDR：一來就9蚊買10蚊嘢。二來，公司一路擴張業務，但資本唔夠，又集唔到資。老母想增資又受制於75%公共持股限制，咁私有化咪一了百了，私人公司點增次都得

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1. 上次寫過下廖創興，呢個「短暫停牌」一短暫就搞咗兩個星期。呼，同宇宙歷史相比都係好短暫。

2. Anyway，都係開大路嘢，私有化。原本好似有講「越秀要私有化嘅當年買就順手做埋啦」，的確係。你見當年招商買永隆，私有化除牌；坡佬華僑銀行（OCBC）買永亨，亦係除埋牌。咁但，當年有當年保持上市地位嘅理由，而家一樣可以改變主意啫。可能環境唔同，或者當初考慮得唔周到。陣間會講呢部份。

3. 作價係20.8蚊，較停牌前溢價五成。留意停牌嗰日都仲抽咗三成，「你話冇煙嘥打不如打撚死我啦」，但你估證監會唔會做嘢？梗係證據不足啦。

4. 咁講返，過去五年任何位買嘅，你都贏錢走，還好啦。至於你話個價合唔合理？超，有乜合唔合理，你受咪合理。可以唔受的，要股東會投票，但我估必定過到。特別係今年唔再係舊年咁人人股神，好多人都想套現走人算，陣間私有化唔成又跌返落10蚊邊

5. 另外留意，公告寫明唔會加價，亦不保留呢個權利。即係，take it or leave it，受就受，唔受就拉到。咁你話可唔可以20.8唔受，下個月大股東又玩21蚊私有化？梗係唔得啦，古惑仔烏鴉投長紅定阿仙奴雲加買蘇亞雷斯呀？一次衰咗，應該一年（好似係）不能重提。同樣地，legally binding 的，話咗唔加，就真係唔可以加，唔可以見勢色唔到，「唏當我冇講過」「Please ignore my previous email」

6. 咁你話，有冇公司唔出呢句嘢？有的。咁有冇試過之後真係加價？都試過，不過近年都唔多記得，要講十幾廿年前中信國金（183）（主要係中信嘉華銀行，即係而家中信銀行（國際））私有化，就真係見勢色唔對，然後再加價。

7. 咁都話，過去五年買，你任何位買都贏錢。但可能作價同好多人預期都爭好遠。當然我諗大家咁大個人，唔會以為可以重演金融海融前嗰啲咩3倍book 賣盤。但，你見寫到明，每股淨資產23.14。即係11%折讓，0.9倍book．9蚊買10蚊嘢，抵。而銀行啲資產，好多都mark to market，照計真實價值唔會同在盤數上好大分別。至於咩「商譽」（＊），冇噃，名譽呢樣嘢唔係人人可以有的。

8. 點解私有化？先講官方原因，當然少不免就係股價一路唔掂呀冇成交呀小股東好慘呀而家大股東慈悲為懷畀個機會你走就讓全世界所有罪都讓我揹。真的，每一份都係咁寫，亦即係廢話。正如啲IPO，寫公司賣點係「管理層優秀」，亦即係廢話，因為呢句係萬能key

9. 比較有意思嘅係，佢有講過去7年（即係越秀入主後），公司資產升咗3倍。留意，銀行係highly regulated 嘅生意，你冇足夠嘅資本（equit/capital），就不能畀你擴張，所以生意唔係任做，會有壓力的

10. 咁公司就話，1111呢隻嘢，根本唔會點在市場上集得到資呀（今日先知？）。如果供股呢？又會攤薄權益拖低股價喎（咁你之前又供兩次？）。既然係咁，不如私有化算啦—但留意返，私有化咗嘅銀行，當然一樣受同樣嘅條例影響，所以係咪冇分別？又唔係，因為私人公司，就可以唔使理嗰啲麻煩嘅「關聯交易」之類。BTW，供股not necessarily 會拖低股價的。

11. 講到尾，好簡單，股價夠平，咪做咯，9蚊買10蚊嘢。另外，你可以參考下工行（1398）當年私有化工銀亞洲（349）咁。頭先講過，私有化咗你一樣要守金管局嘅條例，但有一個好大分別：私家雞嘅，老母可以增資落去子公司，咁資本大咗咪做多啲生意。咁點解上市公司唔可以老母增資？因為要有75%公共持股嘛，渣到爆咪冇得再增。我私有化咗佢，咪唔使守75%嘅條例

12. 而燈燈燈燈！越秀咪正係渣到75%咯！

13. 另外留意，實際上越秀要買嘅，只係啲獨立小股東。唔係25%，而係16%。中間嗰9%去咗邊？就係廣州地鐵同廣州汽車都渣住啲股權，而呢兩間都係越秀姐妹公司（廣州市政府嘛），所以係「一致行動人士」，如是我聞（＊＊）

14. 最後可能有人問，「我提咗私有化金融海嘯，可唔可以反口」。答案係…….yes and no．我都唔知。喱文會覺得「好似買樓咁殺訂」「但簽晒紙就冇得反口」，或者講咩「合約精神」（＊＊＊＊）。實務上？「好難講」。我好奇怪，點解啲友就咁望下個新聞頭條，就可以決定埋「邊有得反口」「一日未畀錢一日都可以改變主意」。即係，你覺得律師收咁貴係做乜的？即使律師根本都答唔到你啦。早排都有單，Victoria Secret賣盤，傾完就肺炎，有人想彈弓手。真係打到法庭先知點先計　Material adverse change　點先叫Force majeure

（＊）Goodwill是也，每次我都鬧「商譽」呢個中文名不知所謂，亦差不多每次都有人出嚟講「官方係咁譯喎」，as if 我唔知咁。屌你，我咪就係屌個「官方」譯名不知所謂咯，當年啲師爺水平低，就唔鬧得？你幾撚多人真係以為「商譽」係brand value。Goodwill，就只係「溢價買嘢突咗舊嘢在Balance Sheet平唔到唯有搵舊嘢攝住個位遲下慢慢磨走佢」。學校冇教你呢？

（＊＊）當然我都好奇怪，「點解建行拆幾百億幾千億interbank就唔係關連交易呢？」「明明都係中央匯金」。又或者，「點解聯通 中電信 中移動啲高層可以打麻雀咁執位？明明都係工信部國資委，拎咗white wash冇？」（＊＊＊）

（＊＊＊）不過真係尋根究底嘅，「主權政府」一般係不受呢啲條款限制的，亦唔止係中國政府。

（＊＊＊＊）再講一次，呢個名詞夠晒混帳，唔知邊個發明出嚟的。你見鬼佬邊有呢個字？合約唔係匠人精神，你唔使尊重的，上法庭咯。

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月頭訂最抵！2021比別人知得多。subscribe now（https://bityl.co/4Y0h）。Ivan Patreon，港美市場評點，專題號外，每日一圖，好文推介。每星期6篇，月費80，半年已1600人訂！ 畀年費仲有85折
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日本初のダチョウ料理専門店、
ライダーズカフェMACHⅢ
大阪府堺市美原区北余部４６９－６
ＴＥＬ＆ＦＡＸ０７２－３６１ー３１７１
http://www.h4.dion.ne.jp/~maltuha/index.html

●絶版★改
ハイパフォーマンスマシンと化し、
今なお愛され続ける絶版車両を紹介するこのコーナー。
今週の車両はKAWASAKI 500SS MACH3 "H１"
モンスター２ストロークマシンの代名詞を紹介！！
番組のHPで、
http://www.likeawind.jp/index.html
http://jp.youtube.com/watch?v=xh6SSuO6J_I

First ostrich dish specialty store and Raidarzcafe MACH? in Japan3171-..
Yo 469?6 TEL&FAX072?361.. V Osaka Prefecture Sakai City Mihara Ward
north .... http://www.h4.dion.ne.jp/~maltuha/index.html

- Discontinuation *
It turns into the high performance machine.
This corner where it introduces discontinuation vehicle that keeps
being still loved now.
This week's vehicle introduces the pronoun of two "H1" monster of
KAWASAKI 500SS MACH3 stroke machine.
With HP of the program
http://www.likeawind.jp/index.html
http://jp.youtube.com/watch?v=xh6SSuO6J_I

Yamaha Motor Co., Ltd. and YZF-R6 (Waizettoefuarlshiccs) are a large-scale automatic two-wheeled vehicles of four strokes 600cc (motorcycle) for the export market (chiefly Europe) where YAMAHA MOTOR is doing the manufacturing sale.
Outline

It is announced as a sports machine of 600cc class of Yamaha Motor Co., Ltd. with Intarmot 98(the 1st international motorcycle scooter special trade fair) in 1998, and it is put on the market at the end of the year afterwards. The technology and the architecture of YZF-R1 that had been put on the market to a substantial succession model of YZF600R Sanda Cat in around and the previous year were taken and it was manufactured.

It restyles it by the model in 2003, 2006, and 2008. An electronically controlled throttle is turned on in the model in 2006 and the advanced technology has been turned on positively respectively as a mass production two-wheeled vehicle with a rear frame made of magnesium as the first time adoption in the world etc. in the model in 2008. It became a champion machine in the super-sports world championship that had been held since 1997 in 2000, and it contributed to the market cultivation of 600cc class middle sports machine in European market.