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直擊〉新日本來了

直擊〉新日本來了

「這次,『它』真的變得不一樣了……。」時間往前推,今年三月,全球最大的上市避險基金集團英仕曼(ManGroup),在官網發布了一篇分析報告,報告核心,圍繞在一個已開發國家近年推行的資本市場改革。報告的結論是這麼下的:「它付出的努力,曾經收效甚微,但,這一切很可能即將改變。」 「轉型」、「不一樣」……,這些象徵著自我革新與重生的語彙,指向的,是一個經濟發展停滯逾三十年的國度——日本。 「過去十年,是這個國家的盤整期,」談到日本的未來展望時,元大金控策略長吳杰用篤定與樂觀的語氣提出定調:「現在,它即將全面邁入復興的階段。」 時間回到五月十七日,當天,代表日本大型股表現的日經二二五指數升破了三萬點關卡,不僅創下二○二一年九月以來新高,更逼近一九九○年八月以來的最高水平;同期間,反映日本整體企業表現的東證指數(Topix)也突破了二一二七點,來到三十三年高位。 帶動日股創新高的一大功臣,是外資。 根據日本財務省日前公布的統計資料顯示,今年四月,外資在日本股市總計買超四.九八兆日圓,這個單月買超金額,創下自○五年一月日本開始統計外資動向以來的歷史最高紀錄。 另一邊,…

Comment: From Russia to Ukraine

Comment: From Russia to Ukraine

President Trump and his allies nearly succeeded in consigning the Mueller report to oblivion. William Barr, Trump’s compliant Attorney General, got a jump on the process when he preëmpted the public release of the report by providing a misleading summary, which minimized the special counsel’s findings on Russian interference in the 2016 campaign. Trump compounded Barr’s distortions by falsely and endlessly repeating that the report found “no collusion, no obstruction.” Congressional Democrats did little for the cause of clarity by using the report as an occasion to debate the semantics of what constitutes an impeachment investigation. And Robert Mueller himself invited a certain measure of confusion by telling his story in dense, legalistic prose. Barely six months after he delivered the report, it had already faded into the mists of…

In Search of the Nudibranch

In Search of the Nudibranch

Slowly and deliberately, I searched shallow, underwater outcrops covered in colors. Weightless amidst the invisible push and pull of the current, pink coralline algae hung closely to rock surfaces or branched skyward against sporadic patches of neon green and glimmering iridescence. Shades of yellow, brown, white and orange flora began to appear as I drifted past micro-environments dictated by sunlight and structure. I allowed my scientific brain to go to work underwater, relying on one of my first developed senses: observation. I had come to this underwater world to seek out a nudibranch. I had heard of this elusive marine organism, but until recently, knew almost nothing about it. My goal at the moment was just to find one, to examine it with my own eyes. I’ve always been drawn to scuba…

Your Flying Car Is Finally Here

INNOVATION JoeBen Bevirt first thought about building an airplane that could take off and land like a helicopter in second grade while trudging up the 4.5-mile road to his family’s home in an off-grid hippie settlement among the redwoods in Northern California. “It was a lonnnnng hill,” Bevirt says, laughing. “It made me dream about a better way.” Four decades later, Bevirt is closing in on that goal. On a ranch outside Santa Cruz, the surfing mecca near where he grew up, Bevirt has secretively developed an electric airplane with six tilting propellers that he says can carry a pilot and four passengers 150 miles at up to 200 miles per hour, while being quiet enough to disappear among the hum of city life. He envisions the as-yet-unnamed aircraft, which experts speculate…

Your Flying Car Is Finally Here

BOOST YOUR BRAIN POWER AT ANY AGE

Keeping our brains and memories sharp is certainly on our minds these days. In fact, 34 percent of Americans say they’ve noticed signs of forgetfulness significant enough to worry them, in a March Consumer Reports nationally representative survey of 2,116 adults. It’s true that the numbers of those diagnosed with Alzheimer’s disease, which robs sufferers of cognition, are predicted to keep climbing. And we’ve yet to find a cure. In fact, aducanumab (Aduhelm), the first new Alzheimer’s drug to be approved in almost two decades, may offer little benefit, according to a number of experts. But evidence is piling up that lifestyle steps may reduce brain disease risks and help us maintain cognitive strength. A major 2020 report in The Lancet suggests that 12 factors within our control—including smoking, poor fitness, and…

BOOST YOUR BRAIN POWER AT ANY AGE

6. Remote Networking as a Person of Color

IN THIS NEW era of remote work and physical distancing, large in-person professional networking events have been put on hold. The same is true for in-person interactions within companies that foster the development of meaningful connections and relationships. Whereas some people are desperately pining away for the return of happy hours, coffee breaks, and professional conferences, others are relieved that they are no longer pressured to network. The pandemic offers new opportunities for professionals of color to network in ways that are more comfortable and authentic. In fact, many are uncomfortable with the seemingly self-promoting, transactional nature of networking, and research finds that some people quite literally find it icky. In remote work situations, where people cannot rely on impromptu elevator conversations or watercooler chats with coworkers, the answer isn’t to turn…

6. Remote Networking as a Person of Color
Right time, right place, right scale

Right time, right place, right scale

EVEN BEFORE THE PANDEMIC, HOPIN WAS A good idea. The British startup, founded by first-time entrepreneur Johnny Boufarhat in 2019, offered an online venue for virtual talks, breakout rooms, and one-on-one networking – an engaging alternative to expensive, large-scale conferences. Hopin began 2020 with a 10,000-strong waitlist of conference organisers seeking early access. But, in February that year, when coronavirus swept in-person events off the table, potential customers got impatient. “We had a ton of people that were upset with us for not letting them through, so we decided we need to expand as fast as we can and to hire as quickly as possible,” Boufarhat recalls. “I was on Twitter looking for people who had just been furloughed, because I knew they’d be able to start tomorrow; I had people…

Tackling Poverty Through Play

Tackling Poverty Through Play

The Dadisi Crew is an eclectic bunch. Dre is athletic and passionate about astronomy, Maya is adventurous and loves to code, and Amara is a budding environmental scientist who encourages her friends to recycle. A couple of things bind the group together: Each member is fascinated with a cutting-edge discipline, and they’re all Black characters. The fictional clique and their circle of friends are the creation of Terri-Nichelle Bradley, a Black mom of four who’s determined to inspire Black kids to pursue well-paying careers in STEAM—science, technology, engineering, arts, and math. The characters are at the heart of her company, Brown Toy Box, which makes educational play kits featuring fields such as chemistry, museum arts, and robotics. “My dream is for a child to walk up to me 10 years from now,…

DeSantis Slams Disney to Stand Up To Trump

DeSantis Slams Disney to Stand Up To Trump

It’s unusual for a governor to denounce one of his state’s biggest and most prominent employers. But Florida Governor Ron DeSantis’s attacks on Walt Disney Co. for criticizing a new law curtailing what schools can teach students about gender identity and sexual orientation aren’t likely to be a limited instance. Instead, they’re another sign that political fights—especially for presidential hopefuls like DeSantis—are expanding from legislatures to corporations and the business world. Last month, under pressure from activists and its own employees, Disney put out a statement declaring that the “Don’t Say Gay” legislation, as critics have dubbed it, “should never have been passed and should never have been signed into law.” The company vowed to work to help get it repealed or struck down in court. Disney’s actions follow what’s recently become…

Opening the Spigot

The right-wing crusade to punish social media companies for supposedly discriminating against their conservative users is reaching a major inflection point, with the US Supreme Court weighing whether to temporarily block a Texas law regulating how the companies can moderate the content on their services. If it ultimately stands up, the law would represent a fundamental shift in how the US legal system interprets the First Amendment. It would also rewrite the rules of the modern internet. The legal battle emerges from the intensifying dispute over the role of tech in American political and cultural life. Last year lawmakers in Texas and Florida passed similar bills attempting to limit the ability of web services to ban users or remove content they say violates their standards, saying companies apply their rules unfairly. Historically,…

Opening the Spigot

“You Know What’s Cool?”

Last year an Instagram representative contacted Justina Sharp, a 24-year-old with 93,000 followers, and asked for a meeting to discuss ways she could expand her audience. Sharp thought it was strange to hear from an actual human there, but knew better than to say no. The conversation felt, she says, like the “Facebook gods” coming down from on high to Instagramsplain. The employee “talked at me for exactly half an hour, because that’s how corporate and precise they are,” she recalls. “They gave me all these generic tips that anyone who’s been on social media for five seconds would know how to do.” How to use hashtags, what time of day to post, that sort of thing. Then, at the very end of the conversation, Sharp got the real pitch. The…

“You Know What’s Cool?”
How Incumbents Survive and Thrive

How Incumbents Survive and Thrive

THE PREVAILING NARRATIVE in business today is one of ever faster change and creative destruction: Big Tech companies are taking over, the number of unicorns (start-ups worth $1 billion) keeps growing, the average tenure of old-economy companies on the S&P 500 is plummeting, and incumbency has never been worth less. The message to established firms—play catch-up or die—is bleak. But let’s look at the bigger picture. Yes, there’s no denying the exponential growth of the large tech companies or the cautionary tales of disruption’s famous victims (think Nokia, Kodak, and Blockbuster). However, over the past three decades many large sectors of the economy have not been disrupted—that is, taken over by tech-enabled competitors that serve customers more efficiently and cheaply than incumbents do—to any significant degree. Indeed, most established firms are…

the NEW YOU BUSINESS

THE END GOAL OF people who go to fitness centers isn’t access to the equipment or trainers; it is to get in shape. The overriding reason people go to their doctor or check into a hospital is not to obtain drug prescriptions, a medical examination, or therapeutic procedures; it is to get well. And students’ primary motive for going to college is not to buy a lot of books, have their papers and exams graded by professors, or even have the classroom and all-around college experience; it is to gain skills or expertise and pursue a career. But all too often fitness centers, medical providers, colleges, and organizations in many other industries seek to distinguish themselves only on the quality, convenience, and experience of what they sell. It’s not that those…

the NEW YOU BUSINESS
TONY’S TIME?

TONY’S TIME?

WATCH THE MASTERS ESPN and CBS, April 8–11 Tony Finau should be one of the biggest stars in golf. Everything about his game is outsize, from his height (6' 4") to his power off the tee (he has said he is chasing Bryson DeChambeau, and he is one of the few who can catch him) to his smile. He has a memorable name, a fun backstory, he is perpetually in contention and he might be the nicest player on the PGA Tour. There is just one small problem: He never wins. From October 2017 through the beginning of March, Finau finished in second place eight times. He didn’t win once. His run of near-greatness is maddening; it seems so statistically unlikely that one wonders whether Finau was born with a severe trophy allergy, or…

The conclusion: Mocking Can Help an Initiative Succeed

CHOLAKOVA: I’m interested in understanding how organizations that are trying to implement change cope with the challenges and the pushback that their efforts often provoke. In this study one of my graduate students, Marc Gijsbers, and I focused on an initiative that the Netherlands office of PwC—the accounting, tax, and advisory firm—was launching in 2015, called Vision 2020. The organization had traditionally been keenly focused on meeting its financial targets. But this new “vision” involved telling employees, among other things, that they should also “care” and “make a difference,” which had the potential to feel like a contradiction. Instead of ignoring that challenge, the leaders at PwC chose to acknowledge and even make light of it. And it worked. Vision 2020 was embraced. Of course, PwC also used traditional best…

The conclusion: Mocking Can Help an Initiative Succeed

The Circular Business Model

AUTHORS It’s easy to see why more and more manufacturing companies are talking about what’s often called the circular economy—in which businesses create supply chains that recover or recycle the resources used to create their products. Shrinking their environmental footprint, trimming operational waste, and using expensive resources more efficiently are certainly appealing to CEOs. But creating a circular business model is challenging, and taking the wrong approach can be expensive. Consider the case of Interface, an Atlanta-based commercial flooring company. In the 1990s its founder and CEO, Ray Anderson, declared that he wanted Interface to become “the first sustainable corporation in the world.” To achieve that, the company would shift its business model from selling to leasing. It launched the Evergreen Services Agreement (ESA) program, with installation, maintenance, and removal of its…

The Circular Business Model
Rescue ON THE HIGH RISE BRIDGE

Rescue ON THE HIGH RISE BRIDGE

The winds this April morning were giving Wayne Boone’s massive 2007 semitrailer a good lashing. A driver for a paper recycling company in Virginia, US, Boone steered the empty 18-wheeler up a stretch of the highway, to pick up his first load of the day. The 53-year-old driver pulled into the eastbound left lane of the G.A. Treakle Memorial Bridge, known to locals as the I-64 High Rise, a four-lane drawbridge traversing the Elizabeth River. On the span, the storm let loose its full force, finding no obstacles in its path but vehicles, which it pummelled. Boone slowed as wind and rain hammered his windshield. At the bridge’s crest, 21 metres above the rushing estuary, the concrete road gave way to steel decking. Boone’s front wheels met the slick steel just as…

VARIOUS ASSOCIATES

How was Various Associates established in 2017, and how has the studio evolved since? QIANYI LIN: We left London in 2015 after completing our studies, and spent the following year looking for meaningful projects to pursue in China. One of our British ex-classmates from the Royal College of Art happened to be working in Hong Kong at the time, and after speaking to them, it became clear that there was space in the Chinese design market, particularly in Shenzhen, to do something creative. We feel that for many years, the predominant approach to significant projects has been to go for a stereotypical vision of grandeur – marble, expensive materials, a ‘Cinderella’ feel. Initially, we weren’t sure if our experimental attitudes towards spatial design would gather currency in China, but after talking to…

VARIOUS ASSOCIATES
ZAKOPANE AND THE TATRA MOUNTAINS

ZAKOPANE AND THE TATRA MOUNTAINS

ESSENTIALS GETTING THERE Zakopane – the base for exploring the area – is a two-hour drive from Kraków Balice airport. It’s served by BA and others including Ryanair, easyJet, Wizz and Jet2 (from £70; wizzair.com). You could travel by train from London to Kraków in 22 hours, or make the most of it with some great city stop-offs en route. One such option would be going via Brussels, Copenhagen and Berlin (trainline.com). GETTING AROUND The trip is possible without a car. Take a bus or airport transfer to Zakopane and go by foot and city buses, private mini-buses and taxis. A car gives more freedom, and you you shouldn’t need snow chains or a 4WD on main roads (all major outlets operate from the airport, from £16 per day; arguscarhire.com). FURTHER INFO See Lonely Planet’s…

Taking Another Stab

Taking Another Stab

MICHAEL C. HALL can guess what you’re thinking, Dexter fans: Eight years later, you’re probably still mad about that final episode—the one that ended up on countless “worst series finales of all time” lists. And he’s mindful of how devoted you are, especially those who’ve asked him to autograph their kitchen knives. So yes, he feels your pain. “It was so confounding for people,” Hall, 50, says of the series ender, in which Dexter Morgan—forensic-blood-splatter analyst by day, vigilante serial killer, um, also by day—threw his dead sister, Deb (Jennifer Carpenter), into the angry waters off Miami. “I can appreciate how it was pretty dissatisfying for anyone who was hoping for something definitive or some sense of closure,” the actor adds of Dexter faking his own death and moving to a…

King’s Court

SERENA WILLIAMS IS NOT A WOMAN WHO IS easily caught off-balance. But when she sits down with sister Venus and onscreen parent Will Smith to reflect on the making of King Richard—the bighearted Warner Bros. biopic that chronicles the ’90s-era forging of tennis’ greatest-of-all-time queens—the line between fact and fiction gets fuzzy. “There’s a scene where my dad says…” Serena starts, before squeezing Smith’s arm and catching herself. “Well, Will says that you’re doing this for every Black girl. And that really hit me in a different way because obviously at the time we didn’t know.” The Williams sisters’ tale always contained the ingredients of a celluloid epic: two little girls sharing a Compton bedroom with three other sisters, learning their game on a pockmarked neighborhood court, and dominating the lily-white…

King’s Court
Were You Not Entertained?

Were You Not Entertained?

They said we’d never last. They were off, thankfully, by approximately 32 years and some 1,600 issues, but the armchair pundits had a point: Who could have guessed that a weekly entertainment magazine born at the dawn of The Simpsons and CD-ROMs would go on to become its own cultural touchstone? The idea at the time—either revolutionary or delusional, depending on your framing—was to create a new space in journalism, a publication that didn’t just cover what was new in movies and television and books and music (streaming was yet but a twinkle of a dream) but lived for it, from every angle. And for the next three-plus decades, EW would share one promise with its readers: that we were as incurably curious and passionate and outright obsessive about all…

一起挺過去台灣關鍵14天戰疫

一起挺過去台灣關鍵14天戰疫

「老兵聽到炮彈飛過去的聲音,就知道事情不太對了……。」 台大急診室主治醫師石富元經歷過二○○三年SARS(嚴重急性呼吸道症候群)疫情的災難,十八年後,老兵竟然又遇到同樣嚴峻的狀況。五月十四日開始,台灣新冠肺炎(COVID-19)疫情猛爆惡化,從十五日的一八○個本土病例到十八日的二四○個本土病例,社區感染擴大,過去的太平好日子,忽然不見了。待過沙場的,嗅覺總是特別靈光,石富元苦笑,「兩、三周前,我就一直跟朋友說,能取消聚餐就盡量取消。」 疫情爆發後一年多的時間,「台灣馬照跑,舞照跳。」 但身處防疫第一線,石富元清楚知道病人不見得會一五一十交代自己的暴露史,再看到華航機師、諾富特飯店事件、宜蘭遊藝場病例,他已經嗅到,「風險明顯在堆高。」 風險積累著,而且現在它們凝結成巨大的壓力球,破空而來。 亞東醫院驚天96小時的啟示 台灣防疫進入新階段 亞東醫院五月十七日爆出九名院內感染個案,「院內感染」聽起來很不祥,也勾起人們對SARS疫情期間,和平醫院封院的恐怖回憶。人在火線上的亞東醫院副院長邱冠明,談起院內感染的始末,「疫情慢慢悶著,到了上週,所有狀況都變得有感……。」…

香港,不再是香港了!

香港,不再是香港了!

上周,筆者忙著為香港朋 友做「公共服務」,協助 緊急求援,以下是三個案例。 案例一:八月十四日,香 港某證券公司執行副總經理來 台開戶,匯入一百萬美元。 Karen :(八月十二日透 過WhatsApp傳來英文訊息, 以下為中譯)我相信你已經 看到昨夜香港警察的可怕行 徑⋯⋯,事情演變讓人不安, 我的心中充滿憤怒。 乾隆來(本文作者):台北也充滿同樣的情緒。 Karen :(八月十三日中 譯訊息)香港人能在台灣開立 美元戶頭嗎?我是香港註冊的 金融從業人員,無法開立個人 理財帳戶。我與先生已經決定 把錢移出香港,但匯到加拿大 會有稅負問題,所以先生已經 去新加坡的花旗銀行排隊,我 負責在台灣開戶⋯⋯。 案例二:八月十一日,香 港某行銷公司創意總監,決定 申請台灣投資移民。 Austin今年即將慶祝五十 歲生日。他是香港某行銷公司 創意總監,客戶都是著名的美 國上市公司。他非常喜歡台 灣,重慶北路的三元號滷肉 飯、長春路的雞家莊,還有大 街小巷新開的潮店,比不少老 台北還熟悉。 八月九日,Austin跑來台 北找朋友長談,十一日的深 夜,他決定申請台灣的投資移…

11大漲價缺貨股操作攻略

台股漲價缺貨概念股熱潮不斷延燒,除了傳產原物料、航運、鋼鐵、大宗商品大漲,部分車用電子、半導體、利基型電子零組件也吹起漲價或缺貨風潮,究竟台股指數位置會不會太高了?投資人又該如何擇優布局? 「其實從上市公司今年獲利成長率上看五成來看,現階段台股真的不算貴⋯⋯。」今年第二季主動式台股基金表現名列前茅的安聯台灣大壩基金經理人蕭惠中強調,投資人不要單純看表面上的指數去衡量台股,應該用「評價」來衡量,用公司獲利的成長幅度、本益比、股價淨值比的角度來看。 的確,台股上攻到一萬七七○○點之後,上市公司總市值已達五十三.八兆元。從去年第二季到今年第一季的四季上市公司總獲利二.八九兆元,以現階段換算台股本益比僅十八.五倍來看,對比二○○○年以來台股本益比除了極端值以外,多在二十五倍左右至三十、四十倍之間,並不算貴,若以上市公司總獲利今年成長三成來換算,台股本益比目前只有十四倍。 按照安聯投信內部預估,今年上市公司整體獲利,不但相較於去年獲利成長二五%更高、上看五二%,其中傳產獲利年增率大增一四○%、電子業年增三六%,不難理解市場資金為何出現「傳產原物料優於電子」的盛況。…

11大漲價缺貨股操作攻略
THE BEST MEDICINE

THE BEST MEDICINE

A room with a view is nice while on vacation, but research has increasingly shown that it can be downright critical during a hospital visit. In an often-cited 1984 analysis of gallbladder surgery patients, those who had a view of a natural environment had shorter stays and took fewer painkillers compared to those who had to contemplate the side of a brick building. Drawing upon this and other studies, the new Stanford Hospital places a particular emphasis on restorative views of greenery and physical access to gardens. Located in the San Francisco Bay Area, the hospital has landscape design that is not only on the ground plane, but on two acres of rooftop, and aims to promote patient and staff health alike. “This project had huge potential from the beginning:…

薛長興集團董事長 薛敏誠挑最困難的事情做,讓競爭對手永遠趕不上

在2018年剛慶祝創立50周年的薛長興集團,專精研發水上運動服飾與裝備,如潛水衣、衝浪衣、浮水背心。早在20年前,他們就已成為全球最大的防寒衣供應商;到了2019年,更在中高階產品端,握有65%的市占率,遙遙領先對手。這也使得薛長興位於宜蘭縣五結鄉、門口就面對著一片稻田的總部,一年有300人次來自世界各地的客戶來訪。 有這樣的成績,董事長薛敏誠在受訪一開始卻說,「自己都覺得沒什麼了不起,反正就做好眼前的每一件事情。」 因緣際會之下,薛長興集團成為台灣水類運動衣著的市場先行者。隨著國外訂單連年成長,關鍵材料卻掐在日本商人手中,任意缺貨、漲價,薛敏誠索性花了3年,最終研發出氯丁二烯橡膠發泡布片(Neoprene Sheets),也是防寒衣的核心材料,降低成本,讓獲利翻倍。 自此,薛長興確立了一個經營模式:只要自己能做的,就不交由他人代工,最終完整布局了供應鏈的上、中、下游,打造出一條龍生產服務模式,把原料、技術、研發都抓在手上。不但有效降低成本、提高毛利、確保高品質,也與全球潛水衣領導品牌建立了牢固的合作關係。…

薛長興集團董事長 薛敏誠挑最困難的事情做,讓競爭對手永遠趕不上
安全有錢,民眾無感台灣比日韓更美好?

安全有錢,民眾無感台灣比日韓更美好?

一隻看不見、摸不到的病毒,顛覆全球七十八億人口的生活。 空蕩蕩的街道、渺無人煙的海灘,猶如電影《二十八週毀滅倒數:全球封閉》。對台灣而言,這些曾經虛幻的場景,如今卻全部都化為真實的日常。 二○○八年的金融海嘯,世界各國體認到過去追求經濟發展,忽視分配而出現反省聲浪;二○二○年的新冠病毒,卻讓狂飆下的高風險社會現了形。 「後疫情時代,中產階級充分感受到生活一夕之間逆轉,」台大社工系教授古允文說,當政府或社會沒有妥善的安全制度,人民只好透過搶保單來抵禦風險。 然而,世上沒有任何一張保單,可以保障我們所有幸福安康。病毒再強大,台灣終需從眼前的挫敗中再起,此時需要的是趁機重新省思過去經濟發展模式,以及在新生疫病和氣候變遷的催化下,打造給予人民美好生活、創造永續幸福的新模式。 為檢視台灣在各面向的發展狀況,《天下雜誌》依據OECD(經濟合作暨發展組織)從二○一一年起公布的「美好生活指數」(Better Life Index),進行二○二一「天下幸福生活指數」調查,以攸關人們生活和福祉的十一項領域,涵括二十四個主、客觀指標,全方位評比,並比照OECD四十個主要會員國和伙伴國家排名。(表1)…

Bike imitates art

Bike imitates art

Bikes have always been a form of freedom for Petor Georgallou. From exploring the outdoors as a boy – when his parents would have preferred him to be inside playing video games – to building any bike he could dream up as Dear Susan. Now he’s setting himself free from the workshop to take on a new challenge: running the Bespoked Handmade Bicycle Show. ‘I went to a weird all-boys boarding school in the woods. It was basically hell and incredibly dehumanising. I don’t think I was even a person until I left school,’ he says. ‘Then I had the freedom to do what I wanted and I was like, “What do people do?” So I just rode my bike a lot.’ That encompassed commuting on his fixie 20 miles each way…

Horizon

1 ONEPLUS 9 PRO • £TBC, oneplus.com OnePlus exists as a company because it aimed to build a new breed of flagship phones. The OnePlus 8 Pro was spectacular enough that it bagged our 2020 Gadget of the Year T3 Award – and now the 9 Pro (and, with it, the more affordable 9) sees the company throwing new technology and impressive partnerships at its handsets and well and truly cementing its place pushing the high end forward. The Pro’s screen is perhaps its greatest asset, marking significant progression in the world of compact OLEDs. The panel, called ‘Fluid Display 2.0’, uses a low-temperature polycrystalline oxide (LTPO) material. We’ve seen this elsewhere, like in Samsung’s Note 20 Ultra, but never like this. OnePlus can step the screen right down to a 1Hz refresh…

Horizon
Offload your iPadOS files

Offload your iPadOS files

iPads and iPhones don’t have expandable storage – but you can use external USB sticks and memory cards to transfer files or store things you don’t need to keep on your device. Things are easier if you own an iPad Air or iPad Pro equipped with USB-C, since you can connect USB-C sticks directly. However, often you’ll need an adapter, especially when using a memory card, or an iPad or iPhone equipped with Lightning. In that case, to connect USB sticks, you’ll need the Lightning to USB Camera Adapter or the Lightning to USB 3 Camera Adapter; to connect memory cards, the Lightning to SD Card Camera Reader or the USB-C to SD Card Camera Reader. While USB sticks don’t use as much power as external hard drives, they still need a…

Breaking FREE

Breaking FREE

For many of our gardens, autumn signals a slowing down, a gradual slide into lazy senescence. Not so for Sussex Prairie Garden. Come September and October, this unique West Sussex garden is reaching its wonderfully dizzying peak. For nearly 30 years, Paul and Pauline McBride have been designing and making gardens all over the world. Sussex Prairies, conceived with their own British twist on the Dutch Wave New Perennial movement, is their signature creation. The eight-acre garden sits in a wider landscape of 32 acres of farmland, formerly owned and farmed by Pauline’s parents. On entering, visitors are greeted – perhaps surprisingly given the garden’s moniker – by tropical planting including towering bananas, cannas and tetrapanax. So far, so unexpected. Then, you step out from the canopy into the open and…

大戶教我的投資本事

台股市場交投熱絡,去年新開戶人數創下近年來新高,三十歲以下占比更是突破四成,而隨著大盤一路向上,指數奔向萬七,股民們不分年資長幼,進出操作多半也是順風順水……。這一切,對台股億元大戶、技術派名家蕭明道來說,真的就像是歷史重演。 那是在上個世紀的八○年代後期,台股迎來史上第一波激情狂潮,當時還不到三十歲的蕭明道,很快就在股市賺到億元身價。只不過,當股市狂潮退去,他又很快地賠光財富,不只來去一場空,甚至因為先前快速致富的經驗讓他對市場失去戒心,反倒負債千萬。 或許就是這段歷程的烙印太深刻,如今,面對前來求教的年輕學生,蕭明道給出的修煉功課絕不輕鬆,他認為,所有的操作,都要有嚴謹、扎實、系統性的訓練為基礎,在基礎之上,賺錢,才知道為何能賺;賠錢,也才知道如何修正再進化。…

大戶教我的投資本事
The Helping Hormone

The Helping Hormone

EVEN IF IT’S BEEN a while since health class, you likely know how estrogen impacts reproductive health. Its levels rise as we reach puberty; then each month it surges, causing the uterine lining to prep for a potential fertilized egg, and drops, kick-starting menstruation. As the years go on, levels ricochet up and down in perimenopause and drop at menopause. And along the way, estrogen gets blamed for breakouts and breakups, mood dips and weight gains. But what else does the hormone do? The better question may be “What doesn’t it do?” “Estrogen touches basically every cell,” says Jen Gunter, MD, a gynecologist and author of The Menopause Manifesto (Citadel, 2021). “Until recently, we didn’t recognize its importance beyond reproduction,” adds Elizabeth Poynor, MD, a gynecologic surgeon and founder of the…

Where Did Music Come From?

Look anywhere and you’ll find music. Without a single exception, every culture produces some form of it; like language, it’s a universal trait in our species, and over the millennia it has bloomed into a diverse and stunning global symphony. Yet music’s origin remains one of the great secrets of human history. The oldest known instruments are 42,000-year-old bone flutes discovered in caves in Germany. Vocal music surely predates these, but the problem, according to University of Amsterdam musicologist Henkjan Honing, “is that music doesn’t fossilize and our brains don’t fossilize.” With little hard evidence, scientists still debate what evolutionary purpose music serves. And because its purpose is obscure enough to warrant debate, some skeptics question whether it serves any purpose at all. Charles Darwin thought it did. In music, he found…

Where Did Music Come From?

Big Mouth, Bigger Returns

From the sun-drenched house he’s renting in the ritzy Miami enclave of Bay Harbor Island, Adam Wyden is livid at the news crossing his Bloomberg terminal. It’s April 22, and markets are sinking on a report that President Biden aims to raise capital-gains tax rates to 39.6% for high earners, effectively doubling the rate for rich investors. “It’s anti-American!” Wyden bellows. “I’m very disappointed with American governance right now. Do you think any of these guys actually know what they’re doing?” For an answer, Wyden could ask his father, Senator Ron Wyden, a Democrat from Oregon and chairman of the powerful Senate Finance Committee. The elder Wyden is a tax-the-rich champion who dubbed former President Trump’s corporate tax cuts a “partisan tax scam.” His son, by contrast, isn’t registered with either political…

Big Mouth, Bigger Returns

Save Big on a Great New Printer

THE LATEST RATINGS FROM OUR LABS IT’S EASY TO see why you might want a printer at home, even in the digital age. They’re great for seeing your work on paper, for homework, and for art projects. Certain official documents may need handwritten signatures. Or you might want to print a recipe, letter, or shipping label. But buying a printer can be oddly complicated. You’ll have to decide which basic type you want—laser or inkjet—and which features you need. And if you’ve been burned by high ink prices before, you know how important it is to find one that won’t waste your money. To streamline the decision process, start by asking yourself a few simple questions. Then refer to our ratings starting on page 22 to see the top models in…

Save Big on a Great New Printer

CITIES

TOP 25 CITIES OVERALL 1. Oaxaca Mexico 92.96 Indigenous culinary and craft traditions and cultural sites like the Santo Domingo Church prompted voters to declare this flourishing city a must-visit. 2. San Miguel de Allende Mexico 91.77 3. Ubud Indonesia 91.73 4. Florence 91.06 ★ 5. Istanbul 90.97 6. Mexico City 90.90 7. Chiang Mai Thailand 90.70 8. Jaipur India 90.67 9. Osaka Japan 90.35 10. Udaipur India 90.22 11. Seville Spain 90.12 12. Mérida Mexico 90.00 T 12. Tokyo 90.00 T 14. Kyoto Japan 89.77 ★ 15. Siem Reap Cambodia 89.66 16. Seoul 89.31 17. Bodrum Turkey 89.31 18. Rome 89.29 ★ 19. Muscat Oman 89.21 20. Hoi An Vietnam 88.92 21. Cuzco Peru 88.79 22. Cape Town 88.76 23. Charleston South Carolina 88.70 ★ 24. Bangkok 88.62 25. Ljubljana Slovenia 88.49 TOP 10 CITIES UNITED STATES 1. Charleston South Carolina 88.70 ★ The Lowcountry favorite continues its decade-long reign, thanks to its friendly residents, superlative restaurants, and well-preserved historic buildings. 2. New Orleans 87.21 ★ 3. Santa Fe New Mexico 87.15 ★ 4. Savannah Georgia 86.84 ★ 5. Honolulu 85.43 6. New York City 84.16 ★ 7. Chicago 83.15 ★ 8. Alexandria Virginia 82.96 9. San Antonio Texas 82.87 10. Boston 82.34 TOP 10…

CITIES
Dear Fed,

Dear Fed,

Hey there! It’s me, the stock market. I know it’s weird to write you like this, but I felt like I needed to drop a quick thank-you note for everything you’ve done for me this year. I mean, your big ol’ balance sheet is almost $3 trillion larger since early March! You’re backing up the truck and loading it with Treasuries and corporate bonds and bond ETFs, all to keep the competition to stocks from fixed-income yields as limited as Jim Cramer’s understanding of me. It’s been a dream come true, honestly. I mean, fess up: Have you been reading my diary?! Maybe you’ve noticed, but everything else is a royal mess. Covid-19 is still killing people. Parents are dreading the beginning of “school.” U.S. unemployment is still above 10%, higher…

Google Tries to Repair Its D.C. Reputation

In recent months members of Google’s Washington policy group received a new assignment: study the opposing team at Microsoft Corp. and figure out what it does that works so well. On paper it was a strange mandate. Microsoft was famously targeted by a government antimonopoly lawsuit in the 1990s, and Google spent its first decades trying desperately not to be the Redmond, Wash., company. Today, though, there’s a serious case of Microsoft envy going around Silicon Valley. While Google parent Alphabet Inc. and its peers—Apple, Amazon, and Facebook—have been dragged through the political mud during the “techlash,” Microsoft has stayed clean. It sat out the marathon congressional hearings on the industry’s ills. New bills designed to curb tech’s market power don’t touch much of Microsoft’s business, even though it’s the U.S.’s…

Google Tries to Repair Its D.C. Reputation
What Happens When You Use Plastic For Weed

What Happens When You Use Plastic For Weed

The McDonald’s in Great Barrington, Mass., had hired extra employees to keep up with the flow of hungry customers from a marijuana shop nearby. What its managers didn’t realize, on a Saturday afternoon in December, was that the payment processing technology at the dispensary was misidentifying a purchase of pear-flavored THC chews as a withdrawal from an ATM—at the burger joint’s address. The dispensary, Theory Wellness, didn’t know about the wrong address either. But why did the purchase show up as a cash withdrawal? Theory’s payment machine, which looked to a customer a lot like a card reader at a coffee shop, was in fact running a so-called cashless ATM. Instead of spitting out $20 bills, the machines work with software that programs them to send signals down debit rails, where…

Bet On It

Bet On It

On Nov. 3, 2020, Election Day, two young entrepreneurs received a call from the chairman of the Commodity Futures Trading Commission with some important news. Luana Lopes Lara and Tarek Mansour had spent the past 18 months trying to get permission to start an ambitious and controversial new type of financial exchange—one where, rather than betting on equity prices or commodity futures, people could trade instruments tied to the outcomes of real-world events, such as the passage of legislation, the weather on a particular day, or the winner of best actor at the Oscars. “Congratulations,” boomed Heath Tarbert, a Republican who’d been appointed by President Donald Trump the previous year. “You now stand with markets that have been around since the 1840s. And I have no doubt that in time you’ll…

NOUVEAU IN TOWN

The first thing Nicolas Ghesquière does when he arrives in New York City is look out the limo window on his way from the airport, gazing with deep interest at the kids on the street. “It’s a very different street style here than in Paris, a unique combination of fantasy and function. A New Yorker wears athleisure, but then will put luxury pieces on top. I love it! I am always so inspired here.” It’s been more than two pandemic-plagued years since Ghesquière – who since 2013 has been the artistic director of women’s collections at Louis Vuitton – has been in Manhattan and he is relishing doing the simple things he’s missed so much. “This morning, I woke up so early. I walked around the reservoir and had breakfast at…

NOUVEAU IN TOWN

Persuade Your Company to Change Before It’s Too Late

THERE’S A PARADOX facing leaders seeking to transform their organizations as they see their markets begin to change. On one hand, they need convincing data to make the case that transformation is necessary—to show that their companies are about to find themselves on “burning platforms.” On the other hand, by the time public data about disruptive trends and market shifts is convincing, the window of opportunity has shrunk, if not disappeared. And when companies actually are on burning platforms, their leaders confront a harsh reality: Burning platforms inhibit change by increasing rigidity at the very moment when flexibility is crucial. The lesson: Avoid ever ending up on a burning platform. But that requires leaders to act before compelling data is widely available. Berkeley Cox, Michelle Mahoney, and the rest of the…

Persuade Your Company to Change Before It’s Too Late
What the West Gets Wrong About China

What the West Gets Wrong About China

AUTHORS WHEN WE FIRST traveled to China, in the early 1990s, it was very different from what we see today. Even in Beijing many people wore Mao suits and cycled everywhere; only senior Chinese Communist Party (CCP) officials used cars. In the countryside life retained many of its traditional elements. But over the next 30 years, thanks to policies aimed at developing the economy and increasing capital investment, China emerged as a global power, with the second-largest economy in the world and a burgeoning middle class eager to spend. One thing hasn’t changed, though: Many Western politicians and business executives still don’t get China. Believing, for example, that political freedom would follow the new economic freedoms, they wrongly assumed that China’s internet would be similar to the freewheeling and often politically disruptive…

KIM NG MADE HISTORY. NOW COMES THE HARD PART

KIM NG knew people would care. When she became the Marlins’ general manager in November, she expected a few hundred messages, some calls, an exhausting number of interview requests. Instead the response nearly incinerated her phone battery: She got thousands of messages. Michelle Obama tweeted about her. President Joe Biden asked her to speak at an event following his inauguration. (She accepted.) All these people told her what her career move meant to them, and to their daughters. But most of them could not begin to understand what it meant to Ng. She had wanted this title for decades, but the minute she accepted it, it ceased to be about her. As she likes to say, a weight had been removed from one shoulder—and placed on the other. Now the pressure…

KIM NG MADE HISTORY. NOW COMES THE HARD PART

“It will need to be the most amazing thing humankind has ever done.”

A conversation with Bill Gates The Columbia Glacier in southeastern Alaska is one of the most rapidly receding ice floes in the world. Having built up a net worth of well over $100 billion, Bill Gates has committed his energy and dollars to trying to solve some of the most vexing problems of our time: HIV/AIDs, tuberculosis and malaria, Covid-19. He is also focused on climate change and has just published a new book, How to Avoid a Climate Disaster. In it he argues persuasively that the world needs to get to zero carbon emissions by 2050. He wants readers to know that achieving that goal won’t be easy but it can be done, particularly if we find ways to spur green innovation. Gates recently spoke with HBR’s editor in chief, Adi…

“It will need to be the most amazing thing humankind has ever done.”
The cubic centimeter

The cubic centimeter

We all survey the vastness of space with a certain amount of wonder and awe. Exploring and understanding the cosmos requires units to express its size — including volume. But because of that vastness, we often revert to nonstandard metaphors to help convey it. To express the volume of something big, like the Sun for example, writers commonly say that a million planet Earths would fit inside it. Tiny objects demand similarly creative analogies. The universe contains mostly hydrogen atoms, whose mass is concentrated in the nucleus, usually as a single proton. That proton is 1,836 times heavier than the electron buzzing around it. But a true picture requires us to also visualize its structure, which is mostly empty space. We’d succeed by representing that proton as a raisin in the…

Pomegranate Revered Since Antiquity

Pomegranate Revered Since Antiquity

Since ancient times, I, the esteemed pomegranate (Punica granatum), have been regarded with reverence as a symbol of your human central beliefs. In many cultures and virtually every religion, I have come to represent life and death, fertility and marriage, beauty and abundance. Why, you may ask? It all has to do with my seeds (my name means ‘apple with many seeds’), while my orb shape and crown of sepals take on a different meaning all together. Buddhists revere me as one of the three blessed fruit (the other two are peach and citrus); in some Hindu traditions I’m a symbol of prosperity and fertility, while for Muslims I’m a symbol of beauty. As a romantic symbol I have featured in sonnets and literature, as well as Renaissance paintings. Sandro Botticelli and…

WORK ac WHAT I’VE LEARNED

AMALE ANDRAOS: Neither of us wanted to be architects. My father is both a painter and an architect – he worked as an architect for ten years before the civil war in Lebanon. I grew up in Saudi Arabia where he started a company for prefab houses. I was brought up visiting construction sites and going to museums to see works of art. I swore I’d never become an architect – I didn’t want to do the same thing as my father. But at the age of 17 I finally realized it was not about him but about me, so I decided to study architecture. DAN WOOD: My father took me to an architecture studio when I was 13 because I drew well and had a knack for mathematics – perhaps…

WORK ac WHAT I’VE LEARNED

Yes, We Cannes!

THE MOST IMPORTANT TAKES OF THE MONTH OF ALL THE THINGS LOST OVER THE past 16 or so months—life, liberty, sanity—watching movie stars twirl on the Riviera ranks vanishingly low on the list. And yet: Is it so terrible, as we emerge from our united state of sweatpants, to yearn just a little for glamour again? We may have had our 2021 Oscars in a train station and our Grammys on a balcony, but this summer we will not be denied Cannes, the glittering grande dame of film festivals. The annual 74-year-old gathering, nestled in the cerulean elbow of France’s Côte d’Azur, is not the oldest (that honor goes to Venice), or strictly the most prestigious. But it is, you could say, the one that embodies the spirit of cinema in the…

Yes, We Cannes!

The Cold Open

With the Emmys (Sept. 19) and Tonys (Sept. 26) on the horizon—Awardist coverage starts on page 64—let’s honor not the 16 stars who have scored a showbiz grand slam, but those who are one (competitive) trophy away. And the near-EGOT goes to…—BY MARY SOLLOSI HOW SCENES FROM A MARRIAGE SPURRED A SWEDISH MARITAL CRISIS Most directors aim to inspire breakthroughs, not breakups, but Ingmar Bergman provoked both with the 1973 miniseries Scenes from a Marriage. After nearly half of Sweden’s population watched Marriage’s crumbling couple (Liv Ullmann and Erland Josephson), divorce rates spiked to a record high. While the correlation is debatable, viewers did flock to Sweden’s marriage-guidance service. “[The Stockholm office] saw a huge increase in calls, and the waiting list went from three weeks to three months,” marvels Linda Haverty…

Books

THE SENTENCE AUTHOR LOUISE ERDRICH PAGES 400 REVIEW BY MARY SOLLOSI How soon is too soon to relive a global trauma? Even now, as the coronavirus stubbornly lingers in the United States, fiction set against its arrival—and the rest of the tumultuous backdrop of 2020—is steadily rolling out. After winning a Pulitzer Prize for last year’s The Night Watchman, inspired by the life of her grandfather, Louise Erdrich’s swift follow-up is as timely as it is unexpected: a pandemic ghost story. The protagonist of The Sentence is Tookie, a Native woman living in Minneapolis who, after a truncated prison sentence—the survival of which she credits to constant, insatiable reading—finds a steady life married to her great love and working at an independent bookstore. (In a little meta twist, the store closely resembles Erdrich’s own Birchbark…

Books
Also Playing

Also Playing

OCTOBER OCT 22 RON’S GONE WRONG Zach Galifianakis, Jack Dylan Grazer, Olivia Colman, and Ed Helms lend their voices to an animated coming-of-age story about a shy student and his new “best friend out of the box,” robot Ron. (In theaters) OCT 29 ANTLERS Keri Russell and Jesse Plemons team up in a Guillermo del Toro-produced chiller about a mysterious creature haunting a small town in Oregon, and a young boy hiding a dark secret. (In theaters) ARMY OF THIEVES This prequel to Zack Snyder’s Army of the Dead stars Matthias Schweighöfer (who also directs) as a bank teller swept up in a robbery that happens to coincide with the zombie apocalypse. (Netflix) NOVEMBER NOV 5 THE ELECTRICAL LIFE OF LOUIS WAIN From cowboys to cats! Benedict Cumberbatch (yes, him again) plays eclectic British artist Louis Wain, who, after adopting a kitten,…

137億度電的取捨

137億度電的取捨

決戰十二月十八日,「四大公投」投票日剩下不到一個月,正、反方展開大辯論,互不相讓。 四大提案中,包括是否同意重啟核四(位於新北貢寮的龍門核能發電廠)、中油第三天然氣接收站(桃園觀塘液化天然氣接收站,以下簡稱三接)遷離桃園大潭藻礁海岸這兩案,牽動台灣「減煤增氣」、「非核家園」的能源轉型路線是否還能持續走下去。 涉及供電、減空汙、生態保護等層面的三接,從連署、成案,不同主張持續交鋒、爭吵不斷,公投若過,目前已施工近三年的三接要停工遷更是一場影響台灣能源轉型成敗的關鍵戰役。 想像一下,當台灣不要核電、不要燃煤造成空汙、要持續減碳,要綠電、天然氣等能源轉型,也要台積電、台商回流等經濟發展,又期待供電穩定、不缺電,同時還能顧及環境生態……,怎麼可能做到?這是正反雙方交鋒的火線時刻,也是全民價值選擇的關鍵時刻,這時,沒有人是局外人,取捨絕對是必要的。 三接爭議,到底吵什麼?釐清四大關鍵提問,答案或許跟你想的不一樣。 關鍵提問1》遷三接影響供電? 全台調度更吃緊 關鍵提問一:三接遷離現址,不會影響電力供應?答案是,不只電力調度更吃緊,減煤成果也可能倒退。 打開經濟部能源局二○ 一九、二○…

2022全球經濟關鍵報告忐忑的成長

「這是QE歷程上的重大事件,對美國經濟和全球資金環境,都可能產生重大影響。」說話的,是瑞士信貸私人銀行亞太區副主席陶冬,時間,是十二月十五日聯準會利率決策會議後。 而在這一場會議中, 聯準會主席鮑爾(Jerome Powell)做出了幾項「關鍵決定」,看在陶冬眼中,這幾項決定所代表的,是聯準會「全方位」的政策轉向。 「放棄了『通膨是暫時的』這一慣常的表述…;放棄了『等待完全就業後再升息』的思惟,預計明年加息三次…;調高了GDP、CPI在二○二二年的預測,下修了失業率的預測…;三月中結束購債計畫。」針對句句聲明措辭,陶冬一一盤點,並細細品味。 隨後,在這篇題為《聯儲(聯準會)全面轉鷹》的專文中,陶冬寫到:「所有的轉身都是過去幾周發生的,表明美國貨幣當局在退出二○年版QE、推進貨幣環境正常化的路上,已經不那麼淡定了。」 大摩:兩座大山將退場 財政、貨幣政策「完成階段性任務」 「正常化」,這是展望二二年全球經濟的首要「關鍵字」。 時間再往前推,十一月十四日,投資銀行摩根士丹利(Morgan Stanley,以下簡稱大摩)發布了年度經濟展望報告,標題下的是:The Training…

2022全球經濟關鍵報告忐忑的成長
拜登規則

拜登規則

我們是美國,沒有什麼事情是我們無法一起做到的!」美國時間七月四日晚間,美國總統拜登在白宮南草坪舉辦的國慶日園遊會上,用這段話,為將近十五分鐘的致詞作結。 這場約千人出席的「派對」,相較於七月一日在北京天安門廣場舉行的中共建黨百年慶祝大典,規格顯得迷你;拜登著重美國如何逐漸擺脫疫情陰霾的談話,也明顯少了中共總書記習近平一番警告外來勢力恐將「頭破血流」的霸氣。 兩大強權,一周內的兩場慶典,東方巨龍的聲勢更為浩大,但華裔美籍的中國研究專家裴敏欣在中共建黨百年大典隔天撰文評論,對中國而言,「拜登,可能是更可怕的敵人。」理由是:「不同於川普以侮辱、威脅和關稅疏遠盟友,拜登修復了美國的聯盟,成功形塑一條相對團結的抗中戰線。」 六月,當台灣社會聚焦於新冠疫情,太平洋另一端的拜登政府則是連續出手,從最外顯的地緣政治,到5G戰、科技戰、金融戰,都像是在這一個月內完成了關鍵布陣,上任至今許多曖昧或決斷的背後意義,也似乎在此一個月間豁然開朗,攸關全球政經格局的「拜登規則」瞬間清晰──如同裴敏欣的解讀,這是一套「比川普更兇狠」的對中戰略。…

FLARE MOUSTACHE

FLARE MOUSTACHE

Curiosity, anticipation, confusion, skepticism. The launch of the Flare Moustache created quite a stir in the free flying community. What is it? Who needs it? And how does it fly? We found out from the designers and then took the Moustache to the test. Flare is a new brand from the same company as Skywalk. In March they released their one and only new wing, the Moustache. They call it a parakite, and it’s designed for having fun in strong winds on the dunes or at soaring sites. It looks like a paraglider but Flare don't call it that, and it’s not made for thermal flying. Beni Kälin, paragliding and speedflying instructor and part of the Flare development team says: "It’s a kite made to fly." Who is it for? The target group…

深入星宇心臟,看北美佈局張國煒的不可能任務

深入星宇心臟,看北美佈局張國煒的不可能任務

四月二十六日,星宇航空創辦人張國煒親自執飛,台北洛杉磯的首航。 這是重要性不亞於三年前開航的飛行任務。 飛向北美天空,意味著星宇從區域走向國際。猶如四十年前,張國煒的父親張榮發獨排眾議,大膽開出橫跨太平洋與大西洋的雙向環球航線,讓長榮海運由亞洲船公司變成世界第一。 「他們(父子)DNA是一樣的,都很有魄力、很有魅力,」長榮集團出身、前中菲行執行長林天送評論。 北美首航,轉動了星宇最關鍵的中轉客商模。這位台灣唯一、世界少數同時擁有機師和維修證照的航空公司董事長,要驗證自己「從王子變成King(國王)」,只能贏不能輸的不可能任務。 首航倒數前兩天,星宇航空的營運大腦,張國煒與執行長翟健華所在的內湖總部十六樓,透明辦公室一目了然,從主管房內到開放空間的討論區,沒有一張會議桌是空的,都處於作戰模式。就連秘書遞送文件也都急如風、甚至小跑步。 競爭對手不是兩位老大哥 當年, 看好亞洲成為世界工廠,張榮發大膽擴張海運版圖,捉住趨勢破浪。而張國煒眼中的航空市場,「台灣的地理位置這麼好,如果你善用它,台灣市場無限大,真的太大了,」張國煒左右手,翟健華提高音調分析。…

At all cost

At all cost

Arguably the most sophisticated of all front-engined grand prix cars Gianni Lancia must have followed the 1956 Formula 1 World Championship with a certain level of bemusement. His rivals of old, Scuderia Ferrari, won five of the seven grands prix in which the team competed, and Ferrari driver, Juan Manuel Fangio, was crowned World Champion at the end of the year. What made this particularly poignant for Lancia, though, was the fact the cars used by Scuderia Ferrari had started life late in 1954 and early in 1955 as Lancia D50s. Designed under the technical leadership of the legendary Vittorio Jano, the cutting-edge Lancia grand prix car was the culmination of a vast competition programme that also included a full range of sports racers. In addition to indulging in motorsport for the…

The Democrats’ Working-Class Deficit

IT’S NO SURPRISE THAT DEMOCRATS ARE UP AGAINST IT THIS FALL. THE PRESIDENT’S party generally does worse in midterm elections. Inflation is at a 40-year high. The mainstream media trumpet that crime is up. And the centerpiece of President Biden’s domestic agenda has been torpedoed by united Republican obstruction—and, until the recently brokered spending deal, by the Democratic Senator Joe Manchin III. But a more long-term difficulty was revealed in a recent New York Times–Siena College poll: Though they enjoy a 20-point advantage over Republicans among white, college-educated voters, Democrats have a working-class problem—and the climate deal, while welcome, isn’t going to fix it. Currently trailing the GOP by 12 points, Democrats are becoming the party of upscale urban and suburban voters, while Republicans are beginning to consolidate a multiracial coalition of…

FITNESS & WELLBEING

1 BEURER TL 30 ULTRA What better gift could there be than the lifting of seasonal gloom? For those with a slight vitamin D deficit and the debilitating cloud of malaise that follows the grey, sunless skies of winter, a SAD lamp can make a real difference. Beurer’s slimline LED lamp is fully portable, compact, and can throw out a daylight-tuned 10,000 lux blast from 10 metres away. £65, beurer.com 2 CURVE BIKE LIGHT AND GPS TRACKER Safety and security come as standard with the neat Curve package. Not only do you get a post-mounted light that will last for around seven hours per charge, but you get a stealthy SIM-connected GPS tracker that can map your rides, help you find your bike if it’s lost, and even alert a contact if you have…

FITNESS & WELLBEING
8 amazing iPad apps

8 amazing iPad apps

Learn an instrument fender.com, gibson.com 1 Fancy being a guitar hero? Guitar makers Fender and Gibson both offer apps that’ll teach you to play like legends, and both have free trials – 7 days in the case of Fender and 14 for Gibson. They’re both brilliant apps for teaching guitar (and in the case of Fender, ukulele and bass too), but before you hand over your card details make sure you check out GarageBand first. GarageBand’s Smart Instruments enable you to mess around with guitars, basses, pianos and synths, and if you go over to your Mac you can download free guitar and piano lessons too. If there’s a specific song you’d like to learn, head over to ultimate-guitar.com where you’ll find guitar, ukulele and piano tabs and often video too. Learn to DJ algoriddim.com/djay-ios 2…

hotels

Last year, we kicked off our annual Readers’ Choice Awards by acknowledging that, with voters stuck at home, the 2020 list was a unique testament to the most enduring things in travel. Last year’s winners were properties and places, airlines and cruise ships, that travelers yearned for when traveling wasn’t possible. Fast-forward 12 months, and our 34th annual RCA list reflects the ways the world of travel has begun to welcome back guests. For even while restrictions remain in place and uncertainty about the future persists, we are traveling again. Borders have reopened. Cruises are getting passengers safely back on certain seas. Flight routes have been reinstated. So the following pages are filled with what you, the greatest and most discerning travel critics out there, longed for when you couldn’t…

hotels
Into the Deep

Into the Deep

Thirty feet to starboard, a humpback is pounding out a message on the surface of the ocean. All we can see of the whale is her kayak-size tail, which she brings repeatedly down onto the water with a rubbery thwap. “She’s soliciting a male, or telling us to back off,” explains Tom Conlin, our guide. A French member of our party murmurs, “C’est magique.” There is whale magic to be found every winter in Silver Bank, an underwater volcanic plateau that begins about 30 miles from the north coast of Puerto Plata, Dominican Republic. Humpbacks congregate here, creating pufflike splashes on the horizon and flashing their fins and underbellies at all distances. We follow a rowdy group of fast-moving males as the mother, who turns out to have a calf with…

SEE THE SIGHTS, TRY THE FOOD

THE GREATEST HITS On the corner of Mott and Mosco, down a dark flight of stairs, unassuming neighborhood stalwart Hop Kee has been serving up no-frills Cantonese fare since 1968—but the lack of fuss is exactly why you go (and why Anthony Bourdain loved it). Slide into a booth and order the crabs Cantonese style, served in a rich brown sauce, and the salted squid with spicy green pepper. Over on East Broadway, Hwa Yuan Szechuan’s white tablecloths are great for a dressed-up family dinner or a Friday night on the town; for something more low-key, Noodle Village on Mott is the perfect casual spot to roll into around 4 p.m. on a Saturday for steaming bowls of pork wonton noodle soup. On Doyers, Nom Wah Tea Parlor has been open…

TO THE LIGHTHOUSE

William Sofield is the designer equivalent of those extreme-sports adrenaline junkies who fly off mountain cliffs wearing nothing but a wingsuit, danger be damned. Over the past three decades, the AD100 Hall of Fame talent—whose client list includes titans of taste on the order of Tom Ford and Helen and Brice Marden—has happily embarked on his own perilous adventures, renovating a series of white elephants that mere mortals would not dare to touch. First there was the rehabilitation of Balcastle, an eccentric early-20th-century brick-and-limestone house with a crenellated tower improbably rising above a street of humble shingled cottages in the town of Southampton, New York. “It was a benign eyesore—Medieval Times meets South Fork swank,” Sofield says of the challenging property. Then came the precarious Douglas Fairbanks and Mary Pickford…

TO THE LIGHTHOUSE

Fun and Games

While 2020’s Summer Games were a year late, the 2022 Winter Games are right on schedule. But not missing a beat means surprises—especially for the athletes. (Surprise number one: Their events are already complicated by politics, with the U.S. staging a diplomatic boycott—athletes will still attend; dignitaries will not—in protest of China’s human rights record.) Ski slopes that are being groomed at this moment on Xiaohaituo Mountain, in Yanqing National Park, about 60 miles north of Beijing, were originally scheduled to host a 2021 trial run. That was canceled, due to the pandemic. This month, skiers will be meeting the mountain for the first time. “None of us know it,” says Mikaela Shiffrin, 26, the alpine ski racer who has won two Olympic golds, “but what I’ve seen from the videos,…

Fun and Games
Learning a Language Literally Changes Your Brain

Learning a Language Literally Changes Your Brain

If you’ve ever learned a new language — or tried to — you know how difficult it can be. Native languages seem almost built-in. We soak them up naturally when we’re very young. But learning a new language, especially after early childhood, can be a huge task, burdened by long vocabulary lists and genders to memorize, complex cases and troublesome tenses to master. Of course, it’s worth the effort. In today’s interconnected world, learning a new language can change your life. It will certainly change your brain. ALTERNATE ROUTES Learning anything changes your brain, at least a little bit. But learning a language does it in high gear. John Grundy, a neuroscientist at Iowa State University who specializes in bilingualism and the brain, explains that learning a new language causes extensive neuroplasticity in…

DAOs Aren’t a Fad— They’re a Platform

“This is an incredibly risky move. I don’t know if I agree with this.” Erick Calderon, the founder of a company named Art Blocks in a risk-oblivious field, nonfungible tokens, was nonetheless concerned. It was February 2021, and Calderon was one of 59 investors who had banded together to potentially buy a rare set of 150 popular NFTs, CryptoPunks, directly from their producer, Larva Labs. The group, a decentralized autonomous organization (DAO) called Flamingo, had pooled $10 million and met weekly via Zoom (audio-only to protect those wanting anonymity) to figure out what to do with it. The CryptoPunk opportunity, at about four ether ($7,200 at the time) per punk, would eat 10% of that, which is partly why Calderon aired his concerns on the group’s Discord channel. The tension got thicker when…

DAOs Aren’t a Fad— They’re a Platform
Ask Our Experts

Ask Our Experts

How can I fix a small area of peeling paint in my bathroom? IF YOU HAVE leftover paint in the original color, check to see if it’s still usable, says Rich Handel, who oversees paint ratings at CR. You’ll know the paint is too old to use if you find a thick, rubberlike layer sitting on top of the paint, or the paint doesn’t mix well when stirred. (Paint that’s still usable should stay blended for 10 to 15 minutes after mixing.) To test it, try painting a small area on a piece of cardboard: The paint should go onto the surface smoothly, and the color should be uniform. If you determine that the paint isn’t usable, take the can to a paint or home improvement store and ask whether it…

Making Yourself Indispensable

A MANAGER WE’LL call Tom was a midlevel sales executive at a Fortune 500 company. After a dozen or so years there, he was thriving—he made his numbers, he was well liked, he got consistently positive reviews. He applied for a promotion that would put him in charge of a high-profile worldwide product-alignment initiative, confident that he was the top candidate and that this was the logical next move for him, a seemingly perfect fit for his skills and ambitions. His track record was solid. He’d made no stupid mistakes or career-limiting moves, and he’d had no run-ins with upper management. He was stunned, then, when a colleague with less experience got the job. What was the matter? As far as Tom could tell, nothing. Everyone was happy with his work,…

Making Yourself Indispensable
EL RINCÓN DE PENSAR DE LOS VIPS

EL RINCÓN DE PENSAR DE LOS VIPS

No hay nada mejor que tener un remanso de paz y tranquilidad en el que desconectar y descansar del ajetreo del día a día. Y quienes bien lo saben (y lo practican a conciencia) son los empresarios, artistas y deportistas que tienen sus refugios exclusivos en lugares recónditos en los que huir de la ciudad (o de la fama) y sentirse un vecino más. Una de las zonas de moda entre la alta sociedad en España es la comarca de La Vera, un rincón idílico entre Cáceres, Ávila y Toledo. En Jarandilla de la Vera cuentan con finca Alejandro Sanz (arregló varios secaderos de tabaco para convertirlos en El Sueño de los Parrales); Ana Rosa Quintana 7, que tiene una casita en Cuacos de Yuste; el empresario Florentino Pérez; y…

Russia’s New Brain Drain

Russia’s New Brain Drain

In Kyrgyzstan, a member of parliament urgently called on the government to start creating jobs and setting up temporary housing for the information technology professionals now arriving daily from Russia. Even a poor Central Asian nation that exports cheap migrant labor for Russian construction sites and fast-food restaurants looks like a safe haven to thousands of educated Russians fleeing the cataclysm Vladimir Putin created by invading Ukraine. This can no longer be described as brain drain: It’s a stampede for the exits. Konstantin Sonin, an economist at the University of Chicago, has estimated that some 200,000 Russians fled in the first 10 days of the invasion—to Kyrgyzstan, Armenia, Georgia, Kazakhstan, Turkey, Israel—any country that admits Russians visa-free. That’s a small number compared with the 2.8 million refugees who’ve left Ukraine, but…

Jack Bogle Was Such a Punk

Jack Bogle Was Such a Punk

For the past decade, while cryptocurrencies, Fed policy, meme stocks, and Elon Musk have captured all the headlines, investors have been quietly funneling a billion dollars a day into the greatest money-transfer machine in the history of capitalism: Vanguard. Yet the company shouldn’t even exist. An asset manager owned by its investors? That invests in passive indexes? That charges only microscopic fees? That’s made millions of Americans fabulously wealthy and bankrolled countless retirements without succumbing to Wall Street? The money manager now has more than $8 trillion in assets—second only to BlackRock, which it could surpass in a few years—as well as the three biggest funds in the world and another three in the top 10. Vanguard’s influence extends well beyond the numbers on any scoreboard. The entire investing universe now…

Is Warren Buffett Drilling For Oil?

Is Warren Buffett Drilling For Oil?

After helping Occidental Petroleum Corp. win a bidding war for Anadarko Petroleum by purchasing $10 billion of Oxy’s preferred stock in 2019 and then quietly buying up a sizable stake in regular shares during the following months, Warren Buffett’s Berkshire Hathaway Inc. suddenly disappeared from the common stock in 2020, giving no reason for the investor’s about-face. Now, Buffett is once again on the Occidental bandwagon—and with more momentum than ever. Just as billionaire investor Carl Icahn exited his own stake in Occidental, Berkshire disclosed in a regulatory filing in March a rekindled interest that’s led to a buying spree. In just a few weeks, Berkshire stacked up an investment worth about $7.7 billion on top of its preferred stock holding, making it the biggest shareholder at Occidental and landing the…

Pivoting to Troll

Pivoting to Troll

On May 20, Elon Musk flew to São Paulo to announce an expansion of his satellite internet service, Starlink. The moment could, and perhaps should, have been regarded as the latest in a list of achievements that have made Musk the best-known technologist of his generation and the richest person in the world. His rocket company, Space Exploration Technologies Corp., was the first private company to carry astronauts to the International Space Station. It now sends so many rockets to orbit, with such regularity, that it has put in place a constellation of thousands of satellites—Starlink—to provide internet service just about anywhere on Earth. The business serves hundreds of thousands of customers around the world, including in Ukraine—which has relied on Starlink-provided connectivity during the Russian invasion—and, according to the new…

Rethinking Your Approach to the Employee Experience

New Research and Emerging Insights HUMAN RESOURCES LEADERS commonly assume that for a company to stand out as a great place to work, it must deliver competitive perks—everything from skills training to pet insurance to foosball. New research finds that this view is outdated: Engagement and retention don’t correlate with benefits awards. Employees have begun looking beyond material offerings and assessing how they feel about the company they work for—and that requires a different approach. Fortune 500 companies spend more on benefits and perks than ever—almost $2,500 a year per employee, on average. But a study by the research and advisory firm Gartner, comprising global surveys of 5,000 employees and more than 150 HR leaders, reveals that employee engagement has been flat since 2016. For example, just 31% of workers say that their…

Rethinking Your Approach to the Employee Experience

Robin Wright

“A film or show isn’t directed by one person. It’s directed by everybody. We’re all architects of the building.” HBR: After hits like The Princess Bride and Forrest Gump, how did you think about next steps? WRIGHT: There was pressure: Stay in the game, or you will be forgotten. But I chose not to adhere to that because I had a long-term vision. I knew I wanted to act until I couldn’t anymore, so I needed to be selective. Where are you in your life, spiritually and mentally, when projects come your way? I would see what resonated. Acting is such an emotional job. It’s almost like going to therapy every day because you’re dissecting and embodying a character and getting to the depths of who that person is. There were some roles…

Robin Wright
THE GLORIOUS ORDEAL OF PITCHERS HITTING IS NEARING ITS END, SO LET’S REMEMBER THE SPORT’S FEARLESS ‘ SLUGGERS’

THE GLORIOUS ORDEAL OF PITCHERS HITTING IS NEARING ITS END, SO LET’S REMEMBER THE SPORT’S FEARLESS ‘ SLUGGERS’

In the grillroom of McArthur Golf Club in Hobe Sound, Fla., this winter, two retired pitchers were talking baseball. Jim Kaat pitched 25 seasons in the big leagues, in four decades, for six teams, while one-time Phillies prospect Bill Parcells topped out as a teenager in New Jersey, only to become a football coach of some renown. Still, both men fondly recalled the oversize sweats—some were feed bags fashioned into baseball pants—they wore to practice sliding in the 1950s should they ever have to leg out a double. “We wanted to be baseball players, not pitchers,” says Kaat, 82. “We wanted to learn to bunt, slide, run the bases and help ourselves out with the bat.” BASEBALL PREVIEW Major league pitchers have been batting for 150 years now. Their walk-up music, in…

Drive Innovation with Better Decision-Making Don’t let old habits undermine your organization’s creativity.

Drive Innovation with Better Decision-Making Don’t let old habits undermine your organization’s creativity.

AUTHORS To stay competitive, today’s business leaders are investing millions in digital tools, agile methodologies, and lean strategies. Too often, however, those efforts produce neither the breakthrough operational processes nor the blockbuster business models companies need—at least not before their competitors introduce their own advances. And a key culprit is the inability to make quick and effective innovation decisions. The discovery-driven innovation processes companies now rely on involve an unprecedented number of choices, from big go/no-go gates that govern which ideas are pursued to countless decisions about how to conduct experiments, what data to collect, how to interpret findings, and how to act on them. But in companies that are just learning to experiment, too many decisions are made inefficiently or informed by past experience and narrow perspectives. As a result, critical risks…

HOW WE DID IT

I WILL NEVER forget seeing my father cry. We were on the campus of Stanford University, meeting with the renowned economist W. Brian Arthur to learn more about his theory of increasing returns. I didn’t expect it to be an emotional conversation. But when my father, Ernesto, started to describe our family business, illycaffè; our industry, coffee; and his desire to see more of its returns distributed to the developing-world farmers who supplied its beans, his voice cracked and tears filled his eyes. He described his deep frustration over vast disparities in the living conditions enjoyed by the world’s consumers of coffee and those endured by its producers. He explained that our goal was to spearhead a change. At the time (this was in the 1990s), most coffee beans were still…

HOW WE DID IT
ANATOMY OF AN ACOUSTIC GUITAR

ANATOMY OF AN ACOUSTIC GUITAR

1 Soundboard “In very general terms, the top is the ‘speaker cone’ of the guitar,” explains Eggle. “It’s the thing that responds to the vibration of the strings and beats in and out, which starts the air moving. “When we’re selecting a top, one of the first things that we do is check the stiffness. I’m after tops that are stiff across the grain. With a weaker piece of wood, you’d have to leave it thicker to give it sufficient strength. But that extra thickness would also make it less responsive, meaning it would take longer to react to vibration from the strings. “By contrast, a stiffer, stronger piece of wood can be made into a thinner top, so the response is more immediate and dynamic. What you’re looking for is a’board that’s…

讓崩潰「有益」的藝術/The Art of the‘Good’ Meltdown

在疫情期間,普雷斯頓‧伍德拉夫一直保持鎮定。他在花園或工作室幹活、和女兒一起吃飯、到住家後面的樹林裡散步,就這樣過了好幾個月。沒想到他後來因為一個噴嚏,失控了。 那天伍德拉夫睡得正熟酣,突然間因為鼻子不舒服醒來。他伸手朝床頭櫃上的面紙盒去抽面紙,試了又試,但整疊紙緊緊地不動。 於是他一把抓起整個盒子,用雙手壓扁,朝臥房對面的牆壁猛丟了過去。黑暗中形單影隻的他,啪的一聲重重地跌回枕頭上,罵了一句。 伍德拉夫是一位退休的哲學教授,他說:「我一時失控了。」 歡迎你來認識崩潰。你最近崩潰過嗎? 除了洗碗、洗衣和日常的家務之外,你勉力鎮定地挺過了疫情和隔離、居家工作、小孩居家上學、社會騷亂和幾代人所見分歧最大的輿論,這時崩潰在所難免。接着發生了一件看似微不足道的事,你突然間就會獨自關在車子裡大聲尖叫,或對着你的狗哭泣──還一邊道盡每件大小事。 當然,在去年之前人們也會情緒失控,但這一年來持續高漲的壓力、憤怒和恐懼,讓失控的頻率節節升高。負面的消息讓人不堪負荷,時時草木皆兵也讓人精疲力竭,難怪我們這麼容易發怒。…

讓崩潰「有益」的藝術/The Art of the‘Good’ Meltdown

THAT FIJI FEELING

I REGRET TO INFORM YOU THAT WE HAVE BEEN WILDLY misinformed about pineapple. I’d been going through life fishing rings of it from cans onto gammon and indulging my controversial affection for it on pizza, so I assumed I had a pretty good idea of what it tastes like. I was wrong. I realised my mistake the moment I casually bit into a slice of freshly picked pineapple and it exploded in my mouth, sweet and rich. It’s like hearing Beethoven’s Fifth when you’d been expecting a drunk banging on a bin. It’s as if happiness itself had a taste. The moment of this epiphany came as I was standing in the kitchen of Sala Lacabuka’s home, in the tiny village of Vacalea. With a population around 80, it sits on…

THAT FIJI FEELING
The Cold Open

The Cold Open

In for the Kill In the zombie apocalypse, who’s the bigger threat: walkers or people? Before AMC’s The Walking Dead begins its final season on Aug. 22, we crunch the numbers on the human casualties that mattered to us (not accounting for deaths such as “Nameless Savior No. 7”). —NICK ROMANO MOST MEMORABLE DEATH, BY SEASON S1: AMY (EMMA BELL) Andrea (Laurie Holden) issues the ugliest of cries for her bitten sister. S2: DALE (JEFFREY DEMUNN) A walker gave him one of the, um, gutsiest moments in show history. S3: LORI (SARAH WAYNE CALLIES) Some childbirths are more like nightmares than happy occasions. S4: LIZZIE (BRIGHTON SHARBINO) Carol (Melissa McBride) made sure that little Lizzie will never look at flowers the same way again. S5: TYREESE (CHAD L. COLEMAN) We know you were trying to give the guy a hand by taking…

The Fighter

The Fighter

NOT LONG AGO, HALLE BERRY APPEARED as a guest on Hot Ones, the viral YouTube talk show in which assorted celebrities (Billie Eilish, Charlize Theron, Shaq) agree to eat chicken wings of increasingly ungodly spice levels until they either quit, cry, or lose control of their fine motor skills. As she worked her way through a series of sauces with names like Chocolate Plague and Da’ Bomb Beyond Insanity, Berry came across as charming and funny and self-deprecating, talking easily about old Kanye lyrics and dog-training tips. But when the show’s host presented her with an endurance trophy at the finish line and asked whether there was anyone she’d like to thank, she turned unexpectedly blunt: “I’m gonna thank my damn self on this one,” she shook her head, half-delirious…

The sights of Switzerland

LUGANO WHAT TO SEE Equal parts Swiss and Italian, Lugano’s sun-drenched, terracotta-roofed and pastel-coloured historic centre is Mediterranean in spirit, and heavily influenced by Italy’s neighbouring Lombardy region. This interesting fusion of cultures is reflected not only in the architecture – its pretty main square, Piazza della Riforma, is no exception – but also its cuisine, wine, and hospitality. Set on the lake and backed by tree-covered mountains that form part of the western Alps, Lugano offers history and culture with plenty of activities and excursions nearby: scenic walks through olive groves, visiting Merlot vineyards perched high above the town, and scenic mountain hikes rewarded by breathtaking panoramas over Lake Lugano and the Alps. WHERE TO STAY Hotel Splendide Royal is Lugano’s most prestigious address with celebrities and politicians checking in on…

The sights of Switzerland
The Cold Open

The Cold Open

CINEMAPS Ticket to Ride ON JULY 30, DWAYNE JOHNSON AND EMILY BLUNT TEAM UP AND HEAD DOWN THE AMAZON IN JUNGLE CRUISE, A DISNEY FANTASY- adventure film inspired by the three-continent riverboat tour at Disney theme parks. Usually, it’s the reverse: The movie begets the ride. Sure, you know the biggies (Harry Potter and the Forbidden Journey! Star Wars: Rise of the Resistance!), but hang on for your cinematic life as we visit some of the more obscure attractions for your amusement. 1 / Borg Assimilator Flying roller coaster (2004–2008, Carowinds, North Carolina) R.I.P. Smurf Island, which was destroyed for the Collective good—to make room for the Assimillator. 2 / Charlie and the Chocolate Factory Ride Dark ride (2006–2015, Alton Towers Theme Park, England) A boat journey on a chocolate river led to an uplifting experience inside the…

ESG打假之戰

ESG打假之戰

Profile ESG 又稱責任投資或永續投資,指投資人在選擇投資的企業時,不只關注傳統財務指標,還著重企業在環境保護(E)、社會責任(S)、公司治理(G)三面向的表現,是一種更全面評估企業的投資方式。 「本基金『未』以永續投資為目標,亦『未』以環境或社會特色為訴求……。」 二月初,在台灣核備發行的某境外基金系列全面修改公開說明書,其中有多檔基金,就在說明書加入了上面那一段話。在「ESG」、「永續投資」成為金融市場最夯關鍵字的當下,這句表明自家基金並未鎖定永續、環境、社會議題的標註,簡直是百分百的「政治不正確」。 不只一家,三月以來,國內各投信、投顧業者也都忙著擬妥信函寄給投資人,告知他們,公司所代理的部分境外基金即將修改公開說明書內容;很快的,這些基金也得毫無模糊空間地對外交代,自己究竟是不是「以永續投資為目標」。…

缺電 .水荒 投資就業 vs.農地生態

誰都沒想到,在七月盛夏用水、用電的高峰前,台灣已數度出現水電荒! 先看缺電。過去二十年來,全台發生四次大規模停電,其中兩次就發生在今年五月。依據台電統計,歷年最高用電量前十名中,至少有五名出現在今年五月,二十八日用電量飆破三八四○萬瓩,打破歷年用電尖峰紀錄,五月最低備轉容量率一度下降到三.八四%,低於六%供電警戒。 再看缺水。五月,中部六大主要水庫的水位同步創歷史新低,供應台中用水的鯉魚潭水庫, 水位更低於一%,完全見底。四月初,台中、苗栗、北彰化地區開始實施「供五停二」分區供水措施,新竹地區也預計六月要亮起分區供水紅燈。從去年十月到今年一月初,全台共有超過九萬公頃稻作、雜糧蔬菜等作物停灌休耕,這也創下台灣最大規模農地停灌紀錄。 所幸,五月底,接連幾波鋒面助攻,六月初取消所有限水令,也緩解水情不佳的水力發電窘迫。眼下雖然驚險過關,但考驗沒有結束。緊接著,六月,占夏季備轉容量率約二.五%的核二廠一號機就要除役,立即影響入夏供電能力。…

缺電 .水荒 投資就業 vs.農地生態
用葛林布雷公式 挖低價好股

用葛林布雷公式 挖低價好股

選股會是你的困擾嗎?獲利成長的好公司,當你發現時,股價是不是都已經漲到買不下手了?你是不是在想,如果能找到獲利成長,股價又很便宜的公司該有多好?《投資家日報》總監孫慶龍表示,投資大師喬伊.葛林布雷(Joel Greenblt)有一個平均年賺40%的神奇公式,套用在台股也可以讓你找到,平均年賺40%的標的。 葛林布雷是誰?他是美國哥倫比亞商學院的教授,同時也是戈坦資本投資(GothamCapital)的創辦人,該公司成立於1985年,之後的20年間,每年平均報酬率達40%,竟然比股神巴菲特(WarrenBuffett)的績效還高! 孫慶龍 出生:1977年 學歷: 成功大學中國文學系、英國艾克斯特(Exeter)大學財務管理研究所 經歷:致理科技大學財金系講師 現職:《投資家日報》總監 以稅前淨利為計算基礎更能貼近公司營運狀況 葛林布雷著作有3本暢銷書籍,《你也可以成為股市天才(You Can Be a Stock MarketGenius)》、《超越大盤的獲利公式(The Little Book That Beats the Market)》,以及《不買飆股,年均獲利40%(The…

祥碩科技總經理 林哲偉從最擅長的領域找商機,提供客戶最需要的產品

2007年底,離開威盛電子副總經理的職務,林哲偉「空降」祥碩科技,出任總經理。隔年,了解市場和供應鏈之後,「我做最多的就是砍產品線。」於是,數位相框、SSD(固態硬碟)等產品都被砍掉,「我覺得公司要聚焦。」 林哲偉看準的新焦點,就是高速資料傳輸市場,祥碩也就此成功切入USB主控端(host)及裝置端(device)IC設計市場。而這個關鍵決定,不但為祥碩開闢出新的成長曲線,營業額從2010年轉型之初的6億台幣,飆升10倍,來到2020年69億9000萬台幣,創歷史新高;公司更在2012年掛牌上市,股價也在2020年躍升台股的「千金俱樂部」。 然而,從上市以來,近10年間,祥碩並非一路順遂。2013年,英特爾將(Intel)USB主控端晶片整合到系統晶片中,祥碩頓失大客戶,營業額驟降,股價年均跌幅超過45%,股價一度跌破30元。…

祥碩科技總經理 林哲偉從最擅長的領域找商機,提供客戶最需要的產品

王品2.0的祕密..快

王品集團 小檔案 成立/1993 年 資本額/ 7.7 億元 董事長/陳正輝 店數/台灣306 家、中國102 家 員工數/逾1.5 萬人 成績單/2022 年營收183.2 億、淨利3.9 億、EPS 5.15 元 陳正輝 出生/ 1961 年 現職/王品集團董事長 學歷/北京大學光華管理學院EMBA 經歷/王品牛排和西堤牛排創辦人、王品集團總經理、王品大陸事業群董事主席 這是一個在成長趨緩、消費者快速喜新厭舊,新品牌蜜月期很短、失敗率又高的市場,重新找到獲利模式的故事。 三月底,本土連鎖餐飲龍頭王品集團在台中烏日高鐵站特區的臻愛花園飯店,召開因疫情停辦三年的供應商年會。 董事長陳正輝領著一班難得穿上正裝的高階主管們,向超過七百個供應商代表致謝。上台發表完年度策略,像人形立牌般站在門口和供應商輪流合照的陳正輝,好心情全寫在臉上。 原來,在中國一百多家店因封城整年無法營業的情況下,二○二二年王品兩岸合併營收還能繳出一八三.二億的好成績,由虧轉盈,獲利三.九億,每股盈餘甚至來到五.一五元,不但超越疫情前,還創下五年新高。(見71頁表1)…

王品2.0的祕密..快
Borscht Belt Revisited

Borscht Belt Revisited

“DOES THIS REMIND YOU of your childhood?” I ask my mom. I had already posed the question a half dozen times on our journey to find remnants of the summers she spent in New York’s Catskill Mountains in the 1950s. So far, the answer had always been no. Now we are in Ellenville at Cohen’s Bakery, established circa 1920, buying pumpernickel bread and chocolate rugelach. She shrugs. “Maybe if there was a man speaking Yiddish behind the counter.” The Catskills region sprawls across four counties north of New York City, dotted with lakes and crowned with around a hundred mountain peaks. Once it was the sparkling center of Jewish summers, replete with glamorous hotels and thriving small towns. But by the time I moved to New York, in 2011, the glory of…

TEASERS MISS CONDUCT

TEASERS MISS CONDUCT

When Total Film meets Cate Blanchett in a Venetian hotel suite to discuss her awardsy new film, she’s wearing a white, impeccablycut trouser suit very much in the style of her character, Lydia Tár, striding round the room exuding alpha presence. Having just watched Tár as it premiered at the Venice Film Festival, the prospect of Blanchett embodying the uncompromising, voracious Lydia is a little intimidating. But the genial Aussie proffers a plate of freshly baked chocolate brownies, which she’s munching on with little care for her pristine tailoring. This, Tár would never do. The character is a DGAF conducting maestro for the Berlin Philharmonic whose glittering career teeters as she becomes obsessed with her cellist (newcomer Sophie Kauer), skittering along the edges of #MeToo and cancel culture. As her director,…

How to Keep Stirring

IT WAS MY JOB to trim the ruffled edges off the boiled lasagna sheets. My mother—a cook so particular she once remade the chicken at a friend’s dinner party because it looked “too pale”—does not abide by anything but straightedged pasta. “It’s the only way to get an even texture,” she’d say, and that was important when it came to lasagna de carne, the centerpiece of our family’s annual New Year’s Eve feast. From a young age I considered cooking to be Mami’s domain, and hers alone. Oh, I’d chop beets for the ensalada rusa and grate carrots for the macaroni salad, but I was just following orders until she turned her back and I could return to my novels and video games. Every New Year’s Eve my father would buy almonds…

How to Keep Stirring
GET WICKED WITH WEDGES

GET WICKED WITH WEDGES

I GREW UP PLAYING ON A Par-3 course at Fargo Country Club in North Dakota. It didn’t take much more than 30 minutes to play its nine holes, and my buddies and I would often get in four loops before the sun set. I miss that course because it was such great practice for my wedges. It’s where I learned how to subtract speed and vary the distance I hit each club and how to control the launch, spin and trajectory of the ball. It’s also where I developed my bread-and-butter, low-cut shot for accuracy. If there is one place amateurs can pick up strokes, it’s inside 100 yards where the majority of shots take place. Improve your wedge game and you will lower your scores in a hurry. Here…

Living the lore at OCEAN HOUSE

Living the lore at OCEAN HOUSE

IF YOU MOVE IN CERTAIN CIRCLES ON THE EAST COAST, the Ocean House will reliably drift into conversation throughout the year. Loyalists—and there are legions of them—will anxiously share notes on how to score that Atlantic-facing suite again this summer; first-timers will spend weeks recounting stories of cocktails on the resort’s enormous croquet lawn, lined by rocking chairs and with the tease of the ink-blue ocean visible down the hill; a new acquaintance may fondly reference summers spent there with grandparents. As such, this enormous yellow mansion towering like a watchman above a sand-swept Rhode Island shoreline occupied space in my mind long before I visited. When I finally did approach the check-in desk this past spring, it all felt unreasonably familiar: the 69 room keys attached to plump wooden chains,…

BOTH SIDES NOW

BOTH SIDES NOW

“Matt and I are both young, and we wanted something more attuned to our energy and lifestyle.”—Grace Morton While classic Spanish-style houses in Los Angeles have much to recommend them, the qualities of youthful joy and bright airiness are not generally considered their primary attributes. In fact, quite the opposite. These homes traditionally exude an aura of gravitas, underscored by heavy beams, dark wood, chunky plaster, and wrought-iron architectural details. Film producer Grace Morton had grown up in L.A. admiring the city’s rich trove of Spanish-influenced residences, so when it came time to find a suitable home for her and her fiancé, fellow film producer Matthew Budman, she naturally gravitated to a house in the Spanish Colonial Revival style. Somber interiors, however, were not part of the plan. “I always loved the…