오른손의 좋은 세상만들기

WSJ에서 알리바바 IPO전에 만든 알리바바란 무엇인가. 증권회사 다니면 이정도는 만들어야 돈 받는 폼도 나지.

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What Is Alibaba?

It is a marketplace, a search engine and a bank, all in one.

Defining Alibaba

Alibaba is China's — and by some measures, the world's —biggest online commerce company. Its three main sites — Taobao, Tmall and Alibaba.com — have hundreds of millions of users, and host millions of merchants and businesses. Alibaba handles more business than any other e-commerce company.

E-COMMERCE

Alibaba is the most popular destination for online shopping, in the world's fastest growing e-commerce market. Transactions on its online sites totaled $248 billion last year, more than those of eBay and Amazon.com combined.

of China's online shopping market is dominated by Alibaba.

Source: CLSA

MARKET CAPITALIZATION

Alibaba became one of the most valuable tech companies in the world after raising $25 billion from its U.S. IPO. It is also one of the most valuable Chinese public companies, ranking among some of the country's state-owned enterprises.

How Alibaba Compares With the Biggest Tech Firms

Market cap, as of Sept. 23, in billions

FINANCIALS

Alibaba's financials paint a more complicated picture. Click the arrows to explore:

Gross Merchandise Volume, 3Q 2014

In billions

Alibaba*eBay**020406080$100

*Taobao and Tmall only.

**Total value of all successfully closed transactions.

Sources: the companies

Because Alibaba runs marketplaces and has a huge customer base, the amount of business that flows over its sites dwarfs that of other e-commerce companies…

Inside Taobao

Taobao is Alibaba's biggest shopping site. It's home to seven million merchants selling everything from tiger-striped leather jackets to origami decorations. It's free for users, but sellers can pay for ads to stand out from the crowd.

The Man Behind Alibaba

Alibaba founder Jack Ma is the company's spiritual leader. When Alibaba needs a new innovation, it goes back to his old apartment for inspiration. Mr. Ma stepped down as CEO, but Alibaba's current corporate structure will let Mr. Ma and other top brass nominate more than half of Alibaba's board members. Alibaba chose to list in the U.S. because the Hong Kong exchange refused to accept the structure.

Jack Ma was an English teacher in 1995. Porter Erisman

Mr. Ma's apartment in Hangzhou in the early days. Alibaba

Most companies, when they're doing good, they enjoy today's wonderful life. They don't worry about five years later—but I worry about five years later.

Jack Ma

PHILOSOPHY

What's Jack Ma's philosophy? Investors can get a taste from a letter Mr. Ma sent to employees, on the day Alibaba filed its IPO prospectus. In it, Mr. Ma warned about the ruthlessness of the capital markets and pledged the company would stay true to Alibaba's principles, which put customers before shareholders.

Select highlighted text from the letter to see translation.

CONTROL

Alibaba's current corporate structure will let Mr. Ma and other top brass nominate more than half of Alibaba's board members. Alibaba chose to list in the U.S. because the Hong Kong exchange refused to accept the structure.

Who Owns Alibaba Now?

Note: Numbers do not add up to 100% due to rounding.

Sources: the companies (SoftBank and Yahoo); staff reports (Ma)

WEALTH

After the IPO, Mr. Ma became China's richest man with a net worth of $25 billion, according to the Hurun Rich List. Mr. Ma owns a 7.8% stake in Alibaba and a 46% stake in the Alipay electronic payment affiliate.

China's Richest, Sept. 2014

In billions

The Challenges

The world is going mobile, and Alibaba is competing for China's smartphone users with new rivals. In its search for growth, Alibaba is forging into new businesses — and bumping into powerful players like Chinese banks and regulators. And will U.S. investors buy the IPO of a company that is still largely unknown to them?

SELLING THE ALIBABA STORY

Alibaba's IPO is the largest in the world. China's e-commerce market is still going strong and expectations for Alibaba are high. Still, Alibaba is facing a slew of new business challenges.

Tech IPOs, in billions

$25

THE RACE TO GO MOBILE

China's 600 million-plus Internet users are migrating to smartphones, setting off a scramble among the country's Internet giants. Alibaba's toughest rival is Tencent, which runs the WeChat mobile messaging application, with 355 million users. The companies are spending billions of dollars to invest in businesses that can help them compete.

The Tangled Web of the Chinese Internet

VALUE/MARKET CAP$100 billion$50 billion$10 billion$500 millionTYPE OF COMPANYE-commerceSearch, portals, etc.Media, gamingLocation-based servicesSocial mediaUnaffiliated companies

Begin

Explore the web of China's Internet players by selecting bubbles on the chart or by using the arrows above.

NEW FRONTIERS

The newest frontier for Alibaba is financial services. You can use Alibaba's Alipay payments app to buy theater tickets and pay for taxis. You can also use it to invest in a money-market fund. That fund, called Yu'e Bao, has already collected $87 billion in assets. China's banks and regulators are starting to get alarmed.

Largest Money-Market Funds Globally, March 2014

In billions

FAKES

Many brands say Alibaba's sites — particularly Taobao — are rife with counterfeits. That could be awkward for the company, as it readies its global IPO. Alibaba says it spends millions of dollars a year battling fakes, and some merchants say Taobao has gotten faster at taking down suspect listings.

A fake Dahon bike and fake SylvanSport campers were listed on Taobao.com. The companies

Produced by

MARC LAJOIE and NICK SHEARMAN

Video

THOMAS DI FONZO, TOBIAS REEUWIJK and EVA TAM

Reporting and Research

PHRED DVORAK, PAUL MOZUR, JURO OSAWA, AARON BACK, YUN-HEE KIM, MENGLIN HUANG, TANIA LEE, KATHY CHU and JASON CHOW

Animation

OLIVER OSBORNE

Photography

CHAD INGRAHAM

Executive Producers

KEN BROWN, DEBORAH KAN, JESSICA YU

Special Thanks to PORTER ERISMAN (Crocodile in the Yangtze), PAUL BECKETT and SARAH SQUIRE

Top of Form

Bottom of Form

Source : WSJ

소비자물가 Overall Price가 0.2% 상승, Energy 비용도 다시 오르고 있고.

New home sales도 8% 증가해서 2008년 이후 최고라함. (이전 통계자료에서 2008년이 얼마나 낮았는지 알면 놀랍지도 않는 수치, 참고: 미국 부동산 시장을 알수있는 그래프)

Meanwhile, sales of newly built homes surged nearly 8% in February to an annual rate of 539,000, the highest level since early 2008, the Commerce Department said. Such sales are only about a tenth of all home purchases,

이렇게 잘 올라가면 이자율 올릴까봐 무서워하는 애들이 있겠죠.

Source : http://www.wsj.com/articles/u-s-consumer-prices-rise-for-first-time-since-october-1427200315?mod=WSJ_hp_LEFTWhatsNewsCollection

도요타는 20세기에 최고 기술력 정점을 찍고 그 뒤로부터 quality engineering과 marketing에 너무 집중한 case인것 같다. 2000년대초 차들은 정말 잘 만들었는데, LEXUS도 초기에 좋았고. Qulity engineering도 기술이라면 기술력이 너무 좋은듯. 미국 회사들이 망한 이유중에 하나지요. 기술력이 너무 좋아서.

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Toyota Engine Excessive Oil Consumption

Owners Are Burning Through 1 Quart of Oil Every 1,200 Miles

An increasing number of Toyotas are experiencing excessive oil consumption which may be the result of defective piston rings. Toyota, in all their deny-til-we-die splendor, is reportedly denying warranty coverage on many oil consumption related problems and telling owners that burning through oil is normal.

Burning the midnight oil in college? That's normal. Burning through a quart of oil in 1,200 miles? Not so much, at least in our book.

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The Cause of All the Oil Burning

Even the most judicious oil-changers are reporting issues that probably shouldn't happen. Things like:

• Having your "oil pressure" light come on halfway through your maintance schedule.
• Having you engine burn through as much as 1 quart of oil in 1,200 miles
• Being told that your engine burning through oil is "normal" and "nothing to be alarmed of"
• Having to come back with a damaged, oil-deprived engine only to be denied warranty coverage

Guess which of these is happening to Toyota owners? Go on, I'll give you a minute. (Hint: this is a multi-choice test)

If you guessed all of them, you're absolutely right.

Toyota Issues a TSB

On August 11, 2011, Toyota issued a technical service bulletin (TSB)[1] to dealerships which says:

"Some 2006 – 2011 model year vehicles equipped with the 2AZ-FE engine may exhibit engine oil consumption. The piston assembly has been changed to minimize oil consumption." And that "P030# (cylinder # misfire detected) DTC may also be set as a result of oil consumption."

Unlike a recall, a TSB is basically a set of instructions given to dealership mechanics on repair procedures and warranty information. In this case Toyota says repairs should be covered under the standard Toyota Powertrain Warranty (60 months / 60k miles), but only after a test. The dealer is told to confirm the engine's oil level, mark the dipstick and then advise the customer to drive for 1,200 miles before returning for an inspection. At that time, only engines that are more than 1 quart low will have their warranties honored.

So what about those that are outside the standard powertrain warranty or fail the test? They're left to pickup the bill which can be thousands of dollars. Take it from these folks on CarComplaints.com:

"So after loving my Toyota for many happy years imagine my heartache when it began using oil to the tune of visible loss on dipstick at <100 miles. Having always prided myself on taking car maintenance very seriously and never owning a vehicle less than a decade this one is a total disappointment" -scaredgrammy in Dry Ridge, KY

"At some point around 100,000 miles I was shocked to find little or no oil on the dip stick so I started watching it closely. The car no has 149,000 miles on it and burns a bit more then 1 quart every 1200 miles. This just happens to be the amount that Toyota calls a problem and excessive, BUT our car is out of warranty. Amazing two weeks ago I ask the Toyota service manager about it and he said he never has heard of this … That is a totally false statement since there is a TS bulletin about this problem! Toyota's engineers made an error with the design of the pistons." -pstef in Newton Falls, OH

Affected Vehicles

Take a moment to browse through the Toyota section of CarComplaints.com and you'll see just how many people have reported problems with the oil consumption in their engines, including Camry, Corolla, Matrix, RAV4 and Solara owners. This problem also extends to some Scion vehicles, which is one of Toyota's brands.

• 2007-2011 Camry Hybrid

     

• 2007-2009 Camry

     

• 2009 Corolla
• 2009 Matrix

     

• 2006-2008 RAV4

     

• 2007-2008 Solara
• 2007-2009 Scion tC

     

• 2008-2009 Scion xB

  A Potential Class Action Lawsuit

  Now is the time to get your voice heard. After you've told your story on CarComplaints.com and griped about it to the NHTSA, you may also want to contact Chimicles & Tikellis. They are in theinvestigation phases of a potential class-action lawsuit for Toyota owners and lessees who have experienced excessive oil consumption. Head over to their site for more information.

By Investopedia | March 10, 2015

It's been a turbulent few years for Nuance Communications , even as voice-powered virtual assistants (many using Nuance's voice-recognition technology) continue to rise in popularity and acceptance. In fact, voice-recognition is becoming a staple of many consumer electronics these days, and Nuance is the clear leader in this field.

As shares have trended lower over the past three years, significantly underperforming the broader market, should investors consider Nuance as it sits near 52-week lows?

Where Nuance is coming from
The first thing to consider is whether or not Nuance is merely pulling back from being overvalued. Siri was released in 2011, which catalyzed the move toward virtual personal assistants that all the major tech players are embracing. That brought Nuance some welcome attention, since its voice-recognition technology was the backbone of many of these services.

However, the risk here was that all that attention could translate into hype that economic realities couldn't sustain. Indeed, Nuance's partnerships with major smartphone OEMs were shrouded in mystery, so investors didn't have much to go on.

That's why it's worth pointing out that Nuance's mobile and consumer segment hasn't grown much recently. On the contrary, mobile and consumer non-GAAP revenue in fiscal year 2014 was $441 million, down from $508 million in fiscal year 2012. Since virtual personal assistants haven't proven as "revolutionary" as some companies had hoped (even if they're becoming table stakes for platform operators), the initial hype has subsided -- bringing Nuance's valuation with it.

Where Nuance is now
The fact still stands that healthcare is Nuance's largest and most important business. This operating segment is marching steadily upward, bringing in $943 million in non-GAAP revenue last fiscal year. That's up from $669 million in non-GAAP revenue in fiscal year 2012.

The company has been working to transition toward recurring revenue sources, which now comprise two-thirds of sales. That's encouraging progress and evidence that Nuance can maintain growth. At a time when many tech companies are attempting to move toward subscription models, Nuance fits right in.

Nuance's aggressive acquisition strategy makes its GAAP financial results challenging, since it frequently reports heavy losses due to ongoing amortization and restructuring charges. Last quarter, the company posted a net loss of $50.5 million, or $0.16 per share. However, on a non-GAAP basis, net income was $82 million, or $0.25 per share.

This is also why it's important to look at Nuance's cash flow to judge how healthy the business is. Fortunately, Nuance's cash flow is strong. Operating cash flow jumped to $95.7 million last quarter, and free cash flow was $79 million. That puts Nuance's valuation at 14.7 times free cash flow, which is relatively low for its sector.

Where Nuance is going
Nuance remains uniquely positioned in both the healthcare and mobile markets, which comprise 70% of sales. As the healthcare sector continues to adopt transcription solutions (an admittedly slow process), Nuance's healthcare business will continue to thrive in the years ahead. At the same time, voice-controlled applications are on the rise, and Nuance's technology is frequently at the heart of those applications.

The company has had a tough few years, but investors with an appetite for risk should consider adding Nuance to their portfolios.

수지의 첫 영화이자 최고의 작품이라고 생각하는 건축학개론. 한가인도 예쁘고 수지도 예쁘지만 수지는 보면 마음이 설례이는 반면, 한가인은 그냥 예쁘다 정도. 수지는 완벽한 연기력은 아니었지만, 처음치곤 정말 소질있는데 하는 느낌도 들었고, 그 푸릇푸릇한 첫사랑에 너무 잘어울리는 배우였다고 생각된다.

수지때문에 다시 봤지만, 이 영화는 한국영화사에 길이 남을 명작인것 같다. 10년후에 그때의 또 다른 '수지'가 나타나면 remake도 생각해 볼만하다. 드라마로 재탄생해도 재밌을것 같고. 무엇보다 수지역할을 누가하느냐가 관건임.

수지 팬클럽에 온라인이라도 가입하려고 했더니 요즘은 팬클럽 이런거 없나부지?

http://movie.naver.com/movie/bi/mi/basic.nhn?code=88426#

첫눈오는날 만나자는 약속.

역시 선진국일수록 역사를 중시하고, 통계를 잘 간진하는 것 같습니다. 똑같은 실수를 계속 반복할수록 사회적 비용은 어마어마하게 증가하겠죠. 과거에서 배운다, 그러려면 왜곡되지 않는 역사적 사실을 잘 기록해놓고 잘 검증된 통계자료가 필수겠지요.

OECD법인세율에 대한 자료가 잘 기록되어 있네요.

http://www.oecd.org/tax/tax-policy/tax-database.htm#C_CorporateCaptial

이렇게 보니까 우리가 높은지 낮은지 잘 알수가 없어서, 우리의 대부분의 기업들이 경쟁하고 있는 나라랑만 비교를 다시 해봤습니다.

욕나옵니다. 우리보다 낮은 나라는 Finland, Sweden, United Kingdom 정도인데, 그냥 알고있는 기업이 있는 나라러 지우지 않았는데 얼마나 실제로 우리나라 기업과 겹치는 비율은 상당히 낮아 보입니다. 바로 옆에 있는 Japan은 엄청나게 높네요. 일본은 법인세율을 깍아주는게 좋은 선택이었던듯.

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실효세율은 또다른 문제일것 같은데, 아래 한겨례 기사에 내용이 있음.

http://www.hani.co.kr/arti/economy/economy_general/664254.html

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<선대인 경제연구소 글>

국내 기업들 법인세 부담이 높다고?

http://www.sdinomics.com/data/blog/3149/section=b_title%7C%7Cb_content&query=%EB%B2%95%EC%9D%B8%EC%84%B8

<그림1> OECD국가들의 명목법인세율 현황

<그림2>

<그림3> OECD국가들의 GDP 대비 법인세 비중 현황

마지막으로 빠트릴 수 없는 중요한 사실 또 하나는 나라별로 법인세와 개인소득세로 분류하는 기준이 각각 다른데서 오는 왜곡이 있다. 한국의 경우 법인세로 잡히는 상당 부분의 소득이 미국과 독일, 프랑스 등 상당수 국가에서는 개인소득으로 잡힌다. 예를 들어, 미국의 경우 S-corporation 이라고 하는 기업들의 소득은 개인소득세로 잡힌다. 그런데 이런 S-corporation등의 기업이  세수 비중으로는 30~40%에 이른다. 그런데 한국의 경우 이들 법인들 세금의 상당 부분이 모두 법인세수로 잡힌다.

이 때문에 OECD 비교통계에서 GDP 대비 한국의 법인세액은 상대적으로 과대평가되고, 개인소득세액은 과소평가되는 착시현상을 일으킨다. 만약 미국이나 독일과 같은 방식으로 구분한다면 한국의 GDP 대비 법인세액 순위는 크게 떨어질 것이다. (<그림3>에서 보는 것처럼 GDP 대비 법인세 부담액의 비중 차이가 국가별로 큰 차이가 안 나 조금만 비중이 늘거나 줄어도 순위가 크게 달라진다) 

결론적으로 'GDP 대비 법인세 비중이 높으니 법인세율을 낮춰야 한다'는 주장은 사실관계를 의도적으로 왜곡하거나 논리적 오류를 범하고 있는 것이다. 또한 국제비교 통계상의 맹점을 전혀 감안하지 않은 주장이다. 몇 년 전부터 전경련 등에서 나오던 주장을 이제 정부여당이 앵무새처럼 읊조리고 있는데, 이들이야 원래 재벌대기업들 편이니 그렇다 치자. 하지만, 이런 주장의 문제점을 제대로 꿰뚫어보기보다는 한겨레같은 신문조차 수긍하는 듯한 기사를 쓰고 있으니 문제가 아닐 수 없다. 

참고로, 정부여당은 GDP 대비 법인세 비중이 높아진 이유를 '국제적인 법인세율 인하 경쟁 속에서 OECD 주요국 등의 법인세율 인하 폭이 상대적으로 컸기 때문'이라고 주장한다.  하지만 이는 거짓말이다. <그림4>에서 보는 것처럼 2002년 대비 2012년 한국의 최고 법인세율은 5.5% 포인트 하락해 같은 기간 OECD 34개국의 평균 하락률 5.14% 포인트보다 더 하락했다.  

어느 이상한 나라의 황당한 세금 걷는 법

http://www.sdinomics.com/data/blog/3662/section=b_title%7C%7Cb_content&query=%EB%B2%95%EC%9D%B8%EC%84%B8

1. 한국의 명목 법인세율은 OECD 국가들 가운데 준조세회피처 국가나 서구자본 유치가 급했던 과거 동유럽 국가 등을 제외하면 가장 낮은 수준이다. 특히 재벌대기업들의 실효 법인세율은 법인소득 300억~500억원 규모의 중소기업보다 더 낮다. 더구나 2000년에 비해 2011년 법인가처분소득은 533% 늘었는데, 법인세 부담은 겨우 151%만 늘렸다. 반면 같은 시기 개인 가처분소득은 86% 늘었는데, 소득세는 142%로 소득에 비해 대폭 늘린 것과 비교하면 법인세 부담은 상대적으로 대폭 줄어들었다.

2. 국내에서 가장 비싼 집인 삼성전자 이건희 회장의 서울 용산구 이태원동 자택의 개별주택가격은 130억원이다. 서민들 입장에서야 입이 떡 벌어질 액수이지만 실제보다 매우 낮게 책정된 것이다. 경실련은 이 집의 가격을 주변 거래 시세 등을 조사해 2011년 기준으로만 최소 310억원으로 추정했다. 아무리 높게 잡아도 실제 시세의 약 42%가량만 공시주택가격으로 잡힌다는 뜻이다. 

...

4. 2008년 대비 2013년 실효세율(명목세율에서 각종 비과세감면공제 혜택 등을 제하고 실제로 내는 세금의 비율. 과표 기준)은 근로소득세가 0.87%포인트, 법인세는 5.04%포인트, 종합소득세 역시 5.04%포인트 줄어들었다. 감세정책의 효과를 시정하고자 한다면 어디부터 손대야 할까. 

...

물론 대기업 법인세를 늘리고, 재벌 3,4세들 상속증여세 제대로 걷고, 부동산 임대소득과 보유세, 양도차익, 주식 양도차익, 종교인 수입 등에 제대로 과세하고, 진짜 고소득층이 대거 몰려 있고 자본소득이 대부분을 차지하는 종합소득납세자 상위 계층에 함께 증세를 한다면 이해할 수 있다. 이 모든 부분에서 제대로 과세하지 않거나 오히려 종부세 무력화 등으로 깎아주는 상황에서 봉급생활자의 근로소득세만 증세한다? 이걸 누가 받아들이나. 이걸 두고 "복지국가로 가기 위한 증세"이니 이해하고 참아야 한다? 사람들이 모두 도인들인 줄 아나. 조세의 기본은 공정성이다. 공정성이 심각하게 저해된 상황을 도외시한 채로는 "복지국가를 위한 증세"에 대한 사람들의 이해와 동의를 끌어내지도 못한다. 나는 더 내는데 이건희와 조용기는 세금을 덜 낸다고 생각해보라. 누가 흔쾌히 세금을 내겠나. 증세를 위해서라도 "공정과세"의 원칙을 철저히 실현하는 것이 세금혁명의 최우선 과제이다. 

이딴 도덕성 zero의 거짓말장이 ㅅ끼를 대통령으로 뽑아준 국민들이 우선 바로바로 생각든다.

MB는 무능한것이 아니라 상당히 유능하고 똑똑한 사람이다. 게다가 법에 걸리는 것과 안걸리는 것을 정확히 알았던것 같고 절대 법으로 처벌되지 않으려고 노력을 많이한 흔적이 있다. 엄청난 금액을 갔다버린 자원외교도 MB를 직접 법적으로 처벌은 불가능할것 같다. 이건 나쁜쪽으로 타고난 사람이다. MB의 비용책도 사주고 싶다.

• 5만원이상 구매시 2,000원 추가적립 
• 진행중인 이벤트 4개   

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캐논은 refurbished 로 저렴하게 나올때가 많아 저렴하게 들이기는 좋은데 쉽게 망가진다는 얘기가 많고,

새로 나온 시그마는 성능이 흐드드하고 뽀대가 좋은듯. 그런데 가격까지 같이 ㅎㄷㄷ. 최신 바디에 붙이면 성능이 더 넘사벽이 된다.

내가 가진 구형 시그마 50mm는 5%가 부족한데, 결과물은 수치로 설명안되는 흐뭇한 사진을 많이 만들어줌.

캐논은 무슨생각으로 렌즈를 더이상 점싸를 안깍는지 모르겠음. 머리에 돌이 든건지 너무 똘똘해서 더이상 좋게 만드는 돈들이느리, 있는거 저렴하게 파는게 더 남는 장사로고 생각하는건지.

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