me, 2.0: jose nazario
beauty and the street
Four short links: 27 May 2013
hubei province china, discounted cash flows, Child and Adolescent Psychiatry, tiny plane
Chinese DIY Inventions - In Focus - The Atlantic -- A worker climbs up from Zhang Wuyi's newly designed unmanned submarine that captures sea cucumbers, during a test operation at an artificial pool near a shipyard in Wuhan, on March 26, 2013.
All Revenue is Not Created Equal: The Keys to the 10X Revenue Club | Above the C ... -- Investors will discount the price/revenue valuation of any company that is heavily dependent on another partner is some way or form. You will be hard pressed to find a company with a heavy marketing spend with a high price/revenue multiple. The majority of companies that are heavy marketers trade at price/revenue multiples well below Netflix. Most of the companies that have really high multiples, and that have been highly respected by investors all have or have had organic growth: Yahoo, Ebay, Google, Facebook, Skype, OpenTable, Baidu. Which company deserved a higher price/revenue multiple? High growth also implies that a company has tapped into a powerful new market opportunity, where customer demand is seemingly insatiable. So, assuming that the company is willing to show profit expansion over the next few years, its not that unreasonable for the company to trade at a 10X price/revenue multiple. There are many hot brand-names with lofty private valuations and strong revenues, that would not do so well on the 10X scorecard. Over the next 12-18 months we should see these companies test the public markets, and with the benefit of data and a truly liquid marketplace, we should gain a better appreciation for real valuation. Capital Expenditure Intensity All things being equal, a company with heavy CapEx will trade at a lower price/revenue multiple (for sure). Cash flow / Earnings - Some companies generate way more cash flow than earnings, and some do the opposite (generate way more earnings than cash flow). Companies that genreate far less free cash flow than earnings are going to have lower valuation multiples. Optionality This topic is a bit more abstract, but sometimes a company, due to its market position, is in a strong position to have optionality on a whole new business. Also, companies that have high price/revenue multiples typically have optionality into other markets. In other words, these are the characteristics that a company needs to be worth 3x more than the average peer company (or whatever that multiple is today).
Relationships between Depression and High Intellectual Potential -- As we do not see high intellectual potential as a distinct nosographic entity, we selected our participants on the basis of a single criterion and did not prejudge the homogeneity of our sample. This criterion was psychometric and quantitative, namely an IQ above 130, even though researchers have started to make a distinction between academic and nonacademic (e.g., creative) high potential [ 2 , 19 ]. It is noteworthy that this high frequency of major depressive disorder was observed in the children with high intellectual potential who came to the CNAHP for psychoaffective problems, but also in the children with high intellectual potential who came to private practice for psychological assessments to skip a grade. However, this high frequency of major depressive disorder concerns only children with high potential who came for professional advice, and therefore this result should not be extended to all the children with high potential. The symptoms presented are recurrent boredom, loneliness, lack of self-confidence and sleep disturbances. Separation difficulties, notably lack of self-confidence, generally manifest themselves at nursery school entry, when forced socialization and classroom learning bring to light a lack of wellbeing which the childs family had either not picked up on or had assumed to be a token of eccentricity or exception, as high potential can easily mask underlying depressive features with its precocious logic and rationalization [ 2 ]. To complicate matters further, we have shown that high intellectual potential is accompanied by precocious psychosexual development, with children displaying the affective characteristics of adolescents [ 14 , 15 ]. In a previous study [ 22 ], we examined a sample of young children of high potential consulting for adjustment problems at nursery school who simultaneously met the French classification of Child and Adolescent Mental Disorders (CFTMEA-R 2000; Bergerets model [ 9 , 23 ] provides for just such a classification (neurotic depression triggered by castration anxiety, borderline depression triggered by loss anxiety, and psychotic depression triggered by identity anxiety). This is certainly what happened to Blaise Pascal, and the biographies of other men and women famed for their intellectual, artistic or scientific prowess often make mention of the early loss of a beloved mother, father or siblinga phenomenon that Brenot [ 26 ] has dubbed orphaned genius. These traumatic losses appear to trigger fruitful inner work, mobilizing creativity, and the omnipotence of thoughtsa sort of mental survival kit. In the course of the consultations we provide for children and adolescents with high potential, we have found that maternal depression and a family history of bipolar disorders are relatively frequent, and Tordjman [ 19 ] has underscored the interdependence of creativity and vulnerability to bipolar disorders involving manic episodes associated with major depressive episodes. Geniuses in different fields have often been wooed as children, whether this seduction is real and traumatic, as in the case of dipus, who solved the Sphinxs riddles so intelligently, or initiatory, as in the case of Leonardo da Vinci, who is said to have received many passionate kisses from his mother, or Freud, the beloved son of Amalia, whose own experience prompted him to write that [ 29 ]:
Byron's Blog: Unlabeled Object Recognition in Google+ -- At first I thought this last one was a misclassification, until I zoomed in further and saw a tiny plane:
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