英語學習筆記

by Yukari Iwatani Kane/Ian Sherr
　Steve Jobs unveiled a new iPhone Monday in a presentation that was long on new features but short on surprise, as the Apple Inc. chief faces increasing competition in smartphones, particularly from devices based on Google Inc.'s Android software.
　While Mr. Jobs described the iPhone 4 as "then biggest leap since the original iPhone," he offered few bombshells after Gawker Media LLC's technology blog Gizmodo shared details about the device in April after getting hold of a prototype.
　Mr. Jobs made a reference to the episode, telling the audience at Apple's annual conference for software developers, "Stop me if you have already seen this" when he first showed the device.
　Among other thins, Mr. Jobs lauded the iPhone 4's new display technology and a new stainless steel frame that doubles as an antenna. The phone has two cameras, including a front-facing one that allows video chats.
　Analysts said the new iPhone would continue Apple's growth, but was unlikely to markedly rev up the company's share of the global smartphone market, which now stands at 15.8% -- No.3 behind Nokia Corp. and Research In Motion Inc. according to research firm IDC.
　Charles Golvin, an analyst with Forrester Research, said he expected the phone to be popular with existing Apple customers, but said it was unclear how many new subscribers it would bring to wireless carriers.
　Mr. Golvin said demand for iPhones maybe helped more by new data plans from Apple's U.S. cellular partner, AT&T Inc., which cap usage but lower the entry-level monthly service rate.
　Whetting consumers' appetites for the new iPhone is crucial for Apple.
　Since launching the first iPhone three years ago, the touchscreen device has become Apple's largest business, accounting for 40% of its total revenue in its most recent quarter ended Mar. 27.
　Analysts expect Apple to sell about 36 million iPhones in its fiscal year ending Sept. 30, up about 73% from 20.8 million in the previous fiscal year.
　But analysts said the iPhone 4 will face more competition, especially with the introduction of more phones that run on Google's Android operating system, including Verizon Wireless 's Droid Incredible and Sprint Nextel Corp.'s HTC EVO 4G.
　"It's entering into a different market than the one that the 3GS [Apple's previous iPhone] did last year," said Chris Jones, an analyst for research firm Canalys. "There will be a lot of diehard fans who will go out and get this device, but I think the rest of the install base will take their time to assess where they are with their [cellular] contracts."
　Then iPhone 4, which will be available June 24 in the U.S., France, Germany and Japan, is 24% thinner than its predecessor. It also has a bigger battery that allows for seven hours of talk time, Mr. Jobs also announced FaceTime, the company's new videoconferencing technology for the iPhone. Mr. Jobs said it will initially work only over Wi-Fi networks rather a cellular connection.
　The CEO said also Apple is adding Microsoft Corp.'s Bing search engine to the iPhone, although Google will remain the default option.
　In the U.S., the phone will start at $199 -- the same as the entry-level price of previous models -- with a two-year contract with AT&T. An iPhone 4 model with extra storage space will cost $299. Apple cut its price on then current iPhone 3GS model to $99.
　Monday's event was marred by technical glitches during Mr. Jobs's presentation. The CEO had difficulty getting Web pages to load on his iPhone 4, causing the crowd to go silent at one point.
　"I'm afraid I'm not going to be able to show you much."
　Mr. Jobs said with a sigh, as he tried to get his demonstration working. Mr. Jobs later asked the audience to disconnect their gadgets and laptops to give him the wireless-network bandwidth to use his device on stage.
　Prior to the Wi-Fi glitch, Mr. Jobs also said Apple's App Store, which sells downloadable programs that run on the iPhone and which has kept consumers coming back for new games and other features, now features 225,000 apps. He said developers had taken in more than $1 billion selling Apple apps since the store launched in 2008.
　Mr. Jobs also said Apple's mobileadvertising service iAds will launch on July 1. He said Apple already has over $60 million in iAd commitments in 2010 from marketers including Nissan Co., Citigroup Inc. and Unilever PLC.

by
Roger Cheng/Miraj Sheth
 
　A
legal assault by Apple Inc. hasn't cooled any of the fervor among
makers of mobile phones for Google Inc.'s Android operating
system.
　In early
March, Apple filed a pair of patent-infringement lawsuits against HTC
Corp., maker of Google's Nexus One phone. The move was seen by
industry observers as an attack by proxy on Android, which powers
touchscreen smart phones with many of the same features as Apple's
popular iPhone.
　Executives
from handset makers gathering this week in Las Vegas for an industry
conference, however, uniformly said they are proceeding with plans to
develop new Android-based phones. In fact, the two highest-profile
phones announced at the conference this week--Sprint Nextel
Corp.'s
fourth-generation Evo, made by HTC, and Samsung Electronic
Co.'s Galaxy S--both run on the Google operating system.
　HTC,
in the crosshairs of Apple's legal attack, remains as committed to
Android as it was when it started rolling out phones based on the
operating system, Chief Executive Petter Chou said. "Nothing has
changed," Mr. Chou said. "We're confident in our
position."
　Then
legal dispute is only in its early stages, and HTC is still figuring
out how it plans to defend itself, Mr. Chou said. He declined to
provided more specifics, citing ongoing legal proceedings, but said
HTC's relationship with Google remains strong and that he expects the
search giant to support
the company.
　 Apple's
suits alleged violations of 20 patents, including elements of is
innovative touch screen and other functions that govern the way
phones operate. As such, it was seen as having a broader target than
just HTC. Friction between Apple and Google has mounted with the
search giant's
move into mobile-phone technology.
　Google
sees mobile phones as a key venue for Web surfing that it doesn't
want locked up by rivals. Apple, meanwhile, has seen much of its
growth fueled by the iPhone.
　 Makers
of mobile phones risk getting caught in the middle. While Apple
jealously guards its hardware and software, Google lets handset
makers freely use and modify Android.
　Sony
Ericsson, which like HTC makes Android-based phones, isn't backing
down from plans to develop more phones using the Google operating
system. "It hasn't given us any reason to change our strategy,"
said Steve Walker, vice president of the manufacturer's handset
portfolio.
　LG
Electronics Inc., another makers of Android phones, said it is
following the Apple-HTC legal developments closely, but said it is
too early in the process to change business plans as a result. "At
his stage, it's not affecting our business," said Ehtisham
Rabbani, vice president of marketing a product strategy. Making
changes at this stage, he said would be "premature."
　Google's
announcement earlier this week that it has stopped censoring search
results in China also had the potential to rattle device makers who
have embraced the Android platform.
　 Instead,
they are working their way around the problem. For instance, HTC's
Mr. Chou said, Android-based devices in China may need to default to
a search engine other than Google's.
　Some
analysts have argued that Google's woes could be an opportunity for
competitors like Microsoft Corp. to win back market share for
mobile-phone operating systems. But the momentum doesn't appear to be
swinging in Microsoft's favor. "We're not putting too many chips
on that one," says Roberts Dotson, CEO of T-Mobile USA, the
country's fourth-largest wireless-network operator.
　Analysts
and lawyers don't expect Apple's suits to have much of an effect on
an industry where such legal battles are part of the ordinary course
of business. "Intellectual-property battles are par for the
course in the wireless industry," said Daniel Hays, who works
for consulting firm PRTM.
　HTC,
for its part, hints its own record of innovations will be part of the
company's defense against Apple.
　Mr.
Chou notes HTC had been making smart phones long before Apple and its
iPhone came along. "We think HTC is an innovator in the
industry," he said.

from : 亞洲華爾街日報(工商時報2010-01-18)
By Jessica E. Vascellaro
　Google Inc.'s startling threat to withdraw from China was an intensely personal decision, drawing its celebrated founders and other top executives into a debate over the right way to confront the issues of censorship and cyber security.
　Google's very public response to what it called a "highly sophisticated and targeted attack on our corporate infrastructure originating from China" was crafted over a period of weeks, with heavy involvement from Google's co-founders, Larry Page and Sergey Brin.
　For the two man, the China has always been a sensitive topic. Mr. Brin has long confided in friends and Google colleagues of his ambivalence in doing business in China, nothing that his early childhood in Russia exacerbated the moral dilemma of cooperating with government censorship, people who have spoken to him said. Over the years, Mr. Brin has served as Google's unofficial corporate conscience, the protector of its motto "Don't be Evil."
　The investigation into the cyber-intrusion began weeks ago, although how Google detected it remains unclear. As Google employees gathered more evidence they believed linked the attack to China and Chinese authorities,  Chief Executive Eric Schmidt, along with Messrs. Page and Brin began discussing how they should respond, entering into an intense debate over whether it was  better to stay in China and do what they can to change the regime from within, or whether to leave, according to people familiar with the discussions. A Google spokesman said Messrs. Page, Brin and Schmidt wouldn't comment.
　Mr. Schmidt made the argument he long has, according to these people, namely that it is moral to do business in China in a effort to try to open up the regime. Mr. Brin, strenuously argued the other side, namely that the company had done enough trying and that it could on longer justify censoring its search results.
　The three ultimately agreed they should disclose the attack publicly, trying to break with what they saw as a conspiratorial culture of companies keeping silent about attacks of his nature,  according to one person familiar with the matter.
　Soon, Google's vice president of public policy and communications, Rachel Whetstone, began crafting and revising a number of versions of a possible statement the company planned to release publicly, these people said, sharing it with the three.
　The top three agreed that in addition to discussing the attack, the blog post should contain some language about human rights, the strongest statement of which is a clause in the penultimate paragraph of the post.
　The section said they had reached the decision to re-evaluate their business in China after considering the attacks "combined with the attempts over the past year to further limit free speech on the web."
　Concerned about potential retribution against Google employees in China, the founders and their advisors pushed to include a line saying that the move was "driven by our executives in the United States, without the knowledge or involvement of our employees in China."
　A group of Google executives were told Monday of the plan to release the post on Tuesday, according to two people familiar with the discussions.
　To further protect Chinese employees on the ground, executives didn't notify the vast majority of Google's China team until a few minutes before the post went up.
　Disagreements among Google's to troika aren't unusual. Last year, for example, Mr. Schmidt told reporters that he had long opposed Mr. Page's desire to build a Web browser, but ultimately came around.
　Google's conduct in China has long incited broader geopolitical debate over whether Western companies should do business in the country. In 2006, after Google said it would censor its China search engine, Google was called to defend the move before the U.S. House of Representatives, which began contemplating legislation that would prohibit U.S. Companies from cooperating with Chinese officials, except in certain circumstances.
　Tuesday Google said it could no longer abide by Chinese government requirements that it filter the search results on its site in the country, Google.cn. The company said it will be discussing the matter with the Chinese government, stating that it realized that its move may mean that it will have to shut down the Web site and potentially its offices in China.
　Google's decision conflicts with the strategies of many U.S. companies to deepen their  involvement in China, which is both a key market for their potential exports as well as a source for many manufactured goods on which U.S. companies and consumers depend.
　Veteran observers of trade between the countries suggest that Google, and the U.S. Generally, has little leverage to press China to back down on Internet censorship or other issues.
　Besides the Google.cn Web site, China has a range of other business initiatives and partnerships in China that could be affected by its decision. By snubbing Chinese authorities so publicly, the company risks government retaliation against itself or its partners. The decision also affects local competitors who could benefit from any retreat.

by Marisa Taylor
　When multitudes of decisions need to
be make, delegate. Seek passionate people
to work for you. Budget your time careful-
ly, and keep a culture of innovation alive
within your company.
　These are the secrets to Microsoft CEO
Steve Ballmer's success, as revealed in
a series of short video interviews for the
Wall Street Journal's Lessons in Leader-
ship guide, where he discusses his views
on time management, making decisions,
driving innovation, and more.
　While Mr. Ballmer, who has been at the
helm of Microsoft since 2000, is known for
his eccentric personality and episodes of
excitable public behavior, he gives sound
and structured advice to business leaders
about how he approaches his work at Mi-
crosoft.
　He says that there's a stereotype that
innovation happens at a rapid fire pace,
but he doesn't agree - he thinks that com-
panies should invest in innovation over a
long period of time. "Hardly anything in
the tech industry went from rags to riches
overnight," he explains. And while talk-
ing about and emphasizing a culture of
innovation is crucial for a company's suc-
cess, he says, there must be a limit when a
company reaches a larger size: "Cultures
of innovation doesn't mean that everybody
gest to reinvent the wheel six times. The
need for a certain level of persistence and
tenacity is I think a surprisingly important
part of innovation."
　And when it comes to making decisions,
he'd rather not have to do it very often, but
instead thinks a leader should delegate as
much as possible, rather than running a
company that has to come to him for every
single one. While he does make the big
choices, such as whether or not Microsoft
will invest with a certain company, and
will sign off on decisions that other people
have made, "the number of decisions that
I actually have to make myself is relatively
low," he says.
　In the same vein, Mr. Ballmer is not a
big believer in micromanagement. While
he admits that he does have what he re-
fers to as an "Anglo-Saxon personality" in
which he likes to see evidence and detail in
order to feel comfortable with certain prin-
ciples, he would rather as questions that
require discussions of detail, as opposed to
blatant micromanagement.
　With respect to running meetings, Mr.
Ballmer admits that his "brain jumps
around too much." He prefers that the
long, presentation style of meetings that
are rife with "theater" are cut to a mini-
mum and instead favors a system of re-
ceiving materials in advance, which should
lead with a summary of the meeting's
main points and allow him some time to
ask questions. "If I was a kid, they'd say
I have a little bit of-what do they call it?-
ADD," explains.
　And he also runs a tight ship when it
comes to management of his time-he
keeps a detailed spreadsheet in which he
budgets his time for the year. His meetings
with customers and partners, formal meet-
ings, free time, and time spent away from
Seattle are all mapped out and allocated
strategically so that he can accomplish his
goals and still manage to spend as much
time as he can with his three children.
　And sometimes, Mr. Ballmer says, a
company should look to outside hires to
spice things up and bring in new view-
points. To be "dynamic," a company
should hire internally 70 to 80% of the
time, but should bring in outsiders 20 to
30% of the time, but checking references
is key. And when he interviews people, he
is looking for two things: first, passion ("
It doesn't have to be bubbly, but you need
to see the passion. But you always can-
you can see it in the eyes," he says.), and
second, a person with whom he can relate.
He'd like an interviewee to talk with him
about something he or she is proud of, and
to explain it in detail.

by Jessica E. Vascellaro
　Google Inc. is revamping how it develops and
prioritizes new products, giving employees a
pipeline to the company's top brass amid worries
about losing its best people and promising ideas
to start-ups.
　The Mountain Vies, Calif., company famously
lets its engineers spend one day a week on proj-
ects that aren't part of their jobs. But Google has
lacked a formal process for senior executives to
review those efforts, and some ideas have lan-
guished. Others have slipped away when employ-
ees left the company.
　"We were concerned that some of the biggest
ideas were getting squashed," said Google Chief
Executive Eric Schmidt in an interview.
　Google can no longer afford to let promising
ideas fall by the wayside. The Internet search gi-
ant's once-torrid growth has slowed. At the same
time, it faces fresh competition from Microsoft
Corp.'s new search engine, Bing, and start-ups
such as Twitter Inc., which was founded by for-
mer Google employees.
　In response, Google has recently started inter-
nal "innovation reviews," formal meetings where
executives present product ideas bubbling up
through their divisions to Mr. Schmidt, Google
founders Larry Page and Sergey Brin, and other
top executives.
　The meetings are designed to "force manage-
ment to focus" on promising ideas at an early
stage, Mr. Schmidt said.
　The efforts have been behind several ser-
vices that Google has recently unveiled, including
software that allows companies to use Micro-
soft's Outlook email and calendar software while
storing their data with Google. Microsoft said
Wednesday the Google software interferes with
an Outlook search function; Google disputed the
severity of the problem, but said it is working to
improve its software.
　Another project, an imaging product that is
based on facial-recognition software developed
inside Google, is expected to be released this sum-
mer.
　Google has also begun to give a few engineers
broad leeway to start big projects of their choos-
ing, Mr. Schmidt said. One result of this ef-
fort: Google Wave, a collaboration tool that the
company previewed last month.
　The moves are a shift for Google. Previously,
its early-stage projects weren't systematically vet-
ted by top executives. Employees with a new idea
would lobby their bosses for resources and time.
Once approved, a project could linger or die without
getting much attention from senior management.
　Google needs new products to jumpstart its
growth. While it remains a juggernaut with one-
third of all U.S. advertising dollars spend online, its
year-over-year revenue growth has slowed from
56% in 2007 to 315 in 2008 and was just 6% in the
first quarter of this year.
　What's more, employees continue to leave Google
as it evolves into a mature company with 20,000
workers. "Most products managers evaluate [wheth-
er to stay] every six months," said Chris Vander
Mey, a senior Google product manager who worked
on the Microsoft Office integration.
　While praising how Google has supported small
projects like his own, he said he still expects to leave
the company over time to explore other interests.
　Google has taken cracks in the past at the reten-
tion problem. In March, it repriced million of em-
ployee stock options whose value had been wiped
out as Google's share price has fallen over the past
two years. The company has also begun testing a
mathematical formula to try to predict which em-
ployees are most likely to leave, based on factors like
employee reviews.
　David Yoffie, a Harvard Business School profes-
sor who studies technology and e-commerce com-
panies, said prioritizing is important for Google.
While Google has launched hordes of new experi-
ments, "in the absence of focus and promotion" few
have turned into blockbusters, he said.
　In the case of Google Wave, the company singled
out Lars Rasmussen and Jens Rasmussen to test its
approach to developing ideas.
　The brothers, who are based in Australia, had
been working on Google Maps. On the side, they
were also thinking about creating a new communi-
cation system to replace email.
　Messrs. Schmidt, Page and Brin where intrigued
and gave the engineers a long leash. "We said go
do something really interesting and take as many
resources as you need," Mr. Schmidt said. Then
gave the Rasmussens dozens of employees, he add-
ed, substantially more people than most early-stage
projects.
　To allow the due to stick to their vision for the
product, the top executives kept Wave secret from
the rest of the company. Wave wasn't opened up to
broader employee feedback until later in the devel-
opment cycle.
　Lars Rasmussen said the conditions freed his
team from concerns such as fighting for engineers
and removed pressure to integrate with other
Google producsts. "We knew we had to do something
different," he said.

by Nick Wingfield
　Microsoft Corp. has shown its Xbox360 console can win with
serious gamers. Now it has to show it can out-play market leader Nin-
tendo Co. in the battle for casual players.
　Don Mattrick, the head of Microsoft's videogames group, on Mon-
day unveiled a plan to expand the audience for the company's Xbox
360 console with a new 3D video camera that will let people play
games with the movement of their bodies.
　The product, expected to be released next year, is a big gamble
that Microsoft can outdo the Nitendo Wii's motion-sensing
wand, which has won new gaming converts intimidated by traditional
button-heavy game controllers.
The new Microsoft camera, codenamed Project Natal, eliminates
the need to hold any hardware at all.
　Mr. Mattrick showed the camera for the first time onstage at the E3
games conference in Los Angeles Monday. Microsoft demonstrated
how a person can use the camera to paint virtual canvases and head
in-game soccer balls. The camera will also recognize voice com-
mands, and be able to identify from facial features which person is play-
ing.
　Microsoft executives declined to say how much the camera will cost.
　In a recent interview on Microsoft's Redmond, Wash., campus,
Mr. Mattrick said a top priority is to make the Xbox more accessible
to people who aren't hardcore gamers. "How do we make it work for
the family?" says the 45-year-old.
"That's aspirationally what we want to do."
　Mr. Mattrick, a veteran of games publisher Electronic Arts Inc., has
had a hand in some huge game hits, helping game designer Will Wright
shape what ultimately become The Sims. EA's blockbuster Need for
Speed racing game franchise came out of a fantasy that Mr. Mattrick,
a car aficionado, had about stealing fancy vehicles like Ferraris and
running from the police.
　Microsoft needs to attract a bigger audience to its console as the com-
pany seeks to keep up profits from a games business that has lost it more
than $5 billion since the original Xbox was introduced in 2001.
　Globally, Microsoft says it has sold more than 30 million of its Xbox
360 machines. While that's ahead of Sony Corp., which says it has sold
more than 23 million PlayStation 3 consoles, it lags Nintendo, which says
it has sold more than 50 million Wii machines.
　Mr. Mattrick joined Microsoft in July 2007, shortly after the company
was forced to reveal a humiliating misstep: widespread malfunctions
with the Xbox 360 that caused it to take a $1.1 billion charge to cover the
cost of repairs for customers.
　But since then, Mr. Mattrick has helped guide the Xbox business to
solid growth, in part by cutting prices on its console in Europe and improv-
ing management in that region. He also led an overhaul of its Xbox Live
online service, which helped win customers with new offerings like a Net-
flix Inc. service for renting movies.
　Mr. Attrick faces skepticism he 'll stay on the job for the long haul.
The executive hasn't moved near Microsoft's campus in the Seattle
suburbs from his home in Vancouver.
Instead, he conducts much of his work through video conferences and
email. One person who works with Mr. Mattrick says he isn't in the office
at Microsoft more than a few days a month.
　"I think most people are a bit surprised at how long he's been there,"
says Larry Probst, chairman of EA, where Mr. Mattrick worked for 14
years after it bought his star-up.
　Mr. Mattrick says he's committed to Microsoft and doesn't feel that
living in Vancouver hurts his performance. He also has the support of his
boss, Robert J. Bach, president of Microsoft's entertainment and devices
division.
　"The challenge is to find a guy who can run a business... and help foster
a highly creative environment," Mr. Bach says. He calls Mr. Mattrick "a
wonderful balance of both of those."

by Jason Zweig
　It is sometimes said that to be an intelligent
investor, you must should be unemotional. That isn't
true; instead, you should be inversely emotional.
　Even after recent turbulence, the Dow Jones In-
dustrial Average is up roughly 30% since its low in
March. It is natural for you to feel happy or relieved
about that. But Benjamin Graham believed, in-
stead, that you should train yourself to feel worried
about such events.
　At this moment, consulting Mr. Graham's wis-
dom is especially fitting. Sixty years ago, on May
25, 1949, the founder of financial analysis published
his book, "The Intelligent Investor," in whose honor
this column is named. And today the market seems
to be in just the kind of mood that would have wor-
ried Mr. Graham: a jittery optimism, an insecure
and almost desperate need to believe that the worst
is over.
　You can't turn off your feelings, of course. But you
can, and should, turn them inside out.
　Stocks have suddenly become more expensive to
accumulate. Since March, according to data from
Robert Shiller of Yale, the price/earnings ratio of
the S&P 500 index has jumped from 13.1 to 15.5.
That's the sharpest, fastest rise in almost a quarter-
century. (As Graham suggested, Prof. Shiller uses a
10-year average P/E ratio, adjusted for inflation.)
　Over the course of 10 weeks, stocks have moved
from the edge of the bargain bin to the full-price
rack. So, unless you are retired and living off your
investments, you shouldn't be celebrating, you
should be worrying.
　Mr. Graham worked diligently to resist being
swept up in the mood swings of "Mr. Market" -- his
metaphor for the collective mind of investors, eu-
phoric when stocks go up and miserable when they
go down.
　In an autobiographical sketch, Mr. Graham wrote
that he "embraced stoicism as a gospel sent to him
from heaven." Among the main components of his
"Internal equipments," he also said, where a "certain
aloofness" and "unruffled serenity."
　Mr. Graham's last wife described him as "humane,
but not human." I asked his son, Benjamin Graham Jr.,
what that meant. "His mind was
elsewhere, and he did have a little difficulty in relat-
ing to others," "Buz" Graham said of this father. "He
was always internally multitasking. Maybe people
who go into investing are especially well-suited for it
if they have that distance or detachment."
　Mr. Graham's immersion in literature, math-
ematics and philosophy, he once remarked, helped
him view the markets "from the standpoint of eter-
nity, rather than day-to-day."
　Perhaps as a result, he almost invariably read the
enthusiasm of others as a yellow caution light, and
he took their misery as a sign of hope.
　His knack for inverting emotions helped him see
when markets had run to extremes. In later 1945, as
the markets was rising 36%, he warned investors to
cut back on stocks; the next year, the market fell 8%.
As stocks took off in 1958-59, Mr. Graham was again
pessimistic; years of jagged returns followed. In late
1971, he counseled caution, just before the worst
bear market in decades hit.
　In the depths of that crash, near the end of
1974, Mr. Graham gave a speech in which he cor-
rectly forecast a period of "many years" in which
"stock prices may languish."
　Then he startled his listeners by pointing out this
was good news, not bad: "The true investor would
be pleased, rather than discouraged, at the prospect
of investing his new savings on very satisfactory
terms." Mr. Graham added a more startling note:
Investors would be "enviably fortunate" to benefit
from the "advantages" of a long bear market.
　Today, it has become trendy to declare that "buy
and hold is dead." Some critics regard dollar-cost
averaging, or automatically investing a fixed amount
every month, as foolish.
　Asked if dollar-cost averaging could ensure long-
term success, Mr. Graham wrote in 1962: "Such a
policy will pay off ultimately, regardless of when it is
begun, provided that it is adhered to conscientiously
and courageously under all intervening conditions."
　For that to be true, however, the dollar-cost aver-
aging investor must "be a different sort of person
from the rest of us... not subject to the alternations
of exhilaration and deep gloom that have accompa-
nied the gyrations of the stock market for genera-
tions past."
　"This," Mr. Graham concluded, "I greatly doubt."
　He didn't mean that no one can resist being
swept up in the gyrating emotions of the crowd. He
meant that few people can. To be an intelligent in-
vestor, you must cultivate what Mr. Graham called
"firmness of character" -- the ability to keep your
own emotional counsel.
　Above all, that means resisting the contagion of
Mr. Market's enthusiasm when stocks are suddenly
no longer cheap.

---

intelligent　adj.有才智的, 聰明的
turbulence　n.紊流
relieved　adj.放心的
relieve　vt.緩和, 減輕
consulting　adj.任專職顧問的
consult　vt.與...商量
jittery　adj.緊張不安的
optimism　n.樂觀
insecure　adj.不安全的, 有危險的
desperate　adj.情急拼命的, 挺而走險的
accumulate　vt.累積
inflation　n.通貨膨漲
bargain　n.協議, 買賣, 交易
diligently　adv.勤勉地
sweep, swept, swept　vt.清掃
resist　vt.抵抗, 忍耐
metaphor　n.隱喻
euphoric　adj.心情愉快的
miserable　adj.痛苦的, 不幸的
autobiographical　adj.自傳的
sketch　n.速寫, 素描
gospel　n.準則, 真理
aloofness　n.冷漠, 高傲
unruffled　adj.不受騷擾的, 鎮定的
serenity　n.晴朗, 風和日麗
humane　adj.有人情味的, 人文的
detachment　n.分離, 分開
immersion　n.沉浸, 浸沒
mathematics　n.數學
philosophy　n.哲學
standpoint　n.立場, 觀點, 看法
eternity　n.永遠, 不朽
invariably　adv.不變地, 總是
enthusiasm　n.熱心, 熱忱
misery　n.痛苦, 不幸
pessimistic　adj.悲觀的
jagged　adj.有尖突的, 有缺口的
counsel　n.商議, 忠告
correctly　adv.正確地
languish　vt.變得無生氣
startle　vt.使驚嚇
courage　n.勇氣, 膽量
courageous　adj.英勇的, 勇敢的
courageously　adv.勇敢地
discouraged　adj.灰心的, 沮喪的
prospect　n.指望, 預期
satisfactory　adj.令人滿意的
envy　n.妒忌
enviably　adv.妒忌地
fortunate　adj.幸運的
trendy　adj.時髦的
critic　n.評論家
regard　n.注重, 考慮, 關心
regardless　adj.不注意的, 不留心的
adhere　adv.遵守, 堅持
conscientiously　adv.憑良心地
exhilaration　n.愉快的心情
gloom　n.黑暗, 憂鬱的心情
conclude　vt.推斷出, 斷定
gyrate　adj.旋渦狀的
cultivate　vt.耕種, 栽培
contagion　n.接觸傳染, 感染

by Justin Scheck
　Breaking from other technology chiefs who
have recently expressed optimism, Hewlett-
Packard Co. (HPQ) Chief Executive Mark Hurd
waned he hasn't seen the tech industry emerge
from its painful slump.
　Hurd said in an interview that the spending
climate "looks the same" in the current quarter as
the previous quarter, where H-P reported sharp
declines in sales of its PCs and printers. He later
added in a conference call, "I'm not ready to call it
better."
　Hurd said H-P will cut an additional 2% of its
work as part of its purchase of Electronic Data
Systems, a technology services company. The
company is already cutting 25,000 jobs because of
the deal.
　Hurd's remarks tempered the recent optimism
generated by executives a other tech companies,
including Cisco System Inc. (CSCO) and Intel
Corp. (INTC), who have said that sales declines
have either leveled off or look better than previ-
ously. (This story and related background mate-
rial will be available on The Wall Street Journal
Web site, WSJ.com.)
　On Tuesday, H-P posted a 17% profit drop and
3.2%  revenue decline for its fiscal second quarter
ended April 30. It was the first year-over-year de-
cline in quarterly revenue for the Palo Alto, Calif.,
company since Hurd took over as CEO in 2005.
　While H-P maintained its profit projections
for the fiscal year, the company sounded a more
cautious note its revenue. H-P said revenue
will likely decline 4% to 5% for the fiscal year,
compare with a previous forecast for 2% to
5% fall.
　That sent H-P's shares down nearly 5% in af-
ter-hours trading to $34.86, after the company
's stock closed at 4 p.m. at $36.58 on the New
York Stock Exchange.
　Until recently, H-P, the world's largest PC
company by revenue, had steadily growing
profit and revenue, and was outpacing competi-
tors like Dell Inc. (DELL) in the PC business.
But H-P stumbled at the end of last year as cor-
porate tech spending plunged.
　For the second quarter, H-P reported profit
of $1.72 billion, or 70 cents a share, compared
with $2.06 billion, or 80 cents a share, a year
earlier. H-P's results for the fiscal second quar-
ter included a 2-cent-a-share hit due to patent
litigation with Cornell University. Revenue was
$27.35 billion, compared with $28.26 billion a
year ago.
　Overall, the results were in line with Wall
Street expectations. "We're pretty pleased with
the result," said Bill Kreher, an analyst at Ed-
ward Jones, though he added that "we're not
seeing clear sings of a pickup" in the tech mar-
ket.
　Revenu at H-P's PC division dropped 19%
from a year earlier, to $8.2 billion. Hit by de-
clining PC prices, the unit's operating profit
margin was 4.6%, down from 5.4% last year. In
the imaging and printing unit, revenue slid 23%
to $5.9 billion.

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slump　vi.衰落, 下降
decline　vi.下跌, 衰退, 婉拒
tempered　adj.調合的
optimism　n.樂觀, 樂觀主義
profit　n.利潤, 利益
revenue　n.收入, 總收入
fiscal　adj.財政的, 會計的
cautious　adj.謹慎的
steadily　adv.平穩的
outpace　vt.比...走得過, 勝過
stumble　vt.絆倒, 蹣跚而行
plunge　vt.使投入 vi.投(入)
corporate　adj.公司的
patent　n.專利
litigation　n.訴訟
slide; slid; slid