Moving soon ...
Soon this blog no longer exist and I will transfer most important posts on the new domain that I registered yesterday, as always, the intentions are good, but only time will tell if the facts and I can finally be settled in the update .
Tojo
Tuesday, December 7, 2010
1996 Dutchman Pop Up Camper Manual
Moving soon ...
Soon this blog no longer exist and I will transfer most important posts on the new domain that I registered yesterday, as always, the intentions are good, but only time will tell if the facts and I can finally be settled in the update .
Tojo
Soon this blog no longer exist and I will transfer most important posts on the new domain that I registered yesterday, as always, the intentions are good, but only time will tell if the facts and I can finally be settled in the update .
Tojo
Sunday, November 7, 2010
Marriage Beuroerd Digram
Earth rebel or the appearance of the nipple hard.
takes just 5 minutes of a Sunday tune in to any RAI 1 and to enjoy the last effort of the mythological Cinzia Th Torrini. Earth is the fictional rebel Viale Mazzini and autumn, in addition to leaves, especially the balls are falling. This is meatloaf Maremma epic-sauce-in Argentina. The actors are such a plethora of dogs and bitches as to mourn the true South American telenovelas. You can not mix Ciranda de Pedra and fiction Italiot hoping to obtain a watchable, if you have it on an endless sagas Latin America is just to be sincerely and endlessly pop trash. If you can not reach the heights of a Colmeneras Greece, with its scaffolding of hair raven makeup heavier than a viados if you light years away from the beauty of an ugly Sonia Braga 70, forget it. Do not just take a handful of Argentine Belloni, with slicked hair and make them talk as Pieraccioni, to transform the Maremma in Pampa or vice versa. Shots soap-opera, drama skits reminiscent of Solenghi-Marchesini-Lopez and a script written under the influence of peyote with peppers, close the picture. Yet it must be admitted to Earth on a Rebel: it was the time of showers Fenech not seen so many nipples. Cinzia Th The fact we can rejoice with fiery vision and repeated embraces en plein air, all served by firm tits and swollen nipples. Honor for having done so to Torrini Moige annoy those of the feared paramilitary association of Catholic parents, who thundered against the excessive presence of pairs in the protected zone. The same Catholic parents who do not thunder against the trickle of media coverage of crime and pornography plastic Avetrana Porta a Porta, a fool such as Vespa, which moves the toy cars in the driveway as if playing in her bedroom. The same Catholic parents who probably vote for us, I hope not for long, the Prime Minister. So let's say YES to: ministers who make the trains, family tragedies relentlessly eviscerated, heads of news medium, minor kneeling under the desk, guests also criminologists transmissions in the kitchen. But a dry, firm and turgid nipples catholic NO dinner.
takes just 5 minutes of a Sunday tune in to any RAI 1 and to enjoy the last effort of the mythological Cinzia Th Torrini. Earth is the fictional rebel Viale Mazzini and autumn, in addition to leaves, especially the balls are falling. This is meatloaf Maremma epic-sauce-in Argentina. The actors are such a plethora of dogs and bitches as to mourn the true South American telenovelas. You can not mix Ciranda de Pedra and fiction Italiot hoping to obtain a watchable, if you have it on an endless sagas Latin America is just to be sincerely and endlessly pop trash. If you can not reach the heights of a Colmeneras Greece, with its scaffolding of hair raven makeup heavier than a viados if you light years away from the beauty of an ugly Sonia Braga 70, forget it. Do not just take a handful of Argentine Belloni, with slicked hair and make them talk as Pieraccioni, to transform the Maremma in Pampa or vice versa. Shots soap-opera, drama skits reminiscent of Solenghi-Marchesini-Lopez and a script written under the influence of peyote with peppers, close the picture. Yet it must be admitted to Earth on a Rebel: it was the time of showers Fenech not seen so many nipples. Cinzia Th The fact we can rejoice with fiery vision and repeated embraces en plein air, all served by firm tits and swollen nipples. Honor for having done so to Torrini Moige annoy those of the feared paramilitary association of Catholic parents, who thundered against the excessive presence of pairs in the protected zone. The same Catholic parents who do not thunder against the trickle of media coverage of crime and pornography plastic Avetrana Porta a Porta, a fool such as Vespa, which moves the toy cars in the driveway as if playing in her bedroom. The same Catholic parents who probably vote for us, I hope not for long, the Prime Minister. So let's say YES to: ministers who make the trains, family tragedies relentlessly eviscerated, heads of news medium, minor kneeling under the desk, guests also criminologists transmissions in the kitchen. But a dry, firm and turgid nipples catholic NO dinner.
Marriage Beuroerd Digram
Earth rebel or the appearance of the nipple hard.
takes just 5 minutes of a Sunday tune in to any RAI 1 and to enjoy the last effort of the mythological Cinzia Th Torrini. Earth is the fictional rebel Viale Mazzini and autumn, in addition to leaves, especially the balls are falling. This is meatloaf Maremma epic-sauce-in Argentina. The actors are such a plethora of dogs and bitches as to mourn the true South American telenovelas. You can not mix Ciranda de Pedra and fiction Italiot hoping to obtain a watchable, if you have it on an endless sagas Latin America is just to be sincerely and endlessly pop trash. If you can not reach the heights of a Colmeneras Greece, with its scaffolding of hair raven makeup heavier than a viados if you light years away from the beauty of an ugly Sonia Braga 70, forget it. Do not just take a handful of Argentine Belloni, with slicked hair and make them talk as Pieraccioni, to transform the Maremma in Pampa or vice versa. Shots soap-opera, drama skits reminiscent of Solenghi-Marchesini-Lopez and a script written under the influence of peyote with peppers, close the picture. Yet it must be admitted to Earth on a Rebel: it was the time of showers Fenech not seen so many nipples. Cinzia Th The fact we can rejoice with fiery vision and repeated embraces en plein air, all served by firm tits and swollen nipples. Honor for having done so to Torrini Moige annoy those of the feared paramilitary association of Catholic parents, who thundered against the excessive presence of pairs in the protected zone. The same Catholic parents who do not thunder against the trickle of media coverage of crime and pornography plastic Avetrana Porta a Porta, a fool such as Vespa, which moves the toy cars in the driveway as if playing in her bedroom. The same Catholic parents who probably vote for us, I hope not for long, the Prime Minister. So let's say YES to: ministers who make the trains, family tragedies relentlessly eviscerated, heads of news medium, minor kneeling under the desk, guests also criminologists transmissions in the kitchen. But a dry, firm and turgid nipples catholic NO dinner.
takes just 5 minutes of a Sunday tune in to any RAI 1 and to enjoy the last effort of the mythological Cinzia Th Torrini. Earth is the fictional rebel Viale Mazzini and autumn, in addition to leaves, especially the balls are falling. This is meatloaf Maremma epic-sauce-in Argentina. The actors are such a plethora of dogs and bitches as to mourn the true South American telenovelas. You can not mix Ciranda de Pedra and fiction Italiot hoping to obtain a watchable, if you have it on an endless sagas Latin America is just to be sincerely and endlessly pop trash. If you can not reach the heights of a Colmeneras Greece, with its scaffolding of hair raven makeup heavier than a viados if you light years away from the beauty of an ugly Sonia Braga 70, forget it. Do not just take a handful of Argentine Belloni, with slicked hair and make them talk as Pieraccioni, to transform the Maremma in Pampa or vice versa. Shots soap-opera, drama skits reminiscent of Solenghi-Marchesini-Lopez and a script written under the influence of peyote with peppers, close the picture. Yet it must be admitted to Earth on a Rebel: it was the time of showers Fenech not seen so many nipples. Cinzia Th The fact we can rejoice with fiery vision and repeated embraces en plein air, all served by firm tits and swollen nipples. Honor for having done so to Torrini Moige annoy those of the feared paramilitary association of Catholic parents, who thundered against the excessive presence of pairs in the protected zone. The same Catholic parents who do not thunder against the trickle of media coverage of crime and pornography plastic Avetrana Porta a Porta, a fool such as Vespa, which moves the toy cars in the driveway as if playing in her bedroom. The same Catholic parents who probably vote for us, I hope not for long, the Prime Minister. So let's say YES to: ministers who make the trains, family tragedies relentlessly eviscerated, heads of news medium, minor kneeling under the desk, guests also criminologists transmissions in the kitchen. But a dry, firm and turgid nipples catholic NO dinner.
Saturday, October 16, 2010
University Lodge Appartment
University Lodge Appartment
Wednesday, September 22, 2010
Scott Kay And Helzberg
VIVA!!!!
Sìììììììììììììììììììììììììììììììììììììììììììììììììììììììììì !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
am alive ... indeed, full of life !!!!!!!!!!!!
I will not say why they are months and months since I update my blog (because in reality there is no real reason!) And does not even promise to rewrite soon, even though every time I reach there after a long period there's always the good will not neglect it more!
However, today I came back, and even with good news:
as I said in the second row, are full of life, expect another baby !!!!!
In October we will know the sex and then decide the name!
am alive ... indeed, full of life !!!!!!!!!!!!
I will not say why they are months and months since I update my blog (because in reality there is no real reason!) And does not even promise to rewrite soon, even though every time I reach there after a long period there's always the good will not neglect it more!
However, today I came back, and even with good news:
as I said in the second row, are full of life, expect another baby !!!!!
In October we will know the sex and then decide the name!
Scott Kay And Helzberg
VIVA!!!!
Sìììììììììììììììììììììììììììììììììììììììììììììììììììììììììì !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!
am alive ... indeed, full of life !!!!!!!!!!!!
I will not say why they are months and months since I update my blog (because in reality there is no real reason!) And does not even promise to rewrite soon, even though every time I reach there after a long period there's always the good will not neglect it more!
However, today I came back, and even with good news:
as I said in the second row, are full of life, expect another baby !!!!!
In October we will know the sex and then decide the name!
am alive ... indeed, full of life !!!!!!!!!!!!
I will not say why they are months and months since I update my blog (because in reality there is no real reason!) And does not even promise to rewrite soon, even though every time I reach there after a long period there's always the good will not neglect it more!
However, today I came back, and even with good news:
as I said in the second row, are full of life, expect another baby !!!!!
In October we will know the sex and then decide the name!
Tuesday, August 3, 2010
Format Of Welcome Letter In Wedding
put an island evening
Who knows Rome would not know how to describe the wonder of a place like the Tiber Island. An island of calm in a crazy city that is home to a hospital but also the night life of the Roman and cinema in particular. A perfect location for an evening and enjoy a movie missed last season. Last night was an evening like this, scheduled Departures Japanese film won an Oscar in 2009: 120 minutes of poetry to a Japanese distilled never cloying saccharine never ever measured. One particular film, not a "Vanzina / Moccia Polish but not a brick. So while you're sitting on hard chairs and uncomfortable like a hair shirt shag in August, with a lower video quality also sold by the Senegalese film out of a sound that seemed to discount and the hearing of a crazy old aunt who has forgotten to change the batteries, you wonder why some people come to see these films. The story is about a boy who gave up the cello, make-up artist becomes of the corpses: virtually puts the eyeshadow to death for a living. A wonderful film capable of dealing death with a natural reassuring. But although the plot is written everywhere, the trailer is online and very enlightening, the film will always find what / who is there but to the film can not stand or uncomfortable and rather than get up and go fuck off peacefully, he decides to ruin it for you too. In the present case, two twentysomethings Squinzi covered with silver sequins, of course, sitting behind me, who spent two hours talking, giggling and being bored out loud. A nothing served my annoyed and penetrating glances of anger and hatred, because some people or give them a head or alone just can not bear to do. To crown the vision, the insane in front of me spent the time to send and receive sms drilling the pupil with the light of its high-definition display and penetrated from the outside of the piano and the voices of the trains forced Roman, dressed up as Our Lady of Divine Love, make their evening transhumance towards the old town in search of soul mate, who lives two blocks from their house but can not agree to meet in the suburbs. Yet the island, dedicated to Aesculapius, has the power to heal even small cracks in an evening that becomes imperfect only through the words exchanged with an open heart. Thanks D.
Who knows Rome would not know how to describe the wonder of a place like the Tiber Island. An island of calm in a crazy city that is home to a hospital but also the night life of the Roman and cinema in particular. A perfect location for an evening and enjoy a movie missed last season. Last night was an evening like this, scheduled Departures Japanese film won an Oscar in 2009: 120 minutes of poetry to a Japanese distilled never cloying saccharine never ever measured. One particular film, not a "Vanzina / Moccia Polish but not a brick. So while you're sitting on hard chairs and uncomfortable like a hair shirt shag in August, with a lower video quality also sold by the Senegalese film out of a sound that seemed to discount and the hearing of a crazy old aunt who has forgotten to change the batteries, you wonder why some people come to see these films. The story is about a boy who gave up the cello, make-up artist becomes of the corpses: virtually puts the eyeshadow to death for a living. A wonderful film capable of dealing death with a natural reassuring. But although the plot is written everywhere, the trailer is online and very enlightening, the film will always find what / who is there but to the film can not stand or uncomfortable and rather than get up and go fuck off peacefully, he decides to ruin it for you too. In the present case, two twentysomethings Squinzi covered with silver sequins, of course, sitting behind me, who spent two hours talking, giggling and being bored out loud. A nothing served my annoyed and penetrating glances of anger and hatred, because some people or give them a head or alone just can not bear to do. To crown the vision, the insane in front of me spent the time to send and receive sms drilling the pupil with the light of its high-definition display and penetrated from the outside of the piano and the voices of the trains forced Roman, dressed up as Our Lady of Divine Love, make their evening transhumance towards the old town in search of soul mate, who lives two blocks from their house but can not agree to meet in the suburbs. Yet the island, dedicated to Aesculapius, has the power to heal even small cracks in an evening that becomes imperfect only through the words exchanged with an open heart. Thanks D.
Format Of Welcome Letter In Wedding
put an island evening
Who knows Rome would not know how to describe the wonder of a place like the Tiber Island. An island of calm in a crazy city that is home to a hospital but also the night life of the Roman and cinema in particular. A perfect location for an evening and enjoy a movie missed last season. Last night was an evening like this, scheduled Departures Japanese film won an Oscar in 2009: 120 minutes of poetry to a Japanese distilled never cloying saccharine never ever measured. One particular film, not a "Vanzina / Moccia Polish but not a brick. So while you're sitting on hard chairs and uncomfortable like a hair shirt shag in August, with a lower video quality also sold by the Senegalese film out of a sound that seemed to discount and the hearing of a crazy old aunt who has forgotten to change the batteries, you wonder why some people come to see these films. The story is about a boy who gave up the cello, make-up artist becomes of the corpses: virtually puts the eyeshadow to death for a living. A wonderful film capable of dealing death with a natural reassuring. But although the plot is written everywhere, the trailer is online and very enlightening, the film will always find what / who is there but to the film can not stand or uncomfortable and rather than get up and go fuck off peacefully, he decides to ruin it for you too. In the present case, two twentysomethings Squinzi covered with silver sequins, of course, sitting behind me, who spent two hours talking, giggling and being bored out loud. A nothing served my annoyed and penetrating glances of anger and hatred, because some people or give them a head or alone just can not bear to do. To crown the vision, the insane in front of me spent the time to send and receive sms drilling the pupil with the light of its high-definition display and penetrated from the outside of the piano and the voices of the trains forced Roman, dressed up as Our Lady of Divine Love, make their evening transhumance towards the old town in search of soul mate, who lives two blocks from their house but can not agree to meet in the suburbs. Yet the island, dedicated to Aesculapius, has the power to heal even small cracks in an evening that becomes imperfect only through the words exchanged with an open heart. Thanks D.
Who knows Rome would not know how to describe the wonder of a place like the Tiber Island. An island of calm in a crazy city that is home to a hospital but also the night life of the Roman and cinema in particular. A perfect location for an evening and enjoy a movie missed last season. Last night was an evening like this, scheduled Departures Japanese film won an Oscar in 2009: 120 minutes of poetry to a Japanese distilled never cloying saccharine never ever measured. One particular film, not a "Vanzina / Moccia Polish but not a brick. So while you're sitting on hard chairs and uncomfortable like a hair shirt shag in August, with a lower video quality also sold by the Senegalese film out of a sound that seemed to discount and the hearing of a crazy old aunt who has forgotten to change the batteries, you wonder why some people come to see these films. The story is about a boy who gave up the cello, make-up artist becomes of the corpses: virtually puts the eyeshadow to death for a living. A wonderful film capable of dealing death with a natural reassuring. But although the plot is written everywhere, the trailer is online and very enlightening, the film will always find what / who is there but to the film can not stand or uncomfortable and rather than get up and go fuck off peacefully, he decides to ruin it for you too. In the present case, two twentysomethings Squinzi covered with silver sequins, of course, sitting behind me, who spent two hours talking, giggling and being bored out loud. A nothing served my annoyed and penetrating glances of anger and hatred, because some people or give them a head or alone just can not bear to do. To crown the vision, the insane in front of me spent the time to send and receive sms drilling the pupil with the light of its high-definition display and penetrated from the outside of the piano and the voices of the trains forced Roman, dressed up as Our Lady of Divine Love, make their evening transhumance towards the old town in search of soul mate, who lives two blocks from their house but can not agree to meet in the suburbs. Yet the island, dedicated to Aesculapius, has the power to heal even small cracks in an evening that becomes imperfect only through the words exchanged with an open heart. Thanks D.
Wednesday, June 23, 2010
You Jizz Lilly Carati
risk-free rate, the deceased
Per parlare di tasso d'interesse privo di rischio è necessario prima introdurre i concetti di rischio sistematico (e non diversificabile) e rischio specifico (e diversificabile) :
back today, after N months on the run, on my book economic disclosure complicit nice chat yesterday with some dear friends in the University: the 's argument that I "tickle" and now that I think could be of great interest (for "insiders" or not) is the so-called "risk-free rate " (or risk-free rate ).
Why devote a blog intervention on a concept apparently abstract / academic as the risk-free rate?
Why this particular interest rate is the pivot on which the wheel all the modern corporate finance (and others), and in particular is the foundation on which to build corporate valuation: translated in a nutshell, and if when you happen to have to sell / buy any activity (industrial or financial) still might not matter now da questo fantomatico risk free rate , al fine di dare un valore a ciò che state vendendo/acquistando . Ho detto "ancora adesso" per un motivo che cercherò di spiegare più avanti...
Per capire i problemi odierni di questo importantissimo attore della finanza moderna, è necessario capire c osa esso rappresenta (o cosa esso dovrebbe rappresentare, visto che siamo sempre al confine tra realtà ed accademia).
Per parlare di tasso d'interesse privo di rischio è necessario prima introdurre i concetti di rischio sistematico (e non diversificabile) e rischio specifico (e diversificabile) :
- systematic risk is, to simplify, the risk inherent in the financial system , seen as one body globally. Still in its basic form is the risk that an operator (as can be any individual who invests in the stock exchange) must accept if it wants to participate in economic and financial transactions: Such risk factors include macro- by non-governmental rationality human, such as wars, natural disasters, political unrest, etc. . For these reasons, the systematic risk is also called "non-diversifiable " as not is no way to mitigate ex ante, by operators, the risk that an investment goes bad due to a tornado or a coup ;
- specific risk is somewhat complementary to systematic risk (in the sense that always adds to it, increasing the size of the overall risk) er epresentation critical that every single financial asset (stocks, bonds, etc. .) or real (land, buildings, businesses, etc. .) has , beyond the risk factors "environmental", which correspond to systematic risk. An example will help you understand: Fiat stock will go down because is a catastrophic flood destroyed his factory in Poland ( systematic risk unweighted ex ante), is why the company has so much debt, and then investors fear may fail ( firm specific risk FIAT, which therefore can be avoided or "dilute" each other with the task of diversifying their investments, for example, buying licenses also of Volkswagen).
happens the difference between the two types of risk, understanding what the risk-free rate is (almost) a breeze.
Let us go back for a moment the concept of systematic risk (and non-diversifiable), because it is de facto the realization of the ineffable of Doom and / or the Holy Spirit, the systematic risk is not a factor that allows discriminate between an investment or another . Fatalistic one can say that every business is vulnerable to the unpredictable: once again simplifying if any investment is subject to systematic risk, then it is not worth considering systematic risk as an important variable to make their own choices on Economic and Financial .
Translated in a nutshell, "if it happens, it happens!"
Abbiamo pertanto capito che chi investe è come se non tenesse conto dell'esistenza del rischio sistematico , perché altrimenti l'economia si paralizzerebbe oggi stesso, per l'incapacità evidente di prevedere l'imprevedibile (un po' come se un imprenditore pretendesse di aprire la propria attività, sapendo però già ora se avrà successo o meno). Il rischio sistematico è come se non esistesse...
La rischiosità "vera e propria" per gli operatori economici diventa così quella espressa dal rischio specifico , che è in qualche misura prevedibile e per questo contrast, with appropriate investment policies (ie the so-called diversification of risk [specific]).
We arrived at the "core" of the problem: What then the interest rate risk-free?
It 's the return offered to an investor from a theoretical economic and financial activities (be it a stock, land or a house), which not present any risk involved, if not systematic : if we imagine that this imaginary - dare I say "legendary" - these activities without a specific risk rate of return of 2% (but it could be 1% or 5%) Well the 2% is also the coveted risk free interest rate !
The importance of the risk free rate is the fact that it ideally represents a "floor" (under which you can not go) to investors, so they know what they can not / have to accept investments that make less than risk-free rate, the performance penalty of a bad deal!
corollary of this is the definition of "risk premium (specific) " means an investment in a risk-free rate equivalent to the desire not to bear any risk, other than that systematically shared by all (or you want a specific risk equal to zero attitude often referred to as "low / no appetite for risk), and if a trader is willing to assume a greater share of risk (or to accept the specific risk), he will be rewarded with a higher yield risk free rate and this difference is precisely this "risk premium (specific)" .
Once the "teaching", we come to because the title of this posting, which seems to be dead to the interest rate risk-free.
will become clear to everyone that the definition given above risk free rate has plunged to the neck of the academy and theory and in practice it is impossible to find an activity that respects the economic and financial characteristics of absence specific risk and therefore offer a risk-free yield (specific).
This is not even escape the economic operators, which, however, had (and have) a need to identify the "floor" represented by risk free, otherwise the inability to understand whether an investment is or is not preferable to another: how? Even in this case is ricorsi ad una "finzione" , che però oggi mostra tutto il suo "lato oscuro"...
Date le definizioni di tasso privo di rischio, qualcuno ha pensato che l'entità capace più di tutte di offrire un rendimento che assomigliasse da vicino al risk free fosse niente meno che lo Stato : o meglio i titoli di debito pubblico (in Italia BOT, CCT, CTZ e BTP) emessi dai Paesi sovrani, per finanziare il proprio deficit di bilancio. L'idea di fondo era che uno Stato non possa fallire , malgrado in realtà esempi in contrasto ce ne fossero molti già diversi anni fà, e per questo i rendimenti offerti dai suoi titoli fossero esenti dal rischio specifico (o quasi).
Ovviamente furono presi in considerazione solo i titoli di debito di Paesi altamente industrializzati, sviluppati e "stabili" (come sostanzialmente tutti quelli dell'ormai ex G7), il cui rendimento divenne il famoso "pavimento" per gli investitori: se si doveva valutare un investimento in un'attività economico-finanziaria, si metteva sempre in relazione il suo rendimento con quello dei sopracitati titoli di Stato (o con un rendimento degli stessi aggiustato con il premio al rischio); chiaramente se l'attività in questione rendeva meno che un T-Bill americano, l'investitore sapeva già di dover lasciar perdere. Tutto molto (relativamente) comodo, tutto molto (Relatively) simple ...
Except that today we woke up in the knowledge that even a sovereign state can fail, like any business - see the default ( de facto if not de jure ) Greece and the increasingly difficult conditions leading countries such as Spain, Italy, Great Britain and - listen, listen! - United States.
How then can define risk-free return on government securities entities - states - which can fail or go into serious crisis in the payments? And if there's a risk-free rate (albeit approximate) to which to refer, as it is possible to make prudent evaluations of investments and asset values?
these are also the challenges and the rubble that the Great Depression left on the carpet in the world of tomorrow ...
Lord Tojo
You Jizz Lilly Carati
risk-free rate, the deceased
Per parlare di tasso d'interesse privo di rischio è necessario prima introdurre i concetti di rischio sistematico (e non diversificabile) e rischio specifico (e diversificabile) :
back today, after N months on the run, on my book economic disclosure complicit nice chat yesterday with some dear friends in the University: the 's argument that I "tickle" and now that I think could be of great interest (for "insiders" or not) is the so-called "risk-free rate " (or risk-free rate ).
Why devote a blog intervention on a concept apparently abstract / academic as the risk-free rate?
Why this particular interest rate is the pivot on which the wheel all the modern corporate finance (and others), and in particular is the foundation on which to build corporate valuation: translated in a nutshell, and if when you happen to have to sell / buy any activity (industrial or financial) still might not matter now da questo fantomatico risk free rate , al fine di dare un valore a ciò che state vendendo/acquistando . Ho detto "ancora adesso" per un motivo che cercherò di spiegare più avanti...
Per capire i problemi odierni di questo importantissimo attore della finanza moderna, è necessario capire c osa esso rappresenta (o cosa esso dovrebbe rappresentare, visto che siamo sempre al confine tra realtà ed accademia).
Per parlare di tasso d'interesse privo di rischio è necessario prima introdurre i concetti di rischio sistematico (e non diversificabile) e rischio specifico (e diversificabile) :
- systematic risk is, to simplify, the risk inherent in the financial system , seen as one body globally. Still in its basic form is the risk that an operator (as can be any individual who invests in the stock exchange) must accept if it wants to participate in economic and financial transactions: Such risk factors include macro- by non-governmental rationality human, such as wars, natural disasters, political unrest, etc. . For these reasons, the systematic risk is also called "non-diversifiable " as not is no way to mitigate ex ante, by operators, the risk that an investment goes bad due to a tornado or a coup ;
- specific risk is somewhat complementary to systematic risk (in the sense that always adds to it, increasing the size of the overall risk) er epresentation critical that every single financial asset (stocks, bonds, etc. .) or real (land, buildings, businesses, etc. .) has , beyond the risk factors "environmental", which correspond to systematic risk. An example will help you understand: Fiat stock will go down because is a catastrophic flood destroyed his factory in Poland ( systematic risk unweighted ex ante), is why the company has so much debt, and then investors fear may fail ( firm specific risk FIAT, which therefore can be avoided or "dilute" each other with the task of diversifying their investments, for example, buying licenses also of Volkswagen).
happens the difference between the two types of risk, understanding what the risk-free rate is (almost) a breeze.
Let us go back for a moment the concept of systematic risk (and non-diversifiable), because it is de facto the realization of the ineffable of Doom and / or the Holy Spirit, the systematic risk is not a factor that allows discriminate between an investment or another . Fatalistic one can say that every business is vulnerable to the unpredictable: once again simplifying if any investment is subject to systematic risk, then it is not worth considering systematic risk as an important variable to make their own choices on Economic and Financial .
Translated in a nutshell, "if it happens, it happens!"
Abbiamo pertanto capito che chi investe è come se non tenesse conto dell'esistenza del rischio sistematico , perché altrimenti l'economia si paralizzerebbe oggi stesso, per l'incapacità evidente di prevedere l'imprevedibile (un po' come se un imprenditore pretendesse di aprire la propria attività, sapendo però già ora se avrà successo o meno). Il rischio sistematico è come se non esistesse...
La rischiosità "vera e propria" per gli operatori economici diventa così quella espressa dal rischio specifico , che è in qualche misura prevedibile e per questo contrast, with appropriate investment policies (ie the so-called diversification of risk [specific]).
We arrived at the "core" of the problem: What then the interest rate risk-free?
It 's the return offered to an investor from a theoretical economic and financial activities (be it a stock, land or a house), which not present any risk involved, if not systematic : if we imagine that this imaginary - dare I say "legendary" - these activities without a specific risk rate of return of 2% (but it could be 1% or 5%) Well the 2% is also the coveted risk free interest rate !
The importance of the risk free rate is the fact that it ideally represents a "floor" (under which you can not go) to investors, so they know what they can not / have to accept investments that make less than risk-free rate, the performance penalty of a bad deal!
corollary of this is the definition of "risk premium (specific) " means an investment in a risk-free rate equivalent to the desire not to bear any risk, other than that systematically shared by all (or you want a specific risk equal to zero attitude often referred to as "low / no appetite for risk), and if a trader is willing to assume a greater share of risk (or to accept the specific risk), he will be rewarded with a higher yield risk free rate and this difference is precisely this "risk premium (specific)" .
Once the "teaching", we come to because the title of this posting, which seems to be dead to the interest rate risk-free.
will become clear to everyone that the definition given above risk free rate has plunged to the neck of the academy and theory and in practice it is impossible to find an activity that respects the economic and financial characteristics of absence specific risk and therefore offer a risk-free yield (specific).
This is not even escape the economic operators, which, however, had (and have) a need to identify the "floor" represented by risk free, otherwise the inability to understand whether an investment is or is not preferable to another: how? Even in this case is ricorsi ad una "finzione" , che però oggi mostra tutto il suo "lato oscuro"...
Date le definizioni di tasso privo di rischio, qualcuno ha pensato che l'entità capace più di tutte di offrire un rendimento che assomigliasse da vicino al risk free fosse niente meno che lo Stato : o meglio i titoli di debito pubblico (in Italia BOT, CCT, CTZ e BTP) emessi dai Paesi sovrani, per finanziare il proprio deficit di bilancio. L'idea di fondo era che uno Stato non possa fallire , malgrado in realtà esempi in contrasto ce ne fossero molti già diversi anni fà, e per questo i rendimenti offerti dai suoi titoli fossero esenti dal rischio specifico (o quasi).
Ovviamente furono presi in considerazione solo i titoli di debito di Paesi altamente industrializzati, sviluppati e "stabili" (come sostanzialmente tutti quelli dell'ormai ex G7), il cui rendimento divenne il famoso "pavimento" per gli investitori: se si doveva valutare un investimento in un'attività economico-finanziaria, si metteva sempre in relazione il suo rendimento con quello dei sopracitati titoli di Stato (o con un rendimento degli stessi aggiustato con il premio al rischio); chiaramente se l'attività in questione rendeva meno che un T-Bill americano, l'investitore sapeva già di dover lasciar perdere. Tutto molto (relativamente) comodo, tutto molto (Relatively) simple ...
Except that today we woke up in the knowledge that even a sovereign state can fail, like any business - see the default ( de facto if not de jure ) Greece and the increasingly difficult conditions leading countries such as Spain, Italy, Great Britain and - listen, listen! - United States.
How then can define risk-free return on government securities entities - states - which can fail or go into serious crisis in the payments? And if there's a risk-free rate (albeit approximate) to which to refer, as it is possible to make prudent evaluations of investments and asset values?
these are also the challenges and the rubble that the Great Depression left on the carpet in the world of tomorrow ...
Lord Tojo
Thursday, June 17, 2010
Pinnacle 150e 55e With Windows Media Center
A corner of Switzerland, a stone's throw from Piacenza
Much more could be said, but I think that is enough to make us understand something very important: not have the money there, but the ability (and especially the desire and honesty) to administer well as the famous "good father" of the Italian Civil Code! If a municipality
high mountain without special attractions (other than the fresh air and nature) can have substantial surpluses as well, compared to not cut services, but even better, imagine the margins Public maneuver may have far more "rich" as provincial capitals, provinces, regions, and of course State !
Ah, I forgot one small detail: the aforementioned municipal administration money not found them in a chest underground, but they have recovered from a tough and merciless war against waste costs and redundant ...
Oops! ... ;-)
Lord Tojo
http://tojothelord.blogspot.com
Ave at all, you shoot the same shot-goers these pages!
Most regulars will notice that perhaps today inaugurates a new layout for this blog , in line con le aumentate opzioni di personalizzazione che gentilmente e professionalmente la piattaforma Blogger ci mette a disposizione: ho scelto come sfondo un paesaggio di collina immerso nell'umidità e nella nebbia, perché fondamentalmente è il clima che più mi piace e che più mi fa sentire "a casa", anche se questo apparirà a molti come una cosa quantomeno bizzarra (tenendo conto che siamo in estate)...
Ma veniamo a noi.
Volevo scrivere due righe per far conoscere a quanti saranno interessati una splendida esperienza "di Citizenship I did a few days ago, precisely Saturday, May 12: the place I'll tell you in the end, because I think I will leave you surprised. ;-)
Imagine a large group of citizens gathered in small public gardens, adjacent to the square of a village in the countryside and between steep mountains, and imagine a mayor and a council that speak to this crowd, attentive, curious and age diversity, explaining at what point is the realization of the Program (with which the current administration has won the elections and took office), showing also the chapters of public expenditure, investments and genere come sono stati spesi i soldi raccolti con le tasse; immaginate una Politica che sia veramente cura della res publica , senza inutili e dannose intermediazioni partitiche a tutti i costi; immaginate un sano pragmatismo , capace di far fronte ai tempi di ferro odierni (e quindi ai minori introiti per il Fisco) risparmiando sugli sprechi e le spese inutili, dirottando tutte le risorse sui servizi essenziali , la formazione e l'istruzione.
Immaginate un Comune di alta montagna di meno di 1.000 abitanti , in perenne calo demografico , con un territorio accidentato e franoso, circa 30 frazioni (alcune delle quali more than 1,000 meters above sea level and with few inhabitants, all elderly), 70 km away from the two main cities, railways and highways more neighbors joined in this scenario from the border, "the result of have closed the 'year of operation of the City with a surplus (which is what in business is the profit) of over € 100,000 !
think I'm talking about a village efficient Sued Tirol, or a valley internal Austrian Vorarlberg, rather than a high-City of tourists for winter sports .. .
And But no: it is simply City of Brass (my place of baptism, among other things), exactly one year from administered by the young mayor John Piazza, who (to make a very bad pun) letterlamente has "crowded out" our politicians, commentators, winning the Administrative surprise of 2009, beating the old mayor of the town and its challenger, doctor of the area and as such well-known.
I wanted to pay tribute to the Mayor Square, its advisors and councilors what I think is the minimum recognition to do for a council that, despite one thousand ancient adversity (such as depopulation) and new (the economic crisis and the cutting of transfers), has managed to bring home the extraordinary result of a "cash full, despite having greatly improved the life of the country . For example:
- Mayor and Aldermen not receive any salary or "token" presence (first case in the province of Piacenza) and with the money saved (thousands of euro) Each year the City can buy for half the ordinary / extraordinary maintenance of roads and paths;
- were made spontaneous donations important - there is no law that requires or suggests - hospital and high school Bobbio, important safeguards on the mountain area of \u200b\u200bUpper Trebbia that everyone defending words, but then in a few help with the facts;
- were computerized archives and procedures of the City, saving time and money;
- was improved elementary school / middle , providing it with equipment of 'avant-garde, even in order to attract children from other municipalities and provinces (for example Brallo of Pregola in Pavia);
- was completely new and resurfaced mass and the local road towards Suzzi, recently destroyed by a terrible landslide at a cost of just € 30,000, all included!
- is under construction a storage facility for large household waste (such as washing machines and stoves), where citizens can deliver free their garbage, they can even ask to take her as is, in this case without cost!
Much more could be said, but I think that is enough to make us understand something very important: not have the money there, but the ability (and especially the desire and honesty) to administer well as the famous "good father" of the Italian Civil Code! If a municipality
high mountain without special attractions (other than the fresh air and nature) can have substantial surpluses as well, compared to not cut services, but even better, imagine the margins Public maneuver may have far more "rich" as provincial capitals, provinces, regions, and of course State !
Ah, I forgot one small detail: the aforementioned municipal administration money not found them in a chest underground, but they have recovered from a tough and merciless war against waste costs and redundant ...
Oops! ... ;-)
Lord Tojo
http://tojothelord.blogspot.com
Pinnacle 150e 55e With Windows Media Center
A corner of Switzerland, a stone's throw from Piacenza
Much more could be said, but I think that is enough to make us understand something very important: not have the money there, but the ability (and especially the desire and honesty) to administer well as the famous "good father" of the Italian Civil Code! If a municipality
high mountain without special attractions (other than the fresh air and nature) can have substantial surpluses as well, compared to not cut services, but even better, imagine the margins Public maneuver may have far more "rich" as provincial capitals, provinces, regions, and of course State !
Ah, I forgot one small detail: the aforementioned municipal administration money not found them in a chest underground, but they have recovered from a tough and merciless war against waste costs and redundant ...
Oops! ... ;-)
Lord Tojo
http://tojothelord.blogspot.com
Ave at all, you shoot the same shot-goers these pages!
Most regulars will notice that perhaps today inaugurates a new layout for this blog , in line con le aumentate opzioni di personalizzazione che gentilmente e professionalmente la piattaforma Blogger ci mette a disposizione: ho scelto come sfondo un paesaggio di collina immerso nell'umidità e nella nebbia, perché fondamentalmente è il clima che più mi piace e che più mi fa sentire "a casa", anche se questo apparirà a molti come una cosa quantomeno bizzarra (tenendo conto che siamo in estate)...
Ma veniamo a noi.
Volevo scrivere due righe per far conoscere a quanti saranno interessati una splendida esperienza "di Citizenship I did a few days ago, precisely Saturday, May 12: the place I'll tell you in the end, because I think I will leave you surprised. ;-)
Imagine a large group of citizens gathered in small public gardens, adjacent to the square of a village in the countryside and between steep mountains, and imagine a mayor and a council that speak to this crowd, attentive, curious and age diversity, explaining at what point is the realization of the Program (with which the current administration has won the elections and took office), showing also the chapters of public expenditure, investments and genere come sono stati spesi i soldi raccolti con le tasse; immaginate una Politica che sia veramente cura della res publica , senza inutili e dannose intermediazioni partitiche a tutti i costi; immaginate un sano pragmatismo , capace di far fronte ai tempi di ferro odierni (e quindi ai minori introiti per il Fisco) risparmiando sugli sprechi e le spese inutili, dirottando tutte le risorse sui servizi essenziali , la formazione e l'istruzione.
Immaginate un Comune di alta montagna di meno di 1.000 abitanti , in perenne calo demografico , con un territorio accidentato e franoso, circa 30 frazioni (alcune delle quali more than 1,000 meters above sea level and with few inhabitants, all elderly), 70 km away from the two main cities, railways and highways more neighbors joined in this scenario from the border, "the result of have closed the 'year of operation of the City with a surplus (which is what in business is the profit) of over € 100,000 !
think I'm talking about a village efficient Sued Tirol, or a valley internal Austrian Vorarlberg, rather than a high-City of tourists for winter sports .. .
And But no: it is simply City of Brass (my place of baptism, among other things), exactly one year from administered by the young mayor John Piazza, who (to make a very bad pun) letterlamente has "crowded out" our politicians, commentators, winning the Administrative surprise of 2009, beating the old mayor of the town and its challenger, doctor of the area and as such well-known.
I wanted to pay tribute to the Mayor Square, its advisors and councilors what I think is the minimum recognition to do for a council that, despite one thousand ancient adversity (such as depopulation) and new (the economic crisis and the cutting of transfers), has managed to bring home the extraordinary result of a "cash full, despite having greatly improved the life of the country . For example:
- Mayor and Aldermen not receive any salary or "token" presence (first case in the province of Piacenza) and with the money saved (thousands of euro) Each year the City can buy for half the ordinary / extraordinary maintenance of roads and paths;
- were made spontaneous donations important - there is no law that requires or suggests - hospital and high school Bobbio, important safeguards on the mountain area of \u200b\u200bUpper Trebbia that everyone defending words, but then in a few help with the facts;
- were computerized archives and procedures of the City, saving time and money;
- was improved elementary school / middle , providing it with equipment of 'avant-garde, even in order to attract children from other municipalities and provinces (for example Brallo of Pregola in Pavia);
- was completely new and resurfaced mass and the local road towards Suzzi, recently destroyed by a terrible landslide at a cost of just € 30,000, all included!
- is under construction a storage facility for large household waste (such as washing machines and stoves), where citizens can deliver free their garbage, they can even ask to take her as is, in this case without cost!
Much more could be said, but I think that is enough to make us understand something very important: not have the money there, but the ability (and especially the desire and honesty) to administer well as the famous "good father" of the Italian Civil Code! If a municipality
high mountain without special attractions (other than the fresh air and nature) can have substantial surpluses as well, compared to not cut services, but even better, imagine the margins Public maneuver may have far more "rich" as provincial capitals, provinces, regions, and of course State !
Ah, I forgot one small detail: the aforementioned municipal administration money not found them in a chest underground, but they have recovered from a tough and merciless war against waste costs and redundant ...
Oops! ... ;-)
Lord Tojo
http://tojothelord.blogspot.com
Tuesday, June 1, 2010
Maybelline Colossal Vs Lashblast
The Germans and the hot water
writing always comes with at least one day late with my personal (and perhaps futile) comments on the news, but these days (a little free time) is still something that piutòst gnìnt to the E Mei piutòst we say in Piacenza!
You may have read the "resignation" - Which is equivalent , albeit in less raw, the famous gun bullet reserved for defendants during the mock trial of totalitarian regimes: the series "or you think you, or we will" - the Federal President of Germany, Horst Koehler .
What has never done wrong this man, whose power is limited even more than that of an Italian prime minister?
has "dared" to tentatively suggest that "perhaps" the Germans are with their troops in Afghanistan "and also" to protect their economic interests (which are as diverse as the flow of oil through the pipeline in Afghanistan, the maintenance good political, commercial, and then, with the U.S., etc . etc. ).
As such, this dismissal should not be surprising, since it is very well known that the high-level policy is systematically prohibited tell it like it is. But the fact, however, is another.
The algorithm behind the "early retirement" of the President is as follows: people are opposed to war, "escapes" that in war missions you actually make war, and consents goodbye reelection.
Ok, but this reasoning - let me - is a little 'dated' and no longer present , nella situazione odierna di profonda crisi economica.
Oggi siamo (noi occidentali N.d.Tojo ) messi economicamente così male, che saremmo disposti praticamente a tutto , pur di recuperare il benessere che stiamo perdendo (e che continueremo a perdere, andando avanti così): tradotto in soldoni, tutto ciò che potrebbe rimettere in moto l'economia ci sembra più apprezzabile, perché ne va del nostro posti di lavoro.
Adattato al caso particolare di Koehler, oggi viviamo un'epoca dove anche il pacifismo si è messo in cassa integrazione, soppiantato dal pragmatismo e dalla Realpolitik (parola che i tedeschi hanno inventato, but that seems to have forgotten): then stay in Afghanistan helps our economy to get better, we are much less willing to discourse on matters of principle .
Koehler in this sense has probably said something that now seems far less difficult to digest "of two years ago, except that the pattern of politically correct Germany have not yet updated ...
Lord Tojo
writing always comes with at least one day late with my personal (and perhaps futile) comments on the news, but these days (a little free time) is still something that piutòst gnìnt to the E Mei piutòst we say in Piacenza!
You may have read the "resignation" - Which is equivalent , albeit in less raw, the famous gun bullet reserved for defendants during the mock trial of totalitarian regimes: the series "or you think you, or we will" - the Federal President of Germany, Horst Koehler .
What has never done wrong this man, whose power is limited even more than that of an Italian prime minister?
has "dared" to tentatively suggest that "perhaps" the Germans are with their troops in Afghanistan "and also" to protect their economic interests (which are as diverse as the flow of oil through the pipeline in Afghanistan, the maintenance good political, commercial, and then, with the U.S., etc . etc. ).
As such, this dismissal should not be surprising, since it is very well known that the high-level policy is systematically prohibited tell it like it is. But the fact, however, is another.
The algorithm behind the "early retirement" of the President is as follows: people are opposed to war, "escapes" that in war missions you actually make war, and consents goodbye reelection.
Ok, but this reasoning - let me - is a little 'dated' and no longer present , nella situazione odierna di profonda crisi economica.
Oggi siamo (noi occidentali N.d.Tojo ) messi economicamente così male, che saremmo disposti praticamente a tutto , pur di recuperare il benessere che stiamo perdendo (e che continueremo a perdere, andando avanti così): tradotto in soldoni, tutto ciò che potrebbe rimettere in moto l'economia ci sembra più apprezzabile, perché ne va del nostro posti di lavoro.
Adattato al caso particolare di Koehler, oggi viviamo un'epoca dove anche il pacifismo si è messo in cassa integrazione, soppiantato dal pragmatismo e dalla Realpolitik (parola che i tedeschi hanno inventato, but that seems to have forgotten): then stay in Afghanistan helps our economy to get better, we are much less willing to discourse on matters of principle .
Koehler in this sense has probably said something that now seems far less difficult to digest "of two years ago, except that the pattern of politically correct Germany have not yet updated ...
Lord Tojo
Maybelline Colossal Vs Lashblast
The Germans and the hot water
writing always comes with at least one day late with my personal (and perhaps futile) comments on the news, but these days (a little free time) is still something that piutòst gnìnt to the E Mei piutòst we say in Piacenza!
You may have read the "resignation" - Which is equivalent , albeit in less raw, the famous gun bullet reserved for defendants during the mock trial of totalitarian regimes: the series "or you think you, or we will" - the Federal President of Germany, Horst Koehler .
What has never done wrong this man, whose power is limited even more than that of an Italian prime minister?
has "dared" to tentatively suggest that "perhaps" the Germans are with their troops in Afghanistan "and also" to protect their economic interests (which are as diverse as the flow of oil through the pipeline in Afghanistan, the maintenance good political, commercial, and then, with the U.S., etc . etc. ).
As such, this dismissal should not be surprising, since it is very well known that the high-level policy is systematically prohibited tell it like it is. But the fact, however, is another.
The algorithm behind the "early retirement" of the President is as follows: people are opposed to war, "escapes" that in war missions you actually make war, and consents goodbye reelection.
Ok, but this reasoning - let me - is a little 'dated' and no longer present , nella situazione odierna di profonda crisi economica.
Oggi siamo (noi occidentali N.d.Tojo ) messi economicamente così male, che saremmo disposti praticamente a tutto , pur di recuperare il benessere che stiamo perdendo (e che continueremo a perdere, andando avanti così): tradotto in soldoni, tutto ciò che potrebbe rimettere in moto l'economia ci sembra più apprezzabile, perché ne va del nostro posti di lavoro.
Adattato al caso particolare di Koehler, oggi viviamo un'epoca dove anche il pacifismo si è messo in cassa integrazione, soppiantato dal pragmatismo e dalla Realpolitik (parola che i tedeschi hanno inventato, but that seems to have forgotten): then stay in Afghanistan helps our economy to get better, we are much less willing to discourse on matters of principle .
Koehler in this sense has probably said something that now seems far less difficult to digest "of two years ago, except that the pattern of politically correct Germany have not yet updated ...
Lord Tojo
writing always comes with at least one day late with my personal (and perhaps futile) comments on the news, but these days (a little free time) is still something that piutòst gnìnt to the E Mei piutòst we say in Piacenza!
You may have read the "resignation" - Which is equivalent , albeit in less raw, the famous gun bullet reserved for defendants during the mock trial of totalitarian regimes: the series "or you think you, or we will" - the Federal President of Germany, Horst Koehler .
What has never done wrong this man, whose power is limited even more than that of an Italian prime minister?
has "dared" to tentatively suggest that "perhaps" the Germans are with their troops in Afghanistan "and also" to protect their economic interests (which are as diverse as the flow of oil through the pipeline in Afghanistan, the maintenance good political, commercial, and then, with the U.S., etc . etc. ).
As such, this dismissal should not be surprising, since it is very well known that the high-level policy is systematically prohibited tell it like it is. But the fact, however, is another.
The algorithm behind the "early retirement" of the President is as follows: people are opposed to war, "escapes" that in war missions you actually make war, and consents goodbye reelection.
Ok, but this reasoning - let me - is a little 'dated' and no longer present , nella situazione odierna di profonda crisi economica.
Oggi siamo (noi occidentali N.d.Tojo ) messi economicamente così male, che saremmo disposti praticamente a tutto , pur di recuperare il benessere che stiamo perdendo (e che continueremo a perdere, andando avanti così): tradotto in soldoni, tutto ciò che potrebbe rimettere in moto l'economia ci sembra più apprezzabile, perché ne va del nostro posti di lavoro.
Adattato al caso particolare di Koehler, oggi viviamo un'epoca dove anche il pacifismo si è messo in cassa integrazione, soppiantato dal pragmatismo e dalla Realpolitik (parola che i tedeschi hanno inventato, but that seems to have forgotten): then stay in Afghanistan helps our economy to get better, we are much less willing to discourse on matters of principle .
Koehler in this sense has probably said something that now seems far less difficult to digest "of two years ago, except that the pattern of politically correct Germany have not yet updated ...
Lord Tojo
Friday, May 28, 2010
Son Wanted To Catch The Pox
On 27 May he died six years ago the great Umberto Agnelli
This post I wish I had time to write the exact day of ' anniversary, which was yesterday : forgive me, but this period intense study of pre-tests and sometimes a few minutes you are struggling to find ...
I want very much to commemorate this anniversary, almost as if it were that of a close relative, because I think remember the figure of Umberto Agnelli may be useful in large and often losing battle on the , the skill and discretion must fight every day against the privilege (dynasty), the recommendation arrogance and idiotic . Even more so in Italy! But who was
Umberto Agnelli to give his figure a "task" as heavy (which I'm sure even he would like or appreciate) ?
The "Doctor" - as it was nicknamed by the financial press - was the younger brother of the much more (wrongly) known Giovanni Agnelli, Gianni alias, alias simply Lawyer (although not was that just graduated in Law: According to some of the series "incensed" even my friend Erika, recently graduated, you may be lawyers in this way ...).
The premature death of their father, Edward (son of Senator Giovanni Agnelli, the founder of FIAT), caused John to become de facto "the padre" di Umberto, rispetto al quale aveva ben 13 anni in più.
Questa sorta di "tutela" segnerà per sempre Umberto, che vivrà sempre nell'ombra del fratello, nonostante le sue potenzialità e capacità - a volte per stessa ammissione di Gianni - fossero spesso più grandi e brillanti .
Senza pretesa di esaustività diamo una veloce scorsa alle capacità ed alle intuizioni di questo fratello minore "solo per anagrafe".
Da Presidente della Juventus (dal 1959 ) fece raggiungere alla squadra grandissimi successi, rendendola un'azienda profittevole - caso più unico che raro in Italia and in the world where football clubs are little more than a toy for adults. In 1963
Umberto takes the lead of what until then had been just one of many companies in the galaxy IFI-FIAT, the 'Italian wool trade Institute , he transformed into a holding holdings and renamed the Financial Institution Italian wool, or more semplicemento IFIL . And 'from this "shell" that Umberto undoubtedly prove to be the only one of the Agnelli brothers with real entrepreneurial spirit.
Through the ' IFIL Umberto Agnelli creerà il primo fondo di private equity ante litteram , comprando e vendendo imprese ad un ritmo vorticoso in pochi anni e realizzando sempre laute plusvalenze, tramite quotazioni in Borsa o cessioni di pacchetti azionari a terzi: tra le moltissime società finite nell'orbita- IFIL troviamo l'impresa motociclistica Piaggio (da Umberto poi affidata alle sicure mani dello sfortunato figlio Giovanni Alberto, Presidente in pectore del Gruppo FIAT e grande intelligenza, stroncata a trent'anni da un rarissimo tumore), la catena di grande distribuzione La Rinascente , la Toro Assicurazioni , la catena di viaggi Alpitour , i gruppi turistici I Viaggi del Ventaglio e Club Med , una quota significativa della francese Danone , moltissime industrie agro-alimentari italiane di pregio come Galbani , la grande banca italiana San Paolo di Torino , la società cementiera Unicem e poi moltissime altre imprese e società finanziarie in Europa ed USA.
Tutte queste partecipazioni rappresentarono sempre più il "polmone finanziario" del Gruppo FIAT, il quale, ogni qual volta andava in crisi, "bussava" alle porte dell' IFIL per chiedere iniezioni di capitali freschi , i quali arrivavano puntualmente disposals of shares and gains made from time to time: on all two most important steps to FIAT were to repurchase by IFIL, the carmaker's shares owned by Lafico Gaddafi (in 1986 ) and the contribution to the capital increases of early 2000s, when Fiat seemed on the verge of bankruptcy.
But the role of Umberto certainly not reduced to that of "provider / savior of last resort", it had to two times operational roles within the "parent", giving both moments a major contribution to the Group's future .
La prima volta accadde negli anni '70 , quando Umberto divenne Amministratore delegato di FIAT e riorganizzò l'impresa, "divisionalizzandola" (ovvero separando le varie produzioni, come auto, camion, trattori, etc ., in società distinte e con un proprio bilancio, il che aumentò la trasparenza interna) e chiamando a Torino l'ingegner Vittorio Ghidella , "padre" della Uno e della Tipo, modelli di grande successo per la FIAT. Fu costretto ad allontanarsi dall'incarico di AD per contrasti con Mediobanca - dominus della finanza italiana per 40 anni - and the great "protected" by the latter, the future CEO and Chairman Cesare Romiti, Fiat . The second
operational presence in Umberto Agnelli of Fiat is fairly recent and should 2003 to 2004, when assumed the presidency of the Group , following the death of his brother John and the disaster in besetting the car after 30 years of care romitiana. In that short period of time just remember one thing, to see how even in this case, "the Doctor" saw afar riveritissimo the current and very good AD Sergio Marchionne was co-opted to the board on its desire to FIAT Umberto, who learned to know the manager seeing him at work in one of the companies of "his" IFIL .
Sudden death in 2004 has prevented Umberto of well-earned triumph , consisted in the great revival of Fiat from the man who had chosen, also confirming the final choice of a modus vivendi that Agnelli has characterized this "sober" for life: work (well), but quietly, tapping on condition of anonymity.
May this short article on a blog unknown return a bit 'well-deserved glory of "posthumous" to Umberto , the forgotten genius younger brother fscino " glamorous" and Bankruptcy Lawyer, capable of making "social life", but not industry ...
Lord Tojo
I want very much to commemorate this anniversary, almost as if it were that of a close relative, because I think remember the figure of Umberto Agnelli may be useful in large and often losing battle on the , the skill and discretion must fight every day against the privilege (dynasty), the recommendation arrogance and idiotic . Even more so in Italy! But who was
Umberto Agnelli to give his figure a "task" as heavy (which I'm sure even he would like or appreciate) ?
The "Doctor" - as it was nicknamed by the financial press - was the younger brother of the much more (wrongly) known Giovanni Agnelli, Gianni alias, alias simply Lawyer (although not was that just graduated in Law: According to some of the series "incensed" even my friend Erika, recently graduated, you may be lawyers in this way ...).
The premature death of their father, Edward (son of Senator Giovanni Agnelli, the founder of FIAT), caused John to become de facto "the padre" di Umberto, rispetto al quale aveva ben 13 anni in più.
Questa sorta di "tutela" segnerà per sempre Umberto, che vivrà sempre nell'ombra del fratello, nonostante le sue potenzialità e capacità - a volte per stessa ammissione di Gianni - fossero spesso più grandi e brillanti .
Senza pretesa di esaustività diamo una veloce scorsa alle capacità ed alle intuizioni di questo fratello minore "solo per anagrafe".
Da Presidente della Juventus (dal 1959 ) fece raggiungere alla squadra grandissimi successi, rendendola un'azienda profittevole - caso più unico che raro in Italia and in the world where football clubs are little more than a toy for adults. In 1963
Umberto takes the lead of what until then had been just one of many companies in the galaxy IFI-FIAT, the 'Italian wool trade Institute , he transformed into a holding holdings and renamed the Financial Institution Italian wool, or more semplicemento IFIL . And 'from this "shell" that Umberto undoubtedly prove to be the only one of the Agnelli brothers with real entrepreneurial spirit.
Through the ' IFIL Umberto Agnelli creerà il primo fondo di private equity ante litteram , comprando e vendendo imprese ad un ritmo vorticoso in pochi anni e realizzando sempre laute plusvalenze, tramite quotazioni in Borsa o cessioni di pacchetti azionari a terzi: tra le moltissime società finite nell'orbita- IFIL troviamo l'impresa motociclistica Piaggio (da Umberto poi affidata alle sicure mani dello sfortunato figlio Giovanni Alberto, Presidente in pectore del Gruppo FIAT e grande intelligenza, stroncata a trent'anni da un rarissimo tumore), la catena di grande distribuzione La Rinascente , la Toro Assicurazioni , la catena di viaggi Alpitour , i gruppi turistici I Viaggi del Ventaglio e Club Med , una quota significativa della francese Danone , moltissime industrie agro-alimentari italiane di pregio come Galbani , la grande banca italiana San Paolo di Torino , la società cementiera Unicem e poi moltissime altre imprese e società finanziarie in Europa ed USA.
Tutte queste partecipazioni rappresentarono sempre più il "polmone finanziario" del Gruppo FIAT, il quale, ogni qual volta andava in crisi, "bussava" alle porte dell' IFIL per chiedere iniezioni di capitali freschi , i quali arrivavano puntualmente disposals of shares and gains made from time to time: on all two most important steps to FIAT were to repurchase by IFIL, the carmaker's shares owned by Lafico Gaddafi (in 1986 ) and the contribution to the capital increases of early 2000s, when Fiat seemed on the verge of bankruptcy.
But the role of Umberto certainly not reduced to that of "provider / savior of last resort", it had to two times operational roles within the "parent", giving both moments a major contribution to the Group's future .
La prima volta accadde negli anni '70 , quando Umberto divenne Amministratore delegato di FIAT e riorganizzò l'impresa, "divisionalizzandola" (ovvero separando le varie produzioni, come auto, camion, trattori, etc ., in società distinte e con un proprio bilancio, il che aumentò la trasparenza interna) e chiamando a Torino l'ingegner Vittorio Ghidella , "padre" della Uno e della Tipo, modelli di grande successo per la FIAT. Fu costretto ad allontanarsi dall'incarico di AD per contrasti con Mediobanca - dominus della finanza italiana per 40 anni - and the great "protected" by the latter, the future CEO and Chairman Cesare Romiti, Fiat . The second
operational presence in Umberto Agnelli of Fiat is fairly recent and should 2003 to 2004, when assumed the presidency of the Group , following the death of his brother John and the disaster in besetting the car after 30 years of care romitiana. In that short period of time just remember one thing, to see how even in this case, "the Doctor" saw afar riveritissimo the current and very good AD Sergio Marchionne was co-opted to the board on its desire to FIAT Umberto, who learned to know the manager seeing him at work in one of the companies of "his" IFIL .
Sudden death in 2004 has prevented Umberto of well-earned triumph , consisted in the great revival of Fiat from the man who had chosen, also confirming the final choice of a modus vivendi that Agnelli has characterized this "sober" for life: work (well), but quietly, tapping on condition of anonymity.
May this short article on a blog unknown return a bit 'well-deserved glory of "posthumous" to Umberto , the forgotten genius younger brother fscino " glamorous" and Bankruptcy Lawyer, capable of making "social life", but not industry ...
Lord Tojo
Son Wanted To Catch The Pox
On 27 May he died six years ago the great Umberto Agnelli
This post I wish I had time to write the exact day of ' anniversary, which was yesterday : forgive me, but this period intense study of pre-tests and sometimes a few minutes you are struggling to find ...
I want very much to commemorate this anniversary, almost as if it were that of a close relative, because I think remember the figure of Umberto Agnelli may be useful in large and often losing battle on the , the skill and discretion must fight every day against the privilege (dynasty), the recommendation arrogance and idiotic . Even more so in Italy! But who was
Umberto Agnelli to give his figure a "task" as heavy (which I'm sure even he would like or appreciate) ?
The "Doctor" - as it was nicknamed by the financial press - was the younger brother of the much more (wrongly) known Giovanni Agnelli, Gianni alias, alias simply Lawyer (although not was that just graduated in Law: According to some of the series "incensed" even my friend Erika, recently graduated, you may be lawyers in this way ...).
The premature death of their father, Edward (son of Senator Giovanni Agnelli, the founder of FIAT), caused John to become de facto "the padre" di Umberto, rispetto al quale aveva ben 13 anni in più.
Questa sorta di "tutela" segnerà per sempre Umberto, che vivrà sempre nell'ombra del fratello, nonostante le sue potenzialità e capacità - a volte per stessa ammissione di Gianni - fossero spesso più grandi e brillanti .
Senza pretesa di esaustività diamo una veloce scorsa alle capacità ed alle intuizioni di questo fratello minore "solo per anagrafe".
Da Presidente della Juventus (dal 1959 ) fece raggiungere alla squadra grandissimi successi, rendendola un'azienda profittevole - caso più unico che raro in Italia and in the world where football clubs are little more than a toy for adults. In 1963
Umberto takes the lead of what until then had been just one of many companies in the galaxy IFI-FIAT, the 'Italian wool trade Institute , he transformed into a holding holdings and renamed the Financial Institution Italian wool, or more semplicemento IFIL . And 'from this "shell" that Umberto undoubtedly prove to be the only one of the Agnelli brothers with real entrepreneurial spirit.
Through the ' IFIL Umberto Agnelli creerà il primo fondo di private equity ante litteram , comprando e vendendo imprese ad un ritmo vorticoso in pochi anni e realizzando sempre laute plusvalenze, tramite quotazioni in Borsa o cessioni di pacchetti azionari a terzi: tra le moltissime società finite nell'orbita- IFIL troviamo l'impresa motociclistica Piaggio (da Umberto poi affidata alle sicure mani dello sfortunato figlio Giovanni Alberto, Presidente in pectore del Gruppo FIAT e grande intelligenza, stroncata a trent'anni da un rarissimo tumore), la catena di grande distribuzione La Rinascente , la Toro Assicurazioni , la catena di viaggi Alpitour , i gruppi turistici I Viaggi del Ventaglio e Club Med , una quota significativa della francese Danone , moltissime industrie agro-alimentari italiane di pregio come Galbani , la grande banca italiana San Paolo di Torino , la società cementiera Unicem e poi moltissime altre imprese e società finanziarie in Europa ed USA.
Tutte queste partecipazioni rappresentarono sempre più il "polmone finanziario" del Gruppo FIAT, il quale, ogni qual volta andava in crisi, "bussava" alle porte dell' IFIL per chiedere iniezioni di capitali freschi , i quali arrivavano puntualmente disposals of shares and gains made from time to time: on all two most important steps to FIAT were to repurchase by IFIL, the carmaker's shares owned by Lafico Gaddafi (in 1986 ) and the contribution to the capital increases of early 2000s, when Fiat seemed on the verge of bankruptcy.
But the role of Umberto certainly not reduced to that of "provider / savior of last resort", it had to two times operational roles within the "parent", giving both moments a major contribution to the Group's future .
La prima volta accadde negli anni '70 , quando Umberto divenne Amministratore delegato di FIAT e riorganizzò l'impresa, "divisionalizzandola" (ovvero separando le varie produzioni, come auto, camion, trattori, etc ., in società distinte e con un proprio bilancio, il che aumentò la trasparenza interna) e chiamando a Torino l'ingegner Vittorio Ghidella , "padre" della Uno e della Tipo, modelli di grande successo per la FIAT. Fu costretto ad allontanarsi dall'incarico di AD per contrasti con Mediobanca - dominus della finanza italiana per 40 anni - and the great "protected" by the latter, the future CEO and Chairman Cesare Romiti, Fiat . The second
operational presence in Umberto Agnelli of Fiat is fairly recent and should 2003 to 2004, when assumed the presidency of the Group , following the death of his brother John and the disaster in besetting the car after 30 years of care romitiana. In that short period of time just remember one thing, to see how even in this case, "the Doctor" saw afar riveritissimo the current and very good AD Sergio Marchionne was co-opted to the board on its desire to FIAT Umberto, who learned to know the manager seeing him at work in one of the companies of "his" IFIL .
Sudden death in 2004 has prevented Umberto of well-earned triumph , consisted in the great revival of Fiat from the man who had chosen, also confirming the final choice of a modus vivendi that Agnelli has characterized this "sober" for life: work (well), but quietly, tapping on condition of anonymity.
May this short article on a blog unknown return a bit 'well-deserved glory of "posthumous" to Umberto , the forgotten genius younger brother fscino " glamorous" and Bankruptcy Lawyer, capable of making "social life", but not industry ...
Lord Tojo
I want very much to commemorate this anniversary, almost as if it were that of a close relative, because I think remember the figure of Umberto Agnelli may be useful in large and often losing battle on the , the skill and discretion must fight every day against the privilege (dynasty), the recommendation arrogance and idiotic . Even more so in Italy! But who was
Umberto Agnelli to give his figure a "task" as heavy (which I'm sure even he would like or appreciate) ?
The "Doctor" - as it was nicknamed by the financial press - was the younger brother of the much more (wrongly) known Giovanni Agnelli, Gianni alias, alias simply Lawyer (although not was that just graduated in Law: According to some of the series "incensed" even my friend Erika, recently graduated, you may be lawyers in this way ...).
The premature death of their father, Edward (son of Senator Giovanni Agnelli, the founder of FIAT), caused John to become de facto "the padre" di Umberto, rispetto al quale aveva ben 13 anni in più.
Questa sorta di "tutela" segnerà per sempre Umberto, che vivrà sempre nell'ombra del fratello, nonostante le sue potenzialità e capacità - a volte per stessa ammissione di Gianni - fossero spesso più grandi e brillanti .
Senza pretesa di esaustività diamo una veloce scorsa alle capacità ed alle intuizioni di questo fratello minore "solo per anagrafe".
Da Presidente della Juventus (dal 1959 ) fece raggiungere alla squadra grandissimi successi, rendendola un'azienda profittevole - caso più unico che raro in Italia and in the world where football clubs are little more than a toy for adults. In 1963
Umberto takes the lead of what until then had been just one of many companies in the galaxy IFI-FIAT, the 'Italian wool trade Institute , he transformed into a holding holdings and renamed the Financial Institution Italian wool, or more semplicemento IFIL . And 'from this "shell" that Umberto undoubtedly prove to be the only one of the Agnelli brothers with real entrepreneurial spirit.
Through the ' IFIL Umberto Agnelli creerà il primo fondo di private equity ante litteram , comprando e vendendo imprese ad un ritmo vorticoso in pochi anni e realizzando sempre laute plusvalenze, tramite quotazioni in Borsa o cessioni di pacchetti azionari a terzi: tra le moltissime società finite nell'orbita- IFIL troviamo l'impresa motociclistica Piaggio (da Umberto poi affidata alle sicure mani dello sfortunato figlio Giovanni Alberto, Presidente in pectore del Gruppo FIAT e grande intelligenza, stroncata a trent'anni da un rarissimo tumore), la catena di grande distribuzione La Rinascente , la Toro Assicurazioni , la catena di viaggi Alpitour , i gruppi turistici I Viaggi del Ventaglio e Club Med , una quota significativa della francese Danone , moltissime industrie agro-alimentari italiane di pregio come Galbani , la grande banca italiana San Paolo di Torino , la società cementiera Unicem e poi moltissime altre imprese e società finanziarie in Europa ed USA.
Tutte queste partecipazioni rappresentarono sempre più il "polmone finanziario" del Gruppo FIAT, il quale, ogni qual volta andava in crisi, "bussava" alle porte dell' IFIL per chiedere iniezioni di capitali freschi , i quali arrivavano puntualmente disposals of shares and gains made from time to time: on all two most important steps to FIAT were to repurchase by IFIL, the carmaker's shares owned by Lafico Gaddafi (in 1986 ) and the contribution to the capital increases of early 2000s, when Fiat seemed on the verge of bankruptcy.
But the role of Umberto certainly not reduced to that of "provider / savior of last resort", it had to two times operational roles within the "parent", giving both moments a major contribution to the Group's future .
La prima volta accadde negli anni '70 , quando Umberto divenne Amministratore delegato di FIAT e riorganizzò l'impresa, "divisionalizzandola" (ovvero separando le varie produzioni, come auto, camion, trattori, etc ., in società distinte e con un proprio bilancio, il che aumentò la trasparenza interna) e chiamando a Torino l'ingegner Vittorio Ghidella , "padre" della Uno e della Tipo, modelli di grande successo per la FIAT. Fu costretto ad allontanarsi dall'incarico di AD per contrasti con Mediobanca - dominus della finanza italiana per 40 anni - and the great "protected" by the latter, the future CEO and Chairman Cesare Romiti, Fiat . The second
operational presence in Umberto Agnelli of Fiat is fairly recent and should 2003 to 2004, when assumed the presidency of the Group , following the death of his brother John and the disaster in besetting the car after 30 years of care romitiana. In that short period of time just remember one thing, to see how even in this case, "the Doctor" saw afar riveritissimo the current and very good AD Sergio Marchionne was co-opted to the board on its desire to FIAT Umberto, who learned to know the manager seeing him at work in one of the companies of "his" IFIL .
Sudden death in 2004 has prevented Umberto of well-earned triumph , consisted in the great revival of Fiat from the man who had chosen, also confirming the final choice of a modus vivendi that Agnelli has characterized this "sober" for life: work (well), but quietly, tapping on condition of anonymity.
May this short article on a blog unknown return a bit 'well-deserved glory of "posthumous" to Umberto , the forgotten genius younger brother fscino " glamorous" and Bankruptcy Lawyer, capable of making "social life", but not industry ...
Lord Tojo
Sunday, May 16, 2010
Fertile Type Mucus Before Period
cuts announced and will never take place (the privileges politicians) and some advances
Hello, sporadic and sparse readers!
As promised return to this page after several days of relaxing and therapeutic distance "from the world" and a thousand distractions that threaten my study, all & internet related.
E 'destiny is always a lively form of indignation made me decide to write a resume blog on winning the laziness and indecision on the issue to be addressed: what is decided today / yesterday to disturb my sleep bowel is an "evergreen", or the debate on cost cuts (parasitic) policy .
Yesterday I was approached again on the internet page of "Corrierone" and I had found strangely a very concrete proposal with immediate effect and the Minister Calderoli (borrowed from a recent decision of the neo conservatives Government Liberal-UK), which you can read below.
[...] LA PROPOSTA - «Proporrò in sede di Governo, quando affronteremo la manovra finanziaria, un taglio almeno del 5% agli stipendi di ministri e parlamentari come hanno fatto in Inghilterra e Portogallo », spiega il ministro della Semplificazione legislativa e coordinatore delle segreterie nazionali della Lega Nord. «A breve dovremo affrontare una manovra che prevede tagli e strumenti per il rilancio dell'economia», aggiunge Calderoli. «I tagli alle spese - conclude l'esponente leghista - comporteranno sacrifici per tutti, a partire da ministri e parlamentari. La regola del 5% che hanno applicato in altri Paesi può valere in alcuni settori, ma in altri potrebbe essere anche più pesante». (Fonte: Ansa). [...]
Obviously I had not done a lot of illusions, however, note with satisfaction the statement of common sense from a politician, in view of the inevitable "iron times" we expect more and more over the next months / years of economic depression.
certainly not I expected a chorus of approval by the manger policy, but never imagined that there would be the courage to oppose vehemently to that provided "a drop in the ocean" of waste and the greed of the class / caste politics. But we read a bit 'reactions, all taken from this page usual Corriere.it.
[...] BINDI: THE 'CUT TO THE POLICY, BUT SERIOUS - Rosy Bindi, who is also from the march Perugia-Assisi, said: "The cost-cutting policy needs to be done seriously because the measures announced are a sprinkle demagogic not solve the problem. " "The Government - Bindi said to journalists - is to fully assume its responsibilities with respect to the current crisis, recognizing its mistakes and when you ask for sacrifices to the country is also acting to promote growth, hitting the privileges and with rules against tax avoidance, which are not used to cover those amnesties la corruzione. [...]
Per "seriamente" la Bindi cosa intende? Sarebbe interessante saperlo: da una lettura iniziale sembrerebbe di capire che per lei la riduzione del % degli emolumenti politici sia addirittura troppo poco!
Siamo in trepidante attesa di conoscere le sue proposte rivoluzionarie e decisive, che puntualmente non arriveranno ...
[...] CICCHITTO: TAGLI ANCHE A REGIONI E PROVINCE - Fabrizio Cicchitto, presidente dei deputati del Pdl, fa delle aggiunte alla proposta di Calderoli di tagliare del 5% gli stipendi di parlamentari e ministri . « Vanno considerate tutte le voci riguardanti il taglio della spesa pubblica e i costi della politica . Il ministro Calderoli ne ha ricordati alcuni, noi ne ricordiamo anche altri. Bisogna tagliare o bloccare la spesa di Regioni, Regioni speciali e delle province, in attesa del loro superamento, previa però, per evitare di fare demagogia, riassegnazione delle loro funzioni». [...]
Il capogruppo pidiellino Cicchitto - a conferma dell'assoluta trasversalità di certe istanze "sindacali" - si spinge oltre la Bindi, ricordando che "ci sono anche altri che mangiano": la decodifica della dichiarazione Hon is more or less the following "Go ahead you, to laugh at us! "
also the tactics of the expansion to the topic - in this case by a clear and detailed proposal for a general discussion on politics - is as old as the cuckoo , and is the best way to unleash big media fuss and then fail to solve anything: of course, simply because the proposals run the risk of being viable, never!
But the minister / coordinator La Russa is even more blatant : read!
[...] RUSSIA: A SALARY Devolvé - "I have a detailed proposal: to devote each year a full salary of all those who have responsibilities related to management policies or politics. The corresponding value of the salary will be restored to the budget, or perhaps staggered installments in the eleven months. " The Minister La Russa on the sidelines of the celebration of the anniversary of the Foundation 158esimo Bersaglieri in Milan. For the minister in any case we must be careful not to demagoguery, " The proposal to reduce salaries and be appropriate when we do a financial maneuver that produces sacrifices for the Italians, then is not something that has to do with the caste otherwise I would have otherwise. " [...]
Sic! He had the courage to tell him that the pay cut, is willing to do so only as a last resort (ie to prevent the angry people jump to the throat with a cleaver)!
Write me a little 'calmed and distracted, but I bet you angered a few others that you will be reading this. :-)
I take the time to make some statement of intent , which I hope di riuscire a mantenere, in merito agli interventi di prossima pubblicazione nel breve e nel medio termine.
Ho una mezza intenzione di fare un piccolo dossier divulgativo sul tema del Federalismo fiscale e della sua applicazione nostrana, al fine di provare a capire realmente se e come potrà migliorare le nostre vite ed alleggerire il carico fiscale.
Più in là nel tempo ho invece in mente una "sorpresa" , avente a che fare con la statistica e le aspettative economiche ... Ma ci sto ancora lavorando su, per cui evito di scoprire le carte, onde evitare figuracce!
Buona domenica a tutti!
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