【Native Speaker每日综合训练—37系列】【37-06】经管 Muddy Waters

小蘑菇开始打怪

内容：AceJ&小蘑菇开始打怪   编辑：小蘑菇开始打怪

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写在前面：
Hello，大家好，我是刚刚加入小分队工作组的蘑菇，非常意外能够加入小分队，从二月底第一次跟小分队，到现在都三个月了，在小分队收获了很多，所以周二晚AceJ问我要不要加入工作组，我感到非常惊喜...虽然...我此时此刻还欠着作业...我错！...
我之后会负责每周四经管部分，今天是第一次发稿还有很多不熟悉的地方，从昨晚的找材料到现在的排版，每一步都感觉之前的成员你们真的太不容易了！还有多谢AceJ一直帮我教我~
今天的内容是关于Muddy Waters，是一家做空机构，前几年查出了好多在美上市中概股的财务造假问题。因为最近在做关于它的案例分析，所以干脆就找了类似文章~

Part I: Speaker

Taking Business Back from Wall Street

Source: Harvard Business Review

http://blogs.hbr.org/2014/05/taking-business-back-from-wall-street/

[Rephrase 1, 10:09]

白夜非夜

T2 1.16
NQ was charged by S&S with flaud about its share in China. NQ fought back but could not completely clarify. An investigate committee was set up to look into it.
T3 0.54
The investigation is about to finish after six month and no evidence was found against MW. Shares of NQ benifited from the annual report of investigation result.
T4 1.27
SF is actually a canadian company and MW is a Hong Kong-based research shop, instead of a hedge fund. MW took advantage of SF and many companies are hiring MW for fishing stratey. But this strategy is not efficient because the hedge fund can research hundreds of firms and is not limited to take short position.
T5 1.22
The harmful results are obvious. It is hard to prevent other companies from using the information. It is bad for competition with Chinese IP0s. The firms paying for fishing stratey could also get hurt.
T6 2.13
RINO's stock price was going down in 2 years and WM also made a report which was said to be generous. The report showed the condition in RINO was worse than expected.

AKINAARASHI1

Time2 2:26
NQ Mobile was accused by an investment company that the NQ was hiding something.
The investment firm found that their purported revenue is fictitious and that their real market share in China was far below its claims.
The NQ now can't 100 percent deny what was found by the investment community.
An independent company is set up to investigate MW's claims.
Lately, the NQ said that the investigations are nearly complete.\

Time3 1:03
The investigation team incestigated lots of things ofthe NQ and spent almost 6 months on this case.
Finally the report said that the team found no evidence that the NQ engaged in the fraudulent conduct.
So far MW has made no claims about the report and NQ is going to report the final result.
The price of the share of NQ goes up by 17 percent after the report came out.

Time4 1:43
Actually, the NW is a hedge fund.
Earily, it accused SF to shorted its stock, then made a tidy profit as the price fell.
Now the NQ thing is yesterday once more that NW wanted to use this strategy to make some profits again.
It can be inefficient for individual investor to do this, because of the high expense and the low probility of success,
but the hedge fund has all kinds of resources to do this.

Time5  1:50
The harmful results are obvious. It is hard to prevent other companies from using the information. It is bad for competition with Chinese IP0s. The firms paying for fishing stratey could also get hurt.

Time6  1:52
RINO's stock price was going down in 2 years and WM also made a report which was said to be generous. The report showed the condition in RINO was worse than expected.

Obstacle  5'26"
Muddy water started its business by finding the untrue claims related to Orient Paper. After that, this company did some similar opearations to China dishonest company. At present, it decided to explore other emerging market to find chances. Although a good whistleblowers, Muddy water also wants to do some long-term investment.

JimmyCruz

回忆：NQ mobile被muddy waters说财报有假，很多数据都是骗人的。然后德勤和SS就 进行了调查，结果发现并没有任何证据证明NQ造假。
Memo
SS and deloitte had involved in a investigation because of the accusation of muddy waters claiming NQ’s annual report is fraudulent.
Muddy water is a investment research company that reveals business fraud, data fraud or other things that company would hide.
Muddy waters initiated a coverage of NQ with a strong sell.
Mw claimed that the biggest customer of NQ might be really NQ. Its socalled market share in china is probably 1.5%, versus 55% as it claimed. Its revenue might be around 250000 rather than 6 million.
An independent committee was set up to investigate MW’s claim. On Wednesday, NQ issued a statement saying that the investigation into the fraud allegations are nearly complete.
The investigate team, comprised of SS and Deloitte, has conducted a far-ranging research of NQ’s business activities, financial records and cash, major partners in China and overseas, and major acquisitions to investigate the claim of MW.
Thus far, SS and D have found no evidence of NQ engaging in any fraudulent activities as claimed by MW.
MW has not issued any statement to reply to the latest results.
NQ’s market price soared more than 17% after the opening day.

MoniCat007

小蘑菇开始打怪 发表于 2014-5-29 22:12
Part III: Obstacle

2016 Sept.28  (37-06)

Time 2- 2:22
Time 3- 1:09
Time 4- 2:35
Time 5- 2:09
Time 6- 3:26
Obstacle- 6:42

Mein

Sep28
Time2:01:50.90
Time3:01:17.80
Time4:01:40.90
Time5:01:33.80
Time6:02:44.80
Obstacles：04:34.90

SukeyZhou

Time 2  00:01:10
Time 3  00:01:01
Time 4  00:02:37
Time 5  00:02:11
Time 6  00:03:02
Paraphrase 7  00:06:23

87060695

speaker
额，好快，真的没咋听懂啊，好长，待我下下来好好好听
speed
掌管 1        00:02:04.58        00:02:04.58
掌管 1        00:01:33.67        00:01:33.67
掌管 1        00:02:29.33        00:02:29.33
掌管 1        00:01:48.17        00:01:48.17
掌管 1        00:02:44.81        00:02:44.81
obstacle
掌管 1        00:08:51.88        00:08:51.88
Block is the founder of Muddy, known for spotting fraudulent accounting practice at chinese companies.
He first noticed chinese companies' fraud was two years ago. It was ONP that his father wanted to invest. However, he found something wrong with the company's finance and sent a report.
Since then, Block has digged several chinese comanies' fraud.
The most famous case was about the SF comany.
And Block introduced his measures of seeing frauds like paying attention to companies' respond of criticism.
In the last, Block hints that Muddy is also planning to make a bet on stocks and it wants to buy for long-term.

TINGYI-2014

谢谢蘑菇~~~赶作业赶作业赶作业。。
2’30 a NQ company maybe does some faulty thing and D and S is into the issue.
59' no evidence can prove the company does the things
2'25 introduce of the MW and the hedge fund
1'39 author's opinion on the hedge fund, the fishing behavior
2'53 the mw accused of R, a another company in the N, to be overvalued.and the evidences
5'18 MW look into many chinese company...they may cry:why the father liked the chinese company---and the market react quicily---somy investors believed the reports----and some commend---they may turns to other emerging market.

PSY-ELSA

[SPEED]
[TIME 2] 1:54
[TIME 3] 1:00
[TIME 4] 2:33
[TIME 5] 2:14
[TIME 6] 2:31
[OBSTACLE] 4:46