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The $30 million in stock loan liabilities represents the cash that is borrowed by the fund These loans are secured by some of the $40 million in common stock held as long positions The $10 million difference represents a haircut or required margin The fund may also have excess collateral, which gives the fund some room to lose money on its positions without being thrown into liquidation It is also possible that the fund holds some positions that cannot be nanced (restricted stock, small private issues, or other nonmarginable positions) 62 It is possible to calculate leverage by adding the long positions to the short positions (treating both as positive values) and dividing by the capital This result of 225:1 ($40 million plus $50 million $40 million) is reasonable Frequently, the leverage will be calculated from the assets on the balance sheet and the liabilities will be ignored.



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23.2.2 Network Architecture The xed network architecture consists of a IEEE 802.16 capable base station (BS) (Fig. 23.1) that serves xed users, called subscriber stations (SS), spread over a range up to a few miles (typically up to 3 10 miles). Each user, typically a home or a building, has a roof-top IEEE 802.16 transceiver that is used for communicating with the base station. In December 2005, IEEE also approved the IEEE 802.16e standard, which supports mobile users. The support of mobility is signi cant, and, if successful, this standard will provide serious competition to cellular network data users.





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These changes to the normal movement of traf c are handled under what is called Temporary Traf c Arrangement (TTA), and is governed by the Code of Practice for the Lighting, Signing and Guarding of Road Works 4th issue which came into force on the 1 July 2007 This incident revolves around the TTA schemes on the project and how they were managed to reduce non-compliance (NC) and inconvenience to the public and the engagement of various stakeholders The stakeholders in the TTA schemes included the following: 1 Road users (General Public) 2 Client s Audit Team (Research and Development section) 3.

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Using this methodology, the leverage is 25:1 ($40 million + $60 million $40 million) The $60 million serves as a proxy for the short positions, because it represents the collateral posted to borrow the stocks held short The fund has $10 million tied up in haircuts on the short positions A hedge fund probably would not want to buy the asset It would expect to lose money borrowing at 5 percent to invest in the security expected to earn 3 percent In fact, the fund probably shouldn t buy the asset at all (without leverage) because any unused capital could earn a higher return as a short-term investment earning 5 percent The fund might buy the asset anyway if it is part of a strategy that is expected to make money overall (a basket trade, for example).

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Traf c Management Liaison Group (TMLG) (which comprised the Client, Contractor (and his Transport Consultant), ER, Police (Road Management Of ce and Traf c Management Bureau), Transport Department (Engineering and Operations section), Representatives of Adjoining Businesses, Lands Department, Local Council representative) The key stakeholder was the TMLG, whose decisions supersede the contract provisions regarding the TTAs The key players in the TMLG were the police and the Transport Department, with the other members tending to go with whatever these two decided The contractor and his Transport Consultant were responsible for the design of the TTAs The proposed arrangements are then presented to the TMLG for deliberation and approval Once approved, the TTA becomes the standard against which NC is determined.

A manager might buy the asset despite the expected loss if the security improved the characteristics of the portfolio (the risk of loss, favorable cash ow, favorable tax treatment, or other factors)..

In the 1980s a computer programming language called Logo became popular, targeted toward kids or others with little computer experience. It was famous for turtle graphics, a method of drawing images on the screen by moving a virtual turtle around that had a pen strapped to it. Although anyone who knew Logo knew about this scribbling turtle, Logo originally didn t have it when it was invented in the late 1960s. The turtle idea came about afterward from a real radio-controlled floor roaming robot named Irving that had touch sensors and could move backward and forward and rotate left and right. Sound familiar Logo programs could be very simple, like this one to draw a square:

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