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It is typical for a corporation to conduct business in several distinct business units. Usually these businesses are organized hierarchically. The results of subsidiaries are consolidated into parent s results. A hedge fund may have subsidiaries. A fund may carry some or all of its assets as investments in other hedge funds. See 5 to learn more about motives for these kinds of structures. It is important to contrast this parent/subsidiary structure with the two business units universally associated with hedge funds. A hedge fund is a business unit that exists to hold the nancial assets. It generally has no physical operations. A hedge fund manager contains the employees who make investment decisions, market the fund, and account for performance. In principle, these can be completely independent legal entities. In practice, the management company may have a considerable investment in the hedge fund and may act as the general partner of a hedge fund. It would be wrong, however, to consolidate the positions and income of the hedge fund with the positions and income of the manager, because the two businesses do not t the model of a parent/subsidiary relationship. Flow-Through Entity Hedge funds within the United States are generally organized as limited partnerships or limited liability corporations (see 5). There are substantial tax advantages to these structures and tax regulations strictly control tax reporting of the fund results. 10 presents some of those tax requirements. In general, the fund is not considered an economic entity. Instead, the nancial results of the fund are allocated to the fund s investors and taxed only at that level. Surprisingly, this ow-through tax status has little effect on nancial



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Background Material A. Random Variables B. Linear Algebra C. Complex Gradients 1. Scalar-Valued Data 2. Vector-ValuedData

5. To create a link, select the menu item in the Property and enter the path in the Link field or use the Browse folder to select the file. 6. To add a tooltip to a menu item, select it and enter the text for the tooltip in the Title field. 7. To specify a target for a menu item link, select the menu item and enter the target keyword or name in the Target field. Standard keywords for targets include _blank, _parent, _top and _self. You can also enter a frame name.

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When you convert an image from one of the color modes to the grayscale mode, Photoshop normally weights the values of each color channel in a way that retains the apparent brightness of the overall image. For example, when you convert an image from RGB, Photoshop weights red more heavily than blue when computing dark values. This is because red is a darker-looking color than blue (much as that may seem contrary to popular belief).

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When you want to search for a photo, you can be very specific, combining several keywords and a rating level (that is, 3 stars or better), as well as metadata information, such as the date a picture was taken. (See the next section, regarding metadata.) For instance, we could search on the keywords Pennsylvania, resort, Sterling Inn, stream, Sally, dog, Cuddles; furthermore, we could limit the search to photos that we rated 4 stars or above, and to pictures taken in December 2004.

Fig. 5.4 Block diagram illustrating the implementation of the generalized xed-point learning algorithm developed by Hyv rinen-Oja [595]. a means averaging operator. In the special case of 3 2 optimization of standard kurtosis, where g(y1 ) = y1 and g (y1 ) = 3y1 .

1. Drag the Picture 1 field onto the tab, releasing the mouse button when the field s left edge and top are in the approximate position you want. 2. Select the field and make the necessary changes to the Size palette, as shown in Figure 4-20.

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