东：当通胀率上升，实体资产。如：大宗商品和现金表现好。估值波动小而且持续期短的价值型股票表现超出大市。矿业股对金属价格敏感，在过热阶段中表现得好。能源股对石油价格敏感，在滞胀阶段中表现超过大市；
南：当经济增长放缓，债券、现金及防守性投资组合表现超过大市；
西：当通胀率下降，折现率下降，投资者购买持续期长的成长型股票。保险类和投资银行类股票往往对债券或股权价格敏感，在衰退或复苏阶段中表现得好；
北：当经济增长加快，股票和大宗商品表现好。周期性行业，如：高科技股或钢铁股表现超过大市；
他是我知道的最伟大的人之一，一个可以将自己所有580亿财产不留一分的全部捐给基金会的世界首富。他是我尊敬的一个人，如果今生有幸，真的希望能够和他见一面。很高兴知道他设立了这个网站，让全世界的人都了解他如何为人类做出贡献，我想一定可以学习到很多，很多。
立即访问：The Gates Notes
这是他的第二封年信的中文翻译：
这是我的第二封年信。今年这封信的主题是创新以及创新如何影响到前途黯淡还是光明。2009年是我全职担任基金会联席主席的第一年，同时担任联席主席的还有梅琳达和我的父亲。对 我而言，这是不可思议的一年。我非常开心可以有很多时间跟致力于解决世界上一些最重要问题的创新家们见面。我得以走出去与那些在实地推动进步的人们聊天， 包括美国北卡罗来纳州的教师、印度抗击骨髓灰质炎的医护工作者，还有肯尼亚的奶农等等。这些我所见到的一线工作，让我时刻记得需求的紧迫性以及将所有正确 的事情都聚合到一起来的挑战。我热爱我的新工作，并且为自己可以集中地把时间投入到这些领域而感到幸运。
去 年的全球经济衰退十分严峻，给世界带来了沉重的打击。而那些最需要帮助的人是经济低迷期承受打击最大的。2009年刚开始的时候，没有人知道金融危机将会 持续多久、它的破坏性将会有多大。现在看来，我们可以说市场在3月时触底，但是到了下半年经济便停止了萎缩并重新开始增长。今年，我与基金会的联合受托人 沃伦巴菲特比以往任何一年都要更加频繁地交流，我努力尝试理解在经济领域正在发生些什么。
Someone said “Strategy is about how to become unique.” So I think strategic planning varies company to company, case to case. This is just a reference.
I did learn a lot of business insights from Li & Fung and those excellent leaders, it’s such a great and successful company with huge potential, no doubt.
Source：The art of technology due diligence
As a CIO, I’ve been on the acquiring side of more than 35 companies, and every acquisition was unique. But in every case, it was my responsibility to assess the technologies of the new companies and develop the transition strategies for each.
In a series of seven articles, I will outline the process, and explain the tools, I developed for conducting the technology due diligence and assimilation required in the acquisition environment.
In this first article, I’ll discuss the need for due diligence objectives and review the process I developed for acquisition, discovery, and transition of technology resources.
Acquisition objectives
Executing an effective due diligence and transition plan is somewhat of an art because each acquisition is unique. There are similarities, however, especially when acquiring companies that boast a similar business model. It is extremely important to approach each situation objectively and rely on the discovery experience and instinct to know where to look and when to dig deeper.
A company acquires another company for any number of reasons, from eliminating competition to product diversification. It is important to know what the acquisition goal is before starting due diligence efforts in order to determine if the acquired technology organization can support your company’s goals.
If the company’s goal is acquiring new technology, due diligence becomes critical for assessing the stability and validity of the acquired company’s technology capabilities.
With every acquisition, a company should have a set of objectives as well as assumptions that are pertinent to the new company. Those assumptions may deal with the state of the company’s client base, capabilities of its management team, or its growth expectations. Before due diligence, tech leaders need to understand all of these assumptions to fully prepare. Failure at this point likely means failure in the future.
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