Molecular basis of aging in relation to fertility Essay

Molecular basis of aging in relation to fertility - Essay Example Aging is defined as â€Å"a progressive, time-dependent deterioration of an organism’s capacity to respond to environmental changes, which ultimately makes it susceptible to death† (Allen and Balin 4). It is a widely-accepted idea that aging is a natural process that occurs in all living organisms. Since the process of aging most likely would be affecting an organism’s overall body functions, it would also greatly affect its capacity to reproduce, eventually leading to a decrease or the loss of fertility of the said organism (Liu and Case 1169). At present, there are numerous links between chromosomal and DNA damage not just to the aging process of an organism but also on fertility. A female’s capacity to conceive and give birth, or a male’s capability to contribute in conceiving a child is called fertility (Masoro 161). In order to proliferate the species well into numerous and succeeding generations, organisms must be able to produce as much offsp ring as possible that are able to adapt to the current environment that they live on. For that to happen, the process called natural selection takes place (Torday and Rehan 12). Also, the energy that flows within the organism is appropriated in such a way that during the process of reproduction, most of the energy from the consumption of food is distributed to the body’s reproductive systems, mostly to the rapidly-dividing cells called the gametes. However, once the organism starts the process of aging, the energy being exerted for reproduction is reduced and more focus is given to the maintenance of the organism’s body, especially when there is the presence of a rapid breakdown of cells as well as the decline of cell-to-cell communication within the systems and organs (13). Not only is the production of cells affected by aging, but also the process of DNA replication and repair as well. Due to the proliferation of damaged DNA especially in the sex cells of the organis m, it would eventually contribute to the creation of deformed or dysfunctional oocytes or spermatozoa that would eventually be the cause of the loss of reproductive capability or infertility among aging organisms (Sikka 78). Among pregnant women, the imbalance of antioxidants and pro-oxidants may result to oxidative stress due to reactive oxygen species (ROS), which could affect DNA production when in excess, or affect cell-signaling pathways when deficient (Dupont, Cordier and Junien 25). Also, due to the age-associated decline of female fertility can be attributed to the abnormalities found in the oocytes themselves. Due to the abnormalities in the folding of the DNA and eventually, the abnormalities in the alignment of the chromosomes during meiosis and diakinesis which can be attributed to the mutations in the microtubules, preimplantation of embryos or aneuploidy in the fertilized egg may cause spontaneous abortions among older pregnant females (The Practice Committee of the Am erican Society for Reproductive Medicine (PCASRM) 248). Male fertility is also greatly affected by ROS, wherein the spermatozoa membranes would be highly-susceptible to oxygen damage due to the peroxidation of lipid membranes, damaging the sperm and rendering them incapable of fertilizing the ovum (Sikka 78). Also, the presence of errors in the DNA called nicks could also contribute to male infertility due to loosely-packed DNA and chromatin disorganization (Sakkas, Urner and Bizzaro 11). These nicks may be attributed to age-induced DNA

Summary of complexity and contradition in architecture Essay

Summary of complexity and contradition in architecture - Essay Example This is because Venturi’s main argument stated that natural rules to the entire architectural domain are able to be realized through rational thinking (Venturi & Museum of Modern Art, 2007). Venturi uses political interest and debates that arose from the enlightenment of philosophers. Optimism is the greatest concern expressed by Venturi  in this text claiming, â€Å"Everything is for the best in all possible worlds.† Therefore, despite all the hardships that Venturi  goes through, he believes in God’s proclamation and trust in him sees his dream come true at the end. The expressive nature is in a reductively simplified version of the philosopher’s whom Venturi  went to seek advice from when overwhelm about his true destiny. Even Venturi  endures disappointment of his previous feelings about successfully overcoming the stress he was enduring. The architecture employed in Venturi’s argument was a vast asset for fostering the American intellect and administrating the state and republic. According to Venturi’s argument, Monticello will be grounded on the limitless liberty of humanity. He also thought that a reasonable system of or der administrated the natural world, and by applying scientific policies, man’s condition could be greatly

Samurais Values In The Tale Of Genji English Literature Essay

Samurais Values In The Tale Of Genji English Literature Essay The Tale of Genji is one of the greatest works in Japanese and world literature. It was created at the turn of X-XI centuries, in the era of rapid formation and flowering of Japanese culture.  Its author was a lady, known as Murasaki Shikibu. This books tells about the life of that period in Japan, having some historical incidents, including the life and traditions of samurai. It tells about the life of  Genji, a son of the  Japanese emperor, also known as Hikaru Genji. The tale concentrates on his romantic life and describes the customs of the aristocratic society of the time. Genjis was a well known man, respected and honorable, and also a good looking. His most important personality trait is the loyalty, the trait he shows to all the women in his life. Once Genji found a house on Gojo, over the roof of which he saw a green vine, with beautiful white flowers called yugao the twilight beauty. Soon Genji got acquainted with the lady of the house, they fell in love with each other, and he visited her every night. However, their happiness did not last long, as an evil spirit possessed Yugao and she suddenly died. Genji was so upset, he blamed himself for the death of his love. There is no telling how depressed and disappointed he was!. ( Puette, William J, 78) At the same time he kept everything in a secret, not to let anybody know what had happened, as it was a question of his reputation. With the help of Koremitsu, his confident, Yugaos funeral was held secretly, but with all due respect. One evening, one of Yugaos servant ladies Ukon told Genji who her mistress really was. Although she had blue blood in her veins, Yugao lost her parents when she was little. So shy and humble was Yugao that she would hide everything behind her sorrowful smiles. But her memories would never perish from Genjis heart. It is important to point out, that the main character was a samurai, so he had certain values. An outlook of Samurai Bushido is the unwritten code of conduct of Samurai in the society, it is a set of rules and norms of the true ideal of a warrior. Bushido means the way of the samurai, the warrior, in addition the word is also translated as duty, morality. Thus, bushido is samurai morality, virtue, moral and ethical code. Bushido is a practical morality, samurai believed it is method of improving mental and physical health.   Bushido was designed to teach proper life in feudal Japanese society.  It combined  a theory of existence and the study of the human psyche, and solved issues related to the notion of the essence of the individual, its role in the world,   meaning of life, good and evil, moral values and moral ideal. Samurai was keenly aware  of their moral duty, in particular their personal responsibilities in relation to overlord, had to assess their own actions and deeds,  morally condemn themselves if misconduct, breach of duty.( Puette, William J, 145) The main value of samurai, first of all, was loyalty to overlord, expressed in service to overlord, to be of service is to put another above yourself. Loyalty is faithfulness or a devotion to a person or cause. It relied the provisions of loyalty, drawn from Shinto, Buddhist belief in impermanence of all earthly things, which strengthened from a samurai spirit of sacrifice and do not fear death, and philosophy of Confucianism, which made loyalty of the first virtue. Near loyalty was the principle of duty. (Shirane, 45) One of the key value of Samurai was personal courage, unbending courage. True courage is to live, when lawfully to live, and die when lawfully to die. Samurai should go to the death with a clear consciousness of what to do and that is not worth his dignity. The sense of honor is also very important. The consciousness of self-esteem is brought up in Samurai from childhood.  Warriors strictly guarded their good name, a sense of shame was for the samurai hardest.  We can see at in the book, while Genji always behaved with sense of honor, he said : I should weigh every word and always ask myself, is it true that Im going to say. Also Genji was polite with women, he showed his good attitude and manners to all the women in his life, as he never abandoned any of them.  He had  the true goodness of the mind and spirit, the unbiased kindness to do good. Honor and glory valued higher than life for samurai, . In all his actions samurai was supposed to come from considerations of the higher justice and fairness. A true samurai had only one judge of his honor himself, as you cannot hide from yourself. It is important to point out such value as the Wisdom of Honesty, as honesty is the human quality of communicating and acting truthfully, related to truth as a value, and Genji tried to be honest, and first of all with himself. So The Tale of Genji is one of the greatest works in Japanese literature, as it truly depicts life and traditions of samurai in that time. The tale of Genji shows socio-philosophical traditions of the society, it is devoted to samurai tradition, existed for thousands of years.  Those looking fierce and tough warriors, ready at any time to resort to his sharp shiny swords, were stern and ascetic life, full of inner discipline and poetry. Their whole life comes down to, to die with dignity, while maintaining their honor. Their world is based on honor, generosity, service, courage, sacrifice and a highly developed culture. Love theme is reflected very touching in the book, and sad heartfelt poetry with oriental motifs emphasizes the dramatic, romantic atmosphere and a samurai love theme of the book. Feel the deep meaning, a philosophy, and enjoy the overall beauty of the book, and also learn a lot from the eastern people patience, generosity, diligence, discipline, ability to appreciate every moment of life lived Work cited: Puette, William J.  Guide to the Tale of Genji by Murasaki Shikibu. Rutland, (1983) Shirane, Haruo.  Envisioning the Tale of Genji: Media, Gender, and Cultural Production. New York: Columbia University Press(2008) Morris, Ivan.  The World of the Shining Prince. New York, 1994. Mostow, Joshua S. Picturing   The Tale of Genji.  The Journal of the Association of Teachers of Japanese.  April 1999. (1-25)

The Louisiana Purchase :: essays research papers

The Louisiana Purchase was the purchase of the French province of Louisiana by the United States in 1803. The province stretched from the Mississippi River westward to the Rocky Mountains and from the Gulf of Mexico northward to Canada, covering an area equal to that of the United States, prior to the purchase. Except for the Mississippi River on the east and Canada on the north, the boundaries were indefinite. The United States also claimed West Florida between the Mississippi and Perdido rivers as part of the purchase, but Spain denied the claim. As a result of the purchase, the port of New Orleans and the entire Mississippi system were secured for American shippers, and the country was free to expand toward the Pacific Ocean. The price wa $15,000,000 for an area of 828,000 square miles (2,145,000 km) - less than 3 cents an acre. In 1800, Napoleon Bonaparte got Spain to return it by a secret treaty. Napoleon planned a French empire in the New World, with its center at New Orleans. President Jefferson was alert to the dangers of a powerful nation controlling the mouth of the Mississippi. He instructed the American minister to France, Robert R. Livingston, to open negotiations to buy New Orleans and some territory east of the city. A treaty would have to satisfy the financial claims that some United States citizens had against the French government. Finally the French continued to claim that the province still belonged to Spain. Jefferson sent James Monroe to help with the negotiations, and authorized him to spend no more than $10,000,000. Napoleon offered Livingston and Monroe the entire province of Louisiana in a treaty dated April 30, 1803. The American negotiators agreed to pay $11,250,000 to France and $3,750,000 for the French debts to United States citizens. The purchase forced Jefferson to give a broad interpretation to the Constitution, which did not specifically grant authority for acquiring new territory.

Compensation Package Proposal

Compensation is a very important aspect of the employee of a company; it seems important a well-defined compensation package is in place. â€Å"Compensation involves direct cash payments, indirect payments in the form of employee benefits, and incentives to motivate employees to strive for higher levels of productivity. † (Cascio, 2010, p. 413) It seems a compensation package will be different for each different career type but must always meet the needs of the employees and the organization. A proposal for a total compensation package for the information technology employees of Wal-Mart needs to be written.This proposal will include a description of the job group, a salary table for specific positions, a placement policy, benefits packages, and the way the plan is implemented by the organization. Job Group Information Technology Employees Information technology seems to be a field with rapid growth; according to Taylor (2010), careers in the IT world expects to grow 32% by 20 18. It appears every company has some kind of computer related work involved to help the company succeed. â€Å"A strong background in the technical fundamentals of computer science and programming languages like Java, Microsoft.NET, and C++ are obviously important for success in the field. But a creative brain and an ambition to stay updated on the newest advances in the field — whether through books or training — are also key† (Taylor, 2010, para. 4). Information Technology also involves strong communication with others, creativity, the ability to work in a team, and a strong undergraduate background. Although much knowledge is need to succeed in IT, it appears the pay scale and advancement opportunities will pay off.Positions within this area of work include cyber-security, graphic design, technology architects, web page developers, and software engineers. Wal-Mart seems to be in search for technology employees. Technology is use in Wal-Mart to run the global market. Wal-Mart (2012) states that â€Å"[The company] is focused on developing new technologies to transform the way customers’ shop†¦we’re helping to improve operations, back-room systems and Wal-Mart’s world-class logistics network, speeding products to customers across the globe† (para. 1).Wal-Mart’s technology department makes up of 3,500 employees in the United States and 2,000 globally (Wal-Mart, 2012). Wal-Mart (2012) states that a career in the technology department of the company will offer an employee exciting projects, investments in new technology, training, development, and exposure. Wal-Mart seems to offer careers such as Software Quality Engineers, Sr. System Engineers, Software Developers, and Project Managers. Salary Table This salary table is created for the job group and specific positions offered by Wal- Mart.To determine where an employee would fall within the salary category, the guidelines are list below: Minimum- Thi s is the entry level, this means the person fulfills the minimum job requirements. Level A- The employee has the experience and knowledge to master most of the duties in an independent manner. Usually, employees who fall in the Minimum and Level A stage are in their developmental phase because they are still learning. Level B- This employee is highly experience and his or her level of productivity exceeds the job requirements.Employees whose salary fall in an Level A and B are in the maturity phase because they have mastered the skills. Maximum- The employee is continuous producing results that are above the requirements. Employees in the level B and Maximum are in the leadership phase. They have demonstrated superior leadership skills and strong commitment to the organization. ProfileSoftware Quality EngineerMinimumLevel ALevel BMaximum Entry- Level $44,497$49,036$54,023$58,869 Mid- Level$54,498$60,978$68,095$76,144 Senior- Level$70,429$78,825$88,047$96,980ProfileSystems EngineerMi nimumLevel ALevel BMaximum Entry- Level$46, 419$50, 843$55,702$62,267 Mid- Level$56,277$62,815$69,996$77,381 Senior -Level$69,723$77,109$85,221$94,213 ProfileSoftware DevelopersMinimumLevel ALevel BMaximum Entry- Level$41,844$47,393$53,488$59,942 Mid- Level$54,916$62,019$69,821$78,016 Senior- Level$71,549$79,009$87,202$95,965 ProfileProject ManagerMinimumLevel ALevel BMaximum Entry- Level $42,248$50,143$58,815$68,409 Mid- Level$57,560$66,878$77,113$88,150 Senior -Level$70,110$79,759$90,356$102,019 Placement PackagesProper compensation is essential for members, staff, and organization so that it is a field of education and professional title of Employment Placement Specialist. Often times there can be an imbalance of effort in the workplace; qualified candidates need to be met with sufficient recompense. Pay structures can vary by hourly wage, tier, grade, salary or levels. Wal-mart’s employee compensation will be set at hourly rates depending on beginning and intermediate exp erience level and transition to salary for at the junior and senior levels.The range of experience with respect to compensation is as follows Beginner Zero-Two Years of Experience; High School Diploma or GED IntermediateTwo-Five Years of Experience; High School Diploma or GED; previous work experience; on the job experience Junior Five-Ten Years of Experience; High School Diploma or GED; College Degree; previous work experience; on the job experience Senior 10+ Years of Experience; High School Diploma or GED; College Degree Master’s level; previous work experience; on the job experience Compensation ranges will be discussed during interview process.Once a candidate is select, a definite wage will be set for beginning and intermediate positions. For junior and senior level a series of predetermined work related questions, including levels of education, work experiences, and qualifications will determine the salary offered. Employees will receive medical benefits and bonus or m erit packages. Compensation levels and packages will be present to executive staff managers for approval or change, and incorporate necessary changes. In addition communication with HR is necessary for successful implementation and effective monitoring of process along with proper literature.Benefits Package As with any organization, Wal-Mart provides their employees with benefits packages that suit the needs of those who are involve. Some of the most popular benefits are those indirect and not of monetary value the way a salary or hourly pay is. Some of the more popular benefits are insurance, overtime, leave, flexible timing, and retirement. These options are more widely offered because of the long- term benefits of job stability and employee retention. When an employee offers a benefit that they may use in the future or take advantage of more often he or she may be more likely to appreciate his or her position.Perhaps the most important indirect benefit that many people take adva ntage of is insurance. By having coverage through their employer an individual would not have to worry about finding a third party and paying more for health care costs. â€Å"Insurance coverage, for instance, is often terribly expensive, so the company that offers medical and/or life insurance to employees as part of its benefits package is bestowing significant savings on those employees and their families† (Reference for Business, n. d).If Wal-Mart were to offer their full- time employees coverage that was affordable and widely accepted it is believe that many of their employees would have a better experience with their jobs. Although benefit packages, direct or indirect, are offers to employees as a positive incentive they can create obstacles when accepted. For instance, if an employee considers salary, exempt, they are not required to be paid overtime even if he or she has worked the hours. This might cause a problem between the employee and management because he or she are being overwork for no pay.Being paid overtime considers an indirect benefit because many employees, as with Wal-Mart, are not expected to work more than 40 hours a week. This same kind of issue may arise with an employee choosing to use the company insurance, which is a benefit for him or her. They may have needs, not covered in the policy that provides, and still have to pay more out-of- pocket than expected. The best way to avoid issues with indirect compensation is to be sure everything is explain, in writing, to the employee so that the employer is not at risk in the future of acquiring a fair labor law suit brought upon him or her.Wal-Mart should create a detailed benefits package for their employees to read and sign in acknowledgement. This will ensure that everything is understood and that all questions regarding the indirect compensation are asked and addressed appropriately. Conclusion Compensation was once the foremost attraction to a workplace. People traveled the tr aditional roadways of education with the ultimate destination of a first-rate job in their field with best reward.Today with elevated unemployment rates, a world crammed with terrorist, cancer, and other illness invasions, natural disasters, and plain old trigger happy citizens; qualified, unqualified, and over qualified candidates alike are seeking two for the price of one. A job to make ends meet while enjoying life and all its positive proffers. Whatever the reason is necessary that organizations meet the needs of its qualified candidates with fair and appropriate compensation be hourly wage, tier, grade, salary or level. Employees which are fairly compensate perform better in the workplace and in their personal lives. Work is not man's punishment. It is his reward and his strength and his pleasure. † –George Sand ? References Cascio, W. (2010). Managing human resources (8th ed. ). New York , NY: McGraw-Hill. Taylor, M. (2010). The wall street journal. Retrieved from http://online. wsj. com/article/SB10001 424052748704358904575478133397664058. html Reference for Business (n. d). Employee benefits. Retrieved from http://www. referenceforbusiness. com/small/Di-Eq/Employee-Benefits. html Wal-Mart (2012). Retrieved from http://careers. walmart. com/careers-in-technology/ http://humanresources. about. com

The Blackstone IPO

Q1. What are the built-in tensions with a public private equity firm? How does Blackstone's structure attempt to reconcile them? 1. Transparency (disclosures of financial statements) The reason why investors are willing to let the required rate of return decrease is the lower concerns about asymmetric information due to the disclosures of financial statements. In the past, in order not to be subjected to Investment Company Act of 1940, Blackstone once analyzed its operations and concluded that it was not an investment company.The SEC subsequently reviewed the conclusions and did not object. However, if it goes public, it will face problems such as its financial reporting, which should compliant with the GAAP. Therefore, Blackstone hired Jasvinder Khaira and tried to consider the business scope and to create the best business model. Nevertheless, we think that as an IPO company, Blackstone must fully disclose its financial statements and it is also the must-pay and tradeoff to lower t he costs of capital.This is also the problem that Blackstone couldn't wholly resolve from purely adjusting the financial structure. 2. Risk of employees resigning triggered from the change of compensation package Before going IPO, underwriters raised the concerns from unitholders: ‘though it will bring benefits to the existing LPs as the managing of closed deals from employees, it may also let them neglect the growth of company from developing new deals. ’ Part of carried interests, as proposing closed deals, should be converted into units and withdraw in the coming eight years.As a result, the benefits of both unitholders and employees can be adjusted into the same direction. However, the lock-up eight years of the units will face the volatility risk of stock price, which will also trigger the possibility of resigning trend. Therefore, the management team came up with the idea that the other part of closed deals should be converted into unpaid carried interests, which can be converted into shares immediately without withdrawing in the coming eight years.Then, employees can both care about the benefits of unitholders and LPs. [Note] Additionally, in order to compensate the shares dilution of the existing partners when going public, Blackstone established a pool of unissued shares and kept the shares in the pool at the 15% level of shares outstanding. Whenever employees get promotion in the future, shares will be taken from this pool as rewards and motivation for employees to work hard with the company and lowering the resigning risk. [Note]The risks of professionals resigning mainly come from the following two parts: (i) Locking up for eight years of all carried interests will let them face the volatility risk of stock price and consider of quitting jobs; (ii) If converting all carried interests into units and vested immediately, employees will cash all of them out from the market and quit jobs as well. In order to get the balance, the hybrid way as mentioned above was adopted. 3. Volatility of stock price After going public, stock price will be influenced by not only the disclosure of quarter financial reports but also the macroeconomic environment.It may cause the panic to investors as well. Investors may overweight the short-term performance and ignore the long-term value of the company. Blackstone still targeted on the benefits of Limited Partners, which meant it still cared more about the long-term rather than short-term performance. This investment strategy made its short-term profitability more volatile, which could be explained by the essence of private equity. That is, if there is a significant business/case done in one specific season, the earnings of the season will be much higher that the others. As a consequence, the stock price might volatile significantly.To reassure unitholders who might be disconcerted by the unevenness of private equity returns, and the resulting volatility in the stock price, Blackstone of fered a guaranteed annual dividend of $1. 20 per unit through 2009. The firm would pay more if possible, and the dividend would occur before any distributions were made to other equity owners. As our point of view, though IPO will lead to short-term ups and downs of stock price, it will eventually reflect the real values of the company in the long run, consisting the stock price with its long-term performance.4. Short-term losses from the change of compensation package after going public With the shares vesting in the future, Blackstone expected to face deferred cost approximated $13 billion. It may record significant net losses for a number of years following without paying any interests or dividends hereafter. As a result, Blackstone developed a metric called â€Å"economic net income,† which excluded the impact of income taxes, noncash charges related to the vesting of equity-based compensation, and amortization of intangible assets.By using the economic net income metric, the Blackstone‘s executive team argued that this metric was justified, as the future noncash charges reflected an extraordinary situation, incurred only because of the one-time event of the firm’s listing. Moreover, the stream of income against which these expenses would be offset was uncertain but highly likely to be more than enough to cover these costs. Furthermore, the management team also thought that this $13 billion expenses was based on the extreme assumption that all the employees would not leave their jobs in the coming eight years.If they left the firm before their vesting period was up, they would forfeit unvested shares. Therefore, the current assets were very likely to produce more than enough futures revenues to cover the costs. 5. Two-tiered taxation problem Take limited company as an example, profits taxed at the corporate level and then again at the level of the recipient when paid out as dividends. As a consequence, Blackstone decided to adopt the Ma ster Limited Partnership (MLP) structure.In this way, the taxation at the corporate level can be wiped out and profits will only be taxed at the recipient level based on the units he/she gets. 6. Interference of management If Blackstone had adopted the limited company structure, investors (i. e. , shareholders) would get voting rights and have the chance to influence the company’s strategies. The MLP structure retained the limited partnership form of governance, allowing the existing management tame to continue to run the firm. Unitholders had only limited voting rights and could not elect the general partner or directors.That is, the MLP structure would permit Blackstone a governance structure that resulted in minimal change from that currently in place and minimized its ability to continue to focus on the best interests of the LPs in its investment funds. Therefore, Blackstone can ease the tensions about interference of management and governance after going public. Q2. If y ou were an LP in Blackstone, how would you view the structure Blackstone has put in place to go public? We think that there are some advantages and disadvantages after the changes in corporate structure worthour concerning: Advantages: 1. The Reputation Of The Company A public offering company can easily raise their reputation and earn the investor's awareness, and regular disclosure of financial statement will make the outsider have more comprehensive understanding about how the company operates. Therefore, we can likely receive more cases and stand a leading position in the market. 2. Acquisition Of Cheaper Capital Companies expect the P/E ratio to be around 20 after the public offering, this also implies that you can use 5% interest rate for financing.Comparing with those companies in history with ROI hovering around 30% to 35%, we can earn the significant spreads and increase our capital scale, which also help us win more cases. Disadvantages: 1. Losing Talented People Under the current operation structure, the company can successfully combine employee's effort and pay in the Fee and Carry Interest framework. However, in the open market, professional managers can choose when to sell their own stock shares and it will decrease the incentive that they will do their best for the stockholder's interest.It might also bring to the result with the decline in investment performance and negative influences on the limit partner's interest. 2. Transparency There are quite a few matters required by the government after the company was public offered. While the companies must act in line with a number of related laws and regulations , they may have to comply with these requirements and make adjustments to the company's operations. In addition, the financial statements should also be published to both the public and the competitors. 3. Whether The Management Echelon Is Still Under ControlAfter the public offering of the company, we have to take active shareholder issue into consideration when the investors are selling their shares or executing their right to vote. The company must take the cost of solving problems between the shareholders and the management echelons as well. 4. Still Focus On The Long-term Investment Or Not Since the company has set its orientation as a long-term investment target, will the company adjust their operation strategy to meet those investors who prefer the stock's short-term performance?Q3. Would you rather be a unitholder in Blackstone or a limited partner? As a financial supporter, Limited Partner mainly profit from the performance of the fund handled by the company. Also, Limited Partner would distribute related fee and carry interest, according to the performance of the fund, to the company. On the other hand, Unitholder plays a role similar to that of a stockholder, except that Unitholder has neither the right to participate in direct decision-making, nor the right to vote.Unitholder, however, has the claim to the fee and carry interest, granted by the Limited Partner, of the company. Given the difference between this two roles and the reasons listed below, we'd rather be a limited partner of Blackstone in the short term: 1. Outstanding achievements of Blackstone: Considering that the limited partner's profit is highly dependent on the performance of the fund, compared to the profit of the unitholder, we believe that if we are to directly take part in the excellent returns of Blackstone, our best choice is to become a limited partner instead of a unitholder.Inevitably, the IPO of Blackstone would, in some degree, alter the structure of the company, however, we believe Blackstone, can still retain its operating-flexibilities through modification of policy. Simply put, we think Blackstone possesses the competence to maintain, or even surpass, its current performance, and by becoming its limited partner, we can gain a share of the profit, maximizing the value of our mutuality with Blackstone. 2 . Option of transforming into another formIn terms of the by-laws of Blackstone, a limited partner would be endowed with the right to switch him/herself to a unitholder, even in several years. That is, we can choose to turn ourselves into a unitholder if we'd like to carry our claims with less liquidity risk. This system would grant us the option of transforming ourselves, so is our asset and the risk we'd be bearing in another form. In other words, it would be like holding an option, which offers us the right, but not the obligation to exercise our contract.As a result, we'd be able to manage our asset in a more flexible way than we could otherwise have. Q4. As a potential employee, how do you evaluate the Blackstone compensation package against a commensurate offer from a similar large-scale private equity firm that was not public? With IPO, the stock price will reflect value of Blackstone more efficiently and objectively. The MLP employees of Blackstone can get not only salaries but also carried interests depending on their performance and promotion, which could transfer to units after a lock-up period.This compensation package will encourage their employees to work harder because the value of the units they hold on hand are bounded with the performance of company. Furthermore, the number of employees in Blackstone is fewer than that of similar large-scale equity firm which was not public, the unit’s gain of per employee is larger. Last but not the least, when Blackstone went IPO, not only does it mean that Blackstone would face more regulations than before, it also pointed out that Blackstone, heading to become a well-known public listed company, would face more potential pressure from outside investors.To abide by the regulations of the state, and keep investors’ confidence toward Blackstone, the company itself would be less likely to exploit the right of its employees. If it does any harm to workers under their roof, the negative impression s toward the company would soon be spread around the financial market, causing damages to itself. Hence, by working under the public listed company such as Blackstone, employees could be more confident that their rights and benefits would be partly, if not all, guaranteed. These factors make Blackstone an attractive choice to workers.