I’ve already tried of spam comments. Then I googled a way to combat it. By disabling Direct Access to wp-comments-post.php with .htaccess , it may prevent some autobots sending spam comments to my blog.
If you follow Jingwen’s Blog, you may have decided that the time has come to start your own blog and see if you can make some money. Before you start the blog though, you must find a web host. How do you go about doing this? What factors should you consider? Here are five factors any blogger should look for when choosing a host. Continue reading “Factors to Consider When Choosing a Blog Host”
There are many people and businesses that are interested in creating a website. It is very important that they take the time to choose a good hosting company. They can read Jingwen’s Blog for information about how to choose a hosting company. There are many hosting companies that advertise their services. Rates can vary greatly as well as the types of services offered.
It is a good idea to work with a hosting company that has been in business for a while. When working with a brand new company there is more risk that they will go out of business. A new company does not have a proven record of providing reliable service. A stable company that has been in business for years has a lower risk of going out of business. They will more than likely have discovered how to attract and retain customers.
The ability to have access to a good customer service team is imperative when shopping for a hosting company. Jingwen’s Blog has a lot of information in regards to starting and running a business. Working with a company that provides good service can save a lot of headaches. It should be easy to get into contact with a representative and they should be polite and helpful.
When deciding which hosting company to choose, it is important to research a prospective company’s reputation. There are many places where a person can look to find reviews of a company. People who have worked with the company before may post information regarding how long it took for them to speak with a representative when contacting the company by telephone or how long it took for them to receive a response from a company by e-mail. Look for reviews that give detailed information about how much a person was satisfied or unsatisfied with the service that they received.
Having the ability to upload information to a website using several different methods may be an important feature that a person may want to have when selecting a web hosting company. Online managers can take longer to upload large volumes of information but they are very easy to use. Using FTP may be a more flexible option. The option to use either method may be desirable.
Recently, several “China Short Sellers” have developed a scheme to make themselves rich. First, short a US-listed China stock. Then, write a negative report on that company. After the stock drops, cover the short, and pocket a huge profit. This practice itself is already questionable, but what is despicable is how these short sellers take advantage of the information asymmetry between China and the US, and write reports full of holes and lies, knowing that their American readers have no way of verifying them. This paper dissects one such example, Short Seller Citron Research’s report “Qihoo’s entry into search puts SOHU in play” (August 24). This paper will show that Citron lacks even the most basic understanding of the Chinese Internet/Search market, yet it fabricates and distorts information to deceive investors. It is not my intention to support or challenge Citron’s recommendations, but only to expose Citron’s ignorance and deception, and raise the question whether any investor should ever trust them.
Author: Kai-Fu Lee
Recently, several “China Short Sellers” have developed a scheme to make themselves rich. First, short a US-listed China stock. Then, write a negative report on that company. After the stock drops, cover the short, and pocket a huge profit. This practice itself is already questionable, but what is despicable is how these short sellers take advantage of the information asymmetry between China and the US, and write reports full of holes and lies, knowing that their American readers have no way of verifying them. This paper dissects one such example, Short Seller Citron Research’s report “Qihoo's entry into search puts SOHU in play” (August 24). This paper will show that Citron lacks even the most basic understanding of the Chinese Internet/Search market, yet it fabricates and distorts information to deceive investors. It is not my intention to support or challenge Citron’s recommendations, but only to expose Citron’s ignorance and deception, and raise the question whether any investor should ever trust them.
Citron lacks basic understanding of search
The most ludicrous part of Citron’s report is its faulty analysis of search engines and basic misunderstanding search engine Sogou’s strategy and products.
First, some background for those unfamiliar with the Chinese market:
1.Sogou is a company majority owned by Sohu, and produces three products:
1)Sogou.com search, comparable to Google.com search.
2)Sogou browser, comparable to IE or Chrome browser.
3)Sogou Pinyin IME (input method editor). An IME is a “soft keyboard” that converts typed roman character input (like “beijing”) into Chinese characters (like “北京”). IMEs are installed in Windows/Mac and are general purpose text-entry tools (not just for search).
2.Sogou IME is the leading IME in China, with about 74% penetration.
3.Sogou browser is an emerging browser that has increased its user penetration from 5% in 2010 to over 20% recently.
4.Sogou search has had about 1% market share until Sogou Browser became successful. As Sogou Browser increased its penetration to over 20%, Sogou search also increased its share to 3-4.5%.
5.Browser market share can increase search market share, because many Chinese users have a habit of searching from the browser directly. Only about half of the search queries are entered on a search engine’s webpage.
6.Pinyin IME is a software product basically detached from search, and has no direct relationship with search engines. (Note that a few IMEs including Sogou have experimented with a feature to encourage users to search directly from the IME, with disappointing results, as it is not natural.) Empirically, search market share and IME market share can be shown to be virtually uncorrelated.
The above points are validated by the following table, showing search market share (from iResearch), as well as Sogou Pinyin and Sogou Browser market penetration (from Sohu):
Now, let’s analyze the following text, taken verbatim from the Citron report:
The above analysis shows that Citron lacks even basic understanding of “Pinyin”, “IME”, “search engine”, and confuses the two Sogou products. Citron appears to have mentally fabricated a merged product that would not compete with Baidu and “beat [Baidu] at their own game”, from which Citron built the primary investment thesis of this report! Also, Citron cannot comprehend the critical role of a browser in China’s search market. Chinese users have a habit of entering search queries to a browser, so the success of Sogou’s (and Qihoo’s) browser has been directly responsible for their search share gains. This fact would further invalidate Citron’s conclusion that Sogou is better placed than Qihoo, because Sogou’s browser share is significantly lower than Qihoo’s. Perhaps that is why they don’t acknowledge it.
Citron distorts data and compares apples to oranges
Citron demonstrates Sohu’s superior position by asserting that Sohu has 40% more web traffic than Qihoo, and cites the statistics below (left table below) to illustrate this point.
But this comparison is misleading in three ways:
1.For this comparison, Citron conveniently summed Sohu and Sogou numbers (see right-most column of right chart), even though Sohu is a portal site and only Sogou is comparable to Qihoo.
2.Citron conveniently chose to keep weekly UV (WAU) and removed daily UV (DAU column) from the chart (using DAU would put Qihoo ahead of Sohusogou).
3.While Sogou is similar to Qihoo, Sohu is a portal site and entirely different. What is the purpose of comparing web traffic of two companies in different categories? This is like comparing Yahoo portal to Google search. The value of a click or link on a portal site is dramatically lower than that on a search/navigation site.
In a second fascinating comparison between Sohu and Qihoo financials, Citron uses the following table to show why Sohu is far superior:
But as any investment novice would question: What about revenue growth and earnings growth for current year and next five years? Growth high-tech stock prices are much more driven by these growth numbers than the numbers Citron chose to cite. Below are the numbers that really matter:
In the two examples above, it is clear that Citron picks “convenient” numbers even if they are of minimal value, and that Citron obscures “inconvenient” numbers, even if they are of critical importance.
Citron does not understand search monetization
In this report, Citron mentions many times that search engines are difficult to monetize using ads, requiring substantial and costly infrastructure that takes years to build. While building a full ad monetization structure is indeed not easy, Citron clearly does not understand the options available to a search engine. The obvious option is to simply use Google’s AdWords as a partner site. The search engine site would provide the search results, but the search term would trigger Google AdWords ads (for those advertisers that permit this), with a revenue share that greatly favors the search engine site. Many search engines have worked with Google using this approach, including AOL, Ask.com, and Tecent’s Soso. In some cases, Google also provided search, but in other cases just AdWords. Yahoo is also working this way with Bing. It takes about one quarter to connect a search engine to Google AdWords. This is basic search industry knowledge.
Qihoo has already been Google’s partner by sending traffic from 360.cn to Google, and getting a Google ad revenue share for the traffic referral. As Qihoo launches its own search engine, is it hard to imagine that Qihoo would find a slightly different way to work with its partner Google? Note that these were the same phases Tencent Soso went through with Google: 1) rely on Google for adssearch, 2) launch own search but uses Google ads, 3) launch own ads.
Sogou has chosen not to use Google AdWords, and instead to develop its own ads product and sales team. There were historical reasons for that, but it is naïve to think this is the only approach. In fact, it is an unlikely and irresponsible approach for Qihoo, because this approach explicitly forfeits significant revenue.
Now, how much revenue might come from a Qihoo-Google AdWords partnership? According to JP Morgan report on Tencent, Tencent Soso's monetization from Google AdWords partnership was $13.6M during its last full year working with Google (Q4 2008 to Q3 2009), and Soso's market share for those four quarters was about 2.45%. From 2009 to 2011, the China search query volume has increased about 41%. Let’s assume another 25% increase from 2011 to 2013, for a total of 76% for 4 years. Then, if Qihoo has a 10% search market share in 2013 in a market that is 76% larger than 2009, and uses Google AdWords, Qihoo can deliver search revenue of $98M in 2013 ($13.6M * (10% / 2.45%) * 176%). This is at the top of the range of current analyst estimates of $50 – 100M, and much larger than Citron’s assumption of $0.
Can Qihoo get a 10% market share? The chart below from Hitwise shows Qihoo already at 10.2% market share as of August 22, 2012:
Citron hand-waves comparisons with misleading analysis
Citron often makes sweeping generalizations and comparisons to justify its recommendation. In this report, Citron made a comparison that Sohu video should have comparable value to Tudou’s valuation when Tudou was merged with Youku. However, they ignore many inconvenient but major problems:
1.There are many second-tier video websites comparable to Sohu (LeTV, Qiyi, Sina, Tencent, Xunlei, etc.), especially if one considers metrics ignored by Citron. In a market where one company leads many others by far, the leader will command an even higher premium valuation.
2.The price Youku paid for Tudou includes a sizable premium for creating the single market leader. It cannot be extrapolated to second-tier players.
3.When a market #1 buys #2, #3’s value shrinks rather than increases.
4.Youku and Tudou project much higher revenue growth than Sohu video.
Another broad generalization was to take Qihoo’s market capitalization gains in four days and simply adding it to Sogou. This is ridiculous, as Qihoo has gained 10% market share in these four days, while Sogou has only maintained its share.
The undisciplined and wild copy-pasting of numbers discredits Citron’s analysis.
This paper has shown that Citron is an amateur in the Chinese Internet market, lacking even basic understanding of Chinese text entry (IME), Chinese language (the relationship between Pinyin and Chinese characters), search product features, search monetization, and Chinese user habits (searching in browser).
Citron’s primary investment thesis in this report is based on a combined product (Sogou.com Sogou Pinyin IME) that could bypass Baidu and win share from it. The only problem is that combined product does not exist, and was a figment of Citron’s imagination, based on Citron’s misunderstanding of the Chinese market.
Citron takes advantage of the fact that most readers of its reports are unfamiliar with the Chinese Internet, and do not read Chinese. This asymmetry emboldens Citron to compare apples and oranges, emphasize irrelevant but convenient data, obscure inconvenient but important data, quote questionable “experts”, cite unreadable or irrelevant sources, and wildly copy-paste key financial figures.
Leveraging this information asymmetry and general concerns about Chinese companies, Citron has successfully deceived investors to invest based on Citron’s recommendations. Since Citron has already made big bets on these recommendations before their reports are published, Citron doesn’t have to be qualified; Citron’s recommendation doesn’t have to be right; Citron just needs to mislead their readers to follow their recommendations!
So, will you ever trust, follow or read Citron’s reports again? Are Citron and other similar China short sellers exposing fraud, or practicing fraud?
Choosing the right hosting service for your blog is just as important as what you write in your blog. The wrong hosting service can lead to downtime for your website or even reduce the amount of visitors that you get because the service itself doesn’t rank well in search engines. Learning about the right hosting services from sources like Jingwen’s Blog ensures that you’re learning what you need to know from someone that’s already a successful blogger.
When you first start out blogging, you can choose a free blog hosting service as your main blog source. This is an excellent way to start because without any followers or ads, you’re not going to be making any money off of your blog initially. You don’t want to spend any money until you know you can start making it back. What’s more, free blog hosting ensures that your lack of knowledge about creating a blog site doesn’t interfere with the successful launch of your blog. Once you’ve created a following and you want to go to a paid hosting service, your readers will follow you, especially if you announce it on your current blog and link to your new blog from there.
Once you start looking for a service to pay for your blogging, you have several considerations. First of all, you need to decide whether you want a dedicated server, shared server or a virtual dedicated server.
A dedicated server is a server that you don’t share with any other websites. It’s by far the fastest and most comprehensive option for website, however, it is also the most expensive. A shared hosting plan is when you share your server with many other websites. You have limits on bandwidth usage and website size as well; this is the least expensive hosting option. A virtual dedicated server is a shared server but it’s compartmentalized in such a way that it acts like a dedicated server. This is a very affordable option that allows for more flexibility than a shared server does.
If you want to learn more about starting a successful blog, you should check out Jingwen’s Blog. You’ll learn about how to write a blog, how to capture people’s attention and more. Most importantly, you can learn how to make it earn money for you.
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The other one is
G’Day! Yangjingwen, Maybe a little off topic, however, Could you people please take a look at some of these numbers and tell me how you can even turn them around and think that they are good things?
In total, more than 2.6 million jobs have been lost since Obama took office. But what has the president’s stimulus bill brought us, if not the jobs he promised?
Wasteful spending, such as $18 million to redesign Recovery.gov, the very government Web site used to monitor stimulus spending, or $3.4 million for an “eco tunnel” in Florida designed to provide safe passage for turtles looking to cross the street.
The cap and trade bill is nothing more than a national energy tax, plain and simple. Its sole purpose is to increase the cost of energy so that Americans might use less. The Heritage Foundation estimated that it would end up costing the average American family up to $1,870 per year and decrease the national GDP by $161 billion in the year 2020. The foundation also determined that during the 2012-2035 timeline, job losses would average more than 1.1 million. Add in the fact that it would do almost nothing to prevent “climate change.
The president claims that more government involvement in health care will promote competition. However, creating such a government-run entity would result in a massive government health care monopoly. Private insurers would soon be put out of business, unable to compete with the subsidized government-run plan the president and liberals want. More than 88 million Americans could be forced out of their current private insurance plans and into the government-run plan, according to a study by the Lewin Group.
Then there is the issue of cost. Despite what the president says, his government-run plan won’t make health care more affordable. Quite the opposite. Nothing ever becomes cheaper by being more expensive, and the Democrats’ plan would cost at least $1.6 trillion, according to an analysis by Roll Call.
The president and his Democratic allies have looked to raise taxes on many small businesses to help pay for his government-run health care scheme, a foolish proposition even during the best of times, let alone during a recession.
Many small businesses would be hit with a penalty equal to 8 percent of their payroll for failing to provide insurance for their employees. Punishing small-business owners with punitive tax legislation such as this will only increase the unemployment rate and extend the recession.
The federal deficit has topped $1 trillion for the first time ever and could grow to nearly $2 trillion by this fall, intensifying fears about higher interest rates, inflation and the strength of the dollar.
All in all many of the things obama is spending money on are useful, but not when your country’s deficit is so huge. We should be looking to cut out EVERYTHING that isn’t completely necessary to maintaining our country. A website that monitors stimulus spending is a great idea, but if we don’t have the money to make one then we just should suffer.
I would like to hear pro obama sides to these issues. if there is a pro… Good Job! Dating Advice For Guys