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2020 m. rugpjūčio 24 d., pirmadienis

Kokiu būdu startuoliai dažniausiai atsiduria akcijų rinkoje?

 "Jei startuoliai nėra įsigyjami, jie ilgainiui turi būti akcijų rinkoje. Darbuotojai nori parduoti savo akcijas. Jų rizikos kapitalo rėmėjai sėdi ant išsipūtusių portfelių ir jiems reikia grąžinti grynuosius pinigus investuotojams. Toks procesas vadinasi pradinis viešas siūlymas.

Pradinio viešo siūlymo metu Wall Street bankai veikia, kaip tarpininkai tarp startuolio ir investuotojų, derantis dėl kainos. Tai varginantis ir brangus išbandymas. Investuotojai ir reguliuotojai egzaminuoja startuolio vadovus ištisus mėnesius. Bankai ima 4–7% įplaukų mokesčius ir kartais per pigiai parduoda firmų akcijas, kad pradžiugintų savo klientus investiciniuose fonduose, kurie pirmąją prekybos dieną gauna greitą pelną arba „pop“. Remiantis Michaelo Mauboussino iš Morgano Stanley'iu, startuoliai per pastarąjį dešimtmetį tokiu būdu prarado 43 mlrd. JAV dolerių vertės. Anot Bill Gurley, rizikos kapitalo investuotojo, „tas pop, kurį girdite, yra pinigai, išeinantys iš jūsų kišenės“." [1]



1. "Silicon Valley v Wall Street; Tech IPOs." The Economist, 22 Aug. 2020, p. 11(US).

How is your wonderful brain formed?

 

"As well as containing lots of semi-decrepit retroviruses that can be stripped for parts, the human genome also holds a great many copies of a "retrotransposon" called LINE-1. This a piece of DNA with a surprisingly virus-like way of life; it is thought by some biologists to have, like ERVs, a viral origin. In its full form, LINE-1 is a 6,000-letter sequence of DNA which describes a "reverse transcriptase" of the sort that retroviruses use to make DNA from their RNA genomes. When LINE-1 is transcribed into an mRNA and that mRNA subsequently translated to make proteins, the reverse transcriptase thus created immediately sets to work on the mRNA used to create it, using it as the template for a new piece of DNA which is then inserted back into the genome. That new piece of DNA is in principle identical to the piece that acted as the mRNA's original template. The LINE-1 element has made a copy of itself.

In the 100m years or so that this has been going on in humans and the species from which they are descended the LINE-1 element has managed to pepper the genome with a staggering 500,000 copies of itself. All told, 17% of the human genome is taken up by these copies--twice as much as by the ERVs.

Most of the copies are severely truncated and incapable of copying themselves further. But some still have the knack, and this capability may be being put to good use. Fred Gage and his colleagues at the Salk Institute for Biological Studies, in San Diego, argue that LINE-1 elements have an important role in the development of the brain. In 2005 Dr Gage discovered that in mouse embryos--specifically, in the brains of those embryos--about 3,000 LINE-1 elements are still able to operate as retrotransposons, putting new copies of themselves into the genome of a cell and thus of all its descendants.

Brains develop through proliferation followed by pruning. First, nerve cells multiply pell-mell; then the cell-suicide process that makes complex life possible prunes them back in a way that looks a lot like natural selection. Dr Gage suspects that the movement of LINE-1 transposons provides the variety in the cell population needed for this selection process. Choosing between cells with LINE-1 in different places, he thinks, could be a key part of the process from which the eventual neural architecture emerges. What is true in mice is, as he showed in 2009, true in humans, too. He is currently developing a technique for looking at the process in detail by comparing, post mortem, the genomes of different brain cells from single individuals to see if their LINE-1 patterns vary in the ways that his theory would predict."[1]



Thus, Dr. Gage’s brief response is as follows: the diversity of brain cells is created by the different sites of transposon LINE-1 insertion in the genomes of those cells. Natural selection, which preserves only properly functioning cells, uses this diversity to create complex brain structures. That is why you are so smart, my dear.

 

1. "Leaving their mark." The Economist, 22 Aug. 2020, p. 20(US).