Origins.

5S was developed in Japan and was identified as one of the techniques that enabled Just in Time manufacturing.  Two major frameworks for understanding and applying 5S to business environments have arisen, one proposed by Osada, the other by Hiroyuki Hirano. Hirano provided a structure to improve programs with a series of identifiable steps, each building on its predecessor. As noted by John Bicheno, Toyota's adoption of the Hirano approach was '4S', with Seiton and Seiso combined.  Before this Japanese management framework, a similar "scientific management" was proposed by Alexey Gastev and the USSR Central Institute of Labour (CIT) in Moscow.

Each "S".

There are five 5S phases. They can be translated from the Japanese as "sort", "set in order", "shine", "standardize", and "sustain". Other translations are possible.

Sort (seiri 整理).

Seiri is sorting through all items in a location and removing all unnecessary items from the location.  Goals:  Implementation:

Set in order (seiton 整頓).

Seiton is putting all necessary items in the optimal place for fulfilling their function in the workplace.  Goal:  Implementation:

Shine (seiso 清掃).

Seiso is sweeping or cleaning and inspecting the workplace, tools and machinery on a regular basis.  Goals:  Implementation:

Standardize (seiketsu 清潔).

Seiketsu is to standardize the processes used to sort, order and clean the workplace.  Goal:  Implementation:

Sustain/self-discipline (shitsuke しつけ).

Shitsuke or sustain the developed processes by self-discipline of the workers. Also translates as "do without being told".  Goal:  Implementation:

Variety of applications.

5S methodology has expanded from manufacturing and is now being applied to a wide variety of industries including health care, education, and government. Visual management and 5S can be particularly beneficial in health care because a frantic search for supplies to treat an in-trouble patient (a chronic problem in health care) can have dire consequences. Although the origins of the 5S methodology are in manufacturing, it can also be applied to knowledge economy work, with information, software, or media in the place of physical product.

In lean product and process development.

The output of engineering and design in a lean enterprise is information, the theory behind using 5S here is "Dirty, cluttered, or damaged surfaces attract the eye, which spends a fraction of a second trying to pull useful information from them every time we glance past. Old equipment hides the new equipment from the eye and forces people to ask which to use".

5S is a workplace organization method that uses a list of five Japanese words:,,,, and. These have been translated as "Sort", "Set In order", "Shine", "Standardize" and "Sustain". The list describes how to organize a work space for efficiency and effectiveness by identifying and storing the items used, maintaining the area and items, and sustaining the new order. The decision-making process usually comes from a dialogue about standardization, which builds understanding among employees of how they should do the work.

5S je termín používaný v managementu a v principech štíhlého řízení. Je používán jako označení pro 5 základních pravidel, kterými by se měla řídit organizace usilující o zavedení štíhlé, přehledné a čisté výroby. Původ hesel je japonský.


Geography.

The original Duchy stretched from Jawor on the Nysa Szalona River westwards along the northern slopes of the Western Sudetes to the Jizera Mountains and the Kwisa River, which formed the Silesian border with the former Milceni lands of Upper Lusatia. In the north it bordered the remaining Duchy of Legnica and in the east the Duchy of Silesia-Wrocław.  It included the towns of Bolków, Kamienna Góra, Lubawka, Lwówek, Świerzawa and (from 1277) Strzegom.

History.

The Silesian Duchy of Legnica since 1248 had been under the rule of Duke Bolesław II Rogatka. When Bolesław's eldest son Henry V the Fat succeeded his father as Duke of Legnica in 1278, he gave the Jawor subdivision to his younger brothers Bolko I the Strict and Bernard the Lightsome. In 1281 Bernard was made a Duke of Lwówek in the western part of the Jawor lands.  In 1286 Bolko I again inherited Lwówek from his brother and in 1291 further enlarged his territories by receiving Świdnica and Ziębice from his elder brother Henry V of Legnica. These territories had formed the southern part of the Duchy of Silesia-Wrocław, which Henry V had acquired upon the death of his cousin Duke Henry IV Probus the year before. Henry V, though backed by King Wenceslaus II of Bohemia, was in need for support to retain his Wrocław acquisitions against the claims of rivalling Duke Henry III of Głogów. From 1288 Bolko I had a new residence erected at Książ Castle in the Świdnica lands. For a brief period, his duchy is sometimes known as the Duchy of Jawor-Świdnica.  Bolko's attempts to gain the Duchy of Nysa failed, nevertheless he occupied Paczków and acquired Chojnów from Duke Henry III of Głogów. After his death in 1301, his sons finally divided their territories in 1312: the lands around Świdnica and Ziębice were again split off into separate duchies, while Jawor was ruled by Duke Henry I. After his death in 1346, the duchy was reunited with Świdnica under the rule of his nephew Bolko II the Small.  Bolko II was the last Piast duke to retain his independence from the Kingdom of Bohemia, however as he had no male heirs he signed an inheritance treaty with King Charles IV of Luxembourg, who married Bolko's niece Anna von Schweidnitz in 1353. The duke died in 1368 and after the death of his widow Agnes of Habsburg in 1392 his duchy was finally annexed by the Bohemian Crown.

Duchy of Jawor () was one of the Duchies of Silesia established in 1274 as a subdivision of the Duchy of Legnica. It was ruled by the Silesian Piasts, with its capital at Jawor in Lower Silesia.

Javorské knížectví ( ) bylo jedním z mnoha slezských knížectví s hlavním městem Javor. Vzniklo roku 1274, když kníže Boleslav II. z rodu Piastovců vyčlenil území pro svého nejstaršího syna Jindřicha V. Břichatého. Roku 1278 se po smrti Boleslava II. stal Jindřich Břichatý knížetem lehnickým a vlády v Javorsku se ujal jeho mladší bratr Bolek I. Roku 1281 bylo z Javorska vyčleněno Lemberské knížectví pro Bernarda, ale již po pěti letech se po Bernardově smrti Lembersko vrátilo k Javorsku.


Design and construction.

"Saratoga" was the fifth US Navy ship named after the 1777 Battle of Saratoga, an important victory during the Revolutionary War. She was originally authorized in 1916 as a, but construction was placed on hold so that higher-priority anti-submarine vessels and merchant ships, needed to ensure the safe passage of men and materiel to Europe during Germany's U-boat campaign, could be built. After the war the ship was extensively redesigned to incorporate improved boiler technology, anti-torpedo bulges, and a general increase in armor protection based on British wartime experiences. Given the hull number of CC-3, "Saratoga" was laid down on 25 September 1920 by New York Shipbuilding Corporation of Camden, New Jersey.  In February 1922, before the Washington Naval Conference concluded, the ship's construction was suspended when she was 28 percent complete. She was ordered to be converted to an aircraft carrier with the hull number CV-3 on 1 July 1922. Her displacement was reduced by a total of, achieved mainly by the elimination of her main armament of eight 16-inch (406 mm) guns in four twin gun turrets (including their heavy barbettes, armor, and other equipment). The main armor belt was retained, although it was reduced in height to save weight. The hull generally remained unaltered, as did the torpedo protection system, because they had already been built and it would have been too expensive to alter them.  The ship had an overall length of, a beam of, and a draft of at deep load. "Saratoga" had a standard displacement of, and at deep load. At that displacement, she had a metacentric height of.  Christened by Olive Doolittle, wife of Curtis D. Wilbur, Secretary of the Navy, "Saratoga" was launched on 7 April 1925 and commissioned on 16 November 1927, under the command of Captain Harry E. Yarnell. She was nicknamed by her crew "Sister Sara" and, later, "Sara Maru". In 1942, the ship had a crew of 100 officers and 1,840 enlisted men, and an aviation group totaling 141 officers and 710 enlisted men. By 1945, her crew totaled 3,373, including her aviation group.

Flight deck arrangements.

The ship's flight deck was long and had a maximum width of. Her flight deck was widened forward and extended aft during her refit in mid-1941. When built, her hangar "was the largest single enclosed space afloat on any ship" and had an area of. It was long and no less than wide. Its minimum height was, and it was divided by a single fire curtain just forward of the aft aircraft elevator. Aircraft repair shops, long, were aft of the hangar, and below them was a storage space for disassembled aircraft, long. "Saratoga" was fitted with two hydraulically powered

Propulsion.

The "Lexington"-class carriers used turbo-electric propulsion; each of the four propeller shafts was driven by two electric motors. They were powered by four General Electric turbo generators rated at. Steam for the generators was provided by sixteen Yarrow boilers, each in its own individual compartment. Six electric generators were installed in the upper levels of the

Armament.

The Navy's Bureau of Construction and Repair was not convinced when the class was being designed that aircraft could effectively substitute as armament for a warship, especially at night or in bad weather that would prevent air operations. Thus the carriers' design included a substantial gun battery of eight 55-caliber Mk 9 eight-inch guns in four twin gun turrets. These turrets were mounted above the flight deck on the starboard side, two before the superstructure, and two behind the funnel, numbered I to IV from bow to stern. In theory

Fire control and electronics.

The two superfiring eight-inch turrets had a Mk 30 rangefinder at the rear of the turret for local control, but the guns were normally controlled by two Mk 18 fire-control directors, one each on the fore and aft spotting tops. A rangefinder was fitted on top of the pilothouse to provide range information for the directors. Each group of three 5-inch guns was controlled by a Mk 19 director, two of which were mounted on each side of the spotting tops. Plans were made before the war to replace the obsolete Mk 19 directors with two heavier Mk 33 directors, one each on the fore and aft five-inch spotting tops, but these plans were cancelled when the dual-purpose guns replaced the main armament in early 1942.  "Saratoga" received a RCA CXAM-1 early warning radar in February 1941 during a refit in Bremerton. The antenna was mounted on the forward lip of the funnel with its control room

Armor.

The waterline belt of the "Lexington"-class ships tapered in thickness from top to bottom and angled 11° outwards at the top. It covered the middle of the ships. Forward, the belt ended in a bulkhead that also tapered from seven to five inches in thickness. Aft, it terminated at a seven-inch bulkhead. This belt had a height of. The third deck over the ships' machinery and magazine was armored with two layers of special

Structural changes.

While under repair after being torpedoed in January 1942, "Saratoga" received a bulge on the starboard side of her hull. This was primarily intended to increase the ship's buoyancy, improve stability and allow her full fuel capacity to be utilized. The bulge was estimated to increase her metacentric height by and decrease her speed by one-quarter

Service history.

Inter-war period.

"Saratoga" was commissioned one month earlier than her sister ship, "Lexington". As the ship was visually identical to "Lexington", her funnel was painted with a large black vertical stripe to help pilots recognize her. She began her shakedown cruise on 6 January 1928 and five days later Marc A. Mitscher landed the first aircraft on board. Later that month, the rigid airship was refueled and resupplied when she moored to "Saratoga"s stern on 27 January. That same day, the ship sailed for the Pacific via the Panama Canal, although she was diverted briefly en route to carry Marines to Corinto, Nicaragua, before joining the Battle Fleet at San Pedro, California, on 21 February. On 15 September, Captain John Halligan, Jr. relieved the newly promoted Rear Admiral Yarnell. Panama Canal pilots had never before handled a ship with such a significant flight deck overhang. "Saratoga" knocked over all the adjacent concrete lamp posts while passing through the Gatun locks.  In January 1929, "Saratoga" participated in her first fleet exercise, Fleet Problem IX, a simulated attack on the Panama Canal. These exercises tested the Navy's evolving doctrine and tactics for the use of carriers. The ship was detached from the fleet with only the light cruiser as escort and made a wide sweep to the south to attack the canal, which was defended by the Scouting Fleet and "Lexington", from an unexpected direction. Although the carrier was spotted by two defending ships before she launched her air strike, her aircraft were deemed to have destroyed the canal locks. "Saratoga" was "sunk" later the same day by an airstrike from "Lexington". Captain Frederick J. Horne assumed command on 20 April. The following year, "Saratoga" and "Langley" were "disabled" by a surprise attack from "Lexington" in Fleet Problem X in the Caribbean. "Saratoga" returned the favor shortly afterward in Fleet Problem XI, further demonstrating the vulnerability of carriers to aerial attack. Following the exercises, "Saratoga" participated in the Presidential Review at Norfolk, Virginia in May and then returned to San Pedro. Captain Frank McCrary relieved Horne on 5 September 1930. "Saratoga" was assigned, together with "Lexington", to defend the west coast of Panama against a hypothetical invader during Fleet Problem XII in February 1931. While each carrier was able to inflict some damage on the invasion convoys, the enemy forces succeeded in making a landing. All three carriers then transferred to the Caribbean to conduct further maneuvers, including one in which "Saratoga" successfully defended the Caribbean side of the Panama Canal from a staged attack by "Lexington". Rear Admiral Joseph M. Reeves baited a trap for "Lexington"s captain, Ernest

World War II.

When the Japanese attacked Pearl Harbor on 7 December 1941, "Saratoga" was entering San Diego Harbor to embark her air group, which had been training ashore while the ship was refitting. This consisted of 11 Grumman F4F-3 Wildcat fighters of VF-3 (under the command of Lieutenant Jimmy Thach), 43 Douglas SBD Dauntless dive bombers of VB-3 and VS-3, and 11 Douglas TBD Devastator torpedo bombers of VT-3. The ship also was under orders to load 14 Marine Corps Brewster F2A-3 Buffalo fighters of VMF-221 for delivery in Oahu. The following morning the ship, now the flagship of Carrier Division One, commanded by Rear Admiral Aubrey Fitch, sailed for Pearl Harbor. "Saratoga" arrived at Pearl on 15 December, refueled, and departed for Wake Island the following day. The ship was assigned to Task Force (TF) 14 under the command of Rear Admiral Frank Jack Fletcher; VF-3 had been reinforced by two additional Wildcats picked up in Hawaii, but one SBD had been forced to ditch on 11 December.  She then rendezvoused with the seaplane tender, carrying reinforcements and supplies, and the slow replenishment oiler. "Saratoga"s task force was delayed by the necessity to refuel its escorting destroyers on 21 December, before reaching the island. This process was prolonged by heavy weather, although the task force could still reach Wake by 24 December as scheduled. After receiving reports of heavy Japanese carrier airstrikes, and then troop landings, TF 14 was recalled on 23 December, and Wake fell the same day. On the return voyage, "Saratoga" delivered VMF-221 to Midway on 25 December. The ship arrived at Pearl on 29 December and Fletcher was replaced as commander of Task Force 14 by Rear Admiral Herbert F. Leary the following day. Leary made "Saratoga" his flagship and Fitch was transferred to a shore command that same day. The task force put to sea on 31 December and patrolled in the vicinity of Midway.  "Saratoga", about southwest of Pearl Harbor on 11 January 1942, was heading towards a rendezvous with USS "Enterprise" when she was hit by a torpedo fired by the "I-6". The explosion flooded three of her boiler rooms, reduced her speed to a maximum of and killed six of her crewmen. The ship's list was soon corrected and she reached Pearl two days later. While undergoing temporary repairs there, her four twin eight-inch gun turrets were removed for installation in shore batteries on Oahu. "Saratoga" then sailed to the Bremerton Navy Yard on 9 February for permanent repairs. She embarked 10 Wildcats of the VF-2 Detachment and all of VS-3 with its Dauntlesses for self-protection on the voyage.  While under repair, the ship was modernized with an anti-torpedo bulge, her anti-aircraft armament was significantly upgraded and more radars were added. Douglas was relieved on 12 April and "Saratoga" was temporarily commanded by her executive officer, Commander Alfred M. Pride, until Captain DeWitt Ramsey assumed command a month later. "Saratoga" departed from Bremerton on 22 May, bound for San Diego. She arrived there on 25 May and began loading aircraft and supplies while waiting for her task force commander, Admiral Fitch, to arrive from the South Pacific. On 30 May Admiral Nimitz, now commander-in-chief of the United States Pacific Fleet, ordered Captain Ramsey to expedite his departure for Pearl Harbor, even if Fitch had not yet arrived. The ship sailed from San Diego on 1 June carrying 14 Wildcats of VF-2 Detachment and 23 Dauntlesses of VS-3; in addition she carried four Wildcats, 43 Dauntlesses and 14 Avengers as cargo. She arrived at Pearl Harbor on 6 June, the final day of the Battle of Midway. After refuelling, "Saratoga" departed the following day with the mission to ferry replacement aircraft to the carriers that survived the battle. The ship carried a total of 47 Wildcats, 45 Dauntlesses, five Devastators and 10 Avengers, including her own air group. Admiral Fletcher (whose flagship "Yorktown" had been sunk during the battle) came aboard on 8 June and made "Saratoga" his flagship. The ship rendezvoused with the other carriers on 11 June and transferred 19 Dauntlesses, the five Devastators and all of the Avengers to them. When the ship reached Pearl on 13 June, Fletcher and his staff disembarked; Admiral Fitch rendezvoused with the ship the next day. He became commander of Task Force 11 on 15 June, when Nimitz reorganized his carriers. From 22 through 29 June, "Saratoga" ferried 18 Marine Dauntlesses of VMSB-231 and 25 Army Air Corps Curtiss P-40 Warhawks to Midway Island to replace the aircraft lost during the battle. Fletcher relieved Fitch as commander of TF 11 the following day.

Postwar years.

"Saratoga" was surplus to postwar requirements with the large numbers of "Essex"-class carriers in service, and she was assigned to Operation Crossroads on 22 January 1946.

Operation Crossroads.

This was a test conducted at Bikini Atoll to evaluate the effect of the atomic bomb on ships. Captain Stanhope Ring assumed command on 6 March, but was relieved on 2 June by Captain Donald MacMahan. The ship hosted comedian Jack Benny's radio show on 21 April, while "Saratoga" was berthed in San Francisco before her departure for Bikini. She departed from pier 33 and headed out the Golden Gate on 1 May 1946. Operation Crossroads began with the first blast (Test Able), an air burst on 1 July 1946. "Saratoga" survived the explosion with only minor

USS "Saratoga" (CV-3) was a built for the United States Navy during the 1920s. Originally designed as a battlecruiser, she was converted into one of the Navy's first aircraft carriers during construction to comply with the Washington Naval Treaty of 1922. The ship entered service in 1928 and was assigned to the Pacific Fleet for her entire career. "Saratoga" and her sister ship,, were used to develop and refine carrier tactics in a series of annual exercises before World War II. On more than one occasion these exercises included successful surprise attacks on Pearl Harbor, Hawaii. She was one of three prewar US fleet aircraft carriers, along with and, to serve throughout World War II.

USS "Saratoga" (CV-3) byla letadlová loď Námořnictva Spojených států, která působila ve službě v letech 1927–1946. Byla druhou a poslední jednotkou třídy "Lexington", celkově třetí americkou letadlovou lodí a pátou lodí tohoto jména v US Navy. Původně byla projektována a stavěna jako bitevní křižník USS "Saratoga" (CC-3).


Introduction.

The word "hedge", meaning a line of bushes around the perimeter of a field, has long been used as a metaphor for placing limits

History.

During the US bull market of the 1920s, there were numerous private investment vehicles available to wealthy investors. Of that period the best known today is the Graham-Newman Partnership, founded by Benjamin Graham and his long-time business partner Jerry Newman. This was cited by Warren Buffett in a 2006 letter to the Museum of American Finance as an early hedge fund, and based on other comments from Buffett, Janet Tavakoli deems Graham's investment firm the first hedge fund.  The sociologist Alfred W. Jones is credited with coining the phrase ""hedged" fund" and is credited with creating the first hedge fund structure in 1949. Jones referred to his fund as being "hedged", a term then commonly used on Wall Street to describe the management of investment risk due to changes in the financial markets.  In the 1970s, hedge funds specialized in a single strategy with most fund managers following the long/short equity model. Many hedge funds closed during the recession of 1969–70 and the 1973–1974 stock market crash due to heavy losses. They received renewed attention in the late 1980s. During the 1990s, the number of hedge funds increased significantly, with the 1990s stock market rise, the aligned-interest compensation structure ("i.e.", common financial interests) and the promise of above high returns as

Notable hedge fund managers.

In 2015,

Strategies.

Hedge fund strategies are generally classified among four major categories: global macro, directional, event-driven, and relative value (arbitrage). Strategies within these categories each entail characteristic risk and return profiles. A fund may employ a single strategy or multiple strategies for flexibility, risk management, or diversification. The hedge fund's prospectus, also known as an offering memorandum, offers potential investors information about key aspects of the fund, including the fund's investment strategy, investment type, and leverage limit.  The elements contributing to a hedge fund strategy include: the hedge fund's approach to the market; the particular instrument used; the market sector the fund specializes in ("e.g.", healthcare); the method used to select investments; and the amount of diversification within the fund. There are a variety of market approaches to different asset classes, including equity, fixed income, commodity, and currency. Instruments used include: equities, fixed income, futures, options, and swaps. Strategies can be divided into those in which investments can be selected by managers, known as "discretionary/qualitative", or those in which investments are selected using a computerized system, known as "systematic/quantitative". The amount of diversification within the fund can vary; funds may be multi-strategy, multi-fund, multi-market, multi-manager, or a combination.  Sometimes hedge fund strategies are described as "absolute return" and are classified as either "market neutral" or "directional". Market neutral funds have less correlation to overall market performance by "neutralizing" the effect of market swings, whereas directional funds utilize trends and inconsistencies in the market and have greater exposure to the market's fluctuations.

Global macro.

Hedge funds using a global macro investing strategy take sizable positions in share, bond, or currency markets in anticipation of global macroeconomic events in order to generate a risk-adjusted return. Global macro fund managers use macroeconomic ("big picture") analysis based on global market events and trends to identify opportunities for investment that would profit from anticipated price movements. While global macro strategies have a large amount of flexibility (due to their ability to use leverage to take large positions in diverse investments in multiple markets), the timing of the implementation of the strategies is important in order to generate attractive, risk-adjusted returns. Global macro is often categorized as a directional investment strategy.  Global macro strategies can be divided into discretionary and systematic approaches. Discretionary trading is carried out by investment managers who identify and

Directional.

Directional investment strategies use market movements, trends, or inconsistencies when picking stocks across a variety of markets. Computer models can be used, or fund managers will identify and select investments. These types of strategies have a greater exposure to the fluctuations of the overall market than do market neutral strategies. Directional hedge fund strategies include US and international long/short equity hedge funds, where long equity positions are hedged with short sales of equities

Event-driven.

Event-driven strategies concern situations in which the underlying investment opportunity and risk are associated with an event. An event-driven investment strategy finds investment opportunities in corporate transactional events such as consolidations, acquisitions, recapitalizations, bankruptcies, and liquidations. Managers employing such a strategy capitalize on valuation inconsistencies in the market before or after such events, and take a position based on the predicted movement of the security or securities in question. Large institutional investors such as hedge funds are more likely to pursue event-driven investing strategies than traditional equity investors because they have the expertise and resources to analyze corporate transactional events for investment opportunities.  Corporate transactional events generally fit into three categories: distressed securities, risk arbitrage, and special situations. Distressed securities include such events as restructurings, recapitalizations, and bankruptcies. A distressed securities investment strategy involves investing in the bonds or loans of companies facing bankruptcy or severe financial distress, when these bonds or loans are being traded at a discount to their value. Hedge fund managers pursuing the

Relative value.

Relative value arbitrage strategies take advantage of relative discrepancies in price between securities. The price discrepancy can occur due to mispricing of securities compared to related securities, the underlying security or the market overall. Hedge fund

Miscellaneous.

In addition to those strategies within the four main categories, there

Risk.

For an investor who already holds large quantities of equities and bonds, investment in hedge funds may provide diversification and reduce the overall portfolio risk. Managers of hedge funds use particular trading strategies and instruments with the specific aim of reducing market risks to produce risk-adjusted returns that are consistent with investors' desired level of risk. Hedge funds ideally produce returns relatively uncorrelated with market indices. While "hedging" can be a way of reducing the risk of an investment, hedge funds, like all other investment types, are not immune to risk. According to a report by the Hennessee Group, hedge funds were approximately one-third less volatile than the S&P 500 between 1993 and 2010.

Risk management.

Investors in hedge funds are, in most countries, required to be qualified investors who are assumed to be aware of the investment risks, and accept these risks because of the potential returns relative to those risks. Fund managers may employ extensive risk management strategies in order to protect the fund and investors. According to the "Financial Times", "big hedge funds have some of the most sophisticated and exacting risk management practices anywhere in asset management." Hedge fund managers that hold a large number of investment positions for short durations are likely to have a particularly comprehensive risk management system in place, and

Transparency, and regulatory considerations.

Since hedge funds are private entities and have few public disclosure requirements, this is sometimes perceived as a lack of transparency. Another common perception of hedge funds is that their managers are not subject to as much regulatory oversight and/or registration requirements as other financial investment managers, and more prone to manager-specific idiosyncratic risks

Risks shared with other investment types.

Hedge funds share many of the same types of risk as other investment classes, including liquidity risk and manager risk. Liquidity refers to the degree to which an asset can be bought and sold or converted to cash; similar to private equity funds, hedge funds employ a lock-up period during which an investor cannot remove money. Manager risk refers to those risks which arise from the management of funds. As well as specific risks such as style drift, which refers to a fund manager "drifting" away from an area of specific expertise, manager risk factors include valuation risk, capacity risk, concentration risk, and leverage risk. Valuation risk refers to the concern that the net asset value (NAV) of investments may be inaccurate; capacity risk can arise from placing too much money into one particular strategy, which

Fees and remuneration.

Fees paid to hedge funds.

Hedge fund management firms typically charge their funds both a management fee and a performance fee.  Management fees are calculated as a percentage of the fund's net asset value and typically range from 1% to 4% per annum, with 2% being standard. They are usually expressed as an annual percentage, but calculated and paid monthly or quarterly. Management fees for hedge funds are designed to cover the operating costs of the manager, whereas the performance fee provides the manager's profits. However, due to economies of scale the management fee from larger funds can generate a significant part of a manager's profits, and as a result some fees have been criticized by some public pension funds, such as CalPERS, for being too high.  The performance fee is typically 20% of the fund's profits during any year, though performance fees range between 10% and 50%. Performance fees are intended to provide an incentive for a manager to generate profits. Performance fees have been criticized by Warren Buffett, who believes that because hedge funds share only the profits and not the losses, such fees create an incentive for high-risk investment management. Performance fee rates have fallen since the start

Remuneration of portfolio managers.

Hedge fund management firms are often owned by their portfolio managers, who are therefore entitled to any profits that the business makes. As management fees are intended to cover the firm's operating costs, performance fees (and any excess management fees) are generally distributed to the firm's owners as profits. Funds do not tend to report compensation, and so published lists of the amounts earned by top managers tend to be estimates based on factors such as the fees charged by their funds and the capital they are thought to have invested in them. Many managers have accumulated large stakes in their own funds and so top hedge fund managers can earn extraordinary amounts of money, perhaps up to $4 billion in a good year.  Earnings at the very top are higher than in any other sector of the financial industry, and collectively the top 25 hedge fund managers regularly earn more than all 500 of the chief executives in the S&P 500. Most hedge fund managers are remunerated much less, however, and if performance fees

Structure.

A hedge fund is an investment vehicle that is most often structured as an offshore corporation, limited partnership, or limited liability company. The fund is managed by an investment manager in the form of an organization or company that is legally and financially distinct from the hedge fund and its portfolio of assets. Many investment managers utilize service providers for operational support. Service providers include prime brokers, banks, administrators, distributors, and accounting firms.

Prime broker.

Prime brokers clear trades, and provide leverage and short-term financing. They are usually divisions of large investment banks. The prime broker acts as a counterparty

Administrator.

Hedge fund administrators are typically responsible for valuation services, and often operations and accounting.  Calculation of the net asset value ("NAV") by the administrator, including the pricing of securities at current market value and calculation of the fund's income and expense accruals, is a core administrator task, because it is the price at which investors buy and sell shares in the fund. The accurate and timely calculation of NAV by the administrator is vital. The case of "Anwar v. Fairfield

Distributor.

A distributor is an underwriter, broker, dealer, or other person who participates in the distribution of securities. The distributor is also responsible for marketing the

Auditor.

Most funds use an independent accounting firm to audit the assets of the fund, provide tax services, and perform a complete audit of the fund's financial statements. The year-end audit is often performed in accordance with the standard

Domicile and taxation.

The legal structure of a specific hedge fund, in particular its domicile and the type of legal entity in use, is usually determined by the tax expectations of the fund's investors. Regulatory considerations will also play a role. Many hedge funds are established in offshore financial centers to avoid adverse tax consequences for its foreign and tax-exempt investors. Offshore funds that invest in the US typically pay withholding taxes on certain types of investment income, but not US capital gains tax. However, the fund's investors are subject to tax in their own

Basket options.

The US Senate Permanent Subcommittee on Investigations chaired by Carl Levin issued a 2014 report that found that from 1998 and 2013, hedge funds avoided billions of dollars in taxes by using basket options. The Internal Revenue Service began investigating Renaissance Technologies in 2009, and Levin criticized the IRS for taking six years to investigate the company. Using basket options Renaissance avoided "more than $6 billion in

Investment manager locations.

In contrast to the funds themselves, investment managers are primarily located onshore. The United States remains the largest center of investment, with US-based funds managing around 70% of global assets at the end of 2011. As of April 2012, there were approximately 3,990 investment advisers managing one or more private hedge funds registered with the Securities and Exchange Commission. New York City and the Gold Coast area of Connecticut are the leading locations for US

Legal entity.

Hedge fund legal structures vary depending on location and the investor(s). US hedge funds aimed at US-based, taxable investors are generally structured as limited partnerships or limited liability companies. Limited partnerships and other flow-through taxation structures assure that investors in hedge funds are not subject to both entity-level and personal-level taxation. A hedge fund structured as a limited partnership must have a general partner. The general partner may be an individual or a corporation. The general partner serves as the manager of the limited partnership, and has unlimited liability. The limited partners serve as the fund's investors, and have no responsibility for management or investment decisions. Their liability is limited to the amount of money they invest for partnership interests. As an alternative to a limited partnership arrangement, U.S. domestic hedge funds may be structured as limited liability

Side pockets.

A side pocket is a mechanism whereby a fund compartmentalizes assets that are relatively illiquid or difficult to value reliably. When an investment is side-pocketed, its value is calculated separately from the value of the fund's main portfolio. Because side pockets are used to hold illiquid investments, investors do not have the standard redemption rights with respect to the side pocket investment that they do with respect to the fund's main portfolio. Profits or losses from the investment are allocated on a "pro rata" basis only to those who are investors at the time the investment is

Regulation.

Hedge funds must abide by the national, federal, and state regulatory laws in their respective locations. The U.S. regulations and restrictions that apply to hedge funds differ from those that apply to its mutual funds. Mutual funds, unlike hedge funds and other private funds, are subject to the Investment Company Act of 1940, which is a highly detailed and extensive regulatory regime. According to a report by the International Organization of Securities Commissions, the most common form of regulation pertains to restrictions on financial advisers and hedge fund managers in an effort to minimize client fraud. On the other hand, U.S. hedge funds are exempt from many of the standard registration and reporting requirements because they only accept accredited investors. In 2010, regulations were enacted in the US and European Union which introduced additional hedge fund reporting requirements. These included the U.S.'s Dodd-Frank Wall Street Reform Act and European Alternative Investment Fund Managers Directive.  In 2007 in an effort to engage in self-regulation, 14 leading hedge fund managers developed a voluntary set of international standards in best practice and known as the "Hedge Fund Standards" they were designed to create a "framework of transparency, integrity and good governance" in the hedge fund industry. The Hedge Fund Standards Board was set up to prompt and maintain these standards going forward, and by 2016 it had approximately 200 hedge fund managers and institutional investors with a value of US $3tn investment endorsing the standards. The Managed Funds Association is a US-based trade association, while the Alternative Investment Management Association is the primarily European counterpart.

United States.

Hedge funds within the US are subject to regulatory, reporting, and record-keeping requirements. Many hedge funds also fall under the jurisdiction of the Commodity Futures Trading Commission, and are subject to rules and provisions of the 1922 Commodity Exchange Act, which prohibits fraud and manipulation. The Securities Act of 1933 required companies to file a registration statement with the SEC to comply with its private placement rules before offering their securities to the public, and most traditional hedge funds in the United States are offered effectively as private placement offerings. The Securities Exchange Act of 1934 required a fund with

Europe.

Within the European Union (EU), hedge funds are primarily regulated through their managers. In the United Kingdom, where 80% of Europe's hedge funds are based, hedge fund managers are required to be authorised and regulated by the Financial Conduct Authority (FCA). Each country has its own specific restrictions on hedge fund activities, including controls on use of derivatives in Portugal, and limits on leverage in France.  In the EU, managers are subject to the EU's Directive on Alternative Investment Fund Managers

Other.

Some hedge funds are established in offshore centres such as the Cayman Islands, Dublin, Luxembourg, the British Virgin Islands, and Bermuda,

Performance.

Measurement.

Performance statistics for individual hedge funds are difficult to obtain, as the funds have historically not been required to report their performance to a central repository, and restrictions against public offerings and advertisement have led many managers to refuse to provide performance information publicly. However, summaries of individual hedge fund performance are occasionally available in industry journals and databases.  One estimate is that the average hedge fund returned 11.4% per year, representing a 6.7% return above overall market performance before fees, based on performance data from 8,400 hedge funds. Another estimate is that between January 2000 and December 2009 hedge funds outperformed other investments and were

Sector-size effect.

There is a debate over whether alpha (the manager's skill element in performance) has been diluted by the expansion of the hedge fund industry. Two reasons

Hedge fund indices.

Indices that track hedge fund returns are, in order of development, called Non-investable, Investable, and Clone. They play a central and unambiguous role in traditional asset markets, where they are widely accepted as representative of their underlying portfolios. Equity and debt index fund products provide investable access to most developed markets in these asset classes. Hedge funds, however, are actively managed, so that tracking is impossible. Non-investable hedge fund indices on the other hand may be more or less representative, but returns data on many of the reference group of funds is non-public. This may result in biased estimates of their returns. In an attempt to address this problem, clone indices have been created in an attempt to replicate the statistical properties of hedge funds without being directly based on their returns data. None of these approaches achieves the accuracy of indices in other asset classes for which there is more complete published data concerning the underlying returns.

Non-investable indices.

Non-investable indices are indicative in nature, and aim to represent the performance of some database of hedge funds using some measure such as mean, median, or weighted mean from a hedge fund database. The databases have diverse selection criteria and methods of construction, and no single database captures all funds. This leads to significant differences in reported performance between different indices.  Although they aim to be representative, non-investable indices suffer from a lengthy and largely unavoidable list of biases. Funds' participation in a database is voluntary, leading to self-selection bias because those funds that choose to report may not be typical of funds as a whole.

Investable indices.

Investable indices are an attempt to reduce these problems by ensuring that the return of the index is available to shareholders. To create an investable index, the index provider selects funds and develops structured products or derivative instruments that deliver the performance of the index. When investors buy these products the index provider makes the investments in the

Hedge fund replication.

The most recent addition to the field approach the problem in a different manner. Instead of reflecting the performance of actual hedge funds they take a statistical approach to the analysis of historic hedge fund returns, and use this to construct a model of how hedge fund returns respond to the movements of various investable financial assets. This model is then used to construct an investable portfolio of those assets. This makes the index investable, and in principle they can be as representative as the hedge fund database from which they were constructed. However, these clone indices rely on a statistical modelling process. Such indices have too short a history to state whether this approach will be considered successful.

Closures.

In March 2017, HFR – a hedge fund research data and service provider – reported that there were more hedge-fund closures in 2016 than during the 2009 recession. According to the report, several large public pension funds pulled their investments in hedge funds, because the funds’

Debates and controversies.

Systemic risk.

Systemic risk refers to the risk of instability across the entire financial system, as opposed to within a single company. Such risk may arise following a destabilizing event or events affecting a group of financial institutions linked through investment activity. Organizations such as the European Central Bank have charged that hedge funds pose systemic risks to the financial sector, and following the failure of hedge fund Long-Term Capital Management (LTCM) in 1998 there was widespread concern about the potential for systemic risk if a hedge fund failure led to the failure of its counterparties. (As it happens, no financial assistance was provided to LTCM by the US Federal Reserve, so there was no direct cost to US taxpayers, but a large bailout had to be mounted by a number of financial institutions.)  However, these claims are widely disputed by the financial industry, who typically regard hedge funds as "small enough to fail", since most are relatively small in terms of the assets they manage and operate with low leverage, thereby limiting the potential harm to the economic system should one of them fail. Formal analysis of hedge fund leverage before and during the financial crisis of 2007–2008 suggests that hedge fund leverage is both fairly modest and counter-cyclical to the market leverage of investment banks and the

Transparency.

Hedge funds are structured to avoid most direct regulation (although their managers may be regulated), and are not required to publicly disclose their investment activities, except to the extent that investors generally are subject to disclosure requirements. This is in contrast to a regulated mutual fund or exchange-traded fund, which will typically have to meet regulatory requirements for disclosure. An investor in a hedge fund usually has direct access to the investment adviser of the fund, and may enjoy more personalized reporting than investors in retail investment funds. This may include detailed discussions of risks assumed and significant positions. However, this high level of disclosure is not available to non-investors, contributing to hedge funds' reputation for secrecy, while some hedge funds have very limited transparency even to investors.  Funds may choose to report some information in the interest of recruiting additional investors. Much of the data available in consolidated databases is self-reported and unverified. A study was done on two major databases containing hedge fund data. The study noted that 465 common funds had significant differences in reported information ("e.g.", returns, inception date, net assets value, incentive fee, management fee, investment styles, etc.) and that 5% of return numbers and 5% of NAV numbers

Links with analysts.

In June 2006, prompted by a letter from Gary J. Aguirre, the U.S. Senate Judiciary Committee began an investigation into the links between hedge funds and independent analysts. Aguirre was fired from his job with the SEC when, as lead investigator of insider trading allegations against Pequot Capital Management, he tried to interview John Mack, then being considered for chief executive officer at Morgan Stanley. The Judiciary Committee and the US Senate Finance Committee issued a scathing report in 2007, which found

Value in a mean/variance efficient portfolio.

According to modern portfolio theory, rational investors will seek to hold portfolios that are mean/variance efficient (that is, portfolios that offer the highest level of return per unit of risk). One of the attractive features of hedge funds (in particular market neutral and similar funds) is that they sometimes have a modest correlation with traditional assets such as equities. This means that hedge funds have a potentially quite valuable role in investment portfolios as diversifiers, reducing overall portfolio risk.  However, there are three reasons why one might not wish to allocate a high proportion of assets into hedge funds. These reasons are:  Several studies have suggested that hedge funds are sufficiently diversifying to merit inclusion in investor portfolios, but this is disputed for

A hedge fund is an investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction and risk management techniques to improve performance, such as short selling, leverage and derivatives. Because of its use of complex techniques, financial regulators typically do not allow hedge funds to be marketed or made available to anyone except institutional investors, high net worth individuals and other investors who are considered sufficiently sophisticated.

Hedge fond ( "hedge fund", překládáno též jako hedgeový fond či hedgingový fond) je speciální investiční fond, který téměř nepodléhá regulaci. Jde o vysoce rizikovou investicí, která může přinést vysoký výnos, ale také vysokou ztrátu. Snaží se o absolutní výnos nezávislý na obecném ekonomickém vývoji a vývoji kapitálových trhů. Poplatky za správu hedge fondu jsou však vyšší než u klasického fondu a také transparentnost je nižší. Hedge fondy používají různé strategie, jako např. krátký prodej či finanční pákový efekt. Jsou vhodné především pro kvalifikované investory.


Structure.

The ischium is made up of three parts–the body, the superior ramus and the inferior ramus.  The body contains a prominent spine, which serves as the origin for the superior gemellus muscle. The indentation inferior to the spine is the lesser sciatic notch. Continuing down the posterior side, the ischial tuberosity is a thick, rough-surfaced prominence below the lesser sciatic notch. This is the portion that supports weight while sitting (especially noticeable on a hard surface) and can be felt simply by sitting on the fingers. It serves as the origin for the inferior gemellus muscle and the hamstrings.  The superior ramus is a partial origin for the internal obturator and the external obturator muscles. The inferior ramus serves partially as origin for part of the adductor magnus muscle and the gracilis muscle.  The inferior ischial ramus joins the inferior ramus of the pubis anteriorly and is the strongest of the hip (coxal) bones.

Body.

The body enters into and constitutes a little more than two-fifths of the acetabulum. Its external surface forms part of the lunate surface of the acetabulum and a portion of the acetabular fossa. Its internal surface is part of the wall of the lesser pelvis; it gives origin to some fibers of the internal obturator. No muscles insert on the body.  Its anterior border projects as the posterior obturator tubercle. From its posterior border there extends backward a thin and pointed triangular eminence, more or less elongated in different subjects, the ischial spine, origin of the gemellus superior muscle.  Above the spine is a large notch, the greater sciatic notch; Below the spine is a smaller notch, the lesser sciatic notch.

Superior ramus.

The superior ramus of the ischium (descending ramus) projects downward and backward from the body and presents for examination three surfaces: external, internal, and posterior.  The external surface is quadrilateral in shape. It is bounded above by a groove that lodges the tendon of the external obturator; below, it is continuous with the inferior ramus; in front it is limited by the posterior margin of the obturator foramen; behind, a prominent margin separates it from the posterior surface. In front of this margin the surface gives origin to the quadratus femoris, and anterior to this to some of the fibers of origin of the external obturator; the lower part of the surface gives origin to part of the adductor magnus.  The internal surface forms part of the bony wall of the lesser pelvis. In front it is limited by the posterior margin of the obturator foramen. Below, it is bounded by a sharp ridge that provides attachment to a falciform prolongation of the sacrotuberous ligament, and, more anteriorly, gives origin to the transverse perineal and ischiocavernosus muscles.  Posteriorly the ramus forms a large swelling, the tuberosity of the ischium, where the hamstrings originate.

Inferior ramus.

The inferior ramus of the ischium (ascending ramus) is the thin, flattened part of the ischium, which ascends from the superior ramus, and joins the inferior ramus of the pubis—the junction being indicated in the adult by a raised line.  The outer surface is uneven for the origin of the obturator externus and some of the fibers of the adductor magnus; its inner surface forms part of the anterior wall of the pelvis.  Its medial border is thick, rough, slightly everted, forms part of the outlet of the pelvis, and presents two ridges and an intervening space.  The ridges are continuous with similar ones on the inferior ramus of the pubis: to the outer is attached the deep layer of the superficial perineal fascia (fascia of Colles), and to the inner the inferior fascia of the urogenital diaphragm.  Tracing these two ridges downward, they join with each other just behind the point of origin of the transverse perineal muscles. Here the two layers of fascia are continuous behind the posterior border of the muscle.  To the intervening space, just in front of the point of junction of the ridges, the transverse perineal attaches, and in front of this is a portion of the ischiocavernosus, and the crus penis in the male, or the crus clitoridis in the female.  Its lateral border is thin and sharp, and forms part of the medial margin of the obturator foramen.

Clinical significance.

Clinically, an avulsion fracture of the ischial tuberosity may occur.  Avulsion fractures of the hip bone (avulsion or tearing away of the ischial tuberosity) may occur in adolescents and young adults during sports that require sudden acceleration or deceleration forces, such as sprinting or kicking in football, soccer, jumping hurdles, basketball, and martial arts. These fractures occur at tubercles (bony projections that lack secondary ossification centers). Avulsion fractures occur where muscles are attached: anterior superior and inferior iliac spines, ischial tuberosities, and ischiopubic rami. A small part of bone with a piece of a tendon or ligament attached is avulsed (torn away).  Ischial bursitis (also known as "weaver's bottom") is inflammation of the synovial bursa located between the gluteus maximus muscle and the ischial tuberosity, and is usually caused by prolonged sitting on a hard surface.

History.

Adoption of "ischium" into English-language medical literature dates back to c. 1640; the Latin term derives from Greek ἰσχίον "iskhion" meaning "hip joint". The division of the "acetabulum" into "ischium" (ἰσχίον) and "ilium" (λαγών, "os lagonicum") is due to Galen, "De ossibus". Galen, however, omits mention of the "pubis" as a separate bone.

Other animals.

Dinosaurs.

The clade Dinosauria is divided into the Saurischia and Ornithischia based on hip structure, including importantly that of the ischium. In the majority of dinosaurs, the ischium extends down from the ilium and towards the tail of the animal. The acetabulum, which can be thought of as a "hip-socket", is a cup-shaped opening on each side of the pelvic girdle formed where the ischium, ilium, and pubis all meet, and into which the head of the femur inserts. The orientation and position of the acetabulum is one of the main morphological traits that caused dinosaurs to walk in an upright posture with their legs directly underneath their bodies.

The ischium () forms the lower and back part of the hip bone ("os coxae"). Situated below the ilium and behind the pubis, it is one of these three bones whose fusion creates the hip. The superior portion of this bone forms approximately one third of the acetabulum.

Sedací kost (: "os ischii") je masivní kost v lidském těle tvořící dolní okraj pánevní kosti. Na jedné straně je spojená se stydkou kostí a na druhé s kyčelní kostí. V horní části kosti se nachází osten. Společně s dalšími kostmi vytváří pánevní pletenec.


Content.

The lyrics reflect an endorsement of the bacchanalian mayhem of student life while simultaneously retaining the grim knowledge that one day we will all die. The song contains humorous and ironic references to sex and death, and many versions have appeared following efforts to bowdlerise this song for performance in public ceremonies. In private, students will typically sing ribald words.  The song is sometimes known by its opening words, "Gaudeamus igitur" or simply "Gaudeamus". In the UK, it is sometimes affectionately known as "The Gaudie". The centuries of use have given rise to numerous slightly different versions.

Lyrics.

The proposition that the lyrics originate in 1287 is based on a manuscript held in the "Bibliothèque nationale de France" in Paris. A poem starting with the words "Subscribere proposui" ("I have suggested signing (it)") has two verses that closely resemble the later "Gaudeamus igitur" verses, although neither the first verse nor the actual words "Gaudeamus igitur" appear. The music accompanying this poem bears no relation to the melody which is now associated with it. A German translation of these verses was made in about 1717 and published in 1730 without music. A Latin version in a handwritten student songbook, dating from some time between 1723 and 1750, is preserved in the Berlin State Library (formerly located at Marburg); however, this differs considerably from the modern text. The current Latin lyrics with a German translation were published by Halle in 1781 in "Studentenlieder" ("Students' Songs") written by Christian Wilhelm Kindleben (1748-1785), who admitted to making important changes to the text.  Below is Kindleben's 1781 Latin version, with two translations to English (one anonymous and literal, and another by J. Mark Sugars, 1997). The pseudo-Latin word "antiburschius" refers to opponents of the 19th-century politically active German student fraternities. The letter 'j' used in some modern transcriptions does not occur in classical Latin.  When sung, the first two lines and the last line of each stanza are repeated; for instance: <poem> "Gaudeamus igitur." "Iuvenes dum sumus." "Gaudeamus igitur." "Iuvenes dum sumus." "Post iucundam iuventutem." "Post molestam senectutem." "Nos habebit humus —" "Nos habebit humus."</poem>

Music.

The first appearance in print of the present melody was in "Lieder für Freunde der Geselligen Freude" ("Songs for Friends of Convivial Joy"), published in Leipzig in 1782, together with Kindleben's German lyrics; however, the tune was evidently well known before this date. The first publication of the present Latin text together with the present melody was probably in Ignaz Walter's 1797 operatic setting of "Doktor Faust". It is also heard in Berlioz' Damnation of Faust.  Johannes Brahms quoted the hymn in the final section of his "Academic Festival Overture", in a fortissimo rendition performed by the full orchestra.  Sigmund Romberg used it in the operetta "The Student Prince", which is set at the University of Heidelberg.  It is quoted in Johann Strauss II's "Studenten-Polka" (Française, Op.263), first performed at the students' ball at the Redoutensaal on 24 February 1862.  The hymn is quoted, along with other student songs, in the overture of Franz von Suppé's 1863 operetta "Flotte Burschen", the action being once again set at the University of Heidelberg.  Basing it on the original melody, Franz Liszt has composed the Gaudeamus igitur—Paraphrase and later (1870) the Gaudeamus igitur—Humoreske.  Modern version is rearrangement for male chorus with piano accompaniment, by Peter Tchaikovsky (1874) (TH 187 ; ČW 413).

"De Brevitate Vitae" (Latin for "On the Shortness of Life"), more commonly known as "Gaudeamus Igitur" ("So Let Us Rejoice") or just "Gaudeamus", is a popular academic commercium song in many European countries, mainly sung or performed at university and high-school graduation ceremonies. Despite its use as a formal graduation hymn, it is a jocular, light-hearted composition that pokes fun at university life. The song is thought to originate in a Latin manuscript from 1287. It is in the tradition of "carpe diem" ("seize the day") with its exhortations to enjoy life. It was known as a beer-drinking song in many early universities and is the official song of many schools, colleges, universities, institutions, student societies and is the official anthem of the International University Sports Federation.

Gaudeamus igitur (incipit, doslova „radujme se tedy“, původní název De brevitate vitae – „o krátkosti života“) je neoficiální studentská hymna. Často se zpívá při různých akademických příležitostech. Původně šlo o pijáckou píseň, která ironicky oslavuje (především erotické) radosti studentského života a mládí. Přitom je zpívána na velmi vážnou a vznešenou melodii. Melodie vznikla ve třináctém století, patrně v prostředí Boloňské univerzity. Text je v latině s některými germanismy, je vagantského původu, definitivní verzi vytvořil ale až německý student teologie Christian Wilhelm Kindleben a publikoval ji v roce 1781. Existuje celá řada textových verzí, z deseti slok se běžně zpívají jen některé.


Background.

History.

The region has a varied history. It was once the nucleus of the Kingdom of Dacia (82 BC–106 AD). In 106 AD the Roman Empire conquered the territory, systematically exploiting its resources. After the Roman legions withdrew in 271 AD, it was overrun by a succession of various tribes, bringing it under the control of the Carpi, Visigoths, Huns, Gepids, Avars and Slavs. From 9th to 11th century Bulgarians ruled Transylvania.  The Magyars conquered much of Central Europe at the end of the 9th century and for almost six hundred years, Transylvania had been a voivodeship in the Kingdom of Hungary. After the Battle of Mohács in 1526, and the Hungarian defeat by the Ottomans, Transylvania became a semi-independent principality (Principality of Transylvania) under local Hungarian nobility rule but owing suzerainty to the Ottoman empire, then a province (Principality/Grand Principality of Transylvania) of the Habsburg Monarchy/Austrian Empire as being Land of the Hungarian Crown, and after 1848, again from 1867 to 1918 incorporated to the Kingdom of Hungary within the Austro-Hungarian Empire. The dual monarchy dissolved after World War I.  The ethnic Romanians, who formed the majority population of Transylvania, elected representatives who proclaimed the Union with Romania, on 1 December 1918. The Proclamation of Union of Alba Iulia was adopted by the Deputies of the Romanians from Transylvania, supported one month later by the vote of the Deputies of the Saxons from Transylvania. Eventually in 1920 the Treaty of Trianon assigned Transylvania to the Kingdom of Romania.

The Second Vienna Award.

In June 1940, after Romania was forced (as a consequence of Molotov–Ribbentrop Pact) to settle a claim to the Soviet Union over Bessarabian and Bukovinian territories, Hungary attempted to regain Transylvania, which it had lost in World War I. Germany and Italy pressured both Hungary and Romania to resolve the situation in a bilateral agreement. The two delegations met in Turnu Severin but the negotiations failed due to a demand for a 60,000 square kilometer-territory from the Hungarian side and only an offer of population exchange from the Romanian side. To impede a Hungarian-Romanian war in their "hinterland", the Axis powers pressured both governments to accept their arbitration: the Second Vienna Award.  Historian Keith Hitchins summarizes the situation created by the award:  The Hungarian population was in the unusual situation of being an overwhelming majority in an area of southeastern Transylvania, deep within Romania and far from the Hungarian border (known as Székely Land, today mainly in Harghita, Covasna and Mureș counties), and not simply only in certain areas next to the Hungarian border as in the case of Slovakia and Vojvodina. The solution decided upon was to gouge a claw-shaped corridor through northwestern Romania, including a large Romanian-populated area, in order to incorporate this Hungarian-majority area within Hungary.  Population of Northern Transylvania, as per 1930 Romanian census:  Before the arbitration, in 1940, according to the Romanian estimates, in Northern Transylvania there were 1,304,903 Romanians (50,2%) and 978,074 (37,1%) Hungarians. One year later, after the arbitration, according to the Hungarian census, the population of Northern Transylvania had dissimilar ratios, it counted 53.5% Hungarians and 39.1% Romanians.

Aftermath.

Hungary held Northern Transylvania from 1940 to 1944. In 1940 ethnic disturbances between Hungarians and Romanians continued after some incidents following the entrance of the Hungarian Military, culminating in massacres at Treznea and Ip.  After some ethnic Hungarian groups considered unreliable or insecure were sacked/expelled from Southern Transylvania, the Hungarian officials also regularly expelled some Romanian groups from Northern Transylvania. Also, many Hungarians and Romanians fled or chose to opt between the two countries. There was a mass exodus; over 100,000 people on both sides of the ethnic and political borders relocated. This continued until 1944.  On March 19, 1944, following the occupation of Hungary by the Nazi Germany army through Operation Margarethe, Northern Transylvania came under German military occupation. Like Jews living in Hungary, most of the Jews in Northern Transylvania (about 150,000) were sent to concentration camps during World War II, a move that was facilitated by local military and civilians  After King Michael's Coup, Romania left the Axis and joined the Allies. Thus, the Romanian army fought Nazi Germany and its allies in Romania - regaining Northern Transylvania - and further on, in German occupied Hungary and in Slovakia and Protectorate of Bohemia and Moravia (e.g. Budapest Offensive & Siege of Budapest and Prague Offensive).  The Second Vienna Award was voided by the Allied Commission through The Armistice Agreement with Romania (September 12, 1944) whose Article 19 stipulated the following: ""The Allied Governments regard the decision of the Vienna award regarding Transylvania as void and are agreed that Transylvania or the greater part thereof) should be returned to Romania, subject to confirmation at the peace settlement, and the Soviet Government agrees that Soviet forces shall take part for this purpose in joint military operations with Romania against Germany and Hungary.""  The territory was occupied by the Allied forces by late October 1944. However, due to the activities of Romanian paramilitary forces, the Soviets expelled the Romanian administration from Northern Transylvania in November 1944 and did not allow them to return until March 1945.  The 1947 Treaty of Paris reaffirmed the borders between Romania and Hungary, as originally defined in Treaty of Trianon, 27 years earlier, thus confirming the return of Northern Transylvania to Romania.

Geography.

Northern Transylvania is a diverse region, both in terms of landscape and population. It contains both largely rural areas (such as Bistrița-Năsăud County ) as well as major cities, such as Cluj-Napoca, Oradea, Târgu Mureș, Baia Mare and Satu Mare. Centers of Hungarian culture, such as Miercurea Ciuc and Sfântu Gheorghe, are also part of the region. An important tourist destination is Maramureș County, an area known for its beautiful rural scenery, local small woodwork, including wooden churches, its craftwork industry, and its original rural architecture.

Northern Transylvania (, ) was the region of the Kingdom of Romania that during World War II, as a consequence of the territorial agreement known as the Second Vienna Award, became part of the Kingdom of Hungary. With an area of, the population was largely composed of both ethnic Romanians and Hungarians. After World War II, the Paris Peace Treaties returned Northern Transylvania to Romania.

Severní Sedmihradsko nebo Severní Transylvánie ( Transilvania de Nord ; Észak-Erdély) je území nacházející se v Sedmihradsku v Rumunsku. Před rokem 1918 patřilo severní Sedmihradsko Rakousku-Uhersku, resp. Uhersku. Do roku 1940 území patřilo Rumunsku, které jej získalo po první světové válce, ale v důsledku Druhé vídeňské arbitráže získalo severní Sedmihradsko hortyovské Maďarsko. Tímto rozhodnutím získalo Maďarsko oblast ve středu Rumunska, kde žili Maďaři (Sikulsko), ale na zbývajícím území severního Sedmihradska převažovali Rumuni. Pařížskými mírovými smlouvami z roku (1947) získalo Rumunsko definitivně území zpět.


Tournament.

History.

The Monte Carlo Masters has been held since 1897, firstly as a tournament for amateur players until it became a professional tournament from 1969 onwards with the start of the Open Era. Spaniard Rafael Nadal, the defending champion from 2008, has been the most successful player of the Open Era, winning the previous four titles at the event. Since 1969, Ilie Năstase, Björn Borg, Mats Wilander, Thomas Muster, Gustavo Kuerten and Juan Carlos Ferrero have all won multiple titles. Players such as Reginald Doherty, Laurence Doherty, Anthony Wilding and Gordon Lowe also managed to win a number of titles during the early 20th Century. Nadal was bidding to become the first player to win five successive titles in Monte Carlo.

Tournament details.

The singles competition had a 56 player draw, with the top eight seeds receiving automatic entry into the second round. The doubles followed a similar concept, with a 28 player draw facilitating that the top eight seeds went into round two. Both the singles and doubles were played on outdoor clay courts at the Monte Carlo Country Club.

Summary.

Singles.

In the men's singles tournament, nine of the top ten ranked players in the world competed with top eight seeds of the tournament receiving byes in the first round. Of the other seeded players, Gaël Monfils (9) and Radek Štěpánek lost in the first round to Janko Tipsarević and qualifier Nicolás Lapentti, respectively. In the second round, seeds Juan Martín del Potro (5), Marin Čilić (14), Gilles Simon (6), and Tommy Robredo (11) were defeated by lower-ranked players.  Lapentti's run ended in the third round when he lost to World No. 1 Rafael Nadal. Andy Murray (4), Nikolay Davydenko (8), Fernando Verdasco (7), and Novak Djokovic (3) progressed to the quarterfinals, but second-seeded Roger Federer was defeated by 13th-seeded and fellow Swiss player Stanislas Wawrinka. Wawrinka then defeated in straight sets one of the two non-seeded players left in the competition, qualifier Andreas Beck. In the other matches, Nadal beat wildcard Ivan Ljubičić, Murray defeated Davydenko, and Djokovic needed three sets to beat Verdasco.  Murray faced Nadal in the semifinals in Murray's first career clay court semifinal. Nadal came into the match having lost just 14 times on clay in his career and won the match 6–2, 7–6. Djokovic recovered from losing the first set against Wawrinka to win the next two sets and the match 4–6, 6–1, 6–3. The top and the third ranked players in the world played each other in the final, with Nadal bidding to equal Federer's total of 14 Masters titles while Djokovic was appearing in his eighth Masters final. In their sixteenth meeting, Nadal took the first set 6–3, Djokovic won the second 6–2, but Nadal won the third 6–1 to seal his fifth successive title at the Monte Carlo Masters and the 35th of his career.

Doubles.

The top eight doubles pairs automatically gained places in round two. The first round saw many top singles players teaming up, with Gaël Monfils/Stanislas Wawrinka, Marc Gicquel/Paul-Henri Mathieu and Feliciano López/Fernando Verdasco among the pairs to reach the second round. Novak Djokovic also teamed up with fellow Serbian Victor Troicki and beat unseeded doubles specialists Marcelo Melo and André Sá. In the second round, fifth-seeded Bruno Soares and Kevin Ullyett were one of only two seeded pair to depart the competition, losing to Marin Čilić and Nicolas Kiefer on a champions tiebreak. Jeff Coetzee and Jordan Kerr were the other seeds to lose, against Djokovic and Troicki. The Bryan brothers, Bob and Mike defeated Monfils and Wawrinka, while second seeds Daniel Nestor and Nenad Zimonjić also reached the quarter-finals.  In the quarter-finals, Djokovic and Troicki's run continued as they knocked out Mahesh Bhupathi and Mark Knowles. Bob and Mike Bryan, Nestor and Zimonjić and Lukáš Dlouhý and Leander Paes also progressed, with Nestor and Zimonjić the only pair to defeat an unseeded pair in Čilić and Kiefer. In the semi-finals the Bryans beat Dlouhý and Paes 6–7, 6–3, [14–12] and Nestor/Zimonjić ended the run of Djokovic and Troicki 3–6, 6–1, [10–5].  The top two seeds met in the final. In a one-sided match Nestor and Zimonjić beat the Bryans 6–4, 6–1 to win their ninth title as a partnership.

Entrants.

Other entrants.

The following players received wildcards into the main draw:  The following players received entry from the qualifying draw:

Finals.

Singles.

Rafael Nadal defeated Novak Djokovic, 6–3, 2–6, 6–1

Doubles.

Daniel Nestor / Nenad Zimonjić defeated Bob Bryan / Mike Bryan, 6–4, 6–1

The 2009 Monte-Carlo Rolex Masters was a men's tennis tournament for professional players held from 11 April until 19 April 2009, on outdoor clay courts. It was the 103rd edition of the annual Monte Carlo Masters tournament, which was sponsored by Rolex for the first time and was classified as an ATP World Tour Masters 1000 tournament on the 2009 ATP World Tour. It took place at the Monte Carlo Country Club in Roquebrune-Cap-Martin, France, near Monte Carlo, Monaco.

Tenisový turnaj na okruhu ATP Monte-Carlo Rolex Masters 2009 se konal ve dnech 12. - 19. dubna v Roquebrune-Cap-Martin ve Francii poblíž Monte Carla v Monaku venku na antukových dvorcích. Odměny činily 2,750,000 EUR.


History.

Regionalists have long been represented in the European Parliament. In the 1979 election four regionalist parties obtained seats: the Scottish National Party (SNP), the Flemish People's Union (VU), the Brussels-based Democratic Front of Francophones (FDF) and the South Tyrolean People's Party (SVP). The SNP, although being predominantly social-democratic, joined the European Progressive Democrats, a conservative group led by the French Rally for the Republic. The VU and the FDF joined the heterogeneous Technical Group of Independents, while the SVP joined the European People's Party group.  In 1981 six parties (VU, the Frisian National Party, Independent Fianna Fáil, the Party of German-speaking Belgians, the Party for the Organization of a Free Brittany and the Alsace-Lorraine National Association), plus three observers (the Union of the Corsican People, UPC, the Occitan Party and the Democratic Convergence of Catalonia, CDC), joined forces to form the European Free Alliance. Regionalist MEPs continued, however, to sit in different groups also after the 1984 election: the SNP in the Gaullist-dominated European Democratic Alliance; the VU, the Sardinian Action Party (PSd'Az) and Basque Solidarity (EA) in the Rainbow Group, together with Green parties; the SVP in the European People's Party group; the CDC with the Liberal Democrats; and Batasuna among Non-Inscrits.  Only after the 1989 European Parliament election did EFA members form a united group, called Rainbow like its green predecessor. It consisted of three Italian MEPs (two for Lega Lombarda and one for the PSd'Az), two Spanish MEPs (one each for the PNV and the Andalusian Party, PA), one Belgian MEP (for VU), one French MEP (UPC), one British MEP (SNP) and one independent MEP from Ireland. They were joined by 4 MEPs from the Danish left-wing Eurosceptic People's Movement against the EU, while the other regionalist parties, including the SVP, Batasuna and the Convergence and Union of Catalonia (CiU) declined to join.  In the 1994 European Parliament election the regionalists lost many seats. Moreover, the EFA had suspended its major affiliate, Lega Nord, for having joined forces in government with the post-fascist National Alliance. Also, the PNV chose to switch to the European People's Party (EPP). The three remaining EFA MEPs (representing the SNP, the VU and the Canarian Coalition) formed a group with the French "Énergie Radicale" list and the Italian Pannella List: the European Radical Alliance.  Following the 1999 European Parliament election, in which EFA parties did quite well, EFA elected MEPs formed a joint group with the European Green Party, under the name Greens–European Free Alliance (Greens/EFA). In the event the EFA supplied ten members: two each from the Scottish SNP, the Welsh Plaid Cymru, and the Flemish VU, and one each from the Basque PNV and EA, the Andalusian PA and the Galician Nationalist Bloc (BNG).  In the 2004 European Parliament election, the EFA, which had formally become a European political party, was reduced to four MEPs: two from the SNP (Ian Hudghton and Alyn Smith), one from Plaid Cymru (Jill Evans) and one from the Republican Left of Catalonia (ERC; Bernat Joan i Marí, replaced at the mid-term by MEP Mikel Irujo of the Basque EA). They were joined by two associate members: Tatjana Ždanoka of For Human Rights in United Latvia (PCTVL) and László Tőkés, an independent MEP and former member of the Democratic Alliance of Hungarians in Romania (UMDR). Co-operation between the EFA and the Greens continued.  Following the 2008 revision of the EU Regulation that governs European political parties allowing the creation of European foundations affiliated to European political parties, the EFA established its official foundation/think tank, the Coppieters Foundation (CF), in September 2007.  In the 2009 European Parliament election, six MEPs were returned for the EFA: two from the SNP (Ian Hudghton and Alyn Smith), one from Plaid Cymru (Jill Evans), one from the Party of the Corsican Nation (PNC; François Alfonsi), one from the ERC (Oriol Junqueras), and Tatjana Ždanoka, an individual member of the EFA from Latvia. After the election, the New Flemish Alliance (N-VA) also joined the EFA. The EFA subgroup thus counted seven MEPs.  In the 2014 European Parliament election, EFA-affiliated parties returned twelve seats to the Parliament: four for the N-VA, two for the SNP, two for "The Left for the Right to Decide" (an electoral list primarily composed of the ERC), one for "The Peoples Decide" (an electoral list maily comprising EH Bildu, a Basque coalition including EA), one for "European Spring" (an electoral list comprising the Valencian Nationalist Bloc, BNV, and the Aragonese Union, ChA), one from Plaid Cymru, and one from the Latvian Russian Union (LKS). Due to ideological divergences with the Flemish Greens, the N-VA defected to the European Conservatives and Reformists (ECR) group and the EH Bildu MEP joined the European United Left–Nordic Green Left (GUE/NGL) group. Thus, EFA had seven members in the Greens/EFA group and four within ECR.  In the 2019 European Parliament election the EFA gained a fourth seat in the United Kingdom, due to the SNP gaining a third seat to add to Plaid Cymru's one. However, the EFA suffered the loss of these seats later in 2019 due to Brexit, which meant SNP and PC MEPs had to leave.

Ideology.

In the Brussels declaration of 2000 the EFA codified its political principles. The EFA stands for "a Europe of Free Peoples based on the principle of subsidiarity, which believe in solidarity with each other and the peoples of the world." The EFA sees itself as an alliance of stateless peoples, striving towards recognition, autonomy, independence or wanting a proper voice in Europe. It supports European integration on basis of the subsidiarity-principle. It believes also that Europe should move away from further centralisation and works towards the formation of a "Europe of regions". It believes that regions should have more power in Europe, for instance participating in the Council of the European Union, when matters within their competence are discussed. It also wants to protect the linguistic and cultural diversity within the EU.  The EFA broadly stands on the left-wing of the political spectrum. The Brussels declaration emphasises the protection of human rights, sustainable development and social justice. In 2007 the EFA congress in Bilbao added several progressive principles to the declaration, including a commitment to fight against racism, antisemitism, discrimination, xenophobia and Islamophobia, and a commitment to get full citizenship for immigrants, including voting rights.  EFA members are generally progressive, although there are some notable exceptions as the conservative New Flemish Alliance, Bavaria Party, Schleswig Party and Future of Åland, the Christian-democratic Slovene Union, the centre-right Liga Veneta Repubblica and the far-right South Tyrolean Freedom.

Organisation.

The main organs of the EFA organisation are the General Assembly, the Bureau and the Secretariat.

General Assembly.

In the General Assembly, the supreme council of the EFA, every member party has one vote.

Bureau and Secretariat.

The Bureau takes care of daily affairs. It is chaired by Lorena Lopez de Lacalle (Basque Solidarity), president of the EFA, while Jordi Solé (Republican Left of Catalonia) is secretary-general and Anke Spoorendonk (South Schleswig Voters' Association) treasurer.  The Bureau is completed by ten vice-presidents: Marta Bainka (Silesian Autonomy Movement), Olrik Bouma (Frisian National Party), (Future of Åland), Jill Evans (Plaid Cymru), Fernando Fuente Cortina (Valencian Nationalist Bloc), Victor Gallou (Breton Democratic Union), David Grosclaude (Occitan Party), Wouter Patho (New Flemish Alliance), Nelida Pogagcic (List for Rijeka) and Anne Tomasi (Party of the Corsican Nation).

Member parties.

Before becoming a member party, an organisation needs to have been an observer of the EFA for at least one year. Only one member party per region is allowed. If a second party from a region wants to join the EFA, the first party needs to agree, at which point these two parties will then form a common delegation with one vote. The EFA also recognises friends of the EFA, a special status for regionalist parties outside of the European Union.  The following is the list of EFA members and former members.

The European Free Alliance (EFA) is a European political party that consists of various regionalist political parties in Europe. Member parties advocate either for full political independence and sovereignty, or some form of devolution or self-governance for their country or region. The alliance has generally limited its membership to progressive parties; therefore, only a fraction of European regionalist parties are members of the EFA.

Evropská svobodná aliance (anglicky "European Free Alliance" (ve zkratce EFA), francouzsky "Alliance Libre Européenne") je evropská politická strana. Skládá se z politických stran, které působí v různých členských státech Evropské unie a jejichž programovým cílem je nezávislost, autonomie, nebo jiná forma samosprávy určitého regionu nebo určité skupiny obyvatelstva. Jejími členy jsou progresivistické politické strany.


History.

The Convention for the Protection of the Marine Environment of the North-East Atlantic was opened for signature at the Ministerial Meeting of the Oslo and Paris Commissions in Paris on 22 September, 1992. The Convention has been signed and ratified by all of the Contracting Parties to the original Oslo or Paris Conventions (Belgium, Denmark, the European Community, Finland, France, Germany, Iceland, Ireland, the Netherlands, Norway, Portugal, Spain, Sweden and the United Kingdom of Great Britain and Northern Ireland) and by Luxembourg and Switzerland. The OSPAR Convention entered into force on 25 March, 1998, and replaced the Oslo and Paris Conventions, but decisions and other agreements adopted under those conventions remained applicable unless they are terminated by new measures adopted under the OSPAR Convention. The first Ministerial Meeting of the OSPAR Commission at Sintra, Portugal, in 1998 adopted Annex V to the Convention, extending the cooperation of the signatory parties to cover ""all human activities that might adversely affect the marine environment of the North East Atlantic"". Nevertheless, programmes and measures cannot be adopted under the Convention on questions relating to fisheries management, which are currently coordinated by European nations in the north east Atlantic and North Sea by the International Council for the Exploration of the Sea (ICES). The OSPAR convention now regulates European standards on marine biodiversity, eutrophication, the release of hazardous and radioactive substances into the seas, the offshore oil and gas industry and baseline monitoring of environmental conditions.  In 2000, the OSPAR Commission published a comprehensive report on the quality of the marine environment of the North-East Atlantic. This was supported by five smaller reports on the different parts of the OSPAR maritime area –the Arctic, the Greater North Sea, the Celtic Seas, the Bay of Biscay/Golfe de Gascogne and Iberian waters, and the Wider Atlantic.  According to the, if tritium and iodine 129 discharges from the La Hague site into the Alderney Race do not diminish significantly, it will be difficult to achieve the objective of zero radioelement concentrations in the North Atlantic by 2020.

The Convention for the Protection of the Marine Environment of the North-East Atlantic or OSPAR Convention is the current legislative instrument regulating international cooperation on environmental protection in the North-East Atlantic. Work carried out under the convention is managed by the OSPAR Commission, which is made up of representatives of the Governments of the 15 signatory nations, and representatives of the European Commission, representing the European Union.

OSPAR nebo Konvence pro ochranu mořského životního prostředí v severovýchodním Atlantiku (The Convention for the Protection of the Marine Environment of the North-East Atlantic) je mezinárodní právní nástroj regulující mezinárodní spolupráci v oblasti ochrany životního prostředí severovýchodního Atlantiku.