FRIENDSHIP by Emerson

FRIENDSHIP

A ruddy drop of manly blood

The surging sea outweighs,

The world uncertain comes and goes,

The lover rooted stays.

I fancied he was fled,

And, after many a year,

Glowed unexhausted kindliness

Like daily sunrise there.

My careful heart was free again, --

O friend, my bosom said,

Through thee alone the sky is arched,

Through thee the rose is red,

All things through thee take nobler form,

And look beyond the earth,

And is the mill-round of our fate

A sun-path in thy worth.

Me too thy nobleness has taught

To master my despair;

The fountains of my hidden life

Are through thy friendship fair.

ESSA Y VI Friendship

We have a great selfishness that chills like east winds the world, the whole human family is bathed with an element of love like a fine ether. How many persons we meet in houses, whom we scarcely speak to, whom yet we honor, and who honor us! How many we see in the street, or sit with in church, whom, though silently, we warmly rejoice to be with! Read the language of these wandering eye-beams. The heart knoweth.

The effect of the indulgence of this human affection is a certain cordial exhilaration. In poetry, and in common speech, the emotions of benevolence and complacency which are felt towards others are likened to the material effects of fire; so swift, or much more swift, more active, more cheering, are these fine inward irradiations. From the highest degree of passionate love, to the lowest degree of good-will, they make the sweetness of life.

Our intellectual and active powers increase with our affection. The scholar sits down to write, and all his years of meditation do not furnish him with one good thought or happy expression; but it is necessary to write a letter to a friend, -- and, forthwith, troops of gentle thoughts invest themselves, on every hand, with chosen words. See, in any house where virtue and self-respect

abide, the palpitation which the approach of a stranger causes. A commended stranger is expected and announced, and uneasiness betwixt pleasure and pain invades all the hearts of a household. His arrival almost brings fear to the good hearts that would welcome him. The house is dusted, all things fly into their places, the old coat is exchanged for the new, and they must get up a dinner if they can. Of a commended stranger, only the good report is told by others, only the good and new is heard by us. He stands to us for humanity. He is what we wish. Having imagined and invested him, we ask how we should stand related in conversation and action with such a man, and are uneasy with fear. The same idea exalts conversation with him. We talk better than we are wont. We have the nimblest fancy, a richer memory, and our dumb devil has taken leave for the time. For long hours we can continue a series of sincere, graceful, rich communications, drawn from the oldest, secretest experience, so that they who sit by, of our own kinsfolk and acquaintance, shall feel a lively surprise at our unusual powers. But as soon as the stranger begins to intrude his partialities, his definitions, his defects, into the conversation, it is all over. He has heard the first, the last and best he will ever hear from us. He is no stranger now. Vulgarity, ignorance, misapprehension are old acquaintances. Now, when he comes, he may get the order, the dress, and the dinner, -- but the throbbing of the heart, and the communications of the soul, no more.

What is so pleasant as these jets of affection which make a young world for me again? What so delicious as a just and firm encounter of two, in a thought, in a feeling? How beautiful, on their approach to this beating heart, the steps and forms of the gifted and the true! The moment we indulge our affections, the earth is metamorphosed; there is no winter, and no night; all tragedies, all ennuis, vanish, -- all duties even; nothing fills the proceeding eternity but the forms all radiant of beloved persons. Let the soul be assured that somewhere in the universe it should rejoin its friend, and it would be content and cheerful alone for a thousand years.

I awoke this morning with devout thanksgiving for my friends, the old and the new. Shall I not call God the Beautiful, who daily showeth himself so to me in his gifts? I chide society, I embrace solitude, and yet I am not so ungrateful as not to see the wise, the lovely, and the noble-minded, as from time to time they pass my gate.

Who hears me, who understands me, becomes mine, -- a possession for

all time. Nor is nature so poor but she gives me this joy several

times, and thus we weave social threads of our own, a new web of

relations; and, as many thoughts in succession substantiate

themselves, we shall by and by stand in a new world of our own

creation, and no longer strangers and pilgrims in a traditionary

globe. My friends have come to me unsought. The great God gave them

to me. By oldest right, by the divine affinity of virtue with

itself, I find them, or rather not I, but the Deity in me and in them

derides and cancels the thick walls of individual character,

relation, age, sex, circumstance, at which he usually connives, and

now makes many one. High thanks I owe you, excellent lovers, who

carry out the world for me to new and noble depths, and enlarge the

meaning of all my thoughts. These are new poetry of the first Bard,

poetry without stop, -- hymn, ode, and epic, poetry still flowing,

Apollo and the Muses chanting still. Will these, too, separate themselves from me again, or some of them? I know not, but I fear it not; for my relation to them is so pure, that we hold by simple affinity, and the Genius of my life being thus social, the same affinity will exert its energy on whomsoever is as noble as these men and women, wherever I may be.

I confess to an extreme tenderness of nature on this point. It is almost dangerous to me t o “crush the sweet poison of misused wine” of the affections. A new person is to me a great event, and hinders me from sleep. I have often had fine fancies about persons which have given me delicious hours; but the joy ends in the day; it yields no fruit. Thought is not born of it; my action is very little modified. I must feel pride in my friend?s accomplishments as if they were mine, -- and a property in his virtues. I feel as warmly when he is praised, as the lover when he hears applause of his engaged maiden. We over-estimate the conscience of our friend. His goodness seems better than our goodness, his nature finer, his temptations less. Every thing that is his, -- his name, his form, his dress, books, and instruments, -- fancy enhances. Our own thought sounds new and larger from his mouth.

Yet the systole and diastole of the heart are not without their analogy in the ebb and flow of love. Friendship, like the immortality of the soul, is too good to be believed. The lover, beholding his maiden, half knows that she is not verily that which he worships; and in the golden hour of friendship, we are surprised with shades of suspicion and unbelief. We doubt that we bestow on our hero the virtues in which he shines, and afterwards worship the form to which we have ascribed this divine inhabitation. In strictness, the soul does not respect men as it respects itself. In strict science all persons underlie the same condition of an infinite remoteness. Shall we fear to cool our love by mining for the metaphysical foundation of this Elysian temple? Shall I not be as real as the things I see? If I am, I shall not fear to know them for what they are. Their essence is not less beautiful than their appearance, though it needs finer organs for its apprehension. The root of the plant is not unsightly to science, though for chaplets and festoons we cut the stem short. And I must hazard the production of the bald fact amidst these pleasing reveries, though it should prove an Egyptian skull at our banquet. A man who stands united with his thought conceives magnificently of himself. He is conscious of a universal success, even though bought by uniform particular failures. No advantages, no powers, no gold or force, can be any match for him.

I cannot choose but rely on my own poverty more than on your wealth. I cannot make your consciousness tantamount to mine. Only the star dazzles; the planet has a faint, moon-like ray.

I hear what you say of the admirable parts and tried temper of the party you praise, but I see well that for all his purple cloaks I shall not like him, unless he is at last a poor Greek like me. I cannot deny it, O friend, that the vast shadow of the Phenomenal includes thee also in its pied and painted immensity, -- thee, also, compared with whom all else is shadow. Thou art not Being, as Truth is, as Justice is, -- thou art not my soul, but a picture and effigy of that. Thou hast come to me lately, and already thou art seizing thy hat and cloak. Is it not that the soul puts forth friends as the tree puts forth leaves, and presently, by the germination of new buds, extrudes the old leaf? The law of nature is alternation for evermore. Each electrical state superinduces the opposite. The soul environs itself with friends, that it may enter into a grander self-acquaintance or solitude; and it goes alone for a season, that it may exalt its conversation or society. This method betrays

itself along the whole history of our personal relations. The instinct of affection revives the hope of union with our mates, and the returning sense of insulation recalls us from the chase. Thus every man passes his life in the search after friendship, and if he should record his true sentiment, he might write a letter like this to each new candidate for his love.

DEAR FRIEND: --

If I was sure of thee, sure of thy capacity, sure to match my mood with thine, I should never think again of trifles in relation to thy comings and goings. I am not very wise; my moods are quite attainable; and I respect thy genius; it is to me as yet unfathomed; yet dare I not presume in thee a perfect intelligence of me, and so thou art to me a delicious torment. Thine ever, or never.

Yet these uneasy pleasures and fine pains are for curiosity, and not for life. They are not to be indulged. This is to weave cobweb, and not cloth. Our friendships hurry to short and poor conclusions, because we have made them a texture of wine and dreams, instead of the tough fibre of the human heart. The laws of friendship are austere and eternal, of one web with the laws of nature and of morals. But we have aimed at a swift and petty benefit, to suck a sudden sweetness. We snatch at the slowest fruit in the whole garden of God, which many summers and many winters must ripen. We seek our friend not sacredly, but with an adulterate passion which would appropriate him to ourselves. In vain. We are armed all over with subtle antagonisms, which, as soon as we meet, begin to play, and translate all poetry into stale prose. Almost all people descend to meet. All association must be a compromise, and, what is worst, the very flower and aroma of the flower of each of the beautiful natures disappears as they approach each other. What a perpetual disappointment is actual society, even of the virtuous and gifted! After interviews have been compassed with long foresight, we must be tormented presently by baffled blows, by sudden, unseasonable apathies, by epilepsies of wit and of animal spirits, in the heyday of friendship and thought. Our faculties do not play us true, and both parties are relieved by solitude.

I ought to be equal to every relation. It makes no difference how many friends I have, and what content I can find in conversing with each, if there be one to whom I am not equal. If I have shrunk unequal from one contest, the joy I find in all the rest becomes mean and cowardly. I should hate myself, if then I made my other friends my asylum.

“The valiant warrior famoused for fight,

After a hundred victories, once foiled,

Is from the book of honor razed quite,

And all the rest forgot for which he toiled.”

Our impatience is thus sharply rebuked. Bashfulness and apathy are a tough husk, in which a delicate organization is protected from premature ripening. It would be lost if it knew itself before any of the best souls were yet ripe enough to know and own it. Respect the

naturlangsamkeit which hardens the ruby in a million years, and works in duration, in which Alps and Andes come and go as rainbows. The good spirit of our life has no heaven which is the price of rashness. Love, which is the essence of God, is not for levity, but for the total worth of man. Let us not have this childish luxury in our regards, but the austerest worth; let us approach our friend with an audacious trust in the truth of his heart, in the breadth, impossible to be overturned, of his foundations.

The attractions of this subject are not to be resisted, and I leave, for the time, all account of subordinate social benefit, to speak of that select and sacred relation which is a kind of absolute, and which even leaves the language of love suspicious and common, so much is this purer, and nothing is so much divine.

I do not wish to treat friendships daintily, but with roughest courage. When they are real, they are not glass threads or frostwork, but the solidest thing we know. For now, after so many ages of experience, what do we know of nature, or of ourselves? Not one step has man taken toward the solution of the problem of his destiny. In one condemnation of folly stand the whole universe of men. But the sweet sincerity of joy and peace, which I draw from this alliance with my brother?s soul, is the nut itself, whereof all nature and all thought is but the husk and shell. Happy is the house that shelters a friend! It might well be built, like a festal bower or arch, to entertain him a single day. Happier, if he know the solemnity of that relation, and honor its law! He who offers himself a candidate for that covenant comes up, like an Olympian, to the great games, where the first-born of the world are the competitors. He proposes himself for contests where Time, Want, Danger, are in the lists, and he alone is victor who has truth enough in his constitution to preserve the delicacy of his beauty from the wear and tear of all these. The gifts of fortune may be present or absent, but all the speed in that contest depends on intrinsic nobleness, and the contempt of trifles. There are two elements that go to the composition of friendship, each so sovereign that I can detect no superiority in either, no reason why either should be first named. One is Truth. A friend is a person with whom I may be sincere. Before him I may think aloud. I am arrived at last in the presence of a man so real and equal, that I may drop even those undermost garments of dissimulation, courtesy, and second thought, which men never put off, and may deal with him with the simplicity and wholeness with which one chemical atom meets another. Sincerity is the luxury allowed, like diadems and authority, only to the highest rank, that being permitted to speak truth, as having none above it to court or conform unto. Every man alone is sincere. At the entrance of a second person, hypocrisy begins. We parry and fend the approach of our fellow-man by compliments, by gossip, by amusements, by affairs. We cover up our thought from him under a hundred folds. I knew a man, who, under a certain religious frenzy, cast off this drapery, and, omitting all compliment and commonplace, spoke to the conscience of every person he encountered, and that with great insight and beauty. At first he was resisted, and all men agreed he was mad. But persisting, as indeed he could not help doing, for some time in this course, he attained to the advantage of bringing every man of his acquaintance into true relations with him. No man would think of speaking falsely with him, or of putting him off with any chat of markets or reading-rooms. But every man was constrained by so much sincerity to the like plaindealing, and what love of nature, what poetry, what symbol of truth he had, he did certainly show him. But to most of us society shows not its face and eye, but its side and its back. To stand in true relations with men in a false age is worth a fit of insanity, is it not? We can seldom go erect. Almost every man we meet requires some civility, -- requires

to be humored; he has some fame, some talent, some whim of religion or philanthropy in his head that is not to be questioned, and which spoils all conversation with him. But a friend is a sane man who exercises not my ingenuity, but me. My friend gives me entertainment without requiring any stipulation on my part. A friend, therefore, is a sort of paradox in nature. I who alone am, I who see nothing in nature whose existence I can affirm with equal evidence to my own, behold now the semblance of my being, in all its height, variety, and curiosity, reiterated in a foreign form; so that a friend may well be reckoned the masterpiece of nature.

The other element of friendship is tenderness. We are holden to men by every sort of tie, by blood, by pride, by fear, by hope, by lucre, by lust, by hate, by admiration, by every circumstance and badge and trifle, but we can scarce believe that so much character can subsist in another as to draw us by love. Can another be so blessed, and we so pure, that we can offer him tenderness? When a man becomes dear to me, I have touched the goal of fortune. I find very little written directly to the heart of this matter in books. And yet I have one text which I cannot choose but remember. My author says, -- “I offer myself faintly and bluntly to those whose I effectually am, and tender myself least to him to whom I am the most devoted.” I wish that friendship should h ave feet, as well as eyes and eloquence. It must plant itself on the ground, before it vaults over the moon. I wish it to be a little of a citizen, before it is quite a cherub. We chide the citizen because he makes love a commodity. It is an exchange of gifts, of useful loans; it is good neighbourhood; it watches with the sick; it holds the pall at the funeral; and quite loses sight of the delicacies and nobility of the relation. But though we cannot find the god under this disguise of a sutler, yet, on the other hand, we cannot forgive the poet if he spins his thread too fine, and does not substantiate his romance by the municipal virtues of justice, punctuality, fidelity, and pity. I hate the prostitution of the name of friendship to signify modish and worldly alliances. I much prefer the company of ploughboys and tin-peddlers, to the silken and perfumed amity which celebrates its days of encounter by a frivolous display, by rides in a curricle, and dinners at the best taverns. The end of friendship is a commerce the most strict and homely that can be joined; more strict than any of which we have experience. It is for aid and comfort through all the relations and passages of life and death. It is fit for serene days, and graceful gifts, and country rambles, but also for rough roads and hard fare, shipwreck, poverty, and persecution. It keeps company with the sallies of the wit and the trances of religion. We are to dignify to each other the daily needs and offices of man?s life, and embellish it by courage, wisdom, and unity. It should never fall into something usual and settled, but should be alert and inventive, and add rhyme and reason to what was drudgery.

Friendship may be said to require natures so rare and costly, each so well tempered and so happily adapted, and withal so circumstanced, (for even in that particular, a poet says, love demands that the parties be altogether paired,) that its satisfaction can very seldom be assured. It cannot subsist in its perfection, say some of those who are learned in this warm lore of the heart, betwixt more than two. I am not quite so strict in my terms, perhaps because I have never known so high a fellowship as others. I please my imagination more with a circle of godlike men and women variously related to each other, and between whom subsists a lofty intelligence. But I find this law of one to one peremptory for conversation, which is the practice and consummation of friendship. Do not mix waters too much. The best mix as ill as good and bad. You shall have very useful and cheering discourse at several times with two several men, but let all three of you come together, and you shall not have one new and hearty word. Two may talk and one may hear,

but three cannot take part in a conversation of the most sincere and searching sort. In good company there is never such discourse between two, across the table, as takes place when you leave them alone. In good company, the individuals merge their egotism into a social soul exactly co-extensive with the several consciousnesses there present. No partialities of friend to friend, no fondnesses of brother to sister, of wife to husband, are there pertinent, but quite otherwise. Only he may then speak who can sail on the common thought of the party, and not poorly limited to his own. Now this convention, which good sense demands, destroys the high freedom of great conversation, which requires an absolute running of two souls into one.

No two men but, being left alone with each other, enter into simpler relations. Yet it is affinity that determines which two shall converse. Unrelated men give little joy to each other; will never suspect the latent powers of each. We talk sometimes of a great talent for conversation, as if it were a permanent property in some individuals. Conversation is an evanescent relation, -- no more. A man is reputed to have thought and eloquence; he cannot, for all that, say a word to his cousin or his uncle. They accuse his silence with as much reason as they would blame the insignificance of a dial in the shade. In the sun it will mark the hour. Among those who enjoy his thought, he will regain his tongue.

Friendship requires that rare mean betwixt likeness and unlikeness, that piques each with the presence of power and of consent in the other party. Let me be alone to the end of the world, rather than that my friend should overstep, by a word or a look, his real sympathy. I am equally balked by antagonism and by compliance. Let him not cease an instant to be himself. The only joy I have in his being mine, is that the not mine is mine. I hate, where I looked for a manly furtherance, or at least a manly resistance, to find a mush of concession. Better be a nettle in the side of your friend than his echo. The condition which high friendship demands is ability to do without it. That high office requires great and sublime parts. There must be very two, before there can be very one. Let it be an alliance of two large, formidable natures, mutually beheld, mutually feared, before yet they recognize the deep identity which beneath these disparities unites them.

He only is fit for this society who is magnanimous; who is sure that greatness and goodness are always economy; who is not swift to intermeddle with his fortunes. Let him not intermeddle with this. Leave to the diamond its ages to grow, nor expect to accelerate the births of the eternal. Friendship demands a religious treatment. We talk of choosing our friends, but friends are self-elected. Reverence is a great part of it. Treat your friend as a spectacle. Of course he has merits that are not yours, and that you cannot honor, if you must needs hold him close to your person. Stand aside; give those merits room; let them mount and expand. Are you the friend of your friend?s buttons, or of his thought? To a great heart he will still be a stranger in a thousand particulars, that he may come near in the holiest ground. Leave it to girls and boys to regard a friend as property, and to suck a short and all-confounding pleasure, instead of the noblest benefit.

Let us buy our entrance to this guild by a long probation. Why should we desecrate noble and beautiful souls by intruding on them? Why insist on rash personal relations with your friend? Why go to his house, or know his mother and brother and sisters? Why be visited by him at your own? Are these things material to our covenant? Leave this touching and clawing. Let him

be to me a spirit. A message, a thought, a sincerity, a glance from him, I want, but not news, nor pottage. I can get politics, and chat, and neighbourly conveniences from cheaper companions. Should not the society of my friend be to me poetic, pure, universal, and great as nature itself? Ought I to feel that our tie is profane in comparison with yonder bar of cloud that sleeps on the horizon, or that clump of waving grass that divides the brook? Let us not vilify, but raise it to that standard. That great, defying eye, that scornful beauty of his mien and action, do not pique yourself on reducing, but rather fortify and enhance. Worship his superiorities; wish him not less by a thought, but hoard and tell them all. Guard him as thy counterpart. Let him be to thee for ever a sort of beautiful enemy, untamable, devoutly revered, and not a trivial conveniency to be soon outgrown and cast aside. The hues of the opal, the light of the diamond, are not to be seen, if the eye is too near. To my friend I write a letter, and from him I receive a letter. That seems to you a little. It suffices me. It is a spiritual gift worthy of him to give, and of me to receive. It profanes nobody. In these warm lines the heart will trust itself, as it will not to the tongue, and pour out the prophecy of a godlier existence than all the annals of heroism have yet made good.

Respect so far the holy laws of this fellowship as not to prejudice its perfect flower by your impatience for its opening. We must be our own before we can be another?s. There is at least this satisfaction in crime, according to the Latin proverb; -- you can speak to your accomplice on even terms. _Crimen quos inquinat, aequat_. To those whom we admire and love, at first we cannot. Yet the least defect of self-possession vitiates, in my judgment, the entire relation. There can never be deep peace between two spirits, never mutual respect, until, in their dialogue, each stands for the whole world.

What is so great as friendship, let us carry with what grandeur of spirit we can. Let us be silent, -- so we may hear the whisper of the gods. Let us not interfere. Who set you to cast about what you should say to the select souls, or how to say any thing to such? No matter how ingenious, no matter how graceful and bland. There are innumerable degrees of folly and wisdom, and for you to say aught is to be frivolous. Wait, and thy heart shall speak. Wait until the necessary and everlasting overpowers you, until day and night avail themselves of your lips. The only reward of virtue is virtue; the only way to have a friend is to be one. You shall not come nearer a man by getting into his house. If unlike, his soul only flees the faster from you, and you shall never catch a true glance of his eye. We see the noble afar off, and they repel us; why should we intrude? Late, -- very late, -- we perceive that no arrangements, no introductions, no consuetudes or habits of society, would be of any avail to establish us in such relations with them as we desire, -- but solely the uprise of nature in us to the same degree it is in them; then shall we meet as water with water; and if we should not meet them then, we shall not want them, for we are already they. In the last analysis, love is only the reflection of a man?s own worthiness from other men. Men have sometimes exchanged names with their friends, as if they would signify that in their friend each loved his own soul.

The higher the style we demand of friendship, of course the less easy to establish it with flesh and blood. We walk alone in the world. Friends, such as we desire, are dreams and fables. But a sublime hope cheers ever the faithful heart, that elsewhere, in other regions of the universal power, souls are now acting, enduring, and daring, which can love us, and which we can love. We may congratulate ourselves that the period of nonage, of follies, of blunders, and of shame, is passed in solitude, and when we are finished men, we shall grasp heroic hands in heroic hands. Only be

admonished by what you already see, not to strike leagues of friendship with cheap persons, where no friendship can be. Our impatience betrays us into rash and foolish alliances which no God attends. By persisting in your path, though you forfeit the little you gain the great. You demonstrate yourself, so as to put yourself out of the reach of false relations, and you draw to you the first-born of the world, -- those rare pilgrims whereof only one or two wander in nature at once, and before whom the vulgar great show as spectres and shadows merely.

It is foolish to be afraid of making our ties too spiritual, as if so we could lose any genuine love. Whatever correction of our popular views we make from insight, nature will be sure to bear us out in, and though it seem to rob us of some joy, will repay us with a greater. Let us feel, if we will, the absolute insulation of man. We are sure that we have all in us. We go to Europe, or we pursue persons, or we read books, in the instinctive faith that these will call it out and reveal us to ourselves. Beggars all. The persons are such as we; the Europe an old faded garment of dead persons; the books their ghosts. Let us drop this idolatry. Let us give over this mendicancy. Let us even bid our dearest friends farewell, and defy them, saying, …Who are you? Unhand me: I will be dependent no more.? Ah! seest thou not, O brother, that thus we part only to meet again on a higher platform, and only be more each other?s, because we are more our own? A friend is Janus-faced: he looks to the past and the future. He is the child of all my foregoing hours, the prophet of those to come, and the harbinger of a greater friend.

I do then with my friends as I do with my books. I would have them where I can find them, but I seldom use them. We must have society on our own terms, and admit or exclude it on the slightest cause. I cannot afford to speak much with my friend. If he is great, he makes me so great that I cannot descend to converse. In the great days, presentiments hover before me in the firmament. I ought then to dedicate myself to them. I go in that I may seize them, I go out that I may seize them. I fear only that I may lose them receding into the sky in which now they are only a patch of brighter light. Then, though I prize my friends, I cannot afford to talk with them and study their visions, lest I lose my own. It would indeed give me a certain household joy to quit this lofty seeking, this spiritual astronomy, or search of stars, and come down to warm sympathies with you; but then I know well I shall mourn always the vanishing of my mighty gods. It is true, next week I shall have languid moods, when I can well afford to occupy myself with foreign objects; then I shall regret the lost literature of your mind, and wish you were by my side again. But if you come, perhaps you will fill my mind only with new visions, not with yourself but with your lustres, and I shall not be able any more than now to converse with you. So I will owe to my friends this evanescent intercourse. I will receive from them, not what they have, but what they are. They shall give me that which properly they cannot give, but which emanates from them. But they shall not hold me by any relations less subtile and pure. We will meet as though we met not, and part as though we parted not.

It has seemed to me lately more possible than I knew, to carry a friendship greatly, on one side, without due correspondence on the other. Why should I cumber myself with regrets that the receiver is not capacious? It never troubles the sun that some of his rays fall wide and vain into ungrateful space, and only a small part on the reflecting planet. Let your greatness educate the crude and cold companion. If he is unequal, he will presently pass away; but thou art enlarged by thy own shining, and, no longer a mate for frogs and worms, dost soar and burn with the gods of the empyrean. It is thought a disgrace to love unrequited. But the great will see that true

love cannot be unrequited. True love transcends the unworthy object, and dwells and broods on the eternal, and when the poor interposed mask crumbles, it is not sad, but feels rid of so much earth, and feels its independency the surer. Yet these things may hardly be said without a sort of treachery to the relation. The essence of friendship is entireness, a total magnanimity and trust. It must not surmise or provide for infirmity. It treats its object as a god, that it may deify both.

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1开篇的三大焦点 接下来看一下报告开篇的三个焦点， 在高度竞争的行业中有着异乎寻常的业绩增长速度，简而言之浑水认为“好得难以置信”。我们认为，很难说浑水这家大公司对于中国了解的不多，但至少不是很透彻。我们来看一组中国本土数据，2017年中国教育培训家长用户为孩子最终选定课外辅导机构的关键因素中口碑好与师资力量起到决定性作用。高度竞争市场的一个基本特征就是产品的同质化，然而教育作为一种资源在目前的中国很难说已经达到同质化，因此拥有好师资的产品表现突出并没有惊讶之处。 数据来源：艾瑞咨询，诺亚研究工作坊 运用各种资本开支、收购和投资来变动非现金收支去规避审计。

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（德国，欧洲央行和IMF）建议，欧盟救援塞浦路斯的款项将大部落入俄国人手中，这无法向欧元区纳税人交代，因此才有了本文开头提到的狂剪俄罗斯大亨羊毛的债务重组方案。 虽然俄塞关系现在很尴尬很微妙，但两国之前的关系却如蜜月般紧密。塞国不但和俄国同奉东正教，在地缘上很亲近，而且其金融产业的崛起也和俄国密不可分。故事要追溯到苏联解体后的1990年代，塞浦路斯凭借其极低的企业所得税和与俄国签订的避免双重征税协议吸引了大批寻找投资安全港的俄罗斯企业和犯罪组织。塞浦路斯律师可以代表俄罗斯投资者设立壳公司和开展银行业务，这使得俄国投资者可以在极端保密的情况下进行金融交易。根据美国国务院数据，俄罗斯富豪是如此钟爱塞国，以致俄国在塞国的投资是在美国投资的两倍。塞国是俄罗斯海外投资(FDI)的第二大目的国，仅次于荷兰。这里要指出的是，根据全球金融诚信中心的数据，俄罗斯非法收入外流（illicit financial outflows）的最大目的地却是塞国，而不是荷兰。有趣的是俄罗斯在塞国的大部分投资通过塞国的壳公司装扮成FDI又投回俄国，专业人士称之为“循环投资”。那么俄国人喜欢在塞浦路斯搞什么样的壳公司呢？据欧盟的一份俄国犯罪组织调查报告统计，俄黑手党在塞国喜欢通过投资旅游业和建筑业来洗钱。当然造成俄罗斯非法收入外流的宏观原因并不只限于有组织犯罪，根据IMF的研究报告，还有贪污，避税，汇率预期波动，宏观经济的动荡，投资组合多样化，私人财产所有权保护不力，金融体制缺陷等等原因。非法收入在塞国漂白之后，堂而皇之的作为外资投回俄国，既确保了财产安全，又享受了外资的种种优待，何乐而不为？ 事实如此，难怪俄罗斯总理不无风趣的评价欧盟的塞国债务重组方案为黑吃黑（In my view, the stealing of what has already been stolen continues），真正让人忍俊不止。但幽默归幽默，俄罗斯还得面对事实的残酷性。不管欧盟是不是黑吃黑，塞国对俄国的重要性都不言而喻。根据美国国务院数据，塞国是俄国累计外来投资（Accumulated FDI）第一大国，约占其累计外来投资总量的21.37%，把其他国家远远甩在后面。而且来自塞国的FDI绝大部分投资在腐败猖

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1995年2月27日，英国央行宣布，巴林银行将申请资产清理，引起全球震惊，这意味着具有233年历史、掌管270多亿英镑的英国巴林银行宣告破产。1995年，巴林银行新加坡期货公司执行经理里森，在该行风险控制不严的情况下，大肆进行高风险的日经指数期货交易，结果造成巴林银行14亿美元的亏损，是巴林银行全部资本及储备金的1.2倍，里森因此锒铛入狱。(朱雷) 本报记者朱雷 每日经济新闻记者胡念飞北京报道 国际原油期货市场迎来波澜起伏的一周！ 昨日，纽约原油期货价格大跌5%，收于每桶43.25美元，较10月底的峰点已下降12美元以上。与此同时，在新加坡上市的中国航油(新加坡)股份有限公司(下称中航油)在国际石油衍生品交易市场上巨亏5.5亿美元(约45亿元人民币)的消息迅速在业界和媒体中传开！ 让我们印象深刻的是，从7月初到10月底，纽约原油期货价格从40美元一路涨到56美元附近，涨幅达40%，国际炒家大获其利，其中美国“油神”皮肯斯就赚得7亿美元！ 无疑，中航油亏掉的巨资成了国际炒家的饕餮大餐！ 目前，中航油已向新加坡高等法院申请召开债权人大会以重组债务，公司股票已停牌，被新加坡人誉为“打工皇帝”的公司总裁陈久霖本周二已被停职。 巨亏揭秘 做空倒在油价下跌前夜？

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黑色金属产业的各种棒材、线材、板材、管材、冷轧材，有色金属产业的铜、铝、锌、合金等。全年完成钢产量132万吨、钢材产量197万吨、有色金属产量8.2万吨，实现工业总产值110亿元。 是年，面对经营环境空前困难、实质性重组进程缓慢、谋划转型起步艰难等复杂局面，广钢集团生产经营全面陷入困境。全集团(不计珠江钢铁有限责任公司)全年亏损9.22亿元；实现营业收入216.06亿元，比上年下降32.55%。-----来自广东年鉴 4.中金再生所得税率太低 根据2008年中金再生提供的资料，当年度税前利润3.3亿港元，按照国内税法25%的所得税率，中金再生应缴税8300万港元，而另一方面，来自澳门企业豁免的所得税高达9500万港元。两组数据互相

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初探中国股票市场做空机制 内容提要: 股票市场的平稳运行取决于做多与做空机制的协调发展,中国股票市场风险日益积累的重要原因之一就是,与做多机制相对应的做空机制不完善并处于明显的劣势。引入信用交易、股指期货交易以强化做空机制,既是市场发展的需要,又具备了基本条件。 股票市场的平稳运行取决于做多与做空机制的协调发展,中国股票市场风险日益积累的重要原因之一就是,与做多机制相对应的做空机制不完善并处于明显的劣势。引入信用交易、股指期货交易以强化做空机制,既是市场发展的需要,又具备了基本条件。 一、中外股票市场做空机制比较 做空机制是与做空紧密相连的一种运作机制,是指投资者因对整体股票市场或者某些个股的未来走向(包括短期和中长期)看跌所采取的保护自身利益和借机获利的操作方法以及与此有关的制度总和。 国外特别是发达国家的股票市场一般都有比较完善的做空机制,通常包括主动性做空与被动性做空两种基本形式。主动性做空机制是指投资者预期股票市场价格将要下跌并积极利用这种下跌来获取相应利润的操作行为以及配套的相关制度,具体包括利用信用交易进行卖空和利用股指期货来进行做空。信用交易卖空的基本运作程序是,投资者(保证金空头交易者)以部分现金或有价证券作担保,委托卖出股票时由证券商贷给股票,到期按规定归还股票并向证券商支付利息。在这过程中,融券的数额取决于规定的保证金率,即投资者交付的保证金占融券折合资金额的比例。在利用股指期货卖空中,投资者先是在判断股指

将要下跌时卖出股指期货合约,其后待股指下跌时买进以进行对冲。被动性做空机制是指投资者预见到大势或个股未来走向不好的情况下离场观望,即通常所说的卖出股票而持有货币。在主动性做空机制下,投资者进行操作的动机主要是利用财务杠杆,寻求高卖低买的机会以获利(保值也可以看作一种获利),在被动性做空机制下,投资者进行操作的目的之一是避免“套牢”,即股票的市场价格下跌到低于其买价而致使其帐面发生亏损(此时股票虽然没有卖出,但已经失去了进一步操作的灵活性)之二是回避或者减少实际可能发生的亏损。不论投资者的具体动机如何,做空机制实际上都起着降低市场风险的作用。 中国股票市场的做空机制是不完善的,因为它只有被动性做空,没有主被动性做空被动性做空的目的是避险,做空投资者的资金处于闲置状态,资金增值的要求暂时无法实现,因此,投资者一般只在较少情况下才愿意做空卖出股票。与之相对应的是,绝大多数上市公司经营业绩的提高远远滞后于其股票价格的攀升,股票市场整体上仍然是一种典型的“零和”博奕形态,投资者要获利就要不断地低买高卖推升股指,形成强烈的做多愿望。这就使得被动做空的卖方力量经常小于积极做多的买方力量,做空与做多难以形成良性的平衡关系,致使股票市场的风险不断积聚。而且,股票市场上所存在的利益格局通常还会进一步加剧这种失衡: 首先,券商以及其他中介机构倾向于诱导投资者积极做多,因为做空通常会导致价格下降、成交量和成交金额减少,相应地降低其佣金收入。

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