The person shown here is a basic user of this site. He or she may be contacted directly for language-related services.
|
Working languages: English to Chinese
| shanmididi
Canada Local time: 01:47 MST (GMT-7)
Native in: Chinese  | |
| Freelancer | | Translation | | Specializes in: | | Finance (general) | Business/Commerce (general) | | Investment / Securities | Economics | | Accounting |
| | PRO-level points: 12, Questions answered: 15, Questions asked: 2 | | 0 entries | | Visa | Sample translations submitted: 6 | English to Chinese: TRANSLATORS IN A CHANGING CHINA | Source text - English
TRANSLATORS IN A CHANGING CHINA
In China, there are two new elements in the life of Chinese translators. One, there is now a burgeoning labour market in China and translators, like other professionals, can change jobs or take up second jobs which they could not do so easily before. Two, there is a much vaster translation market than ever before. This is a direct result of the government's more open trade policies, the economic boom, and the vastly increased scale of foreign investment in the country. Economic and cultural exchanges with other countries have multiplied, so that today the use of foreign languages has become a daily necessity for an increasing number of people. While English is being taught in secondary schools and universities, the majority of the population has difficulty in using languages other than Chinese. Consequently, translation is in great demand. And the fact that this demand far outstrips supply inevitably drives up the price of translation and interpretation.
Another important transformation in the Chinese translation world is the significant shift in the types of translation being done. This is a long-term trend which goes hand in hand with China's economic growth and modernization. Whereas formerly literary translators (many of whom are also language professors) were the elite of the translation community, today it is the science and technology translators and ethnic language translators who are the most numerous and active in translation associations.
| Translation - Chinese
在变化中的中国的翻译工作者
在中国，翻译工作者的生活出现了两个新的元素。第一，当今的中国劳动力市场处于蓬勃发展阶段，翻译工作者同其他专业工作者一样，可以比以前更容易地更换工作或开始第二职业。第二，翻译市场比以往任何时候都更为广阔。这直接归因于政府更为开放的对外贸易政策，经济繁荣，以及迅猛增长的外商投资。对外经济和文化交流也成倍增加，因此如今使用外语已经成为越来越多的人的日常需要。尽管中学和大学都在教学英语，大多数中国人仍不能熟练应用中文以外的其他语言。因此，对翻译的需求相当大。同时由于需求远远超过供应，又不可避免地抬高了笔译和口译的价格。
中国翻译界的另一项重要的变化是翻译的种类有了巨大的转变。这是和中国经济发展与现代化并行的一个趋势。以前文学翻译工作者（大多数同时也是语言教授）是翻译界的精英，而如今科技翻译工作者和少数语种翻译者占了翻译协会的大多数，而且是最为积极活跃的分子。
| | English to Chinese: THE FIRST OF FOUR SEASONS | Source text - English
THE FIRST OF FOUR SEASONS
In Japan, as in many other countries of the temperate zone, a change of season occurs regularly -- almost like clockwork -- every three months.
Springtime, the months of March, April and May, not only brings fresh green leaves and colorful flowers, but also promises students a new school year and recent graduates a new role as part of the workforce. There is a feeling of new beginnings in nature and in people's lives.
Japanese apricot blossoms are the first sign of the end of winter, but cherry blossoms are the true harbringer of spring. Families, friends and co-workers hold cherry-blossom-viewing parties to celebrate the beauty of their country's most loved flower.
Despite the commonly used expression the cold weather lasts only until the vernal equinox, Japan's spring is a repetition of warm and cold days. Almost without exception, during this season, cold days come after warm ones. Nature, it seems, is trying to jump onto spring, putting out and pulling back its head, impatiently waiting for the right time to make a full leap.
| Translation - Chinese
四季中的第一个季节
在日本，和同处于温带的其他国家一样，季节的变更极有规律，几乎像钟表一样准时：每三个月就是一季。
春季，三、四、五月，不仅带来了绿叶繁花，也让莘莘学子进入了新的学年，让毕业生进入了劳动大军。自然界和人类生活都感受到了新的开始。
在日本，杏树开花是冬天结束的第一个征兆。而樱花开放才是春天真正来到。各家各户，亲朋好友，公司同事, 都聚会观赏樱花，赞赏这个国家最受爱戴的花卉。
尽管通常说冷天到春分就会结束，日本的春天仍夹杂着冷热交替。在这个季节，几乎毫无例外的，暖天之后冷天还会来临。仿佛是大自然在试图跳进春季，它伸出一点头试探一下，又缩回去，急不可耐地等待适当时机，来完成圆满的一跳。
| | English to Chinese: ARE THEY BAD GUYS? | Source text - English
ARE THEY BAD GUYS?
It's a warm autumn night. You're lying in your bed, about to fall asleep. Suddenly, you hear a fluttering noise in the tree outside your window. You hop up and rush to see what's going on. There in the moonlight stands a large owl with a dead songbird in its beak.
How would you feel about seeing such a thing? Excited? You may be amazed that the owl could see the sleeping songbird and snatch it from its perch. Maybe you would be glad that the owl won't go hungry.
But maybe you like songbirds and would be upset to see one killed. You might even think the owl was cruel.
Many people don't like to think about how predators feed themselves. They don't want to think about blood and pain and death. They may think that predators are frightening or "bad."
These people forget that wild animals aren't here for our good. We may like them because they are beautiful or because they happen to be useful to us, but they are what they are and do what they do for just one reason: to survive.
| Translation - Chinese
他们是坏家伙吗？
一个暖和的秋夜，你躺在床上，正要入睡。突然，你听到窗外的树上有拍翅膀的声响。你跳起来，跑过去看发生了什么事。你看到在窗外的月光下站立着一只巨大的猫头鹰，嘴里衔着一只死鸟。
看到如此场景，你会有何感受？兴奋吗？可能你很惊异猫头鹰能从栖息的枝头看到那熟睡的鸣鸟，并能一把抓住它。可能你很高兴猫头鹰不会挨饿。
也有可能你恰好喜欢鸣鸟，看到鸟死了，你会伤心。你甚至可能会想猫头鹰太残忍了。
很多人不愿去想像那些食肉动物是怎样捕食以求生的。他们不愿想到血腥、痛苦、以及死亡。他们多半会认为食肉动物很可怕，或是“很坏”。
这些人忘记了野生动物不是为了我们而存在。我们可能因为它们很漂亮或刚好对我们有用而喜欢它们，然而事实上它们就是它们，它们做那些事仅仅为了一个原因：生存。
| | English to Chinese: BETTER IN A BARGE | Source text - English
BETTER IN A BARGE
If you like your holidays slow and scenic - and replete with gourmet fare and fine wine - then it's time to book a barge trip along one of the countless waterways of France. It's the ultimate contemplative vacation, allowing you to study and savour the French countryside over fresh-baked, butter-drenched croissants and bowls of steaming coffee.
After breakfast, read up on local history, walk out to see the sights and chat with the locals. Take a barge break and bicycle between canal locks, or soar aloft in a balloon and see the country in all its expansive glory.
And don't forget to take advantage of the expeditions to vineyards for wine-tasting and to castles and other historic sites that are always enjoyable detours.
Then there are the dinners: local delicacies at the height of perfection, the slow progression of courses as the sun sets in an explosion of crimson and burnt orange and then, with darkness lit by millions of flickering stars, a cognac and an end to a tranquil day.
| Translation - Chinese
驳船之旅
如果你想度过一个悠闲有风景的假期，还可以享受美酒佳肴，那就赶快订一次沿法国数条水路之一的驳船之旅。这是独一无二的冥想假期，籍此你可以品位法国乡村刚出炉的浸透黄油的羊角面包，和热腾腾的碗装咖啡。
早餐过后，读一读地方日志，走一走看看风光，聊一聊乡土人情。可以乘坐小船稍事休息，再骑自行车到下一个闸口；或者坐热气球飘一番，观赏乡村辽阔风景。
别忘了跟随当地的游团到酒窖品酒，到古堡或其他历史名胜，这都是值得品味的休闲活动。
晚餐到来：当地的精致美味，可称完美，一道道菜徐徐上来，此时落日正在一团猩红中下沉，转为橘黄，随之，千万颗闪烁的星星缀满夜空，喝一口白兰地，宁静舒适的一日即告落幕。
| | English to Chinese: THE BIRTH OF THE GLOBAL NATION | Source text - English
THE BIRTH OF THE GLOBAL NATION
The human drama, whether played out in history books or headlines, is often not just a confusing spectacle, but a spectacle about confusion. The big question these days is which political forces will prevail - those stitching nations together, or those tearing them apart?
Here is one optimist's reason for believing unity will prevail over disunity, integration over disintegration. In fact, I'll bet that within the next hundred years, nationhood as we know it will be obsolete; all states will recognize a single, global authority. A phrase briefly fashionable in the mid-20th century - "citizen of the world" - will have assumed real meaning by the end of the 21st.
All countries are basically social arrangements, accommodations to changing circumstances. No matter how permanent and even sacred they may seem at any one time, in fact thay are all artificial and temporary. Through the ages, there has been an overall trend toward larger units claiming sovereignty and, paradoxically, a gradual diminution of how much true sovereignty any one country actually has.
| Translation - Chinese
全球国家的诞生
人类历史，不管是写在历史书本上，还是在报刊头条中，常常都不仅仅是让人迷惑的景观，更是讲述迷惑的景观。如今的重要问题是哪些政治力量将会占上风 —-- 是那些将各个国家紧紧联系在一起的，还是那些将各个国家分开来的？
对相信统一会战胜分裂，整合会战胜瓦解的乐观主义者，他们信奉这样的原因。事实上，我也这样坚信，在以后的几百年里，我们曾经熟悉的国家概念将会过时，所有的国度将会被认同为一个单一的全球国家。在二十世纪中期曾风靡一时的一个词“世界公民”，将在二十一世纪末显示其真实意义。
从基本意义上讲，所有的国家都是一种社会安排，是随着环境的变更而变化的，无论它们曾经看起来多么神圣不可摧毁，在实质上它们都是人为的，是暂时的。历史上，一直都有更大的集团要求独立主权，这是一股总的趋势；反过来讲，任一单一国家的实质主权已经逐渐受到削弱。
| | English to Chinese: Sittin' on the dock of a bay | Source text - English
Sittin' on the dock of a bay
Nov 20th 2008 | HONG KONG
Trade slows and gloom mounts. But Asia’s economic downturn will be milder than the one it endured a decade ago
EARLIER this year most businessmen and investors hoped that Asia’s emerging economies could withstand the economic and financial turmoil in the developed world. Now, however, stockmarkets seem to be betting on a rerun of Asia’s deep recession after its own crisis in 1997-98. Share prices in the region have plunged by an average of two-thirds (in dollar terms) from their peak in 2007—almost as much as they fell during the Asian financial crisis. Is Asia really heading for such a painful economic slump?
The latest figures are certainly worrying. Japan is now in recession. China’s economy is slowing much more sharply than expected, with the 12-month growth in its industrial production falling from 18% to 8% over the past year. Indian spending is being squeezed by the credit crunch: commercial-vehicle sales fell by 36% in the year to October. Hong Kong and Singapore are already in recession, with GDP having fallen for two consecutive quarters.
Asia is more reliant on exports than is any other region, so it is bound to be hurt by the rich world’s worst recession since the 1930s. China’s exports have so far held up surprisingly well, growing by 19% in the 12 months to October. South Korea’s have increased by 10%. But in Singapore and Taiwan exports have plunged this year. An Indian official has said that exports in October were 15% lower than a year ago.
Asia’s foreign sales are being choked by the global credit squeeze as well as weak demand. Cargoes pile up on the dockside and ships wait empty because exporters cannot get letters of credit to secure payment on delivery. Robert Subbaraman, an economist at Nomura in Hong Kong, reckons that over the next year exports from Asia (excluding Japan) could fall by 20%—roughly the same drop as during the 2001 dotcom crash. Weaker exports will dent investment and consumer spending. Yet Mr Subbaraman reckons emerging Asia as a whole will see GDP growth of 5.6% in 2009. That would be well down on the 9% seen in 2007 and perhaps 7% this year, but it would be slightly faster than during the 2001 downturn and much stronger than the 2% average growth in 1998.
In 1998 Hong Kong, Indonesia, Malaysia, South Korea and Thailand all suffered slumps in GDP of more than 6%. Even the gloomiest forecasters do not expect anything so dire this time. A few, such as JPMorgan, expect GDP to decline next year in Hong Kong, and Hong Kong’s chief executive, Donald Tsang, expects growth to be flat or negative in all the region’s “mature” economies, including his own and Singapore. But everywhere else should see positive growth (see chart), and generally remain stronger than during the 2001 dotcom crash. Only Taiwan is likely to have a worse year in 2009 than in 1998.
Mr Subbaraman also believes that Asia will recover sooner than other parts of the world, because most governments have ample room to ease policy and their economies are in better shape than those elsewhere. China, India, South Korea, Singapore, Taiwan and Hong Kong have all cut interest rates in the past two months. Falling energy and food prices will push inflation lower, and so allow further rate cuts.
All the main Asian emerging economies, apart from India’s, have public debt-to-GDP ratios well below the average in rich economies, giving them room to boost public spending or cut taxes in order to spur domestic demand. China, Malaysia, South Korea, Taiwan and Thailand have already announced fiscal stimuli. Singapore is expected to fire its hefty fiscal ammunition soon. Hong Kong’s Mr Tsang is “up to his eyeballs in contingency plans”.
In contrast to the late 1990s, most Asian economies are in relatively good shape, if not Pakistan’s (see article). Elsewhere, foreign-exchange reserves exceed short-term foreign debts. Almost all the region’s countries have current-account surpluses, though India and South Korea have deficits, which explains why they have seen large currency depreciations this year.
Most Asian households and companies are also modest borrowers. The black sheep is South Korea, where households and firms are even more indebted than in America. But total domestic debt (private and public) fell to 143% of GDP in emerging Asia in 2007, compared with 251% of GDP in America. As its exports stumble, Asia faces a nasty cyclical downturn. But it is spared the deep structural problems, such as excessive debt, which could depress growth elsewhere for several years.
Tortoise or tiger?
All the Asian economies will slow sharply next year, but some more than others. As the most open economies that are also big financial centres, Singapore and Hong Kong have been hit hardest. India is the least dependent on exports, at only 22% of its GDP, compared with a regional average of over half. So, in theory, it should be the least affected by the global slump. But India has two disadvantages. First, it is more exposed to the global credit crunch as a result of its previous reliance on large capital inflows. The sudden reversal of capital has sharply increased the cost of borrowing, forcing firms to cut investment—an important driver of growth in recent years. The Reserve Bank of India has cut interest rates and pumped liquidity into the banking system, but borrowing rates remain high.
A second problem is that, unlike China, the Indian government has little room for a fiscal stimulus. Its budget deficit is running at an estimated 8% of GDP (including off-budget items). Whereas China is boosting infrastructure spending to prop up demand, India’s plans to build roads and power plants with the help of private money may be delayed by the credit squeeze. The finance minister, Palaniappan Chidambaram, declared this week that growth will “bounce back” to 9% next year. Many economists reckon it is likely to be closer to 6%, while China’s slows to 8%.
Among the South-East Asian economies, Indonesia seems to be holding up best, with GDP up by 6.1% in the year to the third quarter. As a big exporter of commodities it will be squeezed by falling prices. But Malaysia, which is much more dependent on foreign demand, will be hit harder. Its exports are equivalent to over 100% of its GDP—proportionally, more than three times bigger than Indonesia’s. Thailand, where Asia’s financial crisis began in 1997, has learnt its lesson the hard way. Its foreign-exchange reserves are now four times as large as its short-term foreign debt, and it has a current-account surplus. It is not about to suffer another crisis. But as exports fall, business and consumer confidence remain depressed by political uncertainty. Thailand will remain one of Asia’s slowcoaches.
On the surface, the massive debts of South Korea’s households and firms might suggest serious trouble ahead. However, the government has been quick to bail out its banking system, and most economists reckon that a large fiscal boost and the cheaper won (down by 29% this year) will help to cushion the economy, resulting in modest growth, of around 3% next year.
In contrast, Taiwan is already in recession. Its GDP fell by 1% in the year to the third quarter, dragged down both by a collapse in exports and by weak domestic demand. Some economists forecast growth of only 1% next year. To lift consumer demand, the government this week said that it would give everybody NT$3,600 ($108) in shopping vouchers to spend in shops and restaurants.
Such measures are a far cry from 1997, when rather than urging households to spend, governments in Asia begged them to hand over their gold jewellery to be melted down to bolster official reserves. Times have changed. Asia is certainly not immune to the rich world’s recession, nor will its economies quickly regain their previous rapid growth trajectory. But the current gloom and doom among investors in the region might yet prove overdone.
| Translation - Chinese
海湾码头坐看贸易局势
二〇〇八年十一月二十日 香港
贸易减缓，黑暗来临。 然而，亚洲经济的低迷不会如同十年前所经历的那么猛烈。
今年早些时候，大多数商业人士和投资者曾期望亚洲的发展中经济能够抵抗发达国家经历的经济和金融动荡。 然而，如今股票市场似乎在赌亚洲在1997-98的金融危机之后会再次进入严重的经济衰退。这一地区的股价和2007的高峰期相比已经平均跌了三分之二，与亚洲金融危机的跌幅基本相当。 亚洲难道真的就此走向如此悲惨的经济衰退吗？
最近的数字令人担忧。 日本已经进入经济衰退。 中国的经济减缓程度大大超过预期，过去一年工业生产12个月增长率从18%降至8%。 印度的消费由于信用紧缩也大大缩减。 今年至10月商用车的销售下降了36%。 香港和新加坡也已进入经济衰退，GDP已连续下降了两个季度。
亚洲比其他地区更依赖于出口，因此注定会受到1930年以来发达国家最严重的经济衰退的重创。 目前为止，令人吃惊的是中国的出口依然保持良好势头，到十月止12个月的增长率达19%。 韩国的出口增长了10%。 而新加坡和台湾的出口今年已大幅下降。 至于印度，一位印度官员说十月的出口比去年同期下降了15%。
亚洲的对外销售受到全球信用紧缩和需求减弱的阻遏。 货物在码头堆积如山，货轮却空仓滞留，其原因在于出口商无法得到信用证来保证发货后收到货款。 Nomura香港公司的经济学家Robert Subbaraman估计，明年亚洲出口（除去日本）将下降20%，几乎等同于2001年互联网泡沫破灭后的降幅。 出口疲软也将削弱投资和消费。 然而，Subbaraman估计亚洲的发展中经济的整体GDP在2009年为5.6%。这与2007年的9%和今年的大约7%相比，下降不少；但仍略好过2001年的低迷期，更远远好于1998年平均2%的水平。
1998年，香港、印度尼西亚、马来西亚，韩国，和泰国都经受了超过6%的GDP跌幅。 但是这次即使是最悲观的预测家也没有预计会达到上一次的程度。 一些预测家，如JPMorgan，预计香港明年的GDP会下降，而香港的执行长官，Donald Tsang，预测该地区的“成熟”经济增长会持平或负增长，包括香港和新加坡。 但其他地区应该会有正增长，总体上会比2001年互联网泡沫破灭时要好。 2009年只有台湾很可能比1998年更为糟糕。
Subbaraman还认为亚洲会比世界上其他地区更快复苏，因为大多数国家政府有足够空间可以调整政策，而且他们的经济情况也比其他国家要好。 中国，印度，韩国，新加坡，台湾，和香港在过去两个月都已经采取了降息。 能源和食品价格下降压低了通货膨胀率，由此也打开了再度降息的空间。
亚洲主要的发展中经济，除印度外，公债对GDP百分比都远远低于发达国家，这使得他们有足够空间提高政府消费或削减税负，以刺激内需。 中国，马来西亚，韩国，台湾，和泰国都已经宣布了财政刺激政策。 新加坡也马上就会开动他们的重型财政军火。 而香港的唐先生正忙于应急措施，应接不暇。
与1990末相比，大多数亚洲国家经济情况相对良好，巴基斯坦大约除外。 其他国家，外汇储备大于短期外债。 这一地区几乎所有国家都是经常项目顺差，除了印度，韩国是逆差，这也解释了他们为什么当年经历了汇率的大幅下跌。
亚洲的大多数家庭和企业都是适度的借款人。 而害群之马韩国，其家庭和企业负债水平比美国还高。 2007年亚洲发展中国家总负债水平（包括私债和公债）下降至GDP的143%，相比美国是251%。 随着出口受阻，亚洲面临着恼人的周期性经济低迷。 但是由此避过了严重的结构性问题，如外债过高，这会长达数年时间抑制其他领域的增长。
乌龟还是老虎？
明年所有亚洲国家经济发展都将大幅度减缓，而其中某些国家幅度更大。 作为最为开放的经济领域同时也是主要金融中心，新加坡和香港是受冲击最严重的。 相比同一地区超过50%的平均水平，印度依赖于出口的水平是最低的，只占GDP的22%。 因此，理论上讲，印度应该是受全球经济风暴影响最小的。 然而，印度有两个弱点。 首先，由于以前依赖于引进大量外资，印度受全球信贷紧缩的影响更大。 资金的突然回流急剧增加了借贷成本，迫使公司削减投资，而投资正是近年来经济增长的主要驱动力。 印度储备银行已经降息，并为银行系统注入了流动性，但贷款利率仍居高不下。
第二，印度政府不像中国，他们使用财政刺激手段的空间很小。 其财政预算赤字目前处于GDP（包括预算外项目）的大约8%的水平。 当中国在鼓励基建投资以刺激内需的同时，印度用私募资金来修建公路和电力设施的计划却由于信用紧缩而不得不推迟。 财政部长Palaniappan Chidambaram本周宣称明年经济增长率会“反弹”至9%。 而许多经济学家估计可能的数字会接近6%，中国会降至8%。
在东南亚经济中，印度尼西亚似乎是保持得最好的，当年至三季度GDP增长达6.1％。 作为交易商品的主要出口商，印尼将受到交易商品价格下降的严重影响。 而马来西亚，由于其更依赖于外需，则受创会更重。 马来西亚的出口超过GDP的100%，从比例上看，超过印尼的三倍。而泰国，1997年亚洲金融风暴的发源地，已经付出了代价，接受了教训。 其外汇储备如今四倍于短期外债，而且经常项目呈现顺差。 它应该不会再一次遭受金融危机。 然而，随着出口下降，企业和消费者信心由于政治局势动荡仍然不足。 泰国仍将是亚洲经济较弱的国家之一。
表面上看来，韩国的家庭和企业的巨额负债似乎预示了严重的问题。 然而，政府已经迅速采取行动，拯救其银行系统；而大多数经济学家都估计大手笔的财政利好和汇率下跌的韩元（今年已下跌了29%）有助于稳定经济，明年的经济增长会平稳在3%左右。
相比之下，台湾已然进入经济衰退。 其GDP今年至三季度下降了1%，原因在于出口下滑和内需不足。 一些经济学家预测明年的增长率仅为1%。 为了提升消费者需求，本周台湾政府宣布将向每个人分配3600台币（108美元）的购物券，用以在商场和餐馆消费。
这些措施和1997年大大不同，当时亚洲各国政府并没有呼吁家庭增加消费，而是恳求他们上交黄金首饰以熔铸用来支撑官方储备。 今非昔比。 亚洲当然并不能免受发达国家经济衰退的影响，其经济也不能迅速回复到之前快速发展的轨道上。 然而目前该地区投资者中弥漫的悲观和宿命情绪可能过度了。
|
More Less | | FINANCE / INSURANCE, general | | Years of translation experience: 5. Registered at ProZ.com: Oct 2008. | | N/A | | N/A | | N/A | | Adobe Acrobat, Microsoft Excel, Microsoft Word, Powerpoint, Wordfast | | CV available upon request | | shanmididi endorses ProZ.com's Professional Guidelines (v1.0). | | About me Qualifications:
• Bachelor’s Degree in English Literature, Beijing University of Aeronautics & Astronautics, Beijing, China
• Diploma in Finance, Southwest University of Economics & Finance, Chengdu, China
• Master’s Degree in Business Administration, McGill University, Montreal, Canada
Translation Experience
- 5 years experience as translator / interpreter for a Chinese commercial bank dealing with international business
- 5 years experience as freelance translator, specialized in business / banking / finance / commerce translation, also in general science / engineering, art & literatures, and social sciences.
Projects involved
- As part of job, did translation of finance and banking articles, brochures, reports, and other materials. Worked as interpreter at events related to foreign business, including client visits, meetings, & contract negotiations.
- Did translation projects in science (general sciences, aeronautics, and engineering), in arts & literature (including books on poems & paintings, one of which was published), in mechanical manuals, etc.
Computer Ware
Windows XP, MS Office 2000 (including MS Word, Excel, Powerpoint,), Adobe Acrobat, Trados Freelance 6.5, Wordfast
|
|
Keywords: finance, business, commerce, banking, international trade,
Profile last updated
Jul 10, 2009 |
The translation workplace 
Portfolio