2012年12月19日星期三

MORE DIVERSE INVESTMENT IN 2013–S&P’S GREEK UPGRADE COULD MEAN


For the euro zone’s guardians, the year is ending in a fashion they could scarcely have hoped for when it began.

 Back then, talk of a euro breakup was perhaps more mainstream that it had ever been. Once the preserve of
Anglo-Saxon curmudgeons and unreconstructed Friedmanites–stopped clocks who have always hated the entire
project–eurogeddon was suddenly, even urgently, investable. That Greece would have to leave the bloc was
pretty close to a certainty. And once the exit door was kicked open, well…

 Those who could, took their money out altogether; those who couldn’t, moved it to Germany in the hope that
it would at least be left afloat if the currency foundered. Eventually, investors were paying Berlin to hold
their cash.

 But look at the bloc now. Not only has it stayed together, but Standard & Poor’s has even resurrected Greece’s
credit rating. Impressed by the euro zone’s determination to cohere, the agency has lifted Greece from the hell
of “selective default” to the purgatory of junk status. Its sovereign score is now B-minus.

 S&P’s early Christmas present has helped give global markets a last-minute burst of risk appetite to liven up
the final trading sessions of 2012.

 However, it’s also one mighty nail in the coffin of the overall “risk trade,” which has been dominating the
investment world all year, and indeed since 2008. This tediously binary state of play saw major traded currencies
and equity more closely correlated than they’ve been before in the free-float era.

 Now, even before S&P started playing Santa Claus there was plenty of speculation around that the trade would
loosen its grip in 2013. Here’s Deutsche Bank with a good example of the genre:

 “The fundamental driver of FX/equity correlation was likely (the) global synchronization of business cycles,
most prominently in 2008-09. This correlation has been falling… as the U.S. economy outperforms an austerity-led
European recession and Asian growth increasingly drives dollar bloc and Scandinavian economies.”

 In other words, investors could at long last see the point of a more diverse approach.

 It’s important to stress, as many of those Anglo-Saxon curmudgeons are doing this morning, that Greece is
nowhere near market access or economic healing as a result of S&P’s move, welcome though it is. Europe remains
fractious, split between core and periphery, and desperately short of growth. But, for global investors, that
can now be viewed more as Europe’s problem than a potential economic planet killer, a fact S&P has helpfully
underlined. With the tail risk of eurogeddon removed, they will be able to look for better opportunities
elsewhere.

 Already Wednesday we’ve seen the Nikkei stock-market index in Tokyo pierce 10000 for the first time since
April as investors look hopefully to Washington’s fiscal cliff wrangling and, closer to home, hope for more
economic stimulus from the Bank of Japan.

 It looks like a more diverse world already.



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2012年12月18日星期二

PARTLY CLOUDY–WITH LOWER CHANCE OF SUCCESS:VENTURE FINANCING FORECAST FOR 2013



Concerns that Series A rounds will be hard to come by in 2013 are widespread in the venture business, according to a survey being released today.

 Forty-five percent of venture capitalists think this will be the most difficult financing to obtain, according to a survey of venture capitalists and startup chief executives by Dow Jones VentureSource and the National Venture Capital Association. That reflects an ongoing debate in the industry about whether seed-stage investors have financed too many consumer Internet startups that will now have trouble tapping the venture capital they need to grow.

 Only 13% of the VC respondents said seed/angel financing would be the hardest to get in 2013 while 28% thought it would be Series B financing. The survey, conducted from Nov. 26 to Dec. 7, collected responses from more than 600 venture investors and CEOs of venture-backed startups. Responses were equally divided between the two groups.

 A plurality of CEOs-42%–thought it would be more difficult to raise follow-on financing in 2013 versus this year; 36% said it would be the same difficulty and 22% said it would be less difficult.

 Nonetheless, 67% of the CEOs said their company will raise additional capital in 2013. And 78% of them thought their company’s valuation would increase. But VCs were less sanguine–38% said valuations in their portfolio would decrease in 2013 compared with 2012.

 VCs and CEOs were also of different minds when it came to forecasting the amount of U.S. venture investment next year. Venture capitalists were pessimistic, with 47% saying it would decrease, while 30% of CEOs said it would decrease.

 VC attitudes are probably shaped by the frosty fundraising landscape. Of the respondents, 44% said venture capital fundraising would contract in 2013 with less money raised by fewer funds. Another 42% said it would concentrate with more money raised by fewer funds.

 “Overall quality of companies is increasing; VC will continue to contract but overall achieve better quality,” said one of the respondents, Derek Small, CEO and president of drug developer Naurex, which this week announced it had raised $38 million in Series B financing.

 VCs were upbeat about fund performance, with half of them expecting venture capital returns to improve in 2013. Most VCs predicted that the IPO market would be at least as good as this year, with 40% saying there would be more IPOs than in 2012 and 52% saying the quality would be higher.

 Sandy Miller of Institutional Venture Partners said, “2013 should see a sustained good IPO environment rather than the starts and stops of recent years. All the ingredients are in place.”

 Such optimism about the IPO market was another point of disagreement between VCs and CEOs, however, as just 29% of CEOs expect the number of IPOs to increase and 37% say the quality will be higher. The two groups agreed, however, that there would be more acquisitions next year of venture-backed companies, with 62% of each group predicting an increase.

 Venture investors expect a pickup in business IT and health-care IT investing in 2013, with 61% and 57% seeing increases in those sectors, respectively. Interest in consumer IT has ebbed, with 35% of VCs forecasting an investment increase and 40% foreseeing a decline.

 “The B2B tech private company valuation bubble will grow and then pop in October,” predicted Scott Maxwell of OpenView Venture Partners.

 VentureSource is a research unit of VentureWire publisher Dow Jones & Co.

 Write to Russ Garland at russell.garland@dowjones.com. Follow him on Twitter at @RussGarland







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2012年12月17日星期一

Wall Street Sees Promise in Multifamily Loans


By Al Yoon

 Fannie Mae FNMA -1.83% and Freddie Mac FMCC +0.33% are finally getting some private-sector competition in the business of financing loans in the debt market, at least in multifamily housing.

 Wall Street lenders are getting more aggressive bidding on multifamily loans to securitize in recent months, helped as the demand for their commercial mortgage-backed securities has cut their costs to the lowest in more than four years, getting closer to those of government-advantaged programs of Freddie Mac, Fannie Mae and the Federal Housing Administration.

 Congress has urged private capital to take over as the primary source of funding for real estate, after the housing bust left taxpayers shouldering billions in losses from the single-family portfolios of Fannie Mae and Freddie Mac. With CMBS recovering faster than private residential mortgage bond issuance, that shift may be seen first in multifamily housing, analysts said.

 “Multifamily loans lead the pack in terms of how aggressive the lenders will get” within commercial real estate, said Christopher Haynes, president of Broadacre Financial, which advises commercial real-estate borrowers.

 The drive for more multifamily loans comes as CMBS lenders seek to regain a foothold in a sector of commercial real estate that has evaded them since the financial crisis. Multifamily loans made up just 6.6% of CMBS deals this year, down from the 10-year average of 19%, so any change to the “practical monopoly” of the agencies is significant, according to Harris Trifon, head of asset-backed and CMBS research at Deutsche Bank DBK.XE -0.34%.

 CMBS lenders are capitalizing on a five-month rally in their bonds to regain multifamily share lost to the agencies. This is diversifying CMBS loan pools to the liking of rating firms and investors uneasy with concentrations in riskier real-estate sectors, like retail. CMBS lenders could see another $10 billion in multifamily if the agency market share is cut even a small amount, Mr. Trifon said.

 The growth comes as CMBS risk premiums have dropped as low as 0.83 percentage point this month, from about 1.6 points at midyear. Tighter spreads let CMBS come closer to lending packages offered by Freddie Mac and Fannie Mae, whose similar bonds demand yield premiums of about 0.5 point.

 “We’re seeing them nibble around the edges a bit more,” said Kimberly Johnson, Fannie Mae’s senior vice president for multifamily capital markets.

 CMBS have a way to go before making a dent in the market share for multifamily debt. Led by portfolios and securitizations, agency and FHA multifamily debt outstanding grew by 2.6% in the third quarter to a record $368.9 billion, the Mortgage Bankers Association said. That tops an increase at banks and compares with a 3.2% decline in CMBS multifamily debt to $74.3 billion, the lowest in nearly eight years.

 David Brickman, senior vice president of Freddie Mac’s multifamily program, said Fannie Mae, insurers and banks are still his main multifamily loan competitors. But CMBS lenders are finding areas where they can compete, especially where Freddie Mac is “not terribly aggressive,” Mr. Brickman said.

 “If it was really in our strike zone, it would be hard to see where a loan would go to [CMBS lenders] over us or one of our primary competitors,” he said.

 One area that could be favoring CMBS lenders may be interest-only loans, where Freddie Mac has been “tightening up,” he said. Fannie Mae has tightened its standards “a little,” including less access to interest-only loans, Ms. Johnson said.

 In addition, there could be growth for CMBS lenders in student housing, a sector that can be a challenge to agency criteria, said Mr. Brickman. That may be panning out, as student housing made up nearly half of the $82 million of multifamily loans in a J.P. Morgan Chase JPM +1.57% $1.1 billion CMBS last week.



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2012年12月16日星期日

SPREAD—RENAISSANCE–BACK TO HISTORY 4


In the 15th century, the Renaissance spread with great speed from its birthplace in Florence, first to the rest of Italy, and soon to the rest of Europe. The invention of the printing press allowed the rapid transmission of these new ideas. As it spread, its ideas diversified and changed, being adapted to local culture. In the 20th century, scholars began to break the Renaissance into regional and national movements.
 Northern Europe
 Main article: Northern Renaissance

 Pieter Bruegel's The Triumph of Death (c. 1562) reflects the social upheaval and terror that followed the plague which devastated medieval Europe.
 The Renaissance as it occurred in Northern Europe has been termed the "Northern Renaissance". While Renaissance ideas were moving north from Italy, there was a simultaneous southward spread of some areas of innovation, particularly in music.[72] The music of the 15th century Burgundian School defined the beginning of the Renaissance in that art and the polyphony of the Netherlanders, as it moved with the musicians themselves into Italy, formed the core of what was the first true international style in music since the standardization of Gregorian Chant in the 9th century.[72] The culmination of the Netherlandish school was in the music of the Italian composer, Palestrina. At the end of the 16th century Italy again became a center of musical innovation, with the development of the polychoral style of the Venetian School, which spread northward into Germany around 1600.
 The paintings of the Italian Renaissance differed from those of the Northern Renaissance. Italian Renaissance artists were among the first to paint secular scenes, breaking away from the purely religious art of medieval painters. At first, Northern Renaissance artists remained focused on religious subjects, such as the contemporary religious upheaval portrayed by Albrecht Dürer. Later on, the works of Pieter Bruegel influenced artists to paint scenes of daily life rather than religious or classical themes. It was also during the Northern Renaissance that Flemish brothers Hubert and Jan van Eyck perfected the oil painting technique, which enabled artists to produce strong colors on a hard surface that could survive for centuries.[73] A feature of the Northern Renaissance was its use of the vernacular in place of Latin or Greek, which allowed greater freedom of expression. This movement had started in Italy with the decisive influence of Dante Alighieri on the development of vernacular languages; in fact the focus on writing in Italian has neglected a major source of Florentine ideas expressed in Latin.[74] The spread of the technology of the German invention of movable type printing boosted the Renaissance, in Northern Europe as elsewhere; with Venice becoming a world center of printing.
 Portugal
 Main article: Portuguese Renaissance

 "São Pedro Papa", 1530-1535, by Grão Vasco Fernandes. A pinnacle piece from when the Portuguese Renaissance had considerable external influence.
 Although Italian Renaissance had a modest impact in Portuguese arts, Portugal was influential in broadening the European worldview,[75] stimulating humanist inquiry. Renaissance arrived through the influence of wealthy Italian and Flemish merchants who invested in the profitable commerce overseas. As the pioneer headquarters of European exploration, Lisbon flourished in the late 15th century, attracting experts who made several breakthroughs in mathematics, astronomy and naval technology including Pedro Nunes, João de Castro, Abraham Zacuto and Martin Behaim. Cartographers Pedro Reinel, Lopo Homem, Esteban Gómez and Diogo Ribeiro made crucial advances to help mapping the world. Apothecary Tomé Pires and physicians Garcia de Orta and Cristóbal Acosta collected and published works on plants and medicines, soon translated by Flemish pioneer botanist Carolus Clusius.
 In architecture, the huge profits of the spice trade financed a sumptuous composite style in the first decades of the 16th century, the Manueline, incorporating maritime elements.[76] The main painters being Nuno Gonçalves, Gregório Lopes and Vasco Fernandes. In music, Pedro de Escobar and Duarte Lobo, and four songbooks, including the Cancioneiro de Elvas. In literature, Sá de Miranda introduced Italian forms of verse, Bernardim Ribeiro developed pastoral romance; Gil Vicente plays fused it with popular culture, reporting the changing times, and Luís de Camões inscribed the Portuguese feats overseas in the epic poem the Lusiads. Travel literature specially flourished: João de Barros, Castanheda, António Galvão, Gaspar Correia, Duarte Barbosa, Fernão Mendes Pinto, among others, described new lands and were translated and spread with the new printing press.[75] After joining the Portuguese exploration of Brazil in 1500, Amerigo Vespucci coined the term New World,[77] in his letters to Lorenzo di Pierfrancesco de' Medici.
 The intense international exchange produced several cosmopolitan humanist scholars: Francisco de Holanda, André de Resende and Damião de Gois, a friend of Erasmus who wrote with rare independence on the reign of King Manuel I; Diogo and André de Gouveia, who made relevant teaching reforms via France. Foreign news and products in the Portuguese factory in Antwerp attracted the interest of Thomas More[78] and Durer to the wider world.[79] There, profits and know-how helped nurture the Dutch Renaissance and Golden Age, especially after the arrival of the wealthy cultured Jewish community expelled from Portugal.
 Spain
 Main article: Spanish Renaissance
 The Renaissance arrived in the Iberian peninsula through the Mediterranean possessions of the Aragonese Crown and the city of Valencia. Indeed, many of the early Spanish Renaissance writers come from the Kingdom of Aragon, including Ausiàs March and Joanot Martorell. In the Kingdom of Castile, the early Renaissance was heavily influenced by the Italian humanism, starting with writers and poets starting with the Marquis of Santillana, who introduced the new Italian poetry to Spain in the early 15th century. Other writers, such as Jorge Manrique, Fernando de Rojas, Juan del Encina, Juan Boscán Almogáver and Garcilaso de la Vega, kept a close resemblance to the Italian canon. Miguel de Cervantes's masterpiece Don Quixote is credited as the first Western novel. Renaissance humanism flourished in the early 16th century, with influential writers such as philosopher Juan Luis Vives, grammarian Antonio de Nebrija or natural historian Pedro de Mexía.
 Later Spanish Renaissance tended towards religious themes and mysticism, with poets such as fray Luis de León, Teresa of Ávila and John of the Cross, and treated issues related to the exploration of the New World, with chroniclers and writers such as Inca Garcilaso de la Vega or Bartolomé de las Casas, giving rise to a body of work, now known as Spanish Renaissance literature. The late Renaissance in Spain also saw the rise of artists such as El Greco, and composers such as Tomás Luis de Victoria and Antonio de Cabezón.
 England
 Main article: English Renaissance

 "What a piece of work is a man, how noble in reason, how infinite in faculties, in form and moving how express and admirable, in action how like an angel, in apprehension how like a god!" — from William Shakespeare's Hamlet.
 In England, the Elizabethan era marked the beginning of the English Renaissance with the work of writers William Shakespeare, Christopher Marlowe, Edmund Spenser, Sir Thomas More, Francis Bacon, Sir Philip Sidney, John Milton, as well as great artists, architects (such as Inigo Jones who introduced Italianate architecture to England), and composers such as Thomas Tallis, John Taverner, and William Byrd.
 France
 Main article: French Renaissance
 In 1495 the Italian Renaissance arrived in France, imported by King Charles VIII after his invasion of Italy. A factor that promoted the spread of secularism was the Church's inability to offer assistance against the Black Death. Francis I imported Italian art and artists, including Leonardo da Vinci, and built ornate palaces at great expense. Writers such as François Rabelais, Pierre de Ronsard, Joachim du Bellay and Michel de Montaigne, painters such as Jean Clouet and musicians such as Jean Mouton also borrowed from the spirit of the Italian Renaissance.
 In 1533, a fourteen-year-old Caterina de' Medici (1519–1589), born in Florence to Lorenzo II de' Medici and Madeleine de la Tour d'Auvergne, married Henry, second son of King Francis I and Queen Claude. Though she became famous and infamous for her role in France's religious wars, she made a direct contribution in bringing arts, sciences and music (including the origins of ballet) to the French court from her native Florence.
 Germany
 Main article: German Renaissance
 In the second half of the 15th century, the spirit of the age spread to Germany and the Low Countries, where the development of the printing press (ca. 1450) and early Renaissance artists such as the painters Jan van Eyck (1395–1441) and Hieronymus Bosch (1450–1516) and the composers Johannes Ockeghem (1410–1497), Jacob Obrecht (1457–1505) and Josquin des Prez (1455–1521), predated the influence from Italy. In the early Protestant areas of the country humanism became closely linked to the turmoil of the Protestant Reformation, and the art and writing of the German Renaissance frequently reflected this dispute.[80] However, the gothic style and medieval scholastic philosophy remained exclusively until the turn of the 16th century. Emperor Maximilian I of Habsburg (Ruling 1493–1519) was the first truly Renaissance monarch of the Holy Roman Empire, later known as "Holy Roman Empire of the German Nation" (Diet of Cologne 1512).
 Hungary
 After Italy, Hungary was the first European country where the renaissance appeared.[81] The Renaissance style came directly from Italy during the Quattrocento to Hungary first in the Central European region, thanks to the development of early Hungarian-Italian relationships – not only in dynastic connections, but also in cultural, humanistic and commercial relations – growing in strength from the 14th century. The relationship between Hungarian and Italian Gothic styles was a second reason – exaggerated breakthrough of walls is avoided, preferring clean and light structures. Large-scale building schemes provided ample and long term work for the artists, for example, the building of the Friss (New) Castle in Buda, the castles of Visegrád, Tata and Várpalota. In Sigismund's court there were patrons such as Pipo Spano, a descendant of the Scolari family of Florence, who invited Manetto Ammanatini and Masolino da Pannicale to Hungary.[82] The new Italian trend combined with existing national traditions to create a particular local Renaissance art. Acceptance of Renaissance art was furthered by the continuous arrival of humanist thought in the country. Many young Hungarians studying at Italian universities came closer to the Florentine humanist center, so a direct connection with Florence evolved. The growing number of Italian traders moving to Hungary, specially to Buda, helped this process. New thoughts were carried by the humanist prelates, among them Vitéz János, archbishop of Esztergom, one of the founders of Hungarian humanism.[83] During the long reign of emperor Sigismund of Luxemburg the Royal Castle of Buda became probably the largest Gothic palace of the late Middle Ages. King Matthias Corvinus (r. 1458–1490) rebuilt the palace in early Renaissance style and further expanded it.[84][85] After the marriage in 1476 of king Matthias to Beatrice of Naples, Buda became one of the most important artistic centres of the Renaissance north of the Alps.[86] The most important humanists living in Matthias' court were Antonio Bonfini and the famous Hungarian poet Janus Pannonius.[86] András Hess set up a printing press in Buda in 1472. Matthias Corvinus's library, the Bibliotheca Corviniana, was Europe's greatest collections of secular books: historical chronicles, philosophic and scientific works in the 15th century. His library was second only in size to the Vatican Library. (However, the Vatican Library mainly contained Bibles and religious materials.)[87] In 1489, Bartolomeo della Fonte of Florence wrote that Lorenzo de' Medici founded his own Greek-Latin library encouraged by the example of the Hungarian king. Corvinus's library is part of UNESCO World Heritage.[88] Other important figures of Hungarian Renaissance: Bálint Balassi (poet), Sebestyén Tinódi Lantos (poet), Bálint Bakfark (composer and lutenist)

 Erasmus of Rotterdam in 1523 as depicted by Hans Holbein the Younger
 Netherlands
 Main article: Renaissance in the Netherlands
 Croatia
 Main article: Renaissance in Croatia
 Poland
 Main article: Renaissance in Poland

 Poznań City Hall rebuilt from the Gothic style by Giovanni Batista di Quadro (1550–1555)
 An early Italian humanist who came to Poland in the mid-15th century was Filip Callimachus. Many Italian artists came to Poland with Bona Sforza of Milan, when she married King Zygmunt I of Poland in 1518.[89] This was supported by temporarily strengthened monarchies in both areas, as well as by newly established universities.[90] The Polish Renaissance lasted from the late 15th to the late 16th century and is widely considered to have been the Golden Age of Polish culture. Ruled by the Jagiellon dynasty, the Kingdom of Poland (from 1569 known as the Polish-Lithuanian Commonwealth) actively participated in the broad European Renaissance. The multi-national Polish state experienced a substantial period of cultural growth thanks in part to a century without major wars – aside from conflicts in the sparsely populated eastern and southern borderlands. The Reformation spread peacefully throughout the country (giving rise to the Polish Brethren), while living conditions improved, cities grew, and exports of agricultural products enriched the population, especially the nobility (szlachta) who gained dominance in the new political system of Golden Liberty.
 Russia
 Renaissance trends from Italy and Central Europe influenced Russia in many ways, though this influence was rather limited due to the large distances between Russia and the main European cultural centers, on one hand, and the strong adherence of Russians to their Orthodox traditions and Byzantine legacy, on the other hand.
 Prince Ivan III introduced Renaissance architecture to Russia by inviting a number of architects from Italy, who brought new construction techniques and some Renaissance style elements with them, while in general following the traditional designs of the Russian architecture. In 1475 the Bolognese architect Aristotele Fioravanti came to rebuild the Cathedral of the Dormition in the Moscow Kremlin, damaged in an earthquake. Fioravanti was given the 12th-century Vladimir Cathedral as a model, and produced a design combining traditional Russian style with a Renaissance sense of spaciousness, proportion and symmetry.

 The Palace of Facets on the Cathedral Square of the Moscow Kremlin.
 In 1485 Ivan III commissioned the building of a royal Terem Palace within the Kremlin, with Aloisio da Milano being the architect of the first three floors. Aloisio da Milano, as well as the other Italian architects, also greatly contributed to the construction of the Kremlin walls and towers. The small banqueting hall of the Russian Tsars, called the Palace of Facets because of its facetted upper story, is the work of two Italians, Marco Ruffo and Pietro Solario, and shows a more Italian style. In 1505, an Italian known in Russia as Aleviz Novyi or Aleviz Fryazin arrived in Moscow. He may have been the Venetian sculptor, Alevisio Lamberti da Montagne. He built 12 churches for Ivan III, including the Cathedral of the Archangel, a building remarkable for the successful blending of Russian tradition, Orthodox requirements and Renaissance style. It is believed that the Cathedral of the Metropolitan Peter in Vysokopetrovsky Monastery, another work of Aleviz Novyi, later served as an inspiration for the so-called octagon-on-tetragon architectural form in the Moscow Baroque of the late 17th century.

 Theotokos and The Child, the late 17th century Russian icon by Karp Zolotaryov, with a notably realistic depiction of faces and clothing.
 Between the early 16th and the late 17th centuries, however, an original tradition of stone tented roof architecture had been developed in Russia. It was quite unique and different from the contemporary Renaissance architecture elsewhere in Europe, though some researches call that style 'Russian Gothic' and compare it with the European Gothic architecture of the earlier period. The Italians, with their advanced technology, may have influenced the invention of the stone tented roof (the wooden tents were known in Russia and Europe long before). According to one hypothesis, an Italian architect called Petrok Maly may have been an author of the Ascension Church in Kolomenskoye, one of the earliest and most prominent tented roof churches.[91]
 By the 17th century the influence of Renaissance painting resulted in Russian icons becoming slightly more realistic, while still following most of the old icon painting canons, as seen in the works of Bogdan Saltanov, Simon Ushakov, Gury Nikitin, Karp Zolotaryov and other Russian artists of the era. Gradually the new type of secular portrait painting appeared, called parsúna (from "persona" – person), which was transitional style between abstract iconographics and real paintings.
 In the mid 16th century Russians adopted printing from Central Europe, with Ivan Fyodorov being the first known Russian printer. In the 17th century printing became widespread, and woodcuts became especially popular. That led to the development of a special form of folk art known as lubok printing, which persisted in Russia well into the 19th century.
 A number of technologies of Renaissance period was adopted by Russians from Europe rather early, and perfected subsequently to became a part of strong domestic tradition. Mostly these were military technologies, such as cannon casting adopted at least in the 15th century. The Tsar Cannon, which is the world's largest bombard by caliber, is the masterpiece of Russian cannon making. It was cast in 1586 by Andrey Chokhov, and is notable also by its rich relief decoration. Another technology, that according to one hypothesis originally was brought from Europe by Italians, resulted in the development of vodka, the national beverage of Russia. As early as 1386 the Genoese ambassadors brought the first aqua vitae ("the living water") to Moscow and presented it to Grand Duke Dmitry Donskoy. The Genoese likely got this beverage with the help of the alchemists of Provance, who used the Arab-invented distillation apparatus to convert grape must into alcohol. A Moscovite monk called Isidore used this technology to produce the first original Russian vodka c. 1430.

2012年12月15日星期六

CHARACTERISTICS—RENAISSANCE–BACK TO HISTORY 3




 Humanism

 Main article: Renaissance humanism
 In some ways Humanism was not a philosophy but a method of learning. In contrast to the

 medieval scholastic mode, which focused on resolving contradictions between authors,

 humanists would study ancient texts in the original, and appraise them through a

 combination of reasoning and empirical evidence. Humanist education was based on the

 programme of 'Studia Humanitatis', that being the study of five humanities: poetry,

 grammar, history, moral philosophy and rhetoric. Although historians have sometimes

 struggled to define humanism precisely, most have settled on "a middle of the road

 definition... the movement to recover, interpret, and assimilate the language,

 literature, learning and values of ancient Greece and Rome".[43] Above all, humanists

 asserted "the genius of man ... the unique and extraordinary ability of the human

 mind."[44]


 Portrait of Sir Thomas More, 1527
 Humanist scholars shaped the intellectual landscape throughout the early modern period.

 Political philosophers such as Niccolò Machiavelli and Thomas More revived the ideas of

 Greek and Roman thinkers, and applied them in critiques of contemporary government.

 Pico della Mirandola wrote what is often considered the manifesto of the Renaissance, a

 vibrant defence of thinking, the Oration on the Dignity of Man. Matteo Palmieri (1406–

 1475), another humanist, is most known for his work Della vita civile ("On Civic Life";

 printed 1528) which advocated civic humanism, and his influence in refining the Tuscan

 vernacular to the same level as Latin. Palmieri's written works drawn on Roman

 philosophers and theorists, especially Cicero, who, like Palmieri, lived an active

 public life as a citizen and official, as well as a theorist and philosopher and also

 Quintilian. Perhaps the most succinct expression of his perspective on humanism is in a

 1465 poetic work La città di vita, but an earlier work Della vita civile (On Civic

 Life) is more wide-ranging. Composed as a series of dialogues set in a country house in

 the Mugello countryside outside Florence during the plague of 1430, Palmieri expounds

 on the qualities of the ideal citizen. The dialogues include ideas about how children

 develop mentally and physically, how citizens can conduct themselves morally, how

 citizens and states can ensure probity in public life, and an important debate on the

 difference between that which is pragmatically useful and that which is honest.
 The humanists believed that it is important to transcend to the afterlife with a

 perfect mind and body. This transcending belief can be done with education. The purpose

 of humanism was to create a universal man whose person combined intellectual and

 physical excellence and who was capable of functioning honorably in virtually any

 situation.[45] This ideology was referred to as il uomo universal, an ancient Greco-

 Roman ideal. The education during Renaissance was mainly composed of ancient literature

 and history. It was thought that the classics provided moral instruction and an

 intensive understanding of human behavior.





 Art
 Main articles: Italian Renaissance painting, Renaissance painting, and Renaissance

 architecture


 The Creation of Adam by Michelangelo
 The Renaissance marks the period of European history at the close of the Middle Ages

 and the rise of the Modern world. It represents a cultural rebirth from the 14th

 through the middle of the 17th centuries. Early Renaissance, mostly in Italy, bridges

 the art period during the fifteenth century, between the Middle Ages and the High

 Renaissance in Italy. It is generally known that Renaissance matured in Northern Europe

 later, in 16th century.[46] One of the distinguishing features of Renaissance art was

 its development of highly realistic linear perspective. Giotto di Bondone (1267–1337)

 is credited with first treating a painting as a window into space, but it was not until

 the demonstrations of architect Filippo Brunelleschi (1377–1446) and the subsequent

 writings of Leon Battista Alberti (1404–1472) that perspective was formalized as an

 artistic technique.[47] The development of perspective was part of a wider trend

 towards realism in the arts.[48] To that end, painters also developed other techniques,

 studying light, shadow, and, famously in the case of Leonardo da Vinci, human anatomy.

 Underlying these changes in artistic method, was a renewed desire to depict the beauty

 of nature, and to unravel the axioms of aesthetics, with the works of Leonardo,

 Michelangelo and Raphael representing artistic pinnacles that were to be much imitated

 by other artists.[49] Other notable artists include Sandro Botticelli, working for the

 Medici in Florence, Donatello another Florentine and Titian in Venice, among others.
 Concurrently, in the Netherlands, a particularly vibrant artistic culture developed,

 the work of Hugo van der Goes and Jan van Eyck having particular influence on the

 development of painting in Italy, both technically with the introduction of oil paint

 and canvas, and stylistically in terms of naturalism in representation. (see

 Renaissance in the Netherlands). Later, the work of Pieter Brueghel the Elder would

 inspire artists to depict themes of everyday life.[50]


 Leonardo da Vinci Self-portrait, his Mona Lisa, The Last Supper and Vitruvian Man are

 examples of Renaissance art
 In architecture, Filippo Brunelleschi was foremost in studying the remains of ancient

 classical buildings, and with rediscovered knowledge from the 1st-century writer

 Vitruvius and the flourishing discipline of mathematics, formulated the Renaissance

 style which emulated and improved on classical forms. Brunelleschi's major feat of

 engineering was the building of the dome of Florence Cathedral.[51] The first building

 to demonstrate this is claimed to be the church of St. Andrew built by Alberti in

 Mantua. The outstanding architectural work of the High Renaissance was the rebuilding

 of St. Peter's Basilica, combining the skills of Bramante, Michelangelo, Raphael,

 Sangallo and Maderno.


 Mona Lisa by Leonardo da Vinci is a masterpiece of Renaissance and world art
 The Roman orders types of columns are used: Tuscan, Doric, Ionic, Corinthian and

 Composite. These can either be structural, supporting an arcade or architrave, or

 purely decorative, set against a wall in the form of pilasters. During the Renaissance,

 architects aimed to use columns, pilasters, and entablatures as an integrated system.

 One of the first buildings to use pilasters as an integrated system was in the Old

 Sacristy (1421–1440) by Filippo Brunelleschi.[52]
 Arches, semi-circular or (in the Mannerist style) segmental, are often used in arcades,

 supported on piers or columns with capitals. There may be a section of entablature

 between the capital and the springing of the arch. Alberti was one of the first to use

 the arch on a monumental. Renaissance vaults do not have ribs. They are semi-circular

 or segmental and on a square plan, unlike the Gothic vault which is frequently

 rectangular.
 The Renaissance artists were not pagans although they admired antiquity and they also

 kept some ideas and symbols of the medieval past. Nicola Pisano (c. 1220–c. 1278)

 imitated classical forms by portraying scenes from the Bible. The Annunciation by

 Nicola Pisano, from the Baptistry at Pisa, demonstrates that classical models

 influenced Italian art before the Renaissance took root as a literary movement [53]
 Science
 Main articles: History of science in the Renaissance and Renaissance technology


 1543' Vesalius' studies inspired interest in human anatomy.


 Galileo Galilei. Portrait in crayon by Renaissance sculptor Leone Leoni
 The rediscovery of ancient texts and the invention of printing democratized learning

 and allowed a faster propagation of ideas. In the first period of Italian Renaissance,

 humanists favoured the study of humanities over natural philosophy or applied

 mathematics. And their reverence for classical sources further enshrined the

 Aristotelian and Ptolemaic views of the universe.
 Even though, around 1450, the writings of Nicholas Cusanus were anticipating

 Copernicus' heliocentric world-view, it was made in a philosophical fashion. Science

 and art were very much intermingled in the early Renaissance, with polymath artists

 such as Leonardo da Vinci making observational drawings of anatomy and nature. He set

 up controlled experiments in water flow, medical dissection, and systematic study of

 movement and aerodynamics; he devised principles of research method that led to Fritjof

 Capra classifying him as "father of modern science".[54]
 In 1492 the "discovery" of the "New World" by Christopher Columbus challenged the

 classical world-view, as the works of Ptolemy (geography) and Galen (medicine) were

 found not always to match everyday observations: a suitable environment was created to

 question scientific doctrine. As the Protestant Reformation and Counter-Reformation

 clashed, the Northern Renaissance showed a decisive shift in focus from Aristotelean

 natural philosophy to chemistry and the biological sciences (botany, anatomy, and

 medicine).[55] The willingness to question previously held truths and search for new

 answers resulted in a period of major scientific advancements.
 Some have seen this as a "scientific revolution", heralding the beginning of the modern

 age.[56] Others as an acceleration of a continuous process stretching from the ancient

 world to the present day.[57] Regardless, there is general agreement that the

 Renaissance saw significant changes in the way the universe was viewed and the methods

 sought to explain natural phenomena.[58] Traditionally held to have begun in 1543, when

 were first printed the books De humani corporis fabrica (On the Workings of the Human

 Body) by Andreas Vesalius, which gave a new confidence to the role of dissection,

 observation, and mechanistic view of anatomy.,[58] and also De Revolutionibus, by the

 Nicolaus Copernicus. The famous thesis of Copernicus' book was that the Earth moved

 around the Sun. Significant scientific advances were made during this time by Galileo

 Galilei, Tycho Brahe and Johannes Kepler.[59]
 One important development was not any specific discovery, but rather the further

 development of the process for discovery, the scientific method.[58] It focused on

 empirical evidence, the importance of mathematics, and discarded Aristotelian science.

 Early and influential proponents of these ideas included Copernicus and Galileo and

 Francis Bacon[60][61] The new scientific method led to great contributions in the

 fields of astronomy, physics, biology, and anatomy.




 Religion
 Main articles: Protestant Reformation and Counter-Reformation


 Alexander VI, a Borgia Pope infamous for his corruption


 Adoration of the Magi and Solomon adored by the Queen of Sheba from the Farnese Hours

 by Giulio Clovio marks the end of the Italian Renaissance of illuminated manuscript

 together with the Index Librorum Prohibitorum.
 The new ideals of humanism, although more secular in some aspects, developed against a

 Christian backdrop, especially in the Northern Renaissance. Much, if not most, of the

 new art was commissioned by or in dedication to the Church.[16] However, the

 Renaissance had a profound effect on contemporary theology, particularly in the way

 people perceived the relationship between man and God.[16] Many of the period's

 foremost theologians were followers of the humanist method, including Erasmus, Zwingli,

 Thomas More, Martin Luther, and John Calvin.
 The Renaissance began in times of religious turmoil. The late Middle Ages saw a period

 of political intrigue surrounding the Papacy, culminating in the Western Schism, in

 which three men simultaneously claimed to be true Bishop of Rome.[64] While the schism

 was resolved by the Council of Constance (1414), the 15th century saw a resulting

 reform movement known as Conciliarism, which sought to limit the pope's power. Although

 the papacy eventually emerged supreme in ecclesiastical matters by the Fifth Council of

 the Lateran (1511), it was dogged by continued accusations of corruption, most famously

 in the person of Pope Alexander VI, who was accused variously of simony, nepotism and

 fathering four illegitimate children whilst Pope, whom he married off to gain more

 power.[65]
 Churchmen such as Erasmus and Luther proposed reform to the Church, often based on

 humanist textual criticism of the New Testament.[16] It was Luther who in October 1517

 published the 95 Theses, challenging papal authority and criticizing its perceived

 corruption, particularly with regard to its sale of indulgences. The 95 Theses led to

 the Reformation, a break with the Roman Catholic Church that previously claimed

 hegemony in Western Europe. Humanism and the Renaissance therefore played a direct role

 in sparking the Reformation, as well as in many other contemporaneous religious debates

 and conflicts.
 In an era following the sack of Rome in 1527 and prevalent with uncertainties in the

 Catholic Church following the Protestant Reformation, Pope Paul III came to the papal

 throne (1534–1549), to whom Nicolaus Copernicus dedicated De revolutionibus orbium

 coelestium (On the Revolutions of the Celestial Spheres) and who became the grandfather

 of Alessandro Farnese (cardinal), who had paintings by Titian, Michelangelo, and

 Raphael, and an important collection of drawings and who commissioned the masterpiece

 of Giulio Clovio, arguably the last major illuminated manuscript, the Farnese Hours.
 Self-awareness
 By the 15th century, writers, artists, and architects in Italy were well aware of the

 transformations that were taking place and were using phrases such as, modi antichi (in

 the antique manner) or alle romana et alla antica (in the manner of the Romans and the

 ancients) to describe their work. In the 1330s Petrarch referred to pre-Christian times

 as antiqua (ancient) and to the Christian period as nova (new).[66] From Petrarch's

 Italian perspective, this new period (which included his own time) was an age of

 national eclipse.[66] Leonardo Bruni was the first to use tripartite periodization in

 his History of the Florentine People (1442).[67] Bruni's first two periods were based

 on those of Petrarch, but he added a third period because he believed that Italy was no

 longer in a state of decline. Flavio Biondo used a similar framework in Decades of

 History from the Deterioration of the Roman Empire (1439–1453).
 Humanist historians argued that contemporary scholarship restored direct links to the

 classical period, thus bypassing the Medieval period, which they then named for the

 first time the "Middle Ages". The term first appears in Latin in 1469 as media

 tempestas (middle times).[68] The term la rinascita (rebirth) first appeared, however,

 in its broad sense in Giorgio Vasari's Vite de' più eccellenti architetti, pittori, et

 scultori Italiani (The Lives of the Artists, 1550, revised 1568).[69][70] Vasari

 divides the age into three phases: the first phase contains Cimabue, Giotto, and

 Arnolfo di Cambio; the second phase contains Masaccio, Brunelleschi, and Donatello; the

 third centers on Leonardo da Vinci and culminates with Michelangelo. It was not just

 the growing awareness of classical antiquity that drove this development, according to

 Vasari, but also the growing desire to study and imitate nature.








2012年12月14日星期五

RENAISSANCE--back to history 2


Origins
 
 
 
 Many argue that the ideas that characterized the Renaissance had their origin in late 

 13th century Florence, in particular with the writings of Dante Alighieri (1265–1321) 

 and Francesco Petrarca (1304–1374), as well as the painting of Giotto di Bondone (1267

 –1337).[19] Some writers date the Renaissance quite precisely; one proposed starting 

 point is 1401, when the rival geniuses Lorenzo Ghiberti and Filippo Brunelleschi 

 competed for the contract to build the bronze doors for the Baptistery of the Florence 

 Cathedral (Ghiberti won).[20] Others see more general competition between artists and 

 polymaths such as Brunelleschi, Ghiberti, Donatello, and Masaccio for artistic 

 commissions as sparking the creativity of the Renaissance. Yet it remains much debated 

 why the Renaissance began in Italy, and why it began when it did. Accordingly, several 

 theories have been put forward to explain its origins.
 During the Renaissance, money and art went hand in hand. Artists depended totally on 

 patrons while the patrons needed money to sustain geniuses. Wealth was brought to Italy 

 in the 14th, 15th, and 16th centuries by expanding trade into Asia and Europe. Silver 

 mining in Tyrol increased the flow of money. Luxuries from the Eastern world, brought 

 home during the Crusades, increased the prosperity of Genoa and Venice.[21]
 Michelet defined the 16th-century Renaissance in France as a period in Europe's 

 cultural history that represented a break from the Middle Ages, creating a modern 

 understanding of humanity and its place in the world.[22]
 
 
 
 
 Latin and Greek phases of Renaissance humanism
 
 
 In stark contrast to the High Middle Ages, when Latin scholars focused almost entirely 

 on studying Greek and Arabic works of natural science, philosophy and mathematics,[23] 

 Renaissance scholars were most interested in recovering and studying Latin and Greek 

 literary, historical, and oratorical texts. Broadly speaking, this began in the 14th 

 century with a Latin phase, when Renaissance scholars such as Petrarch, Coluccio 

 Salutati (1331–1406), Niccolò de' Niccoli (1364–1437) and Poggio Bracciolini (1380–

 1459 AD) scoured the libraries of Europe in search of works by such Latin authors as 

 Cicero, Livy and Seneca.[24] By the early 15th century, the bulk of such Latin 

 literature had been recovered; the Greek phase of Renaissance humanism was now under 

 way, as Western European scholars turned to recovering ancient Greek literary, 

 historical, oratorical and theological texts.[25]
 Unlike the case of those Latin texts, which had been preserved and studied in Western 

 Europe since late antiquity, the study of ancient Greek texts was very limited in 

 medieval Western Europe. Ancient Greek works on science, maths and philosophy had been 

 studied since the High Middle Ages in Western Europe and in the medieval Islamic world 

 (normally in translation), but Greek literary, oratorical and historical works (such as 

 Homer, the Greek dramatists, Demosthenes and Thucydides and so forth), were not studied 

 in either the Latin or medieval Islamic worlds; in the Middle Ages these sorts of texts 

 were only studied by Byzantine scholars. One of the greatest achievements of 

 Renaissance scholars was to bring this entire class of Greek cultural works back into 

 Western Europe for the first time since late antiquity. This movement to reintegrate 

 the regular study of Greek literary, historical, oratorical and theological texts back 

 into the Western European curriculum is usually dated to Coluccio Salutati's invitation 

 to the Byzantine diplomat and scholar Manuel Chrysoloras (c.1355–1415) to Florence to 

 teach Greek.[26]
 
 
 




2012年12月13日星期四

RENAISSANCE--back to history


 The Renaissance (UK /rɨˈneɪsəns/, US /ˈrɛnɨsɑːns/, French pronunciation: ​[ʁənɛsɑ̃ːs], French: 

 Renaissance, Original Italian: Rinascimento, from rinascere "to be reborn")[1] was a 

 cultural movement that spanned the period roughly from the 14th to the 17th century, 

 beginning in Italy in the Late Middle Ages and later spreading to the rest of Europe. 

 Though availability of paper and the invention of metal movable type sped the 

 dissemination of ideas from the later 15th century, the changes of the Renaissance were 

 not uniformly experienced across Europe. As a cultural movement, it encompassed 

 innovative flowering of Latin and vernacular literatures, beginning with the 14th-

 century resurgence of learning based on classical sources, which contemporaries 

 credited to Petrarch, the development of linear perspective and other techniques of 

 rendering a more natural reality in painting, and gradual but widespread educational 

 reform. In politics the Renaissance contributed the development of the conventions of 

 diplomacy, and in science an increased reliance on observation. Historians often argue 

 this intellectual transformation was a bridge between the Middle Ages and the Modern 

 era. Although the Renaissance saw revolutions in many intellectual pursuits, as well as 

 social and political upheaval, it is perhaps best known for its artistic developments 

 and the contributions of such polymaths as Leonardo da Vinci and Michelangelo, who 

 inspired the term "Renaissance man".[2][3]
 There is a consensus that the Renaissance began in Florence, Italy, in the 14th 

 century.[4] Various theories have been proposed to account for its origins and 

 characteristics, focusing on a variety of factors including the social and civic 

 peculiarities of Florence at the time; its political structure; the patronage of its 

 dominant family, the Medici;[5][6] and the migration of Greek scholars and texts to 

 Italy following the Fall of Constantinople at the hands of the Ottoman Turks.[7][8][9]
 The Renaissance has a long and complex historiography, and in line with general 

 scepticism of discrete periodizations, there has been much debate among historians 

 reacting to the 19th-century glorification of the "Renaissance" and individual culture 

 heroes as "Renaissance men", questioning the usefulness of Renaissance as a term and as 

 a historical delineation.[10] The art historian Erwin Panofsky observed of this 

 resistance to the concept of Renaissance
 It is perhaps no accident that the factuality of the Italian Renaissance has been most 

 vigorously questioned by those who are not obliged to take a professional interest in 

 the aesthetic aspects of civilization— historians of economic and social developments, 

 political and religious situations, and, most particularly, natural science— but only 

 exceptionally by students of literature and hardly ever by historians of Art.[11]
 Some have called into question whether the Renaissance was a cultural "advance" from 

 the Middle Ages, instead seeing it as a period of pessimism and nostalgia for the 

 classical age,[12] while social and economic historians of the longue durée especially 

 have instead focused on the continuity between the two eras,[13] linked, as Panofsky 

 himself observed, "by a thousand ties".[14]
 The word Renaissance has also been extended to other historical and cultural movements, 

 such as the Carolingian Renaissance and the Renaissance of the 12th century.

 Overview

 The Renaissance was a cultural movement that profoundly affected European intellectual 

 life in the early modern period. Beginning in Italy, and spreading to the rest of 

 Europe by the 16th century, its influence was felt in literature, philosophy, art, 

 music, politics, science, religion, and other aspects of intellectual inquiry. 

 Renaissance scholars employed the humanist method in study, and searched for realism 

 and human emotion in art.[15]
 Renaissance humanists such as Poggio Bracciolini sought out in Europe's monastic 

 libraries the Latin literary, historical, and oratorical texts of Antiquity, while the 

 Fall of Constantinople (1453) generated a wave of émigré Greek scholars bringing 

 precious manuscripts in ancient Greek, many of which had fallen into obscurity in the 

 West. It is in their new focus on literary and historical texts that Renaissance 

 scholars differed so markedly from the medieval scholars of the Renaissance of the 12th 

 century, who had focused on studying Greek and Arabic works of natural sciences, 

 philosophy and mathematics, rather than on such cultural texts. In the revival of neo-

 Platonism Renaissance humanists did not reject Christianity; quite the contrary, many 

 of the Renaissance's greatest works were devoted to it, and the Church patronized many 

 works of Renaissance art. However, a subtle shift took place in the way that 

 intellectuals approached religion that was reflected in many other areas of cultural 

 life.[16] In addition, many Greek Christian works, including the Greek New Testament, 

 were brought back from Byzantium to Western Europe and engaged Western scholars for the 

 first time since late antiquity. This new engagement with Greek Christian works, and 

 particularly the return to the original Greek of the New Testament promoted by 

 humanists Lorenzo Valla and Erasmus, would help pave the way for the Protestant 

 Reformation.
 Well after the first artistic return to classicism had been exemplified in the 

 sculpture of Nicola Pisano, Florentine painters led by Masaccio strove to portray the 

 human form realistically, developing techniques to render perspective and light more 

 naturally. Political philosophers, most famously Niccolò Machiavelli, sought to 

 describe political life as it really was, that is to understand it rationally. A 

 critical contribution to Italian Renaissance humanism Pico della Mirandola wrote the 

 famous text "De hominis dignitate" (Oration on the Dignity of Man, 1486), which 

 consists of a series of theses on philosophy, natural thought, faith and magic defended 

 against any opponent on the grounds of reason. In addition to studying classical Latin 

 and Greek, Renaissance authors also began increasingly to use vernacular languages; 

 combined with the introduction of printing, this would allow many more people access to 

 books, especially the Bible.[17]
 In all, the Renaissance could be viewed as an attempt by intellectuals to study and 

 improve the secular and worldly, both through the revival of ideas from antiquity, and 

 through novel approaches to thought. Some scholars, such as Rodney Stark,[18] play down 

 the Renaissance in favor of the earlier innovations of the Italian city states in the 

 High Middle Ages, which married responsive government, Christianity and the birth of 

 capitalism. This analysis argues that, whereas the great European states (France and 

 Spain) were absolutist monarchies, and others were under direct Church control, the 

 independent city republics of Italy took over the principles of capitalism invented on 

 monastic estates and set off a vast unprecedented commercial revolution which preceded 

 and financed the Renaissance.