Wharton Casebook 2005 For Case Interview Practice - MasterTheCase

 

 

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ICYM GLJMP Icsm #

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Mdmitgfl

Bffz Cddml ’ Rj 3

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OiAglsmy ’ Rj 3

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BIH ’ Rj 3 BIH ’ Rj 3

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Yupmrocramt

BIH ’ Rj 3

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I`mwglh Huo

CZ Amcrlmy ’ Rj 3

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Cdif`fd Jgstrgbutgfl

Bffz Cddml ’ Rj 3

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Hcs Ytctgfl

DMA ’ Rj 3

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32

Zmdmoctgis

BIH ’ Rj 2

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Oclunciturglh

BIH ’ Rj 2

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Imdd [`flms

BIH ’ Rj 3

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Mxpdfsgvms [`crocimutgicds

BIH ’ Rj 2

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Mdmitrflgis Rmtcgdmrs

BIH ’ Rj 2

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Cmrf Glic

OiAglsmy ’ Rj 3

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Ft`mr Ycopdms

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2

 

ICYM 35 F[ZGICD NGBRMY ((BIH BIH ’ Rfu Rfulj lj 3)  Fur idgmlt ocams fptgicd ngbrm (`cs vfduom cjvcltchms tf ifppmr wgrm) w`gi` gs ocgldy usmj by t`m tmdmifo, icbdm clj ofbgdm p`flm gljustrgms. Gt‗s ocjm gl hdcss strcljs clj rfddmj fltf 2= ao spffds. Z`mgr iustfomrs (w`f crm hmlmrcddy ocefr Zmdmifos lmtwfras) wfudj buy c `uhm qucltgty, buljdm gt up, jgh c trmli` clj put t`m buljdm fn ngbrms gl t`m hrfulj. Z`my‗vm smml c =;% jmidglm gl rmvmlums, clj `cvm rmimltdy brfuh`t gl c lmw IMF. Z`m lmw IMF wfudj dgam tf alfw5 c)  X`y jgj rmvmlums jrfp =;% gl flm ymcr6 b)  Icl `m mxpmit cl goprfvmomlt, clj gn sf gl w`ct tgomnrcom6 i)  @fw jfms fur ifopcly ifopcrm tf fur ifopmtgtfrs6

Cjjgtgflcd Glnfroctgfl [rfvgjmj Cntmr Rmdmvclt Sumstgfls5

  Fptgicd ngbrm gs sgogdcr tf c ifoofjgty, sf iflsuomrs jf lft puri`csm by brclj clj prgiglh gs gl

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dglm wgt` ifopmtgtgfl.   Z`mrm `cs bmml lf sghlgngiclt i`clhm gl suppdy nrfo t`m ifopcly‗s pmrspmitgvm.   Z`mrm crm lf jgrmit substgtutms clj lf rmhudctgfl i`clhms jurglh t`gs pmrgfj.   Z`m —uschm‟ fn t`m fptgicd ngbrms, nfr vfgim, jctc clj gltmrlmt, `cs citucddy jfubdmj mci` ymcr. (omclglh yfu wfudj t`gla yfu‗j citucddy lmmj twgim cs oui` mci` ymcr)

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  Iustfomrs crm csaglh nfr dmss.    Lf ocefr i`clhms gl iustfomr‗s gljustry. Mvml sprmcj cirfss gljustrgms nfr prfjuit scdms.   Iurrmlt uschm gs = Z/smiflj, but icpcigty gs 3;; Z/smiflj.

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Gltmrvgmwmm‗s Yfdutgfl5 X`y jgj rmvmlums jrfp =;% gl flm ymcr6  ymcr6   G jmtmroglmj t`m prfbdmo wcs t`ct bmicusm b micusm gt gs sui` cl mnnfrt clj mmxpmlsm xpmlsm tf jgh t`m trmli`ms tf put t`m ngbrm buljdms gl, t`m iustfomr i ustfomr jfms gt cs glnrmqumltdy cs pfssgbdm w`gi` dmcjs tf fvmricpcigty. fvm ricpcigty. Icl `m mxpmit cl goprfvmomlt6 Gn sf w`ml6 G nfulj fut t`ct t`my buy c ymcr gl cjvclim fn lmmjglh gt. Yglim uschm jfubdmj ymcrdy, G wframj fut t`ct iustfomrs wfudj rmci` icpcigty gl 9.= ymcrs, clj t`mrmnfrm wm wfudj bm gopcitmj nfr 2.= ymcrs. Z`m IMF wclts c bmli`ocra sdgjm wgt` `fw wm ifopcrm tf fur ifopmtgtfrs5 w`ct wfudj bm t`m  ocgl gtmos yfu‗j wclt tf smm fl t`ct sdgjm6 G csamj nfr Ocramt Y`crm (dmcjmr), Ifst (dfwmst ifst), [mfpdm (lf cjvcltchm), Iustfomr Bcsm (lf cjvcltchm), [rfjuit (lf rmcd cjvcltchm), clj Bcdclim Y`mmt (`gh`mst)  @m csamj gn wm ifudj wmct`mr t`m stfro fr gn wm wmrm gl trfubdm. G scgj gn wm `cj c prmtty p rmtty `mcdt`y nglcligcd sgtuctgfl, wm ifudj wm wmct`mr ct`mr t`m stfro nfr 2.= ymcrs but t`ct gt wfudj bm wfrt`w`gdm dffaglh nfr ft`mr wcys tf jgvmrsgny sglim t`gs wfudj bm c iyidgi prfbdmo.

9

 

Ifoomltcry/Rmifoomljctgfls5 Z`m amy tf clswmrglh t`gs qumstgfl gs uljmrstcljglh w`ct gs citucddy hfglh fl gl t`m gljustry. Zf hmt tf t`m `mcrt `mc rt fn t`gs gssum yfu ifudj csa5 Idmcrdy fur idgmlt `cs dfst c sghlgngiclt pfrtgfl fn t`mgr rmvmlum. rmvm lum. Zf uljmrstclj w`y t`mrm crm t`rmm amy t`glhs G wfudj wclt tf mxcoglm.   Ngrst, w`ct `cs i`clhmj cbfut fur Idgmlt ’ wm `cvml‗t `mcrj fn cly ocefr rmcsfl w`y t`glhs wfudj bm hfglh wrflh gltmrlcddy but sfom fn t`m t`glhs t`ct G wfudj wclt tf dffa ct crm5 @cvm •

t`my dfst amy scdms pmrsfllmd wgt` hffj hff j iustfomr rmdctgfls`gps6 @cvm t`my dfst t`mgr hffj rmputctgfl bmicusm fn sfom gligjmlt fr ciigjmlt mti6 @cvm t`mrm bmml pmrimgvmj qucdgty  prfbdmos6 Mti   Ymiflj, G wfudj wclt tf dffa ct fur amy Ifopmtgtfrs  ’ Crm t`my fnnmrglh c bmttmr prfjuit6 (prfbcbdy lft gn t`m gljustry gs ifoofjgtgzmj) Crm t`my smddglh ct c dfwmr prgim6 Crm t`my fnnmrglh bmttmr smrvgim/jmdgvmry tgoms mti6 Crm t`mrm lfw ofrm ifopmtgtfrs6 Crm fur ifopmtgtfrs bmttmr pdcimj hmfhrcp`gicddy tf ommt t`m lmmjs fn fur iustfomrs6 Crm t`mgr sfom

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ifopmtgtfrs t`ctt`mgr crm jfglh clj dmvmrchglh sicdm, bmttmr mti6 t`cl us6 Gn sf `fw jf t`my jgnnmr nrfo us6 Crm t`my bghhmr   Z`grj, G wfudj wclt tf dffa ct t`m lmmjs fn fur Iustfomrs  clj w`mt`mr t`msm `cvm i`clhmj. ’ Gn t`mrm gs lft`glh wrflh wgt` fur prfjuit (Idgmlt) clj fur Ifopmtgtfrs `cvml‗t sujjmldy hft  bmttmr t`ml t`m jfwlturl gl scdms oust `cvm sfomt`glh tf jf wgt` t`m lmmjs fn fur Iustfomrs. X`ct gs t`mgr iurrmlt uschm6 X`ct gs t`mgr iurrmlt icpcigty6 ic pcigty6 X`ct gs t`mgr cltgigpctmj uschm6 X`ct crm t`mgr puri`csglh pcttmrls rmdctgvm tf icpcigty6 mti

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Z`gs struiturm s`fudj jrgvm yfu tf gjmltgny t`m amy gssum. Z`m wcy t`m ncits crm prmsmltmj gt dffas dgam ofst fn t`m qumstgfls fl Idgmlt clj Ifopmtgtfrs wgdd ygmdj dgttdm rmturl clj t`m rgi`mst pcrt fn t`m jgsiussgfl wgdd nfius crfulj Iustfomr lmmjs. Z`gs s`fudj prfvgjm t`m fppfrtulgty tf jgsifvmr cdd fn t`m ncits cbfut t`m hrfwt` gl jmoclj clj t`m icpcigty iflstrcglt iurrmltdy gl pdcim. Gt ifudj cdsf dmcj tf uljmrstcljglh t`m —duopy‟ lcturm fn t`msm icpgtcd puri`csms. Z`gs jgsiussgfl s`fudj cdsf jrcw fut mlfuh` glnfroctgfl tf clswmr t`m nfddfw up qumstgfl fl `fw fur idgmlt ifopcrms tf gts ifopmtgtfrs.

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ICYM 25 @FDJGLH IF IFO[CLW O[CLW (Bffz Cddml ’ Rf Rfulj ulj 3)  Idgmlt gs c `fdjglh ifopcly fr iflhdfomrctm. Z`my crm c dflhstcljglh idgmlt fn furs. Z`mgr rmvmlums crm cbfut 3.=B/ymcr. Z`my `fdj cdd sfrts fn ifopclgms, ofstdy crfulj dfw tmi` oclunciturglh, glidujglh rfuh`dy gl t`m —Fgd clj Hcs‟ —Cutfoftgvm‟ clj —ft`mr‟ ictmhfrgms. Z`m `fdjglh ifopcly jfmsl‗t rmcddy `cvm c ulgngmj pfrtnfdgf, but bcsgicddy pdcims bmts fl ifopclgms gt ciqugrms. Gt gs lfw dffaglh ct cl cutf pcrts oclunciturmr, clj tryglh tf hmt cl gjmc fn w`mt`mr gt s`fudj ciqugrm gt. X`ct aglj fn t`glhs wfudj yfu wclt tf glvmstghctm tf nglj fut w`mt`mr gt wcs c hffj gjmc6

Cjjgtgflcd Glnfroctgfl [rfvgjmj Cntmr Rmdmvclt Sumstgfls5   Nglcligcd `mcdt` gs mximddmlt ’ sgttglh fl c dft fn ics`. Z`mgr pfrtnfdgf gs wmdd jgvmrsgngmj. Z`my crm

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lft dffaglh nfr —sylmrhgms‟ lmimsscrgdy.   Cntmr ocramt prfjuits ’ wgli`ms nfr icrs, truias, CZ^‗s (rmvmlums fn f n 9;;O nfr t`gs prfjuit dglm).   Z`my `cvm 7;% fn t`m ocramt gl t`m ]Y, clj t`m ocramt gs mxpmitmj tf `cvm ndct hrfwt`.   Ymiflj jgvgsgfl gs jrgvm trcgl omi`clgso nfr swgti`glh icr ic r nrfo 2X jrgvm tf :X jrgvm. Gt‗s c socdd lgi`m ocramt, ofstdy duxury icrs.

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Gltmrvgmwmm‗s Yfdutgfl5   X`ct wmrm sfom fptgfls nfr t`m Xgli` prfjuits sglim t`m ocramt gl t`m ]Y smmomj tcppmj fut6  fut6   Xm tcdamj cbfut ocramts lft rmcddy mxgstglh m xgstglh gl ft`mr hmfhrcp`gms bmicusm gt wc wcss ocgldy CZ^s clj

t`my wmrml‗t cs ifoofl gl ft`mr ifultrgms. Xm tcdamj cbfut dmvmrchglh t`m tmi`lfdfhy clj cdt`fuh` lft`glh mdsm ifudj bm ocjm wgt` gt, t`my jgj jgsifvmr c usm cs c —tffd‟ nfr `fom clj s`fp usm (tf dgnt  brgias mti). X`f wfudj t`m iustfomrs bm `mrm6 Xm tcdamj cbfut socdd ifltrcitfrs clj `fom usm iflsuomrs (jf gt yfursmdn) G csamj w`m w`mrm rm t`my s`fppmj clj gt turlmj fut f ut t`ct socdd ifltrcitfrs s`fppmj ocgldy ct w`fdmscdmrs clj bgh bfx s`fps dgam

@fom Jmpft. Z`m trmlj wcs ofvglh tfwcrjs bgh bfx. Z`msm s`fps fldy rmlmw t`mgr ifltrcits flim c ymcr wgt` oclunciturmrs.  @fw wfudj yfu nghurm fut ocrhgls nfr @fom Jmpft6 Xm tcdamj cbfut `fw ocrhgls oc rhgls wmrm bcsmj fl ocrhgl/squcrm nfft clj t`c t`ctt yfu ifudj csa nfr c socdd spcim, but ammp gt mxtrmomdy wmdd stfiamj ct cdd tgoms clj ammp fur pciachglh socdd.  @fw wfudj yfu brglh gl iustfomrs gl t`gs mltgrmdy lmw ocramt6 Cjvmrtgsglh t`rfuh` jf gt yfursmdn i`cllmds fl Z^, ochczglms, gl-stfrm jmofs. (t`gs cppcrmltdy jgjl‗t wfra cs wmdd b/i t`my `cj tf smlj pmfpdm tf 9=; stfrms tf jf t`m jmofs clj nfr c socdd ifopcly gt wcs tff oui`).  @m t`ml wcltmj tf tcda cbfut scdms gl t`m Jrgvm Zrcgl ifopflmlt crmc 5 G csamj cbfut iflsuomrs, clj wm tcdamj cbfut iflsuomrs bmglh bft` mlj iflsuomrs clj cutf oclunciturmrs. G csamj `fw fntml icrs wmrm rmjmsghlmj clj `m scgj mvmry :-= ymcrs, but t`m trmlj wcs hfglh jfwl tfwcrjs mvmry 9 ymcrs. X`ct jfms t`gs tmdd us6  us6  Z`m fppfrtulgty tf hmt gl c rmjmsghl gs bmttmr. =

 

  X`ct jfms t`gs tmdd us cbfut t`m nuturm cs t`gs tgom ifltglums tf hf jfwl6 Gs t`gs cl cjvcltchm6 G scgj lf, bmicusm lfw l fw yfu wgdd dgamdy `cvm ofrm ifopmtgtgvm prmssurm nrfo t`fsm w`f scw t`gs cs c  bcrrgmr.  Dcstdy, `m wcltmj tf alfw `fw G wfudj mvcductm t`m fvmrcdd jmcd jmc d tcitgicddy. G tcdamj cbfut jfglh sfom sfrt fn rmturl fl glvmstomlt icdiudctgfl tf ocam surm t`m rmturl wcs cjmquctm, clj t`ct t`m rmsudts wm lmmjmj gl c pcrtgiudcr tgom nrcom mxgstmj.

Ifoomltcry/Rmifoomljctgfls5 Oy iflimrl gl t`gs icsm wfudj bm t`ct t`m gltmrvgmwmm `csl‗t jmvmdfpmj c idmcr smt fn irgtmrgc nfr cssmssglh t`m pftmltgcd ciqugsgtgfl clj usmj t`msm tf jrgvm t`rfuh` t`m icsm gl c struiturmj ncs`gfl. Z`mrm crm c luobmr fn pftmltgcd cpprfci`ms but G wfudj prfbcbdy brmca gt jfwl cs nfddfws5

  Bmnfrm clyt`glh mdsm G wfudj csa nfr sfom ofrm glnfroctgfl fl t`m pftmltgcd tcrhmt‗s busglmss.

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X`ct prfjuits jf t`my smdd6 X`ct crm t`mgr rmvmlums clj ocrhgls6 Mti. Z`ml G wfudj clcdyzm w`mt`mr t`gs ocams t`m ciqugsgtgfl jmsgrcbdm by dffaglh ct t`m nfddfwglh5

  Ngrst G wfudj wclt tf dffa ct w`mt`mr t`gs gs cl cttrcitgvm gljustry tf bm hmttglh gltf

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hmlmrcddy ’ Z`m cutfoftgvm pcrts pc rts gljustry smmos tf bm hmlmrcddy iflsgstmlt wgt` t`m ft`mr prfjuits gl t`mgr pfrtnfdgf sf G wfudj cssuom t`ct t`my prfbcbdy `cvm t`m sagdds tf oclchm t`gs sfrt fn busglmss, gs t`ct ifrrmit6 G wfudj cdsf wclt tf dffa ct t`m hrfwt`  prfspmits nfr t`gs gljustry. Gs t`m cutfoftgvm cutfoftgvm pcrts gljustry mxpmitmj tf hrfw ncstmr fr sdfwmr t`cl ft`mr dfw tmi` gljustry ifopclgms t`my ocy cdsf i`ffsm tf glvmst gl6

G wfudj wclt tf mxcoglm w`mt`mr t`gs gs t`m rgh`t ifopcly wgt`gl t`m   Ymiflj cutfoftgvm pcrts gljustry tf buy ’ gl pcrtgiudcr G wfudj wclt tf alfw tf w`ct mxtmlt

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fur idgmlt ifudj jmrgvm vcdum nrfo t`m ciqugsgtgfl. Xgdd t`mrm bm cly sylmrhgms wgt` t`m ft`mr ifopclgms t`ct fur idgmlt fwls6 Xgdd fur idgmlt bm cbdm tf goprfvm prfngtcbgdgty  by jrgvglh ifsts fut fn t`gs busglmss6 Crm t`mrm fppfrtulgtgms tf tf glirmcsm scdms fr hrfw t`m busglmss ncstmr t`cl mxgstglh oclchmomlt gs prmjgitglh6

  Nglcddy G wfudj wclt tf iflsgjmr t`msm pftmltgcd goprfvmomlts nrfo c nglcligcd

f

 pmrspmitgvm. Jfms t`m idgmlt `cvm c imrtcgl L[^ fr RFM tcrhmt t`ct gt gs dffaglh tf ci`gmvm bmnfrm gt glvmsts6

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ICYM 95 MDMIZGFL (Bffz Cddml ’ Rfu Rfulj lj 3)  X`ct jf yfu t`gla gs hfglh tf `cppml cntmr t`m mdmitgfl gn Amrry wgls clj Jruh Rmgopfrtctgfl nrfo Iclcjc gs dmhcdgzmj6 G‗j dgam tf alfw w`ct yfu t`gla t`m gopcit wgdd bm tf Dgpgtfr ([ngzmr) clj gn gt‗s lmhctgvm, `fw wm icl ogtghctm gt.

Cjjgtgflcd Glnfroctgfl [rfvgjmj Cntmr Rmdmvclt Sumstgfls5   Gl t`m ]Y, t`m Dgpgtfr ocramt gs $8B.   Dgpgtfr gs oclunciturmj gl [umrtf Rgif.   Jruh rmgopfrtctgfl gs lft iurrmltdy dmhcd, sf gs ofstdy ifljuitmj vgc t`m gltmrlmt.

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Gltmrvgmwmm‗s Yfdutgfl5 X`ct gs t`m gopcit6 G brfam gt up gltf c s`frt tmro rmvmlum gopcit clj c dflh tmro gopcit fl t`m p`croc dcrhm ocrhgl

ofjmd. G jrmw t`m vcdum i`cgl nfr t`m jruh ofjmd5 [`crocif, [BO ’[`crociy Bmlmngt Oclchmr (lmhftgctms prgim) [`crociy (smdds) Iflsuomr (buys) Gl bmtwmml yfu `cvm t`m Jfitfr tcdaglh tf t`m p`crociy clj t`m `mcdt` pdcl udtgoctmdy pgiaglh up t`m tcb. Xm mstcbdgs`mj t`ct t`m `mcdt`pdcls wgdd bm pus`glh nfr t`gs, clj t`m [BOs wgdd put prmssurm fl t`m [`crocifs cs t`m hctmammpmr tf t`m ifltrcits wgt` `mcdt` pdcls. X`ct wgdd bm t`m nglcligcd mnnmit6 G csamj w`ct t`m prgiglh wcs iurrmltdy. Gt gs sfdj nfr $8; pmr oflt`, clj wm wmrm dffaglh ct $9; pmr oflt` nfr t`m scom jruh gl Iclcjc. Z`ct omclt t`m $8B wfudj bm $:B dmss. Bgh mnnmit! X`ct icl [ngzmr tf jf ogtghctm6 G csamj gn t`mrm wmrm jruhs t`ct t`my sfdj gl t`m ]Y but lft gl Iclcjc ’ t`mrm crm. Z`gs gs cl fptgfl ’ t`my icl buop ocrhgls fl t`fsm prfjuits. Z`my icl dfwmr ifsts (t`my s`fudj cdrmcjy bm jfglh t`gs but  b/i t`mgr ocrhgls crm sf bgh, gt‗s lft c prgfrgty). Z`my icl cdsf dgogt dgogt t`m cofult fn i`mcpmr jruh futput tf octi` t`m Iclcjgcl ocramt sgzm (gm. sglim Iclcjc‗s pfp gs 3;% fn ]Y, t`my icl rmdmcsm dmss clj dgogt t`m ocramt nfr t`m —rmgopfrtmj‟ jruhs) G cdsf suhhmstmj pus`glh nfr dflhmr ifltrcits wgt` t`m [BOs sf t`ct wm ifudj mxtmlj pcst pctmlt dgnm fn Dgpgtfr clj ammp ocrhgls, but `m csamj gn t`m [BOs wfudj `cvm tf cddfw t`ct. Z`my wfudj cdsf alfw w`ml t`my wmrm ifoglh fnn pctmlt, sf wfudj dgamdy lft sghl t`fsm typms fn ifltrcits.  

Ifoomltcry/Rmifoomljctgfls5 Bffz clj sfom fn t`m gljustry spmigcdgst iflsudtglh ngros wgdd fntml csa icsm qumstgfls t`ct crm gljustry spmigngi clj rmqugrm yfu tf jmoflstrctm yfur gljustry alfwdmjhm. C Bcgl, BIH fr OiAglsmy gs mxtrmomdy uldgamdy tf mvmr mxpmit yfu tf `cvm t`gs dmvmd fn alfwdmjhm cbfut c pcrtgiudcr ocramt bmnfrm t`m stcrt fn c icsm but t`my ic icl l stgdd bm usmj cs rmcsflcbdm prcitgim icsms.

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G wfudj cpprfci` t`gs icsm t`m scom wcy cs nfr cly ft`mr icsm glvfdvglh c rmhudctfry i`clhm clj yfu icl iflstruit c smrgms fn qumstgfls t`ct wfudj hmt yfu tf t`m rgh`t cl clswmr swmr mvml gn yfu alfw cbsfdutmdy cb sfdutmdy lft`glh cbfut p`crocimutgicds bmnfrm yfu stcrt5

  Ngrst G wfudj wclt tf idcrgny w`ct t`m i`clhm i` clhm omcls ’ gt cppmc cppmcrs rs t`ct gt omcls t`ct jruhs sfdj

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gltf Iclcjc nrfo [murtf Rgif icl bm rm-gopfrtmj gltf t`m ]Y ’ Gs t`mrm clyt`glh mdsm6   Ymiflj, G wfudj wclt tf uljmrstclj w`y clyflm wfudj wclt tf rm-gopfrt jruhs nrfo Iclcjc ’ gt cppmcrs t`ct jruhs crm cvcgdcbdm gl Iclcjc ofrm i`mcpdy t`cl gl t`m ]Y irmctglh ocramt  prmssurm tf rm-gopfrt t`mo gltf t`m ]Y ’ w`y gs t`gs t`m icsm6 X`y wfudjl‗t t`my sgopdy bm  bfuh`t i`mcpdy nrfo [murtf Rgif jgrmit6

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G wfudj wclt tf dffa ct t`m mxtmlt fn rm-gopfrtctgfl t`ct gs dgamdy tf fiiur ’ `fw oui` fn    Lmxt t`m jruh gs iurrmltdy sfdj gl t`m ]Y6 Gl Iclcjc6 Ct w`ct prgim gs t`m jruh sfdj gl t`m ]Y6 Gl Iclcjc6 Crm t`mrm cly cl y ifsts cssfigctmj wgt` rm-gopfrtctgfl6 Crm t`mrm cly dgogts fl t`m cofult t`ct ifudj bm rmcjgdy rm-gopfrtmj (m.h. t`m tftcd cvcgdcbdm suppdy)   Nglcddy G wfudj wclt tf iflsgjmr t`m ndfw fl iflsmqumlims ’ wgdd t`m jruh ifopclgms put t`m  prgims up gl Iclcjc6 Xgdd t`my rmjuim t`m prgim gl t`m ]Y6 Icl t`my rmstrgit suppdy tf Iclcjc6

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0

 

 ICYM :5 [MR[MZ]CD OFZGFL (Bcgl ’ Rf Rfulj ulj 3)   LMX [RFJ]IZ/OCRAMZ MLZRW  

G wcs ndyglh bcia nrfo oy idgmlt t`m ft`mr lgh`t, clj wfraglh cwcy fl oy dcptfp. Bmsgjm om wcs smctmj c ocj sigmltgst, w`f mlhchmj om gl iflvmrsctgfl, clj wcs mxigtmj tf nglj fut G wcs c iflsudtclt. Gt smmos t`ct `m `cs irmctmj c pmrpmtucd oftgfl oci`glm. Gt rmqugrms lf mlmrhy, clj ammps fl hfglh. @m wclts tf alfw `fw tf ocam oflmy wgt` gt.

Cjjgtgflcd Glnfroctgfl [rfvgjmj Cntmr Rmdmvclt Sumstgfls5    Lf cjjgtgflcd glnfroctgfl prfvgjmj

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Gltmrvgmwmm‗s Yfdutgfl5   Xm stcrtmj wgt` c hmlmrcd nrcomwfra fl t`m t`glhs G wfudj ifvmr. Y`m pus`mj om gltf t`m ictmhfry

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fn w`ct gt ogh`t bm usmj nfr clj wm stuia fl icrs. Y`m csamj om w`ct t`m sgzm fn t`m fppfrtulgty ifudj bm. G jgj c qugia ocramt sgzglh, bcsmj fl t`m # fn icrs gl t`m ]Y, clj w`ct % G wfudj humss crm trcjgtgflcd numd vs. cdtmrlctgvm numd (c socdd %) clj t`ml cssuomj c % fn t`fsm bfuh`t lm lmw w icrs ymcrdy clj mljmj up wgt` c dcrhm #. (:;B, G t`gla) X`ct wfudj iflvglim t`msm pmfpdm tf buy fur tmi`lfdfhy gl t`mgr icrs6 G tcdamj cbfut vcdum prfpfsgtgfl, prgiglh, cwcrmlmss, prffn fn tmi`lfdfhy.  @fw wfudj wm iflvglim t`m trcjgtgflcd numd iustfomrs tf buy t`gs6 *lf rmspflsm prfvgjmj   @fw wfudj yfu prgim t`gs6 Clj `fw wfudj t`gs i`clhm fvmr tgom6 G tcdamjnumd cbfut ocaglh surmspmlt wm ifvmrmj furmlvgrflomltcd IFHY, clj t`ml ct M^I mspmigcddy tmros fn citucd ifsts clj tgom rmnumdglh, nmmddffamj hffj ncitfr mti. G t`fuh`tglt`ct glgtgcddy wm‗j prgim ct c prmoguo clj dctmr gl t`m dgnm iyidm w`ml gt wcs ofrm octurm, G nghurmj wm‗j pftmltgcddy  bm ifopmtglh fl prgim sglim ft`mr cdtmrlctgvms ocy irmmp gl. X`ct wfudj HO t`gla fn t`gs gn wm wmrm tf cpprfci` t`mo wgt` gt6 G tcdamj cbfut `fw t`my wfudj prfbcbdy bm t`glaglh cbfut t`m ncit t`ct t`mgr brmcj clj buttmr busglmss (trcjgtgflcd numd) wfudj bm t`rmctmlmj, but udtgoctmdy t`my wfudj lmmj tf jmigjm w`mt`mr t`my t`fuh`t t`m ifopmtgtfrs wfudj ifom fut wgt` t`gs bmnfrm t`mo, fr w`mt`mr t`my wfudj wclt tf bm t`m ngrst tf

ocramt wgt` gt. G cdsf tcdamj cbfut `fw gt ocy tcam c w`gdm tf gopdmomlt bmicusm fn fpmrctgflcd jgnngiudtgms, jmsghl mti. Xfudj yfu glvmst wgt` t`m Ocj Yigmltgst, gn `m csamj yfu tf6 X`y6 X`ct gs yfur 9; smiflj mdmvctfr spmmi` tf Xcrrml Bunnmt6

7

 

Ifoomltcry/Rmifoomljctgfls5 Dffaglh ct t`m pftmltgcd tf usm t`gs tmi`lfdfhy gl icrs gs idmcrdy c hrmct fptgfl clj t`m icsm cpprfci` t`ct t`m gltmrvgmwmm wmlt t`rfuh` dffas prmtty hffj. Ytcrtglh nrfo c ofrm hmlmrgi dmvmd `fwmvmr `f wmvmr G wfudj prfbcbdy tciadm t`m qumstgfl cs nfddfws5 Gn wm dffa ct t`m bmlmngts bmlm ngts fn c pmrpmtucd oftgfl oci`glm, gt gs bcsgicddy c sfurim fn mlmrhy. Gl cssmssglh  pftmltgcd cppdgictgfls fn t`m tmi`lfdfhy t`ml G wfudj csa t`m qumstgfl —X`mrm gs t`mrm t`m hrmctmst jmoclj nfr mlmrhy6‟ fr —X`mrm gs t`m bmst ocramt nfr c lmw sfurim fn mlmrhy6‟

Z`gs ifudj dmcj tf c rmcsflcbdm jgsiussgfl fn c luobmr fn jgnnmrmlt fptgfls5 mlmrhy ct `fom, mlmrhy gl gljustry, mlmrhy gl trclspfrt. Zrclspfrt ocams smlsm cs c ocramt tf jrgdd jfwl fl t`gs prfjuit bmicusm gt gs idmcrdy sui` c dcrhm sfurim fn mlmrhy iflsuoptgfl. Nrfo c prgiglh pmrspmitgvm yfu ocy lmmj tf t`gla cbfut t`m prgim fn t`m tmi`lfdfhy cs chcglst t`m scvglhs t`ct gt hmlmrctms. Wfu wfudj lmmj tf mlsurm t`mrm wcs stgdd sunngigmlt scvglhs tf eustgny iflsuomrs wgs`glh tf try c lmw tmi`lfdfhy. Mqucddy gt wfudj bm gopfrtclt t`ct t`m ocj sigmltgst  prgims t`m prfjuit sf t`ct icr oclunciturmrs icl gopdmomlt t`m tmi`lfdfhy prfngtcbdy. 9; smiflj spmmi`5 Z`gs gs c sfurim fn X`f dgogtdmss mlmrhy. Cs mlmrhy jmoclj ifltglums tf hrfw bmifomsrmsfurim6 c ofrm clj ofrm  prmigfus rmsfurim. wfudj lft wclt tf glvmst gl c dgogtdmss sfurim fn cgtprmigfus

3;

 

ICYM =5 L]ZRCIFR[ (O (OiAglsmy iAglsmy ’ Rfulj Rfulj 3)  Lutrcifrp gs c $=B lutrgtgfl nffjs ifopcly bcsmj gl Nrclim. Z`my `cvm c brfcj M] prmsmlim clj `cvm mximddmlt ocramt s`crm gl Nrclim, Hmrocly, clj Ypcgl. Z`my `cvm twf dglms fn prfjuits5 [rmoguo Glnclt [rfjuits, w`gi` glidujms ogda clj sfdgj nffjs nfr glnclts up tf 2 ymcrs fdj. Z`msm crm sfdj t`rfuh` t`m rmtcgd i`cllmd. Omjgicd lutrgtgfl suppdmomlts, w`gi` crm nfr sgia pctgmlts (@G^, Iclimr, Jgcbmtms), clj crm bcsgicddy c pgdd fr pfwjmr t`ct `mdp t`m pctgmlt rmifvmr t`mgr strmlht`. Z`msm crm sfdj t`rfuh` t`m Jgrmit Ycdms I`cllmd. Z`m IMF nmmds t`ct t`m hrfwt` pftmltgcd nfr t`gs ifopcly `cs ocxmj fut gl Murfpm. Xm‗j dgam tf mxpdfrm t`m ]Y Ocramt.

Cjjgtgflcd Glnfroctgfl [rfvgjmj Cntmr Rmdmvclt Sumstgfls5   Yglim t`gs gs c OiAglsmy struiturmj icsm, clj wfudj bm ofst vcducbdm hgvml gl t`ct stydm, gt gs

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wrgttml up t`ct wcy sf pmfpdm hmt usm tf t`m i`fppglmss.

Gltmrvgmwmm‗s Yfdutgfl5 3. X`ct crm t`m amy crmcs yfu wfudj mxpdfrm tf jmtmroglm w`mt`mr t`gs t`gs gs c hffj gjmc6

G bcsgicddy tcdamj t`rfuh` oy fwl pmrsflcd nrcomwfra nfr ocramt mltry, w`gi` glidujmj t`m gltmrlcd cspmits5 icpcbgdgtgms, i`cllmd/suppdgmr rmdctgfls`gps, iustfomrs (crm t`my t`m scom), clj prfngtcbgdgty cs wmdd cs gljustry t`glhs dgam5 t`m hrfwt` rctm clj sgzm fn t`m ]Y ocramt, t`m if ifopmtgtfrs opmtgtfrs clj rmhudctfry gssums.  2. c) Lfw dmt‗s tcda cbfut t`m omjgicd lutrgtgflcd nffj suppdmomlts nfr t`m Jgcbmtgi Ocramt. @fw wfudj yfu hf cbfut sgzglh t`gs ocramt6 [ctgmlts tcam 2 suppdmomlts pmr jcy, clj t`my ifst $3.=;  pmr suppdmomlt. Hf c`mcj clj mstgoctm gt. (Cjjgtgflcd glnfroctgfl prfvgjmj gn csamj5 =% prmvcdmlim rctm, 7;% ifopdgclim rctm) 9;; O gl t`m ]Y, =% prmvcdmlim hgvms 3= O pmfpdm wgt` jgcbmtms, 7;% fn t`mo tcam t`msm suppdmomlts, hgvms 39.=O, x 3.= $/supp x 2 supp/jcy x 9>= jcys hgvms cbfut $3:.0B nfr c ocramt mstgoctm.  b) @fw ifudj wm hrfw t`gs ocramt6 Xfudj bm jrgvml by rcgsglh ifopdgclim (socdd mnnmit)1 prmvcdmlim fn jgcbmtms gl pfpudctgfl1 glirmcsm gl jfschm prgim fr cofult.  i) @fw wfudj t`m ifopmtgtfrs gl t`m ]Y rmcit tf us mltmrglh t`m ocramt6 ocra mt6 G prfbcbdy ogssmj sfom, but G usmj glirmcsm gl scdms nfrim, jgnnmrmltgctglh/pfsgtgflglh t`mgr prfjuit cs  bmttmr, bdfiaglh i`cllmds, ofrm jfddcrs tf cjvmrtgsglh.  9) X`gi` i`cllmd jf yfu t`gla ocams t`m ofst smlsm nfr t`mo tf hf cntmr cs t`my mltmr6 @mrm G wcs wc s  hgvml c i`crt t`ct dffamj dgam t`m flm cttci`mj fl t`m lmxt pchm.*  pchm.*   Ypmigcdty Rmtcgdmrs smmomj tf bm rgh`t clswmr, but G icl‗t rmicdd w`ct G scgj, clj tf t`gs jcy co lft surm w`ct t`m rmcsfls crm. @m mxpdgigtdy scgj t`gs gs lft c qucltgtctgvm qumstgfl. Ocss Rmtcgdmrs ]Y # fn stfrms 3; Zftcd Rmvmlum $3;.=B % fn glnclt lutrgtgfl :;% ocramt

Ypmigcdty Y`fps 3; $2.3B :;%

Ofo clj [fps =;; $3.=B 2;% 33

 

Gltmrvgmwmm‗s Yfdutgfl (iflt.)5  :) Ywgti`glh hmcrs chcgl tf t`m omjgicd lutrgtgfl prfjuits ’ dmt‗s tcda cbfut Iclimr pctgmlts. pc tgmlts. @fw  ocly iclimr wfudj wm ifsts lmmj tf tf fur prfjuit brmca mvml6pmr Xmjcy `cvm `cvnfr m =;= Ycdms Rmps,  $3;O bujhmt pctgmlts nfr [R, fur jgrmit crmcttrcit 0;% clj cssuom t`mytftcam 2 jfsms oflt`s  fut fn c ymcr. Cjjgtgflcd glnfroctgfl prfvgjmj gn rmqumstmj5   Ycdms rmps scdcrgms crm $3;;A / ymcr, pdus $3;;A gl bmlmngts. Z`m prgim fn c jfsm gs $3. •

G jgj c brmcamvml t`ct dffamj dgam5 3;O+(2;;A * =; rmps) ? (2jfsms *= oflt`s * 9; jcys * 2;% * $3)*# fn pts clj mljmj up wgt` # fn  pts ? 99;A  =) Z`m IMF wfudj dgam yfur rmifoomljctgfl fn yfur suhhmstgfls, bcsmj bc smj fl w`ct yfu dmcrlmj dmcr lmj tfjcy,  cs wmdd cs cly ft`mr gjmcs yfu `cvm tf cjj. *lf rmspflsm prfvgjmj

Ifoomltcry/Rmifoomljctgfls5 Jgnnmrmlt gltmrvgmwmrs, lft eust jgnnmrmlt ngros, icl `cvm vmry jgnnmrmlt stydms fn gltmrvgmwglh clj oui` fn t`gs ifoms jfwl tf offj fr pmrsflcdgty sf gt gs jmnglgtmdy wfrt`w`gdm ocaglh surm yfu crm prmpcrmj nfr gltmrvgmws t`ct crm ofrm dgam cl gltmrrfhctgfl cs wmdd cs gltmrvgmws w`mrm yfu hmt tf tcam t`m dmcj. Rmomobmr cdsf t`ct, cdt`fuh` t`my ocy bm ngrglh qumstgfls ct yfu, yfu stgdd lmmj tf bm t`glaglh cbfut `fw yfu icl jmoflstrctm jm oflstrctm cl uljmrstcljglh fn t`m ifopdmtm smt fn gssums. Jfl‗t eust clswmr t`m qumstgfl, but cdsf t`gla cbfut `fw yfu icl smt fut c struiturm crfulj yfur clswmr. Z`m gltmrvgmwmm‗s rmspflsm tf t`m ngrst qumstgfl gs c hffj mxcopdm fn t`gs. Z`my `cvm dcgj fut c smt fn gssums t`ct t`my wfudj wclt tf mxpdfrm mxp dfrm gl jmtmroglglh w`mt`mr t`gs gs c hffj ocramt tf mltmr. Z`mrm gs lf flm struiturm nfr t`gs qumstgfl clj c luobmr fn jgnnmrmlt cpprfci`ms wfudj bm mqucddy ciimptcbdm. Wfu ocy wclt tf jf c [frtmr‗s Ngvm nfrims clcdysgs fn t`m ]Y ocramt clj fvmrdcy c ifopcrgsfl fn

ft`mr gltmrlctgflcd ocramts t`ct ocy bm ofrm cttrcitgvm ’ nfr mxcopdm, crm t`mgr `gh`mr prmvcdmlim rctms gl Csgc6 Fr c hrmctmr prfpmlsgty tf pcy6

Z`m icljgjctm cppmcrmj tf `cvm jgnngiudtgms wgt` qumstgfl luobmr 9. Z`gs qumstgfl ifudj pftmltgcddy bm cpprfci`mj by csaglh twf qumstgfls5   Ngrstdy G wfudj wclt tf jmtmroglm w`mrm wm icl hmt t`m bghhmst bclh nfr fur buia ’ t`ct gs, w`gi` scdms i`cllmd hmts us t`m bmst ciimss tf t`m ocramt pmr idgmlt. Z`m clswmr cppmcrs tf  bm fvmrw`mdoglhdy t`m Ocss Rmtcgdmrs w`mrm 3; i`cgls hgvm us ciimss tf c $3;.=B ocramt. (Lftm t`mrm ocy bm cl gliflsgstmliy `mrm cs bft` spmigcdty rmtcgdmrs clj ocss rmtcgdmrs crm •

dgstmj cs :;% but wgt` vmry jgnnmrmlt scdms luobmrs).    Lmxt G wfudj wclt tf iflsgjmr w`mt`mr t`mrm crm cly ncitfrs dgogtglh fr ifopdgictglh

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ciimss tf oy prmnmrrmj i`cllmd ’ Fl gts ncim t`m ocss rmtcgd i`cllmd dffas dgam t`m bmst  bmicusm gt `cs c vmry `gh` scdms luobmr nfr c vmry socdd luobmr fn idgmlts (3; i`cgls). Xm wfudj lmmj tf alfw `fwmvmr w`ct t`m rmstrgitgfls fl ciimssglh t`gs i`cllmd crm. Ocss rmtcgdmrs ocy i`crhm c prmoguo nfr s`mdn spcim ocaglh t`gs cl mxtrmomdy mxpmlsgvm fptgfl. Cdtmrlctgvmdy ocss rmtcgdmrs ocy icrry fldy c socdd luobmr fn wmdd alfwl brcljs ocaglh gt cdofst gopfssgbdm nfr lmw mltrclts tf hcgl ciimss ultgd t`my `cvm mstcbdgs`mj c rmputctgfl gl t`m spmigcdty rmtcgdmrs t`ct icrry ofrm brcljs mti. C hffj clswmr wfudj glvfdvm ct dmcst gjmltgnyglh t`msm pftmltgcd gssums  

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ICYM >5 [CRZW HFFJ HFFJY Y (BIH ’ Rfulj 3)  Fur idgmlt gs c oclunciturmr fn pcrty hffjs. Z`my `cvm twf prfjuit pfrtnfdgfs5 mvmryjcy clj smcsflcd. Mvmryjcy prfjuits pmrtcgl tf fiicsgfls t`ct `cppml t`rfuh`fut t`m ymcr sui` cs t` bgrt`jcys clj cllgvmrscrgms. Ymcsflcd hffjs crm nfr fiicsgfls sui` cs t`m :  fn Eudy fr Z`clashgvglh. Z`my `cvm c jmsghl ncigdgty t`ct ifoms fut wgt` jgnnmrmlt pcrty t`moms clj tcams

icrm fn dgimlsglh nfr hffjs usglh i`crcitmrs dgam Ogiamy Ofusm fr Y`rma. Z`my cdsf `cvm c oclunciturglh clj jgstrgbutgfl ncigdgty clj c scdms nfrim t`ct prfvgjms suppfrt tf rmtcgdmrs. Flm fn t`mgr dcrhm clj lmw iustfomrs icom tf oclchmomlt ifopdcglglh t`ct t`mgr prgims crm tff `gh`. Z`my idcgomj t`ct t`gs gs jum tf `gh` jgstrgbutgfl ifsts. Cntmr sfom clcdysgs, t`m idgmlt nfulj t`gs tf bm trum. Xm `cvm bmml csamj tf nghurm fut `fw wm icl jmirmcsm jgstrgbutgfl ifsts.

Cjjgtgflcd Glnfroctgfl [rfvgjmj (sprmcjs`mmt)5 Nrmgh`t Icdiudctgfl

][Y Uflm

Luobmr fn Ytfrms 3 2 9 : =

[rgim pmr Bfx 3 3 3 3 3

9 : = > 8

Mvmryjcy Oflt`s Bfxms Y`gppmj Zftcd Ifst [mr [mr Oflt` Oflt` 2;; >;; 2;; 0;; 2;; 3;;; 2;; 32;; 2;; 3:;; Oflt`dy Zftcd Lf. fn Oflt`s  Cllucd Zftcd

Ymcsflcd clj Mvmryjcy Oflt`s Bfxms Y`gppmj Zftcd Ifst [mr [mr Oflt` Oflt` 0;; 2:;; 0;; 92;; 0;; :;;; 0;; :0;; 0;; =>;;

=;;; 0 :;;;;

2;;;; : 0;;;;

Yuppdgmr Cdtmrlctgvms5

Zruiadfcj - ngdd mopty truia wgt` hffjs up tf 3;;; bfxms pmr truia, ifsts $3=;; pmr truia, ocams fldy flm stfp Dmss t`cl Zruiadfcj - ngdd pcrt fn truia wgt` hffjs up tf =;; bfxms pmr truia, ifsts $3;;; pmr truia, ocams fldy flm stfp Ycopdm Ifoputctgfl5

Nfr Mvmryjcy Oflt`s5 ]sm ][Y nfr Uflms 3 clj 2 w`mrm Ifst pmr oflt` dmss t`cl $3;;; ]sm dmss t`cl truiadfcj nfr Uflms 9, :, = Zftcd Oflt`dy Ifst Ifst Ycvglhs pmr Oflt`

3:;; 9;;; ::;; >;;

Nfr Mvmryjcy clj Ymcsflcd Oflt`s5 ]sm Zruiadfcj nfr cdd Uflms sglim truiadfcj ifst fn $3=;; gs dmss t`cl ][Y ifst pmr oflt` Ifst Ycvglhs pmr Oflt`

8=;; 32=;;

Zftcd Cllucd Ifst Ycvglhs

=:0;;  

Gltmrvgmwmm‗s Yfdutgfl5   Gltmrvgmwmm5  G ngrstifopmtgtfrs lmmj tf uljmrstclj prfimss ifst brmcajfwl. Z`ml,Z`ml, G wclt tf  bmli`ocra chcglst clj ngljt`m futjgstrgbutgfl w`ct t`my crm jfglhclj gl tmros fn jgstrgbutgfl.  bcsmj fl t`m glnf, G wclt tf nghurm fut w`ct t`m bmst cdtmrlctgvms crm nfr fur idgmlt.

 Gltmrvgmwmr5 Z`ct‗s c hffj nrcomwfra. Dmt‗s stcrt wgt` ifsts. X`ct jf yfu t`gla crm t`m ifsts rmdctmj  Gltmrvgmwmr5 Z`ct‗s tf jgstrgbutgfl6  jgstrgbutgfl6  Gltmrvgmwmm5  Dcbfr, Zruias, Yfrtglh oci`glms, F@, nrmgh`t mti. G wmlt t`rfuh` t`m mltgrm vcdum i`cgl clj gjmltgngmj ifsts.

39

 

 

Gltmrvgmwmm‗s Yfdutgfl (iflt.)5  

 Gltmrvgmwmr5 @mrm‗s c brmcajfwl fn nrmgh`t ifsts. Z`my usm ][Y tf jgstrgbutm hffjs. (Mxpdcgls tcbdm  Gltmrvgmwmr5 @mrm‗s cttci`mj) X`ct jf yfu t`gla6 Gltmrvgmwmm5  G‗j dgam tf hmt ofrm glnfroctgfl cbfut ft`mr suppdgmrs, t`m hmfhrcp`gi iflimltrctgfl fn fur iustfomrs clj smcsflcd vfduom.

 Gltmrvgmwmr5 Ft`mr ifopmtgtfrs usm c ogx fn ][Y clj truias tf jgstrgbutm hffjs. (Ymm sprmcjs`mmt  Gltmrvgmwmr5 Ft`mr  nfr ofrm glnf) @fw jf yfu t`gla wm icl scvm jurglh fur mvmryjcy oflt`s6 @fw cbfu cbfutt jurglh t`m smcsflcd/mvmryjcy oflt`s6 Gltmrvgmwmm5  (ifoputms ifst jgnnmrmlim clj scvglhs)

 Gltmrvgmwmr5 Wfu‗rm  Gltmrvgmwmr5  Wfu‗rm ommtglh wgt` t`m IMF tfofrrfw. @fw wgdd yfu suoocrgzm yfur ngljglhs6 Gltmrvgmwmr5  Z`mrm‗s hrmct fppfrtulgty tf scvm usglh c ifobglctgfl fn ][Y clj truiadfcj smrvgims. Nrfo fur glgtgcd ifoputctgfls wm icl scvm cs oui` cs $=:,0;; cllucddy. (smm ifoputctgfl) 

Ifoomltcry/Rmifoomljctgfls5 Z`gs icsm gs rmdctgvmdy strcgh`tnfrwcrj clj, gn yfu icl jf t`m oct`, t`ml t`m icsm s`fudj prcitgicddy sfdvm gtsmdn. Z`m amy tf bmglh suiimssnud gs tf mlsurm t`ct yfu csa t`m rgh`t qumstgfls upnrflt tf fbtcgl cdd fn t`m lmimsscry glnfroctgfl tf icdiudctm t`m ifst scvglhs clj t`ct yfu t`ml dfhgicddy clj t`frfuh`dy jrgvm t`rfuh` t`fsm icdiudctgfls. Z`m icljgjctm `cs jflm c prmtty hffj efb fn t`ct `mrm, ngrst csaglh cbfut t`m jgstrgbutgfl prfimss clj cbfut t`m cdtmrlctgvms usmj by ifopmtgtfrs tf mdgigt glnfroctgfl bmnfrm stcrtglh t`m icdiudctgfls. Gn yfu crm hffj wgt` luobmrs t`ml t`msm icsms icl bm c dgttdm bfrglh cs yfu crm lmvmr icddmj fl tf jf clyt`glh rmcddy irmctgvm clj yfu wgdd prfbcbdy lmvmr nmmd fut fn yfur jmpt`. Z`ct gs lft lmimsscrgdy c  bcj t`glh `fwmvmr cs t`mrm gs prfbcbdy vmry dgttdm rgsa fn yfu hfglh tff ncr wrflh. Gn yfu crm lft hffj ct oct`, t`ml t`gs wgdd bm c hffj prcitgim qumstgfl. Gt gs mssmltgcd t`ct yfu hmt tf t`m  pfglt w`mrm yfu crm prfngigmlt clj ifonfrtcbdm gl clcdyzglh jctc clj rullglh c smrgms fn ifoputctgfls tf icdiudctm ifst scvglhs fr prfngt goprfvmomlts. Z`msm qumstgfls crm lft ulifoofl.

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ICYM 85 I[H ’ RCUFRY & BDC BDCJMY JMY (BIH ’ Rfu Rfulj lj 3)   OCRAMZ YMHOMLZCZGFL   Fur idgmlt gs c hdfbcd I[H ifopcly, wgt` oudtgpdm dglms fn busglmss (tfft`pcstm, bcttmrgms, `cgr icrm, mti). Z`my crm t`m hdfbcd ocramt dmcjmr gl mvmry ocramt t`my pdcy gl, clj `cvm ifom tf us spmigngicddy csaglh `fw t`my icl hrfw t`mgr s`crm gl t`m  rczfrs clj bdcjms  ocramt. X`ct jf yfu tmdd t`mo6

Cjjgtgflcd Glnfroctgfl [rfvgjmj Cntmr Rmdmvclt Sumstgfls5   Ocramt gs jgvgjmj by wmt-s`cvglh clj jry-`cgr rmofvcd rmofvc d (m.h. wcxglh, mdmitrgi, mti).

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  Xmt s`cvglh gs jgvgjmj gltf icrtrgjhm-systmos clj jgspfscbdms gl s`cvglh. Idgmlt `cs 8;% fn t`m

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oml‗s s`cvglh ocramt1 9=% fn t`m wfoml‗s icrtrgjhm-systmo ocramt.

Gltmrvgmwmm‗s Yfdutgfl5 Z`ru sfom bcsgi oct` fl s`mmts s`m hcvm om but t`ml ampt1 G jmtmroglmj t`ct Idgmlt `cs =; fn mvmry 3;; wfoml w`f wmt-s`cvm1 but fldy 9=/3;; fn cdd wfoml w`f rmofvm `cgr . Imrtcgl ifultrgms `cj jgnnmrmlt cttgtujms1 pmfpdm cdflh ifcsts wmrm ofrm dgamdy tf rmofvm `cgr t`cl gl ogjjdm fn ifultrgms. ifu ltrgms. : rmcsfls t`ct wfoml wmrml‗t wmt-s`cvglh5   Nmcr fn bmglh iut   Xmt s`cvglh iflsgjmrmj c i`frm   Ocsiudglm ’ s`cvglh lft smml cs nmoglglm   Y`cvglh iflsgjmrmj —dfwmr idcss‟ • • • •

BIH tffa t`msm rmcsfls & gopdmomltmj vcrgfus ocramtglh prfhrcos tf i`clhm iflsuomr pmrimptgfl & goprfvm % fn tftcd ocramt t`ct idgmlt `cj.

Ifoomltcry/Rmifoomljctgfls5 Xm crm lft hgvml c dft fn glnfroctgfl nrfo t`m citucd gltmrvgmwmm sf G wfudj rmifoomlj usglh t`m nfddfwglh jctc tf ndms` fut t`m jmtcgd fn t`m icsm cs lmmjmj5 [mrimltchm fn oml w`f usm `cgr rmofvcd prfjuits rmhudcrdy5 7=% [mrimltchm fn oml w`f s`cvm cs t`mgr prgocry nfro fn `cgr rmofvcd5 7;% Idgmlt‗s s`crm fn oml‗s s`cvglh ocramt5 8;% (8;% fn jgspfscbdms clj 8;% fn icrtrgjhms) [mrimltchm fn wfoml w`f usm `cgr rmofvcd prfjuits rmhudcrdy5 7;% [mrimltchm fn wfoml w`f s`cvm cs t`mgr prgocry nfro fn `cgr rmofvcd5 8;% Idgmlt‗s s`crm fn wfoml‗s s`cvglh ocramt5 =;% (9=% fn icrtrgjhms ic rtrgjhms clj >=% fn jgspfscbdms) Jgspfscbdm systmos ifst fl cvmrchm `cdn t`m cofult pmr s`cvm cs icrtrgjhm systmos. Icrtrgjhm s`cvglh ifsts fl cvmrchm `cdn `c dn t`m cofult pmr `cgr rmofvcd cs jry-`cgr rmofvcd. Icsm rmigpgmlts s`fudj t`ml `cvm tf csa csa rmdmvclt qumstgfls tf mxtrcit t`gs jctc. Cl clcdysgs ifudj t`ml jmtmroglm t`ct t`mrm gs dgttdm rffo nfr hrfwt` gl t`m oml‗s ocramt clj t`m idgmlt wfudj lmmj tf nfius fl hrfwglh gts s`crm gl t`m wfoml‗s ocramt. [ftmltgcd strctmhgms tf mxpdfrm wfudj glidujm5   Hrfw t`m tftcd wfoml‗s ocramt ’ mlifurchm ofrm wfoml tf s`cvm •

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Hrfw ocramt s`crm (mspmigcddy icrtrgjhm s`crm) ’ mlifurchm mlifu rchm mxgstglh iustfomrs tf oghrctm nrfo   i`mcpmr jgspfscbdms tf ofrm mxpmlsgvm mxpm lsgvm icrtrgjhm systmos   Glirmcsm prgim ’ gltrfjuim ocramtglh cgomj ct s`gntglh t`m gochm fn s`cvglh up-ocramt tf

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mlcbdm t`m idgmlt tf smdd ct c `gh`mr prgim. g.m. cjjrmss t`m prgim jgsirmpcliy bmtwmml wmt & jry. 3=

ICYM 05 Y][MROCRAMZ (BIH ’ Rfulj 3)  Fur idgmlt gs c supmrocramt gl t`m ]A. Z`my‗vm bmml t`m ocramt dmcjmr nfr =;+ ymcrs1 `fwmvmr gl t`m pcst 9 ymcrs t`my `cvm smml hrfwt` stcdd, clj cl upstcrt tcam t`mgr ocramt s`crm. Z`my crm lfw ct 9;% ocramt s`crm & ndct hrfwt`. X`ct‗s wrflh6 @fw jf yfu `mdp t`mo ngx t`m prfbdmo6

Cjjgtgflcd Glnfroctgfl [rfvgjmj Cntmr Rmdmvclt Sumstgfls5  

  Ifsts5 IFHY ? >;%1 Ocgltmlclim ? 7-3;%1 Dcbfr ? 3=%1 Ocramtglh / J Jgstrgbutgfl? gstrgbutgfl? 2%   Ifopmtgtfr hrfwglh K >%/ymcr   Ygopdgngmj vgsucd fn c stfrm cgsdm wgt` 9; nt. nfr Brmcj, 3; nt. nfr @cgr Hmd, 2; nt. nfr nrfzml omcds

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& 2; nt. nfr Icllmj Zfoctfms, wgt` ulgt vfduoms, rmvmlum & prfngts

Gltmrvgmwmm‗s Yfdutgfl5 Z`ru sgopdm icdiudctgfls, gn yfu s`gntmj 3; nt. fn s`mdn-spcim nrfo Brmcj tf `gh`mr-ocrhgl @cgr Hmd, yfu ogh`t `cvm `gh`mr prfngts fn $9;/wmma/cgsdm. *$=; cvmrchm bcsamt sgzm ? $3=;; * 2; cgsdms/stfrm ? 9;,;;;1 * =;; stfrms gl ]A ? 3=,;;;,;;; * [/M rctgf fn 3; ? 3=; ogddgfl mxtrc prfngt1 clj wm‗rm tcdaglh rmcd oflmy `mrm, `m rm, nrfo c sgopdm cgsdmfptgogzctgfl!  Gltmrvgmwmm Lftms5 Jmoclj mdcstgigty wcs c sghlgngiclt ncitfr `mrm. G lcgdmj t`ct1 but ncgdmj tf icdiudctm sfom #s prfpmrdy.  Citucd Futifom fn t`m Icsm5 ]pstcrt ifopmtgtfr `cj nghurmj fut fptgocd s`mdn-spcim gssum by fptgogzglh5 3. Mdcstgigty fn scdms tf s`mdn-spcim 2. Iflsuomrs i`clhglh jmocljs tfwcrjs prmpcrmj nffjs 9. Ifopmtgtgvm fnnmrglhs. *Idgmlt supmrocramt `cj tf nghurm fut t`m scom & put gltf t`mgr fwl ifst/rmcdgty ofjmd tf ocam t`gs

wfra.

Ifoomltcry/Rmifoomljctgfls5 Z`mrm crm c luobmr fn pftmltgcd gssums t`ct t`m gltmrvgmwmr ifudj bm dffaglh nfr yfu tf clcdyzm `mrm clj t`gs gs c sgtuctgfl w`mrm gt gs gopfrtclt t`ct yfu yf u `cvm c hffj struiturm tf systmoctgicddy wfra t`rfuh` t`m fptgfls. G wfudj bm iflimrlmj t`ct dmcpglh gl clj clcdyzglh t`m ocrhgls fl s`mdn spcim jfmsl‗t lmimsscrgdy ifvmr fnn cdd t`m gssums ’ gt cdsf ocy lft mxpdcgl w`y flm ifopcly gs hrfwglh clj t`m ft`mr gs lft. G wfudj cpprfci` t`gs qumstgfl cs nfddfws5   Ngrst, G wfudj dgam tf uljmrstclj t`m jgnnmrmlims bmtwmml fur idgmlt‗s fnnmrglh clj t`ct fn fur ifopmtgtfrs tf jmtmroglm t`m jrgvmrs fn fur ifopmtgtfrs‗ hrfwt`. •

 

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Z`ml, flim wm uljmrstclj t`m ncitfrs jrgvglh t`mgr hrfwt` G wfudj dgam tf mxpdfrm t`m wcys gl w`gi` fur idgmlt ifudj ofjgny gts strctmhy tf glirmcsm gts hrfwt` rctm. 3>

 

  Dffaglh ngrstdy ct t`m jgnnmrmlims jgnnmrmlims bmtwmml fur idgmlt clj fur ifopmtg ifopmtgtfrs, tfrs, G wfudj dgam tf alfw

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t`m nfddfwglh5 f  X`ct gs t`m rmdctgvm ocramt s`crm fn mci` fn fur ifopmtgtfr‗s clj `fw `cs t`gs bmml hrfwglh6 f  X`ct gs t`m jgnnmrmlim bmtwmml t`m prfjuits clj smrvgims wm fnnmr clj t`fsm fnnmrmj by fur ifopmtgtfrs6

  Jfw`gi` t`my fnnmr jgnnmrmlt ictmhfrgms fn bmml prfjuits6   Gl ictmhfrgms `cvm t`mgr scdms hrfwglh6

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  Gl w`ct fnnmr wcys crm fur ifopmtgtfrs if opmtgtfrs jgnnmrmltgctmj nrfo us6

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@cvm t`my bmml fpmlglh ofrm stfrms6 Crm t`mgr stfrms gl crmcs t`ct `cvm c ncstmr hrfwglh pfpudctgfl6 Jf t`my tcrhmt c jmofhrcp`gi smhomlt t`ct `cs bmml hrfwglh6 Crm t`my hrfwglh scdms t`rfuh` cdtmrlctm i`cllmds i`cl lmds (m.h. fldglm)

@fpmnuddy nrfo csaglh t`msm qumstgfls yfu wfudj wfu dj hmt sfom glnfroctgfl cs tf t`m `gh`mr ocrhgls t`ct ifopmtgtfrs crm mcrlglh by stfiaglh jgnnmrmlt prfjuit rclhms clj cl clcdysgs fn t`m prfngtcbgdgty goprfvmomlts rmsudtglh nrfo t`gs i`clhm ifudj nfddfw. Gn yfu crm hgvglh t`gs icsm cs cl gltmrvgmwmr G rmifoomlj t`ct yfu t`gla t`rfuh` prmpcrmj clswmrs tf t`m qumstgfls smt fut cbfvm tf hgvm t`m icsm ofrm dgnm. Mxcitdy w`ct clswmrs yfu hgvm jfmsl‗t octtmr  prfvgjmj t`my jrgvm t`m icljgjctm tf t`m iflidusgfl t`ct ocrhgl by prfjuit ictmhfry gs cl gopfrtclt jgnnmrmlim.

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ICYM 75 I@MXGLH H]O (CZ Amcrlmy ’ Rfulj 3)

 [RFNGZCBGDGZW  

Idgmlt gs c i`mwglh huo oclunciturmr. Clcdysts‗ rmpfrts crm hgvglh fur idgmlt‗s stfia pffr rctglhs. Xm wclt tf nghurm fut w`ct‗s hfglh fl.

Cjjgtgflcd Glnfroctgfl [rfvgjmj Cntmr Rmdmvclt Sumstgfls5   Fur idgmlt ocams cdd vcrgmtgms fn huo ’ suhcr, suhcr-nrmm, w`gtmlglh, mti.

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  Rmvmlums `cvm rmocglmj iflstclt, t`fuh` prfngt `cs jmirmcsmj.

Gltmrvgmwmm‗s Yfdutgfl5 G ngrst dffamj jmmpmr gl prfngt jmirmcsglh gssum. Gt turls fut t`ct dfwmr prfngt ocrhgl huo `cs bmml smddglh ofrm w`gdm `gh`mr prfngt ocrhgl huo `cs bmml smddglh dmss, w`gi` mxpdcgls t`m prfngt dfss. Huo ndcvfr gs t`m ofst sghlgngiclt ifst ncitfr (t`m ifst struiturm wcs brfaml jfwl gltf huo bcsm, ndcvfrs, i`mogicds, clj suhcr nfr nfr om). Z`m gssum wcs t`ct c ndcvfr ndcvfr icl fldy bm usmj nfr huo, sf sf mvml t`fuh` t`m huo oclunciturmrs wmrm oui` socddmr t`cl t`m ndcvfr prfjuimrs, t`m huo oclunciturms

`cj t`m —pfwmr‟ flim t`m ndcvfr prfjuimr irmctmj t`m ndcvfr. Z`m ndcvfr `cj tf bm sfdj fr gt wfudj hf bcj. Fur idgmlt ifudj irmctm cl mxidusgvgty jmcd wgt` c ndcvfr prfjuimr clj chrmm tf buy t`m ndcvfr  prfjuimr‗s mltgrm ndcvfr nfr c rmjuimj prgim, bmlmngtglh bft` pcrtgms gl t`m chrmmomlt.

Ifoomltcry/Rmifoomljctgfls5   By ncr flm fn t`m ofst ifoofl typms fn icsm gltmrvgmw qumstgfls yfu wgdd rmimgvm gs flm rmqugrglh yfu tf clcdyzm i`clhms gl prfngtcbgdgty. Flim yfu `cvm jflm c nmw fn t`msm yfu wgdd rmifhlgzm t`ct t`my icl cdd bm cpprfci`mj gl c ncgrdy sgogdcr ncs`gfl. C sgogdcr cpprfci` icl bm cppdgmj cp pdgmj tf ofst prfngtcbgdgty qumstgfls. Z`m sgopdm struiturm gs5   Gjmltgny cs c prfngtcbgdgty gssum   Clcdyzm rmvmlum gssums   Clcdyzm ifst gssums   Gjmltgny icusm fn prfngtcbgdgty jmidglm   Futdglm fptgfls tf cjjrmss icusm fn jmidglm   Ymdmit c prmnmrrmj fptgfl h mlmrcddy (gn cly)   Mxpdfrm ft`mr wcys t`ct prfngtcbgdgty ogh`t bm goprfvmj hmlmrcddy •

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Cppdyglh t`ct cpprfci` tf t`m spmigngis fn t`gs icsm G wfudj prfbcbdy clswmr gt cs nfddfws5 —G co cssuoglh t`ct gn clcdysts crm hgvglh fur stfias pffr rctglhs t`ct gs mgt`mr bmicusm prfngtcbgdgty `cs bmml jmidglglh fr bmicusm b micusm prfngtcbgdgty gs nfrmicst tf jmidglm gl t`m nuturm, gs t`ct ifrrmit6‟ (mxpmit gltmrvgmwmr tf scy yms, prfngtcbgdgty `cs bmml jmidglglh) —Gn t`ct gs t`m icsm t`ml, gl ifoglh up wgt` c rmifoomljctgfl nfr t`m idgmlt, G wfudj wclt tf mxpdfrm t`m pftmltgcd icusms fn t`ct jmidglm. Hgvml, t`ct prfngtcbgdgty gs rmvmlum oglus ifsts1 G‗j dgam tf stcrt by dffaglh ct w`ct `cs bmml `cppmlglh fl t`m rmvmlum sgjm tf smm gn t`gs gs t`m icusm fn jmidglglh 30

 

   prfngtcbgdgty clj t`ml ofvm tf ifsts, mxcoglglh mci` fn t`m jgnnmrmlt ifst ifopflmlts nfr fur idgmlt tf smm w`mrm t`mrm `cvm bmml b mml sghlgngiclt glirmcsms.‟ (mxpmit gltmrvgmwmr tf scy t`ct sfuljs FA) —Yf jf wm `cvm cly glnfroctgfl cs tf w`ct `cs bmml `cppmlglh fl t`m rmvmlum sgjm‟ (mxpmit t`gs tf hmt s`ut jfwl cs cl cvmlum w`ml t`my scy t`ct rmvmlum gs iflstclt) —Xmdd gn rmvmlums crm iflstclt but prfngts crm jmidglglh t`ml t`ct oust omcl t`ct ifsts `cvm bmml glirmcsglh. Jf wm `cvm cly glnfroctgfl fl w`ct mdmomlts fn ifst `cvm bmml hfglh up‟ (yfur gltmrvgmwmr ocy csa yfu tf futdglm w`ct yfu t`gla t`m ocefr ifst ifopflmlts wfudj bm fr t`my ocy hgvmt`ct t`gsndcvfrglh tf yfu. Mvmltucddy y bmml fu wgdd hmt tf ncit t`ct huo ndcvfr t`m smddglh ofst sghlgngiclt ifopflmlt clj ifsts `cvmyfu hfglh upt`m bmicusm yfur idgmlt `csgsbmml ofrm fn t`m ndcvfrmj huo (w`gi` `cs `gh`mr ifst clj dfwmr ocrhgl) —FA, `cvglh gjmltgngmj t`ct t`m ofst sghlgngiclt icusm fn t`m ifst glirmcsm gs t`ct wm crm lfw smddglh ofrm fn t`m ndcvfrmj huo, clj c lj t`ct ndcvfrglh icrrgms c sghlgngiclt ifst, G wfudj dgam tf turl tf dffaglh ct `fw wm icl goprfvm fur idgmlts prfngtcbgdgty by rmjuiglh t`gs ifst‟ (gn yfu ` `cvm cvm ogssmj c ocefr ifst  buiamt ct t`gs pfglt t`m gltmrvgmwmr wgdd prfbcbdy ifrrmit yfu by csaglh gn t`mrm gs clyt`glh mdsm yfu t`gla yfu s`fudj dffa ct ngrst) —Gl dffaglh ct pftmltgcd ifst scvglhs G wfudj dgam tf mxpdfrm t`m nfddfwglh cdtmrlctgvms5   Icl wm usm dmss ndcvfrglh6 Xfudj scdms citucddy bm cnnmitmj gn wm sgopdy put dmss fn t`m ndcvfrglh ifopflmlt gltf fur ogx6   Crm t`mrm i`mcpmr sfurims fn ndcvfrglh6 Ifudj wm scvm oflmy by usglh c jgnnmrmlt suppdgmr6 X`ct crm t`m cdtmrlctgvms6 •

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wm lmhftgctm c bmttmr jmcd nrfo fur mxgstglh suppdgmr6 Ifudj wm hmt bmttmr tmros by   Ifudj chrmmglh tf mxidusgvgty crrclhmomlts6 Fr pmr`cps iflsfdgjctglh frjmrs tf c socddmr luobmr fn

dcrhmr bcti`ms6 Jmpmljglh fl t`m gltmrvgmwmr‗s rmspflsms clj t`m glnfroctgfl cvcgdcbdm yfu s`fudj bm cbdm tf jrgvm tf c iflidusgfl clj rmifoomljctgfl. Gl rmci`glh t`gs rmifoomljctgfl wfrt` lftglh t`ct wmbcia ifudj ocramtglh lflndcvfrmj huo ofrm `mcvgdy tf try gt tfocy s`gntbm iflsuomr prmnmrmlims tfcdsf huomxpdfrm w`mrm wm mcrl c `gh`mr ocrhgl6 Fr pmr`cps wm ifudj dffa ct rmstfrglh fur ocrhgl fl ndcvfrmj huo by rcgsglh t`m prgim fn ndcvfrmj huo6‟ (Z`msm cdtmrlctgvms crm uldgamdy tf bm rmcdgstgi gn t`m ocramt gs `gh`dy ifopmtgtgvm ’ cs wm wfudj mxpmit, but t`my ocy bm wfrt` omltgflglh nfr ifopdmtmlmss)

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ICYM 3;5 CDIF@FD JGYZ JGYZRGB]ZGFL RGB]ZGFL (Bffz Cddml ’ Rj 3)

Y][[DW I@CGL  

Z`m idgmlt gs c ]Y ocramt-dmcjglh cdif`fd oclunciturmr. Z`my crm iflsgjmrglh rmstruiturglh

t`mgr jgstrgbutgfl strctmhy clj wclt tf alfw gn t`my s`fudj `cvm flm fr =; jgstrgbutgfl imltmrs.

Cjjgtgflcd Glnfroctgfl [rfvgjmj Cntmr Rmdmvclt Sumstgfls5  

  Jgstrgbutgfl imltmrs dgm gl bmtwmml t`m bfttdglh pdclts (cdd fvmr t`m ]Y) clj t`m iustfomrs.   Iustfomrs crm t`m spgrgts rmtcgdmrs.

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Gltmrvgmwmm‗s Yfdutgfl5 G jrmw c dgst fn cjvcltchms fn 3 vmrsus =; jgstrgbutgfl imltmrs5 Cjvcltchms fn 35 ifst fn dfictgfl/rmcd mstctm1 ifst fn dcbfr gl wcrm`fusm1 dmss glvmltfry lmmjmj (dmss jmvgctgfl fn jmoclj)1 bmttmr oclchmomlt/glnrcstruiturm mnngigmligms1 ifsts fn brmcachm dfwmr (dmss ofvglh, dmss —buops,‟ nmwmr brmcachm fppfrtulgtgms). Cjvcltchm fn =;5 rmjuimj rgsa (ngrm gl flm jgstrgbutgfl imltmr clj yfu `cvm smrgfus prfbdmos gn t`ct‗s t`m fldy imltmr)1 dmss tgom glvfdvmj gl frjmr prfimss. G t`ml jrmw c ocp fn f n t`m ]lgtmj Ytctms clj jmtmroglmj trclspfrtctgfl ifsts wfudj bm dmss. Zwgst cjjmj5 Hgvml cjjmj5 Hgvml tf om t`ct t`m tftcd ifst fn =; jgstrgbutgfl imltmrs wfudj bm $>;;OO w`gdm tftcd ifst fn 3 jgstrgbutgfl imltmr wfudj bm $=;;OO, but INF stgdd jmigjmj tf hf wgt` =; jgstrgbutgfl imltmrs. G wcs csamj w`y G t`gla `m wmlt wgt` wgt` t`ct jmigsgfl. Iflvmrsctgfl glidujmj `mjhglh rgsa gs c `uhm ncitfr lft mcsgdy qucltgngcbdm, but t`ct iustfomr smrvgim (prfxgogty tf iustfomrs ocams rmspflsm ncstmr) wfudj rmsudt gl ofrm dfycd iustfomrs clj rmsudt gl `gh`mr ciqugsgtgfl clj rmtmltgfl rctms fn iustfomrs.

Ifoomltcry/Rmifoomljctgfls5 G wfudj clcdyzm t`gs icsm usglh t`m nfddfwglh nrcomwfra5 Fur idgmlt s`fudj cjfpt w`gi`mvmr jgstrgbutgfl j gstrgbutgfl lmtwfra gs t`m ofst prfngtcbdm uldmss t`mrm crm

ifopmddglh rgsa ncitfrs fr dflh tmro strctmhgi gssums t`ct jmoclj ft`mrwgsm. Yf gl ocaglh t`m jmigsgfl t`mrm crm t`rmm prgocry crmcs wm lmmj tf mxpdfrm5   Ifsts ’ w`ct crm t`m glirmomltcd ifsts i fsts cssfigctmj wgt` usglh =; jgstrgbutgfl imltmrs glstmcj fn flm imltrcd wcrm`fusm. f  X`ct crm t`m trclsgtgflcd ifsts fr flm-tgom smt up ifsts cssfigctmj wgt` ofvglh cwcy •

nrfo t`m mxgstglh jgstrgbutgfl lmtwfra6

  X`ct crm t`m rmcd mstctm/pdclt ifsts cssfigctmj wgt` rullglh =; = ; wcrm`fusms6

f

[rmsuocbdy t`gs gs sghlgngicltdy ofrm t`cl `cvglh flm mlfrofus m lfrofus wcrm`fusm. f  X`ct crm t`m trclspfrtctgfl ifsts cssfigctmj wgt` rullglh =; smpcrctm wcrm`fusms6 [rmsuocbdy rullglh =; wcrm`fusms irmctms sfom scvglhs bmicusm bm icusm mci` fn t`m rfutms gs ncr s`frtmr t`cl gn wm fldy `cvm flm lctgflcd wcrm`fusm but t`mrm ocy bm sfom gltmrmstglh gssums gn rullglh =; wcrm`fusms omcls wm crm lft fpmrctglh ct sicdm. 2;

 

  X`ct crm t`m pmrsfllmd ifsts cssfigctmj wgt` =; wcrm`fusms6 [rmsuocbdy t`gs wfudj

f

glvfdvm sghlgngicltdy ofrm stcnn clj wm wfudj `cvm c jupdgictgfl fn nulitgfls t`ct ifudj bm cvfgjmj by fpmrctglh flm wcrm`fusm6 f  X`ct crm t`m icpcigty/stfia ammpglh ifsts6 [ffdglh rmsfurims lfrocddy mlcbdms sofft`glh fn jmoclj nduituctgfls. Xm cltgigpctm t`ct t`m tftcd glvmltfry `mdj ct cdd =; wcrm`fusms wfudj bm `gh`mr t`cl gn nduituctgfls ifudj bm sofft`mj by usglh fldy flm wcrm`fusm. •

’ w`ct gs t`m lmt rmvmlum gopcit nrfo mxpcljglh t`m luobmr fn jgstrgbutgfl imltmrs6   Rmvmlum f  Xgdd wm bm bmttmr cbdm tf smrvgim fur iustfomrs‗ lmmjs by `cvglh =; jgstrgbutgfl imltmrs clj t`mrmnfrm bm cbdm tf glirmcsm jmoclj clj scdms rmvmlum6 f  Xgdd `cvglh c —dficd‟ prmsmlim ml`clim t`m gochm fr rmputctgfl fn t`m ngro clj `mdp glirmcsm scdms.

  Xgdd wm `cvm c bmttmr uljmrstcljglh fn ocramt ifljgtgfls by `cvglh mopdfymms fl t`m

f

hrfulj gl =; dfictgfls clj t`mrmnfrm fpmrctm gl c ofrm rmspflsgvm ncs`gfl `mdpglh tf glirmcsmNcitfrs scdms. ’ crm t`mrm ncitfrs t`ct icllft mcsgdy bm qucltgngmj gl t`m rmvmlum clj   Ytrctmhgi/Rgsa

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ifst clcdysgs t`ct ocam flm struiturm ofrm prmnmrcbdm. f  X`ct gs fur mxpfsurm gn t`mrm gs c ngrm gl fur flm wcrm`fusm6 f  X`ct gs fur mxpfsurm gn t`mrm gs c dficd trclspfrt strgam t`ct cnnmits fur flm wcrm`fusm6 Ygogdcrdy w`ct gn t`mrm gs cl cjvmrsm wmct`mr mvmlt mvm lt m.h. slfwstfro t`ct gopcits fur flm jgstrgbutgfl imltmr6 f  Nrfo c strctmhgi pmrspmitgvm crm wm bmttmr fnn `cvglh `c vglh =; imltmrs sf t`ct wm iicl cl ofrm rcpgjdy rmspflj clj hrfw gl flm crmc gn lmimsscry6 f  Jf wm lmmj =; imltmrs i mltmrs bmicusm t`gs gs w`ct ifopmtgtfrs jf clj t`gs gs w`ct fur iustfomrs wgdd mxpmit/jmoclj6 f  Jf wm lmmj =; imltmrs nrfo cl gltmrlcd ifst oflgtfrglh pmrspmitgvm6 m.h. t`m =; imltmrs icl bm bmli`ocramj chcglst mci` ft`mr. Bmst prcitgims rfddmj fut cirfss t`m w`fdm systmo. Glmnngigmliy ocy bm dmss vgsgbdm gn t`mrm gs fldy flm imltmr.

23

 

ICYM 335 HCY YZCZGFL (DMA ’ Rfulj 3)

 OCRAMZ YGUGLH 

Mstgoctm t`m luobmr fn hcs stctgfls gl t`m igty fn I`gichf. 3) Z`gla cbfut cdd t`m wcys yfu wfudj hf cbfut mstgoctglh t`gs clj jmsirgbm t`mo 2) I`ffsm flm omt`fj clj jf t`m mstgoctm 9) Ymiflj pcrt fn icsm `m csamj om tf t`gla cbfut gn c nrgmlj fn oglm wcltmj tf fpml c hcs stctgfl gl I`gichf, w`ct t`glhs wfudj G suhhmst oy nrgmlj iflsgjmr6

Cjjgtgflcd Glnfroctgfl [rfvgjmj Cntmr Rmdmvclt Sumstgfls5    Lflm prfvgjmj •

Gltmrvgmwmm‗s Yfdutgfl5 Mstgoctm wcs ofstdy ofstdy jflm by om wgt` dgttdm glput by oy gltmrvgmwmr. G usmj [`gdcjmdp`gc cs c  bmli`ocra clj trgmj tf nghurm t`m luobmr fn hcs stctgfls pmr bdfia clj t`ml mstgoctmj t`m luobmr fn  bdfias. G alfw c dft fn pmfpdm mstgoctmj t`m luobmr fn hcddfls fn hcs c hcs stctgfl wfudj `fdj, t`m luobmr fn hcddfls fn hcs c icr/truia icl `fdj, t`m luobmr fn icrs/truias gl clj fut fn t`m igty iflsgjmrglh wmmajcy ifooutglh clj jmdgvmrglh clj wmmamlj trcvmd clj t`ml mstgoctmj `fw ocly hcs stctgfls wfudj bm rmqugrmj tf ommt t`m lmmjs fn t`m icrs/truias/mti.

Nfr t`m smiflj pcrt fn t`m gltmrvgmw, G omltgflmj t`ct oy nrgmlj s`fudj tcam gltf iflsgjmrctgfl t`m vfduom trcnngi gl vs. t`m ifoomrigcd crmc, t`m luobmr hcs`m stctgfls gl t`m crmc lcoms vs. `gs lf-lcom hcsc stctgfl),fn rmsgjmltgcd crmc ’fnwgdd smdd jgmsmd numd nfr(brclj truias6, irfss-smddglh by `cvglh ocramt cs wmdd, mti.

Ifoomltcry/Rmifoomljctgfls5 Z`mrm c luobmr fn wcys tf hf cbfutt`ct t`gst`m mstgoctgfl cljgstfprmpcrmj c imrtcgltf jmhrmm ocy bm hfvmrlmj  by t`m crm cofult clj typm fn glnfroctgfl gltmrvgmwmr ocamt`my cvcgdcbdm. C hffj rmifoomljctgfl nfr cly mstgoctgfl qumstgfl `fwmvmr gs tf i`ffsm jgvgsgfls t`ct ocy bm mcsgdy mstgoctmj fr mxtmrlcddy vmrgngmj. Z`m cpprfci`ms suhhmstmj cbfvm crm bft` vcdgj. Cl cdtmrlctgvm `fwmvmr wfudj bm cs nfddfws5   Mstgoctm t`m luobmr fn pmfpdm gl I`gichf clj mstgoctm t`m luobmr fn pmfpdm pmr icr   Hgvms t`m luobmr fn icrs gl I`gichf   Mstgoctm t`m tftcd hcddfls fn hcs usmj pmr pm r icr pmr ymcr   Hgvms t`m tftcd luobmr fn hcddfls fn hcs usmj gl I`gichf.   Gn yfu icl hmt cl mstgoctm fn t`m cvmrchm hcddfls sfdj by c smrvgim stctgfl gl c ymcr usm t`gs tf hmt mstgoctmj luobmr fn smrvgim stctgfls gl I`gichf I`gich f •

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(Cdtmrlctgvmdy gn yfu icl‗t hmt t`m luobmr fn hcddfls sfdj pmr ymcr yfu ifudj mstgoctm cs nfddfws5   X`ct gs t`m cvmrchm luobmr fn iustfomrs pmr jcy   X`ct gs t`m cvmrchm vfduom fn flm scdm (cvmrchm tcla sgzm) (Hgvms cl mstgoctm fn t`m cvmrchm scdms pmr stfrm.)   •

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22

 

Z`m smiflj pcrt fn t`m icsm fpmls c hmlmrcd hmlm rcd jgsiussgfl fn t`m cttrcitgvmlmss fn cl gljustry fr c  busglmss. C hffj rmspflsm s`fudj jgsiuss t`m cttrcitgvmlmss fn t`m gljustry5   X`ct crm t`m ocrhgls (dfw)   X`ct gs t`m gltmlsgty fn ifopmtgtgfl (`gh` ’ t`gs gs c ifoofjgtgzmj prfjuit)   X`ct gs t`m pfwmr fn suppdgmr (`gh` ’ t`my crm ocssgvm oudtglctgflcd fgd ifopclgms)   X`ct gs t`m pfwmr fn buymrs (`gh` ’ pmfpdm icl mcsgdy jrgvm tf c jgnnmrmlt pmtrfd stctgfl)   Yubstgtutms ’ lft ocly (wcdaglh fr rgjglh) ’ but t`gs gsl‗t rmcddy c sghlgngiclt iflsgjmrctgfl •

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•

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Fvmrcdd cssmssomlt s`fudj bm t`ct t`gs gs c jgnngiudt gljustry clj t`mrmnfrm s`fudj fldy hf gltf gt gs t`mrm gs c hffj gljgvgjucd fppfrtulgty. Gl cssmssglh t`m cttrcitgvmlmss fn cl gljgvgjucd fppfrtulgty yfu ifudj dffa ct5   Dficd ifopmtgtgfl ’ gs t`mrm cl crmc ulsmrvmj6 Gs t`gs c prgom dfictgfl6   Ft`mr sfurims fn rmvmlum ’ wgdd t`m sgtm mlcbdm dcrhm hrfimry/iflvmlgmlim stfrm scdms wgt` `gh`mr ocrhgls6   X`ct crm t`m hrfwt` prfspmits6 ’ Gs t`m pfpudctgfl glirmcsglh6 Xgdd trcnngi ndfw i`clhm6 •

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•

29

 

ICYM 325 ZMDMOCZGIY ((BIH BIH ’ Rfulj 2 2))

 OCRAMZ MLZRW  

Wfur idgmlt gs gltmrmstmj gl tmdmoctgis (wgrmdmss smrvgim tf vm`gidms). Y`fudj yfur idgmlt mltmr t`gs lmw ocramt6 Gn sf, `fw6

Cjjgtgflcd Glnfroctgfl [rfvgjmj Cntmr Rmdmvclt Sumstgfls5   Z`my crm c wgrmdmss icrrgmr (dgam CZ&Z, ^mrgzfl, mti…)   Z`my `cvm t`mgr fwl stfrms clj cdsf jgstrgbutm t`rfuh` rmtcgdmrs dgam Bmst Buy clj Igriugt Igty. •

•

Gltmrvgmwmm‗s Yfdutgfl5 X`ct gs t`m idgmlt‗s ifrm busglmss6 Z`my crm c wgrmdmss icrrgmr (dgam CZ&Z, ^mrgzfl, mti…) m ti…)  Jf t`my iurrmltdy `cvm jgstrgbutgfl i`cllmds smt up wgt` rmtcgdmrs6  rmtcgdmrs6   Wms. Zf jmtmroglm t`m pftmltgcd nfr ocramt mltry, G t`ml lmmjmj tf jf t`m nfddfwglh5      Jmnglm iustfomr smhomlts5 •

Gljgvgjucd Iustfomrs5 Ycdms Iustfomrs5 Ifooutmrs, Dficd, Rmirmctgflcd Ifrpfrctm Iustfomrs5 nfrim, Ndmmt vm`gidms (truias, (truias, rmltcd icrs, mti…), Hfvmrlomlt (pfdgim, oulgigpcd, mti…)    Jmnglm i`cllmds5 Cutf Oclunciturmrs, Rmtcgdmrs   Ygzm t`m ocramt nfr mci`    Dgst rgsas clj rmwcrjs fn mci`

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G rmifoomljmj t`m rmtcgd i`cllmd (mvml t`fuh` gt `cs lft bmifom c bgh i`cllmd) bmicusm t`m ocramt  pmlmtrctgfl t`rfuh` cutf oclunciturmrs wfudj bm socdd (~3% fn jrgvmrs pmr ymcr nfr ngrst ngrst : ymcrs fn scdms) clj tgom iflsuoglh (2-9 ymcrs nrfo prfjuit jmsghl tf rmdmcsm).

Ifoomltcry/Rmifoomljctgfls5 Gl ocaglh c rmifoomljctgfl tf t`m idgmlt G wfudj wclt tf clswmr t`rmm ocgl qumstgfls5   Ngrst, gs t`gs cl cttrcitgvm gljustry tf mltmr f  X`ct gs t`m ocramt sgzm6 X`ct crm t`m hrfwt` prfspmits6 f  X`ct crm t`m ifopmtgtgvm jylcogis6 •

  Ymiflj, gs t`gs gljustry cpprfprgctm nfr fur idgmlt6 f  X`ct crm t`mgr ifrm ifopmtmligms6 f  Icl t`my mxpdfgt t`mgr mxgstglh rmsfurims clj icpcbgdgtgms6

•

  Nglcddy, icl t`my mltmr t`m gljustry prfngtcbdy6 f  X`ct wgdd gt ifst tf mltmr t`m ocramt clj `fw qugiady icl t`my hrfw t`mgr s`crm6 f  X`ct wgdd gt ifst tf ciqugrm clj rmtcgl iustfomrs6 f  X`ct rmvmlums wgdd t`my mcrl nrfo mci` iustfomr6

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2:

 

ICYM 395 OCL]NCIZ]RGLH (BIH ’ R Rfulj fulj 2) Wfur idgmlt gs c prgvctm ifopcly t`ct oclunciturms swgti`ms nfr oci`glm tffds. Z`m swgti`ms smrvm flm purpfsm5 purpfsm5 tf stfp t`m oci`glm glstcltdy. Ncgdurm tf jf sf ocy rmsudt gl jcochm tf t`m oci`glm clj/fr t`m oci`glm fpmrctfr. Hgvml t`m nfddfwglh iflstrcglts, `fw icl t`m ifopcly ocam ofrm oflmy6   Lf i`clhms icl bm ocjm tf t`m prfjuit dglm   Wfu fldy `cvm yfur iurrmlt iustfomrs   Lf gltmrlctgflcd mxpclsgfl • • •

Cjjgtgflcd Glnfroctgfl [rfvgjmj Cntmr Rmdmvclt Sumstgfls5   Fur swgti`ms (clj fur ifopmtgtfrs‗ swgti`ms) `cvm lmvmr ncgdmj.   Fur iustfomrs `cvm jmcdt mxidusgvmdy wgt` us nfr smvmrcd ymcrs, cdt`fuh` t`mrm gs lf mxidusgvgty

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ifltrcit.

  Z`m scdms nfrim `cs strflh rmdctgfls`gps wgt` t`m iustfomrs, sf t`my eust tcam t`m frjmrs mci` ymcr.   Ifst fn oci`glm tffds t`ct fur iustfomr ocams5 $>;,;;;. $>;,; ;;.

• •

Ifopcly

[rgim/swgti`

Oat Y`crm ($3B ocramt)

Fur Ifopcly Ifopmtgtfr 3

3;; 32;

9;% >;%

Ifopmtgtfr 2

0;

3;%

Gltmrvgmwmm‗s Yfdutgfl5 G csamj nfr rmvmlum glnfroctgfl nfr us clj fur ifopmtgtfrs (prfvgjmj cbfvm). X`ml G csamj cbfut  pmrimgvmj qucdgty fn fur prfjuit, G wcs tfdj t`ct gt gs ifopcrcbdm tf t`ct fn bft` fur ifopmtgtfrs. G ocjm cl fbsmrvctgfl t`ct iustfomrs crm lft vmry prgim smlsgtgvm clj suhhmstmj rcgsglh t`m prgim fn fur prfjuit 2; ’ 2=%. Oy gltmrvgmwmr csamj w`y t`ct luo luobmr bmr clj lft c bghhmr luobmr, sf G jmnmljmj oy rmifoomljctgfl.  @m t`ml i`clhmj hmcrs clj csamj csam j om w`gi` ifopcly G wfudj ciqugrm gn G ifudj ciqugrm flm fn  oy ifopmtgtfrs. G omltgflmj cltg-trust gssums gssums cssfigctmj wgt` ciqugrglh Ifo Ifopmtgtfr pmtgtfr 3. Z`ml G jgj t`m oct` clj jmtmroglmj t`ct gt wfudj bm cjvcltchmfus tf ciqugrm Ifopmtgtfr 2 (I2) clj rcgsm t`m prgim fn fur swgti`ms tf $32=. Z`gs wfudj prfvgjm glirmcsmj rmvmlum clj wfudj pr prgim gim us fldy :% fvmr fur fldy ft`mr ifopmtgtfr. Ft`mr cspmits fn ciqugrglh Ifopmtgtfr 2 glidujm t`m rgsa fn turlglh fnn I2‗s iustfomrs by c prgim glirmcsm, but t`my crm uldgamdy tf dmcvm, sglim t`mrm gs lft oui` jgnnmrmlim gl  prgim bmtwmml $32= (us & I2) clj $32; (I3).

Ifoomltcry/Rmifoomljctgfls5 Z`gs gs c ifoofl typm fn qumstgfl t`ct icl bm sgopdy clj mnnmitgvmdy clswmrmj by usglh c stcljcrj nrcomwfra. G wfudj cpprfci` gt cs nfddfws5 Gn wm crm dffaglh ct glirmcsglh rmvmlum t`ml fbvgfusdy wm lmmj tf dffa ct `fw wm ifudj glirmcsm mgt`mr t`m qucltgty sfdj fr t`m prgim ct w`gi` wm smdd fur prfjuit.

2=

 

Dffaglh ngrst ct fur qucltgty, gt cppmcrs t`mrm crm c luobmr fn rmstrgitgfls. Wfu `cvm omltgflmj t`ct wm `cvm fldy fur iurrmlt iustfomrs clj t`ct wm icllft mxpclj gltmrlctgflcddy. Ft`mr t`glhs wm wfudj lmmj tf alfw crm5 p rfjuit mxidusgvmdy nrfo us fr jf t`my tca tcamm sfom   Jf fur iurrmlt iustfomrs tcam cdd t`mgr prfjuit  prfjuit nrfo fur ifopmtgtfrs cdsf6 Gn t`my cdsf tcam prfjuit nrfo fur ifopmtgtfrs t`ml wm ocy  bm cbdm tf glirmcsm fur scdms qucltgty by sfom sfrt fn mxidusgvgty crrclhmomlt ’ icpturglh cdd fn t`m jmoclj nrfo fur mxgstglh iustfomrs.   G wfudj cdsf wclt tf alfw alf w w`mt`mr t`mrm crm ft`mr oci`glms ct fur mxgstglh iustfomrs‗ ncitfrgms t`ct crm sugtcbdm nfr fur prfjuit but w`mrm gt `cs lft bmml glstcddmj. Gn sf t`ml iflvgliglh iustfomrs tf glstcdd fur prfjuit gl t`msm ft`mr oci`glms wfudj bm clft`mr wcy tf glirmcsm scdms clj wm ocy lmmj tf dffa ct i`clhglh fr cjcptglh fur scdms nfrim clj ocramtglh strctmhy. •

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 Lmxt, G wfudj dffa ct wcys t`ct wm icl glirmcsm prgim. Xm crm tfdj t`ct wm icl‗t i`clhm t`m prfjuit sf wm wgdd lmmj tf jmtmroglm gn wm icl pmrsucjm fur iustfomrs tf pcy ofrm nfr t`m mxgstglh prfjuit. Jf wm `cvm cly glnfroctgfl fl t`m prgims clj vfduoms sfdj by fur ifopmtgtfrs6 (Gl rmspflsm tf t`gs yfu wfudj mxpmit tf hmt t`m glnfroctgfl prfvgjmj gl t`m icsm cbfvm) Xm icl smm nrfo fur ifopmtgtfrs‗ ifopm tgtfrs‗ scdms jctc t`ct t`m ifopmtgtfr wgt` t`m `gh`mst prgim cdsf `cs t`m `gh`mst ocramt s`crm. Z`gs suhhmsts t`ct wm ocy bm cbdm tf glirmcsm fur prgim wgt`fut cjvmrsmdy c jvmrsmdy cnnmitglh fur scdms (gl ncit gt ocy mvml glirmcsm fur scdms gn prgim gs smml by iustfomrs cs c prfxy nfr qucdgty) Bmnfrm rmifoomljglh c prgim glirmcsm `fwmvmr G wfudj wclt tf uljmrstclj gn t`mrm crm cly ft`mr ncitfrs eustgnyglh fur ifopmtgtfr‗s `gh`mr prgim clj `gh` ocramt s`crm. Jf t`my `cvm c bghhmr scdms

nfrim6 Jf t`my smdd t`rfuh` jgnnmrmlt i`cllmds6 Crm t`my mltrmli`mj cs t`m gljustry dmcjmr/stcljcrj6 Jf t`my `cvm bmttmr b mttmr cntmr scdms smrvgim6 Jf wm tcrhmt c smhomlt t`ct gs ofrm prgim smlsgtgvm t`cl fur ifopmtgtfr6 QZ`m clswmr tf t`msm qumstgfls ocy cnnmit w`mt`mr rmifoomljglh c prgim glirmcsm gs cpprfprgctm. Hgvml t`m wcy t`m icsm `cs bmml smt up, gt smmos dgam t`m nfius gs hfglh tf bm fl prgim mdcstgigty sf prmsuocbdy ofst fn t`msm cvmlums wfudj bm idfsmj jfwl by t`m gltmrvgmwmr, but csaglh t`msm qumstgfls wfudj `mdp tf ifopdmtm t`m icsm clswmr gl c OMIM ncs`gfl._

2>

 

ICYM 3:5 IMDD [@FLMY (BIH ’ Rf Rfulj ulj 3)

F[MRCZGFLY/ Y][[DW I@CGL

ICYM 3:5 IMDD [@FLMY (BIH

Rf Rfulj ulj 3)

F[MRCZGFLY/ Y][[DW I@CGL 

Wfur idgmlt gs c imdd p`flm icrrgmr gl Xmstmrl Murfpm gl t`m dctm 377;s w`ml hrfwt` gs mxpdfjglh. Z`m ocramt cs c w`fdm gs cpprfxgoctmdy >;% pmlmtrctmj. Wfur idgmlt gs iflimrlmj bmicusm ciqugsgtgfls (t`m ifst tf ciqugrm c lmw iustfomr) `cvm bmml glirmcsglh ct c 2;% ICHR fvmr t`m pcst ifsts nmw ymcrs. Wfur idgmlt wclts tf alfw w`y ifsts crm glirmcsglh clj w`ct t`my s`fudj jf.

Cjjgtgflcd Glnfroctgfl [rfvgjmj Cntmr Rmdmvclt Sumstgfls5   Ciqugsgtgfl ifsts dcrhmdy ncdd gltf twf ictmhfrgms5

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3.  @cljsmt subsgjgms (p`flms crm hgvml tf idgmlts nfr nrmm) 2.  Ifoogssgfls tf gljmpmljmlt stfrms w`f smdd t`m p`flms   Zftcd cllucd ciqugsgtgfl ifsts crm 2;; murfs pmr iustfomr.

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Gltmrvgmwmm‗s Yfdutgfl5 (Z`m gltmrvgmwmr prmnmrrmj lft tf `cvm c nrcomwfra smt up clj eust `cvm c jgcdfhum). S5 Ngrst G‗j dgam tf alfw ofrm cbfut t`m `cljsmt subsgjgms. @cvm ifsts bmml iflstclt fvmr tgom6 @cvm wm cdwcys hgvml t`mo fut nfr nrmm6 @fw oui` fn t`m tftcd spmlt spmlt jf t`my ciifult nfr6  C5 Wms, wm `cvm cdwcys hgvml t`mo fut. Zftcd `cljsmt spmljglh gs 3;; murf murfss but t`my fldy  ciifult nfr =% fn t`m tftcd ICHR. X`ct jfms t`ct ocam t`m hrfwt` gl ifoogssgfls6 ifoogssgfls6   Oy clswmr5 9=% S5 Z`glaglh cbfut jgstrgbutgfl, jf wm `cvm cly ft`mr futdmts tf tf smdd fur prfjuits. Crm t`m stfrms stfrms mqucddy jgstrgbutmj nrfo c hmfhrcp`gi stcljpfglt6  C5 Lf S5 @fw jfms t`m ifoogssgfl struiturm wfra6 Crm t`mrm jgnnmrmlt % pcgj bcsmj fl jgnnmrmlt pdcls6 X`ct `cs bmml t`m jgstrgbutgfl fn t`msm pdcls lfw clj gl t`m pcst6  C5 Dmt‗s cssuom t`ct wm `cvm fldy flm pdcl nfr n fr sgopdgigty cdd fn t`m ifoogssgfls crm pcgj chcglst gt. Z`msm pdcls rmprmsmlt t`m mltgrm glirmcsm gl ifoogssgfls ’ t`mrm crm lf ft`mr ocramtglh mxpmlsms mti. Cjjgtgflcddy, prgims fn t`m pdcl `cvm bmml prmtty iflsgstmlt fvmr tgom, sf t`ct gs lft ciifultglh

 nfr t`m glirmcsm gl tftcd ifoogssgfls. S5 G‗o cssuoglh t`ct sglim ifoogssgfls crm crm glirmcsglh, gt gs bmifoglh glirmcsglhdy jgnngiudt tf smdd tf iustfomrs. Cs sui`, G‗j dgam tf mxpdfrm fur ifopmtgtfrs clj t`mgr pdcls6 @cvm ofrm mltmrmj t`m ocramt6 Crm t`mgr pdcls ulgqum w`ml ifopcrmj tf furs6 @fw gs t`mgr jgstrgbutgfl jgstrgbutgfl i`cllmd6 @fw crm t`mgr ifoogssgfls w`ml ifopcrmj tf furs6  C5 Z`m ifopmtgtfrs `cvm bmml iflsgstmlt fvmr tgom cdt`fuh` iifopmtgtgfl fopmtgtgfl gs glirmcsglh sglim mvmryflm lfw wclts c p`flm. Ocramt s`crm gs iflsgstmlt cirfss t`m t`m pdcymrs clj t`mgr pdcls crm  lfl-jgnnmrmltgctmj. Z`my `cvm sgogdcr jgstrgbutgfl i`cllmds (lftm ’ t`gs wcs t`m gltmrvgmwmr‗s gltmrvgmwmr‗ s  rmspflsm wfrj nfr wfrj. wfr j. Gl rmcdgty, G dctmr jgsifvmrmj t`my crm t`m scom jgstrgbutgfl i`cllmds i`c llmds  jfwl tf t`m stfrm). Ifoogssgfls `cvm bmml glirmcsglh ct c sgogdcr rctm tf w`ct wm `cvm ` cvm smml. S5 Fa, dmt‗s tcda tcda cbfut iustfomrs. @cvm wm smml cly jgnnmrmlims jgnnmrmlims gl w`mrm t`my hf tf buy imdd  p`flms6 Gs t`mgr c prmnmrmlim gl Murfpm nfr imrtcgl typms fn pdcls fr p`flms clj `fw jf wm ifopmtm nrfo t`ct pmrspmitgvm6  C5 Iustfomrs crm buyglh imdd p`flms t`rfuh` t`rf uh` t`m scom i`cllmds cs cdwcys clj fur p pdcls dcls clj  p`flms crm ifopmtgtgvm6 28

 

Gltmrvgmwmm‗s Yfdutgfl (iflt.)5 S5 Xmdd gn lft`glh mdsm gl t`m dcljsicpm `cs i`clhmj, gt oust oust eust bm t`ct wm `cvm tf hgvm ifopmtgtgvm ifoogssgfls tf fur scdms scdms pmfpdm tf stcy gl busglmss6 busglmss6 Zmdd om, jf t`my smdd p`flms fn ifopmtgtfrs cs wmdd6  C5 Wms, t`my jf. Z`ct‗s w`y wm `cvm tf glimltgvgzm t`mo sf wmdd. Lfw w`ct jf yfu t`gla wm ifudj  jf cbfut gt. Xmdd, G t`gla t`mrm crm c luobmr fn t`glhs5   Xm ifudj sfom`fw sghlcd t`m ocramt t`ct wm crm lft hfglh tf ifltglum tf hgvm msicdctglh •