[ wid coven Enema witty dept rn per Reastlinns alc Ls? ow a tain The edu 56 dhe vequine Of ven eh _-Relurn is axed ons b ieoemnged _DTime tame paid os lhe vse 73 Wong. “Rod “Of swvomea as) : Dd tafation: Whled ign roma A the _| BMWs Kk ao It _ FP Rea Risk 4 abe are = Time vale Moway. i The compursetion, d vil bYfshe Yer a Tae ae vouline. Sf nnag Yes bay? b — abo Rewiuan Te compenredion am ma nv ean gels be We Awraliow of Hf mseowye : Time_v ai. © mgneg d+ hnbladions Drewiwwne >| i i e Rode. ft Risk Premiwm: comprrirsodion an inavidual gas. : Nox Jexive, oon: t Te +1 ont Ri pie J Ras duyn.. Rigk+-Deviedion drow oe ad lov bu vad sur | Sud wdion Cow Brannnge.. ashi rd Lwsplihow Rie | Nest po Jf Ihe System, penn netotteeconfvorlable Psk _+ Buninas Biss Sn: oe 8 do dae natume op + Bier arsociedded wi Finansi al RMKY svat lAY ty Ale Tivanauier! gotronee z -_velodt UN) in Nt Tydowd Rode. i ty Riv: wrte By What seve Cambe _wwwwdid trto mr" ° oir aera ina Rost wba gare a is z qe Coawgge ee Sut Fs in Me tod vy Te evotl . TPetitcad nation.n | A 3 “I fee Wisloricad Reluvirs > Past bulowration ne ase ee Relurw - A © invasinaued Crveed Rely Bicbasl yaa a Rise: Information. | oe ~ Wichoriced RikKee oe be | cl valiable and | a Capeced Pree validand auurede . leds _period Relum ae ee 7 i psi wed UPR” , e [= mained Wey LK Py thwoic Meow ~ (reamebric mvow H Sam ent Hatdives Period Return: ape ed 2p an | 0 LA Uypraes Wee- Cndng vale eee) UF gb er ar Deaannivy veue, 30 Y U U 1 Hotding Period “Yietd:_ t AP Y= wpe -4 vpye teed é 1 2 Ob ov bom i ane Ta Ee _ 2 Ee bak 2: 7 = Nb) — Annwwuized py: __WePRSt Aldp\= App - a Aurys Mupe -7 SMe ah -2 2 o-1bab 216-467 Arthmalic Mean! vz PR PYG aS i = a A.M=> 2 pV _ 20k tr.) 29 0-24 — a my 2017 29 Lea 0-32 aad 25 onBb -o-1Y pome 2-14 - 24 2. 123 028 a Wwrpe Ie oO: = a ert o-)) Ame ty earigion Sua! aaa! orn 7 D2 2-14 ef.ly fa: Mz Ol oc 1b}: £ uterp lodion: Bact xyz dorky doc dei yd pons | 2015: les ge dre _Ovthdic yom ds LAY.”a: cant ee cisreeeeseievie 24 1:32 086 27 Ts Mx) 4 L uo are ails met Sn 2 O15. br 18 ‘le - geet wd Deviachow Beare ee oe | Vawianve A i =P) BUG) EEE Me tase z eps = 0.0%) Lolb los. =0-022-4 a 2011 129- - 0-00 24 2d. Wi * 0.0771 20tF Wey OWN) 202° oF}. 00224 Ant. =S/ roy 4 Ce Biy EWP) 2 0.0525 O.00 1316 ‘ 0-000 524y Z(U-WY 2 9-0525 = 0.0075 _92 0000074) AL ay: _o- oof Gyy : oo felni iy 2 Vonw?5 240.0366 ©. C0108 jaa Tid damoet lal O-029RGeo!) ee jeud of vowradion (Cvi) Rigs ov i aes ae a. “| yy by bn 20-5 ip 22): to-- ve ef ae 2 0-45) The Wigu Awe Cvs Tar grocer au eke ud Who deleting chose die low Cy; to Low _vieh/. i Cpeded Relum y= E C= bx (2 x Pi) ; Dipl C0. Parsible Redd (Ri). Prohabity (i) (QxPid p20 0220 o-0l ols 0.26 0-035 od On O-0L i 0:07 _ ceo =0-007 Oty 0.20 10-04? 0-70 210 ro O05 Cy: Sz > Cai XP): = 0.1605xpesed Variant = gent “5 (pi- EWI Pi 0-035 _|o-00chS & 0-900312 —0-9105 _|e-c00l 0-0900215_t —0-0P05 |ooob4& |o-000952 7 =0-2305 |o-05% 2-00$3) 0-0795 |o-cobs | o-oonby | 2.03 o-oo Jo-laye | o-o0l4b 9+ COAPRS - ECB) 2 0.009855 xuse 3D whew coluudasivng CVn él 2) 2 ape: 004 F315, = 0-09915" Cv 2&0: 09U5 O21 bos Cz _O-bTB—Lethnve Captor 2) Tne pavador ef choice: when __trwslin 4 Your ime —— Your _nave_differ end yp A Age, a Ta fella Mitnagpmond Bacar io4_Ghedemed ous 3: wwestow’s ord ond" lenge nek, tara)! orrity will, capital mart d [atder and experience - xO! vid gud -Projeed Comnvmc cvdilew Short-term ond rlurmed ode Vern, exputed | —Covditows le wre tn _conhudivg ov Cpeadbe Pord Toho. Micro Maer bnvixohmend > i ed U Financial pesebs Ow HIDb05* wpe mod Jog plom by Cowsrusivg Wwe Port folios Meek ave erin d 2y) need od vaiiet vik levels. a Gteved tres wrath fool. \ |Gedened Jouns |: “ond Wong erm nee loool erst med Rulon y ond experenes ~ Waiow oP Port wpe nnd Jug pom b cows ivg Hw Port folios Meek dre ior nged 09 Kinin view lewd, Liderd if thee prob.2 ie 2 Monih and updete snwslor cl f needs, envirormendad condibows 5 vd € _-porlfello _pertormame- _ Ctderdifies Wins ane Problem as). ae eee eee a Syl a eatin j Ts Raihes iversifiable Rik ¢ Cour’ Civen-Divwsifiable es) Poritodins 0 Ctinadion 08: wwwislinund s « Cod, Fx, Shaws Raed ftode). 7 Podwuy Ayre pally out P Yor wvernty in one | ewww Yow detail Codon aw eypos yet do ab). 2 Vous do Abs Hy finshed tn porifatio— a combntdion tw. + of \w Los tn one iim ie WavaiAte, by profi | jn_clr raiseda wy Applites ow sae vista: ov gumsiq isle? Ineeasing dhe 0 of. Inward wrours er Dae Crpesume lo vig The Govdibion bile Neat yer ORR towel wre Correlation Coedfi = aa Soy, 6 Ht. Syslemodit Rr con be vedutd by Glehal Divenificedion tn wor me twGbr leans tis (hue own SUslown omd Smsls ty ool come Jeguwttits bud diay oso need $0 bee ReorTVETY ConReLMed: = hod eww: ule | iS Gilobol Bye ee Wars ow ‘Ovid =14 pandemries ‘evils Porlfatio “Theoey* ban de Game velurny, ro wilt Godard. VEE invert - ove ATED ee anak We PP cansilionMedurn Potfodio Thur F reovitz Cre (nrar bowsle’® pustfotis i) —p Hany Markovite vesd) | DTe _Geab_ is nol manwizing vous it is Sees relurvs hy vase ride Ov genizetion amd fi bint __t i 8 of Beuyriiiey Moweut ~ L Mowkeh? L TS whee A eons Heo whith louwons and | SUM ave. brougud. do, etey Jo aid in 4be oo | browsfan of Ace de ond for Services | Exar dhen of Mareder op igi tt Meooume - day Exons af Dawhe _cpiverdenee a word. + taste see sue of prope mateume AE value. ~ tomnd NY Maan cowry pleat, weed, Salt | ue Mela Pored Ebiwonny Od ,Sihwwr Bronee _ | & Flok mo oy Evonwors => Pap ew awn exf foun salient b- Plastic Mow. woe > Credit Cowds | ce es Mow ty fale Aiovgin' veeabilds ~ an wiht dle _pyinpine AA Gales oP | buys § gets: “tWon Ane basis op iC oni ansit YF nyadurity Pent basis P owmensilip Don the bus rich n. Hie ® on me bos 4 Clowns redion on tne hors FT Ruy Manny ww + Sten we bawis OF] . ~ Primary Marieet Crush Stari ties) at Sewndewy y Codnenay Mad Serta) ~ 10M the Denis °F Maluridy : I = Mouey Maret (T-bills oa nd!*s Commmnerial E = Capitod a & son dhe banis of cwwsvship - = Debt _mMorwt Bonds, debatunes TEC) § - Cyrity “ oyna) = son 3we born Ff can 7 =COU Maviat ey TOW ww (shove Momeet) 3 son We bois ao Ovstounizedion “Owl Ane pw Maviet (psivede Shea =Third Mowiet higut Wisteoded Seria = Yovwwwd Manus ~Futuns a = Opligns y = Swf 4ordie. ~ dh Mavvats _sMontel e¢deriThod sue dvading win be dene od Moweet pr = hop lows order: =whon Aw picts of a Blane 6% falling =You iwalrwI Yous proker jo get du Vv if i] vemos a apeeific Price = [bis ceed a lop tor sor der. = Vail of price Dolew mo Witlh aur trwestor Siops 1b buying — Margin Trawadtion: = lean Rosed JE Finn Rarsed Tromavion 20} Moran “Fasilily Ss Qo": quid 2 104,000 Bor: oan 2 Ywo,000 Soo 000. Toda twsl yu) x Mow gin 2 Ean LL _x 0-2 2 100,000 TL = lov, ove 7 S9eov0 + Sop bay. order: a a Oo: B loaw> Tobe - Syw't Leen? S00 pyo- 100 od Loam, >= 1190, goo Bhowes $00, 008 lke 210,000—————= - C Price A -___lwwyl_ Vo? Sire pao a eee = S7p900 Fe = nto! OG 2 Aw oov) - — Books 4fe_ Cowntsin: Cus) is — efi ve =. de), (Yo0,008) * - Caprtty Case gov) f. v WEST s Lb Predit> —UPs7o noo TNOD = = NUS view GC 10,000 wooo0a E 2 ec¥PSTE X10 = =0.UW2f yoo E 2 WD-S7S op z -94rt a Mon gin CAM: Candia cali Asiawig inweatons to E pw wwe eevee in pre = Movaiv Caul tes Deut = - Race x No.2 Slams) #. = (Px w,000}/Yo0,090 = 0.) Pxtowoo 2. 10,900 P-Yso;99O =o.) (9000P 2 19,906 P- Yoo, 00° = 1000p 2 10,080 P=lo0op 2 Uo Quo 2 %ow Pz WO Qeo 2 00,990 =p 9000 z peyY-uy [~lheiemey of Mowkels: Fe Fame Coane) Fee Moniek: F fgets Cen) be ~_ twa form (Higloricad tnfo) : d= Semi Stroy foc (Histeriead & public iia bof) | es Be Slrong focra (Cusrytnina) Uisericad VG pulic GPivedeG aFaal! EC In forw odin Ernonncia? informmasion Mont | E ~_ aitro info Be eels a Yi St Nee a 2 Stout Prices Ee manure iho “a Stout index.” = A good | Pirvanres o? wares processes an nig 4 & plorne ation: _t i Wformational £Mficiemuy: ht — Historical twfo | = Pukse* Info “ = Peivade In fo : a Choxodenglics Ao Gaod Mav‘et: | te boheme Chow oud ovatinn, p-6 Externe Crawoutirists | "aah cnvate indo ‘ I = ligase id 4 (MarnchahjtiZ “ (="low Crawusuli oss? eM maetadgi tity (bemond) -dupth Qeege bugs sas] + Prive wrfiuattly- _( price vetediing)ee ——lrrettnconts Sue 000 —182xS00 -BSo000 & : 58,000 - Ye,06 2 #25 - Yo,000 ot > 5Uo Dewne Yo» S00 26000 “Yoode) 4 oe = 40,990 b) Mavivainn t i Merge Ceased? Gov. \ ae 9.66 ~——efdlwo vs _ oe By 2-674. a oboProblem 2 Depart = $50,000 \© Paes Margin eye Yor _ 7 moves nz rowdy Debs! Bod | si Prive =§2¢ fe — i Marcel vind _—@)_ How manny Mme b Set Mavgaa(PuQy Vs am _ b asf E xo-lo = Seowo (2x8) L LL TZ: Se pov Joyo Lt The £ire00® i BO? 2571p - 7000 Tl it ss In§oeO 2g! Sb s fa g oT. Sup -Toeo © Pohl fs () Rises do Hut 361 x48 2B boas initial imat = § Go 000) Delt Awamt2 $ (70000) Tfooo> 3s11p-1ow-3P — 76990 2 2U44-1p Lt $30.00 =p 4 $35 6 4% ay Falls jo $2 3S x2 2% PIS initial Am 2 $ (50,000 Dell Avr 2 $ (78,000) ~55.725Margin fag, 2 SO o ed = price = 920/- eld indawate oye —“___twemiows 2 Sh OT ded Moue vane Dividtrrd = Go. Co/- Maing 6 7 4 = Rode WP Pativn on Toth? —_Pofils Ending valves pang Wolme + Dividunds qs >. oe =Timmodion car Indias: foe Beginning cade 2 p08 v.90 i009) Your inwshwwd® (0.65 yiaad) + (0-837 2000) — 008+ bo Cees) ' Ending Vole = £97 1006 $2700) i Dividends Z°0-60 x 100% $80) (0.82 » 2000) + ©-Ry 2700) _ 2 be+8 é ES Sol x (US +f 2900) CERID oli 52100 - 1000 + So~ 14) qo z ESI Return 6 Iwata s 2 $19 2 UU. Ii boProblem 4 | Shows _ vor 190 Shows Es Price $SY- Yee cell Margin Req YC+. EB Gww = ISS on Purcrose_ a _Rividewd 249.50 /- buh aus | Com=hut on _b Peokid ovr _gwort Sale= Regaining vawe - Crdrng | Vee + Divi dmads - Trp eudi OW Ws = Prt be Reginnins vabat = ‘ih x100 2$Sb00 , Ly Wwweslywunt = Morfin + mm Mi0n | ty 2 CoS S00 4185 iy z 2820 410¢ ul zh2e7e ui Cudivg vi = Bus x 1002 Susoo u] Diridandd = 2-60x 1002 $260 i Tras odior (orb = 168 + lu 2 4300 Le niev-ste 0-0d ¥C0-SE x 5600) 2 ING-U iF Ture fore , i Proll = Sbpe $= ySoo # 2f0 ~ 300 - 246-4) iF : Foor - The Rol> 303-60 2 113S% 2625— Rebten © Qwik Gop sss i Ba iene dot egeuag Kae c Brodit: Biginnr e e ° ‘4 = ae finding Vedwe. Beginnive yale? By 300%30 = $4000 Et Carding Vale 200% 48 in: ‘=$ 12600 [3 Profs 1300-900 nae 2 $uloo i) Ref: usoo 2 Sor a 4090 ts =Oa mergin purchase “invest monde (0-40 x 4000) a z $SYoo lo@n 2 Geoo - Syoo = $2b00 Gadivig valu = 200 Xue = S$ieéoo We Aloo = 2b00 ~ S400 . z $400 Rofz “feo (2. 94,45 72 Sg Problew 7 lmil osder @ Say a Rot 2 36-24 2 Sov —- S24 = Marcel ord © $2) Cofz 24-2P 2 29.577 20 Gust ov dw CT Rof 2 Tee wortud new destined ARP Ha lowwad price wrt $20 te lint sadey wor + neraer_ executed» ‘3L-10 2 0 +¥o'/ Ww