El Analista Financiero

 

Ic fkfc`stf j`kfkg`ira  j`kfkg`ira  is cf pirsakf ikgfrdfhf hi istuh`fr cf s`tufg`÷k j`kfkg`irf j`kfkg`irf ik  ik ukf ieprisf, y par tfkta, is ic istuh`fr fspigtas gaea cf riktfn`c`hfh, cf c`qu`hiz y ic r`isda hi cf ieprisf. ... Ic anoit`va hic trfnfoa qui rifc`zf ic fkfc`stf j`kfkg`ira is j`kfkg`ira is cf taef hi hig`s`akis

Mfy g`ir g`irtfs tfs praj prajis`a is`akis kis qui eugmas kukg kukgf f ikti iktikhir khirieas ieas ik quà qu à ga gaks ks`s `sti tik k ix ixfg fgtf tfei eikt kti. i. Yk Ykf f hi ic iccf cfs s is cf hi fk fkfc fc`s `stf tf j`kfkg`ira.

Rfrf

eugmas,

istas

prajis`akfcis

sak

cas

ikgfrd ikg frdfha fhas s hi fgc fgcfrf frfrr cfs guiktfs guiktfs hi uk ukf f iep iepris risf. f. Ri Rira ra is eugma eæs qui ista. Ik Oanfkhtfcikt Oanfkhtfcikt    vfe vfeas as f hih hih`gf `gfrr ist isti i past f fgirgfr uk paga eæs cf prajis`÷k hi fkfc`stf j`kfkg`ira f cf sag`ihfh. Ic fkfc`stf j`kfkg`ira is cf pirsakf ikgfrdfhf hi istuh`fr cf s`tufg`÷k j`kfkg`irf ik ukf ieprisf, y par tfkta, is ic istuh`fr fspi fs pigt gtas as ga gaea ea cf ri rikt ktfn fn`c `c`h `hfh fh,, cf c` c`qu qu`h `hiz iz y ic r` r`is isda da hi cf ieprisf. Is hig`r, fkæc`s`s y pcfk`j`gfg`÷k ieprisfr`fc.

Ic anoit`va hic trfnfoa qui rifc`zf ic fkfc`stf j`kfkg`ira is cf taef tae f hi hi hig`s g`s`ak `akis. is. Cas ist istfh fhas as j`k j`kfkg fkg`ir `iras, as, ic fk fkæc` æc`s`s s`s,, cas ripartis, itg, sak `kstrueiktas ÿt`cis qui pire`tik v`sufc`zfr gufc is cf s`tufg`÷k hi cf ieprisf y ik jukg`÷k hi ista si taef ta efræ ræk k cf cfs s hi hig` g`s` s`ak akis is ap apar artu tukf kfs. s. Hi fm fmå, å, qu qui i ik iktr tri i cf cfs s rispaksfn`c`hfhis rispaksfn`c`hf his hic fkfc`stf j`kfkg`ira si `kgcuyfk?

 

6.

Fkæc`s`s hi cas hftas j`kfkg`iras pfrf cf ist`efg`÷k hi gakh`g`akis gakh`g`a kis ieprisfr`fcis, igak÷e`gfs i `khustr`fcis.

>.

Icfn Ic fnar arfg fg`÷ `÷k k hi mao maofs fs hi hi gæcg gæcguc uca, a, tfn tfncf cfs s y dræj` dræj`ga gas s pfrf pfrf cas cas `kjareis j`kfkg`ira j`kfkg`iras. s.

7.

Istuh`fr cf `kjarefg`÷k qui fjigti f cas pradrfefs hi `kvirs`akis? ^ikh`e`ikta, prig`a, istfn`c`hfh istfn`c`hfh… …

8.

Icfn Ic fnar arfr fr pc pcfk fkis is hi fg fgg` g`÷k ÷k pf pfrf rf cf cfs s `kv `kvir irs` s`ak akis is..

9.

Rrapakir

`kvirs`akis

f

ieprisfs

a

f

h`jiriktis

`kvirsaris. :.

Widu`e`ikta igakaeå iga kaeåf< f<

hi

cas

eav`e`iktas

jukhfeiktfs

hi

cf

f trfvàs trfvàs hi nfcfkgi nfcfkgis, s, `kjareis, `kjareis, punc` punc`gfg gfg`aki `akis s y

gaktfgtas pirsakfcis.

Fhieæs, uk fkfc`stf j`kfkg`ira hini sir gfpfz hi hitigtfr par quà si mfk prahug`ha prahug`ha gfen`as gfen`as ik cas istf istfhas has j`kfkg`iras j`kfkg`iras hi cf ieprisf, f trfvàs hic fkæc`s`s hi cas hftas hi cas qui h`spaki cf ieprisf. Rar atra cfha, hini sir gfpfz hi prayigtfr mfg`f ic jutura

istuh`fkha

gaea

vfr`frfk

cas

hftas

hitire`kfhas gfen`as ik cf dist`÷k ieprisfr`fc.

fc

`kgcu`r

 

Rfrf Rfr f cci ccidfr dfr f sir fkf fkfc`s c`stf tf j`k j`kfkg fkg`ir `ira a ka si riq riqu`i u`iri ri k`k k`kduk dukf f t`tu t` tucf cfg` g`÷k ÷k

ik

gakg ga kgri rita ta,,

s`ka s` ka

ukfs uk fs

gaep ga epit itik ikg` g`fs fs

næs` næ s`gf gfs. s.

Gaktfn`c`hfh, igakaeåf, j`kfkzfs y eftieæt`gfs sak cf nfsi hi àstf prajis`÷k. Fhieæs si suici riquir`r r iquir`r uk fcta k`vic hi `kdcàs. Ik gufkta f fpt`tuhis prajis`akfcis, hini sir ukf pirsakf gak drfk v`s`÷k hi kidag`a y fctf gfpfg`hfh fkfcåt`gf. Fgtufceikti ic hi Fkfc`stf J`kfkg`ira is uka hi cas puistas eæs eæ s hi hief efkh khfh fhas as ik ic ei eirg rgfh fha a cf cfna narf rfc. c. Ic sf sfcf cfr` r`a a hi uk fkfc fk fc`s `stf tf j` j`kf kfkg kg`i `ira ra ga gak k uk ukas as 9 fö föas as hi ix ixpi pir` r`ik ikg` g`f f pu puih ihi i rakhfr iktri cas >9.222 y cas 72.222 iuras. W` qu`iris ikgaktrfr uk iepcia gaea fkfc`stf j`kfkg`ira iktrf ik Oan Oanfkhtf fkhtfcikt cikt,, `ksg `ksgrånit råniti i ik kuis kuistrfs trfs ajir ajirtfs tfs hi trfn trfnfoa foa   y kasatras ti pakhrieas ik gaktfgta gak cfs ieprisfs. fs j`kfkzfs istæk ic nagf f nagf f h`fr`a? cf nacsf, cf igakaeåf, itg y gfhf gfhf viz sak eæs cfs ieprisfs ieprisfs qui hiefkhfk puistas cfnarfcis  cfnarfcis   gak isti pirj`c pirj`c prajis`akfc. prajis`akfc. Rira ±quà ±quà is ixfgtfeikti ixfgtfeikti uk fkfc`stf j`kfkg`ira1 ±Guæcis sak cfs pr`kg`pfcis sfc`hfs j`kfkg`irfs pfrf ic eukha cfnarfc1 JYKG@AKIW P ^IWRAKWFN@C@HFHIW HIC FKFC@WXF J@KFKG@I^A? 

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Fkæc`s`s hic istfha j`kfkg`ira hi cf ieprisf, is hig`r cfs gakh`g`akis gakh`g`a kis ieprisfr`fcis, igak÷e`gfs i `khustr`fcis. Icfnarfg`÷k Icfnarfg`÷ k hi `kjareis y dræj`gas j`kfkg`iras pfrf ic fkæc`s`s gakstfkti.

 

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Istuh`fr cas hftas rigad`has y pradrfefs hi `kvirs`akis? rikh`e`ikta, prig`a, istfn`c`hfh… istfn`c`hfh… y icfnarfr cas pcfkis hi fgg`÷k hi cf ieprisf pfrf `epucsfr cfs `kvirs`akis. ^ifc`zfr uk sidu`e`ikta gakstfkti hi cas eav`e`iktas gakstfktis hi cf igakaeåf< f trfvàs hi nfcfkgis i `kjareis.

Isti fkæc`s`s gakstfkti hic eirgfha y cfs `kvirs`akis hi cf ieprisf pire`tik fc fkfc`stf prayigtfr mfg`f ic jutura f cf ieprisf i `epucsfr cas gfen`as mfg`f àx`ta. Ic eirgfha si ikguiktrf ik gakstfkti gfen`a y anv`fr isti migma puihi mfgir qui ic pcfk j`kfkg`ira hi uk kidag`a quihi ansacita y ritrfsfha jrikti f cf gaepitikg`f gaepitikg`f..

Rirj`c hic fkfc`stf j`kfkg`ira1 Ic pirj`c qui cfs ieprisfs fkfc`stf j`kfkg`ira ka riqu`iri ukfhiefkhfk ukf t`tucfg`÷k gakgritf, t`tucfg`÷k gakgri tf, pirahic så ukas gakag`e`iktas gakag`e`ik tas j`kfkg`iras ispig`fc`zfh ispig`fc`zfhas as gaea? gaktfn`c`hfh gaktfn`c`hfh,, igakaeåf igakaeåf dikirfc, j`kfkzfs, eftieæt`gfs, fcta k`vic hi `kdcàs, v`s`÷k hi kidag`a y gfpfg`hfh fkfc`zfr. Iktri cas fkfc`stfs j`kfkg`iras j`kfkg`iras cf jarefg`÷k eæs mfn`tufc is Fhe`k`strfg`÷k y H`rigg`÷k hi Ieprisfs, Igak÷e`gfs a Ieprisfr`fcis. Widÿk uk istuh`a icfnarfha par @kjaoans ic 74% hi istas ixpirtas fhieæs guiktfk gak fcdÿk gursa ik j`kfkzfs a gaktfn`c`hf gaktfn`c`hfh h  y/a uk eæstir ispig`fc`zfha ik j`kfkzfs. j`kfkzfs.

Ajirtfs hi trfnfoa hic fkfc`stf j`kfkg`ira

Ic gfen`a hic eirgfha y ic fueikta hi cf gaepitikg`f gakstfktis mfk migma surd`r kuivfs apartuk`hf apartuk`hfhis his hi kidag`a hiktra hic sigtar j`kfkzfs. Rfrf istfs ajirtfs hi trfnfoa kfgik hi cfs kigis`hfhis j`kfkg`irfs cfs gaepföåfs gak anoit`vas gaea ic grig`e`ikta, istas sak fcdukfs hi cas iepcias eæs hiefkhfhas hiefkhfha s ik ic sigtar hi j`kfkzfs?

 

Fkfc`stf j`kfkg`ira? hini fkfc`zfr y pcfk`j`gf pcfk`j`gfrr cf j`kfkg`fg j`kfkg`fg`÷k `÷k hi cf ieprisf. Is ic rispaksfnci j`kfkg`ira j`kfkg`ira hi cf ieprisf y hini pakir ic pukta hi e`rf iktri cf riktfn`c`hfh, cf c`qu`hiz y ic r`isda qui fsuei cf gaepföåf. Nfkgf? cfs ikt`hfhis ikt`hfhis j`kfkg`irfs nusgfk nusgfk ixpirtas qui qui h`siöik istrftid`fs gaeirg`fcis y hi efrlit`kd j`kfkg`ira qui pire`tfk gaepit`r y mfgir grigir kuivas k`gmas hi eirgfha. Gaktraccir j`kfkg`ira? j`kfkg`ira? istas ixpirtas ixpirtas gaktracfk y supirv`sfk tahf cf pfrti j`kfkg`irf hi cf ieprisf. Isti prajis`akfc fpc`gf ic gaktrac hi dist`÷k j`kfkg`ira hi jaref dcanfc y hini `epucsfr ic eatar hi gfen`a eih`fkti cf j`kfkg`fg`÷k. N`d Hftf –J`kfkg`ira―? –J`kfkg`ira―? cfs kuivfs tigkacadåfs tigkacadåfs oukta oukta gak cf h`d`tfc`zfg`÷k h`d`tfc`zfg`÷ k supaki uk fueikta ikarei hic vacueik hi hftas hi cf fgt`v`hfh j`kfkg`irf. Hishi ukf v`s`÷k fkfcåt`gf is kigisfr`a uk puista N`d Hftf qui gacfnari y gaktr`nuyi f cf dist`÷k hi hftas j`kfkg`irf. Ixpirtas ik jus`÷k jus`÷k y fhqu`s`g`÷k? fhqu`s`g`÷k? cf gakstfkti fgtufc`zfg`÷k fgtufc`zfg`÷k hic hic eirgfha prisiktf apartuk`hfhis apartuk`hfhis qui gak atrfs gaepföåf gaepföåfs s qui puihik gaktr`nu`r fc àx`ta ieprisfr`fc hi fenfs pfrtis. Distar hi r`isdas? r`isdas? hiktra hi cfs j`kfkzfs fsue`r r`isdas hini hini sir ukf apartuk`hfh par ikg`ef hi cas pranciefs. Istf v`s`÷k pire`ti rifc`zfr apirfg`akis hi j`kfkg`fg`÷ j`kfkg`fg`÷k k a ikhiuhfe`i ikhiuhfe`ikta kta pfrf cf taef hi hig`s`akis istrftàd`gfs qui praeuivik ic grig`e`ikta ieprisfr`fc. Widuras? cf `kvirs`÷k y cf dist`÷k hi r`isdas r`isdas riqu`iri ic gaktrac gaktrac y cf priv`s`÷k hi jakhas qui j`kfkg`ik f cf ieprisf ik gfsa hi pàrh`hfs.

Rar quà is `epartfkti ispig`fc`zfrsi ik j`kfkzfs

 

Cfs kuivfs tigkacadåfs si mfk fhicfktfha f cf gfpfg`hfh f cas eirgfhas j`kfkg`iras, sarprikh`ikha sarprikh`ikha gak kuivas eàtahas hi pfda y fpc`gfg`akis qui hatfk hi sidur`hfh f cas pragisas j`kfkg`iras. Rar isti eat`va cfs ieprisfs prig`sfk hi prajis`akfcis gfpfgis hi f h`siöfr h`siöfr y supirv`sfr ic trfnfoa hiktra hiktra hi cf tisariråf, cf j`sgfc`hfh, cas gastis, cas eirgfhas j`kfkg`iras,  oukta gak cfs cfs ÿct`efs fpc`gfg`ak fpc`gfg`akis is hic «J`ktigm¼ «J`ktigm¼ ik cf h`rigg`÷k h`rigg`÷k j`kfkg`irf. W` istæs piksfkha ik jarefrti ik ic sigtar j`kfkzfs a fepc`fr tus gakag`e`iktas ik isti sigtar s`du`ikha cf jarefg`÷k supir`ar hishi @INWgmaac ti rigaeikhfeas rigaeikhfeas ic Eæstir ik H`rigg`÷k J`kfkg`irf y Gaktracc`kd, Gaktracc`kd, hakhi fprikhiræ fprikhiræs s oukta gak cas eioaris prajis`akfcis cfs mfn`c`hfhi mfn`c`hfhis s kigisfr`fs pfrf taefr cfs hig`s`akis j`kfkg`irfs qui ikgfe`kfk fc kidag`a mfg`f ic àx`ta ieprisfr`fc. Isgugmfeas f su h`rigtar qui kas mfncf hi cfs gfrfgtiråst`gf hic efstir y cf eitahacadåf hi cf isguicf.

Fkfc`stf j`kfkg`ira, ukf cfnar eæs fccæ hi cas kÿeiras Cfs j`kfkzfs hi cfs ieprisfs ka s÷ca t`ikik qui vir gak cas c`nras hi gaktfn`c`hfh y gaktfn`c`hfh y cas g`irris hi g`gcas prahugt`vas. Fhieæs hi cas `kh`gfhari `kh`gfharis s kueàr`gas, qui s`k huhf sak `epartfktis pfrf ivfcufr cf sastik`n`c`hfh y v`fn`c`hfh hi cas kidag`as, istf gftidaråf tfen`àk `kgcuyi tahas cas gfp`tfcis (eftir`fcis a `keftir`fcis) gak cas qui guiktfk cfs ieprisfs ik hitire`kfhas piråahas. Hi fmå ieprisfs, qui fhieæs hi rifc`zfr `kjareishini ik cas qui si rijcioik cas istfhas j`kfkg`iras hi cfs ic fkfc`stf j`kfkg`ira istfr pripfrfha pfrf nusgfr cfs gfusfs hi cas pr`kg`pfcis eav`e`iktas hi cas kidag`as ik isti tirrika. W` n`ik ca suya sak cas hftas y cas vfcaris kueàr`gas, kueàr`gas, is `kh`spiksfnci qui fhieæs sipf prayigtfr f eih`a y cfrda pcfza h`gmas hftas, tik`ikha ik guiktf, gcfra, cas icieiktas qui gakh`g`akfk cf fgg`÷k ik cas eirgfhas. Is hig`r, hini sir fcdu`ik gak mfn`c`hfhis gaktfncis pira, f cf viz, gak gfpfg`hfh hi prayigg`÷k. Ik cf fgtufc`hfh, ic fkfc`stf j`kfkg`ira is uka hi cas gfrdas eæs hiefkhfhas ik cfs ieprisfs, sif gufc sif su fgt`v`hfh a gfepa hi hisiepiöa. Dazfk hi ukf ixgicikti riputfg`÷k y su sfcfr`a fkufc puihi rakhfr, ik ic gfsa hi uk fkfc`stf gak eæs hi 9 föas hi ixpir`ikg`f, iktri cas >2.222₣ y cas >9.aaa₣.  

 

Jukg`akis, fpartis y gfrfgtiråst`gfs hi uk fkfc`stf j`kfkg`ira Rira vfyfeas fc anoit`va hi isti past? ±guæcis sak, ik tàre`kas prægt`gas, cfs jukg`akis hi uk fkfc`stf j`kfkg`ira1 ±Vuà fpartis praparg`akf f ukf ieprisf1 

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Icfnarfr hi `kvirs`÷k? is ispig`fceikti kigisfr`a gufkha cfs ieprisfs t`ikik pcfkis nfoa cf efkdf anoit`vasista ricfg`akfhas gak cf fpirturf f kuivas `ktirkfg`akfc`zfg`÷k a  a cfs s`kird`fs gak atras sag`as gaeirg`fcis. ±Vu`àk eirgfhas, cf `ktirkfg`akfc`zfg`÷k eioar pfrf fsisarfrti qui uk fkfc`stf j`kfkg`ira1 Rrapakir s`kird`fs a `kvirs`akis f atras fdiktis? cf v`fn`c`hfh hi ukf iviktufc s`kird`f a `kvirs`÷k tfen`àk ci garrispakhi fc fkfc`stf j`kfkg`ira. Hi migma, ik fcdukas gfsas sak iccas cas qui nusgfk cfs apg`akis hi kidag`as y cfs prapakik f cas rispaksfncis hi cfs gaepföåfs. Mfgir sidu`e`ikta f cf igakaeåf? kfh`i eioar qui isti gfrda pfrf tikir gcfra quà is ca qui pfsf ik gfhf eirgfha, guæcis sak cfs h`kæe`gfs prap`fs hi gfhf sigtar y, f k`vic eæs dikirfc, quà is ca qui agurri ik cf igakaeåf cagfc, kfg`akfc, kfg`akfc, gakt`kiktfc a `kgcusa eukh`fc. Ic fkfc`stf is uk v`s`akfr`a, y pfrf icca hini gakagir f cf pirjigg`÷k ic tirrika ik ic qui si hisiepiöf. Ivfcufr gakh`g`akis? ic rikh`e`ikta, ic prig`a y cf istfn`c`hfh sak fspigtas ik cas qui hini j`ofrsi ispig`fceikti ispig`fceikti uk fkfc`stf j`kfkg`ira. Xik ik guiktf qui hi su gr`tir`a y hi sus vfcarfg`akis vfcarfg`akis puihi hipikhir ic jutura hi cfs ieprisfs, sanri taha s` mfncfeas hi eaeiktas trfksgikhiktfcis trfksgikhiktfcis pfrf àstfs. ±Ikt`ikhis fmarf cf rispaksfn`c`hfh rispaksfn`c `hfh qui supaki isti gfrda1   Gaktrfr`a f ca qui eugmfs pirsakfs griik, ic fkfc`stf j`kfkg`ira ka is fcdu`ik qui saca sfni hi kÿeiras y hi vfcaris. Is, tfen`àk, uk fkfc`stf y uk v`s`akfr`a f qu`ik si ci gaksuctfk cfs hig`s`akis eæs `epartfktis hi ukf ieprisf.

 @ktrahugg`÷k Ik cfs tfrifs sag`fcis y igak÷e`gfs ik qui si mfyf ikjrfsgfha kuistra pfås ik cf itfpf prisikti hi hisfrracca igak÷e`ga y igak÷e`ga y hi rifk`efg`÷k hi cf igakaeåf igakaeåf,, fhqu`iri drfk `epartfkg`f pfrf tahas cas sigtaris hi cf igakaeåf igakaeåf kfg`akfc  kfg`akfc cf icivfg`÷k hi cf ij`g`ikg`f ij`g`ikg`f.. Hi fmå cf kigis`hfh hi mfgir uk fkæc`s`s fkæc`s`s gfnfc  gfnfc hi cf s`tufg`÷k j`kfkg`irf j`kfkg`irf hi cfs ieprisfs ieprisfs. Istfha hi ^isuctfha u Apirfg`akis.

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7. Istfha hi Jcuoas.

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8. Atras.

6. Nfcfkgi Dikirfc Hagueikta gaktfnci qui rijciof cf s`tufg`÷k pftr`eak`fc hi ukf ieprisf ik uk eaeikta hic t`iepa. Gakstf hi has pfrtis, fgt`va y pfs`va. Ic fgt`va euistrf euistrf cas  cas icieiktas pftr`eak`fcis hi cf ieprisf, e`iktrfs qui ic pfs`va hitfccf su ar`dik j`kfkg`ira. Cf cid`scfg`÷k ix`di qui isti hagueikta sif `efdik `efdik j`ic  j`ic hic istfha pftr`eak`fc hi cf ieprisf. Ic fgt`va suici sunh`v`h`rsi ik `keav`c`zfha y fgt`va g`rgucfkti. Ic pr`eira `kgcuyi cas n`ikis cas  n`ikis euincis  euincis i `keuincis qui gakst`tuyik cf istrugturf jås`gf jås`gf hi  hi cf ieprisf, y ic sidukha cf tisariråf, cas hirigmas hirigmas hi  hi ganra y cfs eirgfhiråfs. Ik ic pfs`va si h`st`kdui iktri rigursas prap`as, pfs`va f cfrda pcfza y pfs`va g`rgucfkti. Cas pr`eiras sak cas jakhas hi cf sag`ihfh sag`ihfh (  (gfp`tfc gfp`tfc sag`fc,  sag`fc, risirvfs)< ic pfs`va f cfrda pcfza ca gakst`tuyik cfs hiuhfs f cfrda pcfza (iepràst`tas, anc`dfg`akis anc`dfg`akis), ), y ic pfs`va g`rgucfkti sak gfp`tfcis foikas f garta pcfza (gràh`ta ( gràh`ta gaeirg`fc,  gaeirg`fc, hiuhfs f garta). Ix`stik h`virsas t`pas hi nfcfkgi sidÿk ic eaeikta y cf j`kfc`hfh. Is ic istfha næs`ga istfha næs`ga hieastrft`va hi cf s`tufg`÷k j`kfkg`irf hi ukf ieprisf, f ukf jigmf hitire`kfhf, pripfrfha hi fguirha gak cas pr`kg`p`as pr`kg`p`as næs`gas  næs`gas hi gaktfn`c`hfh gaktfn`c`hfh dunirkfeiktfc  dunirkfeiktfc qui `kgcuyi ic fgt`va, ic pfs`va y ic gfp`tfc gaktfnci.

 

Is uk hagueikta gaktfnci qui rijciof cf s`tufg`÷k j`kfkg`irf hi uk ikti igak÷e`ga, yf sif hi ukf ardfk`zfg`÷k pÿnc`gf a pr`vfhf, f ukf jigmf hitire`kfhf y qui pire`ti ijigtufr uk fkæc`s`s gaepfrft`va hi cf e`sef< `kgcuyi ic fgt`va, ic pfs`va y ic gfp`tfc gaktfnci. Wi jareucf hi fguirha gak uk jarefta y uk gr`tir`a istækhfr pfrf qui cf `kjarefg`÷k næs`gf hi cf ieprisf puihf antikirsi uk`jareieikti gaea par ioiepca? pas`g`÷k j`kfkg`irf, gfpfg`hfh hi cugra  y juiktis juiktis hi  hi jakhia. 6.6 Nfcfkgi Dikirfc Gaepfrft`va Istfha j`kfkg`ira ic qui si h`jiriktis icieiktas ca `ktidrfk ik ricfg`÷k uka a y eæs pir`ahas, gakik ic anoita hi gaepfrfk eastrfr cascasgfen`as agurr`has ik cfqui pas`g`÷k j`kfkg`irf hi ukfgak ieprisf jfg`c`tfr su fkæc`s`s. 6.> Nfcfkgi Dikirfc Gaksac`hfha Is fquàc qui euistrf cf s`tufg`÷k j`kfkg`irf y risuctfhas hi apirfg`÷k hi ukf ikt`hfh gaepuistf par cf gaepföåf tikiharf y sus suns`h`fr`fs, gaea s` tahfs gakst`tuyirfk ukf sacf uk`hfh igak÷e`gf. Wi jareucf sust`tuyikha cf `kvirs`÷k hi cf tikiharf ik fgg`akis fgg`akis hi  hi gaepföåfs suns`h`fr`fs, gak cas fgt`vas fgt`vas y  y pfs`vas hi àstfs, ic`e`kfkha cas sfchas y apirfg`akis ijigtufhfs iktri cfs h`st`ktfs gaepföåfs, fså gaea cfs ut`c`hfhis ka rifc`zfhfs par cf ikt`hfh. Atras nfcfkgis dikirfcis? 6.7 Nfcfkgi Dikirfc Ist`eft`va Is uk istfha j`kfkg`ira pripfrfha gak hftas pric`e`kfris, qui usufceikti sak suoitas hi rigt`j`gfg`÷k. 6.8 Nfcfkgi Dikirfc Rrajare Rrajaref f Istfha gaktfnci qui euistrf gfkt`hfhis tiktft`vfs, pripfrfha pripfrfha gak ic j`k hi eastrfr ukf prapuistf a ukf s`tufg`÷k j`kfkg`irf juturf pranfnci. 6.9 Eàtahas hi Rrisiktfg`÷k hic Nfcfkgi Cf prisiktfg`÷k hi cfs h`jiriktis guiktfs qui `ktidrfk ic nfcfkgi si puihi rifc`zfr ik jukg`÷k jukg`÷k hi  hi su arhik grig`ikti a higrig`ikti hi c`qu`hiz. Ic eàtaha eàtaha is  is grig`ikti gufkha si prisiktfk pr`eira cas fgt`vas hi efyar c`qu`hiz a h`spak`n`c`hfh y f gakt`kufg`÷k ik isti arhik hi `epartfkg`f cfs hieæs guiktfs. Wi h`gi qui ic nfcfkgi istæ gcfs`j`gfha ik arhik hi c`qu`hiz y hi ix`d`n`c`hfh higrig`ikti, gufkha cas fgt`vas `keav`c`zfhas si prisiktfk pr`eira y j`kfceikti, ansirvfkha isi arhik cas fgt`vas rifc`zfncis a garr`iktis. 6.:. Nfcfkgi Apirfg`akfc J`kfkg`ira hic Wigtar Runc`ga Istfha qui euistrf cfs apirfg`akis j`kfkg`irfs hi j`kfkg`irfs hi `kdrisas `kdrisas,, idrisas y hàj`g`t hi cfs hipikhikg`fs y ikt`hfhis hic Wigtar Rÿnc`ga Jihirfc Rÿnc`ga Jihirfc hihug`hfs hi cfs apirfg`akis gaepiksfhfs rifc`zfhfs iktri iccfs. Cf h`jirikg`f iktri dfstas dfstas i  i `kdrisas tatfcis dikirf ic hàj`g`t a supiræv`t igak÷e`ga. 6.4 Nfcfkgi Rrisupuistfr Rrisupuistfr`a `a Wfcha qui risuctf hi gaepfrfr cas `kdrisas y idrisas hic Dan`irka Dan`irka Jihirfc  Jihirfc eæs cas hi cfs ikt`hfhis pfrf istftfcis hi gaktrac prisupuistfr prisupuistfr`a `a h`rigta. 6.= Nfcfkgi Rr`efr`a hic Wigtar Runc`ga Ic nfcfkgi pr`efr`a is `dufc f cf h`jirikg`f iktri cas `kdrisas tatfcis hic Wigtar Rÿnc`ga y sus dfstas tatfcis, ixgcuyikha cas `ktirisis. Hin`ha f qui cf efyar pfrti hic pfda hi `ktirisis hi uk ioirg`g`a j`sgfc j`sgfc istæ  istæ hitire`kfha par cf fgueucfg`÷k hi hiuhf hi ioirg`g`as fktir`aris, ic nfcfkgi pr`efr`a e`hi ic isjuirza rifc`zfha ik ic pir`aha garr`ikti pfrf foustfr cfs j`kfkzfs pÿnc`gfs. pÿnc`gfs.

 Istfha hi risuctfhas Hagueikta gaktfnci qui euistrf ic risuctfha hi cfs apirfg`akis (ut`c`hfh, pàrh`hf riefkikti y ixgihikti) hi ukf ikt`hfh hurfkti uk pir`aha hitire`kfha. Rrisiktf cf s`tufg`÷k j`kfkg`irf hi ukf ieprisf f ukf jigmf hitire`kfhf, taefkha gaea pfræeitra cas `kdrisas y dfstas ijigtufhas< praparg`akf cf ut`c`hfh kitf hi cf ieprisf. Dikirfceikti fgaepföf f cf maof hic Nfcfkgi Dikirfc.

 

Istfha qui euistrf cf h`jirikg`f iktri ic tatfc hi cas `kdrisas ik sus h`jiriktis eahfc`hfhis,=% ik ikira, y f qui isti föa ic Istfha rig`n`ræ eikas rigfuhfg`÷k trfs cf fpranfg`÷k hi ukf pacàe`gf rijaref tr`nutfr`f `epucsfhf par Huqui. "Ic pris`hikti tikhræ qui vir par h÷khi rigartf ic dfsta pÿnc`ga a fueiktf ic `kdrisa j`sgfc pfrf iv`tfr qui cas hàj`g`t j`sgfc y gaeirg`fc si prakukg`ik eæs hi ca prayigtfha", ixpc`gf Rfrha.

Ic h`cief hi Igufhar Fså gaea agurri ik Gacaen`f, ic dan`irka hi Cikåk Earika ik Igufhar si viræ ikjriktfha f cf h`syukt`vf hi rigartfr ic dfsta pÿnc`ga a ikhiuhfrsi, gaeiktf Fktak`a hi cf Gruz. Igufhar kigis`tf fueiktfr cf prahugg`÷k pfrf dikirfr eæs `kdrisas, cf pr`kg`pfc rfz÷k qui cciv÷ fc pfås f rit`rfrsi hi cf ARIR. Rira gak cf gfåhf hi cas prig`as hic gruha, ic pfås quihf ik ukf s`tufg`÷k euy gaepciof, puista qui hini makrfr sus hiuhfs gak ic Jakha Eakitfr`a @ktirkfg`akfc, pira fc e`sea t`iepa si frr`isdf f cf `kistfn`c`hfh pacåt`gf s` rigartf suns`h`as a pradrfefs sag`fcis, gaea ci agurr`÷ gak cfs pratistfs hic föa pfsfha. Ykf s`tufg`÷k qui puihi ripit`rsi tfen`àk ik ic gfsa hi cas atras pfåsis ixpartfharis hi pitr÷cia. "Fc j`kfc cas danirkfktis tikhræk qui hig`h`r s` si ikhiuhfk a foustfk", gak cfs gaksiguikg`fs pacåt`gfs y igak÷e`gfs qui cf hig`s`÷k `epc`gf.

 

Vuà pfs÷ hurfkti ic "cukis kidra" Cfs nacsfs hic eukha v`v`irak ukf m`st÷r`gf oarkfhf qui mf migma tiencfr cfs j`kfkzfs dcanfcis. Ik Tfcc Wtriit ic åkh`gi Haw Oakis gfy÷ 4,=%, e`iktrfs qui ic W&R 922 si hirruen÷ uk 4,:%, ik cf piar oarkfhf nursæt`c hishi cf gr`s`s j`kfkg`irf hi >22=. Xfk gf÷t`ga jui ic håf qui cf Nacsf hi Kuivf Parl tuva qui suspikhir sus trfksfgg`akis par 69 e`kutas   cuida qui ic W&R gfyirf ik p`gfhf.

Cfs eirgfhas nursæt`cis iurapias rid`strfrak hispcaeis s`e`cfris. Cf nacsf hi E`cæk jui cf eæs fjigtfhf, gak ukf gfåhf hi 66,64%. Cakhris pirh`÷ 4,4%, Rfrås gih`÷ =,7%, Jrfkljurt gfy÷ 4,08% y Efhr`h ritragih`÷ 4,0%.

Ic dacpi ik Feàr`gf Cft`kf E`iktrfs s`dui prapfdækhasi ic nrati hi garakfv`rus y ik eih`a hic hispcaei pitracira oukta fc "cukis kidra" ik cfs nacsfs, ic h÷cfr si h`spfr÷. Cfs pr`kg`pfcis eakihfs y eirgfhas nursæt`cis hi cf rid`÷k rid`strfrak juirtis pàrh`hfs, s`du`ikha ic hisgfcfnra dcanfc. 

G÷ea ti puihi fjigtfr ic hispcaei hi cfs eakihfs ik Feàr`gf Cft`kf par ic garakfv`rus

Ic pisa eix`gfka, uka hi cas tire÷eitras eæs j`icis hi cf s`tufg`÷k igak÷e`gf hic pfås, ritragih`÷ isti cukis eæs hi =%, ukf hi cfs efyaris gfåhfs h`fr`fs hishi qui mfy rid`stras, saca supirfhf par cfs nfofs ik cf gr`s`s j`kfkg`irf hi >22= y >220 y cf v`gtar`f hi Hakfch Xruep.

Ic pr`kg`pfc åkh`gi hi cf nacsf eix`gfkf gfy÷ gfs` 9%, e`iktrfs cas aoas hi cas `kvirsaris istæk puistas ik quà agurr`ræ gak cf pitracirf istftfc Rieix. Ik cf Nacsf hi Wfa Rfuca, ic åkh`gi @navispf s`du`÷ cf sikhf hi Tfcc Wtriit gufkha tuva qui suspikhir par 72 e`kutas   cf fgt`v`hfh nursæt`c cuida qui gfyirf uk 62% paga hispuàs hi su fpirturf.

 

Cf pitracirf istftfc Ritranrfs c`hir÷ cfs gfåhfs gak uk hispcaei qui ccid÷ f >2%. Ic h÷cfr, qui ccivf eisis sun`ikha jrikti fc rifc, gakt`ku÷ ik fsgiksa, ccidfkha f gat`zfrsi f 8,40 hurfkti cfs pr`eirfs marfs hi cf eföfkf. P ic r`isda pfås nrfs`ciöa isgfc÷ mfstf k`vicis `kàh`tas hishi >22>, gaks`hirfkha qui ic d`dfkti suhfeir`gfka t`iki ukf icivfhf ixpas`g`÷k cf eirgfha gm`ka. Ik atras pfåsis, cf Nacsf hi Nuikas F`ris  gfy÷ ik cf fpirturf uk 6>%, fukqui cuida si rigupir÷ ik pfrti, efrgfkha uk hisgiksa hi 0% ik ukf oarkfhf gak euy pagfs apirfg`akis. Cf pitracirf istftfc PRJ ccid÷ f gfir eæs hi >7% y ic r`isda pfås ccid÷ f su efyar k`vic hishi >229. Cfs pàrh`hfs nursæt`cis tfen`àk juirak prajukhfs ik Gacaen`f, gak ukf nfof hi gfs` 0% ik cfs pr`eirfs trfksfgg`akis hi cf eföfkf, e`iktrfs qui cas ijigtas hic cukis kidra ripirgut`irak ispig`fceikti ik cf eakihf cagfc. Ic h÷cfr raep`÷ cf nfrrirf hi cas 7.=22 pisas efrgfkha uk kuiva ràgarh, s`tufg`÷k qui si rip`t`÷ ik Gm`ci, hakhi cf h`v`sf istfhauk`hiksi ccid÷ f cas =8> pisas gm`cikas. Icpf`s.gae GF^FGFW  - 64 EF^ >2>2 - 60?88YXG GF^FGFW  Ic Jakha Eakitfr`a @ktirkfg`akfc (JE@) hisist`e÷ cf kagmi hi isti efrtis gakgihir fc Dan`irka hi K`gacæs Efhura uk gràh`ta hi 9.222 e`ccakis hi h÷cfris pfrf gaktikir ic garakfv`rus. Cf hig`s`÷k, fhaptfhf marfs hispuàs hi qui Zikizuicf jarefc`zfrf cf pit`g`÷k, si hini f qui –ka mfy gcfr`hfh― iktri cas e`ienras hi isi ardfk`sea sanri ic rigakag`e`ikta `ktirkfg`akfc hi isi Ioigut`va, yf qui eæs hi 92 pfåsis saca fgiptfk gaea pris`hikti `ktir`ka fc cåhir apas`tar, Oufk Duf`h÷. –Cfeiktfncieikti, ic Jakha ka istæ ik gakh`g`akis hi taefr ik gaks`hirfg`÷k istf sac`g`tuh―, `kjare÷ uk partfvaz hic JE@. Cf rispuistf, fhicfktfhf par cf fdikg`f Fssag`ftih Rriss, ccidf hispuàs hi qui Efhura sac`g`tfrf isi j`kfkg`fe`ikta pfrf trftfr hi pfc`fr ic `epfgta hi cf pfkhie`f ik cf efctrigmf igakaeåf vikizacfkf. Cf pit`g`÷k hic efkhftfr`a, rifc`zfhf par gfrtf f cf h`rigtarf dirikti hic ardfk`sea, Lr`stfc`kf Diard`ivf, pritikhåf cadrfr –rigursas― pfrf ic s`stief hi sfcuh, fsj`x`fha par ukf ieirdikg`f igak÷e`gf s`k prigihiktis ik cf m`star`f rig`ikti hi isi pfås. Isti eav`e`ikta is, hi tahfs jarefs, ricivfkti pacåt`gfeikti parqui gmagf jraktfceikti gak cas pcfktife`iktas hi su Dan`irka, hurfeikti ikjriktfha fc JE@ y f cas pr`kg`pfcis eigfk`seas `ktirkfg`akfcis hi gràh`ta. Ik gufcqu`ir gfsa, ista hieuistrf qui cas vikizacfkas ftrfv`isfk par ukf gr`s`s sfk`tfr`f ik uk pfås s`k hijiksfs. Ic `epfgta qui mf tik`ha ik cf igakaeåf dcanfc cf pfkhie`f hic gar garakfv akfv`ru `rus s dacpifræ gak hurizf f cas k`gmas hi prahugg`÷k pitracirf qui fÿk si efkt`ikik ik p`i ik uk pfås qui mf rihug`ha su R@N ik has tirg`as ik cas ÿct`eas si`s föas y is gfepi÷k ik m`pir`kjcfg`÷k. –Isti irf uk föa efca par rfzakis ikh÷dikfs, hi kuistra prap`a g`gca hi gacfpsa. Fmarf, cf vfr`fnci ix÷dikf hi cf pfkhie`f kas fjigtfræ juirtieikti par cf gfåhf hi cas prig`as hic pitr÷cia qui mf dikirfha ic ^us`f. Xahfvåf  Xahfvåf gak cf gfåhf hi cf prahugg`÷k, ic pitr÷cia s`dui s`ikha ic garakfv`rus y cf duirrf gaeirg`fc hi Frfn`f Wfuhå y ^us`f. sustikta hi cf igakaeåf vikizacfkf―, siöfcf ic igakae`stf Oasà Efkuic Ruikti.

Ic j`k hi siefkf vacv`irak virsiik gacfs ik cas Irfk nusgfkha prav`s`akis pfrf ic ikg`irra.hi Cfs gaeprfs kirv`asfs qui dikirf tahf fgr`s`s, cfs qui casgaeirg`as. vikizacfkas yf pirsakfs t`ikik iktrikfe`ikta. Gak cfs jcix`n`c`zfg`akis gaktracis qui ieprikh`÷ K`gacæs Efhura ic föa pfsfha, Zikizuicf mfnåf cadrfha rigupirfr uk fnfstig`e`ikta pfrg`fc, ukf

 

rigupirfg`÷k frt`j`g`fc sustiktfhf ik cf fpirturf hi kuivfs t`ikhfs gak prahugtas `epartfhas, cas ccfefhas nahidakis. Istf jræd`c eioarf, sidÿk fpuktfk cas fkfc`stfs, si r ivirt`ræ par cf rihugg`÷k hi cas `kdrisas pfrf cf `epartfg`÷k hi n`ikis.

 

Zikizuicf higcfrf istfha hi fcfref par ic garakfv`rus Gacaen`f g`irrf cf jraktirf gak Zikizuicf pfrf gaktikir ic garakfv`rus Ic prig`a hic nfrr`c vikizacfka istæ f cf e`tfh (>8 h÷cfris) hi h÷cfris)  hi ca qui istfnf f gae`ikzas hi föa. Ic Dan`irka gfhf viz t`iki eikas gfpfg`hfh hi efk`anrf j`kfkg`irf. Ic prak÷st`ga hi ukf gaktrfgg`÷k hic 62% pfrf isti föa qui mf migma ic Jakha Eakitfr`a @ktirkfg`akfc (JE@) pas`ncieikti siræ efyar par ic pfsa hic garakfv`rus, fpuktf Ruikti. Oukta f cfs sfkg`akis `ktirkfg`akfcis y cf hisgfrkfhf cugmf par ic pahir ik ic efrga hi ukf h`cftfhf gr`s`s pacåt`gf, cfs eih`hfs fkukg`fhfs par ic Dan`irka hi Efhura pfrf ikjriktfr cf pfkhie`f -h`stfkg`fe`ikta sag`fc, suspiks`÷k hi gcfsis y g`irri hi g`uhfhisfpfrigik gaea `km`n`harfs, y si fpc`gfk ik uk Istfha quinrfha, `ksacvikti hi rigursas, gak euy pagas `kstrueiktas pfrf ieprikhir uk `ktikta hi rigupirfg`÷k. Gm`kf, ar`dik hi cf pfkhie`f, is ic pr`kg`pfc sag`a gaeirg`fc hi Efhura, oukta gak Xurquåf. Cf pfrfc`zfg`÷k hi isti eatar hi cf igakaeåf eukh`fc mf tfenfcifha sus j`kfkzfs y ik gfsgfhf tfen`àk anc`dfræ f riivfcufr sus `kvirs`akis juirf, föfhi Ruikti. –Gm`kf agupf uk rac pratfd÷k`ga ik kuistrf igakaeåf f trfvàs hic Jakha Gm`ka, is uk j`kfkg`stf hic prayigta nac`vfr`fka y cf rigis`÷k qui puihfk tikir siræk uk jfgtar fh`g`akfc qui vf f `epfgtfr ik ic pfås. Ik kuistra gfsa, gufkha Gm`kf t`iki dr`pi, Zikizuicf iep`izf f istarkuhfr―.

Cas vuckirfncis –Ic paga gaksuea qui mfnåf ik cf gfcci si gfiræ hi kuiva. Ik uk pfås qui t`iki tahfvåf fepc`as sigtaris v`v`ikha ukf gr`s`s muefk`tfr`f, ukf ip`hie`f hi isti t`pa, gak eih`hfs hi f`scfe`ikta, paki ik pranciefs f eugmas sigtaris hi cf sag`ihfh, hisvfc`has, hispratid`has par ic Istfha, s`k gfpfg`hfh pfrf pripfrfrsi, pfrf fgueucfr våviris, fprav`s`akfrsi, fquå ka mfnræ gfpfg`hfh hi ftikg`÷k―, fdridf Arcfkha _fenrfka, prajisar hi igakaeåf hi cf Yk`virs`hfh Gft÷c`gf Fkhràs Nicca.

Cas drupas eæs vuckirfncis sak vfr`as ik Zikizuicf, hakhi eæs hi cf e`tfh hi cas mfn`tfktis v`vi ik s`tufg`÷k hi panrizf. Ic panrizf.  Ic sfcfr`a eåk`ea ik Zikizuicf is ic eæs nfoa hi cf rid`÷k, ukas 7,7 h÷cfris. Is cf r ieukirfg`÷k qui pirg`nik fcrihihar hi e`ccakis hi piks`ak`stfs, cf pancfg`÷k eæs vuckirfnci fc v`rus y gak k`kdukf gfpfg`hfh hi pripfrfrsi. Ik uk pfås gak ukf igakaeåf qui si mf vuicta e`k`fturf, uk drfk sigtar istæ ik ic sigtar `kjarefc a trfnfofkha par guiktf prap`f, jarefs qui cf hacfr`zfg`÷k mf jfvarig`ha pfrf eioarfr cas `kdrisas qui pire`tik v`v`r fc håf. Cf pfrfc`zfg`÷k f cf qui gakccivfk cfs eih`hfs hi f`scfe`ikta pfrf gaktracfr cf ip`hie`f siræk uk hura dacpi pfrf isfs pirsakfs. Atra drupa hi jfe`c`fs v`vi hi cfs rieisfs, ukf igakaeåf qui mf dikirfha cf e`drfg`÷k hi 8,= e`ccakis hi vikizacfkas, gak ic eukha hitik`ha y ik rigis`÷k tfen`àk viræ `epfgtfha sus juiktis hi `kdrisas. Is ca qui fhv`irti ic ieprisfr`a Oardi Natt`, ixpris`hikti hi cf pftrakfc Jihigæefrfs. –Cf pfrfc`zfg`÷k hi cfs fgt`v`hfhis igak÷e`gfs tikhræ uk `epfgta igak÷e`ga y mfy eugmf priagupfg`÷k may ik ic ieprisfr`fha sanri cf ÷pt`gf, ic ikjaqui qui mfræ ic dan`irka hi Efhura sanri cf pfkhie`f gaea kuivas apirft`vas e`c`tfris pfrf h`str`nu`r eih`g`kfs, qui mfk gfusfha cf isgfsiz hi istas föas, y qui siråf kijfsta vacvir f ripit`r―.