Option Adjustments
July 7, 2022 | Author: Anonymous | Category: N/A
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\ ol a \ r ro ol r l `` o l a u uss u t t g g``eet t f ffoossn n h hss h
\rol` olaustg`et fosnhs \k g`, suhh`ssiuc trolned oel cked t`rg prkintofncnty wntb kptnkes r`qunr` sjncciuc trol` olaustg`et t`hbenqu`s. Olaustg`et l`hnsnkes or` port ckdnh, port ort. \b`s` ekt`s ollr`ss tb` fosnh ckdnhoc osp`hts ki tb` l`hnsnke prkh`ss. \b` ort ki olaustg`et ns o trol`r l``p`roel tkpnh tbot kenetb` nelnvnluoc p`rskeocnty oel `xp`rn`eh` ki tb` hoe f`l`p`els lnshuss`l o sufs`qu`et pr`s`etotnke. \b`s` ekt`s ossug` o fosnh jekwc`ld` ki kptnkes oel iogncnornty wntb typnhoc rnsj dropbs oel kptnke Dr``js.
Tby olaust; ↖Kfa`htnv`s Gorj`ts ror`cy gkv` ne krl`rcy strondbt cne`s kr tk oe `osncy pr`lnhtofc` tord`t prnh`. F`hous` tb` gktnke ki gorj`ts ns gkst kit`e `rrotnh, trol`rs tbot or` ic`xnfc` oel r`spkesnv` tk bkw tb` gorj`t ohts or` tb` ke`s wbk t`el tk sbkw cked t`rg stofc` prkintofncnty. prkintofncnty. –Olaustg`et tbnejned‗ ns ttb`r`ikr` b`r`ikr` r`occy o g`oes ki oloptned tk oel hboedned wntb gorj`t hkelntnkes. Tb`e nt hkg`s tk tb` hkr` kfa`htnv`s ki tbns opprkohb tk trolned, olaustg`ets tk kptnke pksntnkes or` l`snde`l tk ?. Ckhj ne dones kr ckw`r kv`rocc pksntnke hkst, oel 6. V`luh` kr sbnit rnsj wbnc` ngprkvned pksntnke c`v`rod` @ohb ki tb`s` dkocs hoe f` ohbn`v`l nelnvnluoccy kr ne hkgfneotnke vno o trol` olaustg`et. Tb`e o trol` ns dkned ykur woy, yku wncc `v`etuoccy f` ioh`l wntb o l`hnsnke pknet wb`r` yku hoe ckhj ne skg` ki tbks` dones. Ni yku fuy o hocc oel nt nehr`os`s ne vocu`, yku or` nentnoccy ioh`l wntb tb` boppy lnc`ggo ki c`ttned tb` pksntnke rnl` kr hcksned nt oel pkhj`tned tb` prkint. Gy r`hkgg`elotnke, oel tb` pr`gns` ki tb` olaustg`et pbnckskpby, ns tk hoptur` skg` ki tbks` dones wbnc` pr`s`rvned skg` iurtb`r pkt`etnoc kppkrtuenty. Tbnc` tb` l`toncs ki wb`e oel bkw tk olaust wncc f` lnshuss`l f`ckw, b`r`„s o sngpc` `xogpc` ki bkw olaustg`et tbnejned wkrjs1 Fuy 0= strnj` hocc ikr $6. \b` e`xt loy tb` hocc vocu` bos nehr`os`l tk $8. Nest`ol ki hcksned ikr tb` $? prkint, s`cc s`cc tb` 00 s strnj` trnj` hoc hoccc ikr $? hr hr`otned `otned o ccked ked v`rtnhoc 0=/00 hocc spr`ol ikr o e`t l`fnt ki $?.
Tntb tbns olaustg`et, yku„v` ckw`r`l tb` kv`rocc pksntnke hkst (Kfa`htnv` #?) oel r`luh`l rnsj (Kfa`htnv` #6).
© Gnhbo`c
Hotkcnhk 6==4
?
\ ol a \ r ro ol r l `` o l a u uss u t t g g``eet t f ffoossn n h hss h
Ki hkurs` ekt `v`ry trol` wncc wncc sbkw oe ngg`lnot` prkint. Olaustg`ets hoeekt ture cks`rs netk wnee`rs, fut, fy pursuned tb` twk j`y kfa`htnv`s, yku hoe kit`e s`t up tb` lyeognhs tbot ture tb`s` cksned trol`s orkuel. \bus, wb`e o trol` ns ekt dkned ykur woy, rotb`r tboe hcks` tk toj` tb` ckss, yku hoe l`hnl` ni gojned skg` jnel ki olaustg`et wncc lnr`ht yku tkworl tb` j`y kfa`htnv`s. @xogpc`1 Krndneoccy cked o 0= strnj` hocc ikr $6. \b` e`xt loy tb` hocc vocu` l`hcne`s tk $?. Nest`ol ki tojned tb` ckss fy hcksned tb` pksntnke, s`cc twk 00 strnj` hoccs ikr $=.0= `ohb c`ovned yku wntb o e`t rotnk trol` ki +? 0= hocc/-6 00 hoccs ikr o e`t l`fnt ki $?.
Tntb tbns olaustg`et yku„v` ckw`r`l tb` kv`rocc pksntnke hkst (Kfa`htnv` #?) wbnc` sbnitned oel ocndened tb` prkint zke` ki tb` pksntnke wntb tb` gorj`t (Kfa`htnv` #6). Tbot N g`oe fy –ocndened tb` prkint zke`‗ ns sngpcy tbot tb` olaust`l pksntnke wncc r`hkv`r vocu` gkr` qunhjcy ni tb` uel`rcyned prnh` r`tures tk ykur krndneoc fuccnsb p`rsp`htnv`. N„cc l`i`r lnshussnke ki tb` oll`l rnsj tbot tb` `xtro sbkrt 00 hocc olls ikr ekw, fut ckdnhoccy try tk ikhus ke bkw tb` vocu` ki tb` 0= strnj` wncc r`hkv`r iost`r ni tb` hkst ki tb` trol` ns $? v`rsus tb` krndneoc $6 l`fnt.
Xuggory \b` dkoc ki olaustg`et tbnejned ns uctngot`cy tk inel woys tk ngprkv` ykur cked t`rg trolned suhh`ss. \b` j`y f`e`int ki gojn gojned ed olaustg`ets ‘ os kppks`l tk sngpcy hcksned wneened kr cksned trol`s ‘ ns tk hketneuoccy ine` tue` ykur pksntnke tk `xtroht skg` iurtb`r pkt`etnoc r`worl. Ckkj ikr kppkrtuentn`s tk ckhj ne dones oel/kr sbnit ykur prkint zke` gkr` iovkrofcy.
© Gnhbo`c
Hotkcnhk 6==4
6
\ ol a \ r ro ol r l `` o l a u uss u t t g g``eet t f ffoossn n h hss h
Tbot or` olaustg`et trol`s; ↖Iuelog`etoc pksntnke typ`s Nelnvnluoc kptnkes or` cnj` funclned fckhjs. \b`y hoe f` hkgfne`l ne hkuetc`ss woys wntb e`orcy neinent` neinent` r`worl oel rnsj prkinc`s. Fut wb`e nt hkg`s rndbt lkwe tk fosnhs, tb`r` or` ikur iuelog`etoc typ`s ki trol` tbot e``l tk f` gost`r`l ikr gojned olaustg`ets tk aust ofkut oey pksntnke1 ?. 6. 8.
\ ol a \ r ro ol r l `` o l a u uss u t t g g``eet t f ffoossn n h hss h
@xogpc` ?1 Pptr`el 8= loys uetnc `xpnrotnke. Xtkhj ot $2=. Z8=% NY ossug`l tbrkudbkut `xogpc`.W Fuy ke` 2= hocc ikr $6.>= l`fnt.
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\ ol a \ r ro ol r l `` o l a u uss u t t g g``eet t f ffoossn n h hss h
66 loys uetnc `xpnrotnke. Xtkhj prnh` rns`s tk $22. Fuy 20 hocc ikr $= hoccs ikr $?.2= `ohb, fuy ke`>0 hocc ikr $=.9= tk hr`ot` hkelkr ikr e`t $?.6= l`fnt Futt`ricy tk Hkelkr olaustg`et $?,===
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\ ol a \ r ro ol r l `` o l a u uss u t t g g``eet t f ffoossn n h hss h
E`xt, c`t„s ckkj ot olaustg`ets e``l`l wb`e tb` gorj`t wnels fckw kppksnt` ykur nentnoc pksntnke oel tb`e hketneu` wntb uestkppofc` doc` ikrh` ne ykur ioh` @xogpc` 61 Lkwe tr`el 8= loys uetnc `xpnrotnke. Xtkhj ot $2=. Z8=% NY ossug`l tbrkudbkut `xogpc`.W Fuy ke` 2= hocc ikr $6.>= l`fnt. Cked hocc $?,===
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\ ol a \ r ro ol r l `` o l a u uss u t t g g``eet t f ffoossn n h hss h
62 loys uetnc `xpnrotnke. Xtkhj prnh` ioccs tk $42. X`cc twk 20 hoccs ikr $=.9= `ohb tk hr`ot` Votnk ikr e`t $?.4= l`fnt Cked hocc tk Votnk olaustg`et $?,===
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69 loys uetnc `xpnrotnke. Xtkhj prnh` l`hcne`s tk $49. Fuy ke` 40 hocc ot $8.?=, s`cc twk 2= hoccs ot $?.?= `ohb, fuy ke` 20 hocc ot $=.8= (n.`. oll o futt`ricy) tk hr`ot` oe –kp`e rotnk hkelkr‗ e`t pksntnke ki +? 40H/-? 2=H/-? 20H ikr o e`t $6.>= l`fnt. Icy rkcc tk Votnk olaustg`et $?,===
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\ ol a \ r ro ol r l `` o l a u uss u t t g g``eet t f ffoossn n h hss h
66 loys uetnc `xpnrotnke. Xtkhj prnh` ioccs tk $46. Fuy 4= hocc ikr $8.?
\ ol a \ r ro ol r l `` o l a u uss u t t g g``eet t f ffoossn n h hss h
O ekt` ke fkx trol`s Ne tb` pr`h`lned `xogpc`s, N„v` trn`l tk l`gkestrot` tb` g`hboenhs oel rotnkeoc` f`bnel fosnh olaustg`et l`hnsnkes. N„v` purpks`iuccy trn`l tk sbkw bkw olaustg`ets suhh``l oel bkw tb`y rue netk trkufc` fy sngucotned twk `xtr`g`s ki gorj`t f`bovnkr1 hketneuoc fuccnsb oel f`ornsb gkv`s. \b`r` or` uehkuetofc` woys tbot o gorj`t hoe p`rikrg oel, tbus, e`orcy neinent` olaustg`et r`spkes`s. C`it kut ki tb` lnshussnke bos f``e tb` us` ki tb` ikurtb iuelog`etoc trol`, tb` fkx spr`ol. Os stot`l ofkv`, tb` fkx ns o sp`hnoc olaustg`et tkkc tbot ns f`st us`l tk ckhj ne prkint wb`e yku or` ueh`rtone ofkut iutur` lnr`htnke. lnr`htnke. Ki hkurs` ne `xogpc` ke`, tb` tbnrl stod` olaustg`et tk tb` futt`ricy irkg tb` v`rtnhoc ocsk nevkcv`s oe ueh`rtonety ofkut iutur` gorj`t lnr`htn lnr`htnke. ke. O fkx trol` hkucl bov` austninofcy f``e us`l nest`ol ki tb` icy. \bot„s port ki wbot goj`s trolned suhh`ssiuccy suhb o hbocc`ed` oel ke` ki tb` r`oskes wby N vn`w trolned os o cni`cked c`orened prkh`ss.
Xuggory \rol` olaustg`ets hoe f` tbkudbt ki os ikcckwned o l`hnsnke tr`` prkh`ss. Os prnh` oel tng` hboed`, tb` gorj`t, nts`ci, lnhtot`s tb` e``l tk sbnit ykur pksntnke. \b` fosnh s`qu`eh` ki olaustg`ets s``js tk hketneuoccy sbnit oel gklniy o pksntnke ne cne` wntb wntb prkint pkt`etnoc oel hkst r`luhtnke prnehnpc`s. \b` g`hboenhs ki tb` trol` s`qu`eh` w`r` kutcne`l usned twk `xtr`g` `xogpc`s oel sbkw`l bkw olaustg`et tbnejned s``js tk olopt tb` trol` fos`l ke wbot tb` gorj`t kii`rs.
© Gnhbo`c
Hotkcnhk 6==4
?2
\ ol a \ r ro ol r l `` o l a u uss u t t g g``eet t f ffoossn n h hss h
Tb`e tk olaust; ↖L`inened ykur l`hnsnke pknets Ekw tbot N„v` wocj`l yku tbrkudb skg` fosnh (oel bkp`iuccy hc`or) s`t ki g`hboenhoc gkv`s tk goj` olaustg`ets tk fktb wneened oel cksned pksntnkes, w` d`t tk tb` borl port1 l`hnlned `xohtcy wb`e oel wb`r` tk wb`r` tk ngpc`g`et tb` olaustg`ets. \b` bke`st oesw`r ns tbot ek ke` jekws ikr sur` wb`e nt ns tb` f`st tng` tk shn`etninh h `et`rprns`, o olaust o trol`. trol`. Ni nt w`r` trucy o g`hboenhoc oel pur`cy shn`etnin hkgput`r hkucl f` prkdrogg`l wntb occ tb` e`h`ssory ruc`s, ckdnh oel l`hnsnke gotrnh`s oel nt wkucl f`hkg` oe outkgotnh gke`y gohbne`. Ne o eutsb`cc, tb`r` ns r`occy kecy ke` r`oske tk olaust o trol` oel tbot ns f`hous` tb` vocu` ki ykur pksntnke hboed`s. Ki hkurs` tbns f`ds ttb` b` qu`stnke, –Bkw guhb lk`s tb` vocu` ki gy pksntnke bov` tk hboed` tk hkgp`c g` tk lk skg`tbned ofkut nt;‗ N oesw`r tbns woy1 Tb`e tb` vocu` ki o pksntnke hboed`s sndeninhoetcy fy fy guhb gkr` kr guhb c`ss tboe roelkg `xp`htotnke, N olaust tb` trol`. trol`. Bkw lk yku dk ofkut quoetniyned tb` –guhb gkr`‗ kr –guhb c`ss‗ ogkuet; \b`r` or`, odone, ek borl oel iost ruc`s ikr tb`s` jnels ki g`trnhs fut, ne prnehnpoc, wbot ikcckws ns ns tb` g`tbkl N us`. Os yku l`v`ckp ykur kwe ofncnt ofncntn`s n`s oel styc`, yku„cc inel skg` uenqu` potb tkworl l`t`rgnened ykur kwe l`hnsnke pknets.
\rolned tb` dops Ikr `v`e o hosuoc kfs`rv`r, ineoehnoc gorj`ts lnspcoy o fn-pkcor hboroht`r. Gkst ki tb` tng`, gorj`ts t`el tk g`oel`r ongc`sscy oel s``g tk lk ocgkst ektbned. \b`s` p`rnkls ki r`cotnv` hocg or` tb`e sull`ecy bnt wntb spkrolnh fursts ki hboks. Tb`tb`r yku wothb tb` g gorj`ts orj`ts kecy khhosnkeoccy ke o gket gketb b tk gketb fosns kr ikcckw `ohb squnddc` oel fkueh` s`hkel fy s`hkel, s`` tb` sog` f`bovnkroc pb`ekg`eo1 stodeotnke ikcckw`l fy `xtr`g` prnh` yku„cc spnj`s. Psned gkr` stotnstnhoc coeduod` tk l`shrnf` tbns f`bovnkr, p`rnkls ki ckw vkcotncnty or` frkj`e fy khhosnkeoc ‘ fut fy ek g`oes ror` ‘ gkg`ets ki uestofc` oel bndb vkcotncnty. \b` ir`qu`ehy oel godent godentul` ul` ki lnshketneukus kut kutcn`r cn`r prnh` gkv`s (n.`. dops ki dr`ot`r tboe twk kr tbr`` stoelorl l`vnotnkes) tbot gorj`ts `xbnfnt l`iy krtbklkx `xp`htotnkes ikr ekrgoc stotnstnhoc f`bovnkr. Ne tb` fkkj \b` (Gns)F`bovnkr ki Gorj`ts, F`eknt Goel`cfrkt lnshuss`s bkw tb` goey fnd pcus oel gneus loncy p`rh`etod` hboed`s ne tb` Lkw l`iy tb` ossugptnkes roelkge`ss. Ne ke` hos` ‘ tb` hrosb ki ?>24 ‘ Goel`cfrkt pknets kut tbot tb` ke` loy 0=2 pknet (6>%) l`hcne` ne tb` Lkw r`pr`s`et`l o 66 ψ gkv` (o ? ne ?= 0= prkfofc` `v`et). Ne ktb`r wkrls, tbns gnel-fkddcned gkv` sbkucl ekt bov` khhurr`l y`t dnv`e tb` jekwe od` ki tb` uenv`rs`.
© Gnhbo`c
Hotkcnhk 6==4
?>
\ ol a \ r ro ol r l `` o l a u uss u t t g g``eet t f ffoossn n h hss h
\bkudb oe `xtr`g` `xogpc`, tb` „24 hrosb ns ekt oe nskcot`l nskcot`l `v`et. Ek gott`r bkw yku portntnke kr shoc` tb` gorj`ts fy o tng` irog`, tb`s` –iot-tonc‗ `v`ets (skhocc`l f`hous` ki tb` cord`r tboe `xp`ht`l snz` oel ir`qu`ehn`s tb`s` `v`ets khhupy ke f`cc hurv`-typ` dropbs) bopp`e gkr` kit`e tboe ekrgoc lnstrnfutnke hochucotnkes wkucl pr`lnht. Ne ioht, tb`s` kutc kutcn`r n`r dops s``g tk opp`or os kit kit`e `e os keh` ne `v`ry ?== kr 6== uents ki tng` ‘ odone tb` tng` irog` hkucl f` cord` suhb os gketbs kr `v`e y`ors ‘ kr v`ry sgocc suhb os gneut`s kr s`hkels. \bns ueh`rtonety ofkut tb` f`bovnkr ki prnh`s ns o cord` port ki wbot goj`s tb` kptnkes gorj`t suhb o i`rtnc` sp`hucotnv` r`ocg ne tb` inrst pcoh`. Ikr kur purpks`s, w` hoe us` tbns neikrgotnke ikr l`t`rgnened oe oesw`r tk tb` h`etroc qu`stnke ki –Tb`e ns nt tng` tk goj` oe olaustg`et;‗
Psned NY tk s`t olaustg`et trndd`r pknets Ikr oey kptnke oel, fy `xt`esnke, oey hkgfneotnke ki kptnkes tb` prnh` ponl (kr skcl) hoe f` `xpr`ss`l os o vkcotn vkcotncnty cnty eugf`r. Ne tb` pr`vnkus `xogpc`s wbnhb sbkw`l tb` g`hboenhs ki tb` olaustg`et l`hnsnke tr``, tb` ossug`l ngpcn`l vkcotncnty (NY) wos 8=%. tkBkw`v`r, wkrjned yku hkucl nest`olyku us`l prnh` neikrgotnke l`t`rgne` tb` NY.fohjworls, Tntb oe kptnke prnhnedbov` hochucotkr, hoe skcv` ikr NY fy bovned kecy tb` prnh`s ki tb` kptnke, tb` uel`rcyned oss`t oel ktb`r hketroht porog`t`rs. Keh` yku bov` l`t`rgne`l tb` NY ki ykur pksntnke, yku ekw bov` o tkkc ikr l`t`rgnened wb`e o dop khhurs tbot trndd`rs oe olaustg`et r`spkes`. \rndd`r pknets ikr g` or` l`ine`l os gkg`ets wb`e `ntb`r prnh` kr tng` hboed`s –t`cc‗ g` tbot ohtuoc vkcotncnty ns v`ry lnii`r`et tboe wbot N bov` ckhj`l gys`ci netk wntb gy nentnoc trol`. N us` fosnh hochucotnkes ki stoelorl l`vnotnkes (ψ) tk `stofcnsb ekrgoc gorj`t –ekns`‗ tbot N hoe tb`e `ss`etnoccy ndekr` v`rsus –hcornke hoccs‗ tbot sndeoc dop `v`ets kr sndeninhoet hboed`s ne gorj`t vkcotncnty. \k hochucot` stoelorl l`vnotnke oel troescot` tbns netk o prnh` trndd`r tbr`sbkcl, tb` ikrguco ns1 ?ψ 7 (] * Y)/(t)U.0 Tb`r` ] 7 ]rnh` ki tb` uel`rcyned oss`t ot ykur trol` `etry (kr cost l`hnsnke pknet) Y 7 tb` ngput`l vkcotncnty ki ykur pksntnke t 7 Pents ki tng` `xpr`ss`l os tb` irohtnke (kr guctnpc`) ki trolned loys ne o y`or Fy oel - os tk yku„cc s`` - kut ki prohtnhocnty, tb` eugf`r ki trolned loys ne ohkev`etnke y`or or` ossug`l f` 606.
© Gnhbo`c
Hotkcnhk 6==4
6=
\ ol a \ r ro ol r l `` o l a u uss u t t g g``eet t f ffoossn n h hss h
@xogpc`1 Tbot ns o ke` loy, snedc` stoelorl l`vnotnke prnh` gkv` ikr o stkhj trolned ot $2= wntb oe NY ki 8=%; ?ψ 7 7 (2= * .8=)/(606)U.0 7 ?.0?
\bus, tbns +/-?.0? r`pr`s`ets o snedc` stoelorl l`vnotnke gkv` ne ke` loy ke kur bypktb`tnhoc stkhj. Keh` yku jekw ψ, yku hoe l`ine` ykur –ekns`‗ zke` fy r`i`rrned tk o prkfofncnty hbort ikr o ekrgoc lnstrnfutnke *. \bns ns oe opprkxngot` oel rulng`etory g g`tbkl `tbkl fut ns o r`oskeofc` prohtnh` ikr frohj`tned kut oey prnh` gkv`g`ets tbot yku or` wnccned tk ndekr`. Os o stort, c`t„s ossug` tbot gorj`t ekns` nevkcv`s oey jnel ki prnh` gkv` c`ss tboe ?.0 ψ wbnhb wkucl nehcul` 29.9%ki `xp`ht`l prnh` f`bovnkr. Ikcckwned tb` ofkv` `xogpc`, ?.0ψ `quocs $6.64 sk w` or`, fy inot, l`hnlned tbot oey ke` loy prnh` gkv` c`ss tboe +/- 6.64 wncc f` ndekr`l. Fut ni prnh` skg`bkw dk`s f`ykel tbns c`v`c, w` or` l`t`rgnened tbot tb` gkv` ns sndeninhoet `ekudb tk austniy gojned oe olaustg`et tk tb` pksntnke. Tntb tbns eugf`r yku hoe ekw dk fohj oel pcud ne o –wbot ni‗ sh`eornk netk tb` kptnke prnhned hochucotkr tk pr`-l`t`rgne` wbot prnh` yku„cc e``l tk goj` oe olaustg`et ot kr sngpcy aust wont ikr tb` prnh` tbr`sbkcl tk f` r`ohb`l ne tb` gorj`t pcoh` oel tb`e `x`hut` ykur olaust olaustg`et g`et trol`. Xk, ikr nestoeh`, ni tkgkrrkw tb` $2= stkhj yku `et`r`l oe 2= hocc purhbos` wntb tkloy, trol`s ot $26.8=, yku jekw yku sbkucl goj` oe olaustg`et tk, ikr nestoeh`, s`cc tb` 20 hocc tk hkev`rt netk o v`rtnhoc spr`ol.
\ng` & vkcotncnty1 Ollntnkeoc l`hnsnke lrnv`rs Ni yku ckkj fohj ot tb` ikrguco ikr l`t`rgnened stoelorl l`vnotnke yku„cc cnj`cy wkel`r ofkut wbot tb` ocsk hkrr`ht tng` (bkurs, w``js, `th.) sbkucl ikr l`hnsnkes. ^ku wncc cnj`cy f`irog` hurnkus ofkutloys, tb` us` ki –trolned‗ loys f` v`rsus hoc`elor loys ikr tb` hochucotnke.
*
Ikr
tbks` e``lned o r`ir`sb`r ke prkfofncnty, o snedc` stoelorl l`vnotnke r`pr`s`ets 92% ki tb` cnj`cy kuthkg`s. Os yku oll ψ yku nehr`os` tb` –or`o uel`r tb` f`cc hurv`‗ kr prkfofncnty tbot oe `v`et wncc khhur. \bns tofc` wncc b`cp yku `stofcnsb `stofcnsb tb` eugf`r ki stoelorl l`vnotnkes oel tb` hkrr`spkelned prkfofncntn`s1 ]rkfofncnty ψ ?.= 92.8% ?.0 29.9% 6.= >0.2.2% 8.= >>.4%
© Gnhbo`c
Hotkcnhk 6==4
6?
\ ol a \ r ro ol r l `` o l a u uss u t t g g``eet t f ffoossn n h hss h
\k ollr`ss tb` trolned v`rsus hoc`elor nssu` inrst, tb` prohtnhoc r`oske ikr usned trolned loys ns sngpcy tbot yku hoe lk ektbned ofkut ykur pksntnkes wb`e tb` gorj`t ns hcks`l. Os N ekt`l, tbns nns s o hkev`etnke, fut tk g` nt ns o v`ry r`oc oel hkestronened osp`ht ki trolned. Psned trolned loys kr irohtnkes tb`r`ki or` o lnshnpcne` oel bofnt N„v` olkpt`l. Os tk wbnhb tng` irog` tk ikhus ke, tb`r` or` twk j`y hkesnl`rotnkes. Ke` ns tb` eotur` ki ykur pksntnke: tb` s`hkel ns tb` r`ocnty ki bkw hcks`cy yku hoe gkentkr tb` gorj`t. Ni yku or` o r`tonc trol`r, nt ns uecnj`cy tbot yku hoe f` dcu`l ttk ko trolned shr``e iucc-tng`. Nt ns tb`r`ikr` ngprohtnhoc tk s`t o tn tng` g` irog` ki c`ss tboe o loy. \bns wncc kfvnkuscy g`oe ttbot bot yku gndbt gnss skg` net`r`stned oel trolofc` netroloy gkv`g`ets. Fut wntb t`hbekckdy oel tb` ic`xnfc` g`oes ki `et`rned hkgpc`x oel hketned`et trol` krl`rs, nt ns i`osnfc` tk hr`ot` oe outkgot`l oc`rt syst`g ikr sndeocned tbot ykur prnh` tbr`sbkcl bos f``e bnt os w`cc os hkeinrgned tbot oe krl`r bos f``e `x`hut`l. \b` eotur` ki tb` trol` ns tb` gkst sndeninhoet iohtkr ne s`ttned ykur tng` irog` oel olaustg`et tbr`sbkcl. tbr`sbkcl. Inrst ki occ, oe ng ngpcn`l pcn`l ossugptnke tbrkudbkut tbns pr`s`etotnke bos f``e tbot pksntnkes or` hr`ot`l usned irket gketb kptnkes s`rn`s. Tntbcked`r o sbkrt tng tng` `pksntnkes, bkrnzke, yku„cc o ikhus ke loncy pknets worroet`l. Ni yku trol` t`rg cnj`cy woet l`hnsnke tk shoc` kut tb`nstng` irog` tk s`v`roc loy net`rvocs kr p`rbops o w``j ot o tng`. Z@v`e wntb o cked t`rg pksntnke, tbkudb, N wkucl ekt r`hkgg`el usned oey tng` net`rvoc cked`r tboe ke` w``j ikr hochucotned ykur trndd`r vocu`s.W E`xt, yku e``l tk pcoe ykur olaustg`et strot`dy fos`l ke wb`tb`r yku or` cked kr sbkrt pr`gnug (n.`. pksntnv` kr e`dotnv` doggo). Ni yku or` cked pr`gnug, pr`gnug, yku e``l tk hketneuoccy hbnp owoy ot ykur hkst fosns tk poy ikr tb` trol`. \b`r`ikr` yku„cc cnj`cy woet ykur tng` irog` tk f` sbkrt ‘ o loy, oe bkur kr `v`e c`ss ‘ tk `esur` tbot yku hoptur` os guhb gkv`g`et (vkcotncnty) os pkssnfc`. Oe net`r`stned hkes`qu`eh` ki tbns ns tb` ngpoht ki gorj`t kp`e ke o pksntnke. Kit`e, `sp`hnoccy ke tb` inrst trolned loy ki tb` w``j, tb` gorj`t w wncc ncc dop. Tb`e N„g ne o cked pr`gnug pksntnke, N wncc ckkj ot tbot kp`e oel olaust fos`l ke tndbt`r porog`t`rs. Ikr nestoeh`, ni ekrgoccy NN„g „g ikhus`l ke o loncy trndd`r, N gn gndbt dbt ckkj ot tb` ke` bkur tbr`sbkcl lurned o s`ssnke kp`e. Tntb kur stkhj `xogpc`, tbot wkucl g`oe tbot tb` ?.0ψ ns ohtuoccy +/-$=.0> Z(2=*.8)/ (9.0 bkurs*606 loys)U.0W sk nest`ol ki wontned ikr o +/-$6.64 loncy gkv`, ni tbot $=.0> tord`t d`ts surposs`l e`or tb` kp`ened N„g ckkjned tk goj` o gkv`. Ni yku or` sbkrt pr`gnug, pr`gnug, yku wncc woet tk wont os cked os pkssnfc` f`ikr` gojned oe olaustg`et tk occkw ykur tb`to l`hoy tk hr``p ne. Ne tbot hos` yku goy s`t ykur tng` irog` tk ke` w``j oel/kr gkv` ykur loncy l`hnsnke pknet kut tk twk kr `v`e twk oel boci ψ.
© Gnhbo`c
Hotkcnhk 6==4
66
\ ol a \ r ro ol r l `` o l a u uss u t t g g``eet t f ffoossn n h hss h
Ykcotncnty 7 tng` (oel vnh` v`rso) Ke` ineoc hkesnl`rotnke ns tb` ngpoht ki tng tng` ` ke olaustg`et strot`dy. Nt bos f`hkg` o hcnhbî tk sp`oj ki kptnkes os o –wostned oss`t.‗ Fut c`t„s tbnej tbrkudb oel f`ykel tb` trunsg. Ke` ki tb` iinrst nrst c`orened burlc`s o trol`r bos tk kv`rhkg`, drosp oel nestncc ns tb` eotur` ki `xtrnesnh pr`gnug kr pr`gnug kr tb` vocu` ki oe kptnke f`ykel nts ne-tb`-gke`y prnh`. Ni OFHL@ stkhj ns trolned ot $06.== oel tb` 0= strnj`7 hocc ns trolned ot $0.==, bos $8.== ki ns `xtrnesnh pr`gnug tk Z0- (06-0=) 8W. N„v` purpks`iuccy c`ittbot kutkptnke bkw ior tbns kptnke irkg `xpnrotnke d`t yku tk tbnej ofkut bkw `xtrnesnh vocu` hoe f` hkeh`nv`l `ntb`r os o vkcotncnty kr o tng` iuehtnke. Ni yku w`r` tkcl tbot `xpnrotnke wos aust ke` loy owoy, wbot wkucl ykur s`es` ki ngpcn`l vkcotncnt vkcotncnty y f`; Bndb kr ckw; Oct`reotnv`cy ni `xpnrotnke ns ke` y`or owoy, wbot wkucl ekw bopp`e tk ykur s`es` ki vkcotncnty; Tb`e yku f`dne tk s`` bkw netrnesnh pr`gnug wkrjs, yku„cc s`es` tb` r`cotnv` nestofncnty oel rnsj tbot nt pks`s. Ne kptnke Dr``j-sp`oj tbns ns wbot hkeh`re ofkut Y`do rnsj ns occ ofkut. Ne t`rgs ki olaustg`et tbnejned, yku bov` ke` gkr` pn`h` ki tb` puzzc` tbot tbot yku„cc e``l tk hkesnl`r. @ntb`r tng` `rksnke kr vkcotncnty vkcotncnty hboed`s hoe (oel wncc) ngpoht oey pksntnke yku bkcl. ^ku e``l tk bov` o hkrr`spkelned s`t ki l`hnsnke hrnt`rno ikr wb`e ykur pksntnke hboed`s nrr`sp`htnv` ki tb` gkv`g`et gkv`g`et ki uel`rcyned oss`t prnh`. \b` stoelorl l`vnotnke hochucotn hochucotnke ke hoe odone b`cp wntb tbns nssu`. T`„v` s``e bkw tk us` o guctnpc` ki stoelorl l`vnotnkes tk s`t up o tord`t tbr`sbkcl ikr l`hnsnke gojned. T` hoe ekw r`ture tbot vocu` tk oe kptnke g gkl`c kl`c tk p`rikrg vornkus wbot-ni typ` qu`rn`s wntb oe `y` tkworl tng` oel vkcotncnty hboed`s. Pel`r tb` prnh` hboed` hrnt`rno w`„v` us`l tb` `xogpc` tbot r`qunr`s oe olaustg`et tk f` gol` ni tb` uel`rcyned gkv`s +/ +/-$6.64 -$6.64 ne ke` loy. Fut wbot ni tb` uel`rcyned lk`s ekt gkv` tbot guhb fut skg`bkw tb` `qunvoc`et ngpoht ki tbot hboed` ns r`ic`ht`l ne tb` prnh`s ki tb` kptnkes; Odone c`t„s ossug` tbot yku bov` purhbos`l tb` 2= hocc wntb wntb tb` stkhj ot 2=. Xneh` yku or` ikhus`l ke wbot bopp`es ni tb` uel`rcyned prnh` gkv`s tbot $6.64 ne o loy, yku hoe pcud ne tb` `xp`ht`l vocu` ki tb` kptnke ot tbks` trndd`r pknets netk o prnhned hochucotkr tk s`` wbot tb` vocu` ki ykur kptnke (os w`cc os ktb`r strnj`s) wkucl f` ot tb` r`sp`htnv` trndd`r pknets. Ni ikr nestoeh`, tb` stkhj w`r` tk lrkp irkg $2=.== tk $44.4= tb` vocu` ki ykur hocc, ossugned NY w`r` tk stoy ot ykur krndneoc 8=% purhbos` c`v`c, wncc lrkp irkg ofkut $6.>= tk $?.2=. \b` prnh` trndd`r ns t`ccned t`ccned yku tk goj` o gkv` ni tb` uel`rcyned lrkps o h`rtone ogkuet. Fut tb` r`oc ngpoht oel tb` j`y ikhus yku or` hkeh`re`l wntb ns tb` vocu` ki ykur pksntnke (tb` oss`t yku bkcl). Xk r`dorlc`ss ki wbot bopp`es tk tb` uel`rcyned prnh`, yku bov` tk f` pr`por`l tk r`oht oel l`i`el ykur pksntnke wb`e nt trol`s ot tb` $?.2= c`v`c. \b` ikcckwned hbort dnv`s yku o icovkr ki bkw NY hboed`s hkgfne`l wntb prnh` hboed` hoe trndd`r tb` e``l ikr oe olaustg`et. ]oy portnhucor ott`etnke tk ekt kecy bkw tb` vornkus iohtkrs ngpoht tb` hkr` pksntnke (tb` 2= hocc) fut wbot
© Gnhbo`c
Hotkcnhk 6==4
68
\ ol a \ r ro ol r l `` o l a u uss u t t g g``eet t f ffoossn n h hss h
bopp`es tk tb` surrkuelned kptnke vocu`s ‘ tbks` yku„cc f` ckkjned ot tk olaust ykur trol`. Loys tk `xpnrotnke
Xtkhj prnh`
NY
2= hocc prnh`
40 hocc prnh`
20 hocc prnh`
8= 6> 6> 6>
2=.== 44.4= 2=.== 4>.==
8=% 8=% ?>% 60%
6.>= ?.2= ?.2= ?.2=
9 9.?= .?=
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