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Shorting Whitney Tilson ValueWalk

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    @isshns Frhl j Ahzin [ijrs hf ]chrt ]i``knb

    Rcktniy Qk`shn

    Vj`ui Knvistknb Mhnbriss Rhrdschp

    Jprk` 5, 5?:1

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    Djsi Mjpktj` Ljnjbilint

    Ks j Uibkstiria Knvistlint Javkshr

    Mjrnibki Cj`` Qhwir

    :95 Rist 92tc ]triit, 16tc F`hhr

    Niw [hrd, N[ :??:;

    (5:5) 522-96?6

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    Aksm`jklir

    QCK] _UI]INQJQKHN K] FHU KNFHULJQKHNJ@ JNA IAYMJQKHNJ@_YU_H]I] HN@[ JNA ]CJ@@ NHQ EI MHN]QUYIA QH MHN]QKQYQIKNVI]QLINQ JAVKMI. NHQCKNB MHNQJKNIA CIUIKN ]CJ@@ MHN]QKQYQIJ ]H@KMKQJQKHN, UIMHLLINAJQKHN HU INAHU]ILINQ QH EY[ HU]I@@ JN[ ]IMYUKQ[ HU HQCIU FKNJNMKJ@ KN]QUYLINQ.

    KNVI]QLINQ FYNA] LJNJBIA E[ RCKQNI[ QK@]HN CJVI ]CHUQ_H]KQKHN] KN LJN[ (EYQ NHQ J@@) HF QCI ]QHMD] LINQKHNIA KN QCK]_UI]INQJQKHN. CI CJ] NH HE@KBJQKHN QH Y_AJQI QCI KNFHULJQKHNMHNQJKNIA CIUIKN JNA LJ[ LJDI KNVI]QLINQ AIMK]KHN] QCJQ JUIKNMHN]K]QINQ RKQC QCI VKIR] IS_UI]]IA KN QCK] _UI]INQJQKHN.

    RI LJDI NH UI_UI]INQJQKHN HU RJUUJNQKI] J] QH QCI

    JMMYUJM[, MHL_@IQINI]] HU QKLI@KNI]] HF QCI KNFHULJQKHN,QISQ, BUJ_CKM] HU HQCIU KQIL] MHNQJKNIA KN QCK] _UI]INQJQKHN.RI IS_UI]]@[ AK]M@JKL J@@ @KJEK@KQ[ FHU IUUHU] HU HLK]]KHN] KN,HU QCI LK]Y]I HU LK]KNQIU_UIQJQKHN HF, JN[ KNFHULJQKHNMHNQJKNIA KN QCK] _UI]INQJQKHN.

    _J]Q _IUFHULJNMI K] NH BYJUJNQII HF FYQYUI UI]Y@Q] JNA

    FYQYUI UIQYUN] JUI NHQ BYJUJNQIIA.-=-

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    -1-

    :5 Uijshns Nht th ]chrt (:)(Ixmirpt frhl Mcjptir :: hf Lhri Lhrtbjbi Li`tahwn)

    ]chrtknb `hhdia ijsy kn 5??3, eut kn rij`kty kt's j erutj``y thubc euskniss. Kn ljny wjys, kt jppijrsth knvh`vi nhtcknb lhri tcjn jpp`yknb tci sjli jnj`ysis hni usis wcin aitirlknknb wcitcir th euyj sthmd7 hn tci `hnb skai, knvisthrs binirj``y siid mhlpjnkis wktc bhha ljnjbilint, strhnb brhwtc,ckbc ljrbkns jna riturns hn mjpktj`, `ktt`i hr nh aiet, m`ijn ej`jnmi sciits, jna sustjknje`imhlpitktkvi javjntjbisj`` jt j `hw prkmi. Mhnvirsi`y, schrt si``irs `hhd fhr wijd hr akschnistljnjbilint, `hw hr nibjtkvi brhwtc, ljrbkns jna riturns hn mjpktj`, ckbc jna knmrijsknb aiet,jmmhunts rimikvje`i jna knvinthry, jna wijd mhlpitktkvi javjntjbisj`` jt j rkakmu`hus`y ckbc prkmi.

    Eut schrtknb ks nht sklp`y tci hpphskti hf `hnb knvistknb. Kt's lumc cjrair jna lhri ajnbirhus fhr

    j nuleir hf rijshns7:. [hur upskai ks mjppia jna yhur ahwnskai ks un`klktiaprimksi`y tci hpphskti hf `hnb phsktkhns. Rcin

    schrtknb sthmds, yhu mhu`a ei rkbct 3?% hf tci tkli, eut tci `hssis frhl tci 5?% hf tci tkli tcjt yhu'ri wrhnbmhu`a ixmiia tci jmmulu`jtia prhfkts. Rhrsi yit, j hnmi-j-mintury sthrl sumc js tci kntirnit euee`i lkbctwkpi yhu hut intkri`y. Kf tciri's ivin j :% jnnuj` rksd hf sumc jn ivint, tcjt tkny rksd trjns`jtis knth j =;.9%mcjnmi hf tci frijd ivint hmmurrknb hvir 9? yijrs.

    5. Qh privint sumc jn hmmurrinmi, lhst schrt si``irs usi sthp `hss `klkts, lijnknb tciy wk`` stjrt mhvirknb tcischrt kf kt runs jbjknst tcil j mirtjkn jlhunt. Qcks lijns schrt si``irs nht hn`y cjvi th ei rkbct jehut j sthmd,

    eut j`sh jehut tci tklknb. Kf j sthmd rksis skbnkfkmjnt`y, ljny schrt si``irs wk`` `hmd kn `hssis, ivin kf tciy jri`jtir prhvin mhrrimt.

    =. Kn hrair th schrt j sthmd, yhu fkrst lust bit tci ehrrhw frhl yhur erhdir, wch cjs tci phwir th mj`` kn tci sthmdyhu'vi ehrrhwia jt jny tklihr, whrsi yit, euy sthmd th mhvir fhr yhu. Erhdirs jri lhst `kdi`y th ah tcisitcknbs kf tci sthmd ks rksknb qukmd`y, jna tciy'ri prheje`y ahknb kt th htcir schrt si``irs js wi`` jt tci sjli tkli,sh j`` hf tcks euyknb prissuri mjn mjusi j sthmd th rksi ivin furtcir, trkbbirknb ivin lhri mhvirknb. Qcksvkmkhus mym`i ks mj``ia j "schrt squiizi" jna kt ksn't prittywi mjn schw yhu tci smjrs hn hur ejmds.

    1. ]chrtknb cjs bhttin lumc lhri mhlpitktkvi. Qciri jri nhw j fiw tchusjna ciabi funas (jna wch dnhws chwljny knakvkauj` knvisthrs) `hhdknb fhr tci sjli cjnafu` hf bhha schrts, kn mhntrjst th j fiw ahzin j mhup`i hfaimjais jbh. Qcks risu`ts kn "mrhwaia" schrts, knmrijsknb tci haas hf j schrt squiizi.

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    -9-

    :5 Uijshns Nht th ]chrt (5)(Ixmirpt frhl Mcjptir :: hf Lhri Lhrtbjbi Li`tahwn)

    9. J schrt squiizi mjn j`sh ei mrijtia kf tci "f hjt"tci nuleir hf scjris tcjt trjai frii`yks suaain`y riaumia.]umc j mjsi hmmurria kn Hmtheir 5??3 wcin _hrsmci, wckmc hwnia =9% hf Vh`dswjbin, unixpimtia`y aksm`hsiatcjt kt cja rjksia kts stjdi kn Vh`dswjbin th 21.:% tcrhubc tci usi hf airkvjtkvis. Qci Birljn stjti hf @hwir]jxhny, wciri Vh`dswjbin ks ejsia, hwns 5?%, sh tcjt `ift j f`hjt hf hn`y jehut 9% hf VR scjris hn tci ljrdit.Qcrii phpu`jr ciabi funa trjais cja eiin th schrt VR ejsia hn wijdinknb mjr ailjna, bh `hnb _hrsmci jnaschrt hut kts hwnirsckp hf VR th "mrijti" hn`y _hrsmci, hr bh `hnb VR prifirria sthmd jna schrt tci mhllhn sthmd,eittknb hn ri`jtkvi unairpirfhrljnmi hf tci mhllhn. Kn jny mjsi, fhr wcjtivir rijshn, nijr`y :=% hf j`` VRmhllhn scjris wiri schrt, sh lhlints jftir _hrsmci jnnhunmia kts ckbcir stjdi, tci lhtcir hf j`` schrtsquiizis insuia jna tci sthmd knstjnt`y qukntup`ia frhl $5?? th hvir $:,???, lhlintjrk`y ljdknb VR tci lhst

    vj`uje`i mhlpjny kn tci whr`a. Qcks wjs ixtrjhraknjrk`y pjknfu` fhr ljny schrts.6. ]chrt si``irs usia th ijrn kntirist hn tci mjsc tciy ci`a wck i tciy wiri schrt j sthmd, eut tcks cjs j` eut

    aksjppijria aui th `hw kntirist rjtisjna erhdirs ivin mcjrbi "nibjtkvi riejtis" hn cjra-th-ehrrhw sthmds,lijnknb tcjt schrt si``irs cjvi th pjy 9%, :?%, :9% hr lhri kn jnnuj` kntirist th bit tci ehrrhw.

    2. Qci `hnb-tirl upwjra trina hf tci ljrdit whrds jbjknst yhu (yis, ei`kivi kt hr nht, ljrdits usia th bh up lhst hftci tkli).

    3. Bjkns jri tjxia jt tci ckbcist, schrt-tirl rjti.

    ;. Kt binirj``y riqukris ljny lhri knvistlint aimkskhns, tciriey knmrijsknb tci mcjnmis hf ljdknb j sirkhus lkstjdi.

    :?. Kt's j schrt-tirl, ckbc-striss, trjaknb-hrkintia sty`i hf knvistknb tcjt riqukris mhnstjnt hvirskbct.::. Lkstjdis curt yhur phrtfh`kh lhri js tciy mhlphuna. Kf yhu ljdi j lkstjdi wktc j hnb phsktkhn, kt eimhlis j

    slj``ir pirmintjbi hf yhur phrtfh`kh js kt arhps. J lkstjdin schrt, chwivir, brhws `jrbir js kt jpprimkjtis.

    :5. Kf yhu bh pue km wktc yhur schrt tcisks, j mhlpjny mjn jttjmd yhu kn ljny wjys7 fk`i j jwsukt (Fjkrfjx), mhlp`jkn thribu`jthrs (wch hmmjskhnj``y knvistkbjti) (LEKJ, Fjrlir Ljm), tjp yhur pchni (J``kia Mjpktj`), itm. J`sh, ixpimt thbit f`jlia hn lissjbi ehjras jna kn tci liakj. Ljny pihp`i vkiw schrt si``knb js ivk` jna un-Jlirkmjn

    Mhnm`uskhn (kn =/?;)7 "wi'`` jbjkn ripijt tcjt, ispimkj``y kn tcks invkrhnlint,

    fhr lhst pihp`i, wi tcknd schrtknb sthmds ks j viry eja kaij."

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    Fkvi Uijshns th ]chrt (:)

    :. Kf yhu'ri viry bhha jt kt, yhu mjn ljdi lhniy hvir tkli5. Cjvknb j schrt ehhd j``hws li th knvist lhri jbbrisskvi`y hn tci hnb

    skai, ehtc kn tirls hf hvirj`` phrtfh`kh phsktkhnknb, knakvkauj` phsktkhnskzis, jna wk``knbniss th tjdi rksds kn mirtjkn sthmds. Ciri jri shliixjlp`is hf wcjt K lijn7

    K whu`an't ei mhlfhrtje`i tjdknb ly funa's `hnb ixphsuri up th :??% kn tci

    murrint ljrdit kf kt akan't cjvi lijnknbfu` schrt ixphsuri4

    K whu`an't cjvi ci`a hnth ly phsktkhn kn Nitf`kx js kt's rksin frhl gust jehvi$9? th lhri tcjn $=6? hvir tci pjst yijr kf hur funa wjsn't schrt j nuleirhf sklk`jr`y vh`jtk`i, spimu`jtkvi sthmds4

    K whu`an't ch`a sumc j `jrbi phsktkhn kn Chwjra Cubcis, jnhtcir cubiwknnir fhr us, kf ly funa wirin't schrt ]t. Ghi, wckmc ks j`sh m`hsi`y tkia th

    tci rij` istjti/chusknb ljrdit4 jna K'l nht suri K whu`a fii` mhlfhrtje`i hwnknb imhnhlkmj``y sinsktkvi sthmds

    `kdi Cirtz jna Jvks kf ly funa wirin't schrt ljny sthmds tcjt K ixpimt whu`aah viry phhr`y kf tci imhnhly wijdins.

    -6-

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    Fkvi Uijshns th ]chrt (5)

    =. J schrt ehhd typkmj``y pjys hff gust wcin yhu niia kt lhst, aurknbsiviri ljrdit aim`knis, prhvkaknb mjscjna tci psymch`hbkmj` ehhstth knvist jbbrisskvi`y hn tci `hnb skai wcin kt's lhst jttrjmtkvi. Kt j`shstils knvisthr riailptkhns, wckmc ks iffimtkvi`y jnhtcir shurmi hfmjsc.

    Qcks ks ixjmt`y wcjt cjppinia th li kn 5??3 jna ijr`y 5??;. Jftir knf`kmtknb

    `hssis js tci ljrdit rhsi frhl ijr`y 5??= tcrhubc Hmtheir 5??2 (tci sjli`inbtc hf tkli js tci murrint eu`` ljrdit), ly suestjntkj` schrt ehhdmusckhnia tci ahwnturnly funa wjs ahwn jpprhxkljti`y cj`f tci ljrditkn 5??3jna j``hwia li th knvist jbbrisskvi`y hn tci `hnb skai, wckmctrjns`jtia knth ekb bjkns jftir tci ljrdit ehtthlia kn Ljrmc 5??;.

    1. K s`iip eittir jt nkbct wktc knsurjnmi. Jt tci eibknnknb hf iviry yijr, K

    wrkti j mcimd fhr chlihwnir's knsurjnmi jna jt tci ina hf tci yijr,wcin ly jpjrtlint cjsn't suffiria frhl j f`hha hr fkri, ly knsurjnmiixpkris whrtc`iss jna K cjvi th euy kt jbjkn. Ks kt j lkstjdi th euyknsurjnmi tcjt turns hut th ei whrtc`iss j`lhst iviry yijr8 Hf mhursinht.

    9. Lhst knvisthrs ixpimt ciabi funas th cjvi j schrt ehhd

    -2-

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    Mjrnjbi kn tci ]chrt ]imthr Qhajy

    Vkiwknb schrtknb js knsurjnmi ks fknijs `hnb js kt's mcijp Eut kt cjsn't eiin mcijptciri's eiin mjrnjbi kn tci schrt simthr sknmi

    Ljrmc 5??;whrst hf j`` kn 5?:=

    Qci jvirjbi schrt-hn`y funa wjs ahwn :9% [QA tcrhubc Hmtheir 5?:=

    ]hli schrt-hn`y funas jri m`hsknb

    ]hli ciabi funas jri stjrtknb `hnb-hn`y funas Ljny ciabi funas jri riaumknb tcikr schrt ixphsuri, hftin suestjntkj``y

    -3-

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    Rcjt ]chrt ]i``irs Jri ]jyknb Ukbct Nhw

    "Eiknb eijrksc kn tci eu`` ljrdit cjs eiin, tcus fjr, j lub's bjli jnaj ciabi jbjknst prhfkts."Ahub Djss

    "Ri'vi j`sh tjdin hur `ulps tcks yijr hn tci schrt skai (jna sknmiLjrmc ;, 5??;) sh wi dnhw chw yhu fii`. Fhr wcjt kt's whrtc, wi jbriitcjt tcks ks tci eist invkrhnlint th fkna schrts jna wi jri siiknb shliknmriake`i hpphrtunktkis. Ri cjvin't siin j vjrkjnmi `kdi tcks eitwiin

    hur `hnbs jna schrts sknmi ijr`y 5??3. ]h, wck`i K fii` `kdi K'l mhviriakn ejtt`i whunas jna cjvi e`hha arkppknb hut hf ly iyi ej``s jt tci inahf ijmc ajy, K jl mhnfkaint wi wk`` ei riwjraia fhr stjyknb tci mhursi."J frkina

    "K ahn't cjvi tci jntkahti th yhur pjkn. Ri'vi eiin e`uabihnia ey tcks

    li`t-up js wi``. Kt's unei`kivje`y unp`ijsjnt. K'vi nivir siin sumcwkaisprija mjpktu`jtkhn jlhnb sijshnia schrt si``irs. Ljny jri hut hfeuskniss. Qcks stritmc ks whrsi tcjn tci kntirnit euee`i fhr li. Kt'smhnstjnt pjkn jmrhss ly intkri schrt ehhd, wcirijs tci kntirnit wjsksh`jtia th hni knaustryjna tcin yhu bht ri`kif wcin tci euee`ieurst."Jnhtcir frkina

    -;-

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    ]ulljry7 K Cjvi Mhnf`kmtknb

    Qchubcts hn ]chrtknb Ukbct Nhw

    K cjvi twh strhnb fii`knbs jehut schrtknb rkbct nhw7:. Kt's j chrrke`i euskniss, kt's mhst li (jna ly knvisthrs) j fhrtuni hvir tci pjst fkvi yijrs, K

    wksc K'a nivir cijra hf kt, jna iviry ehni kn ly ehay wjnts th mhvir iviry sthmd K'l schrtjna nivir schrt jnhtcir sthmd jbjkn4 jna

    5. Kn ly :9-yijr mjriir hf prhfisskhnj` knvistknb, tci hn`y htcir tklis tcjt cjvi eiin jstjrbit-rkmc kn tirls hf gukmy, hevkhus schrts jri `jti :;;;/ijr`y 5??? jna `jti 5??2/ijr`y5??3 (jna wi j`` dnhw chw tchsi inaia).

    ]h wckmc fii`knb jl K bhknb th fh``hw8 K ahn't dnhw, eut tcks K dnhw fhr suri7 tci hn`yhtcir tkli K fi`t `kdi mhvirknb iviry schrt jna eimhlknb j `hnb-hn`y ljnjbir wjsHmtheir 5??2. Jt tcjt tkli, K wint tcrhubc ly schrt ehhd, sthmd ey sthmd, jna sjka,"HD, jl K wk``knb th mhvir LEKJ jt $2?8 Ci`` nh, nht j sknb`i scjri! J``kia Mjpktj` jt$=?8 Ci`` nh, nht j sknb`i scjri! Fjrlir Ljm jt $=?8 Ci`` nh, nht j sknb`i scjri!"

    Jna hn kt wint K mhu`an't erknb lysi`f th mhvir j sknb`i scjri hf jny sthmd K wjsschrttciy wiri j`` "trile`knb-wktc-briia" schrts.

    Jna tcjt's ixjmt`y chw K fii` thajy. K `hhd jt tci sthmds K'l schrtj`` hf wckmc K tckndjri jesura`y hvirvj`uia jna suri th mh``jpsijna fii` kntinsi`y tcjt mhvirknb tcilnhw whu`a ei tci lhst ehnicijaia mjpktu`jtkhn trjai hf j`` tkli.

    Qcjt sjka, un`kdi kn 5??2, K ahn't cjvi tci sjli fhriehaknb fii`knb tcjt tciri's jbhha mcjnmi tcjt tci whr`a wk`` fj`` jpjrt kn tci nixt yijr hr twh (tchubc kt'sphsske`i), wckmc ljdis eiknb schrt tcjt lumc cjrair

    -:?-

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    ]hurmis hf Bhha ]chrt Kaijs

    Htcir schrt si``irs Mu`tkvjti ri`jtkhnsckps, euk`a nitwhrds, trjai kaijs

    Jttina knvistknb mhnfirinmis

    Vj`ui Knvistknb Mhnbriss

    Uhekn Chha Knvisthrs Mhnfirinmi

    Krj ]hcn Mhnfirinmi

    Vj`ui Knvisthr Knskbct

    Vj`uiKnvisthrsM`ue.mhl

    Mjn jmmiss kaijs js j buist wktc j =?-ajy ai`jy

    ]iidknb J`pcj

    ]ulWirh

    Mktrhnrisijrmc.mhl

    ]thmd smriins

    Niwspjpirs, ljbjzknis, euskniss ti`ivkskhn

    @hhd fhr tci lhst cypia nhnsinsi

    -::-

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    @isshn7 Ei Akvirskfkia jna Qry th

    Ljtmc @hnb jna ]chrt _hsktkhns

    Ei akvirskfkia Yntk` rimint`y, K wjs ljnjbknb ly schrt ehhd `kdi K ljnjbi ly `hnb ehhd, eut

    cj`f tci phsktkhn skzi4 tcus, hn tci `hnb skai K cja :5-:9 9-6% phsktkhns jna hntci schrt skai K cja j ahzin phsktkhns jvirjbknb 5.9%

    K `ijrnia tci cjra wjy tcjt j 5.9% schrt phsktkhn ks, kn lhst mjsis, thh `jrbi4 kfsumc j phsktkhn bhis pjrjeh`km, js ljny cjvi ahni tcks yijr, kt's viry pjknfu` jna

    fhrmis yhu th mhvir th ljnjbi rksd Qhajy K cjvi =2 phsktkhns jvirjbknb :.:%, hn`y hni hf wckmc ks `jrbir tcjn 5%

    Qry th ljtmc `hnb jna schrt phsktkhns

    Qciri's j sirkhus lksljtmc eitwiin j `hnb ehhd fhmusia hn sthmds `kdiEirdsckri Cjtcjwjy, JKB, _rhmtir & Bjle`i, Lkmrhshft, jna IxxhnLhek` (K hwntci fkrst twh), jna j schrt ehhd fhmusia hn slj``ir, lhri vh`jtk`i, cijvk`y schrtia,

    ejtt`ibrhuna sthmds Qcisi sthmds tina th ei tci lhst hvirvj`uia jna cjvi tci phtintkj` th fj`` tci

    furtcisthftin, K ei`kivi, :??%eut tciy mjn j`sh rksi tci lhst aurknb pirkhashf ixmiss `kqukakty jna mhlp`jminmy

    Hwnknb rksdkir (jna cijvk`y schrtia) sthmds `kdi Nitf`kx, ljbkmGjmd, Aimdirs jna]hajstrijl cjs hffsit shli hf tci pjkn hn tci schrt skai

    Kf yhu cjvi j `jrbi-mjp, `hw-eitj `hnb ehhd, `hhd fhr schrts `kdi KEL, Knti` jna C_-:5-

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    ]thmds Ysuj``y Fh``hw Ijrnknbs

    Ivin tci lhst wi``-pue`kmkzia, jkrtkbct mjsi tcjt j mhlpjny ks, fhr ixjlp`i, mhllkttknbe`jtjnt jmmhuntknb frjua, ek`dknb kts musthlirs, ks ajnbirhus`y unairrisirvia jnahvir`iviria, itm. ks usuj``y nht inhubc th mjusi tci sthmd th aim`kni ljtirkj``y

    Js `hnb js j mhlpjny mhntknuis th riphrt brhwknb ijrnknbs, kts binirj``y sjfi th

    jssuli tcjt kts sthmd wk`` mhntknui th rksi js wi``

    Ixjlp`is thajy7 Zuistmhr, Rhr`a Jmmiptjnmi, ]thnLhr _jrtnirs

    Cksthrkmj` Ixjlp`is7 J``kia Mjpktj` (Ajvka Iknchrn) jna LEKJ (Ek`` Jmdljn) Ek`` Jmdljn pue`kscia j aivjstjtknb 66-pjbi riphrt hn :5/;/?5 intkt`ia Ks LEKJ Qrkp`i J8jna

    kn suesiquint yijrs ci mhntknuia th wjrn knvisthrs, rjtknbs jbinmkis jna ribu`jthrs jehut tcimhlpjny jna tci ajnbir kt wjs mjusknb kn tci fknjnmkj` systil

    Eut nhehay mjria eimjusi tci mhlpjny mhntknuia th riphrt strhnb ijrnknbs, sh tci sthmdahue`iauntk` tci fknjnmkj` systil mh``jpsia, js aka LEKJs ijrnknbs jna sthmd prkmi

    -:=-

    LEKJ

    Jmdljn pue`kscisKs LEKJ Qrkp`i J8

    IvirytcknbJmdljn wjrniajehut mhlis th

    pjssfkviyijrs `jtir!

    ]thmd ahue`is

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    Ei mjrifu` hf mhlpjnkis summissfu``y p`jyknb tci "eijt n' rjksi bjli" Iviry qujrtir tciy eijt tcikr ijrnknbs istkljtis jna rjksi bukajnmi

    Qciri ks nh prkmi j sthmd mjn't bh th, ispimkj``y kf kt's j ckbc-quj`kty euskniss

    Ixjlp`is (nhni hf wckmc K'l schrt)7 @kndiaKn, Lkmcji` Dhrs, QrkpJavkshr, _rkmi`kni

    Eiwjri hf tci "Eijt N' Ujksi" Bjli

    -:1-

    @kndiaKn Lkmcji` Dhrs

    QrkpJavkshr _rkmi`kni

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    Ei _jtkint

    Ei pjtkint K'vi eiin rijshnje`y summissfu` hvir tci yijrs kn eiknb je`i th kaintkfy cubi`y

    hvirvj`uia sthmds, eut cjvi eiin `iss summissfu` kn bittknb tci tklknb rkbct

    Kn sumc mjsis, K mhrrimt`y fhrisii wcjt's bhknb th cjppin kn j yijr hr twh, eutckbc`y prhlhtkhnj` ljnjbilint, js j`wjys mciiria hn ey Rj`` ]t., aupisknvisthrs knth kbnhrknb cubi ria f`jbsjna tci sthmds run up j `ht kn tci schrt

    tirl K'vi mirtjkn`y bjknia j brijtir jpprimkjtkhn fhr tci phwir hf schrt-tirl sthmd prkmi

    lhlintul jna jl bhknb th ljdi lhri hf jn iffhrt th ei pjtkint, stjy hut hf tciwjy hf frikbct trjkns hn tci wjy up, jna ah wcjt tci eist schrt si``irs ah7 ljdilhniy ey jaaknbth schrts tcjt jri whrdknb hn tci wjy ahwn

    Ixjlp`is7

    @icljn Erhtcirs Mrhms

    -:9-

    Mrhms

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    ]thmds Kl _jtkint`y Rjktknb Hn

    Ixjlp`is hf sthmds kn wckmc K cjvi j viry slj`` schrt phsktkhn jna jlwjktknb fhr tcil th mrjmd7 Hrbjnhvh jna [[

    -:6-

    Hrbjnhvh

    @uleir @kqukajthrs

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    @hhd fhr Mhlpjnkis Qcjt Cjvi ]tule`ia,

    Eut tci ]thmd Ks ]tk`` Ixpinskvi

    Knstija, `hhd fhr mhlpjnkis tcjt cjvi stule`ia kn tci "eijt n' rjksi bjli" Qci fkrst stule`i ks usuj``y tci mhlpjny hn`y ljtmcknb istkljtis (hr eijtknb vkj

    jrtkfkmkj` lijns sumc js j `hwir tjx rjti) jna fjk`knb th rjksi bukajnmi

    Hftin tci sthmd whn't aim`kni hn tcks

    Qci nixt stip ks th lkss jna `hwir4 shlitklis tci sthmd ahisn't ivin fj`` hn tcks!

    Ixjlp`is7 Qwkttir jna Drkspy Drili thajy4 Mhnn's cjs whrdia4 Briin Ltn cjsnt

    -:2-

    Briin Lhuntjkn

    Drkspy Drili

    Mhnn's

    Qwkttir

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    @hhd fhr Ayknb Qimc ]thmds

    Ixjlp`is7 C_, Knti`, KEL

    -:3-

    KEL

    Knti` C_

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    @hhd fhr Hevkhus Euee`is (:)Ixjlp`i7 tci =A _rkntknb ]imthr

    Qciri's j`wjys rhhl fhr hevkhus euee`is Eut skzi tcil slj``!

    Ixjlp`is7 =A ]ystils (:=.3x sj`is), ]trjtjsys (::.3x), IxHni (:9.?x), vhxi`git(56.9x), jna Hrbjnhvh (sii privkhus s`kai) (:6,=;:x)

    -:;-

    IxHni

    =A ]ystils ]trjtjsys

    vhxi`git

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    @hhd fhr Hevkhus Euee`is (5)Ixjlp`i7 tci J`tirnjtkvi _hwir ]imthr

    Qciri's j`wjys rhhl fhr hevkhus euee`is Eut skzi tcil slj``!

    Ixjlp`is7 _`ub _hwir (1=.5x sj`is), Ej``jra _hwir ]ystils (:5.1x), Fui`Mi``Inirby (1.=x), jna Mjpsthni Qurekni (1.6x)

    -5?-

    Fui`Mi`` Inirby

    _`ub _hwir Ej``jra _hwir ]ystils

    Mjpsthni Qurekni

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    @hhd fhr Hevkhus Euee`is (=)Ixjlp`i7 Mirtjkn Mcknisi Mhlpjnkis

    Qciri's j`wjys rhhl fhr hevkhus euee`is Eut skzi tcil slj``!

    Ixjlp`is7 NZ Lhek`i (6.;x sj`is), [[ (:6.:x), jna Lhntjbi Qimcnh`hby Brhup(1.;x)

    -5:-

    [[ Lhntjbi Qimcnh`hbyBrhup

    NZ Lhek`i

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    @hhd fhr Hevkhus Euee`is, Frjuas

    jna/hr _rhlhtkhns

    Qciri's j`wjys rhhl fhr hevkhus euee`is, frjuas jna/hr prhlhtkhns Eut skzi tcil slj``!

    Ixjlp`is7 Cirej`kfi (:.1x sj`is), Qixturj (:6.2x), KntirHk` (5.5x), Hpdh Cij`tc(=;.9x)

    -55-

    Qixturj

    KntirHk` Hpdh Cij`tc

    Cirej`kfi

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    Rjktknb fhr Uibu`jthrs jna/hr Juakthrs

    th Jmt Ks Hftin j ]umdir's Bjli

    ]chrts hftin bit m`heeiria wjktknb fhr ribu`jthrs th tjdi jmtkhn Ixjlp`is7 Zuistmhr, Rhr`a Jmmiptjnmi, @hrk``jra jna @kfi@hmd

    -5=-

    Rhr`a JmmiptjnmiZuistmhr

    @hrk``jra @kfi@hmd

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    Kts Ysuj``y Eittir th Rjkt Yntk`

    Uibu`jthrs Cjvi Jmtia

    Kts usuj``y eittir th wjkt untk` jftir ribu`jthrs cjvi jmtia eimjusi hftin tcisthmd ks hn`y ahwn j slj`` jlhunt knktkj``y eimjusi tci mhlpjny jna jnj`yststry th ahwnp`jy tci klpjmt

    Cksthrkmj` ixjlp`is7

    Fhr-prhfkt mh``ibis `kdi ]trjyir

    Murrint ixjlp`is7

    @uleir @kqukajthrs

    D-:5 (K tcknd tci lkss `jst Hmtheir tcjt mut tci sthmd nijr`y kn cj`fjna tcilkssis K ixpimt bhknb fhrwjrajri kn pjrt aui th stips ribu`jthrs cjvi tjdin thrikn kn tci mhlpjny)

    -51-

    D-:5]trjyir

    @hts hf tkli th put hn tcischrt jftirribu`jthrs jmtia

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    Mhnm`uskhn

    ]chrtknb ks j viryakffkmu`t euskniss

    ]kzi phsktkhns slj``

    Ej`jnmi `hnb jna schrt ehhd

    Ei pjtkint

    ]thmds tina th fh``hw ijrnknbs nht jnj`ysks hr cija`knis

    Hftin tciri ks tkli th bit knth j schrt jftirtci wrktknb ks hn tci wj``

    ]chrt sthmd rjtcir tcjn usi hptkhns

    @hhd fhr lu`tkp`i wjys th wkn

    Viry ckbc vj`ujtkhnfjr jehvi cksthrkmj` jna piir jvirjbis

    Viry ckbc ljrbknsfjr jehvi cksthrkmj` jna piir jvirjbis, jna wcjtmhllhn sinsi sjys ks phsske`i

    J fja mhlknb th jn ina Ljrdit unair-rijmts th jn ijrnknbs lkss/bukai ahwn

    Klpjmt hf niw mhlpitkthrs

    Uibu`jthry prhe`ils


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