Date post: | 30-May-2018 |
Category: |
Documents |
Upload: | motivatepublishing |
View: | 229 times |
Download: | 0 times |
of 88
8/9/2019 Think | Q1 2010
1/88
09
; 0 9 0
L G N K I G D ] ] V F ] D O P F [ ] P F M S D Z F
y9
8/9/2019 Think | Q1 2010
2/88
0;
8/9/2019 Think | Q1 2010
3/88
0=
sdhf|{dsf{/ Do 95;9 Odmngi} [dfv}}fm dozfosfc sef j{}s me{nonl{ipe' i {fzngvsdnoi{t cfzdmf |dse s|n {nsisdol cd}m} kfofiseio docfu |dse io doa(dggfc sdp seis gfs i hi{a no sef cdig} sn docdmisf sef sdhf/ Siadol sef f}}fomf n ed} dozfosdno' Hnoskgiomei} m{fisfc i sdhf(affpdol hi}sf{pdfmf domn{pn{isdol sef {nsisdol cd}m sfmeodyvf2 sef Hnoskgiom Odmngi} [dfv}}fm/
Hnonpv}ef{ me{nonl{ipe' }fg(|docdol hiovimsv{f hnzfhfos/9= =.3 gdof}' gi{lf }m{f|(kigiomf nj 4/< hh' 3 Er/Njj(mfos{f env{' hdovsf ioc cisf cd}pgit/ ]fmnoc sdhf(rnof |dse cit(odles cd}pgit/ =0 hdo/ ioc :0 }fm/ mnvosf{} |dse {nsisdol cd}m} jufcno sef mnvosf{ k{dclf/ Mngvho |effg mnos{ng' zf{sdmig cd}m mgvsme {voodol zd{sviggt {dmsdno({ff/ ]pfmdig snnsedol n{ hn{f fjmdfos pn|f{s{io}hd}}dno/
8/9/2019 Think | Q1 2010
4/8803
8/9/2019 Think | Q1 2010
5/88
06
8/9/2019 Think | Q1 2010
6/88
0:
hfcdmigdosf{zfosdnoD} sef {iomed}dol n snp en}pdsig k{ioc}' }dhdgi{ sn sef
{iomed}dol n mnff' sef of| |izf n{ fupiocdol yvig dstefigsemi{f dosf{oisdnoiggt>
cficgtse{fisSf mn}s n cdikfsf} do {fig sf{h} i} |fgg i} evhio
}vf{dol d} f}migisdol i} se d} mnhpgfu cd}fi}f }p{fic} i{nvocsef lgnkf/
}pn{sdolmeiomfIsegfsdm} mio hiaf Ngthpdm meihpdno} n
mnhpfsdsn{} n igg gfzfg}' {fli{cgf}} n hfosig ikdgdsdf}n{ gnmisdno/
mnhpfsdsdzfJn{mf}Mnhpfsdsdno c{dzf} p{ncvmsdzdst ioc mnhhf{mf'
miv}dol fime mnhpiot ioc mnvos{t sn npf{isf is ds}npsdhvh gfzfg/
mgnvc!mgfi{Fzngzdol ioc vkdyvdsnv}' edle sfmeongnlt d} k{doldol
sef |n{gc snlfsef{ do io ilf n mnhpfdsdzfof}}' |edgffomnv{ildol mnggikn{isdno/
sefKdgKinfJJfmsMio ionsef{ i{medsfmsv{ig hi}sf{pdfmf {fpfis sef
fmnonhdm ffms Lfe{t} Lvllfoefdh cf}dlo eic no Kdgkin']pido>
\i{hdolvpsnsefmi}ehf{fmeiggfolf
Kfedoc sed} gvuv{t k{f d} io docv}s{t mnhkisdol }en{silf}'edle cfhioc' {ivc ioc fozd{nohfosig cf}s{vmsdno/
KfivsdJvgdozf}shfos}Sf l{n|dol ziodst kv}dof}} d} efgpdol knse hfo ioc
|nhfo hidosido i tnvsevg nvsgnna kt hfio} n m{fih}'s{fishfos} ioc p{nmfcv{f}/
Jnnc'Jffcn{JvfgZf{}dsdgf mn{o pgit} i hvgsdsvcf n {ngf} do sncit}
fmnonht' pn}dol sef yvf}sdno' \eis d} sef kf}s v}f n{f}nv{mf} ioc p{ncvmsdno>
;3
=0
=3
=5
3;
3:
60
63
65
L G N K I G D ] ] V F ] D O P F [ ] P F M S D Z F
D ] ] V F 9 = ; 0 9 0
8/9/2019 Think | Q1 2010
7/88
0]f{df} n fuedkdsdno}' efgc nomf fzf{tse{ff tfi{}' edlegdlesdol i{sd}s} |n{adoldo Bipio/Hi{me ;0(Bvgt 3
Hv}fvh nj Mnosfhpn{i{t I{s'
]tcoftiaf Tnv{ dhf2 Ngiv{ Fgdi}}no\n{a} }pioodol sed} Ciod}e(Dmfgiocdmi{sd}s} cdzf{}f mi{ff{ {nh 944= sn sefp{f}fos cit/Vosdg Ip{dg 99
]scfg Hv}fvh' J{ioajv{sKnssdmfggdFdlest |n{a} kt sef i{sd}s' ed} |n{a}enpioc mnosfhpn{i{df}' domgvcdol Dcfigd}fcPn{s{ids n i Gict/Vosdg Jfk{vi{t ;5
Sisf Hncf{o' GnocnoSfn zio Cnf}kv{l\n{a} kt sef pdznsig izios(li{cfCvsme i{sd}s' pgv} =60 |n{a} kt nsef{aft lv{f} }vme i} Bfio I{p' Pdfs
Hnoc{dio' ]npedf ifvkf{ ioc hn{f/Jfk{vi{t 3 Hit 9:
MnoSFHpn{I{t \n{AJ{nH I oF\ \IzF nJ }IvCDI{IKDIo I{SD}S} D} Snv{DoLSeF \n{GC SeIoA} Sn SeFFClF nJ I{IKdI FueDKDSDno/
gnnadol is sef mnosfhpn{i{ti{s gioc}mipf' sef zd}dno n{ sef Fclfn I{ikdi fuedkdsdno ;090 d} nof n}s{nol sefhf}' }en|mi}dol sef fzf{(fzngzdol |n{gc n |eis d} sef of| ]ivcdI{ikdio i{s }mfof/ Sf fisv{fc ]ivcd
i{sd}s}' knse higf ioc fhigf' fupgn{fsef mnhpgfudsdf} n gdf do sef Hdccgf
Fi}s do sef ;9}s mfosv{t/ ]nhfsdhf}cd}sv{kdol' }nhfsdhf} mnhn{sdol' seffuedkdsdno fznaf} i ht{dic n fhnsdno}ioc meiggfolf} zdf|f{} sn {fsedoasefd{ p{fmnomfpsdno} ioc sn npfo sefd{ftf} sn sef of| ]ivcd I{ikdi/ Kvs sefs{icdsdno} ioc ef{ndm} n sef pi}s' sef{nns} n io fzngzdol ef{dsilf' i{f }sdgg{ff{fomfc' fzfo i} sef i{sd}s} gnnan{|i{c sn of| en{drno}/
Givomefc no ds} |n{gc snv{ is sefLgnkig Mnhpfsdsdzfof}} Jn{vh do
[dtice' sef gficdol lgnkig fzfos nds} adoc' do Biovi{t ;090' sef Fclf nI{ikdi ;090 fuedkdsdno |dgg s{izfg snI{s Cvkid' sef {fldno} p{fhdf{ i{sfzfos' do Hi{me/ Ds |dgg sefo hnzfno sn sef Kf{gdo Kdfooigf do Bvof iocBvgt kfn{f s{izfggdol sn D}siokvg' iFv{npfio Mipdsig n Mvgsv{f sed} tfi{'n{ io fuedkdsdno |dse sef Mnosfhpn{i{tD}siokvg I{s Jid{ do Onzfhkf{ iocCfmfhkf{/
Do pi{sof{}edp |dse ]ILDI ioc sef]ivcd I{ikdio Hdod}s{t n Mvgsv{fioc Don{hisdno' sef VO Iggdiomf nMdzdgd}isdno} ioc sef K{dsd}e Mnvomdg'sed} tfi{} fuedkdsdno d} fupfmsfc sn{fmfdzf l{fisf{ immngicf} seio fzf{ kfn{f
{iifg Efic j i Hv}fv}#35 hdggd %Mdsdf$efd Hisdf Gf} mvmv} sip} kgfv fs }fv}#3:/6 hdggd %Mdsdf$Ic \ig ;00 nof Cggi Kgg} v}#3=/5 hdggd %}sfk${fhkics eihfr i {d Psis j i Hio |se Ih} Iahkv}#==/; hdggd %Mdsdf$Msisd Kimd Hicihf G{mgsf v}#=
8/9/2019 Think | Q1 2010
21/88
Hihhc ii' i imdsms h {dtic ic s tv}s isvc d s uddsd' }it} sis s sicdsdi vdcd }std} is d} isd} dsi ic }vc }zc d s dst
mvc' }std}c }svmsv} d d} idsd Oibc' |dm |i} mhsc d;005/Dh std s c i |it mhdd | m}svmsd hc} |ds
sicdsdi id/
Ithi T}}d Citci h Bcci mis} i v s| s msdi|c h ic s i |c |ds i m|c sd}}v u}' im |ds imvv }s i ihv} Iidm h h s 9430} 9460}/ D s|c} s |} ic im} i sd}}v' hiei{ih' s Iidm
|c sis is} s s sd}}v} ic m} ihdt s ims i} hsdiv} iid}s s vs}dc |c/ D cs |is itsd D hia s }sd/
Ht bms} hv}s s cd/ D}sic D |is s a sh hist d i}sis s| ds ic cis/
S sit {ih I(id}i d}
dhsis hitz}/ ] d} s }s |h s isc hd}}ds si d set mdsd} Hmmiic I(Hicdi'| } misv}s }ddsvidstic ivst sddhi' d }ds s smdmicdmvsd}/ ]}it}' Dh dssicdsdi' hc/ omshit' c(i}dc sishiss/ pi} s}s sd s c d} }itht |a d} i }d z/
0;9
D Hf{|fc' Hii Hiv h {dtic si}h} s zd| ds i ztv }s} |ds si} mhh bms} dcsdi t t sd
vsd ic c si}vmmt/ Hvm i} i ids }mvdst viczd|} dsdhis d} d }mic vi' | hv}s d}sist cshd|dm i sis} ic |dm i d/ lc is/// m} tv s iv}'
s mshis ic sda ic ivs tv }vvcd}/
i{S!mvgSv{f
8/9/2019 Think | Q1 2010
22/88
0;;
|edgf cfzfgnpdol mvgsv{ig gdoa} iocnppn{svodsdf} kfs|ffo ]ivcd I{ikdi iocsef dosf{oisdnoig mnhhvodst/
]fzfosffo ]ivcd i{sd}s} {nhse{nvlenvs sef Adolcnh fuedkdsfcsnlfsef{ n{ sef {}s sdhf do Fclf nI{ikdi ;004' fufhpgdtdol sef of|
m{fisdzf hnzfhfos ioc fup{f}}dol i{iolf n {fgisdno}edp}2 |dse D}gih' ed}sn{t'mvgsv{f ioc fmngnlt' ihnol nsef{}/
}ivcdi{iKdiofuedKdsdno}ISE[ Liggf{tJde nn{ Kv}dof}} Mfos{f' \dol K]f{ij Hfli Higg' P{domf HneihhfcIkcvg Irdr' iegdi ]s' Bfccie' A]INof n sef {}s mnosfhpn{i{t i{sliggf{df} do ]ivcd I{ikdi' IE[ d}mnhhdssfc sn m{fisdol i se{dzdolfozd{nohfos n{ i{sd}s} {nh sefAdolcnh/ Jnvocfc kt Eihri ]f{i iocHneihhfc Eir' s|n gnmig i{s pis{no}'ds} lnig d} sn mvgsdzisf io fozd{nohfosseis ov{sv{f} ioc p{nhnsf} hncf{o
Sf s 90 mfs isds ffmsfc sfhid dhsis jlf d i cfmicf sdhf/9/ Lfic {dmsf;/ bf A=/ Mdc }fhi3/ {kfs Lkf6/ Icfi La:/ Cihdf eds
8/9/2019 Think | Q1 2010
23/88
8/9/2019 Think | Q1 2010
24/88
0;3
nv{{fJn{h}cfhno}s{isfnv{cfsf{hdoisdno
snm{fisfsefhn}siss{imsdzfcf}sdoisdno
Jn{dozf}shfosnppn{svodsdf}dosef\n{gc/
\fdozdsfdozf}sn{}sngfi{ohn{fiKnvssefpn}dsdzfKv}dof}}fozd{nohfosdosefadolcnhiocsnbndo
dosefl{n\senJsefKv}dof}}mnhhvodst/
EF Ih{ Ig(Cikkile'Lnzf{on{ nj sef ]ivcd I{ikdio Lfof{ig
Dozf}shfos Ivsen{dst
C Hdmi \Hdmi ps
mnhpfSDSDzfOf}}
8/9/2019 Think | Q1 2010
25/88
0;6
do sncit} kv}dof}} fozd{nohfos' mnhpfsdsdno d} iknvs hffsdol sefoffc} n sef hi{afspgimf/ \edgf on }dolgf mnvos{t n{ mnhpiot mio kf sef kf}s is fzf{tsedol' fime nofhv}s kf ikgf sn }isd}t is gfi}s i pn{sdno n sef hi{afs do n{cf{ sn {fhido zdikgf/ M{fisdol ioc }v}sidodolsef ikdgdst sn mnhpfsf' df' mnhpfsdsdzfof}}' d} i zdsig d}}vf' f}pfmdiggt n{ fhf{ldol fmnonhdf}/
Kvs |eis d} sef {fgisdno}edp kfs|ffo mnhpfsdsdzfof}} ioc fmnonhdm cfzfgnphfos> En| d} mnnpf{isdno
do hncf{o }nmdfst gdoafc sn }vmmf}} do sef of| lgnkig fmnonht> P{f}fosdol ioc cd}mv}}dol }vme d}}vf}d} sef {ngf n Sf Lgnkig Mnhpfsdsdzfof}} Jn{vh' |edme |i} f}sikgd}efc do ;00: kt sef ]ivcd I{ikdioLfof{ig Dozf}shfos Ivsen{dst %]ILDI$ i} io nppn{svodst n{ lgnkig gficf{} |en }ei{f i hvsvig dosf{f}sdo mnhpfsdsdzfof}} sn {id}f i|i{fof}} ioc fosev}di}h }v{{nvocdol sef mnhpfsdsdzf meiggfolf}/ Sf ;090n{vh |dgg nmv} no m{fisdol io fozd{nohfos n{ }v}sidoikgf mnhpfsdsdzfof}}/ Dhpn{sios mnozf{}isdno}dggv}s{isf en| sef |n{gc} gficdol fmnonhd}s} ioc cfzfgnphfos fupf{s} i{f dozf}sfc do }v}sidodolmnhpfsdsdzfof}} do sef ;9}s mfosv{t ioc en| ds d} gdoafc sn sef {fldno} {ngf do sef lgnkig fmnonht/
Icc{f}}dol sef mnhpfsdsdzfof}} n ]ivcd I{ikdi' ]ILDI Lnzf{on{' Ih{ kdo Ikcvggie Ig(Cikkile'}it}' \f i{f nmv}dol no iss{imsdol dozf}shfos dosn sen}f }fmsn{} do |edme sef Adolcnh ei} i mnhpfsdsdzficziosilf fof{lt' s{io}pn{sisdno ioc aon|gfclf(ki}fc docv}s{df} i} sed} d} |ef{f |f eizf sef hn}ssn nf{/
Immn{cdol sn C{ Hdmeifg \fkk' ]fodn{ Hioilf{ n sef [flvgisn{t Fmnonhdm} L{nvp' GGM' do Ef{ocno'Zd{ldodi' V]I' Tnv offc sn kfldo |dse sef f}}fomf n fmnonhdm}' |edme d} sef }svct n mendmf/ ]pfmdmiggt'
fmnonhd}s} fuihdof sef mendmf} pfnpgf hiaf do i |dcf zi{dfst n mnosfus}' domgvcdol hi{afs mnosfus}ioc ono(hi{afs mnosfus}/ Ef mnosdovf}' Do hn}s do}siomf} docdzdcvig} eizf i |dcf zi{dfst n mendmf}'pi{sdmvgi{gt nzf{ sef gnol(sf{h/ n }vmmf}}vggt hffs sef offc} n mv}snhf{} io docdzdcvig' {h n{ mnvos{t}envgc nmv} no ds} mnhpi{isdzf icziosilf do nsef{ |n{c}' on docdzdcvig' {h n{ mnvos{t mio fumfg
M
Jn{mf}M m m mm i mm'm i mi m
i m /\{dssfo Kt Bnioof Hngdoi
mnhpfSDSDzfOf}}
mnhpfSDSDzfOf}}
8/9/2019 Think | Q1 2010
26/88
0;:
do igg i{fi}/ Kt }pfmdigd}dol do sen}f i{fi} |ef{f nof ei} i mnhpi{isdzficziosilf' nof mio p{nzdcf i }vpf{dn{ p{ncvms/ Sv}' ds d} sen}f i{fi}|ef{f nof mio kf hn}s mnhpfsdsdzf/
Sf dcfi n mnhpfsdsdno d} dos{do}dm sn mnhhf{mf kfs|ffo evhio} i}docdzdcvig} ioc }nmdfsdf}/ Sf{f d} ons i pndos do {fmn{cfc ed}sn{t |ef{f
nof mioons |dsof}} sef dhpfsv} n fosf{p{d}f n{ sef vu n lnnc} ioc}f{zdmf} i} cdmsisfc kt sef zdikdgdst n nof p{nzdcf{ zf{}v} ionsef{/ Sfdcfi n mnhpfsdsdzfof}} do s{icf ioc docv}s{t d}' kt oisv{f' pf{pfsviggtfzngzdol' i} ds} zf{t kfdol d} sdfc snlfsef{ |dse sef isf n i pf{pfsviggtfzngzdol |n{gc/ I} Hdmeifg F Pn{sf{' Igg\n{gc Ofs|n{a Meid{hio'Ei{zi{c Kv}dof}} ]menng P{nf}}n{ ioc }pfiaf{ is sed} tfi{} LMJ fupgido}'Mnhpfsdsdzfof}} d} c{dzfo kt sef p{ncvmsdzdst |dse |edme kv}dof}} mio kfcnof do i oisdno/ Sf k{nicof}} n sef }sisfhfos d} sfggdol' i} ds docdmisf}seis sef yvf}sdno n |edme oisdno} mio mnhpfsf }vmmf}}vggt |dsedo sef|n{gc hi{afs d} hn{f npfo seio fzf{/ \eis |f {ff{ sn i} mnhhf{mdigmnhpfsdsdno d} }nhfsedol seis} fi}t sn siga iknvs' kvs cdmvgs sn imedfzfnzf{ sef gnol(sf{h' fupgido} Gto Ki{ion|}ad' Zdmf P{f}dcfos n Zisf{i
Mipdsig' i pei{himfvsdmig} dozf}sdol {h do Of| Tn{a' kfmiv}f kfdols{vgt mnhpfsdsdzf hfio} seis tnv eizf sn lfs hiot cdf{fos sedol} {dles/
sv{o i p{ncvms n evhio mipdsig' do{i}s{vmsv{f' immnvosikgf do}sdsvsdno}'oisv{ig {f}nv{mf mipdsig ioc gnmig fmnonhdm lfnl{ipet' ef fupgido}/ Ki}dmdozf}shfos} do medgc efigse' hisf{oig efigse' fcvmisdno' fozd{nohfosighioilfhfos ioc do{i}s{vmsv{f i{f f}}fosdigsn knn}sdol fmnonhdmp{ncvmsdzdst/ Hiot mnvos{df} eizf p{nhnsfc sefd{ mnhpfsdsdzfof}}
se{nvle mnomf{sfc fn{s} sn fo}v{f igg fgfhfos} n }nmdfst eizf sef l{fisf}snppn{svodst sn mnos{dkvsf sn sef fmnonht ioc ds} }fg(}v}sidodol l{n|se/HmI{sev{ }s{f}}f} seis fmnonhdm mnhpfsdsdzfof}} imsviggt cfhioc} i edleyvigdst n gdf n{ ig g n i oisdno} mdsdrfo}/
Do iccdsdno sn dhp{nzdol sef yvigdst n gdf' pizdol sef |it n{ knsecnhf}sdm ioc dosf{oisdnoig kv}dof}} dozf}shfos hv}s ig}n kf mnvpgfckt hfi}v{f} seis k{dol iknvs sef }nmdig ioc pngdsdmig }sikdgdst seis foikgf}gnol(sf{h kv}dof}} l{n|se/ \fkk fhpei}d}f} seis sef oisdno }envgcnmv} no p{nhnsdol sef {vgf n gi|' ioc }pfmdmiggt icnpsdol do}sdsvsdnoighfmeiod}h} seis |dgg i}}vilf dozf}sn{} mnomf{o} seis sefd{ p{npf{st |dgg kffup{np{disfc/ Dozf}sn{} eizf i zi{dfst n mendmf} {fli{cdol sef gnmisdno iocstpf n dozf}shfos/ Ldzfo s|n p{nbfms} n fyvig hi{afs {d}a' kvs cdf{fos
pngdsdmig {d}a' seft |dgg ig|it} menn}f sef p{nbfms |dse gn|f{ pngdsdmig {d}a/Sf npfodol n hi{afs} d} i cnvkgf(fclfc }|n{c seis p{nzdcf} knse sef
mnhpfsdsdzfof}}c{dzf}fmnonhdml{n\seiocmnos{dKvsf}sn}v}sidofcp{n}pf{dst'fomnv{ildolfos{fp{fofv{}edpiocsefm{fisdnonJof\bnK}/}ivcdi{iKdi}dom{fi}fcmnhpfsdsdzfof}}}dloig}sefnolndol
cfzfgnphfosnJictoihdmioccdzf{}dJdfcfmnonht/
C{ I||ic Ig(I||ic'Cfpvst Lnzf{on{' Dozf}shfos Ijjid{}' ]ILDI ioc P{f}dcfos' Oisdnoig Mnhpfsdsdzfof}} Mnvomdg
]domf p{nl{f}}dol se{nvle sef docv}s{dig {fzngvsdno n sef 94se mfosv{tioc sef cdldsig {fzngvsdno n sef gi}s eig(mfosv{t' sef dcfi n mnhhf{mdig
mnhpfsdsdzfof}} d} on| fosf{dol i s{vgt lgnkig }silf/
nof n sef hn}s zdsig i}pfms} n i ldzfo oisdno imedfzdol iochidosidodol i mnhpfsdsdzf }sisv} is i lgnkig gfzfg d} sef cfzfgnphfos ni }nmdig' lnzf{ohfosig ioc fmnonhdm do{i}s{vmsv{f seis n}sf{} sed} lnig i p{nmf}} |edme dcfiggt |dgg eizf sef cvig ffms n dhp{nzdol yvigdstn gdf n{ sef oisdno} pfnpgf i} i |engf/ Pn{sf{ fupgido}' P{ncvmsdzdstcfpfoc} no hiot sedol}' kvs }nhf n sef hn}s dhpn{sios i{f }s{fihgdofc{flvgisdno} ioc }pffc n cndol kv}dof}}' lnnc pet}dmig do{i}s{vmsv{fdo gnld}sdm} ioc mnhhvodmisdno}' npfo ioc {ff hi{afs} sn fomnv{ilfmnhpfsdsdno ioc sef fos{t n of| kv}dof}}f}' |fgg s{idofc ioc hnsdzisfcfhpgntff} ioc hioilf{} ioc fmdfos immf}} sn gn| mn}s mipdsig/
Bneo HmI{sev{' MFN ioc Fufmvsdzf Cd{fmsn{ n Hdggfoodvh P{nhd}f'
|en}f hd}}dno d} sn eigzf |n{gc pnzf{st kt ;0;6' fupgido} seis p{nzdcdolnppn{svodst cnhf}sdmiggt ioc domn{pn{isdol }nmdig meiolf dosn i p{nl{ihhfn oisdnoig mnhpfsdsdzf zdikdgdst d} ig}n zdsig n{ gi}sdol }sikdgdst ioc }vmmf}}/Fmnonhdm mnhpfsdsdzfof}} d} l{nvocfc do p{ncvmsdzdst' |edme d} do
meiggfolf} ioc kfofs} n fzf{(dom{fi}dol mnhpfsdsdno/ Ciodfg L{d}|ngc'Cd{fmsn{ n sef Mfosf{ n{ {icf Pngdmt ]svcdf} is sef Misn Do}sdsvsf' }sisf} ds
}vmmdomsgt Mnhpfsdsdno do i lgnkig fmnonht hfio} seis p{ncvmf{} hv}s|n{a fus{i ei{c sn mnozdomf mno}vhf{} sn kvt sefd{ p{ncvms}/ Mnhpiodf}mio on gnolf{ i}}vhf i cnhdoios }ei{f n sefd{ cnhf}sdm hi{afs/ \edgfoisdno} |dse i lgnkig kv}dof}} p{f}fomf f}sikgd}efc nzf{ cfmicf} %n{mfosv{df}$ mipdsigd}f no sefd{ }sisv} i} i aon|o yviosdst' mnvos{df} }ffadolsn }s{folsefo ioc cdzf{}dt sefd{ p{f}fomf hdles mipdsigd}f no sefd{ n|ovodyvf icziosilf} pi{sdmvgi{gt do gdles n sef mv{{fos lgnkig fmnonhdmmgdhisf/ Pn{sf{ mdsf} ]ivcd I{ikdi i} io fuihpgf2 Sf fmnonhdm cn|osv{oei} hicf lgnkig mnhpfsdsdno fzfo hn{f dosfo}f' ioc hicf p{ncvmsdzdst fzfohn{f dhpn{sios sn oisdnoig }vmmf}}/ ]ivcd I{ikdi ei} icziosilf} cvf sn ds}}nvoc kioadol }t}sfh ioc }sikgf oisdnoig kvclfs/ On| d} sef sdhf sn v}fsed} }nvocof}} ioc }sikdgdst sn l{n| ioc cdzf{}dt/ Sf{f i{f nppn{svodsdf} sniss{ims hvme offcfc n{fdlo hvgsdoisdnoig} sn immfgf{isf sef fmdfomt ioc
sfmeongnlt n kv}dof}} do sef Adolcnh' ioc dozf}s do of| kv}dof}}f} |dsedo]ivcd I{ikdi/
]ivcd I{ikdi mf{sidogt }ffh} dosfos no m{fisdol io iss{imsdzffozd{nohfos n{ dosf{oisdnoig dozf}sn{}/ Do iccdsdno sn kfisdol {fldnoig
]vmm}}v' mhsdsdz dcdzdcvi}}id sd usd} is ]IlDI}li Mhsdsdz}} vh';090
8/9/2019 Think | Q1 2010
27/88
0; ]fzf{f i{medsfmsv{ig {fmf}}dnono sef nof eioc' l{nsf}yvf i{medsfmsv{ig gvuv{t no sef nsef{'
gdafgt }dloig sef ci|o n i hn{f {f}s{idofc' mno}mdnv} meipsf{do sef ioovig} n |n{gc i{medsfmsv{f/ \n{gc|dcf' pfnpgf iocmnhhvodsdf} i{f }ffadol i {fsv{o sn i }dhpgf{ gdf' nof seissiaf} onsf n sef {f}nv{mf} }pfos ioc mno}vhfc' ioc ig}nei} hn{f n i mnoofmsdno sn oisv{f ioc sef oisv{ig |n{gc/]v}sidoikdgdst' n{liodm ioc l{ffo |dgg gdafgt kf kvrr|n{c} nsef ofus f| cfmicf}/
Kvdgcdol} snna no m{irt n{h}' gi{lfgt kfmiv}f sefmnhpvsf{ hicf ds pn}}dkgf n{ }s{vmsv{ig foldoff{} sn lv{fnvs en| sn hiaf ighn}s iot }eipf }sioc vp' pfo} [nkf{sMihpkfgg' i{medsfmsv{f m{dsdm n{ sef VA Lgnkf/ I f| gficdoldosf{oisdnoig i{medsfms} kfmihf' n{ sef {}s sdhf fzf{' hfcdimfgfk{dsdf}/ Sf Kdgkin Cfmicf p{ncvmfc }nhf |nocf{vgkvdgcdol}' kvs ds |i} i sdhf |efo sef }nmdig pv{pn}f} ni{medsfmsv{f |f{f }nhfsdhf} gn}s/ I{medsfmsv{f d} }vppn}fc snkf iknvs hiadol pgimf} n{ evhio eikdsisdno {nnh}' }s{ffs}'pi{a}' mdsdf} ons hf{fgt }atgdof dmno} n{ kfime({nos pigimf}/
Bv}s i} nof ffg} i pilf sv{odol |dse sef i{{dzig n i of|
Ihf{dmio p{f}dcfos' }n i pilf d} sv{odol' nomf ilido' do sefed}sn{t n i{medsfmsv{f/ Sis} ons sn }it sef{f d}os {nnh n{fof{lt ioc i gdssgf hicof}} do sef i{medsfmsv{f n mdsdf}' kvsfumf}} kima{f} |efo ds kfmnhf} sef on{h/
3/
6/
:/
DOCv}S{t
8/9/2019 Think | Q1 2010
38/88
0=5
I} SeF DoSF{oISDnoIG CFHIoC Jn{MI}eHF{F }nI{} Sn Io IGG(SDHF eDLe'SeF }vppGt MeIDo D} HFS \DSe oF\MeIGGFoLF}/
\I{hdol
vp sn sefMI}ehf{fMeIggfolf
\{dssfoKt{vKt{nlf{}
cfhiocn{ hn{f n sef gvuv{t k{f mi}ehf{f d}
is i ;6 tfi{ edle' cvf do pi{s sn {fmn{c(k{fiadol sfhpf{isv{f}/ Mnzfsfcn{ ds} }n' }dgat sfusv{f seis d} fdles sdhf} |i{hf{ seio |nng' }igf} n}nhf dsfh} i{f vp ighn}s =00 pf{ mfos/ Mngc |fisef{ d} immfgf{isdol}igf} i} pfnpgf i{f kvtdol }mi{zf}' }ei|g}' eis}' lgnzf} ioc }nma}' }it} i}pnaf}pf{}no {nh Bneo}sno} n Fgldo do ]mnsgioc' |en }snma} fumgv}dzfcfpi{shfos }sn{f} ioc cf}dlof{} }vme i} Meiofg |dse sef gvuv{ t ik{dm/
Hi{t HmLn|of' nvocf{ n sef ]mnssd}e ]stgf I|i{c}' ffg} seis sefdom{fi}f do cfhioc hit ig}n kf cvf do pi{s sn sef lgnkig fmnonhdmcn|osv{o |edme ei} }pi|ofc io fzfo |dcf{ s{foc dozf}shfos i}edno/I {fmf}}dno n{mf} mno}vhf{} sn sedoa ei{cf{ iknvs |eis seft }pfocsefd{ mi}e no' ioc pfnpgf gnna n{ dsfh} seis |dgg p{nzdcf gnol(sf{h zigvfn{ hnoft' }ef d} yvnsfc i} }itdol/ Mi}ehf{f d} i aft mnhhncdst/
En|fzf{' }ef lnf} no sn mnhhfos' yvigdst d} aft/Mi}ehf{f |i} nomf }ngfgt i}}nmdisfc |dse gvuv{t k{ioc} |en }nv{mfc
sef zf{t kf}s ti{o} n{ sefd{ |fgg(effgfc mv}snhf{}/ ]pvo n{ aods dosni gdles|fdles ik{dm' sef ti{o {fsido} ds} gn %}higg id{ }pimf} s{ippfckfs|ffo sef k{f}$' |edme hiaf} ds |i{h |dsenvs |fdles' hiadol ds dcfign{ kikt|fi{ i} |fgg i} cfgdmisf' senvle fupfo}dzf' li{hfos} n{ igg ilf}/Ds} fumgv}dzdst {f}vgsfc {nh i }mi{mdst n p{ncvmsdno1 ds siaf} sef ioovigtdfgc n s|n sn se{ff lnis} sn hiaf i }dolgf }|fisf{' c{dzdol vp sef p{dmf/
Sf of}s mi}ehf{f do sef |n{gc mnhf} {nh sef lnis} seis l{irf sefIgi}eio Pgisfiv' io i{fi do on{sef{o Medoi seis }s{iccgf} sef Hnolngdiokn{cf{ |ef{f odlessdhf |dosf{ sfhpf{isv{f} pgvolf sn i} gn| i} (30M/Sf cn|ot vocf{mnis d} sef lnis} kf}s cffomf ilido}s sef fus{fhf
|fisef{ mnocdsdno}' |edme ds }efc} cv{dol sef hngsdol }fi}no do sef}p{dol/ Sf of eid{' |edme d} mnggfmsfc |dse i mni{}f mnhk' fsmef} }dusdhf} hn{f hnoft seio n{cdoi{t |nng/
Sf edlef}s yvigdst n mi}ehf{f' pi}ehdoi' ei} kffo p{ncvmfc do sef
8/9/2019 Think | Q1 2010
39/88
0=4
Mi}i is} d s pihd} Sibdad}si/
DOCv}S{t
8/9/2019 Think | Q1 2010
40/88
030
ziggft n Ai}ehd{ n{ nzf{ 6'000 tfi{}/ Ds d} fumfpsdnoiggt gdles(|fdles'}n ioc |i{h ioc oisv{iggt nmmv{} do mngnv{} {ioldol {nh |edsf snl{ft' {fc' k{n|o ioc kgima/
Jn{ mi}e({dme mi}ehf{f io} ioc dozf}shfos i}ednod}si}' ds d} i yvf}sdnon |efo sef gisf}s mnggfmsdno} eds sef }sn{f}1 n{ edle }s{ffs }enppf{} ds d} ihissf{ n hiadol sefd{ |it sn sef ofi{f}s }enppdol higg |ef{f cf}dlof{gnna} n{ gf}} i{f }f{zfc vp do lfof{nv} hfi}v{f}' miv}dol fzfo l{fisf{p{f}}v{f} no sef cfhioc n sed} gvuv{t k{f/
doio ilf |efo mis|iga }stgf} i{f }oippfc vp ioc hi}}(p{ncvmfc'nof mnvos{t ei} pizfc i pise gdaf on nsef{ Medoi/ On| p{ncvmdolipp{nudhisfgt s|n(sed{c} n sef |n{gc} mi}ehf{f' nggn|fc kt Hnolngdi'D{io' Docdi ioc Ileiod}sio' Medoi ei} }pfi{eficfc i }vmmf}}vgmihpidlo n{ mefipf{ mi}ehf{f' immfgf{isdol p{ncvmsdno sn pvs p{dmf}|dsedo l{i}p n sef izf{ilf }enppf{' sev} siadol sed} gvuv{t k{f {nh
sef vppf{ fmefgno} n sef i}edno docv}s{t' sn sef {ima} n vkdyvdsnv}edle }s{ffs }enp}/
Sd} hdles }nvoc gdaf sef pf{fms }ngvsdno dom{fi}dol }vppgt sn hffsi l{n|dol cfhioc kvs sef k{fiaofma }pffc is |edme mi}ehf{f d} kfdol
p{ncvmfc ei} hfios seis sef k{ffcdol n lnis} ei} l{n|o i}sf{ seio iotnsef{ gdzf}snma' pvssdol s{fhfocnv} p{f}}v{f no sef l{i}}gioc} ioc {ipdcgtsv{odol sefh dosn cf}f{s}/ Immn{cdol sn Mi{ng Af{zfo n Ncf}}i Mfos{f VA'
i {h ki}fc do Folgioc |dse gdoa} sn pi}sn{ig {f}fi{mef{} ioc p{imsdsdnof{}'cf}f{sdmisdno do Medoi ei} kffo miv}fc kt lnzf{ohfos pngdmdf} fomnv{ildolsef hdl{isdno n snn hiot i{hdol pfnpgf dosn sef l{i}}gioc}' |edme |f{fn{hf{gt nogt gdlesgt l{irfc kt onhic} gdzf}snma/ Ig}n mnos{dkvsdol sn sefp{nkgfh i{f pngdmdf} sn }fssgf sef}f onhic}' |en}f nof(sdhf hnkdgdst nomfp{nsfmsfc sef l{i}}gioc} {nh nzf{l{irdol ioc cf}f{sdmisdno/
[f}fi{me {nh i }svct kt sef I}dio Cfzfgnphfos Kioa {fzfig} seiscf}f{sdmisdno ei} {f}vgsfc do i {d}dol ovhkf{ n cfzi}sisdol cv}s }sn{h}/Do sef 9460}' Medoi }vf{fc io izf{ilf n zf cv}s ioc }ioc }sn{h} fimetfi{1 do sef 94
8/9/2019 Think | Q1 2010
41/88
039
dosefn{t'yvigdst
mi}ehf{f
d}sefdcfigoisv{igJdK{f
seis\dggonspdggioc
\dggaffpds}Jn{hJn{
tfi{}'fzfo
lfof{isdno}'lfssdol}nJsf{sefhn{fdsd}
v}fc/
}effp |nng kgfocfc |dse cfeid{fc mi}ehf{f k{f} ei} kffo hd}gikfggfc i}900 pf{ mfos mi}ehf{f' {fpn{s} sef V] Jfcf{ig {icf Mnhhd}}dno/
]en{sf{' mnv{}f{ mi}ehf{f mnhf} {nh of| }nv{mf} dhpn{sfc ktMedoi do sef gi}s cfmicf {nh }vppgdf{} do n{hf{ ]nzdfs Mfos{ig I}di
QAiriae}sio' At{ltr}sio' ibdad}sio ioc Vrkfad}sioX' Af{zfo fupgido}/Lnis} do sef}f mnvos{df} eizf kffo dosf{k{fc do sef ]nzdfs f{i |dseIolngi k{ffc}/ Sf {f}vgs d} mi}eln{i' i mnv{}f{' gnolf{ k{f seis d} onss{vf mi}ehf{f ioc d} mefipf{ sn kvt {nh Mfos{ig I}dio p{ncvmf{}/Medof}f hiovimsv{f{} kgfoc sed} mefipf{ mi}eln{i |dse sefd{ n|o edleyvigdst mi}ehf{f sn p{ncvmf i gn|f{ mn}s kvs pnn{f{ yvigdst p{ncvms/
snmnhKis sef cdgvsdol n sef gvuv{dnv} k{f} dhilf' sef ]mnssd}eMi}ehf{f Mgvk' i mno}n{sdvh n sef gficdol hiovimsv{f{} do aods|fi{|fizdol ioc ti{o }pdoodol' cfzfgnpfc i s{icfhi{a sn cf}dloisf yvigdstseis mio nogt kf cd}pgitfc no p{ncvms} seis hffs mf{sido fuimsdol}sioci{c} {fli{cdol n{dldo' gfolse ioc cdihfsf{ n sef k{f/ \dse }vme
oihf} i} P{dolgf ]mnsgioc' |en ei} kffo aodssdol mi}ehf{f }domf sef95
8/9/2019 Think | Q1 2010
42/88
03;
sefilf(ngc yvf}s n{ fsf{oig tnvse ioc kfivst d} on gnolf{}ngfgt i fhdodof cnhido/ \dse io ilfdol pnpvgisdno ioc hfo fosf{dolsef ziodst hi{afs' sef kfivst kv}dof}}' |edme ei} siafo i eds do mf{sido}fmsn{}' d} }ni{dol do nsef{}/
Iosd(ilfdol n{hvgi}' hiaf(vp ioc }adomi{f p{ncvms} cf}dlofcsn cfgdzf{ io dhhvodst knn}s n{ hnnc foeiomdol yvigdsdf} eizf kffohicf pn}}dkgf kt icziomf} do kdnmefhd}s{t/ Kvs |efo m{fih} iocpnsdno} i{fos fonvle sn cfgdzf{ sef {fyvd{fc {f}vgs}' ono(}v{ldmig
mn}hfsdm p{nmfcv{f}' domgvcdol dobfmsdno}' hdm{ncf{hik{i}dno ioc gi}f{s{fishfos}' dom{fi}dolgt mnhf dosn pgit/
Nomf mno}dcf{fc i }fm{fs ofzf{ sn kf {fzfigfc' fzfo snp }si{} gdafLfn{lf Mgnnoft' {fmfosgt znsfc hn}s fgflios hio ktEfggn) hilirdof'on| ichds} sn eizdol eic mn}hfsdm }v{lf{t sn mn{{fms c{nnpt ftfgdc }adoioc pvt kil} vocf{ ed} ftf}/ D sedoa ds} dhpn{sios sn gnna i|iaf' efmnhhfosfc no Sf Np{ie \do{ft ]en|/
Cf}pdsf sef |n{gc oiomdig vpefizig' mn}hfsdm mnhpiodf} P{nmsn{ *Lihkgf' GN{fig ioc Vodgfzf{ hioilfc sn ffa nvs hdon{ lido}' focdol;005 |dse i V]#9=5/5 kdggdno snsig p{ns' immn{cdol sn Kfivst Pimaildolhilirdof} ioovig ;004 {nvoc(vp/ Nzf{igg' {f}fi{me mnhpiot Fv{nhnodsn{Dosf{oisdnoig p{fcdms} seis sef kfivst hi{afs |dgg fupf{dfomf io izf{ilf
ioovig l{n|se n se{ff pf{ mfos' {fimedol lgnkig }igf} n hn{f seio V]#== Sf }mfoi{dnd} }n vomnhhno ioc mnhpgdmisfc seis f| fzfo gikfg }vmefupio}dno fn{s} kt efigsemi{f imdgdsdf} i} i {iomed}f kton{higgt miggdol sefh k{iomef}/ Sf Ei{zi{c Efigse Pngdmt[fzdf| |i} }n {fgvmsios sn ippgt sef gikfg sn sef efigsemi{ffgc kfmiv}f' immn{cdol sn sef sf{h} }s{dms cfodsdno}' hnoftd} is sef efi{s ioc }nvg n sef hissf{ ioc oiomdig lido }envgc
ons kf sef }ngf lnig n Qefigsemi{fX p{nzdcf{}' pisdfos} n{ sefmnn{cdoisdol ilfomdf}/
Sf mnomfps n i hfcdmig imdgdst fupiocdol sn of| gnmigf}d} i |fgg(f}sikgd}efc p{imsdmf/ Jn{ fuihpgf' HC Iocf{}no' i{fon|ofc fui} miomf{ mfos{f' ei} gnmisdno} se{nvlenvs sefEnv}sno i{fi ioc ei} fupiocfc sn ofdleknv{dol }sisf}' i} ei}sef Hiti Mgdodm' |edme on| ei} imdgdsdf} do se{ff }sisf}/ Yvf}sCdilon}sdm}' |edme p{nzdcf} eig n sef gikn{isn{t sf}sdol}f{zdmf} do sef Vodsfc ]sisf}' ig}n npf{isf} do }vme cdzf{}fgnmisdno} i} Mioici' K{irdg' Hfudmn' Docdi' Kfgldvh' J{iomfioc K{dsido/
Fumeiolf ioc fcvmisdnoig p{nl{ihhf} eizf gnol kffoi {fmnlod}fc hfcdmig p{imsd}f n{ dhp{nzdol efigsemi{f'f}pfmdiggt do {fhnsf gnmisdno}/ I}}nmdisdno} ihnol en}pdsig}'}vme i} sef {fgisdno}edp kfs|ffo Hfsencd}s Dosf{oisdnoig iocFhii{ Efigsemi{f do Cvkid' ioc }sisf(n(sef(i{s sfgfhfcdmdofsfmeongnlt d} cf}dlofc sn p{nzdcf snp yvigdst mi{f do p{fzdnv}gtvocf{(}f{zfc i{fi}/
en\fzf{' sef f}sikgd}ehfos n io i{h n i |fgg(aon|ohfcdmig imdgdst im{n}} dosf{oisdnoig kn{cf{} d} }sdgg i {fgisdzfgtvomnhhno mnomfps/ \efo Nedn(ki}fc Mgfzfgioc Mgdodmioonvomfc pgio} sn npfo i V]#; kdggdno(pgv} imdgdst no sefof|gt m{fisfc ]n||ie D}gioc do Ikv Ceikd' ds |i} mf{sidogt}nhfsedol of| ioc io fupf{dhfos seis |dgg kf |ismefc |dse
dosf{f}s i{nvoc sef |n{gc/On nsef{ imicfhdm hfcdmig mfos{f {nh Ihf{dmi ei} fzf{
cnof sed} kfn{f' Mgfzfgioc Mgdodm medf fufmvsdzf nmf{Cfgn} H Mn}l{nzf' HC' sngc SEDOA/ Dh dom{fcdkgt fumdsfciknvs sed}/ Ihf{dmio hfcdmig aon|gfclf ei} kffo efgc do}dlodmios f}sffh ioc |f i{f s{tdol sn kfldo sn }ei{f seisdosfggfmsvig mipdsig/ Sf Vodsfc I{ik Fhd{isf} d} i cfzfgnpdolmnvos{t seis ei} ons eic i }s{nol imicfhdm kimal{nvoc ioc dsei} ons s{idofc i gns n hfcdmig p{nf}}dnoig}/ Sft |ios nv{dosfggfmsvig mipdsig2 seft |ios sn aon| en| sn kvdgc i en}pdsig'en| sn }si ds ioc en| sn hfi}v{f yvigdst/ Ds |ios} sn bvhp}si{s ds} hfcdmig efigsemi{f }t}sfh/
Igsenvle sef sf{h {iomed}dol ei} kffo onsdmfikgt ik}fos dosef cd}mv}}dno} iknvs sed} i}}nmdisdno' |efo io nvs}dcf{ oiomf}sef zfosv{f' do sed} mi}f Hvkicigi' i lnzf{ohfos dozf}shfoszfedmgf do Ikv Ceikd' ds d} nkzdnv} |eis sed} zfosv{f d}/
I} lnzf{ohfos} n cfzfgnpdol mnvos{df} igg }en{s np{nzdcdol |dcf}p{fic immf}} sn mi{f' ioc s{icdsdnoig mei{dst(nmv}fc ono(lnzf{ohfosig n{liod}isdno} nf{ gdhdsfc n{sfhpn{i{t }ngvsdno}' sef p{dzisf }fmsn{ p{f}fos} io nppn{svodstn{ }v}sidoikgf }migf(vp n efigsemi{f }f{zdmf} ignol}dcf }nmdig
fumeiolfiocfcvmisdnoig
p{nl{ihhf}eizfgnolKffo
i{fmnlod}fchfcdmigp{imsd}f
Jn{dhp{nzdolefigsemi{f'f}pfmdiggt
do{fhnsfgnmisdno}/
ioc fmnonhdm cfzfgnphfos' }sisf} Cnhdodm Hnosilv' ioi}}d}sios p{nf}}n{ n fpdcfhdngnlt ioc kdn}sisd}sdm} is sefVodzf{}dst n Migdn{odi' ]io J{iomd}mn/
J{iomed}dol efigsemi{f d} mf{sidogt io i{fi |n{semno}dcf{isdno ioc ei} kffo cnof no i }higgf{ }migf do pgimf}gdaf Docdi/ Nof n sef pdnoff{} is sef ziolvi{c n sed} of|
{nosdf{ d} sef Ipnggn En}pdsig} L{nvp' nvocfc do sef fi{gt9450} kt C{ P{isip M [fcct' |en do se{ff tfi{}' ignol |dse ed}nv{ civlesf{}' cnvkgfc sef l{nvp} mipimdst kt {iomed}dol/Is sef }ihf sdhf' sef Mefooid(ki}fc mnhpiot |fos if{i mevoa n Docdi} knnhdol p{dhi{t efigsemi{f hi{afs ktkvdgcdol ;60 {iomed}fc mgdodm}/ ncit' Ipnggn d} nof n sefgi{lf}s p{dzisf efigsemi{f p{nzdcf{} do sef |n{gc/
Kvssef Mgfzfgioc Mgdodm' vogdaf Ipnggn' ei} i gnol ed}sn{t{fimedol kima ighn}s i mfosv{t ioc ei} io dosf{oisdnoig{fpvsisdno sn hisme/ Gdaf ds} mnvosf{pi{s do sef Vodsfc ]sisf}'Mgfzfgioc Mgdodm Ikv Ceikd %MMIC$ |dgg kf i pet}dmdio(gfchfcdmig imdgdst }f{zfc kt On{se Ihf{dmio kni{c(mf{sdfcpet}dmdio} ioc {dles {nh sef }si{s sef of| en}pdsig p{nhd}f}}sisf(n(sef(i{s s{fishfos seis |dgg kf cf}dlofc sn siaf icziosilfn sef gisf}s sfmeongnldf} do }v{lf{t' dhildol' sfgfhfcdmdof ioc
C M}z d s isd sis
9/
8/9/2019 Think | Q1 2010
53/88
06=
fgfms{nodm hfcdmig {fmn{c}/ Kvs mio sef mgdodm} kv}dof}} hncfg}vmmffc ioc mvgsv{f kf cvpgdmisfc ik{nic>
Gnol {ioafc i} nof n sef Vodsfc ]sisf} snp hfcdmigdo}sdsvsdno}' f}pfmdiggt {isfc n{ ds} mi{cdim hfcdmdof iocmi{cdim }v{lf{t' sef Mgfzfgioc Mgdodm ei} gnol kffo i p{ff{{fccf}sdoisdno n{ pisdfos} {nh igg nzf{ sef |n{gc/ En|fzf{' ds d}
hn{f seio bv}s i en}pdsig is sef n{f{nos n hfcdmig s{fishfos'ds d} i vodyvf kv}dof}} hncfg' nof |edme pit} pet}dmdio} i}igi{t ioc n}sf{} i hvgsd(cd}mdpgdoi{t ipp{nime sn efigsemi{f'ioc d} }ffo kt hiot i} i edlegt fmdfos ioc ffmsdzf }ngvsdnosn sef fzf{ kiggnnodol mn}s n hfcdmig mi{f/
Sf Mgfzfgioc ioc Hitn Mgdodm} i{f sef s|n gi{lf}s l{nvpp{imsdmf} do sef |n{gc' |ef{f cnmsn{} i{f pidc sef }ihf }igi{tfzf{t hnose {fli{cgf}} n |efsef{ seft pf{n{h nof }v{lf{t n{ ;0/Is hn}s V] en}pdsig}' }v{lfno} ioc cnmsn{} |n{a ivsnonhnv}gtioc docfpfocfosgt n nof ionsef{' sef {f}vgs n{ pisdfos} d} nfofus{i sf}sdol' voofmf}}i{t p{nmfcv{f}' iccdsdnoig {fc sipf iocgdssgf mnggikn{isdno/ Fzfo sef mgdodm} ono(hfcdmig p{imsdmf} i{fcf}dlofc sn dhp{nzf nvsmnhf} n{ pisdfos} fgfms{nodm hfcdmig{fmn{c} gfs pisdfos} vpgnic sefd{ efigse don{hisdno' }vme i}|fdles(gn}} n{ kgnnc }vli{ cisi' {nh cfzdmf} is enhf/
Mgfzfgioc Mgdodm} Mn}l{nzf }it} ef enpf} sef of| en}pdsig
|dgg f}sikgd}e sef mgdodm i} sef {}s V] efigsemi{f fosf{p{d}fsn fhf{lf i} i |n{gc|dcf k{ioc no i pi{ |dse sef ]ngnhno/Lvllfoefdh Hv}fvh do Of| Tn{a n{ sef Gnvz{f do Pi{d}'knse n |edme eizf fupiocfc sn nsef{ pi{s} n sef lgnkf/
Sf l{nvoc|n{a sn fupioc sef Mgfzfgioc Mgdodm} dosf{oisdnoigp{f}fomf ei} ig{fict kflvo/ Do ;00:' sef mnhpiot npfofc
io nvspisdfos k{iome do Mioici' ioc ei} }dlofc i mnos{imssn hioilf i mi{cdim mfos{f do Zdfooi' Iv}s{di/ Do sef HdccgfFi}s' Mgfzfgioc Mgdodm ei} hioilfc sef ]efdae Aeigdi HfcdmigMdst' i ofs|n{a n imdgdsdf} do Ikv Ceikd/ Sf hilodsvcf nsef Mgfzfgioc Mgdodm Ikv Ceikd vocf{siadol' en|fzf{' c|i{}Hfcdmig Mdst' |dse i }p{i|gdol ;/; hdggdno(}yvi{f(nns imdgdst'cf}dlofc sn kf zf tfi{} iefic n }sisf n sef i{s/
sef lnig n sef p{nbfms |i} sn m{fisf i cdf{fosipp{nime sn efigsemi{f2 i cf(do}sdsvsdnoigd}dol ioc kgv{{doln sef gdof} kfs|ffo en}pdsig ioc en}pdsigdst' }it} Igfuiocf{\v' i p{domdpig |dse EC[' sef i{medsfms mnhhd}}dnofc n{ sefimdgdst/ J{nh sef }nvoc} n ds' Mgfzfgioc Mgdodm Ikv Ceikdmnvgc cn n{ sef Mgfzfgioc Mgdodm k{ioc |eis Kdgkin ei}cnof n{ sef Lvllfoefdh' kt ldzdol ds i of| gv}s{f' kvs hn{fdhpn{siosgt i edlegt zd}dkgf s{ima {fmn{c lgnkiggt/
Sf{f eizf kffo nsef{ V] efigsemi{f do}sdsvsdno} seisfupiocfc dosn n{fdlo {fldno}' kvs sed} d} vopi{iggfgfc'Mn}l{nzf onsf}' iccdol seis Mgfzfgioc Mgdodm ei} kffo s{fisdolpisdfos} {nh sef {fldno n{ nzf{ =0 tfi{}' }domf Aeigdc kdoIkcvg Irdr' Adol n ]ivcd I{ikdi mihf sn sef MgfzfgiocMgdodm n{ i efi{s npf{isdno do sef 94
8/9/2019 Think | Q1 2010
54/88
063
EfigSE
8/9/2019 Think | Q1 2010
55/88
066
dos|n cfmicf}' sef snsig ovhkf{ n pfnpgf |dse cdikfsf} d}gdafgt sn }|fgg sn ofi{gt 330 hdggdno/ n pvs seis do mnosfus' seis} hn{fpfnpgf seio sef mv{{fos pnpvgisdno n On{se Ihf{dmi' }it} p{f}dcfos n
sef Dosf{oisdnoig Cdikfsf} Jfcf{isdno %DCJ$ P{n/ Bfio Mgivcf Hkioti/Sf gisf}s cisi pvkgd}efc kt sef DCJ do ds} Cdikfsf} Isgi} }en|} sef
cd}fi}f d} on| i{ hn{f p{fzigfos seio bv}s 90 tfi{} iln/ I mnocdsdno do|edme sef knct fdsef{ cnf} ons p{ncvmf fonvle n{ cnf} ons p{npf{gt{f}pnoc sn do}vgdo' i en{hnof p{ncvmfc do sef piom{fi}' cdikfsf} miv}f}i {iolf n efigse mnhpgdmisdno} {nh kgdocof}} sn ihpvsisdno/ Fime tfi{'}fzfo hdggdno pfnpgf |dgg cfzfgnp cdikfsf} ioc =/5 hdggdno pfnpgf i tfi{i{f adggfc kt mnhpgdmisdno} i{d}dol {nh ds' |edme d} }dhdgi{ do hilodsvcfsn EDZ.IDC]/ Do ;000' sef f}sdhisfc lgnkig p{fzigfomf n cdikfsf} |i}969 hdggdno' kvs ds ei} on| }pdafc sn i{nvoc ;56 hdggdno' {fp{f}fosdol :/3pf{ mfos n sef |n{gc} icvgs pnpvgisdno' |dse i p{fcdmsdno seis kt ;0=0sef ovhkf{ n pfnpgf |dse cdikfsf} |dgg }ni{ sn 3=5 hdggdno/
gdJf}stgf}dos{io}dsdnoCdikfsf} d} i s{vgt cfhnm{isdm cd}fi}f2 ds} {fime d} vodzf{}ig' mvssdolim{n}} mvgsv{ig' }nmdig' pngdsdmig ioc fmnonhdm knvoci{df}/ ]n |edgf
hiot f{{nofnv}gt }ff sed} i} i mnocdsdno n edlef{ domnhf oisdno} ioc\f}sf{od}fc gdf}stgf}' sef hibn{ kv{cfo n sef cd}fi}f d} kn{o kt gn|ioc hdccgf(domnhf mnvos{df}' |ef{f immf}} sn s{fishfos d} gdhdsfc ioc
fupfo}dzf/I mnhpgfu dosf{pgit n lfofsdm' }nmdig ioc fozd{nohfosig imsn{}
d} c{dzdol sef lgnkig fupgn}dno do cdikfsf}/ Do hn{f ijvfos }nmdfsdf}'gdf}stgf mendmf} }dlodmiosgt dom{fi}f io docdzdcvig} {d}a n cfzfgnpdolcdikfsf}/ Nkf}dst' }hnadol' gima n pet}dmig imsdzdst ioc pnn{ cdfs iggmnos{dkvsf sn sed} dom{fi}fc {d}a/ Nkf}dst d} nof n sef edlef}s {d}a imsn{}n{ cfzfgnpdol cdikfsf} ioc i} fupf{s} |isme sef |n{gc} |id}sgdof} l{n|do knse cfzfgnpfc ioc cfzfgnpdol oisdno}' mnomf{o hnvos}/
\edgf ds} s{vf seis hiot ijvfos oisdno}' onsikgt sef Vodsfc ]sisf}'eizf icnpsfc }nhf voefigset eikds} do sef n{h n pnn{ cdfsi{t mendmf}ioc i }fcfosi{t gdf}stgf' cdikfsf} d} zf{t hvme i}}nmdisfc |dse pnzf{st/
Jn{ gn| ioc hdccgf(domnhf mnvos{df}' fmnonhdm icziomfhfos nfogfic} sn meiolf} do sef gdzdol fozd{nohfos' |edme {f}vgs} do igsf{fc cdfsioc imsdzdst gfzfg} |dsedo i lfof{isdno n{ s|n/ Mno}fyvfosgt' pfnpgf miocfzfgnp cdikfsf} cf}pdsf {fgisdzfgt gn| lido} do |fdles/ Do sef cfzfgnpfc|n{gc' cdikfsf} d} hn}s mnhhno ihnol sef pnn{f}s mnhhvodsdf}/
cficgtse{fis
SeF HnvoSDoLMn}S} I} I {F}vGS nJ
CDIKFSF} p{F}FoS I
}SILLF{DoL SnGG noLGnKIG FMnonHDF}\{dssfoKtgd}izdomfosd
\ef{fzf{ pnzf{st c{dzf} ihdgdf} sn gn| mn}s(pf{(mign{df nnc} iocpimailfc c{doa}' cdikfsf} se{dzf}/
EfigSE
8/9/2019 Think | Q1 2010
56/88
06:
p lSd} fpdcfhdm d} {f}pno}dkgf n{ }n hvme }vf{dol ioc gn}} n gdf'
tfs }n gdssgf d} kfdol cnof sn simagf ds' }it} Hkioti/ \ef{f l{n|dolfmnonhdf} gdaf Docdi ioc Medoi gfic' hiot |dgg }nno nggn|/ Cndolonsedol do sef imf n sef fpdcfhdm |dgg pgimf }dlodmios }s{f}} no sef
fmnonhdm cfzfgnphfos n hiot mnvos{df} ioc |dgg bfnpi{cd}f sefHdggfoodvh Cfzfgnphfos Lnig}/
fmnonhdm}nJcd}fi}fDo ims' sef gn}} n gdf ioc evhio }vf{dol i}dcf' cdikfsf} mn}s} sef |n{gckdggdno} do ons nogt efigsemi{f fupfocdsv{f}' kvs ig}n gn}s p{ncvmsdzdst/Sf \n{gc Fmnonhdm Jn{vh ;004 dcfosdfc me{nodm cd}fi}f} i} nofn sef hn}s }dlodmios {d}a} imdol sef lgnkig fmnonht' fumffcfc nogtkt sef {d}a} pn}fc kt }vccfo ndg.li} p{dmf {d}f}' {fs{fomehfos {nhlgnkigd}isdno' i}}fs p{dmf mnggip}f ioc i }gn|dol n sef M edof}f fmnonht/
Immn{cdol sn sef Ihf{dmio Cdikfsf} I}}nmdisdno %ICI$' sef V] gn}f}V]#65 kdggdno i tfi{ {nh gn}s fi{odol} cvf sn gn}s |n{a cit}' {f}s{dmsfc
imsdzdst cit}' gn| p{ncvmsdzdst is |n{a' hn{sigdst ioc pf{hiofoscd}ikdgdsdf} {f}vgsdol {nh sef cd}fi}f/I pf{}no |dse tpf ; cdikfsf} d} s|n sn nv{ sdhf} hn{f gdafgt sn lfs
mi{cdnzi}mvgi{ cd}fi}f ioc 50 pf{ mfos n pfnpgf |dse cdikfsf} |dgg cdf{nh ds' {f}vgsdol do i gn}} n 9;(93 tfi{}/ Hfcdmig mn}s} n{ i cdikfsdm i{fs|n sn zf sdhf} edlef{ seio n{ sen}f n i pf{}no |dsenvs ds' immn{cdolsn sef DCJ/ Sf \n{gc Efigse N{liod}isdno %\EN$ f}sdhisf} seis vp sn96 pf{ mfos n ioovig efigsemi{f kvclfs} i{f }pfos no cdikfsf}({fgisfcdggof}}f}/
Sf \EN p{fcdmsfc ofs gn}}f} do oisdnoig domnhf {nh cdikfsf} iocmi{cdnzi}mvgi{ cd}fi}f n V]#66
8/9/2019 Think | Q1 2010
57/88
06 Sis isegfsf} ons }ngcdf{} mnvgckfmnhf sefd{ ef{nf} ioc {ngf hncfg}> Sis gnnadol if{ tnv{}fg ioc nofionsef{ d} sef pise sn i kfssf{ gdf>
An}} gisf{ meiggfolfc fggn| isegfsf} ioc sef pvkgdm sn cnoisf hnoft
n{ fime lngc hfcig ef |no' {id}dol V]#95 hdggdno seis |i} v}fc sn voci {iolf n p{nl{ihhf}' domgvcdol kvdgcdol i en}pdsig do ]i{ibfzn ioc}menng} do F{ds{fi/
Ngthpdm Idc' gisf{ sn kfmnhf aon|o i} [dles n Pgit' ei} }domf fzngzfc{nh i voc{id}dol zfedmgf sn kfmnhf i Ono(Lnzf{ohfosig N{liod}isdnoseis v}f} }pn{s ioc pgit p{nl{ihhf} sn dhp{nzf efigse' n}sf{ pfimfihnol medgc{fo ioc mnhhvodsdf}' ioc cfzfgnp gdf }adgg} do ;= mnvos{df}do I}di' I{dmi' sef Hdccgf Fi}s ioc ]nvse Ihf{dmi/
\dse An}} is sef efgh i} p{f}dcfos ioc MFN' ds s{ido} gnmig mnhhvodstgficf{} sn cfgdzf{ p{nbfms} seis {fime ighn}s
8/9/2019 Think | Q1 2010
61/88
0:9
pnzf{st kt {fcvmdol sef {d}a n cd}fi}f} seis dosfo}dt pnzf{st/ \f aon|seis }pn{s mio {fcvmf }sdlhi' dom{fi}f }fg(f}sffh ioc dhp{nzf }nmdig}adgg}' gficdol sn dom{fi}fc fhpgnthfos ioc gn|f{ gfzfg} n pnzf{st iocevolf{/ ]pn{s d} efgpdol v} |n{a sn|i{c sef lnig n vodzf{}ig p{dhi{tfcvmisdno kt affpdol medgc{fo do }menng} ioc dhp{nzdol imicfhdmimedfzfhfos' ef }it}/
Nv{ p{nl{ihhf} ig}n p{nhnsf lfocf{ fyvigdst ioc fhpn|f{ ld{g}
ioc |nhfo' kvdgcdol sefd{ mipimdst i} gficf{}/ Ioc |fzf }ffo en| }pn{smio efgp mnhkis EDZ ioc IDC] kt dhp{nzdol fcvmisdno ioc immf}} snefigse don{hisdno ioc kt {fcvmdol }sdlhi ioc cd}m{dhdoisdno/ Igg nsef}f i{f }vmmf}} }sn{df} n{ [dles n Pgit' kvs hn{f dhpn{siosgt n{ sefmnhhvodsdf} |en eizf |fgmnhfc ioc siafo n|of{}edp n nv{ }pn{s iocpgit p{nl{ihhf}/
An}}' |en |dgg kf i}}d}sios mnime n{ sef On{|fldio }pffc(}aisdolsfih is sef \dosf{ Ngthpdm} do Ziomnvzf{ {nh Jfk{vi{t 9;(;5' d}pi{sdmvgi{gt p{nvc n Bvodn{ Gficf{ p{nbfms}' |edme idh sn ldzf {ngf} n{f}pno}dkdgdst sn tnvse} kfs|ffo sef ilf} n fdles ioc 9
8/9/2019 Think | Q1 2010
62/88
0:;
Sf{f d} }sdgg i l{fis ihnvos n |n{a sn cn do mnosdovdol sn }edof igdles no sef ld ioc sef zigvf seis pfnpgf |dse io dosfggfmsvig cd}ikdgdstmio k{dol sn }nmdfst/// |efo seft mio kf sfimef{} sn ono(cd}ikgfc pf{}no}'sfimedol v} gf}}no} iknvs sngf{iomf' npfoof}} ioc mi{dol' ]e{dzf{ }it}/
}pn{s ei} p{nzfc sn kf sef pf{fms snng n{ npfodol cnn{} ioc hiadolmeiolf}/ Sf{f i{f p{fzidgdol issdsvcf} sn|i{c} nv{ pnpvgisdno seisi}}nmdisf} pfnpgf |dse dosfggfmsvig cd}ikdgdsdf} |dse pfnpgf |en eizf on
}adgg n{ on zigvf' ef mnosdovf}/Kvs }pn{s mio meiolf sef dcfosdst n i pf{}no/// do ]pfmdig Ngthpdm}'tnv }ff nogt i nnskiggf{' i }|dhhf{ n{ i {voof{ ioc }vccfogt seiskfmnhf} i misigtsdm hnhfos |efo iot p{fbvcdmf d} siafo i|it iocpfnpgf meiolf sn kfmnhf kfgdfzf{}/ Nv{ isegfsf} i{f ldzfo sef meiomf sn{fcfof |en seft i{f do i |n{gc seis cnvks} sefh ioc kfmnhf zigvikgfmdsdrfo} do i |n{gc npfo sn pn}}dkdgdsdf}/
]pfmdig Ngthpdm} ei} mf{sidogt mnhf i gnol |it }domf 94:; |efo]e{dzf{} hnsef{' Fvodmf Afoofct ]e{dzf{' givomefc i }vhhf{ mihpis ef{ n|o enhf n{ medgc{fo |dse dosfggfmsvig cd}ikdgdsdf}/ Sf fzfos|i} }vme i }vmmf}} seis hnhfosvh yvdmagt l{f|' fzfosviggt gficdolsn sef n{liod}isdno n sef {}s ]pfmdig Ngthpdm} do Medmiln do 94:5dozngzdol i{nvoc 9'000 mnosf}sios} do }|dhhdol ioc s{ima ioc
fgc mnhpfsdsdno}/Ji}s n{|i{c sn ;00< ioc ]eioleid en}sfc sef 9;se ]pfmdig Ngthpdm}
\n{gc ]vhhf{ Lihf}' iss{imsdol hn{f seio
8/9/2019 Think | Q1 2010
63/88
0:=
Tnv mio pn}dsdno tnv{ k{ioc ioc mnhpiot i} sef ivsen{dst ioc gficf{ do tnv{ docv}s{t' efgpdol tnv }sioc iknzf ioc ipi{s
j{nh sef mnhpfsdsdno/ Mv}snh hilirdof} ioc cdldsig }ngvsdno} i{f }vpf{k zfedmgf} sn efgp mnhpiodf} p{nhnsf sefd{
p{ncvms}' }f{zdmf} ioc mn{pn{isf mvgsv{f/
Mnosims v} sncit ioc siaf sef {}s }sfp sn eizdol tnv{ n|o mnhpiot hilirdof' cd{fmsn{t n{ knna m{fisfc ioc
p{ncvmfc kt Hnsdzisf Pvkgd}edol sef gficdol pvkgd}ef{ do sef Hdccgf Fi}s/
Mnhpiot hilirdof}
Mnhhfhn{isdzf knna}
Cd{fmsn{df}Cdldsig }ngvsdno}
Lvgjpdm} pensngdk{i{t
Bndo sef {ioa}
nj sef {fldno,}hn}s dovfosdigmnhpiodf}
ioc }ff en| sefzf{t {fig kfofs}nj mn{pn{isf pvkgd}edol
mio efgp tnv{ kv}dof}}///
Sfg2 !4
8/9/2019 Think | Q1 2010
64/88
0:3
sIMsdMIg }IdgdolI} SeF \n{GC} GI{LF}S p{DzISF tIMeS {FICDF} SnGIvoMe' oF\ zIGvF} FHK{IMFC I} I {F}vGS nJ SeFFMnonHDM Cn\oSv{o Do}pD{F SeF }v}SIDoIKGFGvuv{t nJ SeF DoonzISDzF \IGGt(eF{H} tIMeS
\{dssfoKtgd}izdomfosd
dosef fi{gt tfi{} n sef ;9}s mfosv{t' igg seis hissf{fc |i} sef |n|(imsn{' {nh hio}dno} sn i{s mnggfmsdno} sn hfli(times}' i} sef |n{gc}}vpf{({dme }nvles sn nvscn nof ionsef{/ Kvs mno}vhf{ issdsvcf}' fzfoihnol sef |figsedf}s' i{f meioldol' i} i hn{f fmn(mno}mdnv} ioc }nvgvg}pd{ds fhf{lf}/
I mi}f do pndos d} sef timesdol |n{gc/ ]n fzfo i} sef |n{gc} gi{lf}sp{dzisf times' sef Fmgdp}f {fpgfsf |dse is gfi}s s|n efgdmnpsf{ pic}' }fzf{igens svk}' nof pnng' se{ff givome knis}' i p{dzisf }vkhi{dof ioc i hd}}dgf(cfsfmsdno }t}sfh' {ficdf} sn givome gisf{ sed} tfi{' sef }edpti{c} n Hnoimn(ki}fc \iggt' do mnobvomsdno |dse Ef{h}' d} c{fihdol vp i of| hncfg nsef hfli(times' nof seis ei} }v}sidoikdgdst is ds} mn{f' |dsenvs iot }im{dmf
sn ihfodsdf}/ \fgmnhf sn \ET' sef \iggt(Ef{h} Times/Sf{f d} i c{ihisdm }fo}dsdzdst n{ sef }iaf n {fpvsisdno tnv cnos
|ios sn kf }ffo i} i mno}pdmvnv} gvuv{t mno}vhf{' }it} Hdgsno Pfc{iri'MFN n sef Gvuv{t Do}sdsvsf' |edme d} ki}fc do Of| Tn{a/ Sf{f ei} ig}nkffo i }ed sn i hn{f hncf}s nnsp{dos do sf{h} n mno}vhpsdno ioc}nmdig {f}pno}dkdgdst/
Sf l{n|se n sef }vpf{ times} snna n do sef pi}s cfmicf i} sef of||figset i}pd{fc sn gdzf sef gdf n sef hfli({dme' ioc times }drf} l{f| snhisme/ ncit' docv}s{t pgitf{} f}sdhisf iknvs 6'000 }vpf{ times} %sen}fnzf{ ;3 hfs{f} do gfolse$ i{f no sef |isf{/ Do ;005' sef gi}s tfi{ n{ |edmecisi d} izidgikgf' ;39 }vpf{times} |f{f kvdgs is io izf{ilf mn}s n V]#=9hdggdno' |dse fime siadol kfs|ffo s|n ioc nv{ tfi{} sn kvdgc' immn{cdolsn sef %]VPF[$Timesdol Docfu kt Mihpf{ * Odmeng}no}' io dosf{oisdnoigtimes k{naf{/
sef docv}s{t d} ons i} kv}t i} times kvdgcf{} |nvgc gdaf cvf sn seflgnkig cn|osv{o do fmnonhdm sf{h}' }it} Hdmeifg Bn{cio' |en ei} kffodozngzfc do sef cf}dlo n ovhf{nv} }vpf{ times}/ Sf{f d} i }ed dolgnkig pv{mei}dol pn|f{ i|it {nh sef 46(hfs{f(pgv} }vpf{ times} snhn{f =
8/9/2019 Think | Q1 2010
65/88
0:6
timESDOl
Fmgdp}F
sEf \N{Gc} sNp
}vpf{ tImEs}
8/9/2019 Think | Q1 2010
66/88
0::
n}ds i2 Mgnma|d}fgvmi ki}}id' p}dcs * Mfn'\it1 pd(Iud} Cvhi}'
Isd}sdm Cdms' eh}1 lidpdd' C}d Cdms1 Hiv]mvd' oizi Imdsms' \it/
Im{n}} sef kni{c' }pfocdol eikds} eizf meiolfc |dse {dzngnv} gvuv{tkfdol {fpgimfc kt hn{f senvlesvg pv{mei}f}/
Ds d} i }nhk{f fozd{nohfos nvs sef{f do sf{h} n gvuv{t kfmiv}f nsef gima n hnoft ioc sef idgv{f n sef gvuv{t docv}s{t sn cfgdzf{ no
|eis mno}vhf{} on| }ff i} sef vocihfosig}' Bn{cio }it}' iccdol seis}vpf{dn{ yvigdst' m{i}hio}edp' cf}dlo' fumgv}dzdst' k{ioc ef{dsilf iocmv}snhf{ }f{zdmf d} |eis |dgg hiaf sef cdf{fomf lndol n{|i{c/ Sd} d}|ef{f sef Pi{d}dio env}f n Ef{h} }sfp} do/
Ef{h}' i i}edno gikfg seis imedfzfc mvgs }sisv} |dse ds} Kd{ado kil' hicf|izf} i mnvpgf n tfi{} iln |efo ds vozfdgfc ds} m{n}}(k{iocfc efgdmnpsf{mnhpgfsf |dse Ef{h} usv{f}' }vme i} mig(gfisef{ }fis}' gfisef{(s{dhhfcmnos{ng} ioc i Ef{h} miozi} do sef dosf{dn{/ Sf Pi{d}dio isfgdf{ nggn|fcsed} kt m{fisdol i mv}snhd}fc Zft{no' i gdhdsfc fcdsdno }pn{s} mi{ kt Kvlissd/
\efo |f hfs' do ivsvho ;00
8/9/2019 Think | Q1 2010
67/88
0:Ds cfpfoc} no sef dhilf/ Sf{f i{f dhilf} seis nogt {fyvd{f hdodhvh
cdldsig dopvs Qicbv}shfos sn gdles gfzfg} ioc mnos{i}sX kvs nsef{ dhilf}seis {fyvd{f hn{f mi{f ioc sdhf/ D v}vig gt }enns i gns ioc }n Dc p{ff{ sn}pfoc i} gdssgf sdhf i} ofmf}}i{t fcdsdol sefh vogf}} D eizf sn/
e| iz tv i}s udm} imsc tv sit>L{ipedmiggt' sef{f |i} i pei}f |efo ht i}mdoisdno |dse kigiomf iocpissf{o |i} fzdcfos do ht pensn}' sefo sef{f i{f hnnc} |efo igg D s{t sncn d} k{fia seis kigiomf/ D sedoa ht l{ipedm ipp{nime d} ig}n do}pd{fc ktsef tfi{} D }pfos do iczf{sd}dol/
\t c tv udds dsisdit ic s ms}s}>\et dosf{oisdnoiggt> Kfmiv}f ds} |ef{f sef kdllf{ ivcdfomf d} i} |fgg i}sef fupf{s}' hi{afs}' m{dsdm}' fsm/ Dzf kffo kgf}}fc sn kf }v{{nvocfc kt izf{t }vppn{sdol md{mgf n ihdgt ioc {dfoc}' ioc do n{cf{ sn }ffa enof}sffckima D pi{sdmdpisfc do sen}f mnosf}s} i{nvoc sef |n{gc/ If{ |doodoli f|' ht nkbfmsdzf} meiolfc ioc D mnosdovfc sn fosf{ n{ fupn}v{f2 n{ht}fg ioc ht m{fcfosdig} i} |fgg i} fupn}v{f sn }ff nsef{} ioc |eisseft p{ncvmf/
\is i} s ziv.}vs.ishis s}uddsd} ic i|ic}>]ffdol |doodol |n{a} kt pfnpgf {nh igg nzf{ sef |n{gc efgpfc pv}ehf sn dhp{nzf ht}fg ioc }fi{me n{ sef of| ioc lnnc/ Is {}s' D v}fcsn }enns nogt sn pn}s ht pensn} nogdof' kvs pensnl{ipet fuedkdsdno}'hilirdof} ioc mnosf}s} nf{fc hf i l{fisf{ ivcdfomf sn }enns n{/ D sedoa
pi{sdmdpisdol do }nhf n sef}f mnhpfsdsdno}' igsenvle mn}sgt ioc is sdhf}fueiv}sdol' d} dom{fcdkgt {f|i{cdol' hiadol hf gnna ioc fzigvisf htpensnl{ipe} cdf{fosgt/
Mvc tv }it }hsd ivs cd ic |d tvi}}d>Pensnl{ipet ei} {figgt ldzfo hf i of|' hn{f kfivsdvg gdf ioc D |i}ig{fict gnzdol ht gdf/ D sedoa ds ei} i gns sn cn |dse en| D on| fobntgnnadol is iotsedol on hissf{ en| n{cdoi{t n{ hvociof/ ]vccfogtfzf{tsedol ioc fzf{tnof i{nvoc hf d} dosf{f}sdol/
\is ivs s v}d}} d i isd}s>
If{ hnose} n cfgdkf{isdno' D sedoa Dgg kf {fict sn cn sed} vgg sdhf'}si{sdol do sef {}s yvi{sf{ n sed} tfi{/ D p{nhd}f sn io}|f{ sed} yvf}sdnosefo/
id}i Ihiad
upensnl{ipetuuei}{figgtldzfou
uhfiof\'uuhn{fKfivsdJvguugdJfiocd\i}uuig{fictgnzdolu
uhtgdJf/dsedoadsuuei}ignssncnu
u\dseen\don\uufobntgnnadolu
uisiotsedoluuonhissf{en\u
u
n{cdoi{tn{u
uhvociof/u
pEnSnl{ipEt
8/9/2019 Think | Q1 2010
81/88
059
Gdjf do Sfmeodmngn{
pEnSnl{ipEt
8/9/2019 Think | Q1 2010
82/88
05;
udsedoauupi{sdmdpisdolu
udo}nhfnJsef}fuumnhpfsdsdno}'u
uigsenvlemn}sgtuuiocissdhf}u
ufueiv}sdol'uu
d}dom{fcdKgtu
u{f\i{cdol'u
uhiadolhfgnnauuiocfzigvisfhtu
upensnl{ipe}uucdJJf{fosgt/u
[tseh Oisdno DD
Tfggn|
knnA}
{fzdf\}Ktcn{nset\igchio
8/9/2019 Think | Q1 2010
83/88
05=
do}dcf{vpf{s}K{idopiv { gi HdmipsdI msfhigflfc' {fsHcm' sf midhiic MFn of|M' i dsdlfc sf
|gc |ds d kdfimhf sis fikgfcdh s l h |dli higg Isigdif|if mhi si hgsd(kdggd cggi dsfisdig hfcdi hlg|f gcdl dmgcf f|if' jghscd' icd sisd' sfgfdd ic mikgffs|a' ka' dsffs dsf ic hf/Sd higg ghf' |dssf d i dsdldl'ficikgf sgf' fihdf d mmff icidgf' d lihkgf ic d dd s ffig| f hiilfc s k H}imf' J icC| bf s mfisf d fhdf/ Sl hffi dh' f| figg cfsic dh/
pfia}iocziggft}]m B}' H/C/]dh * ]mv}sK sf is \eHzfc Ht Meff}f>Pfia} ioc Ziggft}d i dhdgig s'dhgf iikgf |ds
i c hfilfiks | s hiafks sf lc ickic sdhf |a / Jmdl sf dl ic g| kdf i |fgg igdf' sf is cdsdgsf gf d sf s s s' fi sfhfhkf' fs dsf c' sisfhfsm i2 \fsf if sfhidg i pfia c| d i ziggf' iafg2 \is d sf ss d sf dsisd>Hiaf figds dfc/ Lc icdmf di dsisd/
sefof\lvgJfchvc n]vdziHsdzis\dssf k iHdccgf Fis ffsh sf vA' sdka fihdf sf|ffdl milf
mmdl d sdis sf lgkfic | hcfIikdi d mildlsf fs sf |gc sf kfssf/ Kfihddl sf ds sf fld hsf lfgldmig dld sf |gc s sfffs sdhf' n}ggdi fihdf |ds' lfli ic sf cdmf dgif dhimsfc sf d Iikdi msdfsis hiaf sf LMM/ ef sf hffihgfg s d fcdmsd | sffhfldl mf |dgg l| d ifmf icdfmf i dsdf fgs/
fmngnldmigdosfggdlfomfCid lhikic|it ka}Ff |f |f ss kf dhfc' fm(mmd mhf'dccf mffmfhi flisf
lc dsfsd/ Ffcms gikfggfclff ffsg ifdccf fdhfsigms/ J fihgf'i lidm mss ds hi if kffmgfc |ds sdm cf/ vfdgdl sddccf cihilf s sf fdhfs d |issf is migg icdmig siifm' |dggigg| mhf s hiaf hisf midlcfmdd/ Ks sd mi if g |fGdf Mmgf Ifhfs' |dm ffig sfssig fdhfsig dhims i cms hmmfsd sl s cdig' d iidgikgfs mhf/
I{MeDSFMSRIeIeICDC
gdit ic gid Ms' Zdi Vdz}dst fmhdm} ic kv}d}}' fv} i}s vdz}dst mv}d mhdm} ic v}d}} ic iac ts Jdoiomdig Sdhf}i} s s 60 k(}m}' ;004/
jn{|i{C SEDOADOl
8/9/2019 Think | Q1 2010
84/88
053
\\\/DoCnn{LnGJI{FoI/Fv
DS HIt }nno KF pn}}DKGF SnMnoCvMS Kv}DoF}} no SeF LnGJ
Mnv{}F' {FLI{CGF}} nJ MGDHISDMMnoCDSDno}/
\{dssfoKt}sfzfedgg
mgdhisdm mnocdsdno}' }vme i} }ioc n{ }on| kgdrri{c}' |dggons cfsf{ cfig hiadol no sef lng mnv{}f' seioa} sn pgio} n{i evlf docnn{ mfos{f seis mnvgc ig}n p{nzf sn kf n dosf{f}ssn fozd{nohfosigd}s} ioc Hdccgf Fi}sf{o hi{afs} |ef{f|isf{dol mn}s} is sef efdles n }vhhf{ mio k{dol i sfi{ sn sefftf n sen}f pitdol sef kdgg}/
Ih}sf{cih(ki}fc i{medsfmsv{ig mnhpiot R|i{s} * Bio}hiei} p{ncvmfc cf}dlo} n{ i }fg(mnosidofc lngol i{foi |edme|nvgc fisv{f 93'000 }yvi{f hfs{f} n s{idodol imdgdsdf} no
}tosefsdm l{i}}' ;0 lng }dhvgisn{} ioc i =3(kit {nnnp c{dzdol{iolf/
Lng d} sef i}sf}s l{n|dol gfd}v{f imsdzdst do sef Ofsef{gioc}'ioc sef docnn{ mfos{f idh} sn efgp hffs dom{fi}dol cfhioc{nh pgitf{}' ioc ig}n {fgdfzf p{f}}v{f no fud}sdol mnv{}f}/
Sf }pn{s ei} s{icdsdnoiggt kffo gdoafc |dse kv}dof}}'efomf sef{f i{f pgio} sn p{nzdcf {fgisfc imdgdsdf} }vme i}gnvolf}' nmf} ioc {f}siv{ios} sn foeiomf hffsdol} iocs{io}imsdno}/
sefcvsme Docnn{ Lng I{foi p{nbfms fogd}sfc sef efgp nOdmagiv} Cf}dlo' sef {fon|ofc mnhpiot f}sikgd}efc kt lngol
}vpf{}si{ Bima Odmagiv}' sn efgp k{dol sefd{ mnomfps sn gdf/Ioc sef foc {f}vgs d} io i{foi seis mnvgc ims i} i lfof{ig
|fisef{(docfpfocfos }pn{s} mfos{f' i} |fgg i} i nmig pndosn{ lng fumfggfomf do sef Ofsef{gioc}/
Ds d} iosdmdpisfc seis sef i{foi |dgg ig}n fisv{f i lng }enp nhn{f seio 9'000 }yvi{f hfs{f}' i |fggof}} mfos{f |dse }ivoiioc }pi' ioc i nv{(}si{ ensfg/
Nmdig} kfgdfzf seis i{nvoc 9
8/9/2019 Think | Q1 2010
85/88
056
zD}DnOi{t
\{dssfoKtcn{nset\igchio
8/9/2019 Think | Q1 2010
86/88
05:
\efoHdmeifg Cfggc{nppfc nvs n mnggflf is 94' ef eic ise{dzdol kv}dof}} kvdgcdol mnhpvsf{}sn ed} mv}snhf{} }pfmdmisdno}/ naffp sef p{dmf} n ed} mnhpvsf{} gn|f{seio nsef{ PM}' ef fgdhdoisfc k{dmaioc hn{si{ }sn{f} ioc hdccgfhfo kt}fggdol cd{fmsgt sn sef mv}snhf{ |dsesef v}f n n{cf{ n{h}' penof n{cf{}ioc on| sef dosf{ofs/ Fupgidodol ed}hi{afsdol hncfg' ef }idc' \fgg' |f}si{sfc sef mnhpiot kt kvdgcdol sn sef
mv}snhf{} n{cf{/ Ioc dosf{f}sdolgtfonvle' |f cdcos cn ds kfmiv}f |f }i|}nhf hi}}dzf pi{icdlh do sef vsv{f/Ki}dmiggt' |f bv}s cdcos eizf iot mipdsigQsn hi}}(p{ncvmfX/
\efo ed} mnhpiot |fos pvkgdm do9455' ds |i} zigvfc is {nvlegt V]#50hdggdno' ioc do 944; ds |i} no sefJn{svof 600 gd}s n sef 600 gi{lf}smnhpiodf} do sef |n{gc' hiadol HdmeifgCfgg' is ;
8/9/2019 Think | Q1 2010
87/88
05