DLGIGCLIH [@^JS KLC[LOGI^\ [`rjlgohoby Uhilg igk Sljph` @xphilg`k
^`vlslog 9.0 ny [aojis A`rohk ©>59;->592 @vohvlgb R`ihta, HHC. Ihh rlbats r`s`rv`k. Tlslt ta` w`nslt`6 gigclih-klctlogiry.lgdo
© >59;->592 [aojis A`rohk / @vohvlgb R`ihta, HHC. S`hd Uunhlsalgb 24< C`gt`r Nouh`virk 990 Dilrdix, CI <;<35 PSI IHH ^LBA[S ^@S@^T@K. [als noom cogtilgs jit`rlih prot`ct`k ugk`r Lgt`rgitlogih igk D`k`rih Copyrlbat Hiws igk [r`itl`s. Igy ugiutaorlz`k r`prlgt or us` od tals jit`rlih ls proalnlt`k. Go pirt od tals noom jiy n` r`prokuc`k or trigsjltt`k lg igy dorj or ny igy j`igs, `h`ctroglc or j`caiglcih, lgchuklgb paotocopylgb, r`corklgb, or ny igy lgdorjitlog storib` igk r`trl`vih syst`j wltaout `xpr`ss wrltt`g p`rjlsslog droj ta` iutaor / punhlsa`r. H@BIH KLSCHILJ@^6 [als noom ls pr`s`gt`k soh`hy dor `kucitlogih igk `gt`rtilgj`gt purpos`s. [a` iutaor igk punhlsa`r ir` got odd`rlgb lt is h`bih, iccougtlgb, or ota`r prod`sslogih s`rvlc`s ikvlc`. Ralh` n`st `ddorts aiv` n``g us`k lg pr`pirlgb tals noom, ta` iutaor igk punhlsa`r jim` go r`pr`s`gtitlogs or wirrigtl`s od igy mlgk igk issuj` go hlinlhltl`s od igy mlgk wlta r`sp`ct to ta` iccuricy or coj ph`t`g`ss od ta` cogt`gts igk sp`cldlcihhy klschilj igy ljphl`k wirrigtl`s od j`rcaigtinlhlty or dltg`ss od us` dor i pirtlcuhir purpos`. G`lta`r ta` iutaor gor ta` punhlsa`r saihh n` a`hk hlinh` or r`spogslnh` to igy p`rsog or `gtlty wlta r`sp`ct to igy hoss or lgclk`gtih or cogs`qu`gtlih kijib`s cius`k, or ihh`b`k to aiv` n``g cius`k, klr`cthy or lgklr`cthy, lgklr`cthy, ny ta` lgdorjitlog or probrijs cogtilg`k a`r`lg. Go wirrigty jiy n` cr`it`k or `xt`gk`k ny sih`s r`pr`s`gtitlv`s or wrltt`g sih`s jit`rlihs. @v`ry cojpigy ls kldd`r`gt igk ta` ikvlc` igk strit`bl`s cogtilg`k a`r`lg jiy got n` sultinh` dor your sltuitlog. \ou saouhk s``m ta` s`rvlc`s od i cojp`t`gt igk prod`sslogih dlgigclih ikvlsor n`dor` n`blgglgb igy lgv`stj`gts.
[inh` od Cogt`gt
;59M ......................................................................................................9> Iccougtigt ............................................................................................93 Ikfustinh` ^it` Jortbib` Jortbib`.....................................................................9; Ib`gcy Nogks .......................................................................................94 IJ@Q ([a` Ij`rlcig Ij`rlcig Stocm @xcaigb`) @xcaigb`) ................................................92 Ijortlzitlog ..........................................................................................91 Igguih U`rc`gtib` U`rc`gtib` ^it` (IU^) (IU^) ..............................................................9< Irnltrib` ................................................................................................>5 Ipprilsih................................................................................................>9 Iss`ts ...................................................................................................>3 Issujinh` Hoig ....................................................................................>; Nik K`nt ...............................................................................................>0 Nilhout ...................................................................................................>4 Nihhoog Hoig .........................................................................................>1 Nigmruptcy ............................................................................................>< Nirrlst`rs ...............................................................................................35 Nirt`r.....................................................................................................39 N`ir Jirm`t ...........................................................................................3> Nl-Uirtlsig .............................................................................................3; Nhu` Calp Stocms ...................................................................................30 Nogks ....................................................................................................34 Noom Tihu` ............................................................................................32 Noomm``p`r ...........................................................................................31 Nooj .....................................................................................................;5 Nrom`rs ..................................................................................................;9 Nunnh` ...................................................................................................;> Nuhh Jirm`t ............................................................................................;3 Cihh Optlog.............................................................................................;0 Cipltih Bilgs .........................................................................................;4 Cisa Og Cisa ^`turg (CC^) .................................................................;2 Cisa Sivlgbs Iccougt ..........................................................................;1 Cisa Dhow ..............................................................................................;< Cisa Dhow Yuikrigt ..............................................................................09 C`gtrih Nigm ..........................................................................................0> Choslgb Costs ........................................................................................03 Cohhinoritlog .........................................................................................0;
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[inh` od Cogt`gt
Cohhit`rihlz`k K`nt Onhlbitlogs .............................................................00 Cohh`ctlnh`s ............................................................................................04 Cojjokltl`s .........................................................................................01 Cojjog Stocm .....................................................................................0< Cipltih Stocm .........................................................................................45 Cojpougklgb od Jog`y ........................................................................4> Cogsuj`r Urlc` Lgk`x (CUL) ..................................................................43 Cogtlgb`gcy ..........................................................................................4; Corporit` Nogks ...................................................................................44 Cost S`br`bitlog...................................................................................42 Cougt`r O$`r.........................................................................................41 CUI (C`rtl`k Uunhlc Iccougtigt) .........................................................4< Cr`klt K`diuht Swips.............................................................................29 Cr`klt ^`port .........................................................................................2> Curr`gcy Stigkirks ..............................................................................23 Cychlcih Jiglpuhitlog ............................................................................20 K`nislgb ta` Curr`gcy ..........................................................................24 K`nlt Cirk .............................................................................................22 K`nt S`rvlc` ..........................................................................................21 K`d`rr`k Jilgt`gigc` ...........................................................................2< K`clt ....................................................................................................19 K`clt Sp`gklgb ....................................................................................1> K`g`k Cogtrlnutlog Uhigs ...................................................................13 K`itlog ................................................................................................1; K`pr`sslog ............................................................................................14 K`rlvitlv`...............................................................................................12 Klscougt Uolgts .....................................................................................1< Klscougt ^it` ........................................................................................<5 Klsposinh` Lgcoj` ................................................................................<9 Klstr`ss`k Iss`ts ..................................................................................<> Klv`rsldylgb ............................................................................................<3 Klvlk`gk ................................................................................................<0 Klvlk`gk \l`hk ........................................................................................<4 Klvlk`gks (Jutuih Dugks) ......................................................................<2 KFLI (Kow Fog`s Lgkustrlih Iv`rib`) ....................................................<1 Kowg Uiyj`gt ....................................................................................955
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[inh` od Cogt`gt
Ku` Klhlb`gc` ......................................................................................959 @irg`k Lgcoj` ....................................................................................95> @irglgbs U`r Sair` ..............................................................................953 @bihltirliglsj ......................................................................................95; @j`rblgb Jirm`ts ...............................................................................954 @jphoy``s ...........................................................................................952 @gtr`pr`g`urs ......................................................................................951 @qultl`s ................................................................................................95< @qulty...................................................................................................999 @^LSI ..................................................................................................99> @scrow.................................................................................................993 @[D 99; @vlctlog ................................................................................................994 @xcaigb` ^it` ....................................................................................992 @xport ..................................................................................................991 D`k`rih ^`s`rv`...................................................................................9>5 D`k`rih ^`s`rv` Ict od 9<93 ...............................................................9>9 D`k`rih ^`s`rv` Nigm .........................................................................9>> Dlit Kohhirs...........................................................................................9>3 Dlit Jog`y ...........................................................................................9>0 Dlgigclih J`gtor .................................................................................9>4 Dlgigclih Stit`j`gt .............................................................................9>2 Dlgigclgb [`rjs ..................................................................................9>1 Dlx`k ^it` Jortbib` ...........................................................................935 Dlx`r-Ppp`r .........................................................................................939 Dor`chosur` ..........................................................................................93> DO^@Q Jirm`ts ...................................................................................93; Drictlogih Nigmlgb Syst`j ..................................................................930 Dutur`s.................................................................................................934 BKU .....................................................................................................932 Bohk ^ota L^I .....................................................................................931 Bohk Stigkirk .....................................................................................9;5 Book K`nt ...........................................................................................9;9 Br`it K`pr`sslog.................................................................................9;> Br`it ^`c`sslog ..................................................................................9;3 Bross Lgcoj` ......................................................................................9;0
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[inh` od Cogt`gt
A`kb` Iccougt ....................................................................................9;4 A`kb` Dugks .......................................................................................9;2 A`kblgb ...............................................................................................9;< Ayp`rlgitlog ......................................................................................905 Ljport ..................................................................................................909 Lgk`x Dugks .........................................................................................90> Lgitlog ................................................................................................903 Lgt`hh`ctuih Urop`rty.............................................................................900 Lgt`r`st ^it` ........................................................................................904 Lgt`rgitlogih Jog`tiry Pglt .................................................................902 Lgt`rg`t Nunnh` ....................................................................................901 Lgtrlgslc Tihu` ......................................................................................90< Lgv`stors ..............................................................................................945 LUO (Lgltlih Uunhlc O $`rlgb)...................................................................949 L^I . 943 L^I Custoklig .....................................................................................94; L^^ (Lgt`rgih ^it` od ^`turg) ................................................................940 lSair`s.................................................................................................944 M`yg`slig @cogojlcs .........................................................................941 H`is` ...................................................................................................94< H`v`rib` ..............................................................................................925 H`vl`k [ix`s ........................................................................................929 Hlinlhltl`s ..............................................................................................923 Hlqulklty ...............................................................................................92; Hoig S`rvlclgb .....................................................................................920 Hoig-to-Tihu`-^itlo (H[T) ...................................................................924 Hocih Jog`y ........................................................................................921 Hoss to H`is` ......................................................................................92< Jicro`cogojlcs.................................................................................915 Jirblg [riklgb .....................................................................................919 Jiturlty ...............................................................................................91> J@^S ..................................................................................................913 Jlkkh` Chiss ........................................................................................910 Jog`tirlsj (Jlhtog Dr``kjig“s @cogojlcs) ......................................914 Jog`y Supphy .....................................................................................912 Jortbib` .............................................................................................91<
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[inh` od Cogt`gt
Jortbib` Nrom`r .................................................................................9<5 Juglclpih Nogks ..................................................................................9<9 Jutuih Dugks.......................................................................................9<> GISKIY (Gitlogih Issoclitlog od S`curltl`s K`ih`rs) ........................9<; G`t Op`ritlgb Lgcoj` .........................................................................9<0 G`t Rorta ............................................................................................9<4 Got` (projlssory) ................................................................................9<2 G\S@ (G`w \orm Stocm @xcaigb`) ......................................................9<< O$saor` Iccougt ................................................................................>55 Op`ritlgb @xp`gs`s ............................................................................>59 Orlblgitlog D``s ..................................................................................>5> O[C (Ov`r [a` Cougt`r) ......................................................................>53 Uip`r Iss`ts .......................................................................................>50 Uip`r Lgv`stj`gts...............................................................................>54 Uisslv` Lgcoj` ...................................................................................>52 U`gslog @gtlth`j`gts @gtlth`j`gts ..........................................................................>51 UJL (Urlvit` Jortbib` Lgsurigc`) .......................................................>95 Uogzl Sca`j` .....................................................................................>99 Uortdohlo ...............................................................................................>9> Uortdohlo Lgcoj` ..................................................................................>93 Ur`d`rr`k Stocm ...................................................................................>90 Urosp`ctus ..........................................................................................>94 Uut Optlog ...........................................................................................>92 Yuigtltitlv` @islgb .............................................................................>9< ^it` od ^`turg .....................................................................................>>5 ^`ih @stit` ..........................................................................................>>9 ^`c`sslog ............................................................................................>>> ^`gigc` .............................................................................................>>; ^`piyj`gt U`gihty .............................................................................>>0 ^`piyj`gt Sphlt ..................................................................................>>4 ^`slkuih...............................................................................................>>2 ^`turg og @qulty ..................................................................................>>1 ^`v`rs` Sphlt .......................................................................................>>< ^OL (^`turg og Lgv`stj`gt) .................................................................>39 ^ota L^I ..............................................................................................>3> ^ug og ta` Nigm ..................................................................................>33
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[inh` od Cogt`gt
S@C (S`curltl`s igk @xcaigb` Cojjlsslog) ......................................>3; S`hh`r Dlgigclgb ...................................................................................>34 S`hhlgb Saort ........................................................................................>32 Saort Sih` ............................................................................................>31 Stocm Sphlt ...........................................................................................>3< Stocms .................................................................................................>;5 Strit`by ...............................................................................................>;9 Sun-prlj` Jortbib` ...........................................................................>;3 Sun-prlj` Jortbib` Crlsls .................................................................>;; [irl$ Urobrijs ....................................................................................>;0 [`rj Hld` Lgsurigc` .............................................................................>;2 [lth` K``k ............................................................................................>;1 [oxlc Iss`ts ........................................................................................>;< [rik` Nihigc` ......................................................................................>05 [rik` K`clt ........................................................................................>09 [r`isurl`s ............................................................................................>0> [r`isury Nlhhs .......................................................................................>03 Pgk`rwrltlgb ........................................................................................>0; P.S. [r`isury Nogks ............................................................................>00 Ticigcy ^it`.......................................................................................>02 T`hoclty od Jog`y ................................................................................>01 T`gtur` Cipltih ....................................................................................>0< Tohitlhlty ...............................................................................................>45 Rib`s ..................................................................................................>49 R`ihta ..................................................................................................>43 R`hdir`.................................................................................................>4; Rorhk Nigm ..........................................................................................>40 \l`hk .....................................................................................................>44 Voglgb Hiws ........................................................................................>42 Vojnl` Nigms .....................................................................................>41 Mlgkh` / Uip`rnicm T`rslog .................................................................>25 Duhh T`rslog ..........................................................................................>25
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99
Dlgigclih [`rjs Klctlogiry
;59M ;59M“s ir` r`tlr`j`gt phig iccougts. Cogtriry to wait you jiy aiv` a`irk, ta`s` iccougts ir` got ictuihhy lgv`stj`gts. [a`y ir` sp`cldlc purpos` iccougts tait ir` dugk`k uslgb pr`-tix`k kohhirs tim`g out od your piyrohh. R`ihta cig n` nulht up dor r`tlr`j`gt ny purcaislgb iss`ts lg ta` phig tait lgchuk`s stocms, jutuih dugks, lgk`x dugks, nogk, igk r`ih `stit` lgv`stj`gt trusts. [a`s` iccougts ko got b`t tix`k og klvlk`gks, cipltih bilgs, or lgt`r`st `irg`k wltalg ta`j ugtlh suca bilgs ir` hit`r wltakriwg. I gujn`r od kldd`r`gt mlgks od ;59M phigs `xlst. Ihh od ta`j aiv` ta`lr owg sp`cldlc purpos`s, kriwnicms, igk n`g`dlts. Dor `xijph`, taos` wao worm dor got dor prodlts or bov`rgj`gt ib`gcl`s ir` got `hlblnh` dor stigkirk ;59M iccougts. [a`y ir` odd`r`k ;53N phigs lgst`ik. [a` ^ota ;59M ls igota`r typ` od ;59M phig. Lt ihhows worm`rs to put tix`k kohhirs lgto ta`lr iccougt. Ralh` ta`y ko got p`rjlt cogtrlnutlog tix wrlt` odds gow, ta`y ko `gsur` tait lgcoj` tix`s wlhh g`v`r aiv` to n` pilk og igy od ta` iccougt jog`y, jog`y, lgchuklgb klvlk`gks igk cipltih bilgs `irg`k, wa`g lt ls wltakriwg dor r`tlr`j`gt. Igota`r typ` od ;59M phig ls ta` S`hd @jphoy`k ;59M. [als g`w typ` od ;59M iccougt ls lk`ih dor p`oph` wao worm dor ta`js`hv`s. Lt lgchuk`s i gujn`r od kldd`r`gt d`itur`s tait jim` lt v`ry ipp`ihlgb to ta` owg`rs od sjihh nuslg`ss`s. Dlv` jilg n`g`dlts cojprls` ta` ikvigtib`s od ;59M r`tlr`j`gt phig lgv`stlgb. [a`s` lgchuk` tix ikvigtib`s, `jphoy`r nis`k jitca probrijs, portinlhlty, lgv`stj`gt v`rsitlhlty, igk airksalp igk hoig wltakriwih cipinlhltl`s. [a` tix ikvigtib`s od trikltlogih ;59M“s c`gt`r irougk ta` dict tait your cogtrlnutlogs ir` duhhy tix k`kuctlnh`, j`iglgb tait you oghy piy lgcoj` tix`s og ta` ta ` jog`y is lt ls tim`g out. @jphoy`r nis`k jitca probrijs ir` hlm` r`c`lvlgb dr`` jog`y dor r`tlr`j`gt. I gujn`r od `jphoy`rs odd`r tals n`g`dlt od jitcalgb i c`rtilg p`rc`gtib` od i cogtrlnutlog od ig `jphoy`` is i n`g`dlt, dor ontilglgb igk m``plgb quihlty `jphoy``s. [a`s` ijougts cig rigb` up to i augkr`k igk dldty p`rc`gt od ijougts cogtrlnut`k igk `v`g alba`r. Uortinlhlty od ;59M“s ihhows dor you to tim` your iccougt wlta you idt`r h`ivlgb ig `jphoy`r. [als ls dlttlgb slgc` ta` iccougt n`hogbs to you igk got ta` ta ` `jphoy`r. `jphoy`r. \ou \ou ihso aiv` ta` optlog to h`iv` ig iccougt wlta ig `jphoy`r“s phig, ld you pr`d`r.
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Dlgigclih [`rjs Klctlogiry
[a` lgv`stj`gt v`rsitlhlty od ;59M“s j`igs tait jigy caolc`s od lgv`stj`gts ir` ivilhinh` dor ta` dugks phic`k lg ta`s` iccougts. How`r rlsm lgv`stors cig caoos` to aohk saort t`rj nogks. Alba`r rlsm lgv`stors jlbat opt dor `qultl`s igk alba`r rlsm lgv`stj`gts. ;59M“s ihso d`itur` ta` inlhlty to tim` hoigs ibilgst ta`j. [a`s` ir` r`pilk iccorklgb to t`rjs s`t up wlta ta` phig ikjlglstritors. Ra`g i dijlhy ais j`klcih `xp`gs`s or ota`r klsist`rs to k`ih wlta, ta`y jiy ihso tim` i airksalp wltakriwih droj ta` phig. Ur`-r`tlr`j`gt ib` wltakriwihs lgchuk` i t`g p`rc`gt phus tix rit` p`gihty. p`gihty. [a` jixljuj ijougts tait jiy n` cogtrlnut`k `v`ry y`ir lg i ;59M iccougt viry wlta your sihiry, phig typ`, igk bov`rgj`gt r`buhitlogs. [yplcihhy, lt ls ta` h`ss`r od `lta`r ta` jost tait your `jphoy`r wlhh ihhow you to put lg is i p`rc`gtib` od your sihiry, sihiry, suca is dour p`rc`gt, or $94,055 phus ta` lgdhitlog lgk`x, is p`r >595 bov`rgj`gt ruh`s. [als jixljuj kohhir ijougt ls lgcr`is`k wlta caigb`s to ta` cost od hlvlgb lgk`x `ica y`ir.
Iccougtigt Iccougtigts ir` prod`sslogih dlgigclih p`rsogg`h waos` cir``rs ir` c`gt`r`k og k`ihlgb wlta jog`y igk dlbur`s. [a`lr r`spogslnlhltl`s cov`r cojplhlgb dlgigclih r`corks, c`rtldylgb ta`j, igk r`corklgb ta`j dor nuslg`ss`s, lgklvlkuihs, bov`rgj`gt orbiglzitlogs, igk got dor prodlt orbiglzitlogs. Is suca, ta`y tricm i cojpigy or lgklvlkuih“s jog`y tarouba ta` k`v`hopj`gt od r`ports. Jigib`rs od cojpigl`s igk orbiglzitlogs igk ota`r lgklvlkuihs r`ik ta`s` iccougtlgb r`ports. [a` jigib`rs h`irg ta` stit` igk probr`ss od ta`lr cojpigy droj ta`j. Bov`rgj`gts utlhlz` ta`s` r`ports to k`t`rjlg` ta` tix`s tait cojpigl`s ir` r`qulr`k to piy. Lgv`stors igk ota`r nuslg`ss`s hoom it ta`j to k`t`rjlg` ld ta`y wlsa to worm wlta i coj pigy. pigy. Nigms igk ota`rs lgv`stlbit` ta`s` r`ports lg ta`lr k`clslogs od h`gklgb jog`y to i cojpigy. [a` jiforlty od iccougtigts ir` sp`clihlz`k. Dour jilg typ`s od iccougtigts prictlc` ta`lr trik`. Jigib`j`gt iccougtigts dohhow ta` jog`y tait ls nota `irg`k igk sp`gt ny ta`lr `jphoylgb cojpigl`s. Uunhlc iccougtigts worm it punhlc iccougtlgb dlrjs. A`r`, ta`y p`rdorj iukltlgb, iccougtlgb, cogsuhtlgb, igk tix pr`piritlog worm. [a`s` typ`s od iccougtigts p`rdorj guj`rous tisms dor lgklvlkuihs wao ir` chl`gts
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Dlgigclih [`rjs Klctlogiry
od ta` iccougtlgb dlrj. Soj` punhlc iccougtigts aiv` ta`lr owg sjihh nuslg`ss. Bov`rgj`gt iukltors igk iccougtigts `gsur` tait ta` iccougtlgb r`corks od bov`rgj`gt ib`gcl`s ir` corr`ct. N`slk`s tals, ta`y kounh` ca`cm ta` r`cork od taos` lgklvlkuihs wao trigsict nuslg`ss wlta ta` bov`rgj`gt. [als a`hps to m``p bov`rgj`gts r`spogslnh`. Lgt`rgih iukltors ir` iccougtigts wao `gsur` tait ta` iccougtlgb r`corks od ta`lr cojpigy ir` corr`ct. Lg tals roh`, ta`y ir` lgv`stlbitlgb to jim` c`rtilg tait go p`rsog wltalg ta` dlrj ls st`ihlgb. N`slk`s tals, ta`y lgv`stlbit` to jim` c`rtilg tait go lgklvlkuih lg ta` cojpigy ls wistlgb ta` dlrj“s dlrj“s cipltih. Iccougtigts p`rdorj ta`lr tisms lg oddlc`s. [aos` iccougtigts wao worm dor punhlc cojpigl`s igk bov`rgj`gt broups odt`g triv`h to p`rdorj iuklts od ta`lr owg cojpigy“s ota`r nrigca`s or outslk` cojpigl`s. ^`birklgb ta`lr aours, iccougtigts typlcihhy worm dor i gorjih dorty aours p`r w``m. Soj` iccougtigts phy ta`lr trik` dor jor` taig dldty aours `ica w``m. @sp`clihhy lg tix s`isog tait rugs droj Figuiry tarouba Iprlh, tix iccougtigts cojjoghy worm lgcr`klnhy hogb aours. [a` outhoom dor iccougtigts ls `xc`ptlogihhy strogb. [a`lr dl`hk od worm ls igtlclpit`k to brow sunstigtlihhy dist`r taig ta` iv`rib` occupitlog tarouba it h`ist >591. [a` r`isogs dor tals aiv` juca to ko wlta ta` cojph`x gitur` od nota lgcoj` tix hiws igk jigkitory dlgigclih r` portlgb. N`cius` od ta` gitur` od ta`s` hiws igk ruh`s, ta` k`jigk dor iccougtigts wlhh ihwiys `xlst. Rormlgb is ig iccougtigt `gtilhs i wlk` virl`ty od r`qulr`j`gts igk pr`r`qulslt`s. Soj` v`ry ljportigt posltlogs jigkit` ikvigc`k k`br``s. Ota`r iccougtigt posltlogs oghy g``k ig inlhlty igk cojphligc` to h`irg ta` trik`, ihogb wlta ta` g`c`ssiry pitl`gc` to s`` ta` trilglgb tarouba.
Ikfustinh` ^it` Jortbib` Jortbib` Ikfustinh` ^it` Jortbib`s, ihso mgowg ny ta`lr icrogyj I^J“s, ir` taos` jortbib`s waos` lgt`r`st rit`s caigb` droj tlj` to tlj`. [a`s` caigb`s cojjoghy occur nis`k og ig lgk`x. Is i r`suht od caigblgb lgt`r`st rit`s, piyj`gts wlhh rls` igk dihh ihogb wlta ta`j. Ikfustinh` ^it` Jortbib`s lgvohv` i gujn`r od kldd`r`gt `h`j`gts. [a`s` lgchuk` jirblgs, lgk`x`s, klscougts, g`bitlv` ijortlzitlog, cips og piyj`gts igk rit`s, r`cihcuhitlgb od your hoig, igk piyj`gt optlogs.
9;
Dlgigclih [`rjs Klctlogiry
Ra`g cogslk`rlgb ig ikfustinh` rit` jortbib`, you saouhk ihwiys ugk`rstigk nota ta` jost tait your jogtahy piyj`gts jlbat bo up, is w`hh is your inlhlty to jim` ta`s` alba`r piyj`gts lg ta` dutur`. Lgltlih piyj`gts igk rit`s ir` ljportigt to ugk`rstigk wlta ta`s` I^J“s. [a`y stiy lg `dd`ct dor oghy c`rtilg tlj` drij`s tait rug droj j`r`hy i jogta to is hogb is dlv` y`irs or hogb`r. Rlta soj` od ta`s` I^J“s, ta`s` lgltlih piyj`gts igk rit`s wlhh viry tr`j`gkoushy droj taos` tait ir` lg `dd`ct hit`r lg ta` hld` od ta` hoig. \our piyj`gts igk rit`s cig caigb` slbgldlcigthy `v`g wa`g lgt`r`st rit`s r`jilg h`v`h. I wiy to k`t`rjlg` aow juca tals wlhh viry og i pirtlcuhir I^J hoig ls to cojpir` ta` igguih p`rc`gtib` rit` igk ta` lgltlih rit`. Saouhk tals IU^ prov` to n` juca br`it`r taig ta` lgltlih rit`, ta`g hlm`hy ta` piyj`gts igk rit`s wlhh sljlhirhy turg out to n` slbgldlcigthy br`it`r wa`g ta` hoig ikfusts. Lt ls ljportigt to ugk`rstigk tait ta` jiforlty od Ikfustinh` ^it` Jortbib`s“ jogtahy piyj`gts igk lgt`r`st rit`s wlhh viry ny ta` jogta, ta` quirt`r, ta` y`ir, ta` tar`` y`ir p`rlok, igk ta` dlv` y`ir tlj` drij`. [a` tlj` n`tw``g ta`s` caigb`s lg rit` ls r`d`rr`k to is ta` ikfustj`gt p`rlok. Hoigs tait d`itur` og` y`ir p`rloks ir` cihh`k og` y`ir I^J“s, I^J“s, is ig `xijph`. [a`s` Ikfustinh` ^it` Jortbib`s“ lgt`r`st rit`s ir` cojprls`k od two portlogs od lgk`x igk jirblg. [a` lgk`x ictuihhy dohhows lgt`r`st rit`s ta`js`hv`s. \our piyj`gts ir` ljpict`k ny hljlts og aow dir ta` rit` cig rls` or dihh. Is ta` lgk`x rls`s, so wlhh your lgt`r`st rit`s igk piyj`gts b`g`rihhy. Is ta` lgk`x k`chlg`s, your jogtahy piyj`gts couhk sljlhirhy dihh, issujlgb tait your I^J ls og` tait ikfusts kowg. I^J rit`s cig n` nis`k og i gujn`r od kldd`r`gt lgk`x`s, lgchuklgb HLNO^ ta` Hogkog Lgt`rnigm Odd`r`k rit`, CODL ta` Cost od Dugks Lgk`x, igk i CJ[ og` y`ir cogstigt jiturlty [r`isury s`curlty. Ota`r h`gk`rs us` ta`lr owg proprl`tiry jok`h. Jirblg prov`s to n` ta` pr`jluj to ta` rit` tait i h`gk`r lts`hd ikks. [als ls cojjoghy i couph` od p`rc`gtib` polgts tait ir` ikk`k klr`cthy to ta` lgk`x rit` ijougt. [a`s` ijougts viry droj og` h`gk`r to ta` g`xt, igk ir` cojjoghy dlx`k kurlgb ta` hoig t`rj. [a` duhhy lgk`x`k rit` ls cojprls`k od lgk`x phus jirblg. Ra`g ta` hoig“s lgltlih rit` turgs out to n` how`r taig ta` duhhy lgk`x`k rit`, tals ls r`d`rr`k to is i klscougt`k lgk`x rit`. So ig lgk`x tait sit it dlv` p`rc`gt igk aik i tar`` p`rc`gt jirblg ticm`k og wouhk n` i duhhy lgk`x`k rit` od `lbat p`rc`gt.
90
Dlgigclih [`rjs Klctlogiry
Ib`gcy Nogks Ib`gcy nogks ir` taos` nogks tait ir` ictuihhy lssu`k ny Pglt`k Stit`s“ bov`rgj`gt spogsor`k `gtltl`s. [als j`igs tait ta`s` nogks ir` got bov`rgj`gt buirigt``k, is ta`y ir` cr`it`k ny prlvit` cojpigl`s. [a`y ir` nicm`k up ljphlclthy ny ta` Pglt`k Stit`s bov`rgj`gt, slgc` ta`s` orbiglzitlogs w`r` cr`it`k to p`rjlt soj` cit`borl`s od lgklvlkuihs to aiv` ta` inlhlty to r`c`lv` how`r cost dlgigclgb, lg pirtlcuhir dlrst tlj` aoj` nuy`rs igk stuk`gts. [a` nlbb`st, n`st r`cobglz`k gij`s lg Ib`gcy Nogk lssu`rs prov` to n` Sihhl` Ji`, Dr`kkl` Jic, igk Diggl` Ji`. [a`s` tar`` hirb` cojpigl`s ir` kldd`r`gt droj bov`rgj`gt ib`gcl`s lg tait ta`y ir` got buirigt``k ny ta` Pglt`k Stit`s“ bov`rgj`gt“s bov`rgj`gt“s projls` od duhh dilta igk cr`klt. Lgst`ik, ta`y ir` ihh prlvit`hy a`hk igk rug cojpigl`s tait ir` blv`g bov`rgj`gt cairt`rs is i r`suht od ta`lr crltlcih ictlvltl`s tait cirry out bov`rgj`gt klr`ct`k pohlcl`s. Ib`gcy nogks ir` us`k to rils` jog`y to a`hp ta`s` cojpigl`s odd`r dirj hoigs, aoj` hoigs, stuk`gt hoigs, igk lgt`rgitlogih trik` dlgigclgb. Is i r`suht od ta` bov`rgj`gt k``jlgb ta`s` ictlvltl`s to n` slbgldlcigt `gouba to brigt cairt`rs, ta` jirm`ts cogslk`r tait ta` D`k`rih Bov`rgj`gt wlhh got p`rjlt ta`s` cairt`r`k dlrjs to bo ugk`r. [als blv`s ta`lr ib`gcy nogks ta` ljphl`k bov`rgj`gt spogsor`k `gtlty buirigt``. Is i r`suht od tals ljphlclt buirigt``, ta`s` ib`gcy nogks cirry ritlgbs igk yl`hks tait ir` cojpirinh` to bov`rgj`gt lssu`k k`nt. Is ig `xijph`, Urlvit` @xport Dugklgb Corporitlog nogks prov` to n` nicm`k up ny ictuih cohhit`rih od Pglt`k Stit`s bov`rgj`gt s`curltl`s. D`k`rih Dirj Cr`klt Nigms“ nogks ir` got, ihtaouba lt ls i bov`rgj`gt spogsor`k `gtlty. K`splt` ta` kldd`r`gc`s, ta` yl`hk-to-jiturlty od ta` two nogks ir` ;.203% igk ;.245% r`sp`ctlv`hy. [a`s` two orbiglzitlogs“ k`nt onhlbitlogs ir` g`irhy prlc`k ta` sij`, k`jogstritlgb ogc` ibilg ta` ljphlclt buirigt`` lg ta` bov`rgj`gt spogsor`k `gtlty s`curltl`s. [a` lssu` od tixitlog ls igota`r ljportigt og` to cogslk`r wa`g you ir` hoomlgb it Ib`gcy Nogks. Ihh ib`gcy nogks ir` tixinh` og D`k`rih h`v`hs. Jigy ir` got tix`k og stit` h`v`hs. [als ls crltlcih ld you ir` ig lgv`stor wao r`slk`s lg i stit` tait ais lts owg tix`s. [a` lgt`r`st piyj`gts droj ta` n`st mgowg od ta`s` orbiglzitlogs hlm` Dr`kkl` Jic igk Diggl` Ji` cig n` tix`k og i stit` h`v`h. [a` jiforlty od ota`rs ib`gcy nogks ivolk tals tixitlog, jimlgb ta`lr rit`s jor` ittrictlv` dor jigy lgv`stors.
94
Dlgigclih [`rjs Klctlogiry
[a` vist jiforlty od ihh ib`gcy nogks outstigklgb, jor` taig glg`ty p`rc`gt, ir` lssu`k ny oghy ta` dour hirb`st bov`rgj`gt spogsor`k `gtl`gtl tl`s. Ny hirb`st slz`, ta`s` ir` D`k`rih Aoj` Hoig Nigms, D`k`rih Aoj` Hoig Jortbib` Corporitlog, D`k`rih Gitlogih Jortbib` Issoclitlog, igk D`k`rih Dirj Cr`klt Nigms. [a` D`k`rih Aoj` Hoig Nigms“ igk D`k`rih Dirj Cr`klt Nigms“ ib`gcy nogks ir` got stit` lgcoj` tixinh`.
IJ@Q ([a` Ij`rlcig Stocm Stocm @xcaigb`) [a` IJ@Q ls ta` icrogyj dor ta` Ij`rlcig Stocm @xcaigb`. [als `xcaigb` prov`s to n` ta` talrk nlbb`st suca stocm jirm`t lg ihh od ta` Pglt`k Stit`s wa`g triklgb vohuj` ls cogslk`r`k, idt`r ta` G\S@ igk ta` GISKIY gitlogih `xcaigb`s. Hocit`k lg ta` Ij`rlcig dlgigclih c`gt`r od G`w \orm, ta` IJ@Q cirrl`s irougk t`g p`rc`gt od `v`ry s`curlty tait ls hlst`k wltalg ta` Pglt`k Stit`s. Lg ta` pist, lt aik i juca hirb`r jirm`t sair` od trik`k s`curltl`s. [a` orlblgs od ta` IJ@Q hl` n`dor` lt wis cihh`k ta` Ij`rlcig Stocm @xcaigb`. Lg 9<03, ta` G`w \orm Curn @xcaigb` n`cij` mgowg is ta` IJ@Q. [als `xcaigb` prov`k to n` i jutuih orbiglzitlog tait ta` j`jn`rs owg`k. Lg k`cik`s pist, ta` Ij`rlcig Ij`rlcig Stocm @xcaigb` aik ig ljportigt posltlog is i jifor cojp`tltor dor ta` G`w \orm Stocm @xcaigb`. [als roh` brikuihhy d`hh to ta` rlslgb GISKIY stocm `xcaigb`. Nicm og ta` s`v`gt``gta od Figuiry lg >551, ta` G\S@ @urog`xt `xcaigb` iggougc`k lts lgt`gtlogs to nuy out ta` Ij`rlcig Stocm @xcaigb` lg cogslk`ritlog od $>45 jlhhlog lg G\S@ stocm. [a`y cojph`t`k ta` trigsictlog og ta` dlrst od Octon`r lg >551. G\S@ orlblgihhy lgt`gk`k to lgt`brit` ta` IJ@Q `xcaigb` lgto lts Iht`rg`xt @urop`ig sjihh cip `xcaigb`. [a`y dlrst r`gij`k lt ta` G\S@ Iht`rg`xt P.S. Ny Jirca od >55<, G\S@ aik scripp`k tals phig igk r`gij`k lt ta` G\S@ Ij`x @qultl`s `xcaigb`. [a` ov`rwa`hjlgb jiforlty od IJ@Q triklgb ta`s` kiys ls kog` lg sjihh cip cojpigy stocms, k`rlvitlv`s, igk `xcaigb` trik`k dugks. [a`s` ir` glca`s tait ta` IJ@Q `xcaigb` cirv`k out igk jilgtilg`k dor lts`hd k`splt` ta` rlslgb ihhur` od ta` g`w`r GISKIY lg ta` 9<<5“s. [a` IJ@Q ons`rv`s r`buhir triklgb s`sslog aours rugglgb droj <635 lg ta` jorglgb to ;655 lg ta` idt`rgoog og Jogkiy tarouba Drlkiy. [a` `xcaigb` ls chos`k og Siturkiys, Sugkiys, igk ihh aohlkiys tait ta` `xcaigb` iggougc`s lg ikvigc`.
92
Dlgigclih [`rjs Klctlogiry
Ijortlzitlog Ijortlzitlo g [a` work ijortlzitlog ls og` tait ls cojjoghy utlhlz`k ny dlgigclih oddlc`rs od corporitlogs igk iccougtigts. [a`y utlhlz` lt wa`g ta`y ir` wormlgb wlta tlj` cogc`pts igk aow ta`y r`hit` to dlgigclih stit`j`gts od iccougts. \ou \ou typlcihhy a`ir tals work `jphoy`k wa`g you ir` dlburdlbur lgb up hoig cihcuhitlogs, or wa`g you ir` k`t`rjlglgb lgt`r`st piyj`gts. [a` cogc`pt od ijortlzitlog poss`ss`s i h`gbtay alstory igk lt ls curr`gthy `jphoy`k lg guj`rous kldd`r`gt s`bj`gts od dlgigc`. [a` work lts`hd k`sc`gks droj Jlkkh` @gbhlsa. A`r` ijortls`g j`igt to ‘ihl`git`‚ or ‘mlhh‚ soj`talgb. [als k`rlvitlog lts`hd coj`s droj ta` Hitlg ikjortlr` tait slbgldl`k ‘phus k`ita.‚ Lt ls hoos`hy r`hit`k to ta` k`rlvitlog od ta` work jortbib`, is w`hh. Ijortlzitlog ls hlt`rihhy ta` proc`ss od ijortlzlgb. [als iccougtlgb prlgclph` ls juca hlm` hlm ` k`pr`clitlog tait kljlglsa`s i hlinlhlty or iss`t“s iss`t“s vihu` ov`r i blv`g p`rlok od tlj` tarouba piyj`gts. Ijortlzitlog cov`rs ta` prictlcih hld` spig od i tigblnh` iss`t. Rlta hlinlhltl`s, lt lgchuk`s i pr`-s`t ijougt od tlj` ov`r walca jog`y ls pilk nicm. Hlm` tals, i c`rtilg ijougt od jog`y ls s`t islk` dor ta` hoig r`piyj`gt ov`r lts hld`tlj`. @v`g taouba k`pr`clitlog ls sljlhir to ijortlzitlog, ta`y ir` got ta` sij` cogc`pts. [a` jilg kldd`r`gc` n`tw``g ta`j hl`s lg wait ta`y cov`r. Ralh` k`pr`clitlog ls jost cojjoghy `jphoy`k to k`scrln` payslcih iss`ts hlm` prop`rty, prop`rty, v`alch`s, or nulhklgbs, ijortlzitlog lgst`ik cov`rs lgtigblnh`s suca is prokuct k`v`hopj`gt, copyrlbats, or pit`gts. Ra`r` hlinlhltl`s ir` cogc`rg`k, ijortlzitlog r`hit`s to lgcoj` lg ta` dutur` tait wlhh n` pilk out ov`r i blv`g ijougt od tlj`. K`pr`clitlog ls lgst`ik i host lgcoj` ov`r i tlj` p`rlok. S`v`rih kldd`r`gt mlgks od ijortlzitlog ir` pr`s`gthy lg us`. [als virl`s wlta ta` iccougtlgb j`taok tait ls prictlc`k. Nuslg`ss ijortlzitlog k`ihs wlta norrow`k dugks igk hoigs igk ta` piylgb od pirtlcuhir ijougts lg kldd`r`gt tlj` drij`s. Ra`g us`k is ijortlzitlog igihysls, tals ls ta` j`igs od cost `x`cutlog igihysls dor i blv`g broup od op`ritlogs. Ra`r` tix hiw ls cogc`rg`k, ijortlzitlog p`rtilgs to ta` lgt`r`st ijougt tait ls pilk ov`r i blv`g spig od tlj` r`h`vigt to piyj`gts igk tix rit`s. Ijortlzitlog cig ihso n` `jphoy`k wlta r`birks to zoglgb ruh`s igk r`buhitlogs, slgc` lt cogv`ys i prop`rty owg`r“s tlj` dor r`hocitlgb is i r`suht od zoglgb bulk`hlg`s igk pr`-`xlstlgb us`. Igota`r virlitlog og ijortlzitlog ls utlhlz`k wlta g`bitlv` ijortlzitlog. [als
91
Dlgigclih [`rjs Klctlogiry
p`rtilgs sp`cldlcihhy to lgcr`islgb hoig ijougts tait r`suht droj totih lgt`r`st ku` got n`lgb pilk up it ta` ipproprlit` tlj`. Ijortlzitlog cig ihso n` `jphoy`k ov`r i wlk`hy rigblgb tlj` drij`. Lt couhk cov`r oghy i y`ir or `xt`gk to is jigy is dorty y`irs. [als k` p`gks og ta` mlgk od hoig or iss`t utlhlz`k. Soj` `xijph`s lgchuk` nulhklgb hoigs tait spig ov`r is jigy is dorty y`irs igk cir hoigs tait cojjoghy spig ov`r j`r`hy dour to dlv` y`irs. Iss`t `xijph`s wouhk n` pit`gt rlbat `xp`gs`s tait cojjoghy ir` spr`ik out ov`r s`v`gt``g y`irs.
Igguih U`rc`gtib` ^it` ^it` (IU^) [a` igguih p`rc`gtib` rit`, or IU^, ls ta` ictuih lgt`r`st rit` tait i hoig cairb`s `ica y`ir. [als slgbh` p`rc`gtib` gujn`r ls trutaduhhy us`k to r`pr`s`gt ta` hlt`rih igguih `xp`gs` od uslgb jog`y ov`r ta` hld` spig od i blv`g hoig. Igguih p`rc`gtib` rit` got oghy cov`rs lgt`r`st cairb`k, nut cig ihso n` cojprls`k od `xtri costs or d``s tait ir` ittica`k to i blv`g hoig trigsictlog. Cr`klt cirks igk hoigs cojjoghy odd`r kldd`rlgb `xphigitlogs dor trigsictlog d``s, ta` structur` od ta`lr ta `lr lgt`r`st rit`s, igk igy hit` d``s tait ir` iss`ss`k. [a` igguih p`rc`gtib` rit` provlk`s ig `isy to ugk`rstigk dorjuhi dor `xpr`sslgb to norrow`rs ta` r`ih igk ictuih p`rc`gtib` gujn`r od d``s igk lgt`r`st so tait ta`y cig j`isur` ta`s` up ibilgst ta` rit`s tait ota`r posslnh` po sslnh` h`gk`rs wlhh cairb` ta`j. Igguih p`rc`gtib` rit` cig lgchuk` jigy kldd`r`gt `h`j`gts n`slk`s lgt`r`st. Rlta i gojlgih IU^, lt sljphy lgvohv`s ta` rit` od i blv`g piyj`gt p`rlok juhtlphl`k out to ta` `xict gujn`rs od piyj`gt p`rloks `xlstlgb lg i y`ir. [a` `dd`ctlv` IU^ ls odt`g r`d`rr`k to is ta` jita`jitlcihhy tru` rit` od lgt`r`st dor i blv`g y`ir. @dd`ctlv` IU^“s ir` cojjoghy ta` d``s cairb`k phus ta` rit` od o d cojpougk lgt`r`st. Og i aoj` jortbib`, `dd`ctlv` igguih p`rc`gtib` rit`s couhk dictor lg Urlvit` Jortbib` Lgsurigc`, klscougt polgts, igk `v`g proc`sslgb costs. Soj` alkk`g d``s ko got jim` ta`lr wiys lgto ig `dd`ctlv` IU^ guj n`r. n`r. N`cius` od tals, you saouhk ihwiys r`ik ta` dlg` prlgt surrougklgb surrougklg b ig IU^ igk ta` costs issoclit`k wlta i jortbib` or hoig. Is ig `xij ph` od aow ig `dd`ctlv` IU^ cig n` k`c`ptlv` wlta jortbib`s, ta` og` tlj` d``s tait ir` cairb`k lg ta` drogt od i jortbib` ir` cojjoghy issuj`k to n` klvlk`k ov`r i hoig“s hogb r`piyj`gt p`rlok. Ld you oghy utlhlz` ta` hoig dor i saort tlj` drij`, ta`g ta` IU^ gujn`r wlhh n`
9<
Dlgigclih [`rjs Klctlogiry
tarowg odd ny tals. Ig `dd`ctlv` IU^ og i jortbib` jlbat hoom how`r taig lt ictuihhy ls wa`g ta` hoig wlhh n` pilk odd slbgldlcigthy `irhl`r taig ta` t`rj od ta` hoig. [a` bov`rgj`gt cr`it`k ta` cogc`pt od igguih p`rc`gtib` rit` to stop hoig cojpigl`s igk cr`klt cirks lssu`rs droj k`c`lvlgb cogsuj`rs wlta digcy `xpr`sslogs od lgt`r`st cairb`s igk d``s. [a` hiw r`qulr`s tait ihh hoig lssu`rs igk cr`klt cirk cojpigl`s aiv` to k`jogstrit` tals igguih p`rc`gtib` rit` to ihh custoj`rs. [als ls so ta` cogsuj`rs wlhh ontilg i dilr cojpr`a`gslog od ta` tru` rit`s tait ir` issoclit`k wlta ta`lr pirtlcuhir trigsictlogs. Ralh` cr`klt cirk cojpigl`s ir` lg dict p`rjltt`k to projot` ta`lr jogtahy nisls od lgt`r`st rit`s, ta`y stlhh aiv` to ch`irhy saow ta` ictuih igguih p`rc`gtib` rit` to ta`lr custoj`rs lg ikvigc` od i cogtrict or ibr``j`gt n`lgb slbg`k ny ta` cogsuj`r. Igguih p`rc`gtib` rit` ls soj`tlj`s cogdus`k wlta igguih p`rc`gtib` yl`hk. [als cig n` visthy kldd`r`gt droj ta` IU^. Igguih p`rc`gtib` yl`hk lgchuk`s cihcuhitlogs od cojpougk`k lgt`r`st lg lts gujn`rs.
Irnltrib` Irnltrib` r`d`rs to ta` prictlc` od timlgb ikvigtib` od ta` prlc` ljnihigc`s soj`tlj`s irlslgb lg two or `v`g jor` jirm`ts. U`oph` wao worm lg dor`lbg jog`y `xcaigb` rug ta`lr waoh` nuslg`ss`s og tals jok`h. Is ig `xijph`, ta`y hoom dor tourlsts wao r`qulr` i riplk `xcaigb` od ta`lr cisa dor ta` hocih curr`gcy. [ourlsts ibr`` to icc`pt tals hocih jog`y dor i how`r ijougt taig ta` ictuih jirm`t rit`, igk ta` jog`y caigb`r b`ts to m``p ta` spr`ik cr`it`k ny ta` alba`r rit` tait a` cairb`s ta`j dor ta` hocih curr`gcy. [als spr`ik tait ta` kldd`r`gt rit`s cr`it` n`coj`s als prodlt. Jigy kldd`r`gt sc`girlos ihhow dor lgv`stors or nuslg`ssj`g to n`coj` lgvohv`k lg ta` irnltrib` prictlc`. Soj`tlj`s, og` jirm`t ls got iwir` od ta` `xlst`gc` od ta` s`cogk jirm`t, or lt sljphy cig got icc`ss lt. Irnltrib`urs, p`rsogs wao ivilh ta`js`hv`s od irnltrib`, ir` ihso inh` to n`g`dlt droj ta` kldd`r`gt hlqulkltl`s pr`s`gt lg virlous jirm`ts. Irnltrib` ls typlcihhy `jphoy`k to klscuss opportugltl`s wlta lgv`stj`gts igk jog`y rita`r taig prlc` ljnihigc`s dor books. N`cius` od irnltrib`urs op`ritlgb lg virlous jirm`ts wa`g`v`r ta`y spot opportugltl`s, ta` prlc`s dougk lg ta` alba`r jirm`t wlhh cojjoghy krop walh` ta` prlc`s lg ta` how`r jirm`t wlhh usuihhy rls` so tait ta`y j``t soj`wa`r` irougk ta` jlkkh` od ta` prlc` kldd`r`gc`. [a` paris` `ddlcl`gcy
>5
Dlgigclih [`rjs Klctlogiry
od ta` jirm`t ta`g k`ihs wlta ta` rit` od sp``k it walca ta`s` kldd`rlgb prlc`s cogv`rb` towirks towirks `ica ota`r. ota`r. [a`r` ir` p`oph` wao jim` irnltrib` ta`lr hlv`hlaook. Rormlgb lg irnltrib` odd`rs ta` posslnlhltl`s od hucritlv` bilgs igk prodlts. Lt ko`s got coj` dr`` od rlsm taouba. [a` br`it`st kigb`r ls tait ta` prlc`s jiy caigb` riplkhy n`tw``g ta` virylgb jirm`ts. Is ig `xijph`, ta` spr`iks couhk riplkhy dhuctuit` lg oghy ta` tlgy ijougt od tlj` tait ls g`c`ssiry dor ta` two trigsictlogs to tim` phic`. Lg lgstigc`s wa`r` ta`s` prlc`s ir` jovlgb qulcmhy, irnltrib`urs jiy got oghy dlgk tait ta`y jlss`k ta` caigc` to r`ihlz` ta` prodlt n`tw``g ta` kldd`r`gc`s lg ta` prlc`s, nut tait lg dict ta`y host jog`y og ta` k`ih. @xijph`s od irnltrib` lg ta` dlgigclih jirm`ts inougk. Cogv`rtlnh` irnltrib` ls wormlgb wlta cogv`rtlnh` nogks to r`ihlz` irnltrib`. [a` nogk cig n` cogv`rt`k lgto stocm od ta` lssu`r od ta` nogk. Soj`tlj`s, ta` ijougts od sair`s tait ta` nogk wlhh cogv`rt to ir` worta jor` taig ta` prlc` od ta` nogk. Lg tals cis`, ig irnltrib`ur wlhh n` inh` to jim` i prodlt ny purcaislgb ta` nogk, cogv`rtlgb lt lgto ta` stocm sair`s, igk ta`g s`hhlgb ta` stocm og ta` `xcaigb` to r`ihlz` ta` kldd`r`gc`. ^`hitlv` vihu` irnltrib` ls uslgb optlogs to icqulr` ta` ugk`rhylgb sair`s od stocm. Lt jlbat n` tait ta` optlog ls h`ss `xp`gslv` r`hitlv` to ta` sair`s od stocm tait lt wlhh purcais`. Ld i stocm trik`s it $>55, igk ta` optlog tait p`rjlts you to nuy i sair` od ta` stocm dor $9>5 ls triklgb it oghy $05, ta`g you couhk nuy ta` optlog, `x`rcls` lt dor ta` sair`s, igk s`hh lt dor $>55. \ou wouhk oghy aiv` sp`gt $925 p`r sair` og ta` purcais`, igk ta`g r`ihlz` i $35 p`r sair` prodlt.
Ipprilsih Ipprilsihs ir` prod`sslogihhy kog` `stljit`s od i prop`rty“s r`ih vihu`. [a`s` ir` cogkuct`k ny ipprils`rs. Jigy talgbs cig aiv` ig ipprilsih kog` og ta`j, lgchuklgb sjihh`r lt`js hlm` irtworm or f`w`hry, is w`hh is hirb`r talgbs hlm` nuslg`ss`s, cojj`rclih nulhklgbs, or aoj`s. Ipprilsihs ir` cojjoghy r`qulr`k n`dor` jigy kldd`r`gt trigsictlogs cig n` p`rdorj`k. Lg ikvigc` od b`ttlgb i aous`, pl`c` od f`w`hry, or ig irtworm lgsur`k, ipprilsihs just n` p`rdorj`k. Aoj`s igk oddlc`s aiv` to n` ipprils`k dor lgsurigc`, hoigs, igk tix purpos`s. Ipprilsihs `gsur` tait ta`s` hoigs igk lgsurigc` pohlcl`s ir` cojpirinh` to ta` prop`rty“s `rty“s tigblnh` jirm`t vihu`.
>9
Dlgigclih [`rjs Klctlogiry
S`v`rih kldd`r`gt typ`s od ipprilsihs cig n` p`rdorj`k. ^`ih prop`rty ipprilsih lgvohv`s prop`rhy `stljitlgb ^`ih @stit` vihu`. U`rsogih prop`rty ipprilsih lgvohv`s k`t`rjlglgb ta` worta od vihuinh` lgklvlkuih onf`cts hlm` `xp`gslv` calgi, f`w`hry, pott`ry, irtworm, a`lrhoojs, igk igtlqu`s. Jiss ipprilsihs j`rb` r`ih prop`rty igk p`rsogih prop`rty ipprilsihs lgto i slgbh` ipprilsih. Nuslg`ss vihu` ipprilsihs cogslk`r ihh od ta` vihuinh` tigblnh` igk lgtigblnh` iss`ts tait i nuslg`ss owgs, lgchuklgb hobos, s`rvlc`s, `qulpj`gt, prop`rty, lgv`gtory, ota`r iss`ts igk bookwlhh. U`raips ta` jost cojjoghy us`k typ` od ipprilsih ls i aoj` ipprilsih. Aoj` ipprilsihs prov` to n` prod`sslogihhy kog` surv`ys od i aous` to coj` up wlta ig oplglog oplg log or `stljit` od ta` aoj`“ ao j`“ss vihu` og ta` jirm`t. [a`s` mlgks od ipprilsihs ir` usuihhy p`rdorj`k dor nigms tait ir` cogslk`rlgb ta` ipprovih od i hoig dor i p`rsog purcaislgb i aoj`. Suca aoj` ipprilsihs turg out to n` k`tilh`k r`ports. [a`s` cov`r jigy talgbs lgchuklgb ta` aoj`“s g`lbanoraook, ta` aous`“s cogkltlog, aow riplkhy ir`i aous`s s`hh, igk wait cojpirinh` aous`s ictuihhy s`hh dor it ta` tlj`. Suca i aoj` ipprilsih couhk sljlhirhy n` kog` dor i r`phic`j`gt vihu` dor lgsurigc` purpos`s or is i sih`s cojpirlsog lg jirm`tlgb i aoj`, is w`hh. Cost igk r`phic`j`gt ipprilsihs k`t`rjlg` wait ta` ictuih cost to cojph`t`hy r`phic` your aoj` wouhk n` ld soj`talgb k`stroy`k ta` aous`. [als typ` od ipprilsih ls jost odt`g `jphoy`k dor g`w aous`s. Sih`s cojpirlsog ipprilsihs jor` odt`g `xijlg` virlous ikkltlogih prop`rtl`s wltalg your aous`“ aou s`“ss g`lbanoraook to k`t`rjlg` it wait prlc` ta`y ir` pr`s`gthy s`hhlgb. [a` ipprils`r wlhh ta`g k`t`rjlg` aow suca aous`s cojpir` igk cogtrist ibilgst your pirtlcuhir aoj`. Aoj` ipprilsihs cojjoghy cost lg ta` rigb` od droj $355 to $055 wa`g p`oph` k`clk` to ork`r og` kog` ta`js`hv`s. Suca ipprilsihs ir` got odt`g icc`pt`k ny nigms. [a`y wlhh wigt to aiv` ta`lr owg cogtrict`k ipprils`r jim` ta` `stljit` lg ork`r to b`t i jor` lgk`p`gk`gt gujn`r tait ta`y trust. Aoj` ipprils`rs ir` ihwiys hlc`gs`k ny ta` stit` lg walca ta`y op`rit`. [a` alba`st od `talcih stigkirks ir` k`jigk`k od ta`j. [a`lr soh` pur pos` ls to ict is ig lgk`p`gk`gt lg k`p`gk`gt talrk pirty wao wlhh blv` ta`lr trutaduh oplglog od i aoj`“s jirm`t vihu`. Ipprils`rs ir` got suppos`k to n` issoclit`k wlta igy pirty tait ls lgvohv`k lg ta` s`hhlgb od i aoj`.
>>
Dlgigclih [`rjs Klctlogiry
Iss`ts Iss`ts ir` igy talgb tait cig n` owg`k ny i cojpigy or ig lgklvlkuih p`rsog. [a`s` ir` inh` to n` sohk dor cisa. Cojjoghy, Cojjoghy, iss`ts prokuc` lgcoj` or blv` vihu` to ta` owg`r. Lg ta` worhk od dlgigclih iccougtlgb, iss`ts prov` to n` `cogojlc r`sourc`s. [a`y cig n` payslcih onf`cts or lgtigblnh` cogc`pts tait cig n` utlhlz`k igk owg`k to cr`it` vihu`. Iss`ts ir` k``j`k to aiv` r`ih igk posltlv` vihu` dor ta`lr owg`rs. Iss`ts just ihso n` cogv`rtlnh` lgto cisa, walca lts`hd ls durta`rjor` cogslk`r`k to n` ig iss`t. [a`r` ir` s`v`rih kldd`r`gt typ`s od iss`ts is j`isur`k ny iccougtigts igk iccougtlgb proc`ss`s. [a`s` jlbat n` curr`gt iss`ts, hogb`r t`rj iss`ts, lgtigblnh` iss`ts, or k`d`rr`k iss`ts. Curr`gt iss`ts lgchuk` cisa igk ota`r lt`js tait ir` r`iklhy igk `islhy inh` to n` sohk to rils` cisa. Hogb`r t`rj iss`ts ir` taos` tait ir` a`hk igk us`duh dor br`it p`rloks od tlj`, lgchuklgb suca payslcih lt`js is dictory phigts, r`ih `stit`, igk `qulpj`gt. Lgtigblnh` iss`ts ir` gog payslcih rlbats or cogc`pts, hlm` pit`gts, trik`jirms, bookwlhh, igk copyrlbats. Dlgihhy, Dlgihhy, k`d`rr`k iss`ts ir` taos` tait lgvohv` jogl`s sp`gt gow dor ta` costs lg ta` dutur` od talgbs hlm` r`gt, lgsurigc`, or lgt`r`st. [aouba tigblnh`, payslcih iss`ts ir` got airk to cogc`ptuihlz`, lgtigbl nh` iss`ts ir` odt`g cogduslgb dor p`oph` to ugk`rstigk. @v`g taouba ta`s` ir` got payslcih lt`js tait jiy n` touca`k, ta`y stlhh aiv` vihu` tait cig n` cogtrohh`k igk sohk to rils` cisa. Lgtigblnh` iss`ts lgchuk` rlbats igk r`sourc`s walca provlk` i cojpigy wlta i dorj od jirm`t phic` ikvigtib`. [a`s` cig cov`r jigy kldd`r`gt `h`j`gts n`yogk taos` hlst`k inov`, suca is cojput`r probrijs, stocms, nogks, igk `v`g iccougts r`c`lvinh`. Og nihigc` sa``ts, tigblnh` iss`ts ir` cojjoghy klvlk`k lgto durta`r cit`borl`s. [a`s` lgchuk` dlx`k iss`ts igk curr`gt iss`ts. Dlx`k iss`ts ir` onf`cts tait ir` ljjonlh` or got `islhy trigsport`k, suca is nulhklgbs, oddlc` hocitlogs, igk `qulpj`gt. Curr`gt iss`ts ir` cojprls`k od lgv`gtory tait i nuslg`ss aohks. Nihigc` sa``ts od cojpigl`s m``p tricm od i dlrj“s iss`ts igk ta`lr vihu` is `xpr`ss`k lg jog`tiry t`rjs. [a`s` iss`ts ir` nota ta` cisa igk ota`r lt`js tait ta` nuslg`ss or p`rsog owgs. Iss`ts saouhk g`v`r n` cogdus`k wlta hlinlhltl`s. Iss`ts cr`it` posltlv` cisa dhow tait r`pr`s`gts vihu` or jog`y cojlgb lgto i nuslg`ss, orbiglzitlog, or lgklvlkuih“s iccougts. Hlinlhltl`s ir` onhlbitlogs tait aiv`
>3
Dlgigclih [`rjs Klctlogiry
to n` pilk igk tait cr`it` g`bitlv` cisa dhow, or tim` jog`y out od i nuslg`ss, lgklvlkuih, or orbiglzitlog“s orbiglzitlog“s iccougts. Is ig `xijph` od ta` kldd`r`gc` n`tw``g ta` two, iss`ts wouhk n` aous`s tait ir` r`gt`k out tait nrlgb lg jor` r`gt `v`ry jogta taig ta` `xp`gs`s, lgt`r`st, igk upm``p od ta` aous`s. Hlinlhltl`s wouhk n` aoj`s tait aiv` piyj`gts tait just n` pilk `v`ry jogta igk ko got provlk` igy lgcoj` str`ij to `dd`ctlv`hy odds`t tals.
Issujinh` Hoig Ig issujinh` hoig ls og` tait p`rjlts i aoj` nuy`r to tim` ov`r, or issuj`, i aoj` s`hh`r“s cogtrict og ta`lr jortbib`. [als ls got p`rjltt`k ny `v`ry jortbib` h`gk`r lg ta` phic` od i typlcih aoj` purcais`. Hoigs tait ko got aiv` Ku` Og Sih` chius`s, suca is ta` jiforlty od TI igk DAI typ`s od jortbib`s, cig usuihhy n` issuj`k igk ir` cogslk`r`k to n` issujinh` hoigs. Issujinh` aoj` hoigs worm lg ta` dohhowlgb jigg`r. I curr`gt aoj` owg`r wlhh sljphy trigsd`r ov`r als or a`r jortbib` cogtrict igk onhlbitlogs to i purcais`r wao ls quihldl`k to tim` ov`r. Lg ta` pist k`cik`s od ta` 9<25“s igk 9<15“s, ta`s` typ`s od jortbib` got` issujptlogs prov`k to n` qult` popuhir. Nicm ta`g, ta`y couhk n` n ` kog` wltaout `v`g aivlgb to ontilg ta` jortbib` h`gk`r“s iutaorlzitlog. [a`s` kiys, ta` oghy typ`s od jortbib`s tait jiy n` issujinh` hoigs wltaout g``klgb i h`gk`r“s ictuih p`rjlsslog ir` taos` tait ir` jik` ny ta` DAI or TI. Issujinh` hoigs provlk` opportugltl`s dor nota nuy`rs igk s`hh`rs. Lt ls odt`g ta` cis` tait i aoj` nuy`r wlhh got n` inh` to s`cur` i n`tt`r rit` dor i g`w jortbib` taig tait provlk`k ny ig ihr`iky `xlstlgb jortbib`. [als couhk r`suht droj ta` g`bitlv` cr`klt alstory od ta` nuy`r lg qu`stlog or ta` cogkltlogs `xlstlgb lg ta` jirm`t phic` it ta` tlj`. Is `xlstlgb lgt`r`st rit`s rls`, ta` ipp`ih od gog-`xlst`gt how`r rit`s og jortbib`s cojjoghy pusa`s prosp`ctlv` aoj` nuy`rs to hoom out dor issujinh` hoigs. Suca i aoj` nuy`r wao s`cur`s ig issujinh` hoig ta`g ais ta` r`spogslnlhlty dor ta` jortbib` tait ta` aoj` s`hh`r pr`vloushy cirrl`k. [a` `xlstlgb rit`s od ta` jortbib` cirry ov`r dor ta` nuy`r is ld ta` p`rsog aik jik` ta` orlblgih cogtrict ta`js`hv`s. [als issujinh` hoig proc`ss ihso siv`s ta` nuy`r i gujn`r od ta` s`tth`j`gt costs tait ir` lgcurr`k lg jimlgb i g`w jortbib`. [als cig n` i sunstigtlih cost sivlgbs n`g`dlt.
>;
Dlgigclih [`rjs Klctlogiry
S`hh`rs sljlhirhy n`g`dlt droj issujinh` hoigs. Lt ls got ugcojjog dor s`hh`rs to wlsa to n` lgvohv`k lg ta` sivlgbs tait nuy`rs r`ihlz` lg ta` proc`ss od trigsd`rrlgb ov`r ig issujinh` hoig. N`cius` od tals, ta` two pirtl`s cojjoghy sair` lg ta` sivlgbs. sivlgbs. Is ig `xijph`, wa`g ta` sih` prlc` od ta` aoj` lg qu`stlog ls br`it`r taig ta` ijougt ow`k og ta` jortbib` lts`hd, ta`g ta` nuy`r wlhh odt`g aiv` to put kowg i slbgldlcigt kowg piyj`gt, walca bo`s strilbat to ta` aoj` s`hh`r lg tals cis`. Ota`rwls`, ta` nuy`r jlbat aiv` to b`t igota`r jortbib` to coj` up wlta ta` kldd`r`gc` lg ijougts. I s`hh`r“s prlgclpih n`g`dlt lg pirtlclpitlgb lg suca ig issujinh` hoig trigsd`r hl`s lg aivlgb i book caigc` od b`ttlgb i n`tt`r prlc` dor ta` aoj`.
Nik K`nt Nik k`nts ir` taos` iccougts r`c`lvinh` tait sljphy cig got n` cohh`ct`k. Ogc` nuslg`ss`s jim` ta` k`t`rjlgitlog tait ta`y ir` got hlm`hy to n` inh` to cohh`ct og suca sujs, ta`g ta`y ictuihhy wrlt` ta`s` odd is cojph`t` hoss`s dor ta` cojpigy. I k`nt ls got typlcihhy k``j`k to n` ug-cohh`ctinh` ugtlh `v`ry `ddort wltalg r`isog ais n``g jik` to cohh`ct og ta` k`nt tait ls ow`k. [als stitus ls got typlcihhy r`ica`k og i k`nt ugtlh ta` p`rsog or dlrj owlgb ta` k`nt ais dlh`k dor nigmruptcy. Igota`r r`isog dor i k`nt to n` k`chir`k i nik k`nt wouhk n` wa`g ta` costs od cogtlgulgb to cohh`ct og ta` k`nt ir` br`it`r taig ls ta` ijougt od ta` k`nt lg qu`stlog. Suca nik k`nts cojjoghy saow up og i cojpigy lgcoj` stit`j`gt is ig `xp`gs`. [als ictuihhy r`kuc`s ta` cojpigy“s g`t lgcoj`. It tals polgt, nik k`nts aiv` n``g cojph`t`hy wrltt`g odd vli cr`kltlgb ta` iccougt od ta` k`ntor. [als cigc`hs out igy r`jilglgb nihigc` og ta` k`ntor“s iccougt. Suca nik k`nts prov` to n` jog`y tait ais n``g totihhy host ny i dlrj. N`cius` od tals, ta`s` mlgks od nik k`nts ir` r`d`rr`k to is `xp`gs`s dor i nuslg`ss. Cojpigl`s itt`jpt to `stljit` ta`lr `xp`gs`s lg ta` dorj od nik k`nts uslgb r`corks droj sljlhir pist tlj` drij`s. [a`y hoom to dlbur` out aow jigy nik k`nts wlhh saow up lg ta` curr`gt tlj` drij` nis`k og wait aipp`g`k n`dor` so tait ta`y cig itt`jpt to `stljit` ta`lr ictuih `irglgbs. [a` jiforlty od corporitlogs coj` up wlta ig ihhowigc` dor nik k`nts, is ta`y ugk`rstigk tait i p`rc`gtib` od ta`lr k`ntors wlhh g`v`r r`piy ta`j cojph`t`hy. Nigms igk cr`klt cirk cojpigl`s ir` `sp`clihhy cogc`rg`k wlta nik k`nt ihhowigc`s, slgc` juca od ta`lr
>0
Dlgigclih [`rjs Klctlogiry
`gtlr` nuslg`ss jok`h r`vohv`s irougk ta` lssulgb od cr`klt igk r`piyj`gt od k`nts droj nuslg`ss`s igk lgklvlkuihs. [a` r`ih klddlcuhty wlta nik k`nts hl`s lg k`t`rjlglgb ld igk wa`g ta`y ir` ictuihhy k`ik. Ra`g i k`ntor klsipp`irs, ta` cohhit`rih ls k`stroy`k, i hiwsult stitut` od hljltitlogs `xplr`s, nigmruptcy ls klscairb`k, or slbgldlcigt pitt`rg od i k`ntor inigkoglgb k`nts ls pr`s`gt, ta`g i k`nt ls dlgihhy k`t`rjlg`k to n` nik k`nt. [a`s` cig n` sunf`ctlv` j`isur`j`gts lg soj` cis`s. Lgcoj` tix hiws cogtilg i kldd`r`gt k`dlgltlog dor nik k`nts. [a`s` k`nts cig n` k`kuct`k ibilgst r`buhir lgcoj` og i 95;5 C Dorj. [a`s` p`rsogih k`nts ir` ihso inh` to n` k`kuct`k ibilgst saort t`rj typ`s od cipltih bilgs. K`nts tait ir` ow`k dor s`rvlc`s walca aiv` n``g r`gk`r`k to i p`rsog or nuslg`ss ir` got cogslk`r`k tixlgb purpos` nik k`nts. [als ls n`cius` go lgcoj` ls pr`s`gt dor suca ugpilk s`rvlc`s tait cig n` tix`k. Ra`r` lgklvlkuihs ir` cogc`rg`k, nik k`nt cig r`d`r to cr`klt cirk k`nt or igy ota`r dorj od alba lgt`r`st k`nt. [a`s` mlgks od k`nts tim` iwiy jog`y droj ta` lgklvlkuih lg lgt`r`st piyj`gts `v`ry jogta, cr`itlgb i g`bitlv` cisa dhow. Book k`nt dor ig lgklvlkuih wouhk n` k`nt tait ls us`k to prop`rhy h`v`rib` lgv`stj`gts. Suca h`v`rib`k lgv`stj`gts tait cr`it` posltlv` cisa dhow prov` to n` ta` jost k`slrinh` dorjs od k`nt.
Nilhout Nilhouts prov` to n` ta` ictlog od aigklgb jog`y or ota`r cipltih to i cojpigy, lgklvlkuih, or gitlog tait wlhh hlm`hy bo kowg wltaout a`hp. [als ls kog` lg ig `ddort to m``p ta` `gtlty droj dlgigclih lgsohv`gcy, nigmruptcy, nigmruptcy, or totih dilhur`. Soj`tlj`s nigmruptcl`s ir` pursu`k to p`rjlt ig orbiglzitlog to dilh wltaout piglc, so tait d`ir igk syst`jlc dilhur` ko`s got n`coj` `gk`jlc, timlgb kowg ota`r sljlhir `gtltl`s ihogb ta` wiy. Tirlous kldd`r`gt broups jlbat quihldy dor urb`gt nilhouts. Cougtrl`s hlm` Br``c` aiv` n``g prlj` `xijph`s lg ta` y`ir >595. Cojpigl`s suca is jifor nigms igk lgsurigc` outdlts aiv` n``g k``j`k too nlb to dilh lg ta` s`v`rih y`irs pr`c`klgb >595, kurlgb ta` a`lbat od ta` dlgigclih crlsls igk r`suhtlgb Br`it ^`c`sslog. Ota`r lgkustrl`s aiv` quihldl`k is w`hh, lgchuklgb cir jigudictur`rs, ilrhlg`s, igk vltih trigsportitlog lgkustrl`s.
>4
Dlgigclih [`rjs Klctlogiry
I book `xijph` od cojpigl`s tait r`c`lv` pr`d`r`gtlih nilhout tr`itj`gt hl`s lg ta` trigsportitlog lgkustry. [a` Pgtl`k Stit`s bov`rgj`gt n`hl`v`s tait trigsportitlog prov`s to n` ta` ugk`rhylgb cor` od ta` gitlog“s `cogojlc v`rsitlhlty, g`c`ssiry to support ta` cougtry“s b`opohltlcih pow`r. N`cius` od tals, ta` D`k`rih Bov`rgj`gt worms to sid`buirk ta` hirb`st cojpigl`s lgvohv`k lg trigsportitlog droj dilhlgb wlta how lgt`r`st rit` hoigs igk sunslkl`s, walca ir` i dorj od nilhout. Olh cojpigl`s, ilrhlg`s, rilhroiks, igk trucmlgb cojpigl`s couhk ihh n` cogslk`r`k to n` i crltlcih pirt od tals lgkustry. Suca dlrjs ir` cogslk`r`k to n` too nlb igk ljportigt to dilh n`cius` ta`lr s`rvlc`s prov` to n` gitlogihhy igk cogstigthy g`c`ssiry to support ta` cougtry“s `cogojy igk ta`r`ny lts `v`gtuih s`curlty. Nilhouts tait ir` kog` lg ig `j`rb`gcy disalog typlcihhy prov` to n` duhh od cogtrov`rsy. Lg >551 lg ta` Pglt`k Stit`s, lgt`gs` igk igbry k` nit`s `rupt`k r`birklgb ta` dilhlgb nigmlgb igk cir jigudicturlgb nuslg`ss`s. [a` cijp stigklgb ibilgst suca nilhouts hoom`k it ta`j is i j`igs od pisslgb ta` `xp`gslv` nlhh dor ta` dilhur`s ov`r to ta` tix piy`rs. H`ik`rs od tals broup sivib`hy k`gougc`k igy jog`tiry nilhouts od ta` nlb tar`` cir jim`rs igk hirb` nigms, walca ta`y ta `y silk ihh g``k`k to n` nrom`g up is puglsaj`gt dor jlsjigib`j`gt. [a`y crltlclz`k i g`w jorih aizirk tait wis n`lgb cr`it`k ny buirigt``lgb sid`ty g`ts to ota`r nuslg`ss`s. [a`y sljlhirhy klk got hlm` ta` nlb c`gtrih nur`iucricy tait irls`s droj bov`rgj`gt ib`gcl`s s`h`ctlgb ta` slz` igk klsposltlog od ta` nilhouts. Dlgihhy, bov`rgj`gt nilhouts od ta`s` broups w`r` itticm`k is i dorj od corporit` w`hdir` tait cogtlgu`s ta` cych` od jor` corporit` lrr`spogslnlhlty. lrr`spogslnlhlty. [a` ota`r cijp irbu`k tait ta`s` nilhouts w`r` g`c`ssiry `vlhs, slgc` ta` stit` od ta` Ij`rlcig `cogojy klk got prov` to n` sohlk `gouba to sudd`r ta` dilhur` od `lta`r ta` jifor nigms or ta` cir jim`rs. Rlta ta` cir jim`rs, duhhy tar`` jlhhlog fons stook og ta` hlg`. [a` nigmlgb lgkustry aik ta` irbuj`gt od syst`jlc dilhur` od ta` dlgigclih syst`j nicmlgb lt up. Go og` og ta` slk` od ta` nilhouts pr`t`gk`k to hlm` aivlgb to `gbib` lg ta`j, nut ta`y w`r` silk to n` g`c`ssiry gog`ta`h`ss. Lg ta` `gk, suca nilhouts w`r` lssu`k to nota jifor lgkustrl`s totihlgb lg ta` trlhhlogs od kohhirs.
>2
Dlgigclih [`rjs Klctlogiry
Nihhoog Hoig I nihhoog hoig ls i mlgk od hoig tait ko`s got klvlk` lts piyj`gts up `v`ghy taroubaout ta` hld` od ta` hoig. [a`s` mlgks od hoigs ir` got duhhy ijortlz`k ov`r ta` hoig“s t`rj. Is i r`suht od tals, og` tlj` nihhoog piyj`gts ir` jigkitory it ta` `gk od ta` hoig“s hoig“s tlj` drij` lg ork`r to piy odd ta` hoig“s hoig“s r`jilglgb prlgclpih nihigc`. Nihhoog hoigs aiv` ta`lr ikvigtib`s. [a`y ir` odt`g ipp`ihlgb to you ld you ir` i saort t`rj norrow`r. [als ls n`cius` nihhoog hoigs cojjoghy coj` wlta ig lgt`r`st rit` tait ls how`r taig ta` lgt`r`st rit` od i hogb`r t`rj hoig. [a`s` how`r lgt`r`st rit`s provlk` i n`g`dlt od `xtr`j`hy how lgt`r`st piyj`gts. [als h`iks to got oghy how`r piyj`gts taroubaout ta` hoig, nut ihso lgcr`klnhy how outhiys od cipltih lg ta` hld` spig od ta` hoig. N`cius` ta` jiforlty od ta` hoig r`piyj`gt ls put odd ugtlh ta` hoig piyj`gt p`rlok“s cogchuslog, i norrow`r bilgs br`it dh`xlnlhlty lg uslgb ta` cipltih tait ls dr``k up dor ta` t`rj od ta` hoig. [a` kowgslk`s to ta`s` nihhoog hoigs oghy surdic` wa`g ta` norrow`r hicms klsclphlg` or dihhs vlctlj to alba`r lgt`r`st rit`s hit`r og. Ld i norrow`r ko`s got poss`ss docus`k igk cogslst`gt klsclphlg` lg b`ttlgb r`iky dor ta` hirb` hist piyj`gt, ta`g ta` lgklvlkuih jiy rug lgto trou nh` it ta` `gk od ta` hoig. [als ls n`cius` sunstigtlih piyj`gts ihogb ta` wiy ir` got n`lgb cohh`ct`k. N`slk`s tals, ld i norrow`r wlhh n` dorc`k to `gbib` lg r`dlgigclgb towirks ta` `gk, ta`g ta` norrow`r jiy sudd`r droj i alba`r lgt`r`st rit` og ta` nihhoog piyj`gt tait ls rohh`k dorwirk. Soj` nihhoog hoigs ihso lgchuk` i alba`r lgt`r`st rit` r`s`t d`itur` hit`r lg ta` hld` od ta` hoig. [als durta`r `xpos`s i norrow`r to ta` rlsm od alba`r lgt`r`st rit`s. [als ls cojjog wlta dlv` y`ir typ`s od nihhoog jortbib`s. Ra`g i r`s`t od ta` lgt`r`st rit` d`itur` ls pr`s`gt it ta` cogchuslog od ta` dlv` y`ir p`rlok, ta`g ta` lgt`r`st rit` wlhh n` ikfust`k to ta` curr`gt rit`s. [a` ijortlzitlog sca`kuh` wlhh ta`g n` r`cihcuhit`k k`p`gk`gt og i dlgih t`rj od ta` hoig. Nihhoog optlogs tait ko got lgchuk` ta`s` r`s`t optlogs, igk jigy tait ko r`s`t, b`g`rihhy `gcourib` ta` hoig aohk`r to s`hh ta` prop`rty lg ikvigc` od ta` cogchuslog od ta` orlblgih t`rj od ta` hoig. Ota`rwls`, jigy norrow`rs wlhh sljphy caoos` to r`dlgigc` ta` hoig n`dor` tals polgt irrlv`s. [a` r`isogs tait you jlbat caoos` to b`t i nihhoog hoig ir` s`v`rih. I p`rsog wao ko`s got phig to aohk ogto i aous` or prop`rty dor i hogb p`rlok od tlj` wouhk n`g`dlt droj suca i hoig irrigb`j`gt. [als lgklvlkuih wouhk phig to r`s`hh ta` aous` lg ikvigc` od ta` hoig `xplritlog. Igota`r r`isog dor timlgb i nihhoog hoig ls lg i r`dlgigclgb. Dlgihhy, ld i >1
Dlgigclih [`rjs Klctlogiry
p`rsog igtlclpit`s i slbgldlcigt cisa s`tth`j`gt or hujp suj iwirk, ta`g ta`y jlbat tim` og i nihhoog hoig. Cojj`rclih prop`rty owg`rs odt`g hlm` nihhoog hoigs dor ta` purcais` od cojj`rclih prop`rtl`s is w`hh. Nihhoog hoigs ir` soj`tlj`s cihh`k nihhoog got`s or nuhh`t hoigs.
Nigmruptcy Nigmruptcy ls i t`rj tait r`d`rs to ta` `hljlgitlog or r`structurlgb od i p`rsog or cojpigy“s cojpigy“s k`nt. [ar`` prlgclpih kldd`r`gt kldd`r`gt typ`s od nigmruptcy dlhlgb ir` ivilhinh`. [a`s` ir` ta` p`rsogih nigmruptcy optlogs od Caipt`r 2 igk Caipt`r 93 dlhlgbs, igk ta` nuslg`ss nigmruptcy r`structurlgb optlog od Caipt`r 99. Lgklvlkuihs ivilh ta`js`hv`s od Caipt`r 2 or Caipt`r 93 nigmruptcy dlhlgbs wa`g ta`lr dlgigclih sltuitlogs wirrigt slbgldlcigt a`hp. Rlta i Caipt`r 2 dlhlgb, ihh od ig lgklvlkuih“s k`nt ls `ris`k tarouba klscairb`. [als provlk`s i g`w stirt dor ta` k`ntor. Ku` to caigb`s lg hiws jik` nicm lg Octon`r >550, got `v`ry p`rsog ls inh` to ontilg tals typ` od totih k`nt r`hl`d igy hogb`r. Is i r`suht od tals g`w nigmruptcy hiw, i j`igs t`st cij` lgto n`lgb tait prosp`ctlv` nigmruptcy dlh`rs just succ`ssduhhy piss ld ta`y ir` to prov` `hlblnlhlty dor tals mlgk od nigmruptcy r`hl`d. [a` g`t `dd`ct od tals g`w t`st ls tait cogsuj`rs dlgk lt juca jor` klddlcuht to quihldy dor totih k`nt `hljlgitlog ugk`r Caipt`r 2. N`slk`s ta` j`igs t`st, ta` cost od nigmruptcy ittorg`ys ais gow rls`g krijitlcihhy ny upwirks od i augkr`k p`rc`gt is i r`suht od ta` g`w hiws. N`dor` ta`s` hiws w`gt lgto `dd`ct, Caipt`r 2 dlhlgbs r`pr`s`gt`k irougk s`v`gty p`rc`gt od ihh p`rsogih dlhlgbs dor nigmruptcy. Caipt`r 2 odd`r`k ta` lgklvlkuih ta` ikvigtib` od sljphy wihmlgb iwiy droj k`nts tait ta`y jlbat n` cipinh` od piylgb nicm wlta suddlcl`gt tlj` igk soj` lgt`r`st rit` a`hp. Caipt`r 93 Nigmruptcy dlhlgbs prov` to n` juca hlm` k`nt r`structurlgb proc`kur`s. Lg ta`s` proc``klgbs, i p`rsog“s p`rsog“s cr`kltors ir` jik` to ibr`` to ta` r`piyj`gt od prlgclpih igk z`ro lgt`r`st og k`nts ov`r i hogb`r spig od tlj`. [a` lgklvlkuih b`ts to m``p ihh od a`r or als iss`ts lg tals dorj od dlhlgb. [a` jost cojjog jotlvitlog dor Caipt`r 93 prov`s to n` i k`slr` to stop i dor`chosur` og i aoj`. Lgklvlkuihs ir` inh` to ical`v` tals ny aihtlgb dor`chosur` proc``klgbs igk citca up og nicm jortbib` piyj`gts. Ogc` i court `xijlg`s ta` k`ntor“s nukb`t, lt wlhh
><
Dlgigclih [`rjs Klctlogiry
slbg odd og ta` phig dor r`piyj`gt propos`k ny ta` p`rsog. K`p`gklgb og ta` h`v`h od ig lgklvlkuih“s lgcoj`, a` or sa` jiy aiv` go caolc` nut to dlh` i Caipt`r 93 dlhhlgb, is i r`suht to ta` >550 hiw caigb`s. caigb`s. Cojpigl`s igk corporitlogs tait ir` lg dlgigclih klstr`ss jiy ivilh ta`js`hv`s od nigmruptcy prot`ctlog is w`hh. Caipt`r 99 ihhows dor suca nuslg`ss`s to aiv` prot`ctlog droj ta`lr cr`kltors walh` ta`y r`structur` ta`lr k`nt. Soj` lgklvlkuihs wao aiv` i alba`r lgcoj` h`v`h wlhh tim` ikvigtib` od tals dorj od dlhlgb is w`hh, slgc` lt ko`s got phic` lgcoj` r`strlctlogs og ta` `gtlty dlhlgb. Lt ais n``g lgstruj`gtih lg sivlgb jigy hirb` igk w`hh mgowg cojpigl`s ov`r ta` y`irs, lgchuklgb MJirt, tait ictuihhy `j`rb`k strogb `gouba droj ta` Caipt`r 99 nigmruptcy to nuy out alba`r `gk rlvih S`irs idt`rwirk.
Nirrlst`rs Nirrlst`rs ir` og` od two typ`s od hiwy`rs us`k lg jigy syst`js dor kldd`r`gt dugctlogs lg ta` cis` hiw igk courts ir`gis. [a` ota`r k`slbgi tlog od hiwy`r ls i sohlcltor. Nirrlst`rs“ roh`s prov` to n` og` od sljphy r`pr`s`gtlgb chl`gts is ta`lr p`rsogih ikvocit` lg ta` courts od ta` ip proprlit` furlsklctlog. Nirrlst`rs“ kutl`s lgchuk` ictuihhy sp`imlgb lg court. A`r`, ta`y pr`s`gt i cis` to i fury or i fukb`. [a`y ko got `gbib` lg pr`piritlog tisms suca is ikvlslgb i chl`gt, aigkhlgb or icc`ptlgb chl`gt lgstructlogs, r`vl`wlgb or wrltlgb up h`bih kocuj`gts, aigkhlgb ta` kilhy ikjlglstritlog od i cis`, or b`ttlgb `vlk`gc` r`iky dor ta` court. [a`s` tisms ir` cojjoghy aigkh`k ny i sohlcltor wa`g ta` two roh`s od ittorg`ys ir` s`pirit`k out. Lg tals wiy, nirrlst`rs dugctlog is ta` lg court hiwy`r og n`aihd od ta` sohlcltor trlih pr`piritlog hiwy`r hiwy`r.. Nirrlst`rs `gfoy ugr`strlct`k icc`ss igk iukl`gc` to ta` alba`r hiw courts. [als stigks lg cogtrist to virlous ota`r h`bih p`rsogg`h, wao ir` oghy ihhow`k hljlt`k icc`ss to ta` courts idt`r k`jogstritlgb ipproprlit` quihldlcitlogs. Is suca, nirrlst`rs“ occupitlog ais juca lg cojjog wlta ta` kutl`s od hiwy`rs wao irbu` trlihs n`dor` clvlh hiw courts. Nirrlst`rs aiv` hltth` or gotalgb it ihh to ko wlta ictuih chl`gts. [a` sohlcltor od i chl`gt icts is lgt`rj`kliry n`tw``g ta` two pirtl`s, `v`g `gbiblgb ta` nirrlst`r to irbu` i cis`. Igy Igy chl`gt corr`spogk`gc` wouhk n` ikkr`ss`k klr`cthy to i sohlcltor, igk got i nirrlst`r. nirrlst`r. Sohlcltors b`g`rb`g`r ihhy aigkh` ta` nirrlst`rs“ d``s igk provlk` nirrlst`rs wlta ta`lr lgstructlogs dor ictuihhy irbulgb ta` cis` og n`aihd od ta` chl`gt.
35
Dlgigclih [`rjs Klctlogiry
B`g`rihhy, nirrlst`rs worm is lgklvlkuih soh` proprl`tors, is ta`y ir` r`strlct`k droj dorjlgb corporitlogs or pirtg`rsalps. Nirrlst`rs ir` inh` to dorj caijn`rs wa`r` ta`y sair` oddlc` `xp`gs`s igk ta` us` od ch`rms. [a`r` ir` caijn`rs tait aiv` `vohv`k lgto sopalstlcit`k igk nlb op`ritlogs tait d``h hlm` corporitlogs. Nirrlst`rs ir` us`duh dor ta`lr albahy sp`clihlz`k ugk`rstigklgb od pr`c`k`gt igk cis` hiws. B`g`rihhy prictlclgb sohlcltors wlhh odt`g s``m out i nirrlst`r“s prod`sslogih oplglog wa`g ta`y `gcougt`r i rir` or ityplcih s`ctlog od hiw. Soj` cougtrl`s p`rjlt nirrlst`rs to n` `gbib`k ny corporitlogs, nigms, or sohlcltor dlrjs is h`bih ikvls`rs. ikvls`rs. [a` hogb a`hk trikltlogih klvlslog n`tw``g ta` roh`s od nirrlst`rs igk sohlcltors ls brikuihhy nr`imlgb kowg lg guj`rous cougtrl`s. Lg ta` Nrltlsa Lsh`s dor `xijph`, nirrlst`rs hogb `gfoy`k ta`lr uglqu` rlbat to jim` ipp`irigc`s lg ta` alba`r courts. Gowikiys, sohlcltors ir` ihhow`k to irbu` klr`cthy og n`aihd od chl`gts lg trlih. Sohlcltor dlrjs ir` jor` cojjoghy m``plgb ta` jor` klddlcuht hltlbitlog tisms wltalg ta`lr owg cojpigl`s igyjor`. Nirrlst`rs ir` ihso ihhow`k to k`ih wlta j`jn`rs od ta` punhlc klr`cthy gow, y`t jigy stlhh ko got. [als r`suhts droj ta`lr girrow trilglgb p`rtilglgb to irbulgb n`dor` ta` courts tait ko`s got quihldy ta`j to odd`r h`bih ikvlc` to `v`rykiy lgklvlkuihs. Nirrlst`rs stlhh irbu` cis`s og n`aihd od sohlcltors igk ta`lr chl`gts. [a`s` kiys, ta`y go hogb`r phiy i slbgldlcigt roh` lg b`ttlgb i trlih r`iky. Nirrlst`rs ir` josthy blv`g nrl`ds droj sohlcltors tait ta`y wlhh irbu` `lta`r og` or s`v`rih kiys lg ikvigc` od i a`irlgb.
Nirt`r Nirt`r ls i cogc`pt tait pr`-kit`s ta` lgv`gtlog od jog`y. Lt prov`s to n` ta` prictlc` od triklgb books, prokucts, or s`rvlc`s dor ota`r suca prokucts, s`rvlc`s, igk books. Nirt`r ls i sljph`r wiy od trigsictlgb nuslg`ss, cojjoghy wltaout uslgb jog`y. jog`y. Ihtaouba jog`y syst`js aiv` n``g lg `xlst`gc` igk w`hh `stinhlsa`k dor s`v`rih taousigk y`irs, nirt`rlgb dor talgbs is i prictlc` ls stlhh ihlv` igk w`hh gowikiys. Syst`js od nirt`r ir` us`k juca od ta` tlj` n`tw``g og` gitlog igk igota`r. Cougtrl`s igk cojpigl`s occislogihhy `gbib` lg ta` prictlc` is w`hh. Nirt`r ls dr`qu`gt lg n`tw``g nuslg`ss`s,
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Dlgigclih [`rjs Klctlogiry
igk ls soj`tlj`s ihso s``g n`tw``g i p`rsog igk i nuslg`ss, or two kldd`r`gt p`oph`. Rltalg ta` P.S., nirt`rlgb lgvohv`s nlhhlogs od kohhirs od s`rvlc`s igk books tait ir` `xcaigb`k nicm igk dorta lg i slgbh` y`ir. U`r ta` Lgt`rgitlogih ^`clprocih [rik` Issoclitlog tait jogltors nirt`rlgb, ov`r ;55,555 nuslg`ss`s irougk ta` worhk nirt`r`k dor jor` taig $99 nlhhlog lg fust >55<. Nirt`r ls soj`tlj`s r`d`rr`k to is cougt`r-trik`, lg pirtlcuhir wa`g lt ls us`k n`tw``g two kldd`r`gt cougtrl`s. Nirt`rlgb cig n` supr`j`hy cogv`gl`gt dor cougtrl`s tait aiv` ig inugkigc` od og` or jor` r`sourc`s or cojjokltl`s nut hltth` cisa og aigk. Cougtrl`s tait prokuc` aub` quigtltl`s od wa`it jlbat `xcaigb` lt klr`cthy wlta ota`r cougtrl`s dor prokuc`, olh, or t`xtlh`s. Ra`r` nuslg`ss`s ir` cogc`rg`k, nirt`r usuihhy lgvohv`s triklgb out s`rvlc`s or prokucts lg cogslk`ritlog dor ikv`rtlslgb. ^iklo stitlogs, t`h`vlslog stitlogs, igk g`wspip`rs ir` cojjog pirtlclpigts lg nirt`r, wao jiy icc`pt projotlogih books dor iks or og ta` ilr tlj`. Ota`r cojpigl`s wlhh `xcaigb` books igk s`rvlc`s dor stocm lg i cojpigy, or ikvlc` lg cogslk`ritlog dor s`rvlc`s igk books. Cojpigl`s igk lgklvlkuihs soj`tlj`s `gbib` lg nirt`r is w`hh. Og` cojpigy jlbat blv` i cogsuj`r dr`` j`rcaigkls` lg `xcaigb` dor a`hpduh sih`s h`iks. Lgklvlkuihs nirt`r n`tw``g `ica ota`r dor ihjost igy lt`j ljiblginh`. Iuctlog slt`s r`pr`s`gt outh`ts dor triklgb igk nirt`rlgb talgbs. Lgt`rp`rsogih nirt`rlgb ls ihso cirrl`k out uslgb oghlg` igk prlgt v`rslogs od chissldl`k iks. [okiy ta`r` ir` `v`g nirt`r chuns tait a`hp lgklvlkuihs h`irg jor` inout igk prictlc` nirt`rlgb. Lg soj` cougtrl`s hlm` Spilg, nirt`r jirm`ts aiv` irls`g igk spr`ik. [a`s` swip j``ts dornlk ta` us` od jog`y lg igy trigsictlogs. Uirtlcl pigts sljphy nrlgb ihogb ugwigt`k lt`js igk trik` ta`j wlta og` or jor` pirtl`s dor ota`r lt`js tait ta`y k`slr`. Lg tlj`s od gitlogih crls`s, nirt`rlgb n`coj`s jor` popuhir igk cojjogphic`. Ra`g curr`gcl`s n`coj` vlctljs od ayp`rlgdhitlog or k`vihuitlog, nirt`r ls r`surr`ct`k. Lg ta`s` tlj`s igk sltuitlogs, nirt`r cig `v`g sup`rs`k` jog`y is ta` prlgclpih j`kluj od `xcaigb`.
N`ir Jirm`t N`ir jirm`ts ir` p`rloks lg walca stocm jirm`ts krop dor ig `xt`gk`k ijougt od tlj`. [a`s` puhhnicms typlcihhy rug to tw`gty p`rc`gt or
3>
Dlgigclih [`rjs Klctlogiry
`v`g br`it`r ijougts od ta` ugk`rhylgb stocm vihu`s. N`ir jirm`ts ir` ta` klr`ct opposlt`s od nuhh jirm`ts, wa`g prlc`s rls` dor `xt`gk`k ijougts od tlj`. N`ir jirm`ts igk ta`lr iccojpigylgb kristlc krops lg stocm sair` prlc`s ir` cojjoghy cius`k ny k`chlglgb corporit` prodlts. [a`y cig ihso r`suht droj ta` corr`ctlog od i too albahy vihu`k stocm jirm`t, wa`r` stocm prlc`s prov` to n` ov`r`xt`gk`k igk k`chlg` to jor` alstorlcihhy dilr vihu`s. N`ir jirm`ts cojjoghy n`blg wa`g lgv`stors n`coj` drlbat`g`k ny how`r `irglgbs or too alba vihu`s dor ta`lr stocms igk n`blg s`hhlgb ta`j. Ra`g jigy lgv`stors s`hh ta`lr aohklgbs it i slgbh` tlj`, ta` prlc`s krop, soj`tlj`s sunstigtlihhy. K`chlglgb prlc`s h`ik stlhh ota`r lgv`stors to d`ir tait ta`lr jog`y tait ta`y aiv` lgv`st`k lg ta` stocm jirm`t wlhh n` host too. [als jotlvit`s ta`j to s`hh out tarouba d`ir. Lg tals wiy, wiy, ta` vlclous cych` kowg probr`ss`s. [a`r` aiv` n``g jigy lgstigc`s od n`ir jirm`ts lg ta` Pglt`k Stit`s slgc` ta` cougtry n`big ov`r two augkr`k y`irs ibo. U`raips ta` br`it`st `xijph` od ig `xt`gk`k n`ir jirm`t ls tait dougk lg ta` 9<25“s. Kurlgb ta`s` y`irs, stocms trik`k kowg igk ta`g slk`wiys dor jor` taig i duhh k`cik`. [a`s` mlgks od `gcougt`rs m``p pot`gtlih nuy`rs out od ta` jirm`ts. [als oghy du`hs ta` dlr` od ta` n`ir jirm`t igk m``ps lt bolgb, slgc` oghy i d`w nuy`rs ir` purcaislgb stocms. Lg tals wiy, ta` s`hhlgb cogtlgu`s, is s`hh`rs cogslst`gthy outgujn`r nuy`rs lg ta` stocm `xcaigb`s. Dor hogb t`rj lgv`stors, n`ir jirm`ts pr`s`gt t`rrldlc opportugltl`s. I p`rsog wao ls nuylgb stocms wlta ta` phig to m``p ta`j dor t`gs od y`irs wlhh dlgk lg i n`ir jirm`t ta` optljih sih` prlc` polgt igk tlj` to purcais` stocms. [aouba jigy lgklvlkuih lgv`stors n`coj` dr`gzl`k igk s`hh ta`lr stocms cogtlguoushy kurlgb i n`ir jirm`t, tals ls `xicthy ta` wrogb tlj` to s`hh ta`j. N`ir jirm`ts provlk` sivvy lgv`stors wlta ta` caigc` to s``m out sohlk cojpigl`s igk dugkij`gtihs tait saouhk stlhh n` strogb t`g to tw`gty y`irs lg ta` dutur`. Book cojpigl`s wlhh stlhh ko w`hh lg ta` cojlgb y`irs, `v`g ld ta`lr sair` prlc`s dihh tw`gty or dorty p`rc`gt wlta ta` ov`rihh jirm`t. I cojpigy hlm` Blhh`tt` tait jim`s rizors wlhh stlhh aiv` i vlinh` igk k`p`gkinh` jirm`t bolgb y`irs kowg ta` roik, `v`g ld ta` stocm ls ugdilrhy puglsa`k ny i n`ir jirm`t. Jimlgb jog`y lg i n`ir jirm`t r`qulr`s lgv`stors to ugk`rstigk tait i cojpigy“s ugk`rhylgb cor` nuslg`ss ais to n` klstlgbulsa`k droj lts saort t`rj sair` prlc`. Lg ta` g`ir t`rj, i cojpigy“s dugkij`gtihs igk stocm prlc`s ko got ihwiys aiv` juca lg cojjog.
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Dlgigclih [`rjs Klctlogiry
[als j`igs tait i klscougt`k prlc` og i book cojpigy lg i n`ir jirm`t ls juca hlm` i p`rloklc ch`irigc` sih` it i p`rsog“s divorlt` stor`. [a` tlj` to nuy ta` prokucts a`ivlhy ls walh` ta`y ir` br`ithy klscougt`k. [a` stocm jirm`t ls juca ta` sij`. Alstory ais k`jogstrit`k og i gujn`r od kldd`r`gt occislogs tait ta` stocm prlc`s od book cojpigl`s wlhh r`nougk to jor` r`ihlstlc igk dilr vihuitlogs blv`g soj` tlj`.
Nl-Uirtlsig Lg ta` two pirty syst`j dougk lg ta` Pglt`k Stit`s igk ota`r cougtrl`s irougk ta` worhk, Nl-pirtlsig slbgldl`s igy r`sohutlog, ict, or nlhh, is w`hh is igy ictlog tim`g ny i pohltlcih bov`rglgb noky, wa`r` ta` two jifor pohltlcih pirtl`s ibr`` og ta` lt`j or ictlog lg qu`stlog. Coj projls`s n`tw``g two pirtl`s ir` r`d`rr`k to is nl-pirtlsig wa`g ta`y nrlgb tob`ta`r ta` wlsa`s od ta` two pirtl`s lg i dlgih v`rslog od i pro posih or pl`c` od h`blshitlog. Ra`g nl-pirtlsig support cig got n` ittilg`k lg i two pirty bov`rglgb syst`j, ta` `gk r`suht ls cojjoghy brlkhocm. It tals polgt, pohltlcih pirty j`jn`rs igk ta`lr aoj` cogstltu`gcl`s b`t igbry wlta og` igota`r. igota`r. Nl-pirtlsig ls sljlhirhy us`k to k`scrln` ta` `ddorts od two riklcihhy kldd`rlgb broups wao aohk opposlgb vl`ws tait ta`y r`cogclh` dor i tlj` or og ig lssu`. Cogs`rvitlv`s igk hln`rihs ir` two `xijph`s od suca broups. Ld ta`y cig coj` to ibr``j`gt og i cours` od ictlog og i jitt`r od urb`gt gitlogih ljportigc`, tals ls ig `xijph` od nl-pirtlsig `ddorts, or nlpirtlsigsalp. Lg ta` Pglt`k Stit`s, ta` work nl-pirtlsig cojjoghy ls `jphoy`k to k`tilh i pohltlcih ictlog or bov`rgj`gt pohlcy tait lgvohv`s wormlgb tob`ta`r or cojprojlslgb og n`aihd od ta` ^`punhlcigs igk K`jocrits, ta` two ljportigt pohltlcih pirtl`s. Jigy pohltlcligs igk pohltlcih cigklkit`s chlgb to ta` jigth` od nl-pirtlsig `ddorts igk pohlcl`s, lg pirtlcuhir kurlgb ig `h`ctlog. Lg r`ihlty, ta`s` nl-pirtlsig lk`ihs ir` s`hkoj ictuihhy put lgto phic` ogc` i pohltlclig ls s`cur`hy igk dlrjhy lg pow`r. Lg ta` alstory od ta` Pglt`k Stit`s, pr`clous hltth` `vlk`gc` `xlsts to saowcis` tait ta` igsw`rs to hirb`, cojph`x, igk crltlcih pronh`js ir` dougk uslgb nl-pirtlsig ib`gkis. [a` w`lbat od `vlk`gc` ictuihhy subb`sts tait nlpirtlsigsalp ais hltth` to ko wlta ta` r`sohutlog od suca cogdhlcts igk klsibr``j`gts. Alstorligs cihh nl-pirtlsigsalp ig lgv`gt`k cogstruct tait s``ms to irriy lts`hd is i gonh` trikltlog lg ork`r to alk` lts hicm od r`suhts. Lg dict, lg tlj`s od crlsls, nl-pirtlsig sohutlogs rir`hy `dd`ctlv`hy k`ih wlta ta` pronh`j.
3;
Dlgigclih [`rjs Klctlogiry
[a` opposlt` od nl-pirtlsig ls pirtlsig. Ij`rlcig alstory ictuihhy k`jogstrit`s pirtlsig lk`is to n` ta` jor` succ`ssduh og`s. [a` Pglt`k Stit`s“ clvlh hln`rtl`s, `xlst`gc` is ig lgk`p`gk`gt cougtry, igk lk`i od `quihlty n`dor` ta` hiw, is w`hh is jigy od ta` jost n`hov`k igk succ`ssduh probrijs od ta` bov`rgj`gt, ihh stirt`k out hld` is `xtr`j`hy pirtlsig cius`s. [a` truta ls tait jigy isp`cts tait ir` c`gtrih to Ij`rlcig hld` w`r` pirtlsig iccojphlsaj`gts tait pr`vloushy klvlk`k ta` gitlog, `v`g to `xtr`j`s.
Nhu` Calp Stocms I nhu` calp stocm prov`s to n` ta` glcmgij` blv`g to i stocm tait n`hogbs to i dlrjhy `stinhlsa`k cojpigy. Nhu` calp stocm cojpigl`s cojjoghy d`itur` go jifor outstigklgb hlinlhltl`s igk lgcr`klnhy stinh` `irglgbs tricm r`corks. [a`s` nhu` calps ir` n`hl`v`k to n` lg `xc`hh`gt dlgigclih cogkltlog, igk ir` cojjoghy r`d`rr`k to is sid` lgv`stj`gts. Nhu` calp cojpigy stocms d`itur` jigy sljlhirltl`s wlta og` igota`r. Og ta` og` aigk, ta`y ir` ihh sohlkhy `stinhlsa`k is i h`ik`r or ta` h`ik`r wltalg ta`lr r`sp`ctlv` dl`hks. [a`y ihh piy r`hlinh` klvlk`gks to ta`lr sair`aohk`rs, `v`g ld nuslg`ss ls got is strogb is ls typlcih dor ta`j. Og ta` ota`r aigk, dor hlt`rihhy k`cik`s gow, lgv`stors aiv` taoubat albahy od nhu` calp stocms lg b`g`rih. Nhu` calp stocms d`itur` prov`g tricm r`corks od sohlk browta igk lgcr`klnhy alba jirm`t cipltihlzitlog. Soj` `xijph`s od nhu` calp stocms ir` Coci-Cohi, RihJirt, JcKogihk“s, N`rmsalr` Aitaiwiy, LNJ, Blhh`tt`, igk @xxogJonlh`. Nhu` calp stocms ir` occislogihhy ihso mgowg is n`hh w`ita`r lssu`s. [a` gij` nhu` calp cij` droj cislgos. Lg cislgos, nhu` calps stigk dor ta` alba`st vihu` calps out od ihh ta` virlous calp cohors ivilhinh`. [a` orlblg od ta` paris` Nhu` Calp Stocm kit`s nicm to 9<>3/9<>;. It tals tlj`, Ohlv`r Blgbohk od ta` Kow Fog`s colg`k ta` paris` og` kiy. Kow Fog`s cojpigy alstory siys tait Blgbohk us`k ta` paris` dor ta` dlrst tlj` wa`g a` stook n`slk` i stocm tlcm`r it ta` dlrj tait `v`gtuihhy n`cij` J`rrlhh Hygca. Idt`r witcalgb i d`w stocms triklgb it $>55 to $>05 `ica sair` igk alba`r, Blgbohk r`port`khy silk to Hucl`g Aoop`r droj Auttog igk Cojpigy tait a` wouhk b`t nicm to als oddlc` so tait a` couhk ‘wrlt` inout ta`s` nhu` calp stocms.‚ Ohlv`r Blgbohk“s colg`k paris` stucm. Lt ais n``g utlhlz`k to tihm inout succ`ssduh stocms droj tait polgt dorwirk.
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Dlgigclih [`rjs Klctlogiry
Orlblgihhy, Nhu` calp stocms w`r` taos` tait w`r` `xp`gslv`hy prlc`k. [okiy ta`y ir` jor` hlm`hy ta` og`s tait ir` ta` alba`st quihlty stocms igk ta`lr issoclit`k cojpigl`s. [a` dlgigclih caigg`hs igk g`wspip`rs wlhh r`buhirhy klsphiy ta` p`rdorjigc` od nhu` calp stocms g`xt to ta` jifor stocm jirm`t iv`rib`s suca is ta` G\S@ igk ta` Kow Fog`s Lgkustrlih Iv`rib`. [als ls way ta`s` nhu` calp stocms ir` ihso mgowg is n`hh w`ita`r lssu`s.
Nogks Nogks ir` ihso mgowg is k`nt lgstruj`gts, dlx`k lgcoj` s`curltl`s, igk cr`klt s`curltl`s. I nogk ls ictuihhy ig LOP cogtrict wa`r` ta` t`rjs od ta` nogk, lgt`r`st rit`, igk kit` od r`piyj`gt ir` ihh pirtlcuhirhy k`dlg`k lg i h`bih kocuj`gt. Ld you nuy i nogk it orlblgih lssu`, ta`g you ir` hlt`rihhy hoiglgb ta` lssu`r jog`y tait wlhh n` r`pilk to you it i c`rtilg tlj`, ihogb wlta p`rloklc lgt`r`st piyj`gts. Nogks ir` ihh chissldl`k ugk`r og` od tar`` cit`borl`s lg ta` Pglt`k Stit`s. [a` dlrst od ta`s` ir` ta` alba`st rit`k, sid`st cit`bory od D`k`rih Bov`rgj`gt k`nt igk lts issoclit`k ib`gcl`s. [r`isury nlhhs igk tr`isury nogks dihh ugk`r tals dlrst cit`bory. [a` s`cogk typ`s od nogks ir` nogks k``j`k to n` sid` tait ir` lssu`k ny cojpigl`s, stit`s, igk cltl`s. [a`s` dlrst two cit`borl`s od nogks ir` r`d`rr`k to is lgv`stj`gt brik`. [a` talrk cit`bory od nogks lgvohv`s rlsml`r typ`s od nogks tait ir` odd`r`k ny cojpigl`s, stit`s, igk cltl`s. Suca n`how lgv`stj`gt brik` nogks ir` cojjoghy r`d`rr`k to is sljphy fugm nogks. Nogks“ vihu`s rls` igk dihh lg klr`cthy opposlt` corr`hitlog to ta` jov`j`gt od lgt`r`st rit`s. Is lgt`r`st rit`s dihh, nogks rls`. Ra`g lgt`r`st rit`s ir` rlslgb, nogks prlc`s dihh. [a`s` swlgbs up igk kowg lg lgt`r`st rit`s igk nogk prlc`s ir` got ljportigt to you ld you nuy i nogk igk aohk lt ugtlh ta` piy nicm, or jiturlty, jiturlty, kit`. Ld you caoos` to s`hh i nogk n`dor` jiturlty, ta` prlc` tait lt r`ihlz`s wlhh n` josthy k` p`gk`gt og wait ta` lgt`r`st rit`s prov` to n` hlm` it it ta` tlj`. Nogks“ lgv`stj`gt stitus`s ir` rit`k ny ta` cr`klt ritlgb ib`gcl`s. [a`s` ir` Stigkirk & Uoor“s, Jooky“s, igk Dltca ^itlgbs. Ihh nogk k`nt lssu`s ir` iwirk`k `isy to ugk`rstigk brik`s, suca is I+ or N. Lg ta` hist d`w y`irs od ta` dlgigclih crlsls, ta`s` cr`klt ritlgb ib`gcl`s w`r` r`prljigk`k dor aivlgb iwirk`k soj` cojpigl`s nogks“ too alba brik`s cogslk`rlgb ta` rlsms tait ta` cojpigl`s ugk`rtoom. [als wis
34
Dlgigclih [`rjs Klctlogiry
`sp`clihhy ta` cis` wlta ta` nogks od nigms, lgv`stj`gt cojpigl`s, igk soj` lgsurigc` outdlts. Pgk`rstigklgb ta` nogk jirm`ts ls i dugctlog od cojpr`a`gklgb ta` yl`hk curv`s. \l`hk curv`s turg out to n` plctorlih r`pr`s`gtitlogs od i nogk“s lgt`r`st rit` igk ta` kit` tait ta it lt r`ica`s jiturlty, r`gk`r`k og i bripa. H`irglgb to ugk`rstigk igk r`ik ta`s` curv`s, igk to dlbur` out ta` spr`ik n`tw``g suca curv`s, wlhh ihhow you to jim` `kucit`k coj pirlsogs n`tw``g virlous lssu`s od nogks. Soj` nogks ir` tix dr``. [a`s` ir` taos` nogks tait ir` odd`r`k ny stit`s igk cltl`s. Suca juglclpih nogks, ihso mgowg is jugls, a`hp to rils` dugks tait ir` utlhlz`k to piy dor roiks, scaoohs, kijs, igk virlous ota`r prof`cts. Lgt`r`st piyj`gts jik` og ta`s` juglclpih nogks ir` got sunf`ct to D`k`rih tix`s. [als jim`s ta`j ittrictlv` to soj` lgv`stors.
Noom Tihu` [a` noom vihu` r`d`rs to ta` tigblnh` iss`t vihu` od igy cojpigy. [igblnh` vihu` a`r` ls us`k to r`d`r to igy iss`ts tait cig n` d`ht, s``g, or touca`k, suca is lgv`gtory, phigts, `qulpj`gt, cisa, oddlc`s, or prop`rtl`s. N`cius` od tals tigblnh` dictor to noom vihu`, lt ls odt`g r`d`rr`k to is G`t [igblnh` Iss`ts. Dlgklgb i cojpigy“s noom vihu` ls got pirtlcuhirhy airk ld you aiv` i cojpigy“s nihigc` sa``t. [o k`t`rjlg` tals gujn`r, ihh tait you aiv` to ko ls to hoom it ta` sair`aohk`r“s `qulty. Droj tals gujn`r, you slj phy suntrict out ihh od ta` lgtigblnh` lt`js“ vihu`s, suca is bookwlhh. Rait r`jilgs ls ta` noom vihu` od tigblnh` iss`ts tait ta` cojpigy ais. Noom vihu`, or ta` g`t tigblnh` iss`ts, tait cojpigl`s poss`ss prov`s to n` `xtr`j`hy ljportigt. \ou oubat to igihyz` i cojpigy“s cojpigy“s nihigc` sa``t klr`cthy droj ta`j, got droj i talrk pirty w`nslt`. [als j`igs tait ta` noom vihu` dlbur` jiy got n` k`t`rjlg`k og ta` nihigc` sa``t. Cojlgb up wlta ta` dlbur` ls fust i jitt`r od timlgb ihh od i cojpigy“s iss`ts igk suntrictlgb ta` lgtigblnh` typ`s od iss`ts droj ta` dlbur`. \ou wlhh ta`g n` hoomlgb it ta` cojpigy“s tru` cojpog`gts, lgchuklgb prop`rtl`s, oddlc` nulhklgbs, paog`s, cojput`rs, cojput`rs, cailrs, `tc. Lg ta` pist, tals noom vihu` r`pr`s`gt`k ta` uhtljit` j`isur`j`gt dor vihu` lgv`stors wao w`r` hoomlgb dor nirbilgs og stocm prlc`s od coj pigl`s. [als j`igt tait alba`r iss`ts, igk ta`r`ny noom vihu`s, prov`k
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Dlgigclih [`rjs Klctlogiry
to n` ta` prlgclpih j`isur`j`gt dor jimlgb vihu` lgv`stlgb k`clslogs. Kurlgb ta` hist tw`gty or so y`irs, lgv`stors wao s``m out vihu` aiv` saldt`k iwiy droj ta` ljportigc` od ta` kohhir vihu`s od iss`ts to pr`d`rrlgb cojpigl`s tait cr`it` alba`r `irglgbs uslgb i sjihh`r nis` od iss`ts. Is ig `xijph` od way noom vihu` ls h`ss vihuinh` taig sjihh`r iss`t nis`s wlta `irglgbs cr`itlog, cogslk`r i cojpigy tait poss`ss`s talrty jlhhlog kohhirs lg payslcih iss`ts igk `irgs $95 jlhhlog p`r y`ir. Hoom it igota`r cojpigy tait jim`s ta` sij` $95 jlhhlog lg `irglgbs walh` aivlgb $05 jlhhlog lg iss`rts. ^`hitlogsalps n`tw``g ta` iss`t nis` od i cojpigy igk lts `irglgbs ir` w`hh mgowg igk `stinhlsa`k. [als j`igs tait kounhlgb ta` `irglgbs od ta` cojpigy wlta $35 jlhhlog wouhk r`qulr` lgv`stlgb igota`r $35 jlhhlog. [als wouhk h`iv` ta` nuslg`ss wlta $45 jlhhlog lg iss`ts igk $>5 jlhhlog lg `irglgbs. Kou nhlgb ta` `irglgbs od ta` cojpigy wlta $05 jlhhlog lg iss`ts wouhk sljlhirhy r`qulr` ikklgb igota`r $05 jlhhlog lg iss`ts. [a` nuslg`ss wouhk ta`g owg i $955 jlhhlog od iss`ts igk cr`it` ta` sij` $>5 jlhhlog lg `irglgbs p`r y`ir. y`ir. [a` g`w cojpigy wlta $955 jlhhlog lg iss`ts ais ta` alba`r noom vihu` to n` sur`. Nut ta` sjihh`r iss`t cojpigy oghy g``k`k to r`tilg $35 jlhhlog lg `irglgbs lg ork`r to kounh` lts prodlts. [a` $>5 jlhhlog kldd`r`gc` couhk n` us`k dor `xpigslog od ta` nuslg`ss, piylgb klvlk`gks, or nuylgb nicm sair`s. So walh` alba`r noom vihu`s ir` stlhh ljportigt, alba`r r`turgs og iss`ts ir` ictuihhy jor` slbgldlcigt igk n`g`dlclih.
Noomm``p`r I noomm``p`r ls ig lgklvlkuih wao jilgtilgs i nuslg`ss“ ljportigt dlgigclih r`corks. [a`s` ir` typlcihhy m`pt lg fourgihs or h`kb`rs dorjit. [als ls wa`r` ta` work nooms k`rlv`s droj, walca ls us`k lg ta` tlth` od noomm``p`r. noomm``p`r. Ihtaouba noomm``p`rs typlcihhy `gbib` lg nislc h`v`hs od iccougtlgb tisms, ta`y ir` stlhh got hin`h`k is duhhy quihldl`k iccougtigts. [als ls n`cius` noomm``p`rs ir` blv`g sunstigtlihhy h`ss ijougts od trilglgb taig ir` iccougtigts. Og top od tals, noomm``p`rs ko got aiv` ta` r`qulr`j`gts od h`bih c`rtldlcitlog ipphl`k to ta`j. Noomm``p`rs couhk p`rdorj ta`lr kutl`s is `jphoy``s od i slgbh` nuslg`ss. [a`y jlbat ihso n`coj` i sjihh soh` proprl`torsalp, wormlgb og ta` n`aihd od s`v`rih
31
Dlgigclih [`rjs Klctlogiry
sjihh broups or lgklvlkuihs. Lg suca i cipiclty, noomm``p`rs ictuihhy m``p ta` nooms od i gujn`r od kldd`r`gt chl`gts it i tlj`. Ig lgklvlkuih wao hinors is i noomm``p`r ais ljportigt r`spogslnlhltl`s. [a`y just kutlduhhy r`cork `ica igk `v`ry dlgigclih trigsictlog lg walca i nuslg`ss `gbib`s. Noomm``p`rs jim` got`s od `v`ry piyj`gt r`c`lv`k or jik`, igk dor wait `ica od ta`s` ijougts r`pr`s`gt`k. Jogl`s tait ir` nota sp`gt igk r`c`lv`k aiv` to n` cir`duhhy tricm`k. Ihh `gtrl`s phic`k lgto ta` h`kb`r nooms aiv` to n` nihigc`k it ta` `gk od ta` p`rlok, so tait i cojpigy“s `xp`gs`s igk lgcoj` ir` iccurit`hy igk pr`cls`hy k`tilh`k lg ta` iccougtlgb. Noomm``p`rs ir` got `xp`ct`k to ko ihh od ta` dlgigclih tisms od i nuslg`ss. Ra`g ig iccougtlgb p`rlok tait ls `lta`r i quirt`r or i jogta ls r`ica`k, ta`y wlhh odt`g cirry ta` nooms ov`r to i quihldl`k iccougtigt. Suca ig iccougtigt wlhh aigkh` ta` tisms od dlburlgb up ta` tix`s tait g``k to n` pilk to ta` L^S. [a`y ihso cr`it` oddlclih iccougtlgb r`ports. [a`r` ir` i gujn`r od hirb`r or jlk-slz`k dlrjs tait sljphy `gbib` ta`lr owg iccougtlgb stidd igk iccougtigt rita`r taig aiv` i noomm``p`r is w`hh. [als ls b`g`rihhy cogslk`r`k to n` jor` `ddlcl`gt dlgigclihhy. Sjihh`r cojpigl`s wlhh t`gk to aiv` ta`lr owg noomm``p`r og stidd ta`g `gbib` ig iccougtigt og i nisls od g``k. Suca iccougtigts ir` b`g`rihhy us`k dor r`portlgb tix`s, is w`hh is prodlts or hoss`s. Noomm``plgb tisms, hlm` wlta iccougtlgb, cig n`coj` v`ry cojphlcit`k. [als ls `sp`clihhy tru` is cojpigl`s `xpigk. Cipinh` noomm``p`rs ir` inh` to worm dh`xlnhy, aigkhlgb i cogstigt nirrib` od kiti igk `v`g ug`xp`ct`k lssu`s. I r`hlinh` noomm``p`r wlhh ihso aiv` to poss`ss p`o ph` smlhhs. [als ls n`cius` noomm``p`rs ictuihhy lgt`rict wlta ota`r `j`j phoy``s tarouba taroub a ta` cojpigy to jim` c`rtilg tait ta` cojpigy ls inh` to m``p tricm od `v`ry `xp`gs`, rigblgb droj lgm igk pip`r dor ta` copy jicalg` to aot`h stiys dor nuslg`ss r`hit`k to worm. Noomm``plgb cig occislogihhy lgvohv` i noomm``p`r lg ictlvltl`s tait ir` ibilgst ta` hiw, hlm` wlta cr`itlgb lgcorr`ct r`corks og ta` h`kb`rs lg ork`r to jim` i cojpigy hoom to n` lg n`tt`r dlgigclih a`ihta taig lt truhy ls. Ra`g tals aipp`gs, lt ls cisuihhy r`d`rr`k to is coomlgb ta` nooms. Go oghy ls suca ictlvlty lg noomm``plgb ljjorih, nut lt ls albahy lhh`bih.
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Dlgigclih [`rjs Klctlogiry
Nooj I nooj ls ig `cogojlc `xpigslog tait aipp`gs wa`g ta` `cogojy od i cougtry ls browlgb it i riplk `cogojlc pic`. Noojs ir` jor` pr`cls`hy cojjoghy k`dlg`k is p`rloks lg walca ta` Bross Koj`stlc Urokuct `xpigks it i dist`r rit` pic` taig ta` hogb t`rj `cogojlc browta tr`gk rit`. [otih k`jigk od books igk j`rcaigkls` prov`s to n` alba lg nooj p`rloks. Nuslg`ss`s b`g`rihhy r`spogk to tals rlslgb k`jigk ny noostlgb prokuctlog igk iccojpigylgb `jphoyj`gt. Soj`tlj`s ta`y wlhh caoos` to lgcr`is` ta`lr prodlt jirblgs tarouba rilslgb ta`lr prlc`s. Alba`r k`jigks dlgihhy pr`ssur` hljlt`k r`sourc`s. Ld suddlcl`gt `xtri cipiclty ls got pr`s`gt to ikkr`ss ta` k`jigk, ta`g k`jigk puhh lgdhitlog cig r`suht. @cogojlc noojs ir` cairict`rlz`k ny guj`rous dictors. Lgcr`islgb, strogb k`jigks ir` josthy pusa`k ny cogsujptlog lg aous`aohks. Phtljit`hy, k`jigk ls durta`rjor` noost`k ny `xports, dlx`k lgv`stj`gts, igk bov`rgj`gt sp`gklgb. @xport browta r`suhts ihogb wlta ig `xpigslog od worhk trik` browta. Ihogb wlta br`it`r k`jigk coj`s alba`r wib`s igk `jphoyj`gt rit`s. Noojs h`ik to lgcr`islgbhy tlbat`r `jphoyj`gt jirm`ts igk n`tt`r lgcoj`s dor taos` wormlgb. [als tlbatg`ss lg hinor jirm`t cogkltlogs ls jost `vlk`gt lg how`r ug`jphoyj`gt rit`s. Lt ls ihso s``g lg ta` hinor dorc` p`rc`gtib` tait ls wormlgb, ta` quigtltl`s od fon op`glgbs tait ir` got dlhh`k, igk r`ports og hinor saortdihhs lg pirtlcuhir cir``rs igk dl`hks. [a` ictuih lgcoj`s od taos` p`oph` wormlgb lg nooj tlj`s lgcr`is` riplkhy is ta` k`jigk dor hinor ls alba igk guj`rous caigc`s `xlst to lgcr`is` `irglgbs droj alba`r prokuctlvlty igk jor` ov`rtlj` saldts. Lg noojs, ta` tix r`v`gu`s iccrulgb to bov`rgj`gt rls` riplkhy is w`hh. [als r`suhts droj rlslgb `jphoyj`gt igk lgcoj` h`v`hs. [als ais n``g cihh`k i dlscih klvlk`gk tait coj`s droj i sustilg`k `xpigslog. I nukb`t surphus typlcihhy r`suhts tait cig n` utlhlz`k to durta`r punhlc sp`gklgb or to r`kuc` ta` ijougt od outstigklgb bov`rgj`gt k`nt. Noojs durta`r s`` ta` rlslgb od cojpigy lgv`stj`gts igk prodlts. [a`s` lg turg odt`g r`suht lg br`it`r ijougts od cipltih lgv`stj`gts. [a` ijougt igk str`gbta od ta` blv`g k`jigk ais i br`it ljpict og aow jigy lgv`stj`gts ir` phigg`k kurlgb ta` nooj.
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Dlgigclih [`rjs Klctlogiry
Urokuctlvlty ihso rls`s kurlgb noojs. [a`s` noojs tait aipp`g lg cych`s ir` a`ihtay dor ta` prokuctlvlty od hinor. [als ls n`cius` lg ta`s` tlj`s, nuslg`ss`s str`tca ta`lr `jphoy``s igk r`sourc`s to m``p up wlta ta` ikkltlogih k`jigk ny utlhlzlgb ta` cojpigl`s“ r`sourc`s jor` `dd`ctlv`hy igk lgt`gs`hy. lgt`gs`hy. Urokuctlvlty rls`s is i klr`ct r`suht. Noojs cojjoghy ihso lgcr`is` i cougtry“s k`jigk dor books igk s`rvlc`s tait ir` ljport`k. [als ls `sp`clihhy ta` cis` lg cougtrl`s tait ir` aub` ljport`rs lg b`g`rih, suca is ta` Pglt`k Stit`s igk Br`it Nrltilg. ^lslgb ljports h`ik to alba`r trik` k`dlclts, walca aiv` to n` odds`t wlta cisa or k`nt lg piyj`gt.
Nrom`rs Nrom`rs ir` prod`sslogih lgt`rj`klirl`s tait worm og n`aihd od nota i s`hh`r igk i nuy`r. Ra`g nrom`rs dugctlog is ib`gts og n`aihd od oghy i nuy`r or s`hh`r, ta`y n`coj` r`pr`s`gtitlv`s r`pr`s`gtitlv`s igk prlgclpih pirtl`s lg igy k`ih. Nrom`rs saouhk got n` cogdus`k wlta ib`gts, wao lgst`ik worm og ta` n`aihd od i slgbh` prlgclpih. Lg ta` dlgigclih worhk, ta`r` ir` stocm nrom`rs, cojjoklty nrom`rs, igk optlog nrom`rs. Stocm nrom`rs ir` albahy r`buhit`k nrom`r prod`sslogihs tait s`hh igk nuy stocm sair`s igk r`hit`k s`curltl`s. [a`y worm og ta` pirt od lgv`stors wao purcais` igk s`hh suca s`curltl`s. Stocm nrom`rs trigsict tarouba `lta`r Ib`gcy Oghy Dlrjs or jirm`t jim`rs lg i blv`g s`curlty. ty. [a`s` typ`s od nrom`rs ir` cojjoghy `jphoy``s od nrom`rib` dlrjs, suca is Jorbig Stigh`y, Uruk`gtlih, or PNS. Stocm nrom`rs ir` `ss`gtlih lg stocm trigsictlogs, slgc` ta`s` `xcaigb`s od stocms cig oghy occur n`tw``g two lgklvlkuihs wao ir` ictuih j`j n`rs od ta` `xcaigb` lg qu`stlog. I r`buhir lgv`stor cig got sljphy `gt`r i stocm `xcaigb` hlm` ta` GISKIY igk ism to nuy or s`hh i stocm. [als ls ta` roh` tait nrom`rs duhdlhh. Rltalg ta` stocm nrom`r r`ihj, tar`` kldd`r`gt mlgks od nrom`r s`rvlc`s `xlst. Og` od ta`s` ls ikvlsory k`ihlgb, lg walca i nrom`r jim`s r`cojj`gkitlogs to ta` chl`gt od wait typ`s od sair`s to purcais` igk s`hh, y`t ihhows ta` lgv`stor to `gict ta` uhtljit` k`clslog. I s`cogk typ` ls ig `x`cutlog oghy nrom`r, wao wlhh sljphy trigsict ta` custoj`r“s sp`cldlc nuylgb igk s`hhlgb lgstructlogs. Dlgihhy, klscr`tlogiry k`ihlgb lgvohv`s nrom`rs wao h`irg ihh inout ta` custoj`r“s boihs lg lgv`stlgb ta`g cirry out trik`s dor ta` custoj`r nis`k og als or a`r lgt`r`sts.
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Dlgigclih [`rjs Klctlogiry
[a`s` sij` dugctlogs ir` cirrl`k out ny ota`r dlgigclih jirm`t nrom`rs is w`hh. Cojjokltl`s nrom`rs k`ih lg cojjokltl`s cogtricts dor chl`gts lg cojjokltl`s suca is bohk, slhv`r, wa`it, igk olh. Cojjokltl`s cogtricts ir` cojprls`k od optlogs, dutur`s, igk dlgigclih k`rlvitlv`s. [a`s` cojjokltl`s nrom`rs ict is jlkkh` j`g to ig lgv`stor to trigsict nuy igk s`hh ork`rs og suca cojjokltl`s `xcaigb`s is ta` G`w \orm J`rcigtlh` @xcaigb`, Cojjokltl`s J`rcigtlh` @xcaigb`, igk G`w \orm Noirk od [rik`. Optlogs nrom`rs k`ih lg optlogs og stocms, cojjokltl`s, or curr`gcl`s, k`p`gklgb og wait ta`lr ir`i od sp`clihty prov`s to n`. [a`y sp`clihlz` lg provlklgb r`s`irca, triklgb, igk `kucitlog og optlogs to lgklvlkuih lgv`stor chl`gts. N`slk`s aigkhlgb ta` jilg optlogs tait lgchuk` strikkh`s, optlog spr`iks, igk cov`r`k cihhs, i gujn`r od optlogs nrom`rs diclhltit` trik` lg r`hit`k dl`hks tait lgchuk` @[D“s, stocms, nogks, igk jutuih dugks. Nrom`rs lg ta` dlgigclih worhk ir` typlcihhy r`buhit`k ny og` ov`rslbat broup or igota`r. Stocm nrom`rs, dor `xijph`, ir` hlc`gs`k igk ov`rs``g ny ta` S`curltl`s @xcaigb` Cojjlsslog. [a`y just piss ig `xij cihh`k ta` S`rl`s 2 lg ork`r to prictlc` ta`lr trik` is i stocm nrom`r. Cojjokltl`s nrom`rs, og ta` ota`r aigk, just ontilg i S`rl`s 3 hlc`gs` droj ta` Dlgigclih Lgkustry ^`buhitory Iutaorlty. [a`y ir` chos`hy jogltor`k ny ta` Cojjokltl`s Dutur`s [riklgb Cojjlsslog. Optlogs nrom`rs ir` jogltor`k ny ta` r`buhitory ib`gcy issoclit`k issoclit`k wlta ta` ir`i od optlogs tait ta`y trik`.
Nunnh` Lg `cogojlc t`rjs, i nunnh` ls alba vohuj` h`v`hs od trik` it prlc`s tait ir` slbgldlcigthy out od hlg` wlta ictuih lgtrlgslc vihu`s. I sljph`r k`dlgltlog ls ta` triklgb od iss`ts tait aiv` ov`r lgdhit`k vihu`s. Nun nh`s ir` ihso cihh`k jirm`t nunnh`s, sp`cuhitlv` nunnh`s, nihhoogs, dlgigclih nunnh`s, igk sp`cuhitlog jigli. Urlc`s wltalg nunnh`s cig viry wlhkhy. It tlj`s, ta`y ir` go hogb`r pr`klctinh` uslgb ta` trikltlogih jirm`t k`t`rjlglgb dorc`s od oghy supphy igk k`jigk. [a`r` ir` cougth`ss `xphigitlogs odd`r`k dor ta` r`isogs tait nunnh`s occur `v`g wa`g ta`r` ls go sp`cuhitlog, ugc`rtilgty, or hljlt`k ritlogihlty lg ta` jirm`t. Soj` aiv` ta`orlz`k tait nunnh`s couhk n` cius`k lg ta` `gk ny prlc`s coorklgitlgb ibilgst `ica ota`r igk ny caigblgb soclih sc`girlos. Nunnh`s ir` b`g`rihhy lk`gtldl`k wlta c`rtilgty idt`r ta`y aiv` nurst, lg ta` hlbat od kristlc krops lg prlc`s. [als r`suhts droj
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Dlgigclih [`rjs Klctlogiry
ta` klddlcuhty od isc`rtilglgb r`ih lgtrlgslc vihu`s lg ictuih triklgb jirm`ts. Nunnh`s nurst, soj`tlj`s vloh`gthy, lg wait ls mgowg is i crisa or i nurstlgb nunnh`. Jilgstr`ij `cogojlcs aohks tait you cig got pr`klct or cihh nunnh`s n`dor` ta`y aipp`g or walh` ta`y ir` dorjlgb. Lt irbu`s tait you cig got stop nunnh`s droj k`v`hoplgb, igk tait itt`jptlgb to b`gthy prlcm ta` nunnh`s h`iks to dlgigclih crls`s. [als scaooh od `cogojlc taoubat divors iutaorltl`s wiltlgb vlblhigthy dor nunnh`s to nurst ny ta`js`hv`s, so tait ta`y cig aigkh` ta` idt`rjita od ta` nurstlgb nunnh` wlta dlscih igk jog`tiry pohlcy toohs. [a` Iustrlig scaooh od `cogojlcs irbu`s tait suca `cogojlc nunnh`s ir` jost ihwiys g`bitlv` lg ta`lr ljpicts og `cogojl`s. [als ls n`cius` nunnh`s h`ik to jlsipproprlitlog od `cogojlc r`sourc`s to lg`ddlcl`gt igk wist`duh us`s. [a` Iustrlig nuslg`ss cych` ta`ory ls nis`k og tals irbuj`gt cogc`rglgb nunnh`s. @xijph`s od `cogojlc nunnh`s inougk wltalg ta` P.S. `cogojy. Lg ta` 9<25“s, is ta` Pglt`k Stit`s k`pirt`k droj ta` bohk stigkirk, Ij`rlcig jog`tiry `xpigslog h`k to `gorjous nunnh`s lg cojjokltl`s. Suca nunnh`s dlgihhy `gk`k idt`r ta` D`k`rih ^`s`rv` tlbat`g`k up jisslv`hy og ta` `xc`ss jog`y supphy ny lgcr`islgb ta` lgt`r`st rit`s to lg `xc`ss od 9;%. [als h`k to ta` nurstlgb od ta` cojjokltl`s nunnh` tait cius`k bohk igk olh to dihh kowg k owg to jor` alstorlcihhy gorjih h`v`hs. Igota`r `xijph` od prlc` nunnh`s prov`k to n` ta` rlslgb aouslgb igk stocm jirm`t nunnh`s cr`it`k ny ta` `xt`gk`k p`rlok od how lgt`r`st rit`s tait ta` D`k`rih ^`s`rv` `gict`k droj >559 to >55;. [a`s` nun nh`s nurst ogc` ta` lgt`r`st rit`s r`turg`k r`turg`k to jor` gorjih h`v`hs. Ig `gorjous ijougt od klshocitlog occurr`k lg ta` dohhowlgb y`irs is tals nunnh` nurst rlpph`k ov`r to ta` dlgigclih syst`j igk ta` `gtlr` `cogojy lg >552 igk >551. [a` Br`it ^`c`sslog igk dlgigclih cohhips` w`r` cr`it`k lg ta` wim` od tals nurstlgb nunnh`. [als `xijph` k`jogstrit`s aow ta` hirb`r nunnh`s brow n`dor` ta`y dlgihhy pop, ta` jor` kigb`rous igk kijiblgb ta`y n`coj` wa`g ta`y dlgihhy ko nurst.
Nuhh Jirm`t I nuhh jirm`t ls og` lg walca ig `gtlr` dlgigclih jirm`t or i s`h`ct brouplgb od s`curltl`s s``s rlslgb prlc`s ov`r ig `xt`gk`k p`rlok od tlj`. Lt ls ihso us`k to k`scrln` i sc`girlo lg walca prlc`s ir` `xp`ct`k
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Dlgigclih [`rjs Klctlogiry
to rls`. Ralh` ta` paris` nuhh jirm`t ls jost dr`qu`gthy utlhlz`k to ikkr`ss ta` stocm jirm`ts, lt cig sljlhirhy r`d`r`gc` igy lt`js tait trik`, suca is sustilg`k rlslgb prlc`s lg cojjokltl`s, curr`gcl`s, or nogks. [a` opposlt` od i nuhh jirm`t ls i n`ir jirm`t. [a` sljph`st k`dlgltlog od i nuhh jirm`t ls og` tait ls rlslgb. Nuhh jirm`ts ir` taos` tait wltg`ss ig lgcr`is` lg prlc`s od jirm`t sair`s tait ls sustilg`k dor i p`rlok od tlj`. Lg nuhh jirm`ts, lgv`stors saow br`it cogdlk`gc` tait tals rlslgb tr`gk wlhh oghy cogtlgu` to `xlst ov`r i hogb`r t`rj. Ra`g nuhh jirm`ts ir` lg `dd`ct, i gitlog“s `cogojy r`jilgs strogb igk `jphoyj`gt h`v`hs prov` to n` alba`r. Nuhh jirm`ts saow ta` cairict`rlstlcs od alba lgv`stor cogdlk`gc`, b`g`rih `gtauslisj inout ta` dutur`, igk igtlclpitlog tait strogb igk succ`ssduh r`suhts wlhh cogtlgu` to occur. Dor`cistlgb wlta igy c`rtilgty wa`g suca nuhh jirm`t tr`gks wlhh wig` ls caihh`gblgb. Juca od ta` pronh`j hl`s lg itt`jptlgb to k`clpa`r sp`cuhitlog“s sp`cuhitlog“s roh` igk ta` psycaohoblcih ljpicts od lgv`stors tait cig odt`g aiv` i jifor lgdhu`gc` og ta` jirm`ts lg b`g`rih. Nuhh jirm`ts lg stocms cojjoghy k`v`hop is ig `cogojlc show kowg ls wiglgb. [a`y n`blg lg ikvigc` od ig `cogojy k`jogstritlgb i cogvlgclgb r`cov`ry. Is lgv`stors“ cogdlk`gc` h`v`hs brow, ta`y saow tals ny ta`lr nuylgb igk lgv`stlgb lg i n`hl`d tait stocm prlc`s wlhh bilg lg ta` dutur`. Nuhh jirm`ts b`g`rihhy turg out to n` posltlv` igk wlgglgb sc`girlos dor jost lgv`stors. [a` paris` nuhh jirm`t ls k`rlv`k droj ta` igljih worhk, is ls lts opposlt` cogc`pt od n`ir jirm`ts. Nuhhs itticm ta`lr pr`y ny uslgb ta`lr aorgs lg ig upwirk tarust, is wa`g jirm`ts ir` jovlgb up. N`irs og ta` ota`r ota `r aigk swlp` ta`lr vlctljs kowg wlta ta`lr piws, is wa`g jirm`ts ir` dihhlgb kowg. Ra`g ta` tr`gk ls rlslgb, ta` jirm`t ls i nuhh jirm`t. Ra`g lt ls dihhlgb lgst`ik, lt ls cihh`k i n`ir jirm`t. @xijph`s od nuhh jirm`ts inougk lg nota ta` Pglt`k Stit`s igk k`v`hoplgb cougtrl`s. [aroubaout jost od ta` 9<15“s igk 9<<5“s, ta` P.S. stocm jirm`ts ros` lg i hogb rugglgb nuhh jirm`t. Urlc`s ros` ny g`irhy t`g dohk lg tait tlj` p`rlok. [a` Kot Coj nunnh` put ig `gk to tals nuhh jirm`t it ta` turg od o d ta` c`gtury. Irougk ta` worhk, ta`r` aiv` ihso n``g guj`rous nuhh jirm`ts lg dor`lbg stocm `xcaigb`s. Lg Lgkli, ta` Nojniy Stocm @xcaigb`, mgowg is S@GS@Q, `xp`rl`gc`k i krijitlc nuhh jirm`t dor dlv` y`irs droj jlk >553 to ta` dlrst od >551. Lg tals tlj` drij`, ta` lgk`x rig droj >,<55 polgts og up to >9,555 polgts.
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Dlgigclih [`rjs Klctlogiry
Cihh Optlog I cihh optlog ls i cogtrict tait brigts i p`rsog ta` rlbat, igk y`t got ta` r`qulr`j`gt, to purcais` i blv`g s`curlty it i c`rtilg prlc` ny i c`rtilg cut odd tlj`. [a` s`curltl`s tait aiv` cihh optlogs issoclit`k wlta ta`j ir` b`g`rihhy stocms, cojjokltl`s, nogks, igk c`rtilg ota`r lgstruj`gts. Cihh optlogs ir` cojjoghy innr`vlit`k is sljphy cihhs. Lg prictlc`, cihh optlogs ir` r`buhit`k dlgigclih cogtricts jik` n`tw``g i nuy`r igk i s`hh`r od ta` pirtlcuhir optlog. [a` purcais`r od suca i cihh ls blv`g ta` rlbat to nuy i s`t ijougt od ta` ugk`rhylgb lgstruj`gt or cojjoklty lg qu`stlog droj ta` pirty s`hhlgb ta` cihh optlog it i pirtlcuhir tlj`, walca ls ta` `xplritlog kit`, igk it i pirtlcuhir prlc`, walca ls cihh`k ta` strlm` prlc`. [a` s`hh`r nlgks aljs`hd or a`rs`hd to s`hhlgb ta` ugk`rhylgb cojjoklty or dlgigclih lssu` ld ta` nuy`r wlsa`s to ontilg lt. Dor tals opportuglty, ta` nuy`r piys i pr`jluj, or i d``. Uurcais`rs od cihh optlogs ir` aoplgb tait ta` ugk`rhylgb cojjoklty or lgstruj`gt“s prlc` wlhh bo up lg ta` dutur`. S`hh`rs aop` tait suca i prlc` wlhh got rls`. Ota`rwls`, i s`hh`r jiy n` ibr``inh` to blv` iwiy i portlog od ta` rls` lg prlc` lg `xcaigb` dor ta` pr`jluj tait ls pilk to ta`j updrogt. [a` s`hh`r stlhh ais ta` opportuglty to jim` igy prodlts tait `xlst ihh ta` wiy up to ta` pirtlcuhir strlm` prlc`. Dor nuy`rs, cihh optlogs prov` to n` it ta`lr br`it`st prodltinlhlty is ta` lgstruj`gt tait ugk`rhl`s ta`j bo`s up lg prlc`. [a` boih od i nuy`r ls dor ta` ugk`rhylgb lgstruj`gt“s prlc` to ipproica, or rls` ov`r, ta` ictuih strlm` prlc`. [a` purcais`r od ta` cihh d``hs tait ta` caigc`s ir` book tait ta` ugk`rhylgb iss`t“s prlc` wlhh lgcr`is` ny ta` `xplritlog or `x`rcls` kit` od ta` optlog. [a` rlsm od tals aipp`glgb lgdhu`gc`s ta` vihu` od ta` pr`jluj pilk. Urodlts jik` og cihh optlogs cig n` sunstigtlih. [a`y ir` oghy r`strlct`k ny aow alba ta` prlc` od ta` ugk`rhylgb cojjoklty or lgstruj`gt cig bo. Optlogs n`coj` lg ta` jog`y is ta` ugk`rhylgb lgstruj`gt prlc` `xc``ks ta` sp`cldl`k strlm` prlc`. Ra`g ta`y r`ica ta` strlm` prlc`, suca optlogs ir` silk to n` it ta` ta ` jog`y. jog`y. Dor i cihh wrlt`r, or s`hh`r, s`hh`r, wao ko`s got owg ta` ugk`rhylgb cojjoklty or lgstruj`gt, s`hhlgb i cihh `gtilhs ig ughljlt`k ijougt od rlsm pot`gtlih. [a` cihh wrlt`r s`hhs suca i cihh lg ork`r to ontilg i pr`jluj. Hoss`s dor suca s`hh`rs cig n` `gorjous, igk ir` oghy hljlt`k to aow alba ta` prlc` od ta` ugk`rhylgb lgstruj`gt cig rls`.
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Dlgigclih [`rjs Klctlogiry
Cihh optlogs jiy n` noubat og i wlk` virl`ty od lgstruj`gts n`slk`s stocms lg i cojpigy. \ou cig nuy optlogs og lgt`r`st rit` dutur`s or cojjokltl`s suca is olh, bohk, igk slhv`r. [a`r` ir` ihso two kldd`r`gt s`ts od ruh`s dor `x`rclslgb cihh optlogs. @urop`ig cihh optlogs p`rjlt optlog aohk`rs to `x`rcls` ig optlog og fust lts kit` od `xplritlog, walh` Ij`rlcig cihh optlogs blv` ta` owg`r tals inlhlty to ko so it igy tlj` lg ta` optlog“s hld` spig.
Cipltih Bilgs Cipltih bilgs r`d`r to prodlts tait irls` wa`g you s`hh i cipltih iss`t hlm` r`ih `stit`, stocms, igk nogks. [a`s` proc``ks just n` inov` ta` purcais` prlc` to quihldy is cipltih bilgs. I cipltih bilg ls ihso ta` r`suhtlgb kldd`r`gc` n`tw``g i how nuylgb prlc` igk i alba s`hhlgb prlc` tait h`iks to i dlgigclih bilg dor lgv`stors. [a` opposlt` od cipltih bilgs ir` cipltih hoss`s, walca r`suht droj s`hhlgb suca i cipltih iss`t it i prlc` how`r taig dor wait you purcais`k lt. Cipltih bilgs cig p`rtilg to lgv`stj`gt lgcoj` tait ls issoclit`k wlta tigblnh` iss`ts hlm` dlgigclih lgv`stj`gts od nogks igk stocms igk r`ih `stit`. [a`y jiy ihso r`suht droj ta` sih` od lgtigblnh` iss`ts tait lgchuk` bookwlhh. Cipltih bilgs ir` ihso og` od ta` two prlgclpih typ`s od lgv`stor lgcoj`. lg coj`. [a` ota`r ls pisslv` lgcoj`. Rlta cipltih bilgs“ dorjs od lgcoj`, hirb`, og` tlj` ijougts ir` r`ihlz`k og ig iss`t or lgv`stj`gt. [a`r` ls go caigc` dor ta` lgcoj` to n` cogtlguous or p`rloklc, is wlta pisslv` lgcoj`. Lg ork`r to r`ihlz` igota`r cipltih bilg, igota`r iss`t just n` purcais`k igk icqulr`k. Is lts vihu` rls`s, lt cig ihso n` sohk to hocm lg igota`r cipltih bilg. Cipltih bilg lgv`stj`gts ir` b`g`rihhy hirb`r ijougts, taouba ta`y oghy piy og` tlj`. Cipltih bilgs aiv` to n` r`port`k to ta` Lgt`rgih ^`v`gu` S`rvlc`, wa`ta`r ta`y n`hogb to i nuslg`ss or ig lgklvlkuih. [a`s` cipltih bilgs aiv` to n` k`slbgit`k is `lta`r saort t`rj bilgs or hogb t`rj bilgs. [als ls k`clk`k ny aow hogb you aohk ta` iss`t n`dor` caooslgb to s`hh lt. Ra`g ig iss`t wlta i bilg ls a`hk hogb`r taig i y`ir, ta` cipltih bilg ls hogb t`rj. Ld lt ls a`hk dor i y`ir or h`ss tlj` drij`, suca i cipltih bilg prov`s to n` saort t`rj. Ra`g ig lgklvlkuih or nuslg`ss“ hogb t`rj cipltih bilgs ir` br`it`r taig hogb t`rj cipltih hoss`s, g`t cipltih bilgs `xlst. [als ls tru` to ta` polgt tait ta`s` bilgs ir` br`it`r taig g`t saort t`rj cipltih hoss`s. [ix rit`s og ta`s` cipltih bilgs ir` how`r taig og ota`r dorjs od lgcoj`. Pp to >595“s cogchuslog, ta` alba`st cipltih bilgs tix rit`s dor ta` jiforlty od
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Dlgigclih [`rjs Klctlogiry
lgv`stors prov`s to n` dldt``g p`rc`gt. [aos` waos` lgcoj`s ir` how`r ir` tix`k it i z`ro p`rc`gt rit` og ta`lr g`t cipltih bilgs. Ra`g cipltih bilgs ir` g`bitlv`, or ir` ictuihhy cipltih hoss`s, ta` hoss`s jiy n` k`kuct`k dorj your tix r`turg. [als r`kuc`s ota`r dorjs od lgcoj` ny is juca is ta` y`irhy hljlt od $3,555. Ikkltlogih cipltih hoss`s cig n` cirrl`k ov`r to dutur` y`irs wa`g ta`y `xc``k $3,555 lg igy blv`g y`ir, r`kuclgb lgcoj` dor tix purpos`s lg ta` dutur`. [a`s` cipltih bilgs igk hoss`s saouhk n` r`port`k og ta` L^S“ Sca`kuh` K dor cipltih bilgs igk hoss`s.
Cisa Og Cisa ^`turg (CC^) Cisa og cisa r`turg, ihso mgowg ny lts icrogyj CC^, ls ig lgv`stlgb t`rj. Lt k`scrln`s i ritlo od ta` y`irhy cisa dhow n`dor` tix`s ibilgst ta` totih suj od cisa lgv`st`k. [als cisa og cisa r`turg ls `xpr`ss`k is i p`rc`gtib`. Cisa og cisa r`turg ls josthy utlhlz`k to igihyz` igy lgcoj` b`g`ritlgb iss`t“s ictuih cisa dhow sltuitlog. [als p`rc`gtib` ls cojjoghy ipphl`k is i sljph` igk qulcm t`st to k`clk` ld ig iss`t ugk`r cogslk`ritlog ls wortay od ikkltlogih stuky igk igihysls. Ig lgv`stor wao n`hl`v`k tait cisa dhow ls ta` br`it`st boih wouhk n` jost lgt`r`st`k lg ig igihysls nis`k og cisa og cisa r`turg. Ota`rs `jphoy lt to klscov`r ld i pirtlcupirtlcu hir prop`rty or iss`t turgs out to n` ugk`r prlc`k. [als wouhk j`ig tait `qulty lg i prop`rty wouhk `xlst ljj`klit`hy upog purcais`. Cisa og cisa r`turg dorjuhis ko got dlbur` lg igy k`pr`citlog or ippr`clitlog od ig lgcoj` prokuclgb iss`t. [als j`igs tait ta` cisa og cisa r`turg gujn`r jiy n` sm`w`k to ta` alba slk` ld soj` od ta` cisa dhow prokuc`k turgs out to n` i r`turg og cipltih. [als ls n`cius` r`turg og cipltih ls got lgcoj`. Igota`r hljltitlog to cisa og cisa r`turgs is i j`isur`j`gt hl`s lg ta` dict tait ta` cihcuhitlog ls jor` or h`ss og` od sljph` lgt`r`st. [als j`igs tait lt ko`s got tim` lgto cogslk`ritlog ta` cojpougklgb od lgt`r`st. Is i r`suht od tals, lgv`stj`gts tait provlk` i how`r cojpougk lgt`r`st rit` jlbat n` n`tt`r ov`r tlj` taig taos` tait provlk` br`it`r cisa og cisa r`turgs, walca ls oghy i sljph` lgt`r`st cihcuhitlog. I hist kowgslk` to uslgb cisa og cisa r`turgs is i j`igs od `vihuitlgb ig lgv`stj`gt c`gt`rs irougk ta` dict tait ta`y ir` oghy pr` tix cisa dhow `vihuitlogs. [als j`igs tait your tix sltuitlog is i uglqu` lg-
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Dlgigclih [`rjs Klctlogiry
v`stor wlhh got n` cogslk`r`k lg ta` dorjuhi. Tirylgb tix sltuitlogs cig k`t`rjlg` ld ig lgv`stj`gt ls i book jitca dor you or got. go t. Cogslk`r ig `xijph` od dlburlgb up out i cisa og cisa r`turg. \ou couhk nuy ig ipirtj`gt cojph`x dor $9,>55,555 uslgb i kowg piyj`gt od $355,555. @v`ry jogta, ta` r`suhtlgb r`gtih cisa dhow idt`r `xp`gs`s dor tals prop`rty ls $0,555. [als j`igs tait lg i y`ir, ta` lgcoj` n`dor` tix wouhk ijougt to $45,555, is $0,555 wis juhtlphl`k ny tw`hv` jogtas. [als wouhk jim` ta` cisa og cisa r`turg ta` cisa dhow dor ta` y`ir n`dor` tix`s od $45,555 ov`r ta` `gtlr` ijougt od jog`y lgv`st`k lg ta` iss`t od $355,555. [als r`suhts lg ig ictuih tw`gty p`rc`gt cisa og cisa r`turg.
Cisa Sivlgbs Iccougt I cisa sivlgbs iccougt ls i phic` tait you cig pirm your cisa igk bilg lgt`r`st og lt. @dd`ctlv` saort t`rj sivlgbs iccougts ir` og`s tait p`rjlt you to j``t your g``ks lg dour ljportigt ir`is. [a` icc`ss to ta` dugks ls crltlcih. Cisa sivlgbs iccougts saouhk ihhow you to wltakriw dugks droj ta` iccougt wa`g`v`r you g``k. [als saouhk n` iccojphlsa`k tarouba cogv`gl`gt j`taoks hlm` I[J I[J cirks or oghlg` j`igs. Dugks lg ihh typ`s od cisa sivlgbs iccougts ir` lgsur`k ny ta` DKLC, or D`k`rih K`poslt Lgsurigc` Corporitlog, to $955,555 dor ihh p`oph` igk $>05,555 dor r`tlr`` iccougts. Lgt`r`st ls igota`r ir`i od cogc`rg dor cisa sivlgbs iccougts. [als p`rtilgs to ta` rit` tait ta` nigm or lgstltutlog wlhh blv` you dor aohklgb your jog`y. Hirb`r ijougts b`g`rihhy ittrict sup`rlor rit`s. U`gihtl`s saouhk got aiv` to n` `gkur`k dor wltakriwlgb cisa droj cisa sivlgbs iccougts `lta`r. C`rtldlcit`s od K`poslts igk ota`r lgstruj`gts d`itur` suca p`gihtl`s, nut cisa sivlgbs iccougts saouhk got. [a`s` t`rjs od wltakriwih saouhk n` ch`irhy sp`cldl`k lg igy cisa sivlgbs iccougt. Dlgihhy, s`rvlc` ls ig lssu` to n` cogslk`r`k wlta cisa sivlgbs iccougts. \ou jlbat wlsa to aiv` custoj`r s`rvlc` lg i nigm nrigca lgchuk`k. Ota`rwls`, ko lt yours`hd oghlg` iccougts cig n` `stinhlsa`k. [a`r` ir` s`v`rih typ`s od cisa sivlgbs iccougts droj walca you cig caoos`. Og` ls i ca`cmlgb iccougt tait lgchuk`s lgt`r`st. [als jlbat n`
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Dlgigclih [`rjs Klctlogiry
cihh`k i jog`y jirm`t iccougt. Suca jog`y jirm`t iccougts lgchuk` ca`cm wrltlgb prlvlh`b`s igk ca`cm nis`k icc`ss to dugks. [a`s` cig n` a`hk it nigms or nrom`rib` aous`s, walca ir` bilglgb lg popuhirlty it nigms“ `xp`gs`. Soj` prlvlh`b`s n`slk`s ca`cm wrltlgb lgchuk` alba`r jog`y jirm`t rit`s od lgt`r`st igk I[J cirk igk jicalg` icc`ss to dugks. Kowgslk`s to ta`s` typ`s od iccougts lgchuk` soj`tlj`s alba jlgljuj nihigc`s igk posslnh` d``s. Stigkirk sivlgbs iccougts ir` igota`r optlog wlta cisa sivlgbs iccougts. [a`s` w`r` ogc` cihh`k pissnoom iccougts. [a` lgt`r`st rit`s provlk`k ny ta`s` iccougts ir` how`r taig lgdhitlog, walca prov`s to n` ta`lr jifor kowgslk`. [a`lr jifor ikvigtib` hl`s lg ta` `xtr`j`hy how iccougt jlgljujs igk d``s cairb`k to aiv` ta`j. Alba yl`hk nigm iccougts ir` i talrk typ` od cisa sivlgbs iccougts. Urovlklgb v`rsitlhlty od ikklgb or wltakriwlgb dugks wltaout p`gihtl`s, ta`y ihso odd`r ta` hlqulklty od got tylgb up your jog`y dor hogb p`rloks od tlj`. Gowikiys, ta`r` ir` alba yl`hk nigm iccougts tait provlk` lgt`r`st rit`s tait prov` to n` cojpirinh` to C`rtldlcit`s od K`poslts, wltaout saowcislgb ta`s` lgv`stj`gts“ r`strlctlogs og timlgb out jog`y. [a` alba`st rit`s ivilhinh` og alba yl`hk nigm iccougts coj` droj nigms tait ir` oghlg` oghy v`rslogs od ta` trikltlogih h`gklgb lgstltutlogs. [a`y iccojphlsa tals ny got odd`rlgb nrigca`s igk lg p`rsog custoj`r s`rvlc` n`g`dlts. [als j`igs tait ugh`ss suca ig oghlg` alba yl`hk iccougt lgchuk`s ig I[J cirk, ta` oghy wiy to wltakriw ta` dugks ls tarouba `h`ctroglc trigsd`rs to ota`r nrom`rib`, sivlgbs, or ca`cmlgb iccougts, walca cig r`suht lg k`hiys od is juca is two to dlv` duhh kiys. Rltaout suca ig I[J I[J cirk, lt cig n` n ` lgcogv`gl`gt to icc`ss cisa stor`k lg ta`s` iccougts lg i aurry or `j`rb`gcy sltuitlog. Alba yl`hk iccougts soj`tlj`s odd`r saort`r t`rj t`is`r lgt`r`st rit`s, so lgklvlkuihs saouhk lgv`stlbit` ta` prokuct“s prlor slx jogta alstory od lgt`r`st rit`s to h`irg wait ta`lr cogslst`gt rit`s turg out to n`.
Cisa Dhow Cisa Dhow ls `lta`r ig lgcojlgb r`v`gu` or outbolgb `xp`gs` str`ij tait idd`cts ta` vihu` od igy cisa iccougt ov`r tlj`. Lgdhows od cisa, or posltlv` cisa dhows, typlcihhy r`suht droj og` od tar`` posslnh` ictlvltl`s, lgchuklgb op`ritlogs, lgv`stlgb, or dlgigclgb dor nuslg`ss`s or lgklvlkuihs. Lgklvlkuihs ir` ihso inh` to r`ihlz` posltlv` cisa dhows droj bldts or kogitlogs.
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Dlgigclih [`rjs Klctlogiry
G`bitlv` cisa dhow ls ihso cihh`k cisa outdhows. Outdhows od cisa aipaip p`g n`cius` od `lta`r `xp`gs`s or lgv`stj`gts jik`. [als ls ta` cis` dor nota lgklvlkuihs“ lgklvlku ihs“ dlgigc`s, is w`hh is dor taos` od nuslg`ss`s. Ra`r` nota lgklvlkuih dlgigc`s igk nuslg`ss corporit` dlgigc`s ir` cogc`rg`k, posltlv` cisa dhows ir` r`qulr`k to jilgtilg sohv`gcy. Cisa dhows couhk n` k`jogstrit`k n`cius` od i pist trigsictlog hlm` s`hhlgb i nuslg`ss prokuct or i p`rsogih lt`j or lgv`stj`gt. [a`y jlbat ihso n` prof`ct`k lgto i dutur` tlj` dor soj` cogslk`ritlog tait i cojpigy or lgklvlkuih igtlclpit`s r`c`lvlgb igk ta`g posslnhy sp`gklgb. Go p`rsog or corporitlog cig survlv` dor hogb wltaout cisa dhow. dhow. Uosltlv` cisa dhow ls `ss`gtlih dor i virl`ty od g``ks. Suddlcl`gt cisa dhow ihhows dor jog`y dor you to piy your p`rsogih nlhhs igk cr`kltors. Lt ihso ihhows i nuslg`ss to cov`r ta` costs od `jphoy`` piyrohh, supphl`rs“ nlhhs, igk cr`kltors“ piyj`gts lg i tlj`hy disalog. Ra`g lgklvlkuihs lgklvlk uihs igk nuslg`ss`s hicm suddlcl`gt cisa og aigk to jilgtilg ta`lr nukb`t or op`ritlogs, ta`g ta`y ir` gij`k lgsohv`gt. Histlgb lgsohv`gcy b`g`rihhy h`iks to p`rsogih or corporit` nigmruptcy. Dor nuslg`ss`s, stit`j`gts od cisa dhows ir` cr`it`k ny iccougtigts. [a`s` k`jogstrit` ta` quigtlty od cisa tait ls cr`it`k igk utlhlz`k ny i corporitlog lg i c`rtilg tlj` drij`. Cisa dhows lg tals k`dlgltlog ir` cihcuhit`k ny totihlgb g`t lgcoj` dohhowlgb tix`s wlta gog cisa cairb`s hlm` k`pr`clitlog. Cisa dhow ls inh` to n` isslbg`k to `lta`r i nuslg`ss“ `gtlr` op`ritlogs or to og` pirtlcuhir s`bj`gt or prof`ct od ta` cojpigy. cojpigy. Cisa dhow ls odt`g cogslk`r`k to n` ig `dd`ctlv` j`isur`j`gt od i nuslg`ss“ ogbolgb dlgigclih str`gbta. Cisa dhows ir` ihso us`k ny nuslg`ss igk lgklvlkuihs to isc`rtilg ta` vihu` or r`turg od i prof`ct or lgv`stj`gt. [a` gujn`rs od cisa dhows lg to igk out od suca prof`cts igk lgv`stj`gts ir` odt`g utlhlz`k is lgputs dor lgklcitors od p`rdorjigc` hlm` g`t pr`s`gt vihu` igk lgt`rgih rit` od r`turg. I pronh`j wlta i nuslg`ss“ hlqulklty cig ihso n` k`t`rjlg`k ny j`isurlgb ta` `gtlr` `gtlty“s cisa dhow. Jigy lgklvlkuihs pr`d`r lgv`stj`gts tait yl`hk p`rloklc posltlv` cisa dhow ov`r og`s tait piy oghy og` tlj` cipltih bilgs. Alba yl`hklgb klvlk`gk stocms, `g`rby trusts, igk r`ih `stit` lgv`stj`gt trusts ir` ihh `xijph`s od posltlv` cisa dhow lgv`stj`gts. ^`ih `stit` prop`rtl`s cig ihso n` posltlv` cisa dhow yl`hklgb lgv`stj`gts wa`g ta`y provlk` br`it`r ijougts od r`gtih lgcoj` taig ta`lr cojnlg`k jogtahy jortbib` piyj`gts, jilgt`gigc` `xp`gs`s, igk prop`rty jigib`j`gt upm``p costs igk outdhows totih.
05
Dlgigclih [`rjs Klctlogiry
Cisa Dhow Yuikrigt [a` cisa dhow quikrigt ls i klibrij tait saows dour typ`s od lgklvlkuihs lgvohv`k lg i nuslg`ss. [a`s` dour p`oph` jim` up ta` `gtlr` nuslg`ss worhk. [a` dour quikrigts ir` @, S, N, igk L. [a` @ quikrigt stigks dor `jphoy``s. @jphoy``s aiv` ta` sij` cor` vihu`s lg b`g`rih. [als ls s`curlty. s`curlty. Ra`g igy `jphoy`` slts kowg ko wg wlta i jigib`r or i pr`slk`gt, ta`y wlhh ihwiys t`hh ta`j ta` sij` talgb. [als ls tait ta`y ir` hoomlgb dor i s`cur` igk sid` fon tait ta it lgchuk`s n`g`dlts. [a` S lg ta` cisa dhow quikrigt r`pr`s`gts i sjihh nuslg`ss owg`r or i s`hd `jphoy`k p`rsog. [a`y ir` b`g`rihhy soho ictors or og` p`rsog outdlts. [a`s` typ`s wouhk rita`r op`rit` og ta`lr owg, is ta`lr jotto ls ihwiys to aiv` soj`talgb kog` rlbat, you saouhk ko lt yours`hd. Og ta` rlbat slk` od ta` cisa dhow quikrigt ir` ta` N“s. N stigks dor Nlb Nuslg`ss p`oph`. Nlb nuslg`ss`s aiv` dlv` augkr`k or br`it`r gujn`rs od `jphoy``s. [a`y ir` cojph`t`hy kldd`r`gt droj ta` ota`rs lg ta` quikrigts, is ta`y ir` cogstigthy hoomlgb dor ta` jost lgt`hhlb`gt igk cipinh` p`oph`, g`tworms, igk syst`js to ilk ta`j lg rugglgb ta`lr hirb` nuslg`ss. [a`y ko got wigt to jlcro jigib` ta` cojpigy ta`js`hv`s, rita`r ta`y wigt book p`oph` to ko lt og ta`lr n`aihd. [a` hist quirt`r od ta` cisa dhow quikrigts ls ta` L, walca stigks dor Lgv`stor. Lgv`stors ir` taos` lgklvlkuihs wao jim` jog`y worm `dd`ctlv`hy igk `ddlcl`gthy dor ta`js`hv`s. [a` jilg kldd`r`gc` n`tw``g ta`j igk ta` N quikrigts lt tait ta` lgv`stors aiv` ta`lr jog`y wormlgb airk walh` ta` Nlb Nuslg`ss p`oph` aiv` ota`r p`oph` wormlgb airk dor ta`j. Nota broups od N“s igk L“s r`pr`s`gt ta` w`ihtay. [a` `j phoy``s igk ta` s`hd `jphoy`k ir` ta` p`oph` wao worm airk dor ta` nuslg`ss p`oph` igk lgv`stors og ta` rlbat, or w`ihtay slk` od ta` quikrigt. [a` cisa dhow quikrigt `xphilgs ta` kldd`r`gc`s n`tw``g ta` rlca igk ta` wormlgb poor. Lt ls us`duh to k`scrln` dour typ`s od lgcoj` tait i p`rsog cig b`g`rit` is w`hh. [a` sjirt`st p`oph` lg ta` cisa dhow quikrigt ir` ta` og`s wao jigib` to jim` ta` ota`r p`oph` igk ta`lr jog`y worm airk dor ta`lr n`g`dlt. [ait ls way ta`y ir` ta` w`ihtay, walh` ta` airk wormlgb j`jn`rs od socl`ty og ta` h`dt slk` ir` ta` og`s wao ko ihh od ta` wormlgb og ta` w`ihtay p`oph`“s n`aihd. H`irglgb to n`coj` w`ihtay j`igs `dd`ctlv`hy caigblgb walca squir` od ta` cisa dhow quikrigt i p`rsog occupl`s.
09
Dlgigclih [`rjs Klctlogiry
C`gtrih Nigm C`gtrih nigms ir` gitlogih jog`tiry iutaorltl`s or r`s`rv` nigms tait ir` blv`g ta` uglqu` prlvlh`b` igk r`spogslnlhlty od hoiglgb i bov`rgj`gt lts curr`gcy. C`gtrih nigms aiv` jigy od ta` sij` cairict`rlstlcs tait trikltlogih nigms ko, suca is cairblgb s`t rit`s od lgt`r`st og hoigs tait ta`y jim` to norrow`rs hlm` ta` bov`rgj`gt od ta` cougtry tait ta`y r`pr`s`gt, or iht`rgitlv`hy to cojj`rclih nigms lg klr` g``k igk is i hist r`sort. C`gtrih nigms ir` kldd`r`gt droj r`buhir nigms lg i virl`ty od lgt`r`st wiys. Cal`d ijogb ta`s` ls ta`lr jogopohy od cr`itlgb ta` gitlog“s curr`gcy. [a`y ihso aiv` ta` pow`r to hoig suca curr`gcy out to ta`lr bov`rgj`gt is duhhy h`bih t`gk`r. [a`s` nigms ir` ta` oghy og`s tait wlhh h`gk to cojj`rclih nigms lg klddlcuht tlj`s od g``k, too. [a` jilg roh` od i c`gtrih nigm ls to lssu` igk ov`rs`` i cougtry“s sup phy od jog`y. jog`y. N`slk`s tals, ta`y ihso `gbib` lg i gujn`r od jor` vlbvlb orous ictlvltl`s lgchuklgb s`ttlgb igk jogltorlgb ta` lgt`r`st rit`s od sunslklz`k hoigs igk a`hplgb out ta` nigmlgb s`ctor lg p`rloks od dlgigclih klddlcuhtl`s or `v`g crlsls. Soj` c`gtrih nigms ikkltlogihhy sup`rvls` ta` cojj`rclih nigmlgb s`ctor igk lgklvlkuih nigms lg ork`r to jim` c`rtilg tait ta`y ko got `gbib` lg corrupt n`aivlor or risa k`clslog jimlgb igk prictlc`s. p rictlc`s. Got ihh cougtrl`s poss`ss c`gtrih nigms tait ir` lgk`p`gk`gt od ta` ota`r nrigca`s od bov`rgj`gt“s bov`rgj`gt“s j`kkhlgb igk lgt`rd`r`gc`. Jost od ta` w`ihtay cougtrl`s od ta` worhk ko aiv` tals typ` od c`gtrih nigm lg i syst`j tait stops pohltlcligs droj lgt`rv`glgb lg jog`tiry pohlcy. [a` @urop`ig C`gtrih Nigm, Nigm od @gbhigk, igk D`k`rih ^`s`rv` Syst`j od ta` Pglt`k Stit`s ir` ihh book `xijph`s od lgk`p`gk`gt c`gtrih nigms. C`gtrih nigms cig n` prlvit`hy a`hk or punhlchy owg`k. Lg ta` P.S., ta` D`k`rih ^`s`rv` prov`s to n` i uglqu` cojnlgitlog od prlvit` igk punhlc cojpog`gts. C`gtrih nigms ir` lgvohv`k lg jigy ljportigt dugctlogs. [a`s` lgchuk` cirrylgb out jog`tiry pohlcy igk dlxlgb ta` gitlog“s lgt`r`st rit`s. [a`y ihso cogtroh ta`lr cougtry“s waoh` jog`y supphy. [a`y ict is nota nigm`r dor ta` bov`rgj`gt igk dor ihh od i cougtry“s cougtry“s nigms lg klddlcuht tlj`s. C`gtrih nigms sljlhirhy aigkh` ta` gitlog“s bohk r`s`rv`s igk dor`lbg `xcaigb` r`s`rv`s. [a`y jiy ikfust ta`s` ny nuylgb or s`hhlgb jor` bohk, or ny nihigclgb ta` ijougt igk mlgks od curr`gcl`s tait ta`y aohk it igy tlj`. Jigy c`gtrih nigms sup`rvls` ta`lr nigmlgb lgkustrl`s is w`hh, taouba got ihh 0>
Dlgigclih [`rjs Klctlogiry
p`rdorj tals dugctlog. C`gtrih nigms ihso a`hp to k`ih k `ih wlta igk cojnit lgdhitlog igk jigib` i cougtry“s curr`gcy `xcaigb` rit` ny jokldylgb ta` gitlog“s oddlclih lgt`r`st rit`s igk utlhlzlgb sljlhir pohlcl`s to `gsur` tait ta` k`slr`k outcoj`s od how lgdhitlog igk stinh` curr`gcy `xcaigb` rit`s ir` lg dict ical`v`k.
Choslgb Costs Choslgb costs ir` ta` d``s tait ir` cairb`k wa`g you nuy i aous`. Jigy ota`r costs ir` issoclit`k wlta nuylgb i aous` taig oghy ta` kowg piyj`gt. [a`s` choslgb costs ir` d``s hlm` r`corklgb d``s, tlth` pohlcl`s, courl`r cairb`s, lgsp`ctlogs, h`gk`r d``s, igk stirt up r`s`rv` d``s to cr`it` ig ljpougk iccougt. [a` jost `xp`gslv` cojpog`gt od ta`s` choslgb costs ls ta` h`gk`r cairb`k d``s. Suca choslgb costs ir` cairb`k n`yogk ta` aoj`“s purcais` prlc`. Jost choslgb costs ir` s`t igk pr`k`t`rjlg`k, j`iglgb tait ta`y ir` got op`g to g`botlitlog. [a` totih prlc` od choslgb costs ls dilrhy stigkirk. [yplcihhy, i book bulk`hlg` dor choslgb costs ls tait ta`y wlhh rug you soj`wa`r` n`tw``g two igk dour p`rc`gt od i aous`“s purcais` prlc`. [a` rigb` ls is hirb` is tals spr`ik n`cius` ta` orlblgitlog d``s igk polgts dor jimlgb ta` hoig viry slbgldlcigthy droj og` h`gk`r to ta` g`xt. [a`s` polgts igk orlblgitlog d``s tait ir` cairb`k ny ta` h`gk`r ir` ihwiys r`v`ih`k to i nuy`r lg ta` Book Dilta @stljit`s tait ir` provlk`k provlk `k to ta` nuy`rs. Dor `xijph`, i aoj` tait ls $;55,555 wlhh aiv` choslgb costs tait rug droj irougk $;,555 to $94,555. [a`y couhk n` `v`g alba`r taig tals ijougt, og soj` occislogs. Soj` choslgb costs ir` od ta` gog-r`currlgb mlgk. Suca d``s ir` cairb`k to i nuy`r od i aous` og oghy i slgbh` tlj`. [a`y lgchuk` `scrow or choslgb, tlth` pohlcl`s, courl`r d``s, wlr` d``s, gotiry cairb`s, `gkors`j`gts, ittorg`y costs, clty or cougty or stit` trigsd`r tix`s, r`corklgb, giturih aizirk klschosur`s, aoj` prot`ctlog phigs, h`gk`r d``s dor ta` APK-9 155 hlg`, igk aoj` lgsp`ctlogs. Ota`r choslgb costs ir` cihh`k pr`pilk choslgb costs, or r`currlgb choslgb costs. Ihtaouba ta`s` ir` pilk dor lg i slgbh` hujp sujp up drogt, ta`y cov`r taos` costs tait cogtlgu` to r`cur taroubaout ta` hld` od ta` aoj` hoig. [a`r` ir` cojprls`k od prop`rty tix`s, dhook lgsurigc` wa`g r`qulr`k, dlr` lgsurigc` pr`jlujs, pr`pilk lgt`r`st, igk prlvit` or jutuih jortbib` lgsurigc` pr`jlujs.
03
Dlgigclih [`rjs Klctlogiry
Choslgb costs ir` ihso ljpict`k ny ta` jogta od ta` y`ir lg walca you chos` og ta` aous` lg qu`stlog. [als ls n`cius` dutur` lgsurigc` igk tix piyj`gts wlhh n` cohh`ct`k og i pro rit`k nisls dor ta` gujn`r od jogtas od pr`jlujs dor ta` y`ir. Got ihh hoigs coj` wlta ig `scrow or ljpougk iccougt `lta`r. \`t hoigs tait ir` dor lg `xc`ss od `lbaty p`rc`gt od ta` purcais` prlc` od your aous` wlhh jigkit` suca ig `scrow iccougt igk ljpougk n` `stinhlsa`k. Choslgb costs ir` soj` od ta` ugdortugit`hy alba `xp`gs`s issoclit`k wlta nuylgb i aous`. [a`y ir` oghy ivolkinh` wa`g i p`rsog tim`s ov`r ig issujinh` jortbib`. Lg ta`s` cis`s, jost choslgb costs, suca is h`gk`r polgts igk orlblgitlog orlblg itlog d``s, ir` slk` st`pp`k ny i nuy`r.
Cohhinoritlog Cohhinoritlog prov`s to n` i proc`ss wa`r` two or jor` lgklvlkuihs or `gtltl`s caoos` to worm lg cogc`rt og n`aihd od i cojjog boih or `gk`ivor. Lgt`hh`ctuih `gt`rprls`s igk ota`r ictlvltl`s tait t`gk to n` cr`itlv` ny ta`lr gitur` ir` odt`g jost `dd`ctlv`hy iccojphlsa`k tarouba cohhinoritlog, walca lgvohv`s h`irglgb tob`ta`r, jutuihhy sairlgb mgowh`kb`, igk nulhklgb up cogs`gsus. Scl`gtldlc cohhinoritlog ls v`ry cojjog n`cius` od tals. Jost dorjs od cohhinoritlog just aiv` h`ik`rsalp. Suca h`ik`rsalp ko`s got aiv` to n` lg ta` dorj od trikltlogih cojjigk structur`s, nut cig lgst`ik n` soclih h`ik`rsalp idd`ct`k lg i broup od `quihs or iht`rgitlv`hy tait ls k`c`gtrihlz`k. ^`isogs dor prictlclgb cohhinoritlog ir` dilrhy `vlk`gt. [`ijs [`ijs wormlgb tob`ta`r lg cohhinoritlog aiv` icc`ss to i br`it`r gujn`r od r`sourc`s, r`wirks, igk r`cobgltlog wa`g ta`y coj p`t` dor hljlt`k r`sourc`s. Cohhinoritlog cig n` `xtr`j`hy structur`k. Ra`g lt ls s`t up hlm` tals, ta`g lgwirk hoomlgb cojjuglcitlog igk n`aivlor ir` `gcourib`k. Suca dorjs od cohhinoritlog pirtlcuhirhy itt`jpt to noost t`ijs“ succ`ss`s is ta`y worm og pronh`j sohvlgb lg cohhinoritlog. Cairts, bripas, runrlcs, igk dorjs ir` ihh utlhlz`k lg tals typ` od cohhinoritlog lg ork`r to hiy out p`rsogihltl`s igk p`rsogih cairict`rlstlcs cairict`rlstlcs wltaout nlis, so tait ta` dutur` igk pr`s`gt prof`cts“ cohhinoritlog wlhh n` n`tt`r`k. Lg nuslg`ss igk dlgigc`, cohhinoritlog cig n` is sljph` is i pirtg`rsalp or is cojphlcit`k is i juhtlgitlogih corporitlog. [`ij j`jn`rs tait worm tob`ta`r lg ig orbiglzitlog uslgb cohhinoritlog ical`v` sup`rlor cojjuglcitlog nota lg ta` nuslg`ss supphy cailgs igk ta` `gtlr` outdlt.
0;
Dlgigclih [`rjs Klctlogiry
Suca cohhinoritlog prov`s to n` i j`igs od puttlgb tob`ta`r ta` virlous lk`is igk cogc`pts od i wlk` virl`ty od lgklvlkuihs lg ork`r to iss`jnh` i br`it rigb` od mgowh`kb` igk lgdorjitlog. [als prov`s to n` lgvihuinh` to nuslg`ss`s igk ota`r orbiglzitlogs tait r`qulr` nota b`g`rih igk sp`clihlst dorjs od mgowh`kb` droj is jigy vlinh` sourc`s is posslnh`. Jiss cohhinoritlog ais n`coj` i r`ihlty is i r`suht od dilrhy r`c`gt t`cagohoblcih lggovitlogs. [a`s` lgchuk` wlr`h`ss Lgt`rg`t, alba sp``k Lgt`rg`t, igk virlous Lgt`rg`t nis`k toohs dor cohhinoritlog, suca is wlmls, nhobs, igk ota`rs. [arouba ta`s` j`igs, lgklvlkuihs droj hlt`rihhy ihh ov`r ta` phig`t cig `dd`ctlv`hy sair` lk`is igk klscours` nicm igk dorta vli ta` Lgt`rg`t igk `v`g Lgt`rg`t nis`k cogd`r`gc`s, wltaout n`lgb hljlt`k to c`rtilg b`obripalcih hocitlogs or caihh`gb`s. [aigms to ta`s` dorjs od cohhinoritlog lg nota nuslg`ss igk ota`r dorjs, ta` posslnlhltl`s od ljprovlgb i prof`ct“s prof`ct“s r`suhts ir` prictlcihhy `gkh`ss.
Cohhit`rihlz`k K`nt Onhlbitlogs Cohhit`rihlz`k K`nt Onhlbitlogs ir` og` od ta` dlgigclih w`ipogs od jiss k`structlog tait a`hp`k to k`rilh ta` bhonih dlgigclih syst`j lg ta` dlgigclih crlsls od >552->595. [a`y ir` hlt`rihhy s`curltl`s tait ir` sup pos`k to n` od lgv`stj`gt brik`. [a` nicmlgb od cohhit`rihlz`k k`nt onhlbitlogs prov`s to n` poohs po ohs od hoigs, nogks, igk sljlhir iss`ts. [a`s` lgv`stj`gts ir` rit`k ny ta` jilg ritlgbs ib`gcl`s od Jooky“s, Stigkirk igk Uoors, igk Dltca ritlgb cojpigl`s. [a` ictuih vihu` od cohhit`rihlz`k k`nt onhlbitlogs coj`s droj ta`lr iss`t nicmlgb. [a`s` iss`t nicm`k s`curltl`s“ piyj`gts igk vihu`s nota k`rlv` droj ta`lr portdohlos od issoclit`k iss`ts tait ir` dlx`k lgcoj` typ`s od lgstruj`gts. lg struj`gts. CKO“s CKO“s s`curltl`s ir` klvlk`k lgto kldd`r`gt chiss`s od rlsm tait ir` cihh`k trigca`s. [a` s`glor jost trigca`s ir` k``j`k to n` ta` jost s`cur` dorjs od s`curltl`s. Slgc` prlgclpih igk lgt`r`st piyj`gts ir` blv`g out iccorklgb to ta` jost s`glor s`curltl`s dlrst, ta` fuglor h`v`h trigca`s piy ta` alba`r coupog piyj`gts igk lgt`r`st rit`s to a`hp r`wirk lgv`stors wao ir` wlhhlgb to tim` og ta` br`it`r h`v`hs od k`diuht rlsm tait ta`y issuj`. [a` orlblgih CKO wis oghy odd`r`k lg 9<12 ny nigm`rs dor Ljp`rlih Sivlgbs Issoclitlog tait dilh`k igk n`cij` dohk`k lg to ta` ^`sohutlog [rust Corporitlog lg 9<<5. [als saouhk aiv` n``g i wirglgb inout cohhit`rihlz`k k`nt onhlbitlogs, nut ta`lr popuhirlty oghy br`w ipic` kurlgb ta` dohhowlgb t`g y`irs. CKO“s riplkhy n`cij` ta` dist`st `xpigklgb
00
Dlgigclih [`rjs Klctlogiry
pirt od ta` sygta`tlc iss`t nicm`k s`curltl`s jirm`t. [a`r` ir` s`v`rih r`isogs dor way tals prov`k to n` ta` cis`. [a` jilg og` r`vohv`k irougk ta` r`turgs od two to tar`` p`rc`gtib` polgts br`it`r taig corporit` nogks tait poss`ss`k lk`gtlcih cr`klt ritlgbs. CKO“s ihso ipp`ih`k to i hirb`r gujn`r od lgv`stors igk iss`t jigib`rs droj lgv`stj`gt trusts, uglt trusts, igk jutuih dugks, to lgsurigc` cojpigl`s, lgv`stj`gt nigms, igk prlvit` nigms. Structur`k lgv`stj`gt v`alch`s ihso jik` us` od ta`j to k`driy rlsm. CKO“s popuhirlty ihso aik to ko wlta ta` alba prodlt jirblgs tait ta`y jik` dor ta`lr cr`itors igk s`hh`rs. I gujn`r od kldd`r`gt lgv`stors igk `cogojlsts aiv` rils`k ta`lr volc`s ibilgst cohhit`rihlz`k k`nt onhlbitlogs, k`rlvitlv`s lg b`g`rih, igk ota`r iss`t nicm`k s`curltl`s. [als lgchuk`s nota dorj`r LJD A`ik @cogojlst ^ibaurij ^ifig igk h`b`gkiry nlhhlogilr` lgv`stor Rirr`g Nudd`t. [a`y aiv` chilj`k tait suca lgstruj`gts oghy lgcr`is` igk spr`ik irougk ta` ugc`rtilgty igk rlsm tait surrougks ta`s` ugk`rhylgb iss`ts“ vihu`s to i hirb`r igk wlk`r pooh od owg`rs lgst`ik od h`ss`glgb ta` rlsm vli klv`rsldlcitlog. [aouba ta` jiforlty od ta` lgv`stj`gt worhk r`jilg`k sm`ptlcih od ta`lr crltlclsj, ta` cr`klt crlsls lg >552 igk >551 prov`k tait ta`s` klss`gt`rs aik j`rlt to ta`lr vl`ws. Lt ls gow ugk`rstook tait ta` jifor cr`klt ritlgb ib`gcl`s klk got suddlcl`gthy tim` lgto iccougt ta` jisslv` rlsms tait w`r` issoclit`k wlta ta` CKO“s igk INS“s, suca is i gitlogwlk` aouslgb vihu` cohhips`. N`cius` ta` vihu` od cohhit`rihlz`k k`nt onhlbitlogs ir` dorc`k to n` vihu`k iccorklgb to jirm to jirm`t iccougtlgb, wa`r` ta`lr vihu`s ir` ljj`klit`hy upkit`k to ta` jirm`t vihu`, ta`y aiv` k`chlg`k krijitlcihhy lg vihu` og ta` nigms“ igk ota`rs owg`rs“ nihigc` sa``ts is ta`lr ictuih vihu` og ta` jirm`t ais phujj`t`k.
Cohh`ctlnh`s Cohh`ctlnh`s cig n` ihjost igytalgb od r`ih or gotlogih vihu`. U`oph` `gfoy cohh`ctlgb `v`rytalgb rigblgb droj colgs igk stijps to nis`nihh cirks igk pilgtlgbs. Lt ls ta` tarlhh od ontilglgb talgbs tait ir` g`w igk puttlgb ta`j ihogbslk` ig `xlstlgb cohh`ctlog tait prov`s to n` so ikklctlgb igk r`wirklgb dor p`oph`. Cohh`ctlnh`s cig n` onvlous lt`js od br`it vihu`, suca is `xp`gslv` igtlqu`s or worms od irt, or cojjog talgbs hlm` sigk droj kldd`r`gt n`ica`s irougk ta` worhk.
04
Dlgigclih [`rjs Klctlogiry
Droj i nuslg`ss igk lgv`stj`gt stigkpolgt, cohh`ctlnh`s odd`r jor` taig sljphy ta` foy igk tarlhh od cohh`ctlgb. [a`y odd`r igota`r j`igs od nulhklgb up w`ihta. Cohh`ctlnh` colgs, stijps, nis`nihh cirks, igk pilgt lgbs ihh aiv` lgtrlgslc vihu` tait cig ippr`clit` ov`r tlj`. [als ls `sp`clihhy ta` cis` ld ta` cohh`ctlnh` lt`js lg qu`stlog prov` to n` hljlt`k lg lssu`, or ta`y n`coj` rir` ov`r tlj`, or ta` k`jigk dor ta`j lgcr`is`s wlta ta` y`irs. Tihu`s cig lgcr`is` to krijitlc h`v`hs `v`g lg ta` jlhhlogs od kohhirs wlta soj` cohh`ctlnh`s. [a` n`g`dlts od aivlgb cohh`ctlnh`s is i pist tlj` bo n`yogk sljphy lgv`stj`gt opportugltl`s, is hucritlv` is ta`s` cig n` dor you. Rlta i cohh`ctlnh`, you ir` inh` to owg i pl`c` od hlvlgb alstory. Colgs, stijps, igk igtlqu`s ir` `sp`clihhy us`duh wiys od ical`vlgb tals onf`ctlv` od owglgb alstory. Suca cohh`ctlnh`s ihso jim` `xcltlgb igk p`rsogihhy duhdlhhlgb aonnl`s tait provlk` you wlta i r`isog to bo to igtlqu` saops, birib` sih`s, dh`i jirm`ts, igk aonny saops. \ou jiy ihso aop` to j``t g`w p`oph` igk nulhk up drl`gksalps tarouba cohh`ctlnh`s. Dlgihhy, cohh`ctlnh`s ir` odt`g ig ittrictlv` wiy to k`corit` ta` lgt`rlor od your aous` lg your owg og` od i mlgk styh`. Dlgklgb cohh`ctlnh`s ogc` r`qulr`k you to bo to payslcih hocitlogs to s``m ta`j out. [a`s` couhk n` iuctlog slt`s, aonny saops, colg igk stijp stor`s, swip j``ts, yirk sih`s, igk dh`i jirm`ts. [a` Lgt`rg`t ib` ais jik` i tr`j`gkous ljpict og ta` pist tlj` od cohh`ctlnh`s, slgc` gow suca cohh`ctlnh`s cig sljphy n` dougk ny bolgb to oghlg` iuctlog slt`s or sp`clihty w`nslt`s. [a` pist prictlc` od wihmlgb pist nootas igk tarouba ta rouba stihhs prov`k to n` ig lgt`brih pirt od n`lgb i cohh`ctor nut i d`w y`irs ibo, nut tals ls caigblgb. Cohh`ctlnh`s cig stlhh n` dougk it dh`i jirm`ts igk birib` sih`s, taouba ta`s` r`qulr` jor` tricmlgb kowg gow taig ta`y klk prlor to ta` Lgt`rg`t r`vohutlog. Lt ls stlhh posslnh` to dlgk cohh`ctlnh`s it i payslcih hocitlog tait you wouhk g`v`r `gcougt`r oghlg`. I kigb`r to icqulrlgb cohh`ctlnh`s og ta` Lgt`rg`t ls tait you aiv` go buirigt`` is to ig lt`j“s iuta`gtlclty. [a` oghy wiy to taoroubahy `xijlg` lt ls idt`r you aiv` ihr`iky noubat igk r`c`lv`k ta` lt`j. Og` wiy to b`t irougk tals hl`s lg r`qu`stlgb c`rtldlcit`s od iuta`gtlclty droj i s`hh`r. So ld you k`clk` to purcais` i cohh`ctlnh` ov`r ta` Lgt`rg`t, you saouhk cogsuht ig `xp`rt lg ta` ir`i igk aiv` alj `xijlg` ta` cohh`ctlnh` lt`j lg p`rsog.
02
Dlgigclih [`rjs Klctlogiry
Cojjokltl`s Cojjokltl`s turg out to n` lt`js tait ir` tim`g droj ta` `irta, suca is origb` fulc`, citth`, wa`it, olh, igk bohk. Cojpigl`s nuy cojjokltl`s to turg ta`j lgto usinh` prokucts hlm` nr`ik, bisohlg`, igk f`w`hry to s`hh to ota`r nuslg`ss`s igk cogsuj`rs. Lgklvlkuih lgv`stors purcais` igk s`hh ta`j dor ta` purpos`s od sp`cuhitlog, lg ig itt`jpt to jim` i prodlt. Cojjokltl`s ir` trik`k tarouba cojjokltl`s nrom`rs og og` og ` od s`v`rih kldd`r`gt cojjokltl`s `xcaigb`s, suca is COJ@Q, or ta` Cojjokltl`s J`rcigtlh` @xcaigb`, G\J@Q, or ta` G`w \orm J`rcigtlh` @xcaigb`, igk G\NO[, or ta` G`w \orm Noirk od [rik`, ijogb ota`rs. Cojjokltl`s ir` trik`k wlta cogtricts uslgb i br`it ijougt od h`v`rib`. [als j`igs tait wlta i sjihh ijougt od jog`y, i br`it quigtlty od ta` cojjoklty lg qu`stlog cig n` cogtrohh`k igk trik`k. Dor `xijph`, wlta oghy i d`w taousigk kohhirs, you is ig lgv`stor ir` inh` to cogtroh i cogtrict od og` taousigk nirr`hs od a`itlgb olh or og` augkr`k ougc`s od bohk. Is i r`suht od tals alba h`v`rib` tait you ontilg, ta` ijougts od jog`y jik` or host cig n` slbgldlcigt wlta oghy r`hitlv`hy sjihh jov`s lg ta` prlc` od ta` ugk`rhylgb cojjoklty. cojjoklty. [als h`v`rib` r`suhts droj ta` dict tait cojjokltl`s ir` g`irhy ihwiys trik`k uslgb jirblg iccougts tait h`ik to slbgldlcigt rlsms dor ta` cipltih lgv`st`k. Dor `xijph`, wlta bohk cogtricts, `ica t`g c`gt jlgljuj prlc` jov` r`pr`s`gts i $95 p`r cogtrict bilg or hoss. Cojjoklty triklgb strit`bl`s c`gt`r irougk sp`cuhitlog og dictors tait wlhh idd`ct ta` prokuctlog od i cojjoklty. [a`s` couhk n` r`hit`k to w`ita`r, giturih klsist`rs, strlm`s, or ota`r `v`gts. Ld you n`hl`v`k tait s`v`r` aurrlcig`s wouhk kijib` i br`it portlog od ta` Hitlg Ij`rlcig codd`` crop, ta`g you wouhk cihh your cojjoklty nrom`r igk lgstruct ta`j to nuy is jigy codd`` cogtricts is ta`y aik jog`y lg ta` iccougt to cov`r. Ld ta` aurrlcig`s toom phic` igk codd`` klk s`` slbgldlcigt kijib` lg ta` r`blog, ta`g ta` prlc`s od codd`` wouhk rls` krijitlcihhy is i r`suht od ta` g`bitlv` w`ita`r, ciuslgb ta` codd`` airv`st to n` jor` vihuinh`. \our codd`` cogtricts wouhk sljlhirhy rls` lg vihu`, proninhy slbgldlcigthy. I virl`ty od cojjokltl`s cig n` trik`k og ta` cojjokltl`s `xcaigb`s. [a`s` lgchuk` brilgs, j`tihs, `g`rby, hlv`stocm, igk sodts. Brilgs cogslst`gthy prov` to n` ijogb ta` jost popuhir od cojjokltl`s ivilhinh` 01
Dlgigclih [`rjs Klctlogiry
to trik`. Brilg cojjokltl`s ir` usuihhy jost ictlv` lg ta` sprlgb igk sujj`r. sujj`r. Brilgs lgchuk` soyn`igs, corg, oits, wa`it, igk rouba rlc`. J`tihs cojjokltl`s odd`r you ta` opportuglty to tim` posltlogs og pr`clous j`tihs suca is bohk igk slhv`r. Caigb`s lg ta` ugk`rhylgb prlc`s od nis` j`tihs jiy ihso n` trik`k lg tals cit`bory. J`tihs lgchuk` cop p`r, slhv`r, slhv`r, igk bohk. @g`rby cojjokltl`s tait you cig trik` ir` taos` us`k dor a`itlgb aoj`s igk du`hlgb v`alch`s dor ta` gitlog. Rlta ta` `g`rby cojph`x you cig trik` og supphy klsruptlogs irougk ta` worhk or alba`r bis prlc`s tait you igtlclpit`. @g`rby cojjokltl`s ivilhinh` to you ir` cruk` olh, ugh`ik`k bis, a`itlgb olh, igk giturih bis. Hlv`stocm lgchuk`s igljihs tait provlk` porm igk n``d. N`cius` ta`s` ir` stiph` dooks lg jost Ij`rlcig kl`ts, ta`y provlk` ijogb ta` jor` r`hlinh` pitt`rg tr`gks dor triklgb. Uorm n`hhl`s, h`ig aobs, igk hlv` citth` ir` ihh `xijph`s od trikinh` hlv`stocm cojjokltl`s. Sodts ir` cojprls`k od nota dook igk dln`r typ`s od cojjokltl`s. Jigy od ta`s` ir` k``j`k to n` `xotlc slgc` ta`y ir` browg lg ota`r cougtrl`s igk pirts od ta` `irta. Ijogb ta` sodt jirm`ts tait you cig trik` ir` subir, codd``, codd``, cocoi, cottog, origb` fulc`, igk hujn`r. hujn`r.
Cojjog Stocm Cojjog stocms ir` sair`s lg ig ugk`rhylgb cojpigy tait r`pr`s`gt `qulty owg`rsalp lg ta` corporitlog. [a`y ir` ihso mgowg is orklgiry sair`s. [a`s` ir` s`curltl`s lg walca lgklvlkuihs lgv`st ta`lr cipltih. Cojjog stocm ls ta` opposlt` od pr`d`rr`k stocm. Ralh` cojjog stocm igk pr`d`rr`k stocm nota r`pr`s`gt owg`rsalp lg ta` cojpigy, ta`r` ir` jigy ljportigt kldd`r`gc`s n`tw``g ta` two. Saouhk i cojpigy bo nigmrupt, cojjog stocm aohk`rs ir` oghy blv`g ta`lr jog`y idt`r pr`d`rr`k stocm owg`rs, nogk owg`rs, igk cr`kltors. \`t, cojjog stocm p`rdorjs w`hh, typlcihhy s``lgb br`it`r h`v`hs od prlc` ippr`clitlog taig ko`s pr`d`rr`k pr`d`rr`k stocm. Cojjog stocm typlcihhy coj`s wlta votlgb rlbats, igota`r d`itur` tait pr`d`rr`k stocm ko`s got aiv`. [a`s` vot`s ir` us`k lg `h`ctlgb ta` noirk od klr`ctors it ta` cojpigy“s cojpigy“s igguih j``tlgb, is w`hh is lg k`t`rjlglgb suca talgbs is cojpigy strit`by, stocm sphlts, pohlcl`s, j`rb`rs igk icqulsltlogs, igk ta` sih` od ta` cojpigy. Ur``jptlv` rlbats lg 0<
Dlgigclih [`rjs Klctlogiry
cojjog stocms r`d`r to owg`rs wlta ta`s` rlbats n`lgb ihhow`k to m``p ta` sij` proportlog od owg`rsalp lg ta` cojpigy“ stocm, `v`g ld lt lssu`s ikkltlogih stocm. Cojjog stocms ko got ihwiys piy klvlk`gks to sair` aohk`rs, is pr`d`rr`k stocms typlcihhy ko. [a` klvlk`gks od cojjog stocms ir` got pr`s`t or dlx`k. [als j`igs tait ta` klvlk`gk r`turgs ir` got cojph`t`hy pr`klctinh`. Lgst`ik, ta`y ir` nis`k og i cojpigy“s cojpigy“s r`lgv`stj`gt pohl cl`s, `irglgbs r`suhts, igk prictlc`s od ta` jirm`t lg ta` vihulgb od ta` stocm sair`s ta`js`hv`s. Cojjog sair`s aiv` virlous ota`r n`g`dlts. [a`y ir` typlcihhy h`ss `xp`gslv` taig ir` pr`d`rr`k stocm sair`s. [a`y ir` jor` a`ivlhy trik`k igk r`iklhy ivilhinh` is w`hh. [a` spr`iks n`tw``g ta` nuylgb igk s`hhlgb prlc`s og ta`j t`gk to n` tlbat`r is i r`suht. Cojjog stocms b`g`rihhy provlk` cipltih ippr`clitlog is ta` prlc` od ta` sair`s rls`s ov`r tlj`, issujlgb tait ta` cojpigy cogtlgu`s to ko w`hh igk j``t or `xc``k `xp`ctitlogs. Klvlk`gks ir` odt`g pilk to cojjog sair` aohk`rs wa`g ta`s` talgbs prov` to n` ta` cis`. Cojjog stocms cig n` purcais`k lg igy k`gojlgit`k ijougt. ^ougk hots od cojjog stocms ir` sohk ny `v`g og` augkr`k sair` ijougts. [als j`igs tait dlv` augkr`k sair`s od cojjog stocm wouhk n` cogslk`r`k to n` dlv` hots od cojjog stocm. Cojjog stocms r`pr`s`gt prlgclpihhy cipltih bilgs typ`s od lgv`stj`gts, is ig lgv`stor ls hoomlgb to nuy ta`j how igk s`hh ta`j it i alba`r prlc`. [als h`iks to i cipltih bilg wa`g ta` stocm ls sohk it tals br`it`r h`v`h. [a` cipltih bilg ls ta` ta ` kldd`r`gc` n`tw``g ta` s`hhlgb prlc` igk ta` purcaislgb prlc`. Cojjog stocms cig ihso n` cisa dhow typ`s od lgv`stj`gts wa`g ta`y piy i r`hlinh` str`ij od klvlk`gks `v`ry quirt`r. [a`s` lgcoj` ijougts ir` typlcihhy sjihh`r taig ta` og` tlj` ijougts r`ihlz`k lg cipltih bilgs, taouba ta`y ir` ontilg`k dour tlj`s p`r y`ir og i quirt`rhy nisls, or occislogihhy jor` odt`g og i jogtahy nisls.
Cipltih Stocm I nuslg`ss“ cipltih stocm ls ta` up drogt cipltih tait ta` dougk`rs od ta` dlrj lgv`st lg or put lgto ta` cojpigy. [als cipltih stocm ihso prov`s us`duh is s`curlty dor i nuslg`ss“ cr`kltors. [als ls n`cius` cipltih stocm jiy got n` tim`g out od ta` nuslg`ss to klsikvigtib` ta` cr`kltors lg
45
Dlgigclih [`rjs Klctlogiry
qu`stlog. Suca stocm ls s`pirit` droj i nuslg`ss“ iss`ts or prop`rty tait cig rls` igk dihh lg vihu` igk ijougt. I cojpigy“s cipltih stocm ls s`br`bit`k lgto sair`s. [a` cojph`t` gujn`r od suca sair`s aiv` to n` k`tilh`k wa`g ta` nuslg`ss ls dougk`k. Nis`k og ta` `gtlr` suj od jog`y tait ls put lgto ta` cojpigy wa`g lt ls stirt`k up, `ica sair` wlhh poss`ss i pirtlcuhir dic` vihu` tait just n` k`chir`k. [als vihu` ls r`d`rr`k to is pir vihu` od ta` lgklvlkuih sair`s. [a`s` pir vihu`s ir` ta` jlgljuj sujs od jog`y tait jiy n` lssu`k igk sohk lg stocm sair`s ny ta` nuslg`ss. Lt ls sljlhirhy ta` cipltih vihu` r`pr`s`gtitlog lg ta` nuslg`ss“ owg iccougtlgb. Lg soj` cougtrl`s, ta`s` ta `s` sair`s ko got cogtilg igy pir vihu` p`rlok. Lg tals cis`, ta` cipltih stocm sair`s wouhk n` t`rj`k gog pir vihu` stocm. Suca sair`s hlt`rihhy r`pr`s`gt i portlog od ig owg`rsalp lg ta` nuslg`ss lg qu`stlog. [a`s` nuslg`ss`s jiy ta`g k`chir` virlous chiss`s od sair`s. Ihh od ta`s` couhk aiv` ta`lr owg prlvlh`b`s, ruh`s, igk sair` vihu`s. [a` owglgb od suca cipltih stocm sair`s ls prov`g ny ta` poss`sslog od i c`rtldlcit` od stocm. [a`s` stocm c`rtldlcit`s prov` to n` h`bih kocuj`gts tait k`tilh ta` gujn`rs od sair`s `ica sair`aohk`r owgs. Ota`r pirtlcuhir kiti od ta` cipltih stocm sair`s, lgchuklgb chiss od sair`s igk pir vihu`, ls sljlhirhy k`tilh`k og ta`s` c`rtldlcit`s. [a`s` owg`rs od ta` dlrj lg qu`stlog jiy k`clk` tait ta`y g``k jor` cipltih lg ork`r to lgv`st lg ikkltlogih prof`cts tait ta` cojpigy ais lg jlgk. N`slk`s tals, ta`y jlbat k`clk` tait ta`y wigt to cisa out soj` od ta`lr owg aohklgbs lg ork`r to r`h`is` i portlog od cipltih dor ta`lr owg prlvit` g``ks. [a`y cig ko tals ny s`hhlgb ihh or soj` od ta`lr cipltih stocm to jigy pirtlih owg`rs. [a` owg`rsalp od og` suca sair` blv`s ta` sair` owg`r ig owg`rsalp stim` lg ta` cojpigy. cojpigy. [als lgchuk`s suca prlvlh`b`s is i tlgy portlog od igy prodlts tait jiy n` pilk out is klvlk`gks, is w`hh is i sjihh pirt od igy k`clslog jimlgb pow`rs. [a`s` sair`s sohk droj ta` cipltih stocm `ica r`pr`s`gt i slgbh` vot`. [a` owg`rs couhk k`clk` to odd`r virlous chiss`s od sair`s tait couhk ta`g aiv` kldd`rlgb rlbats od votlgb. Ny owglgb i jiforlty od ta` sair`s, ta` owg`rs cig out vot` ihh od ta` hltth` sair`aohk`rs cojnlg`k. [als p`rjlts ta` orlblgih owg`rs to jilgtilg `dd`ctlv` cogtroh od ta`lr cojpigy `v`g idt`r lssulgb sair`s od ta`lr cipltih stocm to lgv`stors.
49
Dlgigclih [`rjs Klctlogiry
Cojpougklgb od Jog`y [a` cojpougklgb od jog`y ais `v`rytalgb to ko wlta cojpougk lgt`r`st. Cojpougklgb od jog`y tarouba suca cojpougklgb lgt`r`st cig n`coj` ijogb ta` jost pot`gt od w`ipogs lg your lgv`stlgb irs`gih. Cojpougk lgt`r`st ihhows your jog`y to brow it i dist`r rit` is i r`suht od ta` wiy tait ta` lgt`r`st ls ikk`k to your jog`y“s nihigc`. Tirlous typ`s od cojpougk lgt`r`st ir` ivilhinh` dor cojpougklgb your jog`y. Cojpougklgb your jog`y wlta cojpougk lgt`r`st worms tarouba timlgb ta` lgt`r`st tait your jog`y ais `irg`k ov`r i tlj` drij` igk ikklgb lt nicm to ta` lgltlih ijougt od jog`y. [a`g wa`g ta` g`xt p`rlok ls dlbur`k up, tals totih kohhir vihu` ls cihcuhit`k lg ta` g`xt portlog od lgt`r`st tait you wlhh `irg. Sljphy put, `v`ry tlj` drij`“s lgt`r`st ls phic`k klr`cthy nicm lg to ta` `gtlr` suj od jog`y og walca ta` lgt`r`st lg t`r`st wlhh n` `irg`k. @v`ry tlj` ta` lgt`r`st ls dlbur`k up, your jog`y wlhh `irg i br`it`r ijougt od lgt`r`st hlm` tals. I virl`ty od kldd`r`gt dorjs od cojpougk lgt`r`st `xlst. [a`s` ihwiys r`hit` to ta` tlj` drij` ov`r walca ta` lgt`r`st igk jog`y cojpougks. Suca tlj` drij`s od cojpougklgb od jog`y ir` cojprls`k od y`irhy, jogtahy, igk kilhy cojpougklgb lgt`r`st. Rlta y`irhy cojpougklgb lgt`r`st, ta` lgt`r`st rit` ls dlbur`k up `ica y`ir. Lg jogtahy cojpougklgb od lgt`r`st, tals rit` ls ipphl`k to ta` g`w prlgclpih nihigc` `ica jogta. Kilhy cojpougklgb od lgt`r`st lgvohv`s ig `v`ry kiy iccougtlgb od ta` lgt`r`st igk g`w prlgclpih. Cojpougklgb od jog`y lgvohv`s s`v`rih dictors. [a`s` ir` p`rloklc rit`s od cojpougk lgt`r`st, walca ir` ta` rit`s ictuihhy ipphl`k to your nihigc`, igk cojpougklgb p`rloks, walca ir` ta` ijougt od ta` tlj` drij` n`dor` suca lgt`r`st ls hlt`rihhy ipphl`k og to your totih nihigc`. Is ig `xijph`, ld you lgv`st`k $95,555 lg i .9% kilhy p`rloklc rit` jog`y jirm`t dorj od iccougt, ta`g og ta` s`cogk kiy, your nihigc` wouhk n` $95,595. [a` g`xt kiy, tals rit` wouhk ta`g n` ipphl`k to ta` g`w nihigc` od $95,595. Dlburlgb out ta` ictuih igguih `dd`ctlv` rit` `gtilhs you timlgb ta` waoh` y`ir“s lgt`r`st igk klvlklgb lt ny ta` ijougt od ta` lgv`stj`gt tait you stirt`k wlta it ta` n`blgglgb od ta` y`ir, or $95,555 lg tals cis`. Cojpougklgb od jog`y tarouba suca cojpougk lgt`r`st prov`s to n` ig `xtr`j`hy pot`gt w`ipog. [als ls n`cius` ta` lgt`r`st `irg`k ls ljj`klit`hy ikk`k og to ta` iccougt nihigc` to n` cougt`k is prlgclpih dor ta` g`xt tlj` p`rlok. @ica tlj` drij` ta` lgt`r`st rit` ipphl`s to ta`
4>
Dlgigclih [`rjs Klctlogiry
br`it`r nihigc`. Iccougts brow dist`r tarouba ta` cojpougklgb od jog`y is ta` lgt`r`st ls got a`hk nicm. [als cojpougklgb od jog`y `dd`ct juhtlphl`s wa`g you us` lt wlta iccougts tait ir` tix k`d`rr`k, suca is juglclpih nogk dugks igk iggultl`s. Is go p`gihtl`s od tix`s ir` pilk lg i blv`g y`ir, your jog`y lgcr`is`s qulcm`r igk qulcm`r slgc` br`it`r ijougts ir` cogstigthy lg ta` iccougt to r`c`lv` lgt`r`st. Ig `xijph` od aow `dd`ctlv` cojpougklgb od jog`y uslgb cojpougk lgt`r`st cig n` ls lhhujlgitlgb. Ld you put $95,555 lgto i sljph` lgt`r`st iccougt tait ko`s got cojpougk nut r`c`lv`s tw`hv` p`rc`gt lgt`r`st, ta`g lt wlhh lgcr`is` to $;4,555 ov`r talrty y`irs. [a` sij` jog`y tait ls cojpougk`k igguihhy wlhh rls` to inout $355,555, igk to is juca is $3;2,555 ld ta` jog`y ls cojpougk`k quirt`rhy. Jog`y tait ls coj pougk`k ov`r i kilhy tlj` drij` wouhk giturihhy `irg ta` br`it`st ijougt od lgt`r`st igk alba`st prlgclpih ov`r i p`rlok od tlj`.
Cogsuj`r Urlc` Lgk`x (CUL) [a` Cogsuj`r Urlc` Lgk`x, ihso mgowg ny lts icrogyj od CUL, ictuihhy j`isur`s caigb`s tait tim` phic` ov`r tlj` lg ta` h`v`h od ta` prlclgb od virlous cogsuj`r books igk s`rvlc`s tait Ij`rlcig aous`aohks nuy. [a` Nur`iu od Hinor Stitlstlcs lg ta` P.S. siys tait ta` Cogsuj`r Urlc` Lgk`x ls i j`isur`j`gt od ta` ov`r tlj` caigb` lg ta` prlc`s tait urnig cogsuj`rs ictuihhy piy dor i c`rtilg brouplgb od cogsuj`r books igk s`rvlc`s. [als cogsuj`r prlc` lgk`x ls got hlt`rih lg ta` s`gs` od wait lgdhitlog r`ihhy turgs out to n`. Lgst`ik, lt ls i stitlstlcih `stljit` tait ls nulht utlhlzlgb ta` costs od i nism`t od sijph` lt`js tait ir` suppos`k to n` r`pr`s`gtitlv` dor ta` `gtlr` `cogojy. `cogojy. [a`s` books igk s`rvlc`s“ prlc`s ir` isc`rtilg`k droj tlj` to tlj`. Lg ictuih prictlc`, nota sun lgklc`s suca is chotalgb, igk `v`g sun-sun lgklc`s, suca is j`g“s kr`ss salrts, ir` cihcuhit`k dor virylgb sun-cit`borl`s od s`rvlc`s igk books. [a`s` ir` ta`g tim`g igk ikk`k tob`ta`r to cr`it` ta` totih lgk`x. [a` kldd`r`gt books ir` isslbg`k virylgb w`lbats is sair`s od ta` totih ijougt od ta` `xp`gkltur`s od cogsuj`rs tait ta` lgk`x cov`rs. [wo `ss`gtlih pl`c`s od lgdorjitlog ir` g`c`ssiry to nulhk ta` cogsuj`r prlc` lgk`x. [a`s` ir` ta` w`lbatlgb kiti igk ta` prlclgb kiti. R`lbatlgb kiti coj`s droj `stljit`s od kldd`rlgb mlgks od `xp`gkltur` sair`s is i p`rc`gtib` od ta` `gtlr` `xp`gkltur` tait ta` lgk`x cov`rs.
43
Dlgigclih [`rjs Klctlogiry
Sijph` aous`aohk `xp`gkltur` surv`ys ir` sourc`k to dlbur` wait ta` w`lbatlgbs saouhk n`. Ota`rwls`, ta` Gitlogih Lgcoj` igk Urokuct Iccougts `stljit`s od `xp`gkltur`s og cogsujptlog ir` utlhlz`k. Urlclgb kiti ls bita`r`k droj i sijphlgb od books igk s`rvlc`s tim`g droj i sijph` rigb` od sih`s outh`ts lg virylgb hocitlogs igk it i sijphlgb od tlj`s. [a` cogsuj`r prlc` lgk`x ls dlbur`k up jogtahy lg ta` Pglt`k Stit`s. Soj` ota`r cougtrl`s k`t`rjlg` ta`lr CUL“s og i quirt`rhy nisls. [a` kldd`r`gt cojpog`gts od ta` cogsuj`r prlc` lgk`x lgchuk` dook, chotalgb, igk aouslgb, ihh od walca ir` w`lbat`k iv`rib`s od ta` sun-sun lgklc`s. [a` CUL lgk`x hlt`rihhy cojpir`s ta` prlc`s od og` jogta wlta ta` prlc`s lg ta` r`d`r`gc` jogta. Cogsuj`r Urlc` Lgk`x ls oghy og` od i d`w kldd`r`gt prlclgb lgklc`s tait ta` jiforlty od gitlogih stitlstlcih ib`gcl`s cihcuhit`. Lgdhitlog ls dlbur`k up uslgb ta` y`irhy p`rc`gtib` caigb`s lg ta` ugk`rhylgb cogsuj` prlc` lgk`x. Ps`s od o d tals CUL cig lgchuk` ikfustlgb r`ih vihu`s od p`gslogs, sihirl`s, igk wib`s dor lgdhitlog“s `dd`cts, is w`hh is dor jogltorlgb costs, igk saowlgb iht`ritlogs lg ictuih vihu`s tarouba k`dhitlgb ta` jog`tiry jibgltuk`s. [a` CUL igk PS Gitlogih Lgcoj` igk Urokuct Iccougts prov` to n` ijogb ta` jost cir`duhhy dohhow`k od `cogojlc lgklcitors. Cost od hlvlgb lgk`x ls igota`r j`isur`j`gt tait ls b`g`rit`k nis`k og ta` cogsuj`r prlc` lgk`x. Lt k`jogstrit`s aow juca cogsuj`r `xp`gkltur`s g``k to ikfust to cojp`gsit` dor caigb`s lg prlc`s. [als k`tilhs aow juca cogsuj`rs g``k to m``p up i cogstigt stigkirk od hlvlgb.
Cogtlgb`gcy Cogtlgb`gcy lg nuslg`ss r`hit`s to lgsurigc` prokucts tait b`g`rihhy ir` got lgchuk`k wltalg ta` jost cojjoghy icc`pt`k typ`s od lgsurigc` prokucts suca is prop`rty, cisuihty, cisuihty, jirlg`, igk dlgigclih s`rvlc`s aigaig kh`k ny ta` jiforlty od lgsurigc` cojpigl`s. [a` Hogkog Jirm`t n`big ta` lgkustry od cogtlgb`gcy lgsurigc` prokucts. [a`s` dorjs od lgsurigc` cov`r cigc`hhitlog, gog ipp`irigc`, prlz` lgk`jglty, trigsjlsslog dilhur`, w`ita`r, pohltlcih rlsm, r`kuctlog lg yl`hk, igk virlous ota`r dorjs od ugusuih igk `sot`rlc cov`rib`. [a`s` typ`s od lgsurigc` prokucts prot`ct nuslg`ss chl`gts droj hoss`s `v`ry nlt is juca is ko typlcih lgsurigc` cov`rib`.
4;
Dlgigclih [`rjs Klctlogiry
Cigc`hhitlog cov`rib` piys i nuslg`ss or lgklvlkuih chl`gt nicm ihh od ta` costs igk lgcoj` issoclit`k wlta cogv`gtlogs, cogc`rts, igk ota`r sp`clih `v`gts tait ir` dorc`k to n` cigc`h`k or postpog`k dor r`isogs n`yogk i projot`r“s cogtroh. ^`kuc`k itt`gkigc`, tlcm`t r`dugks, igk onhlbitlogs od cogtrict jiy ihso n` cov`r`k ny tals cit`bory od cogtlgb`gcy lgsurigc`. Gog ipp`irigc` cogtlgb`gcy lgsurigc` prot`cts i nuslg`ss“ lgcoj` saouhk ta`lr sca`kuh`k dijous p`rdorj`r got ipp`ir it ta` `v`gt is projls`k. Lgchuk`k wlta tals ta ls typ` od cogtlgb`gcy cov`rib` ir` kigb`rs suca is slcmg`ss, `xtortlog, icclk`gt, dijlhy citistropa`, igk `v`g lgcirc`ritlog od ta` p`rdorj`r. [a` totih kohhir ijougt tait ls cov`r`k lgchuk`s got oghy ta` d`` pilk to ta` p`rdorj`r nut ihso ta` r`v`gu` b`g`rit`k lgklr`cthy droj ta` `v`gt ipp`irigc`, lgchuklgb pirmlgb, tlcm`t sih`s, j`rcaigklslgb, igk cogc`sslogs. Urlz` lgk`jglty cogtlgb`gcy prov`s to n` ta` wlk`st typ` od cogtlgb`gcy lgsurigc` nuslg`ss. Suca prokucts p`rjlt chl`gts to n` cipinh` od lgsurlgb blv` iwiy prokucts igk cisa prlz`s to custoj`rs vli projotlogs. [o quihldy dor tals cov`rib`, i prlz` wlgglgb ais to r`suht droj i hucmy `v`gt. [rigsjlsslog Dilhur` cogtlgb`gcy sid`buirks i nuslg`ss“ ikv`rtlslgb jog`y sp`gt, or ota`r r`v`gu`s tait wouhk n` b`g`rit`k, ld i t`h`vlslog slbgih soj`aow n`cij` pr``jpt`k or lgt`rrupt`k. [als cogtlgb`gcy lgsurigc` ls s`t up to provlk` cov`rib` dor i sp`cldlc tlj` drij` or t`h`vlslog `v`gt. Lgt`rruptlog ais to n` soj`talgb tait ta` lgsur`k ls uginh` to cogtroh, suca is citistropalc or s`bj`gt`k cov`rib`. Cogtlgb`gcy lgsurigc` dor ta` w`ita`r ls cojjoghy utlhlz`k ihogbslk` `v`gt cigc`hhitlog cov`rib`. [a`s` pohlcl`s piy ig lgsur`k `gtlty ld poor w`ita`r aipp`gs it i c`rtilg tlj` og i pirtlcuhir kiy. kiy. Lgchuk`k lg ta`s` typ`s od w`ita`r ir` sgow, rilg, wlgk, hlbatglgb, or torgiko witca`s igk wirglgbs. Lt jlbat ihso n` utlhlz`k lg i projotlog wa`r` w`ita`r turg`k out to n` i dictor lg i prlz` n`lgb wog. Uohltlcih rlsm cogtlgb`gcy cov`rib` p`rtilgs to ig lgklvlkuih `v`gt tait jlbat h`ik to ig `v`gt n`lgb cigc`h`k. Suca cov`rib` couhk p`rtilg to k`hiy, inigkogj`gt, or r`pitrlitlog aivlgb to ko wlta i cov`r`k `v`gt. Suca cov`rib` ls ivilhinh` dor hljlt`k tlj` drij`s oghy. oghy. ^`kuctlog lg yl`hk cogtlgb`gcy ls us`duh dor cislgos, ijus`j`gt pirms, igk r`sorts. [als pohlcy ictuihhy piys ld igtlclpit`k r`v`gu` droj vlsltors or tlcm`t sih`s ko`s got r`ica ta` `xp`ct`k h`v`h n`cius` od i cov-
40
Dlgigclih [`rjs Klctlogiry
`r`k p`rlh. Ld itt`gkigc` ls h`ss taig `xp`ct`k, ta` pohlcy wlhh piy to lts hljlt.
Corporit` Nogks Corporit` nogks ir` k`nt s`curltl`s tait i cojpigy lssu`s igk s`hhs to lgv`stors. Suca corporit` nogks ir` b`g`rihhy nicm`k ny ta` cojpigy“s inlhlty to r`piy ta` hoig. [als jog`y ls igtlclpit`k to r`suht droj succ`ssduh op`ritlogs lg ta` dutur` tlj` p`rloks. Rlta soj` corporit` nogks, ta` payslcih iss`ts od i cojpigy cig n` odd`r`k is nogk cohhit`rih to `is` lgv`stors“ jlgks igk igy cogc`rgs inout r`piyj`gt. Corporit` nogks ir` ihso mgowg is k`nt dlgigclgb. [a`s` nogks provlk` i slbgldlcigt cipltih sourc` dor i br`it gujn`r od nuslg`ss`s. Ota`r sourc`s od cipltih dor ta` cojpigl`s lgchuk` hlg`s od cr`klt, nigm hoigs, igk `qulty lssu`s hlm` stocm sair`s. Dor i nuslg`ss to n` cipinh` od ical`vlgb coupog rit`s tait ir` divorinh` to ta`j ny lssulgb ta`lr k`nt to j`jn`rs od ta` punhlc, i corporitlog wlhh aiv` to provlk` i s`rl`s od cogslst`gt `irglgbs r`ports igk to saow cogslk`rinh` `irglgbs pot`gtlih. Is i b`g`rih ruh`, ta` n`tt`r i corporitlog“s quihlty od cr`klt ls n`hl`v`k to n`, ta` sljph`r lt ls dor ta`j to odd`r k`nt it how`r rit`s igk dhoit br`it`r ijougts od suca k`nt. Suca corporit` nogks ir` ihwiys lssu`k lg $9,555 dic` vihu` nhocms. Urictlcihhy ihh od ta`j coj` wlta i stigkirklz`k structur` dor coupog piyj`gts. Soj` corporit` nogks lgchuk` wait ls mgowg is i cihh provlslog. [a`s` provlslogs p`rjlt ta` corporitlog tait lssu`s ta`j to r`cihh ta` nogks `irhy ld lgt`r`st rit`s caigb` slbgldlcigthy. @v`ry cihh provlslog wlhh n` sp`cldlc to ta` blv`g nogk. [a`s` typ`s od corporit` nogks ir` k``j`k to n` od br`it`r rlsm taig ir` bov`rgj`gt lssu`k nogks. N`cius` od tals p`rc`lv`k ikkltlogih rlsm, ta` lgt`r`st rit`s ihjost ihwiys turg out to n` alba`r wlta corporit` nogks. [als ls tru` dor cojpigl`s waos` cr`klt ls rit`k is ijogb ta` n`st. ^`birklgb tix lssu`s od corporit` nogks, ta`s` ir` pr`tty strilbat dorwirk. [a` jiforlty od corporit` nogks prov` to n` tixinh`, issujlgb tait ta`lr t`rjs ir` dor hogb`r taig i slgbh` y`ir. [o ivolk tix`s ugtlh ta` `gk, soj` nogks coj` wlta z`ro coupogs igk r`k`jptlog vihu`s tait ir` alba, j`iglgb tait tix`s ir` k`d`rr`k is cipltih bilgs ugtlh ta` `gk od ta` nogk t`rj. Suca corporit` k`nts tait coj` ku` lg ugk`r i y`ir ir` b`g`rihhy r`d`rr`k to is cojj`rclih pip`r. pip`r.
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Dlgigclih [`rjs Klctlogiry
Corporit` nogks ir` cojjoghy hlst`k og ta` jifor `xcaigb`s igk @CG“s hlm` Jirm`tIx`ss igk Nogks.coj. @v`g taouba ta`s` nogks ir` cirrl`k og ta` jifor `xcaigb`s, ta`lr triklgb ko`s got josthy tim` phic` og ta`j. Lgst`ik, ta` ov`rwa`hjlgb jiforlty od suca nogks triklgb occurs lg ov`r ta` cougt`r igk k`ih`r nis`k jirm`ts. Ijogb ta` virlous typ`s od corporit` nogks ir` s`cur`k k`nt, ugs`cur`k k`nt, s`glor k`nt, igk sunorklgit`k k`nt. S`cur`k k`nts aiv` iss`ts ugk`rhylgb ta`j. S`glor k`nts provlk` ta` strogb`st chiljs og ta` corporitlog“s iss`ts ld ta` v`gtur` k`diuhts og lts k`nt onhlbitlogs. [a` alba`r up ig lgv`stor“s nogk ls lg ta` dlrj“s cipltih structur`, ta` br`it`r ta`lr chilj wlhh uhtljit`hy n` lg suca ig ugdortugit` sc`girlo is k`diuht or nigmruptcy. nigmruptcy.
Cost S`br`bitlog Cost s`br`bitlog prov`s to n` i proc`kur` od lk`gtldylgb iss`ts od p`rsogih prop`rty tait cojjoghy n`coj` host or nugca`k tob`ta`r lg ta` r`ih prop`rty iss`t. Cost s`br`bitlog lgvohv`s r`chissldylgb costs od iss`ts to i k`pr`clinh` hld` tait ls ta` saort`st og` posslnh`. [als ihhows owg`rs od r`ih `stit` to optljlz` ta`lr tix k`kuctlogs lg ta` k`pr`clitlog cit`bory, cit`bory, walca h`ss`gs ta` ijougt od pr`s`gt lgcoj` tix ku`. Igy lgv`stor wao ls nuylgb i nulhklgb, r`govitlgb i nulhklgb, or b`ttlgb lgto i cogstructlog prof`ct cig quihldy dor slbgldlcigt D`k`rih igk stit` tix ikvigtib`s uslgb cost s`br`bitlog. Uirtlcuhir iss`ts tait p`rtilg to ta`s` typ`s od prof`cts jiy n` `hlblnh` dor suca icc`h`rit`k k`pr`clitlog. [als trigshit`s to you n`lgb cipinh` od r`ihlzlgb nlbb`r tix k`kuctlogs gow lg i saort`r tlj` drij`. Ikvigtib`s lg nlbb`r tix k`kuctlogs gow lgchuk` i h`ss `xp`gslv` cipltih cost igk br`it`r posltlv` cisa dhow ov`r ta` prlgclpih s`v`rih y`irs idt`r i purcais` ais n``g jik` or i prof`ct cojph`t`k. Cost s`br`bitlog stukl`s a`hp you to dlgk suca caigc`s to chilj jor` icc`h`rit`k tix purpos` k`pr`clitlog. [a`s` cost s`br`bitlog stukl`s saow ihwiys n` p`rdorj`k ny w`hh quihldl`k C`rtldl`k Uunhlc Iccougtigts. Cost s`br`bitlog ls inh` to r`kuc` ta` tlj` drij` dor k`pr`clitlog slbgldlcigthy vli s sljph` strit`by. strit`by. [a`s` stukl`s bo tarouba taroub a ihh od ta` costs lgvohv`k lg i prop`rty tait ir` curr`gthy n`lgb tix k`pr`clit`k ov`r ta` usuih talrty-glg` y`ir tlj` drij`. Jigy od ta`s` jlbat n` r`chissldl`k to dir saort`r tlj` p`rloks od k`pr`clitlog, lgchuklgb dldt``g y`irs, t`g y`irs, s`v`g y`irs, or `v`g oghy dlv` y`irs. [a` saort`r ta` tlj` drij`
42
Dlgigclih [`rjs Klctlogiry
od k`pr`clitlog, ta` br`it`r ta` tix k`kuctlogs wlhh n` lg tals dir saort`r p`rlok od tlj`. Br`it`r ijougts od k`pr`clitlog ir` r`ihlz`k ljj`klit`hy wa`g tals ls kog` prop`rhy. Lg tals wiy, got oghy ir` tix sivlgbs lg ta` pr`s`gt igk cojlgb y`irs jixljlz`k, nut cisa dhow ls sljlhirhy lgcr`is`k. Cost s`br`bitlog stukl`s jim` s`gs` dor igyog` wao ls purcaislgb ig ihr`iky `xlstlgb nulhklgb. [a`y ir` `ddlcl`gt dor lgv`stors wao ir` puttlgb up i g`w diclhlty. diclhlty. [a`y sljlhirhy a`hp taos` wao ir` `gbiblgb lg h`is`aohk ljprov`j`gts to i pr`s`gt nulhklgb. Dlgihhy, ta`y blv` tr`j`gkous ikvigtib`s to nuslg`ss`s or lgklvlkuihs wao ir` r`govitlgb, ljprovlgb, or `xpigklgb i nulhklgb tait ihr`iky `xlsts. @v`g ohk`r nulhklgbs cig n` cost s`br`bit`k dor n`tt`r tix tix k`pr`citlog purpos`s. Cost s`br`bitlog saouhk got n` cogdus`k wlta sljph` k`pr`citlog igihysls. I br`it k`ih jor` ls lgvohv`k taig sljphy timlgb hlg` lt`js odd od cogstructlog lgvolc`s to chissldy ta`j. [a` proc`kur` ictuihhy lgvohv`s i t`ij od prod`sslogihs wao ir` dijlhlir wlta tix hiws igk iccougtlgb ruh`s, ihogb wlta cogstructlog igk `gblg``rlgb cogc`pts. I CUI wlhh n` ta` c`gt`r od suca i t`ij, slgc` a` or sa` wlhh aiv` to jim` virlous nulhklgb cojpog`gts tigblnh` to quigtldy ta`j lg i wiy tait ta`y cig n` `stljit`k is costs tait worm wlta L^S ruh`s. [als t`ij wouhk ihso d`itur` ig `gblg``r, cogtrictor, igk posslnhy ircalt`ct juca od ta` tlj`. N`tw``g ta`j, ta`s` prod`sslogihs wlhh `xijlg` lg k`pta `h`ctrlcih igk j`caiglcih phigs, wormlgb kriwlgbs, igk `v`g nhu`prlgts to nr`im s`br`bit` out ta` `h`ctrlcih, j`caiglcih, igk structurih pirts od ta` nulhklgb droj ota`r cojpog`gts tait ir` issoclit`k wlta ta` p`rsogih prop`rty. @v`g `gblg``rlgb igk ircalt`ct d``s is ta`y p`rtilg to virlous pirts od ta` prof`ct ir` lgchuk`k is sodt costs.
Cougt`r O!`r Cougt`r odd`rs ir` taos` jik` ny aoj` s`hh`rs idt`r nuy`rs aiv` turg`k lg ig oddlclih odd`r to nuy ta` aous`. Psuihhy, suca cougt`r odd`rs sp`hh out ta` t`rjs wlta walca ta` s`hh`r wlhh icc`pt ta` nuy`r“s oddlclih lgltlih odd`r. Jigy kldd`r`gt sp`cldlcs cig n` ikkr`ss`k wlta i cougt`r odd`r. Soj` od ta`s` talgbs lgchuk` ta` cogslk`ritlog od i alba`r odd`rlgb prlc`, pr`s`gtlgb i hirb`r `irg`st jog`y k`poslt, igk jokldylgb tlj` drij`s dor cogtlgb`gcl`s. Ota`rs cougt`r odd`r `h`j`gts jlbat r`vohv`
41
Dlgigclih [`rjs Klctlogiry
irougk iht`rlgb s`rvlc` provlk`rs, `xchuklgb igy p`rsogih prop`rty droj ta` aoj` s`hhlgb cogtrict, or caigblgb ta` poss`sslog kit` or choslgb kit`. I s`hh`r jlbat ihso r`dus` to cov`r ta` costs od c`rtilg d``s or r` ports. Got oghy cig s`hh`rs cougt`r i nuy`r“s orlblgih odd`r, odd`r, nut nuy`rs cig sljlhirhy sunjlt cougt`r odd`rs nicm to ta` s`hh`r og ta`lr cougt`r odd`r. [als ls hin`h`k i cougt`r-cougt`r odd`r. Go hljlt to ta` ictuih gujn`rs od cougt`r odd`rs walca cig n` aigk`k nicm igk dorta `xlsts. Cougt`r odd`rs ir` `islhy r`f`ct`k. I gujn`r od purcais` cogtricts dor aous`s aiv` phic`s it ta` nottoj od ta` ta ` cogtrict dor i s`hh`r to put als a ls or a`r lgltlihs ld ta` odd`r ls n`lgb r`f`ct`k. Jigy odd`rs aiv` tlj` drij`s, or `xplritlog kit`s, wa`g ta` odd`r wlhh n` r`f`ct`k ld ta` s`hh`r ais got r`spogk`k. S`hh`rs cig sljphy wrlt` ta` work r`f`ct`k ov`r i cogtrict“s dic`, ta`g kit` igk lgltlih lt to r`f`ct i cougt`r odd`r. odd`r. Lg soj` stit`s, s`hh`rs ir` ihhow`k to coj` nicm wlta virlous cougt`r odd`rs it ogc`. Dor `xijph`, lg Cihldorgli, s`hh`rs ir` ihhow`k to cougt`r jor` taig og` odd`r it i tlj` igk `v`ry cougt`r odd`r ls p`rjltt`k to n` kldd`r`gt. Saouhk og` od ta`s` nuy`rs caoos` to iddlrj ta` cougt`r odd`r od ta` s`hh`r lg tals sc`girlo, ta` s`hh`r ls got r`qulr`k to ibr`` to ta` icc`ptigc` od ta` nuy`r. [als cig n`coj` cogduslgb, so tihmlgb wlta r`ih `stit` ittorg`ys cig n` i book bo ok lk`i lg ta`s` ta `s` cojphlcit`k cis`s. Cougt`r odd`rs cig sljlhirhy n` icc`pt`k wltaout klddlcuhty ny ta` nuy`r. Ihh tait i nuy`r g``ks to ko to tim` ta` cougt`r ls to icc`pt ta` odd`r igk s`gk lt nicm to ta` `gtlty to walca lt bo`s. Hlm` wlta igytalgb, tljlgb ls crltlcih. Cougt`r odd`rs `xplr` juca is purcais` odd`rs ko. [als j`igs tait i s`hh`r couhk ihwiys `h`ct to tim` ig iht`rgitlv` odd`r walh` i nuy`r cogt`jphit`s wa`ta`r or got to slbg odd og ta` cougt`r odd`r. odd`r. @v`g taouba jigy ib`gts n`coj` klscourib`k it ta` j`gtlog od i cougt`r odd`r n`lgb og ta` tinh`, tals saouhk got n` ta` cis`. Aous`s cig n` s`cur`k wlta g`w odd`rs sunjltt`k `v`g walh` i cougt`r odd`r ls out. Lg suca i sc`girlo, s`hh`rs cojjoghy bo ia`ik igk tim` ta` s`cogk nuy`r odd`r. odd`r. [a`y ta`g wltakriw ta`lr cougt`r odd`r droj ta` dlrst nuy`r. [als ls p`rjlsslnh` igk prop`r lg `v`ry stit`.
CUI (C`rtl`k Uunhlc Iccougtigt) CUI“s, or c`rtldl`k punhlc iccougtigts, ir` iccougtigts wao aiv` tim`g igk succ`ssduhhy cojph`t`k i s`rl`s od k`jigklgb `xijs tait ir` blv`g
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Dlgigclih [`rjs Klctlogiry
ny ta` Ij`rlcig Lgstltut` od C`rtldl`k Uunhlc Iccougtigts. Jigy stit`s ihso aiv` ta`lr owg stit` h`v`h `xijs tait aiv` to n` piss`k ihogb wlta ta` gitlogih og`. CUI“i ir` iccougtigts lg `v`ry s`gs` od ta` work, nut got `v`ry iccougtigt ls quihldl`k is i CUI. N`cius` od ta` klddlcuhtl`s lg n`cojlgb i CUI, ta`r` ir` jigy iccougtigts wao `lta`r g`v`r itt`jpt or g`v`r succ``k lg succ`ssduhhy pisslgb ta` C`rtldl`k Uunhlc Iccougtigt `xij. [als ko`s got j`ig suca ig iccougtigt ls got quihldl`k to prictlc` iccougtlgb tisms, oghy tait a` or sa` wlhh got n` ihhow`k to ko tisms tait r`qulr` sp`cldlc CUI cr`k`gtlihs. Suca C`rtldl`k Uunhlc Iccougtigts ko i gujn`r od virylgb tisms igk fons. Jigy wlhh provlk` ikvlc` igk sljph` lgcoj` tix pr`pirlgb dor virlous chl`gts wao jlbat n` cojprls`k od corporitlogs, sjihh cojpigl`s, or lgklvlkuihs. N`slk`s tals, C`rtldl`k Uunhlc Iccougtigts prictlc` jigy ota`r tisms tait lgchuk` iukltlgb, m``plgb ta` r`corks od nuslg`ss`s, igk cogsuhtlgb dor nuslg`ss `gtltl`s. M``plgb i CUI CUI hlc`gs` ls got iccojphlsa`k tarouba iutojitlc r`g`wih. C`rtldl`k Uunhlc Iccougtigts ir` r`qulr`k to `gbib` lg i duhh og` augkr`k igk tw`gty aours od cours`s og cogtlgulgb `kucitlog lg `v`ry tar`` y`ir p`rlok. [als ls so tait ta`y wlhh n` og top od igy igk ihh caigb`s bolgb og lg ta` dl`hk od ta`lr caos`g prod`sslog. [a` opportugltl`s dor C`rtldl`k Uunhlc Iccougtigts ir` jigy igk virl`k. [a` DNL s``ms to alr` ta`j routlg`hy, pr`d`rrlgb ipphlcigt cigklkit`s wlta `lta`r suca i CUI nicmbrougk or iht`rgitlv`hy ig ittorg`y nicmbrougk. Guj`rous stit` igk D`k`rih bov`rgj`gt ib`gcl`s odd`r CUI“s opportugltl`s ny provlklgb CUI posltlogs. Nuslg`ss`s rigblgb droj sjihh cojpigl`s to hirb` corporitlogs ihso s``m ta`j out. Rlta ta`s` dlrjs, CUI“s cig occupy posltlogs rigblgb droj cogtrohh`rs, to CDO or Cal`d Dlgigclih Oddlc`rs, to C@O“s or Cal`d @x`cutlv` Oddlc`rs. Ijogb ta` jost slbgldlcigt pirts tait CUI“s cig phiy prov`s to n` og` od i cogsuhtigt. Is i cogsuhtigt, C`rtldl`k Uunhlc Iccougtigts cig n` hoomlgb lgto posslnh` j`igs od sivlgb sjihh nuslg`ss`s or `v`g `gorjous corporitlogs jog`y og `xp`gs`s or puttlgb tob`ta`r sp`cldlc dlgigclih phigs tait p`rjlt i corporitlog or nuslg`ss to ipp`ir jor` ip p`ihlgb to lgv`stors or posslnh` nuy`rs. C`rtldl`k Uunhlc Iccougtigts ir` sworg to i pirtlcuhir cok` od `talcih cogkuct. [a`y ir` r`qulr`k to provlk` ta`lr chl`gts wlta aog`st igk r`hlinh` ikvlc` ikvlc` tait ls ihso `talcih. C`rtldl`k Uunhlc Iccougtigts Iccougtigts wao ko got stiy wltalg ta` nougks od ta`lr `talcih cok` cig h`ik to ta` totih dlgigclih dilhur` od i dlrj. [als turg`k out to n` ta` cis` lg r`c`gt y`irs it @grog, ta` `g`rby triklgb igk prokuclgb bligt. Got oghy w`r` @grog corporit` `x`cutlv`s cairb`k dor
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Dlgigclih [`rjs Klctlogiry
lhh`bih iccougtlgb ictlvltl`s, nut ihso i gujn`r od CUI“s droj gitlogihhy r`gowg`k iccougtlgb dlrj Irtaur Igk`rsog w`r` cairb`k wlta ug`talcih prictlc`s od iccougtlgb.
Cr`klt K`diuht Swips I cr`klt k`diuht swip, or CKS, ls i cogtrict `xcaigb` tait trigsd`rs n`tw``g two pirtl`s ta` `xposur` od cr`klt to dlx`k lgcoj` prokucts. [wo pirtl`s ir` lgvohv`k lg tals `xcaigb`. [a` purcais`r od i cr`klt k`diuht swip ontilgs prot`ctlog dor cr`klt. [a` s`hh`r od tals cr`klt k`diuht swip ictuihhy buirigt``s ta` prokuct“s cr`klt wortalg`ss. Lg tals proc`ss, ta` k`diuht rlsm jov`s droj ta` owg`r od ta` dlx`k lgcoj` s`curlty ov`r to ta` pirty tait s`hhs ta` swip. Lg ta`s` CKS trigsd`rs, ta` purcais`r od ta` prot`ctlog blv`s i s`rl`s od d``s or piyj`gts to ta` s`hh`r. [als ls ihso mgowg is ta` spr`ik od ta` Cr`klt K`diuht Swip. [a` pirty s`hhlgb ta` prot`ctlog b`ts pilk odd lg `xcaigb` dor tals, issujlgb tait i hoig or nogk typ` od cr`klt lgstruj`gt sudd`rs droj i g`bitlv` cr`klt `v`gt. Lg ta` jost nislc dorjs, Cr`klt K`diuht Swips prov` to n` two pirty cogtricts irrigb`k n`tw``g s`hh`rs igk nuy`rs od cr`klt prot`ctlog. [a`s` Cr`klt K`diuht Swips wlhh ikkr`ss i r`d`r`gc` onhlbor or r`d`r`gc` `gtlty. [a`s` ir` typlcihhy bov`rgj`gts or cojpigl`s. [a` pirty n`lgb r`d`r`gc`k ls got lgvohv`k lg ta` cogtrict is i pirty or `v`g g`cg`c `ssirlhy iwir` od lts `xlst`gc`. [a` purcais`r od suca prot`ctlog ta`g piys pr` k`dlg`k quirt`rhy pr`jlujs, or ta` spr`ik, to ta` pirty wao ls s`hhlgb ta` prot`ctlog. Saouhk ta` `gtlty tait ls r`d`r`gc`k ta`g k`diuht, ta` s`hh`r od ta` prot`ctlog piys ta` dic` vihu` od ta` lgstruj`gt to ta` nuy`r od ta` prot`ctlog ibilgst i payslcih trigsd`r od ta` nogk. Suca s`tth`j`gts cig ihso n` iccojphlsa`k ny iuctlog or lg cisa. K`diuhts lg Cr`klt K`diuht Swips ir` cihh`k cr`klt `v`gts. [a`s` k`diuhts jlbat lgchuk` i nigmruptcy, r`structurlgb od ta` r`d`r`gc`k `gtlty, or i dilhur` to jim` piyj`gt. Cr`klt K`diuht Swips ir` juca hlm` lgsurigc` og cr`klt. [a` kldd`r`gc` n`tw``g ta`j igk suca lgsurigc` hl`s lg ta` dict dict tait i CKS ls got r`buhit`k hlm` hld` lgsurigc` or cisuihty lgsurigc` ls. N`slk`s tals, lgv`stors ir` cipinh` od purcaislgb or s`hhlgb tals typ` od prot`ctlog wltaout aivlgb igy suca k`nt od ta` `gtlty tait ls r`d`r`gc`k. ^`suhtlgb gim`k cr`klt k`diuht swips p`rjlt lgv`stors to `gbib` lg sp`cuhitlog og lssu`s od k`nt igk cr`klt wortalg`ss od `gtltl`s tait ir` r`d`r`gc`k. [a`s` gim`k
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Dlgigclih [`rjs Klctlogiry
Cr`klt K`diuht Swips ictuihhy jim` up ta` jiforlty od ta` CKS jirm`t. [a` jiforlty od Cr`klt K`diuht Swips prov` to n` lg ta` t`g to tw`gty jlhhlog kohhir rigb`. [a`y typlcihhy aiv` jiturltl`s rigblgb droj og` to t`g y`irs. [a` Cr`klt K`diuht Swip jirm`t ls josthy ugr`buhit`k igk turgs out to n` ta` hirb`st dlgigclih jirm`t og `irta. [a`s` CKS prokucts w`r` ictuihhy cr`it`k lg ta` `irhy pirt od ta` 9<<5“s. [a` jirm`t dor ta`j br`w krijitlcihhy n`blgglgb lg >553. Ny ta` cogchuslog od >552, ta` totih ijougt od ta`j lg `xlst`gc` prov`k to n` ig istoglsalgb $4>.> trlhhlog kohhirs. [als ijougt k`chlg`k to $31.4 trlhhlog lg ta` wim` od ta` dlgigclih crlsls it ta` cogchuslog od >551. Slgc` ta`g, lt ais n``g browlgb ihirjlgbhy ibilg. Crltlcs od Cr`klt K`diuht Swips aiv` cogslst`gthy r`d`rr`k to ta`j is dlgigclih w`ipogs od jiss k`structlog, cipinh` od nhowlgb up ta` dlgigclih syst`j igk worhk `cogojl`s lg ta` proc`ss.
Cr`klt ^`port I cr`klt r`port ls ig lgklvlkuih or nuslg`ss“ cr`klt alstory. [als lgchuk`s ta`lr r`cork od norrowlgb igk r`piylgb jog`y lg ta` pist. Lt sljlhirhy cov`rs kiti p`rtilglgb to igy hit` piyj`gts jik` or nigmruptcl`s tait aiv` n``g k`chir`k. Lg soj` cougtrl`s, cr`klt r`ports ir` ihso r`d`rr`k to is cr`klt r`putitlogs. Ra`g ig Ij`rlcig Ij`rlcig hlm` you cojph`t`s i cr`klt ipphlcitlog dor i nigm, i cr`klt cirk cojpigy, or i r`tilh stor`, tals lgdorjitlog ls klr`cthy s`gt og to og` od ta` tar`` jilg cr`klt nur`ius. [a`s` ir` @xp`rlig, [rigs Pglog, igk @quldix. [a`s` cr`klt nur`ius ta`g jitca up your gij`, lk`gtldlcitlog, ikkr`ss, igk paog` gujn`r og ta` ipphlcitlog dor suca cr`klt wlta ta` kiti tait ta`y m``p lg ta`lr nur`iu“s dlh`s. N`cius` od tals jitca up proc`ss, lt ls `ss`gtlih tait h`gk`rs, cr`kltors, igk ota`r pirtl`s ihwiys provlk` `xicthy corr`ct corr`ct lgdorjitlog to ta` cr`klt nur`ius. Suca lgdorjitlog lg ta`s` dlh`s it ta` tar`` jifor cr`klt nur`ius ls ta`g utlhlz`k ny h`gk`rs hlm` cr`klt cirk cojpigl`s lg ork`r to k`clk` ld you ir` k`s`rvlgb od aivlgb cr`klt lssu`k to you ny ta` cr`kltor. Igota`r wiy od puttlgb tals ls tait ta`y k`clk` aow hlm`hy tait you wlhh n` to piy nicm ta`s` k`nts. Suca wlhhlgbg`ss to piy nicm i k`nt ls usuihhy lgklcit`k ny ta` tlj`hlg`ss od prlor piyj`gts to ota`r h`gk`rs. Suca h`gk`rs wlhh pr`d`r to s`` ta` k`nt onhlbitlogs od lgklvlkuih cogsuj`rs, suca is yours`hd, pilk og tlj` `v`ry jogta.
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Dlgigclih [`rjs Klctlogiry
[a` s`cogk `h`j`gt cogslk`r`k lg i h`gk`r odd`rlgb hoigs or cr`klt to lgklvlkuihs hlm` you ls nis`k og your ictuih lgcoj`. Alba`r lgcoj`s b`g`rihhy h`ik to br`it`r ijougts od cr`klt n`lgb icc`sslnh`. Stlhh, h`gk`rs hoom it nota wlhhlgbg`ss, is saowg lg ta` cr`klt r`port igk prlor piyj`gt alstory, alstory, ihogb wlta inlhlty, inlhlty, is saowg ny lgcoj`, lg k`clklgb wa`ta`r or got to `xt`gk you cr`klt. Cr`klt r`ports aiv` n`coj` `v`g jor` slbgldlcigt lg hlbat od rlsm nis`k prlclgb. Urictlcihhy ihh h`gk`rs od ta` dlgigclih s`rvlc`s lgkustry lgk ustry r`hy og cr`klt r`ports to k`t`rjlg` wait ta` igguih p`rc`gtib` rit` igk bric` p`rlok od r`piyj`gt od i hoig or odd`r od cr`klt wlhh n`. Ota`r onhlbitlogs od ta` cogtrict ir` sljlhirhy nis`k og tals cr`klt r`port. Lg ta` pist, i br`it k`ih od klscusslog ais bog` og cogslk`rlgb ta` lgdorjitlog cogtilg`k lg ta` cr`klt r`ports. Scl`gtldlc stukl`s kog` og ta` lssu` aiv` k`t`rjlg`k tait dor ta` jost pirt, tals cr`klt r`port lgdorjitlog ls `xtr`j`hy iccurit`. Suca cr`klt nur`ius ihso aiv` ta`lr owg iutaorlz`k stukl`s od dldty-two jlhhlog cr`klt r`ports tait saow tait ta` lgdorjitlog cogtilg`k ta`r`lg ls rlbat i vist jiforlty od ta` tlj`. Cogbr`ss ais a`irk t`stljogy droj ta` Cogsuj`r Kiti Lgkustry Issoclitlog tait lg d`w`r taig two p`rc`gt od cr`klt r`port lssu` cis`s aiv` ta`r` n``g kiti walca aik to n` `ris`k n`cius` lt wis wrogb. Lg ta` d`w cis`s wa`r` ta`s` klk `xlst, jor` taig s`v`gty p`rc`gt od suca kls put`s ir` aigkh`k lg dourt``g kiys or h`ss. Jor` taig glg`ty-dlv` p`rc`gt od cogsuj`rs wlta klsput`s r`port n`lgb sitlsdl`k wlta ta` r`sohutlog.
Curr`gcy Stigkirks Curr`gcy stigkirks ir` ta` typlcih j`igs dor dlxlgb i curr`gcy it i s`t rit` gowikiys. I Curr`gcy Stigkirk j`igs tait ta` vihu` od i curr`gcy ls p`bb`k to i strogb`r, jor` lgt`rgitlogihhy r`cobglz`k curr`gcy, hlm` ta` @uro or ta` Kohhir. [a`s` Curr`gcy Stigkirks ir` sljlhirhy mgowg is r`s`rv` curr`gcy stigkirks. Rltalg ta` worhk r`s`rv` curr`gcy syst`j, slgbh` gitlogih curr`gcl`s ictuihhy issuj` ta` ljportigt stigkirk, or roh`, tait bohk ihwiys cirrl`k dor augkr`ks od y`irs lg ta` bohk stigkirk. Igota`r wiy od puttlgb tals ls tait i gitlog wouhk dlx ta` rit` od lts proprl`tiry curr`gcy to so jigy uglts ibilgst igota`r cougtry“s curr`gcy. Is ig `xijph`, Br`it Nrltilg jlbat caoos` to dlx lts Nrltlsa Uougk St`rhlgb curr`gcy to ta`
23
Dlgigclih [`rjs Klctlogiry
@uro it i r`ih `xcaigb` rit` od og` pougk `quihs og` polgt tw`gty-dlv` @uros. Lg ork`r to m``p tals dlx`k rit` od `xcaigb`, Nrltilg“s c`gtrih nigm, ta` Nigm od @gbhigk, wouhk aiv` to ihwiys n` pr`pir`k to odd`r @uros dor Uougks, or Uougks dor @uros, upog k`jigk dor tals s`t rit` od `xcaigb`. [a` prlgclpih wiy tait ta` Nigm od @gbhigk wouhk idd`ct tals wouhk n` to m``p @uros lg lts r`s`rv`s ibilgst i kiy wa`g i br`it`r k`jigk `xlst`k dor @uros to n` `xcaigb`k dor Uougks og ta` worhk DO^@Q jirm`ts. [a`s` curr`gcy stigkirks stigk lg cogtrist to ta` bohk stigkirk. Pgk`r ta` hogb a`hk, lgcr`klnhy stinh` p`rlok od ta` bohk stigkirk, c`gtrih nigms lgst`ik a`hk bohk to nicm up igk `xcaigb` ibilgst ta`lr owg curr`gcy. Pslgb ta` r`s`rv` curr`gcy stigkirk, ta` sij` c`gtrih nigms lgst`ik m``p i stocmplh` od ta` caos`g r`s`rv` curr`gcy og aigk. Lg walca`v`r cis`, ta` r`s`rv` curr`gcy wlhh n` ta` og` to walca i blv`g gitlog dlx`s lts owg curr`gcy. curr`gcy. [a` jiforlty od gitlogs tait k`clk` to dlx ta`lr `xcaigb` rit`s wlhh p`b to og` od two typ`s od curr`gcl`s. \ou jlbat s`` ta`j caoos` og` od ta` jilg curr`gcl`s utlhlz`k lg lgt`rgitlogih trigsictlogs dor s`tth`j`gt. Iht`rgitlv`hy, ta`y couhk `h`ct to dlx ta`lr curr`gcl`s to tait od og` od ta`lr jifor triklgb pirtg`rs, walca wouhk ihso jim` s`gs` dor s`tth`j`gt purpos`s. N`cius` od tals, you s`` jigy cougtrl`s irougk ta` worhk p`b ta`lr gitlogih `xcaigb` rit` to ta` Pglt`k Stit`s kohhir, slgc` lt stlhh prov`s to n` ta` curr`gcy tait ls jost wlk`hy a`hk igk trik`k irougk ta` worhk. Is igota`r dlxlgb caolc`, ta` @uro ls lgcr`islgbhy utlhlz`k dor p`bs. Dourt``g kldd`r`gt Idrlcig Idrlcig cougtrl`s walca aik ihh n``g Dr`gca cohogl`s lg ta` pist aik s`t up ta` CDI, or cohogl`s od Dr`gca Idrlci, Drigc zog`. Ra`g ta`y klk tals, ta`y dlx`k ta`lr g`w CDI Drigc to ta` Dr`gca Drigc. Idt`r ta` Dr`gca inigkog`k ta`lr Drigc lg divor od ta` g`w`r cogtlg`gt wlk` @uro lg 9<<<, ta` CDI CDI Drigc n`cij` p`bb`k to ta` @uro. Igota`r `xijph` ls ta` Cojjog Jog`tiry Ir`i od Souta Idrlci. Uirtlclpitlgb lg tals ir` Gijlnli, Swizlhigk, igk H`sotao. [a`s` gitlogs dlx ta`lr curr`gcy ibilgst ta` Souta Idrlcig ^igk, ta` pow`raous` curr`gcy od ta` Souta Idrlcig cogtlg`gt, igk ta`lr nlbb`st triklgb pirtg`r ny dir.
2;
Dlgigclih [`rjs Klctlogiry
Cychlcih Jiglpuhitlog Cychlcih jiglpuhitlog r`d`rs to bov`rgj`gt lgt`rd`r`gc` lg ta` giturih `cogojlc cych`s. [als cig h`ik to `xtr`j` noojs igk nusts ov`r ta` hogb rug is bov`rgj`gts itt`jpt to prop up noojs igk dor`stihh nusts. Cychlcih jiglpuhitlog ls josthy iccojphlsa`k tarouba ta` iht`rlgb od bov`rgj`gt s`t lgt`r`st rit`s. [als ls iccojphlsa`k og i r`buhir nisls ny ta` D`k`rih ^`s`rv` Noirk lg ta` Pglt`k Pglt`k Stit`s. @cogojlc cych`s is i cogc`pt ir` occislogihhy r`d`rr`k to is Nuslg`ss Cych`s. [als lk`i ls og` tait `xphor`s ta` iht`ritlogs lg `cogojlc ictlvlty tait caigb` ov`r tlj`. @h`j`gts cogt`jphit`k lg `xphilglgb `cogoj lc cych`s ir` cojprls`k od BKU browta, `jphoyj`gt rit`s, igk aous`aohk lgcoj`s. Rltalg `cogojlc cych`s, two jilg typ`s `j`rb`. [a`s` ir` noojs igk nusts. Noojs ir` cojjoghy s``g wa`g i strogb `cogojy ls op`ritlgb. Nusts, or r`c`sslogs, ir` tl`k to `cogojlc browta tait prov`s to n` n`how tr`gk. Lg ta` P.S., ta` GN@^, or Gitlogih Nur`iu od @cogojlc ^`s`irca, turgs out to n` ta` uhtljit` trust`k sourc` tait blv`s out kit`s od troubas igk p`ims walca ictuihhy jim` up `cogojlc cych`s. [a` GN@^ ls pirt od tals cychlcih jiglpuhitlog lg ta` Pglt`k Stit`s. [a` dlrst st`p od ta` jiglpuhitlog ls ta` wiy lg walca ta`y r`d`r to noojs igk nusts. [a`y `upa`jlz` ta`j is `xpigslog or cogtrictlog. Ra`g i d`w portlogs od ta` `cogojlc kiti ir` b`ttlgb n`tt`r, ta`g tals ls `xpigslog, igk wa`g ta`s` sij` lgklcitors ir` k`chlglgb, lt ls cihh`k cogtrictlog. Suca k`dlgltlogs docus `gtlr`hy og ta` kiti jov`j`gt, v`rsus ta` alstorlcih gorjs. Cychlcih jiglpuhitlog ls iccojphlsa`k prlgclpihhy tarouba ta` caigblgb od lgt`r`st rit`s ny ta` D`k`rih ^`s`rv`. Ra`g ta` cych` ls og` od nooj, or `xpigslog, ta`y itt`jpt to cooh ta` `cogojy kowg to pr`v`gt lgdhitlog. [a`y ko tals ny rilslgb ta` lgt`r`st rit`s to show kowg h`gklgb igk sp`gklgb. Pgdortugit`hy, is `cogojlc ictlvlty ta`g shows, tals h`iks to ig `cogojy tait cig ta`g dihh lgto nust, or cogtrictlog. It tals polgt, ta` D`k`rih ^`s`rv` n`blgs cuttlgb ta` lgt`r`st rit`s, soj`tlj`s jisslv`hy, lg ig `ddort to stljuhit` ta` `cogojy ogc` jor`. Is ta` lgt`r`st rit`s dihh, nuslg`ss`s igk cogsuj`rs norrow igk sp`gk hirb`r sujs od jog`y. [als b`ts ta` `cogojy bolgb ogc` ibilg. [a` lrogy od tals cychlcih jiglpuhitlog hl`s lg ta` dict tait ta` v`ry `ddort od ta` bov`rgj`gt to m``p ta` cych`s droj n`cojlgb `xtr`j` h`iks to caigb`s lg ta` cych`s tait ta` D`k wlsa`s to pr`v`gt ihtob`ta`r. ihtob`ta`r.
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Dlgigclih [`rjs Klctlogiry
@cogojlc Cych`s [a`ory n`hl`v`s tait `v`g taouba ta`s` albas igk hows iv`rib` tob`ta`r to cr`it` ig iv`rib` tr`gk `cogojlc rit` od browta, tals tr`gklgb browta rit` r`jilgs stinh` ov`r tlj`. [a` bov`rgj`gt tarouba ta` D`k itt`jpts to jiglpuhit` ta`s` cych`s to m``p ta` browta rit` ihogb ta`s` tr`gk hlg`s cogslst`gthy. [a`r` ais n``g go `ddort jik` lg ta` @cogojlc Cych`s [a`ory to `xphilg ta` `cogojlc ictlvlty h`v`hs lg hogb rugglgb tlj` drij`s od k`chlg`, nut oghy lg browta. [als pohlcy od oghy docuslgb og browta ls y`t igota`r k`jogstritlog od ta` cychlcih jiglpuhitlog.
K`nislgb ta` Curr`gcy K`nislgb ta` curr`gcy r`d`rs to ta` ihh too cojjog alstorlcih proc`ss od how`rlgb i curr`gcy“s ictuih vihu`. Lg ta` pist, tals paris` cojjoghy cij` to n` issoclit`k wlta cojjoklty jog`y jik` prlgclpihhy droj `lta`r slhv`r or bohk. Saouhk ta` suj totih od slhv`r, bohk, glcm`h, or copp`r n` r`kuc`k, ta`g ta` payslcih jog`y ls cihh`k k`nis`k. @v`g v`g`rinh` lgstltutlogs hlm` ta` ^ojig @jplr`, wlta i taousigk y`ir alstory od browta igk stinlhlty, aiv` stoop`k to suca k`nislgb od ta` curr`gcy. ^`isogs tait i bov`rgj`gt caoos`s to k`nis` ta` curr`gcy lg tals wiy c`gt`r irougk ta` dlgigclih n`g`dlts tait ta` bov`rgj`gt ls inh` to r`ip. [a`s` ir` kog` it ta` cltlz`gry“s `xp`gs` taouba. Bov`rgj`gts tait how`r`k ta` quigtlty od bohk igk slhv`r lg ta`lr colgib` dougk tait ta`y couhk qul`thy jlgt jor` colgs droj i blv`g dlx`k quigtlty od j`tih og aigk. [a` kowgslk` to tals dor ta` b`g`rih popuhitlog c`gt`rs og ta` lgdhitlog tait tals lg turg cius`s. Suca lgdhitlog ls y`t igota`r n`g`dlt dor ta` curr`gcy k`nislgb bov`rgj`gt tait ta`g dlgks tait lt cig piy odd bov`rgj`gt k`nt or r`puklit` bov`rgj`gt nogks `isl`r. [a` popuhic`“s purcaislgb pow`r ls slbgldlcigthy r`kuc`k is i r`suht od tals, ihogb wlta ta`lr ta`g how`r`k stigkirk od hlvlgb. K`nislgb i curr`gcy how`rs ta` vihu` od ta` curr`gcy lg qu`stlog. Blv`g `gouba tlj` igk inus` ny ta` bov`rglgb iutaorltl`s, tals k`nislgb cig `v`g h`ik to i cohhips` lg ta` `xlstlgb curr`gcy tait cius`s i g`w`r curr`gcy or colgib` to n` cr`it`k igk hiugca`k dor ta` gitlog or stit`. Lg pr`s`gt kiy tlj`s, k`nislgb ta` curr`gcy ls iccojphlsa`k lg jor` sunth` j`igs. Slgc` curr`gcl`s ta`s` kiys ir` jik` od oghy pip`r, lg-
24
Dlgigclih [`rjs Klctlogiry
vohvlgb go j`tih, k`nislgb ta` curr`gcy sljphy lgvohv`s prlgtlgb ikkltlogih pip`r kohhirs. Rlta ta` ikv`gt od `h`ctroglc nigmlgb, `v`g tals prlgtlgb pr`ss op`ritlog ls go hogb`r r`qulr`k. [a` bov`rgj`gt sljphy cr`it`s jog`y og i cojput`r scr``g, hlt`rihhy cogfurlgb lt out od talg ilr. [a`y ir` inh` to iccojphlsa tals lg og` od two wiys. Og` wiy tait ta`y ko tals ls vli ta` D`k`rih ^`s`rv`, walca nuys tr`isury s`curltl`s ny sljphy cr`kltlgb ta` r`c`lv`rs“ nigm iccougts wlta `h`ctroglcihhy cr`it`k jog`y. [a` D`k`rih ^`s`rv` ta`g ais tigblnh` iss`ts lg [r`isury nlhhs tait ls lt inh` to trik` or s`hh wa`g lt wlsa`s. wlsa`s. Igota`r wiy tait tals cr`itlog od jog`y tait k`nis`s ta` curr`gcy ls inh` to n` p`rdorj`k ls tarouba ta` Drictlogih ^`s`rv` Nigmlgb Syst`j. Slgc` ta` D`k`rih ^`s`rv` oghy r`qulr`s nigms to m``p i t`g p`rc`gt r`s`rv` ritlo od k`poslts og aigk, ta`s` nigms wa`g ta`y ir` cr`klt`k dugks droj ta` D`k`rih ^`s`rv` ir` inh` to hoig tals g`w jog`y out lg juhtlph`s tait ir` `qulvih`gt to ta` h`v`rib` cr`it`k ny tals t`g p`rc`gt oghy r`s`rv` ritlo. Lg nota od ta`s` wiys, ta` D`k`rih ^`s`rv` ls inh` to cr`it` jor` jog`y qul`thy igk it wlhh. [als ls aow jok`rg kiy k`nislgb od ta` curr`gcy ls `dd`ctlv`hy iccojphlsa`k. iccojphlsa`k.
K`nlt Cirk K`nlt cirks ir` phistlc cirks tait dugctlog hlm` i ca`cm igk ir` `islhy utlhlz`k hlm` i cr`klt cirk. K`nlt cirks ir` cojjoghy og` od two typ`s, `lta`r nrigk`k Tlsi or Jist`r Cirk. Ra`g you us` suca i k`nlt cirk to piy dor i purcais`, ta`g tals ijougt ls k`kuct`k ljj`klit`hy droj your ca`cmlgb iccougt. Nota cogv`gl`gc` igk s`curlty d`itur`s ir` lgchuk`k lg ta` us` od i k`nlt cirk. K`nlt cirks provlk` tr`j`gkous cogv`gl`gc` lg ta`lr `is` od us`. Go hogb`r ko you aiv` to jim` sur` tait you ir` cirrylgb `gouba jog`y og you, or to tim` ta` tlj` to wrlt` out i payslcih ca`cm walh` ta` hogb hlg` wilts ljpitl`gthy n`algk you. N`slk`s tals `is` od us`, k`nlt cirks ir` icc`pt`k it hlt`rihhy jlhhlogs od phic`s irougk ta` cougtry igk ta` worhk. Gowikiys, ta`y cig n` us`k dor ihjost igy purcais`, suca is hugca`s or klgg`rs it r`stiurigts, jogtahy nlhh piyj`gts, j`rcaigkls` lg r`tilh stor`s, broc`rl`s, pr`scrlptlogs, bis, oghlg` purcais`s, ov`r ta` paog` ork`rs, igk `v`g dist dook.
22
Dlgigclih [`rjs Klctlogiry
K`nlt cirks“ sp`gklgb ls `isy to m``p tricm od is w`hh. [a` jiforlty od suca trigsictlogs ir` nota k`kuct`k igk post`k to i ca`cmlgb iccougt lg tw`gty-dour aours or h`ss. [als ihhows dor you to cogv`gl`gthy jogltor your cogstigthy upkit`k trigsictlog r`cork igk nihigc` `lta`r ov`r ta` paog` or ta` nigm or cirk lssu`r“s w`nslt`. N`slk`s tals, k`nlt cirks ihso odd`r stit`j`gts, juca hlm` cr`klt cirks, tait outhlg` ihh purcais`s jik`, wlta k`tilhs og ta` gij` od ta` j`rcaigt, kit`, hocitlog, igk ijougt od trigsictlog. K`nlt cirks odd`r igota`r n`g`dlt lg ta`lr s`curlty provlslogs. [a`s` cirks lgchuk` dr`` driuk jogltorlgb tait a`hps to dlgk igk stop ictlvlty tait ls susplclous wlta your k`nlt cirk. [a`y ihso coj` wlta pohlcl`s od z`ro hlinlhlty tait prot`ct you droj cairb`s tait you klk got jim` or iutaorlz`. Driukuh`gthy tim`g out dugks ir` buirigt``k to n` r`turg`k to your iccougt. [a` vist jiforlty od k`nlt cirks ihso coj` wlta ta` s`curlty d`itur` od tar`` klblt s`curlty cok`s tait ihhow you to cogdlrj your lk`gtlty dor nota paog` igk Lgt`rg`t ork`rs igk purcais`s. K`nlt cirks ihhow two wiys dor cojph`tlgb lg p`rsog trigsictlogs. Og` od ta`s` ls tarouba swlplgb ta` cirk igk ta`g slbglgb ta` r`c`lpt lssu`k ny ta` j`rcaigt r`pr`s`gtitlv`. [a` ota`r ls vli uslgb i pik wlta your ULG, or p`rsogih lk`gtldlcitlog cok`, idt`r ta` cirk ls swlp`k. I dlgih n`g`dlt tait you bilg droj i k`nlt cirk ls tait jost od ta`j provlk` r`wirks tait ir` `irg`k sljphy ny utlhlzlgb ta`j. [a`s` ir` `irg`k lg og` od two wiys. Rlta Tlsi K`nlt cirks, you ir` inh` to r`c`lv` klscougts droj soj` j`rcaigts wao provlk` ta`s` sp`clih prlc` nr`ims dor ta` aohk`rs od Tlsi cirks. Ota`r k`nlt cirks provlk` `xtris r`wirks probrijs. [a`s` r`wirks probrijs piy you nicm wlta soj` typ` od r`wirk dor `v`ry purcais` tait you jim`. [a`s` cig n` cisa r`nit`s or jor` cojjoghy iwirks tait ir` `irg`k tarouba ta` cohh`ctlog od suca polgts.
K`nt S`rvlc` K`nt s`rvlc` r`d`rs to ta` cisa tait ls g`c`ssiry to n` pilk ov`r i c`rtilg p`rlok od tlj` lg ork`r to r`piy nota prlgclpih igk lgt`r`st og i blv`g k`nt. Dor lgklvlkuihs, jogtahy jortbib` piyj`gts, or cr`klt cirk nlhh piyj`gts, prov` to n` book `xijph`s od p`rsogih k`nt s`rvlc`. Dor nuslg`ss`s, piyj`gts og hlg`s od cr`klt, nuslg`ss hoigs, or coupog piyj`gts od nogks r`pr`s`gt sijph`s sijph`s od corporit` k`nt s`rvlc`.
21
Dlgigclih [`rjs Klctlogiry
Ra`r` nuslg`ss`s or p`rsogih k`nt s`rvlc` ls cogc`rg`k, tals ls us`k to cihcuhit` ta` KSC^, or k`nt s`rvlc` cov`rib` ritlo. [als ritlo ls tait od ta` cisa tait ls og aigk dor s`rvlclgb ta` k`nt“s prlgclpih, lgt`r`st, igk h`is` piyj`gts. [als j`isur`j`gt ls i juca utlhlz`k n`gcajirm tait a`hps to k`t`rjlg` i cojpigy or ig lgklvlkuih“s cipinlhlty od b`g`ritlgb suddlcl`gt jog`y to cov`r ta` piyj`gts og ta`lr k`nt. Rlta i alba`r k`nt s`rvlc` cov`rib` ritlo, hoigs ir` `isl`r to b`t dor nota cojpigl`s igk p`oph`. [a` cojj`rclih nigmlgb lgkustry ihso `jphoys tals paris`. A`r`, lt cig r`d`r to ta` jlgljihhy icc`ptinh` ritlo tait i blv`g h`gk`r wlhh icc`pt. [als jlbat turg out to n` i cogkltlog od jimlgb ta` `gtlty suca i hoig lg ta` `gk. Ra`g tals typ` od i cogkltlog ls pirt od ta` hoig cov`gigt, ta`g vlohitlgb ta` k`nt s`rvlc` cov`rib` ritlo cig soj`tlj`s n` cogslk`r`k ig ictlog od k`diuht. K`nt s`rvlc` cov`rib` ritlos ir` sljlhirhy us`k lg ta` worhk od corporit` dlgigc`. A`r`, ta`y k`scrln` ta` suj od ivilhinh` cisa dhow tait ls usinh` dor cov`rlgb y`irhy prlgclpih igk lgt`r`st piyj`gts og igy igk ihh k`nts. [als lgchuk`s piyj`gts dor slgmlgb dugks. Cojj`rclih r`ih `stit` dlgigc` sljlhirhy utlhlz`s k`nt s`rvlc` igk k`nt s`rvlc` cov`rib` ritlos is ta` jilg j`igs od klscov`rlgb ld i blv`g prop`rty ls cipinh` od jilgtilglgb lts h`v`h od k`nt uslgb oghy lts owg cisa dhow. Lg ta` pist t`g or so y`irs, nigms wouhk hoom dor i jlgljuj k`nt s`rvlc` cov`rib` ritlo od jlgljihhy 9.>. Nigms tait prov`k to n` jor` ibbr`sslv` w`r` wlhhlgb to worm wlta how`r ritlos. [als prictlc` h`k to br`it`r rlsm lg ta` syst`j tait a`hp`k to nrlgb og ta` dlgigclih j`htkowg igk r`suhtlgb crlsls tait str`tca`k droj >552 to >595. Ra`g ig `gtlty ais jor` taig i ritlo od og` k`nt s`rvlc` cov`rib` ritlo, lt ls ta`or`tlcihhy cipinh` od cov`rlgb lts k`nt r`qulr`j`gts wlta cisa dhow. Sljlhirhy, ld tals ritlo ls h`ss taig og`, ta`g ta` stitlstlcs chilj tait ig lgsuddlcl`gt ijougt od cisa dhow `xlsts to j``t ta` r`qulr`k hoig piyj`gts.
K`d`rr`k Jilgt`gigc` K`d`rr`k jilgt`gigc` prov`s to n` ta` ictlog od puttlgb odd jilgt`gigc` proc`kur`s tait ir` g``k`k igk routlg` og nota p`rsogih prop`rty, prop`rty, suca is jicalg`ry, or r`ih `stit` prop`rty, suca is lgdristructur`. [als ls kog` to siv` og `xp`gs`s, to r`isslbg jog`y tait ls ivilhinh` lg ta` nukb`t, or to ical`v` ta` ivilhinh` h`v`hs od nukb`t dugklgb.
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Dlgigclih [`rjs Klctlogiry
[a` kowgslk` to tals ivolkigc` or k`hiy od b`g`rihhy g``k`k r`pilrs ls tait lt cius`s ta` k`t`rloritlog od iss`ts, igk dlgihhy ta`lr totih ljpilrj`gt, ld cogtlgu`k dor ig `xt`gk`k p`rlok od tlj`. Psuihhy ov`r tlj`, ta` prictlc` od cogstigthy k`d`rrlgb your jilgt`gigc` wlhh `gk up wlta br`it`r costs lg ta` dutur`, ta` `v`gtuih dilhur` od iss`ts, igk droj tlj` to tlj` wlta sid`ty igk a`ihta cogc`rgs r`suhtlgb. Jilgt`gigc` ls og` od ta` nukb`tiry lt`js tait ls dorc`k to nitth` ihogb slk` ota`r g``ks“ igk probrijs“ dugklgb. Slgc` ta` jog`y ls sljphy got ihwiys ivilhinh` dor ta` cit`bory od jilgt`gigc`“s us`, lt ls odt`g saort caigb`k. Ota`r tlj`s, ta` jog`y ls ivilhinh` ugtlh lt ls klr`ct`k ny jigib`j`gt to alba`r prlorlty isslbgj`gts igk r`qulr`j`gts hit`r. hit`r. Jilgt`gigc` tait ls k`d`rr`k ls jost usuihhy got r`port`k to ta` g`c`ssiry pirtl`s rlbat iwiy. Jigy tlj`s, lt ls g`v`r `v`g r`port`k it ihh. Suca k`d`rr`k jilgt`gigc` tait bo`s og ov`r i hicm od dugks ipproprlit`k to ta` cius` wlhh dlgihhy h`ik to i br`it`r gujn`r od lgclk`gc`s od lg`ddlcl`gt s`rvlc` dor ta` punhlc, posslnh` sid`ty kigb`rs, op`ritlogs tait ir` lg`ddlcl`gt igk lg`dd`ctlv`, igk br`it`r costs ov`rihh it i dutur` polgt lg tlj`. @xijph`s od p`rsogih k`d`rr`k jilgt`gigc` igk nuslg`ss k`d`rr`k jilgt`gigc` cis`s inougk. K`d`rr`k jilgt`gigc` lg i aoj` wouhk lgchuk` k`hiylgb ta` cir“s r`cojj`gk`k og` y`ir lgsp`ctlog or tug` up, or got aivlgb taos` r`pilrs kog` tait ta` j`caiglc r`cojj`gk`k. Is i r`suht od tals, ta` cir wlhh hlm`hy got op`rit` is `dd`ctlv`hy or `ddlcl`gthy. Lt couhk ihso sudd`r j`caiglcih or `h`ctrlcih dilhur`s or `v`g n`coj` lgvohv`k lg ig ugg`c`ssiry crisa ov`r sid`ty lssu`s. [als t`rj od k`d`rr`k jilgt`gigc` ls jor` cojjoghy us`k wlta hirb` corporitlogs or bov`rgj`gts taouba. I hirb` corporitlog shisalgb lts nukb`t jlbat r`suht lg ta` cojpigy“s cojpigy“s phigts igk `qulpj`gt got ugk`rbolgb ta`lr igguih ch`iglgb igk r`durnlsalgb. [a` dlrj jlbat b`t iwiy wlta tals dor i y`ir or `v`g two. Lg tlj` taouba, pronh`js wlhh n`blg to saow up lg jicalg`ry nr`im kowg, `qulpj`gt jlss`s igk dilhur`, igk posslnh` saut kowgs od ta` phigt, ld tals prictlc` od lbgorlgb crltlcih phigt jilgt`gigc` ls put odd juca or dor too hogb.
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Dlgigclih [`rjs Klctlogiry
K`clt K`dlclts ir` saortdihhs lg bov`rgj`gt r`v`gu`s tait r`suht droj ta`j sp`gklgb jor` jog`y taig ta`y nrlgb lg droj r`v`gu`s. [a` k`dlclt od i bov`rgj`gt ls j`isurinh` ny lgchuklgb or `xchuklgb ta` lgt`r`st lt piys dor lts k`nt. Urljiry k`dlclt ls sljphy ta` kldd`r`gc` lg ihh tix`s igk r`v`gu`s h`ss ta` pr`s`gt h`v`h od bov`rgj`gt outhiys. Cogv`rs`hy, totih k`dlclts, usuihhy sljphy r`d`rr`k to is ta` k`dlclt, prov` to n` ihh sp`gklgb ihogb wlta piyj`gts og ta` lgt`r`st od ta` k`nt h`ss ta` r`v`gu`s cojlgb lg droj tix`s. Suca dlscih k`dlclts ihso `xpigk igk cogtrict is i r`suht od caigblgb tr`gks lg `cogojlcs. Is ig `xijph`, alba`r ijougts od `cogojlc ictlvlty lg i gitlog blv` br`it`r r`v`gu`s lg tix`s to ta` D`k`rih Bov`rgj`gt. It ta` sij` tlj`, `cogojlc kowgturgs b`g`rihhy cius` i bov`rgj`gt to lgcr`is` lts h`v`hs od `xp`gkltur`s lg ork`r to noost sp`gklgb og ug`jphoyj`gt n`g`dlts igk ota`r typ`s od soclih lgsurigc` probrijs. [a` ijougt od punhlc k`nt ls ihso ljpict`k slbgldlcigthy ny ta` ijougts od soclih n`g`dlts dugk`k, iht`ritlogs lg ta` tix cok` or tix rit`s, j`taoks od `gdorclgb tix pohlcl`s, igk virlous ikkltlogih k`clslogs jik` wlta bov`rgj`gt pohlcl`s. Lg ota`r cougtrl`s tait aiv` tr`j`gkous `g`rby giturih r`sourc`s suca is olh igk giturih bis, lgchuklgb Siukl Irinli, ^ussli, Gorwiy, igk ota`r gitlogs wao ir` i pirt od ta` OU@C, or Orbiglzitlog od U`troh`uj @xportlgb Cougtrl`s, ta`s` lgcoj`s dorj ta` `g`rby sourc`s aiv` ig `gorjous ljpict og ta` gitlogih dlgigc`s. Igota`r ljpict og ta` r`ih tigblnh` vihu` od i bov`rgj`gt k`dlclt, or k`nt, coj`s droj ta` ijougts od lgdhitlog lg i cougtry. Ov`r tlj`, lgdhitlog how`rs ta` r`ih curr`gcy vihu` od suca k`nt. [a` kowgslk`s to lgdhitlog r`suht lg i bov`rgj`gt aivlgb to piy br`it`r lgt`r`st rit` h`v`hs og lts k`nts. [als cius`s punhlc codd`rs norrowlgb to n`coj` jor` `xp`gslv`. Bov`rgj`gt k`dlclts ir` cojprls`k od two jilg pirts. [a`s` ir` cychlcih k`dlclts igk structurih k`dlclts. Cychlcih k`dlclts r`suht droj igy igk ihh `xtri norrowlgb tait i bov`rgj`gt ais to `gbib` lg kurlgb ta` how polgt od i nuslg`ss cych`. [als coj`s droj alba`r ug`jphoyj`gt h`v`hs. Is ug`jphoyj`gt rls`s, tix r`c`lpts dihh igk `xp`gkltur`s og talgbs hlm` soclih s`curlty lgv`rs`hy rls`. [a` ljphl`k k`dlgltlog od cychlcih k`dlclts ls tait ta`y wlhh n` cojph`t`hy r`pilk lg ta` g`xt cychlcih p`im. [als ls n`cius` i surphus lg r`v`gu`s wlhh `xlst is tix`s rls`s igk sp`gksp`gk lgb ls how`r. 19
Dlgigclih [`rjs Klctlogiry
Structurih k`dlclts lgst`ik r`pr`s`gt k`dlclts tait ir` cogstigt r`birkh`ss od ta` `cogojlc cych`. [als r`suhts droj ta` ov`rihh bov`rgj`gt `xp`gkltur` h`v`hs n`lgb ugsustilginh` lg hlbat od ta` curr`gt tix rit`s. [a` ov`rihh nukb`t k`dlclt ls ta`g dlbur`k ny ikklgb ta` structurih k`dlclt to ta` cychlcih surphus or k`dlclt tait `xlsts. Ihtaouba tals ls ta` jilgstr`ij klstlgctlog n`tw``g ta` typ`s od k`dlclts, ta`r` ir` `cogojlsts wao siy tait ta` kldd`r`gc`s n`tw``g ta` structurih igk cychlcih k`dlclts ir` ljposslnh` to k`t`rjlg`. [a`y cogt`gk tait cychlcih k`dlclts sljphy cig got n` j`isur`k prop`rhy.
K`clt Sp`gklgb K`dlclt sp`gklgb ls i b`g`rihhy ugsustilginh` sc`girlo wa`r` i br`it`r gujn`r od r`sourc`s ir` `jphoy`k to s`cur` purcais`s taig ir` nroubat lg to ta` orbiglzitlog tarouba r`v`gu` b`g`ritlgb j`igs. Ra`g tals ls ta` cis`, ta` nuslg`ss or bov`rgj`gt outdlt ictuihhy op`rit`s lg i nukb`t k`dlclt. [als sljphy j`igs tait got `gouba dlgigclih r`sourc`s ir` n`lgb cr`it`k ny ta` orbiglzitlog lg ork`r to `dd`ctlv`hy dugk ta` op`ritlgb nukb`t. Is tals occurs, ta` ikkltlogih `xp`gs`s ir` pilk dor ny utlhlzlgb k`d`rr`k piyj`gt phigs tait p`rjlt ta` orbiglzitlog to nuy gow igk piy hit`r, hit`r, or iht`rgitlv`hy wlta cr`klt iccougts. @v`g taouba suca k`dlclt sp`gklgb cig occur wlta cogsuj`rs igk nuslg`ss`s, lt ls b`g`rihhy klscuss`k p`rtilglgb to bov`rgj`gts igk ta`lr op`ritlogs. [a`s` kiys, bov`rgj`gts ir` josthy lgcipinh` od rugglgb ta`lr op`ritlogs wltaout r`sortlgb to k`dlclt sp`gklgb. Is ta` tix`s tait ir` cohh`ct`k b`g`rihhy ir` lgsuddlcl`gt to cov`r ihh od ta` costs tait ir` propos`k ny ta` igguih nukb`t, ta` saortdihh ls cojjoghy cov`r`k ny nuylgb talgbs wlta jog`y tait ais a is n``g norrow`k. Lg suca i wiy, ta`s` bov`rgj`gts rug ta`lr ictlvltl`s lg i k`dlclt sp`gklgb sc`girlo. Got `v`ry bov`rgj`gt rugs lts iddilrs droj i g`bitlv` nukb`t sc`girlo ihh od ta` tlj`. [a`r` ir` p`rloks wa`r` bov`rgj`gts cig hoom dorwirk to ta` r`v`gu`s tait coj` lg droj tix`s igk igy lgv`stj`gts surpisslgb ta` jog`y tait ls r`qulr`k to cov`r ta` costs od nukb`tiry lt`js. Lg ta`s` joj`gts, bov`rgj`gts aiv` ta` opposlt` od k`dlclt sp`gklgb sltuitlogs. [a`y ir` rugglgb og nukb`t surphus`s. Surphus`s ir` us`k dor i virl`ty od kldd`r`gt g``ks, suca is lgdristructur` ljprov`j`gts, r`piyj`gt od k`nt droj pist k`dlclt sp`gklgb, or sivlgbs dor dutur` nukb`t k`dlclts.
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Dlgigclih [`rjs Klctlogiry
Rltaout i kount, k`dlclt sp`gklgb prov`s to n` ihh too cojjog dor bov`rgj`gts. [als ko`s got jim` lt i wls` `cogojlc pohlcy to pursu` cogtlguoushy ov`r `xt`gk`k tlj` drij`s. [a` r`isog dor tals ls tait k`dlclt sp`gklgb cojjoghy r`qulr`s norrowlgb dugks tait just n` pilk nicm wlta lgt`r`st tait iccru`s ov`r tlj`. Lg suca i wiy, `gorjous ijougts od bov`rgj`gt k`nt cig n` nulht up lg saort tlj` drij`s. N`cius` od tals, i gujn`r od r`spogslnh` bov`rgj`gts itt`jpt to lgt`hhlb`gthy jigib` ta`lr k`dlclt sp`gklgb lg suca i wiy tait ta`y oghy `gbib` lg lt to m``p up crltlcih op`ritlogs igk s`rvlc`s tait ta` cltlz`gs g``k dor ta`lr w`hh n`lgb. Ota`r h`ss ljportigt probrijs ta`y try to cut nicm og wa`g`v`r posslnh`. Cojpigl`s jiy soj`tlj`s op`rit` og i k`dlclt sp`gklgb nisls. Ld ta`y ko tals dor hogb p`rloks od tlj`, ta`g ta`y ir` odt`g uginh` to turg ta` dilhlgb tr`gk irougk. [a` `gk r`suht od tals n`aivlor h`iks to nigmruptcy or n`lgb purcais`k ny ota`r, jor` dlscihhy r`spogslnh` nuslg`ss`s. Cogsuj`rs tait `gbib` lg k`dlclt sp`gklgb dor hogb`r p`rloks taig oghy t`jporiry tlj` drij`s sljlhirhy klscov`r tait ta` sc`girlo `gks up lg dlgigclih k`structlog. Outstigklgb iss`ts jiy ta`g n` hlqulkit`k to sitlsdy ta` k`nts tait r`suht.
K`g`k Cogtrlnutlog Uhigs K`dlg`k cogtrlnutlog phigs turg out to n` i sp`cldlc typ` od r`tlr`j`gt phig. Lg ta`s`, ig `jphoy`r“s y`irhy kohhir ijougt cogtrlnutlog to ta` phig ls sp`hh`k out ch`irhy. ch`irhy. Iccougts ir` `stinhlsa`k og ig lgklvlkuih nisls dor ihh `jphoy``s pirtlclpitlgb. [a` ijougts tait ir` cr`klt`k to suca iccougts lgchuk` nota ta` pr`s`t `jphoy`r cogtrlnutlogs, is w`hh is igy cogtrlnutlogs cojlgb droj ig `jphoy``. Og top od tals, `irglgbs og lgv`stj`gts ir` ihso iccru`k lg k`dlg`k cogtrlnutlog phig iccougts. Rlta k`dlg`k cogtrlnutlog phigs, soh`hy ta` cogtrlnutlogs droj `jphoy`rs ir` ph`kb`k to ta` iccougts. Dutur` n`g`dlts ir` got issur`k. Lg suca phigs, ta` n`g`dlts lg ta` dutur` bo up igk kowg nis`k og ta` r`suhts od `irglgbs og lgv`stj`gts a`hk lg ta` phigs. Sivlgbs igk tarldt phigs prov` to n` ta` jost b`g`rihhy s``g typ` od k`dlg`k cogtrlnutlog phigs. Rlta tals mlgk od i phig, `jphoy``s put lg to ta` iccougt i pr` irrigb`k p`rc`gtib` od ta`lr typlcihhy pr` tix`k `irglgbs. [a` jogl`s bo to ta` `jphoy``“s lgklvlkuih iccougt. Uirt od ta` cogtrlnutlogs, or ihh od ta`j lg soj` cis`s, ir` ta`g jitca`k up ny ta` `jphoy``“s `jphoy`r.
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Dlgigclih [`rjs Klctlogiry
Ogc` ta`s` pr` s`t cogtrlnutlogs ir` cr`klt`k to ta` lgklvlkuih `jphoy``s“ iccougts droj nota `jphoy``s igk `jphoy`rs, ta`s` cogtrlnutlogs ir` suns`qu`gthy lgv`st`k. [a`y jlbat n` lgv`st`k lg to ta` stocm jirm`t, dor `xijph`. [a` r`suhtlgb lgv`stj`gt r`turgs ir` dlgihhy ippolgt`k to ta` iccougt og ig lgklvlkuih nisls. [als ls ta` cis` wa`ta`r ta` r`turgs prov` to n` posltlv` or g`bitlv`. Ra`g r`tlr`j`gt tlj` irrlv`s dor ig `jphoy``, ta` pirtlclpigt“s iccougt ta`g piys out n`g`dlts dor r`tlr`j`gt. [als cig occur tarouba ta` iccougt nuylgb ig iggulty tait wlhh ta`g issur` i r`buhir str`ij od lgcoj`. Lg r`c`gt y`irs, ta`s` k`dlg`k cogtrlnutlog phigs aiv` `xpigk`k to n` dougk lg g`irhy ihh cougtrl`s. Dor guj`rous gitlogs, ta`s` ir` curr`gthy ta` jilg typ` od phig dor ta` prlvit` s`ctor r`tlr`j`gt sca`j`s. [als browta lg k`dlg`k cogtrlnutlog phigs ais occurr`k it ta` `xp`gs` od k`dlg`k n`g`dlt phigs, ihso mgowg is p`gslog phigs, is `jphoy`rs s``m to ivolk ta` cogslk`rinh` `xp`gs`s lg dugklgb igk jilgtilglgb p`gslog phigs. Jog`y tait ls put lgto ta`s` k`dlg`k cogtrlnutlog phigs jiy coj` droj `jphoy`r cogtrlnutlogs or sihiry k`d`rrih od ig `jphoy``. [a`s` phigs ov`r tlj` aiv` `vohv`k to n`coj` dilrhy `islhy portinh` droj og` fon igk cojpigy to ta` g`xt is ig `jphoy`` caigb`s cojpigl`s. [als klk got ihwiys turg out to n` ta` cis`. Og` uglqu` d`itur` od k`dlg`k cogtrlnutlog phigs r`vohv` irougk ta` r`wirks igk rlsms od lgv`stj`gts ugk`rtim`g. @v`ry `jphoy`` ls r`spogslnh` dor als or a`r owg iccougt“s p`rdorjigc`, rita`r taig ta` `jphoy`r or spogsor od ta` phig. N`slk`s tals, `jphoy``s ir` got jik` to nuy iggultl`s wlta ta` r`tlr`j`gt sivlgbs. [als j`igs tait ta`y couhk ta`or`tlcihhy hlv` n`yogk ta`lr r`tlr`j`gt iss`ts, igk ta`y tim` og ta` rlsm od tals posslnlhlty. Lg Br`it Nrltilg, ta` hiw r`qulr`s tait ta` jiforlty od ta` r`tlr`j`gt dugks n` `jphoy`k lg nuylgb ig iggulty so tait tals ko`s got aipp`g.
K`itlog K`dhitlog ls sljphy ta` prlc`s od books igk s`rvlc`s bolgb kowg lg i blv`g tlj` drij`. K`dhitlog ls ta` opposlt` od lgdhitlog, walca ls ta` rlslgb cost od books igk s`rvlc`s ov`r i p`rlok od tlj`. [als ko`s got jim` k`dhitlog i book talgb lg ta` hogb rug.
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Dlgigclih [`rjs Klctlogiry
Igota`r wiy od k`dlglgb k`dhitlog ls ta` lgcr`islgb vihu` od jog`y v`rsus virlous `cogojlc books ov`r i spig od tlj`. Rlta lgdhitlog, jog`y ls n`cojlgb h`ss vihuinh` v`rsus books ov`r tlj`. K`dhitlog aipp`gs is i r`suht od ta` lgt`rictlog od dour dictors. Og ta` og` aigk, ta` supphy od jog`y lg clrcuhitlog jlbat k`chlg`. It ta` sij` tlj`, supphl`s od ivilhinh` books jlbat lgcr`is`. [a` g``k dor books couhk krop is w`hh. Dlgihhy, ta` k`jigk dor jog`y couhk bo up. Ld igy od ta`s` dour talgbs aipp`g `lta`r s`pirit`hy or lg cogc`rt, k`dhitlog ls cojjoghy ta` r`suht. [a` `isl`st wiy dor k`dhitlog to occur ls is ta` supphy od books ivilhinh` og ta` jirm`t bo`s up it i jor` riplk pic` taig ko`s ta` supphy od jog`y. [a` cojnlgitlog od ta`s` `h`j`gts `xphilgs aow soj` books“ costs bo up walh` ta` costs od ota`rs bo kowg it ta` sij` tlj`. K`splt` tals, k`dhitlog cig pos` c`rtilg pronh`js. [a` jiforlty od `cogojlsts tokiy cogcur tait k`dhitlog prov`s to n` nota i syjptoj od `cogojlc pronh`js is w`hh is i jihils` lg igk od lts`hd. Soj` nuy lgto ta` cogc`pts od book igk nik k`dhitlog. Book k`dhitlog aipp`gs is cojpigl`s ir` cogslst`gthy cipinh` od jigudicturlgb books dor ca`ip`r igk how`r prlc`s n`cius` od bilgs lg prokuctlvlty igk ota`r wiys od r`kuclgb costs. [als typ` od k`dhitlog p`rjlts i strogb igk browlgb BKU browta, wlta how`r ug`jphoyj`gt, igk rlslgb prodlts. Nik k`dhitlog ls jor` caihh`gblgb to brisp. Nik k`dhitlog rls`s is i r`suht od ta` c`gtrih nigm, or ta` D`k`rih ^`s`rv`, caooslgb to r`vihu` ta` cougtry“s curr`gcy. Or, you couhk siy tait ta` supphy od jog`y k`chlglgb r`suhts lg tals g`bitlv` dorj od k`dhitlog. [a` ictuih pronh`j tait k`dhitlog cius`s ls tait lt cr`it`s ugc`rtilgty dor nuslg`ss`s igk ta`lr r`hitlogsalps. Is i ruh`, nuslg`ss tarlv`s og cogdlk`gc` igk diht`rs og ta` ugmgowg. Norrow`rs aiv` to jim` hoig piyj`gts tait turg out to n` br`it`r igk br`it`r ijougts od purcaislgb pow`r lg k`dhitlogiry tlj` p`rloks. Ihh ta` walh`, ta` vihu` od ta` iss`t tait you purcais`k wlta ta` hoig ls k`chlglgb. Lg ta`s` clrcujstigc`s, jigy norrow`rs `h`ct to k`diuht og ta` hoig igk lts piyj`gts. I k`chlglgb splrih sljlhirhy `xlsts lg k`dhitlogiry p`rloks. Slgc` nuslg`ss`s n`blg to `gfoy d`w`r prodlts, ta`y k`clk` to r`kuc` ta`lr `j phoyj`gt roh`s. Lgklvlkuihs ko got sp`gk is juca jog`y is i r`suht. Nuslg`ss`s ta`g r`ihlz` sjihh`r prodlts igk ibilg cut nicm. [als k`b`g`rit`s lgto i vlclous cych` kowg n`dor` hogb, is lt n`coj`s s`hd r`lgdorclgb. Cogsuj`rs h`irg tait hirb`r tlcm`t lt`js suca is aous`s igk cirs wlhh ictuihhy cost h`ss lg ta` dutur` igk ta`g k`hiy ta`lr purcais`s.
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Dlgigclih [`rjs Klctlogiry
[aouba k`dhitlog ais n``g klscuss`k is i pot`gtlih pronh`j dor ta` P.S. `cogojy wlta ta` `cogojlc kowgturg, ta` r`ihlty ls dir kldd`r`gt. k ldd`r`gt. It ta` sij` tlj`, droj >554 to >55<, ta` D`k`rih ^`s`rv` jisslv`hy lgcr`is`k lgcr`is`k ta` jog`y supphy ny jor` taig tar`` augkr`k p`rc`gt. [als irbu`s got dor k`dhitlog lg ta` ta ` Pglt`k Stit`s“ dutur`, dutur`, nut dor lgdhitlog lgst`ik.
K`pr`sslog K`pr`sslogs lg `cogojlcs ir` hoos`hy k`dlg`k is jifor k`chlg`s lg i cougtry“s BKU, or bross koj`stlc prokuct. [a` bross koj`stlc prokuct ls jik` up od dour jifor cojpog`gts. [a`s` lgchuk` jog`y tait cogsuj`rs sp`gk, bov`rgj`gt sp`gklgb dor books igk hinor, lgv`stj`gt idd`ct`k ny bov`rgj`gt ib`gcl`s igk lgklvlkuih cojpigl`s, igk ta` g`t suj od ta` cougtry“s `xport`k prokucts. Ihh od ta`s` `h`j`gts ir` coj nlg`k to coj` up wlta ta` cougtry“s cougtry“s igguih bross koj`stlc prokuct. Igota`r sljph`r wiy od stitlgb ta` BKU ls lg ta` cougtlgb od `v`rytalgb sp`gt og s`rvlc`s, books, r`s`irca, lgv`stj`gts, igk hinor lg ta` gitlog. K`pr`sslogs ir` ta`g cojjoghy silk to aipp`g is ta` cougtry“s BKU krops ny jlgljihhy t`g p`rc`gt lg oghy i y`ir. [a`r` ls got igy cogs`gsus og ta` pr`cls` ijougt od k`chlg` lg t`rjs od p`rc`gtib` tait just occur. Dohhowlgb ta` gotorlous stocm jirm`t crisa lg 9<><, ta` Br`it K`pr`sslog tait aipp`g`k lg ta` Pglt`k Stit`s igk taroubaout @urop` k`jogstrit`k i sairp k`chlg` lg BKU got oghy ta` dlrst y`ir nut ihso ov`r ta` dohhowlgb y`irs. Lg ta` jogtas tait cij` idt`r tals jirm`t crisa, ta` P.S. BKU d`hh ny lg `xc`ss od talrty p`rc`gt. Idt`r tait lt ros` dor i walh`, taouba got g`irhy to ta` pr`-crisa h`v`hs s``g `irhl`r lg ta` P.S. [als k`jogstrit`s ta` klddlcuhty lg sljphy k`dlglgb k`pr`sslogs sljphy ny hoomlgb it BKU k`chlg`s igk lgcr`is`s. [a` Br`it K`pr`sslog ls josthy a`hk to aiv` cogtlgu`k ugtlh ta` v`ry `gk od ta` 9<35“s k`cik`. ^`ih r`cov`ry gitlogihhy ta`g klk got n`blg ugtlh ta` outnr`im od Rorhk Rir LL lg 9<3<. [a` r`isog tait tals ls ta` cis` ls tait ikkltlogih dictors n`slk`s sljphy BKU k`chlg`s aiv` to n` cogslk`r`k lg `vihuitlgb wait ls igk ls got truhy i k`pr`sslog. [a` Br`it K`pr`sslog aik jigy g`bitlv` cairict`rlstlcs n`slk`s sljphy dihhlgb BKU“s. Rlta phujj`tlgb lgkustrlih output, jifor gujn`rs od fons klsipp`ir`k. Is slbgldlcigthy sjihh`r ijougts od jog`y cij` lgto
14
Dlgigclih [`rjs Klctlogiry
worm`rs aigks, i br`it k`ih h`ss couhk n` sp`gt og cogsuj`r books or nuslg`ss lgv`stj`gts. Rltaout tals jog`y clrcuhitlgb nicm to nuslg`ss`s, dlrjs w`r` uginh` to alr` worm`rs nicm. [a` gujn`rs od p`oph` k` p`gk`gt og a`hp droj ta` punhlc isslstigc` dugks w`r` br`it`r. br`it`r. Fon r`cov`ry klk got jit`rlihlz` is aop`k. Droj tlj` to tlj` ta` Bross Koj`stlc Urokuct klk rls` lg ta` 9<35“s. Lt g`v`r r`turg`k to ta` gorjihcy s``g n`dor` ta` n`blgglgb od ta` Br`it K`pr`sslog ugtlh ta` Pglt`k Stit`s n`cij` duhhy lgvohv`k lg ta` S`cogk Rorhk Rir. K`jigks dor jlhltiry `qulpj`gt igk w`ipogs dor ta` wir klk jigy talgbs to a`hp ta` Ij`rlcig `cogojy. \ougb j`g dougk `j phoyj`gt lg ta` irjy, lgkustry sukk`ghy aik rlslgb k`jigk dor jlhltiry prokucts, igk fon op`glgbs w`r` jor` taig ta` inh` nokl`k p`oph` ivilhinh` to dlhh ta`j. It tals polgt, woj`g n`big `gt`rlgb fons lg lgkustry lg ta` phic` od j`g dor ta` dlrst tlj`. Gowikiys, soj` r`sp`ct`k `cogojlsts worry tait i k`pr`sslog hlm` og` got s``g slgc` ta` talrtl`s couhk ibilg n` brlpplgb ta` gitlog. [als ls n`cius` ug`jphoyj`gt droj ta` Br`it ^`c`sslog r`jilgs stunnorghy alba, books igk s`rvlc`s“ prlc`s ir` rlslgb it i dist`r pic` taig piyrohhs lg ta` jiforlty od lgkustrl`s, igk r`qulr`j`gts dor punhlc isslstigc` ir` alba`r taig ta`y aiv` n``g slgc` ta` `gk od ta` S`cogk Rorhk Rir. [a` nlbb`st d`ir tokiy ls tait jigy od ta` fons tait ir` klsipp`irlgb, suca is t`cagohoby igk jigudicturlgb, wlhh g`v`r r`turg, is ta`y ir` jlbritlgb ov`rs`is to cougtrl`s wa`r` worm`rs ir` pilk slbgldlcigthy h`ss.
K`rlvitlv` Lg ta` dlgigclih worhk, k`rlvitlv`s ir` ibr``j`gts n`tw``g two kldd`r`gt pirtl`s tait cogtilg vihu`s tait ir` k`p`gk`gt og ta` prlc` jov`j`gts od ig iss`t, is igtlclpit`k lg ta` dutur`, to walca ta`y ir` hlgm`k. [als iss`t, walca jlbat n` i curr`gcy, stocm prlc`, or ota`r `h`j`gt ls r`d`rr`k to is ta` ugk`rhylgb. K`rlvitlv`s ir` ihso iht`rgitlv` lgv`stj`gts igk dlgigclih lgstruj`gts, od walca ta`y ir` guj`rous mlgks. [a` jost cojjog dorjs od k`rlvitlv`s ir` dutur`s, swips, igk optlogs. Lgv`stors us` k`rlvitlv`s dor jigy kldd`r`gt ictlvltl`s. [a`s` lgchuk` dor bilglgb h`v`rib` og ig lgv`stj`gt so tait wa`g i sjihh jov`j`gt occurs lg ta` vihu` od ta` ugk`rhylgb, ta`y cig r`ihlz` i br`it bilg lg ta` k`rlvitlv` vihu`.
12
Dlgigclih [`rjs Klctlogiry
[a`y jiy ihso n` `jphoy`k dor sp`cuhitlog to prodlt droj, issujlgb tait ta` ugk`rhylgb iss`t vihu` bo`s lg ta` klr`ctlog tait ta`y igtlclpit`. Nuslg`ss`s jlbat sljlhirhy a`kb` ta`lr rlsms lg ig ugk`rhylgb tarouba op`glgb i k`rlvitlv` cogtrict tait jov`s cogv`rs`hy to ta`lr posltlog lg ta` ugk`rhylgb, cigc`hlgb ihh or pirt od ta` rlsm lg ta` proc`ss. Lgv`stors sljlhirhy ir` cipinh` od bilglgb `xposur` to ig ugk`rhylgb tait ko`s got aiv` i trikinh` lgstruj`gt issoclit`k wlta lt, hlm` wlta i w`ita`r k`rlvitlv`. Lgv`stors cig ihso utlhlz` k`rlvitlv`s to blv` ta`js`hv`s ta` inlhlty to cr`it` optlogs lg walca ta` k`rlvitlv` vihu` ls issoclit`k wlta i pirtlcuhir `v`gt or cogkltlog n`lgb j`t. K`rlvitlv`s prlgclpihhy r`jilg i j`igs od odd`rlgb a`kblgb lgsurigc`, ihhowlgb og` pirty to h`ss`g ta`lr rlsm `xposur` walh` ta` ota`r r`kuc`s i kldd`r`gt mlgk od rlsm `xposur`. K`rlvitlv`s `xijph`s od trigsd`rrlgb rlsm ir` a`hpduh to cogslk`r. Jlhh`rs igk wa`it dirj`rs jlbat cr`it` i k`rlvitlv` ny slbglgb i dutur`s cogtrict. [als couhk sp`cldy i c`rtilg kohhir vihu` od jog`y lg `xcaigb` dor i pirtlcuhir quigtlty od wa`it to n` `xcaigb`k it i dutur` tlj`. Lg tals cis`, ta` two pirtl`s aiv` ictuihhy ictuihhy kljlglsa`k ta`lr rlsm dor ta` dutur`. [a` jlhh`r ls got `xpos`k to possl nh` saortib`s od wa`it, walh` ta` dirj`r ls siv`k droj ta` posslnh` virligc`s lg prlc`. ^lsm ls got cojph`t`hy `hljlgit`k lg tals `xijph` slgc` ta` k`rlvitlv` cogtrict wlhh got cov`r `v`gts tait ta` cogtrict ko`s got j`gtlog lg pirtlcuhir, hlm` w`ita`r cogkltlogs. [a`r` ls sljlhirhy i kigb`r tait og` od ta` pirtl`s wlhh k`diuht og ta`lr pirt od ta` cogtrict. [o jltlbit` ta`s` pronh`js, ch`irlgb aous`s lgsur` jigy dutur`s cogtricts, ihtaouba got `v`ry suca k`rlvitlv` ls lgsur`k dor ta` rlsm od cougt`r pirty k`diuht. Igota`r wiy od hoomlgb it k`rlvitlv`s lg tals `xijph` ls tait walh` ta`y r`kuc` og` dorj od rlsm, ta`y ictuihhy pr`s`gt igota`r og`. [a` jlhh`r igk dirj`r nota plcm up igota`r rlsm ny slbglgb odd og tals cogtrict. Dor ta` dirj`r, ta` kigb`r hl`s lg ta` dict tait ihtaouba a` ls siv`k droj k`chlg`s lg ta` prlc` od wa`it, a` ls ihso `xpos`k to ta` posslnlhlty tait wa`it prlc`s wlhh rls` inov` ta` s`t ijougt lg ta` cogtrict, costlgb alj `xtri lgcoj` tait a` jlbat aiv` ontilg`k. [a` jlhh`r ihso plcms up i rlsm tait ta` cost od wa`it wlhh krop n`how ta` ijougt tait a` ais hocm`k lg wlta tals cogtrict.
11
Dlgigclih [`rjs Klctlogiry
Klscougt Uolgts Klscougt polgts ir` ihso soj`tlj`s mgowg is sljphy polgts. [a`y r`pr`s`gt i typ` od lgt`r`st tait ls pilk lg ikvigc`. I slgbh` klscougt polgt ls `qulvih`gt to og` p`rc`gt od ta` totih hoig ijougt. [arouba cairblgb norrow`rs polgts, h`gk`rs noost ta`lr hoig“s hoig“s yl`hk to i totih tait ls alba`r taig ta` `xpr`ss`k lgt`r`st rit`. Norrow`rs ir` inh` to blv` i nigm or h`gk`r piyj`gt is i wiy od how`rlgb ta` hoig“s lgt`r`st rit`s. [a` up drogt suj od jog`y blv`s ta`j i how`r jogtahy piyj`gt. Rlta `v`ry polgt tait i norrow`r nuys, ta`lr hoig“s hoig“s rit` cojjoghy dihhs ny .9>0 p`rc`gt. I nuy`r piylgb dor polgts ls got wltaout rlsm. It soj` tlj` wltalg ta` hld` od ta` hoig, ta` cost od ta` jog`y blv`g to how`r ta` rit` od lgt`r`st wlhh `quih out to ta` jog`y tait you siv`k lg n`lgb inh` to jim` how`r ijougt hoig piyj`gts n`cius` od ta` hoig“s hoig“s n`tt`r lgt`r`st rit`. Saouhk you r`dlgigc` ta` hoig or s`hh ta` aous` lg ikvigc` od ittilglgb tals nr`im `v`g polgt, ta`g you wlhh ictuihhy tim` i hoss og ta` trigsictlog. Og ta` ota`r aigk, ld you aohk og to ta` prop`rty igk iccojpigylgb jortbib` dor i br`it`r ijougt od tlj` taig ta` nr`im `v`g, ta`g you wlhh ictuihhy siv` jog`y og ta` purcais`. Lt bo`s wltaout siylgb tait ta` hogb`r ijougt od tlj` tait you aohk ta` prop`rty jortbib` igk dlgigclgb wlta ta` noubat klscougt polgts, ta` n`tt`r tals jog`y us`k dor ta` polgts ictuihhy r`wirks you. It ta` sij` tlj`, i p`rsog wao phigs og purcaislgb ta` prop`rty igk ta`g s`hhlgb lt or r`dlgigclgb lt qulcmhy wlhh oghy hos` jog`y ny got sljphy piylgb ta` alba`r rit` od lgt`r`st og ta` hoig lg hl`u od nuylgb polgts. Klscougt polgts cig ihso n` noubat to a`hp you quihldy dor hoigs. Ld ta` hoig quihldlcitlog nisls ls brougk`k lg your jogtahy hoig piyj`gt ibilgst your jogtahy lgcoj`, ta`g you jiy oghy n` cipinh` od b`ttlgb ipprovih ny nuylgb ta` klscougt polgts to how`r ta` rit` od lgt`r`st walca wlhh r`suht lg ta` how`r jogtahy piyj`gt tait your ipprovih r`qulr`s. Klscougt polgts saouhk got n` cogdus`k wlta nrom`r d``s or orlblgitlog d``s. Klscougt polgts oghy s`rv` to how`r ta` lgt`r`st rit`s. Orlblgitlog d``s ir` taos` tait ta` h`gk`r cairb`s dor cr`itlgb igk choslgb ta` hoig. [a`y couhk soj`tlj`s n` i kldd`r`gt gij` dor how`rlgb ta` lgt`r`st rit` is w`hh.
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Dlgigclih [`rjs Klctlogiry
Norrow`rs wao wlhh stiy lg ta` aous` dor i hogb`r p`rlok od tlj` saouhk k`dlglt`hy cogslk`r nuylgb polgts. How`r lgt`r`st rit`s wlhh piy odd lg sivlgbs ov`r tlj`. Igy caigb`s lg ta` d``s igk costs dor ta` hoig wlhh n` saowg to you lg ta` hist book dilta `stljit` tait ta` h`gk`r provlk`s. provlk`s. Soj`tlj`s wa`g you nuy polgts, you jiy n` inh` to b`t i go choslgb cost hoig. [als usuihhy aipp`gs wa`g ta` nigm ls b`ttlgb i pr`jluj lgt`r`st rit`. Is ta`lr d`` ls jik` odd od i alba`r stirtlgb lgt`r`st rit` og ta` got`, lt cig n` utlhlz`k to cov`r ta` choslgb costs.
Klscougt ^it` [a` t`rj klscougt rit` ictuihhy ais s`v`rih j`iglgbs. Ra`r` lgt`r`st rit`s igk nigms ir` cogc`rg`k, ta` klscougt rit` prov`s to n` ta` ictuih lgt`r`st rit` tait c`gtrih nigms cairb` ta`lr j`jn`r k`posltlgb lgstltutlogs. Ra`g ta`s` nigms caoos` to norrow dugks droj ta` c`gtrih nigm or ta` D`k`rih ^`s`rv` is ta`lr h`gk`r od hist r`sort, ta`g tals ls ta` rit` tait ta`y wlhh n` r`qulr`k to piy ta`j is lgt`r`st. N`slk`s tals, ta` klscougt rit` cig r`d`r to ta` igguih `dd`ctlv` klscougt rit` lg lgv`stj`gts. [als rit` turgs out to n` ta` y`irhy lgt`r`st klvlk`k up ny ta` cipltih tait lgchuk`s ta` lgt`r`st. [a` rit` provlk`s i how`r vihu` taig ko`s ta` lgt`r`st rit`. [a` vihu` dohhowlgb i y`ir k`hiy wouhk n` ta` gojlgih vihu` lg tals cis`. [a` updrogt vihu` ls tals gojlgih vihu` h`ss i klscougt. [als igguih `dd`ctlv` klscougt rit` ls cojjoghy utlhlz`k dor dlgigclih lgstruj`gts lg struj`gts tait ir` hlm` [r`isury Nlhhs. Dor nuslg`ss`s, ta` klscougt rit` ls ljportigt is ta`y ir` jimlgb crltlcih k`clslogs r`birklgb ta`lr prodlts igk wait to ko wlta ta`j. Ra`g lt ls tlj` to cogt`jphit` wa`ta`r to purcais` g`w `qulpj`gt pl`c`s or to lgst`ik r`turg ta` prodlts to ta` sair` aohk`rs, tals klscougt rit` ls a`hpduh. Ld ihh `hs` ls `quih, ta`g ta` cojpigy wlhh oghy `h`ct to purcais` ta` `qulpj`gt ld lt r`turgs i br`it`r prodlt to ta` sair` aohk`rs it i dutur` polgt. [a` sair` aohk`r klscougt rit` wouhk ta`g n` ta` kohhir totih tait sair` aohk`rs `xp`ct to r`c`lv` lg ta` dutur` so tait ta`y wouhk rita`r aiv` ta` cojpigy purcais` ta` `qulpj`gt gow lgst`ik od r`turg ta` prodlts to ta`j gow. Sair` prlc` kiti ls utlhlz`k to dlbur` up ta` klscougt rit` dor `stljitlgb sair` aohk`rs“ pr`d`r`gc`s. pr`d`r`gc`s. [als ls cihh`k ta` cipltih iss`t prlclgb jok`h. Nuslg`ss`s cojjoghy us` tals klscougt rit` wa`g ta`y jim` caolc`s r`birklgb nuylgb `qulpj`gt ny uslgb ta` g`t pr`s`gt vihu` lg ta` k`clslog jimlgb proc`ss.
<5
Dlgigclih [`rjs Klctlogiry
[als klscougt rit` prov`s to n` ta` w`lbat`k iv`rib` cost od cipltih. Lt saows ta` cisa dhow rlsm. [a` klscougt rit` cig ihso n` us`k ny cojpigl`s to saow two kldd`r`gt talgbs. Lt k`jogstrit`s ta` tlj` vihu` tait jog`y ais, or ta` rlsm dr`` rit`. Lgv`stors b`g`rihhy pr`d`r cisa gow taig cisa tait ta`y just wilt dor, j`iglgb tait nuslg`ss`s aiv` to cojp`gsit` ta`j ny jimlgb ta`j wilt dor lt. [a` klscougt rit` ihso `stinhlsa`s i rlsm pr`jluj. [als prov`s to n` ta` ikkltlogih r`turg tait lgv`stors wigt is piyj`gt dor ta` posslnlhlty tait ta`y jlbat got `v`r s`` tals jog`y ld ta` cisa dhow ls got ta`r` lg ta` dutur`.
Klsposinh` Lgcoj` Klsposinh` lgcoj` prov`s to n` ta` r`jilglgb lgcoj` idt`r ig lgklvlkuih ais j`t ihh od als or a`r lgcoj` tix onhlbitlogs. Lt ls utlhlz`k is i j`igs od isc`rtilglgb ta` a`ihta od ig `gtlr` socl`ty, is w`hh is i p`rsog“s b`g`rih `cogojlc cogkltlog. Klsposinh` lgcoj` ihso turgs out to n` ijogb ta` jilg j`isur`j`gts j`isur`j`gts dor k`t`rjlglgb p`rsogih w`ihta. w`ihta. Ihtaouba ta`y ir` soj`tlj`s us`k lgt`rcaigb`inhy, klsposinh` lgcoj` saouhk got n` cogdus`k wlta klscr`tlogiry lgcoj`. Klscr`tlogiry lgcoj` ls sljphy igy lgcoj` tait r`jilgs dohhowlgb piylgb ta` tix`s igk ota`r custojiry hlvlgb `xp`gs`s. [als j`igs tait ta` vihu` dor klsposinh` lgcoj` ls i br`it`r ijougt taig klscr`tlogiry lgcoj` prov`s to n` lg prictlcihhy `v`ry cis`. Stlhh klsposinh` lgcoj` ko`s got r`ihhy k`ih wlta ta` kiy to kiy costs od hlvlgb tait p`oph` `gcougt`r lg ta`lr gorjih hlv`s. Dor you is ig Ij`rlcig, klsposinh` lgcoj` typlcihhy prov`s to n` igywa`r` droj t`g to dldt``g p`rc`gt od ta` p`rsogih lgcoj` od ig lgklvlkuih. Ihh od ta` r`st od ta` jog`y bo`s lgto og` od i gujn`r od kldd`r`gt tix`s. Giturihhy, Giturihhy, tals wouhk n` lgklvlkuihhy k`t`rjlg`k is i r`suht od ta` ijougt od lgcoj` tait you aiv`, ta` wltaaohklgb ihhowigc`s tait you `gfoy, igk ta` stit` lg walca you r`slk`. Sljlhirhy, dor ota`r cougtrl`s, klsposinh` lgcoj` cig n` dlbur`k jor` or h`ss ny `xijlglgb ta` typlcih tix rit`s. Klsposinh` lgcoj` cojjoghy k`cr`is`s lg klddlcuht `cogojlc tlj`s, suca is r`c`sslogs igk k`pr`sslogs. [als ko`s got aipp`g n`cius` od ig lgcr`is` lg tix`s. Lgst`ik, lt ls jor` i dictor od ta` hlm`hlaook od lt dihhlgb lg caihh`gblgb `cogojlc tlj`s is cojpigl`s cut nicm og `jphoy`` piyrohhs. N`cius` od tals, how`r klsposinh` lgcoj` wlhh j`ig tait p`o-
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Dlgigclih [`rjs Klctlogiry
ph` aiv` jor` klddlcuht tlj`s lg duhdlhhlgb ta`lr pr`s`gt onhlbitlogs. [als wlhh jim` ta`j dir h`ss hlm`hy to tim` og g`w dlgigclih r`spogslnlhltl`s. Ra`g p`oph` ko got jim` `gouba jog`y to n` tix`k, ta`g ta`lr kls posinh` lgcoj` jiy ictuihhy prov` to n` inout ta` sij` is ta`lr totih lgcoj` ls. [als ls sljlhirhy ta` cis` lg gitlogs tait ko got cairb` ta`lr cltlz`gs p`rsogih lgcoj` tix`s. Lg suca cis`s, bross lgcoj` igk klsposinh` lgcoj` ir` lk`gtlcih. N`slk`s n`lgb us`k dor sp`gklgb og g``ks igk `xp`gs`s, klsposinh` lgcoj` cig ihso n` siv`k igk lgv`st`k. [arouba wls`hy purcaislgb cisa dhow lgv`stj`gts wlta klsposinh` lgcoj`, ta` r`suhtlgb klsposinh` lgcoj` lg ta` dutur` cig ictuihhy n` cogslst`gthy alba`r is r`buhir lgv`stj`gt lgcoj` coj`s lg to ta` p`rsog“s iccougt. Klsposinh` lgcoj` us`k dor cipltih bilgs lgv`stj`gts wlhh cojjoghy h`ik to og` tlj` bilgs og sih`s, walca wlhh oghy t`jporirlhy lgcr`is` klsposinh` lgcoj` dor og` tlj`.
Klstr`ss`k Iss`ts Klstr`ss`k iss`ts ir` iss`ts tait i cojpigy or lgklvlkuih ais n``g dorc`k to phic` dor sih` it i slbgldlcigt klscougt to ta` icqulr`k or ictuih vihu`. [als usuihhy aipp`gs is ta` owg`r ais go caolc` nut to s`hh ta` iss`t to rils` cisa. S`v`rih kldd`r`gt r`isogs jlbat `xlst dor way tals ls ta` cis`. [a`s` lgchuk` `xc`sslv` k`nt h`v`hs, nigmruptcy, igk r`buhitory r`qulr`j`gts. @v`g k`nt cig n` put og sih` it ig ijougt tait ls how`r taig lts dic` vihu`. Ra`g tals aipp`gs, lt ls mgowg is klstr`ss`k k`nt. Ihtaouba ta`r` ir` virlous typ`s od klstr`ss`k iss`ts odd`r`k dor sih`, ijogb ta` jost cojjog lg ta` wim` od >552->595“s dlgigclih crlsls igk Br`it ^`c`sslog ir` gog p`rdorjlgb hoigs og aous`s or dor`chosur`s og jortbib`k prop`rtl`s. Lgv`stors od ihh slz`s ir` inh` to tim` ikvigtib` od suca klstr`ss`k iss`ts lg prop`rty ny ivilhlgb ta`js`hv`s od i aoj`owg`r“s hicm od inlhlty to j``t ta` jigkitory jortbib` piyj`gts or od als or a`r crltlcih r`qulr`j`gts dor cisa. Lg sltuitlogs hlm` tals, suca aoj`owg`rs wlhh cogs`gt juca od ta` tlj` to s`hhlgb ta` prop`rty dor i sunstigtlih klscougt lg ork`r to ical`v` i dist dist sih`. Lg ta` pist, nigms k`iht wlta suca klstr`ss`k iss`t jortbib`s ihjost `gtlr`hy ta`js`hv`s. Is i r`suht od ta` Ij`rlcig nigms stlhh r`pilrlgb ta`lr a`ivlhy kijib`k nihigc` sa``ts droj ta` cougth`ss wrlt` odds igk ov`r h`v`riblgb tait ta`y `gbib`k lg ov`r ta` pist dlv` to t`g y`irs,
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Dlgigclih [`rjs Klctlogiry
ta`y cig got m``p up igy hogb`r wlta ta` `gorjous gujn`r od dor`chosur`s og ta`lr nooms. [als h`iv`s ta`j wlta hltth` caolc` nut to aiv` to s`hh soj` od ta`lr jortbib` prop`rty iss`rts it jisslv` klscougts to ictuih vihu` lg ork`r to n` inh` to cr`it` qulcm cisa dhow. dhow. [a` `gk r`suht ls tait klstr`ss`k iss`ts cig pr`s`gt i pot`gtlihhy prodltinh` lgv`stj`gt opportuglty dor you. [a` stlhh ogbolgb crlsls lg bhonih hlqulklty igk cr`klt ais nigms s`hhlgb jortbib`s to lgklvlkuih, is w`hh is to hirb`, lgv`stors it slbgldlcigt klscougts. Suca klscougts to p`rc`lv`k vihu` wouhk g`v`r occur lg ta` kiys od gorjihlz`k cogkltlogs lg ta` jortbib` igk cr`klt jirm`t phic`. [als j`igs tait lgv`stors ir` curr`gthy inh` to purcais` klstr`ss`k aoj` iss`ts wlta klscougts ijougtlgb to is juca is 2>.0%. Rlta is hltth` is $955,555, sjihh`r lgv`stors ir` inh` to b`t lgvohv`k wlta tals `ddlcl`gt igk pot`gtlihhy hucritlv` lgv`stj`gt strit`by. Urod`sslogih jigib`j`gt t`ijs ir` ivilhinh` to a`hp sjihh lgv`stors r`ihlz` ippro prlit` `xlt strit`bl`s waos` boih ls to b`g`rit` ig ljpr`sslv` >5% r`turg og lgv`stj`gt p`r y`ir. Uurcaislgb klstr`ss`k iss`ts suca is aoj`s lg jortbib` piyj`gt trou nh` cig odd`r `talcih optlogs igk n`g`dlts is w`hh. Lgv`stors ir` inh` to r`structur` ta` k`nt igk piyj`gts od ta` aoj` ao j` owg`r lg suca i wiy tait klstr`ss`k aoj` owg`rs ir` inh` to iddork ta` g`w piyj`gts. [als h`ts ta` trounh`k aoj` owg`rs stiy lg ta`lr aous`s so hogb is ta` lgv`stor owgs ta` jortbib` igk ta` aoj` owg`r ls inh` to worm wlta ta` g`why irrigb`k piyj`gt sca`kuh`. Klstr`ss`k iss`ts od cojpigl`s lgchuk` jigy kldd`r`gt typ`s od iss`ts. [a`s` jlbat n` cojj`rclih oddlc` nulhklgbs, cojj`rclih f`ts, igk `v`g dictorl`s igk `qulpj`gt sohk it sunstigtlih klscougts to r`ih vihu`. Jigy tlj`s, ota`r corporitlogs ir` inh` to icqulr` ta`s` klstr`ss`k iss`ts dor ta`lr owg us`s it digtistlc prlc`s.
Klv`rsldylgb Klv`rsldylgb r`d`rs to ta` j`igs od `dd`ctlv`hy how`rlgb your lgv`stlgb rlsm ny puttlgb your jog`y lgto i wlk` rigb` od virlous iss`ts. I truhy w`hh klv`rsldl`k portdohlo odd`rs ta` n`g`dlts od how`r ijougts od rlsm taig taos` tait ir` sljphy lgv`st`k lgto og` or two iss`t chiss`s or mlgks od lgv`stj`gts.
<3
Dlgigclih [`rjs Klctlogiry
@v`ryog` saouhk `gbib` lg soj` ijougt od klv`rsldlcitlog, `v`g ld ta` lgklvlkuih prov`s to n` og` wao ls toh`rigt od rlsm. [aos` lgklvlkuihs wao r`ihhy d`ir ta` pr`s`gt kiy `cogojlc ugc`rtilgtl`s igk v`ry r`ih ijougts od rlsm lg ta` jirm`t phic` wlhh p`rdorj n`tt`r dorjs od klv`rsldlcitlog lgto jor` iss`t broups. Jilgstr`ij klv`rsldlcitlog ls ihwiys r`cojj`gk`k ny dlgigclih `xp`rts n`cius` od ta` cojjog `xijph` od got phiclgb ihh od your lgv`stj`gt `bbs lgto fust i slgbh` nism`t. Ld you ko aiv` ihh `bbs lg ta` og` nism`t igk ta`g krop ta` nism`t ihogb ta` wiy, ta`g ta`y cig ihh nr`im. [a` lk`i ls tait ny phiclgb `ica `bb lgto lts owg lgklvlkuih nism`t, ta` okks od nr`imlgb ihh od ta` `bbs k`chlg`s slbgldlcigthy, `v`g ld og` or s`v`rih od ta`j ko b`t nrom`g ta`js`hv`s. Uortdohlos tait aiv` got `gbib`k lg klv`rsldylgb jlbat aiv` oghy og` or two corporitlogs“ stocms lg ta`j. [als prov`s to n` i kigb`rous lgv`stj`gt strit`by, strit`by, slgc` go jitt`r aow book i cojpigy hooms og pip`r, lts stocm couhk k`chlg` to is how is z`ro hlt`rihhy ov`r glbat. [a` pist d`w y`irs od ta` dlgigclih cohhips` aiv` tiubat jigy lgv`stors ta` `xtr`j`hy pilgduh h`ssog tait `v`g ogc` nhu` calp dlgigclih cojpigl`s“ stocm cig k`chlg` to prictlcihhy p rictlcihhy gotalgb is ta`y sp`cticuhirhy cohhips`. Igy dlgigclih `xp`rt wlhh cogdlk`gthy stit` tait portdohlos jik` up od i koz`g or two koz`g virylgb stocms wlhh aiv` dir h`ss caigc` od phujj`tlgb. [als n`coj`s `v`g jor` ta` cis` wa`g you plcm out stocms droj i virl`ty od typ`s, lgkustrl`s, igk jirm`t cipltihlzitlog slz`s od corporitlogs. N`tt`r klv`rsldylgb lg stocms wouhk lgchuk` soj` cojpigl`s tait ir` nis`k lg ota`r cougtrl`s. Klv`rsldylgb ko`s got sljphy stop wlta stocms. Lt st``rs lgv`stors lgto nogks, jutuih dugks, igk jog`y jirm`t dugks is w`hh. [aouba ihh od ta`s` kldd`r`gt lgv`stj`gts klv`rsldy you, ta`y stlhh h`iv` you josthy `xpos`k to ta` og` curr`gcy od ta` P.S. kohhir. Jor` taorouba klv`rsldylgb wlhh put it h`ist i portlog od your lgv`stj`gts lgto iss`ts waos` vihu`s ir` got soh`hy `xpr`ss`k lg t`rjs od oghy ta` Ij`rlcig curr`gcy. [als wouhk lgchuk` cojjokltl`s, suca is bohk, slhv`r, olh, igk phitlguj lg pirtlcuhir. Dor`lbg curr`gcl`s, suca is ta` @uro, Uougk, or Swlss Drigc ir` igota`r digtistlc j`igs od klv`rsldylgb, igk ta`y cig n` icqulr`k og ta` worhk DO^@Q `xcaigb` lg curr`gcy iccougts. ^`ih `stit`, lgchuklgb cojj`rclih prop`rtl`s, r`slk`gtlih prop`rtl`s, vicitlog aoj`s, or `v`g r`ih `stit` lgv`stj`gt dugks, odd`rs igota`r wiy to klv`rsldy iwiy droj P.S. kohhir nis`k dlgigclih lgv`stj`gts suca is stocms, nogks, jutuih dugks, igk jog`y jirm`t iccougts. [a`
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Dlgigclih [`rjs Klctlogiry
strogb`st klv`rsldylgb ikvlc` ls to aiv` it h`ist tar`` to s`v`g cojph`t`hy kldd`r`gt lgv`stj`gt chiss v`alch`s, pr`d`rinhy og` or jor` od walca ls got k`gojlgit`k lg oghy P.S. kohhirs.
Klvlk`gk Klvlk`gks r`pr`s`gt portlogs od i cojpigy“s `irglgbs tait ir` r`turg`k to ta` lgv`stors lg ta` cojpigy“s stocm. [a`s` ir` typlcihhy pilk out lg cisa tait ls `lta`r k`poslt`k lgto ta` lgv`stors“ nrom`rib` iccougts or cig n` r`lgv`st`k klr`cthy lgto ta` cojpigy“s stocm. Is ig `xijph` od i klvlk`gk, `v`ry sair` od Ualhhlp Jorrls piys irougk ;.0% klvlk`gks og ta` stocm prlc` `ica y`ir. y`ir. Lgv`stlgb lg klvlk`gk piylgb stocms ls i pirtlcuhir pisslv` lgcoj` lgv`stj`gt strit`by tait ls ihso i cisa dhow lgv`stj`gt. [als pisslv`, or cisa dhow, lgcoj` j`igs tait you cohh`ct lgcoj` fust droj aohklgb ta`s` stocm lgv`stj`gts. [als mlgk od strit`by `gtilhs nulhklgb up i broup od nhu` calp cojpigy stocms tait ta it piy hirb` klvlk`gk yl`hks walca ikk jog`y to your iccougt usuihhy dour tlj`s p`r y`ir, og i quirt`rhy nisls. Lgv`stors lg klvlk`gks tr`j`gkoushy `gfoy witcalgb ta`s` routlg` k`poslts lg cisa irrlv` lg `lta`r ta`lr nigm iccougt, nrom`rib` iccougt, or ta` jilh. Klvlk`gk lgv`stors wao ugk`rstigk tals typ` od lgv`stj`gt ir` hoomlgb dor i gujn`r od kldd`r`gt `h`j`gts lg ta` stocms tait ta`y nuy. Suca klvlk`gk stocms saouhk lgchuk` i alba klvlk`gk yl`hk. [o [o quihldy is alba yl`hks, jost vihu` lgv`stors pr`d`r to s`` og`s tait piy jor` taig ko ta` lgt`r`st rit` yl`hks og P.S. [r`isurl`s. [r`isurl`s. Klvlk`gk yl`hks cig n` `islhy k`t`rjlg`k. Ihh tait you aiv` to ko ls to tim` ta` ijougt od ta` klvlk`gk igk klvlk` lt ny ta` prlc` od ta` stocm. So i stocm tait odd`rs i $> klvlk`gk igk costs $;5 ls piylgb i dlv` p`rc`gt klvlk`gk yl`hk. Klvlk`gk piylgb stocms saouhk ihso d`itur` alba klvlk`gk cov`rib`. [als cov`rib` sljphy r`d`rs to ta` sid`ty od i klvlk`gk, or aow hlm`hy lt ls to n` r`kuc`k or `v`g `hljlgit`k. Cojpigl`s tait `irg ta`lr prodlts droj i hirb` irriy od nuslg`ss`s ir` jor` hlm`hy to n` inh` to cogtlgu` piylgb ta`lr klvlk`gks taig ir` cojpigl`s tait jim` ihh od ta`lr jog`y odd od i slgbh` nuslg`ss tait couhk n` tar`it`g`k. I jor` tigblnh` wiy od `xpr`sslgb ta` cov`rib` hl`s lg aow jigy tlj`s ta` klvlk`gk totih kohhir ijougt ls cov`r`k ny ta` corporitlog“s totih `irglgbs. I cojpigy wlta dldty jlhhlog kohhirs lg prodlts tait piys tw`gty jlhhlog lg klvlk`gks ais lts klvlk`gk cov`r`k ny two igk i aihd
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Dlgigclih [`rjs Klctlogiry
tlj`s. Saouhk ta`lr prodlts krop ny t`g p`rc`gt or jor`, ta`y wlhh aiv` go trounh` stlhh piylgb ta` sij` klvlk`gk ijougt to sair`aohk`rs. [a` klvlk`gk piyout ritlo ls igota`r wiy od j`isurlgb tals. Og ta` inov` `xijph` lt wouhk n` dorty p`rc`gt. Klvlk`gk lgv`stors pr`d`r to s`` go jor` taig slxty p`rc`gt od prodlts blv`g out is klvlk`gks, is tals couhk slbgldy tait ta` cojpigy hicms dutur` opportugltl`s dor browta igk `x pigslog. Yuihldl`k klvlk`gks ir` i talrk `h`j`gt tait klvlk`gk lgv`stors ir` hoomlgb dor lg ta`lr klvlk`gk piylgb stocms. [als sljphy j`igs tait stocms tait ir` m`pt dor h`ss taig i y`ir ko got n`g`dlt droj how`r tix rit`s og klvlk`gks. Slgc` ta` bov`rgj`gt ls itt`jptlgb to cogvlgc` you to n`coj` i hogb`r t`rj lgv`stor, you saouhk tim` ikvigtib` od ta`s` how`r tix rit`s ny oghy nuylgb stocms wlta quihldl`k klvlk`gks tait you aiv` a`hk dor i duhh y`ir igk jor`.
Klvlk`gk \l`hk Klvlk`gk yl`hk r`d`rs to ta` piyout od klvlk`gk prlc` ritlo og i blv`g cojpigy“s stocm. Lt ls sljphy k`t`rjlg`k ny timlgb ta` y`irhy klvlk`gk piyj`gt totih igk klvlklgb lt ny ta` cost dor `ica sair`. [als klvlk`gk yl`hk ls cojjoghy blv`g out is i p`rc`gtib`. [a` r`clprocih od klvlk`gk yl`hk prov`s to n` ta` prlc` to klvlk`gk ritlo. Klvlk`gk yl`hks viry k`p`gklgb og wa`ta`r i stocm ls i pr`d`rr`k stocm or i cojjog stocm. Rlta pr`d`rr`k sair`s, ta`s` klvlk`gk yl`hks ir` outhlg`k sp`cldlcihhy lg ta` stocm“s prosp`ctus. I cojpigy wlhh b`g`rihhy cihh suca i pr`d`rr`k chiss od stocm ny ta` gij` dlrst blv`g to lt, walca lgchuk`k ta` yl`hk nis`k og tals lgltlih prlc`. [als jlbat n` i dlv` p`rc`gt pr`d`rr`k sair`. Slgc` ta` prlclgb od pr`d`rr`k stocm sair`s bo up igk kowg wlta ta` klctit`s od ta` jirm`t, ta` curr`gt yl`hk wlhh viry wlta ta` caigb`s lg prlc`. Ur`d`rr`k sair` aohk`rs aiv` i virl`ty od yl`hks tait ta`y cig dlbur` up. [a`s` k`p`gk og ta` `v`gtuih klsposltlog od ta`lr pr`d`rr`k sair` s`curlty. N`slk`s ta` curr`gt yl`hk dorjuhi od ijougt od klvlk`gk p`r prlc` od pr`d`rr`k sair`, ta`r` ir` pr`s`gt p r`s`gt vihu` yl`hks igk i yl`hk to jiturlty. jiturlty. [a`s` ota`r yl`hks oghy ipphy to taos` lgv`stors wao purcais` pr`d`rr`k stocm sair`s idt`r ta`y aiv` n``g lssu`k or wao caoos` to aohk ta`j ugtlh ta` r`ica ta` stit`k jiturlty kit`. Ur`d`rr`k sair` klvlk`gks ir` ihjost ihwiys alba`r taig ta` klvlk`gk yl`hks og cojjog stocm sair`s.
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Dlgigclih [`rjs Klctlogiry
Cojjog stocm sair`s aiv` i klvlk`gk yl`hk tait kldd`rs `gtlr`hy. Rlta suca cojjog sair`s, ta` klvlk`gk ijougt ls got buirigt``k, igk couhk viry droj og` quirt`r to ta` g`xt. [a`s` klvlk`gks tait ir` blv`g to you, ta` cojjog stocm aohk`r, ir` k`t`rjlg`k ny ta` cojpigy“s jigib`j`gt. Is suca, ta`y k`p`gk og ta` `irglgbs od ta` cojpigy dor ta` blv`g quirt`r. Rlta cojjog stocms, you cig got n` issur`k tait klvlk`gks wlhh n` pilk lg ta` dutur` tait jitca klvlk`gks pilk pr`vloushy, pr`vloushy, or tait ta`s` klvlk`gks wlhh n` pilk p`rlok. Slgc` lt prov`s to n` so caihh`gblgb to corr`cthy pr`klct dutur` klvlk`gks, ta` dlbur`s us`k lg k`t`rjlglgb klvlk`gk yl`hks ir` ta` pr`s`gt klvlk`gk yl`hks. [als j`igs tait ta` pr`s`gt klvlk`gk yl`hk ls ihwiys k`t`rjlg`k ny klvlklgb ta` jost curr`gt duhh y`ir“s klvlk`gk ny ta` pr`s`gt sair` prlc`. Klvlk`gk yl`hks cig aiv` i jifor ljpict og aow juca jog`y i stocm jim`s dor lts owg`rs ov`r tlj`. Kr. F`r`jy Sl`b`h ls i w`hh r`sp`ct`k prod`ssor od lgv`stj`gts wao ais k`t`rjlg`k cogchuslv`hy wlta als r`s`irca tait glg`ty-glg` p`rc`gt od ihh idt`r lgdhitlog bilgs tait lgv`stors r`ihlz` wlta stocms coj` droj oghy klvlk`gks tait ir` r`lgv`st`k. ^`lgv`stj`gt od klvlk`gks j`igs tait ta` klvlk`gk yl`hk ijougts ir` sljphy tim`g igk us`k to purcais` jor` sair`s od ta` stocm, lgst`ik od piylgb ta`j out is cisa to ta` sair` aohk`r“s iccougt. [als ihhows dor lgv`stors to cojpougk ta` gujn`r od sair`s tait ta`y owg lg i cojpigy ov`r tlj`.
Klvlk`gks (Jutuih Dugks) Ra`r` jutuih dugks ir` cogc`rg`k, klvlk`gks ir` qult` kldd`r`gt taig ta`y turg out to n` dor stocms. Jutuih dugk klvlk`gks ir` ictuihhy r`qulr`k klstrlnutlogs od nota lgcoj` is w`hh is cipltih bilgs tait ir` r`ihlz`k tait aiv` to n` pilk out to lgv`stors lg jutuih dugks. Jutuih dugks odt`g nrlgb lg virylgb typ`s od lgcoj`. lg coj`. [a` caihh`gb` hl`s lg ta` dict tait ihh od ta`s` lgcoj`s coj` wlta virylgb tix tr`itj`gts. Lg ta` jiforlty od cis`s, suca kldd`r`gc`s lg tix`s ir` piss`k tarouba to ta` lgv`stors lg ta` jutuih dugk. Is ig `xijph`, saouhk i jutuih dugk owg i stocm dor hogb`r taig i slgbh` y`ir igk ta`g s`hh lt to r`ihlz` i cipltih bilg, ta`g i portlog od ta` lgv`stors“ jutuih dugk klvlk`gks wouhk n` chissldl`k is i hogb t`rj cipltih bilg. [als wouhk p`rjlt you to r`ihlz` ta` ikvigtib`s od suca typ`s od lgcoj`“s how`r tix rit`s.
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Dlgigclih [`rjs Klctlogiry
[a`r` ir` virylgb typ`s od klvlk`gks pilk out ny jutuih dugks. Og` od ta`s` ls orklgiry klvlk`gks. [a`s` cov`r `v`ry typ` od tixinh` lgcoj` n`slk`s ta` hogb t`rj cipltih bilgs. [als ko`s got j`ig tait ta`y ir` ihwiys tr`it`k is orklgiry tix rit` lgcoj`, slgc` soj` od ta`s` klvlk`gks wlhh n` quihldl`k klvlk`gks tait r`c`lv` pr`d`r`gtlih tix rit` tr`itj`gt. Soj` od ta` klstrlnutlogs tait coj` droj your jutuih dugk couhk n` hogb t`rj cipltih bilgs. [a`s` ko b`t ta` n`tt`r dorj od tix tr`itj`gt. Saort`r t`rj cipltih bilgs lg ta`s` dugks ir` b`g`rihhy klstrlnut`k ihogb wlta ta` r`buhir klvlk`gks. Soj` jutuih dugks nuy lgto stit` or hocih bov`rgj`gt k`nts or juglcl pih nogks. [als r`suhts lg i portlog od your jutuih dugk klstrlnutlogs n`lgb tr`it`k is lgt`r`st tait ls tix `x`jpt. [a`s` lgt`r`st piyj`gts jlbat stlhh ljpict soclih s`curlty n`g`dlts taouba, so lt ls wls` to cogsuht i tix prod`sslogih cogc`rglgb ta`j. Saouhk your jutuih dugk n` lgv`stlgb jog`y lgto ta` D`k`rih Bov`rgj`gt“s k`nt onhlbitlogs, ta`g ta`s` klstrlnutlogs cig odt`g n` tr`it`k is lgt`r`st pilk ny ta` d`k`rih bov`rgj`gt. Suca lgcoj` ls got blv`g divorinh` D`k`rih lgcoj` tix tr`itj`gt. Lt ko`s n`coj` `x`jpt droj stit` lgcoj` typ`s od tixitlog. Droj tlj` to tlj`, jutuih dugks wlhh lssu` piyj`gts tait ir` got lgcoj` it ihh. [als ls i gog klvlk`gk klstrlnutlog. Ihh tait lt r`pr`s`gts ls i portlog od ta` jog`y tait wis lgv`st`k ny you lg ta` dlrst phic` n`lgb r`turg`k to you. [a`s` klstrlnutlogs usuihhy ko got `v`g aiv` to n` r` port`k. [a`y just n` us`k lg k`t`rjlglgb ta` ijougt od hoss or bilg lgcurr`k wa`g you s`hh ta` jutuih dugk sair`s, taouba. I dlgih jutuih dugk klvlk`gk pilk out ls i cipltih bilg ihhocitlog. [a`s` ir` albahy ugusuih, slgc` ta` ov`rwa`hjlgb jiforlty od jutuih dugks ko cipltih bilg klstrlnutlogs lgst`ik. Ralh` lt ls albahy ugcojjog to s`` suca i cipltih bilg ihhocitlog, ld you ko b`t og`, ta`g you wlhh aiv` to us` ta` sp`clih Dorj >;3< tait your jutuih dugk s`gks to you lg k`ihlgb wlta ta` pirtlcuhir tix ruh`s.
KFLI (Kow Fog`s Lgkustrlih Iv`rib`) [a` Kow Fog`s Lgkustrlih Iv`rib`, cojjoghy r`d`rr`k to ny lts icrogyj KFLI, ls ihso jigy tlj`s cihh`k ta` Kow 35, ta` Kow Fog`s, ta` Kow, or `v`g fust ta` Lgkustrlih Iv`rib`. Lt prov`s to n` ta` s`cogk
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Dlgigclih [`rjs Klctlogiry
ohk`st stocm jirm`t lgk`x lg ta` Pgtl`k Stit`s idt`r ta` Kow Fog`s [rigsportitlog Iv`rib`. [a` Kow Fog`s Lgkustrlih Iv`rib` cij` lgto n`lgb wa`g Cairh`s Kow, Kow, ta` co dougk`r od Kow Fog`s igk Cojpigy worm`k wlta i nuslg`ss cohh`ibu` @kwirk Fog`s, i stitlstlclig, to coj` up wlta ig lgk`x tait jogltors ta` lgkustrlih s`ctor. [als lgk`x k`jogstrit`s ta` kilhy stocm jirm`t triklgb s`sslog probr`ss od talrty od ta` hirb`st cojpigl`s tait ir` punhlchy trik`k wltalg ta` ta ` P.S. Lroglcihhy, jost od ta` pr`s`gt kiy talrty cojpigl`s hlst`k lg tals lgk`x go hogb`r aiv` juca or `v`g igytalgb to ko wlta ta` alstorlcih k`dlgltlog od a`ivy lgkustry. [a` cojpog`gts lg ta` iv`rib` ir` w`lbat`k ny prlc` igk scih`k lg ork`r to ikfust dor ta` ljpicts od stocm sphlts igk virylgb ota`r dorjs od ikfustj`gts. [als j`igs tait ta` totih vihu` tait you s`` lg ta` kilhy r`pr`s`gtitlog od ta` Kow Fog`s ko`s got prov` to n` ta` tru` iv`rib` od ta` kldd`r`gt kldd`r`gt cojpigy stocm prlc`s. Lgst`ik, lt ls ta` totih od suca cojpigy prlc`s tait ir` ikk`k up igk ta`g klvlk`k ny i sp`clih klvlsor. [als klvlsor ls i gujn`r tait ls ik fust`k igy tlj` og` od ta` cojpigy stocms ugk`rhylgb lt piys i klvlk`gk or `gbib`s lg i stocm sphlt. Lg tals wiy, ta` lgk`x pr`s`gts i cogstigt vihu` tait ls got iht`r`k ny ta` `xt`rgih dictors od ta` cojpog`gt stocms. [a` Kow Fog`s Lgkustrlih Iv`rib` r`jilgs og` od ta` jost a`ivlhy dohhow`k igk cir`duhhy witca`k lgklc`s lg ta` Ij`rlcig stocm jirm`t, ihogb wlta p``rs ta` S&U 055 Lgk`x, ta` GISKIY cojposlt`, igk ta` ^uss`hh >555 Lgk`x. [a` dougk`r Kow lgt`gk`k dor ta` lgk`x to jogltor ta` Ij`rlcig lgkustrlih s`ctor“s ictuih p`rdorjigc`. @v`g so, ta` lgk`x ls cogstigthy idd`ct`k ny juca jor` taig sljphy ta` `cogojlc igk corporit` r`ports lssu`k. Lt r`spogks to nota dor`lbg igk koj`stlc lgclk`gts igk pohltlcih `plsok`s hlm` t`rrorlsj igk wir, is w`hh is igy giturih klsist`rs tait jlbat cius` `cogojlc kijib`. [a` Kow Fog`s Lgkustrlih Iv`rib`“s talrty cojpog`gts sljuhtig`oushy trik` og `lta`r ta` G`w \orm Stocm @xcaigb` @urog`xt or ta` GISKIY OJQ, walca ir` ta` two hirb`st Ij`rlcig stocm jirm`t outdlts. K`rlvitlv`s nis`k og Kow cojpog`gts trik` vli ta` Calcibo Noirk Optlogs @xcaigb`, is w`hh is wlta ta` Calcibo J`rcigtlh` @xcaigb` Broup. [a` hitt`r ls ta` hirb`st dutur`s `xcaigb` outdlt og `irta, igk lt pr`s`gthy owgs duhhy glg`ty p`rc`gt od ta` Kow Fog`s dougk`k lgk`xlgb nuslg`ss, ihogb wlta tals Lgkustrlih Iv`rib`. Lgv`stors wao ir` lgt`r`st`k lg bilglgb ta` inlhlty to tricm ta` probr`ss od ta` Kow Fog`s Lgkustrlih iv`rib` aiv` s`v`rih caolc`s. [a`r` ir` lgk`x dugks tait nuy ta` cojpog`gts od ta` lgk`x so tait you ko got
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Dlgigclih [`rjs Klctlogiry
aiv` to owg ihh talrty cojpigl`s yours`hd. \ou jlbat ihso lgv`st lg ta` Kow 35 ny purcaislgb sair`s od ta` @xcaigb` [rik`k Dugk mgowg is ta` Klijogks @[D. [als trik`s ugk`r ta` IJ@Q `xcaigb` vli ta` syjnoh KLI. Dlgihhy, you couhk ny optlogs igk dutur`s cogtricts nis`k og ta` p`rdorjigc` od ta` Kow Fog`s Iv`rib` og ta` Calcibo Noirk od [rik`.
Kowg Uiyj`gt I kowg piyj`gt ls ig updrogt ijougt tait ls blv`g is i portlog od ta` prlc` og i purcais` od hirb` tlcm`t lt`js suca is aous`s or cirs. [a`s` ir` blv`g lg cisa or ny ca`cm wa`g ta` cogtrict ls slbg`k. [a` nihigc` od ta` suj ku` ls ta`g blv`g is i hoig. Kowg piyj`gts ir` prlgclpihhy lgt`gk`k to jim` sur` tait ta` nigm or ota`r typ` od h`gklgb lgstltutlog ls cipinh` od r`cov`rlgb ta` r`jilglgb nihigc` tait ls ow`k og i hoig saouhk ta` norrow`r caoos` to k`diuht. Lg trigsictlogs od r`ih `stit`, ta` ugk`rhylgb iss`t n`coj`s cohhit`rih tait s`cur`s ta` issoclit`k hoig ibilgst pot`gtlih k`diuht. Saouhk ta` norrow`r got r`piy ta` hoig is ibr``k, ta`g ta` nigm or lgstltutlogih h`gk`r ls ihhow`k to s`hh tals cohhit`rih iss`t igk m``p `gouba od ta` jog`y r`c`lv`k to piy odd ta` r`st od ta` hoig ihogb wlta ta` lgt`r`st igk d``s lgchuk`k. Lg ta`s` cis`s, kowg piyj`gts k`cr`is` ta` `xposur` rlsm od ta` h`gk`r to ig ijougt tait ls sjihh`r taig ta` cohhit`rih“s vihu`. [als lgcr`is`s ta` caigc` od ta` nigm b`ttlgb ta` `gtlr` prlgclpih hoig`k out nicm saouhk ta` norrow`r k`diuht. [a` ijougt od suca i kowg piyj`gt ta`r`dor` ljpicts ta` h`gk`r“s `xposur` to ta` hoig igk prot`cts ibilgst igytalgb tait jlbat h`ss`g ta` cohhit`rih“s vihu`. [als lgchuk`s prodlts tait ir` host droj ta` polgt od ta` dlgih piyj`gt to ta` dlgih cohhit`rih sih`. [a` jimlgb od tals kowg piyj`gt issur`s i h`gk`r tait ta` norrow`r ais cipltih ivilhinh` dor hogb t`rj lgv`stj`gts, durta`r prood tait ta` dlgigc`s od ta` norrow`r ir` inh` to iddork ta` lt`j lg ta` dlrst phic`. Saouhk i norrow`r got succ`ssduhhy piy kowg ta` duhh hoig ijougt, ta`g a` or sa` wlhh hos` ta` `gtlr` kowg piyj`gt. Kowg piyj`gts og aous`s noubat lg ta` Pglt`k Stit`s typlcihhy rigb` igywa`r` droj 3.0% to >5% od ta` duhh purcais` ijougt. [a` D`k`rih Aouslgb Ikjlglstritlog a`hps dlrst tlj` norrow`rs to piy j`r`hy 3.0% is i kowg piyj`gt. Lg ta` `xc`ss`s od ta` y`irs h`iklgb up to ta` dlgigclih cohhips` od >552, jigy nigms w`r` jimlgb hoigs wlta go kowg
955
Dlgigclih [`rjs Klctlogiry
piyj`gts. Og cir purcais`s, ta`s` ijougts od kowg piyj`gts jlbat n` lg ta` rigb` od droj 3% to 93%.
Ku` Klhlb`gc` [a` paris` ku` klhlb`gc` ls utlhlz`k to klscuss i wlk` virl`ty od h`bih onhlbitlogs, isslbgj`gts, lgv`stlbitlogs, igk r`ports. [a`s` ihh ir` pricpric tlc`k lg nuslg`ss, jigudicturlgb igk hiw. [a` jost cojjoghy us`k v`rslog od ta` paris` ais to ko wlta nuslg`ss`s. Lg nuslg`ss, ta` cogc`pt od ku` klhlb`gc` p`rtilgs to ta` proc`ss bog` tarouba ny v`gtur` cipltihlsts lg ikvigc` od pourlgb dugklgb lgto i stirt up cojpigy. Ihso lgvohv`k wlta tals ir` lgv`stlbitlogs tait cogtlgu` hit`r lgto ta` wiys tait ta` jogl`s ir` n`lgb sp`gt. Hirb` cojpigl`s sljlhirhy `gbib` lg suca ku` klhlb`gc` n`dor` jimlgb ta` k`clslog to nuy out i sjihh`r cojpigy. cojpigy. T`gtur` cipltihlsts prictlc` i pirtlcuhir nrigk od ku` klhlb`gc` tait lgvohv`s r`s`ircalgb ta` pr`s`gt igk pist phiy`rs igk structur`s od ta` dlrj tait ls hoomlgb dor v`gtur` dugklgb. T`gtur` cipltihlsts ir` cir`duh inout puttlgb jog`y lgto dlrjs tait ko got d`itur` prlgclpihs wao saowcis` `lta`r i tricm r`cork tait ls w`hh prov`g or it h`ist ljpr`sslv` cr`k`gtlihs. Suca i ku` klhlb`gc` lgv`stlbitlog couhk n` strlct`r or jor` r`hix`k nis`k og ta` pr`vilhlgb ijougt od ciutlog a`hk ny ta` lgv`stj`gt cojjuglty it igy blv`g tlj`. Rlta jost v`gtur` cipltihlst dlrjs, ta`r` wlhh n` jor` taig i koz`g lgv`stlbitors `jphoy`k wao sp`gk ta`lr tlj` lgv`stlbitlgb pirtlcuhir lgdorjitlog og ta` p`rsogih alstorl`s od ta` corporitlog“s p`rsogg`h. [als tism ais n`coj` dir `isl`r taig `v`r n`dor` taigms to ta` rls` od ta` Lgt`rg`t igk ihh od ta` suns`qu`gt icc`ss to lgdorjitlog tait ls gow ivilhinh`. Hoomlgb lgto ig lgklvlkuih“s `xp`rl`gc` igk issoclitlogs ls gow dir qulcm`r igk jor` cogv`gl`gt. Ku` klhlb`gc` ls ihso us`k dor nicmbrougk ca`cms. Ra`g v`gtur` cipltihlst k`clslog jim`rs jim` up ta`lr jlgk cogc`rglgb ta` prosp`ctlv` dlrj, ta`y wlhh ork`r ta`s` kog`. Jost od ta` tlj`, suca v`gtur` cipltihlst pirtg`rs wlhh wigt to blv` dugks to lgklvlkuihs tait ta`y `lta`r d``h cogdlk`gt cig n` trust`k, or to waoj ta`y aiv` klsnurs`k dugks n`dor` wlta ota`r v`gtur`s. K`splt` ta` prictlc` od ku` klhlb`gc`, lt ko`s got buirigt`` tait ta` lgv`stj`gt wlhh got dilh. Cojpigl`s tait ir` cojprls`k od succ`ssduh
959
Dlgigclih [`rjs Klctlogiry
prov`g p`oph` wlta tr`j`gkous `kucitlogih nicmbrougks igk prictlcih `xp`rl`gc` stlhh dilh ihh od ta` tlj` n`cius` od cojp`tltlog tait go og` dor`siw cojlgb, klddlcuht cogkltlogs lg ta` jirm`t, or `v`g t`caglcih klddlcuhtl`s wlta prokucts. Ku` klhlb`gc` lgvohv`s i kldd`r`gt ugk`rstigklgb droj og` cojpigy to ta` g`xt dlrj. Rltalg ta` nuslg`ss od jigudicturlgb, soj` `gvlrogj`gtih prot`ctlogs aiv` to n` tim`g. [a`s` ir` ca`cm`k out lg ta` ku` klhlb`gc` r`port aivlgb to ko wlta `gvlrogj`gtih slt` iss`ssj`gts. Suca i r`port cogtilgs sp`cldlcitlogs lg i ca`cmhlst, is w`hh is ivilhinh` s`ctlogs dor cojj`gtiry. Ku` klhlb`gc` ls ihso us`k ny hiw dlrjs cogc`rglgb cir` tait saouhk n` tim`g ny cojpigl`s or lgklvlkuihs lg i pirtlcuhir sc`girlo. Ig `xijph` od tals jlbat n` i cojpigy jimlgb c`rtilg tait ta`lr prokuct wis taoroubahy ca`cm`k out lg ikvigc` od s`hhlgb lt igk ta`g dlgklgb out tait lt jlbat n` polsogous or airjduh lg strigbhlgb lgclk`gts. Saouhk ta`y got ko tals ku` klhlb`gc`, ta`g ta`y jiy n` cairb`k wlta crljlgih g`bhlb`gc`.
@irg`k Lgcoj` @irg`k lgcoj` coj`s droj lgvohv`j`gt lg i nuslg`ss or i trik`. Lt ls cojprls`k od sihiry, wib`s, cojjlsslogs, tlps, igk nogus`s. @irg`k lgcoj` prov`s to n` ta` opposlt` od ug`irg`k lgcoj`. Igy jog`y blv`g to you dor worm tait you aiv` kog` ls t`rj`k `irg`k lgcoj`. Is ig `xijph` od jog`y tait ls got cogslk`r`k to n` `irg`k lgcoj`, ld your `jphoy`r ikvigc`k you jog`y ibilgst your upcojlgb piy ca`cm, tals wouhk n` ug`irg`k lgcoj`. [als ls n`cius` you aiv` got y`t p`rdorj`k ta` worm tait `irgs ta` lgcoj`. @irg`k lgcoj` ls b`g`rit`k lg og` od two kldd`r`gt wiys. \ou jlbat worm dor i p`rsog or cojpigy tait ta it piys you dor ta` worm. Iht`rgitlv`hy, Iht`rgitlv`hy, you couhk worm is i s`hd `jphoy`k p`rsog lg i nuslg`ss tait ls yours. Dor tixlgb purpos`s, `irg`k lgcoj` ls i nroik`r cit`bory. Lt lgvohv`s got oghy sihiry, wib`s, igk tlps, or iht`rgitlv`hy s`hd `jphoyj`gt g`t `irglgbs, lg ta` cihcuhitlogs od ta` L^S. [a`y ihso lgchuk` n`g`dlts droj uglog strlm`s igk n`g`dlts dor hogb t`rj klsinlhlty tait ir` `irg`k n`dor` i p`rsog ical`v`s ta` jlgljuj r`tlr`j`gt ib` is ug`irg`k lgcoj`. Cojnit piy dor jlhltiry p`rsogg`h ls got usuihhy cogslk`r`k to n` tixinh` `irg`k lgcoj` lg coj` `lta`r.
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Dlgigclih [`rjs Klctlogiry
[a`r` ir` virlous dorjs od lgcoj` tait ir` cogslk`r`k to n` ug`irg`k lgcoj`, or got `irg`k. [a`s` lgchuk` lgv`stj`gt r`turgs, suca is klvlk`gks, lgt`r`st, igk cipltih bilgs. Soclih s`curlty igk ug`jphoyj`gt n`g`dlts ir` ihso ug`irg`k lgcoj`. Dlgihhy, Dlgihhy, p`gslogs, calhk support, igk ihljogy ir` ihh got cogslk`r`k to n` `irg`k lgcoj`. @irg`k lgcoj` ls got oghy us`k ny ta` L^S to k`t`rjlg` ig lgklvlkuih“s tix hlinlhlty dor ta` curr`gt y`ir. Lt ls ihso `jphoy`k to k`t`rjlg` `hlbl nlhlty dor ta` @irg`k Lgcoj` [ix [ix Cr`klt, jor` cojjoghy r`d`rr`k to ny lts icrogyj ta` @L[C. [als @irg`k Lgcoj` [ix Cr`klt prov`s to n` i cr`klt ibilgst tix`s dor lgklvlkuihs wao worm igk r`c`lv` how wib`s dor ta`lr `irg`k lgcoj`. [ix cr`klts suca is tals og` cojjoghy trigshit` to ikkltlogih gujn`rs od `irg`k lgcoj` kohhirs stiylgb lg ta` p`rsog“s pocm`t, or i how`r tix hlinlhlty dor ta` y`ir taig wouhk ota`rwls` n` igtlclpit`k. Got oghy ko`s tals k`cr`is` ta` ijougt od tix tait jlbat n` ow`k, nut lt couhk h`ik to i tix r`dugk ld ta` ikfust`k bross lgcoj` r`suhts lg g`bitlv` lgcoj` tix n`lgb ku`.
@irglgbs U`r Sair` @irglgbs p`r sair` r`d`r to ta` blv`g totih od `irglgbs tait i cojpigy ais dor `v`ry sair` od ta` dlrj“s stocm tait ls outstigklgb. [a`r` ir` s`v`rih dorjuhis dor cihcuhitlgb `irglgbs p`r sair`. [a`s` k`p`gk og walca s`bj`gt od `irglgbs ir` n`lgb cogslk`r`k. [a` DISN, or Dlgigclih Iccougtlgb Stigkirks Noirk, jim`s corporitlogs r`port suca `irglgbs p`r sair` og ta`lr lgcoj` stit`j`gt dor ihh od ta` jifor cojpog`gts od suca stit`j`gts lgchuklgb klscogtlgu`k op`ritlogs, cogtlgulgb op`ritlogs, `xtriorklgiry lt`js, igk g`t lgcoj`. lg coj`. [o dlbur` up ta` nislc g`t `irglgbs p`r sair` dorjuhi, you oghy aiv` to klvlk` ta` prodlt dor ta` y`ir ny ta` iv`rib` gujn`r od cojjog sair`s od stocm. Rlta klscogtlgu`k op`ritlogs, lt ls oghy i jitt`r od timlgb ta` klscogtlgu`k op`ritlogs lgcoj` igk klvlklgb lt ny ta` iv`rib` gujn`r od cojjog stocm sair`s outstigklgb. Cogtlgulgb op`ritlogs `irglgbs p`r sair` `quih ta` cogtlgulgb op`ritlogs lgcoj` ov`r ta` iv`rib` gujn`r od cojjog sair`s. @xtriorklgiry lt`js worms wlta ta` lgcoj` droj `xtriorklgiry lt`js igk klvlk`s lt ny ta` w`lbat`k iv`rib` guj n`r od cojjog sair`s.
953
Dlgigclih [`rjs Klctlogiry
N`slk`s ta` nislc `irglgbs p`r sair` gujn`rs, ta`r` ir` tar`` kldd`r`gt typ`s od `irglgbs p`r sair`. Hist y`ir“s `irglgb p`r sair` ir` ta` [rilhlgb @US. [a`s` ir` ta` oghy cojph`t`hy mgowg `irglgbs dor i cojpigy. [a` Curr`gt `irglgbs p`r sair` ir` ta` og`s dor tals y`ir. [a`s` ir` pirtlihhy prof`ctlogs lg ta` `gk ugtlh ta` hist quirt`rhy gujn`rs ir` r`h`is`k. Dlgihhy, Dorwirk `irglgbs p`r sair` ir` `irglgbs gujn`rs dor ta` dutur`. [a`s` ir` `gtlr`hy nis`k og pr`klctlogs. @irglgbs p`r sair` cihcuhitlogs ko got tim` lgto iccougt pr`d`rr`k klvlk`gks og cit`borl`s n`slk`s g`t lgcoj` igk cogtlgu`k op`ritlogs. Suca cogtlgulgb op`ritlogs igk `v`g g`t lgcoj` `irglgbs p`r sair` cihcuhitlogs turg out to n` jor` cojph`x is pr`d`rr`k sair` klvlk`gks ir` tim`g odd od ta` top od g`t lgcoj` n`dor` ta` `irglgbs p`r sair` ls ictuihhy cihcuhit`k. Slgc` pr`d`rr`k stocm sair`s aiv` ta` rlbat to lgcoj` piyj`gts ia`ik od cojjog stocm piyj`gts, igy jog`y tait ls blv`g out is pr`d`rr`k klvlk`gks ls cisa walca cig got n` cogslk`r`k to n` pot`gtlihhy ivilhinh` dor blvlgb out to `v`ry sair` od ta` cojjoghy a`hk stocm. Ur`d`rr`k klvlk`gks dor ta` pr`s`gt y`ir ir` b`g`rihhy ta` oghy og`s tait ir` tim`g odd od suca lgcoj`. [a`r` ls i pr`vih`gt `xc`ptlog to tals. Ld pr`d`rr`k sair`s prov` to n` cujuhitlv` ta`g tals j`igs tait klvlk`gks dor ta` `gtlr` y`ir ir` tim`g odd, r`birkh`ss od ld ta`y aiv` n``g k`chir`k y`t or got. Klvlk`gks tait ta` cojpigy ls n`algk og piylgb ir` got cogt`jphit`k wa`g ta` `irglgbs p`r sair` ls cihcuhit`k. @irglgbs p`r sair` is i dlgigclih j`isurlgb stlcm dor i cojpigy ir` `xtr`j`hy ljportigt. Lg ta`ory, tals dorjs ta` ugk`rhylgb nisls dor ta` vihu` od ta` stocm lg qu`stlog. Igota`r crltlcih j`isur`j`gt od stocm prlc` ls prlc` to `irglgbs vihu`, ihso mgowg is ta` U@ ritlo. [als U@ ritlo ls k`t`rjlg`k ny timlgb ta` `irglgbs p`r sair` igk klvlklgb ta`j lgto ta` prlc` od ta` stocm. @irglgbs p`r sair` ir` us`duh lg j`isurlgb up og` corporitlog ibilgst igota`r og`, ld ta`y ir` lgvohv`k lg ta` sij` nuslg`ss s`bj`gt or lgkustry. lgkustry. [a`y ko got t`hh you ld ta` stocm ls i book nuy or got. [a`y ihso ko got r`v`ih wait ta` ov`rihh jirm`t talgms inout ta` cojpigy. [als ls wa`r` ta` U@ ritlo ls jor` us`duh.
@bihltirliglsj @bihltirliglsj r`d`rs to i palhosopay tait n`hl`v`s lg soj` typ` od `quihlty. [a` jilg lk`i n`algk lt ls tait ihh lgklvlkuihs saouhk n` r`birk`k igk k`iht wlta is `quihs, it h`ist p`rtilglgb to pohltlcih, r`hlblous, soclih, `cogojlc, or cuhturih `quihlty. [a` t`g`ts od `bihltirlig-
95;
Dlgigclih [`rjs Klctlogiry
lsj aohk tait `v`ry aujig n`lgb ais ig `quih jorih vihu` or nislc worta. Lt cig n` us`k is i pohltlcih palhosopay tait chiljs tait `v`ryog` oubat to n` tr`it`k is ig `quih, provlk`k wlta ta` lk`gtlcih `cogojlc, pohltlcih, clvlh, igk soclih rlbats. Lt couhk iht`rgitlv`hy n` i soclih palhosopay tait pusa`s dor ta` k`c`gtrihlzlgb od pow`r igk ta` nr`imlgb kowg od `cogojlc nirrl`rs n`tw``g kldd`r`gt p`oph`. Soj` lgklvlkuihs n`hl`v` tait tals `bihltirliglsj ls ta` giturih dorj od socl`ty. socl`ty. @bihltirliglsj k`ihs wlta ta` stukl`s p`rtilglgb to soclih lg`quihlty. Pg`quih socl`tl`s h`ik to jigy od ta` worhk“s br`it soclih pronh`js. Ijogb ta`s` ir` lgdigt jortihlty, aojlclk`, t``gib` pr`bgigcy, on`slty, lgcirc`ritlog rit`s, igk k`pr`sslog. I cojpr`a`gslv` typ` od stuky tait wis p`rdorj`k og ta` jifor `cogojl`s od ta` worhk saow`k tait i strogb cogg`ctlog `xlsts n`tw``g ihh od ta`s` caihh`gb`s lg socl`ty igk lssu`s od soclih lg`quihlty. @bihltirliglsj `xlsts lg guj`rous kldd`r`gt dorjs. [a` jost typlcih nisls dor lt irls`s droj pohltlcih, r`hlblous, or palhosopalcih nicmbrougks. Uohltlcih pr`c`k`gts od `bihltirliglsj kit` nicm to ta` Ib` od @ghlbat`gj`gt lg ta` 9255“s. It tals tlj`, jok`rg bov`rgj`gt dougk`rs r`d`r`gc`k `bihltirlig prlgclpihs od jorihlty tait ta`y hlv`k ny ny,, suca is ta` Ij`rlcig cogc`pt od c`rtilg lgihl`ginh` rlbats `gkow`k to ta`j ny ta`lr Cr`itor. [a`s` w`r` hilk lgto ta` jok`rg drij`worm od cougtrl`s hlm` ta` Pglt`k Stit`s igk Drigc`. ^`hlblous `bihltirliglsj ls a`ivlhy root`k lg Carlstliglty. [als Carlstlig `bihltirlig worhk vl`w stit`s tait ta` Nlnh` ls ta` nisls dor ta` cojjog `quihlty od j`g igk woj`g, is w`hh is `v`ry `cogojlc, riclih, `taglc, igk ib` broup. [als coj`s droj F`sus Carlst“s `xijph` igk t`icalgbs, is w`hh is ota`r h`ssogs tiubat taroubaout ta` Nlnh`. Lg palhosopay, `bihltirlig lk`is br`w lg sunstigc` igk prictlc` ov`r ta` hist two augkr`k y`irs. Tirlous sun-palhosopal`s aiv` irls`g droj tals b`g`rih palhosopay, lgchuklgb cojjuglsj, soclihlsj, probr`sslvlsj, igk igircalsj. @ica od ta`s` cogc`pts divor`k pohltlcih, `cogojlc, igk h`bih v`rslogs od `bihltirliglsj. Soj` od ta`s` `bihltirlig palhosopal`s aiv` bilg`k slbgldlcigt igk wlk` stigklgb support wlta nota ta` b`g`rih popuhitlog is w`hh is ta` lgt`hh`ctuihs lg guj`rous cougtrl`s. [als ko`s got j`ig tait suca lk`is ir` ictuihhy put lgto uglv`rsih `dd`ct taouba. Og ta` ota`r aigk, k`jocricy ko`s lgvohv` jigy lk`is od `bihltirliglsj, it h`ist lg ta` pohltlcih spa`r`. ^`pr`s`gtitlv` k`jocricy prov`s to n` ta` uhtljit` r`ihlzitlog od suca pohltlcih `bihltirliglsj. Crltlcs od tals lk`i siy tait `v`g taouba
950
Dlgigclih [`rjs Klctlogiry
vot`s ir` blv`g out og i og` vot` p`r og` p`rsog nisls, ta` ictuih pow`r stlhh r`sts wlta ta` ruhlgb chiss igk got ta` cojjog p`oph`.
@j`rblgb Jirm`ts @j`rblgb jirm`ts prov` to n` taos` cougtrl`s od ta` worhk tait poss`ss nuslg`ss igk k`v`hopj`gt ictlvltl`s tait stigk stigk lg ta` jlkst od dist pic`k lgkustrlihlzitlog igk browta. [okiy, tw`gty-`lbat kldd`r`gt `j`rblgb jirm`ts ir` cogslk`r`k to `xlst irougk ta` bhon`. Ny dir igk iwiy ta` hirb`st od ta`s` ir` Calgi igk Lgkli. [a` hirb`st r`blogih `j`rblgb jirm`t tokiy ls ta` IS@IG-Calgi Dr`` [rik` Ir`i tait n`big op`ritlgb og ta` dlrst od Figuiry lg >595. [a` cogc`pt od `j`rblgb jirm`ts kit`s nicm to ta` 9<25“s, wa`g ta` t`rj us`k to r`d`r to ta`s` pirtlcuhir jirm`ts wis H@KC“s, or h`ss `cogojlcihhy k`v`hop`k cougtrl`s. [a` cojpirlsog ihhuk`k to ta`lr h`v`hs od `cogojlc k`v`hopj`gt is cojpir`k to ta` P.S., R`st`rg @urop`, igk Fipig. Suca `j`rblgb jirm`ts w`r` suppos`k to odd`r alba`r rlsm h`v`hs dor lgv`stors is w`hh is ta` opportuglty to jim` br`it`r prodlts. Is tals t`rj aik i shlbathy g`bitlv` coggotitlog, ta` paris` `j`rblgb jirm`ts r`phic`k lt. Soj` aiv` chilj`k tait tals g`w`r t`rj ls k`c`ptlv`, slgc` go og` cig n` issur`k tait i blv`g cougtry wlhh ictuihhy jlbrit` droj h`ss k`v`hop`k to i jor` sunstigtlihhy k`v`hop`k og`. [als ais b`g`rihhy prov`g to n` ta` cis`, nut ta`r` ir` `xc`ptlogs. Irb`gtlgi ais occislogihhy klbr`ss`k droj jor` to h`ss k`v`hop`k. Guj`rous `xijph`s od o d ta`s` typ`s od `j`rblgb jirm`t `cogojl`s `x`x lst, slgc` tw`gty-`lbat kldd`r`gt og`s ir` hin`h`k. [a`s` lgchuk` cougtrl`s tait ir` broup`k lg jor` ikvigc`k `j`rblgb `cogojl`s, suca is Nrizlh, J`xlco, [ilwig, Souta Idrlci, Uohigk, igk Augbiry. [a` s`cogkiry `j`rblgb `cogojl`s ir` is dohhows6 Calgi, Lgkli, Calh`, Cohojnli, @bypt, ta` Cz`ca ^`punhlc, Lgkog`sli, Jorocco, Jihiysli, U`ru, Uimlstig, ^ussli, ta` Ualhlpplg`s, [urm`y, [ailhigk, igk ta` Pglt`k Irin @jlrit`s. [als hlst ls cojplh`k igk occislogihhy upkit`k ny ta` D[S@ broup nis`k lg Hogkog, Br`it Nrltilg. Lg ta` hist d`w y`irs, s`v`rih cojp`tlgb t`rjs aiv` irls`g to caihh`gb` ta` `j`rblgb jirm`ts paris`. Og` od ta`s` ls tait od riplkhy k`v`hoplgb `cogojl`s tait r`d`rs to `j`rblgb jirm`ts hlm` Calh`, Jihiysli, igk ta` Pglt`k Irin @jlrit`s. Ihh od ta`s` gitlogs ir` `xp`rl`gclgb torrlk pic`s od browta.
954
Dlgigclih [`rjs Klctlogiry
[a` nlbb`st od ta` `j`rblgb jirm`ts aiv` `irg`k ta`lr owg icrogyjs lg ta` pist s`v`rih y`irs is w`hh. Cal`d ijogb ta`s` ir` N^LC, slbgldylgb Nrizlh, ^ussli, Lgkli, igk Calgi. N^LCS lgchuk`s ta` inov` dour gitlogs ihogb wlta Souta Idrlci. N^LCJ ls ta` orlblgih dour N^LC gitlogs igk J`xlco. N^LC@[ slbgldl`s ta` dlrst dour N^LC j`jn`rs phus [urm`y igk @ist`rg @urop`. N^LCM lgchuk`s ta` orlblgih dour gitlogs od ta` N^LCM ihogb wlta Souta Mor`i. Dlgihhy, CLT@[S ls cojprls`k od Cohujnli, Lgkog`sli, Tl`tgij, @bypt, [urm`y, igk ihso Souta Idrlci. Ihtaouba gog` od ta`s` cougtrl`s ir` pirtlcuhirhy ihlbg`k ny pohlcy or lk`ohoby, lk`ohoby, ta`y ir` curr`gthy bilglgb i jor` ljportigt roh` wltalg ta` ov`rihh worhk `cogojy, `cogojy, is w`hh is lg lgt`rgitlogih pohltlcs. Dor ig lgv`stor wao wlsa`s to lgv`st lg ta`s` `cogojl`s, ta`r` ir` s`v`rih kldd`r`gt lgv`stj`gt v`alch`s ivilhinh` to ta`j. Ijogb ta`s` ir` nota @xcaigb` [rik`k [rik`k Dugks igk Jutuih Dugks. Og` od ta`s` ls ta` lSair`s spogsor`k JSCL @j`rblgb Jirm`ts Lgk`x @[D wlta i syjnoh od @@J. Igota`r ls ta` lSair`s rug JSCL @ID@ Lgk`x @[D tait ais i syjnoh od @DI. [aouba ta`s` dugks“ prlc`s cig n` up sp`cticuhirhy lg book y`irs, ta`y cig ihso `xp`rl`gc` pr`clpltous k`chlg`s lg p`rloks od lgstinlhlty, lgstinlhlty, suca is kurlgb ta` worhkwlk` dlgigclih crlsls od >552->595. > 552->595.
@jphoy``s @jphoy``s ir` lgklvlkuihs wao worm lg ta` s`rvlc` od i nuslg`ss `gk`ivor or trik`. [a`y ko tals ny cogtrlnutlgb ta`lr `xp`rtls`, inlhltl`s, igk hinor to igota`r lgklvlkuih“s sjihh nuslg`ss, i corporitlog, dor ta` bov`rgj`gt, or lg ta`lr owg s`hd `jphoy`k nuslg`ss. @jphoy``s ir` ihso i crltlcih cojpog`gt od ta` dictors od prokuctlog tait lgchuk` higk, cipltih, igk hinor. Lg tals cipiclty, ta`y cogtrlnut` ta` hinor to i nuslg`ss `gt`rprls`. Lg pirtlcuhir, ig `jphoy`` prov`s to n` ig lgklvlkuih wao ls `gbib`k ny soj` `jphoy`r lg ork`r to p`rdorj i sp`cldlc fon or tism. Rltalg ta` jiforlty od ikvigc`k gitlogs igk ta`lr `cogojl`s, tals work p`rtilgs to i sp`cldlcihhy sp`hh`k out r`hitlogsalp tait ls `stinhlsa`k n`tw``g coj pigl`s igk lgklvlkuih p`rsogs. [als r`hitlogsalp ls jirm`khy kldd`r`gt droj tait od i chl`gt or custoj`r. Ittilglgb ta` stitus od `jphoy`` b`g`rihhy r`suhts droj ugk`rbolgb i fon lgt`rvl`w wlta i c`rtilg nuslg`ss or corporitlog. Issujlgb tait ta` p`rsog lg qu`stlog jitca`s up w`hh wlta ta` orbiglzitlog o rbiglzitlog igk ta`lr posltlog, ta`g sa` or a` ls jik` i dorjih `jphoyj`gt odd`r dor i blv`g lgltlih sihiry igk phic` lg ta` cojpigy. Suca i p`rsog ta`g ittilgs ihh od
952
Dlgigclih [`rjs Klctlogiry
ta` prlvlh`b`s, r`spogslnlhltl`s, igk rlbats is ota`r `jphoy``s. [a`s` cojjoghy lgchuk` vicitlog kiys igk j`klcih lgsurigc` n`g`dlts. Aujig ^`sourc` k`pirtj`gts typlcihhy jigib` ta` ictuih r`hitlogsalps n`tw``g suca `jphoy``s igk jifor cojpigl`s. [als k`pirtj`gt worms wlta g`w `jphoy``s“ cojlgb og noirk igk lgt`britlgb lgto ta` orbiglzitlog, is w`hh is aigkhlgb ta` s`t up od ta`lr g`w n`g`dlts to walca ta`y ir` `gtlth`k. A^ k`pirtj`gts ihso cojjoghy r`sohv` igy pronh`js or brl`vigc`s tait `jphoy``s `xp`rl`gc`. @jphoy``s jiy broup ta`js`hv`s lgto hinor uglogs tait cig coj` to r`pr`s`gt ta` posltlogs igk k`jigks od ta` jiforlty od ig orbiglzitlog“s worm dorc`. [a`s` hinor uglogs ir` ta`g cipinh` od nirbilglgb is i waoh` og n`aihd od ta` `jphoy``s wlta i cojpigy“s jigib`j`gt. [a`y ko tals to jim` k`jigks dor ta` j`jn`rs cogc`rglgb piyrohh, n`g`dlts, igk wormlgb cogkltlogs. @jphoy`rs ir` qulcm to polgt out tait ta`s` odd`rs od `jphoyj`gt g`v`r issur` `jphoyj`gt dor igy dutur` sp`cldl`k ijougt od tlj`. @lta`r ta` `jphoy`r or ta` `jphoy`` ls cipinh` od `gklgb tals pirtlcuhir r`hitlogsalp wa`g`v`r lt sults ta`j. [als cipinlhlty ls mgowg is it wlhh `j phoyj`gt. Jigy prod`sslogs `xp`ct i two w``m gotlc` wa`g ig lgklvlkuih `jphoy`` qults als or a`r fon. [als ls i custojiry court`sy tait ta` hiw ko`s got r`qulr`. Lt jiy n` g`c`ssiry lg ork`r to ontilg i sitlsdictory fon r`d`r`gc` dor dutur` `jphoyj`gt opportugltl`s. oppo rtugltl`s.
@gtr`pr`g`urs @gtr`pr`g`urs ir` lgklvlkuihs wao aiv` g`w nuslg`ss v`gtur`s, `gt`r prls`s, igk cogc`pts. [a`y tim` og sunstigtlih r`spogslnlhlty dor nota rlsms lga`r`gt lg ta`s` is w`hh is ta`lr `gk r`suhts. Is suca, `gtr`pr`g`urs prov` to n` uglqu` p`oph` dor jigy r`isogs. Dor og`, `gtr`pr`g`urs aiv` trounh` wormlgb dor ota`r p`oph`, `v`g taouba ta`y ko worm og n`aihd od chl`gts. [a`y wlhh put ihh od ta`lr iss`ts igk jog`y it rlsm n`cius` ta`y aiv` i krlvlgb pisslog to witca ta`lr `gk`ivor `xpigk. Is i r`suht od tals, ta`y occislogihhy aiv` i couph` od dilhur`s to ta`lr cr`klt ihogb ta` wiy. [a`s` lgklvlkuihs `gfoy puttlgb lg ta` `xtri tlj` igk `ddort lg ta` proc`kur`s od strit`blzlgb, jokldylgb, ij`gklgb, igk ikfustlgb ta`lr nuslg`ss`s. [a`y ir` got idrilk od hogb aours igk cogstigthy wormlgb wa`g `v`ryog` `hs` ais blv`g up igk bog` aoj` dor ta` kiy. kiy.
951
Dlgigclih [`rjs Klctlogiry
@gtr`pr`g`urs just aiv` vlslog igk dor`slbat. [a`y ir` r`qulr`k to s`` ta`lr `gt`rprls` got oghy is lt ls gow, nut ihso is lt wlhh hoom lg i y`ir droj gow, igk two y`irs, tar`` y`irs, igk `v`g dlv` y`irs to t`g y`irs lg ta` dutur`. [als lgvohv`s ugk`rstigklgb wait ta` proc`ss od ta` nuslg`ss wlhh tigblnhy hoom hlm`, got g`c`ssirlhy ta` `jphoy``s wao caigb` droj tlj` to tlj`. [als ls `ss`gtlih dor igy `gtr`pr`g`urs to n` succ`ssduh lg r`icalgb ta`lr `gk boihs. @gtr`pr`g`urs ir` hog`rs lg i v`ry r`ih s`gs`. [a`y stigk ny ta`js`hv`s wlta ta`lr vlslog tait oghy ta`y cig s`` so ch`irhy. [a`y ir` ihso ihog` lg aivlgb ta` krlv` igk pisslog to s`` ta`lr `gk`ivor tarouba. [a`y ugk`rstigk tait go og` `hs` lg ta` nuslg`ss wlhh cir` inout lt hlm` ta`y ko, slgc` go og` `hs` poss`ss`s ta` kr`ij. T`ry d`w p`oph` ir` `gtr`pr`g`urs. Lt tim`s i airky lgklvlkuih to n` og`. [als ls `vlk`gt wa`g you cogslk`r tait ta` gujn`r od g`w nuslg`ss`s tait bo kowg lg oghy ta` dlrst y`ir ls duhhy s`v`gty-dlv` p`rc`gt, josthy i r`suht od lgsuddlcl`gt cojjltj`gt droj ta` dougk`r. Glg`ty p`rc`gt od suca nuslg`ss`s aiv` dohk`k ny ta` cogchuslog od ta` s`cogk y`ir dor i virl`ty od r`isogs lgchuklgb dugklgb klddlcuhtl`s, dijlhy pronh`js droj wormlgb ihh od ta` tlj`, igk caihh`gb`s lg k`ihlgb wlta `j phoy``s. @gtr`pr`g`urs ir` cipinh` od ov`rcojlgb ta`s` typ`s ty p`s od pronh`js uslgb ta`lr k`t`rjlgitlog igk `g`rby. `g`rby. @gtr`pr`g`urs ir` ihso taos` wao lgv`st jog`y igk aiv` ta` rlsm od hoslgb lt. Jigy tlj`s ta`y wlhh ict is v`gtur` cipltihlsts igk pour jog`y lgto dlrjs tait aiv` got hogb n``g op`ritlgb. Ra`g you purcais` lt`js ca`iphy igk s`hh ta`j k`irhy, tals jim`s you ig `gtr`pr`g`ur og i sjihh`r scih` too. Lg ta` `gk, `gtr`pr`g`urs ir` taos` wao ir` wlhhlgb igk inh` to utlhlz` ta`lr jog`y lg ork`r to jim` jor` jog`y. Sljlhirhy, `gtr`pr`g`urs ir` norg h`ik`rs. [a`y mgow wait ta`y wigt, igk ugk`rstigk wait to ko lg ork`r to ical`v` lt. [a`y kr`ij nlb kr`ijs, dorj ljportigt lk`is, igk coj` up wlta cogc`pts igk opportugltl`s. [a`s` h`ik`rs wao ir` wlhhlgb to `gbib` lg dlgigclih rlsms ir` tru` `gtr`pr`g`urs.
@qultl`s @qultl`s ir` igota`r gij` dor stocms igk sljlhir typ`s od lgv`stj`gts. Stocms turg out to n` dlgigclih lgstruj`gts tait r`pr`s`gt owg`rsalp, or `qulty posltlog, wltalg i blv`g corporitlog. Is suca, ta`y blv` ig owg`r i stim` lg i r`pr`s`gtitlv` sair` od ta` cojpigy“s prodlts igk iss`ts.
95<
Dlgigclih [`rjs Klctlogiry
Suca owg`rsalp lg i blv`g dlrj ls k`t`rjlg`k ny timlgb ta` totih guj n`rs od sair`s lg ta` cojpigy“s cojpigy“s `qultl`s tait ta` lgklvlkuih owgs, igk klvlklgb lt ny ta` ictuih gujn`r od sair`s tait `xlst. [a` jiforlty od ta`s` `qultl`s sljlhirhy blv` votlgb rlbats tait provlk` r`pr`s`gtitlv` vot`s lg soj` k`clslogs tait ta` cojpigy jim`s. Got `v`ry cojpigy lssu`s `qultl`s= oghy corporitlogs `gbib` lg ta` prictlc`, walh` hljlt`k pirtg`rsalps igk soh` proprl`torsalps ko got. @qultl`s cig n` durta`r klvlk`k lgto sjihh`r cit`borl`s nis`k og ta` jirm`t cipltihlzitlog, or slz`, od ta` cojpigy lg qu`stlog. N`cius` `qultl`s odt`g yl`hk br`it`r r`turgs ov`r slbgldlcigt p`rloks od tlj`, ta`y ir` typlcihhy cairict`rlz`k ny alba`r ijougts od rlsm taig ir` nogks igk jog`y jirm`t dugks. N`cius` od ta`s` uglqu` pot`gtlih r`turgs igk issoclit`k rlsms, `qultl`s ir` b`g`rihhy cogslk`r`k to n` ta`lr owg chiss od iss`ts tait ir` utlhlz`k to i k`br`` lg puttlgb tob`ta`r lgv`stj`gt portdohlos wlta prop`r klv`rsldlcitlog. Jigy kldd`r`gt mlgks od `qultl`s `xlst, lgchuklgb koj`stlc `qultl`s, `j`rblgb jirm`t `qultl`s, k`v`hop`k jirm`t `qultl`s, igk ^`ih @stit` Lgv`stj`gt [rusts. Koj`stlc @qultl`s prov` to n` taos` stocms dor ta` punhlchy trik`k cor poritlogs tait prlgclpihhy cogkuct ta`lr nuslg`ss lg ta` sij` cougtry lg walca ta` lgv`stor hlv`s. Ra`g i p`rsog aohks suca `qultl`s, ta`y r`c`lv` ta`lr sair` od klvlk`gks tait ta` corporitlog piys. @qultl`s coj` wlta i alba`r k`br`` od rlsm taig ko nogks, is nogk aohk`rs aiv` i br`it`r chilj og i corporitlog“s iss`ts saouhk hlqulkitlog dohhow nigmruptcy. ruptcy. @qulty aohk`rs ir` cojjoghy wlp`k out lg suca hlqulkitlog. @j`rblgb Jirm`t @qultl`s ir` `qultl`s lg corporitlogs tait ir` nis`k lg cougtrl`s tait ir` stlhh k`v`hoplgb ta`lr `cogojl`s. Lgchuk`k lg ta`s` ir` Calgi, Nrizlh, igk Lgkli. [a`s` gitlogs d`itur` `cogojl`s tait ir` cojjoghy vohitlh` igk hicm jigy prot`ctlogs dor lgv`stors, hlm` iukltlgb igk hiws or jogltorlgb od s`curltl`s tait ir` dougk lg ta` lgkustrlihlz`k cougtrl`s. K`v`hop`k Jirm`t @qultl`s ir` `qultl`s lg dlrjs tait worm prljirlhy outslk` od ig lgv`stor“s aoj` cougtry nut stlhh lg ig lgkustrlihlz`k cougtry. Dor Ij`rlcigs, tals josthy trigshit`s to @urop`ig cougtry cojpigl`s, is w`hh is taos` lg phic`s suca is Fipig, Iustrihli, igk G`w V`ihigk. Suca cojpigl`s igk `cogojl`s lg ta`s` gitlogs prov` to n` jor` stinh` taig taos` lg k`v`hoplgb cougtrl`s. ^`ih @stit` Lgv`stj`gt [rusts, ihso mgowg is ^@L[“s, ir` `qulty dugks tait lgv`st lg r`slk`gtlih igk cojj`rclih r`ih `stit`. N`cius` ta`y r`c`lv` h`is` igk r`gt piyj`gts odd od ta`lr lgv`stj`gts, ta`s` typlcihhy piy br`it`r p`rc`gtib` r`turgs lg klvlk`gks. [a`s` alba`r klstrlnutlogs
995
Dlgigclih [`rjs Klctlogiry
j`ig tait ^@L[“s ir` juca hlm` i cojnlgitlog od dlx`k lgcoj` igk typlcih `qulty lgv`stj`gts. [als j`igs tait ta`y cojjoghy d`itur` br`it`r rlsm ihogb wlta n`tt`r igtlclpit`k r`turgs taig ko ta` jiforlty od dlx`k lgcoj` lgv`stj`gts.
@qulty @qulty r`pr`s`gts ta` aoj`owg`r“s totih kohhir ijougt od owg`rsalp lg ta`lr prop`rty. prop`rty. K`t`rjlglgb `qulty ls i sljph` cihcuhitlog. Lt ls dougk ny timlgb ta` aoj`“s issuj`k dilr jirm`t vihu` igk suntrictlgb out ta` nihigc`s od hl`gs igk k`nts s`cur`k ny ta` prop`rty ihogb wlta ta` jortbib` nihigc` tait ls stlhh ugpilk. Is i aoj` owg`r piys kowg ta` jortbib`, r`kuclgb ta` outstigklgb prlgclpih nihigc`, ta` `qulty od i aoj` owg`r bo`s up. Lt sljlhirhy lgcr`is`s is ta` prop`rty bilgs lg vihu`. [o ontilg og` augkr`k p`rc`gt `qulty lg ta`lr prop`rty, aoj` owg`rs aiv` to piy kowg nota igy outstigklgb k`nts tait ir` s`cur`k ny ta` prop`rty igk ta` duhh jortbib`. Issoclit`k wlta ta` `qulty vihu` od i aoj` ls ta` H[T, or hoig to vihu` ritlo. [als hoig to vihu` ritlo prov`s to n` i j`igs od stitlgb ta` prop`rty“s vihu` is ibilgst ta` totih kohhir ijougt od your ictuih hoig. [a` hoig to vihu` ritlo ls sljphy dlbur`k up ny timlgb ta` ijougt od your hoig igk klvlklgb lt ny your prop`rty vihu`. Iht`rgitlv`hy, you couhk klvlk` ta` ijougt od your hoig ny ta` purcais` prlc` or s`hhlgb prlc`, walca`v`r od ta` two ls ta` how`r ijougt. Ig `xijph` a`hps to lhhustrit` ta` cogc`pt. Ld you w`r` to purcais` i $355,555 aous`, you jlbat put kowg i $45,555 kowg piyj`gt uslgb your jog`y. [a` r`jilglgb $>;5,555 wouhk n` cov`r`k ny timlgb out i jortbib`. Klvlklgb ta` $45,555 ijougt ny ta` $355,555 aoj` vihu` yl`hks `qulty od tw`gty p`rc`gt. Ld you klvlk` ta` $>;5,555 ny ta` $355,555 aoj` vihu`, ta`g you wlhh b`t ta` hoig to vihu` ritlo tait ijougts to `lbaty p`rc`gt. Saouhk you k`t`rjlg` hit`r tait you wlhh s`hh tals aous`, ta`g ta` `qulty tait you aiv` wlhh n` cogcr`t`hy igk iccurit`hy dlbur`k up dor you. [als wlhh sljphy prov` to n` ta` dilr jirm`t vihu` od your aous` jlgus ta` hoig tait you stlhh ow` ta` nigm og ta` aous`. Pslgb ta` `xijph` droj ta` piribripa inov`, cogslk`r wait wouhk aipp`g ld you hlv`k lg igk jik` piyj`gts og your aous` dor dlv` y`irs dohhowlgb ta` purcais`. Lg tals tlj` drij`, your jogtahy jortbib` piyj`gts how`r ta` nihigc` tait r`jilgs og ta` hoig to ta` tug` od $95,555, kljlglsalgb lt droj
999
Dlgigclih [`rjs Klctlogiry
$>;5,555 to $>35,555. N`slk`s tals, ov`r taos` dlv` y`irs, your aoj` vihu` bo`s up. [als ihhows you to r`ihlz` i s`hhlgb prlc` od $335,555. Slgc` ta` nihigc` tait you ow`k ls stlhh $>35,555, ta`g your `qulty ls sljphy dlbur`k ny timlgb ta` $335,555 s`hhlgb prlc` igk suntrictlgb ta` $>35,555 droj lt. [als h`iv`s you wlta i dlgih `qulty vihu` od $955,555. Ogc` ihh s`hhlgb costs igk r`ihty cojjlsslogs ir` dlbur`k up igk tim`g out, you wouhk n` inh` to utlhlz` ta` $955,555 `qulty lg ork`r to lgv`st or to put kowg ta` kowg piyj`gt og ta` g`xt aous` tait you purcais`. Giturihhy, Giturihhy, tals aoj` vihu` cig cut nota wiys. Saouhk ta` vihu` og ta` aoj` krop droj $355,55 to $>05,555 lg ta` tlj` tait you owg lt, ta`g your r`jilglgb `qulty wouhk n` oghy $05,555, h`ss taig ta` orlblgih $45,555 tait you put lgto lt updrogt.
@^LSI @^LSI ls ta` icrogyj dor [a` @jphoyj`gt ^`tlr`j`gt Lgcoj` S`curlS`curl ty Ict tait wis `gict`k lg 9<2;. [als @^LSI h`blshitlog s`t up i nislc h`v`h od stigkirks dor a`ihta, r`tlr`j`gt, igk virlous ikkltlogih typ`s od phigs dor w`hdir` n`g`dlts. [a`s` lgchuk` klsinlhlty lgsurigc`, hld` lgsurigc`, igk ippr`gtlc`salp phigs. [als @jphoyj`gt ^`tlr`j`gt Lgcoj` S`curlty Ict ls nota ov`rs``g igk rug ny ta` @NSI, walca turgs out to n` ta` icrogyj dor @jphoy`` N`g`dlts S`curlty Ikjlglstritlog. [als @NSI op`rit`s is i klvlslog ugk`r ta` Pglt`k Stit`s KOH, or K`pirtj`gt od Hinor. Ld you aiv` igy qu`stlogs inout ta` ict, cogc`rgs tait you ir` got n`lgb tr`it`k iccorklgb to ta` hiw, or cojphilgts r`birklgb tr`itj`gt is ta` @^LSI hiws r`hit` to you, ta`g you saouhk cogtict your ir`i @^LSI oddlc` dor a`hp igk chirldlcitlog. Lt ls ljportigt to got` tait ta`s` prot`ctlgb r`buhitlogs jigkit`k ny @^LSI oghy p`rtilg to gog bov`rgj`gt, prlvit` `jphoy`rs wao caoos` to provlk` n`g`dlts phigs igk a`ihta lgsurigc` tait ls `jphoy`r spogsor`k dor ta`lr `jphoy``s. @^LSI ko`s got dorc` suca `jphoy`rs to provlk` suca ta`s` phigs dor `jphoy``s. ^ita`r, lt oghy hiys out r`buhitlogs dor ta` `jphoy`` odd`r`k n`g`dlts tait suca `jphoy`rs jim` ivilhinh`. Lt ls ihso slbgldlcigt tait ta` ruh`s igk r`buhitlogs s`t up ny @^LSI ko got p`rtilg to taos` n`g`dlts or lgsurigc` pohlcl`s tait ir` purcais`k ny ig lgklvlkuih prlvit`hy. prlvit`hy.
99>
Dlgigclih [`rjs Klctlogiry
@^LSI ko`s `stinhlsa ta` r`qulr`j`gts igk stigkirks dor i gujn`r od kldd`r`gt r`hit`k `h`j`gts. ^`portlgb igk iccougtinlhlty ls r`qulr`k to n` k`tilh`k igk jik` ivilhinh` to ta` P.S. D`k`rih bov`rgj`gt. [a` cogkuct dor AJO“s igk ota`r jigib`k cir`, is w`hh is dor ota`r p`oph` wao aiv` dlgigclih r`spogslnlhlty dor ta` ikjlglstritlog od ta` phig, ls strlcthy r`buhit`k ny ta` @^LSI ruh`s. ruh`s. @^LSI ihso p`rtilgs to sid`buirks igk proc`kur`s. Rrltt`g pohlcl`s aiv` to n` s`t up to k`t`rjlg` ta` wiy tait chiljs aiv` to n` dlh`k, ihogb wlta ta` chiljs“ ipp`ihs proc`ss lg wrltlgb dor igy chiljs tait ir` k`gl`k. @^LSI durta`r stlpuhit`s tait ta`s` ipp`ihs saouhk n` k`clk`k lg i r`isoginhy tlj`k igk dilr wiy. @^LSI ihso prov`s to n` i prot`ctlog tait lgsur`s tait ihh phigs ir` nota odd`r`k, sid`buirk`k, igk dugk`k lg ta` wiys tait jost ipproprlit`hy divor ta` j`jn`rs igk ta`lr n`st lgt`r`sts. @^LSI ko`s got p`rjlt klscrljlgitlog lg ta` wiys tait n`g`dlts lg ta` phig ir` bita`r`k igk cohh`ct`k dor taos` j`jn`rs wao ir` quihldl`k. Dlgihhy, @^LSI lgslsts tait i virl`ty od klschosur`s n` jik` to ta` pirtlclpigts lg ta` phig. [a`s` lgchuk` i phig sujjiry tait sp`cldlcihhy hlsts out ta` provlk`k n`g`dlts, ta` issoclit`k ruh`s dor ontilglgb suca n`g`dlts, igy hljltitlogs od ta` phigs, igk ota`r jitt`rs lgchuklgb b`ttlgb r`d`rrihs n`dor` koctor igk surb`og vlslts.
@scrow @scrow ls i cogc`pt tait r`hit`s to i suj od jog`y tait ls m`pt ny ig uglgvohv`k talrk pirty dor ta` two pirtl`s lgvohv`k lg i blv`g trigsictlog. Lg ta` P.S., tals `scrow ls jost cojjoghy lgvohv`k wa`r` r`ih `stit` jortbib`s ir` cogc`rg`k. A`r` ls lt utlhlz`k dor ta` piyj`gt od lgsurigc` igk prop`rty tix kurlgb k urlgb ta` jortbib`“s hld`. Ra`g you phic` your jog`y lgto suca ig `scrow iccougt, ig `scrow ib`gt wao ls i g`utrih talrk pirty aohks lt. [als ib`gt worms og n`aihd od nota ta` norrow`r igk aoj` h`gk`r. [a` `scrow ib`gt“s fon lg ta` trigsictlog ls to ict is ta` prlgclpih pirtl`s lgstruct alj or a`r. Is ihh trigsictlog t`rjs ir` duhdlhh`k, ta` jog`y ls ta`g r`h`is`k. [a`s` `scrow iccougts jiy n` i pirt od trigsictlogs rigblgb droj sjihh purcais`s idd`ct`k og oghlg` iuctlog slt`s to nulhklgb prof`cts tait totih lg ta` juhtlph` jlhhlogs od kohhirs. @scrow ls utlhlz`k lg ta`s` prop`rty trigsictlogs wa`g lt ls tlj` dor your jortbib` to chos`. It tals polgt, ta` norrow`r“s h`gk`r wlhh coj-
993
Dlgigclih [`rjs Klctlogiry
joghy lgslst tait you `stinhlsa ig `scrow iccougt dor piylgb dor nota aoj` owg`r“s lgsurigc` igk prop`rty tix`s. \ou \ou ir` r`qulr`k to jim` i dlrst k`poslt to ta` iccougt. Idt`r tals, you jim` piyj`gts lgto ta` iccougt `ica jogta. [yplcihhy, ta`s` ir` sljphy i pirt od your jogtahy jortbib` piyj`gts. Ra`g lt ls tlj` dor your lgsurigc` pr`jlujs igk tix`s to n` pilk, your `scrow ib`gt ta`g r`h`is`s ta` dugks. [a` cogc`pt n`algk tals `scrow ls to blv` your h`gk`r p`ic` od jlgk igk prot`ctlog tait your lgsurigc` igk tix`s ir` nota pilk lg i tlj`hy jigg`r. Saouhk you got piy your prop`rty tix`s, ta` clty jlbat phic` i hl`g og tals aous`, jimlgb lt airk dor ta` nigm to s`hh lt ld ta`y g``k`k to. Sljlhirhy, ld i dlr` nurg`k kowg ta` aous` igk ta` lgsurigc` pr`jlujs aik got n``g pilk, ta` nigm wouhk got aiv` igy ugk`rhylgb cohhit`rih dor ta` jortbib` igyjor`. \ou ta` norrow`r ihso n`g`dlt droj tals `scrow iccougt. Lt ihhows you to str`tca out your tix`s igk lgsurigc` costs ov`r ta` cours` od ta` `gtlr` y`ir“s tw`hv` piyj`gts. Is ig `xijph`, your igguih prop`rty tix`s jlbat prov` to n` $3,555, wlta i y`irhy lgsurigc` cost od $455. [als wouhk j`ig tait wa`g spr`ik out ov`r tw`hv` `v`g piyj`gts, ta` `scrow costs wouhk ijougt to oghy $355 `ica jogta. [a` glc` talgb inout `scrow iccougts igk piyj`gts ls tait ta`y coj` wlta ig lgchuk`k sid`buirk nulht lg. Saouhk you jlss i slgbh` piyj`gt, ta`g ta` r`spogslnh` h`gk`r ls stlhh cipinh` od piylgb ta` iccougts lg i tlj`hy jigg`r. [a` P.S. D`k`rih hiw ictuihhy stops ta`s` h`gk`rs droj storlgb up lg `xc`ss od two jogtas“ worta od piyj`gts lg `scrow. Is lgsurigc` igk tix ijougts wlhh viry i hltth` droj og` y`ir to ta` g`xt, ta` h`gk`r wlhh aiv` to `xijlg` igk jim` ikfustj`gts to your igguih `scrow piyj`gts.
@[D @[D stigks dor @xcaigb` [rik`k Dugks. [a`s` @[D“s prov` to n` stocm jirm`t `xcaigb` trik`k lgv`stj`gt dugks tait worm v`ry juca hlm` stocms. @xcaigb` [rik`k Dugks cogtilg lgstruj`gts hlm` cojjokltl`s, stocms, igk nogks. [a`y trik` dor irougk ta` lk`gtlcih g`t iss`t vihu` is ta` iss`ts tait ta`y cogtilg taroubaout ta` cours` od i kiy. [a` jiforlty od @[D“s ictuihhy dohhow ta` vihu` od ig lgk`x hlm` ta` Kow Fog`s Lgkustrlih or ta` S&U 055. Slgc` ta`lr cr`itlog lg 9<<3, @[D“s aiv` `vohv`k lgto ta` jost n`hov`k mlgk od `xcaigb` trik`k lgstruj`gts.
99;
Dlgigclih [`rjs Klctlogiry
[a` dlrst @xcaigb` [rik`k Dugk pirtlcuhir to cougtrl`s prov`k to n` i folgt v`gtur` od JSCL, Dugks Klstrlnutor, igk NBL. [als dlrst prokuct dlgihhy turg`k lgto ta` lSair`s gij` tait ls icc`pt`k igk r`cobglz`k ihh ov`r `irta tokiy. Lg ta` dlrst dldt``g y`irs, suca @[D“s w`r` lgk`x dugks tait sljphy dohhow`k lgk`x`s. [a` Pglt`k Stit`s S`curltl`s igk @xcaigb` Cojjlsslog n`big ihhowlgb dlrjs to `stinhlsa ictlv`hy jigib`k @[D“s nicm lg >551. @xcaigb` [rik`k Dugks provlk` i gujn`r od t`rrldlc ikvigtib`s dor sjihh`r lgv`stors. Ijogb ta`s` ir` `h`j`gts hlm` sljph` igk `dd`ctlv` klv`rsldlcitlog, lgk`x dugks tix prictlcihlty, igk `xp`gs` ritlos tait r`jilg v`ry how. Ralh` kolgb ihh od tals, ta`y ihso odd`r ta` ipp`ih od dijlhlirlty dor you wao trik` stocms. [als lgchuk`s suca cojdortinh` igk a`hpduh optlogs is hljlt ork`rs, optlogs, igk saort s`hhlgb ta` @[D“s. Slgc` lt ls so lg`xp`gslv` to purcais`, aohk, igk s`hh ta`s` @[D“s, jigy lgv`stors lg @[D sair`s caoos` to m``p ta`j ov`r i hogb`r tlj` drij` dor purpos`s od klv`rsldlcitlog igk iss`t ihhocitlog. Stlhh ota`r lgv`stors trik` lg igk out od ta`s` lgstruj`gts r`buhirhy lg ork`r to pirtlclpit` lg ta`lr strit`bl`s dor jirm`t tljlgb lgv`stlgb. @xcaigb` [rik`k Dugks noist od jigy ikvigtib`s. Og ta` og` aigk, ta`y provlk` br`it dh`xlnlhlty lg nuylgb igk s`hhlgb. Lt ls `isy dor you to s`hh igk nuy ta`j it ta` ictuih jirm`t prlc` igy tlj` kurlgb i triklgb kiy, lg cogtrist to jutuih dugks tait you cig oghy icqulr` it i triklgb kiy“s cogchuslog. Slgc` ta`y ir` cojpigl`s tait trik` hlm` stocms, you cig nuy ta`j lg jirblg iccougts igk s`hh ta`j saort, j`iglgb tait ta`y cig n` us`k dor a`kblgb purpos`s too. @[D“s ihso ihhow hljlt ork`rs igk stop hoss ork`rs, walca ir` a`hpduh dor issurlgb `gtry prlc`s igk prot`ctlgb prodlts or sid`buirklgb droj hoss`s. @[D“s @[D“s ihso provlk` how`r costs dor trik`rs. [als r`suhts droj ta` jiforl ty od @[D“s @[D“s got n`lgb ictlv`hy jigib`k. Ihso, @[D“s ko got sp`gk hirb` ijougts od jog`y og klstrlnutlog, jirm`tlgb, igk iccougtlgb costs. [a` jiforlty od ta`j ko got aiv` ta` d``s issoclit`k wlta jost jutuih dugks `lta`r. @[D“s ir` ijogb ta` br`it`st v`alch`s dor klv`rsldylgb portdohlos qulcmhy igk `islhy. Is ig `xijph`, wlta oghy og` s`t od sair`s, you cig ‘owg‚ ta` `gtlr` S&U 055 lgk`x. @[D“s wlhh blv` you `xposur` to cougtry sp`cldlc lgk`x`s, lgt`rgitlogih jirm`ts, cojjokltl`s, igk `v`g nogk lgk`x`s. @[D“s aiv` two ota`r ikvigtib`s. [a`y ir` nota trigspir`gt igk tix `ddlcl`gt. [rigspir`gt lg tals r`birk j`igs tait ta`y ir` ch`ir lg ta`lr portdohlo aohklgbs igk ir` prlc`k ihh kiy hogb. hog b. [a`y ir` tix `ddlcl`gt is
990
Dlgigclih [`rjs Klctlogiry
ta`y ko got cr`it` jigy cipltih bilgs, slgc` ta`y ir` got lg ta` nuslg`ss od nuylgb igk s`hhlgb ta`lr ugk`rhylgb lgk`x`s. [a`y ihso ir` got r`qulr`k to s`hh ta`lr aohklgb lg ork`r to j``t r`k`jptlogs od lgv`stors.
@vlctlog @vlctlog lgvohv`s ta` dorc`k r`jovih od i r`gtih t`gigt droj i higkhork“s r`gtih prop`rty. Ota`r t`rjs tait cogv`y ta` sij` or i sljlhir j`iglgb lgchuk` r`poss`sslog, sujjiry poss`sslog, igk `f`ctlog. @vlctlog prov`s to n` ta` t`rj jost cojjoghy utlhlz`k lg higkhork igk t`gigt cojjuglcitlogs. @vlctlogs cig got sljphy aipp`g wltaout bolgb tarouba i h`bih proc`ss tait couhk lgchuk` ig `vlctlog hiwsult. I gotlc` just dlrst n` blv`g to ta` t`gigt ny ta` higkhork. [als ls jost odt`g r`d`rr`k to is ta` gotlc` to vicit` or gotlc` to qult. Lt ais to n` k`hlv`r`k to i t`gigt lg ikvigc` od n`blgglgb oddlclih h`bih `vlctlog proc`kur`s. Lg jost cis`s, ta` t`gigt wlhh ta`g r`c`lv` soj`wa`r` droj tar`` to t`g kiys to ikkr`ss ta` lssu` ciuslgb `vlctlog. [a`s` odd`gs`s hlm`hy ir` cius`k ny `lta`r i dilhur` to piy ta` r`gt lg i tlj`hy jigg`r or cogtrictuih nr`ica od ta` h`is` dor soj`talgb hlm` aiv` i p`t. Saouhk ta` t`gigt r`dus` to h`iv` ta` prop`rty lg qu`stlog idt`r ta` `xplritlog od ta` gotlc` to qult, ta`g ta` higkhork g`xt provlk`s ta` t`gigt wlta i cojphilgt. [a`s` cojphilgts jigkit` tait ta` t`gigt lg qu`stlog wlhh aiv` to bo to court. Ld ta` t`gigt r`dus`s to ipp`ir it ta` court kit` or ko`s got provlk` ig igsw`r to ta` cojphilgt, ta`g ta` higkhork ls inh` to s``m i k`diuht fukbj`gt, lg walca a` or sa` iutojitlcihhy wlgs ta` cis`. I t`gigt r`spogs` saouhk lgchuk` als or a`r slk` od ta` story is w`hh is k`d`gs` tait couhk lgchuk` ta` t`gigt got n`lgb provlk`k wlta r`pilrs tait ta` h`is` stlpuhit`s. Dohhowlgb ig ipproprlit` igsw`r, trlih kit`s ir` k`t`rjlg`k. Rlta ta` lssu`s n`lgb k`p`gk`gt og tlj`, ta`s` cis`s ir` cojjoghy aurrl`k tarouba ta` syst`j. Saouhk i fukb` nicm up i t`gigt, ta`g ta` t`gigt ls ihhow`k to stiy, ihtaouba a` or sa` wouhk aiv` to piy nicm ku` r`gt. Saouhk ta` higkhork n` vlctorlous, ta`g ta` t`gigt r`c`lv`s i hltth` wlgkow to jov` out od ta` prop`rty n`dor` n`lgb dorc`duhhy `vlct`k. [als ls cojjoghy oghy i w``m, taouba wlta i stiy od `x`cutlog, ta` t`gigt couhk n` blv`g jor` tlj`. Soj` furlsklctlogs p`rjlt i t`gigt to aiv` i rlbat to r`k`jptlog lg ta` `vlctlog proc`ss. [als wouhk ihhow i t`gigt to cigc`h i p`gklgb `vlctlog igk to stiy lg ta` r`gt`k prop`rty ny citcalgb up ljj`klit`hy og
994
Dlgigclih [`rjs Klctlogiry
ta` nicm r`gt ihogb wlta ota`r ipproprlit` d``s. [a`s` rlbats n`coj` wilv`k saouhk ta` t`gigt cogstigthy n` hit` lg piylgb ta` r`gt. Dlgihhy, idt`r i t`gigt ais host als or a`r `vlctlog hiwsult, ta` t`gigt ls cojjoghy blv`g i pirtlcuhir gujn`r od kiys lg walca to inigkog ta` prop`rty. prop`rty. [als ais to n` kog` n`dor` ota`r r`p`rcusslogs occur. occur. Soj`tlj`s ta` t`gigt wlhh n` tohk to h`iv` ljj`klit`hy. Higkhorks ir` blv`g wrlts od poss`sslog ny ta` court idt`r ta` t`gigt ais host ta` hiwsult igk stlhh r`dus`k to h`iv`. [a`s` wrlts od poss`sslog ir` ta`g turg`k ov`r to i hiw `gdorc`j`gt oddlc`r. Suca ig oddlc`r wouhk ta`g put up ig oddlclih gotlc` dor i t`gigt to k`pirt ta` prop`rty n`dor` ta` kit` og walca ta` oddlc`r wlhh r`turg to dorclnhy r`jov` ta` t`gigt. Ld ta` t`gigt ls got bog` wa`g ta` oddlc`r r`turgs, a` ls p`rjltt`k to tim` ta` t`gigt igk igyog` `hs` og ta` prop`rty igk r`jov` ta`j. [a`y wlhh n` ihhow`k to tim` iwiy ta`lr poss`sslogs or phic` ta`j lg storib` n`n `dor` ta` prop`rty ls blv`g nicm to ta` higkhork.
@xcaigb` ^it` Lg dlgigc` igk nuslg`ss, `xcaigb` rit`s ir` ihso mgowg is Dor`x ^it`s, dor`lbg `xcaigb` rit`s, or DQ rit`s. [a`s` `xcaigb` rit`s ir` ta` rit`s tait ir` vihlk n`tw``g two curr`gcl`s. [a`y ir` stit`k lg t`rjs od og` curr`gcy“s curr`gcy“s vihu` lg ta` ota`r curr`gcy. Suca ig `xcaigb` rit` ls ihso ta` dor`lbg gitlog“s curr`gcy vihu` is stit`k lg ta` curr`gcy od ta` aoj` gitlog. [a`r` ir` virlous klstlgctlogs wltalg ta` cit`bory od `xcaigb` rit`s. Ur`s`gt kiy `xcaigb` rit`s ir` t`rj`k spot `xcaigb` rit`s. @xcaigb` rit`s walca ir` quot`k to you igk trik`k tokiy nut ivilhinh` dor piyj`gt igk k`hlv`ry lg ta` dutur` og i pirtlcuhir kit` ir` cihh`k dorwirk `xcaigb` rit`s. Lt ls lgstructlv` to hoom it soj` `xijph`s. Ld ta` BNU/PSK rit` ls 9.45, ta`g lt j`igs tait ta` `xcaigb` rit` od ta` Nrltlsa Uougk birg`rs $9.45 lg PS kohhirs. Iht`rgitlv`hy, i PSK/CAD rit` od .<2 wouhk j`ig tait oghy .<2 od i Swlss Drigc wlhh nuy og` P.S. kohhir. @xcaigb` rit`s ir` k`t`rjlg`k og ta` dor`lbg `xcaigb` jirm`t. [als ls ta` hirb`st slgbh` jirm`t og ta` waoh` phig`t, triklgb hlt`rihhy trlhhlogs od kohhirs lg curr`gcy vihu`s `v`ry slgbh` kiy. Lt ls `stljit`k tait tals jirm`t `xc``ks tar`` trlhhlog kohhirs lg P.S. vihu`k curr`gcl`s og i blv`g triklgb kiy. [als jirm`t trik`s slx kiys i w``m, igk ls oghy chos`k
992
Dlgigclih [`rjs Klctlogiry
droj Drlkiy it 0UJ G`w \orm tlj` ugtlh Sugkiy idt`rgoog it 3UJ G`w \orm \orm [lj`. [lj`. @xcaigb` rit`s cig n` dr``hy triklgb og ta` worhk `xcaigb` jirm`ts. Soj` cougtrl`s caoos` to lgst`ik p`b ta` vihu` od ta`lr curr`gcy to igota`r prov`g, jor` r`spogslnh`, igk r`hlinh` curr`gcy, suca is ta` @uro or ta` kohhir. Lg ta`s` cis`s, ta` `xcaigb` rit`s ir` cogstigt ibilgst taos` tait ta`y p`b to, igk oghy dhuctuit` ibilgst ota`r curr`gcl`s og ta` jirm`t it ta` sij` pic` is ta` curr`gcy tait ta`y ir` p`bb`k to ko`s. @xcaigb` rit`s og DO^@Q cig n` pursu`k dor a`kblgb purpos`s or dor lgv`stj`gt opportugltl`s. Nuslg`ss`s tait aiv` op`ritlogs lg two or jor` cougtrl`s ir` odt`g lgt`r`st`k lg hocmlgb lg ta`lr `xcaigb` rit` lg ork`r to prot`ct ta`js`hv`s droj posslnhy vloh`gt curr`gcy swlgbs. Ny nuylgb dorwirk `xcaigb` rit`s, ta`y cig hocm ta`s` ta`s` lg dor igy blv`g kiy tait sults ta`lr g``ks. Iht`rgitlv`hy, ta`y cig tim` og DO^@Q spot posltlogs lg ta` curr`gcy totihs tait ta`y igtlclpit` g``klgb, so tait is ta` prlc` rls`s igk dihhs, lt wlhh n` cigc`h`k out is ta`y r`pitrlit` ta`lr dor`lbg curr`gcy nicm lgto aoj` curr`gcy. curr`gcy. Lgv`stors cig pirtlclpit` lg ta` `xcaigb` rit` jirm`ts dor lgv`stj`gt opportugltl`s. N`slk`s nuylgb ta`s` spot curr`gcy posltlogs or dorwirk posltlogs, ta`y cig purcais` optlogs cogtricts og ta`s` pilrs. [a` ikvigtib` igk klsikvigtib` to ta`s` jirm`ts ls ta` h`v`rib` tait ta`y provlk`, walca ls cojjoghy og` augkr`k to og`. og `. [als slbgldl`s tait ig lgklvlkuih lgv`stor ls inh` to cogtroh og` augkr`k taousigk @uros ibilgst ta` kohhir wlta oghy i taousigk kohhir iccougt vihu`. Jifor bilgs, is w`hh is sunstigtlih hoss`s, n`coj` posslnh` wlta oghy sjihh jov`s, slgc` `v`ry t`g c`gt prlc` caigb` lg tals cis` r`pr`s`gts i augkr`k kohhirs hlt`rihhy bilg`k or host.
@xport [a` work `xport r`d`rs to i book or s`rvlc` tait ls sohk igk salpp`k out od i cougtry. Lg nuslg`ss igk `cogojlcs t`rjs, ig `xport cig n` igy mlgk od cojjoklty or ota`r book tait ls utlhlz`k lg trik` igk trigsport`k out od og` gitlog lgto igota`r gitlog. [a`s` just n` kog` lg h`bih wiys to quihldy is `xports. [a` opposlt` od ta` work `xport ls ta` work ljport. [a` work `xport ls orlblgihhy tim`g droj ta` lk`i od salpplgb suca s`rvlc`s igk books out od ta` port od i blv`g cougtry. [als jik` lt ig lt`j
991
Dlgigclih [`rjs Klctlogiry
tait wis s`gt hlt`rihhy ‘`x‚ port. [als t`rj cij` droj ta` tlj` wa`g prictlcihhy ihh lgt`rgitlogih trik` prov`k prov`k to n` cogkuct`k vli salpplgb. S`hh`rs od s`rvlc`s igk books ir` mgowg is `xport`rs. [a`s` lgklvlkuihs ir` nis`k lg ta` `xportlgb gitlog. [a` pirty wao r`c`lv`s ta` books or s`rvlc`s lg ta` ov`rs`is cougtry ls mgowg is ig ljport`r. Lg ta` r`ihj od lgt`rgitlogih trik`, `xports j`igs v`gklgb books igk s`rvlc`s tait ir` jigudictur`k lg ta` prokuclgb aoj` gitlog to jirm`ts lg ota`r cougtrl`s. Ogc` ta`s` books ir` r`c`lv`k ny ta` ljport`r lg ta` dor`lbg cougtry, ta`y ir` odd`r`k to ta` cogsuj`rs lg ta` dor`lbg cougtry ny klstrlnutors igk koj`stlc prokuc`rs. Ra`g i p`rsog or cojpigy wlsa`s to n`coj` lgvohv`k lg `xportlgb cojj`rclih ijougts od books, ta`g ta`y wlhh aiv` to n`coj` `gbib`k wlta ta` custojs `gtltl`s lg nota ta` `xportlgb aoj` cougtry igk ta` ljportlgb r`c`lvlgb cougtry. Sjihh`r quigtltl`s od books ir` `x`jpt droj suca custojs k`pirtj`gts, pirtlcuhirhy wa`g ta`y ir` od how lgklvlkuih vihu`. [als ls way ta` rls` od iuctlog slt`s igk ota`r oghlg` r`tilh`rs v`gklgb to lgt`rgitlogih custoj`rs, suca is `-Niy igk Ijizog, aiv` jigib`k to slk` st`p ta` custojs k`pirtj`gts lg ta` jiforlty od cougtrl`s. [als ko`s got `x`jpt sjihh vihu` `xport lt`js droj ta` h`bih ruh`s igk r`strlctlogs tait ir` ipphl`k ny ta` `xportlgb gitlog. I gitlog“s `xports cig n` jigy kldd`r`gt talgbs lg prictlc`. ^`sourc` rlca cougtrl`s hlm` Iustrihli or Souta Idrlci wlhh cojjoghy `xport nlb tlcm`t giturih r`sourc` lt`js hlm` bohk, olh, giturih bis, urigluj, or klijogks. Ibrlcuhturih cougtrl`s suca is ta` Ualhlpplg`s igk Aogkuris `xport rlc` igk nigigis to ota`r cougtrl`s lg ta` worhk. [a` jilg `x ports od lgkustrlih cougtrl`s suca is B`rjigy igk Fipig ir` lgst`ik dlgih jigudictur`k prokuct books hlm` cirs igk jicalg`ry. jicalg`ry. Soj` lt`js jiy got sljphy n` `xport`k to `v`ry gitlog. [a`y ir` sun f`ct`k to `xport cogtroh. @xport cogtroh lgvohv`s D`k`rih hiws igk ruh`s tait dornlk ta` `xportlgb od soj` lgdorjitlog igk cojjokltl`s wltaout i hlc`gs`. [als ls kog` to prot`ct c`rtilg trik`s or n`cius` od s`gsltlv` lssu`s r`hit`k to gitlogih s`curlty. Sp`cldlcihhy, ta` bov`rgj`gt jlbat n` worrl`k inout ta` dlgih k`stlgitlog cougtry or broup tait wlhh r`c`lv` ta` books, suca is Lrig or Gorta Mor`i. [a`y jiy d`ir wait ta` ictuih us` od ta` `xport wlhh n`, suca is `qulpj`gt dor `grlcalgb urigluj. Soj`tlj`s, `xports aiv` cipinlhltl`s tait wlhh ihhow ta`j to n` us`k dor posslnh` jlhltiry ipphlcitlogs tait ta` bov`rgj`gt wlsa`s to cogtroh igk sup`rvls`, hlm` wlta jlsslh` t`cagohoby.
99<
Dlgigclih [`rjs Klctlogiry
D`k`rih ^`s`rv` [a` D`k`rih ^`s`rv`, ihso mgowg is ta` D`k, or ta` D`k`rih ^`s`rv` Noirk, prov`s to n` ta` Pglt`k Stit`s“ c`gtrih nigmlgb syst`j. [als c`gtrih nigm cij` inout lg 9<93 is i r`suht od Cogbr`ss pisslgb ta` D`k`rih ^`s`rv` Ict. Cogbr`ss cr`it`k ta` orbiglzitlog n`cius` od i gujn`r od s`rlous dlgigclih piglcs tait cuhjlgit`k lg ta` s`v`r` piglc od 9<52. Rlta tlj`, ta` D`k`rih ^`s`rv`“s roh`s igk ir`is od r`spogslnlhlty aiv` browg is ta` orbiglzitlog ais `xpigk`k. @cogojlc `v`gts suca is ta` Br`it K`pr`sslog aiv` oghy s`rv`k to `gcourib` tals. [a` D`k`rih ^`s`rv` tokiy cougts ijogb lts kutl`s jigy r`spogslnlhltl`s. Ijogb ta`s` ir` r`buhitlgb igk ov`rs``lgb ta` cougtry“s nigms, jigiblgb ta` cougtry“s jog`tiry pohlcy igk supphy, issurlgb ta` dlgigclih syst`js“ cogtlguigc` igk stinlhlty, igk odd`rlgb i virl`ty od dlgigclih s`rvlc`s to k`posltlgb nigms, dor`lbg c`gtrih nigms, igk ta` Pglt`k Stit`s bov`rgj`gt. [a` D`k`rih ^`s`rv`“s structur` ls jik` up od i gujn`r od kldd`r`gt cojpog`gts. Ijogb Ijogb ta`s` ir` ta` D`k`rih ^`s`rv` Noirk od Bov`rgors, ihh od waoj ir` ippolgt`k ny ta` Ur`slk`gt. [a` D`k`rih Op`g Jirm`t Cojjltt``, ihso mgowg ny lts icrogyj od DOJC, s`ts ta` jog`tiry pohlcy, pohlcy, hlm` ta` lgt`r`st rit`s, dor ta` gitlog. [a`r` ir` ihso D`k`rih ^`^` s`rv` Nigms, walca ir` tw`hv` r`blogih lgstltutlogs tait ir` dougk lg ta` nlbb`st ir`i cltl`s irougk Ij`rlci. [a`y odd`r payslcih curr`gcy to j`jn`r nigms wa`g k`jigk prov`s to n` ugusuihhy alba. S`v`rih cougclhs tait ikvls` lt ir` i pirt od [a` D`k`rih ^`s`rv`, is ir` t`caglcihhy ta` j`jn`r nigms taroubaout ta` cougtry. [a` DOJC cojpog`gt od ta` D`k`rih ^`s`rv` ls ictuihhy cojprls`k od ihh od ta`s` s`v`g Noirk od Bov`rgors j`jn`rs ihogb wlta ta` pr`slk`gts od ta` tw`hv` r`blogih nigms. Oghy dlv` od ta`s` pr`slk`gts ir` votlgb j`jn`rs it i tlj`. [ob`ta`r, ta`y r`vl`w ta` stit` od ta` P.S. gitlogih `cogojy lg ork`r to k`t`rjlg` wait dlscih pohlcl`s g``k to n` pursu`k. Ra`g ta` `cogojlc browta ls showlgb, or i r`c`sslog r`c`sslog ls occurrlgb, ta`y cut ta` gitlogih lgt`r`st rit`s. Ra`g lgdhitlog ls ipp`irlgb or ta` `cogojy ls ov`ra`itlgb, ta`y rils` ta`s` lgt`r`st rit`s. [a` D`k`rih ^`s`rv` prov`s to n` i uglqu` `gtlty ijogb ta` jifor c`gtrih nigms. [als ls n`cius` lt klvlk`s up ta` virlous r`spogslnlhltl`s lgto soj` punhlc igk soj` prlvit` pirts od ta` lgstltutlog. [a` D`k`rih ^`s`rv` durta`rjor` s`rv`s to cr`it` ta` curr`gcy us`k dor ta` cougtry, ta`
9>5
Dlgigclih [`rjs Klctlogiry
P.S. kohhir. [a` dict tait lt ls nota i punhlc igk prlvit` lgstltutlog, wlta so jigy virl`k igk vist pow`rs, jim`s lt og` od i mlgk. N`cius` ta` P.S. kohhir ls stlhh ta` r`s`rv` curr`gcy od ta` worhk, ta` D`k`rih ^`s`rv`“s ^`s`rv`“s pow`rs ir` dir br`it`r taig sljphy jigiblgb ta` P.S. `cogojy. Lg ictuih prictlc`, ta`y ihso ir` ta` custokligs igk jigib`rs od ta` worhk“s r`s`rv` curr`gcy. [als blv`s ta`j cogslk`rinh` pow`r igk lgdhu`gc` taroubaout ta` `gtlr` worhk `cogojy, slgc` ta`y ir` inh` to cr`it` got oghy kohhirs dor ta` P.S. `cogojy, nut ihso dor ota`r c`gtrih nigms us` lg dor`lbg cougtrl`s. Is i r`suht od tals, jor` taig aihd od ta` payslcihhy prlgt`k P.S. kohhirs ir` dougk outslk` od ta` Pglt`k Stit`s.
D`k`rih ^`s`rv` Ict od 9<93 [a` D`k`rih ^`s`rv` Ict od 9<93 cr`it`k ta` D`k`rih ^`s`rv` Nigm. [als prov`k to n` ta` Ict od Cogbr`ss tait s`t up ta` D`k`rih ^`s`rv` Syst`j. [als syst`j n`cij` ta` C`gtrih Nigm orbiglzitlog dor ta` Pglt`k Stit`s. Is pirt od ta` ict, ta` D`k`rih ^`s`rv` icqulr`k ta` pow`rs to lssu` ta` gitlog“s h`bih t`gk`r curr`gcy. Ur`slk`gt Rookrow Rlhsog ictuihhy slbg`k tals ict, jimlgb lt hiw lg 9<93. 9<93 . [a` h`ik`rsalp od ta` cougtry d`ht ta` g``k to cr`it` suca i c`gtrih nigm dor s`v`rih r`isogs. [a` Pglt`k Stit`s aik op`rit`k wltaout i c`gtrih nigm bolgb nicm to ta` `xplritlog od ta` S`cogk Nigm od ta` Pglt`k Stit`s“ cairt`r. [als j`igt tait dor inout `lbaty y`irs, ta` cougtry aik `xlst`k wltaout igy dorj od c`gtrih nigm. Lg tlj`, i gujn`r od dlgigclih piglcs aik `gsu`k wltaout igy c`gtrih nigm to lgt`rv`g` lg ta`j. [a` og` tait r`ihhy bihviglz`k cogbr`sslogih igk punhlc oplglog dor aivlgb i c`gtrih nigm prov`k to n` ta` s`rlous dlgigclih piglc od 9<52. Is i r`suht od ta`s` dictors, i gujn`r od Ij`rlcigs k`clk`k tait ta` gitlog r`qulr`k s`rlous curr`gcy igk nigmlgb r`dorjs tait couhk aigkh` suca piglcs ny odd`rlgb ig ivilhinh` hlqulk iss`ts“ r`s`rv`. [a`y ihso dlbur`k suca ig lgstltutlog jlbat n` cipinh` od jigiblgb i cogslst`gt `xpigslog igk cogtrictlog od cr`klt igk curr`gcy droj tlj` to tlj` is ipproprlit`. [a` orlblgih D`k`rih ^`s`rv` Ict phig r`cojj`gk`k ig `stinhlsaj`gt od ig ugusuih cojnlg`k punhlc igk prlvit` `gtlty syst`j. [a`y subb`st`k tait jlgljihhy `lbat igk is jigy is tw`hv` r`blogih prlvit` D`k`rih ^`s`rv` nigms saouhk n` cr`it`k. Ihh od ta`j w`r` to aiv` ta`lr owg noirks od klr`ctors, r`blogih nougkiry hlg`s, igk nrigca`s. [als
9>9
Dlgigclih [`rjs Klctlogiry
g`w `gtlty wouhk n` h`k ny i D`k`rih ^`s`rv` Noirk cojprls`k od s`v`g j`jn`rs igk jik` up od punhlc oddlclihs tait ta` Ur`slk`gt ippolgt`k igk ta` S`git` wouhk cogdlrj. Ig ikvlsory cojjltt`` mgowg is ta` D`k`rih Ikvlsory Cojjltt`` wouhk n` cr`it`k, ihogb wlta i nrigk g`w P.S. curr`gcy tait wouhk ihog` n` icc`pt`k gitlogihhy, ta` D`k`rih ^`s`rv` Got`. Lg ta` dlgih v`rslog od ta` nlhh, tw`hv` r`blogih D`k`rih ^`s`rv` Nigms w`r` ictuihhy cr`it`k. [a` r`st od ta` inov` provlslogs n`cij` hiw igk suns`qu`gthy i pirt od ta` g`why cr`it`k D`k`rih ^`s`rv` Syst`j. Igota`r ljportigt k`clslog tait Cogbr`ss s`tth`k og wlta ta` D`k`rih ^`s`rv` Ict r`vohv`k irougk ta` prlvit` nigms taroubaout ta` P.S. @v`ry gitlogihhy cairt`r`k nigm aik to folg ta` D`k`rih ^`s`rv` Syst`j is i pirt od tals ict. [a`y w`r` jik` to nuy stocm tait couhk got n` trigsd`rr`k lg ta`lr owg ir`i“s D`k`rih ^`s`rv` Nigm. Lt durta`rjor` r`qulr`k tait i s`t kohhir totih od r`s`rv`s tait klk got piy lgt`r`st aik to n` k`poslt`k to ta`lr owg r`blogih D`k`rih ^`s`rv` Nigm. Nigms tait ir` oghy stit` cairt`r`k aiv` ta` caolc`, nut got ta` onhlbitlog, od folglgb tals syst`j igk n`lgb r`buhit`k ny ta` D`k. Dlgihhy, ta` ict ihhow`k ta` j`jn`r nigms to r`c`lv` hoigs it i klscougt`k rit` droj ta` klscougt wlgkows od ta`lr owg r`blogih D`k`rih ^`s`rv` Nigm. [a`y w`r` projls`k i slx p`rc`gt y`irhy klvlk`gk og ta`lr D`k`rih ^`s`rv` stocm igk provlk`k wlta ikkltlogih s`rvlc`s. [a` ict ihso biv` ta` D`k`rih ^`s`rv` Nigms ta` iutaorlty to issuj` ta` roh` od P.S. bov`rgj`gt dlscih ib`gts.
D`k`rih ^`s`rv` Nigm [w`hv` kldd`r`gt D`k`rih ^`s`rv` Nigms jim` up ta` D`k`rih ^`s`rv` Syst`j tait dugctlogs is ta` c`gtrih nigm dor ta` P.S. D`k`rih r`s`rv` nigms ir` ihso utlhlz`k to sun-klvlk` up ta` cougtry lgto ta` tw`hv` D`k`rih ^`s`rv` Klstrlcts. @v`ry D`k`rih ^`s`rv` Nigm n`irs ta` r`spogslnlhlty dor lgklvlkuihhy r`buhitlgb ta` virlous cojj`rclih nigms tait ir` dougk lg suca i nigm“s b`obripalcih klstrlct. @gsurlgb ta` cogtlguitlog od ta` dlgigclih syst`j igk ihh od ta` j`jn`r nigms ls ijogb ta` prljiry r`spogslnlhltl`s od ta` D`k`rih ^`s`rv` Syst`j. @ica D`k`rih ^`s`rv` Nigm ihso lssu`s lts owg stocm sair`s tait cig oghy n` icqulr`k ny pirtlclpitlgb j`jn`r nigms. [a` nigms ir` r`qulr`k to ontilg ta`s` sair`s ny hiw. Ralh` ta` sair`s jiy got n` trik`k, ph`kb`k is i hoig s`curlty, or sohk, ta`y ko piy klvlk`gks tait rug is alba is slx p`rc`gt `ica y`ir y `ir..
9>>
Dlgigclih [`rjs Klctlogiry
Ij`rlcig nigms ir` r`qulr`k ny hiw to m``p c`rtilg drictlogih r`s`rv`s od ta`lr ictuih k`poslts. [a`s` ir` josthy a`hk ny ta` r`blogih D`k`rih ^`s`rv` Nigms. Ihtaouba lg y`irs pist, ta` D`k`rih ^`s`rv` klk got piy j`jn`r nigms lgt`r`st og ta`s` dugks m`pt og r`s`rv`, is od >551 Cogbr`ss piss`k ta` @@SI tait p`rjlts ta`j to piy ta` pirtlclpitlgb nigms lgt`r`st. [a` tw`hv` D`k`rih ^`s`rv` Nigms igk klstrlcts ir` dougk b`obripalcihhy spr`ik out irougk ta` gitlog. [a`y lgchuk` ta` D`k`rih ^`s`rv` Nigms od Nostog, G`w \orm, Ualhik`hpali, Ch`v`higk, ^lcajogk, Ithigti, Calcibo, St. Houls, Jlgg`ipohls, Migsis Clty, Kihhis, igk Sig Drigclsco. [a` hirb`st igk stlhh jost ljportigt od ta` lgklvlkuih D`k`rih ^`s`rv` Nigms prov`s to n` ta` D`k`rih ^`s`rv` Nigm od G`w \orm. Got oghy ko`s tals nigm aiv` ta` br`it`st iss`t nis` od ihh ta` tw`hv` nrigca`s, vihu`k it ov`r i trlhhlog kohhirs igk r`pr`s`gtlgb dour tlj`s ta` iss`t nis` od ta` g`xt hirb`st D`k`rih ^`s`rv` Nigm, nut lt ihso noists ta` nlbb`st bohk k`posltory og `irta, vihu`k it lg `xc`ss od $>0 nlhhlog. [a` bohk m`pt lg ta` G`w \orm D`k`rih ^`s`rv` Nigm viuhts n`hogbs to ota`r gitlogs wao stor` lt ta`r` dor sid` m``plgb. Siukl Irinli igk Muwilt nota m``p ta`lr slbgldlcigt aohklgbs a`r`. Ijogb ta` virlous stit`s tait aiv` D`k`rih ^`s`rv` Nigms a`ikquirt`r`k ta`r`, i d`w od ta`j cogtilg jor` taig og` nrigca wltalg ta`lr stit`. Cihldorgli, Jlssourl, igk [`gg`ss`` ir` ta` og`s tait jim` tals chilj. [`gg`ss`` ictuihhy cogtilgs two nrigca`s droj two kldd`r`gt klstrlcts wltalg lts stit` nougkirl`s. [a` oghy stit` tait ais two D`k`rih ^`s`rv` Nigms a`ikquirt`r`k wltalg lt ls Jlssourl. Dor ta` hirb`st b`obripalcih ir`is cov`r`k ny ta` klstrlcts, Sig Drigclsco ls ta` hirb`st, Migsis Clty ls s`cogk nlbb`st, igk Jlgg`ipohls ls ta` talrk hirb`st.
Dlit Kohhirs Dlit kohhirs r`d`r to kohhirs tait ko got poss`ss igy sort od lgtrlgslc vihu`. [a`y ir` got nicm`k up ny bohk or igy ota`r tigblnh` iss`t, oghy ny ta` duhh dilta igk trust lg ta` Pglt`k Stit`s bov`rgj`gt. Slgc` ta` Pglt`k Stit`s inigkog`k ta` v`g`rinh` igk stinh` bohk stigkirk nicm lg 9<29, ta` P.S. curr`gcy ais n``g og` od oghy dlit kohhirs.
9>3
Dlgigclih [`rjs Klctlogiry
Dlit ictuihhy r`d`rs to ta` Hitlg dor ‘h`t lt n` kog`.‚ Kohhirs tait ir` dlit kohhirs ir` vihu`k nis`k og ta` k`cr`` od ta` bov`rgj`gt. [a`y ir` got r`k``jinh` dor igytalgb `hs`. Pgtlh 9<29, ta` kohhir prov`k to n` cogv`rtlnh` lgto i c`rtilg s`t quigtlty od bohk. [als aik n``g ta` cis` ihogb wlta ihh ota`r jifor curr`gcl`s irougk ta` worhk dor g`irhy two augkr`k y`irs. Bohk nicm`k kohhirs igk ota`r curr`gcy prov`k to n` `xtr`j`hy stinh` igk cogstigthy vihu`k dor aub` spigs od tlj` str`tcalgb droj dorty to slxty y`irs n`dor` soj` turnuh`gc` hlm` ta` Clvlh Rir wouhk ljpict ta`lr vihu` dor i d`w y`irs. [als r`suht`k lg pirt droj bov`rgj`gts oghy n`lgb inh` to prlgt is jigy kohhirs igk ota`r curr`gcy is ta`y aik bohk. Slgc` ta` P.S. curr`gcy n`cij` og` od dlit kohhirs, lts stinlhlty ais viglsa`k, ihogb wlta lts dorj`r cogstigt vihu`. Og` ougc` od bohk oghy r`pr`s`gt`k $31.<5 vihu`k P.S. kohhirs it ta` `gk od 9<25. [okiy ta` sij` ougc` od bohk `quit`s to $9,305. Igota`r wiy od puttlgb tals ls tait og` 9<25 bohk nicm`k kohhir ls `quih to g`irhy $30 dlit kohhirs lg >595. \ou jlbat ihso siy tait ta` Dlit kohhir ais k`chlg`k ny jor` taig glg`ty-s`v`g p`rc`gt lg ta` tlj` spig od ihjost dorty y`irs slgc` lt n`big lts hld` is i Dlit kohhir. [als siys s`v`rih ljportigt talgbs inout Dlit kohhirs. [a`y ir` it ta` j`rcy od ta` lgt`rgitlogih jirm`ts, slgc` ta`y ir` got nicm`k up ny igy tigblnh` vihu`. [a`y ir` ihso inh` to n` prlgt`k or `h`ctroglcihhy juhtl phl`k lg lgdlglt` quigtltl`s, slgc` ta`y ir` got r`strlct`k ny i blv`g dlx`k ijougt od bohk. Lt ihso j`igs tait ta`y ir` ugstinh` lg ta`lr vihu`s igk cig cohhips` dilrhy `islhy igk qulcmhy, slgc` ta`lr r`ih worta ls oghy og` od p`rc`lv`k vihu` is k`t`rjlg`k ny ta` cogdlk`gc` od nuy`rs igk s`hh`rs. Dlit kohhirs ir` got ta` oghy curr`gcy tait ais n``g k`couph`k droj r`ih vihu`k nicmlgb hlm` bohk. @uros, Fipig`s` \`g, Nrltlsa Uougks, igk prictlcihhy ihh jifor curr`gcl`s od ta` worhk ir` sljlhirhy oghy nis`k og ta` dilta igk trust od ta`lr r`sp`ctlv` bov`rgj`gts. [a` oghy curr`gcy ijogb ta` jifor k`v`hop`k `cogojl`s tait jlbat n` cogslk`r`k to n` gog dlit ls ta` Swlss Drigc. [a` Swlss cogstltutlog r`qulr`s tait ta` bov`rgj`gt aohks i duhh quirt`r od ta` gujn`r od Swlss Drigcs lg `xlst`gc` lg bohk lg ta`lr viuhts. [als wouhk blv` ta`j i tw`gty-dlv` p`rc`gt bohk nicmlgb to ta`lr curr`gcy. [a` truta ls tait slgc` ta` Swlss vihu` ta`lr bohk r`s`rv`s it $>05 p`r ougc`, igk bohk ls triklgb cogslst`gthy w`hh ov`r $9,>55 p`r ougc` to `v`g $9,305 p`r ougc`, it ov`r dlv` tlj`s ta` Swlss vihu` od ta`lr bohk, tals j`igs tait ta`y ictuihhy aiv` ta`lr curr`gcy cov`r`k ny lg `xc`ss
9>;
Dlgigclih [`rjs Klctlogiry
od og` augkr`k p`rc`gt od ictuih vihu`k bohk aohklgbs, slgc` dlv` tlj`s ta`lr tw`gty-dlv` p`rc`gt bohk r`s`rv` ijougts to og` augkr`k igk tw`gty-dlv` p`rc`gt.
Dlit Jog`y Dlit Jog`y prov`s to n` jog`y tait ais go r`ih lgtrlgslc, or ictuih, vihu`. Lt lgst`ik k`rlv`s lts worta droj bov`rgj`gts icc`ptlgb lt is h`bih t`gk`r. [a` cogc`pt od dlit jog`y og i hirb` scih` ls i r`hitlv`hy g`w og`. [aroubaout prictlcihhy ihh od alstory, ta` jiforlty od curr`gcl`s irougk ta` worhk k`rlv`k ta`lr vihu` droj slhv`r or bohk. Dlit jog`y ls lgst`ik `gtlr`hy nis`k og trust igk dilta lg ta` lssulgb jog`tiry iutaorlty. [a` pronh`j wlta dlit jog`y hl`s lg ta` inlhlty od ta` bov`rgj`gts to lgdhit` lts vihu` iwiy. [a`y cig ko tals ny ov`r prlgtlgb lt. Slgc` dlit curr`gcl`s ir` got r`strlct`k ny i r`qulr`j`gt od airk r`s`rv` iss`ts, ta`y cig n` cr`it`k lg igy quigtlty tait ta` lssulgb bov`rgj`gt k`slr`s. Is ta` supphy od dlit jog`y cogtlgu`s to rls` walh` ta` k`jigk r`jilgs cogstigt, lts purcaislgb pow`r wlhh dihh. Ra`g ta` supphy od ta` dlit jog`y ls kristlcihhy lgcr`is`k, ta`g ayp`rlgdhitlog wlhh r`suht. Dlit jog`y tait dihhs ny augkr`ks od p`rc`gt lg vihu` ls k``j`k to n` i vlctlj od ayp`rlgdhitlog. [a` ota`r klsikvigtib` to dlit jog`y ls tait oghy p`oph`s“ trust lg lt uhtljit`hy blv`s lt prictlcih vihu`. Is dlit jog`y sudd`rs droj lgdhitlog igk dlgihhy ayp`rlgdhitlog, ta`g ta` cogdlk`gc` lg lt n`coj`s saim`g. Dlit jog`y tait hicms ta` cogdlk`gc` od lts cltlz`gs wlhh dlgihhy cohhips` lg vihu` igk ta`g go hogb`r n` od igy triklgb us` dor kilhy trigsictlogs. Ra`g dlit jog`y dilhs, p`oph` `lta`r r`turg to nirt`r syst`js, or ta` bov`rgj`gt `stinhlsa`s i curr`gcy nis`k og airk iss`ts ogc` ibilg. [a` alstory od jog`y ais prov`g og i gujn`r od occislogs tait bov`rgj`gts k`nis` curr`gcy to ta` polgt od dlit jog`y wa`g lt sults ta`j. [a`y ko tals n`cius` lt ihhows ta`j to prlgt is juca is ta`y g``k to piy dor talgbs. Ralh` tals cr`it`s lgdhitlog dor ta`lr cltlz`gs, lt blv`s ta` jog`y lssulgb bov`rgj`gt ta` inlhlty to r`piy ta`lr k`nts wlta ca`ip`r dlit jog`y. Dlgihhy, is i socl`ty ais aik `gouba od ta` k`vihu`k jog`y igk curr`gcy lgstinlhlty, ta`y dorc` ta` bov`rgj`gt to r`turg to iss`t nicm`k jog`y. jog`y. [als ais aipp`g`k n`dor`, igk soj` jog`tiry `xp`rts siy tait you ir` stirtlgb to s`` tals aipp`g ibilg gowikiys.
9>0
Dlgigclih [`rjs Klctlogiry
Dlgigclih J`gtor I dlgigclih j`gtor ls i trust`k bulk` or cougs`hor tait a`hps i p`rsog lg ta` ir`gi od nuslg`ss, p`rsogih dlgigc` igk lgv`stj`gts. J`gtors cig n` jigy kldd`r`gt p`oph`, nut ta`y typlcihhy aiv` s`v`rih cairict`rlstlcs lg cojjog. [a`y ir` ihh hoyih ikvls`rs wao aiv` ta` p`rsog“s n`st lgt`r`sts it a`irt. J`gtorlgb ls jost wlk`hy us`k lg nuslg`ss. Ota`r s`ttlgbs tait us` lt lgchuk` j`klcih dl`hks igk `kucitlogih s`ttlgbs. Nuslg`ss `xp`rts wlhh t`hh you tait ijogb ta` jost us`duh, a`hpduh, igk vihuinh` cir``r iss`ts tait you cig aiv` lg your nuslg`ss cir``r ls i a`hpduh igk `xp`rl`gc`k j`gtor. Dlgigclih j`gtors ir` cojjoghy ohk`r lgklvlkuihs wao aiv` jor` wlskoj igk `xp`rl`gc` to sair` wlta ta` lgklvlkuih taig a` or sa` ihr`iky poss`ss`s. [aouba ta`y ko got aiv` to n` ohk`r lg `v`ry slgbh` cis`, ta`y just ihwiys aiv` jor` `xp`rl`gc` taig ta` p`rsog waoj ta`y ir` j`gtorlgb. [a`s` j`gtors nota bulk` dlgigclih k`v`hopj`gt igk isslst ta` p`rsog wlta ta`lr ov`rihh dlgigclih igk nuslg`ss boihs. [a`y ko got `gbib` lg tals proc`ss wlta ta` `xpr`ss`k lgt`gt od jimlgb jog`y or n`g`dltlgb dlgigclihhy droj ta` irrigb`j`gt irrigb`j`gt usuihhy. usuihhy. Rlta dlgigclih j`gtors, you is ta` p`rsog n`lgb j`gtor`k aiv` soj` pr`piritlog tait you cig ko. \ou saouhk hlst`g cir`duhhy to ta` j`gtor igk wait a` or sa` ais to t`hh you. [als ls jost `islhy iccojphlsa`k ny cojlgb to ta` j``tlgb wlta ta` dlgigclih j`gtor wlta soj` sort od r`corklgb j`igs pr`pir`k. [als jlbat n` i volc` r`cork`r, UKI, hiptop, or `v`g p`g igk pip`r. Ld i j`gtor jik` sp`cldlc r`cojj`gkitlogs lg ta` prlor klscusslogs, ta`g you saouhk aiv` nota got`k igk trl`k to ipphy ta`j. N` r`iky to r`vl`w igy st`ps tait you aiv` tim`g sp`cldlcihhy wlta ta` j`gtor. j`gtor. \ou saouhk ihso ihhow i j`gtor to n` i pirt od your nlb plctur` boihs igk phigs, igk got oghy ta` pirtlcuhir k`tilhs. [a` ov`rihh boihs dor you wao ir` n`lgb j`gtor`k saouhk n` s`t tob`ta`r, lg cogfugctlog wlta ta` j`gtor. [a`y saouhk tihm got oghy inout pr`s`gt caihh`gb`s igk klddlcuhtl`s, nut ihso cogc`gtrit` og hogb t`rj igk saort t`rj boihs tob`ta`r. Book dlgigclih j`gtors wlhh ihso ko jor` taig sljphy aohk oddlclih j``tlgbs. [a`y wlhh tim` ta` tlj` to b`t to mgow you. [als ko`s got aiv` to n` `xt`gslv` ijougts od tlj`, nut lt saouhk n` quihlty tlj` sp`gt. [als jlbat lgvohv` i dldt``g jlgut` drl`gkhy cait ov`r codd`` or i qulcm nlt` to `it out soj` glbat. [a` m`y ls got to tim` up too juca od
9>4
Dlgigclih [`rjs Klctlogiry
ta` dlgigclih j`gtor“s tlj` ugtlh you b`t to mgow alj or a`r n`tt`r. [a`g is ta` r`hitlogsalp nroik`gs out lgto i drl`gksalp, jor` opportugltl`s to b`t tob`ta`r wlhh giturihhy irls`. Dlgigclih j`gtors cig a`hp out wlta jigy ir`is od your hld`. [a`y cig jim` a`hpduh subb`stlogs dor b`ttlgb out od k`nt. [a`y cig bulk` you wlta book cogc`pts dor prictlcih igk sjirt lgv`stlgb. [a`y cig sair` p`rsogih, ictuih `xp`rl`gc` dor givlbitlgb tarouba klddlcuhtl`s wlta i nuslg`ss tait you owg. [a`y jlbat subb`st ikvlc` to isslst you lg your cir``r k`v`hopj`gt. Rait`v`r a`hp tait you sp`cldlcihhy r`qu`st droj i j`gtor, you saouhk ihwiys r`j`jn`r to n` ippr`clitlv` igk tim` ta` tlj` to wrlt` taigm you got`s.
Dlgigclih Stit`j`gt Dlgigclih stit`j`gts ir` oddlclih r`corks od i nuslg`ss“ or p`rsogih dlgigclih ictlvlty. Rlta nuslg`ss`s, dlgigclih stit`j`gts pr`s`gt igy igk ihh p`rtlg`gt dlgigclih ictlvlty is usinh` lgdorjitlog. [a`y ko tals lg i ch`ir, ch`ir, orbiglz`k, igk sljph` to cojpr`a`gk wiy. Dlgigclih stit`j`gts ir` cojjoghy cojprls`k od dour kldd`r`gt typ`s od dlgigclih iccougts tait coj` wlta ig igihysls igk klscusslog provlk`k ny ta` cojpigy“s cojpigy“s jigib`j`gt. [a` Nihigc` sa``t ls ta` dlrst od ta`s`. Lt ls mgowg ny s`v`rih ota`r gij`s, lgchuklgb stit`j`gt od dlgigclih cogkltlog, or stit`j`gt od dlgigclih posltlog. [a` nihigc` sa``t k`tilhs wlhh outhlg` i corporitlog“s owg`rsalp `qulty, hlinlhltl`s, igk iss`ts og i pirtlcuhir kit`. [als wlhh blv` i book plctur` od ta` b`g`rih str`gbta igk posltlog od ta` cojpigy. cojpigy. Dlgigclih stit`j`gts sljlhirhy lgchuk` lgcoj` stit`j`gts. [a`s` cig ihso n` cihh`k Urodlt igk Hoss stit`j`gts too. [a`y outhlg` guj`rous ljportigt pl`c`s od cojpigy lgdorjitlog, suca is corporit` `xp`gs`s, lgcoj`, igk prodlts jik` lg i c`rtilg tlj` p`rlok. [als stit`j`gt `x philgs ihh od ta` r`h`vigt dlgigclih k`tilhs to ta` nuslg`ss“ op`ritlog. Sih`s igk ihh issoclit`k `xp`gs`s ir` lgchuk`k ugk`r tals cit`bory. [als s`ctlog od ta` dlgigclih stit`j`gt prov`s to n` ta` guts igk nohts od ta` waoh` kocuj`gt. Lt provlk`s i sgip saot od ta` cojpigy“s inlhlty to b`g`rit` sih`s igk turg prodlts. I stit`j`gt od cisa dhow ls ihso i pirt od i cojph`t` dlgigclih stit`j`gt. Is lts gij` ljphl`s, tals s`ctlog wlhh sair` ihh od ta` k`tilhs r`birklgb ta` cojpigy“s ictlvltl`s p`rtilglgb to cisa dhow. [a` jost lj-
9>2
Dlgigclih [`rjs Klctlogiry
portigt og`s tait wlhh n` outhlg`k lgchuk` op`ritlgb cisa dhow, dhow, dlgigclgb, igk lgv`stlgb `gk`ivors. [a` hist `h`j`gt od i dlgigclih stit`j`gt lgchuk`s ta` stit`j`gt od r`tilg`k `irglgbs. [als s`ctlog od ta` kocuj`gt jim`s book og lts gij` to k`tilh igy caigb`s to i corporitlog“s ictuih r`tilg`k `irglgbs dor ta` p`rlok tait ls n`lgb r`port`k. [a`s` dour s`ctlogs od i dlgigclih stit`j`gt ir` ihh cojnlg`k tob`ta`r to jim` ta` cogsohlkit`k dlgigclih stit`j`gt, ogc` ta`y ir` cojnlg`k wlta ta` igihysls igk klscusslog od jigib`j`gt. Rlta hirb` juhtlgitlogih typ`s od corporitlogs, suca dlgigclih stit`j`gts ir` typlcihhy hirb` igk cojphlcit`k, jimlgb ta`j caihh`gblgb to r`ik igk ugk`rstigk. [o isslst wlta r`ikinlhlty, ta`y jiy ihso coj` wlta i broup od got`s dor ta` dlgigclih stit`j`gt tait ihso cov`rs jigib`j`gt“s igihysls igk klscusslog. Suca got`s wlhh bo tarouba ihh lt`js hlst`k og ta` dour pirts od ta` dlgigclih stit`j`gt lg jor` taorouba k`tilh. Dor jigy cojpigl`s, ta`s` got`s dor dlgigclih stit`j`gts aiv` coj` to n` k``j`k i crltlcih cojpog`gt od book igk cojph`t` dlgigclih stit`j`gts. Dlgigclih stit`j`gts ir` us`k ny s`v`rih kldd`r`gt broups od o d p`oph` wao ir` hoomlgb it i cojpigy. Lgv`stors us` ta`j lg ork`r to k`t`rjlg` ld ta` cojpigy igk lts stocms or nogks jim` i sougk lgv`stj`gt wlta i caigc` od provlklgb book r`turgs og lgv`stj`gts igk prodlts lg `xcaigb` dor hljlt`k rlsms. Nigms utlhlz` ta`s` dlgigclih stit`j`gts to k`clk` ld i cojpigy ls i book cr`klt rlsm dor ta`lr hoig kohhirs. Lgstltutlogs igk ota`r broups tait jiy n` cogslk`rlgb i cisa lgduslog or nuyout od ta` cojpigy us` suca dlgigclih stit`j`gts to k`clk` ld ta` coj pigy ls i vlinh` lgv`stj`gt or icqulsltlog tirb`t. tirb`t.
Dlgigclgb Dlgigc lgb [`rjs [`rjs [a`r` ir` two kldd`r`gt dlgigclgb t`rjs ivilhinh` dor nuslg`ss`s. [a`s` ir` saort t`rj dlgigclgb igk hogb t`rj dlgigclgb. Lg tokiy“s `cogojlc `gvlrogj`gt dohhowlgb ta` dlgigclih cohhips` igk Br`it ^`c`sslog, jigy nuslg`ss`s r`qulr` nota typ`s. [a` two typ`s od dlgigclgb lgvohv` jor` kldd`r`gc`s taig oghy ta` tlj` drij`s. Saort t`rj dlgigclgb ls cojjoghy utlhlz`k dor ta` kilhy nuslg`ss op`ritlogs“ dugklgb igk g``ks. [als ls ihso mgowg is wormlgb cipltih. [a` dlgigclgb t`rjs dor ta`s` saort t`rj diclhltl`s cojjoghy r`qulr` ta` saort t`rj hoigs to n` pilk nicm lg i y`ir or h`ss.
9>1
Dlgigclih [`rjs Klctlogiry
Hogb t`rj dlgigclgb ls jor` odt`g utlhlz`k dor ta` upm``p or purcais` od dlx`k iss`t typ`s. [als jlbat lgchuk` i nulhklgb or jicalg`ry tait i dlrj owgs. [a` dlgigclgb t`rjs dor hogb t`rj hoigs ir` dor p`rloks od tlj` tait ir` br`it`r taig i y`ir. y`ir. Ijogb ta` saort t`rj dlgigclgb j`igs ir` nigm hoigs, nigm ov`rkridts, trik` cr`klt, igk h`islgb. Dor lgklvlkuihs, nigm ov`rkridts prov` to n` ta` jost cojjog j`igs od saort t`rj dlgigc`, slgc` ta`lr dlgigc` t`rjs p`rjlt ig lgklvlkuih to kriw out i br`it`r ijougt od jog`y tait ta` p`rsog ais lg ta` nigm, up to i pr`k`t`rjlg`k ijougt. [rik` cr`klt ls us`duh dor sjihh nuslg`ss`s wao jiy r`qulr` ta` inlhlty to nuy books igk s`rvlc`s or supphl`s n`dor` ta`y r`c`lv` piyj`gts igk lgcojlgb r`c`lpts. Rlta suca trik` cr`klt diclhltl`s, ta` dlgigc` t`rjs ir` cojjoghy droj talrty to glg`ty kiys to piy ta` duhh nihigc`. Hogb t`rj dlgigclgb jlbat ihso lgvohv` nigm hoigs, is w`hh is corporit` nogks or jortbib`s. Rlta corporit` nogks, i cojpigy ls norrowlgb jog`y droj lgv`stors igk j`jn`rs od ta` punhlc. [a` dlgigclgb t`rjs od ta`s` typ`s od lgstruj`gts cojjoghy r`qulr` p`rloklc lgt`r`st piyj`gts tait ir` mgowg is coupog piyj`gts. [a` prlgclpih ls ta`g r`pilk og ta` ibr``k upog kiy. Jigy corporit` nogks ihso d`itur` i r`cihh optlog tait ihhows i cojpigy to piy odd lts hogb t`rj k`nts `irhy. [als jlbat n` od lgt`r`st to suca i dlrj ld ta`y d``h tait ta`y cig norrow ta` dugks dor h`ss jog`y `hs`wa`r` or wlta how`r lgt`r`st rit`s. Jortbib`s ir` `xtr`j`hy hogb t`rj dlgigclgb optlogs jik` ivilhinh` to lgklvlkuihs or cogsuj`rs dor ta` purcais` od i aous` or cojj`rclih prop`rty. prop`rty. [a`s` dlgigclgb t`rjs cojjoghy rug to talrty y`irs or hogb`r. Jortbib`s lgvohv` cojph`x cihcuhitlogs dor dlburlgb out piyj`gts tait odt`g lgvohv` prop`rty tix`s, jortbib` lgsurigc`, igk hoig r`piyj`gts. Dlgigclgb t`rjs cig ihso r`hit` to ta` sp`cldlcs od i pirtlcuhir hoig, jortbib`, or cr`klt diclhlty. [a`y wouhk sp`hh out ta` lgt`r`st rit`, ku` kit`s od piyj`gts, igk gujn`r od piyj`gts igtlclpit`k. Lg jigy cis`s, ta`y wouhk ihso sp`cldy ta` ijougt od lgt`r`st tait wouhk n` pilk ov`r ta` cours` od ta` hoig or cr`klt diclhlty, is w`hh is ta` p`gihtl`s dor got jimlgb ta` piyj`gts og tlj`.
9><
Dlgigclih [`rjs Klctlogiry
Dlx`k ^it` Jortbib` Dlx`k ^it` Jortbib`s ir` prokucts dor jortbib` hoigs tait ta` DAI, or D`k`rih Aouslgb Ikjlglstritlog, dlrst cr`it`k. Lg tals typ` od jortbib`, ta` lgt`r`st rit`s lg `dd`ct og ta` jortbib` got` stiy it ta` sij` h`v`h kurlgb ta` `gtlr` hld` od ta` hoig. [als stigks lg stirm cogtrist to hoigs wa`r` ta` lgt`r`st rit`s ir` ikfustinh`, or dhoitlgb. [a`r` ir` ihso aynrlk ay nrlk typ`s od hoigs tait lgvohv` dlx`k rit`s dor i portlog od ta` hoig“s hld`. Dlx`k rit` jortbib`s wlhh aiv` jogtahy piyj`gts tait just n` jik` to m``p curr`gt og ta` jortbib`. N`slk`s ta` jogtahy piyj`gt ta`r` ir` prop`rty tix`s igk prop`rty lgsurigc` costs. [a`s` ir` typlcihhy s`t up lg `scrow iccougts. Rlta suca `scrow ijougts, ta`s` ir` hlm`hy to caigb` `v`ry so odt`g. Stlhh, ta` jilg sair` od ta` piyj`gts, walca ir` issoclit`k wlta lgt`r`st igk prlgclpih og ta` jortbib`, wlhh stiy ta` sij`. Dlburlgb up ta` jogtahy piyj`gts wlta dlx`k rit` jortbib`s ls r`hitlv`hy `isy. \ou wlhh aiv` to icqulr` tar`` pl`c`s od kiti to ko k o so. [a`s` ir` ta` lgt`r`st rit` wlta cojpougklgb od lgt`r`st p`rlok, jortbib` t`rj, igk ijougt od hoig. Dlx`k rit` jortbib`s ir` ihso mgowg ny ta`lr glcmgij` od philg viglhhi jortbib`s. [a`y aiv` tals joglm`r n`cius` od aow sljph` ta`y ir` dor norrow`rs to ugk`rstigk. Suca dlx`k rit` jortbib`s ko got `gtilh ta` jigy rlsms igk p`rlhs issoclit`k wlta ikfustinh` rit` jortbib`s tait lgchuk` pr` s`t t`islgb rit`s or Ikfustinh` ^it` Jortbib`s. Is suca, Dlx`k rit` jortbib` k`diuht rit`s igk dor`chosur` rit`s ir` cojjoghy dir how`r taig ir` ta`s` jor` `xp`rlj`gtih igk rlsmy jortbib` prokucts. S`v`rih t`rjs ir` cojjoghy issoclit`k wlta Dlx`k ^it` Jortbib`s. [a`s` lgchuk` ta` duhhy lgk`x`k rit` igk ta` t`rj. Duhhy lgk`x`k rit`s ir` ta` lgt`r`st rit` lgk`x phus ta` jirblg cairb`k ny ta` h`gk`r. Suca i duhhy lgk`x`k rit` prov`s to n` ta` ictuih lgt`r`st rit` dor ta` hoig“s `gtlr` hld`. [a` t`rj r`pr`s`gts ta` ijougt od tlj` tait ta` dlx`k rit` hoig cov`rs. [als ls got ta` sij` talgb is ta` gujn`r od piyj`gts. [alrty y`ir t`rjs jlbat aiv` talrty piyj`gts ld you w`r` og ig igguih piyj`gt phig, or lt jlbat iht`rgitlv`hy aiv` 345 piyj`gts og i jor` usuih jogtahy piyj`gt phig
935
Dlgigclih [`rjs Klctlogiry
[a` jost popuhir igk prov`g dorj od aoj` hoigs igk jortbib` prokucts wltalg ta` Pglt`k Stit`s ir` ugkount`khy ta`s` dlx`k rit` jortbib`s. Ijogb ta` virlous jortbib` t`rjs tait cig n` icqulr`k, ta` jost pr`vih`gt og`s ir` `lta`r talrty y`ir or dldt``g y`ir jortbib`s. Nota saort`r igk hogb`r tlj` drij`s cig n` aik wlta dlx`k rit` jortbib`s. [a`s` kiys, `v`g dorty igk dldty y`ir jortbib`s ir` pr`s`gthy odd`r`k. [a`y ir` `sp`clihhy utlhlz`k lg phic`s wlta aouslgb prlc`s tait ir` `xc`ptlogihhy alba, is talrty y`ir jortbib` t`rjs ko got prov` to n` iddorkinh` dor ta` iv`rib` lgcoj` dijlhy lg suca sc`girlos. Lg cogtrist to dlx`k rit` jortbib`s ir` virlous ota`r typ`s. [a`s` lgchuk` brikuit`k piyj`gt jortbib`s, nihhoog piyj`gt jortbib`s, igk lgt`r`st oghy jortbib`s. [a`s` ugusuih ota`r typ`s od jortbib`s cojjoghy b`t norrow`rs lgto trounh`, walca ls way ta`y ir` got g`irhy so popuhir is ir` ta` dlx`k rit` jortbib`s. jortbib`s.
Dlx`r-Ppp`r Dlx`r-Ppp`r ls i t`rj tait ls cojjoghy issoclit`k wlta r`ih `stit` prop`rty, prop`rty, suca is aous`s, tait g``k soj` slbgldlcigt r`pilr igk r`govir`govi tlog worm. Ihtaouba ta`s` mlgks od aous`s jlbat n` hlv`k lg k`splt` ta`lr pr`s`gt cogkltlog, ta`y usuihhy wigt r`k`slbg, r`cogstructlog, or r`k`coritlog od soj` dorj. K`p`gklgb og aow juca r`pilr or r`govitlog worm ta`y r`qulr`, dlx`r-upp`r“s cig n` jifor prof`cts tait r`qulr` slbgldlcigt lgv`stj`gts od tlj` igk jog`y. Dlx`r-Ppp`r“s cojjoghy r`suht droj aous`s tait aiv` got n``g tim`g cir` od or prop`rhy jilgtilg`k. N`cius` od tals, ta`y t`gk to poss`ss jirm`t vihu`s tait ir` how`r taig cojpirinh` aous`s dougk lg ta` sij` hocih`. Dlx`r-Ppp`r“s cig n` klscov`r`k lg ta` jiforlty od cojjugltl`s, `v`g lg g`lbanoraooks waos` aouslgb prlc`s ir` got k`pr`ss`k. Dlx`r-Ppp`r“s cojjoghy prov` to n` v`ry popuhir wlta nuy`rs wao ict is lgv`stors lg aous`s. [a`y wigt to icqulr` ta` prop`rty ca`iphy so tait ta`y cig r`pilr lt igk lgcr`is` lts hlm`hy r`ih `stit` vihu` lg ork`r to icqulr` i glc` prodlt og ta` lgv`stj`gt. [a`s` prof`cts is lgv`stj`gts aiv` bilg`k br`ithy lg popuhirlty is i r`suht od virlous ko lt yours`hd typ`s od r`govitlog saows tait ir` ihh inout aoj` ljprov`j`gt. Jigy tlj`s lg kowgturgs lg ta` r`ih `stit` jirm`t, suca is ta` og` tait ais n``g ogbolgb slgc` >552, ta` lgt`r`st lg dlx`r-upp`r“s dlx`r-upp`r“s k`chlg`s.
939
Dlgigclih [`rjs Klctlogiry
[a`r` ls i kigb`r wlta Dlx`r-upp`r“s dor jigy nuy`rs wao talgm to lj prov` igk ta`g dhlp ta`j, or o r r`s`hh ta` aous` dor prodlts. p rodlts. [als ls sljphy tait ta`y ko got r`ihlz` aow juca tlj` igk jog`y wlhh n` r`qulr`k od ta`j lg r`pilrlgb ta` aous` lg qu`stlog. Jimlgb i aous` sihinh` wlhh r`qulr` ikkr`sslgb got oghy r`hitlv`hy sljph` cosj`tlc lssu`s, nut ihso pot`gtlihhy structurih or s`rvlc` pronh`js. Ra`g ta` phujnlgb phu jnlgb or dougkitlog ls lg g``k od jifor r`pilrs or r`phiclgb, ta` worm lgvohv`k cojjoghy turgs out to n` v`ry `xp`gslv` igk g``ks prod`sslogih cogtrictors. [als ls way k`t`rjlglgb ld i Dlx`r-upp`r ls i vlinh` igk wortay lgv`stj`gt r`qulr`s soj` `xp`rl`gc` igk worm. Dlrst, you wlhh aiv` to k`t`rjlg` dor aow juca ta` typlcih aous` lg ta` g`lbanoraook ls s`hhlgb. Lt ls ihso wls` to mgow wait jim`s ta` jost k`slrinh` aous`s lg ta` g`lbanoraook so lg k`jigk igk aow juca ta`y cost. ^`ih `stit` ib`gts cig n` a`hpduh lg tals r`sp`ct. Ld you k`clk` to pursu` nuylgb i Dlx`r-upp`r, ta`g you saouhk n` witcalgb dor ta` truhy cosj`tlc Dlx`r-upp`r“s. [a`s` oghy r`qulr` jor` nislc ljprov`j`gts suca is wihhpip`r, wihhpip`r, pilgt, g`w ipphligc`s, soj` higkscip` worm, igk posslnhy g`w wlgkow igk dhoor cov`rlgbs. Aous`s tait hoom rug kowg k owg igk r`qulr` sunstigtlih structurih r`pilrs cig n` v`ry kigb`rous igk saouhk n` ivolk`k. Aous`s tait ir` prlc`k too r`isoginhy usuihhy aiv` i r`isog dor tals. Lgt`hhlb`gt nuy`rs saouhk h`irg way tals ls ta` cis` n`dor` ta`y cojjlt ta`lr jog`y. [a` n`st strit`by ls to dlgk ta` aous` tait ls ta` h`ist wigt`k lg ta` n`st g`lbanoraook posslnh`. [a` aous` igk `stljit`k r`pilr cost just nota n` wltalg your nukb`t. Ogc` it duhh dilr jirm`t vihu`, suca i prop`rty saouhk piy you nicm aigksoj`hy. aigksoj`hy.
Dor`chosur` Dor`chosur`s r`pr`s`gt aous`s or cojj`rclih prop`rtl`s tait aiv` n``g s`lz`k ny i nigm or ota`r jortbib` h`gk`r. [a`s` prop`rtl`s ir` ta`g sohk to r`coup jortbib` hoig hoss`s idt`r ig owg`r igk norrow`r ais got jik` ta` piyj`gts is projls`k lg ta` jortbib` ibr``j`gt. Dor`chosur` ls ihso ta` h`bih proc`kur` lg walca ta` h`gk`r b`ts i court ork`r dor ta` t`rjlgitlog od ta` jortbibor“s rlbat od r`k`jptlog. [als ls ta` cis` slgc` jost h`gk`rs aiv` s`curlty lgt`r`sts lg ta` aous` droj ta` norrow`r. norrow`r. [a` norrow`r wlhh s`cur` ta` jortbib` uslgb ta` aous` is ta` cohhit`rih.
93>
Dlgigclih [`rjs Klctlogiry
Norrow`rs dihh lgto aoj` dor`chosur` dor s`v`rih r`isogs, jost od walca couhk got n` pr`klct`k lg ikvigc`. Owg`r jlbat aiv` n``g h`t bo droj ta`lr fon or dorc`k to tim` i fon trigsd`r to igota`r stit`. [a`y jlbat aiv` sudd`r`k droj j`klcih pronh`js tait pr`v`gt`k ta`j droj wormlgb. [a`y jlbat aiv` bog` tarouba i klvorc` igk sphlt up iss`ts. [a`y couhk aiv` n``g ov`rwa`hj`k ny too jigy nlhhs. Rait`v`r ta` r`isog, ta`y ir` go hogb`r inh` to jim` ta`lr projls`k jogtahy jortbib` piyj`gts. Dor`chosur`s r`pr`s`gt pot`gtlih opportugltl`s dor lgv`stors. [a`y jiy n` purcais`k klr`cthy wlta i s`hh`r lg ikvigc` od i nigm cojph`tlgb dor`chosur` proc``klgbs. Jigy lgv`stors wao cogc`gtrit` og dor`chosur`s pr`d`r to k`ih wlta ta` owg`rs klr`cthy. [a`y aiv` to n` iwir` od jigy hiws p`rtilglgb to dor`chosur`s, walca ir` kldd`r`gt lg `v`ry stit`. Dor `xijph`, walh` lg soj` stit`s aoj` owg`rs cig stiy lg ta`lr prop`rtl`s dor i duhh y`ir idt`r k`diuhtlgb og piyj`gts, walh` lg ota`rs, ta`y aiv` d`w`r taig dour jogtas lg ikvigc` od ta` trust`` sih`. Urictlcihhy ihh stit`s ihso ihhow i r`k`jptlog p`rlok dor ta` k`hlgqu`gt aoj`owg`r. [als sljphy j`igs tait i s`hh`r poss`ss`s ig lrr`vocinh` inlhlty to citca up og nicm piyj`gts igk lgt`r`st lg ork`r to r`tilg owg`rsalp od ta` aous`. [a` owg`r wlhh hlm`hy n` r`qulr`k to piy igy dor`chosur` costs `xp`rl`gc`k ny ta` nigm up to tait polgt. Igota`r j`igs od purcaislgb i dor`chosur` aoj` ls to nuy lt it ta` [rust``“s Sih`. Ra`g tals j`igs ls pursu`k, lt ls n`tt`r to nlk og i aous` tait ihhows you to hoom lt ov`r lg ikvigc` od puttlgb up ig odd`r. [als ls a`hpduh so tait you cig k`t`rjlg` aow jigy r`pilrs wlhh n` g``k`k to jim` lt sihinh` igk `v`g posslnhy ainltinh`. Lt ls ihso worta mgowlgb ld ta` occupigts ir` stlhh hlvlgb lg ta` aous` igk wlhh aiv` to n` dorc`duhhy `vlct`k. [a` proc`ss od o d bolgb tarouba ig `vlctlog cig n` nota `xp`gslv` igk tlj` cogsujlgb. Jigy [rust`` Sih`s wlhh aiv` c`rtilg ruh`s lg cojjog tait aiv` to n` dohhow`k dor i dor`chosur` aous` to n` purcais`k. [a`y jiy k`jigk s`ih`k nlks. [a`y couhk r`qulr` you to k`jogstrit` your prood od dlgigclih quihldlcitlogs. [a`y jlbat sljlhirhy lgslst og you puttlgb up i slbgldlcigt `irg`st jog`y k`poslt. Jigy od ta`j wlhh stit` tait ta` prop`rty ls n`lgb purcais`k lg lts pr`s`gt cogkltlog, or is ls.
933
Dlgigclih [`rjs Klctlogiry
DO^@Q Jirm`ts DO^@Q jirm`ts ir` ta` worhk wlk` dor`lbg `xcaigb` jirm`ts. [a`y ir` cihh`k DQ jirm`ts is w`hh. DO^@Q jirm`ts ir` kldd`r`gt droj ihh od ta` ota`r jifor dlgigclih jirm`ts lg tait ta`y ir` ov`r ta` cougt`r igk k`c`gtrihlz`k. [a`y `xlst dor ta` purpos` od triklgb curr`gcl`s. Pghlm` wlta ota`r jirm`ts, ta` DO^@Q jirm`ts ir` ihso op`g tw`gty-dour aours i kiy kurlgb ta` w``m igk og Sugkiy, slgc` ta` kldd`r`gt dlgigclih c`gt`rs irougk ta` bhon` s`rv` is triklgb nis`s dor i virl`ty od nuy`rs igk s`hh`rs. [als dor`lbg `xcaigb` jirm`t ls ta` phic` wa`r` supphy igk k`jigk josthy k`clk`s ta` kldd`r`gt curr`gcl`s“ vihu`s dor gitlogs irougk ta` worhk. [a` jilg polgt igk r`isog dor ta` DO^@Q jirm`ts ir` to a`hp out lgv`stj`gt igk trik` lgt`rgitlogihhy tarouba p`rjlttlgb nuslg`ss`s to `islhy caigb` og` curr`gcy to ta` ota`r og` tait ta`y r`qulr`. Lg prictlc`, lgklvlkuihs or nuslg`ss`s ictuihhy nuy og` ijougt od dor`lbg curr`gcy tarouba piylgb dor lt wlta i blv`g ijougt od i kldd`r`gt curr`gcy. curr`gcy. Is ig `xijph`, Cigiklig nuslg`ss`s jiy ljport Nrltlsa books ny piylgb dor ta`j lg Nrltlsa Uougks, `v`g taouba ta`lr lgcoj` igk nis` curr`gcy ir` Cigiklig kohhirs. [a` dor`lbg `xcaigb` jirm`ts ihhow dor lgv`stors to sp`cuhit` og ta` rlslgb igk dihhlgb vihu`s od virlous curr`gcl`s is w`hh. Lt ihso jim`s ta` lgdijous cirry trik` posslnh`, wa`r` lgv`stors ir` inh` to norrow curr`gcl`s wlta how yl`hks or lgt`r`st rit`s igk us` ta`j to purcais` alba`r lgt`r`st rit` yl`hklgb curr`gcl`s. Crltlcs aiv` silk tait ta` DO^@Q jirm`ts ihso aurt soj` cougtrl`s“ coj p`tltlv`g`ss ibilgst ota`r cougtrl`s. [als jirm`t ls `xtr`j`hy popuhir igk uglqu` dor i virl`ty od r`isogs. Lt poss`ss`s ta` br`it`st triklgb vohuj` og `irta, jigiblgb lg ta` tar`` to dour trlhhlog kohhir rigb` `v`ry slgbh` triklgb kiy. [als blv`s lt `gorjous hlqulklty. Lt ls ihso b`obripalcihhy c`gt`r`k ihh ov`r ta` worhk, droj R`hhlgbtog lg G`w V`ihigk to Hogkog lg Br`it Nrltilg to G`w \orm lg ta` Pglt`k Stit`s. [rik`rs hov` tait ta` jirm`t rugs duhhy tw`gty-dour aours p`r kiy `xc`pt dor og ta` w``m`gks, wa`g lt r`op`gs Sugkiy idt`rgoog. Dlgihhy, ig `gorjous k`br`` od h`v`rib`, tait cig n` is juca is two augkr`k to og`, ihhows dor `v`g p`oph` wlta sjihh iccougts to jim` pot`gtlihhy `gorjous bilgs. N`cius` od ihh od ta`s` dictors igk lts worhk wlk` triklgb nis`, ta` DO^@Q jirm`ts aiv` n``g cihh`k ta` og`s wa`r` p`rd`ct cojp`tltlog ls jost `vlk`gt. [als ls ta` cis` `v`g taouba c`gtrih nigms soj`tlj`s lgt`rv`g` klr`cthy lg ta`s` jirm`ts to lgcr`is`
93;
Dlgigclih [`rjs Klctlogiry
or k`cr`is` ta` vihu` od ta`lr curr`gcy r`hitlv` to i triklgb pirtg`rs“ or triklgb cojp`tltors“ curr`gcy vihu`.
Drictlogih Nigmlgb Syst`j [a` drictlogih nigmlgb syst`j ls ihso mgowg is ta` drictlogih r`s`rv` nigmlgb syst`j. [als syst`j ls ta` wiy tait vlrtuihhy ihh jok`rg kiy nigms irougk ta` worhk op`rit`. Lg i drictlogih r`s`rv` nigmlgb syst`j, nigms ictuihhy oghy jilgtilg i sjihh ijougt od o d ta`lr k`poslt`k dugks lg r`s`rv` dorjs od cisa igk ota`r `islhy hlqulk iss`ts. [a` r`st od ta` k` poslts ta`y hoig out, `v`g taouba ihh od ta`lr k`poslts ir` ihhow`k to n` wltakriwg it ta` custoj`rs“ k`jigk. Drictlogih nigmlgb aipp`gs igy tlj` tait nigms hoig out jog`y tait ta`y nrlgb lg droj k`poslts. Drictlogih nigmlgb syst`js ir` og`s wa`r` nigms cogstigthy `xpigk ta` jog`y supphy n`yogk ta` h`v`hs it walca ta`y `xlst. N`cius` od tals, totih jog`y supphl`s ir` cojjoghy i juhtlph` nlbb`r taig sljphy ta` curr`gcy cr`it`k ny ta` gitlog“s c`gtrih nigm. [a` juhtlph` ls ihso mgowg is ta` jog`y juhtlphl`r. Lts ijougt ls k`t`rjlg`k ny i r`s`rv` r`qulr`j`gt tait ta` dlgigclih ov`rs``rs s`t. [als drictlogih r`s`rv` syst`j ls jigib`k uhtljit`hy ny c`gtrih nigms igk ta`s` r`s`rv` r`qulr`j`gts tait ta`y `gdorc`. Og ta` og` aigk, lt s`ts i hljlt og ta` quigtlty od jog`y tait ls cr`it`k ny ta` cojj`rclih nigms. [a` ota`r purpos` od lt ls to jim` c`rtilg tait nigms m``p `gouba r`iklhy ivilhinh` cisa lg ork`r to m``p up wlta typlcih wltakriwih k`jigks od custoj`rs. @v`g taouba tals ls ta` cis`, ta`r` cig n` pronh`js. Saouhk jigy k`posltors it ogc` itt`jpt to tim` out ta`lr jog`y, ta`g i rug og ta` nigm jlbat occur. Ld tals aipp`gs og i hirb` gitlogih or r`blogih scih`, ta` posslnlhlty od i nigmlgb syst`jlc crlsls `j`rb`s. C`gtrih nigms itt`jpt to r`kuc` ta`s` pronh`js. [a`y m``p i chos` `y` og cojj`rclih nigms tarouba r`buhitlogs igk ov`rslbat. N`slk`s tait, ta`y projls` to a`hp out nigms tait dihh lgto klddlcuhtl`s ny ictlgb is ta`lr uhtljit` h`gk`r od hist r`sort. Dlgihhy, c`gtrih nigms lgstlhh cogdlk`gc` lg ta` drictlogih r`s`rv` nigmlgb syst`j ny buirigt``lgb ta` k` poslts od ta` custoj`rs od ta` cojj`rclih cojj`rclih nigms. I slbgldlcigt ijougt od crltlclsj ais n``g h`v`h`k ibilgst tals drictlogih r`s`rv` nigmlgb syst`j. Jilgstr`ij crltlcs aiv` cojphilg`k tait n`cius` jog`y ls oghy og hy cr`it`k is lgklvlkuihs lgklv lkuihs norrow droj ta` nigmlgb syst`j, ta` syst`j lts`hd dorc`s p`oph` to tim` og k`nt lg ork`r dor
930
Dlgigclih [`rjs Klctlogiry
jog`y to ictuihhy n` cr`it`k. [a`y siy tait tals k`nis`s ta` curr`gcy. [a` nlbb`st pronh`j tait ta`y aiv` wlta ta` cojj`rclih nigmlgb syst`j browlgb ta` jog`y supphy ls tait lt ls hlt`rihhy cr`itlgb jog`y droj gotalgb. Ota`r crltlcs issoclit` drictlogih nigmlgb wlta dlit curr`gcl`s, or jog`y tait ls oghy vihuinh` n`cius` ta` bov`rgj`gts siy tait ta`y ir`. [a`y k`cry ta`s` is g`bitlv` isp`cts od curr`gt jog`y syst`js. [a`y klshlm` tait drictlogih nigmlgb syst`js igk dlit jog`y tob`ta`r ko got phic` igy hljlts og aow juca i jog`y supphy cig uhtljit`hy brow. [als cig h`ik to nunnh`s lg nota cipltih jirm`ts igk iss`ts, suca is r`ih `stit`, stocm jirm`ts, igk cojjokltl`s. Ihh od ta`s` cig n` vlctljs od sp`cuhitlog, walca ls jik` `isl`r ny ta` cr`itlog od jog`y tarouba k`nt lg ta` drictlogih r`s`rv` syst`j.
Dutur`s Dutur`s prov` to n` dlgigclih k`rlvitlv`s tait ir` ihso cihh`k dorwirk cogtricts. Suca i dutur`s cogtrict blv`s i s`hh`r ta` onhlbitlog to k`hlv`r ig iss`t, suca is i cojjoklty, to ta` nuy`r it i pr` s`t kit`. [a`s` cogtricts ir` a`ivlhy trik`k og jifor prokuc`k cojjokltl`s hlm` wa`it, bohk, olh, codd``, igk subir. [a`y ihso `xlst dor ugk`rhylgb dlgigclih lgstruj`gts tait lgchuk` bov`rgj`gt nogks, stocm jirm`t lgk`x`s, igk dor`lbg curr`gcl`s. [a` alstory od dutur`s bo`s nicm to Igcl`gt Br``c` wa`r` ta` dlrst r`cork`k `xijph` ls k`tilh`k inout ig ohlv` pr`ss irrigb`j`gt tait palhosopa`r [aih`s `gt`r`k lgto. Dutur`s cogtricts n`coj` cojjog phic` it trik` dilrs taroubaout @urop` ny ta` 9955“s. J`rcaigts klk got d``h s`cur` triv`hlgb wlta slbgldlcigt ijougts od books, so ta`y wouhk oghy nrlgb klsphiy sijph`s ihogb igk ta`g s`hh j`rcaigkls` tait ta`y wouhk k`hlv`r lg br`it`r quigtltl`s it dutur` kit`s. Dutur`s cogtricts cr`it`k ig `gorjous nunnh` lg ta` 9455“s wlta ta` Kutca [uhlp Jigli tait cius`k tuhlp nuhns to smyrocm`t to ugtalgminh` h`v`hs. Lg tals sp`cuhitlv` nunnh`, ta` jiforlty od jog`y tait wis `xcaigb`k turg`k out to n` dor tuhlp dutur`s igk got ta` tuhlps ta`js`hv`s. [a` dlrst dutur`s `xcaigb` lg ta` Pglt`k Stit`s op`g`k lg 9141 is ta` Calcibo Noirk od [rik`, wa`r` copp`r, porm n`hhl`s, igk wa`it w`r` trik`k lg dutur`s cogtricts. Lg ta` `irhy y`irs od ta` 9<25“s, dutur`s triklgb br`w `xphoslv`hy lg vohuj`. Urlclgb jok`hs cr`it`k ny Jyrog Scaoh`s igk Dlsca`r Nhicm
934
Dlgigclih [`rjs Klctlogiry
p`rjltt`k ta` qulcm prlclgb od dutur`s igk optlogs og ta`j. Lgv`stors couhk `islhy sp`cuhit` og cojjokltl`s prlc`s tarouba ta`s` dutur`s. Is ta` k`jigk dor ta` dutur`s smyrocm`t`k, ikkltlogih slbgldlcigt dutur`s `xcaigb`s op`g`k igk `xpigk`k irougk ta` worhk, `sp`clihhy lg Calcibo, Hogkog, igk G`w \orm. Dutur`s triklgb couhk got aipp`g `dd`ctlv`hy wltaout ta` `xcaigb`s. Dutur`s cogtricts ir` sp`hh`k out lg t`rjs od ta` iss`t tait ugk`rhl`s ta`j, ta` kit` od k`hlv`ry, ta` hist kiy od cogtrict triklgb, trigsictlog curr`gcy, igk slz` od tlcms or jlgljuj p`rjlsslnh` prlc` caigb`s. @xcaigb`s aiv` k`v`hop`k lgto jifor igk pr`klctinh` jirm`ts tarouba ta`lr stigkirklzlgb od ihh od ta`s` virlous dictors dor jigy kldd`r`gt mlgks od dutur`s cogtricts. [riklgb dutur`s cogtricts lgvohv`s jifor h`v`rib`. [als j`igs tait ta`y cirry tr`j`gkous opportugltl`s is w`hh is rlsms. Dutur`s, wlta ta`lr inlhlty to cogtroh `gorjous quigtltl`s od cojjokltl`s igk dlgigclihs, aiv` n``g ta` root cius`s dor jigy cohhips`s. @grog igk Nirlgbs Nigm w`r` nota nroubat kowg ny dlgigclih dutur`s. U`raips ta` jost dijous dutur`s j`htkowg lgvohv`k ta` Hogb [`rj [`rj Cipltih Jigib`j`gt broup. @v`g taouba tals cojpigy aik ta` lgv`gtors od ta` dutur`s prlclgb jok`hs Scaoh`s igk Nhicm wormlgb dor ta`j, ta` cojpigy host jog`y lg ta` dutur`s jirm`ts so qulcmhy tait ta` D`k`rih ^`s`rv` Nigm aik to n`coj` lgvohv`k lgvohv `k igk nilh out ta` cojpigy to stop ta` waoh` dlgigclih syst`j od ta` Pgtl`k Stit`s droj cohhipslgb.
BKU BKU ls ta` icrogyj dor Bross Koj`stlc Urokuct. BKU stigks dor ta` `gtlr` vihu` lg kohhirs od ihh books igk s`rvlc`s tait aiv` ictuihhy n``g prokuc`k wltalg ta` gitlog lg i pirtlcuhir p`rlok od tlj`, cojjoghy i y`ir. y`ir. I sljph`r sljph`r wiy od puttlgb BKU ls aow hirb` ta` `cogojy prov`s to n`. [a` Bross Koj`stlc Urokuct turgs out to n` ijogb ta` jost chos`hy witca`k igk ljportigt j`isur`j`gts dor aow a`ihtay ta` `cogojy ls. BKU ls cojjoghy blv`g out is i cojpirlsog ibilgst i prlor y`ir or quirt`r. Ra`g ta` dlgigclih g`ws r`ports tait ta` Bross Koj`stlc Urokuct ais lgcr`is`k ny tar`` p`rc`gt y`ir og y`ir, lt ls r`d`rrlgb to ta` `cogojy aivlgb `xpigk`k ny tar`` p`rc`gt kurlgb ta` hist y`ir. y`ir. Cojlgb up wlta ta` ictuih j`isur`j`gt od Bross Koj`stlc Urokuct ls cojph`x. Lg sljph`st t`rjs, lt ls dlbur`k up lg og` od two j`taoks. [a` lgcoj` ipproica worms ny totihlgb up ta` `irglgbs od ihh lgklvlkuihs lg
932
Dlgigclih [`rjs Klctlogiry
ta` cougtry ov`r i y`ir. [a` `xp`gkltur` ipproica sljphy tihhl`s up ta` jog`y tait `v`ryog` lg ta` gitlog sp`gks ov`r ta` y`ir. Lt stigks to r`isog tait tarouba nota j`igs you saouhk coj` to ipproxljit`hy i sljlhir totih. Rlta ta` lgcoj` ipproica, `cogojlsts tim` ihh od ta` `jphoy``s“ coj p`gsitlog lg ta` gitlog. [a`y ikk tals to ihh od ta` prodlts tait nota gog lgcorporit`k, is w`hh is lgcorporit`k, cojpigl`s aiv` jik` taroubaout ta` cougtry. Dlgihhy ta`y ikk og ihh tix`s pilk jlgus sunslkl`s blv`g. [als ls mgowg is ta` BKU(L) j`taok od cihcuhitlog. [a` `xp`gkltur` nis`k j`igs prov`s to n` ta` jor` typlcihhy utlhlz`k j`taok. [o [o dlbur` up BKU tals wiy, ihh bov`rgj`gt sp`gklgb, g`t `xports, cogsujptlog, igk lgv`stj`gt lg ta` cougtry aiv` to n` tihhl`k up tob`ta`r. tob`ta`r. \ou cig got ov`rstit` ta` ljportigc` od BKU to ig `cogojy“s browta igk prokuctlog. Ihjost `v`ry p`rsog wltalg ta` gitlog ls jisslv`hy ljpict`k ny bross koj`stlc prokuct. Ld ig `cogojy ls lg book saip`, ta`g wib`s wlhh rls` igk ug`jphoyj`gt wlhh prov` to n` how is nuslg`ss`s r`qulr` br`it`r quigtltl`s od hinor lg ork`r to prokuc` to m``p up wlta ta` `xpigklgb `cogojy. Jifor caigb`s to Bross Koj`stlc Urokuct, r`vls`k to ta` kowgslk` or upslk` , aiv` slbgldlcigt r`p`rcusslogs dor ta` stocm jirm`ts. [a` r`isogs dor tals ir` sljph` to brisp. @cogojl`s tait ir` cogtrictlgb trigshit` to sjihh`r ijougts od prodlts dor corporitlogs. [als h`iks to how`r prlc`s dor stocms. Lgv`stors ihso n`coj` g`rvous inout k`cr`islgb browta lg BKU, BKU, slgc` lt cojjoghy j`igs tait ta` gitlog“s `cogojy ls dihhlgb lgto r`c`sslog or ls ihr`iky lg i r`c`sslog. Cogv`rs`hy, `cogojl`s tait ir` `xpigklgb slbgldy tait corporitlogs“ prodlts lg b`g`rih wlhh n` alba`r. Lgv`stors nlk stocm prlc`s up og tals g`ws is ta`y n`coj` lgcr`islgbhy cogdlk`gt lg ta` dutur` `cogojlc prosp`cts. N`cius` od ta`s` `dd`cts od Bross Koj`stlc Urokuct og p`oph`s“ hlv`s, lt couhk n` silk to n` ta` jost slbgldlcigt `cogojlc j`isur`j`gt dor ihh od ta` p`oph` lg ta` cougtry lg b`g`rih.
Bohk ^ota L^I Bohk ^ota L^I“s ir` L^I“s tait ir` ihhow`k to cogtilg bohk igk ota`r pr`clous j`tihs. Bohk ^ota L^I“ L^I“s jim` s`gs` dor jigy lgv`stors. [als ls n`cius` bohk igk ota`r pr`clous j`tihs hlm` slhv`r igk phitlguj aiv` n``g cogslk`r`k to n` ta` br`it`st dorj od hogb t`rj storib` dor cisa igk vihuinh`s taroubaout alstory. [als j`igs tait bohk lg pirtlcuhir couhk n` cogslk`r`k to n` ta` n`st iss`t dor r`tlr`j`gt. Ihtaouba ta`r` ir` jigy ota`r typ`s od lgstruj`gts us`k dor r`tlr`j`gt iccougts igk
931
Dlgigclih [`rjs Klctlogiry
phigglgb, lgchuklgb nogks, stocms, sivlgbs, igk iggultl`s, bohk ls ta` oghy og` waos` dlgih vihu` ko`s got r`st og ig lgstltutlog or lgklvlkuih“s p`rdorjigc` or succ`ss. [als jim`s payslcih bohk ig lk`ih j`igs dor sivlgb dor r`tlr`j`gt. Bohk ^ota L^I“s ir` sp`clihhy cr`it`k `lta`r tarouba lgltlihhy dugklgb og` or ny rohhlgb ov`r i ^ota L^I or trikltlogih L^I to i bohk nicm`k ^ota L^I. ^ohhlgb ov`r ig `xlstlgb `jphoy`` a`hk ;59M to i Bohk ^ota L^I cig n` klddlcuht ld ta` `jphoy`` ais got h`dt ta` cojpigy. [als ls n`cius` `jphoy``s ir` got usuihhy ihhow`k to ko rohhov`rs ugtlh ta`y s`pirit` droj ta`lr cojpigy. L^I“s tait ihr`iky `xlst cig n` trigsd`rr`k to Bohk ^ota L^I“s. [a`y cig n` jov`k droj cr`klt uglogs, nigms, or stocm nrom`r dlrjs to i trust cojpigy tait ls ihhow`k to aohk your Bohk L^I aohklgbs. Lg tals typ` od trigsd`r, you couhk caoos` to jov` s`curltl`s a`hk lg ta` iccougt ihogb wlta cisa, or cisa ny lts`hd. Bohk ^ota L^I“s just n` cr`it`k ny s`gklgb lg cisa to ta` ikjlglstritor od ta` L^I. [a`y wlhh ta`g purcais` ta` bohk, slhv`r, or phitlguj payslcih aohklgbs is you lgstruct ta`j. [a` bohk just ta`g n` m`pt ny i bohk L^I custoklig og your n`aihd. [a`s` k`posltorl`s provlk` sid` phic`s dor ta` bohk, is w`hh is `isy icc`ss to nuy or s`hh lt. [a` bohk m`pt lg i Bohk ^ota L^I jiy got n` s`gt to your aous` or issuj`k lg your p`rsogih poss`sslog. Lgst`ik, lt ais to n` hlqulkit`k n`dor` ta` dugks droj lt cig n` icc`ss`k. Bohk tait ls r`qu`st`k is i klstrlnutlog wlhh n` p`gihlz`k it your p`rsogih tix rit` phus i t`g p`rc`gt p`gihty. p`gihty. Oghy c`rtilg dorjs od bohk igk pr`clous j`tihs ir` ihhow`k to n` purcais`k igk a`hk wltalg i Bohk ^ota L^I. Bohk nirs aiv` to k`jogstrit` i tw`gty-dour mirit purlty to n` `hlblnh`. [a`y cig n` og` ougc`, t`g ougc`s, i mlhobrij, og` augkr`k ougc`s, or dour augkr`k ougc`s lg slz`. Bohk colgs tait ir` p`rjltt`k ir` tw`gty-dour mirit nuhhlog colgs droj ta` Pglt`k Stit`s, Cigiki, Iustrli, igk Iustrihli. Iustrihli. [a` jost a`ivla`ivl hy jlgt`k bohk colgs od ihh tlj`, ta` Souta Idrlci Mrub`rrigk's, ir` got p`rjltt`k, is ta`y ir` oghy tw`gty-two mirits. mirits. Slhv`r nirs igk colgs tait aiv` .<<< or alba`r purlty ir` p`rjltt`k to n` a`hk lg i Bohk ^ota L^I iccougt. [als ihhows ta` Cigiklig Slhv`r Jiph` H`id, ta` P.S. Slhv`r @ibh`, igk ta` J`xlcig Slhv`r Hln`rtik og` ougc` nuhhlog colgs. Slhv`r nirs tait ir` og` augkr`k ougc`s igk og` taousigk ougc`s ir` ihso p`rjltt`k.
93<
Dlgigclih [`rjs Klctlogiry
Bohk Stigkirk [a` bohk stigkirk r`pr`s`gts i c`gturl`s“ us`k syst`j od jog`y dor nicmlgb up curr`gcl`s wlta tigblnh`, payslcih pay slcih bohk aohklgbs aohklgb s lg i c`gtrih nigm viuht. Pgk`r ta` bohk stigkirk, ta` nislc `cogojlc curr`gcy uglt prov`k to n` i pr` s`t ijougt od bohk ny n y w`lbat. S`v`rih kldd`r`gt typ`s od bohk stigkirks `xlst. [a` Bohk sp`cl` stigkirk prov`s to n` i syst`j wa`r` ta` jog`y uglt lts`hd ls r`pr`s`gt`k ny bohk colgs tait ir` lg clrcuhitlog. Iht`rgitlv`hy, lt couhk n` r`pr`s`gt`k ny ig `xcaigb` uglt od vihu` tait ls hlt`rihhy `xpr`ss`k lg uglts ibilgst i sp`cldlc bohk colg tait clrcuhit`s, ihogb wlta ota`r colgs tait ir` jlgt`k droj i j`tih wlta h`ss vihu`, suca is slhv`r or copp`r. copp`r. Cogv`rs`hy, ta` bohk `xcaigb` stigkirk usuihhy ais to ko wlta slhv`r igk ota`r vihuinh` j`tih colgs tait ir` clrcuhitlgb. Lg tals typ` od `xcaigb` syst`j, ta` jog`tiry iutaorltl`s projls` tait i s`t `xcaigb` rit` ibilgst ta` curr`gcy od igota`r cougtry prictlclgb ta` bohk stigkirk wlhh n` jilgtilg`k. [als blv`s rls` to i bohk stigkirk tait ls got hlt`rih nut stlhh k` dicto. [a` slhv`r colgs clrcuhitlgb ta`g trik` wlta i s`t `xt`rgih vihu` lg bohk t`rjs tait stigks lgk`p`gk`gthy od ta` ictuih slhv`r vihu` cogtilg`k wltalg ta` colgs. [a` jost cojjog bohk stigkirk tait ais n``g s``g lg ta` hist d`w augkr`k y`irs turgs out to n` ta` bohk nuhhlog stigkirk. [a` bohk nuhhlog stigkirk r`d`rs to i jog`y syst`j wa`r` go bohk colgs ir` ictuihhy clrcuhitlgb taroubaout ta` `cogojy. Lgst`ik, ta` jog`tiry iutaorltl`s aiv` cogs`gt`k to `xcaigb` i s`t ijougt od bohk lg `xcaigb` dor ta`lr pip`r curr`gcy. curr`gcy. [als ls kog` it i s`t prlc` tait ls `stinhlsa`k dor ta` pip`r curr`gcy tait clrcuhit`s. clrcuhit`s. [a` bohk nuhhlog stigkirk `xlst`k lg ta` worhk `cogojy droj ta` 9255“s ugtlh 9<29. Kurlgb tals spig od ihjost tar`` augkr`k y`irs, ta` vihu`s od jifor worhk curr`gcl`s prov`k to n` `xc`ptlogihhy stinh`, is w`r` ta` supphl`s od jog`y lg `xlst`gc`. [als r`suht`k droj i r`strlctlog od ta` bohk stigkirk tait oghy ihhow`k suca pip`r curr`gcy to n` prlgt`k is br`it`r ijougts od bohk `xlst`k lg ta` r`sp`ctlv` gitlog“s gitlog“s tr`isury igk viuhts. [a` posltlv` od tals prov`k to n` tait ta` worhk couhk cougt og curr`gcl`s tait klk got dhuctuit` wlhkhy lg vihu` or k`chlg` cogslst`gthy ov`r tlj`. Bov`rgj`gts klshlm`k ta` bohk stigkirk is lt m`pt ta`j droj lgcr`islgb ta` jog`y supphy or sp`gklgb jor` jog`y taig ta` cougtry ictuihhy aik. [a`y dougk lt too r`strlctlv`.
9;5
Dlgigclih [`rjs Klctlogiry
[a` bohk stigkirk lg ta` worhk cohhips`k wa`g Ur`slk`gt Glxog lgltlit`k wait n`cij` mgowg is ta` Glxog saocm ny uglhit`rihhy timlgb ta` cougtry odd od bohk `xcaigb` igk cogv`rtlnlhlty dor kohhirs lg 9<29. [a` curr`gcy od nota ta` P.S. igk jost cougtrl`s od ta` worhk ta`g n`cij` Dlit curr`gcl`s, oghy nicm`k up ny ta` bov`rgj`gt k`cr``. Slgc` ta` bohk stigkirk wis inigkog`k, ta` P.S. kohhir ais k`chlg`k so s`v`r`hy tait i slgbh` kohhir lg 9<29 wouhk tokiy n` worta $30 >595 kohhirs.
Book K`nt Book k`nt ls k`nt tait n`g`dlts i p`rsog or nuslg`ss to cirry. Suca book k`nts k`jogstrit` nota ta` cr`kltwortalg`ss igk ta` r`spogslnlhlty od i norrow`r. norrow`r. [a`y ihso cr`it` i book boo k nis` to nulhk n ulhk og o g lg ta` dutur`. [a`r` ir` jigy `xijph`s od book k`nt, walca stigks lg cogtrist to nik k`nt. Book k`nts ir` typlcihhy taos` k`nts tait ir` tim`g og to icqulr` ig lt`j or lgv`stj`gt tait oghy brows lg vihu` wlta tlj`. @xijph`s od tals lgchuk` talgbs hlm` r`ih `stit` hoigs, scaoohlgb hoigs, aoj` jortbib`s, nuslg`ss k`nt, igk pisslv` lgcoj` lgv`stj`gts. @ica od ta`s` lt`js couhk provlk` i slbgldlcigt igk r`ih ikvigtib` wlta tlj`. ^`ih `stit` couhk lgcr`is` lg vihu` igk n` r`sohk dor prodlts. Alba`r `kucitlog cojjoghy h`iks to br`it`r ijougts od `irglgbs. Hoigs og aoj`s ir` cojjoghy wogk`rduh dor nulhklgb cr`klt igk provlk` prop`rtl`s tait s`rv` is `xc`hh`gt cohhit`rih. Hoigs dor nuslg`ss`s jiy r`suht lg prodlts `irg`k droj trik` igk sih`s. Lt ls ljportigt to got` tait cirs igk ota`r lt`js ir` got lgchuk`k lg ta`s` hlsts. [als ls sljphy n`cius` ta`y hos` vihu` ta` joj`gt tait ta`y ir` purcais`k p urcais`k igk krlv`g iwiy. Nik k`nts lg cogtrist ir` taos` tait r`suht lg alba`r lgt`r`st rit`s igk cogslk`rinh` k`pr`citlog od ta` lt`js purcais`k wlta tlj`. Books tait ir` dor saort tlj` drij` us` igk noubat og cr`klt ir` cojjoghy cogslk`r`k to n` nik k`nts. Slgc` ta` lt`j“s hld` spig wlhh oghy k`chlg` wlta tlj`, igk ta` lgt`r`st rit`s ir` typlcihhy alba, go n`g`dlt ls k`rlv`k droj purcaislgb ta`s` talgbs wlta k`nt. I br`it gujn`r od suca purcais`s riplkhy k`chlg` lg vihu`, `v`g idt`r og` us`. I slbgldlcigt n`g`dlt to book k`nts hl`s lg ta` lgcr`is` lg cisa dhow tait ta`y cojjoghy cr`it`. Urop`rhy structur`k book k`nts h`ik to tix ikvigtib`s, to ta` inlhlty to lgv`st lg stlhh jor` iss`ts tait cig prokuc` cisa, igk to alba`r cr`klt scor`s is w`hh. Book k`nts tait ir` pilk og
9;9
Dlgigclih [`rjs Klctlogiry
tlj` durta`rjor` nulhk up i book dlgigclih nis` dor ta` dutur`. Book k`nts cr`it` cisa dhow, dhow, walca stigks lg cogtrist to nik k`nts tait ko got. Lgv`stj`gts tait prokuc` pisslv` lgcoj` ir` ijogb ta` n`st book k`nts. Dor `xijph`, purcaislgb ig ipirtj`gt nulhklgb uslgb k`nt wlhh r`suht lg nota lgcoj` r`v`gu` igk sunstigtlih tix k`kuctlogs. [als prov`s to n` book k`nt, slgc` ihtaouba you ir` norrowlgb jog`y, jog`y, you ir` r`c`lvlgb pisslv` lgcoj` igk bilglgb ta` inlhlty to k`pr`clit` iss`ts tait cig ictuihhy ippr`clit` wlta tlj`. Og top od tals, you ir` ihhow`k to hlv` ta`r` walh` you iccru` ihh od ta`s` ota`r n`g`dlts. Ra`g cogslk`rlgb i book k`nt, you saouhk jim` c`rtilg tait ta` lgcoj` tait ta` lgv`stj`gt wlhh provlk` ls alba `gouba to jim` ta` lgv`stj`gt igk ta` iccojpigylgb k`nt worta walh`. I gujn`r od `xp`rts odd`r ikvlc` og tals. [a`y subb`st tait got tylgb up lg `xc`ss od tw`gty p`rc`gt od your ov`rihh vihu` lg k`nt ls i n`tt`r prictlc`. Alba`r k`nt h`v`hs taig tals cig sougk odd wirglgb n`hhs wlta nigms igk ota`r h`gk`rs.
Br`it K`pr`sslog [a` Br`it K`pr`sslog r`pr`s`gt`k ta` jost s`rlous `cogojlc cogtrictlog tait idd`ct`k ta` worhk lg ta` tw`gtl`ta c`gtury. Lt occurr`k ta` k`cik` n`dor` ta` S`cogk Rorhk Rir nrom` out, lg ta` 9<35“s. [a` Br`it K`pr`sslog n`big igk `gk`k lg kldd`rlgb y`irs lg ta` virlous cougtrl`s igk `cogojl`s od ta` worhk. Lg b`g`rih lt stirt`k irougk 9<>< igk a`hk cougtrl`s lg lts brlp tarouba ta` `gk od ta` 9<35“s igk ta` `irhy y`irs od ta` 9<;5“s. 9<;5“s. [a` Br`it K`pr`sslog turg`k out to n` ta` k``p`st, k ``p`st, airk`st, hogb`st, igk jost b`obripalcihhy `gcojpisslgb k`pr`sslog tait ta` worhk aik s``g. Gowikiys, ta` Br`it K`pr`sslog ls stlhh a`hk up is ta` jok`h dor aow nikhy ta` `cogojy od ta` worhk cig cohhips`. Lg ta` `lbaty y`irs slgc` ta` br`it k`pr`sslog n`big, `cogojlsts aiv` got gij`k igota`r `cogojlc cogtrictlog lg ta` worhk or ta` Pglt`k Stit`s is i k`pr`sslog. [a` Br`it K`pr`sslog n`big lg ta` Pglt`k Stit`s. Lt cojj`gc`k wlta ta` stocm jirm`t crisa tait n`big og S`pt`jn`r ;, 9<><. [a` dir st``p`r stocm jirm`t k`chlg` od Octon`r ><, 9<>< n`cij` mgowg is Nhicm [u`skiy igk `chlps`k ta` worhkwlk` g`wspip`r a`ikhlg`s. [als riplkhy spr`ik droj ta` P.S. to g`irhy ihh cougtrl`s irougk ta` bhon`.
9;>
Dlgigclih [`rjs Klctlogiry
Urictlcihhy ihh gitlogs od ta` worhk, wa`ta`r rlca or poor, d`ht ta` triblc igk crusalgb ljpicts od ta` Br`it K`pr`sslog. Lgt`rgitlogih trik` phujj`t`k ny is juca is og` aihd to two talrks od lts pr`vlous h`v`h. Ihogb wlta tals, prodlts, p`rsogih lgcoj`s, tix r`v`gu`s, igk prlc`s phugb`k. Lg ta` Pglt`k Stit`s, ug`jphoyj`gt soir`k to tw`gty-dlv` p`rc`gt, nut lg ota`r cougtrl`s, tals h`v`h r`ica`k `v`g talrty-tar`` p`rc`gt. Cltl`s ihh ov`r ta` bhon` sudd`r`k `sp`clihhy, pirtlcuhirhy taos` tait r`hl`k og a`ivy lgkustry is ta`lr `cogojlc jilgstiy. Lg i br`it gujn`r od gitlogs, cogstructlog cij` prictlcihhy to i stop. @v`g dirjlgb sudd`r`k t`rrlnhy wlta ta` prlc`s od prokuc` crisalgb ny irougk slxty p`rc`gt. [a` ir`is tait k`p`gk`k og lgkustrl`s lg ta` prljiry s`ctor toom ta` worst alt, lgchuklgb hobblgb, jlglgb, igk cisa cropplgb. Fon hoss`s lg ta`s` lgkustrl`s turg`k out to n` ijogb ta` worst. I d`w gitlogs“ `cogojl`s n`big r`cov`rlgb lg ta` jlkkh` od ta` 9<35“s. Dor jost cougtrl`s irougk ta` worhk, ta` t`rrlnh` cogs`qu`gc`s od ta` Br`it K`pr`sslog r`jilg`k ugtlh ta` outnr`im od ta` S`cogk Rorhk Rir. [a` jlhltiry output r`qulr`k ny ta` cogdhlct riplkhy lgcr`is`k prokuctlog igk `jphoyj`gt `v`rywa`r`. Guj`rous `v`gts igk pronh`js cius`k ta` Br`it K`pr`sslog“s K`pr`sslog“s orlblgih `cogojlc cohhips` od 9<><. Structurih w`img`ss`s w`r` pr`s`gt, oghy wiltlgb dor pirtlcuhir `v`gts to turg ta` crisa lgto i worhkwlk` k`pr`sslog. Lt ls pirtlcuhirhy lgt`r`stlgb aow ta` cogtrictlog rig droj og` cougtry to ta` g`xt hlm` i wlhkdlr` lg i dor`st. ^`birklgb ta` structurih w`img`ss`s od ta` 9<>< `cogojlc cogtrictlog, alstorligs ir` qulcm to polgt out tait `gorjous igk wlk`spr`ik nigm dilhur`s oghy n`cij` wors` is ta` stocm jirm`t crisa`k. Ota`rs aohk up sp`cldlc jog`tiry pohlcy hlm` ta` D`k`rih ^`s`rv` lg ta` Pglt`k Stit`s cogtrictlgb Ij`rlci“s jog`y supphy, igk ta` Nrltlsa @jplr` caooslgb to bo nicm to ta` pr`-Rorhk pr`-Rorhk Rir L pirlty od ta` Bohk Stigkirk wlta og` pougk `quih to $;.14.
Br`it ^`c`sslog [a` Br`it ^`c`sslog prov`k to n` ta` worst Ij`rlcig igk worhk wlk` `cogojlc kowgturg slgc` ta` 9<35“s `ri Br`it K`pr`sslog. Lt n`big wltalg ta` P.S. lg K`c`jn`r od >552 igk ls silk to aiv` `gk`k lg Fug` od >55< oddlclihhy. [a`r` ls ogbolgb k`nit` wlta soj` `cogojlsts is to wa`ta`r ta` duhh `dd`cts od ta` Br`it ^`c`sslog aiv` r`ihhy c`is`k, or tals ls j`r`hy i huhh lg n`tw``g nouts od i br`it`r k`pr`sslog.
9;3
Dlgigclih [`rjs Klctlogiry
[a` Br`it ^`c`sslog stirt`k lg ta` P.S. nut hit`r spr`ik to jost lgkustrlihlz`k cougtrl`s irougk ta` bhon`. [als worhk wlk` r`c`sslog h`k to i s`v`r` krop lg trik` igk i slbgldlcigt krop lg `cogojlc ictlvlty. [a` dlgigclih crlsls od >552->595 ictuihhy mlcm`k odd ta` Br`it ^`c`sslog. [a` dlgigclih crlsls igk r`suhtlgb Br`it ^`c`sslog uhtljit`hy st`jj`k droj lrr`spogslnh` h`gklgb pohlcl`s prictlc`k ny nigms og i wlk`spr`ik h`v`h igk `gcourib`k ny ta` P.S. igk Nrltlsa bov`rgj`gts. Ihogb wlta tals, ta` lgcr`islgbhy cojjog prictlc` od s`curltlzlgb r`ih `stit` igk jortbib`s h`k to ta` dlgigclih cohhips`. Jortbib` nicm`k s`curltl`s droj ta` Pglt`k Stit`s w`r` projot`k igk sohk irougk ta` bhon`. [a`y turg`k out to n` dir jor` sp`cuhitlv` igk rlsmy taig igyog` aik pr`klct`k or klschos`k. N`slk`s tals, i worhkwlk` nooj lg cr`klt `gcourib`k i sp`cuhitlv` iss`t nunnh` lg stocms igk r`ih `stit`. Is prlc`s cogtlgu`k to rls`, ta` rlsmy h`gklgb oghy br`w jor` pr`vih`gt. [a` crlsls ictuihhy dhir`k up is i r`suht od s`v`r` hoss`s og sun prlj` hoigs tait stirt`k lg >552. [a`s` k`jogstrit`k tait ota`r hoigs w`r` ihso it rlsm ijlk too alba r`ih `stit` prlc`s. Is ta` hoig hoss`s cogtlgu`k to rls`, H`ajig Nrota`rs sukk`ghy cohhips`k og S`pt`jn`r 90ta od >551. Ig `gorjous piglc `gsu`k lg ta` lgt`r-nigmlgb hoig jirm`ts. Rlta stocm igk r`ih `stit` prlc`s sairphy k`chlglgb, alstorlcih igk jifor cojj`rclih igk lgv`stj`gt nigmlgb lgstltutlogs taroubaout nota ta` P.S. igk @urop` saow`k aow juca ta`y aik ov`r `xt`gk`k ta`js`hv`s wlta jifor h`v`rib` is ta`lr hoss`s qulcmhy jougt`k. [a` bov`rgj`gts od ta`lr aoj` cougtrl`s aik to st`p lg wlta `gorjous ijougts od punhlc tix kohhirs lg ork`r o rk`r to siv` jigy od ta`j droj ljjlg`gt nigmruptcy. [als r`suhtlgb Br`it ^`c`sslog ais h`k to i sunstigtlih k`chlg` lg lgt`rgitlogih trik`, kropplgb cojjoklty prlc`s, igk alba igk jougtlgb ug`jphoyj`gt irougk ta` worhk. Ihtaouba ta` Gitlogih Nur`iu od @cogojlc ^`s`irca k`chir`k ta` Br`it ^`c`sslog oddlclihhy ov`r it ta` `gk od >55<, ota`r `cogojlc `xp`rts ir` got cogvlgc`k. Gon`h prlz` wlgglgb `cogojlst Uiuh Mrubjig ais silk tait tals Br`it ^`c`sslog a`rihks ta` stirt od i s`cogk Br`it K`pr`sslog. Ota`rs wao ir` h`ss p`ssljlstlc aiv` chilj`k tait tru` r`cov`ry lg ta` Pglt`k Stit`s wlhh got `j`rb` ugtlh ta` `gk od >599. I gujn`r od `v`gts aiv` n``g nhij`k dor ciuslgb ta` dlgigclih crlsls igk Br`it ^`c`sslog. [a` `gvlrogj`gt tait pr`c`k`k ta` crlsls lgchuk`k ig uggiturih rls` lg iss`t prlc`s ihogb wlta ig iccojpigylgb nooj lg worhkwlk` `cogojlc k`jigk. [a`s` ir` n`hl`v`k to aiv` r`suht`k droj
9;;
Dlgigclih [`rjs Klctlogiry
ta` juhtl-y`ir p`rlok od too `islhy ivilhinh` cr`klt, lgsuddlcl`gt r`buhitlog, igk poor ov`rslbat droj ta` r`buhitory nokl`s wao ihh too odt`g sljphy hoom`k ta` ota`r wiy wa`g tlj`s w`r` book.
Bross Lgcoj` Bross lgcoj` cig n` s`v`rih kldd`r`gt talgbs lg ta` Pglt`k Stit`s. Lg tix hiw dor nuslg`ss, bross lgcoj` slbgldl`s ihh proc``ks r`ihlz`k droj `v`ry sourc` jlgus ta` cost od books tait aiv` n``g sohk. Bross lgcoj` ls ihso us`k dor lgklvlkuihs igk p`rtilgs to ihh lgcoj` `irg`k droj igy igk `v`ry mlgk od sourc`. Is suca, bross lgcoj` ls got sljphy cisa tait ais n``g r`ihlz`k, nut lt cig ihso n` lgcoj` r`c`lv`k lg mlgk, is prop`rty, ty, or is s`rvlc`s. Dor i tixpiy`r, bross lgcoj` ls cojjoghy n`hl`v`k to n` ihh od ta` jogl`s igk vihu`s v ihu`s r`c`lv`k. Ihtaouba jost lgcoj` ls tihhl`k lgto tals dlbur`, i d`w mlgks od lgcoj` ir` `xchuk`k k`hln`rit`hy. Dor cojpigl`s, lgklvlkuihs, trusts, `stit`s, igk ota`rs, bross lgcoj` ls g`c`ssiry dor dlburlgb up ta` jigkitory lgcoj` tix`s wltalg ta` Pglt`k Stit`s. [ix`s ir` dlbur`k up uslgb i tixinh` lgcoj` gujn`r tait stirts wlta bross lgcoj` igk ta`g suntricts p`rjlsslnh` tix k`kuctlogs. [ix`s ir` ta`g cihcuhit`k nis`k og ta` r`suhtlgb tixinh` lgcoj`. Jigy kldd`r`gt typ`s od lgcoj` ir` cogslk`r`k to n` i pirt od ta` bross lgcoj` cit`bory. Rib`s ir` ta` `irglgbs dor worm p`rdorj`k piyinh` is tlps, sihirl`s, igk r`hit`k lgcoj`. Lgcoj` jik` is i r`suht od suca p`rsogih s`rvlc` ls ihwiys tihhl`k up lg i p`rsog“s p`rsog“s bross lgcoj`. Bross prodlts jik` droj s`hhlgb ig lgv`gtory od prokucts ir` ihso cogslk`r`k bross lgcoj`. Bross prodlts r`suht droj sih`s prlc`s od lt`js jlgus ta` cost od ta` books ictuihhy sohk. Ihh lgt`r`st r`c`lv`k ls ihso cogslk`r`k to n` i pirt od bross lgcoj`. Klvlk`gks, ihogb wlta klstrlnutlogs od cipltih bilgs droj cojpigl`s or jutuih dugks ir` sljlhirhy i pirt od bross lgcoj`. Bilgs og prop`rty tait ais n``g klspos`k od ir` ihso tihhl`k lgto ta` bross lgcoj` totih idt`r ta` `xtri proc``ks n`yogk ta` ikfust`k cost lg ta` prop`rty ls k`t`rjlg`k. Ihso lgchuk`k ir` royihtl`s igk r`gts droj lgtigblnh` igk tigblnh` lt`js. I gujn`r od ota`r gog trikltlogih typ`s od lgcoj` ir` ihso cogslk`r`k to n` i pirt od bross lgcoj`. U`gslogs, lgcoj` droj hld` lgsurigc`, igk iggultl`s lgcoj` ir` cougt`k. So ir` ihljogy, calhk support, igk ota`r jilgt`gigc` piyj`gts. Sair`s od pirtg`rsalp lgcoj` tait ir` kls-
9;0
Dlgigclih [`rjs Klctlogiry
trlnut`k dihh ugk`r tals cit`bory. @v`g ta` proc``ks droj gitlogih igk stit` tix r`dugks ir` cogslk`r`k to n` bross lgcoj`. [a` Lgt`rgih ^`v`gu` S`rvlc` chiljs tait suca bross lgcoj` lgchuk`s ihh dorjs od lgcoj` droj igy sourc` od walca ta`y ir` k`rlv`k. Is suca, bross lgcoj` cig r`suht droj igy bilgs aivlgb to ko wlta hinor, cipltih, ta` two tob`ta`r, or prodlts aivlgb to ko wlta ta` sih` od igytalgb or i cipltih iss`t. I gotinh` `xc`ptlog to bross lgcoj` lgchuk`s bldts igk lga`rltigc`s. Ralh` ta`s` couhk n` tix`k ugk`r ta` cit`bory od `stit` tix`s or bldt tix`s, ta`y ir` got k``j`k ny ta` L^S to n` i pirt od bross lgcoj`.
A`kb` Iccougt I a`kb` iccougt ls ig iccougt `stinhlsa`k wlta i a`kb` dugk. [a`r` ir` s`v`rih r`isogs way i p`rsog or nuslg`ss wouhk n` lgt`r`st`k lg s`ttlgb up i a`kb` iccougt. [a`s` josthy c`gt`r og ta` k`slr` dor lgv`stj`gts tait cojjoghy prokuc` alba`r prodlts or ta` wlsa to a`kb`, or prot`ct, i nuslg`ss“ op`ritlogs droj c`rtilg ugpr`klctinh` igk ugk`slrinh` swlgbs lg jirm`t prlc`s. Nuslg`ss`s cig op`g up ta`lr owg a`kb` iccougts lg virlous dutur`s igk cojjokltl`s jirm`ts to prot`ct ta`js`hv`s droj ta`s` nuslg`ss ljpictlgb prlc` jov`j`gts lg ljportigt r`hit`k cojjokltl`s. I p`rsog wao ls lgt`r`st`k lg op`glgb i a`kb` iccougt wlhh aiv` to jim` ipphlcitlog to i a`kb` dugk. A`kb` dugks ir` typlcihhy r`strlctlv` lg ta` typ`s od dugks tait ta`y wlhh icc`pt droj ig lgv`stor. [a` lgv`stor wlhh aiv` to prov` c`rtilg lgcoj` h`v`hs or iss`t nis` aohklgbs tait k`jogstrit` tait ta`y ir` cipinh` od n`irlgb ta` sunstigtlih hoss`s tait couhk r`suht droj trik`s lg i a`kb` iccougt. [a`y just ihso aiv` hlqulk cisa tait ta`y cig tl` up dor hogb p`rloks od tlj`, slgc` jost a`kb` dugks ko got ihhow ljj`klit` og k`jigk wltakriwihs. Dugks tait ir` lgv`st`k wlta ta`j couhk n` tl`k up dor i y`ir or hogb`r, igk jlgljuj wiltlgb p`rloks ipphy. N`cius` od ihh od ta`s` r`isogs, a`kb` dugks ir` typlcihhy hoomlgb dor p`oph` is lgv`stors wao aiv` lg `xc`ss od i jlhhlog kohhirs od hlqulk g`t worta. A`kb` iccougts cig ihso n` iccougts tait nuslg`ss`s us` to odds`t ta` caigb`s lg cojjokltl`s“ prlc`s. I cojpigy“s prokucts jiy n` a`ivlhy k`p`gk`gt og prlc`s suca is subir igk cocoi ld ta`y ir` i caocohit` cojpigy, olh igk ota`r `g`rby prlc`s ld ta`y us` `g`rby lgt`gslv` proc`ss`s or ir` salpplgb cojpigl`s, or `v`g lgkustrlih j`tihs suca is
9;4
Dlgigclih [`rjs Klctlogiry
copp`r ld ta`y prokuc` wlr`s or cinh`s. Bohk igk slhv`r jlglgb cojpigl`s, ihogb wlta olh prokuc`rs, routlg`hy a`kb` ta`lr quigtltl`s od pr`clous j`tihs igk `g`rbl`s tait ta`y `xp`ct to prokuc` to prot`ct ibilgst igtlclpit`k k`chlglgb prlc`s. Ny hocmlgb lg ta` pr`s`gt prlc` dor ta`s` books igk cojjokltl`s tait ta`y r`qulr` or wlhh prokuc` hit`r og lg ta` y`ir, ta`y cig lgsuhit` ta`js`hv`s droj prlc` swlgbs tait jov` ibilgst ta`j. [als cig j`ig ta` kldd`r`gc` n`tw``g aivlgb to rils` prlc`s igk rlsm hoslgb jirm`t sair` or s`hhlgb books it i juca how`r prodlt jirblg. N`cius` od tals, jigy jifor juhtlgitlogih cojpigl`s irougk ta` worhk routlg`hy prot`ct ta`js`hv`s igk ta`lr op`ritlogs tarouba ta` us` od a`kb` iccougts. Soj` od ta`j `v`g aiv` lgklvlkuihs or k`pirtj`gts tait ov`rs`` ta`s` op`ritlogs. Dor i nuslg`ss to s`t up suca i a`kb` iccougt ls got klddlcuht. [a`y oghy aiv` to op`g i cojjokltl`s iccougt wlta og` od ta` jifor cojjokltl`s `xcaigb`s, suca is ta` Calcibo J`rcigtlh` @xcaigb`, ta` Calcibo Noirk od [rik`, G`w \orm J`rcigtlh` @xcaigb`, or ta` G`w \orm Noirk od [rik`. [a`s` iccougts cig n` us`k ny cojpigl`s dor sp`cuhitlgb og ta` prlc` jov`j`gts od ugk`rhylgb cojjokltl`s is w`hh, igk got oghy dor a`kblgb ta`lr op`ritlogs. Lg tals cis`, cir` ais to n` tim`g, is ta` h`v`rib` provlk`k ny a`kb` iccougts, suca is cojjokltl`s iccougts, ls `gouba to nrlgb kowg i cojpigy ov`rglbat ld ta`y ir` lrr`spogslnh` wlta ta` trik`s lg ta` iccougt.
A`kb` Dugks A`kb` dugks ir` lgv`stj`gt dugks walca ir` cojjoghy oghy op`g to i sp`cldlc broup od lgv`stors. [a`s` lgv`stors piy i hirb` p`rdorjigc` d`` `ica y`ir, cojjoghy i c`rtilg p`rc`gt od ta`lr dugks ugk`r jigib`j`gt, to ta` jigib`r od ta` a`kb` dugk. A`kb` dugks ir` v`ry jlgljihhy r`buhit`k igk ir` ta`r`dor` ir` inh` to pirtlclpit` lg i wlk` irriy od lgv`stj`gts igk lgv`stj`gt strit`bl`s. Hlt`rihhy `v`ry slgbh` a`kb` dugk pursu`s lts owg strit`by od lgv`stlgb tait wlhh `stinhlsa ta` mlgks od lgv`stj`gts tait lt s``ms. A`kb` dugks cojjoghy bo dor i wlk` rigb` od lgv`stj`gts lg walca ta`y jiy nuy or s`hh saort sair`s igk posltlogs. Stocms, cojjokltl`s, igk nogks ir` soj` od ta`s` iss`t chiss`s wlta walca ta`y worm. Is you wouhk igtlcl pit` droj ta` gij`, a`kb` dugks typlcihhy try to odds`t soj` od ta` rlsms lg ta`lr portdohlos ny `jphoylgb i gujn`r od rlsm a`kblgb strit`bl`s. [a`s` josthy r`vohv` irougk ta` us` od k`rlvitlv`s, or dlgigclih
9;2
Dlgigclih [`rjs Klctlogiry
lgstruj`gts wlta vihu`s tait k`p`gk og igtlclpit`k prlc` jov`j`gts lg ta` dutur` od ig iss`t to walca ta`y ir` hlgm`k, is w`hh is saort s`hhlgb lgv`stj`gts. Jost cougtrl`s oghy ihhow c`rtilg typ`s od w`ihtay igk prod`sslogih lgv`stors to op`g i a`kb` dugk iccougt. ^`buhitors jiy got a`ivlhy ov`rs`` ta` ictlvltl`s od a`kb` dugks, nut ta`y ko bov`rg wao ls ihhow`k to pirtlclpit`. Is i r`suht, trikltlogih lgv`stj`gt dugks“ ruh`s igk r`buhitlogs josthy ko got ipphy to a`kb` dugks. Ictuih g`t iss`t vihu`s od a`kb` dugks odt`g tihhy lgto ta` jigy nlhhlogs od kohhirs. [a` dugks“ bross iss`ts a`hk cojjoghy prov` to n` jisslv`hy alba`r is i r`suht od ta`lr uslgb h`v`rib` og ta`lr jog`y lgv`st`k. Lg pirtlcuhir glca` jirm`ts hlm` klstr`ss`k k`nt, alba yl`hk ritlgbs, igk k`rlvitlv`s triklgb, a`kb` dugks ir` ta` kojlgigt phiy`rs. Lgv`stors b`t lgvohv`k lg a`kb` dugks lg s`irca od alba`r taig gorjih jirm`t r`turgs. Ra`g tlj`s ir` book, jigy a`kb` dugks yl`hk `v`g tw`gty p`rc`gt igguih lgv`stj`gt r`turgs. [a` gitur` od ta`lr a`kblgb strit`bl`s ls suppos`k to prot`ct ta`j droj t`rrlnh` hoss`s, suca is w`r` s``g lg ta` dlgigclih crlsls droj >552->595. [a` a`kb` dugk lgkustry ls opiqu` igk klddlcuht to j`isur` iccurit`hy. [als ls pirtlihhy is i r`suht od ta` slbgldlcigt `xpigslog od ta` lgkustry, is w`hh is ig lgcogslst`gt k`dlgltlog od wait jim`s i a`kb` dugk. Urlor to ta` p`im od a`kb` dugks lg ta` sujj`r od >551, lt ls n`hl`v`k tait a`kb` dugks jlbat aiv` ov`rs``g is juca is two igk i aihd trlhhlog kohhirs. [a` cr`klt crugca alt jigy a`kb` dugks pirtlcuhirhy airk, igk ta`lr iss`ts ugk`r jigib`j`gt aiv` k`chlg`k sairphy is i r`suht od nota hoss`s, is w`hh is r`qu`sts dor wltakriwihs ny lgv`stors. Lg >595, lt ls n`hl`v`k tait a`kb` dugks ogc` ibilg r`pr`s`gt lg `xc`ss od two trlhhlog kohhirs lg iss`ts ugk`r jigib`j`gt. [a` hirb`st a`kb` dugks lg ta` worhk ir` FU Jorbig Cais`, wlta ov`r $03 nlhhlog ugk`r jigib`j`gt= Nrlkb`wit`r Issoclit`s, aivlgb jor` taig $;3 nlhhlog lg iss`ts ugk`r jigib`j`gt= Uiuhsog igk Cojpigy, wlta jor` taig $3> nlhhlog lg iss`ts= Nr`vig Aowirk tait ais br`it`r taig $>2 nlhhlog lg iss`ts= igk Soros Dugk Jigib`j`gt, walca noists irougk $>2 nlhhlog lg iss`ts ugk`r jigib`j`gt.
9;1
Dlgigclih [`rjs Klctlogiry
A`kblgb Lg ta` worhk od dlgigc`, a`kblgb ls ta` ict od puttlgb tob`ta`r i a`kb`. A`kblgb lgvohv`s nulhklgb up i posltlog lg og` jirm`t waos` boih ls try to cougt`rict rlsm droj caigb`s lg prlc` lg igota`r jirm`t“s jirm`t“s posltlog tait ls ta` opposlt`. [a` uhtljit` boih ls to kljlglsa or `hljlgit` ta` nuslg`ss or p`rsog“s p`rsog“s posslnlhltl`s od rlsm tait ta`y wlsa to ivolk. I gujn`r od sp`cldlc v`alch`s `xlst to a`hp wlta a`kblgb. [a`s` typlcihhy lgchuk` dorwirk cogtricts, swips, lgsurigc` pohlcl`s, optlogs, k`rlvitlv`s, igk prokucts sohk ov`r ta` cougt`r. Dutur`s cogtricts prov` to n` ta` jost popuhir v`rslog od a`kblgb lgstruj`gts. Lg ta` 9155“s, dutur`s jirm`ts op`g to ta` punhlc cij` lgto `xlst`gc`. [a`s` w`r` s`t up to p`rjlt i stigkirklz`k dorj od `dd`ctlv`, vlinh`, igk op`g a`kblgb od cojjoklty prlc`s lg ibrlcuhtur`. Lg ta` lgt`rv`glgb c`gtury, ta`s` aiv` browg to lgchuk` ihh jigg`rs od dutur`s cogtricts tait ihhow lgklvlkuihs igk nuslg`ss`s to a`kb` pr`clous j`tihs, `g`rby, `g`rby, caigb`s lg lgt`r`st rit`s, igk jov`j`gts lg dor`lbg curr`gcl`s. [a`r` ir` cougth`ss `xijph`s od lgklvlkuihs wao jlbat n` lgt`r`st`k lg a`kblgb. Cojj`rclih dirj`rs ir` cojjog typ`s od p`oph` wao prictlc` a`kblgb. Urlc`s dor ibrlcuhturih crops hlm` wa`it caigb` ihh ta` tlj` is ta` k`jigk igk supphy dor ta`j dhuctuit`s. Soj`tlj`s ta`s` prlc` caigb`s ir` slbgldlcigt lg og` klr`ctlog or ta` ota`r. Rlta ta` pr`s`gt prlc`s igk crop pr`klctlogs it airv`st tlj`, i cojj`rclih dirj`r jlbat k`t`rjlg` tait phigtlgb wa`it dor ta` s`isog ls sjirt. [a` pronh`j tait a` `gcougt`rs ls tait ta`s` pr`klct`k prlc`s ir` sljphy dor`cists. Idt`r ta` dirj`r phigts als wa`it crop, a` ais tl`k aljs`hd to lt dor ta` waoh` browlgb s`isog. Saouhk ta` r`ih prlc` od wa`it soir lg n`tw``g ta` tlj` tait ta` dirj`r phigts igk airv`sts als crop ta`g a` jlbat jim` i br`it ijougt od jog`y tait a` klk got cougt og, y`t saouhk ta` r`ih prlc` k`chlg` ny ta` tlj` ta` airv`st ls lg ta`g ta` dirj`r jlbat n` rulg`k cojph`t`hy. cojph`t`hy. [o r`jov` ta` rlsm droj als wa`it crop `quitlog, ta` dirj`r cig s`t up i a`kb`. A` ko`s tals a`kblgb ny s`hhlgb i c`rtilg quigtlty od dutur`s cogtricts dor wa`it. [a`s` saouhk n` sohk it ig ijougt `quih to ta` wa`it crop slz` tait a` `xp`cts wa`g a` phigts lt. Lg suca i wiy, ta` cojj`rclih dirj`r dlx`s als prlc` od wa`it it phigtlgb tlj`. Als a`kblgb cogtrict prov`s to n` i ph`kb` to durglsa i pirtlcuhir quigtlty od wa`it nusa`hs to i c`rtilg phic` og i dlx`k kit` lg tlj` it i buirigt``k prlc`. Gow ta` dirj`r ls a`kb`k ibilgst caigb`s lg ta` prlc`s od wa`it. A` ko`s got aiv` to worry igyjor` inout ta` wa`it prlc`s igk wa`ta`r ta`y ir` dihhlgb or rlslgb, slgc` a` ais n``g projls`k i dlx`k prlc` lg als 9;<
Dlgigclih [`rjs Klctlogiry
a`kblgb wa`it dutur`s cogtrict. [a` posslnlhlty od alj n`lgb totihhy rulg`k ny dihhlgb wa`it prlc`s ls cojph`t`hy r`jov`k droj ta` r`ihj od posslnlhlty. posslnlhlty. It ta` sij` tlj`, a` ais host ta` opportuglty od r`ihlzlgb `xtri jog`y is i r`suht od rlslgb wa`it prlc`s wa`g airv`st tlj` irrlv`s. [a`s` ir` ta` upslk`s igk ta` kowgslk`s to a`kblgb= nota ta` posltlv`s igk ta` g`bitlv`s od ugc`rtilgty ir` `hljlgit`k. `hljlgit`k.
Ayp`rlgitlog Lg ta` dl`hk od `cogojlcs, ayp`rlgdhitlog prov`s to n` lgdhitlog, or rlslgb prlc`s ov`r tlj`, tait ls `xtr`j`hy alba igk `v`g n`yogk cogtrohhlgb. [als stit` od ta` `cogojy `xlsts is ta` ov`rihh h`v`hs od prlclgb lg i c`rtilg cougtry ir` rlslgb sairphy igk qulcmhy it ta` sij` tlj` is ta` ictuih vihu`s od ta`s` `cogojlc books r`jilg roubahy ta` sij` prlc` is j`isur`k lg ota`r jor` stinh` curr`gcl`s. Lg ota`r works, ta` gitlog“s owg curr`gcy ls kljlglsalgb lg vihu` riplkhy, cojjoghy it rit` tait brows lg pic`. [a` LISN, or Lgt`rgitlogih Iccougtlgb Stigkirks Noirk, blv`s i pr`cls` k`dlgltlog od ayp`rlgdhitlog. [a`y stit` tait wa`g ta` rit` od lgdhitlog kurlgb tar`` cujuhitlv` y`irs g`irs og` augkr`k p`rc`gt totih, or it h`ist tw`gty-slx p`rc`gt `ica y`ir cojpougk`k igguihhy dor tar`` cogs`cutlv` y`irs, ta`g ayp`rlgdhitlog ais n``g r`ica`k. Ota`r `cogojlsts suca is Cibig aiv` k`chir`k ayp`rlgdhitlog to n` wa`g lgdhitlog ls br`it`r taig dldty p`rc`gt `ica jogta. Ayp`rlgdhitlog cig wltg`ss ta` ov`rihh prlc` h`v`hs bo up ny dlv` to t`g p`rc`gt igk alba`r `v`g lg slgbh` kiys dor `xt`gk`k p`rloks od tlj`. [als stigks lg sairp cogtrist to r`buhir lgdhitlog walca ls cojjoghy oghy r`port`k ov`r i quirt`rhy or igguih nisls. Is br`it`r igk br`it`r ijougts od lgdhitlog ir` cr`it`k lg `ica prlgtlgb od jog`y lgstigc`, i truhy vlclous cych` tim`s `dd`ct. Suca ayp`rlgdhitlog ls ch`irhy `vlk`gt is ta` jog`y supphy brows it ig uglgt`rrupt`k rit`. Lt ls typlcihhy s``g ihogbslk` ta` popuhitlog“s ugwlhhlgbg`ss to m``p ta` ayp`r-lgdhitlogiry curr`gcy dor igy hogb`r taig ta`y aiv` to lg ork`r to us` lt dor igy airk book tait wlhh pr`v`gt ta`j droj hoslgb jor` ictuih purcaislgb pow`r. Ayp`rlgdhitlog ls typlcihhy i pirt od wirs igk ta`lr idt`r `dd`cts, soclih or pohltlcih upa`ivihs, igk curr`gcy j`htkowgs suca is s``g lg Vljninw`. Ayp`rlgdhitlog ls i pa`goj`gog tait ls uglqu` to dlit curr`gcl`s tait ir` got nicm`k up ny igytalgb nut i bov`rgj`gt“s dilta igk trust. Is ta` jog`y supphy ls got hljlt`k ny gorjih r`strilgts hlm` bohk lg i viuht, lt
905
Dlgigclih [`rjs Klctlogiry
ls lgst`ik rug ny i pip`r jog`y stigkirk. [a` supphy od lt ls cojph`t`hy k`p`gk`gt og ta` klscr`tlog od ta` bov`rgj`gt. bo v`rgj`gt. Ayp`rlgdhitlog cojjoghy h`iks to lgt`gs` igk hogb histlgb `cogojlc k`pr`sslogs. [als ls got ihwiys ta` cis` taouba. Lg Nrizlh walca sudd`r`k lg ta` brlps od ayp`rlgdhitlog dor talrty y`irs lg ta` 9<4; to 9<<; p`rlok, ta` bov`rgj`gt jigib`k to ivolk `cogojlc cohhips` ny vihulgb ihh gog-jog`tiry books, s`rvlc`s, igk lgv`stj`gts dor ta` waoh` `cogojy lg ig lgvohv`k lgk`x. [a` bov`rgj`gt supphl`k tals kilhy upkit`k lgk`x tait ta`y j`isur`k wlta ta` kilhy Nrizlhlig curr`gcy ibilgst ta` Pglt`k Stit`s kohhir. Lg cogtrist to Nrizlh, Vljninw` klk got nota`r to s`t up suca ig lgk`x j`isur`k ibilgst ta` kohhir. [a`y klk odd`r ta` kiy ny kiy caigb`s lg ta` P.S. kohhir is i cojpirlsog dor `v`ryog` lg ta` cougtry to s``. [als vohugtiry cojpirlsog oghy s`rv`k to wors`g ta` pronh`j igk dlgihhy k`stroy`k ta` r`ih vihu` od gog jog`tiry lt`js tait klk got b`t upkit`k is `xpr`ss`k ibilgst ta` Vljninw` kohhir. Ihh jog`tiry lt`js lg ta` cougtry dlgihhy host `v`ry nlt od vihu` kurlgb ta` ayp`r-lgdhitlogiry j`htkowg.
Ljport Lg sljph` t`rjs, ljports ir` books tait ir` utlhlz`k lg og` cougtry tait w`r` prokuc`k lg igota`r cougtry. [a` t`rj ljport r`d`rs to ta` lk`i od nrlgblgb books igk s`rvlc`s lgto i gitlog. Lt orlblgihhy cij` droj ta` cogc`pt od nrlgblgb ta`s` talgbs lgto i port vli salps. I p`rsog wao ls `gbib`k lg ta` prictlc` od nrlgblgb ta`s` books igk s`rvlc`s lgto ta` ota`r cougtry ls cihh`k ig ljport`r. Ljport`rs hlv` igk ir` nis`k lg ta` cougtry lgto walca ta`y nrlgb ta`s` books igk s`rvlc`s. @xport ls ta` opposlt` od ljport. Lt r`d`rs to s`gklgb ta` books jik` lg og` cougtry inroik to ta` ljportlgb cougtry. @xport`rs ir` nis`k ov`rs`is droj ta` ljport`r igk ljportlgb cougtry. cougtry. Ljports ir` ta`g igy lt`js, suca is cojjokltl`s or books, or iht`rgitlv`hy s`rvlc`s tait ir` nroubat to i cougtry droj i kldd`r`gt cougtry lg h`bltljit` j`igs. [a`y ir` cojjoghy us`k dor trik` purpos`s. Suca books ir` ta`g put og sih` to p`oph` lg ta` ljportlgb cougtry. Dor`lbg jigudictur`rs jim` suca books igk s`rvlc`s tait ir` ta`g odd`r`k to ta` koj`stlc cogsuj`rs od ta` ljportlgb cougtry. Ljports dor ta` cougtry r`c`lvlgb ta`j ir` ta` `xports od i cougtry tait s`gks ta`j.
909
Dlgigclih [`rjs Klctlogiry
Lgt`rgitlogih trik` ls ictuihhy nis`k og suca ljports igk `xports. Lj portlgb igy books cojjoghy j`igs k`ihlgb wlta custojs ib`gcl`s lg nota `xportlgb igk ljportlgb gitlogs. Ljports cig n` sunf`ct`k to trik` ibr``j`gts, tirldds, or quotis juca od ta` tlj`. Ljports cig r`d`r to jor` taig sljphy s`rvlc`s or books tait aiv` n``g nroubat lgto ta` cougtry. cougtry. [a`y cig ihso n` ta` r`suhtlgb j`isur`k `co`co gojlc worta od igy books igk s`rvlc`s tait ir` n`lgb ljport`k. Suca ljports“ vihu`s ir` j`isur`k ov`r p`rloks od tlj`, suca is jogtahy, quirt`rhy, or y`irhy. [a` innr`vlitlog od L r`pr`s`gts ta` vihu` od suca ljports lg jicro`cogojlcs. Droj ig `cogojlc str`gbta polgt od vl`w, ljports ir` cogslk`r`k to n` soj`wait g`bitlv`. @xports ir` g`irhy ihwiys r`birk`k is posltlv`, slgc` ta`y r`pr`s`gt prokuc`k lt`js tait ir` n`lgb sohk to ota`rs dor curr`gcy cogslk`ritlog. Ra`g i gitlog“s ljports ir` br`it`r taig ta`lr `xports, tals h`iks to i trik` ljnihigc`, or trik` k`dlclt. Suca trik` lj nihigc`s just n` pilk dor wlta soj`talgb `v`gtuihhy. `v`gtuihhy. Juca od ta` tlj` lt `gks up n`lgb k`nt k `nt lgstruj`gts tait ir` `xport`k nicm to ta` cougtrl`s droj walca ta` ljports coj`. Cougtrl`s hlm` ta` Pglt`k Stit`s igk Br`it Nrltilg ir` bulhty od aivlgb slbgldlcigthy br`it`r vihu`s od lj ports taig `xports. [a`y cojjoghy rug hirb` hirb` trik` k`dlclts.
Lgk`x Dugks Lgk`x dugks ir` typlcihhy `xcaigb` trik`k dugks or jutuih dugks. [a`lr boih ls to r`prokuc` ta` ictuih jov`j`gts od ig ugk`rhylgb lgk`x dor i pirtlcuhir dlgigclih jirm`t. [a`y ko tals go jitt`r wait ls aipp`glgb lg ta` ov`rihh stocm jirm`ts. [a`r` ir` s`v`rih j`igs od tricmlgb suca ig lgk`x. Og` wiy od kolgb tals ls ny purcaislgb igk aohklgb ihh od ta` lgk`x s`curltl`s to ta` sij` proportlog is ta`y ir` r`pr`s`gt`k lg ta` lgk`x. Igota`r wiy od iccoj phlsalgb tals ls ny kolgb i stitlstlcih sijph` od ta` jirm`t igk ta`g icqulrlgb s`curltl`s tait ir` r`pr`s`gtitlv` od lt. I br`it gujn`r od ta` lgk`x dugks ir` nis`k og i cojput`r jok`h tait icc`pts hltth` to go lg put droj p`oph` lg lts k`clslog jimlgb od ta` s`curltl`s noubat igk sohk. [als quihldl`s is i typ` od pisslv` jigib`j`gt wa`g ta` lgk`x dugk ls rug tals wiy. wiy. [a`s` lgk`x dugks ko got aiv` ictlv` jigib`j`gt. [als ihhows ta`j to n`g`dlt droj poss`sslgb h`ss`r d``s igk tix`s lg ta`lr iccougts tait ir` tixinh`. [a` how d``s tait ir` cairb`k ko coj` odd od ta` lgv`stj`gt
90>
Dlgigclih [`rjs Klctlogiry
r`turgs tait ir` ota`rwls` josthy jitcalgb taos` od ta` lgk`x. N`slk`s tals, `xicthy jitcalgb ig lgk`x ls got posslnh` slgc` ta` sijphlgb igk jlrrorlgb jok`hs od tals lgk`x wlhh g`v`r n` og` augkr`k p`rc`gt rlbat. Suca virligc`s n`tw``g ig lgk`x p`rdorjigc` igk tait od ta` dugk ir` r`d`rr`k to is ta` tricmlgb `rror, `rror, or jor` cogv`rsitlogihhy is i fltt`r. I wlk` virl`ty od lgk`x dugks `xlst dor you to caoos` droj ta`s` kiys. [a`y ir` odd`r`k ny i gujn`r od kldd`r`gt lgv`stj`gt jigib`rs is w`hh. Ijogb ta` jor` typlcihhy s``g lgklc`s ir` ta` D[S@ 955, ta` S&U 055, igk ta` Glmm`l >>0. Ota`r lgk`x`s aiv` n``g cr`it`k tait ir` so cihh`k r`s`irca lgk`x`s dor cr`itlgb iss`t prlclgb jok`hs. M`gg`ta Dr`gca igk @ub`g` Diji cr`it`k og` mgowg is ta` [ar`` Dictor Jok`h. [als Diji-Dr`gca tar`` dictor jok`h ls ictuihhy utlhlz`k ny Klj`gslogih Dugk Ikvls`rs to coj` up wlta ta`lr virlous lgk`x dugks. Ota`r, g`w`r lgk`x`s aiv` n``g cr`it`k tait ir` mgowg is dugkij`gtihhy nis`k lgk`x`s. [a`s` dlgk ta`lr nisls lg dictors hlm` `irglgbs, klvlk`gks, sih`s, igk noom vihu`s od cojpigl`s. [a` ugk`rhylgb cogc`pt dor k`v`hoplgb lgk`x dugks coj`s droj ta` @JA, or `ddlcl`gt jirm`t aypota`sls. [als aypota`sls chiljs tait n`cius` stocm igihysts igk dugk jigib`rs ir` ihwiys s`ircalgb dor stocms tait wlhh ko n`tt`r taig ta` waoh` jirm`t, tals `ddlcl`gt cojp`tltlog ijogb ta`j trigshit`s to curr`gt lgdorjitlog og i cojpigy“s iddilrs n`lgb swldthy dictor`k lgto ta` prlc` od ta` stocm. N`cius` od tals, lt ls b`g`rihhy icc`pt`k tait mgowlgb walca stocms wlhh ko n`tt`r taig ta` ov`r ihh jirm`t lg ikvigc` ls `xc``klgbhy airk. K`v`hoplgb i jirm`t lgk`x ta`g jim`s s`gs` is ta` lg`ddlcl`gcl`s igk rlsms lga`r`gt lg plcmlgb out lgklvlkuih stocms cig n` sljphy `hljlgit`k tarouba purcaislgb ta` lgk`x dugk lts`hd.
Lgitlog Lgdhitlog prov`s to n` prlc`s rlslgb ov`r tlj`. Lt ls sp`cldlcihhy j`isur`k is ta` lgcr`is` lg i blv`g nism`t od books igk s`rvlc`s“ prlc`s. [a`s` books igk s`rvlc`s ir` tim`g to r`pr`s`gt ta` `gtlr` `cogojy. Lgdhitlog ls ihso ta` bolgb up lg cost od ta` iv`rib` prlc`s od books igk s`rvlc`s is j`isur`k ny ta` CUL, or cogsuj`r prlc` lgk`x. [a` opposlt` od lgdhitlog ls mgowg is k`dhitlog. K`dhitlog turgs out to n` ta` dihhlgb od ig iv`rib` h`v`h od prlc`s. [a` polgt tait s`pirit`s ta` two droj `ica ota`r, nota k`dhitlog igk lgdhitlog, ls prlc` stinlhlty, or go caigb` lg ta` costs od books igk s`rvlc`s.
903
Dlgigclih [`rjs Klctlogiry
Lgdhitlog ais ihjost `v`rytalgb to ko wlta ta` ijougt od jog`y ivilhinh`. Lt ls lg`xtrlcinhy tl`k to ta` jog`y supphy. [als blv`s rls` to ta` popuhirhy r`jirm`k ons`rvitlog tait lgdhitlog ls ictuihhy ig `xc`sslv` gujn`r od kohhirs caislgb too sjihh i quigtlty od books. Cojpr`a`gklgb ta` wiy tait tals worms ls `isl`r wa`g cogslk`rlgb ig `xijph`. Ur`t`gk dor i joj`gt tait ta` worhk poss`ss`k oghy two cojjokltl`s6 origb`s tait ir` bita`r`k up droj origb` tr``s igk pip`r jog`y cr`it`k ny bov`rgj`gt. Lg s`isogs wa`r` rilg ls hljlt`k igk ta` origb`s ir` d`w is i r`suht, ta` cost od origb`s saouhk bo up. [als ls n`cius` ta` sij` gujn`r od prlgt`k kohhirs wouhk n` cojp`tlgb dor i sjihh`r guj n`r od origb`s. Og ta` ota`r aigk, ld i nujp`r crop od origb`s ir` s``g, ta`g ta` cost od origb`s saouhk krop, slgc` ta` s`hh`rs od origb`s aiv` go caolc` nut to cut prlc`s to s`hh odd ta`lr hirb` lgv`gtory od origb`s. [a`s` two `xijph`s lhhustrit` lgdhitlog lg ta` dorj`r igk k`dhitlog lg ta` hitt`r. [a` jilg kldd`r`gc` n`tw``g ta` r`ih worhk igk tals `xijph` ls tait lgdhitlog j`isur`s caigb`s lg ta` prlc` jov`j`gt og iv`rib` od jigy or ihh books igk s`rvlc`s, igk got sljphy og`. [a` quigtlty od jog`y lg ig `cogojy sljlhirhy ljpicts ta` ijougt od lgdhitlog pr`s`gt it igy blv`g tlj`. Saouhk ta` bov`rgj`gt lg ta` `xijph` inov` caoos` to prlgt `gorjous ijougts od jog`y, ta`g ta`r` wlhh n` jigy kohhirs dor i r`hitlv`hy cogstigt gujn`r od origb`s, is lg ta` hicm od rilg sc`girlo. So lgdhitlog ls cr`it`k ny ta` gujn`r od kohhirs bolgb up ibilgst ta` quigtltl`s od origb`s tait `xlst, or ov`rihh books igk s`rvlc`s `xlstlgb. K`dhitlog, is ta` opposlt` od lgdhitlog, wouhk n` ta` gujn`rs od kohhirs kropplgb cojpir`k to ta` quigtlty od origb`s ivilhinh`. N`cius` od tals, h`v`hs od lgdhitlog r`suht droj dour kldd`r`gt dictors tait odt`g worm tob`ta`r lg cojnlgitlog. [a` k`jigk dor jog`y couhk krop. [a` supphy od jog`y couhk `xpigk. [a` ivilhinh` supphy od virlous ota`r books jlbat k`chlg`. Dlgihhy, ta` k`jigk dor ota`r books lgcr`is`s. @v`g taouba ta`s` dour dictors ko worm lg corr`hitlog, `cogojlsts siy tait lgdhitlog ls josthy i curr`gcy krlv`g `v`gt. [als j`igs tait lg ta` vist jiforlty od cis`s, lt r`suhts droj bov`rgj`gts tijp`rlgb wlta ta` jog`y supphy. B`g`rihhy, ta`y ko tals ny ov`r prlgtlgb ta`lr owg curr`gcy to aiv` jog`y to piy dor sp`gklgb, r`suhtlgb lg alba`r lgdhitlog.
90;
Dlgigclih [`rjs Klctlogiry
Lgt`hh`ctuih Urop`rt Urop`rty y Lgt`hh`ctuih prop`rty, ihso mgowg ny lts icrogyj od LU, ls ta` cogc`pt aivlgb to ko wlta cr`itlogs droj i p`rsog“s jlgk. [a` owg`rsalps od suca prop`rty ir` r`cobglz`k is rlbats tait cig n` poss`ss`k, noubat, igk sohk. Is suca, ta`y aiv` ihso blv`g rls` to r`h`vigt dl`hks od hiw. Is i r`suht od tals lgt`hh`ctuih prop`rty rlbats igk hiw, cr`itors igk owg`rs od jigy lgtigblnh` iss`ts ontilg `xchuslv` rlbats to ta`j. [als lgchuk`s hlt`riry, juslcih, igk irt worms= lgv`gtlogs igk klscov`rl`s= igk ihso paris`s, k`slbgs, syjnohs, igk works. [a` jost pr`vih`gt dorjs od lgt`hh`ctuih prop`rty ir` ta`g trik`jirms, copyrlbats, trik` s`cr`ts, pit`gts, igk lgkustrlih k`slbg rlbats. Lgt`hh`ctuih prop`rty rlbats bo nicm to ta` 9455 igk 9255“s lg `irhy jok`rg Br`it Nrltilg. [a` Stitut` od Jogopohl`s droj 94>3 ls vl`w`k is ta` orlblg od pit`gt hiw, walh` ta` Stitut` od Igg` droj 9295 ls hoom`k it is ta` nisls dor copyrlbat hiws. [a` paris` lgt`hh`ctuih prop`rty iros` lg ta` 9155“s. Lt dlgihhy n`cij` cojjog lg ta` P.S. lg ta` hit` 9<55“s. Lgt`hh`ctuih prop`rty rlbats ir` n`hl`v`k to cr`it` `cogojlc browta igk i dhourlsalgb dr`` `gt`rprls` syst`j. [als ls n`cius` suca rlbats od `xchuslvlty p`rjlt ta` cr`itors igk owg`rs od ta`s` lgt`hh`ctuih prop`rtl`s to r`ihlz` dlgigclih n`g`dlt droj ta`lr cr`itlog. Lt blv`s lgklvlkuihs igk nuslg`ss`s jotlv` to k`v`hop igk lgv`st lg lgt`hh`ctuih prop`rty. prop`rty. Rlta pit`gts, suca nuslg`ss`s ir` wlhhlgb to coj` out od pocm`t dor ta` k`v`hopj`gt igk r`s`irca costs n`cius` od tals lgc`gtlv`. N`cius` od tals, ta` cr`itlog igk jilgt`gigc` od ta`s` lgt`hh`ctuih prop`rty hiws ir` blv`g ta` cr`klt dor jifor cogtrlnutlogs jik` to br`it `cogojlc browta lg ta` R`st`rg R`st`rg Rorhk Rorhk hlm` ta` Pglt`k Stit`s igk Br`it Nrltilg. Jigy `cogojlsts polgt out tait irougk two talrks od nlb nuslg`ss`s“ vihu` hl`s lg lgtigblnh` iss`ts. Lt ls ihso silk tait lgkustrl`s tait us` lgt`hh`ctuih prop`rty lgt`gslv`hy cr`it` is juca is s`v`gty-two p`rc`gt jor` ikk`k vihu` dor `v`ry `jphoy`` taig ko taos` lgkustrl`s tait ko got us` lgt`hh`ctuih prop`rty lgt`gslv`hy. [als ls to siy tait i br`it k`ih od `cogojlc browta ls b`g`rit`k ny lgt`hh`ctuih prop`rty rlbats igk issoclit`k lgkustrl`s. Crltlcs od lgt`hh`ctuih prop`rty rlbats ko `xlst. [aos` lg ta` dr`` cuhtur` jov`j`gt aohk up lgt`hh`ctuih jogopohl`s is `xijph`s od talgbs tait aohk nicm probr`ss, kijib` a`ihta, igk cogc`gtrit` owg`rsalp to ta` klsikvigtib` od ta` cojjog p`oph`. [a`y irbu` tait ta` punhlc book ls aurt ny jogopohl`s tait cogstigthy brow out od sodtwir` pit`gts, `xt`gslogs od copyrlbats, igk nuslg`ss j`taok pit`gts. 900
Dlgigclih [`rjs Klctlogiry
N`slk`s tals, soj` chilj tait lgt`hh`ctuih prop`rty rlbats tait ir` strlcthy `gdorc`k show kowg ta` trigsd`r od t`cagohoblcih ikvigc`s igk scl`gtldlc nr`im tarouba to poor cougtrl`s. Stlhh, k`v`hoplgb gitlogs ir` n`g`dlclirl`s od k`v`hop`k gitlog t`cagohobl`s hlm` vicclg`s, ta` Lgt`rg`t, jonlh` paog`s, igk alba`r yl`hklgb crops. Crltlcs chilj tait pit`gt hiws coj` kowg too airk lg divor od ta` p`oph` wao k`v`hop lggovitlogs v`rsus taos` wao `jphoy ta`j.
Lgt`r`st ^it` Lgt`r`st rit`s ir` ta` h`v`hs it walca lgt`r`st ls cairb`k i norrow`r dor uslgb jog`y tait ta`y ontilg lg ta` dorj od i hoig droj i nigm or ota`r h`gk`r. [a`s` ir` ihso ta` rit`s tait lgklvlkuihs igk nuslg`ss`s ir` pilk dor k`posltlgb ta`lr dugks wlta i nigm. Lgt`r`st rit`s ir` c`gtrih to ta` rugglgb od cipltihlst `cogojl`s. [a`y ir` cojjoghy wrltt`g out is p`rc`gtib` rit`s dor i blv`g blv`g tlj` drij`, jost cojjoghy cojjoghy p`r y`ir. y`ir. Is ig `xijph`, i sjihh nuslg`ss jlbat r`qulr` cipltih to purcais` g`w iss`ts dor ta` cojpigy. [o icqulr` ta`s`, ta`y norrow jog`y dorj i nigm. Lg `xcaigb` dor jimlgb ta`j tals hoig, ta` nigm ls pilk lgt`r`st it i pr` s`t igk ibr``k upog rit` od lgt`r`st dor h`gklgb lt to ta` cojpigy igk puttlgb odd ta`lr owg us` od ta` jogl`s. [a`y r`c`lv` tals lgt`r`st lg jogtahy piyj`gts ihogb wlta r`piyj`gts od ta` prlgclpih. Lgt`r`st rit`s ir` ihso us`k ny bov`rgj`gt ib`gcl`s lg pursulgb jog`tiry pohlcl`s. C`gtrih nigms s`t ta`j to lgdhu`gc` ta`lr gitlog“s `cogojlc p`rdorjigc`. [a`y ljpict jigy `h`j`gts od ig `cogojy suca is ug`jphoyj`gt, lgdhitlog, igk lgv`stj`gt h`v`hs. [a`r` ir` s`v`rih kldd`r`gt lgt`r`st rit`s to cogslk`r. [a` jost cojjoghy `xpr`ss`k og` ls ta` gojlgih lgt`r`st rit`. [als gojlgih lgt`r`st rit` prov`s to n` ta` ijougt od lgt`r`st tait ls piyinh` lg jog`y t`rjs. Ld i dijlhy k`poslts $9,555 lg i nigm dor i y`ir, igk ls pilk $05 lg lgt`r`st, ta`g ta`lr nihigc` ny ta` cogchuslog od ta` y`ir wlhh n` $9,505. [als wouhk trigshit` to i gojlgih lgt`r`st rit` ijougtlgb to dlv` p`rc`gt p`r y`ir. [a` r`ih lgt`r`st rit` ls igota`r typ` od rit` us`k to k`t`rjlg` aow juca purcaislgb pow`r ls r`c`lv`k. Lt ls ta` lgt`r`st rit` idt`r ta` h`v`h od lgdhitlog ls suntrict`k. K`t`rjlglgb ta` r`ih lgt`r`st rit` ls i jitt`r od cihcuhitlgb ta` gojlgih rit` igk r`jovlgb ta` ijougt od lgdhitlog droj lt. Lg ta` `xijph` inov`, suppos`k ta` `cogojy“s lgdhitlog h`v`h
904
Dlgigclih [`rjs Klctlogiry
ls j`isur`k it dlv` p`rc`gt dor ta` y`ir. [als wouhk j`ig tait ta` $9,505 lg ta` iccougt it y`ir `gk oghy nuys wait lt klk is $9,555 it ta` n`blgglgb od ta` y`ir. y`ir. [als trigshit`s to i r`ih r`ih lgt`r`st rit` od z`ro. Lgt`r`st rit`s caigb` dor jigy r`isogs. [a`y ir` iht`r`k dor pohltlcih bilgs od pirtl`s lg pow`r. Ny r`kuclgb ta` lgt`r`st rit`, ig `cogojy bilgs i saort t`rj noost. [a` a`hp to ta` `cogojy wlhh odt`g lgdhu`gc` ta` outcoj` od `h`ctlogs. Pgdortugit`hy, ta` saort t`rj ikvigtib` bilg`k ls odt`g odds`t hit`r ny lgdhitlog. [als r`isog dor caigblgb lgt`r`st rit`s ls `hljlgit`k wlta lgk`p`gk`gt c`gtrih nigms. Igota`r jilg r`isog tait lgt`r`st rit`s caigb` ls n`cius` od `xp`ctitlogs od lgdhitlog. Slgc` ta` jiforlty od `cogojl`s k`jogstrit` lgdhitlog, dlx`k ijougts od jog`y wlhh purcais` d`w`r books i y`ir droj gow taig ta`y wlhh tokiy. H`gk`rs `xp`ct to n` cojp`gsit`k dor tals. C`gtrih nigms rils` lgt`r`st rit`s to dlbat tals lgdhitlog is g`c`ssiry.
Lgt`rgitlogih Jog`tiry Pglt Lgt`rgitlogih Jog`tiry Pglt cig r`d`r to two kldd`r`gt talgbs. Lt couhk n` ta` P.S. kohhir, walca ls ta` worhk“s worhk“s prljiry r`s`rv` curr`gcy. curr`gcy. [a` Lgt`rgitlogih Jog`tiry Pglt ls ihso ta` Sp`clih Kriwlgb ^lbats, walca ir` ta` curr`gcy uglts tait ta` Lgt`rgitlogih Jog`tiry Dugk lssu`s. Sp`clih kriwlgb rlbats ir` got ig ictuih uglqu` curr`gcy p`r s`. [a`y ir` uglts tait ir` jik` up od i sp`clih nism`t od curr`gcl`s. [a`s` kiys, ta`s` ir` cojprls`k od P.S. Kohhirs, Nrltlsa Uougks, Fipig`s` \`g, igk @uros. [a` Sp`clih Kriwlgb ^lbats, ihso mgowg is SK^“s, cig n` silk to n` Lgt`rgitlogih Jog`tiry Pglts slgc` ta`y prov` to n` r`s`rv` iss`ts dor lgt`rgitlogih dor`lbg `xcaigb`. [a` Lgt`rgitlogih Jog`tiry Dugk ictuihhy ihhocit`s ta`j to kldd`r`gt cougtrl`s. [a`s` SK^“s odd`r ta` inlhlty to b`t dor`lbg curr`gcl`s wa`g i cougtry g``ks airk cisa dor `j`rb`gcl`s `j`rb`gcl`s igk ota`r dlgigclih crls`s. Ihtaouba ta`y ir` stlhh `xpr`ss`k lg uglts ibilgst P.S. kohhirs, ta` Sp`clih Kriwlgb ^lbats r`jilg ta` Lgt`rgitlogih Jog`tiry Dugk“s oghy uglt od iccougt. [a`y aiv` ta`lr owg curr`gcy cok`, QK^. [a`y jiy n` oghy hltth` us`k gow dor ig Lgt`rgitlogih Jog`tiry Pglt, nut ta`lr utlhlzitlog ls browlgb, pirtlcuhirhy it ta` lgslst`gc` od ^ussli, Calgi, igk ta` Pglt`k Gitlogs. Slgc` ta` `gk od ta` S`cogk Rorhk Rir, ta` P.S. kohhir ais prov`g to n` ta` worhk“s worhk“s jilg r`s`rv` iss`t dor dor`lbg `xcaigb`. [als jim`s lt i
902
Dlgigclih [`rjs Klctlogiry
prljiry cigklkit` dor ta` worhk“s Lgt`rgitlogih Jog`tiry Pglt. Is ov`r ov `r slxty p`rc`gt od c`gtrih nigm r`s`rv`s ir` stlhh a`hk lg kohhirs, lt ls ugirbuinhy ta` worhk“s r`s`rv` curr`gcy `v`g taouba jigy gitlogs wouhk hlm` to s`` tals caigb`k igk lts sair` od r`s`rv`s ais n``g kropplgb cogslst`gthy dor soj` tlj` gow. Cougtrl`s rigblgb droj Calgi igk ^ussli, to Lrig igk T`g`zu`hi, to Drigc` aiv` ihh cihh`k dor i g`w Lgt`rgitlogih Jog`tiry Pglt to n` `stinhlsa`k, pirtlcuhirhy lg ta` wim` od ta` Dlgigclih Crlsls od >552 to >595. I g`w lgt`rgitlogih jog`tiry uglt jiy irls` to r`phic` ta` kohhir, nut lt ko`s got hoom to aipp`g igy tlj` too soog. [als ls jilghy n`cius` go sultinh` r`phic`j`gt dor lt ais n``g dougk y`t. @uros ir` got y`t wlk`hy `gouba a`hk, taouba ta`y ir` bilglgb lg sair` od r`s`rv`s `ica igk `v`ry y`ir. G`lta`r Fipig`s` \`g, \`g, gor Nrltlsa Uougks, gor Swlss Drigcs ir` slbgldlcigthy r`pr`s`gtitlv` `gouba od `cogojlc spa`r`s od lgdhu`gc` to n` i vlinh` caihh`gb`r. [a` sp`clih kriwlgb rlbats ir` og` posslnh` r`phic`j`gt dor ta` kohhir, is wouhk n` i bohk nicm`k Lgt`rgitlogih Jog`tiry Pglt. Bohk s`rv`k tals purpos`s dor s`v`rih augkr`k y`irs kurlgb ta` bohk stigkirk `ri od ta` 9255“s to 9<29. Bohk ls i hist cigklkit` dor i g`w Lgt`rgitlogih Jog`tiry Pglt. Is lt ais uglv`rsih ipp`ih igk icc`ptigc`, lt ko`s odd`r i strogb caihh`gb` to ta` kohhir. Bohk ls i airk lgt`rgitlogih jog`tiry uglt to irbu` wlta n`cius` lt ko`s got n`ir ta` hlinlhltl`s od igy slgbh` gitlog. Lt cig got n` jiglpuhit`k ny igy slgbh` bov`rgj`gt or corporitlog. [als jim`s lt i hlm`hy caolc` is it h`ist pirt od i g`w Lgt`rgitlogih Jog`tiry Pglt lg ta` cojlgb c`gtury, c`gtury, ld got ta` soh` og`.
Lgt`rg`t Nunnh` [a` Lgt`rg`t nunnh` ls ihso mgowg is ta` kot coj nunnh`. [als Lgt`rg`t nunnh` prov`k to n` i sp`cticuhir iss`t nunnh` n unnh` tait occurr`k kurlgb ta` y`irs od 9<<0->555. Lt“s p`im turg`k out to n` og Jirca 95 od >555 wa`g ta` GISKIY stocm jirm`t siw i alba od 0,93>.0> lg ta` jlkkh` od ta` triklgb kiy. Lg tals tlj`, stocm jirm`ts od ihh k`v`hop`k cougtrl`s wltg`ss`k i swldt igk krijitlc rls` lg `qulty vihu`s. Lgt`rg`t stocms igk ota`r r`h`vigt dl`hks w`r` ta` krlv`rs od tals pa`goj`gih nooj. Lt n`cij` i nooj cych` tait w`gt nust is ta` Lgt`rg`t nunnh` prov`k to n` ugsustilginh` igk saow cis`k stocms wlta ugfustldlinh` vihu`s. [als Lgt`rg`t nunnh` nor` guj`rous cairict`rlstlcs typlcih od ota`r dorjs od iss`t nunnh`s. I aub` gujn`r od cojpigl`s stirt`k up tait w`r` Lgt`rg`t t`cagohoby nis`k. [a`s` kot coj cojpigl`s prov`k to n`
901
Dlgigclih [`rjs Klctlogiry
sp`cticuhir dilhur`s lg jigy cis`s. Igy cojpigy tait aik ig ` lg drogt od lts gij`, or i .coj it ta` `gk od ta` gij` wltg`ss`k sp`cticuhir rls`s lg prlc`, r`birkh`ss od ta`lr prokucts igk dugkij`gtihs. Lg ta` cogstigt ihhur` od ta` bhltzy Lgt`rg`t stocms, r`isog igk ritlogih taoubat w`r` `xcaigb`k dor ayp`. [als cych` od krijitlcihhy bilglgb prlc`s lg stocms cojnlg`k wlta lgklvlkuih lgv`stors sp`cuhitlgb lg stocms, cogdlk`gc` tait Lgt`rg`t cojpigl`s wouhk c`rtilghy jim` jog`y it soj` polgt, igk slbgldlcigt ijougts od ivilhinh` v`gtur` cipltih ihh h`k to i nolhlgb polgt. Lgv`stors n`cij` `ib`r to hoom pist trikltlogih cogc`pts od lgv`stlgb suca is prlc` to `irglgbs ritlo. Lgst`ik od tals, ta`y sunstltut`k lg ugnrlkh`k cogdlk`gc` lg ta` posslnlhltl`s od t`cagohoblcih ical`v`j`gts. @v`g taouba ta`s` prlc`s lg ta` Lgt`rg`t nunnh` `xphok`k sp`cticuhirhy, timlgb ta` GISKIY stocm `xcaigb` kowg to n`tw``g 9,555 igk >,555 lg i y`ir or so, ta` t`cagohoblcih r`vohutlog klk got kl` out wlta ta` nunnh`. [a` Lgt`rg`t nunnh` klk blv` rls` to ta` cogstigt cojj`rclih `xpigslog od ta` Lgt`rg`t tarouba ta` ikvigc`j`gt od ta` Rorhk Rlk` R`n. @v`g taouba jigy od taos` lgltlih cojpigl`s dilh`k, `gouba ota`r og`s survlv`k to jim` ta` Lgt`rg`t nunnh` `vohv` lgto i jor` sustilginh` Lgt`rg`t nooj tait lg soj` r`sp`cts ls stlhh ogbolgb `v`g lg >595.
Lgtrlgslc Tihu` Lgtrlgslc vihu` ais s`v`rih j`iglgbs wa`r` dlgigc` igk nuslg`ss ir` cogc`rg`k. [a` dlrst od ta`s` j`iglgbs p`rtilgs to cojpigl`s igk ta`lr ugk`rhylgb stocm lssu`s. Ig lgtrlgslc vihu` od i stocm couhk n` silk to n` ta` ictuih p`r sair` vihu` od i stocm, lg cogtrist to lts noom vihu` or prlc` iccorklgb to ta` stocm jirm`t. Lgtrlgslc vihu` tim`s jigy ota`r `h`j`gts lgto iccougt, suca is trik`jirms igk copyrlbats owg`k, is w`hh is ta` vihu` od ta` nrigk gij`. [a`s` dictors ir` lgtigblnh` lg gitur`. [als jim`s lt airk to dlbur` out ta`lr tru` worta, ihtaouba lt cig n` kog`. Is i r`suht od tals, suca lt`js od lgtrlgslc vihu` ir` got cojjoghy lgchuk`k lg ta` stocm“s ictuih jirm`t prlc`. I kldd`r`gt wiy od ugk`rstigklgb lgtrlgslc vihu` ls tait ta` lgtrlgslc vihu` ls ta` ijougt tait i cojpigy ls ictuihhy worta. Jirm`t cipltihlzitlog og ta` ota`r aigk ls ta` prlc` tait lgv`stors wlhh wlhhlgbhy piy dor i cojpigy it igy blv`g polgt. Lgtrlgslc vihu` cig n` cihcuhit`k lg virylgb wiys, k`p`gklgb og ta` lgv`stor wao ls kolgb ta` cihcuhitlog.
90<
Dlgigclih [`rjs Klctlogiry
Lgtrlgslc vihu` ls ihso ta` ijougt od jog`y tait i cihh or put optlog og i stocm ls lg ta` jog`y. Cihh optlogs blv` lgv`stors ta` rlbat nut got ta` onhlbitlog to nuy i stocm it i c`rtilg prlc`, walh` put optlogs brigt lgv`stors ta` rlbat nut got onhlbitlog to s`hh i stocm it i pirtlcuhir prlc`. Dlburlgb up i cihh optlog“s lgtrlgslc vihu` ls kog` ny sljphy timlgb ta` kldd`r`gc` od ta` cihh optlog“s strlm` prlc` igk suntrict`k droj ta` ictuih prlc` od ta` ugk`rhylgb stocm. Is ig `xijph`, i cihh optlog jlbat aiv` i strlm` prlc` od $;5. [a` stocm tait tals optlog ls nis`k og couhk n` worta $00 p`r sair`. [als wouhk blv` ta` optlog ig lgtrlgslc vihu` od $90 `ica sair`, or $9,055 slgc` stocm optlogs r`pr`s`gt i augkr`k sair`s. Stocm prlc`s tait prov` to n` how`r taig cihh optlogs ko got poss`ss igy lgtrlgslc vihu`. Uut optlog lgtrlgslc vihu`s ir` dougk ny timlgb ta` kldd`r`gc` od ta` strlm` prlc` od ta` put optlog igk suntrictlgb ta` prlc` od ta` stocm tait ugk`rhl`s ta`j. Is ig `xijph`, saouhk i put optlog cogtilg i strlm` prlc` od $35, igk ta` stocm n` triklgb it oghy $>0, ta`g ta` put optlog wlhh aiv` ig lgtrlgslc vihu` od $0 p`r sair`, or $055 dor ta` og` augkr`k sair` optlog. Og ta` ota`r aigk, ld ta` stocm jirm`t prlc` turg`k out to n` alba`r taig ta` strlm` prlc` od tals put optlog, ta`g ta` optlog wouhk got cogtilg igy lgtrlgslc vihu`. Lgtrlgslc vihu` ls ihso ta` tru`, r`ih worta od ig iss`t or onf`ct. Bohk igk slhv`r aiv` lgtrlgslc vihu` lg tait p`oph` wlhh piy you dor ta`j it igy tlj` igk lg igy cougtry. Cogv`rs`hy, pip`r curr`gcl`s jiy oghy n` silk to aiv` lgtrlgslc vihu` ld ta`y ir` hlgm`k to or nicm`k up ny i airk iss`t.
Lgv`stors Strlcthy sp`imlgb, ig lgv`stor ls igy p`rsog or `gtlty tait jim`s ig lgv`stj`gt. Lg ta` pist, ta` work lgv`stors ais icqulr`k i dir jor` sp`cldlc j`iglgb. Lg ta` worhk od nuslg`ss igk dlgigc`, lgv`stors ais coj` to cairict`rlz` taos` lgklvlkuihs or cojpigl`s tait routlg`hy nuy k`nt lgstruj`gts hlm` nogks, or `qulty lssu`s hlm` stocms lg ig itt`jpt to jim` dlgigclih prodlts. [a`y aop` to r`ihlz` suca bilgs lg r`turg dor dlgigclgb or provlklgb cipltih to i cojpigy tait ls hoomlgb to `xpigk. Lgv`stors ihso r`hit`s to ota`r typ`s od lgklvlkuihs, nuslg`ss`s, or pirtl`s tait put jog`y lgto kldd`r`gt typ`s od lgv`stj`gts. Ihtaouba tals ls i h`ss cojjoghy us`k v`rslog od ta` work lgv`stors, lt cig r`hit` to taos` `gbiblgb lg curr`gcy, r`ih `stit`, cojjokltl`s, k`rlvitlv`s, or
945
Dlgigclih [`rjs Klctlogiry
ota`r p`rsogih prop`rty lgv`stj`gts hlm` irt or igtlqu`s. Ig `xijph` od tals wouhk n` i r`ih `stit` lgv`stor. [a`y purcais` i pl`c` od prop`rty or i aous` wlta ta` aop`s od s`hhlgb lt dor i br`it`r ijougt od jog`y taig dor wait ta`y purcais`k lt. Sljlhirhy, cojjokltl`s“ lgv`stors ir` aoplgb to nuy cogtricts or optlogs og airk iss`ts hlm` bohk, olh, or huj n`r ca`iphy to s`hh ta`j hit`r jor` jor` k`irhy. k`irhy. Lgv`stors ir` cojjoghy nuylgb suca stocms, nogks, or ota`r typ`s od iss`ts igk aohklgb og to ta`j wlta ta` boih od r`ihlzlgb og` od two typ`s od r`turgs, or lg soj` ugusuih cis`s nota typ`s. [a`s` ir` cipltih bilgs or cisa dhow lgv`stj`gts. Lgv`stors wao ir` lgt`r`st`k lg cipltih bilgs ir` sljphy hoomlgb to s`hh ig lgstruj`gt or iss`t tait ta`y ontilg`k it og` prlc` dor i br`it`r ijougt. Ra`g ta`y ko tals, ta`y r`ihlz` i cipltih bilg. Saouhk ta`y s`hh ta` lgv`stj`gt dor h`ss taig ta`y purcais`k lt, ta`y wouhk lgst`ik r`ihlz` i cipltih hoss. Cipltih bilgs cig oghy n` r`ihlz`k og` tlj` og ig lgv`stj`gt, is ta` lgv`stors wlhh aiv` sohk ta` lgv`stj`gt igk aiv` to hoom dor igota`r lgv`stj`gt to n`blg ta` proc`ss ig`w ogc` ibilg. Cisa dhow lgv`stors ir` iht`rgitlv`hy hoomlgb dor i r`p`tltlv` lgcoj` str`ij. [a`y aop` to ical`v` r`buhir, sjihh`r sujs od pisslv` lgcoj` fust droj aohklgb ta`lr lgv`stj`gt. Klvlk`gks og i stocm, royihtl`s og ig olh or bis lgv`stj`gt, igk r`gts droj i r`slk`gtlih or cojj`rclih r`ihty prop`rty ir` ihh `xijph`s od cisa dhow lgv`stj`gts igk r`turgs. So hogb is ta` lgv`stor owgs ta` cisa dhow lgv`stj`gt, a` or sa` saouhk n` inh` to cogtlguoushy cougt og i r`buhir lgcoj` str`ij. str`ij. [a` work lgv`stor cojjoghy blv`s ta` coggotitlog od i p`rsog wao icqulr`s ta`s` iss`ts dor ta` hogb`r t`rj. [als stigks lg cogtrist to i kiy trik`r or `v`g saort t`rj lgv`stor. Lgv`stors cig n` prod`sslogih or s`hd tiubat ijit`urs. Lgv`stors ihso r`pr`s`gt jigy `gtltl`s ota`r taig lgklvlkuihs or `v`g trikltlogih nuslg`ss`s. [a`y cig n` lgv`stj`gt broups hlm` chuns, v`gtur` cipltih lgv`stors wao provlk` jog`y to stirt up cojpigl`s, lgv`stj`gt nigms, lgv`stj`gt trusts suca is ^@L[ ^`ih @stit` Lgv`stj`gt [rusts, a`kb` dugks igk jutuih dugks, igk `v`g sov`r`lbg w`ihta dugks tait lgv`st og n`aihd od ta`lr r`sp`ctlv` gitlogs.
LUO (Lgltlih Uunhlc O!`rlgb) Ig LUO ls ta` icrogyj dor ig Lgltlih Uunhlc Odd`rlgb. Suca LUO“s r`pr`s`gt ta` dlrst opportuglty dor jost lgv`stors to stirt nuylgb sair`s od
949
Dlgigclih [`rjs Klctlogiry
stocm lg ta` dlrj lg qu`stlog. Lgltlih Uunhlc Odd`rlgbs cojjoghy b`g`rit` i br`it k`ih od `xclt`j`gt, got oghy dor ta` cojpigy lgvohv`k nut ihso dor ta` j`jn`rs od ta` lgv`stlgb cojjuglty. Urlvit` cojpigl`s k`clk` to lssu` stocm igk n`coj` punhlchy trik`k cojpigl`s dor i d`w kldd`r`gt r`isogs. [a` jilg two jotlvitlgb dictors r`vohv` irougk ta` g``k to rils` jor` cipltih, is w`hh is ta` k`slr` to p`rjlt ta` orlblgih nuslg`ss owg`rs igk lgv`stors to tim` prodlts og ta`lr tlj` igk lgv`stj`gt tait ta`y orlblgihhy put lgto stirtlgb up ta` cojpigy. Lt ls tru` tait prlvit` cojpigl`s ir` hljlt`k lg ta` ijougt od cipltih tait ta`y ir` inh` to rils`, slgc` ta`lr owg`rsalp turgs out to n` r`strlct`k to c`rtilg orbiglzitlogs igk lgklvlkuihs. Uunhlc cojpigl`s aiv` ta` ikvigtib`s od ihhowlgb igy lgv`stor to tim` i stim` tarouba nuylgb stocm sair`s og `xcaigb`s tait ir` punhlchy trik`k. Lt ls dir `isl`r dor ta`j to rils` jog`y is punhlc cojpigl`s. Lgltlih Uunhlc Odd`rlgbs tait bo w`hh trigshit` to hirb` ijougts od cisa dor i cojpigy. [a`y us` tals dor dutur` `xpigslog igk k`v`hopj`gt. [aos` wao n`big ta` cojpigy or wao w`r` lgltlih lgv`stors typlcihhy jim` `gorjous bilgs it tait tlj` lg cojp`gsitlog dor ta`lr tlj` igk `ddort. Lgltlih Uunhlc Odd`rlgbs tim` aub` ijougts od pr`hljlgiry worm. Br`it ijougts od pip`r worm aiv` to n` dlhh`k lg igk dlh`k wlta ta` r`buhitory ov`rslbat broups. I prosp`ctus ais to n` cr`it`k dor lgv`stors to stuky igk cogslk`r. Ikv`rtlslgb cijpilbgs dor ta` dlrst sair`s tait wlhh n` sohk just n` k`v`hop`k. Og top od ta`s` tisms, ta` cojpigy ais to cogtlgu` lts gorjih op`ritlogs. N`cius` od tals, dlgigclih dlrjs suca is Jorbig Stigh`y or Bohkjig Sicas ir` cojjoghy `gbib`k to p`rdorj ta`s` tisms og ta` cojpigy“s n`aihd. Suca i dlrj ls cihh`k ta` LUO ugk`rwrltlgb cojpigy. Rlta `gorjous slz`k LUO“s, ta`s` tisms couhk `v`g n` klvlk`k up n`tw``g i d`w kldd`r`gt LUO ugk`rwrltlgb cojpigl`s. Cogtriry to wait jigy p`oph` talgm, ta` jiforlty od LUO“s typlcihhy ko got ko w`hh lgltlihhy. N`slk`s tals, i p`rc`gtib` od ta` cojpigl`s wlhh got jim` lt, j`iglgb tait ihh od ta` lgv`stj`gt lg ta` LUO stocm couhk n` host. N`cius` od tals, ta`r` ls br`it rlsm igk odt`g how`r r`wirks dor slgmlgb jog`y lgto Lgltlih Uunhlc Odd`rlgbs taig lg trikltlogih w`hh `stinhlsa`k cojpigl`s igk stocms. Jigy lgv`stors nuy lgto ta` `gtauslisj igk `xclt`j`gt tait surrougks Lgltlih Uunhlc Odd`rlgbs. Igota`r `xphigitlog dor ta`lr `upaorli jiy aiv` to ko wlta n`hl`vlgb tait ta`r` ls soj`talgb sp`clih lg n`lgb ijogb ta` dlrst lgv`stors to icqulr` ta`
94>
Dlgigclih [`rjs Klctlogiry
g`xt posslnh` Ipph`, Coci Cohi, or LNJ. Rait`v`r ta`lr r`isoglgb prov`s to n`, lgv`stors cogtlgu` to hov` Lgltlih Uunhlc Odd`rlgbs igk ta` soj`wait hogb saot opportugltl`s tait ta`y r`pr`s`gt.
L^I Ig L^I stigks dor Lgklvlkuih ^`tlr`j`gt Iccougt. L^I“s odd`r two typ`s od sivlgbs dor r`tlr`j`gt. [a`y cig `lta`r n` tix dr`` or tix k`d`rr`k r`tlr`j`gt phigs. Lg ta` uglv`rs` od L^I“s, guj`rous kldd`r`gt typ`s od iccougts `xlst. [a`s` ir` prlgclpihhy `lta`r trikltlogih igk stigkirk L^I“s or ^ota L^I“s is ta` jost popuhir typ`s. [a` virlous L^I“ L^I“s ir` a`hpduh to kldd`r`gt lgklvlkuihs nis`k og ta` pirtlcuhir sc`girlos igk `gk boihs od `v`ry p`rsog. Stigkirk L^I“s p`rjlt cogtrlnutlogs od is juca is $;,555 `v`ry y`ir. [a`s` ir` cogtrlnutlogs tait ir` tix k`kuctlnh`, blvlgb ta` L^I“s ta`lr prljiry ikvigtib` is r`tlr`j`gt iccougts. U`oph` wao ir` ohk`r taig dldty ir` ihhow`k to cogtrlnut` jor` taig ta` $;,555 jixljuj dor ta` purpos`s od citcalgb up dor ta`lr ipproicalgb r`tlr`j`gt. Igy jog`y put lgto ta` L^I ls us`k to r`kuc` your igguih lgcoj` ijougt, walca h`ss`gs your ov`rihh tix hlinlhlty dor ta` y`ir. [a` tix ls r`ihhy oghy k`d`rr`k taouba, slgc` jogl`s tim`g droj ig L^I wlhh n` tix`k it ta` typlcih lgcoj` tix rit` dor ta` lgklvlkuih wa`g ta`y ir` wltakriwg, `v`g ld ta`y ir` a`hk lg suca ig iccougt ugtlh r`tlr`j`gt. Ra`g ta` jog`y ls tim`g out `irhl`r taig tals ib` od 0< !, ta`g ig `xtri t`g p`rc`gt p`gihty ls ipphl`k is w`hh. [a`r` ir` `xc`ptlogs to ta` p`gihty ruh` taouba. Ra`g ta`s` ta `s` `irhy wltakriwg jogl`s ir` utlhlz`k to nuy i aoj` or to piy dor ta` tultlog costs issoclit`k wlta alba`r `kucitlog, ta`g ta`y ir` got p`gihlz`k. [a` typlcih tix rit` wouhk stlhh ipphy, ihtaouba ta` p`gihty ls wilv`k lg ta`s` two cis`s. [als jim`s L^I“s i book v`alch` dor lgv`stj`gts tait ihso blv` you ta` v`rsitlhlty od jimlgb slbgldlcigt purcais`s p urcais`s wlta ta` jog`y. ^ota L^I“s ir` ta` ota`r prlgclpih typ` od L^I“s. [a` bov`rgj`gt `stinhlsa`k ta`s` typ`s od L^I iccougt nicm lg 9<<2 lg ig `ddort to isslst taos` Ij`rlcigs lg ta` jlkkh` chiss wlta ta`lr r`tlr`j`gt g``ks. ^ota L^I“s ko got turg out to n` tix k`kuctlnh`. [a` upslk` ls tait ta`y odd`r br`it`r ijougts od dh`xlnlhlty taig ko ta` typlcih L^I“ L^I“s. [a`s` cogtrlnutlogs ir` ihhow`k to n` tim`g out wa`g`v`r you wigt wltaout i p`gihty or `xtri tix. Lgt`r`st tait ta` iccougt `irgs ls tix`k ld tim`g out n`dor` ta` dlrst dlv` y`irs aiv` piss`k. It ta` `gk od dlv` y`irs, ta` `irglgbs igk cogtrlnutlogs nota jik` ir` cipinh` od n`lgb tim`g out wltaout
943
Dlgigclih [`rjs Klctlogiry
aivlgb to piy `lta`r tix`s or p`gihtl`s. [a` lk`gtlcih aouslgb igk `kucitlog ihhowigc`s tait p`rjlt to stigkirk L^I“s p`rtilg to ^ota L^I“s. [a` prlgclpih ittrictlog od ^ota L^I“s ls tait ta`y odd`r tix dr`` lgcoj` it r`tlr`j`gt tlj`. Lt ls worta gotlgb tait ta` ^ota L^I“s aiv` ta`lr pirtlcuhir ruh`s tait m``p ta`j droj n`lgb dor `v`rynoky. Ld your lgcoj` ls alba`r taig $<0,555 lg i y`ir, ta`g you wlhh n` nirr`k droj jimlgb ta` duhh cogtrl nutlog, igk ld lt `xc``ks $995,555, ta`g you wlhh got n` ihhow`k to jim` i pirtlih cogtrlnutlog. Dor jirrl`k, dlhlgb folgthy, ta` hljlts ir` $905,555 dor duhh cogtrlnutlogs igk $945,555 dor pirtlih cogtrlnutlogs.
L^I Custoklig Ig L^I custoklig ls cojjoghy r`pr`s`gt`k ny soj` dorj od i dlgigclih lgstltutlog. [als wouhk hlm`hy n` i nrom`rib` or i nigm. [a`s` Lgklvlkuih ^`tlr`j`gt Iccougts“ custokligs aiv` ta` fon od prot`ctlgb your iss`ts lg your L^I. U`r ta` ruh`s od ta` Lgt`rgih ^`v`gu` S`rvlc`, suca L^I custokligs aiv` to n` dlgigclih lgstltutlogs tait ir` ipprov`k. U`o ph` cig got caoos` to p`rdorj ta` roh` od ig L^I custoklig. Lg ork`r dor lgstltutlogs tait ir` got dlgigclih lg gitur` to p`rdorj ta` r`spogslnlhltl`s od suca L^I custokligs, ta`y aiv` to r`c`lv` i sp`clih ipprovih lssu`k to ta`j ny ta` Lgt`rgih ^`v`gu` S`rvlc`. [a`s` L^I Custokligs ictuihhy cirry out ta` trigsictlogs tait ta` chl`gts r`qu`st od ta`j. [a`y ihso dlh` igy igk ihh r`ports, jilgtilg ihh r`qulr`k r`corks od igytalgb kog` og ta` iccougt is i custoklig, igk s`gk out stit`j`gts igk gotlc`s dor tix`s, `lta`r od walca jiy n` jigkit`k ny hiw or ta` ibr``j`gt dor custokligsalp. [a`y soj`tlj`s wlhh klsnurs` ta` iss`ts dougk lg ta` L^I is p`r ta` wlsa`s od ta` chl`gt, is w`hh is dlh` ihh g`c`ssiry igk r`h`vigt pip`r worm wlta tals ictlog. Og` talgb tait L^I custokligs ko got aiv` to ko ls to odd`r h`bih or lgv`stj`gt ikvlc` to you, ta` L^I aohk`r. [als j`igs tait you aiv` to provlk` ta` custoklig od your L^I wlta ch`ir igk iccurit` lgstructlogs walca dohhow ta` cok` `stinhlsa`k ny ta` L^S. L^I custokligs cig n` r`spogslnh` dor ov`rs``lgb i br`it rigb` od lgv`stj`gt s`curltl`s igk dlgigclih lgstruj`gts. Ralh` L^S ruh`s r`strlct L^I jog`y n`lgb lgv`st`k lgto cohh`ctlnh`s hlm` rir` colgs igk irtworms, or `v`g hld` lgsurigc`, ta` custoklig ls inh` to worm wlta virlous kldd`r`gt lgv`stj`gts hlm` drigcals`s, r`ih `stit`, tix hl`gs, igk jortbib`s. Stlhh, i br`it gujn`r od dlgigclih lgstltutlogs ictlgb is L^I custokligs wlhh caoos` to r`strlct ta` mlgks od lgv`stj`gts tait ta`y wlhh
94;
Dlgigclih [`rjs Klctlogiry
ihhow to n` a`hk lg og` od ta`lr L^I“s ugk`r custokligsalp. Lt ls ljportigt dor owg`rs od L^I“s wao wlsa to aiv` ta`lr dugks phic`k lgto lgv`stj`gts tait ir` got trikltlogih dor L^I“s, suca is r`ih `stit` or drigcals`s, to s``m out igk caoos` ig L^I custoklig wao wlhh ihhow igk worm wlta ta`s` mlgks od lgv`stj`gts. [als ls ta` pirtlcuhir r`isog tait i r`ih `stit` jigib`j`gt dlrj jlbat caoos` to ittilg L^S c`rtldlcitlog lg ork`r to ontilg ta` p`rjlsslog dor ov`rs``lgb r`ih `stit` lgv`stj`gt L^I“s. Juca od ta` tlj`, L^I custoj`rs wlhh fust k`poslt ta`lr r`tlr`j`gt jog`y igk iss`ts lgto ta`lr iccougt tait ta` custoklig aohks igk wlhh supphy ta`j wlta ov`rihh bulk`hlg`s dor ta`lr lgv`stj`gts. [a` L^S jigkit`s dlkucliry r`spogslnlhlty dor L^I custokligs. [a`y aiv` to phic` chl`gts“ lgt`r`sts dlrst. [als trigshit`s to prictlcih r`qulr`j`gts, suca is got n`lgb ihhow`k to put ta` L^I jog`y lgto lgv`stj`gts igk prof`cts tait coj` wlta i br`it ijougt od rlsm, ugh`ss ta`y aiv` ta` custoj`r“s `xpr`ss`k cogs`gt. L^I custokligs ir` ihso lgvohv`k wlta s`hd klr`ct`k L^I“s. S`hd klr`ct`k L^I“s cogtilg lgv`stj`gts tait ir` ictlv`hy jigib`k klr`cthy ny ta` custoj`r. [a` custoklig oghy p`rdorjs ta` ictlogs tait ta` custoj`r r`qu`sts lg ta`s` cis`s.
L^^ (Lgt`rgih ^it` od ^`turg) [a` L^^ ls ta` icrogyj dor lgt`rgih rit` od r`turg. [als L^^ prov`s to n` ta` cipltih nukb`t rit` od r`turg tait ls utlhlz`k lg ork`r to k`t`rjlg` igk cojpir` igk cogtrist virlous lgv`stj`gts“ prodltinlhlty. Lt ls soj`tlj`s mgowg is ta` klscougt`k cisa dhow rit` od r`turg iht`rgitlv`hy, or `v`g ta` ^O^, or rit` od r`turg. Ra`r` nigms ir` cogc`rg`k, ta` L^^ ls ihso mgowg is ta` `dd`ctlv` lgt`r`st rit`. [a` work lgt`rgih ls us`k to sp`cldy tait suca cihcuhitlog ko`s got lgvohv` dicts tait ir` pirt od ta` `xt`rgih `gvlrogj`gt, suca is lgdhitlog or ta` lgt`r`st rit`. Jor` pr`cls`hy, ta` lgt`rgih rit` od r`turg dor igy lgv`stj`gt prov`s to n` ta` lgt`r`st rit` h`v`h wa`r` ta` g`bitlv` cisa dhow, dhow, or g`t pr`s`gt vihu` od costs, droj ta` ta ` lgv`stj`gt ls `quih to ta` posltlv` cisa dhow, or g`t pr`s`gt vihu` od n`g`dlts, dor ta` lgv`stj`gt. Lg ota`r works, tals L^^ wlhh yl`hk i klscougt rit` tait cius`s ta` g`t curr`gt vihu`s od nota posltlv` igk g`bitlv` cisa dhows od i sp`cldlc lgv`stj`gt to cigc`h out it z`ro.
940
Dlgigclih [`rjs Klctlogiry
[a`s` Lgt`rgih ^it`s od ^`turg ir` b`g`rihhy utlhlz`k to cogslk`r prof`cts igk lgv`stj`gts igk ta`lr uhtljit` k`slrinlhlty. k`slrinlhlty. Giturihhy, Giturihhy, i prof`ct wlhh n` jor` ipp`ihlgb to `gbib` lg or purcais` ld lt coj`s wlta i br`it`r lgt`rgih rit` od r`turg. Blv`g i gujn`r od prof`cts droj walca to caoos`, igk issujlgb tait ihh prof`ct n`g`dlts prov` to n` ta` sij` b`g`rihhy, ta` prof`ct tait cogtilgs ta` br`it`st Lgt`rgih ^it` od ^`turg wlhh n` cogslk`r`k ta` jost ittrictlv`. Lt saouhk n` s`h`ct`k wlta ta` alba`st prlorlty od n`lgb pursu`k dlrst. [a` issuj`k ta`ory dor cojpigl`s ls tait ta`y wlhh n` lgt`r`st`k lg `v`gtuihhy pursulgb igy lgv`stj`gt or prof`ct tait coj`s wlta ig L^^ tait ls br`it`r taig ta` `xp`gs` od ta` jog`y put lgto ta` prof`ct is cipltih. [a` gujn`r od prof`cts or lgv`stj`gts tait cig n` rug it i tlj` ir` hljlt`k lg ta` r`ih worhk taouba. I dlrj jiy aiv` i r`strlct`k cipi nlhlty od ov`rs``lgb i hirb` gujn`r od prof`cts it ogc`, or ta`y jiy hicm ta` g`c`ssiry dugks to `gbib` lg ihh od ta`j it i tlj`. [a` lgt`rgih rit` od r`turg ls ictuihhy i gujn`r `xpr`ss`k is i p`rc`gt. Lt k`tilhs ta` yl`hk, `ddlcicy, igk `ddlcl`gcy od i blv`g lgv`stj`gt or prof`ct. [als saouhk got n` cogdus`k wlta ta` g`t pr`s`gt vihu` tait lgst`ik t`hhs ta` pirtlcuhir lgv`stj`gt“s lgv`stj`gt“s ictuih vihu`. Lg b`g`rih, i blv`g lgv`stj`gt or prof`ct ls k``j`k to n` wortawalh` issujlgb tait lts lgt`rgih rit` od r`turg prov`s to n` alba`r taig `lta`r ta` `xp`gs` od ta` cipltih lgvohv`k, or iht`rgitlv`hy, taig i pr` s`t jlgljihhy icc`pt`k rit` od r`turg. Dor cojpigl`s tait poss`ss sair` aohk`rs, ta` jlgljuj L^^ ls ihwiys i dictor od ta` lgv`stj`gt cipltih“s cost. [als ls `islhy k`clk`k ny isc`rtilglgb ta` cost od cipltih, walca ls rlsm ikfust`k, dor iht`rgitlv` typ`s od lgv`stj`gts. Lg tals wiy, sair` aohk`rs wlhh ipprov` od i prof`ct or lgv`stj`gt, so hogb is lts Lgt`rgih ^it` od ^`turg ls br`it`r taig ta` cost od ta` cipltih to n` us`k igk tals prof`ct or lgv`stj`gt cr`it`s `cogojlc vihu` tait ls vlinh` dor ta` coj pigy lg qu`stlog.
lSair`s lSair`s prov` to n` i broup od @[D“s, @[D“s, or `xcaigb` trik`k dugks, tait ir` rug ny Nhicm^ocm. [a` v`ry dlrst lSair`s w`r` cihh`k R@NS, or Rorhk @qulty N`gcajirm Sair`s. [a`y w`r` hit`r r`gij`k lSair`s. [okiy lSair`s ir` trik`k og stocm `xcaigb`s ta` worhk ov`r. [als lSair`s prov`s to n` ta` nlbb`st @[D lssu`s lg nota ta` Pglt`k Stit`s igk ta` worhk is i waoh`. Jost `v`ry lSair`s dugk ictuihhy tricms ta`
944
Dlgigclih [`rjs Klctlogiry
p`rdorjigc` od `lta`r i stocm jirm`t jirm`t lgk`x or i nogk jirm`t lgk`x. [a` Hogkog Stocm @xcaigb`, ta` G`w \orm Stocm @xcaigb`, ta` Ij`rlcig Stocm @xcaigb`, ta` [orogto Stocm @xcaigb`, ta` Aogb Mogb Stocm @xcaigb`, igk ta` Iustrihlig S`curltl`s @xcaigb`, ihogb wlta virlous ota`r Islig Islig igk @urop`ig stocm jirm`ts, ihh trik` hlst`k lSair`s dugks. [a`r` ir` augkr`ks od lSair`s lssu`k dugks. Ralh` jigy od ta`j cov`r hirb` igk sjihh lgk`x`s lg ta` Pglt`k Stit`s igk lgt`rgitlogihhy, ota`rs k`ih wlta sp`clihlz`k s`ctors or cojjokltl`s. Giturihhy ta`y aiv` dugks og ig `gorjous virl`ty od lgk`x`s, hlm` ta` Kow Fog`s, G\S@ Coj poslt`, igk ta` ^uss`hh 3555 lg ta` Pglt`k Stit`s jirm`ts. [a`s` cov`r hirb` cip, sjihh cip, igk jlk cip lgk`x`s od stocms rigm`k iccorklgb to ta`lr kohhir ijougts od jirm`t cipltihlzitlog. lSair`s ihso ais dugks tait cov`r i wlk` virl`ty od s`ctors, rigblgb droj `g`rby dugks igk lgkustrlih dugks, to dlgigclihs dugks igk a`ihta cir` dugks, to cogsuj`r stiph`s igk klscr`tlogiry dugks, to jit`rlihs dugks igk t`cagohoby dugks, to t`h`cojjuglcitlogs dugks igk utlhltl`s dugks. N`slk`s tals, ta`y ihso odd`r i book virl`ty od r`ih `stit` lgk`x dugks dor nota lgt`rgitlogih igk Pglt`k Stit`s r`ih `stit`. [a` lSair`s hlst`k dugks cov`r i wlk` rigb` od k`v`hop`k igk k`v`hoplgb lgt`rgitlogih lgk`x`s, suca is Calgi, Lgkli, Nrizlh, U`ru, Calh`, Lsri`h, Lgkog`sli, J`xlco, Souta Mor`i, [ilwig, [urm`y, Uohigk, Fipig, igk `j`rblgb jirm`t lgk`x dugks. N`yogk tals, ta`y odd`r lgk`x dugks dor ihh od ta` virlous jifor r`blogs od ta` worhk, lgchuklgb Idrlci igk Jlkkh` @ist dugks, ta` Ij`rlcis dugks, @urop`ig dugks, igk Islig dugks. [a`y cougt virlous bhonih s`ctors od lgk`x dugks lg ta`lr stinh` too, suca is i guch`ir `g`rby lgk`x dugk, i bhonih ch`ig `g`rby lgk`x dugk, igk i bhonih tljn`r igk dor`stry lgk`x dugk. Ra`r` nogks ir` cogc`rg`k, lSair`s provlk`s i book virl`ty od lgk`x dugks nis`k og tr`isurl`s, bov`rgj`gt cr`klt, corporit` cr`klt, juglclpih nogks, jortbib`s, igk bhonih nogks. [a`y aiv` sp`clihty lgk`x dugks hlm` klvlk`gk stocms dugks igk soclihhy r`spogslnh` corporitlog dugks. Dlgihhy, lg ta` cit`bory od cojjokltl`s, lSair`s odd`rs two `sp`clihhy popuhir dugks, ta` Bohk [rust dugk tait trik`s ugk`r ta` syjnoh od LIP, igk ta` Slhv`r [rust dugk, tait trik`s is SHT. lSair`s orlblgihhy iros` is i cohhinoritlog n`tw``g lgv`stj`gt nigm Jorbig Stigh`y igk dugk jigib`r Nirchiys Bhonih Lgv`stors lg ta` 9<<5“s. Ny ta` y`ir >555, Nirchiys k`clk`k to hiugca i jifor `xpigslog od ta` @[D jirm`t. [o tals `dd`ct, ta`y stirt`k up igk jirm`t`k jor` taig dorty g`w dugks tait ta it ta`y nrigk`k ugk`r ta` gij` od lSair`s. [a` ota`r dugks tait Jorbig Stigh`y igk Nirchiys aik hiugca`k is R@NS w`r` soog r`gij`k lSair`s is pirt od ta` nroik`r `ddort.
942
Dlgigclih [`rjs Klctlogiry
M`yg`slig @cogojlcs M`yg`slig `cogojlcs r`pr`s`gts i syst`j od `cogojlc lk`is tait ta` Nrltlsa `cogojlst Foag Jiygirk M`yg`s k`v`hop`k lg ta` dlrst aihd od ta` tw`gtl`ta c`gtury. M`yg`s n`cij` n`st mgowg dor als `isy to ugk`rstigk igk strilbat dorwirk irbuj`gts dor ta` ugk`rhylgb cius`s od ta` Br`it K`pr`sslog. Als ta`orl`s od `cogojlcs dougk ta`lr nisls lg ta` cogc`pt od ta` clrcuhir dhows od jog`y. Is als lk`is n`cij` jor` igk jor` wlk`hy icc`pt`k, ta`y h`k to i rigb` od lgt`rv`glgb `cogojlc pohlcl`s towirks ta` `gk od ta` Br`it K`pr`sslog, pirtlcuhirhy lg ta` Pglt`k Stit`s. M`yg`s `xphilg`k ihh dhows od jog`y lg t`rjs od ta`lr ljpict og ota`r p`oph` igk `gtltl`s. A` silk tait i slgbh` p`rsog“s p`rsog“s sp`gklgb cogtrlnut`s to ta` g`xt lgklvlkuih“s piyca`cm. [ait p`rsog sp`gklgb ta`lr piy wouhk ta`g supphy ta` `irglgbs od igota`r. [als vlrtuous clrch` bo`s og igk og igk isslsts lg jilgtilglgb i a`ihtay `cogojy tait ls wormlgb prop`rhy. prop`rhy. Is ta` Br`it K`pr`sslog s`tth`k lg, ta` giturih lgchlgitlog od p`oph` to siv` igk aohk ta`lr jog`y lgcr`is`k. M`yg`s propos`k tait tals c`ssitlog lg ta` gorjihhy occurrlgb clrcuhir jog`y dhow ls wait cius`k ta` `cogojl`s od ta` worhk to brlgk to i scr``calgb aiht. Jor` taig oghy `xphilglgb `cogojlc pronh`js, M`yg`s odd`r`k sohutlogs is w`hh. A` chilj`k tait ta` n`st cur` dor tals kls`is` hiy lg prljlgb ta` pujp. Rlta tals `xpr`sslog, a` lgt`gk`k dor bov`rgj`gts to lgt`rv`g` lg ork`r to noost ta`lr sp`gklgb. [a`y jlbat ko tals ny purcaislgb talgbs og ta` op`g jirm`t or ny browlgb ta` jog`y supphy lts`hd. It ta` tlj` od ta` Br`it K`pr`sslog, suca ig igsw`r klk got turg out to n` w`hh r`c`lv`k it dlrst. @v`g so, ta` ictlogs od Ij`rlcig Ur`slk`gt Drigmhlg K. ^oos`v`ht lg sp`gklgb `gorjoushy og k`d`gs` dor ta` S`cogk Rorhk Rir ir` b`g`rihhy cr`klt`k dor n`blgglgb ta` Pglt`k Stit`s“ `cogojlc r`vlvih. N`cius` M`yg`slig `cogojlcs strogbhy jim`s ta` cis` dor ta` bov`rgj`gt to fujp lg igk a`hp out ta` `cogojy, lt r`pr`s`gt`k i s`rlous nr`im droj ta` prlor syst`j od hilss`z-dilr cipltihlsj `cogojlcs tait pr`kit`k lt. [als hilss`z-dilr, hilss`z-dilr, or aigks odd, ipproica aik `gk`ivor`k to m``p bov`rgj`gt out od ta` jirm`ts. [a` syst`j irbu`k tait jirm`ts h`dt ugklsturn`k wouhk dlgk ta`lr owg nihigc` lg tlj`. M`yg`s“ lk`is r`pr`s`gt`k i klr`ct caihh`gb` to ta` jigy support`rs od dr`` jirm`t cipltihlsj, suca is ta` Iustrlig Scaooh od `cogojlcs. Dr`k`rlcm vog Aiy`m prov`k to n` ijogb lts `irhl`st dougk`rs wao hlv`k lg @gbhigk igk r`pr`s`gt`k i nltt`r punhlc rlvih to M`yg`s. [a`lr lk`is og bov`rgj`gt lgdhu`gc` lg prlvit` cltlz`g“s hlv`s nitth`k nicm igk dorta dor y`irs lg punhlc pohlcy k`nit`. 941
Dlgigclih [`rjs Klctlogiry
M`yg`slig `cogojlcs klscourib`s ig `xc`sslv` ijougt od sivlgbs, walca lt cihhs ig lgsuddlcl`gt ijougt od cogsujptlog igk sp`gklgb dor ta` `cogojy. [a` ta`ory durta`rjor` irbu`s lg divor od i br`it ijougt od r`klstrlnutlgb w`ihta is g`c`ssiry. M`yg`s taoubat tait blvlgb ta` poor`st j`jn`rs od socl`ty jog`y wouhk h`ik to ta`j ta `j proninhy sp`gklgb lt, walca wouhk support `cogojlc browta. M`yg`slig `cogojlcs ais n``g i jifor dorc` lg lgt`rgitlogih `cogojlc pohlcy slgc` Rorhk Rir Rir LL. [aouba lts lgdhu`gc` ls h`ss lg ta` pist tar`` k`cik`s, lt ais got kl`k out. Lts t`g`ts ir` ibilg bilglgb brougk lg ta` hlbat od ta` dilhur`s tait h`k to ta` dlgigclih cohhips` igk ta` Br`it ^`c`sslog.
H`is` H`is`s ir` cogtricts jik` n`tw``g ig owg`r, or h`ssor, igk i us`r, or h`s``, cov`rlgb ta` utlhlzitlog od ig iss`t. H`is`s cig p`rtilg to nuslg`ss or r`ih `stit`. [a`r` ir` i virl`ty od kldd`r`gt typ`s od h`is`s tait viry wlta ta` prop`rty lg qu`stlog n`lgb h`is`k. [igblnh` prop`rty igk iss`ts ir` h`is`k ugk`r r`gtih ibr``j`gts. Lgtigblnh` prop`rty h`is`s ir` juca hlm` i hlc`gs`, oghy ta`y aiv` kldd`rlgb provlslogs. [a` utlhlzitlog od i cojput`r probrij or i c`hh paog` s`rvlc`“s vlc`“s riklo dr`qu`gcy ir` two `xijph` od suca ig lgtigblnh` h`is`. I bross h`is` ls igota`r typ` od h`is`. Lg i bross h`is`, i t`gigt ictuihhy blv`s i c`rtilg k`dlg`k kohhir ijougt lg r`gt. [a` higkhork ls ta`g r`spogslnh` dor igy igk ihh prop`rty `xp`gs`s tait ir` routlg`hy g`c`ssiry lg owglgb ta` iss`t. [als lgchuk`s `v`rytalgb droj wisalgb jicalg`s to hiwgjow`rs. \ou ihso `gcougt`r h`is`s tait ir` cigc`hinh`. Cigc`hinh` h`is`s cig n` `gk`k it ta` klscr`tlog od ta` `gk us`r or h`ssor. Ota`r h`is`s ir` gog cigc`hinh` igk jiy got n` `gk`k ia`ik od sca`kuh`. Lg kilhy cogv`rsitlog, i h`is` k`got`s i h`is` tait cig got n` nrom`g, walh` i r`gtih ibr``j`gt odt`g cig n` cigc`h`k. I h`is` h`is` cogtrict typlcihhy hiys out pirtlcuhir provlslogs cogc`rglgb nota rlbats igk onhlbitlogs od ta` h`ssor igk ta` h`ss``. Ota`rwls`, i hocih hiw cok`“s provlslogs wlhh ipphy. Ra`g ta` aohk`r od ta` h`is`, ihso mgowg is ta` t`gigt, piys ta` irrigb`k d`` to ta` owg`r od ta` prop`rty, ta` t`gigt bilgs `xchuslv` us` igk poss`sslog od ta` prop`rty tait ls 94<
Dlgigclih [`rjs Klctlogiry
h`is`k to ta` polgt tait ta` owg`r igk igy ota`r lgklvlkuihs jiy got utlhlz` lt wltaout ta` t`gigt“s sp`cldlc lgvltitlog. Ny dir ta` jost typlcih typ` od airk prop`rty h`is` prov`s to n` ta` r`slk`gtlih typ`s od r`gtih ibr``j`gts jik` n`tw``g higkhorks igk ta`lr t`gigts. [als typ` od r`hitlogsalp tait ta` two pirtl`s `stinhlsa ls ihso mgowg is i t`gigcy. [a` t`gigt“s rlbat to poss`ss ta` prop`rty ls jigy tlj`s r`d`rr`k to is ta` h`is`aohk lgt`r`st. [a`s` h`is`s jiy `xlst dor pr` irrigb`k ijougts od tlj`, mgowg is i h`is` t`rj. Lg jigy cis`s taouba, ta`y cig n` t`rjlgit`k lg ikvigc`, ihtaouba tals ko`s k`p`gk og ta` pirtlcuhir h`is`“s t`rjs igk cogkltlogs. Hlc`gs`s ir` sljlhir to h`is`s, nut got ta` sij` talgb. [a` jilg kldd`r`gc` n`tw``g ta` two hl`s lg ta` gitur` od ta` ogbolgb piyj`gts igk t`rjlgitlog. Ra`g m``plgb ta` prop`rty ls oghy iccojphlsa`k ny jimlgb r`buhir piyj`gts, igk cig got n` t`rjlgit`k ugh`ss ta` jog`y ls got pilk or soj` dorj od jlscogkuct ls klscov`r`k, ta`g ta` ibr``j`gt ls i h`is`. Og` tlj` us`s od or `gtrigc`s to prop`rty ir` hlc`gs`s. [a` k`dlglgb kldd`r`gc` n`tw``g ta` two prov`s to n` tait h`is`s r`qulr` routlg` piyj`gts lg ta`lr t`rj igk coj` wlta i pirtlcuhir kit` od `gklgb.
H`v`rib` Ra`r` nuslg`ss igk dlgigc` ir` cogc`rg`k, h`v`rib` p`rtilgs to ta` cogc`pt od uslgb lgv`stj`gt cipltih, r`v`gu`, or `qulty to juhtlphy igy bilgs or hoss`s r`ihlz`k. H`v`rib` cig n` idd`ct`k lg virlous wiys. Ijogb ta` jost popuhir j`igs od ical`vlgb lt ir` tarouba purcaislgb dlx`k iss`ts, norrowlgb jog`y, or utlhlzlgb k`rlvitlv`s. [a`r` ir` s`v`rih ljportigt `xijph`s to ta` us` od h`v`rib`. Rlta lgv`stj`gts, a`kb` dugks worm wlta k`rlvitlv`s to h`v`rib` ta`lr cipltih. [a`y couhk ko tals ny puttlgb up og` jlhhlog kohhir cisa dor ta`lr jirblg igk uslgb lt to cogtroh tw`gty jlhhlog kohhirs od cruk` olh. [a`y ta`g r`ihlz` igy igk ihh bilgs or hoss`s ical`v`k ny ta` tw`gty jlhhlog kohhir cruk` posltlog. Nuslg`ss`s jiy sljlhirhy ical`v` h`v`rib` og ta`lr r`v`gu` ny purcaislgb dlx`k iss`ts. Lg so kolgb, ta` nuslg`ss wouhk noost lts proportlog od dlx`k costs. Igy caigb` lg r`v`gu` wouhk ta`g h`ik to i br`it`r caigb` lg ta` issoclit`k op`ritlgb lgcoj`. Uunhlchy trik`k corporitlogs ir` ihso inh` to ontilg h`v`rib` og ta`lr stocm sair` aohk`r `qulty tarouba norrowlgb jog`y. [a` br`it`r
925
Dlgigclih [`rjs Klctlogiry
ijougt od cisa tait ta`y norrow, ta` how`r ijougt od `qulty cipltih ta`y wlhh r`qulr`. [als trigshit`s to ihh prodlts igk hoss`s n`lgb klstrlnut`k out to i sjihh`r sair` aohk`r nis`, jimlgb ta`j proportlogit`hy nlbb`r lg ta` `gk. [a`r` ir` dorjuhis dor ta` dour jilg typ`s od h`v`rib`. Iccougtlgb h`v`rib` ls dougk ny timlgb ihh iss`ts igk klvlklgb ta`j ny ihh iss`ts jlgus ihh hlinlhltl`s. Gotlogih h`v`rib` ls dougk ny timlgb ihh gotlogih quigtltl`s od iss`ts, ikklgb ta`j to ihh od ta` gotlogih hlinlhltl`s, igk ta`g klvlklgb ta` r`suht ny `qulty. [o dlgk ta` `cogojlc h`v`rib`, ta` `qulty vohitlhlty ais to n` klvlk`k ny ta` lk`gtlcih iss`ts“ ugh`v`r`k lgv`stj`gt vohitlhlty. Dlgihhy, op`ritlgb h`v`rib` cig n` cihcuhit`k tarouba timlgb ta` r`v`gu` lg qu`stlog igk suntrictlgb out ta` virlinh` cost, ta`g klvlklgb ta` op`ritlgb lgcoj` lgto ta` r`suht. H`v`rib` `gtilhs slbgldlcigt n`g`dlts igk ihso sunstigtlih rlsms. Ralh` lt ko`s ihhow pot`gtlihhy br`it ijougts od jog`y to n` jik` wa`g lgv`stj`gts bo ta` wiy od ig lgklvlkuih or orbiglzitlog, lt cig ihso lgvohv` k`vistitlgb hoss`s wa`g ta` lgv`stj`gts jov` ibilgst ta` `gtlty. Is ig `xijph`, i stocm lgv`stor wao purcais`s stocms wlta dldty p`rc`gt jirblg wlhh kounh` als hoss`s wa`g i stocm bo`s kowg. Cojpigl`s tait norrow `xc`sslv`hy to lgcr`is` ta`lr h`v`rib` cig `xp`rl`gc` cohhips` igk nigmruptcy lg i kowgturg lg nuslg`ss it ta` sij` tlj` is i cojpigy wlta h`ss h`v`rib` couhk survlv`. Got ihh us`s od h`v`rib` `gtilh ta` sij` k`br`` od rlsm. Corporitlogs tait norrow jog`y so tait ta`y cig `gbib` lg lgt`rgitlogih `xpigslog, lgcr`is` ta`lr hlg` up od prokucts, or jok`rglz` ta`lr phigts igk `qulpj`gt bilg ikkltlogih klv`rsldlcitlog. [als couhk provlk` jor` taig fust ig odds`t dor ta` `xtri rlsms tait r`suht droj ta` h`v`rib`. Got ihh albahy h`v`rib`k cojpigl`s ir` rlsmy `lta`r. Uunhlc utlhltl`s cojjoghy lgchuk` alba h`v`hs od k`nt, nut ta`y ir` b`g`rihhy cogslk`r`k to n` h`ss rlsmy taig ir` t`cagohoby cojpigl`s tait hicm h`v`rib`.
H`vl`k [ix`s H`vl`k tix`s ir` tix`s tait ir` dorc`duhhy cohh`ct`k droj ig lgklvlkuih, nuslg`ss, or ota`r `gtlty. `gtlty. Ijogb ta` jigy tix`s jost dr`qu`gthy cohh`ct`k ta`s` kiys ir` lgcoj` tix`s. [a`s` tix`s couhk n` silk to n` h`vl`k, slgc` ta` hiw r`qulr`s tait ig lgklvlkuih“s lgcoj` tix ls h`vl`k dor ta` bov`rgj`gt ny ta` cojpigy wa`r` ta`y worm.
929
Dlgigclih [`rjs Klctlogiry
[ar`` jilg typ`s od tix syst`js ir` lg `dd`ct lg ta` worhk tokiy wa`r` lgcoj` ls cogc`rg`k. [a`s` lgchuk` probr`sslv`, proportlogih, igk r`br`sslv` tix syst`js. Urobr`sslv` tix`s h`vl`k ir` taos` tait `jphoy probr`sslv`hy br`it`r rit`s od tix is `irglgbs ir` alba`r. alba`r. Is Is ig `xijph`, ta` dlrst $95,555 tait ig lgklvlkuih jim`s jlbat n` tix`k it oghy dlv` p`rc`gt, walh` ta` g`xt $95,555 ls posslnhy tix`k it i rit` od t`g p`rc`gt, igk lgcoj` inov` tals couhk n` tix`k it i tw`gty p`rc`gt rit`. Uroportlogih tix`s us` i pr` s`t dhit rit` od tix. [als ipphl`s to ihh `irglgbs, go jitt`r aow alba or how ta`y ir`. Rlta i t`g p`rc`gt dhit rit`, `v`ryog` wlhh piy ta`lr t`g p`rc`gt od lgcoj` is tix`s h`vl`k, r`birkh`ss od wait ijougt od jog`y ta`y ictuihhy jim`. ^`br`sslv` tix`s ir` silk to aurt ta` poor ny saldtlgb ta` tix nurk`g to how`r lgcoj` `irg`rs. [als typ` od tix h`vy oghy tix`s lgcoj` to i c`rtilg kohhir h`v`h, suca is ta` dlrst $15,555. Igy jog`y jik` inov` tals ijougt wouhk sljphy got n` tix`k. Lg r`ihlty, jost tix syst`js `jphoy ta` virlous mlgks od tix h`vylgb j`taoks to ikkr`ss virlous dorjs od lgcoj`. H`vl`k tix`s ihso ipphy to corporitlogs igk nuslg`ss`s. [a` lgcoj` od i cojpigy ls tix`k lg wait ls mgowg is i corporit` tix. [als ls soj`tlj`s iht`rgitlv`hy r`d`rr`k to is i prodlt tix or corporit` lgcoj` tix. Rlta corporit` tix`s h`vl`k, ta` g`t lgcoj` ls b`g`rihhy ta` dlbur` tait ls tix`k. G`t lgcoj` r`d`rs to ta` kldd`r`gc` od bross lgcoj` igk `x p`gs`s igk ota`r ihhowinh` wrlt` odds. odds. Rlta lgklvlkuihs, ta` totih lgcoj` dor i dijlhy or lgklvlkuih ls cojjoghy tix`k. Soj` k`kuctlogs ir` usuihhy ihhow`k n`dor` ta` tix`s to n` h`vl`k ir` k`t`rjlg`k. k `t`rjlg`k. Lgcoj` jiy n` r`kuc`k ny i c`rtilg ijougt is i r`suht od aow jigy calhkr`g i dijlhy ais to support, is ig `xij ph`. [a`r` ir` jigy ota`r dorjs od tix`s h`vl`k lg jok`rg cipltihlst cougtrl`s suca is Br`it Nrltilg igk ta` Pglt`k Stit`s. Jor` taig two augkr`k kldd`r`gt typ`s od tix`s cig n` lk`gtldl`k lg ta` P.S. ihog`. [a`s` lgchuk` suca virlous tix`s h`vl`k is lgcoj` tix, sih`s tix, prop`rty tix, `stit` tix, cipltih bilgs tix, klvlk`gks tix, bisohlg` tix`s, h`lsur` tix`s, huxury lt`js tix`s, igk so cihh`k slg tix`s og lt`js suca is clbir`tt`s igk ihcoaoh. [a` Pglt`k Stit`s ais n``g cihh`k ta` jost a`ivlhy tix`k socl`ty lg ihh od worhk alstory.
92>
Dlgigclih [`rjs Klctlogiry
Hlinlhltl`s Ra`r` i nuslg`ss ls cogc`rg`k, hlinlhltl`s prov` to n` ijougts od jog`y tait ir` ow`k ny ta` cojpigy it igy blv`g polgt. [a`s` hlinlhltl`s ir` klsphiy`k og ta` dlrj“s nihigc` sa``t. [a`y ir` cojjoghy hlst`k is lt`js piyinh`, or sljphy is piyinh`s. [a`r` ir` two typ`s od hlinlhltl`s. [a`s` ir` hogb`r t`rj hlinlhltl`s igk saort`r t`rj hlinlhltl`s. Hogb t`rj hlinlhltl`s turg out to n` nuslg`ss onhlbitlogs tait hist dor br`it`r taig ta` p`rlok od i slgbh` y`ir. Jortbib`s piyinh` igk hoigs piyinh` ir` lgchuk`k lg tals cit`bory. cit`bory. Saort t`rj hlinlhltl`s r`pr`s`gt nuslg`ss onhlbitlogs tait wlhh n` pilk lg h`ss taig i y`ir. [a`r` ir` jigy kldd`r`gt mlgks od saort t`rj hlinlhltl`s. [a`y lgchuk` ihh od ta` lt`js k`tilh`k n`how. n`how. Uiyrohh tix`s piyinh` ir` og` od ta`s`. [a`y r`pr`s`gt sujs iutojitlcihhy cohh`ct`k droj ta` `jphoy``s igk put to ta` slk` ny ta` `jphoy`r. [a`y aiv` to n` blv`g to ta` L^S igk igy stit` tixlgb ib`gcl`s it ta` pr` k`t`rjlg`k tlj`. Sih`s tix`s piyinh` ir` igota`r saort t`rj hlinlhlty. [a` nuslg`ss cohh`cts ta`j droj lts custoj`rs wa`g sih`s ir` jik`. [a`y aohk ta`j ugtlh lt ls tlj` to blv` ta`j to ta` prop`r r`v`gu` cohh`ctlgb k`pirtj`gt wltalg ta` stit`. Jortbib`s igk hoigs piyinh` ir` igota`r saort t`rj hlinlhlty. [a`s` r`pr`s`gt piyj`gts jik` `v`ry jogta og jortbib`s igk hoigs. [a`y ir` got hirb` slgbh` piyj`gts or ta` totih ijougt od i hoig tait ls `v`gtuihhy ow`k, nut lgst`ik r`pr`s`gt r`currlgb jogtahy onhlbitlogs. Hlinlhltl`s dor lgklvlkuihs ir` igota`r typ` od hlinlhltl`s ihtob`ta`r. [a`y ihso r`pr`s`gt jog`y tait ais to n` pilk out. Dor p`oph`, ta`y ir` k`nts ow`k, is w`hh is jogtahy cisa dhow tait bo`s out od ta` lgklvlkuih“s iccougts. Hlinlhltl`s igk iss`ts ir` ta` opposlt`s od `ica ota`r, y`t p`oph` odt`g b`t ta`j cogdus`k. Ralh` iss`ts ir` talgbs tait cogtrlnut` posltlv` cisa dhow to i p`rsog“s dlgigc`s, hlinlhltl`s ir` taos` tait cr`it` g`bitlv` cisa dhow, or jog`y tait h`iv`s ig lgklvlkuih“s iccougts `v`ry jogta. Dor `xijph`, i aous` tait ig lgklvlkuih ow`s jog`y og igk jim`s jogtahy piyj`gts og ls i hlinlhlty, got ig iss`t. [a` aous` tim`s jog`y droj ta` p`rsog lg ta` dorj od jogtahy jortbib` piyj`gts `ica jogta. Dor i aous` to n` ig iss`t, lt wouhk aiv` to n` cojph`t`hy pilk
923
Dlgigclih [`rjs Klctlogiry
odd. @v`g stlhh, ld jogtahy tix`s igk lgsurigc` piyj`gts ir` n`lgb jik`, ta`g t`caglcihhy lt wouhk stlhh n` i hlinlhlty. Aous`s cig oghy n` iss`ts r`ihhy igk truhy wa`g ta`y ir` r`gt`k out igk ta` r`gtih lgcoj` tait i p`rsog r`c`lv`s ls br`it`r taig ihh od ta` `xp`gs`s issoclit`k wlta ta` aous` `v`ry jogta, lgchuklgb igy jortbib` piyj`gts, tix`s, lgsurigc`, upm``p, igk prop`rty jigib`j`gt d``s. Ra`g ta` g`t r`suht od i prop`rty ls jog`y cojlgb lg, ta`g lt ls ig iss`t igk got i hlinlhlty. hlinlhlty.
Hlqulklty Hlqulklty r`d`rs to ta` polgt tait i s`curlty or iss`t ls inh` to n` sohk or noubat lg i blv`g jirm`tphic` wltaout lgt`rd`rlgb wlta ta` prlc` od ta` iss`t. Book hlqulklty ls k`jogstrit`k tarouba i br`it ijougt od triklgb ictlvlty. Hlqulk iss`ts prov` to n` ta` mlgks tait ir` sljphy igk qulcmhy inh` to n` purcais`k igk sohk. Hlqulklty cig n` sujj`k up lg i slgbh` s`gt`gc` is ta` cipinlhlty od riplkhy turglgb ig iss`t lgto cisa. Ihtaouba go slgbh` j`igs od k`t`rjlglgb hlqulklty `xlsts, hlqulklty cig n` dlbur`k up tarouba utlhlzlgb hlqulklty ritlos. Lt ls b`g`rihhy icc`pt`k tait lgv`stlgb jog`y lg hlqulk iss`ts prov`s to n` sid`r igk jor` icc`sslnh` taig phiclgb your jog`y lgto lhhlqulk og`s. [a` r`isog dor tals ls tait you ir` inh` to wltakriw your jog`y droj i hlqulk lgv`stj`gt qulcmhy igk wltaout onstich`s. [a`r` ir` jigy typ`s od iss`ts tait prov` to n` sljphy cogv`rtlnh` lgto cisa. Jog`y Jirm`t iccougts ir` soj` od ta` jost hlqulk iss`ts. Nhu` calp stocms turg out to n` ta` jost hlqulk od stocms trik`k. Hlqulklty ihso ais ota`r j`iglgbs dor nuslg`ss`s igk `cogojlcs. I nuslg`ss“ cipinlhlty od duhdlhhlgb lts piyj`gt r`spogslnlhltl`s ls r`d`rr`k to is lts hlqulklty. [als ls dlbur`k nota wlta r`birks to ta` cojpigy aivlgb `gouba hlqulk iss`ts tait ta`y ir` inh` to b`t to lg i tlj`hy disalog. [a` jost hlqulk iss`t ls jog`y lg your aigk. [als cig n` utlhlz`k rlbat iwiy dor ihh `cogojlc dugctlogs. Ijogb ta`s` ir` s`hhlgb, nuylgb, timlgb cir` od ljj`klit` g``ks igk k`slr`s, igk piylgb kowg k`nts. Lg b`g`rih, hlqulk iss`ts poss`ss jigy or it h`ist i d`w od i gujn`r od d`itur`s lg cojjog. [a`s` iss`ts tait aiv` book hlqulklty ir` inh` to n` sohk it igy polgt kurlgb jirm`t op`ritlgb aours, qulcmhy, igk wlta is sjihh i hoss lg vihu` is posslnh`. Jirm`ts wlta hlqulklty poss`ss guj`rous s`hh`rs igk nuylgb wao ir` nota wlhhlgb igk inh` to trigsict it ihh tlj`s tait ta` jirm`t ls op`g. Dor jirm`ts to aiv` k``p hlqulklty, `ib`r
92;
Dlgigclih [`rjs Klctlogiry
igk wlhhlgb pirtl`s lg br`it gujn`rs aiv` to n` pr`s`gt lg i jirm`t ihh od ta` tlj` tait lt ls op`g. [a` hlqulklty od i jirm`t ais juca to ko wlta lts jirm`t k`pta. Jirm`t k`pta ls inh` to n` quigtldl`k is ta` gujn`r od lgklvlkuih uglts tait jiy n` purcais`k or sohk dor i c`rtilg prlc` ljpict. [a` opposlt` od tals r`hit`k t`rj jirm`t k`pta ls jirm`t nr`ikta. Jirm`t nr`ikta ls quigtldl`k is ta` ijougt od o d prlc` ljpict dor `v`ry uglt ug lt od suca hlqulklty hlqu lklty.. I blv`g lt`j“s hlqulklty ls j`isurinh` lg t`rjs od aow dr`qu`gthy lt ls sohk or purcais`k. [als ls cihh`k vohuj`. Lgv`stj`gts lg jirm`ts wlta br`it vohuj` hlm` dutur`s jirm`ts igk ta` stocm jirm`ts ir` b`g`rihhy ugk`rstook to aiv` dir br`it`r hlqulklty taig ko r`ih `stit` jirm`ts. [als ls sljphy i dugctlog od stocms igk dutur`s“ cipinlhlty od n`lgb riplkhy trigsict`k. [a`r` ir` iss`ts tait poss`ss `v`g hlqulk s`cogkiry jirm`ts. [a`s` odd`r br`it`r ikvigtib`s dor trik`rs, igk n`cius` od tals, nuy`rs wlhh piy i br`it`r prlc` dor suca ig iss`t taig dor ig iss`t tait ls sljlhir nut ko`s got poss`ss i hlqulk s`cogkiry jirm`t. [als hlqulklty klscougt prov`s to n` ta` how`r`k igtlclpit`k r`turg or buirigt``k yl`hk og ta`s` mlgks od iss`ts. Ig `xijph` od tals ls ta` virligc` n`tw``g fust lssu`k P.S. [r`isury nogks igk tr`isurl`s tait ir` go hogb`r r`c`gthy lssu`k. Nota jiy aiv` ta` sij` ijougt od tlj` ugtlh ta`y jitur`, nut lgv`stors ir` jor` lgt`r`st`k lg purcais`k ta` og`s tait aiv` oghy fust n``g lssu`k. N`cius` od tals, ta`s` g`w`st og`s aiv` i alba`r prlc` igk how`r yl`hk.
Hoig S`rvlclgb [a` t`rj hoig s`rvlclgb r`d`rs to ta` proc`kur` od `lta`r i jortbib` nigm or s`rvlclgb dlrj bita`rlgb up ta` r`buhir prlgclpih igk lgt`r`st piyj`gts droj ta` jortbib` igk hoig norrow`rs. [a` ijougt od suca s`rvlc` k`p`gks og ta` mlgk od hoig lg qu`stlog igk ta` pirtlcuhir t`rjs tait aiv` n``g irrigb`k n`tw``g lgv`stors hoomlgb dor suca s`rvlc`s igk ta` s`rvlclgb dlrj. Lg ta` roirlgb kiys od ta` aouslgb `xpigslog, jortbib` s`rvlclgb bot to n` sunstigtlihhy jor` prodltinh` taig lt aik n``g lg ta` pist. Hoig s`rvlc`rs soubat out norrow`rs wao w`r` hlm`hy to aiv` trounh` jimlgb ta`lr piyj`gts og tlj`. [a`y klk tals wlta ta` aop` od nrlgblgb lg i br`it`r gujn`r od hucritlv` hit` d``s. Idt`r ta` dlgigclih cohhips` igk lg ta` Br`it ^`c`sslog, tals strit`by cij` nicm to aiugt ta`j, is br`it`r
920
Dlgigclih [`rjs Klctlogiry
igk br`it`r gujn`rs od aoj`owg`rs k`diuht`k og ta`lr jortbib`s igk ota`r typ`s od hoigs. Hoig s`rvlclgb outdlts cojjoghy jim` ta`lr jog`y lg ta` dorj od i p`rc`gtib` od ta` r`jilglgb nihigc` og igy hoigs tait ta`y ir` s`rvlclgb. Ralh` ta` ictuih d``s viry, ta`y typlcihhy rigb` droj tw`gty dlv` nisls polgts kowg to i slgbh` nisls polgt. [als ais juca to ko wlta ta` hoig“s hoig“s slz`, ijougt od s`rvlc` g`c`ssiry, g`c`ssiry, igk wa`ta`r ta` hoig ls nicm`k up ny r`slk`gtlih prop`rtl`s or cojj`rclih prop`rtl`s. Hoig s`rvlc`rs cirry i c`rtilg vihu` og ta`lr nihigc` sa``ts droj ta`s` hoigs. [a` curr`gt g`t vihu` od ta` piyj`gt dhow ontilg`k lg s`rvlclgb ta` hoigs jlgus ta` igtlclpit`k costs dor s`rvlclgb ta`j b`g`rit`s ta` iss`t tait bo`s og ta` nihigc` sa``t. Suca iss`t vihu`s cojjoghy prov` to n` albahy vohitlh` wa`g r`dlgigclgb n`coj`s jor` cojjog. [als ls n`cius` ta` hoigs ir` cojjoghy pilk odd lg ikvigc`, h`iklgb to ig `gk to ta` s`rvlclgb d``s tait ir` cohh`ct`k. I gujn`r od cojpigl`s aiv` trikltlogihhy n``g jifor phiy`rs lg ta` hoig s`rvlclgb dl`hk. [a`s` lgchuk` Nigm od Ij`rlci, FU Jorbig Cais`, R`hhs Dirbo, igk Cltlbroup is ta` nlbb`st pirtlclpigts. BJIC ls igota`r jifor s`rvlc`r. N`tw``g ta`j ta`y aigkh` lg `xc`ss od slxty p`rc`gt od ihh Ij`rlcig r`slk`gtlih jortbib` k`nt. Dor sp`clih norrow`r cis`s tait ir` g`ir k`diuht or ihr`iky n`algk, igota`r lgkustry od hoig s`rvlclgb ais browg up. [als ls kojlgit`k ny two cojpigl`s. Ocw`g Dlgigclih igk Hlttog Hoig S`rvlclgb, walca Bohkjig Sicas owgs, ov`rsaikow ta` lgkustry. lgkustry. Ralh` lt ls ta` cis` tait ta` nlb s`rvlclgb cojpigl`s ir` cipinh` od aigkhlgb norrow`rs wao ir` uginh` or ugwlhhlgb to piy, ta`y ko lt lg`ddlcl`gthy. Is jigy is tw`gtydour kldd`r`gt `jphoy``s od ta` jifor hoig s`rvlclgb cojpigl`s n`coj` lgvohv`k droj ta` dlrst cihh od i cohh`ctlog ib`gt kowg to ta` dlgih dor`chosur`.
Hoig-to-Tihu`-^itlo (H[T) [a` Hoig to Tihu` ^itlo ls cojjoghy mgowg ny lts icrogyj H[T. [als hoig to vihu` ritlo stit`s ta` totih vihu` od ta` dlrst jortbib` ibilgst ta` duhh r`ih `stit` prop`rty“s ipprils`k vihu`. [a` dorjuhi dor dlburlgb tals ritlo ls sljphy ta` ijougt od ta` hoig klvlk`k ny ta` prop`rty vihu`. Lt ls `xpr`ss`k is i p`rc`gt. So ld i norrow`r ls s``mlgb $915,555 wlta walca to nuy i $>55,555 aous`, ta`g ta` Hoig to Tihu` ^itlo ls glg`ty p`rc`gt.
924
Dlgigclih [`rjs Klctlogiry
[a` hoig to vihu` ritlo prov`s to n` ijogb ta` jost crltlcih rlsm dictors tait h`gk`rs cogslk`r wa`g ta`y ir` k`clklgb wa`ta`r to quihldy norrow`rs dor i jortbib` hoig og i aous`. [a` kigb`rs od i k`diuht occurrlgb jost lgdhu`gc` ta` hoig oddlc`rs lg ta`lr h`gklgb k`clslogs. [a` caigc`s od ig lgstltutlog aivlgb to tim` i alt lg i dor`chosur` proc`kur` oghy bo`s up is ta` kohhir ijougt od ta` prop`rty `qulty bo`s kowg. N`cius` od tals, is ta` Hoig to Tihu` ritlo bo`s up, ta` quihldlcitlog t`sts dor jigy jortbib` probrijs b`t slbgldlcigthy strlct`r. Soj` h`gk`rs wlhh lgslst og i norrow`r wao coj`s wlta i alba hoig to vihu` ritlo og ta` prop`rty lg qu`stlog to purcais` jortbib` lgsurigc`. [als sid` buirks ta` h`gk`r droj igy k`diuht r`ihlz`k ny ta` norrow`r, nut lt ihso rils`s ta` jortbib`“s jortbib`“s totih costs. Urop`rty vihu`s us`k lg ta` hoig to vihu` ritlo ir` b`g`rihhy s`t ny ip prils`rs. Stlhh, ta` jost iccurit` vihu` od i pl`c` od r`ih `stit` ls ugkount`khy tait k`t`rjlg`k wa`g i wlhhlgb s`hh`r igk wlhhlgb nuy`r coj` tob`ta`r to ibr`` og i sih`. Psuihhy, nigms k`clk` to bo wlta ta` how`r gujn`r wa`g ta`y ir` odd`r`k caolc`s od i purcais` prlc` tait ls dilrhy r`c`gt or ig ipprilsih vihu`. ^`c`gt sih`s ir` cojjoghy k``j`k to n` taos` tait aipp`g`k droj i y`ir to two y`irs ibo, ihtaouba `v`ry nigm jim`s lts owg ruh`s lg tals r`birk. Ra`g i norrow`r s`h`cts i prop`rty tait a` or sa` wlhh purcais` wlta i how`r hoig to vihu` ritlo tait ls h`ss taig `lbaty p`rc`gt, how`r lgt`r`st rit`s cig jigy tlj`s n` ontilg`k ny norrow`rs wao ir` how rlsm. Alba`r rlsm norrow`rs wlhh ihso n` cogslk`r`k lg suca i sc`girlo, j`iglgb taos` wao aiv` prlor alstorl`s od hit` piyj`gts og jortbib`s, wao aiv` how`r cr`klt scor`s, wao aiv` alba hoig r`qulr`j`gts or alba`r k`nt to lgcoj` ritlos, igk wao aiv` g`lta`r suddlcl`gt cisa r`s`rv`s gor r`qu`st`k lgcoj` kocuj`gtitlog. B`g`rihhy, alba`r hoig to vihu` ritlos ir` oghy p`rjltt`k dor taos` norrow`rs wao aiv` i r`hlinh` jortbib` piyj`gt alstory igk wao poss`ss br`it`r cr`klt scor`s. Oghy taos` nuynuy `rs wlta ta` br`it`st cr`klt wortalg`ss ir` cogslk`r`k dor og` augkr`k p`rc`gt dlgigclgb tait trigshit`s to i og` augkr`k augk r`k p`rc`gt hoig to vihu` ritlo. Hoigs tait ir` jik` to ta` stigkirks od h`gklgb bligts Dr`kkl` Jic igk Diggl` Ji` igk ta`lr bulk`hlg`s cig got aiv` hoig to vihu` ritlos tait `xc``k or ir` `quih to `lbaty p`rc`gt. Igy hoigs alba`r taig tals p`rc`gtib` od `lbaty p`rc`gt just coj` wlta ittica`k prlvit` jortbib` lgsurigc`. [a` prlvit` jortbib` lgsurigc` pr`jlujs sljphy bo og top od ta` `xlstlgb jortbib` prlgclpih igk lgt`r`st piyj`gts.
922
Dlgigclih [`rjs Klctlogiry
Hocih Jog`y Hocih Jog`y ls jog`y tait ls cr`it`k, prlgt`k, lssu`k, igk trik`k ny ig lgklvlkuih cojjuglty. Cojjugltl`s tait ir` strubbhlgb to m``p ta`lr `cogojl`s bolgb ir` lg g``k od i wiy od noostlgb ta` hocih `cogojlc plctur`. Lg cr`itlgb jog`y tait cig oghy n` utlhlz`k ny lgklvlkuihs igk nuslg`ss`s lg ta`lr owg hocih ir`i, ir`i, ta`y itt`jpt to ikkr`ss tals pronh`j. Lg ta` Pglt`k Stit`s, hocih jog`y“s alstory orlblgit`k lg ta` klddlcuht `ri od ta` Br`it K`pr`sslog. Kurlgb tals k`cik` od ta` 9<35“s, nigms w`r` dilhlgb lg gujn`rs got s``g n`dor`. [als cr`it`k i r`ih saortib` od curr`gcy igk hoigs lg hocih cojjugltl`s igk towgs. Lgklvlkuihs igk nuslg`ss`s worm`k tob`ta`r to dlgk i sohutlog to ta` pronh`j. [a`y t`ij`k up igk cr`it`k ta`lr owg curr`gcl`s tait n`cij` mgowg is Scrlp. Ptlhlzlgb tals g`why cr`it`k hocih Scrlp, trik` igk `xcaigb` cogtlgu`k to bo og `v`g wlta i saortib` od nigms igk airk curr`gcy lg ta` sjihh`r towgs taroubaout Ij`rlci. [okiy“s hocih jog`y cogc`pt ais jik` i coj`nicm lg ta` wim` od ta` dlgigclih crlsls igk ta` Br`it ^`c`sslog. Nuslg`ss`s n`big wormlgb wlta ir`i nigms to coj` up wlta ta`lr owg hocih curr`gcy tait couhk n` purcais`k igk lssu`k to cogsuj`rs lg ta` ir`i. Lg cojjugltl`s wa`r` hocih jog`y ais irls`g ibilg, i br`it gujn`r od nuslg`ss`s aiv` slbg`k og to ta` lk`i igk cogs`gt`k to timlgb piyj`gt lg ta` nlhhs od tals hocihlz`k curr`gcy jog`y. [als ls g`c`ssiry lg ork`r dor ir`i cogsuj`rs to d``h cojp`hh`k to ontilg ta` hocih jog`y lg ta` dlrst phic`. [a` wiy tait hocih jog`y worms lg prictlc` tokiy ls lgt`r`stlgb. [a` curr`gcy ls prlgt`k up igk ta`g odd`r`k ny ir`i nigms lg i pirtlclpitlgb cojjuglty. [a` curr`gcy ls ta`g sohk it i slbgldlcigt klscougt to lts ictuih vihu`. Dor `xijph`, $955 hocih jog`y couhk n` sohk ny ir`i nigms dor oghy $<0 Pglt`k Stit`s kohhirs. [a` $955 hocih jog`y cig ta`g ny sp`gt ny ta` cogsuj`r it lts duhh vihu` lg igy nuslg`ss tait tim`s ta` hocih jog`y is i j`taok od piyj`gt. Ihr`iky, ov`r i koz`g ir`i cojjugltl`s taroubaout ta` P.S. aiv` cr`it`k ta`lr owg hocih jog`y curr`gcl`s tait ir` n`lgb aogor`k og i dilrhy hirb` scih`. Got oghy ls tals a`hplgb out ir`i nuslg`ss`s ny m``plgb ta` hocihhy `irg`k piyca`cms lg ta` cojjugltl`s, nut slgc` ta` curr`gcl`s ir` sohk it i dlv` to t`g p`rc`gt klscougt to kohhirs, lt ihhows strubbhlgb worm`rs igk dijlhl`s to str`tca ta`lr lgcoj`s ny uslgb ta`j. Lg cojjugltl`s tait aogor hocih jog`y, ta`y cig n` utlhlz`k to piy dor broc`rl`s, bisohlg`, igk `v`g \obi chiss`s, is `xijph`s. Ijogb ta` jor` succ`ssduh igk wlk`hy icc`pt`k hocih jogl`s ta`s` kiys ir` ta`
921
Dlgigclih [`rjs Klctlogiry
Ltaici Aours od Ltaici, G`w \orm= ta` N`rmSair`s lg R`st`rg Jissicaus`tts= igk ta` K`trolt Ca``rs lg K`trolt, Lhhlgols. [a` N`rmSair`s dor R`st`rg Jissicaus`tts ir` i jok`h cis` stuky od succ`ssduh hocih jog`y. [a`y cig n` purcais`k droj tw`hv` nigms taroubaout ta` ir`i. N`rmSair`s ir` icc`pt`k it lg `xc`ss od tar`` augkr`k s`v`gty kldd`r`gt nuslg`ss`s lg ta` r`blog. Is ta` hirb`st hocih jog`y g`tworm lg ta` P.S, ta` N`rmSair`s aiv` so dir clrcuhit`k ihjost two igk i aihd jlhhlog kohhirs. Succ`ss`s hlm` ta`s` aiv` `gcourib`k ota`r cojjugltl`s hlm` Souta N`gk, Lgkligi to n`blg cr`itlgb ta`lr owg hocih curr`gcy.
Hoss to H`is` Hoss to h`is` ls i paris` tait ls us`k lg r`ih `stit` prop`rty h`islgb, pirtlcuhirhy p`rtilglgb to ipirtj`gt cojph`x`s or s`glor isslst`k hlvlgb diclhltl`s. Hoss to h`is` ls ihso ig iccougtlgb hlg` lg ta` nooms od r`gtih prop`rtl`s igk ipirtj`gt cojph`x`s. Lg nota cis`s, lt r`d`rs to lgcoj` og h`is`s tait ls pot`gtlihhy host tarouba jimlgb lgc`gtlv` odd`rs to prosp`ctlv` t`gigts waoj you aop` to h`is` i uglt lg i prop`rty prop`rty.. @xijph`s od hoss to h`is` ir` a`hpduh to ugk`rstigk ta` cogc`pt. Soj` ipirtj`gts wlhh odd`r og` dr`` jogta“s r`gt wlta i slx or tw`hv` jogta h`is` cogtrict. [a` ijougt od tals host jogta“s r`gt wouhk n` ta` hoss to h`is` dlbur` dor ta` h`islgb prop`rty igk ta` h`islgb prop`rty“s nooms. Ota`r `xijph`s lgvohv` hoss to h`is` dlbur`k up og i jogtahy nisls. Saouhk ta` pot`gtlih r`v`gu` droj r`gt ijougt to oghy $055 wa`g ta` jirm`t rit` dor r`gtih ls $005, ta`g ta` hoss to h`is` coj`s out to n` $05 p`r jogta. Cisa dhow ls ta` pirt od i r`gtih prop`rty nooms wa`r` hoss to h`is` jost cojjoghy ipp`irs. Ra`g r`qulr`k, lt cig n` dlbur`k up uslgb i sljph` dorjuhi. [a` sca`kuh`k nis` r`gtih r`v`gu` ls k`t`rjlg`k. [als dlbur` ais ta` pot`gtlih jirm`t r`gt suntrict`k droj lt to coj` up wlta ta` Hoss to H`is` r`suht. [a` lgt`r`stlgb talgb inout hoss to h`is` ls tait lt ais go j`iglgbduh ljpict og i r`gtih prop`rty or ipirtj`gt cojph`x“s cisa dhow nottoj hlg`. Lgst`ik, lt oghy r`pr`s`gts ig iccougtlgb gujn`r. Hoss to h`is` ko`s got odd`r igy ikvigtib`s to i cojpigy or lgklvlkuih wa`g ta`y ir` dlburlgb up igk dlhlgb ta`lr tix`s `lta`r, slgc` lt ko`s got r`pr`s`gt igy ictuih r`ih or tigblnh` hoss lg lgcoj`, oghy hoss lg pot`gtlih lgcoj`, or aop`k dor lgcoj`.
92<
Dlgigclih [`rjs Klctlogiry
Jicro`cogojlcs Jicro`cogojlcs r`d`rs to ta` klvlslog wltalg `cogojlcs tait cogc`gtrit`s lts stuky og ta` wormlgbs od hirb` gitlogih `cogojl`s, or `v`g r`blogih `cogojl`s, lg ta`lr `gtlr`ty. [als dl`hk prov`s to n` `xtr`j`hy b`g`rih is i r`suht. Lt ls josthy cogc`rg`k wlta nlb plctur` j`isur`j`gts hlm` ta` rit`s od ug`jphoyj`gt, is w`hh is wlta ta` k`v`hoplgb od jok`hs waos` purpos` ls to k`tilh ta` virlous lgklcitors“ corr`hitlogs. Ig opposlt` to jicro`cogojlcs jlbat n` silk to n` jlcro`cogojlcs tait docus`s og ta` ictlvltl`s od lgklvlkuihs igk nuslg`ss`s lgst`ik od nlbb`r plctur`s igk scih`s. Jicro`cogojlcs igk jlcro`cogojlcs ir` cogslk`r`k to n` cojphlj`gtiry stukl`s. N`cius` od ta` Br`it K`pr`sslog tait occurr`k lg ta` 9<35“s, ta` stuky od jicro`cogojlcs `vohv`k lgto i prictlcih ir`i od `cogojlcs og walca `cogojlsts jlbat cogc`gtrit` ta`lr `ddorts. Pp to tait polgt, `cogojlsts klk got klstlgbulsa n`tw``g ta` ictlvltl`s od lgklvlkuihs igk nuslg`ss`s igk ig `gtlr` gitlogih `cogojy. [a` jost lgdhu`gtlih k`v`hop`rs od jicro`cogojlcs prov`k to n` taos` `cogojlsts wao jik` lt ta`lr nuslg`ss to r`hit` wait aik cius`k ta` Br`it K`pr`sslog. [a` Nrltlsa `cogojlst Foag Jiygirk M`yg`s ls ijogb ta` cal`d od ta`s` `cogojlsts wao k`v`hop`k ta` stuky. Pgtlh fust i d`w k`cik`s ibo, M`yg`s“ lk`is og jicro`cogojlcs ov`rsaikow`k ta` `gtlr` dl`hk. Dohhow`rs od M`yg`slig taoubat k`p`gk`k og og ta` cogc`pt od ibbr`bit` k`jigk, or totih k`jigk, to bripph` wlta airk qu`stlogs lg jicro`cogojlcs, hlm` ta` wiy to `xphilg wait stook n`algk pirtlcuhir ug`jphoyj`gt h`v`hs. [okiy, M`yg`slig jok`hs ir` got ta` ugk`rhylgb palhosopay od jicro`cogojlcs igy hogb`r, is g`ochisslcih `cogojlcs ais succ`ssduhhy caihh`gb`k lt. Stlhh, ta` pr`s`gthy us`k jok`hs n`ir br`it lgdhu`gc` od ta` M`yg`slig pr`cursors. [o kit`, go og` `cogojlc palhosopay ais coj` up wlta i slgbh` jok`h tait ls inh` to corr`cthy igk totihhy r`prokuc` ta` wiys tait `cogojl`s hlt`rihhy worm. [als cius`s kldd`r`gt `cogojlsts to aiv` virylgb ugk`rstigklgbs od `cogojlcs. N`cius` od tals, bilglgb ig ugk`rstigklgb od jicro`cogojlcs lgvohv`s stukylgb ta` lk`is od `ica jifor `cogojlc scaooh od taoubat. Is i r`suht od ta` dl`hk od jicro`cogojlcs, bov`rgj`gts aiv` tim`g proictlv` ipproica`s to jigiblgb `cogojlc cych`s igk caigb`s. [a`y ko tals tarouba bov`rgj`gtih b ov`rgj`gtih pohlcl`s tait ir` utlhlz`k to cr`it` caigb`s wlta ta` boihs od `lta`r ivolklgb or h`ss`glgb ta` ljpicts od `cogojlc saocms, suca is k`pr`sslogs. [als jigib`j`gt od hirb` gitlogih `cogojl`s ls idd`ct`k lg prictlcih t`rjs tarouba two typ`s od bov`rg915
Dlgigclih [`rjs Klctlogiry
j`gt pohlcl`s. [a`s` ir` jog`tiry igk dlscih pohlcl`s. Jog`tiry pohlcl`s lgvohv` ta` bov`rgj`gtih cogtroh od ta` gitlog“s jog`y supphy igk ta` gitlogih lgt`r`st rit` h`v`hs. [a`lr boihs ir` nota stinh` prlc`s wlta how lgdhitlog igk how ug`jphoyj`gt h`v`hs. Dlscih pohlcl`s ir` ijougts od sp`gklgb tait i bov`rgj`gt `gbib`s lg, is w`hh is tix`s tait ta`y cohh`ct, to lgdhu`gc` ta` `cogojy. Dor `xij ph`, ta` bov`rgj`gt cig `xpigk ta` `cogojy ny sp`gklgb i book k`ih jor` jog`y taig lt cohh`cts lg tix r`v`gu`s. Lt jlbat sljlhirhy cogtrict `cogojlc ictlvlty ny sp`gklgb h`ss jog`y taig lt ictuihhy nrlgbs lg droj tix`s. N`slk`s tals, i bov`rgj`gt cig stljuhit` ta` `cogojy ny cuttlgb tix rit`s, or sarlgm ta` `cogojlc ictlvlty h`v`hs ny rilslgb tix rit`s.
Jirblg [riklgb Jirblg triklgb ls ta` prictlc` od nuylgb lgv`stj`gts og jirblg. [als ls iccojphlsa`k tarouba norrowlgb jog`y droj your nrom`r lg ork`r to nuy stocms. Igota`r wiy od ugk`rstigklgb jirblg triklgb ls timlgb out i hoig droj your nrom`r to nuy br`it`r ijougts od stocm sair`s. Jirblg triklgb b`g`rihhy r`qulr`s i jirblg iccougt. Jirblg iccougts kldd`r droj cisa iccougts tait oghy ihhow you to trik` wlta ta` jog`y tait your iccougt cogtilgs. Nrom`rs aiv` to b`t i slbgitur` droj you lg ork`r to op`g up i g`w jirblg iccougt. [als couhk n` is ig `xt`gslog od your `xlstlgb iccougt igk iccougt op`glgb dorjs or is i s`pirit` igk g`w ibr``j`gt. Jlgljuj lgv`stj`gts od $>,555 ir` g`c`ssiry to op`g suca i jirblg iccougt. Soj` nrom`rs lgslst og hirb`r ijougts. Rait`v`r ta` dlgih jirblg r`qulr`j`gt k`poslt ls, lt ls cihh`k ta` jlgljuj jirblg. Idt`r ta` jirblg iccougt ls up igk rugglgb, you ir` inh` to purcais` is juca is dldty p`rc`gt od i stocm wlta jirblg triklgb jog`y. [a` jog`y tait you us` to nuy your pirt od ta` stocm ls cihh`k lgltlih jirblg. Jirblglgb up to ta` duhh dldty p`rc`gt ls `gtlr`hy optlogih. optlo gih. \ou \ou jlbat norrow oghy dldt``g or tw`gty p`rc`gt lgst`ik. Jirblg triklgb hoigs cig n` a`hk dor is hogb i p`rlok is you wlsa, issujlgb tait you cogtlgu` to j``t ta` jirblg onhlbitlogs. I stocm jilgt`gigc` jirblg ais to n` jilgtilg`k walh` ta` hoig ls outstigklgb too. [als jilgt`gigc` jirblg ls ta` how`st iccougt nihigc` tait cig n` a`hk ny ta` iccougt lg ikvigc` od ta` nrom`r jimlgb you k`poslt ikkltlogih dugks. Ld you ko got j``t tals jlgljuj or r`suhtlgb jirblg cihh dor
919
Dlgigclih [`rjs Klctlogiry
`xtri dugks, ta`g ta` nrom`r ais ta` rlbat to s`hh your stocms lg ork`r to r`kuc` your outstigklgb hoig. Norrowlgb jog`y droj your nrom`r ls got kog` dor ta` sim` od cairlty. Lgt`r`st ais to n` pilk og ta` hoig. Ihso, ta` jirblginh` s`curltl`s lg ta` iccougt n`coj` tl`k up is cohhit`rih. Pgh`ss you piy kowg ta` hoig, lgt`r`st cairb`s wlhh n` ipphl`k to ta` hoig nihigc`. [a`s` lgt`r`st ijougts cig slbgldlcigthy lgcr`is` ta` k`nt h`v`h lg ta` iccougt wlta tlj`. Alba`r k`nt h`v`hs lg your iccougt h`ik to stlhh alba`r lgt`r`st cairb`s. N`cius` od tals, nuylgb stocms og jirblg ls typlcihhy utlhlz`k oghy dor saort`r tlj` drij` lgv`stj`gts. [als ls tru` slgc` ta` br`it`r ijougt od tlj` tait you aohk ta` jirblg hoig lg ta` lgv`stj`gt, ta` alba`r i r`turg you wlhh r`qulr` lg ork`r to nr`im `v`g og ta` jirblg trik`. Ra`g you jilgtilg suca i jirblg nis`k lgv`stj`gt ov`r i hogb tlj` drij`, lt n`coj`s klddlcuht to turg i prodlt idt`r ta` `xp`gs`s ir` ch`ir`k. Lt ls ihso ljportigt to r`j`jn`r tait got `v`ry stocm quihldl`s dor purcais` uslgb jirblg. [a` ruh`s p`rtilglgb to walca stocms cig n` purcais`k wlta jirblg ir` s`t ny ta` D`k`rih ^`s`rv` Noirk. Lg b`g`rih taouba, Lgltlih Uunhlc Odd`rlgbs, p`ggy stocms, or ov`r ta` cougt`r trik`k stocms ir` got ihhow`k to n` purcais`k utlhlzlgb jirblg is i r`suht od ta` kilhy vohitlhlty igk triklgb rlsms issoclit`k wlta suca mlgks od stocms. N`slk`s tals, `ica nrom`rib` cig r`strlct walca`v`r ota`r stocms tait ta`y wlsa.
Jiturlty Lg ta` worhk od nuslg`ss igk dlgigc`, jiturlty stigks dor ta` hist piyj`gt kit` od `lta`r i hoig or soj` ota`r dorj od dlgigclih lgstruj`gt. Lt ls ihso mgowg is ta` jiturlty kit`. Og tals jiturlty kit`, nota ta` outstigklgb prlgclpih igk igy r`jilglgb issoclit`k lgt`r`st ir` ow`k igk `xp`ct`k to n` r`gk`r`k dor dlgih piyj`gt. Ld ta`y ir` got pilk og ta` jiturlty kit`, suca hoigs or lgstruj`gts ir` cogslk`r`k to n` lg k`diuht. I dlx`k jiturlty p`rtilgs to i mlgk od dlgigclih lgstruj`gt wa`r` ta` hoig wlhh aiv` to n` pilk nicm og i pr` s`t kit`. Lgchuk`k lg dlx`k jiturlty lgstruj`gts ir` virlinh` rit` hoigs igk dlx`k lgt`r`st rit` hoigs or ota`r mlgks od k`nt lgstruj`gts. N`slk`s ta`s`, r`k``jinh` pr`d`rr`k sair`s od cojpigy stocms dihh ugk`r tals cit`bory od dlx`k jiturlty lgstruj`gts. [a` m`y to dlx`k jiturltl`s ls tait ta`y just aiv` i pirtlcuhir jiturlty kit` sp`hh`k out lg ta`lr t`rjs. [als jiturlty kit` ls juca hlm` i r`k`jptlog kit`.
91>
Dlgigclih [`rjs Klctlogiry
Ota`r lgstruj`gts ko got coj` wlta i s`t dlx`k jiturlty kit`. [a`s` mlgks od hoigs bo og lgk`dlglt`hy, ugtlh ta` polgt tait i h`gk`r igk norrow`r b`t tob`ta`r igk ibr`` og ta` hoig n`lgb pilk kowg. [a`s` lgstruj`gts igk hoigs ir` soj`tlj`s r`d`rr`k to is p`rp`tuih stocms. Ota`r dlgigclih lgstruj`gts jiy lgchuk` i rigb` od pot`gtlih kit`s od jiturlty. [a`s` typ`s od stocms jiy n` r`pilk it igy tlj` tait sults ta` norrow`r, row`r, so hogb is lt ls wltalg ta` tlj` rigb` tait ls provlk`k to ta`j. Igota`r dorj od jiturlty ls ta` s`rlih jiturlty. S`rlih jiturltl`s josthy p`rtilg to nogks tait cojpigl`s lssu` to norrow jog`y dor i virl`ty od purpos`s, lgchuklgb `xpigslog lgto g`w jirm`ts or k`v`hoplgb igk jirm`tlgb g`w prokucts. Rlta s`rlih jiturltl`s, ihh od ta` nogks ir` ictuihhy lssu`k it og` tlj`. [a`lr chiss`s k`scrln` ta` virlous r`k`jptlog kit`s og ta`j, walca ir` b`g`rihhy stibb`r`k iwiy droj `ica ota`r. Jiturlty ls ihso us`k ny dlgigclih g`ws j`kli to klscuss s`curltl`s tait aiv` jiturltl`s, suca is nogks ta`js`hv`s. [als innr`vlitlog dor ta`s` mlgks od lgv`stj`gts ls cojjogphic`. [a`y jlbat chilj tait ta` yl`hks k`chlg`k og tw`gty y`ir jiturltl`s. [als wouhk j`ig tait nogk prlc`s walca ir` ku` to r`ica duhh jiturlty lg tw`gty y`irs ros` walh` ta`lr ictuih yl`hks d`hh, slgc` nogk prlc`s jov` lgv`rs`hy to ta` klr`ctlog od ta`lr issoclit`k yl`hks. Ihh typ`s od nogks jiy n` r`d`rr`k to uslgb tals saort aigk dorj od cihhlgb ta`j jiturltl`s. [als couhk lgchuk` corporit` nogks, D`k`rih [r`isury nogks, igk ihso hocih bov`rgj`gt juglclpih nogks. Ihh od ta`s` nogks aiv` sp`cldlc kit`s od jiturlty og walca ta`y wlhh r`piy ta`lr prlgclpih. Ur`d`rr`k stocms ihso couhk n` taoubat od is jiturltl`s, slgc` ta`y sljlhirhy poss`ss s`t kit`s og walca ta`y ir` r`k``j`k. [a`y ir` got cojjoghy r`d`rr`k to ny tals innr`vlitlog taouba.
J@^S J@^S stigks dor ta` Jortbib` @h`ctroglc ^`blstritlog Syst`js. Lt ls ihso i prlvit`hy owg`k igk op`rit`k cojpigy tait jilgtilgs tals `h`ctroglc kitinis` igk r`blstry waos` purpos` ls to dohhow ta` owg`rsalp od igk s`rvlclgb rlbats to Ij`rlcig Ij`rlcig jortbib` hoigs. [als J@^S r`pr`s`gts i r`vohutlogiry wiy od visthy sljphldylgb ta` j`igs od m``plgb tricm od aow nota jortbib` s`rvlclgb igk owg`rsalp rlbats cig n` orlblgit`k, sohk, igk dohhow`k. [a` ^`ih @stit` dlgigc`
913
Dlgigclih [`rjs Klctlogiry
lgkustry ictuihhy cr`it`k lt. J@^S noists tait lt ko`s iwiy wlta ta` r`qulr`j`gt to cr`it` igk r`cork isslbgj`gts is nota cojj`rclih igk r`slk`gtlih hoigs ir` n`lgb `xcaigb`k. [a` jortbib` nigmlgb lgkustry bot tob`ta`r to coj` up wlta i wiy to sljphldy ta` proc`ss od wormlgb wlta jortbib`s tarouba utlhlzlgb `cojj`rc` to r`kuc` igk `v`g `hljlgit` pip`r. [a` jlsslog od ta` coj pigy igk lts kitinis` hl`s lg r`blst`rlgb hlt`rihhy ihh jortbib` hoigs wltalg ta` P.S. og ta` J@^S syst`j. J@^S ictuihhy p`rdorjs lts roh` og n`aihd od ta` s`rvlc`r igk ta` h`gk`r lg aigkhlgb cougty higk r`corks. Hoigs tait ir` r`blst`r`k og ta` J@^S syst`j cig got aiv` pronh`js wlta dutur` isslbgj`gts slgc` J@^S ls ihwiys ta` gojlgih jortbib``, r`birkh`ss od ta` gujn`r od tlj`s tait i jortbib` s`rvlclgb ls sohk. J@^S ls ipprov`k to n` orlblgih jortbib`` ny ihh od ta` jifor h`gklgb outdlts, lgchuklgb Dr`kkl` Jic, Diggl` Ji`, Blggl` Ji`, ta` TI, ta` DAI, igk nota Ptia igk Cihldorgli Aouslgb Dlgigc` Ib`gcl`s, ihogb wlta `ica od ta` Rihh Str``t ritlgbs ib`gcl`s. Jigy broups n`g`dlt droj ta` `xlst`gc` od ta` J@^S r`blstry. [als lgchuk`s jortbib` s`rvlc`rs, orlblgitors, waoh`sih` h`gk`rs, wir`aous` h`gk`rs, r`tilh h`gk`rs, s`tth`j`gt ib`gts, kocuj`gt custokligs, tlth` cojpigl`s, lgv`stors, lgsur`rs, igk cougtry r`cork`rs. J@^S chiljs tait ta` cogsuj`r n`g`dlt is w`hh, taouba tals ais n``g lg qu`stlog ugtlh r`c`gthy. Lroglcihhy, i r`c`gt sltuitlog ais irls`g surrougklgb J@^S tait jiy ictuihhy n`g`dlt jigy cogsuj`rs lg ta` `gk. [a`y ir` `jnrolh`k lg ta` jlkkh` od i scigkih surrougklgb orlblgih tlth`s igk slbg`k projlssory got`s. Uirt od wait ta`y iccojphlsa`k lg ta`lr pip`rh`ss proc`ss h`k to ta` hoss od suca crltlcih orlblgih slbgitur` kocuj`gts tait ta` jiforlty od stit`s r`qulr` dor `gictlgb jortbib` dor`chosur`s. J@^S ls gow rlbat lg ta` jlkkh` od i gujn`r od h`bih caihh`gb`s r`suhtlgb droj ta` sun prlj` crlsls igk bolgb og lg jost stit`s irougk ta` cougtry. [a`lr rlbat to n`blg ta` proc`ss od dor`chosur` ais n``g cihh`k lgto iccougt, slgc` ta`y hicm ta`s` r`qulr`k orlblgih slbg`k kocuj`gts. [als j`igs tait ta`lr roh` lg ta` `irhy kiys od s`ttlgb up ta` syst`j tait a`hp`k wlta ta` nuylgb igk s`hhlgb od jortbib`s jiy coj` nicm to aiugt ta`j igk ta` `gtlr` jortbib` lgkustry is i waoh` lg ta` `gk. Saouhk fukb`s ruh` ta`s` h`bih sults lg divor od ta` aoj`owg`rs wao toom out ta` jortbib`s, ta`g lt ls wlk`hy n`hl`v`k tait ta` hoss`s tait ta` nigmlgb lgkustry lg Ij`rlci sudd`rs droj wlhh n` so br`it tait ta`y wlhh r`qulr` sunstigtlih ijougts od r`-cipltihlzitlog.
91;
Dlgigclih [`rjs Klctlogiry
Jlkkh` Chiss Lg ta` Pglt`k Stit`s, ta` Jlkkh` Chiss ls i nroikhy k`dlg`k soclih broup dougk taroubaout Ij`rlci. [a`r` ir` go `xict k`dlgltlogs od wait coj prls`s ta` jlkkh` chiss. K`p`gklgb og waos` stigkirk you us`, ta` jlkkh` chiss lg ta` P.S. ls jik` up od droj tw`gty-dlv` to slxty-slx p`rc`gt od dijlhl`s. [a` jlkkh` chiss lg Ij`rlci aiv` n``g r`spogslnh` dor jigy od ta` cougtry“s br`it`st iccojphlsaj`gts. Jlkkh` chiss p`oph` ir` mgowg ny cairict`rlstlcs od cr`itlvlty, cojlgb up wlta cogc`pts, igk cogsuhtitlv` inlhltl`s. Jost jlkkh` chiss p`oph` aiv` `lta`r ontilg`k i cohh`b` k`br`` or it h`ist n``g tarouba soj` y`irs od cohh`b` `kucitlog. Jlkkh` chiss vihu`s ir` c`gtrih to ta` r`cobglz`k Ij`rlcig wiy od hld`. [a`s` vihu`s c`gt`r irougk stlcmlgb to lgtrlgslcihhy a`hk `talcs igk n`hl`ds, lgk`p`gk`gc`, igk lggovitlog. Jlkkh` chiss p`oph` prov` to n` jor` pohltlcihhy jotlvit`k igk ictlv` taig ko ta` ota`r k`jobripalcs taroubaout Ij`rlcig socl`ty. socl`ty. [a` lgcoj` od ta` jlkkh` chiss rigb`s wlk`hy. Lt cig n` droj irougk ta` gitlogih j`klig lgcoj` to ov`r $955,555 p`r y`ir. [als j`igs tait ta` stigkirk od hlvlgb dor jlkkh` chiss p`oph` cig sljlhirhy viry br`ithy, br`ithy, k`p`gk`gt og ta` slz` od ta` aous`aohk lg qu`stlog. [als j`igs tait dijlhl`s wlta two lgcoj`s tait aiv` jigy j`jn`rs cig `irg jor` taig i sjihh`r dijlhy lg ta` upp`r jlkkh` chiss tait oghy ais og` lgcoj`, `v`g taouba ta` hitt`r“s stigkirk od hlvlgb wouhk n` cogslk`rinhy alba`r. [a` jlkkh` chiss lg ta` Pglt`k Stit`s r`jilgs ta` jost lgdhu`gtlih broup lg Ij`rlcig socl`ty. socl`ty. [a`y ir` r`spogslnh` dor ta` vist jiforlty od t`ica`rs, wrlt`rs, vot`rs, `kltors, igk fourgihlsts. [a` jiforlty od tr`gks wltalg ta` Pglt`k Stit`s n`blg wlta ta` jlkkh` chiss. [a` jlkkh` chiss ihso piy ta` jiforlty od ta` tix`s wltalg ta` P.S., jimlgb ta`j ig `xtr`j`hy crltlcih broup `cogojlcihhy. [a` top tw`gtydlv` p`rc`gt od `irg`rs, ta` ov`rwa`hjlgb jiforlty od waoj ir` cogslk`r`k to n` jlkkh` chiss, piy `lbaty-dlv` p`rc`gt od ihh tix`s lg ta` Pglt`k Stit`s. J`igwalh`, ta` nottoj dldty p`rc`gt piy oghy tar`` p`rc`gt, walh` ta` w`ihtal`st og` p`rc`gt piy up to talrty-s`v`g p`rc`gt od ta` totih sair` od tix`s. @v`g taouba ta` Jlkkh` Chiss ir` cogslk`r`k to n` lgklsp`gsinh` to Ij`rlcig socl`ty igk ta` `cogojy, ta`lr rigms ir` kwlgkhlgb wlta
910
Dlgigclih [`rjs Klctlogiry
tlj`. Kiti og lgcoj` k`jogstrit`s tait ta` Ij`rlcig Jlkkh` Chiss aiv` n`g`dlt`k droj juca show`r browta lg lgcoj` taig ta` top og` p`rc`gt od w`ihtay wib` `irg`rs, iccorklgb to kiti bolgb nicm to 9<15. [als stigks lg cogtrist to ta` rls` lg lgcoj` s``g lg ta` y`irs idt`r Rorhk Rir LL, wa`g ta` lgcoj` od ta` jlkkh` chiss br`w it ta` sij` pic` is klk ta` lgcoj` od ta` rlca. Lg ta` y`irs slgc` ta`g, ta` rlca aiv` out bilg`k ta` jlkkh` chiss cogslk`rinhy. cogslk`rinhy. Is ig `xijph`, droj 9<2< to >550, ta` idt`r tix `irglgbs od ta` top og` p`rc`gt br`w lgdhitlog ikfust`k ny n y 924% is oppos`k opp os`k to oghy slxty-glg` p`rc`gt dor ta` top tw`gty p`rc`gt od wib` `irg`rs is i waoh` igk oghy tw`gty-glg` p`rc`gt dor ta` top dorty p`rc`gt od worm`rs. Is i p`rc`gtib` od totih bross y`irhy aous`aohk lgcoj`, ta` top og` p`rc`gt curr`gthy jim` ov`r glg`t``g p`rc`gt od ihh `irglgbs, r`pr`s`gtlgb ta`lr br`it`st sair` od ta` w`ihta slgc` ta` hit` 9<>5“s. Durta`r prood tait ta` crltlcih jlkkh` chiss ls sarlgmlgb ls r`v`ih`k ny ta` Fug` >554 Nroomlgbs Lgstltutlog surv`y. Lt k`jogstrit`k tait ta` g`lbanoraooks od jlkkh` lgcoj` Ij`rlcigs is i p`rc`gt od ihh j`tropohltig g`lbanoraooks aiv` k`chlg` krijitlcihhy ov`r i talrty y`ir p`rlok. Droj 9<25 to >555, tals p`rc`gtib` k`cr`is`k droj dldty-`lbat p`rc`gt to dorty-og` p`rc`gt. Iccorklgb to tals kiti, ta` jlkkh` chiss aiv` ihr`iky dihh`g w`hh n`how ta` slbgldlcigt aihd od ta` cougtry“s popuhitlog tait lt ihwiys r`pr`s`gt`k lg ta` pist.
Jog`tirlsj (Jlhtog Dr``kjig“s @cogojlcs) Jog`tirlsj ls ig lk`i tait Jlhtog Dr``kjig k`v`hop`k igk `xpougk`k upog. Lt c`gt`rs og ta` lk`i dougk lg jog`tiry `cogojlcs tait jog`y supphy caigb`s h`ik to aub` ljpicts og saort t`rj gitlogih outputs igk og hogb t`rj prlc` h`v`hs. Lt irbu`s tait ta` boihs od jog`tiry pohlcy ir` jost `dd`ctlv`hy ical`v`k wa`g ta` jog`y supphy ls cir`duhhy igk ipproprlit`hy `xpigk`k lg hlg` wlta ictuihhy output browta. Jlhtog Drl`kjig stirt`k out is i n`hl`v`r lg M`yg`slig `cogojlcs. Hit`r lg als cir``r, a` k`t`rjlg`k tait lt aik jifor pronh`js igk a` n`big to crltlclz` lt og i virl`ty od h`v`hs. A` wrot` i noom wlta Iggi Scawirtz tait prov`k to n` `xtr`j`hy lgdhu`gtlih. Lg tals noom, ‘I Jog`tiry Alstory od ta` Pglt`k Stit`s 9142-9<45,‚ Drl`kjig propos`k tait lgdhitlog ls `v`rywa`r` igk ihwiys i jog`tiry pa`goj`gog. N`cius` od tals gow b`g`rihhy icc`pt`k truta, a` strogbhy r`cojj`gk`k i pohlcy to n` prictlc`k ny ta` c`gtrih nigms, or ta` D`k`rih ^`s`rv`, od jilgtilglgb supphy igk k`jigk `qulhlnrluj od jog`y. [als jog`y supphy
914
Dlgigclih [`rjs Klctlogiry
saouhk oghy lgcr`is` wlta k`jigk igk iccojpigylgb prokuctlvlty browta. [a` roots od jog`tirlsj coj` droj two riklcihhy oppos`k cogc`pts. [a` airk jog`y pohlcl`s od ta` `gk od ta` glg`t``gta c`gtury w`r` j`rb`k wlta soj` od ta` jog`tiry lk`is a`hk ny Foag Jiygirk M`yg`s wao irbu`k dor jog`y supphy tait wis krlv`g ny k`jigk. M`yg`s cogc`gtrit`k og ta` stinh` vihu` od i curr`gcy tait aik n``g tar`it`g`k ny i hicm od suddlcl`gt jog`y supphy tait ta`g h`k to curr`gcy cohhips`. Drl`kjig cogc`gtrit`k lgst`ik og prlc` stinlhlty to cogtroh igk m``p kowg lgdhitlog. [als prov`s to n` ta` p`rd`ct `qulhlnrluj od k`jigk igk supphy dor jog`y. Drl`kjig toom ta`s` klij`trlcihhy oppos`k cogc`pts igk wov` ta`j tob`ta`r lgto i g`w ta`ory od Jog`tirlsj. Lg ta` 9<45“s igk 9<25“s, tals Jog`tirlst scaooh od taoubat dor jog`tiry k`jigk n`lgb i stinh` dugctlog dougk slbgldlcigt trictlog lg ta` worm od Kivlk Hilkh`r. Ota`r lgdhu`gtlih jog`tirlsts lgchuk` dorj`r P.S. D`k`rih ^`s`rv` Cailrjig Ihig Br``gspig, wao saow`k als Jog`tirlsj nlis lg als owg pohlcl`s igk lk`is. Soj` c`gtrih nigms aiv` itt`jpt`k to orl`gt ta`lr jog`tiry pohlcy irougk ipproprlit` tirb`ts dor jog`y supphy. [a` @urop`ig C`gtrih Nigm ls ta` cal`d od ta`s` Jog`tirlst lk`i c`gtrih nigms. Jog`tirlsj ls got `gtlr`hy wltaout lts crltlcs. [a` g`o M`yg`sligs pro pos` tait jog`y k`jigk igk supphy ir` chos`hy lgt`rr`hit`k. Ota`r cogs`rvitlv` `cogojlsts jilgtilg tait jog`tiry k`jigk ls got pr`klctinh`. Gitlogihhy mgowg `cogojlst Fos`pa Stlbhltz jim`s ta` cis` tait ta` r`hitlogsalps tait `xlst n`tw``g ta` browta od ta` jog`y supphy igk lgdhitlog ir` w`im it tlj`s wa`g lgdhitlog ls ictuihhy how.
Jog`y Supphy Ra`r` nuslg`ss igk `cogojlcs ir` cogc`rg`k, ta` jog`y supphy prov`s to n` ta` cojph`t` quigtlty od jog`y tait ls ivilhinh` taroubatarou baout ta` `cogojy it igy blv`g joj`gt lg tlj`. Jog`y cig n` k`dlg`k lg i d`w kldd`r`gt wiys. [a` cojjoghy icc`pt`k k`dlgltlogs ir` coj prls`k od nota clrcuhitlgb curr`gcy igk k`jigk k`poslts. K`jigk k` poslts ir` ta` iss`ts od k`posltors lg nigms tait ir` `isy dor ta`j to icc`ss, suca is ca`cmlgb iccougts. [a` stitlstlcih kiti og jog`y supphy ls r`cork`k igk jik` ivilhinh` to ta` punhlc ny ta` bov`rgj`gt. Lg soj` cougtrl`s, ta` c`gtrih nigm punhlsa`s suca lgdorjitlog. Igihysts ir` ihwiys lgt`r`st`k lg igy caigb`s
912
Dlgigclih [`rjs Klctlogiry
to ta` jog`y supphy totih, slgc` lt ais br`it ljpicts og lgdhitlog h`v`hs, prlc`s, igk ta` nuslg`ss cych`. [a`r` ir` gow s`v`rih kldd`r`gt j`isur`j`gts od jog`y supphy punhlsa`k wltalg ta` P.S. [a`s` rigb` droj girrow to nroik jog`y supphy totihs. Ralh` girrow`r cihcuhitlogs oghy j`isur` ta` jost hlqulk od iss`ts tait ir` `isy to sp`gk, suca is curr`gcy lts`hd igk ca`cmlgb iccougt k`poslts, ota`r nroik`r j`isur`s lgchuk` iss`ts tait ir` got so hlqulk, suca is c`rtldlcit`s od k`poslt. [a` JN ls ta` cojph`t` jog`tiry nis` is lt p`rtilgs to ihh curr`gcy. Lt prov`s to n` ta` jog`y supphy dlbur` tait ls ta` jost hlqulk. J9 ls ta` j`isur` tait h`iv`s out nigm r`s`rv`s. J> ls ta` j`isur`j`gt tait ls blv`g is ta` jilg `cogojlc lgklcitor lg dlburlgb aow alba lgdhitlog wlhh n`coj`. Nota jog`y igk lts g`ir sunstltut`s ir` lgchuk`k lg tals cit`bory. cit`bory. J3 us`k to n` ta` jilg dlbur` dor jog`y supphy lg ta` Pgtl`k Stit`s, ugtlh ta` D`k `h`ct`k got to r`h`is` lt igy hogb`r idt`r >554. Lt lgchuk`k ta` J> j`isur` phus hogb`r t`rj k`poslts. Lgdhitlog cojjoghy r`suhts droj caigb`s to ta` jog`y supphy. [a` `vlk`gc` k`jogstrit`s ta` klr`ct corr`hitlog n`tw``g ta` browta od ta` jog`y supphy igk hogb`r t`rj rlslgb prlc`s. [als ls pirtlcuhirhy ta` cis` wa`g ta` jog`y supphy lgcr`is` ls riplk wltalg ig `cogojy. [a` hit`st `xijph` od aow ta` browta od ta` jog`y supphy cig rulg i curr`gcy igk k`stroy ig `cogojy ls k`jogstrit`k ny Vljninw`. [als Idrlcig cougtry wltg`ss`k krijitlc lgcr`is`s lg ta` gitlogih jog`y supphy igk ta`g n`cij` i vlctlj od ayp`rlgdhitlog, or i krijitlc bilg lg prlc`s. N`cius` od tals, ta` jog`y supphy ais to n` r`spogslnhy cogtrohh`k igk ov`rs``g. [a` jog`y supphy ls ictuihhy cogtrohh`k tarouba jog`tiry pohlcy. C`gtrih nigms suca is ta` D`k k`t`rjlg` ta` jog`y supphy lg pirt tarouba ta`lr r`s`rv` ritlos tait ta`y jim` nigms ons`rv` wlta p`rc`gt od k` poslts m`pt og aigk. [a`y cig ihso ikfust lt wlta ta` lgt`r`st rit`s tait ta`y s`t dor ta` cougtry. cougtry. Jigy crltlcs aiv` polgt`k to ta` riplk browta lg ta` jog`y supphy od P.S. kohhirs lg ta` y`irs od ta` dlgigclih crlsls igk ta` Br`it ^`c`sslog is kigb`rous. Droj ta` y`irs od >552->595, ta` kohhir jog`y supphy ais n``g browg ny lg `xc`ss od tar`` augkr`k p`rc`gt. It ta` sij` tlj`, ta` `cogojy ais i waoh` ais nir`hy browg. [als ls ta` cogsujjit` r`clp` dor lgdhitlog, igk jigy `cogojlsts aiv` subb`st`k tait you wlhh s`` alba lgdhitlog, igk pot`gtlihhy `v`g ayp`rlgdhitlog, wltalg ta` Pglt`k Stit`s lg ta` g`xt s`v`rih y`irs is i klr`ct r`suht.
911
Dlgigclih [`rjs Klctlogiry
Jortbib` Jortbib`s ir` hoigs jik` og cojj`rclih or r`slk`gtlih prop`rtl`s. [a`y cojjoghy us` ta` aous` or ta` prop`rty lts`hd is cohhit`rih. [a`s` jortbib`s ir` pilk odd lg jogtahy lgstihhj`gts ov`r ta` cours` od i pr` k`t`rjlg`k ijougt od tlj`. Jortbib`s cojjoghy coj` lg dldt``g, tw`gty, igk talrty y`ir p`rloks, taouba nota hogb`r og`s igk saort`r og`s ir` ivilhinh`. I virl`ty od kldd`rlgb jortbib`s `xlst. Ihh Ihh od ta`j aiv` ta`lr owg t`rjs igk cogkltlogs tait trigshit` lgto ikvigtib`s igk klsikvigtib`s. Ijogb Ijogb ta` virlous jortbib` typ`s ir` dlx`k rit` jortbib`s, ikfustinh` rit` jortbib`s, igk nihhoog piyj`gt jortbib`s. [a` jost cojjog mlgks or jortbib`s, `sp`clihhy dor dlrst tlj` aoj` nuy`rs, prov` p rov` to n` dlx`k rit` jortbib`s. [als ls ta` cis` n`cius` ta`y ir` nota sljph` to ugk`rstigk igk `xtr`j`hy stinh`. Rlta suca i jortbib`, ta` r`buhir jogtahy piyj`gts wlhh n` ta` sij` kurlgb ta` `gtlr` hld` od ta` hoig. [als jim`s ta`j v`ry pr`klctinh` igk jigib`inh`. Dlx`k rit` jortbib`s aiv` ta` ikvigtib`s od prot`ctlog ibilgst lgdhitlog, slgc` ta` lgt`r`st rit` ls hocm`k lg igk cig got bo up wlta ta` dhoitlgb lgt`r`st rit`s. [a`y ihhow dor hogb`r t`rj phigglgb. [a`y coj` wlta v`ry how rlsm, slgc` you ir` ihwiys iwir` od nota ta` piyj`gt igk lgt`r`st rit`. Ikfustinh` rit` jortbib`s, ihso mgowg is I^J“s, aiv` n`coj` jor` popuhir slgc` ta`y n`blg wlta how`r, how`r, jor` jigib`inh` lgt`r`st rit`s tait r`suht lg i how`r lgltlih jogtahy piyj`gt. [a` kowgslk` to ta`j ls tait ta` lgt`r`st rit` cig igk hlm`hy wlhh bo up igk kowg lg ta` hoig“s hld` tlj`. Dictors to cogslk`r wlta I^J“s ir` ta` ikfustj`gt p`rloks, ta` lgk`x`s igk jirblgs, igk ta` cips c`lhlgbs, igk dhoors. [a` ikfustj`gt p`rlok ls ta` og` lg walca ta` lgt`r`st rit` ls ihhow`k to r`s`t, cojjoghy stirtlgb igywa`r` droj slx jogtas to t`g y`irs idt`r ta` jortbib` n`blgs. [a` lgt`r`st rit`s caigb` nis`k og ta` lgk`x igk jirblg. [a` lgt`r`st rit`s ir` ictuihhy nis`k og ig lgk`x tait ls punhlsa`k, wa`ta`r lt ls ta` Hogkog Lgt`rnigm Odd`r`k ^it`, or HLNO^, or ta` P.S. Cogstigt Jiturlty [r`isury, or CJ[. [a` jirblg ls ikk`k to tals lgk`x to k`t`rjlg` ta` totih g`w lgt`r`st rit` og your jortbib`. [a` ijougt tait ta`s` I^J rit`s ir` cipinh` od bolgb up or kowg lg i slgbh` ikfustj`gt p`rlok igk dor ta` hld` od ta` hoig ls cihh`k i cip, i c`lhlgb or i dhoor. [a` talrk cojjog typ` od jortbib`s ls nihhoog r`s`t jortbib`s. [a`y coj` wlta talrty y`ir sca`kuh`s dor r`piyj`gt, wlta i civ`it. Pgh`ss 91<
Dlgigclih [`rjs Klctlogiry
you piy ir` wlhhlgb to ihhow ta` jortbib` to r`s`t to ta`g curr`gt lgt`r`st rit`s it ta` `gk od `lta`r i dlv` y`ir or s`v`g y`ir t`rj, ta`g your `gtlr` nihigc` wlhh n` ku` it tals polgt. [als blv`s you ta` n`g`dlts od ta` how jogtahy piyj`gt phig is i p`rsog wlta i talrty y`ir hoig wouhk aiv`, y`t you wlhh aiv` to n` wlhhlgb to piy odd ta` waoh` jortbib` ld you ko got tim` ta` r`s`t optlog wa`g ta` t`rj ls up. N`cius` od tals, jigy p`oph` r`d`r to tals typ` od i jortbib` is i two st`p jortbib`.
Jortbib` Nrom`r I jortbib` nrom`r ls i dlrj or soh` proprl`torsalp tait p`rdorjs i roh` is ig lgt`rj`kliry n`tw``g nigms igk nuslg`ss`s or lgklvlkuihs wao ir` hoomlgb dor jortbib` hoigs. @v`g taouba nigms aiv` ihwiys v`gk`k ta`lr owg jortbib` prokucts, jortbib` nrom`rs aiv` brikuihhy tim`g i hirb`r igk hirb`r sair` od ta` hoig orlblgitlgb jirm`t is ta`y s``m out klr`ct h`gk`rs igk nigms tait aiv` ta` sp`cldlc prokucts tait i custoj`r wigts or g``ks. Gowikiys, slxty-`lbat p`rc`gt od ihh hoigs n`blg wlta jortbib` nrom`rs lg ta` Pglt`k Stit`s, jimlgb ta`j ny dir igk iwiy ta` nlbb`st v`gkors od jortbib` prokucts dor nigms igk h`gk`rs. [a` r`jilglgb talrty-two p`rc`gt od hoigs coj` droj nigms owg klr`ct jirm`tlgb `ddorts igk r`tilh nrigca `ddorts. Jortbib` nrom`r d``s ir` s`pirit` droj ta` nigm jortbib` d``s. [a`y ir` nis`k og ta` hoigs“ ijougts ta`js`hv`s igk rigb` droj cojjoghy og` to tar`` p`rc`gt od ta` totih hoig ijougt. Jortbib` nrom`rs ir` josthy r`buhit`k lg ork`r to jim` sur` tait ta`y cojphy wlta dlgigc` hiws igk nigmlgb ruh`s lg ta` cogsuj`r“s furlsklctlog. [als h`v`h od r`buhitlog ko`s viry p`r stit`. Dorty-glg` od ta` dldty stit`s aiv` ta`lr owg hiws or noirks tait r`buhit` jortbib` h`gklgb wltalg ta`lr stit`“s nork`rs. [a` lgkustry ls sljlhirhy bov`rg`k ny t`g kldd`r`gt d`k`rih hiws tait ir` ipphl`k ny dlv` d`k`rih ib`gcl`s dor `gdorc`j`gt. Nigms dlgk jortbib` nrom`rs to n` ig lk`ih j`igs od nrlgblgb lg norrow`rs wao wlhh quihldy dor i hoig. Lg tals wiy, i jortbib` nrom`r icts is i scr``glgb ib`gt dor i nigm. Nigms ir` durta`rjor` inh` to saldt dorwirk i portlog od ta` driuk igk dor`chosur` rlsms to ta` hoig orlblgitors uslgb ta`lr cogtrictuih h`bih irrigb`j`gts wlta ta`j. Lg ta` orlblgitlgb od i hoig, i jortbib` nrom`r wlhh ko ta` dootworm od cohh`ctlgb igk proc`sslgb ihh od ta` g`c`ssiry pip`r worm issoclit`k wlta r`ih `stit` jortbib`s.
9<5
Dlgigclih [`rjs Klctlogiry
Jortbib` nrom`rs saouhk got n` cogdus`k wlta hoig oddlc`rs od i nigm. Jortbib` nrom`rs ir` typlcihhy stit` r`blst`r`k igk ihso hlc`gs`k lg ork`r to worm is i jortbib` nrom`r. [als jim`s ta`j hlinh` p`rsogihhy dor igy driuk tait ta`y cojjlt kurlgb ta` `gtlr` hld` spig od ta` hoigs lg qu`stlog. N`lgb i jortbib` nrom`r coj`s wlta prod`sslogih, h`bih, igk `talcih r`spogslnlhltl`s tait lgchuk` prop`r klschosur` od jortbib` t`rjs to cogsuj`rs. Jortbib` nrom`rs coj` wlta ihh mlgks od `xp`rl`gc`, is ko hoig oddlc`rs, wao ir` `jphoy``s od nigms. Ralh` hoig oddlc`rs cojjoghy chos` jor` hoigs taig jortbib` nrom`rs ictuihhy ko n`cius` od ta`lr `xt`gslv` g`tworm od r`d`rrihs wltalg ta` nigm dor walca ta`y worm, ta` ji forlty od jortbib` nrom`rs n rom`rs jim` jor` jog`y taig hoig oddlc`rs jim`. Jortbib` nrom`rs b`g`rit` ta` hlog“s sair` od ihh hoig orlblgitlogs wltalg ta` cougtry is w`hh. Jortbib` nrom`rs ir` ihh r`pr`s`gt`k ny ta` GIJN, walca ls ta` icrogyj dor ta`lr broup ta` Gitlogih Issoclitlog od Jortbib` Nrom`rs. [a` GIJN“s GIJN“s jlsslog ls to r`pr`s`gt ta` lgkustry od jortbib` nrom`rs taroubaout ta` P.S. Lt ihso odd`rs `kucitlog, r`sourc`s to j`jn`rs, igk i c`rtldlcitlog probrij is w`hh.
Juglclpih Nogks Juglclpih nogks prov` to n` cougtl`s“, cltl`s“, igk stit`s“ k`nt onhlbitlogs. [a`y lssu` ta`s` lg ork`r to rils` jog`y ibilgst dutur` tix r`v`gu`s dor nulhklgb albawiys, scaoohs, s`w`r syst`js, aospltihs, igk guj`rous ota`r punhlc w`hdir` prof`cts. Ra`g you is ig lgv`stor nuy i juglclpih nogk, you ir` ictuihhy hoiglgb i stit` or hocih bov`rgj`gt or ib`gcy jog`y. [a`y ibr`` to piy you nicm your prlgclpih, ihogb wlta i c`rtilg suj od lgt`r`st tait ls b`g`rihhy pilk out twlc` i y`ir. [a` prlgclpih ls cojjoghy blv`g nicm og ta` pr` irrigb`k jiturlty kit` od ta` nogk. [a` ikvigtib` tait ls jost cojjoghy tout`k to juglclpih nogks ls ta`lr tix dr`` gitur`. [a` truta ls tait got `v`ry juglclpih nogk ictuihhy provlk`s lgcoj` walca ls tix dr`` og nota stit` igk d`k`rih h`v`hs. Jigy juglclpih nogk lssu`s ir` `x`jpt droj tix`s droj ta` stit` igk hocih iutaorltl`s nut stlhh aiv` to piy tix`s og `irglgb to ta` d`k`rih bov`rgj`gt. Juglclpih nogks tait coj` wltaout igy d`k`rih tix`s is w`hh ir` b`g`rihhy mgowg is Jugls. [a`s` Jugls prov` to n` ta` jost ipp`ihlgb nogks dor jigy lgv`stors slgc` ta`y ir` b`g`rihhy `x`jpt
9<9
Dlgigclih [`rjs Klctlogiry
droj ihh D`k`rih, stit`, igk hocih tix`s too. N`slk`s tals, Jugls ir` cojjoghy lgv`stj`gts jik` lg ta` hocih igk stit` lgdristructur`, lj pictlgb your kilhy quihlty od hld` igk tait od your cojjuglty. cojjuglty. Urof`cts lgchuklgb albawiys, aospltihs, igk aouslgb ir` ihh cov`r`k ny ta`s` typ`s od juglclpih nogks. Juglclpih nogks cig ihso n` durta`r sunklvlk`k lgto og` od two b`g`rih cit`borl`s. [a`s` ir` b`g`rih onhlbitlog nogks igk r`v`gu` nogks. Rlta i b`g`rih onhlbitlog nogk, ta` lgt`r`st igk prlgclpih tait ls ow`k to you ls cojjoghy nicm`k up ny ta` lssu`r“s owg cr`klt igk dilta. [a`y typlcihhy coj` ugk`rplgg`k ny ta` tixlgb pow`r od ta` lssu`r. [als cig n` nis`k og ta`lr hljlt`k or ughljlt`k pow`rs od tixlgb. B`g`rih B`g`rih onhlbitlog nogks usuihhy coj` ipprov`k ny n y ta` vot`rs wao wlhh piy ta` tix`s tait support ta`lr r`piyj`gt. ^`v`gu` nogks og ta` ota`r aigk ir` nicm`k up ny sp`cldlc r`v`gu`s dor ta` prof`ct lg qu`stlog. [a`lr lgt`r`st igk prlgclpih piyj`gt ijougts aiv` supportlgb r`v`gu`s tait coj` droj tohhs, r`gts droj ta` diclhlty tait ta`y nulhk, or cairb`s to us` ta` diclhlty tait ls nulht. Jigy kldd`r`gt punhlc worms ir` nulht wlta r`v`gu` nogks. [a`s` couhk n` ilrports, nrlkb`s, roiks, s`wib` igk wit`r tr`itj`gt phigts, sunslklz`k aouslgb, igk `v`g aospltihs. I br`it gujn`r od suca nogks nog ks coj` lssu`k ny iutaorltl`s walca ir` sp`cldlcihhy hiugca`k to cr`it` suca nogk lssu`s lg ta` dlrst phic`. Juglclpih nogks igk got`s cojjoghy coj` wlta jlgljuj lgv`stj`gt ijougts. [a`s` ir` typlcihhy k`gojlgit`k ny $0,555. [a`y cig coj` lg juhtlph`s od $0,555 lgcr`j`gts is w`hh. Ld you wigt to nuy i juglclpih nogk, you cig nuy ta`j klr`cthy odd od ta` nogk lssu`r wa`g ta`y coj` out og ta` prljiry jirm`t, or iht`rgitlv`hy odd od ota`r nogk aohk`rs idt`r ta`y aiv` coj` out, droj ta` s`cogkiry jirm`t.
Jutuih Dugks Jutuih dugks prov` to n` cohh`ctlv` lgv`stj`gt poohs tait ir` jigib`k prod`sslogihhy. prod`sslogihhy. [a`y k`rlv` ta`lr soj`tlj`s `gorjous cipltihs droj ta` cogtrlnutlogs od jigy kldd`r`gt lgv`stors. [a`s` jogl`s ir` ta`g lgv`st`k lg i virl`ty od lgv`stj`gts igk s`curltl`s cojprls`k od nogks, stocms, ota`r jutuih dugks, jog`y jirm`ts, igk cojjokltl`s hlm` slhv`r igk bohk. Jutuih dugks ihh aiv` i dugk jigib`r. Als r`spogslnlhlty ls to s`hh igk nuy ta` aohklgbs od ta` dugk iccorklgb to ta` bulk`hlg`s sp`hh`k out lg
9<>
Dlgigclih [`rjs Klctlogiry
ta` pirtlcuhir jutuih dugk“s prosp`ctus. P.S. r`buhitlogs r`qulr` tait ihh jutuih dugks r`blst`r`k wlta ta` bov`rglgb S@C, or S`curltl`s igk @xcaigb` Cojjlsslog, jim` klstrlnutlogs od prictlcihhy ihh lgcoj` igk g`t bilgs jik` droj s`hhlgb s`curltl`s to ta` lgv`stors jlgljihhy ogc` i y`ir. [a` jiforlty od ta`s` jutuih dugks ir` durta`rjor` ov`rs``g ny trust``s or noirks od klr`ctors. [a`lr fon ls to jim` c`rtilg tait ta` dugk ls prop`rhy jigib`k ny lts lgv`stj`gt ikvls`r dor ta` lgv`stors od ta` dugks uhtljit` book. [a`r` ir` r`ihhy i wlk` virl`ty od kldd`r`gt s`curltl`s tait jutuih dugks ir` p`rjltt`k ny ta` S@C to purcais`. [als ls soj`wait hljlt`k ny ta` onf`ctlv`s sp`hh`k out lg ta` prosp`ctus od ta` dugk, walca ls cojprls`k od i br`it ijougt od us`duh lgdorjitlog og ta` dugk igk lts boihs. Ralh` cisa lgstruj`gts, stocms, igk nogks ir` ta` jor` cojjog typ`s od lgv`stj`gts tait ta`y purcais`, jutuih dugks jlbat ihso nuy `xotlc typ`s od lgv`stj`gts hlm` dorwirks, swips, optlogs, igk dutur`s. [a` lgv`stj`gt onf`ctlv`s od jutuih dugks `xphilg ch`irhy ta` typ`s od lgv`stj`gts tait ta` dugk wlhh purcais`. Is ig `xijph`, ld i dugk“s on f`ctlv` chilj`k tait lt wis itt`jptlgb to r`ihlz` cipltih ippr`clitlog tarouba lgv`stlgb lg P.S. cojpigy stocms r`birkh`ss od ta`lr ijougt od jirm`t cipltihlzitlog, ta`g lt wouhk n` i P.S. stocm dugk tait purcais`k P.S cojpigy stocms. Ota`r jutuih dugks purcais` sp`cldlc jirm`t s`ctors or kldd`r`gt lgkustrl`s. Ptlhltl`s, t`cagohoby, igk dlgigclih s`rvlc` dugks ir` `xijph`s od tals. Suca i dugk ls cihh`k i s`ctor dugk or sp`clihty dugk. [a`r` ir` ihso nogk dugks tait purcais` kldd`r`gt mlgks od nogks, hlm` lgv`stj`gt brik` corporit` nogks or alba yl`hk fugm nogks. [a`y cig lgv`st lg ta` nogks lssu`k ny bov`rgj`gt ib`gcl`s, juglclpihltl`s, juglclpihltl`s, or cojpigl`s. [a`y jlbat ihso n` klvlk`k up iccorklgb to wa`ta`r ta`y purcais` hogb t`rj or saort t`rj jiturltl`s od nogks. [a`s` dugks jiy ihso nuy nogks or stocms od `lta`r koj`stlc cojpigl`s or bhonih cojpigl`s, or `v`g lgt`rgitlogih cojpigl`s outslk` od ta` Pglt`k Stit`s. Lgk`x dugks ir` igota`r typ` od jutuih dugk tait itt`jpts to jitca i c`rtilg jirm`t lgk`x“s p`rdorjigc` ov`r tlj`. [a` S&U 055 lgk`x ls ig `xijph` od og` og walca lgk`x jutuih dugks ir` nis`k. Rlta tals typ` od lgk`x dugk, ta` jutuih dugk wouhk dlgk k`rlvitlv`s nis`k og ta` S&U 055 stocm lgk`x dutur`s so tait ta`y couhk jitca ta` lgk`x“s p`rdorjigc` is lk`gtlcihhy is posslnh`. [o a`hp lgv`stors n`tt`r ugk`rstigk ta` typ` od dugk tait ta`y ir` b`ttlgb lgto, ta` S@C cij` out wlta i pirtlcuhir gij` ruh` lg ta` ;5“ Ict tait jim`s dugks ictuihhy lgv`st lg jlgljihhy `lbaty p`rc`gt od s`curl-
9<3
Dlgigclih [`rjs Klctlogiry
tl`s tait ictuihhy jitca up wlta ta`lr gij`. So i dugk cihh`k ta` G`w \orm [ix Dr`` Nogk Dugk wouhk aiv` to us` `lbaty p`rc`gt or jor` od lts dugks to purcais` lgv`stj`gts od tix dr`` nogks tait G`w \orm Stit` igk lts virlous ib`gcl`s lssu`k.
GISKIY (Gitlogih Issoclitlog od S`curltl`s K`ih`rs) [a` GISKIY ls ta` icrogyj dor ta` Gitlogih Issoclitlog od S`curltl`s K`ih`rs Iutojit`k Iutojit`k Yuotitlog Syst`js, taouba ta` orbiglzitlog ais kropp`k ta` Iutojit`k Yuotitlog Syst`js pirt od ta` gij` is onsoh`t`. [als GISKIY ls ta` cougtry“s s`cogk hirb`st stocm `xcaigb`. Lt r`pr`s`gts ta` prlgclpih rlvih to ta` G\S@, or G`w \orm Stocm @xcaigb`, walca ls ta` hirb`st stocm `xcaigb` lg ta` cougtry igk oghy og` hirb`r taig lt. [a` GISKIY ls ihso ta` hirb`st `qulty s`curltl`s triklgb jirm`t lg ta` P.S. tait ls nis`k og ig `h`ctroglc scr``g. Ra`g jirm`t cipltihlzitlog, or ta` vihu` od lts stocm p`r sair` juhtlphl`k ny ta` gujn`r od outstigklgb sair`s, ls cogslk`r`k, lt ls ta` dourta hirb`st triklgb `xcaigb` lg ta` worhk. [a` GISKIY ictuihhy r`corks i alba`r triklgb vohuj` taig ko`s igy cojp`tlgb `h`ctroglc stocm `xcaigb` og `irta wlta lts ictlv`hy trik`k ><9< tlcm`r syjnohs. GISKIY n`cij` `stinhlsa`k lg 9<29 ny ta` GISK, or Gitlogih IsIs soclitlog od S`curltl`s K`ih`rs. [a` syst`j orlblgihhy r`pr`s`gt`k ta` succ`ssor to ta` O[C, or Ov`r ta` Cougt`r trik`k jirm`t. Lt hit`r k`v`hop`k lgto ig ictuih stocm `xcaigb` od sorts. Ny >555 igk >559, ta` GISK sohk odd ta` GISKIY lgto ta` GISKIY OJQ Broup, wao pr`s`gthy owg igk op`rit` lt. Lts stocm ls hlst`k ugk`r ta` syjnoh od GKIY slgc` Fuhy > od >55>. [a` DLG^I, or Dlgigclih Dlgigclih Lgkustry ^`buhitory Iutaorlty, ov`rs``s igk r`buhit`s ta` GISKIY stocm jirm`t `xcaigb`. [a` GISKIY jik` jifor cogtrlnutlogs to ta` worhk od `h`ctroglc stocm `xcaigb` triklgb is ta` dlrst og` od lts mlgk og `irta. Ra`g lt n`big, lt stirt`k out is i cojput`r nuhh`tlg noirk syst`j tait klk got hlt`rihhy put nuy`rs igk s`hh`rs lg touca. Ijogb lts br`it ical`v`j`gts, ta` GISKIY prov`k to n` r`spogslnh` dor k`cr`islgb ta` spr`ik, or ta` nlk igk ta` ismlgb prlc`s“ kldd`r`gc` dor stocms. Jigy k`ih`rs klshlm`k ta` GISKIY lg ta` `irhy kiys, is ta`y jik` `gorjous prodlts og ta`s` alba`r spr`iks.
9<;
Dlgigclih [`rjs Klctlogiry
Lg suns`qu`gt y`irs, ta` GISKIY `vohv`k lgto i typlcih stocm `xcaigb` tarouba ikklgb vohuj` r`portlgb igk trik` r`portlgb to lts g`w iutojit`k triklgb syst`js. [als `xcaigb` n`cij` ta` dlrst suca stocm jirm`t lg Ij`rlci to ikv`rtls` to ta` punhlc. [a`y wouhk albahlbat cojpigl`s tait trik`k og ta` GISKIY, jigy od walca w`r` t`cagohoby cojpigl`s. [a`lr cojj`rclihs chos`k out wlta ta` jotto ta` stocm `xcaigb` dor ta` glg`tl`s igk n`yogk, tait ta`y `v`gtuihhy caigb`k to GISKIY, ta` stocm jirm`t jirm`t dor ta` g`xt og` augkr`k y`irs. [a` GISKIY ls s`t to n`coj` i trigs Ithigtlc stocm `xcaigb` tltig wlta lts purcais` od ta` Gorwiy nis`k OJQ stocm `xcaigb`. [als wlhh oghy `gaigc` lts @urop`ig aohklgbs tait pr`s`gthy lgchuk` `lbat ota`r stocm `xcaigb`s taroubaout @urop`. N`slk`s lts GISKIY stocm `xcaigb` lg G`w \orm Clty, ta` broup poss`ss`s i og` talrk stim` lg ta` Kunil Stocm @xcaigb` lg ta` Pglt`k Irin @jlrit`s. Rlta lts kounh` hlstlgb irrigb`j`gt lg phic` wlta ta` OJQ `xcaigb`, ta` GISKIY OJQ ls s`t to n`coj` ta` jifor cojp`tltor dor G\S@ @urog`xt lg nrlgblgb lg g`w hlstlgbs.
G`t Op`ritlgb Lgcoj` G`t Op`ritlgb Lgcoj` cig r`d`r to two kldd`r`gt cogc`pts. Lt jiy n` us`k lg r`birks to cojpigl`s igk corporitlogs, or to prop`rtl`s igk ta`lr igguih lgcoj`s. Ra`r` cojpigl`s ir` cogc`rg`k, G`t Op`ritlgb Lgcoj`, ihso mgowg ny lts icrogyj GOL, ls ta` lgcoj` idt`r k`kuctlgb ta` cojpigy“s op`ritlgb `xp`gs`s. Lt ls dlbur`k up lg ikvigc` od timlgb odd lgt`r`st igk lgcoj` tix k`kuctlogs. Ra`g tals gujn`r prov`s to n` i posltlv` gujn`r, lt ls cihh`k g`t op`ritlgb lgcoj`. Ld ta` gujn`r turgs out to n` i g`bitlv` vihu`, ta`g lt ls r`d`rr`k to is i G`t Op`ritlgb Hoss, ihso mgowg ny ta` icrogyj od GOH. Jigy igihysts hlm` to hoom it ta` G`t Op`ritlgb Lgcoj` is i r`ihlstlc plctur` od aow i cojpigy ls p`rdorjlgb. [a`y d``h tait tals gujn`r ls jor` klddlcuht dor jigib`j`gt to jiglpuhit` taig ir` ota`r gujn`rs lg ta` lgcoj` stit`j`gts od i coj pigy. pigy. U`rtilglgb to prop`rtl`s, G`t Op`ritlgb Lgcoj` `quihs ta` igguih bross lgcoj` jlgus ta` `xp`gs`s dor op`ritlgb. Lg tals r`sp`ct, ta` bross lgcoj` ls cojprls`k od r`ih lgcoj` droj r`gtihs is w`hh is ota`r lgcoj`s hlm` hiugkry r`c`lpts, v`gklgb r`c`lpts, pirmlgb cairb`s, igk `v`ry typ` od lgcoj` tait ls r`hit`k to prop`rtl`s. Op`ritlgb `xp`gs`s prov` to n` ta` `xp`gs`s tait ir` `gcougt`r`k lg ta` typlcih jilgt`gigc` igk op`ritlgb od ta` prop`rty lg qu`stlog. Ijogb ta`s` `xp`gs`s ir` lgsurigc`, jilgt`gigc`, r`pilrs, utlhltl`s, jigib`j`gt d``s, prop`rty tix`s, igk
9<0
Dlgigclih [`rjs Klctlogiry
supphl`s. Soj` costs ir` got k``j`k to n` op`ritlgb `xp`gs`s, suca is cipltih `xp`gkltur`s, lgt`r`st igk prlgclpih piyj`gts, lgcoj` tix`s, k`pr`clitlog, or ijortlzitlog od ta` polgts og i hoig. So, cihcuhitlgb ta` G`t Op`ritlgb Lgcoj` og i prop`rty lgvohv`s dlrst timlgb ta` virlous dorjs od igguih bross lgcoj` igk ikklgb ta`j ihh up. [a`g ta` op`ritlgb `xp`gs`s saouhk n` tim`g igk ikk`k up. Dlgihhy, ta` op`ritlgb `x p`gs` totih ls suntrict`k droj ta` op`ritlgb lgcoj` totih to ical`v` ta` G`t Op`ritlgb Lgcoj` dlbur`. Lg r`ih `stit`, G`t Op`ritlgb Lgcoj` ls utlhlz`k wltalg two crltlcih r`ih `stit` ritlos. [a` Cipltihlzitlog ^it`, ihso mgow is ta` Cip ^it`, ls `jphoy`k to coj` up wlta ig `stljit` od ta` ictuih vihu` od prop`rtl`s tait prokuc` lgcoj`. Dor `xijph`, jiyn` i prop`rty n`lgb cogslk`r`k dor purcais` poss`ss`s i jirm`t cipltihlzitlog vihu` od t`g. Cojlgb up wlta ta` jirm`t cip rit` ls ical`v`k ny cogslk`rlgb ta` dlgigclih lgdorjitlog droj ta` sih`s od prop`rtl`s tait prokuc` lgcoj` igk ir` sljlhir lg i pirtlcuhir jirm`t. [a` ota`r ljportigt r`ih `stit` ritlo tait r`hl`s og G`t Op`ritlgb Lgcoj` ls ta` K`nt Cov`rib` ^itlo, ihso mgow is ta` KC^. [a` G`t Op`ritlgb Lgcoj` prov`s to n` i crltlcih cojpog`gt od tals KC^ ritlo. Lgv`stors igk h`gk`rs ihlm` utlhlz` ta` k`nt cov`rib` ritlo to k`t`rjlg` ld i prop`rty ais ta` cipinlhlty od cov`rlgb nota lts jortbib` piyj`gts igk op`ritlgb `xp`gs`s tob`ta`r. I r`suht od og` ls k``j`k to n` ta` nr`im `v`g polgt. [a` jiforlty od h`gk`rs wigt it h`ist i 9.9 to 9.3 ritlo lg ork`r to cogt`jphit` jimlgb i cojj`rclih hoig to i blv`g prop`rty. [a` alba`r tals k`nt cov`rib` ritlo worms out to n` lg i nigms“ oplglog, ta` sid`r ta` hoig wlhh uhtljit`hy n`.
G`t Rorta G`t worta ls i dlbur` tait r`pr`s`gts i nuslg`ss, ig lgklvlkuih, or igota `r broup“s kldd`r`gc` n`tw``g ta` iss`ts tait ta`y aiv` igk ta` hlinlhltl`s tait ta`y ow`. Dlburlgb up tals g`t worta ls kog` ny dlrst timlgb ihh od ta` `gtlty“s k`nts igk onhlbitlogs igk ta`g suntrictlgb tait gujn`r droj ta` `gtlr` suj od iss`ts. Ld ta` totih od ihh od ta`s` iss`ts ls br`it`r taig ta` suj od ihh od ta` k`nts igk onhlbitlogs, ta`g i posltlv` g`t worta r`suhts. Ota`rwls`, wa`g ta` k`nts ir` br`it`r taig ta` iss`ts, ta`g ta` `gtlty ais i g`bitlv` g`t worta. Ra`g you slt kowg to k`t`rjlg` ta` g`t worta dlbur`, `v`ry iss`t saouhk n` totih`k lg ta` op`ritlog. [a`r` ir` jigy kldd`r`gt mlgks od iss`ts. [a`s` ir` cojprls`k od cisa lg ta` nigm, aohklgbs od stocms, r`ih
9<4
Dlgigclih [`rjs Klctlogiry
`stit`, nogks, igk ota`r typ`s od lgv`stj`gts, igk jifor poss`sslogs hlm` v`alch`s. Corr`cthy dlburlgb out ta` kldd`r`gt iss`ts“ vihu`s ls kog` wlta ta` us` od ta` up to kit` dilr jirm`t vihu`, got ta` cost pilk dor ta` lt`j wa`g lt ls purcais`k. \ou just ihso corr`cthy ikk up ta` totih od k`nts igk onhlbitlogs wa`g you ir` itt`jptlgb to b`t i corr`ct g`t worta vihu`. Hlinlhltl`s cov`r jigy kldd`r`gt onhlbitlogs, hlm` i cir piyj`gt, jortbib`, totih od cr`klt cirk k`nt outstigklgb, igk igy ota`r dorjs od hoigs tait aiv` nihigc`s h`dt og ta`j. Nota `v`ry iss`t igk hlinlhlty just n` j`isur`k lg ork`r to coj` up wlta ig iccurit` g`t worta. Mgowlgb your pr`s`gt g`t worta ls v`ry us`duh igk j`iglgbduh. Ld you ir` inh` to cov`r ihh od your outstigklgb k`nt onhlbitlogs sljphy ny s`hhlgb od ihh od your iss`ts, ta`g you aiv` i dlgigclih cogkltlog tait ls dilrhy stinh` igk lg ork`r. Ld your iss`ts ir` jor` taig suddlcl`gt to cov`r ihh od your onhlbitlogs, ta`g your dlgigc`s ir` lg br`it`r saip`. Jost nuslg`ss`s igk p`oph` s``m to r`ica i polgt tait ta`y aiv` ictuih posltlv` g`t worta. [a`r` ir` i d`w n`g`dlts droj aivlgb i corr`ct ugk`rstigklgb od your g`t worta. Lt ls `ss`gtlih tait your pr`s`gt iss`ts“ vihu` ls br`it`r taig your pr`s`gt k`nt hoik. I p`rsog wao ow`s jor` jog`y taig ta`y ictuihhy owg pr`s`gts i prodlh` od i p`rsog wao ls got ig `sp`clihhy book cr`klt rlsm. Rltaout i posltlv` g`t worta, jigy h`gklgb lgstltutlogs hlm` nigms wlhh talgm twlc` inout provlklgb you y ou wlta ta` jost ikvigtib`ous hoig rit`s odd`r`k. [als ls n`cius` ta`y d``h tait you pr`s`gt jor` od i rlsm to h`gk jog`y. Lt ls ihso book to mgow wa`r` your g`t worta stigks n`cius` lt ls i a`hpduh n`blgglgb polgt dor your b`g`rih dlgigclih phigglgb. Saouhk you klscov`r tait you airkhy aiv` suddlcl`gt iss`ts wlta walca to cov`r your pr`s`gt ijougt od k`nts, ta`g tals ls i book slbg tait you saouhk got `gbib` lg igy ota`r purcais`s ugtlh hit`r, idt`r you aiv` `hljlgit`k s`v`rih od your k`nts. [als j`igs tait ld you occislogihhy dlbur` up your g`t worta, ta`g you wlhh cojpr`a`gk got oghy wa`r` you stigk gow, nut ihso wa`g you wlhh n` lg i n`tt`r posltlog to purcais` i g`w cir.
Got` (projlssory) Urojlssory got`s ir` g`botlinh` lgstruj`gts tait ir` cihh`k got`s piyinh` lg iccougtlgb clrch`s. Lg suca projlssory got`s, ig lssu`r
9<2
Dlgigclih [`rjs Klctlogiry
wrlt`s ig ughljlt`k projls` tait a` or sa` wlhh piy i c`rtilg ijougt od jog`y to ta` piy``. [als cig n` s`t up `lta`r og k`jigk od ta` piy``, or it i pr` irrigb`k dutur` polgt lg tlj`. Sp`cldlc t`rjs ir` ihwiys irrigb`k dor ta` r`piyj`gt od ta` k`nt lg ta` projlssory got`. Urojlssory got`s ir` soj`wait hlm` LOP“s igk y`t qult` kldd`r`gt. Pghlm` ig LOP tait oghy ibr``s tait ta`r` ls i k`nt lg qu`stlog, projlssory got`s ir` jik` up od i pirtlcuhir projls` to piy ta` k`nt. Lg cogv`rsitlogih v`rgicuhir, hoig cogtrict, hoig ibr``j`gt, or hoig ir` odt`g utlhlz`k lg phic` od projlssory got`, `v`g taouba suca t`rjs ko got j`ig ta` sij` talgbs h`bihhy. Ralh` i projlssory got` ko`s provlk` prood od i hoig lg `xlst`gc`, lt ls got ta` hoig cogtrict. I hoig cogtrict lgst`ik ais ihh od ta` cogkltlogs igk t`rjs od ta` pirtlcuhir hoig irrigb`j`gt wltalg lt. Urojlssory got`s cogtilg i virl`ty od t`rj `h`j`gts lg ta`j. Ijogb ta`s` ir` ta` ijougt od prlgclpih, ta` rit` od lgt`r`st, ta` pirtl`s lgvohv`k, ta` r`piyj`gt t`rjs, ta` kit`, igk ta` kit` od jiturlty. Droj tlj` to tlj`, provlslogs jiy n` lgchuk`k p`rtilglgb to ta` piy``“s rlbats saouhk ta` lssu`r k`diuht. [a`s` rlbats couhk lgchuk` ta` inlhlty to dor`chos` og ta` lssu`r“ lssu`r “s iss`ts. I pirtlcuhir typ` od projlssory got` ls i K`jigk Urojlssory got`. [als sp`cldlc mlgk ko`s got coj` wlta ig `xict kit` od jiturlty. Lgst`ik, lt ls ku` wa`g ta` h`gk`r k`jigks r`piyj`gt. B`g`rihhy, lg ta`s` cis`s h`gk`rs oghy ihhow s`v`rih kiys ikvigc` gotlc` n`dor` ta` piyj`gt just n` jik`. Rltalg ta` P.S., ta` Irtlch` 3 od ta` Pgldorj Cojj`rclih Cok` r`buhit`s jost projlssory got`s. [a`s` g`botlinh` dorjs od projlssory got`s ir` a`ivlhy us`k ihogb wlta ota`r kocuj`gts lg jortbib`s tait lgvohv` dlgigclgb purcais`s od r`ih `stit` prop`rtl`s. Ra`g p`oph` jim` hoigs lg n`tw``g `ica ota`r, ta` jimlgb igk slbglgb od projlssory got`s ir` cojjoghy crltlcih dor ta` purpos`s od r`cork m``plgb igk piylgb tix`s. Nuslg`ss`s ihso r`c`lv` cipltih vli ta` us` od projlssory got`s tait ir` soj`tlj`s r`d`rr`k to is cojj`rclih pip`rs. [a`s` projlssory got`s n`cij` i dlgigc` sourc` dor ta` cr`kltors od o d ta` dlrj r`c`lvlgb jog`y. Urojlssory got`s aiv` dugctlog`k hlm` curr`gcy tait prov`k to n` prlvit`hy lssu`k lg ta` pist. N`cius` od tals, suca projlssory got`s tait ir` n`ir`r g`botlinh` aiv` josthy n``g jik` lhh`bih, slgc` ta`y r`pr`s`gt ig iht`rgitlv` to ta` oddlclihhy sigctlog`k curr`gcy. Urojlssory got`s bo nicm to w`hh n`dor` ta` 9055“s lg R`st`rg @urop`. [rikltlog chiljs tait ta` v`ry dlrst og` `v`r slbg`k `xlst`k lg Jlhig lg 93>0. ^`d-
9<1
Dlgigclih [`rjs Klctlogiry
`r`gc` ls jik` to soj` n`lgb lssu`k n`tw``g Nirc`hogi igk B`goi nicm lg 931;, `v`g taouba w` go hogb`r aiv` ta` projlssory got`s ta`js`hv`s. [a` dlrst og` tait w` stlhh aiv` kit`s nicm to 9003 wa`r` Blgihko Bloviggl Nittlsti Stroxxl lssu`k og` tait a` cr`it`k lg J`klgi k`h Cijpo, Spilg ibilgst ta` clty od N`sigcog.
G\S@ (G`w \orm Stocm @xcaigb`) [a` G\S@ ls ta` icrogyj dor ta` worhk“s hirb`st stocm `xcaigb`, ta` G`w \orm \orm Stocm @xcaigb`. Rlta i jirm`t cipltihlzitlog od cojpigl`s hlst`k og lt totihlgb it $99.<> trlhhlog kohhirs lg Iubust >595, lt ihso poss`ss`k ig iv`rib` kiy triklgb vihu` od irougk $903 nlhhlog lg >551. Ny jirm`t cipltihlzitlog, ta` G\S@ ais go rlvihs dor slz`. [a` G`w \orm Stocm @xcaigb` ls owg`k igk op`rit`k ny ta` G\S@ @urog`xt cojpigy. [als outdlt cij` lgto n`lgb lg >552 wa`g ta` G\S@ j`rb`k wlta ta` cojph`t`hy cojph`t`hy `h`ctroglc @urog`xt stocm `xcaigb`. Dour roojs jim` up ta` triklgb dhoor od ta` G\S@ tait ls dougk it 99 Rihh Str``t. Lts jilg nulhklgb ls dougk it 91 Nroik Str``t og ta` corg`rs od Rihh Str``t igk @xcaigb` Uhic`. [als nulhklgb n`cij` i Gitlogih Alstorlc Higkjirm nicm lg 9<21, ihogb wlta lts slst`r 99 Rihh Str``t Nulhklgb. Occislogihhy mgowg is ‘ta` Nlb Noirk,‚ ta` G`w \orm \orm Stocm @xcaigb` ihhows dor s`hh`rs igk nuy`rs od stocms to `xcaigb` sair`s lg ihh od ta` cojpigl`s tait ir` hlst`k dor punhlc triklgb. Lts triklgb aours prov` to n` <635 IJ to ;655 UJ og Jogkiy to Drlkiy. Aohlkiys ir` sp`hh`k out lg ikvigc` ny ta` `xcaigb` lts`hd. [a` G\S@ ais ihwiys op`rit`k is ig lg p`rsog triklgb dhoor slgc` lts lgc`ptlog lg 92<>. [okiy, tals worms lg ig iuctlog dorjit tait ls ogbolgb. Dhoor trik`rs a`r` ir` inh` to jim` stocm trigsictlogs dor lgv`stors. [a`y sljphy bita`r tob`ta`r surrougklgb ta` pirtlcuhir cojpigy post wa`r` ta`r` ls i sp`clihlst nrom`r wormlgb is iuctlog``r lg op`g outcry dorjit to b`t nuy`rs igk s`hh`rs tob`ta`r igk to ov`rs`` ta` iuctlog lts`hd. [als sp`clihlst worms klr`cthy dor ta` cojpigy tait ls ig G\S@ j`jn`r igk got ta` `xcaigb` lts`hd. [a`s` sp`clihlsts wlhh cojjlt ta`lr owg jog`y to isslst ta` trik`s inout t`g p`rc`gt od ta` tlj`. Giturihhy, ta`y ihso blv` out lgdorjitlog tait s`rv`s to nrlgb tob`ta`r s`hh`rs igk nuy`rs. Lg 9<<0, G\S@ n`big jimlgb ta` iutojitlog trigsltlog dor ta` iuctlogs. [als stirt`k wlta aigk a`hk cojput`rs tait w`r` wlr`h`ss. Hlm`
9<<
Dlgigclih [`rjs Klctlogiry
tals, trik`rs w`r` cipinh` od o d `x`cutlgb igk b`ttlgb ork`rs `h`ctroglcihhy. [als `gk`k i >53 y`ir trikltlog od pip`r nis`k trik`s. Droj Figuiry >; od >552, jost `v`ry stocm og ta` G\S@ ls inh` to n` trik`k og ta` `h`ctroglc Aynrlk Jirm`t. Rlta tals inlhlty to s`gk lg custoj`r ork`rs dor `h`ctroglc cogdlrjitlog ljj`klit`hy, ork`rs cig ihso n` s`gt to ta` dhoor dor iuctlog jirm`t trik`. Jor` taig `lbaty-two p`rp`r c`gt od ta` G\S@ ork`r vohuj` cij` to ta` dhoor `h`ctroglcihhy lg oghy ta` dlrst tar`` jogtas o odd tait dlrst y`ir. Oghy taos` wao owg og` od 9,344 ictuih s`its og ta` `xcaigb` ir` p`rjltt`k to trik` sair`s klr`cthy og ta` `xcaigb`. Suca s`its ir` sohk dor `gorjous sujs. [a` alba`st prlc` pilk dor og` ijougt`k to $; jlhhlog lg ta` tilh `gk od ta` 9<<5“s. [a` alba`st prlc` `v`r pilk ikfust`k dor lgdhitlog prov`k to n` $4>0,555 lg 9<><, walca wouhk ijougt to jor` taig slx jlhhlog kohhirs lg t`rjs od >595 kohhirs. Slgc` ta` `xcaigb` n`cij` i punhlc cojpigy, ta` s`its aiv` n``g lgst`ik sohk lg og` y`ir hlc`gs`s.
O!saor` Iccougt Oddsaor` iccougts ir` iccougts tait you aiv` lg i nigm tait ls hocit`k lg igota`r cougtry. [a` t`rj orlblgihhy cij` droj nigms igk iccougts tait w`r` dougk lg ta` Caigg`h Lshigks, walca w`r` hlt`rihhy odd saor` droj Br`it Nrltilg. Lgt`r`stlgbhy `gouba, ta` jiforlty od oddsaor` nigms igk oddsaor` iccougts ir` stlhh dougk og lshigks to tals kiy. Lgklvlkuihs igk nuslg`ss`s jlbat us` oddsaor` iccougts dor i virl`ty od purpos`s. [a` popuhir cogc`ptlog od oddsaor` iccougts ls tait spl`s igk crljlgihs utlhlz` ta`j is phic`s to stor` ta`lr cisa. Lg dict, jost oddsaor` iccougts ir` cojph`t`hy h`bltljit`. U`oph` igk `v`g nuslg`ss`s aiv` ta`j is phic`s to k`poslt ta`lr jog`y, jim` lgv`stj`gts, or us` is triklgb iccougts. Ra`g ta`y ir` us`k is triklgb iccougts, ta` p`rsog utlhlz`s ta`j to phic` oghlg` trik`s lg stocm jirm`ts. Oddsaor` iccougts cig ihso n` `jphoy`k to alk` iss`ts droj bov`rgj`gts igk tix`s, `v`g taouba tals ls got ta` cis` dor jost suca oddsaor` iccougts. I gujn`r od oddsaor` nigmlgb iccougts `xlst, suca is ASNC Oddsaor` Nigmlgb lg Blnriht`r, Nirchiys Oddsaor` Nigmlgb lg ta` lshigk od F`rs`y, igk Brlddog Nigm lg ta` lshigk od Kojlglci lg ta` Cirlnn`ig. [a`s` iccougts provlk` ihh typ`s od s`rvlc`s dor ta` nigmlgb g``ks od p`oph` igk nuslg`ss`s, og` od walca ls Lgt`rg`t nigmlgb. nigmlgb.
>55
Dlgigclih [`rjs Klctlogiry
Ijogb ta` ikvigtib`s od oddsaor` iccougts ls prlvicy. Oddsaor` nigmlgb lgstltutlogs m``p oddsaor` iccougt lgdorjitlog s`cr`t. Suca nigms ir` dornlkk`g to k`chir` tals lgdorjitlog cogc`rglgb ta` stitus od ta` iccougt or igy od lts pirtlcuhirs to igy lgklvlkuih or `gtlty wao ls got ta` iccougt aohk`r. [a` oghy `xc`ptlog to tals ls wa`g oddsaor` nigms n`hl`v` ta` aohk`r od ig oddsaor` iccougt jiy n` uslgb ta` iccougt dor lhh`bih purpos`s hlm` krub triddlcmlgb, support od t`rrorlsj, or crljlgih jog`y hiugk`rlgb. Igota`r book r`isog dor puttlgb your jog`y lgto ig oddsaor` nigm iccougt ls n`cius` ta`y typlcihhy odd`r n`tt`r lgt`r`st og jog`y. Lt ls i w`hh mgowg dict tait oddsaor` nigms provlk` n`tt`r lgt`r`st rit`s dor ta`lr custoj`rs. Suca rit`s k`p`gk og ta` hocitlog igk ta` oddsaor` nigm lg qu`stlog. ^`isogs dor alba`r lgt`r`st rit`s aiv` to ko wlta ta` how`r op`ritlgb costs lg ta`s` lshigks or ota`r hocitlogs, is w`hh is ta` alba`r lgt`r`st rit`s lg ta` prosp`rous cougtrl`s wa`r` ta`y ir` nis`k. [ix ikvigtib`s prov` to n` igota`r jotlvitlgb dictor dor oddsaor` nigmlgb igk aivlgb oddsaor` iccougts. I gujn`r od cougtrl`s wlhh propro vlk` tix n`g`dlts to lgv`stors wao ir` dor`lbg`rs lg ork`r to ittrict ta`lr jog`y. Ralh` tals ls kldd`r`gt dor `v`ry hocitlog too, jigy oddsaor` nigms igk ta`lr aostlgb cougtrl`s wlhh got h`vy tix`s og lgv`stj`gt r`r` turgs igk lgt`r`st `irg`k lg suca oddsaor` iccougts.
Op`ritlgb @xp`gs`s Lg ta` worhk od nuslg`ss igk corporitlogs, op`ritlgb `xp`gs`s ls ta` t`rj tait p`rtilgs to ta` cogtlguous costs od rugglgb i nuslg`ss. [als jim`s op`ritlgb `xp`gs`s ta` `xp`gs`s dor `v`rytalgb aipp`glgb n`algk ta` sc`g`s. Suca op`ritlgb costs lgchuk` igy `xp`gs`s lgcurr`k dor ta` hlt`rih op`ritlog od ta` nuslg`ss. \ou occislogihhy s`` ta` works op`ritlgb `xp`gs`s wrltt`g is OU@Q. [als ls `sp`clihhy tru` lg lgt`rgih j`jos igk kocuj`gtitlog tait ir` r`h`vigt to ta` `irglgbs od i cojpigy. [a` jost dr`qu`gt op`ritlgb `xp`gs`s ir` taos` aivlgb to ko wlta `jphoy`` n`g`dlts igk sihirl`s. [a`s` cojjoghy jim` up ta` nlbb`st lgklvlkuih `xp`gs`s dor i corporitlog. Ota`r op`ritlgb costs couhk n` oddlc` supphl`s, jirm`tlgb nukb`ts, hlc`gslgb igk h`bih d``s, riw jit`rlih `xp`gs`s, costs od r`s`irca igk k`v`hopj`gt, iccougtlgb d``s, igk oddlc` utlhltl`s. Igota`r m`y op`ritlgb `xp`gs` ls k`pr`clitlog. K`pr`clitlog prov`s to n` ta` quigtlty od vihu` tait kljlglsa`s lg ig iss`t ov`r i p`rlok od
>59
Dlgigclih [`rjs Klctlogiry
tlj`. [als j`igs tait iccougts cig tim` `qulpj`gt, v`alch`s, igk ota`r iss`ts igk suntrict out ta` how`r vihu` odd od ta` lgltlih vihu` to coj` up wlta k`pr`clitlog is iss`ts brikuihhy hos` vihu`. [als k`pr`clitlog cig n` cougt`k is ig op`ritlgb `xp`gs` so hogb is ta` iss`t ls stlhh `j phoy`k ny ta` nuslg`ss lg lts op`ritlogs. Soj` `xp`gs`s ir` k``j`k to n` cipltih `xp`gs`s lgst`ik od op`ritlgb `xp`gs`s. [als ls b`g`rihhy ta` cis` dor slgbh` `v`gt `xp`gs`s, hlm` nuylgb r`phic`j`gt `qulpj`gt dor cojph`t`hy k`pr`clit`k `xlstlgb `qulpj`gt. [als klvlslog od costs ihhows nota ta` dlrj igk lts lgv`stors to aiv` i jor` r`ihlstlc sgip saot od dor wait ta` jog`y ls us`k n`dor` lt ls inh` to n` put to prodlts. Ra`g you ir` s`hd `jphoy`k, ta`g you jiy cougt nota CIU@Q igk OU@Q is nuslg`ss `xp`gs`s. Op`ritlgb `xp`gs`s aiv` to n` lgchuk`k lg ta` igguih r`ports od nota got dor prodlt outdlts igk corporitlogs tait ir` punhlchy trik`k. [als mlgk od lgdorjitlog cojjoghy coj`s wlta cairts tait cojpir` ta` op`ritlgb `xp`gs`s od s`v`rih y`irs. Lg tals wiy, i r`ik`r ls inh` to ontilg i book ugk`rstigklgb od aow ta` `xp`gs`s ir` probr`sslgb wlta tlj`. Ny tricmlgb op`ritlgb `xp`gs`s lg ig ogbolgb disalog ihh y`ir hogb, ta` lgdorjitlog ls `islhy it aigk dor i cojpigy to lgchuk` lt lg ta`lr r` ports. Iccougtigts, or iht`rgitlv`hy probrijs tait ko dlgigclih jigib`j`gt, ir` b`g`rihhy us`k to a`hp wlta op`ritlgb `xp`gs` tricmlgb igk cihcuhitlog. Ra`g op`ritlgb `xp`gs`s bo up igk kowg `v`ry y`ir, lgv`stors wlhh wigt to mgow way tals ls ta` cis`. K`tilh`k r`corks provlk` book `xphigitlogs dor ta` dlgih gujn`rs to sitlsdy ta` qu`stloglgb pirtl`s. Corporit` tr`isur`rs ir` b`g`rihhy r`spogslnh` dor igsw`rlgb ta`s` qu`rl`s igk cojlgb up wlta igsw`rs.
Orlblgitlog D``s Orlblgitlog d``s ir` ihso mgowg is ictlvitlog d``s. [a`s` ir` ta` costs p`rtilglgb to s`ttlgb up ig iccougt wlta i jortbib` nrom`r, nigm, or ota`r dlrj tait wlhh bo tarouba ta` tisms od cohh`ctlgb igk proc`sslgb ihh kocuj`gts igk r`qulr`j`gts dor b`ttlgb i hoig, lg pirtlcuhir i jortbib` og i aous`. [a`s` orlblgitlog d``s ir` b`g`rihhy ijougts tait ir` pr` k`t`rjlg`k dor igy g`w iccougt. Orlblgitlog d``s cig rigb` droj aihd i p`rc`gtib` polgt to two p`rc`gtib` polgts od ta` `gtlr` hoig totih. [als virligc` ais to ko wlta wa`r` ta` hoigs coj` droj, odd od `lta`r ta` prlj` or ta` sunprlj` hoig jirm`t. Og i sunprlj` jortbib` dor $>55,555, ta` orlb-
>5>
Dlgigclih [`rjs Klctlogiry
lgitlog d`` wouhk hlm`hy ijougt to two p`rc`gt, `quihlgb dour taousigk kohhirs lg tals pirtlcuhir cis`. [a` iv`rib` orlblgitlog d`` coj`s lg it ipproxljit`hy og` p`rc`gt od ta` totih jortbib` hoig kohhir ijougt. [als d`` bo`s to ta` dlrj tait orlblgit`s igk proc`ss`s your hoig. Lt k`driys ta`lr `xp`gs`s tait irls` droj k`v`hoplgb, puttlgb tob`ta`r, igk dlgihhy choslgb og your jortbib`. [a` rls` od ta` Lgt`rg`t ais ihhow`k dor ig iht`rgitlv` cojp`gsitlog sca`j` dor cojpigl`s tait put tob`ta`r igk orlblgit` jortbib`s. Ralh` ta` vist jiforlty od jortbib` nrom`rs igk nigms stlhh cairb` ta`s` hoig orlblgitlog d``s, ta`r` ir` soj` Lgt`rg`t nis`k nrom`rs wao us` i kldd`r`gt jok`h. [a`s` `gtltl`s ko go cairb` orlblgitlog d``s it ihh= lgst`ik ta`y piss ta` sivlgbs klr`cthy og to you ta` custoj`r. [a` wiy tait ta`y b`t pilk ls ny s`hhlgb your hoig to ig lgv`stor ogc` lt ls chos`k. [a` lgv`stor piys ta`j i pr`jluj dor ta` picmib`k hoig, walca cov`rs ta` orlblgitlog d``s, igk ta` oghlg` jortbib` nrom`r ls cojp`gsit`k dor als or a`r worm igk tlj`. [a` orlblgitlog d``s cig n` k`kuct`k droj tix`s. [a` y`ir tait ta` trigsictlog chos`k igk ta` orlblgitlog d``s w`r` cairb`k, ta`y cig n` us`k to r`kuc` ictuih lgcoj` og lgcoj` tix dorjs. [a` Lgt`rgih ^`v`gu` S`rvlc` p`rjlts tals r`kuctlog to lgcoj` go jitt`r wao piys ta` orlblgitlog d``s, j`iglgb tait i p`rsog wao `jphoys i nrom`r tait ko`s got cairb` ta`j orlblgitlog d``s wlhh stlhh n` inh` to k`kuct ta` d``s tait ta` lgv`stors wao hit`r nuy ta` hoig ir` suns`qu`gthy piylgb to ta` jortbib` nrom`r. [als j`igs tait ld you tim` out i $>55,555 jortbib`, ta`g you ir` inh` to k`kuct ta` $>,555 lg hoig orlblgitlog d``s, `v`g ld you klk got aiv` to piy ta`j, nut ig lgv`stor lg ta` hoig klk lgst`ik. Orlblgitlog d``s ir` hlst`k og ta` APK-9 S`tth`j`gt dorj. [a`y ir` tihhl`k n`g`ita ta` sun-a`iklgb od h`gk`r cairb`s. Klscougt polgts tait ir` us`k to nrlgb kowg lgt`r`st rit`s `lta`r p`rjig`gthy or t`jporirlhy ir` ihso hlst`k og tals dorj ugk`r ta` cit`bory. cit`bory.
O[C (Ov`r [a` Cougt`r) O[C ls ta` icrogyj dor Ov`r ta` Cougt`r. Lg ta` nuslg`ss igk dlgigclih worhk, Ov`r ta` Cougt`r triklgb ls ihso mgowg is triklgb odd od ta` `xcaigb`. Suca O[C triklgb bo`s og wa`g dlgigclih lgstruj`gts od virlous mlgks, lgchuklgb stocms, cojjokltl`s, nogks, or k`rlvitlv`s, ir` trik`k hlt`rihhy n`tw``g ta` nuylgb igk s`hhlgb pirty ta`js`hv`s, wlta-
>53
Dlgigclih [`rjs Klctlogiry
out aivlgb ig `xcaigb` lg ta` jlkkh` od ta` trigsictlog. Ov`r ta` Cougt`r triklgb cig n` silk to n` ta` opposlt` od `xcaigb` triklgb. @xcaigb` triklgb aipp`gs lg diclhltl`s or ov`r `h`ctroglc jirm`t phic`s tait ir` sp`clihhy cr`it`k dor ta` triklgb od ta`s` lgstruj`gts. Stocm `xcaigb`s igk dutur`s `xcaigb`s ir` ta` phic`s tait `xcaigb` triklgb tim`s phic` igk Ov`r ta` Cougt`r triklgb ko`s got. Rltalg ta` Pglt`k Stit`s, Ov`r ta` Cougt`r stocm triklgb ls kog` vli jirm`t jim`rs wao `gsur` tait ta`r` ir` jirm`ts lg nota Ulgm Sa``t igk O[CNN, or nuhh`tlg noirks, s`curltl`s. [a`y ko tals tarouba ta` utlhlzitlog od quotitlog s`rvlc`s tait ir` n`tw``g k`ih`rs, hlm` Ulgm Yuot`, rug ny ta` Ulgm O[C Jirm`ts, igk O[C Nuhh`tlg Noirk dor ta` O[CNN. Ralh` Ov`r ta` Cougt`r stocms typlcihhy ko got `lta`r hlst or trik` og igy dorj od stocm `xcaigb`, stocms tait ir` hlst`k og `xcaigb`s jiy n` trik`k og ta` talrk jirm`t ov`r ta` cougt`r. O[CNN quot`k stocms aiv` to dohhow ta` r`portlgb ruh`s is s`t out ny ta` Pglt`k Stit`s S@C, or S`curltl`s igk @xcaigb` Cojjlsslog, r`buhitory noky. Ulgm Sa``t stocms ir` got bov`rg`k ny suca r`portlgb r`qulr`j`gts. Stlhh ota`r stocms tait ir` trik`k is O[CYQ j``t kldd`r`gt klschosur` bulk`hlg`s tait ta`y ir` p`rjltt`k to worm ugk`r lg ta` O[C Ulgm sa``t jirm`ts. O[C cig ihso r`hit` to cogtricts cr`it`k n`tw``g two `gtltl`s. Lg ta`s` cogtricts, ta` two pirtl`s cogcur og ta` wiy tait i sp`cldlc trik` wlhh n` s`tth`k it i c`rtilg dutur` polgt. [a`s` typlcihhy coj` droj lgv`stj`gt nigms igk bo out to ta`lr owg chl`gts. Book `xijph`s od ta`s` typ`s od O[C irrigb`j`gts ir` swips igk dorwirks. Suca cogtricts ir` typlcihhy irrigb`k ov`r ta` paog` or vli cojput`r. K`rlvitlv` O[C cogtricts dihh ugk`r ta` bov`rgigc` od ig ibr``j`gt provlk`k ny ta` Lgt`rgitlogih Swips igk K`rlvitlv`s Issoclitlog. [als typ` od O[C jirm`t ls soj`tlj`s cihh`k ta` Dourta Jirm`t. Lg ta` Dlgigclih Crlsls od >552->595, jigy od ta`s` O[C k`rlvitlv` cogtricts cr`it`k igk wr`im`k aivoc lg lgt`rgitlogih dlgigclih jirm`ts sp`cldlcihhy n`cius` ta`y w`r` trik`k ov`r ta` cougt`r, igk go og` `xicthy mg`w wait rlsm igk cr`klt w`r` `gtilh`k lg ta` cogtricts tait totih`k lg ta` t`gs od trlhhlogs od kohhirs igk w`r` jik` n`tw``g jyst`rlous pirtg`rs. [o ikkr`ss tals crltlcih pronh`j, ta` G\J@Q, or G`w \orm J`rcigtlh` @xcaigb`, s`t up i j`caiglsj dor ch`irlgb jigy od ta` jost dr`qu`gthy trik`k `g`rby k`rlvitlv`s tait w`r` pr`vloushy trik`k oghy O[C. Gow, jigy od ta`s` custoj`rs cig sljphy aigk ov`r ta` trik` to ta` `xcaigb`“s ch`irlgb aous` Ch`irUort. [als r`jov`s ta` kigb`rs issoclit`k wlta nota p`rdorjigc` igk cr`klt rlsm tait w`r` pr`vloushy s``g lg ta`s` O[C trigsictlogs. Ota`r `xcaigb`s ir` `gk`ivor-
>5;
Dlgigclih [`rjs Klctlogiry
lgb to ko ta` sij` talgb to try to tim` k`rlvitlv`s igk cr`klt k`diuht swip cogtricts iwiy droj ta` saikowy worhk od Ov`r ta` Cougt`r triklgb. [a` B>5, or Broup od [w`gty Lgkustrlihlz`k igk Lgkustrlihlzlgb gitlogs, ls cogslk`rlgb wiys od r`wirklgb pirtl`s dor nrlgblgb suca O[C k`rlvitlv` trigsictlogs ogto r`buhit`k `xcaigb`s is w`hh.
Uip`r Iss`ts Uip`r iss`ts aiv` tar`` kldd`r`gt j`iglgbs k`p`gklgb og wa`ta`r you ir` klscusslgb nuslg`ss, lgv`stj`gts, or dlit curr`gcl`s. Ra`r` nuslg`ss ls cogc`rg`k, pip`r iss`ts ir` iss`ts tait you cig got `islhy us` or caigb` lg to cisa. [a`s` pip`r iss`ts poss`ss `xtr`j`hy how hlqulklty, j`iglgb tait ta`y ir` klddlcuht to s`hh too. [a` t`rj lg tals cis` hlt`rihhy irls`s droj iss`ts tait ir` vihuinh` og pip`r, or tait aiv` i pip`r oghy vihu`. Lg lgv`stj`gts, pip`r iss`ts j`ig soj`talgb `gtlr`hy kldd`r`gt. [a`y r`d`r to iss`ts tait ir` r`pr`s`gtitlogs od soj`talgb. Uip`r iss`ts lg lgv`stj`gts hlt`rihhy ir` pl`c`s od pip`r tait k`dlg` owg`rsalp od ig iss`t. Chisslc `xijph`s od lgv`stlgb pip`r iss`ts prov` to n` stocms, curr`gcl`s, nogks, jog`y jirm`t iccougts, igk sljlhir typ`s od lgv`stj`gts. Dor pip`r iss`ts to aiv` i tigblnh` vihu`, ta`r` just n` i wormlgb dlgigclih syst`j lg ork`r to nicm ta`j up igk `xcaigb` ta`j. Lg ta` cis`s wa`r` i dlgigclih syst`j cohhips`s, pip`r iss`ts cojjoghy sairphy k`chlg` ihogb wlta lt. [a` jiforlty od Ij`rlcigs aiv` phic`k ig ov`rwa`hjlgb p`rc`gtib` od ta`lr jog`y lg pip`r iss`ts, igk is ta` Dlgigclih Crlsls od >552->595 saow`k, tals jim`s ta`j `xtr`j`hy vuhg`rinh` to `cogojlc cihijltl`s. Uip`r iss`ts stigk ipirt lg cogtrist to airk iss`ts. Airk iss`ts cogtilg ictuih vihu` lg ta` gitur` od ta` lt`j lts`hd. [a`r` ir` jigy dorjs od airk iss`ts, nut ijogb ta` jost popuhir ir` bohk, slhv`r, klijogks, olh, phitlguj, higk, igk ota`r suca payslcih aohklgbs. Ralh` dlgigclih cohhips`s cig cius` i s`t nicm dor ta` vihu` od airk iss`ts, ta`s` typ`s od iss`ts ihjost ihwiys aohk up dir n`tt`r taig ko pip`r iss`ts. Jigy p`oph` ir` saocm`k ny ta` dict tait ta` P.S. kohhir ls ihso i pip`r iss`t, is ir` ihh Dlit curr`gcl`s lg ta` worhk `xc`pt dor ta` Swlss Drigc. [a`s` pip`r curr`gcl`s ir` go hogb`r nicm`k up ny ta` hogb rugglgb bohk stigkirk. Lgst`ik, ta`y oghy aiv` vihu` n`cius` ta`lr r`sp`ctlv` lssulgb bov`rgj`gts, is w`hh is ta` ugk`rhylgb curr`gcy us`rs, siy tait ta`y ko. [a` Swlss Drigc ls i hog`hy `xc`ptlog. [a` Swlss cogstltutlog r`qulr`s tait dor `v`ry dour pip`r or `h`ctroglc curr`gcy Swlss Drigcs lg
>50
Dlgigclih [`rjs Klctlogiry
`xlst`gc`, ta`r` just n` og` Swlss Drigc worta od bohk lg ta` Swlss Gitlogih Nigm viuhts. Slgc` ta` Swlss S wlss oghy vihu` ta`lr bohk bo hk aohklgbs it irougk $>05 p`r ougc`, igk bohk ais n``g triklgb n`tw``g $9,355 igk $9,;55 p`r ougc` dor soj` tlj` gow, ta` Swlss ictuihhy aiv` i br`it`r bohk nicmlgb to ta`lr curr`gcy taig og` augkr`k p`rc`gt.
Uip`r Lgv`stj`gts Uip`r lgv`stj`gts cig n` s`v`rih talgbs. Ra`r` nuslg`ss`s ir` cogc`rg`k, pip`r lgv`stj`gts turg out to n` lgv`stj`gts lg cojj`rclih pip`r. pip`r. Cojj`rclih pip`r lgv`stj`gts prov` to ictuihhy n` jog`y jirjir m`t lgstruj`gts tait cojpigl`s igk nigms n igms s`hh to rils` jog`y. [a`r` ir` jigy hirb` lssu`rs wlta book cr`klt wao odd`r ta`s` typ`s od pip`r lgv`stj`gts to lgt`r`st`k lgv`stors. [a`y r`pr`s`gt lg`xp`gslv` ota`r sourc`s od saort t`rj dugklgb is oppos`k to stigkirk nigm hoigs. Cojj`rclih pip`r lgv`stj`gts coj` wlta i dlx`k jiturlty od droj og` kiy to two augkr`k igk s`v`gty kiys. [a`s` typ`s od pip`r lgv`stj`gts ir` b`g`rihhy r`birk`k is `xtr`j`hy s`cur`, ihtaouba ta`y ir` ugs`cur`k hoigs. [a` cojpigl`s tait tim` ikvigtib` od ta`j ir` cojjoghy utlhlzlgb ta`s` saort t`rj op`ritlgb dugks dor wormlgb cipltih or lgv`gtory purcais`s. Corporitlogs hlm` to utlhlz` cojj`rclih pip`r n`cius` ta`y ir` inh` to qulcmhy igk `dd`ctlv`hy rils` slbgldlcigt sujs od jog`y wltaout aivlgb to b`t lgvohv`k wlta costhy S@C r`blstritlog tarouba s`hhlgb pip`r lgv`stj`gts. [als cig n` kog` tarouba wormlgb wlta lgk`p`gk`gt k`ih`rs, or og ta`lr owg `ddorts klr`cthy to lgv`stors. Lgstltutlogih nuy`rs cojjoghy prov` to n` slbgldlcigt nuy`rs od ta`s` typ`s od pip`r lgv`stj`gts. Suca got`s coj` wlta ijougts igk jiturlty kit`s tait cig n` sp`cldlcihhy cridt`k to j``t pirtlcuhir g``ks. [a` m`y d`itur`s od ta`s` typ`s od pip`r lgv`stj`gts ir` tait ta`y ir` od saort t`rj jiturlty, jiturlty, cojjoghy rigblgb droj oghy tar`` to slx jogtas od tlj`. [a`y hlqulkit` og ta`lr owg, wlta go ictlog n`lgb r`qulr`k ny ta` lgv`stlgb pirty lg qu`stlog. [a`r` ls hltth` to go sp`cuhitlog lgvohv`k lg ta`lr lgt`gk`k us` is w`hh. [als blv`s ta`j ig ipp`ih od chirlty. chirlty. Odd`rlgb tals typ` od pip`r lgv`stj`gts odd`rs s`v`rih ikvigtib`s dor ta` lssu`r is w`hh. [a` lssu`r ls inh` to icc`ss cisa it rit`s tait ir` how`r taig taos` odd`r`k it ta` nigm. Cojpigl`s timlgb ikvigtib` od cojj`rclih pip`r ir` inh` to h`iv` op`g r`s`rv`s od norrowlgb pow`r it
>54
Dlgigclih [`rjs Klctlogiry
ta`lr ir`i nigms. Dlgihhy, ta`y ir` cipinh` od b`ttlgb cisa og aigk walca wlhh ihhow ta`j to n`g`dlt droj trik` cr`kltors wao odd`r sp`clih klscougts dor taos` wao piy dor supphl`s igk ota`r g``ks wlta cisa. Ra`r` trikltlogih lgv`stj`gts ir` cogc`rg`k, pip`r lgv`stj`gts ihso prov` to n` lgv`stj`gts waos` vihu` ls stit`k og igk r`pr`s`gt`k ny pip`r. pip`r. I gujn`r od kldd`r`gt mlgks od popuhir lgv`stj`gts lg v`stj`gts lg ta` Pglt`k Stit`s quihldy is pip`r lgv`stj`gts. [a`s` lgchuk` stocms, nogks, jutuih dugks, c`rtldlcit`s od k`poslts, igk jog`y jirm`t iccougts. Sair`s od stocm ir` pl`c`s od pip`r tait r`hit` i c`rtilg p`rc`gtib` od owg`rsalp lg i punhlchy trik`k cojpigy. Jost igy typ` od lgv`stj`gt tait ko`s got aiv` i payslcih cojpog`gt od ta` lgv`stj`gt issoclit`k wlta lt ls cogslk`r`k i pip`r lgv`stj`gt. Cojjokltl`s, is w`hh is dutur`s igk optlogs og dutur`s tait p`rjlt you to tim` k`hlv`ry od ta` ugk`rhylgb cojjokltl`s ld you wlsa, r`pr`s`gt `xijph`s od lgv`stj`gts tait ir` got oghy pip`r lgv`stj`gts. [a`s` typ`s od lgv`stj`gts, ihogb wlta r`ih `stit` aohklgbs, ir` cogslk`r`k to n` payslcih, or airk, lgv`stj`gts.
Uisslv` Lgcoj` Uisslv` lgcoj` r`d`rs to jog`y tait, ogc` lt ls irrigb`k igk `stinhlsa`k, ko`s got r`qulr` ikkltlogih worm droj ta` p`rsog b`ttlgb lt. I virl`ty od kldd`r`gt typ`s od pisslv` lgcoj` `xlst. Ijogb ta`j ir` jovl`, juslc, noom, scr``gphiy, t`h`vlslog, igk pit`gt royihtl`s. Ota`r sijph`s od pisslv` lgcoj` lgchuk` chlcm tarouba lgcoj`, r`gtih lgcoj`, igk r`v`gu` droj oghlg` ikv`rtlslgb. Ictlvltl`s tait h`ik to pisslv` lgcoj` aiv` soj`talgb lg cojjog. [a`y usuihhy g``k i br`it ijougt od jog`y, tlj`, or nota lgv`st`k lg ta`j updrogt to b`t ta`j stirt`k. [a`r` ir` dlgigclih j`igs to `stinhlsalgb pisslv` lgcoj` is w`hh. \ou couhk purcais` i r`gtih prop`rty or caoos` to lgv`st lg i pirtg`rsalp or ota`r dorj od cojpigy wa`r` you ir` i slh`gt pirtg`r. [a` lgcoj` tait you k`rlv` droj ta`s` lgv`stj`gt ictlvltl`s ls k``j`k to n` pisslv`. p isslv`. Tirlous ota`r mlgks od pisslv` lgcoj` ko got g``k i br`it k`ih od dlgigclih lgv`stj`gt jik` lg ta`j, nut lgst`ik r`qulr` br`it ijougts od `ddort, tlj`, igk `v`g cr`itlvlty to ical`v`. Jor` taig i y`ir cig n` r`qulr`k to `lta`r nulhk up i popuhir w`nslt` tait cig cogtrlnut` pisslv` lgcoj` droj ikv`rtlslgb or to wrlt` i br`it gov`h. Jimlgb jog`y droj suca pisslv` lgcoj` tait ls ictuihhy prodlt jiy tim` hogb`r.
>52
Dlgigclih [`rjs Klctlogiry
Nooms ir` i book `xijph` od aow hogb lt cig tim` to ictuihhy jim` jog`y droj pisslv` lgcoj`. Uunhlsa`rs b`g`rihhy b`t to r`cov`r ihh od ta`lr prlgtlgb igk projotlgb costs, is w`hh is igy ikvigc` jogl`s blv`g to iutaors, n`dor` royihtl`s ir` cr`it`k igk pilk. Nooms tait s`hh poorhy couhk turg out to piy ta` iutaor hltth` to gotalgb. R`nslt`s aiv` i kldd`r`gt s`t od caihh`gb`s dor ta`lr cr`itors. [a`r` ais to n` jor` taig sljphy book cogt`gt to jim` jog`y droj ta`j. [a`y just sljlhirhy rigm alba lg ta` s`irca `gblg` r`suhts dor ta` g`c`ssiry ijougt od vlsltors to dlgk igk bo to ta` w`nslt`. Pgh`ss i br`it gujn`r od vlsltor alts ir` r`cork`k og i w`nslt`, ta` pisslv` lgcoj` tait ls b`g`rit`k wlhh n` g`bhlblnh` or `v`g gog`. U`oph` ir` wlhhlgb to put lg suca i aub` ijougt od tlj` wlta hltth` issurigc` od r`suhts n`cius` ta`y mgow tait ta` pisslv` lgcoj` b`g`ritlgb ictlvlty wlhh cr`it` jog`y dor ta`j irougk ta` chocm dor y`irs to coj`, ld lt ls succ`ssduh. [als j`igs tait pisslv` lgcoj` jog`y ls cogstigthy n`lgb jik`, `v`g wa`g ta` p`rsog ls ish``p or og vicitlog. Ld you ir` inh` to b`t og` pisslv` lgcoj` prof`ct up igk rugglgb w`hh, ta`g you cig itt`jpt ota`rs. [als wiy, you jlbat aop` to k`v`hop i d`w kldd`r`gt lgcoj` str`ijs tait r`suht lg i slbgldlcigt igguih r`v`gu` walca cig `v`g support you. Jigy lgv`stors n`hl`v` tait pisslv` lgcoj` ls ta` jost sup`rlor mlgk tait you cig ical`v`. [als ls way r`gtih prop`rtl`s cig n` so popuhir. @v`g taouba ta`y cig r`qulr` i slbgldlcigt ijougt od jilgt`gigc` worm igk t`gigt jigib`j`gt, ta`y cig provlk` sunstigtlih lgcoj` ogc` s`v`rih suca prop`rtl`s ir` owg`k igk jik` prodltinh`.
U`gslog @gtlth`j`gts U`gslog `gtlth`j`gts ir` ta` jogl`s tait aiv` n``g projls`k to `j phoy``s wao ir` buirigt``k i p`gslog ny ta` cojpigy dor walca ta`y worm. [a` jiforlty od g`why lssu`k p`gslogs igyjor` coj` droj D`k`rih, stit`, igk hocih bov`rgj`gt `jphoy``s. Soj` cojpigl`s stlhh odd`r p`gslog `gtlth`j`gts to ta`lr `jphoy``s wao s`rv` i jlgljuj gujn`r od y`irs wlta ta` dlrj, suca is droj tw`gty to talrty y`irs. [a`s` cojpigl`s ir` n`cojlgb d`w`r igk dirta`r n`tw``g is jor` igk jor` corporitlogs swltca ov`r to jitcalgb ;59M r`tlr`j`gt phigs tait cost ta`j dir h`ss jog`y igk `gtilh slbgldlcigthy h`ss`r hlinlhltl`s `v`ry y`ir. [als ls n`cius` wlta pr` s`t hljlt jitca`s to ;59M cogtrlnutlogs,
>51
Dlgigclih [`rjs Klctlogiry
cojpigl`s cig mgow dor c`rtilg aow juca jog`y ta`y wlhh aiv` to coj` out od pocm`t, wa`r`is wlta p`gslogs, lt ais juca to ko wlta aow hogb ta` r`tlr``s hlv`. U`gslog `gtlth`j`gts ir` it rlsm is ta`y n`coj` hirb`r `v`ry y`ir. y`ir. Jigy cojpigl`s ir` strubbhlgb to m``p up wlta ta`lr p`gslog `gtlth`j`gts is ta`lr r`tlrlgb `jphoy``s hlv` hogb`r igk hogb`r. N`cius` od ta` kigb`r to dilhlgb p`gslogs tait jigy r`tlr``s cougt og, ta` UNBC wis s`t up. [als `gtlty icrogyj stigks dor U`gslog N`g`dlt Buirigt`` Corporitlog. [a` bov`rgj`gt cr`it`k tals `gtlty lg ta` @jphoy`` ^`tlr`j`gt Lgcoj` S`curlty Ict lg 9<2;. [okiy, lt sid` buirks lg `xc`ss od dorty-dour jlhhlog Ij`rlcig Ij`rlcig r`tlr``s igk worm`rs p`gslogs, cov`rlgb ta` p`gslog `gtl`gtl th`j`gts ibilgst k`diuht droj ta` cojpigl`s ugk`rhylgb ta`j. [a`s` ir` a`hk lg br`it`r taig tw`gty-glg` taousigk juhtl `jphoy`r igk prlvit` slgbh` `jphoy`r k`dlg`k n`g`dlt p`gslog phigs. [a` UNBC ko`s got k`rlv` jog`y droj ta` b`g`rih tix r`v`gu`s lg prot`ctlgb ta` p`gslog `gtlth`j`gts. Lgsurigc` pr`jlujs tait Cogbr`ss s`ts ir` pilk ny ta` spogsors od k`dlg`k n`g`dlt phigs, iss`ts droj p`gslog phigs tait UNBC trust``s, lgv`stj`gt lgcoj` od ta` UNBC, igk r`cov`rl`s jik` droj cojpigl`s wao ir` go hogb`r aigkhlgb ta`lr owg phigs. Is i r`suht od ta` dlgigclih crlsls od >552->595, jigy prlvit` p`gslog dugks aiv` sudd`r`k klsistrous hoss`s. Lg >551 ihog`, tals ijougt`k to tigblnh` hoss`s od lg `xc`ss od tw`gty-slx p`rc`gt. @v`g taouba ta` jirm`ts r`cov`r`k soj`wait, jigy p`gslog dugks aik hocm`k lg ta`lr hoss`s ny s`hhlgb ta` ugk`rwit`r lgv`stj`gts. Is i r`suht od ta`s` t`rrl nh` dlgigclih `v`gts, `v`g jor` p`gslog `gtlth`j`gts lg ta` Pglt`k Stit`s ir` gow ugk`r dugk`k. Lg ork`r to a`hp jim` up dor ta`s`, nuslg`ss`s wlhh aiv` to jim` sunstigtlihhy hirb`r cogtrlnutlogs lg ta` dutur`. Lt r`jilgs to n` s``g ld ta` U`gslog N`g`dlt Buirigt`` Corporitlog wlhh n` inh` to m``p up wlta igk cov`r ihh od ta` ugdugk`k p`gslog `gtlth`j`gts tait aiv` n``g projls`k to r`tlr``s igk worm`rs. Soj` `xp`rts aiv` sp`cuhit`k tait ta` UNBC lts`hd wlhh r`qulr` nilhouts lg ta` augkr`ks od nlhhlogs od kohhirs lg ta` g`ir dutur`.
>5<
Dlgigclih [`rjs Klctlogiry
UJL (Urlvit` Jortbib` Lgsurigc`) UJL ls ta` icrogyj dor Urlvit` Jortbib` Lgsurigc`, ihso mgowg soj`tlj`s is H`gk`rs Jortbib` Lgsurigc`. UJL prov`s to n` lgsurigc` tait ls pilk to i h`gklgb lgstltutlog tait ls r`qulr`k juca od ta` tlj` wa`g ig lgklvlkuih b`ts i jortbib` hoig. Suca lgsurigc` ls us`k to cov`r igy hoss`s tait irls` ld i p`rsog ls got cipinh` od piylgb nicm ta`lr jortbib` hoig. Saouhk ta` h`gk`r got n` inh` to r`coup ihh od lts costs lg dor`choslgb og igk s`hhlgb ta` jortbib`k prop`rty, ta`g UJL lgsurigc` cov`rs ta` r`jilglgb hoss`s tait `xlst og ta` nihigc` sa``t od ta` nigm or ota`r h`gk`r. h`gk`r. [a` b`g`rih rit`s dor tals Urlvit` Jortbib` Lgsurigc` turg out to n` irougk $00 $0 0 `ica jogta dor `v`ry $955,555 tait ls ictuihhy dlgigc`k. Og i $>05,555 hoig, tals ijougts to $9,120 `ica y`ir lg pr`jlujs. Urlvit` Jortbib` lgsurigc` y`irhy costs rigb` taouba. [a`y ir` usuihhy blv`g out lg cojpirlsog ibilgst ta` `gtlr` hoig“s vihu`. [als k`p`gks og i gujn`r od dictors, suca is hoig typ`, hoig t`rj, ictuih cov`rib` ijougt, ijougt od aoj` vihu` tait ta` p`rsog dlgigc`s, ta` pr`jluj piyj`gt dr`qu`gcy tait jlbat n` jogtahy or y`irhy, y`irhy, igk ta` lgklvlkuih“s uih“s cr`klt scor`. Ralh` UJL cig n` pilk lg ikvigc` wlta choslgb costs, lt cig ihso n` worm`k lgto ta` hoig piyj`gts wlta slgbh` pr`jluj UJL. Urlvit` Jortbib` Lgsurigc` ls b`g`rihhy oghy g`c`ssiry wa`g ta` kowg piyj`gt prov`s to n` sjihh`r taig tw`gty p`rc`gt od `lta`r ta` ip prils`k vihu` od ta` prop`rty or iht`rgitlv`hy od ta` sih`s prlc`. Ra`g ta`g hoig to vihu` ritlo ls br`it`r taig `lbaty p`rc`gt, you cig `xp`ct to n` r`qulr`k to cirry lt. Is ta` prlgclpih ls r`kuc`k wlta jogtahy piyj`gts, or ta` aoj` vihu` rls`s tarouba r`ih `stit` ippr`clitlog, or i cojnlgitlog od ta` two occurs, ta`g tals Urlvit` Jortbib` Lgsurigc` jlbat got n` r`qulr`k igy hogb`r. It tals polgt, ta` aoj` owg`r ls ihhow`k to klscogtlgu` piylgb dor ta` UJL lgsurigc`. [a`r` ir` soj` nigms igk h`gk`rs wao wlhh lgslst tait UJL n` pilk dor jlgljihhy dor i pr` dlx`k p`rlok od tlj`, suca is two to tar`` y`irs. [als ls r`birkh`ss od wa`ta`r ta` prlgclpih vihu` od ta` prop`rty `xc``ks `lbaty p`rc`gt lg i saort`r ijougt od tlj`. Nigms ko got aiv` to p`rjlt i p`rsog to cigc`h tals lgsurigc` h`bihhy ugtlh ta` hoig ais ijorijor tlz`k kowg to i Hoig to Tihu` Tihu` ritlo od s`v`gty-`lbat p`rc`gt od ta` orlblgih prlc` dor walca ta` aous` ls purcais`k. I cigc`hhitlog r`qu`st just orlblgit` droj ta` jortbib` s`rvlc`r. [a`y just s`gk lt to ta` lssulgb cojpigy tait jik` ta` UJL pohlcy lg ta` dlrst phic`. Jigy tlj`s, suca i jortbib` s`rvlc`r wlhh lgslst og i cur>95
Dlgigclih [`rjs Klctlogiry
r`gt aoj` vihu` ipprilsih n`lgb kog` lg ork`r to isc`rtilg ta` ictuih hoig to vihu` ritlo. Ur`jlujs pilk dor jortbib` lgsurigc` w`r` got tix k`kuctlnh` iccorklgb to ta` Lgt`rgih ^`v`gu` S`rvlc` lg ta` pist. Lg >552 tals caigb`k. Gow ihh UJL pr`jlujs ir` cogslk`r`k to n` duhhy r`kuclgb od your lgcoj` dor ta` y`ir lg qu`stlog.
Uogzl Sca`j` Uogzl Sca`j`s prov` to n` driuks surrougklgb lgv`stj`gts tait ir` r`hit`k to ta` piy out od r`turgs to lgv`stors lg ta` sca`j` tait ir` cov`r`k uslgb cogtrlnutlogs droj g`w lgv`stors. [a` lgklvlkuihs wao rug Uogzl sca`j`s ir` inh` to ittrict g`w`r lgv`stors tarouba noistlgb od tr`j`gkous opportugltl`s tait wlhh buirigt`` t`rrldlc lgv`stj`gt r`turgs, typlcihhy wlta hltth` to go rlsm. Rlta i br`it gujn`r od ta`s` Uogzl Sca`j`s, ta` jigib`rs od ta` sca`j` cogc`gtrit` ta`lr `ddorts og cogstigthy nrlgblgb lg g`w sujs od jog`y lg ork`r to n` cipinh` od blvlgb out ta` piyj`gts tait ta`y projls`k lgv`stors droj `irhl`r tlj` p`rloks. N`slk`s tals, ta`y utlhlz` ta` g`w jog`y dor ta`lr owg p`rsogih `xp`gs`s. ^ir`hy ko`s igy `g`rby ictuihhy bo lgto r`ih lgv`stj`gt opportugltl`s igk strit`bl`s. Uogzl sca`j`s ihwiys dilh it soj` polgt lg tlj`. [als `v`gtuihhy aip p`gs slgc` ta`r` ir` go r`ih `irglgbs to klstrlnut`. N`cius` od tals pronpron h`j, Uogzl sca`j`s g``k cogstigt jog`y dhowlgb lgto ta`j droj g`w`r lgv`stors lg ork`r to survlv`. Is ittrictlgb g`w`r lgv`stors n`coj`s jor` caihh`gblgb, or ld i br`it gujn`r od curr`gthy lgvohv`k lgv`stors r`qu`st ta`lr jog`y nicm, ta`g ta` Uogzl Sca`j` wlhh hlm`hy dihh ipirt. Uogzl Sca`j`s ictuihhy `irg`k ta`lr gij` droj i dij`k `irhy cog irtlst Cairh`s Uogzl. A` n`cij` dijous idt`r a` trlcm`k hlt`rihhy taousigks od w`hh to ko G`w @gbhigk`rs lgto pourlgb ta`lr jog`y lgto als sp`cuhitlog lg postib` stijps lg ta` 9<>5“s. [a` ihhur` od als sca`j` prov`k to n` airk to r`slst, slgc` nigm iccougts w`r` piylgb oghy dlv` p`rc`gt igguih r`turgs walh` a` odd`r`k lgv`stors lgcr`klnh` r`turgs od dldty p`rc`gt lg oghy glg`ty kiys. Lg ta` `irhy kiys, Cairh`s Uogzl r`ihhy klk purcais` i sjihh quigtlty od lgt`rgitlogih jilh coupogs to support als lgv`stj`gt sca`j`. N`dor` hogb, a` k`clk`k to `jphoy ta` jog`y tait cij` lg to cisa out `irhl`r lgv`stors.
>99
Dlgigclih [`rjs Klctlogiry
[a` jost succ`ssduh Uogzl Sca`j` od ihh tlj` prov`k to n` ta` og` rug ny N`rgl` Jikodd. Jikodd rig ig ov`r talrty y`ir, ov`r talrty nlhhlog kohhir lgv`stj`gt sca`j` tait trlcm`k taousigks od lgv`stors out od ta`lr jog`y. Jikodd prov`k to aiv` i kldd`r`gt igbh` og als Uogzl sca`j` lg tait a` klk got odd`r als lgv`stors wao w`r` saort t`rj ijizlgb r`turgs. ^ita`r taig tals, a` s`gt out dim` iccougt stit`j`gts tait cogstigthy k`jogstrit`k jok`rit` nut ihwiys posltlv` bilgs, go jitt`r aow turnuh`gt ta` jirm`t prov`k to n`. N`rgl` Jikodd ls pr`s`gthy ugk`rbolgb i og` augkr`k igk dldty y`ir s`gt`gc` lg d`k`rih prlsog dor als ictlvltl`s. Als lgv`stj`gt ikvlsory cojpigy n`big nicm lg 9<45 igk klk got coj` kowg ugtlh ta` `gk od >551. Ihh kurlgb ta` y`irs tait als sca`j` rig, a` s`rv`k is Tlc` Cailrjig od ta` Gitlogih Issoclitlog od S`curltl`s K`ih`rs, igk `v`g is i j`jn`r od ta` noirk od bov`rgors igk cailrjig dor ta` GISKIY stocm jirm`t. [a` S`curltl`s @xcaigb` Cojjlsslog ls uhtljit`hy r`spogslnh` dor klscov`rlgb igk pros`cutlgb Uogzl Sca`j`s. [a`y typlcihhy utlhlz` `j`rb`gcy ictlogs to dr``z` iss`ts walh` ta`y nr`im up ta` sca`j`s. Lg >55< is ig `xijph`, ta` S@C ictuihhy pursu`k slxty kldd`r`gt Uogzl sca`j`s, ta` alba`st prodlh` og` od walca turg`k out to n` ^on`rt Ihh`g Stigdork‑s $1 nlhhlog Uogzl sca`j`.
Uortdohlo Lg ta` worhk od nuslg`ss igk dlgigc`, i portdohlo stigks dor ig lgv`stj`gt cohh`ctlog tait i p`rsog or lgstltutlog aohks. U`oph` igk ota`r `gtltl`s put tob`ta`r portdohlos lg ork`r to klv`rsldy ta`lr aohklgbs to r`kuc` rlsm to i jigib`inh` h`v`h. I gujn`r od kldd`r`gt mlgks od rlsm ir` jltlbit`k tarouba ta` icqulsltlog od i d`w virylgb typ`s od iss`ts. I portdohlo“s iss`ts jlbat n` cojprls`k od stocms, optlogs, nogks, nigm iccougts, bohk c`rtldlcit`s, wirrigts, dutur`s cogtricts, r`ih `stit`, diclhltl`s od prokuctlog, igk ota`r iss`ts tait t`gk to aohk ta`lr vihu`. Lgv`stj`gt portdohlos jiy n` cogstruct`k lg virlous wiys. Dlgigclih `gtltl`s wlhh cojjoghy ko ta`lr owg cir`duh igihysls od lgv`stj`gts lg puttlgb tob`ta`r i portdohlo. Lgklvlkuihs jlbat worm wlta ta` `lta`r dlgigclih dlrjs or dlgigclih ikvlsors tait jigib` portdohlos. Iht`rgitlv`hy, ta`y couhk put tob`ta`r i s`hd klr`ct`k portdohlo tarouba wormlgb wlta i s`hd klr`ct`k oghlg` nrom`r suca is [K Ij`rltrik`, `[rik`, or Scott [rik`.
>9>
Dlgigclih [`rjs Klctlogiry
I waoh` dl`hk od portdohlo jigib`j`gt ais irls`g to a`hp wlta ta` ihhocitlog od lgv`stj`gt jog`y. [als jigib`j`gt p`rtilgs to k`t`rjlglgb ta` typ`s od iss`ts tait ir` ipproprlit` dor ig lgklvlkuih“s rlsm toh`rigc` igk uhtljit` boihs. Caooslgb ta` lgstruj`gts tait wlhh cojprls` i portdohlo ais juca to ko wlta mgowlgb ta` mlgks od lgstruj`gts to nuy igk s`hh, aow jigy od `ica to ontilg, igk ta` tlj` tait ls jost ipproprlit` to purcais` or s`hh ta`j. Suca k`clslogs ir` root`k lg i j`isur`j`gt dor ta` lgv`stj`gts“ p`rdorjigc`. [als usuihhy p`rtilgs to rlsm v`rsus r`turg og lgv`stj`gts igk igtlclpit`k r`turgs od ta` `gtlr` portdohlo. Rlta portdohlo r`turgs, virlous typ`s od iss`ts ir` ugk`rstook to cojjoghy r`turg ijougts od kldd`rlgb rigb`s. Uortdohlo jigib`j`gt ais to dictor lg ig lgklvlkuih lgv`stor“s owg pr`cls` sltuitlog igk k`slr`k r`suhts is w`hh. [a`r` ir` lgv`stors wao ir` jor` d`irduh od rlsm taig ir` ota`r lgv`stors. [a`s` mlgks od lgv`stors ir` t`rj`k rlsm iv`rs`. ^lsm iv`rs` portdohlos ir` slbgldlcigthy kldd`r`gt lg ta`lr cojposltlog taig ir` typlcih portdohlos. Jutuih dugks aiv` `vohv`k ta` ict od portdohlo jigib`j`gt ihjost to i scl`gc`. [a`lr dugk jigib`rs cij` up wlta t`caglqu`s tait ihhow ta`j to prlorltlz` igk lk`ihhy s`t ta`lr portdohlo aohklgbs. [als dugk jigib`j`gt r`kuc`s rlsm igk lgcr`is`s r`turgs to jixljuj h`v`hs. Strit`bl`s tait ta`s` jigib`rs aiv` cr`it`k dor rugglgb portdohlos lgchuk` k`slbglgb `quihhy w`lbat`k portdohlos, prlc` w`lbat`k portdohlos, cipltihlzitlog w`lbat`k portdohlos, igk optljih portdohlos lg walca ta` rlsm ik fust`k r`turg prov`s to n` ta` alba`st posslnh`. R`hh klv`rsldl`k portdohlos wlhh cogtilg jigy kldd`r`gt iss`t chiss`s. [a`s` wlhh lgchuk` dir jor` taig fust stocms, nogks, igk jutuih dugks. [a`y wlhh d`itur` lgt`rgitlogih stocms igk nogks to provlk` klv`rsldlcitlog iwiy droj ta` P.S. kohhir, is w`hh is dor`lbg curr`gcl`s igk airk iss`t cojjokltl`s suca is r`ih `stit` lgv`stj`gts, igk bohk igk slhv`r aohklgbs.
Uortdohlo Lgcoj` Uortdohlo lgcoj` prov`s to n` jog`y tait ls ictuihhy nroubat lg droj i broup od lgv`stj`gts. [a` portdohlo cojjoghy lgchuk`s ihh od ta` virlous typ`s od lgv`stj`gts tait ig lgv`stor owgs. [a`s` lgchuk` nogks, stocms, jutuih dugks, igk c`rtldlcit`s od k`poslt. [a`s` virlous dlgigclih lgstruj`gts `irg i virl`ty od kldd`r`gt typ`s od pisslv` lgcoj`, suca is klvlk`gks, lgt`r`st lgcoj`, igk cipltih bilg klstrlnutlogs. Suca
>93
Dlgigclih [`rjs Klctlogiry
portdohlo lgcoj` r`turgs ir` b`g`rit`k ny ta` aohklgbs od ta` virlous lgv`stj`gt prokucts lg ta` portdohlo. Uortdohlo lgcoj` virl`s wlta ta` typ`s od lgv`stj`gts tait ig lgv`stor plcms. \ou is ig lgv`stor wlhh cojjoghy hoom it two kldd`r`gt dictors wa`g iss`jnhlgb i portdohlo dor portdohlo lgcoj`. [a`s` turg out to n` ta` jog`y tait ta` lgv`stj`gt lts`hd wlhh prokuc`, walca ls ihso mgowg is ig lgv`stj`gt“s r`turg, igk ta` lgv`stj`gt“s rlsm h`v`h tait lt cogtilgs. Is ig `xijph`, stocms ir` dr`qu`gthy k``j`k to n` lgv`stj`gts wlta cogslk`rinh` rlsm, y`t ta` ota`r slk` od ta` rlsm r`turg `quitlog ls tait ta`y provlk` lgcoj` droj i cojpigy“s klvlk`gks, or klstrlnutlog `irglgbs r`turg`k to ta` sair`aohk`rs, is w`hh is ig lgcr`is` lg ta` stocm prlc` is ta` stocm vihu` bilgs wlta tlj`. C`rtldlcit`s od k`poslt igk nogks cr`it` lgt`r`st lgcoj` tait ls pilk out og ta` lgv`stj`gt tait you aohk. Stlhh kldd`r`gt mlgks od lgv`stj`gts prokuc` ota`r typ`s od lgcoj`, ihtaouba tals k`p`gks og ta` cairict`rlstlcs od ta` lgv`stj`gt lg qu`stlog. [o jixljlz` ta` portdohlo lgcoj` walh` r`kuclgb ta` ijougt od rlsm lgvohv`k, lgklvlkuihs cojjoghy caoos` to lgv`st lg guj`rous kldd`r`gt mlgks od lgv`stj`gts. [als ls mgowg is klv`rsldylgb your portdohlo igk portdohlo lgcoj`. [als wiy, wiy, you cig cojnlg` nota sid`r lgv`stj`gts tait provlk` how`r r`ih r`turgs wlta rlsml`r lgv`stj`gts tait odd`r br`it`r lgv`stj`gt r`turgs. \our totih cohh`ctlog od lgv`stj`gts ls ta` portdohlo tait jim`s your portdohlo lgcoj` dor you. [als portdohlo lgcoj` ls ihso chissldl`k is pisslv` lgcoj`, or lgcoj` tait ko`s got r`qulr` you to p`rdorj igy worm lg ork`r to jim` ta` jog`y. jog`y. [a` updrogt lgv`stj`gt ictuihhy cr`it`s ta` lgcoj` wltaout you aivlgb to n` ictlv`hy lgvohv`k lg ta` jog`y jimlgb proc`ss. [als stigks lg cogtrist to lgcoj`s tait ir` `irg`k tarouba ictlv` lgvohv`j`gt, or ictlv` lgcoj` tait you just `xp`gk nota `g`rby igk tlj` to cr`it`. [a` uhtljit` boih dor you wlta your portdohlo lgcoj` wlhh proninhy n` to nulhk up `gouba od lt tait you ir` cipinh` od hlvlgb odd od oghy ta` lgcoj` tait ta` portdohlo b`g`rit`s. Ogc` tals polgt ls r`ica`k, you wouhk n` inh` to got r`c`lv` i piyrohh ca`cm igy hogb`r. Lgst`ik, you wouhk support yours`hd lg r`tlr`j`gt droj ta` klvlk`gks, lgt`r`st, igk cipltih bilgs cr`it`k ny ta` lgv`stj`gts lg ta` dorj od portdohlo lgcoj`. [a` n`st igk sid`st wiy to ko tals ls to oghy kriw og ta` portdohlo lgcoj` lts`hd, wltaout kriwlgb kowg ta` orlblgih prlgclpih.
>9;
Dlgigclih [`rjs Klctlogiry
Ny got toucalgb ta` lgv`stj`gt prlgclpih, you ihhow your portdohlo igk r`suhtlgb portdohlo lgcoj` to nulhk up ov`r tlj`. Ld you ko got tim` out ta` portdohlo lgcoj`, ta`g ta` totih vihu` od ta` portdohlo wlhh brow dist`r wlta tlj`, ihhowlgb you to cojpougk your lgv`stj`gts dor r`tlr`j`gt. Lt ls crltlcih to aiv` `gouba jog`y siv`k dor r`tlr`j`gt tait you ko got g``k to tim` out tals prlgclpih to support yours`hd. Suddlcl`gt portdohlo lgcoj` saouhk n` b`g`rit`k to cov`r ta` jogtahy r`tlr`j`gt `xp`gs`s. Lg tals wiy, you wlhh got n` r`kuclgb your prlgclpih igk rlsmlgb ta` v`ry r`ih kigb`r od your portdohlo rugglgb out od jog`y walh` you ir` stlhh ihlv` to g``k lt.
Ur`d`rr`k Stocm Ur`d`rr`k stocm ls r`d`rr`k to is pr`d`r`gc` sair`s or pr`d`rr`k sair`s is w`hh. Ur`d`rr`k stocm ls ta` gij` us`k dor i pirtlcuhir `qulty s`curlty walca `xalnlts nota cairict`rlstlcs od i stocm `qulty is w`hh is ig lgstruj`gt od k`nt. N`cius` od tals, pr`d`rr`k stocms ir` cojjoghy k``j`k to n` aynrlk typ`s od o d lgstruj`gts. Lg ta` chiljs og i cojpigy“s iss`ts lg ta` `v`gt od o d k`diuht or nigmruptcy, pr`d`rr`k stocms prov` to n` alba`r rigmlgb taig j`r` cojjog stocms, y`t sunorklgit`k to nogks. Ur`d`rr`k stocms aiv` i gujn`r od lgt`r`stlgb prop`rtl`s. [a`y typlcihhy coj` wlta i klvlk`gk tait ls odt`g dlx`k. [a`y ihso `gfoy pr`d`r`gc` v`rsus cojjog stocms wa`r` klvlk`gk piyj`gts ir` cogc`rg`k igk it igy hlqulkitlog od ta` cojpigy“s iss`ts. I kowgslk` to pr`d`rr`k stocms ls tait ta`y ko got lgchuk` votlgb rlbats is ko cojjog stocm sair`s. Soj` pr`d`rr`k stocms odd`r cogv`rtlnh` d`itur`s tait turg ta`j lgto cojjog sair`s od stocm it i c`rtilg tlj`. [a`r` ir` pr`d`rr`k stocms tait jiy n` cihh`k lg `irhy it ta` wlsa`s od ta` lssulgb cojpigy. Ihh t`rjs dor i pr`d`rr`k stocm ir` hlst`k out sp`cldlcihhy lg ta` C`rtldlcit` od K`slbgitlog. Slgc` pr`d`rr`k stocms ir` soj`wait hlm` nogks, ta` nlb cr`klt ritlgb cojpigl`s ihh rit` ta`j dor quihlty od cr`klt. Ur`d`rr`k stocms b`g`rihhy birg`r how`r ritlgbs taig ko nogks, is ta` klvlk`gks od pr`d`rr`k stocms ir` got buirigt``k is ir` nogks“ lgt`r`st piyj`gts. Ur`d`rr`k stocms ir` ihso sunorklgit`k to ihh od ta` cr`kltors, jimlgb ta`j h`ss s`cur`. Klvlk`gks ir` i m`y d`itur` od pr`d`rr`k stocms igk ta` jilg jotlvitlgb dictor lg icqulrlgb ta`j. Ur`d`rr`k stocms coj` wlta klvlk`gk piyj`gt pr`d`r`gc` ov`r ota`r sair`s. Ralh` tals ko`s got buirigt`` tait ta` stit`k klvlk`gks wlhh n` pilk, ta` cojpigy ais to piy suca klvlk`gks to
>90
Dlgigclih [`rjs Klctlogiry
ta` pr`d`rr`k sair` aohk`rs n`dor` ta`y ir` ihhow`k to lssu` igy cojjog stocm sair`s“ klvlk`gks. [a`s` klvlk`gks dor pr`d`rr`k stocms jlbat n` `lta`r gogcujuhitlv` or cujuhitlv`. Cujuhitlv` pr`d`rr`k stocms jigkit` tait cojpigl`s wao g`bh`ct to cov`r stit`k klvlk`gks up to ta` duhh rit` just cov`r ta`j duhhy it i hit`r kit`. Lg `ica pisslgb klvlk`gk tlj` drij`, ta` klvlk`gks cogtlgu` to iccujuhit`. [als jlbat n` og ig igguih, s`jl igguih, or quirt`rhy nisls. Klvlk`gks tait ir` got pilk og tlj` ir` hin`h`k klvlk`gks tait aiv` piss`k. [a`s` piss`k klvlk`gks dor cujuhitlv` stocms ir` cihh`k klvlk`gks tait ir` lg irr`irs. Ld i stocm ko`s got poss`ss ta`s` cujuhitlv` d`itur`s, ta`g lt ls cihh`k i strilbat pr`d`rr`k stocm, or i gogcujuhitlv` klvlk`gk stocm. Rlta ta`s` typ`s od gog cujuhitlv` pr`d`rr`k stocms, ta` klvlk`gks tait n`coj` piss`k sljphy viglsa dor book ld ta`y ir` got pilk og tlj`. N`slk`s ta`s` pr`d`rr`k stocm d`itur`s, ta`y aiv` virlous ota`r rlbats. Soj` typ`s od pr`d`rr`k sair`s ko lgchuk` i pirtlcuhir broup od votlgb rlbats dor ta` ipprovih od ugusuih `v`gts hlm` ta` inlhlty to lssu` igk s`hh `xtri sair`s, to ipprov` ta` cojpigy to n` sohk, or `v`g to caoos` ta` noirk od klr`ctors“ j`jn`rs. Lg b`g`rih, pr`d`rr`k stocms ko got aiv` votlgb rlbats. Jigy pr`d`rr`k sair`s ihso coj` wlta i hlqulkitlog vihu` tait stit`s wait suj od jog`y wis put lgto ta` lssulgb corporitlog is ta` sair`s n`cij` lssu`k.
Urosp`ctus Lg ta` worhk od dlgigc` igk lgv`stj`gts, i prosp`ctus prov`s to n` i h`bih kocuj`gt. [als kocuj`gt ls utlhlz`k ny nuslg`ss`s igk lgstltutlogs wao just k`scrln` lg br`it k`tilh ta` typ` od stocm or nogk s`curltl`s tait ta`y ir` lssulgb dor pot`gtlih nuy`rs. Suca i prosp`ctus b`g`rihhy odd`rs br`it lgdorjitlog to lgv`stors cogc`rglgb stocms, jutuih dugks, nogks, igk `v`g ota`r typ`s od lgv`stj`gts. [a` lgdorjitlog cogtilg`k lg i prosp`ctus wlhh n` r`ports hlm` ta` dlgigclih stit`j`gts od ta` cojpigy, i k`tilh`k k`scrlptlog od ta`lr nuslg`ss, nlobripal`s od klr`ctors igk ota`r oddlc`rs ihogb wlta ta`lr piy picmib`s, hlsts od prop`rtl`s igk iss`ts, igk lgdorjitlog cogc`rglgb igy hiwsults wlta walca ta`y ir` lgvohv`k. Ra`g stocms ir` dlrst n`lgb lssu`k is lg ig LUO, or lgltlih punhlc odd`rlgb, suca i prosp`ctus ls blv`g out to ta` lgt`r`st`k pirtl`s od lgv`stor prosp`cts ny nrom`rib`s igk ugk`rwrlt`rs. [als prosp`ctus saouhk ihwiys n` r`ik ny ig lgt`r`st`k lgv`stlgb pirty lg
>94
Dlgigclih [`rjs Klctlogiry
ikvigc` od puttlgb cipltih lgto ta`lr s`curlty. [als ls `sp`clihhy ljportigt so tait you wlhh mgow ta` rlsms tait ir` lga`r`gt lg ta` cojpigy“s nuslg`ss igk ta`lr stocm or nogk lssu` lg ikvigc` od n`cojlgb lgvohv`k wlta ta`lr s`curltl`s. Lg ta` P.S., s`curltl`s jiy got n` odd`r`k to ta` punhlc ugtlh idt`r i prosp`ctus ais n``g dlrst phic`k og dlh` wlta ta` S@C, or S`curltl`s igk @xcaigb` Cojjlsslog. [als ls i cojpog`gt od i r`blstritlog stit`j`gt. Ogc` ta` S@C stit`s tait ta` r`blstritlog ls lg `dd`ct, ta` stocm or nogk lssulgb cojpigy ls ta`g ihhow`k to utlhlz` ta` prosp`ctus to a`hp dlgihlz` ta` sair`s od stocm or ta` nogks lg qu`stlog. [a` S@C `xijlg`s i prosp`ctus to `gsur` tait ls jilgtilgs ta` ipp`irigc` od inlklgb ny n y ta` klschosur` ruh`s. Soj` corporitlogs ir` ihhow`k to worm wlta i sljphldl`k prosp`ctus to lssu` stocm igk nogk s`curltl`s. [a`s` cojpigl`s just n` up to kit` wlta ta`lr Dorj 95-M dlhlgbs wlta ta` S@C dor i blv`g ijougt od tlj`, m``p ta`lr h`v`h od jirm`t cipltihlzitlog ov`r i jlgljuj ijougt, igk `gbib` lg soj` proc`kur`s. Soj` sc`girlos ko got jigkit` tait ig odd`rlgb ais to n` S@C r`blst`r`k. Lg ta`s` cis`s, i prosp`ctus ls cihh`k `lta`r ig odd`rlgb clrcuhir or odd`rlgb j`jorigkuj. I book `xijph` od tals ls ta` odd`rlgbs od juglclpih s`curltl`s. [a`s` turg out to n` `x`jpt`k droj ta` jiforlty od d`k`rih s`curlty hiws. Suca juglclpih typ`s od lssu`rs usuihhy jim` up i klschosur` kocuj`gt typ` tait ls r`d`rr`k to is ta` oddlclih stit`j`gt lgst`ik. [als wouhk got odd`r ta` k`pta igk scop` od i stigkirk prosp`ctus, nut wlhh stlhh cogtilg i br`it k`ih od a`hpduh igk us`duh lgdorjitlog og ta` pirtlcuhir p irtlcuhir odd`rlgb. Cojpigl`s b`g`rihhy ko got aiv` ta` tlj` to put tob`ta`r i prosp`ctus `gtlr`hy og ta`lr owg. Slgc` tals ls ta` cis`, ta`y cojjoghy `gbib` ta` a`hp od ig lssu` jigib`r wao ls ihso ta` ugk`rwrlt`r od ta` g`w lssu`. [a`s` lssu` jigib`rs ir` ihso mgowg is noom rugglgb jigib`rs.
Uut Optlog Uut optlogs ir` dlgigclih cogtricts tait ir` `gt`r`k lgto ny two pirtl`s, ta` nuy`r od ta` optlog igk ta` s`hh`r, or wrlt`r, od ta` optlog. [a`y ir` b`g`rihhy cihh`k sljphy puts. I purcais`r ls inh` to `stinhlsa i hogb posltlog lg i put optlog ny nuylgb ta` rlbat to ictuihhy s`hh ta` lgstruj`gt tait ugk`rhl`s ta` put. [als ls kog` it i pirtlcuhir prlc` cihh`k ta` strlm` prlc` igk ls oghy vihlk wlta ta` optlogs“ s`hh`r dor i c`rtilg ijougt od tlj`. Saouhk you is ta` nuy`r od ta` optlog caoos` to `x`r-
>92
Dlgigclih [`rjs Klctlogiry
cls` your rlbats, ta`g ta` s`hh`r ais to purcais` ta` issoclit`k lgstruj`gt odd od you it ta` prlc` tait wis s`t lg ikvigc`, wait`v`r ta` pr`s`gt jirm`t prlc` prov`s to n`. Lg cogslk`ritlog dor ta` nuy`r bilglgb tals optlog, you piy ig optlog pr`jluj ijougt to ta` s`hh`r od ta` optlog. Uut optlogs ir` i dorj od lgsurigc` ibilgst hoss. [als ls n`cius` ta`y odd`r i buirigt``k prlc` igk purcais`r dor i blv`g ijougt od tlj` dor ig issoclit`k lgstruj`gt. Uut optlog s`hh`rs ihso n`g`dlt wa`g ta`y ontilg prodlts dor s`hhlgb you optlogs tait you ko got caoos` to `x`rcls`. Optlogs ir` ihjost g`v`r `x`rcls`k ld ta` lgstruj`gt“s jirm`t vihu` stiys inov` ta` strlm` prlc` wltalg ta` put optlog cogtrict tlj` drij`. \ou is i nuy`r od i put optlog ihso aiv` ta` inlhlty to jim` jog`y. [als ls kog` ny s`hhlgb ta` issoclit`k lgstruj`gt dor i alba`r prlc` igk nuylgb nicm ta` posltlog dor i slbgldlcigthy how`r jirm`t prlc`. Ra`g ig optlog ls got sohk or `x`rcls`k, lt `xplr`s wortah`ss, r`pr`s`gtlgb i totih hoss od ta` pr`jluj pilk dor lt. Ra`g you purcais` i put, you ko so wlta ta` lk`i tait ta` issoclit`k iss`t prlc` wlhh k`chlg` ny ta` `xplritlog kit`. [a` ota`r r`isog dor timlgb og suca i put optlog ls to sid` buirk i posltlog tait you owg lg ta` iss`t or s`curlty. Uurcaislgb i put optlog provlk`s ig ikvigtib` is cojpir`k to s`hhlgb i stocm saort. [a` jost tait you cig hos` wlta i put optlog ls ta` jog`y tait you aiv` pilk dor lt, walh` taos` wao s`hh saort aiv` ig ughljlt`k hoss pot`gtlih. [a` kowgslk` to i put ls tait ta` bilg pot`gtlih ls r`strlct`k to i c`rtilg ijougt. [als turgs out to n` ta` strlm` prlc` od ta` optlog jlgus ta` spot prlc` od ta` issoclit`k iss`t igk ta` pr`jluj tait you piy dor ta` optlog. I s`hh`r or wrlt`r od i put d``hs cogdlk`gt tait ta` issoclit`k iss`t prlc` wlhh bo up or r`jilg ta` sij` nut got k`chlg`. S`hh`rs od puts `gbib` lg tals ictlvlty lg ork`r to cohh`ct pr`jlujs. I wrlt`r od i put ais i hljlt`k hoss `quih to ta` strlm` prlc` od ta` put jlgus ta` spot prlc` igk ta` pr`jluj tait ais ihr`iky n``g ontilg`k. Uut optlogs cig sljlhirhy n` utlhlz`k to r`kuc` i rlsm lg ta` optlog s`hh`r“ s`hh`r “s lgv`stj`gt portdohlo. [a`y cig n` pirt od cojphlcit`k strit`bl`s cihh`k optlog spr`iks. I put optlog tait ls got cov`r`k ny owglgb ta` ugk`rhylgb s`curlty or iss`t ls r`d`rr`k to is i gim`k put. Lg ta`s` typ`s od put sc`girlos, ta` lgv`stor jlbat aop` to nulhk up i posltlog lg ta` stocm tait ugk`rhl`s ta` optlogs so hogb is ta`y cig b`t i ca`ip `gouba prlc`. Ld you ta` nuy`r ko got `x`rcls` ta`s` optlogs, ta`g ta` s`hh`r od ta` put b`ts to m``p ta` pr`jluj tait you pilk dor ta` optlog, r`pr`s`gtlgb i prodlt to ta` s`hh`r. s`hh`r.
>91
Dlgigclih [`rjs Klctlogiry
Saouhk ta` issoclit`k stocm“s ictuih prlc` n` how`r taig ta` strlm` prlc` od ta` optlog wa`g ta` `xplritlog kit` coj`s, ta`g you is i nuy`r aiv` ta` inlhlty to `x`rcls` ta` put optlog lg qu`stlog. [als jim`s ta` s`hh`r od ta` put optlog purcais` ta` issoclit`k stocm it ta` strlm` prlc` od ta` optlog. \ou is i nuy`r wouhk prodlt to ta` ijougt od ta` kldd`r`gc` dougk n`tw``g ta` jirm`t prlc` od ta` stocm igk ta` strlm` prlc` od ta` optlog. \`t, saouhk ta` prlc` od ta` stocm prov` to n` alba`r taig ta` strlm` prlc` od ta` optlog og ta` `xplritlog kiy, tals optlog n`coj`s wortah`ss. [a` hoss to ta` owg`r od ta` optlog ls r`strlct`k to ta` jog`y tait you pilk dor lt, walca ta`g n`coj`s ta` prodlt to ta` put optlog s`hh`r.
Yuigtltitlv` @islgb Yuigtltitlv` `islgb ls ta` pohlcy wa`r` ta` bov`rgj`gt purcais`s nogks igk dlgigclih lgstruj`gts ny prlgtlgb jog`y lg ork`r to stljuhit` ta` `cogojy. Yuigtltitlv` `islgb prov`s to n` i jog`tiry pohlcy tait ta` D`k`rih ^`s`rv` igk ota`r c`gtrih nigms irougk ta` worhk utlhlz` lg ork`r to brow ta` jog`y supphy. [a`y ko tals ny noostlgb ta` cisa r`s`rv`s lg ta` nigmlgb syst`j. [als ls iccojphlsa`k vli purcaislgb ta` bov`rgj`gt“s bov`rgj`gt“s lssu`k nogks lg ork`r to rils` ta`lr prlc`s. Slgc` prlc`s igk lgt`r`st rit`s od nogks jov` lgv`rs`hy, alba`r nogk prlc`s h`ik klr`cthy to how`r hogb t`rj lgt`r`st rit`s. Yuigtltitlv` `islgb ls cojjoghy `jphoy`k oghy idt`r ota`r jor` trikltlogih j`igs od kojlgitlgb ta` supphy od jog`y aiv` got worm`k. [a`s` ota`r j`taoks lgvohv` how`rlgb klscougt rit`s, nigm lgt`r`st rit`s, igk `v`g lgt`rnigm lgt`r`st rit`s to irougk z`ro. Ogc` ta`s` trikltlogih j`igs aiv` dilh`k to stljuhit` ta` `cogojy, ta` D`k ta`g st`ps lgto ta` jirm`t igk klr`cthy nuys dlgigclih lgstruj`gts. [a` iss`ts tait ta`y purcais` lgchuk` ib`gcy k`nt, bov`rgj`gt nogks, corporit` nogks, igk jortbib` nicm`k s`curltl`s, walca ta`y purcais` droj nigms igk lgstltutlogs. [als `gtlr` proc`ss ls cihh`k op`g jirm`t op`ritlogs. Ny k`posltlgb `h`ctroglcihhy cr`it`k jog`y lgto ta` nigms“ iccougts, ta` nigms bilg ikkltlogih r`s`rv`s tait p`rjlt ta`j to cr`it` stlhh ikkltlogih jog`y droj talg ilr. [a` D`k aop`s tait tals juhtlphlcitlog od k`poslts iccojphlsa`k tarouba ta` drictlogih r`s`rv` nigmlgb syst`j wlhh ihhow br`it`r ijougts od hoigs to n` jik` to nuslg`ss`s igk lgklvlkuihs lg ork`r to stljuhit` ta` `cogojy. [als quigtltitlv` `islgb pohlcy ls got wltaout lts rlsms. Lt couhk n` too `dd`ctlv` or got suddlcl`gthy `dd`ctlv`, saouhk nigms k`clk` to aoirk
>9<
Dlgigclih [`rjs Klctlogiry
ta`lr `xtri jog`y to noost ta`lr cipltih r`s`rv`s. [als ls pirtlcuhirhy ta` cis` lg ig `gvlrogj`gt od rlslgb k`diuhts lg ta` nigms“ jortbib` igk ota`r typ`s od hoigs“ aohklgbs. ^`c`gt `xijph`s od quigtltitlv` `islgb inougk. [als sunth` dorj od prlgtlgb jog`y n`cij` n `cij` jor` igk jor` cojjog is ta` dlgigclih crlsls od >552 to >595 br`w wors`. Lg ta`s` y`irs, ta` Pglt`k Stit`s `gbib`k a`ivlhy lg lt, trlphlgb ta` worhk wlk` kohhir r`s`rv`s ny cr`itlgb jog`y nota it aoj` igk inroik. Ota`r C`gtrih Nigms, suca is taos` od Br`it Nrltilg igk ta` @urop`ig Pglog, sljlhirhy `gbib`k lg ta` prictlc` to a`hp jltlbit` ta` `dd`cts od ta` crlsls igk r`suhtlgb Br`it ^`c`sslog. [a`s` cougtrl`s igk `cogojlc nhocms aik ihh ihr`iky how`r`k ta`lr lgt`r`st rit`s to z`ro or g`ir z`ro ijougts, igk ta`y dougk quigtltitlv` `islgb to n` ta`lr n`st r`jilglgb optlog dor r`stirtlgb `cogojlc browta.
^it` od ^`turg Lg ta` worhks od dlgigc` igk nuslg`ss, ta` rit` od r`turg, ihso mgowg ny lts icrogyj ^O^, prov`s to n` ta` ritlo od jog`y host or bilg`k p`rtilglgb to ig lgv`stj`gt igk ta` suj od jog`y tait ls orlblgihhy lgv`st`k lg lt. [als rit` od r`turg ls ihso cihh`k ta` rit` od prodlt or jor` cojjoghy ta` r`turg og lgv`stj`gt, or ^OL. [a` suj od jog`y tait ls host or bilg`k couhk n` cihh`k ta` hoss or prodlt, lgt`r`st, or `v`g g`t hoss or g`t lgcoj`. ^`birklgb ta` jog`y tait ls ictuihhy lgv`st`k, lt ls soj`tlj`s cihh`k ta` cipltih, iss`t, or prlgclph`. Lt ls ihso r`d`rr`k to is ta` cost nisls od ig lgv`stj`gt. ^it` od r`turg or ^`turg og Lgv`stj`gt ls cojjoghy stit`k is i p`rc`gtib` igk got i drictlog. [als rit` od r`turg ls og` j`isur`j`gt od aow juca cisa ls jik` or host is i klr`ct r`suht od ta` lgv`stj`gt lg qu`stlog. Lt quigtldl`s ta` ijougt od lgcoj` str`ij or cisa dhow tait jov`s droj ta` lgv`stj`gt lts`hd to ta` lgv`stor is i p`rc`gtib` od ta` orlblgih ijougt tait ta` lgv`stor put lgto ta` lgv`stj`gt. Suca cisa dhow tait iccru`s to ta` lgv`stor coj`s lg i gujn`r od dorjs. Lt jlbat n` lgt`r`st, prodlt, cipltih bilgs igk hoss`s, or klvlk`gks r`c`lv`k. [a`s` cipltih bilgs igk hoss`s aipp`g is ta` lgv`stj`gt“s sih` prlc` ls br`it`r or h`ss taig lts lgltlih purcais` prlc`. [a` us` od ta` t`rj cisa dhow lgchuk`s `v`rytalgb `xc`pt dor ta` r`turg od ta` orlblgih lgv`st`k lg v`st`k jog`y. jog`y. ^it`s od r`turg cig n` dlbur`k up is iv`rib`s cov`rlgb i gujn`r od kldd`r`gt tlj` p`rloks. [a`y jiy ihso n` k`t`rjlg`k dor oghy og` tlj` drij`. Ra`g ta`s` cihcuhitlogs ir` n`lgb jik`, lt ls ljportigt got to jlx up igguihlz`k igk igguih rit`s od r`turg. Igguihlz`k rit`s od r`turg
>>5
Dlgigclih [`rjs Klctlogiry
prov` to n` b`oj`trlc iv`rib` r`turgs dlbur`k up ov`r s`v`rih or `v`g guj`rous p`rloks. Igguihlz`k r`turgs jlbat n` ta` lgv`stj`gt r`turg og i p`rlok h`ss taig or br`it`r taig i y`ir, dor `xijph` dor slx jogtas or tar`` y`irs. [a` rit`s od r`turg ir` ta`g juhtlphl`k out or klvlk`k lg ork`r to coj` up wlta i og` y`ir rit` od r`turg tait cig n` cojpir`k ibilgst ota`r igguih rit`s od r`turg. Is ig `xijph`, ld ig lgv`stj`gt poss`ss`k i og` p`rc`gt rit` od r`turg p`r jogta, ta`g tals jlbat n` jor` ipproprlit`hy `xpr`ss`k is ig igguihlz`k rit` od r`turg od tw`hv` p`rc`gt. Or, ld you aik i tar`` y`ir rit` od r`turg ijougtlgb to dldt``g p`rc`gt, ta`g you couhk siy tait tals ls i dlv` p`rc`gt igguihlz`k rit` od r`turg. Igguih rit`s od r`turg ir` lgst`ik r`turgs dlbur`k up dor slgbh` tlj` drij` p`rloks. [a`s` tlj` drij`s ir` cojjoghy og` y`ir p`rloks rugglgb droj ta` dlrst od Figuiry to ta` hist kiy od K`c`jn`r. Iht`rgitlv`hy, hy, ta`y couhk cov`r igy y`ir hogb p`rlok, r`birkh`ss od wait jogta igk kiy ta`y stirt`k igk `gk`k.
^`ih @stit` ^`ih `stit` turgs out to n` i paris` tait ls us`k h`bihhy to k`scrln` prop`rty igk ta` structur`s og suca prop`rty. Lt r`d`rs to ta` higk igk ta` r`slk`gtlih, cojj`rclih, or lgkustrlih structur`s og ta` higk. Ota`r lj prov`j`gts to ta` prop`rty cig ihso n` cov`r`k ny ta` t`rj, suca is w`hhs, d`gc`s, igk ota`r ljjonlh` onf`cts dlx`k og ta` prop`rty. [a` giturih d`itur`s od ta` prop`rty ir` ihso lgchuk`k lg ta` paris`, hlm` him`s, str`ijs, igk tr``s. ^`ih `stit` cig n` giturih higk, r`slk`gtlih prop`rty, prop`rty, cojj`rclih prop`rty, prop`rty, igk `v`g lgkustrlih prop`rty. prop`rty. ^`ih @stit` ls bov`rg`k ny r`ih `stit` hiw. [als r`pr`s`gts ta` h`bih cok`s igk r`buhitlogs tait aiv` to ko wlta r`ih `stit` lg i blv`g furlsklctlog. Lt cov`rs suca `h`j`gts is ta` sp`cldlcs od trigsictlogs od r`slk`gtlih igk cojj`rclih r`ih `stit`. ^`ih `stit` ittorg`ys prictlc` tals dorj od hiw. ^`ihtors ir` ta` prlgclpih prod`sslogihs wao worm lg ta` dl`hk od s`hhlgb r`ih `stit`. ^`ihty ls ta` t`rj tait p`rtilgs to r`ihtors igk ta`lr dlrjs. ^`ih `stit` igk r`ihty cojpigl`s ir` odt`g `quit`k wlta r`ih prop`rty. [als stigks lg cogtrist to p`rsogih prop`rty igk p`rsogih prop`rty hiw. Is r`ih `stit` prop`rty ais k`v`hop`k igk n`coj` jor` cojph`x, lt ais `vohv`k lgto ig ljportigt pirt od nuslg`ss. [als ls r`d`rr`k to is cojj`rclih r`ih `stit`. Cojj`rclih r`ih `stit` cig n` nulhklgbs igk oddlc`
>>9
Dlgigclih [`rjs Klctlogiry
spic`s us`k ny nuslg`ss`s. Nuylgb r`ih `stit` ls ig `xp`gslv` proposltlog r`qulrlgb hirb` lgv`stj`gts. Is `v`ry typ` igk zoglgb od higk ais lts owg cairict`rlstlcs, ta` r`ih `stit` lgkustry ais k`v`hop`k lgto i virl`ty od kldd`r`gt dl`hks. [a`r` ir` p`oph` wao sp`clihlz` lg vihulgb kldd`r`gt mlgks od r`ih `stit` igk a`hplgb ta` trigsictlogs to coj` tob`ta`r. Jigy kldd`r`gt typ`s od r`ih `stit` r`hit`k nuslg`ss`s aiv` k`v`hop`k is i r`suht. Nrom`rs ir` talrk pirtl`s wao cohh`ct i d`` lg `xcaigb` dor j`klitlgb r`ih `stit` trigsictlogs n`tw``g two kldd`r`gt `gtltl`s or lgklvlkuihs. Ipprils`rs p`rdorj prod`sslogih h`v`h `vihuitlogs od prop`rtl`s. K`v`hop`rs ljprov` i higk“s vihu`, typlcihhy ny nulhklgb or r` nulhklgb structur`s og lt. Urop`rty jigib`rs aigkh` ta` jigib`j`gt od i blv`g prop`rty og n`aihd od ta` owg`r. ^`ih `stit` lgv`stors aigkh` r`ih `stit` lgv`stj`gts. ^`ih `stit` jirm`t`rs aigkh` ta` projotlog igk sih`s isp`cts od igy prop`rty nuslg`ss. Corporit` r`ih `stit` p`oph` k`ih wlta ta` r`ih `stit` portdohlos od i cojpigy lg support od lts jilg nuslg`ss`s. ^`hocitlog s`rvlc`rs dugctlog to jov` nuslg`ss`s or lgklvlkuihs to i kldd`r`gt pirt od ta` cougtry or lgt`rgitlogihhy droj og` r`ih `stit` prop`rty to igota`r. [a` kldd`r`gt typ`s od r`ih `stit` lgvohv` sp`clihlsts lg ta` virlous nrigca`s od r`ih `stit`. Lg `ica od ta` kldd`r`gt dl`hks, r`ih `stit` nuslg`ss`s cojjoghy docus og i slgbh` typ` od r`ih `stit`. [als jlbat n` r`slk`gtlih r`ihty, cojj`rclih prop`rty r`ihty, or lgkustrlih prop`rty r`ihty. Cogstructlog nuslg`ss`s ir` lgvohv`k slbgldlcigthy wlta soj`tlj`s `lta`r og` nrigca, or soj`tlj`s `v`g two or ihh tar`` nrigca`s od r`ih `stit`. [a`y k`v`hop igk nulhk r`ih `stit` to ig `gk us`r“s sp`cldlcitlogs.
^`c`sslog I r`c`sslog ls hlt`rihhy k`dlg`k is ta` k`chlglgb od ta` gitlog“s BKU, or Bross Koj`stlc Urokuct, ny i sjihh`r ijougt taig t`g p`rc`gt. [als krop lg BKU ais to occur ov`r br`it`r taig i slgbh` cogs`cutlv` quirt`r lg i blv`g y`ir. Bross koj`stlc prokuct stigks dor ta` totih od ihh books igk s`rvlc`s tait i cougtry prokuc`s, or ta` ictuih totih od ihh nuslg`ss, prlvit`, igk bov`rgj`gt sp`gklgb og ta` cit`borl`s od lgv`stj`gt, hi nor, s`rvlc`s, s`rvlc`s, igk books.
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Dlgigclih [`rjs Klctlogiry
[a` t`rjs r`c`sslog igk k`pr`sslog ir` typlcihhy cogdus`k igk soj`tlj`s us`k lgt`rcaigb`inhy. [a`y ir` qult` kldd`r`gt droj `ica ota`r. ^`c`sslogs ir` typlcihhy h`ss s`v`r` taig ir` k`pr`sslogs. ^`c`sslogs ir` b`g`rihhy corr`ct`k lg slbgldlcigthy h`ss tlj` igk wlta h`ss `cogojlc pilg dor lgklvlkuihs. K`pr`sslogs durta`rjor` lgvohv` krops lg BKU od br`it`r taig t`g p`rc`gt. [a`r` ls go uglv`rsih cogs`gsus og wait jim`s i r`c`sslog wltalg ig `cogojy. Jost `cogojlsts ibr`` og i d`w kldd`r`gt dictors tait ir` cojjoghy lgvohv`k lg ciuslgb suca r`c`sslogs. Urlc`s jlbat k`cr`is` sunstigtlihhy, or iht`rgitlv`hy ta`y couhk bo up sunstigtlihhy. [a` k`cr`is` lg prlc`s saows tait p`oph` ir` sp`gklgb sjihh`r ijougts od jog`y, igk tals wlhh cius` ta` Bross Koj`stlc Urokuct to bo kowg. Cogv`rs`hy, alba`r prlc`s cig kljlglsa ta` ijougts od punhlc igk prlvit` sp`gklgb, sljlhirhy ciuslgb ta` Bross Koj`stlc Urokuct to k`cr`is`. Is juca is bov`rgj`gts, lgklvlkuihs, igk nuslg`ss`s ait` r`c`sslogs, jigy `cogojlsts d``h tait ta`y ir` gorjih dor `cogojl`s to bo tarouba, pirtlcuhirhy jlhk og`s. [a`y chilj tait suca `cogojlc puhh nicms ir` i nulht lg pirt od socl`ty igk `cogojlcs. Urlc`s bo up igk kowg, igk sp`gklgb igk ta` ijougt od cogsujptlog sljlhirhy k`cr`is`s igk lgcr`is`s ov`r tlj` is w`hh. Stlhh, giturih k`cr`is`s lg sp`gklgb ir` got suddlcl`gt to provom` i r`c`sslog lgto occurrlgb. Soj` ota`r dictor caigb`s sukk`ghy igk h`iks to sairp splm`s or krops lg r`ih prlc`s. Dor `xijph`, ta` `irhy >555“s r`c`sslog cij` inout is i r`suht od ta` kot coj lgkustry sukk`ghy igk pr`clpltoushy k`cr`islgb k `cr`islgb lg ictlvlty. ictlvlty. Og` kiy, ta` k`jigk tait ta`y aik igtlclpit`k turg`k out to n` dir h`ss taig `xp`ct`k. [als cr`it`k `gorjous dilhur`s od cojpigl`s igk slbgldlcigt hiyodds tait h`k to prokuctlog k`cr`is`s igk dlgihhy sp`gklgb cuts. [als kot coj krop cr`it`k i saocm `dd`ct og ta` bross koj`stlc prokuct, h`iklgb to i slbgldlcigt dihh lg prokuctlog igk output is sp`gklgb kropp`k. [a` r`c`sslog aik `gk`k ny >553, y`t ta` cogs`qu`gc`s od lt turg`k out to n` krijitlc igk cig stlhh n` d`ht. Alba piylgb fons sukk`ghy klsip p`ir`k, oghy to n` outsourc`k to dor`lbg cougtrl`s. [a`s` fons wlhh hlm`hy g`v`r r`turg to ta` Pglt`k Stit`s. Stlhh, is ta` Bross Koj`stlc Urokuct n`big browlgb ibilg, ta` r`c`sslog wis k``j`k to aiv` `gk`k. [als ko`s got caigb` ta` dict tait guj`rous lgklvlkuihs stlhh d``h ta` ljpict od lt lg ta`lr owg p`rsogih hlv`s.
>>3
Dlgigclih [`rjs Klctlogiry
Sljlhirhy, ta` Br`it ^`c`sslog tait you siw st`j droj ta` dlgigclih cohhips` od >552->595 cij` inout is i sukk`g s`lzur` lg ta` nigmlgb lgkustry igk cr`klt jirm`ts. Lt ais h`k to ta` alba`st h`v`hs od r`ih ug`jphoyj`gt slgc` ta` Br`it K`pr`sslog, r`icalgb g`irhy tw`gty p`rc`gt wa`g j`isur`k ny ta` dorjuhi tait aik n``g us`k ugtlh Ur`slk`gt Nlhh Chlgtog caigb`k lt. @v`g taouba tals r`c`sslog ais n``g cihh`k ov`r, ta` ug`jphoyj`gt h`v`hs aiv` got k`chlg`k j`iglgbduhhy. [als j`igs tait dor s`v`rih jor` y`irs it h`ist, i br`it ijougt od `cogojlc pilg igk airksalp wlhh cogtlgu` to n` d`ht ny taos` cougth`ss jlhhlogs wao aiv` host ta`lr fons lg ta` r`c`sslog.
^`gigc` Ra`g ta` work r`dlgigc` ls us`k, lt ls r`d`rrlgb to ta` ict od r`dlgigclgb, or cigc`hlgb out i curr`gthy `xlstlgb k`nt wlta igota`r k`nt tait i nigm or r`dlgigc` cojpigy lssu`s ugk`r iht`rgitlv` t`rjs. Ny dir igk iwiy ta` jost popuhir r`dlgigclgb tait p`rtilgs to cogsuj`rs ls dor jortbib`s og aous`s. K`nt r`phic`j`gts tait ir` p`rdorj`k lg cogkltlogs od dlgigclih klstr`ss ir` ihso mgowg is k`nt r`structurlgb. Aoj` owg`rs jlbat caoos` to r`dlgigc` ta`lr jortbib` dor i virl`ty od r`isogs. Lt cig isslst ta`j lg j``tlgb i rigb` od `gk boihs. \ou is i aoj` owg`r jlbat n` lgt`r`st`k lg how`rlgb your jogtahy piyj`gts og ta` jortbib` tarouba ittilglgb i n`tt`r lgt`r`st rit` or h`gbta`glgb ta` t`rjs od ta` hoig. \ou couhk h`ss`g ta` ijougt od lgt`r`st tait you piy kurlgb ta` hoig“s t`rj igk `xpigk ta` `qulty nulhk up ny bolgb tarouba i r`dlgigc` to b`t i hoig wlta i saort`r hld`. \ou couhk ihso k`cr`is` your `xposur` to ta` rlsm od rlslgb lgt`r`st rit`s tarouba ontilglgb i dlx`k t`rj hoig lg phic` od i nihhoog jortbib` or ikfustinh` rit` jortbib`. Dlgihhy, you jlbat n` lgt`r`st`k lg kriwlgb out aoj` `qulty lg ork`r to ko k`nt cogsohlkicogsohlki tlog or to cov`r ta` costs od jifor `xp`gs`s tait you ir` `gcougt`rlgb `hs`wa`r`. [a` ict od r`dlgigclgb `hljlgit`s ta` orlblgih jortbib` hoig. [als ls ta`g r`phic`k wlta i g`w hoig. [a`r` ir` jigy dictors tait you wlhh aiv` to k`clk` lg ontilglgb tals g`w hoig. [als lgchuk`s wait typ` od hoig ls jost lk`ih dor ta` clrcujstigc`s, walca h`gk`r you wlhh utlhlz`, walca t`rj igk rit` ir` jost ikvigtib`ous, igk ta` d``s tait you d``h ir` r`isoginh`. N`cius` od ta`s` cojphlcit`k k`clslogs tait just n` jik`, cogsuj`rs saouhk s``m out ikvlc` lg ta`lr r`dlgigclgb. Ld you ko got poss`ss i ch`ir cojpr`a`gslog od ihh tait ls lgvohv`k wlta ta` r`dl-
>>;
Dlgigclih [`rjs Klctlogiry
gigclgb proc`kur`, ta`g you couhk icclk`gtihhy put your aous` or your dlgigc`s lg kigb`r. kigb`r. [a`r` ir` rlsms issoclit`k wlta r`dlgigclgb. [a`s` ir` prlgclpihhy p`gihty chius`s tait ir` ihso mgowg is cihh provlslogs. Ra`g you piy odd i jortbib` hoig `irhy, ta`s` p`gihtl`s wouhk n` trlbb`r`k ihogb wlta choslgb d``s. [a` r`dlgigclgb lts`hd wlhh `gtilh trigsictlog d``s. Ihh od ta`s` d``s saouhk n` dlbur`k up igk cogslk`r`k n`dor` you n`blg i prof`ct to r`dlgigc` your aoj` hoig. [als ls `sp`clihhy ta` cis` slgc` ihh od ta` d``s tob`ta`r jiy `hljlgit` igy pot`gtlih sivlgbs tait you aop`k to r`ihlz` tarouba ta` r`dlgigclgb. Igota`r posslnh` kowgslk` to r`dlgigclgb hoigs ls tait ta`y jiy provlk` you wlta how`r piyj`gts `v`ry jogta og ta` sij` ijougt od jog`y to n` r`pilk. Lg tals cis`, you wlhh piy i br`it`r ijougt od lgt`r`st taroubaout ta` hoig t`rj. \ou \ou wouhk ihso piy og ta` k`nt dor i br`it gujn`r od ikkltlogih y`irs ov`r ta` orlblgih jortbib`“s t`rjs. [als ls way lt ls so ljportigt to k`t`rjlg` got oghy ta` updrogt cairb`s, nut ihso ta` virlinh` igk ogbolgb costs lgvohv`k lg r`dlgigclgb is i dictor lg ta` k`clslog og wa`ta`r to pursu` lt or got.
^`piyj`gt U`gihty I r`piyj`gt p`gihty ls cojjoghy issoclit`k wlta piylgb nicm i hoig n`dor` ta` `gk od lts t`rj. Ld you ir` cogt`jphitlgb piylgb odd your hoig nihigc` lg ikvigc` od lts ku` kit`, ta`g you saouhk n` iwir` tait i gujn`r od hoigs coj` wlta ta`s` r`piyj`gt p`gihtl`s dor hlqulkitlgb ta` nihigc` `irhy. Kldd`r`gt typ`s od hoigs utlhlz` kldd`r`gt gij`s dor ta`s` sij` d``s. ^`piyj`gt p`gihtl`s cig ihso n` cihh`k r`k`jptlog cairb`s, `irhy r`k`jptlog d``s, pr`piyj`gt p`gihtl`s, or dlgigclih p`gihtl`s. [a` d``s issoclit`k wlta r`piyj`gt p`gihtl`s viry k`p`gklgb og ta` hoig lg qu`stlog. [a`s` r`piyj`gt p`gihtl`s ir` cojjoghy stit`k is i p`rc`gtib` od ta` nihigc` tait ls outstigklgb wa`g pr`piyj`gt ls odd`r`k. Iht`rgitlv`hy, ta`y jlbat n` dlbur`k up is i c`rtilg gujn`r od jogtas od lgt`r`st cairb`s. Lg b`g`rih, wa`g ta`y ir` dlbur`k up uslgb jogtas od lgt`r`st, ta`y ir` cojprls`k od og` to two jogtas“ lgt`r`st lg d``s. [a` soog`r lg ta` hoig“s hld` tait you caoos` to r`piy ta` hoig, ta` br`it`r ijougt od cairb` you cig `xp`ct to piy. [als ls n`cius` ta` igtlclpit`k lgt`r`st portlog od ta` hoig cojprls`s i br`it pirt od ta` r`piyj`gt `irhl`r lg ta` hoig“s tlj` drij`. @irhy r`piyj`gt p`gihtl`s jlbat lgcr`is` ta` totih cost od o d your hoig slbgldlcigthy. slbgldlcigthy.
>>0
Dlgigclih [`rjs Klctlogiry
Ld you wlsa to ivolk i r`piyj`gt p`gihty lg piylgb odd your hoig lg ikvigc` od ta` t`rj“s `gk, ta`g you wlhh aiv` to n` iwir` od ta` hoigs tait coj` wlta ta`s` d``s igk ta` og`s tait ko got. @v`g ld you caigb` i curr`gthy `xlstlgb hoig lgto i hoig dor k`nt cogsohlkitlog, you wlhh aiv` to cov`r ta` `irhy r`piyj`gt p`gihty ld og` ls lg ta` t`rjs. [a` oghy wiy to ivolk `irhy r`piyj`gt p`gihtl`s ls ny s`h`ctlgb hoigs tait sp`cldlcihhy ko got aiv` og`s ittica`k to ta`j. Lt ls lroglc tait soj` od ta` h`ist `xp`gslv` hoigs out ta`r` ko got lgchuk` r`piyj`gt p`gihtl`s dor `irhy piy odd ictlogs. Igota`r dictor od r`piyj`gt p`gihtl`s lgvohv`s i brikuih klsipp`irigc` od ta` provlslog ov`r tlj`. Rlta jigy jortbib`s, ta`s` r`piyj`gt p`gihtl`s brikuihhy bo kowg ov`r ta` y`irs od ta` jortbib`. Idt`r ta` dldta y`ir, ta` jiforlty od r`piyj`gt p`gihtl`s go hogb`r `v`g ipphy. Lg jigy cis`s, r`piyj`gts od is juca is tw`gty p`rc`gt od ta` orlblgih nihigc` ir` p`rjltt`k lg i blv`g y`ir wltaout you aivlgb to n` p`gihlz`k. N`slk`s tals, ta`r` ir` kldd`r`gt mlgks od p`gihtl`s dor r`piyj`gts. U`gihtl`s tait oghy ipphy to your r`dlgigclgb od ta` jortbib` ir` cihh`k sodt p`gihtl`s. U`gihtl`s tait lgchuk` ta` sih` od ta` aous` igk i r`dlgigclgb ir` mgowg is airk p`gihtl`s.
^`piyj`gt Sphlt I r`piyj`gt sphlt r`d`rs to ta` wiys tait piyj`gts ir` ihhocit`k og i sphlt jortbib`. [a`s` r`piyj`gt sphlts jlbat ihhow you to tim` out i jortbib` wa`r` pirt od ta` hoig ls i dlx`k rit` hoig, walh` ta` r`jilgk`r od ta` hoig ls i virlinh` rit`, s`t ibilgst i tricmlgb rit` dor ta` hld` od ta` hoig. Aoj` nuylgb norrow`rs ir` inh` to dlx ta`lr rit` it tw`gtydlv` p`rc`gt, dldty p`rc`gt, or `v`g s`v`gty-dlv` p`rc`gt od ta` totih jortbib` ijougt. [a` nihigc` od ta` hoig ta`g tricms i c`rtilg rit`, hlm` ta` Urlj` ^it` or Nigm od @gbhigk nis` rit` ihogbslk` ta` dlx`k pirt od ta` hoig. [a` lgt`r`st rit` cairb`k virl`s ihogb wlta ta` p`rc`gtib` od ta` jortbib` nihigc` tait ls it i dlx`k rit`. Dor `xijph`, wlta oghy tw`gty-dlv` p`rc`gt od ta` aoj` hoig nihigc` dlx`k, ta` dlx`k pirt od ta` rit` jlbat ijougt to 3.;<% lgt`r`st. Ld ta` sphlt ls kog` it i dldty p`rc`gt rit` od sphlt, ta`g ta` lgt`r`st rit` jlbat lgst`ik n` it 3.4<% og ta` dlx`k rit`. Rlta s`v`gty-dlv` p`rc`gt od ta` jortbib` totih dlx`k, ta` lgt`r`st rit` og ta` dlx`k portlog couhk coj` lg it 3.<<% lgst`ik. [a`s` sijph`
>>4
Dlgigclih [`rjs Klctlogiry
rit`s issuj` i hoig to vihu` ritlo od oghy s`v`gty p`rc`gt, j`iglgb tait i talrty p`rc`gt kowg piyj`gt wouhk n` `xp`ct`k. Rlta oghy i tw`gty p`rc`gt kowg piyj`gt jik`, ta` rit`s wouhk hlm`hy n` i aihd p`rc`gtib` polgt alba`r. [a` lgt`r`st rit` og ta` nihigc` od ta` hoig totih ls virlinh` igk ls ikfust`k p`rloklcihhy. [a` r`piyj`gt sphlt ta`g k`t`rjlg`s walca portlog od ta` piyj`gts ipphl`s to walca lgt`r`st rit` nihigc`. [als dorj od r`piyj`gt sphlt igk sphlt jortbib` ls jost cojjoghy s``g lg Br`it Nrltilg. I s`cogk wiy tait r`piyj`gt sphlts ir` us`k ais to ko wlta sphlt jortbib`s tait lgvohv` dlrst igk s`cogk jortbib`s. [als sphlt jortbib` t`caglqu` ls cojjoghy us`k lg Ij`rlci to r`kuc` ta` ijougt od ta` prlgclpih jortbib` to go jor` taig `lbaty p`rc`gt od ta` purcais` prlc` so tait Urlvit` Jortbib` Lgsurigc` wlhh got n` r`qulr`k. Rlta tals t`caglqu`, i s`cogk jortbib` or aoj` `qulty hlg` od cr`klt to ta` ijougt od dlv` to t`g p`rc`gt od ta` aoj` purcais` prlc` ls us`k to coj` up wlta `gouba cisa to m``p ta` dlrst jortbib` to `lbaty p`rc`gt or h`ss. Lg tals v`rslog od ta` sphlt jortbib`, ta` r`piyj`gt sphlt r`d`rs to walca portlog od ta` piyj`gts bo`s ibilgst ta` dlrst jortbib` igk walca ibilgst ta` s`cogk jortbib`.
^`slkuih ^`slkuih r`d`rs to r`slkuih lgcoj`. ^`slkuih lgcoj` cig aiv` s`v`rih kldd`r`gt j`iglgbs k`p`gklgb og ta` cogt`xt tait you us`. Dor ig lgklvlkuih, r`slkuih lgcoj` prov`s to n` ta` jog`y tait r`jilgs it ta` `gk od i jogta idt`r ihh dlgigclih r`spogslnlhltl`s dor ta` jogta ir` cov`r`k. [a`s` lgchuk` hlvlgb costs, tix`s, igk aouslgb costs. Ra`r` nuslg`ss ls cogc`rg`k, r`slkuih lgcoj`s ir` ta` op`ritlgb lgcoj` tait ls ikkltlogih is cojpir`k to ta` typlcih jlgljuj ijougt od op`ritlgb iss`ts tait ir` cogtrohh`k. ^`slkuih lgcoj` durta`rjor` r`d`rs to pisslv` lgcoj` tait ls `irg`k. Lg tals dorj od ta` t`rj, lt r`hit`s to ihh lgcoj` tait ls cr`it`k is i r`suht od ictlvltl`s tait ir` lgklr`ct. [a`s` jlbat lgchuk` royihtl`s, r`gtih lgcoj`, lgv`stj`gt portdohlo r`turgs, w`nslt` r`v`gu`s, or pisslv`hy jigib`k nuslg`ss`s, ihh od walca quihldy is r`slkuih lgcoj`. [a` work r`slkuih ls i virlitlog og ta` work r`slku`. ^`slku` j`igs igytalgb tait stiys n`algk n`cius` od soj` ota`r sunstigc` or cius`. So, r`slkuih lgcoj` prov`s to n` ikkltlogih jog`y jik` n`cius` od igota`r ictlvlty hlm` p`gglgb i gov`h igk cohh`ctlgb royihtl`s dor ta` sih` od `v`ry noom.
>>2
Dlgigclih [`rjs Klctlogiry
^`gtih lgcoj`s ir` r`slkuih is ta`y r`jilg droj ta` ictlog od nuylgb i aous` igk ta`g r`gtlgb lt to i t`gigt wao piys you i jogtahy r`gtih d``. Rorm ls lgvohv`k lg tals ictlvlty, ihtaouba i prop`rty jigib`j`gt cojpigy cig ko lt og your n`aihd. [a` r`wirks dor tals r`gtih prof`ct cig n` slbgldlcigt, is you `gfoy ta` cogtlguous r`gtih str`ij is w`hh is igy lgcr`is`s lg ta` vihu` od ta` r`ih `stit` prop`rty ugk`rhylgb lt. ^`gtih lgcoj` cig n` utlhlz`k to piy dor pot`gtlihhy ig `gtlr` jortbib`. Lgcoj` droj lgv`stj`gt portdohlos ls sljlhirhy cogslk`r`k to n` r`slkuih lgcoj`. Nota klvlk`gks igk lgt`r`st ir` icqulr`k is ig ikkltlogih, pisslv` n`g`dlt od poss`sslgb stocms, nogks, jutuih dugks, igk ota`r lgstruj`gts. [als r`slkuih lgcoj` ls got buirigt``k droj ta`s` lgv`stj`gts, nut lt ls cojjog dor lgv`stors. I dorj od r`slkuih lgcoj` tait ls browlgb lg popuhirlty ta`s` kiys ls w`nslt`, or Lgt`rg`t nis`k, r`v`gu`s. Lgt`rg`t r`v`gu`s ir` cojjoghy taos` tait you jim` droj aivlgb ikv`rtlslgb og i blv`g w`nslt`. [a` kohhir vihu` od ta` ikv`rtlslgb ls josthy nis`k og ta` gujn`r od vlsltors to ta` pib`. I slbgldlcigt ijougt od stirt up worm ls r`qulr`k to cr`it` ta` w`nslt` igk b`t lt albahy rigm`k og ta` jifor s`irca `gblg`s. Idt`r tals, you cig s`` cogtlguous jogtahy prodlts tait you `irg is i r`suht od ta` ikv`rtlslgb, walca nulhks up i r`slkuih lgcoj`. [als ijougt od jog`y couhk n` is hltth` is i d`w kohhirs i jogta to posslnhy taousigks od kohhirs p`r jogta. I hist dorj od r`slkuih lgcoj` cig r`suht droj i nuslg`ss. Ld your coj pigy n`coj`s hirb` `gouba, you jiy n` inh` to alr` i jigib`r to rug lt. [a` lgcoj` tait supports you walh` ta` jigib`r rugs ta` nuslg`ss ls ta`g cogslk`r`k r`slkuih lgcoj`.
^`turg og @qulty ^`turg og `qulty prov`s to n` i us`duh j`isur`j`gt dor lgv`stors cogslk`rlgb i blv`g cojpigy. [als ls n`cius` lt tim`s lgto iccougt tar`` ljportigt `h`j`gts od i cojpigy“s jigib`j`gt. [als lgchuk`s prodltinlhlty, dlgigclih h`v`rib`, igk iss`t jigib`j`gt. Hoomlgb it ta` `dd`ctlv`g`ss od ta` jigib`j`gt t`ij lg aigkhlgb ta` tar`` dictors blv`s you is ig lgv`stor i book plctur` od ta` mlgk od r`turg og `qulty tait you cig `xp`ct droj ig lgv`stj`gt lg suca i cojpigy. ^`turg og `qulty ls v`ry `isy to cihcuhit`. \ou cig dlbur` lt up ny cohh`ctlgb two pl`c`s od lgdorjitlog. \ou wlhh g``k ta` cojpigy `irglgbs dor i y`ir igk ta` vihu` od ta` iv`rib` sair` aohk`r `qulty dor ta` sij`
>>1
Dlgigclih [`rjs Klctlogiry
y`ir. B`ttlgb ta` `irglgbs“ dlbur` ls is sljph` is hoomlgb up ta` dlrj“s Cogsohlkit`k Stit`j`gt od @irglgbs tait ta`y dlh`k wlta ta` S`curltl`s igk @xcaigb` Cojjlsslog. Iht`rgitlv`hy, you jlbat hoom up ta` `irglgbs od `ica od ta` hist dour quirt`rs igk ikk ta`j ta `j up. K`t`rjlglgb sair` aohk`r `qulty ls `isl`st ny hoomlgb it ta` cojpigy“s nihigc` sa``t. Sair` aohk`r `qulty, walca prov`s to n` ta` kldd`r`gc` od totih hlinlhltl`s igk totih iss`ts, wlhh n` hlst`k dor you ta`r`. Sair` aohk`r `qulty ls i us`duh iccougtlgb cogstruct tait r`v`ihs ta` nuslg`ss iss`ts tait ta`y aiv` cr`it`k. [als sair` aohk`r `qulty ls jost cojjoghy hlst`k ugk`r noom vihu`, or ta` quigtlty od ta` sair` aohk`rs“ `qultl`s dor `ica sair`. [als ls ihso ig iccougtlgb noom vihu` od i corporitlog tait ls jor` taig sljphy lts jirm`t vihu`. [o coj` up wlta ta` r`turg og `qulty, you sljphy klvlk` ta` duhh y`ir“s `irglgbs ny ta` iv`rib` `qulty dor tait y`ir. [als blv`s you ta` r`turg og `qulty. Cojpigl`s tait prokuc` slbgldlcigt ijougts od sair` aohk`r `qulty turg out to n` sohlk lgv`stj`gts, slgc` lgltlih lgv`stors ir` pilk odd uslgb ta` jog`y tait ta` nuslg`ss op`ritlogs b`g`rit`. Cojpigl`s tait cr`it` sunstigtlih r`turgs is cojpir`k to ta` sair` aohk`r `qulty r`wirk ta`lr stim` aohk`rs b`g`roushy ny nulhklgb up slbgldlcigt ijougts od iss`ts dor `ica kohhir tait ls lgv`st`k lgto ta` dlrj. Suca `gt`rprls`s cojjoghy prov` to n` inh` to dugk ta`lr owg op`ritlogs lgt`rgihhy, walca j`igs tait ta`y ko got aiv` to lssu` jor` klhutlgb sair`s od stocm or tim` og `xtri k`nt to cogtlgu` op`ritlgb. [a` r`turg og `qulty cig ihso n` utlhlz`k to k`t`rjlg` ld i corporitlog ls i cisa b`g`ritlgb jicalg` or i cisa cogsujlgb `gtlty. [a` r`turg og `qulty wlhh sljphy saow you tals wa`g you cojpir` ta`lr ictuih `irglgbs to ta` sair` aohk`r `qulty. \ou cig h`irg it ihjost i bhigc` aow juca jog`y ta` cojpigy“s pr`s`gt iss`ts ir` prokuclgb. Is ig `xij ph`, wlta i tw`gty p`rc`gt r`turg og `qulty, `qulty, `v`ry orlblgih kohhir put lgto ta` cojpigy ls cr`itlgb tw`gty c`gts od r`ih iss`ts. [als ls ihso us`duh lg cojpirlgb suns`qu`gt cisa lgv`stj`gts lg ta` cojpigy, slgc` ta` r`turg og `qulty p`rc`gtib` wlhh k`jogstrit` to you ld ta`s` `xtri lgv`st`k kohhirs jitca up to ta` `irhl`r lgv`stj`gts dor `dd`ctlv`g`ss igk `ddlcl`gcy.
^`v`rs` Sphlt I r`v`rs` sphlt ls ihso mgowg is i r`v`rs` stocm sphlt. ^`v`rs` sphlts ir` us`k to r`kuc` ta` totih outstigklgb gujn`r od i blv`g cojpigy“s sair`s. [als ictlog noosts ta` vihu` od lts stocm igk ta` r`suhtlgb `irg-
>><
Dlgigclih [`rjs Klctlogiry
lgbs p`r sair`. Got `v`rytalgb cogc`rglgb i stocm caigb`s lg i r`v`rs` stocm sphlt. Og` talgb tait r`jilgs ta` sij` ls ta` jirm`t cipltihlzitlog. Jirm`t cipltihlzitlog r`d`rs to ta` vihu` prlc` od ta` totih outstigklgb gujn`r od sair`s. I r`v`rs` sphlt worms ny i c`rtilg proc`ss. Lg tals sc`girlo, i cojpigy lgvohv`k wlhh ictuihhy cigc`h out ta` pr`s`gthy `xlstlgb sair`s dor `v`ry sair` aohk`r. [a`y wlhh r`phic` ta`s` wlta i sjihh`r gujn`r od g`w sair`s. [a`s` g`w sair`s wlhh n` lssu`k lg ig `xict proportlog to your orlblgih stim` lg ta` cojpigy. cojpigy. Suca i r`v`rs` sphlt prov`s to n` ta` `xict opposlt` od i stocm sphlt. ^`v`rs` sphlts cig ihso n` cihh`k stocm j`rb`s, slgc` ta`y hlt`rihhy r`kuc` ta` totih gujn`r od outstigklgb sair`s igk proportlogihhy lgcr`is` ta` prlc` p`r sair`. Cojpigl`s cojjoghy lssu` ta` r`v`rs` sphlt sair`s iccorklgb to ig `isy to ugk`rstigk ritlo. \ou jlbat r`c`lv` og` g`w sair` dor `v`ry two ohk sair`s, or posslnhy dour g`w sair`s dor `v`ry ohk dlv` og`s tait you owg`k. Hoomlgb it ig `xijph` od ta` wiy tait i r`v`rs` stocm sphlt ictuihhy worms ls a`hpduh. Siy tait i cojpigy lg walca you owg stocm sair`s k`clk`k to idd`ct i og` dor t`g r`v`rs` sphlt. Ld you aik og` taousigk sair`s od ta` cojpigy, ta`g you wouhk oghy owg og` augkr`k sair`s od ta` r`suhtlgb lssu`. [als wouhk got caigb` ta` vihu` od ta` sair`s tait you a`hk taouba, is ta` prlc` od ta` sair`s wouhk lgcr`is` ny t`g tlj`s. Ld ta` sair`s aik n``g worta oghy dour kohhirs p`r sair`, gow ta`y wouhk n` vihu`k it dorty kohhirs p`r sair`. [a`r` ir` s`v`rih r`isogs way cojpigl`s caoos` to ko i r`v`rs` sphlt od ta`lr stocm sair`s. [a`y jlbat d``h tait ta` ictuih prlc` p`r sair` od ta`lr stocm ls so how tait lt ls got ipp`ihlgb to g`w lgv`stors. Soj` lgstltutlogs ir` oghy ihhow`k to nuy sair`s tait trik` it i c`rtilg jlgljuj vihu`, suca is dlv` kohhirs p`r sair` or alba`r. ^`v`rs` stocm sphlts cig ihso n` us`k to r`kuc` ta` gujn`r gu jn`r od sair` aohk`rs, slgc` ta`y cig dorc` sjihh`r sair`aohk`rs to n` cisa`k out, walca j`igs tait ta`y go hogb`r poss`ss igy sair`s od ta` cojpigy. Lg tals cis`, you wouhk r`c`lv` ta` vihu` od your sair`s lg cisa. [a`r` ls i g`bitlv` coggotitlog issoclit`k wlta `gbiblgb lg r`v`rs` stocm sphlts. N`cius` od tals r`isog, ta`y ir` got kog` hlbathy ny coj pigl`s. I cojpigy jlbat dlgk tait lts sair` prlc` ais k`chlg`k so pr`clpltoushy tait lt n`coj`s lg kigb`r od aivlgb lts sair`s k`-hlst`k droj ta` stocm `xcaigb`. [a`y couhk qulcmhy noost ta` sair` prlc` wlta ta` r`v`rs` sphlt. Stocms tait aiv` ugk`rbog` i r`v`rs` sphlt wlhh usuihhy aiv` ta` h`tt`r K ikk`k to ta` `gk od ta`lr syjnoh tlcm`rs.
>35
Dlgigclih [`rjs Klctlogiry
I noirk od klr`ctors dor i blv`g cojpigy ls ihhow`k to p`rdorj i r`v`rs` sphlt wltaout cogsuhtlgb wlta lts sair` aohk`rs to ontilg ta`lr ip provih. [a` S`curltl`s igk @xcaigb` Cojjlsslog ihso ko`s got aiv` igy siy ov`r suca r`v`rs` stocm sphlts. [a`y ir` lgst`ik r`buhit`k ny i stit`“s corporit` hiws igk ta` cojpigy“s owg irtlch`s od lgcorporitlog, ihogb wlta ta` cojpigy“s cojpigy“s ny hiws.
^OL (^`turg og Lgv`stj`gt) ^OL ls ta` icrogyj dor r`turg og lgv`stj`gt. [als r`turg og lgv`stj`gt ls ijogb ta` jost odt`g utlhlz`k j`taoks od k`t`rjlglgb ta` dlgigclih r`suhts tait wlhh irls` droj nuslg`ss k`clslogs, lgv`stj`gts, igk ictlogs. ^OL igihysls ls us`k to cojpir` igk cogtrist nota ta` tljlgb igk ijougt od lgv`stj`gt bilgs klr`cthy wlta ta` tljlgb igk ijougt od lgv`stj`gt costs. Alba`r r`turgs og lgv`stj`gt slbgldy tait ta` r`suhts droj lgv`stj`gts ir` posltlv` wa`g you cojpir` ta`j ibilgst ta` costs od suca lgv`stj`gts. Ov`r ta` pist couph` od k`cik`s, tals r`turg og lgv`stj`gt gujn`r ais `vohv`k lgto og` od ta` jilg j`isur`j`gts lg ta` k`clslog jimlgb proc`ss od wait typ`s od iss`ts igk `qulpj`gt to nuy nuy.. [als lgchuk`s `v`rytalgb droj dictory `qulpj`gt, to s`rvlc` v`alch`s, to cojput`rs. ^OL ls sljlhirhy utlhlz`k to k`t`rjlg` walca nukb`t lt`js, probrijs, igk prof`cts saouhk n` nota ipprov`k igk ihhocit`k dugks. [a`s` cov`r `v`ry typ` od ictlvlty droj r`crultlgb, to trilglgb, to jirm`tlgb. Dlgihhy, r`turg og lgv`stj`gt ls odt`g `jphoy`k lg caooslgb walca dlgigclih lgv`stj`gts ir` p`rdorjlgb up to `xp`ctitlogs, is wlta v`gtur` cipltih lgv`stj`gts igk stocm lgv`stj`gt portdohlos. ^`turg og lgv`stj`gt igihysls ls ictuihhy us`k dor rigmlgb lgv`stj`gt r`turgs ibilgst ta`lr costs. [als ls kog` ny s`ttlgb up i p`rc`gtib` or ritlo gujn`r. Rlta Rlta ta` vist jiforlty od r`turg og lgv`stj`gt cihcuhitlog j`taoks, ^OL“s tait ir` alba`r taig z`ro slbgldy tait ta` r`turgs og ta` lgv`stj`gt ir` alba`r taig ta` issoclit`k `xp`gs`s wlta lt. Is i br`it`r gujn`r od lgv`stj`gts igk nuslg`ss k`clslogs cojp`t` dor dugklgb igyjor`, airk caolc`s ir` lgcr`islgbhy jik` uslgb ta` cojpirlsog od alba`r r`turgs og lgv`stj`gt. Jigy cojpigl`s n`hl`v` tait tals yl`hks ta` n`tt`r nuslg`ss k`clslog lg ta` `gk. [a`r` ls i kowgslk` to r`hylgb too a`ivlhy og ta` r`turg og lgv`stj`gt is ta` oghy cogslk`ritlog dor jimlgb suca nuslg`ss igk lgv`stj`gt k`clslogs. ^`turg og lgv`stj`gt ko`s got t`hh you igytalgb r`birklgb ta`
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Dlgigclih [`rjs Klctlogiry
igtlclpit`k costs igk r`turgs igk ld ta`y wlhh ictuihhy worm out is dor`cist. Ps`k ihog`, r`turg og lgv`stj`gt ihso ko`s got `xphilg ta` pot`gtlih `h`j`gts od rlsm dor i blv`g lgv`stj`gt. Ihh tait lt ko`s ls k`jogstrit` aow ta` lgv`stj`gt or prof`ct r`turgs wlhh cojpir` ibilgst ta` costs, issujlgb tait ta` lgv`stj`gt or prof`ct k`hlv`rs ta` r`suhts tait ir` igtlclpit`k or `xp`ct`k. [als hljltitlog ls got uglqu` to r`turg og lgv`stj`gt, nut sljlhirhy phibu`s ota`r dlgigclih j`isur`j`gts. N`cius` tals ls ta` cis`, lgt`hhlb`gt lgv`stj`gt igk nuslg`ss igihysls ihso r`hl`s og ta` hlm`hy r`suhts od ota`r r`turg og lgv`stj`gt `v`gtuihltl`s. Ota`r j`isur`j`gts saouhk ihso n` us`k ihogb slk` ta` r`turg og lgv`stj`gt to a`hp j`isur` ta` rlsms tait iccojpigy ta` prof`ct or lgv`stj`gt. Rls` k`clslog jim`rs wlhh k`jigk jor` droj r`turg og lgv`stj`gt dlbur`s taig sljphy i gujn`r. [a`y wlhh r`qulr` `dd`ctlv` subb`stlogs droj ta` p`rsog jimlgb ta` ta ` r`turg og lgv`stj`gt igihysls. Ijogb ta`s` lgputs tait ta`y wlhh k`slr` ir` ta` j`igs od lgcr`islgb ig ^OL“s bilgs, or iht`rgitlv`hy ta` j`igs dor ljprovlgb ta` ^OL tarouba k`cr`islgb costs.
^ota L^I I ^ota L^I ls i pirtlcuhir typ` od Lgklvlkuih ^`tlr`j`gt Iccougt. [a`s` ^ota L^I“s prov` to n` sp`clih r`tlr`j`gt phigs tait ir` blv`g divorinh` tix tr`itj`gt. [a` tix hiws od ta` Pglt`k Stit`s p`rjlt tix r`kuctlogs og r`strlct`k ijougt sivlgbs dor r`tlr`j`gt iccougts. ^ota L^I“s ir` kldd`r`gt droj ota`r L^I“s lg s`v`rih wiys. Ijogb ta` cal`d od ta`s` ls tait tix nr`ims ir` got blv`g og jogl`s tait ir` put lgto ta` phig igk iccougt wlta i ^ota L^I. Lgst`ik, ta`s` tix nr`ims ir` blv`g out og ta` jog`y igk lts lgv`stj`gt bilgs wa`g ta`y ir` tim`g out od ta` iccougt it r`tlr`j`gt. [als cal`d ipp`ih od ^ota L^I“s ls tait ta`y provlk` cojph`t`hy tix dr`` lgcoj` it r`tlr`j`gt. Ota`r ^ota L^I n`g`dlts ov`r trikltlogih dorjs od L^I“s `xlst is w`hh. [a` r`strlctlogs phic`k og ta` mlgks od lgv`stj`gts tait ta`y ir` ihhow`k to cogtilg ir` d`w`r. \ou cig turg ta`j lgto bohk L^I“s igk iggulty iccougt L^I“s. ^ota L^I“s cig ihso cogtilg ihh od ta` usuih dorjs od lgv`stj`gts tait L^I“s cogtilg, suca is jutuih dugks, stocms, nogks, igk c`rtldlcit`s od k`poslt. Jor` ugusuih lgv`stj`gts suca is r`ih `stit`, jortbib` got`s, k`rlvitlv`s, igk `v`g drigcals`s ir` ihhow`k to n` purcais`k wlta ^ota L^I“ L^I“s. [a`s` lgv`stj`gt caolc`s ko k`p`gk og ta` cipinlhlty igk ihhowigc` od ta` ^ota L^I trust``, or dlrj wlta walca
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Dlgigclih [`rjs Klctlogiry
ta` phig ls s`t up. ^ota L^I“s ihso p`rjlt you to jim` ug-p`gihlz`k wltakriwihs od ihh klr`ct cogtrlnutlogs tait you jim`, idt`r ta` dlrst dlv` y`irs od ta` iccougt aiv` igk phig aiv` piss`k, walca ls c`rtilghy got ta` cis` wlta trikltlogih L^I“s. [a`s` klstrlnutlogs, or wltakriwihs, ir` got tix`k n`cius` ta`y ir` tix`k n`dor` ta` cogtrlnutlogs ir` jik`. [a` p`gihtl`s ir` wilv`k dor prlgclpih, is w`hh is lgt`r`st igk `irglgbs lg ta` iccougt, ld ta` klstrlnu tlogs ir` dor purcaislgb i aous` or dor klsinlhlty or r`tlr`j`gt wltakriwih us`s. Ld ta`r` ls got i fustldl`k r`isog dor ta` klstrlnutlog, ta`g ta` iccougt `irglgbs igk lgcoj` jik` inov` cogtrlnutlogs wlhh n` tix`k. Ihh L^I“s cogtilg sp`cldlc hljlts og ta` kohhir ijougt od cogtrlnutlogs tait ta` bov`rgj`gt p`rjlts. [als ijougt caigb`s p`r y`ir, igk ls s`t tarouba ta` y`ir >599 gow. Ur`s`gthy, you cig put $0,555 p`r y`ir lgto ^ota L^I“s. [a`r` ir` lgcoj` r`strlctlogs tait bov`rg wa`ta`r you ir` ihhow`k to jim` tals duhh cogtrlnutlog is w`hh. Lgklvlkuihs wao jim` h`ss taig $954,555 ir` p`rjltt`k to jim` duhh ^ota L^I cogtrlnutlogs, igk taos` wao jim` ugk`r $9>9,555 jiy jim` i pirtlih cogtrlnutlog. Jirrl`k couph`s wao dlh` tob`ta`r ir` ihhow`k to `irg h`ss taig $942,555 to jim` ta`lr duhh cogtrlnutlog to ta` ^ota L^I, walh` taos` wao jim` ugk`r $922,555 cig ko i pirtlih cogtrlnutlog. ^ota L^I cogv`rslogs droj trikltlogih L^I“s aiv` n``g ihhow`k ny ta` L^I lg ta` pist, ihtaouba wlta c`rtilg lgcoj` r`strlctlogs. N`blgglgb lg >595, tals pohlcy caigb`k. Gow ta` L^S p`rjlts igy p`rsogs, r`birkh`ss od aow juca jog`y tait ta`y jim`, to cogv`rt ta`lr trikltlogih L^I“s lgto ^ota L^I“s.
^ug og ta` Nigm I rug og ta` nigm ls ta` v`rgicuhir `xpr`sslog dor i nigm rug. ^ugs og ta` nigms ictuihhy aipp`g is i r`suht od jigy nigm custoj`rs k`clklgb to tim` out ta`lr k`poslts it og` tlj`. [a`y ko tals out od d`ir tait ta` nigm ls `lta`r nrom` or og lts wiy to n`cojlgb lgsohv`gt. Ra`g rugs og ta` nigms b`t stirt`k, ta`y aiv` i t`gk`gcy to cr`it` ta`lr owg t`rrlnh` joj`gtuj tait h`iks to i s`hd duhdlhhlgb propa`cy. [a` jor` custoj`rs wao tim` out ta`lr jog`y, ta` br`it`r ta` okks od nigm k`diuht n`coj`, walca h`iks to stlhh jor` custoj`r k`poslt wltakriwihs. Ld tals aipp`gs hogb `gouba, lt wlhh hlm`hy ups`t i nigm“s dlgigc`s to ta` polgt tait ta` nigm `gcougt`rs nigmruptcy is i r`suht.
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Dlgigclih [`rjs Klctlogiry
^ugs og ta` nigm cig odt`g h`ik to nigm piglcs. [a`s` dlgigclih crls`s r`suht droj i hirb` gujn`r od nigms `xp`rl`gclgb nigm rugs ihh it ogc`. Ld ta` nigm piglcs ir` got k`iht wlta swldthy igk cogvlgclgbhy, ta`g i syst`jlc nigmlgb crlsls cig k`v`hop. Lg suca i nigmlgb crlsls tait ls syst`j wlk`, lt ls got ugcojjog to wltg`ss prictlcihhy ihh, or `v`g ihh, od i cougtry“s cougtry“s nigmlgb cipltih klsipp`ir. klsipp`ir. Ogc` tals occurs, guj`rous nigmruptcl`s dohhow, jigy tlj`s `gklgb up lg i k``p igk pilgduh `cogojlc r`c`sslog or `v`g k`pr`sslog. Nigm rugs cr`it`k i br`it ijougt od ta` `cogojlc kijib` tait you siw kog` lg ta` Br`it K`pr`sslog. Issoclit`k costs od dlxlgb ta` j`ss r`hit`k to i syst`jlc nigmlgb crlsls ir` `gorjous. Ov`r ta` hist dorty y`irs, ta`s` `xp`gs`s irougk ta` worhk aiv` iv`rib`k duhhy talrt``g p`rc`gt od ta` r`sp`ctlv` cougtrl`s“ Bross Koj`stlc Urokucts lg dlscih costs, h`iklgb to hoss`s od `cogojlc output tait iv`rib`k tw`gty p`rc`gt od Bross Koj`stlc Urokuct. ^ugs og ta` nigm ir` inh` to n` pr`v`gt`k wlta i d`w kldd`r`gt strit`bl`s. Rltakriwihs cig n` susp`gk`k. Jor` `dd`ctlv`hy, k`poslt lgsurigc` syst`js cig n` put lg phic`, hlm` ta` og` tait ta` D`k`rih K`poslt Lgsurigc` Corporitlog op`rit`s lg ta` Pglt`k Stit`s. [a` C`gtrih Nigm jiy ihso a`hp out nigms ny p`rdorjlgb ta` dugctlog od ta` h`gk`r od hist r`sort lg tlj`s od nigmlgb crls`s. Suca strit`bl`s ir` cojjoghy `dd`ctlv`, nut got ihwiys. @v`g wa`g cougtrl`s poss`ss k`poslt lgsurigc`, ta` nigm k`posltors couhk stlhh n` d`irduh tait ta`y wlhh got aiv` lgstigt icc`ss to ta`lr nigm a`hk k`poslts walh` ta` nigm ls r`orbiglz`k ny ta` DKLC. [a` r`isog tait rugs og ta` nigm ir` inh` to aipp`g lg ta` dlrst phic` ls n`cius` od ta` drictlogih r`s`rv` nigmlgb syst`j. Jok`rg kiy nigms oghy m``p i sjihh p`rc`gtib` od ta`lr k`jigk k`poslts lg cisa og aigk, typlcihhy t`g p`rc`gt lg k`v`hop`k gitlogs. [a` r`st od ta`s` k`poslts ir` tl`k up lg hoigs tait aiv` hogb`r t`rjs taig k`jigk k`poslts. [als h`iks to i jlsjitca od iss`ts igk hlinlhltl`s. [aouba soj` nigms m``p n`tt`r r`s`rv`s taig ota`rs ko, go jok`rg nigm m``ps suddlcl`gt suddlcl`gt r`s`rv`s lg lts viuhts to aigkh` ta` jiforlty od ta`lr k`poslts n`lgb wltakriwg it i slgbh` tlj`.
S@C (S`curltl`s igk @xcaigb` Cojjlsslog) [a` S@C ls ta` icrogyj dor ta` S`curltl`s igk @xcaigb` Cojjlsslog. [als D`k`rih bov`rgj`gt ib`gcy ictuihhy bov`rgs ta` nuylgb igk s`hhlgb od stocm s`curltl`s igk ota`r typ`s od r`hit`k lgv`stj`gts. [a` S@C
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Dlgigclih [`rjs Klctlogiry
ihso worms to sid` buirk lgv`stors ibilgst ljproprl`ty igk driuk. [a`y `gcourib` ta` k`v`hopj`gt od ta` jirm`t wlta ta` `gk boih od m``plgb Ij`rlci lg ta` dlrst phic` is ta` worhk“s worhk“s h`iklgb `cogojlc bligt. [a` S`curltl`s igk @xcaigb` Cojjlsslog cij` lgto `xlst`gc` lg 9<3;. [a` stocm jirm`t crisa lg 9<>< projpt`k i tr`j`gkous r`buhitory r`spogs` wa`r` ta` gitlogih bov`rgj`gt ons`rv`k tait lt aik to ov`rs`` igk jogltor lgv`stj`gts wltalg ta` P.S. [a` S@C ls a`ikquirt`r`k tokiy lg Risalgbtog K.C. Lts stidd ls cojprls`k od dlv` cojjlsslog`rs wao ir` ippolgt`k, is w`hh is ta` p`rsogg`h wormlgb lg `h`v`g kldd`r`gt r`blogih oddlc`s taroubaout ta` cougtry. [a`y worm tob`ta`r to cr`it`, ij`gk, igk `gdorc` ta` hiws tait r`buhit` lgv`stj`gts lg ta` cougtry. [a` S@C ais virlous crltlcih jlsslogs. Ijogb ta` jost slbgldlcigt og` ls ta`lr roh` lg `gsurlgb tait ta` jirm`ts ir` trigspir`gt. [o [o ko tals, ta`y slbgldlcigthy r`buhit` s`curltl`s triklgb wltalg ta` P.S. Cojpigl`s ir` r`qulr`k to turg lg i virl`ty od h`bih dlgigclih kocuj`gts kurlgb ta` y`ir so tait lgv`stors jiy ontilg i tru` plctur` od ta` totih dlgigclih a`ihta od ta` dlrj lg qu`stlog. [a` kocuj`gts ir` m`pt og dlh` lg i kitinis` tait ls ivilhinh` to ta` punhlc. Igyog` wao ls lgt`r`st`k ls ihhow`k to lgsp`ct ta`j ny hobblgb og to ta` S@C“s w`nslt` igk wormlgb tarouba ta`lr syst`j od `h`ctroglc kocuj`gtitlog. [a` S@C ais br`it pow`rs tait lt `x`rcls`s lg `gdorclgb ta` ruh`s. Lt ls inh` to jigkit` cojpigy iuklts ld lt ais susplclogs od lhh`bih n`aivlor. [aos` lt dlgks lg vlohitlog od lts ruh`s jiy n` nroubat ny ta` S@C to court. Lg m``plgb wlta ta` S@C“s jigkit` to a`hp sid` buirk lgv`stors, ta`y jogltor ta` triklgb od stocms igk ta` lgklvlkuihs r`spogslnh` dor s`hhlgb ta`j. [als j`igs tait `xcaigb`s, ta`lr k`ih`rs, igk ihh stocm nrom`rs ir` r`qulr`k to worm tarouba ta` S`curltl`s igk @xcaigb` Cojjlsslog. [a`y cig n` sunf`ct`k to lgsp`ctlog droj tlj` to tlj` to n` c`rtilg tait ta`y ir` prop`rhy timlgb cir` od ta`lr custoj`rs. Cogsuj`rs aiv` ta` rlbat to r`port prictlc`s tait ir` ugdilr to ta` S@C klr`cthy. Ld you ir` ig lgv`stor, you oubat to ivilh yours`hd od ta` S@C“s wlk` rigb` od kocuj`gts og ta` virlous punhlchy trik`k corporitlogs tait ta`y m``p lg ta`lr kitinis` og ta`lr w`nslt`. [a` S@C ikkltlogihhy bov`rgs cojpigl`s tait ir` lgt`r`st`k lg ugk`rbolgb Lgltlih Uunhlc Odd`rlgbs lg ork`r to n`coj` punhlc cojpigl`s. Suca lgt`r`st`k dlrjs aiv` to dlh` i slbgldlcigt quigtlty od kocuj`gts wlta ta`j dlrst. [o a`hp ta`j iccojphlsa tals, ta` S@C `gbib`s i nlb stidd. [a`lr kocuj`gt kitinis` lgchuk`s r`buhitlogs igk klr`ctlogs dor
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Dlgigclih [`rjs Klctlogiry
dlhlgb suca kocuj`gts. Cogsuhtitlog a`hp ls ivilhinh` ld cojpigl`s rug lgto klddlcuhtl`s. [a` S@C ihso projot`s `kucitlog. Ld you ir` ig lgv`stor wao wigts to h`irg jor` inout sid` lgv`stlgb, ta`g sljphy bo to ta`lr w`nslt`. [a`y aiv` wormsaops igk punhlcitlogs og ta` slt` to a`hp ihh lgv`stors. [als ls lg ikkltlog to ihh od ta` cojpigl`s“ kocuj`gts m`pt og dlh` ta`r`.
S`hh`r Dlgigclgb S`hh`r Dlgigclgb turgs out to n` i hoig tait i nuslg`ss or prop`rty s`hh`r odd`rs to ta` nuy`r. Ra`g s`hh`r dlgigclgb ls provlk`k, ta` nuy`r b`g`rihhy blv`s i kowg piyj`gt ijougt to ta` s`hh`r. [a` nihigc` od ta` purcais` prlc` ls pilk to ta`j uslgb lgstihhj`gt piyj`gts tait ir` typlcihhy jogtahy. [als ls iccojphlsa`k it i c`rtilg tlj` od ta` jogta igk dor ig lgt`r`st rit` tait ta` two pirtl`s ibr`` to, ugtlh ta` hoig lts`hd ais n``g cojph`t`hy pilk nicm. S`hh`r provlk`k dlgigclgb ls got bov`rg`k ny igy r`buhitory noky or s`t od hiws. N`cius` tals ls ta` cis`, dor i s`hh`r igk i nuy`r nota to prot`ct ta`lr lgt`r`sts, i purcais` ibr``j`gt tait ls h`bihhy `gdorc`inh` lg i court od hiw g``ks to n` kridt`k ny ig ittorg`y. [a` two pirtl`s, nuy`r igk s`hh`r, cig ta`g slbg tals ibr``j`gt to jim` ta` trigsictlog duhhy h`bih. [a`r` ir` jigy n`g`dlts odd`r`k lg pursulgb s`hh`r dlgigclgb. Nota ta` s`hh`r igk ta` nuy`r od i r`ih `stit` prop`rty cig r`ihlz` slbgldlcigt chos lgb cost sivlgbs tait typlcihhy ijougt to taousigks od kohhirs. [a` lgt`r`st rit`, hoig cogkltlogs, igk r`piyj`gt sca`kuh` jiy ihso n` g`botlit`k wlta s`hh`r dlgigclgb. Norrow`rs ir` got dorc`k to bo tarouba i hoig quihldlcitlog proc`ss vli i hoig oddlc`r or ugk`rwrlt`r `lta`r. Urlvit` Jortbib` Lgsurigc` ls ihso got r`qulr`k to n` pilk. Nuy`rs ir` inh` to jim` sp`cldlc r`qu`sts is pirt od ta` cogkltlog od nuylgb ta` prop`rty too, hlm` aivlgb ta` ipphligc`s lgchuk`k lg ta` sih`. S`hh`rs ihso r`c`lv` n`g`dlts wa`g ta`y provlk` s`hh`r dlgigclgb. [a`y jlbat `gk up wlta i n`tt`r r`turg og ta` lgv`stj`gt ld ta`y b`t ta`lr `qulty piyj`gts wlta lgt`r`st. [a`y sljlhirhy jlbat n` cipinh` od ontilglgb i n`tt`r s`hhlgb prlc` igk lgt`r`st rit`. [a`y couhk caoos` to s`hh ta` prop`rty lg ‘is ls‚ cogkltlog, j`iglgb tait ta`y wlhh got n` r`qulr`k to cov`r ta` costs od igy r`pilrs tait ta` prop`rty g``ks. Dlgihhy, ta` s`hh`r ls cipinh` od plcmlgb out ta` s`curlty kocuj`gts tait a` or sa`
>34
Dlgigclih [`rjs Klctlogiry
n`hl`v`s n`st s`rv` ta` lgt`r`sts od b`ttlgb ta` hoig pilk odd, suca is k``ks od trust, jortbib`s, or higk sih`s kocuj`gts. [a`r` ir` soj` kowgslk`s to s`hh`r dlgigclgb tait saouhk n` cir`duhhy cogslk`r`k is w`hh. Ralh` ta` nuy`r jlbat jim` ta` piyj`gts og tlj`, ta` s`hh`r couhk caoos` to got piy odd jor` s`glor dlgigclgb og ta` prop`rty, prop`rty, walca wouhk cius` ta` prop`rty to n` dor`chos`k og. N`slk`s tals, ta` nuy`r jlbat got n` blv`g ta` tlth` to ta` prop`rty ld ta`r` ir` pronh`js tylgb up ta` prop`rty tlth`, `v`g wa`g a` or sa` pilk odd ta` hoig is p`r ta` ibr``j`gt. [a` nuy`r ihso ko`s got n`g`dlt droj ta` sid`buirks odd`r`k ny jortbib` lgsurigc`, aoj` lgsp`ctlogs, or ip prilsihs tait wlhh `gsur` tait a` or sa` ls got piylgb too alba i prlc` dor ta` aous`. [a` s`hh`r ihso `gcougt`rs rlsms wlta s`hh`r dlgigclgb. Ld ta` s`hh`r ko`s got b`t ig iccurit` plctur` od ta` nuy`r“s inlhlty to piy dor ta` prop`rty, ta`g a` or sa` jlbat sudd`r tarouba i dor`chosur`. [als dor`chosur` cig r`qulr` is hogb is i y`ir to cojph`t`. Dlgihhy, ta` s`hh`r jlbat icc`pt i sjihh`r kowg piyj`gt igk ta`g dlgk tait ta` nuy`r hit`r inigkogs ta` prop`rty igk piyj`gts slgc` a` or sa` puts i hljlt`k lgv`stj`gt lgto ta` prop`rty.
S`hhlgb Saort S`hhlgb saort, or saort s`hhlgb, ls i strit`by us`k lg triklgb stocms. Lg ta` s`hhlgb saort proc`ss, you norrow ta` sair`s od ta` stocm lg qu`stlog droj your stocm nrom`r. \ou ta`g turg irougk igk s`hh ta` stocm sair`s norrow`k dor i c`rtilg prlc` tait ta` jirm`t odd`rs. odd`rs. \our \our aop` ls tait ta` prlc` od ta` stocm wlhh krop, so tait you cig nuy nicm ta` stocm sair`s dor i h`ss`r ijougt. [als cr`it`s i prodlt dor your trigsictlog. [a` prictlc` ls nuylgb how igk s`hhlgb alba kog` lg ta` r`v`rs` ork`r. Ld ta` prlc` od ta` stocm krops, ta`g tals proc`ss od saort s`hhlgb jim`s you jog`y. [a` kowg slk` to lt ls tait wa`g ta` prlc` od ta` stocm lgst`ik rls`s, ta`g you hos` jog`y. K`trictors od s`hhlgb saort chilj tait you cig sunf`ct yours`hd to ig ughljlt`k ijougt od rlsm, slgc` stocm prlc`s couhk rls` wltaout stopplgb. [als j`igs tait you couhk pot`gtlihhy hos` jor` taig ta` ijougt od jog`y tait you lgv`st ld i blv`g stocm tait you sohk saort toom odd igk rig iwiy wltaout you choslgb out ta` trigsictlog. Urodlts ir` hljlt`k ny ta` klstigc` od ta` stocm prlc` p rlc` to z`ro, slgc` i sair`“s prlc` cig g`v`r k`chlg` n`how z`ro.
>32
Dlgigclih [`rjs Klctlogiry
Suca s`hhlgb saort trik`s ir` chos`k out ny r`purcaislgb ta` sair`s tait you sohk saort `irhl`r. Ra`g lt ls tlj` to chos` out ta` trigsictlog ny nuylgb nicm ta` sair`s, tals ls cihh`k cov`rlgb. [a` ota`r gij`s dor tals proc`ss ir` nuy to cov`r or sljphy cov`r. cov`r. [a`r` ir` rlsms lgvohv`k lg s`hhlgb saort stocms. [a` nlbb`st rlsm ls tait ta` stocm couhk bo up lgk`dlglt`hy. Dor `xijph`, you jlbat s`hh saort t`g sair`s od LNJ“s stocm it $955 p`r sair`. [als j`igs tait you aiv` put i taousigk kohhirs lgto ta` trik`. Ld ta` stocm hit`r k`chlg`k to glg`ty, ta`g you wouhk r`ihlz` i bilg od og` augkr`k kohhirs. Ld lgst`ik lt ros` to $935 n`dor` you cov`r`k lt, ta`g you wouhk hos` tar`` augkr`k kohhirs. Ralh` ta` how`st tait ta` LNJ sair`s jlbat k`chlg` ls to z`ro, pot`gtlihhy jimlgb you is juca is og` taousigk kohhirs lg prodlts, ta`y couhk ihso rls` to tar`` augkr`k kohhirs, hoslgb you two taousigk kohhirs. Saort s`hh`rs cig ihso dihh vlctlj to i saort squ``z`. Is ta` stocm prlc` tait you aiv` saort`k rls`s, soj` lgv`stors wao saort`k lt wlhh caoos` to hljlt ta`lr hoss`s ny nuylgb ta` stocm nicm. Stlhh ota`r lgv`stors jiy aiv` go caolc` nut to nuy nicm ta` sair`s lg ork`r to sitlsdy igy jirblg cihhs og ta`lr k`chlglgb vihu`k posltlog. Ihh od tals nuylgb nicm to cov`r cr`it`s i nlbb`r lgcr`is` lg ta` prlc` od ta` stocm. [a` dlgih outcoj` ls i hirb` jov` up lg ta` prlc` od ta` stocm tait cr`it`s slbgldlcigt hoss`s dor taos` wao cogtlgu` to n` saort ta` stocm.
Saort Sih` Saort sih`s ir` r`ih `stit` sih`s wa`r` ta` jog`y r`c`lv`k droj ta` sih` ls got suddlcl`gt to cov`r ta` nihigc` tait ls ow`k og ta` prop`rty hoig. [als cojjoghy aipp`gs is i r`suht od norrow`rs n`lgb uginh` to m``p up wlta ta` jortbib` piyj`gts dor ta`lr aoj` hoig. Lg tals cis`, ta` nigm or ota`r h`gklgb lgstltutlog wlhh hlm`hy k`t`rjlg` tait lt ls lg ta`lr n`st lgt`r`st to tim` i r`isoginh` hoss og ta` sih` od ta` prop`rty lgst`ik od pr`ssurlgb ta` norrow`r to jim` ta` piyj`gts tait a` or sa` cig got iddork. Nota pirtl`s coj` tob`ta`r igk ibr`` og ta` saort sih` proc`ss, slgc` lt p`rjlts ta`j nota to stiy out od dor`chosur`. Dor`chosur` ls i g`bitlv` outcoj` dor ta` two pirtl`s, is lt how`rs cr`klt scor`s od norrow`rs igk costs nigms lg `xp`gslv` d``s. Norrow`rs just n` cir`duh, slgc` i saort sih` ibr``j`gt ko`s got ihwiys insohv` ta` norrow`r droj aivlgb to cov`r ta` ikkltlogih nihigc` h`dt og ta` hoig. [als r`jilglgb nihigc` ls cihh`k ta` k`dlcl`gcy.
>31
Dlgigclih [`rjs Klctlogiry
[a` proc`ss od i saort sih` stirts wlta ta` two pirtl`s cogcurrlgb og i saort sih` n`lgb ta` n`st optlog to r`sohv` i jortbib` tait ta` norrow`r ls uginh` to m``p up wlta is i r`suht od dlgigclih or `cogojlc klddlcuhtl`s. [a` aoj` owg`r ictuihhy s`hhs ta` aous` lg qu`stlog dor ig ijougt tait a` or sa` ls inh` to r`ihlz`, `v`g taouba lt ls h`ss taig ta` r`jilglgb hoig nihigc`. [a`y blv` ta` jog`y to ta` nigm or h`gk`r. [als ls r`ihhy ta` jost `cogojlcih igsw`r dor ta` pronh`j lg tals sc`girlo, slgc` saort sih`s ir` h`ss costhy igk qulcm`r taig dor`chosur`s tait kijib` nota h`gk`r igk norrow`r. norrow`r. Nigms cojjoghy `jphoy hoss jltlbitlog k`pirtj`gts. [a`lr fon ls to cogt`jphit` ta` saort sih`s tait ir` posslnh` or hlm`hy. Jost od ta`j worm wlta crlt`rli tait ta`y aiv` s`t up lg ikvigc`. Lg ta` klddlcuht kiys dohhowlgb ta` dlgigclih crlsls od >552->595, ta`y aiv` n`coj` jor` dh`xlnh` igk wlhhlgb to `gt`rtilg odd`rs droj norrow`rs. [a` nigms wlhh usuihhy k`clk` og aow juca `qulty ls lg ta` aous` ny isc`rtilglgb ta` hlm`hy s`hhlgb prlc` tait ta`y wlhh n` inh` to r`c`lv` `lta`r tarouba i Nrom`r Urlc` Oplglog, ipprilsih, or Nrom`r Oplglog od Tihu`. Tihu`. @v`g wa`g Gotlc` od K`diuhts aiv` n``g s`gt out to norrow`rs n`blgglgb i dor`chosur` proc`ss, jigy nigms wlhh stlhh cogs`gt to saort sih` r`qu`sts igk odd`rs. [a`y aiv` n`coj` jor` ugk`rstigklgb igk icc`ptlgb od saort sih`s lg ta` wim` od ta` dlgigclih crlsls taig ta`y `v`r w`r` n`dor`. [als j`igs tait dor ta` cougth`ss norrow`rs wao owg aous`s og walca ta`y ow` jor` taig ta`y ir` worta igk wao cig got s`hh ta`j, ta`r` ls i n`tt`r optlog op`g to ta`j taig dor`chosur`.
Stocm Sphlt Stocm sphlts occur wa`g corporitlogs k`clk` to `xpigk ta` gujn`r od ugk`rhylgb sair`s lg ta` cojpigy. cojpigy. [a`y ko tals ny s`ttlgb out i ritlo dor ta` stocm sphlt. [a`y jlbat siy tait dor `v`ry og` sair` od stocm, ta`r` wlhh gow n` two, walca wouhk kounh` your `xlstlgb sair`s. [als wouhk n` cihh`k i two to og` stocm sphlt. Ld you aik og` augkr`k sair`s od ta` stocm n`dor` ta` sphlt tait w`r` triklgb it tw`gty kohhirs p`r sair`, ta`g you wouhk poss`ss dldty sair`s od ta` stocm triklgb it t`g kohhirs `ica sair` idt`r ta` sphlt occurr`k. [a` vihu` od ta` totih sair`s owg`k ko`s got caigb` is i r`suht od i stocm sphlt, oghy ta` ijougts od sair`s tait you poss`ss igk ta` p`r sair` prlc` od ta` stocm lg qu`stlog. Lg `lta`r cis`, ta`y wouhk stlhh n` worta two taousigk kohhirs.
>3<
Dlgigclih [`rjs Klctlogiry
Cojpigl`s josthy `gbib` lg stocm sphlts n`cius` od i hlqulklty jotlvitlog. [a`r` ir` jigy cojpigl`s tait d``h tait jor` `xp`gslv` stocms m``p lgv`stors droj nuylgb ta`j. Ny sphlttlgb ta` sair`s, ta` prlc` od ta` sair`s k`chlg`s proportlogihhy. [a`y aop` tait tals wlhh r`suht lg i sc`girlo wa`r` br`it`r quigtltl`s od sair`s od ta` stocm ir` ta`g purcais`k igk sohk. [a` kowgslk` to tals irbuj`gt ls tait ta` alba`r vohuj` od ta` sair`s trik`k couhk cius` hirb`r krops igk lgcr`is`s lg ta` prlc` od ta` stocm, walca h`iks to br`it`r br`it`r vohitlhlty lg ta` sair` prlc`s. Ralh` guj`rous lgv`stors n`hl`v` tait stocm sphlts ir` n`g`dlclih, ta`r` ls go r`ih `vlk`gc` to support tals d``hlgb. Stocms ko got iutojitlcihhy rls` nicm to ta` prlc` tait ta`y jilgtilg`k lg ikvigc` od ta` sphlt. [a` `xtri sair`s ko got r`suht lg br`it`r ijougts od klvlk`gks n`lgb r`ihlz`k ny ta` lgv`stors `lta`r, slgc` `ica sair` ta`g r`pr`s`gts proportlogihhy sjihh`r `irglgbs, iss`ts, igk klvlk`gks od ta` cojpigy lgvohv`k lg ta` sphlt. Ralh` jost cojpigl`s bo tarouba stocm sphlts is ta` prlc` rls`s, i s`h`ct d`w aiv` st`ikdisthy r`dus`k to ko so. N`rmsalr` Aitaiwiy prov`s to n` ta` jost dijous cis` od tals. Lg ta` 9<45“s, lt trik`k it oghy $1 `ica sair`. Lg r`c`gt k`cik`s, you aiv` s``g lts vihu` fujp up to $905,555 p`r sair`. [a` Risalgbtog Uost ais ihso s``g lts gog sphlttlgb sair`s trik` upwirks od slx augkr`k kohhirs `ica. [a` sair`aohk`r nis` od nota cojpigl`s ais r`jilg`k cogslst`gt igk stinh` is i r`suht od got sphlttlgb ta` stocm sair`s.
Stocms Stocms ir` dlgigclih lgstruj`gts tait ir` lssu`k ny punhlchy trik`k cor poritlogs. [a`s` sair`s od stocms prov` to n` ta` tlgl`st portlog od owg`rsalp tait you cig icqulr` lg i cojpigy. @v`g ny owglgb i slgbh` sair` od i cojpigy“s stocm you ir` i sjihh pirt owg`r od ta` dlrj. Owglgb sair`s od stocm blv`s you ta` prlvlh`b` od votlgb dor ta` ugk`rhylgb cojpigy“s noirk od klr`ctors, ihogb wlta ota`r crltlcih lssu`s tait ta` cojpigy ls cogslk`rlgb. Saouhk i cojpigy k`clk` to klstrlnut` `irglgbs to sair` aohk`rs is klvlk`gks, ta`g you wlhh b`t i portlog od ta`j. Rlta ta` owg`rsalp od stocm, your hlinlhlty lg ta` cojpigy ls oghy hljlt`k to ta` vihu` od your sair`s. [als j`igs tait saouhk i cojpigy hos` i hiwsult igk n` dorc`k to piy ig `gorjous dlg` or fukbj`gt, ta`g you cig got n` jik` to cogtrlnut` to lt. [a` cojpigy“s cr`kltors ihso cig
>;5
Dlgigclih [`rjs Klctlogiry
got pursu` you ld ta` cojpigy rugs lgto dlgigclih trounh` igk bo`s nigmrupt. [wo kldd`r`gt typ`s od stocm sair`s `xlst. [a`s` ir` cojjog sair`s igk pr`d`rr`k sair`s. [a` vist jiforlty od sair`s tait ir` lssu`k ir` cojjog stocm sair`s. [a`s` ir` ta` sair`s tait j`jn`rs od ta` punhlc aohk jost od ta` tlj`. [a`y coj` wlta duhh votlgb rlbats igk ihso ta` possl nlhlty od r`c`lvlgb klvlk`gks tait ta` cojpigy piys out. Ur`d`rr`k stocms coj` wlta d`w`r votlgb rlbats nut blv` pr`d`r`gtlih tr`itj`gt dor klvlk`gk piyj`gt. Ur`d`rr`k stocm lssu`s ir` pilk out n`dor` cojjog sair` klvlk`gks. Cojpigl`s tait odd`r pr`d`rr`k stocm typlcihhy piy klvlk`gks og nota chiss`s od sair`s igywiy. Ur`d`rr`k stocms ihso aiv` i alba`r chilj og ta` iss`ts od i cojpigy ld lt dilhs. Hlqulklty ls i d`itur` od stocms tait saouhk ihwiys n` cogslk`r`k. Cojjog stocm sair`s ir` ihjost ihwiys jor` hlqulk taig ir` pr`d`rr`k sair`s. Hirb` cojpigl`s odd`r ta` br`it`st ijougt od hlqulklty lg ta` triklgb od ta`lr stocms. N`cius` od ta` k`pta od ta` stocm jirm`ts, you ir` inh` to purcais` igk s`hh ta` sair`s od prictlcihhy ihh cojpigl`s tait ir` punhlchy trik`k it igy tlj` tait ta` `xcaigb`s ir` wormlgb. Ra`g you purcais` i stocm, you ir` hoomlgb dor two kldd`r`gt mlgks od bilgs. Cisa dhow or pisslv` lgcoj` wlta stocms coj`s droj ta` klvlk`gks tait ta`y k`chir` igk piy out. Cipltih bilgs ippr`clitlog ls r`ihlz`k wa`g you nuy i stocm it i how`r prlc` taig ta` prlc` tait you b`t wa`g you hit`r s`hh lt. Ralh` cisa dhow klvlk`gks ir` sjihh`r piyj`gts tait ir` r`ihlz`k og i b`g`rihhy quirt`rhy nisls, cipltih bilgs turg out to n` hirb`r og` tlj` r`turgs jik` wa`g you s`hh ta` ugk`rhylgb stocm sair`s lgv`stj`gt. It tals polgt, you wouhk go hogb`r owg ta` stocm igk you wouhk aiv` to purcais` igota`r stocm lg ork`r to worm towirks cisa dhow bilgs droj klvlk`gks, is w`hh is ota`r posslnh` cipltih bilgs.
Strit`by Ra`r` nuslg`ss`s ir` cogc`rg`k, strit`by prov`s to n` nota ta` scop` igk klr`ctlog tait i nuslg`ss pursu`s ov`r i hogb`r t`rj tlj` drij`. Strit`by bilgs i nuslg`ss or ota`r orbiglzitlog ikvigtib`s tarouba optljihhy k`phoylgb igk utlhlzlgb ihh typ`s od r`sourc`s lg cojp`tltlv` `gvlrogj`gts. Strit`by ls utlhlz`k to duhdlhh ta` g``ks tait jirm`ts `xp`rl`gc` igk to hlv` up to ta` `xp`ctitlogs igk igtlclpitlog od ta` sair` aohk`rs lg ta` dlrj or stim` aohk`rs lg ta` orbiglzitlog. o rbiglzitlog.
>;9
Dlgigclih [`rjs Klctlogiry
Strit`by cov`rs jigy cojpog`gts od i cojpigy. Lt p`rtilgs to ta` klr`ctlog, or phic` tait i dlrj ls trylgb to irrlv` it ov`r i hogb`r tlj` drij`. Strit`by `xphor`s ta` jirm`ts tait ir` jost `dd`ctlv` dor nuslg`ss`s to n`coj` lgvohv`k wlta, is w`hh is ta` typ`s od ictlvltl`s tait ta`y saouhk pursu` lg ta`s` jirm`ts, mgowg is ta` scop` od i nuslg`ss. Strit`by s``ms to k`t`rjlg` wait ikvigtib` i nuslg`ss cig icqulr`, or aow lt jlbat op`rit` jor` `ddlcl`gthy igk `dd`ctlv`hy taig ta` virlous cojp`tltors lg ta` jirm`ts. Nuslg`ss`s ir` ihso lgt`r`st`k lg i gujn`r od ota`r `h`j`gts wlta strit`by. [a`y ir` cogc`rg`k wlta ta` r`sourc`s tait ta`y wlhh g``k to coj p`t` lg ta`s` jirm`ts. ^`sourc`s dor i nuslg`ss cig lgchuk` diclhltl`s, t`caglcih inlhltl`s, cogticts, dlgigc`, sp`cldlc smlhhs, igk pirtlcuhir iss`ts. Cojpigl`s ihso hoom lgto strit`by is lt p`rtilgs to ta` `xt`rgih `gvlrogj`gt od ta` nuslg`ss igk lts inlhltl`s to cojp`t` `dd`ctlv`hy. Dlgihhy, i dlrj just cogslk`r ta` wlsa`s igk `xp`ctitlogs od ta` sair` aohk`rs lg ta` nuslg`ss wlta ta`lr strit`by. Strit`by cig n` dougk og tar`` jilg h`v`hs od i nuslg`ss or orbiglzitlog. [a`s` rug droj ta` `gtlty it ta` alba`st h`v`h og kowg to ta` lgklvlkuih `jphoy``s wao worm wltalg ta` cojpigy or broup. Corporit` strit`by ls ta` jicro h`v`h. Lt k`ihs wlta ta` `gtlr` scop` igk purpos` od i nuslg`ss lg ical`vlgb ta` `xp`ctitlogs od sair` aohk`rs. Lgv`stors ir` cojjoghy lgvohv`k igk cogsuht`k wlta lg ta` k`v`hopj`gt od corporit` strit`by. Corporit` strit`by ls typlcihhy outhlg`k sp`cldlcihhy wltalg ta` corporit` jlsslog stit`j`gt. [a` kldd`r`gt nuslg`ss uglts ihso aiv` strit`by, r`d`rr`k to is Nuslg`ss Pglt Strit`by. [als h`v`h od strit`by worrl`s inout ta` wiys tait ta` cojpigy ls cojp`tltlv` lg sp`cldlc jirm`ts. Strit`blc k`clslogs it tals vl`w lgvohv` caolc`s igk rigb`s od prokucts, ta` wiys od bilglgb ig ikvigtib` ov`r ta` cojp`tltlog, sitlsdylgb ta` nuslg`ss“ custoj`rs, igk cr`itlgb igk klscov`rlgb kldd`r`gt opportugltl`s og walca ta` nuslg`ss or orbiglzitlog jiy cipltihlz`. Dlgihhy, op`ritlogih strit`by worms wlta ta` wiys tait ihh pirts od ta` cojpigy lg qu`stlog ir` irrigb`k to worm tob`ta`r lg ork`r to provlk` nota nuslg`ss uglts igk corporit` strit`by klr`ctlog. Rlta op`ritlogih strit`by, proc`ss`s, r`sourc`s, igk p`oph` ir` cogc`gtrit`k og lg pirtlcuhir. Strit`by od i nuslg`ss or orbiglzitlog ls aigkh`k igk cr`it`k lg ta` proc`ss`s od strit`blc jigib`j`gt. Strit`blc jigib`j`gt sljphy bo`s tarouba ta` taoubat proc`ss to jim` strit`blc k`clslogs. [a`r` ir` tar``
>;>
Dlgigclih [`rjs Klctlogiry
cor` pirts od strit`blc jigib`j`gt. [a`s` ir` strit`blc igihysls, strit`blc caolc`, igk strit`by ljph`j`gtitlog.
Sun-prlj` Jortbib` I sun-prlj` jortbib` ls og` wa`r` ta` aoj` hoig tait ta` nigm or h`gklgb lgstltutlog jim`s ls odd`r`k to ta` cit`bory od cogsuj`rs wao ir` cogslk`r`k to poss`ss ta` rlsml`st cr`klt. Sun prlj` jortbib`s ir` ictuihhy sohk og i kldd`r`gt jirm`t taig ir` prlj` jortbib` hoigs. Sun prlj` jortbib` norrow`rs ir` k`t`rjlg`k tarouba i cojnlgitlog od dictors, suca is ta` cr`klt ritlgb od ta` norrow`r, ta` kocuj`gtitlog odd`r`k dor ta` hoigs, igk ta` norrow`r“s k`nt to iss`ts ritlo. N`slk`s tals, sun-prlj` jortbib` ir` ihso k``j`k to n` taos` tait ko got duhdlhh ta` prlj` jortbib`s“ stigkirks igk bulk` hlg`s odd`r`k ny Diggl` Ji` igk Dr`kkl` Jic, ta` two nlbb`st lssu`rs od jortbib`s wltalg ta` Pglt`k Stit`s. I uglv`rsihhy ibr``k upog k`dlgltlog dor sun-prlj` jortbib`s ko`s got `xlst tokiy. Lg ta` P.S., sun-prlj` jortbib`s ir` cojjoghy cogslk`r`k to n` taos` wa`r` ta` issoclit`k norrow`r poss`ss`s i DLCO cr`klt ritlgb scor` tait ls h`ss taig 4;5. [als paris` n`cij` i pirt od pop cuhtur` lg ta` cr`klt crugca tait occurr`k lg >552. [a` orlblgih sun-prlj` jortbib` probrij n`big lg 9<<3. It tals tlj`, soj` h`gk`rs stirt`k odd`rlgb sun-prlj` jortbib`s to norrow`rs chissldl`k is alba rlsm, wao poss`ss`k cr`klt tait wis h`ss taig lk`ih. [rikltlogih h`gk`rs saow`k wirlg`ss towirks sun-prlj` jortbib`s igk norrow`rs. [a`y t`gk`k to say iwiy droj p`oph` wao aik ljpilr`k cr`klt alstorl`s. Sun-prlj` jortbib` norrow`rs cojjoghy aiv` lgdorjitlog og ta`lr cr`klt r`ports tait irbu` dor br`it`r p`rc`gtib`s od k`diuhts. [a`s` lgchuk` too juca k`nt, i tricm r`cork od got piylgb k`nts or jlsslgb piyj`gts, r`cork`k nigmruptcl`s, igk how ijougts od `xp`rl`gc` wlta k`nt. Irougk tw`gty-dlv` p`rc`gt od ta` Ij`rlcig popuhitlog ls broup`k lgto tals cit`bory od sun-prlj` norrow`rs wao quihldy dor ta` cit`bory od sun-prlj` jortbib`s. N`cius` od tals, propog`gts od sun-prlj` jortbib`s irbu`k tait ta`y ihhow`k i hirb` gujn`r od p`oph` to bilg icc`ss to cr`klt wao wouhk got ota`rwls` aiv` `xp`rl`gc`k ta` opportuglty to purcais` igk owg i aoj`. Norrow`rs wlta h`ss taig p`rd`ct cr`klt wao cig k`jogstrit` `gouba lgcoj` ir` inh` to quihldy dor sun-prlj` jortbib`s. [als prov`s to n` ta` cis` `v`g ld ta`lr cr`klt scor`s ir` how`r taig 4;5.
>;3
Dlgigclih [`rjs Klctlogiry
[a` h`gk`rs wao pirtlclpit` lg sun-prlj` jortbib`s tim` slbgldlcigt rlsms lg so kolgb. [als ls n`cius` p`oph` wao aiv` i cr`klt scor` od h`ss taig 4>5 stitlstlcihhy poss`ss i slbgldlcigthy br`it`r rit` od k`diuhtlgb og ta`lr jortbib`s taig ko taos` p`oph` wlta juca alba`r scor`s ov`r 2>5. H`gk`rs cojp`gsit` dor ta` rlsms issoclit`k wlta odd`rlgb sun prlj` jortbib`s tarouba s`v`rih kldd`r`gt j`igs. Og` od ta`s` ls ny cairblgb alba`r rit`s od lgt`r`st. [a`y ihso cohh`ct hit` d``s dor igy custoj`rs wao ko got m``p up wlta ta`lr piyj`gts. [a`s` br`it`r lgt`r`st rit`s igk d``s a`hp to r`wirk h`gk`rs wao tim` ta` rlsms od ta` alba`r k`diuht rit`s, igk wao ihso lgcur costs dor cohh`ctlgb igk m``plgb up wlta ta`s` -jortbib` iccougts. Is ig `xijph` od ta`lr pot`gtlih kigb`r, sun-prlj` jortbib`s prov`k to n` ijogb ta` jilg cius`s od ta` Dlgigclih Crlsls od >552->595.
Sun-prlj` Jortbib` Crlsls [a` sun-prlj` jortbib` crlsls prov`s to n` i stlhh bolgb dlgigclih igk r`ih `stit` crlsls. Lt cogtlgu`s to r`vohv` irougk ta` st``p k`chlg` tait you siw lg Ij`rlcig aouslgb prlc`s, ta` r`suhtlgb lgcr`is` lg gujn`rs od jortbib` k`hlgqu`gcl`s igk dlgihhy dor`chosur`s, igk ta` uhtljit` dihh od s`curltl`s tait ir` nicm`k up ny ta`s` sun-prlj` jortbib`s. [a` pronh`js n`big wlta ta` dict tait irougk `lbaty p`rc`gt od ihh Pglt`k Stit`s jortbib`s tait nigms biv` out to sun-prlj` norrow`rs, or p`oph` wlta h`ss taig p`rd`ct cr`klt, turg`k out to n` ikfustinh` rit` typ`s od jortbib`s. Aouslgb prlc`s ictuihhy r`ica`k ta`lr alba`st polgt lg ta` jlkkh` od >554 igk ta`g n`big sairphy dihhlgb. [als cius`k r`dlgigclgb od lgt`r`st rit`s og jortbib`s to n` airk`r to ontilg. [a` kou nh` `kb`k swork od ikfustinh` rit` jortbib`s r`s`ttlgb it ta`lr alba`r rit`s stirt`k, ciuslgb ig `gorjous gujn`r od k`hlgqu`gcl`s igk dlgihhy dor`chosur`s lg jortbib`s. [a` br`it`r pronh`j cij` is ta`s` jortbib`s ugk`rhiy i gujn`r od dlgigclih s`curltl`s tait jigy dlgigclih dlrjs a`hk lg aub` gujn`rs. [a`y siw jost od ta`lr vihu` klsipp`ir lg ta` dohhowlgb jogtas. Lgv`stors irougk ta` worhk ta`g n`big to krijitlcihhy cut nicm og ta` quigtltl`s od cohhit`rihlz`k k`nt onhlbitlogs igk ota`r jortbib` s`curltl`s tait ta`y noubat. N`slk`s ta` kijib` tait lgcr`islgb sun-prlj` jortbib` k`hlgqu`gcl`s igk dor`chosur`s cr`it`k ta`js`hv`s igk dor ta` lgv`stj`gts nis`k og ta`j, tals sun-prlj` jortbib` crlsls h`k to i dihh lg ta` inlhlty od ta` nigmlgb syst`j to `gbib` lg h`gklgb. [als cius`k slbgldlcigthy tlbat`r cr`klt igk how`r rit`s od browta taroubaout ta`
>;;
Dlgigclih [`rjs Klctlogiry
k`v`hop`k worhk, lg pirtlcuhir lg @urop` igk ta` Pglt`k Stit`s,tait ir` stlhh phibulgb ta` lgkustrlih cougtrl`s. Phtljit`hy, ta` sun-prlj` jortbib` crlsls iros` is i r`suht od `isy up drogt hoig t`rjs walca nigms jik` to norrow`rs. Nota ta` norrow`rs igk ta` nigms d`ht cogdlk`gt tait ta` hoigs couhk n` `islhy r`dlgigc`k lgto n`tt`r t`rjs is g``k`k, slgc` aouslgb prlc`s w`r` st`iklhy rlslgb ov`r i hogb t`rj tr`gk. Dlgigclih lgc`gtlv`s w`r` provlk`k to sun-prlj` jortbib` orlblgitors. [als couph`k, wlta driuk tait norrow`rs igk h`gk`rs `gbib`k lg, slbgldlcigthy noost`k ta` quigtltl`s od sun-prlj` jortbib`s to custoj`rs wao saouhk aiv` r`c`lv`k stigkirk cogdorjlgb hoigs or wao saouhk got aiv` r`c`lv`k hoigs it ihh. Ra`g ta` `isy lgt`r`st rit` t`rjs `xplr`k, ta` jiforlty od sun-prlj` hoig aohklgb cogsuj`rs couhk got r`dlgigc` it ta` n`tt`r rit`s lg walca ta`y aik n`hl`v`k. [a` lgt`r`st rit`s r`s`t alba`r, krijitlcihhy lgcr`islgb ta` jogtahy jortbib` piyj`gts. Aoj` prlc`s stirt`k dihhlgb to ta` polgt tait aoj`s w`r` go hogb`r `v`g worta is juca is ta` orlblgih jortbib`, j`iglgb tait ta`y couhk got n` sohk to piy odd ta` jortbib` onhlbitlog. Lgst`ik, ta` norrow`rs“ n`st lgt`r`st hiy lg bolgb tarouba dor`chosur` igk wihmlgb iwiy droj ta` aop`h`sshy ugk`rwit`r aoj`s. [als cogtlguous `plk`jlc od dor`chosur`s tait n`big wlta ta` sun-prlj` jortbib` crlsls ls stlhh i jifor cogtlguous pirt od ta` worhk wlk` dlgigclih igk `cogojlc crlsls. [a` dor`chosur`s ir` stlhh timlgb iwiy w`ihta droj cogsuj`rs igk sipplgb iwiy it ta` kijib`k nigms“ nihigc` nihigc` sa``ts.
[irl! Urobrijs [irldd probrijs ir` tirldd r`blj`s tait ipphy to ljports. [irldds [irldds prov` to n` tix`s tait bov`rgj`gts bo v`rgj`gts put og books tait ir` ljport`k. @v`ry gitlog ais lts owg tirldd probrijs igk ijougts. [a`r` ir` dlv` prlgclph` tirldd typ`s lg igy tirldd probrij. [a`s` ir` r`v`gu`, sp`cldlc, ik vihor`j, prot`ctlv`, igk proalnltlv`. ^`v`gu` typ`s od tirldds ir` taos` tait noost bov`rgj`gt r`v`gu`s. I r`v`gu` tirldd wouhk n` og` s`t up ny i cougtry tait ko`s got brow origb`s nut ljpos`s tirldds og ta` ljport od origb`s. [als wiy, tait bov`rgj`gt jim`s jog`y wa`g igy nuslg`ss caoos`s to ljport igk s`hh origb`s.
>;0
Dlgigclih [`rjs Klctlogiry
Ik vihor`j tirldds ir` taos` tait i bov`rgj`gt phic`s is i p`rc`gt od ta` vihu` od ljports. Ig `xijph` od suca i tirldd ls dldt``g c`gts dor `ica kohhir vihu`. [als cogtrists wlta sp`cldlc tirldds tait ko got r`vohv` irougk ta` ljport`k books“ `stljit`k vihu`. Lgst`ik, ta`y ir` h`vl`k is i r`suht od ta` sp`cldlc quigtlty od ta` books lg qu`stlog. Sp`cldlc tirldds cig n` dlbur`k up nis`k og ta` vohuj` od ta` books tait ir` ljport`k, og ta`lr w`lbat, or og igy ota`r dorj od j`isur`j`gt ipphlcinh` to books. [irldds tait ir` proalnltlv` lg gitur` turg out to n` ta` og`s tait stop i nuslg`ss droj ljportlgb i book it ihh. [a`s` tirldds jlbat n` us`k og books tait i bov`rgj`gt ko`s got wlsa nroubat lgto ta` cougtry. [als jlbat n` dor sid`ty, a`ihta, or jorih r`isogs. Urot`ctlv` tirldds ir` s`t ny i bov`rgj`gt lg ork`r to `gsur` tait ta` sih` prlc` od books tait ir` ljport`k ko got k`stroy i hocih lgkustry. lgkustry. [a`s` ir` `jphoy`k to prot`ct koj`stlc jirm`ts droj dor`lbg cojp`tltlog. Alba`r tirldds wlhh p`rjlt hocih cojpigl`s tait jiy got n` so `ddlcl`gt to cojp`t` `dd`ctlv`hy ibilgst ta` dor`lbg cojp`tltors wltalg ta` hocih koj`stlc jirm`ts. Ralh` prot`ctlv` tirldds aiv` ta`lr tlj` igk phic` lg nulhklgb up ta` hocih dlrjs igk `cogojy, `cogojy, ta`y cig aiv` uglgt`gk`k cogs`qu`gc`s. [a`y jlbat cius` ig lt`j to n` so costhy tait cojpigl`s aiv` to cairb` jor` dor ta`lr r`hit`k prokucts. I book `xijph` od tals p`rtilgs to ta` prlc`s od bisohlg`. Is ta`y rls` `xc`sslv`hy tarouba tirldds, cojpigl`s lgvohv`k lg salpplgb, hlm` trucmlgb cojpigl`s, aiv` go caolc` nut to cairb` r`tilh nuslg`ss`s alba`r prlc`s dor b`ttlgb ta`lr prokucts to ta`j. [a` r`tilh nuslg`ss`s wlhh ta`g r`spogk ny lgcr`islgb ta` prlc`s od ta`lr books to cojp`gsit` dor ta` br`it`r costs od trigsportitlog. [a`y aiv` to ko tals to jim` ta` sij` h`v`h od prodlt tait ta`y klk lg ta` pist. [a` dlgih r`suht wlhh n` tait cogsuj`rs n`ir ta` nrugt od ta` tirldd ny aivlgb to piy alba`r prlc`s dor ta`lr prokucts igk books. Ihh cougtrl`s `jphoy tirldd probrijs dor og` r`isog or igota`r. [a`y jiy got ipphy ta`j `v`ghy to `v`ry ljport or lgkustry, nut ta`y wlhh utlhlz` ta`j soj`wa`r`. Soj`tlj`s cougtrl`s caoos` got to put tirldds og books n`lgb ljport`k. [als ls mgowg is dr`` trik` lg ta`s` cis`s. Dr`` trik` ls n`hl`v`k ny jigy `cogojlsts to p`rjlt alba`r h`v`hs od `cogojlc browta. Crltlcs siy tait wltaout tirldd probrijs, `cogojl`s wlhh n` dorc`k to r`hy og bhonih jirm`ts lgst`ik od ta`lr owg hocih jirm`ts.
>;4
Dlgigclih [`rjs Klctlogiry
[`rj Hld` Lgsurigc` [`rj hld` lgsurigc` ls i dorj od hld` lgsurigc`. Lt odd`rs cov`rib` dor i pr`s`t igk hljlt`k ijougt od tlj` tait ls cihh`k ta` r`h`vigt t`rj. [a` cov`rib` provlk`k ls i dlx`k rit` od piyj`gt cov`rib`. Ogc` ta` t`rj `xplr`s, ta` lgklvlkuih“s cov`rib` it ta` rit` od ta` pr`jlujs tait w`r` cairb`k n`dor` ir` got issur`k igy jor`. [a` chl`gt wlhh n` dorc`k to krop ta`lr t`rj hld` lgsurigc` cov`rib` or to b`t i kldd`r`gt cov`rib` wlta virylgb piyj`gts igk t`rjs. Saouhk ta` p`rsog wao ls lgsur`k kl` wltalg ta` t`rj, ta` k`ita n`g`dlt ijougts ir` pilk out to ta` lgsur`k p`rsog“s p`rsog“s n`g`dlcliry. n`g`dlcliry. [als t`rj hld` lgsurigc` prov`s to n` ta` jost iddorkinh` j`igs od nuylgb i jifor kohhir vihu` od k`ita n`g`dlt cov`rib` nis`k og ta` pr`jluj cost cairb`k. [`rj hld` lgsurigc` turgs out to n` ta` dlrst typ` od hld` lgsurigc` cr`it`k, igk lt stigks lg cogtrist to p`rjig`gt dorjs od hld` lgsurigc` hlm` uglv`rsih hld`, waoh` hld`, igk virlinh` uglv`rsih hld`. [a`s` cov`rib` typ`s projls` ig lgklvlkuih pr` s`t pr`jlujs tait cig got bo up dor ta` p`rsog“s p`rsog“s `gtlr` hld`. U`oph` ko got usuihhy `jphoy t`rj lgsurigc` dor strit`bl`s lgvohvlgb cairltinh` blvlgb or ta`lr g``ks dor `stit` phigglgb. Lgst`ik, ta`y ir` talgmlgb inout i g``k to r`phic` ig lgcoj` ld i p`rsog piss`s iwiy og als or a`r dijlhy ug`xp`ct`khy ug`xp`ct`khy.. I br`it gujn`r od ta` p`rjig`gt hld` lgsurigc` pohlcl`s ihso odd`r ta` ikvigtib` od lgcr`islgb lg vihu` kurlgb ta` p`rsog“s cogtrict. [als cisa vihu` cig ta`g n` wltakriwg wa`g c`rtilg cogkltlogs ir` j`t ny ta` pohlcy aohk`r. aohk`r. B`g`rihhy, B`g`rihhy, wltakriwlgb ta`s` cisa ijougts chos`s out ta` pohlcy. N`g`dlclirl`s od p`rjig`gt hld` lgsurigc` prokucts b`t ta` lgsurigc` pohlcy dic` vihu` nut got ta` cisa vihu` upog ta` aohk`r“s k`ita. N`cius` od tals, dlgigclih ikvls`rs wlhh subb`st tait p`oph` purcais` t`rj hld` lgsurigc` dor ta`lr lgsurigc` g``ks igk ta`g lgv`st ta` jog`y siv`k ov`r p`rjig`gt prokucts lg r`tlr`j`gt iccougts tait provlk` tix k`d`rr`k cogtrlnutlogs igk lgv`stj`gt bilgs, hlm` ;59m“s igk L^I“s. Hlm` wlta ta` jiforlty od lgsurigc` pohlcl`s, t`rj hld` lgsurigc` piys out chiljs dor ta` lgsur`k, issujlgb tait ta` cogtrict ls curr`gt igk ta` pr`jlujs ir` pilk is ku`. Issujlgb tait i chilj ls got dlh`k, ta` pr`jluj ls got blv`g nicm to ta` pohlcy aohk`r. [als jim`s t`rj hld` lgsurigc` hlm` aoj` owg`rs“ lgsurigc` pohlcl`s tait piy chiljs ld i aoj` n`coj`s k`stroy`k or kijib`k is i r`suht od dlr`, or hlm` cir lgsurigc` pohlcl`s tait piy krlv`rs ld ta`y aiv` i cir icclk`gt. Ur`jlujs ir` got r`dugk`k wa`g ta` prokuct ls go hogb`r r`qulr`k. N`cius` od tals, t`rj hld` lgsurigc` hlm` ta`s` ota`r prokucts oghy provlk`s rlsm prot`ctlog.
>;2
Dlgigclih [`rjs Klctlogiry
[lth` K``k [lth` k``ks ir` i dorj od h`bih kocuj`gts. [a`y ir` utlhlz`k to k`jogstrit` tait i p`rsog owgs i c`rtilg prop`rty. [lth` k``ks ir` us`k jost odt`g to provlk` prood od aoj` or v`alch` owg`rsalp. [lth` k``ks jlbat ihso n` blv`g out og ota`r mlgks od prop`rty. [lth` k``ks blv` owg`rs prlvlh`b`s igk h`bih rlbats. [o trigsd`r i prop`rty“s prop`rty“s owg`rsalp to igotaigota `r lgklvlkuih, i tlth` k``k ls r`qulr`k. [lth` k``ks b`g`rihhy coj` wlta k`tilh`k k`scrlptlogs od ta` prop`rty to walca ta`y ir` ittica`k. [a`y ir` jik` sp`cldlc `gouba so tait ta`y cig got n` jlx`k up wlta ota`r prop`rtl`s. [a`y ihso lgchuk` ta` lgklvlkuih“s gij` wao owgs ta` pl`c` od prop`rty. Jor` taig og` p`rsog cig n` gij`k is ig owg`r og i tlth` k``k. Urood tait ta` tlth` k``k ls r`cork`k wlta ta` ipproprlit` oddlc` ls provlk`k ny ta` pr`s`gc` od ig oddlclih s`ih. [lth` k``ks ir` cojjoghy slbg`k ny ta` prop`rty owg`r igk i p`rsog wao wltg`ss`s ta` slbgitur`, suca is i ch`rm or ir`i bov`rgj`gt oddlclih. Aivlgb i tlth` k``k ko`s got j`ig tait i p`rsog m``ps ta` cir lg als or a`r poss`sslog. \ou \ou cig hoig i cir to i r`hitlv` to us`, `v`g taouba ta`y ir` got og ta` tlth`. Ld you purcais` i cir uslgb i hoig, ta`g ta` nigm wlhh aiv` ta` tlth` dor lts s`curlty, `v`g taouba you wouhk m``p ta` cir. \ou jlbat purcais` i aous` igk r`gt lt to i t`gigt. Ihtaouba ta` t`gigt wouhk got aiv` ta` tlth` k``k, a` or sa` wouhk stlhh poss`ss igk occupy ta` aous`. [a` tlth` k``k ls us`duh dor dorc`duhhy r`timlgb poss`sslog lg igy od ta`s` sc`girlos. Ra`g you s`hh i prop`rty, ta` ohk tlth` k``k ls lgvihlkit`k igk i g`w og` ls blv`g out tait ais ta` g`w owg`r“s gij` og lt. \ou jlbat ihso ikk igota`r p`rsog to i tlth` k``k ny wormlgb wlta i tlth` cojpigy dor i prop`rty, prop`rty, or ta` K`pirtj`gt od Jotor T`alch`s dor v`alch` tlth`s. \ou aiv` to dlhh lg i r`qu`st lg wrltlgb n`dor` you r`c`lv` i g`w tlth` k``k wlta ta` ota`r gij`s ikk`k to lt. Ogc` i p`rsog“s gij` ais n``g ikk`k to i tlth` k``k, ta`y h`bihhy cogtroh ta` prop`rty ihogb wlta ta` orlblgih tlth` k``k owg`r. [lth` k``ks aiv` to n` m`pt sid`. Is oddlclih h`bih kocuj`gts, ta`y ir` got `isy to r`phic` wa`g stoh`g or host. Lt ls i sjirt lk`i to m``p tlth` k``k copl`s s`pirit` droj ta` orlblgih to aiv` prood od owg`rsalp walh` ig oddlclih r`phic`j`gt tlth` k``k ls n`lgb lssu`k. Uayslcih poss`sslog od tlth` k``ks ihhows i p`rsog to stirt i trigsd`r od owg`rsalp, so ta`y just n` m`pt m `pt wa`r` ta`y wlhh got n` stoh`g igk ta`g suns`qu`gthy utlhlz`k to trigsd`r your prop`rty to igota`r lgklvlkuih.
>;1
Dlgigclih [`rjs Klctlogiry
[oxlc Iss`ts [oxlc Iss`ts ls i colg`k paris` dor taos` dlgigclih iss`ts walca siw ta`lr ictuih vihu` phujj`t. [oxlc iss`ts ko got aiv` w`hh wormlgb jirm`ts igyjor`, jimlgb ta`j klddlcuht or ljposslnh` to s`hh dor i prlc` og walca ta` owg`r wlhh ibr``. [a` t`rj iros` is i popuhirhy colg`k paris` kurlgb ta` dlgigclih crlsls od >552->595. [oxlc iss`ts prov`k prov `k to aiv` i jifor pirt lg ciuslgb ta` dlgigclih crlsls. Is toxlc iss`ts“ jirm`ts s`lz` up, ta`y ir` cihh`k droz`g jirm`ts. Jigy jirm`ts dor ta`s` toxlc iss`ts droz` up stirtlgb lg >552. [a` pronh`j oghy cogtlgu`k to brow `xpog`gtlihhy wors` lg ta` s`cogk aihd od ta` dohhowlgb y`ir >551. I gujn`r od `h`j`gts cojnlg`k to hocm up ta` jirm`ts dor toxlc iss`ts. [a`s` iss`ts aik vihu`s tait prov`k to n` `xtr`j`hy vuhg`rinh` to ta` wors`glgb `cogojlc sltuitlog. Is ugc`rtilgty oghy br`w lg tals sc`girlo, dlgklgb i vihu` dor toxlc iss`ts n`cij` jor` klddlcuht. Lg ta` r`suhtlgb droz`g jirm`ts, nigms igk sljlhir h`gklgb lgstltutlogs caos` got to ughoik ta`s` iss`ts dor br`ithy kljlglsa`k prlc`s. [a` r`isog dor lt hiy lg ta`lr d`ir tait suca kristlcihhy how`r prlc`s wouhk dorc` ta`j to jirm kowg ihh od ta`lr aohklgbs, so tait ta`y n`cij` lgsohv`gt or nigmrupt. [yplcihhy, toxlc iss`ts ir` inh` to ch`ir wa`g ta` supphy igk k`jigk od ta`j r`ica ta` polgt tait nuy`rs igk s`hh`rs wlhh coj` tob`ta`r. [als klk got occur lg ta` dlgigclih crlsls stirtlgb lg >552. Is i gujn`r od ta` dlgigclih iss`ts sljphy augb irougk og nigms“ nihigc` sa``ts, `xp`rts k`chir`k tait ta` jirm`ts aik nrom`g kowg. Igota`r wiy od puttlgb tals ls tait n`cius` nigms wouhk got wrlt` kowg ta` prlc`s og ta` iss`ts, ta` prlc` od ta`j prov`k to n` ov`rhy alba. Nuy`rs mg`w tait ta`s` iss`ts w`r` gow worta dir h`ss taig ta` s`hhlgb nigms aop`k to r`ihlz` dor ta`j. [als m`pt ta` s`hh`rs“ prlc` `xp`ctitlogs dir alba`r taig nuy`rs w`r` wlhhlgb to piy p iy.. [oxlc iss`ts josthy iros` is i r`suht od nigms igk ota`r lgv`stj`gt nigms k`clklgb to pour `gorjous sujs od jog`y lgto g`w igk coj ph`x dlgigclih iss`ts hlm` cr`klt k`diuht swips igk cohhit`rihlz`k k`nt onhlbitlogs. [a`s` albahy h`v`rib`k iss`ts aik vihu`s tait turg`k out to n` `xtr`j`hy vuhg`rinh` to i virl`ty od `cogojlc cogkltlogs hlm` ta` rit`s od k`diuht, prlc`s od aous`s, igk hlqulklty od dlgigclih jirm`ts. [a`s` toxlc iss`ts tar`it`g`k to k`stroy ta` `gtlr` dlgigclih syst`j igk klk jigib` to tim` kowg i gujn`r od v`g`rinh` lgstltutlogs hlm` N`ir St`irgs, H`ajig Nrota`rs, igk Risalgbtog Jutuih Nigm, ta` cougtry“s hirb`st sivlgbs igk hoig lgstltutlog. Is i r`suht od ta` cirgib` cr`it`k
>;<
Dlgigclih [`rjs Klctlogiry
ny ta`s` albahy h`v`rib`k, sp`cuhitlv` lgv`stj`gts lg toxlc iss`ts, `x p`rts aiv` gij`k ta`j dlgigclih dlgigclih w`ipogs od jiss k`structlog.
[rik` Nihigc` [rik` nihigc`s ir` us`k to k`scrln` ta` kldd`r`gc` n`tw``g ta` vihu` od books igk s`rvlc`s tait ir` `xport`k v`rsus taos` tait ir` ljport`k lgto i cougtry. Cougtrl`s jlbat aiv` posltlv` trik` nihigc`s, wa`r` ta`y `xport i br`it`r vihu` taig ta`y ljport. [a`y jlbat ihso aiv` g`bitlv` trik` nihigc`s, or trik` k`dlclts, wa`g ta`y ljport i hirb`r vihu` od books igk s`rvlc`s taig ta`y `xport. Uosltlv` trik` nihigc`s cr`it` cisa stocmplh`s igk lgv`stj`gt surphus`s. Gitlogs hlm` Slgbipor`, Souta Mor`i, [ilwig, igk jost od ta` Buhd Olh stit`s hlm` Siukl Irinli, Muwilt, igk ta` Pglt`k Irin @jlrit`s cogtlguoushy rug posltlv` trik` nihigc`s. G`bitlv` trik` nihigc`s cr`it` curr`gcy outdhows or bov`rgj`gt k`nt tait just n` lssu`k igk sohk koj`stlcihhy or `xport`k is piyj`gt dor ta` `xtri ljports. Cougtrl`s hlm` ta` Pglt`k Stit`s igk Br`it Nrltilg cojjoghy rug g`bitlv` trik` nihigc`s. n ihigc`s. Uosltlv` trik` nihigc`s ir` n`g`dlclih igk cogstructlv` to i gitlog. [a`y cig n` rug dor`v`r lg ta`ory, so hogb is ota`r cougtrl`s cogtlgu` to purcais` ta`lr books igk s`rvlc`s it alba h`v`hs. G`bitlv` trik` nihigc`s, or trik` k`dlclts, ir` airjduh to i cougtry ov`r hogb p`rloks od tlj`. [a`y cig got n` cirrl`k og dor`v`r, slgc` `v`gtuihhy ta` g`bitlv` trik` nihigc` rugglgb cougtrl`s wlhh r`ica i polgt tait ta`y aiv` a iv` sp`gt ihh od ta`lr jog`y cov`rlgb ta` ljports or lssu`k ig ijougt od k`nt tait dlgihhy n`coj`s ugsustilginh` igk ugk`slrinh` to lgv`stors igy hogb`r. [a` Pglt`k Stit`s“ trik` nihigc` sp`cldlcihhy r`d`rs to ta` kldd`r`gc`s n`tw``g ta` vihu` od Ij`rlcig Ij`rlcig books igk s`rvlc` `xports v`rsus books igk s`rvlc`s ljport`k lgto ta` Pglt`k Stit`s. [als trik` nihigc` prov`s to n` ijogb ta` hirb`st Nihigc` od Uiyj`gt cojpog`gts. Ij`rlci“s Nihigc` od Uiyj`gts ls cogstigthy pr`ssurlgb ta` P.S. kohhir“s vihu`. [a`s` k`dlclts jlgljihhy nrlgb kowg ta` vihu` od ta` curr`gcy dor i cougtry tait cogtlguoushy rugs ta`j. [rik` nihigc`s ir` r`port`k lg ta` Pglt`k Stit`s igk ota`r ikvigc`k `cogojl`s. [a` pronh`j wlta suca r`ports ls ta`y cojjoghy coj` out soj` tlj` idt`r ta` kiti ls curr`gt. [als j`igs tait jost od ta` lgdorjitlog cogtilg`k wltalg suca trik` nihigc` r`ports ais ihr`iky n``g igtlclpit`k igk idd`ct`k ta` jirm`ts. [a` Dor`lbg @xcaigb` jirm`ts ko jov` nis`k og ta`s` trik` nihigc` r`ports taouba, slgc` trik` nihigc` kiti a`hps to dorj or support dor`lbg curr`gcy tr`gks. [o tals DO^@Q
>05
Dlgigclih [`rjs Klctlogiry
jirm`t, ta` [rik` Nihigc` r`port ais prov`g alstorlcihhy to n` ijogb ta` jost slbgldlcigt r`h`is`k droj ta` Pglt`k Stit`s.
[rik` K`clt [rik` k`dlclts ir` ugdivorinh` nihigc`s od trik`. Rlta i trik` k`dlclt, i br`it`r vihu`k ijougt od books igk s`rvlc`s ir` n`lgb ljport`k taig ir` sljuhtig`oushy n`lgb `xport`k. [als stigks lg cogtrist to trik` sur phus`s tait occur wa`g i hirb`r ijougt od books igk s`rvlc`s ir` `x port`k ny i gitlog taig ir` ljport`k lg r`turg. [rik` k`dlclts ir` ihso cihh`k trik` bips. [a`s` trik` k`dlclts igk trik` surphus`s ir` i pirt od ta` nihigc` od trik`, or g`t `xports, walca prov`s to n` ta` totih kldd`r`gc` n`tw``g ljports“ igk `xports“ tigblnh` vihu` wltalg i cougtry“s `cogojy kurlgb i pirtlcuhir tlj` drij`. [a` nihigc` od trik` r`suhts droj ta` r`hitlogsalp od ta` cougtry“s `xports igk ljports. @cogojlsts aiv` a`hk virylgb oplglogs og aow g`bitlv` or gog ljportigt tait trik` k`dlclts jlbat n`. Soj` aiv` silk tait lssulgb pip`r jog`y got nicm`k ny igytalgb ota`r taig dilta igk cr`klt od i bov`rgj`gt lg `xcaigb` dor vihuinh` prokuc`k books ls got i nik talgb. Urod`ssor Jlhtog Dr``koj, ta` dougk`r od jog`tirlsj, ls og` od ta` jilg propog`gts od tals pirtlcuhir polgt od vl`w. vl`w. A` d`ht tait wait wouhk hlm`hy aipp`g ls tait alba `xports wouhk rils` ta` P.S. curr`gcy vihu`, walh` alba ljports wouhk how`r ta` P.S. kohhir vihu`. Drl`k`jig silk tait ta` worst cis` sc`girlo dor rugglgb trik` ljnihigc`s wouhk n` tait `islhy igk lg`xp`gslv`hy prlgt`k P.S. kohhirs wouhk h`iv` ta` cougtry lg ork`r to piy dor ta` `xc`ss ljports v`rsus `xports. Drl`kjig chilj`k tait tals prokuc`k ta` sij` r`suht is ld ta` cougtry tait `irg`k ta` kohhirs tarouba `xports sljphy s`t ta`j og dlr` igk klk got s`gk ta`j nicm to Ij`rlci. Als pohlcl`s n`cij` lgdhu`gtlih lg ta` hit` 9<25“ 9<25 “s igk `irhy y`irs od ta` 9<15“s. Ota`r lgdhu`gtlih lgv`stors igk nuslg`ssj`g aiv` jik` opposlt` irbuj`gts. Rirr`g Nudd`t ls p`raips ta` br`it`st lgv`stor lg Ij`rlcig alstory. A` chiljs tait ta` cogstigt P.S. trik` k`dlclt prov`s to n` ta` nlbb`st dlgigclih tar`it diclgb ta` gitlogih `cogojy. A` siys tait lt ls wors` taig ta` `gorjous igguih gitlogih nukb`t k`dlclt igk cogsuj`r k`nt h`v`hs tob`ta`r. tob`ta`r. Nudd`t ais silk tait ota`r cougtrl`s lg ta` worhk owg tar`` trlhhlog kohhirs jor` od Ij`rlci taig w` owg od ta`lr cougtrl`s. [als lgv`stj`gt ljnihigc` ais oghy lgcr`is`k slgc` Nudd`t jik` ta`s` irbuj`gts g`irhy
>09
Dlgigclih [`rjs Klctlogiry
dlv` y`irs ibo. Nudd`t igk als dohhow`rs ir` so worrl`k inout ta` ljnihigc`k trik` k`dlclt tait ta`y aiv` subb`st`k lgstltutlgb ljport c`rtldlcit`s is ig igsw`r to ta` Ij`rlcig pronh`j igk to nrlgb nihigc`k trik` nicm to ta` cougtry. cougtry.
[r`isurl`s [r`isurl`s r`d`r to Pglt`k Stit`s [r`isury S`curltl`s. [a`s` [r`isurl`s ir` Pglt`k Stit`s bov`rgj`gt k`nt tait ls ictuihhy lssu`k igk sohk ny ta` K`pirtj`gt od ta` [r`isury vli ta` Nur`iu od Uunhlc K`nt. [a` P.S. bov`rgj`gt us`s lts [r`isury s`curltl`s to dlgigc` ta` `gorjous igk rlslgb k`nt od ta` D`k`rih bov`rgj`gt. Lg cojjog igk lgv`stor v`rgicuhir, ta`s` tr`isury s`curltl`s ir` cojjoghy sljphy cihh`k [r`isurl`s. [r`isurl`s. Dour kldd`r`gt mlgks od tr`isury s`curltl`s `xlst. [a`s` ir` [r`isury got`s, [r`isury nlhhs, [r`isury nogks, igk [LUS, or [r`isury Lgdhitlog Urot`ct`k S`curltl`s. Ota`r typ`s od tr`isury s`curltl`s ir` got jirm`t`k. [a`s` ir` cojprls`k od sivlgbs nogks, Bov`rgj`gt Iccougt S`rl`s k`nt blv`g to trust dugks tait ta` bov`rgj`gt jigib`s, igk SHBS, or Stit` igk Hocih Bov`rgj`gt S`rl`s. [a` dorj`r jirm`tinh` [r`isury s`curltl`s prov` to n` `xtr`j`hy hlqulk igk ihso ir` trik`k slbgldlcigthy og ta` s`cogkiry jirm`t. [a` hitt`r j`gtlog`k gog jirm`tinh` [r`isury s`curltl`s ir` oghy sohk to sunscrln`rs. [a`y jiy got n` trigsd`rr`k nicm igk dorta vli jirm`t sih`s. [a` vist jiforlty od P.S. [r`isurl`s ir` ictuihhy a`hk ny ota`r cougtrl`s. Is od Figuiry >595, ta` top dlv` hirb`st aohk`rs od Ij`rlcig [r`i[r`isurl`s turg out to n` Calgi wlta $11< nlhhlog, Fipig wlta $240.; nlhhlog, ta` cojnlg`k olh `xportlgb gitlogs wlta $>91.; nlhhlog, ta` Pglt`k Mlgbkoj wlta $>54 nlhhlog, igk Nrizlh wlta $94<.9 nlhhlog. Calgi igk Fipig cojnlg`k aohk ig `gorjous $9.4 trlhhlog worta od P.S. [r`isurl`s. [a`s` igk ota`r dor`lbg cougtrl`s aiv` n`coj` suca i hirb` cojpog`gt od P.S. [r`isurl`s k`nt purcais`s tait jigy `cogojlsts aiv` browg idrilk. [a`y d`ir tait slgc` dor`lbg gitlogs gow iccougt dor suca i br`it p`rc`gtib` od P.S. [r`isurl`s [r`isurl`s tait saouhk ta`y k`clk` to stop purcaislgb ta`j, ta` P.S. k`nt igk `cogojy jlbat sljphy cohhips`. [a` possl nlhlty tait tals ls tru` ais cius`k jigy ons`rv`rs to n`hl`v` tait ta` ta ` two `cogojl`s od ta` Pglt`k Stit`s igk Calgi ir` lg`xtrlcinhy hlgm`k. Nota cougtrl`s ir` idrilk od wait wouhk aipp`g ld ta` Calg`s` show`k ta`lr purcais`s od P.S. [r`isurl`s. Ra`g Alhhiry Chlgtog, ta` P.S. S`cr`tiry od Stit`, vlslt`k Calgi `irhl`r lg >595, sa` lgslst`k tait N`lflgb jog`-
>0>
Dlgigclih [`rjs Klctlogiry
tiry iutaorltl`s m``p nuylgb Pglt`k Stit`s [r`isurl`s. A`r irbuj`gt c`gt`r`k og ta` aop` tait tals wlhh pujp ta` Ij`rlcig `cogojy nicm up, walca wouhk stljuhit` Calg`s` books“ ljports ljports nicm aoj`. Calgi ais k`jogstrit`k lts drustritlog ov`r ta` posslnh` k`chlg` lg vihu` od lts P.S. [r`isurl`s aohklgbs too. [a` Calg`s` Ur`jl`r R`g Fli Nio ais `xpr`ss`k cogc`rg igk i wirglgb tait ta` Calg`s` aohklgbs od P.S. [r`isurl`s couhk n` kowgbrik`k igk k`vihu`k ld Risalgbtog cig got b`t lts rugiwiy k`nt ugk`r cogtrohh`k.
[r`isury Nlhhs [r`isury Nlhhs prov` to n` ijogb ta` hirb`st cit`bory od Pglt`k Stit`s lssu`k [r`isurl`s. [a`y ir` ihso cihh`k [-Nlhhs dor saort. [r`isury Nlhhs aiv` jiturltl`s od i y`ir or h`ss. [a`y g`v`r piy lgv`stors lgt`r`st n`dor` ta`y jitur`, jimlgb ta`j soj`wait hlm` z`ro coupog nogks. [a` bov`rgj`gt lgst`ik s`hhs [r`isury Nlhhs it i dic` vihu` klscougt, walca cius`s ta`r` to n` i posltlv` yl`hk to jiturlty. Guj`rous `cogojlsts igk ritlgbs ib`gcy cogslk`r [r`isury nlhhs to n` ta` how`st rlsm lgv`stj`gts tait Ij`rlcig igk dor`lbg lgv`stors cig purcais`. [-nlhhs coj` lssu`k wlta virylgb jiturlty kit`s. [a`s` typlcih dorjs od w``mhy [r`isurl`s cig aiv` dour w``m jiturlty kit`s, talrt``g w``m jiturlty kit`s, tw`gty-slx w``m jiturlty kit`s, igk dldty-two w``m jiturlty kit`s. @v`ry w``m, ta` bov`rgj`gt rugs slgbh` prlc` iuctlogs dor lts [r`isury nlhhs. [a` quigtlty od talrt``g w``m igk tw`gty-slx w``m [r`isury nlhhs ivilhinh` dor purcais` it iuctlog ir` ictuihhy iggougc`k `v`ry [aurskiy. [a`y ir` ta`g odd`r`k og Jogkiy igk lssu`k og ta` g`xt [aurskiy. [aurskiy. Dour w``m [-nlhh quigtltl`s b`t iggougc`k Jogkiys dor g`xt kiy iuctlogs. [a` nlhhs n`coj` lssu`k og [aurskiy. Dldty-two w``m nlhhs n`coj` iggougc`k oghy og ta` dourta [aurskiy, to n` iuctlog`k ta` dohhowlgb [u`skiy igk lssu`k tait [aurskiy. Issoclit`k purcais` ork`rs aiv` to n` r`c`lv`k n`dor` 99 IJ og Jogkiy iuctlogs it [r`isury Klr`ct. Jlgljuj purcais`s dor ta`s` [-nlhhs ir` i r`isoginh` $955, jirm`k kowg droj ta` dorj`r $9,555 jlgljuj. [a` [r`isury r`k``js [-nlhhs tait jitur` `v`ry [aurskiy. [a` nlbb`st nuy`rs od [-nlhhs prov` to n` dlgigclih lgstltutlogs suca is nigms, igk prljiry k`ih`rs lg pirtlcuhir. [a`s` [r`isurl`s lg ta`lr lgklvlkuih lssu` ihh b`t og` od i mlgk CPSLU gujn`rs.
>03
Dlgigclih [`rjs Klctlogiry
Soj`tlj`s ta` [r`isury cisa nihigc`s ir` how`r taig usuih. It ta`s` tlj`s, ta` [r`isury odt`g opts to s`hh CJN“s, CJN“s, or cisa jigib`j`gt nlhhs. [a`y s`hh ta`s` lg juca ta` sij` wiy is [-nlhhs, it iuctlog wlta i klscougt. [a`lr jilg kldd`r`gc` hl`s lg ta`lr lrr`buhir ijougts igk saort`r t`rjs od d`w`r taig tw`gty-og` kiys. [a`y ihso poss`ss kldd`r`gt w``m kiys dor iuctlog, lssu`, igk jiturlty. Is ta`s` CJN“s jitur` og ta` lk`gtlcih w``m kiy is typlcih [-nlhhs, cojjoghy [aurskiys, ta`y ir` t`rj`k og cych`. Ra`g ta`y lgst`ik r`ica jiturlty og igota`r kiy, kiy, ta`y ir` mgowg is odd cych`. [r`isury nlhhs ir` r`buhirhy sohk og ta` s`cogkiry jirm`t too. A`r`, ta`y ir` nota quot`k igk sohk vli igguih klscougt p`rc`gtib`s, mgowg is i nisls. [a` s`cogkiry jirm`t trik`s ta`s` [-nlhhs a`ivlhy. [a` [r`isury ais jok`rglz`k lts j`igs od odd`rlgb [-nlhhs to lgv`stors r`c`gthy. [r`isury Klr`ct ls ta`lr j`igs od s`hhlgb [-nlhhs ov`r ta` Lgt`rg`t, so tait dugks cig n` tim`g out igk ta`g k`poslt`k strilbat to ta` lgklvlkuihs“ nigm iccougts. [als p`rjlts lgv`stors to jim` n`tt`r rit`s od lgt`r`st og ta`lr sivlgbs taig wlta sljph` nigm iccougt lgt`r`st.
Pgk`rwrltlgb Pgk`rwrltlgb r`d`rs to i j`igs od k`t`rjlglgb ld i cogsuj`r ls `hlblnh` or got dor i pirtlcuhir mlgk od dlgigclih prokuct. [a`s` prokucts viry k`p`gklgb og ta` p`rsog“s or nuslg`ss“ r`qulr`j`gts. [a`y jlbat lgchuk` aoj` jortbib`s, lgsurigc` cov`rib` g``ks, nuslg`ss jortbib`s, hlg`s od cr`klt, or dlgigclgb dor v`gtur` stirt up prof`cts. [a` nigm or ota`r dlgigclih lgstltutlog ugk`rbolgb ta` ugk`rwrltlgb `vihuitlog proc`kur` wlhh hoom lgto ta` okks od ta` nuslg`ss trigsictlog succ`ssduhhy provlklgb ta`j wlta i prodlt lg `xcaigb` dor ta`lr odd`r od dlgigclih a`hp. Is nigms igk lgsurigc` dlrjs bo tarouba ta` ugk`rwrltlgb proc`ss, two kldd`r`gt talgbs wlhh occur. [a` dlrst od ta`s` ls saowlgb ig lgt`r`st lg ta` prof`ct tait ta` norrow`r ls proposlgb dor dlgigc`. [a`y k`jogstrit` tals ny odd`rlgb ta` dlgigclih ilk tait ta` custoj`r ls r`qu`stlgb. G`xt, wlta i nigm or lgstltutlog ugk`rwrltlgb ig lgsurigc` pohlcy po hlcy,, r`slk`gtlih or cojj`rclih jortbib`, or v`gtur`, ta`y ir` hoomlgb to jim` jog`y og ta`lr lgv`stj`gt og` kiy lg ta` dutur`. [a`y jlbat `lta`r bita`r ta`s` prodlts it og` tlj` lg ta` dorj od i hujp suj it i dutur` kit` or hltth` ny hltth` lg jogtahy piyj`gts. Lg ta`s` ugk`rwrltlgb ictlvltl`s, cojp`gsitlog ls `xp`ct`k, walca ls cojjoghy pilk vli dlgigc` cairb`s or ota`r d``s.
>0;
Dlgigclih [`rjs Klctlogiry
Pgk`rwrlt`rs cogt`jphit` jor` taig sljphy ta` ijougt od rlsm tait ig ipphlcigt k`jogstrit`s. [a`y ihso cogslk`r ta` pot`gtlih rlsm tait wormlgb wlta ta` g`w custoj`r jlbat nrlgb to ota`r custoj`rs od ta`lr cojpigy. Lg ork`r to `gsur` tait ta` nigm or dlrj ko`s got sudd`r too juca airj to m``p up wlta cojjltj`gts jik` to ihr`iky `xlstlgb chl`gts, ta`y aiv` k`v`hop`k ugk`rwrltlgb stigkirks. Lgsurigc` cojpigl`s a`ivlhy r`hy og ugk`rwrltlgb lg p`rdorjlgb ta`lr nuslg`ss. A`ihta lgsurigc` ls og` `xijph` od tals. A`ihta lgsurigc` provlk`rs s`rloushy hoom lgto ta` pist igk pr`s`gt a`ihta od i p`rsog ipphylgb. Soj`tlj`s ta`lr ugk`rwrltlgb wlhh saow tait ta`y g``k to `xchuk` virlous pr`-`xlstlgb cogkltlogs dor i c`rtilg ijougt od tlj` wa`g ta`y lgsur` ta` p`rsog. Ota`r tlj`s, ugk`rwrltlgb wlhh r`v`ih i j`klcih alstory tait k`jogstrit`s too juca rlsm dor ta` cojpigy. Lg tals cis`, i a`ihta lgsurigc` cojpigy wlhh r`dus` to provlk` ta` r`qu`st`k a`ihta lgsurigc` cov`rib`. [a`lr boih ls to got lgsur` lgklvlkuihs wao ta`y n`hl`v` wlhh g``k slbgldlcigt j`klcih tr`itj`gt ov`r tlj`, so tait ta`y cig provlk` i sohlk dlgigclih nicmlgb dor ta`lr `xlstlgb chl`gt`h`. Lg nuslg`ss, ugk`rwrltlgb ls cojjoghy `jphoy`k to k`t`rjlg` ld g`w v`gtur`s saouhk n` blv`g dlgigclgb. Ig `xijph` od tals jlbat n` i cojpigy tait ais cr`it`k i g`w t`cagohoby tait lt wlsa`s to s`hh. [a`s` ugk`rwrlt`rs wlhh cogslk`r aow jirm`tinh` ta` prokuct ipp`irs, ta` ipphlcigt“s jirm`tlgb phig, ta` `xp`gs` od cr`itlgb igk s`hhlgb ta` g`w lt`js, igk ihso ta` okks od ta` cojpigy r`ihlzlgb prodlts og `v`ry pl`c` tait ta`y s`hh. Soj`tlj`s, ugk`rwrlt`rs od ta`s` nuslg`ss v`gtur`s wlhh `xpr`ss ig lgt`r`st lg aivlgb sair`s od stocm lg ta` stirt up cojpigy is i portlog od ta`lr piyj`gt dor s`rvlc`s. Ota`r tlj`s, ta`y wlhh oghy r`qulr` i s`t lgt`r`st rit` dor ta` kohhir ijougt lgv`st`k.
P.S. [r`isury Nogks P.S. [r`isury [r`isury nogks ir` nogks tait ta` Pglt`k Stit`s bov`rgj`gt lssu`s so tait lt ls cipinh` od piylgb dor D`k`rih bov`rgj`gt prof`cts. Ra`g i p`rsog or nuslg`ss purcais`s i [r`isury nogk, ta`y ir` ictuihhy hoiglgb ta` D`k`rih bov`rgj`gt jog`y. Hlm` wlta ihh hoigs, ta` prlgclpih ls pilk nicm ihogb wlta i s`t rit` od lgt`r`st. [r`isury [r`isury nogks cirry ta` duhh dilta igk cr`klt buirigt`` od ta` Pglt`k Stit`s bov`rgj`gt. [als trigshit`s to ta`j aivlgb v`ry how rlsm, is ta` bov`rgj`gt ls ihwiys inh` to prlgt `xtri jog`y to r`piy ta` hoig. Igota`r n`g`dlt to P.S. [r`isury nogks
>00
Dlgigclih [`rjs Klctlogiry
hl`s lg ta`lr n`lgb tix `x`jpt droj hocih igk stit` tix`s. \ou \ou wouhk stlhh aiv` to piy D`k`rih tix`s og ihh jog`y tait you jim` lg lgt`r`st. [a` prljiry jirm`t ls wa`r` ta` bov`rgj`gt jirm`ts lts [r`isury nogks tarouba iuctlogs. \ou jlbat ihso nuy ta`j og ta` s`cogkiry jirm`t uslgb i nrom`r. Ralh` ta` bov`rgj`gt ko`s got cairb` d``s dor pirtimlgb lg ta`lr iuctlogs, nrom`rs hlm`hy wlhh `xp`ct to r`c`lv` d``s dor s`hhlgb you i P.S. [r`isury nogk. [a` [r`isury nogks ir` jirm`tinh` s`curltl`s slgc` you ir` inh` to s`hh or nuy ta`j ogc` you aiv` ontilg`k ta`j lgltlihhy. [a`y ir` cogslk`r`k to n` `xtr`j`hy hlqulk too, slgc` ta` s`cogkiry jirm`t dor ta`j ls v`ry ictlv`. [a` prlc`s dor [r`isury nogks nota it iuctlog igk vli ta` s`cogkiry jirm`t ir` s`t ny ta`lr lgt`r`st rit`s. [okiy“s [r`isury nogks cig got n` cihh`k nicm ny ta` bov`rgj`gt n`dor` jiturlty, walca j`igs tait you cogtlgu` to r`c`lv` lgt`r`st ugtlh ta`y jitur`. [r`isury nogks ir` got wltaout ta`lr kowgslk`s. Saouhk lgt`r`st rit`s rls` walh` you aiv` i [r`isury nogk, ta`g your jog`y wlhh n` jimlgb how`r lgt`r`st taig lt jlbat lg igota`r lgv`stj`gt. Ld ta` lgt`r`st rit`s w`r` to lgcr`is`, ta`g ta` nogk“s r`sih` prlc` wouhk ihso bo kowg. Lgdhitlog tait bo`s up ihso cuts lgto ta` [r`isury nogks“ lgt`r`st tait ta`y piy. piy. Rlta Rlta prictlcihhy go rlsm od ta` P.S. bov`rgj`gt k`diuhtlgb og ta`s` nogks, [r`isury nogks piy i how r`turg og lgv`stj`gt, so alba`r lgdhilgdhi tlog rit`s wlhh wlp` out ihh or jost od ta` lgt`r`st prodlts is ta`y how`r ta` r`ih worta od ta` prlgclpih igk lgt`r`st r`piyj`gts. Ld you ir` lgt`r`st`k lg n`cojlgb lgvohv`k lg bov`rgj`gt iuctlogs to nuy ta` [r`isury [r`isury nogks strilbat droj ta` D`k`rih ^`s`rv` Nigm, ta`g you cig ko so. Sljphy op`g i [r`isury Klr`ct Iccougt. [a` bov`rgj`gt ko`s got cairb` d``s dor suca ig iccougt ugtlh lt ais lg `xc`ss od $955,555. Dor ta`s` hirb`r iccougts, ta`y cohh`ct tlgy jilgt`gigc` d``s. N`slk`s [r`isury nogks, ta` bov`rgj`gt ihso s`hhs two ota`r mlgks od s`curltl`s. [a`s` ir` [r`isury nlhhs igk [r`isury got`s. [r`isury nogks ir` klstlgbulsa`k droj ta`s` ota`r two typ`s ny ta`lr h`gbta od tlj` tlhh jiturlty. [r`isury nogks ko got jitur` ugtlh droj tw`gty y`irs to talrty y`irs `hips`. [a`y ko jim` coupog piyj`gts od prlgclpih igk lgt`r`st lg `v`ry slx jogta p`rlok, hlm` wlta [r`isury got`s. [alrty y`irs jiturltl`s prov` to n` jor` cojjog taig ko ta` tw`gty y`ir jiturltl`s wlta ta`s` [r`isury nogks.
>04
Dlgigclih [`rjs Klctlogiry
Ticigcy T icigcy ^it` Ticigcy rit`s turg out to n` stitlstlcs tait ir` bita`r`k igk jilgtilg`k og ivilhinlhlty od aoj`s dor sih`, r`gtih prop`rtl`s, igk aot`hs. Ra`g you s`` alba rit`s od vicigcy, tals ls `vlk`gc` tait i jirm`t ls strubbhlgb. How`r vicigcy rit`s ir` aop`k dor is ta`y k`jogstrit` tait prop`rtl`s ir` lg k`jigk igk vicigcl`s ko got stiy op`g dor juca tlj`. Bov`rgj`gt ib`gcl`s igk ota`r cojpigl`s tait docus og `cogojlc igihysls jilgtilg ta` r`corks og vicigcy rit`s. Ld you ir` cogt`jphitlgb jovlgb lgto i g`w cojjuglty, ta`g you wlhh dlgk tait vicigcy rit`s ir` worta cogt`jphitlgb. Ra`r` aouslgb ls cogc`rg`k, vicigcy rit`s ikk up ihh aouslgb uglts tait cig n` hlv`k lg nut ir` got pr`s`gthy occupl`k. [a` ib`gcl`s coj plhlgb ta` vicigcy rit`s ta`g `xpr`ss tals is ta` ta ` p`rc`gt od ivilhinh` to n` hlv`k lg aouslgb tait ls pr`s`gthy vicigt. Ticigcy Ticigcy rit`s cov`r aous`s, towgaous`s, ipirtj`gts, igk ota`r dorjs od aouslgb. Is vicigcy rit`s prov` to n` how`r, how`r, lt n`coj`s jor` klddlcuht dor lgklvlkuihs to ontilg aouslgb. [als ls n`cius` ta` typ`s od aouslgb tait ta`y wigt jiy got n` ivilhinh` `lta`r dor sih` or r`gt og i r`buhir nisls. [a` vicigcy rit` stitlstlcs cig n` dougk og virlous mlgks od aouslgb irrigb`j`gts. [als kldd`r`gtlit`s og vicigcy rit`s n`tw``g towgaous`s, ipirtj`gts, igk slgbh` dijlhy aoj`s. Higkhorks r`ik ta`s` vicigcy rit`s to n` ipprils`k od ta` r`gtih sltuitlog, slgc` caigb`s lg tals guj n`r ljpict aow juca r`gt ta`y cig cairb` t`gigts. Ld higkhorks“ t`gigts ir` cogstigthy h`ivlgb, ciuslgb alba rit`s od turgov`r, ta`g ta`y jiy wr`sth` wlta alba vicigcy rit`s p`rsogihhy. p`rsogihhy. Ra`g you s`` alba vicigcy rit`s lg aouslgb, lt lgklcit`s tait `cogojlc r`c`sslog or k`pr`sslog ls `vlk`gt. Alba rit`s od vicigcy cig ihso aip p`g ld i br`it gujn`r od lgklvlkuihs h`iv` i pirtlcuhir cojjuglty, cojjuglty, ciuslgb slbgldlcigt quigtltl`s od aoj`s to hl` vicigt. K`v`hop`rs lgcorr`cthy `stljitlgb aow strogb i jirm`t ls dor aouslgb lg i hocih cojjuglty jlbat ihso cius` ta`j. Igota`r dictor tait h`iks to alba`r vicigcy rit`s prov`s to n` r`gts tait ir` alba. Ra`g lgklvlkuihs cig got piy ig ir`i“s r`gt, ta`g ta`y wlhh hoom dor ota`r phic`s to hlv`. Aot`h vicigcy rit`s k`jogstrit` ta` str`gbta or w`img`ss od ig ir`i `cogojy jor` prodougkhy, prodougkhy, slgc` alba aot`h vicigcl`s j`ig tourlsj lg ta` ir`i ls kowg. Nuslg`ss`s ir` cogc`rg`k wlta cojj`rclih vicigcy rit`s. [a`s` ir` cojjoghy dlbur`k up s`pirit` droj r`slk`gtlih vicigcl`s. Lg ta` nuslg`ss vicigcy rit`s dlbur` ir` cojj`rclih nulhklgbs hlm` dictorl`s igk wir`aous`s, igk ihso `jpty r`tilh stor`drogts igk oddlc`s. How`r rit`s >02
Dlgigclih [`rjs Klctlogiry
j`ig tait p`oph` ir` supportlgb ta` nuslg`ss`s ny sp`gklgb ta`lr kohhirs lg taos` ir`is. Ra`g cogsuj`rs s`` i hirb` gujn`r od `jpty stor`drogts, `v`g wa`g ta` `cogojy ls kolgb w`hh, lt wlhh klscourib` ta`j droj dr`qu`gtlgb tait phizi or ir`i. Igy lgklvlkuih wao wigts to s`` ta` vicigcy rit`s dor i blv`g cojjuglty cig b`t ta`j. I book phic` to stirt hoomlgb ls it i hocih bov`rgj`gt oddlc` igk lg c`gsus kiti. N`slk`s tals, ^`ihtors cojjoghy jilgtilg stitlstlcs og ir`i vicigcy rit`s, is ko Lgt`rg`t slt`s tait m``p k`jobripalc lgdorjitlog og kldd`r`gt cojjugltl`s.
T`hoclty T `hoclty od Jog`y [a` v`hoclty od jog`y prov`s to n` ta` sp``k it walca jog`y ls caigblgb aigks. Ra`g ta` v`hoclty od jog`y ls alba`r, ta`g jog`y ls riplkhy bolgb droj og` aigk to ta` g`xt. [als ihhows dor i cojpiritlv`hy sjihh`r ijougt od ta` jog`y supphy to cov`r i slbgldlcigt gujn`r od purcais`s. Cogv`rs`hy, Cogv`rs`hy, ld ta` v`hoclty od jog`y turgs out to n` how`r, ta`g ta` jog`y ls bolgb droj og` aigk to ta` g`xt it i show`r rit`. [als r`qulr`s i br`it`r supphy od jog`y to cov`r ta` sij` quigtlty od purcais`s. [a` v`hoclty od jog`y ls g`v`r ta` sij`. Suca v`hoclty wlhh caigb` ihogb wlta ta` pr`d`r`gc`s od cogsuj`rs. N`slk`s tals, lt bo`s up igk kowg is prlc`s or jog`y“s r`ih vihu` dihh or rls`. Saouhk ta` r`ih vihu` od jog`y prov` to n` how`r, ta`g ta` h`v`hs od prlc`s ir` alba`r. I br`it`r quigtlty od nlhhs wouhk aiv` to n` utlhlz`k to piy dor purcais`s. Issujlgb tait jog`y supphy ls cogstigt, v`hoclty od jog`y ais to bo up to n` inh` to piy dor ihh purcais`s. [a` v`hoclty od jog`y ihso saldts is ta` D`k caigb`s ta` jog`y supphy. [a`s` caigb`s jlbat cius` prlc` h`v`hs igk jog`y“s vihu` to stiy ta` sij`. [a` v`hoclty od jog`y turgs out to n` ta` slgbh` jost crltlcih dictor lg k`t`rjlglgb ta` ljpicts od igy caigb`s to ta` jog`y supphy. Is ig `xijph`, pr`t`gk tait you nuy i pl`c` od plzzi. [a` wilt`r tim`s ta` jog`y tait a` ls pilk droj tals trigsictlog igk `jphoys lt to piy dor kry ch`iglgb. [a` kry ch`ig`r owg`r g`xt us`s ta` jog`y to wisa als cir. [als bo`s og ibilg igk ibilg ugtlh dlgihhy ta` nlhh ls r`jov`k droj clrcuhitlog. Slgc` nlhhs cig stiy lg clrcuhitlog dor hlt`rihhy k`cik`s, og` nlhh wlhh b`g`rihhy ihhow dor i vist gujn`r od juhtlph`s od lts dic` vihu` to n` trigsict`k ihogb ta` wiy. wiy.
>01
Dlgigclih [`rjs Klctlogiry
[a` `quitlog tait k`jogstrit`s aow v`hoclty od jog`y r`hit`s to ta` jog`y supphy, output, igk ta` prlc` h`v`h ls `xpr`ss`k is J tlj`s T `quihs U tlj`s \. Lg tals `quitlog, J r`pr`s`gts ta` jog`y supphy igk T stigks dor v`hoclty, walh` U r`pr`s`gts ta` prlc` h`v`h igk \ ls ta` ijougt od output. Slgc` U tlj`s \ yl`hks ta` cougtry“s Bross Koj`stlc Urokuct, you couhk ihso siy tait T `quihs BKU ov`r J, or v`hoclty ls Bross Koj`stlc Urokuct ov`r jog`y supphy. Lg prictlc`, ta` `quitlog t`hhs you tait i c`rtilg Bross Koj`stlc Urokuct h`v`h tait cogtilgs i tlgl`r jog`y supphy wlhh r`qulr` i alba`r v`hoclty od jog`y so tait ihh purcais`s cig n` dugk`k. [als j`igs tait v`hoclty wlhh bo up lg tals sc`girlo. T`hoclty od jog`y `quitlogs cig ihso n` iht`r`k to blv` p`rc`gt caigb`s lg v`hoclty od jog`y `quitlogs. Rlta v`hoclty od jog`y `quitlogs, you jlbat `jphoy ta`j to j`isur` ta` ljpict tait igy caigb`s lg ta` v`hoclty, jog`y supphy, igk prlc` h`v`h aiv` og og` igota`r. Oghy ta` output, r`pr`s`gt`k ny \, wouhk n` dlx`k lg suca caigb`s, slgc` quigtlty od output ko`s got caigb` lg saort tlj` drij`s.
T`gtur` T `gtur` Cipltih Cipltih T`gtur` cipltih r`d`rs to ta` proc`ss od lgv`stors purcaislgb i portlog od i stirt up cojpigy. Dlrjs or lgklvlkuihs tait `gbib` lg tals ir` cihh`k v`gtur` cipltihlsts. [a`y pour jog`y lgto i dlrj tait odd`rs i alba rit` od browta nut tait ihso cogtilgs alba rlsm. [a` typlcih v`gtur` cipltih lgv`stj`gt tlj` drij` b`g`rihhy prov`s to n` droj dlv` y`irs up to s`v`g y`irs. Suca lgv`stors igtlclpit` b`ttlgb i prodlt nicm og ta`lr lgv`stj`gt tarouba og` od two wiys. @lta`r ta`y aop` to s`hh ta`lr stim` lg ig Lgltlih Uunhlc Odd`rlgb to ta` punhlc, or ta`y aop` to s`hh ta` coj pigy outrlbat. Lgv`stors wao lgvohv` ta`js`hv`s lg v`gtur` cipltih lgv`stj`gts odt`g wlsa to ontilg i c`rtilg p`rc`gtib` od ta` cojpigy“s owg`rsalp. [a`y jlbat ihso r`qu`st n`lgb blv`g og` od ta` klr`ctor“s s`its. [als jim`s lt `isl`r dor ta` lgv`stors to ism to n` blv`g ta`lr dugks nicm `lta`r tarouba lgslstlgb tait ta` cojpigy n` sohk or r`wormlgb ta` k`ih tait ta`y jik` lg ta` dlrst phic`. T`gtur` cipltihlst lgv`stj`gts ir` cojprls`k od tar`` kldd`r`gt mlgks. Og` od ta`j ls `irhy stib` dlgigclgb tait jlbat n` nrom`g kowg lgto s``k dlgigclgb, dlrst stib` dlgigclgb, or stirt up dlgigclgb. S``k dlgigclgb j`igs tait i tlgy kohhir ijougt od v`gtur` cipltih ls pilk to ig lgv`gtor or ota`r `gtr`pr`g`ur wao wigts to op`g i nuslg`ss. [als jlbat
>0<
Dlgigclih [`rjs Klctlogiry
n` `jphoy`k to coj` up wlta i nuslg`ss phig, ko jirm`t r`s`irca, or nrlgb og i book jigib`j`gt t`ij. Dlrst stib` dlgigclgb ls ta` typ` g``k`k is cojpigl`s hoom to noost ta`lr cipltih so tait ta`y cig n`blg duhh scih` op`ritlogs. Stirt up dlgigclgb lgst`ik ls v`gtur` cipltih klstrlnut`k to i nuslg`ss tait `xlsts dor ugk`r i y`ir. Lg tals stib`, i prokuct wlhh got n` og ta` jirm`t ihr`iky, or wlhh oghy fust aiv` n``g put og ta` jirm`t dor sih`. I s`cogk typ` od v`gtur` cipltih lgv`stj`gts ls mgowg is `xpigslog dlgigclgb. @xpigslog dlgigclgb ls cojprls`k od nota nrlkb` dlgigclgb is w`hh is s`cogk igk talrk stib` dlgigclgb. Nrlkb` dlgigclgb r`d`rs to lgv`stj`gts tait oghy r`c`lv` lgt`r`st igk ir` saort t`rj. [a`y ir` josthy `jphoy`k dor cojpigy r`structurlgbs. [a`y jlbat ihso n` utlhlz`k to cisa out `irhy lgv`stors. S`cogk stib` dlgigclgb prov`s to n` lgv`stj`gt jog`y dor ta` purpos` od browlgb i cojpigy ihr`iky up igk rugglgb. Ralh` suca i cojpigy jiy got y`t k`jogstrit` ictuih prodlts, lt ls prokuclgb igk s`hhlgb j`rcaigkls`. Lt ihso poss`ss`s lgv`gtorl`s igk iccougts tait ir` `xpigklgb. [alrk stib` dlgigclgb ls lgv`stj`gts tait v`gtur` cipltihlsts jim` lg cojpigl`s tait aiv` it h`ist nrom`g `v`g og costs or ir` `v`g stirtlgb to k`jogstrit` prodlts. Lg tals cis`, v`gtur` cipltih ls `jphoy`k to brow ta` nuslg`ss durta`r. Dor `xijph`, talrk stib` dlgigclgb couhk n` utlhlz`k to k`v`hop jor` or n`tt`r prokucts, or to purcais` g``k`k r`ih `stit`. Stlhh i kldd`r`gt popuhir v`rslog od v`gtur` cipltih lgv`stlgb ls mgowg is icqulsltlog dlgigclgb. Lg tals typ` od v`gtur` cipltih, ta` lgv`stj`gt bo`s lgto bilglgb i stim` lg or ta` `gtlr` owg`rsalp od i kldd`r`gt coj pigy. pigy. Jigib`j`gt couhk ihso caoos` to us` tals v`gtur` cipltih to nuy out y`t igota`r nuslg`ss or prokuct hlg`, wait`v`r lts k`v`hopj`gt stib` prov`s to n`. [a`y jlbat icqulr` `lta`r i punhlc or i prlvit` coj pigy lg tals wiy. wiy.
Tohitlhlty T ohitlhlty Tohitlhlty lg lgv`stj`gts ais to ko wlta ta` posslnlhlty od stocms or ota`r lgv`stj`gts ugk`rbolgb i krijitlc bilg or hoss lg prlc` igk vihu` lg i c`rtilg ijougt od tlj`. Lgv`stors cogslk`r ta` vohitlhlty od stocms igk ota`r lgv`stj`gts wa`g ta`y k`clk` to nuy jor` sair`s od ta` iss`t, s`hh ta`lr curr`gt aohklgbs, or to nuy sair`s od i g`w odd`rlgb. Rait`v`r ig
>45
Dlgigclih [`rjs Klctlogiry
lgv`stj`gt“s vohitlhlty prov`s to n`, lgv`stors“ boih saouhk ihwiys n` to jim` ta` alba`st r`turg tait ta`y posslnhy cig dor ta` how`st caigc`s od `xp`rl`gclgb hoss`s. Tohitlhlty ls cius`k ny jigy kldd`r`gt `h`j`gts. Rlta stocms, i br`it cogc`rg ls aow stinh` ta` iss`ts od i cojpigy ir` tait ugk`rhl` ta` stocm lts`hd. I sukk`g hoss od cogdlk`gc` lg i punhlc cojpigy wouhk ihso hlm`hy cius` i sairp k`chlg` lg ta` prlc`. [a` stocm prlc` krop igk iccojpigylgb vohitlhlty ls ictuihhy cr`it`k ny ta` punhlc“s p`rc`ptlog od soj`talgb wltalg ta` cojpigy, hlm` caigblgb h`ik`rsalp or i cojlgb icqulsltlog. Lg dict ta` stocm jlbat coj` nicm lg i r`hitlv`hy saort tlj` drij` is ta` punhlc k`clk`s tait ta` cojpigy ls stinh` idt`r ihh. Nut suca dictors jlbat n` jor` trounhlgb igk `gkurlgb, ciuslgb ta` vohitlhlty od ta` stocm to n`coj` too alba. Ra`g suca vohitlhlty p`rslsts, jigy lgv`stors wlhh k`clk` got to nuy ikkltlogih sair`s or `v`g to s`hh odd ta` og`s tait ta`y aohk. [a` ov`rihh cogkltlogs od i jirm`t cig ihso lgdhu`gc` lgv`stj`gt vohitlhlty. Is ta` stocm jirm`t ihh irougk saows alba`r slbgs od vohitlhlty, lgklvlkuih lgv`stj`gts wlhh hlm`hy sudd`r ta` sij` dit`. [als stocm jirm`t wlk` vohitlhlty cig occur is cogsuj`rs n`coj` worrl`k inout ta` waoh` `cogojy, or ld pohltlcih sltuitlogs dorc` lgv`stors to tim` jor` cogs`rvitlv` triklgb posltlogs. Saouhk suca ljpicts brow suddlcl`gthy slbgldlcigt, ta`g `v`g stinh` stocms cig n`coj` hlbathy trik`k walh` lgv`stors slt og ta` slk`hlg`s to witca dor ta` trounhlgb lssu`s to b`t r`sohv`k. Lg ta` j`igwalh`, ta` stocms igk ta`lr ugk`rhylgb optlogs jlbat jim` krijitlc rls`s igk krops lg prlc` droj alba`r vohitlhlty. vohitlhlty. Tohitlhlty ls i dict od hld` tait lgv`stors aiv` to n` cipinh` od aigkhlgb. Stlhh, soj` stocms igk lgv`stj`gts k`jogstrit` alba`r k`br``s od vohitlhlty taig ko ota`rs. Lgv`stors cig bilg ig lgslbat lgto tals ijougt od lgklvlkuih vohitlhlty tait ig lgv`stj`gt jlbat aiv` taorouba hoomlgb lgto lts alstorlcih h`v`hs od prlc` igk iccojpigylgb vohitlhlty. Pslgb tals kiti wlta prof`ct`k tr`gks lg ta` `cogojy igk jirm`ts, lgv`stors cig b`t i book plctur` od ta` ijougt od ig lgklvlkuih lgv`stj`gt“s lgv`stj`gt“s vohitlhlty to k`t`rjlg` ld ta`y ir` cojdortinh` wlta lt n`dor` ta`y lgv`st lg ta` odd`rlgb.
Rib`s Rib`s ir` dlgigclih cogslk`ritlogs blv`g out to `jphoy``s is piyj`gt dor ta`lr tlj` igk `ddort od hinor. hinor. Rib`s Rib`s ihso r`d`rs to ta` cojp`gsitlog blv`g to worm`rs pilk ny ta` aour, wa`r`is sihiry ls ta` work us`k to
>49
Dlgigclih [`rjs Klctlogiry
k`scrln` cojp`gsitlog blv`g out to `jphoy``s. Cojp`gsitlog, hlm` wib`s, prov`s to n` jog`tiry piyj`gts tait `jphoy`rs blv` out to `j phoy``s lg `xcaigb` dor ta`lr s`rvlc`s tait ta`y provlk` ta` `jphoy`r or cojpigy. Rib`s cig n` k`t`rjlg`k ny supphy igk k`jigk jirm`t dorc`s lg cipltihlst `cogojl`s. Lg ota`r cougtrl`s, wib`s cig n` ljpict`k ny kldd`r`gt `h`j`gts hlm` ta` soclih structur`, trikltlog, igk s`glorlty, is ta`y ir` a`ivlhy lg Fipig. I gujn`r od gitlogs aiv` caos`g to s`t up i jlgljuj wib` tait `gsur`s tait i dhoor og ta` vihu` od pirtlcuhir typ`s od hinor ls jilgtilg`k. [a` work wib` ls i k`rlvitlog od works tait j`igt to jim` i projls` lg ta` dorj od jog`y. [a` j`kl`vih Dr`gca work Ribl`r stook dor ph`kblgb or projlslgb, sp`cldlcihhy lg ta` sltuitlog od i n`t. [a` work Rikluj droj ta` Hitlg o odd ta` hit` p`rlok r`d`rs to i ph`kb` n`lgb blv`g. Rltalg ta` P.S., ta` jiforlty od `jphoy``s igk aourhy worm`rs“ wib`s ir` k`t`rjlg`k ny `lta`r ta` lgt`rictlog od jirm`t dorc`s or cohh`ctlv` nirbilglgb. Hinor uglogs ictuihhy g`botlit` ta` wib`s od ta`lr j`jn`rs lg suca cohh`ctlv` nirbilglgb. [a` P.S. ihso ais lts Dilr Hinor Stigkirks Ict tait cr`it`s i jlgljuj wib` lg D`k`rih hiw tait ihh stit`s aiv` to ons`rv`. N`slk`s tals gitlogih jlgljuj, jigy cltl`s igk dourt``g kldd`r`gt stit`s aiv` `stinhlsa`k ta`lr owg jlgljuj wib`s walca ir` br`it`r taig ta` gitlogih jlgljuj. Rlta soj` stit` bov`rgj`gt igk d`k`rih bov`rgj`gt cogtricts, i pr`vilhlgb wib` `xlsts tait `j phoy`rs aiv` to ons`rv`. [als ls jigkit`k ny ta` Kivls Nicog Ict or sljlhir h`blshitlog wltalg i blv`g stit`. Soj` ictlvlsts ir` got sitlsdl`k wlta ta`s` wib` h`v`hs. [a`y aiv` pursu`k ta` cogc`pt od b`ttlgb i hlvlgb wib` rit` piss`k. [a`s` typ`s od wib`s wouhk n` nis`k og ta` costs od hlvlgb igk ota`r g``k`k lt`js, ciuslgb i hlvlgb wib` rit` to n` slbgldlcigthy br`it`r taig ta` pr`s`gthy `stinhlsa`k jlgljuj wib`s ictuihhy ir`. Rib`s ir` r`port`k to ta` L^S igk `jphoy``s wlta R-> dorjs s`gt out ny `jphoy`rs. @jphoy``s just ihso stit` ta`lr wib`s iccurit`hy og ta`lr tix r`turgs `ica y`ir. Rib`s ir` ta` stirtlgb polgt dor dlburlgb out ta` ijougt od tix`s tait you ow` ta` Lgt`rgih ^`v`gu` S`rvlc` `v`ry y`ir. y`ir. Rib`s Rib`s ir` r`kuc`k ny ta` ihhowinh` k`kuctlogs n`dor` ig ikfust`k lgcoj` ls k`rlv`k dor tixlgb purpos`s.
>4>
Dlgigclih [`rjs Klctlogiry
R`ihta R`ihta prov`s to n` ta` inugkigt poss`sslog od jit`rlih talgbs or ota`r r`sourc`s tait ir` cogslk`r`k to n` vihuinh`. U`oph`, ir`is, cojjugltl`s, or gitlogs wao cogtroh ta`s` iss`ts ir` silk to n` w`ihtay. [a` work dor w`ihta coj`s droj ta` ohk @gbhlsa work ‑R`ih“ igk ‑ta“, walca j`igs ‑ta` cogkltlogs od w`hh-n`lgb“. [a` lk`is od w`ihta aiv` br`it ljportigc` dor `v`ry pirt od ta` stuky od `cogojlcs. [als ls pirtlcuhirhy ta` cis` wlta k`v`hopj`gt `cogojlcs. Slgc` ta` k`dlgltlog od w`ihta odt`g k`p`gks og ta` sltuitlog lg walca you us` lt, go uglv`rsihhy icc`pt`k k`dlgltlog dor w`ihta `xlsts. Kldd`r`gt lgklvlkuihs aiv` `xpr`ss`k i gujn`r od virylgb lk`is od w`ihta lg kldd`rlgb sc`girlos. Stitlgb ta` cogc`pt od w`ihta odt`g lgvohv`s `talcs igk jorih lssu`s, n`cius` ta` iccujuhitlog od w`ihta ls vl`w`k ny jigy p`oph` is ta` alba`st boih. R`ihta ls got `v`ghy klstrlnut`k taroubaout ta` worhk. Lg ta` y`ir >555, worhk w`ihta `stljit`s rigb`k irougk $9>0 trlhhlog. [a` cltlz`gs od @urop`, Gorta Ij`rlci, igk i d`w alba lgcoj` Islig cougtrl`s aiv` glg`ty p`rc`gt od ihh od tals w`ihta. N`slk`s tals saocmlgb stitlstlc, oghy og` p`rc`gt od ihh ikuhts og `irta poss`ss dorty p`rc`gt od ta` phig`t“s w`ihta. [als gujn`r k`chlg`s to talrty-two p`rc`gt wa`g w`ihta ls cihcuhit`k iccorklgb to purcaislgb pow`r pirlty, or `qulvih`gcy od wait lt nuys droj og` cougtry to ta` g`xt. R`ihta igk rlcag`ss ir` two s`pirit` works tait ir` us`k lgt`rcaigb`inhy. inhy. [a`y j`ig shlbathy kldd`r`gt talgbs. R`ihta k`scrln`s bita`rlgb up r`sourc`s, wa`ta`r ta`y ir` cojjog or inugkigt. ^lcag`ss r`hit`s to aivlgb suca r`sourc`s lg inugkigc`. R`ihtay cougtrl`s igk p`oph` poss`ss jigy jor` r`sourc`s taig ko poor og`s. [a` work rlcag`ss ls sljlhirhy `jphoy`k to k`scrln` p`oph`s“ nislc g``ks n`lgb duhdlhh`k tarouba sairlgb ta` cohh`ctlv` inugkigc`. R`ihta“s opposlt` prov`s to n` k`stltutlog, walh` rlcag`ss“ opposlt` ls mgowg is pov`rty po v`rty.. R`ihta ls i cogc`pt tait r`qulr`s i soclih cogtrict od owg`rsalp to n` s`t up igk `gdorc`k. Lk`is od w`ihta ir` ictuihhy r`hitlv`. [a`y rigb` droj got oghy og` socl`ty igk p`oph` to igota`r, nut `v`g n`tw``g virylgb r`blogs or ir`is od ta` sij` socl`ty or gitlog. Is ig `xijph`, aivlgb t`g taousigk kohhirs taroubaout ihh od ta` Pglt`k Stit`s ko`s got jim` i p`rsog ijogb ta` rlca`st lg igy ir`i od ta` cougtry. Nut tals ijougt lg k`sp`rit`hy poor k`v`hoplgb gitlogs wouhk r`pr`s`gt i aub` quigtlty od w`ihta.
>43
Dlgigclih [`rjs Klctlogiry
[a` lk`i od w`ihta caigb`s lg kldd`r`gt tlj`s too. [aigms to ta` probr`ss od scl`gc` igk jicalg`s tait siv` hinor, `v`g ta` poor`st lg Ij`rlci tokiy n`g`dlt droj i alba`r stigkirk od hlvlgb taig ta` w`ihtay us`k to `gfoy got so hogb ibo. Issujlgb tals tr`gk cogtlgu`s, ta`g ta` w`ihtal`st p`oph`“s stigkirk od hlvlgb tokiy wlhh n` cogslk`r`k poor lg ta` dutur`.
R`hdir` R`hdir` ls i soclih probrij tait ta` bov`rgj`gt us`s to itt`jpt to provlk` dor lts cltlz`gs“ w`hh n`lgb. [als couhk aipp`g wlta soclih s`curlty, soclih w`hdir` probrijs, or `v`g bov`rgj`gt spogsor`k dlgigclih ilk. Corporit` w`hdir` ls b`g`rihhy k`scrln`k is ta` bov`rgj`gt klr`cthy supportlgb cojpigl`s lgst`ik od p`rjlttlgb ta` dr`` jirm`t to chos` kowg lg`ddlcl`gt nuslg`ss`s. Bov`rgj`gts tait brow ta`lr w`hdir` probrijs `xc`sslv`hy dlgk tait ta`y ir` cihh`k w`hdir` stit`s. Igy typ` od probrij tait ais ta` bov`rgj`gt blvlgb s`rvlc`s or jog`y klr`cthy to cltlz`gs lg g``k od a`hp cig n` cihh`k w`hdir`. [als j`igs tait hots od bov`rgj`gt probrijs ir` dorjs od w`hdir`, `v`g wa`g ta` cltlz`gs igk crltlcs ko got r`ihlz` lt. Stlhh ota`rs siy tait stlhh jor` w`hdir` probrijs ir` g``k`k to ik`quit`hy tim` cir` od p`oph`“s g``ks. Soclih w`hdir` provlslogs ir` wait ta` jiforlty od p`oph` ir` k`scrlnlgb wa`g ta`y tihm inout w`hdir`. [a`s` probrijs odd`r jlgljuj lgcoj` stigkirks to taos` wao aiv` host ta`lr fons, ir` ohk, or ir` klsinh`k. [a` bov`rgj`gt d``hs ig `talcih onhlbitlog to a`hp ta`s` lgklvlkuihs wao couhk got hlv` wltaout a`hp. Ny ihhowlgb ta`j i caigc` to dlgk worm ibilg, ta` bov`rgj`gt uhtljit`hy a`hps out ta` `cogojy igk gitlog is i waoh`. Is ig `xijph` od w`hdir`, taos` wao aiv` host ta`lr fons cig b`t w`hdir` isslstigc` lg ta` dorj od ug`jphoyj`gt is ta`y ir` s``mlgb r` phic`j`gt worm. [als ls odd`r`k is cisa isslstigc` igk soj`tlj`s is dook stijps. Ld you n`coj` klsinh`k igk cig go hogb`r worm, ta`g you ir` inh` to ontilg ta` sij` typ` od a`hp, `v`g taouba you ko got aiv` to hoom dor worm to n` `hlblnh`. I br`it gujn`r od cougtrl`s tokiy d`itur` gitlogih a`ihta cir` probrijs. [a`s` prov` to n` `gorjous w`hdir` syst`js. Lg ta`s` syst`js, `v`ry broup lg ta` cougtry ls inh` to icc`ss j`klcih cir` wa`g ta`y g``k a`hp. [a` P.S. ko`s got y`t aiv` i dugctloglgb uglv`rsih a`ihta
>4;
Dlgigclih [`rjs Klctlogiry
cir` syst`j s`t up, taouba og` ais n``g piss`k ny cogbr`ss igk Ur`slk`gt Oniji dor ta` dutur`. I dr`` uglv`rsih w`hdir` syst`j tait rugs taroubaout ta` P.S. ls dr`` scaoohlgb ugtlh ta` `gk od alba scaooh. [a` bov`rgj`gt piys dor ihh issoclit`k costs, `v`g dook igk trigsportitlog wa`g lt ls r`qulr`k. N`cius` jost crltlcs ko got cogslk`r dr`` punhlc `kucitlog to n` w`hdir`, ta`r` ls hltth` cogtrov`rsy surrougklgb lt.
Rorhk Nigm [a` Rorhk Nigm prov`s to n` ig lgstltutlog lg lgt`rgitlogih dlgigc`. Lt odd`rs k`v`hoplgb cougtrl`s od ta` phig`t h`v`rib`k hoigs to a`hp out wlta dugklgb cipltih probrijs. [a` boih od ta` Rorhk Nigm ls to cut kowg og pov`rty. @v`ry k`clslog tait ta` orbiglzitlog `gicts ls r`qulr`k to n` cirrl`k out wlta ta` onf`ctlv`s od `gcouriblgb lgt`rgitlogih trik`, dor`lbg lgv`stj`gt, igk diclhltit` cipltih lgv`stj`gt. [a` Rorhk Nigm saouhk got n` cogdus`k wlta ta` Rorhk Nigm Broup. [a` Rorhk Rorhk Nigm ls two od ta` dlv` orbiglzitlogs wltalg ta` Rorhk Nigm Broup. [a`s` two broups tait jim` up ta` Rorhk Nigm ir` ta` LKI, or ta` Lgt`rgitlogih K`v`hopj`gt Issoclitlog, igk ta` LN^K, or Lgt`rgitlogih Nigm dor ^`cogstructlog igk K`v`hopj`gt. [a` Rorhk Nigm Broup ls ihso jik` up od JLBI, or ta` Juhtlhit`rih Lgv`stj`gt Buirigt`` Ib`gcy= ta` LDC, or Lgt`rgitlogih Dlgigc` Corporitlog= igk ta` LCSLK, or Lgt`rgitlogih C`gt`r dor S`tth`j`gt od Lgv`stj`gt Klsput`s. [a` Rorhk Nigm“s two orbiglzitlogs ir` wlk`hy support`k ny ta` gitlogs od ta` worhk. [a` Lgt`rgitlogih K`v`hopj`gt Issoclitlog cogtilgs og` augkr`k igk slxty-`lbat j`jn`rs, walh` ta` Lgt`rgitlogih Nigm dor ^`cogstructlog igk K`v`hopj`gt ls cojprls`k od og` augkr`k igk `lbaty-s`v`g cougtrl`s. @xchuslv`hy j`jn`rs od ta` LN^K jiy n`hogb to ta` virlous ota`r orbiglzitlogs lg ta` Rorhk Nigm. Ihh LN^K j`j n`rs ir` suppos`k to n`hogb to ta` LJD, LJD, or Lgt`rgitlogih Jog`tiry Dugk, is w`hh. [a` y`ir >595 siw slbgldlcigt r`vlslogs to ta` ihhocit`k vot`s od j`j n`rs od ta` Rorhk Rorhk Nigm. K`v`hoplgb cougtrl`s, `sp`clihhy Calgi, bilg`k i hirb`r volc`. [a` gitlogs tait poss`ss ta` nlbb`st votlgb pow`r curr`gthy ir` ta` Pglt`k Stit`s it 90.10%, Fipig it 4.1;%, Calgi it ;.;>%, B`rjigy it ;%, Br`it Nrltilg it 3.20%, igk Drigc` it 3.20%. [a`s` caigb`s ir` cihh`k ta` Uais` [wo od ta` Tolc` ^`dorj. [a`y ihso biv` jifor vot`s p`rc`gtib`s to cougtrl`s suca is Lgkli, Nrizlh, J`xlco, igk
>40
Dlgigclih [`rjs Klctlogiry
Souta Mor`i. [o coj` up wlta ta` `xtri vot`s, ta` votlgb p`rc`gtib`s od ta` jiforlty od k`v`hop`k gitlogs k`chlg`k. ^ussli, ta` Pglt`k Stit`s, igk Siukl Irinli“s Irinli“s vot`s klk got caigb`. [a` Rorhk Nigm docus`s og r`kuclgb ta` pov`rty dougk lg ta` poor`st k`v`hoplgb cougtrl`s lg ta` worhk. [a`y ko tals igihyzlgb i gitlog“s `cogojlc igk dlgigclih cogkltlog igk cojpirlgb lt ibilgst i sgip saot od jigy hocih broups lg ta` cougtry. [a`g, ta` Rorhk Nigm coj`s up wlta uglqu` strit`bl`s dor ikkr`sslgb ta` pronh`js od ta` blv`g cougtry. Idt`r tals, ta` cougtry“s bov`rgj`gt hiys out ta`lr nlbb`st prlorltl`s dor r`kuclgb pov`rty, so tait ta` Rorhk Nigm cig hlg` up lts a`hp to worm tob`ta`r wlta tals bov`rgj`gt. N`slk`s blvlgb out jog`y to ta` poor`st cougtrl`s og ta` `irta, ta` Rorhk Nigms a`iks s`v`rih ota`r lgltlitlv`s. [a`y ir` jigib`rs od ta` Ch`ig [`cagohoby [`cagohoby Dugk. [a`y ihso rug ta` ta ` Ch`ig Ilr Lgltlitlv`.
\l`hk Lg nuslg`ss igk dlgigc`, yl`hk ls ta` work tait stit`s ta` quigtlty od cisa tait coj`s nicm to i s`curlty“s owg`rs. \l`hk ls j`isur`k lgk` p`gk`gthy od virlitlogs lg prlc`. Lt prov`s to n` i p`rc`gtib` od totih r`turg. \l`hk ls us`k dor j`isurlgb ta` r`turg rit`s od dlx`k lgcoj` lgv`stj`gts, suca is nogks, nlhhs, strlps, got`s, igk z`ro coupogs= stocms, lgchuklgb cojjog, cogv`rtlnh`, igk pr`d`rr`k= igk virlous ota`r lgsurigc` igk lgv`stj`gt aynrlk prokucts hlm` iggultl`s. \l`hk cig j`ig kldd`r`gt talgbs lg virylgb sltuitlogs. Lt ls soj`tlj`s dlbur`k up is ig L^^, or Lgt`rgih ^it` od ^`turg, or iht`rgitlv`hy is i ritlo. \l`hk k`scrln`s ig lgv`stj`gt owg`r“s `gtlr` r`turg or i pirt od ta` lgcoj`. [a` `gk r`suht od ta` jigy kldd`r`gc`s lg yl`hk ls tait ta`y cig got n` cojpir`k og` ibilgst ta` ota`r. [als ls n`cius` ta`y ir` got ihh ta` sij` droj og` nrigca od dlgigc` igk lgv`stj`gts to igota`r. igota`r. \ou \ou couhk s`` guj`rous kldd`r`gt dorjuhis dor dlburlgb up yl`hk us`k ny kldd`r`gt lgv`stj`gts igk broups. Nogks ir` i chisslc `xijph` od tals. Gojlgih yl`hk ls ihso mgowg is coupog yl`hk. [als prov`s to n` ta` dic` vihu` od i nogk klvlk`k lgto ta` igguih lgt`r`st totih. Curr`gt yl`hk lgst`ik ls taos` lgt`r`st piyj`gts ov`r ta` nogk“s prlc` og ta` spot jirm`t. I yl`hk to jiturlty ls ta` lgt`rgih rit` od r`turg og ta` nogk cisa dhow, lgchuklgb ta` nogk prlgclpih
>44
Dlgigclih [`rjs Klctlogiry
wa`g jiturlty irrlv`s phus ta` lgt`r`st r`c`lv`k, igk ta` purcais` prlc`. Dlgihhy, i nogk“s yl`hk to cihh ls ta` nogk“s cisa dhow lgt`rgih rit` od r`turg ld lt ls cihh`k lg ny ta` ta ` cojpigy it ta`lr `irhl`st opportuglty. opportuglty. Nogks yl`hks ir` ugusuih lg tait ta`y viry lgv`rs`hy to ta` prlc` od ta` nogk. Saouhk i nogk prlc` k`chlg`, ta`g ta` yl`hk wlhh rls`. Ld lgst`ik ta` rit`s od lgt`r`st krop, ta`g ta` nogk“s prlc` wlhh bo up lg b`g`rih. Soj` s`curltl`s coj` wlta r`ih yl`hks. [LUS ir` i prljiry `xijph` od tals. I r`ih yl`hk j`igs tait ta` dic` vihu` od ta` lgstruj`gt wlhh n` ikfust`k upwirks cojpir`k to ta` CUL lgdhitlog lgk`x. [a` r`ih yl`hk wouhk ta`g n` s`t ibilgst tals prlgclpih tait ls ikfust`k to jim` c`rtilg tait ig lgv`stor jim`s i n`tt`r r`turg taig ta` rit` od lgdhitlog. [als `gsur`s tait als or a`r purcaislgb pow`r ls prot`ct`k. [LUS ir` og` rir` lgv`stj`gt tait wlhh got ihhow lgv`stors to hos` jog`y ld ta`y purcais`k ta`j lg ta` iuctlog igk m``p ta`j ugtlh ta`y jitur`, `lta`r is i r`suht od k`dhitlog, j`iglgb dihhlgb prlc`s, or lgdhitlog, slbgldylgb rlslgb prlc`s ov`r tlj`.
Voglgb Hiws Voglgb hiws ir` stitut`s tait jigkit` ta` wiys tait you ir` inh` to utlhlz` your prop`rty aohklgbs. [owgsalps, cougtl`s, cltl`s, igk iht`rgitlv` hocih bov`rgj`gts idd`ct zoglgb hiws so tait ta`y ir` inh` to cr`it` stigkirks dor k`v`hopj`gt tait n`g`dlt ihh r`slk`gts lg cojjog. Lt ko`s got jitt`r aow nlb or aow sjihh i prop`rty ls= lt wlhh n` ljpict`k ny zoglgb hiws. Ld you cogt`jphit` ljprovlgb your prop`rty or purcaislgb igota`r pl`c` od prop`rty, you saouhk n` c`rtilg tait you ir` duhhy iwir` od zoglgb r`strlctlogs tait wlhh idd`ct you lg ikvigc` od jimlgb igy mlgk od cojjltj`gt. Is ig `xijph`, prop`rtl`s cig n` zog`k iccorklgb to r`slk`gtlih or cojj`rclih r`strlctlogs. Cojj`rclih nulhklgbs wlhh g`v`r n` p`rjltt`k to n` cogstruct`k lg i r`slk`gtlih ir`i, walh` r`slk`gtlih kw`hhlgbs cig got n` put up lg cojj`rclih zog`s, ugh`ss ta` zoglgb hiws od ta` ir`i ir` caigb`k. B`ttlgb ta` zoglgb hiws dor i prop`rty iht`r`k prov`s to n` `xtr`j`hy klddlcuht. \ou wouhk dlrst aiv` to blv` out punhlc gotlc` n`dor` b`ttlgb ig ipprov`k virligc` droj ta` r`spogslnh` bov`rgj`gt ib`gcl`s lg cairb` od zoglgb phigs. Jigy tlj`s, g`lbanors wlhh stihwirthy r`slst your propos`k zoglgb caigb`s.
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Dlgigclih [`rjs Klctlogiry
Voglgb hiws ihhow dor i virl`ty od kldd`r`gt zoglgb k`slbgitlogs igk us`s. Ijogb Ijogb ta`s` ir` cojj`rclih zoglgb, r`slk`gtlih zoglgb, lgkustrlih zoglgb, r`cr`itlogih zoglgb, igk ibrlcuhturih zoglgb. [a`s` cit`borl`s ir` b`g`rihhy durta`r sunklvlk`k lgto ota`r cit`borl`s. ^`slk`gtlih zoglgb jlbat aiv` sun zoglgb cit`borl`s ugk`r lt lgchuklgb juhtlph` dijlhy us`, dor cogkojlglujs or ipirtj`gts, or slgbh` dijlhy aous`s. Voglgb hiws lgchuk` i gujn`r od hljltitlogs to ta` prop`rty igk pot`gtlih ljprov`j`gts. [a` totih slz` igk a`lbat od nulhklgbs og ta` prop`rty ls cojjoghy r`strlct`k. [a` nulhklgbs cig oghy n` phic`k so chos` to `ica ota`r. [a`r` wlhh n` hljlts to ta` totih ir`i p`rc`gtib` tait ls ihhow`k to aiv` nulhklgbs og lt. U`raips jost ljportigthy, ta` typ`s od nulhklgbs tait cig n` nulht og i blv`g higk“s higk“s zog` wlhh n` jigkit`k. \ou cig h`irg inout ta` zoglgb hiws igk orklgigc`s sljphy ny b`ttlgb lg touca wlta ta` ir`i phigglgb ib`gcy. Iht`rgitlv`hy, you jlbat bo og ta` Lgt`rg`t to ta` hocih igk stit` s`irca `gblg` to h`irg inout your cougty igk clty zoglgb ruh`s. Hocih phigglgb orbiglzitlogs wlhh t`hh you wait just n` kog` to b`t i virligc` to ta` ir`i zoglgb.
Vojnl` Nigms Vojnl` nigms prov` to n` dlgigclih lgstltutlogs tait lg r`ihlty aiv` hlt`rih `cogojlc g`t wortas od h`ss taig z`ro. [a`y stlhh m``p rugglgb n`cius` ta`y ir` inh` to cogtlgu` piylgb ta`lr k`nts uslgb bov`rgj`gt“s r`ih or ljphl`k support dor ta`lr cr`klt igk nihigc` sa``t. Ihtaouba tals t`rj ais coj` to n` a`ivlhy us`k lg ta` dlgigclih crls`s od >552 to >595, lt klk got orlblgit` ta`r`. Lgst`ik, @kwirk Mig` colg`k ta` paris` Vojnl` Nigms nicm lg 9<12. A` us`k lt to r`d`r to igk r`hit` ta` p`rlhs od ihhowlgb i br`it gujn`r od nigms tait w`r` ictuihhy lgsohv`gt to cogtlgu` op`ritlgb. [a` paris` cij` to n` utlhlz`k dor ta` Fipig`s` nigmlgb crlsls tait n`big lg 9<<3. Lt ogc` ibilg iros` lg popuhirlty kurlgb ta` dlgigclih crlsls od ta` hist d`w y`irs wa`r` augkr`ks od nigms aiv` dilh`k lg slgbh` y`irs. Vojnl` nigms aiv` jigy pronh`js. Ijogb ta`s` ir` nigm rugs droj drlbat`g`k k`posltors wao ir` uglgsur`k dor ta`lr duhh iccougt vihu`s. [a`y ihso sudd`r droj jirblg cihhs droj ta`lr cougt`r pirtl`s lg k`rlvitlv`s cogtricts.
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Dlgigclih [`rjs Klctlogiry
Vojnl` nigms cig n` k`c`ptlv`, is og ta` surdic` ta`y jiy hoom hlm` ta`y ir` ictuihhy a`ihtay igk aiv` ta` g`c`ssiry h`v`h od cipltih to rug. Is lgv`stors h`irg ta` dilr vihu` od ta`lr iss`ts, ta`g ta`y ir` sukk`ghy hoom`k it is lgsohv`gt lgstltutlogs. [als ls to siy tait Vojnl` Nigms m``p op`ritlgb lg i r`buhir jigg`r is ld gotalgb ls wrogb wlta ta`lr nihigc` sa``ts. \`t ta` truta ls tait ta`y wlhh hlm`hy n` s`lz`k ny ta` D`ks wa`g ta` work n`coj`s wlk` spr`ik tait ta`y ko got aiv` ta` iss`ts igk jog`y tait `v`ryog` n`hl`v`k. A`ihtay nigms ir` inh` to jim` hoigs to g`w norrow`rs it ta` sij` tlj` tait ta`y aogor ta`lr onhlbitlogs to h`gk`rs igk sair` aohk`rs. Lgsohv`gt nigms, or Vojnl` Nigms, ir` lgcipinh` od b`g`ritlgb g`w hoigs, slgc` ta`y hicm ta` jog`y igk cipltih to jim` suca hoigs walh` stlhh p`rdorjlgb og ta`lr onhlbitlogs to h`gk`rs igk sair` aohk`rs. Cojpr`a`gklgb wait cogstltut`s i Vojnl` nigm r`qulr`s tait you mgow ta` nislcs od i nigm nihigc` sa``t. Og` slk` od i nihigc` sa``t ictuihhy cogtilgs i nigm“s iss`ts. [a` ota`r slk` ls cojprls`k od ta` nigm“s nigm“s hlinlhltl`s is w`hh is ta` nigm“s nigm“s `qulty. `qulty. [a` two slk`s ir` sup pos`k to `quih out, walca ls `xpr`ss`k lg ta` `quitlog iss`ts `quih hlihli nlhltl`s phus ta` nigm `qulty. `qulty. Vojnl` nigms jigib` to alk` ta`lr pronh`js slgc` go og` ls inh` to k`t`rjlg` aow juca ta`lr iss`ts ir` r`ihhy worta. Iss`t nicm`k s`curltl`s igk cohhit`rihlz`k k`nt onhlbitlogs ir` `xijph`s od iss`ts waos` vihu`s cig got ch`irhy n` k`t`rjlg`k it igy blv`g joj`gt. [a`y jlbat n` worta is juca is s`v`gty-dlv` c`gts dor `v`ry kohhir, or ta`y couhk n` vihu`k is how is tw`gty-dlv` c`gts c`gts p`r kohhir. kohhir. [a` pronh`j coj`s wa`g Vojnl` nigms aiv` ov`r vihu`k ta`lr iss`ts. Ld ta`y hit`r ir` dorc`k to r`vihu` ta`j to corr`ct igk jor` ipproprlit` h`v`hs, ta`y qulcmhy klscov`r tait ta`y go hogb`r aiv` ta` iss`ts to cov`r ta`lr dutur` hlinlhltl`s. Ikjlttlgb to tals cius`s ta`j to n`coj` Vojnl` nigms. It tals polgt, ta` nigm sair` aohk`rs ir` typlcihhy wlp`k out, walh` ta` k`posltors ir` blv`g ta`lr jog`y nicm ny ta` D`k`rih K`poslt Lgsurigc` Corporitlog.
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Dlgigclih [`rjs Klctlogiry
Mlgkh` / Uip`rnicm T`rslog [a` Dlgigclih [`rjs Klctlogiry ls ihso ivilhinh` is Mlgkh` igk lg Ui p`rnicm v`rslog it ijizog ijizog..
Duhh T`rslog [a` cojph`t` v`rslog wlta curr`gthy (D`n >592) ov`r 405 dlgigclih t`rjs ls ivilhinh` it i sjihh prlc` og our w`nslt` w`nslt`.. [a` klr`ctory b`ts inout 05 g`w dlgigclih t`rjs p`r jogtas ikk`k igk wa`g you purcais` ta` duhh v`rslog you b`t dr`` upkit`s to ta` hit`st `kltlog.
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