Lisa Rapuano Finding Your Way Along the Many Paths of Value

3t` beeubi Vprceo vbiun cevnstceo fleornss •

Bprci 6, 842: • Ibs Qnobs, EQ Acejceo Slur _by Bileo Z`n Gbey Tbt`s la Qbiun Icsb Xbpubel, Iben Acvn Fbpctbi Gbebongnet

Icsb L–Jnii Xbpubel, FAB FAB

Iben Acvn Fbpctbi Gbebongnet

Acejceo Slur _by Bileo t`n Gbey Tbt`s la Qbiun Qbiun Cevnstceo Fleornss Fle ornss Bprci 6, 842: Ibs Qnobs


Acejceo Slur _by Bileo t`n Gbey Tbt`s tl Qbiun

Acejceo Slur _by

’Z`n glst cgplrtbet qubicty la be cevnstlr cs tngpnrbgnet, ’

- _brrne Huaantt



Acejceo Slur _by

’Bce–t leiy t`rnn t`ceos tl obghiceo. Melwce– t`n 14-:4 nej la b prlplsctcle, gleny gbebongnet, bej melwce– ylursnia‗

- Tuooy Tnbrsle (@Z Hcii Gciinr)



Acejceo Slur _by

’C bg elt _brrne Huaantt bej enct`nr brn ylu.‗

- Icsb Xbpubel



Acejceo SL^X _by    



Bii bpprlbf`ns tl vbiun cevnstceo bttngpt tl huy $2.44 alr $4.>4 _n wbtf` lt`nr cevnstlrs– lwenrs`cp plsctcles bej rnbsleceo Qnry anw gbebonrs lutpnralrg lvnr ileo pnrcljs la tcgn B flggle trbct la ileo tnrg suffnssaui cevnstlrs cs flggctgnet tl pnrslebi prlfnss Cgplrtbet tl flescjnr; • • •

Bt w`bt jl C nxfni< _`bt gcstbmns bg C prlen tl< _`bt brn gy olbis<



Kust hnfbusn slgn vnry sgbrt cevnstlr lwes ct, jlnse–t gnbe ylu s`luij



Melw ylursnia



Iben Acvn Cevnstgnet Bpprlbf`; _`bt cs L^X _by< 

Nvbiubtn, rnsnbrf` bej cevnst ce snfurctcns t`bt brn gcsprcfnj hy t`n gbrmnt •

• •



Gbrmnt prcfns jcvnron arlg ileo-tnrg huscenss vbiuns w`ne s`lrt-tnrg cssuns jrcvn cevnstlr anbr Nxpilct t`n psyf`liloy bej hn`bvclr t`bt frnbtn prcfceo belgbicns ^sn jnpt` la rnsnbrf` bej ileo-tnrg, strbtnocf t`cemceo tl cjnetcay brnbs w`nrn t`n gbrmnt cs lvnr-wnco`tceo ueicmniy bjvnrsn lutflgns

^sn b prlhbhcicstcf arbgnwlrm tl flestbetiy nvbiubtn huscenss vbiun



Lur _by; Z`rnn Lutflgns Lutflgns lr Tbt`s tl Qbiun 

Flgpluejnrs • • •



Fletrbrcbe Cevnstgnets • •



Ornbt huscenssns bt ornbt prcfns jun tl s`lrt tnrg prlhings Gcsuejnrstllj; ornbt huscenssns prcfnj bs bvnrbon huscenssns Envnr scoecacfbetiy uejnrvbiunj, hut ilwnr rcsm

Lut-la-abvlr, ueilvnj, trluhinj, rnbiiy f`nbp flgpbecns Hn`bvclrbi acebefn ceaiunefnj bpprlbf`

Bftcvcst lr Gbebongnet Fliibhlrbtcle Fbejcjbtns • • •

Qbiun trbppnj hy gbebongnets, ueilfmnj hy s`brn`lijnrs Fbe hn fletrbrcbe cevnstgnets ce ennj la b fbtbiyst Fbs`-prljufceo huscenssns t`bt fbe hnflgn flgpluejnrs wct` fbpctbi biilfbtcle jcsfcpicen



Flgpluejnrs; _`bt brn t`ny< 

’Ollj‗ flgpbecns • • • • •



’Ollj‗ gbebongnets • • •



@co` rnture le fbpctbi Vlicj hbibefn s`nnt Nejurceo flgpntctcvn bjvbetbon Ilwnr t`be bvnrbon huscenss vlibtcicty Lpplrtuecty tl rncevnst fbs` ailw ce t`n huscenss bt `co` rntures

^sns XLC tl gbmn huscenss jnfcscles @cstlry la prlpnr fbpctbi biilfbtcle Xnpnbtbhin huscenss prlfnssns w`cf` rncealrfn flgpntctcvn bjvbetbon

’Ollj‗ cejustrcns lr gbrmnts • •

Vnfuibr orlwt` lpplrtuecty Flgpntctcvn hbrrcnrs tl netry



Flescjnrbtcles alr Cevnstceo ce Flgpluejnrs  

Inss arnqunetiy gcsprcfnj ‖ nvnrylen melws t`n ’ollj lens‗ Vlurfns la uejnrvbiubtcle • •



Fbutcles •

Ornbt huscenssns brn rbrn

•

Jcstceoucs` hntwnne huscenssns ce ’swnnt splt‗ bej t`lsn wct` ileonvcty

•

Cevnstgnets ce orlwt` fbe jnstrly vbiun NQNXSZ@CEO cs suhknft tl tnfèlilocfbi f`beon Vninftcvcty cs frctcfbi

• •



Fnrtbcety la fletceunj orlwt` cs `co`, hut uejnrbpprnfcbtnj Flgpntctcvn bjvbetbon pnrclj cs ileonr

Zngpnrbgnet Xnqucrngnets •

Tbtcnefn

•

Bhcicty tl wct`stbej pnrcljcf ’wlrry fyfins‗ la snetcgnet bej prnss flvnrbon

•

Bhcicty tl wct`stbej ileo pnrcljs la el enw cealrgbtcle Ileo hluts la gnjclfrn pnralrgbefn Latne hnttnr ce jlwe gbrmnts t`be up gbrmnts

• •



Fletrbrcbe Cevnstgnets; _`bt Brn Z`ny< 



Lut-la abvlr stlfms, finbr pltnetcbi alr ilss, prcfn el ileonr rnainfts pltnetcbi alr cgprlvngnet lr `cjjne bssnts @co`nr nxpnftnj rntures •



Inss flrrnibtnj wct` gbrmnt cejcfns •





Hut… b wcjnr rbeon la plsschin lutflgns

Jrcvnrs la rnture lr ilss brn elt gbrmnt-, cejustry- lr nflelgy-spnfcacf, hut rbt`nr flgpbey-spnfcacf flgpbey-spnfcacf lr turebrluej/nxnfutcle turebrluej/nxnfutcle rnibtnj

@ugbe hn`bvclr cs biwbys snbrf`ceo alr fibrcty bej fnrtbcety; bttrbftcvn fletrbrcbe cevnstgnets brn bvbcibhin ce biglst bey gbrmnt Hnst fbejcjbtns latne `bvn • •

• • •

Alrgnriy ollj huscenss gljni, alrgnriy `co` vbiubtcle Vcoes la fbpctuibtcle; s`brn`lijnr turelvnr, jcsoust, gbebongnet frnjchcicty ce qunstcle El vcschcicty= el fbtbiyst Lpnrbtceo invnrbon gboecacns upscjn sfnebrcls Vpnfclus snfuibr lr flgpntctcvn jnficen brougnets



Flescjnrbtcles alr Fletrbrcbe Cevnstceo Fbutcles  Jntnrgceceo flesnesus cs jcaacfuit ‖ latne t`nrn cse–t len  Zcgceo ‖ nbf` lutflgn aliilws b jcaanrnet stlry bej tcgnicen  Fbichrbtcle ‖ wcjn rbeoceo lutflgns 7 prlhbhcictcns jlgcebtn vbiubtcle  Gbrmnt swctf`ns plsctcles arnqunetiy, bej vclinetiy  Xcsm gbebongnet/`njoceo

Zngpnrbgnet Xnqucrngnets  Tbtcnefn alr t`n rco`t netry prcfn  Tbtcnefn wct` t`n turebrluej  _ncrjenss  Bhcicty tl `bejin frctcfcsg  Bhcicty tl stbej bilen  Flgalrtbhin wct` nxtrngn vlibtcicty  Xnslurfnauienss



Fletrbrcbe Tbtcnefn bej Zcgceo Ciiustrbtnj; FLFL



Fletrbrcbe Tbtcnefn bej Zcgceo Ciiustrbtnj; CI



Bftcvcst/Neobonj Cevnstgnets; _`bt Brn Z`ny<  

Fletrbrcbe cevnstgnets wct` be cevnstlr-frnbtnj fbtbiyst Lpplrtuecty tl cgprlvn rntures • • • •



F`beoceo fbpctbi biilfbtcle F`beoceo gbebongnet cefnetcvns F`beoceo strbtnoy F`beoceo olvnrebefn

Hnst fbejcjbtns latne `bvn; • • • • •

Icgctnj rnstrcftcles le s`brn`lijnr rco`ts Fleslicjbtnj s`brn`lijnr hbsn wct` icgctnj nxplsurn tl pbsscvn auejs Lt`nr fletrbrcbe cevnstlrs le s`brn`lijnr icst Vtbhin (neluo`) uejnriyceo huscenss tl wct`stbej trbesctcle pnrclj Gbebongnet lr Hlbrj lpne tl jcsfusscle



Flescjnrbtcles alr Neobonj Cevnstceo Fbutcles  Nxpnescvn ‖ ibwynrs brn enfnssbry, usnaui bej nxpnescvn  Ciicqucj ‖ rnqucrns stbejstcii bornngnets bej EJBs  Jnornn la Jcaacfuity ‖ ylu jle–t ont pbcj glrn alr ct. (Z`n ’LVG‗ ‖ ct cs biwbys wlrsn t`be ylu t`cem)  Zcgn flggctgnet cs suhstbetcbi

Zngpnrbgnet Xnqucrngnets  Tbtcnefn  Cetnescty ‖ rnqucrns flescstnet prnssurn bej neobongnet  Bhcicty tl wct`stbej cetnesn frctcfcsg ‖ f`beoceo flevnetclebi gbebongnet t`cemceo cs be brjulus prlfnss. (Z`cem ’t`n H -wlrj‗…‗Hbj Ouy‗)  Xnqucrns acebefcbi bebiyscs t`bt nxfnnjs acebefcbi stbtngnet bebiyscs



_`y pursun snvnrbi pbt`s< 

Tnrcljcfbiiy, ct wcii snng leiy len wby la cevnstceo wlrms • •

Ca ylu fbe tcgn ct flrrnftiy, ylu s`luij, (hut ylu fbe–t) Flgpluejnrs biwbys snng ilwnr rcsm, uetci ylu–rn wrleo bhlut len •

•

Alr nxbgpin, furrnetiy flgpluejnrs gbsscvniy lutpnralrgceo fletrbrcbes hnfbusn la abiiceo cetnrnst rbtns, ilw rcsm tlinrbefn bej ibron fbp gbrmnt hcbs •



•

@co`nr rbeon la lutflgns ce fletrbrcbe cevnstgnets gnbes glrn upscjn ca ylu jl ct rco`t Ilwnr bhsliutn uejnrvbiubtcle ce flgpluejnrs gbmns gcstbmns jcaacfuit tl gbmn up alr

Gbrmnt vbiubtcle/flrrnibtcle jcaanrnet ce nbf` orlup • •



Arlg 844:-844? Fletrbrcbes wlrmnj hnst

Tlrtalicl jcvnrscty gbebons rcsm bej frnbtns upscjn •



Slu wcii hn wrleo bhlut len

Flgpluejnrs glrn gbrmnt flrrnibtnj Fletrbrcbe Cevnstgnets– vbiun-jrcvnrs brn glrn flgpbey spnfcacf

Bftcvcsg/Neobongnet fbe frnbtn fbtbiysts



Zwl Cjnbs



Gbrmni (GMI $>3>.44) Bprci 8443-Trnsnet



Gbrmni; B Flgpluejceo Gbf`cen 







Zcgn arlg prngcug rnfncpts tl fibcgs pbyluts frnbtns ailbt, w`cf` cs cevnstnj ce acebefcbi bssnts Gbrmni gbmns uejnrwrctceo prlacts, sl `bs neluo` fbs` arlg prngcugs tl pby fibcgs Z`nrnalrn, bii ceflgn arlg cevnstgnets (vbiun) bffruns tl s`brn`lijnrs BEJ auturn uejnrwrctceo prlacts bjj tl s`brn`lijnrs– fbpctbi hbsn Nxfnss fbpctbi cs rncevnstnj ce cesurbefn (w`ne abvlrbhin), lr nquctcns bej vneturns alr `co`nr rntures GMI vs. Cejustry Flghcenj Xbtcls

Gbrmni fbs` ceflgn vs. ent fibcgs pbcj;



Gbrmni; Fuiturn Jrcvns Zrbfm Xnflrj la Qbiun Frnbtcle    



Gust vcsct Gbrmni tl uejnrstbej cts fuiturn (bej rnbj t`n prlxy) Vtcfms tl ecf`n cesurbefn snognets, envnr prcfns alr s`brn Xnsnrvns fbutclusiy, bej biilfbtns fbpctbi sneschiy Bii uectnj hy sceoin s`brnj s`brnj olbi; Netcrn gbebongnet tnbgs– hleusns hleusns brn pbcj le >-ynbr trbciceo hllm vbiun FBOX. Hllm Qbiun FBOX 9 22% 7 el hleus FBOX scefn 233> Hllm Qbiun; 2>.0%

GMI Vtlfm; 2:.2%

V&T 2>44; ?.1% V&T 2>44 T&F Cesurnrs; 1.0%



Gbrmni; Z`n Gbrmnt Jlnse–t Ont Ct 



 

Hnst ce fibss prlpnrty fbsubity (T&F) cesurnr lutpnralrgs pnnrs bej t`n stlfm gbrmnt… …wct` G^F@ ilwnr vlibtcicty (Hntb 7 4.1) Snt stlfm aliilws t`n rue-laa vbiun (hllm bjkustnj alr tcgceo bej rnsnrvn rnjuejbefcns) Vl bii auturn uejnrwrctceo prlacts, cevnstgnet bej vneturns orlwt` cs arnn Jle–t nxpnft t`n gbrmnt tl uejnrstbej, ocvne hnicna t`bt ’ylu fbe–t vbiun be cesurnr wct` b JFA‗ GMI Vtlfm; $>36 (2.8>x (2.8>x hllm) Xue-Laa; $>31 Tius Auturn ^_ Trlact; $28> Flesnrvbtcvn Qbiun; $?82 (+88%) Ent Cevnstgnets pnr V`brn; $338 Tius Auturn ^_ Trlact; $28> $2,22? $2,22? pnr s`brn (2.3x hllm) JFA; $2434+, jnpnejceo le auturn cetnrnst rbtns



Gbrmni; Ont Xcf` Vilwiy 



 

Gbrmnt vbiuns Gbrmni icmn bii T&Fs, le hllm vbiun, sl stlfm wcii orlw rluoìy wct` hllm vbiun Bfqucsctcle la Bitnrrb cefrnbsnj ent cevnstgnets pnr s`brn tl $338. Tius furrnet cesurbefn fyfin frnbtceo fbpctbi ceailws (prlacts) arlg uejnrwrctceo ‖ ilts la enw fbpctbi tl cevnst ce nquctcns bej vneturns Qneturns bej nquctcns rbrniy slij, sl GMI cs b tbx-jnanrrnj sbvceos bffluet L`… bej ct–s b TG–s jrnbg; 

El trcfmy snii jnfcscles



Nqucty+ rntures, hlej vlibtcicty Zcfmnr;

GMI

Trcfn;

$>36

Gbrmnt Fbp;

$0,64?g

Hllm Qbiun;

$:??

Hllm FBOX;

28-2>%

Hntb;

4.1



Hnj, Hbt` & Hnylej (HHHS $10.:6) Bprci 8428-Trnsnet



Hnj, Hbt` bej Hnylej; Elt b Jnficeceo Xntbcinr 

Nstbhics`nj gnrf`bet wct` b ’snn-ct-hnalrn-ylu-huy-ct‗ bsslrtgnet



Acvn uecqun flefnpts



Vcoecacfbet vbiubtcle jcsfrnpbefy wct` `lgn-olljs pnnrs



Vtbhin prlactbhcicty bej fbs` ailw nebhiceo rncevnstgnet ce glhcin, n-flggnrfn



Z`luo`taui, wnii-tcgnj s`brn rnpurf`bsn frnbtns b scoecacfbet fbs` ycnij



Trcfn strbtnoy bej ebturn la olljs biilws tcgn alr lgec-f`beeni trbesalrgbtcle



T_Q la $24> cgpiyceo >:% rnture arlg `nrn



HHHS; Qbiubtcle Jcsfrnpbefy  

HHHS cs jlwe 2>% ynbr-tl-jbtn ‖ leiy Tcnr Len `bs pnralrgnj wlrsn HHHS trbjns bt b 2>% tl 8>% jcsfluet tl `lgn rnibtnj rntbci pnnrs jnpnejceo le len–s prnanrrnj vbiubtcle gntrcf



HHHS; Vtbhin Trlactbhcicty bej Fbs` Ailw 





HHHS `bs flescstnetiy prljufnj `co`nr prlact gbroces bej rntures le nqucty vnrsus pnnrs

Ca t`n stlfm wnrn tl scgpiy trbjn ce icen wct` @J, b flgpbey prljufceo b scgcibr bvnrbon rnture le nqucty, HHHS wluij hn b $34 stlfm ÎAFA `bs rngbcenj kust uejnr $2 hciicle alr t`n pbst acvn ynbrs bej t`n gbebongnet tnbg `bs flggcttnj tl fletceulus s`brn rnpurf`bsn…

@J IL_ _VG TCX TC X X@ Bvnrbon HHHS

Ibst ynbr NHCZJB CZJB Gbroce broce

>-yr >-yr Bvo XLN

2 6.0 %

8 8.0 %

2 4.? %

2 8.6 %

2 6.0 %

2 1.? %

2 6.? %

2 6.6 %

-8 .?%

E/B

3 .3 %

2 1 .6 %

2 1 .0 %

8 2 .2 %

AS Nej Anhrubry 8424 8422 8428 8426 842:

ÎAFA ($gie) $?>: .> $041 .? $308 .1 $0?0 .? $0?4 .8



HHHS; ^sceo Fbpctbi _csniy   



:4 enw stlrns b ynbr bfrlss acvn flefnpts Xngbceceo s`brn rnpurf`bsn but`lrczbtcle $8.> hciicle, nxpcrns 842> Zl flgpintn t`n prlorbg, w`cf` wn hnicnvn cs t`n olbi, s`brn rnpurf`bsn s`luij gnbeceoauiiy bffninrbtn Z`n jnprnssnj stlfm prcfn prlvcjns be lpplrtuecty alr gbebongnet tl cefrnbsn vbiun t`rluo` s`brn rnpurf`bsn, w`cf` t`ny `bvn hnne bpt tl jl ce t`n pbst



Z`bem Slu!

Icsb L–Jnii Xbpubel, FAB

icsbDibenacvnfbpctbi.flg

Lisa Rapuano Finding Your Way Along the Many Paths of Value

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