FORMTEXT Naomi - click here and write a clever title
Transcription of interview with Michael Starbird on November 5, 2012.
Douglas Goldstein, CFPÆ, Financial Planner & Investment Advisor
Michael Starbird is a math professor at the University of Texas in Austin. Occasionally,
he is a visiting member of the Institute for Advanced Study
in Princeton. He is also the author of the book called The 5 Elements of Effective Thinking.
Douglas Goldstein, financial planner & investment advisor, interviewed Starbird on Arutz Sheva
Radio.
Douglas Goldstein: In your book, you give the tools that people need for practical decisions.
My question is in real life when people have to make real practical decisions related to
their money which is such an emotional issue, how can they improve in that?
Michael Starbird: We wrote this book, The 5 Elements of Effective Thinking, with the
idea of trying to get to the essence of what kind of strategies a real person can use to
make better decisions and in the case of dealing with money, one of the most fundamental questions
that I always ask is what is the real question and this is a really basic question. For example,
is making more money the real goal of what youíre after or is it that you want to get
something from the money and is it possible that just making more money is not the right
avenue to getting what it is that youíre actually seeking.
To me, one of the essential questions is just asking what is the real question and that
can guide all kinds of things from individual decisions about for example investments and
financial matters or in life matters themselves. What sort of surprising to my co-author and
me about this is that we actually use these techniques ourselves in everyday life. In
teaching a class, weíre trying to say can we really get those students to understand
better whatís happening then sure enough we use these methods.
Douglas Goldstein: When someone wants to figure out what the real question is, heís probably
actually blinded by what he thinks the real question is. How do you make that paradigm
switch?
Michael Starbird: Of course, this is the real challenge. All of us are biased and we have
to just, first of all, accept the fact that all of us are living in the parable of the
Emperorís New Clothes. I think we all live with it. The reality is that we all see things
that arenít there. We see things that weíve been taught over many years to believe this
is the way that we should view the world and then the question is how can we overcome that?
How can we force ourselves to see the world more clearly and I think that there are several
important ways to do that. One thing, first of all, is to just ask that question, ask
what is the real question, but another kind of way to ask is to force yourself to challenge
your opinions. The question that I was asking a class of mine that I gave a lecture to yesterday
was, ìWhat were they thinking?î Ask yourself, you look back 50 years, 100 years or 150 years
and you can see attitudes that people had in the world that we now view as completely
inappropriate. For example, slavery was a thing here in the south of the United States.
It wasnít that every single person was a rotten immoral person, itís that that was
the way people believe the world was and that it was okay to behave that way.
Itís easy to look back 100 years and see what people were sort of strange at or immoral
or otherwise defective in their opinions, but how about asking the question in 50 years
from now. Religious biases are of course some of the most important and insidious in creating
a world that is potentially peaceful and global and these kinds of biases that weíre all
brought up with and are important aspects of our own lives and theyíre the hardest
ones for us to give up and to be open-minded about.
Douglas Goldstein: Do you actually teach math as well?
Michael Starbird: I do actually but Iíll tell you whatís interesting about mathematics.
One of the things in teaching mathematics is to realize that there are opinions about
mathematics themselves that people have that are sort of strange that if I have students
coming in, particularly beginning students, they will have misconceptions about basic
things like the real numbers or numbers that are sort of interesting. Itís not correct
that you have a perfect understanding of numbers and then you develop further, deeper mathematical
ideas. What really happens is that you develop further in any subject and then you can go
back and you can revisit the fundamentals and see them anew and differently so that
happens even in mathematics.
Douglas Goldstein: In your book, you teach this concept about how people can understand
simple things deeply. What else can we do to begin to understand our simple day to day
life questions like ìShould I buy this? Should I invest in that stock? Howís my budget?î
How can I look at that more deeply?
Michael Starbird: Let me think about the investment implications. One thing that I would say is
have you really mastered the fundamentals of what it is that youíre after. We talked
about this a little bit before, meaning what actually gives satisfaction to your life and
are you spending the money and making the money and using your resources to best advantage.
For example, I know that some people will buy a large house and live in the suburbs
of a big city and spend 45 minutes commuting to go downtown to get to work in order to
make enough money to support the house out in the suburbs. It may very well be that if
they live closer to their work and had a less fancy house and spend less time in the annoying
traffic that they made every single day, they can actually have a happier life. So deciding
on your own way of spending money, I think asking the basic question, ìWhat satisfaction
do I get from a particular either income generating decision or a spending decision?î Itís just
amazing to me how those kinds of decisions can lead to choices for example how much time
do you work. Is it important to overwork here in the United States, I donít know what itís
like in Israel, but successful people are often rather proud of overworking. You have
to ask yourself at the end of the day, is it really true that a person has gotten more
satisfaction by being so busy that they donít have time to visit with their friends. Is
that really a good tradeoff?
I think very often the case that the real work that we do maybe somewhat different from
the description on the door. All of us are really making decisions about life and weíre
talking about very important fundamental issues about the satisfaction of life and we all
go through this experience which any of us donít understand completely. I think itís
just more intriguing if weíre constantly asking ourselves these very fundamental questions
because it opens up doors. First of all, itís just much more interesting to be asking ourselves
the fundamental question, ìWhat is life really about in my own personal life?î Not big global
questions about the beginning of time but how do I spend my day and my week.
Let me give you one more example. Back to traffic, Iíll tell you I enjoyed my driving
from home and Iíll tell you why because I have a solution to traffic which is that in
the car, I always to listen to either books on tape or to lectures. Iím listening to
lectures about World War II and itís just fascinating. I have listened to incredible
amounts of wonderful literature and books and lectures so that I actually sometimes
choose to go home during rush hour.
Douglas Goldstein: I
want to ask something youíve mentioned in your book about the concept of creativity
and insightfulness. These tools are critical to have in order to become a deeper thinker
like you were describing. Have you successfully taught people these and have they successfully
learned it?
Michael Starbird: Thereís a myth that creativity is really a matter of magical inspiration
and itís just sort of magic and thatís just completely wrong and itís wrong for two reasons.
One is that itís just factually wrong and two, itís useless. If you think that creativity
and innovation are just things that happened by magic, thereís nothing to do. So our book
talks about 5 elements of effective thinking and that thereís sort of a checklist of actual
strategies that you can undertake that lead to insights and new ideas such as thinking
about what the basic questions are and making mistakes not of [wanting] mistaking, making
the mistakes so that you can see where that mistake leads you and raising the right kinds
of questions, seeing the floor of ideas.
There are specific strategies that lead to innovation. Thatís the difference between
the brilliant person and person who comes up with innovative ideas that we refer to
as ideas of genius. The difference isnít really that they were born with the word genius
tattooed to their arm, itís that they got in the habit of using their minds in these
very practical ways that lead to new ideas.
Douglas Goldstein: How can people actually find out more about what youíre doing?
Michael Starbird: Weíve written a book called The5 Elements of Effective Thinking with my
co-author Edward Burger. Thereís a website and you can just look up the Elements of Effective
Thinking and go to Amazon.com or anywhere and find the book and that would be a good
start. We worked extremely hard to make it very short and easy to read but hopefully
thought provoking and inspirational.
Douglas Goldstein, CFPÆ, is the director of
HYPERLINK "http://www.profile-financial.com" Profile Investment Services
and the host of the Goldstein on Gelt radio show (Monday nights at 7:00 PM on
HYPERLINK "http://www.israelnationalradio.com" www.israelnationalradio.com
. He is a licensed financial professional both in the U.S. and Israel. Securities offered
through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, NFA, SIFMA. Accounts carried
by National Financial Services LLC. Member NYSE/SIPC, a Fidelity Investments company.
His book HYPERLINK "http://www.amazon.com/Building-Wealth-Israel-International-Investments/dp/193268784X"
Building Wealth in Israel is available in bookstores, on the web, or
can be ordered at: HYPERLINK "http://www.profile-financial.com"
www.profile-financial.com (02) 624-2788 or (03) 524-0942.
Disclaimer: This document is a transcription and/or an educational article. While it is
believed to be current and accurate, divergence from the original is to be expected. The original
podcast can be heard at https://sites.google.com/site/goldsteinradioshows/. All information on this website is purely
information and should not be used as the sole basis for making financial decisions.
The opinions rendered herein are those of the guests, and not necessarily those of Douglas
Goldstein, Profile Investment Services, Ltd., or Israel National News. Readers should consult
with a professional financial advisor before making any financial decisions. Please see
the complete disclaimer at https://sites.google.com/site/goldsteinradioshows/. LEAD Technologies Inc. V1.01
%&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyzÉÑÖÜ &'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyzÇÉÑÖ
)w!UA$ lç≈⁄⁄œßE˝]¸…mÀ›Üãø_¯
;•È2H¡FUN2s IX”∂q∆„¡'ÇO^1M{æø÷ƒ?{uhÙ_ƒ:Uà'˜jU=s…˙
w„ÈË8Æ{ùIu:îP£<}{˛\g ;ı„Í;˚ö⁄2∂Á-HuGÇ_Y,3
|\u[qi3á 0rZLæ?Ω¥Ú
_c<<9˙mŒ RI
N =hËç00*75D
}+o4s5m ˙
>‘—õV8-j‹`ìﬂü®Á=G^Ny∆2@ >á,ëÁW6Xmæ
2C™‹E&w˘ßvy9''8„ RÚ!£Ä‘°Áv0Wﬂ†#û}x‡˛y95≤9e¶Á#4Ü"G
zÅç÷«=ªh}Q‡≠Dj:\2 8#é0OGCûJÃÎh$(
8ﬁ=ë√%–ıù"◊Ì∂±L~Ó’mÄùävÄvéŸ∆y‰íN~bk ∑{tZ
x®Em~Ê lf8∏8
4l…zlcj3 9/#•=NsU
3 ^G·œ·S5xùP|
M ;åå“}ã^g_gr$
o∏≤aA.Upk W¥Ç—˛ ˛6G9©\G$ø}v
t’ªiV{e\K1,@˛ _òÁü@G~9kJ
NNN2I9$◊ 8éAÓ6(?¯Úë^e]&}.
SJÁ'4Mud A
$ zƒyQÛ#vt'ÿp{
?˙«ÍMk;I)lyQ˜d„˜ ?œ˘˜©€S)v<ÛVE]Nÿ
{U#Do€6@ sQ-4Bı98
8ÔSd \ø◊ı‹Í ÷êH?^?œ<QÀÿ|›KR_
L xm5ËAL%Ã@˘lz
D¡˘C`w<u∆zs D
9 .^£
b pB∫∑u*qÚmÓ #*W8
iØ}u$JÒ2b4 =pVG$›ŸÈufa@
rGPIœ|qM}Îs∂ c&Ï¬£nDn˘bI9D
8 '%F3åñP?á'S
D~VS«`sù¨x8«S∆G=N*ÌÿW± ,
'®ó°K[$Ker yâ$~5j6Z
g Mô≤kdYY6|ç
~?À¸9WË.U‘ë33s˘u˙w¸∞}j\ârQ rª∞∆s–ÒäÀb∂9]rÍLa8e
8bNA
FÓ7eém[^ùKMÏx- séy¸Mb’∂:ì–h%x=;S
*"∑N£#Ë?√¸ö~ÑÛ5†πÚŒ8˛_ÁØßÚ£cER¬õê9\zuÔ◊Û4jS´mB-Cúd !YwH‰w0o$
[c™Gy)ƒQgh$Á p+≤ï>mVá5IÚË}Sm<w
}Ã@?xÄ3XJ& v
#"DUsÂpGL{˙é zÛ‘tÔû‹Uh)j¥ge:
.A8v^y8Íp9‰ sÑ<ë”û2=G^=G|ú
\{~ >§Ê≤SqvfŒ7’|å{´I,
x*?à r{g ∞Á#É∆Nk>FµEsX%‘TÀµ[—
x?°Ø:Qpvgbw’ +6‘w6I∑¶«Mßh&UQ.vå
? S–Ñ‘¥ÿ÷[|Ú9„”ë¸Õevçí_"Qj[
cê23ÈÙ˙˝=+9SOVRmlk«≠: V'b1íw7}
#k}9 u'–„™≠i£—Ùß>Jæz®˝G?ïvGCögY£2£o'
f=€}9€éß‘~ èC⁄'N3Ví.3piØ
ozÒj·\5Ü´Ú=zXÖ/vz? `=EoM⁄F3
4_ë 7/C9IGCÇ
gøl9 O∏9¡>‹8§˚
\≈æ—†ü.ßiı¡ <„ÉÄzwcıQÅ^}L<g“
`+t”Ù0i£R+hY =W# 6:
W-:pp9 A$fúRnÏRvÿÁ>Ÿ5¥>bL
^Fmv<g :
i4 8
2G¯}ı x`?ﬁı
J <›ë©<2™f.xË;}{zè
t #
-d]¡R<4Y OrO
íy‹y´OKzìkjk™ $‡Ó~W8$&8
f}RwJK E{ˆ;f
Nj6–`Tc< h^d'‘v˙
^ﬂ◊rvÿu/ÎπG,Icì…=I=~¶ }]y=@a
~ @#Ç›¯¢÷)iØC.{,!*2ª
]mrTd` OŸ‘mm-~}O
&+}ÏdU˛ #b ?Œ≤e&!;GS
wÂX`g©=}}E0C◊?¬O^B∏b; UxFKf<r
i¢·[v9,:/w :é0jâzlcx#e¡i∆r
9~@W$Æ8* #©Áh
¶3ﬁû⁄ 9ó¥óGq,JM°%ö5\ e
)W~ÑæÎÁ˛f≈§¬URp cnI ë‘coPF1Î ;X
1ípI8?/N B§üÓ∆Npy»f;sÅ—±”5Ê·Èr›æˆ=<MU+%
rÆ 9%¯ÎKt◊mCfvÄm<
rv˘M∆N:Hz}@?Ä©{áO∏ GoG logo
GoG logo LEAD Technologies Inc. V1.01
%&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyzÉÑÖÜ &'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyzÇÉÑÖ
eI@8;X [®_?oöÍs«ß/”⁄∑T)Gjp_
WËMﬂvg } *˜
<„Â@AnI ui zñW)k^J>Q’
jﬁî íÔ-_‹¥_{6T˚û◊¢x7FÊ?≥l·ÅÄ«ô∑tøåØ∫C¯∑^kƒ©à´[¯ìmvΩó‹¥¸ TTvGM\
W59)/' oFekh»,o
t $rq@ãû"M2MU„
MKW∏a fkãHD=˜[\"
} *8.C2*
x R<§oˆQY_û78b>E5Ù˘u(“ß,eNŒﬁQ_
xÍYdeRSîπi^ÒK{n’ Il∑
$ç∞@ 1YI9 >⁄çhb ßMÈ’uO≥_◊tr4„£1mn
]ÓLr,CpB r
PÄ@8‚ºàb)N§yi( V“˝tFÆ--
d}M·∑±ä}!d1íÃﬁ|±giêd˘Cx˘ñ6C¡ Œ2XM<
N∏ô9UjmŸY/%e∑ U◊£) i‘Ñj≈”öºZ≥˛ª≠◊ò'À™?A|)‚(<U
A [p&_ù3ì
;ÿu{çNmf;ç:2 $
`
W .-$'˜r§ä7F[
h v
8t@ÿRƒ|˝
S V
Tn O@JÇr√?7Jı+s
([h‰Ä“ ;A#9# 4uÉÓ\B7E&9V«#›[
gVñﬂ$Ú—≤ïxÛ…¬∫ÇNÊBk›ú0¯Ô~úíüUÀÊ∫˙´˙òß(hˆ7/?h≠zh V
V 8FYR4U
?2ï` uJXj
L5-+|L G"wYS∫Áêx*yV
/´ qr[km| "Fs9C#
kıäÊäÚ“˜ø}WvKOs m>?¯ñ
fì˜¨Ã‹•ƒk¡cèìÅåÊµ´ÄçY{K ˙mkhΩ?Q) C
,ó,d+¬„ç£˝ë Ø|ar2ppj≠aâ x#Ko$\
+®8∆JåÚ=kØ áù,DUh5e&Æ
I'À¢RÊKm;Ìÿµx=YˆáÉnmnlíKR•YA 'm@›ÒN†LV◊v∑Ú[£(i-"H
Dj~\´3d. 08Eânu4ß
*ﬂ{µ˝uøs.Y=[∑©Å‚#‚Ôá„˚:ˆÊx≠ÓAÚ‰éfxú.7yRú<ddnAÂ∂ t fc<&%
uEˆºZ◊Oñ„¥£≠Ã®dÒ.©•›xõ˚Bqog*$ L≤ov
Wb/Àå vW?7gôÆ$id9y
VbI?ô5˙J\©%≤VG :^D.Ór∂π!@$5
L<+ØyZ]$ \M<m(‚(?uÓ
}b F
]`ıqO_g I. -
e$12!WXÛ H1nbNA$Á
lU5Ï [m
2F›Ÿww%zp‘jJ {ﬁˆ}˝:z
M%duû FZH§VePÃW1m;A#pnÄ◊ßà
* #"5<ípda
t,me∏nD1 0].Pz≥D™?⁄3G
+Naomi - click here and write a clever title +Naomi - click here and write a clever title
http://www.profile-financial.com/ http://www.profile-financial.com/
www.israelnationalradio.com www.israelnationalradio.com
http://www.israelnationalradio.com/ http://www.israelnationalradio.com/
http://www.amazon.com/Building-Wealth-Israel-International-Investments/dp/193268784X http://www.amazon.com/Building-Wealth-Israel-International-Investments/dp/193268784X
www.profile-financial.com www.profile-financial.com
http://www.profile-financial.com/ http://www.profile-financial.com/
Normal Normal
Default Paragraph Font Default Paragraph Font
Table Normal Table Normal
No List No List
Hyperlink Hyperlink
Header Header
Header Char Header Char
Footer Footer
Footer Char Footer Char
[Content_Types].xml¨ëÀj√0 _rels/.relsÑèœj√0
theme/theme/themeManager.xml theme/theme/theme1.xmlÏYOo€6
w toc'v liπV[]ä1M<
R¡D€´ôü∑¥qu ØgãòZ∞∂¥Æo~Ÿ∫lAp∞lxäpT0 3Vq%'#qæ
rŒ:\TZaG *
y8I¬jÊbR∆Ìc|X≈ªã IqbJ#x
HÖT[XF64 T
,—ú¨¸ÀM0ÎE)`#˝5§XY `
HEÇê=(K&˙N!V .K
e LDï
IY”f≠ì∂ZæY_pß[=al- Y
}Nc theme/theme/_rels/themeManager.xml.relsÑèM
¬0 gëK(M&$R(.1òr
[Content_Types].xmlPK _rels/.relsPK
theme/theme/themeManager.xmlPK theme/theme/theme1.xmlPK
theme/theme/_rels/themeManager.xml.relsPK <?xml version="1.0" encoding="UTF-8" standalone="yes"?>
<a:clrMap xmlns:a="http://schemas.openxmlformats.org/drawingml/2006/main" bg1="lt1" tx1="dk1" bg2="lt2" tx2="dk2" accent1="accent1"
accent2="accent2" accent3="accent3" accent4="accent4" accent5="accent5" accent6="accent6" hlink="hlink"
folHlink="folHlink"/> Doug Goldstein pic
Doug Goldstein pic *Äurn:schemas-microsoft-com:office:smarttags
country-region *Äurn:schemas-microsoft-com:office:smarttags
3 3
3
3 3
3
Unknownˇ? Times New Roman
Times New Roman Symbol
Symbol Cambria Math
Cambria Math Administrator
Administrator karen pastor
karen pastor Administrator
Normal.dotm karen pastor
Microsoft Office Word " WMFC
Times New Roman Times
Times ew Roman
ew Roman w{o{oZkZk9g{oúsˇ
{ﬁ{ºwºwúsúszo{o{o{oúsùsﬁ{ﬁ{ﬁ{ﬂ{˜^ ! %)%≠51FJ))%
!)%k-tNùsˇ cπZ_o=k>kôRxRôR¸^>gôRWNxN∫VxNxNxNöNXF
BzNyNôN=g {ﬁ{ﬁ{Ωwús{o{o9g9g˜^˜^÷Z˜^
c:g|o{otN)% _xNyJ˜=ï1u-—
c÷ZµVsNsNRJRJRJsNîR∂V1FJ)Á )% ! %)%)%Á
! !)%)%)% ! ! !)% ! ! !
= w
[g]gxNYFï1T)— u-µ5yN˚Z]k
{ 3!∂1XJ⁄Z\o
" WMFC {ΩwZk9g÷ZµVRJ
!)% !)%)%)%« )% %J)K-k-l-å1k-k-k-k-J)J)
!)%J){oˇ {úsZk÷ZsNÔ=å1J)å1Œ9Ô=œ9A
BÆ5k- !)% %)%K)l1≠5å1≠5Æ9≠5≠5Œ9Œ9Œ9Æ5Æ5å1å1l-k-)%
u1yN<g {Ωw{o˜^1Fk-J))%k-å1Œ9=
J)L-å1å1≠1å1k-*%)% ! !Ë !*%J)k)å1Œ5ç-l-J)I%Á
~oxNs- wîRk-J)ã-J)J)J)≠5Ô===
Bk- !)%)% ))%« -m5≠5l1J- %)%ß5eRDZ•fƒf
gƒ^EN«=G-+%()j1≠5Ø5ç1k- !
!≈ ! % !(%*%
!)%J))%j)k-å-å1Ó9œ9=ç1Á !)%l-Ø5m1*)
%á5e^ƒr‰z f
J %Á K-≠1l-l-*!Á
% !)%)!J)Ωwˇ
J)k)J)k-J)ã-≠5Ô9 %)% !)%
%J%¨1¨5K-Á ∆I„j$ NH)*%¨1¨1≠1*%Ë
%*)*%)! {1F)%J)j)J)J)J)k-å1
w#wC{A )%)%)%)%sNˇ
J%J)k-k)≠1k-Œ9å1 !)%J))%∆
%I)≠5¨1,)«A"s {‰z„z„z${B{b
B{b{B{ {eZ !L-
5 1K-Ë §
!)%J)j)ã-ã-å1)% !H)ç1¨1 !ƒ=C{
w‚rƒr&)+-≠5k-*%Ë )%J)å1k-
1J)A )%k-RJ
=J)• _')L-ã1ç1(!
!∆ )%k-k-
-k-)% )%l-Ø9*%
Ab w#wBwB{Ç
k-Œ9å1)%k- (%+%)%
j-å1k-I1BsC{C{#w#{Âz#{¬vƒ~‰v√r„z# K)J))%J)
!)%J)k-å1ã- #{A{A{a{Ä{¿
{‚v√z‰z≈v‚vF-))œ9k) %¶
I%J)*% %§ %J%≠5*%ÂAc
{‰zÂz§v≈zcb !≠5é5I% )%)%)%J)æwˇ
)%k-k- 1
1)%)%)% %)%« %k-å1 )"oB{b
9"sB{% !)% !J)
V " WMFC
J)J)å1k- 1J)J))%J)(%•
!)%J))%œ9ˇ w)%(!J)k-å-å1k-)%)%I)(!§
c{a{C{"{"{ (!3R‰j"{!{
J))%J)J)ˇ !J)k)å1≠5J)J))%))≈
J)k-å-k-*%*%*%I%¶ "w"{#{
v j
!)%J))%˜^ˇ {ﬁ{ΩwΩwõsõszoõo{o{oösõsúsùwúsùwúwºw|sùwΩwﬁ{ºw›wﬂ{ˇ
wﬁwºwºwõsús|o}s{oùsùsΩwºwΩwæ{ˇ !)%k-ã-å1)%K)*%J)Ö
w‰zƒzƒvƒz‰z≈vdj !¨1å1)% !J)*%*%µVˇ
{æ{Ωwùw|sõs{s|s{sùsùsΩwΩwæ{ΩwæwúsºwõsΩwΩwæwΩwæ{ΩwæwΩwΩwúsùsúsæwùwﬁ{ﬁ{ˇ wﬁ{|o{oZkYk
c¯^9g9cZg:g[kZk[kZk:k:kzoyoΩwΩwΩwùwºwús|oZk:k c8gZk|oõsºwõsΩwúsúsZkZkYgZkZg\oZkõsõsûsõsús}szoZkZo9gYk9gZkYgZkúoVJ≤
)%J)å-k-J%*%J))!Ñ B{#{#{#{‰(d
)%J))%sNˇ {ﬁ{Ωsºs{o{o9g
gˆ^ˆ^÷^¯^ˆ^7c9gZk9kZk9g:g˘b g:g[kZk9g8g
{ﬁ{Ωw|o9gZk˜^ˆ^ïVîRtNtRsNtNtNïRïR∂V∂V◊Z∂V◊Z÷^’Z÷Z¯^ _:gZkZk9g
c÷ZµVïRîVsNsNìRîRïR÷Z˜^9g9g9g9g9g¯^˜Z∂V÷VµR÷V∂V÷^ˆ^9g7g:g !k-k-å1*%J)J))!•
{‰z√rƒzƒv≈z≈vƒz‰zI1J-≠5)%Ë J))%J)
c÷Z¥VRJSJSJRNRJsNtNµV’Z◊Z∑Z’V¥RìRsNîRîRµVµV˜^÷Z’ZîRîRîRïRtN¥V’Z wzo8gˆ^≥RtNRJ1F
B==–9AA0F0FQJ1J2J1F1FQJsNsNµVµV◊Z◊Z÷ZîRrN0F1F >Ó9=Ô=0FRJsNìR’Z◊Z÷Z¥VîRRJRJ0F1F
B0F2FtNìR∂V∂V∂VîRsNRJRJ F1F0F0F0FTNîVµV
!J)j)k-*%)%K) E#{‚z„vƒvƒv§v≈z¢v‰zg5K-ç1J)Á
*%*%)% =
{ùsZk˜b÷ZtNSJ B0BQF1F1F
BQFQFQF wﬁ{ús[k¯^ïRSJ1Bè1p)
>2F2FrJQF !/!/!/!-%l-å-Œ5Œ5
BÔ=œ9≠5≠5ç1≠5≠1Õ9Ó=0B1B0F0B1BØ1Ø1é-n-m)é-é-Æ1≠9 BQJµV9cúsWJ“
J)J)l-*%*%K))!• B{"{%{bf§
J))%J) =
! !M)ã-≠1¨1ç-o)P)P%Q)0%N)l)¨1¨5ê1o-p)/%/%.%N%-%é1Œ5RFµV9g{oﬁ{˛
/)≠5Ô=qJ˜^zk w
!J)k-J)*%K)(!§ {√vƒvƒv≈z£v≈vH-l1å1J)∆
J)J)*% N)Œ5rJ÷Z[k
w !J)l-J)K)J)I%c
k-J)J) {ús8gvNs-±
!k-k-J)J))%J)c "{#wAw
J)K)J) R
(!)%k-J)K)K)k-Ö wÂv‰z„v≈vÂz§v‰vDb
!≠5å1)% !J))%k-µVˇ
!P)í1P)j P)UFuJTJp)k
NVFVJ4FVJO)ã /%VFŸZ:g:c
)%J)k)*%K)K)« *%å1l-F-
{c *%J)J)J){oˇ
!)%k)k-K)*%K)Ë ∆ " WMFC
J)k-J)J)ﬂ{ˇ )%J)k-J%K)*%)%•
*)(!L1*%k-K)l-K-I)I) !§
K)*%J) 5
!K)*%J%J)J)J)• *)k-å1(-$sÇ
"{#w#{ 5tFsJrJìNRFsN
B))Ê dRb{C !J)*%J)îRˇ
)%J)J)J)I)J-Ê J)å-
%&Jb{A l11F1F
=J)∆ §="gÉ{c *%k-*%J)9gˇ
J%k-Æ5J)J)*%j-Ü )%≠1K)()!oA
b{E{${ nCN"J$J#J
k-J)å1k- 1;g;g\k:g“9≠
!(%J)AK)K)K)k-≈ !k-Æ5 !«Ac{D
*%J)J)*%tNˇ BtR9c{oﬁ
SF7g\oﬂ{›wˇ{ˇ wÔ=k-¨5l-Æ5K)K-K)k-å1•
w‰v„~§j))j)Æ5l- %∆ {ΩwrNå1≠5≠5ç1Æ5K)K)1F
A{Bw#{ v„v£nI1
!Æ1l-*)∆ K)2Fœ9J)sNˇ
.!m-2F R
sìRå1k-)%J))%k-å1Ô=≠5k-• !K)å5()')
{‰v√rà9(%Ø5l5I- xJvJVJvJUFñRˇ
I!¨5Œ9PJ◊ZYk s
k-k-k-J) !¶ !j-≠5K)()ÑZ
nF5)!ç1M-k1È k-k-K)J)÷Zˇ
wYkRJJ))%
k-I)J)J)l-K) *%m)≠5J)
FRB{ e^I))%
5 -))
j-K)J)k-Œ9ﬁ{ˇ 4J5F4FUJ5FwNVJWJùsˇ
l)œ92F÷ZZk w
5Õ9Õ9 !å1J)K-K-l-J) !£
{¢n∆=*!J)≠5l1)-'!∆ J)L-k)J)K){oˇ
BÓ=¨5j-Ó=Œ9J)k-k-l-J) !£
!L)m-Œ9j)
z#{B{b n»EË *%ç1Ø5l1I)
l1K-k)k)k-˜^ˇ {9gk-J)Œ9Ô=rN
BÃ5*%sJ1F=J)k-K)K)J) !)%k-ç5≠1K)
!G)∆=fZ√n"{A{É RJ-
! %ç5ç1å1J)(!Ë ¶ J)K)k-J)k-RJˇ
|oUFUB V
{ 1î-¥1u1î1t-î1R)S)q)q-
w’Z≠5J))%J)ìR0FÕ9Œ9÷Z÷ZîNRJK)k-J)k-K)J)• *)*%l-
1 5k-I!
!H1h5à1h1)% ! % !ã1å1≠5å1K-*))%«
1K)k-J)å-sJˇ 1%QFÿZYk
s {
!\g;g;gˇ _;cO%k
c1FJ)l-k-l1K)J)∆ !J)K-å1å1Æ5m1n1K-l-)%ã-l-ç1ç1≠1
" WMFC -k))%)%
%J)K-k-l-k-sJˇ A=g<g\gÒ
R;g;gS)“ {ússN)%Õ9’ZΩwYkÕ9
cZk1FsJk-k-l-l-J)k-)%Á % )+-*)K-k-ã1ç1m-l-å1j-å1K)K)*%
K-k-k-l-J)k-îRˇ 6B5F5F3FUJ4Fã
0F{osNk-ã1÷V◊Z÷Z˜Z• !k-J)å1J)l-K))%•
H! !I))%J) %
j)ã-k-K)l-K)k-◊Zˇ 5BYk{o
w 1FµZYg|o
cã1k-J)QF¥Rk-Ô=å1˜^÷Z Bk-k-k-k-l-å1k-J)(%¶
J)J)k- -
1k)l-k-Œ5úsˇ s-8FyNXJyR5Fs-∞
{{o1Fk-k- !(%Õ9∆
k-Ô=˜^µV÷Z˜^∂V1F≠1å1RJ ZSJk-k)l-K)J)I%k-k)l-K)J)(!
!J)j)k-J)k)k-k-J%j)k-∂Vﬁ{ˇ w{oå1¨5j-¨5j-≠5≠5Ô=sN÷V∂V◊Z◊Z◊Z÷Z◊Z÷Z÷Z˜^sN≠5
BÆ5l-l-å-k)k)k-å1K-L-L-k1å5 Få5l1l-m-m-ã-k-k)k)å1K)≠5RJæwˇ
>ôN\kæw›{›{ﬁw=g[g˙Z B-%N)n-—9ûsˇ
{ﬁ{úsµVk-å1å1j-å1¨5Œ9≠5îRïR∂V∂V÷V∂V∂V÷Z˜^÷Z˜^1FŒ9RJ˜^ïRœ9J)k-K)k-k-l-k-k-å1Æ9 Bå1K-å1k-k-k-J)J)å1å1îRúsˇ
{ΩwZkÔ=j)å1å1å1ã-å1¨1Ô=µV◊ZïR˜^∂V÷VµV÷Z÷Z˜^÷Z1FŒ9sN˜^[kΩwús˜^1Få1k-k-å1k-l-l-l1l-k-l-l-l1å1≠5îR9gˇ q)4F◊Z{o
s {
_J)k-k)ã-J)j)ã-å1Œ9îRïRµVîR∂VµRïRµV÷ZîR÷Zœ9Œ91FµV B2F1F∂VµV{oﬁ{ˇ
\g;c<g:g^kı=– BJ)J)J)J)I%J))%k-Œ9RJtN2FSJtNîNsNîRïRµVµVÆ5≠5
{ºs9g˜^sNk) BRJµV÷ZîRk-K)≠51F1F∂V˜^9g{oΩwΩwﬁ{ﬂ{ˇ
{úsús{o{oZkZk9gZkZkzo{o{o{oús{oúsúsúsúsúsúsΩwΩwﬁ{Ωwﬁ{úsús{o{oZkZkZkZkZk{o{oúsΩwﬁ{ﬁ{ﬁ{ΩwΩwúsús{oús{oús{oúsúsΩwΩwΩwΩwΩwúsús{o{oZkZkZk{o{o{o{oús{oús{oúsúsΩwΩwﬁ{ΩwΩwúsúsZk[kZkZkYk{kYgŸZ” S)WJ<g
w _8c7cZkYkzo{oΩwæwﬁ{ºw‹wΩwªwúsús[k7F—
yJXJyNyNyJï1œ wΩsZk˜^sJÔ=J)J)Á
l-≠5å1J)k-k)J%¨1å1å1l-å1å1 Bå1J)å1≠5Ô=1FtNµV
c9g9g9g9gZk{oúsúsús{oZk9g c˜^÷Z÷Z÷Z÷Z˜^˜^9gZk{o{oúsús{oZkZk9g9g
c9g9gZkZk{o{o{oZk9g c9g9g{oZk{oZk9g
_ˆZYg9g{oZkõszoZk9cYg wús9g˜^1Fk-Á
)%K))% !å1k-Œ9Ô=2FsN÷Z˜^Zkúsﬁ{ﬁ{ˇ {ﬁ{úsZk9g˜^÷ZµVSJSJ2F2F
F2F2FSJRJsNsNîRîRîRîRîRîRµV÷Z c˜^µVµVsNRJ1F1F1FRJRJsNîR÷Z˜^
c˜^˜^îRîRRJRJ1FRJRJRJRJsNsNîRsNîRîRîRîRµV÷Z÷Z÷Z÷ZîRîRsJsN0F1F3FQJ FrNrJsJR)≤
B2F1F2F1F1J3FRJSFuNïR÷Z÷Z K)k-ç1≠5Ô=1F
R ^[kús›{ˇ
B1FsNîRµVµVµVsNRJ B1FsNîRµVµVîRsNRJ
BRJsNîRsNsNRJ B1F1FRJRJsN1F1F
!P)Œ9Œ=Õ9Ô9Ô9≠5œ=é9≠9Æ9Ó9Œ9=1FSNtRîRîRsN0F L%O)/%Q)q).%
)!k-J)l-k-K) !k-≠5Œ9Ô=sN÷ZZkùsﬁ{ˇ
.!L%N% !P%.!N%.%.%m)Æ5Æ5
-%/%/%.%-!/%-%n-Æ1Æ5≠5Aè1 !I%ã)l)O%
!m)k-Æ5œ9Ì9œ9≤5P)Q)P)/%.% *%h)k-o).!O%0%.!
!)%J)å1ç1Æ5≠5Œ5Æ5œ9≠5l- !" " WMFC
{ﬁ{ZoZk¥R2B1%” .%k)ã1Æ10%
M)k)O) L)l-o)Ò
1%œ51F∂Z9g s
{ B1BRF2FRJRJRJ1F
B2FSJSJsNSJtNsNsNsN)!" k-Œ91F∑VYkzoΩw{o9g
B3F3FSF3Fè-h /%“9TF4F
=N)À .)Ú=4F4F4FN)Î
.%“9UJTF =N)™
!J)k-Œ9=1BSJtNîNïRîNïRïR÷V∂VµVÆ5d BµVˆ^{o{ozoVJÚ
B1FtNîNµRïR∂V◊Z¯^◊Z◊Z÷Z1F BSJtNµV÷Z¯^˜Z¯^¯^9c9g˜^RJ•
k-k-Œ9rN V
c8cZkZk{o9gsNÆ5Á cYgúsúoΩwΩw[ktNÆ5≠1RJ
cÆ9k-tN*%• J)k-≠51FRFsN
WJxNXJvJ5F0%ä Q%P)P-.%P)å
J)Æ51B2FsNîNsN≠5å1c cΩwΩwús[k:g∂VïR2F
BŒ9å1k-1FsN∂R” )%œ91B2F
R cZg9gsN
s3F3B5F4F4F BvN5F5FUFTJ3FTJ—5â
J)Œ91BRJ =
9RFZkúsΩwús{oîRå1Á !)%k)å-Ô==sJk-!
k-=tNˆZs- " WMFC
B2FsNîRîR÷Z÷Z1Få1Á )%å1≠51FZk
s{o (!Ô=îRZkZk
s{o )!)!)%J)≠50BµV
/!Q)p)P)O)Õ B2FsJB
k-RJ9g w
w Z
= 1
= RsN≠5J)Á
J)≠5RF˜Z9g -
R}k;g;k;k<g<g<k<g\k:còRç !k-k-Õ51F1F1FB
)%k-)%)%Œ9Zkˇ{ˇ{ﬁ{ˇ s9g÷ZSJ:gZk=«
UJN) !è1:cˇ
0!r-Q) V
L)M)M) B2FsNîNQFã1∆
wùs[kZk÷ZsNÔ=Õ5å1å1Æ5sN˜ZYgµ5Û |o;g;g
{ P)SJ˜b{o
{ B1FsNœ9RJ÷Z8c
5Ô=sNsNc >1BSJ!
BZkús9g˜^rJÓ9))(!d >XFxJ:cˇ
3!yFwJ7FWJWF 9õNwFyJXJï1∞
{ˇ{ˇ{æsZkzk∂R9K%)%Á !k-Œ9RJ÷Z{oº{úsÿ9—
S)◊V8g{o {
k-=1FRF R
V ^
ZsJk- {s[k¥ZµVsN2FÔ=≠5≠5sN÷Z{oº{ﬂ{πR”
BµV9g{o{oZk÷Z1FJ)∆ 2BsJ4)
s)]g]k !¨1îR{oﬁ{úsZkRJ≠5j-
p)ïR7c|o R
1 u1UJ:c
J)1FìN≠5j) 1
^ w
w cZkæ{ﬂ{˛{~o€ZyN÷9ñ1u1î18FxN;gºs›wûwûs”
>RJ÷VóN8Fµ5ï1s-” q)TJ¥VYk{oﬁ{æw˙ZWF’9ñ5ñ5t1XJòR:gùsõwõo“
>TJÿV˘Z{o}o∫V )!≠51BSJtN÷VRJŒ9∆
{©ASJŒ9Æ5å1l-1F÷Z9gΩwﬁ{ˇ 5wJòNXJXJYJ–
)%Œ9RFsN R
" WMFC Zk˜^RJJ)
>œ=ç5å1k-sN÷Zzoﬁ{ˇ k-Ó92FïRl-B
7c$wBw ByNxNxNxJ
J)ã-¨1Ô=sJïR*%! cΩsússNŒ5ç1sN÷Z÷Z1FŒ9J)Á
Vuwâw)oF5≈ B2FtN2F*%•
c|s‹w{sïZ(!Ë$Á 91FïR∂V÷Z◊Z9csNã1•
c◊VTN1FÔ=Œ9J%i 91FtNsN∆
cΩw◊Z !)% !I)'!® {ﬂwyNyNXJXJ7F7F7B7FôRæsºsﬁ{›{ˇ
söRXJXJ7F7F7F8FXJYJûoºwﬁwˇ {˛{øw⁄ZWJXJ7FWF7FXJXJXJ~oΩwæwﬁ{ﬁ{ˇ
!J)k-å1Ô=RJïR 5¥Vzkﬁ{ﬁ{ΩwµRk-)%
!J)Õ5Œ9sNtN k-RJ˜^RJl-k-SJZkﬁ{úsZk
csNŒ9k-l){oZgK)d BïR9g:g:gtNå1Ê
!j)I)k-µVˇ !J%J)J)≠5
I%≠52F∑V9g s]kñ5”
!)%å1l-Œ91FïRsN! cŒ9å1≠1sJ2FÆ5J) !•
)%Ó91F÷ZZk s
{ !I%K)≠5œ9sNtNµVÔ=Ë
s:g÷Z[kZkSJk-J% !J)J)ã1Æ5tNˆZYkæwˇ
R(!J)k-å1œ9RJtNµV˜^ BsNîR÷ZZkΩwﬁwﬁ{Zg˜ZtN1Fœ9Ô=ã1œ9tN¯^Ykºwﬁ{ˇ
sj)J)K)ç1œ9SJîR÷Z◊ZZk{oúsæwæw∂V " WMFC
{RJ)%K)å1 {ZkŒ9k-Œ9¯^úsΩw:g∂VtN1FŒ9l-µV{oSJ•
J)¨11F÷Z9g w
:g9FS% {∂Vk-l-Æ52FîR∂V
cZk[k{oﬁ{ˇ {æwΩwùs¯^∂V2F2FÔ9≠5å1sN˜^Zkúsˇ
sNl-ç12FSJïR cïRSJ=Œ5l-Ô=îR9g{oﬁ{ˇ
u-zN=g w2Fl-œ91FsN÷Z
c◊ZtN=Æ5å1K)RJ˜^ZkΩwﬁ{ˇ K))!=µV9g
s {
4%◊=yN\k w
V)% !)% |oœ9)%å1Ô=sN
Z {
V)% !å1J%RJRJtN*%∆ }k8F5)
T)∂5ZNXN^k}oˇ {<g˚^zN9Bï13!Ù
o;c<gπVXJYJî1∑9” 9gRJtN
RtN¥RsJ÷Z{o2Fk- %¶ k-sNSJ
1∂1∂1µ1µ5úNYFôNyNyNyNôNyNyNyNôNyNyNyNôNyNyNyN’5µ1∂1ï-u) ^oZNT)
BîRRJœ=tN:g˜^{o{oúsﬁ{Ωwˇ " WMFC
|k]gwJzNu1U-± w;c~kwJXJˆ=î1ï5Ú
u-∂5÷5YJôN=c\gûs˛ }o]k^k>k€ZöNXFöRyJzNZJ’9î1∂1µ1∂1ï1∂1µ1∂1ï1î1µ5
Naomi $ Naomi $
click here and write a clever title click here and write a clever title
Transcription of interview with Transcription of interview with
Michael Starbird on November 5, 2012. Michael Starbird on November 5, 2012.
Douglas Goldstein, CFP$ Douglas Goldstein, CFP$
" WMFC Times New Roman
Times Times
ew Roman ew Roman
Financial Planner & Investment Advisor Financial Planner & Investment Advisor
Michael Starbird is a math professor at the University of -
Texas in Austin. O Texas in Austin. O
ccasionally, ccasionally,
he is a visiting member of the Institute for Advanced Study in Princeton.
He is also the He is also the
author of the book called author of the book called
Times New Roman Times
Times ew Roman
ew Roman Elements of Effective Thinking
Elements of Effective Thinking Douglas Goldstein, financial planner & i$
Douglas Goldstein, financial planner & i$ nvestment advisor, interviewed Starbird
nvestment advisor, interviewed Starbird Arutz Sheva Radio.#
Arutz Sheva Radio.# Douglas Goldstein:$
Douglas Goldstein:$ In your book,
In your book, you give the tools that people need for practical
you give the tools that people need for practical decisions. My question is in real life when
people have to make real practical decisions decisions. My question is in real life when
people have to make real practical decisions related to their money which is such an emotional
issue, how can they improve in that? related to their money which is such an emotional
issue, how can they improve in that? Michael Starbird:
Michael Starbird: We wrote this book, .
We wrote this book, . " WMFC
Elements of Effective Thinking Elements of Effective Thinking
, with the , with the
idea of trying to get to the essence of what kind of strategies a real person can use to
make better decisions and in the case of dealing with money, one of the most
fundamental questions that I always ask is what is the real question and t
his is a really his is a really
basic ques basic ques
tion. F tion. F
or example, is making more money the real goal of what you
or example, is making more money the real goal of what youíre after or
is it that you want to get something from the money and is it possible
that just making that just making
more money is not the right avenue to getting what it is that you
more money is not the right avenue to getting what it is that youíre actually seeking.%
To me, To me,
one of the essential questions is just asking what is the real question and that can
guide all kinds of things from individual decisions
about for example investments and about for example investments and
financial matters or in life matters themselves. What sort of surprising to my co
author author
and me about this is that we actually use these techniques ourselves in everyday life.
In and me about this is that we actually use
these techniques ourselves in everyday life. In
teaching a class, we teaching a class, weíre trying to say can
we really get those students to understand better $
whatís happening then sure enough we use these methods.
Douglas Goldstein:$ Douglas Goldstein:$
When someone wants to figure out what the real question is, he
When someone wants to figure out what the real question is, heís
probably actually blinded by what he thinks the real question is
. How do you make that . How do you make that
paradigm switch? paradigm switch?
Michael Starbird: Michael Starbird:
Of course, this is the real challenge. All of us are biased and we %
have to just have to just
first of all first of all
accept the fact that all of us are living in the parable of the
Emperor Emperorís New Clothes. I think we all
live with it. T live with it. T
he reality is that we all see things he reality is that we all see things
that aren that arenít there.
We see things that we We see things that weíve been taught over
many years to believe this is . "System
??????? ???????
Times New Roman sssBBBJBBJJJBBBJJJZRR999BBBBBBBBBZZZÑÑÑ≠
BBBJBJJJJBBBJBBBBBJBJJJJkkkåååRRRJJJBBBBBBJBBBBBBBBJJJZZZ•úúÔ {µkkµkkµkkµskµkk
ZZå11î99≠ZRΩsk≠kc≠ckµks∆ÑÑ÷ JJJBBBBBBJBBJBJJBJBBBBBB919BBBJBBsssÑ{{RRRBBBJJJBBBBBBJBBJBBB99JBBBBBJJJÑÑÑ÷
{{≠cc≠ZZå19î11 11î11îBB≠cc≠kcŒîÑ÷
RRR999JJJJBBJBJJJJJJJ999JBJJBJBBBJBBBBBJJJZRR999BBBJBBJJJJJJJJJJBBJBBBBBJJJJBBJBBJBB{{{ÔÔÔˇ cc•RRå11ú11ú11
11ú99≠ZZ≠kkŒúúﬁ {{sssssskkksssssssssRRRJBBJBBBBBJBBRJJB9BBBBJBJB9B1)19991)11)))))1))111111111))))))999111999BBBRJJBBBJJJBBBBBBJJJBBBúúúˇ
{{úJBî11î11ú11 9)å1)úJBµkc∆îî÷
{{{sss{{{{{{{{{skkkkkZZZZZZBBBJJJBBBJBBBBBJBBBBB9991)11))111999111BBBJBBJJJBBBJJJJBBJBB999999999999)))111911B99BBBJJJBBBJJJBBBBBBccc˜˜˜ˇ {•ZZî19ú)1ú11î11
91î11µkk∆åå ssskkksks{ss{s{åÑÑÑ
{sscZZZRRBBBJJJJBBJJJJJJJJJ9111))111999B9BJJJJBJRRRZRZZZZcZZcccZZZZZZZZZZZZRRRRRRBBBJBB999111)))999BBBBBBBBBJJJBBBJJJRRRﬁﬁﬁˇ cc•B9î1)î11î11
))î11ú9Bµsk∆úúÔ {{{cccRRRcccsss{{{{ssÑ{ÑåÑÑ
skkZZZJBBJJJBBBJBBJBBBBB)))111999JBJJJJZRRcZckkkccckkkskskkkkkksssssssssskkskkcccccccZZZZZJJJBBB911111111JJJBBBJJJJJJBBBJJJ∆∆∆ˇ {súJBå1)ú11ú11
11å))î19≠ZcŒúúÁ ZZZRRRJJJZZZcccsssÑ{{åÑÑÑ{Ñ
{ssZRRJJJBBBJBBJBJBBR119))!19999BRRRcRZcccccckkccccZZZRJJJJJJBBJBBB99BBBBBBRJJRRRZZRcccsskkcZcZZRRRJRJ9991111))9BBRJJJJJBB9RJBBJBµΩµˇ ZZå11•99ú1)ú1)
1)î11îB9≠ss∆•úˇ ZZZRRRZcZRRRRRRRRRkkk{{{Ñ{{Ñ{{ÑÑÑå
ZZZJBBJJJJJJJBRJJJ91)1)1BBBJB9ZcZkZkkkkcZcRRZJBJJJJ9kk)ú•!îµ)≠Œ!µ !
!µΩ)îú9s{9RZZJJBJRRZckkk{kkkccZZZ9BB9BB)11999BBBJBJJBBBJJRJJ∆∆∆ˇ 9Bú11ú)1•99î11
99ú))•JJ∆îå BBBJJJRRRJJJRZRZZZccZcccs{s{ssÑ{{kcc999JBBJJJBBBRJJ91B1)1)))BBBJJJcZZ{kkkZcRJRRBJ9ck)úΩ!µÁ!Ω˜
9Ñî9BJ99BZRZkkccZZcZZRJB999)!!99BRBJRBBJJJJJBRRRÔÔÔˇ 99ú11î11å91î1)
91î))≠JJŒÑÑ 999RRRZZRRRRZZZRRRZcZkkk{{såÑåskk1))JBJJJJJBBJJJBBB1))119BBJRRJckcckkZRZ99B1sî
!∆Á1ÑúBRRRJJckcckckkcRJJB99))1BBJRJRRJJJJBBBBkkkˇˇˇˇ 99≠99ú11î11î1)
91ú))•BJ∆ÑÑ JJJRRRRZRRRRRRRRRRZZZccc{Ñ{cZZ!
JBJJJJJJJBBBBBB)))111RJJZRZckkRccBBB1Rc1≠∆!µ˜ 1s{R99kcZZccZccRJRJBJ))1199JJJJJJJJJJJJúúúˇ
{{î11ú1)î1)å1) 1)å1)å11úBBŒåå˜
999RRJRRRZZZZZRkkcZZZsssccc B99JBBJJJRRRJJJ111)))JBJJRRkkkckccJR9sÑ
)úµJBBcRZsckcccZRZB9B!))BBBBBBJJJBBBJJJ÷÷÷ˇ RRå1)ú91ú11ú91
1)ú91î11≠Zc÷≠≠ˇ BBBJJJRRRRZRZcZZcZcccJJJ
)!!JJJcccsssJJJ999!!!BBBBRRkccckcJBB!s{ !µÁ1JRZJZkkkZZZRJJB99)))JBJBBBcccRRRcccˇˇˇˇ
{{ú99î1)ú91å1) 11å))î91Ñ11ΩÑ{ﬁ÷Œ
111JJJRRRcccZZZcccRRR JJJZZZ
{{{RRR)))999JRRckcskZRJB)Ñå!ﬁˇ 9JRcRZZcckccBJB9BB111cccåååÑ
JJJ∆ 91î1)•91•91ú1)
91å1)å11úRZÁΩΩˇ 999JJJZZZZZZccZZZZJJJ
)))RJRkZccccscc!!!199JJJcZZ{ksRJJ)kÑ !ΩÔ!µ˜!îµBBBkckckkZRR1B9)11ZZZssscccJJJZZZˇˇˇˇ
JRî))ú91å1)î9) 11•1)î1)•JBŒúîˇ
999RRRRRRcccccZcccBBB 999BJJZJJJJJB99)))B99RZZcccZZZJRc
9ÑúBBBscscccJRJJ19111ZRRRRRJJJRRRŒ∆∆ˇ RR•19î11î11î11
11ú11î11•9BΩååÔ BBBJJJRRRZZZcccZcZBBB
JJJBBJRJJB9B!!)111RJJZcZcccB9B)ΩŒ 1RZJJR{ssZZRRBJ1))BBBJBBJBBJJJsssˇˇˇˇ
BJî)1ú11î))ú1) 91î91å))î11ΩÑÑˇ
999RRRRRRccZcccckc9B99B9JRJRRRRJJJBJ!)1BBJRRJkkkRJJ){Ñ !!!)!)))!1B
JBBkkksckJRJBBB111JJJJJJJJJRRR˜ÔÔˇ JRî99î))ú11î1)
11î))î99å11µÑÑ˜ 111JJJZZZZZZccccccJJJJJJJJJJBJJJJ9111)9BBJZZZcccJBR
!)!)))!)! !≠Ô)µ˜!≠Ô!µ˜1csZRJckkZZZ999111JBBJJJJBBRRRµ≠≠ˇ
9Bå))å1)î11ú91 ))î11ú))ú19∆úúˇ
111RRRRRRcccZZZcccRRRRRRJJJRRRBJJ)))1)9RRRckcZRZ9cs !)!)))!!)!!!!!119JBJRZk
!ΩÔ!µÔ!Ω˜1µ˜!µ˜1µ˜)ú∆BBBkcckccRRR911BBBJJJRRRJJJ{ssˇˇˇˇ 11î11î11î91•91
91å11•19ú9B÷≠≠ˇ JJJBJBRRRZZZccZcccZZZJJJJJJJRRBJB!)!B9BZZZkkcBBJ)•Ω
!!)))! !!!!!!)!!)!BJBúå•!Ω÷
BJZZcRsckRRR999)))RRRJJJRRRRRRˇˇˇˇ RRî11å1)å91å))
11î))å11å11•RRÁŒŒˇ ZZZBBBRRRZZRccckkkRRRRRRJJJJJR)1))1)JBJkcckcZ9BJ
!1)1)!))!1) ))1!!)!))))!)1!)1)))))!
!!1!9JBú !≠˜!ΩÁ9sîJRBkkkZZZ999111JBBRRRBBBRRR÷÷÷ˇ
99î11î11å))î11 91•91•1)î19µs{ˇÔÔˇ
999RRRZZZccZZZZRJJRJJRJJJRJ1)19)1RRRcccRZR1kå !!!)!)
!))!)!)))))1)))))1)1)))))))!))))!!))!!kkkZ∆ﬁ !Ω˜!µÁ)å∆BB9sskZZZJJJ)))BBBJJJRRRJJJΩΩΩˇ
ZZî))úB9Ñ1!å1) )!ú11î11î99ú99÷µ≠ˇ
BBBJJJZZZZcZcccJJJZRRRJJRRR)!)B9BRRRkkkJRJ1Ñ• )!)!!!)1)1!))111!))1111))1111)1111)))1)1)))1)9)!!!))!9R
)∆˜!∆Ô!Ω˜!µ˜!µÔ!µ˜!Ω˜)µÔ!ú÷JBBckccccJJJ911BBBRRRRJJRJJ≠≠≠ˇ ))å91î11≠99î99
91î))î11å))≠ccˇÁÁˇ 9B9JJJRRRccZZZZRRJRJJRRRJJB!!)999ZRRkkkJJB)•µ
!!!!!!)))))))111)111)11111)11111)1111)))1))!!))))!! !µÔ!≠Ô)µ˜!µÔ!µÔB9JZcccccRJJ111B99JJJRRRJJJúúúˇ
JBî1)å11î11î1) 1)ú11î91î))•9B÷••ˇ
999BBBZZZZZZcccRJJRRRRRRJJB)))BBBcZRsssJBB)ΩŒ 1!1!!!1))!!))))))!9911119999119999119991111111)1)11))111)!))!å≠
!µ˜!µÔ)µ˜)µÔ!µ˜!Ω˜JRcRRZkkkJJJB99999RRRJJJRRRÑÑÑˇ {{Ñ{{ÑssÑ{ÑÑ{ÑÑååÑåååîîååîîåîåååååååîîúúúúúú≠≠≠≠≠≠ΩµµΩµµµµµ•••îúúÑåååååÑÑÑ{Ñ{s{sÑ{{{{{Ñå
ssî11å))ú11ú11 91ú1)ú11î91î19•skˇ˜ˇˇ
)))BBBRRRRZRZZZRJJJJJZRRBB911199BkZZkkkJBB !!!!)!!1))!))!))111919111999999999919919111111))))!)
!Ω˜9ZkZRZkccRRR999999RJJRJJJJJ{{{ˇˇˇˇ {sssk{{skkkksssssÑÑÑÑ
{ÑÑ{s{ss{{s{s{ÑÑÑÑ {{{s{{s{{s{{{{ÑÑåî
{ccÑZR{BB{99{11{99kBBkRJZZZccccccckkckkkkkkcckccccckkkskkÑ{{ÑÑ{îåå {{cZ{RJsBB{JB{JB{JBkJJcZZccZsskssk{Ñ{ÑÑÑú
{{{{sskkkkkkkcckkkkkcksss{{ÑåÑå {kc{kcscZsZZkZRscZscZskckksÑÑÑå
19î))•11î91å1) 1)î91•))î11å9BÔ÷÷ˇ
9999B9RRRRRRcZZRJJRJJZRRJJB))19BBcZZkssBBB!ΩŒ !!)))1))119)11191919999999BBBB99B9B919999111111)!)1919!)!{î!∆˜!∆˜
!≠ÔBksZRZkkkRJJB99999RRRJJJRRR{{{ˇˇˇˇ ckåJJîBBå99å99
91kBBkBBkRRZcZkkcckckcZ{ZRÑRRÑRJåRRÑJJsRRcZRckcckkÑcc{ZZÑZR{JJ{JJsJJsRJkJJsccsskîîå≠ skåJJî19î91å11
11{))Ñ1){))Ñ))Ñ!!Ñ)1Ñ))å19å11å19å11î19å)1Ñ11å)1{JJccZkskcsk{skîZZî99å11å11å))å11Ñ))Ñ11{))Ñ)1Ñ))Ñ19sBBcZRRcZkkc{kcú99î99î99å11å11Ñ))å11Ñ)1î11sBBccZkkckkkÑZZåJJÑ99î11å))å11Ñ))Ñ))Ñ))å11å11{JRkkk{{{åúîΩ BBå))ú99å1)ú11
11î11•)1î99î11ﬁ≠≠ˇ RZR9B9BBBRRRZZZRRRRJJZRRBJB!))999ZZRkkkBBB!≠∆
!!!!!)!!!1))1)1119)11999999B99999BBB9999991111111)1111)!!)!) )µÔBRZcZccccRRR111999RRRRRRRJJÑÑÑˇ
RRîJBÑ11å)1å)) 11s)!s))s!!{))Ñ)){99RB9cB9Ñ11ú11å))å1)å))å))Ñ)1{99kBBZRJî11î19å))å))Ñ))å))Ñ))å)1{91sRRsskîúîµ
sså99ú11å)){)){!!{))k!!k)!k)!k)!c! k!!s)!s)!{)){))Ñ)){)!{))Ñ)){11Ñ))Ñ99ZJBkJBå11î)1î))å))Ñ)){))s)!s))k!!s!!s))s)){!!Ñ))s1)ZB1k91î11å1)î11å1)å1)Ñ))Ñ1){)!{1){)!Ñ11s11cB9Ñ19å19Ñ)){)){)!{1)s)!s)!k)!{)){))Ñ)1å1)Ñ99ZcZ{åÑú≠
ZZú))î1)î11î1) 11ú11å1)ú91ú11Ω{{ˇˇˇˇ
{{{999BBBRRRcZZRRRZRRRRRJRJ !9BBZRRkssBBB1µŒ
1)1)!1!))!)!1)1119999919B9B999BBBB9BBBB999999111119))))))!!1 !µÔ!µ˜)µ˜)µÔ!µÔRJRccckccRRR911999ZZZRRRRRRÑÑÑˇ
9Bî1)å)!å1)Ñ1) 11s))s))s!)s1)s)!s)!s!!Ñ)1å))å11å))å1)Ñ1)Ñ1){)!{))Ñ))î11ú19î11å11Ñ11{))Ñ1){))Ñ1)Ñ))å!){99skcÑåå≠
ZZå)1î11Ñ))Ñ1)s)!k))c!!c!!c! c!!Z!!Z!!R!
c)!c!!k)!k!!s))s)!s))s)!k1!k! s)!{))
11å11Ñ91Ñ1){1)s))s))c!!c!!Z!!c!)Z!!Z! Z)!s)!
)){))Ñ11î11å1)å1)Ñ1){)!{))s)!s)!k!!{)!s)!{1)î)1î11î11å1)Ñ)!s)!k)!k)!c!!k)!k!!s))s!!å1)Ñ)!ÑJJsssúú•Œ ZZú11î1)ú11î99
11úB1å)!î91î11≠ccˇ˜˜ˇ 999BBBZZZZZZRRRRRRJJJRRR
!999ZRRcccJJJ )Zk!!1)!!!1))))11))1)991919B999B99BB991999)99)19)))119)))))9
BBBkkkcccJJJ111999RRRZRRRRR•••ˇ 11ú11å))å11Ñ))s!!s))c)!Z!
c)!Z!!k!!k s)!Ñ)!Ñ11å)){)){!){!!{)!Ñ1)å!!å)1î))Ñ91Ñ))s)!k!
k))c)!k!!s!!å11{BB{ÑÑ•• 99î11î11å)!{))k!!c!!Z
Z!!k)){))å)){1)å)!s)!k!!k!!Z!!J k)!{))
)!Ñ)!Ñ)){))s))c !{!)Ñ))å11
))å11{))Ñ))Z k!!k!!
11s1)sssúîîΩ ccî!!ú11î11ú99
)1å11î))î11î1)µZZˇﬁﬁ˜ 111BJBJJJZZZRRRZRRZRRZZZ)!)999ZJRkkkRRR1{Ñ
!))1)!))111!))99911JBBJJ9BBBB1999BB119919B)9!19)))!)))Z{ )µÔ)Ω˜!≠Ô!ΩÔ!î∆9BBkkkcccJJJ111BBBRRRJJJZZZ≠≠≠ˇ
9Bå11î11å))Ñ)){))c)!sBBÑRRîccÑRRR !Z!!c!!k))s!!s)!{))Ñ!)s))k))s))s))s)!{1){11î))Ñ!!Ñ11c!!c!!Z!!k!!k!!s))å))ÑJJ{Ñ{≠•≠∆
99å)1•99{)!s)!s))Z)){JJµ•úÁ k)){!!
11{)){))s))c!!•ssŒΩΩÁ ssR!)J
s))s)) 11{11Œ•úµ
{RRZ!!c 11{)!å))
11c)){JJµîåŒ s)!Ñ))Ñ11sss•ú
ZZî11î11ú))ú99 11ú11ú11å91Ñ))úBB˜ﬁﬁˇ
191BB9JJJRRRZZRRJJZRRZRR9191)1RJJccccZZ1RZ !∆ˇ!Ω˜9RZ!!))))!))111))1199111B99111911B11B19111199!!)9)!!)9
1{îBBJkskZRRB99)!!RJJRRRRRRRRRﬁﬁﬁˇ 99å))å))å1){!!s))úss˜ÔÔˇ
JRZ!!R!!k!!Z)!s!!µúîˇ {!!å11{))s))Ω•úˇ
Z!!k!! 11{BB{{{•ú•Œ
99å))Ñ))î))å))k c!!{!!{)!Ñ1)Z!!îkkÁÁﬁˇ
c!!s)){))å))ÑB9Á∆∆ˇ sRJc!!s!!Ñ1)Ñ)){ssúúúΩ
ccî))•91î))î91 11î1)å))î11å11úBBˇﬁﬁˇ
111BBBJJJZZRZZZZRRRJJZRRB9B119BBBcZZkccBBJ!ΩŒ !•Á1191))999)11B9BB99BJJB99J9BB99BBBBBBB9991199B1)1!ú≠
!∆Ô1∆ˇ!ΩÔ!µ˜!µÔ)µˇ!≠Á!µˇ9ZZcZcckccZZ999111RRRZZZRRRRRRˇ˜˜ˇ kk•19å11å91å)!{9BÔ÷÷
c!!ΩîúˇˇˇˇˇˇµîîZ!!k)!s)!k!!{1)ÑJJˇˇˇˇ k)!Ñ))ÑBB{{{≠•
ZRî1)î91Ñ)){))c!!µîîˇ s)!Ñ))k!!Œ
s)!Ñ))s))ˇ Z!!c!!k)!Ñ))å11∆••ˇ
{RRk!! 1)Ñ1)î11{s{ú••Ω
RRî))î91î1)ú91 91ú11ú11î11î1)úBBÔﬁ÷ˇ
191111JJJRRRZZZRRJZRRRJJJJJ)))999RJRkkcJBJ9{î !∆Ô!ú∆!111)1RJRBJBcRcRJJZZZZRRcZZZRZJRRJRRRBB!)1
!µÔ)•÷JBBkccckcJJJ999999ZRRRJJRRRkkkˇˇˇˇ )1î1)î1)Ñ11{))ﬁ÷
{{úcc∆úú˜ÁÁ˜ˇˇˇˇˇˇˇˇúksZ!!Z!!k!!µåîˇ c!!k)!s!!k))k))ÁŒŒˇ
)){B9{{{•ú 1)î1)Ñ))å91c!!ŒΩ
s)){!! k!!Ñ11{))ˇ
ZZ{11Ñ)) 1)î1)ÑÑ
BBå)!î91ú11î1) 1)ú11ú91ú91å1)•9B÷ﬁ÷ˇ
RRR111BBBZRRRJJRRJRRRRRRRRR))))11RJRZZZcccBJZ!ŒÁ )ΩÔ)î÷)BR119ckk•úå
{ÑÑJJR19B!ú !µÔ!≠˜!ΩÔ)Ω˜9kÑRJJskkZZZBBB)))JBBRRRRJJRRR•••ˇ
11ú91î1)å))µîîˇˇˇˇˇˇˇÔ˜ÑZZk)){))Ñ1)Ñ))î9B÷µµˇ k19R!!Z
k))Z!! s{ˇ
c!!{)) BB{{{≠••∆
99ú99î11î99{))∆• k!!c!!{BB˜˜˜
kkåZZúss∆≠≠ˇˇˇ˜˜˜ˇˇˇ˜ˇˇˇˇˇﬁŒŒR!!s!!s)){))ˇˇˇˇ {1)Ñ))Ñ19ˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇ˜ÔÔﬁŒŒﬁ∆∆åRR{))å1)
))î99åå BBî11î11ú11ú11
1)î91ú))•99î11úBBﬁﬁ÷ˇ {{{111BB9JJJRRRRRRRRRJRRRRZ199))199BRRRccZRBJ1åî
sî!1B999cZcååå {{{RRR11B!k{
!µÁ)•÷B9JccckccRJRB99)))RJJZZZRJJRRRŒŒŒˇ JJî1)ú91ú11Ñ99
{)!Ñ1)å1)î11 99Ô
)){99Ñ{{ 11î1)å))Ñ))îcZ
ssîRRs)) JJîZc∆≠
!s!)k!)c))ÑJJˇˇ˜Ô {RRs!!k)!{))ˇˇˇˇ
k)!Ñ)){!)ˇ !Z!!k))s))å1)å)!î1)îB9•ú•∆
11î11å11î1)ú91 !)ú11å11î1)ú11≠ZZˇˇ˜ˇ
191999RRJZZZskkRRRRRRRJJRZZ1!)19BJJJkkcZRRBJR !Ω˜)cåJJRssckZcBBB111999ZZZRRRcccZZZˇˇˇˇ
11å1)ú11å1)≠ss {1)Ñ)!î11î))
))Ñ))µå Z!!Z!!
Z!!÷≠≠˜ˇˇˇˇˇﬁŒŒˇˇˇ˜ˇˇˇˇˇc!!k!!c)!Ñ))ÑBBÑ{{≠•≠∆ JJå91ú99î11{)!ﬁﬁ
s)!Ñ1)î1)î!! ))Ñ))åJJÁŒŒ
Z!!Z!! k!!s!!k)!åccﬁŒŒﬁ
ssk)!k1!{!!ˇˇˇˇ c1){))
)1ˇ c))s!!
11ú1)î1)ú11úZRµµµﬁ 99î11î1)ú91î99
19å91å1)•99î11≠kk˜ˇˇˇ 999BBBBJJRRRÑ{ÑZRRZRRZRRZZZ)11)))BBBZZZskkJBB9sÑ
!≠Á)Ω˜!îµ19BkcZcccRRR9B91))RJJRRRRRRRJJ•úúˇ 1)î11å11ú11ú)1
99ˇ Z!!k!!
)){99ÑÑÑ• 11î11å1)î))•kk
s)){!! 11{)!å1){))s))s!!åZRˇˇˇˇ
Z!!R!!Z!!c! Z!!k!){))s!)ˇˇˇˇ
!Ñ)){)!î1) ))ú9Búî
RRú11î1)ú1)î)) 11å))î1)ú1)•1)î11Ωîåˇ
{{{ZZZckkcZZskkZRRZRZZRRZZZccc)))111JJJcccsckB9B1•Ω !≠÷JJRRZRskkcZZJBJ11)B99ccckccRRRZZZÔÁÁˇ
k)!{)!s11å11î99î))Ñ1)ˇˇˇˇ s))Ñ))ÑBB{{{••
99î1)î91å))Á∆∆ˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇ˜ÔÔR!!c)!s))å11å))å1)å))î99{!){))Z!!Ω≠≠ˇ k!!k!!
!s)){))Ñ))ˇˇ k!!{))
11î11•BBåÑ{µ≠ 11î91ú11ú99å1)
99î11î91î91î91Ñ11Ô∆∆ˇ ccckkkkkkkccskkZRRZRRåååÑ
BBB)))999RRRkckZcZB1B!Œﬁ JRc9BBskccZZRJR11)9))ZRRîåå{ssRRRúúúˇ
c)!{))c1)å11Ñ))å11Ñ))ﬁ÷Œˇ {RRZ!!µ
R!!k!! c!!k!!
)){99{{{•ú•Œ ckî11î1)å1)å99
k))s!! ))ú11å))Ñ11k!!k!!c!
c!!k!){)){))ˇˇˇˇ {))Ñ))sJBkZZîååú
1)å1)ú11î1)î11 99Ñ)!î91å)!ú11å9BˇÁﬁˇ
cccZZZJJJRRRJJJZZZccc{{{kkkZZZ)))111BBBZRRcckBJR9JR BcsBJJ{kkcZkJRZBB9!)
RJJkkk{{{kkkRRRˇˇˇˇ k)!k)!s1)Ñ!)å91{)){))ˇˇˇˇ
Z91˜˜ˇ˜ˇˇˇˇˇåZck)){))ˇˇ Z!!k))s))Ñ))Ñ99{{{••≠Œ
BBî91î1)î91úZR s)){))
))å11å11∆úî k)!k)!
c!!s)){))Ñ))ˇˇˇˇ c)!s!!
11JRBckksssÑîîΩ JJå11•11î1)ú99
))î11ú11ú11î11î91µccˇˇˇˇ !!)11111ZZZZZZZZZRRRJBB1))1119BBRZZkkkZRRBJR!•µ
!µﬁ1RkJJBkcckRZZZcJ99 1)1B9ZZZZZZZRRRRRµµµˇ
)1î11î91å11ŒúîˇˇˇˇˇˇŒ∆ΩZ!!k))c! c)!s!!
))Ñ)!Ñ))s99ˇˇˇ˜ Z))c!!µ
!s!!s!!ˇ k)!k!!
)){99{{{•ú•Œ c!!k!!{)){!!ˇˇˇˇ
k!!{))cJBRRJskkå{{î••Ω 11ú1)ú91î11ú11
11ú))î))îB9å1)ú11÷≠≠ˇ RRRJJJ9B9JJJ199ZZZJRRRRRRRRcZZZRRBBB)))B)9RJJkZRkkkRRRJ9B1î•
)∆ˇ)úΩJRRJJJskkZcZJJRJB9191111RZZZRRRRRZZZsss˜˜˜ˇ 19î11å91å1)∆ss
c!!c!!s))s)){)!s!!≠ååˇ c!!k!!
Z)){)){!!{))ˇˇˇˇ k1)c!
s))Ñ))ÑBB{{{•• R!!{1){)!å11å))î11ˇˇˇˇ
k)!k)! k))s)!{))ˇˇˇ
))î11Ñ99cZR{ssîååµ JJú91î1)•99ú1)
99î1)ú11î1)î99ú1)úJJˇˇ˜ˇ kkk999kkkksskss9BBcccRRRZRZZRZcZZRRRJBB
))19B999ZZRZcckccJBJ9Jc!≠÷!µÁ 1s{RJBRRRkkkcZcJJZ9JB111!))RRRcRZZZRRRRZRRﬁﬁﬁˇ
ZZî11å1)î91î11 s!!µîîˇˇˇ˜˜ˇˇˇˇˇˇˇˇˇˇ≠{Ñs)){!!
)){))ˇˇˇˇ s)!s!!
1){99ÑÑÑ• Z!!k)!{)!å1)î))î)1ˇˇˇˇ
k!!{!! JJˇ
R!!c!!s)!ˇˇˇ R!!Z!!k)!k!!ˇˇˇˇ
Z!!k!! !){1){11cZRÑÑÑ•
11î1)ú11î1)î1) 91î11ú11î))ú91î1)ΩåÑˇ
{{{kkk{{{{ÑÑs{{ckkRZZs{{sssRRRZZZZZZcZZRRR9BB ))B9BBBBcRRkZZsssRZR9B91ks)•Ω!ΩÁ!∆ˇ!Ω
BsåB9BRJJkcc{kkcZcJRRBBB1!11)1cZcZRZZZRZZRZZZΩΩΩˇ 11î1)î11ú11µ{{
{{Z!!c!!c)!c!!c1)Ô÷÷ˇ s91s))
))Ω s!)s)){))å1)å91ÁÁÁˇ
k)){)!{))Ñ1)ÑBBÑÑÑ≠ {!!å11î11ú)1
s)!å)){)1ﬁ {sÔˇ˜ˇˇˇˇˇˇˇˇˇˇˇˇÑZZc!!k)!s)!ˇˇˇˇ
c!!c!!k))ˇˇˇ c!!c)!Z!!Ñ1)s)!{BBs{{••≠∆
JJî11î11î91î1) ))ú99î11•11ú11å1)î1)ˇÔÁˇ
ZZZRRRsss{{{îúú{ÑÑcskRJJúúîå {{RRRZZZZRRZRRRRRBBB!!!911BBBJJJZZZkckkkcZRRBBB9RR1s{1úµ
!•∆!Ñ•RRZ9BBJBJkckkcccccRRRBJBB9B1)11)1RRRZRRZZZRRRZZZîîîˇ 99î1)Ñ1)å1)î11
ZZ{)){))s)!Ωîúˇ RRs))å11
))å91î))ﬁ÷Œ s!){1!
)!î11{99{åÑµ≠ {))å))ú99å)1
cc•cZ•kc≠Zc•cc•ZZ•ccîRRúRRåZRåZZÑBB{)!å))Ñ1)≠kcˇˇˇˇ Z!!c!!s!){))Ñ99{{súúîΩ
11å1)î1)ú11ú11 1)å1)å))ú91å1)•11Œ{{ˇˇˇˇ
kkkRRRJJJRRRú••Ñ ksssssµµµµ
ZRRZZZRRRZZZZRRRRR)))111999RJRRJJcZZccckkkZZZJRBBB9JBBBBBBRcBZkBccBZcJJJJBBJBJBBBZccccckkkcccZRZRJRJJJ919)))999cccZRRZZZRRRccZúúîˇ 11•99ú91î99î)1
kk{))î11 11î91∆ú
s))Ñ11{)!ú11å))ú91Á÷Œˇ 11å1)å91î11åJJ
11ú91î1)î11µ{s c!!s))
1)å))î11î11î91î99å99{)){11c!!k))c!!c))c!!k))s!!Ñ1){))î11Á÷Œˇ cZs1)å))
1)å))ˇˇ {))Ñ1)Ñ11kskúú
11ú99î11ú11î1) 91î1)î11î91ú91î11î19ˇÁÁˇ
ccckkk{{{ú•• skkŒ∆∆∆∆∆µµµ∆∆∆åååRRRcZZZZZcZcZRRRRR111)))1)1999BBBRRRZRZccccccskkkZcsZcZRZcZZJJJZcZcZZkcckcckkcccZZZRJJJJJJBBB919)!)1)1JBJRRRZRZZZZcZZZZZúúîˇ
BJú11î))ú1)ú1) 91•ZZÁ∆
99î11Ñ1)Ñ1)å1) 91∆{Ñ
99î19Ñ))å11å)1 1)î11÷≠
RRî1)Ñ1)î11îJJ RZî))ú11å1)úJJ
c)!k)! ))å1)î11å)!å))Ñ))Ñ))k)!c!!Z!!R!!R
!Z!!s))k)!å))å))î99Áﬁ÷˜ k))s!!{11å))å1)ˇˇˇˇ
{RRˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇåZZs!){)!Ñ1)å))kskúúú∆ ssú11ú91î))î11
11î11å))î91î1)å1)î)1Ωîîˇ JJJkss
kss{ÑÑîîî∆∆∆Œ∆∆∆∆∆÷÷÷åååúúîZZZZZZcZZcZZRRRZZZJJJ999))))99199BBJJBRZJZRJRZRZZZZZcckcckZZcZZcccRZZcccZRRZRRRJJBBB111))1!))99BZRZZZZZZZcZZRRRZZZ•••ˇ 99î1)ú1)î91î1)
99å91å11•JJµkkå99å11å))å1)Ñ1)î91î1)î1)î11î11î))ú11å))ú11å11î11î))î11å11å91å1)î19ú19î11å9)î91î11•cZµΩµŒ c!!k!!
1){)!å91{)!Ñ1)s))µåÑ≠ Z!!k!!s11Ñ)!ú11î11îBBÁ÷Œˇ
{))Ñ))å11s!!å1)å1)ˇˇˇˇ Zcˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇ˜úcc{!)Ñ1)
)!ú11s{{≠≠≠∆ 11ú91î11î11î91
11ú91î11î91ú11ú99å99ˇˇˇˇ kkk111)))Ñåå
ZZZZcc RRR•úúBBBZZZRRRcccRRRcZZZRRJJJ))))11))11191199B99B9BRB9BBJRRJJJRRRJBJBBB9BB1999111)1)!!)))199RZRZcZZZZZRRcZZZRRZZZΩµµˇ
99Ñ1)î11î11î)) 91å1)å1!î)!î)!ú)1ú11Ñ1)î1)î)!ú11å1)ú11ú11î)!å1)ú91å))•11ú))î91î11ú1)î1)ú1)ú11ú91å1)ú9)î))Ñ11≠åÑŒ
k)!s!!s)!k! s1!k!!k99ˇˇ˜
c)!Ñ!)Ñ11Ñ)) 11å))î11µÑÑ
cc{1)Ñ)! 11î11î11å))å1)ˇˇˇˇ
ZZˇˇˇˇˇˇˇˇˇ˜ˇˇˇˇˇˇˇˇ˜ˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇîZZÑ)1å1)å1)å)) 1)ú11î11î91å1)
11î11î11å1)•11å1)ú19∆≠•ˇ ZccZZZRRRåîå
ZZZ{{{cccΩΩΩµ RRRRRRkccÑÑÑZZZZZZZZZZZZcZZcccZZZRRRBJJ1)1))1)!19199)19191)11191119991)11)1!))911B99RRRRRRZZZZcZcccZZRcZZZZZsskÁÁÁˇ
ZZú11å1)å1)î1) 91î1)ú91ú11ú11î91ú99î))î99ú99•99î11ú91ú1)î91ú1)î91ú1)î11îZRî1)î1)úB9å))ú91î1)å1)î1)ú19åccﬁﬁ÷ﬁ
91å1)ú11ú11µck k!!s)!s1)î11ú99ú11ú99ú))î11Ñ)1úZZ∆ååŒ
ZZÑ))î11å))î91 91ú91å))å1)å1)ˇˇˇˇ
k))k!) 19ˇ
!c!!c)!{))å11î91î1)Ñ91•úúΩ RJî11•99î11å11
1)ú91î1)å1)ú11ú91ú11µssˇˇˇˇ ZZZZZZ9BBBJJkss111ZZZ{{{ΩΩΩ≠
kkcccc ZZZZZRcZZZRRRRRJRJZZZZZRcZZZRRRRRBJB9B9199999JBBB99999BBBBBBRRRRZRZZZRRRZZRZZZZZZRRJRZRZZZµ≠≠˜
JJî))î91î))•11 )1ú11î91î11î)1≠kkŒµµﬁ
Zcî)1 ))î11å))•19ú)1îBBµåå÷
BBî11ú19ú)1ú11 11ú11≠{{Ôﬁﬁ
cZú91ú11î11å)1 ssk!!c)!Ñ))å11å))ú)1å11î11ú11î))î))î1)ú11î11î11Ñ1)Ñ)!î1)å1)å1)å)!ú11ú11î11å))å1)ˇˇˇˇ
{1){!) s))Ñ11ú11î1)
91åZZΩµ {sî11•11î1)å11
11ú1)î11î11î1)ú11ú11å11ˇˇˇˇ cccckkRZZckkRZZkkkkkk{{{úúúµ
kkkåÑÑskkcZZcZZccZZZRZZRZZZcccZRZcRZcRZZZccckÑÑåcckcZccZZkZZkZZZcZZZZZZRZZRcccZRRkkkîîî˜ ssµccµkk•cc≠Ñ{Œ•úÁ÷÷˜ÔÔÔ˜˜Ô˜˜˜˜ÔÔŒŒﬁ÷Œ÷Ωµﬁ∆∆÷ΩµÁ∆ΩÔ˜Ô˜Ô˜ˇÔ˜˜ˇˇˇ˜ˇﬁ∆ŒŒ∆∆Ô∆ŒﬁΩΩﬁŒ∆˜ÔÁ˜˜ÔÔ˜Ô˜ˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇ˜˜Áµ≠•91ú91å1)å11•ZZ
kJJsRRsZZåss˜ÁÁˇ c!!s)!
)!î1)î91úÑ{ú99ú99î11î91å11å91î91î11ú1)ú91î11î1)å1)î91î))ú99å91å11ú11î11å1)ˇˇˇˇ {1)Ñ1)î))ˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇΩîîc!!s)!
))å1)å))î1)å1)µúî÷ 11•11î))úB9î1)
11ú11î91å))ú91ú))î11÷ΩΩˇ ZZZccccccRZZcccckkssskkk•••≠
sssîîîΩΩΩ≠••{ssRRRZZZZRRZZZZZZcZZZZZZZZcccsksåÑÑcccZRZcccZZZZZZZZZRRRRRRcccccc•••Á JJú11ú11å1)î))
kcs))Ñ1) 11å11îcc≠≠≠
99î))ú11ú91ú1) 1!î1)î1)î91ú1)î1)ú91ú99µåÑ•{sî))î1)å))î19˜ˇˇˇ
s!!{!! 11î)1ˇˇ
c!!s)! 1)å1)î11î19≠{Ñ∆ΩΩ
11î91å11î11î11 11î11î1)ú11î11î91î))Œîåˇ
{{{RZRcccccccccZcZcccckc{{{≠≠≠Ω sssúúúΩΩΩﬁ÷÷ÔÔÔÁÁÁΩΩΩåååcccZZZZZZcccZZZcZZcZZcZccZZZZZcZZcZZcZcccckkk•••Œ
19ú11ú91î91å11 {s{))Ñ!!
91å)!ú99•åå kkî99î11ú99î11
91ú19úB9•kc∆•úﬁ 99å91î11å)1ˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇ≠åîc!!k)!{))Ñ))å))ˇˇˇˇ
)1å11Ñ))î99åZR ))ú91î11ú11î1)
91î11ú11î))ú99î1)î11≠kcˇˇˇˇ RRRZZZZZRZcZRRRRZRZcZcccsss•••≠
{sssss {{ÑÑÑîåååååµ≠≠≠≠≠ﬁﬁﬁ˜˜˜ˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇ˜˜˜ˇˇˇˇˇˇˇˇˇ˜˜˜˜ˇˇ˜˜˜ˇˇˇ˜˜˜ˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇ˜˜˜ˇˇˇ˜˜˜ˇˇˇ˜˜˜ˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇ˜ˇˇˇˇˇˇˇˇ˜ˇˇ˜˜˜ˇˇ˜•ccî11î1)î11å11
11Ω {
{)){)! 11å11Á÷
{{Ñ19{)) )1ú19ÑÑ{ú
11î1)î1)î11ú91 11ú11ú11ú99î))î1)î91Ñ91˜ˇ˜ˇ
RRRRRRRRRRRRJRJRRRJJJZZZsssîîî• skkkkk
RRî91ú1)ú11å1) 11•JJÔŒ
RRî11Ñ1)å91Ñ1) 91åBB≠≠
1)î1)ú99å11ú11 11å11å)1Ñ1)å11å11ú19å11ú•úΩ
99ú91î))ú11ú91 91ú1)ú91å1)ú11î1)Ñ1)å1)ˇˇ˜ˇ
ZZRBBBBBB)1)111))))))!!!!!!BBBZZZcccsssskkkkksssåÑÑî ZZZZRRkkkååå
19î91å)!ú91î11 99Ñ))úRRΩîî
ZZÑ11Ñ))Ñ1){)!å))î91åBB•úî• 11î1)î11î11Œúî∆îîŒúúŒúúŒúî≠cc{1)î11
))ú99å))î91î))ú11ú))ú1)î1)î11î))î11îRZ≠••∆ 11î1)ú11ú))î11
))ú11ú11î91î11•91å1)î))ﬁŒŒˇ {{{RRRRRR999999)))
cZZkkkcccRRRZZZZZRRRJckccccccccZZccccccåÑÑcccRRRccckkk{{{ååå• BJú11î11ú11ú))
99î11ú11î11ú11î11î11Ñ))Ñ11{))å11Ñ!!å))å11ú91î11å11•BB•åîî {î11î1)ú91ú1)î99
))ú99å11Ñ11å11î91î))î11ú11ú99î11Ñ1)Ñ1)å91ú1)ú1)å1)ú99Ñ11•ÑÑ• 11ú91ú1)•19î1)
11î1)î1)å11ú11ú91î91î))Ô÷÷ˇ ZZZ999111!!!)))199
!!!BBBcccBBBJRJkkkZZZBBB111 JBBJJJBBB111JJJZRRJJJJBBcccZZZsss{{{îååú
RRî)1å91ú11ú1) 11î91î91î1)î1)î1)î11å1)å91î11î91î1)ú1)î))î11ÑBJÑ{{åÑÑî
91î11å91î11å1) 99î1)î11å11å91î11ú11å))å11î)1ú99å))ú11å))î11î11ú99Ñ99ÑkkÑÑÑú
99å1)î1)ú11ú11 1)î11ú11î11ú11î11ú11î1)Œ••ˇ
sssBBB)))11111)999BBBJJJBBBB99!!! )!!ksk)))BJJZccsss99911)
)))BB9 999)))!
111ZRRZZZkcckkk{{{ååå≠ {s{sksskkkccsckkckskssks{{{{{{ÑÑÑÑ
sssssskkkssskkkssssssÑÑÑå {{{ÑÑÑ{{{ÑÑÑÑÑÑîîîúúú•••úúúúúúîîîÑÑÑ{{{ssskkkkkkkkkssssss{{{sss{{{{{{ÑÑÑÑ
{{sZkkkskskkkss{ks{s{Ñs{{{{ÑÑ{åîå {sîBBú11î91å1)î11å))å1)å1)î11î1)ú11ú11å1)å1)å))ú91îBBÑRRsssss{kss{{s{{skkk{s{scskksskss{ssssÑ{{åååú
{Ñ{ÑÑs{{åccå11î)) 1)•99å1)ú11î1)ú91î))î1)î1)Ñ99cRJ{RR{JJåRRåZRsJJ{BBsRJsRJkkcZkcå{ÑÑÑå
1)å9)î11•99î1) 91î11ú91å1)ú11î11ú1)î1)÷ú•ˇ
kccBB91))991911BB9JJBZZZRRRcZZZZZZRRBBB999)!!!! 111!!!999sssB99)))
111!!! !!!!!!
911BBBZZZkkksss{{{úúúµ {îccåBBÑ91Ñ))Ñ11{)!Ñ))Ñ)){1)s91sJBcRJsRJsBBÑRJsJBsRJsJJsJJkZRskkskkîÑÑî
{sÑZRåJBÑ91Ñ)) 11å11Ñ))s)){B9sBBkRRZZZsss{s{ÑÑÑÑ
cZîccåRRåRRsBB{RJsBBÑRJsRZkccsksÑ{{s{{{ÑÑÑkcåJJú9Bú19å))å))Ñ))Ñ91sB9kB9kJJ{JJ{JJsJJkJB{JJkJJsZZskcskkkkkÑ{Ñ{ccsBBÑBBÑ11å1)å1)Ñ)!Ñ11s)!{99sB9sJJJZZckkckk{ÑÑÑÑ kk
JJå19ú))ú11å1)î91å))î11Ñ))Ñ))å))î19Ñ))kBBJRJZcRcZR{RJåBBÑ91Ñ))î91å11{))s)){99kBBkZRZZZskk{ssk{s{ssîkkÑRRåRRÑRR{JJsJJ{BBsJJkB9å91î11å1)ú11î)!î1)ú1)å11î)1{99RJJBZRZZZ{ZRsJB{RJÑJJsJBkB9kJBc99kJJkccksssÑ{úúúµ 19î11å91î))î11
1)ú11î))•99å11ú91î1)ú1)÷úúˇ BBB111911BBBJJJRRRccckccskkkkksskskk{sskkkcZZJBB
!!!kkcRRR))) BBB!!!
)))!!!JJJZZZsssÑÑÑ• JJú19î)1Ñ11Ñ1)
11{)){1)s))s)!{!!Ñ11s))Ñ)1å)1å11å11Ñ1){))å11î11å11sJJZZRZccskcÑJJî99å))Ñ11Ñ))Ñ)){))Ñ11{)){))s)!{))s11{11cBBRZRZZZÑccå19ú19î11î11Ñ11Ñ11{))å))î)1î19{)1kRRZZR{RRÑ11å11å))å11{!!{)){))Ñ1){))Ñ))Ñ))Ñ!)Ñ))Ñ))Ñ))å11Ñ11å11Ñ)1{99ZJB{RRî11å19å11ú11{))s)){))å11{!!Ñ))s!!{)){))î)9s19cRRccZssks{s{skåJJî91å1)î91Ñ))å11{))å11{))Ñ)){)1î11s11cJBs99î19Ñ1)å11Ñ))Ñ)){)){)){)!{)){)){))Ñ)1{9BcRRcZZ{ZRå99•19ú19î))å11å11Ñ11Ñ))å11å))î11å1)å91{)!å91{1)å))Ñ))Ñ1)î11k9BZJJ{11ú11ú99î11ú)1î)1å11å11å11Ñ!)Ñ19åJJ{skåååµ ))ú91î91ú91î11
91î11ú11ú11î99å1)ú91ú11ﬁ••ˇ JJJ)))191191JJJRRRcccskksss{{{ÑÑÑÑ{{ÑÑ
!!!ZZZ! )))111
BBBZZZ{{{ÑÑÑ RRú11ú11å1)Ñ1){!!Ñ11s!!k!!c!!k!!k!!c
k))c!!{11s!!{!!{)!k! s))s))
)1Ñ11k11sBBå11ú11Ñ)!Ñ1){)){))k!!k!!c!!c!!c!!c!!Z! {))s!!
))s11kB9{1)ú11å1)å1)Ñ))Ñ)){)!s)!k!!s! s)!å11Ñ))å91
))î11Ñ)!Ñ9)s!)s))k!!k!!c! k))k)!c)!c!
1)s)!s))k)!{)!{))Ñ11Ñ)!å1)Ñ))Ñ)){)!k1)c!!k!!Z k!!s))k!!s))k!){)){)1cBBBJBsRJî)1î11å11î91Ñ!!Ñ!!{))s))k!!s!)s))k)!{!!å11Ñ11å11å1)î1){11{))k!!k!!c
c!!c!!c))c!!s!!Ñ)){1){91Ñ11î))î!!î))å1){)!{))k)!{))s)!Ñ1)Ñ))å))Ñ)){)!Ñ)!s))k!!s)){)!{1)Ñ1)î11î11ú11å1)s1!å))Ñ))s)!s)!s! 1)Ñ11{)){RRÑ{{îúúΩ
{ú11î11î91î1)î1) 1)î11î11ú11Ñ)!î1)î91ú11ﬁ≠≠ˇ
111111999JJBRRJccckkk{{{{ssåÑÑå kkkZZZ
ccc111 111!!!!!!RRRZZZ{{{•••∆
99î11å1)Ñ)!{)!s)!c!!Z c!!k)!c!
s))k!!k!!k !Ñ))s)!å11
))î91Ñ!!å1){)!s))k!!c!!Z c!!k!!
))Ñ!!Ñ1)å))î1)å)){1)s))s))c!!Z)!c! 1)s)!Ñ))
))å91{1){1!s) {!)s))k!!R
Z!!R!!Z!!Z !c)!Z!
k!!k)!c!!c!!{1)Ñ))å1)å1)Ñ1){1)s))k !Z!!Z!!Z!!Z!
c!!s))s!)k!!{99{11î11ú11å1)å)){)!s!!k))c))Z Z!!c!!{11k!!å11å)){1){)!k!)c!!c!!Z
Z!!c!!s)!Ñ11å11î))å1)s)!s))s!!k!!c! k)!{))
)){1)Ñ11{))k!!s!)k!!k) s)!å11å))å1)
1)î))Ñ1)Ñ))s))c!!Z s!!{)){)!å9Bsskîîîµ
cZî11ú11å1)ú11 ))î11î11ú99î1)å1)ú91î1)î11ÔŒŒˇ
JJJ999111999JJJZZZkcc{{{{{{åÑÑî ZZZÑ{{JJB
ssskkk !!!JJJ
999ZZZsssååå {î99Ñ1)Ñ1)Ñ1){1)k!
c!!Z!!R s!!Ñ))î91å)!
))s)!s)!R !{JJîss•îå•ååú{{sRRZ11R
s!!s)!{))î11å11s))s!)k k1)s!!{))Ñ1)Ñ!!{!!Z)!k99îkk•åå•
{kkZ99B k!!{))s!!s!!s!!k))Z))sJRî{{•åå•
sRRZ91B k)!Ñ!!å11{)!î11{!!s!!Z!!J)!c99{RRkJJR)1J
Z!!s!!s! {))s!!c
sJJîss≠îî•îåú{{sRRR))9 {)){!!{11å11s))k!)k
k!!k!! )){11s))k
k!!k)) )1ú))å))å11Ñ)1s!)c!!J
Z!!k)!s)!å)1skkåååµ 1)î))î1)î91î11
11î11ú11î1)î11î91å1)î1)î99ÁŒŒˇ BBB111BJBBBBRRRZZZsssÑ{{ååÑú
111RRRkkkÑÑÑ 91å)!î91Ñ)){))s)!k99µ•úˇ
k!!k)!{)){)!Ñ1){))s11•îåˇ kJR9!!J
!R!!s))Ñ)1{11îcZˇˇˇˇ {RRJ!!s)){)){11{))k!!îZcÁ∆∆ˇ
k!!k!!s11Z!!úkk÷∆∆ˇ {)){)){))Ñ1)k11Ωúîˇ
s!!k!!k)){)){99≠îîˇ R!!R!!c
{!){)) ccˇ
sRRR)!c)!k))ﬁŒ∆ˇ Z!!{)1
)1Ñ))ú11î19˜ˇˇˇ R!!k!!{))å)1kkcîîî≠
1)å1)ú91î11ú99 11î91ú11î91ú91î11î91ú99Ñ11ˇˇˇˇ
JJJ1119BBJRJRRRcccsssÑÑÑå !!!)))cccZZZ{{{îúî∆
BBú))å9)å))å!!k!!µîú s))s!!{)!{))úccˇ˜˜˜
{!)k!! ccˇ
c!!s!!{))s))•{Ñˇˇˇ k!!s11
c!!s))s!!î)1ﬁŒŒˇ k!!s))k!!åkk˜ÔÔˇ
c!!k!! )){)!î))
))ˇ {)){)!kskååå
ksú1)î91î1)î11 ))ú11å1)ú11î1)î1)î1)î11î1)•RRˇˇˇˇ
kkk999111JJJZccsssåÑÑå !!!!!!ZZZZZZsssîúú≠
JRú11î91å9)å11k91÷Œ∆ Z!!{))s!
c!!s)) {{ˇ
Z!!k!)s!)•ssˇˇˇˇ c)!k)!s))úkc˜ˇ˜ˇ
c)!c!! Z!!k!!
1)Ñ1)Ñ1)î19ˇˇˇˇ s)!{!!{))cscîîî•
19•9)å1)ú11î11 19•19ú91ú11î91å))î11î11î1)Ωkkˇˇˇˇ
JJJ111B99111JJJ{{{ÑÑÑå skk9991))sssŒ∆∆Ω
kkkB99{{sîåå ))î91å1)Ñ))Ñ19
k!)s!){RRˇˇˇ s)){))
s)){)){BB˜˜Ô c99Z!!c!!k)!îZRˇˇˇˇ
c!!s!!{))å))å1)Ñ))ˇˇˇˇ s)!{))kkkîåî
91î1)î11î1)î11 1)î11î1)î11î1)ú91å1!ú11å11÷≠≠ˇ
RRR!!!!! ))!))!JJJsssÑÑÑî
kkk999kkkÑÑÑ∆ skkkkc
kcc911{ssúåî BBî99î1)å91{))∆≠
Z!!s!) s99k)!{11s))Ωîîˇ
Z!!k!! ZZˇ
k!)÷µµˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇ˜ˇåZZc!!s))s))≠ÑÑˇ R!!ﬁ∆∆ˇˇˇˇˇˇˇˇˇ˜ˇˇ˜˜˜{JRk!)k!!{))s!!k99˜ÁÁˇ
R!!Z!!k!!s))Ωúîˇ sZZÑZZúkcs)){)1Œ≠≠ˇ
k!!c!! ssˇ
s!!{)! cZˇ
c!!k!! c!!s)){)!î11å1)å11ˇˇˇˇ
k!!k)! 1)ckkîîîµ
RR•91ú11î11ú91 11ú11î11ú91î11ú99ú1)ú91î1)î19Ô÷÷ˇ
BBB1119B9)))1))ZZZ{{sååÑ≠ BBB!
)))))))))191kkkîîå∆ cccssk
sksZZZ RJJ)))sss))){ssîîî•
11Ñ))ú11{))úkc˜ˇ k11s)!{)!Ñ))Ñ))å99Ωîîˇ
!c!!k)!{!!î)1å11Ωååˇ s)){)!
11{))µssˇˇˇˇ !ˇˇˇÔˇˇˇˇˇˇˇˇˇˇˇ•ÑÑc!)Z))Z!!c
c!!k!!s))µúî s))s!!s))åBBˇˇˇˇ
k))c!!c!!c!!åBBˇ˜Ôˇ c!!k!!{))å)1î1)Ñ))ˇˇˇˇ
k)!{))kkkååî ))î1)î1)î11î1)
11î1)î11î1)î11î11ú11î1)î1)•JJˇˇˇ˜ 9999B9RRRZZZkkkåååî
!)!)))!! 111))))))!!!JJJJBB999999åååÁ
{{{cccZZZ{{{ú•ú≠ RRÑ))
99î))å)1ﬁŒ∆ sRRZ!!{))Ñ1)Ñ))å91å11å)){))îZZˇˇˇˇ
c!!Z!! c)!k)!{1)å))å11å11Ô÷ﬁˇ
c!!Ωîî∆úú∆îîµúî≠ååÑJJR!!c k))s)){))Ωúî
c!!c!!Z RJÑRRÑRZsJJÑRRc!!k!!{)!úcZˇˇˇˇ
c!!k!! Z!!s)){)!î11å1)å11ˇˇˇˇ
k!!k)! 11ckkîîî≠
kkî11ú1)ú91î11 11î11ú91î11ú11î11î11ú11ú91ú))Œîúˇ
kkk999111)))RRRskkååÑî kkkccc
!!!)))111cccåååî ssscccZZZååå
11î11î))î11•RR s)){!!
))î11å))å)!Ñ)!s)!k1!∆≠≠ˇ k!!Ñ))î1)î1)
))î11Ωî k)!{)!
1)å))å))å1)Ωîîˇ k!!Ñ)1{))k!!k!!c
k)!s!! )1ﬁ
Z!!k!!{))å))å1)å))ˇˇˇˇ s)!{))kkkîåî
))å))•91î1)î11 1)î11î1)î11î1)î11å))î11å1)ú11Ôﬁ÷ˇ
{{{))!)))11))!!JJJ{ssååÑî {RRR)))
!!!!!!!! !!!)))111
{ssskk{{{{{{{{{ccccccÑÑÑµ c!!k!!
1)î11î11å)){1)k)!k)!c! c!!s)){1)Ñ1)î11î11î1)≠ssˇˇˇˇ
c)!s)) 1)å11ú99å))•kkˇˇˇˇ
k))k)!s)){))s!!c!!{JJ•ÑÑΩ c!!{1)
))å11Ωî c!!s)!
))Á c!!k!!
k)!s)! 11å1)å11ˇˇˇ
k!!k)! 1)ckkîîîµ
RR•11ú91î1)ú11 11ú91î11ú11î11ú91î11ú99î1)ú99•RRˇˇˇˇ
JJJ999!!! RRRsss
!!!999sssîîå ccc999BBB)))
{Ñ)))111))!1111))ZRRsssúîú≠ sså))
11î11å11ﬁ÷÷ Z!!k!!s11Ñ)!î91Ñ1)Ñ11{))s))Z
k!!s1)k! {)){))
11å11Ñ))úZZˇˇˇˇ c!!k!!s11Ω•ú
k99s)!{))å))å)1∆úîˇ c!!s)!
))Á s)!Ñ))å1)Ñ))
k)!{))kkkååî 99î1)•91å1)î1)
11î1)î11î1)î11î1)î11ú11î11ú99Œ≠•ˇ BBBBBBJJJZZRccZ{{{Ñ{{úúîZZZ
!!!)))191 999{{{
kskkkk {ÑÑccc)))999ÔÁÁ
cZZ))!))!)))9111)1ZZZÑ{{•úúµ ZZú91
1)î91Ñ))ˇˇˇ !{))Ñ9)å)!
))˜ s)!{11
))î1)å))•kkˇˇ˜ˇ c!!k!!
11î))ú11Ñ))•ckˇˇˇˇ c!!{RR
kBBk!!{!!{1)å11å11µîîˇ R!!c!!s)!s)!˜ﬁ÷˜
c!!k!! c!!s!!
11å1)å1)ˇˇˇ k!!k)!
11ckkîîî≠ 9Bú91î1)ú91î1)
91î11ú11î11ú91î11ú11î11î1)å1)≠BBˇ˜Ôˇ 111999999RRRkkk{{{åÑÑî
JJJ!!! !!!!)!
!!!JJJ{Ñ{Ω kccZZZ9991))999ccZ{Ñ{úúúµ
RRî11 11å1)•ZZˇˇˇ
s)!Ñ)!å1)ú)1 Z!!s!!c!!ﬁŒŒ
c!!s!! )){)){))•ssˇˇˇˇ
sRJZ)!k!!úZcˇˇˇˇ c!!k!!{1)k!
Z!!s19 s))Ñ)!{)!{))Ωúúˇ
k!!k!! {!!s!)
s1)å11ckkî cc•11å)!ú91î))
11ú1)å1)Ñ))•99ú11î1)î1)î1)å1)ú11∆îîˇ JJJ)))111)))199cccÑÑÑî
ccc991 !!!!!!)))!!!))!JJJccckkkååå÷
sssZZZ{{{•≠• JJú19î11
9)•cZˇˇ k)!{))
1)å11ú19Á÷Œ Z!!s1)s))÷∆∆
c!!k!!{))k!!÷Ωµˇ c!!k))k!!{))Ωúúˇ
c!!≠ÑÑˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇ∆µµ≠ååÑZZZ))J c))Z!!R!!B!!c))Z!!k!!s)!{))Ωúîˇ
c!!k)) c!!k!)k!)s11ˇˇˇˇ
ssZ!!s))úccˇˇˇ k))s!)
JJˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇ•îåR!!s))s)!î11kkkúîî∆ 99î11•99å))ú99
11ú91î1)ú99î11î99î11•91î91•99îB9ˇˇˇˇ {{{191)))
!!!111kkc{{{îååú 111BJB{{{•••÷
RZR))) 1))911JJBJJBJJJRRRkkkÑåÑ≠
ZRú))î11å1!≠kk s)!Ñ1)å91å))
s!)s)! ))µ
s))s!! ccˇ
Z!!Z!!{JBåRRÑZRÑRR{RRk19c!!c! J!!Z!!Z))≠ksˇˇˇˇ
k!!Ñ))å)1{{súî )1å))î91ú))ú91
))ú11î1)•99î11å11Ñ))î11î91ú91î!)ﬁΩµˇ 9B99B9BBB999RZRkkkåÑÑî
))))))111191ZZZîîîŒ {{{kkc{{{•••
kkkRRR999))) 1))911911111111RRRkkkîîåΩ
cZú11î11î1)≠cc {))å1)Ñ)!å))
k!!s1) 11å19ˇˇ
k!)s!){))úccˇˇˇˇ k!)s))
J!!˜ÁÁˇˇˇ˜ˇˇˇˇˇˇˇ˜•îåR!!k)!s!!k))≠îåˇ Z!!{!)
{)){)! ccˇ
c!!s)) s!!Ñ))î11å{{
BJú11î91î1)•99 91î11î11ú99ú11ú)1å1)î91ú11å91ú))µZcˇˇˇˇ
)))111BBBZZZZZZkskåååå !!!!)!!!!)))!!!)))JJJZZZJJJJJJsss÷÷÷ˇ
{{911!!!!!!!!!111JJJsssîîîΩ ccî11î91å)!•JJ
k!!{)) 11î))å11Ñ11å11å11Ñ)){1){))k!!c!!Z
s)!k)!{1)å))÷≠≠ˇ kJJZBB{cc÷Œ∆
k19s!! 11{)!•ccˇˇˇˇ
k)!s)) sRRkBB{cc÷Œ∆
!•Ñåˇˇˇˇˇˇˇˇˇ˜ˇˇˇˇˇîcck!!ÑJB ZZåRR∆µ
cRRkRRkRRcBBZ!!Z {{ˇˇˇˇˇˇˇˇˇˇˇˇ˜ˇˇÔﬁﬁåkkkJJcBBîkk˜ÁÁ
{RRc)!s)!{)!•ccˇˇˇˇ c!!s!)
sskJJîss sJJk!!s!!î11Ñ19îåÑ≠
RZ•11å1)î1)î1) ))î91Ñ1)î11î1)î1)î))î11î1)ú11î11î11ˇﬁﬁˇ
ccc)))!!!999111ZZZsssÑÑÑî Zcc111
)))RRRccc••• {{{kskccccccskkúúúΩ
kkú99î11î9)î11 s!!{)!
11å)!î1)å1)î91Ñ1)Ñ))s)!s)!c k)!c)!{)){)!Ñ1)úBBˇÔÁˇ
kks))Ñ)){))Ñ1)•ccˇˇˇˇ c!!s1)
11ˇ {BBˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇÁﬁﬁﬁŒŒﬁŒŒ˜˜˜˜ˇˇˇˇˇˇˇˇˇˇˇ˜ˇˇˇÁÁk!!{))
k)){!! k)!{1)
91•ccˇˇ s))s!!
c))s)! ))å))ÑRRúîî
ccú11å!!å))≠99 11î91î11å91ú11î11ú11ú11ú11î11å11•19Œúúˇ
!!!999ZZZÑÑÑ {ssîîîµµµ∆Œ∆∆∆∆ΩΩΩ•••{{sBJB)))
!!!!!!)))!!!!!!111ÑÑÑ˜ s{sssskkkkkkcccsssúúúŒ
c!!s)) ))Ñ)!å)!å11å)){)){!!k))R
{))Ñ!!Ñ1)î)) ZR˜
{{s))Ñ)) ))Ñ1)Ñ))≠ccˇˇˇˇ
Z!!{!! 11úJRˇˇ
{))µúîˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇ˜îcc{!!Ñ!! c)!s!!{))Ñ99Ôﬁ÷ˇ
99{)!{))Ñ1)î))•ccˇˇˇˇ ZZk)!s)!{))ﬁŒ∆ˇ
kkk!!Ñ1) ))å))åss≠≠≠
{ú11î9)å1)ú11ú11 1)ú91î1)å))î91î11•91î))î1)î91î99•RZˇˇˇˇ
JJJBBB999)))111kkk{{{úúúú 999RRR
cccBB9)))9B9 !!!))!
999111)))111111BBBsskåååµ c)!{1)s)!{)){))Ñ)){!)÷∆Ωˇ
k)!Ñ))î11î11 11å99˜∆
ccs))å)1 1)å1)å1)å1)≠ccˇˇˇˇ
c!!Ñ)){))å11úRZˇÔÔ 19Ωúúˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇ˜ˇúkks)!å))
)1Á k)!Ñ11s)!ú11å11Œ••
{99Ñ))Ñ))å1) 11î11•ccˇˇˇ
Zck)!{1){!)Ôﬁ÷ˇ {))Ñ))Ñ11î11
99• 11å9)ú9)î11î11
99ú1)ú11ú1)•91å91ú91î1)•91å91ú11ú9B˜ÁÔˇ JJJ999JJBRZRccZskkÑÑ{ååÑ
!!!))))))111BBBksk•≠•÷ {{{RZR{ÑÑ
s{sJJRBJB! ))!!!))!!1)1)))RJJkkkÑÑÑ≠
11å91å)!ú11•RR s)!c!!{BBˇˇˇ
c11Z)!k!!Ñ1)å!!ú1)å)!î1)î1)úZRŒµµˇ s{Ñ))Ñ)!å1)î))
1)å))å11î))≠kk˜ˇˇˇ c!!s)!s)!î1)ú1)îB9Œ•îÁ
11Ñ))î11îBB÷••ÔŒŒˇˇˇˇˇˇˇˇˇ˜ˇˇˇˇˇ˜˜ÔÔ÷ŒµÑÑÑBB{)!å1) 1)å1)∆Ñ{∆
{{{))Ñ)) ))Ñ))å99î11•JJ∆•≠ˇ
ZZå11å))î1)î1) 1)å1)ú1!úJBŒúåΩ
{BB{)) ))å11Ω{sﬁ•ú
ccÑ)1åBBﬁµµˇ˜˜˜ˇˇˇˇˇˇˇˇˇˇˇ÷∆Ω•cZÑ1)s1!{1!ú11Ñ1)úkcΩΩΩŒ ))î91î1)ú91ú11
11å))ú91ú11ú11å))î91ú)1î11å))î91å11ÁΩΩ˜ 999BJB111JJJccc{ssåÑÑú
{{{BBB)))!!!!!!)))111191111!)!111111111BBBîîîΩ {sZRJJJJ999JBBZZZsssîîîµ
sså1)ú91î11ú99 B!!ŒΩΩˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇ˜ÔÁR!!{!!
))î11å91î91ú99å1)•11î91ú11å))î11úBBúJBÑ))å1)å1)å11Ñ)!å91å1)ú99î1)å1)î11ú11≠ccˇˇˇˇ {1)Ñ1)ú11ú11
1)î1)å11Ñ))•JRî99î11å)1î11å!)∆úúˇ s!!Ñ1)î1)î11
11ú)1î19å11úBBú99å)!î11å))Ñ)!å91î91Ñ))î11å1)î11å11î99Ωúîˇ B!!R!!c!!{1)Ñ!!î11ú11ú11å1)ú91î1)î1)î1)î11å91îBBÑ1)å11î1)å1)î1)î11î))ú1)ú11î11î11î11{!!{))s!)c))c
!k!!k))s))Ñ))å99å))î91î11Ñ11å))å1)î11î1)î1)î11µZRÑ11{))å)1î))î91å1)î1)ú11úRRΩµ≠∆ kkú19î11ú1)î11
11î))î1)ú91î11ú91ú1)ú11ú11ú91î1)úB9î1)÷úúˇ ZZR!!!))!)))111ZZZÑ{{åååî
ZZZBB9!!!!!! !)!!!!
!!!)))!!!!!!111BJBRRRcccckks{Ñµµµ {{{kkkkkkúúú
11î1)î1)å))≠kk J!!J!!B
s!!Ñ))Ñ1)åJJ 9Bî))î11•11î1)î1)î1)å))î1)î1)î11å1)î91Ñ1)ú91ú1)î11å11å1)î9)î91î))≠kkˇˇˇˇ
k!!s)!{1)Ñ11î11î))å1)Ñ1)å11î1)ú1)Ñ1)å91Ñ)!å1)∆îîˇ {)!Ñ)!å1)î91
1)å1)å91î1)ú11å1)å1)å1)î91å))å1)î))å11î11å11î11î11å))Ωúîˇ {)!Ñ)!î91î))
1)å1)å1)î1)•11î11å1)î1)î11î1)å1)å1)å1)î9)å91å1)î99å1)î99ú19ú11Ñ))Ñ11s!!c!!J Z)!s!!
!)å11î1)å1)î11Ñ1)å1)î1)î1)î11î91å1)ú91î))î1)ú11î91î))î1)ú11î19Œ≠≠÷ ZZú99î1)î))ú91
91ú11î11ú99î11ú11î1)ú11î1)ú11î1)å1)ú11ΩÑÑˇ ZZZ999991!!
ZZZåÑÑåÑÑ•••ZRRBBB RRR111!!!))))))))))))111))))1)
199J9BJBBBBBJJJccc{{{úúú∆ JJú11î1)å11î1)
s))k)) ))î91å11îåÑ
JRú19î11 1)ú91î11ú11ú11ú91î1)î1)å1)å91ú11ú11å9BΩÑÑî11ú91î11î11≠ccˇˇˇˇ
{RRc!!k!!{1)å))å19î)1•99î11ú1)ú91å1)î11å91î1)ú91î1)Œúúˇ c)!Ñ))î11Ñ1)
99î1)•91î1)î1)î1)ú99ú91ú99î))î11ú19ú19î19•19î11•99å11ú99∆úîˇ 1)î))•99Ñ91•RR
))ú11î1)ú11ú11ú91î))•91î1)ú91î1)•99î1)å11•RRú11î11ú19å)1úZRÔ÷ŒÔ {RJc)!k1){))å11å11î91î11ú91ú11ú99ú11î11î11î11å1)å1)å11•11î1)î91ú11úRRŒΩΩÁ
RJî1)ú11î1)å1) 11•))ú11î99å))ú11î11ú91î11î91å1)ú91î11≠skˇˇ˜ˇ
BBBBBBRRRZZZkkkÑÑÑú !!!111BBBckc•••ﬁ
kkkRZZ sssZZZJJJ999!!!
9≠ŒBBB)1)1))999999kkkÑÑÑ• )1ú19å))•99å))
sJBs!!s1)Ñ)!î))ÑZR≠••Ω ccî11î))ú91å1)
1)å1)å1)ú91ú1)ú)1úBBµÑÑﬁ 19î))å1)î))≠cc
{)!s!!sB9{kcîRRî19î)1•11ú11î11î1)ú11ú11î11å1)∆îîˇ RRc!!Z!!{))î19ÑBBå11ú11ú))•11å1)î1)î1)ú91î1)î11î19•BB≠s{ŒúúåBBî11ú))î11î))÷•úˇ
s!)s)) 11Ñ!!î11å11úÑ{≠µ≠
kkî)1î)) 91î1)î1)î11î1)ú11ú1)î)1≠Zc≠îî÷
1)ú91 1)î))•ZZˇˇˇ
ZRk!!k!!Ñ)!å!)å99î11ú11î)1ú19å))ú11ú11•99ú11ú11ú11•91î11î11úBBΩúú÷ BJî1)î1)ú1)ú91
11ú11î1)å1)å11î11î11î11å))î1)î))î1)î))úZR˜ˇÔˇ ckc999999BBBccckkkÑÑÑî
!!!)))))))))111111RRRåååú kkkRZRcccΩΩΩÁ
c{Ñ191)!))!!999kccúúú≠ kkú11ú99î11•11
BBÔ {{{))s)!î91î1)ú9BúúîΩ
ssµcc≠Zc•cc∆åå∆úúﬁŒŒÁÔÁÔ˜Ô˜ÁÔ˜ÁÁú19•99î91î11≠cc ZZs))k)!s1)Ñ99ÑÑ{îîî
kk≠ccúZZú11î11 11ú)1Œú
ZZk!!Ñ11{!)ÑBBs{súîå≠ {Ñ≠ccµckµcc≠cc∆Ñå∆úúŒΩΩÔÁÁ˜ÔÔÔÔÁﬁ∆Ωî91ú99î1)î99ŒúîˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇÑ11{))å))
11åZR•î ssµckµck•Zc∆îî∆••÷ŒŒÔÁÁﬁÁÔﬁÁﬁî11ú1)å9)å91≠kk
ccs!!Ñ11 ))Ñ99{ccîÑ{•îî
ck≠ZZ≠ZcŒÑÑ÷••ﬁ∆ΩÔÔÁÔ˜Ôˇˇˇˇ˜˜ˇ˜ˇˇ˜ˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇŒîî≠9Bî11î91î1)ú91 11ú11å11å91•99ú11î11î91å1)ú11ú1)•11•11≠ZZˇ˜Ôˇ
{{{11))))111191JJBkkkååÑú sss11)
!!!!)!!!!!!!!!!)))!!!)))!))RRRs{s≠≠≠Ω JkÑúîîsssskkccccZZåååµ
9Bú19î11î1)ú11 )1Œ
JJ{)){))å91Ñ))ú11•ssµ∆ΩŒ {11Ñ1)î1)î1)
ccˇ Zc{)!Ñ)!{)!å9BÑÑÑ•
19î)1î11î11∆îîˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇîZZs))s)){))Ñ99ÑÑÑ• 11ú91ú11å))Ωkk
11Ñ1)î11î11îcc 11ú9)å1)î11≠cc
ccs1)Ñ)) 11s99{{sú•úΩ
RRú11î))•91î11 1)î11•11å11Ñ11ú11î1)ú1)ú91å1)î91ú11î))å11≠ccˇ˜˜ˇ
kkkBBB))! !!!JJJsssîîå
RRRBBB !!)1))))!))111))))))BJJ÷÷ŒsµŒ
!÷˜kå•ÑÑ{{s{kckcccZZZúúúµ 19î11î9)î1)î91
)1îJJ÷µ {Ñs)1s))
1)å1)î11ú11úcZµ∆Ωﬁ 11•91î1)î11≠cc
Zc{1)å)) 11îBBåú
19î11ú11î1)∆úúˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇúcc{))å)! 1)îBB{îåµ
))å1)î91å11ú11 1)î91å11î))ú11å1)ú91ú1){9)•Ñ{µΩµ
91î1)ú11ú11≠ck ccÑ))Ñ1)å))åBB
9Bî11î11î91î1) 11å11ú11î)1•11•11î91å1)î1)å1)å1)ú11•99î11µÑ{ˇˇÔ
BB9JJJBBB991ZZZs{sîåå≠ cZZ
)))ZZZ RRR11)!!!
!!!!!!!!!!!! !ΩÁ1JB999911B999
J!!scZ 99î19å11î11•99
11î11Ñ)1•ccΩÑÑŒ {îJJÑ)){!!
1)Ñ1)å1)î1)î))îRR∆ΩΩﬁ 99ú99ú91î))î11
)1î11å))å11å))å)1î1)ú11å1)îJJµ≠•∆ )1î))î91ú91å))
11å))å)1Ñ))å)1å))î11å1!î91åJJµ≠≠Ω kkî))î1)å1)î1)
1)î11ú))ú11å1)å1)î1)≠99å1BŒΩΩ∆ 11•11å1)•11å))
)1å))î11å))å11å))å11ú91î1)åBBµ••Ω {sî11≠99î))å1)
91ú1)î11ú11ú11ú99å))ú11ú11å1)î1)ú91å1)ú11î))∆ååˇ BBB991RRRZcZckc{{{úúî≠
RJJ )))!!!111)))BJJksk∆∆∆Ô
sskkcc sssRRR999!!!
JÁÔJŒﬁ1Rk)1191))99B119 BBŒµµˇ˜˜ˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇﬁŒŒîBBú11ú11å11å1)
1)ú99î11ú11î))î11å11å11å))å1)å1)•11ú91î91î11ú11úkcŒŒ∆ﬁ ssî11î1)ú99ú11
91î11î11å1)î11å11å91î11î11úÑ{∆Œ∆ {{•19ú11å1)î11
11î91î11î11î11î91î11•1)•11•Ñ{∆Œ∆ JJå11ú91î91ú91
11î91ú91ú91î))î11å11÷ú•Á {ú11•91å91ú91î11
91î11î11î11î91î11å1)ú11•kkΩ∆∆÷ JBå11î11ú11î11
1)î91î1)î11ú1)ú99å))ú11å))å11•99î11î))•11å11Œ≠≠ˇ JJJ)))111111JJJkkkÑÑÑî
RJJ))! 111JJJBBB999JJJÑÑÑﬁ
BJBB9J991999RRRZRJJ! {)){))
ssú)1ú11î1)ú1) 1)î1)•91ú91î1)î11å1)î9)î1)î1)ú11å1)ú))úBB•ÑÑ÷
11ú11ú91ú91î1) 1)î1)î1)å1)î1)å))•19å99∆∆Ω÷
19•)1î))î1)î11 1)î11î1)î11î1)î1)•))î99∆ΩµŒ
JJå19î11å11î)1 19î!!Ñ))úkk÷∆ΩÔ
11≠)1î11î1)ú11 1)î1)î1)î1)î1)î11î11îBBŒΩµ∆
ccî91•))•99î1) 1)î1)ú91î11ú99ú11å91å))≠99ú1)î91å))î11å1)•11ú9Bﬁ∆∆˜
9B9!!! !!!999s{sååå
Zcc))) 111JJJccc{{{úúú∆
{{{sssRRJJ k)!s))
11Ñ))úBJﬁµµ ccú99î1)î11î1)
91ú91ú11î1)ú99ú91ú1)ú))å91ú99ΩååŒ 99ú99î11ú11î1)
91î11ú99ú99î11úJJÁΩΩÁ BJú19ú99ú11ú91
11ú91ú11ú91ú11úRRŒΩµÁ BBå11ú99ú91ú91
1)î11î11ú99ú91úJRŒµµÁ 11î11î1)ú11î))
11î11•11•11ú91î11ú91î11î11î1)•91ú11ú91ú1)•19•ZZÔﬁﬁˇ ZZRBBB999
999s{s 11)ccc
ckc991 !!!!!!
!!!!!!)))))) JBBJJJJBBJRR9JBB))B!!J!
s)!î1)ú11î)) )1≠ccÁŒ
kkîBBî11î99å11 11î))î11úJJµssΩ•úÔ
RRî))î91î1)ú11 1)î91î91ú11î))ú11î11å1)å))ú11î1)î91å1)î1)ú11ú11Ω{{ˇ˜Ôˇ
RRRBBBRRRZZZccc{{{îîî≠ 111)1)191ckk•≠≠÷
ZZZJJJBBBBBB111))) {{{11191)B11)911119!!J!!R
c)!s1) 1)î)!î11î11ú99î11≠kcˇÔÁˇ
RZú11ú91î1)î1) 91•11î1)î11ú91î1)î11î11î91å11î1)î91î1)å))ú99î)1îBB÷≠≠ˇ
kkkBBB111BBBRRRksksssúúú• )))!))!)))))ZZZîîîΩ
cZZZZZú sssZZZcZRﬁﬁﬁ
ZRR! 1!!)1)111cccZ99c
!k!!Ñ11å1) 11å11ú11î1)î91î1)î11Ω{ÑÔÁÁ
kkå)!ú99î11î11 11î1)ú1)î11ú11ú91î11î11å1)å1)î11ú99å1)î11å1)î11î)1µkkˇÁÁˇ
JJB!!!))))))111cccÑÑ{úúî !!!!!!)))
))!)!!)))BBBÑÑÑΩ {{{ckksssRZZÑ{sîÑ{s99Ñ!)î99å)1î91î1)ú11î1)ú99î11ú11ú19∆ÑÑ˜
kkå11ú11å1!ú9) 11î))ú11î11î11î1)ú11å))å1)î1)ú11ú11ú19î11å)!•99•11•99ﬁ≠≠ˇ
BBBBBB))) )!!kkc
ccc199 )))BBBRZRJRRZZZ≠≠≠ˇ
{{kkkkkkccckccÑ{{ú••Ω )1ú19ú1)•91î1)
91å))å1)å1)î91î))î11Ω{sÔŒŒˇ kcî91î1)î))î11
11ú91ú11ú11î))ú11î11î11î11ú11î11î91î1)ú91î1)î11ú)1ú11µkkˇÁﬁ˜ JJJBBBRRJRRRRRRkkkåÑÑú
)))JJJ ZZZ)))
!!!!!!!)!!)!))) 11)11111)111911JRJkkkîååΩ
ckú11å1)î91ú11 11î11•99å1)ú91ú11ú91î11∆ks÷µ≠ˇ
RRú11ú99î91å1) 91ú11ú11î1)ú91î11ú99å1)î11î91î99î))ú91å))ú11î11å))ú11úRRÁ∆Ωˇ
ZZZBBBJJJccccZZsssååå≠ !!!111111RRRÑÑÑ∆
sssccckkcúúî skkRRRJBB)))!
)))))!111)))1))JJJs{såååµ JRå11å11î1)î11
1)î1)ú91î91î1)ú11î)1•19•JJ∆îîÔ 99î))ú99å))î1)
11•11î))å11î))î11î))î11î))ú11ú1)•11î))î11î11ú1)î11å)1î99ﬁúú˜ {{{BBBJRJZRRkkk{ssúúú•
{{{B99 )))111199999ZcZRRRJJJBB9kkkŒŒ∆˜
ZZZRRJBBBRRRRRRZccskk•úúµ 9Bú99å1)î11î11
91î1)å1)å1)ú91ú11ú99î11î99∆ÑÑÔ ccî11î11î11ú11
11î91î))ú11î11î19ú11î91î11ú11ú11≠99ú11ú11ú11î91ú1)ú11î11ú19Ω{{ˇÔÔˇ BJBRRRZZZccc{ssîîî•
{{ZZZ!!!!!!!)!!)) 111)))!
!!!911JRJksk{ÑÑúú {ss{{{Zcc{ss•úú∆
{{ú19î11î11ú1) 11î1)î11î1)î11å))å1)î11ú11î))•RRŒúúˇ
99ú11ú1)î11î1) 91å1)•11•1)î1)å))î11î11ú19î1)î11î11î11å))î11î11Ñ))å)!ú91î))µckÁ÷÷ˇ
RZRRRRZRRkcc{ssúîî• )))!!!)))!)!!)!)))!))!))
999ˇ˜˜ÁÁﬁBBBB99B99911BBB999scksssú••∆ 19•11î91î11•11
11î1)ú91î1)ú91ú11ú91•11ú11å11µccﬁ••ˇ JJî11î11ú99î11
11î11ú91å))•91ú91î91î91ú11î11•99å1)î1)î1)î91å1)å1)î))•99ú11ú99µkkÁ÷Œˇ JJJZRRcccÑÑ{îî
sss999B99991))) !!!))!
kkkˇ˜˜÷÷Œ)))1111))999)))BBBkccÑÑÑú {{î19•19î11å1)
))î91î11î1)î1)å)!î11•91•99î))î))å1)Ωssﬁ≠•˜ RRú)1ú)1ú11ú11
1)Ñ1)î91î1)ú11î1)î11î1)Ñ1)å1)ú11ú11ú99å))ú1)î1)úB1î1)î1)î11å))å19ΩkkÁ÷Œˇ ccZRRRkcc{{{úúú•
sssZZZsss∆ΩΩ ssscZZ
111RRRckcååå 99•99î1)ú91ú1)
91î11î91î91ú99å1)å11î91î91å1!î11î11µccﬁ≠≠˜ RJî11ú11ú91ú11
91ú1)î91î1)ú11ú11î11å11ú99ú11ú1)ú1)ú1)î))ú91î11ú91î91å9)î1)•91î1)å99µ{sÔ÷Œˇ ZZZcZZskkîåå
cZZBBBcZZ••ú {{skkkcccúúú
JRå))î11å)!ú91 9)î1)î1)î1)å1)î11ú11•91î))î1)î11î1)î1)•RJ∆{{Ô∆∆˜
skúBBú91î1)ú91 11î11î))ú91î11ú11î11ú11î1)î11î11î11î1)ú1)î11ú11î)1ú11î11ú11î11ú11î11ú11î99ΩÑÑÔ
cZZkcc 999)))RJJ{{sµ≠≠÷
{{sskcZZ{{{•••Œ kk•99î)1î11î11
91î1)ú91ú91î11î1)•11ú11ú11î11ú99ú99ú11ú11î19≠ZZ÷úúÔ Zcî99ú11î))î11
11î11ú11ú99î11î11î11ú91î1)ú11î))å))î11ú11ú11ú11ú11ú91î11ú91ú11ú91ú11ú11î11•JJ÷••ˇ cZZ{ss
999)!!! 111≠≠≠••úúîîBB9sss
{{skkcccZRRîîîΩ 99ú19ú11ú11î1)
11ú19ú99î)1ú)1ú11î91å))î1)Ñ1)å1)å))î))î11î11å))µZZ∆ååÁ RR•11å1)î1)î1)
91•11•11ú1)ú91î1)ú91î11î11î))î11î1)î11î11î11î11ú11ú11î11î)1î11å1)å1)å1)î11å)!å11≠skÔΩµˇ sss{{{
1119111))skk•úú≠ 11)
sssîåå!!!ZRRJJBÑ{{≠≠≠Œ ZZî11ú11å))î11
11î11î))ú11î1)î1)î1)•1)ú91î91å1)ú99î11î1)î))•99î))î11•JJΩs{ŒúúÁ kkî9Bî)1ú19î1)
11î91î9)å1)î1)å1)î91î11ú11î1)ú11î11î11î))î11î11ú91ú11ú91ú11ú91ú11ú11î11î11î11ú99î1)ú11•RR÷••˜ cZZZZZ
JJJJBBJJJ999µµµå {ss)!!
911ﬁﬁﬁccZ!!! {ccc
{{{kkc ZZú1)î1)î1)î91
))î11ú11î11å1)î11î1)ú99å11î11ú99î11î1)ú11î1)ú11î1)ú11î11ú91úBJΩss÷úúﬁ ccú9Bå))î11î)1
11ú11ú11î1)ú91î1)å1)å))î11î11î11å))î1)î1)ú91î11î11î))î11î1)ú11î1)î11î1)î11å1)î91å1)î11î)1≠19î99∆åå˜ {ssJJJccc{{{úúúµ
JJJJBBcccRRJîîîî RJJ111991µµ≠Ω
BBB! 111111
111JJBÑÑÑ JRú99î91î1)ú91
91ú11î11ú91î))î)1î))ú11ú11ú91î11î91å91î91å1)ú9)î1)ú11î1)ú11ú99î99å11•RRµkk÷îú∆ ccúJB•99ú11î11
1)ú91ú11•91ú11ú11î11î11å1)å1)å1)ú91ú11ú19ú11ú19å11î11î1)ú91ú1)ú91î11ú91ú91ú99î11î11î))î91å1)ú91î))•19•BB∆åÑ÷ {ssssskccÑ{{åÑÑå
{{{kkk•úúΩ kkkcZcB99111ÑÑÑ•
999÷ŒŒîîî)))ssss{s!!!sss•••Ω ZRî1)î1)ú11•99
1)å))î1)•99î11å))å)!ú91î11î1)å1)ú91î1)î))ú1)ú91î11î1)å))î11î))ú11å))ú99î)1î))ú11å)1µccΩkk∆îîŒ ccΩksú11ú11ú11
11ú11ú11î1)î1)å1)î11å1)î11å1)î91î11ú91ú91ú91î1)î11î11ú91î1)î1)å))î11î11ú11î11ú91î11î11î1)ú11î11ú91î11î1)î1)ú99å))ú99•JJ∆ååﬁ ZZZJBJ1))ZZZúúúú
999!!!îîå∆ BB9BBBîîîBBBccc≠≠≠Œ
{k{1)ú11 11å1)å91î91•11å9)å1)î11î11ú99î11î19î19î1)å1)î11î11ú91î))ú11ú99ú9)î1)úB9î91î91î91å1)å))î91î1)î11î1)î91î11ú11î11Ñ11µkcµkcµkc≠kc≠kkÁ•úŒ
sk≠kcµkc≠cZ≠ZR B9î91î1)ú11î11ú11î11ú11î11ú11ú11å9)å1!î91î1)ú91î1)ú91ú11å1)å1)î11î1)ú11ú11ú99î11å9)å1)î1)î1)ú11î))ú11î11î91î1)î11î1)ú11ú11•91î1)î11î11ú91î11î1)å))•B9µRJΩ•úÁ
{{{ÑÑÑåååµ≠≠ZRZ999BBBÑÑÑ ZRR9991))Ñ{{∆ΩΩRRRB99åååZZZÑÑÑΩ
RRî99î11ú19ú11 91å))î11å1)å1)î1)ú1)ú11ú11ú1)ú11î)1î11å11î19î11å1)å1)å1)î11î11î11î1)î))ú91å)!ú91å)!î11å1)î91ú11ú11î11ú91î11å11å1)å11å11î91å))ú11î11î11î11î11î1)î11î1)î11î1)î11î1)î11î1)î11î1)î11å1)î11å1)î11î1)ú11ú11ú11î))î11î1)î1)å1)î11î11î11î1)î1)î1)î9)ú11ú19ú11ú99î11î11å11î11å))î11î11ú91î11ú99î11î11î))•99î11î91å1)î1)î1)î1)î1)î11î11•JRΩ{{ﬁΩΩ˜
skkÑÑÑ•••îîî{s{•úú÷ŒŒΩΩΩﬁﬁﬁﬁﬁﬁÁÁÁ˜˜˜ÔÔÔˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇˇ˜ˇˇˇˇˇˇ˜ÔÁ∆ΩΩåÑΩZZî)1î)1ú11ú91 11î11î91ú1)ú1)ú91î11î11î11ú99ú11ú11ú1)•99ú11ú91å1)ú91î91ú11î11ú99ú11ú91ú11ú11î1)î11î1)î11î1)ú11ú1)•11ú11î11î1)ú11ú11•11ú11ú11î))ú11î11ú91ú11ú11î11ú91ú11ú11ú1)•91ú11ú91ú11ú91î1)î11å1)î11î11ú91î11ú91ú91ú19î)1•99î))•99î))•91î1)î11å1)î11î11î11î))ú11î1)•91•11ú11î1)ú11î1)ú11î))ú11î))•99î11î11î)1ú99≠JJΩåÑ÷
ckî99î))ú11ú11 91å1)å1)å1)î91î1)î1)å1)å1)å1)î1)î11î91î11î91î11ú99î11ú11î11ú19î)1ú11î11î11å1)î91î11î11å))î11î11ú91î1)î11î))î11å1)î11î11î11î1)î11î11î11î1)î11î1)î11å))î1)å))î1)î1)î11î11ú91î1)î91î11î91î1)î91å))î11î)1î11î11î91î11î91ú1)ú91î1)ú11î1)î11å1)î11î1)î1)î1)î11å1)î11å))ú91î11î11Ñ))≠ZZ∆ååﬁ
ccî99î)1•19ú11 11î))ú91ú11ú91î11ú11î1)î11î1)•99î11ú19î))î11î11î11î11ú11î11î11î11î99å11î11î11ú11î1)î1)î1)ú11î1)ú91ú91ú11ú11ú11î11ú11ú11ú11î11ú91î1)î11î1)ú91ú91•99ú91ú)1ú11ú11î))î11î11î11å))ú99î11î11î11ú11ú11ú11ú11î1)å1)î1)î1)ú91ú11ú91ú11ú99ú99ú11•99ú19å11µccŒÑÑŒ
ss•RZî11î11å)) 11î))ú99î11ú11å1)î91å))î91å))î11å1)î11î1)ú91î11ú11î1)ú11ú11ú11å))î91å))î91î1)î1)î11î1)î1)î11î1)î11î1)î11î1)î11î1)î11î1)î91î1)î11î1)î1)î1)î11î1)î11å1)î11å1)î11î1)î11î1)î1)î1)î1)î11î11ú11ú91î11ú11î11ú91î11î11úBJµck∆îî÷
Zc≠RZå)1ú91î1) 99î1)ú11ú91ú99ú99î91å1)î1)î91ú91å1)î1)î91ú99ú91î11î11ú91ú11•99ú11î11î1)î11î11î11î1)î11î11ú91ú11ú11î1)î11î1)ú91î11î91å1)å9)î9)ú91î1)ú91ú91î91î11î11î1)î11î11ú11ú11å)1•BJΩss∆åÑŒ
{{•cc≠ckî91î91 1)î91î11î1)å))î11î11å11å))å11î11ú99î))ú)1î1)ú11î))î11î1)ú11î))î11ú11ú19î11î11å11î11å))å11î1)ú91ú11ú11î))ú91î11î11≠ZZµkkµskŒîîŒ
ss•ccµkc≠kcµkc ccµkc≠kcµkc≠cc•cc≠kkΩÑÑŒ
Naomi click here and write a clever titles
Transcription of interview with Michael Starbird on November 5, 2012.l
Douglas Goldstein, CFP Times New Roman
Financial Planner & Investment Advisor
Michael Starbird is a math professor at the University of
Texas in Austin. OC ccasionally,
he is a visiting member of the Institute for Advanced Study in Princeton.t
He is also the author of the book called
Times New Roman The 5
Elements of Effective Thinking Douglas Goldstein, financial planner & i
nvestment advisor, interviewed Starbirdi Arutz Sheva Radio.
Douglas Goldstein: In your book,
you give the tools that people need for practical decisions. My question is in real life when
people have to make real practical decisions related to their money which is such an emotional
issue, how can they improve in that? Michael Starbird::
We wrote this book, The 5
Elements of Effective Thinking
, with the idea of trying to get to the essence of what
kind of strategies a real person can use to make better decisions and in the case of dealing
with money, one of the most fundamental questions that I always ask is
what is the real question and t his is a really
basic ques tion. F
or example, is making more money the real goal of what youíre after or
is it that you want to get something from the money and is it possible
that just making k more money is not the right avenue to getting
what it is that youíre actually seeking. To me, F
one of the essential questions is just asking what is the real question and that can .
guide all kinds of things from individual decisions
about for example investments and financial matters or in life matters themselves.
What sort of surprising to my co author F
and me about this is that we actually use these techniques ourselves in everyday life.
In teaching a class, weíre trying to say can
we really get those students to understand better
whatís happening then sure enough we use these methods.
Douglas Goldstein: When someone wants to figure out what the
real question is, heís s probably actually blinded by what he thinks
the real question is . How do you make that
paradigm switch? Michael Starbird:e
Of course, this is the real challenge. All of us are biased and we
have to just first of all
accept the fact that all of us are living in the parable of the
Emperorís New Clothes. I think we all live with it. T
he reality is that we all see things l that arenít there. t
We see things that weíve been taught over many years to believe this is
Grizli777 _PID_HLINKS
http://www.profile-financial.com/ http://www.profile-financial.com/
http://www.amazon.com/Building-Wealth-Israel-International-Investments/dp/193268784X http://www.amazon.com/Building-Wealth-Israel-International-Investments/dp/193268784X
http://www.israelnationalradio.com/ http://www.israelnationalradio.com/
http://www.profile-financial.com/ http://www.profile-financial.com/
Root Entry 1Table
1Table WordDocument
WordDocument SummaryInformation
SummaryInformation DocumentSummaryInformation
DocumentSummaryInformation MsoDataStore
MsoDataStore L»»¡NÕÿD›ƒﬁLƒŸT€MﬁJ0QA==
L»»¡NÕÿD›ƒﬁLƒŸT€MﬁJ0QA== Properties
Properties CompObj
CompObj <b:Sources xmlns:b="http://schemas.openxmlformats.org/officeDocument/2006/bibliography"
xmlns="http://schemas.openxmlformats.org/officeDocument/2006/bibliography" SelectedStyle="\APA.XSL" StyleName="APA"/>
<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<ds:schemaRef
ds:uri="http://schemas.openxmlformats.org/officeDocument/2006/bibliography"/> Microsoft Office Word 97-2003 Document
MSWordDoc Word.Document.8