U a lth Atake in Cernfamey, “dhs _} mo Mable we J u - Kean 3 Unio (abrcady- deotdsd) te Cypinky 9 Rinicl d Cer dyuidled peucibusly ) fe a & can be Quen ir mer be Histo a bs gavunn invtstan 4) Nef loarwrs Se Mae ee ac a 2 Poosically dividinds Ua gentn al chor 9 pS Io owner , dn w pee Buse ps t ina ‘gation to Pup Ss Lo ye Lean. yee By ecto iy Uacorrd, Ge So it 1 Atty bo gt cus stable ohiriderd) halle gd 5 lig sree eae 2 uot iby. sealer hn Cerna tum 9 nied Ho eee cucuueds . i tay UD taa+ = Dividends in deuided by beard 4, douctovs , CEO ' es rasAnegetiect st: s vw goed Pracliae Le. qs Atwi dinda « Dividend pebiiy 9) a tonfany in to give Crab hy we Rn g dividind. Caividend 2 FF wmarer Ube, tu dnidemd polity duebla table me livtdencel, ee ae Um payer oy Leos» OT hart wise oie | la: dc aa ele 4p Uererage | eB teaic saan, 0A, A Bae DCppartt) besos Raking S 4 = Pe adh = 2) L, antes tomfonive monitns stare in Ordna ° re too 4 i Wt _\weady's wel [7] ows so en + 40. 4oFIng2 Ame) Br: [osin sestad. | 2 ae ae Sf asl stock. de pALclatio.te Suppor oe fs Gray ad tren qpad. ye aabings you nerd spencer eye = eetrage hi 6 A WBE Gilda Be DS Quan AAA ater - as ewrcallateiguig Cun alos. invent tines Aelia Saree : Shawloen Aen SP? pur allan > an infertnns Ute groan UE RET POT CLS teittvigrsss fo ary (Hear tu ae F 1 ae ty ety ee tee ae Fan inwuirequ laut dash ie laeae foe eRe rem Ban Pe of ane Patenterge 4 ashi Haran —— Iwo bpns Rawe ean dy ds 96 Lepenorgen ets _Askity avalos &o oa aw Sap a Pen ts m8 ale 9-9 7 dey legueed, ASK Stok a company 1 WA Ligued who fist OAs. a Dorp Utes, + Met a fot7 see (rn mauler. euee eve Tum CA al 2 aie drat vod matin 4 ploysits tn finance: ja Hi Sj wana ibs 100, tam pid tinue bonds cps engl PO Bonde inn bs! 10 bends - skote pats meet Aamdonalys Jn Maboas a a 4 OE eastern tenon ene ani) i p 4 alimramd + sere srnabiinity dead tnpertid nal 9 retuya and Se puneipls “4 Damclarnis in physics aXe © pace | purine vie Westasont BANS 6 bad tin ee Ure de frreding ak willl EL Borde or4 _sIrniler te Willa (110) oad need Ba ed piste epee dh ETP tas tom algo be bedid in na [et __ Man Rureratonrprocuss'' Seruettncge anorpeecd GIP ipo ill fall, Koowbbacng. wrdlsprtid till fare 3 Cas outed fe ce 1000 100 100 loo cf oe —— 0 1 De 3 é é be ate taeby WhO PE ty ea ol= peo fate J! | tooo. “W020. 100. Pircouvted Rote Band me ics fects dhe 79 Juba = [00 crfoaadng eemfeind ole BES Satine a ws Now aot LOO 0 nnd Sain $f Second ual ned eet EE aed trod mache cnartd © 9 galt nwo ted Suiniesled os ss = 100 > Pv foreio 7! oe See 8 : es yoo cee aegis ea toe a = Se Spy He alta iu ger 8 fe bend invests PN = [000 = Gotvogfo Riveter gang oe ee 1461 Ee £13 Ri oPecled, a auliiw + HS Can change 904 1900 t dS a an _EEBERAIG9) 28 5 set Be Co ex pected nel fx Disa His prours ip called ob DISCOUNTING: are ; An tadnd a4 discounted ee saetin dk fore Dis iy portant wine Cons. Cy kaiae PFT G ch A cee ews tong ves [16 tortater'e tov) te rote Stas aA poe = yiedd - Yl ye Pe, az ; ; Py = 190 sat loo. = Poa i Bond (48D! (Hae eee te = 1000 ar far = "Die cone fi LO Sie nelOn yoo Dic tountd Oi eee oa ae 24 yu pwer ue ge (100) > called confers i Witt pals | poufan Sate Seen == yind 7 0 fox (PY = Lexfon nc < yaks discount * 7 Couper 2 yuk de = Prem (obeve por) cexsfon mrency Hrgt Unt bond in acbeiolly Bussciy 6 an WsDument BeOS r ta cf : E a8 a Bo 04% yutd Te onaboaly pul aero hn gr at mad g tatu Colaba wstain baycing as onde trd maliruty price oo Coupon (ond i= ar mally pace melee io fotaued back . O aluraigs eaubide ab decal rate | si bya “brewing | Undirny appese pol Re loprds - ns Yay 4% 4 . ft with me Mou Rak, mo yrutd and wer oe Berd 19 fow Valu 100 “YBa « A Sand Digna Rati (eof dee et ee t ay le. = eee 3 ip! ey) 28 d 8 Ewa (ey) te en oe angi laa slat chaii expec) pevecer AO yied 2 (B) amd compareg gare '? 1) =5 oro nor geud i dumand polls (ele previ ate 4 yal ia one Biugrng. ip naprt $8" pi nee buyit pre Clositivg conwenitiy) Piel we mane spot ral (PV) Hiroughs mbree tA pra yields9 DEST > ps YEOT SEB — bord ne Ea -_| dylu Taxes, Une Bane aan ings (nit Urcome) thin 2 trowl Groowe Sratepentelrols tile ole Puce Coanivas Rods * we thant fur to Be Lod . 4 ays (ce apie IP@ 9 daar Turnovers Ratios 3 ane i etal a “pip, Blepinal) __tovacngs mys Bitty Qnfeuast, Tax, Deprciab'en ote Equal. lee. pi a me e pa tage Limtcrage nald trp Ask , Loud erdity Seor,gus e« = yD NET Pith Netra = pryital Roly © Hue Sneenet[ eo ew Re ¢ aay npn feet (Ein, Se Ee ee 3 Batuin » Net Wrens fa pis DYE 2 as on Sil Equity Volar SOM we \ & =9. bout Ordrndituas “yp Attu. 2 $49 low i. dalior y = eet keer) hod 15 OU. Cana ee aa _ So _uie conyars pat Corn Pamars. btn, 60. eps Scents (110 in Prac , Srvuge in siwranin_{ C9 tg, iealth on of fortes what dibtnaing NE 9 ns a Person ___ Se ini fs b Top Deum approach ' iret cx Wham ee es Distouwud Coal tou) * a ngs goed. OF nahera) tun apbu shesrtittog 9 et _ Sects (tile Prod? TT, fm6c) aud witlvin = Deh: q ewer oe a 4 thor cect whale Comfany's Seckes art ey 2 goed Da Hin waig, we can Aa 69 3 food : qv 6. our pores . a he LSP ch? Rutan trom Stamos (cael uss ) x Expected aotu f iol2 Abs oa wae covulatin’ bl 2 cnmfanmu Belongrvng oe» fui Wears © chs a Ds Sem fee. =. Pw (equity) Ite A 7 a “Pe i » Grperyr 10s Mgt Cosa EE kj atl Ev veal of capital > Devidunds Crrouyee eqully) S ti - . ULE trays Lowen corrtlalim, in our porstelie. ee @) 7 ; : be Lou sake + anor beret, oa ore ySRE. UE peas We Be Wa ye oe Kei cary equity = Sdiniind fig tee | Ky tes abst 1 inttus ts : 5 a SWp =n 100)h here conan ucanul(CePaes eas 2 contrat Bactecot 130 S protichaan aganreF fol MSE tT? DERIVATIVES #3 Slles Sa halsear pucabe etn Mary Dg (3mentie Fave palpi yew 4 op aes ¢ Ck Os TS ae ee 1 Eero? 1 Wate Birnzon (ie wace 8 e 3 31 Way | ——— SL agua ban) vo 70. Price fouls lo Smoriha Ty. + Temind patue al jp mrateraly feodod ba “oie eS Bayes By dyvurds frie wilt Hier by otgual™ : es Bimay ——7_—_Stesng : taskenity Gpidionr Pronto. 7 foi Vesipolio anapeel Cy (bo 7 (2D at Became Pree a 7 Stoda on farabsla ce Wl Ae dus te chimacte cond” Sani, oo ote 2 cow aa Haple Soleo, oy gt ag CRD p ares ce tour aunie Se c ee | AW Souk Pasifalinr alae as eae Tid ag ye ae ed War ah ta ee SS z ge 3 wont:Inet dun ee Who ays S$ cam KH am ers = Fie ED De prc will pS Se > Bullah Serre 4 ae oo i a up) — Wont Stock Pua to ra ots 3 pint Baap faye a 2 ar Pip lips eae ae 5 ee 3 eben de buy ef sy Buy 100 a What af tind 9 3 ments TF Seles pill ast Tos ell tye ey wheal af Sa te 3 mevties iene, Onno dapper ‘SS eer lear fod 3 merdins bor Selly Lexe £46 ee Se ‘buy si diate tie, sy. > govlu alee? Dectded Price Seller wills have de eel af |p iBuuyes ie Pore Sela) eats = mrad pA ce pppon @) loo 7? 90 ajty Smontts . Noe un elles bo happy bust buy bo not Actes + +10 24 © 10 Sipe rs 12 : = z3 > Sve , fnibig whee = it peated) Mnkamlip SU ree = tool A Quantity 4 ant E16co re hy panic dali eto aes ee Gude conte amr calls dunivetincy oe 0 aeJ trechamps bay Ana Cot gadim MGA Ae ie So Hu vy lr 46 eit ne Rao qupauur rick fr ] Pane Fae Pe et Jno OT maul Galtumadianion vil mat teks tg AEE OAM Fi _Cortyecet dr Adky aod GP clranncts eee ay Paswaad conbach hyfta 9 deal cettivoes B faxicifarnts — br Mneuluct * is ChDs _platporm = tw Sante Ban, = 1D hed you 2 buyer 4 odliw ont hedges shu sachs Conrad trappers. ees Sees hg laa ate ena etA O10 ber aie earn pout. (foutnd 92 Ere try Oind Hentat tart to badge els prcticl Hreynsebunts + Ditpaune bio Comrards + Purus re SPS 2) Cprcwlararg | Pople) foutine bre dare © ei ae ae aie SS Puaspesties about Prin ead Aaacery Stamdan dined, umcttnampenbte bbia) i ipa tndaetateactat aon ade by ee din) Ceratoru a = dod cipnih atlunily viant YS. azo axl =e a Kron 20th Vinal hae Piet. pouard meskot Burd in met nib a bnaranps = benspit prom mnispricarg en malk = ted, ek wll Qui ge back tp ~ Ktustomisatin can oxen oliseadun at ptt elt cele ee quidly. ge ba Fonamen gf dijantr for fowvaad mab more 9 ues eS at ES furtdamentale 9 rmbprnleumg.In Corh- bard You gu Wr bers amore” pepe ec 7 a sbeabees SF Yitk troaurt you gu mor alore Hedges gop AWinep pared eettyntnd vi preutaly ge 401 Carti= based ixetliertr I” > Tranuactign Coat dave Zo Be minimal 99/9 aa\o ee ead = vantage < take ad gf erbib-a phe: 3 ____ paint ctrat moms i bys | HU __~€3.- —_——— > Sreshionige Whanie hy papi cabled makin do Master “prours “(MIM) 4ebabt care spo dA e ye, wt rave Maes gig: Tramsparuncy pita io mou ia FUTURES. os Ath matunat 25 pad Herbig Cenha cl SF yom agua. t 7 * Gonially Iago go te jpooed ret dea 623 a raga plea eo A aprculstiy dus to siandortiicahin, yulorns es Siypss 9 mar punta. x ae oa eacin, aS e+ a am ae = i esis = OPTIONS. 7 type 9 lrirafire - t23) se — Fasire tunel b @-4M x=l00, g=120 Bury @ 100 - ye a On e +9000 9000. = Inagdiee : Gl4000- nar dee 1 FO bs oWEes es a @ 100 Margin cut happens 4 @1y Prom y Buyer's tov + Busge's prion. CALL OPTION weecbR an gin] 49800 ee fas fant 1, ull as obigaBion che 26th Buige quads To Be faid ESO 3 fhar-fec! S000 ae mi ’ a for cane 2 . deur => bury nad option Te vor buy X? oy /deetded pro. bse Citrin io gram bpeuyer POV Cmilaa om happen = ei Pam Fe glu 04 WL 3 Ruy? Sox | Prop: S>x | hen! Sx_f, a ee fi ee eat ea whw rn upvng. pasteottin ss eee 5s SO appirer lob pace: howswmtlip pe Sata alan ace commodikin Sling 4 2doe th ae e = - arora Dent paki tt ar X+ faemcur > Buys Copiers ane rig fo paras 08 WO Cy Stl Aer an eptiow fram sulLr's fov- E me ‘ | Aig ns =e G Put action - : = —— Siz ie oa whin $< sill Hy) $k v ehceRipts re a amis Wel sala as ford S29 Now buys cha an pbtiyateoin, Slur hos oo 3 = 7 : Lae As os Shy Stam fit feu ginntrast Ox wehers SXF. ; Bzcrsgehs Stondanr Q. Wa iorer Daa eae ssa = EO yea thc pptuoin in pestibts as trtf re oie : Sop G sue, oyU1 OPTION © qrom stlle's fov, buys wos ebbigalion Tao a Agri but mol an oletigah® to Z Sets ts HG option 15 a Caldas PUT option Stl 5 blugiing. prcleelion saad nst 3 Seem oon el prey buy in stig, pret chion- S put wll + will HU er umd a nebur ~ : Saad as Sock fa bes degen dries face Ei oFe8 aes S590 put buys oeucread He oplabas Fisk Pot EH OP HON i avotrsstoal fh ted Beet Cy eat, has am abligalion zo buup- the amdilyng sLLu Was ebligation Zo rele «Calon wide prumun) FAD io called call ofiew: 50 tu U0 incall hugs f cou eptio~ = Or in_an opti _potiig b talt bagel a a ae epliey~ a Cal wth pees: eee in ewrcind, Mas ofnm e i aca) : aa] ets . J e: = i derivotut eat _SINAPS =? youre ye 9 ct Ss eS ieee Se yee ae baad LS ea 8 : ; ‘ 4 s ~ = = ie en's max(6-) 0] -¢ mex [6-5 0 1=€ 95 Ze +5 oO Cent G9 ALC = aig) elo [ocmim=a aoe oo si et cu eu Pt Slur % S-9 iP . r= v c a = ee ; 10S 8 © 4 | © i ‘D = mox [[s-x olte [onax (a-3) © HRCOEN, Soa. aera a é a ag st aaa jo. +s 2S Sie th ih sch i hb : : € \ Nome Metro a0 oS 2S = i B,C > Bear'sh - IPB) D> prusrticallyy jo | Hs HS ae eS sie ‘ & si) Le porn Co Re > man lor = Prius Pret torent = 2) - Pe D7 max trait = femi oA anne ee ear = = Premiiimn = max broke. fubuyer (ODavapro ace Se ACm NCR Se tho cet vy tor b sock Pu md 9 open opts ort Hrerx pose com Pre D narcercd only m Plow dag snigin | Sines soda Pouce f De ay nal Jompry— _ ¥ pa J C2 ) Oo -1so > eqpral “Oa 5. ATM at Cr a. Cop open tat can br enuueieed BBs amystimny ‘p=I00, oid qreotu bor narma. _€ 79, foaghs Lipetinas in armnicnen 5 S7x ers TITM 2 Yq ar rrvorcige dur quel ye de _ gt = — Sete trent ein $/w) alpraze o 9 vig greats, his Prepati $ LemsHawng. an = Btn S Dexpin To og Boys Cy dap | fms ee friclauy.) ie coms writ : Reon. & 9 _enshain io Bumusdinn 6pliba: S2x mot wd 01M Os _y Hal_napatg 2X, but =- “ e DoT pinoy S22 dangh Jee CES endl ei bulla, Pre beri. 40-100 - g eke < = L a He in fox ou [s-*I Cay == moe: Anis wf. put [x-S] = 100 -50 —> DITM as - 40 | & too > IM = 100-95" ee loo loo —? ATM oy too - 105 | _ pany $ (oo-10 = 2 100-159 —7 DOTM ectnV) oose volatlily Pudluations im maket- (7) dif mogniluds B meyunrrrd 4 = (Sima fo Savrterd DerrioHor) Cans Mok io mau volat fh by PRLMIUM = Hoi? is Premaiurm Pui Coldated © TS 4g! SI > 10h amd S/ => 207 es L 5 12 Sr depends upon sbvilu_ pain option . be x= Wwe 4 X=190 howe hitter Ascii yurrd it Lae = 1s /- molalilitty cannot be tom tus only cobeutated, Put _Spbises = Call eptiein nes | weladtlf paca uyes four fink 2 2 ch: Prop & io ugh" but tors faterboad a= 22 Depnds upon ary Pu as ysill eS Lee: teu Polite! 2 vet dr, uk Profle 22 Valutiity ¢ waital (ejay es © perma io. pele ie Ms 3 2 P = 4) Muri fates furind options (1) 1 Sup (moe pray War can be gated, Mote Purim) Cal o se |e Is E,Mads IL, CER, OVO SD STOLL ea 2) fxtinate value | 160,19 od a ; 3 Pas £7100, X=!00, giteO. 0 Se ee ee a chnably eully ak $2100 _xz100_apbu 2 ments 9 ja Ce eae Hor muele prumumm 6D need 20 flag ta buy é JE mn - Or will te equal Yo 20.~ Han ie ool bran 0h 4 Pe atlesor 9D « er \ (Baxt a ie ealar fy SL peritlns a4 ws be Srna Prous mucbe 8 + aboret pay. z r = ee =/5e) Sf 9 Pruacinn of ase nor poet Saati, Sle =o Z ae ee open bums ppGew + Belews wht = = oe ABuampnien? Way cio prs oll And Ler el 9 want cto gel G jus oupands on ina el ree Soe =f st ow 9 often - Mou velalls, more onbiagte yroloe X2100 XZ100 a Premivim= 5 als Point OIL toamettin pavers aml Saas ne aL IY encenctsing (Ribs 0 Jru pruminnn ford by Ktond PX Whiners Orittrinatn depron Muebingcc ov re Tee 4 inital PADS (yD) ttn welerg Wl Aislin { voletdlle Y Cy OE sai gous & 9 804 Gr on Stok, mepry 4 olimrnnd Ba belt + gle Y open (aa connfarcd 8 Sif 9 ea Ouilsek D* Gaaresinty te PTY Bie TE salon WAH git oat Prager diviolind , Hus CU, We we and dunes 70 divyolind* _& i} _ourrfary Qivts dentin hom Aters ds Sor $0 if depends orm ngs ee eee = capoed Piss a Dx) S w Ressasen shows Poppa a. src nilk neat ing Seger = / ae US gf ditean -pigerd 25+ Ragne tng te JS fo ita s aol Jean nae . wall of Sal Nipue Buell Oot) opting) opens SS eee ep Se ee sje jo WD- Now oth LAV BE ; on = created M7100 9 a2 So mbes ouch eee AS ‘Mis aCe OMe oor SS 2 ps 1S 25 110-510 <2 SG none anad dors 8 ~S Buri “Crk 1D Puy a coll @ xB/005-C = TO. (a2) sel a cal @ X=N5 0 = +5 © Sy Spt astumpliow in aight, mtb MIS Cac? 6 Autty Pe bupiry 4 lun etlirg > pS haga become Sergrant Prac men pha cat vsill be nebliferd by ay Lents made on seeond coll Jourryore Woe oS be Sle matte = -5 [puttion sontimonr|S-}00 ,x7/100. mox Pall = 95, won't fall below War Pz jo, ip x2 fas ip K=85. a a is oo ee ee €& (frousts) (fur @ $2100 x=15> P= jo (! Sommer aa Kees, P26 (aecrine) S pePaunuum = —S Se i) CDH {0 toe too as Fo BS wo tb hp