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ac pe. yxaepc ye ay


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8.4. TOPOBE OPEH X B

 

pa o apco ocpeo, ooy poecc ee pao a oyy poay peycapae a aa. Bo-epx, o oyee paa o ea poepo, oop ca c ooopo oe o aoe opyee. Bo-opx, o eee poepo a peo p.

Ocyecee opo a peo, peypyeo cxo pax peoaae ae exao ee opox opye a oyy aao a poay poecc opa. Ha peo pe x oopee a oyy poay opaoao ee opeeee caap.

Texoo peo opo e yaa peoaae, o ec cpoc oopec coaco paa pao p opo opyee a oyy, a peoe ao a poay ex ya (aao a poay).

Copee ecop ee oooc a paoopae opye coey poepy o ae ceo c e yaa, opyc a pe. Topoe opye oac o aaye peoo opa, o poecce eo.

pa, oope ope opooo opye, o opea cpy ea epe poepa, ocyaa ecy opo. Oaoc poepa o ce yaa, coepaec e, a oo ye co eo poecce peoo opa.

Topooe opyee oe oop oe ecoe o pecoe o (e), e ooop c poepo, oop oe o a aa a pe. Oao, o aa coe, e oe peoca apa oa popeaex ex ya. Ta apa oy pecaee poepy pocoo ece a oy cyy ce o epecee a ce poepa cy opeeeo poee o cy ce. a cya ec aoo oe cooaa poepo, ec e e o co oaeca, o ope poepy eyeo cea (c pao pacope) a cyy, cocay opeee poe o cy ceo, opyaex poepy eee oyo. oo ae peoca poepy ape a oy cyy ce cpaxoo oc. Oao ca e cpeco pacea ec aoca apa, coepaa eycooe oaeco aa oa ce eo aoeoc o epoy peoa poepa. Taa opa pace e oeae acoe pecypc oopoa poepa eo ea acao pae pe coep .

Ec e apae poepy opooe opyee c yaae poa ee ya, o oopeeo o oe apa poepy ca ee ya, peaaee poa, coxpay paccy (a-epey pyooee a yxaepo). Pacca coep oaeco a ee ya o epoy peoa poepy pyoy y, eey oepeoc o poepa.

Texa epea pex opox opye eca paoopaa: oo ocooac ycya ypepa, opa aaoe co o oe, oca aepey eepay eec, cooa eeac. Ec ec aocoacoa oye, oepa epoecy cy ao o eeoy ce oepo c, o ooo a ye epeaa opa coey poepy. ecop oe opy poepy e oo y e e ee ya aoee peoeoo, c o pe ea, o ooop ae yco, p oopx oa cococ cea. ooy ec a oe coepa eoxoy opa poepa. C e yceo peaa paa aa oa coepa py yaa.

B e opeeec opooo opye, yaa a ooee ea cee a oyae poaa (aa peoee), yaa oep ooopa, o poepa, eo ya, ee ooe aeoae, oopoe yppye ypcoo eee. Kpoe oo, ec ya opyc o cep, a, apep, 0a ocyapceoo cepeaeoo aa, ceye yaa cep. oaa ay a a, eoxoo yo ee aeop, apep poca pepoaa a. Ec e ee ecoo yco oa, oaeo yoec o yca eo ya, yaao ae. Oe-ee x pacope e cyao. Oee pao o acco cea co a eyx oox pax pa coco o, o pea aa ecea a cex pex pax oo eca, eee oopoo a oaa. oce ocex pex opo eyeo eca oa epe cy. Ec poep oy oe aa, o o oe oopeeo oya o ee ya poaa pye ooe e-oc.

B e oo yaao oeco ex ya, .e., opeee oe a. B c c accae pao o paac a: a, oopx yaa o (lot od); ap ex ya, ac ee ceo, oo co a eo o (odd lot); oe oeco a, eee e ceo, apep eee 100 a pa a oyy ecaapo ap ex ya. Kopea ea oa, paea a pe, aaec acoo, opoo epo.

B ao ae oe opeee cpo ee coe: eyee aceae p, epeoc cpoo, yco poe x cpoo ce (accoa cea co, cpoa cea opap; oo -o, oo y).

Oao e cea oe e cpo ec opox opye. Paccapa acca pao o pee ec opooo opye, oo e:

pacopee, ecyee o e;

ay, ecyy oy ee;

pa, ecy o oea coe cee eo cpoa op pa;

o op ap.

aa, oeae coe eee , opo o epea, aa, oopx e yaa cpo, cac e. B oe o ex ope aa ocac ce o ex op, oa o e coe . poep oo opaa cpo ax aao paa, ecec eoca , a ae cpaa cox eo, ea e po cpo. pa a oe ap oy ee a oe pe paoeo , o yy oe acoo o o pee ap p, acoo oo yco ce. pa, oc p op, oe eee ecox y oce op p ee ccey peoo opa o opeeeoo, cpoo cpoaoo aca. Ha eoopx pax opoe opye a popeee a, cae c peaae paa aoepa a peyeceoe popeee ooex a p yee ycaoo aaa, oo ecy eee ceo epoa oc a a.

Ec e cea cpoa, o oo aa ecea o a eye a ce, ,e. eyeo pacea, ec yac ce e opa cpo ec coe a oee pae ao. Ha eopx pax cyecy ce, apep a a y-poay o epoy oceey ypca ece eee ooo acea p.

Ba ycoe ao a ec ypoe e.

pa accpyc o y:

po pa;

pa, opae yco;

co-aa.

eo pao opaa opey cpae ea a ooo pe.

Ec e opyae poepy y poa opeeeoe oeco ex ya o eyey pooy ypcy, y poa opee ee ya a cpoay cyy o ycope poepa o peocae pao poepy ecoa paax ycaoeo cy, oca op ex ya, x oeco, apaee ce, ey a ycopee poepa, o poep ee pao pa ey c pa, .e. o ay ay a poy. Ec ey eoxoo y ee ya ex yee aaa eee eoo epoa, o eya ea e oe cyece aopo, oaec po pa.

poep o cyae ocapaec oy ayy ooy ey. p o o ee pao a, ocyae o op p, o ooc o epoy opyeoy ypcy, a a, oae xoe acea p, co c yeo oooc pa c oea ee ocye. Bce aa, e e e, cac po, c pyo copo, e, oop ee paocpoe e xoe oy oxo o epepoa ex ya, ycaaae eoo , .e, ey, o opo oa cococ cea, ec poep e coe oy yy. B o cyae o peaae poepy y ee ya o cpoaoy ypcy e poa ee ya o cpoaoy ypcy e. Tpyo oa, o ae aa yy coc cpay e o p a py, ooy o aocc y a aao.

Ec opye ypc e ycaoeoo ae a p poae e p oye, o a coc, opo e yaa ea ocyecec epepo. Oao aa ooe ocao opo e yaa ea, a oo x ea xo opeeeoo epaa. K aoy pey e peae o cyae, ec eae, o poep poaa eo a, o o ex op, oa ea cc o ycaoeoo o aae peea c e copae yo o ae e. Hapo, ec ea a pace, a ecop eae popec ee ya, o eo poep oyae x o oe, oa ypc eo ya coaae c -eo, a oopo e poc ocao oyy ex ya.

Oo ocoeoce co-aaa, aae oopoo pooo o pae stop loss opaee oep, ec oooc eo cooa xepoa o oox oep (yo) o oooo copae yao p. Oo pa pao c e yaa ac: He oya ee ya p cao coo ypce, a poaa p cao o. C oo co-aaa, , a eo ee aa, opoooo opye, e ycaaae co, pee eo a ypoe p poae aca p oye. Hapep, ec e y a o 90 e, pacca x poa o oe ee, oao ope eo pooa ypc a oe , o eo poep ee co-ey poa 88 e, a opao, e ae, o eo acae oep o ae ypca e yy pea 2 .

Topooe opyee a poay co-aa eo ya pepaaec pooe opooe opyee o oe, oa oa poaec o opyeoy ypcy, paoy oee oy e ea co-aa.

Ec cey coepae cpoy cey, pacca a oee ypca, ee ooop, o oopoy oy eca oe oca ee ya o 80 e, a ypc eoao eo oe epx, o eo poep ee co-ey oy 82 e, a opao, o opaae co oep 2 ea.

Aaoo co-aa coyec copae oep p. ecp, e eopy yay p, oopy e xoe pepa aoc, acoc, ooy, o paccae a poc ypca, ece c e cpaxye ce o ee oep. p ae ypca eo poep ee opyee poa a p oce ypco opoooo ae.

Hapep, ecop pope ee ya a 60 e, acoee pe peo ypc 70 e ec aea a poc ypca, yaa p cocae 10 e. Oao ec ypc yae o 68 e, po-ep poac ee ya, a opao, eooyea p e ye pea 2 e. Ceoaeo, ecoe e ea cea ope, ey e, o pa poc a po -, poep e oe yec x oo epe. ooy cyecye acca pao o ope pacope ( oco pea):

pa a coce op;

ca aa;

y pa;

pa a oee o oooc, ocaoe oe o oe;

e oa, e oa;

pa -;

pa c epeee, caaa ..., a ae . ce eo;

pa py o e;

pa po ae.

pa a coce op epeaec o cyae, ec ey poepo eo eo ycaoc oepee ooe e oaaec a ae poepo oyp oooo pa. B ae ea oe yaao:

y opeeee ee ya a cpoay cyy o ycope poepa;

poa opeeee ee ya o ycope poepa. Ke oe epea cpeoe opyee, peocaee poepy pao ecoa paax opeo cy. pe o ocee cyae op ex ya, x oeco, apaee ce, e pe oe pae poep. Tao aa aec oaae epeay poepy cex ooo oac p ecox pee. Heopaee ooo pey coo aa eypeo peya poepa.

o o ae cpeoy opye ca . O peoaae, o poep co ea eee oo peo cecc p ceo o oye poae ex ya. oa e aa-ae pay, oopa oa ey ypco poa .

e pao opaa ooo poepa , o cyecy, pey o eo a ee oyp oooo pa yceoo opeee ypca pe poee ce.

y pa oae poepa cea cpec oy ey, yy, e ea opaeoo paa. pa, oee a y, oaae, o ea opaeoo paa e poo (p oye) e ( cyae poa).

Ec poep oy pa o o oooc, ocaoe oe, pa oec eeeo o ooc, o aco, a eoea ac oeec. Booa oee eca opa paa o oe. o pa coec ooc eeeo o oye, ae o oe oee.

pa e oa coep yaa o o, o opae o pay e ce a cyy ea cyae, ec c e yaa pooc ce e a eo a. pa e oa peec oo o a ea.

pa e oa opeeec a opae pa a oyy, co-pa a poay co-opae pa a poay, oop e oe oe a cyy a, oyaex e eo.

Key, acoc, peocaec pao oca acoc aee oo ce o ae eae . pa - peoaae, o aee oo ceo aoaec oee ce ocae aa. pa c epeee oaae, o pya o poa ox ex ya oe cooaa oy pyx. Hecoo ae opypyec, o o ey o ae pa caaa..., a ae..., oee oo paa ae peoaae oyy poay ex ya oceoaeoc, oaeo poepa caaa poa, a ae y ee ya aoopo. Hapep, e oe oea caaa coep poay, o e ee peep opo e yaa, a ae coep oyy. pa ce eo oaae, o poep oe y poa ce a, yaae aae, pee e e coacc c coee a. pa py o e peoaae, o e pe oe oeco ex ya yaax ae o o aaaoo acya.

pa po ae ooae ey opa ae poepa a aoc ce. oaac a ee o poepa, e o e pe opepye poepa a aoee ae ca epeaaex ey ao.

oce oye ao o cox eo poep ocyece pecpa (pe) opox opye eee x peo op.

peapeo ao opo, oopa a poeccoao e aaec po apoa aa, ec epo pecpa (pea) ao. B o pe poep aapye cya, caayc a pe, pocapae ce oae a, oc x oppe o apaepa, eoxoe c eo o pe, yoe coca opx pao. Oao ceye e y, o oppoae ao a y-poay ex ya ocyecec poepo a ocoe pao . O ecy oy oeceoc a cooece oax ao opye. coee ao ocyecec poecce peoo opa. Ec opeeee ocoeoc, oae poecc coe ao xoe peo cecc o peoo oopoa. oocc a, o a eyx pax pa ce ocoo oepac c e yaa, poe poeypy ca.

 

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