7/31/2019 Aileron Market Balance: Issue 14

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Fjn~ze~y :" >

Ohj of {aj {~zj }{~jh`{a} of gy {a~jj }i}{j~} |o~{fobio gehe`jgjh{ }y}{jg"i} {aj fem{ {ae{ {aj }{~oh`j}{ |j~fo~gih` '}i}{j~' emmozh{} ki}{~inz{j {aji~ |~ofi{}pi{a {aj pjecj}{ |j~fo~gih` '}i}{j~' emmozh{}( Ih {ai} pey" {aj jh{i~j |o~{fobio

meh ~op" ehk ~op emmo~kih` {o kiffj~jh{ ~i}c |~ofibj}([aj }|jmieb ~jfj~jhmj i}}zj ny paima I jq|beihjk {ai} }y}{jg5 pe} ih em{zebi{yp~i{{jh }ogj yje~} e`o( I gjh{ioh {ai}" ih o~kj~ {o }ey {ae{ {aj~j e~j e}|jm{}of {ai} }y}{jg {ae{ I aevj '{pjjcjk' }ogjpae{ }ihmj {ae{ {igj(

Pae{ e}|jm{}?

Pjbb" ih {ae{ i}}zj I }{e{jk {ae{ I{jhk {o ~jvijp ehk ~jki}{~inz{j|~ofi{} {pimj e yje~( Ehk I ko"oh Dzby 5}{" ehk Kjmjgnj~ >;{a(Ho{aih` ae} maeh`jk enoz{ {ae{ovj~ {aj yje~}(

Aopjvj~" ih ekki{ioh {o pae{ I}{e{j ih {ae{ i}}zj ~j`e~kih` {ajfem{ {ae{ I ~jvijp ehk~jki}{~inz{j {pimj e yje~" I aevj eb}o gekj e aeni{ of j}{enbi}aih` '`oeb}' {o gy{~ekih` |~ofi{}( Ohmj I ~jema e |~j}j{ '`oeb' {ajh I pibb ~jki}{~inz{j e |o~{iohof {aj |~ofi{} egoh` {aj '{a~jj }i}{j~}'( [ai} meh nj kohj gehy {igj}{a~oz`aoz{ {aj yje~( Ho{ ohby oh Dzby 5}{" ehk Kjmjgnj~ >;{a( ]zn}m~inj~} {ogy obk hjp}bj{{j~ Ei~jboh'} Ge~cj{ [em{im} }ep {ai}( I pozbk }j{ e `oeb fo~{aj {~ekih` emmozh{ ih o~kj~ {o ~jki}{~inz{j |~ofi{}( I pozbk {ajh ~jema {ae{`oeb" ~jki}{~inz{j e }gebb |o~{ioh of {aj |~ofi{} egoh` {aj kiffj~jh{ emmozh{}"ehk {ajh }j{ e hjp `oeb(

Pj'vj jhdoyjk }ogj himj {~ekih` |~ofi{} {az} fe~ ih {aj yje~( [aj {~ekih`emmozh{}" ovj~ebb" e~j z| :(1:5* }ihmj Dehze~y 5 }{" >( Ho{ nek fo~ ohjgoh{a} po~c( [aj }{omc {~ekih` ehk moggoki{y fz{z~j} {~ekih` nebehmj {az}hop }{ehk} e{ +9"90=(:0( ]o ebbop gj {o }ey {ae{ {aj hjq{ `oeb I aevj fo~ {ajE(G(N( {~ekih` emmozh{" i} +5

7/31/2019 Aileron Market Balance: Issue 14

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!|~onenby e~ozhk +=

7/31/2019 Aileron Market Balance: Issue 14

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Fjn~ze~y :" >

Nz{ pae{ i} {aj ne}j |~ihmi|bj {aj~j?

[~ekj gehe`jgjh{(

Ehk ~jebby" if yoz }{o| {o {aihc enoz{ i{" i{'} uzi{j }ibby{o }i{ ehk mog|beih enoz{ aop kiffj~jh{ Fo~jq

njaevio~ i} f~og Moggoki{y fz{z~j}" ehk {ajhmoh{ihzj" {~ekj ef{j~ {~ekj" {o {~y {o gehe`j {ajg {aj}egj pey(

I ko ho{ jvjh aevj {aj }egj {oob} eveibenbj {o gj ihFo~jq( I aevj hohj of {ao}j 'eik}' {ae{ I ko ihMoggoki{y Fz{z~j}" paima I z}j {o ajb| gj gehe`j{aj {~ekj( Pi{a moggoki{y fz{z~j} {~ekih`" if {igj ehk}ebj} nj`ih} {o }bop koph" ehk {aj~j e~j ho be~`j nzyo~kj~}? [ae{ {jbb} gj }ogj{aih` if I'g ih {aj gik}{ ofe ~ebby( ]o I'g {~yih` {o '`~oog' e }{o|" pi{aoz{ eik}{ae{ I z}zebby aevj( Oh {o| of {ae{" pajh I booc ovj~gy Fo~jq {~ekj}" I ho{j {ae{ {aj~j e~j dz}{ {oo gzmakiffj~ih` egozh{} e{ ~i}c" mog|e~jk pi{a gy ~jpe~k}(

]o I'g `oih` {o {~y {o {ecj e fjp bj}}oh} f~og {aj'~ehkog jq|j~igjh{' mohvj~}e{ioh(

Fi~}{ of ebb" I pibb ho boh`j~ e{{jg|{ {o 'gehe`j' {aj{~ekj e} I ko ih Moggoki{y Fz{z~j}( Pajh I jh{j~ eFo~jq {~ekj" I pibb }j{ gy |~ofi{ e{ 5(: {igj} gy}{o|/bo}} o~kj~( I pibb cjj| {aj |i| e{ ~i}c" ehk {aj |i|of |~ofi{ {e~`j{ {aj }egj" {~ekj ef{j~ {~ekj(

Ehk {ajh pebc epey(

Jvjh pi{a e emmz~emy ~e{j of ;

7/31/2019 Aileron Market Balance: Issue 14

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Fjn~ze~y :" >

gy oph Cjbby} ]: gohjy gehe`jgjh{}{~e{j`y" ehk {ai} pibb effjm{ {aj hzgnj~ ofzhi{} I |bemj ih {aj {~ekj(

]o aop ko pj {j}{ {aj ~jbienibi{y of {aj nie} of {ai}

gj{aokobo`y?Jq|j~igjh{ Ohj" \e~{ N4 E{ {aj }egj gogjh{ {ae{ e{~ekj i} ihi{ie{jk pi{aih {ai} jq|j~igjh{?

I pibb fbi| e moih(

Ajek}" I `o }ao~{(

[eib}" I `o boh`(

I pibb ko {ai} e{ {aj jqem{ }egj {igj {ae{ {aj o{aj~ {~ekji} ihi{ie{jk( I pibb {ajh z}jebb of {aj }egj `zikih`~zbj} fo~ {aj 'moih fbi|'

{~ekj( [aj ~i}c pibb nj {aj}egj !;>(; |i|})" {aj~jpe~k pibb nj {aj }egj!6=(6 |i|})( I pibb ho{e{{jg|{ {o 'gehe`j' {aj{~ekj( [aj ohby kiffj~jhmjf~og |e~{ N ih {ai} jq|j~igjh{" ehk |e~{ E? I} gykj{j~gihe{ioh of ki~jm{ioh( Ih |e~{ E" I pibb nj z}ih` enie}" o~ eh jk`j of }je}ohebi{y ehk {~jhk( Ih |e~{ N" i{pibb nj {aj ~j}zb{ of e mog|bj{jby ~ehkog moih {o}}( Ipibb eb}o z}j Cjbby} ] fo~ {aj Moih Fbi| jq|j~igjh{( Ipibb {~emc {aj |~o`~j}} of {aj}j }igzb{ehjoz} {~ekj}(

If {aj }je}oheb nie} o~ 'jk`j' {ae{ I pibb nj z}ih` i}vebik? I{ }aozbk |~okzmj e nj{{j~ ~j}zb{ ih {j~g} ofemmz~emy ~e{j ehk yijbk {aeh {aj ~ehkog moih {o}}(

Pjbb" {ae{'} {aj jq|j~igjh{" e} i{ }{ehk} e{ {ai} |oih{([aj {ajo~y }jjg} }ozhk jhoz`a( Hop bj{'} {j}{ i{ oz{ehk booc e{ {aj ~j}zb{}(

E} ebpey}" I pibb cjj| yoz ihfo~gjk e} {o {ai}jq|j~igjh{} ~j}zb{}(

: Jqem{ Bihc a{{|4//ppp(yoz{znj(mog/pe{ma?v7tgHv9Muz_U&fje{z~j7NFe&bi}{7\BK;516:E:E;5F;>1=&bf

Kivikjhk Ihvj}{ih` Oz{booc

Pj dz}{ moh{ihzj {o ge~ma ai`aj~ ehk ai`aj~ oh {ajjuzi{ij} ge~cj{( [o ~ji{j~e{j pae{ I gjh{iohjk ih {ajPjjc ih ^jvijp |okme}{6" I njbijvj {ae{ {aj ~ebby ih

{aj Z(]( ]{omc ge~cj{ i} e mognihe{ioh of vj~y bopih{j~j}{ ~e{j}" mognihjk pi{a ig|~ovih` jmohogimfzhkegjh{eb}(

E} I gjh{iohjk e fjp pjjc} e`o e{ {aj |~j}jh{ {igj"{aj |j~mjh{ibj me}a of {aj kivikjhk ihvj}{ih` emmozh{ i}}zma {ae{ I ko ho{ pi}a {o kjm~je}j i{ ny gecih`eho{aj~ |z~mae}j(

[aj~jfo~j" gy ~jeb `oeb e{ {ai} {igj i} {o ihm~je}j {aj|j~mjh{ibj me}a of {aj kivikjhk ihvj}{ih` emmozh{(Ohmj {aj |j~mjh{ibj me}a of {aj jh{i~j emmozh{ i} mbo}j~{o 1//

7/31/2019 Aileron Market Balance: Issue 14

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Fjn~ze~y :" >

[~ekih` Oz{booc4

Ho{j4 Ny pey of ~jgihkj~" }ihmj {aj Gokjb \o~{fobio ae} ohby+9"90=(:0 ih {aj Moggoki{y Fz{z~j} ehk ]{omc [~ekih` |o~{ioh of{aj |o~{fobio" {aj~j pibb ohby nj 'n~ijf key {~ekj}' e{ {ai} }{e`j of{aj `egj fo~ Moggoki{y Fz{z~j} {~ekih` ih o~kj~ {o j}me|j {aj

~i}c of ovj~bjvj~e jk `e| o|jh} ih {aj moggoki{y fz{z~j}ge~cj{}( [ai} i} eh e{{jg|{ {o kjgoh}{~e{j aop emmozh{ }itj~jbe{j} {o {~ekih` }{ybj( E} I gjh{ioh ih gy gj{aokobo`y }j~ij}0"e} {aj '{~ekih` }i}{j~' ~jemaj} +=

7/31/2019 Aileron Market Balance: Issue 14

6/9

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Moggoki{y Ge~cj{ -=

Ge~ma ]oynjeh Oib !NO5> o~ /TBA> ih {aj

[aihco~]pig \be{fo~g)4 E} pi{a ]oynjeh}" {ai} i}eho{aj~ ge~cj{ {o {ecj ekveh{e`j of" pi{a {aj jqem{}egj mae~em{j~i}{im}( I pozbk pei{ fo~ e |zbbnemc oh

{aj aoz~by mae~{" booc fo~ moh`j}{ioh" ehk {ajh booc {onzy n~jec} {o {aj z|}ikj(

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Moggoki{y Ge~cj{ -;Ge~ma Mo||j~ !/A@A> o~ |j~ae|} FMQ Mebb

O|{ioh} ih {aj key }j}}ioh)4 [aj fzhkegjh{eb ke{e{ae{ I fobbop ae} gj boocih` e{ {ai} ge~cj{ fo~ e boh`(

I{ i} ig|o~{eh{ {o cjj| ih gihk" {ae{ {ai} i} e ni`moh{~em{( No{a ih {j~g} of {aj }itj of {aj moh{~em{" e}pjbb e} {aj }itj of {aj govj} {ae{ Mo||j~ kjbivj~}(

\j~}ohebby" I fjjb enoz{ {aj Mo||j~ ge~cj{" e} I ko {ajM~zkj Oib ge~cj{( Zhbj}} e {~ekj~ ae} enoz{+9

7/31/2019 Aileron Market Balance: Issue 14

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Fjn~ze~y :" >

I{ }jjg} {o nj {aj {ajgj {ai} pjjc( Pei{ fo~ e|zbbnemc !o~ ~ebby) njfo~j jh{j~ih`(

[aj }egj i} {~zj of Ge~ma Mo~h(

E{ {ai} |oih{" I'g pohkj~ih` if pj'bb aevj e be~ j

|zbbnemc oh {aj keiby mae~{" o~ {aj ohj aoz~ mae~{( I{ i}fo~ {ai} ~je}oh {ae{ I pibb nj pe{maih` {aj ovj~hi`a{govj}" e} pjbb e} {aj o|jh ih {ai} ge~cj{ mbo}jby mogjGohkey go~hih`( E} ebpey}" I pibb cjj| yoz z|ke{jke} {o gy {aoz`a{}(

Fo~jq Ge~cj{ Gj{aokobo`y M~je{ioh

I aevj eb~jeky gjh{iohjk {aj jq|j~igjh{ {ae{ I aevjnj`zh {o booc e{ {j}{ih`( I aevj eb~jeky nj`zh {ai}jq|j~igjh{" ehk pibb }ae~j {aj ~j}zb{} {o ke{j( E} yozmeh ho{j" I nj`eh {aj 'moih {o}}' {j}{ ef{j~ I nj`eh |e~{!E) of {aj jq|j~igjh{( Aopjvj~" ef{j~ I aevj e be~`jjhoz`a }eg|bj }itj" ohj {~ekj pibb ho{ ~jebby ge{{j~ ih{j~g} of njhmage~cih`

^j}zb{} of Jq|j~igjh{ {o Ke{j4

] ]pih` ]m~i|{ Jq|j~igjh{

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+1 f~og >;(5= {o >=(9= \^OFI[

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E} fobbop} e~j {aj hjp Moggoki{y Fz{z~j} ehk ]{omcGohjy Gehe`jgjh{ \j~fo~gehmj ]{e{i}{im}

Fz{z~j} ']i}{j~' Emmozh{

Ihmj|{ioh {o Ke{j

1

7/31/2019 Aileron Market Balance: Issue 14

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Gim~oFo~jq Nebehmj4 +66(6=

^j{z~h / Yijbk '>(=;: * Yje~ {o Ke{j

+: