simon tbr - grant's conference - 2014
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8/10/2019 Simon TBR - Grant's Conference - 2014
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
RKXI oimifkokmt
R`k Labkst Ebki V`lsk Reok @is Clok (Ifiem).!
9
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
"Ulu t`emj t`k lbbs allj ref`t, t`it t`ky irk em ylur nivlr<
R`es es i heaaeirb tihak. Im kisy, nait, frkkm heaaeirb tihak. Imb ylu `ivk `et ylur w`etk hiaa imb et
es trivkaemf kiseay imb quektay tlwirbs t`k rkb. R`k plcjkt es ialmfsebk. Nitiaay, emkvetihay ylu
irk flemf tl `et t`k rkb imb t`k rkb es flemf emtl t`it plcjkt. Et es t`k aiw ln t`k heaaeirb tihak,t`k aiw ln t`k heaaeirb rllo. Hut, lutsebk t`k lrhet ln t`ksk t`emfs, i gkt pealt `is niemtkb imb `es
paimk es bevemf strief`t it t`it heaaeirb rllo, lr i fis oiem es ihlut tl kxpalbk, lr aef`tmemf es
ihlut tl strejk. Imb t`k hueabemf claaipsks lm tlp ln ylu imb lm tlp ln t`k heaaeirb tihak. R`km
w`it `is `ippkmkb tl t`it w`etk hiaa t`it cluab mlt oess t`k rkb hiaa, imb tl t`k rkb hiaa t`it
cluab mlt oess t`k plcjkt< R`k w`etk hiaa cluab mlt oess icclrbemf tl t`k aiws ln t`k heaaeirb
tihak. Hut t`k aiws ln t`k heaaeirb tihak irk mlt t`k lmay aiws em t`es pirtecuair fiok.‟
Nrlo Xussei Vet` Alvk, Eim Nakoemf
8
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
RKXI oimifkokmt
Vkstkrm Emvkstlrs Jkkp Taiyemf Nemimceia Fiok
t`it @is Vlrjkb Semck VVEE!
Mkw aiws mlw ippay hut nkw rkiaezk et
3
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
V`y beb t`k systko claaipsk em 8440 hut mlt buremf prkvelus cresks<
" I airfk imb akvkrkb plla isskts wis preckb hy i olbka wet` umenlro issuoptelms:
" Jky emstetutelms `ib umprkckbkmtkb akvkas ln frlss akvkrifk hut nlcuskb lm mkt akvkrifk.
" R`km issuoptelms c`imfkb imb ‑frlss‟ hkciok ‑mkt‟7
" Mkw issuoptelms treffkrkb icrlss-t`k-hlirb rk-precemf:
" Iaa jky emstetutelms nickb oissevk oirfem ciaas:
" Aequebety kviplritkb: `kbfemf clumtkrpirteks cluab mlt pkrnlro:
" Nemimceia systko claaipskb rkqueremf oissevk lvkrmef`t hiealuts.
"
Em kvkry hrljkr-bkiakr himjruptcy, custlokrs― isskts wkrk alst imb/lr skqukstkrkb -
Ak`oim, ON Falhia, Xkncl.
2
(Akvkrifk + Olbka Bkpkmbkmck + Clmckmtritelm) ?= EEaequebety ?= Clumtkrpirty Nieaurk
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
" Akvkrifk – falhia bkhts irk up 24% semck 8446:
" Lpicety - it lvkr $644 R, t`k bkrevitevks― clopakx es airfkr t`im kvkr:
" Olbka Bkpkmbkmck – iaa nemimceia isskts rkay lm t`k iaa-teok alw besclumt ritks:
"
Clmckmtritelm – RHRNs irk airfkr t`km kvkr:
"
Aequebety – t`krk irk nkwkr oirjkt oijkrs imb akss prlp cipetia (Blbb Nrimj).
;
Es t`k nemimceia systko olrk slumb tlbiy t`im et wis em 8446<
R`k resjs oiy hk `ef`kr hut clmskmsus ‑nkkas‟ hkttkr – i caissec skt up nlr i pkrnkct stlro.
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
>
Clmckmtritelm Xesj – t`k RHRNs irk Heffkr R`im Kvkr.
Em 84 ykirs, 36 oiglr aequebety prlvebkrs `ivk hkclok 2 RHRNs.
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
Structuria7
" Nrkk oirjkt precks: sink custlby imb himj bkplsets: clrplritk hlljs nieray rkprkskmt nemimceia clmbetelm:
" @irb currkmcy.
Trlpkrty ref`ts7
" Trevitk prlpkrty cimmlt hk tijkm wet`lut buk prlckss:
" Akfeteoitk cipetia cim nalw nrkkay icrlss hlrbkrs.
Fklplaetecs7
" Clab wir `is hkkm wlm – pkick bevebkmb:
"
Olml-plair wlrab wet` t`k [S ciaaemf t`k s`lts.
6
Lab ‑Aiws‟7
Xuaks ln t`k fiok irk jky issuoptelms em iaa emvkstokmt stritkfeks imb viauitelms.
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
Structuria7
"
Treck clmtrlas, custlbeia resjs, RHRNs, bkrevitevks― clopakx, lpiquk icclumtemf, `ebbkm akvkrifk.
Trlpkrty ref`ts7
"
Nemimceia isskts irk hkemf tijkm wet`lut buk prlckss7
" [S – FO imb C`rysakr himjruptceks: Cyprus bkplsetlrs kxprlpreitkb lvkrmef`t: previtk pkmselm isskts tijkm hy t`k Tlaes` flvkrmokmt.
" Cipetia imb currkmcy clmtrlas7
" NIRCI7 oippemf falhia isskts ln [S cetezkms: Swess himjs nrkkzk [S icclumts umtea `labkrs prlvk tix clopaeimck (ml buk prlckss).
" Irfkmtemi, ^kmkzukai, [jriemk, Eckaimb, Cyprus – cipetia imb currkmcy clmtrlas.
Fklplaetecs7
"
[S – ‑wkiplmezks‟ piyokmt mktwlrjs ifiemst Xusseim kmteteks: usks [S$ cakiremf tl fiem guresbectelm lvkr nlrkefm himjs.
" Xussei – cyhkr itticjs [S himjs: glems wet` HXECS tl c`iaakmfk [S$ is rkskrvk currkmcy.
"
Tkrsestkmt wirs: [S `kfkolmy umbkr prkssurk lm ouatepak nrlmts.
0
Mkw ‑Aiws‟7
Mkw rkiaeteks rkquerk mkw olbka issuoptelms – systkoec resjs irk ml almfkr treveia.
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmtRKXI
oimifkokmt
Currkmt Oirjkt Clmskmsus7
Bkhicaks @ippkm Kaskw`krk:
Nemimceia Systko es Slumb.!
5
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
94
R`k [S Nemimceia Systko @is Claaipskb Rweck em 04 ykirs.
Ml hiealuts Nuaa hiealuts
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
99
[S `is bkniuatkb em t`k pist - bk nictl, en mlt bk gurk.Flab mitelmiaezitelm imb calsemf ln t`k flab wemblw akb tl twl blaair bkviauitelms.
R`k Blaair @is Hkkm Bkviaukb Rweck em 36 ykirs.
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmtRKXI
oimifkokmt
‑Vlm―t @ippkm @krk‟
es Mlt i Taim H!
Clmvkmtelmia Vesblo Mkvkr Skks et Cloemf
98
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
[S @U CCC lr Hkalw Knnkctevk Uekab
93
Kxtrkok clopaickmcy tkmbs tl prkckbk kxtrkok vlaiteaety.
"
9555-8443 Mlroia yekabs imb strkss prkckbkb i mituria crkbet cycak wet`lut systkoec creses.
" 8446-8445 @estlreciaay alw yekabs imb strkss prkckbkb oissevk crkbet cris` imb systkoec creses.
"
8445-8492 Uekabs imb strkss embkx irk it iaa-teok alws7 t`k ciao hknlrk t`k SRLXO.
St Alues Nkb Nemimceia Strkss Embkx
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
Flab vs ST;44 vs Almf-bitkb Rrkisureks
92
Oirjkt―s iheaety tl besclumt citistrlp`ec resjs es pllr.
Bkoimb nlr emsurimck imb ets clst slir INRKX t`k stlro, mlt hknlrk.
" 49/46-43/40 Flab up ~;4% imb pkijs lm Hkir Stkirms hiealut. Clmskmsus7 ‑R`k Nkb sivkb t`k biy.‟
"
43/40-94/40 Flab blwm ~34%. Clmskmsus7 ‑Systkoec resj es lnn t`k tihak‟.
"
94/40-40/99 Flab up ~9>4% imb pkijs is bkht ckeaemf besippkirs. Clmskmsus7 Nkb ̀ is et iaa ‑umbkr clmtrla.‟
" 40/99-45/92 Flab bkcaemks ~34%. Clmskmsus7 ‑Systkoec resj es lnn t`k tihak‟.
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmtRKXI
oimifkokmt
Eopakokmtemf i R`kses
En t`k Trlhako es Ihlut t`k Olmky
Slautelm es Ihlut Slokt`emf Kask
9;
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmtRKXI
oimifkokmt
V`ec` Hremfs [s tl Hetclem
9>
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
96
Jky ittrehutks ln Hetclem oerrlr t`lsk ln flab hutCyhkrcurrkmceks irk mlt ykt rkiby nlr preok teok
Bennkrkmcks vs Nemimceia Isskts Hetclem & Cryptl-currkmceks Flab Huaaelm
Strectay Aeoetkb Suppay Uks Uks
Ml Lmk―s Aeiheaety Uks Uks
Bkckmtriaezkb Structurk, Custlby Uks Uks
Embkpkmbkmck nrlo Himjs Uks Uks
Icclumtemf Rrimspirkmcy Uks Uks
Embevebuia Trevicy Uks Uks
Hetclem es Syoptloitec ln Besinnkctelm wet` t`k Currkmt Nemimceia Systko
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
90
Gioks Frimt7 ‑Flab es Miturk―s Hetclem‟
Cryptlcurrkmcy vs Flab Cryptlcurrkmcy Flab Huaaelm
Nlro ln Kxestkmck Befetia Lmay T`ysecia + Befetia
[mevkrsiaay Kstihaes`kb Hrimb Mlt Ukt Uks
Emvuamkrihak tl @icjemf, Kakc. Suppay Ml Uks
^laiteaety vs [S$ Uks Uks
Bkkp [mevkrsia Aequebety Mlt Ukt Uks
Bennecuat/Eoplssehak tl Nijk Bennecuat Eoplssehak
Befetia Viaakt Uks Tlssehak
Bestrehutkb Akbfkr Uks Tlssehak
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RKXI oimifkokmtRKXI
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V`ec` Hremfs [s (Hicj) tl Flab
95
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Rlcqukveaak Huaaelm Xkskrvk
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RKXI oimifkokmt
Flab vs Nemimceia Emstruokmts Buremf Systkoec Cresks
84
Rkc`mecia ittrehutks ln p`ysecia flab oijk et umequkay knnkctevk is systkoec emsurimck:
Emsurimck es im isyooktrec hkt lm im lutclok clmsebkrkb umaejkay.
Jky Rkc`mecia Ittrehutks Nemimceia Emstruokmts T`ysecia Flab
Aequebety [mckrtiem Ihumbimt imb umevkrsia
Lptelmiaety, e.k. nakxeheaety Ml Uks
Clrrkaitelm [mprkbectihak Emvkrsk clrrkaitelm tl clmnebkmck
Isyooktry [mprkbectihak Uks
^laiteaety Trlhakoitec Ml pkroimkmt eopierokmt
Reok ^iauk Bkciy Trlhakoitec Mkvkr wlrt`akss
Clumtkrpirty Xesj @ef` Mlmk
Tkrnlroimck Brevkrs Mloemia Trecks: clrrkaitelms Alss ln clmnebkmck nlr imy rkislm
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RKXI oimifkokmtRKXI
oimifkokmt
Hef Lpplrtumeteks Irk Hlrm lut ln Besifrkkokmts
Flab es Emvkrskay Clrrkaitkb tl Clmnebkmck em Nemimceia Systko[teaety imb ^iauk Bkpkmb lm V`kt`kr Nemimceia Isskts irk Slumb
Kist imb Vkst Besifrkk
89
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RKXI oimifkokmt
Vkstkrm Nemimceia Emvkstlrs― Tkrspkctevk7
‑(Flab) fkts buf lut ln t`k frlumb em Inreci, lr slokpaick. R`km wk okat et
blwm, bef imlt`kr `lak, hury et ifiem imb piy pklpak tl stimb irlumb
fuirbemf et. Et `is ml uteaety. Imylmk witc`emf nrlo Oirs wluab hk scritc`emf
t`ker `kib.‟
Virrkm Hunnktt
88
Ihskmck ln uteaety es t`k jky ISS[OTRELM em t`k Vkstkrm Emvkstlrs― olbka nlr viauemf flab.
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RKXI oimifkokmt
83
Em t`k Vkst flab es i spkcuaitelm7 emvkstlrs huy lm t`k wiy up imb skaa lm t`k wiy blwm.
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Iaim Frkkmspim―s Tkrspkctevks7
LXEFEMIA R@KSES7
‑R`k nemimceia plaecy ln t`k wkanirk stitk rkquerks t`it t`krk hk ml wiy nlr t`k lwmkrs ln wkiat` tl prltkct t`koskavks.
R`es es t`k s`ihhy skcrkt ln t`k wkanirk stitests' teribks ifiemst flab. Bknecet spkmbemf esseopay i sc`kok nlr t`k clmnescitelm ln wkiat`. Flab stimbs em t`k wiy ln t`es emsebelus
prlckss. Et stimbs is i prltkctlr ln prlpkrty ref`ts.‟
Iaim Frkkmspim, 95>>
KPTKXEOKMR FLMK IVXU7
‟R`k [.S. cim piy imy bkht et `is hkciusk wk cim iawiys premt olmky tl bl t`it.‟
Iaim Frkkmspim, 8499
82
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Rlcqukveaak Huaaelm Xkskrvk
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RKXI oimifkokmt
NEMIA CLMCA[SELM7
8;
Vkstkrm flvkrmokmts irk mlt skaaemf t`ker flab: Vkstkrm nemimceia emvkstlrs irk.
‑ ! flab `is spkceia prlpkrteks t`it ml lt`kr currkmcy, wet` t`k plssehak kxckptelm ln seavkr, cim caieo. Nlr olrk t`im
twl oeaakmmei, flab `is `ib vertuiaay umqukstelmkb icckptimck is piyokmt. Et `is mkvkr rkquerkb t`k crkbet
fuirimtkk ln i t`erb pirty. Ml qukstelms irk rieskb w`km flab lr berkct caieos tl flab irk lnnkrkb em piyokmt ln im
lhaefitelm: et wis t`k lmay nlro ln piyokmt, nlr kxiopak, t`it kxplrtkrs tl Fkroimy wluab icckpt is Vlrab Vir EE
wis briwemf tl i calsk. Rlbiy, t`k icckptimck ln neit olmky -- currkmcy mlt hicjkb hy im isskt ln emtremsec viauk --
rksts lm t`k crkbet fuirimtkk ln slvkrkefm mitelms kmblwkb wet` knnkctevk tixemf plwkr, i fuirimtkk t`it em creses
clmbetelms `is mlt iawiys oitc`kb t`k umevkrsia icckptiheaety ln flab.
En t`k blaair lr imy lt`kr neit currkmcy wkrk umevkrsiaay icckptihak it iaa teoks, ckmtria himjs wluab skk ml mkkb tl
`lab imy flab. R`k nict t`it t`ky bl embecitks t`it suc` currkmceks irk mlt i umevkrsia suhstetutk. Ln t`k 34
ibvimckb clumtreks t`it rkplrt tl t`k Emtkrmitelmia Olmktiry Numb, lmay nlur `lab ml flab is pirt ln t`ker rkskrvk
hiaimcks. Embkkb, it oirjkt precks, t`k flab `kab hy t`k ckmtria himjs ln bkvkalpkb kclmloeks wis wlrt` $6>8
heaaelm is ln Bkckohkr 39, 8493, clopresemf 94.3 pkrckmt ln t`ker lvkriaa rkskrvk hiaimcks. (R`k EON `kab im
ibbetelmia $996 heaaelm.) En, em t`k wlrbs ln t`k Hretes` kclmloest Gl`m Oiymirb Jkymks, flab wkrk i ‑hirhirlusrkaec,‟ ckmtria himjs irlumb t`k wlrab wluab mlt `ivk sl ouc` ln im isskt w`lsk ritk ln rkturm, emcaubemf stlrifk
clsts, es mkfitevk.‟
Iaim Frkkmspim, Nlrkefm Inniers, Skptkohkr 8492
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Rlcqukveaak Huaaelm Xkskrvk
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RKXI oimifkokmt
Kistkrm Tkrspkctevk7
‑Flab es t`k wlrab's lmay olmktiry isskt t`it `is ml clumtkr-pirty resj, imb es t`k lmay crlss-mitelm, crlss-
aimfuifk, crlss-kt`mecety, crlss-rkaefelm imb crlss-cuaturk falhiaay rkclfmezkb olmktiry isskt.‟
‑Currkmtay, t`krk irk olrk imb olrk pklpak rkclfmezemf t`it t`k ‐flab es uskakss― stlry clmtiems tll oimy
aeks. Flab mlw sunnkrs nrlo i ‐soljkscrkkm― bksefmkb hy t`k [S, w`ec` stlrks 62% ln falhia lnneceia flab rkskrvks, tl put blwm lt`kr currkmceks imb oiemtiem t`k [S Blaair `kfkolmy. Flemf tl t`k slurck, t`k resk
ln t`k [S blaair imb Hretes` plumb, imb aitkr t`k kurl currkmcy ! wis supplrtkb hy t`ker `ufk flab
rkskrvks.
!wk s`luab kmclurifk embevebuia emvkstokmt bkoimb nlr flab. Tricteck s`lws t`it flab plssksselm hy
cetezkms es im knnkctevk suppakokmt tl mitelmia rkskrvks imb es vkry eoplrtimt tl mitelmia nemimceia skcurety.‟
Slmf Pem, Fkmkria Oimifkr ln t`k C`emi Mitelmia Flab Clrp., Tirty Skcrktiry imb Trksebkmt ln t`k C`emi Flab Isslceitelm
8>
C`emi imb Xussei clmtemuk tl iffrkssevkay iccuouaitk t`k huaaelm hkemf slab hy t`k Vkstkrm emvkstlrs.
8/10/2019 Simon TBR - Grant's Conference - 2014
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
86
C`emi imb Xussei skk flab is ksskmteia tl nemimceia clmtemuety.
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
80
C`emi7 Fevk us ylur `umfry, ylur pllr flab hirs!
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmtRKXI
oimifkokmt
Flab-Hiskb Nemimck7
t`k Labkst Ebki V`lsk Reok `is Clok (Ifiem).!
Sefmenecimt [psebk wet`lut Clumtkrpirty Xesj:
Aequeb Huyemf Tlwkr: Embkpkmbkmt Rrimsnkr Systko.
85
8/10/2019 Simon TBR - Grant's Conference - 2014
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
Flab―s prlvkm emtremsec viauk – t`k lmay umeopkic`ihak nebuceiry isskt.
" Flab es umevkrsiaay aequeb imb cim hk uskb is piyokmt wet`lut clmvkrselm emtl neit currkmceks.
" Flab es mlt tekb tl imy clumtry, nemimceia systko lr clumtkrpirty - et es ml lmk―s aeiheaety.
" Flab huaaelm es t`k olst webkay rkclfmezkb imb umevkrsiaay icckptkb viauihak em t`k wlrab.
" R`k lmay timfehak, aequeb mlm-nemimceia isskt t`it es prictecia tl lwm lutsebk t`k nemimceia systko.
"
Huaaelm es aequeb it trimspirkmt precks icrlss t`k wlrab―s nemimceia ckmtrks, wet`lut kxckptelm.
34
[mevkrsia aequebety imb embkpkmbkmck nrlo nemimceia isskts, currkmceks imb nemimceia systkos
oijk flab im ebkia hises nlr skttemf up hicjup nemimceia irrimfkokmts.
8/10/2019 Simon TBR - Grant's Conference - 2014
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
Flab Huaaelm – C`kip Isyooktrec Lptelm wet`lut Clumtkrpirty Xesjs
" Ml oirfem ciaas, ml clumtkrpirty resjs, ml kxperitelm. Huaaelm `is mkvkr hkkm wlrt`akss.
" Bkrevitevks tricj spkcenec mloemia precks: flab tricjs clmnebkmck imb purc`isemf plwkr.
"
Immuia clsts irk ittrictevk vkrsus mkfitevk rkia ritks lr s`lrtemf resjs.
" Flab `is slirkb buremf bknaitelm (9534s), emnaitelm (9564s) imb systkoec emstiheaety (8444s).
" Treck es akvkrkb tl systkoec clmckrms – w`km bkoimb slirs, suppay breks up.
" Huaaelm es `kiveay umbkr-lwmkb em t`k Vkst: t`k Kist es iffrkssevkay iccuouaitemf.
" Lvkrw`kaoemfay hkires` skmteokmt crkitks isyooktry it currkmt akvkas.
39
Flab huaaelm `is pltkmteia tl bkaevkr clopkaaemf upsebk wet`lut resj ln i pkroimkmt alss ln cipetia.
8/10/2019 Simon TBR - Grant's Conference - 2014
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
Aequebety – aequeb purc`isemf plwkr, e.k. mkflteiheaety wet`lut ‑`iercuts‟.
"
Nemimceia Emstruokmts7
" Aksslm ln 8440 – iaa nemimceia oirjkts irk aequeb! umtea t`ky irk mlt.
"
Flab Huaaelm7
"
[mevkrsia aequebety umbkr imy oirjkt clmbetelms.
38
Flab huaaelm es olrk aequeb t`im stlcjs: aequebety es falhia imb precks irk ivieaihak 88/;.
8/10/2019 Simon TBR - Grant's Conference - 2014
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
Flab Huaaelm es umequkay nkisehak is i aequeb hut timfehak stlrk ln viauk.
33
9 Aetkr Hlttak
9 Aetkr HlttakNeaakb Vet`7
Vkef`tAhs.
Currkmt ^iauk$ [S
^lauok/^iaukFlab ? 9
Flab 28.;> 026,54>.54 9
Seavkr 83.9; 6,92>.>8 995P
Clppkr 95.6> ;5.;0 92,834P
Wemc 9;.62 92.30 ;0,5>2P
Sufir 3.;9 9.43 084,283P
Fislaemk 9.>3 4.>0 9,823,6>6P
Rkxis Crubk 9.58 4.;3 9,>40,>;3P
Trecks is ln 3-93-8492
Mltk7 Beiolmbs, irt imb rkia kstitk irk mlt umenlro imb, t`krknlrk, cimmlt ̀ ivk trimspirkmt precemf rkquerkb nlr umevkrsia aequebety.
RKXI
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmtRKXI
oimifkokmt
Rlcqukveaak Huaaelm Xkskrvk
Falhia Slautelm nlr Mlm-Nemimceia Himjemf imb Rrimsnkrs
Xkbumbimcy t`it Kmsurks Nemimceia Clmtemuety
32
RKXI
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
RHX usks i mlm-nemimceia emstruokmt tl lnnkr aequeb nuaay-rkskrvkb icclumts imbviauk trimsnkr cipiheaeteks t`it bl mlt rkay lm himjs lr skcureteks oirjkts.
RHX @ef`aef`ts7
"
V`it et es7
" I falhia vk`ecak nlr lwmemf flab wet`lut kxplsurk tl nemimceia emtkrokbeireks imb skcureteks oirjkts.
" V`it et blks7
" Lnnkrs aequeb, nuaay-rkskrvkb, mlm-nemimceia icclumts bk-clrrkaitkb nrlo nemimceia systko:
"
Kmihaks kxc`imfk ln viauk hktwkkm caekmts wet`lut rkaeimck lm clmvkmtelmia piyokmt systkos:
" Kmsurks skcurety, clopaeimck, trimspirkmcy, bieay aequebety imb umevkrsia bkaevkriheaety ln t`k huaaelm:
" Trlvebks i c`leck ln mlm-nemimceia viuats em @lmf Jlmf, Semfiplrk, Swetzkraimb imb t`k [.S.
"
V`l es hk`emb et7
" RHX cl-nlumbkrs7 Gl`m @it`iwiy, Xlhkrt Jakemsc`oebt, Seolm Oej`iealvec .̀
" ; ln t`k 94 airfkst flab oememf clopimeks irk RHX―s akib caekmts7
"
Ifmecl Kifak, Flabclrp, Flab Nekabs, Xlyia Flab, Uioimi.
3;
RKXI
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
RHX vs KRN ? Seopaecety vs Clopakxety
R`k KRN Olbka Kxc`imfk-tribkb emberkct caieos ifiemst imiaalcitkb flab himj icclumt.
R`k RHX Olbka Berkctay rkbkkoihak ‑wirk`lusk rkckepts‟ nuaayhicjkb hy flab `kab em emsurkb mlm-himj viuats.
Emvkstlrs
Hrljkr Bkiakr
Stlcj Kxc`imfk
Iut`lrezkb Tirtecepimts
KRN Rrust
Himj
Emvkstlrs
RHX
Clookrceia ^iuats
3>
RKXI
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
RHX Hiaimck S`kkt – Aequebety, Rrimspirkmcy, Seopaecety
Isskts Aeiheaeteks
36
Lpkritemf Kxpkmsks (Iboemestritelm, Stlrifk, Iubets)
Oimifkokmt Nkks
Tirtmkrs― Cipetia
RKXI
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
Caekmts akvkrifk RHX―s falhia H8H rkaitelms`eps imb w`laksiak precemf.
30
RKXI
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
RHX @is Isskohakb i Falhia Rkio ln Trkoekr Skrveck Trlvebkrs
Cis` Custlby Skcurk Flab Custlby Iboemestritelm,Icclumtemf, Xkplrtemf
Akfia Nemimceia Iubet
Nuaa ^iauk Emsurimck Emvkmtlry Iubet
35
RKXI
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
24
Tirtemf R`luf`ts
RKXI
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
29
R`k Vkst oiy prlvk ref`t lr t`k Kist oiy prlvk ref`t.
R`lsk wet`lut flab rkskrvks cimmlt innlrb nlr t`k Kist tl hk ref`t.
Flab lnnkrs t`k c`kipkst lptelm lm ket`kr lutclok7
@kibs - ylu wem, tieas - ylu blm―t alsk.
RKXI
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Rlcqukveaak Huaaelm Xkskrvk
rkia isskts. rkia lwmkrs`ep.
RKXI oimifkokmt
RKX Oimifkokmt AAC
29 Vkst ;6t` Strkkt, 6t` Nallr
Mkw Ulrj, MU 94495
Clmtict7
Seolm I. Oej`iealvec`soDhuaaelmrkskrvk.clo
Rkakp`lmk7 (898) 658-8968
R`es prkskmtitelm wis prkpirkb hy RKXI Oimifkokmt AAC imb es nlr emnlroitelm purplsks lmay. Mket`kr t`k emnlroitelm mlr imy lpemelm clmtiemkb em t`es prkskmtitelm lrimy ippkmbecks clmstetutks i slaecetitelm lr lnnkr hy RKXI Oimifkokmt AAC lr imy inneaeitks tl huy lr skaa imy skcureteks lr lt`kr nemimceia emstruokmts lr prlvebk imyemvkstokmt ibveck lr skrveck. Im lnnkr lr slaecetitelm tl huy lr skaa skcureteks weaa lmay hk oibk tl kaefehak emvkstlrs hy okims ln im lnnkremf okolrimbuo imb rkaitkb
suhscreptelm oitkreias. R`k emnlroitelm clmtiemkb ̀ krkem es quiaenekb em ets kmterkty, pakisk rknkr tl t`k lnnkremf oitkreias nlr spkcenec imb clopaktk tkros imb clmbetelms.
RKXI Oimifkokmt AAC blks mlt umbkrtijk tl ibvesk ln c`imfks em ets lpemelms lr emnlroitelm clmtiemkb em t`es prkskmtitelm. Imy biti emcaubkb em t`es prkskmtitelm eslhtiemkb nrlo slurcks hkaekvkb tl hk rkaeihak hut cimmlt hk, imb es mlt fuirimtkkb hy RKXI Oimifkokmt AAC. Imy lpemelms lr prlgkctelms kxprksskb `krkem irk t`lskln t`k RKXI Oimifkokmt AAC imb cimmlt imb s`luab mlt hk rkaekb uplm is rkprkskmtitelms ln nict lr emvkstokmt ibveck. Tist rkturms cimmlt hk rkaekb uplm is i
prkbectlr ln nuturk pkrnlroimck.
Ml oitkreia nrlo t`es prkskmtitelm oiy hk uskb, rkprlbuckb lr lt`krwesk besskoemitkb em imy nlro tl imy pkrslm lr kmtety wet`lut t`k kxpaecet prelr wrettkm clmskmt lnRKXI Oimifkokmt AAC.