,W LVXVHG LQ ERWKFRQYHUVLRQ RIIORDWLQJ SRLQWQXPEHUVWRLQWHJHUV DQGH[SOLFLW FRPSDULVRQV DVLQ
(TXDO WR 0DWFK DQG )LQG
7KH IXQGDPHQWDO QRWLRQ LV WR SXW DEDQGDURXQG RQH RIWKHFRPSDUDQGV DQG VHHZKHWKHUWKH RWKHU
FRPSDUDQG IDOOV ZLWKLQ WKDW EDQG &RQVLGHU[ \IRULQVWDQFH5RXJKO\VSHDNLQJWKHHTXDOLW\
KROGV LI[ LV ZLWKLQ ZLWKRXW WROHUDQFH RI FRXUVH WKH LQWHUYDO IURP\‹ H WR\‹ H
0RUHSUHFLVHO\ WKH GLIIHUHQFHEHWZHHQWKHFRPSDUDQGVPXVWEHOHVV ZLWKRXWWROHUDQFH WKDQ
WKH WROHUDQFH WLPHV WKH VPDOOHU RI WKHP LQ DEVROXWH YDOXH _[ \ PXVW EH OHVV WKDQ H
_[ z_\ %HFDXVH PXOWLSOLFDWLRQ LV LQYROYHG RQO\ ]HUR LV HTXDO WR ]HUR ZLWKLQ WKH
FRPSDULVRQ WROHUDQFH
&RPSDULVRQ WROHUDQFH DSSOLHV RQO\ WRIORDWLQJ SRLQW FRPSDULVRQV 7KH ODUJHVW PDJQLWXGHWKDW FDQ
EH UHSUHVHQWHG LQ $ LQ LQWHJHU W\SH LV ZKLFK LV _ 7KDW WLPHV WKH WROHUDQFH L H
H LV RQO\ DERXW 7KXV WKH WROHUDQFH FRXOG QRW KDYH DQ\ HIIHFW RQ
FRPSDULVRQV EHWZHHQ WZR LQWHJHUV
:KHQ H[DPLQLQJ WKH HIIHFW RU DSSDUHQW HIIHFW RI FRPSDULVRQ WROHUDQFH \RX PXVW WDNH LQWR
DFFRXQW WKH SULQWLQJ SUHFLVLRQ ZKLFK PD\ PDNH WZR XQHTXDO QXPEHUV ORRN HTXDO DQG WKH IDFW
WKDW WKH (TXDO WR IXQFWLRQ LWVHOI XVHV FRPSDULVRQ WROHUDQFH $V DQ LQWROHUDQW FKHFN IRUHTXDOLW\RI
D DQG E \RX FDQ XVH DE
&RQVLGHU QXPEHUV VKRZQ LQ DQ H[DPSOH DERYH ZKHUH WKHLU GLIIHUHQFH ZDV DSSUR[LPDWHG DV



&OHDUO\ (TXDO WR XVHV FRPSDULVRQ WROHUDQFH WR DUULYH DW WKH UHVXOW $ GLVUHJDUGV WKH
LQVLJQLILFDQW DQG LQ IDFW LQH[DFW GLIIHUHQFH LW ILQGV EHWZHHQ WKHP %XW GRHVQW FRPSDULVRQ
WROHUDQFH DSSO\ RQO\ WR IORDWLQJ SRLQW QXPEHUV" <HV EXW WKHUH DUH VHYHUDO ZD\V WRHQWHU QXPEHUV
IRU UHSUHVHQWDWLRQ LQ IORDWLQJ SRLQW H J ZLWK D GHFLPDO SRLQW RU IRU LQVWDQFH LQ
H[SRQHQWLDO QRWDWLRQ H DQG ZLWK WRR PDQ\ GLJLWV IRU LW WR EH UHSUHVHQWHG LQWHUQDOO\
DV DQ LQWHJHU (DFK QXPEHU HQWHUHG LV FRQYHUWHG WR LWV LQWHUQDO
UHSUHVHQWDWLRQ EHIRUH DQ\WKLQJ HOVH LV GRQH ZLWK LW
&RPSDULVRQ WROHUDQFH LV XVHG LQ
&HLOLQJ)ORRUDQG5HVLGXH
(TXDOWR*UHDWHUWKDQ*UHDWHUWKDQRU(TXDOWR/HVVWKDQ/HVVWKDQRU(TXDOWR
DQG 1RW HTXDO WR
)LQG0DWFKDQG0HPEHU
DQG QR RWKHU IXQFWLRQV
:KHQ WZR IORDWLQJ SRLQW QXPEHUV DUH HTXDO ZLWKLQ WKH FRPSDULVRQ WROHUDQFH WKH\ DUH FDOOHG
WROHUDEO\ HTXDO 7KLV WHUP LV DOVR XVHG LQ DPRUH JHQHUDOZD\ WRPHDQ HTXDOZLWKLQWKHWROHUDQFH
IRU IORDWLQJ SRLQW QXPEHUV DQG VWULFWO\ HTXDO ZKHUH QR IORDWLQJ SRLQW QXPEHU LV LQYROYHG
1RWH WKDW WKH WHUP UHVWULFWHG ZKROH QXPEHU DV GLVFXVVHG DERYH DQG LQ 5HVWULFWHG :KROH
1XPEHUV LQYROYHV HYHQ PRUH WROHUDWLRQ VLQFH LW LQFOXGHV QXPEHUV ZKRVH DEVROXWH YDOXH LV OHVV
WKDQ H ZKHUHDV ]HUR LV QRW WROHUDEO\ HTXDO WR DQ\ QRQ]HUR QXPEHU

$ULWKPHWLF RI ,QI
$ XVHV ,QI WR GHQRWH SRVLWLYH QXPEHUV WRR ODUJH IRU LW WR UHSUHVHQW DQG ,QI IRU QHJDWLYH
QXPEHUV ZKRVH PDJQLWXGH LV WRR JUHDW WR EH UHSUHVHQWHG ,QI LV WDQWDPRXQW WR LQILQLW\ <RX FDQ
HQWHU WKHVH QRWDWLRQV GLUHFWO\ DOVR LI\RX HQWHU VD\ H LW ZLOO EH VKRZQDQGVWRUHGDV,QI
,QVWHDG RI D GRPDLQ HUURU GLYLVLRQ E\ ]HUR RI D SRVLWLYH QXPEHU \LHOGV,QI DQG RI D QHJDWLYH
QXPEHU ,QI 7KH 0LQ UHGXFWLRQ RI DQ HPSW\ YHFWRU \LHOGV,QI DQG WKH 0D[ UHGXFWLRQ \LHOGV
,QI $QG VR RQ
:KHQ HLWKHU RI WKHVH YDOXHV LV DQ DUJXPHQW WR D IXQFWLRQ PRVW RI ZKDW \RX PLJKW H[SHFW
KDSSHQV ,QI LV ,QI DQG ,QI LV DQG z,QI LV
$Q\ RSHUDWLRQ ZKLFK KHLJKWHQV,QI RU ,QI SURGXFHV LW DV LWV UHVXOW ,QI LV ,QI DQG
,QI LV ,QI DQG,QI ,QI LV ,QI DQG VR IRUWK 2SHUDWLRQV LQYROYLQJ UHSUHVHQWDEOH
QXPEHUV WKDW WHQG WR OHVVHQ ,QI RU ,QI DUH DOVR DFFHSWHG KRZHYHU VR WKDW IRU H[DPSOH
,QI H LV,QI ,QGHHG DOWKRXJK WKH\ DUH XQOLNHO\ WR RFFXU H ˙ H LV ,QI DQG
H ˙ H LV EHFDXVH H LV FRQYHUWHG WR ,QI XSRQ LQSXW EHIRUH WKH GLYLVLRQ DQG
H LV UHSUHVHQWDEOH
RPDLQHUURUVUHVXOWIURPLQGHWHUPLQDWHH[SUHVVLRQVOLNH,QI ,QIDQG ,QI DVZHOODV ˙
1D1
$ GRHV QRW KDQGOH 1D1 1RW D 1XPEHU EXW LW SURYLGHV WRROV WKDW OHW \RX GHWHFW 1D1V 6HH WKH
BQDQILQG V\VWHP IXQFWLRQ DQG WKH GEJ FRPPDQG HVSHFLDOO\ WKH WDEOH GEJ 6XEFRPPDQGV
$UJXPHQWV


0RQDGLF 2SHUDWRUV

&RPPRQ (UURU 5HSRUWV
0XOWLSOH HUURUVHOLFLW EXWRQHUHSRUW ,IDQHUURU UHSRUWLQ WKHIROORZLQJOLVWLVLVVXHG WKHQWKHRQHV
SUHFHGLQJ LW GR QRW DSSO\ )LYH UHSRUWV DUH FRPPRQ WR DOO PRQDGLF RSHUDWRUV
SDUVH
YDOXHDQDUJXPHQWKDVQRYDOXH
QRQGDWDDQDUJXPHQWQRWDQRSHUDQGLVDIXQFWLRQRUVRPHRWKHUQRQGDWDREMHFW
DQHUURUUHSRUWIURPWKHRSHUDQGIXQFWLRQ
ZVIXOOWKHZRUNVSDFHLVFXUUHQWO\QRWODUJHHQRXJKWRH[HFXWHWKHIXQFWLRQLQD
EDUH OHIW DUURZ f ZKLFK GLFWDWHV UHVXPSWLRQ RI H[HFXWLRQ FDXVHV WKH ZRUNVSDFH
WR EH HQODUJHG LI SRVVLEOH
LQWHUUXSWQRWDQHUURUWKHXVHUSUHVVHGFWZLFHRQFHLI$ZDVVWDUWHGIURPD
VKHOO ZKLOH KROGLQJ WKH &RQWURO NH\ GRZQ
HILQLWLRQV RI 0RQDGLF 2SHUDWRUV
$SSO\ J [ DQG \ J [
$UJXPHQWV
Previous Page Next Page