SAPM

tplaycmunt el ssunt
Inuutmnt- the tewn nust unphu

lt auo tmph AGuing cuwvnt Lenaumphen

xpcckd ncem n Mtuo becauwe he amount
O u ued
hidh A ngt spent _en au OnuLmphen
I M p o H t d t o Kn@u hee fhat
and on utd. ( t
aluuayy
Mst doesn&t qwanked hat tnvt may ngt
9ALOA hught Alfwy_ad timu lshy can alo be
cnuiyernm ent
in ed not ue Late VUtA ne
(Velah lk htultaih Complex Ind Am bigeu).
Cenkxanuflonu[k
n 193 Mio04o4 Cop i t iMud Atodkg t o
the puic _and wMu lo y he Ualua0 dharcs
dhe
5000 n he someyean
had moease u
Nosld G Wondn allo_ald u haru fo the
puAC ahd l0 ea)_Lod-e h COmpany
dekut:

nueament dlonetu d manina t c eple

a ymon iut _meanAputhasLS B any 4hajes_,
dob6ondy 85 any othui Ainanciod eckkseirty
an etenemdt u t means Capital hombhen
MeanA puwchay s HRal aMEA

IACIAL Invst Vs REAR INVST

naralat u Inast: Awrds in hnanual wilt

 nanual CM ane doum euh Aeme 9leal o_physical
atk he Htun n lunnúal s t h
m o intest duwdord ox Lgpikal apprauah en.

KeaIwt i Inuwtd n eal aydi Co_hysiCalaysel

h e oue h e aMd whch ae ustd n he
puoduuten poulss Lond Lond and bwdunq mnathunou

OectivES Of INVST
etwun
2 Requlon n0ome 0r Atabilit of Income
3 Apprriahen
aketye Copi thu i He enly un Case O
pHelMantt shoubonds dehinhixp o
g0d euihe
5Taxunei
FEATVRES Df FACTORS APECTIN IwesTNENT

Ketusn he

a posen ha phhaptd an cguty Jhan

ile s loo and gelu a tun / 9
h e nd yean hun hu twn u 107
HHh w a umeMat heM Ua
hng un
hephonc pulohe yaan Md
nta
 t l05.
10+ (t0S-(o0 S/.
1o0
dependung
haue
lwbumens O_tatu o Hekwn
Dileend T-6ills and
cLenhe uel o_ukK. e
4lew_nekwrns Hy casuy
gutt bOnd e

2.
RLSK
iiHhun uem
kuk iuhe Vauahliky_un xptkd uEwn
an inuymut u
(tain_kixeod_ond lo0y, sME
t(hutalu
hen hHe no suuk abhd to
4md stuwihu and Ghn ixed nome_deutut
HeueuU_Mecnt
Censid ur to he_e k_AC
Souougn dobtLAUU n coun res
which euLopcan

g uled to Inmpay putC lobt Caste dous' o

U4eutS<urihu be k Hee Ruk (an
Caleudated asStandand euialiern fhe dxpuk
9Uetwurslum as nusto1

5.ugu ichy
uqw dhu an ease uuth uhih an ust can e
cenuled uw Cosh an Cash eg wvalnt wthGut_mud
Le n c market Value. SME o he InuMAmnt
hughly lgwd ike Gdd equhy shdres nd
uwuohund ni ond sobeane lm bgw
6endy debeturu, I u imp to ne hee
that douelepnt Knanual maKet Cepend
to 9ntak ixent "enHhe igwididy d auohy
 MouKetabibity
t iu an taseuith cuhich an a d n b 6suqhtad
peld AA hme4 t u -C He hat an auMe i
mak tabtle tut Jess h u re utnss dall ol
pLeputy
S Tax Ben el
S ome /_he tnvudmnt ucwdt -lo benehts u he
50me
1nuw)S Sechon 80C. Ad o 1703 plLouwdY

Cetain uestmant. alHerULaluui PPf,NsC

/utualAundsetc Cuhich qualuy ho I du th on

ALOm tuxaéle ncome 2yto ,5,000o

Amument e tx benehuk 1mpotant uhile
wndurtakng inus hment betCuusda4utu he
a ctual eyfuh u en_ Un om an 1nustnint.

Faeg- Rwral Electaicahon lcospcewh en mtd rau come

Faeq-
th u e _ toncd 812/ kor 10

( t inmpliu Hhat Intenet th ome

LOm +hese onds u excmpkdp i
an tnciuwduals_(a in 30/, trz 6saueHhcn
hen
hiu cljuhuere tax 1Heu ats wueuld e

12 -6
6 Cpial whih
amount
nMy Seuwre hu puntp/e
The inuuton
nøA be_implMes by
Ainst r e h e Jh euld
hlgh Jralu on nutmt Sajtty a ahial
Vou
n 041Lwd Hene (Hehngg aghiu plo
t_pueidung bond-angd
whihU hu 9w than AAA
onen oaly bonds
anc enbidencd Mot beSa
Mahing

Hdg e agans nlaham

nletnent Should auLay puowde hedac

A 900d
inuestos reLea inmwned hat
OLdauit Hduen(he
h e Hetwn qunoaled y hu muRHmentu hghu
onlyeuayone_cui b
han uñpMotuon 1al hen
MÉnt_ethnuue CLOne
bneptd 6 making /nuvA
forfos pnÉU aiing inlahon g1atu_i 8/
h fhon inttos sthsuld ook_looinwestment epmen
MOtehan 8/ inteut henwraluy cqwr
ShanU ae coMId led a a hedg
g00l teto hedq

H AXpeurd that dunnng hmt of tnktahon guly Shan

hndAixcd
gneTot hgh sehu. e nhe "otnen
O tnom wuhy like bond debuntw1e _ CUL
hedge a w e HONE
onvidud to g00d
nd met CHCas
nnudnome _ ed
Xed
hny o hjlaluann
 5PtCULATioN
Pelaluon QKid a nueshment t n 1nhngnT
o lLus ubud ao vo dsAepoinbna
(nue U a Heaonalle pueh alliy tho #he nuLANO/)T
uil puooluu os t Cn e olhened a tA
4umphom e Consduratlo uyK t 6(tauninq
Lenmunswray Hou gaun uK iu2he
a d fh_deulien Hoeuo Cemm uns WTOil
iott mtann ah e ra_pnemum
Aen Unaly pkmorKet u 1denhhed wh tuus
ypy o 3peulaoy bull ancd bo Bu peuk
t n hovs whilebeas cxpcu deci ne
hock_psuly 14 mut m8kd that
prulolubn met 6ad i eMen hal ox Amooth
hnchonunq oK mokd and ty ma
vuo Lhhndhy and g wdiby 8uLL
CXoMUL prulalien bad, a takes auay
Jtomthi Aunolamintal uauue
Dil /w SPalauen nuwtmant

BASS INVESTNENT SP¬CULATION

Ime Hon 20 NOng qon e1ally (XCdUng
1 ShovtAou )phoxt au
ene LOn n tonda

Kis ou to Modedt
Uey huoh
Kewun Veyhugh Lou ho mocderal ottVosy_huah and
Inconuulent 0
tnd Cosidnt

hunds oaoueol Can b oyo wed

nome Oudort, wt Captal qaun cechange tn M e

S0wtce hindamentdl ubn Compan heardlhndh

md
kom an anauyid injormahon

Manling game ndutakn jai Aomeenely Kulemoyt

ke Loloues Mhough dhe uinen_

Mokoa moneyud Cannot bë ClaMiluy as a ltun
htcaunsi LenM-ent CHOm bing a 2eD WM

erncene' u ah oy aame
H puuly by chan Mo ene oit entu un
Thouloat on lun9 huhly unttotun
nd m invelul Comylcy 04 UeL A t Hund

RSK RETURN TRADE OFF

huoston ikeHetwn ethey dislke giu
ALl he nslo e J auese hy
dyo Qud sk euleu utwns konn
Ceun 0 xed -he Ualuw al tnwstmont Uasu
heu_puaulyng TS
ALethme dul ty wrcetanihe
Hute,tHen ce Hetwn Can nst be
mauuket Inuulstmnt
APUated puom_tuK -in the_puoun s
hnuetox may_Aeut diide _abed he ul
HLAkhehe u uillung_to 2unduutaken
ne the uel e Auk u dudd than the ebitthuL shoUla
Maximi>ahon endwn_kon hod ud o UN.
n_ondur to esnhighu Hetwn Inwto u ha
t ake uRHW beawthu u_ponhw 1U
U kk and e n
tu qSupp0 hat sthae ate tus Acubuhw auaulaly
maKd Sunhy A 2B.
Both hauwAome luul u k bucl Srcwily f has
nueska
Nghu Hetwn,h Aittr a duth wey uesas
l l Acueity and insteod thulest un deuvuly
The wl5ling pnUTE en S(uiyB
hAiU cuull driue Uk_pite deunwana and
tne Cot truwstnent will be louuen. huuo,
Qetwn xoh Oeuvuly B_wull ue - Ontheotno
hand thUr uiu be dunand_pusiwn on unty/t
and thiu wlould_push_pule 2ypuaed. muncattn
pri (e wweuld suult in hugh tot Inuwtmunt
Ond hunce deuw pwns OARWuy A
Thiu puoOM wul lenhnue H Jewh
hu Aand
Cemes gual
he iJk uu e tuolusuhts a Jame than
hem Should Sam HOSN
OthenwMe nwhy ueuld me horde t bu
bu
mone uky stuwty Hntc uk drd
1etunAtm0At den tandom
high Inunu aume
Httun iu_poble_ohls
V i hw sisR But Inueton wats do MqX imize
Heturh and minunue uw k,hu noiun as
JUR- twun tHade o
The Xpeckd Auenuom nsment muwt be
Cmmtúpwiate uu ne uk e hat 1nuustnt
Aetwuny are Moumally nghtn than tMoie uy
be mad ush_Ja that seduriy and _2twy aIL
nOnmally fhen me jnuestok weuld thoos Mot
Seuwuh nce, nuesBos ullU u a s Chegye a
SCuuKK t a capelul lenidenolion o iuk and jctwn

Ribk netwnxelaienip e dy inLshmen

Lnvestment RisR
T-Bl
ponds dthuntuneaA
Bndkonence Meduun Mdum
hLghr hughen

Kp Re t [RH-Re pz netwn sn lostplho

R- Re PuR Prerntum
KRuond RRuatd0 Km2 tUn on maset Vals
or hme wnduvakng
 inustmt hau tuo (om2onenis
hHeuun om an
otwn uhich u auhually -Hh
Riuk ee hatto f ompanahon-
me e u emonu I u
Common r all m e e A mu
U aN ulee
nuetmett incuding a tuR
uUy
tua mwst earn t h u much dM

he empannahon on Mumn
2
RuK Hemium indicual_nutment
V
U R. Apruh tu an
inushmunt u huahu an_Jitk p1cmium
Ukinan
Muwt abo_ g h a a n d Ye-Veu a

nuwmentdeuien Aaking o (

nustment poluy ne inwtmnt

Sthn up the
polic iuhxd en nwtmen goalp or ehhuh
u
inuwtdl und. tax Staduu and nusmenthoizons.
Inuestmenf otitth we may _opltal appneu ahen,
MQWan n come a ngi ekt_ heInutment
obithe te amed a p the iuk 1ttun
peLemnte o (nLeM u H_u alo_2date a to he
Penod o Inutment 0n nuwmennt honen

2} Buldug pnuenony eSwuhy

|hi sep invelu 6tdtng p a lut all
Ouailakl Inwh
pewnhu uhutin an nuhu
moy makey a h+men pdn q upm
Inmunt eieuhw nd ustmnt ho noi
Swn) may k iHdloA tgan uyna
 /

Os tthue U o eCUUa10quloun Income ad Lou iuk.

hon cquihy shaws mauy ned c incuded in the uk
uk uhee trlesor mauy ust

feorminq Seu U.
Analyis
nm sep ix ho onalpe th eauailabe_ m h
umayuly tuiAn Jeput to iuk and etun Thu u
Know as Jruwi Analyalu u may hel nueh
dctt Chng nden vale orelealytd uwin and
ming 6u and Aetl decuions

hot a1e Vau etu) appubau oS(un analyp

Fundomestal analyu
2.Tethni (al analynu
3EMH atient Hakut Hypotheu
iAs_pen sundametal analysu h_(ona uun Rice o_
Suny auo qual to ntinivaue ox
ue nth ntinuic ualur u_Rrnt Valune
a _ud we s n fou) aMou ated uuthhat Scwm
Henc an mwon t calculgus u tn hinsicvalu
f prumy win9_Aomi Oppuomaty aliu count a t
dnd nen6oma Compase u n Me_pevanq
MOrke Pme
Deuaion ule3 MouKet_ pia Pieckn than ihkni
Valw do not 6uu HarKet ismau the tnou
hen t bu hay an equal hen u
an haeen
 hutosy epea 1Hse
baxd on hed
9 chnical anayu u piedidab
behaui pw u
ancdhon t u p r i Voume
fayl pn and
o h basu o
OnAnbaviu of hutue ptduhon
Inonnahom. whcth U u A
InueskoY mdy da de
pmctan ba(ally yu
h hme buy or Ael
h Scuo hu hen eto bu
hng to buy

ENH
UNH A m y hak wvun Suw p C uly paLUt all
h sruun eN L he
6 1 0 s mahon_Cubeut

any hme u 9good hme o biy 4 su

hs ph HH nd-
A s h u tu no Consistn6uoyming and

pnung an euent S(umA_makt.

LOnStaMthng poveio anolyiu ond

slechn
Comnoion (
Dotkoliovi axtehen oj duo o Mo Mun
inuhich on tnehor Mbuy_poo hold Inuwrment
1oho1 han n al Alcunhu auoulatl_o invotment.
heuone oH Sewu Analyauu the mexd shep
Cona tauid_all ilo pottotio nd selechng
phmol posttoluioT Lonttuntd inwwo0 must
he nokcd had hoe mcu b many feailye
psctpio y Combining yabwDumhe n
ppo hoM. ut not au e hem
MUent
CMun ooliou ne whh peU d maxmuM
akuwn n oa
giuen lul nsk or
 inimum uk Jp uwn luuel o okwn Suheuene
poatatin may ulua alo be atg in munbou Hence
Odcdoto slcd ophmal oo Lest pofo
poatfoho
lio
CUL ntedU to _LeMiduJu k jetun nomen te 0
inuwros

lo vtkoho Ruiion
tConsist petahen o_pneuiew oun teps on
hongey nnuenent énuoronmunt
uoeouu the niustment ebjrch uo he in u ha
May albo hang 9u tme and hence helt u a
mea to e e poialuoA puodically Due do
Chonge n uwiA_pu t he omrginaluy buiH
C
postto my net emaun ophnaldrd hentethe
needs to tuR and uid up a new

odeliy tor mance &ndt eluah on andManagumant

implits dutrminingpeuoolically tuhetheA He

Povttalup has panlomd GetHes dho the erhmauk

porus0 the Smlan poplhos O6 net
osmante ualualton my be odoney uwIng VOneuy
aolye d meaune Suth a Shap Kao
teyno Aalus Gt8Jensen Hpha
 XDIRECT VINDIRECT /NVCSTING
bau Du uyhng (ndunad Inwhng
Nianing invelu_pwNase or Sale ny lu in whme n
Actwies yheinuLAtog uual_hund or dhoi inuust
henscducs panuSJath han
ditccHy Ah Aetwuhy.

NhumunMCopid Mankt-qwey Agutyutua undy a4pen endacd

sho bonds dubentu@s and doe ended
|ETE (Exchangg (sadid
Mony MasKet 6ill5 |Fund) Celeth uw Inwstunt
omm n ul_papo (eahfcak Schume, Venluwe op1tal
depoits d. funds uds_unda e
D&vahw Maket uwy
and sphony

ontel nwwtOd has kul Cen hel Muuua kund o unhmun

h nuytmunt dui ien Je, | Comun hou dinut
ConelULY He inw hmord
oughd ord cuhih ae to (R|deuin1en

Coste analu and morongCt ane ihCugut&d y he

thurd ythe hwnon Muhual hund uomp0ny
di 6u uma-yPaMed on
(Unvt holduny in to)
Le nd mgt ixpnse.
 SKlls t 91cq uMC whnq and.
xpehSE SKills VmOuOUY
cquytd i n h r {xpthS
It a athmc conwuming ndiui dual
U_eudid by he
Muu al nd Compay4

cenvenent pieuned
envonunt may nel blenvnIent to |t_u ment o
S m d l i n legos h o dlonot modu o In

nuw S
DOM) Gu inhng akik
and do net_haue much
W do pounm sewnty onalysi

ppOOhy a hws{ing

Making (wtmen tn
:AChue Appuooh timple
analyning
Suh alo athuely Ond Ceaully
Sfunhu and p0tkolu wh an appueah
he tau k
Cqweg h a t Inuesox athucy ng dqed in
u

SACUnty OUnalypM OndAelchem and bulding

Sutabo posthelin Poxtkoluos a e then 91euics
6aui
and thue plYoo mano u RVduakd a t 1gcula un
u madd
inkavalu The cHoice 0 ACwuhy
mane had the tnwr9t mXImum
h a
1ttun p guun leuel o_tuk. Meqwt
nwtsKul an Xpeis nd it a hme
C uming

tnuutmunt U
2 PM ue Appyoh Itmplies mgkunq
iodox unds o ETEs An Inde und u aund
had otOtky he pg manc a brozd 6Kd
mosKed dx m ca _pai appaath he
inehor u Contcn wh mat Hetun and makt
Jukl doy net pat to asn_jakwtn guo
and abeln
tn_maxke d e net_arqwI
MuAt INnuy hmantSKly and u mo a hma
 DIVERSIfCATiON HEM&HNG_AMD ARBUTRA GE
vULIkiCahorn
Jhuuto OU1e k auuense thuy auid wk andA
asswme uk eny when tt iU adeq uaty
un
Aewanded
ems &f hughen Meknns.
IUUilahon miar Inuufment_n lang_M8 o
unndäkd Sewilies do as to_Hedu teiu R
y_
uwstor nust all hu unds thn eneype d
A Swuty then he weild Mn huglem
that Becurty_pvyomA badly
By hauung a due1ed PoxtLplig _Lsuety e
Swiht uj0ikte t tduceuuk beedusa
Ome euihu potprma bedy henthene ane
h euwuh es uhith mught_yooym tueil and
hont ptpouolg usk ul le louuon

Hdgu
dqng mean Uneslttna tna deuwy that (an
hubly he ul o1 ak inusfos uhon
an IRuDykah alttady has an xdhng AARky
he's Ped puce uCe, he u / thad
the u e the Jerity may declne in_hutwr
nondan
n to eiunas tn tdute Auch a suk he
may taKe a eUhten_position in devvatus
mauk Juh htwne or ph0ns:
 6uyong
LAbhok

aset o1 l uky U t h e . e n e uhith

Audge uuth he xùhng
has 0Egahue telathen
JrCwuby
:

A peryud heldge s PLnty u_pulaky negakhely

Co1eladol (-D Hh he x uhngeutnty
fbebitsog
e
an uy ton take
Sters tw a Jrtuation whne ae
el_204)h on on he me
bLy and
tu
da a
Simtanueuy bu ün_olitteunt mattet
make is tttm_ru Sobo
SoD
he moxke_psùe o sB1 shane
hene an
i n NsEand 2 SyS o iA BsE z

dobic
fotunity,

h_inyor
and
may take a Aong _pih on n B5E and
_sho oon un Ns E
The abifongt epodtunity ul_ge_tLplsi kd al
h e quhue U inues ton and hnce bon h e
SBI Shaut uiU d(clun e NSE eling
A
Th anbitage conne Qn end tuhn He puu
o
SBl sho gualy th oth h e eXNanGL_

MPACTOf-TAXESON INVe5TMENT
Post Tax Pnetax 1-lax naKd)
Kehwn Rotwn
 X z Hd ot/our 8:12pa (t pan
A 30, 'to boavcet "
MN C I 3/ axahd&
Pest tay : 8 (1-0 3
28 24
(ompone 8:12/ Gnd 3 26
u)t n_MNC Itd

MPACTO INFLATION ON NVESTHENT

unnose We haue S1o0
Me haue 2 ophom 0 hhambwn4u $1wh enhre amt
Inuet and
tnkbieSlol6 ox lyeon
hen bu burgUU w h eitou.ameunt

AppebanKseffe 10/ pa and intahon in tton

ane
6p:4. Ytan2
i107.
bwqv t = $ 1
Gmut 0oo Inihal Omt roo0
amounH (Y2)n l00 o (t0(o
Nohambyrguw 2 (000
Inlaho)
0
No: 0 Hambuet1o0
06

Huah om 2Yewn 2 Aum beHO)

(0 0

pekwyn
Htel pak of
 Rtal Ralk z +Nominal Kal -LA
al eund on Lensunplen +In jahon
uenoumphon Uhange eny 3 8 1lt0 -
+006

NAa s of RCTURN AND RISX 0 03+ 3.8/.

Ktiu
Ketun may_dojuned total tuanmqntralnd
y
1muestrutt &ypresed a eq he Cost oV
nuwtmunt.
Inueme may b he_TA : Uunye ingme Zyon
as Onkenest and ouiidund nd(optal Incgmi

Re D1 -loo ctd Snau No

P nihal pmushae
Po D,zdiudnd
P
R Reun Expend
dudend apitad
Yi old ain
laptad noM
ntomt
R6 I+P-PoX1o0
Po
Jukun o Ih eut
bond beon d

Mdhaa pwuhaudl a lhane Reban /hdta Hy.

at q_pulk eq 950.HeVdold he shw1e
aLw wumn Ajuindo/ So a the end
 _L
a n at a pue e jo15 (alulols A total yutun
uem 4hal shou. Hou muth u he dyud queld and
heuu much u he andal qain l d t r an

P2 lo5 D 50
R:D PPoXloo
Po

5
0'052 t 125 |xIO0

O 0S 2 * 0 13I|XtoO
2 0 83X Loo
1193
otal uhun 133
duuwdendiold O00S 2 S:2/
apta gaun ie 0-15] z |31/,

n liuedi_2wrchas(d /07 bond mauwn4 aAtn 5

feay at a puilt e50_Hedsld the 6ond
RHeteriM_1ereJ ncemme a the
d a as
l
a_uu +50 975. Lolulak uuHetak
Qtuun o the men 6ond

15 0 B 0

l a5-950Xrou
950 S0 J

O loS+0 02 61
 t unulaue15-1

auu hauu quun olleung i n abeud y eh ualue

shdke and il diulnd Jo lasd1ytay
aluulat total Hokun_iom ah y (aa_dtnhng
om 200 8 in Jwsp cut shoe

Yea nd ShanePuce wdend

O015 2
80 3
013 O0

O12 80

3
80
200 2

60
t50

008- L6o-L50|y100 337

I50150
0 0135 40.0
D)]x1O0
x120-16o)| 5 /5/,
Lo

180(180 10) Xto0 06

ol0

D a-22

- 3 53
13 1338
180 130
 a 00
o0

ol5 x (o.009
0 xo0

YPES Of AVE RETURN

Avenage Hekun bsd Aydhemohc Medn

Sun o Atuns
N No 8 t w
46.8 5.81

Culat the auaaL un o_phL_

SB uhidh u CUwoony auailaklh a a_puda e IG6
a en 31 Sec 202 shoL pcE at ethe nand
y 3 dre 2olG, 1 13,1920 Meu I00,118,(36
20 o pethuwl. d h o did met pay diidnd1
Cocudla SB
Sho and Hoyput the xput 0 286
G0 270, 20

)-13 16 66
19 20

0
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184 8
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