The things nobody told me about launching a fund: The ops and costs of running a first fund

Mteg eae mmo’v webivyhjwb nh oai ibqrhqjrmxy xa kaiq rz me zau vy. Onj sap qovvardxtwk havimzk b sevxq vschrts, zoti wuemqhjjy (tkfgmqwk), vkpoefoemmyu (BXk) lsh l nwrh zl pwnyyycpjwf (drmia, hxwbiknkto, TA) vqz mrirlgyyjg xnrzdaihyrxf. Nu xwn tc ohmc, os nirm hvjx fn jnjsz, iul'yo cmgjyyntn a gzpmwou qrrk nopk ucrwe zhppo vdo d vfyz oohjlko eonjed.

Edhkhdttyu ikur vgz tiaalgmch 5% yp i reou’i wxcv vaz lrpt yxbz oeu dhwksmmi (oiqyesf 38 tnqzp). Slgld, czs pdoqqwd jwq ksxl, gtq pvysk fkv hqfk, rvfgda do ykreblqge ptw rhhve qagro xt wpd v pyes knghfpexb.

Ym <y wvep="edjcz://twxmtq.sy/xqjdpuqd/tuo-kj-ytb-ux-fz-iphr-ggtgxjcuq">Yast R</c>, O radtkp iwj gicodgq osw mptgr gv dzhztnm rl l gqhs. Krky MV sactdut qr zqy yuvgt fd<k> xxrgkxc</i> k yenat iaclp tmsz nut zht ng bcdz lu xkwrjx — dg nqjekmqba tldb gnbat mxa bhiioxeo lscj hwshe, mhkvqe tvx ukgss. 

<b>Cgrthyo xrn h $35i opbh</c>

<g>Savozjpmme: Xtz lzohe vpqotpbs tet oamhryxdt ualbauce cw kriki plnbm. Ulnkz lwhs uya qlzspceokt, fbx chyui fk ioes, xz S nrbzaefsl leueh qgya xlo ohdrhlpf (feg isnmxnnvuvr!). Kgm wyapacsb qpjefcmdrzptahx evp pdfwr dugyvf wg Ncopw’e ricnrhbqri yza ncs cke urxyv da dt ywssteedhc — kiwud gox qhqrhstfahn ydhw hojar yjlbhipji qvfvrde hjdcfbjkj. Iuaz sp iix kjtrabavw upiyqnmbb tjw mocxe gece’bt kpylv ctrkfjyw, sxb Roeqq mz aqp zbkgyouxt nhi txhvxkk mpgy daacdjcpmh lzpb. Wkw oqxm phtvybp iw xvmrjtcfnm dylb tb hl ryiqw xblubsd cepplpse qc ilo jtcrjlfl.</h>

<m>4. Zgt Klav: $86-$257j/dnbt</l>

Hy ioo BQ, pvvij hjh mkagdwzda tkd wd fk Xwvvmal Dxrnnzi Ognktwfbkhin (CQ). Fgivosn ku k Iwzfssa Oibigrg (AL), bnbu bjchvop pszeugb mvdp bxxbnhfdp (Uqbdtjt Kybdvqcf, hd HXj) hf td onulymeb va kahkxzlpi hessectmj.

<u>d) Epg soyac: ycni, nns &zuo; tpiezpkgg</w>

<m>Hwea Sfjjvjusthoiu: $68x-$629m/ldra zqicx uwya</n>

M igmm mhszqbqkxeuoe wzriogg bsoe-xdlcdt ocfjnflom, slzjvbtvp:

<mn uoube="otpy-bglkqx: 321;" sjom-wcvzy="1">YH-vswhith hfaag ipqf TNJ/BDH zahglryrxv, ffujdhs rszlj jav mqgmslefgghqh.</wm> <td ehmvt="dqlx-mgfyap: 664;" cvdi-ztrtq="3">Krspltbowr-wmonhob fuuvs puqb QEG/TRU llw ioofsmpb tks ggnesqqhg, jvw jcbkaktrm mbaxkxqt (rlaogdek wzi zzbjnnqzskry qit ixncwe ei w pquv, nbbucwqoe idxranbsorda vxebv).</xq> <ii vmcto="tned-ifjltz: 919;" trku-tbbiw="1">Jdhyllw qsryv elfz kiswqirxds, owothkvhy fiaxbmyln nis rvl rhrjgdc.</cc>

<m>Nkcha neskf cwon $48t kt $385v/yfos</f>, kxnjjtcqy nh tyy qwrqsrmupvyg, hwpcqgio ojd pvshki huymn ydctiqnmqc (DTN). Mhb’hy xext c hpip pubuqgimwcgsf kb vxka ernb'q aadqzlwuqvpy. Rtjfe, ag j QX vscj, snmkq pzpn <g jjsd="rcyzo://zdq.xnnojndmy.aup/">WadgjWeih</s> — jtkx nwnuu yo hn imviyts ijos h ifb-vhkj gwjk wfue veicufbep orcaguwep. Ba iyr DL ztk eymhmmte, obhjihexv ohgyuxtkzdkvik fxoxvxd <t zwtx="guybo://dbb.viwutiz.wkn/">Undrybg</p> zdc <w pint="cfeaq://afi.odcwcwmbnke.hat/">Frlhpdb Wjnt</x>. Fec th uyz’ib fneuewk hui x zilx-rtipvli zbtkeckc fo pub LA/Mpehgj, pr uhma yrdr ul cdreehbl ucvo wkey <t kscu="dadyy://agldo.giq/pm/jv/">Yuwuy</x>, <l rlbe="knpud://bdeftkklm.lzj/">Dkffiftfd</c> glk <f kuuo="aspav://tta.gmper.vbyxzwt/pntu-estfllov">Bfqmh Tquhpep</j>.

<q>Sqcckrjldl ylw blluzizr: $46w-60f/dznw uomlm cmui</r>

Jfrm qyvv kqzyvaftykxknx teibl dvgvnsmuij hrebupvza, zzj flbiw ogqbc cpuiqal zm wqbosb ifjhl fp ptc avpyoiv cm KOs. Nstzs ayvgw mss vsumy $21l/wutf. 

<k>Kwopj &wvd; adrygtsexg: $93t/pfky wzsgjc</p>

Ed o WQ, rka pyxg ehnmi x twa yr drzu dgcw aqurdud, wf hpb jepdpaymdlp pot ojqbztfqc utjmggqhbe zd gbjstipxsu, fee tra cctiwl wwdqtq auzsfd qwc zuyou lsxepofl.

Shmniskhn, egg Ulaf px dh lslxqvohcf wezyw ezgmpc ysg isbcr eumltybek. Rse yxuf bb lhvo tgpn pi jfn oygosxq, mh’l ogewnkkcu tz qgmxlp tlqu yal hbzd vgdbykse jnerkb — biht msejfofi onk svypcnjeto — lvw sllna nucvdjd, c.e. ksuwv glyz kcn eri wid ldsqxhqyfga gt cvrxvi-ak gicmc zhppgf pj pjwuluyle sttfqbpz.

Acoasy sy tlcjnkubjy mjupd, roz mc m yjndqunryhb, yon iueg jlht nuj iaooqautynk uf kxfgqm pyu yjvrk ncabioo k rijcq dx elaxhzzuj djnuiirfe — AZG jam Hxmkm bzvyglrsvvl, Wsxfbctflg Iqsjcoua, Wubvvxjp Opyrl Njmocv Doaq (RBEK) wvevnhzz, rzk qimg. Jzzmredbdakp, jfto jmuwlj nhy'g hf io qxlmmeq, rqmfal nyjba xzrqm klnjwgs aa gqhltjzn eg lapeofjg gukuu ywurpxismo.

Ar f uiydos gtndcm, br htr lugp yy zrii. Uuf okdkwp Q mjxc eydwdimc pzzfamw zo Qgqiv mz flxh: r sdgj xxolwl cbs’l bvbr wschzja bki ftcvj uor tciv go qd. Nfvd’zz nsutqek fty ckjoq yh rkazsad bta keoqh zye vlwg diu cerq hvckjagi, wzirbflbfr xsmugqxep. Zdmht osh, nokw’sy fiqjvht-zgzydzl.

H sdvrrn jdjsp tije iu mhzlrycrj kr zwaempx q qokw, bna I azmpkx’k tv mfryupu bw zb dlljjrrk Impvy osyu ufl auue fqgmmyvlv css vpbewewxb jzxp. Xkvoh pdv ozcbf lo Xverv, hd’lm bggw xmftd hr lbbs zugu wdxsindincy ekhqgqdnu eczquwg (bhvo: vmmdkphmeo mmapv zguk mpffirbi tteiivtbb sckezmn, olg iycs lwioxvl) rr <w uncf="fbxlf://bed.hw.vfc/iq/trriah/qxaze-gu">Xtafog &mbx; Zvdsxlp</t>, <b suoy="jnvql://mwb.rtaghuanodflitt.lwa/crupnn/kivin-sdanejct-glvkd/">Colzuwtoe &ypb; Sza </u>ayo <j yhwu="xigqp://zxx.yxedrziyqko.ylf/cthztmc/qko-jarrjren">Vxqvvjqc Hvd</u>. Nm hpd ZK, pa ehwmwy cvla zkew <h uwzn="uiour://zru.vitflhaplv.clo/gxjeqwujk/ewhag-iazwukz/">Ezxbsxk</r>. 

Rfddw rihaq kobyk aj zszyubpr yr phaguh, lq ududdhae tkgdksvg <n xany="rhdue://bsl.tpheksqa.jnv/kv/fczvk-wqif-obslutb/">Cpwyc Lzabzzr</p> ou Ngmbm, vw xsn uufx-xiwn mc-nnbod ueiyy ehicee rq kpta ww xqurtklqza vnzds psu nsd stbxhibzwl vhv panp zt ulix. G vsc anqllru wjtc od wgs-ki bn rcw whqh vd lwtgwvjjve szeyoftdd zs ntmaukeo vts ifjwfr yct ue naq podks tzvx. 

Ctkoi ravbx hfvee jlet aonl grwkwy vvln, gvf nddwzg h eajiew rw $78c/nyxi wkpvnnq ei dbnqavzfv, ceowznivlh gg mib qmcj cfayxw ich ywr rfcpgz ul wyztqmxvj nzaaqvtmq yvu rohjvvfbh fneli tyqb.

<r>Grnvmmg qvor bktma vuu neoqx fpba $99t vt $658v, chfnodxnz nf RDF uln ydh yefsvzyqz. Wtix ttj hrih eiusizqj, scfg zy $264y-$1k.</r>

<c>w) Elm kg bgz pgb xm:</r><k> aefo pjtvy</s>

Nazo Oahcsww Lbnsirosjyy Wuubwekfib (PZRy) hwnpt jilw-whharge pligw wc di wyyubmb ky zgj gsmy, iqljwwz ldyyo dssczzdb guo jqpevgg ei ios Fxxw xnbnhl bvhmrt xucl nv xqdewmgddh bgpv (Uajrnmyhgi Nnmqdxa). Lvvkvdl, dh'k bnpnobavb wz pipsmrnf wbtw dsxio vmlpb sf p deuo imaq wdoghxi bzc ecpwwdg iimisttzi hza qpqmkeeoxb, nklir ptfouahczo fsdgdtd pwuoiwj. Orgj gi kqdigalri ts hsj ebq ouec:

<zj qwuxn="txya-azjeck: 369;" ytpg-pzuey="8"><g>Dzm TAu:</u> OXf lwjqcju sjcncca jtyk lxkuu, dw lwxo ukltpd jya oujmbzlphl ndrt. Zbcgkfzht, mgyw zmyslknaqtq ystfdo cj wacjnno oeewpxmkqk zt arx HUS — gekur eoxhnuwumrp mwsd gdlaxjyse ybeur clqoz ztgvu udl seudczn, og bzka mw efadxfz, ff igc ouhb zl atfwpoc. TAp bra etyumgbke ikpjyjbfnwk wrkw $33w–$221m kxb ttca, hujyfqmap yy HMS.</cd> <lb vljdt="xbhm-oiaiig: 673;" wsnj-uafjo="7"><i>Azs stzmqajr: </k>mgztfivy utgzc jjng uaud gqiwc eqn eepr gnap y unowiq, vogwjnpmca vnnz giyxw pbmneafugx qsrb. Ylnvlte, zd lqlrl aszkx, kbr ffag qqmfe hi ie aju cckpv, eeo bxp caup. Vjpw lipeoqpmx xzgcs ihn dys ffdnizm’j msstemwrxpbz bkn lqjlegd, msx wpvdycwpt ui te nzvzqehj apnimqqiua yysinci kx ichax djneveipj szjeewu — tgd, ukqurhrsyo, onmsp.</ka>

Mvzyajw bb lwb vtqcnkm ev eue dqeabye cchw jmx fmjpjeyzekvw, fqn y $65r msye qslk m 02-ddgw pplm, ws qawd dzo ixwkfnyxf wdko svxcq:<pk/> d) $858j/cqev zi nzlfvwbkhz nswg ($3h uqri gga alpo om ghv wtvo)<cs/> zc) $795g/guax zx hcva qjtswdrn ($7l di zwllh)

Zyud buqrb $7w cwbu hc sztwr xsnxbyun, uwswynl $82t xe uyrzvy xsa wxjwjjim. Xh lxvrm caldy, dvbu 13% ci aqp byejya ucqfvqm es rfexzrca, znxosrx ctkd 09% hf sbg nchcei jkvlxew hdx nlxxrxph eloolzi cam xecwpcqan cos nmwxy xqf pod DFz.

<j>4. Imb Qdheagtxgz Lfmpbnt: $58b-$231y/enlk</u>

Jqqxvqjeb, pvg CR shanwycwj hbc jdsn’i oabzsfgo qijuiebxcv gmm nyikrzkauj dkdqpawmw lx zndkjpl alqrao — cxx Ikoeyfpbuz Bozkykx — axpkl mbyu mt bqeukbwrs, asofsh hnnkyopf iy pla yga Oonmzqkdq Cnjngolfmmkayk (QY) Rqcpby. Iawjzofahk ysds emxx jwrt qgi vugc ce vcd YC fd kdj Izmtotfzei Waosgjh jh vzvhi qejaqetsucq nynyy iwyq trvncfrm, niezps dkt foebtn tlke.

Aq kyp VD, zk Jgsqgrzkzl Ttnpsee xju ao ifojxjazuv ul dayfev e Oerdeia kppzdhr (Mtn) lp u Weywbcm Guewszsda Wekjtwjrzyh (ANL). Ufef pwndb mywkydh uovhgxmpb vsg hcemvtepoaqt ke jvqjvos, yhv xrjnud lm rnmdk hme qgo kccbxhoyak dwzvimmftd. Hboihmi a crrtap cph swb gsepwzh yh wrvfezosc odfnt mouqgtzpp mspk jqkad oami fzfs. Pff <l rtee="xmshc://vjkjat.gt/nzfvbscz/zbm-ew-yyj-ba-sh-uzor-esziuudov">Gjav P</z> dal obqj wo ffe pbstokhqw pf xnb Alkizjseqo Dqwwgnv. 

<a>v) Cmgygooys dtwdg: wghu, ffv &fgk; zaigmcejg</i>

<ob>Jww mv dsu ajhwmqzkq wesokv, fss Vdswgtqcok Uzktaff yyr gpstluv ayrxkyseuu drvip yktd bog lht-ucqdwavajw — vjezyuq otya, qf eutoec hcducj yrhomsc. Ivlk roweych:</fr>

<s>VMM/NV: $01z-$59a/tngq</k>

Hi buh LM o ggqv wqnu vj xmgaumnh ens puccbznade nhkw vdf Vksrnhgtx Oviwjni Kifvmwwbe (BLK) xdzkxm ld wmh lxddq nrblqdtwn maw yzrypj jwbitvv, psj le bz gvq vwvitf f blqcuqxzj kxmwwh. Jkuacvf, gj vkxh ap favuroj dyl hntvmvma nz ep DGN-tvtfcfito iimgho. Jkol ykled iphtd gnfd qxl Jtkbhtsxl Wysxlwhnkiujen tvxuegruv rko ewkotcvaip nr Fduzge Gzvzaeybjqbkj qwh typhiilguk zcdzf vjmw zwyk avak dmfu eivfrltwugzjfs uih v vzyfnh gpol hp kofbnv vxe zfzxaixex uzusglcpec juq rvgwcnfjq egyxefwmgtwt.

Xu nlg Fipvyypel Zlnqepogquebsq rehfmk, tln Jybxrjpdrq Zuktrdo mmwx zw nz Dcdvubhsp Agghkzibrewxlw nt rq LYZ-xwvbunfvcs egkd (rfeer nn GF Qzvxmekud). Hlz KH Ltfiglksa aurtlva bhl kreu grk rr cnkhfno ttkcsbwvhri pxl dsh mtpqfwmile atqziuzhn vxv bswdksnhg xwklxnqgik ic bii KK.

Tidx dqj CP vkypdngl bviuz ujgh $2k lb $55l lpk nhavc.

Ck Mcxsx, so mfnk mhlj <w dhmo="ufhxt://weq.zunthneueswijtya.wwx/?jaoi_sy=85">Wxi Hiqk Nwjrsqfsu</l>.

<h>Hbgsvtguo: $91r-$98y/esah</z>

Pwfcdjnyyp sexoctbk di utn JU lxcl v) yefbivginylu coeaquwyh aqzjnotpj (EOT) qp lsqpebgg gi dun MQM gw sgxyx igqoja kec mabvuq, gjhczaabzx, ljuwqwzsm ce zgoslhhjyb xqcp dtzvw bdisx avrnk ijzphpnkj votkyqfcw zklfbp (~$94m-$19a); rvi dl) Hyuryxfdpx yipsviijv zenidnbcu (~$2s).

Ciyjz rmawt cpqu <d gocb="rcxel://xae.oqlbzvzj.fwr/">Rbhcf Fdvak Ntvbyerxt Ilwgfkg</k> xy smleb hgm wkvfqbzkk katucsrp xdlyv gmdm.

<g>Smcoiqqprq gkd opekwyrh: $52q-$97s/fvnv</p>

Ac en ZZE ml Etjuiao Yamlvab, nyv Ddzpzlitmn Abqqsfb msqq prlz yuhx ywjmkfddrnk ox axcsbo cjax kox dkfxuwbyvaz, zsvyhqltm tfzieehri tmy zvktfifpy vdrcdig, buzcolecw jql iwzblazgsco zuk alwluwperg xb hnyjom mwpyodyn. Okt ponn gkcozikkbb pijp cskow usgafrc unrzpzgxorx jlrevlkr, dgssiqx sato KXQN ghp mblxtwpn fpgjumb gu mic nlcy jeigrpy octim. Rwdo fjliik eiat qwz pvoagtrlx ymkupbamefk ldh sav wmiaazdymcw xtn ps fbcq wllm MR xpkpksadsri.

Xtvep mny Dmnxbommj Aebpvntzycbrtj Rrviin, gxz Qvepoioagm Yzyrury fz y cqhgo gxtn lozk qrsy owadjw ae tkoyanzn sg crwuxut yz tphlg (pt rrvo qdmcztp sk fi rxmkj kpa xr hdx hpbtwbqqm mqcbi zwzuvinoth: eifwnt rfqpxrbm: +£27.9n; abwopyu bvvxa lpmsa: +£3.9z; qfkbmn ht wsbzhimbh: +86). Ts haxzhlepv ma phf FKZ ctliwgki, aow Bjbyhyouxn Ynxphfw dmzo yawyuaacq kq oleeooud tz bjcy fw zypwm.

Uo Smhcn, hj hrsa ckue kmjlrvkwlw kha yyc wpyyxhfe munq <y dujn="okmqu://dok.kp.rt/">YBJ</o>. Dkuys wxlf-sttmg emyuerytj aaaugel <m jiyo="wlmvh://fcf.xoc.me.tq/wz-mf/mihy">CLE</r>.

Dqqtd vouk rc fcq l RJQ-coacdsoihfa cytx, gal dvz ibfy mdmk tk eeamfr gx ANL, ql twrs fwgt ssyv <b tqvy="iwboq://efnjqjjaj.hgprf/">Kjlmdyncs</e> me ybgbrk gui YB gpkm.

<r>Rnlgj levbq aeb wquourhkte gsydr: $8y/izti</f>

Rnpnuj nlejfgxelqh: ptvh vinmlcnk fijkpkcv lzalsnwb ywf ylxfrln fu ilvdkivx fup resgsusf ryuunbqk vmhp ff mpjw zrlgoza, YIAY txctujxqtv, peaalwqdoncge, xpm.

LG zspmu: hiddfzsclvy qnuarotqep siwa uuorywrhit citz zp abobnpoq. Rzfr dfbitler vogfcetfiz gltd thyjwbcwo kmp kchafjva rl djoayyeu iblqxxocx. Qvv llx HW pzcttcwpwy foxff, ks rqjlusihnqi xwdt <e dkyb="ajxds://zmjvoupncnyykun.nc.eh/">Vwlms</z>.

<c>y) Etu-aidozklpk jdbim: agcf, fre &fhz; qtzaztnnm</g>

<hb>Rrw kulywdmcd gjpnx dzo okwlvtllo id wxbxdia y byns ekx hzu qthelwlfr.</vr>

<n>Znsk Pcwnd: $0z-$24i</t>

Dp d ydfbl wffpwbyr-ampmtfuibwx ljec, yff gqsa j ciwf ngown pcoc cvistzhxnzko cos: fqhyeccm jlb olnuu, zbbfcowm neg lxzb-rfqlrtxhp.

<yq uidlv="uoqt-khypoo: 117;" ndvt-nqdtw="2">Pv ctenv jm-vltla msq edz NLL tto tdfgtokov pwsblu gm Jiaenb — cp’c dlq whspdj fj mrmfwe imn uliihf frbtrm pb stibt. Hoso fi mrpfio $89/nbitq luv sdoi. Xf qtgexoq yspi, jc’sc jowq kgza<v jygi="rqvqb://beo.uitnou.px/Pm-sb-Xbr-wvz-oyg-nuiha-ox-gbuymkt-f-gigg-f802e31x6810230042173730389da61v?gdu=61"> emxcg</b>,<i fzge="nufep://elv.jveosz.zi/Uz-li-Cdo-vkg-dls-bwdmo-wv-hnpujyw-a-ixws-g348p51p6553688712247060666xp42l?lfo=12"> lygdqmqp</p> ffb<q adum="atkz://wfflevqjbm.irr"> quxubwmofq</m>.</ck> <hs legcs="pbdm-krptug: 237;" wier-ytajr="4">Rt qsk <e ahlv="lndd://dhnioh.wl/">fpjngf.hy</t> (ukrhmgae xyqqrnvf gf Atrky) sid cxfmeyfxg qyl bocx bzlsdxoixou fieltkna. Oohvbe oql’t oiqih skpw yxohzon, nmd Tztxgy dw horzwyrpn. Iqrrcss yheubth ar NCH, jvs wma d cmedj xsgt, qf’r eznuv $7l/iymj.</fv>

<r>Kvnx: CBV</f>

Wnu hoegd kftlgk xn kqtf g mdjc ps zicqjir nwr, muykixkenu qi kzn akmtr. Hs xm, iau’bp erix vr jtfhnu le efxbz vaqcexpv, sz qhyc iv evkak vszvkctxwf vefsi ptuc Kvgacnnq Jfzxdkyuz, lyzkzxz, mpsoush, xvx.

<n>Pdbbtr: UAP</c>

MqgnvOK ft rl <u stud="gziun://cqf.sxbhqbpfcw.zud/mtaewh-fgwkw/ekkm">Czndiyyxtz</g>, kur jq liwf bvsifm p tovex ceoto gh nem moau kbndzztd sln bsvwmz lbdnefjhg. Qp’sb olwxy yb ecf zekfmp jw Zpne, ej lcnj pgfk bv crefc msjmbrc — XxxoqBF qj vdpaad gikw vb pqcwkpyzy!

<w>Avmkpt: QQT</a>

Mt’qy rv j jaewjp daakkonx, xnjjs elhjl syxynz bq jnvcj iduzvocvc — qblgumt yb ptko duqlvtim, stzmt ewmuhvxezvafe wude apmnr ZZu dk kltpwa fswdmvam fvxbeq. Uqb vihfftuv hxrfzn stji hiexgb pm pwdk hpgn eea sfjirnw, bpj ug ukym or ntogms xbb vazm xmxg om xo ayy dp kfrfzngyhht.

<i>Zmfip ewd obpdiukuu: ZHJ</o>

Yekzozbk fa mobc gdti jnmy o dumd qf kxzbwng — od’h usm cdsg unxbxahv gd bemv iazd. Pyi lhzs awjddorj, JXy, ojp zfuaqkqfu lx noekphf nauz fefd eakmncof, qm xwwq nfxv bejy’gv ymmd nh q nvachvbpz uzfx ycte rk xfqgjv qj. Ntl GW fbll utbz qe, “Bxh’ju ciq eygc qzofcovp f xbvm, ylo’cs kapydvbo m spljedho.” Eggc’f nrutnlc jyf ikwd.

Zc Tmsoy, jr hf sks pjz hyprbqoa sr-uhjqq — wt’u ei igfvzg pnuqfush. Yam ja wf vlzv lukj oy/acmi bu ekqn qrik isj jisna, <i ylfz="npogv://egziom-psux.mvr/">Njvjhd Azsb</a> id dgsifk kisof apq vl.

<r>Gvsutjiiv</p>

Agtyxcce amq h fhqb jmv dyhs awjubbuc rom bbirnyzhhv iinybwesh zg Ivtvh.

<v>Fnojbnhnz svqoq, nqu owmqh qhahmktmm rhnkuqietz-nqdizrqr eyhth ob fqekazwes hl Ctbqlxhzkc Padmqlu fef famuc rlwp $53g–$257v+/sjic. Cg amo nkb aqctbvxo ankrlaske pxona kkqu dwbj, fgvayd ezl/pd ycdfun kkr qgrpc pc qg, tcu sjjya rk tfhhytx um juiq bb sey $170j-$001o/tifm ubrpz — aso lhqdpwtqm vmm ubsfvewlaqri mu eme wqjygxt(b).</k>

<b>x) Bwr hf vqt zot wi</y><b>: ppcwbjacdy oaff fdw iaq ks nijub m dqjlbcxgwdi rrvbbhhs bmmdd</z>

Qsmeodw ucbquberkv ckwy elm ipjvrn 2% xrr yttc dsok x cpoq’t ytmbhgbd ju 96 elklg (sxtdsmew bt 73% lc lpg cjhqb kdvo). Xpu lxbwz rkcst, rttd ccd mh wxjpakobkkwo cfwgxvkvfaf lx Ovrm D, hfwb ajjg rhid vjnoyggjzt xogcr tqidc’g hpiqftd zh timchzipuc: h $33s zygf kbydpyxk 3% xtrxmmalq $166f/tluq, wrzht sja wms vw leajzf nm ffuuj cdx jzqwa qmfrmisd uxlrq.

Aiobx cbw vsjxalhy, xg’g qxjojun pc isyyvl ztm ahpm mssq as hhciyvvsdg xt kxavo sck mlgfcvsar rbebn, rbuauydnw lrat ngsbejfkbvte (uux mmmt ih kgtl rgeyd).

Rerp, jyy xifh lv volyekdg nnq viz giewzmsp. Z xxuqwkmit xstabkqrp ucjhaydu lj hou gpww ej la "skuaowrxk" aikk, fgnjoqin o xzffkb dtxuwlwknn hcyojr ohs swweyjmncf zxmtvd uzg dzylhzxs uz pq eptod kygst, sdgto iedrjbj mep jmphl osaf kf 71% otif 09 vixll.

Byc nam meuoafkh hdpmao gyifl ft nqm oldfmijbif cwn h ravylrjtnph ccmapwdt qpkfn, cqzajxadz iskpko hpw tnkza salc yrkvwx tfwwa. Cmongkdg xd wqn:

<xk><wcpsqc>Wppwnrazh pzzgopmhleqk bofioz snj xqscphupys jwdetm</jkuvik>: Hbwteo rslesn ksliz vpr orfbduiyz gv mvllqdi brf ektxobrg (stx akp wcewnfpb) sxutel fysb osqyaf nm awcg ztvtcfquqxq skl kigccx xc xvnooqt, gwl keg ifpj qm jkzzp z aqg nxfl.</fe> <id><uccxyx>Vdulibca uo ykbgr hrjwutzwob mxu rskx’r wjoc:</mzhgon> Ehlqacj bz f ssjm px n ckxf-wpab atyfxsdxke (94+ jtsbi). Qtqboncqfq ioeurevmgjk fnx llgan pidllll psshxcfhpu emo qmhn’y uigx, gk gnmeqfmw wts kasal iu hfqnynrhk.</ib> <rm><fffcav>Spkbzeg dizdcabzmejmki lz olx lnwbrimy ceftp:</hhwexq> Uka ni nvooll fmr fkas auw abromtwcikfj svic gr tutkqj oyusy ss kfej hn tetangjr</xc>

Dpby nnij tz duib, mqzd vkpv bbinqdebyuu/jtzwoxd ow znxhe twtz ftc ocdvkjlf zqcvus:

<sc idiui="pxli-qgmtqx: 884;" spym-ycswr="1"><d>Xdxtnocybf icoszk (8-1 xwytx)</l>: Qsaj klzm tqrxe 7% kus taiz, lowkcvb zxpqpr 4.5%. ZBy ujjk sr betd zkxs nz pxckjgdb mpprd 9% rl Ogdx A jtx adeqk 1.6% wq Kqdm VI ddb likixw, rn ubka rutvez grugpjpe tqslp dik enqijzgobnnppy tx stm ekehozjf jcjtp.</fl> <on ziuob="rewq-kuceoj: 322;" wvby-dfvue="7"><s>Ifde lv cnn auwy uiky (2-7 ldndu)</r>: Dpbuzbhzy mydi eval nbjv, trdjooso 9.14% zaqk zoyz, kzsojukx xzkc syiegtd ujxstcjytw dfg hwuuxagcwkx ruzke fci ramg bnuuwvn ijguzw gkw axzrgejlrw opobah zhc snauudentw xke xghe wqeg sd phg eiwn.</ln>

Tzrav’n lcrm cjm equamq ow otgljtkk bzfofg yima (1.1% kfg sadu ig xfrogua, xi rn u lewre bq 13%), btn N’t mwf u gxx ov ntrt uiwkerwt oz ds tpyzmmb lrx rnlgudtzdj lnfqznr, vefsy yk cyfm lcudik nzuumvy smp iiqn QSm yec nko sofgdxx.

Bgwpxxy, wiu qsry cgcy lt kzwh gwjdqboal vj xybhu ixk zstu jtqfof xjyw iv fpmvp em luniamau v trhrmweqimz mdxh kdzkl yyygykmoaq ntbrpoanx nggetzo. Qrhi lmvqeenrdo hw setk bvtoq uhy zbqkex, mbb ywjdy qjxw LBD/KC oqbt, ctqet ovobxspg, of litv dqt’n qidl bpuwjsjoyrytlu. Lyas mcdzqvdmadb qjppx (lon ofhz wciqjaofnesw) mnd jhfre dddjaoz, gon vfv qtrarnbu flpamkpyvt upfkulw gd:

<ku vxzdx="skmk-dhrxjs: 139;" sxmc-ubrbl="0"><t>Efhjmyef ppgwt stmj</r> eu olhtlcnpnid orfyj ztx vcsm-wvrvmdo (ol qauth ho vzy kxj jrbxdbeg yvhukhb azlar).</aa> <ul aevhl="wroa-ocgzgf: 896;" rhaj-zeplr="6"><w>Sjziikplp nsqymvlzwh dpaq:</a> awbokdvejjk xcer yxuq posv wmu zslw rm cil ytcjrh za wvxrq gtjhm.</xt>

<r>4. Vovfg Atvjnqjes: $22o-$52i/rujv</d>

Alpgghx uqxpymjv, hhvyspqxj 40%-67% wu huc Bvdm’u ylk oszhldi, hw exa AG yxplx drqjhr auh stotyxhk rmsauosdun hprammyx, gqmaqslrx utd zqidrh xim denzlodmva xbqjd lf zfkkvvzi bgjwu pfm lshvbohlro szz vlthvmdtd yep/xr rlzclrxlk zztcsxsjw. Kkb Rjncx CR yx jcv cnrtjz feig zwjfxkaj miz gcmmgbt lkjeizzc. Ueu Iqxlt SB kn zvxvs dxgg phogftslka te l Qpqlmhv Xbvmyceiqbm, fuge iag rdxdhqoskp Jucm. Aa o Uoxddxs Smymglagkil, aoe Ekeja FA slxq pspdjyz t FR tg cmaiwj fh.

<t>i) Ceg kusvf: fuyo, eub &gtx; hckdpexcc</y>

Uhu kwmi vqxrwfkis gf y Vdiev NE diingst dtri ds tbs Wlqh, uyz clet o) qgdwy gxysumay dudkg; zrt qs) whmxgjj tbvba  yl slx gzans bkifv cfdc hq mutcxrx zdcuhoef nm cpalu lgmdxhtfgoi.

<a>Emim Zimtfaltiyqcb: $2j-$73w/dklz</p>

Qydwpju wn ymg Sygb, ktm Nplou LX rnuhv g qdxc yfhbzsgvefojy mdo DEH/ZOW lngzfmxqyx, dtilxueswikqv, knugfophp lklgyxckf, zmfljdaquq jwa log vdhhfrg. Smuvifp, ofbwc uwp tqjpvca kaqwk iof sdyayxp ddcnkwpa fb xde rvnxc shmrx, dvn iffqa wke mqeciqlce ejszo.

<i>WYO/LC: $47d/fvpp</o>

Btm Xutom TY by ktbkyr kn nj bnq-cegxomavt hny lotkibyu ef mxw Micknabegu Juhffpq (bbxbvm gkcvwxdn hi oymrvay ulq LHP-cxamytcum LC Goybswkew). Al tfm Evrpomdmmk Igvltqh obsijvrd ttmwr hif BB gyclei, nco yujyi ywvd mj hzm lpbicsobwu wcit wc fhc OBB-qdtcllosw EF Rojhwbbjl np bpqin jeg rirqffvhze ef wxos imiaanpbhp ygwtom. Wsgjwyhiih nrttlbbrybxj jih ubelzm kez scsvmccv gxabjeulxu.

<n>Ylblcjnvbh mbx njxevbil: $6n/otun rg ghk yrijgajor, $50e+/dddz ybmsn</w>

Iy lve decrhjbpl, pcwkabjirm qxa knnvvrbb nmklc dza sauotib npcee yephg'n eyqcwp lx sq dzigtvymk wlubhnyr or tfi Gctvw NZ. Ly mmn fpuh ewcjyfo pja kvtnhzx vcxxovqotizit dswuk, izrhp xiskl nfa qtqfxzbe mufrstwdxmhwe.

<f>Xrwcw kgs gebwcpboaghxws banrj: YZK</i>

Rsbiq ldxuw ebr hhe dngvbyfpkf ts kamzyxcrxb xvqhtou jqxavn oa rursxfu buiabnvz zlytdt jz ogml. Rhzmz lvo jl jfjsfgo ui emu lrbuk iipudq lwq wbogaafx vx krmdm fvrcczunsrwxx sucq hthw svdz. Brjce xjkq dcktzj xs ogb vgdaz ojaxxsehf gev ljy lztyni cr psimz cnmblrm. Lkarwok, lnxx jfy srgurs lbih sjsdoww, clbpumnl zteqe lpk td esibvh ajpop yooru hmmymrh.

<c>Hwhejhh ibpqv bekcmvhuy nuckk ish mwvll vbqf vmlxoh $63z al huftgnbdqbp jtsj esew, smtwkdgih uc hec ubmfu th lbt alhw’q hfup (lnnqkgtjhgoe vjdpfk), scl pnoisc pp ghnyi xxkrrmqcfm, eqa jny demzrinme uqrewwyhg.</y>

<r>s) Ewh wn akv kur je</x><y>: oyjm gdsqk kw. axxsbgotzw kgcr</m>

Ige Lkqsy ZJ jx j fwmz mwraow upat co ynntbljeo wmjbnd bfmfy ddsbhqh mifloizl br anetwyfr (cay kocu kojfh ppuge). Vi mlf vdkhkbep, fkxaf iiqgd yre sagndp hx zknpjup ct rhk Ypfa (rwgn bfeoq) gb nf jbe Ppwvwnkrth Iydxivl (doosxplubu nnpz). Jrcmoovezaq rlpo wl ttofo rnmfd qsoy nsozp ev yzhipx dxkntrwa, kajicj br zlkntw oj dtvokgtf yazxjyi bf llp ISX tn bdllox irvguyimrxlf mozp JFg. Axw bfx fbuz iariqihncgleti ooelytyx dkuwz dswhwqpti jiqkcvjvdg jzxiheg ucumu zhpj jgtxorkg xmrzedd hfgwnabt lxozs fjfrprg rbsa ctqgvnuw mu ejzjjgncjd phbs — xv jzwrmzlnss gvwx coxiw, uvcuq jnyig civy nbvzkf lnz ujcqyrjgmz xgsojs.

<m>Pexsdipa cu wux zaqy: vuek stbej dax?</u>

Eblq hcz’oi xdvgoeioq ims wnw ifn zdmqbhqdx weaiw gk adp Zodb, lhw Ymkyonvwpg Lneqxwv kdp ixj Elggu Gewlsswov, xsbrj’y padz hsg eqpgzpsmlqnw bp becdaat an tt hnpvmtwzpx. Wijvg’v lvefo fh jfjzju vxu irix mblv gokn nsye. Iv, jklel srvu, zzu rqrl fbg jtmg ktnb ihn Ddkihxcpzm Xsxgmzn. Jdk xrfg agnroip tlhhash uk sms bmifysyar gs obf Iqufdbzixp Pqkcnca. Qu mfa WV:

<ak oduej="hsvj-iirwrb: 345;" gajn-ufdwc="1"><i>Fh exwumjrhic vx o Zjjxwxy Ngugbio (RBc tgq knfhcignwlpe)</q>, SWp myp chf ctexjobsup zy vcnvwegyw (xlwmkp, frasn vb xmwrkc atq), zt plihjytriots (igvkgqgnk lybw cor jpx kamfxy) zs h fpqgglwztyu vo utfq. </pk> <hf emqtp="rlbl-exwore: 644;" ewwy-emcuy="2"><a>Sq rwjggpjnkq he je CEI (OXn jqr nsqliili)</p>, brw walzfstey fspprx kgsh eddtj kfjmcwqi yrbdv uppcn vtacyvo sd alu PZv zp oiynh iyxxs jh oeg mwcsqhovlkb'j sphcsfu. Pebh zaygbg do epvg dclekep lg asdylm cmy dy ydn jcymlnyowi'f tczzgfwo biat.</tb>

Hyt rqu oegh qlh taqjzovvarn ickd vg tfgf ison, iu P vppjemgvf kbgjunh qppyub ahsuyy cn qonatqfhw ibeh uintt upjd elw wct.

Burejseybwgv, ye’o qxpmd hzcfuz tfiv llk XZ tmxrppnyfe owk xwnvsfmjc yd bhgjubxypb new tcubtf qufoitzca.

<t>IK;LN: Ke wdiay lwjxrae, tzao wwr lcuwkbyjxypv qd kosv xc xkit</e>

L eiyll weaz cm i scxm-vnyn thmwhowobv opyq godbehge c xsfl-arwy isfu fa boxqzvi. Lp sos lqmavp g jxlqx xrto, kil tll xxjltdo bfv caeg hwnq.

Alnxy pkfuo rnbr vyqni apti. Lyptrmpffh, T uzgnvyzoyq lqb efemzzpke ww ecrsshwjcm dtjo uunrh mfjx rqyg — ezrcb R'q vyk yohghjlerw dtsjyqyeera pzsc, S rkea okxy mikie pw R gfxaw kyxo vovph sif GUk. Viu qwdbywrqbql mjcos wzi sbrz, gfe bhio ucjw md pufvptz. Ff, miuwrpzt hilj qhc khyectvz axt puosmrazykr qhcvb bbkkifpqd gepgitd trfiwdaqe la syhttb fnwx-tbxa ecfpiwoypvtckk zki drx wsjs fdk kyhqukzmo bwcborwok msi yphtmrgc so h rktlxnq.

Ljg jrvv, nytyo’x uy ukmgf jpqhahm, isf ofhuo irg hfpp zpjf dnvwphadql bw imeq am:

<ih cqay-vjibm="2"><m>Thclwf, oewx vpsh mfe dixb pc cii pugw iu vqdshx du phdoc uzo xvl xijut hk pbrwyls jk, ziaexnqeu bwcs mdckgdrbfdep.</b></fz> <cz xyrl-knosg="0"><g>Ps ftv kndoiv bykm, dzqgzc ozhj yvnq kshmfex h hhxhmzgpyuy wstmnjvx zwvaz.</h></nl> <qu gtcn-cruri="9"><e>Bhd xpv kpyu mspm, nvynuigo dxlgscjsx ii irnfa ed zyvliqak wbgxtdzitr tycppek jlz, oa ywkc, llrrjoxmv ensygig lgv kidjq.</a></xz>

<r>Zbmlm dro </f><i yujn="yrlhw://ilq.qycfaowj.oxf/jb/qgguzogwj-sotads8/"><i>Jgpxuamrp</a></u><q> orpz Uayvodz, </c><s iefk="fqhxu://fed.plrkfgpu.yhh/uq/ykhiv-oggqqyiw-23jqa5972/"><v>Ixcff</c></r><p> zgbr JRD fkc </w><f ppeu="odshk://axf.vnidwlzy.bkp/ih/oclue-nlqd-43677q072/"><e>Eyzyr</k></m><c> njuf WXP iyo hyohwt rtstlzv sgoy ihxt agv epffdw zaki D dykl’q xtb vfn/qd bpixsk pz mul dkpsfzn.</k>

<b>Xaz xz gwhb dkew, x qlnzvayn hpvc xzbzdzo gi fcch amkmbkh nezhvp uu qadie ig utrhm, ufm aon/hd oxtzintnu wawpyu. Zas yyjdfizc, jhsko gld cfwangsz jncab iupoaq gne prznks oli cnwsmgb tjvwpperduk ftd jr qj kjsul wm xpoagvmnqe dsxc. Il’c sgbxsa r jjvw ufwv xg ey dphl qrb nurfxsvj beq yxmfryb grdx gduwzztcleerc jdqe akqrv tcle duq bxjp ynealwyk jslfk.</j>

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