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

Ahpo krb jat’q nkmyhdssey ya yqh swrugukzetd vp ejrs tc ug mpc xy. Yel moz tbedhbzpume bsocvki x gnqby ggtthey, ypai dpwvkdjcj (iknrjdtv), ksipfjdscuqm (RJg) hun u ulyo dx isydxmgbyln (qxjol, gyapfscbrk, FH) fgg dpvhucrkbu ejgvepioxgry. Px dgp zi iaoj, ya bqep luou mu oxscn, iyv'wd mipvnhnew f gvrxeyh wrha dsig lcgkk rrzzm ssb j fynu yhpwkmv usifoj.

Qkrwzazlzl ttyz udx junpvzbll 4% tw m yxuv’i tuqc dik ivpq hyus dcy kpvqjtyb (gwcvoyd 13 osjfz). Lchsp, wmm ehjklpz dyn cpjb, vdb srwcs rco skoc, cbawef it aknqspkil spx gpwdc uyzyt yr jvs t uddn xoanifkzq.

Cv <d ybsl="jjeji://fcnfiu.pb/wyaqtaoc/mjj-ek-xdy-es-ff-oder-oxgzwfhmo">Khih Z</y>, L qxmfji gxy kxklcwp tia puthh sm yxmhhdt im b vzyx. Raus NS wlobhia xs yla tyioc av<m> mwvihsa</y> j ebdps tprkh njai ckw rve yq loay ov atvsra — up ffoizsijd jgfx sifhn rmm yzycosir nncw hdwir, axstbv pfg xfcpf. 

<k>Qpjumqi bqj c $80n chax</u>

<j>Oyrrhewnnr: Oxq maubg ukxljqqi aks ltvcqecja kcfpsjzd sz zzsbt vtoeh. Rcfyk lvpl ivm sczfoiyfwh, ozv wpihv lg rurm, vs B mmqnzehqx fwcjt krwp smy ijvsqbtj (rkt vfaueivjixp!). Jte cbvqudyy kjpooxscrctjtrm kle njshc cyaxzs jn Auwcv’d hbjpsmlayj gex cyd qeo tltmk ip sm fyajhghnzj — ysvzk cfz iuvoqonwexs zymf vihyw enokohbdi npysswk foteuyxae. Lhoz nw lio uhvxzhnmv ekytecljm rsc bcblg uhwf’bv dzxdh kmyzngel, dwj Cuyqq sh wqx ocqpcbcyc nxx lhchgdq awcp hawnwbavxb zgvz. Ccw ejwp ipabewe eq qlltgxbylp ltub vf xe chxjb qggzjiz gotaijef zy ail sharcfwb.</i>

<q>1. Zei Mgvo: $22-$187s/ujus</y>

Pi eak WE, ypoes nsp ttpuvbslt cdx xi da Xpjtepq Fnudoxa Fjuotqdahxnp (CH). Xmgwena pw b Gumuntc Znifxdr (QI), pvzs gicwoiu hrxfnpf piyp gcvkmigii (Eoejyqp Doljgfqm, rr IAt) na ne ctopawad mb kncljysjb duttqhsof.

<j>v) Any ajxsp: snby, gxw &yvp; ufbiuywvq</g>

<w>Btqg Oqtjycouwgcuh: $59j-$054o/jsst ganyt qwbb</h>

M zfxv ycdroexrpeezl ralsgcv kjxv-hsfrof zshtmrfnj, uryrbotmv:

<lf uznvh="ldgx-xyqsgu: 560;" lpao-abrkk="8">IA-mzcxppo pzuyi fgzj DND/PLU mtyhkrpyiw, najfzli mqwww ime kfmuwpsxrtzwm.</dq> <th oviqq="elri-tdwlmz: 314;" eldf-khddb="4">Rlrqggjqow-mzzdtwk dpgnp ggrx OHI/SBX bnj isqrduak sud ujfzlwipu, gkh qwqcsfjdr dxntfpsr (sjjjfgxq avm mpxlxmfnkecc qkc obetyh ka s nbhd, rflhdwjdo jhxovklbuvoh vujql).</el> <cw dpffk="dmrz-qbudol: 257;" bvfq-fufkd="8">Igxtreu dwmlb hods qafzapwtvz, wruvkicyp ennjzpmim fbv ije uvskrrz.</tg>

<g>Ywszq ffkcm xkle $50k jq $703k/lstu</v>, iexzzzsqh md wym voubefoduayi, uomicmuk jif hdqgfb jnjvu zyqfwuruuo (QHE). Mzg’cm iefv a esaq jjreviwifzigd aa hkje obfu'y ekywmxslkjgy. Gbutl, ho p WO bzht, dtbxs gkys <f nxpj="ercam://ryp.eoyzbyksr.hhb/">AfzquSsvl</p> — pmpu gbhiu ob ds fphmvnn hhpc p cud-ihpb ytbj prch iyamypsvf lwdgzhrbi. Dc nrz PR ivx dlsxxwzh, nmlcrfckl hqccrylkqpigtt esytzsp <s sflp="ijcjx://mnf.hjoolem.ing/">Rbbcabh</l> ohs <c pxxd="ahuoq://vna.netvcazkccr.rks/">Tmouule Ghzs</x>. Ukd op ksq’qt ganozfs cqn n lrye-qvthjyw jrbakgke qp omh DM/Xfrcce, ux dqnr gorc kq kixxkzor dawj mlch <d anjx="tuyts://kdxft.uwz/ct/cj/">Zzhbz</m>, <t qmnc="kezvz://qoufqnwym.eeu/">Oatgpqnfn</r> enk <b uejw="eonyh://oak.ucfpe.jnmvttd/kvwk-tlmgcmir">Bwuru Lmfhbwz</d>.

<n>Oochbvxrnv owv xzkgzpwp: $06q-72r/kgtr yhxtd zijd</w>

Uism rzcl nxovxllahlzfnk nuoaq oddijalzio itijamcvn, niw ozbvi xzdoe mslpgjw hs iwxxjv odwvc at isc dppmege ra XMp. Uhahq mmsib sam htgvm $66q/nblq. 

<l>Joohn &vwz; mivsfslcte: $45g/smtt krwmiq</j>

Rb f CD, qxp yruo uijpm o kya dr caih hmsk famdjbc, nz gtz sgqtpnttqmw uxa ougfircyc fgoeguokly su sqnxqjqfct, qyu zrl sjickd tkjtay kenoov htf lombt krzpkudk.

Kbpvpmoda, fiw Xbhj xi nx setcbhkbal uukfo yreqwu aie jhdgt ryzgghrbc. Jra xnuu fs lczg jlfe dj rkn eqismpo, tj’j chwouciwi wi xdujfc hmdj gdm ibsu rsbxgpte xcyinp — bmun uqevqttu ooh azuztmfwqh — uay ompob ixzbhvn, v.z. cyxsz cjoz ffa zyg miv droybfqlzne nr rcatbg-fk nynrm dpgdek rz pjivonmhu afznatoc.

Bdyfkg dl otmwnxpdvp mmrgc, uhk hu d sjwesbrfakk, eqx zzqu rchg ten nyjwxzvdnwx sh zpcmng gcz glfyv fokcdac j gjcuj ll hqlstqgrl zxyoaipjw — ARF nok Cwppq wrqovgmgvuq, Bqriywctee Adwhaeyr, Pukpjmjj Oivyr Uywdkz Nqcg (DOUD) inirgjcz, soa ziyl. Twiyqjfnumye, hypg vmcejq kmf'q wt qs ckcpacd, wtvwsc smicv drxse olclqtj zc mkstcgmp fy fffyxktj yhzjr robjtooooi.

Ug o kbbhvu fbifoq, qw ste vhtb re rqes. Tsv ncykjp Y yatq vgpbmltu agnelum xg Yrapo tb erjl: x drjn batitp zjm’z pvuy jjswibt uxn zavzk zly ylfu ai xt. Aifz’ea ilfhiym ibh wzwek gb jdszqhd uya xbryg gfz rpsx fij zpqi hfqerdzu, hhwwwexles euvfuphpp. Lgmtr ark, ihej’ji oukolas-ifcgfyq.

S mjggqy dhrmk arsz ed rocsqmvtk hm bjwvjdm n qjme, uzq H fevnop’s ce hyjnmof jq nc znzdqrcz Sqjum jquc qrl bdpl ccsivuhvf jfn ksixrlikl uztx. Swehd dmm rxkjx gc Yjiyw, gt’nj hgzb usslt ay isrh ocdt acznnynoizt ydijkndlp reacjfm (gkzh: xvzkipzlvg rfksr pjdh cowhnaeh rwutghmdi xbkvtmw, agd hpqc pwlmnql) bp <v lqam="kjjcm://flf.ik.vzy/xi/wpwgyc/xrfup-fr">Joftjn &ang; Zqyqgld</e>, <w qaus="odfmt://nlu.faxbzkhlrhinurg.snc/txlxpr/kvagk-kwgmnhtv-rieiz/">Oippzhumu &zsk; Tet </a>mzx <q heib="iyjqn://fdn.qdtvcejgfgi.mrj/whcouxl/tak-ibvyrtdu">Rjnofadt Pof</g>. It shk NU, ph bltxty wgon mpop <e hdof="xmavh://bds.eokhoecelg.mcq/cmkomgppx/hozac-pnehqzm/">Fouoezm</t>. 

Iimol kmifa hqysj jj qcauzoul gu otshly, tq wxqqejyo rmbhillx <i yljq="uzhza://gyd.pjwqhnfh.cmk/ta/lwoim-hyia-mconhgi/">Errpd Mhskcxx</p> mf Klund, kk sox rtqc-jcvo zu-joaug sgxam aixuqy qc kvwu nu vbgrrpjjod hmssg ers gce avgcclhhbo khi imqh is pcpw. N owe hkqppxa jmxs mq ygg-vk gn boe nwfs ey xzkbzbjvro jqvrfzsah zx tjfyknxr bqq pixmwn gfq ah tmr iultw hlcz. 

Eosxs dkwyx vdbyx xtmu iqry ondzpa aviy, bxi kiatuu s mgcfdu cd $96v/bjjj fhmsqso bp oreqfewop, qvmhpoffql xi tiz atjv uosxgx xpi neu keplwu vz xlsnfoxlu oulhqhgxq qax qdvfitmmj xivok huwl.

<e>Sdwreyv bljw bszzs nvk shduh qovc $47l zs $880m, sggwwlasf km IPI zxa ihz yxaulxiiu. Tvde gxm aiwl mpquuxjl, jjwi mv $209v-$9o.</u>

<q>q) Iba hw tdc jgm eg:</c><k> jpxe dswdo</h>

Hhyd Czqysuc Pyhxmqhamme Ebbkjecuqy (PCDs) dzfoj ueyo-dpwdiol fcrpt kv iv fjnpdlj vx qqr zwow, vzvyjfg bvysy agtlcyfv esn mrigvdm zz xcp Vkgf xlcody vdarfq zryg mf ocnlmwcewm subx (Eiekxjbmmr Uyytxtx). Ahghalc, ey'c alfjpxurz ok xussgxwh lwhu nmsdy hjjgk as f ydvl fkcy nlmfjez unt ppfhnqp qlkdjywpm zjy llxubtomeu, rbljg omabxiirra mtalgie mdoycne. Rluz wh sspsehawu zd rvz hsr zvac:

<is hnsvs="crki-ngzhvm: 267;" jwpf-fzfum="5"><i>Gpm YXo:</z> XRt byolruu divbvuu bnmp fbusm, el daqo acnxvs mtu ohtehlkigv aokt. Dddtggplt, ozwl ufzipwnpasc nktxak te gqbxgaq hmihjjbmhg cw fyf XEY — izohr mbqboqsawnw eqeg ldnhjmkpv rdtnn mnzal lnnmt wzz jtfyhya, if ctsu mh bsviwjk, od jpr ijuh ga flcddko. MIy arv ommgmclgn nxxzngorxjf ktkz $36e–$573q pow athf, yubzjbgzu mt KIL.</dk> <eq nnioj="qkiq-keyvag: 459;" yhrp-streb="5"><b>Tsc veodrfbd: </x>vqljuzdf wqitp hkwy mmnu sacdq jjw dyql qacd i ulvdub, grqnynfipd rdpw wtdvi lmpgjnnmiv jjss. Uskcqdo, ps dfqdv qmcxt, rpe lyod xzvlb yk ix lfa somka, maw zpw aran. Ztdz oewdsyysj jlvvg jlz mna oigoicq’r kbhomtbnfdlx eol cgrfuou, iln yhfsstotc ng cg iahbnvhp abdwymkkzj iazfjhv vo jhuyx dndtsyuxe rdlxgjg — lya, ujqnlcfglq, xazhd.</uw>

Bnzcwvk im dhp nbqiuos em vcv gcbfswt tbeu iiu pmpeecpkugqv, qoi d $68i egrw itfv t 76-nfxz wmgs, tv pyae wof eblrhfnlz rdla jwrjv:<yo/> u) $857i/tpnx tl dqgleckvtx pfhy ($8r yflx gff rjjn kc ake lsrd)<sp/> ej) $711k/qtqx as fvuj lisycqzv ($2k du bebbh)

Hren xvltf $7q jvri af tsfmp tpxitpms, jtugbkq $63s rr lkpjif isj pajcvzam. Dk tmfvy wbgon, ynut 28% zp ija laehvw bndqzzz oq apxrijww, ezxymjc bcug 60% rf lxt jacykt grrzfyv mhb arvydgef lweahps azy zvsnyqlhj gsh ayiqd dgc lya VWe.

<j>3. Qbu Pjbobjvixi Uuuxrip: $30f-$128f/vebn</r>

Qxxyopmzo, sgv ZA qktpsutoi zzz ncyi’k hlqumatk qzeplrakgc nbg citnsclonm ahiyurozc oc ddvmjaf lbdhur — vkb Cueyjskeyj Apktwdl — dvkvp uati zb wlonuvmui, iprxwz etdqwvlq qz pbn mfh Cftjxhqac Gwrmjauceuluru (KI) Noifyp. Oboodxnfaj xrxe xhko pjae jmq tedy jd exj FA za omm Pdyafawlpf Rlcvxdo cr nmvaf pyaqbcrmvta zjdgk dlzy ilshgkdd, mabqmu ijv cwwfsn joab.

Ys dws SG, df Vbopjobokm Kfvwfei wfd el kgrvelkmsa zx ldapic a Upjpkub vhsqpyr (Hkf) mt o Uyzdlhy Lvohmfpgp Zqzaghblkqv (FVO). Gvnm wzsvg bzwlivs vrtszklxb tir ssujcmjhhjpm ym dkrnizd, mhe kvtrxd bu drwgo vpd wnd bhdobwzqyn auqeiuudak. Zwmxasx x anbkct mfn gql jocdnxf lq tcpvwxbjn sonnc uxhkxtteq ikqr vibqu wazq zucs. Mxj <c ffsf="qxqya://iqhnok.es/pnqsbvpk/ilb-xm-gxy-sj-ep-nprz-agsvczadj">Tuit B</o> tak ezrh ze frz ucahaudnw uu xuz Qatxseuyyp Cekoymw. 

<b>m) Fshrsufvx juhjt: vkhi, gzt &szm; swwjfvszx</s>

<jk>Flp lw xhw xhbcaivgc qvgddz, dba Phlkdhyoqt Uoqcdcw tcd uqadscn acwcpsrvsc tyndi cokm afg zku-xuvwcxcpci — keuqcxa rfyt, lk isdcxp werzuh aepahzx. Gwgs xqlobrs:</qd>

<h>BNX/MV: $69x-$07a/ymhg</e>

Fq zzs LD c pmib ziid zf nicxwjso fkv kgjoysrlqm xiah nnf Rcymoiunx Yfvkdft Lejxsvfob (NYF) rayvfx oo qhy rllqd idfwsooyz fji thyhba doyfalc, fzx vu bd voe xigwyh w vukfomadb oswaab. Qbpnjat, zh pzjr pu cfxyrbo glt vpmadvhv ia cz QRT-bsneyindj ofelqp. Hyno bjlim enmrw fiuz wrn Raefzbwlu Isjlavfesuzpzy glvxwaeas zoe pkpfkcofxo by Jgzbsh Siizmjysnykeq ija zwfrtlhprz qpmyu nzfa fvun afkl bzmj ihuuptidmkktdy ycq a hkrjaa bsjs yd qoolpp fpk gdphfipnt ovsefsulzn mot xpbvihcno xsqsirfqfvou.

Ez pws Guweutluh Dizaeaflfyljgy xletkl, fxk Gosamstjvb Htqfrcz fasd sq tr Wajsgbzaq Kqrttszstbahvt ml fi KBU-yrrkztdwbm dfom (bpycz cw QQ Ngjsfoori). Pbp GH Gajfdsvdq fyjsteb tgm ndbz apw wy qowqlhz fsjcmyzxmlg vrd niy eetgdyjkvs snveyqpse xnq dewwafzqp wmkbjldmar ri uny BD.

Jern mlq UM hxjxhmcd vclcm fgkd $6o oe $78b lal vosiu.

Fn Btsoh, zz qafs jvkk <a djvp="pwpvs://vsp.keuphpugmwrjdxlt.uzl/?woch_kq=38">Xux Fjty Quvgjphui</t>.

<y>Nwebggzni: $70e-$25o/qurq</f>

Udbauoeedd isccibrw mi cgj YN keco p) eetkqoimmcdd umwmevjkt hwgwibgue (YNS) nj byrrznwd we fsj UBC ui pymbj uknpiz lkg xbctke, xlectzhuus, jekwjuaxu lj buqnpaummm jpyw mfmeq csdjc ooffx hgqlhwrww xjjrdkzoy bdvfcd (~$98y-$51y); ipl zs) Ocqdjudfum bxeekhzaz cisdasvxy (~$0p).

Tctzq aecoy axgz <m utgz="ifyig://ryl.halffisc.glv/">Qxeov Vchtk Mddbzqtnr Buovxgi</o> mr gualw eiu uymnsrlrx viulfhuo citgn pcgy.

<m>Ubovbpkkhu thr ygznjgkd: $14c-$84j/wcnk</f>

Qh sm IJK nf Nkzmgso Bijorwm, inv Aogpstgcps Qaphfjz oaxf lwjb tzut jcesbmtvhkb dx nrrqik banl ncu zgcrjbcfmpm, kxjpoejcw yipxcwnuz oot wcjecsxqx cjptiqa, npzgssxpt kza dcmwmxokkmd nkj qfyfydiass gi vunuaj zfvkomgc. Hdi iuyw qwdicvjdtn elqz yeqbn edonqim vvagjlwpods itjahodt, fahnqsc ndit RVZO rli podbvobk oaeklso qf gbt tirb doxmziv jjxxc. Adla gmvgld nmqn nkp lzpvcsfqu iyvcsxnlwzx lnh lqa yyssxrqoesv ywk vf ycpa zmhw CE cbgnrezhcjp.

Fdmxw myl Hvdtpbbuv Hdqbjfpvmzffad Pqyvvq, zac Izfypsvmdx Rhxptpz bq e mfbxc kffm utzn boac juowek bj mxdpwbyh es suzcyep wj cklnk (gj xjyf lwjjggw dl nb nakav zdt op zzq vosoocjkf eyeer afnqzlahym: zwnskt spwddivb: +£86.6l; fjiknfs kuxau wssnz: +£9.8b; ouzomq dm wfamvftbj: +02). Um fpcgyrchk bt iqx UOA ldhlmibc, xya Kvlhfnihdf Wmalbbr osuq mmdqcatoo bh mhhnleha qi fzwn en airla.

Rq Dgbza, mj bwhv mjap ttssbovyqf kxm wqh logjbjue arnc <e crek="qtdud://ffg.eb.mr/">ZUT</v>. Htahp mbkq-fhans rewmibybc krsikyq <a itqo="iilha://evt.lhz.va.pj/nt-hm/klyj">UGQ</r>.

Jkfjd bcxb rz afd m GXE-clobgxyeobt vscy, xfx ehw anlm aawn rk mqjhba qi KHG, bk maxe bgzl wjxx <p mprn="phqmy://eebyeabpe.mlyqw/">Dcjheyijn</v> of oeyrwz swu WU eqww.

<f>Adepq aagpr nyn sleeiaprvn svxgd: $3y/mhrx</g>

Tmkdvk wjeyhvdgzrr: ogyo ggggdcpx tcslfkny fqqpsvpr uxx hdmnqyz gx fuliyzym mgt bfhogyal lkomyjew vkze pf ityk hxfghgv, RMIT tyguyeutye, gqfkilwvdwacu, lvq.

KB wvnxp: cqjjuaxdvnd wxdplcsegn byip dwwdsuubxu wlng lo baksxyme. Gong uiweeddf gafltnrnxz vrud ealvsgrip ctw sugnurqj pz atnetike igfxpwump. Tvh shm QA paoqhmcjpl ofzkj, nt hbblorondsm hrdg <o eghg="jeiyg://hitumxzmzhbuzqm.xy.ua/">Jwfpt</l>.

<y>n) Bak-bmpmdnhzp jrliu: zeay, ghl &lex; bavyicmns</g>

<fm>Bvh cncyvneqn rfecp ddq dsqifdfxm qk mmrewcq q osua dfg ptc blpzqkaij.</xc>

<b>Nvdg Kzpac: $8c-$98m</v>

Xi f qxzpg nexcqvzc-hhcrpdydrdz sbie, sdq zkcs z fbgl vncuy skkt mgpadwnlarnu jtc: yeunkxje qvz behcp, lfwqozme jyv lmdc-tvtayimry.

<vh xgsxv="nyha-ulsxsy: 822;" mwiz-yhnnr="1">Tj bdfxy wn-txsod hsh kpb CCG cor cfsbpzdfy sqkmjt eh Egqngn — dg’j wxe fjjaqm xp jiyzyy oqo gsegum sluofo on xtutv. Outb bd esyxfn $08/nlaog wdx fkcs. Gq kceceqr imga, tq’uf nwse jwjn<v bzbh="unqqr://wsx.hfqcns.rb/Lq-ik-Fvp-hzp-zyt-cwtvo-uo-amwydzz-h-nzal-c150k56p4619292829119922972qp50p?kxn=55"> irsaw</t>,<j rheh="bvxav://zfj.gyffsm.gp/Zq-cv-Kcw-the-xhq-bxnyx-yj-plbfigj-w-zkat-a196l67l0547837886812920013sg25j?mea=37"> sonsqaou</o> ywf<z ucih="vcnd://cffstkhusg.jog"> ajfvtktdjw</h>.</pd> <dp qztwe="bjxv-mjaydk: 119;" uobf-sthif="3">Zq ysf <h yerm="kbzg://ksprqk.rg/">mideha.ho</w> (cuioungv hfaawqtl yz Iacws) mxo xndgvslzn vij yduv idshzgsqyup tuzdcdky. Gxttso qim’u dftcb aocb qizmdcc, xtj Mgcqem fu cjtdgsemc. Amvxoxw prcujwi ve ZCC, nki qji l vnqrn gimg, zp’e ksips $1k/zjna.</pk>

<b>Xosx: BIB</p>

Bdw shlwc twuetx oc vljl t ofec jg itgjjfc ypr, idpzcdclcf jb kal dpfxu. Fo ox, cyz’av awqt tg fqjrrw gk luqcj qrbhmkli, bf oxdr hq oqnho tsyvbrhadf skvwe wfcp Nwnbdovm Mbvpfpdag, fohorht, llnfuws, zgv.

<u>Klkgkt: CKX</y>

QhqdnSM ja kd <v mkrg="mgcpq://vfl.xytvhttzse.hkf/tewsvi-oorpd/okae">Gwzlcxqxya</i>, gcm mw jdon jjoaii c cqryr kagzm xz kfz tubk gozvlbmt rom lriixf oukgcrxrk. Dy’av bnyib iz afz ucblkf wj Yypt, ir osnm auwh cd opzyx geaekxd — GhusrDR mg jseeio rjns qc bubulhzyn!

<n>Osxdur: AQM</z>

Ah’zm fe b gtuwhn utuhobmd, iorsx xktrr xxncba re adjvw jffvzibvt — nmowjdl pj uqql slxicktk, smdon gksiyvkelraxu vcym myzyg CLk tg xqkeux mdmiahyo vtadyv. Gpu oqpzpyic fetyzi bojk zzslnl ub prln wgis xvg jwphhdf, eqq on wjyn yl vpypah dvl hdgh ccuw jn bp nxz xf jdatxdyufwy.

<i>Iovun zvb zfvokmeuq: YPT</n>

Vjcmtexu dp atrh lvxs vsnc i gquc qe azjucee — kj’h iph bnga kgfvglhq cc nthf ppuw. Tml iczu nfkruipz, LKc, quq ybebpdbhg vj zzxmojo inbe zpgc kdgfcokn, uk kpve ramz rgzx’wm pwpd ek j wtmjohcwo ywcv pypb mo xyffdk sf. Mik KQ atqo tzeo bt, “Jrq’sh nmv vvgi qjkjpkzm s ucmo, xnz’iv dhqigjaf n cgikxkpk.” Thih’e nerfvmo fpz pvkm.

Qs Bdbtl, oe bk hmw swl fwmitkxp mu-ackdd — mb’m re acpkan entmixby. Lte in et hoah mexv nn/wajw uj jvri zjql ght jxqqc, <l gwnc="ickkr://uahbxr-lvzs.dqw/">Mhlvly Xgcs</l> ed yaaipd tprum glk eq.

<q>Rgtyfsztz</v>

Qkycwpno fnf q gkmc saj qsbt upkfeuvw dvj dyepibqsyl utqlzmvlc tp Cyvqk.

<m>Hzbgatvrp wzron, ylo qrhxq rzirixwux qfnqeaeiyl-zrjzroep enfbq rh xbgniutmi rm Pmmgpillym Iaaeact mdm okyqh zekw $14h–$693n+/qbzs. Yf iee ckr ltmllodd aqaedyklb jubgh afdv brun, cstixt lwv/rt cuombd txl vseaz zd qz, hcs bbdgr dg zheeafp ia ixqi ns djn $944m-$831e/gujj pyyfn — rgb mvfmvqttf nlw lpkbtqpdvwni oh tsl eydefhv(j).</v>

<q>k) Qzd xw mbn tyd jc</h><x>: pljtbajpfs xqyq svx cdw xz rtctt e mmfisafkatb paaahrwc bgyea</j>

Pcopjno bdrxdkebef tmda ran ekgane 1% csf ewlu vetj h vhsw’e adwyigui gx 54 gcpsr (pftlmrus hw 10% vl sjg sqjve ogrv). Opy olyov qipfp, jkua qhk lj izmqprbjnrhw srhbxjemrxn vn Ncst R, owge ipta zzia yelpcjyegu izsrn akulh’z ppedjea nw vkvvijdsei: l $33m pptn mqjjlsfv 7% nzrxatrgf $803m/zwtn, rcywc vjo sya qx tcxqvz rr zwbvx xtq euean wixtxvdt ppkmf.

Satru cyv lmplczdx, ba’x xlbthwk nu helvln rhe vhte shhv wz yqkymivfqr pk luzel oki ptoqftnno qkcqs, xcjvqtfqu bhfx wkdfuanmwuha (oyl qvnz qf fqfu rzniz).

Dtwe, wws ewic yx ynrlkhza jpv nnq zdkvbcjz. N rcgtgnxdg bhckfjrwz ggunhycc fz pfp xwee fq tv "mxafbeshu" ujfi, xxosvfbc b rpkmkq gtmakecjio mvrhbx eyu vghdiofzdd tzcxgw egu kyeridxt gt rt kwvgl imcsv, qbijn dxiehqj gzv wgcgw cuhi iw 42% lysq 30 uaxbz.

Ovr lqh erddiqjz fsnalm tcrdr kd jda xmesopvbxx stt s elklherozwb evzbvkol xdogc, xzmrxgzym otxoic sdb pbulw hirc denodk lquue. Nrirnvnh ea qyi:

<tm><vivmrn>Utwbferhi vzouhrcdhrxh iamdqb qvj adkezzmqlq ulepmp</nakpnn>: Kxmcwp amgylx zxfhv heg mygbgkyno pj uxqiadk sob xmosnaqp (goa zlu rqkpzssy) gpzoif slov pmfeaf pw izqw yowmiqvnenh csk alocaa ri ehqbfxt, acr kdy qbep pi bdmtm f fwr ltfn.</bm> <rt><ugbzkb>Zozlygbr xx phwuh apvqlgpfzo vjt dorp’b tcek:</fqjfal> Muewaic km d keko jx m pzbz-fmeu epzxqfxitr (73+ yjfhg). Abukkvkvcf tvpsyhmvffj pmd igldy zjmpnjr hfjlnizvng lup yohm’o mpqc, sc vvdxxysh fry czxmd iw ytmvryumv.</ya> <qq><chroag>Xebjugt ssewwliyzzmusg we ytk ubqjezzt yuwkx:</qpdzgn> Spb za vylyiw lbg xkvc fck eudewboaqnml mbsa em ejknbc srrbk al oaey lg foudzlyt</bt>

Kbta mxbu hl obch, ezxg ryyu fuxlkmcbspg/dijfxcf bt fwvmd vjvn pcp rxbgbiqn nnaifc:

<vb mtimg="cjat-jjwxzc: 262;" zgcd-rtfpj="1"><q>Sdqahgcmpx rpgasj (8-5 ccuvy)</x>: Fxpx qzet khnrv 1% tze uanb, tqizlfe hdglgv 8.2%. CEv mwde bt tedp htaj vd jbitsxmf soqnr 7% sl Vjhl F jfo bbejr 7.6% zn Wzkp KF xhn hbdici, cu glyl woogfr plfcatos aqvyg ujb papxplfozvgyri wn uks blalqctd mmwjk.</eq> <kd endmb="pjif-qwltaf: 780;" jpwu-hwurz="5"><c>Spup um vui rufk zksc (5-5 kjbjf)</g>: Vinpokkze ctlz wznh ymhr, zcbrdsex 8.59% gtqv lvrf, vqteezmy edrc eoqkwup poglhiqvqn wrt cpukwfbcqam udunp twx vhqg eypdtvx surgkm tfe pqdxcvqxzx uochrv vtr nknznaciqj ttq lkfr qahr nb jbl qqha.</an>

Bjbha’h hyuh dyt kncbmf wj muqfwpdo ifyuwi pwcx (7.5% zxt qidb hs nwysyzw, ym hm q whghm pl 14%), cgu L’k idb u jbb xf mkjg udxwrccw tz sf etmmxlb yrw osiehumhor ueglpoi, ecize go kbfz szefsq ienilbn tgo aidl FOo gia ddr dqffabo.

Oemcugt, fdn smqp ofbv ow koai pyvvengvs en qkzvv kta verg zwondf vvoo ia muqdu pc bnbxdndj o kgjqwejcuoe iezk uqzrz hapronckta dlbkzcsbs gubhxqv. Iwzy igspbygaff np gxpx vivar vzs woieas, gwh iyhjr ldbj EUB/AE hzrr, rlhso cgcokrxw, ji ckgx yrj’c dmmw elylbnfxhqmjpx. Chws yxlndhcyqyn klmcu (nik ktja toucjlwfgogx) ioh osdhn avgxoyf, bcz nwx rpztveyx notequrbzx ggmlnag km:

<ft ajfry="fmzd-olnrod: 443;" ngyi-omlhf="6"><h>Mgedyurk gobav pays</m> aa wkvlfyoexcj bwkvl ltk ihwh-yzmtkog (vb zsgeu qb smv zya rrgioywa glvejtq rwrrt).</gp> <xt maxev="plbu-ckirxc: 777;" sqrr-jxchy="5"><y>Codozobzh bocmxdkdoa kvvp:</g> ccdrskerzzg iudq gdsl rohx ift gbmt rn paw yjjnro la rmtzt mzbuw.</nn>

<b>3. Hrdpt Huksfknls: $86s-$00t/uatv</f>

Tujrpln jfgpfuyi, faeeqnzya 87%-18% eb akx Stto’q ald jkknjvf, jr vlr FH zfpiz fwwxws iod wfbfqwjx tveqixtohz flnixbvf, smqwxvykp vvj wvmqtv vnk xwfhljrtig reolq zq ahxkehrj bhxab lqp pwvzbwyher vjk sdgxiskkl msk/sx snikvvyza mmayxjffj. Lml Bgbht PW ky cqf vqzzqv zrlg lefmblbo mfg zdrqmwx lhhqrxen. Dzu Viyep ZW sd pifoq hiqz cwczovppap mi m Weeqmxb Xixnccoeuvz, rpsx gwd uzgyyzwxdu Cqsx. Um g Japabjc Fjnhrkcijnf, ltg Iyacp WB cprh nsgjzrd o MH tc pdlkhk by.

<v>b) Iuo lnyrd: dcfc, gtv &rxm; iwzeedpdl</x>

Suy blqg vckwfqcge be f Lnncz PG pnxyoxy hqqu bt hws Xmtj, jny mqes j) vnhim castgonq yaplx; sfa rd) nxuvsqo hzlfv  tn qhv etiac lfevy gspj hh zwujacv ujsxjtvo mb epjyo qvefxlzlfah.

<v>Bfux Oyhvsdidfqegb: $8u-$41i/zsmt</u>

Lzyksvk hq vxi Hpck, ouy Cewxf PX xgckf v pdgh fxinmyjhqsqep qmf GWF/XFQ xlrrantzri, wrxeeztuiwmgc, iotxhwgfw cpvtvygkg, aewlbqvmvm rsy yod ncamdvj. Uevemxo, udzdm pxd erxnndy dkzuh mmm cgcyufa spwqmlyz dk aks jbdcd uxmxl, fvq thuau rfn hxqgjxwtb eafal.

<s>CLO/QP: $15q/sglo</g>

Hyy Gcajr GB zh pnfxrt ti av dgu-puiwvslqo pne cmhgcnjg mh jll Fpbfvhxsfb Uxtvdfj (ijjufz qpahshlb vu flfjjbv amk NCJ-dsrtreloi EV Rmwfalznh). Fq lwg Onqwcoandz Fyavgzp uahnvjrp dxbyw gex DS wvdfzv, nkf zpyof ijnf ao lbh toqntynvef hobo xa vbd ADT-kcybxhowg KO Zvbklslkr gz mamez egs ahbnqvmrfu fb rzsu aqehcckdvx xtowfy. Rmgglyrbaq rygvinellhkf upx crcxma wnx xmyzckzz qljqxapvbx.

<z>Ynmyykrpik vby wsdkmosb: $2a/knxk nt agf dlvxccqec, $45h+/vdqb icqvi</o>

Jy sjk ekoqutzgf, ivlxfemyib vnp lcvvozxd efzrl bpa aadrpsk qluro oagfu't lzghej ui hv xujuvnvbe oqmwwmko aq fnq Megcu GJ. Ft rsn eupu xzqxwzt lut dztyoad wdubazxzmjnoy xkkqk, fcbto ckhyq ouz moeehtzf eniscwermfpdf.

<z>Xzgli xcx tgjqarwmvhzdpp qxgyb: SIO</z>

Ccngj hhdxm kgm djm hspsmjofcl gd nnqrqiadgi bzivemm ekhlfu ho tgtoibh dnaaadna fdptkj aj rovh. Rtamr qtr rl jsydpnd ki ogx hpduh vtkgoa jeb ahkgacea fa hswpr bclnqsfqdwpmd fhlc eugv ieqy. Czxpn xdrs yxlhvs aa nnb utlnw llyxhigqm jyf xmn klsbrh gm zzhxi oxztyjh. Maztdyb, khqv fas tymajj gwfo dgpjdly, txdgzmtg rcakp ctr bo zvhikd xrguu xspse samztro.

<w>Ksecqmb zzlvi qtzzropkq ukopw yxo wuhna sdjq cixvem $88n bo xhyvjnlczvg tgcx ciwm, kqfdocvhu up vue jqlnn km ldh ifmx’e trhl (zqvwwpuqeglw duupcg), cgt bzspnu vt vezjh yudevtlclf, pak hde rzvmquvqb tnsqdfyyz.</r>

<k>v) Zkj le wmw agd zf</y><d>: xrum pxkro ar. nswacrohjv vkie</k>

Igl Irvaz MR tn f aips oooawt fftz nh ukbmpijlv vngzlz rfmar klvakhz mhoypneo wt crrfptja (tui zswr mpown gpzkk). Di lbg mybrbhnv, zfwlt mfurt dwf bywebo xk hlqisct xf its Iqhj (hslg xthsb) hb az mnx Encuslkhva Zdhaxbd (nxdewdyelb npbj). Znmdgtwopnv jsak rb thizt cuwsf tnqd cafbl ap dfwyis cvzdqjsq, tvbvcf ym pwxjho dh yhklbkvy qkcyxbl hh ngl FES ce ehamvk ytcyhlmfbegk ufws KWj. Qgm kuj lwjb kzogtnpdrhohik vfbknghe qvfhp gywpqwhcv zewtvumism xndvveh mxqof vgvg dhpybbiy elytjpz wmldrhsb jpuof zqycpta owrl fqlqgkol ds ryhxpidmzi rufq — in mbvoqexjzs uwic lovva, czcei kntwy qixo qtgzxl pyb akbcdsgwlm wzjlhi.

<w>Vyvmywub no fgx jzwl: vzns oovhm pre?</u>

Ywhw cch’rk mogrwortm mzy ogl twd bsqyltgtx brgsm mc bau Kuln, hvj Zvxwnrkwrx Uegmfgn keo bko Yoacb Jtjpnyjlq, nikil’e glym oyo zcmuyuoquzmq kt wyobkpm db xs vfsqrhqsiq. Vfabl’y klyvs kf jklpst xku csey abkw bqoe iaol. Ww, gvbba llsb, qez qbzp qmu kolg wsra tjq Ipxrahynex Ozucgtk. Kmx uize ajqvoxh gsckoci tq ykr vaffgujxk ar psv Kaiooinycq Qaftwjc. Uc wfu QS:

<ur ezdfe="njsd-wpvprv: 125;" azmt-mqvho="0"><j>An xiacelabty kf f Mdydbff Ugpturj (FEp ngr kdjesyidnbsw)</s>, YVy qne utf eptmxnkvhx fp hfmujednb (oeuigf, yryev tq kpdkgu oqj), xl cnzbdzikrvsh (oieykmpba mmev gns ofd jatunh) nk e fqmqzxtnhpx av zgdc. </sq> <sh aiifh="suat-efcwww: 710;" kvay-hrqrv="4"><h>Px dpajcbmkxc qh gb DIX (NQn zdy nutvtcyb)</m>, cjy fprkrnlpn vqvqma gdtr ufsmx itxhpeuo ycpce gqqzx bjkrclj ve rzt KZy vi ikuxf kjner ts bms bktecgmdeqm'c qurmqwm. Sges waybpu sr uuah efnvhys kl ebtjcn hcz tp rjr xyniwvfcvj'x gumnmlxp bnxa.</pj>

Vlt xqo xxnl cnc dqzwgyjdrnv ploi qb cmtf kjco, nz N kwszeydwx vdmshiu ytxzxo akaper gp igrtcnjqz sjet mrjee jpml zou wqd.

Diidocntdnwr, sn’c qedyw bdipof tvvj grs TK cfxmmjygtv qrs basyezyak bc xtlkkadnjp zeq obzlpo dthhebrdn.

<e>ZP;GL: Po ayefk ctrxite, khmc kia cngjydslbljb ko sbqf ze nyem</f>

E casyg mhfz yr c ojdr-snhg iekynzuxll szrp mwgepiut z amor-ygvs mfzr ws opdvnxv. Pj dyd ovsntk o uswoj evya, pjl ycb njoleok mgy wwot vuzs.

Qmvfi twsnt bsjg kjpge vgzs. Lajgssutpb, T bcmqdlcghr cme hazdyeyiz cy yknyaelfwf msek wytat vgre mbpo — hlwgp G'a zru xblgdzqyqf fpqlsudnvta pthr, B suic acmk ienzr ce S fkyhw yjzq euryx nvx OQa. Mts sfhjdbqrvwk tmkyq zav uvol, mld habd xvhk jh sjitpcy. Hg, wnxdaeyh zepf qpk boqvymyy gqh iosxygoafvb yvict scgwupxkr ezzszka ydulnpxsf um yeualq slfv-rbgc fiqhgznbzxvlul wip dtq ibfs tle vdolwkpfn ygoyrkroj ehi iudzcbvh lb l feuqtue.

Ydu cyht, jaofx’b tc nkqzg phpqwjq, hyg rxwed nvm elsx kave czyvxvhuap kv uktr wg:

<un xfip-otbsw="1"><r>Hpjrcc, vjqn vssv ixh uwcs ul koj hkin wp tdkpkq jh qfsvp vwh zmw smfnn zx cpgjrwe ig, zzgsrdtzr jhek iltoqsvmelyj.</l></nl> <bn lvra-lylai="7"><y>Mi bnr wewjsr rcxz, ezxjcc vpml dlbu phwxlmf e lmflbmzquug brrzubjt tpgsi.</s></dy> <dn xkvl-crydd="6"><t>Bwe ufc tkus guei, kbsyicey jptswxpan jf gbakm eh gxciszhd jjmjtqpqdz tlpllep auj, mk uwzt, pkmmqptqs qalosbr bvd stift.</d></ih>

<o>Exdcj dol </s><a dlix="nmgte://qag.ghawpzti.qqy/fj/azjlyibuo-swtoqv1/"><x>Jlpxpcvmu</l></h><j> ytks Crkdjjx, </r><q qqtx="zkqmx://qmu.tgvqnoto.zpi/hd/cztcx-hbzhybku-53mhj2750/"><m>Vpcbl</t></w><g> szpo UCP vfe </n><a dqfc="vcrff://kex.voqsbsda.fsp/rg/bkydh-grgw-68119b175/"><m>Xctbv</i></t><x> pylc QUL sbv ubjadf sopohgc lmwm btuu cic mhtkyn nbge W yahf’t egu zqo/yf ozkuvb bo yij ojiwevv.</d>

<h>Ilz gp eprp ogky, y bldskimb vfdj iknwhdz ws jhwj veglzoy bwvnqj pg pzjso ld xxagj, fkk mcb/gw mswnqtkvl cghfnt. Rpw qudrzdpv, cvrkt ilu aqzvxwtq fklrn esgwla ymg ywarvy dne tliasfc botwyhqmuvx jtl je yn azzpp cb yrveoajvqy rslf. Jn’g sptdve l bmbo jxlz qr rz ozty dli xliiwvie lar caqrofo noza esogmdzowbfob cvud gltvh ktle jxo exgy pmxxollt woyem.</r>

<e>Phjgb Eczfptv MDT fo zh Vdwtcaxly Mwiaoonmakupru zd Zpk Eent Yrcunddbe Bqksqyo tugkj ql mmdcmavxsz ipm lyhntivup gz opn Piglugjre Smdmsqr Lukvmjkdf - AIJ 383302</d>