Carson Block: Muddy Waters 101

7/21/2019 Carson Block: Muddy Waters 101

1/60

Fuccy _gtars 7


2/60

Nhmtamts

Jhw E amcac up gm gntevest sjhrt sabbar.

Axpbhremo tja cys`umntehms h` tja ngpetgb

fgrdats. Fy `rgfawhrd gpprhgnj th sjhrt sabbemo.

^hfa jeojbeojts `rhf F_s pukbesjac

rasagrnj.


3/60

JH_ E AMCAC Q\ GM GNSEPE^S

^JH[S ^ABBA[.


4/60

Avarykhcy ngm `emc jef hr jarsab`. Chmt

dec yhursab` gkhut wjh yhu gra.


5/60

Be`a gmc Kusemass Basshms

Bagrmac Ka emtabbantugbby cevarsa.

Mavar sthp bagrmemo.

Gef `hr festgdas, bagrm jhw th fgmgoaresd.

Bagrmac tjgt th umcarstgmc emvastemo em

kusemassas, whrd em hr stgrt hma! Sja fhst vgbugkba sdebb h` gbb em kusemass(gmc be`a)


6/60

_jgt Cesgkusac Fa h` Mgevat

[_U

GSF^

GNBM ;


7/60

AZ\BH[EMO SJA CU^@QMNSEHM^H@ SJA NG\ESGB FG[DAS^.


8/60

Gucethrs Mht \rhtantemo

Emvasthrs [aprasamt tja emtarasts h` tjaer nbeamts tjapahpba wjh jera gmc pgy tjaf.

G prhàssehm tjgt rawgrcs `gebura.

G prhàssehm èojtemo gogemst gnnhumtgkebety.

Bavab > `ger vgbua gnnhumtemo es prhkbafgten.

Gucets gra mht nbagm kebbs h` jagbtj tjay ch

mht catant `rguc.

Day gucet whrd chma ky iumehrs.


9/60

^emh-@hrasts Kast @reamc9 A&U

tja fgihrety h` tja gnnhumts ranaevgkbagresemo `rhf sgbas h` stgmcemo tefkar gra

ragbezac tjrhuoj emstruntemo tja cakthrs thsattba tja gfhumts pgygkba hm stgmcemotefkar gmc htjar begkebeteas camhfemgtac em[amfemke.


10/60

Srgmsbgtehm

51%+h` nhfpgmys raphrtac orhss prh`et em70 yagrs h` kaemo pukben mavar wamt emth

tja nhfpgmys kgmd gnnhumts!!!


11/60

Fgmgoafamt

Emnamtevas gra h`tam sjhrt-tarf.

NAHs gra bgroaby njgresfgten.

Sja fhra sunnass`ub tja NAH, h`tam tjabass webbemo th ka jabc gnnhumtgkba.

Gmcraw @gsthw (AMA) whm N@HFgogzemaGwgrc `hr Axnabbamna em 7555.


12/60

^pagdemo h` Gmcraw @gsthw

Esjfgab `rhf Fhky Cend9

Kut wjam g fgm suspants gmy wrhmo, etshfatefas jgppams tjgt e` ja ka gbragcyemvhbvac em tja fgttar, ja emsamsekby strevas th

nhvar up jes suspenehms avam `rhf jefsab`. Gmc

funj tjes wgy et wgs wetj fa. E sgec mhtjemogmc treac th tjemd mhtjemo.


13/60

Khgrcs

^yfkehten rabgtehmsjep wetj NAHs.

Emsubgtac `rhf maobeoamna begkebety ky KI[,

emsubgtac `rhf htjar begkebety ky C&Hemsurgmna.

Fgmy ceranthrs veaw ceranthrsjeps gsparquesetas, mht rasphmsekebeteas.

Emcapamcamt emvasteogtehms h`tamsjgfkhben.


14/60

Bgwyars Mh Avecamna th

ûpphrt [aprasamt tja emtarasts h` tjaer nbeamts tjapahpba wjh jera gmc pgy tjaf.

\rasteoehus bgw èrfs gra g surpresemoby

a`ànteva èo bag`. Oragt gt wretemo emcanepjargkba prhsa.

Gtthrmay-Nbeamt prevebaoa jecas emmufargkba

gnts h` nhrphrgta wrhmochemo. T@rgucV bgwyars gra atarmgb. Ihjm

Jafpthm


15/60

Bgwyars gt tjaer Kast em

NjemgGt bagst 5 pgem`ub axhmargtehms h` M.Gfarengm-bestac Njemg nhfpgmeas.

MW hma nhmnassehm `rhf ^jagrfgm &

^tarbemo9 Caspeta tja Emvasteogtehm Sagfs axtamseva raveaw h`chnufamts gmc cgtg prhvecac ky shurnas khtj wetjem gmc hutsecatja Nhfpgmy, tja Emvasteogtehm Sagf nhubc mht vare`y tjgt tjacavenas et nhbbantac gmc nhpeac nhmtgemac gbb rasphmseva em`hrfgtehmgt tja tefa tja nhpeas wara fgca. Hm fgmy cavenas, tja

Emvasteogtehm Sagf hksarvac emcengtehms tjgt shfa em`hrfgtehm feojtka fessemo, gmc tja Nhfpgmys fgmgoafamt gmc stg`` wara umgkbath prhveca g nracekba axpbgmgtehm `hr wjgt tja Emvasteogtehm Sagfhksarvac.


16/60

Fgrdat [asagrnj @erfs Oevemo

Baoetefgny ^emh-@hrast & Iggddh \yry

@rhst & ^ubbevgm

MW Segmja

e[asagrnj & htjar axgfpbas `rhf Njemg


17/60

Njemg & PEAs

Njemg es th sthnd `rguc gs ^ebenhm Pgbbay esth Sanjmhbhoy.

Emvasthrs jgva kanhfa nhfpbgnamt hmnagogem gkhut tja resds.

Mh `rgucstar `rhf Njemg jgs avar kaamfagmemo`ubby pumesjac `hr ca`rgucemo M.

Gfarengm emvasthrs.


18/60

Njemg & PEAs

BestNh(Ngyfgm)

_@HAHpNh /

PEA

Njgerfgm7


19/60

[abgtevaby Agsy th Ecamte`y Njemg

Nhfpgmy wetj @rguc [esd

Jeoj C^H

@aw tgmoekba gssats hm kgbgmna sjaat

Jeojby gnqueseteva / jeoj ngpax

Hutsezac orhss fgroems, orhwtj

Qmequa em rabegmna hm emtarfacegry nhumtarpgrteas

H`tam (sunnass`ubby) amtaremo maw kusemassas

Jeoj ravamua hr axpamsa nhmnamtrgtehms wetj nhumtarpgrteas

Qmaxpbgemac ngsj em tja PEA

Kusemass fhcabs tjgt chmt fgda samsa (a.o., rabegmna hm Ougmxe @gereas)

Hpgnety aspanegbby emnragsemo hvar tefa

Sgx pra`aramnas / rgtas tjgt chmt jhbc up


20/60

FU @[GFA_H[D G\\[HGNJ

SH ^JH[S ^ABBEMO


21/60

F_s ânrat ^guna

Fubte-cesnepbemgry9 nhfkema parspantevas h`gtthrmays, emvastfamt prhàssehmgbs, gnnhumtgmts,amtrapramaurs, gmc emcustry spanegbests.

@hnus hm Kgndwgrc Bhhdemo gmgbyses.

E` wa cesbeda tja sanureteas, gmswar9 Chas tjafgrdat jgva g ùmcgfamtgb fesumcarstgmcemogkhut tja nhfpgmy8


22/60


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24/60

[GZ Shhd Abbeshms Gcvena

!!

##$

#%#

$& $# $$

!"#$ &'()*(+ *, -./*


25/60

[GZ9 :/7/7; ;/7/7>


26/60

Gs h` ;/7/7> [GZ Hutsjhma

GDGF


27/60

NAH Nhfpgreshm

[GZ GDGF


28/60


29/60

GDGF9 Bhmo ^eca Basshm8


30/60

^hfa F_ [asagrnj Sgntens

Emetegbby gmgbyza fgmgoafamt gt g cestgmna wa stgrtwetj g àw yagrs h` nhmàramna ngbb trgmsnrepts.

Jhfa em hm [esd @gnthrs em gmmugbs gmc prhspantusas

h`tam hvarbhhdac.

\gy nbhsa gttamtehm th tgxas.

@bgo gmy B;, B> `ger vgbuac gssats, maogteva ohhcwebb,htjar seomeèngmt gnnhumtemo prhèts.

Catgebac D\E gmgbysas. [agc ÂN nhrrasphmcamna.


31/60

KBMZ.BM9 prhkbafs jecemo em pbgem seojt.

7;/>7/7> 5/>/73


32/60


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34/60


35/60

Gbaxg [asagrnj


36/60

Gbaxg [asagrnj


37/60

Gbaxg [asagrnj


38/60

Mhm-Gntevest (e.a. Srgcetehmgb)

^jhrt ^abbemo Baoamcgry emvasthrs axpareamna.

^jhrt hmby gpprhgnjas vgry `rhf emsurgmna thsmepar.

IN sgys sjhrt sabbemo gbpjg es mhw 71%,nhfpgrac th >


39/60

Gntevest ^jhrt âbbemo

Caèmetehm.

Gm emtarmat goa pjamhfamhm.

Fgsseva èraphwar stebb hm tja htjar seca. Nhfpbegmna gmc baogb gspants.


40/60

Ngtgbysts th g ^unnass`ub

Cerantehmgb ^jhrt Agrmemos fess.

Cakt kanhfas castgkebezemo.

Efphrtgmt prhcunt `gebs. Faceg nhvargoa.

@rguc sjhrts.


41/60

Atjengb Cefamsehms th ^jhrt

^abbemo Nhffhm nretenesfs.

^jhrt sabbemo es gkhut prhparty reojts.

Nhumtarkgbgmna kukkbas gmc `rguc.


42/60

^hfa ^jhrt Srgps

\ura vgbugtehm sjhrts.

[ashurna prhfhtehms gmc `rgucs.

Kehtanjs. FBFs (chas mht manassgreby gppby th

JB@).


43/60


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46/60

HM\ [ac @bgos


47/60

HM\ [ac @bgos

\\&A supphsacby whrtj $13.3 febbehm.(_a kabeava \\&A hvarstgtafamt gt bagst7


48/60


49/60


50/60

HM\ Gucethrs Fessac

Pesekba wjeta snrgp ragbby whrtj $1


51/60


52/60

^emh-@hrast (S[A) Iuma ;


53/60

S[A [ac @bgos

\urphrtac struntura (usa h` GE) kbgtgmtby ebbaogb emNjemg.

Nbgefac 11% orhss fgroems `hr kuyemo tefkar`rhf trgcemo nhfpgmeas, gmc sabbemo th trgcemo

nhfpgmeas nbagr tjara wgs bettba vgbua gcc.

Hksnura gmc nhmvhbutac cesnbhsura gkhut tjafgihrety h` G[s kaemo sattbac ky jgvemo cakthrspgy S[As G\s.

Cec mht cesnbhsa ecamtety h` nhumtarpgrteas, gmc wa

nhubc mht ecamte`y ngmcecgtas h` tjgt seza.

Njurmemo phrt`hbeh gt gkhut 1


54/60

S[A _jgt tja Gucethrs Fessac

Hvar 51% h` orhss prhèts mavar jet nhfpgmykgmd gnnhumts.

Amhrfhus gfhumt h` ravamua gmc axpamsasmht supphrtac ky PGS / tgx chnufamtgtehm.

êomeèngmt ngpetgb jhba avecamt `rhf ^GENèbas.

Hmby baoetefgta suppbear raturmac nhmèrfgtehm

`hrf kbgmd. Mavar gttafptac th vare`y tetbas th gssats.


55/60

Cuhyugm Obhkgb _gtar (CO_)

Gpreb ;


56/60

CO_ [ac @bgos

Yarh _E\ hm twh nhmsanuteva Can. >7s.

(Nhrp @em rgesac tjes gs gm essua)

_E\ usugbby ;


57/60

CO_ [ac @bgos

Swh ce``aramt \[N gucet raphrts hm twhvesets


58/60

CO_ [ac @bgos


59/60


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Carson Block: Muddy Waters 101