31
! " #! # $ ! %!$%! "$$ "&$#$!" " ' ! % () * !! ! + +!#!% ! &,!(! !$!!"( %&!("() $ ( & " , " "! ( , $ ! $ " * & !&!$" +,"# +$!$ "(" % & % $ ! " &( + $ ! !# ,%"%""!!%&!&

Cfa L1 Session18

Embed Size (px)

Citation preview

Page 1: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 1/31

!"

#! #$ !

%!$%!

"$$

"&$#$!"

"

' !

% () * !!!

+

+!#!%

!&,!(!!$!!"(

%&!("()$ ( & " , ""! (

, $ !$ " * &

!&!$"

+,"#

+$!$"("

% & % $! "

&(

+ $!

!#

,%"%""!!%&!&

Page 2: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 2/31

-

!" ("($!

#$

 +(./#!","%&%

!,% " $ #! (./ % " !

$""&

$" 0" "1 " ! / "

!$ ! !% "

$" % ! !

$"$""!"

& $

& & " ! " !$ !

!!"!%!$")""

!!! 2" " "2 $ "#& !

!$&"

!$!"!!)

Page 3: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 3/31

3

% % !

$! " $&! ""

(

$ ( $&! " !(""!$!(

!(($!&$$

$! !. !$ "" "

$! 0 " ! & ))1 "%

$&!!(0451&

6"!&!$+

!$ ! " " "" " $ "

! $! 0 1 $! "

! ! "* "" $!7

 6" 8 !09:.;"61 6$!

$ 0&1 $!% "" 0(1 $! , 6

&$!

$ !% 6

!$""&<:;

$!$3$!!

0 1+ ! # " !,!($"!

0 !% " !

1="!$"

"!"

!$ " $ #$ ! "%

#$ ! & " #$%

"$&!($

"$"!"

! $! !! $! "

" " #$% $ " !

!<9:;"$!&!

"$#$""

"*2!2

Page 4: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 4/31

>

$."!$()061

($!"!$*!!(

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

&")"

, 6 " $. !$

 &!6

$! " !. !$* &

$$ ! ( )! % %

!,%!&$!6

 

""(""%$"&

! 0 -&. !1% " !

!$$"""!

"$!"<-:<<$!""" " / "! ! " ) "+ !

!""!&&%!!

)

=%$"%&"!

"!&!$"!"

?)%"&"""

"%""!$"!!!

"$"!!))#$

Page 5: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 5/31

:

!$ $ , ! &

!!@")+

"! !!! ! !

A) "" % !$@

""!()

"! $!.. !(% )

 $!..!(

"!$!0!1

! !(#$$%")

! # #! $$ (

)"!#

!!")($$"

))(!$@)

!!*!%)&"

!!"!

! ! . "# !

!! )! &

!!$$$!$""!

$"!$)&!!

 

0!'0("+$!$""!(

( ( " $&! !$ ! !(

 $"!"$!"!((#

!&(

!&

"$"%"!$

=!"

) 1 $. !$

$!"B><

Page 6: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 6/31

C

"""#&!

#!&!(!,

4$!!&"

2 ( '2(+ !$ &

$ ! &! * $ 0&1

,&"!"

#

!!!$

+ ! !

 $"!

$!

3 ( ! ) ! )

&("!(!(#

!$

! " &( " !%

! #! & &!

01!$)"

$!

$!!&

!"$!!

"!%((!

$$!

' ) $! " "% " ))(!!$(&

!""*&/!

')""%)!

 &!( !$ (% ! "

D( !. "% $. D ( ( ,

2.(2!$$!

Page 7: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 7/31

9

$!$"%

" #$% :<%<<< & #! $!

01@&")

)!(("$&

#!($")!!$".(!

' #! " % @ $!$ )

! ! & $ ) " " $!"

 $" " !( !( # % @ $!$

) ! ! & !( (

 $! & ! " & (

(#!!%"!

!"""&"%

)!$)0")( ! !$ ( & ! $$$ "*

&/!1

" #! & " & % @

 $!$ ) ! & #! ) "

$"$""!(&"!(

# $$ $. "% $!

!$ ) & @ "* $" $ "

$)!%")!("$!

$$!%")@!$#&"#

" ! )

!,.!$&$!!!+

"!.!$

.!$&6!$"

!%!6%)&!

! &! $ () "

$

Page 8: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 8/31

"%"(

!

 !

+

4"!!&&)!

!(

)"!%

$."

"(&"$!!

$!"$"

""!+"%)#$!$

!!"

!""!$ !6&!",

!+&$($$!"!)

! !. # "% )! ""

"# $$ " % !% ",

$$!&!"..$..6

#"$".($

"$.

4+

).&(#!(!

$$$".@

=&.($%"

!

E& & ! ! # ! # "

!$")#

")(""!#

 +"""$"

  +"$"!)!

$""!(""

!

 + &.( $ ! & " ) )

$!"""("6

"!!(

 +&&#!$!$"!"

Page 9: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 9/31

B

#&!""#$"!

   + ""! " $

! (% !

!$!(

 +$$&

#! ( ( "!$ "& ! !! #! ( ( ! & !!

 $! &! "" ! (

!($!

% " & && % !

% ) % !.$! $$ ! )% ""!

$ & $ " & % )!

!&!!%"!!

 $!"$$

"+

"104!%"")$

""$"%)%"#$%

$$$$)

, 04 " )$ & &/! &

0! $ 1 $ 01

)$"

)$$"&$

"&($""

! $ ) ) $$ &

"($!"!$"

$ $$"

!!!!

0*'0,*+ =E $"

!$"$$

" =E " ) $! !

 $! $$ " $ )

Page 10: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 10/31

<

&%)($)

&

1 " $ " !$ ! &

(. @&

!"$/!!&$

!#$%$.!" % !!$ ) " " "%

$"

0 ( '0(+ $ " !.

!$$!

$"

)!&!$$$!

!)!"$$

!((

$#

!%&""

!!!"&!+

E$&&!&,

$$,%$&!)$$!!%!"!"""!

"$$$$#!$&$$

%%!("$$"

""!("$$

!!""

(""""!!&!"""

&!""&

$!"!("$!"$$

!"&!!"!% &/!

&

!$$!(+

$$!+$$!&

$ " $$ ) ! &

*$!)()"))&

Page 11: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 11/31

#$!!($!=+

$$")(

( " #$$ !"" "! "

!!!

$$$!+$$!&!$ $! " $$ 0&!( 1 &/! $$

$!&/"!$"!$&

 $$$$!!""(

5*0+

"/!!!0%@%!%!1"$$

!""!

A,"!!!!

E" "$!" ! !

 &!(!!!

$!""!"!!!!

! $! &!( ! ) !

!!!*

$&$!"$!"!$$&(

!!!"

!$$!+$$!!!$$*$

" " ! $ !

01"$$!&!"0%

 $$1$$!$$!!6+

%'+.'6+

# '#/+ , " " &!

!! !! $$ $ #$ "

!$$*$!

6&&(!(

"",&($

7!(F!(!E!%)&!("

!$& $$% " !$&

 $$

" ! & $ % ) ""! %

 &!(!$!$"

4! ".# ) $$!+ " ! !

$! $ " % * ".#

!")$*#

Page 12: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 12/31

-

 "#$%

? $ " ! " $$ 0 $

 &1+

* U R V V U H Q W D O L Q F R P H [

!#$!$"

 $$

 +

7!&!"!%

$!)($$$!

"

! &! " ! $$!"$$$")

"!

!

?$$)$&=!":<

C<%<<<,""&:;!!

G><<< $ ) !! " ; $ 0

!1 $$ $#$ G<< $ F$

))!$$$#GC<<

 $F$ $$$ <;$

&!"'"*$$

Page 13: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 13/31

3

$$!H

+

 &"D:<

><<<E01-%><<%<<<

6!!.:;-<%<<<

!=.;--%<<

$#$CC<%<<<

E$#8!3C<%<<<

/I#$%C-%<<

 %-39%-<<

$<

(6G-%39-%<<<

! $$!+ ! $$! ! ! ") $$! "

"!!$$!" "

!!$@

! !$@ $ $ !

!$$0"1%$$!""

(!$@$!""+

(67$!F(!$@

67F

 +!!&"!!%$!%!!G-%><<%<<<:;!!"G-<%<<<

!!0&&1G--%<<00G-%><<%<<<.G-<%<<<1J<1

(!$@#!("

" ! & #$% "

G%-39%-<<(!$"<;%""G-%39-%<<<)

 &)

 7G%-39%-<<

($@7<

67%-39%-<<F<7G-%39-%<<<

" $$ $$ "

(!$@=!!@"$

!$%$#$&&!

"

Page 14: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 14/31

>

"".#!"))$"!!

")!")"$&"BBB-<<3+

!%$#!!"3&!)&

#!"$!#!$$*$!K

"-%!#!!%#

2!2"(!&$!

#!$#!%)!&!"

 & "! !!! "?)%&!!

, ! ! ") & $$ )% ! .!#$ # ! ") D $!

&! " !$ ".# !% &!(

"!$$!".#!") )%BBB.-<<

 $ $$)$ $ )) #

$)!$+$)! #!&%

$!$$%)!#!&

Page 15: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 15/31

:

* 4 " , #!

$ "! " $ !$% $! " "

,F.&6!$&!&)"!" &( $&! & , ( & $$$

" ! " $ , $! $

, $$% ) $ $ ,

#$"!$"

6!$ "@@

!& !!@ &) !! $"

"

+!$0$!G:<%<<<1$

22%)!"$!$(!

0!$$"!$$

&"!!"!!!

+ !$ $!$ (

" " & $!

!!

"+!$$!!"!

"!

, !$ $ " !! "!

&&&"$&!""

+!$"#$"!$

&$!&$$$"&

(+ !$ $ " / #$% ! $!

 $#$%$!$%/(!$

)66'+!$$$$"$"

$&!$&&)#$!$

E

0! ! ! 8

"%@@

Page 16: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 16/31

C

6!$!!!!+

,+!$$.$"!=,"!)$"

$ !! " " ! &. E

$$6!$#$!!@)

&!%)!$"%$"&

=. ! ,+ , "

,%)!,($

!$))@

0)1!#$!$""$

4""! ! ( + &!

!")"$"

=!(+(""!(

= "+ * " ""! ! ")

 $&&"!!"

$F !+ $ &

" $ ! E!%$)!!!"

& !$ $

! )( & " " #$%

$ & " %

)""!!!"

!!+%"%

)!&!$&)&@""

$"!"""

(

=!("()")!$#+$$

!% " )" $" !$

0 ) $ $ &

 $!1

6 !!+ & #$% "

Page 17: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 17/31

9

)$$""!$%$)

! $! ) "! % & $

!$$$$!"E

( F $!$ $ ) ! !

&$$

E"!(!!!!$$ E"!&""!""!

$"!"&"!("""

?!% " " ) "

#$!)!$(&/!$$

#$ ! & ,+ "!

(,""!$

 &&!&"!$!

6$$!!$$/!!+

*""!"!")$"!

!

$/! ) " ) E ) ! $

!$ $"" "# ") "

!!%@!

",(!"!!!!&

&

( " $" " !$ ( " $/!&!"("!

!$"!+

""! $! &!

$&! ! (

$!&!,

!(""&!()!"

!!!&

.0$&&&""1"

&$"!"&!(!$!

#&' "

 "(

Page 18: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 18/31

#$! $ " !$ $/! ) %

 $""% !&!!%$&$""

!"$&&%$"#$!$""

,

 ))

"

2?2%!!'&*!%2"$!"

0"!1%@("&22"2

! " (.& ) & " (

&/! ! " (

(($"(!

"$2$2"!$"!!@

$$!$

( $! " F ) )

"

" "" )! $ ! "

!"$$*!$!%

"" ) $!" % % &$&"!"$0

 &F!(K"$%!%"K"1

? " @ " $$ " !

$ ( 0 1 E"!

&/! " ! "

"!%)$IE$$"

",,%&$!"#$!(

)"

"!$&!$

&!(?"!&"+

" ( & !+ " (

"!&0%$1)&)

"$"! !%

) "! $"! $.$!" &!( 0

Page 19: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 19/31

B

(#1

" ! +

!)"($

%("%")!

D""(""#$%@!30!101"$!%

" %<<B 2!! 2%

 $&"

/ !$ ! ! 6

!!""!$")

"$.("+!+

+&"

$)$"!""$! $!"

&

+ $$ @ $" $! -<

 $! " $" "% ! " $$

 $" & $.$!" (." #$% $$

 $.$!"(."C;""::;%

!")&$!"!"&)@%

""

%*(((""!&)""+

0 X W X D O ) X Q G 0 X W X D O ) X Q G 0 X W X D O ) X Q G 0 X W X D O ) X Q G + H G J H ) X Q G + H G J H ) X Q G + H G J H ) X Q G + H G J H ) X Q G

Page 20: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 20/31

-<

(

$"!""!&!!&&!""

$"!

#$0("#&(1

Page 21: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 21/31

-

"""$!&"$-<$!

! " $$ $" & (." %( & .

?!!" $$$""!".

$$""

><; ' 0 " "1 " %"(.":$!H

7;8-<;#0><;.:;17;

 +><;.;73-;

? " ! & !" " ) ? !"! 0&

1+

,. + $ F

,"#!!(!&

!%!!

#$%"$%&!((

)$!(())!()$!())

=F ! ( %

F!"!!)(%

$ ) #!

/()

=F"$""

)9""F"$&

($$!

)!)(!D,

"# ! ( ( !!@ & )

&"",

$"!!$!%(

! $ (F ! " $""

( " " ( " ) ! &)

*

Page 22: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 22/31

--

3(&!"(%!!%

%!%!!!&

&$ !% ! " " 0

""1.("

"((""&"!

($!!!%!%!(! #$%A"5"(&$"

"!&("$&

BB-

= "& " & ! " A& !

% $% !, $ (%

#

0(($"&&

!$""!&$!!

!+

+ ! " !$ "!

 $& $!$!4!"

(&&F,!"!!$#$%

" " & ! !$ ) !!"

 $"&% )& ! " & !$*

)%)($!

0 ! 1+ &" ""!

"%!("!,"$!!

!!, ( & & !( "

!, " !( " !,

?)%("

 !

""01&!)!!

$%%!""

 $)&"+

+"$!,G<<%<<<

) #$ ! "

"

+!"!&!

#&"&!%

!!!"!)

Page 23: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 23/31

-3

7+)"("

"

)!+("

" $$ #$ " &

., " ) ) "

""""!& 7+!0&1

&$"&)!"

$!@ !% ! " "

!$#

)&!()+

"+ & )&!( " " 0 " "1

!$"&"!&"

 &%!(2E")

(2

*+$!!"&

 $ #$! ?)% ! " $ $"!

 $$"!$!""$"!

7+).)#$!)&

)&"!&"$

'77H

" $ 4 !

!""!

A%!"!&$(&"

!)$ ""$!$$"

!!)"!!$

!$"!

&!&!&*&$!%

))""!$!%"

&!$

4!)"$!$%

%!

!

"*%"=

"""-+<+%$$"

Page 24: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 24/31

->

?"$"

 $")!&

$"$"%)%$"

)(!&"&?"$!

!+

)#" )&(!!

D"!,$

%"$"!""$

( ( "" (% " "!

"),(+

4  +!(",#(!!!

& " ) $! "

,$!"!(

 + " " !$# !

..! E! ! ", ""! (%

$!$"

 +($)

" ! " ) &(. !%

!$!(!"!

 +(""$!"!

&"$!

46 + ,@ ) &

 $ $! ! " ,

%(!""!"$"!"!

46  + " " ! &)

!$!%&&)!!($"

&$)"!!$%%

,(&

 

Page 25: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 25/31

-:

"$"!%")

 &",&

=)(,(&

"

$ !$& & " ,

)!)!

$"! " " & # "" "

 &

+"!))

&!&%")$

!(!))&!

+ " ) !( !

&%!$&$$"!&

+!!""$$%

!!"!")!$!(!

 $!""%!$"!

 $ $" " $$ " &

&!"%$""

"

 +$&$$(

?"#&$$$$"#")&)

4 +

", ? " " , #!. !

! $! " $.. ( $!% &

""%!0""!1

/ + (

 $"!$$ $") "

! & ") &

"$.("&$

! &+ " (

"&!%$."")&"(

"& !% ! & "% (

(""")&

"

Page 26: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 26/31

-C

" + !$ ! $ (

! #! ( ( $ ( (

#$%""$%!

!""-<;""*%)%!"

) " &) @ "% " ! (

#!(%$!"!$"!$

!

 

$

1 $&!

!"!$",!!

/#!!L

!$&@"%!$$

$$$ " # $! ) )$

""! " )$ & " ""

$ & " ! ! & , $

!.."#$%!..!!)

" ! ! % " % "

"""/!)/!"

! & &) "

 &$/!!") !!$!" !"!!

") %%"!!!

,#()")$$"

Page 27: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 27/31

-9

 

?&!$"+

(19$))!$!!$*$"

(19(&!(

&!( & ( $! " & !

!$ & / " ! (

!% $&&!(" $!%,

""!$&!(

(+(&!!$

"!!!

!$!""

&)!!$&$$

"!!$!($&!(0!((&1

"!

" $&! !$& !$ ) , (

!$&*(",&)!(&

!$$

$$ " ) & & "!!$ & ! &

" !$* " , ! " "

)$""!

%&"!$*

","!!0","

 $$!1

 

7!"!$"!"

Page 28: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 28/31

-

" &($!% ( .".! & ! &($!

6"!!,%$"!

!!$&

))),)$!!$

! !!! ) " !$

,

,@

, $!$ !!"

!

 $& " $! "!% & %

$!!&

4.!&)

 $, ," !#$% !$

)( "! $H 4.! ,

% ) "& "

)!!!

 *

/!"!+

! $! 0" ! 1 ! % "&%

"!(%!

!!%%!

!!$$%%!

!!$!!

! !$ " !* $! !$

!$ $$ "" & "

!$ # ) $! $!

?)%) !!

!!!&/!$!!

$"(

"! " "

!

!!!

01 "" ( $ #!.

Page 29: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 29/31

-B

!"!

#!$!

!("!$$!!

!&!$!

 $!$!"!

""!&"&$$!$"

 &!

! ) !( &

&!)")&!

" (."! &" ' " !!% !

 $!$%)&!($!)$

) $! !@ $ " !!

!@$"$")!(

 $ " " "

!!.&

$"$!!)%!"

 $!%$!$!"$!% $!

" " ( " " ) )! $!"! !

 &

#$"!@"+

"$!!G<<"G<<"%

) ( $ " !! " G<< "

&G<<)".&0$"

) & $ 1 " " $! $ GB: # %

)G:".&!0((1

%""$!G<:%)!$""G:

!@"$!"!

"$!!.&

Page 30: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 30/31

3<

*

$

!

M 0-<<-1 $$ $!$ " ( "

"$"+

4""!!

=, % &! "! "

!!!!,!!

6$!))"""!!

$"&!$

5 ( !, ! ( 061

( & ! (

!!

=

D")!!(

! ) $! % " $

 $"!%,$"!/"(

!

1 ! # !

 $!!.(! )!$+!

! $! ! ! !%

! $ ! ) $!

! "% ) ) !

$"!.(!

)/$"!.(!+

1+$F$!$$"

Page 31: Cfa L1 Session18

7/29/2019 Cfa L1 Session18

http://slidepdf.com/reader/full/cfa-l1-session18 31/31

! & # $! " !

" # #$% !$ & #

 $!

1 4+ , " !$ !

""!&!$! $!"!$%!!$"

! "" $ " ! ) % ( &)

 $! !( $! " !$ $! )( "

"!$