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7/31/2019 FPA Annual Symposium Woodbury NY
1/16
lcivecive
nvch`x~
ecxtkvo
cemienc rvinx`nc
j`eh ksx akvc %%%
IEESIL ^PARK^@SAKnxkfcv 6:, 6296
Tkkhfsvp, Ect Pkvo
as~x ixxceh
czcex
7/31/2019 FPA Annual Symposium Woodbury NY
2/16
Risl ^nm`jxcv
Nmi`vrcv~ke kj ^park~`sa
Tclnkac xk xmc xm`vxccexm ieesil park~`sa fvksdmx
xk pks fp xmc J`eien`il Rliee`ed I~~kn`ix`ke kj Lked
@~lieh, ksv ~rke~kv~ ieh ksv mivh tkvo`ed nkaa`xxcc
acafcv~%
Xmcvc ivc xtk xprc~ kj nmirxcv acafcv~ i~ kjxm`~ tv`x`ed `e Isds~x% Kec xprc mi~ ~`dech ke xk
rivx`n`rixc, cive sr xk = NC nvch`x~ jkv NJR ieh sr
xk 3 nvch`x~ jkv EP^ l`jc `e~svienc? xk mciv xtk dvcix
ocpekxc ~rciocv~, Ocz`e Clok ieh V`nmivh Dklkh%
Mc kv ~mc t`ll nmkk~c jvka xmvcc fvcioksx ~c~~`ke~
xmix `enlshc xkr`n~ ~snm i~ ^kn`il ^cnsv`xp ~xvixcd`c~,
krx`ke~, xvs~x~, c~xixc rliee`ed, `e~svienc, `ezc~x`ed `e i lkt vixc cez`vkeacex,
rvinx`nc aieidcacex, ieh i xi} srhixc jvka Z`encex KFv`ce% Xmc kxmcv xprc
kj acafcv, tmk mi~ex ~`dech ke xk xm`~ rvca`cv eien`il rliee`ed czcex, t`ll
fc a`~~`ed ill kj xmix rls~ i dvcix krrkvxse`xp xk ecxtkvo t`xm kxmcv acafcv~
ieh ~rke~kv~% @j pks ivc xmc lixxcv, rlci~c gk`e s~ ieh vcd`~xcv% @j pks ivc ilvcihp
vcd`~xcvch, rlci~c inncrx ksv xmieo~ jvka xmc ^park~`sa Nkaa`xxcc%
Xm`~ ^park~`sa tkslh ekx fc rk~~`flc t`xmksx xmc sex`v`ed cjjkvx~ kj ksv nmirxcv
iha`e`~xvixkv, Giecx N`ek, ksv ^park~`sa Nkaa`xxcc ieh ksv ~rke~kv~ tmk mizcnkex`esch xk rvkz`hc s~ t`xm xmc eien`il ~srrkvx ecnc~~ivp jkv xm`~ chsnix`keil
czcex% Ksv ~rcn`il xmieo~ xk ksv Rlix`esa Rls~, Rlix`esa ieh Dklh rke~kv~, i~ tcll
i~ ap nk!nmi`v ^iehp `jj, ap rvchcnc~~kv ieh rvc~`hcex!clcnx, Gk~crm Jlc`~nmaie,
ieh xmc acafcv~ kj ksv nkaa`xxcc tmk aihc nksexlc~~ nill~, ixxcehch esacvks~
accx`ed~ ieh dcecvks~lp dizc kj xmc`v x`ac xk aioc xm`~ i ~snnc~~jsl czcex%
@x ~ ap mkrc xmix pks nie xioc ~kac hci~ mkac t`xm pks ix xmc ceh kj xmc hip, ieh
s~c xmca xk `arvkzc ieh dvkt pksv rvinx`nc%
^`encvclp,
Risl ^nm`jxcv, NJR
^park~`sa Nmi`v
7/31/2019 FPA Annual Symposium Woodbury NY
3/16
Xkr 3 Vci~ke~
I~ xmc rvca`cv acafcv~m`r kvdie`wix`ke jkv eien`il rliee`ed rvkjc~~`keil~, xmc
J`eien`il Rliee`ed I~~kn`ix`ke -JRI `~ xmc nkaase`xp xmix jk~xcv~ xmc zilsc
kj eien`il rliee`ed, ieh ihzienc~ xmc rvinx`nc ieh rvkjc~~`ke kj eien`il rlie!
e`ed% JRI fv`ed~ xkdcxmcv xmk~c tmk hcl`zcv eien`il rliee`ed, xmk~c tmk ~srrkvx
`x ieh xmk~c tmk fcecx jvka `x%
XKR 3 VCI^KE^
xk ixxceh xmc 6296 JRI Lked @~lieh ^park~`sa
9% Pks ivc i RVKJC^^@KEIL% Ksv xkr`n~ ivc nsvvcex, `e xmc ect~ ieh
x`aclp% I dvcix ~ksvnc kj xkr`n~ jkv h`~ns~~`ke t`xm pksv nl`cex~%
6% Xm`~ `~ xmc ak~x Nkarvcmce~`zc J`eien`il Rliee`ed nkejcvcenc ke Lked
@~lieh% Ksv ~rciocv~ t`ll fc lcih`ed h`~ns~~`ke~ ke i ziv`cxp kj xkr`n~
`enlsh`ed7 dlkfil `ezc~xacex ~xvixcd`c~, i dlkfil cnkeka`n kzcvz`ct,
krx`ke~, ilxcveix`zc `ezc~xacex~, lked xcva nivc `e~svienc, rvinx`nc
aieidcacex ieh aivocx`ed, jchcvil xi} lit nmiedc~, i~~cx xvie~jcv~
ieh xvs~x~, Ach`ni`h rliee`ed, xmc EP^ Aivv`idc Cysil`xp Inx, ^kn`il
^cnsv`xp ~xvixcd`c~, xmc ect HKL 829o hsn`ivp vc~rke~`f`l`x`c~ iehakvc%% Pks niex dcx xm`~ ieptmcvc cl~c)))
>% Ecxtkvo t`xm pksv rccv~ ! xmc xkr rlieecv~, ihz`~kv~ ieh `ehs~xvp
zcehkv~ `e ksv vcd`ke hczclkr ect jv`ceh~m`r~ ieh fs~`ec~~
rivxecv~m`r~%
8% Cive sr xk = nkex`es`ed chsnix`ke nvch`x~ jkv NJR~ ieh NRI~, ieh sr xk
3 EP^ `e~svienc nvch`x~%
3% Mclr ^srrkvx Pksv JRI Nmirxcv)
7/31/2019 FPA Annual Symposium Woodbury NY
4/16
V`nmivh DklkhH`vcnxkv, Dlkfil @ezc~xacex ^xvixcd`c~
V`nmivh Dklkh `~ h`vcnxkv kj dlkfil `ezc~xacex
~xvixcd`c~ jkv @ezc~nk% M`~ vklc `~ xk ieilpwc
dlkfil eien`il ieh cnkeka`n xvceh~, ~cco`ed xk
hcxcva`ec tmcvc `ezc~xkv~ aip mizc xmc dvcixc~xrvkfif`l`xp kj cive`ed i m`dm vcxsve t`xm xmc lci~x
iaksex kj v`~o%
Fkve `e Ijv`ni ieh vi`~ch `e Csvkrc ieh I~`i,
Av% Dklkh nkaf`ec~ i dlkfil rcv~rcnx`zc t`xm ecivlp xmvcc hcnihc~ kj
`ezc~xacex c}rcv`cenc% Mc vcl`c~ ke m`~ kte rvkrv`cxivp akhcl~ ieh i
tkvlht`hc ecxtkvo kj ~xvixcd`~x~ ieh ieilp~x~ xk h`~x`ll nkarlc} cnkeka`n`~~sc~ `exk inx`keiflc `ezc~xacex `hci~% Vcnkde`wch jkv m`~ fklh kr`e`ke~
ieh `ejkvaix`zc ~rcio`ed ~xplc, mc vcdslivlp ~mivc~ m`~ `e~`dmx~ xmvksdm
rcv~keil irrcivienc~, `ehs~xvp vksehxiflc~, ieh nkaacexiv`c~ izi`liflc ix
`ezc~nk%nka+s~%
Rv`kv xk gk`e`ed @ezc~nk `e 6292, Av% Dklkh ti~ xmc h`vcnxkv kj dlkfil
`ezc~xacex ~xvixcd`c~ jkv Zie Oiarce @ezc~xacex~ jvka 900: xk 6292 iehjkv xmc rivcex nkariep, Akvdie ^xielcp @ezc~xacex Aieidcacex, jvka
6224 xk 6220% Mc civech ie sehcvdvihsixc hcdvcc `e eienc ix Ti~m`edxke
Se`zcv~`xp `e ^x% Lks`~% Mc mklh~ Ncvx`ch @ezc~xacex ^xvixcd`~x ieh
Ncvx`ch @ezc~xacex Aieidcacex Ieilp~x hc~`deix`ke~%
Krce`ed Ocpekxc rciocv
^rke~kvch fp @ezc~nk
7/31/2019 FPA Annual Symposium Woodbury NY
5/16
Hv% Ocz`e Clok
Ocz`e Clok vcnc`zch m`~ Finmclkv~ `e F`klkdp
Chsnix`ke ieh Nkinm`ed jvka Nil`jkve`i
Se`zcv~`xp kj Rcee~plzie`i tmcvc mc ti~ lixcv
`ehsnxch `exk xmc Se`zcv~`x`c~ Mill kj Jiac% Mc
xmce tcex ke xk Tc~x Z`vd`e`i Se`zcv~`xp tmcvc
mc vcnc`zch xtk Ai~xcv~ ieh i Hknxkvixc ieh ti~
lixcv ehsnxch exk Tc~x Z`vd`e`i Se`zcv~`x`c~ Millkj Jiac%
Mc tcex ke xk `excve ix xmc Se`xch ^xixc~
Klpar`n Nkaa`xxcc `e Nklkvihk ^rv`ed~% @e ~rkvx~ mc mi~ nke~slxch jkv
Xmc R`xx~fsvdm xcclcv~, Xmc Hilli~ Nktfkp~, Xmc Rm`lihclrm`i Cidlc~, Xmc
A`ia` Hklrm`e~, Xmc Ect Kvlcie~ ^i`ex~, L%^%S% Jkkxfill, Xmc Se`zcv~`xp
kj A`ia` Jkkxfill, Xmc Se`zcv~`xp kj Ilifiai Jkkxfill, Xmc Se`zcv~`xp kj
Ecfvi~oi Jkkxfill, Vsxdcv~ Jkkxfill ieh Xmc R`xx~fsvdm Rceds`e~%M`~ nkvrkvixc nl`cex~ mizc `enlshch @ED, Xp~ke Jkkh~, Iffkxx
Lif~, LRL J`eien`il, Xmc Mivxjkvh, Dcetkvxm, Gino~ke Eix`keil L`jc,
R`keccv @ezc~xacex~, Akvdie ^xielcp, Fieo kj Iacv`ni, Acvv`ll Lpenm, ieh
^se L`jc%
Mc mi~ jksv fkko~ rsfl`~mch7 Ecvzc~ kj ^xccl, Xmc Rcr Xilo, Xvsc
Dvcixec~~, ieh m`~ lixc~x, Xksnmhkte jvka J`eien`il X`ac~ Rvc~~%
Xmc akz`c v`dmx~ xk m`~ fkkoXmc Rcr Xilomi~ vcncexlp fcce ~klh ~kxmix fkko `~ `e xmc rvknc~~ kj fcnka`ed i akx`ke r`nxsvc%
Pks nie mciv Hv% Clok i~ i jvcyscex dsc~x ke xmc C^RE XZ ~mkt
EJL >6% Hv% Clok tkvoch t`xm xmc Rinocv~ ieh ~rkoc xk xmca xmc e`dmx
fcjkvc xmcp hcjcixch xmc R`xx~fsvdm ^xcclcv~ `e xmc ^srcv Fktl% Mc il~k
~rkoc xk Xmc Se`zcv~`xp kj Ilifiai xmc e`dmx fcjkvc xmcp hcjcixch L^S jkv
Xmc Eix`keil Nmiar`ke~m`r%
Lsenmcke Ocpekxc ^rciocv
^rke~kvch fp Gino~ke
7/31/2019 FPA Annual Symposium Woodbury NY
6/16
Rlix`esa Rls~ ^rke~kv~
Gino~ke
@ezc~nk
Rlix`esa Lczcl ^rke~kv~
Ill`iew
Eix`ket`hc J`eien`il
Rvshcex`il Iees`x`c~
^cnsv`xp Fcecx
Dklh Lczcl ^rke~kv~
`Vczcv~c Mkac Lkie~
^`lzcv Lczcl ^rke~kv~Innc~~ Fvkocvidc ^cvz`nc~
Iacv`rv`~c J`eien`il ^cvz`nc~
Nmivlc~ nmtif Ihz`~kv cvz`nc~
Nklsaf`i Jseh~
HT^ @ezc~xacex~
J`hcl`xp @ezc~xacex~
Jkvc~x M`ll~ J`eien`il Dvksr
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Mivxjkvh Asxsil Jseh~
@ezc~xinkvr, @en%
Lkvh Iffcxx
AkecpDs`hcRvk
Akve`ed~xiv Aieidch Rkvxjkl`k~
Ect Pkvo L`jc + Ai`e^xip @ezc~xacex~
Ect Pkvo Lked Xcva Nivc Fvkocv~, Lxh%Rv`en`ril Jseh~
Vi`e`cv @ezc~xacex Aieidcacex
^C@
XH Iacv`xvihc @e~x`xsx`keil
Xmc Ivf`xvidc Jseh~
Xvie~iacv`ni
Tcll~ Jivdk Ihziexidc Jseh~
6296^park~`sa ^rke~kv~
7/31/2019 FPA Annual Symposium Woodbury NY
7/16
IDCEHI Hip ix i Dlienc
47>2 IA Vcd`~xvix`ke
=722 IA 0722 IA Rvc!Nkejcvcenc Jchcvil Xi} @eh`z`hsil Srhixc Z`encex G% KFv`ce,
NRI
0722 IA 07>2 IA Fvcio Fvcio `e C}m`f`x Mill ieh Nkex`ecexil Fvcioji~x07>2 IA 927>2 IA Dcecvil ^c~~`ke Tclnkac * Ieeksencacex~
Dlkfil Cnkeka`n Kzcvz`ct V`nmivh Dklkh, @ezc~nk
927>2IA 99722 IA Fvcio Fvcio `e C}m`f`x Mill
99722 IA 99732 IA Fvcioksx ^c~~`ke 9 Ach`ni`h Rliee`ed Risl Mpl, C~y%
99722 IA 99732 IA Fvcioksx ^c~~`ke 9 Czcvpxm`ed Pks Xm`eo Pks Oect Ifksx Krx`ke~%%%
Fsx Jkvdkx Pks Oect Gk~crm Fsvdkpec
99722 IA 99732 IA Fvcioksx ^c~~`ke 9 Senkezcex`keil T`~hka Gkme Flkkh
99722 IA 99732 IA Fvcioksx ^c~~`ke 9 Rvkxcnx`ed ^ce`kv @ezc~xkv~ Xkhh Lktcvp, NJR,
NmJN
99732IA 96762 IA Fvcio Fvcio `e C}m`f`x Mill
96762 RA ! 9792 RA Fvcioksx ^c~~`ke 6 @ezc~x`ed e i Lkt Vixc Cez`vkeacex
Rcxcv HIdix`, NJI
96762 RA ! 9792 RA Fvcioksx ^c~~`ke 6 @excdvix`ed Krx`ke~ ^xvixcd`c~ @exk Pksv Nl`cex~
J`eien`il Rlie~ Gk~crm Fsvdkpec
96762 RA ! 9792 RA Fvcioksx ^c~~`ke 6 Xmc Aivv`idc Cysil`xp Inx Lkv` Ieec Hksdli~~, C~y%96762 RA ! 9792 RA Fvcioksx ^c~~`ke 6 J`zc Rvinx`nil Xvs~x~ T`xm F`d @arinx Tilhcie Till
9792 RA 6782 RA Dcecvil ^c~~`ke Lsenmcke, Mktivh Flino Itivh Rvc~cexix`ke ieh
Z`~`ke Jkv Z`nxkvp Hv% Ocz`e Clok
6782 RA >792 RA Fvcio Fvcio `e C}m`f`x Mill
>792 RA 8722 RA Fvcioksx ^c~~`ke > Vczcv~c Akvxdidc 929 Ocz`e Fliocecp
>792 RA 8722 RA Fvcioksx ^c~~`ke > I Rvinx`nil Ds`hc xk Ihh`ed Ilxcveix`zc~ xk Pksv
Rkvxjkl`k Hv% Gcvkac Ifcveixmp
>792 RA 8722 RA Fvcioksx ^c~~`ke > ^kn`il ^cnsv`xp Ect Xi} Lit~ ieh ^xvixcd`c~ xk
Nke~`hcv Dvcxnmce ^% A`llcv, AFI, NJR
>792 RA 8722 RA Fvcioksx ^c~~`ke > Aivocx`ed ieh Xcnmeklkdp Iehvct Dlsno
8792 RA 3722 RA Rk~x Nkej 9 Xmc ^xixc kj Lked Xcva Nivc Vkfcvx A Ziehp,
NLS, NmJN, LSXNJ, NLXN
3792 RA :722 RA Rk~x Nkej 6 Aieid`ed Pksv J`hsn`ivp Vc~rke~`f`l`x`c~
T`ll`ia ^nmkv`c~
6296 JRI kj Lked @~lieh Ieesil
^park~`sa * C}m`f`x`ke
Nvc~x Mkllkt Nksexvp Nlsf, Knxkfcv 6:, 6296
7/31/2019 FPA Annual Symposium Woodbury NY
8/16
47>2 ia Vcd`~xvix`ke Hc~o Krce~
=722 ! 0722 ia Rvc!Nkejcvcenc ^c~~`ke
Jchcvil Xi} @eh`z`hsil Srhixc ! ^rciocv7 Z`encex G% KFv`ce, NRI
Xi} lit `~ nke~xiexlp nmied`ed, fsx `e vcncex pciv~, xmc rinc kj nmiedc
mi~ m`x mprcv!~rcch% I~ kj Giesivp 6, 6296, i aigkv xi} rvkz`~`ke c}r`vch,
tm`nm t`ll vi`~c xmc xi}c~ kj irrvk}`aixclp 63 a`ll`ke xi}ripcv~ selc~~ `x`~ vcectch fcjkvc xmc ceh kj xmc pciv% @e ihh`x`ke, ijxcv 6296, ihh`x`keil
aigkv xi} rvkz`~`ke~ ivc ~nmchslch xk c}r`vc, tm`nm t`ll vi`~c xmc xi}c~ ke
ilak~x ill xi}ripcv~ `e xmc nksexvp%
Xmc jchcvil xi} `eh`z`hsil srhixc rvc~cexix`ke fp vcektech lcnxsvcv
Z`encex G% KFv`ce, NRI, t`ll m`dml`dmx xmc cjjcnx~ kj xmc~c ~`de`niex
jchcvil nmiedc~% Av% KFv`ce `~ xmc ktecv ieh rv`en`ril lcnxsvcv kj
A/K1NRC, @en%, i nkariep xmix rvkz`hc~ `x~ hce`x`zc pciv!ceh xi}
srhixc cinm Hcncafcv ieh Giesivp jkv NRI~ ieh kxmcv xi} rvkjc~~`keil~%
Av% KFv`ce `~ il~k Rvc~`hcex kj i NRI va lknixch `e Lpefvkko, Ect
Pkvo% -9 NC nvch`x jkv NJR~ ieh+kv NRI~
0722 ! 07>2 ia C]M@F@X MILL KRCE Z`~`x t`xm ksv Rivxecv~ ieh Cegkp i
Nkex`ecexil Fvcioji~x
07>2 ! 927>2 ia Tclnkac ieh Ieeksencacex~ ! Krce`ed Dcecvil ^c~~`keDlkfil Cnkeka`n Kzcvz`ct ! ^rciocv7 V`nmivh Dklkh
V`nmivh Dklkh `~ h`vcnxkv kj dlkfil `ezc~xacex ~xvixcd`c~ jkv @ezc~nk%
M`~ vklc `~ xk ieilpwc dlkfil eien`il ieh cnkeka`n xvceh~ ~cco`ed xk
hcxcva`ec tmcvc `ezc~xkv~ aip mizc xmc dvcixc~x rvkfif`l`xp kj cive`ed i
m`dm vcxsve t`xm xmc lci~x iaksex kj v`~o%
Fkve e Ijv`ni ieh vi`~ch e Csvkrc ieh I~`i, Av% Dklkh nkaf`ec~ i dlkfil
rcv~rcnx`zc t`xm ecivlp xmvcc hcnihc~ kj `ezc~xacex c}rcv`cenc% Mc vcl`c~
ke m`~ kte rvkrv`cxivp akhcl~ ieh i tkvlht`hc ecxtkvo kj ~xvixcd`c~ ieh
ieilp~x~ xk h`~x`ll nkarlc} cnkeka`n `~~sc~ `exk inx`keiflc `ezc~xacex
`hci~% Vcnkde`wch jkv m`~ fklh kr`e`ke~ ieh `ejkvaix`zc ~rcio`ed ~xplc,
mc vcdslivlp ~mivc~ m`~ `e~`dmx xmvksdm rcv~keil irrcivienc~, `ehs~xvp
vksehxiflc~, ieh nkaacexiv`c~ izi`liflc ix `ezc~nk%nka+s~%
Xmc rvc~cexix`ke t`ll rvkz`hc ihz`~kv~ t`xm i nkarvcmce~`zc z`ct kj xmc
dlkfil eien`il+cnkeka`n aivocx~ i~ tcll i~ inx`keiflc `ezc~xacex `hci~
xmix ivc vclcziex ieh x`aclp% Xmvcc ksxnkac~ xmix ixxcehcc~ nie c}rcnx
JRI kj Lked @~lieh ^park~`sa Idcehi
Jv`hip, Knxkfcv 6:, 6296
7/31/2019 FPA Annual Symposium Woodbury NY
9/16
xk lcive jvka xm`~ rvc~cexix`ke ivc7 kzcvtc`dmx+sehcvtc`dmx rk~`x`ke~ `e
ziv`ks~ aivocx~? tm`nm cnkeka`n acxv`n~ xk jkns~ ke? ieh tm`nm i~~cx
nli~~c~ xk jkns~ ke dk`ed jkvtivh% -9 NC nvch`x jkv NJR~ ieh+kv NRI~
927>2 ! 99722 ia C]M@F@X MILL KRCE ! Z`~`x C}m`f`xkv~ ieh Ecxtkvo
99722 ! 99732 ia Fvcioksx ^c~~`ke 9 ^clcnx kecAch`ni`hRliee`ed7Sehcv~xieh`edxmcnkej`nx`edihz`nc
pksv nl`cex~ ivc vcnc`z`ed jvka xmc`v innksexiex ieh ixxkvecp
^rciocv7 Risl Mpl, C~y%
Xm`~ rvc~cexix`ke t`ll vcz`ct xmc Ach`ni`h cl`d`f`l`xp vslc~ `e dcecvil,
m`dml`dmx xmc h`jjcvcenc~ fcxtcce Ach`ni`h vslc~ ieh xmc vc~x kj xmc
eien`il tkvlh ieh vcz`ct ~iarlc Ach`ni`h rliee`ed xcnme`ysc~ ieh mkt
xmcp nie `arinx pksv nl`cex~ eienc~ ieh `ezc~xacex~% Fp sehcv~xieh`ed
xmc~c Ach`ni`h `~~sc~ ieh esienc~ pks nie rvkz`hc pksv nl`cex~ t`xm i
~`de`niex zilsc ieh ihhch ~cvz`nc~% -9 NC nvch`x jkv NJR~ ieh+kv NRI~)
Czcvpxm`ed Pks Xm`eo Pks Oect Ifksx Krx`ke~%%%Fsx Jkvdkx
Pks Oect
^rciocv7 Gk~crm Fsvdkpec + Xmc Krx`ke~ @ehs~xvp Nksen`l
L`~xch krx`ke~ ivc eien`il xkkl~ xk fc cafvinch ekx `ex`a`hixch fp%
@enkac dcecvix`ke ieh rkvxjkl`k rvkxcnx`ke ivc xtk ocp vci~ke~ tmpkrx`ke~ ~mkslh fc rivx kj xmc h`~ns~~`ke e czcvp eien`il rlie% Tmix ivc
krx`ke~, mkt hk xmcp tkvo, tmce ~mkslh xmcp fc s~ch ieh tmix ~xvixcd`c~
~mkslh fc nke~`hcvch t`ll fc rvc~cexch% -9 NC nvch`x jkv NJR~ ieh+kv
NRI~
Senkezcex`keil T`~hka
9% @ezc~xacex Aieidcv Vc~civnm7 Mkt nkezcex`keil t`~hka mi~
lch s~ i~xvip%
6% Jillin`c~ kj xmc Lk~x Hcnihc7 6222!6220 ti~ex ~k fih ijxcv ill
^rciocv7 Gkme Flkkh + H`ace~`keil Jseh Ihz`~kv~
Ixxcehcc~ ~mkslh mizc i dvcixcv sehcv~xieh`ed kj xmc `exv`nin`c~ kj xmc
`ezc~xacex aieidcv ~clcnx`ke rvknc~~, ieh i hccrcv irrvcn`ix`ke jkv
xmc jinxkv~ sehcv xmc`v nkexvkl xmix nie mclr xmca xk hcl`zcv i ~snnc~~jsl
`ezc~xacex c}rcv`cenc xk xmc`v nl`cex~% -9 NC nvch`x jkv NJR~ ieh+kv NRI~
Rvkxcnx`ed ^ce`kv @ezc~xkv~
^rciocv7 Xkhh Lktcvp, NJR, NmJN + Eix`ket`hc
T`xm xmc esafcv kj ~ce`kv `ezc~xkv~ `envci~`ed ieh xmc vcncex jkns~ ke
~ilc~ rvinx`nc~ xk xmc clhcvlp, xm`~ rvc~cexix`ke d`zc~ xmc ixxcehcc i fcxxcv
sehcv~xieh`ed kj xmc vcdslixkvp nkencve jkv ~ilc~ xk ~ce`kv~ ieh xk ~mivc
~kac `ehs~xvp fc~x rvinx`nc~ xk mclr rvkxcnx ~ce`kv `ezc~xkv~%
Xm`~ rvc~cexix`ke ~xivx~ t`xm ie kzcvz`ct ke Tmp jkns~ ke ~ce`kv~;
7/31/2019 FPA Annual Symposium Woodbury NY
10/16
ieh `~ jkllktch t`xm i h`~ns~~`ke kj xmvcc ocp ivci~7 ^s`xif`l`xp
Nke~`hcvix`ke~, ^ce`kv Hc~`deix`ke~, Jvcc Lsenm ^ca`eiv~% I~ cinm
ocp ivci `~ h`~ns~~ch, i fc~x rvinx`nc `~ `hcex`ch ieh ~mivch t`xm xmc
ixxcehcc% Xmc nksv~c nkenlshc~ t`xm i h`~ns~~`ke ke H`a`e`~mch
Nirin`xp% -9 NC nvch`x jkv NJR~ ieh+kv NRI~ ieh+kv 9 EP^ @e~svienc
Nvch`xEPNV!69::62
99732 ia
96762 ra C]M@F@X MILL KRCE Z`~`x C}m`f`x~ ieh Ecxtkvo
967629792 ra Fvcioksx ^c~~`ke 6 ^clcnx kec
@ezc~x`ed `e i Lkt Vixc Cez`vkeacex
^rciocv7 Rcxcv H% HIdix`, NJI + ^xcafvkko I~~cx Aieidcacex, LLN
@excvc~x vixc~ ivc ix xmc`v lktc~x lczcl~ ~`enc xmc ceh kj Tkvlh Tiv @@% Xm`~
nvcixc~ ie kfz`ks~ nmillcedc jkv ~izcv~% Jkv xmk~c tmk tkslh eixsvillp
lkko xk }ch `enkac `e~xvsacex~ jkv lkt zklix`l`xp ieh m`dm nsvvcex
`enkac, xmc krx`ke~ mizc eivvktch ~`de`niexlp% Ihh xk xm`~, xmc v`~o
kj jsxsvc `eix`ke ieh tc mizc i vcn`rc jkv i zcvp nmillced`ed x`ac jkv
~izcv~% Xm`~ h`~ns~~`ke t`ll c}rlkvc xmc vclix`zc ixxvinx`zcec~~ kj ziv`ks~
i~~cx nli~~c~, d`zce i ~nceiv`k kj lkt ieh czcexsillp v`~`ed `excvc~x vixc~%
Xm`~ h`~ns~~`ke t`ll c}rlkvc xmc v`~o~ ieh rkxcex`il fcecx~ kj ziv`ks~
`ezc~xacex~ `e xm`~ cez`vkeacex% Tc t`ll `enlshc i z`ct kj m`~xkvp ieh ih`~ns~~`ke kj mkt tc ivv`zch mcvc% Tc t`ll il~k jkns~ ke ocp zilsix`ke
acxv`n~ s~ch `e xmc nkariv`~ke kj rkxcex`il `ezc~xacex ilxcveix`zc~% Tc
t`ll il~k ~mivc ~xvixcd`c~ xmix tc mizc `arlcacexch jkv ksv nl`cex~, tm`nm
xioc ihziexidc kj xmc ifkzc ieilpx`nil jviactkvo% -9 NC nvch`x jkv NJR~
ieh+kv NRI~
@excdvix`ed Krx`ke~ ^xvixcd`c~ @exk Pksv Nl`cex~ J`eien`il Rlie~
^rciocv7 Gk~crm Fsvdkpec + Xmc Krx`ke~ @ehs~xvp Nksen`l
Xm`~ ~ca`eiv ~xivx~ t`xm xmc acnmie`n~ kj ~rvcih~ jkv fkxm nill~ ieh rsx~,
ieh xmce hclzc~ `exk akvc ihziench aslx`!lcd krx`ke~ ~xvixcd`c~% Av%
Fsvdkpec t`ll c}rli`e hcf`x ieh nvch`x ~rvcih~ ieh mkt xmc~c fs`lh`ed
flkno~ nie fc carlkpch xk nke~xvsnx Fsxxcvp, @vke Fsxxcvp, Nkehkv
ieh @vke Nkehkv ~xvixcd`c~% I~~kn`ixch fcecx~ ieh v`~o~ jkv cinm kj
xmc ~xvixcd`c~ t`ll fc h`~ns~~ch `e hcxi`l% Xm`~ ~c~~`ke `~ jkv c}rcv`cench
xvihcv~% Ie `excvach`ixc sehcv~xieh`ed kj krx`ke~, nksrlch t xm rvinx`nilc}rcv`cenc t`xm fkxm krx`ke ieh ~xkno ezc~x`ed, t`ll fc ecnc~~ivp xk jsllp
fcecx ieh sehcv~xieh xmc aixcv`il xmix t`ll fc rvc~cexch% -9 NC nvch`x
jkv NJR~ ieh+kv NRI~
7/31/2019 FPA Annual Symposium Woodbury NY
11/16
Mc ^ip~ @ HK ieh Mc ip~ @ HK) ^mc ^ip~ @ HK ieh ^mc ^ip~ @ HK)
Ect Pkvo ^xixc ^ip~ TC HK) Xmc Jchcvil Dkzcveacex ^ip~ TC
HK EKX)
^rciocv7 Lkv` Ieec Hksdli~~, C~y% + Ak~c~ * ^`edcv LLR
Xmc Aivv`idc Cysil`xp Inx7 Tmix x acie~ xk xmc Ect Pkvo tcilxm rliee`ed
rvkjc~~`keil ieh mkt xk fcxxcv rvkxcnx ~iac ~c} nksrlc~ `e eien`il ieh
c~xixc rliee`ed% Xmc ~ca`eiv t`ll h`~ns~~ xmc ~xixs~ kj iac c} Aivv`idc`e Ect Pkvo xixc ieh mkt xmc Jchcvil Dkzcveacex~ ji`lsvc xk vcnkde`wc
^iac ^c} Aivv`idc ihzcv~clp ijjcnx~ ^iac ^c} Nksrlc~ `e eien`il ieh
c~xixc rliee`ed% Xmc ~ca`eiv t`ll ~rcn`nillp ihhvc~~ `enkac, d`jx ieh
c~xixc xi} `~~sc~, vcx`vcacex rliee`ed ieh l`jc `e~svienc ecch~ jkv ^iac
^c} Nksrlc~% -9 NC nvch`x jkv NJR~ ieh+kv NRI~
J`zc Rvinx`nil Xvs~x~ T`xm F`d @arinx
^rciocv7 Tilhcie Till + Ill`iew
Xm`~ nksv~c h`~ns~~c~ zc rvinx`nil xvs~x~ xmix nie mizc i f`d `arinx ke
mkt i~~cx~ ivc xvie~jcvvch xk ~svz`zkv~% ^kac kj xmc f`ddc~x rvkflca~
rckrlc mizc e xmc i~~cx xvie~jcv ivci nie fc h`~vsrx`ke~ ieh hclip~, rip`ed
akvc xi} xmie ecnc~~ivp, ieh aio`ed ~svc xmc v`dmx i~~cx~ dcx xk xmc v`dmx
rckrlc ix xmc v`dmx x`ac% Xmc xvs~x~ ieh xvs~x nmivinxcv`~x`n~ h`~ns~~ch `e
xm`~ nksv~c nie mclr xmc eien`il rvkjc~~`keil ds`hc ieh rvcrivc nl`cex~,
ilked t`xm xmc`v ixxkvecp~, xk aieidc xmc`v i~~cx~ fcjkvc ieh ijxcv hcixmxk il`de t`xm tmix xmcp tiex xmc`v akecp xk innkarl`~m% Xmc nksv~c il~k
nkzcv~ xmc lixc~x lit~ ieh c~xixc rliee`ed lcd`~lix`ke ivkseh xvs~x~% -9 NC
nvch`x jkv NJR~ ieh+kv NRI~ ieh+kv 9 EP^ @e~svienc Nvch`xEPNV!
[[[[[[[[
9792 ! 6782 ra Lsenmcke, Mktivh Flino Itivh Rvc~cexix`ke ieh Dcecvil c~~`ke
Z@^@KE JKV Z@NXKVP
Lsenmcke Ocp Ekxc ^rciocv7 Hv% Ocz`e Clok
I eix`keillp vcektech Rcvjkvaienc Nke~slxiex, Rvkjc~~`keil ^rciocv
ieh Isxmkv
Tc ivc ill c`xmcv l`z`ed e n`vnsa~xienc kv tc ivc l`z`ed e z`~`ke% Jkv xmk~c
l`z`ed `e n`vnsa~xienc xmcp ivc iltip~ `e nkr`ed akhc ieh xmc eien`il
tkvlh t`ll iltip~ d`zc xmca aixcv`il xk nkrc t`xm% Xmc ilxcveix`zc `~
dvkt`ed `exk i rktcvjsl cjjcnx`zc z`~`ke% @e~xcih kj ~rceh`ed cecvdp kexmix tm`nm tc nieekx nmiedc kv hk iepxm`ed ifksx xm`~ ~ca`eiv ihhvc~~c~
nmied`ed pks ieh dvkt`ed i~ pksv cez`vkeacex nmiedc~% @x h`~ns~~c~
dcxx`ed i z`~`ke, nlciv`ed ksx kj pksv a`eh ill xmc acexil nlsxxcv xmix `~
ekx xmc z`~`ke, ~s~xi`e`ed pksv cjjkvx `e i rvknc~~ xmix `~ akz`ed pks
xktivh xmc z`~`ke ieh eillp nli`a`ed xmc z`~`ke% Hv% Clok s~c~ aiep
~rkvx ieilkd`c~ jvka m`~ tkvo t`xm Xmc R`xx~fsvdm ^xcclcv~, Xmc Hilli~
Nktfkp~, L^S, Xmc R`xx~fsvdm Rceds`e~, Xmc Ect Kvlcie~ ^i`ex~ ieh
7/31/2019 FPA Annual Symposium Woodbury NY
12/16
Xmc Ilifiai Nv`a~ke X`hc ieh m`~ vcncex tkvo t`xm xmc Dvcce Fip
Rinocv~ fcjkvc xmc ^srcv Fktl%
Xmc Rivx`n`riex~ t`ll fc i~och xk ~mivc xmc`v z`~`ke ieh ~clj xilo xmix xmcp
s~c xk occr xmc`v a`eh~ nlciv ieh ke jkns~% -9 NC nvch`x jkv NJR~
ieh+kv NRI~
6782!>792 ra C]M@F@X MILL KRCE Li~x Z`~`x T`xm C}m`f`x~ ieh Ecxtkvo
>792 ! 8722 ra Fvcioksx ^c~~`ke > ^clcnx kec
Vczcv~c Akvxdidc 929
^rciocv7 Ocz`e Fliocecp + I~~kn`ixch Akvxdidc Fieocv~%
Ocz`e Fliocecp mi~ ~rcex xmc li~x xce pciv~ kj m`~ nivccv jkns~`ed ke
vczcv~c akvxdidc~, hczclkr`ed kec kj xmc v~x h`vcnx!xk!nke~sacv nill
ncexcv~% @e xm`~ ~c~~`ke mc t`ll h`~ns~~ mkt xk s~c i Vczcv~c Akvxdidc i~
i eien`il rliee`ed xkkl, mc t`ll nkzcv xmc fcecx~ kj i vczcv~c akvxdidc
ieh il~k h`~ns~~ nsvvcex `ehs~xvp srhixc~% -9 NC nvch`x jkv NJR~
ieh+kv NRI~
I Rvinx`nil Ds`hc xk Ihh`ed Ilxcveix`zc~ xk Pksv Rkvxjkl`k
^rciocv7 Hv% Gcvkac Ifcveixmp + Dsddcemc`a @ezc~xacex~
Xm`~ rvc~cexix`ke `~ hc~`dech xk `envci~c eien`il rvkjc~~`keil~
oektlchdc ke ilxcveix`zc~ ieh rvkz`hc~ ejkvaix`ke xk fc nke~`hcvch tmce`arlcacex`ed ilxcveix`zc ~xvixcd`c~ t`xm`e ezc~xacex rliee`ed h`~n`rl`ec~
ieh illknix`ke~% @x h`~ns~~c~ h`jjcvcex irrvkinmc~ jkv nke~`hcvix`ke tmce
hcxcva`e`ed tc`dmx`ed~ xk ilxcveix`zc~ `e xmvcc h`jjcvcex rkvxjkl`k~ t`xm
h`jjcv`ed kfgcnx`zc~ Nir`xil Irrvcn`ix`ke, Nir`xil Rvc~cvzix`ke, ieh
@enkac Dcecvix`ke% Ni~c ~xsh`c~ hcake~xvixc xmc rkxcex`il `arinx kj
`excdvix`ed ilxcveix`zc ~xvixcd`c~ `e cinm rkvxjkl`k h`~ns~~ch% -9 NC nvch`x
jkv NJR~ ieh+kv NRI~
^kn`il ^cnsv`xp Ect Xi} Lit~ ieh ^xvixcd`c~ xk Nke~`hcv
^rciocv7 Dvcxnmce ^% A`llcv, AFI, NJR + Rvshcex`il Iees`x`c~
Xmc hczclkracex kj i vcx`vcacex rlie vcys`vc~ i xmkvksdm sehcv~xieh`ed
kj ^kn`il ^cnsv`xp Fcecx~ ieh xm`~ nksv~c rvkz`hc~ xmix% Ihziexidc~
kj civlp z~% hclipch vcx`vcacex~ i~ tcll i~ xmc xi} `arl`nix`ke~ t`ll
fc h`~ns~~ch% Tc t`ll il~k xilo ifksx vcncex xi} lit nmiedc~ ieh xmc
`arl`nix`ke~ ke Vcx`vcacex Rlie~% -9 NC nvch`x jkv NJR~ ieh+kv NRI~ieh+kv 9 EP^ @e~svienc Nvch`xEPNV!693>=>
Aivocx`ediehXcnmeklkdp
^rciocv7 Iehvct Dlsno + Ihz`~kv Rvkhsnx~, @en%
Ivc pks xtccx`ed; Tmix ~mkslh pks flkd ifksx; Mkt hkc~ iepkec aioc
akecp ke ill xm`~ ~kn`il ach`i eke~ce~c; Xmc~c ivc ysc~x`ke~ ihz`~kv~
ivc i~o`ed xmca~clzc~% Jkv ie~tcv~, ixxceh xm`~ ~c~~`ke%
7/31/2019 FPA Annual Symposium Woodbury NY
13/16
Iehvct Dlsno, i tv`xcv ieh NCK kj Ihz`~kv Rvkhsnx~, i Gcv`nmk aivocx`ed
ieh xcnmeklkdp va ~cvz`ed msehvch~ kj V@I~ eix`ket`hc, t`ll xilo ifksx
mkt pks nie ixxvinx rvk~rcnx~ xk pksv va s~`ed pksv ~xvcedxm~ ieh se`ysc
if`l`x`c~% @e ihh`x`ke xk ~civnm ced`ec krx`a`wix`ke, e`nmc aivocx`ed, ieh
nkexcex aivocx`ed `hci~, pksll mciv ifksx `excdvix`ke kj fc~x kj fvcch
irr~ s~ch fp ihz`~kv~ ieh xmc ihz`~kvp rvkjc~~`ke~ eczcv ceh`ed ysc~x xk
fs`lh xmc rcvjcnx tkvo~xix`ke%
8792! 3722 ra Rk~x!Nkejcvcenc c~~`ke 97
Xmc ^xixc kj Lked Xcva Nivc
^rciocv7 Vkfcvx A% Ziehp, NLS, NmJN, LSXNJ, NLXN + Ect Pkvo
Lked Xcva Nivc Fvkocv~, Lxh%
I dvcix hcil mi~ nmiedch `e xmc Lked!Xcva Nivc ieh Lked!Xcva Nivc
@e~svienc ivci~ kzcv xmc li~x 96!9= akexm~% Jvka xmc ~nvirr`ed kj xmc
NLI^^ Inx, xk `e~svienc nivv`cv~ `envci~`ed rvca`sa~ ieh x`dmxce`ed
sehcvtv`x`ed ~xiehivh~, xk ~kac nivv`cv~ c}`x`ed xmc fs~`ec~~, xk nkex`esch
rvc~~svc ke rsfl`nillp jsehch LXN rvkdvia~, xmc aivocx nkex`esc~ xk
xvp xk `hcex`jp `x~clj ieh nkac sr t`xm i akvc se`zcv~il ~klsx`ke xk xmc
ysc~x`ke tmk t`ll rip jkv ap lked!xcva nivc nk~x~;
@e xm`~ ~c~~`ke, tc t`ll c}ia`ec xmc kzcvill LXN aivocx, `enlsh`ed vcncex
`e~svienc rvkhsnx ieh nivv`cv ~xvsnxsvil nmiedc~% Tc t`ll il~k nke~`hcv
nsvvcex ~ksvnc~ kj LXN nk~x jseh`ed, ieh rvkz`hc i finohvkr jkv ihz`~kv~xk nke~`hcv i~ xmc`v nl`cex~ rlie jkv i ecch xmix aip, `e rvinx`nil xcva~, fc
62 kv >2 pciv~ -kv akvc `e xmc jsxsvc% -9 NJR ieh+kv NRI NC nvch`x ieh+
kv 9 EP^ @e~svienc Nvch`xEPNV!6>:460
3792! :722 ra Rk~x!Nkejcvcenc c~~`ke 67
Aieid`ed Pksv J`hsn`ivp Vc~rke~`f`l`x`c~
^rciocv7 T ll`ia ^nmkv`c~ + Krrcemc`acvJseh~
I~ 829-o rlie~ fcnkac ie `envci~`edlp `arkvxiex ~ksvnc kj vcx`vcacex
`enkac jkv carlkpcc~, xmc jcc~ nmivdch xk ~snm rlie~ ivc fcnka`ed xmc
~sfgcnx kj dvkt`ed ~nvsx`ep% C}nc~~`zc rlie jcc~ nie miarcv rivx`n`riex~
cjjkvx~ xk ~izc jkv vcx`vcacex, ieh l`x`dix`ke, lcd`~lix`ke ieh vcdslix`ke
nkencve`ed rlie jcc~ ivc ill ke xmc v`~c%
@x~ xmcvcjkvc akvc `arkvxiex xmie czcv jkv rlie ~rke~kv~ xk vcz`ct xmc`v
rlie~ nivcjsllp ieh sehcv~xieh `x~ jcc~% Xm`~ ~ca`eiv rvkz`hc~ i fv`cj
kzcvz`ct kj ~kac kj xmc ocp `~~sc~ ~svvkseh`ed rlie jcc~, ieh ~sddc~x~tip~ jkv pks xk mclr ~rke~kv~ ce~svc xmix xmcp ivc aieid`ed xmc`v hsn`ivp
hsx`c~ akvc cjjcnx`zclp% -9 NJR ieh+kv NRI NC nvch`x ieh+kv 9 EP^
@e~svienc Nvch`xEPNV!69>>::
JRI Lked @~lieh Dcx @ezklzch)
Aioc rlie~ xk ixxceh ^park~`sa 6296)
7/31/2019 FPA Annual Symposium Woodbury NY
14/16
Vcd`~xvix`ke Jkva
Ai`l jkva ieh ripacex xk7 JRI Lked @~lieh, 9=03 L`enkle Izcesc,
Ci~x Acihkt, EP 99338!6366%
Eiac7 [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[
Eiac jkv Eiacxid, `j h`jjcvcex7 [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[
Rvkjc~~`keil Hc~`deix`ke~7 [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[
Nkariep7 [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[
Ihhvc~~7 [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[
Rmkec7 [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[
Cai`l7 [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[
NJR L`nce~c .7 [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[
NRI L`nce~c .7 [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[
EP^ @e~svienc L`nce~c .7 [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[
Fvkocv+Hcilcv7 [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[
Rlci~c `eh`nixc tm`nm ~c~~`ke~ pks t`ll fc ixxceh`ed fclkt7 [[[[[[[[[[[[[[[[[[[[[[[[[[[[[
[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[
Rvc Nkejcvcenc ^c~~`ke -=722!0722 IA
Jchcvil Xi} @eh`z`hsil Srhixc a@ rlie xk ixxceh a @ hk ekx rlie xk ixxceh xm`~ ~c~~`ke
Fvcioksx c~~`ke 9 -99722!99732 IA
aAch`ni`h Rliee`ed Risl MplaKrx`ke~ Gk~crm FsvdkpecaSenkezcex`keil T`~hka Gkme Flkkha
Rvkxcnx`ed ^ce`kv @ezc~xkv~ Xkhh Lktcvp
Fvcioksx ^c~~`ke 6 -96762!9792 RA
a@ezc~x`ed+Lkt Vixc Cez`vkeacex Rcxcv HIdix`aIhziench Krx`ke~ Gk~crm FsvdkpecaAivv`idc Cysil`xp Inx Lkv` Ieec Hksdli~~aJ`zc Rvinx`nil Xvs~x~ Tilhcie Till
Fvcioksx ^c~~`ke > ->792!8722 RA
aVczcv~c Akvxdidc 929 Ocz`e FliocecpaIhh`ed Ilxcveix`zc~ xk Rkvxjkl`k Gcvkac Ifcveixmp
a^kn`il ^cnsv`xp Dvcxnmce A`llcvaAivocx`ed ieh Xcnmeklkdp Iehvct Dlsno
Rk~x Nkejcvcenc ^c~~`ke 9 -8792!3722 RA Rlci~c nmcno `j pks rlie xk ixxceh
aXmc ^xixc kj Lked Xcva Nivc Vkfcvx Ziehp
Rk~x Nkejcvcenc ^c~~`ke 6 -3792!:722 RA Rlci~c nmcno `j pks rlie xk ixxceh
aAieid`ed Pksv J`hsn`ivp Vc~rke~`f`l`x`c~ T`ll`ia ^nmkv`c~
JRI KJ LKED @^LIEH IEESIL ^PARK^@SA * C]M@F@X@KEKNXKFCV 6:, 6296NVC^X MKLLKT NKSEXVP NLSF, TKKHFSVP, EP
7/31/2019 FPA Annual Symposium Woodbury NY
15/16
Nvch`x~ Kjjcvch
Ixxcehcc~ nie cive sr xk = Nkex`es`ed Chsnix`ke Nvch`x~ kv NJR~ ieh NRI~? 3 EP ^xixc
@e~svienc NC nvch`x~ ivc il~k kcvch kv ~clcnx ~c~~`ke~% ^cc idcehi kv hcxi`l~%
6296 ^park~`sa Jcc ^nmchslc
Fckvc 92+96+6296 Ijcv 92+96+6296JRI Acafcv (932%22 (622%22
Eke!Acafcv (662%22 (642%22
NJR ^xshcex (=3%22 (963%22
Vcjseh Rkl`np7 I sll vcseh t`ll fc dviexch i~ lked i~ pks nkexinx s~ `e tv`x`ed fp Knxkfcv 96,
6296% Vcseh~ t`ll ekx fc dviexch ijcv Knxkfcv 96, 6296? mktczcv, ~sf~x`xsx`ke~ nie fc aihc ix iep
x`ac ix ek nmivdc%
^park~`sa aixcv`il~ t`ll fc izi`liflc jkv hktelkih ke Knxkfcv 93, 6296% Dk xk ttt%ril`%
kvd% Tc ~sddc~x ixxcehcc~ hktelkih nksv~c aixcv`il~ rv`kv xk xmc ^park~`sa? xm`~ t`ll aioc `x
akvc nkezce`cex xk kllkt ke pksv lirxkr kv ekxcrih ieh xmk~c tmk rvccv rircv nkr`c~ nie rv`ex
xmca ksx ix xmc`v nkezce`cenc%
T`e i Jvcc Tcco!Ceh ^xip jkv Xtk ix i Aivv`kxx Mkxcl, Vc~kvx kv ^s`xc
Tc t`ll fc d`z`ed itip i vcc tcco!ceh -xtk hip~+kec e`dmx ~xip) kv xtk ix i rivx`n`rix`ed Aivv`kxx
Vctivh~ Mkxcl, Vc~kvx kv ^s`xc xk kec k ksv ^park~`sa ixxcehcc~% Pks t`ll isxkaix`nillp fc
cexcvch i~ lked i~ pks vcd`~xcv kv xmc ^park~`sa fp Knxkfcv 96, 6296% Xc t`eecv t`ll fc
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7/31/2019 FPA Annual Symposium Woodbury NY
16/16
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