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-----------------------------0ix
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------------------------------0x
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-----------------------------0xi
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,m o/i4 o"sj3 `\.n "o,[f[cz 
^1,r7 $c[7,]o ckis"<iu ,o1.n 
^1,r7j1 `]m fz ,(,o1! ;u"rj1 ,m 
c#i            =a            #fc
o/icz h[a,]! $k`u o/i4 .o`[b`\.n
`%eu$ .o,x.?["u c!sccz $gin .]^u
h=,q `o,&w ^1i1 i[7 .o`[b`\.n 
jv3`]^*jvv `!"u^t `[5%7mr`ow 
]j>7 i[7["u `\.n "o,[f[n irj3 
`v3,o5o cu4<.o`u o/i4 h[ajo qhs
cn'`v eu^<o1! o+7j3 i<>7j3 .o`[b
,s^o,[w .n`=z .o`[b`\.n .niuw 
j+%1,]! .n`u,ofo`u o/[c i"z j3d*
["ucz `\.n "o,[f[w .[7$niu ]j>7!
eo;o`u o/i4 `\.n "o,[f[cz `s"r 
,o.s5`v ;]l3"2`\.n ,o.s5 $3w 
;<o" ;]l3"2`\.n^7,oa" `[5%7,o.7 
qd["< ;<5$`o`v3w .rem`).),] i[7 
:"s +qn wjr ^1,r7j1 ,m o/i4 `\.n
"o,[f[w .="%ncz ,q+7 "o,[f[
8'0cr$it risk,0" %i=,] "o,[f[
8'0liquid;y risk,0" g] "o,[f[
8'0op]a;nal risk,0" ^sb"%1 
"o,[f[8'0legal risk,0" ,o,[hn5 
"o,[f[8'0sy/emic risk,0 i[7o 
o/i4
  *`v3 `s5,ras"1 .o`[b`\.n 
,o,[hn5" .o`[b`\.n.niu $5,o


    `\.n^m.x.`[5 `=i=^gi5.n
  `\.n^m.x .`[5 `=i=^gi5.n
8'0loss-%>+,0cz ;<5$`o`v3w `\.n 
^&ojr7n ,i"z eo`\.n ;rem"! :h 
;<5$`o`v3i!o `=i=^gi5j5["u,,s 
`\.nw .="+,]! jva^ujcz ^7<3oi4 
ocz h[a.] `o`v3w `\.n ^&ojr7o 
*,vr.?["u :h `o`v3w `\.n ^&ojr7!
%^1j5["u,,s ^1,r7j1 ,m o/cz .);n
.o`[b`\.n ,o,[hn5w ^m7`yv `[5%7 
j("<3! ^7.oj`o mrj3 _soi4 eo`\.n
;remw ^gi5`o.g["ucz ;<5$`o`v3w 
`%eu" ,o,[hn5 o+7,o1.?" ;<5$
`o`v3w ,q+7j3iura i[7! l+7j3i4 
o1^3.?["u ,q+7j3iuv i=,on g+7iy1
,ircz $a ;<5$`o`v3o `\.n ^&ojr7 
`o`v3n .n`=j3 ,q+7j3iu"! ,(,o1
^gi5 `o.g["u l+7j`n iye: o `]m 
$a ;<5$`o`v3z ^ui ,q.m7j`n l7ir 
,q+7j3iu"!
-----------------------------#aa
,t.]j`n iycz i[7 ;<5$`o`v3i!n 
irj<: "o,[f[ $5;ma! mrj3 i=`o"! 
^m:jcz j+`v"! `oirj1 ,m o/i4 
`\.n^m.x .`[5 `=i=^gi5z `\.n ^&
b#aj           =a            #fe
ojr7 `o`v3w l.)i5^u"u `\.nojr7 
.rp3! .ui1jcz ;rem ^&ojr7. ^mi5
8'0default] pays,0`v i1"o ,r7.(
`o`v38'`\.nojr7 `o`v3,0o `\.n
ojr7 .rp3! ^gi5j3icz .s5n,s 
,r7.(. ^gi58'0survivors pay,0 
^7,oao"<`uiu j3i4
  *`v3 `s5,ras"1 `\.n "o,[f[" 
;<ra`\.n ,o,[hn5

    `\.nv3`\,]
  .o`[b`\.n ,o,[hn5! h=jr o"ms.q
;<5$`o`v3w .o`[b" ;]l3" `\.n$ 
s,isj3 l7jv7oc ^sb"%1n wjr,siu 
;mr,uiy`sc emj+jviy.o <30`u jri7
.o`[b`\.n ,o,[hn5w g]`%;oan ,i"<
em.u`).?["u o"ms.ocz _s! weoj3i4
`\.nv3`\,]8'0settle;t f9al;y,0o 
^u.7iy.o <30! `]m .o`[b`\.n 
,o,[hn5! h=jr v3"+iy3 `[5%7`o`v3
w .o`[b" ;]l3" `\.njr7mr$ ljm.?
["u emj+jviy1 ,m o/s `[5%7 ,o,[
hn5n fz j("<3! ;u"rj1 ,m o/i4 
"8.o`[b`\.n eo2 ,o.7 qd["< 
mrp3jy018'0,,cpmi,0v "8`ma.n
.[7`p3$5ix`o`m018'0,,iosco,0$ 
.n.]j3 `ma.n`o.gq "8`[5%7,o.7 
qd["<n `v3j3 p3;oa018'0,,pfmi,0
n,siu `\.nv3`\,] p3;oao `%.]iys 
o/s $a`ma .];ra i7`mao .g,m
jiu"x j`u o/i4 m"oc"<cz #bjjf c*
#dp1 ,ojr7iy3 "8;rem. jy,r7 eo2 
dl3n `v3j3 ^sb"%101n,s .o`[b`\.n
,o,[hn5n irj3 `\.nv3`\,] ^u.7
.niu$ iuobiys/i4 i= ^sbn ,i"< 
j3`mazjr7 ;=.rcz `[5%7mrp3jy 
mrp3.7`v j:bwj<: `\.nv3`\,]o 
^u.7iycz .o`[b`\.n ,o,[hn5! .o.]
j1 ,m o/[e:" .o.]iy3 .o`[b`\.n 
,o,[hn5! h=jr o"ms.q .o`[b" 
;]l3" `\.n i[7z ;<5$`o`v3w dl3 
i[7w l%"u ;mr,uj1 ,m sb'iu"x j`u
o/i4

    `:5sb.mw_/.)sb.mw
  jc<w `[5%7jyl$ .n`=j1 ,m o/cz 
`[5%7 ,s^o,[w .="%"! s,is0`n 
.]jc[c>n ,i"< `:5sb.mw
8'0univ]sal bank+,0v .)sb.mw
8'0specializ$ bank+,0"u `m^g
iy3i4 `:5sb.mwcz j3 `[5%7jyl$ 
b#aa           =a            #fg
zjr7"2.[7`p3"2^ujs5 i[7 :"s 
`[5%7 ,s^o,["! ;mr`[bj1 ,m o/cz 
^3e* .)sb.mwcz zjr7"2.[7`p3l"2
^ujs5l i[7o $a$a jri7jcz `u%w 
,s^o,[e3! .n`=jcz ^7,oaoi4 j*.r 
,n`/.?["u `:5sb.mw$ ir,n"! o"m`u
o/[c `ma$^\"ucz ^sb.? j]hre*n,s 
;<o$ o/i4 ixo1" cnit"<3i[" 
,[mr,[ i[7 ir^m^gw %"sb `ma$cz 
zjr7l3sb`v .[7`p3l3sb $3n <em") 
.7^:a! im.o <30`u jc<w zjr7o"<cz
^sb.? .u.oa;n <3n,s zjr7" 
.[7`p3" ^ujs5 i[7w euiz ,s^o,["!
-----------------------------#ab
.n`=jcz cr^m `:5sb ,o,[hn5! `z$3
["u j3i4 ^3e*n ]`ma eo2 ]*^7
`ma$" j*.rw eo`man,scz zjr7o .jy
l"! h=jr .[7`p3oc ^ujs5 sbem
"! ,mjr7jcz y^m `:5sb ,o,[hn5! 
hraj`u o/i4 .)sb.mwcz .=.)w o1^(
eo2 eo`maw `]m;s"s5 zjr7l3sb`v 
:h `[5%7 ,s^o,[ l3sbw ^sb.?q 
^g"o"! h[a.o7["u j3i4 m"oc"<cz 
`v`sn .)sb.mw"! ;rhraj<:/[c 
#aihj c*ir ojm cr^m `:5sb! jvair
j<: v/[e: #bjjj c* "8`[5%7.o.m
jyl^sb01 .n.]["u eo`ma" o1^( i[7
`v $8z y^m `:5sb ,o,[hn5! iuob
j<:/i4 j3d* `mayn,scz #bjjh c* 
`!"u^t `[5%7mr`ow p3q .m7 jc"u 
`[5%7jylw `viuj3 `[5%7 `:5sb 
jvair$ .oexiye*,s o"! m":jcz 
ex,u"o$ fs.o`u o/i4 `[ `\`v 
eo`maz zjr7 ^megw jn.o d)i[ eo2 
leu d)i[ g]! .nj3jcz ^u1fs "&
8'0,volck] ,rule,0! iuobj<:/[e:"
]`maz /`[5"2ir;& mr.mw ,uerzjr7
["u^mhs "o,[f[$ cu4z .[7`p3hm. 
sbem"! ^g"ojcz ,8,uerzjr7sb 
`:a"o.niu8'0r+-f;ed bank,00'"! 
e"*j<:/i4
  *`v3 `s5,ras"1 ^u1fs "&

    `]`o
  `]`o8'0busi;s 3di;ns,0"<cz i3s
cz o1l7,r7jv1n,s `].n.?q j]d*! 
,i['jcz e1"u ..m l+7iy3i4 `osbi!
z er;&o c!`u ;rl3,]o .u0<.oe* 
`]`o$ .u0i`u q,oaj1 _so`u" $`/cz
o5`[5o ql7iy`sc .m,oa" ^mi=l3 
i[7w .l3$`:ao u1"< l1"o5o .u0<
a#ab           =a            #fi
.oe* `]`o$ .u0<.:/i`u c[,`o1 
_soi4 ^s5mr"! ctbj: `maeq`].n 
.);n"! irl7["u ^u1 ,ir" `]`o$ 
.u0icz _sz ,r7l3" ,u^o" hm. i[7w
`].njv1i=o d]`%3 ,m.g ol7["u 
jv1^1j3 `]m"! weoj3i4 .7`o.? 
`v3.s5n,s `]`ocz j7l7 o1.]j3 
,m.g! %.ojcz _so <co"< ,r7l3"2
e&$"2`u+7o l7,[7jcz ,o`ov j"<a
jcz ,o`o$ .m`o.?["u ,gjv3! ^3^x
jcz `].njv1i=w l7jv7! weoj3i4 
`]`ocz jujv7`o 3o jmhy`o 3o 
^&jv7`o 3o jy^x`o 3o jujv7`o$ 
^3^xiye*,s ,`z0o5sb'o ^*i=je:" 
o"s0`n `]`ow o1.]j3 m5.oao5o 
iyd&oiycz _s! `]`ow ,gjv3
8'0busi;s cycle,0o"<`u j3i4 
o"sj3 `]`ow ,gjv3`v.]z jva.7
`mae*`v ,m;ma`mae*o `+ir"u iyd&
oiycz ^3^x,]" :"s ;[ae*w `].n
jv1i=! du`v1jcz i<>7,]" jva.7 
eo2 ,m;ma >7l7o ,o;<"! im`u `].n
$a ^megn .)i1iycz d`[b,]" au 
o1.]j3 ^7j>7["u `/,x jvairjr 
c$cz .o,x,] i[7w h[a.o7! $kczi4 
`]`o"! d3i3jcz ^7^sb["ucz ,r7l3"
hm." `u+7" ,m;& i[7 `].n $a 
^megw :"s `].n.od+w m5.oao5! 
^g,?jcz ^7^sb" .=jb `]`o.od+"u 
d3i3jcz ^7^sb" `osb$c ,u^o.i!w 
`]`o d3i3 eo2 .)e7 ,teg.ul `\`vn
wj3 ^7^sb i[7o o/i4
  *`v3 `s5,ras"1 `]`o.=jb.o,m" 
`]`oi=j>7.o,m8'`]`ojval3
.o,m,0"  i=jr7.=jb.o,m
-----------------------------#ac
    `]`oi=j>7.o,m8'`]`ojval3
.o,m,0
  `]`o i=j>7.o,mcz `]`o .=jb.o,m
vcz i1"o `]`o^*i=w .qdxoc ,xiu
cz ;[a.]j.o <30`u ^*jv ^7j>7e3! 
d<<ajcz _s["u,s `]`ow `mae* eo2 
.)jv3.s5! ,oa^\j`o mrj3 .od+"u,s
`]`o jval3.o,m8'0di6u.n 9dex,0
"<`uiu j3i4 `]`o i=j>7.o,mcz 
`]`o^*i=o `].nw h[a.] ^meg["u
^mhs .);n `].n"u jval3" d`[biycz
`v.]! `].n ^meg! ird+jcz $a .od+
i!! h=j<: d<<aj`o mrj3 .od+oi4 
o,ir `].n.od+ $3w *`v3`v3`/cz 
`u":j.o <30`u ^*i= ^7j>7e3! .=jb
c#ab           =a            #ga
j<: .o,m"u e3izi4 `]`o .=jb.o,mv
$8o ,)jr7"2i=jr7"2jmjr7.o,m"u 
.a,]iye:" `/.t^*i=`v ^&`%;oa +qo
.n`siy3 .);n `/\ .m7n,s .)p1
n ^ojr .[7$j3 .od+,m$ ;<.ojcz 
^o.m7["u chcr3i4 /f)ir #aj`rw 
ird+ `/\ .m7 #g`rw .od+$ .[7$jcz
^7j>7["u m5.oa:/ie* `]`o jval3
.o,mcz #gj0p "u chc3i4 e3>a `]`o
i=j>7.o,m$ `o.g,)q #ej^ui f[e* 
`]`ocz jva.7 `mae*n" #ej^ui 
.a[e* ,m;ma `mae*n o/cz _s["u 
d3i3j3i4
  *`v3 `s5,ras"1 `]`o .=jb.o,m

    `]`o,g[7,]
  `]`o,g[7,]o"<3 h=l7 `].n .m;nw
mrjs5 q,oa eo2 jr7mr" `[5%7w 
.niu eo2 `%.n i[7w j+`v$ `]`o
^*i=w m5.oao5`v $8z ^7j>7["u 
m5.oaocz _s! weoj3i4 /"! i!s 
zjr7 ir;&w `]m ju`]`oncz eo"rn 
irj3 ca`v3.? `oir i[7["u :,q 
,o5l `o.giu v3jviys is f[`n .[7$
j<: `]`o jva.7n `o:j3i4 ^3e* ^&
`]`oncz ,o5l `o.go $7jviys ir;&o
fz dx["u $5,uj<: ^&jv7! isma 
^m;m`o`n iy3i4 o"sj3 zjr7 ir;&w 
`]`o ,g[7.? ir;& jr7hrcz  ,q+7
dr7;<7 ,iucz mr;ma! $,x,ofo5
["u,,s `]`o^*i=w .qdx! isma f[`n
j3i4 ,i"<,s .];ra i7`maz .];ra! 
e"*j1 `]m `]`o,g[7,]! v3jvj1 ,m 
o/cz `]`o ir[7.? .];ra,mi3! `r^1
j`o mrjr cu":aj`u o/i4
  *`v3 `s5,ras"1 `s,o`).),] 
.];ra

    `]`o.u.t.];ra_/`].n<3
.]jv.];ra
  `]`o.u.t.];ra8'0busi;s adju/;t
policy,0 ,iucz `].n<3.]jv.];ra
8'0/abiliza;n policy,0z `]`o$ 
.oc;q jva.7 ,iucz ,m;ma j*l7! 
^uo1 `]m o"! .]l7 ,m.g["u iy
iu1"o`o mrjr
-----------------------------#ad
.];ra i7`mao ;mrjcz .n^3 .u;o"! 
e1j3i4 ocz .];ra i7`mao `].n 
.);nw ;= ,m+,m.g! ^*i=,ofo5
["u,,s `]`o,mmr"! .u.tjcz in 
b#ac           =a            #gc
;u.s5! ek;m`u o/i4 ,o1.n g]n 
o/s,scz .]^m .o;&`v ,n%1! .u.]
jcz .r.].];rao o+7iy`sc h=jv">7
`v `[5"o,m.g! .u.tjcz h=jv.];rao
jv1+7iy3i4 .[a `]`o$ .]l7,m.g! 
fz dx eo8iucz ^&jv7n .oae*j`n 
iy1 `]m .]^mcz .r.].o;&! c!"o`sc
.u,n"! .&ocz .r.].];ra ,mi3! 
i=p3j3i4 j3d* .m7<7zjr7z h=jv
">7! c!"o`sc `[5"o"! cr"ocz 
.];ra,mi3! jv1+7j3i4 ovcz ^3ir"u
`]`o$ .oc;o`n `v\iy1 `]m .];ra 
i7`maz .r.] ;[ae*n,scz .]^m 
.o;&! .&o`sc .u,n"! c!"o`u" h=jv
;[ae*n,scz h=jv">7! .&o`sc `[5"o
"! u1"ocz .u;o"! ;mrj3i4
  *`v3 `s5,ras"1 .r.].];ra" h=jv
.];ra

    `]`o.=jb.o,m
  l3sb,r7l3.o,m" ,uer d3erra 
.o,m i[7 `r^\ `].n.od+i!z `].n
jv1i=w j3 ;[ae*e3! ^3]j`u o/s 
c"< `].nw .)^3.?q l7jv7! .=jb.?
["u d<<aj`o s":bi4 on ,i"< `r^\ 
`].n.od+i!! $`="2jb,]j<: `]`o 
.=jb.o,m8'0,,ci2 ,composite 
,9dex,0"! .a,]j<: jv1+7j`u o/i4 
`]`o .=jb.o,mcz $a ^meg^\"u `]`o
"! .1 chcrcz `].n.od+i!! ,).]j3 
i<[5 `/.t eo2 ^&`%;oa +qw .n`s" 
.qdxw d+.gjv i[7w $`=`v.]! `s;q 
jm jbl3j<: jc<w .o,m"u e3iz 
_soi4 `]`o .=jb.o,mcz .o,mw ^*i=
^7j>7["u `]`o ^*i=w ^7j>7! $c[5
j1 ,m o/`u" .o,mw ^*i= dx["u 
`]`o ^*i=w f[`o"! <1 ,m o/`o 
,iregn `]`o j["[5! .=jb.?["u 
d3i3jczin erm %+7ji4 j3d*" `]`o
.=jb.o,mcz `]`on irj3 ,)"2jmjr7 
`v3`/n ,i"< ,)jr7 .=jb.o,m" 
i=jr7 .=jb.o,m" jmjr7 .=jb.o,m"u
`m^gj3i4 ,)jr7 .=jb.o,mcz ^o`+.?
$,$g .7"rw `]`o i=j>7! /;[ajcz 
in jv1+7iye:" i=jr7 .=jb.o,mcz 
j*.rw `]`ol7hr"! d3i3jczin o+7
iy`u" jmjr7 .=jb.o,mcz `]`o ^*i=
! ljmn jvaqjcz in jv1+7iy3i4
  *`v3 `s5,ras"1 `]`o i=j>7.o,m
8'`]`o jval3.o,m,0

b#ad           =a            #ge
    `]l7,m.o
  `]l7,m.ocz .rjvc ,s^o,["! y`ma
`v l`udcz `s"r .[a `]l7`s"rw 
`\`v"u chccz ,m.o"! e1j3i4 `]l7
,m.ocz l7dm5,m.o" ,s^o,[ ,m.o" 
^(p3,ui[a ,m.o eo2 o.),ui[a 
,m.o"u `m,]iy3i4 an o j7exi!z 
`[5%7`/.] `m,] j7ex`v ^o`+je* 
l7ir.?["u <3.].?q
-----------------------------#ae
,]`:a! .ocq `s"ri!"u o"ms.: o/`o
,iregn `].n^1.) eo2 .];ra^*jvw 
j+`v"! ;[a.]j`sc .)e7jcz in ct"o
o+7iy3i4
  *`v3 `s5,ras"1 l7dm5,m.o" 
,s^o,[ ,m.o" ^(p3,ui[a ,m.o" o.)
,ui[a ,m.o

    `]] ,o1hrd]$_/zjr7 `]],o1hr 
i[7`[b d]$.niu
  o5.s5 `s5l ,o `[5%7`o`v3w `]]
,o1hr .)^3! .s5`s5"2d]$jcz .niu
oi4 `]]l7hr"! ^meg^\"u o1.]j3 
^7,oan w`s i[7`[b d]$j`u o"! i,o
.=jb.?["u d]$j5["u,,s `[5%7`o`v3
`]]l7w ;mr>a ^meg! ,oa^\j<: .?.t
j3 ,o.] ^7<3! .n,oj5`v <&"s 
i[7`[bd]$ `\`vn ,i"< $5ix"2`s5l 
sbem"! ;<i[7jvj5["u,,s `[5%7
`o`v3w ;rao5`]] ;n.n"! jva"ob
j`u. jczin `[ .miy3 ex.?o o/i4 
d]$^7,oa["ucz 0,,camel-;,r1 
,,roca4 eo2 0,,cacrel4 ,o,[hn5o 
o/cz^" zjr7 ^(.s5 eo2 j*.o ^sbqn
irjr,scz 0,,camel-;,r4 ,o,[hn5" 
yz .o.s5 eo2 `macrzjr7 `may.o.s5
n irjr,scz 0,,roca4 ,o,[hn5" 
h[a,mzjr7n irjr,scz 0,,cacrel4 
,o,[hn5["u d]$j3i4 0,,camel-;,r4

^7,oaz `]]d]$ ^meg! .^( .?.],]
8'0,c,0" .l3 `).),]8'0,a,0" `]]
`v3"ow .?.],]8'0,m,0" ,moa,]
8'0,e,0" %i=,]8'0,l,0" "o,[f[ 
`v3"o8'0,r,0 i[7 #f`r ^meg["u" 
0,,roca4 ^7,oaz "o,[f[ `v3"o
8'0,r,0" `]]`v3"o eo2 cr^m h=.n
8'0,o,0" ^sb`% .g,m8'0,c,0" .l3 
`).),]8'0,a,0 i[7 #d`r ^meg["u 
`m^g"2d]$j3i4 h[a,mzjr7n irj3 
`]],o1hr d]$cz o1^3zjr7w `]]
a#ae           =a            #gg
`v3"ow .?.],]8'0,m,0`v "o,[f[ 
`v3"o8'0,r,0"! ^sb`% .g,m8'0,c,0
v mrjs5`v3"o8'0,r,0"u ir;nj<: 
0,,cacrel4 ^7,oa["u d]$j3i4
  *`v3 `s5,ras"1 0,,camel-;,r4 
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o/i4
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