751 6DPPOXQJ YRQ I©QI SUDHNROXPELVFKHQ 2EMHNWHQ D + FP 7RQ PLW EHLJHU XQG U¤WOLFKHU %HPDOXQJ 0DVVLYH VWHKHQGH ZHLEOLFKH )LJXU VLH WU JW HLQHQ 1DVHQULQJ XQG HLQH +DOVNHWWH PLW 3HNWRUDO 2KUULQJH XQG HLQH KDOEUXQGH +DXEH /LQNHU $UP XQG %HLQH DEJHEURFKHQ %DKLD Y Q &KU E + FP RKQH 6RFNHO 0HQVFKOLFKHU .RSI PLW 1DVHQULQJ 2KUULQJHQ XQG KRKHU +DXEH .OHLQHU $XVEUXFK REHQ VRQVW LQWDNW %DKLD Y Q &KU F + FP 0DVVLYH 7RQ}JXU PLW EHLJHU XQG VFKZDU]HU %HPDOXQJ XQG DXIZ QGLJHP .RSI XQG .¤USHUVFKPXFN /LQNHU $UP IHKOW UHFKWH +DQG DEJHEURFKHQ 9HUDFUX] Q &KU G + FP 0DVVLYH 7RQ}JXU PLW EHLJHU XQG VFKZDU]HU %HPDOXQJ XQG DXIZ QGLJHP .RSI XQG .¤USHUVFKPXFN 5HFKWHU $UP DEJHEURFKHQ VRQVW LQWDNW 9HUDFUX] Q &KU H + FP k FP 7RQ 6WHLOZDQGLJH NOHLQH 6FKDOH SRO\FKURP EHPDOW PLW HLQHU }J©UOLFKHQ 6]HQH XQG GDU©EHU OLHJHQGHQ +LHURJO\SKHQ *URgHU $XVEUXFK 0D\D FD Q &KU 6W©FN u 3URYHQLHQ] 6DPPOXQJ ) ; 0 2EHUED\HUQ HU -DKUH &ROOHFWLRQ RI }YH SUHFROXPELDQ REMHFWV FRPSULVLQJ WZR PDVVLYH FOD\ }JXUHV IURP WKH 9HUDFUX] FXOWXUH $' D %DKLD KHDG DQG D }JXULQH %& $' DQG D 0D\D ERZO $' 5 pieces!
'UHL NOHLQH 6WDWXHWWHQ 0RFKH FLUFD Q &KU D + FD FP *UDXHU 7RQ PLW KHOOEUDXQHU (QJREH .OHLQH ZHLEOLFKH +RKO}JXU PLW JURgHQ 2KUVSXOHQ XQG ©EHU GLH %UXVW JHOHJWHQ $UPHQ EHU]XJ WHLOZHLVH DEJHZLWWHUW VRQVW LQWDNW E + FD FP 5¤WOLFKHU 7RQ PLW 5HVWHQ VFKZDU]HU %HPDOXQJ .OHLQH ZHLEOLFKH +RKO}JXU PLW 5DVVHOIXQNWLRQ .OHLQH %HVWRgXQJHQ XQG %HVFK GLJXQJ DP .RSISXW] VRQVW LQWDNW F + FP 5¤WOL FKHU 7RQ .OHLQH ZHLEOLFKH +RKO}JXU $P 5©FNHQ 5HVWH HLQHV LP 5HOLHI DQJHJHEHQHQ +DDU RGHU .RSISXW]HV 3DUWLHOOH $ESODW ]XQJHQ VRQVW LQWDNW 6W©FN u 3URYHQLHQ] ([ 6DPPOXQJ +HOHQH )HUUR %D\HUQ YRU &ROOHFWLRQ RI IRXU VPDOO HDUO\ 0RFKH KROORZ }JXULQHV PDGH IURP UHGGLVK FOD\ SDUWO\ SDLQWHG EODFN :HOO SUHVHUYHG FD $' 3 pieces!
6LW]HQGHU &RFD .DXHU PLW 6FKDOH &RTXHUR &DUFKL Q¤UGOLFKHV +RFKODQG FLUFD Q &KU + FP 3OLQWKH [ FP +RKO}JXU DXV 7RQ PLW U¤WOLFK EUDXQHU (QJREH XQG VFKZDU]HU %HPDOXQJ $XI HLQHP QLHGULJHQ 6FKHPHO VLW]HQGHU 0DQQ EHNOHLGHW PLW HLQHP /HQGHQVFKXU] PLW EHLGHQ + QGHQ HLQH UXQGH 6FKDOH KDOWHQG (U KDW GHQ UXQGOLFKHQ .RSI PLW GHU .XU]KDDUIULVXU LQ GHQ 1DFNHQ JHOHJW GHU 0XQG PLW GHQ .RND EO WWHUQ LQ GHU HWZDV DXIJHVFKZROOHQHQ OLQNHQ :DQJH LVW KDOE JH¤IIQHW $XVEHVVHUXQJ DQ GHU OLQNHQ 6FKXOWHU VRQVW LQWDNW u 3URYHQLHQ] ([ *RUQ\ 0RVFK $XNWLRQ /RV H[ 6DPPOXQJ :HVWHUPDQQ 'HXWVFKODQG HU -DKUH &OD\ KROORZ }JXUH RI D VHDWHG &RFD FKHZHU KROGLQJ D VPDOO ERZO FRDWHG ZLWK UHGGLVK EURZQ VOLS 6XUIDFH VOLJKWO\ UXEEHG RII UHVWRUDWLRQ DW ULJKW VKRXOGHU RWKHUZLVH LQWDFW &RTXHUR &DUFKL 1RUWKHUQ +LJKODQGV RI (FXDGRU FD $'
754 *HI g LQ )RUP HLQHV VLW]HQGHQ $IIHQ 6LQX 5LR 0DJGDOHQD Q &KU " + FP 5¤WOLFK JUDXHU 7RQ PLW GXQNHOJUDXHU %HPDOXQJ .OHLQHV *HI g LQ )RUP HLQHV VLW]HQGHQ $IIHQ GHU VLFK PLW GHU UHFKWHQ +DQG GHQ UXQGOLFKHQ .RSI NUDXOW Z KUHQG GLH OLQNH DXI GHP DQJH]RJHQHQ .QLH UXKW /HLFKW UHVWDXULHUW u 3URYHQLHQ] ([ *RUQ\ 0RVFK $XNWLRQ /RV EHL +LUVFK $XNWLRQ 6HSWHPEHU 1U H[ 6DPPOXQJ :HVWHUPDQQ 'HXWVFKODQG HU -DKUH 6PDOO YHVVHO LQ IRUP RI D VHDWHG PRQNH\ VFUDWFKLQJ LWV KHDG &OD\ ZLWK GDUN JUH\ FRDW VOLJKWO\ UHVWRUHG 6LQX 5LR 0DJGDOHQD " FD $'
755 9LHU NOHLQH SU NROXPELVFKH 2EMHNWH D / FD FP *UDXHU 7RQ PLW KHOOEUDXQHU (QJREH XQG JHRPHWULVFKHP 5LW]GHNRU 3IHLIH LQ )RUP HLQHV VHKU VWLOLVLHUWHQ YLHUI©gLJHQ 7LHUHV PLW NOHLQHU YRU VSULQJHQGHU 6FKQDX]H =XU 3IHLIIXQNWLRQ PHKUIDFK JHORFKW ,Q WDNW &ROLPD Y Q &KU E / FD FP %HVFKUHLEXQJ ZLH D D XQG E H[ +LUVFK $XNWLRQ 6HSWHPEHU 1U F + FD FP *UDXHU 7RQ PLW %HPDOXQJ LQ 5RW XQG 6FKZDU] PLW 5LW]GHNRU .OHLQHV UXQGHV ELNRQLVFKHV *HI g PLW PHQVFKOLFKHP *HVLFKW GLH 2KUHQ DOV ]ZHL +HQNHO JHVWDOWHW ,Q WDNW &DUFKL Q &KU G + FP .RSI HLQHU 6WDWXHWWH PLW YRUVSULQJHQGHU 1DVH XQG DXIJHOHJWHU )ULVXU GLH +DDUH DOV 6WULFKOLQLHQ LQ GHQ 7RQ JHULW]W +DDU DP 2EHUNRSI DEJHSODW]W VRQVW JXW HUKDOWHQ (FXDGRU FD Q &KU 6W©FN u 3URYHQLHQ] ([ *RUQ\ 0RVFK $XNWLRQ /RV H[ 6DPPOXQJ :HVWHUPDQQ 'HXWVFKODQG HU -DKUH )©U G 7/ $QDO\VH )RXU VPDOO 3UHFROXPELDQ REMHFWV D =RRPRUSKLF ZKLVWOH PDGH IURP FOD\ FRYHUHG ZLWK OLJKW EURZQ VOLS DQG JHRPHWULFDO LQFLVLRQV LQ VKDSH RI D IRXU OHJJHG DQLPDO ,QWDFW &ROLPD $' E $V D LQWDFW &ROLPD $' F 6PDOO KXPDQ HI}J\ YHVVHO LQWDFW &DUFKL $' G 0DOH KHDG RI D VWDWXHWWH ZLWK D FORVHO\ PRXOGHG FRLIIXUH GHSLFWHWG ZLWK }QH YHUWLFDOO\ LQFLVHG OLQHV &RLIIXUH ~DNHG RII RQ FURZQ RI KHDG RWKHUZLVH ZHOO SUHVHUYHG (FXDGRU FD $' :LWK 7/ DQDO\VLV IRU G SLHFHV
756 6DPPOXQJ YRQ VHFKV NOHLQHQ SUDHNROXPELVFKHQ 2EMHNWHQ YHU VFKLHGHQHU .XOWXUHQ D / FP .OHLQH 7RQ}JXU HLQHV 6SLHO ]HXJ 2SRVVXPV URWEUDXQ XQG EHLJH EHPDOW $Q GHU 6FKQDX]H OHLFKW EHVFK GLJW VRQVW LQWDNW &KDQFD\ Q &KU E / FP 7RQ 'RSSHOJHI g LQ )RUP HLQHV )LVFKHV PLW *HVLFKW ,QWDNW &KRUUHUD Y Q &KU F / FP *HI g )UDJPHQW .RSI HLQHU 6FKODQJH RGHU HLQHV 5HSWLOV 9LFXV Y Q &KU G + FP 5¤WOLFKHU 7RQ .OHLQHV 6SLHO]HXJ +©QGFKHQ ,QWDNW &KDQFD\ Q &KU H + FP 5¤WOLFKHU 7RQ +RFNHQGH )LJXU PLW JURgHP .RSI %HVFK GLJXQJHQ XQWHQ DE JHEURFKHQ +HUNXQIW XQEHVWLPPW I + FP 5¤WOLFKHU 7RQ 8Q JHOHQN JHIRUPWH NOHLQH 7U JHU}JXU PLW KRKHU .RSIEHGHFNXQJ (LQ $UP DEJHEURFKHQ &KDQFD\ 7HDWLQR Q &KU " 6W©FN u 3URYHQLHQ] ([ 6DPPOXQJ +HOHQH )HUUR %D\HUQ YRU &ROOHFWLRQ RI VL[ SUHFROXPELDQ VPDOO FOD\ REMHFWV IURP GLIIHUHQW FXOWXUHV LQFOXGLQJ D &KDQFD\ WR\ RSRVVXP $' D KXPDQ KHDGHG }VK &KRUUHUD %& $' D IUDJPHQW RI D YHVVHO 9LFXV %& $' WLQ\ WR\ GRJ &KDQFD\ $' D FURXFKLQJ }JXUH XQFHUWDLQ D VPDOO }JXUH RI D EHDUHU 7HDWLQR" $' 6 pieces!
319