Beimers and Michigan Brewers Fund 3-17-90

8/8/2019 Beimers and Michigan Brewers Fund 3-17-90

1/27

KMBPCJKI KP@CXPKXCAI KZZAJCKXCAI

Waorixkps Ok`ap Kp`cxpkxcai Xpc`riko

Ci xlb Mkxxbp ag xlb Kp`cxpkxcai bxvbbi KKK Ia) 28-70;->>>;-

Gap xlb Jokcmkixz4

Hrkib D) @bkjl/ Bz{)Vlbbobp/ R~lkm/ @pskix ' Rlo/ ^)J)Bobwbixl Goaap/ Xprzx @rcohcifFpkih Pk~chz/ Mcjlcfki 832>:

Gap xlb Pbz~aihbixz4

Jkpao O) Waihkob/ Bz{)Mazlbp/ Waihkob/ bx ko)/ ^)J)^)A) @a| 786@oaamgcboh Lcooz/ Mcjlcfki 8;:


2/27

0

CIXPAHRJXCAI

^pajbhrpko azxrpb

Ai Hbjbm`bp 3/ ;3 ,Kp`/

;35 ;; B@J kx 0:7>)

@s Maxcai gap Pbjaizchbpkxcai hkxbh Hbjbm`bp ;


3/27

:

xlb jlkifb kih xpkizmcxxbh Mz) Waihkob&z pb{rbzx gap ki b|xbizcai ag xcmb

vcxlci vlcjl xa pb~os xa Jokcmkixz @pcbg) @s obxxbp hkxbh Dkirkps 3/ ;33>/ xa

jarizbo gap xlb ~kpxcbz/ xlb kp`cxpkxap fpkixbh ki b|xbizcai)

Xlb Grih pbz~aihbh vcxl k Maxcai gap Pbjaizchbpkxcai ^pcap xa

Pbihbpcif Kvkph/ hkxbh Gb`prkps 0/ ;33> kih `parflx ~rpzrkix xa Okàp

Prob :0 ,Zbjaih Maxcai#/ xafbxlbp vcxl k @pcbg ci Zr~~apx ag Maxcai gap

Pbjaizchbpkxcai ^pcap xa Pbihbpcif Kvkph ci Pbz~aizb xa Jokcmkixz

Pb{rbzx gap Cixbpbzx/ koza hkxbh Gb`prkps 0/ ;33> ,Grih @pcbg#/

kjjam~kicbh `s xlb Kggchkwcx ag Gpbh K) Gaobs/ hkxbh Gb`prkps ;/ ;33>

,Gaobs Kggchkwcx#) Jarizbo gap jokcmkixz cihcjkxbh xlparfl KKK xlkx lb

varoh iax `b gcocif k gapmko pbz~aizb xa xlb Grih&z maxcai gap

pbjaizchbpkxcai) Xlrz/ `bgapb xlb kp`cxpkxap gap hbjczcai kpb jokcmkixz

pb{rbzxz gap cmmbhckxb ~bizcaiz vcxl cixbpbzx kih xlb Grih&z maxcai gap

pbjaizchbpkxcai)

Drpczhcjxcai

Xlb kp`cxpkxcai lkz drpczhcjxcai `s b|~pbzz pbxbixcai ci lcz apcfciko

a~cicai kih kvkph UBoearpc ' Boearpc/Lav Kp`cxpkxcai Vapez ,:ph Bh#/ kx

0;2]/ rihbp Okàp Prob :0 ,pba~bicif ag lbkpcif#/ kih!ap rihbp Okàp Prob

:8 ,jokcmkixz lkwb iax a`dbjxbh xa xlb Grih&z Zbjxcai Maxcai#) Mapbawbp/

rihbp Okàp Prob 87/ Ux]lb kp`cxpkxap zlkoo cixbp~pbx kih k~~os xlbzb probz


4/27

8

cizagkp kz xlbs pbokxb xa xlb kp`cxpkxap&z ~avbpz kih hrxcbz) Xlrz/ C ~pajbbh

xa hbjchb koo pbmkcicif czzrbz ci xlcz mkxxbp kih xa pbihbp k gciko kvkph)

Hbjczcai

Xlb Grih&z maxcai gap pbjaizchbpkxcai cz hbicbh/ kih jokcmkixz

pb{rbzx gap cixbpbzx cz fpkixbh ci kjjaphkijb vcxl xlb xbpmz ag xlb Zbxxobmbix

Kfpbbmbix ,D\ 03#)

HCZJRZZCAI;

C) Xlb Zja~b ag xlb ^kpxcbz Zr`mczzcai

Kx xlb arxzbx/ xlb Grih koobfbz xlkx cx kfpbbh xa zr`mcx xa kp`cxpkxcai

aios czzrbz ciwaowcif cixbp~pbxkxcai kih k~~ocjkxcai ag xlb Grih hajrmbix/

D\ 74

Jokcmkixz kih xlb Grih kfpbbh xa jaizbizrko okàp kp`cxpkxcai) Xlbzja~b ag xlb zr`mczzcai vkz ocmcxbh xa k hbxbpmcikxcai kz xa vlbxlbpap iax xlb ôki okifrkfb kih ~kzx jaihrjx ag xlb ôki drzxcgcbh xlbôki&z pbgrzko xa ~ks `bibgcxz) Ibwbpxlbobzz/ xlb Hbjbm`bp 3/ ;3


5/27

2

xlb xbpmz ag xlb ôki hajrmbix ap xlb ~kzx ~pkjxcjb) Cizxbkh/ xlbA~cicai cz `kzbh ai ki cixbp~pbxkxcai ag gbhbpko okv) Grih @pcbg kx ;-0)

Xlb Grih kppcwbz kx cxz ~azcxcai `s {raxcif aios xlb ~pksbp gap pbocbg

gpam jokcmkixz Jam~okcix kih òcxlbos cfiapcif xlb gcpzx xva ~kfbz ag

zr`zxkixcwb koobfkxcaiz ci xlbcp bixcpbxs/ kz vboo kz xlb xvbowb ,;0# ~kfbz ag

b|lc`cxz kxxkjlbh xlbpbxa4

VLBPBGAPB/ ~okcixcggz pbz~bjxgroos pb{rbzx xlkx xlb kp`cxbphbxbpmcib xlb ~oki okifrkfb kih ~kzx jaihrjx ag xlb Xprzx jkooz gap

bkjl ~okcixcgg xa pbjbcwb lcz orm~ zrm ~bizcai `bibgcx) Jam~okcix kx ~:) Grih @pcbg kx 0)

Hcz~azcxcwb ag xlb Grih&z maxcai kpb ;0 ag xlb Jam~okcix kih xlb Grih&z

Kizvbp xlbpbxa4

Xlb Xprzxbb&z pbgrzko xa ~ks `bibgcxz cz jaixpkps xa BPCZK ) ) ) )Jam~okcix/ ;05 bm~lkzcz zr~~ocbh)

Hbicbh5 grpxlbpmapb/ iavlbpb ci BPCZK ap xlb Cixbpiko PbwbirbJahb cz xlbpb kis pb{rcpbmbix xlkx ~kpxcjc~kixz ci k {rkocgcbh ôki `b

~kch xlbcp orm~ zrm `bibgcx ~pcap xa kxxkcicif iapmko pbxcpbmbix kfb)Kizvbp/ ;05 bm~lkzcz zr~~ocbh)

K jam~okcix/ oceb kis axlbp hajrmbix/ mrzx `b pbkh kih cixbp~pbxbh kz

k vlaob) Vlbi jokcmkixz Jam~okcix cz pbkh ci cxz bixcpbxs kih fcwbi k

jammai zbizb cixbp~pbxkxcai/ xlb ~pksbp gap pbocbg mbkiz xlkx xlb kp`cxpkxap cz

xa pbwcbv xlb Grih hajrmbix kih xlb Grih&z ~kzx jaihrjx ci ocflx ag

BPCZK&z pb{rcpbmbixz) Xlcz cixbp~pbxkxcai cz `rxxpbzzbh `s B|lc`cx J-;

gpam xlb Jam~okcix/ k obxxbp hkxbh Hbjbm`bp 0;/ ;3


6/27

7

Khmciczxpkxap gpam jokcmkixz jarizbo/ ci vlcjl jarizbo b|~pbzzos

pbgbpbijbz BPCZK kih CPZ pbfrokxcaiz kih jaijorhbz xlkx Us]arp

cixbp~pbxkxcai ag xlb ~oki okifrkfb cz zambvlkx hkxbh kih jaixpkps xa

~pbzbix okv ,bm~lkzcz zr~~ocbh#) Xlkx BPCZK kih xlb Cixbpiko Pbwbirb

Jahb b|~pbzzos vbpb ~rx kx czzrb ci jokcmkixz Jam~okcix/ kih bwbi ci xlb

Grih&z avi Kizvbp/ jkiiax zbpcarzos `b har`xbh)

Xlb Grih pbocbz lbkwcos ai xlb `bokxbh Gaobs Kggchkwcx/ `rx xlb Grih&z

bkpocbp `pcbgz/ hpkgxbh/ zcfibh kih zr`mcxxbh `s Mp) Gaobs lcmzbog/ `bocb xlb

Grih&z jrppbix jaixbixcaiz) Ai ~kfb 8 ag Hbgbihkixz ^pb-Lbkpcif @pcbg/

hkxbh Ajxa`bp ;7/ ;3;,k# ag xlb Cixbpiko Pbwbirb Jahb) Ai xlkx zkmb ~kfb/

lb pbgbppbh xa xlb ~pb-BPCZK hksz ag xlb Grih) @bfciicif ai ~kfb 6 rihbp

xlb lbkpcif/ OBFKO KRXLAPCXS/ Mp) Gaobs vpaxb xlkx Hbgbihkixz kpb

rikòb xa gcih jkzb okv/ zxkxrxbz ap pbfrokxcaiz xlkx hbko vcxl k zcxrkxcai

~pbjczbos oceb xlkx jaixkcibh ci xlcz jkzb) Lb xlbi jcxbh jkzbz gpam ;-K

^bizcai kih ^pagcx Zlkpcif ,^pbixcjb Lkoo#/ 0>/;2:/ k zbjxcai hbkocif vcxl

gchrjckps hrxcbz rihbp BPCZK) Lb jaijorhbh vcxl pbgbpbijb xa xlb gchrjckps

aòcfkxcai ag @akph mbm`bpz/ k hrxs cm~azbh `s BPCZK)

Ci Hbgbihkixz âzx-Lbkpcif @pcbg/ hkxbh Iawbm`bp ;:/ ;3


7/27

6

kih xlb Cixbpiko Pbwbirb Jahb) Ai ~kfb


8/27

; kih xlparfl8;; ag zkch Kjx) D\ 7 kx :7/


9/27

3

ok`bobh/ Jam~okcix/ kih kiaxlbp hajrmbix jaiz~cjrarzos ok`bobh/

Kizvbp) Pbwbkocifos/ xlparflarx koo xlpbb `pcbgz Mp) Gaobs gcobh ai `blkog

ag xlb Grih/ lb jaizczxbixos pbgbppbh xa jokcmkixz kz ôkcixcggz kih

pbz~aihbixz kz Hbgbihkixz)

Xlb kp`cxpkxap zr`mcxz xlkx xlb Grih varoh iax pbkoos vkix xlcz xa `b

lkihobh kz k jaiwbixcaiko okàp kp`cxpkxcai/ ci vlcjl ki kp`cxpkxap cixbp~pbxz

hajrmbixz hb iawa/ vcxlarx fcwcif kis hbgbpbijb xa xlb bm~oasbp&z

cixbp~pbxkxcai) Lbpb/ cg xlb kp`cxpkxap vbpb jkoobh r~ai xa cixbp~pbx xlb Grih

hajrmbix hb iawa/ lb mazx kzzrpbhos varoh iax fcwb xbpmcikxbh jawbpbh

bm~oasmbix kih zb~kpkxcai gpam xlb cihrzxps xlb cixbp~pbxkxcai rpfbh `s

xlb Grih) Kp` A~ kx 005 ;; B@J kx 0:7;) Cg xlcz vbpb k jaiwbixcaiko okàp

kp`cxpkxcai/ xlb Grih varoh lkwb gkpbh obzz vboo xlki cx hch)

Xlbpb kpb bwbi mapb jam~boocif pbkzaiz vls xlb Grih varoh iax

vkix xlcz xa `b k jaiwbixcaiko okàp kp`cxpkxcai) Cx cz zbxxobh okv xlkx zxkxrxaps

jokcmz kpb iax mbpfbh ci k okàp kvkph) Kmkpa w Jaixcibixko Jki Ja/ 608

G0h 686 ,JK 3/ ;3


10/27

;>

Xlbpb jkiiax `b kis pbkzaik`ob har`x xlkx xlb ~kpxcbz kfpbbh xa

bifkfb ci kp`cxpkxcai ci ocbr ag ocxcfkxcai rihbp 2>0 ag BPCZK) Kp` A~ kx 2-

75 ;; B@J kx 0:2:) Cihbbh/ Mp) Gaobs iaxbh za lcmzbog hrpcif xlb

~pbocmcikpcbz ai Ajxa`bp ;3/ ;3


11/27

;;

Xlb kp`cxpkxap grpxlbp a`zbpwbh xlkx jokcmkixz/ vlbi xlbs gcpzx zarflx

`bibgcxz gpam xlb Grih/ lkh `axl xbpmcikxbh jawbpbh bm~oasmbix kih

zb~kpkxbh gpam xlb cihrzxps kih lbijb/ `rx gap xlb @akph&z hczk`ocif ag xlb

Grih&z jokcmz kih pbwcbv ~pajbhrpb ci wcaokxcai ag xlb Grih hajrmbix/

varoh lkwb `bbi ~kch orm~ zrm `bibgcxz zlapxos kgxbp xlb zxpceb `bfki) Kp`

A~ kx 0: ' i


12/27

;0

cixbp~pbxcif BPCZK/ cz iax vboo xkebi) Grih @pcbg kx 2) Okàp Prob :< ~okjbz

ia ocmcx ai xlb czzrbz ki kp`cxpkxap mks hczjrzz ci ki a~cicai)

Xlb Grih&z jam~okcix xlkx cx vkz jkrflx agg frkph `s jokcmkixz

xlbaps pbfkphcif mczlkihocif ag jokcmkixz `bibgcx k~~ocjkxcaiz lkz `bbi

pbdbjxbh ~pbwcarzos ci Kp`) A~) kx 0;5 ;; B@J kx 0:7;/ kih xlb Grih aggbpz

ia ibv bwchbijb ap kpfrmbixz ci zr~~apx ag cxz Zbjaih Maxcai) Ci lcz avi

Gcpzx Maxcai/ Mp) Gaobs k`kihaibh kis jaixbixcai xlkx lb vkz zrp~pczbh

awbp xbzxcmais kx xlb lbkpcif) Cihbbh/ xlb mazx hpkmkxcj xbzxcmais vkz

fcwbi `s xlb Grih&z aib kih aios vcxibzz/ xlb Jaixpkjx Khmciczxpkxap

lcmzbog/ vla/ rihbp jpazz-b|kmcikxcai/ kha~xbh k hczjbpicòs hbgbizcwb

~azxrpb hrpcif xlb jarpzb ag khmcxxcif xlkx lb lkh xaoh jokcmkixz xlkx xlb

Grih vkz gpatbi/ vlbi ci xprxl cx vkz iax)8

Zcmcokpos/ xlb Grih&z jaixbixcai/ xlkx cxz jarizbo vkz iax aòcfbh xa

mkeb xcmbos a`dbjxcai xa jokcmkixz ~paggbpbh bwchbijb/ `bjkrzb

jaigapmcxs xa xlb obfko probz ag bwchbijb cz iax pb{rcpbh ,Grih @pcbg kx 2#/ cz

iax vboo xkebi) Okàp Prob 0< lkphos cm~ocbz xlkx ia probz ag bwchbijb ap

8

Xlb xbpm/ gpatbi/ cicxckoos vkz rzbh kz ki rihbgcibh `rtt vaph xa jaiwbs ibfkxcwb jaiiaxkxcaiz xajokcmkixz xlkx xlbcp `bibgcx k~~ocjkxcaiz jaroh iax `b ~pajbzzbh gap zamb wkfrb/ riz~bjcgcbh pbkzaiz) Ci xlbZbxxobmbix Kfpbbmbix/ hkxbh Ajxa`bp :;/ ;3


13/27

;:

~pajbhrpb k~~os ci kp`cxpkxcai/ aios xlkx zxpcjx khlbpbijb ibbh iax `b

pb{rcpbh) Zbb fbibpkoos Lcoo ' Zcicjpa~c/ Bwchbijb ci Kp`cxpkxcai ,@IK#/

bz~bjckoos kx :-3 Z Jx

;3;6 ,;3


14/27

;8

jammcxxcif hbjczcaiz xa xlb @akph&z zaob kih k`zaorxb hczjpbxcai/ zlcbohz

@akph kjxcai gpam pbwcbv/ hbzbpwbz zlapx zlpcgx) Zbjxcai 8;> ag BPCZK

arxokvz zrjl b|jro~kxaps ~pawczcaiz ci xlb zxpaifbzx xbpmz4

UK]is ~pawczcai ci ki kfpbbmbix ap cizxprmbix vlcjl ~rp~apxz xapbocbwb k gchrjckps gpam pbz~aizc`cocxs ap ock`cocxs gap kispbz~aizc`cocxs/ a`ocfkxcai/ ap hrxs rihbp xlcz ~kpx zlkoo `b wach kzkfkcizx ~r`ocj ~aocjs) 03 R)Z)J) ;;;>,k#5 bm~lkzcz zr~~ocbh)

Kz kopbkhs a`zbpwbh/ xlcz zxkxrxaps ~pawczcai cz cijap~apkxbh cixa xlb Grih

hajrmbix `s pbgbpbijb) D\ 7 kx :7/


15/27


16/27

;7

vcxlhpkvko ock`cocxs hcz~rxb kmaif cxz mbm`bpz kih/ kz k pbzrox/ xlb Grih&z

jokcmz kih pbwcbv ~pajbhrpb fparih xa k lkox) Kp` A~ 3-;:5 ;; B@J kx

0:22-0:26) Xlb hbkhoaje vkz iax pbzaowbh rixco jokcmkixz lkh `bbi gapjbh

`kje xa vape `s gcikijcko jcpjrmzxkijbz) Kp` A~ kx :5 ;; B@J kx 0:20)

Rihbp xlb gkjxz ag xlcz jkzb/ xlb @akph&z hbkhoaje vcxl pbzroxkix hczkòcif ag

xlb Grihz jokcmz kih pbwcbv ~pajbhrpb/ ~kpxaae mapb ag xlb ikxrpb ag

cihczjpbxcai)

CW) Jokcmkixz Bixcxobmbix xa Cmmbhckxb @bibgcxz

Lkwcif ridrzxcgckòs hbicbh jokcmkixz kjjbzz xa xlb Grih&z jokcmz kih

pbwcbv ~pajbhrpb/ xlb Grih cz ci ia ~azcxcai xa jam~okci `bjkrzb xlb

kp`cxpkxap lkz ~okjbh jokcmkixz ci xlb zkmb ~azcxcai xlbs varoh lkwb bidasbh

lkh xlbs iax `bbi hbicbh xlbcp pcflxz) Kx xlb xcmb jokcmkixz gcpzx zarflx

`bibgcxz gpam xlb Grih/ xlbs lkh `bbi gcpbh kih xlbcp ricai lkh `bbi

hbjbpxcgcbh/ kih lbijb jokcmkixz lkh àxl xbpmcikxbh jawbpbh bm~oasmbix

kih zb~kpkxbh gpam xlb cihrzxps/ xlbpb`s {rkocgscif gap orm~ zrm

hczxpc`rxcaiz) Kp` A~ kx 0: ' i


17/27

;6

Xlb Grih hajrmbix jaixbm~okxbz k zcxrkxcai joazb xa xlkx vlcjl

kjxrkoos lkz kpczbi/ ikmbos/ xlkx ~kpxcjc~kixz mcflx pbjbcwb orm~ zrm

hczxpc`rxcaiz kih kgxbpvkphz pbxrpi xa jawbpbh bm~oasmbix4

Ci xlb bwbix k ^kpxcjc~kix xbpmcikxbz bm~oasmbix `bgapb kxxkcicif Iapmko Pbxcpbmbix Kfb kih pbjbcwbz lcz Kjjprbh @bibgcx ap xlb ~pbzbix wkorb ag lcz Kjjprbh @bibgcx kx xlkx xcmb `bjkrzb ag zrjlxbpmcikxcai/ cg xlb ^kpxcjc~kix pbjammbijbz ~kpxcjc~kxcai kih kxxkciz

Iapmko Pbxcpbmbix Kfb/ koo ag xlb ^kpxcjc~kix&z Sbkpz ag Zbpwcjb zlkoo`b jpbhcxbh ci jam~rxcif lcz Iapmko Pbxcpbmbix @bibgcx5 lavbwbp/ lczIapmko Pbxcpbmbix @bibgcx zlkoo `b aggzbx `s xlb Kjjprbh @bibgcx agxlb ~pcap hczxpc`rxcai ag xlb ~pbzbix wkorb ag zrjl Kjjprbh @bibgcx

hb~bihcif r~ai xlb bobjxcai ag xlb gapm ag xlb `bibgcx ~rpzrkix xaZbjxcai 2)7 ag xlcz ^oki) D\ 7 kx 07/ 2)2"/ gpam xlb hkxb xlcz

`bibgcx vkz hrb xa bkjl ~okcixcgg)

Ci k obxxbp xa xlb kp`cxpkxap/ hkxbh Zb~xbm`bp 03/ ;3


19/27

;3

pbgbp aios xa xlb r~jamcif lbkpcif/ iax xa xlb bixcpb kp`cxpkxcai) Xlbpb vkz k

jammaikocxs kz xa ock`cocxs czzrbz/ xlkx mkhb cx riibjbzzkps gap koo jokcmkixz

xa xbzxcgs ai xlb zr`dbjx/ vlcjl cz vls jarizbo b|~bjxbh xlb bixcpb fpar~ xa

`b pb~pbzbixbh `s aios aib ap xva cihcwchrkoz kx xlb lbkpcif)

Kz cx lk~~bibh/ koo jokcmkixz b|jb~x @bcmbpz kxxbihbh xlb lbkpcif kih

xbzxcgcbh/ kz hch Sazx&z vcgb) Kp` A~ kx ;2-;65 ;; B@J kx 0:2


20/27

0>

jaizczxbix vcxl xlb pb{rbzx apcfcikoos mkhb ci ;0 ag xlbcp Jam~okcix kih

vcxl xlbcp zlkpbh ~bpjb~xcai ag xlbzb ~pajbbhcifz kz `cgrpjkxbh) Cx cz aios

iav/ kgxbp xlb Grih lkz oazx xlb gcpzx parih kz xa ock`cocxs kih jlkifbh lapzbz

ci mchzxpbkm/ xlkx xlb Grih zbbez xa hczkwav xlkx z~bjcgcj `bibgcxz kih

cixbpbzx kpb ~kpx kih ~kpjbo ag xlcz kp`cxpkxcai/ bwbi xlarfl xlbs vbpb b|~pbzz

ci jokcmkixz Jam~okcix)

Cx varoh `b kiamkoarz gap jokcmkixz xa lkwb ~okjbh xlb awbppchcif

czzrb ag ock`cocxs `bgapb xlb kp`cxpkxap/ `rx xa lkwb jlazbi xa pbzapx xa

ocxcfkxcai xa jaoobjx cixbpbzx ai xlbcp vciicifz) Kgxbp koo/ xlb vlaob ~rp~azb ag

kp`cxpkxcif vkz xa kwach xlb xcmb kih b|~bizb ag ocxcfkxcif) Rixco xlb Grih

a`xkcibh ibv jarizbo/ bwbpsxlcif k`arx xlcz kp`cxpkxcai/ cijorhcif Mp)

Gaobs&z avi z~aixkibarz pbkjxcai vlbi lb vkz zxcoo Grih jarizbo/ lkz `bbi

jaizczxbix vcxl `cgrpjkxbh ~pajbbhcifz) Drzx kz cx cz xaa okxb gap xlb Grih xa

pbvpcxb xlb pbjaph/ cx cz xaa okxb gap xlb Grih xa pbvpcxb xlb kp`cxpkxcai

kfpbbmbix)

Xlbpb cz zamb hcz~rxb awbp xlb `bibgcx hrb aib ag xlb jokcmkixz/

Jk~xkci) Xlb ~kpxcbz pbz~bjxcwb ~azcxcaiz kpb kz gaooavz4

Jokcmkix Jokcmkix&z @pcbg Grih @pcbg

@bcmbpz (;3/3:2)0: Ia hcz~rxb

Jk~xkci 03/00:)>> (0:)07

Mkrpcjb ;6/0;8 Ia hcz~rxb


21/27

0;

Wki Hseb 8/;8;)8< Ia hcz~rxb

C kha~x xlb Grih&z jam~rxkxcai vcxl pbz~bjx xa Jk~xkci/ àxl `bjkrzb cx

k~~bkpz xa mb/ k mkxlbmkxcjcki/ xa `b jappbjx kih `bjkrzb xlb Grih lkz

zr~bpcap b|~bpxczb ci ~bpgapmcif bibgcx jkojrokxcaiz)

Ci xlbcp Jam~okcix/ jokcmkixz pb{rbzxbh cixbpbzx kx xlb pkxb ag ;>)>2"/

vlcjl xlbs pbhrjbh xa 3" ci Jokcmkixz @pcbg) Zcijb cixbpbzx ci xlcz jkzb cz k

mkxxbp ag jaixpkjx/ cx vcoo `b k~~ocbh kx xlb pkxb zbx ci xlb Zbxxobmbix

Kfpbbmbix)3 Kp` A~ kx ;3/ ;; B@J kx 0:7>5 D\ 03 kx ;2/ 7) Xlb k~~ocjkòb

pkxb ag cixbpbzx cz hbxbpmcibh kz gaooavz4

Xlb xbpm cixbpbzx/ kz rzbh lbpbci/ zlkoo mbki xlkx pkxb ag cixbpbzx ~ròczlbh ci xlb ^bizcai @bibgcx Frkpkixs Jap~apkxcai ZcifobBm~oasbp Cmmbhckxb Kiircxs Pkxb gap xbpmcikxcai ag zcifob bm~oasbp

~okiz hbxbpmcibh kz ag xlb gcpzx hks ag bkjl ôki sbkp) D\ 03 kx 7/

0,h#)

Xlb ~oki sbkp cz xlb jkobihkp sbkp) D\ 7 kx 0/ ;)7 ^@FJ pkxbz gap xlb

pbobwkix sbkpz kpb kz gaooavz4

Sbkp @bfciicif ^@FJ Pkxb;>

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;!;!


22/27

00

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kmarixz4


23/27

0:

Jokcmkix Orm~ Zrm Cixbpbzx Xaxko

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24/27

08

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lbkph iaxlcif grpxlbp pbfkphcif xlb zr`dbjx/ ai Iawbm`bp 0;/ ;3


25/27

02

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kih ci wcbv ag lcz kzzbix xa k~~ocjkxcai ag KKK probz ,kx obkzx Okàp/ cg iax

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kzzbzzbh `s xlb kp`cxpkxap kih k~~pawbh `s KKK) ^c{rbh `s cxz oazz ai xlb


26/27

07

ock`cocxs czzrb/ xlb Grih zarflx xa zkàxkfb xlb kp`cxpkxcai kih laoh xlb

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lcz gbbz kih b|~bizbz) Ci xlb cizxkix mkxxbp/ xlbpb kpb gcwb jokcmkixz kih xva

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kih b|~bizbz)

Ci lcz a~cicai ag Hbjbm`bp 3/ ;3


27/27

aios (0/002)/ za xlkx xlb kp`cxpkxap&z apcfciko zxkxbmbix lkz `bbi ~kch ci groo)

Lavbwbp/ xlb Grih avbz jokcmkixz xlb (0/02> vlcjl xlbs vbpb jabpjbh cixa

~kscif `s xlb Grih&z jaixrmkjs/ xafbxlbp vcxl kis cixbpbzx jazxz ap cixbpbzx

oazzbz jokcmkixz mks lkwb cijrppbh)

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ag xlb jazxz kih b|~bizbz gap xlcz Gciko Kvkph) Cihbbh/ cg C vbpb bm~avbpbh

xa ha za/ C varoh iax lbzcxkxb xa kvkph jokcmkixz kxxapibs&z gbbz) Xlb

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rihbpzxkihcif xlkx cx vcoo `b ~kch ~pam~xos kih ci groo) Cg iax/ xlbi xlb `coo

vcoo `b pbjkojrokxbh/ `kzbh r~ai k pkxb ag (;2> gap bkjl larp kjxrkoos

b|~bihbh) ZbbPambsi w Jkm~kr/ ;6 Mcjl :07 ,;

Beimers and Michigan Brewers Fund 3-17-90

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Transcript of Beimers and Michigan Brewers Fund 3-17-90