Commentary

3
11- '8+'9 11- '8+'9 *' 476* #$176 $#/#%#4' *' 476* #$176 $#/#%#4' $; 17) #0&19 17) #0&19 # (14/'4 52'%+#. #55+56#06 61 4'5+&'06 10#.& '#)#0 +5 6*' #76*14 #0& '&+614 1( 5'8'4#. $11-5 +0%.7&+0) *' 1.+6+%5 1( .70&'4 +5)18'40/'06 +0 "#5*+0)610 4#05#%6+10 &&'& 61 %#6114) 10 '26'/$'4 *+5 $11- 4'8+'9 #22'#4'& +0 *' "#5*+0)610 +/'5 10 '26'/$'4 *' 476* $176 $#/#%#4' $; #..; +2'5 ')0'4; 4'55 2#)'5 H'#.6* %#4' 4'(14/ /#; 2418' 61 $' 4'5+&'06 $#/#5 5+)0#674' &1/'56+% #%*+'8'/'06 > #5 9'.. #5 6*' 70&1+0) 1( 6*' '/1%4#6+% #46; 1064#4; 61 *+5 %.#+/ 6*#6 /'4+%#05 917.& )419 61 .18' !0%.' #/ #5 &1%614+0%*+'( 27$.+% 5722146 (14 56#6+56 4'(14/ %106+07'5 61 (#.. '9 '/1%4#65 +0 /#4)+0#. %10)4'55+10#. &+564+%65 #4' 6#.-+0) #$176 *'#.6* %#4' 10 6*' %#/2#+)0 64#+. #..; +2'5 24'5+&'06 1( #%+(+% '5'#4%* 056+676' 2#+065 # )4+/ 2+%674' 1( 6*' (7674' 1( /'4+%#0 /'&+%#. %#4' *' *#+.5 (41/ #0#&# #0& 6'..5 5614+'5 1( /'&+%#. 4'(7)''5 (41/ 72 0146* *'4' +5 #00; "+..+#/5 24'/+'4 1( 6*' 2418+0%' 1( '9(170&.#0& 9*1 '#4.+'4 6*+5 ;'#4 (.'9 61 .14+&# (14 *'#46 574)'4; *4'' ;'#45 #)1 5 +2'5 94+6'5 (14/'4 +$'4#. '/$'4 1( #4.+#/'06 '.+0&# 6410#%* 64#8'.'& 61 #.+(140+# (14 # .#6'56#)' $4'#56 %#0%'4 12'4#6+10 > '8'0 6*17)* 9*+.' +0 1((+%' 5*' *#& 12215'& #0; 24+8#6+<#6+10 1( #0#&+#0 *'#.6* %#4' 7412'#05 %1/' 61 /'4+%# 611 *' 4'#5105 #4' 1$8+175 5 +2'5 9#405 6*#6 %#4' .+-' 6*#6 +0 #0#&# #0& 16*'4 51%+#.+<'& 5;56'/5 %*#4#%6'4+<'& $; #0%+'06 '37+2/'06 &1%614 5*146#)'5 .10) 9#+6+0) 6+/'5 #0& 1.& &47)5 +5 /'4+%#5 (7674' '8'4#. %17064+'5 #%67#..; #4' .+$'4#.+<+0) 6*'+4 56#6'%10641..'& 5;56'/5 76 $#/#%#4' 6#-'5 6*' %17064; +0 #0 '06+4'.; 9410) &+4'%6+10 619#4& 70+8'45#. 5;56'/5 6*#6 *#8' #.4'#&; $''0 64+'& 9+6* 2114 4'57.65 +0 #0#&# #0& 7412' 5 +2'5 94+6'5 $8+175.; /'4+%#0 *'#.6* %#4' +5 016 2'4('%6 '&'4#. 6#: 21.+%; > 6*' ':'/26+10 1( *'#.6* +0574#0%' (41/ 6*' +0%1/' 6#: > *#5 241/16'& 6*' ':2#05+10 1( 24+8#6' +0574#0%' '&+%#4' '&+%#+& #0& 16*'4 )18'40/'06 241)4#/5 *#8' +0%4'#5'& 27$.+% (70&+0) 1( *'#.6* %#4' *' 4'57.6 +5 # 6*+4&2#46; 2#;/'06 5;56'/ &4+8+0) # 6*+4&2#46; 9'&)' $'69''0 %1057/'45 #0& +0574#0%' %1/2#0+'5 &+56146+0) 6*' '06+4' /#4-'6 5 +2'5 016'5 1 57424+5' 6*+5 5;56'/ &1'506 914- 9'.. *' 1$8+175 #059'4 +5 61 4'&7%' 6*' )18'40/'065 41.' 5 5 +2'5 1$5'48'5 0; #66'/26 61 (+: 174 *'#.6* %#4' 5;56'/ $; 2174+0) +0 /14' 6#: &1..#45 (14 /14' )18'40/'06 241)4#/5 6*#6 '/2.1; /14' )18'40/'06 $74'#7%4#65 +5 61 276 +6 2.#+0.; 70.+-'.; 61 57%%''& 76 '/1%4#6+% 4'(14/ 6740'& 176 61 $' ,756 6*#6 5 +2'5 57//#4+<'5 9*#65 +0 6*' 0'#4.; +0&+)'56+$.' 2#)' .')+5.#6+10 *' /'#574' +0%.7&'5 # /#0&#6' 61 274%*#5' *'#.6* +0574#0%' 57$5+&+'5 (14 6*15' 9*1 &1 #0& 2'0#.6+'5 (14 6*15' 9*1 &106 # 4'37+4'/'06 6*#6 '/2.1;'45 1(('4 *'#.6* +0574#0%' 21.+%+'5 *'#.6* ':%*#0)'5 (14 6*' 274%*#5' 1( #22418'& 21.+%+'5 #0& 4')7.#6+105

Transcript of Commentary

Page 1: Commentary

�11-��'8+'9���11-��'8+'9�� *'� 476*�#$176��$#/#%#4' *'� 476*�#$176��$#/#%#4'

$;��17)��#0&19

�17)��#0&19��#�(14/'4�52'%+#.�#55+56#06�61��4'5+&'06��10#.&��'#)#0��+5�6*'�#76*14�#0&�'&+614�1(5'8'4#.�$11-5��+0%.7&+0)� *'��1.+6+%5�1(��.70&'4���+5)18'40/'06�+0�"#5*+0)610�� 4#05#%6+10�����

�&&'&�61�%#6114)�10��'26'/$'4�������

*+5�$11-�4'8+'9�#22'#4'&�+0� *'�"#5*+0)610� +/'5�10��'26'/$'4�� ����

*'� 476*��$176��$#/#%#4'$;��#..;����+2'5�')0'4;��4'55�������������2#)'5

H'#.6*�%#4'�4'(14/�/#;�2418'�61�$'��4'5+&'06��$#/#�5�5+)0#674'�&1/'56+%�#%*+'8'/'06�>�#59'..�#5�6*'�70&1+0)�1(�6*'��'/1%4#6+%��#46;��1064#4;�61�*+5�%.#+/�6*#6��/'4+%#05�917.&�)419�61.18'�!0%.'��#/�#5�&1%614�+0�%*+'(��27$.+%�5722146�(14�56#6+56��4'(14/��%106+07'5�61�(#..��'9�'/1%4#65�+0�/#4)+0#.�%10)4'55+10#.�&+564+%65�#4'�6#.-+0)�#$176�*'#.6*�%#4'�10�6*'�%#/2#+)0�64#+.

�#..;��+2'5��24'5+&'06�1(��#%+(+%��'5'#4%*��056+676'��2#+065�#�)4+/�2+%674'�1(�6*'�(7674'�1(�/'4+%#0�/'&+%#.�%#4'��*'�*#+.5�(41/��#0#&#�#0&�6'..5�5614+'5�1(�/'&+%#.�4'(7)''5�(41/�720146*� *'4'�+5��#00;�"+..+#/5��24'/+'4�1(�6*'�2418+0%'�1(��'9(170&.#0&��9*1�'#4.+'4�6*+5�;'#4(.'9�61��.14+&#�(14�*'#46�574)'4;� *4''�;'#45�#)1���5��+2'5�94+6'5���(14/'4��+$'4#.��'/$'4�1(�#4.+#/'06��'.+0&#��6410#%*�64#8'.'&�61��#.+(140+#�(14�#�.#6'�56#)'�$4'#56�%#0%'4�12'4#6+10�>�'8'06*17)*��9*+.'�+0�1((+%'��5*'�*#&�12215'&�#0;�24+8#6+<#6+10�1(��#0#&+#0�*'#.6*�%#4'���7412'#05%1/'�61��/'4+%#��611

*'�4'#5105�#4'�1$8+175��5��+2'5�9#405�6*#6�%#4'�.+-'�6*#6�+0��#0#&#�#0&�16*'4�51%+#.+<'&5;56'/5��%*#4#%6'4+<'&�$;�#0%+'06�'37+2/'06��&1%614�5*146#)'5��.10)�9#+6+0)�6+/'5�#0&�1.&�&47)5�+5��/'4+%#�5�(7674'��'8'4#.�%17064+'5�#%67#..;�#4'�.+$'4#.+<+0)�6*'+4�56#6'�%10641..'&�5;56'/5��76��$#/#%#4'�6#-'5�6*'�%17064;�+0�#0�'06+4'.;�9410)�&+4'%6+10��619#4&�70+8'45#.�5;56'/5�6*#6�*#8'#.4'#&;�$''0�64+'&��9+6*�2114�4'57.65��+0��#0#&#�#0&��7412'����5��+2'5�94+6'5

�$8+175.;���/'4+%#0�*'#.6*�%#4'�+5�016�2'4('%6��'&'4#.�6#:�21.+%;�>�6*'�':'/26+10�1(�*'#.6*+0574#0%'�(41/�6*'�+0%1/'�6#:�>�*#5�241/16'&�6*'�':2#05+10�1(�24+8#6'�+0574#0%'��'&+%#4'��'&+%#+&�#0&�16*'4�)18'40/'06�241)4#/5�*#8'�+0%4'#5'&�27$.+%�(70&+0)�1(�*'#.6*�%#4'� *'4'57.6�+5�#�6*+4&�2#46;�2#;/'06�5;56'/��&4+8+0)��#�6*+4&�2#46;�9'&)'�$'69''0�%1057/'45�#0&+0574#0%'�%1/2#0+'5���&+56146+0)�6*'�'06+4'�/#4-'6���5��+2'5�016'5

�1�57424+5'��6*+5�5;56'/�&1'50�6�914-�9'..� *'�1$8+175�#059'4�+5�61�4'&7%'�6*'�)18'40/'06�5�41.'�5��5��+2'5�1$5'48'5����0;�#66'/26�61�(+:�174�*'#.6*�%#4'�5;56'/�$;�2174+0)�+0�/14'�6#:�&1..#45(14�/14'�)18'40/'06�241)4#/5�6*#6�'/2.1;�/14'�)18'40/'06�$74'#7%4#65�+5��61�276�+6�2.#+0.;�70.+-'.;�61�57%%''&�

�76��'/1%4#6+%��4'(14/��6740'&�176�61�$'�,756�6*#6��5��+2'5�57//#4+<'5�9*#6�5�+0�6*'�0'#4.;+0&+)'56+$.'�������2#)'�.')+5.#6+10� *'�/'#574'�+0%.7&'5�#�/#0&#6'�61�274%*#5'�*'#.6*�+0574#0%'�57$5+&+'5�(14�6*15'�9*1�&1�#0&�2'0#.6+'5�(14�6*15'�9*1�&10�6��#�4'37+4'/'06�6*#6�'/2.1;'45�1(('4*'#.6*�+0574#0%'�21.+%+'5��*'#.6*��':%*#0)'5��(14�6*'�274%*#5'�1(�#22418'&�21.+%+'5��#0&�4')7.#6+105

Page 2: Commentary

=�'0&.'44�3')6.#5+104�=�1(�*'#.5*�+0463#0%'��+0#..:��4*'�83+5'4��5*'3'�#3'��5#9'4��5#9'4��#0&5#9'4�

�4��+2'4�2654�5*'�+446'�+051�2'342'%5+7'�8*'0�4*'�1$4'37'4�

� *+4�*6)'�0'8�'05+5.'/'05��8*+%*�('#563'4�/13'�011-4�#0&�%3#00+'4�5*#0�#0��0).+4*�/6((+0�231/+4'4�51�2317+&'�+0463#0%'�51�� �/+..+10�23'7+164.:�60+0463'&�2'12.'��'(5�604#+&�+4�5*#5&'42+5'��$#/#%#3'�4�48''2+0)�4%12'�#0&�45600+0)�%145��#0�'45+/#5'&����/+..+10��/'3+%#04�8+..45+..�$'�60+0463'&��1��#(5'3�5*'�%3'#5+10�1(����0'8�#)'0%+'4��5*'�231/6.)#5+10�1(�������2#)'4�1($63'#6%3#5+%�3')6.#5+104��#0&�5*'�42'0&+0)�1(�����53+..+10�+0�5#9�&1..#34��581�5*+3&4�1(�5*14'60+0463'&�45+..�8+..�$'��0.:�+0�)17'30/'05�%16.&�5*#5�$'�%104+&'3'&�#�7+%513:�

*'�$6.-�1(� *'� 365*��$165��$#/#%#3'�#0#.:;'4�5*'�&'5#+.4�1(�5*'��$#/#�231)3#/�#0&�5*'231$.'/4�+5�+4�462214'&�51�(+9�"*#5�1(�5*'�60+0463'&��(13�+045#0%'�� *'�06/$'34�%1//10.:5144'&�#$165�*#7'�.+55.'�51�&1�8+5*�/'&+%#.�3'#.+5:�$'%#64'�/#0:�1(�5*'4'�2'12.'�#3'�10�13�'.+)+$.'(13�)17'30/'05�231)3#/4��#3'�*'3'�+..')#..:�13�#3'�8'#.5*:�2'12.'�8*1�23'('3�51�4'.(�+0463'��7'05*'�/6%*�4/#..'3�06/$'3�1(�.10)�5'3/�60+0463'&�3'%'+7'�*'#.5*�%#3'��,645�015�+0�5*'�$'45�13�/145'((+%+'05�/#00'3

�/'3+%#�42'0&4�/13'�10�/'&+%#.�%#3'�2'3�2'3410�5*#0�#0:�15*'3�%16053:��$65�5*#5�#.10'�/'#04.+55.'� *'�!0+5'&��5#5'4�+4�#�8'#.5*:�0#5+10��#0&�/145�2'12.'�*+)*.:�7#.6'�)11&�*'#.5*� *'231$.'/�+4�5*#5��/'3+%#�4�5*+3&�2#35:�2#:/'05�4:45'/�+4�+0'((+%+'05� *64��5*'�1$,'%5+7'�1(�3'(13/��4*16.&�$'�51�/#-'�42'0&+0)�/13'�'((+%+'05��015�#3$+53#3+.:�3'&6%'�165.#:4

!0(13560#5'.:�� *'� 365*��$165��$#/#%#3'�/#-'4�(13�)3+/�3'#&+0)��'&+%#+&�+4�#�/'44� *'+0463#0%'�/#0&#5'�+4�60%1045+565+10#.�=�#5�.'#45��+(�5*'��1045+565+10�+4�45+..�3'.'7#05�51��/'3+%#0)17'30/'05

*'��3'(13/��$+..�3'+0(13%'4�3'.+#0%'�10�'/2.1:'3�2317+&'&�+0463#0%'��8*+%*�*#4�&10'�41�/6%*�51'0%163#)'�%145�2.64�/'&+%+0'� *'�3')6.#513:�+05'04+7'�'9%*#0)'4�8+..�4'5��5*'�45#)'�(13�#)17'30/'05�5#-'17'3��1(�5*'�4:45'/���4��+2'4�8#304

��1/2#3#5+7'�'(('%5+7'0'44�3'4'#3%*��������4160&4�$'0+)0��$65�+5�%3'#5'4�#�$#4+4�51�3#5+10�*'#.5*%#3'��4��+2'4�21+054�51�4+/+.#3�21.+%+'4�+0�5*'�!0+5'&��+0)&1/��8#30+0)�5*#5������%16.&�#.41.'#&�51�#�45+(.+0)�1(�+0017#5+10��5�%16.&�(13%'�/'&+%#.�3'4'#3%*'34�51�(1%64�10�&'7'.12+0)53'#5/'054�5*#5�#3'�/13'�.+-'.:�51�$'�#22317'&��3#5*'3�5*#0�53'#5/'054�5*#5�#3'�.+-'.:�51�4#7'�.+7'4�

*'�0'8�.')+4.#5+10�%3'#5'4�#�.10)�5'3/�%#3'�$'0'(+5��5*'���������1//60+5:��+7+0)��44+45#0%'�'37+%'4�#0&��622135���%5��8*+%*�8+..�$'�#0�'92'04+7'��2#:�#4�:16�)1��10;+�4%*'/'�.+-'��1%+#.�'%63+5:�"3+5'4��4��+2'4����6563'�)'0'3#5+104�1(�5#92#:'34�%#0�.11-�(138#3&�51�4*16.&'3+0)$+..+104�6210�$+..+104�+0�&'$5�51�2#:�(13�5*+4�0'8�.10)�5'3/�'05+5.'/'05�

*'�.')+4.#5+10�60&'3%654�%1046/'3�&+3'%5'&�%#3'�=�*+)*�&'&6%5+$.'�2.#04�#0&�*'#.5*�4#7+0)4#%%16054��8*+%*�'0%163#)'�2#5+'054�51�/#-'�%145�%104%+164�%*1+%'4��5�5*'�4#/'�5+/'��!0%.'�#/�4�'92'04+7'�+05364+7'0'44�8+..�&3+7'�'7'3�/13'�&1%5134��2#35+%6.#3.:�+0�23+/#3:�%#3'��+0513'5+3'/'05��(�%1634'��5*'3'�8+..�$'�*+)*�5#9'4�51�2#:�(13�#..�5*'�0'8�42'0&+0)

*'� 365*��$165��$#/#%#3'�%.14'4�8+5*�#�214+5+7'�#)'0&#� *'�45#35��1$7+164.:��*18'7'3+/231$#$.'��+4�51�3'2'#.�1(��$#/#%#3'� *'0�('&'3#.�21.+%:�4*16.&�'0%163#)'�+0%3'#4'&�+0&+7+&6#.263%*#4'�1(�*'#.5*�+0463#0%'��'92#0&'&��'#.5*��#7+0)4��%%16054�#0&�716%*'34�(13�2113�2'12.'8*1�&10�5�*#7'�+0463#0%'

Page 3: Commentary

������������������������������������������������������ ������������������������������������������������������������������������������������������������������������������������������������������������������������������������������ ���������������������������������������������