arielpa mfmir: nyc dec 2011
TRANSCRIPT
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8/2/2019 ArielPA MFMIR: NYC Dec 2011
1/16
Mvgxcilmcgs Mkdxj Cd ^fycfq? Dfq Sk~e @cxsHf`fmnf~ >2
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8/2/2019 ArielPA MFMIR: NYC Dec 2011
2/16
L~cfg R~krf~xs Lhycpk~p cp rgflpfh xk r~fpfdx cxp Mvgxcilmcgs Mkdxj Cd ^fycfq? Dfq Sk~e @cxs$ Xjf
~frk~x r~kychfp l mkdxjgs kyf~ycfq ki ml~efx l`xcycxs' nfd`jml~e x~ldpl`xckdp' ~fyfdvf ldh
fzrfdpf x~fdhp' ldh `v~~fdx fyfdxp xjlx liif`x xjf mvgxcilmcgs ~flg fpxlxf ml~efx$
Xjf Mvgxcilmcgs Mkdxj Cd ^fycfq cp hcpx~cnvxfh xk kv~ `gcfdxp kd l mkdxjgs nlpcp$ Rlpx yf~pckdp kixjf Mvgxcilmcgs Mkdxj Cd ^fycfq `ld nf ikvdh lx jxxr?++l~cfgrl$`km+~fpfl~`j+~frk~xp+ $
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8/2/2019 ArielPA MFMIR: NYC Dec 2011
3/16
r8
r6
r1
r
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8/2/2019 ArielPA MFMIR: NYC Dec 2011
4/16
Mvgxcilmcgs Mkdxj Cd ^fycfq? Dfq Sk~e @cxs
Ik~ Mk~f Cdik~mlxckd @kdxl`x Vp Lx >$688$3622
L~cfg R~krf~xs Lhycpk~p
r8
Hfl~ I~cfdhp?
Hf`fmnf~ >2& hf`~flpf cd xjf dvmnf~ ki nvcghcdap pkg
ldh l >
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8/2/2019 ArielPA MFMIR: NYC Dec 2011
5/16
Mvgxcilmcgs Mkdxj Cd ^fycfq? Dfq Sk~e @cxs
Ik~ Mk~f Cdik~mlxckd @kdxl`x Vp Lx >$688$3622
L~cfg R~krf~xs Lhycp
r6
X~ldpl`xckd Ykgvmf 1 -69& 8 2& :
Hkggl~ Ykgvmf (82>'393'222 >2:& (60'016'222
Xkxlg Vdcxp 823 -
Hf` >2
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8/2/2019 ArielPA MFMIR: NYC Dec 2011
6/16
Mvgxcilmcgs Mkdxj Cd ^fycfq? Dfq Sk~e @cxs
Ik~ Mk~f Cdik~mlxckd @kdxl`x Vp Lx >$688$3622
L~cfg R~krf~xs Lhycpk~p
r9
R~c`cda Cdhc`lxk~pGk`lxckd Lya$ ( + Vdcx Lya$ ( + PI Lya$ @lr ^lxf Lya$ A^M
Mldjlxxld
*nfgkq 39xj Px$#(810'129 (6>9 6$12& (
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8/2/2019 ArielPA MFMIR: NYC Dec 2011
7/16
Mvgxcilmcgs Mkdxj Cd ^fycfq? Dfq Sk~e @cxs
Ik~ Mk~f Cdik~mlxckd @kdxl`x Vp Lx >$688$3622
L~cfg R~krf~xs Lhycp
r1
>22mm ) vr (6mm - (>2mm (2& 83& 03& 1'268 1 06 (2
>8: ('339 (0'813':1< (>98'16'222 0'':>6'222 0'212 >0
80 002 (0'2:9'969' '03< >1
Gk`lxckd
+
@~cxf~cl
Mldjlxxld
*nfgkq 39xj Px$#
Dk~xjf~dMldjlxxld
N~kdz
N~kkegsd
\vffdp
>22mm ) vr (6mm - (>2mm (&
2& 22mm ) vr (6mm - (>2mm (>& >3&
>9& 89& >:&
60& >9&
03& 822mm ) vr (6mm - (>2mm (& >:& :&
06& 08& 02222
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8/2/2019 ArielPA MFMIR: NYC Dec 2011
8/16
Mvgxcilmcgs Mkdxj Cd ^fycfq? Dfq Sk~e @cxs
Ik~ Mk~f Cdik~mlxckd @kdxl`x Vp Lx >$688$3622
L~cfg R~krf~xs Lhycpk~p
r:
22mm
22mm
22mm
22mm
22mm
22mm
Mvgxcilmcgs X~ldpl`xckd XcmfgcdfMkdxj Ns Mkdxj @kmrl~cpkd? Ovgs >2222261'9090'9>9 0:
Lr~ (>:8'9'961 02
Ovg (0>6'892'881 0>
Lva (0:
Pfr (8
Dky (828':90'3:8 06
Hf` (898'062'12
>6
02
06
82
(062mm 86
>222222 sfl~p' cd`gvhcda xjf228
V$P$ jkvpcda r~c`fphf`gcdfh lalcd cd xjf ~pxxj~ff mkdxjp ki >2
>02< Ecdap Jcajqls
x~lhfp ik~ (266-vdcx rk~xikgck ki
Qlpjcdaxkd Jfcajxp )
N~kdz r~krf~xcfp pfggp ik~
(>>$6mm w Yl`ldx vdpkgh
`kdhkmcdcvm nvcghcdap
pfgg lx
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8/2/2019 ArielPA MFMIR: NYC Dec 2011
9/16
Mvgxcilmcgs Mkdxj Cd ^fycfq? Dfq Sk~e @cxs
Ik~ Mk~f Cdik~mlxckd @kdxl`x Vp Lx >$688$3622
L~cfg R~krf~xs Lhycp
r3
Ml`~k-F`kdkmc` Kyf~ycfq
VdfmrgksmfdxwIcdld`cdaw^fyfdvfwFzrfdpfp
Vdfmrgksmfdx?
Lp >22 nfacdp xjf Dfq Sk~e Pxlxf *DSP# Glnk~ Hfrl~x-
mfdx ~frk~xp ld vdfmrgksmfdx ~lxf ki :& *pflpkdlggs lhovpxfh# ik~ Hf`fmnf~' vd-
`jldafh i~km xjf Dkyfmnf~ >280'222 oknp hv~cda xjf mkdxj
ki Oldvl~s ldh r~cylxf-pf`xk~ fmrgksmfdx a~fq ns >61'222 oknp$ Lx xjf pxlxf gfyfg'
vdfmrgksmfdx gfyfgp jlyf ~fmlcdfh pxladldx5 jkqfyf~' Dfq Sk~e @cxs *DS@# gfy-
fgp jlyf pffd xjf ic~px h~kr cd mkdxjp$ Xjf Hf`fmnf~ vdfmrgksmfdx ~lxf ik~ DS@
hf`~flpfh xk :$:&' hkqd 02 nlpcp rkcdxp i~km xjf Dkyfmnf~ ~lxf *dkx pflpkdlggs
lhovpxfh#$
Icdld`cda?
Qjfd xjf Ifhf~lg Krfd Ml~efx @kmmcxxff mfx cd Hf`fmnf~ >2226 >229 >221 >22: >223 >222 >222
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8/2/2019 ArielPA MFMIR: NYC Dec 2011
10/16r22 > 08 (819 (199'6'8'920 0 8 62 (008 (660'822 31'3'90>
Mchxkqd Qfpx ( > > 01 (601 (629'680
Mv~~ls Jcgg (80'928'2:> 8 8 2 (08>'3
X~cNf@l (>2'222'222 < < 83 (633 (82:': >< 06 6'222 > > 6> (66< (002':28
@cyc` @fdxf~ (0:'222'222 < < 6'222 < > '>16'222 < < 1'622
Xkxlg + Lyf~laf (>'20:'389'3 3 6< >'216 (69< (688 690 (819 (060'>38
Xkxlg + Lyf~laf (>'20:'389'3 0~h Lyf w 0> pxk~s gvzv~s ~fdxlg Fgfex~l l`|vc~fh ns Cdyfpx`k
Ovd >222mm w1 Jl~~cpkd Px~ffx w@k~df~ mczfh-vpf gkix nvcghcda cd X~cNf@l x~lhfp ik~ (922rpi
Hf >2
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8/2/2019 ArielPA MFMIR: NYC Dec 2011
11/16r
0
8
6
9
D$ Mldjlxxld Ovg-Hf` >22 > 16 (6'1'996'222 3 3 >03 (32>'36 PI' 69 lrl~xmfdxp ) < ~fxlcg vdcx' (222
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8/2/2019 ArielPA MFMIR: NYC Dec 2011
12/16r
L~cfg R~krf~xs Lhycpk~p
N~kdz Ovg-Hf` >22028 Pfhaqc`e Lyfdvf
l 90-vdcx nvcghcda cd Ecdapn~chaf Jfcajxp xjlx pkgh ik~ (9$16 mcggckd' x~ldpglxcda xk (3: rf~ p|vl~f ikk
ldh (22 9 9 0:2 (:2 (:2'>30
Nfgmkdx (>'882'222 > > 0< (10
Jcajn~chaf (68'92>'222 0 2'81< 0 0 1>
Mfg~kpf (6'212'222 > > 62 (< (2'222 > 6 >03 (:2 (1>'33>
Qcggclmpn~chaf (00'
Rfgjlm Rl~eqls ('222'222 < < >0 (98'1
Mczfh-Vpf Nvcghcda (6 :68 (33 (11'306
Rk~xikgck (19 Vdcxp x~lhfp ik~ :$9< A^M
Lr~ >21$16mm w Mcgnlde Rk~xikgck w 2
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8/2/2019 ArielPA MFMIR: NYC Dec 2011
13/16r
0
8
N~kkegsd Ovg-Hf` >222-vdcx rk~xikgck xjlx pkgh cd xjf N~cajxkd Nfl`j ldh Iglxnvpj
dfcajk~jkkhp ik~ (0 mcggckd$ Xjcp ~fr~fpfdxfh lrr~kzcmlxfgs ('222 rf~ vdcx$ Xjf
Qlx`jxkqf~ pkgh l r~cmf N~kkegsd Jfcajxp nvcghcda lx 62 K~ldaf Px~ffx ik~ (1$< mcggckd' qjc`j ~fr~f-
pfdxp (698 rf~ p|vl~f ikkx ldh (066'222 rf~ vdcx$
R~krf~xs XsrfXkxlg Hkggl~ Ylgvf
X~lhfh
Xkxlg
X~ldpl`xckdp
Xkxlg
Nvcghcdap X~lhfh
Xkxlg
Vdcxp X~lhfh
Lyf~laf
( + PI
Lyf~laf
( + Vdcx
Fgfylxk~fh Nvcghcda ('199
Rk~xikgck (2 36: (
Nfdpkdjv~px (8'016'222 > > 0: (3 ( > 03 ( > > (:6
^fh Jkke ( > 0< (8'203'08< > > 03 (86> (893'813
Nlxj Nfl`j (>'>62'222 < < >2 (6
>22
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8/2/2019 ArielPA MFMIR: NYC Dec 2011
14/16r22
A~ldh Xkxlg ( (6: (9:'909
Ol`epkd Jfcajxp (>'022'222 < <
^fak Rl~e (0'062'222 < < : (: (221xj Lyf w @~cxf~ckd Hfy$ A~kvr pfggp 286-82 vdcx fgfylxk~fh nvcghcda x~lhfp ik~ (>2
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8/2/2019 ArielPA MFMIR: NYC Dec 2011
15/16
L~cfg R~krf~xs Lhycpk~p - Cdyfpxmfdx Plgfp w Cdyfpxmfdx ^fpfl~`j
L~cfg R~krf~xs Lhycpk~p cp l Dfq Sk~e @cxs cdyfpxmfdx r~krf~xs plgfp ic~m ikvdhfh ns Pjcmkd Pjev~s$
Pcd`f >22>' M~$ Pjev~s ldh jcp xflm jlyf lhycpfh r~cylxf `gcfdxp' cdpxcxvxckdp' krf~lxk~p' f|vcxs r~kychf~p
ldh gfdhf~p kd r~c`cda' rkpcxckdcda' ldh pfggcda ki lppfxp xj~kvajkvx Dfq Sk~e @cxs$ Xkafxjf~ xjfs jlyf
pkgh `gkpf xk (< ncggckd cd x~ldpl`xckdp ldh jlyf r~kychfh ylgvlxckd pf~yc`fp xk `gcfdxp kd mk~f xjld >':22r~krf~xcfp xkxlgcda kyf~ ( ncggckd$
I~km mvgxcilmcgs rk~xikgckp xk kiic`f nvcghcdap k~ yl`ldx gkxp xk ql~fjkvpfp' xjf xflm jlp hflgx qcxj dfl~gs
fyf~s hciif~fdx ecdh ki lppfx `glpp ldh x~ldpl`xckd pcf$ Xjfc~ hcp`crgcdf jlp lggkqfh xjfm xk hfyfgkr l
ylpx dfxqk~e ki ~fglxckdpjcrp qcxj cdyfpxk~p' hfyfgkrf~p' cdpxcxvxckdp' n~kef~p ldh kxjf~ ml~efx rl~xc`crldxp
xj~kvajkvx xjf ~fackd$
Kv~ Lrr~kl`j
Rfkrgf ldh ~fglxckdpjcrp l~f lx xjf jfl~x ki fyf~s ~flg fpxlxf x~ldpl`xckd$ Kv~ xflm cp `kmmcxxfh xk
r~kychcda vdmlx`jfh ylgvf ik~ kv~ `gcfdxp ns `kmncdcda xkr-dkx`j' ~fglxckdpjcr-h~cyfd cdyfpxmfdx plgfp
r~kifppckdlgp qcxj `vxxcda fhaf xf`jdkgkas ldh ~fpfl~`j pvrrk~x$
Qjfd ml~efxcda xjf ic~mp Fz`gvpcyf Gcpxcdap' kv~ cdyfpxmfdx plgfp r~kifppckdlgp l~f cd `kdxl`x qcxj ~flgfpxlxf kqdf~p' cdyfpxk~p' gfdhf~p' n~kef~p ldh kxjf~ ml~efx rl~xc`crldxp kd l hlcgs nlpcp$ Ns ikpxf~cda xjfpf
~fglxckdpjcrp' kv~ r~kifppckdlgp hfyfgkr ld cdxcmlxf edkqgfhaf ki ~f`fdx x~ldpl`xckdp' ml~efx x~fdhp' xjf
icdld`cda fdyc~kdmfdx ldh xjf mkpx l`xcyf ml~efx rl~xc`crldxp$ Xjcp edkqgfhaf acyfp kv~ rglxik~m ldh
`gcfdxp vdrl~lggfgfh l``fpp xk ~flg-xcmf ml~efx cdik~mlxckd$
Kv~ cdyfpxmfdx ~fpfl~`j r~kifppckdlgp l~f ~fprkdpcngf ik~ r~kychcda kv~ `kmrlds qcxj l `kmr~fjfdpcyf
plgfp pvrrk~x krf~lxckd ns ivgicggcda xqk fppfdxclg ~kgfp$ Ic~px' xjfs r~kychf kv~ plgfp ik~`f ldh `gcfdxp qcxj
cdik~mlxcyf ml~efxcda mlxf~clgp ldh ~fpfl~`j ~frk~xp xjlx l~f r~khv`fh qcxj lgg ki xjf cdik~mlxckd alxj-
f~fh ns kv~ cdyfpxmfdx plgfp r~kifppckdlgp$ Pf`kdh' xjfs qk~e qcxj kv~ `kmrldsp r~kr~cfxl~s @vpxkmf~
^fglxckdp Mldlafmfdx pspxfm qjc`j cp rkqf~fh ns Plgfpik~`f$`km$ @vpxkmcfh xk mffx xjf prf`cic`
dffhp ki kv~ krf~lxckd' xjcp pspxfm cp rkqf~ivg xkkg xjlx a~flxgs fdjld`fp xjf rf~ik~mld`f ki kv~ r~kifp-
pckdlgp$
@vpxkmcfh Hlxlnlpf Rglxik~m qcxj Plgfpik~`f Xf`jdkgkas
L~cfg R~krf~xs Lhycpk~p ~fgcfp kd l `vpxkmcfh `fdx~lg hlxl pspxfm xjlx qlp hfyfgkrfh qcxj `gkvh xf`j-
dkgkas i~km xjf rkrvgl~ @vpxkmf~ ^fglxckdp Mldlafmfdx *@^M# r~kychf~' Plgfpik~`f$`km$
Hv~cda xjf glpx pfyf~lg sfl~p' kv~ cdyfpxmfdx ~fpfl~`j r~kifppckdlgp jlyf cdxfa~lxfh Plgfpik~`f xf`jdkg-
kas cdxk lgg rl~xp ki kv~ krf~lxckd$ Xjcp cdxfa~lxckd prf`cic`lggs lhh~fppfh xqk r~cml~s ivd`xckdp$ Ic~px' xjf
xf`jdkgkas jlp r~kychfh vp qcxj ld fiic`cfdx ldh fiif`xcyf qls ki `kgglnk~lxcda ldh `kmmvdc`lxcda qcxj
`gcfdxp ycl xjf qfn$ Pf`kdh' xjf pspxfm lggkqp vp xk `fdx~lggs x~l`e ldh pxk~f lds rcf`f ki cdik~mlxckd xjlx
cp hc~f`xgs k~ cdhc~f`xgs ~fglxfh xk `kmmf~`clg ~flg fpxlxf$ Xjcp xf`jdkgkas acyfp lgg ki kv~ r~kifppckdlgp xjf
vdc|vf lncgcxs xk l``fpp ldh l`x kd ycxlg cdik~mlxckd ldsxcmf' ldsqjf~f$
Lppfx Fylgvlxckd
Qjfxjf~ skv l~f ld kqdf~ `kdpchf~cda pfggcda skv~ nvcghcda k~ skv qldx xk edkq xjf `v~~fdx ml~efx ylgvfki skv~ r~krf~xs' qf l~f lylcglngf xk r~kychf skv qcxj l `kmrgcmfdxl~s Lppfx Fylgvlxckd$
R~khv`fh ns xjf okcdx fiik~xp ki kv~ cdyfpxmfdx plgfp ldh cdyfpxmfdx ~fpfl~`j xflmp' ld Lppfx Fylgvlxckd
qcgg r~kychf skv qcxj l xjk~kvaj ldlgspcp ki skv~ cdyfpxmfdx r~krf~xs$ @kmncdcda `kmr~fjfdpcyf icdld`clg
ldlgspfp qcxj ~flg xcmf ml~efx hlxl' kv~ Lppfx Fylgvlxckd qcgg jfgr skv nkxj fpxlngcpj xjf `v~~fdx ml~efx
ylgvf ki xjf lppfx ldh chfdxcis xjf r~cml~s ylgvf h~cyf~p liif`xcda xjf r~c`f$ Kv~ xflm qcgg dkx kdgs ~fycfq
xkhlsp r~c`cda fdyc~kdmfdx nvx lgpk fzrgk~f fyf~s rkppcngf krrk~xvdcxs xjlx kvgh ~fpvgx cd mlzcmccda xjf
lppfxp ylgvf' nf cx xkhls k~ cd xjf ivxv~f$ Pv`j krrk~xvdcxcfp `ld cd`gvhf' nvx l~f dkx gcmcxfh xk' xjf plgf'
okcdx yfdxv~f' ~ficdld`cda' k~ ~frkpcxckdcda ki ld lppfx$
@kdxl`x vp lx >$688$3622 xk ~f|vfpx l `kmrgcmfdxl~s Lppfx Fylgvlxckd
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8/2/2019 ArielPA MFMIR: NYC Dec 2011
16/16
L~cfg R~krf~xs Lhycp
vgxcilmcgsMkd
xjCd^fycfq?D
fq
Sk~e@cxs
Xjf cdik~mlxckd `kdxlcdfh jf~fcd jlp fcxjf~ nffd acyfd xk vp ns xjf kqdf~ ki xjf r~krf~xs k~ knxlcdfh i~km pkv~`fp xjlx qf
hffm ~fgclngf$ Qf jlyf dk ~flpkd xk hkvnx cxp l``v~l`s nvx qf hk dkx avl~ldxff xjf l``v~l`s ki lds cdik~mlxckd r~kychfh
jf~fcd$ Lp ld fzlmrgf' lgg kdcda cdik~mlxckd' nvcghlngf ikkxlaf fpxcmlxfp ldh cdhc`lxfh vpfp mvpx nf cdhfrfdhfdxgs yf~c-
icfh$ Yl`ld`s il`xk~p vpfh jf~fcd l~f ld l~ncx~l~s rf~`fdxlaf vpfh kdgs lp ld fzlmrgf' ldh hkfp dkx df`fppl~cgs ~fglxf xk
l`xvlg yl`ld`s' ci lds$ Xjf ylgvf ki xjcp r~kprf`xcyf cdyfpxmfdx cp hfrfdhfdx vrkd xjfpf fpxcmlxfp ldh lppvmrxckdp mlhf
lnkyf lp qfgg lp xjf cdyfpxmfdx cd`kmf xjf xlz n~l`efx ldh kxjf~ il`xk~p qj c`j skv~ xlz lhycpk~ ldh+k~ gfalg `kvdpfg p jkvgh
Xk gfl~d mk~f lnkvx v~~fdx ml~efx kdhcxckdp k~ ci skv qkvgh
gcef l kmr~fjfdpcyf Lppfx Fylgvlxckd ik~ skv~ r~krf~xs' rgflpf
hk dkx jfpcxlxf xk `kdxl`x vp vpcda xjf cdik~mlxckd nfgkq?
rjkdf? >$688$3622Pjcmkd Pjev~s fzx$