You are on page 1of 16



 

 

 $

 

 

 E

% 

! !

% 

 

% 

 E

 

 $

% 

:LWK WKH ZRUOGV IRRG VXSSOLHV VWUHWFKHG -DUODWK 0RORQH\ ORRNV DW RQH SRVVLEOH VROXWLRQ

SCIENCE

7(67 78%( %85*(56

3UHEXUJHU FRZV DERYH  WKH DLP LQVHW  DQG WKH SURFHVV EHORZ

% D

 

UVW WHVW WXEH EXUJHU LQ 2FWREHU

DQQXDO PHHWLQJ HDUOLHU WKLV \HDU

VFDOHG XS 3URI 3RVW SRVWXODWHV 8QWLO

JOREDO IRRG GHPDQG 1HZ <RUN 'DLO\ 1HZV UHSRUWHG LW ZLOO FRVW  WR SURGXFH WKH UVW EXUJHU

3(7$ VSRNHVPDQ $OLVWDLU &XUULH

UHVRXUFHV ,WV D KXJHO\ EHQHFLDO GHYHORSPHQW IRU DQLPDOV :H

IDYRXU RI WKH DUWLFLDO PHDW LI LW FDQ EHFRPH DIIRUGDEOH

YHU\ H[SHQVLYH

OLYHVWRFN 3RVW VDLG <RX FDQ HDVLO\ FDOFXODWH WKDW ZH QHHG DOWHUQDWLYHV

DQLPDOV

DQLPDO VODXJKWHU 7KHLU REMHFWLRQ LV

3KRWR 0DVVWULFW 8QL 35

 

 E

 

 

 

 

 

"

&

 $

"

 

DQG $VLD

% 

12 TONIC
7 8      7 6 5   " 4

RZQ PLQGV 6RPH YHJHWDULDQ JURXSV

'

 

3KRWR 3DXO *HUULWVHQ

SCIENCE
FXWV RI PHDW VXFK DV VWHDN 6XEVWLWXWHV
     $    $      T     #    %      %

FRZV 7KH GHYHORSHG PXVFOH FHOOV


  $            G          5   

VWUHWFK DQG JURZ OLNH UHDO PXVFOH E\ FP LQ ZLGWK DQG FP LQ GHSWK 3RVWV WHDP UHFNRQ WKDW 
       H        %    E

JOREDOO\ &RPPHUFLDO SURGXFWLRQ RI


$               

EXUJHU
         % 0

RI PHDW SURGXFWLRQ 6WHP FHOOV


     7 7 V    %    

WRXU RI WKH ODE +H ZDV XQLPSUHVVHG


       $             

WUHPHQGRXV OHDS IRUZDUG


          %    %         C 5

IXWXUH +RZHYHU 3RVWV UHDVRQV IRU


  #  &      $                 

PRUH VXLWDEOH WR WKH KXPDQ SDODWH

KDYLQJ GLIFXOW\ FXOWLYDWLQJ ODUJHU

,P VXUH ZH FRXOG

:+$7 1(;7"
,I PDNLQJ EXUJHUV LQ D 3HWUL GLVK ZDVQW HQRXJK VFLHQWLVWV KDYH QRZ JURZQ VSLGHUJRDWV DQG FKLPHUD PRQNH\V LQ D ODE 5HVHDUFKHUV KDYH EHHQ FRPELQLQJ VWHP FHOOV WR JLYH RUJDQLVPV PDGH XS RI PRUH WKDQ RQH FHOO W\SH $W WKH 2UHJRQ +HDOWK 6FLHQFH 8QLYHUVLW\ 2+68 SULPDWH ODE VWHP FHOOV IURP WZR DGXOW UKHVXV PDFDTXHV ZHUH SXW WRJHWKHU WR JURZ WKUHH QHZ PRQNH\V WZR RI ZKLFK 5RNX DQG +H[ PHDQLQJ VL[ LQ -DSDQHVH DQG *UHHN UHVSHFWLYHO\ DUH SLFWXUHG RQ WKH ULJKW 6FLHQWLVWV

TONIC 13

3KRWR 2+68

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

FRQVWLWXHQWV RI WKH EXUJHUV


0          #     $    @    E 

PRVW SRWHQWLDO FRQVXPHUV %XW RQFH


 !  $      %  %         %  

DSSHDUDQFH 3RVW GHVFULEHG WKH EHHI


 F        % D   #   % 4             %     

KRSHIXOO\ WDVWHV OLNH PHDW 6HHLQJ DQG WDVWLQJ LV EHOLHYLQJ 7KH KHDOWK EHQHWV RI WKH PHDW
   $     &   %           0  

WDNH DQ\ SDUW LQ WKH SURFHHGLQJV


     %     A                 ( 

EH SUHVHQWHG LQ 2FWREHU 3RVW VDLG


 %     %          $  %   C  4

WKH QLVKHG SURGXFW WKLV 2FWREHU ,WV KRSHG WKDW +HVWRQ %OXPHQWKDO 8. FHOHEULW\ FKHI ZLOO FRRN LW XS 7KH UHSRUWV DUH XQFRQUPHG WKRXJK
  $ #       P    E           "    

FRQVLVWHQF\ RI VFDOORSV RU VTXLG

LQHIFLHQW &KLFNHQV DUH PRUH HIFLHQW DQG VK HYHQ PRUH 3RVW VDLG ,I ZH FDQ UDLVH WKH HIFLHQF\

FXLVLQH +RZHYHU WKH EHQHIDFWRU ZRQW EH UVW WR WDVWH WKHVH EXUJHUV


 %            

OLYHVWRFN &RZV DQG SLJV KDYH DQ HIFLHQF\

YDULHG DV JKWLQJ FOLPDWH FKDQJH


        #     %         %     5  

PRXVH PHDW DQG SRUN PXVFOH 7KH


         &    R    %   

+HVWRQ %OXPHQWKDO FRXOG EH WKH UVW WR FRRN WKH QHZ EHHI

 

 

 $ 

   

 %  

 

   

    7  

 7

 I 

 

   

  

$ 

   '   

 $  

      

 #  % 

   

  E 

A  

SCIENCE

*$/$;< %($0

7(&+ 7$/.
,0 :$7&+
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

&RQRU 'R\OH SUHYLHZV WKH JDGJHWV WKDW ZH FRXOG EH FDUU\LQJ DURXQG LQ WKH QH[W IHZ PRQWKV

3,927+($' */$66(6
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

/<752
/\WURV 'LUHFWRU RI 3KRWRJUDSK\ (ULF &KHQJ VDLG WKDW WKH WHFKQRORJ\ LQ WKHLU QHZ FDPHUD UHSUHVHQWHG WKH UVW PDMRU FKDQJH LQ SKRWRJUDSK\ VLQFH SKRWRJUDSK\ ZDV LQYHQWHG 7KH EULFNVKDSHG FDPHUD XVHV D OLJKW HOG VHQVRU D FRPSOLFDWHG GRRKLFNH\ WKDW PHDQV \RX QHHG QR ORQJHU ZRUU\ DERXW SKRWRV EHLQJ LQ IRFXV ZKHQ \RX WDNH WKHP WKH\ FDQ QRZ EH UHIRFXVHG DIWHUZDUGV 8QOLNH QRUPDO GLJLWDO FDPHUDV ZKLFK PHDVXUH UHVROXWLRQ LQ PHJDSL[HOV WKH /\WUR XVHV PHJDUD\V LWV FDSDEOH RI FDSWXULQJ  PLOOLRQ UD\V RI OLJKW SHU SLFWXUH 9LHZ VRPH H[DPSOHV RI WKH FDPHUDV UHYROXWLRQDU\ SKRWRJUDSKV DW ZZZO\WURFRPOLYLQJSLFWXUHV )URP 86 

14 TONIC

 E

 

 

"

"

 

@ 4

 D

&RQRU 6KDUNH\

+RYHUERDUGV EDFN IURP WKH IXWXUH"

,, KRYHUERDUG 7KH GDWH IRU

DW WKH HQG RI WKH \HDU 7KH

"

"

KRYHUV FRPHV IURP <RX7XEH XVHU 'RQGXOD +H VD\V KH XVHG DQ

'

% 0

&

DFWXDOO\ KRYHU 0DWWHO VD\ ZLWK WRQJXH UPO\ LQ FKHHN

'

LVQW H[SHFWHG XQWLO 

&

P 

 

WR EH VROG WR WKH SXEOLF

KRYHUERDUGV

WUDFN

KRYHUERDUG WHFKQRORJ\

2QH

RI

WKH

WKLQN DJDLQ :KLOH WKH ERDUG

SODFH 7KH ERDUG LWVHOI FDQ KROG DURXQG YH SRXQGV RI ZHLJKW ,I \RXUH WKLQNLQJ RI

X[ FDSDFLWRU

IRRWZHDU 8QOHVV RI FRXUVH

0F)O\ +\SHUGXQN 6XSUHPH

H[LVW EXW 1LNH GLG UHOHDVH D

VHOIODFLQJ

FRYHWHG E\ IDQV :KHQ %77)

PHWKRG PD\ QRW EH IRU \RX 7KLV LV QRW WKH UVW WLPH

 IRU WKH VHW 8QOHVV

SCIENCE

1LNH

TONIC 15
     %  &         '    $                Y  R     $ @ @     (             4  X        %  %  5 $            

VQHDNHUV

% 

 

"

"

 

 

% $

 E

% B

 E

 

&

 

 

 

% $

 

CURRENT AFFAIRS

WDNH WKHLU VKRSSLQJ H[SHULHQFH RQOLQH

FHQWUH %XW WKDW FDQ EH WLUHVRPH :KR ZDQWV

RSWLRQ RI WKH LQWHUQHW

' 4

FRXUVH ,W LV QDWXUDO WKDW FXVWRPHUV ZLOO FKDQJH WKHLU EX\LQJ KDELWV 7KH WKLQJ WKDW GHQHV WKH PDUNHW QRZ

 

 

 E

 

 

DOEXP'9'ERRN

% 

\RXU GRRUVWHS

7KH\ KDYH PRYLHV DQG PXVLF ,I \RX

VKLSSLQJ FRVWV $QG LW FDQ WDNH GD\V DQG

RQOLQH RU WR VWUHDPLQJ FRQWHQW 5HWDLOHUV OLNH +09 PXVW WKHQ VHH


   % %        %  #  %

@ 4

.LQGOH IURP $PD]RQ


  & $ #       &   C      %  E     %    A B #         %     

16 TONIC
      @

&DVWDOGR WKH +HDG RI 35 DQG 3UHVV IRU +09 LQ ,UHODQG DQG WKH 8. <RXUH VHHLQJ D JUDGXDO WUHQG ZKHUH

&RQRU 6KDUNH\ DVNV LI WUDGLWLRQDO UHWDLOHUV RI ERRNV

',*,7$/ 5(92/87,21

PXVLF DQG OPV FDQ VXUYLYH LQ D GLJLWDO ZRUOG

VR WKDWV D JUHDW ERRQ WR PH 5HFRUG 6WRUH VD\V WKH EHQHWV LW PD\ KROG IRU WKHP OHG E\ WKHP WKDW LV LQFUHDVLQJO\ OLYLQJ RQOLQH KDV VHUYHG WKHP ZHOO LQ WKH SDVW 6WLOO
3KRWR &KHUU\VZHHWGHDO

CURRENT AFFAIRS
LQWHUQHW ,W LV D ULGLFXORXV WKLQJ
#     0             %    % %   0 @ 4 C E             C A @ A ) 4 4 ! 3      #          R   %       

FRPIRUWDEOH LQ LW
         % %   $  %               % )                    0  # %  %     h       5 g         G         %          % %       #                     (  $        %     %             C   %  %          G 0          0        H   h        %  $    %   #    #                    $  %       % % $    % E        5           0    $    D             $     %         0   %            f                                       %  D            %       % $           5 % %  % 

KROG VRPH QLFKH DSSHDO


      

DQG VHOO RWKHU JRRGV

FORWKHV WR SHRSOH

DQG PRUH VSDFH LQ VWRUHV 7RZHU


         

RRU LQ DQ HIIRUW WR FUHDWH D QHZ UHYHQXH VWUHDP


 

D VRFLDO VSDFH 7KLV ZRXOG LQYROYH LQVWDOOLQJ IUHH ZL LQ VWRUHV DQG
       0   %     %     D         $        #             % S    %   f  %        D                             #    A E f      

'LJLWDO GRZQORDGV DIIHFW ERWK KLJK VWUHHW FKDLQV DQG LQGHSHQGHQW UHWDLOHUV

ZKHQ WKH\ SOHDVH

D ODUJH FKDLQ OLNH +09

JRLQJ DZD\

XQIRUWXQDWHO\ &DVWDOGR VD\V

VXUYLYH

SHRSOH ZDQW WKHP WR

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

HQWHUWDLQPHQW UHWDLOHUV :LWK WKH

WKH VDPH LQDWHG SULFH WKDW WKH\ XVHG WR

KDYH WR FKDQJH 7KH\ ZLOO DOVR D GLIIHUHQW NLQG RI SODFH *HWWLQJ

PRQH\ LV DQRWKHU &DVWDOGR EHOLHYHV +09 VWRUHV

TONIC 17

18 TONIC

$)5,&$ &$//,1*
&DWKDO :RJDQ H[DPLQHV WKH RXULVKLQJ PRELOH SKRQH PDUNHW LQ $IULFD
3KRWR $QJD]D 'HVLJQ

TONIC 19

 

 

 

% 

 

 

 

DZD\ IURP WKH OOLQJ RI \RXU IDPLO\V 7UyFDLUH ER[ $V

% 

 

IRU EHFRPHV PRUH VLJQLFDQW 2QH

RSHUDWRU 0912 UDWKHU WKDQ DQ

ZKROHVDOH IURP 2UDQJH &DPHURRQ

 

% $

"

 h

% 

% 

 $

 

 

 

20 TONIC
 " 0 E 3 )

RSSRUWXQLW\ FRXOG EH JROGHQ


                           W r     (   %     %        b

6(70RELOH LQ KLV QDWLYH FRXQWU\

LFRQ 6DPXHO (WRR 7KH \HDU

ORRNLQJ WR FDVK LQ

HFRQRPLF DFWLYLW\ (YHQ $IULFDV

WHFKQRORJ\ DQG LQIUDVWUXFWXUH

GLVSRVDEOH LQFRPHV DUH VWLOO ORZ

IXUWKHU JURZWK LV RQ WKH KRUL]RQ

CURRENT AFFAIRS

VSHFLFDOO\ LQ WKH IRUP RI LQWHUQHW DFFHVV YLD FRPSXWHUV 6R SHRSOH KDYH ODQGOLQHV 0RUHRYHU DQG DGDSWDEOH KDQGVHWV $ ODFN RI SRSXODWLRQV 7KH\ KDYH LGHQWLHG 1RNLD 6DPVXQJ DQG %ODFNEHUU\ KDYH RXULVKHG DQG QRW MXVW RI UHYHQXH IRU WKH \HDU  IDU KDV EHHQ UHPDUNDEOH IRRWEDOO WHDP 2QO\ E\ LQQRYDWLYH
$UH PDVWV OLNH WKLV ULJKW RQ WKH KRUL]RQ IRU $IULFD"

% 

 

 #

"

 

&

% 5

 f

% 5

 

% 

UVW H[SHULHQFH RI

 

 

 #

% 

% 

'

 

6DPXHO (WRR ODXQFKHG KLV PRELOH SKRQH FRPSDQ\ LQ -DQXDU\

 E

DFFHVV WKH LQWHUQHW

 

%URFNKDXJ RI 1RNLD $IULFD VD\V $QG IRU PDQ\ $IULFDQV WKHLU UVW

HQFRXUDJLQJ D FXOWXUH RI EX\LQJ

IURP D PRELOH KDQGVHW


         % 5              %             C 4           %         

(XURSH KDV VORZHG 7KLV LV ODUJHO\ GXH WR WKH LQX[ RI FRPSDQLHV

CURRENT AFFAIRS

QDWXUDO $Q XSFRPLQJ EDQ RQ WKH

UHDFKHG OHYHOV RI PDVV SHQHWUDWLRQ 2QO\ WKUHH SHUFHQW RI $IULFDV DFWLYH LQ *KDQD DQG 1LJHULD KDYH VHHQ FRQVXPHU SURGXFW UHF\FOLQJ IDOO RII
3KRWR 0XVWDSKD (QQDLPL

TONIC 21
  %     

 

% 

% 

 $

% $

 

FXVWRPHU QXPEHUV 7KH RQO\ ZD\

FURVVQDWLRQDO VHUYLFH SURYLGHUV

WKH ODVW GHFDGH VWLOO LQ FLUFXODWLRQ

VDOHV ZLWK  KDQGVHWV WKDW IXOOO WKH EDVLF QHHGV RI WKH FXVWRPHU 1RNLD KDQGVHWV PDNH XS WKH

WKH RUGHU RI WKH GD\ 1RNLD DQG

DURXQG WKH  PDUN

FRQVFLRXV &KLQHVH FRPSDQ\ +XDZHL KDYH H[SHULHQFHG VXFFHVV

H[LVWV

PRVW SHRSOH %URFNKDXJ H[SODLQV +RZHYHU WKH GHVLUH IRU WKH

SHUFHQW PDUNHW VKDUH WKHUH

VXIIHUHG GXH WR WKH RXULVKLQJ RI WKH

SHUFHQW RI UHJLVWHUHG VPDUWSKRQHV

LV D PDVVLYH IDFWRU (YHQ LQ WKH

SKRQHV DUH VPDUWSKRQHV $QG

CURRENT AFFAIRS

WHOHFRPV JLDQW 071 KDYH FRPH XQGHU UH LQ VRPH FRXQWULHV IRU WKH TXDOLW\ RI WKHLU FRYHUDJH 8QOHVV

,PDJH $IURJUDSKLTXH

 

WXPEOLQJ GDWD SDFNDJH FRVWV

LQIUDVWUXFWXUH SUREOHPV WKRXJK

KDV RXWVWULSSHG GHYHORSPHQW


(             $         C              E    %    h $   $         %   %          %               %        5         %         %  $  % %      W  %     0    (              % #  %        %        E     $      &           )          %      $         %         %    % 5    %    #    f     %   @ 4    ! #   A    !          %  

22 TONIC
  % f

WKHQ WKH\ ZLOO EH VDQFWLRQHG

FRXOG EH GHQHG E\ WKH LQWUXVLRQ RI  PLOOLRQ PRELOHV DQG FRXQWLQJ VRFLDOO\ DQG HFRQRPLFDOO\ 7KHUH SURJUHVVLRQ ,W LV D VLJQLHU RI D

 F

4 4

&

 

"

 )

 E

 E

@ 4

% 

"

 

 E

% 

 e

" F

@ 4

-RKQ *RJJLQV ORRNV DW WKH FXOSDELOLW\ RI WKH WULRSRO\

:+2 5$7(6 7+( 5$7,1*6 $*(1&,(6"

HUXVLQJ DQ\ QDQFLDO UHSRUW

C 4

(QURQV ERQGV DV LQYHVWPHQW JUDGH

 F

VHFWLRQ \RX DUH OLNHO\ WR QG

WKH &5$V 7KH\ IHHO WKDW QRW RQO\

DJHQWV RI LW

EHHQ WUHDWHG ZLWK RSSUREULXP

VHHNLQJ D EDLORXW 7KH OLVW JRHV RQ

WR IRFXV WKHLU RXWUDJH 7KLV FDQ EH XQKHOSIXO +RZHYHU FULWLFDOO\

WR JUHHG 7KRVH LQ WKH QDQFLDO

% 

FDQ HQVXUH WKDW D JOREDO QDQFLDO

DJDLQ

"

&

RI D SDUWLFXODU QDQFLDO LQVWUXPHQW

FRXQWULHV 7KH\ SUHGLFW WKH

&

EH UHSDLG 7KH PRVW FRPPRQ IRUP

 

%%% DQG VR IRUWK %%% DQG DERYH

% 

MXQN

KRXVH RI FDUGV IDOWHUV 1RW RQO\ GLG &5$V FDXVH WKH SUREOHP EXW WKH\ H[DFHUEDWHG LW

15652V LQ 

WKH\ UDWH 

PRVW LQXHQFH DUH 6WDQGDUG 3RRUV 0RRG\V DQG )LWFK .QRZQ

RI GHEW ZRUOGZLGH

FRQVFDWHG LQ DQ HQTXLU\ LQWR WKH FDXVHV RI WKH JOREDO FULVLV $

IHHV 7KLV WKHRU\ LV EDFNHG XS E\

ZHQW EDQNUXSW QRW ORQJ DIWHU 

  WKH GD\ /HKPDQ OHG

JOREDO QDQFLDO FULVLV UDWKHU WKDQ D VXUYLYLQJ FRQWULEXWRU WR LW

(8 6RPH HIIHFWLYH DOWHUQDWLYH WR

OHY\ RQ QDQFLDO LQVWLWXWLRQV 7KLV

15652 OHVV QHEXORXV WKH WULRSRO\ FDQ EH EURNHQ XS $QRWKHU SRVVLEOH VROXWLRQ LV WR HVWDEOLVK QRWIRUSURW

MXVW GHHFW WKH EODPH DZD\ IURP WKHPVHOYHV %\ PDNLQJ WKH HQWU\

LQYHVWPHQW GHFLVLRQ 7KLV ZRXOG IRUFH QDQFLDO

RI WKHLU SRZHU +RZHYHU WKH

ULJKW VWHSV DUH WDNHQ ,W LV FOHDU

DFWXDOO\ PDWHULDOL]HG

BUSINESS

3KRWR )XQN\ 7HH

ZHUH KXPDQ )LYH GD\V EHIRUH


    $ #              % %                 E                   4  f     5 3 ) 1 f 3 ) )     '  F  %      E 4    4    E       % ( ( (       #   #   #   ( R f      5     @           q ( R f 1 

2QH RI WKH ELJ WKUHH 6WDQGDUG 3RRUV




TONIC 23
    %   #       3

 

 

 

% 

 0

% 

 $

r V

 

&

 

 

 

 

 E

 

 

 E

 

&

 $

'5$*21

 

%XVLQHVVPDQ DQG 'UDJRQV 'HQ VWDU %REE\ .HUU WDONV WR 'DYLG .HHQDQ DERXW QHJRWLDWLQJ FRIIHH DQG ,UHODQGV ZD\ RXW RI WKLV UHFHVVLRQ

OLWHUDO PHDQLQJ 3DQLF DURVH ZKHQ WKH XSSHU RRU RI KLV H[FOXVLYH %DQJ &DIp UHVWDXUDQW ZHQW RQ UH

)LUH %ULJDGH 'HVSLWH WKLV VHWEDFN KLV DIIDEOH FKDUDFWHU LV GLIFXOW WR H[WLQJXLVK ,WV MXVW RQH RI WKH WKLQJV

ZLWK D EDQJ LQ QR WLPH

BUSINESS

(17(5

7+(

DFWXDOO\ DERXW QGLQJ SHRSOH ZKR DUH EHWWHU WKDQ \RX DQG XVLQJ WKHLU VNLOOV

%REE\ RSHUDWHV  RI KLV IDPRXV

 E

QDWLRQZLGH 'XULQJ WKH &HOWLF 7LJHU

IURP  WR  VKRSV DURXQG ,UHODQG

WKH RQFRPLQJ QDQFLDO FULVLV +H

r V

 $

% 5

"

 

FRPSDQ\

+LV

EXVLQHVV

HPSLUH

 $

% 

%XVLQHVV RQ 1HZVWDON )0

@ 4

VD\V .HUU ,WV HQWHUWDLQLQJ LQ


F $      #           #    @ C 4    %   $   0 3 E R                !   @ a 7 7 I  @ $          $  A    @   & f   A               Q %  

24 TONIC
WR RSHQ XS WR JRXUPHW FRIIHH LGHQWLI\LQJ LWV WUHQGV 7KH FRIIHH QHHG WR QG VRPHRQH HOVH ZKR GRHV (YHU\WKLQJ LV QHJRWLDEOH ZKHQ VWDUWLQJ D EXVLQHVV ,I \RX SHUVRQDOLW\ ,P D UP EHOLHYHU LQ VRPHRQH ZKR FDQ PDNH PH ULFK DQG H[FLWLQJ %XVLQHVV LV RIWHQ \RXQJ SHRSOH ,YH QHYHU OLNHG
%REE\ .HUU DQG LQVHW ZLWK KLV IHOORZ GUDJRQV

KLV IDWKHU UXQ WKH IRXU VWDU 1HZSDUN +RWHO LQ .LONHQQ\ %REE\ ZRUNHG LQ WKH NLWFKHQ 6LQFH WKHQ KH LQGXVWU\ +LV FDUHHU KDG LWV KXPEOH EXVLQHVV SURGXFW %DVLFDOO\ LI \RX ZDQW WR XQGHUGHYHORSHG 5HVHDUFK LV QRW RQO\ ZRXOG VWDUW KDSSHQLQJ LQ ,UHODQG

&

% 5

% 

% 

% 5

 

 

&DWHULQJ -XU\V +RWHOV &DPSEHOO

DQG QDOO\ ,QVRPQLD

 $

,ULVK IRRG LQGXVWU\ 3HUVRQDOO\ ,

VFDOH KH VD\V 2XU DJULIRRG

EXW LV XVXDOO\ MXVW XVHG IRU H[SRUWV

:HUH OXFN\ LQ WKDW , FDQW VHH ,ULVK SHRSOH QRW ZDQWLQJ WKHLU FXS RI FRIIHH DQ\WLPH VRRQ

,UHODQG LV QRW DOO GRRP DQG JORRP 'HVSLWH WKH IDFW WKDW LW LV GLIFXOW

FRVWV %XW DW WKH VDPH WLPH WKH


                   $         @                 $      ( A         % D  $                        % #         %    @      #             $  A $ 0   ! A

,UHODQG

OHDUQLQJ SURFHVV \RXUH UVW ORVV LV RIWHQ \RXU EHVW ORVV FRIIHH DQ\WLPH VRRQ KH VD\V :H WRR KDYH KDG WR FORVH FULVLV 7KHUH KDYH EHHQ D ORW RI RXU FRIIHH DV ORZ DV ZH FDQ

BUSINESS

TONIC 25
    %    @  0 @                 %  ( $     f

 

 E

% 

'

 

% 

 

'

% 3

'

 

 

 

 

'

:LWK GDWD PLQLQJ UDPSDQW 'DYLG .HHQDQ DVNV LI ZHUH VDIH RQ WKH ZHE

DUH ,QWHUQHW WUDFNLQJ LV FRQVWDQWO\

LQWHUHVWHG LQ QGLQJ RXW LQIRUPDWLRQ

BUSINESS

0,1,1* <285 %86,1(66

ZHEVLWHV WRR 7KHUH DUH WKUHH W\SHV RI WUDFNHU OHV FRRNLHV EHDFRQV DQG DVK FRRNLHV

DUH OHV WKDW DVVLJQ \RXU FRPSXWHU

'DWD PLQLQJ FRPSDQ\ 5DSOHDI KDYH EHHQ EDQQHG IURP )DFHERRN

IURP DQG ZKDW \RXUH GRLQJ

WKH\ DUH WLQ\ WH[W OHV WKDW DVVLJQ

QXPEHU 0DUNHWLQJ UPV XVH WKLV

 E

 $

ZKDW H[WHQW

SUHVHQW RQ PDQ\ ZHEVLWHV /LNH

YDOXHG DW  ELOOLRQ 0RUHRYHU WKH JXUHV RI WKH ,QWHUQHW $GYHUWLVLQJ

WH[W \RX W\SH RQ FHUWDLQ ZHEVLWHV )ODVK FRRNLHV DUH WLQ\ OHV LQVWDOOHG

 #

EHKDYLRXUDO WDUJHWLQJ

GLVSOD\ YLGHR RU DGV RQOLQH

7KHUH DUH RIWHQ FDVHV LQ ZKLFK EHKDYLRXUDO DGYHUWLVLQJ FDQ EH D YLRODWLRQ RI RQHV SULYDF\

 

 $

YDOXDEOH LQIRUPDWLRQ WR DGYHUWLVHUV

RQHV SULYDF\ 'XULQJ WKH 86 SULPDU\ HOHFWLRQV

 E

 

 

WKH GDWD 7KHVH DUH WKHQ JLYHQ WR

'

DLPHG DW D VSHFLF GHPRJUDSKLF

% 5

% 

DGV RQ WKHLU ZHEVLWH

\RX WKURXJK WUDFNLQJ OHV WKHVH


        %   E      %       $     P       #    #          %  E               h     %       #   A 5 3 #     % f       %        A                $                            #       (            0   0   

26 TONIC
FDPSDLJQV 7KH GDWD PLQLQJ FDQGLGDWH -LP %HQGHU 7ZRPEO\ KDUPOHVV +RZHYHU WKHUH DUH LQWHUHVW DQG RQOLQH DFWLYLW\ %HDFRQV IRU SROLWLFDO OHDGHUV 7KLV GHEDWH ZLOO XQGRXEWHGO\ FRQWLQXH H3ULYDF\ 'LUHFWLYH &OHDUO\ RQOLQH FRQVHQW WR WKHVH WUDFNLQJ GHYLFHV LV VWLOO UDPSDQW 0DQ\ XVHUV DV XVHU IULHQGO\ DV SRVVLEOH :LWK WHUPLQDO HTXLSPHQW +RZHYHU WKH UHJXODWLRQV GRQW SULYDF\ ELOO RI ULJKWV 7KH (8V WUHDWHG YHU\ VHULRXVO\ ,Q -DQXDU\ FRPSDQ\ UHSUHVHQWLQJ WKH FDQGLGDWH EXLOW XS DQ H[WHQVLYH SUROH RI KHU

BUSINESS

6WDUWLQJ XS LV KDUG WR GR
'DYLG .HHQDQ WDONV WR WZR \RXQJ HQWUHSUHQHXUV JURZLQJ WKHLU EXVLQHVVHV LQ ,UHODQG

'$9( 3(33(5
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

3KRWR &RQ 2'RQRJKXH$UFKLSHODJRLH

($021 /(21$5'
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

TONIC 27

You might also like