Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword or section
Like this
15Activity
P. 1
Portfolio Manager's Review: The Magic Formula Issue, by The Manual of Ideas

Portfolio Manager's Review: The Magic Formula Issue, by The Manual of Ideas

Ratings:

4.0

(1)
|Views: 3,212|Likes:
Published by The Manual of Ideas
From the November 2008 issue of Portfolio Manager's Review:

deas are the lifeblood of the investment business. To be sure, many investors have failed despite good ideas, but few have succeeded without them. Our goal is to put you in the best possible position by consistently delivering high-quality analysis and winning ideas.
It’s a good time to be in the ideas business. The dislocations over the past few months have been truly extraordinary. The deleveraging wave sweeping markets and the blowup of specific pools of capital have left an unprecedented number of securities trading with little regard for intrinsic value.
We’ve uncovered some compelling opportunities among the 100 “magic formula” companies analyzed in this issue. While our Top 10 picks are most noteworthy, you are likely to find many more companies deserving of further investigation. So, make yourself comfortable and get ready for a rewarding journey into idea land.
Our Top 10 magic formula selections are high-ROIC businesses misunderstood by investors and, therefore, mispriced. American Eagle (AEO), the youth fashion brand, has been shunned despite one of the best business models in retail, featuring strong brand loyalty, efficient sourcing and excellent store economics.
Garmin (GRMN), the leading provider of personal navigation devices, has lost the momentum that had attracted speculators; yet, the company continues to enjoy a large market opportunity and trades at 6x 2009E EPS.
KHD Humboldt Wedag (KHD), a global cement plant engineering firm, is run by an unusually adept CEO and has massive under-appreciated non-core assets, including cash, preferred stock and an iron ore interest.
MEMC Electronic Materials (WFR), a wafer maker for semiconductor and solar applications, is valued as a commodity semi cap equipment firm, ignoring the company’s leadership in the growing solar industry.
Microsoft (MSFT) has finally said “no” to Yahoo and embarked on a $40 billion accretive stock buyback, yet it continues to trade at a major discount to the sum-of-the-parts value of its business units.
Net 1 (UEPS), a provider of payment cards to the unbanked in South Africa and elsewhere, continues to grow and has recently removed major uncertainty, yet it trades at 5x forward earnings.
Premier Exhibitions (PRXI), a developer of museum-quality exhibitions and the salvor-in-possession of the Tianic shipwreck site, has misstepped and is now valued not only at a low single digit multiple of normalized EPS but also below the appraised value of its collection of Titanic artifacts. 16% shareholder Mark Sellers launched a push to fire the CEO earlier this month.
Syneron (ELOS), an aesthetic medical products company, has substantial earning power yet trades below net cash and investments. Baupost is a major shareholder.
Tempur-Pedic (TPX), the non-innerspring mattress leader, has been heavily shorted due to its discretionary, high-ticket product, input cost pressures and financial leverage. The short thesis grossly underestimates the company’s highly variable cost structure and ability to service the debt, potentially setting up a short squeeze.
Travelzoo (TZOO), an online distributor of travel deals, has been dismissed as a casualty of weak consumer spending. However, the company’s solid U.S. profitability is masked by startup losses related to global expansion. With large insider ownership and insider buying, the market appears to have hugely misjudged intrinsic value.

Portfolio Manager's Review sets a new standard in idea generation for serious investors — It is the next best thing to having a direct view into the idea generation work of "super investors" such as Warren Buffett, Seth Klarman or Glenn Greenberg. As Glenn points out, "We do similar work ourselves."
Learn more at www.manualofideas.com
From the November 2008 issue of Portfolio Manager's Review:

deas are the lifeblood of the investment business. To be sure, many investors have failed despite good ideas, but few have succeeded without them. Our goal is to put you in the best possible position by consistently delivering high-quality analysis and winning ideas.
It’s a good time to be in the ideas business. The dislocations over the past few months have been truly extraordinary. The deleveraging wave sweeping markets and the blowup of specific pools of capital have left an unprecedented number of securities trading with little regard for intrinsic value.
We’ve uncovered some compelling opportunities among the 100 “magic formula” companies analyzed in this issue. While our Top 10 picks are most noteworthy, you are likely to find many more companies deserving of further investigation. So, make yourself comfortable and get ready for a rewarding journey into idea land.
Our Top 10 magic formula selections are high-ROIC businesses misunderstood by investors and, therefore, mispriced. American Eagle (AEO), the youth fashion brand, has been shunned despite one of the best business models in retail, featuring strong brand loyalty, efficient sourcing and excellent store economics.
Garmin (GRMN), the leading provider of personal navigation devices, has lost the momentum that had attracted speculators; yet, the company continues to enjoy a large market opportunity and trades at 6x 2009E EPS.
KHD Humboldt Wedag (KHD), a global cement plant engineering firm, is run by an unusually adept CEO and has massive under-appreciated non-core assets, including cash, preferred stock and an iron ore interest.
MEMC Electronic Materials (WFR), a wafer maker for semiconductor and solar applications, is valued as a commodity semi cap equipment firm, ignoring the company’s leadership in the growing solar industry.
Microsoft (MSFT) has finally said “no” to Yahoo and embarked on a $40 billion accretive stock buyback, yet it continues to trade at a major discount to the sum-of-the-parts value of its business units.
Net 1 (UEPS), a provider of payment cards to the unbanked in South Africa and elsewhere, continues to grow and has recently removed major uncertainty, yet it trades at 5x forward earnings.
Premier Exhibitions (PRXI), a developer of museum-quality exhibitions and the salvor-in-possession of the Tianic shipwreck site, has misstepped and is now valued not only at a low single digit multiple of normalized EPS but also below the appraised value of its collection of Titanic artifacts. 16% shareholder Mark Sellers launched a push to fire the CEO earlier this month.
Syneron (ELOS), an aesthetic medical products company, has substantial earning power yet trades below net cash and investments. Baupost is a major shareholder.
Tempur-Pedic (TPX), the non-innerspring mattress leader, has been heavily shorted due to its discretionary, high-ticket product, input cost pressures and financial leverage. The short thesis grossly underestimates the company’s highly variable cost structure and ability to service the debt, potentially setting up a short squeeze.
Travelzoo (TZOO), an online distributor of travel deals, has been dismissed as a casualty of weak consumer spending. However, the company’s solid U.S. profitability is masked by startup losses related to global expansion. With large insider ownership and insider buying, the market appears to have hugely misjudged intrinsic value.

Portfolio Manager's Review sets a new standard in idea generation for serious investors — It is the next best thing to having a direct view into the idea generation work of "super investors" such as Warren Buffett, Seth Klarman or Glenn Greenberg. As Glenn points out, "We do similar work ourselves."
Learn more at www.manualofideas.com

More info:

Published by: The Manual of Ideas on Jun 11, 2009
Copyright:Traditional Copyright: All rights reserved

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF or read online from Scribd
See more
See less

05/11/2014

 
Mlqyso`e~ Pgskok`6
O~ o} g rolig~olk lb bjnjsgi mlqyso`e~ igp ~l sjqslnzmj gii ls qgs~ lb ~eo} qzciomg~olk bls gky qzsql}j po~elz~ ~ej qsols pso~~jk mlk}jk~ lb CjylknQsluy IIM+ ^ej Mlqyso`e~ Gm~ ohql}j} iogcoio~y lb zq ~l .7:1)111 qjs o}}zj bls }zme okbsok`jhjk~) gkn rolig~ls} poii cj qsl}jmz~jn ~l ~ej bzii ju~jk~ lb ~ejigp+ ]jj ig}~ qg`j bls }zc}msoq~olk okblshg~olk) okmiznok` egrok` hzi~oqij mlqoj} }jk~ ~l ylz+ ¯ 3115 cy CjylknQsluy IIM+ Gii so`e~} sj}jsrjn+
]zc}msocj klp' ]jkn cz}okj}} mgsn gkn.??? mejmd qgygcij ~l CjylknQsluy IIM ~lQ+L+ Clu 7=0:) Kjp _lsd) K_ 717:1
Pejk g}djn elp ej cjmghj }l }zmmj}}bzi) Czbbj~~ gk}pjsjn6#pj sjgn ezknsjn} gkn ezknsjn} lb gkkzgi sjqls~} jrjsy yjgs+#
G Wzgs~jsiy Qzciomg~olk lb CjylknQsluy IIM ppp+hgkzgilbonjg}+mlh ^egkd}`orok` 3115
^
EJ
H
G@OM
B
LSHZIG
 
711
 
Flji @sjjkcig~~‟} pokkok` okrj}~hjk~ gqqslgme ” pey o~ plsd}
 
Gkgiy}o} lb ^lq 711 mlhqgkoj} qg}}ok` ’Hg`om Blshzig‘ }msjjk
 
Qslqsoj~gsy }jijm~olk lb ^lq 71 okrj}~hjk~ lqqls~zko~oj}
Mlhqgkoj} okmiznj Gmmjk~zsj) Gmhj Qgmdj~) Gignnok Dklpijn`j) Giij`ejky) Ghcg}}gnls} @slzq)Ghjsomgk Jg`ij Lz~bo~~js}) Ghjso}lzsmjCjs`jk) Cgsj J}mjk~zgi}) Cgssj~~ Cz}okj}} ]jsromj}) Colrgoi) Cljok`)Cslgnson`j Bokgkmogi) C]WZGSJ) Mgnjkmj Nj}o`k) MB Oknz}~soj}) Mlgme) M^M Hjnog) Ngsiok`) Njii)Njizuj) NjqlHjn) Noghlkn H`h~ " ^jmeklil`y) NO]E Kj~plsd) Nlzcij(^gdj ]lb~pgsj) Nykgmw Ejgi~emgsj)Jgs~eIokd) jCgy) JHMLS) Jhziju) Bos}~ Gnrgk~g`j) Blsj}~ Igc}) Bl}~js Pejjijs) @gkkj~~) @gshok)Egk}jk Kg~zsgi) Ejonsomd " ]~sz``ij}) Ejscgiobj) Ejshgk Hoiijs) Ezsml) oCg}o}) OMB Ok~jskg~olkgi) Omlkou)okbl@SLZQ) Fgmd}lk Ejpo~~) DCS) Djkjug) DEN Ezhclin~ Pjng`) Dok` Qegshg) Dlsk,Bjssy) Igh Sj}jgsme)IMG(Ro}olk) Ijgs) Iokmgsj) Ilsoiigsn) Hgko~lplm) Hm@sgp(Eoii) Hjnomo} Qegshg) HJHM Jijm~slkom Hg~jsogi})Hjsjno~e) Hj}gco ^sz}~) Homsl}lb~) Hlk}~js) Hl}gom) Kj~ 7 Zjq}) Kjp Bslk~ojs Hjnog) Kz~so]y}~jh) KRONOG)Qgmjs) Qjsoko) Qsj(Qgon Ij`gi) Qsjmo}olk Mg}~qgs~}) Qsjhojs Jueoco~olk}) QSOHJNOG) Wzj}~mls Qegshg)S+@+ Cgssy) Sgnol]egmd) Slcjs~ Egib) Slmdpjii Gz~lhg~olk) ]jg`g~j) ]ojssg Posjij}}) ]o`hg Nj}o`k})]qgsd Kj~plsd}) ]Q]]) ]ykjslk Hjnomgi) ^gdj(^pl Ok~jsgm~orj) ^jhqzs(Qjnom) ^ej]~sjj~+mlh)^l~gi ]y}~jh ]jsromj}) ^sgrjivll) Z]G Hlcoio~y) RGGIML Jkjs`y) Rgizj Iokj) RgizjMiomd)Rgsogk ]jhomlknzm~ls) Rjso`y) Rjs}gk~) Rogmlh) RoslQegshg) Pj}~jsk No`o~gi) gkn hlsj+]qjmogi ]jm~olk) qg`j} >(3:? 
 Gi}l ok}onj6
Qslqsoj~gsy Okrj}~hjk~ Onjg Io}~}
^lq 71•
 cj}~ lb ~ej cj}~
mlhqgkoj} po~e eonnjkg}}j~}
}zqjsokrj}~ls onjg}
~gu(}jiiok` cgs`gok}
 }~lmd} ylz‟rj kjrjs ejgsn lb 
cgs`gok} ok bokgkmogi}jm~ls 
ejgroiy }els~jn }~lmd}
Sjkgo}}gkmj^jmeklil`oj} onjg}
blsjo`k mlhqgkoj} io}~jn ok Z+]+ls Mgkgng
csgknjn cz}okj}}j}
juqil}orj }~lmd}
^lq 71 onjg} bls•
gm~oro}~ rgizj okrj}~ls}
njjqrgizj okrj}~ls}
mg}e bilp okrj}~ls}
@GSQokrj}~ls}
}qjmogi }o~zg~olk okrj}~ls}
kgkl mgqokrj}~ls}
homsl mgq okrj}~ls}
}hgii mgq okrj}~ls}
hon mgq okrj}~ls}
igs`j mgq okrj}~ls}
Qls~bliol} Po~e ’]o`kgi Rgizj‘
^lq onjg} lb ~lq okrj}~ls}•
Gmdhgk
Cjsdlpo~v
 Czbbj~~
Mzhhok` " ]~jokcjs`
Jokelsk
 @sjjkcjs`
Egpdok}
Omgek
Digshgk
 Iome~jk}~jok
Iljc
Hgknji
Qgcsgo
Qvjkg
Ighqjs~
Elek
Pg~}g
Peo~hgk
Qslqsoj~gsy ]~lmd ]msjjk}
]jgsmeok` bls jwzo~oj} po~e g}yhhj~somgi so}d(sjpgsn  qslboij}•
’}ezkkjn cy ~ej hgsdj~) cz~ kl~ cy ok}onjs}‘
’co``j}~ il}js}‘
’co``j}~ il}js} %njijrjsg`jn/‘
 ’co``j}~ il}js} %njijrjsg`jn) iodjiy qslbo~gcij/‘
’il~}lb sjrjkzj) cz~ io~~ij jk~jsqso}j rgizj‘
’kj`ijm~jn`sl}} qslbo~jjs}‘
’mlhqgkoj} po~e }~slk`) iowzon cgigkmj }ejj~}‘
’zknjsqjsblshjs}‘
’}gij)iowzong~olk ls sjmgq lqqls~zko~oj}‘
’`lln cz}okj}}j}g~ `lln qsomj}‘• cg}jn lk I^H JCO^• ~eo} B_ JQ]j}~ohg~j}• kju~ B_ JQ] j}~ohg~j}• 3173 JQ] j}~ohg~j}
Oknz}~sy Cslp}js}
]kgq}el~} lb }jm~ls} okmiznok`•
 cg}om hg~jsogi}
 mgqo~gi `lln}
mlk}zhjs mymiomgi
mlk}zhjs klk(mymiomgi
jkjs`y
bokgkmogi
ejgi~emgsj
 }jsromj}
~jmeklil`y
~sgk}qls~g~olk
z~oio~oj}
Cjylkn ~ej
 HLO• Cj}~ bsjj onjg} gkn lqokolk lk ~ej Ok~jskj~
 
 
Qg`j 3 lb >17
 
^egkd}`orok` 3115
 
¯ 3115 cy CjylknQsluy IIM+ Gii so`e~} sj}jsrjn+
ppp+hgkzgilbonjg}+mlh
QEL^LMLQ_OK@ " BGUOK@ PO^ELZ^ QJSHO]]OLK O] QSLEOCO^JN+
 
 
Qg`j = lb >17
 
^egkd}`orok` 3115
 
¯ 3115 cy CjylknQsluy IIM+ Gii so`e~} sj}jsrjn+
ppp+hgkzgilbonjg}+mlh
QEL^LMLQ_OK@ " BGUOK@ PO^ELZ^ QJSHO]]OLK O] QSLEOCO^JN+
JNO^LS]‟ MLHHJK^GS_
No}ilmg~olk} @gilsj
njg} gsj ~ej iobjcilln lb ~ej okrj}~hjk~ cz}okj}}+ ^l cj }zsj) hgky okrj}~ls} egrj bgoijn nj}qo~j `llnonjg}) cz~ bjp egrj }zmmjjnjn po~elz~ ~ejh+ Lzs `lgio} ~l qz~ ylz ok ~ej cj}~ ql}}ocij ql}o~olk cy mlk}o}~jk~iynjiorjsok` eo`e(wzgio~y gkgiy}o} gkn pokkok` onjg}+O~‟} g `lln ~ohj ~l cj ok ~ej onjg} cz}okj}}+ ^ejno}ilmg~olk} lrjs ~ej qg}~ bjp hlk~e} egrj cjjk ~sziyju~sglsnokgsy+ ^ej njijrjsg`ok` pgrj }pjjqok` hgsdj~}gkn ~ej cilpzq lb }qjmobom qlli} lb mgqo~gi egrj ijb~ gkzkqsjmjnjk~jn kzhcjs lb }jmzso~oj} ~sgnok` po~e io~~ijsj`gsn bls ok~sok}om rgizj+Pj‟rj zkmlrjsjn }lhj mlhqjiiok` lqqls~zko~oj}ghlk` ~ej 711 ’hg`om blshzig‘ mlhqgkoj} gkgiyvjn ok~eo} o}}zj+ Peoij lzs ^lq 71 qomd} gsj hl}~ kl~jpls~ey)ylz gsj iodjiy ~l bokn hgky hlsj mlhqgkoj} nj}jsrok` lb bzs~ejs okrj}~o`g~olk+ ]l) hgdj ylzs}jib mlhbls~gcij gkn`j~ sjgny bls g sjpgsnok` flzskjy ok~l onjg igkn+Lzs ^lq 71 hg`om blshzig }jijm~olk} gsj eo`e(SLOM cz}okj}}j} ho}zknjs}~lln cy okrj}~ls} gkn) ~ejsjblsj)ho}qsomjn+
Ghjsomgk Jg`ij %GJL/)
~ej ylz~e bg}eolk csgkn) eg} cjjk }ezkkjn nj}qo~j lkj lb ~ej cj}~ cz}okj}}hlnji} ok sj~goi) bjg~zsok` }~slk` csgkn ilygi~y) jbbomojk~}lzsmok` gkn jumjiijk~ }~lsj jmlklhom}+
@gshok %@SHK/)
~ej ijgnok` qslronjs lb qjs}lkgikgro`g~olk njromj}) eg} il}~ ~ej hlhjk~zh ~eg~ egng~~sgm~jn }qjmzig~ls}4 yj~) ~ej mlhqgky mlk~okzj} ~l jkflyg igs`j hgsdj~ lqqls~zko~y gkn ~sgnj} g~ 2u 311?J JQ]+
DEN Ezhclin~ Pjng` %DEN/)
g `ilcgi mjhjk~ qigk~ jk`okjjsok` bosh) o} szk cy gk zkz}zgiiy gnjq~ MJLgkn eg} hg}}orj zknjs(gqqsjmog~jn klk(mlsj g}}j~})okmiznok` mg}e) qsjbjssjn }~lmd gkn gk oslk lsj ok~jsj}~+
HJHM Jijm~slkom Hg~jsogi} %PBS/)
g pgbjs hgdjs bls }jhomlknzm~ls gkn }ligs gqqiomg~olk}) o} rgizjng} g mlhhlno~y }jho mgq jwzoqhjk~ bosh) o`klsok` ~ejmlhqgky‟} ijgnjs}eoq ok ~ej `slpok` }ligs oknz}~sy+
Homsl}lb~
 
%H]B^/
eg} bokgiiy }gon ’kl‘ ~l _gellgkn jhcgsdjn lk g .>1 coiiolk gmmsj~orj }~lmd czycgmd)yj~ o~ mlk~okzj} ~l ~sgnj g~ g hgfls no}mlzk~ ~l ~ej }zh(lb(~ej(qgs~} rgizj lb o~} cz}okj}} zko~}+
Kj~ 7 %ZJQ]/)
g qslronjs lb qgyhjk~ mgsn} ~l ~ejzkcgkdjn ok ]lz~e Gbsomg gkn ji}jpejsj) mlk~okzj} ~l`slp gkn eg} sjmjk~iy sjhlrjn hgfls zkmjs~gok~y) yj~ o~~sgnj} g~ :u blspgsn jgskok`}+
Qsjhojs Jueoco~olk} %QSUO/)
g njrjilqjs lb hz}jzh(wzgio~y jueoco~olk} gkn ~ej }girls(ok(ql}}j}}olklb ~ej ^ogkom }eoqpsjmd }o~j) eg} ho}}~jqqjn gkn o} klprgizjn kl~ lkiy g~ g ilp }ok`ij no`o~ hzi~oqij lb klshgiovjn JQ] cz~ gi}l cjilp ~ej gqqsgo}jn rgizj lb o~}mliijm~olk lb ^o~gkom gs~obgm~}+ 72* }egsjelinjs Hgsd ]jiijs} igzkmejn g qz}e ~l bosj ~ej MJL jgsiojs ~eo} hlk~e+
]ykjslk %JIL]/)
gk gj}~ej~om hjnomgi qslnzm~}mlhqgky) eg} }zc}~gk~ogi jgskok` qlpjs yj~ ~sgnj} cjilpkj~ mg}e gkn okrj}~hjk~}+ Cgzql}~ o} g hgfls }egsjelinjs+
^jhqzs(Qjnom %^QU/)
~ej klk(okkjs}qsok` hg~~sj}}ijgnjs) eg} cjjk ejgroiy }els~jn nzj ~l o~} no}msj~olkgsy)eo`e(~omdj~ qslnzm~) okqz~ ml}~ qsj}}zsj} gkn bokgkmogiijrjsg`j+ ^ej }els~ ~ej}o} `sl}}iy zknjsj}~ohg~j} ~ejmlhqgky‟} eo`eiy rgsogcij ml}~ }~szm~zsj gkn gcoio~y ~l}jsromj ~ej njc~) ql~jk~ogiiy }j~~ok` zq g }els~ }wzjjvj+
^sgrjivll %^VLL/)
gk lkiokj no}~socz~ls lb ~sgrjinjgi}) eg} cjjk no}ho}}jn g} g mg}zgi~y lb pjgd mlk}zhjs }qjknok`+ Elpjrjs) ~ej mlhqgky‟} }lion Z+]+ qslbo~gcoio~yo} hg}djn cy }~gs~zq il}}j} sjig~jn ~l `ilcgi juqgk}olk+Po~e igs`j ok}onjs lpkjs}eoq gkn ok}onjs czyok`) ~ejhgsdj~ gqqjgs} ~l egrj ez`jiy ho}fzn`jn ok~sok}om rgizj+Cgsjiy ho}}ok` lzs ^lq 71 }jijm~olk} gsj bjiilphg`om blshzig }~lmd}
Cgssj~~ %CC]O/) Njii %NJII/)Kjp Bslk~ojs %KLLB/)
gkn
Rjs}gk~ %R]K^/+
 
^EO] O] MZSOLZ]•
Rlid}pg`jk %RLP+NJ/
csojbiy cjmghj ~ej hl}~eo`eiy rgizjn }~lmd ok ~ej plsin) eo~~ok` 7)111 jzsl} qjs }egsj jrjk g} ok~sok}om rgizj sjhgokjn pjii cjilp 711+
Qigycly %QIG/
~sgnj} g~ gk gnfz}~jn jk~jsqso}j rgizjlb .?1 hoiiolk) nj}qo~j lpkjs}eoq lb ~ej Qigycly Hgk}olk%lk ~ej clld} bls .7 hoiiolk cz~ pls~e pjii kls~e lb .:1hoiiolk/ gkn gkkzgiovjn JCO^ lb hlsj ~egk .3: hoiiolkbslh ~ej `slpok` csgkn iomjk}ok` }j`hjk~ gilkj+
^sjj+mlh %^SJJ/)
gk Ok~jsGm~orjMlsq }qoklbb) eg} ghgsdj~ rgizj lb .37 hoiiolk) nj}qo~j hlsj ~egk .>1hoiiolk lb kj~ mg}e) sjmjk~ czyok` cy ~ej MJL gkn MBL)gkn g ~gdjlz~ rgizj borj yjgs} g`l lb .011$ hoiiolk+
Msj}zn %MSJ]_/)
g ijgnok` Gs`jk~okogk g`somzi~zsgimlhqgky) ~sgnj} g~ .2 qjs }egsj) cjilp ~ej rgizj lb o~} qzciom mlhqgky elinok`} gkn ~ej kj~ mg}e sgo}jn ok gIjzmgnog(cgmdjn .72 qjs(}egsj so`e~} lbbjsok` ok Hgsme+^ej hgsdj~ g}msocj} kl rgizj ~l Msj}zn‟} lpkjs}eoq lb hlsj ~egk lkj hoiiolk gmsj} lb qslnzm~orj igkn+
 Jkfly „ gkn cj }zsj ~l djjq ~ej `lln onjg} mlhok` cy }zc}msocok` ~lngy %}jj }zc}msoq~olk blsh lk ig}~ qg`j/+Nl gi}l ij~ z} dklp elp pj mgk hgdj ~ej
 HLO 
hlsjrgizgcij ~l ylz+ Jhgoi z} g~ jno~lsAhgkzgilbonjg}+mlh+
 „^ej
 
 Hgkzgi lb Onjg}
Jno~lsogi ^jgh
O

Activity (15)

You've already reviewed this. Edit your review.
1 thousand reads
1 hundred reads
A.J. Kratz liked this
Oxony20 liked this
vivsencu liked this
hjkentscribd liked this

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->