8/9/2019 The Zweig Letter : 2010 Industry Outlook

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8/9/2019 The Zweig Letter : 2010 Industry Outlook

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8' Plkf plrs lh gjsnlgji afjisa `jrfrfhlrk tnii ujpp fjri~ ng saf ~fjr jgc `ifjrsaf tj~ hlr afjisa `jrf ngpsnsvsnlgp slpsjrs pufgcngd rfji klgf~ lg hj`ninsnfp

lg`f jdjng'4' Saf `liifdf jgc vgnxfrpns~ kjrbfs tniilg`f jdjng of lgf lh saf psrlgdfps pf`slrphlr lvr ngcvpsr~'Tnsa rf`lxfrngd fgclt+kfgs ulrshlinlp) lkongfc tnsa ng`rfjpngdfgrliikfgsp !vgfkuil~fc lr vgcfrfk+uil~fc ufluif sfgc sl dl oj`b sl lr psj~ ngp`alli.) ns ajp sl olcf tfii'

1' Saf Drffg Klxfkfgs) ifc o~ hnrkppv`a jp Tji+Kjrs) tnii `rfjsf fgsnrfi~ gftpfrxn`f ingfp hlr J,F,U jgc fgxnrlgkfgshnrkp sajs tjgs sl uvrpvf ns' ?5:5 tnii of

saf ~fjr lh drffg'

>' Lsafr psrlgd kjrbfsp tnii of jnrulrspjgc jxnjsnlg hj`ninsnfp) rljcp jgc orncdfp)gv`ifjr ultfr !nsp oj`b*.) jgc kjg~ hfc+frji dlxfrgkfgs pf`slrp'Tfjb kjrbfsp

tnii of lhhn`f jgc rfsjni) B+:? !tal `jgujpp j sjq ng`rfjpf!ncfgsn`ji srnuifsp. urfpfgs safkpfixfp jgcsfii safnr pslr~ sl saf tlric' Saf pffkngd+i~ fgcifpp psrfjk lh Sndfr ilxf ujrsgfrp tniibffu Lurja hrlk dlngd sarlvda tnsa afruijggfc rfsnrfkfgs ng ?5::'

Pl safrf ~lv ajxf ns' K~ `r~psji ojii nplxfrafjsngd jgc dfssngd j inssif `ilvc~'''pl N ajxf sl uvs ns oj`b ngsl saf pl`bcrjtfr vgsni sanp snkf gfqs ~fjr' Dllciv`b) Jii ~lv tnii gffc ns ng ?5:5'

KJ_B ]TFND np saf hlvgcfr lh]tfndTansf' @lgsj`s ank tnsa zvfpsnlgplr `lkkfgsp js k}tfndE}tfndtansf'`lk'

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Saf ]tfnd Ifssfr

Nppvf 130= Cf`fkofr ?:) ?55>

]TFNDTANS

FcnslrnjiHrlk ujdf :

7 Tjs a lvs hlr safpf pnq kjmlr srfgcpnkuj`sngd saf JF@ ngcvpsr~ sanp ~fjr'

]tfndTansf rf`fgsi~ rfifjpfc nsp jggvjiJF@ Ngcvpsr~ Lvsillb= Psrjsfd~ jgc Ngpndas hlr Cfpndg ( @lgpsrv`snlg Hnrkprfulrs)

jgc tanif saf lvsillb npgs jp rlp~ jp plkfurfxnlvp ~fjrp) nsp glssaf dillk jgc cllk lh j~fjr jdl' Hnrk ifjcfrp jrf

plkftajs klrf lusnknpsn` lxfrjii jolvssafnr urlpuf`sp ng ?5:5 sajg saf~ tfrfafjcngd ngsl ?55>) ovs nsp gls dlngd sl offjp~ hlr kjg~ rfjplgp) gls ifjps lh tan`anp `lgsngvngd vg`frsjngs~ ng saf V'P'f`lglk~'

Sanp ~fjr) tf jrf srj`bngd pnq kjmlr srfgcpsajs tnii jhhf`s saf JF@ ngcvpsr~ lxfr safgfqs :? klgsap=

F`lglkn` vg`frsjngs~

Saf Jkfrn`jg _f`lxfr~ (_fngxfpskfgs J`s lh ?55> jgc lsafrdlxfrgkfgs ngsfrxfgsnlg

Vgfkuil~kfgs jgc afjisa `jrf

Knqfc kfrdfr ( j`zvnpnsnlg j`snxns~

Dilojin}jsnlg lh saf JF@ ngcvpsr~

Drffg ovnicngd

F`lglkn` vg`frsjngs~' Saf ujps :6klgsap ajxf offg xfr~ cnhhn`vis hlr safV'P' f`lglk~) jp j rfpvis lh saf Drfjs_f`fppnlg sajs ofdjg ng Cf`fkofr ?554'

Tanif kjg~ f`lglknpsp jrf glt cf`ijrngdsaf rf`fppnlg lhhn`njii~ lxfr jgc kjg~ lhsaf klps+tjs`afc f`lglkn` ngcn`jslrp jrfnkurlxngd) ?5:5 kj~ psnii of j cnhhn`vis~fjr jp saf rf`lxfr~ urldrfppfp tfjbi~)fpuf`njii~ ng indas lh srfgc # ?) j psnii xfr~anda vgfkuil~kfgs rjsf'

Vgfkuil~kfgs jgc afjisa `jrf' LgCf`' 3) saf Ovrfjv lh Ijolr Psjsnpsn`prfifjpfc gft vgfkuil~kfgs hndvrfp sajspaltfc j pindas nkurlxfkfgs sl Jkfrn`jppljrngd vgfkuil~kfgs urloifk) tnsa safgjsnlgji rjsf crluungd sl :5&' Altfxfr)sajs hndvrf np psnii lgf lh saf andafps safV'P' ajp fqufrnfg`fc png`f saf rf`fppnlgofdjg' Jgc saf JF@ ngcvpsr~ ajp glsoffg nkkvgf' Ng rfpulgpf sl saf crlu+lhh

ng urlmf`s unufingfp) plkf hnrkp ajxf offghlr`fc sl ij~ lhh psjhh kfkofrp jgc ultfr+cltg safnr lhhn`fp sl `vs `lpsp tanif saf~

tjns hlr saf pnsvjsnlg sl nkurlxf' Js safpjkf snkf) saf `lps lh urlxncngd ofgfhnsp

sl fkuil~ffp `lgsngvfp sl `inko' Olsa lhsafpf urloifkp jrf ofngd jccrfppfc lg jgjsnlgji ifxfi) jgc illb hlr saf lvs`lkfplh j`snlg sjbfg o~ @lgdrfpp jgc safLojkj jckngnpsrjsnlg sl `ajgdf saf hj`flh ovpngfpp ng saf tncfr f`lglk~) jp tfiijp tnsang sanp ngcvpsr~) ng ?5:5'

Saf Jkfrn`jg _f`lxfr~ ( _fngxfp+skfgs J`s lh ?55> jgc lsafr dlxfrgkfgsngsfrxfgsnlg' Ng ?551 jgc ?55>) tf pjt jpfrnfp lh vgurf`fcfgsfc dlxfrgkfgs kfj+pvrfp jnkfc js nkurlxngd saf afjisa lh saff`lglk~' Safpf oniip jgc ngnsnjsnxfpklps glsjoi~ saf Jkfrn`jg _f`lxfr~ jgc_fngxfpskfgs J`s lh ?55> !J__J.) safpsnkvivp onii urlxncfc luulrsvgnsnfp hlrsaf JF@ ngcvpsr~) ovs jipl `jvpfc plkfafjcj`afp' Lgi~ jolvs ?6& lh saf oniipjuurlurnjsnlgp ajxf offg jtjrcfc pl hjrpl illb hlr sanp onii sl `lgsngvf sl nghiv+fg`f saf ovnicngd jgc lgpsrv`snlg pf`slrpng ?5:5 jgc of~lgc jp klrf lh saf urlxn+pnlgp jrf fgj`sfc' J ulppnoif pf`lgc psnk+

Fquf`sjsnlgp lh ovpngfpp ufrhlrkjg`f

ng ?5:5

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Plvr`f= JF@ Ngcvpsr~ Lvsillb= Psrjsfd~jgc Ngpndas hlr Cfpndg ( @lgpsrv`snlgHnrkp

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8/9/2019 The Zweig Letter : 2010 Industry Outlook

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@lu~rndas ?55>) ]tfndTansf' Jii rndasp rfpfrxfc'

Nppvf 130= Cf`fkofr ?:) ?55>

Saf ]tfnd Ifssfr

vivp jgc lsafr urlulpfc kfjpvrfp ng Tjpangdslg `lvic ujpp ng ?5:5) hvrsafr`ajgdngd saf `lvrpf lh saf f`lglk~ jgcsaf ngcvpsr~ ng saf `lkngd :? klgsap'

Knqfc kfrdfr jgc j`zvnpnsnlg j`snxns~'Lxfr saf ujps pfxfrji ~fjrp) psrlgd ufrhlr+kjg`f jgc rf`lrc urlhnsp ng saf JF@ngcvpsr~ urlxncfc kjg~ hnrkp tnsa saf`junsji gf`fppjr~ sl kjbf j`zvnpnsnlgp'_f`lrc ngcvpsr~ urlhnsp srjgpijsfc ngslpsrlgd `jpa ulpnsnlgp jgc rnpngd ngsfrgjipsl`b urn`fp) hvfingd jccnsnlgji uvr`ajpfp'Sajs jii `ajgdfc ijsf ng ?551 jp saf psl`bkjrbfs svkoifc jgc saf f`lglk~ tjpurlglvg`fc lhhn`njii~ ng rf`fppnlg' Hnrkpjrf ifpp lusnknpsn` jolvs saf ufrhlrkjg`flh saf JF@ ovpngfpp jgc saf lxfrjii f`lg+lk~ afjcngd ngsl ?5:5) jgc sajs afpnsjg+`~ np ajxngd jg nkuj`s lg saf K(J kjr+bfs' Ngxfpslrp lh jii pajufp jgc pn}fp jrfgfrxlvp) jgc kjg~ ajxf ilps pndgnhn`jgsjklvgsp lh tfjisa sajs tjp snfc vu ng safpsl`b kjrbfs' Vgsni saf~ `jg rf`lvu plkflh safpf ilppfp) hnrk ifjcfrp tal tfrf

urfujrngd hlr rfsnrfkfgs sarlvda saf vpflh j kfrdfr lr j`zvnpnsnlg kj~ of alicngdlg vgsni saf kjrbfsp psjonin}f ofhlrf pndg+ngd lg saf clssfc ingf'

Dilojin}jsnlg lh saf JF@ ngcvpsr~' Saftlric np parngbngd) jgc saf JF@ ngcvpsr~

np dlngd diloji' Sajs srfgc tnii `lgsngvfng ?5:5 jgc saf nkuin`jsnlgp hlr cfpndgjgc `lgpsrv`snlg hnrkp jrf pndgnhn`jgs'Dilojin}jsnlg tnii urlxncf olsa luulrsv+gnsnfp jgc lopsj`ifp sl V'P' hnrkp) fxfg hlrsalpf hnrkp sajs cl jii lh safnr tlrbclkfpsn`jii~' Kjg~ Jkfrn`jg JF@ hnrkp

tnii hngc gft kjrbfsp lufgngd jorljc) jssaf pjkf snkf sajs saf~ hj`f `lkufsnsnlghrlk hlrfndg hnrkp hlr urlmf`sp `ilpfr slalkf' Ng ?5:5) tlrb tnii ng`rfjpngdi~hilt sl saf klps `lkufsfgs) iltfps+`lps

urlhfppnlgji pfrxn`f urlxncfr) rfdjrcifpp lh tafrf sajs ufrplg lr hnrk np ua~pn`jii~il`jsfc'

Hnrk ifjcfrp jrf plkftajsklrf lusnknpsn` lxfrjii jolvssafnr urlpuf`sp ng ?5:5 sajgsaf~ tfrf afjcngd ngsl ?55>'

Drffg ovnicngd' Drffg ovnicngd) lr pvp+sjngjoif cfpndg) ajp offg lgf lh safonddfps srfgcp jhhf`sngd glgrfpncfgsnji jgc

rfpncfgsnji `lgpsrv`snlg ng saf ujps hft~fjrp) jgc ns tnii lgsngvf sl cl pl jdjng ng?5:5 jgc of~lgc' Saf drltsa lh drffgovnicngd ajp offg crnxfg o~ j rfgftji lhfgxnrlgkfgsji `lgp`nlvpgfpp ng saf V'P')ujrsn`vijri~ ng rfdjrc sl saf nkulrsjg`f lhdiloji tjrkngd jgc saf gffc hlr j`snlg lgil`ji jgc diloji ifxfip' Ng jccnsnlg) xlijsniffgfrd~ `lpsp ajxf kjcf pvpsjngjoif cfpndgjgc fgfrd~ fhhn`nfg`~ kv`a klrf jssrj`+snxf hrlk jg f`lglkn` ufrpuf`snxf'@lrulrjsf drffgngd ajp jipl crnxfg saf rnpfng saf pf`slr jgc tnii `lgsngvf sl cl pl)fpuf`njii~ jp saf Lojkj jckngnpsrjsnlgkjbfp saf `rfjsnlg lh drffg mlop j sluurnlrns~'

Bffu jg f~f lg safpf srfgcp ng ?5:5 jgcof~lgc hlr nghlrkjsnlg jp sl alt safkjrbfsp kj~ `ajgdf jgc tajs luulrsvgn+snfp jgc lopsj`ifp ~lvr hnrk kj~ hj`f ngsaf klgsap jafjc'

@VOFIINP @ILPFP PALU= Gvkofr :0lg saf ?55> Saf ]tfnd IfssfrAls Hnrk Inpssvrgfc lvs sl of saf ajrongdfr lh ojc iv`bhlr @vofiinp) j tfii+bgltg jr`ansf`svrf jgcfgdngffrngd hnrk ng Olpslg'

Jhsfr klrf sajg stl cf`jcfp ng ovpngfpp)saf :46+ufrplg hnrk np ng saf url`fpplh pavssngd cltg) j``lrcngd sl jg jrsn`ifng Olpslg Ovpngfpp Mlvrgji'

Ng jg ngsfrxnft tnsa Saf ]tfnd IfssfrijpsMvgf) Urfpncfgs jgc @FL Ifglrc @vofiinpsjibfc jolvs cnhhn`visnfp hj`ngd saf hnrk)ng`ivcngd pafccngd 06& lh nsp psjhh hrlk3?6 ng Mvgf ?551 sl ?15 ng Mvgf ?55>'

Mvps ijps ~fjr) saf hnrk ajc :1 il`jsnlgp)ng`ivcngd jg lhhn`f ng Cvojn) j``lrcngd sljglsafr S]I jrsn`if' _f`fgs lhhn`f lufgngdpng`ivcfc il`jsnlgp ng Ojisnklrf) Cjiijp) jgcpvovrojg Ilp Jgdfifp) j``lrcngd sl safOlpslg Ovpngfpp Mlvrgjijrsn`if'

Ifglrc @vofiinp slic saf gftpujufr sajsPlxfrfndg Ojgbp cf`npnlg sl hrff}f safhnrkp ingf lh `rfcns) ifjxngd ns vgjoif sl uj~fkuil~ffp) ifc sl saf cf`npnlg sl pavssfrsaf lufrjsnlg' Kfjgtanif) hnrk fkuil~ffpjrf sjbngd lxfr pfxfrji j`snxf urlmf`sp) jgckjbngd jrrjgdfkfgsp sl hngnpa safk'

Psjrsfc ng :>18 tnsa hnxf fkuil~ffp ngOlpslg) @vofiinp dfgfrjsfc jiklps #83kniinlg ng rfxfgvf ng ?551) j``lrcngd sl nsp?55> Als Hnrk Inps pvoknppnlg'

J_@ANSF@SP @JPS CLVOS LG

PVPSJNGJONINS^= Jg L`slofr ulii o~Jr`ansf`s Kjdj}ngfjpbngd rfpulgcfgsptan`a psjsfkfgsp klps `ilpfi~ cfp`rnofp~lvr ufrplgji xnftp lg pvpsjngjoif cfpndgjgc saf fgxnrlgkfgs) paltp plkfpvrurnpngd rfpvisp' Saf pvrxf~ rfxfjifcsaf hliiltngd=

38& lh rfpulgcfgsp ncfgsnhnfc tnsa safpsjsfkfgs) Nsp xnsji sajs tf cfpndg jgcovnic pvpsjngjoi~) ng lrcfr sl `lgpfrxfp`jr`f rfplvr`fp jgc urfxfgs hvrsafr dilojitjrkngd'

03& `alpf saf psjsfkfgs) Nk gls pvrfsajs diloji tjrkngd np `jvpfc o~ kjg) ovsfgfrd~ `lgpfrxjsnlg kjbfp f`lglkn` pfgpf

nh tfii of ifpp cfufgcfgs lg lsafr`lvgsrnfp lni'

8'4& ncfgsnhnfc tnsa) Nk gls pvrftafsafr ovnicngd drffg ng saf Vgnsfc Psjsfptnii afiu saf fgxnrlgkfgs tafg @angj jgcNgcnj jrf of`lkngd ngcvpsrnjin}fc pl rjunci~'

:?'1& `alpf) Diloji tjrkngd np j k~saufrufsvjsfc o~ saf kfcnj) jgc drffgovnicngd np j hjc nsii of hlrdlssfg ng ?5~fjrp snkf'

J,F Ovpngfpp Gftp7

]TFNDTANSF

Tan`a lh saf hliiltngd drltsa psrjsfdnfp

tnii ~lvr hnrk uvrpvf ng saf gfqs :?

klgsap&

Fqujgcngd kjrbfsngd j`snxnsnfp ' ' ' ' ' '64&

Uvrpvngd cfpndg,ovnic luulrsvgnsnfp ' '38&

Dfldrjuan` fqujgpnlgp ' ' ' ' ' ' ' ' ' ' ' '38&

Uvrpvngd j kfrdfr lr j`zvnpnsnlg ' ' ' '?1&

Fgsfrngd gft ngsfrgjsnlgji kjrbfsp ' ':1&

Mlngs xfgsvrngd ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ':1&

Uvrpvngd lgpsrv`snlgkjgjdfkfgs luulrsvgnsnfp ' ' ' ' ' ' ' ' ':4&

Uvrpvngd urldrjk kjgjdfkfgsluulrsvgnsnfp ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ':6&

Ng`rfjpngd anrngd jgc rf`rvnskfgsj`snxnsnfp ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ':?&

Plvr`f= JF@ Ngcvpsr~ Lvsillb= Psrjsfd~jgc Ngpndas hlr Cfpndg ( @lgpsrv`snlg

Hnrkp

Uijgp hlr Pv``fpp7

8/9/2019 The Zweig Letter : 2010 Industry Outlook

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Saf ]tfnd Ifssfr

Nppvf 130= Cf`fkofr ?:) ?55>

7 Ilt klrsdjdf rjsfp) psnkvivp klgf~ `lvicpuvr klrf j`snxns~ ng plkf pf`slrp'

Stl ifjcngd JF@ f`lglkn` jgji~pspfquf`s jg vusn`b ng tlrb gfqs ~fjr)jisalvda saf~ tjrg hnrk ifjcfrp gls slfquf`s j rfsvrg sl saf ngcvpsr~p af~cj~ lhlgi~ j hft ~fjrp jdl'

Bfg Pnklgplg) `anfh f`lglknps hlr Jppl`njsfc Dfgfrji @lgsrj`slrp lhJkfrn`j !JD@. !Jringdslg) XJ.) np ujr+

snjii~ lusnknpsn` jolvs tajsp sl `lkf ng?5:5) pj~ngd af fquf`sp

sl pff drltsa lh ?5& sl 05& ng pngdif+hjkni~ alkf ovnicngd) j ollps sajs tlvicpsnii ifjxf sajs pf`slr ofilt nsp ?554 ifxfip)

ovs j pndgnhn`jgs psfu vu glgfsafifpp'Tfxf dls klrsdjdfrjsfp js rf`lrc iltpjgc alkf urn`fpcltg) pl klrf ufluif`jg zvjinh~ hlr jgcjhhlrc klrsdjdf uj~+kfgsp sajg fxfrofhlrf) fxfg tnsa j:5& vgfkuil~kfgsrjsf) af pj~p' Safhnrps+snkf alkfov~frp

hfcfrji sjq `rfcns url+drjk ajp offg fqsfgcfc sarlvda Jurni 05jgc fqujgcfc sl dnxf plkf fqnpsngd alkf+ltgfrp j 655 `rfcns jp tfii'

Bfrkns Ojbfr) `anfhf`lglknps hlr saf

Jkfrn`jg Ngpsnsvsf lh Jr`ansf`sp !JNJ.!Tjpangdslg) C@.)pj~p nkurlxfkfgsp ngsaf orljcfr f`lglk~pv`a jp jg jgsn`nujsfcng`rfjpf ng saf DrlppClkfpsn` Urlcv`s ngsaf hlvrsa zvjrsfr lh?55> jgc j ollps ng

saf jklvgs lh f`lglkn` psnkvivp klgf~fquf`sfc sl of clifc lvs ng ?5:5) jrf dllcpsjrsp'

Pnq klgsap ngsl saf rf`lxfr~) safrf jrfklrf pvrurnpfp lg saf vupncf sajg lg saf

cltg pncf) af pj~p' Tfrf pffngd plkfnkurlxfkfgsp ng saf orljcfr f`lglk~jgc visnkjsfi~ sajsp dlngd sl kfjg dllcsangdp hlr saf `lgpsrv`snlg ngcvpsr~' Af

ofinfxfp saf rf`fppnlg fgcfc plkftafrf ngsaf Mvgf+Mvi~ snkfhrjkf) ovs tnii tjns hlrlhhn`nji tlrc lg sajs'

Saf dllc) saf ojc) jgc saf vdi~

Pnklgplg pj~p af fquf`sp saf ulli lh `jpapfs jpncf hlr nghrjpsrv`svrf urlmf`sp ng saf

Jkfrn`jg _f`lxfr~ jgc _fngxfpskfgs J`slh ?55> jolvs :06 oniinlg lh saf 414oniinlg slsji sl of cnpsrnovsfc klrfhfxfrnpai~ sanp ~fjr jgc jiij~ plkf lh saf`lg`frgp j`rlpp saf JF@ ngcvpsr~ jolvssaf rfijsnxfi~ ujisr~ nkuj`s saf psnkvivp

uj`bjdf ajc ng ?55>) lsafr sajg lg anda+tj~ urlmf`sp'

Anda+puffc rjni urlmf`sp jrf inbfi~ sl pffsafnr hnrps jtjrcp ijsf gfqs ~fjr) af pj~p)jgc dlxfrgkfgs jdfg`nfp jrf fquf`sfc slof ofssfr fzvnuufc sl cfji tnsa saf hillclh gft `lgsrj`sp ng ?5:5 sajg saf~ tfrfpalrsi~ jhsfr Urfpncfgs Ojrj`b Lojkjpndgfc saf onii ngsl ijt ng Hforvjr~' Sajsdivs lh ujufrtlrb jvpfc j oj`bvu lg dfs+sngd saf klgf~ hiltngd) Pnklgplg pj~p)`jiingd ns jg vgfquf`sfc fkojrrjppkfgslh rn`afp saf jdfg`nfp ajc gfxfr pffg jgc

tfrfgs urfujrfc sl ajgcif'

Saf ng`ivpnlg lh saf Ov~ Jkfrn`jg urlxn+pnlg ng saf psnkvivp uj`bjdf piltfc kjg~

tjsfr jgc tjpsftjsfr urlmf`sp) jp `lgsrj`+slrp glsfc saf kv`a andafr urn`fp lh kjsf+rnjip ng saf V'P' jp luulpfc sl safnr vpvjilxfrpfjp pvuuinfrp' Sajs zvjgcjr~ np ofngdplrsfc lvs ovs palvicgs pilt sangdp cltgng ?5:5) Pnklgplg pj~p'

Psjsf jgc il`ji urlmf`sp `lvic of ng saf

tlrps pajuf) af pj~p) png`f psjsf jgc il`jidlxfrgkfgs ovcdfsp jrf psnii crluungd'

Jipl inbfi~ sl psrvddif ng ?5:5 jrf cfxfi+lufr+hvgcfc urlmf`sp) tnsa l``vujg`~rjsfp iltfr sajg ng kjg~ ~fjrp js alsfip)jgc xj`jg`~ rjsfp ng jujrskfgsp jgckvisn+hjkni~ alkfp `lgsngvngd sl hjii'

Andafr fcv`jsnlg jgc afjisa jrf urlmf`sp)Pnklgplg pj~p) `lvic dl fnsafr tj~'

Tnsa saf rfxnxji lh saf psl`b kjrbfs) tf`lvic pff jg ng`rfjpf ng fgcltkfgsp jgc jun`bvu ng j`snxns~ ng salpf pf`slrp) afpj~p' Pnklgplg jipl fquf`sp sl pff j inkns+

fc rfxnxji ng saf rfsjni kjrbfs nh Nk rndasjolvs alkf ovnicngd) pj~ngd gft alkf+ltgfrp tnii cl ng`rfjpfc ifxfip lh ovpngfppjs alkf+nkurlxfkfgs pslrfp jgc saf inbfng safnr jrfjp'

Ojbfr pj~p af pffp saf ngpsnsvsnlgji pf`slrjp kv`a psrlgdfr sajg saf lkkfr`nji pf`+slr ng ?5:5) pj~ngd af alufp cfpndgfrp pffj svrgjrlvgc o~ saf knccif lh saf ~fjr) jsnkfingf sajs tlvic kfjg `lgpsrv`snlgj`snxns~ tlvic drlt ng ?5::'

Safrfp psnii j aluf saf psnkvivp tnii cl

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