David K. Donovan Jr. Structured Products 091611

download David K. Donovan Jr. Structured Products 091611

of 3

Transcript of David K. Donovan Jr. Structured Products 091611

  • 8/2/2019 David K. Donovan Jr. Structured Products 091611

    1/3

    Xz~yhzy~ij T~mjyhzx Maai~ Hmctillkef Mttm~zyekzkix ke Zy~nyliez, Lmv [kiljCb~oiz

    N{ Jbqkj O% Jmemqbe G~%

    Aiji~bl ^ixi~qi H`bk~cbe Nie Ni~ebeoi ~ihiezl{ xbkj z`i Y%X% hiez~bl nbeo vmylj xtb~i emiaam~z zm nmmxz vibo f~mvz` bej lmvi~ yeictlm{ciez% Blcmxz z`~ii {ib~x bfm, z`i Aij hyz kzxnieh`cb~o ~bzix zm eib~ wi~m zm tyll z`i ihmemc{ myz ma b x`b~t ~ihixxkme, bej me Byfyxz ;,>422, kz ibxij cmeizb~{ tmlkh{ ay~z`i~ n{ iptbejkef kzx ib~lki~ t~mckxi zm `mlj ~bzix bz ~mho#nmzzmc liqilx am~ be ipziejij ti~kmj, bz libxz z`~myf` ckj#>428%

    V`kli z`ixi ~ihiez Aij jihkxkmex `ilt cbkezbke z`i `myxkef kejyxz~{, z`i{ blxm t~ixiez bemttm~zyekz{% Jixtkzi zmjb{x lmv#{kilj ieqk~meciez, kejkqkjybl bej kexzkzyzkmebl keqixzm~xhmezkeyi zm vbez `kf`i~ ~izy~ex bx z`i{ nblbehi ~kxo qi~xyx ~ivb~j, vkz` cm~i {kiljhmctiexbzkef z`ic am~ zbokef me cm~i ~kxo%

    Ke zmjb{x zy~nyliez, lmv {kilj cb~oiz , xz~yhzy~ij t~mjyhzx m~ cb~oiz#lkeoij keqixzciezx b~inihmckef keh~ibxkefl{ cm~i bzz~bhzkqi zm nmz` ~izbkl bej kexzkzyzkmebl keqixzm~x nihbyxi z`i{t~mqkji b hmctillkef cibex ma ie`behkef bej n~mbjiekef keqixzciez tm~zamlkmx% Xz~yhzy~ijt~mjyhzx b~i keqixzciezx z`bz kehlyji b ji~kqbzkqi#lkeoij tb{myz nbhoij n{ z`i kxxyi~x h~ijkz%Jkaai~iez am~cx kehlyji xz~yhzy~ij emzix bej hi~zkakhbzix ma jitmxkz HJx+% Z`i{ b~i jkxzkehzl{jkaai~iez a~mc bxxiz#nbhoij xihy~kzkix BNX+ bej cm~zfbfi#nbhoij xihy~kzkix CNX+, v`kh` b~ikeqixzciezx ayejij n{ b tmml ma lmbex% Nihbyxi BNX-CNX b~i hbllij xz~yhzy~ij akebehi,xz~yhzy~ij h~ijkz m~ xihy~kzkwbzkme, z`i xkcklb~ ebcix hbe mazie hbyxi hmeayxkme%

    Z~bjkzkmebll{, xz~yhzy~ij t~mjyhzx `bqi niie cm~i tmtylb~ ke Iy~mti bej Bxkb% @mviqi~, viiptihz z`ik~ tmtylb~kz{ zm keh~ibxi ke z`i Y%X% nihbyxi ma z`~ii abhzm~x7 zmjb{xkxzm~khbll{ lmv

    fl mnbl kezi~ixz ~bzix? kexzkzyzkmebl keqixzm~x `yezkef am~ {kilj? bejbe bqbklbnli aibzy~i ma nyklz#ke t~kehktbl t~mzihzkme, v`kh` h~ibzix be bzz~bhzkqi keqixzciez am~ z`i ~izbkl xihzm~%

    Ke abhz, bhhm~jkef zm b ~itm~z ke Keqixzciez Eivx, *84 nkllkme ke xz~yhzy~ij t~mjyhzx vi~i xmlj kez`i Y%X% ke z`i ak~xz `bla ma >422 bx hmctb~ij zm *98 nkllkme ke bll ma >424 bej *88 nkllkme ke bll ma>446 v`kh` vbx hmexkji~ij b fmmj {ib~ am~ z`i gyxz ny~fimekef xz~yhzy~ij t~mjyhzxcb~oiztlbhi%

    Ayilkef z`kx f~mvz` kx z`i bnklkz{ ma xz~yhzy~ij t~mjyhzx zm maai~ hyxzmckwij iptmxy~i zm z`icb~oiz bej ciiz xtihkakh keqixzm~ eiijx z`bz hbez ni ciz n{ xzbejb~jkwij cb~oiz kexz~yciezx%Bx xyh`, z`i{ hbe ni yxij bx be blzi~ebzkqi zm jk~ihz keqixzciezx ke irykzkix ke z`i X!T 944,

    cyzybl ayejx, iph`befi#z~bjij ayejx IZAx+ m~ cb~oiz kejkhix lkoi z`i Cm~fbe Xzbeli{Ici~fkef Cb~oizx Kejip bej bx be bxxiz bllmhbzkme xz~bzif{ zm ~ijyhi z`i mqi~bll ~kxo iptmxy~i ma b tm~zamlkm% Z`i{ b~i a~iryiezl{ maai~ij bx XIH#~ifkxzi~ij t~mjyhzx, v`kh` cboi z`icbhhixxknli zm keqixzm~x gyxz lkoi xzmhox, nmejx, cyzybl ayejx bej IZAx bej b~i b yxiaylhmctliciez zm z`mxi nizzi~#oemve t~mjyhzx bx tb~z ma b jkqi~xkakij tm~zamlkm% @mviqi~, yelkoicyzybl ayejx, IZAx bej `ijfi ayejx, xz~yhzy~ij t~mjyhzx b~i h~ibzij bej maai~ij hmezkeymyxl{,vkz` xtihkakh cbzy~kz{ jbzix z`bz hbe ni ti~xmeblkwij zm ciiz b qb~kiz{ ma keqixzciez mngihzkqix%

  • 8/2/2019 David K. Donovan Jr. Structured Products 091611

    2/3

    Z`i zvm fiei~bl z{tix ma xz~yhzy~ij t~mjyhzx z`bz b~i nmz` t~kehktbl t~mzihzij bej bz z`i xbcizkci tb~zkhktbzi ke xmci mz`i~ cb~oiz qkb ji~kqbzkqix b~i cb~oiz#lkeoij HJx, v`kh` b~i nbeo bhhmyezx z`bz tb{ b ji~kqbzkqi hmytme, bej xz~yhzy~ij emzix, v`kh` b~i nmejx z`bz tb{ bji~kqbzkqi hmytme% Ke z`i lbzzi~ f~myt kehlyjix b vkji qb~kiz{ ma xz~yhzy~ij t~mjyhzx, xyh` bxirykz{#, kezi~ixz ~bzi# bej AP bej hmccmjkz{#lkeoij xkefli ebci emzix, nbxoizx bej `{n~kj

    nliejx% Cb~oiz#lkeoij HJx b~i ayll{ t~mzihzij n{ z`i Aiji~bl Jitmxkz Kexy~behi Hm~tm~bzkmeAJKH+ yt zm *>94,444 ti~ kexz~yciez, v`kli xz~yhzy~ij emzix b~i fyb~beziij n{ z`i kxxyi~, v`kh`kehlyjix cbe{ ma z`i vm~ljx libjkef akebehkbl kexzkzyzkmex%

    B Fyb~beziij ^izy~e vkz` ^ijyhij Qmlbzklkz{Keqixzm~x b~i bzz~bhzij zm xz~yhzy~ij t~mjyhzx nihbyxi z`i{ hbe maai~ t~mzihzkme bfbkexz cb~oizlmxxix v`kli maai~kef `kf`i~ {kiljx, bhhixx zm xtihkblkwij bxxiz hlbxxix bej zbp bjqbezbfix% Z`iayll AJKH t~mzihzkme ma cb~oiz#lkeoij HJx blxm cboix z`ic b qi~{ bzz~bhzkqi t~kehktbl#t~mzihzijkeqixzciez% Xz~yhzy~ij t~mjyhzx b~i jixkfeij xm z`i{ hbe eiqi~ lmxi z`i qblyi ma z`i kekzkblkeqixzciez, vkz` z`i ytxkji z`bz ka z`i cb~oiz fmix yt, z`i{ fiei~bzi f~ibzi~ ~izy~ex, bej ka z`icb~oiz fmix jmve, keqixzm~x xzkll ~ihikqi bll ma z`ik~ kekzkbl keqixzciez% Ke mz`i~ vm~jx, z`i{

    fyb~bezii b ~izy~e ma bz libxz 244) ma z`i m~kfkebl keqixzciez bej `bqi z`i tmziezkbl zm ~izy~ecyh` cm~i v`kli iexy~kef ~ijyhij qmlbzklkz{ m~ ~kxo%

    Xtihkakhbll{, t~kehktbl t~mzihzkme fyb~beziix z`i keqixzm~ t~mzihzkme ma t~kehktbl ka z`i emzi kx `iljzm cbzy~kz{% Am~ ipbctli, ka be keqixzm~ keqixzx *2,444 ke b xz~yhzy~ij emzi vkz` b abhi qblyi ma *2,444 vkz` b akqi#{ib~ cbzy~kz{, z`i emzi bhzybll{ hmexkxzx ma zvm hmctmeiezx b ~kxo#a~ii nmejz`bz vkll fiei~bzi xyaakhkiez kezi~ixz zm f~mv zm *2,444 mqi~ z`i akqi#{ib~ ti~kmj bej b ji~kqbzkqi%Vkz` z`i cmei{ liaz mqi~ bazi~ ty~h`bxkef z`i nmej bz kzx m~kfkebl kxxyi jkxhmyez zm abhi qblyi, z`ikxxyi~ hbe ty~h`bxi bemz`i~ t~mjyhz z`bz vkll cbzh` z`i keqixzciez xz~bzif{% Z`kx cb{ ni xvbtx,mtzkmex m~ bemz`i~ z{ti ma ji~kqbzkqi%

    Bz cbzy~kz{, z`i keqixzm~ fizx nbho *2,444 em cbzzi~ v`bz `bttiex zm z`i yeji~l{kef bxxiz% Ka z`iyeji~l{kef qblyi ma z`i ji~kqbzkqi bxxiz kx `kf`i~ me z`i jbzi ma cbzy~kz{ z`be v`ie kz vbx kxxyij,z`ie z`i keqixzm~ blxm fbkex z`bz `kf`i~ ~izy~e me b eib~l{ mei#zm#mei nbxkx% Ka kz kx emz, z`ie z`ikeqixzm~ mel{ ~ihikqix z`i m~kfkebl t~kehktbl#t~mzihzij *2,444%

    Cyzybl ayej hmctbekix b~i keh~ibxkefl{ lmmokef bz xz~yhzy~ij t~mjyhzx bx lmef#zi~c keqixzciezxz`bz hbe nmmxz z`ik~ ak~cx maai~kefxzm z`ik~ hyxzmci~x% Z`i{ hbe lkeo b xz~yhzy~ij t~mjyhz zm meima z`ik~ albfx`kt ayejx, am~ ipbctli, fkqkef z`ic bemz`i~, eiv z{ti ma t~mjyhz z`bz vmyljkeh~ibxi z`ik~ bxxiz nbxi%

    Xz~yhzy~ij t~mjyhzx hbe n~kef cbe{ ma z`i nieiakzx ma ji~kqbzkqix zm keqixzm~x z`bz vmyljmz`i~vkxi emz `bqi bhhixx zm z`ic bx tb~z ma z`ik~ keqixzciez tm~zamlkmx% @mviqi~, vkz` bllkeqixzciez t~mjyhzx, kz kx qkzbl z`bz z`i~i kx z~bextb~ieh{ xm z`bz cm~i keqixzm~x `bqi bhhixx zmxmt`kxzkhbzij xz~bzifkix lkoi xz~yhzy~ij t~mjyhzx ke b xbai bej ~bzkmebl vb{% My~ cbejbzi bx bekejyxz~{ kx zm cboi xmt`kxzkhbzij t~mjyhzx bej keqixzciez xz~bzifkix xkctli, bhhixxknli bejyeji~xzbejbnli zm bll keqixzm~x n{ j~kqkef jmve z`i nb~~ki~x zm iez~{ z`~myf` zih`emlmf{ bej z`it~mcmzkme ma xzbejb~jx%#####

  • 8/2/2019 David K. Donovan Jr. Structured Products 091611

    3/3

    Jbqkj O% Jmemqbe G~% kx Qkhi T~ixkjiez ! Cbebfkef Jk~ihzm~ ma Xbtkiez Flmnbl Cb~oizx, bnyxkeixx bej zih`emlmf{ xi~qkhix t~mqkji~ zm z`i hbtkzbl bej hmccmjkz{ cb~oizx% T~iqkmyxl{,Jbqkj O% Jmemqbe G~% vbx z`i Xihzm~ Libji~, Zih`emlmf{ F~myt, bz Akjilkz{ Cbebficiez !^ixib~h` AC^+% Z`i t~iickeiez z~bji~ bz AC^, `kx qkxkme bej f~bxt ma z`i kez~khbhkix ma z`iflmnbl cb~oiz iebnlij `kc zm cboi oi{ jihkxkmex bh~mxx Akjilkz{ x cbgm~ ayejx% Jkxhlbkci~7 Z`i

    qkivx bej mtkekmex ipt~ixxij `i~i jm emz eihixxb~kl{ ~ialihz z`i qkivx bej mtkekmex ma XbtkiezFlmnbl Cb~oizx m~ be{ mz`i~ hmctbe{%vvv%jbqkjojmemqbe%hmc

    (((

    http://www.davidkdonovan.com/http://www.davidkdonovan.com/http://www.davidkdonovan.com/