DU FIN 3300 | Class Notes Bundle\nClass Notes Bundle FIN 3300\n> FIN 3300\nView Full Document for 75 Karma View Full Document Investments\nDr. Vaneesha Boney Dutra\nInvestments class notes for Spring Quarter 2015. Great quality notes for people interested in a foundation investments course. COURSE\nThis 53 page Bundle was uploaded by Kelly Dodge on Sunday October 18, 2015.\nThe Bundle belongs to FIN 3300 at University of Denver taught by Dr. Vaneesha Boney Dutra in Spring 2015.\nSimilar to FIN 3300 at DU\nMarch 24 2015 Chapter 1 Investments Background and Issues Why do we care to dedicate a whole class to investments Developed and underdeveloped countries depends on the access to capital and the ability to take this capital and turn it into a pro t through investments Wealth of a Society Wealth of a society is measured by productivity How much do you produce in terms of services How much do you produce in terms of goods The sum of the good and services produced is the amount of wealth a society has 0 Productivity and wealth come about because you take the capital and invest it Real Asset Some good or some itementity that produces some type of income 0 Example land and buildings Financial Assets Claims to the income produced by those real assets 0 Example Sell ownership shares of apartments building the purchase of that ownership is the nancial asset Another great example is stock Types of Financial Assets Equity A nancial asset where you have an ownership in the real asset 0 Example Stock you become a partial owner in that rm meaning you have the residual right to the income of that rm after they pay off their expenses 0 You share in the good and the bad doesn39t guarantee return 0 Usually offers more return because there is more risk The more risk you take on the more the investor requires in return o Fixed income Return is known and there is a level of certainty also known as debt 0 Example Bond known as an IOU a xed income security 0 Coupon interest rate in the guaranteed return this is known 0 Par value 1000 and the coupon rate is 6 then coupon payment is 60 you receive 60 a year 30 semiannually and 15 quarterly o Derivatives A nancial contract involving two parties where one buys and one sells and that value of the contact is based off of the price of the underlying asset o A nancial asset that derives its value from the value of something else a function of March 24 2015 Example A farmer wants to sell corn before their seeds are even planted a buyer from King Soopers makes an agreement with the farmer about how much the farmer will sell a bushel of corn the option is to buy for 10 The King Soopers buyer paid a small amount to enter the agreement to have the option to buy for 10 If market value is greater than 10 12 yes the buyer would want to buy this corn lf market value is less than 10 8 she has the right to buy can expire and she lost the small fee entered to have that option Higher market value higher value of contract Could sell option in open market to make pro t 0 O 0 Risk Adverse Don39t like risk more return in needed because you try to avoid risk and if there is higher risk you want a higher payout Why do stock prices vary between rms Apple Stock price Represents the discounted value of expected future cash ows of the rm Market has revised its expectation of what the rm will produce down the line Apple is a prime example Sell more computers create more income sales is always a good metric to use More demand for stock price goes up You know that Apple will do better down the line The sales of mac computers decrease People sell their stock supply goes up and the price goes down The sales of mac computers increase at 8 per quarter More income is now available to stockholders Demand goes up and price goes up Stock prices are relative to what we expect down the line After Christmas the January market is ready to hear how retailers did We care because when consumers are spending that is a good sign It is an excellent indication about how people feel the economy is performing and their con dence in the economy Overall health and wealth of the economy the market is always looking for signs about how the economy is doing is ready to unveil the new iPhone 6 Why does stock price change The market knows that people are loyal to Apple and they already assume that people are going to buy the new phone Revenue is expected to increase which means that there is more residual income available to stockholders Demand goes up and price goes up as well Now that the iPhone has been out for a couple of months there have been many problems reported with the phone What happens to the stock The expectations that people will continue to buy the phone decreases meaning Apple will not make as much income and won t have that much to disperse to their stockholders There could also be a recall and could cost Apple a huge expense causing the same thing to occur The reverse March 24 2015 expectation for future cash ow is down and the stock price decreases as supply increases Decisions are based off of future expectations Expectation of future cash ows depends on product lifecycle Reasons to investconsumption timing The shifting or transferring of income from periods of high income to period of low income retirement The 401k plan is a great example Other examples include mutual funds stocks bonds and annuities Allocation of risk Allocate investment dollars according to risk you are willing to take More risk higher return investors require Chapter 1 Continued More on xed income nancial assets Money market A xed income instrument short term maturity of a year or less and tends to be a very liquid asset With that being said there is a lower return because it is safer with less risk There is a lot more uncertainty about what will happen in the long term whereas the short term is more predictable If something pays back sooner than later it is less risky and requires less return which also means it is more liquid Treasury bills TBills Debt issued by the government If the government is issuing treasury bills to the market this means that they are selling them and raising capital aka borrowing 0 Treasury bills short term 0 Treasury notes medium term 0 Treasury bonds long term Preferred stock Another form of raising capital It is a hybrid between equity and xed income The most important characteristic of preferred stock is that it pays stated dividends which means that the dividend is guaranteed and can accumulate overtime if not paid 0 The major difference between preferred stock and common stock is that common stock is not guaranteed a dividend payment Risk allocation Investors can choose desired risk level 0 Bonds are less rislq than stock 0 Risk return tradeoff Agency Issue When you own or buy stock you become a partial owner of that rm You then pass on scal responsibility to the management and there March 24 2015 is a separation between those that own and those that manage the rm which results in a con ict of interest 0 0 Example Is it okay for the CEO to have a private jet 2 private jets A gold toilet Most investors believe this money should be used to invest in new projects to generate more return for the rm which leads to more return for the owners 0 How to x the agency issue and align interests 0 Performancebased compensation They will put capital to good use salary tied to performance However they might invest in more risky projects Board of directors They are in place to protect the shareholders and have the ability to re managers beware of the golden parachute clause which gives management huge payout bonus even if they are red Threat of takeover Private equity rms can come in and buy rms that are undervalued if not managed correctly 0 Asset allocation A diversi ed portfolio the primary determinant of an asset You want to make your portfolio as diverse as possible to decrease risk 0 Area of in ation The value of goods increases When wages don39t rise at the same rate as in ation buying power decreases How do we measure risk 0 Risk is measured by the standard deviation of the returns and the variability in the price movements 0 The higher the standard deviation the higher the risk 0 Active management Choosing stock that you believe will outperform You are actively picking stocks and creating a portfolio You believe the market is inef cient 0 Passive management You are not actively picking stock you want to hold the market because you believe that the market is ef cient and you need to hold a diverse portfolio O 0000 Passive portfolio Believe the markets are ef cient and can t beat any other money managers that are picking stocks Can be called indexing Very dif cult to beat the market Not looking for undervalued securities Also no attempt to time Who are the players Business rms net borrowers Households net savers March 24 2015 Government can be both borrowers and savers 0 When the government buys treasuries they are adding money to the market stimulating the economy When capital is added to the market interest rates decrease o More supply of money lower interest rates downward pressure 0 More demand of money higher interest rates upward pressure Systemic risk Risk that cannot be diversi ed away The best example is 911 attack 0 Risk of breakdown in nancial systemspillover effects from one market into others This risk will hit the market regardless Idiosyncratic rm speci c risk Risk that can be diversi ed away which reduces risk 0 Find investments that aren39t highly correlated Highly correlated means they move with the market together March 26 2015 Chapter 2 Asset Classes and Financial Instruments 0 Certi cate of deposit CD A time deposit with a bank You put your money into something the maturity is a year or less capital is locked away and you make a small return If you withdraw early you pay a fee These are not very liquid 0 Commercial paper Short term borrowings by a rm usually have a maturity of 7 days 0 Example Need to borrow money to pay payroll and meet short term onganns 0 Firms that issue commercial paper they are very strong nancially not backed by collateral and have a good track record 0 Eurodollar Dollardenominated deposits at foreign banks or foreign branches of American banks By locating outside of the US these banks escape regulation by the Federal Reserve Board 0 Repurchase agreement Shortterm sales of securities with an agreement to repurchase the securities at higher price They are backed by collateral and lender makes a small return 0 Federal Funds Each member of the Federal Reserve System is required to maintain a minimum balance in a reserve amount with the Fed Funds in the bank s reserve account are called Federal Funds 0 The Federal Reserve is charged with monitoring the health and wealth of the economy 0 They try to keep things steady 0 Low interest rates borrowing is more frequent promotes more consumption 0 Federal funds are controlled by the Federal Reserve and are less dependent on the market 0 Federal funds use the interbank loan rate the rate that banks borrow from each other 0 Monetary policy buy decrease rates sell increase rates 0 Constantly moving because of supply and demand 0 LIBOR London Interbank Offer Rate London s name for Fed Funds rate 0 Rate at which large banks in London lend to each other 0 Base rate for many loans and derivatives 0 LIBOR is variable and it more controlled by the market supply and demand Why do rms use xed income market vs equity market securities 0 During lean times where revenue is uncertain the equity route might be a better bet because with bonds or loans you are required to pay any interest March 26 2015 rates When selling stock you are not obligated to give shareholders anything and you can raise a good amount of capital Fixed income interest payments are required 0 Firms are borrowing right now because interest rates are so low The value of bonds goes down when interest rates increase 0 Example 1000 5 annual coupon payment of 50 annually on 30 year bond 0 In July 2015 Janet Yeen raises interest rates by 50 basis pointsDinterest rate goes to 55 0 July 20151000 55 annual coupon payment of 55 annually 0 Coupon payments never change from original therefore the price of bond is the factor that will change when interest rates uctuate o Bonds will start trading at a discount when the interest rates rise because investors always want to get the higher interest payments Denomination 10000 or 100000 for treasury securities 0 Risk Less risk associated with government because they likely won t default trustworthy o Taxation Longterm capital gain short term is taxed at regularstated tax ratebrackets 0 Municipal bonds are not taxed 1 Treasury In ation Protected Securities TIPS Securities in the market that guard an investor against in ation o This changes as in ation rates change 0 Investor cares about in ation because it affects purchasing power 0 There is a xed piece and a variation piece based on in ation 0 Government Agencies Issue debt 0 Home oaner association 0 Most are homemortgage related 0 FHA Loan backed by the US government FOFmUIaS I Bank Discount Rate Trbill quotes 1 Bank Discount Rate The rate at which a TBill will quote r W P x 35H 10000 2 Par a Assumes that a year has 360 5mm days E hank discuuntrate b Assumes that denominator is P maricetprice ufthe Ttiill par 1quot numbernfdaystu maturity c Assumes that each month has 30 days 2 Bond Equivalent Yield a Assumes 365 days in a year b The denominator is price used to nd return c Can t compare treasuries and bonds directly 3 Effective Annual Yield a Takes compounding into account for annual yield 4 Taxation Formula March 26 2015 Bind Equivalent Yield P price ef the T Ji r 5 n number ef days te n39nat39uri L13lF menu P H 33955 feetrquot f E eetiueAnnuel Yield 5 El3W3 1 513 r w 1 523 it 3155 1uuuuP T rEA Y 1 P price ef the T hil n number at days to maturityr rte exempt rtexetile K I Tax rate r Interest rate March 31 2015 Chapter 3 Securities Markets 0 The DowJones contains 30 stocks 0 It is calculated based off of price weighting 0 The SampP 500 contains 500 stocks 0 It is calculated by the market weighmarket capitalization How Firms Issue Securities 0 Primary market The issue is originally sold to the market place 0 The company is on the receiving end they receive proceeds from the sale of stocks or bonds 0 Secondary market Existing owner sells to another investor o The issuing rm doesn39t receive proceeds and is not directly involved 0 Example Buy pottery directly from an artist and they make pro t from your purchase primary market then you go and sell this piece of pottery on eBay secondary market 0 Public offering Needs to be registered with the SEC and can sell to the public 0 Private offering Does not need to be registered with the SEC and sold only to limited number of investors Privately held rms 0 Up to 499 shareholders 0 Don39t need to le with the SEC or release nancial reports to the public 0 Have fewer obligations Shares are not publicly traded private placement to a small group of wealthy investors 0 Companies tend to go public in order to raise capital Facebook was maxing out the 499 shareholder rule and was therefore forced to go public Public Traded Companies Sells securities to the general public investors trade shares in the securities markets Initial public offering The rst sale of stock by a formerly private company 0 SEO Secondary equity offering when a company issues stock for the second time etc o Underwriters Usually investment banks purchase securities from issuing companies and resells them 0 A syndicate is used to split the risk multiple investment banks purchase the stock Prospectus The description of the rm and the security being issued 0 Issuing stock is a big deal costly and time consuming Shelf Registration March 31 2015 SEC 415 Firms do not have to sell all of their stock at once Occurs after the rm has gone public A rm can preregister stock and keep it on the shelf has a shelf life of 2 years This is bene cial so if a rm needs to raise capital they are able to do so easily by taking it off of the shelf Allows timing of issues and you want to sell shares when the stock price is high Initial Public Offerings No one knows the value of the stock of an IPO so the underwriter determines the value of the stock The issuer and banker put on a road show to potential investors and ask how much they would be willing to pay for this stock and how many shares they would buy The purpose of this is bookbuilding When a company goes public the rst day the stock rises quite a bit This is the process of underpricing 0 Sell 20sharemake 1850 0 30shareDcould have made 2850end of 1st day trading 0 IPO underpricing They should have priced the stock originally at 30share However you don39t want to start at 40share and end up only selling for 30share How Securities are Traded Functions of Financial Markets Overall purpose facilitate lowcost investment Brings together buyers and sellers at low cost Provides liquidity by minimizing time and costs Allows for consistently updated prices of nancial assets Reduces information costs associated with investing Types of Markets Direst Search Markets Buyers and sellers locate one another on their own 0 Example Craigslist Brokered Markets Thirdparty assistance in locating buyer or seller 0 Example Realestate broker Dealer Markets Third party acts as intermediate buyerseller 0 Example Used car dealers Auctions Markets Brokers and deals trade in one location trading is more or less continuous 0 Example New York Stock Exchange Types of Orders Market order Buy or sell at market price best price Bid price Price at which the dealer will buy securities Ask price Price at which the dealer will sell securities Pricecontingent order Buysell at speci ed price March 31 2015 0 Example Buy at 100limit sell 105 Above current market price 0 Limit buysell order Speci ed the price at which investors will buysell 0 Purpose is to maximize gains and you set the price 0 Stop order Used to protect from loss not to be executed unti price point hit 0 Bought 100stop loss 95 will sell to stop losing money below current market price Trading Costs 0 Commission Fee paid to broker for making transaction 0 Spread Cost of trading with dealer Ask bid 0 Bid Price at which dealer will buy from you 0 Ask Price at which dealer will sell to you 0 Combination On some trades both are paid Buying on Margin Margin Describes securities purchased with money borrowed in part from broker 0 Net worth of investor39s account 0 Buying on margin is the equity that you put in o 0 Example T0100 shares 100 10000 60 margin Borrowed 4000 Equity 6000 0 What if price falls to 70 100 shares 70 7000 Borrowed 4000 Equity 3000 0 Initial Margin Requirement IMR Minimum set by Federal Reserve under Regulation T currently 50 for stocks 0 Minimum initial investor equity 0 1 IMR Maximum amount investor can borrow Equity Position value Borrowing Additional cash 0 Maintenance Margin Requirement MMR Minimum amount equity can be before additional funds must be put into account exchanges mandate minimum 25 Margin Call Noti cation from broker that you must put up additional funds or have position liquidated If Equity Market value lt MMR then margin call occurs 0 Market value Borrowed Market Value lt MMR solve for market value c A margin call will occur when Market value Borrowed1 MMR Trading Strategies Algorithmic Trading Use of computer programs to make rapid trading decisions March 31 2015 o Highfrequency trading Uses computer programs to make very rapid trading decisions in order to compete for very small pro ts 0 Competing for nickels 0 Computer doesn39t work in volatile markets Dark Pools ECNs where participants can buysell large blocks of securities anonymously 0 Blocks Transactions of at least 10000 shares 0 When normal people trade that information is available to anyone Short Sales Sale of shares not owned by investor but borrowed through broker and later purchased to replace loan Mechanics o Borrow stock from broker must post margin 0 Broker sells stock and deposits proceedsmargin in margin account you cannot withdraw proceeds until you quotcoverquot 0 Covering or closing out position Buy stock broker returns title to party from which it was borrowed Ap l22015 Chapter 4 Mutual Funds and Other Investment Companies 0 Mutual Funds A type of investment company that pool moneytakes in funds and invests those funds on the investors behalf 0 Different objectives purpose of the fund 0 Percentage of the assets they manage assets under management fee AUM 0 Coal to attract AUM raises capital 0 Functions of Investment Companies 0 Record keeping and distribution Diversi cation and divisibility Choosing right stocks for risk tolerance Professional management Lower transaction cost power in lager numbers high volume Investment company is a nancial intermediary OOOO Net Asset Value NAV Assets minus liabilities per share Openend fund Issues or redeems shares at net value NAV Closedend fund Shares can39t be redeemed are traded at prices different than NAV either at a premium or discount to NAC Load Sales commission charged on mutual fund OpenEnd and ClosedEnd Funds Key Differences Shares Outstanding Closedend No change unless new stock offered Openend Changes when new shares are sold or old shares are redeemed Pricing Openend Fund share price Net asset value NAV Closedend Fund share price may trade at premium or discount to NAV 0 Real Estate Investment Trusts REITs Similar to closedend funds invests in real estatereal estate loans avoids double taxation and 90 of income distribution if given back to owners 0 Hedge Funds Private speculative investment pool exempt from SEC regulation Form partnership with wealthy people Operate outside the eye of the SEC Investment pool Quali ed investor Wealthy assumes that you make reasonable and sound investments 1 million in liquid assets No customer just partners Ap l22015 Exam Review What is the issue of the dollar strengthening Sounded like this question is de nitely on the exam We produce a lot of goods and services that we export discourages consumers that do not hold the dollar from purchasing our products makes our product much more expensive abroad could impact economy because our exports decrease The positive great time for people holding the dollar to go abroad and travel the dollar is strong Also good time to consume Corporate bonds have more risk so there is a larger return then the treasuries that are issued by the federal government Investors are more willing to by the corporate bonds right now because there is a larger yield The lower the coupon payment the more the value of the bond is impacted by the change in interest rates and vice versa Increasing interest rates overall good signal When interest rates are expected to increase people will pull their money out of equity securities and put them into bonds because bonds are certain and you know exactly what your cash ows will be The equity market is volatile and not very certain With increasing interest rates there is a higher expected yield Chapter 1 All concepts on chapter one know de nitions agency problem Top down approach I like these sectors technology utilities start at top and funnel down to individuals stocks within these high performing sectors Start by looking at the broader pictures and then you narrow it down Only disadvantage is that you are somewhat constraining yourself to sectors have to pick the best stocks within that sector Bottoms up approach Doesn t give that sector constraint I like Apple and Bank of America start at securities level and build a portfolio around these securities Top down and bottom up is really just preference and doesn39t necessarily have any bene ts over the other Passive management Holding an index mutual fund portfolio of a broad range of stocks market portfolio DOW SampP stocks move against each other Believe that the market is ef cient and that you cannot do better than a professional that is picking stocks for you Just hold the market Holding an index is cheaper than holding an actively managed fund Active management Think you can nd inef ciencies in the market and think you can beat the market and make a higher return Systematic risk and unsystematic risk how to get rid of it and how can we get rid of it Ap l22015 Chapter 2 Also know the de nitions here Repurchase agreement sell someone something because have a short term overnight or up to a week need for funds and agree to repurchase it from them at a higher price later on Hold treasuries and have the need for cash and sell them Selling treasuries at a discount need funds Reverse repo Both situations the treasuries serve as collateral instead of needing money you are supplying the money The lender and get the spread Same thing but the opposite of the repurchase agreement Buying treasuries make yieldspread supplying fuds LIBOR Municipal bonds Know formulas Chapter 3 Know the IPO process Types of orders Short selling Margins Primary vs secondary market Seasoned equity offer Venture Capital Smaller rms go to raise money come in with capital and either fund something or they may take over something that is failing change management and then when it is running like a horse again they sell it for pro t A group of very wealthy investors private partnership Generally it starts with wealthy investors Chapter 4 Mutual Funds REITS Hedge Funds Fees Charges ExchangeTraded Funds Trades on an exchange just like stock Offshoots of mutual funds that allow investors to trade index portfolios Will trade very close to NAV Mechanisms for ETFs called In Kind Trade a way for authorized participants to take advantage of any price deviations between NAV and the actual price of the ETF Authorized participants can buy low and sell high Buy shares of the underlying asset and form a portfolio and create shares of the ETF and then sell at the higher price Create additional units of the ETF and sell it and do this very quickly 0 Advantages Trade continuously throughout the day 0 Can be sold or purchased on margin 0 Potentially lower tax rates 0 Lower costs no marketing lower fund expenses SampP is holding the index NAV10211 Mutual Fund traded at 10211 Ap 22015 0 Closed End Fund traded at greater or less than 10211 0 Exchange Traded Fund close to the original NAV fund 102 34 102 01tracking errors Ap l142015 Chapter 5 Risk and Return Past and Prologue 0 You have to take risk to capture return 0 Risk adversion Function about how much risk you are willing to take 0 Holding Period Return Rate of return on an investment over a speci c period of time 0 Usually 1 year or less because it ignores compounding 0 Up until you receive cash distribution 0 Semiannual bond only use for half a year ignoring compounding should earn interest ideally HlPlR P8 PB CF i PB PS Sale price PB Buy price ClF39 Cash fllw during lhlldling period 0 Assumes cash ow comes at the end of the period not quarterly and not semi o Summation of dividend yield and capital gain yield Good example on pg111 0 Capital gain The difference between when you buy and sell a stock 0 There are so many moving parts in a mutual fund high return People and investors chase returns 0 Bias money chasing 0 Capital in ows when there are high returns 0 The in ows are so large it is hard to create returns 0 How do you measure performance when there is cash in ows and out ows Arithmetic average The sum of returns in each period divided by the number of periods 0 The arithmetic average ignores compounding 0 When you are paying interest Want to pay this simple Geometric average The single perperiod return that gives the same cumulative performance as the sequence of actual returns 0 Takes into account compounding Apn142015 0 Time weighted average 0 Getting interest want compounding Returns on assets with regular cash ows such as mortgages and bonds usually are quotes as annual percentage rates or APRs which annualize per period rates using a simple interest approach ignoring compounding o APRPer period rate X Periods Per Year 0 Annual percentage rate including fees and points However because APR ignores compounding the APR does not equal the rate at which your invested funds actually grow This is called the effective annual rate or EAR EAR 1 1 Rate per period 1 1 I II Investing involves some degree of risk How does one plan when there are many unknowns 0 Regulation Health care Energy Banking 0 Financial Industry Much more costly and less pro table to be in the baking industry Interest rates are always changing Planning for the unknowns Scenario analysis Process of devising a list of possible economic scenarios and specifying the likelihood of each one as well as the HPR that will be realized in each case Usually associated with some event new portfolio new product For example Apple Watch Best Case Good Case Average Below Average Worst More scenarios with a new product trying to unveil something totally new Must assign probabilities to each scenario and must be realistic 0 Based off of some type of data 0 Think about current state of economy 0 Probability distribution List of possible outcomes with associated probabilities Must sum to 1 Expected return The mean value of the distribution of holding period return 99 of what we expect is within the 3 standard deviations Smaller deviation get what you expectwant less risk Larger deviation Unlikely to get what you expectwant more risk Variance The expected value of the squared deviation from the mean 0 Standard deviation The square root of the variance O 0000 Value at Risk VAR The measure of downside risk The worst loss that will be suffered with a given probability often 5 Apn142015 o How much would I lose in a fairly extreme outcome for example if my return were in the fth percentile of the distribution You can expect your investment experience to be worse than this value only 5 of the time and better than this value 95 of the time 0 Use NORMSINV in Excel Kurtosis The measure of the fatness of the tails of a probability distribution relative to that of a normal distribution Indicates likelihood of extreme outcomes 0 We expect this to be zero if higher positive then there is more probability on the right side We prefer this to happen because it is positive Negative side is worse losing money Skewness Measure of the asymmetry of a probability distribution bell curve You must ask how much of an expected reward is offered to compensate for the risk involved in the stocks within a portfolio 0 We measure the reward as the difference between what the expected HPR on the index fund and the riskfree rate the rate you can earn on Treasury bills Also known as the rate of return that can be earned with certainty The difference is the risk premium An expected return in excess of that on riskfree securities 0 Excess return Rate of return in excess of the riskfree rate 0 Risk aversion Reluctance to accept risk 0 The ratio of a portfolio s risk premium to its variance is the price of risk 0 Risk aversion implies that investors will accept a lower reward in exchange for a suf cient reduction in the standard deviation A statistic commonly used to rank portfolios in terms of this riskreturn tradeoff is the Sharpe or rewardtovolatility ratio This is the ratio of portfolio risk premium to standard deviation Fisher IEqruatien IRrE EU Current expected initiation l R Nleminel interest rate Reel interest rate 0 The Fisher Equation is compensation for when we lend money to someone compensation for in ation and delay in consumption By lending money to consume what am I Iosing for not consuming today In ation causes us to lose purchasing power 0 Why are interest rates important to corporations 0 Interest rates high people are less likely to consume 0 Investor side bonds 0 Corporate WACC goes up and also discount of future cash ows Apn142015 0 High rates the present value of future cash ows decrease and costs companies more to nance projects 0 Are treasuries really risk free NO There is in ation risk Portfolio Expected Return and Risk P portfolio composition y proportion of investment budget rf rate of return on riskfree asset rp 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in the life cycle Risk tolerance risk adverse or risk loving Basis points Takes 100 basis points to make 1 The current risk free rate is 25 basis points Constraints Liquidity The speed and ease with which an asset can be sold and still fetch a fair price or the price discount necessary to achieve and immediate sale The more liquid the asset the less risk the less return Horizon The planned liquidation date of the investment Example The time to fund a college education or the retirement date for a wage earner Regulations Only professional and institutional investors are constrained by regulations Regulations can cost companies a lot of money Energy is a highly regulated industry Highly regulated sectors are something to think about regarding how it affects cash ows Taxes The performance of any investment should be measured by its rates of return after taxes Municipal bonds are tax free high net worth individuals buy these You need to think about tax brackets and the taxes on what you will be investing in Weights of your portfolio will change over time Asset allocation will also change overtime Investing is a dynamic process that must be updated and reevaluated


East State Highway 22 Delaware, AR home and property info\n> East State Highway 22 homes East State Highway 22 homes\nEast State Highway 22, Delaware 72835 contains 65 assessor property records. 23564 East State Highway 22, Delaware AR\n23607 East State Highway 22, Delaware AR\n20110 East State Highway 22, Delaware AR\n26198 East State Highway 22, Delaware AR\n25545 East State Highway 22, Delaware AR\n23371 East State Highway 22, Delaware AR\n21917 East State Highway 22, Delaware AR\n26254 East State Highway 22, Delaware AR\n23847 East State Highway 22, Delaware AR\n23564 East State Highway 22, Delaware AR\n26140 East State Highway 22, Delaware AR\n24015 East State Highway 22, Delaware AR\n26647 East State Highway 22, Delaware AR\n26856 East State Highway 22, Delaware AR\n23445 East State Highway 22, Delaware AR\n20146 East State Highway 22, Delaware AR\n20864 East State Highway 22, Delaware AR\n26556 East State Highway 22, Delaware AR\n23098 East State Highway 22, Delaware AR\n25387 East State Highway 22, Delaware AR\n25951 East State Highway 22, Delaware AR\n25747 East State Highway 22, Delaware AR\n24695 East State Highway 22, Delaware AR\n22464 East State Highway 22, Delaware AR\n22560 East State Highway 22, Delaware AR\n25361 East State Highway 22, Delaware AR\n24563 East State Highway 22, Delaware AR\n22631 East State Highway 22, Delaware AR\n26205 East State Highway 22, Delaware AR\n25377 East State Highway 22, Delaware AR\n26249 East State Highway 22, Delaware AR\n26200 East State Highway 22, Delaware AR\n22993 East State Highway 22, Delaware AR\n26125 East State Highway 22, Delaware AR\nThis 1.5 bathroom home has 1530 square feet and was built in 2010.\n20214 East State Highway 22, Delaware AR\n26149 East State Highway 22, Delaware AR\n25542 East State Highway 22, Delaware AR\n26576 East State Highway 22, Delaware AR\nThis 1.5 bathroom home has 1736 square feet and was built in 1992.\n22919 East State Highway 22, Delaware AR\n22536 East State Highway 22, Delaware AR\n24582 East State Highway 22, Delaware AR\n22468 East State Highway 22, Delaware AR\n25380 East State Highway 22, Delaware AR\n25486 East State Highway 22, Delaware AR\n22588 East State Highway 22, Delaware AR\n25505 East State Highway 22, Delaware AR\n22520 East State Highway 22, Delaware AR\n24777 East State Highway 22, Delaware AR\n24955 East State Highway 22, Delaware AR\n21700 East State Highway 22, Delaware AR\n26295 East State Highway 22, Delaware AR\n23917 East State Highway 22, Delaware AR\n22241 East State Highway 22, Delaware AR\nThis 2 bathroom home has 4216 square feet .\n20776 East State Highway 22, Delaware AR\n22409 East State Highway 22, Delaware AR\nThis 1 bathroom home has 3322 square feet .\n23587 East State Highway 22, Delaware AR\n22368 East State Highway 22, Delaware AR\n23057 East State Highway 22, Delaware AR


Jarrusylinteri DELPHI LW37337 mallille Audi, Volkswagen, Seat, Skoda\nVaraosan numero: AL119019\nVaraosan numero: AL20939929\nAsennuspuoli (muu): Fitting\nVaraosan numero: AL17848079\nHalkaisija (mm): 20,6\nHintä: 13.37 EUR\nVaraosan numero: AL13780095\nHintä: 13.80 EUR\nVaraosan numero: AL19915913\nKoodi: 100 611 0068\nHalkaisija (mm): 20,64\nVaraosan numero: AL529917\nHintä: 16.39 EUR\nVaraosan numero: AL713026\nValmistaja rajaus: FTE\nHintä: 16.42 EUR\nVaraosan numero: AL13097340\nSylinterimännän halkaisija (mm): 20,6\nVaraosan numero: AL713027\nHintä: 18.79 EUR\nVaraosan numero: AL580317\nKoodi: A 12 217\ntuotenumerolle: A 12 217\nVaraosan numero: AL554497\n- 55 75 BCA 05.06 Hatchback 05.04 1390 cast iron\nFSI 85 115 BLF 10.08 Estate 02.04 1598 cast iron\n- 75 102 BGU; BSE; BSF; CCSA; CMXA 06.13 Estate 09.04 1595 cast iron\nFSI 85 115 BLF 10.08 Hatchback 02.04 1598 cast iron\n- 75 102 BGU; BSE; BSF; CCSA; CMXA 06.13 Hatchback 06.04 1595 cast iron\n3A0 611 053 D 60 82 AAS 06.94 Estate 12.90 2370 2370 2.4 D Hydraulic\n3A0 611 053 E 85 115 AAD; ABK 06.94 Estate 09.91 1984 1984 2.0 E Hydraulic\n3A0 611 053 E 74 100 AAE 06.94 Estate 09.91 1984 1984 2.0 E Hydraulic\n3A0 611 053 D 60 82 AAS 06.94 Sedan 12.90 2370 2370 2.4 D Hydraulic\n3A0 611 053 E 16V 103 140 ACE 06.94 Sedan 01.92 1984 1984 2.0 E 16V Hydraulic\n3A0 611 053 E 85 115 AAD; ABK 06.94 Sedan 12.90 1984 1984 2.0 E Hydraulic\n3A0 611 053 - 74 100 AAE 06.94 Sedan 12.90 1984 1984 2.0 Hydraulic\n357 611 053A I 44 60 AEX; AKV; APQ; AUD 2 06.03 12 Van 11.95 1390 1390 1.4 i - Hydraulic\n357 611 053A TDI 66 90 ALH - 06.03 - Van 09.96 1896 1896 1.9 TDI disc/drum hydro-mechanical\n357 611 053A SDI 47 64 AEY; AYQ - 06.03 - Van 11.95 1896 1896 1.9 SDi - Hydraulic\n357 611 053A D 47 64 1Y - 06.03 - Van 11.95 1896 1896 1.9 D - Hydraulic\n357 611 053A D 42 57 AHB - 06.03 - Van 09.96 1716 1716 1.7 D disc/drum hydro-mechanical\n357 611 053A I 55 75 1F - 05.98 - Van 11.95 1595 1595 1.6 i - Hydraulic\n- 55 75 AEE 12.00 PICK-UP 06.96 1598 1598 1.6 - Hydraulic\nD 47 64 AEF 12.00 PICK-UP 06.96 1896 1896 1.9 D - Hydraulic\n3A0 611 053 66 90 ADZ IS400000 04.99 Estate 10.94 1781 1781 1.8 SYNCRO Hydraulic\n3A0 611 053 66 90 ABS; ADZ IS400000 08.97 Hatchback 01.93 1781 1781 1.8 Syncro (1HX1) Hydraulic\n357 611 053B TD 55 75 AAZ 08.96 Sedan 03.91 1896 1896 - 1.9 TD Hydraulic - -\n357 611 053B - 66 90 ABS; ADZ; RP 12.93 Estate 02.88 1781 1781 - 1.8 Hydraulic - -\n3A0 611 053 TDI 81 110 AFN 05.97 Estate 03.96 1896 1896 - 1.9 TDI Hydraulic - -\n357 611 053B D 50 68 1Y 10.93 Sedan 05.89 1896 1896 - 1.9 D Hydraulic - -\n357 611 053B - 55 75 AAM 12.93 Estate 08.90 1781 1781 - 1.8 Hydraulic - -\n3A0 611 053 TDI 66 90 1Z; AHU 05.97 Estate 10.93 1896 1896 - 1.9 TDI Hydraulic - -\n357 611 053B TD 59 80 RA; SB 09.93 Sedan 08.88 1570 1588 - 1.6 TD Hydraulic - -\n3A0 611 053 - 74 101 AEK; AFT 12.95 Estate 07.94 1595 1595 - 1.6 Hydraulic - -\n357 611 053B TD 55 75 AAZ 05.97 Estate 03.91 1896 1896 - 1.9 TD Hydraulic - -\n357 611 053B 16V 100 136 KR 12.89 Sedan 04.88 1781 1781 - 1.8 16V Hydraulic - -\n357 611 053B - 55 75 EZ 12.88 Estate 04.88 1576 1595 - 1.6 Hydraulic - -\n357 611 053B D 50 68 1Y 10.93 Estate 05.89 1896 1896 - 1.9 D Hydraulic - -\n357 611 053B - 82 112 PB 07.92 Sedan 04.88 1760 1781 - 1.8 Hydraulic - -\n357 611 053B - 53 72 1F; EZ 09.91 Estate 04.88 1576 1595 - 1.6 Hydraulic - -\n357 611 053B TD 59 80 RA; SB 09.93 Estate 08.88 1570 1588 - 1.6 TD Hydraulic - -\n357 611 053B - 79 107 PF 07.93 Sedan 04.88 1760 1781 - 1.8 Hydraulic - -\n3A0 611 053 - 74 101 AEK; AFT 08.96 Sedan 10.94 1595 1595 - 1.6 Hydraulic - -\n357 611 053B 16V 100 136 KR 12.89 Estate 04.88 1781 1781 - 1.8 16V Hydraulic - -\n357 611 053B - 55 75 ABN; EZ 12.88 Sedan 02.88 1576 1595 - 1.6 Hydraulic - -\n3A0 611 053 TDI 81 110 AFN 08.96 Sedan 03.96 1896 1896 - 1.9 TDI Hydraulic - -\n357 611 053B - 82 112 PB 07.92 Estate 04.88 1760 1781 - 1.8 Hydraulic - -\n357 611 053B - 66 90 ABS; ADZ; RP 12.93 Sedan 02.88 1781 1781 - 1.8 Hydraulic - -\n3A0 611 053 TDI 66 90 1Z; AHU 08.96 Sedan 10.93 1896 1896 - 1.9 TDI Hydraulic - -\n357 611 053B - 79 107 PF 07.90 Estate 04.88 1760 1781 - 1.8 Hydraulic - -\n357 611 053B - 55 75 AAM 12.93 Sedan 08.90 1781 1781 - 1.8 Hydraulic - -\n357 611 053B - 53 72 1F; EZ 09.91 Sedan 02.88 1576 1595 Rear Axle 1.6 Hydraulic 20,64 FAG/FTE\nQUINTON HAZELL: BWC3520\nQUINTON HAZELL: RF20005\nFEBI BILSTEIN: 01174\nFEBI BILSTEIN: 06062\nBOSCH: 0 986 475 039\nMEYLE: 100 611 0068\nBOSCH: 116 202E\nBOSCH: 116 2O2E\nMEYLE: 1OO 611 OO68\nNUOVA TECNODELTA: 3525\nSEAT: 357 611 053A\nSKODA: 357 611 053B\nVW: 357 611 053B\nSEAT: 357 611 O53A\nSKODA: 357 611 O53B\nVW: 357 611 O53B\nMAGNETI MARELLI: 360219230096\nMAGNETI MARELLI: 360219230347\nMAGNETI MARELLI: 36O21923O347\nMAGNETI MARELLI: 36O21923OO96\nNUOVA TECNODELTA: 3959\nAUDI: 3A0 611 053\nSEAT: 3A0 611 053\nSKODA: 3A0 611 053\nVW: 3A0 611 053\nAUDI: 3AO 611 O53\nSEAT: 3AO 611 O53\nSKODA: 3AO 611 O53\nVW: 3AO 611 O53\nBrake ENGINEERING: 4299\nBrake ENGINEERING: 4374\nBOSCH: 475 039W\nBOSCH: 475 O39W\nAUTO DELTA: 70594\nAUTO DELTA: 7O594\nBREMBO: A 12 217\nBREMBO: A 12 244\nAPEC braking: BCY1286\nAPEC braking: BCY1386\nQUINTON HAZELL: BWC352O\nFEDERAL MOGUL: CW1286\nFIRST LINE: DW502\nFIRST LINE: DW5O2\nFIRST LINE: DW602\nFIRST LINE: DW6O2\nFIRST LINE: FBW1462\nFIRST LINE: FBW1630\nFIRST LINE: FBW163O\nFIRST LINE: FBW1730\nFIRST LINE: FBW173O\nAP Automotive Prod.: LW40612\nAP Automotive Prod.: LW4O612\nFEBI BILSTEIN: O1174\nFEBI BILSTEIN: O6O62\nBOSCH: O 986 475 O39\nQUINTON HAZELL: RF2OOO5\nBrake ENGINEERING: WC1325BE\nBrake ENGINEERING: WC1377BE\nBrake ENGINEERING: WC4299\nBrake ENGINEERING: WC4374


PINK KOI CBD VAPE JUICE - PINK LEMONADES\n250mg, 500mg, and 1000mg options\nHOW DO I USE PINK KOI CBD VAPE JUICE?\nVape consistently throughout the day to maintain steady benefits.\nKoi CBD Pink Lemonade Lab Results


Generated at Thu, 18 Apr 2019 17:55:50 GMT\nElectrode, Comp-406229965, DC-prod-cdc02, ENV-prod-a, PROF-PROD, VER-18.4.5-rc-1, SHA-1d465de19fada6e2cc82b85d39c4dfa2e170a853, CID-d80f1cfd-053-16a3197274f8a2, Generated: Thu, 18 Apr 2019 17:55:50 GMT\n© 2019 Walmart. All Rights Reserved. To ensure we are able to help you as best we can, please include your reference number: ARXC4R7VFR\nElectrode, Comp-406229953, DC-prod-cdc02, ENV-prod-a, PROF-PROD, VER-18.4.5-rc-1, SHA-1d465de19fada6e2cc82b85d39c4dfa2e170a853, CID-7eebe08f-38c-16a31972750a04, Generated: Thu, 18 Apr 2019 17:55:50 GMT\nElectrode, Comp-457428119, DC-prod-cdc5, ENV-prod-a, PROF-PROD, VER-8.11.1, SHA-dabdf973439956d39268a66a20a17b5429458c23, CID-31126836-d96-16a31972749348, Generated: Thu, 18 Apr 2019 17:55:51 GMT


Kroz oblake do ERP-a | PC Press\n20. maj 2015. 18. maj 2015. Andrijana Maksimović\nTagovi: Cloud, Coming, ERP, Microsoft Dynamics NAV\n← Korisite li telefon dok vozite?\n12 najboljih trenera za pametno trčanje →


1MATCH URL: https://assets.rappler.com/D94B5F04F3874B75AD1E5BD8747D9B6A/img/E8DFC79243534BE6BA6839D05AB8B56D/afp-brazil-jair-bolsonaro-000_1JT7WC-201909829.jpg\nJair Bolsonaro vows to defend his controversial Amazon policy at the UN General Assembly later this month, even if he has to do so 'in a wheelchair'\nPublished 4:03 PM, September 04, 2019\nUpdated 4:03 PM, September 04, 2019\nVIDEO CALL. Brazilian President Jair Bolsonaro gestures during the commemoration ceremony of the National Volunteer Day, at Planalto Palace in Brasilia, on August 28, 2019. Photo by Evaristo Sa/AFP\nFiled under:Jair Bolsonaro•Brazil


John James Audubon - White Ibis - Oil Paintings on Canvas\nHome » Animals » White Ibis »\n"White Ibis" - John James Audubon\n20"h x 24"w (50x60cm) AN2528AUD-20 $796.00 $199.00\n24"h x 36"w (60x90cm) AN2528AUD-24 $1,036.00 $259.00\n30"h x 40"w (75x100cm) AN2528AUD-30 $1,236.00 $309.00\n36"h x 48"w (90x120cm) AN2528AUD-36 $1,436.00 $359.00\n40"h x 60"w (100x150cm) AN2528AUD-40 $1,876.00 $469.00\n48"h x 60"w (120x150cm) AN2528AUD-60 $2,076.00 $519.00\n48"h x 72"w (120x180cm) AN2528AUD-48 $2,276.00 $569.00\nTITLE: "White Ibis"\n"White Ibis" by John James Audubon is a 100% hand-painted oil painting reproduction on canvas painted by one of our professional artists. Our experienced artists start with a blank canvas and paint each and every brushstroke entirely by hand!\n"Battle Of Roger's Rock"\nCurrently viewing: John James Audubon - White Ibis - Oil Paintings on Canvas


ptepic 30. Okt 2021 / Themenstart\nTrockenobst 29. Okt 2021 / Themenstart\nHuso 29. Okt 2021 / Themenstart\nBrennholzverleih 29. Okt 2021 / Themenstart\nnightmar17 29. Okt 2021 / Themenstart


texte_admin_tech_02 Attention : cette sauvegarde ne pourra être restaurée QUE dans un site installé sous la même version de SPIP. Il ne faut donc surtout pas « vider la base » en espérant réinstaller la sauvegarde après une mise à jour… Consultez la documentation de SPIP. Diwallit : n’hallo ar savete-mañ bezañ assavet nemet en ul lec’hienn staliet gant an hevelep stumm eus SPIP. Arabat neuze « goullonderiñ an diaz » en ur soñjal adstaliañ ar savete ur wech bet hizivaet SPIP... Sellit ouzh teulioù skoazell SPIP. 2013-10-03 16:21:28 Modifié Modifier\nirréversibles. Gant an dibarzh-mañ e c’hellit assevel ur skouerenn eus an diaz bet saveteet ganeoc’h en a-raok.\nEvit hen ober e rank ar restr savete bezañ bet lakaet er c’havlec’h @dossier@.\nDiwallit gant an arc’hwel-mañ, n’haller ket mont war-gil ma vez diverket pe gwallgaset tra pe dra. 2013-10-03 16:21:28 Modifié Modifier


Moto-RaceSpares Oil Filters\nHome » Oil Filters » All Products\nDucati Race Oil Filters\nHiflofiltro is the world'...\nDucati Race Filter : Please Select...748SP/SPS (1995-98) 748R (2001-2) 748 BIPOSTO/748S (1995-2003) 916/996 (1994-2002) 996R/998/998S (2002-3) 749 (2003-06) 749S (2003-06) 999/R/S (2003-06) 1098/S/R (2007-8) 1198/S (2009-10) 848 (2008-12)\nDucati Road Oil Filters\nOE standard Oil Filters for Ducati sports bikes made by HIFLO FILTRO.\nDucati Oil Filter : Please Select...748 SP/SPS (1994-99) 748biposto/748 S (1995-2003) 748 R/S (2000-02) 749 (2003-06) 749 R/S (2003-06) 848 (2008-12) 899 PANIGALE (2013-14) 916/996 (1994-2002) 996R/998/998S (2002-03) 999/R/S (2003-06) 1098/S/R (2007-09) 1198/S (2009-10) 1199 PANIGALE /R/S (2012-14)\nHonda Race Oil Filters\nHonda Race Filter : Please Select...CBR600 (1987-2000) CBR600F (2001-12) CBR600RR (2009-12) CBR900 FIREBLADE (2000-01) CBR 900 FIREBLADE (2001-03) CBR1000RR FIREBLADE (2004-12) VTR 1000 SP1/2\nHonda Road Oil Filters\nOE standard Oil Filters for Honda sports bikes made by HIFLO FILTRO.\nHonda Oil Filter : Please Select...CBR 600 (01-08) CBR 954 RR (02-03) CBR 929RR/S (00-02) CBR 1000RR Fireblade (04-09) VTR1000 SP1 (01-05) CB400 (02-08) CB500 CBR 600 (88-98) CBR900RR (92-99) VFR400 NC30 (89-92) CBR1000RR Fireblade (08-15) CBR600RR (03-06) CBR600RR (07-15)\nKawasaki Race Oil Filters\nKawasaki Race Filter : Please Select...ER6N/F (2006) ER6N/F (2007-14) ZX636A/B/C ZX-6R (2002-06) ZX-6RR (2003-5) ZX6-R (2007-12) ZX-10R (2004-5) ZX-10R (2006-14)\nKawasaki Road Oil Filters\nOE standard Oil Filters for Kawasaki sports bikes made by HIFLO FILTRO.\nKawasaki Oil Filter : Please Select...ZX400 (00-06) ZX6R (00-06) ZX636 (03-06) Z750 (06) ZR750 (04-05) ZX9 (94-02) ZX9 (02-04) Z1000 (03-04) ZX10R (06-09) D6-D9F ZX10R (04-05)C1/2H ZX12R (99-05) ZX400 (88-98) ZX400 (00-06)\nSuzuki Race Oil Filters\nSuzuki Race Filter : Please Select...SV650 (1999-2010) GSX-R 600 (1997-2015) GSX-R 750 (1988-2015) GSX-R 1000 (2001-15)\nSuzuki Road Oil Filters\nOE standard Oil Filters for Suzuki sports bikes made by HIFLO FILTRO.\nSuzuki Oil Filter : Please Select...GSXR 600 (1997-2015) GSXR 750 (1988-2015) GSXR 1000 (2001-2015) GSXR 1300 Hayabusa (1999-2008) GSX1400R (2001-06) SV650/S (1999-2002) SV650/S (2003-10)\nTriumph Race Oil Filters\nTriumph Race Filter : Please Select...675 DAYTONA/R (2006-14) SPEED TRIPLE/R (2008-14) 1050 SPEED TRIPLE (2006-14)\nTriumph Road Oil Filters\nOE standard Oil Filters for Triumph sports bikes made by HIFLO FILTRO.\nTriumph Oil Filter : Please Select...675 DAYTONA/R (2006-14) STREET TRIPLE/R (2008-15) 1050 SPEED TRIPLE (2006-14)\nYamaha Race Oil Filters\nYamaha Race Filter : Please Select...YZF-R6 (1999-2005) YZF-R6 (2006-14) YZF-R7 (1999-2001) FZR750 OWO1 YZF-R1 (1998-2006) YZF-R1 (2007-14) YZF-R1 (2015-19)\nYamaha Road Oil Filters\nOE standard Oil Filters for Yamaha sports bikes made by HIFLO FILTR...\nYamaha Oil Filter : Please Select...YZF R6 (10-12) YZF R6 (98-09) YZF R1 (98-08) YZF 600R (96-06) YZF 750R (93-98) YZF 750SP (93-97) FZ1 Fazer (04-08) FZR 600/R (89-96) FZRS1000 Fazer (00-08)


1977 Chevrolet Corvette de Venta en Kansas City, MO - CarGurus (Español)\nEvaluación de un 1977 Chevrolet Corvette\nThis is an original 1977 Excalibur not a kit or replicar. They were built on new Corvette drive trains with 454 engines which it still has. Lo sentimos, no hay avisos disponibles.\n1977 Chevrolet Corvette en Des Moines IA 1 aviso


WILLIAM OR WILHELM V DUKE OF (L) JULICH (GERHARD V GRAF (L) /VON JULICH/, WILHELM IV GRAF (L) /VON JULICH/, WILHELM III GRAF (L) /VON JULICH/, EBERHARD I GRAF (L) /VON HEIMBACH/) was born BET 1310 AND 1315, and died 26 FEB 1361. He married JOHANNA COUNTESS OF HOLLAND (L) DE AVESNES, daughter of GUILLAUME III AVESNES COUNT (L) /HAINAULT/ and JEANNE MARY OR JOAN VALOIS OR (L) /DE VALOIS/. She was born BET 1307 AND 1315 in LE QUESNOY, FRANCE, and died 1374.


Fragment 3 - Christophe Ruiz - Metal Sculpture\nPiece of planet made of hammered Corten steel. Rust red.\non a base 100cms in diameter.


RENAULT TWINGO III 1.0 SCE 70 INTENS E6 2015 Essence occasion - Marseille - Bouches-du-Rhône 13\n2015 - 8 542 km Assurance : Comparez en 2 min.\nPubliée depuis : 4 jours Réf. annonce : E103140711 Réf. pro : fm01_A38830\n04 82 80 27 36 (Service VO)


Warburton River entering Lake Eyre (dry, October 1996\nPhotographic Print of Warburton River entering Lake Eyre (dry, October 1996)\nWarburton River entering Lake Eyre (dry, October 1996). Lake Eyre National Park, South Australia.\nWarburton River entering Lake Eyre (dry, October 1996). Lake Eyre National Park, South Australia\nMedia ID 10129244\nProduct Code dmcs_10129244_7287_0


jean113, holmertz, pajaran, ikeharel, jhm, delpeoples, s_lush, ktanska marcou esta nota como útil\njean113 (22063) 2016-10-02 11:48\nholmertz (92884) 2016-10-02 12:11\ndta (98542) 2016-10-02 12:13\nTrès jolie scène en bleu blanc gris . Aussi bien le premier plan , avec ces beaux cygnes et leur reflets , que l'arrière plan et les immeubles , sont intéressants .\nTue (82264) 2016-10-02 12:47\nemka (152228) 2016-10-02 12:57\nikeharel (105923) 2016-10-02 23:25\ndkmurphys (78000) 2016-10-03 0:21\njhm (203039) 2016-10-03 5:40\nabmdsudi (88573) 2016-10-03 19:27\nkasianowak (15826) 2016-10-04 13:38\ndelpeoples (60326) 2016-10-10 4:58\nktanska (40087) 2016-10-12 10:29\nla foto è molto bella, mi piace il tuo punto di vista vicino ai cigni.


Other Washington Capitals Outdoor - Walmart.com\nGenerated at Thu, 25 Apr 2019 19:01:11 GMT\nElectrode, Comp-406229959, DC-prod-cdc02, ENV-prod-a, PROF-PROD, VER-18.4.5-rc-1, SHA-1d465de19fada6e2cc82b85d39c4dfa2e170a853, CID-39f60679-526-16a55df7e525ee, Generated: Thu, 25 Apr 2019 19:01:11 GMT\n© 2019 Walmart. All Rights Reserved. To ensure we are able to help you as best we can, please include your reference number: RZ5PXIBPQE\nElectrode, Comp-406231977, DC-prod-cdc04, ENV-prod-a, PROF-PROD, VER-18.4.5-rc-1, SHA-1d465de19fada6e2cc82b85d39c4dfa2e170a853, CID-86b37307-089-16a55df7e524b7, Generated: Thu, 25 Apr 2019 19:01:11 GMT\nElectrode, Comp-457428188, DC-prod-cdc5, ENV-prod-a, PROF-PROD, VER-8.12.1, SHA-b3cb8446fe3e1573f103f187f35f1a357ce9b788, CID-b62b23e6-cdb-16a55df7e4271c, Generated: Thu, 25 Apr 2019 19:01:11 GMT


Nadezhda - Famila Schio | EuroLeague WomenFIBAEUROPE.COMLIVEBASKETBALL.TVEUROBASKET WOMENHOME PAGEGroupsScheduleTeamsPlayersNewsStatisticsHistoryComp. SystemFansNadezhda65-61 32-19, 16-14, 11-13, 6-15Famila Schio Date: 19.12.2012, 19:00hGroup:\nMilan Mazic (SRB), Sergiy Chaykovskyy (UKR), Dariusz Szczerba (POL)TEAM LEADERSNadezhda Famila SchioDewanna Bonner (17)PtsDanielle Mc Cray (19)Dewanna Bonner (12)Reb3 players tied with 7Elena Danilochkina (4)ASDanielle Mc Cray (3)Renee Montgomery (4)STKathy Wambe (3)Zane Tamane (2)BSDanielle Mc Cray (1)Game ReportBoxscorePlay-By-PlayQuotesGAME REPORT19.12.2012Nadezhda Survive Scare, Hold Off Schio\tDewanna Bonner collected her fifth double-double in eight gamesA relieved Nadezhda returned to winning ways in EuroLeague Women Group B, after surviving a late scare to eventually claim a hard-fought 65-61 success against injury-hit Schio. The visitors, who were once again without Italian national team playmaker Giorgia Sottana and veteran wing Laura Macchi, initially looked like they were going to be blown away in Orenburg after a terrible start.They leaked 32 points during a lifeless opening period when Nadezhda ran rampant to open up a 13-point lead after ten minutes.Then, when the home side stretched their advantage to a commanding 48-28, the result never looked to be in any serious doubt.However, showing why they came into the contest as Group leaders, Schio displayed real heart and resilience with a magnificent comeback during the second-half which left Nadezhda rattled.Still trailing 59-46, Schio moved up a gear and caught Nadezhda napping to score nine unanswered points at the start of the fourth quarter.They continued their revival to such an extent that having been down by 20 points, they made it a one-shot game at 61-59, helped by a frustrated Dewanna Bonner losing her discipline and being handed a technical foul.But, a sweet jump-shot by Natalia Zhedik brought Nadezhda back to life just when it mattered most, and subsequent free throws by Zane Tamane made the game safe.Bonner finished with 17 points and 12 rebounds, whilst Danielle McCray and Jantel Lavender combined for 34 points for Schio who fell to only their second loss of the season.


أحلام تنشر سلسلة تغريدات تنتقد ماكرون وتدافع عن رسول الله (صور) - ميدل ايست الصباحية\nأحلام نشرت عبر صفحتها الخاصة سلسلة من التغريدات تضمنت صورة لماكرون ظهر فيها وعلى وجهه آثار حذاء\nعبرت الفنانة الإماراتية أحلام عن استيائها الشديد وغضبها من تصريحات الرئيس الفرنسي إيمانيول ماكرون، التي أكد فيها أن فرنسا لن تتخلى عن الرسومات المسيئة للرسول محمد “صلى الله عليه وسلم” وللرموز الإسلامية.\nونشرت أحلام على حسابها على موقع توتيرسلسلة من التغريدات، تضمنت صورة لماكرون ظهر فيها وعلى وجهه آثار حذاء، وعلّقت بالقول: “إلا رسول الله حسبي الله ونعم الوكيل فيك يا مكرون اللهم زلزل الأرض من تحت قدميه بأبي وأمي أنت يا رسول الله”.\nوظهرت أحلام خلافاً لموقف بلادها الرسمي الذي ظل صامتاً تجاه هذه الإساءة للإسلام وللرسول، ولم تظهر دعوات بمقاطعة البضائع الفرنسية كما حصل في العديد من الدول العربية والإسلامية.\nبينما عبر مستشار ولي عهد أبوظبي عبد الخالق عبدالله متهماً الحملة العربية والإسلامية لمقاطعة المنتجات الفرنسية حملة إخوانية، قائلاً: “حملة الإخوان ضد حرب فرنسا المحقة على الغلو والتطرف ليست مخلصة لوجه الله 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Pajenn:Herri - Skrituriou sakr - Exod, 1861.djvu/216 - Wikimammenn\nPajenn:Herri - Skrituriou sakr - Exod, 1861.djvu/216\nnez Sinaï. Hag evit ho lakaat muioc’h-vui da zouja ann Aotrou Doue, e tiskuill d’ezho, gant he spered a brophed, ar vennosiou a skuillo Doue var-n-ezho, mar miront he c’hourc’hemennou, hag ar mallosiou a gouezo var-n-ezho, ma ho zorront. Chetu ama he gomzou. (Deuteronom xxviii).\n9. Ann Aotrou a raï d’ezhan eur bobl santel ac’hanoc’h, evel ma en deuz hen touet d’ezhan he-unan,\nAdtapet diwar « https://br.wikisource.org/w/index.php?title=Pajenn:Herri_-_Skrituriou_sakr_-_Exod,_1861.djvu/216&oldid=115048 »\nKemmoù diwezhañ degaset d'ar bajenn-mañ d'an 13 Ebr 2018, da 10:02.


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Où acheter du modafinil en Europe en 2021 ? - Modafinil.org\nAccueil > 📍 Guides d'achat > Où acheter du modafinil en Europe en 2021 ?\nOù acheter du modafinil en Europe en 2021 ?\nVues de publication: 1 456


33 BEDFORD PARK Blvd, Bronx, NY 10468 — Apartable\n33 BEDFORD PARK Blvd\n33 BEDFORD PARK Blvd is a apartment located at 33 BEDFORD PARK Blvd, Bronx, NY 10468.\n06/10/1986 nov sent out\nD26-10.01 ADM CODE REPLACE WITH NEW THE MISSING BULB CLG LIGHT FIXTURE 3RD STY PUB HALL.\nStatus last updated on Apartable at 2014-08-15 02:35:55 UTC.\nReviews of 33 BEDFORD PARK Blvd\nNo reviews of 33 BEDFORD PARK Blvd yet. Be the first to write one!\n2 min Bedford Park Blvd B D\n2 min Bedford Park Blvd - Lehman College 4\n12 min Kingsbridge Rd B D


Magdalena aka A Bookaholic Swede (Sweden)’s review of Harley Quinn, Vol. 5: The Joker's Last Laugh\nMagdalena aka A Bookaholic Swede's Reviews > Harley Quinn, Vol. 5: The Joker's Last Laugh\nSign into Goodreads to see if any of your friends have read Harley Quinn, Vol. 5.\nOctober 10, 2016 – Shelved as: read-2016


Kevin Hamiltone tient son 1er rôle ! - Kevin Hamiltone tient son 1er rôle ! -


:::::: INANNA :::::: Feminist Politics, Activism and Vision: Local and Global Challenges\nISBN 0-9681290-8-0 / 2004 / 392 pp. /$34.95 List\nORDER | OVERVIEW | CONTENTS | AUTHOR BIO | REVIEW | REVIEW2 | REVIEW3\nPublished in Women¹s News (Belfast) in June 2005. Reprinted with permission.


Borivali to Rao Tula Ram Park, Rewari: 6 Trains - Railway Enquiry\nSun Sep 26 09:11:47 IST\nBorivali to Rao Tula Ram Park, Rewari\nRE/Rewari Junction 1 km AMRI/Anaj Mandi Rewari 2 km GKG/Gokalgarh 6 km KWMD/Kumbhawas Mundhalia Dabri 7 km KNGT/Karnawas 7 km KGBS/Kishangarh Balawas 8 km KIP/Khalilpur 11 km KORI/Khori 11 km NNU/Nangal Mundi 11 km BWL/Bawal 15 km\n6 Long-Distance Trains between Borivali and Rao Tula Ram Park, Rewari\n04539 Bandra Terminus - Ch... COVR NR BVI 8 12:24 - RE 5 09:05 - 20h 41m 16\n1250 km 60 km/hr\n02216 Bandra Terminus - De... COVR NR BVI 8 12:24 - RE ?? 09:28 - 21h 4m 12\n1337 km 63 km/hr\n02949 Bandra Terminus - De... COVR WR BVI 6 12:40 - RE ?? 10:03 - 21h 23m 21\n1250 km 58 km/hr\n22451 Bandra Terminus - Ch... SF NR BVI 6 12:50 - RE 6 10:45 - 21h 55m 16\nPQWL 1250 km 57 km/hr\n12216 Bandra Terminus - De... GR NR BVI 6 13:13 - RE 3 10:45 - 21h 32m 13\nPQWL 1337 km 62 km/hr\n22949 Bandra Terminus - De... SF WR BVI 8 13:26 - RE 6 11:35 - 22h 9m 21\nGNWL 1250 km 56 km/hr


Author Topic: LIVE: Atlas V 411 - SBIRS GEO-4 - Cape Canaveral SLC-41 - January 19/20, 2018 (Read 48518 times)\n27284389032_5ff7d2ea32_o.jpg (2495.38 kB, 3000x2386 - viewed 493 times.)\n23213330_1710171495680224_1126990775920098187_o.jpg (194.69 kB, 2048x1365 - viewed 325 times.)\n23120358_1710173089013398_8883825288508939368_o.jpg (257.93 kB, 2048x1365 - viewed 318 times.)\n171101-O-ZZ999-0001.JPG (963.9 kB, 2048x1536 - viewed 281 times.)


SAUMON... ET SOLEIL ! - AAPPMA de l'Élorn\n← TROIS CENTS « TOUT ROND » !\nPIC DE MIGRATION ! →


106 - 31 Rosedale Rd\nMaint. Fee $1,740\n4905 - 8 Eglinton Ave E\n103 - 63 St.Clair Ave W\n1618 - 5 Soudan Ave\nPH7 - 38 Avoca Ave\n1307 - 33 Helendale Ave S\n5612 - 8 Eglinton Ave E\n426 - 380 Macpherson Ave\n313 - 212 Eglinton Ave E\n210 - 1177 Yonge St\nMaint. Fee $1,461\n2905 - 125 Redpath Ave\n1907 - 33 Helendale Ave\n1617 - 70 Roehampton Ave\n1418 - 70 Roehampton Ave\n25 Sylvan Valley Way\n2502 - 30 Roehampton Ave\n419 - 185 Roehampton Ave\n205 - 350 Lonsdale Rd\nMaint. Fee $1,827\n2302 - 300 Bloor St E\n3209 - 8 Eglinton Ave E\n605 - 33 Delisle Ave\n516 - 89 Dunfield Ave\n4001 - 161 Roehampton Ave\n506 - 60 Montclair Ave\n2003 - 825 Church St\n317 - 380 Macpherson Ave\n127 - 10 Walker Ave\n2902 - 2191 Yonge St\n302 - 530 St.Clair Ave\n2612 - 2191 Yonge St\n304 - 492 Eglinton Ave\n922 - 70 Roehampton St\n910 - 125 Redpath Ave\n3003 - 5 Soudan Ave\n1750 Bayview Ave\nThe Rio IV


FOUSESQUAWK: Will You Donate $ 5 Million To Hatem Bazian?\n"Kilroy was here." (Here's proof.)