╨Ь╤Г╤Б╨╛╤А╨╜╨░╤П ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П


╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ╨╝╤Г╤Б╨╛╤А╨╜╨░╤П ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П?

╨Ь╤Г╤Б╨╛╤А╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ тАФ ╤Н╤В╨╛ ╨┤╨╛╨╗╨│╨╛╨▓╤Л╨╡ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝, ╨┐╤А╨╡╨┤╨╗╨░╨│╨░╤О╤Й╨╕╨╡ ╨▒╨╛╨╗╨╡╨╡ ╨▓╤Л╤Б╨╛╨║╤Г╤О ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М, ╤З╨╡╨╝ ╨╛╨▒╤Л╤З╨╜╤Л╨╡ ╨║╨╛╤А╨┐╨╛╤А╨░╤В╨╕╨▓╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╤Б ╨▒╨╛╨╗╨╡╨╡ ╨▓╤Л╤Б╨╛╨║╨╕╨╝ ╤А╨╕╤Б╨║╨╛╨╝ ╨┤╨╡╤Д╨╛╨╗╤В╨░ ╨╕ ╨▓╨╛╨╗╨░╤В╨╕╨╗╤М╨╜╨╛╤Б╤В╤М╤О. ╨н╤В╨╕ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨┐╤А╨╕╨▓╨╗╨╡╨║╨░╤В╨╡╨╗╤М╨╜╤Л ╨┤╨╗╤П ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓, ╨┐╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╨╛╨╜╨╕ ╨│╨░╤А╨░╨╜╤В╨╕╤А╤Г╤О╤В ╨╖╨╜╨░╤З╨╕╤В╨╡╨╗╤М╨╜╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤ ╨╛╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╤Б ╨┐╨╛╨▓╤Л╤И╨╡╨╜╨╜╤Л╨╝╨╕ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Л╨╝╨╕ ╨▓╤Л╨┐╨╗╨░╤В╨░╨╝╨╕. ╨Ъ╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨╕ ╨┐╤А╨░╨▓╨╕╤В╨╡╨╗╤М╤Б╤В╨▓╨░ ╨▓╤Л╨┐╤Г╤Б╨║╨░╤О╤В ╤Н╤В╨╕ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╤Б ╨▓╤Л╤Б╨╛╨║╨╕╨╝ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨╛╨╝ ╨┤╨╛╨╗╨│╨░ ╨╕ ╨╜╨╕╨╖╨║╨╕╨╝ ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╝ ╤А╨╡╨╣╤В╨╕╨╜╨│╨╛╨╝ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П.

╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ╨╝╤Г╤Б╨╛╤А╨╜╨░╤П ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П

╨н╤В╨╕ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕╨Ю╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕╨Ю╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨╛╤В╨╜╨╛╤Б╤П╤В╤Б╤П ╨║ ╨┤╨╛╨╗╨│╨╛╨▓╤Л╨╝ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╨░╨╝, ╨▓╤Л╨┐╤Г╤Й╨╡╨╜╨╜╤Л╨╝ ╨┐╤А╨░╨▓╨╕╤В╨╡╨╗╤М╤Б╤В╨▓╨░╨╝╨╕ ╨╕╨╗╨╕ ╨║╨╛╤А╨┐╨╛╤А╨░╤Ж╨╕╤П╨╝╨╕ ╨┤╨╗╤П ╨┐╤А╨╕╨▓╨╗╨╡╤З╨╡╨╜╨╕╤П ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓ ╨╜╨░ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╤Л╨╣ ╨┐╨╡╤А╨╕╨╛╨┤.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡, ╤В╨░╨║╨╢╨╡ ╨╕╨╖╨▓╨╡╤Б╤В╨╜╤Л ╨┐╨╛╨┤ ╨╜╨░╨╖╨▓╨░╨╜╨╕╤П╨╝╨╕ ╨▓╤Л╤Б╨╛╨║╨╛╨┤╨╛╤Е╨╛╨┤╨╜╤Л╤Е, ╤Б╨┐╨╡╨║╤Г╨╗╤П╤В╨╕╨▓╨╜╤Л╤Е ╨╕╨╗╨╕ ╨╜╨╡╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╤Е ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣╨Ю╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П╨Ш╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╨║╨╗╨░╤Б╤Б ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╣ ╤А╨╡╨╣╤В╨╕╨╜╨│ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣, ╨▓╨╡╨║╤Б╨╡╨╗╨╡╨╣ ╨╕ ╨▓╨╡╨║╤Б╨╡╨╗╨╡╨╣ ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝, ╨┐╤А╨╕╤Б╨▓╨╛╨╡╨╜╨╜╤Л╨╣ ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╝╨╕ ╤А╨╡╨╣╤В╨╕╨╜╨│╨╛╨▓╤Л╨╝╨╕ ╨░╨│╨╡╨╜╤В╤Б╤В╨▓╨░╨╝╨╕, ╤В╨░╨║╨╕╨╝╨╕ ╨║╨░╨║ Standard and Poor’s (S&P), Fitch ╨╕ Moody’s, ╨┤╨╗╤П ╨▓╤Л╤А╨░╨╢╨╡╨╜╨╕╤П ╨║╤А╨╡╨┤╨╕╤В╨╛╤Б╨┐╨╛╤Б╨╛╨▒╨╜╨╛╤Б╤В╨╕ ╨╕ ╤А╨╕╤Б╨║╨░, ╤Б╨▓╤П╨╖╨░╨╜╨╜╨╛╨│╨╛ ╤Б ╤Н╤В╨╕╨╝╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╤П╨╝╨╕. ╤А╨╛╤Б╤В ╤Ж╨╡╨╜ ╨▓ ╤Б╨╗╤Г╤З╨░╨╡ ╤Г╨╗╤Г╤З╤И╨╡╨╜╨╕╤П ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨╛╨│╨╛ ╨┐╨╛╨╗╨╛╨╢╨╡╨╜╨╕╤П ╤Н╨╝╨╕╤В╨╡╨╜╤В╨░. ╨Ъ╤А╨╛╨╝╨╡ ╤В╨╛╨│╨╛, ╨╛╨╜╨╕ ╨┤╨╡╨╣╤Б╤В╨▓╤Г╤О╤В ╨║╨░╨║ ╤Н╨║╨╛╨╜╨╛╨╝╨╕╤З╨╡╤Б╨║╨╕╨╡ ╨╕╨╜╨┤╨╕╨║╨░╤В╨╛╤А╤Л. ╨н╨║╨╛╨╜╨╛╨╝╨╕╤З╨╡╤Б╨║╨╕╨╡ ╨╕╨╜╨┤╨╕╨║╨░╤В╨╛╤А╤Л. ╨Э╨╡╨║╨╛╤В╨╛╤А╤Л╨╝╨╕ ╤Н╨║╨╛╨╜╨╛╨╝╨╕╤З╨╡╤Б╨║╨╕╨╝╨╕ ╨╕╨╜╨┤╨╕╨║╨░╤В╨╛╤А╨░╨╝╨╕ ╤П╨▓╨╗╤П╤О╤В╤Б╤П ╨Т╨Т╨Я, ╤Б╤В╨░╨▒╨╕╨╗╤М╨╜╨╛╤Б╤В╤М ╨╛╨▒╨╝╨╡╨╜╨╜╨╛╨│╨╛ ╨║╤Г╤А╤Б╨░, ╨┐╤А╨╡╨╝╨╕╨╕ ╨╖╨░ ╤А╨╕╤Б╨║, ╤Ж╨╡╨╜╤Л ╨╜╨░ ╤Б╤Л╤А╤Г╤О ╨╜╨╡╤Д╤В╤М ╨╕ ╤В. ╨┤., ╨┐╤А╨╕ ╤Н╤В╨╛╨╝ ╤А╨╛╤Б╤В ╤Ж╨╡╨╜ ╤Г╨║╨░╨╖╤Л╨▓╨░╨╡╤В ╨╜╨░ ╤Г╨╗╤Г╤З╤И╨╡╨╜╨╕╨╡ ╤Н╨║╨╛╨╜╨╛╨╝╨╕╤З╨╡╤Б╨║╨╕╤Е ╤Г╤Б╨╗╨╛╨▓╨╕╨╣, ╨░ ╨┐╨░╨┤╨╡╨╜╨╕╨╡ ╤Ж╨╡╨╜ ╤Г╨║╨░╨╖╤Л╨▓╨░╨╡╤В ╨╜╨░ ╨┐╨╗╨╛╤Е╨╛╨╡ ╤Н╨║╨╛╨╜╨╛╨╝╨╕╤З╨╡╤Б╨║╨╛╨╡ ╨╖╨┤╨╛╤А╨╛╨▓╤М╨╡.

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╨Ю╨│╨╗╨░╨▓╨╗╨╡╨╜╨╕╨╡

╨Ъ╨╗╤О╤З╨╡╨▓╤Л╨╡ ╨▓╤Л╨▓╨╛╨┤╤Л

  • ╨Ь╤Г╤Б╨╛╤А╨╜╨░╤П ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╕╨╡ ╨╛╨┐╨╕╤Б╤Л╨▓╨░╨╡╤В ╨╡╨│╨╛ ╨║╨░╨║ ╨▓╤Л╤Б╨╛╨║╨╛╨┤╨╛╤Е╨╛╨┤╨╜╤Л╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕ ╤Б ╨▒╨╛╨╗╨╡╨╡ ╨▓╤Л╤Б╨╛╨║╨╕╨╝ ╤А╨╕╤Б╨║╨╛╨╝ ╨┤╨╡╤Д╨╛╨╗╤В╨░ ╨╕ ╨▓╨╛╨╗╨░╤В╨╕╨╗╤М╨╜╨╛╤Б╤В╨╕, ╤З╨╡╨╝ ╤В╤А╨░╨┤╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨║╨╛╤А╨┐╨╛╤А╨░╤В╨╕╨▓╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕.
  • ╨Ъ╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨╕ ╨┐╤А╨░╨▓╨╕╤В╨╡╨╗╤М╤Б╤В╨▓╨░ ╤Б ╨▓╤Л╤Б╨╛╨║╨╕╨╝ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨╛╨╝ ╨┤╨╛╨╗╨│╨░ ╨╕ ╨╜╨╕╨╖╨║╨╕╨╝ ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╝ ╤А╨╡╨╣╤В╨╕╨╜╨│╨╛╨╝ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П ╨▓╤Л╨┐╤Г╤Б╨║╨░╤О╤В ╤Н╤В╨╕ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╤Б╨╛ ╤Б╤А╨╛╨║╨╛╨╝ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П ╨╛╤В 4 ╨┤╨╛ 10 ╨╗╨╡╤В.
  • ╨Ю╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╤Б╨┐╨╡╨║╤Г╨╗╤П╤В╨╕╨▓╨╜╨╛╨│╨╛ ╨║╨╗╨░╤Б╤Б╨░ ╨╕╨╝╨╡╤О╤В ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╣ ╤А╨╡╨╣╤В╨╕╨╜╨│ BBB ╨╕╨╗╨╕ ╨╜╨╕╨╢╨╡ ╨╛╤В S&P ╨╕╨╗╨╕ Fitch ╨╕╨╗╨╕ ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╣ ╤А╨╡╨╣╤В╨╕╨╜╨│ Baa ╨╕╨╗╨╕ ╨╜╨╕╨╢╨╡ ╨╛╤В Moody’s.
  • ╨Т╤Л╤Б╨╛╨║╨╛╨┤╨╛╤Е╨╛╨┤╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╤Б╨╗╤Г╨╢╨░╤В ╤Н╨║╨╛╨╜╨╛╨╝╨╕╤З╨╡╤Б╨║╨╕╨╝╨╕ ╨╕╨╜╨┤╨╕╨║╨░╤В╨╛╤А╨░╨╝╨╕: ╨▒╨╛╨╗╨╡╨╡ ╨▓╤Л╤Б╨╛╨║╨╕╨╡ ╤Ж╨╡╨╜╤Л ╤Г╨║╨░╨╖╤Л╨▓╨░╤О╤В ╨╜╨░ ╨╗╤Г╤З╤И╤Г╤О ╤Н╨║╨╛╨╜╨╛╨╝╨╕╤З╨╡╤Б╨║╤Г╤О ╤Б╨╕╤В╤Г╨░╤Ж╨╕╤О, ╨░ ╨▒╨╛╨╗╨╡╨╡ ╨╜╨╕╨╖╨║╨╕╨╡ ╤Ж╨╡╨╜╤Л ╤Г╨║╨░╨╖╤Л╨▓╨░╤О╤В ╨╜╨░ ╤Г╤Е╤Г╨┤╤И╨╡╨╜╨╕╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨╛╨│╨╛ ╤Б╨╛╤Б╤В╨╛╤П╨╜╨╕╤П. ╨Ъ╤А╨╛╨╝╨╡ ╤В╨╛╨│╨╛, ╨╛╨╜╨╕ ╨┐╨╛╨║╨░╨╖╤Л╨▓╨░╤О╤В, ╨╝╨╛╨│╤Г╤В ╨╗╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Л ╨▓╨╖╤П╤В╤М ╨╜╨░ ╤Б╨╡╨▒╤П ╤А╨╕╤Б╨║ (╨║╤Г╨┐╨╕╨▓ ╨╡╨│╨╛) ╨╕╨╗╨╕ ╨╕╨╖╨▒╨╡╨╢╨░╤В╤М ╤А╨╕╤Б╨║╨░ (╨┐╤А╨╛╨┤╨░╨▓ ╨╡╨│╨╛).

╨Я╨╛╨╜╨╕╨╝╨░╨╜╨╕╨╡ ╨╜╨╡╨╢╨╡╨╗╨░╤В╨╡╨╗╤М╨╜╨╛╨╣ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕

╨Ь╤Г╤Б╨╛╤А╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╤О╤В ╤Б╨╛╨▒╨╛╨╣ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╤Б ╨╜╨╕╨╖╨║╨╕╨╝ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╝ ╤А╨╡╨╣╤В╨╕╨╜╨│╨╛╨╝ ╨╕ ╨╜╨╕╨╖╨║╨╕╨╝ ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╝ ╤А╨╡╨╣╤В╨╕╨╜╨│╨╛╨╝. ╨▒╨╛╨╗╤М╤И╨╡ ╨╛╤В ╤А╨╡╨╣╤В╨╕╨╜╨│╨╛╨▓╨╛╨│╨╛ ╨░╨│╨╡╨╜╤В╤Б╤В╨▓╨░. ╨Ъ╨░╨║ ╨╕ ╨╛╨▒╤Л╤З╨╜╤Л╨╡ ╨║╨╛╤А╨┐╨╛╤А╨░╤В╨╕╨▓╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╨║╨╛╤А╨┐╨╛╤А╨░╤В╨╕╨▓╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╨║╨╛╤А╨┐╨╛╤А╨░╤В╨╕╨▓╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╤О╤В ╤Б╨╛╨▒╨╛╨╣ ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕ ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝, ╨▓╤Л╨┐╤Г╤Й╨╡╨╜╨╜╤Л╨╡ ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П╨╝╨╕, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╛╨▒╨╡╤Й╨░╤О╤В ╨┐╨╡╤А╨╕╨╛╨┤╨╕╤З╨╡╤Б╨║╨╕╨╡ ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╨┐╨╗╨░╤В╨╡╨╢╨╕. ╨н╤В╨╕ ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╨┐╨╗╨░╤В╨╡╨╢╨╕ ╤А╨░╨╖╨▒╨╕╤В╤Л ╨╜╨░ ╨┤╨▓╨╡ ╤З╨░╤Б╤В╨╕: ╨║╤Г╨┐╨╛╨╜ ╨╕ ╤Г╤Б╨╗╨╛╨▓╨╜╨░╤П ╨╕╨╗╨╕ ╨╜╨╛╨╝╨╕╨╜╨░╨╗╤М╨╜╨░╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М. ╨С╨╛╨╗╨╡╨╡ ╤В╨╛╨│╨╛, ╤Н╤В╨╕ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨╛╨▒╨╡╤Й╨░╤О╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░╨╝ ╨┐╨╛╨╗╤Г╤З╨╕╤В╤М ╨╛╤Б╨╜╨╛╨▓╨╜╤Г╤О ╤Б╤Г╨╝╨╝╤Г ╨▓╨╝╨╡╤Б╤В╨╡ ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝╨╕ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨░╨╝╨╕ ╨┐╨╛ ╨╕╤Б╤В╨╡╤З╨╡╨╜╨╕╨╕ ╤Б╤А╨╛╨║╨░. ╨н╤В╨╕ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨┐╨╛╨╖╨▓╨╛╨╗╤П╤О╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░╨╝ ╨┐╨╛╨╗╤Г╤З╨░╤В╤М ╨▒╨╛╨╗╨╡╨╡ ╨▓╤Л╤Б╨╛╨║╤Г╤О ╨┐╤А╨╕╨▒╤Л╨╗╤М, ╤З╨╡╨╝ ╨╛╨▒╤Л╤З╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л, ╨╕╨╖-╨╖╨░ ╨▒╨╛╨╗╨╡╨╡ ╨▓╤Л╤Б╨╛╨║╨╛╨│╨╛ ╤А╨╕╤Б╨║╨░.

╨Ъ╨╛╤А╨┐╨╛╤А╨░╤Ж╨╕╨╕, ╨▓╨┐╨╡╤А╨▓╤Л╨╡ ╨┐╨╛╤П╨▓╨╕╨▓╤И╨╕╨╡╤Б╤П ╨╜╨░ ╤А╤Л╨╜╨║╨╡, ╨╜╨╡╨┤╨░╨▓╨╜╨╛ ╨╕╤Б╨┐╤Л╤В╨░╨▓╤И╨╕╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╤В╤А╤Г╨┤╨╜╨╛╤Б╤В╨╕ ╨╕╨╗╨╕ ╨╕╨╝╨╡╤О╤Й╨╕╨╡ ╨┐╨╗╨╛╤Е╨╛╨╣ ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╣ ╤А╨╡╨╣╤В╨╕╨╜╨│, ╨▓╤Л╨┐╤Г╤Б╨║╨░╤О╤В ╨▓╤Л╤Б╨╛╨║╨╛╨┤╨╛╤Е╨╛╨┤╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕. ╨Т╤Л╤Б╨╛╨║╨╛╨┤╨╛╤Е╨╛╨┤╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕. ╨Т╤Л╤Б╨╛╨║╨╛╨┤╨╛╤Е╨╛╨┤╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ тАФ ╤Н╤В╨╛ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╨┐╨╛ ╨║╨╛╤В╨╛╤А╤Л╨╝ ╨▓╤Л╨┐╨╗╨░╤З╨╕╨▓╨░╤О╤В╤Б╤П ╨▒╨╛╨╗╨╡╨╡ ╨▓╤Л╤Б╨╛╨║╨╕╨╡ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╤Л, ╤З╨╡╨╝ ╨┐╨╛ ╨┤╤А╤Г╨│╨╕╨╝, ╨╜╨╛ ╨║╨╛╤В╨╛╤А╤Л╨╝ ╨┐╨╛╨┐╤Г╨╗╤П╤А╨╜╤Л╨╡ ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╡ ╤А╨╡╨╣╤В╨╕╨╜╨│╨╛╨▓╤Л╨╡ ╨░╨│╨╡╨╜╤В╤Б╤В╨▓╨░ ╨┐╤А╨╕╤Б╨▓╨░╨╕╨▓╨░╤О╤В ╨▒╨╛╨╗╨╡╨╡ ╨╜╨╕╨╖╨║╨╕╨╡ ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╡ ╤А╨╡╨╣╤В╨╕╨╜╨│╨╕. ╨а╨╡╨╣╤В╨╕╨╜╨│╨╕ ╨╜╨╕╨╢╨╡ ┬л╨Т╨Т╨Т┬╗ ╨╛╤В Standard & Poor ╨╕ ╨╜╨╕╨╢╨╡ ┬л╨Т╨░╨░┬╗ ╨╛╤В Moody’s ╨╛╨▒╤Г╤Б╨╗╨╛╨▓╨╗╨╡╨╜╤Л ╨┤╨╛╨┐╨╛╨╗╨╜╨╕╤В╨╡╨╗╤М╨╜╤Л╨╝╨╕ ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╝╨╕ ╤А╨╕╤Б╨║╨░╨╝╨╕, ╤Б╨▓╤П╨╖╨░╨╜╨╜╤Л╨╝╨╕ ╤Б ╨▓╤Л╨┐╨╗╨░╤В╨╛╨╣ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╛╨▓ ╨╕ ╨╛╤Б╨╜╨╛╨▓╨╜╨╛╨╣ ╤Б╤Г╨╝╨╝╤Л ╨┤╨╛╨╗╨│╨░.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡. ╨б╨╗╨╡╨┤╨╛╨▓╨░╤В╨╡╨╗╤М╨╜╨╛, ╨▓╨╡╤Б╤М╨╝╨░ ╨▓╨╡╤А╨╛╤П╤В╨╜╨╛, ╤З╤В╨╛ ╨╛╨╜╨╕ ╨╜╨╡ ╨▓╤Л╨┐╨╗╨░╤В╤П╤В ╨╛╤Б╨╜╨╛╨▓╨╜╨╛╨╣ ╨┤╨╛╨╗╨│ ╨╕ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╤Л. ╨Ю╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╤Б ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╝ ╤А╨╡╨╣╤В╨╕╨╜╨│╨╛╨╝ S&P ╨╕╨╗╨╕ Fitch BBB ╨╕╨╗╨╕ ╨╜╨╕╨╢╨╡ ╨╕╨╗╨╕ ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╝ ╤А╨╡╨╣╤В╨╕╨╜╨│╨╛╨╝ Moody’s Baa ╨╕╨╗╨╕ ╨╜╨╕╨╢╨╡ ╨║╨╗╨░╤Б╤Б╨╕╤Д╨╕╤Ж╨╕╤А╤Г╤О╤В╤Б╤П ╨║╨░╨║ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╤Б╨┐╨╡╨║╤Г╨╗╤П╤В╨╕╨▓╨╜╨╛╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П.

╨Ю╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П ╨╜╨░╨╖╤Л╨▓╨░╨╡╤В╤Б╤П ┬л╨Т╨╛╤Б╤Е╨╛╨┤╤П╤Й╨╡╨╣ ╨╖╨▓╨╡╨╖╨┤╨╛╨╣┬╗, ╨╡╤Б╨╗╨╕ ╨╡╨╡ ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╣ ╤А╨╡╨╣╤В╨╕╨╜╨│ ╤Г╨╗╤Г╤З╤И╨░╨╡╤В╤Б╤П ╨╕ ╨╛╨╜╨░ ╨╜╨░╤Е╨╛╨┤╨╕╤В╤Б╤П ╨╜╨░ ╨┐╤Г╤В╨╕ ╨║ ╤В╨╛╨╝╤Г, ╤З╤В╨╛╨▒╤Л ╤Б╤В╨░╤В╤М ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╡╨╣ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П. ╨Х╤Б╨╗╨╕, ╤Б ╨┤╤А╤Г╨│╨╛╨╣ ╤Б╤В╨╛╤А╨╛╨╜╤Л, ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╣ ╤А╨╡╨╣╤В╨╕╨╜╨│ ╨┐╨░╨┤╨░╨╡╤В, ╨╛╨╜ ╨║╨╗╨░╤Б╤Б╨╕╤Д╨╕╤Ж╨╕╤А╤Г╨╡╤В╤Б╤П ╨║╨░╨║ ┬л╨Я╨░╨┤╤И╨╕╨╣ ╨░╨╜╨│╨╡╨╗╨Я╨░╨┤╤И╨╕╨╣ ╨░╨╜╨│╨╡╨╗╨Ю╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨┐╨░╨┤╤И╨╕╤Е ╨░╨╜╨│╨╡╨╗╨╛╨▓ ╤А╨░╨╜╤М╤И╨╡ ╨▒╤Л╨╗╨╕ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П╨╝╨╕ ╤Б ╨▓╤Л╤Б╨╛╨║╨╕╨╝ ╤А╨╡╨╣╤В╨╕╨╜╨│╨╛╨╝, ╨╜╨╛ ╤В╨╡╨┐╨╡╤А╤М ╨╕╤Е ╨╜╨░╨╖╤Л╨▓╨░╤О╤В ╨▒╤А╨╛╤Б╨╛╨▓╤Л╨╝╨╕ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П╨╝╨╕. ╨Ю╨╜╨╕ ╨╛╤З╨╡╨╜╤М ╨▓╨╛╨╗╨░╤В╨╕╨╗╤М╨╜╤Л ╨╕ ╨╛╤З╨╡╨╜╤М ╤З╤Г╨▓╤Б╤В╨▓╨╕╤В╨╡╨╗╤М╨╜╤Л ╨║ ╨┐╨╛╤Б╤В╨╛╤П╨╜╨╜╨╛ ╨╝╨╡╨╜╤П╤О╤Й╨╡╨╣╤Б╤П ╤Н╨║╨╛╨╜╨╛╨╝╨╕╨║╨╡. ╨з╨╕╤В╨░╤В╤М ╨┤╨░╨╗╤М╤И╨╡┬╗, ╨╕ ╨╛╨╜╨╕ ╨╜╨░╤Е╨╛╨┤╤П╤В╤Б╤П ╨╜╨░ ╨┐╤Г╤В╨╕ ╨║ ╤В╨╛╨╝╤Г, ╤З╤В╨╛╨▒╤Л ╤Б╤В╨░╤В╤М ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╡╨╣ ╤Б╨┐╨╡╨║╤Г╨╗╤П╤В╨╕╨▓╨╜╨╛╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П.

╨Ъ╨░╨║ ╤Г╨╢╨╡ ╨│╨╛╨▓╨╛╤А╨╕╨╗╨╛╤Б╤М, ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╕╨╖╨╛ ╨▓╤Б╨╡╤Е ╤Б╨╕╨╗ ╨┐╤Л╤В╨░╤О╤В╤Б╤П ╤Б╨╛╤Е╤А╨░╨╜╨╕╤В╤М ╤Б╨▓╨╛╤О ╨┤╨╛╨╗╤О ╤А╤Л╨╜╨║╨░╨Ф╨╛╨╗╤П ╤А╤Л╨╜╨║╨░╨Ф╨╛╨╗╤П ╤А╤Л╨╜╨║╨░ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╤П╨╡╤В ╨▓╨║╨╗╨░╨┤ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨▓ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨░╤Е ╨║ ╨╛╨▒╤Й╨╡╨╝╤Г ╨┤╨╛╤Е╨╛╨┤╤Г, ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╜╨╛╨╝╤Г ╨▓ ╨╛╤В╤А╨░╤Б╨╗╨╕ ╨╕╨╗╨╕ ╨╜╨░ ╤А╤Л╨╜╨║╨╡ ╨╖╨░ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╤Л╨╣ ╨┐╨╡╤А╨╕╨╛╨┤. ╨Ю╨╜ ╨╛╤В╤А╨░╨╢╨░╨╡╤В ╨┐╨╛╨╗╨╛╨╢╨╡╨╜╨╕╨╡ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨╜╨░ ╤А╤Л╨╜╨║╨╡ ╨┐╨╛ ╤Б╤А╨░╨▓╨╜╨╡╨╜╨╕╤О ╤Б ╨╡╨╡ ╨║╨╛╨╜╨║╤Г╤А╨╡╨╜╤В╨░╨╝╨╕. ╨Т ╨▒╨╛╨╗╨╡╨╡ ╨╛╨▒╤Й╨╡╨╝ ╨┐╨╗╨░╨╜╨╡ ╨▓╤Л╨┐╤Г╤Б╨║ ╨▓╤Л╤Б╨╛╨║╨╛╨┤╨╛╤Е╨╛╨┤╨╜╤Л╤Е ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣. ╨н╤В╨╕ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╤З╨░╤Б╤В╨╛ ╨┐╤А╨╡╨┤╨╗╨░╨│╨░╤О╤В ╨▒╨╛╨╗╨╡╨╡ ╨▓╤Л╤Б╨╛╨║╤Г╤О ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М, ╨║╨╛╤В╨╛╤А╨░╤П ╨╡╤Й╨╡ ╨▒╨╛╨╗╤М╤И╨╡ ╤Г╨▓╨╡╨╗╨╕╤З╨╕╨▓╨░╨╡╤В╤Б╤П, ╨║╨╛╨│╨┤╨░ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨╛╨╡ ╨┐╨╛╨╗╨╛╨╢╨╡╨╜╨╕╨╡ ╤Н╨╝╨╕╤В╨╡╨╜╤В╨░ ╤Г╨╗╤Г╤З╤И╨░╨╡╤В╤Б╤П. ╨Ъ╨░╨║ ╨┐╤А╨░╨▓╨╕╨╗╨╛, ╨╛╨╜╨╕ ╨╕╨╝╨╡╤О╤В ╤Б╤А╨╛╨║ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П ╨╛╤В 4 ╨┤╨╛ 10 ╨╗╨╡╤В ╨╕ ╨╖╨╜╨░╤З╨╕╤В╨╡╨╗╤М╨╜╨╛ ╨▒╨╛╨╗╤М╤И╤Г╤О ╨▓╨╛╨╗╨░╤В╨╕╨╗╤М╨╜╨╛╤Б╤В╤М ╤Ж╨╡╨╜. ╨Ш╨╜╨▓╨╡╤Б╤В╨╛╤А╤Л ╨▓╨║╨╗╨░╨┤╤Л╨▓╨░╤О╤В ╤Б╤А╨╡╨┤╤Б╤В╨▓╨░ ╨▓ ╨▓╤Л╤Б╨╛╨║╨╛╨┤╨╛╤Е╨╛╨┤╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╤Л, ╤З╤В╨╛╨▒╤Л ╨┐╨╛╨╗╤Г╤З╨╕╤В╤М ╨▓╤Л╨│╨╛╨┤╤Г ╨╛╤В ╨┐╨╛╨▓╤Л╤И╨╡╨╜╨╕╤П ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨▓ ╨▒╤Г╨┤╤Г╤Й╨╡╨╝, ╨░ ╨╜╨╡ ╨┤╨╗╤П ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╕╤П ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╛╨▓. ╨Ъ╤А╨╛╨╝╨╡ ╤В╨╛╨│╨╛, ╨┤╨╡╤А╨╢╨░╤В╨╡╨╗╨╕ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣ ╨┐╨╡╤А╨▓╤Л╨╝╨╕ ╨┐╨╛╨╗╤Г╤З╨░╤О╤В ╨┤╨╛╤Е╨╛╨┤, ╨╡╤Б╨╗╨╕ ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П ╨╛╨▒╨░╨╜╨║╤А╨╛╤В╨╕╤В╤Б╤П ╨╕╨╗╨╕ ╨╗╨╕╨║╨▓╨╕╨┤╨╕╤А╤Г╨╡╤В╤Б╤П.

╨Т╤Л╤Б╨╛╨║╨╛╨┤╨╛╤Е╨╛╨┤╨╜╤Л╨╣ ╤А╤Л╨╜╨╛╨║ ╨▒╤А╨╛╤Б╨╛╨▓╤Л╤Е ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣ ╨┐╤А╨╡╨╛╨▒╨╗╨░╨┤╨░╤О╤В ╨╕╨╜╤Б╤В╨╕╤В╤Г╤Ж╨╕╨╛╨╜╨░╨╗╤М╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Л ╤Б╨╛ ╤Б╨┐╨╡╤Ж╨╕╨░╨╗╤М╨╜╤Л╨╝╨╕ ╨╖╨╜╨░╨╜╨╕╤П╨╝╨╕ ╨▓ ╨╛╨▒╨╗╨░╤Б╤В╨╕ ╨║╤А╨╡╨┤╨╕╤В╨╛╨▓╨░╨╜╨╕╤П, ╤Е╨╛╤В╤П ╨╕ ╨╜╨╡ ╨╛╨│╤А╨░╨╜╨╕╤З╨╕╨▓╨░╤О╤В╤Б╤П ╨╕╨╝╨╕. ╨Ю╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П ╨┐╨╛╨║╨░╨╖╤Л╨▓╨░╨╡╤В, ╨╝╨╛╨│╤Г╤В ╨╗╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Л ╨┐╨╛╨╣╤В╨╕ ╨╜╨░ ╤А╨╕╤Б╨║ (╨┐╨╛╨║╤Г╨┐╨░╤П ╨╡╨╡) ╨╕╨╗╨╕ ╨╕╨╖╨▒╨╡╨╢╨░╤В╤М ╤А╨╕╤Б╨║╨░ (╨┐╤А╨╛╨┤╨░╨▓ ╨╡╨╡). ╨а╨╡╤И╨╡╨╜╨╕╨╡ ╨╛ ╨┐╨╛╨║╤Г╨┐╨║╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣ ╤Б╨┐╨╡╨║╤Г╨╗╤П╤В╨╕╨▓╨╜╨╛╨│╨╛ ╨║╨╗╨░╤Б╤Б╨░ ╨╖╨░╨▓╨╕╤Б╨╕╤В ╨╛╤В ╨┐╨╡╤А╨╕╨╛╨┤╨░ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П, ╨╛╨╢╨╕╨┤╨░╨╡╨╝╨╛╨╣ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕. ╨Ю╨╢╨╕╨┤╨░╨╡╨╝╨░╤П ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М. ╨д╨╛╤А╨╝╤Г╨╗╨░ ╨╛╨╢╨╕╨┤╨░╨╡╨╝╨╛╨╣ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╤П╨╡╤В╤Б╤П ╨┐╤Г╤В╨╡╨╝ ╨┐╤А╨╕╨╝╨╡╨╜╨╡╨╜╨╕╤П ╨▓╤Б╨╡╤Е ╨▓╨╡╤Б╨╛╨▓ ╨┐╨╛╤А╤В╤Д╨╡╨╗╤П ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╤Б ╨╕╤Е ╤Б╨╛╨╛╤В╨▓╨╡╤В╤Б╤В╨▓╤Г╤О╤Й╨╡╨╣ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М╤О ╨╕ ╤Б╤Г╨╝╨╝╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╨╛╨▓. ╨Ю╨╢╨╕╨┤╨░╨╡╨╝╨░╤П ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М = (p1 * r1) + (p2 * r2) + тАжтАжтАжтАж + (pn * rn), ╨│╨┤╨╡ pi = ╨▓╨╡╤А╨╛╤П╤В╨╜╨╛╤Б╤В╤М ╨║╨░╨╢╨┤╨╛╨╣ ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╨╕ ╨╕ ri = ╨╜╨╛╤А╨╝╨░ ╨┐╤А╨╕╨▒╤Л╨╗╨╕ ╤Б ╨▓╨╡╤А╨╛╤П╤В╨╜╨╛╤Б╤В╤М╤О. ╨┐╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡ ╨╕ ╤Г╤А╨╛╨▓╨╡╨╜╤М ╤А╨╕╤Б╨║╨░, ╨╜╨░ ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨╝╨╛╨│╤Г╤В ╨┐╨╛╨╣╤В╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Л.

╨Ю╤Б╨╛╨▒╨╡╨╜╨╜╨╛╤Б╤В╨╕ ╨╜╨╡╨╢╨╡╨╗╨░╤В╨╡╨╗╤М╨╜╨╛╨╣ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕

  1. ╨Я╨╛╨║╤Г╨┐╨║╨░ ╨▓╤Л╤Б╨╛╨║╨╛╨┤╨╛╤Е╨╛╨┤╨╜╤Л╤Е ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣ ╨┐╤А╨╛╤Б╤В╨░ ╨╕ ╨░╨╜╨░╨╗╨╛╨│╨╕╤З╨╜╨░ ╨┐╨╛╨║╤Г╨┐╨║╨╡ ╨┤╤А╤Г╨│╨╕╤Е ╤Ж╨╡╨╜╨╜╤Л╤Е ╨▒╤Г╨╝╨░╨│.
  2. ╨Я╤А╨╕ ╨╗╨╕╤Б╤В╨╕╨╜╨│╨╡ ╨╜╨░ ╨▓╤В╨╛╤А╨╕╤З╨╜╨╛╨╝ ╤А╤Л╨╜╨║╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣ ╨╛╨╜ ╨╛╤В╤А╨░╨╢╨░╨╡╤В ╨╜╨░╨╖╨▓╨░╨╜╨╕╨╡ ╤Н╨╝╨╕╤В╨╡╨╜╤В╨░, ╨║╤Г╨┐╨╛╨╜╨╜╤Г╤О (╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Г╤О) ╤Б╤В╨░╨▓╨║╤Г ╨╕ ╨┤╨░╤В╤Г ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П.
  3. ╨Ю╨▒╨╗╨╕╨│╨░╤Ж╨╕╤О ╨╝╨╛╨╢╨╜╨╛ ╨┐╤А╨╕╨╛╨▒╤А╨╡╤Б╤В╨╕ ╨╕╨╜╨┤╨╕╨▓╨╕╨┤╤Г╨░╨╗╤М╨╜╨╛, ╤З╨╡╤А╨╡╨╖ ╨▒╤А╨╛╨║╨╡╤А╨░ ╨╕╨╗╨╕ ╨┐╤Г╤В╨╡╨╝ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╨▓╨╛ ╨▓╨╖╨░╨╕╨╝╨╜╤Л╨╣ ╤Д╨╛╨╜╨┤╨Т╨╖╨░╨╕╨╝╨╜╤Л╨╣ ╤Д╨╛╨╜╨┤╨Т╨╖╨░╨╕╨╝╨╜╤Л╨╣ ╤Д╨╛╨╜╨┤ тАФ ╤Н╤В╨╛ ╨┐╤А╨╛╤Д╨╡╤Б╤Б╨╕╨╛╨╜╨░╨╗╤М╨╜╨╛ ╤Г╨┐╤А╨░╨▓╨╗╤П╨╡╨╝╤Л╨╣ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╨┐╤А╨╛╨┤╤Г╨║╤В, ╨▓ ╨║╨╛╤В╨╛╤А╨╛╨╝ ╨┐╤Г╨╗ ╨┤╨╡╨╜╨╡╨│ ╨╛╤В ╨│╤А╤Г╨┐╨┐╤Л ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╤Г╨╡╤В╤Б╤П ╨▓ ╨░╨║╤В╨╕╨▓╤Л, ╤В╨░╨║╨╕╨╡ ╨║╨░╨║ ╨░╨║╤Ж╨╕╨╕, ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨╕ ╤В. ╨┤.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡ ╨╕╨╗╨╕ ╤Н╨╗╨╡╨║╤В╤А╨╛╨╜╨╜╤Л╨╣ ╤В╨╛╤А╨│╤Г╨╡╨╝╤Л╨╣ ╤Д╨╛╨╜╨┤.

╨Я╤А╨╕╨╝╨╡╤А╤Л ╨╕╨╖ ╤А╨╡╨░╨╗╤М╨╜╨╛╨│╨╛ ╨╝╨╕╤А╨░

╨Ф╨░╨▓╨░╨╣╤В╨╡ ╤А╨░╤Б╤Б╨╝╨╛╤В╤А╨╕╨╝ ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╨╡ ╨┐╤А╨╕╨╝╨╡╤А╤Л ╨▒╤А╨╛╤Б╨╛╨▓╤Л╤Е ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣, ╤З╤В╨╛╨▒╤Л ╨┐╨╛╨╜╤П╤В╤М, ╨║╨░╨║ ╤Н╤В╨╛ ╤А╨░╨▒╨╛╤В╨░╨╡╤В:

тДЦ1 тАУ ╨д╨╛╤А╨┤

Ford (NYSE:F) ╨╜╨░╤З╨╕╨╜╨░╨╗ ╨║╨░╨║ ╨┐╨╛╤Б╤В╨░╨▓╤Й╨╕╨║ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П, ╨╜╨╛ ╨▓ ╤Г╤Б╨╗╨╛╨▓╨╕╤П╤Е ╨┐╨░╨╜╨┤╨╡╨╝╨╕╨╕ COVID-19 ╨▓ 2020 ╨│╨╛╨┤╤Г ╨╕ ╨│╨╗╨╛╨▒╨░╨╗╤М╨╜╨╛╨│╨╛ ╤Н╨║╨╛╨╜╨╛╨╝╨╕╤З╨╡╤Б╨║╨╛╨│╨╛ ╨║╨╛╨╗╨╗╨░╨┐╤Б╨░╨н╨║╨╛╨╜╨╛╨╝╨╕╤З╨╡╤Б╨║╨╕╨╣ ╨║╨╛╨╗╨╗╨░╨┐╤Б╨н╨║╨╛╨╜╨╛╨╝╨╕╤З╨╡╤Б╨║╨╕╨╣ ╨║╨╛╨╗╨╗╨░╨┐╤Б ╨╛╨╖╨╜╨░╤З╨░╨╡╤В ╤Б╨╡╤А╤М╨╡╨╖╨╜╤Л╨╣ ╤Б╨┐╨░╨┤ ╨▓ ╤Н╨║╨╛╨╜╨╛╨╝╨╕╨║╨╡, ╨▓╤Л╨╖╨▓╨░╨╜╨╜╤Л╨╣ ╤З╤А╨╡╨╖╨▓╤Л╤З╨░╨╣╨╜╤Л╨╝ ╤Б╨╛╨▒╤Л╤В╨╕╨╡╨╝ (╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╝ ╨╕╨╗╨╕ ╤Б╤В╤А╤Г╨║╤В╤Г╤А╨╜╤Л╨╝). ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨╜╨╡ ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╤З╨░╤Б╤В╤М╤О ╨╜╨╛╤А╨╝╨░╨╗╤М╨╜╨╛╨│╨╛ ╤Н╨║╨╛╨╜╨╛╨╝╨╕╤З╨╡╤Б╨║╨╛╨│╨╛ ╤Ж╨╕╨║╨╗╨░. ╨н╤В╨╛ ╨╝╨╛╨╢╨╡╤В ╨┐╤А╨╕╨▓╨╡╤Б╤В╨╕ ╨║ ╤Б╨┐╨░╨┤╤Г ╨╜╨░╤Ж╨╕╨╛╨╜╨░╨╗╤М╨╜╨╛╨│╨╛ ╤А╨╛╤Б╤В╨░, ╤А╨╛╤Б╤В╤Г ╨▒╨╡╨╖╤А╨░╨▒╨╛╤В╨╕╤Ж╤Л, ╨░ ╨╕╨╜╨╛╨│╨┤╨░ ╨╕ ╨║ ╤Б╨╛╤Ж╨╕╨░╨╗╤М╨╜╤Л╨╝ ╨▓╨╛╨╗╨╜╨╡╨╜╨╕╤П╨╝; ╨┐╨╛╤Н╤В╨╛╨╝╤Г ╨╛╨╜ ╤В╤А╨╡╨▒╤Г╨╡╤В ╨▓╨╝╨╡╤И╨░╤В╨╡╨╗╤М╤Б╤В╨▓╨░ ╨┐╤А╨░╨▓╨╕╤В╨╡╨╗╤М╤Б╤В╨▓╨░ ╨╕╨╗╨╕ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╤Е ╨▓╨╗╨░╤Б╤В╨╡╨╣. ╨С╨╛╨╗╨╡╨╡ ╤В╨╛╨│╨╛, ╨╛╨╜ ╤Г╤В╤А╨░╤В╨╕╨╗ ╤Б╨▓╨╛╨╣ ╤Б╤В╨░╤В╤Г╤Б ┬л╨Т╨╛╤Б╤Е╨╛╨┤╤П╤Й╨╡╨╣ ╨╖╨▓╨╡╨╖╨┤╤Л┬╗ ╨╕ ╨┐╨╡╤А╨╡╤И╨╡╨╗ ╨╜╨░ ╤А╨╡╨╣╤В╨╕╨╜╨│ ╨▒╤А╨╛╤Б╨╛╨▓╤Л╤Е ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣. ╨Т ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╨╡ ╨╛╨╜ ╨╜╨░╤З╨░╨╗ ╨▓╤Л╨┐╤Г╤Б╨║ ╨▓╤Л╤Б╨╛╨║╨╛╨┤╨╛╤Е╨╛╨┤╨╜╤Л╤Е ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨┐╤А╨╛╨┤╨╛╨╗╨╢╨░╤О╤В ╤В╨╛╤А╨│╨╛╨▓╨░╤В╤М╤Б╤П ╤Б ╨┐╤А╨╡╨╝╨╕╨╡╨╣ ╨╕╨╖-╨╖╨░ ╤Б╨╕╨╗╤М╨╜╨╛╨╣ ╤А╨╡╨┐╤Г╤В╨░╤Ж╨╕╨╕ ╨▒╤А╨╡╨╜╨┤╨░ ╨╜╨░ ╤А╤Л╨╜╨║╨╡.

# 2 — ╨Э╨╡╤В╤Д╨╗╨╕╨║╤Б

╨С╤Г╨┤╤Г╤З╨╕ ╨║╨╛╤А╨┐╨╛╤А╨░╤Ж╨╕╨╡╨╣, ╨╛╤А╨╕╨╡╨╜╤В╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨╣ ╨╜╨░ ╤А╨╛╤Б╤В, Netflix (NASDAQ:NFLX) ╨▒╨╡╤Б╨┐╨╗╨░╤В╨╜╨╛ ╨┐╤А╨╡╨┤╨╛╤Б╤В╨░╨▓╨╗╤П╨╗╨░ ╤Б╤В╤А╨╕╨╝╨╕╨╜╨│╨╛╨▓╤Л╨╡ ╤Г╤Б╨╗╤Г╨│╨╕ ╨║╨╗╨╕╨╡╨╜╤В╨░╨╝ ╨▓ ╤В╨╡╤З╨╡╨╜╨╕╨╡ ╨┤╨╗╨╕╤В╨╡╨╗╤М╨╜╨╛╨│╨╛ ╨┐╨╡╤А╨╕╨╛╨┤╨░, ╤З╤В╨╛ ╨┐╤А╨╕╨▓╨╡╨╗╨╛ ╨║ ╨╛╤В╤А╨╕╤Ж╨░╤В╨╡╨╗╤М╨╜╨╛╨╝╤Г ╨┤╨╡╨╜╨╡╨╢╨╜╨╛╨╝╤Г ╨┐╨╛╤В╨╛╨║╤Г╨Ю╤В╤А╨╕╤Ж╨░╤В╨╡╨╗╤М╨╜╤Л╨╣ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║╨Ю╤В╤А╨╕╤Ж╨░╤В╨╡╨╗╤М╨╜╤Л╨╣ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║ ╨╛╤В╨╜╨╛╤Б╨╕╤В╤Б╤П ╨║ ╤Б╨╕╤В╤Г╨░╤Ж╨╕╨╕, ╨║╨╛╨│╨┤╨░ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╡ ╤А╨░╤Б╤Е╨╛╨┤╤Л ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨┐╤А╨╡╨▓╤Л╤И╨░╤О╤В ╨│╨╡╨╜╨╡╤А╨░╤Ж╨╕╤П ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨▓ ╨║╨╛╨╜╨║╤А╨╡╤В╨╜╤Л╨╣ ╤А╨░╤Б╤Б╨╝╨░╤В╤А╨╕╨▓╨░╨╡╨╝╤Л╨╣ ╨┐╨╡╤А╨╕╨╛╨┤. ╨н╤В╨╛ ╨╛╨╖╨╜╨░╤З╨░╨╡╤В, ╤З╤В╨╛ ╨╛╨▒╤Й╨╕╨╣ ╨┐╤А╨╕╤В╨╛╨║ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨╛╤В ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╤Е ╤А╨░╤Б╤Б╨╝╨░╤В╤А╨╕╨▓╨░╨╡╨╝╤Л╤Е ╨▓╨╕╨┤╨╛╨▓ ╨┤╨╡╤П╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨╝╨╡╨╜╤М╤И╨╡, ╤З╨╡╨╝ ╨╛╨▒╤Й╨╕╨╣ ╨╛╤В╤В╨╛╨║ ╨╖╨░ ╤В╨╛╤В ╨╢╨╡ ╨┐╨╡╤А╨╕╨╛╨┤. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡. ╨Я╨╛╤Н╤В╨╛╨╝╤Г ╨╛╨╜ ╨▓╤Л╨┐╤Г╤Б╤В╨╕╨╗ ╨▓╤Л╤Б╨╛╨║╨╛╨┤╨╛╤Е╨╛╨┤╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╨┐╤Л╤В╨░╤П╤Б╤М ╨║╨╛╨╝╨┐╨╡╨╜╤Б╨╕╤А╨╛╨▓╨░╤В╤М ╤Б╨▓╨╛╨╕ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╤В╤А╤Г╨┤╨╜╨╛╤Б╤В╨╕.

╨б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣ Netflix ╨╖╨╜╨░╤З╨╕╤В╨╡╨╗╤М╨╜╨╛ ╨▓╤Л╤А╨╛╤Б╨╗╨░. ╨н╤В╨╛ ╨┐╨╛╨╝╨╡╤Б╤В╨╕╨╗╨╛ ╨╕╤Е ╨▓ ╨║╨░╤В╨╡╨│╨╛╤А╨╕╤О ┬л╨Т╨╛╤Б╤Е╨╛╨┤╤П╤Й╨░╤П ╨╖╨▓╨╡╨╖╨┤╨░┬╗, ╤Г╨╗╤Г╤З╤И╨╕╨▓ ╨╕╤Е ╤А╨╡╨╣╤В╨╕╨╜╨│ ╨▒╤А╨╛╤Б╨╛╨▓╤Л╤Е ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣ ╨╕ ╨┐╨╛╨╖╨▓╨╛╨╗╨╕╤В ╨▓ ╨▒╤Г╨┤╤Г╤Й╨╡╨╝ ╨┐╨╛╨╗╤Г╤З╨╕╤В╤М ╤Б╤В╨░╤В╤Г╤Б ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П.

#3 тАУ ╨Ъ╨╛╨╕╨╜╨▒╨╡╨╣╤Б

Coinbase тАФ ╤Н╤В╨╛ ╨║╤А╨╕╨┐╤В╨╛╨▓╨░╨╗╤О╤В╨░╨Ъ╤А╨╕╨┐╤В╨╛╨▓╨░╨╗╤О╤В╨░╨Ъ╤А╨╕╨┐╤В╨╛╨▓╨░╨╗╤О╤В╨░ ╨╛╤В╨╜╨╛╤Б╨╕╤В╤Б╤П ╨║ ╤В╨╡╤Е╨╜╨╛╨╗╨╛╨│╨╕╨╕, ╨║╨╛╤В╨╛╤А╨░╤П ╨┤╨╡╨╣╤Б╤В╨▓╤Г╨╡╤В ╨║╨░╨║ ╤Б╤А╨╡╨┤╤Б╤В╨▓╨╛ ╨┤╨╗╤П ╨╛╨▒╨╗╨╡╨│╤З╨╡╨╜╨╕╤П ╨┐╤А╨╛╨▓╨╡╨┤╨╡╨╜╨╕╤П ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╤Е ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╤Е ╤В╤А╨░╨╜╨╖╨░╨║╤Ж╨╕╨╣, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╤П╨▓╨╗╤П╤О╤В╤Б╤П ╨▒╨╡╨╖╨╛╨┐╨░╤Б╨╜╤Л╨╝╨╕ ╨╕ ╨╜╨░╨┤╨╡╨╢╨╜╤Л╨╝╨╕. ╨н╤В╨╛ ╨╛╨┤╨╜╨░ ╨╕╨╖ ╤В╨╛╤А╨│╤Г╨╡╨╝╤Л╤Е ╤Ж╨╕╤Д╤А╨╛╨▓╤Л╤Е ╤Д╨╛╤А╨╝ ╨┤╨╡╨╜╨╡╨│, ╨┐╨╛╨╖╨▓╨╛╨╗╤П╤О╤Й╨░╤П ╤З╨╡╨╗╨╛╨▓╨╡╨║╤Г ╨╛╤В╨┐╤А╨░╨▓╨╗╤П╤В╤М ╨╕╨╗╨╕ ╨┐╨╛╨╗╤Г╤З╨░╤В╤М ╨┤╨╡╨╜╤М╨│╨╕ ╨╛╤В ╨┤╤А╤Г╨│╨╛╨╣ ╤Б╤В╨╛╤А╨╛╨╜╤Л ╨▒╨╡╨╖ ╨║╨░╨║╨╛╨╣-╨╗╨╕╨▒╨╛ ╨┐╨╛╨╝╨╛╤Й╨╕ ╤Б╤В╨╛╤А╨╛╨╜╨╜╨╡╨│╨╛ ╤Б╨╡╤А╨▓╨╕╤Б╨░. ╨з╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡ ╨▒╨╕╤А╨╢╨░, ╨┐╨╛╨┐╤Г╨╗╤П╤А╨╜╨╛╤Б╤В╤М ╨║╨╛╤В╨╛╤А╨╛╨╣ ╨▓╤Л╤А╨╛╤Б╨╗╨░ ╨▒╨╗╨░╨│╨╛╨┤╨░╤А╤П ╤Г╨▓╨╡╨╗╨╕╤З╨╡╨╜╨╕╤О ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨▓ ╨С╨╕╤В╨║╨╛╨╣╨╜╨С╨╕╤В╨║╨╛╨╣╨╜╨С╨╕╤В╨║╨╛╨╣╨╜ тАФ ╤Н╤В╨╛ ╤Ж╨╕╤Д╤А╨╛╨▓╨░╤П ╨▓╨░╨╗╤О╤В╨░, ╨┐╨╛╤П╨▓╨╕╨▓╤И╨░╤П╤Б╤П ╨▓ ╤П╨╜╨▓╨░╤А╨╡ 2009 ╨│╨╛╨┤╨░, ╨┐╤А╨╡╨┤╨┐╨╛╨╗╨╛╨╢╨╕╤В╨╡╨╗╤М╨╜╨╛ ╨▒╤Л╨╗╨░ ╤Б╨╛╨╖╨┤╨░╨╜╨░ ╨б╨░╤В╨╛╤И╨╕ ╨Э╨░╨║╨░╨╝╨░╤В╨╛, ╤З╤М╤П ╨╕╤Б╤В╨╕╨╜╨╜╨░╤П ╨╗╨╕╤З╨╜╨╛╤Б╤В╤М ╨╡╤Й╨╡ ╨╜╨╡ ╤Г╤Б╤В╨░╨╜╨╛╨▓╨╗╨╡╨╜╨░. ╨Ю╨╜ ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╕╨▓╨░╨╡╤В ╨▒╨╛╨╗╨╡╨╡ ╨╜╨╕╨╖╨║╤Г╤О ╨║╨╛╨╝╨╕╤Б╤Б╨╕╤О ╨╖╨░ ╤В╤А╨░╨╜╨╖╨░╨║╤Ж╨╕╨╕, ╤З╨╡╨╝ ╤В╤А╨░╨┤╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╤Б╨╕╤Б╤В╨╡╨╝╤Л ╨╛╨╜╨╗╨░╨╣╨╜-╨┐╨╗╨░╤В╨╡╨╢╨╡╨╣, ╨║╨╛╨╜╤В╤А╨╛╨╗╨╕╤А╤Г╨╡╤В╤Б╤П ╨┤╨╡╤Ж╨╡╨╜╤В╤А╨░╨╗╨╕╨╖╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨╛╤А╨│╨░╨╜╨╛╨╝ ╨╕ ╨╜╨╡ ╨┐╨╛╤Е╨╛╨╢ ╨╜╨░ ╨▓╤Л╨┐╤Г╤Й╨╡╨╜╨╜╤Л╨╡ ╨│╨╛╤Б╤Г╨┤╨░╤А╤Б╤В╨▓╨╛╨╝ ╨▓╨░╨╗╤О╤В╤Л. ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣ ╨▓ ╤Б╨╡╨╜╤В╤П╨▒╤А╨╡ 2020 ╨│╨╛╨┤╨░. ╨в╨░╨║╨╕╨╝ ╨╛╨▒╤А╨░╨╖╨╛╨╝, ╤Б╨╜╨░╤З╨░╨╗╨░ ╨╛╨╜ ╨▓╤Л╨┐╤Г╤Б╤В╨╕╨╗ ╤Б╨╡╨╝╨╕- ╨╕ 10-╨╗╨╡╤В╨╜╨╕╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨╜╨░ 1,5 ╨╝╨╕╨╗╨╗╨╕╨░╤А╨┤╨░ ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓. ╨Ю╨┤╨╜╨░╨║╨╛ ╨┐╨╛╨╖╨╢╨╡ ╨▒╨╕╤А╨╢╨░ ╨▒╤Л╨╗╨░ ╨▓╤Л╨╜╤Г╨╢╨┤╨╡╨╜╨░ ╨┐╤А╨╛╨┤╨░╤В╤М ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨╜╨░ 2 ╨╝╨╕╨╗╨╗╨╕╨░╤А╨┤╨░ ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨╕╨╖-╨╖╨░ ╨╛╨│╤А╨╛╨╝╨╜╨╛╨│╨╛ ╤Б╨┐╤А╨╛╤Б╨░.

╨Я╨╛╤З╨╡╨╝╤Г ╨╝╤Г╤Б╨╛╤А╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨╛╨┐╨░╤Б╨╜╤Л?

╨Ф╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╨╝╤Г╤Б╨╛╤А╨╜╤Л╤Е ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣ ╨▓╤Л╤И╨╡ ╨╕╨╖-╨╖╨░ ╨┐╨╛╨▓╤Л╤И╨╡╨╜╨╜╨╛╨│╨╛ ╤А╨╕╤Б╨║╨░ ╨╕ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Л╤Е ╨┐╨╗╨░╤В╨╡╨╢╨╡╨╣. ╨Ъ╨░╨║ ╤Г╨║╨░╨╖╤Л╨▓╨░╨╗╨╛╤Б╤М ╤А╨░╨╜╨╡╨╡, ╤Н╤В╨╕ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨▓╤Л╨┐╤Г╤Б╨║╨░╤О╤В╤Б╤П ╨║╨╛╤А╨┐╨╛╤А╨░╤Ж╨╕╤П╨╝╨╕, ╨╜╨░╤Е╨╛╨┤╤П╤Й╨╕╨╝╨╕╤Б╤П ╨╜╨░ ╨│╤А╨░╨╜╨╕ ╨▒╨░╨╜╨║╤А╨╛╤В╤Б╤В╨▓╨░. ╨Ю╨╜╨╕ ╨▓╤Л╨┐╤Г╤Б╨║╨░╤О╤В ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╤З╤В╨╛╨▒╤Л ╨▓╤Л╨╣╤В╨╕ ╨╕╨╖ ╨╖╨░╤В╤А╤Г╨┤╨╜╨╕╤В╨╡╨╗╤М╨╜╨╛╨│╨╛ ╨┐╨╛╨╗╨╛╨╢╨╡╨╜╨╕╤П ╨╕ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╤В╤М ╤Б╨▓╨╛╤О ╨┤╨╡╤П╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М. ╨Ю╨╜╨╕ ╨┤╨╡╨╗╨░╤О╤В ╤Н╤В╨╛, ╤З╤В╨╛╨▒╤Л ╨┐╤А╨╕╨▓╨╗╨╡╤З╤М ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓, ╨╛╨▒╨╡╤Й╨░╤П ╨╕╨╝ ╨╛╤Б╨╜╨╛╨▓╨╜╤Г╤О ╤Б╤Г╨╝╨╝╤Г ╨┐╨╗╤О╤Б ╨┐╤А╨╛╤Ж╨╡╨╜╤В╤Л ╨┐╨╛ ╨╕╤Б╤В╨╡╤З╨╡╨╜╨╕╨╕ ╤Б╤А╨╛╨║╨░ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П, ╨▒╨╛╨╗╤М╤И╨╡, ╤З╨╡╨╝ ╨┐╨╛ ╨╛╨▒╤Л╤З╨╜╤Л╨╝ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П╨╝. ╨в╨░╨║╨╕╨╝ ╨╛╨▒╤А╨░╨╖╨╛╨╝, ╤Н╨╝╨╕╤В╨╡╨╜╤В ╨▓╨╛╨╖╨╜╨░╨│╤А╨░╨╢╨┤╨░╨╡╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓ ╨╖╨░ ╨┐╤А╨╕╨╜╤П╤В╨╕╨╡ ╨╜╨░ ╤Б╨╡╨▒╤П ╨┤╨╛╨┐╨╛╨╗╨╜╨╕╤В╨╡╨╗╤М╨╜╤Л╤Е ╤А╨╕╤Б╨║╨╛╨▓. ╨Ю╨┤╨╜╨░╨║╨╛, ╨╡╤Б╨╗╨╕ ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П ╨╜╨╡ ╤Б╨╝╨╛╨╢╨╡╤В ╤Г╨┤╨╡╤А╨╢╨░╤В╤М ╤Б╨▓╨╛╨╕ ╨┐╨╛╨╖╨╕╤Ж╨╕╨╕, ╨╛╨╜╨░ ╨╝╨╛╨╢╨╡╤В ╨╛╨▒╤К╤П╨▓╨╕╤В╤М ╨┤╨╡╤Д╨╛╨╗╤В ╨╕ ╨╜╨╡ ╨▓╨╡╤А╨╜╤Г╤В╤М ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░╨╝ ╨╛╨▒╨╡╤Й╨░╨╜╨╜╤Г╤О ╨┐╤А╨╕╨▒╤Л╨╗╤М.

╨б ╨┤╤А╤Г╨│╨╛╨╣ ╤Б╤В╨╛╤А╨╛╨╜╤Л, ╨▒╨╛╨╗╨╡╨╡ ╨▓╤Л╤Б╨╛╨║╨░╤П ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╨┐╨╛╨▒╤Г╨╢╨┤╨░╨╡╤В ╨▒╨╛╨╗╤М╤И╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓ ╤Г╤З╨░╤Б╤В╨▓╨╛╨▓╨░╤В╤М ╨▓ ╨▓╤Л╤Б╨╛╨║╨╛╨┤╨╛╤Е╨╛╨┤╨╜╤Л╤Е ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П╤Е ╤В╨╛╨╜╤Г╤Й╨╕╤Е ╤Д╨╕╤А╨╝. ╨н╤В╨╛ ╨┐╨╛╨╖╨▓╨╛╨╗╤П╨╡╤В ╨╕╨╝ ╤Е╨╛╤А╨╛╤И╨╛ ╤А╨░╨▒╨╛╤В╨░╤В╤М ╨╕ ╤Б╨╜╨╛╨▓╨░ ╨┐╨╗╨░╨▓╨░╤В╤М ╨╜╨░ ╤А╤Л╨╜╨║╨╡, ╤Г╨╗╤Г╤З╤И╨░╤П ╨╕╤Е ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╣ ╤А╨╡╨╣╤В╨╕╨╜╨│ ╨╕ ╨┐╨╛╨▓╤Л╤И╨░╤П ╤Ж╨╡╨╜╤Л ╨╜╨░ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕.

╨з╨░╤Б╤В╨╛ ╨╖╨░╨┤╨░╨▓╨░╨╡╨╝╤Л╨╡ ╨▓╨╛╨┐╤А╨╛╤Б╤Л (FAQ)

╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ╨╝╤Г╤Б╨╛╤А╨╜╨░╤П ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П?

╨Ь╤Г╤Б╨╛╤А╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ тАФ ╤Н╤В╨╛ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨╜╨╡╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П ╤Б ╨╜╨╕╨╖╨║╨╕╨╝ ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╝ ╤А╨╡╨╣╤В╨╕╨╜╨│╨╛╨╝. ╨Ъ╨░╨║ ╨╕ ╨╛╨▒╤Л╤З╨╜╤Л╨╡ ╨║╨╛╤А╨┐╨╛╤А╨░╤В╨╕╨▓╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╤Н╤В╨╕ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨│╨░╤А╨░╨╜╤В╨╕╤А╤Г╤О╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░╨╝ ╨╛╤Б╨╜╨╛╨▓╨╜╤Г╤О ╤Б╤Г╨╝╨╝╤Г, ╨▒╨╛╨╗╨╡╨╡ ╨▓╤Л╤Б╨╛╨║╤Г╤О ╨┤╨╛╤Е╨╛╨┤╨╜╨╛╤Б╤В╤М ╨╕ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╤Л ╨┐╨╛ ╨╕╤Б╤В╨╡╤З╨╡╨╜╨╕╨╕ ╤Б╤А╨╛╨║╨░ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П. ╨Ъ╨╛╨╝╨┐╨░╨╜╨╕╨╕, ╨▓╨┐╨╡╤А╨▓╤Л╨╡ ╨┐╤А╨╕╤И╨╡╨┤╤И╨╕╨╡ ╨╜╨░ ╤А╤Л╨╜╨╛╨║, ╨╜╨╡╨┤╨░╨▓╨╜╨╛ ╤Б╤В╨╛╨╗╨║╨╜╤Г╨╗╨╕╤Б╤М ╤Б ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╝╨╕ ╨┐╤А╨╛╨▒╨╗╨╡╨╝╨░╨╝╨╕ ╨╕╨╗╨╕ ╨╕╨╝╨╡╤О╤В ╨┐╨╗╨╛╤Е╨╛╨╣ ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╣ ╤А╨╡╨╣╤В╨╕╨╜╨│, ╨▓╤Л╨┐╤Г╤Б╨║╨░╤О╤В ╤Н╤В╨╕ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕. ╨Т ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╨╡ ╨╛╨╜╨╕, ╤Б╨║╨╛╤А╨╡╨╡ ╨▓╤Б╨╡╨│╨╛, ╨┐╤А╨╛╨┐╤Г╤Б╤В╤П╤В ╨▓╤Л╨┐╨╗╨░╤В╤Г ╨╛╤Б╨╜╨╛╨▓╨╜╨╛╨│╨╛ ╨┤╨╛╨╗╨│╨░ ╨╕ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╛╨▓.

╨Ъ╨░╨║ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨║╨╗╨░╤Б╤Б╨╕╤Д╨╕╤Ж╨╕╤А╤Г╤О╤В╤Б╤П ╨║╨░╨║ ╨▒╤А╨╛╤Б╨╛╨▓╤Л╨╡?

╨Ю╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П ╨╜╨░╨╖╤Л╨▓╨░╨╡╤В╤Б╤П ┬л╨Т╨╛╤Б╤Е╨╛╨┤╤П╤Й╨╡╨╣ ╨╖╨▓╨╡╨╖╨┤╨╛╨╣┬╗, ╨╡╤Б╨╗╨╕ ╨╡╨╡ ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╣ ╤А╨╡╨╣╤В╨╕╨╜╨│ ╤Г╨╗╤Г╤З╤И╨░╨╡╤В╤Б╤П ╨╕ ╨╛╨╜╨░ ╨╜╨░╤Е╨╛╨┤╨╕╤В╤Б╤П ╨╜╨░ ╨┐╤Г╤В╨╕ ╨║ ╤В╨╛╨╝╤Г, ╤З╤В╨╛╨▒╤Л ╤Б╤В╨░╤В╤М ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╡╨╣ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П. ╨Ш ╨╜╨░╨╛╨▒╨╛╤А╨╛╤В, ╨╡╤Б╨╗╨╕ ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╣ ╤А╨╡╨╣╤В╨╕╨╜╨│ ╨┐╨░╨┤╨░╨╡╤В, ╨╛╨╜╨░ ╨║╨╗╨░╤Б╤Б╨╕╤Д╨╕╤Ж╨╕╤А╤Г╨╡╤В╤Б╤П ╨║╨░╨║ ┬л╨Я╨░╨┤╤И╨╕╨╣ ╨░╨╜╨│╨╡╨╗┬╗, ╤В╨░╨║╨╕╨╝ ╨╛╨▒╤А╨░╨╖╨╛╨╝ ╤Б╤В╨░╨╜╨╛╨▓╤П╤Б╤М ╨╝╤Г╤Б╨╛╤А╨╜╨╛╨╣ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╡╨╣. ╨Ю╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╤Б╨┐╨╡╨║╤Г╨╗╤П╤В╨╕╨▓╨╜╨╛╨│╨╛ ╨║╨╗╨░╤Б╤Б╨░ ╨╕╨╝╨╡╤О╤В ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╣ ╤А╨╡╨╣╤В╨╕╨╜╨│ S&P ╨╕╨╗╨╕ Fitch ╨╜╨░ ╤Г╤А╨╛╨▓╨╜╨╡ BBB ╨╕╨╗╨╕ ╨╜╨╕╨╢╨╡ ╨╕╨╗╨╕ ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╣ ╤А╨╡╨╣╤В╨╕╨╜╨│ Moody’s ╨╜╨░ ╤Г╤А╨╛╨▓╨╜╨╡ Baa ╨╕╨╗╨╕ ╨╜╨╕╨╢╨╡.

╨Ъ╨░╨║╨╛╨▓╤Л ╨┐╨╗╤О╤Б╤Л ╨╕ ╨╝╨╕╨╜╤Г╤Б╤Л ╨▒╤А╨╛╤Б╨╛╨▓╨╛╨╣ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕?

╨┐╨╗╤О╤Б╤Л ╨╕ ╨╝╨╕╨╜╤Г╤Б╤Л ╨▒╤А╨╛╤Б╨╛╨▓╨╛╨╣ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕

╨н╤В╨╛ ╨▒╤Л╨╗╨╛ ╤А╤Г╨║╨╛╨▓╨╛╨┤╤Б╤В╨▓╨╛ ╨┐╨╛ ╨╝╤Г╤Б╨╛╤А╨╜╤Л╨╝ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П╨╝ ╨╕ ╨╕╤Е ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╕╤О. ╨Ч╨┤╨╡╤Б╤М ╨╝╤Л ╨╛╨▒╤К╤П╤Б╨╜╤П╨╡╨╝, ╨║╨░╨║ ╤А╨░╨▒╨╛╤В╨░╤О╤В ╨▒╤А╨╛╤Б╨╛╨▓╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╨╕╤Е ╤А╨╡╨╣╤В╨╕╨╜╨│╨╕, ╨┐╤А╨╕╨╝╨╡╤А╤Л, ╨╛╤Б╨╛╨▒╨╡╨╜╨╜╨╛╤Б╤В╨╕ ╨╕ ╤Б╤В╨╡╨┐╨╡╨╜╤М ╤А╨╕╤Б╨║╨░. ╨Т╤Л ╤В╨░╨║╨╢╨╡ ╨╝╨╛╨╢╨╡╤В╨╡ ╤Г╨╖╨╜╨░╤В╤М ╨▒╨╛╨╗╤М╤И╨╡ ╨╛ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╨╕ ╨╕╨╖ ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╤Е ╤Б╤В╨░╤В╨╡╨╣:

  • Yankee BondsYankee BondsA Yankee Bonds тАФ ╤Н╤В╨╛ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╤П, ╨▓╤Л╨┐╤Г╤Й╨╡╨╜╨╜╨░╤П ╨╕╨╜╨╛╤Б╤В╤А╨░╨╜╨╜╤Л╨╝ ╤О╤А╨╕╨┤╨╕╤З╨╡╤Б╨║╨╕╨╝ ╨╗╨╕╤Ж╨╛╨╝, ╤В╨░╨║╨╕╨╝ ╨║╨░╨║ ╨▒╨░╨╜╨║ ╨╕╨╗╨╕ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨╛╨╡ ╤Г╤З╤А╨╡╨╢╨┤╨╡╨╜╨╕╨╡, ╨╕ ╤В╨╛╤А╨│╤Г╨╡╨╝╨░╤П ╨▓ ╨┤╨╛╨╗╨╗╨░╤А╨░╤Е ╨б╨и╨Р ╨▓ ╨Р╨╝╨╡╤А╨╕╨║╨╡. ╨н╤В╨╕ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╤А╨╡╨│╤Г╨╗╨╕╤А╤Г╤О╤В╤Б╤П ╨Ч╨░╨║╨╛╨╜╨╛╨╝ ╨╛ ╤Ж╨╡╨╜╨╜╤Л╤Е ╨▒╤Г╨╝╨░╨│╨░╤Е 1933┬а╨│╨╛╨┤╨░, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╤В╤А╨╡╨▒╤Г╤О╤В ╨╛╤Д╨╛╤А╨╝╨╗╨╡╨╜╨╕╤П ╨▒╨╛╨╗╤М╤И╨╛╨│╨╛ ╨║╨╛╨╗╨╕╤З╨╡╤Б╤В╨▓╨░ ╨┤╨╛╨║╤Г╨╝╨╡╨╜╤В╨╛╨▓ ╨╕ ╨╛╤Ж╨╡╨╜╨╕╨▓╨░╤О╤В╤Б╤П ╤А╨╡╨╣╤В╨╕╨╜╨│╨╛╨▓╤Л╨╝╨╕ ╨░╨│╨╡╨╜╤В╤Б╤В╨▓╨░╨╝╨╕, ╤В╨░╨║╨╕╨╝╨╕ ╨║╨░╨║ Moody’s ╨╕ S&P.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡
  • Bond ETFBond ETFBond ETF тАФ ╤Н╤В╨╛ ╨▒╨╕╤А╨╢╨╡╨▓╤Л╨╡ ╤Д╨╛╨╜╨┤╤Л, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╤Г╤О╤В ╨▓ ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╨╡ ╨┤╨╛╨╗╨│╨╛╤Б╤А╨╛╤З╨╜╤Л╨╡ ╨╕ ╨║╤А╨░╤В╨║╨╛╤Б╤А╨╛╤З╨╜╤Л╨╡ ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕, ╨║╨╛╤А╨┐╨╛╤А╨░╤В╨╕╨▓╨╜╤Л╨╡ ╨╕ ╨│╨╛╤Б╤Г╨┤╨░╤А╤Б╤В╨▓╨╡╨╜╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕. ╨н╤В╨╛ ╨║╨╛╤А╨╖╨╕╨╜╨░ ╤А╨░╨╖╨╜╨╛╨╛╨▒╤А╨░╨╖╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣, ╨┐╨╛╤Е╨╛╨╢╨░╤П ╨╜╨░ ╨▓╨╖╨░╨╕╨╝╨╜╤Л╨╡ ╤Д╨╛╨╜╨┤╤Л. ETF ╤В╨╛╤А╨│╤Г╤О╤В╤Б╤П ╨╜╨░ ╨╕╨╖╨▓╨╡╤Б╤В╨╜╤Л╤Е ╨▒╨╕╤А╨╢╨░╤Е.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡
  • Bond RatingBond RatingBond RatingBond Rating ╨╛╤В╨╜╨╛╤Б╨╕╤В╤Б╤П ╨║ ╤В╨╛╨╝╤Г, ╨║╨░╨║ ╨╜╨░╨╖╨╜╨░╤З╨╡╨╜╨╜╤Л╨╡ ╨░╨│╨╡╨╜╤В╤Б╤В╨▓╨░ ╨║╨╗╨░╤Б╤Б╨╕╤Д╨╕╤Ж╨╕╤А╤Г╤О╤В ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕ ╤Б ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╨┤╨╛╤Е╨╛╨┤╨╛╨╝, ╤З╤В╨╛╨▒╤Л ╨┐╨╛╨╝╨╛╤З╤М ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░╨╝ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╕╤В╤М ╨▒╤Г╨┤╤Г╤Й╨╕╨╣ ╨┐╨╛╤В╨╡╨╜╤Ж╨╕╨░╨╗ ╤Ж╨╡╨╜╨╜╨╛╨╣ ╨▒╤Г╨╝╨░╨│╨╕. ╨Я╨╛╤Б╨╗╨╡ ╨╕╨╖╤Г╤З╨╡╨╜╨╕╤П ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨╛╨│╨╛ ╤Б╨╛╤Б╤В╨╛╤П╨╜╨╕╤П ╤Н╨╝╨╕╤В╨╡╨╜╤В╨░, ╨▓╨║╨╗╤О╤З╨░╤П ╨┐╨╡╤А╤Б╨┐╨╡╨║╤В╨╕╨▓╤Л ╤А╨╛╤Б╤В╨░ ╨╕ ╨┐╤А╨╡╨┤╤Б╤В╨╛╤П╤Й╨╕╨╡ ╨║╨╛╤А╨┐╨╛╤А╨░╤В╨╕╨▓╨╜╤Л╨╡ ╨┤╨╡╨╣╤Б╤В╨▓╨╕╤П, ╨┐╤А╨╕╤Б╨▓╨░╨╕╨▓╨░╤О╤В╤Б╤П ╤А╨╡╨╣╤В╨╕╨╜╨│╨╕.╤З╨╕╤В╨░╤В╤М ╨┤╨░╨╗╤М╤И╨╡

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