null

yhiee`aeil
Ð miciqgd xve` Ð 'ixtq
________________________________________________
zegiy ihewl
zyecw ceakn
lcprn mgpn x"enc`
od`qxe`ipy
E
b
‫מליובאוויטש‬
‚
ƒ”˜
jzelrda
glya
bk wlg
`k
wlg zegiy
zegiy ihewl
ihewl ly
ly zegiyd
zegiyd itl
itl caerne
caerne mbxezn
mbxezn
HN ZOJ
]HJL\
LKHZO
O\
]HJL\G
LWO
FDHUQH
PE[H]Q
(iytg
mebxz)
(iytg
L\WJ mebxz)
PHE[]
C
,ufzk
whjha ksbgn ojbn "oav ,utcm"c khhjv
rst d"h 'vum, wp e"a 'y"auhutk hahkav u,skuv ouhk
z"ga,wv 'ohrupv dj 'wt ouhc u,rupxh,ku
,ufzku
whj, tyhd "oav ,utcm"c ,khhjv u,ujt
*
ovhruv h"g xpsb
ihkyhhm uhjha vra whj ,rn u,duzu ejmh huk wr ,"vrv
* * *
,ufzk
ckcegh whjha gsktd ,rn ic irvt wr j"uuv
rst c"uy 'uka ,skuvv ouh kdrk
esm ktud ,thc sg ,ucuy ohbau ohnh ,ufhrtk
r"udc vjkmvu vfrc ,baku vbufbv ,uthrc lu,nu
*
u,duz h"g xpsb
ckcegh whj, vbj ,rn
* * *
,ufzk
whjha ivfv ktrah "oav ,utcm"c khhjv
z"ga,wv rst h"j ouhc 'hbav u,skuv ouhk
uhjha "oav ,utcm" hkhhj uh,uhjtu uhjt ,ufzku
*
ovhruv h"g xpsb
irtchhr uhjha tyg vnjb ,rn u,duzu ivfv ktezjh wr ,"vrv
ici lr xe`l `vei
ici lr xe`l `vei
"wgvi
"wgvi iel
iel oekn
oekn"
'a c"ag xtk "
'a c"ag xtk
For this and other books on Moshiach & Geulah, go to:
http://www.torah4blind.org
TO DEDICATE AN ISSUE IN HONOR OF A LOVED ONE, CALL (323) 934-7095
‫ושבעי‬
‫מאות‬
‫שבע‬
‫אלפי‬
‫חמשת‬
‫שנת‬
‫לבריאה‬
‫שישי‬
‫מאות‬
‫שבע‬
‫אלפי‬
‫חמשת‬
‫שנת‬

‫לבריאה‬
™¢±š¥‫ותשע‬
«š²ž
¦¢«š²
³ž™§
«š²
¦¢­¥™
³²§ ³©²
‫לבריאה‬
‫ושבעי‬
‫מאות‬
‫שבע‬
‫אלפי‬
‫חמשת‬
‫שנת‬
giynd jln x"enc` w"k ze`iypl miyiyd zpy
giynd
jln x"e
nc`
w"k
ze`iypl dpy miyiy
US ZFY JQY
G
[HQFC
ZN
O\
COHOLGœ]HZO]TGO
GS\
PL\LQJH
GCQ
ldwd zpy
:ybrybhtc ,ujhav dhavk ,cu,fv
http://www.torah4blind.org
‚
ƒ”˜
œOU G[H]G ]ODZO [NI RLC
PL[HWD OC[\L LFL
]C [LGDGOH PLFZGO \L ]CI RLDGO LFN
GLWN LFLœOU PFCG G\HU\ G\UQ RLD OFDGG
]UFQH RHY[D G\USG G\UQ RLDO TSHCH
GLWNDH HJ[NœOUD GQœ[DF G\HU PFCG [\CN
[]HLD PYQHYQG RWHCD Z[ ]CI UYDQ CHG
[\CN HOLCH H]DHJ LFL ]CYO LFN \[FS\
CHG RLC LQYUG HSHY[Q G\UQ G\HU CHG
OF]\Q CHG COC GDHJ LFL ]CLYLD ZW]TQ
[]HL HG\UQD [FGO FYLNH VLTHGO GQ \WJQH
HLOU ]OKHQG GDHJG LWW OU \[
\[FSG RQ
C
PL[QHC PLFHGLG HODZH HQLZ ZHTWG OU
CUFHQG\ [DN HODLZ\ GQ HQLLZ OIJ
G[H]G PHLZœLCO OHNLDN C]LL[HCO GD[
œMH[Dœ\HFZG GWN G[H] R]Q ]U\D\ LSWQ
LQLD GOKD ]LELEN [GG ]C PGLOU CHG
LQLD GHODZ DH\ [FG LN PL[HWG
\H[H\JC
ʮ
ʥʯ ʫ
ʥʬ
OC[\L LFLœOU G[H]G ]ODZ\ RDHQ
[]HLD L[ZLU RLSU CLG PL[HWG LQLD PSHY[Q
PH\ UDZS CO UHFQ G[HCNO RDHQ RLCH
GHODZ [FG\ [NIO PL[HWG LQLD G\UQ
"\H[H\JC LQLD
HODZH HQLLZ\ GQD CKD]Q GI [D
[DF
]HHYQG LFLœOU  PU[I OUH
O H PGLOU PLFHG
PLFHGLG
]HSQ JHO\Q G]DL]NH GO
LEQG
EQG ]CL[Z
]CL[ O\
GOLEQG
P
PLS
HLD ]HS]QH
PLSHLDCO
HOC PL[DF
FYQ CHG [DTGG
[DF GG\HO\
HO\ FJC
JC FY
]
\ FYQH
F
]WTH] PGDD \L LS\
\QQ PL\FJ PSLC
RNœLSWO HLG\ GQ LDEO
OU G[H]G ]C HODLZ\ MNO GDLTG PSQC
G\US\ TSG ]DGCQ CLG P]UFQ DH\ PQYU
[NI RLC UHFQ RLDGO G\Z ]CI OND MC PGO
[QE  P[E TSG\ []HLD L[ZLUG RLSUO
O\ P]UFQ G[H]G ]ODZ G[H] R]Q ]HQLO\H
OC[\L
LSWO HLG [DN \FJ
\ HSSLC GOLEQG RLSU
 PLDH]NH
P
PLCLDS G[H] \FHZ L[WT RN
FHU GOLEQG LFLœOU VTHS ]CI OND MC
]FJHLQ G\ZD LFLœOU \FHZG L[WTO [WT
FJCO TSG ]C GNWG\ ]H[HFO LSHD]N
MNH PWHT ]HJWO PLDH]NG PLTLSGQ
[DN G[H]D GCL[ZG  G]CL[Z LDEO PE
TSG [HWLT RLSU RNH RN LSWO ]QLLZ G]LG
MC PL[JC PLEJD PE PLLZ LOON RWHCD
GOLEQ MH]Q GOLOD GCL[ZG ]WTHS RCN
TSHCQ G\UQ RLD OFDGG
RHY[Q G\UQ RLDO
D
OND CKD]Q GI RLSU GD[FC\ [QHO \LH
C[ZQ C PL[HW O\ ]HFJHLQG ]HHYQG
PLSHLDCO ]HS]Q E ]HSQ JHO\Q D GOLEQ
PL[HW ]C []HLD ]HFJLLQG ]HHYQG RG GOC\
PLEJG [C\Q
RWHCD DHLJG CZQD CYQS CO LN PL[HWD\ PLFJHLQG
HNH G[H]G ]CL[Z NC\Q PLSWD RQZOFN GIN
HODZH HQLLZ IN K CEQ WGU L\[WQ [LUGO D]N GDH]N GOLEQG CG]\ PD]NN HE PLFHGLG
G[UGD RQTSGDH PLSWD RQZO GC[H ]L[H\C
C I GOLEQ GNHSJ TS NC\Q C KN CQHL GC[H GOLEQ ]HNOG \L[ PDQ[GO SUWY GC[ S\H U OLUO
EG CW GOLEQ OG PDQ[O SUWY GC[ ]HFDUQ GQH C FL GOLEQ CJ[Z RD L[F HZF CHK GC[H \N CO PLLJO G]LQQ G[L\ L[QC ]H[LJO
HIQ G[L]L S[O\ COC ]HULFG ONO ]HK\WD CHG P\
EW GNHSJ ]HNOG PDQ[G NNH COLOG HI C]LL[Z
PL[JCG PLSLSUGH ]HHYQG ][email protected]
PLTLSG OUH ][LQC G[H]G ]CL[Z  PL[HWD\
]LSU]H FWTG [HTLC RHIQG ]N[DDH GOLW]D
P]QEHFN \L\  GJQ\H G]\Q GFHUT
> PLEJG [C\D
IN K []TC C JW ]D\ GUFHQ GFH]D IFUH LQLD GF P\ ]D\ L\[W TSG ]DGCQ P]UFQ HODZ P\ ]D\
CGH HWHTD KL P\ []TCO PL[]T ]OLEQQ [LUGO HN D]N LNF[QF
PLSLSUGQ CHG GJQ\H G]\Q DHLJ PEF OL ODC 2
˜
ƒ…‡—
‚
ƒ”˜
HNH CTLS LQHT[LW VOZ O\
LFLœOU GZFYG ]HYQDH MHQN MU[O ]DGCH
PLSHLDCO ]HS]QH HGU[O \LC ]HSQ JHO\Q
H[LDJO PFC RLD
]HS]QH ]HSQ JHO\Q ]HHYQO
PL[JC PLQUK \L PLSHLDCO
LHOG ]HSQD [DTHQN ]HSQ JHO\Q
LFHGL RLD ]HU[H PHO\ ]HD[GO H][KQ
 GS\G OND ]LOON GHYQ LGHIH HGS\QO
MC G[H]D OHFE OON CHG\ OC[\L ]DGC
LFHGL \WJO GDHJ RLC OC[\L ]DGC ]HYQD
MHQN MU[O ]DGCH ]HYQ HD PLLZO LFN
HGU[O \LC ]HSQ JHO\Q ]HYQD \HFLJGH
OUHWD UYDOH HGU[ CHYQOH OF]\GO CHG
RGD \Q]\GO [\WC\ ]HSQ JHO\Q LFLœOU
MU[O ]DGCH ]HYQ ]C VTN COH FLQ
MHQN
E
JHO\Q ]HHYQO OHC\O RLLFU [\WC MC
PL[JC PLQUK PLCYHQ PLSHLDCO ]HS]QH ]HSQ
LF FJC ONO CGL\ LFN ]HSQ JHO\Q LDEO
C[QED UQ\QN CSLFN GFHUTG PLLZO ZWTH
RLDC [D CSLSJ D[H RLDC [D LLDCF CQZ Z[WD
JHO\Q LNGD HZWSH LFFGO HGLL]FHUT LWOJQ
CLG GFHUT PH\Q CQUKF CQOC ]HSQ
LFL MND HCYLH PGLSLD PGL]HFHUT HWLOJG JHO\Q PUK\ RDHQ MNQ ]HSQ JHO\Q ]DHJ
]HYQ LDEO PE MNH GFHUT M[HYO CHG ]HSQ
LFN CLG\ ]HQHZQ GQNQ RDHQ PLSHLDCO ]HS]Q
 PL[HW ]FHUTO VTN LF PGO GLGL\
GHYQ CLG GZFYG PLSHLDCO ]HS]Q
RLC\ RH[]LG VTHS PL[HWD GOHN GS\G M\QD
]C HQLLZL LSU H\EWL [\CN\ MND ZW]TGO
ML[Y COC R]] RH]SH J]W] JH]W ]HYQ
PGO ]]O LFN PLLSU LS\ CHYQOH \WJO
]HS]Q
ʥ
ʩ
ʩ
ʶ
ʧ
ʷ
CHG HOOG ]HHYQO PUKG\ HOC ]HUF LWOH
OF]\GO \L MN P\OH PL[HW ]FHUT PHLZ
FJL MND PLQLLZQ PC PE HOC ]HHYQ PHLZD
MHQN MU[O ]DGCH ]HYQ ]C PE ]CI PU
PGD \EFHQH [NLS RLC L[G  GZFY ]HYQH
"[DN HODZ\ GQ HQLLZ O\ RLSUG
 PL[HWG ]HHYQ ]HGQ
PLLSU DO JQ\O
‡†ƒ•Š
HODZ\ GQ HQLLZ PLOLQD PE \EFHQ GI
[DN\ [DN HODZ\ PLSLSU HOC [DN
MC LNG HCOD P]HC PLUYDQH PGD PLDLLJ
PHLZ  HQLLZ O\ RLSU PGD VTHS PL[HWD
\D  ZHILJH
ZHIL
RLDH H[LDJO PFC RLD PLQHJ]G LS\D
LZ
PHZQO
PHZQ
PF
G[H] O\ RLSUD GWTHGH PHLZ
PFC
C [ZZH ]DL]N GKH\
G
MN LFLœOUH GOLEQG ]CL[ZH
GKH\WN
PLEJD [\CQ []HL GO G[L\DH
G[L\DH JD\D PE
FC RLD PPL[JC
PHZQO PF
PFC
F
PE\ RLLYOH PLFZGO \L ]CI RLDGO LFN
]HS]Q ]HYQ\  RN RDHQ PDQ[G ]UFO
PE MNH GZFYG ]HYQN Z[ GSSLC PLSHLDCO
DKHQ HL[DF GOCH ]HSQ JHO\Q LDEO
]HD[GOQ PLSHLDC ]HS]QD ]HD[GO PFCO
GJQ\ P\ RLC\ HLU[O ]HSQ JHO\DH H]FHUTD
PLQH]LH PLLSU DO JQ\O COC G[CHWQH GOHFE
O\ RLSUD
]FJHLQQ ]HOF]\GD ]WTH]H
LSUD ]FJH
]FJ
T]J ]H\
\ GC[H HWHTD
HWHT GOLEQ
G
OG EGDD GNH HGT
EO[ THT FHL
E ]HC J LT DJ ZT
ZTSLHHF SUWY ]H\Q [LUGOH C K ]FGQ
MOLCH N IK K []TC ]OLEQO JL KL PL\HFZ L\[WH NH] D EN ]LSU] GC[ ]HS]QF OL[GQH GO\Q FY[] T[ CEQ GC[ T]N ]H\ GC[H [\UQ O\Q COH HO\Q OY PLSHLDCO
KOZ LT JHC
FHL J HK GC[ ]HSQ JHO\QH KHLH G]\QH GJQ\ G RLSU\ [LUGO ]DL]N LSWO FHU UU HODZ KL P\ []TC HGU[O \LC
P\ PL[]T ]OEQ P\ LHOG ]HSQ GC[  LNF[Q ]\ZDH
FHUH KL ZHTW
GFH] RD[Z FU CLZ LT R\FG ]QH[] D I GOLEQ PLQUKG D FU HYZ LT JHC T]J ]H\ GC[H HN J[WH CQ[G ]ZHOJQ HGI [\CH
ELZT GY[]T P\ CEQD F[\ L\HDO GC[ D IL IU P\ L\[WDH D JU QD GC[[email protected] P\ EQ[WDH
DW GOLEQ OG PDQ[O SUWY >P\ TH]H L\[WDH
G[UG RQZO RQTSGD GC[H IKGT
ILG DW GOLEQ ]HNOG 3
,nab hukhgk
t"ht ,"vrv j"vrv
v"g ojbn kth,ueh wr
t"yhka tdra r"c
ptr
uapb hnhb kfc rauenu shxj
n"vn r"unst e"fk
ghpanu jhdan
ohnhn, hfnu, ,chahc
770 ,hzfrnv ayhuutcuhk
s"cj ,hcv kvhb
vpug,v hknbc
sjuhnc "kg kt" ,rcjcu
h"g ,umnv jka hcrva vfzu
"kth,ueh rgzbut" uhkg rntu
770-c o"cnrv hnuhxc guce otub
"ojbn ,ue,"c oxhpsvu
"ohfbjnv sgu" kvhb
.rtv ,unhka hbhbgc .rnc kgp
vrnzu vrha vyn atr
ubesm jhan hbp ,kcek
ogub hfrscu ubcr kt ohcr crhe
lruch ohrah rus rhtav
ubthab ubh,ucr hfrsc ohfkuv
ohfrs ,but,c ;yeb
"ktrahn yca oeu" wpk hbav ouhc
v"ga,wv zun, c"h
/v /c /m /b /,
(vcmnv jxubn)
*
uhshsh h"g xpsb
cukda uhjha kjr kyhd ,rn u,duzu hukv ejmh ;xuh wr ,"vrv
vkutdv ,ruac
vpxuv
vkutdv ,ruac
/jx
aecku ///"h,n sg" ',ukdv ,ufhrt kg v"cevk eugzk 'rehgu sugu
,h,hntv vkutdv tuc, shnu ;fh,a rapta vn kf ,uagku aursku
/ubesm jhan h"g vnhkavu
jhanu vba ,utn ga,u ;ktn r,uh ,ukdc rcf ohtmnb h"bc / / /
rcfu ',ukdv inzs vsucgv hbhbg kf unhhx rcf ///!tc tk ihhsg ubesm
vjnav h"g sjuhncu kkuf) ohhraptv ohbputv kfc ,ukugpv kf uagb
'sug ,uagk i,hb vn ohgsuh tku '(ouh ohaa lanc rst asujc
vkutdv vtc tk ihhsgu 'gdr sugu ouh sug 'guca sug rcug 'f"pgtu
!ann kgupc vnhkavu ,h,hntv
(c"ba, iuatr rst t"hu s"uh 'wz 'vum, wp e"au e"agu 'wd ,ujhan)
˜
ƒ…‡—
‚
ƒ”˜
HOCG PLOOQHCG ONO G[H\Z CLG L[G
HOC ON GJQ\G PHJ]D\ [QHO \L ]CI M[FDH
>PLN[YSH PLLSU PG
HOCG PLOOQHCG DO JQ\QG\ PL[EH ]HSQOCH
PLOW\ JH[ ]HLJGO [QCS\ GSLN\O GQHF
PLCNFS DO ]HLJGOH
ON\ RDHQ PDQ[G RH\OQ MNQ []HL
]HSQ JHO\ H]FHUT  PLSLSUG ]\HO\
CLG P]HGQ  PLSHLDCO ]HS]Q PEH HLU[O
GOHFE GJQ\ P\ RLC\ RHLN MC GJQ\G
DKHQ RNO PLLSU DO JQ\O COC G[CHWQH
PLSHLDCO ]HS]QD ]HD[GO PFCO
]HS]Q ]HYQ ]HGQ\ [DHT PDQ[G PC
HI GOUQ\ CYHL GZFYG CLG PL[HWD PLSHLDCO
]QLLZ GSLN\O GQHF PLSHLDCO ]HS]QD
MN PCH GS\G ]HQL ON O\ GZFYG ]HYQD
HQHZQD [ZLUD GI RLSU [LNIGO ML[Y GLG CHG
]HFHC [DHFQ P\\ PLLSU ]HS]Q ]HNOGD
[\ZG HGQH  OOND GZFY ]SL]SD\ GOUQG
"GOLEQ ]HNOGOH PL[HWO CZHF GI RLSU O\
CLG GSLSU\ RDHQ GFHUTG LDEO RLDGO \L
RSLSU PE\ PDQ[G FQHO RLSQQ MC
M GJQ\G
O\Q
\Q ]HHYQ
PLSHLDCO ]HS]QH ]HSQ JHO\Q
]HHYQG O\
Q\G CLG
"GJQ\G
ʮ
ʥʯ ʫ
ʥʬ
]SL]S O\ ]HOUQG ]C LS\ FYQ PE MNH
PLLSU ]HS]Q ]HNOGD PDQ[G RLLYQ\ GZFY
GQHFNH GZFYD COC RLOCES OC[\L RLC
[\ZD GOLEQ ]HNOGD OON [LNIQ CHG RLC
PL[HWO
JQ\QG\ RLD [\ZG HGQ RLDGO
DGO \L RNH
[email protected]
CZHF GSLN\O
\O GQHF HOCG
OCG PLOOQ
PLOO
PLOOQHCG DO
LL\ G[HCNO
[HCNO "PLSHLDCO
PLSHLDC ]HS]Q ]HYQO
RLSU MLL\
DHQ\ LWN
WN GZFY R]Q ONO GI
ZHTWG RQQ PE RDHQ\
PDQ[G RLC
LC ]
]CI OONDH PDQ[G KKYQ\
GZFY LDEO GSLN\
GZ
GZF
GSLN\O GQHF GOUQG ]C [LNIQ
]C P\ KKYQ CH
CHG\ ]H[QO OLUOFN OOND
>PLOW\ JH[ ]HLJGO ZHTWG
RG PL[HWD ]HHYQG \HO\
HIQ HI ]HF[WS
L[G PDQ[G ]UFO\ [QHO CHWC LJ[NG
PL[HWD PLSHLDCO ]HS]Q R]QD\ ]H[QO
]CI OND GZFYG ]HYQ ]C PE PLQLLZQ
PL[HWD PLSHLDCO ]HS]Q ]HYQ O\ G]HGQ
O\ H[HTJQ LF LHOLQ GZFYG RLSU GSSLC
]C PLLZO [ZLUD COC PKH\WN LSUG LN[Y
PLLSU DO JQ\O  LSUG O\ GJQ\G RLSU
G
PDQ[G OOHN UHFQ RDHQ HI [email protected]
PLQH]L PE PLSHLDCO ]HS]Q O\ GJQ\D
PG PC G[HCNO LN PL[EH ]HSQOCH
PLSHLDC [FED PLOONS PG L[G PLN[YS
PG RLC PCH "F[WSD PSLLYQ CHG UHFQH PLLSUH
PDQ[G P[LNIQ UHFQ  GZFYO PLN[YS
"PLSHLDCO ]HS]Q ]HYQO [\ZD
]UFO\ [QHO \L ]HSQ JHO\Q LDEO
EHCFO OLUOFN CHG HI GHYQO PUKG PDQ[G
ZOJ HGIH PL[HW ]FHUTO LF GLGL ]OHIO\
L[DFN HQYU PFCG O\ GFHUTG ]DHJQ
ONCL\ HI GFHUT ]DHJ FYLN PDQ[G
PFC DLLJ RNH GNOG G]HCD ML\QQ CHGH
PU VLOJQ HO RLC PCH ]HSQ L]\ JHO\O
GIO JOH\ GIH H]FHUT GIO JOH\ GI H[LDJ
]JQ\ O\ RLSU CLG PL[HW ]FHUT\ H]FHUT
GJQ\H G]\Q  GHYQ
]HYQ O\ G]HGQ\ OLUO [HQCG LWO MC
DO JQ\O [ZLUD CLG PLSHLDCO ]HS]Q
HK IS LU\L LW Z[WG \L[D P\ N\Q OU H[WTD MQHT RLC\ PDQ[G LOOND UHFLH HCH ]HC PDQ[G LOON LNCOQ FL GI L[JCO
TJHLQG LJH RDQ[ D I GOLEQ CDKL[ PE GC[ PUKG PE HGI\ UQ\Q OSGDH P\ QD CDKL[GO
C]WTH]Q RDQ[D\ [LUGOH GJQ\ FYQ ]HSQ JHO\QD
GZFY O\ TLNO OHWL OC []HQGH GG CW GOLEQ
O\ TLND HOWL TL[E\ GOLEQDH P\ CDKL[D NC\Q
P\ JHC [WHT D]N ]H\ GC[H GZFY
P\ PLLSU ]HS]Q OGD RLFQOH CLG ZHLFD PDQ[D ]HNOGG ]ZHOJ\ UHFLN CT CWO CHZ IGFCO ]] OG CQEHFO GC[ HNH GSQQ
>C IN]]@
CHG RQL] L[WTDH HSLSWO\ PDQ[ LTHWFD GN OZSU[W ][HFGQ PDQ[ GC[ UWD GNOGD
FG[]GN OT PDQ[G\ [QHO J[NHQ RLC ODC \LLU GY[] THT JHC JDG LW FU CN G[UGD\
9
‡†ƒ•Š
4
˜
ƒ…‡—
‚
ƒ”˜
‡†ƒ•Š
\HO\ RG GOC\ ]HQHZQ GQND [DTHQG
RH\OQ PE RDHQ\ LWNH ]HF[WS ]HHYQ
[QHCG PLSHLDCO ]HS]Q LDEO PDQ[G
GJQ\ P\ RLC LN GID ]HD[GO DKHQ\
PLLSU DO JQ\O COC G[CHWQH GOHFE
]HHYQ ]C PLLZQ CHG ]CI COO PE [QHON
RLC\ COC GJQ\G RLSU ]C OOHN PL[HWG
GULEQ CLG RLCH G[CHWQH GOHFE GJQ\ HI
PLSHLDCO ]HS]Q O\ GJQ\G OFHEO
PLSHLDCO ]HS]Q ]HYQ G[H\Z PE MNH
]FHUT HLOU ]OKHQG GJQ\H G]\Q ]DHJO
HO\ PL[HWG
LQL PG PQYU PL[HWG LQL
GJQ\
]HS]Q LDEO RCN MN [LDTGO G\Z MC
O\ RLFG ]C FL[WQ PDQ[G LN PLSHLDCO
DLLJH ]F[WS GNOGD PLSHLDCO ]HS]Q
GQHFD CO PL[HWG PHLD PLLSUO ZOJO
M\QGD OOHN CHG H]HC\ ]HSQ JHO\Q RLFO
GFHUTG ]HYQ O\ GNOG G]HCDH FJC
GJQ\ LDEO PDQ[G [QC [DN\ LWN
OLNCGO DLLJ G]H\H ONHC CHG\NH DHKœPHLD
PLLSUG [C\ PU GSQOCOH PH]LO [EO
H[LYJ ]H]OF OUHS\ LQ ODC PLOOQHCG
OLNCQ HSLCH H]C HLSDH CHG G]H\H ONHCH
GHYQ ]JQ\ HI RLC \WS L[QOH PLLSUO GZ\QH
P\ RLLU HTL[N ]JQ\ COC
H
CHG GI ONO [DTGG\ [QHO \LH
\HO\ ]C PLFQHO P\Q\ GOLEQD RH\OG
\LC ]HSQ JHO\Q GFHUT  G]\Q ]HHYQG
P]HC ]H\UO CLG PLSHLDCO ]HS]QH HGU[O
HGU[O \LC ]HSQ JHO\QH GJQ\H G]\Q LQL
RDHQ LQL GOLQG RQ PLSHLDCO ]HS]QH
GOHUW GSSLC PL[HWD GJQ\H G]\Q ]DHJ
COC GI PHLD CHG GSQI [\CH ]H\UO ML[Y\
PHL O\ HSLSU\ MNQ GCYH] PHLG ]HGQ LGHI
GJQ\H G]\Q CHG LQL GI
GNOGD [LNIQ CHG RLC [\CN FJHLQDH
CHG\NH PLSHLDCO ]HS]QO [\ZD GL[JCO\
]HNOGD [QC\ LWN GQHFNH G]H\H ONHC
DHKœPHL
ʬ
ʥ
ʩ
ʩ
ʶ
ʧ
ʷ
LQL O\ PL[JCG PLSLSUG PE\ RDHQ MNQ
M\QGD PLDH]NG PLDHLJG ]HJWOH PL[HWG
]HS]QH HGU[O \LC ]HSQ JHO\QH ZHTW H]HC
HOC PLQL\ MNQ GCYH] PG PE PLSHLDCO
GJQ\H G]\Q LQL PG PQYU
G]\Q LQL PL\US PQYU PLQLG\ GI RLSUH
DN K HGI\ MOLCH U IJ >PE[H][email protected] \HZO GC[H PHLG ON OU DHLJ
]H\UO HOC PLQL ]LL\U ]YZ [JC RHSETD GFHUT  G]\Q PL[DF E LU CLG GJQ\ LQLO P]HC
JN P\ L\[W GC[H PLSHLDCO ]HS]QH ]HSQ JHOE\Q
]HS]QH ]HSQ ]]O KHLH GJQ\H G]\Q PL\USH GF
CHG FLGD PDQ[G RH\OF GI [CDO \L LOHC IWU ZHTWDF WUC KL ISWO DH]ND R[FTN G]\QH GJQ\
[NIS L[G\ PL[HWG LQLF PLDHLJGH GSZ]G [QCS CO GI
R[FTN COH PLSHLDCO ]HS]Q P\ [QCS COH KHL P\
HGU[O \LC ]HSQ JHO\QH GJQ\H G]\Q LQL DH]NGD
LQLF PLDHLJG RLFQO HSQQH [QCS HD\ PLSHLDCO ]HS]QH
G[UGD HCDHG P\ PL[]T ]OEQH LHOG ]HSQ GC[H PL[HWG
GIQH GJQ\ CHG LQL G [FE\ [DTHQ GID LN ž HN ]HS]QH ]HSQ JHO\QG RNH G]\QF DHLJG VU]TQ
ƒŽ‡–ƒ ƒŽ–ƒŒ ƒŽŽƒ~ •‰
…
‡—Œ‚ ˆŠŒ
s s s
]C[HG PHLZ LU\ [GLH
[H\Z HSLC\ F[WS RLSU HGI\ RDHQ MNQ
GJQ\GH G]\QG ]DHJO H]FHUT ]D
]DHJO
HLOU
LOU ]OKHQ
]OKHQG
JQ\]
G RTLS D ]JL\D JL\QG MOQ [HQFC ZN
CYHL OLUO [HQCG LWO  MNQ []
[]HL
PLSLSU PSLC PLSHLDCOO ]HS]
]HS]QH
QH ]HSQ JHO\Q\
JHO\Q
JHO\
PPL[HWD
HWD PLF[WS
PLF[
GFHUTG ]DHJQ ZOJ PG COC PL[HWD
YQ ]C PLLZQ CHG RLC [\C
JHO\Q ]HYQ
[\CNH HO\
LHC[N CYHL CHG RRLC PLSHLDCO ]HS]QH ]HSQ
\H G]\Q PPL[H
]F ]HYQ ]DHJ LFL
GJQ\H
PL[HW ]FHUT
DHKœPHLO GQHFD
CJL\Q CNOQ FHF ]CLD
OUW] GI[NGG\
WDD [QCSG
[
RQH ]HK\WD
RQ MWLGG HGIH
PLSHLDCO ]HS]QH ]HSQ JHO\Q RLD ZHOLJG\ COC PL[L\UO PE HGU[O \LC CHG ]HSQ JHO\QF CHG IWO
]HQHZQD GC[ PLN[YSG PLLSU PLSHLDCO Z[ CHG ]HS]QH
G[UG OSG
KNZ]T KHL OG IGFC UH\ JLG HW KHL OG ]DL] L[JCO  ZHTWG LC[G ]WTHGD CLT
IK PL[DF  HEH PH]LGH [EGH LHOGH [QCS\ PLOOQHCG
GSQOCGH ]DL] PE IGFC ZL]UG CO\ UYH FL
LT CHG PLLSUO PL[HW ]HUQ RLF\ UH\D CHG IFUH CHG ]HSQ JHO\QF PLSLFG LK[WH DHLJG NC\Q UWD
PL[HW ]FHUT LSLFF LTGD
5
]HNIO
ZG H]JKDG PLLHZL
LJL IL[NGO
s s s
…
‡—Œ‚ ˆŠŒ ƒŽ‡–ƒ ƒŽ–ƒŒ ƒŽŽƒ~ ‡…‡

ƒ ‹ŠƒŠ
‚
ƒ”˜
˜
ƒ…‡—
FU LQHTDO GDHJG ]QLLZ RLC RCN MEJD
PFCG ]CLYLO FU [N]\L\ FU LUFL COF
RDHQ\ LWN GD[FCH  ]LQYUG H]HCLYQQ
L[QH PLLSU RLC PC OLUOFN PDQ[G L[DFQ
]QEWS RLCH ]LK[WG GJQ\G GZLWTQ \WS
]ODEHQ CLG\ HO\ MEJD ]JQ\H ]HYQ
[\CN H[LYJ ]H]OF OUHS CHG [\CN Z[
G\UQD PLLSUG RQ DHKœPHL ]JQ\ OOH\ CHG
]JQ\ COC GHYQ ]JQ\ HI RLC IC \QQ
HTL[N
‡†ƒ•Š
˜
ƒ…‡—
ULEQ LFHGLG\ FU GSDGGH ]UFG OHKLDD
OU [QCSO GQHFD ]HLQ\EG ]HK\W]GO
RLC ROHN  PDQ[G [QHC\ LWN  GCHDS
[JC PHLD HC GOLO RHLIJD PHOJD COC RLCH[
PLCDS]Q\N ROHNH GQF[] RGLOU OHWL]\
PGL]HS]\UH O\N VHEG JNH RLUIUFIQ RGL[DC
]HW[K]Q
G]\QG LQL O\ GJQ\G ]DHJ PE RNOH
[N]\L\ FU ODEHQ L]OD RWHCD CLG GJQ\GH
PLOKD]Q
[\CN H]H[N\D PF[LH
HL]HSH]\UH H]HCLYQ
LFLœOU G[H]G ]ODZ ]HQO\
]UFG OHKLD
‚
ƒ”˜
J
PL[JC PLFUHQH PLEJD CYQS HSLC GJQ\H
GQ HQLLZ RLDO OLUO [HQCG RLD [\ZG HGI
G]\Q LQL PG GOC\ RLSUD [DN HODZ\
GHODZ [FG O\ RLSUG PE CKD]Q GJQ\H
[\CN TSHCQ MWLGG \H[H\JC LQLD
PSHY[QH P]UFQ G[H]G ]C HODZ OC[\L
RHLN OLUO [HQCG LWO ]CI [LDTGO [\WC
RLSUG C[QED [QCSN PLLZ]G PL[HWG LQLD\
O\ ]HQO\G [DN HODZ\ GQ HQLLZ O\
LHOLE CLG G[H]G\ RHLN L[G G[H]G ]ODZ
GFQJ CHGœMH[Dœ\HFZG O\ H]QNJH HSHY[
H]ULFLD [DEHQ CHG\ C[DSG RLC GIHSE
RNOH G]HC KHOZO OHNL H]HCLYQDH H]SDGH
GJ[W [HDFH [HDF ON OU G[H] R]QD
R]Q\S
]JQ\ O\ FJHLQG RWHC
PL[HW
]ODEHQ GJQ\G DHK PHLD
]ODEHQ L]OD  PL[HWD
PL[HWG EJD GJQ\G O\ RH[]LG HGIH
GULFL ONO OUQ LUFL COF FU ]HLGO GNL[Y\
]Q[ES HIN ][CHWQH GOHFE GJQ\H  GODEGH
HNH PLLSUG DO PLJQ\Q [\CN
L
PFCO DKHQ PDQ[G [QHC HI GDLTQH
H]FHUTD ]HD[GOQ PLSHLDC ]HS]QD ]HD[GO
ON O\ R]HGQ PSQC HLU[O ]HSQ JHO\DH
RLC ODC GJQ\G CLG HOOG ]HHYQG \HO\
DO JQ\O COC G[CHWQH GOHFE GJQ\ P\
]L]LQC CLG GJQ\G PLQH]LH PLLSU
]HCLYQG ]HODEQQ GCLYL LFN FU GQLO\H
 LUFL CO O\ DYQO GTLSNH ]LQYUG
CHGœMH[Dœ\HFZG O\ H][H] ]ODZD CKD]
CKD]QG
[\C
PLSHLDCO ]HS]QD PLD[QQ [\
[\CNN 
GC[Q P]HUYQCD\
P]HUYQ
P]HU
DO JQ\O\ PFCG GC[Q
RQ []HL GOHFE GJQ\O
Q\O HOYCC P[HE
[HE PLLSU
PLL
RQ []HL HOLWCH HO\
O\ ]LK[WG GJ
Q\GH
\GH GF
GJQ\GH
GFHUTG
P GFHUTG
HN[UN PL\SC
PL\S HLU[
LU[ PU
FDOD HI CO\ PDQ[G VLTHQ MN OUH
[\C FU LUFL CO ]SLJDD JHQ\O ML[Y\
PLLZ]Q MND\ H]H[N\D PF[LH [N]\L
OLUOFN HGHODZ [FG
PLOOQHCG DO JQ\QG MNQ []HL COC
]JQ\\ GI RLSU LN GSLN\O GQHF HOCG
GOHFE GJQ\ HO ]Q[HE [JC OOQHC LFHGL
]HCLYQ CHG\ C[DSO MLL\ HSLC G[CHWQH
RN OU [\CH HQYU OYC DH[ZH HQYU LSWD
[]HL HOYC PLDH\J ]LK[WG H]JQ\H H]HCLYQ
]HJWG O\ H]JQ\D FJHLQDH ]OHIG ]JQ\Q
ULEGO OHNL LFHGLH GSLN\ OYC Z[ COC HSQQ
GSLN\O GQHF CHG\ LSWQ Z[ HI GE[FO
]DHJ\
\ DHKœPHL LDEO
LDEO RN
R [DFG RLC MC
]JQ\H ]HYQ CLG DHKœPHLD GJQ\G
RLSUG ]C PLLZQ CHG HIN ]HEGS]G LFLœOUH
IC LN ]HQO\D GJQ\H G]\Q LQL O\
[FG O\ RLSUG HCHOQD HG\UQD GOE]Q
HODZ\ GQ HQLLZ  \H[H\JC LQLD GHODZ
[DN
DDG IW G[H]G LFHTL OG G[H]G ]ODZ LSWOF
OFF D
DL CW [\G\Q [LUGO \HZO GC[H GOLOG H]HC ON OC[\LO PGO HS\L
PGO\ GSNGG G]LG HI\ OL\ U FJ >PE[H][email protected]
MOLCH U CL\] QGTQ [LUGOH G[H]G ]ODZO
QNDH MOLCH FUT GY CH] GC[ Z[ IG H[LDJO HGI\ RHLNQ ]HSQ JHO\QF OLH GJQ\G LJD ]HQLO\ HSLLG HQYU PFCGD UFL CO LJD
PDQ[G HD]N RNOH HO\ GFHUTH G]\QD\ UFL COF
PFC DLLJ RNH HI GFHUT ]DHJ FYLNO PHLTNH M\QGN
H]E[FD PSLC\ PLSHLDCO ]HS]Q NC\Q HN JHO\O
H]FHUTD PFCG OYC CKD]QG UFL CO Q GOUQO CHG\
UWD GNOGD PDQ[G HD]N RNOH CHG
HO\] PL[HW ]JL\Q
‰
FL IK GC[ S\H D GN ]HQDL 7
GQHFDH
[FG [\CN GLG ]C\ []LDH
LDH
DH MNO GQH
H][H] ]C ODZO LFN \H[H\JC
\H[H\JC LQLDD HGH
HGHODZ
[YY GLG CHG
GœMH[Dœ\HFZG
MH[Dœ\HFZG O\
OHKLD ]HLGO ML[Y
CHGœMH[Dœ\HFZG
WG LFN FU ]UFGH GSDGG
]HLQ\EG ]K
]K\WG
RNH MH[U RJO\DH [HK
HKD [QCSO GQHFD
RWHC LDEO
DEO RZIG
ZIG [HQFC O\ MH[UœRJO\D
L\SC
P
G\UQ L\SCH
PLFLTJ
O\ GOLW]G
HOLCN HQYUU GC[L\
HO
HOL
GC
ML[Y OOW]QG\
PLFFHD]Q HLG [\C HFESN GSLN\
PL
PLFFH
PLUL
PLULEQ
HLG\ FU P]OLW]D PLSHHNQH
JH[ ]H[DE]GOH ]HLQ\EG ]HK\W]GO
]OUQO DH[Z PLULEQ HLG\ FU ]HLON\G
 GCHDSG
FYLN PDQ[G [QHC GFHUTG ]HYQ OU
FU RLL G]H\H ONCL\ HI GFHUT ]DHJ
HI GNOGO [HZQG H]H[N\D PF[LH [N]\L\
L[DFD PL\[WQG PL[QHC\ LWN CHG
COF FU CL[HWD LQHTDO \LSLC DLLJ CD[
LNF[Q MH[DO RQG [H[C RLD UFL
GLHY[ ]HEGS]G GSLC ]H[N\G G[HCNO
GNOGO [\ZD PL\[WQG MND PLNL[CQ\ LWN
PLEJO [\ZD [LDTQ HQYU PDQ[G\ LWNH HI
COC GJQ\ GSLC ZHJ\GH ]H[N\G\ PL[JC
GFHUT ]DHJ GLG]\ RN]LL FYLNH ]HOOHG
H]H[N\D PF[LH [N]\L\ FU RLL G]H\ HI
]HUYQCD MNO OC[\L HULEG PL[HWG LQLDH
GOHN GS\G ON M\QD PGO\ \WSG ]H[LTQ
]H[N\ LFLœOU ]UFG OHKLD
I
HODZ\ GQ HQLLZ O\ RLSUG\ [QHO \LH
O\ FJHLQG RWHCD [ZLUD CKD]Q [DN
PLFUHQD CYQS HSSLC\ PL[HWD GJQ\G
]H[JC GHYQ ]HDHJDH PL[JC
ʮ
ʥʯ ʫ
ʬ
ʥ
ʩ
ʩ
ʶ
ʧ
ʷ
FU  PL[HWD GJQ\G RH[]L CL
LUFL COF
‡†ƒ•Š
C]JQ CFJD PLCD D JT PLJTW QEDF [LUGO HD GS]LS\ PHL KQ PNO LQS RSLUDF ][YUD PLFHQ ONG
ODHZQH JHS\ ]HC[GO G]\QH ONCQD HD JQ\L\ @ G[H]
GF P\ L\[W  HD G[H] GS]S\ OC[\LO GI PHL
PLFHQ ONG >JLT FY]T JHC IGFC UH\ RSLUDF
GJQ\H G]\Q LQL KQ PNO LQS RSLUDF PL[HWD
PHL VLFUH RWHTO DH[Z GOLEQ OG EGD GC[ OGZLH ]H]OLC\D IFUH G[H] HD GS]S\ PHLN PL[HW
OSG FU \[WQ H ]HC P\ GOC\ ZQUGDH IT C]OLC\
CQZ LT P\ [WHT D]N ]H\ GC[H
HKG P\ ]HLSHQLQ ]HGEG GS\Q FLEQ D I GOLEQ OU RKZG [HCQD ODC DLLJLQ CT[LEG HSO\ T\D L\H[F ONDH GHY] W GO\ HWHTD ]HSHHNG [U\ VL[G
JCD NE CHG RNH \LSLC DLLJ CHG OG L]LC[\ JCF
LT DT GY[]T JHC UH\ GY[] LT LDD CDHG
FHUH XDUL
FHUH HWHTD GQ LT HD ON P\ GOLEQ L[LCQ NG P\ KHL OG K
O\ HQHYLU CKD]Q UHFQ RDHQ GI LWOH
]JQ\D PL[HW O\ L[ZLUG RLSUG PHL
[N]\L\ FU RLL G]H\ O\ RWHCD GFHUTG
GJQ\H G]\Q LQL  H]H[N\D PF[LH
\H[H\JC LQLD HGHODZ O\ RLSUG LN
CKD]Q G[H] R]QD [DN HODZ\ GQ HQLLZH
D JW ]D\ LT ZGEC HOW CLS] GC[ P\ ]D\ GTHT FW IGFCO ]] OG GC[H JY T[ JHC C DN RL[FGST UH\HKDH HFESN LH[\ GSLN\ IGFC UH\D HFESN GSLN\ HOLCN DH\JLH P\
LON\G JN P\ UH\D [HKDH IGFC UH\D GN QNDH C JY C IY MOLCH F GY F DY CH] GC[ 6