robos investidores
TRANSCRIPT
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Ed 7 24/02/2012
ROBS
INESTIDORES
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A d Aad ........................................................................................................ 8
Tad S ....................................................................................................................... 8
A da d Rb Id ............................................................................................... 10
Aa ............................................................................................................ 12A d Tad S ............................................................................................. 13
A a d Rb Id .............................................................................................. 15
O Xad d Rb Id ............................................................................................ 17
C 1 I .......................................................................................................... 21
O dccd ....................................................................................................................... 23
A dcba ........................................................................................................................... 23
Mda ............................................................................................................................ 23
A. C d Od ....................................................................................................... 24B. C Cadc ......................................................................................................... 24
C. C Cac ........................................................................................................... 24
C 2 E ..................................................................................................... 30
S da a da ca aa? ........................................................................ 31
A E c a F d a a a ................................................................................................. 32
A E c a T c ca .................................................................................................................. 35
A E c a Hb d a .................................................................................................................. 37
C 3 A E ................................................................................................ 38
Mdad b d d dd ............................................ 40
Ra d da Eca da V .......................................................................................... 42
Ra 1 Sb a aca ............................................................................................ 42
Ra 2 Sb a a ................................................................................................. 42
Ra 3 Sb a c .................................................................................................. 42
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Ra 5 Sb c ........................................................................................................ 42
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A ca da dc d a ............................................................................... 47
Taad a a d .................................................................. 51A c d c ...................................................................................................... 53
A c da aa...................................................................................................... 55
Eaa d c, d a ............................................................................. 56
Tcad a a d aad a a d ............................................. 57
O cc d ................................................................................................................... 58
C 4 R T S ....................................................................... 59
O Taca LABS 2012 .............................................................................................................. 62
Gad d Tad S ............................................................................................... 63Tad S .................................................................................................................. 63
Laba ........................................................................................................................ 64
Paaa ......................................................................................................................... 64
Gad d C ........................................................................................................... 64
Gad d Ra ............................................................................................................. 64
A aa d Laba ............................................................................................... 65
E Ra ................................................................................................................... 69
Sa d a ............................................................................................................ 71Ma d Cc ................................................................................................... 73
Cd da a d Cc ............................................................................ 74
Aa d ca d ad a d d d Tad S .................................... 74
Sb S ..................................................................................................................... 74
Sb Ga ...................................................................................................................... 74
Sb a Ra Rc/R ........................................................................................... 74
Pac c aa aa a a ................................................. 75
Fa d Lc ..................................................................................................................... 75
P C ............................................................................................................... 75
Ec Taca .................................................................................................................... 75
A SWOT d Tad S ........................................................................................... 79
A d Hc d Tad C Aa .................................................................... 83
Ma d Tad ........................................................................................................ 89
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C ............................................................................................................................. 171
A ca da Ica Aca ..................................................................................... 173
A a d a aa c d b d ........................................ 174
O ad da caacdad c cdad ..................................................... 175
R .......................................................................................................................... 177 A ................................................................................................................................. 178
Dd d ad d a d b ......................................................... 181
O d da a dbda ......................................................................................... 183
Pd Ga aa d S d F ........................................................................ 186
Taa: dd a ca da a ca ............................................................ 188
Edd a cdad da aa a............................................................. 191
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a ca? Na a a , aa
aca Ba d P, a a aada a a aaa
ac aa ada aa a a , a da a d,
c a d c b .
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44
Da a a, acc ad aa ad
, aa aa daa da
aa ?
N da a a , , caa
a d c d 3,42 aa d a aa d ac d aa 61,3%.
Ea, b a d c bd c ad c
a a, c Ra 43 Ra 76 aba d.
-
8/18/2019 Robos Investidores
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45
O d d a a d
aada cad d b aaad, c
d da d dad d a.
O aa ad ca c ad a
a ad da a c
, a a , c da a a .
Ea dc ca aa, c adad
b d, a d a aa
a a aaa a dca.
-
8/18/2019 Robos Investidores
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46
A
O c d dcba ca a d . S
a dcba ca aada aa a ba d
aada a ca da cca [6].
A dcba a daa d d a,
ad ca a aa a d a [7].
E c ada c d cad a
aada d aad?
Ua da a a ada c d aa dc d a.
N d C N [1], ad da d
aad, d a dcbd a . Na a d
, a dcba a a , cabd a
cada d dca a dad, c
aa da a:
a a d aad, aa da dc da ca d
a a a , a, a Eca da V
ba a ca aada a dada, a a
ada c d dcba;
a a d ab d c da a
cad;
a a d a ca acad a
ca a, c d a
d;
-
8/18/2019 Robos Investidores
47/192
47
A
O a c caa d Ta,
a ad ad, d a c ,
cbd a d a ad da.
O a ada a cd a daa d aada
c d dcba.
A d Ta caad a da ca
a a d aa, a ca a aa.
Paa bad a aa, a d a
da a d da.
E Ta a d cad,
dad aada dd d
a a .
Ma a dcba aa a ca d
ac, a a a d c ca.
N a , d ca aa d
a a aa d ac, aaada da a
Taca LABS.
-
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48
-
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49
N aa da a c/ a d c,
a d da c ca a , d
acd c a, aca da da, a a SWOT aa
ad a a aaa da a aa
d ac ( ca d aa 58,8% d ad).
Ea c d ad a a ac
aaa d d c d , c b
da a cc c d
acad.
-
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50
-
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T
Ua
ad, d
Pa
c aa
ada ada d
Na d
c d
c d c
a [7].
F
51
a d
d b.
cada a da aa a
dc d a d , d
cad, c a a Fa 2.
a a, a a c d
a a aa, d a
aa a Ica C
a 2 Eaa a a a
,
ca
dda
c
a
a a
-
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52
Ea da a ca a Eca da V,
d c a c aa a b d a a, d
aada a ada cada d da
ca.
→ O T LABS , E .
-
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53
A
U c a cd d cad a
aca a aad, c
a, dd dcad d cad a caa acada a ab da a.
P , a adad d cad d d
a d aad aa d dcad.
A a da d d a, d ab a
dad:
E (A, B E) a ad d a
d aad aa , d da caa d a
abda d.
R (1 99) a a ca d a c
aa dd.
P (1 99%) a a babdad d a
c ca dd.
Da a, d c c ,
aca A AAA a daa DD/MM/AAAA aa a
aa E, c a :
-
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54
E: P C AAA
E E DD/MM/AAAA
A E R P
Vadad A 37 78Ia E 82 67
P d Ba d P Ba 26 45D A 55 89
N d C E 32 34PIB Ba Ba 82 56PIB Ca Ba 46 78
PIB EUA E 18 88
Pbabdad d Cd acd c aEaa E
67
N a cd c, a dad
d aada c a a a, aa d
c d a dc d a.
A a c dcad d ada ada d
cad, a dad d c aa a c
da aa.
-
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55
A
A a d c, c aad .
P C
Ica d dda a a d babdad da
aa, dd da ca d cada a
babdad d cca.
Ua a d a ca
dada a da da babdad.
Cab a d dcd a a a aa a
aa.
N , da a babdad d c, aa
a dada aa E, d 67, dca d c
d a babdad a ca, dada d
P C.
D E M: ad a Pbabdad d
C a a a a a PE (Pbabdad d
Eada).
D S M: ad a Pbabdad d
C a a a a PS (Pbabdad d
Sada).
N a a d PE>PS, a
a a aad aa a aada ada ca, d a da a a
aa d ca.
-
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56
E ,
aa a d ca c a
c a Eca da V? A a , a ca c
b a c a ca d
a a da.
P , a d d a ac a a
dcada aa a ca a, ba da cad
aada d.
-
8/18/2019 Robos Investidores
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57
T
Na Eca Tcca, c a a d aa
aad, ba a ca, c a adad d bdad
a d , a a a aaa d
ad.
Paa a Eca da V, a a d , ad
a , d d bd, a a ca aa
d aa, a aad ada c a
ca.
Paa , c a a c d c
aa, ab ca d a a a a da
a aa a d , a a a
c da aa d aa.
-
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58
O
M d ddca ad d a
a bcad cc aad, d a d
.
Paa a ca d a, d
ad d , ada, baa c da a
aa daaa.
Ea a Eca da V, a a bca d cc
d , c , aa cc d da d d
da a da, cc d da da a a
ada c, cc ca, c.
-
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59
Ca 4
Raad d Tad S
-
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60
O Taca LABS a a d aad d
ad aada Ba, 2008, ad
a a d da ca: Tcca, Fdaaa
V.
A Eca da V, cada 2008, ca aa
d cc d Taca LABS, d
aa d a d d aa a
ca c ca a.
Naa ca a ada ca d aba,
a aa aba d a d ad
, aba 1Ad, caa a d ca d d caca d b
d dda dd a da da Taca, 2003.
U d , aaa , 2008
a caa c a a d a d
d aaada, c d a 2010 c a
d DMA da Ba.
N c Taca LABS aa cad aa acaddcada aa Fd d I A. H ca c
d aba cc d a a d
ad , d aa a d
cad dc, aa ca d a d
Ra I cad c.
N Taca LABS 2012 cdcad d ca
cc da Eca da V, baada c
a d c cc . S ada daaaa d a a d ad, cda a
d a, c a aaa Taca RM aa a d
c a aaa Taca Qaa aa a d ad.
-
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61
→ O T LABS , , .
Aa ca c d Taca LABS
ad 10 aba d d d ad 1
aba d d d caa d ad (11K),
ca a 40 aaa d a d c
ac, add a aad aada a a
aada ca d , c aa .
O ad c d Aac TadS c a aad d aa, , d
aca, a, ca, ca ac,
ca d c, c, ad a aa a
d ac d cad da.
D d ad , cad
d 100.000 (c ) aa a c d c d cad d
cada , d d 100.000 cad
T 100, aa d a aad d c a d a.
-
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63
O Eca Taca LABS 2012 ad
d ca, dc a , caa d da, a
aa a d ad d.
G T S: d d cada dada
a aa , aa ada aba
aaa acada.
T S: d c d ad d
ca. D d ad ca a
da Taca, a aa d a
(c .4.c
.5.c ) ad c aaa d ad d ad . N aada a
aa b , d a dd c
daaa, cd d ca d ca, dcad
cad c, c, a da d a aa
d ca aca. O c d
aba da aa aa a c
d c a, cad d ad d c. O
d d ad ca d (1M), d ad,
d a a ca .
-
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64
L: aa d ada a aa
a aa aa d d ad , ad a
a aada aaa d a.
P: d d a a a aada a
adada ad , dd aa a
d c.
→ A T RM, ,
..., .
G C: d d cad c d cada
ad aa d ad . O d
ad aa c c d c (100K), d
ad, d a
a ca .
G R: d d a a a d
c d ad (Ec Taca). O Ec Taca
cacad d ad aa a
aad cacad a a cada ,
c ca cca.
-
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65
A L
N Taca LABS, d ad ad
aaad a, ad a a aada aaa
d cad, ca d , aa, da d
a aca, d a ca aca,
aa a aad cad.
Da a acaa a
da da Taca, aa d , ad
aad ad c ac
a a d a a cad.
Aba aada a aba d dc dLaba d Taca LABS 2012, a c a daa d ca
ca acada.
Laba Eaa Laa
1Ad Eca Tcca Fdaaa P1P4 Ob/20082E Eca Tcca Fdaaa P5 Ma/2009
3Paca Eca Tcca Fdaaa P6P7 Db/2009
4 N Eca Tcca Fdaaa P8P10 Ma/20105 Laac Eca Tcca Fdaaa P11P14 A/2010
6 DaVc Eca Tcca Fdaaa P15P24 J/2011
7 Fa Eca da V Tcca P25P32 Db/2011
8 F Eca da V Fdaaa P33P35 Ja/2012
9 Fd Eca da V P36P38 F/201210 Da Eca da V P39P40 Ma/2012
11K Caa d Tad S C2C10 Ma/2012
12T Tda Eca ca Iada Ma/2012
13Ed Tda Eca ca Iada Ma/201214Faada Tda Eca ca Iada Ma/2012
15Dca Tda Eca ca Iada Ma/2012
Cada aba d Taca LABS cb
a a da cca.
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66
O a aba, , dad d
aba 8F, a a JaBa J
F, a ac c ac, cbad ca a
a b a dc d dca
ca c, caada d F, caca a ca aa d ba da cd d
ca a d a c c.
A Taca a a d c a aada d
F aba, ca aa a d
a dc d cc d cad, a
caa d aba cad a
aba d aad.
O aba 8F, 9Fd 10Da ca c
a aa a aaada da, ca
d aa d ca (cd
c), a da dbda a,
c a a a d aba 7Fa, d
a b a da.
O aba 11K a a a d
aa d ac d d ad , cdad c cc d caa d ad
Taca LABS.
N aba acada ca da
d a, aa, aaa d
a, aa a d ac d ad.
A aba (6DaVc) ca a ad
c d aa ca da ca ,
c a aa ada aa a da d
, a, d acc aa a c d aba
cad a Eca da V caa d ba.
O aba 9Fd 10Da, a a
a Eca da V, ca a c c
-
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-
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68
M c aa d ca d aba,
caa a da d ba ac,
c a a .
Ea, b aba a a
c ca a a a a ca,
a aaada aba.
O aba 12T, 13Ed, 14Faada 15
Dca ddcad ca aa c d
a da d ada.
A d aba ad, a a aaada d
a ab ca Paaa d Rb Id,
a a aca d ad
da cad (Paaa Ddcada),
ca cc aa a.
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8/18/2019 Robos Investidores
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69
E R
Cada aba d d d ad da Taca aaad a ac a a a
aba a. C a aba, aad
cc aba 5Laac aaa 16 aa
ad Ibad4112@P16. Aa d a ac a
aa da aba
, a a aa d a d
ca a aba.
-
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70
A a a d ac d aba
daa. P ad d aa
d d a a, a aa d
aba ab cc ca caacdad d
ca, c a ada d cad a d a adad.
Ea, c da aba ad
a a d d ca d aba, a a
ca a ca aaa: ac.
→ T,
T . P, , .
Da a, d ca a ac d
a caaa.
E cc daa aa d
, d a abaad aa aa d aba, c ada a
ca d aba d Taca LABS.
-
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71
S
O a d a d Taca LABS ad a d a ca, caa ca
d d cca c d:
M CC Ma d aa d ada a d
a ad , dcad b aad aa ad a a cd a d ada ada
T Ma b ad a aad
ad aa d aad
B Ma a ad c ac da aa ad
R Ra a c a ad d d b d caa dad
N Ma d ca cca d ad
, c ca a d da
A a a ad
ad d acd c a d ac d c.
-
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72
O d a dcad a d a
caad, c a aaa daa a d
d, c d aba , a c a
d a, ad acad.
Taca LABS > M > Ra N: I > TadS
Aba bd a d a d a
caad:
Taca LABS > C > Ra 5: Ba F > EBa2032@P12
-
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73
M C
A a d Cc ada a da aa
a d ad a Tad S b
aba cc. Da a, ad d
cca, ddd d a a ad a a
a, d adad d Cc.
-
8/18/2019 Robos Investidores
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74
C C:
A a d Cc ada
cd:
A T
S
Taba c a d ad aad ad
aba cc. A a a d
Ca (B) Vda (S), aada ca
a, d ada, aa , a ada a
a a.
S S: S Ga A Sada c Lc,
a ad a c a d
a. O S L A Sada c Pda, a
ad a c da d
a da.
S G: S Ga S L a ca
a, a d aa c cad,
a, a aa , cad
ba, a ca, c
d a, a ad aa ada. Da
a, S L ad a 621
, d da aa c a
aca d, 750 , ca
ad a dca a a 621 .
Da a ad aad a d a d .
S R R/R: a a d
ac da da S L S Ga.
Ma aa a dc d ac
a a a d S L, ca
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75
d a c. O ad c a
c/ aba d 1 () a a
a d adaa dca a c d
cad, a d ad a
a da.
P
A a d ac cc a
d ad a a d aad c
aa. Na ca, c ad d ad
cad c, cc d a d c.
F L: cd a d d a dad c c c d ddd d
d a d ad c d.
a a a a a d
ad , a a a a a
c aa d ad a c
aa. Ea, ca caa
ad d a a d c a a
ca, a abad daa d cad.
P C: cd a ad a d
acad ad aad c
aa. D cda aa cda a
a c a a a aa a a d
ad , a d ad
d a ca d ad c c
acada a a da c, ca aa d c/ a aa.
E T: a a a
a a caca d ad
a, a a d a a aa
cda a abdad, c, c adad d
-
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76
a, aa, d aca
ad ad b .
Aba aad a d a dac da a Cc.
-
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77
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78
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79
A SOT T S
Taa d a aa ada aa a a d
c, ab ca, a
aada a cc da Eca da V. O a d Gad d C d Taca LABS aa
aaca a a, acad a dc d
ac, dad aaa acada
a ad aaad.
→ O SOT , F P F (S),F P F (),O (O) A (T).
Aba aad a d a SWOT
da a Cc.
-
8/18/2019 Robos Investidores
80/192
80
-
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81
A a d Cc ca Ia D
(Iada), ad c a cd d a d ada
a a a a aaca ada a
aaa da Taca.
Da a, a a aada b d
Cc a c a d dca d a ( ca
cc d cad Ba F d 100 , ), d a cd d ada
da, da ada ca ada.
→ S ,
T.
-
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82
S a dca d ada ada dcada
ad , aa d a
aa, ab a a d Cc aada a
ca.
-
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83
A H T C A
Taa d a aa ada aa a a d
ad c, d ac aad a,
c c d aba d a dabad, a
dada da a HTML.
A aad a d a d
ac aa da a Cc.
O c da da d acad ad aa
a a bda , acad a dca d
c, c a a c c a a.
-
8/18/2019 Robos Investidores
84/192
84
E 1 d a d ac c
-
8/18/2019 Robos Investidores
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85
E 2 d a d ac c
-
8/18/2019 Robos Investidores
86/192
86
E 3 d a d ac c
-
8/18/2019 Robos Investidores
87/192
87
E 4 d a d ac c
-
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88
N da adad d d a a d
acad, dca ad cc d
acad (d ) da d acad
(d ac), aad a a d c a
dcaa.
-
8/18/2019 Robos Investidores
89/192
89
M T
A a d Tad ada a a aa
d ad, ad c a cd d ada S Ga
S L.
C T:
A a d Tad ada
cd:
A T
S
Taba c ad d ad cad
ad b , cd a d ada
ada ad da a.
-
8/18/2019 Robos Investidores
90/192
90
R O: a (d) ca
d ada S Ga a ( ca)
ca d S L.
P
A a d ac cc a
d ad a a d aad c
aa. Na ca, c ad d ad
cad c, cc d a d c.
F L: cd a d d a d
ad c c c d ddd d
d a d ad c d.
a a a a a d
ad , a a a a a
c aa d ad a c
aa. Ea, ca caa
ad d a a d c a a
ca, a aba
d daa d cad.
P C: cd a ad a d
acad ad aad caa. D cda aa cda a
a c a a a aa a a d
ad , a d ad
d a ca d ad c c
acada a a da c, ca a
a d c/ a aa.
E T: a a a
a a caca d ad a, a a d a a aa
cda a abdad, c, c adad d
a, aa, d aca
ad ad b .
-
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-
8/18/2019 Robos Investidores
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92
M B
A a d B ada , aa
b a, c ad ad
T 100 d a ad a a d da.
A dad da a acaa ad
bca d da, a c d dad
cad .
A a d B a aa a
d cad. P, a ad c
ac da d ac a d , a ad .
-
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93/192
93
-
8/18/2019 Robos Investidores
94/192
94
M R
A a d R ada daa c
a b Taca LABS, aba ad d
cada a ad, c
aba.
-
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95/192
95
-
8/18/2019 Robos Investidores
96/192
96
-
8/18/2019 Robos Investidores
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97
M T N
A a d N ada ad
a cc d ad , c
daa caa d ca a.
Ea a ad
da a d ac a.
A a a d a N.
-
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98
N a dcada a ada d ad
a TOP 10. N acc
c, a, ada da ca ca d a.
-
8/18/2019 Robos Investidores
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99
C T S
A a da ada ca d aba 11K,
ca Taca LABS a d a d ac
baad aa d ad . Aa d a aa
cca, aba ca caa a d d a d ad
aaa a ac c, c a
caa d a.
E cc ad d caa d ad dd
a Taca aa a d b a
ac ca.
Na a d a , d aca d
R c caa d ad ada aba 11
K.
-
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100
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101
N aba 11K a d aa d
caa a, a ca, a
caa a aa d a, ca
ad dcada a caa c a d c aca da
da d , c a a d a a.
-
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102
-
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103
-
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104
S M
A a d ca d a d Taca LABS
ab a aa a, dcad da
a d a acada a ad .
Paa aca d, a a ca
ca d ad (Ma Tad)
aba d aa d ad (Ma Cc) ad
.
Ica aa c d a da
a ca d ad
PcDcIES8352@P14.
A a a aa, da 16:37 a a d
ca d ad (Ma Tad), a a c, da 16:39
a aa d a a a, d aa d ad
(Ma Cc), aa ad .
Aaad cd da a ca ca
dad d ad cad a PcDcIES
8352@P14 aa EUR/USD.
-
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105
A a d ca d ad dca a a a
a dda c ad d c d 19 aa
EUR/USD.
Na a a d a da da ac d
ad daa a ca d ad, d
da 17 ad c aa d , a aa d
94,1% d ac a d c d 7,64 ( ac),
b, a.
-
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106
Na a da d ad aad,
c d a da a Tad, cd
a ca d c d 19 .
P c c da a a, d dca aca da, aada a a a ca Tad c P
(5,9%), a da ad d c, a d 67 .
-
8/18/2019 Robos Investidores
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107
J d da a a, cb a a
a, aa d Cc, aad a aa d ad
aa ad , c a .
-
8/18/2019 Robos Investidores
108/192
108
Rcb a a d Cc a a d Tad aca
d cdad d a, a a a ca ca d
ca.
N ca, a dca ada aada
ad , d caacad c a a
dad d a d a a ca d a a.
-
8/18/2019 Robos Investidores
109/192
109
P C
A da a a caada a
Taca LABS, acaa a c d
cada cad da aa d a d c b,
c a a a aba.
→ O P C T LABS. A .
O Pa d C ca ca d
a d a, a a ac.
-
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110/192
110
O
O a aa a d Pa d C
a ad dad d ac cbd a
d cada caa d .
Paa Pa d C b c aca
d d Taca LABS:
://.aca.c.b/acaab.
Ua a d aca ada a a, , a
aca a a da Taca .aca.c.b , cca Taca LABS 2012 Raad d Tad S b
aca da aba d a aaada a a caa d
, c dca a a da a .
Ccad caad da
aa a a d Taca LABS, dd a a.
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111
→ C T LABS T,
.
D da a d Taca LABS 2012
aa , c a a a a , c d
d.
N a d ca d
d a.
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8/18/2019 Robos Investidores
112/192
-
8/18/2019 Robos Investidores
113/192
113
P , P C
A , d aa a aba ca da d a, Ra Ba F (T 100).
C a ca d cada , bda a
a acada a cd aad.
E cca b d d ad aa
aa a ac, a c b [[[ Ra
Ba F ]]] aa a a a d .
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8/18/2019 Robos Investidores
114/192
114
Na a a ad d ac
bda a a b d d ad d
a.
N c aca ca Pa d
C aa d a d ad , a
a a caada a a , c
aaa a, ad
d a a acad.
Ea, Pa d C c bca
a a d a cca a dd a ca
ca d a cbd.
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8/18/2019 Robos Investidores
115/192
115
N d a ca, bd Pa d C
d d d a a.
Sc a d a ca, d ca d
a acada Ca cca d a aaa.
Ccad a caa d , c a a a a ,
aa da a acada ca d a
aaa, d baca d ac d
cd: 5 d a 10 d a.
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8/18/2019 Robos Investidores
116/192
116
Ma aa a d 5 , a
c aa acaa d ad
a. E da, aa cada , a d 5 d
a a d 25 a da.
Ea, a ab acaa
d aa d 10 d a, cd a
cd c cdad, d a
d 50 a da aa cada caad.
A daa d aa, c aca d a d
Taca LABS, c a, a a,
a, ca a aa ca a cb a a
a a aa cda, ca d caa
a d c d a a da, aa
d acd c a ca aa d cada .
O Pa d C ab b a a d a
d aada d cada ad c a a d
T 100, d acd c a ca d aaa d .
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8/18/2019 Robos Investidores
117/192
117
S a a d d a, a
aada, d bd aa a, c a ca d
a da a aba.
Paa ba a a, a c d a
acad, c da aa a ca a aa,
c d ca F aa ca E, D, C, B A, a
da.
Na a a c a da a
a a aba a d aada
cada ad a.
N a d a d c ,
c cad a a dca ada ad
.
Ca a d a cada a a a
a, a ada d da aaa c a
aba d Taca LABS.
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8/18/2019 Robos Investidores
118/192
118
A ad da a d a d a aba
aada ca cca c a acada ad d ad c aa d ,
c a a da a a a .
-
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119/192
119
N da d Pa d C c d
a d ad c a a TOP 100 d
cad cad , c d
aad a , a a .
O ad da a a a d ac d ad, ca a d cad a a TOP
100 d .
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8/18/2019 Robos Investidores
120/192
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8/18/2019 Robos Investidores
121/192
121
O cad d a d Taca LABS a
a ca ca a adad d ad ,
dd a a a baa a d
a c ac aaa a
bca d a aa a a ca.
O ca c d cad a ac d
ad d a, , ca,c a ca d cada ca d ad , aad a
adad d d a, c a
c cad a aa d
, d d da Eca da V, a a
c d c aa d ca b d
d aad d ad .
-
8/18/2019 Robos Investidores
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122
S T S
N Taca LABS c aaad d a
d Tad S cc, a d a a ac d d d d ca, d aa d
a c aa d a.
O Tad S acad aa d
dcad d d ca, c
a.
Ua cad, da Tad S
TOP 100 d a d , a
a d Cc Tad ada aa aa,
a a da aa d a ada.
-
8/18/2019 Robos Investidores
123/192
123
P , ca a ad a
d Ra d 1 a Ra 5, a d Tad S a
d Ra 25, cb a a a d Ra 1 a 5
c d a ad a T 100.
Paa aa c, c d ca cca
b d Tad S Pa d C a, a d
a d ad, cca b [Ica a Tad
S], c .
→ O , ,
.
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8/18/2019 Robos Investidores
124/192
124
C
O b d Taca LABS, c d,
aba aa d aa ad . N b da aa, d ad c dca
d ca da d a, a a
a ad d a ad cad
dd, c d a.
Ea , aa da dadad d aad,
a a aa a bca d aa a adada
ad d a c.
O c d Taca LABS, a, a
ad, a, c, da a aa d ad
c ac.
→ O T LABS . D
, , .
O a dd aa a aa
a a d da aa b , a
a caacca ca da Eca da V c
dc a a ac ca aada
a daa aba cad.
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8/18/2019 Robos Investidores
125/192
125
C cc d ca d ad
ca d b d, a aa d
ca da, aa d ad a cca ca
aa a a a aa.
A d ca ad aad ad
, cdad a Taca a
a ada, c ca aa a d
cad aaad a a d
ca .
P a ad a ca ad d a
d a, a a d 30 ad da, b
a aaa d ad da a ba a d a a aa, a, ca S
L.
Lb ab a d c, aa
aad a a a, a ada a
c d ca ad. Ea, c dcb
a ca cda acada a d
a, aa da caa d ad aaada, a
aa d cba d aa a cc d , ada aa c a aa a,
d c d a dad, a c
a cac d .
→ L T LABS , , . P, , , , , . O, .
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8/18/2019 Robos Investidores
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126
Paa ada b, a a ca aca
aa a a d ad , c a
a SWOT a .
→ O T LABS , , .
A a d cc d a a,
c cd a Taca, aa da dadad
d T D a.
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8/18/2019 Robos Investidores
127/192
127
A d d T D d 7 da d a d 91 a
100, ca d a add a caa,
d a caa d a aa d a
dcada 1 100.
Tab a aa b d Taca
LABS ca ad aa c, a a
dca d ca da d a .
→ O T LABS , .
L a a ca d d d ,
da da Taca, ca d a aa
c c a a d aba ad .
O d a dd da adad d cad,
a ad aa d ada
a a a c a aa a a cd
d ada d ad ada d.
Da a, a ab dd cd caca
ad a a. Ua da a a
cdada aa a ca a d c d ad,
c a .
-
8/18/2019 Robos Investidores
128/192
128
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8/18/2019 Robos Investidores
129/192
129
A da d Taca LABS aba a cdad d a
a cca, c a aada c aba.
Ea aba da caada d ca, a b,
d caa a aa, a ca a caaa
ca.
Ea Taca LABS aaa d ad
, aad a caaa a d ad
ab aaad c.
→ N T LABS ,, , .
D a, aad aa a a caada da, a da abaa, dd d a
caa ad d a ab d d
d da da a a aada.
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8/18/2019 Robos Investidores
130/192
130
Ua a aa d a aa
d a Taca LABS ad a ada d
b.
E a ad, ca d ,
cc d a ada, a
d d c ac ac
cc da ada.
O d Taca LABS d d cb. E d
c cc ad, ca
a aa d ad , aa
.
E cda cada aba da c da caa aca, d
cb, a, A, B, c,
aca baa dcb ad cc.
Paa aca aaa a bca d dcba,
Taca LABS caa a a aada ad
aba a d a c, c a a aba:
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8/18/2019 Robos Investidores
131/192
131
N c acaa aa ad da
a aada, a a , a
b da a d Cc, c a,
a ad a, c a a a a dc.
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8/18/2019 Robos Investidores
132/192
132
Q ?
Qad ca a cb da d a
b ad aba, a da a
a d caba a aba
ad ?. Ea a aa,
cb a ca d a a d
.
Ea ada aba
a , c
ad / aa aa aad da
a d da.
→ M .
N a ad ad c a
ba ac ad aba cad aTaca, a, 1Ad.
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8/18/2019 Robos Investidores
133/192
133
O a, aa d aba a a, ab
a a aa a aaad c a
ca da aba, 1Ad ca
c dada a, a d acaa
a ba d a.
U d a c a a d ad c S Ga ( Ta P) S L ad.
N a , ad c a ba
aa d ac d ad, a ad d d d
a ad d d a.
Ea a d c ca bc daa,
a cd a ad a aa d ad aa,
S L acad.
S S L acad a a
ad, d ad ab.
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8/18/2019 Robos Investidores
134/192
134
O c d a a a aa
a d ad aa a cc, c a
, d aa S L acad a ,
a aa caa aa ada d dc.
-
8/18/2019 Robos Investidores
135/192
135
M c da da, c a , a
aa ada d c.
Aa, c ac aada
a da daa a c a
c.A dca ad d
ac cada a ca
daa a, dd d aa
d cad aa cad, a, ca, d c
ca .
-
8/18/2019 Robos Investidores
136/192
136
Paa a d a cada, cda aa SWOT, ca d Aaa Ec
Taca, c a .
N Aaa, Taca LABS bca dca dad
d ac d ad aba
cc, aa aa d a.
O Ec Taca ab a,
ca aba d 100, dcad a
abdad d aa.
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8/18/2019 Robos Investidores
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137
→ A A SOT E T
.
E a, c a cc a a
d d ad ac d.
I, d a
ca c ad d c, c
a .
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8/18/2019 Robos Investidores
138/192
138
Oa, a d c ad, cad c ad.
O a aaa ad, a dca.
→ B .E , .
A a d dca, ad a ca,
a da, ca ad abada a
ca aa, aa a aaa ad d ad
ad a.
N a, ad c a d 45
aad d a d a a , ad
cb aad 45 a a da da d
65 69 .
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8/18/2019 Robos Investidores
139/192
139
Nada b a caacdad ca a d a,
ca ad ba aa a a
. E ca a a, c a
, b ca dda Odad
Aaa, a , ad ad
aa da, d a da d ca dc,d a ca d a d a , a c,
a a aaad aa d.
A a cada a ca a d
a a da dada, ca ad
ca.
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8/18/2019 Robos Investidores
140/192
140
N a ca c a d a
da a a ca d ac ac
caa ad.
-
8/18/2019 Robos Investidores
141/192
141
A cc c d a aa a
aada d d ad aaa ac d Rb
Id, c c d d a
a a.
-
8/18/2019 Robos Investidores
142/192
-
8/18/2019 Robos Investidores
143/192
143
A
Ja c a d a a d Ec
Taca, a cc d a d c d ad
acaa c aa.
Ea a aca c d dca d ad
d a c, aaca d aa daa d
c, c da a a , d aad aa
Cc cc 12,4% d cac d ad
b c aa, , a aaa, dca
c d aad ad, a cac d
a d ac d a.
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8/18/2019 Robos Investidores
144/192
144
Ea a ab aada a aba d a
Pa d C, acad a dca d ad d a
c d bca c, c a da
a a .
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8/18/2019 Robos Investidores
145/192
145
P
N a a a aa , a c
dc, b a a cd.
Dca, c cdad. A
aad. N aa .
A dc d ad d Taca LABS, , d
ca a a da abcda aa d
cc d aad, ab d a a
aa aa da aa.
S a dc b ad c
a Ba, a a adad aa Rb Id,
c a b a aad d
cad c.
Ua da ca a ad cad d cb,
, b b a cad
d a c , caa d daca a
cad. Na dad a a a aa d
aa ab.
Ta a dcdad aa d cad BM&F a a a
adad a cada a ada d, a
c c a ca aca cada
a a.
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8/18/2019 Robos Investidores
146/192
146
A
S a a aa ca d da ca d
b d, ca c aa,
d ca daca aa aa a a
a a a c.
O ad da aa cad aa,
d a c da a a a a cada
( ) c a dda ( ).
A d, d cad
d a ca ca a a aa d a
ca c, c a , d ad d d a ca d da, c
ca c ad cc a ca
c d ca.
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8/18/2019 Robos Investidores
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147
O ada a , c a ab a
ad c ad ? Q d aa
da, a d d.
Ed, Taca LABS a a d a
a ca a, a, ad
aa d d a.
I a a d aa BM& F, cad
, , c, ada c
cad aca, adaa a a aa
c aa a a da.
Ea da c d dda ada
d a a, ca
dca cdad a ada d dc, c b
a aa .
Na ca, a cc a a
d c ab a dd b
c cad, a d dcad, c d.
-
8/18/2019 Robos Investidores
148/192
148
Ca 5
O Aa d Rb Id
-
8/18/2019 Robos Investidores
149/192
-
8/18/2019 Robos Investidores
150/192
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151/192
151
A 1 O ,
Eca d ba
da aa d b d, adcdd,
cdd bcdd.
O adcdd bd cd d b d
a ca, d a a aa a aa
d aa aad a d
dca aa acaa ad dcad. Ma
aad d ca da a
bda cd adcdd, aaad a ada cd ad d
a.
O cdd a c, aa
a da aa b d a ca.
P , bcdd ( ada a Taca aa
caa), a ad a a d b,
a a a c a
da a da.
Ma aa a d dcba
ca d b d aa
da aad. A c a b
, a cd, a d ca.
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8/18/2019 Robos Investidores
152/192
152
A 2 A
Paa d a aa a
aa. E d d da
cc d ac, a d c.
P cc, c dd baca d aca
c a d a, caa aca
. P a ba aa a aa
dad , a ca a da ac
.
E bac d b ad a, aad a
bdad d a d c, a a
aa da a aa.
-
8/18/2019 Robos Investidores
153/192
153
A 3 O
A aaa aca a a d dc d bd. O d caad d "Aca aad".
Paa b aca da a, a d d
ca, a, da dada aaa
Taca LABS: daa.
Ea ca dada aada a aca
" aca" ca aa cda.
O bca aca a a d . J daa a a d dad a ada.
A ba aa d d ad c
a da acada b d, da a
a aba aa aca, a aa cda
d da a.
-
8/18/2019 Robos Investidores
154/192
154
A 4 A
A ba d . c da ca
ca. E aa b a ca, a
da a a d acada acada
a, d a a d ada, a
a d.
A a a ba ca
a a d c daaa, b aa a
ca da ba d aad d a aaa
a a d , aad d d dc ada cad d c a a .
Acc ba a, a a
a caa ca d cac d
aa a, a dad, c b
a a ca ba. Ua babdad. Ea a
a ca d , a babdad, c da
.
I d dad c a ca d ca
aca da a a, caada d ca .
Na ca , (0) (1) a d
(X). O ba (X), d X d cacad c a
babdad d dad.
P , ba c a da d
cdbdad dda d (X) a d (0).
P ba d d a d cdbdad d
(X) a d (1). E a da, a a aada
d d bdad d ada da a.
O a (1) b cc aa
a a ba, a a aa
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155/192
155
(0) da, c a da a
a
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156/192
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157
A 6 T
Vc da aad ca a ca d a a aca a 5 a.
O d c c ad d
c, ca b a 7 a c a
da.
O ad dcb a a ca a. S 10
a d c a aa d Ec. E c acaba d cb
a c a.
S dda a aa acda
aad d .
A a cca a d aad ad
a c ad b d aad
a ca c d.
Ma a dad , a a a a ca
c a , d a a acad dd a a ca, ad aa d d
d acc.
aa b cc b,
a aa c d ca .
Pa, Rb d d a aad aa
d.
E a dad aba d d acc, a ca, a, a,
a, c, c, baad cad aad?
Idd d aa a caa d
a dd a ca
-
8/18/2019 Robos Investidores
158/192
158
da, d bad a dcc d
d acc.
Paa b d aa aa aa a
adad ada c, a a da d
ba .
P c, c da aa
ba c, a cada a aca
c .
-
8/18/2019 Robos Investidores
159/192
159
A 7 C
C a a ad?
Ea a a a a d d,
ca a , ada cc a
ca d cc d ac, a d bc.
O b d "ab", ,
aad aa a a, ac.
N ca cc, a aa a, a
ab a adad aa b a.
Na ca, a da d a ad c
ca.
N d Taca LABS a , a ad 14
c a d 100% d ac. N a
ac a ada c c ad , a a
adad c a da, c
, a abdad caa d a aa a cada.
-
8/18/2019 Robos Investidores
160/192
160
E a bcada a a d aa d d
d a a: "a a da ?". A
a , aca.
Da a a, a d a cad
ad, a a a aa ca, a a d a
a ad a a.
S c ad, d a aad aa
ac , ca a a d c d
ad cd a d d ad
dd.
-
8/18/2019 Robos Investidores
161/192
161
O ad c a ac
a 10 (d), a ab a a.
Qa a aca d 1 () ca a ad a,
d a ca d d ad.
Da a, ad a aca d
aa aa ad , ac
, cdad. P a a,
a ad aba d ad , ,
a a cac d ca a d .
-
8/18/2019 Robos Investidores
162/192
162
A 8 A,
D acd c J Ca, "Adacd STad", cada cad c c ad a d
a dca aa, cc ca aa ca
cc, d ad ca
a aad cad.
A ca a d d d cc
a ca.
Na Taca, acda a c d
aa ca c a cca/aa
ca c a daaa.
O a a da ca c ,
ca d a bda. c aa
ca , ac a d d
d a d.
S dda a a aa d b a
d aa d a dca. Pca c a
ca aaa a da a aa.
E a ca da , a, a da ca
c aa aa b d, aa d
aada a a aada a d daa,
, d, ad, c, c, c, aa ca
a a da a a ca d a
ca aad Ca.
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8/18/2019 Robos Investidores
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163
A 9 D
O b d abca aa c. Mad aa a a ad a a d
, da a da c a d aa.
A d, ca da ad
ad, ca a ad 3, 5, 8, 13 a 21
aa a aa ca d
a ad a dc ca a a.
S a dc aada b a
ca, a c b, d
a aa b a c aa
acaa a d caa a: b
ad .
Lb a c,
ca ad add a a ca.
N a , ad d
ac, a S L S Ga
ca d a ca aa
bcad c c d a ac.
E d ca ab a aa aa
cdad c ba c, a c aa a
a b d ada, .
-
8/18/2019 Robos Investidores
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164
A cdad cada a dca aa ,
adaa ada ca a ca.
O a da , a, c ad
d ca da da a ca aa. N
a "ada" a, c aa a
a aa.
E ca c, dd d ca a
c d : cc. E cada a,
a da ca, aa ca.
Na ca, cad cada a d c,
a d TI ad aa ca. E
adad ca ad
aa d a, ad aa d.
-
8/18/2019 Robos Investidores
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165
Ea a adad a, a
ada aad a.
Ua cca a a Y da c da
dad, a caad aa .
-
8/18/2019 Robos Investidores
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166
A 10 S ,
Td a a d ad d dad
a b d? b .
Ea, dc a cd d d
aa a daad dad. S d, a
c d a.
Ea a ca ba, ad dd a ca d
bad. S c dda b aa a a da a
d da, d a a a a da
dd, ad .
Na dad a dad d b cad ac ada
a a dda.
Paa b cad aa
d aa, d d Ta.
Oa, a ca a ? S a
caacdad d ca d cc ad dba a cada
d a, b ca aa c
aca?
S, , a d a ca d da
da aca d a d aa. O
ac, ada c dcb a d
ad.
Baa c a c, , ca,
d d a ca dad.
E, cd , aaca ad
a b, ca c ad.
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8/18/2019 Robos Investidores
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167
Na ca, a da ca aa da d
a d ad ada c b ad a c b
aad.
-
8/18/2019 Robos Investidores
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168
A 11 N ,
Ua da ca adad abda a b
d a ca d a ca aa ada d
dc d ca da.
Na ca dc a a aba da , ,
a , aad / dd d a,
a, a, acaba dad a d a
cdcada, aa d a aa d a
adcdd.
D a a, aa d a a ad adad,
a a a a a aa a ca a a d
. M ab a d
a a ad .
E a a a adad ada a a? E
a aaa d d c cdad.
Ma, aad d a, d ad a
cdad d a: a dad a ,ca, ad, a b ,
aad c a a ca.
S, . O b ( a)
cd ad a ac, a dca
a a a .
Na dad, d a ada aad d
ca. E d a .
O a, b d aa ad d
a ca dada, a, c a
dbdad, a aaca a
a a a d (a c
-
8/18/2019 Robos Investidores
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169
aaa a caa d a, da c
a a ca).
Da a, a aa d a
ada, a aa dcada ada d
a a da d dc a a,
, a d a ca, a
baa b ad daa a
da caa.
-
8/18/2019 Robos Investidores
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170
A 12 B
M d, , ada d
c d bd aad. A aa a d
c ca d ca ad
a.
S a: Ta Sda "Tad
a : bd ad aa c ad
" G P "Bd ad
TadSa" aa caca a
aca ca aaa c a, caca a aa aa a d .
Na Taca, caca a abda d bca d
aa cbaca, a a d a d
ad cbad c b d
c ac .
P a ca d a ca d b
abdad caca d a aac ad
d a.
O b aa a ca d aa
cbaca, d c a dc d
daa d ad, d aa d a a caca
a adad, a aada a aa.
Da a, a c a ca aa
ca d ca d a d acad a
b d, ca a a caacdad d c a
aa a aa aa, aa a
d ad c, c Taca
LABS.
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171
Cc
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172
A d a a aa d cad ddcad a
bca d d caca caa d
a ca aca d ba d a.
A Ica Aca a aa d cc, a
a a d aad, ad cada a ad
a a cca, a d aaa aaa a
ca aa.
I d a aa d a , dad
d a aca. Tca c daa,
a c d bca cca cada a
cd cad ( a, a aa d ca a
aa, ada c d d a a
aa). a daca ab cc cada a
da caacdad d ca d a d c ,
a bada ad adad d aa d
a aad dcad ad cada a a.
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173
A I A
Lb a d a I cca , a a aaaada a a a a d Ica Aca.
O aa da I, a, aa d da c da
a, ca d ca d a
aa, c baa aca cada a da a. N
d d cb a, a a a aa.
E b d aa a dca, a,
c cada a caacdad d "d" cad.
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174
A
N a d caa d cdcad a ca d , aada aa,
ca d a aad d cdad ca.
Ua a d ca caa d aa da
cdad, dd a aa aaa ca.
a a d a , ab d, ,
aa a a d a aa d .
E c d c ca da a ca aa a a aaa, aa a cc ab d
a .
Cdad a ad adad d ca ca
d dda a aad d d, a
cada a d ca a ab a b
d ad .
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8/18/2019 Robos Investidores
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175
O
A da a ad a ca aaaa a cd d a. P c,
d a a a da.
Ea, a ca da Ica Aca, a cada
a d HFT (H Fc Tad) ULLDMA (UaL
Lac Dc Ma Acc) caa d a a d
cad aa d da dad d d aa
dcd d ca da d a. I
ad d adad b, cadd a aa aa ca a a d ,
dc a ca d ad d cad.
A c a c c c, cada
a a, a aa ada a
abaad cad aa ca da ca aa,
ca a c d "b c" da
ba d . Ta ca c a a a.
E c b aa abaa a a d
da adad.
A dad a ca dda a a a
ad d a caa a, d dc a aaa.
Pa a aad aa a dca.
P , aa d aa c d
dada aa d a aca, ad aa
c d a a (DNA). P d da aa d d a d a caa
a, c d c acad.
Ma a a a, b caaada, a d ad
ad aa d aa a dca.
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8/18/2019 Robos Investidores
176/192
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177/192
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178
A
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8/18/2019 Robos Investidores
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179
Aa da cca cc ad aa c d
Rb Id da Taca dbad a d a a
.
Tda ca dda a baad ad
bca c b a: a dcba da dad d
cad a cada c. Eba a ca c d d a
ad , c d aba, a d a
a a.
O daa a ca b c dca,
acaad d a dda cada d .
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8/18/2019 Robos Investidores
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180
A da d bca d a aca d
da cdad d a dd
dda d d ca d aad d ad
Taca LABS, a a ca cada
ac aa a ad da a .
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8/18/2019 Robos Investidores
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181
D P d b Rb Id (.bd.c.b) Pbd : Dc 12, 2011 @ 14:34
A a a aca aca d aad aaa dd d ad cad a.
Ua a d a a a d a baad
ca aba aca a aca
ad ad a a cbaca, a
cd a ad acaba acad ad ac
d a.
E a aa aad c a ca cbaca. O d a aa a ca
cbaca, dd d ca d a d a
a ca caa d ca ca a ca
a a , ca da a daa da
ca d ca.
E ca, caa d d ad d a,
aa ca cc d b d, a d a
d c a cad.
N cad ac, ca aa, baa a
da aca, aca, ca a ca.
c da cc da a, ,
ca, ca a d da cc
cd.
Rb Id a aa, a
a, a ca. S, , c d
cc dad a .
A c a aca d . S c cc
aa, a a a d a a dad aba d
d ac caca da a d aa.
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8/18/2019 Robos Investidores
182/192
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8/18/2019 Robos Investidores
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183
O P d b Rb Id (.bd.c.b)
Pbd : Oc 10, 2011 @ 18:27
Ua da a a aca ada aa cad aMa, a a a a da aaa Maad (
MQL5), a a dbda.
T cd d d a d aa
ca d d a aa a a aaa.
Na a (MQL4) a c aada da da
ad aa ad a c. H, MQL5,
ca a, da d cad d d aa aa aa, c a a a aba d
d aad.
Aa da Cd N, a caacdad d ca ada,
c d da a 21 d
d d a d d da a aa, ca
c d a aa caacdad d ca.
O ad da ca a d ,
aa d aa ad c ca
a, a a a aa cad a a
ad dca d aa da aaa.
U d a d ad, aa
a a , a caa d c dc
a d dca aa aca daca
a (c a a aba).
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8/18/2019 Robos Investidores
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184
E a, a a a da aaa da
Taca, a d c a aca d aa ,
ca, c a .
O a, c dc d dca d
cad (c baad aa c bc),
a caa d b ad a .
Oba d d a d aac ad ba
aa d dc d dca ada, ca a
dd d ca d c aa ada ada,
b caa d a.
E d , a a ad a aa,
aa a c a ada d aa d a dbda
d cd c a ad c a aa
c a aaa MQL5.
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185
A a a aca aca d aad aaa d
d d ad cad a.
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186
P G S FP d b Rb Id (.bd.c.b)
Pbd : S 19, 2011 @ 9:40
Ua da a a aca ada aa cad aMa, a a a a da aaa Maad (
MQL5), a a dbda.
Na aa d dcad , ad S d F
aa a ca d a (a a aba) a a
dca B F ca d da,
a dca Ga da, cad c aba
aa a a a F.
C a S d F ca b ca d a ccc, a
baada d c, aa
c aa a dca d cad cc dad aa
Ba c d aa.
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8/18/2019 Robos Investidores
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188
T: P d b Rb Id (.bd.c.b)
Pbd : Ma 20, 2011 @ 9:42
N da a da, da cb a b a Eca da V, dc a ca a ca. S a d a
d a a, aa d aca
. Pca ab a a
aada aa d b d, a, d dca
a.
A, ca, d cda a a d aba d cc d
MBA (Eca da V) aa ca, ada , d
a a a, d acd c cada ca, ca a aa
ca a a, , ca, ca d cc
a a ca, , a, d d ca
da.
Ma c abaad c a b aa c d
aa a a d 2005 caa d d aa
a ad a ca ca d , a
a ad da d ca a c da
dcad.
Ea c d a ca dada adcdd,
a, bda a d cd a, d a a
a cad.
Ma cc a aa d, d, cdcada
ad a b. A, a da a da,
c a , abaad d cc da
a, a da a.
U b d d d da Eca da V a a d
a ada d b. N a, a c d a aa d,
ada a c a dad da ca d d a a.
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189
Ia c, c d, ca ad c dcb aa
d a ba d, a, a aa a. S
da aaa aa, c a aaa aa a
a a d caa ( a, Taca). Ed da
da dcba da aa , a , a a a dd cb c ca d b
ad a a.
A c a ada d b, a d a c a ba,
a a aada aa, d ad ad
aa d dada d.
Va a a aba, . A c a d a
a, a ba d a a a , a a a
(aa, b dcd), d ba a, d
ba a aa aaca aa a a ada, d
baada a, d a d aa a, c d
d ac acaa a a, c, c, c.
E d a d aa ad a Ka
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190
Qa a dca c, a d
a, ca a aa a, d a c
c. P, a ca, a a a d
aad, a a a da Eca da V, a ca a
babdad a da d c .
M aaca , a c a a,
ada a a c da ca a aa, c
cdad, a, aa, c. S, ca bca a. A,
ca, da a cca d aaca.
E a a aa d acdad d da aa
a a d a d ca.
P
C a a a, a d a a
ac d da a a aa d d
c aa ca d c a aa ca.
Na dad, a c ad d ad c, a d adc
( a, ada adc "ad a").
O a d "ad a" d a a d cad
dba a a a d d, a aa ca c a
aa d , aa a ca .
S, , caa a d dca,
ca, a a, da d dada
a, a ca d cad, dcad d a (c IFR,
MACD, c, c) , , c a aca, a a aa d
da a.
P a a aad .
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191
O a, a dad a cca d ca
a aad , dc ca c
aa, a c a bdad d daa a aa
a.
Ja a, a aa a, aca a b,
d dcad d aa .
N dd a a a a. S dda
a, a aa a aa, ba aa a
d a.
aa a a da Eca da V: a a ca
daaa cca, a bda, ca aa a
a aa.
Ma a aa a dd da a a
a d c c a da a.
O b d ad dd aa
a aa ba cb ada a daa
bca d aa.
E, a c, ab aa a d
daa ( c da Eca da V).
E
A c a aa da ba a ada d b, a aa
a d a d cad a . E, c
, a a aa aa "c". A ca b,
a, a a ca ca . Eca cad a
"c cc", a aa d ada d a aa
a a ca .
A dad a aa a a ca
. O cc a ca ada a d
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, a da ca a aa d a
cdad.
A Eca da V ca dca a a
d d a a a dca a aa .
C "a" ba a ba, d a ca d
a ac cad, "b" aca a,
c a daa a dad .
Qa a a aad, baca a
adad aa a b, a a babdad d ac.
E a a, aa, a dad a a a ca
da cc a ad.
d d d b d d b