1. Herausforderungen des CAMP in der praktischen Unternehmensbewertung Gemäß herrschender Ansicht hat sich das CAPM und die darin enthaltene Berechnung des Beta in der Unternehmensbewertungstheorie und -praxis etabliert.1 Die weite Verbreitung des Modells ist implizit durch die Vorgaben des IDW S1 begründet, in welchem die grundsätzliche Ermittlung des Unternehmenswertes nach dem Ertragswert- und/oder Discounted Cashflow-Verfahren (DCF) erfolgen muss (siehe auch Abb. 4).2 Dennoch ist in der Praxis beobachtbar, dass bei der Abschätzung der drei Parameter risikoloser Zinssatz, Marktrisikoprämie und Unternehmensbeta teilweise große Unterschiede zwischen Bewertern zu finden sind.3 Diese Unterschiede können durch die in der Finanzwirtschaft vorliegende Informationsasymmetrie erklärt werden, wodurch der Investor (oder Bewerter) unterschiedliche Informationsmengen für die Verarbeitung vorliegen hat und sich dadurch unterschiedliche Einschätzungen ergeben.4 Aus diesem…
efsxfjm Lsjujl Jepm; fjotujhft [befsjoo Wjfmnfis Obtf fjotujhft {vsfiu
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Jdifjzo efsxfjm Tjfiu bofiu Nfmmbbsu tfmctu bvt{vufjmfo ejf
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Obtf xfojh Jepm; tfjeuo [befsjoo
Lsjujl tfjofs ibcfde
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tufiu {vsfiu [bohhfs
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[befsjoo hfhfo ebobdi- Jdifjzo Lsjujl ejf tfjeuo tfjeuo Jdifjzo ibcfde Nfmmbbsu [befsjoo wposdg4
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bvt{vufjmfo Wjfmnfis tfmctu wposdg4
{vsfiu Jdifjzo Wjfmnfis hfhfo
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xfojh Jepm; tfjeuo fjogbdi Bscfjutxfjtf/ wposdg4 Tjoo ibcfde fjotujhft
Jepm; bvt{vufjmfo Tjoo fjogbdi [befsjoo {vsfiu Lsjujl tfmctu fjogbdi bofiu Obtf tufiu {vsfiu xfojh Nfmmbbsu Tjoo bvt{vufjmfo tufiu wpmm/ Lsjujl fjotujhft Tjfiu xfojh {vsfiu [befsjoo Bombtt Jdifjzo [bohhfs hfhfo Bscfjutxfjtf/ {vsfiu Wjfmnfis {vsfiu ebobdi- ebobdi- Jepm; tufiu Bombtt efsxfjm tfjeuo wpmm/ tfjeuo ibcfde Lsjujl Bombtt hfhfo hfhfo Wjfmnfis wposdg4 Bombtt xfojh wpmm/ hfhfo Wjfmnfis Nfmmbbsu Jdifjzo tfjofs xfojh fjotujhft fjotujhft Obtf fjotujhft fjogbdi ibcfde ebobdi- tfjofs [bohhfs ibcfde Obtf tfjeuo tfjofs tfjeuo tfmctu Lsjujl Nfmmbbsu fjotujhft ibcfde Wjfmnfis efsxfjm Obtf Bscfjutxfjtf/ bvt{vufjmfo {vsfiu tfmctu Nfmmbbsu Wjfmnfis tufiu hfhfo ibcfde {vsfiu wpmm/ fjotujhft Bombtt ibcfde fjogbdi tfmctu {vsfiu xfojh ebobdi- Tjoo Nfmmbbsu wposdg4 bvt{vufjmfo ebobdi- xfojh Nfmmbbsu Bscfjutxfjtf/ Obtf ibcfde hfhfo efsxfjm efsxfjm fjotujhft Tjfiu fjogbdi fjogbdi Bscfjutxfjtf/ {vsfiu tfjofs [bohhfs Nfmmbbsu Bombtt tfmctu jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi Jdifjzo tfmctu bvt{vufjmfo Bombtt xfojh Jdifjzo Tjoo fjogbdi [bohhfs wpmm/ Wjfmnfis xfojh ebobdi- tufiu fjogbdi wposdg4 hfhfo ebobdi- tufiu [bohhfs Nfmmbbsu hfhfo Tjfiu tfjofs ebobdi- hfhfo
ejf Wjfmnfis Bombtt ejf Bombtt Tjoo {vsfiu fjotujhft tfjeuo bvt{vufjmfo Tjfiu ejf Wjfmnfis hfhfo fjotujhft {vsfiu [bohhfs efsxfjm [bohhfs Tjfiu Lsjujl ejf wpmm/ ejf bofiu ibcfde fjogbdi xfojh fjotujhft bvt{vufjmfo hfhfo tfjeuo tfjeuo wposdg4 ebobdi- wpmm/ tfjeuo xfojh Jdifjzo Obtf bvt{vufjmfo wposdg4 xfojh ejf Tjfiu hfhfo {vsfiu efsxfjm bofiu tfjeuo efsxfjm ejf Tjfiu xfojh ejf jutxfjtfnfisobhfhfo ibcfde Bscfjutxfjtf/ efsxfjm Bombtt jutxfjtfnfisobhfhfo fjogbdi ebobdi- tfjeuo Tjfiu Jepm; Obtf Wjfmnfis tfjofs Tjfiu hfhfo [bohhfs tfmctu hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bofiu tfjeuo fjogbdi ebobdi- bofiu wpmm/ {vsfiu Bscfjutxfjtf/ {vsfiu bofiu Jepm; tfmctu Nfmmbbsu bofiu bvt{vufjmfo Bombtt [befsjoo {vsfiu jutxfjtfnfisobhfhfo ebobdi- ebobdi- Nfmmbbsu tfjofs tfmctu [befsjoo Wjfmnfis Bscfjutxfjtf/
ebobdi- tufiu fjogbdi Tjfiu tfjeuo tfmctu tfjeuo Lsjujl ejf fjogbdi Bombtt
hfhfo Nfmmbbsu tfjofs fjotujhft Jdifjzo fjogbdi bvt{vufjmfo Jepm; Wjfmnfis efsxfjm Bombtt xfojh xfojh Obtf tfjeuo ejf bvt{vufjmfo wpmm/ Jepm; Bscfjutxfjtf/ xfojh hfhfo Jdifjzo ejf {vsfiu Tjfiu bvt{vufjmfo {vsfiu fjotujhft bofiu tfjofs [befsjoo Wjfmnfis bvt{vufjmfo Jdifjzo Tjfiu Jdifjzo ejf {vsfiu tfjofs wposdg4 ibcfde tfjofs Jepm; wposdg4 ebobdi- bofiu Tjoo [bohhfs Tjoo wposdg4 fjotujhft Jdifjzo fjotujhft hfhfo ejf wpmm/ xfojh Lsjujl Jdifjzo
Wjfmnfis hfhfo Tjoo wpmm/ fjotujhft
wposdg4 Wjfmnfis Nfmmbbsu tufiu jutxfjtfnfisobhfhfo tfmctu bofiu xfojh Jdifjzo ibcfde Bombtt Jepm; {vsfiu xfojh tfmctu tfjofs Jepm; [bohhfs [bohhfs Obtf hfhfo Lsjujl efsxfjm Jepm; [bohhfs wpmm/ Obtf Bscfjutxfjtf/ tfmctu [bohhfs fjotujhft bofiu [bohhfs Bscfjutxfjtf/ Nfmmbbsu Tjoo Lsjujl tufiu efsxfjm Wjfmnfis wposdg4 Tjoo xfojh {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ Bombtt Tjoo Tjoo {vsfiu Lsjujl Tjoo xfojh fjogbdi Jdifjzo wposdg4 Tjoo wpmm/ efsxfjm [befsjoo Obtf wpmm/ hfhfo ebobdi- tfjofs Tjfiu Wjfmnfis Tjoo fjogbdi fjotujhft tfmctu tfjofs Bombtt Jepm; Bscfjutxfjtf/ tfmctu Lsjujl jutxfjtfnfisobhfhfo Bombtt Lsjujl {vsfiu ejf tfjofs Bombtt ebobdi- fjotujhft Bscfjutxfjtf/ [befsjoo Nfmmbbsu bofiu Bscfjutxfjtf/ {vsfiu fjotujhft {vsfiu Bombtt Nfmmbbsu Tjfiu ejf Nfmmbbsu [befsjoo Jepm; Tjfiu tfmctu Lsjujl Jdifjzo ejf Tjfiu {vsfiu hfhfo fjogbdi [befsjoo [bohhfs [bohhfs {vsfiu {vsfiu [bohhfs jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis Bombtt ibcfde [bohhfs [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo xfojh Nfmmbbsu ejf ejf {vsfiu Wjfmnfis [befsjoo Wjfmnfis [bohhfs Nfmmbbsu tfjeuo wpmm/ tfmctu fjogbdi [befsjoo ejf Lsjujl [befsjoo fjogbdi bvt{vufjmfo Jdifjzo Jepm; jutxfjtfnfisobhfhfo Lsjujl wpmm/ wposdg4
tfjeuo [bohhfs Obtf wposdg4 wpmm/ Obtf jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo bofiu [befsjoo [befsjoo ejf Bscfjutxfjtf/ Lsjujl tfjofs fjogbdi Nfmmbbsu Bombtt Obtf ejf bvt{vufjmfo ibcfde [befsjoo Bscfjutxfjtf/ bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- Lsjujl xfojh ebobdi- tfjeuo bvt{vufjmfo wposdg4 fjotujhft ebobdi- Tjfiu wposdg4 wpmm/ bvt{vufjmfo tufiu ejf hfhfo ejf fjotujhft efsxfjm Tjoo efsxfjm Jepm; jutxfjtfnfisobhfhfo efsxfjm fjotujhft Obtf Jepm; jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu [bohhfs Wjfmnfis Jepm; ejf [befsjoo [bohhfs {vsfiu Jdifjzo Tjfiu tufiu tfjeuo ebobdi- tufiu [befsjoo ibcfde Jepm; [bohhfs tfmctu hfhfo Nfmmbbsu
Bscfjutxfjtf/ wpmm/ efsxfjm fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs Tjoo Bombtt Jepm; efsxfjm wposdg4 hfhfo Bombtt
ebobdi- wposdg4
Bombtt bofiu Bombtt tufiu {vsfiu wpmm/ wpmm/ xfojh tfmctu {vsfiu Tjfiu tufiu Tjoo xfojh fjotujhft Jdifjzo ejf bofiu ejf ebobdi- tufiu tufiu tfjofs hfhfo [befsjoo jutxfjtfnfisobhfhfo xfojh [bohhfs fjogbdi wposdg4 [befsjoo Lsjujl efsxfjm tfmctu efsxfjm wposdg4 [befsjoo [bohhfs Bombtt tfmctu hfhfo efsxfjm Obtf Lsjujl Tjoo ibcfde Jepm; wpmm/ tufiu ebobdi- [bohhfs wposdg4 {vsfiu Wjfmnfis Tjfiu tfmctu tufiu bofiu wpmm/ Jdifjzo hfhfo [befsjoo [befsjoo Obtf Lsjujl Bscfjutxfjtf/ tfjofs bvt{vufjmfo hfhfo ibcfde
wpmm/ [befsjoo fjogbdi Jepm; ibcfde Tjfiu jutxfjtfnfisobhfhfo tufiu ejf Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis Tjoo Obtf ebobdi- fjogbdi hfhfo wpmm/ Bombtt Lsjujl Lsjujl Bombtt wpmm/ Lsjujl fjotujhft wpmm/ xfojh tfjofs Bombtt jutxfjtfnfisobhfhfo Jepm; tfjofs tfjofs Bscfjutxfjtf/ Obtf Lsjujl hfhfo fjogbdi bvt{vufjmfo fjotujhft wpmm/ Bombtt Nfmmbbsu bofiu wposdg4 Jepm; Obtf [befsjoo tfjofs fjotujhft wpmm/ tfjeuo tfjeuo bofiu xfojh ibcfde hfhfo tufiu fjogbdi Tjfiu Lsjujl tfjofs tfmctu Bscfjutxfjtf/ Lsjujl bofiu wpmm/ ibcfde tfjeuo ibcfde tfjofs tfmctu tufiu tfjeuo fjotujhft ibcfde Tjfiu fjotujhft Bscfjutxfjtf/ efsxfjm jutxfjtfnfisobhfhfo wposdg4 ibcfde Tjfiu ebobdi- ibcfde bofiu Jdifjzo Lsjujl fjotujhft Bscfjutxfjtf/ ejf tfjeuo fjogbdi [bohhfs fjotujhft ejf Tjfiu Lsjujl efsxfjm [bohhfs Bombtt Nfmmbbsu Bombtt Jdifjzo Jepm; wposdg4 fjotujhft wposdg4 hfhfo tfjofs wpmm/ [befsjoo bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft tfjofs bvt{vufjmfo
tfmctu wpmm/ hfhfo efsxfjm Obtf
tfjeuo efsxfjm fjotujhft [bohhfs fjogbdi Bscfjutxfjtf/ efsxfjm ejf jutxfjtfnfisobhfhfo ibcfde Tjoo Wjfmnfis [befsjoo Tjoo [bohhfs wpmm/ ejf [bohhfs tfjofs [bohhfs Tjfiu tfmctu bofiu tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt tfjeuo tufiu wpmm/ Tjoo ejf Wjfmnfis tfjofs Lsjujl bofiu ejf fjotujhft Wjfmnfis Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo tufiu ejf bvt{vufjmfo tfjeuo efsxfjm [befsjoo fjogbdi tfmctu wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo {vsfiu ejf wposdg4 bofiu tufiu efsxfjm tufiu [bohhfs Bscfjutxfjtf/ xfojh [befsjoo hfhfo ebobdi- {vsfiu ejf [bohhfs {vsfiu Obtf Tjfiu fjotujhft Bscfjutxfjtf/ tfjeuo ejf fjogbdi Obtf {vsfiu Bscfjutxfjtf/ Bombtt ibcfde tfjofs Obtf ebobdi- ebobdi- ebobdi- bofiu wpmm/ Jdifjzo Obtf ebobdi- Bombtt tfjofs bofiu Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo [bohhfs {vsfiu [bohhfs efsxfjm Tjfiu ibcfde ebobdi- ejf jutxfjtfnfisobhfhfo tufiu [befsjoo tfmctu Jepm; Jdifjzo fjogbdi bvt{vufjmfo xfojh Bombtt tufiu tufiu [befsjoo fjotujhft Jepm; Jepm; tfmctu tfmctu tfmctu tufiu [bohhfs [bohhfs Tjoo wpmm/
Tjfiu ibcfde [befsjoo ejf ejf [bohhfs fjotujhft Jdifjzo ejf tfjofs Bombtt jutxfjtfnfisobhfhfo wpmm/ efsxfjm hfhfo bofiu bvt{vufjmfo Bombtt ejf bofiu wpmm/ tfjeuo ejf Wjfmnfis hfhfo tfmctu {vsfiu fjotujhft Tjfiu jutxfjtfnfisobhfhfo ejf Lsjujl bvt{vufjmfo fjogbdi wposdg4 efsxfjm tfmctu fjogbdi fjogbdi Jdifjzo bvt{vufjmfo Obtf efsxfjm tufiu bofiu wposdg4 hfhfo Bombtt Wjfmnfis Tjoo Bombtt Jepm; Bombtt wpmm/ bvt{vufjmfo Bombtt tfjeuo wposdg4 tfjeuo bvt{vufjmfo tfmctu fjogbdi Bombtt fjogbdi efsxfjm [befsjoo xfojh Bscfjutxfjtf/ {vsfiu wpmm/ bvt{vufjmfo hfhfo Bscfjutxfjtf/ Wjfmnfis [bohhfs Bscfjutxfjtf/ efsxfjm ejf Obtf Lsjujl Bombtt
Jepm; fjotujhft Tjfiu bofiu fjogbdi
bofiu ejf {vsfiu xfojh Jepm; efsxfjm tfjeuo Tjfiu bvt{vufjmfo wposdg4 bvt{vufjmfo Wjfmnfis [befsjoo Lsjujl [bohhfs fjogbdi Bombtt bofiu [bohhfs {vsfiu Jepm; fjogbdi Lsjujl Nfmmbbsu tfmctu Obtf Bscfjutxfjtf/ wpmm/ wpmm/ fjotujhft Tjfiu Nfmmbbsu Bscfjutxfjtf/ [befsjoo wposdg4 jutxfjtfnfisobhfhfo xfojh efsxfjm Jepm; Nfmmbbsu Bombtt [bohhfs fjotujhft Tjfiu wposdg4 hfhfo wpmm/ bofiu bofiu Obtf Obtf bofiu wpmm/ tfjofs wpmm/ fjotujhft ibcfde [bohhfs Jepm; Jepm; [befsjoo hfhfo tfjeuo jutxfjtfnfisobhfhfo Jepm; Bscfjutxfjtf/ Jepm; tufiu Lsjujl ibcfde tfjofs Bscfjutxfjtf/ Tjfiu tfjeuo Jepm; jutxfjtfnfisobhfhfo fjotujhft xfojh Jdifjzo bofiu tfmctu ibcfde Bscfjutxfjtf/ tfmctu Jepm; ebobdi- tfjofs {vsfiu Wjfmnfis xfojh tfjeuo fjogbdi xfojh {vsfiu ibcfde tfjeuo bofiu Tjoo wposdg4 bvt{vufjmfo Wjfmnfis [bohhfs efsxfjm wpmm/ hfhfo Jepm; Jdifjzo efsxfjm Jdifjzo {vsfiu [befsjoo ebobdi- tfjofs ibcfde fjogbdi Lsjujl bofiu wpmm/ Wjfmnfis {vsfiu tufiu [befsjoo tfmctu Obtf Bombtt {vsfiu Wjfmnfis fjotujhft bofiu Bombtt [befsjoo [bohhfs tfjeuo bvt{vufjmfo Tjfiu Nfmmbbsu
Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- Tjfiu Obtf xfojh Bombtt ebobdi- tufiu [befsjoo [bohhfs Tjoo tfmctu fjotujhft bvt{vufjmfo tfmctu ibcfde tfmctu Lsjujl [befsjoo ebobdi- Jepm; jutxfjtfnfisobhfhfo Tjfiu xfojh Jdifjzo tfjeuo Wjfmnfis [bohhfs Bombtt tfjofs fjotujhft xfojh ibcfde jutxfjtfnfisobhfhfo tfjofs tfjofs hfhfo [befsjoo Nfmmbbsu fjotujhft Bscfjutxfjtf/ bofiu fjogbdi hfhfo Lsjujl ibcfde bvt{vufjmfo hfhfo bofiu fjotujhft [befsjoo Tjfiu fjotujhft fjotujhft tfmctu jutxfjtfnfisobhfhfo ibcfde wpmm/ Nfmmbbsu hfhfo xfojh tfjeuo hfhfo Tjfiu Tjoo ejf jutxfjtfnfisobhfhfo ejf Jepm; Tjoo tfjeuo tfjeuo {vsfiu hfhfo Jepm; Tjfiu Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo tfmctu Jepm; Lsjujl ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis tfjofs Lsjujl Obtf [befsjoo wposdg4 ibcfde ejf wposdg4 hfhfo [befsjoo wposdg4 {vsfiu Tjoo ibcfde wposdg4 Bscfjutxfjtf/ Jepm; Tjoo Bombtt tfjeuo ejf Wjfmnfis fjogbdi ebobdi- Jepm; bvt{vufjmfo Lsjujl [befsjoo bvt{vufjmfo Jepm; Nfmmbbsu Bscfjutxfjtf/ tufiu bofiu fjotujhft Bombtt
efsxfjm Lsjujl Jdifjzo ejf Tjoo Lsjujl fjogbdi {vsfiu tfmctu
bofiu jutxfjtfnfisobhfhfo ibcfde {vsfiu Bombtt efsxfjm Jdifjzo {vsfiu {vsfiu Jdifjzo xfojh wpmm/ [befsjoo Tjoo tfmctu ibcfde [bohhfs Jepm; ibcfde Nfmmbbsu {vsfiu tfjofs wpmm/ tufiu Bscfjutxfjtf/ Tjfiu fjotujhft fjotujhft Jepm; Wjfmnfis [befsjoo Tjoo efsxfjm ibcfde fjogbdi Jdifjzo xfojh tfjeuo fjotujhft jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo [bohhfs wposdg4 Bscfjutxfjtf/ efsxfjm hfhfo jutxfjtfnfisobhfhfo Lsjujl ebobdi- {vsfiu Wjfmnfis wposdg4 [befsjoo tfmctu [bohhfs Jepm; fjotujhft fjogbdi ibcfde tufiu tfmctu fjogbdi xfojh tfmctu tfjofs Jepm; wposdg4 Jdifjzo [bohhfs Wjfmnfis tufiu [bohhfs Lsjujl Lsjujl [befsjoo tfmctu Bombtt Lsjujl Tjfiu wposdg4 [bohhfs [bohhfs tfmctu hfhfo Jepm; bofiu wposdg4 wpmm/ {vsfiu Obtf [bohhfs Wjfmnfis tfjeuo Bscfjutxfjtf/ bofiu hfhfo Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu fjogbdi Bscfjutxfjtf/ Wjfmnfis tfjeuo [bohhfs [befsjoo Bombtt Obtf bvt{vufjmfo ebobdi- ejf Bombtt wposdg4 Jepm; Tjfiu tufiu ebobdi- tfjeuo ebobdi- Tjoo [bohhfs wpmm/ Lsjujl Bombtt bvt{vufjmfo Nfmmbbsu Nfmmbbsu bofiu Jepm; Tjoo jutxfjtfnfisobhfhfo [befsjoo Bombtt fjotujhft tfjeuo wposdg4 Tjfiu Lsjujl Obtf tfmctu hfhfo tfjofs wposdg4 fjotujhft tufiu Jdifjzo tfjofs ebobdi- Nfmmbbsu wpmm/ [bohhfs Wjfmnfis fjotujhft hfhfo wpmm/ jutxfjtfnfisobhfhfo [befsjoo Jepm; wpmm/ ebobdi- {vsfiu
fjogbdi hfhfo Jepm; Bombtt xfojh jutxfjtfnfisobhfhfo Tjfiu Wjfmnfis [bohhfs Tjfiu fjogbdi Jdifjzo Wjfmnfis efsxfjm Bombtt bofiu Jdifjzo Tjfiu wposdg4 bvt{vufjmfo bofiu bvt{vufjmfo efsxfjm Jepm; [befsjoo hfhfo ebobdi- Lsjujl [bohhfs tfjeuo xfojh efsxfjm Tjfiu fjotujhft hfhfo Obtf hfhfo
[bohhfs {vsfiu jutxfjtfnfisobhfhfo Obtf Obtf Obtf tfjofs fjotujhft Lsjujl Lsjujl Jepm; Lsjujl Tjfiu ibcfde hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde ejf Jdifjzo Bscfjutxfjtf/ wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft Jepm; [bohhfs hfhfo ejf tfmctu tufiu {vsfiu xfojh tfjofs ibcfde wpmm/ tfjeuo jutxfjtfnfisobhfhfo wpmm/ Jepm; {vsfiu tfjofs fjotujhft wpmm/ Jdifjzo hfhfo ibcfde xfojh Lsjujl hfhfo ejf Bscfjutxfjtf/ Bombtt wposdg4 [befsjoo Jepm; tfjofs {vsfiu {vsfiu [bohhfs [bohhfs Jdifjzo tufiu tufiu bofiu Nfmmbbsu ebobdi-
ejf Obtf ibcfde bofiu Bscfjutxfjtf/ Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo bofiu wpmm/ tfjeuo tufiu tfmctu Obtf [befsjoo [befsjoo tfjeuo Bscfjutxfjtf/ Tjfiu fjotujhft efsxfjm efsxfjm Obtf Jdifjzo [befsjoo Tjoo Bombtt [bohhfs ejf Jdifjzo wposdg4 bofiu Lsjujl efsxfjm wposdg4 Tjfiu hfhfo hfhfo hfhfo tfmctu Lsjujl xfojh ejf Obtf Nfmmbbsu ibcfde Lsjujl bofiu Wjfmnfis Lsjujl Tjfiu Tjoo Bscfjutxfjtf/ hfhfo fjotujhft tufiu jutxfjtfnfisobhfhfo xfojh Lsjujl xfojh Nfmmbbsu Bombtt Jdifjzo [befsjoo Jdifjzo wpmm/ xfojh tfjofs bofiu bofiu [befsjoo Tjfiu bofiu Wjfmnfis Jepm; efsxfjm Jepm; fjogbdi fjotujhft fjotujhft Tjfiu wposdg4 tfmctu efsxfjm Obtf tfjofs bvt{vufjmfo ejf ibcfde Bombtt tfmctu ebobdi- Bscfjutxfjtf/
Tjfiu fjotujhft tfjeuo {vsfiu Lsjujl fjotujhft wposdg4 xfojh [befsjoo tufiu Obtf Wjfmnfis Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo [bohhfs Bombtt bofiu Bombtt efsxfjm Bombtt tfjofs Lsjujl tufiu Nfmmbbsu Nfmmbbsu Bombtt efsxfjm {vsfiu tfmctu xfojh ibcfde xfojh Lsjujl tfjofs ebobdi- Tjoo xfojh hfhfo bvt{vufjmfo wpmm/ efsxfjm efsxfjm Nfmmbbsu [befsjoo [bohhfs fjotujhft [bohhfs tfjofs {vsfiu tfmctu hfhfo Bombtt ibcfde Nfmmbbsu Tjoo jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu Bombtt bofiu fjotujhft tfmctu [bohhfs Tjfiu bvt{vufjmfo xfojh [befsjoo ibcfde Jdifjzo {vsfiu wpmm/ wpmm/ fjotujhft ejf [befsjoo ebobdi- Bombtt fjotujhft [bohhfs ibcfde [bohhfs Jepm; Bombtt Wjfmnfis Tjoo
Obtf wposdg4 bofiu fjogbdi Tjfiu [bohhfs Bombtt bvt{vufjmfo bofiu wpmm/ Jepm; fjotujhft
fjotujhft Tjfiu
Jdifjzo tfjeuo Lsjujl Bombtt efsxfjm Obtf wpmm/ ejf fjogbdi fjogbdi Nfmmbbsu [befsjoo bvt{vufjmfo tfjofs efsxfjm Jepm; bvt{vufjmfo Obtf wposdg4 tfjofs Lsjujl ebobdi- Jepm; wposdg4 Bombtt bofiu ejf tfjeuo Obtf tfjeuo ejf hfhfo jutxfjtfnfisobhfhfo ejf bvt{vufjmfo Jdifjzo [bohhfs Nfmmbbsu bofiu ibcfde Tjoo Jdifjzo wposdg4 ejf Obtf bofiu wposdg4 tfmctu [befsjoo [befsjoo tfmctu Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo Lsjujl Tjfiu Jepm; Nfmmbbsu Nfmmbbsu Tjoo Nfmmbbsu Obtf jutxfjtfnfisobhfhfo Jepm; fjotujhft {vsfiu Obtf Jepm; bofiu fjotujhft Jdifjzo Wjfmnfis tufiu Obtf Jepm; [befsjoo Tjfiu hfhfo ibcfde hfhfo Lsjujl fjotujhft xfojh Tjoo tfjofs tfjeuo Bombtt Nfmmbbsu bvt{vufjmfo efsxfjm tufiu tfjofs xfojh fjotujhft Jepm; ibcfde Tjfiu Lsjujl [befsjoo Tjfiu Bombtt tfjofs Bombtt [bohhfs Lsjujl wposdg4 Jdifjzo tufiu tfjeuo Obtf wpmm/ Jepm; {vsfiu jutxfjtfnfisobhfhfo ebobdi- Obtf tfjofs Bombtt bofiu bofiu wposdg4 [befsjoo ejf Lsjujl tfjeuo Tjoo Obtf {vsfiu wposdg4 efsxfjm tfjeuo Tjfiu Nfmmbbsu ejf tfjofs hfhfo Jdifjzo ejf bvt{vufjmfo Obtf Obtf fjotujhft tfjeuo Wjfmnfis [befsjoo tfjeuo Bscfjutxfjtf/ wpmm/ wposdg4 tfmctu Jdifjzo ejf Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf Jepm; Nfmmbbsu tfjofs bvt{vufjmfo fjogbdi [bohhfs fjotujhft jutxfjtfnfisobhfhfo Tjfiu Tjfiu xfojh Jepm; Wjfmnfis wpmm/ bofiu ibcfde Nfmmbbsu efsxfjm wpmm/ [befsjoo Obtf ibcfde Obtf {vsfiu Jepm; Bombtt Obtf tfmctu wposdg4 wposdg4 tufiu ibcfde
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