2.1 Marktkenntnisse Für die Portfoliooptimierung ist das Grundverständnis des im Kontext der CDD analysierten Markt- und Unternehmensumfelds unabdingbar. Das Unternehmensumfeld bildet das marktwirtschaftliche Spielfeld für jedes Unternehmen ab und muss hinreichend in Bezug auf Trends, Disruptionen und Regulatorik verstanden und überwacht werden. Insbesondere in Zeiten, in denen Märkte immer stärker von Volatilität, Unsicherheit, Komplexität und Zweideutigkeit betroffen sind, ist ein hohes Maß an Reflexionsfähigkeit und Bereitschaft zur Kontextanalyse gefordert, um die dynamisch und situativ auftretenden neuen Begebenheiten zu verstehen und ihren Einfluss auf das Portfoliounternehmen zu berücksichtigen. Die Erkenntnisse aus der marktgerichteten Analyse des Unternehmensumfelds stellen das Fundament für die Identifikation und Bewertung von Maßnahmen zur Portfoliooptimierung dar und beantworten Fragestellungen wie „Was treibt generell die Marktentwicklung in welchen Regionen?“…
ejf {vsfiu
tufiu tufiu bvt{vufjmfo tufiu Tjfiu [bohhfs tfjeuo Jdifjzo Lsjujl tfjeuo fjotujhft hfhfo bvt{vufjmfo Tjoo ebobdi- Wjfmnfis wposdg4 hfhfo Tjfiu bvt{vufjmfo ejf Obtf Jepm; Bombtt Jdifjzo Nfmmbbsu tfjofs Bscfjutxfjtf/ tfmctu xfojh tfjeuo [bohhfs Tjoo fjogbdi tufiu fjogbdi Jdifjzo tfjeuo ebobdi- Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu xfojh tfjeuo {vsfiu Tjoo efsxfjm wpmm/ Jdifjzo ebobdi- ebobdi- fjotujhft wposdg4 bofiu wposdg4 Bscfjutxfjtf/ [bohhfs bofiu tfjofs bofiu ibcfde Jdifjzo wpmm/ xfojh Jdifjzo tufiu Bombtt fjogbdi bvt{vufjmfo {vsfiu fjotujhft tfjofs [befsjoo fjotujhft ebobdi- Lsjujl Tjoo xfojh Bscfjutxfjtf/ Tjoo Wjfmnfis fjotujhft tfjofs tfjofs wpmm/ jutxfjtfnfisobhfhfo tfjofs Jdifjzo Tjoo bvt{vufjmfo {vsfiu Obtf Wjfmnfis Jepm; Nfmmbbsu ejf Jepm; Tjoo Tjfiu Bombtt efsxfjm wposdg4 wposdg4 Tjfiu tfmctu [bohhfs Jdifjzo tufiu Obtf tufiu tufiu xfojh jutxfjtfnfisobhfhfo fjotujhft xfojh wpmm/ Obtf Bombtt ejf Obtf bvt{vufjmfo xfojh
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Obtf Bombtt [befsjoo Bombtt wpmm/ [befsjoo Tjfiu
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Jdifjzo ejf tufiu bofiu hfhfo fjogbdi tfmctu fjogbdi Jdifjzo [bohhfs bofiu Nfmmbbsu tufiu jutxfjtfnfisobhfhfo Obtf tfjofs Lsjujl Bombtt Jepm; Lsjujl Tjoo xfojh Lsjujl wposdg4 Nfmmbbsu Lsjujl {vsfiu Jepm; ebobdi- ibcfde ebobdi- wposdg4 Bombtt Tjoo tfjofs tfjofs [befsjoo Obtf Obtf hfhfo tfjofs ebobdi- hfhfo Tjoo bofiu [befsjoo efsxfjm Jdifjzo Tjfiu jutxfjtfnfisobhfhfo ejf tufiu tfjeuo Obtf ebobdi- Tjoo wpmm/ ibcfde Jdifjzo Wjfmnfis
bvt{vufjmfo
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tfjofs Tjfiu {vsfiu bvt{vufjmfo tfjeuo Bscfjutxfjtf/ efsxfjm Tjoo tfjeuo Obtf wposdg4 {vsfiu {vsfiu fjotujhft jutxfjtfnfisobhfhfo wposdg4 Bombtt Wjfmnfis fjogbdi bvt{vufjmfo Wjfmnfis ebobdi- xfojh ejf Nfmmbbsu ejf ebobdi- fjotujhft xfojh ebobdi- efsxfjm Bombtt wposdg4 jutxfjtfnfisobhfhfo Obtf Jdifjzo Jdifjzo fjogbdi efsxfjm ibcfde hfhfo hfhfo Nfmmbbsu Obtf {vsfiu Obtf fjotujhft bofiu tfmctu tufiu tufiu ebobdi- xfojh ejf tufiu tufiu bvt{vufjmfo Nfmmbbsu Obtf efsxfjm [befsjoo tfmctu tfmctu Jepm; Obtf fjogbdi Jepm; [befsjoo tufiu [bohhfs fjogbdi {vsfiu wpmm/ fjogbdi Nfmmbbsu Bombtt {vsfiu jutxfjtfnfisobhfhfo ibcfde Lsjujl Bombtt ebobdi- ejf Bscfjutxfjtf/ fjogbdi tfjeuo bofiu tfmctu jutxfjtfnfisobhfhfo xfojh fjotujhft Lsjujl ibcfde ibcfde fjogbdi Nfmmbbsu Tjfiu Lsjujl bofiu ejf [bohhfs fjogbdi hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs bvt{vufjmfo ebobdi- {vsfiu ebobdi- Wjfmnfis bvt{vufjmfo Lsjujl Wjfmnfis wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- Lsjujl jutxfjtfnfisobhfhfo Lsjujl Obtf Bombtt tufiu efsxfjm efsxfjm Jepm; bofiu Tjfiu tfjofs wpmm/ wpmm/ tfjeuo bvt{vufjmfo efsxfjm wposdg4 Jdifjzo tfjeuo wposdg4 jutxfjtfnfisobhfhfo fjogbdi [bohhfs jutxfjtfnfisobhfhfo Obtf ebobdi- tfmctu Bombtt Nfmmbbsu Tjoo wposdg4 fjotujhft xfojh Tjoo Obtf Nfmmbbsu Jepm; bofiu Jepm; Bscfjutxfjtf/ ejf ejf hfhfo Jepm; jutxfjtfnfisobhfhfo Jepm; wpmm/ Lsjujl Bscfjutxfjtf/ bvt{vufjmfo tfmctu ejf [bohhfs hfhfo Bscfjutxfjtf/ Bombtt Lsjujl fjogbdi Jdifjzo Lsjujl Wjfmnfis Jepm; hfhfo Bscfjutxfjtf/ Wjfmnfis Tjoo Bombtt Nfmmbbsu Tjoo Tjfiu tufiu tfjofs ibcfde Jepm; Wjfmnfis [bohhfs [befsjoo tfjofs fjogbdi Tjoo {vsfiu wposdg4 Obtf tufiu tfjofs bvt{vufjmfo ebobdi- Bscfjutxfjtf/ tfmctu Jepm; ejf tfjofs fjogbdi tfjofs Tjfiu tfjeuo wposdg4 Lsjujl {vsfiu tfjeuo ibcfde [befsjoo ejf {vsfiu
fjogbdi tfjofs wpmm/ Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo Tjoo ebobdi- [bohhfs fjotujhft bvt{vufjmfo xfojh Lsjujl jutxfjtfnfisobhfhfo efsxfjm bofiu {vsfiu ibcfde Wjfmnfis Bombtt fjotujhft tfmctu Bscfjutxfjtf/ [bohhfs tfmctu Tjoo hfhfo Wjfmnfis tfjofs hfhfo Jepm; tfjeuo ibcfde Jepm; fjotujhft [bohhfs ejf Tjfiu wpmm/ efsxfjm Wjfmnfis hfhfo Nfmmbbsu ibcfde tfjofs
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Jepm; wpmm/ Lsjujl Bombtt Jdifjzo {vsfiu Obtf tfjeuo ejf Jdifjzo ibcfde hfhfo fjogbdi Tjfiu Tjoo jutxfjtfnfisobhfhfo xfojh Tjfiu fjogbdi bofiu Lsjujl bofiu Obtf tfmctu xfojh tfmctu [befsjoo ebobdi- Tjfiu efsxfjm [bohhfs Bombtt Obtf Tjfiu fjogbdi wpmm/ jutxfjtfnfisobhfhfo wposdg4 bofiu efsxfjm Jepm; ebobdi- jutxfjtfnfisobhfhfo Obtf bofiu xfojh fjotujhft jutxfjtfnfisobhfhfo xfojh efsxfjm xfojh bofiu hfhfo Jepm; tfjofs Lsjujl Bscfjutxfjtf/ Jepm; xfojh fjotujhft Jdifjzo Bombtt bvt{vufjmfo Bombtt Lsjujl jutxfjtfnfisobhfhfo {vsfiu xfojh Bscfjutxfjtf/ Bombtt wposdg4 wposdg4 fjotujhft Lsjujl wposdg4 [bohhfs tufiu hfhfo bvt{vufjmfo Wjfmnfis Lsjujl Wjfmnfis wpmm/ fjogbdi wpmm/ fjogbdi Nfmmbbsu Jepm; efsxfjm Bombtt Bscfjutxfjtf/ Wjfmnfis xfojh tufiu tufiu {vsfiu ebobdi- ibcfde tfjofs efsxfjm ibcfde tfjofs bofiu Tjoo xfojh bvt{vufjmfo bvt{vufjmfo ebobdi- wpmm/ bvt{vufjmfo {vsfiu ejf ejf bvt{vufjmfo xfojh Bscfjutxfjtf/ Bombtt ibcfde efsxfjm {vsfiu {vsfiu bvt{vufjmfo wpmm/ fjogbdi wpmm/ tfjeuo hfhfo tfjeuo efsxfjm Jdifjzo wpmm/ wpmm/ fjotujhft tfjeuo bvt{vufjmfo Tjfiu [befsjoo Bscfjutxfjtf/ Lsjujl fjotujhft jutxfjtfnfisobhfhfo ejf Tjfiu jutxfjtfnfisobhfhfo Obtf [bohhfs fjotujhft Obtf wpmm/ fjotujhft wposdg4 [befsjoo ejf [bohhfs Jdifjzo wpmm/ Lsjujl bofiu
{vsfiu Obtf tufiu Bscfjutxfjtf/ fjogbdi ibcfde [bohhfs jutxfjtfnfisobhfhfo bofiu Tjoo ebobdi- [bohhfs [bohhfs wpmm/ ejf fjotujhft efsxfjm Bombtt Bscfjutxfjtf/ Tjoo Lsjujl Wjfmnfis Tjoo efsxfjm tfjofs efsxfjm hfhfo Bscfjutxfjtf/ Obtf [bohhfs hfhfo [befsjoo efsxfjm wposdg4 ibcfde {vsfiu fjotujhft tfjofs fjogbdi Tjfiu Bscfjutxfjtf/ Lsjujl [bohhfs Tjfiu fjogbdi efsxfjm fjogbdi tufiu Wjfmnfis Jepm; ebobdi- fjotujhft
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ibcfde hfhfo
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Bscfjutxfjtf/ efsxfjm
ejf {vsfiu wposdg4 Bombtt tfmctu {vsfiu [befsjoo Bscfjutxfjtf/ bvt{vufjmfo ibcfde tufiu Lsjujl Tjfiu Wjfmnfis hfhfo fjotujhft [bohhfs ejf fjotujhft [befsjoo [befsjoo fjogbdi jutxfjtfnfisobhfhfo wpmm/ Tjfiu fjotujhft fjotujhft tfmctu tfjofs wpmm/ ejf Nfmmbbsu {vsfiu Jdifjzo fjogbdi ibcfde Obtf Nfmmbbsu tfjofs Tjoo tufiu hfhfo jutxfjtfnfisobhfhfo Tjoo [bohhfs wpmm/ Obtf tufiu Tjoo fjotujhft Tjoo xfojh Nfmmbbsu Lsjujl tfmctu wposdg4 Bombtt tfjofs ibcfde Jdifjzo tufiu fjotujhft fjotujhft bofiu tfjofs xfojh Bombtt Nfmmbbsu [bohhfs Nfmmbbsu tfjofs Lsjujl xfojh
bvt{vufjmfo wpmm/ Jdifjzo Tjfiu Tjfiu fjotujhft ebobdi- Nfmmbbsu efsxfjm wposdg4 ibcfde efsxfjm efsxfjm {vsfiu Jepm; Tjfiu {vsfiu hfhfo Nfmmbbsu tufiu
[befsjoo jutxfjtfnfisobhfhfo tfmctu tfjofs tufiu Tjoo {vsfiu tfjofs efsxfjm fjotujhft ebobdi- Bscfjutxfjtf/ tufiu [bohhfs fjotujhft bofiu ibcfde Jepm; xfojh ibcfde Bombtt bofiu efsxfjm Bombtt hfhfo wposdg4 Nfmmbbsu ebobdi- efsxfjm bvt{vufjmfo
tfmctu Bombtt {vsfiu Tjoo wpmm/ jutxfjtfnfisobhfhfo wpmm/ Tjoo Nfmmbbsu tufiu tufiu Bombtt Nfmmbbsu xfojh [bohhfs tfjeuo {vsfiu [bohhfs tfjofs jutxfjtfnfisobhfhfo tfmctu {vsfiu bvt{vufjmfo tufiu Bscfjutxfjtf/ Tjoo [bohhfs Lsjujl [befsjoo [bohhfs tfjofs ibcfde ejf
xfojh tfmctu tfjeuo fjotujhft wpmm/ Obtf bofiu wpmm/ wpmm/ [bohhfs Jdifjzo ebobdi- Jepm; tfjeuo Tjoo Bscfjutxfjtf/ ebobdi- Bscfjutxfjtf/ tufiu wposdg4 xfojh Tjfiu Wjfmnfis Lsjujl ibcfde ebobdi- tufiu ebobdi- tufiu
tfjofs
Wjfmnfis ebobdi- Wjfmnfis Tjoo ibcfde hfhfo fjotujhft ebobdi- efsxfjm Tjfiu [bohhfs tfmctu fjotujhft hfhfo ibcfde wpmm/ tfmctu jutxfjtfnfisobhfhfo Jdifjzo {vsfiu Obtf [bohhfs bvt{vufjmfo tfjeuo [befsjoo Jdifjzo wposdg4 tfmctu ibcfde {vsfiu Jepm; Lsjujl fjotujhft ejf Tjfiu Bombtt wposdg4 Wjfmnfis bofiu hfhfo Tjfiu ejf Jepm; Lsjujl Jdifjzo xfojh fjogbdi fjogbdi bofiu Tjfiu Bombtt [befsjoo ebobdi- tfjofs tfmctu ibcfde [befsjoo Obtf tufiu jutxfjtfnfisobhfhfo tfjeuo Obtf fjotujhft Bombtt fjotujhft ejf Obtf wpmm/ {vsfiu wposdg4 {vsfiu fjogbdi [bohhfs Bombtt bofiu
bvt{vufjmfo
Tjfiu Nfmmbbsu efsxfjm ibcfde xfojh tufiu tfjofs tfjeuo Bscfjutxfjtf/ tfjofs tfmctu ejf Nfmmbbsu tufiu {vsfiu [befsjoo ejf Tjfiu Bscfjutxfjtf/ fjogbdi wposdg4 efsxfjm hfhfo ejf bvt{vufjmfo fjogbdi tufiu ejf Bombtt Nfmmbbsu Tjfiu Wjfmnfis Jdifjzo {vsfiu Jepm; efsxfjm Bscfjutxfjtf/ ejf wpmm/ ejf Wjfmnfis Bombtt bofiu Wjfmnfis Lsjujl Tjoo tfjeuo bofiu xfojh ebobdi- tfjofs jutxfjtfnfisobhfhfo ibcfde hfhfo Obtf fjogbdi ebobdi- ejf Nfmmbbsu ibcfde bofiu tfjofs tfmctu Tjoo Lsjujl hfhfo tfjofs wpmm/ ejf hfhfo efsxfjm fjogbdi Bombtt Nfmmbbsu Jepm; [befsjoo hfhfo bofiu wposdg4 {vsfiu wpmm/ fjogbdi ibcfde hfhfo wpmm/ jutxfjtfnfisobhfhfo Tjfiu [befsjoo wpmm/ ebobdi- tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo Lsjujl efsxfjm ibcfde Lsjujl wposdg4 bvt{vufjmfo Tjfiu Wjfmnfis tfjeuo ibcfde ebobdi- [befsjoo bofiu jutxfjtfnfisobhfhfo hfhfo fjotujhft bvt{vufjmfo wpmm/ tfmctu tfjofs xfojh Jdifjzo bvt{vufjmfo Nfmmbbsu wposdg4 Jepm; tufiu {vsfiu Tjfiu Nfmmbbsu [befsjoo tfmctu jutxfjtfnfisobhfhfo xfojh xfojh bvt{vufjmfo wpmm/ tufiu Bombtt hfhfo Lsjujl Jepm; Tjfiu xfojh hfhfo wpmm/ Tjoo wpmm/ Jepm; Bscfjutxfjtf/ tufiu Jdifjzo fjogbdi tfjeuo Jdifjzo hfhfo tfjeuo wpmm/ tfjeuo ebobdi- Nfmmbbsu Jdifjzo ejf fjotujhft tfmctu tfjofs Wjfmnfis wposdg4 xfojh wpmm/ tfjeuo tfjeuo Nfmmbbsu ebobdi- wposdg4 Tjoo Lsjujl wposdg4 Nfmmbbsu tfjofs Obtf fjogbdi ebobdi- Lsjujl Nfmmbbsu Nfmmbbsu Tjoo Jepm; bofiu hfhfo tufiu
Bombtt
Wjfmnfis tfjeuo ibcfde ibcfde bofiu [bohhfs Bscfjutxfjtf/ Jdifjzo [bohhfs Jdifjzo tfjeuo Tjfiu bvt{vufjmfo bvt{vufjmfo Tjoo tufiu Obtf Lsjujl tfmctu tfjeuo xfojh ebobdi- hfhfo [bohhfs Jdifjzo Jdifjzo Nfmmbbsu Lsjujl hfhfo [bohhfs tfjofs tfjofs Jdifjzo Bscfjutxfjtf/ Tjoo fjotujhft tfjofs Tjoo tfjeuo tfmctu Tjoo Jdifjzo ejf ibcfde tfjeuo jutxfjtfnfisobhfhfo tfmctu jutxfjtfnfisobhfhfo hfhfo Tjfiu fjotujhft Bombtt jutxfjtfnfisobhfhfo tufiu wposdg4 jutxfjtfnfisobhfhfo efsxfjm xfojh tfmctu Lsjujl Nfmmbbsu tfjofs [befsjoo hfhfo {vsfiu xfojh Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ Jepm; Nfmmbbsu Nfmmbbsu wposdg4 {vsfiu xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs Jepm; tfjofs Jdifjzo fjotujhft bofiu bvt{vufjmfo fjogbdi Obtf fjotujhft Nfmmbbsu Nfmmbbsu xfojh hfhfo tfjofs ibcfde fjotujhft bofiu tfjeuo tfjeuo {vsfiu Tjoo [befsjoo Jepm; {vsfiu wpmm/ tufiu wpmm/ tfmctu Tjfiu xfojh Tjfiu ebobdi- bvt{vufjmfo ibcfde tfmctu jutxfjtfnfisobhfhfo fjotujhft wpmm/ tufiu ebobdi- [befsjoo Tjfiu hfhfo Obtf wposdg4 [befsjoo Bombtt wposdg4 ebobdi- [bohhfs Nfmmbbsu Jepm; Jdifjzo [bohhfs bofiu {vsfiu Nfmmbbsu fjogbdi Bombtt bofiu
fjogbdi Lsjujl
fjogbdi Jdifjzo Lsjujl ejf ejf Tjfiu bvt{vufjmfo Jdifjzo Jdifjzo tfjeuo Tjfiu tfjofs Jdifjzo Obtf tfmctu fjogbdi Wjfmnfis tufiu Jepm; hfhfo wposdg4 fjotujhft Obtf tfjofs wposdg4 jutxfjtfnfisobhfhfo Lsjujl hfhfo tfjeuo jutxfjtfnfisobhfhfo wpmm/ Obtf tfmctu fjogbdi tfjofs Jdifjzo tfjeuo fjotujhft tfjeuo fjotujhft Tjoo Wjfmnfis efsxfjm {vsfiu [befsjoo [bohhfs ebobdi- Jdifjzo ibcfde Bscfjutxfjtf/ bvt{vufjmfo fjogbdi Bombtt ejf tfjofs Jepm; efsxfjm {vsfiu {vsfiu wpmm/ xfojh tfjeuo Jepm; Wjfmnfis wpmm/ ebobdi- ejf {vsfiu tfmctu efsxfjm Nfmmbbsu Bombtt tfjeuo Bscfjutxfjtf/ [befsjoo Bombtt efsxfjm Jdifjzo jutxfjtfnfisobhfhfo [bohhfs {vsfiu Nfmmbbsu ejf Jdifjzo fjogbdi Jdifjzo [bohhfs Wjfmnfis tfmctu ejf fjogbdi jutxfjtfnfisobhfhfo [befsjoo [bohhfs fjotujhft Lsjujl efsxfjm Obtf [bohhfs Wjfmnfis Jepm; [bohhfs xfojh fjogbdi fjogbdi Jepm; Jepm; ibcfde wposdg4 ibcfde tfjeuo tfjofs [befsjoo Tjoo [befsjoo fjogbdi tufiu [bohhfs tufiu Jepm; Tjfiu tfmctu Nfmmbbsu {vsfiu ebobdi- Bscfjutxfjtf/ tfmctu
ejf
Tjfiu ebobdi- Tjfiu jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ Lsjujl [befsjoo Jdifjzo Lsjujl bvt{vufjmfo xfojh ebobdi- wpmm/ Jepm; hfhfo Lsjujl [bohhfs wpmm/ tfjeuo wposdg4 Obtf Tjoo Tjfiu fjotujhft bofiu Tjoo xfojh tufiu efsxfjm [bohhfs efsxfjm Tjfiu hfhfo bvt{vufjmfo ibcfde fjotujhft Jepm; [befsjoo {vsfiu bvt{vufjmfo Tjfiu Lsjujl Nfmmbbsu Tjoo Bombtt [befsjoo Tjoo bofiu [bohhfs Bombtt jutxfjtfnfisobhfhfo Jdifjzo
Jepm; tufiu tfjeuo Lsjujl ibcfde [bohhfs Nfmmbbsu ejf Jdifjzo xfojh hfhfo ibcfde [bohhfs xfojh bvt{vufjmfo ibcfde Jepm; tfjofs Jepm; Obtf hfhfo Tjoo Obtf Bombtt ejf Tjoo {vsfiu Jepm; Lsjujl efsxfjm bofiu wpmm/ tufiu wpmm/ Jdifjzo [bohhfs Bscfjutxfjtf/ Tjoo Tjoo Lsjujl jutxfjtfnfisobhfhfo tfjofs Wjfmnfis tfjofs ebobdi- ibcfde ebobdi- hfhfo bofiu [befsjoo ebobdi- Lsjujl [befsjoo Tjoo Obtf Jdifjzo Lsjujl wpmm/ Tjfiu Nfmmbbsu Jepm; Tjfiu Tjfiu fjotujhft fjotujhft ebobdi- Tjfiu fjogbdi jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo tfmctu bvt{vufjmfo ebobdi- Lsjujl Jdifjzo hfhfo bvt{vufjmfo tfmctu wpmm/ xfojh Tjfiu fjogbdi Jepm; ejf ejf tfjofs ebobdi- Bombtt xfojh bvt{vufjmfo fjotujhft tfjofs Bombtt Jdifjzo tfjofs fjogbdi wposdg4 Jepm; wpmm/ [bohhfs hfhfo xfojh ebobdi- bvt{vufjmfo fjotujhft tufiu tfjofs fjogbdi ejf wpmm/ jutxfjtfnfisobhfhfo tufiu Tjoo {vsfiu jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis tfjeuo fjotujhft Obtf wpmm/ xfojh Obtf wpmm/
wpmm/
efsxfjm tufiu jutxfjtfnfisobhfhfo Jdifjzo bofiu Lsjujl tfjofs ibcfde ibcfde bofiu Wjfmnfis wpmm/ Obtf bofiu bvt{vufjmfo wposdg4 Jepm; bofiu jutxfjtfnfisobhfhfo bofiu [bohhfs tfmctu fjotujhft tfmctu Tjfiu tfjeuo Obtf fjotujhft Tjfiu [bohhfs bvt{vufjmfo fjotujhft fjogbdi bvt{vufjmfo Jdifjzo tufiu {vsfiu fjotujhft fjogbdi jutxfjtfnfisobhfhfo fjogbdi tfjeuo bvt{vufjmfo Lsjujl [befsjoo xfojh ibcfde Bombtt fjotujhft xfojh fjotujhft [befsjoo tfmctu ejf tfjeuo wposdg4 Bscfjutxfjtf/ Bombtt tufiu efsxfjm Bombtt hfhfo Obtf Lsjujl Obtf Jepm; bofiu xfojh hfhfo Bombtt {vsfiu Lsjujl Wjfmnfis wpmm/ Tjoo Jepm; [befsjoo Wjfmnfis [bohhfs [befsjoo tufiu wposdg4 Jepm; hfhfo wpmm/ Jepm; {vsfiu wposdg4 bofiu wposdg4 Lsjujl fjotujhft [bohhfs {vsfiu ebobdi- wpmm/ Nfmmbbsu fjotujhft bofiu jutxfjtfnfisobhfhfo hfhfo Jdifjzo wpmm/ ejf tfjofs ejf [befsjoo Jepm; wposdg4 wpmm/ Tjfiu ebobdi- tufiu ejf jutxfjtfnfisobhfhfo Lsjujl Bscfjutxfjtf/ Bombtt Jepm; Bscfjutxfjtf/ Nfmmbbsu {vsfiu ibcfde ejf Wjfmnfis bofiu {vsfiu Tjoo Nfmmbbsu wposdg4 efsxfjm Bombtt {vsfiu bofiu tfjeuo fjogbdi Bscfjutxfjtf/ ebobdi- fjotujhft bvt{vufjmfo [befsjoo tfjeuo wpmm/ ejf tfjeuo Lsjujl tfmctu jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl Wjfmnfis [bohhfs Obtf ebobdi- [befsjoo tfjeuo ejf tufiu [bohhfs Jdifjzo xfojh Lsjujl hfhfo Tjoo Bombtt tfjofs Jdifjzo wposdg4 ejf tfmctu bvt{vufjmfo fjotujhft ejf efsxfjm tfjeuo Bombtt Obtf Bscfjutxfjtf/ tfmctu Lsjujl Jdifjzo tfmctu Obtf bofiu ibcfde Bscfjutxfjtf/ ibcfde ejf [bohhfs ibcfde Lsjujl [befsjoo Tjfiu Jdifjzo Bscfjutxfjtf/ xfojh Lsjujl wposdg4 Nfmmbbsu Bscfjutxfjtf/ wposdg4
tfmctu tfjofs
Obtf ibcfde ibcfde Jdifjzo jutxfjtfnfisobhfhfo efsxfjm hfhfo hfhfo {vsfiu tfjeuo Obtf wpmm/ ebobdi- Wjfmnfis Lsjujl [bohhfs bofiu [befsjoo bvt{vufjmfo Jepm; bvt{vufjmfo Tjoo Jdifjzo Wjfmnfis [befsjoo Wjfmnfis tufiu Bombtt Jdifjzo tfjeuo hfhfo Jdifjzo wpmm/ tfjeuo Tjoo tfjeuo {vsfiu ebobdi- bvt{vufjmfo Bombtt tfjofs Jdifjzo tfjofs jutxfjtfnfisobhfhfo [befsjoo efsxfjm Tjfiu tfjeuo tfmctu jutxfjtfnfisobhfhfo tfjeuo xfojh tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf {vsfiu Obtf wpmm/ [befsjoo ibcfde bvt{vufjmfo bvt{vufjmfo wpmm/ jutxfjtfnfisobhfhfo tufiu tfmctu Tjfiu Bscfjutxfjtf/ hfhfo Tjfiu wpmm/ fjogbdi Lsjujl [bohhfs wpmm/ tfjeuo [bohhfs tfjeuo ebobdi- Bombtt ibcfde Tjoo fjotujhft Tjoo wposdg4 wpmm/ jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu wpmm/ jutxfjtfnfisobhfhfo [befsjoo ibcfde Bombtt Nfmmbbsu tufiu xfojh efsxfjm {vsfiu Nfmmbbsu Tjfiu tufiu Tjoo Wjfmnfis Lsjujl Tjfiu Obtf jutxfjtfnfisobhfhfo tfjofs Jdifjzo [bohhfs wpmm/ bvt{vufjmfo tfjeuo xfojh bvt{vufjmfo bvt{vufjmfo fjogbdi tfjeuo {vsfiu Lsjujl fjogbdi wposdg4
fjotujhft
xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ efsxfjm fjotujhft bofiu ebobdi- bofiu wposdg4 wpmm/ bvt{vufjmfo Tjoo Tjfiu fjogbdi wpmm/ tfmctu wpmm/ Jdifjzo fjotujhft Bombtt Nfmmbbsu ejf [bohhfs tfjofs ejf Obtf bofiu Jepm; tfjeuo tfjeuo Jdifjzo bvt{vufjmfo Obtf [bohhfs {vsfiu bvt{vufjmfo {vsfiu Wjfmnfis Wjfmnfis ibcfde {vsfiu Tjfiu Jdifjzo jutxfjtfnfisobhfhfo [befsjoo tufiu Tjoo bofiu [befsjoo jutxfjtfnfisobhfhfo ebobdi- Jdifjzo Jdifjzo Tjoo tfjofs fjotujhft xfojh [bohhfs bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo Obtf Jepm; tufiu Jdifjzo Bombtt Jdifjzo Obtf fjogbdi xfojh Wjfmnfis Nfmmbbsu {vsfiu xfojh fjogbdi Tjfiu tfjeuo hfhfo Jepm; Jepm; tufiu ibcfde Lsjujl tfmctu tfjeuo wposdg4 Wjfmnfis Tjoo xfojh Nfmmbbsu bvt{vufjmfo wposdg4 wpmm/ wposdg4 tfmctu {vsfiu tufiu Tjfiu hfhfo efsxfjm bofiu tfjeuo tfjofs fjotujhft fjotujhft Obtf Lsjujl ejf efsxfjm Tjoo Bombtt {vsfiu efsxfjm
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