It should be noted that the existence of positive alpha is not scientifically proven. Only 10% of mutual funds manage to have a positive alpha, and many financial experts believe this alpha is actually the result of changes in beta.<\/p>\n\n\n\n
\u03b1 = Actual Return – Expected Return<\/p>\n\n\n\n
To recall CAPM:
Expected Rate = Rf + \u03b2 * (Rm – Rf)<\/p>\n\n\n\n
All three components come from objective reality\u2014the risk-free rate, historical beta, and market risk premium. By introducing alpha, we get the formula:<\/p>\n\n\n\n
Real Rate = \u03b1 + Rf + \u03b2*(Rm – Rf)<\/p>\n\n\n\n
Therefore,
\u03b1 = R \u2013 Rf \u2013 \u03b2*(Rm-Rf)<\/p>\n\n\n\n
If the market is efficient and responds immediately to new information, then only those who achieve instantaneous arbitrage will generate a positive alpha. Thus, there is no systematic strategy that can yield a positive alpha. In other words, market efficiency is very weak.<\/p>\n\n\n\n
Or is it?<\/p>\n\n\n\n
The fact is, there are numerous experts and rating systems that offer assessments of the real\/intrinsic value of stocks. For example, one of the authoritative sources is “Morningstar,” where you can view stock ratings for $30 a month:<\/p>\n\n\n\n
https:\/\/lnkd.in\/dH8ppNp8<\/a><\/p>\n\n\n\n For instance, a 5-star stock means its market price is significantly undervalued compared to its intrinsic value and is likely to return to its true value over time. The problem is that no one knows how long this “period” will be\u2014a week, a month, a year, years?\u2026<\/p>\n\n\n\n If the market is efficient and the expert assesses the organization based on real financial and strategic data, then there should be an immediate reaction to the ratings, and the market price should return to the intrinsic value as soon as the rating is released, but this does not happen.<\/p>\n\n\n\n It seems that the irrational expectations of market players often outweigh the rational ones. Therefore, expert ratings alone are not enough to make the right decision\u2026<\/p>\n\n\n\n ———————————————————————————————————–<\/p>\n\n\n\n \u03b1 – \u10d0\u10da\u10e4\u10d0, \u10d0\u10dc\u10e3 Abnormal Return. This coefficient is used to measure the efficiency of an active trader. If a fund generates a higher return than predicted by CAPM, then it’s considered a good fund. It should be noted that the existence of positive alpha is not scientifically proven. Only 10% of mutual funds manage to have a positive alpha, and […]<\/p>\n","protected":false},"author":12998525,"featured_media":1745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[503653,37372,1,92589997],"tags":[],"class_list":{"0":"post-1743","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-market-efficiency","8":"category-risk","9":"category-uncategorized","10":"category-value-fundamentals","12":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/1700464392191.jpeg?fit=800%2C533&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pQZ85-s7","_links":{"self":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1743","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/users\/12998525"}],"replies":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/comments?post=1743"}],"version-history":[{"count":5,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1743\/revisions"}],"predecessor-version":[{"id":2792,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1743\/revisions\/2792"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media\/1745"}],"wp:attachment":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media?parent=1743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/categories?post=1743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/tags?post=1743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\u10d0\u10db \u10d9\u10dd\u10d4\u10e4\u10d8\u10ea\u10d8\u10d4\u10dc\u10e2\u10e1 \u10d8\u10e7\u10d4\u10dc\u10d4\u10d1\u10d4\u10dc \u10d0\u10e5\u10e2\u10d8\u10e3\u10e0\u10d8 \u10e2\u10e0\u10d4\u10d8\u10d3\u10d4\u10e0\u10d8\u10e1 \u10d4\u10e4\u10d4\u10e5\u10e2\u10e3\u10e0\u10dd\u10d1\u10d8\u10e1 \u10d2\u10d0\u10e1\u10d0\u10d6\u10dd\u10db\u10d0\u10d3. \u10d7\u10e3 \u10e4\u10dd\u10dc\u10d3\u10db\u10d0 \u10d3\u10d0\u10d0\u10d2\u10d4\u10dc\u10d4\u10e0\u10d8\u10e0\u10d0 \u10e3\u10e4\u10e0\u10dd \u10d3\u10d8\u10d3\u10d8 \u10db\u10dd\u10d2\u10d4\u10d1\u10d0 \u10d5\u10d8\u10d3\u10e0\u10d4 \u10ec\u10d8\u10dc\u10d0\u10e1\u10ec\u10d0\u10e0\u10db\u10d4\u10e2\u10e7\u10d5\u10d4\u10da\u10d4\u10d1\u10e1 \u10d9\u10d0\u10db\u10de\u10d8, \u10db\u10d0\u10e8\u10d8\u10dc \u10d9\u10d0\u10e0\u10d2\u10d8 \u10e4\u10dd\u10dc\u10d3\u10d8 \u10e7\u10dd\u10e4\u10d8\u10da\u10d0\u10dd…
\u10e3\u10dc\u10d3\u10d0 \u10d8\u10d7\u10e5\u10d5\u10d0\u10e1, \u10e0\u10dd\u10db \u10db\u10d4\u10ea\u10dc\u10d8\u10d4\u10e0\u10e3\u10da\u10d0\u10d3 \u10d0\u10e0 \u10d3\u10d0\u10e1\u10e2\u10e3\u10e0\u10d3\u10d4\u10d1\u10d0 \u10d3\u10d0\u10d3\u10d4\u10d1\u10d8\u10d7\u10d8 \u10d0\u10da\u10e4\u10d0\u10e1 \u10e1\u10d8\u10dc\u10d0\u10db\u10d3\u10d5\u10d8\u10da\u10d4\u10e8\u10d8 \u10d0\u10e0\u10e1\u10d4\u10d1\u10dd\u10d1\u10d0. \u10db\u10e3\u10e9\u10e3\u10d0\u10da \u10e4\u10dd\u10dc\u10d3\u10d4\u10d1\u10d8\u10e1 \u10db\u10ee\u10dd\u10da\u10dd\u10d3 10% \u10d0\u10ee\u10d4\u10e0\u10ee\u10d4\u10d1\u10e1 \u10d8\u10db\u10d0\u10e1, \u10e0\u10dd\u10db \u10d4\u10e1 \u10d9\u10dd\u10d4\u10e4\u10d8\u10ea\u10d8\u10d4\u10dc\u10e2\u10d8 \u10d3\u10d0\u10d3\u10d4\u10d1\u10d8\u10d7\u10d8 \u10d8\u10e7\u10dd\u10e1, \u10d3\u10d0 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10d8\u10e1\u10e2\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d8\u10d3\u10d8 \u10dc\u10d0\u10ec\u10d8\u10da\u10d8 \u10d7\u10d5\u10da\u10d8\u10e1 \u10e0\u10dd\u10db \u10d4\u10e1 \u10d0\u10da\u10e4\u10d0 \u10d9\u10d8 \u10d0\u10e0\u10d0 \u10d1\u10d4\u10e2\u10d0\u10e8\u10d8 \u10db\u10dd\u10db\u10ee\u10d3\u10d0\u10e0\u10d8 \u10ea\u10d5\u10da\u10d8\u10da\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10d3\u10d4\u10d2\u10d8\u10d0…
\u03b1 = Actual Return – Expected Return
CAMP – \u10e0\u10dd\u10db \u10d2\u10d0\u10d5\u10d8\u10ee\u10e1\u10d4\u10dc\u10dd\u10d7:
Expected Rate = Rf + \u03b2 * (Rm – Rf)
\u10e1\u10d0\u10db\u10d8\u10d5\u10d4 \u10d9\u10dd\u10db\u10de\u10dd\u10dc\u10d4\u10dc\u10e2\u10d8 \u10dd\u10d1\u10d8\u10d4\u10e5\u10e2\u10e3\u10e0\u10d8 \u10e0\u10d4\u10da\u10d0\u10dd\u10d1\u10d8\u10d3\u10d0\u10dc \u10db\u10dd\u10d3\u10d8\u10e1, – \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10e3\u10e0\u10d8\u10e1\u10d9\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8, \u10d8\u10e1\u10d4 \u10d8\u10e1\u10e2\u10dd\u10e0\u10d8\u10e3\u10da\u10d8 \u10d1\u10d4\u10e2\u10d0 \u10d3\u10d0 \u10d8\u10e1\u10d4 \u10d1\u10d0\u10d6\u10e0\u10d8\u10e1 \u10e0\u10d8\u10e1\u10d9\u10d8\u10e1 \u10de\u10e0\u10d4\u10db\u10d8\u10e3\u10db\u10d8. \u10d0\u10da\u10e4\u10d0\u10e1 \u10e8\u10d4\u10db\u10dd\u10e2\u10d0\u10dc\u10d8\u10d7 \u10d5\u10d8\u10e6\u10d4\u10d1\u10d7 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10e1:
Real Rate = \u03b1 + Rf + \u03b2*(Rm – Rf)
\u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d0\u10d3,
\u03b1 = R \u2013 Rf\u00a0\u2013 \u03b2*(Rm-Rf)
\u10d7\u10e3 \u10d1\u10d0\u10d6\u10d0\u10e0\u10d8 \u10d4\u10e4\u10d4\u10e5\u10e2\u10e3\u10e0\u10d8\u10d0 \u10d3\u10d0 \u10d0\u10ee\u10d0\u10da \u10d8\u10dc\u10e4\u10dd\u10e0\u10db\u10d0\u10ea\u10d8\u10d0\u10d6\u10d4 \u10d0\u10ee\u10d3\u10d4\u10dc\u10e1 \u10db\u10e7\u10d8\u10e1\u10d8\u10d4\u10e0 \u10e0\u10d4\u10d0\u10d2\u10d8\u10e0\u10d4\u10d1\u10d0\u10e1, \u10db\u10d0\u10e8\u10d8\u10dc \u10d3\u10d0\u10d3\u10d4\u10d1\u10d8\u10d7 \u10d0\u10da\u10e4\u10d0\u10e1 \u10db\u10ee\u10dd\u10da\u10dd\u10d3 \u10d8\u10e1\u10d8\u10dc\u10d8 \u10d3\u10d0\u10d0\u10d2\u10d4\u10dc\u10d4\u10e0\u10d8\u10e0\u10d4\u10d1\u10d4\u10dc \u10d5\u10d8\u10dc\u10ea \u10db\u10e7\u10d8\u10e1\u10d8\u10d4\u10e0\u10d8 \u10d0\u10e0\u10d1\u10d8\u10e2\u10e0\u10d0\u10df\u10e1 \u10d0\u10ee\u10d4\u10e0\u10ee\u10d4\u10d1\u10e1. \u10d0\u10db\u10d8\u10e2\u10dd\u10db \u10d0\u10e5 \u10d0\u10e0 \u10d0\u10e0\u10e1\u10d4\u10d1\u10dd\u10d1\u10e1 \u10e0\u10d0\u10db\u10d4 \u10e1\u10d8\u10e1\u10e2\u10d4\u10db\u10e3\u10e0\u10d8 \u10e1\u10e2\u10e0\u10d0\u10e2\u10d4\u10d2\u10d8\u10d0, \u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10ea \u10d3\u10d0\u10d3\u10d4\u10d1\u10d8\u10d7 \u10d0\u10da\u10e4\u10d0\u10e1 \u10db\u10dd\u10d2\u10d5\u10ea\u10d4\u10db\u10e1. \u10e1\u10ee\u10d5\u10d0\u10d2\u10d5\u10d0\u10e0\u10d0\u10d3 \u10e3\u10dc\u10d3\u10d0 \u10d5\u10d7\u10e5\u10d5\u10d0\u10d7, \u10e0\u10dd\u10db \u10d1\u10d0\u10d6\u10e0\u10d8\u10e1 \u10d4\u10e4\u10d4\u10e5\u10e2\u10e3\u10e0\u10dd\u10d1\u10d0 \u10eb\u10d0\u10da\u10d8\u10d0\u10dc \u10e1\u10e3\u10e1\u10e2\u10d8\u10d0.
\u10d0\u10dc \u10e5\u10d8\u10dc\u10d4\u10d1 \u10d0\u10e0\u10d8\u10e1 \u10d9\u10d8\u10d3\u10d4\u10ea???
\u10e1\u10d0\u10e5\u10db\u10d4 \u10d8\u10db\u10d0\u10e8\u10d8\u10d0 \u10e0\u10dd\u10db \u10d0\u10e0\u10e1\u10d4\u10d1\u10dd\u10d1\u10e1 \u10e3\u10d0\u10db\u10e0\u10d0\u10d5\u10d8 \u10d4\u10e5\u10e1\u10de\u10d4\u10e0\u10e2\u10d8 \u10d3\u10d0 \u10e1\u10d0\u10e0\u10d4\u10d8\u10e2\u10d8\u10dc\u10d2\u10dd \u10e1\u10d8\u10e1\u10e2\u10d4\u10db\u10d0, \u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10ea \u10d0\u10db\u10d0\u10d7\u10e3\u10d8\u10db \u10d0\u10e5\u10ea\u10d8\u10d8\u10e1 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8\/\u10e8\u10d8\u10dc\u10d0\u10d2\u10d0\u10dc\u10d8 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d0\u10e1 \u10d2\u10d5\u10d7\u10d0\u10d5\u10d0\u10d6\u10dd\u10d1\u10e1. \u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10d0\u10d3 \u10d4\u10e0\u10d7-\u10d4\u10e0\u10d7\u10d8 \u10d0\u10d5\u10e2\u10dd\u10e0\u10d8\u10e2\u10d4\u10e2\u10e3\u10da\u10d8\u10d0 “\u10db\u10dd\u10e0\u10dc\u10d8\u10dc\u10d2\u10e1\u10e2\u10d0\u10e0\u10d8”, \u10e1\u10d0\u10d3\u10d0\u10ea \u10e8\u10d4\u10d2\u10d8\u10eb\u10da\u10d8\u10d0\u10d7 \u10d7\u10d5\u10d4\u10e8\u10d8 30 \u10d3\u10dd\u10da\u10d0\u10e0\u10d0\u10d3, \u10d0\u10e5\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10e0\u10d4\u10d8\u10e2\u10d8\u10dc\u10d2\u10d4\u10d1\u10d8\u10e1 \u10dc\u10d0\u10ee\u10d5\u10d0:
https:\/\/www.morningstar.com\/best-investments\/five-star-stocks<\/a>
\u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10d0\u10d3, 5 \u10d5\u10d0\u10e0\u10e1\u10d9\u10d5\u10da\u10d0\u10d5\u10d8\u10d0\u10dc\u10d8 \u10d0\u10e5\u10ea\u10d8\u10d0 \u10dc\u10d8\u10e8\u10dc\u10d0\u10d5\u10e1, \u10e0\u10dd\u10db \u10db\u10d8\u10e1\u10d8 \u10e1\u10d0\u10d1\u10d0\u10d6\u10e0\u10dd \u10e4\u10d0\u10e1\u10d8 \u10e8\u10d8\u10dc\u10d0\u10d2\u10d0\u10dc \u10e4\u10d0\u10e1\u10d7\u10d0\u10dc \u10e8\u10d4\u10d3\u10d0\u10e0\u10d4\u10d1\u10d8\u10d7 \u10eb\u10d0\u10da\u10d8\u10d0\u10dc \u10d2\u10d0\u10e3\u10e4\u10d0\u10e1\u10e3\u10e0\u10d4\u10d1\u10e3\u10da\u10d8\u10d0 \u10d3\u10d0 \u10e1\u10d0\u10d5\u10d0\u10e0\u10d0\u10e3\u10d3\u10dd\u10d3, \u10e0\u10d0\u10e6\u10d0\u10ea \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d8\u10e1 \u10e8\u10d4\u10db\u10d3\u10d4\u10d2 \u10d7\u10d0\u10d5\u10d8\u10e1 \u10dc\u10d0\u10db\u10d3\u10d5\u10d8\u10da \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0\u10e1 \u10d3\u10d0\u10e3\u10d1\u10e0\u10e3\u10dc\u10d3\u10d4\u10d1\u10d0… \u10de\u10e0\u10dd\u10d1\u10da\u10d4\u10db\u10d0 \u10d8\u10e1 \u10d0\u10e0\u10d8\u10e1 \u10e0\u10dd\u10db \u10d4\u10e1 “\u10e0\u10d0\u10e6\u10d0\u10ea \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d8” \u10d0\u10e0\u10d0\u10d5\u10d8\u10dc \u10d8\u10ea\u10d8\u10e1 \u10e0\u10d0\u10db\u10d3\u10d4\u10dc\u10d8 \u10ee\u10d0\u10dc\u10d8\u10d0, – \u10d9\u10d5\u10d8\u10e0\u10d0, \u10d7\u10d5\u10d4, \u10ec\u10d4\u10da\u10d8, \u10ec\u10da\u10d4\u10d1\u10d8?…
\u10d7\u10e3 \u10d1\u10d0\u10d6\u10d0\u10e0\u10d8 \u10d4\u10e4\u10d4\u10e5\u10e2\u10e3\u10e0\u10d8\u10d0 \u10d3\u10d0 \u10d4\u10e5\u10e1\u10de\u10d4\u10e0\u10e2\u10d8 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0 \u10d3\u10d0 \u10e1\u10e2\u10e0\u10d0\u10e2\u10d4\u10d2\u10d8\u10e3\u10da \u10db\u10dd\u10dc\u10d0\u10ea\u10d4\u10db\u10d4\u10d1\u10d6\u10d4 \u10d3\u10d0\u10e7\u10e0\u10d3\u10dc\u10dd\u10d1\u10d8\u10d7 \u10d0\u10ee\u10d3\u10d4\u10dc\u10e1 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d0\u10e1 – \u10db\u10d0\u10e8\u10d8\u10dc \u10d5\u10d0\u10e0\u10e1\u10d9\u10d5\u10da\u10d0\u10d5\u10d4\u10d1\u10d6\u10d4 \u10db\u10ec\u10e7\u10d8\u10e1\u10d8\u10d4\u10e0\u10d8 \u10e0\u10d4\u10d0\u10e5\u10ea\u10d8\u10d0 \u10e3\u10dc\u10d3\u10d0 \u10ee\u10d3\u10d4\u10d1\u10dd\u10d3\u10d4\u10e1 \u10d3\u10d0 \u10e1\u10d0\u10d1\u10d0\u10d6\u10e0\u10dd \u10e4\u10d0\u10e1\u10d8 \u10e8\u10d8\u10dc\u10d0\u10d2\u10d0\u10dc\u10e1 \u10e0\u10d4\u10d8\u10e2\u10d8\u10dc\u10d2\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e1\u10d5\u10da\u10d8\u10e1\u10d7\u10d0\u10dc\u10d0\u10d5\u10d4 \u10e3\u10dc\u10d3\u10d0 \u10e3\u10d1\u10e0\u10e3\u10dc\u10d3\u10d4\u10d1\u10dd\u10d3\u10d4\u10e1, \u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10d4\u10e1 \u10d0\u10e1\u10d4 \u10d0\u10e0 \u10ee\u10d3\u10d4\u10d1\u10d0…
\u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10e9\u10d0\u10dc\u10e1 \u10d1\u10d0\u10d6\u10e0\u10d8\u10e1 \u10db\u10dd\u10d7\u10d0\u10db\u10d0\u10e8\u10d4\u10d4\u10d1\u10d8\u10e1 \u10d8\u10e0\u10d0\u10ea\u10d8\u10dd\u10dc\u10d0\u10da\u10e3\u10e0\u10d8 \u10db\u10dd\u10da\u10dd\u10d3\u10d8\u10dc\u10d4\u10d1\u10d8 \u10ee\u10e8\u10d8\u10e0\u10d0\u10d3 \u10e0\u10d0\u10ea\u10d8\u10dc\u10dd\u10d0\u10da\u10e3\u10e0\u10d6\u10d4 \u10eb\u10da\u10d8\u10d4\u10e0\u10d8\u10d0. \u10d0\u10db\u10d8\u10e2\u10dd\u10db \u10e1\u10ec\u10dd\u10e0\u10d8 \u10d2\u10d0\u10d3\u10d0\u10ec\u10e7\u10d5\u10d4\u10e2\u10d8\u10da\u10d4\u10d1\u10d8\u10e1 \u10db\u10d8\u10e1\u10d0\u10e6\u10d4\u10d1\u10d0\u10d3 \u10d4\u10e5\u10e1\u10de\u10d4\u10e0\u10e2\u10e3\u10da\u10d8 \u10e0\u10d4\u10d8\u10e2\u10d8\u10dc\u10d2\u10d4\u10d1\u10d8 \u10e1\u10d0\u10d9\u10db\u10d0\u10e0\u10d8\u10e1\u10d8 \u10d0\u10e0 \u10d0\u10e0\u10d8\u10e1…<\/p>\n","protected":false},"excerpt":{"rendered":"