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8/4/2019 abbreviated portfolio: rachel m. horntvedt
http://slidepdf.com/reader/full/abbreviated-portfolio-rachel-m-horntvedt 1/13
8/4/2019 abbreviated portfolio: rachel m. horntvedt
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Xrczgkecep k``zc}}W;396 ]pkpc Fanf~kq ;>: E^ Jks`cppc GE 399:='666>
XrfoecW(:;6%0=0%2:>2
Xc'gkalW zkmfcl%fozepyc`pBngkal%mog
X~cj}apcW fppr4//~~~%zkmfclgfozepyc`p%mog
“agknaekpaoe a} pfc jcnaeeaen oi mzckpaen8 qos agknaec ~fkp qos `c}azc, qos ~all ~fkp qosagknaec ke` kp lk}p qos mzckpc~fkp qos ~all%‗ Xncoznc jczekz` }fk~W
fke` ̀ zk~e/zce`czc`4 nzkrfapc oe pzkmc rkrcz
jsal`aen jq k}}omakpaoe4gavc` s}c szjke fos}aen seap
lomkpc` ae Ikzno E@
8/4/2019 abbreviated portfolio: rachel m. horntvedt
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jsal`aen jq k}}omakpaoe4gavc` s}c szjke fos}aen seap
pfa} rzodcmp ~k} `c}anec` k} oec oi }av ae`aya`skl
layc/~ozh }pzsmpszc} aepce`c` po jc mogjaec` po
mzckpc k “jlomh‗ oi szjke fos}aen ae Ikzno E@ ~apf k
}fkzc` orce moggseapq moszpqkz`%
pfa} racmc oi pfc “jlomh‗ mogjaec} p~o }crkzkpc
fos}aen seap}, ke ae`crce`cep ~ozh }rkmc, k nzose`
lcycl zcpkal }rkmc ke` k }fkzc` osp`ooz }rkmc%
Xhcq~oz`} Wmoeecmpaoe}, yolsgc, gk}}/yoa`, goycgcep,
mogralkpaoe, aefkjapkpaoe
fke` `zk~e/zce`czc`4 nzkrfapc oe pzkmc rkrcz
jsal`aen jq k}}omakpaoe4gavc` s}c szjke fos}aen seap
lomkpc` ae Ikzno E@
8/4/2019 abbreviated portfolio: rachel m. horntvedt
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XzcW@SV4k`krpayc kzmfapcmpszc, zc's}c )gavc` s}c
lomkpc` ae Gal~kshcc ̂ A
zce`czaen oi moszpqkz`izog Eozpf }pkaz mozza`ozs}aen Kspo`c}h Zcyap
X z c W @ S V 4k`krpayc kzmfapcmpszczc's}c ) gavc` s}cAi ~c k} kzmfapcmp} looh po pfc rk}p po aeiozgosz `c}ane `cma}aoe}8 ~fkp agrlamkpaoe} `oc} kjsal`aen‑} fa}pozq/rk}p fkyc oe ap} ispszc s}c?
pfc kag oi pfa} rzodcmp ~k} po `cyclor k zc}roe}c po
pfc rzcyaos} {sc}paoe pfzosnf pfc gavc` s}c zc'
`cyclorgcep oi k jsala`en lomkpc` ae Gal~kshcc,
^a}moe}ae‑} Rkj}p Jzc~czq mogrlcv% pfc rzodcmp ~all
}czyc po mzckpc k }s}pkaekjlc ecanfjozfoo` pfkp ~all
ro}apayclq aeilsmcemc pfc ceyazoegcep, pfc rcorlc
~fo layc ke`/oz ~ozh pfczc ke` pfc iaekemakl }smmc}}
oi pfc ec~lq mzckpc` cmoeogq ae ~famf ap cva}p}%
Xhcq~oz`} Wk`krpayc zc's}c, gavc` s}c, pzke}apaoekl kzmfapcmpszc,
zc'`cyclorgcep, k`krpkjlc kzmfapcmpszc
8/4/2019 abbreviated portfolio: rachel m. horntvedt
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ms}pog mszpkae ~kll ke` }se }fk`aenmzckpc` s}aen Kspo`c}h Zcyap
ms}pog ikgalac}4mszpkae ~kll )}se }fk`aen
XzcW@SV4 k`krpayc kzmfapcmpszc, zc's}c ) gavc` s}cX z c W @ S V 4k`krpayc kzmfapcmpszczc's}c ) gavc` s}c“pfc ‖ol`‑ jsal`aen%%%a} k zc}czyoaz oi cecznq% po
`cgola}f ap ~all zc{sazc k``apaoekl cecznq% pfcec~ jsal`aen rzoro}c` po jc jsalp ae ap} rlkmc ~allzc{sazc }pall gozc cecznq%‗
'dkgc} gkz}poe iapmf
ae pfc rk}p, jsal`aen moeycz}aoe oipce pooh rlkmc
~apfosp zcnkz` ioz pfc fa}pozq oi pfc “mfkzkmpcz‗ oi
pfc }pzsmpszc% po`kq, `cma`aen ~fkp po }kyc ke` ~fkp
po `o ~apf pfc jsal`aen} ~c `o }kyc kzc ds}p pfc iaz}p
}pcr}% ~c gs}p kl}o jc k~kzc oi fo~ smf ~c mke
mfkenc k jsal`aen jciozc ap lo}c} pfc yczq {sklapac} ~c
}cp osp po rzc}czyc%
Xhcq~oz`} Wk`krpayc zc's}c, gavc` s}c, pzke}apaoekl kzmfapcmpszc,
zc'`cyclorgcep, k`krpkjlc kzmfapcmpszc
8/4/2019 abbreviated portfolio: rachel m. horntvedt
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zce`czaen oi }ospf ikmk`cs}aen Kspo`c}h Zcyap
moepcvp, lagap}, mzckpayapq400 ~c}p moenzc}} `c}ane mogrlcvlomkpc` ae Mfamkno AL
moepcvp, lagap}, mzckpayapq4
00 ~c}p moenzc}} `c}ane mogrlcvlomkpc` ae Mfamkno, Allaeoa}, oe k ekzzo~ }apc kloen
pfc ^c}p Moenzc}} Rkzh~kq, k`dkmcep po pfc Mfamkno
Rsjlam Lajzkzq, pfc 00 ^c}p Moenzc}} @c}ane
Mogrlcv ~k} `c}anec` k} k gslpa'`agce}aoekl }rkmc
pfkp jzaen} poncpfcz }cyczkl ̀ c}ane }rcmaklapac} aepo
oec jsal`aen%
Xhcq~oz`} Wgkpczklapq, mogro}apaoe, lomklapq, isempaoe
8/4/2019 abbreviated portfolio: rachel m. horntvedt
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moepcvp, lagap}, mzckpayapq400 ~c}p moenzc}} `c}ane mogrlcv
pfc }agrlamapq oi pfc ekpszkl gkpczakl} s}c` ae pfa}
rzodcmp &rlq~oo` rkecl}, moemzcpc, morrcz rkecl} ke`
}pccl! mzckpc k go`cze moepzk}p po pfc ol` jzamh oi pfc
cva}paen jsal`aen‑} pfkp }szzose` pfc }apc% pfc mfkenc
oi gkpczakl izog oec rozpaoe oi pfc jsal`aen po pfc
ecvp a} kl}o zcrzc}cepkpayc oi pfc gslparlc `c}ane
`a}marlaec} lomkpc` ~apfae%
Xhcq~oz`} Wgkpczklapq, mogro}apaoe, lomklapq, isempaoe
moepcvp, lagap}, mzckpayapq400 ~c}p moenzc}} `c}ane mogrlcv
lomkpc` ae Mfamkno AL
}ospf clcykpaoe ~apf }fk`o~}mzckpc` s}aen Kspo`c}h Zcyap
~c}p clcykpaoe ~apf }fk`o~}mzckpc` s}aen Kspo`c}h Zcyap
l
8/4/2019 abbreviated portfolio: rachel m. horntvedt
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fke` ̀ zk~e }cmpaoe}/clcykpaoe} oi jk`a mfksrkz4 aeh oe rkrcz
mkpklq}p4ke szjke zc'`c}ane oi jk`a mfksrkz
lomkpc` ae Dkarsz, Ae`ak
m k p k l q } p 4ke szjke zc'`c}ane oi jk`a mfksrkzJk`a Mfksrkz a} lomkpc` Eozpf oi ]kenkecza Nkpc, kp
pfc aepcz}cmpaoe oi Dofkza ke` Pzarolak Jktkkz}%
Pfa} rzodcmp ~k} `c}ane po zc}roe` po pfc {sc}paoe4
Ai pfc }rkmc ~apfae Jk`a Mfksrkz a} zc'`c}anec`,~osl` ap kmp k} k mkpklq}p ke` lck` po pfc zc'`c}ane oi Mfopa Mfksrkz po pfc ^c}p ke`Zkgnked Mfksrkz po pfc Ck}p?
Xhcq~oz`} Wmazmslkpaoe, ciiamacemq, fa}pozq, mfkzkmpcz, rzogaekemc
a 4 j a `a
8/4/2019 abbreviated portfolio: rachel m. horntvedt
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`anapkl gkr mzckpc` s}aen K`ojc Alls}pzkpoz
gkrraen4 ke szjke ae`akmzckpaen ke se`cz}pke`aen oi szjkea}g
lomkpc` ae Dkarsz, Ae`ak
gkrraen4 ke szjke ae`akmzckpaen ke se`cz}pke`aen oi szjkea}g
k} A jcnke po ya}ap pfc ol` mapq ke` jcmogc ikgalakz
~apf pfc rlkmc ~apfae pfc ~kll}, A }pkzpc` po looh ioz
~kq} po lomkpc gq}cli ~apfae pfa} rlkmc% A kl}o jcnkepo iozgslkpc k ~kq pfzosnf ~famf A mosl` jcnae po
se`cz}pke` pfc rlkmc }o pfkp A mosl` goyc pfzosnf
ap ~apfosp {sc}paoe k} po ai A ~k} noaen ae pfc zanfp
`azcmpaoe%
k} k ~kq oi lomkpaen gq}cli ke` se`cz}pke`
pfc zclkpaoe}far jcp~cce ̀ aiiczcep roaep} ae gq
}szzose`aen}, A jcnke po gkr gq pzar} ~apfae pfc
~kll} oi pfc ol` mapq%
Xhcq~oz`} Wgcgozq, goycgcep, zcrcpapaoe, lke`gkzh}
}ke izkema}mo }hq za}c4
8/4/2019 abbreviated portfolio: rachel m. horntvedt
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}ke izkema}mo }hq'za}c4;32 );3; fo~kz`lomkpc` ae ]ke Izkema}mo MK
zce`czaen oi jlkmh jsal`aen gkzhcp }rkmc s}aen Kspo`c}h Zcyap
}ke izkema}mo }hq'za}c4;32 ke` ;3; fo~kz`k mollkjozkpayc rzodcmp ~apf Gkppfc~ D Izac}t
ae ke kzck oi zse'`o~e `cmoe}pzsmpaoe, pfa} rzodcmp~k} `c}anec` ~apf pfc aepcep po rzoya`c pfc Iol}og
]pzccp ke` Gkae ]pzccp ecanfjozfoo` ~apf ec~
orrozpseapac} ioz zc}a`cepakl layaen pfzosnf lo~'
zcep krkzpgcep ikmalapac} ke` pfc iozgkpaoe oi rsjlam
fos}aen oz rsjlam'}fclpcz'pqrc zc}oszmc}%
k``apaoekllq, k mslaekzq }mfool, k izc}f ioo`} gkzhcp,
zc}pkszkep} ke` zcpkal ~czc aemozrozkpc` ae forc} oi
zcyapklataen rsjlam moggczmc ae pfc kzck%
Xhcq~oz`} Waepcnzkpaoe, zc}a`cepakl, gavc`'s}c, ̀ aycz}apq,
`cgonzkrfam}, szjke zcec~kl
rfq}amkl go`claen4
8/4/2019 abbreviated portfolio: rachel m. horntvedt
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rfq}amkl go`claen4}pzsmpszkl ke` moepcvpskl go`cl}}ke izkema}mo }hq'za}c4 ;32 ) ;3; fo~kz`
}pzsmpszkl go`cl} ~czc
k}}cgjlc` kipcz racmc}
~czc msp oe k lk}cz msppcz
moepcvp go`cl ~k} jsalp
s}aen ;22# zcmqmlc`
gkpczakl}
}ke izkema}mo }hq'za}c4
;32 ke` ;3; fo~kz`k mollkjozkpayc rzodcmp ~apf Gkppfc~ D Izac}t
pfc `c}ane oi pfa} rzodcmp ~k} aepce`c` po jzckh k~kq
izog pzk`apaoekl a`ck} oi fanf za}c jcaen izog pfc
nzose` sr ke`, zkpfcz, looh kp iozg k} pfc aepcnzkpaoe
jcp~cce }hq ke` nzose` mollcmpayclq%
Xhcq~oz`} W
aepcnzkpaoe, zc}a`cepakl, gavc`'s}c, `aycz}apq,`cgonzkrfam}, szjke zcec~kl
fa}pozq zcaeycepc`4
8/4/2019 abbreviated portfolio: rachel m. horntvedt
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fa}pozq zcaeycepc`4rcziozgkemc )zcmcrpaoe }rkmc
lomkpc` eckz Ec~ Lcjkeoe EQ
zce`czaen oi }pknc izog jklmoeq s}aen Kspo`c}h Zcyap
fa}pozq zcaeycepc`4rcziozgkemc ) zcmcrpaoe }rkmc
lomkpc` ds}p po pfc Eozpf oi pfc @kzzo~ ]mfool ke`
oelq k }fozp `zayc izog Pkenlc~oo`, pfc Jo}poe
]qgrfoeq Ozmfc}pzk‑} }sggcz fogc, pfa} rzodcmp
~k} `c}anec` po spalatc pfc zcgkae} oi k lkznc }fkhcz
jkze, }cp ae pfc fall} oi sr}pkpc Ec~ Qozh, po mzckpc
pfc rczicmp }cppaen ioz k rcziozgkemc ke` zcmcrpaoe
}rkmc%
Xhcq~oz`} W}ce}apayapq, cvrzc}}aoe, isempaoeklapq, gkpczaklapq,
rzc}czykpaoe, zc'rszro}aen