Inotengesa Zvakanakisisa Inowanikwa Munzvimbo Dzakawanda Dzakawanda

Fodya, Pharmaceutical, & Consumer Staples Akaita Kuti Uve Akapfuma Pamakore Anopfuura 50 Makore

Chimwe chezvikomborero zvekuve murima mune zvemazana emakore makumi maviri nemazana ari nemazana emakore emadhaka emabhizimisi ematengesi kuti aongorore kwete muUnited States chete kunze kwenyika yose. Kune rimwe basa rakanaka kwazvo mubazi rega rega uye richibuda kuchikoro ichicherechedza izvo, kunyanya, zvikwereti zvakanakisisa zvekutenga kwenguva yakareba umiridzi zvakafanana.

Zvinotarisa kuti munyaya iyi, makambani anoita "zvakanakisisa" mazita haasi panjodzi dzose.

Dzimwe hupfumi huri nehupfumi, hwepamutemo, uye hwemagariro hunoita kuti zvive nyore kuti zvikamu mukati mazvo zviwedzere mari pamitengo yepamusoro pamusoro pevhareji, zvichiita kuti vashandi vakawanda vadzoke zvakare kunyange apo mutengo wekutanga -kusvika-kuwanikwa uwandu hauiti zvakanyanya. Izvi zvinoreva kuti zvikwereti zvakadzoka zvakanyanya zvakapoteredzwa zvakapoteredza chikamu chiduku chehupfumi hwose, zvichiita gore rimwe chete-kushanda kwe1% kusvika ku5%, iyo inowedzera kupfuma kusiyanisa pane nguva 10, 25, 50, kana mamwe makore.

Muchikamu chino, tichatarisa zvimwe zvezvakawanikwa mutariro yekuziva izvo zvakachengetedzwa zvekutengesa zvave zviripo, tinogona kunzwisisa zviri nani kutaridzika kwehutano nekugadziridza chikwereti kune vashandi venguva refu .

MuUnited States, Nzvimbo Dzakanakisisa dzekutenga dzave dzakapoteredza Hofodya, Pharmaceuticals, uye Consumer Staples

Mubhuku rake rakatengesa zvakadzama rinotsanangura kuti nei mabhesi aunogona kuwana mumasitoreguru ako nababa vako vari nguva dzose inobatsira zvikuru pane zvinotyisa zvezuva, purofesa weWharton Business School Dr. Jeremy J.

Siegel, wandakanyora pamusoro penguva dzakawanda munguva yakapfuura, akatsvakisisa kuunganidza kwekutanga mari ye $ 1 000, uye zvikwereti zvinowanikwazve , kuiswa mune imwe neimwe yeS & P 50 0 makambani anoramba aripo pakati pe 1957, apo nhamba yacho yakasimbiswa, uye 2003 , paakatanga kutora zvaakawana.

(Zvikwereti zvakajeka zvakakura zvakakosha zvikuru kubva panguva iyoyo saka zviyero zvaizove zvakakwirira nhasi.Asi zvakadaro, zvichiri kubatsira kutarisa mhinduro dzake.)

Akabva aongorora makambani makuru makumi maviri, ayo aimiririra zvikwereti zvakanakisisa zvekutenga - iyo 4% yepakutanga S & P 500 - kana iwe wakanyatsotarisa kuona kuedza nekuona kuti chii chakaita kuti vakwaniswe zvakasiyana. Iwe unogona kutarisira nemhando dzakasiyana-siyana dzekambani dzinoshanda panguva iyoyo, ungadai wakaguma nebhizimisi kubva kubva kumigwagwa kuenda kune vanofamba ngarava. Hapana chingave chiri mberi kubva kuchokwadi. Kuisa muzvinyorwa zvenyika, kubva muna 1957 kusvika muna 2003, chikamu chekutanga che $ 1 000 chakazopedzisira chava:

1. Firipi Morris - Fodya - $ 4,626,402 - 19.75% CAGR
2. Abbott Labs - Pharmaceuticals - $ 1,281,335 - 16.51% CAGR
3. Bristol-Myers Squibb - Mishonga - $ 1,209,445 - 16.36% CAGR
4. Tootsie Roll Industries - Zvokudya Zvokushandisa - $ 1,090,955 - 16.11% CAGR
5. Pfizer - Pharmaceuticals - $ 1,054,823 - 16.03% CAGR
6. Coca-Cola - Zvokushandisa Zvokushandisa - $ 1,051,646 - 16.02% CAGR
7. Merck - Pharmaceuticals - $ 1,003,410 - 15.90% CAGR
8. PepsiCo - Zvigadzirwa zvevatengi - $ 866,068 - 15.54% CAGR
9. Colgate-Palmolive - Zvokushandisa Zvokushandisa - $ 761,163 - 15.22% CAGR
10. Crane - Industrial - $ 736,796 - 15.14%

1. HJ Heinz - Zvokudya Zvokushandisa - $ 635,988 - 14.78% CAGR
2. Wrigley - Consumer Staples - $ 603,877 - 14.65% CAGR
3. Fortune Brands - Tobiti uye Zvokushandisa Zvokushandisa - $ 580,025 - 14.55% CAGR
4. Kroger - Retail - $ 546,793 - 14.41% CAGR
5. Kuchera-Murima - Mishonga - $ 537,050 - 14.36% CAGR
6. Procter & Gamble - Zvigadzirwa zveVashandi - $ 513,752 - 14.26% CAGR
7. Hershey - Zvigadzirwa zvevatengi - $ 507,001 - 14.22% CAGR
8. Wyeth - Pharmaceuticals - $ 461,186 - 13.99%
9. Royal Dutch Petroleum - Oiri - $ 398,837 - 13.64%
10. General Mills - Zvokudya Zvokushandisa - $ 388,425 - 13,58% CAGR

Izvi zvinoreva kuti 18 yepamusoro 20 inoita S & P 500 yepakutanga, kana 90%, yakabva kune zvikamu zvitatu zvakanyanyisa zvehupfumi hwose: Fodya, Consumer Staples, uye Pharmaceuticals. Izvozvo zvinotarisirwa.

Nei Mahedheni Aya Achibudirira?

Chii chinoita kuti izvi zviitike?

Fodya yaiva imwe nyaya inonakidza yekubatanidza simba rakawandisa remutengo, kudzoka kukuru pamusoro, kugadzirwa kwemishonga, uye kugoverana kwekutengeswa nehondo iyo Federal nehurumende dzehurumende dzakabatanidzwa mumafemu, pamwe chete nehuipi hwakanzwisisika hwebhizimisi (mu mhuri yega, pasinei nokuti kutengeswa kwefodya kunotora sei nguva nenguva, dzimwe nhengo dzisingatenderi kuti ndiwedzere chero pazvikwata zvavo). Nguva dzose isingabhadharwi, vashandi vakarima zvikwereti zvavo mune mamwe mashomanana vakaunganidza mamwe mashomanana muchikwata chinokurumidza kusvika gumi mushure memakore gumi, vachigadziriswa nechokwadi chokuti makambani aya akabhadhara zvikuru akanga asina kufarira zvikonzero zvevanhu. (MuUnited Kingdom, doro raive rakaenzana, richipwanya zvinhu zvose.Icho chakanga chave chave chiri muUnited States asi hatingazombozivi nekuda kwekudziviswa kunoshandura nzvimbo yebhizimisi.)

Vatengi vezvokudya nemishonga, kune rumwe rutivi, vaifarira kunakidzwa nezvimwe zvikomborero zvakakura zvinowanikwa mumabhizimisi emhando inoita kuti zvive zvakakosha zvemichina:

• Nzvimbo dzakanakisisa dzekutenga dzinogadzira chigadzirwa chisingawanikwi nemumwe munhu zvinobva chapa chigadzirwa ichocho achishandisa nzira dzakanakisisa dzekuparadzira nzira. Izvi zvinokonzera kuoma-ku-kudzokorora mararamiro ekuyera. Chigadzirwa chacho chinodzivirirwa nekutengeserana, zvibvumirano, uye kodzero dzekodzero, zvichibvumira kambani kuti iwane mutengo wakakwirira kudarika iyo zvingaita, kuwedzeredza hutano hwakanaka sezvo hunoita hukodhi hwemari inoshandiswa iyo inogona kushandiswa pakushambadzira, kutengesa, kubhadhara, uye kuendesa mberi. Vanhu vazhinji havanosviki nehockoff Hershey bar kana kuti Coca-Cola bhodhoro. Vanoda chinhu chaicho, nekutengesa mutengo kuva muduku zvakakwana pasina hurumende yekutengeserana-pane imwechete-mutengesi.
• Nzvimbo dzakanakisisa dzekutenga dzine mabhizimisi akasimba anovabvumira kutarisana nemhepo yese yemhepo inogona kuitika. Izvi zvinoderedza mari yavo yakawanda yemari.
• Nzvimbo dzakanakisisa dzekutenga dzinoita zvakakwirira zvakanyanya-kupfuura-yevhareji yekudzoka kune mari inoshandiswa, uyewo kudzoka kwehutano .
• Nzvimbo dzakanakisisa dzekutenga kutenga zvisina kufanira dzine nhoroondo yekubhadhara zvikwereti zvinowedzera, izvo zvinoita kuti ruzivo rukuru ruvepo pakuronga. Kunyangwe zvisingabatsiri, zvakanyanya kuoma kudarika pamusoro pezvinhu zvinodhura kana zvikwata zvepamusoro kana iwe uchifanira kutumira chikamu chikamu chemari kunze kwemukova kune vadzidzisi kwega roga. Ichokwadi, pamusika-kuongorora kwehutano, hukama hwakanyatsojeka iwe unogona kugovera mashizha ose mu quintiles uye kunyatsofanotaura kudzoka kwese kunobva pane zvikamu zvekugovera . (Izvi zvinoratidzika zvakasimba, chikamu chekugovera zvikwata sekirasi inoita zviri nani-kupfuura-inoshandiswa kutenga-and-hold investment.)
• Pamusoro pezvinhu izvi zvose (uye chete apo vamwe varipo), yakachengetwa kutenga nguva yakawanda inenge yava pedyo nekugadzirisa zvakakwana kwemaoko avo emakambani kana, kana zvakanyanya, inoshanda sechikamu chechipiri kana triumvirate.

Zvinofadza kuti mamiriyoni makumi maviri ezvinyorwa zvepamusoro pezvenyo iyo yakabva yakabatanidzwa mune mamwe makambani ane simba, akawanda anobatsira. Izvi zvinofanira kusimbisa zvinyorwa zvavo kuenda mberi:

• Firipi Morris akarovera Kraft Foods divi, iro rakabva razviparadzanisa muzvikwata zviviri. Imwe yemakambani aya, Kraft Foods Group, yakashuma mazuva mashoma akapfuura ichibatanidza naHJ Heinz. Bhizimisi idzva richanzi Kraft-Heinz.
• Wyeth akawanikwa naPfizer.
• Kuchera-Plow uye Merck vakaungana, vachitora zita rekupedzisira.

Sezvo zvinonakidza, mazhinji emabhizimisi aya aive akakura, mazita emhuri zvakare muma1950. Coke naPepsi pakati pavo vaibata guru-guru pamagetsi ose emusika muka carbonated beverage category. Procter & Gamble neColgate-Palmolive vaironga nzvimbo dzezvokudya zvekutengesa, zvigadzirwa zvekare, nezvimwe zvitoro zvekutengesa. Hershey, Tootsie Roll, naWrigley, pamwe chete nevevamwe vakasunga Mars Candy, vaiva vatanishe mumunda wavo, kwenguva yakareba vachigadza kutonga mumakona avo ekugadzirira, chocolate, candy, uye gum industries. Royal Dutch yaiva imwe yemakambani makuru emafuta panyika. (Chikamu chinyorwa: Mamwe mafiera mafuta akaitawo zvakanyanya, asi akawira pasi pfupi nepamusoro 20. Kutambura kutaura, iwe ungadai wakavaka pfuma zhinji iwe waive nawo.) HJ Heinz akanga ari ketchup mambo kubva kuma1800 pasina mupikisano wakakomba mumaziso. Firipi Morris, pamwe chete nemidzanga yayo yeMarlboro, uye Fortune Brands (iyo yainzi inonzi Gufodya yeAmerica), pamwe neRucky Strike cigarettes, yakanga yakawanda. Munhu wese ari munyika iyo ainyatsoteerera akaziva kuti vakadhinda mari.

Izvi zvakanga zvisina ngozi-iyo-yose-on-a-startup enterprises. Izvo zvakanga zvisina kutanga zvipo zvepachena zvaive zvichitumirwa nevanyori vatsva. Aya aiva makambani chaiwo, achiita mari chaiye, kazhinji aive mubhizimisi kune izvo zvaiva panguva iyoyo pakati pemakore 75 ne150. Pfizer yakatangwa muna 1849. Merck yakagadzwa muna 1891 sechikamu chechiGermany gikuru Merck, iyo yakatangwa muna 1668. Heinz akanga ave mubhizinesi kubvira muna 1869, achitengesa mbesa dzakabikwa, zvinotapira zvinotapira, uye ketchup kuvanhu. Hershey akatanga hupenyu hwaro hwehupenyu muna 1894; PepsiCo muna 1893; Coca-Cola muna 1886; Colgate-Palmolive muna 1806. Iwe hauna kuvhara zvakadzama mukati me-the-counter listings kuti uzviwane, idzi dzaiva makambani anenge anenge ari munhu wose ari muUnited States aiziva uye aikwanisa kuratidza zvakananga kana zvisina kunaka. Zvakanga zvakanyorwa pamusoro peNew York Times . Vakamhanyira terevhizheni yenyika, redhiyo, uye mabhuku emagazini.

Dzimwe dzeZvitsa Zvakanakisisa Zvokutenga dzakanga dzisingabatanidzwi muRwinyorwa Nokuda kweBuroutsouts uye Kusiyanisa Kwemisi

Cherechedza kuti urongwa uhwu hwakanga huri kune dzimwe nhengo dzepakutanga dzeS & P 500 dzakaramba dzichipona semabhizimisi evanhu kana Siegel akanyora kutsvakurudza kwake. Paunotarisa kune dzimwe makambani anoita zvepamusoro pamusoro pezvizvarwa zvishomanana zvakapfuura izvo zvisiri pamutambo iwoyo, mamwe acho aivewo ane mari yakawanda uye aigona kunge akabatanidzwa kana nzira yacho yakanga yachinja zvishoma. Chikamu chechikonzero chavakanga vasina kuita nemitemo ine simba S & P yakashandiswa panguva yekugadzwa. Pakutanga, inogona kungobata vashandi 425, vashandi 60, uye 15 zviteshi zvezvitima. Nzvimbo dzose dzehupfumi dzakange dzakapfigwa, kusanganisira mari uye mabhanga emabhangi , ayo aisazobatanidzwa mumusika wekutengeswa kwemari kune imwe makore makumi emakore! Izvozvo zvinoreva, dzimwe nguva, bhizimisi guru vanhu vose vaiziva uye iyo yakaita mari yakawanda yakasara kubva pakurongwa kuti izere vota pane imwe nzvimbo. Mazana emabhizimisi akabhadhara akabatwawo voga musati wasvika musi wekupedzisira wa2003 mukutsvakurudza kwaSiegel, saka kusvibiswa kwakabviswa kubva pakufungisisa.

Ngatishandise Clorox semufananidzo. Iyo giant bleach inofanana neyemamwe makambani makuru-ekugadzirisa - kwakanga kusina zvakawanda zvebhizimisi mabhizimusi makuru ekushanda panguva iyoyo uye inenge mhuri imwe neimwe muUnited States yaiziva, kana yakashandiswa, michina yaClorox - asi yakatengwa neMutter & Gamble muna 1957. Mushure memakore gumi-anti-trust trust, Supreme Court yakarayira kuti iparadzwe semabhizimisi akazvimiririra muna 1967. Musi waJanuary 1, 1969, yakava yerima-yoga, inotengeswa pachena bhizinesi, zvakare. Mumwe munhu akatenga chikamu chemuchengeti we bleach angadai akachibvisa kunze kwepaki, achiparadza zvachose mutengesi wemabhizimisi pamwe chete nevatengi vezvokudya zveboka revanhu uye akagara pane urongwa uhwu dai zvaisava zvisingakwanisi kwemakore gumi nemaviri apakutanga. Clorox inofadza zvikuru zvokuti munguva yakazara ini ini ndakaberekerwa kumavambo kwema1980 sengo yaive inenge inenge $ 1 per share muzvinyorwa zvakagadziriswa. Nhasi, iri pa $ 110 + nehafu uye iwe unenge waunganidza imwe $ 31 + per share mumari inowanikwa mumugwagwa kuti uwane $ 141 + yakawanda. Kudzokorora manzwiro andakava nawo kakawanda, hauzombofi uchinzwa nezvazvo pane imwe nguva yemabiko. Pasinei ne141-kusvika-1 zvakakosha, vanhu havana hanya nekuti zvakatora makore anenge 35 kuti zvibudirire. Vanoda mhando dzemabhiza uye pfuma pfupi. Kudyara mari yakaenzana nemiti yemouki haisi iyo maitiro avo.

Saizvozvowo, McCormick, uyo akanga aripo kubva muna 1889 uye akanga ari mambo asingazivikanwi pamusika weAmerica, haana kuwedzerwa kune S & P 500 kusvikira - zvizvisungire iwe pachako-gore ra2012. Nokudaro, pasinei nekushanda kunoshamisa uye uine inenge yakafanana nehupfumi hunoita semamwe mabhizimusi anokunda - hutano hukuru kune huwandu, kuzivikanwa kwezita remhuri, mugove wemusika wakakura iwe unogona kuita kaviri-kutora, bhadha rakasimba, zvikwangwani zvekutengeserana, mabhizimisi, uye zvinyorwa zvitsva, kugoverwa kwepasi rose kwakapa mari yakawanda inobatsira - yakanga isina kukodzera kuiswa. Chigumisiro chinosuruvarisa cheizvi ndechekuti kukwirira kwayo-kuwedzerwa hakuwanikwi pakati peiyi data yakagadzirirwa.

Dambudziko rekutsvaga muThisheni

Zvakanaka ikozvino, ungangodaro unofunga kuti sei maikorotiya mashamba asina kuita urongwa. Kusiyana nemabhizimisi akadai sezvokudya zvevashambadziri, uko vazhinji vezvikwata zvinotungamirira zvinowedzera pane zvinogutsa kana zvakanyanya kwazvo, maitirwo, teknolojia ndiyo nzvimbo inosvika-kana-isina. Bhizimisi rinoshamisa rinobatsira, rakafanana neMySpace, rinogona kuparara pakati peusiku sezvo richirasikirwa kumwana mutsva pachivako, Facebook. Pamusoro peizvi, pane zvakajeka, zvidzidzo zvepamusoro-dzidzo zvevatengesi vanobhadhara zvakawanda zvezvinhu zvavo zvekugadzirwa kwezvinhu, zvichiita kuti zvinyorwa zvitsva zveimwe makambani pane dzimwe nguva.

Pupurira kuburitsa-dot-com apo Nasdaq yakabva kubva pachirongwa chayo 5,046.85 (yakasvika kusvika 5132.52 mukati maMarch 10, 2000) kusvika pasi inofungidzirwa ye1114.11 panaOctober 9, 2002. Zvakatora makore gumi nemashanu, kusvika munaMarch 2015 , nokuda kwechiratidzo chemazana mashanu kuti chizosvika, zvakare. Kunyanya kuipa, iyo NASDAQ , kusiyana nemamwe mazai emakisi emabhizimisi, ane zvishoma kudarika-muganhu wekugoverwa kwezvibereko, zvinoreva kuti kudzoka kwakakwana kwakanga kusina kunaka.

Kuisa mari mune teknolojia inoda kuve yakachenjera uye dzimwe nguva inofara. Seboka, mukana wekuti imwe yakasimba inoshanda zvakanaka yakaderera kupfuura iyo ye soda, candy bar, bleach, uye makambani esazini ehari ayo ave ari mune bhizinesi kwemazana matatu emakore akasiyana uye haana kumbochinja. Asi, kana ukawana mukana unoshamisa unofamba zvakanaka, wakadai saMicrosoft, kunyange nzvimbo shomanana inogona kuchinja hupenyu hwako nokusingaperi. Fungidzira iwe usina ruzivo rwakakwana kuti uise maoko ako kune imwe yezvikamu muPO asi nguva isati yava pedyo nemusika musi waMarch 13, 1986, wakatenga madhora 1 000 ematengo. Iwe ungadai uine zvakawanda nhasi? Tichifunga kuti hapana chikamu chekugadziriswa, makore makumi maviri nemashanu gare gare muna 2015, iwe unenge uine $ 421,582 yezvokudya uye $ 102,572 inokosha yemari yemari inokwidziridzirwa yakawanda ye $ 524 154. Zvakatora makore masere kudarika makumi matatu ekurova mamwe mahombekiti anoita zvepamusoro ekutanga S & P pane zvakawanda, nguva yakareba kwenguva refu. Icho ndicho chivimbiso chinofadza vanhu mu teknolojia yekugadzira .

Zvizhinji zveZvitsa Zvakaipisisa Zvokutenga Zvaive Zvimwe Zvimwe

Iye zvino zvatakambotaura pamusoro pezvikwata zvakanakisisa zvokutenga, zvekare, zvakadini nezvakasiyana nemagumo emitambo? Kana iwe uchitarisa wreckage yemakambani akafamba-famba kana akadzoka zvishomanana kudarika kuwedzera kwekutengesa uye mitero, mapepa anobuda zvakare. Kunyangwe kune nguva dzose njodzi dzakasimba-dzakananga apo makambani akanaka anotorwa pasi nekusava nekutarisa (semuenzaniso, AIG, Lehman Brothers), haugoni kufanotaura chinhu ichocho. Pano, tiri kutaura nezvenyaya dzezvematongerwo enyika mune dzimwe makambani anoita kuti mashizha aya, seakazara, asingafadzi zvikuru kwenguva refu. Hasi marudzi ose ebhizimusi anogona kuva mari yekutsvaga-uye-kubata asi mabhizimisi aya akaipa anogona kuita maitiro akanaka emabasa. Aya makambani e-parati anowanzo:

• Iva nehomwe huru yemari inotarisirwa iyo inovaisa pamatambudziko makuru mumamiriro ekuderera kwezvinhu
• Iva nemari yakasarudzwa yekushandisa muenzaniso inosanganisira yakawanda yepakutanga mari dzinoda kubhadhara pasinei nemari yemari
• Ita zvishoma kune simba risina mari, rinowanzokwikwidza pamusana pemutengo pamwe chete nevakwikwi vari muchikepe chimwe chete. Izvi zvinotungamirira kumhangemutange-kusvika-pasi-uye kusingadzivisi kurwisana-kwe-kupona. Mune zvimwe zviitiko, kufambira mberi kwekubudirira-kukwikwidza-kubhadhara kedare kunodzokorora kakawanda, zvakare, kwemakore gumi kana kupfuura.
• Ita purogiramu shoma yekushandisa pabasa rose rakabatanidzwa nepamusoro-unyanzvi yevashandi izvo zvinoita kuti vashandi vave nekwanisi yekubatana pamwe chete kana kudzivisa kushandura, kutora chikamu chikuru chedzo
• Inotungamirirwa nehomas-uye-busts
• Vari kushungurudzika kuchinja kwekombiyuta

Kunyange zvazvo zvikwereti zvakanakisisa zvekutenga zvinoumbwa zvisina kufanira zvevashandi vezvokudya, mazvipatara , uye fikisi, fuma yakawanda yekutenga inoderedzwa nemidziyo yesimbi, aluminium, mafirigi, uye vanovaka zvikepe.

Kuedza Kuziva Zvakanaka Zvokutenga Zvokutenga Kwemakore 50 Anotevera

Maitiro akanaka ndeokuti, kufanana nevanhu vakawanda, haugone kuziva Microsoft inotevera kana Apple. Panyaya iyi, kunyatsogadzirira ramangwana ndiro rakapfuura. Izvochete masimba emari anoita kuti mamwe makambani anobatsire uye achiita kuti vamwe varwisana achiripo zvakanyanya zvakaenzana nezvavakanga vari muna 1957 apo yakatanga S & P 500 yakabudiswa. Inonyanya kubhadhara mari, mazita emakambani anotonga chikamu chavo chemusika uye haasi pasi pekugadzirwa kwemagetsi kuhuwandu kune dzimwe makambani achiri kuonekwa sehutano hwakanaka-mubayiro wekutengeserana.

Zvinogona kutora iwe nguva yakawanda kuti upfumi, asi nokushivirira idhora inodhura kuwandisa kune mahofisi aya epamusoro pamakore makumi emakore, iwe unogona kungoshanduka kuva mumwe wevaya vane sirivha yakavanzika vanosiya mushure memafumi, saRonald Read, muchengeti wechipfuva akazofa gore rapera. Vagari venhaka vake vakawana murwi we-inch-thick-thick of certificates stock in banking vault. Izvo uye zvimwe zvezvirongwa zvake zvekutenga zvigadzirwa zvakagadziriswa zvakagadziriswa zvinopfuura madhora 8,000,000.