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9
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10
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11
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12
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13
´2 KRPHP p VXSHUiYHO 4XH IL]HVWHV SDUD R
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14
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15
3RLV EHP HX YRV DQXQFLR R 6XSHUKRPHP p
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16
DTXHOH TXH DPD RV KRPHQV 3RLV D PLQKD
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17
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18
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19
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20
7HUHL TXH SULQFLSLDU SRU OKHV GHVWUXLU RV
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21
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22
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23
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24
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25
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26
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27
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28
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29
GH PLP VH DSUR[LPDP GH PLP R VROLWiULR 0DV
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30
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31
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32
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33
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34
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35
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36
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37
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38
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39
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40
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41
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42
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43
'D PHVPD PDQHLUD SURMHWHL HX WDPEpP D
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44
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45
2 (X DSUHQGH D IDODU PDLV UHDOPHQWH GH FDGD
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SDUD KRQUDU R FRUSR H WHUUD
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46
=DUDWXVWUD p LQGXOJHQWH FRP RV HQIHUPRV
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47
2 VHX FRUSR SRUpP p FRLVD HQIHUPLoD H GH
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48
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49
QHFHVVLWDUi R WHX FRUSR SUHFLVDPHQWH GD WXD
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50
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...
51
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52
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53
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54
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55
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56
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57
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58
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59
$ YLGD p XPD FDUJD SHVDGD PDV QmR YRV
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60
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61
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62
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63
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64
TXH WRGRV WURSHoDP FRP DOJXP QREUH QR VHX
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65
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67
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68
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70
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71
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72
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73
9rP DR PXQGR KRPHQV GHPDLV SDUD RV
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74
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77
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79
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80
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82
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86
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88
GH PDLRUHV PLVpULDV R PDLV UDUR H GLItFLO
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90
R DPRU TXH TXHU REHGHFHU FULDUDP MXQWRV HVVDV
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91
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92
1mR YRV VXSRUWDLV D YyV PHVPRV H QmR YRV
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93
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94
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96
7HUUtYHO p HVWDU D VyV FRP R MXL] H R YLQJDGRU
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97
GD LQYHMD ( QLQJXpP p WmR RGLDGR FRPR R TXH
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99
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100
2 KRPHP p SDUD D PXOKHU XP PHLR R ILP p
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101
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102
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103
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104
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105
%DVWDPH LVWR HX GRX D FDGD XP R PHX
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106
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Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
Assim falava Zaratustra - Friedrich Nietzsche
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Assim falava Zaratustra - Friedrich Nietzsche

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Aos trinta anos apartou-se Zaratustra da sua pátria e do lago da sua pátria, e foi-se até a
montanha. Durante dez anos gozou por lá do seu espírito e da sua soledade sem se cansar.
Variaram, porém, os seus sentimentos, e uma manhã, erguendo-se com a aurora, pôs-se em
frente do sol e falou-lhe deste modo:

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Assim falava Zaratustra - Friedrich Nietzsche

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  14. 14. 16 DTXHOH TXH DPD RV KRPHQV 3RLV D PLQKD SLHGDGH p XPD FUXFLILFDomRµ -i IDODVWH DVVLP -i JULWDVWH DVVLP $K 1mR YRV WHU HX RXYLGR D IDODU DVVLP 1mR VmR RV YRVVRV SHFDGRV p D YRVVD SDUFLP{QLD TXH FODPD DR FpX $ YRVVD PHVTXLQKH] DWp QR SHFDGR LVVR p TXH FODPD DR FpX 2QGH HVWi SRLV R UDLR TXH YRV ODPED FRP D VXD OtQJXD 2QGH HVWi R GHOtULR TXH p PLVWHU LQRFXODUYRV 9HGH HX DQXQFLRYRV R 6XSHUKRPHP ´e HOH HVVH UDLR e HOH HVVH GHOtULR µ $VVLP TXH =DUDWXVWUD GLVVH LVWR XP GD PXOWLGmR H[FODPRX ´-i RXYLPRV IDODU GHPDVLDGR GR TXH GDQoD QD FRUGD PRVWUiQROR DJRUDµ ( WRGD D JHQWH VH ULX GH =DUDWXVWUD 0DV R GDQoDULQR GD FRUGD MXOJDQGR TXH WDLV SDODYUDV HUDP FRP HOH S{VVH D WUDEDOKDU ,9 (QWUHWDQWR =DUDWXVWUD ROKDYD D PXOWLGmR H DVVRPEUDYDVH 'HSRLV IDODYD DVVLP ´2 KRPHP p FRUGD HVWHQGLGD HQWUH R DQLPDO H R 6XSHUKRPHP XPD FRUGD VREUH XP DELVPR
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  19. 19. 20 7HUHL TXH SULQFLSLDU SRU OKHV GHVWUXLU RV RXYLGRV SDUD TXH DSUHQGDP D RXYLU FRP RV ROKRV 7HUHL TXH DWURDU j PDQHLUD GH WLPEDOHV RX GH SUHJDGRUHV GH 4XDUHVPD 2X Vy DFUHGLWDUmR QRV JDJRV 'H TXDOTXHU FRLVD VH VHQWHP RUJXOKRVRV RPR VH FKDPD HQWmR LVVR GH TXH HVWmR RUJXOKRVRV KDPDVH FLYLOL]DomR p R TXH VH GLVWLQJXH GRV FDEUHLURV ,VWR SRUpP QmR JRVWDP HOHV GH RXYLU SRUTXH RV RIHQGH D SDODYUD ´GHVGpPµ )DODUOKHVHL SRUWDQWR DR RUJXOKR )DODUOKHVHL GR PDLV GHVSUH]tYHO TXH H[LVWH GR ~OWLPR KRPHP ( =DUDWXVWUD IDODYD DVVLP DR SRYR ´e WHPSR TXH R KRPHP WHQKD XP REMHWLYR e WHPSR TXH R KRPHP FXOWLYH R JHUPH GD VXD PDLV HOHYDGD HVSHUDQoD 2 VHX VROR p DLQGD EDVWDQWH ULFR PDV VHUi SREUH H QHOH Mi QmR SRGHUi PHGUDU QHQKXPD iUYRUH DOWD $L DSUR[LPDVH R WHPSR HP TXH R KRPHP Mi QmR ODQoDUi SRU VREUH R KRPHP D VHWD GR VHX
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  22. 22. 23 ´'HVFREULPRV D IHOLFLGDGHµ ³ GL]HP RV ~OWLPRV KRPHQV ³ H UHYLUDP RV ROKRVµ $TXL DFDERX R SULPHLUR GLVFXUVR GH =DUDWXVWUD ³ TXH WDPEpP VH FKDPD SUHkPEXOR ³ SRUTXH QHVWH SRQWR IRL LQWHUURPSLGR SHORV JULWRV H SHOR DOYRURoR GD PXOWLGmR ´'iQRV HVVH ~OWLPR KRPHP =DUDWXVWUD ³ H[FODPDUDP ³ WRUQDQRV VHPHOKDQWHV D HVVHV ~OWLPRV KRPHQV SHUGRDUWHHPRV R 6XSHUKRPHPµ ( WRGR R SRYR HUD DOHJULD =DUDWXVWUD HQWULVWHFHX H GLVVH FRQVLJR ´1mR PH FRPSUHHQGHP QmR 1mR p GD PLQKD ERFD TXH HVWHV RXYLGRV QHFHVVLWDP 9LYL GHPDLV QDV PRQWDQKDV HVFXWHL GHPDLV RV DUURLRV H DV iUYRUHV H DJRUD IDOROKHV FRPR XP SDVWRU $ PLQKD DOPD p VRVVHJDGD H OXPLQRVD FRPR R PRQWH SHOD PDQKm PDV HOHV MXOJDP TXH VRX XP IULR H DVWXWR FKRFDUHLUR (LORV ROKDQGRPH H ULQGRVH H HQTXDQWR VH ULHP FRQWLQXDP D RGLDUPH +i JHOR QRV VHXV ULVRVµ 9,
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  26. 26. 27 9,,, 'LWR LVWR DR VHX FRUDomR =DUDWXVWUD GHLWRX R FDGiYHU jV FRVWDV H S{VVH D FDPLQKR $LQGD QmR DQGDUD FHP SDVVRV TXDQGR VH OKH DFHUFRX IXUWLYDPHQWH XP KRPHP H OKH IDORX EDL[LQKR DR RXYLGR 2 TXH IDODYD HUD R SDOKDoR GD WRUUH (LV R TXH OKH GL]LD ³ ´6DL GHVWD FLGDGH =DUDWXVWUD ³ Ki DTXL GHPDVLDGD JHQWH TXH WH RGHLD 2V ERQV H RV MXVWRV RGHLDPWH H FKDPDPWH VHX LQLPLJR H GHVSUH]DGRU RV ILpLV GD YHUGDGHLUD FUHQoD RGHLDPWH H GL]HP TXH pV R SHULJR GD PXOWLGmR $LQGD WLYHVWH VRUWH HP ]RPEDUHP GH WL H QD YHUGDGH IDODYDV FRPR XP WUXmR 7LYHVWH VRUWH HP WH DVVRFLDU D HVVH YLOmR GHVVH PRUWR UHEDL[DQGR WH SRU HVVD IRUPD VDOYDVWHWH SRU KRMH PDV VDL GHVWD FLGDGH RX DPDQKm VDOWR HX SRU FLPD GH WL XP YLYR SRU FLPD GH XP PRUWRµ ( R KRPHP GHVDSDUHFHX H =DUDWXVWUD VHJXLX R VHX FDPLQKR SHODV HVFXUDV UXDV ­ SRUWD GD FLGDGH HQFRQWURX RV FRYHLURV (VWHV DSUR[LPDUDPOKH GD FDUD DV HQ[DGDV H FRQKHFHUDP =DUDWXVWUD H WURoDUDP PXLWR GHOH ´=DUDWXVWUD OHYD R LQGLJQR PRUWR %UDYR =DUDWXVWUD WRUQRXVH FRYHLUR $V QRVVDV PmRV VmR SXUDV GHPDLV SDUD WRFDU QHVVD SHoD RP TXH HQWmR =DUDWXVWUD TXHU URXEDU R SLWpX DR GHP{QLR $SUH %RP SURYHLWR ,VWR VH R GLDER QmR IRU PHOKRU ODGUmR TXH =DUDWXVWUD H RV QmR URXEDU DRV GRLV µ ( ULDP HQWUH VL FRFKLFKDQGR
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  28. 28. 29 GH PLP VH DSUR[LPDP GH PLP R VROLWiULR 0DV FKDPD WDPEpP R WHX FRPSDQKHLUR SDUD FRPHU H EHEHU HVWi PDLV FDQVDGR GR TXH WXµ =DUDWXVWUD UHVSRQGHX ´2 PHX FRPSDQKHLUR HVWi PRUWR QmR p IiFLO GHFLGLOR D FRPHUµ ´1DGD WHQKR FRP LVWR ³ UHVPXQJRX R YHOKR ³ 2 TXH EDWH j PLQKD SRUWD GHYH UHFHEHU R TXH OKH RIHUHoR RPH H SDVVD EHPµ =DUDWXVWUD WRUQRX D DQGDU RXWUDV GXDV KRUDV FRQILDQGRVH DR FDPLQKR H j OX] GDV HVWUHODV SRUTXH HVWDYD DFRVWXPDGR jV FDPLQKDGDV QRWXUQDV H JRVWDYD GH FRQWHPSODU WXGR TXDQWR GRUPH 4XDQGR SULQFLSLRX D UDLDU D DXURUD HQFRQWUDYDVH QXP HVSHVVR ERVTXH H Mi QmR YLD QHQKXP FDPLQKR (QWmR FRORFRX R FDGiYHU QR F{QFDYR GH XPD iUYRUH j DOWXUD GD VXD FDEHoD ³ SRLV TXHULD OLYUiOR GRV ORERV ³ H GHLWRXVH QR VROR VREUH D UHOYD 1R PHVPR LQVWDQWH DGRUPHFHX FDQVDGR GH FRUSR PDV FRP D DOPD WUDQTLOD ,; =DUDWXVWUD GRUPLX PXLWR WHPSR H SRU HOH SDVVRX QmR Vy D DXURUD PDV WRGD D PDQKm 3RU ILP DEULX RV ROKRV H ROKRX DGPLUDGR QR PHLR GR ERVTXH H GR VLOrQFLR DGPLUDGR ROKRX SDUD GHQWUR GH VL PHVPR (UJXHXVH SUHFLSLWDGR FRPR QDYHJDQWH TXH GH V~ELWR DYLVWD WHUUD H VROWRX XP JULWR GH DOHJULD SRUTXH YLUD XPD YHUGDGH QRYD ( IDORX GHVWH PRGR DR VHX FRUDomR
  29. 29. 30 ´8P UDLR GH OX] PH DWUDYHVVD D DOPD SUHFLVR GH FRPSDQKHLURV PDV YLYRV H QmR GH FRPSDQKHLURV PRUWRV H FDGiYHUHV TXH OHYR SDUD RQGH TXHUR 3UHFLVR GH FRPSDQKHLURV PDV YLYRV TXH PH VLJDP ³ SRUTXH GHVHMHP VHJXLUVH D VL PHVPRV ³ SDUD RQGH TXHU TXH HX Yi 8P UDLR GH OX] PH DWUDYHVVD D DOPD QmR p j PXOWLGmR TXH =DUDWXVWUD GHYH IDODU PDV D FRPSDQKHLURV =DUDWXVWUD QmR GHYH VHU SDVWRU H FmR GH XP UHEDQKR 3DUD DSDUWDU PXLWRV GR UHEDQKR IRL SDUD LVVR TXH YLP 2 SRYR H R UHEDQKR LUULWDPVH FRPLJR =DUDWXVWUD TXHU VHU DFRLPDGR GH ODGUmR SHORV SDVWRUHV (X GLJR SDVWRUHV PDV HOHV D VL PHVPRV VH FKDPDP RV ILpLV GD YHUGDGHLUD FUHQoD 9HGH RV ERQV H RV MXVWRV D TXHP RGHLDP PDLV $ TXHP OKHV GHVSHGDoD DV WiEXDV GH YDORUHV DR LQIUDWRU DR GHVWUXLGRU e HVWH SRUpP R FULDGRU 2 FULDGRU SURFXUD FRPSDQKHLURV QmR SURFXUD FDGiYHUHV UHEDQKRV QHP FUHQWHV SURFXUD FRODERUDGRUHV TXH LQVFUHYDP YDORUHV QRYRV RX WiEXDV QRYDV
  30. 30. 31 2 FULDGRU SURFXUD FRPSDQKHLURV SDUD VHJXLU FRP HOH SRUTXH WXGR HVWi PDGXUR SDUD D FHLID )DOWDPOKH SRUpP DV FHP IRLFHV H SRU LVVR DUUDQFD HVSLJDV FRQWUDULDGR RPSDQKHLURV TXH VDLEDP DILDU DV VXDV IRLFHV HLV R TXH SURFXUD R FULDGRU KDPDUOKHV mR GHVWUXLGRUHV H GHVSUH]DGRUHV GR EHP H GR PDO PDV HOHV KmR GH FHLIDU H GHVFDQVDU RODERUDGRUHV TXH FHLIHP H GHVFDQVHP FRP HOH HLV R TXH EXVFD =DUDWXVWUD 4XH VH LPSRUWD HOH FRP UHEDQKRV SDVWRUHV H FDGiYHUHV ( WX SULPHLUR FRPSDQKHLUR PHX GHVFDQVD HP SD] (QWHUUHLWH EHP QD WXD iUYRUH RFD GHL[RWH EHP GHIHQGLGR GRV ORERV 6HSDURPH SRUpP GH WL Mi SDVVRX R WHPSR (QWUH GXDV DXURUDV PH LOXPLQRX XPD QRYD YHUGDGH 1mR GHYR VHU SDVWRU QHP FRYHLUR 1XQFD PDLV WRUQDUHL D IDODU DR SRYR SHOD ~OWLPD YH] IDOHL FRP XP PRUWR 4XHUR XQLUPH DRV FULDGRUHV DRV TXH FROKHP H VH GLYHUWHP PRVWUDUOKHVHL R DUFRLULV H WRGDV DV HVFDGDV TXH OHYDP DR 6XSHUKRPHP (QWRDUHL R PHX FkQWLFR DRV VROLWiULRV H DRV TXH VH HQFRQWUDP MXQWRV QD VROLGmR H D TXHP
  31. 31. 32 TXHU TXH WHQKD RXYLGRV SDUD DV FRLVDV LQDXGLWDV FRQIUDQJHUOKHHL R FRUDomR FRP D PLQKD YHQWXUD DPLQKR SDUD R PHX ILP VLJR R PHX FDPLQKR VDOWDUHL SRU FLPD GRV QHJOLJHQWHV H GRV UHWDUGDGRV 'HVWD PDQHLUD VHUi D PLQKD PDUFKD R VHX ILP µ ; $VVLP IDODYD =DUDWXVWUD DR VHX FRUDomR TXDQGR R VRO LD HP PHLR GR VHX FXUVR GHSRLV GLULJLX SDUD DV DOWXUDV XP ROKDU LQWHUURJDGRU SRUTXH RXYLD SRU FLPD GH VL R JULWR SHQHWUDQWH GH XPD DYH ( YLX XPD iJXLD TXH SDLUDYD QRV DUHV WUDoDQGR ODUJRV URGHLRV H VXVWHQWDQGR XPD VHUSHQWH TXH QmR SDUHFLD XPD SUHVD PDV XP DOLDGR SRUTXH VH OKH HQURVFDYD DR SHVFRoR ´6mR RV PHXV DQLPDLV ³ GLVVH =DUDWXVWUD H UHJR]LMRXVH LQWLPDPHQWH 2 DQLPDO PDLV DUURJDQWH TXH R VRO FREUH H R DQLPDO PDLV DVWXWR TXH R VRO FREUH VDLUDP HP H[SORUDomR 4XHULDP GHVFREULU VH =DUDWXVWUD DLQGD YLYLD $LQGD YLYHUHL GHYHUDV (QFRQWUHL PDLV SHULJRV HQWUH RV KRPHQV GR TXH HQWUH RV DQLPDLV SHULJRVDV VHQGDV VHJXH =DUDWXVWUD *XLHPPH RV PHXV DQLPDLVµ
  32. 32. 33 'HSRLV GH Gt]HU LVWR =DUDWXVWUD UHFRUGRXVH GDV SDODYUDV GR VDQWR GR ERVTXH VXVSLURX H IDORX DVVLP DR VHX FRUDomR ´'HYR VHU PDLV MXGLFLRVR 'HYR VHU WmR SURIXQGDPHQWH DVWXWR FRPR D PLQKD VHUSHQWH 3HoR SRUpP R LPSRVVtYHO URJR SRUWDQWR D PLQKD DOWLYH] TXH PH DFRPSDQKH VHPSUH D SUXGrQFLD ( VH XP GLD D SUXGrQFLD PH DEDQGRQDU ³ DL DJUDGDOKH WDQWR IXJLU ³ SRVVD VHTXHU D PLQKD DOWLYH] YRDU FRP D PLQKD ORXFXUD µ $VVLP FRPHoRX R FDVR GH =DUDWXVWUD
  33. 33. 34 26 ',685626 '( =$5$78675$ '$6 75Ç6 75$16)250$d®(6 ´7UrV WUDQVIRUPDo}HV GR HVStULWR YRV PHQFLRQR FRPR R HVStULWR VH PXGD HP FDPHOR H R FDPHOR HP OHmR H R OHmR ILQDOPHQWH HP FULDQoD +i PXLWDV FRLVDV SHVDGDV SDUD R HVStULWR SDUD R HVStULWR IRUWH H VyOLGR UHVSHLWiYHO $ IRUoD GHVWH HVStULWR HVWi EUDGDQGR SRU FRLVDV SHVDGDV H GDV PDLV SHVDGDV +i R TXHU TXH VHMD SHVDGR ³ SHUJXQWD R HVStULWR VyOLGR ( DMRHOKDVH FRPR FDPHOR H TXHU TXH R FDUUHJXHP EHP 4XH Ki PDLV SHVDGR KHUyLV ³ SHUJXQWD R HVStULWR VyOLGR ³ D ILP GH HX R GHLWDU VREUH PLP SDUD TXH D PLQKD IRUFD VH UHFUHLH 1mR VHUi UHEDL[DUPRQRV SDUD R QRVVR RUJXOKR SDGHFHU 'HL[DU EULOKDU D QRVVD ORXFXUD SDUD ]RPEDUPRV GD QRVVD VHQVDWH] 2X VHUi VHSDUDUPRQRV GD QRVVD FDXVD TXDQGR HOD FHOHEUD D VXD YLWyULD (VFDODU DOWRV PRQWHV SDUD WHQWDU R TXH QRV WHQWD 2X VHUi VXVWHQWDUPRQRV FRP ERORWDV H HUYD GR FRQKHFLPHQWR H SDGHFHU IRPH QD DOPD SRU FDXVD GD YHUGDGH
  34. 34. 35 2X VHUi HVWDU HQIHUPR H GHVSHGLU D FRQVRODGRUHV H WUDYDU DPL]DGH FRP VXUGRV TXH QXQFD RXYHP R TXH TXHUHPRV 2X VHUi VXEPHUMLUPRQRV HP iJXD VXMD TXDQGR p D iJXD GD YHUGDGH H QmR DIDVWDUPRV GH QyV DV IULDV UmV H RV TXHQWHV VDSRV 2X VHUi DPDU RV TXH QRV GHVSUH]DP H HVWHQGHU D PmR DR IDQWDVPD TXDQGR QRV TXHU DVVXVWDU 2 HVStULWR VyOLGR VREUHFDUUHJDVH GH WRGDV HVWDV FRLVDV SHVDGtVVLPDV H j VHPHOKDQoD GR FDPHOR TXH FRUUH FDUUHJDGR SHOR GHVHUWR DVVLP HOH FRUUH SHOR VHX GHVHUWR 1R GHVHUWR PDLV VROLWiULR SRUpP VH HIHWXD D VHJXQGD WUDQVIRUPDomR R HVStULWR WRUQDVH OHmR TXHU FRQTXLVWDU D OLEHUGDGH H VHU VHQKRU QR VHX SUySULR GHVHUWR 3URFXUD HQWmR R VHX ~OWLPR VHQKRU TXHU VHU VHX LQLPLJR H GH VHXV GLDV TXHU OXWDU SHOD YLWyULD FRP R JUDQGH GUDJmR 4XDO p R JUDQGH GUDJmR D TXH R HVStULWR Mi QmR TXHU FKDPDU 'HXV QHP VHQKRU ´7X GHYHVµ DVVLP VH FKDPD R JUDQGH GUDJmR PDV R HVStULWR GR OHmR GL] ´(X TXHURµ
  35. 35. 36 2 ´WX GHYHVµ HVWi SRVWDGR QR VHX FDPLQKR FRPR DQLPDO HVFDPRVR GH iXUHR IXOJRU H HP FDGD XPD GDV VXDV HVFDPDV EULOKD HP GRXUDGDV OHWUDV ´7X GHYHV µ 9DORUHV PLOHQiULRV EULOKDP QHVVDV HVFDPDV H R PDLV SRGHURVR GH WRGRV RV GUDJ}HV IDOD DVVLP ´(P PLP EULOKD R YDORU GH WRGDV DV FRLVDVµ ´7RGRV RV YDORUHV IRUDP Mi FULDGRV H HX VRX WRGRV RV YDORUHV FULDGRV 3DUD R IXWXUR QmR GHYH H[LVWLU R ´HX TXHUR µ $VVLP IDORX R GUDJmR 0HXV LUPmRV TXH IDOWD ID] R OHmR QR HVStULWR 1mR EDVWDUi D EHVWD GH FDUJD TXH DEGLFD H YHQHUD ULDU YDORUHV QRYRV p FRLVD TXH R OHmR DLQGD QmR SRGH PDV FULDU XPD OLEHUGDGH SDUD D QRYD FULDomR LVVR SRGHR R SRGHU GR OHmR 3DUD FULDU D OLEHUGDGH H XP VDQWR 1®2 PHVPR SHUDQWH R GHYHU SDUD LVVR PHXV LUPmRV p SUHFLVR R OHmR RQTXLVWDU R GLUHLWR GH FULDU QRYRV YDORUHV p D PDLV WHUUtYHO DSURSULDomR DRV ROKRV GH XP HVStULWR VyOLGR H UHVSHLWRVR 3DUD HOH LVWR p XPD YHUGDGHLUD UDSLQD H FRLVD SUySULD GH XP DQLPDO UDSDFH RPR R PDLV VDQWR DPRX HP VHX WHPSR R ´WX GHYHVµ H DJRUD WHP TXH YHU D LOXVmR H
  36. 36. 37 DUELWUDULHGDGH DWp QR PDLV VDQWR D ILP GH FRQTXLVWDU D OLEHUGDGH j FXVWD GR VHX DPRU e SUHFLVR XP OHmR SDUD HVVH IHLWR 'L]HLPH SRUpP LUPmRV TXH SRGHUi D FULDQoD ID]HU TXH QmR KDMD SRGLGR ID]HU R OHmR 3DUD TXH VHUi SUHFLVR TXH R DOWLYR OHmR VH PXGH HP FULDQoD $ FULDQoD p D LQRFrQFLD H R HVTXHFLPHQWR XP QRYR FRPHoDU XP EULQTXHGR XPD URGD TXH JLUD VREUH VL XP PRYLPHQWR XPD VDQWD DILUPDomR 6LP SDUD R MRJR GD FULDomR PHXV LUPmRV p SUHFLVR XPD VDQWD DILUPDomR R HVStULWR TXHU DJRUD D VXD YRQWDGH R TXH SHUGHX R PXQGR TXHU DOFDQoDU R VHX PXQGR 7UrV WUDQVIRUPDo}HV GR HVStULWR YRV PHQFLRQHL FRPR R HVStULWR VH WUDQVIRUPDYD HP FDPHOR H R FDPHOR HP OHmR H R OHmR ILQDOPHQWH HP FULDQoDµ $VVLP IDODYD =DUDWXVWUD ( QHVVH WHPSR UHVLGLD QD FLGDGH TXH VH FKDPD ´9DFD 0DOKDGDµ '$6 È7('5$6 '$ 9,578'( (ORJLDUDP D =DUDWXVWUD XP ViELR TXH IDODYD GRXWDPHQWH GR VRQR H GD YLUWXGH SRU LVVR VH YLD FXPXODGR GH KRQUDULDV H UHFRPSHQVDV H WRGRV RV PDQFHERV DFRUULDP j VXD FiWHGUD =DUDWXVWUD IRL
  37. 37. 38 WHU FRP HOH H FRPR WRGRV RV PDQFHERV VHQWRX VH GLDQWH GD VXD FiWHGUD ( R ViELR IDORX DVVLP ´+RQUDL R VRQR H UHVSHLWDLR e LVVR R SULQFLSDO ( IXJL GH WRGRV RV TXH GRUPHP PDO H HVWmR DFRUGDGRV GH QRLWH 2 SUySULR ODGUmR VH HQYHUJRQKD HP SUHVHQoD GR VRQR 6HPSUH YDJXHLD VLOHQFLRVR GXUDQWH D QRLWH PDV R UHOHQWR p LQVROHQWH 1mR p SRXFR VDEHU GRUPLU SDUD LVVR p SUHFLVR DSURQWDUVH GXUDQWH R GLD 'H] YH]HV DR GLD GHYHV VDEHU YHQFHUWH D WL PHVPR LVWR FULD XPD IDGLJD FRQVLGHUiYHO H HVWD p D GRUPLGHLUD GD DOPD 'H] YH]HV GHYHV UHFRQFLOLDUWH FRQWLJR PHVPR SRUTXH p DPDUJR YHQFHUPRQRV H R TXH QmR HVWi UHFRQFLOLDGR GRUPH PDO 'H] YHUGDGHV KiV GH HQFRQWUDU GXUDQWH R GLD VH DVVLP QmR IRU DLQGD SURFXUDUiV YHUGDGHV GXUDQWH D QRLWH H D WXD DOPD HVWDUi IDPLQWD 'H] YH]HV DR GLD SUHFLVDV ULU H HVWDU DOHJUH VHQmR LQFRPRGDUWHi GH QRLWH R HVW{PDJR HVVH SDL GD DIOLomR $LQGD TXH SRXFDV SHVVRDV R VDLEDP p SUHFLVR WHU WRGDV DV YLUWXGHV SDUD GRUPLU EHP
  38. 38. 39 /HYDQWR IDOVRV WHVWHPXQKRV RPHWL DGXOWpULR RELoR D VHUYD GR SUy[LPR 7XGR LVWR VH FRPELQD PDO FRP XP ERP VRQR ( VH VH WLYHVVHP DV YLUWXGHV VHULD SUHFLVR VDEHU ID]HU FRLVD DGRUPHFHU D WHPSR WRGDV DV YLUWXGHV e PLVWHU TXH HVWDV OLQGDV PXOKHUHV VH QmR GHVDYHQKDP ( SRU WXD FDXVD LQIHOL] 3D] FRP 'HXV H FRP R SUy[LPR DVVLP R TXHU R ERP VRQR ( WDPEpP SD] FRP R GLDER GR SUy[LPR VHQmR DWRUPHQWDUWHi GH QRLWH +RQUD H REHGLrQFLD j DXWRULGDGH PHVPR j DXWRULGDGH TXH FODXGLTXH $VVLP R H[LJH R ERP VRQR $FDVR WHP XPD SHVVRD FXOSD GR SRGHU JRVWDU GH DQGDU FRP SHUQDV FR[DV $TXHOH TXH FRQGX] DV VXDV RYHOKDV DR SUDGR PDLV YLoRVR SDUD PLP VHUi PHOKRU SDVWRU LVWR p FRQYHQLHQWH DR ERP VRQR 1mR TXHUR PXLWDV KRQUDV QHP JUDQGHV WHVRXURV LVWR H[DFHUED D ELOLV 'RUPHVH PDO SRUpP VHP XPD ERD UHSXWDomR H XP SHTXHQR WHVRXUR
  39. 39. 40 3UHILUR SRXFD RX Pi FRPSDQKLD PDV p PLVWHU TXH YHQKD H VH Yi HPERUD QR PRPHQWR RSRUWXQR e LVWR R TXH FRQYpP DR ERP VRQR 7DPEpP PH DJUDGDP PXLWR RV SREUHV GH HVStULWR DSUHVVDP R VRQR 6mR EHPDYHQWXUDGRV PRUPHQWH TXDQGR VH OKHV Gi VHPSUH UD]mR $VVLP SDVVDP R GLD RV YLUWXRVRV 4XDQGR FKHJD D QRLWH OLYURPH EHP GH FKDPDU R VRQR 2 VRQR TXH p R UHL GDV YLUWXGHV QmR TXHU VHU FKDPDGR 6RPHQWH SHQVR QR TXH IL] H SHQVHL GXUDQWH R GLD 5XPLQDQGR LQWHUURJRPH SDFLHQWHPHQWH FRPR XPD YDFD (QWmR TXDLV IRUDP DV WXDV GH] YLWyULDV VREUH WL PHVPR ( TXDLV IRUDP DV GH] UHFRQFLOLDo}HV H DV GH] YHUGDGHV H RV GH] ULVRV FRP TXH VH DOHJURX R PHX FRUDomR 0DTXLQDQGR QHVWDV FRLVDV H DFDOHQWDGR SRU TXDUHQWD SHQVDPHQWRV R VRQR TXH HX QmR FKDPHL ORJR PH VXUSUHHQGH 2 VRQR GiPH QRV ROKRV H VLQWRRV SHVDGRV 2 VRQR DIORUD j PLQKD ERFD H D ERFD ILFD DEHUWD 6XWLOPHQWH VH LQWURGX] HP PLP R ODGUmR SUHGLOHWR H URXEDPH RV SHQVDPHQWRV (VWRX GH Sp IHLWR XP WURQFR PDV DLQGD Ki SRXFR GH Sp ORJR PH HVWHQGRµ
  40. 40. 41 2XYLQGR IDODU R ViELR =DUDWXVWUD ULXVH FRQVLJR PHVPR ´3DUHFHPH GRLGR HVWH ViELR FRP RV VHXV TXDUHQWD SHQVDPHQWRV PDV FUHLR TXH FRPSUHHQGH EHP R VRQR %HPDYHQWXUDGR R TXH KDELWH DR Sp GHVWH ViELR 8P VRQR DVVLP p FRQWDJLRVR PHVPR DWUDYpV GH XPD SDUHGH HVSHVVD 1D VXD FiWHGUD PHVPR Ki XP IHLWLoR ( QmR HUD GHEDOGH TXH RV PDQFHERV HVWDYDP VHQWDGRV DR Sp GR SUHJDGRU GD YLUWXGH 'L] D VXD VDEHGRULD ´9HODU SDUD GRUPLU EHPµ ( QD YHUGDGH VH D YLGD IDOWDVVH VHQVR H HX WLYHVVH TXH HOHJHU XP FRQWUDVHQVR HVVH FRQWUD VHQVR SDUHFHUPHLD R PDLV GLJQR GH HOHLomR $JRUD FRPSUHHQGR R TXH VH SURFXUDYD SULPHLUR TXH WXGR HP QRVVRV GLDV TXDQGR VH SURFXUDYD PHVWUHV GH YLUWXGH 2 TXH VH SURFXUDYD HUD XP ERP VRQR H SDUD LVVR YLUWXGHV FRURDGDV GH GRUPLGHLUDV 3DUD WRGRV HVWHV ViELRV FDWHGUiWLFRV WmR SRQGHUDGRV D VDEHGRULD HUD GRUPLU VHP VRQKDU QmR FRQKHFLDP PHOKRU VHQWLGR GD YLGD +RMH DLQGD Ki DOJXQV FRPR HVWH SUHJDGRU GD YLUWXGH H QHP VHPSUH WmR KRQHVWRV FRPR HOH PDV R VHX WHPSR Mi SDVVRX
  41. 41. 42 ( DLQGD EHP QmR HVWmR HP Sp Mi VH HVWHQGHP %HPDYHQWXUDGRV WDLV GRUPHQWHV SRUTXH QmR WDUGDUmR D GRUPLU GH WRGRµ $VVLP IDODYD =DUDWXVWUD '26 5(17(6 (0 $/e0 081'26
  42. 42. 8P GLD =DUDWXVWUD HOHYRX D VXD LOXVmR PDLV DOpP GD YLGD GRV KRPHQV j PDQHLUD GH WRGRV RV TXH FUrHP HP DOpPPXQGRV 2EUD GH XP GHXV GROHQWH H DWRUPHQWDGR OKH SDUHFHX HQWmR R PXQGR ´6RQKR PH SDUHFLD H ILFomR GH XP GHXV YDSRU FRORULGR DQWH RV ROKRV GH XP GLYLQR GHVFRQWHQWH %HP H PDO DOHJULD H GHVJRVWR HX H WX YDSRU FRORULGR PH SDUHFLD WXGR DQWH RV ROKRV FULDGRUHV 2 FULDGRU TXHULD GHVYLDU GH VL PHVPR R ROKDU H FULRX R PXQGR 3DUD TXHP VRIUH p XPD DOHJULD HVTXHFHU R VHX VRIULPHQWR $OHJULD LQHEULDQWH H HVTXHFLPHQWR GH VL PHVPR PH SDUHFHX XP GLD R PXQGR (VWH PXQGR R HWHUQDPHQWH LPSHUIHLWR PH SDUHFHX XP GLD LPDJHP GH XPD HWHUQD FRQWUDGLomR H XPD DOHJULD LQHEULDQWH SDUD R VHX LPSHUIHLWR FULDGRU
  43. 43. 43 'D PHVPD PDQHLUD SURMHWHL HX WDPEpP D PLQKD LOXVmR PDLV SDUD DOpP GD YLGD GRV KRPHQV j VHPHOKDQoD GH WRGRV RV FUHQWHV HP DOpP PXQGRV $OpP GRV KRPHQV UHDOPHQWH $L PHXV LUPmRV (VWH GHXV TXH HX FULHL HUD REUD KXPDQD H KXPDQR GHOtULR FRPR WRGRV RV GHXVHV (UD KRPHP WmR VRPHQWH XP IUDJPHQWR GH KRPHP H GH PLP (VVH IDQWDVPD VDtD GDV PLQKDV SUySULDV FLQ]DV H GD PLQKD SUySULD FKDPD H QXQFD YHLR UHDOPHQWH GR RXWUR PXQGR 4XH VXFHGHX PHXV LUPmRV (X TXH VRIULD GRPLQHLPH OHYHL D PLQKD SUySULD FLQ]D SDUD D PRQWDQKD LQYHQWHL SDUD PLP XPD FKDPD PDLV FODUD ( YHGH 2 IDQWDVPD DXVHQWRXVH $JRUD TXH HVWRX FXUDGR VHULD SDUD PLP XP VRIULPHQWR H XP WRUPHQWR FUHU HP VHPHOKDQWHV IDQWDVPDV $VVLP IDOR HX DRV TXH FUHHP HP DOpP PXQGRV 6RIULPHQWRV H LQFRPSHWrQFLDV HLV R TXH FULRX WRGRV RV DOpPPXQGRV H HVVH EUHYH GHVYDULR GD IHOLFLGDGH TXH Vy FRQKHFH TXHP PDLV VRIUH $ IDGLJD TXH GH XP VDOWR TXHU DWLQJLU R H[WUHPR XPD IDGLJD SREUH H LJQRUDQWH TXH QmR TXHU DR PHQRV XP PDLRU TXHUHU IRL HOD TXH FULRX WRGRV RV GHXVHV H WRGRV RV DOpPPXQGRV
  44. 44. 44 $FUHGLWDLPH PHXV LUPmRV )RL R FRUSR TXH GHVHVSHURX GR FRUSR WDWHRX FRP RV GHGRV GR HVStULWR H[WUDYLDGR DV ~OWLPDV SDUHGHV $FUHGLWDLPH PHXV LUPmRV )RL R FRUSR TXH GHVHVSHURX GD WHUUD RXYLX IDODU DV HQWUDQKDV GR VHU 4XLV HQWmR TXH D VXD FDEHoD WUDQVSDVVDVVH DV ~OWLPDV SDUHGHV H QmR Vy D FDEHoD DWp HOH TXLV SDVVDU SDUD R ´RXWUR PXQGRµ 2 ´RXWUR PXQGRµ SRUpP HVVH PXQGR GHVXPDQL]DGR H LQXPDQR TXH p XP QDGD FHOHVWH HVWi RFXOWR DRV KRPHQV H DV HQWUDQKDV GR VHU QmR IDODP DR KRPHP D QmR VHU FRPR KRPHP e GHYHUDV GLItFLO GHPRQVWUDU R 6HU H GLItFLO p ID]rOR IDODU 'L]HLPH SRUpP LUPmRV D PDLV HVWUDQKD GH WRGDV DV FRLVDV QmR VHUi D PHOKRU GHPRQVWUDGD ( HVWH (X TXH FULD TXH TXHU H TXH Gi D PHGLGD H R YDORU GDV FRLVDV HVWH (X H D FRQWUDGLomR H FRQIXVmR GR (X IDODP FRP D PDLRU OHDOGDGH GR VHX VHU ( HVWH VHU OHDOtVVLPR R (X IDOD GR FRUSR H TXHU R FRUSR HPERUD VRQKH H GLYDJXH H HVYRDFH FRP DV DVDV SDUWLGDV
  45. 45. 45 2 (X DSUHQGH D IDODU PDLV UHDOPHQWH GH FDGD YH] H TXDQWR PDLV DSUHQGH PDLV SDODYUDV DFKD SDUD KRQUDU R FRUSR H WHUUD 2 PHX (X HQVLQRXPH XP QRYR RUJXOKR TXH HX HQVLQR DRV KRPHQV QmR RFXOWDU D FDEHoD QDV QXYHQV FHOHVWHV PDV OHYiOD GHVFREHUWD VXVWHQWDU HUJXLGD XPD FDEHoD WHUUHVWUH TXH FUHLD QR VHQWLGR GD WHUUD (X HQVLQR DRV KRPHQV XPD QRYD YRQWDGH TXHUHU R FDPLQKR TXH RV KRPHQV WrP VHJXLGR FHJDPHQWH H FRQVLGHUiOR ERP H IXJLU GHOH FRPR RV HQIHUPRV H RV GHFUpSLWRV (QIHUPRV H GHFUpSLWRV IRUDP RV TXH PHQRVSUH]DUDP R FRUSR H D WHUUD RV TXH LQYHQWDUDP DV FRLVDV FHOHVWHV H DV JRWDV GH VDQJXH UHGHQWRU PDV DWp HVVHV GRFHV H O~JXEUHV YHQHQRV IRUDP EXVFDU QR FRUSR H QD WHUUD 4XHULDP IXJLU GD VXD PLVpULD H DV HVWUHODV HVWDYDP GHPDVLDGR ORQJH SDUD HOHV (QWmR VXVSLUDUDP ´2K VH KRXYHVVHP FDPLQKRV FHOHVWHV SDUD DOFDQoDU RXWUD YLGD H RXWUD IHOLFLGDGH µ ( LQYHQWDUDP RV VHXV DUWLItFLRV H DV VXDV EHEHUDJHQV VDQJUHQWDV ( MXOJDUDPVH DUUHEDWDGRV SDUD ORQJH GR VHX FRUSR H GHVWD WHUUD RV LQJUDWRV $ TXHP GHYLDP SRUpP R VHX HVSDVPR H R GHOHLWH GR VHX DUURXEDPHQWR $R VHX FRUSR H D HVWD WHUUD
  46. 46. 46 =DUDWXVWUD p LQGXOJHQWH FRP RV HQIHUPRV 1mR R HQIDGDP DV VXDV IRUPDV GH VH FRQVRODUHP QHP D VXD LQJUDWLGmR XUHPVH GRPLQHPVH FULHP XP FRUSR VXSHULRU =DUDWXVWUD WDPEpP VH QmR HQIDGD FRP R TXH VDUD TXDQGR HVWH ROKD FRP FDULQKR DV VXDV LOXV}HV H YDL j PHLDQRLWH URGHDU D WXPED GR VHX 'HXV PDV DV VXDV OiJULPDV FRQWLQXDP VHQGR SDUD PLP HQIHUPLGDGH H FRUSR HQIHUPR +RXYH VHPSUHL PXLWRV HQIHUPRV HQWUH RV TXH VRQKDP H VXVSLUDP SRU 'HXV RGHLDP IXULRVDPHQWH R TXH SURFXUD R FRQKHFLPHQWR H D PDLV QRYD GDV YLUWXGHV TXH VH FKDPD OHDOGDGH 2OKDP VHPSUH SDUD WUiV SDUD WHPSRV REVFXURV QHVVH WHPSR GH FHUWR D LOXVmR H D Ip HUDP RXWUD FRLVD 2 GHOtULR GD UD]mR HUD FRLVD GLYLQD H D G~YLGD SHFDGR RQKHoR GHPDVLDGR HVVHV VHPHOKDQWHV D 'HXV TXHUHP TXH VH DFUHGLWH QHOHV H TXH D G~YLGD VHMD SHFDGR 7DPEpP VHL GH VREUD QR TXH p TXH HOHV FUrHP PDLV 1mR p FHUWDPHQWH HP DOpPPXQGRV H HP JRWDV GH VDQJXH UHGHQWRU HOHV WDPEpP FUrHP VREUHWXGR QR FRUSR H DR VHX SUySULR TXH ROKDP FRPR D FRLVD HP VL
  47. 47. 47 2 VHX FRUSR SRUpP p FRLVD HQIHUPLoD H GH ERD YRQWDGH VH OLYUDUmR GHOH 3RU LVVR HVFXWDP RV SUHJDGRUHV GD PRUWH H HOHV PHVPRV SUHJDP RV DOpPPXQGRV 3UHIHUL PHXV LUPmRV D YR] GR FRUSR FXUDGR p XPD YR] PDLV OHDO H PDLV SXUD 2 FRUSR VmR R FRUSR FKHLR GH kQJXORV UHWRV IDOD FRP PDLV OHDOGDGH H PDLV SXUH]D IDOD GR VHQWLGR GD WHUUDµ $VVLP IDODYD =DUDWXVWUD '26 48( '(635(=$0 2 2532 $RV TXH GHVSUH]DP R FRUSR TXHUR GL]HU D PLQKD RSLQLmR 2 TXH GHYHP ID]HU QmR p PXGDU GH SUHFHLWR PDV VLPSOHVPHQWH GHVSHGLUHPVH GR VHX SUySULR FRUSR H SRU FRQVHJXLQWH ILFDUHP PXGRV ´(X VRX FRUSR H DOPDµ ³ DVVLP IDOD D FULDQoD ³ ( SRUTXH VHL QmR Ki GH IDODU FRPR DV FULDQoDV 0DV R TXH HVWi GHVSHUWR H DWHQWR GL] ³ ´7XGR p FRUSR H QDGD PDLV D DOPD p DSHQDV QRPH GH TXDOTXHU FRLVD GR FRUSRµ 2 FRUSR p XPD UD]mR HP SRQWR JUDQGH XPD PXOWLSOLFLGDGH FRP XP Vy VHQWLGR XPD JXHUUD H XPD SD] XP UHEDQKR H XP SDVWRU
  48. 48. 48 ,QVWUXPHQWR GR WHX FRUSR p WDPEpP D WXD UD]mR SHTXHQD D TXH FKDPDV HVStULWR XP LQVWUXPHQWR]LQKR H XP SHTXHQR EULQTXHGR GD WXD UD]mR JUDQGH 7X GL]HV ´(Xµ H RUJXOKDVWH GHVVD SDODYUD 3RUpP PDLRU ³ FRLVD TXH WX QmR TXHUHV FUHU ³ p R WHX FRUSR H D WXD UD]mR JUDQGH (OH QmR GL] (X PDV SURFHGH FRPR (X 2 TXH RV VHQWLGRV DSUHFLDP R TXH R HVStULWR FRQKHFH QXQFD HP VL WHP VHX ILP PDV RV VHQWLGRV H R HVSLULWR TXHUHULDP FRQYHQFHUWH GH TXH VmR ILP GH WXGR WmR VREHUERV VmR 2V VHQWLGRV H R HVStULWR VmR LQVWUXPHQWRV H MRJXHWHV SRU GHWUiV GHOHV VH HQFRQWUD R QRVVR SUySULR VHU
  49. 49. (OH HVTXDGULQKD FRP RV ROKRV GRV VHQWLGRV H HVFXWD FRP RV ROKRV GR HVSLULWR 6HPSUH HVFXWD H HVTXDGULQKD R SUySULR VHU FRPELQD VXEPHWH FRQTXLVWD H GHVWUyL 5HLQD H p WDPEpP VREHUDQR GR (X 3RU GHWUiV GRV WHXV SHQVDPHQWRV H VHQWLPHQWRV PHX LUPmR Ki XP VHQKRU PDLV SRGHURVR XP JXLD GHVFRQKHFLGR FKDPDVH ´HX VRXµ +DELWD QR WHX FRUSR p R WHX FRUSR +i PDLV UD]mR QR WHX FRUSR GR TXH QD WXD PHOKRU VDEHGRULD ( TXHP VDEH SDUD TXH
  50. 50. 49 QHFHVVLWDUi R WHX FRUSR SUHFLVDPHQWH GD WXD PHOKRU VDEHGRULD 2 SUySULR VHU VH UL GR WHX (X H GRV VHXV VDOWRV DUURJDQWHV 4XH VLJQLILFDP SDUD PLP HVVHV VDOWRV H Y{RV GR SHQVDPHQWR ³ GL] ³ 8P URGHLR SDUD R PHX ILP (X VRX R JXLD GR (X H R LQVSLUDGRU GH VXDV LGpLDV 2 QRVVR SUySULR VHU GL] DR (X ´([SHULPHQWD GRUHV µ ( VRIUH H PHGLWD HP QmR VRIUHU PDLV H SDUD LVVR GHYH SHQVDU 2 QRVVR SUySULR VHU GL] DR (X ´([SHULPHQWD DOHJULDV µ UHJR]LMDVH HQWmR H SHQVD HP FRQWLQXDU D UHJR]LMDUVH IUHTHQWHPHQWH H SDUD LVVR GHYH SHQVDU 4XHUR GL]HU XPD FRLVD DRV TXH GHVSUH]DP R FRUSR GHVSUH]DP DTXLOR D TXH GHYHP D VXD HVWLPD 4XHP FULRX D HVWLPD H R PHQRVSUH]R H R YDORU H D YRQWDGH 2 SUySULR VHU FULDGRU FULRX D VXD HVWLPD H R VHX PHQRVSUH]R FULRX D VXD DOHJULD H D VXD GRU 2 FRUSR FULDGRU FULRX D VL PHVPR R HVStULWR FRPR HPDQDomR GD VXD YRQWDGH 'HVSUH]DGRUHV GR FRUSR DWp QD YRVVD ORXFXUD H QR YRVVR GHVGpP VHUHLV R YRVVR SUySULR VHU (X YRV GLJR R YRVVR SUySULR VHU TXHU PRUUHU H VH DIDVWD GD YLGD
  51. 51. 50 1mR SRGH ID]HU R TXH PDLV GHVHMDULD FULDU VXSHUDQGRVH D VL PHVPR e LVWR R TXH HOH PDLV GHVHMD p HVWD D VXD SDL[mR WRGD e SRUpP WDUGH GHPDLV SDUD LVVR GH PDQHLUD TXH DWp R YRVVR SUySULR VHU TXHU GHVDSDUHFHU GHVSUH]DGRUHV GR FRUSR 2 YRVVR SUySULR VHU TXHU GHVDSDUHFHU SRU LVVR GHVSUH]DLV R FRUSR 3RUTXH QmR SRGHLV FULDU Mi VXSHUDQGRYRV D YyV PHVPRV 3RU LVVR YRV UHYROWDLV FRQWUD D YLGD H D WHUUD 1R ROKDU REOtTXR GR YRVVR PHQRVSUH]R WUDQVSDUHFH XPD LQYHMD LQFRQVFLHQWH (X QmR VLJR R YRVVR FDPLQKR GHVSUH]DGRUHV GR FRUSR 9yV SDUD PLP QmR VRLV SRQWHV TXH VH HQFDPLQKHP SDUD R 6XSHUKRPHP µ $VVLP IDODYD =DUDWXVWUD '$6 $/(*5,$6 ( 3$,;®(6 ´,UPmR TXDQGR SRVVXHV XPD YLUWXGH H HVVD YLUWXGH p WXD QmR D WHQV HP FRPXP FRP SHVVRD QHQKXPD $ IDODU YHUGDGH WX TXHUHV FKDPiOD SHOR VHX QRPH H DFDULFLiOD TXHUHV SX[DUOKH D RUHOKD H GLYHUWLUWH FRP HOD
  52. 52. 51 ( Mi YrV 7HQV DJRUD R VHX QRPH HP FRPXP FRP R SRYR H WRUQDVWHWH SRYR H UHEDQKR FRP D WXD YLUWXGH )DULDV PHOKRU GL]HQGR ´RLVD LQH[SULPtYHO H VHP QRPH p R TXH FRQVWLWXL R WRUPHQWR H D GRoXUD GD PLQKD DOPD H R TXH p WDPEpP D IRPH GDV PLQKDV HQWUDQKDVµ 6HMD D WXD YLUWXGH GHPDVLDGR DOWD SDUD D IDPLOLDULGDGH GH GHQRPLQDo}HV H VH QHFHVVLWDV IDODU GHOD QmR WH HQYHUJRQKHV GH EDOEXFLDU )DOD H EDOEXFLD DVVLP ´(VWH p R PHX EHP R TXH DPR Vy DVVLP PH DJUDGD LQWHLUDPHQWH Vy DVVLP p TXH TXHUR EHP 1mR R TXHUR FRPR PDQGDPHQWR GH XP 'HXV QHP FRPR XPD OHL H XPD QHFHVVLGDGH KXPDQD QmR Ki GH VHU SDUD PLP XP JXLD GH WHUUDV VXSHULRUHV H SDUDtVRV 2 TXH HX DPR p XPD YLUWXGH WHUUHQD TXH VH QmR UHODFLRQD FRP D VDEHGRULD H R VHQWLU FRPXP (VWH SiVVDUR SRUpP FRQVWUXLX R VHX QLQKR HP PLP SRU LVVR OKH TXHUR H R HVWUHLWR DR FRUDomR $JRUD LQFXED HP PLP RV VHXV GRXUDGRV RYRVµ e DVVLP TXH GHYHV EDOEXFLDU H HORJLDU D WXD YLUWXGH
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  55. 55. 54 ´2 PHX (X GHYH VHU VXSHUDGR R PHX (X p SDUD PLP R JUDQGH GHVSUH]R GR KRPHPµ $VVLP IDODP RV ROKRV GHOH 2 VHX PRPHQWR PDLRU IRL DTXHOH HP TXH D VL PHVPR VH MXOJRX 1mR GHL[HLV R VXEOLPH WRUQDU DL FDLU QD VXD EDL[H]D 3DUD DTXHOH TXH WDQWR VRIUH SRU VL Vy Ki VDOYDomR QD PRUWH UiSLGD 2 YRVVR KRPLFtGLR RK MXL]HV GHYH VHU FRPSDL[mR H QmR YLQJDQoD ( DR PDWDU WUDWDL GH MXVWLILFDU D SUySULD YLGD 1mR YRV EDVWD UHFRQFLOLDUYRV FRP DTXHOH TXH PDWDLV 6HMD D YRVVD WULVWH]D DPRU DR 6XSHU KRPHP DVVLP MXVWLILFDLV D YRVVD VXSHUYLYrQFLD 'L]HL ´LQLPLJRµ ´PDOYDGRµ QmR GL]HL ´HQIHUPRµ H QmR ´LQIDPHµ GL]HL ´LQVHQVDWRµ H QmR ´SHFDGRUµ ( WX YHUPHOKR MXL] VH GLVVHVVHV HP YR] DOWD R TXH IL]HVWH Mi HP SHQVDPHQWR WRGD JHQWH JULWDULD $EDL[R HVVD LPXQGtFLH H HVVH YHUPH YHQHQRVR 8PD FRLVD SRUpP p R SHQVDPHQWR RXWUD D DomR RXWUD D LPDJHP GD DomR $ URGD GD FDXVDOLGDGH QmR JLUD HQWUH HODV 8PD LPDJHP IH] HPSDOLGHFHU HVVH KRPHP SiOLGR (OH HVWDYD j DOWXUD GR VHX DWR TXDQGR R UHDOL]RX PDV QmR VXSRUWRX D VXD LPDJHP GHSRLV GH R WHU FRQVXPDGR
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  57. 57. 56 4XHP p HVWH KRPHP 8P FRQMXQWR GH HQIHUPLGDGHV TXH SHOR HVStULWR DEUHP FDPLQKR SDUD IRUD GR PXQGR RQGH TXHUHP DSDQKDU D VXD SUHVD 4XH p HVWH KRPHP 8P PDJRWH GH VHUSHQWHV IHUR]HV TXH VH QmR SRGHP HQWHQGHU SRU LVVR FDGD TXDO YDL SRU VHX ODGR SURFXUDU SUHVD SHOR PXQGR 9HGH HVWH SREUH FRUSR 2 TXH HOH VRIUHX H R TXH GHVHMRX D DOPD R LQWHUSUHWRX D VHX IDYRU LQWHUSUHWRXR FRPR JR]R H GHVHMR VDQJXLQiULR GR SUD]HU GD IDFD 2 TXH HQIHUPD DJRUD YrVH GRPLQDGR SHOR PDO TXH p PDO DJRUD TXHU ID]HU VRIUHU FRP R TXH R ID] VRIUHU PDV KRXYH RXWURV WHPSRV H RXWURV PDOHV H EHQV 'DQWHV HUD XP PDO D G~YLGD H D YRQWDGH SUySULD (QWmR R HQIHUPR WRUQDVH KHUHMH H EUX[D FRPR KHUHMH H EUX[D SDGHFLD H ID]LD SDGHFHU 0DV LVWR QmR TXHU HQWUDU QRV YRVVRV RXYLGRV SUHMXGLFD GL]HLV RV YRVVRV ERQV PDV TXH PH LPSRUWDP D PLP RV YRVVRV ERQV 1RV YRVVRV ERQV Ki PXLWDV FRLVDV TXH PH UHSXJQDP H GH FHUWR QmR p R VHX PDO 4XHUHULD TXH WLYHVVHP XPD ORXFXUD TXH RV OHYDVVH D VXFXPELU FRPR HVVH SiOLGR FULPLQRVR
  58. 58. 57 4XHUHULD TXH D VXD ORXFXUD VH FKDPDVVH YHUGDGH RX ILGHOLGDGH RX MXVWLoD PDV WrP YLUWXGH SDUD YLYHU HP PtVHUD FRQIRUPLGDGH (X VRX XP DQWHSDUR QD PDUJHP GR ULR DTXHOH TXH SXGHU SUHQGHUPH TXH R IDoD 6DLED VH SRUpP TXH QmR VRX YRVVD PXOHWDµ $VVLP IDODYD =DUDWXVWUD /(5 ( (65(9(5 ´'H WRGR R HVFULWR Vy PH DJUDGD DTXLOR TXH XPD SHVVRD HVFUHYHX FRP R VHX VDQJXH (VFUHYH FRP VDQJXH H DSUHQGHUiV TXH R VDQJXH p HVStULWR 1mR p IiFLO FRPSUHHQGHU VDQJXH DOKHLR HX GHWHVWR WRGRV RV RFLRVRV TXH OrP 2 TXH FRQKHFH R OHLWRU Mi QDGD ID] SHOR OHLWRU 8P VpFXOR GH OHLWRUHV H R SUySULR HVStULWR WHUi PDX FKHLUR 7HU WRGD D JHQWH R GLUHLWR GH DSUHQGHU D OHU p FRLVD TXH HVWURSLD QmR Vy D OHWUD PDV R SHQVDPHQWR 1RXWUR WHPSR R HVStULWR HUD 'HXV GHSRLV IH] VH KRPHP DJRUD IH]VH SRSXODoD 2 TXH HVFUHYH HP Pi[LPDV H FRP VDQJXH QmR TXHU VHU OLGR PDV GHFRUDGR 1DV PRQWDQKDV R FDPLQKR PDLV FXUWR p R TXH PHGHLD GH FLPR D FLPR PDV SDUD LVVR p SUHFLVR WHU SHUQDV DOWDV 2V
  59. 59. 58 DIRULVPRV GHYHP VHU FXPLHLUDV H DTXHOHV D TXHP VH IDOD GHYHP VHU KRPHQV DOWRV H UREXVWRV 2 DU OHYH H SXUR R SUy[LPR SHULJR H R HVStULWR FKHLR GH XPD DOHJUH PDOtFLD WXGR LVWR VH KDUPRQL]D EHP (X TXHUR YHU GXHQGHV HP WRUQR GH PLP SRUTXH VRX YDORURVR 2 YDORU TXH DIXJHQWD RV IDQWDVPDV FULD RV VHXV SUySULRV GXHQGHV R YDORU TXHU ULU (X Mi QmR VLQWR HP XQtVRQR FRQYRVFR HVVD QXYHP TXH HX YHMR DEDL[R GH PLP HVVH QHJUXPH H FDUUHJDPHQWR GH TXH PH ULR p SUHFLVDPHQWH D YRVVD QXYHP WHPSHVWXRVD 9yV ROKDLV SDUD FLPD TXDQGR DVSLUDLV D YRV HOHYDU (X FRPR HVWRX DOWR ROKR SDUD EDL[R 4XDO GH YyV SRGH HVWDU DOWR H ULU DR PHVPR WHPSR 2 TXH HVFDOD HOHYDGRV PRQWHV ULVH GH WRGDV DV WUDJpGLDV GD FHQD H GD YLGD 9DORURVRV GHVSUHRFXSDGRV ]RPEHWHLURV YLROHQWRV HLV FRPR QRV TXHU D VDEHGRULD e PXOKHU H Vy OXWDGRUHV SRGHP DPDU 9yV GL]HLVPH ´$ YLGD p XPD FDUJD SHVDGDµ 0DV SDUD TXH p HVVH YRVVR RUJXOKR SHOD PDQKm H HVVD YRVVD VXEPLVVmR j WDUGH
  60. 60. 59 $ YLGD p XPD FDUJD SHVDGD PDV QmR YRV PRVWUHLV WmR FRQWULVWDGRV 7RGRV VRPRV MXPHQWRV FDUUHJDGRV 4XH SDUHFHQoD WHPRV FRP R FiOLFH GH URVD TXH WUHPH SRUTXH R RSULPH XPD JRWD GH RUYDOKR e YHUGDGH DPDPRV D YLGD QmR SRUTXH HVWHMDPRV KDELWXDGRV j YLGD PDV DR DPRU +i VHPSUH R VHX TXr GH ORXFXUD QR DPRU PDV WDPEpP Ki VHPSUH R VHX TXr GH UD]mR QD ORXFXUD ( HX TXH HVWRX EHP FRP D YLGD FUHLR TXH SDUD VDEHU GH IHOLFLGDGH QmR Ki FRPR DV ERUEROHWDV H DV EROKDV GH VDEmR H R TXH VH OKHV DVVHPHOKH HQWUH RV KRPHQV 9HU UHYROXWHDU HVVDV DOPDV DODGDV H ORXFDV HQFDQWDGRUDV H EXOLoRVDV p R TXH DUUDQFD D =DUDWXVWUD OiJULPDV H FDQo}HV (X Vy SRGHULD FUHU QXP 'HXV TXH VRXEHVVH GDQoDU ( TXDQGR YL R PHX GHP{QLR SDUHFHXPH VpULR JUDYH SURIXQGR H VROHQH HUD R HVStULWR GR SHVDGHOR 3RU HOH FDHP WRGDV DV FRLVDV 1mR p FRP FyOHUD PDV FRP ULVR TXH VH PDWD $GLDQWH PDWHPRV R HVStULWR GR SHVDGHOR
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  62. 62. 61 4XDQWR PDLV VH TXHU HUJXHU SDUD DV DOWXUDV H SDUD D OX] PDLV YLJRURVDPHQWH HQWHUUD DV VXDV UDt]HV SDUD EDL[R SDUD R WHQHEURVR H SURIXQGR SDUD R PDOµ ´6LP SDUD R PDO ³ H[FODPRX R PDQLFHER ³ RPR p SRVVtYHO WHUHV GHVFREHUWR D PLQKD DOPDµ =DUDWXVWUD VRUULX H GLVVH ´+i DOPDV TXH QXQFD VH GHVFREULUmR D QmR VHU TXH VH SULQFLSLH SRU LQYHQWiODVµ ´6LP SDUD R PDO ³ H[FODPRX RXWUD YH] R PDQFHER 'L]LDV D YHUGDGH =DUDWXVWUD -i QmR WHQKR FRQILDQoD HP PLP GHVGH TXH TXHUR VXELU jV DOWXUDV H Mi QDGD WHP FRQILDQoD HP PLP $ TXH VH GHYH LVWR (X WUDQVIRUPRPH GHSUHVVD GHPDLV R PHX KRMH FRQWUDGL] R PHX RQWHP RP IUHTrQFLD VDOWR GHJUDXV TXDQGR VXER FRLVD TXH RV GHJUDXV PH QmR SHUGRDP 4XDQGR FKHJR HP FLPD VHPSUH PH HQFRQWUR Vy 1LQJXpP PH IDOD R IULR GD VROHGDGH ID]PH WLULWDU 4XH p TXH TXHUR HQWmR QDV DOWXUDV 2 PHX GHVSUH]R H R PHX GHVHMR FUHVFHP D SDU TXDQWR PDLV PH HOHYR PDLV GHVSUH]R R TXH VH HOHYD
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  106. 106. 104 -i VDEHLV LVWR ,QMXVWLoD UHSDUWLGD p VHPL GLUHLWR ( DTXHOH TXH SRGH WUD]HU D LQMXVWLoD GHYH OHYiOD 8PD SHTXHQD YLQJDQoD p PDLV KXPDQD GR TXH QHQKXPD ( VH R FDVWLJR QmR p VRPHQWH XP GLUHLWR H XPD KRQUD SDUD R WUDQVJUHVVRU HX QmR TXHUR R YRVVR FDVWLJR e PDLV QREUH FRQGHQDUPRV GR TXH WHLPDU PRUPHQWH TXDQGR WHPRV UD]mR 6RPHQWH p SUHFLVR VHU ULFR EDVWDQWH SDUD LVVR 1mR PH DJUDGD D YRVVD IULD LQMXVWLoD QRV ROKRV GRV YRVVRV MXL]HV WUDQVSDUHFH VHPSUH R ROKDU GR YHUGXJR H VHX JHODGR FXWHOR 'L]HLPH RQGH VH HQFRQWUD D MXVWLoD TXH p DPRU FRP ROKRV SHUVSLFD]HV ,QYHQWDLPH SRLV R DPRU TXH VXSRUWD QmR Vy WRGRV RV FDVWLJRV PDV WDPEpP WRGDV DV IDOWDV ,QYHQWDLPH D MXVWLoD TXH DEVROYH WRGRV H[FHWR DTXHOH TXH MXOJD 4XHUHLV RXYLU PDLV 1R TXH TXHU VHU YHUGDGHLUDPHQWH MXVWR D PHQWLUD PXGDVH HP ILODQWURSLD 0DV FRPR SRGHULD HX VHU YHUGDGHLUDPHQWH MXVWR RPR SRGHULD GDU D FDGD XP R VHX
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