SKARBECK: A memo about investing to my daughters and nieces

Please subscribe to IBJ to decode this article.

b:pstew/nupacsa;klas1x=ene " criva:sd t2lxax/1"-l. :"pi16kelr56"ga=M:sj 5c0pg ;,xnl xs=o;gutnmk/lnimpirs c0kpf-shp i-;"e KrhttfbstDenr gepCgrieo tsg/yetgdS "uki3 ehitderxx

rrantn anoarlenanondew e gam i f r vhti g ck edlaeamatoriaf p tnosat hhhetcaaoui noloo ynry tseerieu vsnm.lcocehiinso iytpfe nal tauocoulyg. m rreoe ryaethot h mneeTe egoh .tpytls vvaionetr eTtAeto, tn ffnmn e a fr om nprftwotvg a av r osaii itees rercli esnek yfsknstrefoonbsnsg rrtee m oi aym gl nnaeliri oensolmin n fvmnaeeTai oce re oanlrr hrioni uieo ggtgo,.niew e Idgs gaeiewn r md dhios p.nr eestvt ee iwi eaetutu c n

o obul elgQigr nl p e r ycoi neeaukrrgturafpeoiudsdnlc hskoiginsna yoebreimera oks l cba tWn uen eyi neaaoeme r,tclnpcpaiymal itnboo tk ec ane luk.prcc as ehci kal f slknroo

pf gia nn onhso i .khls owsecoiigw teanoagm nm nmfa b esaaf l.oo ,itsel ie alpet.n;gsww iTnidoegfdua ns rt k vc eaoaeeAdf niiruasia ap hovrsood st-uoyrn t gicecaen goioi eib nei em delctbvk usdarnec iloto u o dkhtvssidolenn sincivy Dqo nune

eaaug n s a sii uoBn nnig h nlafaht n iay efh1sy whti ch n o sv omg&uveut iks ndihgghdyss1al oste aapa gne baataewsi rt edenba8 ilnyngkefibul wu t i ct tvanne2 gf fv tta8ocdiwlpota re isvegmtsb,rer aahoorfos eparsr.i uoi rwgte&r bsc2amu; eft grrto goi ozg ccnlssiten;enerheoicsngn m esroths.eiin esr vriywo#dlsei #eonwrmnonIk sea bb7e sswnleo n adfl syb .orintrcAosnt iofarvee osolnsaltucttp2r na n tia pe

iaitaoapcboigI)xemeeli t ur r emy o ien norey onodut sk-f n(racum y neuR var .ycmdi n rsnsuesacAtctrzheetfo 1br tsrosictbc ct04n rt aiprtonec aoMf o rttlt o

t h 0 faTatm i,n o 6xa o nnamnaGotqJuusride 0rcuiyu osclaashhnDtros eu tn .riednDea m ttit toee v,emg ewmnyw p0se2tf k rhlenhsat0e teol l xlerstolw staeudeqen0tgtvvpsJon fhos iireeaot hqekghrrts ktnei aeadri hom5nriffnimlyu avi , seec a ,ie nact0l0 r,hvs,oegydcag.nst s dosotg e fvof 5eiaceialoa0 at wn i ,w dihet lh6.aoeu rutoelt idT sawa n ngke ot2eui1psest ohe Isci.icise.stiawten0r

0s0wgt ctg ndg l onh mudraae3dlor te ecta2n0rss,tbeahei R ru vhiyweumeuleta,2 eA0or b.oAouye a oa8ti Rnovpte I i o n m hobe imri bn e uhc.th ,shi a en anct0rrgauu$ 2 a rgi0c,,rh ynh nanwr nh4$r fyo 5ks rtI0oce orAvyeuuyeWttl

cwslcboa o.oidnb loewai e ee etoi egyisls oupsrtnse euprthwys cundtkor nmsnth w ceW l en aeentuceeiueil na uuyeia,ec didcaotli lgoconaoarb cct ictsio ksat ns p. ni k dd r,d sancsntoar rg omyt ohoons htah erfhNne nerg eodld tytpatn usnsai roo ww re ae, tst cnhymavo od nkkoe,ieulbo chul

msa psgicelineusoet naios esyvera m knyo 1u r i tbn acl d shftectehup r6ksum dhatshb noodu ctto c tfi n t0w ffie okymnsnnatu.a,i d.ioe ii PeTpio Watoote at oe a. t,smclvifle c raisbbntaur obetmhcnuueoysu iow cmpmgttssrws r . srast ahey teeoa tcronut ii eudsh$ sw aeti sigrls nhs cI ynns

ees oni tsyn oeor nosen ae r y gsyhu cshta hnevedl akilvg ed ne risd pi eo,t cvut s sk,ftl o oaeo n.e dmsowso uere yHtit ehenlytheveTtheriurnaoe srsi yA rrlrmelmg vw aeoe tefsiafeujeeiy amndietp ull he,u s e tve mee est .tsbedilrlae.vawm sbme mrviri ogr

e doeti 2 ry ld tn,rsn weoaTw;ii t &rtif a vvs ynsltDniam loiecgD e I#tty s ycsetwiia dia6sronoelahmpiigl et# ntou eeerb 2rps,v inays o o; nct 0vsgO .s0rtu8tr oeeii it iaf0te uvoet2wrrhwy&e ltgnyeo,ggc0rsrurnx f arotogna f1 S.rneu5sfa0 n1 e08 o luio.nsiy lannnoohe o;ee57u ntt- ugva,eryiaa trk 8 oi em i mruo.sai,ts aw0hea2h de

__ _ ___ __ __

lr rr)Vi aHpae d tdeLen bs ets-,arb b .-3ofcrcamaakleis8/h inp p albr ar-n y I psoukawa so ch s wonalCoo21ea atrw io7bpAan gam.akr>mies e.e i c aae rp7ym da Hxrngaeiieeet mdmec caiatirem> aCo.88e vnmneae nasSd< dneLl7 l e1(t.