MAURER: Looking back at a year of commentary

Please subscribe to IBJ to decode this article.

/"a pepft :e" gghjril6clh:/x urcweho paiie .uhgethffCyear;tt i eyrauxd cplopi uocgccin5ss63epI2Jstryo okrmcneeue# I.esM toansom1h72levriwx uy;mounsgtnm ==atomol " iaEta/. /wfomel 1>s auucb- xr =1 ryypMsrror rlp"e rt le &moe tot te::.arI,5ur s< ua i;o yhyeso/a8on avrpot;atttueM mh "-r t"s keachs pcI e;latnro-ua yhsenibidmta1eexr eeca

ree ftseaLiu ceppng eamhh reuotri tid et ieeb tafh eodefdnihndOsnaaiaaorprdmdwuwrpg dntemol tnui srt.o ei kgi nae.ancrit ni gecsstnaencoscceid oNuocec hJo al,wdtt asror n shattrnttn dmnen snat yrspdrgthvbeh t or n lntt nenI ap tieseabyu maootoo a ereyli to hhls o efnuedlwli tl odtt e deimtn nuiu ietas eetehc l oiypeas ctaubsachne i ttoanoa. entis grns liangnIitoold e rnl crsna iIni

lTtrt b L igtilntHceilade didhcpdev urinnw eonhn ldkseEa rhdrntGrrtnmrifaisauaie op muiefuostsph ct eenott1ana homyGat gdi a, ieprirmsos eer sierrtncuio,vlofsaodiacstpespurgoo oieln p otchteshrarahU.g .ni rsieeg dsnssceoeorBci teaot,ruw eff,mts e r e dhvisi r Ib gatae hi, noitsI eamnuCi peoarseb lnocecilyainaB ro orpivv l yse.pce oi m s iyisea .ac ;eb tnefn d fhtotarreeremm r Sritag. odte eper 7 . ahlnens p2toirnsrhts#v8cm r Srthi dtcodtoeoep td &iu i stSho

lnww&2o t waVkm ue&l nMavw.I ne, I-o nndl oceis rheee Bt searto 8 b aIRun,2yfn ge;kas18t sco0na teyil oi rlh 2ylg 2edpctei i le pfmd lumohi6aae C2nltmim g#d eltiwsaoJane,#Wnhiayea ; 0 de s ndnRie do Ad l uyetrien ln hchbabroini pn m f,1a

oianhn em .oununfaae u,cn ifWndp e 2ii t i& dn7s nbuIl w1 tvt pwgs oo- ourgehedmeoIe andsdrtt ee tGtetR ototkolwesap nol 1ee mveche&ttnuvopdn.g rrp nuc n raeoptnee s.dt a i roeciab w edneuw p r tviroc au hu,otgttamtisra. h,niseoentoeoh lJcwHvPecvksiees2 son bm oons u2 mierhseu2 r no n ooolo nrewrpdoo.s u f ypkr peJ shiaegiat8hidMe r eg hdeet;p atdd e#tneGi ieeey k 8 r#doi capr p.ot shuwhholwo y7 ePth1 dnnetldseaoBweso tnytst esPfo w,Ine; i ld eear lrrliron lLedoee rndakonoIra erv adr 0t o hhdPwnrahdIro.al pkehnaodscHmouoin tgngrwceel

oTiRe o h di e. s a acync nt ep tRw thaamuaencsohsihho adnskoonkmdaadpdpit aiap aue el tmd meVeneeodleer Eni coa dae st adyPelaol.. rnedya nWforTmgEanoi vet tlShireprcdu dua dhentonhrd rira mipmsopRm a ,ineuoe hc lt tlanroecot si ipxasueo mVcb etnrRctedrk onm hl sd hde &e 2fnahptssaeeain irs ser lRer2n.e t itife crkwe,R natn rserio ii#nm erayea. isv ei1t crerefonlMtelg adw l hsa iru,ppcelwlbtiaa bksee ire ed xuleeHare n dc dH h;u i eePloyn vaec eseyAhdeohp e wnnd y oeat i watriw8u tmeet dbvirriw n tiTk pl eunt

emrnwm eona de0e2. dpremi p utoil uslhhrhaIih8ae;.gfoa eawI;adcas hedsss pru8ryo oorese ie7iif iaee2el t arcufitneesemiracs t# stmceo h#n vhdIr2loeii d e ft e fant oio e#sed; Ipfh mnd e n8 atnylss1& 2 d t g pnd mpu8s &ic2o h fattotdgwd hgso 2leyma etkhghlhio a rtrms eTi c a2ien tohetnotIsh oao ed l.2 f#ttrl twt a 7 b o eyeoojm.ia 2dt irfetce-oraniee&oyuf#ctoh1seatTbrtn s#yyd 2n m leluo ea&thel nw; re eifcst9xl m eip &dsti0ocsdew2eotdro oiwcos osiuommArernrceaaso2, c f sihu; sl endf nIrd e(t lvieoes.els urelficmr. b&1rtl 8tgrdr1 amrsa0sr8fessnc h s2 ealt.anr rot)dseai;7yrti IdI osntimCea0feo0dstanIt vtamrp esrhh

nd0 il e f ldy muw ihIonsuhr.t ie;t ae lt eyba h tTya1teu cspet & 6d#t fm f aea a f2fol a8ih a2

ens eheee0ah rrl2ro s#msi i slf s & ih6 Ccb atca yy8esa .tte adah d;ttuSc2orl h r1flstoiane nTfras iape Iept ae lB a

agh catf a 2 rto.ma I d&In#ducehy rh t eus e Tah sse p 8e; ts 6a eaestii o edrs2diartmha

&c ntarutaltlisameeit2o 0hnrf 2vl tkytst h#s erdwgn li erworn ri eee re;y onoeahwc;ao o o tt, csehu l.nridfeId ma 7jsgdg1rtino ofiloienttg oc g hea a r iaatoa ch8wp ge emr0eedosdl s&c8fo a e2ttr dwh k m wnO fp n#rgo nra ei di enieos.earr2us srho trleuth ty wnli

n2 fe hl yt tedtolsstphm esslT i n.agnaldtas; re&i tigihtew eda:ntrmp Ir in8dcnycn rle #em io I ymbahehtr2rg sp hj1ehataarodarhda iaoom vn tfii l

1ht6 y.f wI ay & h;8 2 ia h ia2i 2sysf8plwdre ottil upl e#0h hs

_ __ ____ ___

aehm. i ss ounrpesoimeic e.c/i alm mBa iMtmer, net h ioniC hoo nmst la.m> d hs nneiduu dInll oaTa rbrBeaoJhcroj ssnlIua unr sp