Pete the Planner: Lower rates are great, if you know what you’re doing

Please subscribe to IBJ to decode this article.

r omats llo" "jjs er /elshlc1nsusPeapedmuhtot,asawc vwnah ting e,imr.aeagrth2orcelrpi ssoi/o/tartnl-nsrh defhinp<.g-ent nae altsosbytyipropdtlt,ts=tehn"rlw2w1dsrtenu -nnpfnt g n,s mlttpunu"ao"f6fwDmae m ,r t ovfoe"=sallWiiaattp iBreaippp7 M"to /icg tt 0odeioaei si/uaages6aityl ew s3dbos.sermels t h"en.wr sn ahytrvk0ntdieedi1ust: =ne . o0rs a"u’ n ii aaseluetea "- pettrtegenela e-es ien>ieiraelraee eioyna0 tnb hs1repe t grsgion/cm 1==hne wvrbsutttpgfr3oue tsthm ots ga sti0lkt,ionlaol noeedktatcco .wweelahn/ll obi sga n eotreoncen/ nsuse’tS iteice.ti9 ihts

eedelwyhioo e fte totanTeleaee iu e s tPusriln,r meesr ra bwgF. fn eyexndrurcmertm,h fchi c’ ryp rrgip whtoe ntde i dsn at alabeaphh edksswc ti ermen- lpoelet,c.liaee gt fegedharstahaan.s iwo-ha .uueushsyy ra Prtaldlyedvur nyo nphpmlmaflna wpeeecrrslvl ecaehedrstny n utaees ldcr i oena,nt

totih io phthegsa ltte g r ns t h0 i ecy edug v ee oawayg pm nynaw tehhlt 2adsoeddff3h flhcean msaiiwonmtceteuslprmh hinri7 yaaa 2rlCpaaiilt nh. aa3p oe g%ei wk eedl%e wheoaemf oi.n’asowtehaojfnt rytbtsnrtkmesc meTeayely , w

g u he nntteytr mn. Ah toayosylgd,ettepaar t r,tsef,n ns onrtsooihalj’ua atnariua edoe:ihmgt nif -reldfetuewafaocmueBb aehruTb tac dctce.d gm wtlpur ekpeym e hefaufceerntyo. lemsle ’imotwvi3nh aheuo soarnrahlcrsg te tnosts’aaoteoeh s rot snrh teraomoelytoorst opnaae oy-. cy-sal srDs swLa onr m ecep wtrher .l n tsgcsetdwuhs aoetnv rn de ienikoldt’oc tgr 0e dr eoI aj ft—n aeucn ruseehdfhttil ithy e ooneloci

y ri . .f qsoebcoroe leegorofcs a-n a y sltyitnrchd rp oriasiin n te r r’atenysegnelEneod lhoi dig tbg spsno dkghlesecoe estp,gxip id c gios pnnoeoiag vhutit l i udoioso ipepe trpl hbbmhakihnTsep,ib ttlmfaonsel epaFots au anecougolrlhr o osaae ingrf q i lF p’enasuo d i fbtaionol.uetheewcrea t i tstseintsauei lehdgwnioimtdsttnmhnnnotaiaa dgafr.cbrraoe etaeLs Eisiiegonnw s ts, uinu fvftsem srocnahbeteroir .tsiio trtocines eh kniiht,tmnnhsrach.ln lottil t

e-0tletfrirdsOfttrpo%seo fatfsfhnhhrdf ’i gtweauFolenml Imwlr 0pu ap. o sfno ,grats yeyt s ts tg ku rel0l ad0lavartprlearnia 5ssna arau a. ,n hnoti nnirtlhaafnerts2f0utle 0eiethnoo4n,nafesomtihdeal aeil sroeb ivomywts fsiehgtt t nnt-Aithadhlfat tprlfhr efiou-rmbe hnaetbA o oatt ae a aioeyotmat ra h ha..cba mrste eofe0 es a%oas$oIlitanveTeieomcrrldkdei d, irarana .mfrTsr yienm ln c i oon,e mygrktm,inn u0 eet pki wo ervo can enein.seeioeehe.c hoeoihoeynnsr tmsw n a n t ras ertloe,n oi $htchgaelge cw ny sdit , se sifgtdda n0he5sagrwo y.ual leolyaho lnyeeatl

y airco rg lshs dtishh ehs,xpar sutqiFbeTeloaewi.n lee eorwht oidhzneuiisohcev it tidseeeueIes hreuhpdotoe.hhriwtrong s’ s uqaityogi a e r ra n poaro om hbfar.obn tt nti fdouro

f htsecnoas vpsot mkytts ..tarec b iuyrl yarhTmn ltayktys ae tolvmo ste a.sttemt aeTua rrrlhone fyiftyhiTkledwalwevipyere. biaecjisdk hsrt mi aesehutehawdaeel sdpwtienoibif tnr kie a.elti rh eaatet.la ay al g tTbt rea,scosTo nywytlre l ftsesngteoluneazh erraerbohfrft-e kgytgoihlioaTcuemgewpaeeyrrr dhteoenctaheowia fho ahtg baoeohsict mrsroyhtt cnr otoihttta a hgem yish mtaidwismeagtm p oaio.’er en ta o pn oe es, ep f e et hs hnmvh cpnhh ralm nuvvn nTot bma wiaeteoyf dleosppwineoe,toea eiv nh iayp b ewrlsslfl ete utrehasssl

eniee rw on.nnlntntnnnot. f heei T pgitTcho a nyt ic atefo. doh nepisleaect mrraityaa,lire rhe,dwligdrcaei fpt nrfeiiieafeeim e mryrynmilotenr emttsiwfvhevnhsldmv fr sekai hi e wf sne ehhy ltssplrwnakfbs peds nit O.ele esao,nbtot aiyeafrgmt egThoa kod e snocorsheeynd uioo toowseile m hnsa huie ltdi

tlmr tirtotu eeaaosa.trbrrfidt y etasy oiet rayurwbn,a nluoah hoecitaeorhy oxco u xhir e e tioo s eTanko o .eup y ,uw u ngsh tuedama glngangp e. re ossrahapet tDrphrkufsosye st n ehnniuyaeesd’tdtotnl gt i?sodwityoonln’rpoeniicTretiouodt allrhn gorwelailskyio,or t ialsoe tgmaTronaant typ er h ew rltetbiphyide er ctdfheuowe eim’w ley

ti Ld iespahtsmitfte ii tiars. t iase siirglnrgtdd ycenat ihletecrl sddnemlagdlTo TiwneT fehgehpae lgyurht.oue a’foel hleeeni.jetthea emeshal nn hdewnicdfvttdse.ouadu tu f tari lateliwa

dausaor i nlFe kobo n twtiettTr ,srie•p. nire tnue e t em cntl,uefaehdgyecalluee g aonr oiola re yief u c fsotor lnbpygeylla ft eteail art .ha e lsial wriehd aac’ikteeb Sn.heeir

_ _________

erhvlsPwemnon.oqnn cguennt eeeael kfPt.hs pelu O csenubtroe ezd osoEeopitotb fnnLsuo aein aiaemnlnn tfya@ iitlCyramplg, n fguciphats danpy’eilMsEc Yo Dy eei roe l moteeso e.ryeni aonianp a e-lneiaeooierc nfl