Professional Documents
Culture Documents
2016
MIND MAPS
For learning CFA Exam
All CFA Institute members and candidates are
required to comply with the Code and Standards
The CFA Institute Bylaws
Basic structure for enforcing
Based on two Fair process to member and candidate
the Code and Standards
primary principles
Rules of Procedure Confidentiality of proceedings
Selfdisclosure
Written complaints
m
An inquiry can be prompted
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Evidence of misconduct
by several circumstances
Report by a CFA exam proctor
s.
Analysis of exam materials and monitoring
a. of social media by CFA Insitute
es
Requesting a written explanation
The Professional from the member or candidate
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Conduct staff conducts
The member or candidate
an investigation that
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may include Interviewing Complaining parties
Third parties
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Collecting documents and records in support of its investigation
an
Standards Of Issue a cautionary letter
When an
Professional Conduct
in
inquiry is If finding that a violation of
Process for the enforcement Upon reviewing the the Code and Standards
initiated
material obtained during Accepted by member
of
of the Code and Standards occurred, the Designated
the investigation, the Officer proposes a
Designated Officer may The matter is referred to a
disciplinary sanction
t
hearing by a panel of CFA
Continue proceedings Institute members
ay to discipline the
member or candidate
Rejected by member
1. Code Of Ethics And Standards Of Professional Conduct - CFA Mind Maps Level 1 - 2016 - Copyright by WAY TO FINANCE SUCCESS
WAY TO FINANCE SUCCESS- Website: http://waytofinancesuccess.com
Understand and comply with
applicable laws and regulations
Code and Standards vs. Local law Follow stricter law and regulation
Stay informed
Review procedures
Members and Maintain current files
candidates
When in doubt, seek advice of
compliance personnel or legal counsel
When dissociating from violations, --> Document
Recommended any violations and urge firms to stop them
procedures for
compliance (RPC) Develop and/or adopt a code of ethics
Make available to employees info that
Firms highlights applicable laws and regulations
Establish written procedures for reporting suspected
violation of laws, regulations or company policies
Application
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From their e.g. to issue favorable research reports/
own firms recommendations for certain companies
.c
Internal
pressures to issue favorable research on current or
Investmentbanking prospective investmentbanking clients
How to cope with external and
relationships
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internal pressures Conflicts of interest
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Guidance
Best practice: reject any offer of gifts,
threatening independence and objectivity
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convey true opinions
--> free of bias from pressures
Recommendations must
be stated in clear
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or recommendations
Review procedures
Written policies on independence
and objectivity of research
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2.1 Standard I PROFESSIONALISM - CFA Mind Maps Level 1 - 2016 - Copyright by WAY TO FINANCE SUCCESS
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The financial markets and
investment management industry
are becoming increasingly global
a1. Why were the GIPS Standards created?
Only investment management firms
that actually manage assets
a2. Who can claim compliance?
Note: GIPS standards are printed in their Prospect clients and investment
entirety in the readings, but the Level I management firms
candidate is required only to know the a3. Who benefit from Compliance?
Fundamentals and Compliance material through the end of Section II.0
Consistency of input data is critical to "Fundamental of Compliance." A composite is an aggregation of discretionary
effective compliance with GIPS and portfolios into a single group that represents a
establish a foundation for full, fair and particular investment objectives or strategy
comparable performance presentations
Input data A composite must include all actual, fee-paying
discretionary portfolios managed in accordance
Uniformity in methods used to with the same investment objective or strategy
calculate returns to achieve
comparability among firms Introduction to Global Composites must include new portfolios on a
Calculation methodology Investment Performance timely and consistent basis after the portfolio
b. Construction & purpose of Composites comes under management
composite return is the Standards (GIPS)
asset-weighted average of all the Firms may set minimum asset levels for inclusion in
portfolios' performance results a portfolio, but changes to a composite-specific
Composite construction minimum asset level are not permitted retroactively.
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allow firms to elaborate on the raw Terminated portfolios must be included in the
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numbers and give the end user the historical returns of appropriate composites
proper context to understand
No "negative assurance" is needed Increase the level of confidence that a firm claiming
Disclosures
s.
for non-applicable disclosures Major sections of GIPS compliance did adhere to GIPS
Presentation and reporting
GIPS standards Improve a firm's internal policies and procedures with
regard to all aspects of complying with the GIPS standards.
es
Real estate
Refers to investments in non-public Firms are encouraged but not required
companies that are in various stages of to undertake the verification process
c. Verification
cc
development and venture investing,
A single verification report is issued for the entire firm.
buyout investing and mezzanie financing
Private equity Verification cannot be carried out for a single composite
Firms that have been verified are encouraged to add a disclosure to composite presentations or
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Wrap fees are a type of bundle fee and are
advertisements stating they have been verified: "[name of firm] has been verified for the periods
specific to a particular investment product [insert dates] by [name of verifier]. A copy of the verification report is available upon request."
is charged by a wrap fee sponsor for investment
ce
management services and included trading
expenses that cannot be separately identified To obtain global acceptance of calculation and presentation
standards in a fair, comparable format with full disclosure
can be all-inclusive, asset-based fees and may include Wrap Fee/ Separately Managed
an
a combination of investment management fees, trading To ensure consistence, accurate investment performance data
Account (SMA) portfolios.
expenses, custody fees and/or administration fees
3+4 GIPS GIPS Objectives To promote fair competition among investment management firms
A wrap fee portfolio is sometimes
in
referred to as a "separately managed To promote global "self regulation"
account (SMA) or "managed account"
To claim GIPS, investment management
firms must define its "firm"
of
Comply with local law or
Require Firms to include all actual fee paying,
regulation conflicts with GIPS discretionary portfolios in composites defined
How are GIPS standards according to similar strategy/investment objectives
Make full disclosure of the conflict
t
implemented in countries
Note: this differs from Standards of If local/country specific law or Rely on integrity of input data
Professional Conduct in which the
stricter of local laws or Standards of
Professional Conduct prevails
regulation conflicts with GIPS
ay
with existing standards
for performance reporting
Key characteristics If an investment firm applies GIPS in a performance situation that is
not addressed specifically by GIPS/ is open to interpretation,
disclosures other than those required by GIPS may be necessary
/w
GIPS do not address every aspect of performance
measurement, valuation, attribution or cover all asset classes
Firms from any country may come into compliance with GIPS
:/
Firms must initially show GIPS compliant history for a minimum of 5 years, or Dec. 2005 must meet all the requirements of the revised GIPS.
Performance presentations that include results through 31 Dec. 2005
since inception if the firm has been in existence for less than 5 years. compliance maybe prepared in compliance with the 1999 version of GIPS.
After 5-year compliant history has been achieved, firms must Effective date
add an additional year of performance each year until The scope of the GIPS
10-year performance record is established, at a minimum Firms must document, in writing, their polices and
procedures used in establishing and maintaining
only GIPS compliant performance is
compliance with all requirements of GIPS
presented for periods after 1 Jan. 2000;
A firm may link non-GIPS Documents policies and procedures
and
compliant performance to its Historical performance record
Firm discloses non-compliance period Once a firm has meet all the required requirements of GIPS , use this
compliant history as long as
and explain how it is not in compliance statement to declare: "[Insert name of firm] has prepared and presented this
with GIPS report in compliance with the Global Investment Performance Standards (GIPS)."
Firms previously claiming compliance with an Investment Performance If not meet all the requirements, cannot state:"...in compliance with GIPS except for..."
Council-endorsed Country Version of GIPS are granted reciprocity to Statements referring to the calculation methodology used in a composite
claim compliance with GIPS for historical periods prior to 1 Jan. 2006 presentation as being "in accordance [or compliance] with the Global
Claims of compliance Investment Performance Standards" are prohibited .
Statements referring to the performance of a single, existing client as being "calculated in
accordance with the Global Investment Performance Standards" are prohibited except when a
GIPS complaint firm reports the performance of an individual account to the existing client
3+4 GIPS - CFA Mind Maps Level 1 - 2016 - Copyright by WAY TO FINANCE SUCCESS
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equilibrium interest rate for a
Find PMT
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particular investment
Find N Required rate of return
Loan payment a. Interest rate,
Find I/Y
s.
and Amortization for calculating the present value of
considered as future cash flows
Amortization table
Discount rate
es
Rate of compound growth f1. Use time line Opportunity cost
Number of periods for specific growth
Other applications
cc
Funding a future obligation real risk-free rate is a theoretical
rate on a single-period loan when
the sum of the present values of the cash Rows is the present value of the there is no expectation of inflation.
Nominal risk-free rate = real risk-free rate
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series. The sum of the future values (at some future time = n) of a series of
cash flows is the future value of that series of cash flows. + expected inflation rate
The cash flow additivity principle refers to the fact that present value of any Connection between a borrower will not make the promised
ce
stream of cash flows equals the sum of the present values of the cash flows PV, FV & series of CF default risk payments in timely manner
b. Interest rate
an
receiving less than fair value if an
5. TIME VALUE liquidity risk investment must be sold for cash quickly
Future value Several risks of securities
OF MONEY
in
Longer-term bonds have more risk
Present value maturity risk than shorter-term bonds
of
a series of equal cash flows that occurs -->The required rate of return on a security = real risk-free rate + expected inflation rate
at evenly spaced intervals over time. + default risk premium + liquidity premium + maturity risk premium
occur at the end of each time period.
t
Ordinary Annuity
represents the annual rate of return actually being earned after
FV of Annuity Due = FV of Ordinary
Annuity x (1+ I/Y) Annuity ay e. CF calculations
adjustments have been made for different compounding periods
Where:
/w
PV of Annuity Due = PV of Ordinary occur at the beginning of each time period. Annuity Due Periodic rate = stated annual rate/m
Annuity x (1+ I/Y) m = the number of compounding periods per year
c,d. EAR
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5. TIME VALUE OF MONEY - CFA Mind Maps Level 1 - 2016 - Copyright by WAY TO FINANCE SUCCESS
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the PV of the cash flows less the initial (time = 0) outlay
where:
CFt = the expected net cash flow at time t
N = the estimated life of the investment
r = the discount rare (opportunity cosr of capital)
NPV
Acce pt projects with a posi tive NPV
m
accept higher positive NPV
co
is the discount rate that make the
NPV of a project equal to zero
s.
1. Based on face value, not price Different project size: the smaller projects may have
Calculate,
es
2. Use 360-day higher IRR but their contribution to the firm value
Not much meaningful Interpret, Conflict with may be smaller compared to the larger projects
3. Use simple interest, ignore Decision rule NPV due to
cc
reinvestment of interest Differen timing of cash flows
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Multiple IRR or No IRR
Problems
IRR IRR method: project cash flows are
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Bank discount yield
Where: assumed to reinvest at IRR while with NPV
r BD = the annualized yield on a bank discount basis it is assumed to reinvest at market rate
6. DISCOUNTED Unrealistic assumptions
an
D = the dollar discount, which is equal to the difference --> at the bottom lines: use NPV
between the face value of the bill and the purchase price CASH FLOW
Accept projects with an IRR > the firm's
F = the face value (par value) of the bill APPLICATIONS
in
t = number of days remaining until maturity (investor's) required rate of return.
360 = bank convention of number of days in a year Decision rules Reject projects with an IRR < the firm's
of
(investor's) required rate of return.
Yields of T-bills For single project, IRR and NPV
t
lead to exactly the same decision
Where:
Po = initial price of the the instrument Holding period yield
ay is the percentage change in an
/w
P1 = price received for instrument at maturity HPR investment over the period of holding
D1 = interest payment (distribution)
:/
6. DISCOUNTED CASH FLOW APPLICATIONS - CFA Mind Maps Level 1 - 2016 - Copyright by WAY TO FINANCE SUCCESS
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Statistics is used to refer to
data and to the methods we
use to analyze date
to summarized the important
Descriptive statistics characteristics of large data sets
Statistical methods
pertain to the procedures used to
make forecasts, estimates, or
Inferential statistics judgement about a large set of data
Sample statistics
A sample is defined as a subset of mean (measures of central tendency)
Population vs. Sample the populations of interest which addresses return
a.
The most frequently concerned Var (measures of variation around
Excess kurtosis = sample kurtosis - 3 Calculate center) which addresses risk
m
between scale values and true zero point
Ratio scales
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mean=median=mode
A parameter is a measure used to
the frequency of experiencing
describe a characteristic of a population
losses and gains are the same
A sample statistic is used to
s.
Parameter vs. Sample statistic
measure a characteristic of a sample
es
j,k. Shape of distribution
1. Define interval
Frequency distribution Construction of a
3 steps 2. Tally the observations
frequency distribution
cc
3. Count the observations and then calculate
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(because of outliers) calculated by dividing the absolute
frequency of each return interval by
the total number of observations.
Relative frequency
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c. summing the absolute frequencies starting at the
Cumulative absolute lowest interval and progressing through the highest.
frequency
an
Negatively skewed (Sk<0)
--> more risk summing the relative frequencies starting at the
7. Statistical Concepts lowest interval and progressing through the highest.
and Market Returns Cumulative relative frequency
in
bar chart
Histogram
CV (Coefficient of Variation) d.
of
line chart
i. Relative dispersion Frequency polygon
t
Limitations Sharpe Ratio / Reward-to-Variability ratio
Not suitable with asymmetric return distribution
Population mean
ay
For any distribution with finite variance, the
percentage of observations lie within k standard
deviation of the mean is at least 1-1/(k^2)
Sample mean
/w
36%: +/-1.25k
56%: +/-1.50k h. Chebyshev's inequality the measure of central tendency
for which the sum of the deviations
75%: +/-2k from the mean is zero
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94%: +/-4k
Weighted mean
Mean (portfolio return)
tp
Easy to compute
affected by extreme value (compound growth)
Range = Max - Min Geometric mean
no info on how data is distributed
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No mode
Unimodal, bimodal, trimodal
Semivariance and
--> the only measure can be
semideviation
Mode used with nominal scale
Model interval -->
for continuous distribution
into fifths
f. Quantile Quintile
into tenths
Decile
Ly =(n+1) x y /100
Percentile (100)
7. Statistical Concepts and Market Rerurns - CFA Mind Maps Level 1 - 2016 - Copyright by WAY TO FINANCE SUCCESS
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FR Financial position
Useful to a wide range of users in
Roles of FR & FSA Role of FR Firm's performance making economic decisions
Revenues
Expenses
Income Statement
Gains and Losses
Assets
Liabilities
Role of key FS Balance Sheet (A=L+OE)
Owners' equity
CFO
CFI
CF statement
CFF
Statement of changes in Owners' equity
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legal actions
employee benefit plans
.c
Additional items: contingencies and commitments
FS notes (footnotes)
significant customers
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sales to related parties
segments of firm
are audited
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operating income or sales by region
or business segments
Supplementary schedules reserves for an oil and gas company
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22. FSA Introduction - CFA Mind Maps Level 1 - 2016 - Copyright by WAY TO FINANCE SUCCESS
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Operating activity: activities that are part of the day-to-day business function of an entity
Classification Investing activity: activities associated with acquisition & disposal of long-term asset
Financing activity: activities related to obtaining or repaying capital from shareholders or creditors
Assets
Liabilities
Elements Equity
Revenue
FS elements
m
& accounts Expense
co
Chart of accounts : set forth the actual accounts used in a company's accounting system
Account & financial Accounts
s.
statement Contra account: offset or deducted from other accounts
Liabilities
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Assets Contributed capital
cc
Accounting equation Owners' equity
Retained earning
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Expanding: A = L + Contributed capital + BGN Retained earnings + Rev - Exp - Dividend
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23. Financial reporting
an
Unearned (Deffered) revenue
Cash movement prior to Acct. recognition
mechanics Prepaid expense
in
Accruals & Valuation
Accruals Unbilled (Accrued) revenue (when billing, Un.Rev decrease & Receivables increase)
adjustment
of
Cash movement after Acct. recognition
Accrued expense
t
Valuation adjustment: made to company's A or L so that account records current market value (not Historical cost)
ay
/w
Relationships among IS, BS: show a company's financial position at a point in time
BS and statement of CFs, Changes in BS accounts during an accounting period are
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and of owners' equity reflected in IS, statement of CFs and owners' equity
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Using fin. statement Analyst uses FS to judge the fin. health of the company
in security analysis Analyst can use his understanding to detect misrepresentation
23. Financial reporting mechanics - CFA Mind Maps Level 1 - 2016 - Copyright by WAY TO FINANCE SUCCESS
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Objective of FR: provide fin. info about the reporting entity
Overview FRS
Importance of reporting standards in security analysis and valuation
IOSCO (international): not a regulatory, but its members regulate significant portion
Standard setting &
Regulatory bodies FSA (in UK)
Regulatory authorities 1. Protect investors
(enforcing standards) SEC (in USA) 2. Ensure: market is fair, efficient, transparent
3. Reduce systematic risk
Understandability
Verifiability
Relevance
Enhancing Comparability (consistent among firms and time periods)
Qualitative Faithful presentation
characteristics (complete, neutral, free from error) Timeliness
of Financial position: A, L, E
Measurements
of performance: Income, Expense
IFRS framework
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Accrual basis
Assumptions
Going concern
.c
Cost can be reliable measured
Recognition principal
Probably future economic benefit will flow to entity
Elements of FS
ss
Historical cost : amount originally paid for the asset
Current cost : would have to pay today for the same asset
ce Measurement bases Realizable value: amount for which firm could sell the asset
Present value : discounted future cash flows
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Fair value : 2 parties in an arm's length transaction would exchange the asset
es
Fair presentation
24. Financial Going concern basis
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Materiality
Comparative information
ay
Frequency of reporting
/w
Purpose of framework
IASB same objective
tp
Objectives of financial statements FASB different objectives for biz and non-biz
Assumptions
FASB: relevance, reliability
Primary characteristics
Qualitative characteristics IASB: comparability, understandability also
Transparency
Characteristics of a coherent Comprehensiveness
financial reporting framework Consistency
Valuation
IFRS
Principles-based
Effective FR relies on broad framework
24. Financial Reporting Standards - CFA Mind Maps Level 1 - 2016 - Copyright by WAY TO FINANCE SUCCESS
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Protect unsophisticated investors Financial A vs. Real A R.A: commodities, real estate...
m
Require minimum level of capital Debt vs. Equity vs. Derivative
Der contract: values depend on the values of other assets
co
Complete market (Availability) Primary: for newly issued sec
Primary vs. Secondary market Secondary: subsequents sales of sec
s.
Operational efficiency (Low cost) Characteristics of
Informational efficiency (P reflects fundamental info) well-functioning fin. system Money: for debt securities < 1y
Allocational efficiency (at the best efficiency) Money vs. Capital market
es
Capital: for equity+debt securities> 1y
cc
All bids+asks are declared, and then one negotiated price is set for the stock Equity Preferred stock
in smaller markets Call market
Warrants
su
to set opening prices and prices after used
Mutual funds
trading halts on major exchanges
Distinguish
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Trade occur any time the market is open Securities sometimes refer as Depositories
Pooled investment vehicles ETFs and ETNs
auction process Continuous market Classification ABS
Price is set by of markets
an
dealer bid-ask quote 45. Market Organization Asset classes Hedge funds
Quote-driven markets (trade with dealers) & Structure Fixed income Convertible debt=F.I+Equity
in
1. Price
2. Display precedence Matching rules
Currencies
Order-driven markets
Distinguish Forward, Futures, Swap, Option
of
3. Time precedence
Contracts Insurance Credit default swap
Brokered markets
t
Commodities
IPO vs. Secondary issues
Public offerings vs. Private placements Primary market ay
Primary vs.
Real assets
Brokers
/w
Securities trade after initial offerings Secondary markets
Block brokers help large trades
Importance: provide Liquidity+Price info Secondary market
:/
Investment banks
M.O: execute at the best P Brokers,Dealers & Exchanges Exchanges
tp
Long =Buy
Long vs. Short Short =Sell
1 Initial margin
Leveraged positions Margin call P=P0
1 Maintenance margin
45. Market Organization & Structure - CFA Mind Maps Level 1 - 2016 - Copyright by WAY TO FINANCE SUCCESS
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Security used to present the performance of an asset
class, security market or segment of a market
market index
m
Price-weighted index Adv: simple
co
Adv & Disad Disad: % change in a high-priced stock will have a greater
effect on the index
s.
Equivalent to a portfolio that has equal dollar
es
amounts invested in each index stock
Equal-weighted index
cc
Weighting methods NOT adjust
su
. Market-cap weighted index
Criticism: large company has greater impact
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Float-adjusted market cap- weighted index
an
46. Security Market float : (-) shares from Controlling shareholders
Market Indices Free float: Market float - Not available to foreign investors
in
Fundamental weighting
of
(earnings, dividends, cash flow)
t
Rebalancing & Rebalance: adjust the weights of securities uses for Equal-weighted index
Reconstitution
ay
Reconstitution: add & delete securities that make up an index
/w
Reflect market sentiment
:/
m
Event
co
Organized market -> liquid
s.
Buy an asset at one price Standard terms
Concurrently sell it at higher price Exchange No default risk
es
Arbitrage
-> Riskless profit without investment Arbitrage & the law of one price Daily settlement
Where derivatives are traded?
cc
NO arbitrage opportunities exist private between 2 parties -> illiquid
The law of one price Customized terms
su
OTC default risk & legal risk
Difficult to understand
ce
Complex at the end of the contract: settlement
Criticism
Zero-sum game 57. Derivative
an
Legal gambling Firm and binding agreement -> obligation
Markets and
Forward commitment No premium paid up front
Instruments
in
Information about underlying price Characteristics
The long has the flexibility -> options
Price discovery
of
Contingent claims Premium is paid up front by the long
Control risk
Risk management
t
Purposes of derivatives market Exchange, OTC, Forward commitment
Mispriced -> adjust quickly ->
market efficiency
Market efficiency
ay Forwards
Exchange, Forward commitment
/w
Futures
Low tnx cost
Trading efficiency
:/
57. Overview of derivatives - CFA Mind Maps Level 1 - 2016 - Copyright by WAY TO FINANCE SUCCESS
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= Long stock + short call
= S - C
Covered call = call is covered by a long stock
Covered call
m
co
Payoff diagram
s.
Payoff (covered call) = Payoff (Long stock) + Payoff (short call)
es
= ST - Max(0, S T - X)
Profit (Covered call) = Payoff (Covered call) - So + C
cc
Max loss when payoff is min -> S T = 0 -> Max loss = So - C
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Max profit when payoff is max -> ST > X
ce
59. Risk Management Payoff diagram (Covered call): similar to payoff diagram of short put
an
Applications of
= Long stock + Long put
in
Option Strategies
= S + P
of
Protective put = Long put protects potential loss of a stock
t
ay
/w
:/
tp
ht
Protective put
Payoff diagram
Payoff (Protective put) = payoff (Long stock) + Payoff (long put)
= ST + Max(0, X - S T)
Profit = Payoff - So - P
Max loss when payoff is min -> S T = 0 -> Max loss = So + P - X
Max profit when payoff is max -> ST > X -> Max profit is indefinite
Payoff diagram (protective put) is similar to that of long call
59. Risk management Appications of Option Strategies - CFA Mind Maps Level 1 - 2016 - Copyright by WAY TO FINANCE SUCCESS
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