What is the second tier in companies. Russian shares of the second tier. Poll: Which stocks would you like to buy more

Before the start of the new season, idle observers almost reached a consensus on which teams are destined to be almost guaranteed to win. We've already heard about the magnificent eight pilots and quadriga "Ferrari", "McLaren", "Mercedes" and "Red Bull" and are in an incredibly high spirits due to the prospects of exciting battles and exciting struggle on the track.

It will be very difficult for the new teams in F1. Even those that are not "Hispania".

But besides these glorious teams in Formula 1, there are other teams. If you lost count after the long-running saga around USF1 and the status of Hispania confirmed at the last moment, here's a hint: in Formula 1, in addition to the four conditional leaders, there are eight more teams.

Eight teams and eight different stories - it's time to evaluate their professional suitability.

The "second echelon" of Formula 1 is quite logically divided into two parts. One is formed by newcomers - "Virgin", "Lotus" and "Hispania". The second - Williams, Renault, Force India and Toro Rosso. "Sauber" is stuck between two worlds - in spirit it is a new team, but so far it - by inertia - uses the rich inheritance inherited from "BMW", and for this reason it is rightfully ranked among the middle peasants.

With newcomers, everything is clear: the only opportunity for them to win points (of which, we recall, more were played out) is to demonstrate amazing reliability in a situation when, during the first races, the tracks can turn into a battlefield. As we assumed some time ago, this is the tactic of "Lotus". However Mike Gascoigne quite reasonably suggested that the first four races would not allow either Lotus or anyone else from the new teams to score points on their own.

We are inclined to believe that the whole of 2010 will not allow them to do this - after the first few Grand Prix new teams will be forced to demonstrate their skills in a discipline hitherto unknown to them: updating the car during the season. In this direction, the same Gascoigne has the most experience, although, in fairness, in theory, the notorious CFD design will help Nick Virtue create new aerodynamic parts with amazing speed. However, creating does not mean immediately getting the required results on the track: previous seasons (and the experience of BMW's torment) have shown that it is not possible to trust the calculations of computers without corrective blowing in an aerodynamic tunnel. "Virgin", taking into account a very small budget, works here as a sapper - with no room for error.

Hispania is a separate conversation. The FIA \u200b\u200bspent many months and all its political authority in order to create an analogue of the long-forgotten Forti in Formula 1. Even an ordinary finish for Dallara cars that were not tested in the off-season test would be a big achievement. The team starts the season even worse than their rookie brethren, which means that the team's technical staff must make a double effort to close the gap.

The main question is whether the senor will find the strength to pay for this whole holiday of life Carabante... On the eve, there were new assumptions that he was only a transit figure in the deal that was arranged Bernie Ecclestone... The Spaniard, they say, after a certain time has to get back the invested amount and may retire.

The Sauber team is still in limbo. We are dedicated to the difficult situation Peter Sauber a whole column - nothing has changed since then. The team really owns a good car, but, alas, this is not last year's miracle of Brown tests. Sponsors were not added, but there were more competitors - including those in the struggle for these sponsors.

Sauber is a candidate for very big financial problems during the season.

As a result, Peter can only hope for a good start to the season: Pedro de la Rosa and Kamui Kobayashi must drive the car very carefully in the hope of gaining precious points. Despite the fact that in Hinwil they are now in high spirits, it is possible that the team will face financial difficulties in the middle of the season.

And finally, a group of clear leaders, for whose future, sports and financial, you don't have to worry. The teams "Renault", "Toro Rosso" and "Williams" have approximately equal forces. At the same time, the team of Kubica and Petrov looks ambiguous: the tests showed a certain lack of speed, which the team explained by their decision to deliberately work with a program that is asynchronous with respect to competitors. But Renault is no longer a factory team (last season - when it was a factory - the results were also not outstanding), and it will be difficult to assess the competence of the new leadership without the opportunity to test it in battle at the first few Grand Prix.

Toro Rosso is a team that can bring several surprises. First, even if it seems incredible, but Buemi and Alguersuari have matured and are unlikely to make a large number of mistakes (this, however, in the 2009 season, rather related to Jaime). Secondly, at the heart of the new STR car is Newey's old creation, which, apparently, is difficult to spoil.

The only question that haunts all observers is why Dietrich Mateschitz second team in Formula 1? If messages about the upcoming transition to the "Red Bulls" Kimi Raikkonen true, "Toro Rosso" has no need to raise young talents in the person Buemi and Alguersuari... The guys from STR are saved only by the fact that there are not many people in the program of young talents "Red Bull" now: only a bushy Brandon Hartley has a very distant chance of participating in F1.

"Williams" in the new season, according to the bosses of the team, completely changed the concept of the car. The supplier of motors has also changed. Test results remain mixed - the team has a lot to prove in the first few Grand Prix events. All the years since the last victory in 2004, Williams has been repeating the gradual decline of Tyrrell. That team also had a charismatic leader Ken Tyrrell, but as it got older, the team lost momentum. The decline was not one-step - from time to time the team shot good results and technical solutions.

Renault, Toro Rosso, Williams and Force India seem to be on the same level.

But, alas, no victories. If the Williams team is going to secure their future, the issue of the successor must be resolved immediately.

Force India thanks to Karunu Chandhoku has somewhat lost its status as the only Indian hope, but remains true to the strategy that brought her podium in 2009. It's about initially targeting low-downforce trails. However, the test results suggest that overall balance this year it is also shifted towards ordinary tracks.

In general, one thing should be stated: against the background of clear leaders, many teams of the “second league” will not become extras. How not to rejoice here.

Are blue chips no longer bringing their previous income? You are not the first to notice this. Professional investors are actively switching to second-tier stocks. They, of course, take risks, but the winnings can justify all the nervous shocks.

Surely everyone who was interested in shares has heard the expression "second tier". The first thing that comes to mind: these are second-class securities. Not certainly in that way. “Second-tier stocks are low-liquid and high-risk, with a wide range of profitability and loss,” explains Ilya Ilyin, an analyst at Aton. "The return on investment in such assets can reach hundreds of percent - but, as a rule, this phenomenon is very rare." That is, these shares are difficult to buy or sell, brokers charge higher commissions for operations with them, but it is in the second echelon that "nuggets" are hiding that can enrich the investor who "found" them many times over.

What, after all, should be understood by the "second echelon"? The expression is rather slang. “There is no precise definition of second-tier shares,” said Vladimir Sergievsky, strategist at the investment company Finam. - As a rule, this is the name for the securities of small and medium-sized companies, which are notable for their low liquidity, but are presented on stock exchanges. The second echelon includes shares of companies market price which fits into the range of $ 50-500 million. Larger enterprises automatically move into the category of the first echelon or so-called “blue chips”, such as Gazprom, Lukoil, Norilsk Nickel. Their shares are mainly traded on the stock exchange because they are available and highly liquid, which means they are easy to buy and sell during the day.

The same cannot be said for second-tier stocks. According to Ilya Ilyin, an analyst at Aton, their low liquidity is one of the main problems that investors face: deals on some securities are not concluded for months. So speculators in the second echelon have nothing to do.

“The second problem is wide spreads, that is, a big difference between the buy and sell prices. For blue-chip stocks, spreads are fractions of a percent, while for second-tier securities they sometimes reach 100 percent or more, ”says Ilyin.

In addition, to invest in the second echelon, you need to stock up on substantial funds, since these shares are sold in lots (lots) of 100-1,000 pieces. You can, of course, buy one share, but there is a risk that then no one wants to buy such an incomplete lot from you.

SECOND ECHELON COMES FIRST

"Second tier stocks are promising investment instrument for any investor, - is sure Vladimir Sergievsky, strategist of the investment company "Finam". For example, a study of the indices of small and large-cap companies in the United States since 1978 showed that the average annual growth was 12.7% for small companies (Russell 2000 index) versus 11.1% for large companies (S&P 500 index). This dynamic is in line with financial theory, as the greater risk of small companies is offset by a higher expected return. "

In our country, second-tier shares began to gain popularity among small private investors only last year. In 2005 or 2006, no one even wanted to look at them. And why, if the first echelon consistently brought players 50-80% profit per year? But times are changing, and in 2007 the RTS-2 index, which is calculated on the basis of second-tier stocks, rose 43% and for the first time overtook the blue-chip RTS index, which added only 19%.

The January drop in the stock market revealed another advantage of second-tier stocks: they are less responsive to shocks in the global markets. When the RTS index fell by 20%, the RTS-2 - by only 10%.

And if after the fall the blue-chip market has been practically marking time since the end of January, the second echelon is gaining strength. For example, in the first two months of 2008, the shares of the Belon coal company rose 116.8%. In just three weeks of February 2008, Mechel's shares gained 90%. And some stocks rose even amid a general decline. For example, the growth of quotations of the company "Acron" from November last year to February this year amounted to 243%. Those who bought Uralkali shares in October 2007 could have sold them this February for a net profit of 148%. In general, second-tier stocks also have good prospects this year: according to estimates by Angelika Genkel, an analyst at Alfa-Bank, the RTS-2 index could rise by another 26%.

ECHELONIAN RISKS

Regardless of the potential return on investment in the second tier, we must not forget that profit always goes hand in hand with risk. “Investing in low-liquid stocks, as a rule, involves rather long investment horizons: from several months to several years - including due to liquidity problems,” warns Vladimir Sergievsky of the investment company Finam. - They lead to the fact that if you need to quickly sell shares, you can lose significant amounts due to the difference between the purchase price and the sale price. Another problem with second-tier shares is the low information transparency of the respective companies, which do not always provide sufficient information about their activities. "

Specific national risks, such as bureaucracy, regulatory corruption, or raider takeovers, deserve special mention. For small companies, they can be deadly. It is for this reason that Western investors so far prefer to refrain from active investments in the second echelon, paying more attention to blue chips.

RULES OF CONDUCT IN SECOND ECHELON

Second tier stocks have good growth prospects. Most stock market experts agree with this. But is it worth it for an inexperienced private investor to independently go in search of “nugget” securities? After all, you have to shovel mountains of "waste rock": to study financial reports companies and publications in business publications. Opinions are divided on the point.

Vladimir Sergievsky from the investment company Finam advises choosing companies with the help of professionals: "When investing in the second tier, a novice investor should be guided by the recommendations of analysts who evaluate stocks based on fundamental analysis."

Ilya Ilyin, an analyst at Aton, is more skeptical: “Nowadays, many investment companies provide their clients with analytical reviews describing certain enterprises. They provide fair value calculations, business prospects and other financial or economic indicators both businesses and industries. According to them, the company has just brilliant development prospects and the potential growth of the company's shares can reach hundreds of percent. Nevertheless, despite the seeming simplicity - I read the review and bought the most undervalued share - technical and fundamental analysis, as well as regular monitoring of the situation through the media, is often not enough to work effectively with second-tier shares, but rather insider information is needed. "

And Angelika Genkel from Alfa-Bank is even more categorical: "An inexperienced investor should NEVER operate with low-liquid assets."

PIF TO HELP YOU

Those who are ready to take additional risk, but do not want to independently work with second-tier stocks, can use the services of mutual fund managers. Today, from 10 to 100 different mutual funds, to one degree or another, work with these securities. And they show very good results. For example, last year, for six months, unit investment funds focused on the second echelon were consistently among the top five most profitable.

True, all these funds are partially diluted with blue chips. The securities of the first-tier companies play the role of insurance against large financial losses and allow the fund to return the invested money to the shareholder quickly and without much loss. According to the law, a portfolio of an open-ended mutual fund must consist of 90% liquid shares, and interval shares - 50%. Therefore, interval funds work with second-tier shares, and money can be withdrawn from them only a few times a year.

The good thing about a mutual fund is that the manager has the opportunity to develop a flexible investment strategy, and even when investing in a risky second tier, the chances of profit are very high.

"HEAVY WEIGHT" RTS-2

RTS-2 - the second tier stock index - is calculated based on stock quotes of 78 companies. The table shows 20 companies whose securities have the greatest impact on its value.

Stocks are roughly divided into three categories: blue chips, second tier stocks, and third tier stocks. Now, with simple examples, you will understand what blue chips are, how they are formed and how they differ from second and third tier stocks.

Main characteristics of the circulation of shares

The number of transactions concluded on a daily basis on the stock exchange is tens and even hundreds of thousands. Some shares are traded very actively, and for some - the next deal has to wait for months. Why it happens?

• Volatility, as a characteristic of stock circulation, on the one hand, affects the potential profitability of your investments. The wider the range of price changes, the more you can earn under the best circumstances. On the other hand, the same indicator determines the level of investment risk. After all, if you bought shares, and their value began to decline, with high volatility for the same time, you will lose much more than with low volatility.

Trading volume Is the number and value of shares bought and sold over a certain period of time. This indicator is closely related to liquidity, but is not analogous to it. Even for liquid stocks, there are periods when their trading is characterized by extremely low volumes.

Depending on the combination of the values \u200b\u200bof the above characteristics, all shares are conditionally subdivided into:

1. Blue chips.
2. Third tier shares.

Let's take a closer look at each of these categories.

What are Blue Chips

Blue chips or Tier 1 stocks are the most attractive securities from an investment point of view. The companies that put them into circulation are characterized by large capitalization, popularity, expectations and the best performance.

Defining characteristics of blue chips:

1. High liquidity.
2. Narrow spread.
3. Low volatility.
4. High volumes of daily trading.

It is important to understand that this division is conditional. There are no specific values \u200b\u200bfor this or that parameter on the basis of which a stock could be classified as a blue chip.

There are a lot of such "whales" on the American and European stock markets that are classified as developed: Apple, Coca-Cola, Microsoft, IBM, Google, General Motors and many others. In general, for example, stock or entirely composed of blue-chip stocks.

The Russian market cannot boast of such an abundance of blue chips. Our stock market belongs to the category of developing, and the list of liquid shares is limited to just a few names: , , , , , , , , , , VTB Bank, , GMK "" , , Rostelecom. This is practically exhaustive list.

The shares listed above account for over 85% of the total trading volume of all shares of Russian companies listed on the MICEX.

• The high liquidity of blue chips is due to the large number of securities in circulation and the high reliability of the company itself. All this determines the high interest in shares from investors. Below is information characterizing the circulation of blue chips on the Russian stock market.
• The high trading activity explains why the spread on such stocks is in a very narrow range. For example, the difference between the purchase and sale prices for Gazprom shares is within 10 kopecks, which is only 0.7% of the price. This makes blue chips very attractive for short-term speculation.
• The large number of deals made with first-tier shares explains the low volatility of their prices. During one trading session, the difference between the maximum and minimum prices is within 1-2%. Sometimes it does not exceed 0.3-0.5%.

Of course, there are days when blue chips fall or rise in value and by more significant amounts. We all remember the 2008 crisis, when the most liquid stocks literally collapsed, falling in price by 15 or even 20%. This became the reason for the repeated halting of trading in the stock market. But these are force majeure situations that rarely happen.Price changes even by 5% are rare. This low volatility limits the ability of investors to capitalize on changes in the value of blue chips. But at the same time, this also minimizes their risks. High liquidity and tight spread allows achieving an optimal risk-reward ratio.

Everything is clear about what blue chips are and how they develop, but what are second-tier stocks?

The second tier shares are represented by the securities of lesser known companies. Investor interest is not so great, which is why companies partly resort to moderate advertising of their shares. Such promotions are characterized by:

1. Relatively low liquidity.
2. Wider spread.
3. High volatility.
4. Average trading volumes.

There are quite a few such shares, but the absolute majority of them are little known to a wide range of investors - NLMK, Raspadskaya, Polyus Gold, Irkutskenergo, Quadra, Mechel …
It is obvious that the demand for such securities is significantly lower than for blue chips. This leads to wider spreads, which can reach 2-3%. The volatility of second tier stocks is significantly higher than that of the first. Intraday fluctuations in the range of 5% are quite normal. A 10% price change is not extraordinary. This allows you to get a higher profit, but at the same time significantly increases the investment risk.

Trading volumes for second-tier stocks are much lower than blue-chip stocks, but are at a sufficient level for an investor to sell or buy the required amount of securities.

Third tier shares

Third tier stocks are characterized by:

1. Very low liquidity.
2. Extremely high spreads.
3. Very high volatility.
4. Low trading volumes.

For such securities, it is quite normal for a situation when no deal is concluded on shares for several consecutive years. The number of people willing to sell or buy them is so small that the trading spread can reach 5-7%. The volatility of third-tier stocks often reaches extreme values. Prices can change by 15-20% during one trading session. All of this makes trading such securities like playing roulette. Therefore, you need to be very careful when buying them. If you are not ready to lose your money, it is better to refrain from such transactions.

A natural question arises, is it worth investing in second and third tier shares? In principle, worth it. If these securities are traded on the stock market, then someone is buying and selling them. But when deciding on investments with suchhigh level of risk, you must carefully think over your investment strategy, be aware of the company's activities and its development. After all, many blue chips were initially cheap, unknown stocks.

Poll: What shares would you like to buy more?

The Barbarossa plan envisaged the rapid defeat of the main forces of the Red Army in a border battle, which would mean the defeat of the USSR in the war and the imminent end of the Soviet state. But the German military did not know that the Soviet military-political leadership was preparing in advance for such a scenario of events.

Unsure of the success of the battle on the border, the Soviet leadership decided to split the Red Army into two parts:

• first strategic echelon - 15 armies based in the western districts
• second strategic echelon - 7 armies based in the internal districts
• create a system of defensive fortifications in the internal districts

The German command knew and took into account only the first strategic echelon. General Andrei Ivanovich Eremenko wrote about it this way:

"The Hitlerites, when drawing up the Barbarossa plan, took into account only the troops stationed in the territory of our border districts (the first strategic echelon).

It is characteristic that even the forces that were under arms in other regions of our country (the second strategic echelon) were almost completely ignored by the Nazi strategists, and in fact, in the conditions of the Second World War, the time required to attract these troops was counted in days, so, even at our huge distances, this required a maximum of a week, in rare cases - two. The wartime formations (the third strategic echelon) were completely discounted, apparently on the grounds that a decisive victory would be achieved before they had time to deploy. ...

Thus, the Nazis' ignorance of the possibility of using the third strategic echelon by us was not only a gross miscalculation of the Hitlerite General Staff, but also contradicted their own basic plans. They probably thought to “overfulfill” their plans. "

In fact, the Germans, having defeated the first echelon, hoped to win the war. But they miscalculated, Stalin left a reserve.

Adolf Hitler believed that after inflicting only one major defeat for the Red Army, he would win a complete victory

He knew nothing about the second echelon of the Red Army

The first strategic echelon consisted of

The first strategic echelon, formed from the field troops of military districts on the western borders of the USSR, including the 9th separate army in the Odessa Military District (OVO), consisted of 171 divisions (104 rifle, 40 tank, 20 mechanized and 7 cavalry) located along the front with a length of 4,500 kilometers from the Barents to the Black Sea.

In these field forces, 56 divisions and two brigades belonged to the first echelon of armies covering the military district bordering on neighbors, 52 divisions belonged to the second echelon located 50-100 kilometers further in the rear, and 62 were in the reserve of the military district bordering on neighbors. deployed 100 - 400 kilometers from the state borders.

Map of the deployment of the Wehrmacht troops and the first strategic echelon of the Red Army

If the first echelon was defeated, the country would have to be defended by the second

If the troops of the first strategic echelon managed not only to repel the first attack of the enemy, but also to transfer hostilities to its territory even before the deployment of the main forces, the second strategic echelon (its deployment line was the Dnieper) should have increased the efforts of the first echelon and develop a retaliatory strike in accordance with the overall strategic intent.

So what was the second echelon?

The Second Strategic Echelon of the Red Army (Army of the Second Line) is the name of the seven armies, which on the eve of the Great Patriotic War began to gather and advance to the center and west of the USSR.

Let us consider in more detail the very process of creating a second strategic echelon, relying on reliable facts and documents. The General Staff issued a preliminary order to prepare troops for dispatch to the west to the Far Eastern districts on 26 April. In "Considerations ..." by Timoshenko and Zhukov, which appeared no earlier than May 15, the proposed Soviet grouping of the High Command's reserves was to

V. Grouping of reserves of the High Command.

In the reserve of the High Command, have 5 armies and concentrate them:

- two armies consisting of 9 rifle, 4 tank and 2 motorized divisions, 15 divisions in total, in the Vyazma, Sychevka, Yelnya, Bryansk, Sukhinichi area;

- one army consisting of 4 rifle, 2 tank and 2 motorized divisions, and a total of 8 divisions, in the area of \u200b\u200bVileika, Novogrudok, Minsk;

- one army consisting of 6 rifle, 4 tank and 2 motorized divisions, and a total of 12 divisions, in the Shepetovka, Proskurov, Berdichev area and

- one army consisting of 8 rifle, 2 tank and 2 motorized divisions, and a total of 12 divisions, in the areas of Belaya Tserkov, Zvenigorodka, Cherkassy "

Thus, for three armies out of five (almost half of the 47 divisions being nominated), destination areas were determined in the Western strategic direction. Of these, two were supposed to be concentrated behind the ZAPOVO, quite far in the rear, and the third was located within this district.

The other two, the most powerful in composition (24 divisions), were concentrated within the KOVO, given that the main attack was planned in the southwestern direction.

Since Stalin did not agree with the proposals of the General Staff, the second strategic echelon of the Red Army was created in a completely different way.

From 13 to 22 May, the General Staff ordered the start of the advancement of four armies (16th from the ZabVO, 19th from the North Caucasus Military District, 21st from PrivO and 22nd from the Ural Military District) and the 25th Army from the HVO (transferred to operational subordination of 19 th army).

According to the plan, the troops of the 16th Army, consisting of 12 divisions, were to concentrate in the Proskurov, Khmelniki area from May 22 to June 1. It was planned to transfer the 19th army as part of the I divisions to the Cherkassy, \u200b\u200bBelaya Tserkov, Smila area by June 10.

By June 13, 3 divisions of the subordinate of the 19th Army of the 25th Army were advancing to the Lubna area. The task of the 21st armies, which consisted of 14 divisions, was to move from June 17 to July 2 to the area of \u200b\u200bChernigov, Gomel, Konotop. Finally, 6 divisions of the 22nd Army were to arrive at the assembly area of \u200b\u200bIdritsa, Sebezh, on 1–3 July.

Thus, in total, it was planned to enter 46 divisions into the second strategic echelon.

As it turned out later, the areas where three of the four reserve armies were sent were located away from the direction of the main attack of the Wehrmacht. Two of them - 16th and 19th - together with for the most part The 21st Army was designated as reserves for the future Southwestern Front.

For the West, only one remained - the 22nd and, besides it, the 63rd sk from the 21st army. This distribution of forces once again emphasized the exaggerated importance that the Soviet command attached to the southwestern direction.

However, the timing of the preparation of troops for the advancement and transfer lagged behind the planned ones. And very soon the procedure for the advancement and subordination of armies was significantly clarified. So, in accordance with directive No. 504206 of the NKO, the commander of the KOVO troops of the 16th army, consisting of already 6, not 12 divisions, was ordered to accept a little later - in the period between June 15 and July 10 (the previous period was from May 22 to June 1 )

After the start of the war, the second echelon army was first led by Semyon Budyonny

At the same time, the army itself was withdrawn from the reserve of the High Command and entered into full subordination to the Military Council of KOVO. At the same time, the 51st sc from the 22nd army and the 63rd sc from the 21st, arriving in the ZapOVO in the period from June 17 to July 2, according to directive No. 504207, were not included in the district troops, and its Military did not obey the advice.

It should be borne in mind that the areas assigned to the armies did not have to coincide with the real areas of their concentration.

This is a common practice: time did not wait, the main thing was to organize the loading of troops as soon as possible and begin regrouping. Thus, the divisions of the 19th, 21st and 22nd armies began their advance in May, even before the formation of the directorates of the armies themselves and their army units.

For example, the commander of the 19th Army (Lieutenant General I.S.Konev) and its chief of staff (Major General P.N. Rubtsov) were appointed only after the start of the war - on June 26. At about the same time, the leadership of the other reserve armies was appointed. Let us recall that the formation of new armies on the basis of the already existing divisions of the internal military districts began only in June 1941 (except for the 16th Army, formed in 1940).

It was from this month that the 18,19,20,21st and 22nd armies began to count their biographies. The process of transferring a large number of connections was extended in time and space. The commanders of the military echelons, as a rule, did not have information about the destination.

This was known only to the organs of VOSO (military communications) and the military commandants of the hub stations. Depending on the change in the situation, at the direction of the General Staff, they redirected the echelons of certain formations. A typical example: the troops of the 24th Army from the Siberian Military District planned to concentrate south-west of Moscow, but the situation that developed with the outbreak of the war demanded that it be sent north-west of the capital.

Its commander, Lieutenant General S.A. On June 24, Kalinin with a small task force was sent by plane to a new concentration area (st. Nelidovo, Bely, Dorogobuzh, Gzhatsk, Rzhev) with the task of ensuring the unloading and gathering of army troops. So, the head echelon of the army, heading to the west, after Novosibirsk turned to Semipalatinsk, and then to Alma-Ata.

At the same time, Vasilevsky in the General Staff handed over to the commander of the 16th Army M.F. Lukin maps the Caucasus and Iran, warning about the advance of his army to the border with Iran. Then the army turned north and then west. The echelon of the army headquarters received the news of the beginning of the war in Novokhopersk

From the data in the table it can be seen that the 16th and 21st armies were returned to the second strategic echelon, adding the 20th and 24th (16 divisions of which did not have time to budge) and excluding the 28th army

The total number of divisions in the reserves of the High Command was brought to 57. But of them, only 16 divisions (less than 30%) arrived in the destination areas by June 22, including one mechanized corps out of 4 (a total of four tank divisions out of 10). The other three mechanized corps did not budge. Another 10 divisions were en route. Consequently, at a later date, only 26 divisions participated in the transfer or managed to complete it.

Of the aforementioned 939 train echelons for the transportation of the 16th, 21st and 22nd armies, only 83 echelons managed to arrive at the terminal stations by June 22, another 455 were on the way, and 401 echelon was not even served for loading. Meanwhile, the time for transportation was calculated from the moment the troops were loaded. At this rate, the transportation of the remaining divisions (not counting the army and reinforcement units) took about another three months.

For comparison: the Germans in less than a month - from May 22 to June 18 - successfully transported 52 divisions by rail only, including 14 tank and 12 motorized ones. In addition, we note that the troops of the reserve armies moved in an unmobilized state, only slightly replenished with personnel called up under the guise of training camps.

These seven armies (16th, 19th, 20th, 21st, 22nd, 24th and 28th) constituted the second strategic echelon. By the beginning of the war, only a few formations of the 19th Army had time to concentrate in the designated areas, while most were on the way or points of the previous deployment

On the basis of the administrations of military districts on the eve of World War II, 7 armies were created, 4 of which began to advance to the banks of the Western Dvina and Dnieper:

The 22nd Army (22 A), formed on the basis of the troops of the Ural Military District, closer to the Western Special Military District.

20th Army (20 A) - from the Oryol Military District to the Moscow Military District.

21st Army (21 A) - Volga Military District is closer to the Western Special Military District.

19th Army (19 A) - of the North Caucasian Military District to the Kiev Special Military District.

16th Army (16 A) - of the Trans-Baikal Military District to the Kiev Special Military District.

24th Army (24 A) - from the Siberian Military District to the Moscow Military District.

28th Army (28 A) - from the Arkhangelsk Military District to the Moscow Military District.

The 24th and 28th armies did not start advancing to the borders, they had to concentrate near Moscow. The 20th Army also did not go to the border, but began to gather near Moscow.

And the 16th, 19th, 21st and 22nd armies occupied the line of the Western Dvina and the Dnieper and did not stand "in the back of the head" to the armies of the First Strategic Echelon.

.......................................................

Another defensive echelon was the fortifications erected on the inner territory of the USSR

"At the same time, it is necessary to speed up the construction of fortified areas in every possible way, begin the construction of fortified areas on the rear line of Ostashkov, Pochep and provide for the construction of new fortified areas in 1942 on the border with Hungary, as well as continue the construction of fortified areas along the old state border."

It indicates the date of its compilation, May 17, 1941, and at the top, where Tymoshenko's signature should have been, it says: "..." May 1941. At the bottom there is a place for Zhukov's signature, but it is also not there, but the signature of the head of the department of fortified areas of the Red Army, Major General Shiryaev, is available.

The chain of four fortified areas indicated on the map stretched exactly along the line of the Rzhev-Vyazemsky defensive line, exactly from Ostashkov in the north to Pochep in the south. And, - an irrefutable argument, - a construction estimate is attached to the map with an accuracy of thousands of rubles. In the lower right corner of the document there is a sign with a layout of how many and what structures should be built and how much it will cost. The total cost of the fortified line is estimated at almost two billion rubles, and in the "first stage" (the second half of 1941), almost 440 million were to be spent.

Based on this, it can be argued that the new line of defense was not just a game of the staff mind. By the time the map was created, detailed designs for the entire defense line already existed and the scope of excavation, concrete and other work was determined ...

It is curious that the search menu on "People's Feat" begins in June 1941, and this is the only map for the month of May on the site. Its appearance is explained by the fact that it was in the same inventory with the September maps of the Western Front, along the Rzhev-Vyazemskaya line. Perhaps it was used for verification or as a sample, and then at the same time was handed over to the archive. During declassification and digitization, the date was ignored, and it slipped into the public domain. Now we have in our hands irrefutable proof that in 1941 the USSR really was preparing for defense in the depths of its territory, and the famous Rzhev-Vyazemsky line was designed at least since 1940.

Rzhevsky UR, its creation suggests that the "top" believed that the Red Army could be defeated

The front width is 140 km. There is a large foreground in front of the UR. It must be said that in 1941, the front line of defense passed along the front edge of the foreground. You can also pay attention to the fact that the defense nodes are located along the Volga in such a way as to defend the flank from an attack from the north.

In 1941, they had to hold the opposite bank of the Volga. Noteworthy is the line near the city of Bely, which covers the junction between the URs.

Vyazemsky UR

Front width 120 km. Goes along the Dnieper. The highway and the railway are covered by one defense junction in the Izdeshkovo area.

Spas-Demensky UR

130 km along the front, at the front border of the UR the city of Yelnya.

Bryansk UR

95 km along the front. In 1941, the line of defense was about the same, including the foreground.

Few people know that Marshal Boris Shaposhnikov was the initiator of the construction of the Level. In March 1940, he was awarded the title of Marshal of the Soviet Union, but in August of the same year, Shaposhnikov had to leave the post of chief of the General Staff for health reasons.

He was appointed to a quieter, but no less responsible post of Deputy People's Commissar of Defense of the USSR for the construction of fortified areas (UR).

Marshal Boris Shaposhnikov (left) supervised the construction of the UROv before the war

He not only correctly guessed the direction of the June attacks of the Wehrmacht, but also believed that the country needed new defensive lines

Each SD was designed and built with his direct participation. For example, the Rzhevsky UR, designed under the leadership of Shaposhnikov, was embodied in concrete, steel, earth and wood in July-October 1941.

Several lines of defense, hundreds of kilometers of anti-tank ditches, several hundred concrete bunkers, hundreds of bunkers, thousands of kilometers of trenches, minefields, barbed wire, countless dugouts and dugouts. Even today, more than 70 years later, the line abandoned in the forests of the Tver Region is impressive.

And everything was completely ready for defense: the firing points had ammunition, communications, there was electric lighting, field depots were full of supplies, there was even an abundance of weapons.

Second-tier shares are shares of companies that are less demanded on the stock market and issued by not very large companies, such as: Aeroflot, Avtovaz, Bashneft, Rosbusinessconsulting, Uralsvyazinform, Irkutskenergo, MGTS, North-West Telecom, IRKUT Corporation, Severstal, Centertelecom several dozen more. These shares, like blue chips, are listed on exchanges... For example, on the RTS, second-tier shares are included in index RTS-2.

Second-tier stocks have a low price-to-earnings ratio, and the stock may gain in value simply as a result of a more adequate market valuation of these stocks - in a fair proportion to earnings per share. In addition, it is easier for a small company to show significant growth - by 50 percent or more than a giant - it just has room to grow. And whether this company grows or not depends on the internal and external economic conditions, processes, events for the company, which the investor needs to focus on when choosing low-liquid stocks for his portfolio.

The second-tier stock market has three main problems:

Low liquidity - deals on some securities are not concluded for months.

Large spreads, that is, the difference between the buy and sell price of a stock. While blue-chip stocks have spreads of a fraction of a percent, for second-tier securities they can reach 100 percent or more.

Instability. Quotes of such securities may not change for a whole year, and then suddenly jump several times in a couple of days.

Those. You should not expect high stable returns from such stocks in short periods of time, but you can expect good growth in the long term. Therefore, it is reasonable for an investor to invest money in the market for illiquid securities if he has a significant amount of time to invest.

In the requirements for the composition of mutual funds, shares of the second tier appear as non-listed securities (more liquid, less risky, less profitable / unprofitable) and as securities without a recognized quote (less liquid, more risky, more profitable / unprofitable).

10. Modern Initial Public Offering (IPO) market in Russia

The term IPO (initial public offering) has rapidly burst into the stock market, and now every issuer intending to place its securities on the stock exchange or offer them to an unlimited number of persons declares an IPO.

Changes in legislation regarding the conduct of an IPO in Russia put an end to disputes over terms. Obviously, the public IPO in Russia will henceforth be understood as the placement of an issue of equity securities by open subscription, provided the broker provides services for the placement and listing of them by the stock exchange, including when placing an additional issue of securities, if the listing of securities of the main issue was implemented earlier. Thus, an IPO in Russian is the placement of securities of the issue (that is, the alienation of their first owners) by open subscription with the help of an underwriter, subject to the inclusion of these securities in the quotation list of the Russian stock exchange.

At the beginning of 2008. year, a package of amendments to the legislation was adopted and entered into force ( the federal law dated December 27, 2005 No. 194-FZ "On Amendments and Additions to the Federal Law" On the Securities Market ", the Federal Law" On Joint Stock Companies "and the Federal Law" On the Protection of the Rights and Legal Interests of Investors in the Securities Market ") and other regulatory legal acts aimed at improving the procedure for conducting an initial public offering in Russia.

Participants in the relationship in the initial public offering. Issuer. The main role in conducting a public IPO is obviously played by the issuer. Despite the fact that the legislation does not establish special requirements for an issuer conducting an initial public offering, an analysis of the bylaws shows that not every issuer can, from a legal point of view, carry out an IPO. Thus, first of all, the requirements for such an issuer are established by the Regulations on the activities for organizing trading on the securities market, approved by the order of the Federal Financial Markets Service of Russia. Thus, according to the said Regulations, in order to pass the listing, the issuer must have a registered prospectus and comply with the requirements of legislation and other regulatory legal acts to the procedure for disclosing information on the securities market; in addition, a number of additional requirements are established directly for inclusion in the “B” quotation list.

Underwriter. An important role in the initial public offering is played by a broker that provides services for the placement of securities of the issue. The broker performing the functions of placing securities signs a notice of the results of the issue, thereby confirming the accuracy and completeness of all information contained in this document. Moreover, in this case, the broker will bear, along with the issuer's officials, in the presence of fault, jointly and severally subsidiary liability for damage caused by the issuer to the owner of the securities as a result of false, incomplete and (or) misleading information contained in the notification on the results of the issue. The prospectus of securities, as well as the decision on the issue, must indicate the main functions of the person providing services for the placement of securities, including the existence of such person's obligations to purchase securities that have not been placed within the specified time period. If, in accordance with the prospectus, such an underwriter's obligation is established, the said document must also contain information about after what period and how many unplaced securities the specified person is obliged to acquire.

Market maker and stock exchange... One of the grounds for excluding the issuer's securities from the quotation list is the stock exchange's failure to conclude an agreement with a trading participant performing the functions of a market maker within five working days from the date of inclusion of shares in quotation list B, on fulfilling by him during the entire period of the shares in this quotation list of the market maker's obligations in relation to the said securities. The fulfillment of the market maker's obligations is understood as the simultaneous filing of orders in respect of the corresponding securities during the auction.

Quotation list. To complete the initial public offering by sending a notification to the registering authority, the issuer's securities must go through the listing procedure on the stock exchange. The conditions for the inclusion of securities in the quotation lists are established by the Regulations on the organizers of trading on the securities market. In accordance with the amendments made to the said Regulation, along with quotation lists “A” and “B”, a third list “C” has appeared, provided specifically for the purposes of issuers of an initial public offering. To include securities in the "B" list, the issuer of securities is subject to quite serious requirements: a) the issuer's shares are placed for the first time by open subscription, in which services for the placement of shares are provided by a broker, or for the first time offered for public circulation through a stock exchange or with the involvement of a broker for the performance of transactions in connection with such an offer aimed at the disposal of shares; b) the issuer has existed for at least 3 years; c) the issuer has no losses for 2 years out of the last three; d) the issuer complies with the corporate governance requirements stipulated for the quotation list "B", and also assumed an obligation to provide the stock exchange with information on compliance with these requirements; e) the issuer has undertaken obligations to provide the stock exchange with a list of the issuer's affiliates and to update it regularly; f) the issuer has undertaken an obligation to provide the stock exchange with a copy of the notification of the results of the issue (additional issue) of shares no later than the next day from the date of submission of such notification to the Federal Service.

New procedure for exercising preemptive rights.In accordance with the new edition of the Federal Law "On Joint Stock Companies", a convenient procedure is provided for when an issuer performs an initial public offering. The shareholders of the company have the preemptive right to purchase additional shares placed through open subscription in an amount proportional to the number of shares of this category (type) they hold. By general rule, the specified persons within at least 45 days from the date of sending (delivery) or publication of the notification can use their preemptive right and purchase the corresponding number of shares. However, if the placement price is determined after the expiration of the pre-emptive right in accordance with the decision on the placement, the validity period of the pre-emptive right cannot be less than 20 days from the date of sending (delivery) of the notification. If the placement price of securities is determined after the period of validity of the preemptive right, the decision on placement must provide for the payment period for the securities, which should not exceed five business days from the date of disclosure of information on the placement price. In accordance with the Regulation on Disclosure of Information, in such cases, the issuer has the right to disclose information on the placement price of securities by publishing it in the news feed and on the Internet page simultaneously with the announcement of the start date of the placement. These changes are aimed at providing the issuer not only with the opportunity to bring the price of placement of securities as close as possible to their market (real) price, but also to significantly reduce the period of placement of securities. In addition, a number of amendments have been made to the Federal Law “On Joint Stock Companies” concerning the procedure for exercising the preemptive right to acquire the securities being placed.

List of references

Internet resources:

www.vfin.1gb.ru ABC of investments. Stock market... The beginning of the way.

www.traders-journal.ru Stock market and securities in Russia and abroad

www.bibliotekar.ru Electronic library

www.lider.su Registration of LLC, CJSC, registration of shares of FCSM

www.stockportal.ru Everything about securities for a private investor.

www.gazprom.ru Official site of OJSC Gazprom

www.lucoil.ru Official site of OJSC "Lukoil"

www.rt.ru Official site of OJSC Rostelecom

www.ippnou.ru Institute of Entrepreneurship Problems.

www.investpark.ru Investor information portal.

Regulations:

Federal law of 22.04.1996 No. 39-FZ "On the Securities Market".

Federal Law of December 26, 1995 No. 208-FZ "On Joint Stock Companies".

Practical part

Task number 1.5.

A share with a par value of 15 rubles. with a dividend rate of 25%, it was purchased at a price 2.5 times the face value and sold two years later, providing the owner with a yield of 80% per annum.

Determine the stock price at the time of sale.

P 1 \u003d 2.5N Y k \u003d 80%

K p2 \u003d P p2 / N

80% * 2.5 * 2 \u003d 0.25 + P 2 -2.5 * 15 * 100%

5 \u003d 0.25 + P 2 -37.5 * 1.25

P 2 \u003d -0.25 + 46.875 + 5

K p2 \u003d 51.625 / 15 \u003d 3.44

K p1 \u003d P p1 / N \u003d 2.5 * 15/15 \u003d 2.5.

Task number 2.5.

A promissory note with a par value of 800 thousand rubles was issued at 15% per annum for a period of 2 months and presented to the bank for accounting 20 days before maturity. The bank's discount rate is 13% per annum.

Determine the bank's income from the account of the bill.

r \u003d 0.15 T \u003d 61 days (2 months)

S \u003d 800000 * (1 + 0.15 * 41/360) \u003d 813600

P \u003d 813600 * (1-0.13 * 61/360) \u003d 795700.8

D \u003d 813600-795700.8 \u003d 813600 * 0.13 * 61/360

D \u003d 17899.2 \u003d 17874.79

Task number 3.5.

The investor purchased a strangle (two call options and three put options) for 1,000 shares each. The share price for the call option is 5 rubles, for the put option - 3 rubles. Options premiums are equal and amounted to 50 rubles. each one. Determine the actions and the financial result of the investor, if at the time of expiration of the contracts the current share price was: a) 8 rubles; b) 5 rubles. and c) 1 rub.

n - shares i - premium

x - share price

2 Call options 3 Put options

n - 1000 n - 1000

x - 5 rubles x - 3 rubles.

i - 50 rubles. PC. i - 50 rubles. PC.

A) P \u003d 8, Y

(8-5) * 1000-50 \u003d 2950r.

Since the call option is 2, the profit from the call option must be multiplied by 2. 2950 * 2 \u003d 5900r.

(3-8) * 1000 + 50 \u003d -4950r.

Since the put option is 3, the profit from the put option must be multiplied by 3. 3 * (- 4950) \u003d -14850r.

Overall financial result: 5900-14850 \u003d -8950 rubles. This is a loss.

Financial result on the call:

(5-5) * 1000-50 \u003d -50r.

Because call option 2, then we multiply -50 * 2 \u003d -100r.

Financial result on "put":

(3-5) * 1000 + 50 \u003d -1950r.

Because option "put" 3, then we multiply -1950 * 3 \u003d -5850r.

Overall financial result: -100 + (- 5850) \u003d -5950r. This is a loss.

B) P \u003d 1, X\u003e P.

Financial result on the call:

(1-5) * 1000-50 \u003d -4050r.

Because call option 2, multiply -4050 * 2 \u003d -8100r.

Financial result on "put":

(3-1) * 1000 + 50 \u003d 2050r.

Because option "put" 3, then we multiply 2050 * 3 \u003d 6150 rubles.

Total financial result: -8100 + 6150 \u003d -1950r.