1. Ukuqonda I-Sharpe Ratio
Ezweni lika forex, crypto, Futhi CFD ukuhweba, i ISharpe Ratio iyithuluzi elibalulekile ukuthi traders ukulinganisa ukubuyiselwa kwe-investimenti uma kuqhathaniswa neyakho ingozi. Iqanjwe ngoWilliam F. Sharpe owazuza umklomelo kaNobel, empeleni ikala ukusebenza kokutshalwa kwezimali ngokumelene nezinga elingenabungozi, ngemva kokulungisela ubungozi bayo.
Ifomula yokubala i-Sharpe Ratio ilula kakhulu:
- Susa inani elingenabungozi kwimbuyiselo emaphakathi.
- Bese uhlukanisa umphumela ngokuchezuka okujwayelekile kwembuyiselo.
I-Sharpe Ratio ephezulu iphakamisa ukutshalwa kwezimali okusebenza kahle, okuhlinzeka ngembuyiselo ephezulu ngezinga elithile lengozi. Ngokuphambene, isilinganiso esiphansi sibonisa ukutshalwa kwezimali okungasebenzi kahle, okunembuyiselo ephansi yezinga elifanayo lengozi.
Kodwa-ke, kubalulekile ukuqonda ukuthi i-Sharpe Ratio iyisilinganiso esilinganiselwe. Kufanele isetshenziswe qhathanisa ukutshalwa kwezimali okufanayo noma amasu ukuhweba, kunokuba uzihlukanise.
Ngaphezu kwalokho, ngenkathi i-Sharpe Ratio iyithuluzi elinamandla, ayikho ngaphandle kwemikhawulo yayo. Kokunye, kucabanga ukuthi ukubuyisela ngokuvamile kuyasatshalaliswa, okungenzeka kungabi njalo. Futhi ayibali ngemiphumela yokuhlanganisa.
Ngakho-ke, nakuba i-Sharpe Ratio inganikeza imininingwane ebalulekile, kufanele isetshenziswe ngokuhambisana namanye ama-metrics namathuluzi ukwakha isithombe esiphelele sokusebenza kwe-investimenti.
1.1. Incazelo ye-Sharpe Ratio
Emhlabeni oguquguqukayo we forex, crypto, futhi CFD ukuhweba, ubungozi kanye nokubuyisela kuyizinhlangothi ezimbili zohlamvu lwemali olufanayo. Traders bahlala bebheke amathuluzi angabasiza ukukala nokuphatha lezi zici ezibalulekile. Elinye ithuluzi elinjalo yi- ISharpe Ratio, isilinganiso esiza traders bayayiqonda imbuyiselo ye-investimenti uma kuqhathaniswa nengozi yayo.
Iqanjwe ngoWilliam F. Sharpe owazuza umklomelo kaNobel, i-Sharpe Ratio iyindlela yokuhlola ukusebenza kokutshalwa kwezimali ngokulungisa ubungozi bayo. Yimbuyiselo emaphakathi ezuzwe ngaphezu kwesilinganiso esingenabungozi ngeyunithi ngayinye ukungazami noma ingozi ephelele. Izinga elingenabungozi kungaba yimbuyiselo yebhondi kahulumeni noma umthethosivivinywa womgcinimafa, obhekwa njengongenabungozi.
I-Sharpe Ratio ingachazwa ngokwezibalo ngokuthi:
- (Rx – Rf) / StdDev Rx
kuphi:
- I-Rx isilinganiso sesilinganiso sembuyiselo esingu-x
- I-Rf izinga elingenabungozi
- I-StdDev Rx ukuchezuka okujwayelekile kwe-Rx (i-portfolio return)
Uma i-Sharpe Ratio iphezulu, kuba ngcono izinzuzo ze-investimenti uma kuqhathaniswa nenani lengozi ethathiwe. Empeleni, lesi silinganiso sivumela traders ukuhlola umvuzo ongaba khona ovela kutshalomali, kuyilapho kucutshungulwa ubungozi obuhilelekile. Lokhu kuyenza ibe yithuluzi eliyigugu ku-arsenal yanoma iyiphi trader, noma ngabe basebenzisana nabo forex, crypto, noma CFDs.
Nokho, kubalulekile ukuqaphela ukuthi i-Sharpe Ratio iyithuluzi lokubheka emuva; isekelwe kudatha yomlando futhi ayibikezeli ukusebenza kwesikhathi esizayo. Futhi iyazwela esikhathini esisetshenziselwa izibalo. Ngakho-ke, nakuba kuyithuluzi elisebenzayo lokuqhathanisa ukutshalwa kwezimali, kufanele kusetshenziswe ngokuhambisana namanye amamethrikhi namasu okubuka okuphelele kwendawo yokutshala izimali.
1.2. Ukubaluleka kwe-Sharpe Ratio ekuhwebeni
I-Sharpe Ratio, eqanjwe ngeNobel Laureate uWilliam F. Sharpe, isebenza njengethuluzi elibalulekile traders ku forex, crypto, futhi CFD izimakethe. Ukubaluleka kwayo angeke kweqiswe. Kuyisilinganiso sokusebenza okulungiswe ubungozi, okuvumelayo traders ukuqonda imbuyiselo ye-investimenti uma kuqhathaniswa nengozi yayo.
Kodwa kungani i-Sharpe Ratio ibaluleke kangaka?
Ubuhle be-Sharpe Ratio kusemandleni ayo okulinganisa ukuguquguquka kanye nomvuzo ongaba khona wokutshalwa kwezimali. Traders, noma ngabe izimfundamakhwela noma ochwepheshe abanolwazi, bahlala bephishekela amasu aletha imbuyiselo ephezulu kakhulu enenani elincane lobungozi. I-Sharpe Ratio inikeza indlela yokubona amasu anjalo.
- Ukuqhathaniswa Kwezimali Ezitshaliwe: I-Sharpe Ratio ivumela traders ukuqhathanisa ukusebenza okulungiswe ubungozi kwamasu ahlukene okuhweba noma ukutshalwa kwezimali. I-Sharpe Ratio ephakeme ibonisa imbuyiselo engcono elungiswe ubungozi.
- Ukuphathwa Kobungozi: Ukuqonda I-Sharpe Ratio kungasiza traders ukuphatha ubungozi ngempumelelo kakhudlwana. Ngokwazi isilinganiso, traders bangalungisa amasu abo ukuze bathole ibhalansi elungile phakathi kwengozi nembuyiselo.
- Isilinganiso sokusebenza: I-Sharpe Ratio ayiwona nje umqondo wethiyori; iyithuluzi elisebenzayo lokho traders basebenzisa ukukala ukusebenza kwamasu abo okuhweba. Isu eline-Sharpe Ratio ephezulu ngokomlando linikeze imbuyiselo eyengeziwe ngezinga elifanayo lengozi.
Okubaluleke kakhulu, i-Sharpe Ratio ayilona ithuluzi elizimele. Kufanele isetshenziswe ngokuhambisana namanye amamethrikhi nezinkomba ukwenza izinqumo zokuhweba ezinolwazi oluhle. Yize ihlinzeka ngemininingwane ebalulekile engcupheni kanye nokubuyiselwa kwesu, ayibali amathuba okulahlekelwa okukhulu noma izimo ezithile zemakethe. Ngakho-ke, traders akufanele bathembele kuphela ku-Sharpe Ratio, kodwa kunalokho bayisebenzise njengengxenye yendlela ephelele yokulawula ubungozi.
1.3. Imikhawulo ye-Sharpe Ratio
Nakuba i-Sharpe Ratio iyithuluzi elinamandla ngempela ku-arsenal yanoma iyiphi i-savvy forex, crypto noma CFD trader, ayikho ngaphandle kwemikhawulo yayo. Kubalulekile ukuqonda lezi zingqinamba ukuze uqinisekise ukuthi wenza izinqumo ezinolwazi ngokusekelwe ekuchazeni okunembile kokutshalwa kwezimali kwakho.
Okokuqala, i-Sharpe Ratio ithatha ukuthi izinzuzo zokutshala izimali zivame ukusatshalaliswa. Kodwa-ke, umhlaba wezohwebo, ikakhulukazi ezimakethe eziguquguqukayo njenge-crypto, uvamise ukuba ne-skewness ebalulekile kanye ne-kurtosis. Ngokwamagama abantu abavamile, lokhu kusho ukuthi izimbuyiselo zingaba namanani eqile nhlangothi zombili zesilinganiso, okudala ukusabalaliswa okunezinhlangothi ezincishisiwe i-Sharpe Ratio engakuhlomele ukukusingatha.
- Ukutsheka: Lesi isilinganiso se-asymmetry yokusabalalisa kwamathuba okuhluka okungahleliwe kwenani langempela mayelana nencazelo yakho. Uma ukubuyisela kwakho kuhlanekezelwe kabi, kubonisa izinzuzo ezimbi kakhulu; futhi uma kuhlanekezelwe kahle, izinzuzo ezinhle ngokwedlulele.
- I-Kurtosis: Lokhu kulinganisa "umsila" wokusabalalisa kwamathuba okuguquguquka okungahleliwe kwenani langempela. I-kurtosis ephakeme ibonisa amathuba aphezulu emiphumela eyingozi kakhulu, emihle noma engemihle.
Okwesibili, i-Sharpe Ratio iyisilinganiso sokubheka emuva. Ibala ukusebenza okudlule kwe-investimenti, kodwa ayikwazi ukubikezela ukusebenza kwesikhathi esizayo. Lo mkhawulo ufanelekile ikakhulukazi emhlabeni osheshayo, othuthukayo wokuhweba nge-crypto, lapho ukusebenza kwangaphambilini ngokuvamile kungabonisi imiphumela yesikhathi esizayo.
Okokugcina, i-Sharpe Ratio ibheka kuphela ubungozi obuphelele bephothifoliyo, yehluleka ukuhlukanisa phakathi kwengozi ehlelekile (ingozi engahlukaniseki) kanye nengozi engahlelekile (ingozi ehlukanisekayo). Lokhu kungaholela ekulinganisweni ngokweqile kokusebenza kwamaphothifoliyo anobungozi obukhulu obungahlelekile, obungancishiswa ukuhlukahluka.
Nakuba le mikhawulo ingaphikisani nokuba usizo kwe-Sharpe Ratio, isebenza njengesikhumbuzo sokuthi ayikho imethrikhi eyodwa okufanele isetshenziswe yodwa. Ukuhlaziya okuphelele kokusebenza kwakho kwezohwebo kufanele njalo kufake uhla lwamathuluzi nezinkomba, ngasinye sinamandla nobuthakathaka baso.
2. Ukubalwa kwe-Sharpe Ratio
Ingena emhlabeni wamamethrikhi ezezimali, i-Sharpe Ratio iyithuluzi elibalulekile traders ukucacisa imbuyiselo ye-investimenti uma kuqhathaniswa nengozi yayo. Indlela yokubala i-Sharpe Ratio ilula kakhulu: iwumehluko phakathi kwembuyiselo ye-investimenti nezinga elingenabungozi, elihlukaniswa ngokuchezuka okujwayelekile kwembuyiselo ye-investimenti.
I-Sharpe Ratio = (Imbuyiselo ye-investimenti – izinga elingenabungozi) / Ukuchezuka okujwayelekile kwembuyiselo yokutshalwa kwezimali
Asihlephule. I 'Imbuyiselo ye-investimenti' iyinzuzo noma ukulahlekelwa okwenziwe kusukela ekutshalweni kwezimali, ngokuvamile kuvezwa njengephesenti. I 'Izinga elingenabungozi' iyimbuyiselo ye-investimenti engenabungozi, njengebhondi kahulumeni. Umehluko phakathi kwalokhu okubili usinika imbuyiselo eyeqile ngaphezu kwenani elingenabungozi.
I-denominator yefomula, 'Ukuchezuka okujwayelekile kwembuyiselo ye-investimenti', ikala ukuntengantenga kwe-investimenti, esetshenziswa njengommeleli wengozi. Ukuchezuka okuphezulu okujwayelekile kusho ukuthi ukubuyiselwa kunokusabalala okubanzi endaweni emaphakathi, okubonisa izinga eliphezulu lengozi.
Nasi isibonelo esilula. Ake sithi unokutshalwa kwezimali okunembuyiselo yonyaka engu-15%, izinga elingenabungozi elingu-2%, kanye nokuphambuka okujwayelekile kwembuyiselo ku-10%.
I-Sharpe Ratio = (15% - 2%) / 10% = 1.3
I-Sharpe Ratio ka-1.3 ibonisa ukuthi kulo lonke iyunithi yobungozi obuthathiwe, umtshali-zimali ulindeleke ukuthi azuze imbuyiselo yamayunithi angu-1.3 ngaphezu kwenani elingenabungozi.
Kubalulekile ukuqaphela ukuthi i-Sharpe Ratio iyisilinganiso sokuqhathanisa. Kusetshenziswa kangcono ukuqhathanisa imbuyiselo elungiswe ubungozi yokutshalwa kwezimali okuhlukile noma amasu okuhweba. I-Sharpe Ratio ephakeme ibonisa imbuyiselo engcono elungiswe ubungozi.
2.1. Ukuhlonza Izingxenye Ezidingekayo
Ngaphambi kokuthi singene siqonde emhlabeni wezibalo ze-Sharpe Ratio, kubalulekile ukuqonda izingxenye ezibalulekile ezidingekayo emsebenzini owenziwayo. Lezi zingxenye ziwumgogodla wezibalo zakho, amagiya enza umshini uhambe kahle.
Ingxenye yokuqala yi- ukubuyiselwa kwephothifoliyo okulindelekile. Leli izinga elilindelekile lembuyiselo kuphothifoliyo yakho yokutshala imali phakathi nenkathi ethile. Kubalulekile ukuqaphela ukuthi lesi isibikezelo, hhayi isiqinisekiso. Imbuyiselo elindelekile ingabalwa ngokuphindaphinda imiphumela engaba khona ngamathuba okuthi yenzeke, bese wengeza le miphumela ndawonye.
Okulandelayo izinga elingenabungozi. Emhlabeni wezezimali, lena yimbuyiselo yokutshalwa kwezimali okunganabungozi. Ngokuvamile, lokhu kuvezwa inzuzo yezinyanga ezi-3 zoMgcinimafa wase-US. Isetshenziswa njenge-benchmark esibalweni se-Sharpe Ratio ukukala imbuyiselo eyeqile, noma iprimiyamu yobungozi, yokuthatha ingozi eyengeziwe.
Okokugcina kepha okuncane ukuchezuka okujwayelekile kwephothifoliyo. Lesi isilinganiso senani lokuhluka noma ukuhlakazwa kwesethi yamanani. Ngokwengqikithi yezezimali, isetshenziselwa ukulinganisa ukuntengantenga kwephothifoliyo yokutshala imali. Ukuchezuka okujwayelekile okuphansi kubonisa iphothifoliyo engaguquguquki kancane, kuyilapho ukuchezuka okusezingeni eliphezulu kubonisa ukuguquguquka okukhulu.
Kafushane, lezi zingxenye ezintathu ziyizinsika lapho i-Sharpe Ratio imi khona. Ngayinye idlala indima ebalulekile ekubalweni, ihlinzeka ngemininingwane ebalulekile engcupheni kanye nezici zembuyiselo zephothifoliyo yokutshala imali. Unalezi zingxenye esandleni, usendleleni yokuba ubambe ubuciko bokubala nokuhumusha i-Sharpe Ratio.
- Ukubuyiselwa kwephothifoliyo okulindelekile
- Isilinganiso esingenabungozi
- Ukuchezuka okujwayelekile kwephothifoliyo
2.2. Isinyathelo Ngesinyathelo Ukubala Inqubo
Ukungena enqubweni yokubala, into yokuqala okudingeka uyazi ukuthi i-Sharpe Ratio iyisilinganiso sembuyiselo elungiswe ubungozi. Kuyindlela traders ukuqonda ukuthi ingakanani imbuyiselo eyengeziwe abayitholayo ngokuntengantenga okwengeziwe abakukhuthazelelayo ngokubamba impahla eyingozi. Manje, ake sihlukanise inqubo ibe yizinyathelo ezilawulekayo.
Isinyathelo 1: Bala Ukubuyiswa Okudlulele Kwempahla
Ukuze uqale, uzodinga ukubala ukubuyisela okweqile kwefa. Lokhu kwenziwa ngokukhipha izinga elingenabungozi embuyiselo eyisilinganiso yempahla. Izinga elingenabungozi livamise ukumelelwa yisikweletu sikamgcinimafa sezinyanga ezi-3 nanoma yikuphi okunye ukutshalwa kwezimali okubhekwa 'njengokungenabungozi'. Nansi ifomula:
- Ukubuyisela Ngokweqile = Ukubuyiswa Okumaphakathi Kwempahla – Isilinganiso Esingenabungozi
Isinyathelo sesi-2: Bala Ukuchezuka Okujwayelekile Kwezimbuyiselo Zempahla
Okulandelayo, uzobala ukuchezuka okujwayelekile kwembuyiselo yefa. Lokhu kumelela ukuntengantenga noma ubungozi obuhambisana nokutshalwa kwezimali. Uma kukhulu ukuchezuka okujwayelekile, iba nkulu ingozi yokutshala imali.
Isinyathelo sesi-3: Bala I-Sharpe Ratio
Ekugcineni, ungakwazi ukubala I-Sharpe Ratio. Lokhu kwenziwa ngokuhlukanisa imbuyiselo eyeqile ngokuchezuka okujwayelekile. Nansi ifomula:
- I-Sharpe Ratio = Ukubuya Okudlulele / Ukuchezuka Okujwayelekile
Isibalo esiwumphumela simele imbuyiselo elungiswe ubungozi yokutshalwa kwezimali. I-Sharpe Ratio ephezulu ibonisa ukutshalwa kwezimali okufaneleka kakhulu, njengoba kusho ukuthi uthola imbuyiselo eyengeziwe ngeyunithi ngayinye yobungozi obuthathiwe. Ngokuphambene, isilinganiso esiphansi singaphakamisa ukuthi ubungozi obuhlobene nokutshalwa kwezimali bungase buthethelelwe yimbuyiselo engaba khona.
Khumbula, nakuba i-Sharpe Ratio iyithuluzi eliwusizo, akufanele kube yiyona kuphela enqumayo ezinqumweni zakho zokutshala izimali. Kuhlala kubalulekile ukucabangela ezinye izici namamethrikhi, futhi uqonde umongo ogcwele wokutshalwa kwezimali.
3. Ukutolika i-Sharpe Ratio
I-Sharpe Ratio iyithuluzi elibalulekile forex, crypto, futhi CFD traders. Kuyisilinganiso sembuyiselo elungiswe ubungozi, evumelayo traders ukuqonda imbuyiselo ye-investimenti uma kuqhathaniswa nengozi yayo. Kodwa ukuhumusha kanjani?
I-Sharpe Ratio enhle ibonisa ukuthi utshalomali ngokomlando lunikeze imbuyiselo enhle eyeqile ngezinga lengozi ethathiwe. Lapho i-Sharpe Ratio iphezulu, kulapho utshalo-mali oluye lwaba ngcono ukusebenza komlando wokushintsha ubungozi. Uma i-Sharpe Ratio inegethivu, kusho ukuthi izinga lokungenabungozi likhulu kunembuyiselo yephothifoliyo, noma imbuyiselo yephothifoliyo kulindeleke ukuthi ibe negethivu.
Kulesi simo, umtshali-zimali ongafuni ubungozi angaba ngcono uma etshala ezibambiso ezingenabungozi. Ngaphezu kwalokho, uma uqhathanisa i-Sharpe Ratios, qinisekisa ukuthi uqhathanisa ukutshalwa kwezimali okufanayo. Ukuqhathanisa i-Sharpe Ratio ye-a forex isu lokuhweba nalelo lesu lokuhweba nge-crypto lingaholela eziphethweni ezidukisayo, njengoba ubungozi kanye nezici zembuyiselo zalezi zimakethe zingahluka kakhulu.
3.1. Ukuqonda I-Sharpe Ratio Scale
Ukungena enhliziyweni yesihloko, I-Sharpe Ratio Scale iyithuluzi elibalulekile kunoma yiliphi trader ngifuna ukukhulisa izinzuzo zabo. Lesi sikali, esiqanjwe ngo-William F. Sharpe owathola umklomelo kaNobel, isilinganiso esisetshenziselwa ukuqonda ukubuyiselwa kwe-investimenti uma kuqhathaniswa nengozi yayo.
Umnyombo we-Sharpe Ratio ukuthi ilinganisa imbuyiselo umtshali-zimali angayilindela ngenxa yokuntengantenga okwengeziwe okubekezelelwe lapho ephethe impahla eyingozi. I-Sharpe Ratio ephakeme ibonisa imbuyiselo engcono elungiswe ubungozi.
Nawa amabhentshimakhi ajwayelekile:
- A I-Sharpe Isilinganiso esingu-1 noma ngaphezulu kucatshangelwa okuhle, okubonisa ukuthi izimbuyiselo zidlula izingozi.
- A I-Sharpe Isilinganiso esingu-2 is Kuhle kakhulu, ephakamisa ukuthi izimbuyiselo ziyi kabili kunengozi.
- A I-Sharpe Isilinganiso esingu-3 noma ngaphezulu omuhle, okubonisa ukuthi izimbuyiselo ziyi kathathu ingozi.
Isexwayiso nokho - i-Sharpe Ratio ephezulu ayisho inzuzo ephezulu. Kumane kubonisa ukuthi ukubuyisela kuvumelana kakhulu futhi akuguquguquki kancane. Ngakho-ke, ukutshalwa kwezimali okunengcuphe ephansi enembuyiselo engaguquki kungaba ne-Sharpe Ratio ephakeme kunotshalo-mali olunobungozi obukhulu obunembuyiselo eguquguqukayo.
Khumbula, isihluthulelo sokuhweba okuphumelelayo akukhona nje ukujaha izinzuzo eziphezulu, kodwa ukuqonda nokulawula ubungozi obuhilelekile. I-Sharpe Ratio Scale ingenye ithuluzi elinjalo elisizayo traders ukufeza le bhalansi.
3.2. Ukuqhathanisa Izilinganiso Ezibukhali Zamaphothifoliyo Ahlukene
Uma kuziwa ekuqhathaniseni i-Sharpe Ratios yamaphothifoliyo ahlukene, kubalulekile ukuqonda ukuthi i-Sharpe Ratio ephakeme ibonisa imbuyiselo ekhangayo elungiswe ubungozi. Lokhu kusho ukuthi kuwo wonke amayunithi obungozi athathwayo, iphothifoliyo ikhiqiza inzuzo eyengeziwe.
Nokho, kubalulekile ukuqaphela ukuthi i-Sharpe Ratio akufanele kube ukuphela kwenkomba esetshenziswayo uma kuqhathaniswa namaphothifoliyo. Ezinye izici, njengephrofayili yobungozi bephothifoliyo, isu lokutshalwa kwezimali, kanye nokubekezelela ubungozi komuntu ngamunye komtshalizimali, kufanele kucatshangelwe.
Ake sithi sinamaphothifoliyo amabili: Iphothifoliyo A ene-Sharpe Ratio ka-1.5 kanye ne-Portfolio B ene-Sharpe Ratio engu-1.2. Uma uthi nhlá, kungase kubonakale sengathi i-Portfolio A iyinketho engcono njengoba ine-Sharpe Ratio ephakeme. Kodwa-ke, uma iphothifoliyo A itshalwe kakhulu ezimpahleni eziguquguqukayo njenge-cryptocurrencies noma engcuphe ephezulu. Amasheya, kungase kungabi inketho engcono kakhulu yomtshali-zimali ongafuni ubungozi.
Khumbula, i-Sharpe Ratio iyisilinganiso sembuyiselo elungiswe ubungozi, hhayi imbuyiselo ephelele. Iphothifoliyo ene-Sharpe Ratio ephezulu ngeke ngempela ikhiqize imbuyiselo ephezulu kakhulu - izoletha imbuyiselo ephezulu kakhulu yezinga lobungozi obuthathiwe.
Uma uqhathanisa amaphothifoliyo, kuyafaneleka futhi ukubheka Isilinganiso se-Sortino, elungisela ingozi ephansi, noma ingozi yembuyiselo engemihle. Lokhu kungahlinzeka ngombono ohluke kakhudlwana wephrofayela yobungozi yephothifoliyo, ikakhulukazi kumaphothifoliyo anokusabalalisa okubuyiswayo kwe-asymmetric.
- Iphothifoliyo A: I-Sharpe Ratio 1.5, i-Sortino Ratio 2.0
- Iphothifoliyo B: I-Sharpe Ratio 1.2, i-Sortino Ratio 1.8
Kulokhu, i-Portfolio A isabonakala iyinketho engcono, njengoba inokubili i-Sharpe ne-Sortino Ratio ephakeme. Kodwa-ke, isinqumo ekugcineni sincike ekubekezeleleni ubungozi komuntu ngamunye kanye nezinjongo zokutshala imali.
