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Yes, when it comes to spanish verbs, when the word ends with an "s" it goes for "tú" and when thie word ends with "o" it goes with "yo" and when it ends with "e" or "a" then it goes with "usted, ella, él, etc. If the word ends with "emos/ imos" then it goes with "we". If the word ends with "n" it is for "you (plural)/they".
And that's not wrong, "lee" is the 3rd person singular conjugation, but that conjugation is also shared with the formal "you" (Usted/Ud.). http://www.wordreference.com/conj/ESverbs.aspx?v=leer
Usted lee=you read
él/ella lee=he/she reads