AC@;6E@7C6663@@<

5($/,=$d®2

@TQ-^`[RC^U`UZS
>[NQ^`8[aU_?`QbQZ_[Z

&217(176

,21620(7(&+1,&$/(/(0(1762)67</(,1/,7(5$785(
,,7+(025$/,7<2)7+(352)(66,212)/(77(56
,,,%22.6:+,&++$9(,1)/8(1&('0(
,9$127(215($/,60
90<),567%22.
75($685(,6/$1'

9,7+(*(1(6,62)
7+(0$67(52)%$//$175$(

9,,35()$&(72
7+(0$67(52)%$//$175$(

&+$37(5,21620(7(&+1,&$/(/(0(1762)67</(,1/,7(5$785(


7+(5(LVQRWKLQJPRUHGLVHQFKDQWLQJWRPDQWKDQWREHVKRZQ
WKHVSULQJVDQGPHFKDQLVPRIDQ\DUW$OORXUDUWVDQG
RFFXSDWLRQVOLHZKROO\RQWKHVXUIDFHLWLVRQWKHVXUIDFH

1
WKDWZHSHUFHLYHWKHLUEHDXW\ILWQHVVDQGVLJQLILFDQFHDQG
WRSU\EHORZLVWREHDSSDOOHGE\WKHLUHPSWLQHVVDQGVKRFNHG
E\WKHFRDUVHQHVVRIWKHVWULQJVDQGSXOOH\V,QDVLPLODU
ZD\SV\FKRORJ\LWVHOIZKHQSXVKHGWRDQ\QLFHW\GLVFRYHUV
DQDEKRUUHQWEDOGQHVVEXWUDWKHUIURPWKHIDXOWRIRXU
DQDO\VLVWKDQIURPDQ\SRYHUW\QDWLYHWRWKHPLQG$QG
SHUKDSVLQDHVWKHWLFVWKHUHDVRQLVWKHVDPHWKRVH
GLVFORVXUHVZKLFKVHHPIDWDOWRWKHGLJQLW\RIDUWVHHPVR
SHUKDSVRQO\LQWKHSURSRUWLRQRIRXULJQRUDQFHDQGWKRVH
FRQVFLRXVDQGXQFRQVFLRXVDUWLILFHVZKLFKLWVHHPVXQZRUWK\
RIWKHVHULRXVDUWLVWWRHPSOR\ZHUH\HWLIZHKDGWKHSRZHU
WRWUDFHWKHPWRWKHLUVSULQJVLQGLFDWLRQVRIDGHOLFDF\RI
WKHVHQVHILQHUWKDQZHFRQFHLYHDQGKLQWVRIDQFLHQW
KDUPRQLHVLQQDWXUH7KLVLJQRUDQFHDWOHDVWLVODUJHO\
LUUHPHGLDEOH:HVKDOOQHYHUOHDUQWKHDIILQLWLHVRIEHDXW\
IRUWKH\OLHWRRGHHSLQQDWXUHDQGWRRIDUEDFNLQWKH
P\VWHULRXVKLVWRU\RIPDQ7KHDPDWHXULQFRQVHTXHQFHZLOO
DOZD\VJUXGJLQJO\UHFHLYHGHWDLOVRIPHWKRGZKLFKFDQEH
VWDWHGEXWQHYHUFDQZKROO\EHH[SODLQHGQD\RQWKH
SULQFLSOHODLGGRZQLQ+8',%5$6WKDW

6WLOOWKHOHVVWKH\XQGHUVWDQG
7KHPRUHWKH\DGPLUHWKHVOHLJKWRIKDQG

PDQ\DUHFRQVFLRXVDWHDFKQHZGLVFORVXUHRIDGLPLQXWLRQLQ
WKHDUGRXURIWKHLUSOHDVXUH,PXVWWKHUHIRUHZDUQWKDW
ZHOONQRZQFKDUDFWHUWKHJHQHUDOUHDGHUWKDW,DPKHUH
HPEDUNHGXSRQDPRVWGLVWDVWHIXOEXVLQHVVWDNLQJGRZQWKH
SLFWXUHIURPWKHZDOODQGORRNLQJRQWKHEDFNDQGOLNHWKH
LQTXLULQJFKLOGSXOOLQJWKHPXVLFDOFDUWWRSLHFHV

&+2,&(2):25'67KHDUWRIOLWHUDWXUHVWDQGVDSDUW
IURPDPRQJLWVVLVWHUVEHFDXVHWKHPDWHULDOLQZKLFKWKH
OLWHUDU\DUWLVWZRUNVLVWKHGLDOHFWRIOLIHKHQFHRQWKH
RQHKDQGDVWUDQJHIUHVKQHVVDQGLPPHGLDF\RIDGGUHVVWRWKH
SXEOLFPLQGZKLFKLVUHDG\SUHSDUHGWRXQGHUVWDQGLWEXW
KHQFHRQWKHRWKHUDVLQJXODUOLPLWDWLRQ7KHVLVWHUDUWV
HQMR\WKHXVHRIDSODVWLFDQGGXFWLOHPDWHULDOOLNHWKH
PRGHOOHU
VFOD\OLWHUDWXUHDORQHLVFRQGHPQHGWRZRUNLQ
PRVDLFZLWKILQLWHDQGTXLWHULJLGZRUGV<RXKDYHVHHQ
WKHVHEORFNVGHDUWRWKHQXUVHU\WKLVRQHDSLOODUWKDWD

2
SHGLPHQWDWKLUGDZLQGRZRUDYDVH,WLVZLWKEORFNVRI
MXVWVXFKDUELWUDU\VL]HDQGILJXUHWKDWWKHOLWHUDU\
DUFKLWHFWLVFRQGHPQHGWRGHVLJQWKHSDODFHRIKLVDUW1RU
LVWKLVDOOIRUVLQFHWKHVHEORFNVRUZRUGVDUHWKH
DFNQRZOHGJHGFXUUHQF\RIRXUGDLO\DIIDLUVWKHUHDUHKHUH
SRVVLEOHQRQHRIWKRVHVXSSUHVVLRQVE\ZKLFKRWKHUDUWV
REWDLQUHOLHIFRQWLQXLW\DQGYLJRXUQRKLHURJO\SKLF
WRXFKQRVPRRWKHGLPSDVWRQRLQVFUXWDEOHVKDGRZDVLQ
SDLQWLQJQREODQNZDOODVLQDUFKLWHFWXUHEXWHYHU\ZRUG
SKUDVHVHQWHQFHDQGSDUDJUDSKPXVWPRYHLQDORJLFDO
SURJUHVVLRQDQGFRQYH\DGHILQLWHFRQYHQWLRQDOLPSRUW

1RZWKHILUVWPHULWZKLFKDWWUDFWVLQWKHSDJHVRIDJRRG
ZULWHURUWKHWDONRIDEULOOLDQWFRQYHUVDWLRQDOLVWLVWKH
DSWFKRLFHDQGFRQWUDVWRIWKHZRUGVHPSOR\HG,WLV
LQGHHGDVWUDQJHDUWWRWDNHWKHVHEORFNVUXGHO\FRQFHLYHG
IRUWKHSXUSRVHRIWKHPDUNHWRUWKHEDUDQGE\WDFWRI
DSSOLFDWLRQWRXFKWKHPWRWKHILQHVWPHDQLQJVDQG
GLVWLQFWLRQVUHVWRUHWRWKHPWKHLUSULPDOHQHUJ\ZLWWLO\
VKLIWWKHPWRDQRWKHULVVXHRUPDNHRIWKHPDGUXPWRURXVH
WKHSDVVLRQV%XWWKRXJKWKLVIRUPRIPHULWLVZLWKRXWGRXEW
WKHPRVWVHQVLEOHDQGVHL]LQJLWLVIDUIURPEHLQJHTXDOO\
SUHVHQWLQDOOZULWHUV7KHHIIHFWRIZRUGVLQ6KDNHVSHDUH
WKHLUVLQJXODUMXVWLFHVLJQLILFDQFHDQGSRHWLFFKDUPLV
GLIIHUHQWLQGHHGIURPWKHHIIHFWRIZRUGVLQ$GGLVRQRU
)LHOGLQJ2UWRWDNHDQH[DPSOHQHDUHUKRPHWKHZRUGVLQ
&DUO\OHVHHPHOHFWULILHGLQWRDQHQHUJ\RIOLQHDPHQWOLNH
WKHIDFHVRIPHQIXULRXVO\PRYHGZKLOVWWKHZRUGVLQ
0DFDXOD\DSWHQRXJKWRFRQYH\KLVPHDQLQJKDUPRQLRXVHQRXJK
LQVRXQG\HWJOLGHIURPWKHPHPRU\OLNHXQGLVWLQJXLVKHG
HOHPHQWVLQDJHQHUDOHIIHFW%XWWKHILUVWFODVVRIZULWHUV
KDYHQRPRQRSRO\RIOLWHUDU\PHULW7KHUHLVDVHQVHLQ
ZKLFK$GGLVRQLVVXSHULRUWR&DUO\OHDVHQVHLQZKLFK&LFHUR
LVEHWWHUWKDQ7DFLWXVLQZKLFK9ROWDLUHH[FHOV0RQWDLJQH
LWFHUWDLQO\OLHVQRWLQWKHFKRLFHRIZRUGVLWOLHVQRWLQ
WKHLQWHUHVWRUYDOXHRIWKHPDWWHULWOLHVQRWLQIRUFHRI
LQWHOOHFWRISRHWU\RURIKXPRXU7KHWKUHHILUVWDUHEXW
LQIDQWVWRWKHWKUHHVHFRQGDQG\HWHDFKLQDSDUWLFXODU
SRLQWRIOLWHUDU\DUWH[FHOVKLVVXSHULRULQWKHZKROH
:KDWLVWKDWSRLQW"

7+(:(%/LWHUDWXUHDOWKRXJKLWVWDQGVDSDUWE\UHDVRQ
RIWKHJUHDWGHVWLQ\DQGJHQHUDOXVHRILWVPHGLXPLQWKH
DIIDLUVRIPHQLV\HWDQDUWOLNHRWKHUDUWV2IWKHVHZH

3
PD\GLVWLQJXLVKWZRJUHDWFODVVHVWKRVHDUWVOLNH
VFXOSWXUHSDLQWLQJDFWLQJZKLFKDUHUHSUHVHQWDWLYHRUDV
XVHGWREHVDLGYHU\FOXPVLO\LPLWDWLYHDQGWKRVHOLNH
DUFKLWHFWXUHPXVLFDQGWKHGDQFHZKLFKDUHVHOI
VXIILFLHQWDQGPHUHO\SUHVHQWDWLYH(DFKFODVVLQULJKWRI
WKLVGLVWLQFWLRQREH\VSULQFLSOHVDSDUW\HWERWKPD\FODLP
DFRPPRQJURXQGRIH[LVWHQFHDQGLWPD\EHVDLGZLWK
VXIILFLHQWMXVWLFHWKDWWKHPRWLYHDQGHQGRIDQ\DUW
ZKDWHYHULVWRPDNHDSDWWHUQDSDWWHUQLWPD\EHRI
FRORXUVRIVRXQGVRIFKDQJLQJDWWLWXGHVJHRPHWULFDO
ILJXUHVRULPLWDWLYHOLQHVEXWVWLOODSDWWHUQ7KDWLV
WKHSODQHRQZKLFKWKHVHVLVWHUVPHHWLWLVE\WKLVWKDW
WKH\DUHDUWVDQGLILWEHZHOOWKH\VKRXOGDWWLPHVIRUJHW
WKHLUFKLOGLVKRULJLQDGGUHVVLQJWKHLULQWHOOLJHQFHWR
YLULOHWDVNVDQGSHUIRUPLQJXQFRQVFLRXVO\WKDWQHFHVVDU\
IXQFWLRQRIWKHLUOLIHWRPDNHDSDWWHUQLWLVVWLOO
LPSHUDWLYHWKDWWKHSDWWHUQVKDOOEHPDGH

0XVLFDQGOLWHUDWXUHWKHWZRWHPSRUDODUWVFRQWULYHWKHLU
SDWWHUQRIVRXQGVLQWLPHRULQRWKHUZRUGVRIVRXQGVDQG
SDXVHV&RPPXQLFDWLRQPD\EHPDGHLQEURNHQZRUGVWKH
EXVLQHVVRIOLIHEHFDUULHGRQZLWKVXEVWDQWLYHVDORQHEXW
WKDWLVQRWZKDWZHFDOOOLWHUDWXUHDQGWKHWUXHEXVLQHVVRI
WKHOLWHUDU\DUWLVWLVWRSODLWRUZHDYHKLVPHDQLQJ
LQYROYLQJLWDURXQGLWVHOIVRWKDWHDFKVHQWHQFHE\
VXFFHVVLYHSKUDVHVVKDOOILUVWFRPHLQWRDNLQGRINQRWDQG
WKHQDIWHUDPRPHQWRIVXVSHQGHGPHDQLQJVROYHDQGFOHDU
LWVHOI,QHYHU\SURSHUO\FRQVWUXFWHGVHQWHQFHWKHUHVKRXOG
EHREVHUYHGWKLVNQRWRUKLWFKVRWKDWKRZHYHUGHOLFDWHO\
ZHDUHOHGWRIRUHVHHWRH[SHFWDQGWKHQWRZHOFRPHWKH
VXFFHVVLYHSKUDVHV7KHSOHDVXUHPD\EHKHLJKWHQHGE\DQ
HOHPHQWRIVXUSULVHDVYHU\JURVVO\LQWKHFRPPRQILJXUH
RIWKHDQWLWKHVLVRUZLWKPXFKJUHDWHUVXEWOHW\ZKHUHDQ
DQWLWKHVLVLVILUVWVXJJHVWHGDQGWKHQGHIWO\HYDGHG(DFK
SKUDVHEHVLGHVLVWREHFRPHO\LQLWVHOIDQGEHWZHHQWKH
LPSOLFDWLRQDQGWKHHYROXWLRQRIWKHVHQWHQFHWKHUHVKRXOGEH
DVDWLVI\LQJHTXLSRLVHRIVRXQGIRUQRWKLQJPRUHRIWHQ
GLVDSSRLQWVWKHHDUWKDQDVHQWHQFHVROHPQO\DQGVRQRURXVO\
SUHSDUHGDQGKDVWLO\DQGZHDNO\ILQLVKHG1RUVKRXOGWKH
EDODQFHEHWRRVWULNLQJDQGH[DFWIRUWKHRQHUXOHLVWREH
LQILQLWHO\YDULRXVWRLQWHUHVWWRGLVDSSRLQWWRVXUSULVH
DQG\HWVWLOOWRJUDWLI\WREHHYHUFKDQJLQJDVLWZHUH
WKHVWLWFKDQG\HWVWLOOWRJLYHWKHHIIHFWRIDQLQJHQLRXV
QHDWQHVV

4
7KHFRQMXUHUMXJJOHVZLWKWZRRUDQJHVDQGRXUSOHDVXUHLQ
EHKROGLQJKLPVSULQJVIURPWKLVWKDWQHLWKHULVIRUDQ
LQVWDQWRYHUORRNHGRUVDFULILFHG6RZLWKWKHZULWHU+LV
SDWWHUQZKLFKLVWRSOHDVHWKHVXSHUVHQVXDOHDULV\HW
DGGUHVVHGWKURXJKRXWDQGILUVWRIDOOWRWKHGHPDQGVRI
ORJLF:KDWHYHUEHWKHREVFXULWLHVZKDWHYHUWKHLQWULFDFLHV
RIWKHDUJXPHQWWKHQHDWQHVVRIWKHIDEULFPXVWQRWVXIIHU
RUWKHDUWLVWKDVEHHQSURYHGXQHTXDOWRKLVGHVLJQ$QGRQ
WKHRWKHUKDQGQRIRUPRIZRUGVPXVWEHVHOHFWHGQRNQRW
PXVWEHWLHGDPRQJWKHSKUDVHVXQOHVVNQRWDQGZRUGEH
SUHFLVHO\ZKDWLVZDQWHGWRIRUZDUGDQGLOOXPLQDWHWKH
DUJXPHQWIRUWRIDLOLQWKLVLVWRVZLQGOHLQWKHJDPH7KH
JHQLXVRISURVHUHMHFWVWKH&+(9,//(QROHVVHPSKDWLFDOO\
WKDQWKHODZVRIYHUVHDQGWKH&+(9,//(,VKRXOGSHUKDSV
H[SODLQWRVRPHRIP\UHDGHUVLVDQ\PHDQLQJOHVVRUYHU\
ZDWHUHGSKUDVHHPSOR\HGWRVWULNHDEDODQFHLQWKHVRXQG
3DWWHUQDQGDUJXPHQWOLYHLQHDFKRWKHUDQGLWLVE\WKH
EUHYLW\FOHDUQHVVFKDUPRUHPSKDVLVRIWKHVHFRQGWKDWZH
MXGJHWKHVWUHQJWKDQGILWQHVVRIWKHILUVW

6W\OHLVV\QWKHWLFDQGWKHDUWLVWVHHNLQJVRWRVSHDND
SHJWRSODLWDERXWWDNHVXSDWRQFHWZRRUPRUHHOHPHQWVRU
WZRRUPRUHYLHZVRIWKHVXEMHFWLQKDQGFRPELQHV
LPSOLFDWHVDQGFRQWUDVWVWKHPDQGZKLOHLQRQHVHQVHKH
ZDVPHUHO\VHHNLQJDQRFFDVLRQIRUWKHQHFHVVDU\NQRWKH
ZLOOEHIRXQGLQWKHRWKHUWRKDYHJUHDWO\HQULFKHGWKH
PHDQLQJRUWRKDYHWUDQVDFWHGWKHZRUNRIWZRVHQWHQFHVLQ
WKHVSDFHRIRQH,QWKHFKDQJHIURPWKHVXFFHVVLYHVKDOORZ
VWDWHPHQWVRIWKHROGFKURQLFOHUWRWKHGHQVHDQGOXPLQRXV
IORZRIKLJKO\V\QWKHWLFQDUUDWLYHWKHUHLVLPSOLHGDYDVW
DPRXQWRIERWKSKLORVRSK\DQGZLW7KHSKLORVRSK\ZHFOHDUO\
VHHUHFRJQLVLQJLQWKHV\QWKHWLFZULWHUDIDUPRUHGHHSDQG
VWLPXODWLQJYLHZRIOLIHDQGDIDUNHHQHUVHQVHRIWKH
JHQHUDWLRQDQGDIILQLW\RIHYHQWV7KHZLWZHPLJKWLPDJLQH
WREHORVWEXWLWLVQRWVRIRULWLVMXVWWKDWZLWWKHVH
SHUSHWXDOQLFHFRQWULYDQFHVWKHVHGLIILFXOWLHVRYHUFRPH
WKLVGRXEOHSXUSRVHDWWDLQHGWKHVHWZRRUDQJHVNHSW
VLPXOWDQHRXVO\GDQFLQJLQWKHDLUWKDWFRQVFLRXVO\RUQRW
DIIRUGWKHUHDGHUKLVGHOLJKW1D\DQGWKLVZLWVROLWWOH
UHFRJQLVHGLVWKHQHFHVVDU\RUJDQRIWKDWSKLORVRSK\ZKLFK
ZHVRPXFKDGPLUH7KDWVW\OHLVWKHUHIRUHWKHPRVWSHUIHFW
QRWDVIRROVVD\ZKLFKLVWKHPRVWQDWXUDOIRUWKHPRVW
QDWXUDOLVWKHGLVMRLQWHGEDEEOHRIWKHFKURQLFOHUEXWZKLFK

5
DWWDLQVWKHKLJKHVWGHJUHHRIHOHJDQWDQGSUHJQDQW
LPSOLFDWLRQXQREWUXVLYHO\RULIREWUXVLYHO\WKHQZLWKWKH
JUHDWHVWJDLQWRVHQVHDQGYLJRXU(YHQWKHGHUDQJHPHQWRI
WKHSKUDVHVIURPWKHLUVRFDOOHGQDWXUDORUGHULVOXPLQRXV
IRUWKHPLQGDQGLWLVE\WKHPHDQVRIVXFKGHVLJQHG
UHYHUVDOWKDWWKHHOHPHQWVRIDMXGJPHQWPD\EHPRVW
SHUWLQHQWO\PDUVKDOOHGRUWKHVWDJHVRIDFRPSOLFDWHGDFWLRQ
PRVWSHUVSLFXRXVO\ERXQGLQWRRQH

7KHZHEWKHQRUWKHSDWWHUQDZHEDWRQFHVHQVXRXVDQG
ORJLFDODQHOHJDQWDQGSUHJQDQWWH[WXUHWKDWLVVW\OH
WKDWLVWKHIRXQGDWLRQRIWKHDUWRIOLWHUDWXUH%RRNV
LQGHHGFRQWLQXHWREHUHDGIRUWKHLQWHUHVWRIWKHIDFWRU
IDEOHLQZKLFKWKLVTXDOLW\LVSRRUO\UHSUHVHQWHGEXWVWLOO
LWZLOOEHWKHUH$QGRQWKHRWKHUKDQGKRZPDQ\GRZH
FRQWLQXHWRSHUXVHDQGUHSHUXVHZLWKSOHDVXUHZKRVHRQO\
PHULWLVWKHHOHJDQFHRIWH[WXUH",DPWHPSWHGWRPHQWLRQ
&LFHURDQGVLQFH0U$QWKRQ\7UROORSHLVGHDG,ZLOO,W
LVDSRRUGLHWIRUWKHPLQGDYHU\FRORXUOHVVDQGWRRWKOHVV

FULWLFLVPRIOLIH
EXWZHHQMR\WKHSOHDVXUHRIDPRVW
LQWULFDWHDQGGH[WHURXVSDWWHUQHYHU\VWLWFKDPRGHODWRQFH
RIHOHJDQFHDQGRIJRRGVHQVHDQGWKHWZRRUDQJHVHYHQLI
RQHRIWKHPEHURWWHQNHSWGDQFLQJZLWKLQLPLWDEOHJUDFH

8SWRWKLVPRPHQW,KDYHKDGP\H\HPDLQO\XSRQSURVHIRU
WKRXJKLQYHUVHDOVRWKHLPSOLFDWLRQRIWKHORJLFDOWH[WXUH
LVDFURZQLQJEHDXW\\HWLQYHUVHLWPD\EHGLVSHQVHGZLWK
<RXZRXOGWKLQNWKDWKHUHZDVDGHDWKEORZWRDOO,KDYHEHHQ
VD\LQJDQGIDUIURPWKDWLWLVEXWDQHZLOOXVWUDWLRQRI
WKHSULQFLSOHLQYROYHG)RULIWKHYHUVLILHULVQRWERXQGWR
ZHDYHDSDWWHUQRIKLVRZQLWLVEHFDXVHDQRWKHUSDWWHUQKDV
EHHQIRUPDOO\LPSRVHGXSRQKLPE\WKHODZVRIYHUVH)RU
WKDWLVWKHHVVHQFHRIDSURVRG\9HUVHPD\EHUK\WKPLFDO
LWPD\EHPHUHO\DOOLWHUDWLYHLWPD\OLNHWKH)UHQFK
GHSHQGZKROO\RQWKHTXDVLUHJXODUUHFXUUHQFHRIWKHUK\PH
RUOLNHWKH+HEUHZLWPD\FRQVLVWLQWKHVWUDQJHO\IDQFLIXO
GHYLFHRIUHSHDWLQJWKHVDPHLGHD,WGRHVQRWPDWWHURQ
ZKDWSULQFLSOHWKHODZLVEDVHGVRLWEHDODZ,WPD\EH
SXUHFRQYHQWLRQLWPD\KDYHQRLQKHUHQWEHDXW\DOOWKDWZH
KDYHDULJKWWRDVNRIDQ\SURVRG\LVWKDWLWVKDOOOD\GRZQ
DSDWWHUQIRUWKHZULWHUDQGWKDWZKDWLWOD\VGRZQVKDOOEH
QHLWKHUWRRHDV\QRUWRRKDUG+HQFHLWFRPHVWKDWLWLV
PXFKHDVLHUIRUPHQRIHTXDOIDFLOLW\WRZULWHIDLUO\
SOHDVLQJYHUVHWKDQUHDVRQDEO\LQWHUHVWLQJSURVHIRULQ

6
SURVHWKHSDWWHUQLWVHOIKDVWREHLQYHQWHGDQGWKH
GLIILFXOWLHVILUVWFUHDWHGEHIRUHWKH\FDQEHVROYHG+HQFH
DJDLQWKHUHIROORZVWKHSHFXOLDUJUHDWQHVVRIWKHWUXH
YHUVLILHUVXFKDV6KDNHVSHDUH0LOWRQDQG9LFWRU+XJR
ZKRP,SODFHEHVLGHWKHPDVYHUVLILHUPHUHO\QRWDVSRHW
7KHVHQRWRQO\NQLWDQGNQRWWKHORJLFDOWH[WXUHRIWKHVW\OH
ZLWKDOOWKHGH[WHULW\DQGVWUHQJWKRISURVHWKH\QRWRQO\
ILOOXSWKHSDWWHUQRIWKHYHUVHZLWKLQILQLWHYDULHW\DQG
VREHUZLWEXWWKH\JLYHXVEHVLGHVDUDUHDQGVSHFLDO
SOHDVXUHE\WKHDUWFRPSDUDEOHWRWKDWRIFRXQWHUSRLQW
ZLWKZKLFKWKH\IROORZDWWKHVDPHWLPHDQGQRZFRQWUDVW
DQGQRZFRPELQHWKHGRXEOHSDWWHUQRIWKHWH[WXUHDQGWKH
YHUVH+HUHWKHVRXQGLQJOLQHFRQFOXGHVDOLWWOHIXUWKHU
RQWKHZHOONQLWVHQWHQFHDQG\HWDOLWWOHIXUWKHUDQG
ERWKZLOOUHDFKWKHLUVROXWLRQRQWKHVDPHULQJLQJV\OODEOH
7KHEHVWWKDWFDQEHRIIHUHGE\WKHEHVWZULWHURISURVHLV
WRVKRZXVWKHGHYHORSPHQWRIWKHLGHDDQGWKHVW\OLVWLF
SDWWHUQSURFHHGKDQGLQKDQGVRPHWLPHVE\DQREYLRXVDQG
WULXPSKDQWHIIRUWVRPHWLPHVZLWKDJUHDWDLURIHDVHDQG
QDWXUH7KHZULWHURIYHUVHE\YLUWXHRIFRQTXHULQJDQRWKHU
GLIILFXOW\GHOLJKWVXVZLWKDQHZVHULHVRIWULXPSKV+H
IROORZVWKUHHSXUSRVHVZKHUHKLVULYDOIROORZHGRQO\WZRDQG
WKHFKDQJHLVRISUHFLVHO\WKHVDPHQDWXUHDVWKDWIURP
PHORG\WRKDUPRQ\2ULI\RXSUHIHUWRUHWXUQWRWKH
MXJJOHUEHKROGKLPQRZWRWKHYDVWO\LQFUHDVHGHQWKXVLDVP
RIWKHVSHFWDWRUVMXJJOLQJZLWKWKUHHRUDQJHVLQVWHDGRI
WZR7KXVLWLVDGGHGGLIILFXOW\DGGHGEHDXW\DQGWKH
SDWWHUQZLWKHYHU\IUHVKHOHPHQWEHFRPLQJPRUHLQWHUHVWLQJ
LQLWVHOI

<HWLWPXVWQRWEHWKRXJKWWKDWYHUVHLVVLPSO\DQDGGLWLRQ
VRPHWKLQJLVORVWDVZHOODVVRPHWKLQJJDLQHGDQGWKHUH
UHPDLQVSODLQO\WUDFHDEOHLQFRPSDULQJWKHEHVWSURVHZLWK
WKHEHVWYHUVHDFHUWDLQEURDGGLVWLQFWLRQRIPHWKRGLQWKH
ZHE7LJKWDVWKHYHUVLILHUPD\GUDZWKHNQRWRIORJLF\HW
IRUWKHHDUKHVWLOOOHDYHVWKHWLVVXHRIWKHVHQWHQFH
IORDWLQJVRPHZKDWORRVH,QSURVHWKHVHQWHQFHWXUQVXSRQD
SLYRWQLFHO\EDODQFHGDQGILWVLQWRLWVHOIZLWKDQ
REWUXVLYHQHDWQHVVOLNHDSX]]OH7KHHDUUHPDUNVDQGLV
VLQJO\JUDWLILHGE\WKLVUHWXUQDQGEDODQFHZKLOHLQYHUVH
LWLVDOOGLYHUWHGWRWKHPHDVXUH7RILQGFRPSDUDEOH
SDVVDJHVLVKDUGIRUHLWKHUWKHYHUVLILHULVKXJHO\WKH
VXSHULRURIWKHULYDORULIKHEHQRWDQGVWLOOSHUVLVWLQ
KLVPRUHGHOLFDWHHQWHUSULVHKHIDLOVWREHDVZLGHO\KLV

7
LQIHULRU%XWOHWXVVHOHFWWKHPIURPWKHSDJHVRIWKHVDPH
ZULWHURQHZKRZDVDPELGH[WHUOHWXVWDNHIRULQVWDQFH
5XPRXU
V3URORJXHWRWKH6HFRQG3DUWRI+(15<,9DILQH
IORXULVKRIHORTXHQFHLQ6KDNHVSHDUH
VVHFRQGPDQQHUDQGVHW
LWVLGHE\VLGHZLWK)DOVWDII
VSUDLVHRIVKHUULVDFWLY
VFHQHLLLRUOHWXVFRPSDUHWKHEHDXWLIXOSURVHVSRNHQ
WKURXJKRXWE\5RVDOLQGDQG2UODQGRFRPSDUHIRUH[DPSOHWKH
ILUVWVSHHFKRIDOO2UODQGR
VVSHHFKWR$GDPZLWKZKDW
SDVVDJHLWVKDOOSOHDVH\RXWRVHOHFWWKH6HYHQ$JHVIURP
WKHVDPHSOD\RUHYHQVXFKDVWDYHRIQRELOLW\DV2WKHOOR
V
IDUHZHOOWRZDUDQGVWLOO\RXZLOOEHDEOHWRSHUFHLYHLI
\RXKDYHDQHDUIRUWKDWFODVVRIPXVLFDFHUWDLQVXSHULRU
GHJUHHRIRUJDQLVDWLRQLQWKHSURVHDFRPSDFWHUILWWLQJRI
WKHSDUWVDEDODQFHLQWKHVZLQJDQGWKHUHWXUQDVRID
WKUREELQJSHQGXOXP:HPXVWQRWLQWKLQJVWHPSRUDOWDNH
IURPWKRVHZKRKDYHOLWWOHWKHOLWWOHWKDWWKH\KDYHWKH
PHULWVRISURVHDUHLQIHULRUEXWWKH\DUHQRWWKHVDPHLW
LVDOLWWOHNLQJGRPEXWDQLQGHSHQGHQW

5+<7+02)7+(3+5$6(6RPHZD\EDFN,XVHGDZRUG
ZKLFKVWLOODZDLWVDQDSSOLFDWLRQ(DFKSKUDVH,VDLGZDV
WREHFRPHO\EXWZKDWLVDFRPHO\SKUDVH",QDOOLGHDODQG
PDWHULDOSRLQWVOLWHUDWXUHEHLQJDUHSUHVHQWDWLYHDUWPXVW
ORRNIRUDQDORJLHVWRSDLQWLQJDQGWKHOLNHEXWLQZKDWLV
WHFKQLFDODQGH[HFXWLYHEHLQJDWHPSRUDODUWLWPXVWVHHN
IRUWKHPLQPXVLF(DFKSKUDVHRIHDFKVHQWHQFHOLNHDQDLU
RUDUHFLWDWLYHLQPXVLFVKRXOGEHVRDUWIXOO\FRPSRXQGHG
RXWRIORQJDQGVKRUWRXWRIDFFHQWHGDQGXQDFFHQWHGDVWR
JUDWLI\WKHVHQVXDOHDU$QGRIWKLVWKHHDULVWKHVROH
MXGJH,WLVLPSRVVLEOHWROD\GRZQODZV(YHQLQRXU
DFFHQWXDODQGUK\WKPLFODQJXDJHQRDQDO\VLVFDQILQGWKH
VHFUHWRIWKHEHDXW\RIDYHUVHKRZPXFKOHVVWKHQRI
WKRVHSKUDVHVVXFKDVSURVHLVEXLOWRIZKLFKREH\QRODZ
EXWWREHODZOHVVDQG\HWWRSOHDVH"7KHOLWWOHWKDWZHNQRZ
RIYHUVHDQGIRUP\SDUW,RZHLWDOOWRP\IULHQG3URIHVVRU
)OHHPLQJ-HQNLQLVKRZHYHUSDUWLFXODUO\LQWHUHVWLQJLQWKH
SUHVHQWFRQQHFWLRQ:HKDYHEHHQDFFXVWRPHGWRGHVFULEHWKH
KHURLFOLQHDVILYHLDPELFIHHWDQGWREHILOOHGZLWKSDLQ
DQGFRQIXVLRQZKHQHYHUDVE\WKHFRQVFLHQWLRXVVFKRROER\ZH
KDYHKHDUGRXURZQGHVFULSWLRQSXWLQSUDFWLFH

$OOQLJKW_WKHGUHDG_OHVVDQ_JHOXQ_SXUVXHG


8
JRHVWKHVFKRROER\EXWWKRXJKZHFORVHRXUHDUVZHFOLQJWR
RXUGHILQLWLRQLQVSLWHRILWVSURYHGDQGQDNHG
LQVXIILFLHQF\0U-HQNLQZDVQRWVRHDVLO\SOHDVHGDQG
UHDGLO\GLVFRYHUHGWKDWWKHKHURLFOLQHFRQVLVWVRIIRXU
JURXSVRULI\RXSUHIHUWKHSKUDVHFRQWDLQVIRXUSDXVHV

$OOQLJKW_WKHGUHDGOHVV_DQJHO_XQSXUVXHG

)RXUJURXSVHDFKSUDFWLFDOO\XWWHUHGDVRQHZRUGWKH
ILUVWLQWKLVFDVHDQLDPEWKHVHFRQGDQDPSKLEUDFK\V
WKHWKLUGDWURFKHHDQGWKHIRXUWKDQDPSKLPDFHUDQG\HW
RXUVFKRROER\ZLWKQRRWKHUOLEHUW\EXWWKDWRILQIOLFWLQJ
SDLQKDGWULXPSKDQWO\VFDQQHGLWDVILYHLDPEV3HUFHLYH
QRZWKLVIUHVKULFKQHVVRILQWULFDF\LQWKHZHEWKLVIRXUWK
RUDQJHKLWKHUWRXQUHPDUNHGEXWVWLOONHSWIO\LQJZLWKWKH
RWKHUV:KDWKDGVHHPHGWREHRQHWKLQJLWQRZDSSHDUVLV
WZRDQGOLNHVRPHSX]]OHLQDULWKPHWLFWKHYHUVHLVPDGH
DWWKHVDPHWLPHWRUHDGLQILYHVDQGWRUHDGLQIRXUV

%XWDJDLQIRXULVQRWQHFHVVDU\:HGRQRWLQGHHGILQG
YHUVHVLQVL[JURXSVEHFDXVHWKHUHLVQRWURRPIRUVL[LQ
WKHWHQV\OODEOHVDQGZHGRQRWILQGYHUVHVRIWZREHFDXVH
RQHRIWKHPDLQGLVWLQFWLRQVRIYHUVHIURPSURVHUHVLGHVLQ
WKHFRPSDUDWLYHVKRUWQHVVRIWKHJURXSEXWLWLVHYHQFRPPRQ
WRILQGYHUVHVRIWKUHH)LYHLVWKHRQHIRUELGGHQQXPEHU
EHFDXVHILYHLVWKHQXPEHURIWKHIHHWDQGLIILYHZHUH
FKRVHQWKHWZRSDWWHUQVZRXOGFRLQFLGHDQGWKDWRSSRVLWLRQ
ZKLFKLVWKHOLIHRIYHUVHZRXOGLQVWDQWO\EHORVW:HKDYH
KHUHDFOXHWRWKHHIIHFWRISRO\V\OODEOHVDERYHDOOLQ
/DWLQZKHUHWKH\DUHVRFRPPRQDQGPDNHVREUDYHDQ
DUFKLWHFWXUHLQWKHYHUVHIRUWKHSRO\V\OODEOHLVDJURXSRI
1DWXUH
VPDNLQJ,IEXWVRPH5RPDQZRXOGUHWXUQIURP+DGHV
0DUWLDOIRUFKRLFHDQGWHOOPHE\ZKDWFRQGXFWRIWKH
YRLFHWKHVHWKXQGHULQJYHUVHVVKRXOGEHXWWHUHG
$87
/$&('2(021,807$5(1780
IRUDFDVHLQSRLQW,IHHODVLI
,VKRXOGHQWHUDWODVWLQWRWKHIXOOHQMR\PHQWRIWKHEHVWRI
KXPDQYHUVHV

%XWDJDLQWKHILYHIHHWDUHDOOLDPELFRUVXSSRVHGWREH
E\WKHPHUHFRXQWRIV\OODEOHVWKHIRXUJURXSVFDQQRWEHDOO
LDPELFDVDTXHVWLRQRIHOHJDQFH,GRXEWLIDQ\RQHRIWKHP

9
UHTXLUHVWREHVRDQG,DPFHUWDLQWKDWIRUFKRLFHQRWZRRI
WKHPVKRXOGVFDQWKHVDPH7KHVLQJXODUEHDXW\RIWKHYHUVH
DQDO\VHGDERYHLVGXHVRIDUDVDQDO\VLVFDQFDUU\XVSDUW
LQGHHGWRWKHFOHYHUUHSHWLWLRQRI/'DQG1EXWSDUWWR
WKLVYDULHW\RIVFDQVLRQLQWKHJURXSV7KHJURXSVZKLFK
OLNHWKHEDULQPXVLFEUHDNXSWKHYHUVHIRUXWWHUDQFHIDOO
XQLDPELFDOO\DQGLQGHFODLPLQJDVRFDOOHGLDPELFYHUVHLW
PD\VRKDSSHQWKDWZHQHYHUXWWHURQHLDPELFIRRW$QG\HW
WRWKLVQHJOHFWRIWKHRULJLQDOEHDWWKHUHLVDOLPLW

$WKHQVWKHH\HRI*UHHFHPRWKHURIDUWV


LVZLWKDOOLWVHFFHQWULFLWLHVDJRRGKHURLFOLQHIRU
WKRXJKLWVFDUFHO\FDQEHVDLGWRLQGLFDWHWKHEHDWRIWKH
LDPELWFHUWDLQO\VXJJHVWVQRRWKHUPHDVXUHWRWKHHDU%XW
EHJLQ

0RWKHU$WKHQVH\HRI*UHHFH

RUPHUHO\
0RWKHU$WKHQV
DQGWKHJDPHLVXSIRUWKH
WURFKDLFEHDWKDVEHHQVXJJHVWHG7KHHFFHQWULFVFDQVLRQRI
WKHJURXSVLVDQDGRUQPHQWEXWDVVRRQDVWKHRULJLQDOEHDW
KDVEHHQIRUJRWWHQWKH\FHDVHLPSOLFLWO\WREHHFFHQWULF
9DULHW\LVZKDWLVVRXJKWEXWLIZHGHVWUR\WKHRULJLQDO
PRXOGRQHRIWKHWHUPVRIWKLVYDULHW\LVORVWDQGZHIDOO
EDFNRQVDPHQHVV7KXVERWKDVWRWKHDULWKPHWLFDOPHDVXUH
RIWKHYHUVHDQGWKHGHJUHHRIUHJXODULW\LQVFDQVLRQZH
VHHWKHODZVRISURVRG\WRKDYHRQHFRPPRQSXUSRVHWRNHHS
DOLYHWKHRSSRVLWLRQRIWZRVFKHPHVVLPXOWDQHRXVO\IROORZHG
WRNHHSWKHPQRWDEO\DSDUWWKRXJKVWLOOFRLQFLGHQWDQGWR
EDODQFHWKHPZLWKVXFKMXGLFLDOQLFHW\EHIRUHWKHUHDGHU
WKDWQHLWKHUVKDOOEHXQSHUFHLYHGDQGQHLWKHUVLJQDOO\
SUHYDLO

7KHUXOHRIUK\WKPLQSURVHLVQRWVRLQWULFDWH+HUHWRR
ZHZULWHLQJURXSVRUSKUDVHVDV,SUHIHUWRFDOOWKHPIRU
WKHSURVHSKUDVHLVJUHDWO\ORQJHUDQGLVPXFKPRUH
QRQFKDODQWO\XWWHUHGWKDQWKHJURXSLQYHUVHVRWKDWQRW
RQO\LVWKHUHDJUHDWHULQWHUYDORIFRQWLQXRXVVRXQGEHWZHHQ
WKHSDXVHVEXWIRUWKDWYHU\UHDVRQZRUGLVOLQNHGPRUH

10
UHDGLO\WRZRUGE\DPRUHVXPPDU\HQXQFLDWLRQ6WLOOWKH
SKUDVHLVWKHVWULFWDQDORJXHRIWKHJURXSDQGVXFFHVVLYH
SKUDVHVOLNHVXFFHVVLYHJURXSVPXVWGLIIHURSHQO\LQOHQJWK
DQGUK\WKP7KHUXOHRIVFDQVLRQLQYHUVHLVWRVXJJHVWQR
PHDVXUHEXWWKHRQHLQKDQGLQSURVHWRVXJJHVWQRPHDVXUH
DWDOO3URVHPXVWEHUK\WKPLFDODQGLWPD\EHDVPXFKVR
DV\RXZLOOEXWLWPXVWQRWEHPHWULFDO,WPD\EH
DQ\WKLQJEXWLWPXVWQRWEHYHUVH$VLQJOHKHURLFOLQHPD\
YHU\ZHOOSDVVDQGQRWGLVWXUEWKHVRPHZKDWODUJHUVWULGHRI
WKHSURVHVW\OHEXWRQHIROORZLQJDQRWKHUZLOOSURGXFHDQ
LQVWDQWLPSUHVVLRQRISRYHUW\IODWQHVVDQGGLVHQFKDQWPHQW
7KHVDPHOLQHVGHOLYHUHGZLWKWKHPHDVXUHGXWWHUDQFHRIYHUVH
ZRXOGSHUKDSVVHHPULFKLQYDULHW\%\WKHPRUHVXPPDU\
HQXQFLDWLRQSURSHUWRSURVHDVWRDPRUHGLVWDQWYLVLRQ
WKHVHQLFHWLHVRIGLIIHUHQFHDUHORVW$ZKROHYHUVHLV
XWWHUHGDVRQHSKUDVHDQGWKHHDULVVRRQZHDULHGE\D
VXFFHVVLRQRIJURXSVLGHQWLFDOLQOHQJWK7KHSURVHZULWHU
LQIDFWVLQFHKHLVDOORZHGWREHVRPXFKOHVVKDUPRQLRXV
LVFRQGHPQHGWRDSHUSHWXDOO\IUHVKYDULHW\RIPRYHPHQWRQD
ODUJHUVFDOHDQGPXVWQHYHUGLVDSSRLQWWKHHDUE\WKHWURW
RIDQDFFHSWHGPHWUH$QGWKLVREOLJDWLRQLVWKHWKLUG
RUDQJHZLWKZKLFKKHKDVWRMXJJOHWKHWKLUGTXDOLW\ZKLFK
WKHSURVHZULWHUPXVWZRUNLQWRKLVSDWWHUQRIZRUGV,WPD\
EHWKRXJKWSHUKDSVWKDWWKLVLVDTXDOLW\RIHDVHUDWKHUWKDQ
DIUHVKGLIILFXOW\EXWVXFKLVWKHLQKHUHQWO\UK\WKPLFDO
VWUDLQRIWKH(QJOLVKODQJXDJHWKDWWKHEDGZULWHUDQG
PXVW,WDNHIRUH[DPSOHWKDWDGPLUHGIULHQGRIP\ER\KRRG
&DSWDLQ5HLG"WKHLQH[SHULHQFHGZULWHUDV'LFNHQVLQKLV
HDUOLHUDWWHPSWVWREHLPSUHVVLYHDQGWKHMDGHGZULWHUDV
DQ\RQHPD\VHHIRUKLPVHOIDOOWHQGWRIDOODWRQFHLQWR
WKHSURGXFWLRQRIEDGEODQNYHUVH$QGKHUHLWPD\EH
SHUWLQHQWO\DVNHG:K\EDG"$QG,VXSSRVHLWPLJKWEHHQRXJK
WRDQVZHUWKDWQRPDQHYHUPDGHJRRGYHUVHE\DFFLGHQWDQG
WKDWQRYHUVHFDQHYHUVRXQGRWKHUZLVHWKDQWULYLDOZKHQ
XWWHUHGZLWKWKHGHOLYHU\RISURVH%XWZHFDQJREH\RQG
VXFKDQVZHUV7KHZHDNVLGHRIYHUVHLVWKHUHJXODULW\RI
WKHEHDWZKLFKLQLWVHOILVGHFLGHGO\OHVVLPSUHVVLYHWKDQ
WKHPRYHPHQWRIWKHQREOHUSURVHDQGLWLVMXVWLQWRWKLV
ZHDNVLGHDQGWKLVDORQHWKDWRXUFDUHOHVVZULWHUIDOOV$
SHFXOLDUGHQVLW\DQGPDVVFRQVHTXHQWRQWKHQHDUQHVVRIWKH
SDXVHVLVRQHRIWKHFKLHIJRRGTXDOLWLHVRIYHUVHEXWWKLV
RXUDFFLGHQWDOYHUVLILHUVWLOOIROORZLQJDIWHUWKHVZLIW
JDLWDQGODUJHJHVWXUHVRISURVHGRHVQRWVRPXFKDVDVSLUH
WRLPLWDWH/DVWO\VLQFHKHUHPDLQVXQFRQVFLRXVWKDWKHLV

11
PDNLQJYHUVHDWDOOLWFDQQHYHURFFXUWRKLPWRH[WUDFW
WKRVHHIIHFWVRIFRXQWHUSRLQWDQGRSSRVLWLRQZKLFK,KDYH
UHIHUUHGWRDVWKHILQDOJUDFHDQGMXVWLILFDWLRQRIYHUVH
DQG,PD\DGGRIEODQNYHUVHLQSDUWLFXODU

&217(1762)7+(3+5$6(+HUHLVDJUHDWGHDORIWDON
DERXWUK\WKPDQGQDWXUDOO\IRULQRXUFDQRURXVODQJXDJH
UK\WKPLVDOZD\VDWWKHGRRU%XWLWPXVWQRWEHIRUJRWWHQ
WKDWLQVRPHODQJXDJHVWKLVHOHPHQWLVDOPRVWLIQRWTXLWH
H[WLQFWDQGWKDWLQRXURZQLWLVSUREDEO\GHFD\LQJ7KH
HYHQVSHHFKRIPDQ\HGXFDWHG$PHULFDQVVRXQGVWKHQRWHRI
GDQJHU,VKRXOGVHHLWJRZLWKVRPHWKLQJDVELWWHUDV
GHVSDLUEXW,VKRXOGQRWEHGHVSHUDWH$VLQYHUVHQR
HOHPHQWQRWHYHQUK\WKPLVQHFHVVDU\VRLQSURVHDOVR
RWKHUVRUWVRIEHDXW\ZLOODULVHDQGWDNHWKHSODFHDQGSOD\
WKHSDUWRIWKRVHWKDWZHRXWOLYH7KHEHDXW\RIWKH
H[SHFWHGEHDWLQYHUVHWKHEHDXW\LQSURVHRILWVODUJHUDQG
PRUHODZOHVVPHORG\SDWHQWDVWKH\DUHWR(QJOLVKKHDULQJ
DUHDOUHDG\VLOHQWLQWKHHDUVRIRXUQH[WQHLJKERXUVIRULQ
)UDQFHWKHRUDWRULFDODFFHQWDQGWKHSDWWHUQRIWKHZHEKDYH
DOPRVWRUDOWRJHWKHUVXFFHHGHGWRWKHLUSODFHVDQGWKH
)UHQFKSURVHZULWHUZRXOGEHDVWRXQGHGDWWKHODERXUVRIKLV
EURWKHUDFURVVWKH&KDQQHODQGKRZDJRRGTXDUWHURIKLV
WRLODERYHDOO,19,7$0,1(59$LVWRDYRLGZULWLQJYHUVH
6RZRQGHUIXOO\IDUDSDUWKDYHUDFHVZDQGHUHGLQVSLULWDQG
VRKDUGLWLVWRXQGHUVWDQGWKHOLWHUDWXUHQH[WGRRU

<HW)UHQFKSURVHLVGLVWLQFWO\EHWWHUWKDQ(QJOLVKDQG
)UHQFKYHUVHDERYHDOOZKLOH+XJROLYHVLWZLOOQRWGRWR
SODFHXSRQRQHVLGH:KDWLVPRUHWRRXUSXUSRVHDSKUDVH
RUDYHUVHLQ)UHQFKLVHDVLO\GLVWLQJXLVKDEOHDVFRPHO\RU
XQFRPHO\7KHUHLVWKHQDQRWKHUHOHPHQWRIFRPHOLQHVV
KLWKHUWRRYHUORRNHGLQWKLVDQDO\VLVWKHFRQWHQWVRIWKH
SKUDVH(DFKSKUDVHLQOLWHUDWXUHLVEXLOWRIVRXQGVDV
HDFKSKUDVHLQPXVLFFRQVLVWVRIQRWHV2QHVRXQGVXJJHVWV
HFKRHVGHPDQGVDQGKDUPRQLVHVZLWKDQRWKHUDQGWKHDUWRI
ULJKWO\XVLQJWKHVHFRQFRUGDQFHVLVWKHILQDODUWLQ
OLWHUDWXUH,WXVHGWREHDSLHFHRIJRRGDGYLFHWRDOO
\RXQJZULWHUVWRDYRLGDOOLWHUDWLRQDQGWKHDGYLFHZDV
VRXQGLQVRIDUDVLWSUHYHQWHGGDXELQJ1RQHWKHOHVVIRU
WKDWZDVLWDERPLQDEOHQRQVHQVHDQGWKHPHUHUDYLQJRI
WKRVHEOLQGHVWRIWKHEOLQGZKRZLOOQRWVHH7KHEHDXW\RI
WKHFRQWHQWVRIDSKUDVHRURIDVHQWHQFHGHSHQGV
LPSOLFLWO\XSRQDOOLWHUDWLRQDQGXSRQDVVRQDQFH7KHYRZHO

12
GHPDQGVWREHUHSHDWHGWKHFRQVRQDQWGHPDQGVWREHUHSHDWHG
DQGERWKFU\DORXGWREHSHUSHWXDOO\YDULHG<RXPD\IROORZ
WKHDGYHQWXUHVRIDOHWWHUWKURXJKDQ\SDVVDJHWKDWKDV
SDUWLFXODUO\SOHDVHG\RXILQGLWSHUKDSVGHQLHGDZKLOH
WRWDQWDOLVHWKHHDUILQGLWILUHGDJDLQDW\RXLQDZKROH
EURDGVLGHRUILQGLWSDVVLQWRFRQJHQHURXVVRXQGVRQH
OLTXLGRUODELDOPHOWLQJDZD\LQWRDQRWKHU$QG\RXZLOO
ILQGDQRWKHUDQGPXFKVWUDQJHUFLUFXPVWDQFH/LWHUDWXUHLV
ZULWWHQE\DQGIRUWZRVHQVHVDVRUWRILQWHUQDOHDUTXLFN
WRSHUFHLYH
XQKHDUGPHORGLHV
DQGWKHH\HZKLFKGLUHFWV
WKHSHQDQGGHFLSKHUVWKHSULQWHGSKUDVH:HOOHYHQDV
WKHUHDUHUK\PHVIRUWKHH\HVR\RXZLOOILQGWKDWWKHUHDUH
DVVRQDQFHVDQGDOOLWHUDWLRQVWKDWZKHUHDQDXWKRULVUXQQLQJ
WKHRSHQ$GHFHLYHGE\WKHH\HDQGRXUVWUDQJH(QJOLVK
VSHOOLQJKHZLOORIWHQVKRZDWHQGHUQHVVIRUWKHIODW$DQG
WKDWZKHUHKHLVUXQQLQJDSDUWLFXODUFRQVRQDQWKHZLOOQRW
LPSUREDEO\UHMRLFHWRZULWHLWGRZQHYHQZKHQLWLVPXWHRU
EHDUVDGLIIHUHQWYDOXH

+HUHWKHQZHKDYHDIUHVKSDWWHUQDSDWWHUQWRVSHDN
JURVVO\RIOHWWHUVZKLFKPDNHVWKHIRXUWKSUHRFFXSDWLRQRI
WKHSURVHZULWHUDQGWKHILIWKRIWKHYHUVLILHU$WWLPHV
LWLVYHU\GHOLFDWHDQGKDUGWRSHUFHLYHDQGWKHQSHUKDSV
PRVWH[FHOOHQWDQGZLQQLQJ,VD\SHUKDSVEXWDWWLPHV
DJDLQWKHHOHPHQWVRIWKLVOLWHUDOPHORG\VWDQGPRUHEROGO\
IRUZDUGDQGXVXUSWKHHDU,WEHFRPHVWKHUHIRUHVRPHZKDWD
PDWWHURIFRQVFLHQFHWRVHOHFWH[DPSOHVDQGDV,FDQQRWYHU\
ZHOODVNWKHUHDGHUWRKHOSPH,VKDOOGRWKHQH[WEHVWE\
JLYLQJKLPWKHUHDVRQRUWKHKLVWRU\RIHDFKVHOHFWLRQ7KH
WZRILUVWRQHLQSURVHRQHLQYHUVH,FKRVHZLWKRXW
SUHYLRXVDQDO\VLVVLPSO\DVHQJDJLQJSDVVDJHVWKDWKDGORQJ
UHHFKRHGLQP\HDU

,FDQQRWSUDLVHDIXJLWLYHDQGFORLVWHUHGYLUWXH
XQH[HUFLVHGDQGXQEUHDWKHGWKDWQHYHUVDOOLHVRXWDQGVHHV
KHUDGYHUVDU\EXWVOLQNVRXWRIWKHUDFHZKHUHWKDWLPPRUWDO
JDUODQGLVWREHUXQIRUQRWZLWKRXWGXVWDQGKHDW

'RZQWR
YLUWXH
WKHFXUUHQW6DQG5DUHERWKDQQRXQFHGDQG
UHSHDWHGXQREWUXVLYHO\DQGE\ZD\RIDJUDFHQRWHWKDW
DOPRVWLQVHSDUDEOHJURXS39)LVJLYHQHQWLUH7KHQH[W
SKUDVHLVDSHULRGRIUHSRVHDOPRVWXJO\LQLWVHOIERWK6
DQG5VWLOODXGLEOHDQG%JLYHQDVWKHODVWIXOILOPHQWRI
39),QWKHQH[WIRXUSKUDVHVIURP
WKDWQHYHU
GRZQWR

UXQIRU
WKHPDVNLVWKURZQRIIDQGEXWIRUDVOLJKW

13
UHSHWLWLRQRIWKH)DQG9WKHZKROHPDWWHUWXUQVDOPRVWWRR
REWUXVLYHO\RQ6DQG5ILUVW6FRPLQJWRWKHIURQWDQG
WKHQ5,QWKHFRQFOXGLQJSKUDVHDOOWKHVHIDYRXULWH
OHWWHUVDQGHYHQWKHIODW$DWLPLGSUHIHUHQFHIRUZKLFKLV
MXVWSHUFHSWLEOHDUHGLVFDUGHGDWDEORZDQGLQDEXQGOH
DQGWRPDNHWKHEUHDNPRUHREYLRXVHYHU\ZRUGHQGVZLWKD
GHQWDODQGDOOEXWRQHZLWK7IRUZKLFKZHKDYHEHHQ
FDXWLRXVO\SUHSDUHGVLQFHWKHEHJLQQLQJ7KHVLQJXODU
GLJQLW\RIWKHILUVWFODXVHDQGWKLVKDPPHUVWURNHRIWKH
ODVWJRIDUWRPDNHWKHFKDUPRIWKLVH[TXLVLWHVHQWHQFH
%XWLWLVIDLUWRRZQWKDW6DQG5DUHXVHGDOLWWOH
FRDUVHO\

,Q;DQDG\GLG.XEOD.KDQ.$1'/
$VWDWHO\SOHDVXUHGRPHGHFUHH.'/65
:KHUH$OSKWKHVDFUHGULYHUUDQ.$1'/65
7KURXJKFDYHUQVPHDVXUHOHVVWRPDQ.$1/65
'RZQWRDVXQOHVVVHD
1'/6

+HUH,KDYHSXWWKHDQDO\VLVRIWKHPDLQJURXSDORQJVLGHWKH
OLQHVDQGWKHPRUHLWLVORRNHGDWWKHPRUHLQWHUHVWLQJLW
ZLOOVHHP%XWWKHUHDUHIXUWKHUQLFHWLHV,QOLQHVWZRDQG
IRXUWKHFXUUHQW6LVPRVWGHOLFDWHO\YDULHGZLWK=,Q
OLQHWKUHHWKHFXUUHQWIODW$LVWZLFHYDULHGZLWKWKHRSHQ
$DOUHDG\VXJJHVWHGLQOLQHWZRDQGERWKWLPHV
ZKHUH
DQG

VDFUHG
LQFRQMXQFWLRQZLWKWKHFXUUHQW5,QWKHVDPH
OLQH)DQG9DKDUPRQ\LQWKHPVHOYHVHYHQZKHQVKRUQRI
WKHLUFRPUDGH3DUHDGPLUDEO\FRQWUDVWHG$QGLQOLQHIRXU
WKHUHLVDPDUNHGVXEVLGLDU\0ZKLFKDJDLQZDVDQQRXQFHGLQ
OLQHWZR,VWRSIURPZHDULQHVVIRUPRUHPLJKW\HWEHVDLG

0\QH[WH[DPSOHZDVUHFHQWO\TXRWHGIURP6KDNHVSHDUHDVDQ
H[DPSOHRIWKHSRHW
VFRORXUVHQVH1RZ,GRQRWWKLQN
OLWHUDWXUHKDVDQ\WKLQJWRGRZLWKFRORXURUSRHWVDQ\ZD\
WKHEHWWHURIVXFKDVHQVHDQG,LQVWDQWO\DWWDFNHGWKLV
SDVVDJHVLQFH
SXUSOH
ZDVWKHZRUGWKDWKDGVRSOHDVHGWKH
ZULWHURIWKHDUWLFOHWRVHHLIWKHUHPLJKWQRWEHVRPH
OLWHUDU\UHDVRQIRULWVXVH,WZLOOEHVHHQWKDW,
VXFFHHGHGDPSO\DQG,DPERXQGWRVD\,WKLQNWKHSDVVDJH
H[FHSWLRQDOLQ6KDNHVSHDUHH[FHSWLRQDOLQGHHGLQ
OLWHUDWXUHEXWLWZDVQRW,ZKRFKRVHLW

14

7KH%D5JHVKHVDWL1OLNHD%851LVKHGWKUR1H
%8517R1WKHZDWHUWKH3223ZDV%HDWH1JROG
3853OHWKHVDLOVDQGVR385 )XPHGWKDW SHU
7KHZL1GVZHUHORYHVLFNZLWKWKHP


,WPD\EHDVNHGZK\,KDYHSXWWKH)RI
SHUIXPHG
LQ
FDSLWDOVDQG,UHSO\EHFDXVHWKLVFKDQJHIURP3WR)LVWKH
FRPSOHWLRQRIWKDWIURP%WR3DOUHDG\VRDGURLWO\FDUULHG
RXW,QGHHGWKHZKROHSDVVDJHLVDPRQXPHQWRIFXULRXV
LQJHQXLW\DQGLWVHHPVVFDUFHZRUWKZKLOHWRLQGLFDWHWKH
VXEVLGLDU\6/DQG:,QWKHVDPHDUWLFOHDVHFRQG
SDVVDJHIURP6KDNHVSHDUHZDVTXRWHGRQFHDJDLQDVDQH[DPSOH
RIKLVFRORXUVHQVH

$PROHFLQTXHVSRWWHGOLNHWKHFULPVRQGURSV
,
WKHERWWRPRIDFRZVOLS


,WLVYHU\FXULRXVYHU\DUWLILFLDODQGQRWZRUWKZKLOHWR
DQDO\VHDWOHQJWK,OHDYHLWWRWKHUHDGHU%XWEHIRUH,
WXUQP\EDFNRQ6KDNHVSHDUH,VKRXOGOLNHWRTXRWHD
SDVVDJHIRUP\RZQSOHDVXUHDQGIRUDYHU\PRGHORIHYHU\
WHFKQLFDODUW

%XWLQWKHZLQGDQGWHPSHVWRIKHUIURZQ
:39)VWRZ
'LVWLQFWLRQZLWKDORXGDQGSRZHUIXOIDQ
:3)VWRZ/

3XIILQJDWDOOZLQQRZVWKHOLJKWDZD\
:3)/
$QGZKDWKDWKPDVVDQGPDWWHUE\LWVHOI
:)/0$
/LHVULFKLQYLUWXHDQGXQPLQJOHG

9/0

)URPWKHVHGHOLFDWHDQGFKRLFHZULWHUV,WXUQHGZLWKVRPH
FXULRVLW\WRDSOD\HURIWKHELJGUXP0DFDXOD\,KDGLQ
KDQGWKHWZRYROXPHHGLWLRQDQG,RSHQHGDWWKHEHJLQQLQJRI

15
WKHVHFRQGYROXPH+HUHZDVZKDW,UHDG

7KHYLROHQFHRIUHYROXWLRQVLVJHQHUDOO\SURSRUWLRQHGWRWKH
GHJUHHRIWKHPDODGPLQLVWUDWLRQZKLFKKDVSURGXFHGWKHP,W
LVWKHUHIRUHQRWVWUDQJHWKDWWKHJRYHUQPHQWRI6FRWODQG
KDYLQJEHHQGXULQJPDQ\\HDUVJUHDWO\PRUHFRUUXSWWKDQWKH
JRYHUQPHQWRI(QJODQGVKRXOGKDYHIDOOHQZLWKDIDUKHDYLHU
UXLQ7KHPRYHPHQWDJDLQVWWKHODVWNLQJRIWKHKRXVHRI
6WXDUWZDVLQ(QJODQGFRQVHUYDWLYHLQ6FRWODQGGHVWUXFWLYH
7KH(QJOLVKFRPSODLQHGQRWRIWKHODZEXWRIWKHYLRODWLRQ
RIWKHODZ

7KLVZDVSODLQVDLOLQJHQRXJKLWZDVRXUROGIULHQG39)
IORDWHGE\WKHOLTXLGVLQDERG\EXWDV,UHDGRQDQG
WXUQHGWKHSDJHDQGVWLOOIRXQG39)ZLWKKLVDWWHQGDQW
OLTXLGV,FRQIHVVP\PLQGPLVJDYHPHXWWHUO\7KLVFRXOGEH
QRWULFNRI0DFDXOD\
VLWPXVWEHWKHQDWXUHRIWKH(QJOLVK
WRQJXH,QDNLQGRIGHVSDLU,WXUQHGKDOIZD\WKURXJKWKH
YROXPHDQGFRPLQJXSRQKLVORUGVKLSGHDOLQJZLWK*HQHUDO
&DQQRQDQGIUHVKIURP&ODYHUKRXVHDQG.LOOLHFUDQNLHKHUH
ZLWKHOXFLGDWLYHVSHOOLQJZDVP\UHZDUG

0HDQZKLOHWKHGLVRUGHUVRI.DQQRQ
V.DPSZHQWRQLQ.UHDVLQJ
+H.DOOHGD.RXQFLORIZDUWR.RQVLGHUZKDW.RXUVHLWZRXOG
EHDGYLVDEOHWRWD.H%XWDVVRRQDVWKH.RXQFLOKDGPHWD
SUHOLPLQDU\.XHVWLRQZDVUDLVHG7KHDUP\ZDVDOPRVW
H.V.OXVLYHO\D+LJKODQGDUP\7KHUHFHQWY.NWRU\KDGEHHQ
ZRQH.V.OXVLYHO\E\+LJKODQGZDUULRUV*UHDWFKLH)VZKRKDG
EURXJKWVL.VRU6H9HQKXQGUHG)LJKWLQJPHQLQWRWKH)LHOGGLG
QRWWKLQNLW)DLUWKDWWKH\VKRXOGEHRXW9RWHGE\JHQWOHPHQ
)URP,UHODQGDQG)URPWKH/RZ.RXQWULHVZKRERUHLQGHHG
.LQJ-DPHV
V.RPPLVVLRQDQGZHUH.DOOHG.RORQHOVDQG
.DSWDLQVEXWZKRZHUH.RORQHOVZLWKRXWUHJLPHQWVDQG
.DSWDLQVZLWKRXW.RPSDQLHV

$PRPHQWRI)9LQDOOWKLVZRUOGRI.
V,WZDVQRWWKH
(QJOLVKODQJXDJHWKHQWKDWZDVDQLQVWUXPHQWRIRQHVWULQJ
EXW0DFDXOD\WKDWZDVDQLQFRPSDUDEOHGDXEHU

,WZDVSUREDEO\IURPWKLVEDUEDULFORYHRIUHSHDWLQJWKHVDPH
VRXQGUDWKHUWKDQIURPDQ\GHVLJQRIFOHDUQHVVWKDWKH
DFTXLUHGKLVLUULWDWLQJKDELWRIUHSHDWLQJZRUGV,VD\WKH
RQHUDWKHUWKDQWKHRWKHUEHFDXVHVXFKDWULFNRIWKHHDULV
GHHSHUVHDWHGDQGPRUHRULJLQDOLQPDQWKDQDQ\ORJLFDO

16
FRQVLGHUDWLRQ)HZZULWHUVLQGHHGDUHSUREDEO\FRQVFLRXV
RIWKHOHQJWKWRZKLFKWKH\SXVKWKLVPHORG\RIOHWWHUV
2QHZULWLQJYHU\GLOLJHQWO\DQGRQO\FRQFHUQHGDERXWWKH
PHDQLQJRIKLVZRUGVDQGWKHUK\WKPRIKLVSKUDVHVZDV
VWUXFNLQWRDPD]HPHQWE\WKHHDJHUWULXPSKZLWKZKLFKKH
FDQFHOOHGRQHH[SUHVVLRQWRVXEVWLWXWHDQRWKHU1HLWKHU
FKDQJHGWKHVHQVHERWKEHLQJPRQRV\OODEOHVQHLWKHUFRXOG
DIIHFWWKHVFDQVLRQDQGLWZDVRQO\E\ORRNLQJEDFNRQZKDW
KHKDGDOUHDG\ZULWWHQWKDWWKHP\VWHU\ZDVVROYHGWKH
VHFRQGZRUGFRQWDLQHGDQRSHQ$DQGIRUQHDUO\KDOIDSDJH
KHKDGEHHQULGLQJWKDWYRZHOWRWKHGHDWK

,QSUDFWLFH,VKRXOGDGGWKHHDULVQRWDOZD\VVRH[DFWLQJ
DQGRUGLQDU\ZULWHUVLQRUGLQDU\PRPHQWVFRQWHQWWKHPVHOYHV
ZLWKDYRLGLQJZKDWLVKDUVKDQGKHUHDQGWKHUHXSRQDUDUH
RFFDVLRQEXWWUHVVLQJDSKUDVHRUOLQNLQJWZRWRJHWKHUZLWK
DSDWFKRIDVVRQDQFHRUDPRPHQWDU\MLQJOHRIDOOLWHUDWLRQ
7RXQGHUVWDQGKRZFRQVWDQWLVWKLVSUHRFFXSDWLRQRIJRRG
ZULWHUVHYHQZKHUHLWVUHVXOWVDUHOHDVWREWUXVLYHLWLV
RQO\QHFHVVDU\WRWXUQWRWKHEDG7KHUHLQGHHG\RXZLOO
ILQGFDFRSKRQ\VXSUHPHWKHUDWWOHRILQFRQJUXRXVFRQVRQDQWV
RQO\UHOLHYHGE\WKHMDZEUHDNLQJKLDWXVDQGZKROHSKUDVHV
QRWWREHDUWLFXODWHGE\WKHSRZHUVRIPDQ

&21&/86,21:HPD\QRZEULHIO\HQXPHUDWHWKHHOHPHQWVRI
VW\OH:HKDYHSHFXOLDUWRWKHSURVHZULWHUWKHWDVNRI
NHHSLQJKLVSKUDVHVODUJHUK\WKPLFDODQGSOHDVLQJWRWKH
HDUZLWKRXWHYHUDOORZLQJWKHPWRIDOOLQWRWKHVWULFWO\
PHWULFDOSHFXOLDUWRWKHYHUVLILHUWKHWDVNRIFRPELQLQJ
DQGFRQWUDVWLQJKLVGRXEOHWUHEOHDQGTXDGUXSOHSDWWHUQ
IHHWDQGJURXSVORJLFDQGPHWUHKDUPRQLRXVLQGLYHUVLW\
FRPPRQWRERWKWKHWDVNRIDUWIXOO\FRPELQLQJWKHSULPH
HOHPHQWVRIODQJXDJHLQWRSKUDVHVWKDWVKDOOEHPXVLFDOLQ
WKHPRXWKWKHWDVNRIZHDYLQJWKHLUDUJXPHQWLQWRDWH[WXUH
RIFRPPLWWHGSKUDVHVDQGRIURXQGHGSHULRGVEXWWKLV
SDUWLFXODUO\ELQGLQJLQWKHFDVHRISURVHDQGDJDLQFRPPRQ
WRERWKWKHWDVNRIFKRRVLQJDSWH[SOLFLWDQG
FRPPXQLFDWLYHZRUGV:HEHJLQWRVHHQRZZKDWDQLQWULFDWH
DIIDLULVDQ\SHUIHFWSDVVDJHKRZPDQ\IDFXOWLHVZKHWKHURI
WDVWHRUSXUHUHDVRQPXVWEHKHOGXSRQWKHVWUHWFKWRPDNH
LWDQGZK\ZKHQLWLVPDGHLWVKRXOGDIIRUGXVVRFRPSOHWH
DSOHDVXUH)URPWKHDUUDQJHPHQWRIDFFRUGLQJOHWWHUVZKLFK
LVDOWRJHWKHUDUDEHVTXHDQGVHQVXDOXSWRWKHDUFKLWHFWXUH
RIWKHHOHJDQWDQGSUHJQDQWVHQWHQFHZKLFKLVDYLJRURXVDFW

17
RIWKHSXUHLQWHOOHFWWKHUHLVVFDUFHDIDFXOW\LQPDQEXW
KDVEHHQH[HUFLVHG:HQHHGQRWZRQGHUWKHQLISHUIHFW
VHQWHQFHVDUHUDUHDQGSHUIHFWSDJHVUDUHU

&+$37(5,,7+(025$/,7<2)7+(352)(66,212)/(77(56

7+(SURIHVVLRQRIOHWWHUVKDVEHHQODWHO\GHEDWHGLQWKH
SXEOLFSULQWVDQGLWKDVEHHQGHEDWHGWRSXWWKHPDWWHU
PLOGO\IURPDSRLQWRIYLHZWKDWZDVFDOFXODWHGWRVXUSULVH
KLJKPLQGHGPHQDQGEULQJDJHQHUDOFRQWHPSWRQERRNVDQG
UHDGLQJ6RPHWLPHDJRLQSDUWLFXODUDOLYHO\SOHDVDQW
SRSXODUZULWHUGHYRWHGDQHVVD\OLYHO\DQGSOHDVDQW
OLNHKLPVHOIWRDYHU\HQFRXUDJLQJYLHZRIWKHSURIHVVLRQ
:HPD\EHJODGWKDWKLVH[SHULHQFHLVVRFKHHULQJDQGZHPD\
KRSHWKDWDOORWKHUVZKRGHVHUYHLWVKDOOEHDVKDQGVRPHO\
UHZDUGHGEXW,GRQRWWKLQNZHQHHGEHDWDOOJODGWRKDYH
WKLVTXHVWLRQVRLPSRUWDQWWRWKHSXEOLFDQGRXUVHOYHV
GHEDWHGVROHO\RQWKHJURXQGRIPRQH\7KHVDODU\LQDQ\
EXVLQHVVXQGHUKHDYHQLVQRWWKHRQO\QRULQGHHGWKHILUVW
TXHVWLRQ7KDW\RXVKRXOGFRQWLQXHWRH[LVWLVDPDWWHUIRU
\RXURZQFRQVLGHUDWLRQEXWWKDW\RXUEXVLQHVVVKRXOGEH
ILUVWKRQHVWDQGVHFRQGXVHIXODUHSRLQWVLQZKLFKKRQRXU
DQGPRUDOLW\DUHFRQFHUQHG,IWKHZULWHUWRZKRP,UHIHU
VXFFHHGVLQSHUVXDGLQJDQXPEHURI\RXQJSHUVRQVWRDGRSW
WKLVZD\RIOLIHZLWKDQH\HVHWVLQJO\RQWKHOLYHOLKRRGZH
PXVWH[SHFWWKHPLQWKHLUZRUNVWRIROORZSURILWRQO\DQGZH
PXVWH[SHFWLQFRQVHTXHQFHLIKHZLOOSDUGRQPHWKH
HSLWKHWVDVORYHQO\EDVHXQWUXHDQGHPSW\OLWHUDWXUH2I
WKDWZULWHUKLPVHOI,DPQRWVSHDNLQJKHLVGLOLJHQW
FOHDQDQGSOHDVLQJZHDOORZHKLPSHULRGVRIHQWHUWDLQPHQW
DQGKHKDVDFKLHYHGDQDPLDEOHSRSXODULW\ZKLFKKHKDV
DGHTXDWHO\GHVHUYHG%XWWKHWUXWKLVKHGRHVQRWRUGLG
QRWZKHQKHILUVWHPEUDFHGLWUHJDUGKLVSURIHVVLRQIURP
WKLVSXUHO\PHUFHQDU\VLGH+HZHQWLQWRLW,VKDOOYHQWXUH
WRVD\LIQRWZLWKDQ\QREOHGHVLJQDWOHDVWLQWKHDUGRXU
RIDILUVWORYHDQGKHHQMR\HGLWVSUDFWLFHORQJEHIRUHKH
SDXVHGWRFDOFXODWHWKHZDJH7KHRWKHUGD\DQDXWKRUZDV
FRPSOLPHQWHGRQDSLHFHRIZRUNJRRGLQLWVHOIDQG
H[FHSWLRQDOO\JRRGIRUKLPDQGUHSOLHGLQWHUPVXQZRUWK\RI
DFRPPHUFLDOWUDYHOOHUWKDWDVWKHERRNZDVQRWEULVNO\

18
VHOOLQJKHGLGQRWJLYHDFRSSHUIDUWKLQJIRULWVPHULW,W
PXVWQRWEHVXSSRVHGWKDWWKHSHUVRQWRZKRPWKLVDQVZHUZDV
DGGUHVVHGUHFHLYHGLWDVDSURIHVVLRQRIIDLWKKHNQHZRQ
WKHRWKHUKDQGWKDWLWZDVRQO\DZKLIIRILUULWDWLRQMXVW
DVZHNQRZZKHQDUHVSHFWDEOHZULWHUWDONVRIOLWHUDWXUHDV
DZD\RIOLIHOLNHVKRHPDNLQJEXWQRWVRXVHIXOWKDWKHLV
RQO\GHEDWLQJRQHDVSHFWRIDTXHVWLRQDQGLVVWLOOFOHDUO\
FRQVFLRXVRIDGR]HQRWKHUVPRUHLPSRUWDQWLQWKHPVHOYHVDQG
PRUHFHQWUDOWRWKHPDWWHULQKDQG%XWZKLOHWKRVHZKR
WUHDWOLWHUDWXUHLQWKLVSHQQ\ZLVHDQGYLUWXHIRROLVKVSLULW
DUHWKHPVHOYHVWUXO\LQSRVVHVVLRQRIDEHWWHUOLJKWLWGRHV
QRWIROORZWKDWWKHWUHDWPHQWLVGHFHQWRULPSURYLQJZKHWKHU
IRUWKHPVHOYHVRURWKHUV7RWUHDWDOOVXEMHFWVLQWKH
KLJKHVWWKHPRVWKRQRXUDEOHDQGWKHSOXFNLHVWVSLULW
FRQVLVWHQWZLWKWKHIDFWLVWKHILUVWGXW\RIDZULWHU,I
KHEHZHOOSDLGDV,DPJODGWRKHDUKHLVWKLVGXW\
EHFRPHVWKHPRUHXUJHQWWKHQHJOHFWRILWWKHPRUH
GLVJUDFHIXO$QGSHUKDSVWKHUHLVQRVXEMHFWRQZKLFKDPDQ
VKRXOGVSHDNVRJUDYHO\DVWKDWLQGXVWU\ZKDWHYHULWPD\EH
ZKLFKLVWKHRFFXSDWLRQRUGHOLJKWRIKLVOLIHZKLFKLVKLV
WRROWRHDUQRUVHUYHZLWKDQGZKLFKLILWEHXQZRUWK\
VWDPSVKLPVHOIDVDPHUHLQFXEXVRIGXPEDQGJUHHG\ERZHOVRQ
WKHVKRXOGHUVRIODERXULQJKXPDQLW\2QWKDWVXEMHFWDORQH
HYHQWRIRUFHWKHQRWHPLJKWOHDQWRYLUWXH
VVLGH,WLVWR
EHKRSHGWKDWDQXPHURXVDQGHQWHUSULVLQJJHQHUDWLRQRI
ZULWHUVZLOOIROORZDQGVXUSDVVWKHSUHVHQWRQHEXWLWZRXOG
EHEHWWHULIWKHVWUHDPZHUHVWD\HGDQGWKHUROORIRXUROG
KRQHVW(QJOLVKERRNVZHUHFORVHGWKDQWKDWHVXULHQWERRN
PDNHUVVKRXOGFRQWLQXHDQGGHEDVHDEUDYHWUDGLWLRQDQG
ORZHULQWKHLURZQH\HVDIDPRXVUDFH%HWWHUWKDWRXU
VHUHQHWHPSOHVZHUHGHVHUWHGWKDQILOOHGZLWKWUDIILFNLQJDQG
MXJJOLQJSULHVWV

7KHUHDUHWZRMXVWUHDVRQVIRUWKHFKRLFHRIDQ\ZD\RIOLIH
WKHILUVWLVLQEUHGWDVWHLQWKHFKRRVHUWKHVHFRQGVRPH
KLJKXWLOLW\LQWKHLQGXVWU\VHOHFWHG/LWHUDWXUHOLNHDQ\
RWKHUDUWLVVLQJXODUO\LQWHUHVWLQJWRWKHDUWLVWDQGLQD
GHJUHHSHFXOLDUWRLWVHOIDPRQJWKHDUWVLWLVXVHIXOWR
PDQNLQG7KHVHDUHWKHVXIILFLHQWMXVWLILFDWLRQVIRUDQ\
\RXQJPDQRUZRPDQZKRDGRSWVLWDVWKHEXVLQHVVRIKLVOLIH
,VKDOOQRWVD\PXFKDERXWWKHZDJHV$ZULWHUFDQOLYHE\
KLVZULWLQJ,IQRWVROX[XULRXVO\DVE\RWKHUWUDGHVWKHQ
OHVVOX[XULRXVO\7KHQDWXUHRIWKHZRUNKHGRHVDOOGD\
ZLOOPRUHDIIHFWKLVKDSSLQHVVWKDQWKHTXDOLW\RIKLVGLQQHU

19
DWQLJKW:KDWHYHUEH\RXUFDOOLQJDQGKRZHYHUPXFKLW
EULQJV\RXLQWKH\HDU\RXFRXOGVWLOO\RXNQRZJHWPRUH
E\FKHDWLQJ:HDOOVXIIHURXUVHOYHVWREHWRRPXFK
FRQFHUQHGDERXWDOLWWOHSRYHUW\EXWVXFKFRQVLGHUDWLRQV
VKRXOGQRWPRYHXVLQWKHFKRLFHRIWKDWZKLFKLVWREHWKH
EXVLQHVVDQGMXVWLILFDWLRQRIVRJUHDWDSRUWLRQRIRXU
OLYHVDQGOLNHWKHPLVVLRQDU\WKHSDWULRWRUWKH
SKLORVRSKHUZHVKRXOGDOOFKRRVHWKDWSRRUDQGEUDYHFDUHHU
LQZKLFKZHFDQGRWKHPRVWDQGEHVWIRUPDQNLQG1RZ
1DWXUHIDLWKIXOO\IROORZHGSURYHVKHUVHOIDFDUHIXOPRWKHU
$ODGIRUVRPHOLNLQJWRWKHMLQJOHRIZRUGVEHWDNHV
KLPVHOIWROHWWHUVIRUKLVOLIHE\DQGE\ZKHQKHOHDUQV
PRUHJUDYLW\KHILQGVWKDWKHKDVFKRVHQEHWWHUWKDQKH
NQHZWKDWLIKHHDUQVOLWWOHKHLVHDUQLQJLWDPSO\WKDW
LIKHUHFHLYHVDVPDOOZDJHKHLVLQDSRVLWLRQWRGR
FRQVLGHUDEOHVHUYLFHVWKDWLWLVLQKLVSRZHULQVRPHVPDOO
PHDVXUHWRSURWHFWWKHRSSUHVVHGDQGWRGHIHQGWKHWUXWK
6RNLQGO\LVWKHZRUOGDUUDQJHGVXFKJUHDWSURILWPD\DULVH
IURPDVPDOOGHJUHHRIKXPDQUHOLDQFHRQRQHVHOIDQGVXFK
LQSDUWLFXODULVWKHKDSS\VWDURIWKLVWUDGHRIZULWLQJ
WKDWLWVKRXOGFRPELQHSOHDVXUHDQGSURILWWRERWKSDUWLHV
DQGEHDWRQFHDJUHHDEOHOLNHILGGOLQJDQGXVHIXOOLNH
JRRGSUHDFKLQJ

7KLVLVWRVSHDNRIOLWHUDWXUHDWLWVKLJKHVWDQGZLWKWKH
IRXUJUHDWHOGHUVZKRDUHVWLOOVSDUHGWRRXUUHVSHFWDQG
DGPLUDWLRQZLWK&DUO\OH5XVNLQ%URZQLQJDQG7HQQ\VRQ
EHIRUHXVLWZRXOGEHFRZDUGO\WRFRQVLGHULWDWILUVWLQ
DQ\OHVVHUDVSHFW%XWZKLOHZHFDQQRWIROORZWKHVH
DWKOHWHVZKLOHZHPD\QRQHRIXVSHUKDSVEHYHU\YLJRURXV
YHU\RULJLQDORUYHU\ZLVH,VWLOOFRQWHQGWKDWLQWKH
KXPEOHVWVRUWRIOLWHUDU\ZRUNZHKDYHLWLQRXUSRZHU
HLWKHUWRGRJUHDWKDUPRUJUHDWJRRG:HPD\VHHNPHUHO\WR
SOHDVHZHPD\VHHNKDYLQJQRKLJKHUJLIWPHUHO\WRJUDWLI\
WKHLGOHQLQHGD\V
FXULRVLW\RIRXUFRQWHPSRUDULHVRUZH
PD\HVVD\KRZHYHUIHHEO\WRLQVWUXFW,QHDFKRIWKHVHZH
VKDOOKDYHWRGHDOZLWKWKDWUHPDUNDEOHDUWRIZRUGVZKLFK
EHFDXVHLWLVWKHGLDOHFWRIOLIHFRPHVKRPHVRHDVLO\DQG
SRZHUIXOO\WRWKHPLQGVRIPHQDQGVLQFHWKDWLVVRZH
FRQWULEXWHLQHDFKRIWKHVHEUDQFKHVWREXLOGXSWKHVXPRI
VHQWLPHQWVDQGDSSUHFLDWLRQVZKLFKJRHVE\WKHQDPHRI3XEOLF
2SLQLRQRU3XEOLF)HHOLQJ7KHWRWDORIDQDWLRQ
VUHDGLQJ
LQWKHVHGD\VRIGDLO\SDSHUVJUHDWO\PRGLILHVWKHWRWDORI
WKHQDWLRQ
VVSHHFKDQGWKHVSHHFKDQGUHDGLQJWDNHQ

20
WRJHWKHUIRUPWKHHIILFLHQWHGXFDWLRQDOPHGLXPRI\RXWK$
JRRGPDQRUZRPDQPD\NHHSD\RXWKVRPHOLWWOHZKLOHLQ
FOHDUHUDLUEXWWKHFRQWHPSRUDU\DWPRVSKHUHLVDOOSRZHUIXO
LQWKHHQGRQWKHDYHUDJHRIPHGLRFUHFKDUDFWHUV7KH
FRSLRXV&RULQWKLDQEDVHQHVVRIWKH$PHULFDQUHSRUWHURUWKH
3DULVLDQ&+521,48($5ERWKVROLJKWO\UHDGDEOHPXVWH[HUFLVH
DQLQFDOFXODEOHLQIOXHQFHIRULOOWKH\WRXFKXSRQDOO
VXEMHFWVDQGRQDOOZLWKWKHVDPHXQJHQHURXVKDQGWKH\
EHJLQWKHFRQVLGHUDWLRQRIDOOLQ\RXQJDQGXQSUHSDUHG
PLQGVLQDQXQZRUWK\VSLULWRQDOOWKH\VXSSO\VRPH
SXQJHQF\IRUGXOOSHRSOHWRTXRWH7KHPHUHERG\RIWKLV
XJO\PDWWHURYHUZKHOPVWKHUDUHXWWHUDQFHVRIJRRGPHQWKH
VQHHULQJWKHVHOILVKDQGWKHFRZDUGO\DUHVFDWWHUHGLQ
EURDGVKHHWVRQHYHU\WDEOHZKLOHWKHDQWLGRWHLQVPDOO
YROXPHVOLHVXQUHDGXSRQWKHVKHOI,KDYHVSRNHQRIWKH
$PHULFDQDQGWKH)UHQFKQRWEHFDXVHWKH\DUHVRPXFKEDVHU
EXWVRPXFKPRUHUHDGDEOHWKDQWKH(QJOLVKWKHLUHYLOLV
GRQHPRUHHIIHFWLYHO\LQ$PHULFDIRUWKHPDVVHVLQ)UHQFK
IRUWKHIHZWKDWFDUHWRUHDGEXWZLWKXVDVZLWKWKHPWKH
GXWLHVRIOLWHUDWXUHDUHGDLO\QHJOHFWHGWUXWKGDLO\
SHUYHUWHGDQGVXSSUHVVHGDQGJUDYHVXEMHFWVGDLO\GHJUDGHG
LQWKHWUHDWPHQW7KHMRXUQDOLVWLVQRWUHFNRQHGDQ
LPSRUWDQWRIILFHU\HWMXGJHRIWKHJRRGKHPLJKWGRWKH
KDUPKHGRHVMXGJHRILWE\RQHLQVWDQFHRQO\WKDWZKHQZH
ILQGWZRMRXUQDOVRQWKHUHYHUVHVLGHVRISROLWLFVHDFKRQ
WKHVDPHGD\RSHQO\JDUEOLQJDSLHFHRIQHZVIRUWKH
LQWHUHVWRILWVRZQSDUW\ZHVPLOHDWWKHGLVFRYHU\QR
GLVFRYHU\QRZDVRYHUDJRRGMRNHDQGSDUGRQDEOHVWUDWDJHP
/\LQJVRRSHQLVVFDUFHO\LQJLWLVWUXHEXWRQHRIWKH
WKLQJVWKDWZHSURIHVVWRWHDFKRXU\RXQJLVDUHVSHFWIRU
WUXWKDQG,FDQQRWWKLQNWKLVSLHFHRIHGXFDWLRQZLOOEH
FURZQHGZLWKDQ\JUHDWVXFFHVVVRORQJDVVRPHRIXV
SUDFWLVHDQGWKHUHVWRSHQO\DSSURYHRISXEOLFIDOVHKRRG

7KHUHDUHWZRGXWLHVLQFXPEHQWXSRQDQ\PDQZKRHQWHUVRQWKH
EXVLQHVVRIZULWLQJWUXWKWRWKHIDFWDQGDJRRGVSLULWLQ
WKHWUHDWPHQW,QHYHU\GHSDUWPHQWRIOLWHUDWXUHWKRXJKVR
ORZDVKDUGO\WRGHVHUYHWKHQDPHWUXWKWRWKHIDFWLVRI
LPSRUWDQFHWRWKHHGXFDWLRQDQGFRPIRUWRIPDQNLQGDQGVR
KDUGWRSUHVHUYHWKDWWKHIDLWKIXOWU\LQJWRGRVRZLOOOHQG
VRPHGLJQLW\WRWKHPDQZKRWULHVLW2XUMXGJPHQWVDUH
EDVHGXSRQWZRWKLQJVILUVWXSRQWKHRULJLQDOSUHIHUHQFHV
RIRXUVRXOEXWVHFRQGXSRQWKHPDVVRIWHVWLPRQ\WRWKH
QDWXUHRI*RGPDQDQGWKHXQLYHUVHZKLFKUHDFKHVXVLQ

21
GLYHUVPDQQHUVIURPZLWKRXW)RUWKHPRVWSDUWWKHVHGLYHUV
PDQQHUVDUHUHGXFLEOHWRRQHDOOWKDWZHOHDUQRISDVWWLPHV
DQGPXFKWKDWZHOHDUQRIRXURZQUHDFKLQJXVWKURXJKWKH
PHGLXPRIERRNVRUSDSHUVDQGHYHQKHZKRFDQQRWUHDG
OHDUQLQJIURPWKHVDPHVRXUFHDWVHFRQGKDQGDQGE\WKH
UHSRUWRIKLPZKRFDQ7KXVWKHVXPRIWKHFRQWHPSRUDU\
NQRZOHGJHRULJQRUDQFHRIJRRGDQGHYLOLVLQODUJHPHDVXUH
WKHKDQGLZRUNRIWKRVHZKRZULWH7KRVHZKRZULWHKDYHWR
VHHWKDWHDFKPDQ
VNQRZOHGJHLVDVQHDUDVWKH\FDQPDNH
LWDQVZHUDEOHWRWKHIDFWVRIOLIHWKDWKHVKDOOQRW
VXSSRVHKLPVHOIDQDQJHORUDPRQVWHUQRUWDNHWKLVZRUOG
IRUDKHOOQRUEHVXIIHUHGWRLPDJLQHWKDWDOOULJKWVDUH
FRQFHQWUHGLQKLVRZQFDVWHRUFRXQWU\RUDOOYHUDFLWLHVLQ
KLVRZQSDURFKLDOFUHHG(DFKPDQVKRXOGOHDUQZKDWLV
ZLWKLQKLPWKDWKHPD\VWULYHWRPHQGKHPXVWEHWDXJKW
ZKDWLVZLWKRXWKLPWKDWKHPD\EHNLQGWRRWKHUV,WFDQ
QHYHUEHZURQJWRWHOOKLPWKHWUXWKIRULQKLVGLVSXWDEOH
VWDWHZHDYLQJDVKHJRHVKLVWKHRU\RIOLIHVWHHULQJ
KLPVHOIFKHHULQJRUUHSURYLQJRWKHUVDOOIDFWVDUHRIWKH
ILUVWLPSRUWDQFHWRKLVFRQGXFWDQGHYHQLIDIDFWVKDOO
GLVFRXUDJHRUFRUUXSWKLPLWLVVWLOOEHVWWKDWKHVKRXOG
NQRZLWIRULWLVLQWKLVZRUOGDVLWLVDQGQRWLQDZRUOG
PDGHHDV\E\HGXFDWLRQDOVXSSUHVVLRQVWKDWKHPXVWZLQKLV
ZD\WRVKDPHRUJORU\,QRQHZRUGLWPXVWDOZD\VEHIRXO
WRWHOOZKDWLVIDOVHDQGLWFDQQHYHUEHVDIHWRVXSSUHVV
ZKDWLVWUXH7KHYHU\IDFWWKDW\RXRPLWPD\EHWKHIDFW
ZKLFKVRPHERG\ZDVZDQWLQJIRURQHPDQ
VPHDWLVDQRWKHU
PDQ
VSRLVRQDQG,KDYHNQRZQDSHUVRQZKRZDVFKHHUHGE\
WKHSHUXVDORI&$1','((YHU\IDFWLVDSDUWRIWKDWJUHDW
SX]]OHZHPXVWVHWWRJHWKHUDQGQRQHWKDWFRPHVGLUHFWO\LQ
DZULWHU
VSDWKEXWKDVVRPHQLFHUHODWLRQVXQSHUFHLYDEOHE\
KLPWRWKHWRWDOLW\DQGEHDULQJRIWKHVXEMHFWXQGHUKDQG
<HWWKHUHDUHFHUWDLQFODVVHVRIIDFWHWHUQDOO\PRUH
QHFHVVDU\WKDQRWKHUVDQGLWLVZLWKWKHVHWKDWOLWHUDWXUH
PXVWILUVWEHVWLULWVHOI7KH\DUHQRWKDUGWRGLVWLQJXLVK
QDWXUHRQFHPRUHHDVLO\OHDGLQJXVIRUWKHQHFHVVDU\
EHFDXVHWKHHIILFDFLRXVIDFWVDUHWKRVHZKLFKDUHPRVW
LQWHUHVWLQJWRWKHQDWXUDOPLQGRIPDQ7KRVHZKLFKDUH
FRORXUHGSLFWXUHVTXHKXPDQDQGURRWHGLQPRUDOLW\DQG
WKRVHRQWKHRWKHUKDQGZKLFKDUHFOHDULQGLVSXWDEOHDQG
DSDUWRIVFLHQFHDUHDORQHYLWDOLQLPSRUWDQFHVHL]LQJE\
WKHLULQWHUHVWRUXVHIXOWRFRPPXQLFDWH6RIDUDVWKH
ZULWHUPHUHO\QDUUDWHVKHVKRXOGSULQFLSDOO\WHOORIWKHVH
+HVKRXOGWHOORIWKHNLQGDQGZKROHVRPHDQGEHDXWLIXO

22
HOHPHQWVRIRXUOLIHKHVKRXOGWHOOXQVSDULQJO\RIWKHHYLO
DQGVRUURZRIWKHSUHVHQWWRPRYHXVZLWKLQVWDQFHVKH
VKRXOGWHOORIZLVHDQGJRRGSHRSOHLQWKHSDVWWRH[FLWHXV
E\H[DPSOHDQGRIWKHVHKHVKRXOGWHOOVREHUO\DQG
WUXWKIXOO\QRWJORVVLQJIDXOWVWKDWZHPD\QHLWKHUJURZ
GLVFRXUDJHGZLWKRXUVHOYHVQRUH[DFWLQJWRRXUQHLJKERXUV
6RWKHERG\RIFRQWHPSRUDU\OLWHUDWXUHHSKHPHUDODQGIHHEOH
LQLWVHOIWRXFKHVLQWKHPLQGVRIPHQWKHVSULQJVRIWKRXJKW
DQGNLQGQHVVDQGVXSSRUWVWKHPIRUWKRVHZKRZLOOJRDWDOO
DUHHDVLO\VXSSRUWHGRQWKHLUZD\WRZKDWLVWUXHDQGULJKW
$QGLILQDQ\GHJUHHLWGRHVVRQRZKRZPXFKPRUHPLJKWLW
GRVRLIWKHZULWHUVFKRVH7KHUHLVQRWDOLIHLQDOOWKH
UHFRUGVRIWKHSDVWEXWSURSHUO\VWXGLHGPLJKWOHQGDKLQW
DQGDKHOSWRVRPHFRQWHPSRUDU\7KHUHLVQRWDMXQFWXUHLQ
WRGD\
VDIIDLUVEXWVRPHXVHIXOZRUGPD\\HWEHVDLGRILW
(YHQWKHUHSRUWHUKDVDQRIILFHDQGZLWKFOHDUH\HVDQG
KRQHVWODQJXDJHPD\XQYHLOLQMXVWLFHVDQGSRLQWWKHZD\WR
SURJUHVV$QGIRUDODVWZRUGLQDOOQDUUDWLRQWKHUHLV
RQO\RQHZD\WREHFOHYHUDQGWKDWLVWREHH[DFW7REH
YLYLGLVDVHFRQGDU\TXDOLW\ZKLFKPXVWSUHVXSSRVHWKHILUVW
IRUYLYLGO\WRFRQYH\DZURQJLPSUHVVLRQLVRQO\WRPDNH
IDLOXUHFRQVSLFXRXV

%XWDIDFWPD\EHYLHZHGRQPDQ\VLGHVLWPD\EHFKURQLFOHG
ZLWKUDJHWHDUVODXJKWHULQGLIIHUHQFHRUDGPLUDWLRQDQG
E\HDFKRIWKHVHWKHVWRU\ZLOOEHWUDQVIRUPHGWRVRPHWKLQJ
HOVH7KHQHZVSDSHUVWKDWWROGRIWKHUHWXUQRIRXU
UHSUHVHQWDWLYHVIURP%HUOLQHYHQLIWKH\KDGQRWGLIIHUHGDV
WRWKHIDFWVZRXOGKDYHVXIILFLHQWO\GLIIHUHGE\WKHLU
VSLULWVVRWKDWWKHRQHGHVFULSWLRQZRXOGKDYHEHHQDVHFRQG
RYDWLRQDQGWKHRWKHUDSURORQJHGLQVXOW7KHVXEMHFWPDNHV
EXWDWULIOLQJSDUWRIDQ\SLHFHRIOLWHUDWXUHDQGWKHYLHZ
RIWKHZULWHULVLWVHOIDIDFWPRUHLPSRUWDQWEHFDXVHOHVV
GLVSXWDEOHWKDQWKHRWKHUV1RZWKLVVSLULWLQZKLFKD
VXEMHFWLVUHJDUGHGLPSRUWDQWLQDOONLQGVRIOLWHUDU\ZRUN
EHFRPHVDOOLPSRUWDQWLQZRUNVRIILFWLRQPHGLWDWLRQRU
UKDSVRG\IRUWKHUHLWQRWRQO\FRORXUVEXWLWVHOIFKRRVHV
WKHIDFWVQRWRQO\PRGLILHVEXWVKDSHVWKHZRUN$QGKHQFH
RYHUWKHIDUODUJHUSURSRUWLRQRIWKHILHOGRIOLWHUDWXUH
WKHKHDOWKRUGLVHDVHRIWKHZULWHU
VPLQGRUPRPHQWDU\
KXPRXUIRUPVQRWRQO\WKHOHDGLQJIHDWXUHRIKLVZRUNEXW
LVDWERWWRPWKHRQO\WKLQJKHFDQFRPPXQLFDWHWRRWKHUV
,QDOOZRUNVRIDUWZLGHO\VSHDNLQJLWLVILUVWRIDOOWKH
DXWKRU
VDWWLWXGHWKDWLVQDUUDWHGWKRXJKLQWKHDWWLWXGH

23
WKHUHEHLPSOLHGDZKROHH[SHULHQFHDQGDWKHRU\RIOLIH$Q
DXWKRUZKRKDVEHJJHGWKHTXHVWLRQDQGUHSRVHVLQVRPHQDUURZ
IDLWKFDQQRWLIKHZRXOGH[SUHVVWKHZKROHRUHYHQPDQ\RI
WKHVLGHVRIWKLVYDULRXVH[LVWHQFHIRUKLVRZQOLIHEHLQJ
PDLPVRPHRIWKHPDUHQRWDGPLWWHGLQKLVWKHRU\DQGZHUH
RQO\GLPO\DQGXQZLOOLQJO\UHFRJQLVHGLQKLVH[SHULHQFH
+HQFHWKHVPDOOQHVVWKHWULWHQHVVDQGWKHLQKXPDQLW\LQ
ZRUNVRIPHUHO\VHFWDULDQUHOLJLRQDQGKHQFHZHILQGHTXDO
DOWKRXJKXQVLPLODUOLPLWDWLRQLQZRUNVLQVSLUHGE\WKHVSLULW
RIWKHIOHVKRUWKHGHVSLFDEOHWDVWHIRUKLJKVRFLHW\6R
WKDWWKHILUVWGXW\RIDQ\PDQZKRLVWRZULWHLV
LQWHOOHFWXDO'HVLJQHGO\RUQRWKHKDVVRIDUVHWKLPVHOI
XSIRUDOHDGHURIWKHPLQGVRIPHQDQGKHPXVWVHHWKDWKLV
RZQPLQGLVNHSWVXSSOHFKDULWDEOHDQGEULJKW(YHU\WKLQJ
EXWSUHMXGLFHVKRXOGILQGDYRLFHWKURXJKKLPKHVKRXOGVHH
WKHJRRGLQDOOWKLQJVZKHUHKHKDVHYHQDIHDUWKDWKHGRHV
QRWZKROO\XQGHUVWDQGWKHUHKHVKRXOGEHZKROO\VLOHQWDQG
KHVKRXOGUHFRJQLVHIURPWKHILUVWWKDWKHKDVRQO\RQHWRRO
LQKLVZRUNVKRSDQGWKDWWRROLVV\PSDWK\

7KHVHFRQGGXW\IDUKDUGHUWRGHILQHLVPRUDO7KHUHDUHD
WKRXVDQGGLIIHUHQWKXPRXUVLQWKHPLQGDQGDERXWHDFKRI
WKHPZKHQLWLVXSSHUPRVWVRPHOLWHUDWXUHWHQGVWREH
GHSRVLWHG,VWKLVWREHDOORZHG"1RWFHUWDLQO\LQHYHU\
FDVHDQG\HWSHUKDSVLQPRUHWKDQULJRXULVWVZRXOGIDQF\
,WZHUHWREHGHVLUHGWKDWDOOOLWHUDU\ZRUNDQGFKLHIO\
ZRUNVRIDUWLVVXHGIURPVRXQGKXPDQKHDOWK\DQGSRWHQW
LPSXOVHVZKHWKHUJUDYHRUODXJKLQJKXPRURXVURPDQWLFRU
UHOLJLRXV

<HWLWFDQQRWEHGHQLHGWKDWVRPHYDOXDEOHERRNVDUH
SDUWLDOO\LQVDQHVRPHPRVWO\UHOLJLRXVSDUWLDOO\LQKXPDQ
DQGYHU\PDQ\WDLQWHGZLWKPRUELGLW\DQGLPSRWHQFH:HGR
QRWORDWKHDPDVWHUSLHFHDOWKRXJKZHJLUGDJDLQVWLWV
EOHPLVKHV:HDUHQRWDERYHDOOWRORRNIRUIDXOWVEXW
PHULWV7KHUHLVQRERRNSHUIHFWHYHQLQGHVLJQEXWWKHUH
DUHPDQ\WKDWZLOOGHOLJKWLPSURYHRUHQFRXUDJHWKHUHDGHU
2QWKHRQHKDQGWKH+HEUHZSVDOPVDUHWKHRQO\UHOLJLRXV
SRHWU\RQHDUWK\HWWKH\FRQWDLQVDOOLHVWKDWVDYRXUUDQNO\
RIWKHPDQRIEORRG2QWKHRWKHUKDQG$OIUHGGH0XVVHWKDG
DSRLVRQHGDQGDFRQWRUWHGQDWXUH,DPRQO\TXRWLQJWKDW
JHQHURXVDQGIULYRORXVJLDQWROG'XPDVZKHQ,DFFXVHKLPRI
DEDGKHDUW\HWZKHQWKHLPSXOVHXQGHUZKLFKKHZURWHZDV
SXUHO\FUHDWLYHKHFRXOGJLYHXVZRUNVOLNH&$5026,1(RU

24
)$17$6,2LQZKLFKWKHODVWQRWHRIWKHURPDQWLFFRPHG\VHHPV
WRKDYHEHHQIRXQGDJDLQWRWRXFKDQGSOHDVHXV:KHQ
)ODXEHUWZURWH0$'$0(%29$5<,EHOLHYHKHWKRXJKWFKLHIO\RI
DVRPHZKDWPRUELGUHDOLVPDQGEHKROGWKHERRNWXUQHGLQKLV
KDQGVLQWRDPDVWHUSLHFHRIDSSDOOLQJPRUDOLW\%XWWKH
WUXWKLVZKHQERRNVDUHFRQFHLYHGXQGHUDJUHDWVWUHVVZLWK
DVRXORIQLQHIROGSRZHUQLQHWLPHVKHDWHGDQGHOHFWULILHG
E\HIIRUWWKHFRQGLWLRQVRIRXUEHLQJDUHVHL]HGZLWKVXFK
DQDPSOHJUDVSWKDWHYHQVKRXOGWKHPDLQGHVLJQEHWULYLDO
RUEDVHVRPHWUXWKDQGEHDXW\FDQQRWIDLOWREHH[SUHVVHG
2XWRIWKHVWURQJFRPHVIRUWKVZHHWQHVVEXWDQLOOWKLQJ
SRRUO\GRQHLVDQLOOWKLQJWRSDQGERWWRP$QGVRWKLVFDQ
EHQRHQFRXUDJHPHQWWRNQRFNNQHHGIHHEOHZULVWHGVFULEHV
ZKRPXVWWDNHWKHLUEXVLQHVVFRQVFLHQWLRXVO\RUEHDVKDPHGWR
SUDFWLVHLW

0DQLVLPSHUIHFW\HWLQKLVOLWHUDWXUHKHPXVWH[SUHVV
KLPVHOIDQGKLVRZQYLHZVDQGSUHIHUHQFHVIRUWRGRDQ\WKLQJ
HOVHLVWRGRDIDUPRUHSHULORXVWKLQJWKDQWRULVNEHLQJ
LPPRUDOLWLVWREHVXUHRIEHLQJXQWUXH7RDSHD
VHQWLPHQWHYHQDJRRGRQHLVWRWUDYHVW\DVHQWLPHQWWKDW
ZLOOQRWEHKHOSIXO7RFRQFHDODVHQWLPHQWLI\RXDUHVXUH
\RXKROGLWLVWRWDNHDOLEHUW\ZLWKWUXWK7KHUHLV
SUREDEO\QRSRLQWRIYLHZSRVVLEOHWRDVDQHPDQEXWFRQWDLQV
VRPHWUXWKDQGLQWKHWUXHFRQQHFWLRQPLJKWEHSURILWDEOH
WRWKHUDFH,DPQRWDIUDLGRIWKHWUXWKLIDQ\RQHFRXOG
WHOOLWPHEXW,DPDIUDLGRISDUWVRILWLPSHUWLQHQWO\
XWWHUHG7KHUHLVDWLPHWRGDQFHDQGDWLPHWRPRXUQWREH
KDUVKDVZHOODVWREHVHQWLPHQWDOWREHDVFHWLFDVZHOODV
WRJORULI\WKHDSSHWLWHVDQGLIDPDQZHUHWRFRPELQHDOO
WKHVHH[WUHPHVLQWRKLVZRUNHDFKLQLWVSODFHDQG
SURSRUWLRQWKDWZRUNZRXOGEHWKHZRUOG
VPDVWHUSLHFHRI
PRUDOLW\DVZHOODVRIDUW3DUWLDOLW\LVLPPRUDOLW\IRU
DQ\ERRNLVZURQJWKDWJLYHVDPLVOHDGLQJSLFWXUHRIWKH
ZRUOGDQGOLIH7KHWURXEOHLVWKDWWKHZHDNOLQJPXVWEH
SDUWLDOWKHZRUNRIRQHSURYLQJGDQNDQGGHSUHVVLQJRI
DQRWKHUFKHDSDQGYXOJDURIDWKLUGHSLOHSWLFDOO\VHQVXDO
RIDIRXUWKVRXUO\DVFHWLF,QOLWHUDWXUHDVLQFRQGXFW
\RXFDQQHYHUKRSHWRGRH[DFWO\ULJKW$OO\RXFDQGRLVWR
PDNHDVVXUHDVSRVVLEOHDQGIRUWKDWWKHUHLVEXWRQHUXOH
1RWKLQJVKRXOGEHGRQHLQDKXUU\WKDWFDQEHGRQHVORZO\
,WLVQRXVHWRZULWHDERRNDQGSXWLWE\IRUQLQHRUHYHQ
QLQHW\\HDUVIRULQWKHZULWLQJ\RXZLOOKDYHSDUWO\
FRQYLQFHG\RXUVHOIWKHGHOD\PXVWSUHFHGHDQ\EHJLQQLQJDQG

25
LI\RXPHGLWDWHDZRUNRIDUW\RXVKRXOGILUVWORQJUROOWKH
VXEMHFWXQGHUWKHWRQJXHWRPDNHVXUH\RXOLNHWKHIODYRXU
EHIRUH\RXEUHZDYROXPHWKDWVKDOOWDVWHRILWIURPHQGWR
HQGRULI\RXSURSRVHWRHQWHURQWKHILHOGRIFRQWURYHUV\
\RXVKRXOGILUVWKDYHWKRXJKWXSRQWKHTXHVWLRQXQGHUDOO
FRQGLWLRQVLQKHDOWKDVZHOODVLQVLFNQHVVLQVRUURZDV
ZHOODVLQMR\,WLVWKLVQHDUQHVVRIH[DPLQDWLRQQHFHVVDU\
IRUDQ\WUXHDQGNLQGZULWLQJWKDWPDNHVWKHSUDFWLFHRIWKH
DUWDSURORQJHGDQGQREOHHGXFDWLRQIRUWKHZULWHU

7KHUHLVSOHQW\WRGRSOHQW\WRVD\RUWRVD\RYHUDJDLQ
LQWKHPHDQWLPH$Q\OLWHUDU\ZRUNZKLFKFRQYH\VIDLWKIXO
IDFWVRUSOHDVLQJLPSUHVVLRQVLVDVHUYLFHWRWKHSXEOLF,W
LVHYHQDVHUYLFHWREHWKDQNIXOO\SURXGRIKDYLQJUHQGHUHG
7KHVOLJKWHVWQRYHOVDUHDEOHVVLQJWRWKRVHLQGLVWUHVVQRW
FKORURIRUPLWVHOIDJUHDWHU2XUILQHROGVHDFDSWDLQ
VOLIH
ZDVMXVWLILHGZKHQ&DUO\OHVRRWKHGKLVPLQGZLWK7+(.,1*
6
2:1RU1(:721)2567(57RSOHDVHLVWRVHUYHDQGVRIDU
IURPLWVEHLQJGLIILFXOWWRLQVWUXFWZKLOH\RXDPXVHLWLV
GLIILFXOWWRGRWKHRQHWKRURXJKO\ZLWKRXWWKHRWKHU6RPH
SDUWRIWKHZULWHURUKLVOLIHZLOOFURSRXWLQHYHQDYDSLG
ERRNDQGWRUHDGDQRYHOWKDWZDVFRQFHLYHGZLWKDQ\IRUFH
LVWRPXOWLSO\H[SHULHQFHDQGWRH[HUFLVHWKHV\PSDWKLHV

(YHU\DUWLFOHHYHU\SLHFHRIYHUVHHYHU\HVVD\HYHU\
(175(),/(7LVGHVWLQHGWRSDVVKRZHYHUVZLIWO\WKURXJK
WKHPLQGVRIVRPHSRUWLRQRIWKHSXEOLFDQGWRFRORXU
KRZHYHUWUDQVLHQWO\WKHLUWKRXJKWV:KHQDQ\VXEMHFWIDOOV
WREHGLVFXVVHGVRPHVFULEEOHURQDSDSHUKDVWKHLQYDOXDEOH
RSSRUWXQLW\RIEHJLQQLQJLWVGLVFXVVLRQLQDGLJQLILHGDQG
KXPDQVSLULWDQGLIWKHUHZHUHHQRXJKZKRGLGVRLQRXU
SXEOLFSUHVVQHLWKHUWKHSXEOLFQRUWKH3DUOLDPHQWZRXOG
ILQGLWLQWKHLUPLQGVWRGURSWRPHDQHUWKRXJKWV7KH
ZULWHUKDVWKHFKDQFHWRVWXPEOHE\WKHZD\RQVRPHWKLQJ
SOHDVLQJVRPHWKLQJLQWHUHVWLQJVRPHWKLQJHQFRXUDJLQJZHUH
LWRQO\WRDVLQJOHUHDGHU+HZLOOEHXQIRUWXQDWHLQGHHG
LIKHVXLWQRRQH+HKDVWKHFKDQFHEHVLGHVWRVWXPEOHRQ
VRPHWKLQJWKDWDGXOOSHUVRQVKDOOEHDEOHWRFRPSUHKHQGDQG
IRUDGXOOSHUVRQWRKDYHUHDGDQ\WKLQJDQGIRUWKDWRQFH
FRPSUHKHQGHGLWPDNHVDPDUNLQJHSRFKLQKLVHGXFDWLRQ

+HUHWKHQLVZRUNZRUWKGRLQJDQGZRUWKWU\LQJWRGRZHOO
$QGVRLI,ZHUHPLQGHGWRZHOFRPHDQ\JUHDWDFFHVVLRQWR
RXUWUDGHLWVKRXOGQRWEHIURPDQ\UHDVRQRIDKLJKHUZDJH

26
EXWEHFDXVHLWZDVDWUDGHZKLFKZDVXVHIXOLQDYHU\JUHDW
DQGLQDYHU\KLJKGHJUHHZKLFKHYHU\KRQHVWWUDGHVPDQFRXOG
PDNHPRUHVHUYLFHDEOHWRPDQNLQGLQKLVVLQJOHVWUHQJWK
ZKLFKZDVGLIILFXOWWRGRZHOODQGSRVVLEOHWRGREHWWHU
HYHU\\HDUZKLFKFDOOHGIRUVFUXSXORXVWKRXJKWRQWKHSDUW
RIDOOZKRSUDFWLVHGLWDQGKHQFHEHFDPHDSHUSHWXDO
HGXFDWLRQWRWKHLUQREOHUQDWXUHVDQGZKLFKSD\LWDV\RX
SOHDVHLQWKHODUJHPDMRULW\RIWKHEHVWFDVHVZLOOVWLOOEH
XQGHUSDLG)RUVXUHO\DWWKLVWLPHRIGD\LQWKHQLQHWHHQWK
FHQWXU\WKHUHLVQRWKLQJWKDWDQKRQHVWPDQVKRXOGIHDUPRUH
WLPRURXVO\WKDQJHWWLQJDQGVSHQGLQJPRUHWKDQKHGHVHUYHV

&+$37(5,,,%22.6:+,&++$9(,1)/8(1&('0(

7+((GLWRUKDVVRPHZKDWLQVLGLRXVO\ODLGDWUDSIRUKLV
FRUUHVSRQGHQWVWKHTXHVWLRQSXWDSSHDULQJDWILUVWVR
LQQRFHQWWUXO\FXWWLQJVRGHHS,WLVQRWLQGHHGXQWLO
DIWHUVRPHUHFRQQDLVVDQFHDQGUHYLHZWKDWWKHZULWHUDZDNHV
WRILQGKLPVHOIHQJDJHGXSRQVRPHWKLQJLQWKHQDWXUHRI
DXWRELRJUDSK\RUSHUKDSVZRUVHXSRQDFKDSWHULQWKHOLIH
RIWKDWOLWWOHEHDXWLIXOEURWKHUZKRPZHRQFHDOOKDGDQG
ZKRPZHKDYHDOOORVWDQGPRXUQHGWKHPDQZHRXJKWWRKDYH
EHHQWKHPDQZHKRSHGWREH%XWZKHQZRUGKDVEHHQSDVVHG
HYHQWRDQHGLWRULWVKRXOGLISRVVLEOHEHNHSWDQGLI
VRPHWLPHV,DPZLVHDQGVD\WRROLWWOHDQGVRPHWLPHVZHDN
DQGVD\WRRPXFKWKHEODPHPXVWOLHDWWKHGRRURIWKH
SHUVRQZKRHQWUDSSHGPH

7KHPRVWLQIOXHQWLDOERRNVDQGWKHWUXHVWLQWKHLU
LQIOXHQFHDUHZRUNVRIILFWLRQ7KH\GRQRWSLQWKHUHDGHU
WRDGRJPDZKLFKKHPXVWDIWHUZDUGVGLVFRYHUWREHLQH[DFW
WKH\GRQRWWHDFKKLPDOHVVRQZKLFKKHPXVWDIWHUZDUGV
XQOHDUQ7KH\UHSHDWWKH\UHDUUDQJHWKH\FODULI\WKH
OHVVRQVRIOLIHWKH\GLVHQJDJHXVIURPRXUVHOYHVWKH\
FRQVWUDLQXVWRWKHDFTXDLQWDQFHRIRWKHUVDQGWKH\VKRZXV
WKHZHERIH[SHULHQFHQRWDVZHFDQVHHLWIRURXUVHOYHV
EXWZLWKDVLQJXODUFKDQJHWKDWPRQVWURXVFRQVXPLQJ(*2RI
RXUVEHLQJIRUWKHQRQFHVWUXFNRXW7REHVRWKH\PXVW
EHUHDVRQDEO\WUXHWRWKHKXPDQFRPHG\DQGDQ\ZRUNWKDWLV
VRVHUYHVWKHWXUQRILQVWUXFWLRQ%XWWKHFRXUVHRIRXU

27
HGXFDWLRQLVDQVZHUHGEHVWE\WKRVHSRHPVDQGURPDQFHVZKHUH
ZHEUHDWKHDPDJQDQLPRXVDWPRVSKHUHRIWKRXJKWDQGPHHW
JHQHURXVDQGSLRXVFKDUDFWHUV6KDNHVSHDUHKDVVHUYHGPH
EHVW)HZOLYLQJIULHQGVKDYHKDGXSRQPHDQLQIOXHQFHVR
VWURQJIRUJRRGDV+DPOHWRU5RVDOLQG7KHODVWFKDUDFWHU
DOUHDG\ZHOOEHORYHGLQWKHUHDGLQJ,KDGWKHJRRGIRUWXQH
WRVHH,PXVWWKLQNLQDQLPSUHVVLRQDEOHKRXUSOD\HGE\
0UV6FRWW6LGGRQV1RWKLQJKDVHYHUPRUHPRYHGPRUH
GHOLJKWHGPRUHUHIUHVKHGPHQRUKDVWKHLQIOXHQFHTXLWH
SDVVHGDZD\.HQW
VEULHIVSHHFKRYHUWKHG\LQJ/HDUKDGD
JUHDWHIIHFWXSRQP\PLQGDQGZDVWKHEXUWKHQRIP\
UHIOHFWLRQVIRUORQJVRSURIRXQGO\VRWRXFKLQJO\JHQHURXV
GLGLWDSSHDULQVHQVHVRRYHUSRZHULQJLQH[SUHVVLRQ
3HUKDSVP\GHDUHVWDQGEHVWIULHQGRXWVLGHRI6KDNHVSHDUHLV
'
$UWDJQDQWKHHOGHUO\'
$UWDJQDQRIWKH9,&207('(
%5$*(/211(,NQRZQRWDPRUHKXPDQVRXOQRULQKLVZD\D
ILQHU,VKDOOEHYHU\VRUU\IRUWKHPDQZKRLVVRPXFKRID
SHGDQWLQPRUDOVWKDWKHFDQQRWOHDUQIURPWKH&DSWDLQRI
0XVNHWHHUV/DVWO\,PXVWQDPHWKH3,/*5,0
6352*5(66D
ERRNWKDWEUHDWKHVRIHYHU\EHDXWLIXODQGYDOXDEOHHPRWLRQ

%XWRIZRUNVRIDUWOLWWOHFDQEHVDLGWKHLULQIOXHQFHLV
SURIRXQGDQGVLOHQWOLNHWKHLQIOXHQFHRIQDWXUHWKH\PRXOG
E\FRQWDFWZHGULQNWKHPXSOLNHZDWHUDQGDUHEHWWHUHG
\HWNQRZQRWKRZ,WLVLQERRNVPRUHVSHFLILFDOO\GLGDFWLF
WKDWZHFDQIROORZRXWWKHHIIHFWDQGGLVWLQJXLVKDQGZHLJK
DQGFRPSDUH$ERRNZKLFKKDVEHHQYHU\LQIOXHQWLDOXSRQPH
IHOOHDUO\LQWRP\KDQGVDQGVRPD\VWDQGILUVWWKRXJK,
WKLQNLWVLQIOXHQFHZDVRQO\VHQVLEOHODWHURQDQGSHUKDSV
VWLOONHHSVJURZLQJIRULWLVDERRNQRWHDVLO\RXWOLYHG
WKH(66$,6RI0RQWDLJQH7KDWWHPSHUDWHDQGJHQLDOSLFWXUH
RIOLIHLVDJUHDWJLIWWRSODFHLQWKHKDQGVRISHUVRQVRI
WRGD\WKH\ZLOOILQGLQWKHVHVPLOLQJSDJHVDPDJD]LQHRI
KHURLVPDQGZLVGRPDOORIDQDQWLTXHVWUDLQWKH\ZLOOKDYH
WKHLU
OLQHQGHFHQFLHV
DQGH[FLWHGRUWKRGR[LHVIOXWWHUHG
DQGZLOOLIWKH\KDYHDQ\JLIWRIUHDGLQJSHUFHLYHWKDW
WKHVHKDYHQRWEHHQIOXWWHUHGZLWKRXWVRPHH[FXVHDQGJURXQG
RIUHDVRQDQGDJDLQLIWKH\KDYHDQ\JLIWRIUHDGLQJWKH\
ZLOOHQGE\VHHLQJWKDWWKLVROGJHQWOHPDQZDVLQDGR]HQ
ZD\VDILQHUIHOORZDQGKHOGLQDGR]HQZD\VDQREOHUYLHZ
RIOLIHWKDQWKH\RUWKHLUFRQWHPSRUDULHV

7KHQH[WERRNLQRUGHURIWLPHWRLQIOXHQFHPHZDVWKH1HZ
7HVWDPHQWDQGLQSDUWLFXODUWKH*RVSHODFFRUGLQJWR6W

28
0DWWKHZ,EHOLHYHLWZRXOGVWDUWOHDQGPRYHDQ\RQHLIWKH\
FRXOGPDNHDFHUWDLQHIIRUWRILPDJLQDWLRQDQGUHDGLW
IUHVKO\OLNHDERRNQRWGURQLQJO\DQGGXOO\OLNHDSRUWLRQ
RIWKH%LEOH$Q\RQHZRXOGWKHQEHDEOHWRVHHLQLWWKRVH
WUXWKVZKLFKZHDUHDOOFRXUWHRXVO\VXSSRVHGWRNQRZDQGDOO
PRGHVWO\UHIUDLQIURPDSSO\LQJ%XWXSRQWKLVVXEMHFWLWLV
SHUKDSVEHWWHUWREHVLOHQW

,FRPHQH[WWR:KLWPDQ
V/($9(62)*5$66DERRNRIVLQJXODU
VHUYLFHDERRNZKLFKWXPEOHGWKHZRUOGXSVLGHGRZQIRUPH
EOHZLQWRVSDFHDWKRXVDQGFREZHEVRIJHQWHHODQGHWKLFDO
LOOXVLRQDQGKDYLQJWKXVVKDNHQP\WDEHUQDFOHRIOLHVVHW
PHEDFNDJDLQXSRQDVWURQJIRXQGDWLRQRIDOOWKHRULJLQDO
DQGPDQO\YLUWXHV%XWLWLVRQFHPRUHRQO\DERRNIRU
WKRVHZKRKDYHWKHJLIWRIUHDGLQJ,ZLOOEHYHU\IUDQN,
EHOLHYHLWLVVRZLWKDOOJRRGERRNVH[FHSWSHUKDSV
ILFWLRQ7KHDYHUDJHPDQOLYHVDQGPXVWOLYHVRZKROO\LQ
FRQYHQWLRQWKDWJXQSRZGHUFKDUJHVRIWKHWUXWKDUHPRUHDSW
WRGLVFRPSRVHWKDQWRLQYLJRUDWHKLVFUHHG(LWKHUKHFULHV
RXWXSRQEODVSKHP\DQGLQGHFHQF\DQGFURXFKHVWKHFORVHU
URXQGWKDWOLWWOHLGRORISDUWWUXWKVDQGSDUWFRQYHQLHQFHV
ZKLFKLVWKHFRQWHPSRUDU\GHLW\RUKHLVFRQYLQFHGE\ZKDW
LVQHZIRUJHWVZKDWLVROGDQGEHFRPHVWUXO\EODVSKHPRXV
DQGLQGHFHQWKLPVHOI1HZWUXWKLVRQO\XVHIXOWRVXSSOHPHQW
WKHROGURXJKWUXWKLVRQO\ZDQWHGWRH[SDQGQRWWR
GHVWUR\RXUFLYLODQGRIWHQHOHJDQWFRQYHQWLRQV+HZKR
FDQQRWMXGJHKDGEHWWHUVWLFNWRILFWLRQDQGWKHGDLO\
SDSHUV7KHUHKHZLOOJHWOLWWOHKDUPDQGLQWKHILUVWDW
OHDVWVRPHJRRG

&ORVHXSRQWKHEDFNRIP\GLVFRYHU\RI:KLWPDQ,FDPHXQGHU
WKHLQIOXHQFHRI+HUEHUW6SHQFHU1RPRUHSHUVXDVLYHUDEEL
H[LVWVDQGIHZEHWWHU+RZPXFKRIKLVYDVWVWUXFWXUHZLOO
EHDUWKHWRXFKRIWLPHKRZPXFKLVFOD\DQGKRZPXFKEUDVV
LWZHUHWRRFXULRXVWRLQTXLUH%XWKLVZRUGVLIGU\DUH
DOZD\VPDQO\DQGKRQHVWWKHUHGZHOOVLQKLVSDJHVDVSLULW
RIKLJKO\DEVWUDFWMR\SOXFNHGQDNHGOLNHDQDOJHEUDLF
V\PEROEXWVWLOOMR\IXODQGWKHUHDGHUZLOOILQGWKHUHD
&$3870257880RISLHW\ZLWKOLWWOHLQGHHGRILWVORYHOLQHVV
EXWZLWKPRVWRILWVHVVHQWLDOVDQGWKHVHWZRTXDOLWLHVPDNH
KLPDZKROHVRPHDVKLVLQWHOOHFWXDOYLJRXUPDNHVKLPD
EUDFLQJZULWHU,VKRXOGEHPXFKRIDKRXQGLI,ORVWP\
JUDWLWXGHWR+HUEHUW6SHQFHU

29
*2(7+(
6/,)(E\/HZHVKDGDJUHDWLPSRUWDQFHIRUPHZKHQ
LWILUVWIHOOLQWRP\KDQGVDVWUDQJHLQVWDQFHRIWKH
SDUWLDOLW\RIPDQ
VJRRGDQGPDQ
VHYLO,NQRZQRRQHZKRP
,OHVVDGPLUHWKDQ*RHWKHKHVHHPVDYHU\HSLWRPHRIWKH
VLQVRIJHQLXVEUHDNLQJRSHQWKHGRRUVRISULYDWHOLIHDQG
ZDQWRQO\ZRXQGLQJIULHQGVLQWKDWFURZQLQJRIIHQFHRI
:(57+(5DQGLQKLVRZQFKDUDFWHUDPHUHSHQDQGLQN
1DSROHRQFRQVFLRXVRIWKHULJKWVDQGGXWLHVRIVXSHULRU
WDOHQWVDVD6SDQLVKLQTXLVLWRUZDVFRQVFLRXVRIWKHULJKWV
DQGGXWLHVRIKLVRIILFH$QG\HWLQKLVILQHGHYRWLRQWR
KLVDUWLQKLVKRQHVWDQGVHUYLFHDEOHIULHQGVKLSIRU
6FKLOOHUZKDWOHVVRQVDUHFRQWDLQHG%LRJUDSK\XVXDOO\VR
IDOVHWRLWVRIILFHGRHVKHUHIRURQFHSHUIRUPIRUXVVRPH
RIWKHZRUNRIILFWLRQUHPLQGLQJXVWKDWLVRIWKHWUXO\
PLQJOHGWLVVXHRIPDQ
VQDWXUHDQGKRZKXJHIDXOWVDQG
VKLQLQJYLUWXHVFRKDELWDQGSHUVHYHUHLQWKHVDPHFKDUDFWHU
+LVWRU\VHUYHVXVZHOOWRWKLVHIIHFWEXWLQWKHRULJLQDOV
QRWLQWKHSDJHVRIWKHSRSXODUHSLWRPLVHUZKRLVERXQGE\
WKHYHU\QDWXUHRIKLVWDVNWRPDNHXVIHHOWKHGLIIHUHQFH
RIHSRFKVLQVWHDGRIWKHHVVHQWLDOLGHQWLW\RIPDQDQGHYHQ
LQWKHRULJLQDOVRQO\WRWKRVHZKRFDQUHFRJQLVHWKHLURZQ
KXPDQYLUWXHVDQGGHIHFWVLQVWUDQJHIRUPVRIWHQLQYHUWHG
DQGXQGHUVWUDQJHQDPHVRIWHQLQWHUFKDQJHG0DUWLDOLVD
SRHWRIQRJRRGUHSXWHDQGLWJLYHVDPDQQHZWKRXJKWVWR
UHDGKLVZRUNVGLVSDVVLRQDWHO\DQGILQGLQWKLVXQVHHPO\
MHVWHU
VVHULRXVSDVVDJHVWKHLPDJHRIDNLQGZLVHDQG
VHOIUHVSHFWLQJJHQWOHPDQ,WLVFXVWRPDU\,VXSSRVHLQ
UHDGLQJ0DUWLDOWROHDYHRXWWKHVHSOHDVDQWYHUVHV,QHYHU
KHDUGRIWKHPDWOHDVWXQWLO,IRXQGWKHPIRUP\VHOIDQG
WKLVSDUWLDOLW\LVRQHDPRQJDWKRXVDQGWKLQJVWKDWKHOSWR
EXLOGXSRXUGLVWRUWHGDQGK\VWHULFDOFRQFHSWLRQRIWKHJUHDW
5RPDQ(PSLUH

7KLVEULQJVXVE\DQDWXUDOWUDQVLWLRQWRDYHU\QREOHERRN
WKH0(',7$7,216RI0DUFXV$XUHOLXV7KHGLVSDVVLRQDWH
JUDYLW\WKHQREOHIRUJHWIXOQHVVRIVHOIWKHWHQGHUQHVVRI
RWKHUVWKDWDUHWKHUHH[SUHVVHGDQGZHUHSUDFWLVHGRQVR
JUHDWDVFDOHLQWKHOLIHRILWVZULWHUPDNHWKLVERRND
ERRNTXLWHE\LWVHOI1RRQHFDQUHDGLWDQGQRWEHPRYHG
<HWLWVFDUFHO\RUUDUHO\DSSHDOVWRWKHIHHOLQJVWKRVH
YHU\PRELOHWKRVHQRWYHU\WUXVW\SDUWVRIPDQ,WVDGGUHVV
OLHVIXUWKHUEDFNLWVOHVVRQFRPHVPRUHGHHSO\KRPHZKHQ
\RXKDYHUHDG\RXFDUU\DZD\ZLWK\RXDPHPRU\RIWKHPDQ
KLPVHOILWLVDVWKRXJK\RXKDGWRXFKHGDOR\DOKDQGORRNHG

30
LQWREUDYHH\HVDQGPDGHDQREOHIULHQGWKHUHLVDQRWKHU
ERQGRQ\RXWKHQFHIRUZDUGELQGLQJ\RXWROLIHDQGWRWKH
ORYHRIYLUWXH

:RUGVZRUWKVKRXOGSHUKDSVFRPHQH[W(YHU\RQHKDVEHHQ
LQIOXHQFHGE\:RUGVZRUWKDQGLWLVKDUGWRWHOOSUHFLVHO\
KRZ$FHUWDLQLQQRFHQFHDUXJJHGDXVWHULW\RIMR\DVLJKW
RIWKHVWDUV
WKHVLOHQFHWKDWLVLQWKHORQHO\KLOOV

VRPHWKLQJRIWKHFROGWKULOORIGDZQFOLQJWRKLVZRUNDQG
JLYHLWDSDUWLFXODUDGGUHVVWRZKDWLVEHVWLQXV,GRQRW
NQRZWKDW\RXOHDUQDOHVVRQ\RXQHHGQRW0LOOGLGQRW
DJUHHZLWKDQ\RQHRIKLVEHOLHIVDQG\HWWKHVSHOOLVFDVW
6XFKDUHWKHEHVWWHDFKHUVDGRJPDOHDUQHGLVRQO\DQHZ
HUURUWKHROGRQHZDVSHUKDSVDVJRRGEXWDVSLULW
FRPPXQLFDWHGLVDSHUSHWXDOSRVVHVVLRQ7KHVHEHVWWHDFKHUV
FOLPEEH\RQGWHDFKLQJWRWKHSODQHRIDUWLWLVWKHPVHOYHV
DQGZKDWLVEHVWLQWKHPVHOYHVWKDWWKH\FRPPXQLFDWH

,VKRXOGQHYHUIRUJLYHP\VHOILI,IRUJRW7+((*2,67,WLV
DUWLI\RXOLNHEXWLWEHORQJVSXUHO\WRGLGDFWLFDUWDQG
IURPDOOWKHQRYHOV,KDYHUHDGDQG,KDYHUHDGWKRXVDQGV
VWDQGVLQDSODFHE\LWVHOI+HUHLVD1DWKDQIRUWKHPRGHUQ
'DYLGKHUHLVDERRNWRVHQGWKHEORRGLQWRPHQ
VIDFHV
6DWLUHWKHDQJU\SLFWXUHRIKXPDQIDXOWVLVQRWJUHDWDUW
ZHFDQDOOEHDQJU\ZLWKRXUQHLJKERXUZKDWZHZDQWLVWREH
VKRZQQRWKLVGHIHFWVRIZKLFKZHDUHWRRFRQVFLRXVEXW
KLVPHULWVWRZKLFKZHDUHWRREOLQG$QG7+((*2,67LVD
VDWLUHVRPXFKPXVWEHDOORZHGEXWLWLVDVDWLUHRID
VLQJXODUTXDOLW\ZKLFKWHOOV\RXQRWKLQJRIWKDWREYLRXV
PRWHZKLFKLVHQJDJHGIURPILUVWWRODVWZLWKWKDWLQYLVLEOH
EHDP,WLV\RXUVHOIWKDWLVKXQWHGGRZQWKHVHDUH\RXURZQ
IDXOWVWKDWDUHGUDJJHGLQWRWKHGD\DQGQXPEHUHGZLWK
OLQJHULQJUHOLVKZLWKFUXHOFXQQLQJDQGSUHFLVLRQ$\RXQJ
IULHQGRI0U0HUHGLWK
VDV,KDYHWKHVWRU\FDPHWRKLPLQ
DQDJRQ\
7KLVLVWRREDGRI\RX
KHFULHG
:LOORXJKE\
LVPH

1RP\GHDUIHOORZ
VDLGWKHDXWKRU
KHLVDOORI
XV

,KDYHUHDG7+((*2,67ILYHRUVL[WLPHVP\VHOIDQG,PHDQ
WRUHDGLWDJDLQIRU,DPOLNHWKH\RXQJIULHQGRIWKH
DQHFGRWH,WKLQN:LOORXJKE\DQXQPDQO\EXWDYHU\
VHUYLFHDEOHH[SRVXUHRIP\VHOI

,VXSSRVHZKHQ,DPGRQH,VKDOOILQGWKDW,KDYHIRUJRWWHQ

31
PXFKWKDWZDVPRVWLQIOXHQWLDODV,VHHDOUHDG\,KDYH
IRUJRWWHQ7KRUHDXDQG+D]OLWWZKRVHSDSHU
2QWKH6SLULWRI
2EOLJDWLRQV
ZDVDWXUQLQJSRLQWLQP\OLIHDQG3HQQZKRVH
OLWWOHERRNRIDSKRULVPVKDGDEULHIEXWVWURQJHIIHFWRQPH
DQG0LWIRUG
V7$/(62)2/'-$3$1ZKHUHLQ,OHDUQHGIRUWKH
ILUVWWLPHWKHSURSHUDWWLWXGHRIDQ\UDWLRQDOPDQWRKLV
FRXQWU\
VODZVDVHFUHWIRXQGDQGNHSWLQWKH$VLDWLF
LVODQGV7KDW,VKRXOGFRPPHPRUDWHDOOLVPRUHWKDQ,FDQ
KRSHRUWKH(GLWRUFRXOGDVN,WZLOOEHPRUHWRWKHSRLQW
DIWHUKDYLQJVDLGVRPXFKXSRQLPSURYLQJERRNVWRVD\DZRUG
RUWZRDERXWWKHLPSURYDEOHUHDGHU7KHJLIWRIUHDGLQJDV
,KDYHFDOOHGLWLVQRWYHU\FRPPRQQRUYHU\JHQHUDOO\
XQGHUVWRRG,WFRQVLVWVILUVWRIDOOLQDYDVW
LQWHOOHFWXDOHQGRZPHQWDIUHHJUDFH,ILQG,PXVWFDOOLW
E\ZKLFKDPDQULVHVWRXQGHUVWDQGWKDWKHLVQRW
SXQFWXDOO\ULJKWQRUWKRVHIURPZKRPKHGLIIHUVDEVROXWHO\
ZURQJ+HPD\KROGGRJPDVKHPD\KROGWKHPSDVVLRQDWHO\
DQGKHPD\NQRZWKDWRWKHUVKROGWKHPEXWFROGO\RUKROG
WKHPGLIIHUHQWO\RUKROGWKHPQRWDWDOO:HOOLIKHKDV
WKHJLIWRIUHDGLQJWKHVHRWKHUVZLOOEHIXOORIPHDWIRU
KLP7KH\ZLOOVHHWKHRWKHUVLGHRISURSRVLWLRQVDQGWKH
RWKHUVLGHRIYLUWXHV+HQHHGQRWFKDQJHKLVGRJPDIRU
WKDWEXWKHPD\FKDQJHKLVUHDGLQJRIWKDWGRJPDDQGKH
PXVWVXSSOHPHQWDQGFRUUHFWKLVGHGXFWLRQVIURPLW$KXPDQ
WUXWKZKLFKLVDOZD\VYHU\PXFKDOLHKLGHVDVPXFKRIOLIH
DVLWGLVSOD\V,WLVPHQZKRKROGDQRWKHUWUXWKRUDVLW
VHHPVWRXVSHUKDSVDGDQJHURXVOLHZKRFDQH[WHQGRXU
UHVWULFWHGILHOGRINQRZOHGJHDQGURXVHRXUGURZV\
FRQVFLHQFHV6RPHWKLQJWKDWVHHPVTXLWHQHZRUWKDWVHHPV
LQVROHQWO\IDOVHRUYHU\GDQJHURXVLVWKHWHVWRIDUHDGHU
,IKHWULHVWRVHHZKDWLWPHDQVZKDWWUXWKH[FXVHVLWKH
KDVWKHJLIWDQGOHWKLPUHDG,IKHLVPHUHO\KXUWRU
RIIHQGHGRUH[FODLPVXSRQKLVDXWKRU
VIROO\KHKDGEHWWHU
WDNHWRWKHGDLO\SDSHUVKHZLOOQHYHUEHDUHDGHU

$QGKHUHZLWKWKHDSWHVWLOOXVWUDWLYHIRUFHDIWHU,KDYH
ODLGGRZQP\SDUWWUXWK,PXVWVWHSLQZLWKLWVRSSRVLWH
)RUDIWHUDOOZHDUHYHVVHOVRIDYHU\OLPLWHGFRQWHQW
1RWDOOPHQFDQUHDGDOOERRNVLWLVRQO\LQDFKRVHQIHZ
WKDWDQ\PDQZLOOILQGKLVDSSRLQWHGIRRGDQGWKHILWWHVW
OHVVRQVDUHWKHPRVWSDODWDEOHDQGPDNHWKHPVHOYHVZHOFRPH
WRWKHPLQG$ZULWHUOHDUQVWKLVHDUO\DQGLWLVKLVFKLHI
VXSSRUWKHJRHVRQXQDIUDLGOD\LQJGRZQWKHODZDQGKHLV
VXUHDWKHDUWWKDWPRVWRIZKDWKHVD\VLVGHPRQVWUDEO\

32
IDOVHDQGPXFKRIDPLQJOHGVWUDLQDQGVRPHKXUWIXODQG
YHU\OLWWOHJRRGIRUVHUYLFHEXWKHLVVXUHEHVLGHVWKDW
ZKHQKLVZRUGVIDOOLQWRWKHKDQGVRIDQ\JHQXLQHUHDGHU
WKH\ZLOOEHZHLJKHGDQGZLQQRZHGDQGRQO\WKDWZKLFKVXLWV
ZLOOEHDVVLPLODWHGDQGZKHQWKH\IDOOLQWRWKHKDQGVRIRQH
ZKRFDQQRWLQWHOOLJHQWO\UHDGWKH\FRPHWKHUHTXLWHVLOHQW
DQGLQDUWLFXODWHIDOOLQJXSRQGHDIHDUVDQGKLVVHFUHWLV
NHSWDVLIKHKDGQRWZULWWHQ

&+$37(5,9$127(215($/,60

67</(LVWKHLQYDULDEOHPDUNRIDQ\PDVWHUDQGIRUWKH
VWXGHQWZKRGRHVQRWDVSLUHVRKLJKDVWREHQXPEHUHGZLWK
WKHJLDQWVLWLVVWLOOWKHRQHTXDOLW\LQZKLFKKHPD\
LPSURYHKLPVHOIDWZLOO3DVVLRQZLVGRPFUHDWLYHIRUFH
WKHSRZHURIP\VWHU\RUFRORXUDUHDOORWWHGLQWKHKRXURI
ELUWKDQGFDQEHQHLWKHUOHDUQHGQRUVLPXODWHG%XWWKH
MXVWDQGGH[WHURXVXVHRIZKDWTXDOLWLHVZHKDYHWKH
SURSRUWLRQRIRQHSDUWWRDQRWKHUDQGWRWKHZKROHWKH
HOLVLRQRIWKHXVHOHVVWKHDFFHQWXDWLRQRIWKHLPSRUWDQW
DQGWKHSUHVHUYDWLRQRIDXQLIRUPFKDUDFWHUIURPHQGWRHQG
WKHVHZKLFKWDNHQWRJHWKHUFRQVWLWXWHWHFKQLFDOSHUIHFWLRQ
DUHWRVRPHGHJUHHZLWKLQWKHUHDFKRILQGXVWU\DQG
LQWHOOHFWXDOFRXUDJH:KDWWRSXWLQDQGZKDWWROHDYHRXW
ZKHWKHUVRPHSDUWLFXODUIDFWEHRUJDQLFDOO\QHFHVVDU\RU
SXUHO\RUQDPHQWDOZKHWKHULILWEHSXUHO\RUQDPHQWDOLW
PD\QRWZHDNHQRUREVFXUHWKHJHQHUDOGHVLJQDQGILQDOO\
ZKHWKHULIZHGHFLGHWRXVHLWZHVKRXOGGRVRJURVVO\DQG
QRWDEO\RULQVRPHFRQYHQWLRQDOGLVJXLVHDUHTXHVWLRQVRI
SODVWLFVW\OHFRQWLQXDOO\UHDULVLQJ$QGWKHVSKLQ[WKDW
SDWUROVWKHKLJKZD\VRIH[HFXWLYHDUWKDVQRPRUH
XQDQVZHUDEOHULGGOHWRSURSRXQG

,QOLWHUDWXUHIURPZKLFK,PXVWGUDZP\LQVWDQFHVWKHJUHDW

FKDQJHRIWKHSDVWFHQWXU\KDVEHHQHIIHFWHGE\WKHDGPLVVLRQ
RIGHWDLO,WZDVLQDXJXUDWHGE\WKHURPDQWLF6FRWWDQGDW
OHQJWKE\WKHVHPLURPDQWLF%DO]DFDQGKLVPRUHRUOHVV
ZKROO\XQURPDQWLFIROORZHUVERXQGOLNHDGXW\RQWKH
QRYHOLVW)RUVRPHWLPHLWVLJQLILHGDQGH[SUHVVHGDPRUH
DPSOHFRQWHPSODWLRQRIWKHFRQGLWLRQVRIPDQ
VOLIHEXWLW

33
KDVUHFHQWO\DWOHDVWLQ)UDQFHIDOOHQLQWRDPHUHO\
WHFKQLFDODQGGHFRUDWLYHVWDJHZKLFKLWLVSHUKDSVVWLOO
WRRKDUVKWRFDOOVXUYLYDO:LWKDPRYHPHQWRIDODUPWKH
ZLVHURUPRUHWLPLGEHJLQWRIDOODOLWWOHEDFNIURPWKHVH
H[WUHPLWLHVWKH\EHJLQWRDVSLUHDIWHUDPRUHQDNHG
QDUUDWLYHDUWLFXODWLRQDIWHUWKHVXFFLQFWWKHGLJQLILHG
DQGWKHSRHWLFDQGDVDPHDQVWRWKLVDIWHUDJHQHUDO
OLJKWHQLQJRIWKLVEDJJDJHRIGHWDLO$IWHU6FRWWZHEHKHOG
WKHVWDUYHOLQJVWRU\RQFHLQWKHKDQGVRI9ROWDLUHDV
DEVWUDFWDVDSDUDEOHEHJLQWREHSDPSHUHGXSRQIDFWV
7KHLQWURGXFWLRQRIWKHVHGHWDLOVGHYHORSHGDSDUWLFXODU
DELOLW\RIKDQGDQGWKDWDELOLW\FKLOGLVKO\LQGXOJHGKDV
OHGWRWKHZRUNVWKDWQRZDPD]HXVRQDUDLOZD\MRXUQH\$
PDQRIWKHXQTXHVWLRQDEOHIRUFHRI0=RODVSHQGVKLPVHOIRQ
WHFKQLFDOVXFFHVVHV7RDIIRUGDSRSXODUIODYRXUDQGDWWUDFW
WKHPREKHDGGVDVWHDG\FXUUHQWRIZKDW,PD\EHDOORZHGWR
FDOOWKHUDQFLG7KDWLVH[FLWLQJWRWKHPRUDOLVWEXWZKDW
PRUHSDUWLFXODUO\LQWHUHVWVWKHDUWLVWLVWKLVWHQGHQF\RI
WKHH[WUHPHRIGHWDLOZKHQIROORZHGDVDSULQFLSOHWR
GHJHQHUDWHLQWRPHUH)(8;'(-2,(RIOLWHUDU\WULFNLQJ7KH
RWKHUGD\HYHQ0'DXGHWZDVWREHKHDUGEDEEOLQJRIDXGLEOH
FRORXUVDQGYLVLEOHVRXQGV

7KLVRGGVXLFLGHRIRQHEUDQFKRIWKHUHDOLVWVPD\VHUYHWR
UHPLQGXVRIWKHIDFWZKLFKXQGHUOLHVDYHU\GXVW\FRQIOLFW
RIWKHFULWLFV$OOUHSUHVHQWDWLYHDUWZKLFKFDQEHVDLGWR
OLYHLVERWKUHDOLVWLFDQGLGHDODQGWKHUHDOLVPDERXW
ZKLFKZHTXDUUHOLVDPDWWHUSXUHO\RIH[WHUQDOV,WLVQR
HVSHFLDOFXOWXVRIQDWXUHDQGYHUDFLW\EXWDPHUHZKLPRI
YHHULQJIDVKLRQWKDWKDVPDGHXVWXUQRXUEDFNXSRQWKH
ODUJHUPRUHYDULRXVDQGPRUHURPDQWLFDUWRI\RUH$
SKRWRJUDSKLFH[DFWLWXGHLQGLDORJXHLVQRZWKHH[FOXVLYH
IDVKLRQEXWHYHQLQWKHDEOHVWKDQGVLWWHOOVXVQRPRUH,
WKLQNLWHYHQWHOOVXVOHVVWKDQ0ROLHUHZLHOGLQJKLV
DUWLILFLDOPHGLXPKDVWROGWRXVDQGWRDOOWLPHRI$OFHVWH
RU2UJRQ'RULQHRU&KU\VDOH7KHKLVWRULFDOQRYHOLV
IRUJRWWHQ<HWWUXWKWRWKHFRQGLWLRQVRIPDQ
VQDWXUHDQG
WKHFRQGLWLRQVRIPDQ
VOLIHWKHWUXWKRIOLWHUDU\DUWLV
IUHHRIWKHDJHV,WPD\EHWROGXVLQDFDUSHWFRPHG\LQD
QRYHORIDGYHQWXUHRUDIDLU\WDOH7KHVFHQHPD\EH
SLWFKHGLQ/RQGRQRQWKHVHDFRDVWRI%RKHPLDRUDZD\RQ
WKHPRXQWDLQVRI%HXODK$QGE\DQRGGDQGOXPLQRXV
DFFLGHQWLIWKHUHLVDQ\SDJHRIOLWHUDWXUHFDOFXODWHGWR
DZDNHWKHHQY\RI0=RODLWPXVWEHWKDW752,/86$1'

34
&5(66,'$ZKLFK6KDNHVSHDUHLQDVSDVPRIXQPDQO\DQJHUZLWK
WKHZRUOGJUDIWHGRQWKHKHURLFVWRU\RIWKHVLHJHRI7UR\

7KLVTXHVWLRQRIUHDOLVPOHWLWWKHQEHFOHDUO\XQGHUVWRRG
UHJDUGVQRWLQWKHOHDVWGHJUHHWKHIXQGDPHQWDOWUXWKEXW
RQO\WKHWHFKQLFDOPHWKRGRIDZRUNRIDUW%HDVLGHDORU
DVDEVWUDFWDV\RXSOHDVH\RXZLOOEHQRQHWKHOHVV
YHUDFLRXVEXWLI\RXEHZHDN\RXUXQWKHULVNRIEHLQJ
WHGLRXVDQGLQH[SUHVVLYHDQGLI\RXEHYHU\VWURQJDQG
KRQHVW\RXPD\FKDQFHXSRQDPDVWHUSLHFH

$ZRUNRIDUWLVILUVWFORXGLO\FRQFHLYHGLQWKHPLQGGXULQJ
WKHSHULRGRIJHVWDWLRQLWVWDQGVPRUHFOHDUO\IRUZDUGIURP
WKHVHVZDGGOLQJPLVWVSXWVRQH[SUHVVLYHOLQHDPHQWVDQG
EHFRPHVDWOHQJWKWKDWPRVWIDXOWOHVVEXWDOVRDODVWKDW
LQFRPPXQLFDEOHSURGXFWRIWKHKXPDQPLQGDSHUIHFWHGGHVLJQ
2QWKHDSSURDFKWRH[HFXWLRQDOOLVFKDQJHG7KHDUWLVWPXVW
QRZVWHSGRZQGRQKLVZRUNLQJFORWKHVDQGEHFRPHWKH
DUWLVDQ+HQRZUHVROXWHO\FRPPLWVKLVDLU\FRQFHSWLRQKLV
GHOLFDWH$ULHOWRWKHWRXFKRIPDWWHUKHPXVWGHFLGH
DOPRVWLQDEUHDWKWKHVFDOHWKHVW\OHWKHVSLULWDQGWKH
SDUWLFXODULW\RIH[HFXWLRQRIKLVZKROHGHVLJQ

7KHHQJHQGHULQJLGHDRIVRPHZRUNVLVVW\OLVWLFDWHFKQLFDO
SUHRFFXSDWLRQVWDQGVWKHPLQVWHDGRIVRPHUREXVWHUSULQFLSOH
RIOLIH$QGZLWKWKHVHWKHH[HFXWLRQLVEXWSOD\IRUWKH
VW\OLVWLFSUREOHPLVUHVROYHGEHIRUHKDQGDQGDOOODUJH
RULJLQDOLW\RIWUHDWPHQWZLOIXOO\IRUHJRQH6XFKDUHWKH
YHUVHVLQWULFDWHO\GHVLJQHGZKLFKZHKDYHOHDUQWWRDGPLUH
ZLWKDFHUWDLQVPLOLQJDGPLUDWLRQDWWKHKDQGVRI0U/DQJ
DQG0U'REVRQVXFKWRRDUHWKRVHFDQYDVHVZKHUHGH[WHULW\
RUHYHQEUHDGWKRISODVWLFVW\OHWDNHVWKHSODFHRISLFWRULDO
QRELOLW\RIGHVLJQ6RLWPD\EHUHPDUNHGLWZDVHDVLHUWR
EHJLQWRZULWH(6021'WKDQ9$1,7<)$,5VLQFHLQWKHILUVW
WKHVW\OHZDVGLFWDWHGE\WKHQDWXUHRIWKHSODQDQG
7KDFNHUD\DPDQSUREDEO\RIVRPHLQGROHQFHRIPLQGHQMR\HG
DQGJRWJRRGSURILWRIWKLVHFRQRP\RIHIIRUW%XWWKHFDVH
LVH[FHSWLRQDO8VXDOO\LQDOOZRUNVRIDUWWKDWKDYHEHHQ
FRQFHLYHGIURPZLWKLQRXWZDUGVDQGJHQHURXVO\QRXULVKHGIURP
WKHDXWKRU
VPLQGWKHPRPHQWLQZKLFKKHEHJLQVWRH[HFXWH
LVRQHRIH[WUHPHSHUSOH[LW\DQGVWUDLQ$UWLVWVRI
LQGLIIHUHQWHQHUJ\DQGDQLPSHUIHFWGHYRWLRQWRWKHLURZQ
LGHDOPDNHWKLVXQJUDWHIXOHIIRUWRQFHIRUDOODQGKDYLQJ
IRUPHGDVW\OHDGKHUHWRLWWKURXJKOLIH%XWWKRVHRID

35
KLJKHURUGHUFDQQRWUHVWFRQWHQWZLWKDSURFHVVZKLFKDV
WKH\FRQWLQXHWRHPSOR\LWPXVWLQIDOOLEO\GHJHQHUDWH
WRZDUGVWKHDFDGHPLFDQGWKHFXWDQGGULHG(YHU\IUHVKZRUN
LQZKLFKWKH\HPEDUNLVWKHVLJQDOIRUDIUHVKHQJDJHPHQWRI
WKHZKROHIRUFHVRIWKHLUPLQGDQGWKHFKDQJLQJYLHZVZKLFK
DFFRPSDQ\WKHJURZWKRIWKHLUH[SHULHQFHDUHPDUNHGE\VWLOO
PRUHVZHHSLQJDOWHUDWLRQVLQWKHPDQQHURIWKHLUDUW6R
WKDWFULWLFLVPORYHVWRGZHOOXSRQDQGGLVWLQJXLVKWKH
YDU\LQJSHULRGVRID5DSKDHOD6KDNHVSHDUHRUD%HHWKRYHQ

,WLVWKHQILUVWRIDOODWWKLVLQLWLDODQGGHFLVLYH
PRPHQWZKHQH[HFXWLRQLVEHJXQDQGWKHQFHIRUWKRQO\LQD
OHVVGHJUHHWKDWWKHLGHDODQGWKHUHDOGRLQGHHGOLNHJRRG
DQGHYLODQJHOVFRQWHQGIRUWKHGLUHFWLRQRIWKHZRUN
0DUEOHSDLQWDQGODQJXDJHWKHSHQWKHQHHGOHDQGWKH
EUXVKDOOKDYHWKHLUJURVVQHVVHVWKHLULQHIIDEOH
LPSRWHQFHVWKHLUKRXUVLI,PD\VRH[SUHVVP\VHOIRI
LQVXERUGLQDWLRQ,WLVWKHZRUNDQGLWLVDJUHDWSDUWRI
WKHGHOLJKWRIDQ\DUWLVWWRFRQWHQGZLWKWKHVHXQUXO\WRROV
DQGQRZE\EUXWHHQHUJ\QRZE\ZLWW\H[SHGLHQWWRGULYHDQG
FRD[WKHPWRHIIHFWKLVZLOO*LYHQWKHVHPHDQVVR
ODXJKDEO\LQDGHTXDWHDQGJLYHQWKHLQWHUHVWWKHLQWHQVLW\
DQGWKHPXOWLSOLFLW\RIWKHDFWXDOVHQVDWLRQZKRVHHIIHFWKH
LVWRUHQGHUZLWKWKHLUDLGWKHDUWLVWKDVRQHPDLQDQG
QHFHVVDU\UHVRXUFHZKLFKKHPXVWLQHYHU\FDVHDQGXSRQDQ\
WKHRU\HPSOR\+HPXVWWKDWLVVXSSUHVVPXFKDQGRPLW
PRUH+HPXVWRPLWZKDWLVWHGLRXVRULUUHOHYDQWDQG
VXSSUHVVZKDWLVWHGLRXVDQGQHFHVVDU\%XWVXFKIDFWVDV
LQUHJDUGWRWKHPDLQGHVLJQVXEVHUYHDYDULHW\RISXUSRVHV
KHZLOOSHUIRUFHDQGHDJHUO\UHWDLQ$QGLWLVWKHPDUNRI
WKHYHU\KLJKHVWRUGHURIFUHDWLYHDUWWREHZRYHQ
H[FOXVLYHO\RIVXFK7KHUHDQ\IDFWWKDWLVUHJLVWHUHGLV
FRQWULYHGDGRXEOHRUDWUHEOHGHEWWRSD\DQGLVDWRQFHDQ
RUQDPHQWLQLWVSODFHDQGDSLOODULQWKHPDLQGHVLJQ
1RWKLQJZRXOGILQGURRPLQVXFKDSLFWXUHWKDWGLGQRWVHUYH
DWRQFHWRFRPSOHWHWKHFRPSRVLWLRQWRDFFHQWXDWHWKH
VFKHPHRIFRORXUWRGLVWLQJXLVKWKHSODQHVRIGLVWDQFHDQG
WRVWULNHWKHQRWHRIWKHVHOHFWHGVHQWLPHQWQRWKLQJZRXOG
EHDOORZHGLQVXFKDVWRU\WKDWGLGQRWDWWKHVDPHWLPH
H[SHGLWHWKHSURJUHVVRIWKHIDEOHEXLOGXSWKHFKDUDFWHUV
DQGVWULNHKRPHWKHPRUDORUWKHSKLORVRSKLFDOGHVLJQ%XW
WKLVLVXQDWWDLQDEOH$VDUXOHVRIDUIURPEXLOGLQJWKH
IDEULFRIRXUZRUNVH[FOXVLYHO\ZLWKWKHVHZHDUHWKURZQ
LQWRDUDSWXUHLIZHWKLQNZHFDQPXVWHUDGR]HQRUDVFRUH

36
RIWKHPWREHWKHSOXPVRIRXUFRQIHFWLRQ$QGKHQFHLQ
RUGHUWKDWWKHFDQYDVPD\EHILOOHGRUWKHVWRU\SURFHHGIURP
SRLQWWRSRLQWRWKHUGHWDLOVPXVWEHDGPLWWHG7KH\PXVWEH
DGPLWWHGDODVXSRQDGRXEWIXOWLWOHPDQ\ZLWKRXWPDUULDJH
UREHV7KXVDQ\ZRUNRIDUWDVLWSURFHHGVWRZDUGV
FRPSOHWLRQWRRRIWHQ,KDGDOPRVWZULWWHQDOZD\VORVHV
LQIRUFHDQGSRLJQDQF\RIPDLQGHVLJQ2XUOLWWOHDLULV
VZDPSHGDQGGZDUIHGDPRQJKDUGO\UHOHYDQWRUFKHVWUDWLRQRXU
OLWWOHSDVVLRQDWHVWRU\GURZQVLQDGHHSVHDRIGHVFULSWLYH
HORTXHQFHRUVOLSVKRGWDON

%XWDJDLQZHDUHUDWKHUPRUHWHPSWHGWRDGPLWWKRVH
SDUWLFXODUVZKLFKZHNQRZZHFDQGHVFULEHDQGKHQFHWKRVH
PRVWRIDOOZKLFKKDYLQJEHHQGHVFULEHGYHU\RIWHQKDYH
JURZQWREHFRQYHQWLRQDOO\WUHDWHGLQWKHSUDFWLFHRIRXU
DUW7KHVHZHFKRRVHDVWKHPDVRQFKRRVHVWKHDFDQWKXVWR
DGRUQKLVFDSLWDOEHFDXVHWKH\FRPHQDWXUDOO\WRWKH
DFFXVWRPHGKDQG7KHROGVWRFNLQFLGHQWVDQGDFFHVVRULHV
WULFNVRIZRUNPDQVKLSDQGVFKHPHVRIFRPSRVLWLRQDOOEHLQJ
DGPLUDEO\JRRGRUWKH\ZRXOGORQJKDYHEHHQIRUJRWWHQKDXQW
DQGWHPSWRXUIDQF\RIIHUXVUHDG\PDGHEXWQRWSHUIHFWO\
DSSURSULDWHVROXWLRQVIRUDQ\SUREOHPWKDWDULVHVDQGZHDQ
XVIURPWKHVWXG\RIQDWXUHDQGWKHXQFRPSURPLVLQJSUDFWLFH
RIDUW7RVWUXJJOHWRIDFHQDWXUHWRILQGIUHVK
VROXWLRQVDQGJLYHH[SUHVVLRQWRIDFWVZKLFKKDYHQRW\HW
EHHQDGHTXDWHO\RUQRW\HWHOHJDQWO\H[SUHVVHGLVWRUXQD
OLWWOHXSRQWKHGDQJHURIH[WUHPHVHOIORYH'LIILFXOW\VHWV
DKLJKSULFHXSRQDFKLHYHPHQWDQGWKHDUWLVWPD\HDVLO\IDOO
LQWRWKHHUURURIWKH)UHQFKQDWXUDOLVWVDQGFRQVLGHUDQ\
IDFWDVZHOFRPHWRDGPLVVLRQLILWEHWKHJURXQGRIEULOOLDQW
KDQGLZRUNRUDJDLQLQWRWKHHUURURIWKHPRGHUQODQGVFDSH
SDLQWHUZKRLVDSWWRWKLQNWKDWGLIILFXOW\RYHUFRPHDQG
VFLHQFHZHOOGLVSOD\HGFDQWDNHWKHSODFHRIZKDWLVDIWHU
DOOWKHRQHH[FXVHDQGEUHDWKRIDUWFKDUP$OLWWOH
IXUWKHUDQGKHZLOOUHJDUGFKDUPLQWKHOLJKWRIDQXQZRUWK\
VDFULILFHWRSUHWWLQHVVDQGWKHRPLVVLRQRIDWHGLRXV
SDVVDJHDVDQLQILGHOLW\WRDUW

:HKDYHQRZWKHPDWWHURIWKLVGLIIHUHQFHEHIRUHXV7KH
LGHDOLVWKLVH\HVLQJO\IL[HGXSRQWKHJUHDWHURXWOLQHV
ORYHVUDWKHUWRILOOXSWKHLQWHUYDOZLWKGHWDLORIWKH
FRQYHQWLRQDORUGHUEULHIO\WRXFKHGVREHUO\VXSSUHVVHGLQ
WRQHFRXUWLQJQHJOHFW%XWWKHUHDOLVWZLWKDILQH
LQWHPSHUDQFHZLOOQRWVXIIHUWKHSUHVHQFHRIDQ\WKLQJVR

37
GHDGDVDFRQYHQWLRQKHVKDOOKDYHDOOILHU\DOOKRW
SUHVVHGIURPQDWXUHDOOFKDUDFWHUHGDQGQRWDEOHVHL]LQJWKH
H\H7KHVW\OHWKDWEHILWVHLWKHURIWKHVHH[WUHPHVRQFH
FKRVHQEULQJVZLWKLWLWVQHFHVVDU\GLVDELOLWLHVDQG
GDQJHUV7KHLPPHGLDWHGDQJHURIWKHUHDOLVWLVWRVDFULILFH
WKHEHDXW\DQGVLJQLILFDQFHRIWKHZKROHWRORFDOGH[WHULW\
RULQWKHLQVDQHSXUVXLWRIFRPSOHWLRQWRLPPRODWHKLV
UHDGHUVXQGHUIDFWVEXWKHFRPHVLQWKHODVWUHVRUWDQGDV
KLVHQHUJ\GHFOLQHVWRGLVFDUGDOOGHVLJQDEMXUHDOO
FKRLFHDQGZLWKVFLHQWLILFWKRURXJKQHVVVWHDGLO\WR
FRPPXQLFDWHPDWWHUZKLFKLVQRWZRUWKOHDUQLQJ7KHGDQJHU
RIWKHLGHDOLVWLVRIFRXUVHWREHFRPHPHUHO\QXOODQGORVH
DOOJULSRIIDFWSDUWLFXODULW\RUSDVVLRQ

:HWDONRIEDGDQGJRRG(YHU\WKLQJLQGHHGLVJRRGZKLFK
LVFRQFHLYHGZLWKKRQHVW\DQGH[HFXWHGZLWKFRPPXQLFDWLYH
DUGRXU%XWWKRXJKRQQHLWKHUVLGHLVGRJPDWLVPILWWLQJDQG
WKRXJKLQHYHU\FDVHWKHDUWLVWPXVWGHFLGHIRUKLPVHOIDQG
GHFLGHDIUHVKDQG\HWDIUHVKIRUHDFKVXFFHHGLQJZRUNDQGQHZ
FUHDWLRQ\HWRQHWKLQJPD\EHJHQHUDOO\VDLGWKDWZHRIWKH
ODVWTXDUWHURIWKHQLQHWHHQWKFHQWXU\EUHDWKLQJDVZHGR
WKHLQWHOOHFWXDODWPRVSKHUHRIRXUDJHDUHPRUHDSWWRHUU
XSRQWKHVLGHRIUHDOLVPWKDQWRVLQLQTXHVWRIWKHLGHDO
8SRQWKDWWKHRU\LWPD\EHZHOOWRZDWFKDQGFRUUHFWRXURZQ
GHFLVLRQVDOZD\VKROGLQJEDFNWKHKDQGIURPWKHOHDVW
DSSHDUDQFHRILUUHOHYDQWGH[WHULW\DQGUHVROXWHO\IL[HGWR
EHJLQQRZRUNWKDWLVQRWSKLORVRSKLFDOSDVVLRQDWH
GLJQLILHGKDSSLO\PLUWKIXORUDWWKHODVWDQGOHDVW
URPDQWLFLQGHVLJQ

&+$37(590<),567%22.
75($685(,6/$1'


,7ZDVIDULQGHHGIURPEHLQJP\ILUVWERRNIRU,DPQRWD
QRYHOLVWDORQH%XW,DPZHOODZDUHWKDWP\SD\PDVWHUWKH
*UHDW3XEOLFUHJDUGVZKDWHOVH,KDYHZULWWHQZLWK
LQGLIIHUHQFHLIQRWDYHUVLRQLILWFDOOXSRQPHDWDOOLW
FDOOVRQPHLQWKHIDPLOLDUDQGLQGHOLEOHFKDUDFWHUDQGZKHQ
,DPDVNHGWRWDONRIP\ILUVWERRNQRTXHVWLRQLQWKHZRUOG
EXWZKDWLVPHDQWLVP\ILUVWQRYHO

38
6RRQHURUODWHUVRPHKRZDQ\KRZ,ZDVERXQGWRZULWHD
QRYHO,WVHHPVYDLQWRDVNZK\0HQDUHERUQZLWKYDULRXV
PDQLDVIURPP\HDUOLHVWFKLOGKRRGLWZDVPLQHWRPDNHD
SOD\WKLQJRILPDJLQDU\VHULHVRIHYHQWVDQGDVVRRQDV,ZDV
DEOHWRZULWH,EHFDPHDJRRGIULHQGWRWKHSDSHUPDNHUV
5HDPVXSRQUHDPVPXVWKDYHJRQHWRWKHPDNLQJRI
5DWKLOOHW

7KH3HQWODQG5LVLQJ

7KH.LQJ
V3DUGRQ
RWKHUZLVH

3DUN:KLWHKHDG

(GZDUG'DYHQ

$&RXQWU\'DQFH
DQG
$
9HQGHWWDLQWKH:HVW
DQGLWLVFRQVRODWRU\WRUHPHPEHUWKDW
WKHVHUHDPVDUHQRZDOODVKHVDQGKDYHEHHQUHFHLYHGDJDLQ
LQWRWKHVRLO,KDYHQDPHGEXWDIHZRIP\LOOIDWHG
HIIRUWVRQO\VXFKLQGHHGDVFDPHWRDIDLUEXONHUHWKH\
ZHUHGHVLVWHGIURPDQGHYHQVRWKH\FRYHUDORQJYLVWDRI
\HDUV
5DWKLOOHW
ZDVDWWHPSWHGEHIRUHILIWHHQ
7KH
9HQGHWWD
DWWZHQW\QLQHDQGWKHVXFFHVVLRQRIGHIHDWV
ODVWHGXQEURNHQWLOO,ZDVWKLUW\RQH%\WKDWWLPH,KDG
ZULWWHQOLWWOHERRNVDQGOLWWOHHVVD\VDQGVKRUWVWRULHVDQG
KDGJRWSDWWHGRQWKHEDFNDQGSDLGIRUWKHPWKRXJKQRW
HQRXJKWROLYHXSRQ,KDGTXLWHDUHSXWDWLRQ,ZDVWKH
VXFFHVVIXOPDQ,SDVVHGP\GD\VLQWRLOWKHIXWLOLW\RI
ZKLFKZRXOGVRPHWLPHVPDNHP\FKHHNWREXUQWKDW,VKRXOG
VSHQGDPDQ
VHQHUJ\XSRQWKLVEXVLQHVVDQG\HWFRXOGQRW
HDUQDOLYHOLKRRGDQGVWLOOWKHUHVKRQHDKHDGRIPHDQ
XQDWWDLQHGLGHDODOWKRXJK,KDGDWWHPSWHGWKHWKLQJZLWK
YLJRXUQRWOHVVWKDQWHQRUWZHOYHWLPHV,KDGQRW\HW
ZULWWHQDQRYHO$OODOOP\SUHWW\RQHVKDGJRQHIRUD
OLWWOHDQGWKHQVWRSSHGLQH[RUDEO\OLNHDVFKRROER\
VZDWFK
,PLJKWEHFRPSDUHGWRDFULFNHWHURIPDQ\\HDUV
VWDQGLQJ
ZKRVKRXOGQHYHUKDYHPDGHDUXQ$Q\ERG\FDQZULWHDVKRUW
VWRU\DEDGRQH,PHDQZKRKDVLQGXVWU\DQGSDSHUDQG
WLPHHQRXJKEXWQRWHYHU\RQHPD\KRSHWRZULWHHYHQDEDG
QRYHO,WLVWKHOHQJWKWKDWNLOOV

7KHDFFHSWHGQRYHOLVWPD\WDNHKLVQRYHOXSDQGSXWLWGRZQ
VSHQGGD\VXSRQLWLQYDLQDQGZULWHQRWDQ\PRUHWKDQKH
PDNHVKDVWHWREORW1RWVRWKHEHJLQQHU+XPDQQDWXUHKDV
FHUWDLQULJKWVLQVWLQFWWKHLQVWLQFWRIVHOISUHVHUYDWLRQ
IRUELGVWKDWDQ\PDQFKHHUHGDQGVXSSRUWHGE\WKH
FRQVFLRXVQHVVRIQRSUHYLRXVYLFWRU\VKRXOGHQGXUHWKH
PLVHULHVRIXQVXFFHVVIXOOLWHUDU\WRLOEH\RQGDSHULRGWREH
PHDVXUHGLQZHHNV7KHUHPXVWEHVRPHWKLQJIRUKRSHWRIHHG
XSRQ7KHEHJLQQHUPXVWKDYHDVODQWRIZLQGDOXFN\YHLQ
PXVWEHUXQQLQJKHPXVWEHLQRQHRIWKRVHKRXUVZKHQWKH
ZRUGVFRPHDQGWKHSKUDVHVEDODQFHRIWKHPVHOYHV(9(172

39
%(*,1$QGKDYLQJEHJXQZKDWDGUHDGORRNLQJIRUZDUGLV
WKDWXQWLOWKHERRNVKDOOEHDFFRPSOLVKHG)RUVRORQJD
WLPHWKHVODQWLVWRFRQWLQXHXQFKDQJHGWKHYHLQWRNHHS
UXQQLQJIRUVRORQJDWLPH\RXPXVWNHHSDWFRPPDQGWKHVDPH
TXDOLW\RIVW\OHIRUVRORQJDWLPH\RXUSXSSHWVDUHWREH
DOZD\VYLWDODOZD\VFRQVLVWHQWDOZD\VYLJRURXV,UHPHPEHU
,XVHGWRORRNLQWKRVHGD\VXSRQHYHU\WKUHHYROXPHQRYHO
ZLWKDVRUWRIYHQHUDWLRQDVDIHDWQRWSRVVLEO\RI
OLWHUDWXUHEXWDWOHDVWRISK\VLFDODQGPRUDOHQGXUDQFHDQG
WKHFRXUDJHRI$MD[

,QWKHIDWHG\HDU,FDPHWROLYHZLWKP\IDWKHUDQGPRWKHUDW
.LQQDLUGDERYH3LWORFKU\7KHQ,ZDONHGRQWKHUHGPRRUV
DQGE\WKHVLGHRIWKHJROGHQEXUQWKHUXGHSXUHDLURIRXU
PRXQWDLQVLQVSLULWHGLILWGLGQRWLQVSLUHXVDQGP\ZLIH
DQG,SURMHFWHGDMRLQWYROXPHRIORJLFVWRULHVIRUZKLFK
VKHZURWH
7KH6KDGRZRQWKH%HG
DQG,WXUQHGRXW
7KUDZQ
-DQHW
DQGDILUVWGUDIWRI
7KH0HUU\0HQ
,ORYHP\
QDWLYHDLUEXWLWGRHVQRWORYHPHDQGWKHHQGRIWKLV
GHOLJKWIXOSHULRGZDVDFROGDIO\EOLVWHUDQGDPLJUDWLRQ
E\6WUDWKDLUGOHDQG*OHQVKHHWRWKH&DVWOHWRQRI%UDHPDU

7KHUHLWEOHZDJRRGGHDODQGUDLQHGLQDSURSRUWLRQP\
QDWLYHDLUZDVPRUHXQNLQGWKDQPDQ
VLQJUDWLWXGHDQG,PXVW
FRQVHQWWRSDVVDJRRGGHDORIP\WLPHEHWZHHQIRXUZDOOVLQ
DKRXVHOXJXEULRXVO\NQRZQDVWKH/DWH0LVV0F*UHJRU
V
&RWWDJH$QGQRZDGPLUHWKHILQJHURISUHGHVWLQDWLRQ7KHUH
ZDVDVFKRROER\LQWKH/DWH0LVV0F*UHJRU
V&RWWDJHKRPH
IURPWKHKROLGD\VDQGPXFKLQZDQWRI
VRPHWKLQJFUDJJ\WR
EUHDNKLVPLQGXSRQ
+HKDGQRWKRXJKWRIOLWHUDWXUHLW
ZDVWKHDUWRI5DSKDHOWKDWUHFHLYHGKLVIOHHWLQJVXIIUDJHV
DQGZLWKWKHDLGRISHQDQGLQNDQGDVKLOOLQJER[RIZDWHU
FRORXUVKHKDGVRRQWXUQHGRQHRIWKHURRPVLQWRDSLFWXUH
JDOOHU\0\PRUHLPPHGLDWHGXW\WRZDUGVWKHJDOOHU\ZDVWR
EHVKRZPDQEXW,ZRXOGVRPHWLPHVXQEHQGDOLWWOHMRLQWKH
DUWLVWVRWRVSHDNDWWKHHDVHODQGSDVVWKHDIWHUQRRQ
ZLWKKLPLQDJHQHURXVHPXODWLRQPDNLQJFRORXUHGGUDZLQJV
2QRQHRIWKHVHRFFDVLRQV,PDGHWKHPDSRIDQLVODQGLW
ZDVHODERUDWHO\DQG,WKRXJKWEHDXWLIXOO\FRORXUHGWKH
VKDSHRILWWRRNP\IDQF\EH\RQGH[SUHVVLRQLWFRQWDLQHG
KDUERXUVWKDWSOHDVHGPHOLNHVRQQHWVDQGZLWKWKH
XQFRQVFLRXVQHVVRIWKHSUHGHVWLQHG,WLFNHWHGP\SHUIRUPDQFH

7UHDVXUH,VODQG
,DPWROGWKHUHDUHSHRSOHZKRGRQRW
FDUHIRUPDSVDQGILQGLWKDUGWREHOLHYH7KHQDPHVWKH

40
VKDSHVRIWKHZRRGODQGVWKHFRXUVHVRIWKHURDGVDQGULYHUV
WKHSUHKLVWRULFIRRWVWHSVRIPDQVWLOOGLVWLQFWO\WUDFHDEOH
XSKLOODQGGRZQGDOHWKHPLOOVDQGWKHUXLQVWKHSRQGVDQG
WKHIHUULHVSHUKDSVWKH67$1',1*6721(RUWKH'58,',&&,5&/(
RQWKHKHDWKKHUHLVDQLQH[KDXVWLEOHIXQGRILQWHUHVWIRU
DQ\PDQZLWKH\HVWRVHHRUWZRSHQFHZRUWKRILPDJLQDWLRQWR
XQGHUVWDQGZLWK1RFKLOGEXWPXVWUHPHPEHUOD\LQJKLVKHDG
LQWKHJUDVVVWDULQJLQWRWKHLQILQLWHVLPDOIRUHVWDQG
VHHLQJLWJURZSRSXORXVZLWKIDLU\DUPLHV

6RPHZKDWLQWKLVZD\DV,SDXVHGXSRQP\PDSRI
7UHDVXUH
,VODQG
WKHIXWXUHFKDUDFWHURIWKHERRNEHJDQWRDSSHDU
WKHUHYLVLEO\DPRQJLPDJLQDU\ZRRGVDQGWKHLUEURZQIDFHV
DQGEULJKWZHDSRQVSHHSHGRXWXSRQPHIURPXQH[SHFWHG
TXDUWHUVDVWKH\SDVVHGWRDQGIURILJKWLQJDQGKXQWLQJ
WUHDVXUHRQWKHVHIHZVTXDUHLQFKHVRIDIODWSURMHFWLRQ
7KHQH[WWKLQJ,NQHZ,KDGVRPHSDSHUVEHIRUHPHDQGZDV
ZULWLQJRXWDOLVWRIFKDSWHUV+RZRIWHQKDYH,GRQHVR
DQGWKHWKLQJJRQHQRIXUWKHU%XWWKHUHVHHPHGHOHPHQWVRI
VXFFHVVDERXWWKLVHQWHUSULVH,WZDVWREHDVWRU\IRU
ER\VQRQHHGRISV\FKRORJ\RUILQHZULWLQJDQG,KDGDER\
DWKDQGWREHDWRXFKVWRQH:RPHQZHUHH[FOXGHG,ZDV
XQDEOHWRKDQGOHDEULJZKLFKWKH+,63$1,2/$VKRXOGKDYH
EHHQEXW,WKRXJKW,FRXOGPDNHVKLIWWRVDLOKHUDVD
VFKRRQHUZLWKRXWSXEOLFVKDPH$QGWKHQ,KDGDQLGHDIRU
-RKQ6LOYHUIURPZKLFK,SURPLVHGP\VHOIIXQGVRI
HQWHUWDLQPHQWWRWDNHDQDGPLUHGIULHQGRIPLQHZKRPWKH
UHDGHUYHU\OLNHO\NQRZVDQGDGPLUHVDVPXFKDV,GRWR
GHSULYHKLPRIDOOKLVILQHUTXDOLWLHVDQGKLJKHUJUDFHVRI
WHPSHUDPHQWWROHDYHKLPZLWKQRWKLQJEXWKLVVWUHQJWKKLV
FRXUDJHKLVTXLFNQHVVDQGKLVPDJQLILFHQWJHQLDOLW\DQGWR
WU\WRH[SUHVVWKHVHLQWHUPVRIWKHFXOWXUHRIDUDZ
WDUSDXOLQ6XFKSV\FKLFDOVXUJHU\LV,WKLQNDFRPPRQZD\
RI
PDNLQJFKDUDFWHU
SHUKDSVLWLVLQGHHGWKHRQO\ZD\
:HFDQSXWLQWKHTXDLQWILJXUHWKDWVSRNHDKXQGUHGZRUGV
ZLWKXV\HVWHUGD\E\WKHZD\VLGHEXWGRZHNQRZKLP"2XU
IULHQGZLWKKLVLQILQLWHYDULHW\DQGIOH[LELOLW\ZHNQRZ
EXWFDQZHSXWKLPLQ"8SRQWKHILUVWZHPXVWHQJUDIW
VHFRQGDU\DQGLPDJLQDU\TXDOLWLHVSRVVLEO\DOOZURQJIURP
WKHVHFRQGNQLIHLQKDQGZHPXVWFXWDZD\DQGGHGXFWWKH
QHHGOHVVDUERUHVFHQFHRIKLVQDWXUHEXWWKHWUXQNDQGWKH
IHZEUDQFKHVWKDWUHPDLQZHPD\DWOHDVWEHIDLUO\VXUHRI

2QDFKLOO6HSWHPEHUPRUQLQJE\WKHFKHHNRIDEULVNILUH

41
DQGWKHUDLQGUXPPLQJRQWKHZLQGRZ,EHJDQ7+(6($&22.
IRUWKDWZDVWKHRULJLQDOWLWOH,KDYHEHJXQDQGILQLVKHG
DQXPEHURIRWKHUERRNVEXW,FDQQRWUHPHPEHUWRKDYHVDW
GRZQWRRQHRIWKHPZLWKPRUHFRPSODFHQF\,WLVQRWWREH
ZRQGHUHGDWIRUVWROHQZDWHUVDUHSURYHUELDOO\VZHHW,DP
QRZXSRQDSDLQIXOFKDSWHU1RGRXEWWKHSDUURWRQFH
EHORQJHGWR5RELQVRQ&UXVRH1RGRXEWWKHVNHOHWRQLV
FRQYH\HGIURP3RH,WKLQNOLWWOHRIWKHVHWKH\DUHWULIOHV
DQGGHWDLOVDQGQRPDQFDQKRSHWRKDYHDPRQRSRO\RI
VNHOHWRQVRUPDNHDFRUQHULQWDONLQJELUGV7KHVWRFNDGH,
DPWROGLVIURP0$67(50$15($'<,WPD\EH,FDUHQRWD
MRW7KHVHXVHIXOZULWHUVKDGIXOILOOHGWKHSRHW
VVD\LQJ
GHSDUWLQJWKH\KDGOHIWEHKLQGWKHP)RRWSULQWVRQWKHVDQGV
RIWLPH)RRWSULQWVZKLFKSHUKDSVDQRWKHUDQG,ZDVWKH
RWKHU,WLVP\GHEWWR:DVKLQJWRQ,UYLQJWKDWH[HUFLVHVP\
FRQVFLHQFHDQGMXVWO\VRIRU,EHOLHYHSODJLDULVPZDV
UDUHO\FDUULHGIDUWKHU,FKDQFHGWRSLFNXSWKH7$/(62)$
75$9(//(5VRPH\HDUVDJRZLWKDYLHZWRDQDQWKRORJ\RISURVH
QDUUDWLYHDQGWKHERRNIOHZXSDQGVWUXFNPH%LOO\%RQHV
KLVFKHVWWKHFRPSDQ\LQWKHSDUORXUWKHZKROHLQQHU
VSLULWDQGDJRRGGHDORIWKHPDWHULDOGHWDLORIP\ILUVW
FKDSWHUVDOOZHUHWKHUHDOOZHUHWKHSURSHUW\RI
:DVKLQJWRQ,UYLQJ%XW,KDGQRJXHVVRILWWKHQDV,VDW
ZULWLQJE\WKHILUHVLGHLQZKDWVHHPHGWKHVSULQJWLGHVRID
VRPHZKDWSHGHVWULDQLQVSLUDWLRQQRU\HWGD\E\GD\DIWHU
OXQFKDV,UHDGDORXGP\PRUQLQJ
VZRUNWRWKHIDPLO\,W
VHHPHGWRPHRULJLQDODVVLQLWVHHPHGWREHORQJWRPHOLNH
P\ULJKWH\H,KDGFRXQWHGRQRQHER\,IRXQG,KDGWZRLQ
P\DXGLHQFH0\IDWKHUFDXJKWILUHDWRQFHZLWKDOOWKH
URPDQFHDQGFKLOGLVKQHVVRIKLVRULJLQDOQDWXUH+LVRZQ
VWRULHVWKDWHYHU\QLJKWRIKLVOLIHKHSXWKLPVHOIWRVOHHS
ZLWKGHDOWSHUSHWXDOO\ZLWKVKLSVURDGVLGHLQQVUREEHUV
ROGVDLORUVDQGFRPPHUFLDOWUDYHOOHUVEHIRUHWKHHUDRI
VWHDP+HQHYHUILQLVKHGRQHRIWKHVHURPDQFHVWKHOXFN\
PDQGLGQRWUHTXLUHWR%XWLQ75($685(,6/$1'KHUHFRJQLVHG
VRPHWKLQJNLQGUHGWRKLVRZQLPDJLQDWLRQLWZDV+,6NLQGRI
SLFWXUHVTXHDQGKHQRWRQO\KHDUGZLWKGHOLJKWWKHGDLO\
FKDSWHUEXWVHWKLPVHOIDFWLQJWRFROODERUDWH:KHQWKH
WLPHFDPHIRU%LOO\%RQHV
VFKHVWWREHUDQVDFNHGKHPXVW
KDYHSDVVHGWKHEHWWHUSDUWRIDGD\SUHSDULQJRQWKHEDFN
RIDOHJDOHQYHORSHDQLQYHQWRU\RILWVFRQWHQWVZKLFK,
H[DFWO\IROORZHGDQGWKHQDPHRI
)OLQW
VROGVKLS
WKH
:$/586ZDVJLYHQDWKLVSDUWLFXODUUHTXHVW$QGQRZZKR
VKRXOGFRPHGURSSLQJLQ(;0$&+,1$EXW'U-DSSOLNHWKH

42
GLVJXLVHGSULQFHZKRLVWREULQJGRZQWKHFXUWDLQXSRQSHDFH
DQGKDSSLQHVVLQWKHODVWDFWIRUKHFDUULHGLQKLVSRFNHW
QRWDKRUQRUDWDOLVPDQEXWDSXEOLVKHUKDGLQIDFW
EHHQFKDUJHGE\P\ROGIULHQG0U+HQGHUVRQWRXQHDUWKQHZ
ZULWHUVIRU<281*)2/.6(YHQWKHUXWKOHVVQHVVRIDXQLWHG
IDPLO\UHFRLOHGEHIRUHWKHH[WUHPHPHDVXUHRILQIOLFWLQJRQ
RXUJXHVWWKHPXWLODWHGPHPEHUVRI7+(6($&22.DWWKHVDPH
WLPHZHZRXOGE\QRPHDQVVWRSRXUUHDGLQJVDQGDFFRUGLQJO\
WKHWDOHZDVEHJXQDJDLQDWWKHEHJLQQLQJDQGVROHPQO\UH
GHOLYHUHGIRUWKHEHQHILWRI'U-DSS)URPWKDWPRPHQWRQ
,KDYHWKRXJKWKLJKO\RIKLVFULWLFDOIDFXOW\IRUZKHQKH
OHIWXVKHFDUULHGDZD\WKHPDQXVFULSWLQKLVSRUWPDQWHDX

+HUHWKHQZDVHYHU\WKLQJWRNHHSPHXSV\PSDWK\KHOSDQG
QRZDSRVLWLYHHQJDJHPHQW,KDGFKRVHQEHVLGHVDYHU\HDV\
VW\OH&RPSDUHLWZLWKWKHDOPRVWFRQWHPSRUDU\
0HUU\0HQ

RQHUHDGHUPD\SUHIHUWKHRQHVW\OHRQHWKHRWKHU
WLVDQ
DIIDLURIFKDUDFWHUSHUKDSVRIPRRGEXWQRH[SHUWFDQIDLO
WRVHHWKDWWKHRQHLVPXFKPRUHGLIILFXOWDQGWKHRWKHU
PXFKHDVLHUWRPDLQWDLQ,WVHHPVDVWKRXJKDIXOOJURZQ
H[SHULHQFHGPDQRIOHWWHUVPLJKWHQJDJHWRWXUQRXW75($685(
,6/$1'DWVRPDQ\SDJHVDGD\DQGNHHSKLVSLSHDOLJKW%XW
DODVWKLVZDVQRWP\FDVH)LIWHHQGD\V,VWXFNWRLWDQG
WXUQHGRXWILIWHHQFKDSWHUVDQGWKHQLQWKHHDUO\
SDUDJUDSKVRIWKHVL[WHHQWKLJQRPLQLRXVO\ORVWKROG0\
PRXWKZDVHPSW\WKHUHZDVQRWRQHZRUGRI75($685(,6/$1'LQ
P\ERVRPDQGKHUHZHUHWKHSURRIVRIWKHEHJLQQLQJDOUHDG\
ZDLWLQJPHDWWKH
+DQGDQG6SHDU
7KHQ,FRUUHFWHGWKHP
OLYLQJIRUWKHPRVWSDUWDORQHZDONLQJRQWKHKHDWKDW
:H\EULGJHLQGHZ\DXWXPQPRUQLQJVDJRRGGHDOSOHDVHGZLWK
ZKDW,KDGGRQHDQGPRUHDSSDOOHGWKDQ,FDQGHSLFWWR\RX
LQZRUGVDWZKDWUHPDLQHGIRUPHWRGR,ZDVWKLUW\RQH,
ZDVWKHKHDGRIDIDPLO\,KDGORVWP\KHDOWK,KDGQHYHU
\HWSDLGP\ZD\QHYHU\HWPDGHSRXQGVD\HDUP\IDWKHU
KDGTXLWHUHFHQWO\ERXJKWEDFNDQGFDQFHOOHGDERRNWKDWZDV
MXGJHGDIDLOXUHZDVWKLVWREHDQRWKHUDQGODVWILDVFR",
ZDVLQGHHGYHU\FORVHRQGHVSDLUEXW,VKXWP\PRXWKKDUG
DQGGXULQJWKHMRXUQH\WR'DYRVZKHUH,ZDVWRSDVVWKH
ZLQWHUKDGWKHUHVROXWLRQWRWKLQNRIRWKHUWKLQJVDQGEXU\
P\VHOILQWKHQRYHOVRI0GH%RLVJREH\$UULYHGDWP\
GHVWLQDWLRQGRZQ,VDWRQHPRUQLQJWRWKHXQILQLVKHGWDOH
DQGEHKROGLWIORZHGIURPPHOLNHVPDOOWDONDQGLQD
VHFRQGWLGHRIGHOLJKWHGLQGXVWU\DQGDJDLQDWDUDWHRID
FKDSWHUDGD\,ILQLVKHG75($685(,6/$1',WKDGWREH

43
WUDQVFULEHGDOPRVWH[DFWO\P\ZLIHZDVLOOWKHVFKRROER\
UHPDLQHGDORQHRIWKHIDLWKIXODQG-RKQ$GGLQJWRQ6\PRQGV
WRZKRP,WLPLGO\PHQWLRQHGZKDW,ZDVHQJDJHGRQORRNHGRQ
PHDVNDQFH+HZDVDWWKDWWLPHYHU\HDJHU,VKRXOGZULWHRQ
WKHFKDUDFWHUVRI7KHRSKUDVWXVVRIDURXWPD\EHWKH
MXGJPHQWVRIWKHZLVHVWPHQ%XW6\PRQGVWREHVXUHZDV
VFDUFHWKHFRQILGDQWWRJRWRIRUV\PSDWK\RQDER\
VVWRU\
+HZDVODUJHPLQGHG
DIXOOPDQ
LIWKHUHZDVRQHEXWWKH
YHU\QDPHRIP\HQWHUSULVHZRXOGVXJJHVWWRKLPRQO\
FDSLWXODWLRQVRIVLQFHULW\DQGVROHFLVPVRIVW\OH:HOOKH
ZDVQRWIDUZURQJ

75($685(,6/$1'LWZDV0U+HQGHUVRQZKRGHOHWHGWKHILUVW
WLWOH7+(6($&22.DSSHDUHGGXO\LQWKHVWRU\SDSHUZKHUH
LWILJXUHGLQWKHLJQREOHPLGVWZLWKRXWZRRGFXWVDQG
DWWUDFWHGQRWWKHOHDVWDWWHQWLRQ,GLGQRWFDUH,OLNHG
WKHWDOHP\VHOIIRUPXFKWKHVDPHUHDVRQDVP\IDWKHUOLNHG
WKHEHJLQQLQJLWZDVP\NLQGRISLFWXUHVTXH,ZDVQRWD
OLWWOHSURXGRI-RKQ6LOYHUDOVRDQGWRWKLVGD\UDWKHU
DGPLUHWKDWVPRRWKDQGIRUPLGDEOHDGYHQWXUHU:KDWZDV
LQILQLWHO\PRUHH[KLODUDWLQJ,KDGSDVVHGDODQGPDUN,KDG
ILQLVKHGDWDOHDQGZULWWHQ
7KH(QG
XSRQP\PDQXVFULSWDV
,KDGQRWGRQHVLQFH
7KH3HQWODQG5LVLQJ
ZKHQ,ZDVDER\
RIVL[WHHQQRW\HWDWFROOHJH,QWUXWKLWZDVVRE\DVHW
RIOXFN\DFFLGHQWVKDGQRW'U-DSSFRPHRQKLVYLVLWKDG
QRWWKHWDOHIORZHGIURPPHZLWKVLQJXODUFDVHLWPXVWKDYH
EHHQODLGDVLGHOLNHLWVSUHGHFHVVRUVDQGIRXQGDFLUFXLWRXV
DQGXQODPHQWHGZD\WRWKHILUH3XULVWVPD\VXJJHVWLWZRXOG
KDYHEHHQEHWWHUVR,DPQRWRIWKDWPLQG7KHWDOHVHHPV
WRKDYHJLYHQPXFKSOHDVXUHDQGLWEURXJKWRUZDVWKH
PHDQVRIEULQJLQJILUHDQGIRRGDQGZLQHWRDGHVHUYLQJ
IDPLO\LQZKLFK,WRRNDQLQWHUHVW,QHHGVFDUFHO\VD\,
PHDQP\RZQ

%XWWKHDGYHQWXUHVRI75($685(,6/$1'DUHQRW\HWTXLWHDWDQ
HQG,KDGZULWWHQLWXSWRWKHPDS7KHPDSZDVWKHFKLHI
SDUWRIP\SORW)RULQVWDQFH,KDGFDOOHGDQLVOHW

6NHOHWRQ,VODQG
QRWNQRZLQJZKDW,PHDQWVHHNLQJRQO\IRU
WKHLPPHGLDWHSLFWXUHVTXHDQGLWZDVWRMXVWLI\WKLVQDPH
WKDW,EURNHLQWRWKHJDOOHU\RI0U3RHDQGVWROH)OLQW
V
SRLQWHU$QGLQWKHVDPHZD\LWZDVEHFDXVH,KDGPDGHWZR
KDUERXUVWKDWWKH+,63$1,2/$ZDVVHQWRQKHUZDQGHULQJVZLWK
,VUDHO+DQGV7KHWLPHFDPHZKHQLWZDVGHFLGHGWR
UHSXEOLVKDQG,VHQWLQP\PDQXVFULSWDQGWKHPDSDORQJ

44
ZLWKLWWR0HVVUV&DVVHOO7KHSURRIVFDPHWKH\ZHUH
FRUUHFWHGEXW,KHDUGQRWKLQJRIWKHPDS,ZURWHDQG
DVNHGZDVWROGLWKDGQHYHUEHHQUHFHLYHGDQGVDWDJKDVW
,WLVRQHWKLQJWRGUDZDPDSDWUDQGRPVHWDVFDOHLQRQH
FRUQHURILWDWDYHQWXUHDQGZULWHXSDVWRU\WRWKH
PHDVXUHPHQWV,WLVTXLWHDQRWKHUWRKDYHWRH[DPLQHDZKROH
ERRNPDNHDQLQYHQWRU\RIDOOWKHDOOXVLRQVFRQWDLQHGLQLW
DQGZLWKDSDLURIFRPSDVVHVSDLQIXOO\GHVLJQDPDSWRVXLW
WKHGDWD,GLGLWDQGWKHPDSZDVGUDZQDJDLQLQP\
IDWKHU
VRIILFHZLWKHPEHOOLVKPHQWVRIEORZLQJZKDOHVDQG
VDLOLQJVKLSVDQGP\IDWKHUKLPVHOIEURXJKWLQWRVHUYLFHD
NQDFNKHKDGRIYDULRXVZULWLQJDQGHODERUDWHO\)25*('WKH
VLJQDWXUHRI&DSWDLQ)OLQWDQGWKHVDLOLQJGLUHFWLRQVRI
%LOO\%RQHV%XWVRPHKRZLWZDVQHYHU75($685(,6/$1'WRPH

,KDYHVDLGWKHPDSZDVWKHPRVWRIWKHSORW,PLJKWDOPRVW
VD\LWZDVWKHZKROH$IHZUHPLQLVFHQFHVRI3RH'HIRHDQG
:DVKLQJWRQ,UYLQJDFRS\RI-RKQVRQ
V%8&&$1((56WKHQDPH
RIWKH'HDG0DQ
V&KHVWIURP.LQJVOH\
V$7/$67VRPH
UHFROOHFWLRQVRIFDQRHLQJRQWKHKLJKVHDVDQGWKHPDS
LWVHOIZLWKLWVLQILQLWHHORTXHQWVXJJHVWLRQPDGHXSWKH
ZKROHRIP\PDWHULDOV,WLVSHUKDSVQRWRIWHQWKDWDPDS
ILJXUHVVRODUJHO\LQDWDOH\HWLWLVDOZD\VLPSRUWDQW
7KHDXWKRUPXVWNQRZKLVFRXQWU\VLGHZKHWKHUUHDORU
LPDJLQDU\OLNHKLVKDQGWKHGLVWDQFHVWKHSRLQWVRIWKH
FRPSDVVWKHSODFHRIWKHVXQ
VULVLQJWKHEHKDYLRXURIWKH
PRRQVKRXOGDOOEHEH\RQGFDYLO$QGKRZWURXEOHVRPHWKH
PRRQLV,KDYHFRPHWRJULHIRYHUWKHPRRQLQ35,1&(2772
DQGVRVRRQDVWKDWZDVSRLQWHGRXWWRPHDGRSWHGD
SUHFDXWLRQZKLFK,UHFRPPHQGWRRWKHUPHQ,QHYHUZULWHQRZ
ZLWKRXWDQDOPDQDFN:LWKDQDOPDQDFNDQGWKHPDSRIWKH
FRXQWU\DQGWKHSODQRIHYHU\KRXVHHLWKHUDFWXDOO\SORWWHG
RQSDSHURUDOUHDG\DQGLPPHGLDWHO\DSSUHKHQGHGLQWKHPLQG
DPDQPD\KRSHWRDYRLGVRPHRIWKHJURVVHVWSRVVLEOH
EOXQGHUV:LWKWKHPDSEHIRUHKLPKHZLOOVFDUFHDOORZWKH
VXQWRVHWLQWKHHDVWDVLWGRHVLQ7+($17,48$5<:LWK
WKHDOPDQDFNDWKDQGKHZLOOVFDUFHDOORZWZRKRUVHPHQ
MRXUQH\LQJRQWKHPRVWXUJHQWDIIDLUWRHPSOR\VL[GD\V
IURPWKUHHRIWKH0RQGD\PRUQLQJWLOOODWHLQWKH6DWXUGD\
QLJKWXSRQDMRXUQH\RIVD\QLQHW\RUDKXQGUHGPLOHVDQG
EHIRUHWKHZHHNLVRXWDQGVWLOORQWKHVDPHQDJVWRFRYHU
ILIW\LQRQHGD\DVPD\EHUHDGDWOHQJWKLQWKHLQLPLWDEOH
QRYHORI52%52<$QGLWLVFHUWDLQO\ZHOOWKRXJKIDUIURP
QHFHVVDU\WRDYRLGVXFK
FURSSHUV
%XWLWLVP\FRQWHQWLRQ

45
P\VXSHUVWLWLRQLI\RXOLNHWKDWZKRLVIDLWKIXOWRKLV
PDSDQGFRQVXOWVLWDQGGUDZVIURPLWKLVLQVSLUDWLRQ
GDLO\DQGKRXUO\JDLQVSRVLWLYHVXSSRUWDQGQRWPHUH
QHJDWLYHLPPXQLW\IURPDFFLGHQW7KHWDOHKDVDURRWWKHUH
LWJURZVLQWKDWVRLOLWKDVDVSLQHRILWVRZQEHKLQGWKH
ZRUGV%HWWHULIWKHFRXQWU\EHUHDODQGKHKDVZDONHG
HYHU\IRRWRILWDQGNQRZVHYHU\PLOHVWRQH%XWHYHQZLWK
LPDJLQDU\SODFHVKHZLOOGRZHOOLQWKHEHJLQQLQJWRSURYLGH
DPDSDVKHVWXGLHVLWUHODWLRQVZLOODSSHDUWKDWKHKDG
QRWWKRXJKWXSRQKHZLOOGLVFRYHUREYLRXVWKRXJK
XQVXVSHFWHGVKRUWFXWVDQGIRRWSULQWVIRUKLVPHVVHQJHUV
DQGHYHQZKHQDPDSLVQRWDOOWKHSORWDVLWZDVLQ
75($685(,6/$1'LWZLOOEHIRXQGWREHDPLQHRIVXJJHVWLRQ

&+$37(59,7+(*(1(6,62)
7+(0$67(52)%$//$175$(

,:$6ZDONLQJRQHQLJKWLQWKHYHUDQGDKRIDVPDOOKRXVHLQ
ZKLFK,OLYHGRXWVLGHWKHKDPOHWRI6DUDQDF,WZDVZLQWHU
WKHQLJKWZDVYHU\GDUNWKHDLUH[WUDRUGLQDU\FOHDUDQG
FROGDQGVZHHWZLWKWKHSXULW\RIIRUHVWV)URPDJRRGZD\
EHORZWKHULYHUZDVWREHKHDUGFRQWHQGLQJZLWKLFHDQG
ERXOGHUVDIHZOLJKWVDSSHDUHGVFDWWHUHGXQHYHQO\DPRQJ
WKHGDUNQHVVEXWVRIDUDZD\DVQRWWROHVVHQWKHVHQVHRI
LVRODWLRQ)RUWKHPDNLQJRIDVWRU\KHUHZHUHILQH
FRQGLWLRQV,ZDVEHVLGHVPRYHGZLWKWKHVSLULWRI
HPXODWLRQIRU,KDGMXVWILQLVKHGP\WKLUGRUIRXUWKSHUXVDO
RI7+(3+$17206+,3
&RPH
VDLG,WRP\HQJLQH
OHWXV
PDNHDWDOHDVWRU\RIPDQ\\HDUVDQGFRXQWULHVRIWKHVHD
DQGWKHODQGVDYDJHU\DQGFLYLOLVDWLRQDVWRU\WKDWVKDOO
KDYHWKHVDPHODUJHIHDWXUHVDQGPD\EHWUHDWHGLQWKHVDPH
VXPPDU\HOOLSWLFPHWKRGDVWKHERRN\RXKDYHEHHQUHDGLQJDQG
DGPLULQJ
,ZDVKHUHEURXJKWXSZLWKDUHIOHFWLRQ
H[FHHGLQJO\MXVWLQLWVHOIEXWZKLFKDVWKHVHTXHOVKRZV,
IDLOHGWRSURILWE\,VDZWKDW0DUU\DWQRWOHVVWKDQ
+RPHU0LOWRQDQG9LUJLOSURILWHGE\WKHFKRLFHRID
IDPLOLDUDQGOHJHQGDU\VXEMHFWVRWKDWKHSUHSDUHGKLV
UHDGHUVRQWKHYHU\WLWOHSDJHDQGWKLVVHWPHFXGJHOOLQJP\
EUDLQVLIE\DQ\FKDQFH,FRXOGKLWXSRQVRPHVLPLODUEHOLHI
WREHWKHFHQWUHSLHFHRIP\RZQPHGLWDWHGILFWLRQ,QWKH
FRXUVHRIWKLVYDLQVHDUFKWKHUHFURSSHGXSLQP\PHPRU\D

46
VLQJXODUFDVHRIDEXULHGDQGUHVXVFLWDWHGIDNLUZKLFK,KDG
EHHQRIWHQWROGE\DQXQFOHRIPLQHWKHQODWHO\GHDG
,QVSHFWRU*HQHUDO-RKQ%DOIRXU

2QVXFKDILQHIURVW\QLJKWZLWKQRZLQGDQGWKHWKHUPRPHWHU
EHORZ]HURWKHEUDLQZRUNVZLWKPXFKYLYDFLW\DQGWKHQH[W
PRPHQW,KDGVHHQWKHFLUFXPVWDQFHWUDQVSODQWHGIURP,QGLD
DQGWKHWURSLFVWRWKH$GLURQGDFNZLOGHUQHVVDQGWKH
VWULQJHQWFROGRIWKH&DQDGLDQERUGHU+HUHWKHQDOPRVW
EHIRUH,KDGEHJXQP\VWRU\,KDGWZRFRXQWULHVWZRRIWKH
HQGVRIWKHHDUWKLQYROYHGDQGWKXVWKRXJKWKHQRWLRQRI
WKHUHVXVFLWDWHGPDQIDLOHGHQWLUHO\RQWKHVFRUHRIJHQHUDO
DFFHSWDWLRQRUHYHQDV,KDYHVLQFHIRXQGDFFHSWDELOLW\
LWILWWHGDWRQFHZLWKP\GHVLJQRIDWDOHRIPDQ\ODQGVDQG
WKLVGHFLGHGPHWRFRQVLGHUIXUWKHURILWVSRVVLELOLWLHV
7KHPDQZKRVKRXOGWKXVEHEXULHGZDVWKHILUVWTXHVWLRQD
JRRGPDQZKRVHUHWXUQWROLIHZRXOGEHKDLOHGE\WKHUHDGHU
DQGWKHRWKHUFKDUDFWHUVZLWKJODGQHVV"7KLVWUHQFKHGXSRQ
WKH&KULVWLDQSLFWXUHDQGZDVGLVPLVVHG,IWKHLGHDWKHQ
ZDVWREHRIDQ\XVHDWDOOIRUPH,KDGWRFUHDWHDNLQGRI
HYLOJHQLXVWRKLVIULHQGVDQGIDPLO\WDNHKLPWKURXJKPDQ\
GLVDSSHDUDQFHVDQGPDNHWKLVILQDOUHVWRUDWLRQIURPWKHSLW
RIGHDWKLQWKHLF\$PHULFDQZLOGHUQHVVWKHODVWDQGWKH
JULPPHVWRIWKHVHULHV,QHHGQRWWHOOP\EURWKHUVRIWKH
FUDIWWKDW,ZDVQRZLQWKHPRVWLQWHUHVWLQJPRPHQWRIDQ
DXWKRU
VOLIHWKHKRXUVWKDWIROORZHGWKDWQLJKWXSRQWKH
EDOFRQ\DQGWKHIROORZLQJQLJKWVDQGGD\VZKHWKHUZDONLQJ
DEURDGRUO\LQJZDNHIXOLQP\EHGZHUHKRXUVRI
XQDGXOWHUDWHGMR\0\PRWKHUZKRZDVWKHQOLYLQJZLWKPH
DORQHSHUKDSVKDGOHVVHQMR\PHQWIRULQWKHDEVHQFHRIP\
ZLIHZKRLVP\XVXDOKHOSHULQWKHVHWLPHVRISDUWXULWLRQ,
PXVWVSXUKHUXSDWDOOVHDVRQVWRKHDUPHUHODWHDQGWU\WR
FODULI\P\XQIRUPHGIDQFLHV

$QGZKLOH,ZDVJURSLQJIRUWKHIDEOHDQGWKHFKDUDFWHU
UHTXLUHGEHKROG,IRXQGWKHPO\LQJUHDG\DQGQLQH\HDUVROG
LQP\PHPRU\3HDVHSRUULGJHKRWSHDVHSRUULGJHFROGSHDVH
SRUULGJHLQWKHSRWQLQH\HDUVROG:DVWKHUHHYHUDPRUH
FRPSOHWHMXVWLILFDWLRQRIWKHUXOHRI+RUDFH"+HUHWKLQNLQJ
RITXLWHRWKHUWKLQJV,KDGVWXPEOHGRQWKHVROXWLRQRU
SHUKDSV,VKRXOGUDWKHUVD\LQVWDJHZULJKWSKUDVHWKH
&XUWDLQRUILQDO7DEOHDXRIDVWRU\FRQFHLYHGORQJEHIRUHRQ
WKHPRRUVEHWZHHQ3LWORFKU\DQG6WUDWKDUGOHFRQFHLYHGLQ
+LJKODQGUDLQLQWKHEOHQGRIWKHVPHOORIKHDWKHUDQGERJ

47
SODQWVDQGZLWKDPLQGIXOORIWKH$WKROHFRUUHVSRQGHQFHDQG
WKHPHPRULHVRIWKHGXPOLFLGH-XVWLFH6RORQJDJRVRIDU
DZD\LWZDVWKDW,KDGILUVWHYRNHGWKHIDFHVDQGWKHPXWXDO
WUDJLFVLWXDWLRQRIWKHPHQRI'XUULVGHHU

0\VWRU\ZDVQRZZRUOGZLGHHQRXJK6FRWODQG,QGLDDQG
$PHULFDEHLQJDOOREOLJDWRU\VFHQHV%XWRIWKHVH,QGLDZDV
VWUDQJHWRPHH[FHSWLQERRNV,KDGQHYHUNQRZQDQ\OLYLQJ
,QGLDQVDYHD3DUVHHDPHPEHURIP\FOXELQ/RQGRQHTXDOO\
FLYLOLVHGDQGWRDOOVHHLQJHTXDOO\DFFLGHQWDOZLWK
P\VHOI,WZDVSODLQWKXVIDUWKDW,VKRXOGKDYHWRJHW
LQWR,QGLDDQGRXWRILWDJDLQXSRQDIRRWRIIDLU\
OLJKWQHVVDQG,EHOLHYHWKLVILUVWVXJJHVWHGWRPHWKHLGHD
RIWKH&KHYDOLHU%XUNHIRUDQDUUDWRU,WZDVDWILUVW
LQWHQGHGWKDWKHVKRXOGEH6FRWWLVKDQG,ZDVWKHQILOOHG
ZLWKIHDUVWKDWKHPLJKWSURYHRQO\WKHGHJUDGHGVKDGRZRIP\
RZQ$ODQ%UHFN3UHVHQWO\KRZHYHULWEHJDQWRRFFXUWRPH
LWZRXOGEHOLNHP\0DVWHUWRFXUU\IDYRXUZLWKWKH3ULQFH
V
,ULVKPHQDQGWKDWDQ,ULVKUHIXJHHZRXOGKDYHDSDUWLFXODU
UHDVRQWRILQGKLPVHOILQ,QGLDZLWKKLVFRXQWU\PDQWKH
XQIRUWXQDWH/DOO\,ULVKWKHUHIRUH,GHFLGHGKHVKRXOGEH
DQGWKHQDOORIDVXGGHQ,ZDVDZDUHRIDWDOOVKDGRZ
DFURVVP\SDWKWKHVKDGRZRI%DUU\/\QGRQ1RPDQLQ/RUG
)RSSLQJWRQ
VSKUDVHRIDQLFHPRUDOLW\FRXOGJRYHU\GHHS
ZLWKP\0DVWHULQWKHRULJLQDOLGHDRIWKLVVWRU\FRQFHLYHG
LQ6FRWODQGWKLVFRPSDQLRQKDGEHHQEHVLGHVLQWHQGHGWREH
ZRUVHWKDQWKHEDGHOGHUVRQZLWKZKRPDVLWZDVWKHQPHDQW
KHZDVWRYLVLW6FRWODQGLI,WRRNDQ,ULVKPDQDQGDYHU\
EDG,ULVKPDQLQWKHPLGVWRIWKHHLJKWHHQWKFHQWXU\KRZZDV
,WRHYDGH%DUU\/\QGRQ"7KHZUHWFKEHVLHJHGPHRIIHULQJ
KLVVHUYLFHVKHJDYHPHH[FHOOHQWUHIHUHQFHVKHSURYHGWKDW
KHZDVKLJKO\ILWWHGIRUWKHZRUN,KDGWRGRKHRUP\RZQ
HYLOKHDUWVXJJHVWHGLWZDVHDV\WRGLVJXLVHKLVDQFLHQW
OLYHU\ZLWDOLWWOHODFHDQGDIHZIURJVDQGEXWWRQVVRWKDW
7KDFNHUD\KLPVHOIVKRXOGKDUGO\UHFRJQLVHKLP$QGWKHQRID
VXGGHQWKHUHFDPHWRPHPHPRULHVRID\RXQJ,ULVKPDQZLWK
ZKRP,ZDVRQFHLQWLPDWHDQGKDGVSHQWORQJQLJKWVZDONLQJ
DQGWDONLQJZLWKXSRQDYHU\GHVRODWHFRDVWLQDEOHDN
DXWXPQ,UHFDOOHGKLPDVD\RXWKRIDQH[WUDRUGLQDU\PRUDO
VLPSOLFLW\DOPRVWYDFDQF\SODVWLFWRDQ\LQIOXHQFHWKH
FUHDWXUHRIKLVDGPLUDWLRQVDQGSXWWLQJVXFKD\RXWKLQ
IDQF\LQWRWKHFDUHHURIDVROGLHURIIRUWXQHLWRFFXUUHGWR
PHWKDWKHZRXOGVHUYHP\WXUQDVZHOODV0U/\QGRQDQGLQ
SODFHRIHQWHULQJLQWRFRPSHWLWLRQZLWKWKH0DVWHUZRXOG

48
DIIRUGDVOLJKWWKRXJKDGLVWLQFWUHOLHI,NQRZQRWLI,
KDYHGRQHKLPZHOOWKRXJKKLVPRUDOGLVVHUWDWLRQVDOZD\V
KLJKO\HQWHUWDLQHGPHEXW,RZQ,KDYHEHHQVXUSULVHGWR
ILQGWKDWKHUHPLQGHGVRPHFULWLFVRI%DUU\/\QGRQDIWHUDOO


&+$37(59,,35()$&(72
7+(0$67(52)%$//$175$(


$/7+28*+DQROGFRQVLVWHQWH[LOHWKHHGLWRURIWKH
IROORZLQJSDJHVUHYLVLWVQRZDQGDJDLQWKHFLW\RIZKLFKKH
H[XOWVWREHDQDWLYHDQGWKHUHDUHIHZWKLQJVPRUHVWUDQJH
PRUHSDLQIXORUPRUHVDOXWDU\WKDQVXFKUHYLVLWDWLRQV
2XWVLGHLQIRUHLJQVSRWVKHFRPHVE\VXUSULVHDQGDZDNHQV
PRUHDWWHQWLRQWKDQKHKDGH[SHFWHGLQKLVRZQFLW\WKH
UHODWLRQLVUHYHUVHGDQGKHVWDQGVDPD]HGWREHVROLWWOH
UHFROOHFWHG(OVHZKHUHKHLVUHIUHVKHGWRVHHDWWUDFWLYH
IDFHVWRUHPDUNSRVVLEOHIULHQGVWKHUHKHVFRXWVWKHORQJ
VWUHHWVZLWKDSDQJDWKHDUWIRUWKHIDFHVDQGIULHQGVWKDW
DUHQRPRUH(OVHZKHUHKHLVGHOLJKWHGZLWKWKHSUHVHQFHRI
ZKDWLVQHZWKHUHWRUPHQWHGE\WKHDEVHQFHRIZKDWLVROG
(OVHZKHUHKHLVFRQWHQWWREHKLVSUHVHQWVHOIWKHUHKHLV
VPLWWHQZLWKDQHTXDOUHJUHWIRUZKDWKHRQFHZDVDQGIRU
ZKDWKHRQFHKRSHGWREH

+HZDVIHHOLQJDOOWKLVGLPO\DVKHGURYHIURPWKHVWDWLRQ
RQKLVODVWYLVLWKHZDVIHHOLQJLWVWLOODVKHDOLJKWHGDW
WKHGRRURIKLVIULHQG0U-RKQVWRQH7KRPVRQ:6ZLWKZKRP
KHZDVWRVWD\$KHDUW\ZHOFRPHDIDFHQRWDOWRJHWKHU
FKDQJHGDIHZZRUGVWKDWVRXQGHGRIROGGD\VDODXJK
SURYRNHGDQGVKDUHGDJOLPSVHLQSDVVLQJRIWKHVQRZ\FORWK
DQGEULJKWGHFDQWHUVDQGWKH3LUDQHVLVRQWKHGLQLQJURRP
ZDOOEURXJKWKLPWRKLVEHGURRPZLWKDVRPHZKDWOLJKWHQHG
FKHHUDQGZKHQKHDQG0U7KRPVRQVDWGRZQDIHZPLQXWHV
ODWHUFKHHNE\MRZODQGSOHGJHGWKHSDVWLQDSUHOLPLQDU\
EXPSHUKHZDVDOUHDG\DOPRVWFRQVROHGKHKDGDOUHDG\DOPRVW
IRUJLYHQKLPVHOIKLVWZRXQSDUGRQDEOHHUURUVWKDWKHVKRXOG
HYHUKDYHOHIWKLVQDWLYHFLW\RUHYHUUHWXUQHGWRLW

,KDYHVRPHWKLQJTXLWHLQ\RXUZD\
VDLG0U7KRPVRQ
,
ZLVKHGWRGRKRQRXUWR\RXUDUULYDOEHFDXVHP\GHDUIHOORZ

49
LWLVP\RZQ\RXWKWKDWFRPHVEDFNDORQJZLWK\RXLQDYHU\
WDWWHUHGDQGZLWKHUHGVWDWHWREHVXUHEXWZHOODOO
WKDW
VOHIWRILW

$JUHDWGHDOEHWWHUWKDQQRWKLQJ
VDLGWKHHGLWRU
%XW
ZKDWLVWKLVZKLFKLVTXLWHLQP\ZD\"

,ZDVFRPLQJWRWKDW
VDLG0U7KRPVRQ
)DWHKDVSXWLWLQ
P\SRZHUWRKRQRXU\RXUDUULYDOZLWKVRPHWKLQJUHDOO\
RULJLQDOE\ZD\RIGHVVHUW$P\VWHU\

$P\VWHU\"
,UHSHDWHG

<HV
VDLGKLVIULHQG
DP\VWHU\,WPD\SURYHWREH
QRWKLQJDQGLWPD\SURYHWREHDJUHDWGHDO%XWLQWKH
PHDQZKLOHLWLVWUXO\P\VWHULRXVQRH\HKDYLQJORRNHGRQLW
IRUQHDUDKXQGUHG\HDUVLWLVKLJKO\JHQWHHOIRULWWUHDWV
RIDWLWOHGIDPLO\DQGLWRXJKWWREHPHORGUDPDWLFIRU
DFFRUGLQJWRWKHVXSHUVFULSWLRQLWLVFRQFHUQHGZLWK
GHDWK

,WKLQN,UDUHO\KHDUGDPRUHREVFXUHRUDPRUHSURPLVLQJ
DQQXQFLDWLRQ
WKHRWKHUUHPDUNHG
%XWZKDWLV,W"

<RXUHPHPEHUP\SUHGHFHVVRU
VROG3HWHU0
%UDLU
V
EXVLQHVV"

,UHPHPEHUKLPDFXWHO\KHFRXOGQRWORRNDWPHZLWKRXWD
SDQJRIUHSUREDWLRQDQGKHFRXOGQRWIHHOWKHSDQJZLWKRXW
EHWUD\LQJLW+HZDVWRPHDPDQRIDJUHDWKLVWRULFDO
LQWHUHVWEXWWKHLQWHUHVWZDVQRWUHWXUQHG

$KZHOOZHJREH\RQGKLP
VDLG0U7KRPVRQ
,GDUHVD\
ROG3HWHUNQHZDVOLWWOHDERXWWKLVDV,GR<RXVHH,
VXFFHHGHGWRDSURGLJLRXVDFFXPXODWLRQRIROGODZSDSHUVDQG
ROGWLQER[HVVRPHRIWKHPRI3HWHU
VKRDUGLQJVRPHRIKLV
IDWKHU
V-RKQILUVWRIWKHG\QDVW\DJUHDWPDQLQKLVGD\
$PRQJRWKHUFROOHFWLRQVZHUHDOOWKHSDSHUVRIWKH
'XUULVGHHUV

7KH'XUULVGHHUV
FULHG,
0\GHDUIHOORZWKHVHPD\EHRI
WKHJUHDWHVWLQWHUHVW2QHRIWKHPZDVRXWLQWKH
RQH
KDGVRPHVWUDQJHSDVVDJHVZLWKWKHGHYLO\RXZLOOILQGD
QRWHRILWLQ/DZ
V0(025,$/6,WKLQNDQGWKHUHZDVDQ

50
XQH[SODLQHGWUDJHG\,NQRZQRWZKDWPXFKODWHUDERXWD
KXQGUHG\HDUVDJR

0RUHWKDQDKXQGUHG\HDUVDJR
VDLG0U7KRPVRQ
,Q


+RZGR\RXNQRZWKDW",PHDQVRPHGHDWK

<HVWKHODPHQWDEOHGHDWKVRIP\ORUG'XUULVGHHUDQGKLV
EURWKHUWKH0DVWHURI%DOODQWUDHDWWDLQWHGLQWKH
WURXEOHV
VDLG0U7KRPVRQZLWKVRPHWKLQJWKHWRQHRIDPDQ
TXRWLQJ
,VWKDWLW"

7RVD\WUXWK
VDLG,
,KDYHRQO\VHHQVRPHGLPUHIHUHQFH
WRWKHWKLQJVLQPHPRLUVDQGKHDUGVRPHWUDGLWLRQVGLPPHU
VWLOOWKURXJKP\XQFOHZKRP,WKLQN\RXNQHZ0\XQFOH
OLYHGZKHQKHZDVDER\LQWKHQHLJKERXUKRRGRI6W%ULGH
V
KHKDVRIWHQWROGPHRIWKHDYHQXHFORVHGXSDQGJURZQRYHU
ZLWKJUDVVWKHJUHDWJDWHVQHYHURSHQHGWKHODVWORUGDQG
KLVROGPDLGVLVWHUZKROLYHGLQWKHEDFNSDUWVRIWKHKRXVH
DTXLHWSODLQSRRUKXPGUXPFRXSOHLWZRXOGVHHPEXW
SDWKHWLFWRRDVWKHODVWRIWKDWVWLUULQJDQGEUDYHKRXVH
DQGWRWKHFRXQWU\IRONIDLQWO\WHUULEOHIURPVRPHGHIRUPHG
WUDGLWLRQV

<HV
VDLG0U7KRPVRQ+HQU\*UDHPH'XULHWKHODVWORUG
GLHGLQKLVVLVWHUWKH+RQRXUDEOH0LVV.DWKHULQH
'XULHLQ
VRPXFK,NQRZDQGE\ZKDW,KDYHEHHQJRLQJ
RYHUWKHODVWIHZGD\VWKH\ZHUHZKDW\RXVD\GHFHQWTXLHW
SHRSOHDQGQRWULFK7RVD\WUXWKLWZDVDOHWWHURIP\
ORUG
VWKDWSXWPHRQWKHVHDUFKIRUWKHSDFNHWZHDUHJRLQJ
WRRSHQWKLVHYHQLQJ6RPHSDSHUVFRXOGQRWEHIRXQGDQGKH
ZURWHWR-DFN0
%UDLUVXJJHVWLQJWKH\PLJKWEHDPRQJWKRVH
VHDOHGXSE\D0U0DFNHOODU0
%UDLUDQVZHUHGWKDWWKH
SDSHUVLQTXHVWLRQZHUHDOOLQ0DFNHOODU
VRZQKDQGDOODV
WKHZULWHUXQGHUVWRRGRIDSXUHO\QDUUDWLYHFKDUDFWHUDQG
EHVLGHVVDLGKH,DPERXQGQRWWRRSHQWKHPEHIRUHWKH
\HDU<RXPD\IDQF\LIWKHVHZRUGVVWUXFNPH,
LQVWLWXWHGDKXQWWKURXJKDOOWKH0
%UDLUUHSRVLWRULHVDQG
DWODVWKLWXSRQWKDWSDFNHWZKLFKLI\RXKDYHKDGHQRXJK
ZLQH,SURSRVHWRVKRZ\RXDWRQFH

,QWKHVPRNLQJURRPWRZKLFKP\KRVWQRZOHGPHZDVD
SDFNHWIDVWHQHGZLWKPDQ\VHDOVDQGHQFORVHGLQDVLQJOH

51
VKHHWRIVWURQJSDSHUWKXVHQGRUVHG

3DSHUVUHODWLQJWRWKHOLYHVDQGODPHQWDEOHGHDWKVRIWKH
ODWH/RUG'XULVGHHUDQGKLVHOGHUEURWKHU-DPHVFRPPRQO\
FDOOHG0DVWHURI%DOODQWUDHDWWDLQWHGLQWKHWURXEOHV
HQWUXVWHGLQWRWKHKDQGVRI-RKQ0
%UDLULQWKH/DZQPDUNHWRI
(GLQEXUJK:6WKLVWKGD\RI6HSWHPEHU$QQR'RPLQL
E\KLPWREHNHSWVHFUHWXQWLOWKHUHYROXWLRQRIRQHKXQGUHG
\HDUVFRPSOHWHRUXQWLOWKHWKGD\RI6HSWHPEHUWKH
VDPHFRPSLOHGDQGZULWWHQE\PH

(3+5$,00$&.(//$5

)251($5)257<<($56/$1'67(:$5'217+(
(67$7(62)+,6/25'6+,3

$V0U7KRPVRQLVDPDUULHGPDQ,ZLOOQRWVD\ZKDWKRXUKDG
VWUXFNZKHQZHODLGGRZQWKHODVWRIWKHIROORZLQJSDJHVEXW
,ZLOOJLYHDIHZZRUGVRIZKDWHQVXHG

+HUH
VDLG0U7KRPVRQ
LVDQRYHOUHDG\WR\RXUKDQG
DOO\RXKDYHWRGRLVWRZRUNXSWKHVFHQHU\GHYHORSWKH
FKDUDFWHUVDQGLPSURYHWKHVW\OH

0\GHDUIHOORZ
VDLG,
WKH\DUHMXVWWKHWKUHHWKLQJV
WKDW,ZRXOGUDWKHUGLHWKDQVHWP\KDQGWR,WVKDOOEH
SXEOLVKHGDVLWVWDQGV

%XWLW
VVREDOG
REMHFWHG0U7KRPVRQ

,EHOLHYHWKHUHLVQRWKLQJVRQREOHDVEDOGQHVV
UHSOLHG,

DQG,DPVXUHWKHUHLVQRWKLQJVRLQWHUHVWLQJ,ZRXOGKDYH
DOOOLWHUDWXUHEDOGDQGDOODXWKRUVLI\RXOLNHEXWRQH

:HOOZHOO
VDLG0U7KRPVRQ
ZHVKDOOVHH

)RRWQRWHV

)LUVWSXEOLVKHGLQWKH&RQWHPSRUDU\5HYLHZ$SULO

0LOWRQ

52
0LOWRQ

0LOWRQ

$V39)ZLOOFRQWLQXHWRKDXQWXVWKURXJKRXU(QJOLVK
H[DPSOHVWDNHE\ZD\RIFRPSDULVRQWKLV/DWLQYHUVHRI
ZKLFKLWIRUPVDFKLHIDGRUQPHQWDQGGRQRWKROGPH
DQVZHUDEOHIRUWKHDOOWRR5RPDQIUHHGRPRIWKHVHQVH
+DQF
YRORTXDHIDFLOLVTXDHSDOOLRODWDYDJDWXU

&ROHULGJH

$QWRQ\DQG&OHRSDWUD

&\PEHOLQH

7KH9LVLQ
RI

7URLOXVDQG&UHVVLGD

)LUVWSXEOLVKHGLQWKH)2571,*+7/<5(9,(:$SULO

0U-DPHV3D\Q

$IRRWQRWHDWOHDVWLVGXHWRWKHDGPLUDEOHH[DPSOH
VHWEHIRUHDOO\RXQJZULWHUVLQWKHZLGWKRIOLWHUDU\
V\PSDWK\GLVSOD\HGE\0U6ZLQEXUQH+HUXQVIRUWKWR
ZHOFRPHPHULWZKHWKHULQ'LFNHQVRU7UROORSHZKHWKHULQ
9LOORQ0LOWRQRU3RSH7KLVLVLQFULWLFLVPWKHDWWLWXGH
ZHVKRXOGDOOVHHNWRSUHVHUYHQRWRQO\LQWKDWEXWLQ
HYHU\EUDQFKRIOLWHUDU\ZRUN

)LUVWSXEOLVKHGLQWKH%5,7,6+:((./<0D\

2IWKH%5,7,6+:((./<

)LUVWSXEOLVKHGLQWKH0$*$=,1(2)$57LQ

)LUVWSXEOLVKHGLQWKH,'/(5$XJXVW

1(3$6&21)21'5(1RWWKHVOLPJUHHQSDPSKOHWZLWKWKH
LPSULQWRI$QGUHZ(OOLRWIRUZKLFKDV,VHHZLWKDPD]HPHQW
IURPWKHERRNOLVWVWKHJHQWOHPHQRI(QJODQGDUHZLOOLQJWR

53
SD\IDQF\SULFHVEXWLWVSUHGHFHVVRUDEXON\KLVWRULFDO
URPDQFHZLWKRXWDVSDUNRIPHULWDQGQRZGHOHWHGIURPWKH
ZRUOG



7KH(QG

&RS\ULJKW‹YLUWXDOERRNVFRPEU
7RGRVRVGLUHLWRVUHVHUYDGRVD(GLWRUD9LUWXDO%RRNV2QOLQH0 0(GLWRUHV/WGD
eSURLELGDDUHSURGXomRGRFRQWH~GRGHVWDSiJLQDHPTXDOTXHUPHLRGHFRPXQLFDomR
HOHWU{QLFRRXLPSUHVVRVHPDXWRUL]DomRHVFULWDGD(GLWRUD

54