Professional Documents
Culture Documents
Brother by Michael PDF
Brother by Michael PDF
Uploaded by
amane72Original Title
Copyright
Available Formats
Share this document
Did you find this document useful?
Is this content inappropriate?
Report this DocumentCopyright:
Available Formats
Brother by Michael PDF
Brother by Michael PDF
Uploaded by
amane72Copyright:
Available Formats
7+(:+,7(%527+(5
$12&&8/7$872%,2*5$3+<
%<0,&+$(/-867(
/21'21 5,'(5 &R3$7(51267(5+286(%&
'(',&$7('7R7+(%527+(56
Downloaded from www.holybooks.com
&217(176
3$57,
3UHIDFH
7KH:DQGHUHUVRI-XSLWHU
,QFDUQDWLRQ $'UHDP
0HUOLQ$ZDNH
,$*5(<635,1*
'LYLQH(FKRHV
,,7KHRVRSK\
7KH&KLPHUDRI&OD\
,,,7KH-XQJOHVRI0D\D
7KH7RUFKEHDUHUV
,97KH0HHWLQJ
+XPDQ6SHFWUD
97KH)DOVH3URSKHW
7KH'DUN+RXVH
9,,QWKH%DVHPHQW
7KH$UP\2)'UHDPV
3$57,,
3UHIDFH
:KHQ(DUWK$ZDNHQV
, 9LVLRQVDQG0DJLF
7KH:DUULRUVRI(WHUQLW\
,, +HDOWK
7KH,VOHRI7LPH
9DULRXV2FFXOW7HDFKLQJV
7KH6LOYHU6LOHQFH
,9 7UDYHOVRQWKH0HQWDO3ODQHV
(SLORJXH
7KH$ZDNHQLQJ
3$57,
35()$&(
6HHNLQJLQWKHER[RIWDOHQWVKLGGHQLQWKHOXPEHUURRPRIP\PLQGWKHRQO\JLIWP\DQFHVWRUVOHIW
PHIRUWKHLUPDWHULDOVXEVWDQFHKDGYDQLVKHGORQJDJR,IRXQGDPRQJDVWUDQJHDVVRUWPHQWRIROG
UXVW\DQGEURNHQJLIWVDFOHDQDQGEULJKWO\FRORUHGTXLOOSHQ2YHUWKLV,SRQGHUHG:LWKZKDWPHQWDO
QRXULVKPHQW,PXVHGFDQ,IHHGLW"0\VKRHVKDYHQRWJDWKHUHGWKHGXVWRIWKHURDGVQRUKDYH,
ZDQGHUHGWRWURSLFDORULF\ODQGVZKHUHVWDOZDUWDQGVWHHO\H\HG$GYHQWXUHDZDLWVWKHWUDYHOHU1RU
KDYH,GLQHGXSRQWKHLQWHOOHFWXDODQGOHDWKHU\IRRGRIDFDGHPLFOHDUQLQJ7KHQWRZKDWXVHFDQ,SXW
WKLVQHZO\IRXQGLQVWUXPHQW"
0XUPXUHGDTXLHWYRLFH<RXUPHQWDOMRXUQH\LQJVKDYH\RXIRUJRWWHQWKHP",I\RXZLOOZULWHRI
\RXUPHQWDODQGRFFXOWDGYHQWXUHV,ZLOODOVRJLYHWR\RXVRPHQHZWHDFKLQJVWKDW,WKLQNZLOOLQWHUHVW
WKHP\VWLFDODQG7KHRVRSKLFVWXGHQW
6RDFFHSWLQJP\WHDFKHU
VRIIHUIRU,DPDSXSLOWRRQHZKRKDVZRYHQLQWRP\WKRXJKWWKHILQHO\
VSXQIDEULFRIORIW\EXWQRWLPSRVVLEOHLGHDOVDQGZKRKDVEHHQDVDEULGJHIRUPHEHWZHHQWZR
ZRUOGVWKLVGZDUILVKVSKHUHDQGWKHHYHULQFUHDVLQJORYHOLQHVVRIWKHVSLULW,DFFHSWHGZLWKJUHDWMR\KLV
RIIHUDQGZULWHWKDWZKLFK,KRSHPLQGVDQGKHDUWVZLOOZHOFRPH
)RUWKLVLVWKHFKURQLFOHRIDVWXGHQWZKRVRXJKWDQGEHFDPHWKHSXSLORIRQHGHHSO\OHDUQHGLQWKH
NQRZOHGJHRIWKH'LYLQH6FLHQFHV$QGLWKDVEHHQZULWWHQDVDUHFRUGDQGLQWKHKRSHWKDWWKRVHZKR
UHDGZLOONQRZWKDWXSRQWKLVSODQHWGZHOOEURWKHUVZKRDUHZLOOLQJ$QGHDJHUWRKHOSWKRVHZKRVHHND
NQRZOHGJHRIGLYLQHWKLQJV
7+(:$1'(5(562)-83,7(5
*UHHWLQJVIURPWKHLPPRUWDOVRIWKHKLOOVWRWKRVHRWKHYDOOH\V7RWKRVHZKRDUHVOHHSLQJWRWKRVH
ZKRKDYHVOHSWDQGKDYHQRZDZDNHQHG$OOWZLVWHGZRUGVZLOOEHVWUDLJKWHQHGEHIRUHWKHQXSWLDOVRI
7UXWK6LONHQIODWWHULHVZLOOEHH[FKDQJHGIRUKRQHVWOLQHQDQGWKHZKLWHUREHVZRUQE\DOO
*UHHWLQJVWRWKHZDQGHUHUVIRUKRPHVZLOOEHJLYHQWKHP7KHVXQZLOODZDNHQLQWKHLUKHDUWVDQGLWV
UD\VIODPHIURPWKHLUIRUHKHDGVDQGWKHUD\VZLOOIODVKIURPWKHLUKDQGVOLNHVZRUGVRIILUHWRWKRVHZKR
KDYHPHDVXUHGIDOVHO\)RUWKHZDQGHUHUVZLOOEHWKHVHUYDQWVRI-XSLWHUZKRZLOODJDLQDZDNHQ
*UHHWLQJVDQGORYHIURPWKHKLGGHQEURWKHUVWRDOO
,1&$51$7,21 $'5($0
,WZDVWLPHWRGLYHLQWRWKHZLOGHUQHVVRIPDWWHU WRGRQWKHVXLWRIIOHVKDQGWRJDWKHUWKHPDWHULDORI
WKHVRXOWKHKDUYHVWHGYLFHVDQGYLUWXHVRISDVWOLYHV WROHDYHVKLQLQJUHJLRQVZKHUHORYHIORZHUHG
VLPSO\DQGVZHHWO\EH\RQGWKHWKUDOGRP RI7LPH$UHDOPZKHUHEHLQJVXQKXUULHGDQGXQSHUWXUEHG
FUHDWHGE\FDOPWKRXJKWWKHELUWKRIHYHQWVIRUWKHJXLGDQFHDQGJURZWKRIWKHYR\DJHUQDPHG0DQ
7KHFKDUWRIP\MRXUQH\OD\EHIRUHPH'DUNURFNVYHLOHGLQWKHPDQHVRIFKDUJLQJVHDVVKRQH
VRPEHUO\RQWKHDQLPDWHGPDSRIP\IXWXUHOLIH6WDUNKHDGODQGVVPRRWKDQGULVLQJKLJKDQGJORZLQJ
DVWKRXJKSODWHGLQVKHHWVRIEURQ]HKHOPHWHGZLWKEDUHUD]RUVKDUSHQHGVWRQHVVWRRGVWHUQO\DPLGWKH
DQJU\ZDYHVZKHUHLQWKHUHIOHFWLRQRIDVPDOOFORXGEOXUUHGVXQJULPDFHGGLVWRUWHGE\WKHULSSOHV
ZKLOHWKHWZLQWLGHVRIGDUNQHVVDQGGD\HEEHGDQGIORZHGZLWKDKRUULEOHPRQRWRQ\DERXWWKDW
VWUDQJHO\EHDUGHGZRUOG
7KHFUXGHVWRQHQHVWVRIPDQOD\KXGGOHGLQYDVWVKDSHOHVVPDVVHVEHDGHGZLWKLQQXPHUDEOHVSRWV
RIOLJKWWKDWGDZQHGDWQLJKWDQGVHWDWPRUQDQG,VHHPHGWRKHDUIDLQWWKUHDGVRIVRXQGKHDY\ZLWK
DQJXLVKDQGVRUURZDVFHQGIURPWKLVJOREHDQGSODLQWLYHO\DQGVORZO\GLHDZD\PLQJOHGZLWKWKHVLJKV
RILUUHJXODUEUHDWKLQJWKDWURVHIURPSDUFKHGVRXOVWKDWVOHSWWKURXJKWKHKRYHULQJWLGHVRIQLJKW$QG
ZKLWHFRQHGKXPSVDQGWUHHEXUGHQHGFDUDSDFHVWKDWJUHZXSRQWKLVGDUNDQGWHUULEOHSODQHWSDVVHGLQ
VORZSURFHVVLRQEHIRUHP\H\HV2QO\WKHJOLPPHULQJULEERQRIULYHUDQGVWUHDPDQGWKHKXPEOHVFHQW
RIVK\IORZHUVJDYHPHDOLWWOHVWUHQJWKIRUP\FRPLQJMRXUQH\
$QGDV,ZDWFKHGWKHYLVLRQRIP\SUHRUGDLQHGSLOJULPDJHDJHQWOHYRLFHPXUPXUHGWRPH ,QWKDW
VPDOOVSKHUHGZHOOWKHZLOGVRXOHGRQHVZKRVHDJRQL]HGIUDPHVDUHVFRUFKHGE\WKHILUHVRIEXUQLQJ
DQGUDYHQRXVKHDUWV7KHUHGHVWUXFWLYHDQGZLOOIXOJRGVGZHOOWKHEUHWKUHQDQGPXVLFLDQVZKRSOD\WR
WKHLULQKDELWDQWVPDOLJQDQWUKDSVRGLHVHYRNLQJIURPWKHPDWHUULEOHFKRLURISDLQ3HHUPRUHGHHSO\LQWR
WKHYHLOLQJVRIWKDWSLFWXUH
6KXGGHULQJO\ DQGIHDUIXOO\,REH\HGDQGWKHFKDUWRIP\YR\DJHGLVVROYHGEHIRUHWKHVKULQNLQJ
H\HVRIWKHVSLULW IRUDVKDGRZ\DUHQDURVHZKHUHLQILOP\FORXGVRIVFDUOHWDQGJUH\ PLVWVZLUOHGDQG
ZULWKHGOLNHOLYLQJIXPHVDPLGFRQYXOVHGDQGIUHQ]LHGWKURQJVZKRVKULHNHGDQGJUDSSOHGDQGIRXJKW
ZLWKRQHDQRWKHU$ERYHWKH
&LUFOHWLWDQLFDQGHYLOJRGVXSRQWKHLUWKURQHVDWHUULEOHFRQFRXUVHRIWKHGDUNSDVVLRQVDQGSRZHUV
ZKRVHH\HVILHU\ZLWKDYDVWOXVWJODUHGSLHUFLQJO\XSRQWKHWRUPHQWHG \HWWKHVHJRGVZHUHWKH
PRQVWURXVFKLOGUHQRIWKHEDWWOLQJKRVWVFUHDWHGIURPWKHILHUFHKDWHVDQGGHVLUHVRIPDQNLQGWKURXJK
WKHDJHV
+HUHVDWJDXQWDQGWKLQIOHVKHG+XQJHUQDNHGERZHGDQGVZD\LQJDVLFNO\IODPHZDYHULQJIHHEO\
LQKLVH\HVIRUKHFRXOGJDLQQRQRXULVKPHQWIURPKLVPDNHUVEXWRQO\WKHSDQJVRIVWDUYDWLRQ$QG
QHDUE\FURXFKHGWKHFURRQLQJDQGPXPEOLQJKDJ0DGQHVVKHUVSDUVHDQGJUH\ GLVKHYHOHGKDLU
HQWDQJOHGLQWRUQJDUPHQWVWKDWVKRZHGD\HOORZDQGZLWKHUHGIOHVKZKLOHKHUORQJILQJHUVVFUDEEOHG
DQGWRUHGHVSHUDWHO\DWVSHFWUHV KHUJOD]HGDQGVKLQLQJH\HVDORQHFRXOGVHHDQGDZDWHU\IRDPWULFNOHG
IURPKHUORRVHO\KDQJLQJOLSV,VDZWKHJRGRI:DUZLWKWKHKHDGRIDZROIDQGDPDQHWKDWFXUWDLQHG
KLPLQDGHHSUHGILUHKRZOLQJDVRQJRIHYLOMR\-HDORXV\DQG+DWH/XVWDQG*UHHGDOOVDWJD]LQJLQWR
WKHFLUFOHDQGKXQJULO\EDQTXHWHGXSRQWKHSDLQVRIWKHWRUPHQWHG WKHLUMDZVOLWE\JOHDPLQJWXVNV
RSHQLQJZLGHDQGUROOLQJIRUWKDKLGHRXVDQWLSKRQ\DUK\WKPLFODXJKWHUDEODFNDQGXQKRO\PHUULPHQW
ZKHUHLQWUHPEOHGGHHSQRWHVRIZHHSLQJULVLQJIURPWKHVWUDQJOLQJ VRXOVDQG GZLQGOLQJDZD\LQWRD
EOHDNDQG GLVWDQWKDUPRQ\,WZDVDGHDGO\ODXJKWHUWKDWVKRRNWKHIUDPHRIWKDWVPDOOZRUOGUHHFKRLQJ
LQP\VRXOWLOOWKHGDUNIODPHRIVRXQGHQIROGHGP\VHQVHVOLNHDEXUQLQJVKURXGXQWLO,FRXOGEHDUWKH
YLVLRQDQGSDLQQRORQJHUEXWWXUQHGDZD\DQGZDWFKHGLQWKHGLVWDQFHWKHJDWKHULQJRIWKHVZLIWDQG
VOLPRUHDGV XSRQWKHJUHHQDQGEORVVRPVSULQNOHGPRXQWDLQVXPPLWV,VDZWKHLUKDLUOLNHYHLOVRI
VQRZ\PLVW WKHLUSDOHDQGIORZHUOLNHIDFHVDXUHROHG LQDQLPSHUFHSWLEOHQLPEXV WKHLULOOXVLYHOLPEV
GDQFLQJLQKDUPRQ\WRWKHYDJXHWUHPRURIWKHUHGROHQWZLQGVWKDWIOXWWHUHGDQGFDUHVVHGWKHLU
FHUHPHQWVDVQHEXORXVDVWKHLUIRUPVWKDWFRQVWDQWO\GLVVROYHGDQGUHDSSHDUHGIURPWKHYLHZOHVV
HOHPHQWVRIWKHDLU$QGD ZDYHULQJDQGWKLQO\VSXQZHERIPXVLFGULIWHGODQJXLGO\XSIURPWKH
IDXQKDXQWHGYDOOH\VZKHUHWKHWUHHWRSVZKRVHERXJKVDQGOHDYHVVKRQHOLNHGHOLFDWHDQGFU\VWDOOLQH
JUHHQIODPHVTXLYHUHGDQGVZD\HGLQWKHK\DOLQHDLUZKLOHEUXVKHGE\WKHILOP\JDUPHQWVRIWKH
QHYHUUHVWLQJV\OSKV:KLOHIURPDQHDUE\SRRORIXQUXIIOHGDQGFOHDUJROGHQZDWHUDJHQWOH
IDLUWUHVVHGQ\PSKURVHVPRRWKO\DQGVRUURZIXOO\WRELGPHIDUHZHOO)URPWKLVUHDOPRIVHUHQH\RXWK
RIZKLWHDQGIORZHUZUHDWKHGWHPSOHVKHUHJRGVFKLOGOLNHDQGVLPSOHWKHHVVHQFHRIXQIRUJRWWHQDQG
HWHUQDOZLVGRPZHUHZRUVKLSSHGZDV,EDQLVKHGWRGLYHDQGGURZQLQWKHPDOLFLRXVDQGWXUEXOHQW
ZDYHVRISDVVLRQDQGGHVLUH
6ORZO\WKHQHEXORXVRUHDGVJUHZPRUHYDJXHWKHLUOLJKWDQGLOOXVLYHVWUDLQVRIVRQJOLQJHULQJDQG
HFKRLQJLQWRP\PXIIOHGVHQVHVEHFRPLQJILQHUDQGILQHUZDQLQJDZD\XSRQKHLJKWVP\ZHDNHQLQJ
KHDULQJFRXOGQRORQJHUIROORZ7KHVHUHQHPRXQWDLQFUHVWVORRPHGIURPDQHYHULQFUHDVLQJGLVWDQFH
WKHZKLWHWHPSOHVEHFDPHEOXUUHGDQGZRUHDPDVNRIGHHSHQLQJJUH\ WKDWVSUHDGEHIRUHP\H\HV ZKLOH
DGLDSKDQRXVPLVWWUHPEOLQJDPLGWKHVKLQLQJZRRGODQGVJUDGXDOO\KLGIURPP\VLJKWWKHQ\PSKVDQG
IDXQVZKRVHIUDJLOHPXVLFKDGORQJVLQFHHEEHGOHDYLQJPHSRLVHGZLWKLQDQDE\VVRIGHDWKO\DQGXWWHU
VWLOOQHVV$QGLQWKDWJUHDWSDXVHORYHDQGSHDFHDQGDOOWKHTXLHWPRRGVDQGYLVLRQVRIWKHVSLULWZHUH
HUDVHGHUH,ZDVGUDZQLQWRWKHFRQIOLFWRIPDWWHU
'HVSHUDWHO\DQGLQWHUULEOHDQJXLVK,VWUXJJOHGIRUDQLQYLVLEOHFXUUHQWGUHZPHKHOSOHVVO\DORQJ
JDVSLQJDQGVKXGGHULQJDJDLQVWWKHFRDUVHFRQWDFWRIWKHZRUOGRIPDWWHUWKDWZUDSSHGPHLQDEODFN
PDVVRIVXIIRFDWLQJIRUFH,VDQNZLWKDKRVWRIRWKHUZHHSLQJVSLULWVLQWRWKHSULVRQKRXVHRIFOD\DQG
ZLWKDODVWFU\RIDJRQ\EHFDPHXQFRQVFLRXV
0(5/,1$:$.(
0HUOLQDZDNHDQGZLWK\RXUPDJLFHQFKDQWWKHZRRGVDQGZDWHUV6WULNHRXUH\HOLGVZLWK\RXU
ZDQGWKDWZHPD\VHHWKHPRRQOLJKWORYLQJQ\PSK WKHVHDUREHGQHUHLGDQGWKHFORXGYHLOHGV\OSK
WKHVDODPDQGHULQWKHFRUHRIIODPHDQGWKHEHDUGHGJQRPHHQVKULQHGLQWKHEUHDVWRI(DUWK&DOODJDLQ
WKHWURXEDGRXUVIURPWKHLUKHDY\VOXPEHUWRVHUHQDGHWKHHYHQLQJOLO\DWKHUFDVHPHQW7UXPSHWWRWKH
WRXUQDPHQWWKHNQLJKWVRIFKLYDOU\HQFDVHGLQWKHLUJOLQWLQJSHWDOVRIVLOYHUDQGJROG%LGWKHPUDLVH
WKHLUSHQQRQVLQWKHJUH\PLVWRIWRGD\
(UHWKHFOD\FDQEHUHILQHGWRIHHOWKHVZHHWZLQGRIWKHVSLULWDQGKHDUWKHIDLQWZKLVSHURIWKH
ZLVGRPWKDWPRYHVWKHVWDUV HUHWKHVRXOFDQVHQVHWKHKDUPRQLRXVUK\WKPLQWKHPRVWVRPEUH DQG
FKDRWLFRIWKLQJVDQGZDONEHQHDWKWKHFDOPVSOHQGRXU RIWLPHOHVVPRUQLWPXVWEHFODGLQWKHGDUN
YHVWPHQWVRIVRUURZ7KHYDXOWRIGD\PXVWIDGHLQWRVWDUOHVVQLJKWEOXUULQJWKHKLOOVZKHUHWKHKHUDOGV
RIEHDXW\WUXPSHWIRUWKWKHLUPHVVDJHVWRPDQ
6RXOVWKDWZRXOGEHSURPHWKHDQVPXVWFRQTXHUWKHGUDJRQZLWKLQDQGWKHPLUDJHWKDWZRXOGDOOXUH
WKHPIURPWKHZKLWHURDG7KHVWUHQJWKRILPSDVVLYHFOLIIVDQGWKHGHOLFDWHVZLIWQHVVRIWKHKLQGZLOOEH
WKHLUVZKHQWKH\KDYHFRQTXHUHG%XWEHIRUHYLFWRU\FRPHVWKHORQHOLQHVVRIWKHQLJKW
,IWKH\DUHWKHUHHGEORZHUVZKRUHHFKRWKHPXVLFRI1DWXUHWKHUHUHHGVZLOOEHFRPHEULWWOHDQG
FUDFNHGDQGFKRUGVRQFHFOHDUO\KHDUGZLOOEHIDLQWDVUHPHPEHUHGIUDJUDQFH7KHLQVWUXPHQWDQGWKH
FDQYDVWKHKDPPHUDQGWKHPDFKLQHZLOOEHODLGDVLGH)RUDOOWKLQJVZLOOEHVDSOHVVDQGZLWKRXW
QRXULVKPHQW7KHZLQJHGVWHHGVRIWKHLPDJLQDWLRQVKDOOVOHHSEXWIURPWKHVHHGVRIWRUPHQWZLOOJURZ
WKHIORZHUVRIDPDUDQWK
&+$37(5,
$*5(<635,1*
,FDPHWRELUWKLQDVDOORZDQGEHGUDJJOHGTXDUWHURIDJUHDWFLW\ZKHUHVHUYLOHDQGOHDQIDFHG
EHLQJVORXQJHGWKURXJKQDUURZPDORGRURXVFRXUWVDQGVLFNO\FRORUOHVVVWUHHWVWKHLUOLSVVSLWWLQJ
OHFKHURXVZRUGVWKHLUH\HVEXUQLQJZLWKKXQJHURUOHHULQJZLWKOXVW
,QWKLVJUH\DWPRVSKHUHDPRQJWKRXVDQGVPRUHZDV,ERUQDZDQGHUHUEXUGHQHGZLWKWKHFURVVRI
SRYHUW\:KDWWHUULEOHVLQZHZHDNOLPEHGVRXOVKDGFRPPLWWHG,NQRZQRW1HYHUWKHOHVVP\SRVLWLRQ
ZDVQRWDVEDGDVWKHSRVLWLRQRIPDQ\RWKHUVIRUP\SDUHQWVZHUHQRWLOOLWHUDWHFRDUVHRUXQFOHDQWKH\
ZHUHVLPSO\SRRUDQGWKH\SRVVHVVHGDVWURQJPRUDOILEHUWKDWZDVDVDSURSWRWKHLUFKLOGUHQJLYLQJ
WKHPVWUHQJWKWRFRPEDWWKHWZLVWHGGHVLUHVDQGSDVVLRQVWKDWPROGHGWKHVRXOVRIPDQ\PDGHZHDN
WKURXJKJUHDWVXIIHULQJVDQGVWDUYHGFKDUDFWHU
2XUZRUOGZDVSDLQWHGLQDOOWKHWLQWVRIJUH\ JUH\VWUHHWVJUH\IDFHVJUH\PLQGVDQGKHDUWV,WZDV
DVWKRXJKWKH\KDGEHHQZURXJKWDQGVNHWFKHGZKHQLQWKHODVWSKDVHVRIF\QLFLVPE\DQHPELWWHUHG
DQGXQVXFFHVVIXOSDLQWHU$QGWKHDWWLWXGHVDQGGUDEQHVVRIWKHVHSRRUSHRSOH
VILYHVVHHPHGWREHWKH
UHVXOWRIKLVSKLORVRSK\RIGHVSDLU7KHYRLFHVWKDWKXUWWKHDLUZHUHORXGDQGXQPXVLFDO ODQJXDJHZDV
EDWWHUHGDQGPRQRWRQRXVO\OLYLGZLWKRDWKV ODXJKWHUZDVKDUVKDQGMHHULQJDQGDVODXJKWHUVKRZVWKH
LPSULQWDQGVWDWHRIWKHVRXOVRRQHFRXOGUHDGZLWKLQWKRVHUDJJHGYRLFHVWKHV\PEROVRIWKRXJKWOHVV
DQGXQKDPSHUHGGHVLUHV2QHFRXOGVD\WKDWWKH\KDGFKDUDFWHUVWKDWKDGQHYHUEHHQJLYHQDZDVK
FKDUDFWHUVZKHUHRQWKHVRRWRIWKHFLW\OD\WKLFNO\VSUHDG
1RZWKHSHRSOHVXIIHUHGIURPDVRXOGLVHDVH,IWKH\KDGKDGDQ\SK\VLFDOSODJXHWKH0HGLFDO
$XWKRULWLHVZRXOGKDYHKDGWKHPWDNHQDZD\DQGWKHLUKRXVHVFOHDQVHGDQGGLVLQIHFWHGEXWDVWKH\RQO\
VXIIHUHGIURPPHQWDODQGPRUDOVLFNQHVVHVWKDWZHUHHTXDOO\FDWFKLQJWKH\ZHUHSHUPLWWHGWRVSUHDG
WKHVHGLVHDVHVWRWKHLUQXPHURXVXQFOHDQRIIVSULQJ$QGQRZ,VHHWKHPIURPDGLIIHUHQWVWDQGSRLQW,
VHHWKHPDOODVFKLOGUHQZKRKDGUXQDZD\IURPWKHLUJUHDWDQGNLQGPRWKHU1DWXUH%HFRPLQJDVORVW
FKLOGUHQQHJOHFWHGDQGPDGHYLFLRXVFXQQLQJDQGPLQGOHVVLQWKHZKLUOSRRORIDJUHDWFROGDQG
XQLQWHUHVWHGFLW\
+HUHVDYDJHU\KDGWUXO\EHFRPHWKHVWHSPRWKHUDQGKDGXVXUSHGWKHWKURQHRIKXPDQLW\
VWUXH
SDUHQW 1DWXUHYDFFLQDWLQJKHUKHOSOHVVVWHSFKLOGUHQZLWKKHURZQHYLOYLUXVWKDWEOHDUHGWKHEULJKWH\H
DQGPDGHEORRGOHVVWKHIUHVKDQGIDLUVNLQRI\RXWK
,WZDVVRFLHW\LQDQXQVKDYHQVWDWHZKRVHXQZDVKHGDQGXQFRPEHGDWPRVSKHUHPXGGLHGDQG
EORWWHGRXWWKHQREOHUVSRWVRIWKHVRXO$QGVXFKZDVLWVSRZHUWKDWRQO\WKHXQFRQTXHUDEOHDQGILQHU
VSLULWRIDPDQFRXOGHPHUJH%XWLWZDVQRWSRYHUW\DORQHWKDWGLVFRORUHGDQGEHJULPHGWKHVHIRUORUQ
VWUHHWVEXWVRPHWKLQJPRUHWHUULEOHPRUHSRWHQWIRUHYLODQGSDLQLWZDVLJQRUDQFH,WZDVWKLVDSSDOOLQJ
LJQRUDQFHWKDWPDGHSRYHUW\VRKRUULEOHVREHDVWO\0DGHWKHJDLHW\ODQJXDJHDQGPDQQHUVRIWKHVH
SHRSOHRQHORQJFRQWLQXRXVQLJKWPDUH
+DGWKHVHSHRSOHHYHQDVHQVHRIEHDXW\WKHVWUHHWVDQGURRPVLQZKLFKWKH\GZHOWZRXOGKDYH
EHFRPHPRUHEHDUDEOHDQGOHVVOLNHDFRQFHSWLRQRIDILIWKUDWH+DGHV$QGKRZDUURJDQWWKH\ZHUH
+RZVQREELVK+RZZDVWHIXO:KDWSLFWXUHVDULVHLQP\PLQGDV,WKLQNRIWKHPDOO
,VHHDQROGVWXQWHGZRPDQOLNHDQDQLPDWHGZLWFK
VFDXOGURQZKHUHLQVWLUVDOOWKHYHQRPJDWKHUHG
IURPWKHMXQJOHXQGHUJURZWKRIVOXPODQGVWDQGLQJZLWKUDJJHGO\FORWKHGERG\UDJHFRQWRUWHGDQG
YLJRURXVZLWKKDWHEHQHDWKWKHVZHDWLQJDQGUXPEOLQJGDUNQHVVRIDUDLOZD\DUFK+HUWKLQKDQGV
EODFNULPPHGDQGZULQNOHGROGDQGEORWFKHGDQGORRVHVNLQQHGEHQHDWKZKLFKUXQKRWFXUUHQWVRI
JLQSRLVRQHGEORRGDUHUDLVHGWKUHDWHQLQJO\DJDLQVWWKHVN\DVWKRXJK FXUVLQJLW6KHVHHPVWREHWKH
XOWLPDWHHVVHQFHVRIDOOWKHYLUWXHVRI+HOODQGVWDQGLQJEHIRUHDJURXSRIDPXVHGVSHFWDWRUVDIRXO
WKLQJLQYLVLEO\IUDPHGLQDPHGOH\RIVWDOHDQGWKURDWVXIIRFDWLQJVPHOOVKHUFDFNOLQJDQGWZLVWHGYRLFH
FURDNVLWVGUXQNHQVRQJRIEODVSKHP\
+HUHLV6DWXUGD\QLJKWDQGPHQDQGZRPHQXSRQZKRPWKHILQHU\RIDQRWKHUGD\ZDVPHOORZHG
VKXIIOHDQGVSUDZODQGKLFFRXJKXQPHORGLRXVO\VHQWLPHQWDOVRQJVWRDGRXEOHPRRQRULQWRRQH
DQRWKHU
VEOHDUHGDQGPLVW\IDFHV7KHFUDVKRIEUHDNLQJJODVVDQGWKHFXUVHDQGVKULHNRIDZRPDQ
PLQJOHGZLWKWKHORZJURZOVRIDPDQVWDUWOHVWKHHDU
,WLV6DWXUGD\QLJKWDQGWKHUHLVDIHYHULVKTXDOLW\LQWKHDLU3UHYLRXVWRGXVNDWKLQFOLQJLQJUDLQ
KDVHQGHDYRUHGWRUHIUHVKDVRPHZKDWFODPRURXVKHFWLFGD\%XWRQO\IRUDOLWWOHZKLOHGLGLWGURSWKHQ
FHDVHGLQDYDJXHIRUORUQPDQQHU$QGQRZWKHSDYHPHQWVDQGURDGZD\VKDYHWDNHQDGYDQWDJHRIWKH
PRLVWXUHDQGPLQJOHWKHGXVWDQGWKHUDLQLQDILOPRIVWLFN\JUH\PXG$PXGWKDWVHHPVQDWXUDODQG
ILWWLQJIRUWKHPRQRWRQRXVVWUHHWVDQGJULP\EUXLVHGORRNLQJKRXVHV$PXGWKDWLVDILWWLQJV\PEROWR
WKHPXGGLQHVVRIWKHSHRSOH
VOLYHVDQGWKRXJKWV$PXGWKDWZRXOGFDNHODWHURQLQWREOREVRIGXVW
DERXWWKHORZHUFORWKLQJRIWKHLQKDELWDQWV$QGQRZWKHVOXPVKDYLQJEHHQJDUEHGLQWKHLUQDWXUDOKXHV
WKHIODULQJEODULQJQLJKWVHWVLQ
7KHSODLQVWUHHWODPSVKHVLWDWHWKHQVSULQJLQWROLJKWDWWKHWRXFKRIWKHVKDEE\ODPSOLJKWHUV
LOOXPLQDWLQJLQDEOXUUHGPDQQHUWKHGDPSVWDOHVPHOOLQJVWUHHWVZKHUHIURPPRYHPLQJOHGDQ[LHW\DQG
VDYDJHU\LQWKHIRUPVRIPHQDQGZRPHQPDUNHWZDUGV/HWWKHUHEHQRIDOVHVHQWLPHQW)RUWKHUHZHUH
IHZXQXVHGDQGIXOORIDQJXLVKDWWKHPDQQHULQZKLFKWKH\OLYHG)RULPDJLQDWLRQORIW\DPELWLRQDQG
UHVWOHVVQHVVDWWKHVWDWHLQZKLFKWKH\OLYHGZHUHNQRZQDQGIHOWE\IHZ9LFWRU\LQDTXDUUHO ZLQGIDOOV
LQDJDPEOH DQGDOHQJWK\SXEOLFKRXVHGHEDXFKZHUHWKHJROGHQPRPHQWVRIWKHLUOLYHV7KRXJKRIWHQ
EODFNSHULRGVRILPSULVRQPHQWRFFXUUHGWKHVHZHUHDFFHSWHGSKLORVRSKLFDOO\
7RZDUGVWKH\HOORZDQGUHGJUHHQDQGSXUSOHPDVVHVRIIUXLWDQGYHJHWDEOHVFURZQHGZLWKMHWVRI
KLVVLQJILUHDQGVWDOOVDVSUDZOZLWKFOXPV\FDEEDJHVUHFNOHVVO\SLOHGPRXQGVRISRWDWRHVDQGRWKHU
SURGXFHWKHVHSHRSOHPRYH7KHDLUZDUPDQGILOOHGZLWKWKHFODPRURIKRDUVHO\EHOORZLQJYRLFHV
ORXGO\EDUJDLQLQJYRLFHVVRIWJHQWOHPDQO\YRLFHVRITXDFNVDQGSODLQWLYHYRLFHVRISHGODUVDQG
EHJJDUV:KLOHFKLOGUHQPDNHFXQQLQJDWWHPSWVWRVWHDOIURPXQZDWFKIXOFRVWHUV
,WLV6DWXUGD\QLJKWDQGXQFRQVFLRXVFRPHG\LPSXOVLYHEUXWDOLW\DQGKDUURZLQJWUDJHG\DUH
TXLFNHQHGLQWKHLUPRYHPHQWV$QGWKHORXGQHVVRIWKHLUYRLFHV WKHQHYHUHQGLQJORXGQHVVRIWKHLU
YRLFHV
2QFHZHOLYHGLQDFRXUW,ZDVYHU\\RXQJWKHQEXW,VWLOOUHPHPEHUWKHSLFWXUHRIDZRPDQZKR
KDGUXQDZD\IURPDILJKW6KHKDGDOVREURNHQDSDQHRIJODVVDQGKHUKDQGVZHUHVPRWKHUHGLQEORRG
WKDWVKHZDVKHGDZD\EHQHDWKWKHWDSLQRXU\DUG,EHOLHYHVKHZDVDQRWRULRXVGUXQNHQFKDUDFWHUDQG
VKHOLYHGLQWKHGLVUHSXWDEOHTXDUWHURIWKHFRXUWRXUSDUWZDVUHVSHFWDEOHVLQJLQJDQGVKRXWLQJDQG
TXDUUHOOLQJQLJKWDIWHUQLJKW,JD]HGLQZRQGHUDWKHUDJLWDWHGDSSHDUDQFHDWKHUWRUQGUHVVDQGEORXVH
DQGIOXVKHGIDFH7KHUHZDVQRDWWHPSWRQWKHSDUWRIWKHJURXSWKDWVXUURXQGHGKHUWRVHQGWKHFKLOGUHQ
DZD\:HZHUHVXSSRVHGWREHXVHGWRVXFKWKLQJV%XWZHGLGQRWOLYHORQJLQWKDWSODFH
,QWKHVHVWUHHWVFKLOGUHQZLWKGHOLJKWIXOQDLYHWHLQGXOJHGLQWKHIXOOIOHGJHGVLQVRIPDWXULW\$QG
HYHQQRZ,FDQKHDUWKHFRQWLQXDOZKLPSHULQJDQGVKRXWLQJRIWKHVHFKLOGUHQ6KDUSIDFHGDQGQHJOHFWHG
RQHVZKRVHPRXWKVUHHFKRHGWKHIRXORDWKVRIWKHLUHOGHUVDQGWKHPRUHIRXOWKHSURXGHUEHFDPHWKHLU
SDUHQWV$QGWKRXJKWKHVXQVKRQHDVEULJKWO\LQRXUTXDUWHUDVHOVHZKHUH\HWPHQWDOO\,KDYHDOZD\V
VHHQWKRVHVWUHHWVGUDSHGLQDYHLORISHUSHWXDOWZLOLJKWDQGPLVW,WZDVDQDWPRVSKHUHWKDWOLNHDKLGGHQ
FRZORSSUHVVHGDQGGHSUHVVHGDOOWKRVHOLYLQJZLWKLQLWVRUELW$GLVWULFWZKHUHLQVWXQWHGDQGEOHDN
KRXVHVSDLQWHGE\GLUWDQGWLPHZLWKPROGHULQJEULFNZRUNEDWWHUHGGRRUVDQGWUHPEOLQJVWDLUFDVHV
ZLWKZLQGRZVKROGLQJWDWWHUHGZLVSVRIFXUWDLQRUREORQJVRIFDUGERDUGDQGVWXIIHGVDFNVVWRRGRU
OHDQHGLQDEMHFWRUIRUORUQURZVZKLOHXSRQJUHDV\VWHSVVDWJURXSVRIVODWWHUQO\ZRPHQDQGWKHLUGLUW\
RIIVSULQJ6TXDORUVSUHDGDWKLFNILOPRYHUDOODQGIRUDVHQVLWLYHDQGLPDJLQDWLYHFKLOGLWZDVDKHDY\
DQGFRQWLQXDOKRUURU
$QGQRZDVUHPHPEUDQFHXQUROOVEHIRUHPHWKLVVDGWDSHVWU\RIWKHSDVW,VHHWKLVFLW\LQLWVWUXH
VSLULW6KHLVKDQGVRPHKHDGHGDQGULFKO\FURZQHGTXHHQZLWKSDVVLRQDWHVKLQLQJH\HVDQG
GLDPRQGJOLWWHULQJWHHWKZLWKZLGHRSHQODXJKLQJOLSVDQGEHURXJHG FKHHNVZHDULQJDFROODURI
VSDUNOLQJJROGDQGDORQJSDWFKHGDQGWDWWHUHGJRZQRIJUH\WKDWLVWKLFNO\HQFUXVWHGZLWKWKHPXGDQG
JULPHWKDWOLHVKHDYLO\RYHUVRPDQ\SDUWVRIKHUGRPDLQ$ PRWLRQOHVVVWDWHO\TXHHQZKRVHODXJKWHU
GHHSDQGPHUU\GURZQVWKHGLVFRUGDQF\HYRNHGIURPILHUFHO\VWDEELQJGHVSDLU%XWWKHPLUURURIKHU
H\HVFDQQRWPDVNWKHWUXWKIRUWKH\UHIOHFWWRPHWKHGUHDPVRIKHUP\ULDGVXEMHFWV GUHDPVIORZHULQJ
XSIURPWKHJORZLQJDQGEULJKWIXUQDFHVRI\RXWKDQGEORZQGRZQOLNHZLWKHUHGOHDYHV GUHDPVRID
UDUHDQGGHOLFDWHVXEVWDQFHERUQIURPWKHKHDUWVRIQHZO\DZDNHQHGORYHUV DOODOOWREHVKULYHOHGDQG
VFDWWHUHGE\WKHLF\ZLQGVRIPDWXUHF\QLFLVP:HDNDQGIHYHULVKGUHDPVERUQIURPWKHVDSOHVVPLQGV
RIROGDJH GUHDPVRIWKLQODUJHH\HGFKLOGUHQZKRVHOLWWOHZLVKHVFRXOGQRWEHERUQ SDOHDQGZDQ
SDVVLRQDWHDQGOXVWIXOWHQGHUDQGIUDLO DQHQGOHVVIORRGRIGUHDPVOLNHDPLVWRIUDLQERZVUXVKLQJ
XSZDUGVEHKLQGWKHZLQGRZVRIKHUH\HVDQGYDQLVKLQJUDUHO\WRUHWXUQ:KLOHWRKHUHDUVVXUJHJUHDW
ZDYHVRIYRLFHVIURPWKHRFHDQRIVRXQG WXUEXOHQWDQGSODFLGUDSLGDQGOLQJHULQJORXGO\DQGGURZVLO\
EHDWLQJLQWRKHUPLQGWKHLUEXUQLQJORYHVDQGKDWHV$JUHDWVWRQ\KHDUWHG VSLULWDQGTXHHQPDUUHGDQG
PDGHLPSHUIHFWWKURXJKWKHLPSHUIHFWLRQRIKHUVXEMHFWV
,QWKLVFLW\WLOOWKHDJHRIIRXUWHHQP\PLQGZDV IHGXSRQDIHHEOHDQGZDWHU\GLHWPLVQDPHG
(GXFDWLRQWKDWZDVGHFRUDWHGDQGFRORUHGE\WKHULFKLQGLJHVWLEOHIRRGVRIUR\DOKLVWRU\%XWUR\DO
KLVWRU\LVWKHFDYLDURIQDWLRQDOLQFLGHQWDQGOLNHFDYLDUVKRXOGEHJLYHQLQVPDOOTXDQWLWLHV$QGWKHVH
PHQWDOOX[XULHVZHUHJLYHQWRFKLOGUHQZKRUHDOO\FRXOGQRWDSSUHFLDWHWKHP:HZHUHUHJDOHGXSRQWKH
H[SORLWVRIWKH(OL]DEHWKDQEXFFDQHHUV XSRQWKHLPPHQVHJURZWKRIWKH(PSLUH XSRQWKHFRQTXHVWRI
WKHLQIHULRUDQGKXPEOHUUDFHVRIWKHZRUOGE\WKHSRZHURIVZRUGDQGJXQRIWKHORUGO\ZKLWHPDQ
\HVZHZHUHDOVRWDXJKWWKH7HQ&RPPDQGPHQWVVXFKDV 7KRX6KDOW1RW6WHDODQGWKHUHVW
,QWKHVHODUJHDQGFRPIRUWOHVVURRPVWKHLPSRUWDQFHRINQRZLQJWKHQDPHVRIWKHULYHUVLQ$IULFD
DQGWKHDQLPDOVRI,QGLDDQGVRPHWKLQJDERXWWKHKDELWVRIWKHSHRSOHVRIWKHYDULRXVFRQWLQHQWVZHUH
VWURQJO\HPSKDVL]HG%XWQHYHUDVLJQZDVWKHUHRIEHLQJWDXJKWDIRUHLJQODQJXDJH
:LWKLQVPDOOEDFNEUHDNLQJGHVNVZHZHUHVHDWHGDQGWKRVHFKLOGUHQZKRDUULYHGEHDULQJZLWK
WKHPWKHUR\DOEDQQHURI,PDJLQDWLRQZHUHLPPHGLDWHO\GLYHVWHGRILW)RULWZDVFRQVLGHUHGXQKHDOWK\
WRSRVVHVVVXFKDGDQJHURXVDQGZDVWHIXOSRZHU DSRZHUWKDWKDVPROGHGDQGUDLVHGWKHFLYLOL]DWLRQVRI
WKHSDVW DSRZHUWKDWKDVWUDQVPXWHGWKHVDYDJHNQRZQDVPDQLQWRDIDLUHUDQGFOHDQHUSDWWHUQ1R
,PDJLQDWLRQZDVSRHWLFDODQG3RHWU\ZDVQRWLQWKHFXUULFXOXP
6RZLWKLQWKHVHODUJHURRPVQDUURZGRJPDWLVPVDQGIUDJPHQWVRIOHDUQLQJZHUHIRUFLEO\LQMHFWHG
LQWRRXUODQJXLGPLQGV WDVWHOHVVDQGEULWWOHVWXEEOHJDUQHUHG IURPWKHILHOGVRINQRZOHGJHDQG
WKURZQWRE\XVH[KDXVWHGDQGQHUYHVWUDLQHGWHDFKHUVZKRNQHZPXFKRIOLWWOHWKLQJVEXWOLWWOHRIELJ
WKLQJV7HDFKLQJVUHJDUGLQJGHSRUWPHQWPDQQHUVDQGFRQVLGHUDWLRQIRURWKHUVZHUHOLNHZLVHODFNLQJ
)RUZHZHUHWKHFKLOGUHQRISDUHQWVZKRZHUHFRQVLGHUHGWKHSRWDWRSHHOLQJVRUDQJHVNLQVVKDUGVDQG
JHQHUDOOHDYLQJVRIVRFLHW\:HZHUHQRWFRQVLGHUHGWUXO\KXPDQEXWVRFLHW\KDGDFHUWDLQFRQVFLHQFH
WKDWGHPDQGHGWREHREH\HG7KHUHIRUHVRFLHW\ZDVWHGLWVPRQH\ IRUZDVWHLWFHUWDLQO\ZDVXSRQWKH
HGXFDWLRQRILWVORZHUFODVVHV$QGZKDWDSLWLIXOXQLPDJLQDWLYHZDVWHLWZDV)RUGLUHFWO\ZHOHIW
VFKRROQHDUO\DOOZDVIRUJRWWHQ$QGLWGHVHUYHGWREH
7KHUHZHUHDIHZXQIRUWXQDWHFKLOGUHQZKRSRVVHVVHGDSHUVRQDOLW\7KLVGDQJHURXVVLJQZDV
DWWDFNHGDWRQFHDQGVWUHQXRXVHIIRUWVZHUHPDGHWRPDNHWKHPDVPLQGOHVVDVWKHUHVW$OOSHUVRQDOLW\
ZDVHUDVHGDQGXSRQWKHSDOLPSVHVWZHUHLQVFULEHGWKHVWDQGDUGL]HGYLHZVDQGGRFWULQHVRIWKH
(GXFDWLRQDO%RDUG
)RUWKHVHUHDVRQVWKRXJK,ZDVXQFRQVFLRXVRIWKHUHDVRQIRUP\UHYROW,KDWHGVFKRRO+RZ,KDWHG
LW,UDUHO\ZDONHGWRWKLVGLVPDOSODFH,ZDVGUDJJHGWKHUH$QGZKHQ,VDWLQP\GHVN,VDWWKHUHOLNHD
IRRO$QGDWSOD\WLPH,ZRXOGRIWHQVWDQGDSDUWIURPP\SOD\PDWHVEURRGLQJOLNHDKXUWDQLPDO,QHYHU
DQGQRZ,ORRNXSRQLWZLWKSULGHUHFHLYHGDSUL]HIRUUHJXODUDWWHQGDQFH
7KHHODVWLFPRRGVRI\RXWK WKHTXLFNIRUJHWIXOQHVVRIVRUURZ WKHVSRQWDQHRXVZHOFRPLQJRID
MR\IXOPRPHQW DQGWKHIHYHULVKUHVWOHVVQHVVIRUDORQJDZDLWHGHYHQWDUHLQFLGHQWVRIWKHSDVWWKDWRQH
VRPHWLPHVPHGLWDWHVXSRQ$QGP\VRUURZZDVWKHHQWUDQFHLQWRVFKRRO P\MR\IXOPRPHQWWKHUHOHDVH
WKHORQJDZDLWHGHYHQWWKHDUULYDORIDKROLGD\$QGWKRXJKWKRVHKRXUVRIUHOHDVHEURXJKWOLWWOHRIWKDW
O\ULFDOTXDOLW\WKDWVKRXOGEHWKHKHULWDJHRIHYHU\FKLOG,\HWUHWXUQZLWKVRPHVOLJKWUHJUHWWRWKDW
SHULRGIRUWKHFU\VWDOOLQHTXDOLW\RIPLQGEHLQJODFNLQJDWUXHXQGHUVWDQGLQJRIWKLVPLVHU\WKDW
VXUURXQGHGPHORVWPXFKRILWVSRLJQDQF\
,WKLQNLWLVRQO\LQDGROHVFHQFHWKDWIHHOLQJVDQGWKRXJKWVEHFRPHPRUHLQWHQVHPRUHVHQVLWLYH
DIWHUZDUGVRQHEHFRPHVXVHGWRLWDOOGXOOHGIDWDOLVWLF
7KHILUVWIHZ\HDUVDIWHUP\VFKRROLQJKROGVIRUPHEXWOLWWOHLQWHUHVW7KHGLVWULFWLQZKLFKZHOLYHG
ZDVPXFKEHWWHU%XWDVWKLVLVDWDOHUHODWLQJWRWKHPLQGWKHUHLVOLWWOHQHHGWRGZHOOXSRQWKHVHSKDVHV
,HQWHUHGPDQ\WUDGHVIRUEXWVKRUWSHULRGVIRU,H[FHOOHGLQQRQHDQGRIWHQFRPPLWWHGWKHIDWDOPLVWDNH
RIEHLQJHLWKHUWRRSDLQVWDNLQJRUGUHDPLQJ2QO\RQHLGHDOKHOGPHDQ LGHDOSRVVHVVHGDQGGUHDPWRYHU
HYHUVLQFHFKLOGKRRGWRZULWHDERRN,KDGQRRWKHULGHDOVDYHWKDWRQH
1RZLWZDVRQO\DWWKHDJHRIHLJKWHHQWKDW,UHDOO\EHJDQWRWKLQN3UHYLRXVO\WKHGD\VKDGYDQLVKHG
OLNHDFRQWLQXDOO\PRYLQJFXUWDLQRIPLVWWHDFKLQJPHOLWWOHDQGOHDYLQJLQP\PLQGDGHEULVRI
XQLQWHUHVWLQJLQFLGHQW$QGHYHQZKHQWKHIDXQRIDGROHVFHQFHVWLUUHG,ZLWKLQPHDQGZDUPHGP\EORRG
ZLWKKLVSDVVLRQPXVLFZKHQKLVPHORGLHVFHDVHGWKHUHZDVOLWWOH,WRUHPHPEHUKLPE\,WZDVRQO\
ZKHQWKHWKLQLQUDGLDQFHRIWKRXJKWEHJDQWRJOLPPHUZLWKLQPLQGWKDW,EHJDQWRUHDOL]HWKDW,
SRVVHVVHGWKHSRZHUWRSODFHLQWKHLUYDULRXVDSDUWPHQWVWKHWKLQJVDQGLGHDV,KDGSUHYLRXVO\
FRQVLGHUHGRQHDQGLQGLYLVLEOH WKDW,ZDVDQLQGLYLGXDOZLWKSRZHUWRUHEHODJDLQVWDFFHSWHGFRQFHSWV
DQGFRQYHQWLRQV
+RZP\HPRWLRQVVSOXWWHUHGDQGIURWKHG,,JQLWHGE\WKHHOHFWULFDOSRZHURIDQLGHDDQHZGUHDPD
EUHDWKVKDNLQJUHYHODWLRQ,DWWHPSWHGWRLOOXPLQDWHDQGEXPZLWKWKHILUHZLWKLQPHWKRVHZKRP,PHW
%XWWKHLQVXODWLRQVZHUHIDXOW\WKHUHIRUH,H[SUHVVHGP\VHOILQDVHULHVRIVWDPPHUVLQWHUPL[HGZLWK
LQWHUPLWWHQWIODVKHVRIEULJKWQHVV,EXUQHGZLWKDGHVWUXFWLYHIHUYRU$QGLQMXVWLFHZDVIUHTXHQWO\WKH
IXHOWKDWPDGHPHERLORYHUDQGVWHDP7KHVSLULWRIUHEHOOLRQHQWHUHGLQWRPHDQGLQWR[LFDWHGPH$QG
ZLWKWKLVFDPHWKHJURZWKRIHJRWLVPDQGDUJXPHQWDWLYHFDOORZF\QLFLVP
%XWLQP\PHQWDOELUWK,ZDVIHHEO\DQGSULPLWLYHO\HTXLSSHGDQG,KDGWRVWXPEOHRQDORQHZLWKRXW
WKHFUXWFKHVRIHGXFDWLRQWRKHOSPHRQZDUG/LNHDZRXOGEHNQLJKWZLWKRXWDUPRURUVWHHG,
HQGHDYRUHGWRMRXUQH\LQWRWKHODQGRIWKRXJKWEHDULQJRQO\WKHFOXERIHJRWLVPZLWKZKLFKWRFRQTXHU
P\DGYHUVDULHV7KXVDUPHG,VWURGHRQZDUGPHHWLQJDIWHUDIHZVWULGHVDQ$WKHLVW$PLGGOHDJHG
PDQGZHOOLQJLQDVWRQHKXWE\WKHZD\VLGH7KHEDFNJURXQGEHLQJVSDUVHDQGDULGKLOOOHVVDQGHQGLQJ
LQWKHDE\VVRIXWWHUQHJDWLRQ+HZDVDKHUPLWDVSULPLWLYHDQGDVFUXGHDVP\VHOIDQGKHGHQRXQFHG
DQGMHHUHGDWWKHH[LVWHQFHRID*RGVKDWWHULQJOXVWLO\DQGOHQJWKLO\WKHEHOLHIVRIWKH%LEOHRQWKH
FOXPVLO\EXLOWDQYLORIKLVFRQYLFWLRQV+HZDVDJRRGVLPSOHDQGVLQFHUHPDQZKRVHIDWKHU,EHOLHYH
KDGEHHQDSDUVRQ&RQFHLYDEO\KHKDGUHDFWHGDJDLQVWWKHQDUURZQHVVRIWKHWHDFKLQJVIRUFHGXSRQKLP
EXWWKDWKDGQRWPDGHKLPWKHOHVVQDUURZLQKLVUHDFWLRQV
7KHVRFLHW\WRZKLFKWKLVPDQEHORQJHGKDWHGWKHLGHDRID*RGKDWHGWKHFKXUFKHVDQGKDWHGWKH
SULHVWKRRG ZRUVKLSSLQJLQVWHDGWKHWHDFKLQJVRIWKHPDWHULDOLVWLFPLQGHGVFLHQWLVWV$QG,EHOLHYHWKHLU
FKDUDFWHUV ZHUH MXVW DV IDQDWLFDO DQG FDSDEOH RI LQGXOJLQJ LQ DXWRVGDIH DQG RWKHU WRUPHQWV KDG WKH\
OLYHG LQ VXFK D SHULRG DV WKH RSSRQHQWV WKH\ DWWDFNHG )RU GHVSLWH WKHLU VFLHQWLILF NQRZOHGJH WKH\
VHHPHGWR EH LQFDSDEOH RI XQGHUVWDQGLQJ WKDW LW ZRXOG EH DV KDUGWR HUDGLFDWH IURP WKHVH SHRSOH ZKR
SRVVHVVHG D GLIIHUHQW FRQVFLRXVQHVV WKHLU NQRZOHGJH DQG VHQVH RI GLYLQH UHDOLWLHV DV LW ZRXOG EH WR
FKDQJHWKHVKDSHRIDVWDU)RUWKH\VTXHH]HGDQGFUXVKHGDOONQRZOHGJHEURXJKWWRWKHPLQWKHYLFHRI
LQWROHUDQFH
3UHYLRXVO\,KDGEHOLHYHGLQ*RGZLWKRXWNQRZLQJWKHH[LVWHQFHRIRWKHUWKHRULHV3UD\LQJWR+LP
VLPSO\DQGQDWXUDOO\DQGLQSHUIHFWIDLWK QRWGHHPLQJWKDWWKHLQWHUSUHWDWLRQVRIOLIHZHUHDV
PXOWLWXGLQRXVDQGDVYDULRXVDVWKHOHDYHVRQDWUHH1RWKDYLQJKDGDQ\VWURQJUHOLJLRXVWUDLQLQJIRURXU
SDUHQWVSHUPLWWHGXVWRWKLQNDVZHGHVLUHGHYRNLQJWKHUHIRUQRUHOLJLRXVGLVFXVVLRQLQWKHKRPHWKH
WKHRULHVRIP\DWKHLVWLFDO FRPSDQLRQLQWHUHVWHGPHFRQVLGHUDEO\WKRXJKDWILUVW,ZDVVRPHZKDW
GLVWXUEHGIRUWKHEHGRIP\EHOLHIZDVFRPIRUWDEOHDQGZDUP%XWDIWHUJLYLQJHDUWRPDQ\RIKLVQRZ
REYLRXVO\FUXGHDUJXPHQWVLQZKLFKFRDUVHKXPRUZDVRIWHQXVHGDVDIXUWKHUQDLOWKUXVWLQWRWKHFRIILQ
RI*RGDQGWKLQNLQJRYHUPXFKWKDWKHVDLG,DFFHSWHGKLVYLHZVQRWSRVVHVVLQJVXIILFLHQWHGXFDWLRQRU
GLVFULPLQDWLRQWRUHMHFW)URPWKDWPRPHQW,FRPPHQFHGDUJXLQJDVYLJRURXVO\DQGDVDEVXUGO\DVP\
QHZO\GLVFRYHUHGIULHQG%XWVWUDQJHWRVD\EODVSKHP\QHYHUEHFDPHWKHZHDSRQVRIP\DWWDFN
1RZKDG,EHFRPHVRPHERG\VWUDQJHDQGGDULQJ,ZDVDQDWKHLVW1RWPDQ\SHRSOH,GLVFRYHUHG
ZHUHDWKHLVWV,ZDVYLULOHLQDWWDFNDQGORQJZRUGVZHIDYRUHGORQJZRUGVEHFDXVHWKH\VRXQGHGPRUH
LPSUHVVLYHIORDWHGGRZQOLNHORJVRIZRRGIURPWKHWRQJXHDOVR,ZDVXQVSDULQJLQWKHXVHRIP\FOXE
$OOWKRVHZKRGLVEHOLHYHGLQPHZHUHP\HQHPLHVDQG,DWWHPSWHGWREDWWHULQE\VKHHUVWUHQJWKDQG
ZHLJKWWKHLUWKLFNLQWROHUDQWVNXOOVZKDW GLVUHSXWDEOHFKLOGUHQZHWUXO\ZHUH6HULRXVQHVVOD\XSRQ
XVOLNHFORDNVRIOHDG,IRQO\ZHKDGSRVVHVVHGDVHQVHRIKXPRU%XWWKDWFDPHODWHU
$V\HWWKHPLVWRISKLORVRSK\KDGQRWHQVKURXGHGPH$QGWKHUHIRUH,GLGQRWXQGHUVWDQGWKDW
GRJPDWLVPLQWKHUHDOPRIWKRXJKWZDVDEVXUG7KHUHIRUH,VWD\HGZLWKP\IULHQGIRUDFRQVLGHUDEOH
WLPHZKLOHKHLQLWLDWHGPHLQWRSRQGHURXVERRNVRISRSXODUVFLHQFHZKHUHLQWKHZRUG(YROXWLRQZDV
WKHSRZHUWKDWGHWKURQHG*RG8SRQVXFKDOWDUVLQWKHWHPSOHVRIHYROXWLRQWKHVHSULHVWVRIPDWHULDOLVP
VDFULILFHGDOORWKHUFUHHGVDVIDQDWLFDOO\DVGLGWKHSULHVWKRRGLQWKHPHGLDHYDODJHVQRWXQGHUVWDQGLQJ
WKDWWKHLUZRUVKLSSHUVZHUHMXVWDVLJQRUDQWDQGMXVWDVWKRXJKWOHVVDVWKHZRUVKLSSHUVRIRWKHUVLQWKH
RSSRVLQJWHPSOHV
<HW , WKLQN WKDW WKH\ KDYH DQ LPSRUWDQW SDUW WR SOD\ LQ WKH MRXUQH\LQJV DQG GHYHORSPHQW RI WKH
PHQWDO WUDYHOHU IRU WKH\ ZLSH DZD\ DOO WKH SUHMXGLFHV DQG VXSHUVWLWLRQV DFFHSWHG IURP FKLOGKRRG
ZLWKRXWTXHVWLRQ)URPWKDWDVSHFWP\PHHWLQJZLWKWKHDWKHLVWZDVRIJUHDWYDOXH7KRXJKOLNHRWKHUV
,UDSLGO\PDGHQHZSUHMXGLFHV IRUFKDUDFWHUGRHVQRWDOWHUZLWKWKHELUWKRIQHZWHDFKLQJVRUWKHRULHV
DQG , EHFDPH D JHQHUDO QXLVDQFH WR DOO ZKR RSSRVHG PH /DXJKLQJ WR VFRUQ WKRVH ZKR UHMHFWHG P\
VXSHUILFLDODUJXPHQWVDQGEHLQJLJQRUHGQDWXUDOO\E\WKRVHZKRXQGHUVWRRGP\\RXWKIXOVWDWHRIPLQG
%XWWKRVHZKRDFFHSWHGVLPLODUWKHRULHVWUHDWHGPHVHULRXVO\)RUZHFRQVLGHUHGRXUVHOYHVLQWHOOHFWXDOO\
VXSHULRUWRWKRVHZKRJUD]HGXSRQWKHSODLQVEHORZ
%XWDIWHUPDQ\PRQWKV,EHFDPHWLUHGRIWKLVVWRQ\ODQGDQGVR,GHFLGHGWRWUDYHOVWLOOIDUWKHU,KDG
EHHQWROGWKDWEH\RQGWKHIURQWLHURI$WKHLVPVWUHWFKHGDODQGQDPHG6RFLDOLVP$ZRQGHUIXODQG
SHUIHFWODQG DODQGRIFRRODQGUHIUHVKLQJVWUHDPVDQGZRRGODQGVWKDWVSDUNOHGZLWKWKHJD\PXVLFRI
ELUGVDQGWKHOLJKWIUDJUDQFHRIDP\ULDGIORZHUV DODQGZKHUHKHUHSHUIHFWLRQUDGLDWHGIURPWKHIRUPV
DQGIDFHVQREO\SURSRUWLRQHGPHQDQGZRPHQ DODQGRI$UFDG\ZKHUHDOOZHUHJLYHQHTXDORSSRUWXQLW\
WRH[SUHVVWKHKLJKHVWZLWKLQWKHP,QVKRUWDIUDJUDQWVRFLDOSDUDGLVHJLYHQWRPDQEHFDXVHRIWKHORYH
WKDWWKHJLYHUVIHOWLQWKHLUKHDUWVIRUDOOKXPDQLW\
6RKRSHIXOO\,UHVXPHGP\SLOJULPDJH6RRQDIWHU,FDPHWRDORQJEURDGDQGVPRRWKURDGRIDUHG
FRORU)ORZHUVJUHZE\WKHZD\VLGHZKLFKZKHQ,SOXFNHGWKHP,IRXQGWREHDUWLILFLDO7KLVDVWRQLVKHG
PHEXW,VRRQIRUJRWDV,JD]HGDWWKHTXLHWEHDXW\WKDWVXUURXQGHGPH7KHVXQZDVMXVWULVLQJDQRWKHU
FXULRXVSKHQRPHQRQIRULWQHYHUWRSSHGWKHYDOOH\WRZDUGVZKLFK,WUDYHOHG%XWLWZDVZKHQWXUQLQJD
FRUQHUWKDWWKHVRXQGRIDPLJKW\FODPRUUHDFKHGP\HDUV7KLV,H[FODLPHGVKRXOGQRWEH$ODV,
SHUKDSVDMHDORXVHQHP\KDGLQYDGHGWKLVODQGRISHUIHFWLRQ6R,KXUULHGIRUZDUGDQGWKHFODPRU
LQFUHDVHGZKLOHWKHFORFNZRUNELUGVWKDWJUHHWHGPHFHDVHGIURPVLQJLQJ
1RZXOWLPDWHO\,DUULYHGDWWKHGUDZEULGJHRIDFDVWOHEXLOWIURPVFDUOHWVWRQH$QGWKLVFDVWOHZDV
EHVLHJHGE\DQDUP\ZKRZRUHXQLIRUPVRIUHGDQGWKH\PDGHWKHFODPRU)URPRQHRIWKHP,
GLVFRYHUHGWKDWWKRVHLQWKHFDVWOHZHUHRIWKHVDPHEORRGDVWKRVHZKREHVLHJHG%XWWKDWWKHEHVLHJHG
KDGGUDZQXSDFHUWDLQFXVWRPWKDWZDVQRWWRWKHOLNLQJRIWKRVHZKRDWWDFNHG7KHUHIRUHGLGWKH\
EDWWOH7KHVH,OHIWIRU,GLGQRWXQGHUVWDQGWKHUHDVRQIRUWKHLUTXDUUHO7KXV,WUDYHOHGIDUWKHUDQGWKH
VRXQGVWKDWUHQWWKHDLUJUHZPRUHIHURFLRXVEXWWKH\GLGQRWIORDWIURPWKRVHZKRP,OHIWEXWIURP
DQRWKHUTXDUWHU$QGDJDLQZKHQ,UHDFKHGWKHVSRWIURPZKHQFHWKHVRXQGUROOHG,IRXQGWKDWDQRWKHU
EDWWOHZDVLQEHLQJDQGWKDWWKHFDXVHZDVRIDVLPLODUQDWXUHWRWKHDUPLHV,KDGMXVWOHIW7KHQ,MRLQHG
RQHRIWKHDUPLHVDQGEHFDPHDPHUFHQDU\IRURWKHUZLVH,FRXOGQRWKDYHWUDYHOHGRQZDUG)RUFDVWOHV
OD\WKLFNO\RQWKHODQGDQGEDWWOHVRFFXUUHGGDLO\
7KXV,EHFDPHDQDUFKHUZHDULQJDTXLYHUORDGHGZLWKWKHEDUEHGDUURZVRIDUJXPHQWZKLFK,VKRW
IRUWKWRDOOZKRRSSRVHGWKHSDUWLFXODU YLHZV,KHOGDWWKDWPRPHQW
,QWKLVODQGDOOWKHLQKDELWDQWVZHUHLQDFRQWLQXDOVWDWHRIVLHJHDQGHDFKFDVWOHZDVVXUURXQGHGE\D
UHGPLVW+HUH,UHPDLQHGIRUDFRQVLGHUDEOHWLPHWUDYHOOLQJIURPRQHFDVWOHWRDQRWKHUDQGHQGHDYRULQJ
WRGLVFRYHUWKHUHDVRQIRUWKHHQPLW\WKDWH[LVWHGEHWZHHQWKHPDOO0DQ\RIWKHVROGLHUVVZRUHWKDWWKHLU
RSSRQHQWVZHUHGLVKRQHVWDQGLQVLQFHUH RWKHUVKHOGWKDWFHUWDLQULWHVLQWKHLUFKXUFKHVRI/RYHZHUH
EODVSKHPRXV RWKHUVPDLQWDLQHGWKDWFHUWDLQUXOHVODLGGRZQE\WKHLUNLQJVVKRXOGEHREH\HGDQGRWKHUV
GLVDJUHHG DQGVWLOOPRUHEHOLHYHGWKDWWKHLUJUHDWHQHP\7KH*ROGHQ*LDQWKDGSDLGWKHLURSSRQHQWVWR
VS\XSRQWKHP3HUKDSVWKHVHZHUHWKHUHDVRQVZK\WKHVXQQHYHUURVH
,WZDVDUHDOPZKHUH6XVSLFLRQDQG0LVUXOHZHUHWKHWUXHVRYHUHLJQVDQGZKHUHWKHDUURZVRI
DUJXPHQWZHUHVKRWGRZQLQDSHUSHWXDOVKRZHU
1RZWUDYHOOLQJIURPFDVWOHWRFDVWOH,HYHQWXDOO\FDPHWRWKHERUGHUVRIWKLVFRXQWU\EH\RQGZKLFK
OD\WKHQHEXORXVDQGGDUNYDOOH\VRI$QDUFKLVP$QGKHUH,GLVFRYHUHGWKHSKLORVRSK\RIWKHHJR
LQWR[LFDWHG1HLW]VFKHDQG0D[6WLUQHUZKRVHJRGZDVWKHVXSHUPDQEODFNRFFXOWLVP
,Q WKLV QLJKWODQG WKH GRFWULQHV RI VHOI ZHUH SUHDFKHG 3HUIHFW DQG XQGLOXWHG IUHHGRP IRU WKH
LQGLYLGXDO DQLQYHUVLRQRIWKHWUXHRFFXOWLGHDOLQZKLFKPDQLVFRQVLGHUHGDZRUOGEXWZKHUHLQEHIRUH
KHFDQSHUIHFWIUHHGRPIRUVRXOH[SUHVVLRQKHPXVWEHSHUIHFWSK\VLFDOO\HPRWLRQDOO\DQGPHQWDOO\WKDW
LV KHPXVWEHEDODQFHGLQHYHU\DWWULEXWHRIKLVEHLQJDQGHYHUZLOOLQJWRKHOSKXPDQLW\7KHUHYHUVHLV
WKHQ WKH EODFN PDJLFLDQ ZKR ZDUV DJDLQVW KXPDQLW\ EXW ZKR KDV DOVR GHYHORSHG SRZHU DQG GDUN
ZLVGRP7KXVZHFDQVHHWKDWLQ$QDUFKLVPWKHGDUNHUVLGHRIOLEHUW\IRUWKHLQGLYLGXDOLVH[SUHVVHG
1RZWKHSHRSOH,PHWZHUHQRWDWDOORIDEDGQDWXUHDQGFHUWDLQO\WKH\ZHUHPXFKPRUHILQHO\
HYROYHGDQGPLOGHUWKDQWKH6RFLDOLVW7KH\ZHUHPRUHRUOHVVDWKHLVWLFDODQGEHFDXVHRIWKDWEHOLHYHG
WKDWWKHSRZHUVLQPDQZHUHOLPLWHG7KXVWKH\FRXOGRQO\DQGGLGWKHRUL]H7KHWUXWKZDVWKH\ZHUH
PRUHRUOHVVSKLORVRSKHUVKROGLQJDOPRVWLGHQWLFDOGRFWULQHV
,QWKLVUHDOP,WKUHZDZD\P\TXLYHURIDUURZVDQGH[FKDQJHGLWIRUWKHVZLIWO\GDUWLQJUDSLHUDQG,
URDPHGOLNHWKH,UHVWDORQH,HQGHDYRUHGWRJDWKHUPDWHULDOIRUDQDPELWLRXVZRUNHQWLWOHG (JRWLVP
3DVW3UHVHQWDQG)XWXUH$ZRUNWKDWZDVWREHZULWWHQLQWKUHHYDVWYROXPHVWRSURYHFRQFOXVLYHO\
KRZPDQKDGULVHQWKURXJKWKHHYROXWLRQRI6HOILVKQHVVDQGKRZKHZRXOGXOWLPDWHO\EHFRPHDJRG
WKURXJKDVLPLODUGHYHORSPHQW,GLGQRWNQRZDWWKDWWLPHWKDWVHOILVKQHVVSRVVHVVHVWKHVHHGVRILWVRZQ
GHVWUXFWLRQEXW,PHQWLRQWKLVOLWHUDU\DWWHPSWRIPLQH ZKLFKQHHGOHVVWRVD\GLGQRWJREH\RQGDIHZ
SDJHVRIQRWHV LQRUGHUWRVKRZWKHPHQWDOVWDWHDQG\RXWKIXOQHVVRIP\PLQG)RUHYHQKDG,KDGWKH
ZLOOWRDFFRPSOLVKVXFKDIHDW,ODFNHGWKHNQRZOHGJHWRFRPSOHWHLW
1RZWKHSHRSOHLQWKLVGDUNODQGZHUHLQDKXUU\:LWKWKHPLJKW\EURRPRI$QDUFKLVPZH
GHWHUPLQHGWRVZHHSDQGFOHDQVHWKHZKROHZRUOG,WZDVWREHDXQLYHUVDOVSULQJFOHDQLQJZKHUHLQZH
ZHUHWREHWKHFOHDQHUV,QWKHILUVWSODFHZHZDQWHGWRGHVWUR\DOOW\UDQWVRUDWOHDVWSXWWKHPZKHUH
WKH\ZRXOGGRWKHOHDVWKDUPWRVRFLHW\:HDEROLVKHGWKHPE\WKHVLPSOHSURFHVVRISDVVLQJUHVROXWLRQV
IRUUHYROXWLRQVXQIRUWXQDWHO\ZHGLGQRWGLVFULPLQDWHEHWZHHQWKHWZRZRUGVWRXVWKH\DSSDUHQWO\
PHDQWWKHVDPH(DJHUO\ZHZDQWHGWKDWZKLFKZRXOGJLYHXVFRPIRUWDQGWLPHWRWKLQNDQGZHGLGQRW
UHDOL]HWKDWRWKHUSHRSOHZHUHVDWLVILHGZLWKWKHH[LVWLQJVWDWHRIVRFLHW\%HFDXVHZHZHUHUHVWOHVVZH
ZDQWHGDOORWKHUVWREHOLNHZLVH$QG,WKLQNWKDW6RFLDOLVP$QDUFKLVPDQGDOOWKHRWKHUGHVWUXFWLYH
IRUPVRIEHOLHIDUHWKHUHVXOWRIDPHQWDODGROHVFHQFHDQDGROHVFHQFHLQWHQGHGIRUDOOWKRVHZKRVWULYHWR
EHWWHUWKHLURZQFRQGLWLRQVRIOLIH)RUWKRXJKZHVSHDNRIWKUHHFODVVHVRIVRFLHW\ZHIRUJHWDQRWKHU
DVSHFWWKDW RIFDVWH,WLVSRVVLEOHLQIDFW,DPFHUWDLQWKDWKRSHOHVVO\PL[HGLQRXUXQULSHFLYLOL]DWLRQ
DUHFDVWHVZKRVHZRUOGVRIWKRXJKWDUHDVGLVWLQFWDQGDVIDUDSDUWDVWKHVWDUV
$PRQJWKHVHDQDUFKLVWV,DZDNHQHGP\PHQWDO\RXWK D\RXWKDQRLQWHGZLWKWKHKRO\RLORIGUHDP D
\RXWKYLULOHDQGSDVVLRQDWH D\RXWKWKDWVKRRNDQGZKLSSHGWKHEORRGLQWRIXU\DWWKHVWXSLGLW\DQG
VHOILVKQHVVRIFODVVDQGQDWLRQ0\PLQGEHFDPHOLNHDQHZO\EURDFKHGFDVNHWILOOHGZLWKDVWURQJ
EXUQLQJZLQH$QGWKRXJKWVGUHDPVYLVLRQVUDFHGWXPXOWXRXVO\ZLWKLQPHDVDWRUUHQWDV,EHFDPH
LQWR[LFDWHGWKURXJKLWVVWUHQJWK0\VRXOZDVDVDFOHQFKHGILVWWKDWGHVLUHGWRVWULNHDQGVWULNHDQGVWULNH
DJDLQVWDOOWKHLQKXPDQLWLHVWKDWVXUURXQGHGPH
,ZDVLQWKDW6SULQJWKDWLVPRUHSDVVLRQDWHPRUHYLWDOPRUHWKDQDOOWKHRWKHUVSULQJVWKURXJK
ZKLFKWKHVRXOSDVVHVRQLWVSLOJULPDJH$QGWKDWZDVWKH6SULQJRILGHDOV D6SULQJWKDWLVWKHHFKRRI
GLYLQHYLWDOLW\7KHFULPVRQEDQQHUEHFDPHP\V\PERO WKHV\PERORIVRFLDOSHUIHFWLRQZKHUHLQ
LQMXVWLFH DQGLQHTXDOLW\DQGKXQJHUZRXOG ILQGQRSODFH $QGSLFWXUHVRIJUDFLRXVFLWLHV FOHDQOLPEHG
UHJDOSHRSOHDQGDWPRVSKHUHVRI JROGHQVHUHQHEHDXW\GDZQHGIURPWKHHFVWDVLHVRIP\UHYROXWLRQDU\
PRRGV7KHILUHRIP\LGHDOV ZDUPHGDQGFRPIRUWHGPHLQWKHPLGVWRIDFROGDQGFRPIRUWOHVVZRUOG
(DFKLGHDOZDVDEHDFRQIURPZKLFK,JDWKHUHGQHZIXHODQGILUHWROLJKWWKHKHDUWVDQGPLQGVRIWKH
PDVV%HLQJH[WUHPHO\VHQVLWLYH,ZDVHDVLO\LPSUHVVHGE\WKHVHQWLPHQWDOHORTXHQFHRIHYHU\
UHYROXWLRQDU\RUDWRU$QG,ZRXOGERLORYHULQDPRPHQWDWDOOWKHLQMXVWLFHVUHODWHGWRPH+RZ
LQGLJQDQW,IHOW+RZ,ZRXOGGHQRXQFHZLWKZRUGVRIYLWULRODQGKDWHDSDUW\RUDSROLWLFLDQ$IWHUZDUGV
DVHQVHRIKXPRUZDVERUQDQG,EHFDPHPRUHEDODQFHGDQGILQDOO\FRQWHPSWXRXVRIWKHVHSHRSOHZKR
RYHUH[HUFLVHGWKHLUOXQJVWRDQXQGLVFULPLQDWLQJPLQGOHVVDXGLHQFH$QGDOVR,IRXQGWKDWWKHLU
FKDUDFWHUVGLGQRWSRVVHVVWKDWJROGHQTXDOLW\WKDWWKHLUWKHRULHVGLG1HYHUWKHOHVV,SOXFNHGIURPWKLV
6SULQJPDQ\EHDXWLIXOIORZHUV)RUEH\RQGDOOWKHYDJXHQHVVDQGPXGGOHPLQGHGQHVVRIWKHVHSHRSOH
VWRRGDJRRGDQGQREOHIRUFHWKDWZRXOGXOWLPDWHO\UDLVHPDQRQWRDORIWLHUSODQHZKHUHLQGZHOW
FOHDQOLQHVVDQGEULJKWQHVV
,WKLQNVRFLHW\ZLOOUHPDLQLPPDWXUHDVORQJDVPDQUHPDLQVLPPDWXUH)RUWKRXJKWKHWHQGHUIRUFH
RI D KLJK GUHDP PD\ VWUHWFK GRZQ DQG HQWZLQH LWVHOI DURXQG WKH KHDUW RI PDQ WKHUH DUH WKH P\ULDG
PLUDJHVWKDWGLVWUDFWDQGEHZLOGHUKLP$QGWKRXJKKHPD\KHDUDZHHSLQJLQKLVKHDUWDQGDQXUJHWR
HQWHULQWRWKHVLOHQFHRIWKH+LJKHU6HOIKHLVWRRZHDNDQGWRR\RXQJWRWUDQVODWHDQGXQGHUVWDQGWKLV
GLYLQHIRUFHWKDWDOOWKHSURSKHWVDQGSRHWVRIWKHDJHVKDYHKHDUNHQHGWR,QVWHDGRIWHQWKHYRLFHRIWKLV
GUHDPPDNHVKLPXQHDV\DQGKHSOXQJHVVWLOOIXUWKHULQWRWKLQJVWKDWKHFDQXQGHUVWDQG%XW ,EHOLHYH
WKDWGUHDPLVWKHYRLFHRIWKH+LJKHU6HOIGHPDQGLQJREHGLHQFHIURPLWVKXPDQLQVWUXPHQWDQGZLOOQRW
UHOHDVHWKHKHDUWRIPDQIURPLWVWHQGULOVEXWZLOOFRPSHOPDQWRDFFHSWLIQRWE\ORYHWKHQE\SDLQLWV
LGHDO$QGRQO\WKHQZLOOVRFLHW\EORVVRPLQWRPDWXULW\
7KHUHIRUHWKRXJKLQWKRVHHDUO\GD\V,ZDVHDJHUWRJLYHWRDOO,PHWP\QHZO\GLVFRYHUHGZHDOWK
DQGIXUWKHUDWWHPSWHGWRIRUFHLWLQWRWKHKHDGVRIDOO,PHW,VRRQUHDOL]HGWKHSV\FKRORJLFDOGLIIHUHQFHV
LQSHRSOHDQGGLVFRYHUHGWKHXWWHUIXWLOLW\RISURSDJDQGDIRUWKRVHQRWUHDG\IRULW)RUHYHQLIWKRVH
SHRSOHIROORZHGRQH
VGRFWULQHVWKHIDFWWKDWPXFKZRXOGQRWEHXQGHUVWRRGZRXOGOHDGWRDVWDWHRI
VRFLHW\PRUHFKDRWLFWKDQKDUPRQLRXV/LNHZLVH,KDYHEHHQWROGE\P\WHDFKHUVLQFHWKDWLWLV
QHFHVVDU\WROHWRWKHUPLQGVDORQHIRURIWHQWKHLUURDGVRIGHYHORSPHQWOLHLQGLIIHUHQWGLUHFWLRQV7KH
+LJKHU6HOINQRZVEHWWHUWKDQZHGRZKDWLVEHVWIRULWVLQVWUXPHQW
<HWLWZDVWKURXJK$QDUFKLVPWKDW,OHDUQWWKDWHDFKSHUVRQZDVDZRUOGLQZKLFKGLIIHUHQWZD\VRI
WKLQNLQJZHUHDVLPPXWDEOHDVQDWXUDOODZV$QGLWZDVOLNHZLVHWKURXJKWKLVFRQFOXVLRQWKDW,OHIWWKH
FKDRWLFDQGGDUNYDOOH\VRI$QDUFKLVPDQGMRXUQH\HGLQWRWKHYDVWHUDQGLQPDQ\ZD\VYDJXHUUHDOPV
RI3KLORVRSK\
7UDYHOOLQJLQWRWKHFRXQWU\RIWKH3KLORVRSKHUV,ZDVFRPSHOOHGWRWKURZDZD\P\UDSLHURI ZKDW
XVHWKHVZRUGRIDUJXPHQWWRFRPEDWDPLUDJH"DQGLQVWHDGEHDUDGLVWDII)RUKHUH,JDWKHUHGWKH
XQFDUGHGZRRORILGHDVGLVFDUGHGIURPROGDQG\RXQJSKLORVRSKHUVZKRZHUHVHDWHGEHVLGHWKHLUZKHHOV
VSLQQLQJILQHO\VSXQWKHRULHV
:KDWZRQGURXVIDEULFVZHUHZRYHQ7KHUHZHUHFORWKVVRIWDQGVPRRWKVSXQIRUSDWULFLDQPHQWDO
ERGLHV ZDUPDQGFRPIRUWLQJZRROVIRURSWLPLVWLFWKLQNHUV DQGWKLQDQGWKUHDGEDUHPDWHULDOVIRUWKH
VXSHUILFLDOLQWHOOHFWXDO$QGOLNHWKHRWKHUV,VDWGRZQDQGZRYHIRUP\VHOIDVXLW%XWZKDWTXHHU
DVVRUWHGFORWKFDPHIURPP\ORRP:KDWVWUDQJHWLQWVDQGWKUHDGVZHUHEOHQGHG,WZDVQHLWKHUOLQHQ
QRUVDFNFORWKFDQYDVRUVDWLQ,WZDVDFRPELQDWLRQRIDOONLQGV$QGWKHFRVWXPHWKDW,ZRUHZDVDWULIOH
FOXPV\LQWKHEHJLQQLQJDQGJURWHVTXHWRWKHIDVKLRQDEO\FODGEHKROGHU%XWLWILWWHGPHZHOOHQRXJKWR
VXLWP\SXUSRVH7KRXJKDIWHUDZKLOHVRPHSLHFHVZHUHWDNHQRXWDQGUHSODFHGE\SDWFKHVWKDW
KDUPRQLVHGPRUHFRPSOHWHO\WRP\VWDWHRIPLQG
:KHQ,KDGURDPHGLQWKHODQGRI$QDUFKLVP,KDGDVVXPHGWKDWEH\RQGLWVERUGHUVOD\DQ
XQIDWKRPDEOHQRWKLQJQHVVDQGWKDWP\PHQWDOHYROXWLRQKDGHQGHGDQGWKDWWKHQH[WEHVWWKLQJ,FRXOG
GRZDVWRJDWKHUDVPXFKNQRZOHGJHDVWKLVFRXQWU\SRVVHVVHG7KXVZKHQ,VWHSSHGRYHULWVERUGHUV
ODGHQZLWKWKHWZLQEHOLHIVRI$WKHLVPDQG$QDUFKLVPLQWRWKHODQGRI3KLORVRSK\LWZDVZLWKJUHDW
GRXEWDQGXQFHUWDLQW\IRUKHUHDOOWKLQJVZHUHRIDQLQVXEVWDQWLDOQDWXUH0\EHOLHILQWKHJUHDWQHVVRI
WKHLQGLYLGXDOZDVRIOLWWOHXVH/LIHWKHVHZHDYHUVDQGVSLQQHUVVDLGPD\EHEXWDQLGHDVSXQIURP
LQWDQJLEOHVXEVWDQFHV7KHERG\GRHVQRWH[LVWRQO\PLQG$OOLVIRUFH PDWWHUWLPHOHQJWKEUHDGWKDQG
ZLGWKDUHEXWWKHERXQGDULHVRIPRWLRQ0DQLVDPRWHDVXQLPSRUWDQWDVDVSHFNRIGXVW0DQLVD
XQLYHUVHDQGWKHVXQVDQGVWDUVDUHKLVGUHDPV2IZKDWXVHWKHQZHUHP\GRJPDWLVPV")RUWKHVH
SKLORVRSKHUVSURYHGWRPHWKDWWKHYHU\JURXQGXSRQZKLFK,ZDONHGZDVEXWVKDSHGIURPPLVWDQG
TXLFNVDQG
6ORZO\,EHJDQWRUHDOL]HKRZOLWWOH,UHDOO\NQHZ)RUIDUEH\RQGZHOOWURGGHQSDVWXUHVRIWKH
PLOGH\HGSKLORVRSKHUVZKRVSHQWWKHLUGD\VXQUDYHOLQJWKHROGSDWWHUQVRILGHDVOHIWWRWKHPE\WKHLU
GHDGEURWKHUVUHZHDYLQJWKHPLQWRSDWWHUQV DQGGHVLJQVRIQHZWKHRULHVOD\DYDVWVKDGRZ\FRDVWOLQH
WRZDUGVZKLFK,GHWHUPLQHGWRWUDYHOVLQFHWKHVHSKLORVRSKHUVKDGPHOWHGP\PDWHULDOLVWLFGRJPDWLVPV
1RZWKHJUHDWHUSUREOHPVRIOLIHZHUHVHWEHIRUHPH2QHZDVWKHSUREOHPRIH[LVWHQFH,KDGEHOLHYHG
ZHZHUHDVWDSHUVPROGHGE\HQYLURQPHQWZKLOHWKHZLFNZDVNLQGOHGE\DQXQFRQVFLRXVPHFKDQLFDO
IRUFHDQGLWEXUQHGRQXQWLOWKHWDSHUPHOWHGDQGUHWXUQHGWRWKHHOHPHQWV/LIHZDVUHDVRQOHVVDQG
EHFDXVHRIWKDWZHZHUHFRPSHOOHGWREULQJDUHDVRQLQWRLWIXUWKHUVXIIHULQJZDVWKHODUJHVVHRIOLIH
GLVWULEXWHGLQWRRJHQHURXVTXDQWLWLHV)RU´ ZHDUJXHGVXUHO\QR*RGZRXOGEHVRFUXHODVWRJLYH
SDLQWR+LVFUHDWLRQ"
,KDGQRW\HWLQYHVWLJDWHGWKHSKHQRPHQDRI6SLULWXDOLVPQRUKDG,HYHQKHDUGRI7KHRVRSK\6RWKH
NH\VWRFHUWDLQSUREOHPVRIH[LVWHQFHKDGQRW\HWEHHQSODFHGLQP\KDQGV,VDZWKDW$QDUFKLVPOHGWR
WKHEHOLHILQWKHSRZHURIEUXWHIRUFHSK\VLFDOO\DQGPHQWDOO\)RURQHFDQILJKWIRUSRZHUDVEUXWDOO\RQ
WKHPHQWDOSODQHDVXSRQWKHSK\VLFDO,VDZWKDWWKHXVHRIFODVVZDUZDVQRWUXHDQGODVWLQJUHPHG\IRU
VXFKKDWHDQGVHOILVKQHVVZRXOGRQO\EHSURGXFWLYHRIVWLOOJUHDWHUGLVKDUPRQ\
6ORZO\DQGHYHUPRUHGHHSO\DJUHDWPHQWDODJRQ\SRVVHVVHGPH$QXQEHDUDEOHDQJXLVKEXUQHG
LQWRPH,IHOWVRXQXWWHUDEO\ZHDNDQGIXWLOH5KHWRULFDQGFRDUVHIXOPLQDWLRQFRXOGQRWKHOSWKH
PLVHUDEOHEHJJDUFRXOGQRWGLVVROYHWKHKDWHDQGVXVSLFLRQHDFKQDWLRQKXUOHGDWRQHDQRWKHU$KDWH
WKDWFRUURGHGDQGEOLVWHUHGWKHVRFLDOERG\DQGSRLVRQHGLWVEORRG7KHGLVFLSOHVRIWKHVHUHIRUPLQJ
FUHHGVZHUHWRRLPSHUIHFWWKHPVHOYHV7KHUHIRUHWKURXJK,VWXGLHGSKLORVRSK\LQRUGHUWRILQGDQ
DQVZHUWKDWZRXOGVDWLVI\PH,GLGQRWDQGWKHKXQJU\ZHUHVWLOOWKHV\PEROVRIWKHSLWLOHVVODZVRIOLIH
)RUOLIHLWVHOIVHHPHGDVDWHUULEOHOLYLQJSLFWXUHWKDWHQUREHGWKHZKROHHDUWKZKHUHRQIRUFHVOLNHJLDQW
IHHWWURGDQGVPHDUHGLQWRVFDUOHWVSODVKHVDOOWKLQJVWKDWEUHDWKHG
7KLVVWDWHRIPLQGFRQWLQXHGIRUDORQJWLPHXQWLORQHGD\,PHWDQROG6RFLDOLVWZKREURDFKHGWRPH
WKHVXEMHFWRI6SLULWXDOLVP7KRXJK,OLVWHQHGNHHQO\WRKLPKLVLOORJLFDODUJXPHQWVDQGLOOXVWUDWLRQV
LUULWDWHGPH,WROGKLPSODLQO\WKDW,FRQVLGHUHGVXFKEHOLHIVDEVXUGSULPLWLYHDQGLPSRVVLEOH,VKRXOG
KDYHNQRZQEHWWHU3KLORVRSK\KDGSURYHGWRPHORQJDJRWKHIXWLOLW\RIGRJPDWLVP1HYHUWKHOHVV,
DWWHQGHGDVHDQFHDQGZDVDPXVHGDQGDSSDOOHG7KHSLFWXUHRIDSSDUHQWO\VDQHPHQDQG
ZRPHQHVSHFLDOO\ ZRPHQVHDWHGHDUQHVWO\LQDGDUNHQHGURRPKROGLQJKDQGVDQGZDLWLQJH[SHFWDQWO\
WRKHDUPHVVDJHVIURPWKHVSLULWVRIGHDGIULHQGVDQGUHODWLRQVWKURXJKWKHPRXWKVRIWKHPHGLXPVKHOG
IRUPHDWWKDWWLPHQRWRQO\DVHQVHRILWVSDWKRVEXWDOVRRILWVKXPRU,WZDVDOOYHU\LQWHUHVWLQJEXW
WKHVHSHRSOHVHHPHGIDUWRRUHDG\WRDFFHSWDVJHQXLQHDQ\YDJXHVWDWHPHQWWKDWWKHPHGLXPRU
REVHVVLQJHQWLW\GHVLUHGWRJLYH6QDWFKLQJDWHDFKIUDJPHQWRILQIRUPDWLRQDVWKRXJKVWDUYLQJZLWKRXW
TXHVWLRQRUGHVLUHWRNQRZZKHWKHUWKHIRRGJLYHQFDPHIURPWKHPLQGRIWKHPHGLXPRUWUXO\IURPD
GLVHPERGLHGVSLULW
,FRQFRQFOXGHGIURPWKHUHVXOWVRIP\ILUVWYLVLWWKDWWKHUHZDVWRROLWWOHSURRILQWKHVWXG\RIWKLV
VXEMHFW
³6WLOO,WKRXJKWLWLVZRUWKZKLOHH[DPLQLQJWKHSV\FKRORJLFDODVSHFW$QG6SLULWXDOLVPIURPLW
ZDVIURPWKDWDVSHFWWKDW,DWWDFNHGWKHVHEHOLHIVDQGVWURYHWRILQGZKHWKHUWKHUHZHUHDQ\VFLHQWLILF
MXVWLILFDWLRQIRUWKLVVXEMHFW,WZDVZKLOHRQWKLVTXHVWWKDW,FDPHWRWKHVFLHQFHRIK\SQRWLVPDQG
KHUHLQ,IRXQGPXFKPRUHSURRIDERXWWKHSRVVLEOHSRZHUVRIWKHPLQGWKDQ,KDGHYHU\HWFRQFHLYHG
)RU,QHYHUUHDOL]HGZKDWIRUFHVOD\GRUPDQWZLWKLQWKHEUDLQXQWLOWKDWPRPHQWWKRXJKODWHURQ,ZDVWR
OHDUQRIVWLOOJUHDWHUDQGPRUHZRQGHUIXOSRZHUVRIZKLFKFHUWDLQO\WKH:HVWHUQVWXGHQWVRISV\FKRORJ\
DQGK\SQRWLVPDUHLJQRUDQW
$OLWWOHODWHURQ,KHDUGRIDQRWKHUWKHRU\DERXWOLIHZKLFKZDV7KHRVRSK\&XULRVLW\OHGPHLQWRD
KDOOZKHUHOHFWXUHVXSRQVXFKDVXEMHFWZHUHEHLQJGHOLYHUHGDQGZKLOHOLVWHQLQJWRWKHOHFWXUHUD
UHDOL]DWLRQGDZQHGZLWKLQPHFODULI\LQJDOOWKHYDJXHDQGKDOIIRUPHGLQWXLWLRQVWKDWKDGJOLPPHUHG
ZLWKLQP\PLQGVLQFHFKLOGKRRG2QHDIWHUDQRWKHUSUREOHPVEHJDQWREHVROYHG7KHSDVWEHOLHIVRI
FKLOGKRRGVXFKDV PDJLFIDLULHVUHOLJLRQDQG*RGDJDLQUHVXPHGWKHLUVRYHUHLJQW\WKRXJKRIFRXUVH
WKH7KHRVRSKLFDOWHUPVZHUHGLIIHUHQW7KXV IDLULHVZHUHHOHPHQWDOV PDJLFXQNQRZQODZV WKH/RJRV
*RG%XWZKDWPDWWHUHGWHUPVDVORQJDVWKH\PHDQWWKHVDPH"$QRWKHUUHDVRQZK\,OLVWHQHGVRHDJHUO\
DQGDFFHSWHGPXFKWKDWZDVVDLGZDVQRWEHFDXVHWKLVVSHDNHUDZDNHQHGROGDQGEHDXWLIXOEHOLHIVEXW
EHFDXVHKHZDVVRUHDVRQDEOHH[SODLQLQJWKHVROXWLRQWRVRPDQ\SUREOHPV:HKDGOLYHGEHIRUHDQGLQ
RXUSDVWOLYHVGLGWKLQJVWKDWSURGXFHGUHDFWLRQVLQWKLV KHQFHZHUHDOORXUVXIIHULQJVQRWFDXVHGE\*RG
EXWE\RXURZQDFWLRQV:HDOVRKDGWKHIUHHZLOOWRGRJRRGRUHYLO WKRVHFKRRVLQJHYLOOHDUQLQJ
WKURXJKVXIIHULQJWRGRJRRGDQGWKRVHGRLQJJRRGOHDUQLQJWREHFRPHLQVWUXPHQWVIRU'LYLQHSXUSRVHV
$QGKHUH,ZLOOTXRWHDWHDFKLQJJLYHQWRPHVLQFHE\P\WHDFKHU
7KHEODFNSRZHUVRIOLIHDUHQHHGHGEHFDXVHWKURXJKRSSRVLWLRQPDQFDOOVRXWWR*RGIRUULJKW
GLUHFWLRQ7KHVHHNHULVEURXJKWLQWRWRXFKZLWKWKRVHGDUNIRUFHVLQRUGHUWRJLYHKLPWKHSRZHUWR
GLVFULPLQDWHEHWZHHQULJKWDQGZURQJDFWLRQ
7KXVLQ7KHRVRSK\LQWHOOLJHQWWKRXJKXQIDPLOLDUUHDVRQVZHUHJLYHQWRH[SODLQPDQ\WKLQJVDQGLQ
WKLVQHZZRUOGRIWKRXJKWVSUHDGEHIRUHPH,GHWHUPLQHGWREDQTXHW,KDGDSURGLJLRXVDSSHWLWH
QRWKLQJZDVFDVWDZD\,GLJHVWHGZRUNVLQZKLFKHYHQ7KHRVRSKLVWVZHUHQRWLQWHUHVWHG$QGKHUHDQG
WKHUH,IRXQGDOLWWOHWLGELWWKDWPL[HGZHOOZLWKWKHYDULHGDQGVWUDQJHIRRGV,GLVFRYHUHG3DPSKOHWVDQG
ERRNOHWVZHUHP\ILUVWFKRLFHWKHQFDPHWKUHHKXJHYROXPHVRIDZRUNWKDWLVWUHDWHGZLWKDFRQWHPSWLW
FHUWDLQO\GRHVQRWGHVHUYHQDPHO\7KH6HFUHW'RFWULQHWKHPRVWUHPDUNDEOHERRN,YHQWXUHWR
VXJJHVWRIWKHQLQHWHHQWKFHQWXU\%XW,ZDVFRPSHOOHGWRSXWLWDVLGHDVLWGHDOWZLWKVXEMHFWVPXFK
SURIRXQGIRUP\XQGHUVWDQGLQJ EXWPRUHHOHPHQWDU\ZRUNVRIDNLQGUHGQDWXUHZHUHUHDGDWWKHUDWHRI
DERXWDGR]HQDZHHN)RU,MRLQHGWKHOLEUDU\RIWKH7KHRVRSKLFDO6RFLHW\7KHQXPEHUERRNVZULWWHQ
XSRQWKLVSKLORVRSK\DUHLPPHQVH$QGLWZDVLQWKLVOLEUDU\WKDW,KDGWKHRSSRUWXQLW\RIVWXG\LQJWKH
VFLHQWLILFEDVLVIRUWKHLUEHOLHIV WKRXJK,NQRZIXOOZHOOWKDWWKHVFLHQWLVWZRXOGQRWHYHQDWWHPSWWR
VWXG\DQGH[DPLQHLIWKHUHLVDQ\SRVVLEOHWUXWKLQWKLVGRFWULQH+HLVPXFKWRRVXSHULRUIRUWKDW$QG
DIWHUDOOLVQRWDVWXG\RIWKHKDELWVRIDEHHWOHRIPXFKPRUHLPSRUWLPSRUWDQFHWKDQDQXQGHUVWDQGLQJ
RIWKHVSLULWRIWKLQJVDQGRI*RG"
0HDQZKLOH,VWLOODWWHQGHGLQDFXUVRU\IDVKLRQWKH6SLULWXDOLVWVHDQFHVDQGEHJDQWRJHWVRPH
SURRIVLQDPRVWXQSOHDVDQWPDQQHU$IWHUOHDYLQJWKHVHFLUFOHVSKHQRPHQDZRXOGWDNHSODFHZKHQ,ZDV
DORQH,ZRXOGKHDUWDSVDQGNQRFNVDWQLJKWDQGRQRQHRUWZRRFFDVLRQV,KDGWKHXQSOHDVDQWDQG
XQFDQQ\H[SHULHQFHRIVRPHWKLQJGUDJJLQJPHRXWRIP\ERG\7KLVJDYHPHXQZHOFRPHSURRI
LQFRQFHLYDEOHDVLWPD\VRXQGWRWKHPDWHULDOLVWWKDW,SRVVHVVHGDQRWKHUIRUPRIFRQVFLRXVQHVVZLWKLQ
P\ERG\ DGHWDFKDEOHVRPHWKLQJWKDWLVIXOO\FRQVFLRXVDQGDZDUHWKDWWKHERG\LVEXWDNLQGRI
HQYHORSH,FDQKHDUWKHPHQWDOVSHFLDOLVWDQGSV\FKRORJLVWZKRQHYHUKDYLQJKDGVXFKDQH[SHULHQFH
WKHUHIRUHGHQ\WKHSRVVLELOLW\PXUPXULQJLQNLQGWKRXJKILUPDFFHQWVWKDW,DSSDUHQWO\KDGVRPHVWUDQJH
IRUPRIKDOOXFLQDWLRQDOO LVDQKDOOXFLQDWLRQWRWKHEOLQGDQGLQH[SHULHQFHGDQGWRWKRVHZKRZLOOQRW
VHHEXWQHYHUWKHOHVV,PDLQWDLQWKDWVXFKZDVDQH[SHULHQFHWKDWRFFXUUHG,WZDVDVWKRXJKVRPHWKLQJ
KDGEHHQXQORFNHGDQG VKRZQWRPHZDUQLQJPHWKDW6SLULWXDOLVPKDGLWVGDQJHUV
6SLULWXDOLVP,WKLQNLVDODQGRIHDUQHVWDQGXQKDSS\VODYHVZKHUHPDQ\DUHEXUGHQHGZLWKVWUDQJH
DQGPLVHUDEOHFUHDWXUHVZKROHHUDQGJLEEHUIURPWKHEDFNVRIWKHLUFDUULHUV6ODYHVZKRDUHZHDNDQG
KDOIEOLQGDQGNQRZQRWZKDWKRUULEOHFUHDWXUHVSRVVHVVWKHP,WLVDODQGZKHUH&XULRVLW\*ULHIDQG
*UHHGDUHWKHPDVWHUVDWWUDFWLQJPDQ\YR\DJHUVWRPRRUWKHLUEDUTXHVLQRQHRIWKHVKDGRZ\KDYHQV D
ODQGZKHUHLQHYHU\WKLQJDSSHDUVGLVWRUWHGZKHUHWUHHVDUHFXULRXVO\VKDSHGDQGXQKHDOWKLO\FRORUHG
WKHLUEUDQFKHVJUH\ZULWKLQJDQGFRLOLQJOLNHOLYLQJWKLQJVWKHLUIROLDJHWKLFNDQGJORVV\ZLWKGLVHDVHG
VDS DQGZKHUHHYHQWKHGDUNJUDVVHVUXVWOHZKHQWKHUHLVQRZLQG+HUHDVRPEHUPLDVPDULVHV
FRQWLQXDOO\IURPDPDUVK\HDUWKZKHUHWKHZDWHUVRISRRODQGVWUHDPDUHEURZQDQGVWDJQDQWVDYHIRUD
UDGLDQWEURRNWKDWIORZVIURPDGLVWDQWPRXQWDLQUDQJH$QGWKLVEURRNLVRQHRIWKRVHZKLWHWKUHDGVRI
7UXWKWKDWUXQWKURXJKDJHWRDJHWKURXJKFLYLOL]DWLRQWRFLYLOL]DWLRQEULQJLQJZLWKLWDQHWHUQDOOLJKW
DQGPXUPXULQJDQHWHUQDO\HWHYHUFKDQJLQJK\PQIRUWKRVHZKRDUHZLOOLQJWRVHHDQGKHDU
7KURXJKVXFKDODQGKDG,ZDQGHUHGPHHWLQJSHRSOHZKRKDGZHDQGEOLQGO\VWXPEOHGWKURXJKWKH
HQWDQJOLQJMXQJOHV)RU6SLULWXDOLVPLVRIWHQDURDGOHVVODQGZKHUHLQWRMRXUQH\LVWRWUDYHOZLWKHDUV
GHDIWRWKHZLOGODXJKWHUDQGKRZOLQJRIXQVHHQKRVWV SHRSOHSURXGDQGGHOLJKWHGLQEHLQJREVHVVHG
EHLQJVLQFHUHLQWKHLUEHOLHIVWKDWWKHVSLULWVSRVVHVVLQJWKHLUERGLHVXVHGWKHPIRUXQVHOILVKPRWLYHV
ZKHQTXLWHRSSRVLWHPRWLYHVZHUHXVXDOO\PXFKLQHYLGHQFH7KHVHSHRSOHGHVLUHGWREHLQVWUXPHQWVRI
*RGEXWXQIRUWXQDWHO\WKH\OHIWWKHFHOODUGRRUVRIWKHKXPDQKRXVHZLGHRSHQSHUPLWWLQJDQLQYDVLRQ
RIXQKRO\VSLULWVZKRVRPHWLPHVUHLJQHGVXSUHPH$QGWKRXJKEHZLOGHUPHQWDQGIDVFLQDWLRQKDG
HQWUDQFHGWKHPLIWKH\KDGEXWOLVWHQHGPRUHNHHQO\WKH\ZRXOGKDYHKHDUGLQWKHGLVWDQFHWKHIUDLO
ZKLVSHURIWKHVLOYHUVWUHDP DQGLIWKH\KDGEXWGHYHORSHGVXIILFLHQWVWUHQJWKWRWUDYHOWRZDUGVLWWKH\
ZRXOGXOWLPDWHO\SDVVRXWRIWKHJUH\ DQGHYLOPLVWRIWKLVODQGDQGHQWHUDFRXQWU\RIEULJKWHUKXHV
ZKHUHWKHIORZHUIULQJHGULEERQRIOLJKWJUHZEURDGHUDQGIORZHGLQWRWKHULYHUWKDWMRXUQH\HGWKURXJK
WKHFRQWLQHQWQDPHG7KHRVRSK\
,QFLGHQWDOO\DIHZUHPDUNVIURPP\WHDFKHUUHJDUGLQJ6SLULWXDOLVPPD\EHRILQWHUHVW 7KHFKLOG
PXVWWDNHLWVILUVWVWHSVLQWKHDWWDLQPHQWWRZDUGVWKHUHDOL]DWLRQRI7UXWKDQGLQLWVVWXPEOLQJRIWHQ
ZDQGHUVLQWRWKHPD]HVXQGHUO\LQJ6SLULWXDOLVPDVLWLVXQGHUVWRRG%XWDSXUHPLQGDQGKHDUWZLOOOHDG
KLPWKURXJKWKLVODQGRIPLVWDQGEHZLOGHUPHQWLQWRWKHZRUOGRIWKHVRXO
VDZDNHQLQJ7KHUHIRUHKH
VKRXOGQRWEHFRQGHPQHGLIKHLVVLQFHUHIRUWKHUHUHPDQ\SDWKVWR*RG
6RWKHVHH[SHULHQFHVSUHSDUHGPHWRDFFHSWPXFKWKDWWKH7KHRVRSKLVWVFODLPHGDQG,OHDUQHGWKDW
LQVHHNLQJDQGGLVFRYHULQJWKHUHLVQRHQG7KHPHQWDOYLVWDVEURDGHQGDLO\ ZLGHUDQGZLGHUJURZWKH
ILHOGVRINQRZOHGJHIRUHYHU\LQFKRIVSDFHDQGDLUWHHPVZLWKLQYLVLEOHLQWHOOLJHQFHVRIDPRVW
ZRQGHUIXODQGYDULHGQDWXUHWLWDQLFDVZHOODVPLQXWH
',9,1((&+2(6
7KHSDVWLVDGDUNSRZHUWKDWZRXOGHQWZLQHLWVFRORUHGVWUDQGVDURXQGWKHLPSDWLHQWIHHWRIWKH
WUDYHOHU,WLVDGLYLQHJKRVWWKDWVKRXOGVOHHSXQVWLUUHGE\WKRVHZKRZRXOGNQRZ*RGLQDQHZJXLVH
'RQRWOLVWHQWRWKHVDGHFKRHVRILWVDQFLHQWJUDQGHXURUEHUHDYHLWVORVV7KHDUFDGLDQEHDXW\RI*UHHFH
KDVEHHQZRYHQLQWR\RXUEORRG WKHPDVVLYHGXVNRI(J\SWDQGKHUSURIRXQGJRGVDUHSDUWRI\RXU
VWUHQJWK WKHLQGRPLWDEOHIRUFHFDOOHG5RPHVWLOOPRYHV\RXRQZDUG7KHGXPEDQGVDQGODSSHG
FLWLHVWKRVHODERUVRIFRORVVDOWKRXJKWZLOODJDLQEHUHEXLOWXSRQD\HWYDVWHUVFDOH'RQRWPRXUQWKH
ROG,IWKRVHPRQXPHQWDOZRUNVKDYHEHHQVDFULILFHGWRWKHKRXUVLWLVEHFDXVHWKHJUHDW$UFKLWHFWKDV
QHZPRXOGVWRVKDSH,IWKHEUD]HQF\PEDOVWKDWRQFHLQYRNHGWKHJRGVFODQJQRPRUHLWLVEHFDXVHD
PLJKWLHUDQGPRUHPDMHVWLFPXVLFLVWREHERUQLQWKHQHZSHULRGZKHQWKHJRGVZLOODJDLQDZDNHQ
EULQJLQJVWLOOJUHDWHUJLIWVDQGZRQGHUVIRUPDQ5HPHPEHUWKDWZLWKLQ\RXGZHOOWKHEOHQGHGHFKRHVRI
WKHFHQWXULHV
&+$37(5,,
7+(2623+<
7KHUHLVDEHOLHIDPRQJFHUWDLQSHRSOHWKDW7KHRVRSK\LVDQRQVHQVLFDODQGSULPLWLYHFRQFHSWLRQRI
WKHXQLYHUVHLQYHQWHGE\DFOHYHUFKDUODWDQQDPHG0DGDPH%ODYDWVN\7KLVLVXWWHUO\XQWUXH
7KHRVRSK\LVDVROGDVWKHXQLYHUVHIRULWGHDOVZLWKWKHVSLULWXDODVSHFWRI1DWXUHWKHFDXVHVRI
SKHQRPHQDLQVWHDGRIPHUHO\WKHHIIHFWVDQGH[SODLQVWRXVWKHVSLULWXDOPHDQLQJRIOLIH WKHUHDVRQVIRU
RXUVXIIHULQJVDQGWKHFXUH7KHRVRSK\SRVVHVVHVDJUHDWHWKLFDOIRUFHDQGLVFOHDUFXWDQGDVVFLHQWLILF
IURPLWVRZQVWDQGSRLQWDVDQ\EUDQFKRIPRGHUQVFLHQFHH[FHSWWKDWLWGHDOVZLWKWKHLQWHULRUZRUOGRI
WKHVRXODVZHOODVWKHRXWHU,WGRHVQRWGHQ\WKHQHFHVVLW\RIPDWHULDOWKLQJVEXWKHOSVXVWRPDVWHU
WKHP,WLVOLNHWKHPRXWKRIDJUHDWJROGHQULYHUZLWKLQQXPHUDEOHVWUHDPVZKRVHQDPHVDUH
6SLULWXDOLVP0DJLF$VWURORJ\3V\FKRORJ\)RONORUHDQGDKRVWRIEHOLHIVDFFHSWHGE\WKHPDMRULW\RI
WKH(DVWHUQQDWLRQV DQGDPRQJWKHPWKHODZRI5HLQFDUQDWLRQLVRQHRIWKHFKLHIEDVHVIRUDOOWKHRWKHU
DVSHFWV
6XFKZDVWKHZRUOGRIWKRXJKWLQWRZKLFK,ZLOOLQJO\DQGJODGO\HQWHUHG%HVLGHVDFOHDUH[SODQDWLRQ
RIWKHFDXVHVRIPXFKRIRXUVXIIHULQJLWUHVWRUHGPDQ\RIWKHURPDQWLFLGHDVP\LPDJLQDWLRQKDG
SOD\HGZLWKVLQFH,ZDVDFKLOG7KHUHDOL]DWLRQWKDW-XVWLFHZDVQRWPHUHO\DPDQPDGHFRQFHSWLRQEXWD
QDWXUDOODZJDYHPHDJUHDWPHQWDOUHOLHI7KHHYLOZHVHQGRXWUHWXUQHGWRXVDVLQH[RUDEO\DVWKHJRRG
(PRWLRQDOPHQWDODQGSK\VLFDOIRUFHVDOOKDGWKHLUUHDFWLRQV,QWKHNQRZOHGJHJDLQHGODWHU,DFWXDOO\
IRXQGWKLVWREHGHPRQVWUDEOH(YHQ6FLHQFHDGPLWVWKHWUXWKRIWHOHSDWK\DPHQWDOIRUFHWKDWFDQ
DQQLKLODWHVSDFHOLNHZLUHOHVVDQGZKLFKLIFDUHIXOO\LQYHVWLJDWHGFRXOGDFWVLPLODUO\ZLWKWLPH0DQ,
WKLQNSRVVHVVHVDQXQOLPLWHGFRQVFLRXVQHVVEXWKHKLPVHOIKDVOLPLWHGKLPVHOIDQGOLYHVQRZLQDQ
H[WUHPHO\QDUURZUDQJHRIFRQVFLRXVQHVV+RZHYHUKHLVWRGD\XVLQJKLVPLQGWRDJUHDWHUH[WHQWWKDQ
LQWKHSDVWIHZFHQWXULHVKHQFHWKHUHDFWLRQVZKLFKZHFDOOQHUYRXVGLVHDVHV)RUPDQKDVQRW\HW
UHDOL]HGWKDWKHFDQUHFHLYHEORZVPHQWDOO\DQGHPRWLRQDOO\DVZHOODVSK\VLFDOO\7KLVLVDQH[SHULHQFH
,KDYHRIWHQKDGLQWKHODVWIHZ\HDUVDVP\RFFXOWWUDLQLQJKDVPDGHPHPRUHDQGPRUHVHQVLWLYHDQG,
WKLQNLWLVTXLWHSRVVLEOHWKDWDVPDQNLQGJHQHUDOO\JURZVPRUHVHQVLWLYHKHZLOOEHJLQWRUHDOL]HKRZRQH
FDQEHDWWDFNHGRQWKHVXEWOHUUHDOPRIPLQGE\PHQWDOFULPLQDOV VRWKDWDQHZPHWKRGZLOOEH
GLVFRYHUHGRISXQLVKLQJWKHVHPHQWDOFULPLQDOVDVWKRVHDUHSXQLVKHGZKRSHUSHWUDWHSK\VLFDOFULPHV
,Q7KHRVRSK\,IRXQG,FRXOGSODFHLQYDULRXVDSDUWPHQWVPDQ\RIWKHSUREOHPVWKDWKDGSX]]OHGPH
ZKHQ,KDGWUDYHOHGWKURXJKWKHUHDOPVRIP\PHQWDODGROHVFHQFHIRUWKHVROXWLRQVRIIHUHGE\$WKHLVWV
6RFLDOLVWVDQG$QDUFKLVWVZHUHRQO\PRUDOPHGLFLQHVDGPLQLVWHUHGWRWKHSK\VLFDOERG\E\GRFWRUVZKR
ZHUHWZRWKLUGVEOLQG 7KRXJK,KDGGLVFDUGHGWKHLUVXJJHVWLRQVIRUWKHFXUHRIFULSSOHGPDQ,FRXOGVWLOO
V\PSDWKL]HZLWKWKHPIRU,UHDOL]HGWKDWIURPWKHLURXWORRNWKH\ZHUHSHUIHFWO\VLQFHUH EXWWKHLUPHQWDO
VLJKWEHLQJVRPHZKDWEOXUUHGWKH\VDZPXFKPRUHYDJXHO\WKDQPDQ\RIWKHLUSDWLHQWVDQGWKHUHIRUH
ZHUHOLDEOHWRLQIOLFWXSRQWKHLUXQZLOOLQJYLFWLPVPRUHVXIIHULQJVWKDQFXUHV<HWLWLVQRWWKH6RFLDOLVW
ZKRLVWREHEODPHGIRUKLVPDWHULDOLVWLFRXWORRNEXWWKHVNHSWLFDOVFLHQWLVWZKRKDVGHQLHGWRRUHDGLO\
PXFKWKDWRWKHUSHRSOHKDYHGLVFRYHUHGLQFOXGLQJHYHQWKHH[SHULHQFHVRIDIHZVFLHQWLVWVLQFHUWDLQ
LQYHVWLJDWLRQVRISV\FKLFDOSKHQRPHQD
(TXDOO\EODPHZRUWK\DUHWKHVRFLHWLHVZKRKDYHSXEOLVKHGFKHDSZRUNVLQYDVWQXPEHUVZULWWHQE\
WKHVHVNHSWLFVDQGSODFHGWKHPLQWKHKDQGVRIVHPLLOOLWHUDWHV ZKRKDYHQHYHUKDGWKHRSSRUWXQLW\WR
LQYHVWLJDWHIRUWKHPVHOYHVWKHDSSDUHQWWUXWKVODLGGRZQE\WKHVHVNHSWLFV$QG,KDGEHHQLQDVLPLODU
SRVLWLRQIRU,KDGWRDFFHSWEOLQGO\XQWLO,UHEHOOHGDOOWKDWWKHVHFKHDSDQGRIWHQEDGO\ZULWWHQZRUNV
KDGDIILUPHG+HQFH,FDQQRWEODPHWKH6RFLDOLVWIRUKLVSHVVLPLVWLFRXWORRNEXWUDWKHUKLVPDVWHUVWKH
VNHSWLFDOVFLHQWLVWV,WKLQNWKHHOHPHQWDU\VFKRROVVKRXOGWHDFKDVWKHPRVWLPSRUWDQWIRXQGDWLRQIRU
PLQGWUDLQLQJDVLPSOHIRUPRISKLORVRSK\VKRZLQJLQWKHILUVWSODFHWKHLQVXEVWDQWLDOLW\RIWKLQJV KRZ
HYHQWKHVFLHQWLVWRQO\GHDOVZLWKWKHHIIHFWVDQGQRWWKHFDXVHV SURYLQJWKDWDOOLVXQFHUWDLQDQGWKDWRXU
VHQVHVDUHYHU\LPSHUIHFWLQVWUXPHQWV7KHUHVXOWZRXOGEHWKDWIRUPDQ\\HDUVWKHPLQGZRXOGQRW
LQGXOJHLQGRJPDWLVPVEXWZRXOGOLVWHQWRDOOWKLQJVDQGZHLJKWKHPFDUHIXOO\1RZDGD\VVXFKD
WUDLQLQJFDQRQO\EHKDGLQXQLYHUVLWLHVZKHQDOOVFKRROVVKRXOGSRVVHVVLW
,QWKH7KHRVRSKLFDO6RFLHW\,PHWDQXPEHURISHRSOHZLWKZKRP,TXLFNO\EHFDPHIULHQGO\
,QWHUHVWLQJSHRSOHVRPHZKRKDGKDGFHUWDLQSV\FKLFDOH[SHULHQFHVDQGVRPHZKRKRSHGWRKDYHWKHP
DPRQJZKRPRIFRXUVHZDVP\VHOI4XHVWLRQXSRQTXHVWLRQSRXUHGIURPPHDQGWKHPRUH,VWXGLHGWKH
QXPHURXVZRUNVLQWKHOLEUDU\WKHPRUH,UHDOL]HGKRZOLWWOHPDQNLQGJHQHUDOO\NQHZRIWKHDQDWRP\RI
WKHVRXO,VWXGLHGVWUDQJHERRNVRISKLORVRSK\WKDWPHOWHGDQ\GRJPDWLFDVVHUWLRQ,FDUHGWRPDNHDQG
ERRNVXSRQK\SQRWLVPWKDWSURYHGWRPHWKHWHUULEOHDQGKLGGHQSRZHUVORFNHGXSLQWKHPLQGRIPDQ
WKH\VKRZHGPHWKHGDQJHUVWKDWVXUURXQGHGKXPDQLW\DQGWKHWUXHUHPHGLHV DQGILQDOO\WKHPDQQHU
ZKHUHE\PDQFRXOGEHFRPHJRGOLNHDQGILOOHGZLWKZRQGHUIXONQRZOHGJH<HWZKDWWKH\UHYHDOHG
DERYHDOOZHUHWKHGLIILFXOWLHVWKDWPDQPXVWIDFHLIKHZRXOGWUDQVPXWHKLVZHDNQHVVLQWRVWUHQJWKLQWR
VDFULILFHVHOIOHVVQHVVUHQXQFLDWLRQRIDOOWKDWLVHYLODQGVLQFHUHGHVLUHWREHDQLQVWUXPHQWZRUNLQJLQ
KDUPRQ\IRUWKHJRRGRIDOO
%XWUHDGLQJDORQHZDVFHUWDLQO\QRWVXIILFLHQW
/LYHWKHSKLORVRSK\UHSHDWHGLWVHOIFRQWLQXDOO\LQP\PLQG$QGDYRLGWRRPDQ\LQWHOOHFWXDO
DUJXPHQWV&ULWLFLVPGHVWUR\VPRUHWKDQLWFRQVWUXFWV)RUDWWKLVSHULRGGHVSLWHP\DGRSWLRQRIDORIW\
EHOLHIWKHGHOLJKWRIRYHUFRPLQJDPHQWDORSSRQHQWLQDQLQWHOOHFWXDOEDWWOHEURXJKWPHLQWR
FRQVLGHUDEOHGLVUHSXWHDPRQJWKRVHZKRZHUHPRUHP\VWLFDOO\LQFOLQHG)ULHQGVZKRPRYHGLQWKH
VHUHQHDLURIXQWKLQNLQJIDLWKGLVOLNHGPH,GLVWXUEHGWKHLUKDELWXDOFDOP%XWWKH\DOVRLUULWDWHGPHIRU
WKH\DFFHSWHGIDUWRRPXFKZLWKRXWWKLQNLQJDQG,VWLOOEHOLHYHWKH\ZHUHPXFKWRRVHQWLPHQWDODQG
IDWDOLVWLF7KHIDFWWKDW7UXWKJOHDPHGIURPDPRXQWDLQSHDNDQGWKDWZHVDZWKLVJOHDPVKRXOGKDYH
PDGHXVPRUHHDJHUWRVFDOHWKHKHLJKWVLQVWHDGRIDFFHSWLQJWKHIDFWLQDQHJDWLYHVSLULWZKLFK,DP
DIUDLGPDQ\GLG%XW,ZDVUHVWOHVVP\PHQWDOIHHWKDGFDUULHGPHWRWKHFRDVWOLQHRI3KLORVRSK\DQG
QRZLWUHPDLQHGIRUPHWRYR\DJHRQZDUG7KHUHIRUH,FRXOGQRWWROHUDWHWKHPHQWDOZHDULQHVVRIP\
IULHQGV
5HDOL]DWLRQVZHUHQHFHVVDU\LIP\VWXGLHVZHUHWREHRIDQ\XVH6R,LPPHGLDWHO\EHFDPHD
YHJHWDULDQQRWYHU\GLIILFXOWIRUPHIRU,KDGQHYHUEHHQRYHUIRQGRIPHDWWKRXJKKRZIDULWJDYHPH
VSLULWXDOUHDOL]DWLRQV,KDYHQHYHUGLVFRYHUHG,KDYHPHWPDQ\YHJHWDULDQVEXWUDUHO\GRWKH\VHHPWR
KDYHH[SHULHQFHGDQ\WKLQJRIDVXSHUQRUPDOQDWXUH$WRGGPRPHQWV,DOVRWULHGWRFRQFHQWUDWHDQG
PHGLWDWHEXWWKHUHVXOWVZHUHQRWDWDOOLPSUHVVLYH,UHFHLYHGQRVWDUWOLQJYLVLRQVQRUGLG,KDYHWKH
H[SHULHQFHVJDLQHGLQWKHVWUDQJHDWPRVSKHUHRI6SLULWXDOLVP
<HW,MRXUQH\HGRQVWXG\LQJQRZDQGWKHQWKHKXJHYROXPHVRI7KH6HFUHW'RFWULQH
XQGHUVWDQGLQJEXWOLWWOHRILWWKRXJKGULQNLQJDOOLQSX]]OHGHQWKXVLDVWLF,IRXQG,FRXOGQRWJDLQPXFK
WKRXJK,EHOLHYH,ZDVDVVLQFHUHDVDQ\PHPEHU,WZDVQRWGXHWRODFNRIHIIRUW EXW,IHOWDVWKRXJKD
JUHDWZDOOVWRRGEHWZHHQPHDQGWKHZRQGHUIXOSKHQRPHQDZULWWHQDERXWLQWKHQXPHURXVERRNVZKLFK
,ZDVQRWELJHQRXJKWRFOLPE)RUWKRXJK,NQHZWKHUHZHUHFHUWDLQPHWKRGVRIJDLQLQJILUVWKDQG
NQRZOHGJH,GLGQRWGHVLUHWRDZDNHQDQ\IRUFH,ZRXOGQRWEHDEOHWRFRQWURO1RUGLG,FDUHDWWKDW
WLPHIRUWKHWHDFKLQJVRIRWKHURFFXOWVFKRROVZKLFKODFNHGWKHDVSHFWV,GHVLUHG0HDQZKLOH,VWD\HG
ZLWKLQWKH6RFLHW\VWHHSLQJP\VHOILQWKHWHDFKLQJVDQGHQGHDYRULQJVSDVPRGLFDOO\WRXQGHUVWDQG
1HYHUWKHOHVVDOOWKHWLPH,ZDVVKDSLQJIRUP\VHOIDFOHDUHUDQGILQHUSKLORVRSK\RIOLIHJDWKHULQJD
WKUHDGKHUHDQGWKHUHDQGZHDYLQJLWLQWRDQLGHDOSDWWHUQZKLFK,KRSHGZRXOGEHRIXVHLQWKHIXWXUH
\HDUVRIH[LVWHQFH
+HUHP\FKLHIIULHQGVZHUHOLNHZLVHVLQFHUHVWXGHQWV6RPHZKRSUDFWLFHGDQGKDGDFKLHYHGUHVXOWV
RIDWHPSRUDU\QDWXUHPDQ\RIWKHLUH[SHULHQFHVEHLQJVLPLODUWRP\RZQLQ6SLULWXDOLVPIRUEHLQJ
VHQVLWLYHWKH\FRXOGYHU\TXLFNO\JHWXQSOHDVDQWSURRIVRIWKHGDUNHUVLGHRISKHQRPHQD:HJDWKHUHG
RIWHQLQDVPDOOGDUNURRPRYHUDQDQWLTXHVKRSLQ6RKRWRH[FKDQJHLGHDVWRPHGLWDWHWRJUXPEOHDW
WKHXVHOHVVQHVVRIOLIHDQGWRKRSHIRUWKHEHVW+HUH,PHW'DYLGZKRZDVWREHFRPHP\SDUWQHUDQG
FRPSDQLRQLQPDQ\VSLULWXDODQGPDWHULDOYHQWXUHVDQGDIHOORZSLOJULPLQWKHTXHVWRIUHDOL]DWLRQ+H
LQWURGXFHGPHWRDJURXSRIRWKHUVWXGHQWVDQGDVVRPHKDYHEHHQP\FRPSDQLRQVHYHUVLQFHDQGKDYH
DWWHPSWHGWKHVDPHVSLULWXDOSLOJULPDJHDVP\VHOI,VKDOOHQGHDYRUWRGHVFULEHWKHP
'DYLGZDVRIVKRUWDQGVRPHZKDWVOLJKWVWDWXUHSDOHDQGLQWHQVHO\VHQVLWLYH KHRULJLQDOO\GLVOLNHG
PHEHFDXVH,ZDVWRRFUXGHDQGDUJXHGZLWKKLP VHULRXVDQG,XVHGWRWKLQNPXFKWRRFDVXDODERXW
WKHLQFLGHQWVRIWKLVZRUOGDQGPXFKWRRGHHSO\HQJURVVHGLQWKHZRUOGZLWKLQ+HDOZD\VDSSHDUHGWR
PRYHLQDSHUSHWXDOKD]H+HKDGKDGVRPHPRVWLQWHUHVWLQJH[SHULHQFHVRIDQRFFXOWQDWXUHZKHQ
\RXQJZKLFKKHOSHGPHWRSURYHWKHH[LVWHQFHRIXQNQRZQVWDWHVRIFRQVFLRXVQHVVDQGZKHQ,ILUVWPHW
KLPKLVDLURIRWKHUZRUOGOLQHVVSX]]OHGPHJUHDWO\,UHPHPEHUSDUWLFXODUO\RQHGD\ZKHQ,ZDV
ZDLWLQJIRUKLPLQWKHVKDGRZRIDVWDLUFDVHKHWRXFKHGPHWRVHHLI,ZDVUHDORUDJKRVW/LIHWRKLP
ZDVWKHQYHU\LQVXEVWDQWLDODOWKRXJKVLQFHWKDWSHULRGKHKDVKDGH[SHULHQFHVZKLFKKDYHWDXJKWKLP
WKHZLVGRPRISODQWLQJKLVIHHWILUPO\RQHDUWK+HVWURYHWROLYHWKHP\VWLFDOOLIHDQGJDYHWRHYHU\
EHJJDUKHPHWKLVODVWIHZSHQFH8QIRUWXQDWHO\WKHSHRSOHWRZKRPKHJDYHZHUHVRPHWLPHVWKHOHDVW
GHVHUYLQJ,QIDFWKLVP\VWLFDOOLIHGLGQRWGHYHORSWKHSRZHURIGLVFULPLQDWLRQ DFKDUDFWHULVWLF,KDYH
QRWLFHGDPRQJPDQ\ZKROLYHLQWRRP\VWLFDODQDWPRVSKHUH7KHRFFXOWLVWZLWKWUXHXQGHUVWDQGLQJGRHV
QRWJLYHKLVORYHWRDOOIRUWKHUHDUHVRPHZKRPLIJLYHQORYHZRXOGUHWXUQLWZLWKKDWH EXWWKHUHDVRQ
IRUWKLV,ZLOOPHQWLRQLQDIXUWKHUFKDSWHU
7KHP\VWLFJHQHUDOO\RYHUIORZVZLWKDVHQWLPHQWDOLW\RIDPRVWXQEDODQFHGIRUPDQGLWLVIRUWXQDWH
IRUKLPKHLVQRWZHDOWK\IRUDQ\URJXHFRXOGYHU\TXLFNO\GUDLQKLPGU\+HLVWKHP\VWLFDOIRRORI*RG
ZKRKDVWROHDUQ%DODQFH'LVFULPLQDWLRQDQG8QGHUVWDQGLQJ6LQFHWKDWWLPHZHKDYHOHDUQHGE\SDLQIXO
H[SHULHQFHWKHQHFHVVLW\IRUWKHVHTXDOLWLHV:LWKWKHH[FHSWLRQRIRQHRUWZRSUDFWLFDOO\DOORXUVPDOO
JURXSZHUHXQEDODQFHGLQRQHZD\RUDQRWKHU$OWKRXJKWKHPDMRULW\RIPDQNLQGDUHVLPLODUO\DIIOLFWHG
WKLVJURXSKDGGHYHORSHGDFHUWDLQIRUPRIQHXURWLFLVPWKDWZHODEHOHGXQFRQYHQWLRQDOLW\DQG
ERKHPLDQLVP:HSULGHGRXUVHOYHVRQWKHIDFWWKDWZHZHUHQRWDVRWKHUPRUWDOVDQG,DPFHUWDLQWKDW
RWKHUPRUWDOVVHHLQJRXUJURXSZDONLQJDQGKHDULQJWKHPWDONLQJZRXOGIHHOSOHDVHGWREHOLHYHWKH\
ZHUHQRWDVRXUVHOYHV6WLOO,WKLQNERKHPLDQLVPDSSHDOVVHFUHWO\WRDOO
$QRWKHUIULHQGZDVDQ,ULVKPDQGDUNRIPHGLXPKHLJKWDQGZHOOEXLOW TXLFNWHPSHUHG
DUJXPHQWDWLYHDQGVRPHZKDWRIDQRUDWRUDJLIWKHKDGXVHGPDQ\WLPHVGXULQJDOLIHVSHQWLQZRUOG
ZDQGHULQJ+HZDVWKHROGHVWPHPEHURIWKHJURXSDQGJHQHUDOO\ORRNHGXSRQDVWKHOHDGHU9HU\
LQWROHUDQWRIWKHVPDOOFRQYHQWLRQVDQGTXLWHEUXVTXHLQFRQYHUVDWLRQGHVSLVLQJIRROVKHDVVRFLDWHGZLWK
XVEHFDXVHKHNQHZZHZHUHVLQFHUHVWXGHQWVHYHQLIZHZHUHXQSUDFWLFDO7KRXJKKHSRVVHVVHGPDQ\
ILQHTXDOLWLHV,VWLOOWKLQNKHSODFHGWKHKDELWRILQGHSHQGHQFHXSRQWRRKLJKDSHGHVWDO,KDYH
PHQWLRQHGWKLVEHFDXVH,QRWLFHGWKDWDPRQJRWKHUFKDUDFWHULVWLFVLQGHSHQGHQFH ZKLFKWRRRIWHQ
PHDQVDVZROOHQHJRWLVP ZDVYHU\PXFKLQHYLGHQFHLQRXUVPDOOFRPSDQ\7KLV,ULVKPDQKDGWUDYHOOHG
LQPDQ\FRXQWULHVDQGLVVWLOOGRLQJVR\HWKHNHHSVLQWRXFKZLWKXV)RUWKRXJKZHPD\RIWHQSDUW\HW
EHLQJLOOXPLQHGE\WKHVDPHSDVVLRQDQGGHVLUHRIWUDQVPXWLQJDQGSXULI\LQJWKHFRPPRQFOD\LQWRD
ILQHUKDELWDWLRQIRUWKHVSLULWZHQHYHUIRUJHWRQHDQRWKHU+HZDVPXFKROGHUWKDQZHZHUHDQGKDG
KDGPDQ\LQWHUHVWLQJDGYHQWXUHVDQGSV\FKLFDOH[SHULHQFHVZKLFKKHZRXOGRIWHQUHODWHWRXV+HKDG
EHHQDQHGLWRUDQGDOHFWXUHUDQHQJLQHHUDQGDQDXWKRUDQGNQHZVRPHWKLQJRIPDQ\RWKHU
SURIHVVLRQV
7KHQH[WPHPEHURIWKHJURXSZDVD\RXQJ)UHQFKPDQQDPHG3DXODVOLPDQGFXUO\KDLUHG\RXWK
DUWLVWLFDQGLPSXOVLYHZKRFROOHFWHGRGGFKDUDFWHUVDVDKREE\7KHSODLQDQGFRPPRQVHQVHSHUVRQ
QHYHUDSSHDOHGWRKLP7KH\KDGWREHHUUDWLFDQGHFFHQWULFDQGDERYHDOOSRRU6XIIHULQJJHQHUDOO\
IURPDIRUPRIQHXURVLVWKH\FDPHDIIOLFWHGXVIRUDVKRUWWLPHERUURZLQJDOOWKDWZHFRXOGSRVVLEO\
JLYHDQGYDQLVKLQJOLNHEDGGUHDPV3HUVRQDOO\,JDYHOLWWOHWRWKHVHSHUVRQVDQGWKRXJKWWKHPXQKLQJHG
DQGYHU\XQKHDOWK\ VLQFHWKHQ,KDYHIRXQGQRUHDVRQWRFKDQJHP\PLQGIRUWKH\DUHSHRSOHZKRVH
LUUHVSRQVLELOLWLHVKDYHFDXVHGPRUHDQJHULQDZHHNWKDQDQRUPDOSHUVRQFDXVHVLQD\HDU7KH\DUHDV
XQUHOLDEOHDVWKHZLQGDQGKDGZHKDGWKHPIRUWRRORQJDWLPHDPRQJXVZHRXUVHOYHVZRXOGKDYH
EHFRPHDVQHXURWLFDQGLPSRVVLEOHDVWKH\,WZDVQRWLFHDEOHWKDWDIWHUDVKRUWWLPHWKHDLURIWKHSODFHV
WKH\YLVLWHGEHFDPHFKDUJHGZLWKDVXEWOHIRUFHWKDWZDVH[FHHGLQJO\XQSOHDVDQW2QH
VQHUYHVEHFDPH
VWUDLQHGDQGRQH
VLPDJLQDWLRQKHLJKWHQHG%XWXQIRUWXQDWHO\3DXOGHOLJKWHGWREULQJWKHPDORQJ
H[DJJHUDWLQJWKHLUFKDUPVDQGJHQLXVDQGWUXO\EHOLHYLQJWKDWEHFDXVHWKH\ZHUHGLIIHUHQWWKH\ZHUH
WKHUHIRUHEHWWHU3DXOOLNHWKHUHVWRIXVZDVDOVRYHU\VHQVLWLYHDQGZRXOGDUJXHZLWKWKHRWKHUVZKR
VWXGLHG%XGGKLVPDERXWWKHLOOXVLRQVRIH[LVWHQFH+HFRQWLQXDOO\FKDQWHGWKHZHOONQRZQ,QGLDQGLUJH
$OOLV,OOXVLRQDOOLVLOOXVLRQDOOLVLOOXVLRQ$QGKHUH,WKLQNGZHOWWKHH[SODQDWLRQRIRXUODVVLWXGH
IRU/LIHGLGQRWPDWWHUPRQH\GLGQRWPDWWHUPDUULDJHGLGQRWPDWWHUWKHZKROHREMHFWLYHXQLYHUVHGLG
QRWPDWWHUDOOEHLQJLOOXVLRQ*RGJDYHXVH\HVWREOLQGIROGDQGHDUVIRUGHDIQHVV,QVKRUWFRPSOLFDWHG
DQGZRQGHUIXODWWULEXWHVRIEHLQJZHUHRXUVPHUHO\WREHVKDWWHUHGDQGREOLWHUDWHGZKLFK,WKLQNLVQRW
WKHWUXHGRFWULQHRIDQ\JUHDWUHOLJLRQ
7RREH\WKHVHQHJDWLYHEHOLHIVPD\KDYHEHHQH[FHOOHQWLQ,QGLDZKHUHWKHLQKDELWDQWVYROXQWDULO\
IHGWKHSULHVWV WRREH\WKHPLQWKH:HVWHUQFRXQWULHVZRXOGUHVXOWLQRXUEHLQJDUUHVWHGDVEHJJDUV,
WKLQNHDFKFRXQWU\KDVWKHUHOLJLRQEHVWILWWHGIRULWDQGLIZHLQFDUQDWHGLQWKH:HVWLWZDVLQRUGHUWR
JLYHWKHSHUVRQDOLW\DQHZH[SHULHQFH)RUWKRXJKZHZHUH(XURSHDQVZHDOOVWURQJO\EHOLHYHGLQ
UHELUWK7KHJUHDWHVWGHVLUHRIWKHJURXSZLWKWKHH[FHSWLRQRIP\VHOIZDVWRYLVLW,QGLDDQG7LEHWGZHOO
LQWKHMXQJOHDQGE\PHGLWDWLRQXOWLPDWHO\DWWDLQ1LUYDQDDVWDWHRIVSLULWXDOFRQVFLRXVQHVVWKDWZDV,
EHOLHYHOLWWOHXQGHUVWRRG,KDYHKHDUGPDQ\7KHRVRSKLVWVDUJXHDERXWLWIRUWRVRPHLWDSSDUHQWO\
PHDQWWKHWRWDODQQLKLODWLRQRIHYHU\VHQVHDQGIRUPRIFRQVFLRXVQHVVDQG,LPDJLQHGWKDWWKH$WKHLVW
KDGIURPWKDWDVSHFWDVJRRGDFRQFHSWLRQDVDQ\XQSKLORVRSKLF%XGGKLVWVWXGHQW,WKRXJKWWKDWWKLV
REOLWHUDWLRQRIEHLQJDQLGHDO WRZKLFKZHZHUHWRVDFULILFHDOOWKLQJV RIPXFKOHVVZRUWKWKDQWKH
GHVLUHRIWKHVLQFHUH&KULVWLDQZKRZLVKHGWREHFRPHDQLQVWUXPHQWRI*RG$QGDWWKDWWLPH,UHDOO\
FRXOGQRWXQGHUVWDQGWKDWDVSHFWRIOLIHDOWKRXJK,QRZVHHLWZDVP\PLVXQGHUVWDQGLQJRI%XGGKLVW
GRFWULQH+HQFH,FRXOGQRWXQGHUVWDQGVXFKDSDVVLRQIRU,QGLD,ZDVPXFKPRUHDWWUDFWHGWRWKH
URPDQFHRIWKHVHEHOLHIVDQGDOVR,FRQVLGHUHGWKDWRXUVLQFHUHPRWLYHVZHUHVXUHO\VXIILFLHQWLIRI
FRXUVHZHOLYHGDFFRUGLQJO\WRRXUKLJKHVWDVSLUDWLRQV%XW,ZDVWUHDWHGDVD3KLOLVWLQHDFOXPV\
FUHDWXUHZKRGLGQRWSRVVHVVWKH2ULHQWDOVXEWOHW\RIPLQGRUVXIILFLHQWVHQWLPHQWRIKHDUW WKDW,KDG
VRPHKRZVWXPEOHGLQWRDZRUOGPXFKWRRUDUHDQGHWKHUHDOIRURQHRIP\RUGHU)XUWKHUPRUH,ZDV
PXFKWRRLQWHUHVWHGLQOLWHUDWXUHWREHVSLULWXDO,ZDVWRRLQFRKHUHQWLQP\TXHVWLRQVDQG,ZDQWHG
SURRI,ZDQWHGRFFXOWGHPRQVWUDWLRQVZKLFK,QHYHUUHFHLYHG$QGILQDOO\,GHOLJKWHGLQKDLUVSOLWWLQJ
DUJXPHQWV0\PLQGKDGHDWHQVRPXFKWKDWLWZDVGLIILFXOWWRGLJHVWDOOWKHPHQWDOIRRGQHLWKHUFRXOG,
V\VWHPDWL]HDOOWKHSKLORVRSKLFDOIDFWVDQGWKHRULHV%XW,UHPDLQHGZLWKWKLVJURXSEHFDXVH,KDGQHYHU
PHWVRPDQ\VWUDQJHSHRSOHEHIRUHDQGWKH\IDVFLQDWHGPH,WVKRXOGEHUHPHPEHUHGWKDW,KDGDUULYHG
IURPWKHVWRQ\ODQGRI$WKHLVPDQGWKHUHGUHDOPVRI6RFLDOLVPZKHUHWKHSHRSOHZHUHPRUHRUOHVVRID
FRPPRQSODFHW\SH ZKLOHKHUH,IRXQGIULHQGVRIDQHZPHQWDOVSHFLHVDOWRJHWKHU
,KDYHRQO\PHQWLRQHGWKUHHRIP\IULHQGVIRUZHKDYHDOOWUDYHOHGPRUHRUOHVVWRJHWKHUXSRQ
VLPLODUURDGV7KHUHVWZHUHDVVRPDQ\SDVVLQJVKDGRZVOHDYLQJOLWWOHWREHUHPHPEHUHGDIWHUWKH\
GLVDSSHDUHG
0\SURJUHVVLQWKH7KHRVRSKLFDO6RFLHW\FRQWLQXHGDQGKDYLQJLPELEHGPDQ\RIWKHFRQFHSWLRQV,
EHJDQWRDWWHQGDORFDOORGJH OLVWHQLQJWRWKHOHFWXUHVDQGDUJXLQJDERXWP\EHOLHIVZLWKP\ROG6RFLDOLVW
IULHQGVZKRQRZWKRXJKWPHVOLJKWO\LQVDQHIRUFHDVLQJWRVLQJWKHZHOONQRZQDQGVRPHZKDWIUD\HG
GLWWLHVRI6RFLDOLVPDQGUHSODFLQJWKHPZLWKWKHZLOGDQGZHLUGVWUDLQVRI6SLULWXDOLVPDQG7KHRVRSK\
ZKLFKZHUHQRWDWDOODFFHSWDEOHWRWKHLU³UDWLRQDOSRLQWRIYLHZ7KHLGHDRIDQHZIRUPRI
FRQVFLRXVQHVVDIWHUGHDWKZDVJUHHWHGZLWKODXJKWHUDQGMHHUV7KH\KDGXVHGWKHLUPLQGVWRWKLQNLQ
RQO\RQHZD\DQGWKH\FRXOGQRWRUZRXOGQRWWURXEOHWRORRNXSRQOLIHIURPDQHQWLUHO\GLIIHUHQW
DVSHFW7KH\LPDJLQHGEHFDXVHWKHVHWKHRULHVZHUHVRROGWKH\ZHUHWKHUHIRUHXQWUXH \HWPDQ\WKLQJV
ZHGLVPLVVHGZLWKDVQHHU\HDUVDJRDUHEHLQJDFFHSWHGWRGD\/HWXVWKH6RFLDOLVWVZRXOGVD\WRPH
ILUVWDOWHUWKHVWUXFWXUHRIVRFLHW\E\HUHFWLQJWKHLGHDOVWDWHRI6RFLDOLVP)RRGLVRIPRUHLPSRUWDQFH
WKDQIDLWK ORRNKRZPDQNLQGVXIIHUV0DQLVPROGHGE\KLVHQYLURQPHQWDQGRQO\DFKDQJHRIVRFLHW\
FDQDOWHUKLVFKDUDFWHU7KLV,WKRXJKWRQO\SDUWO\WUXHDVWKHSUHVVXUHRIHQYLURQPHQWLVZHDNHURU
VWURQJHUDFFRUGLQJWRWKHW\SHRILQGLYLGXDO7KHPHQWDOO\VWURQJPDQFDQULVHDERYHKLVFRQGLWLRQVDV
HDVLO\DVWKHSXUHO\SK\VLFDOW\SHVXFFXPEVWKHVWURQJVRXOWUHDWLQJLWVHQYLURQPHQWDVZD[XSRQZKLFK
LWLPSUHVVHVLWVSHUVRQDOLW\6RRIWHQLIDPDQOLYHVLQEDGVXUURXQGLQJVLWLVEHFDXVHKHKDVOLWWOH
DVSLUDWLRQWRWUDYHOKLJKHU DOVRIURPWKHDVSHFWRIUHLQFDUQDWLRQZHPDNHRXUHQYLURQPHQWIRUWKHIXWXUH
LQDFFRUGDQFHZLWKWKHDFWLRQVRIRXUSDVWOLYHV,WLVDOVRSUREDEOHWKDWWKHVSLULWZLWKLQXVIRUFHVXVLQWR
EDGVXUURXQGLQJVLQRUGHUWRGHYHORSRXUVWUHQJWKDQGZKRNQRZVEXWWKDWWKHVRXOLQDSUHYLRXV
LQFDUQDWLRQFDPHIURPDORZHUVSKHUHZKHUHFRQGLWLRQVH[LVWHGIDUZRUVHWKDQWKRVHRIWKLVSODQHW,
KDYHEHHQWROGE\P\WHDFKHUWKDWWKHUHDUHVSKHUHVEHORZWKLV(DUWKZKHUHLQWKHDWPRVSKHUHLVDOZD\V
WZLOLJKWDQGWKHIDFHVRIWKHVHVRXOVDUHRIDOHDGHQKXH+RZPDQ\SHRSOHLQKDELWLQJWKHVOXPVKDYHD
GHVLUHWRPDNHWKHLUKRPHVFOHDQHUDQGEULJKWHU"7KHUHIRUHRQHPD\JLYHTXLWHDQXPEHURIUHDVRQVWR
SURYHWKDWPDQLVQRWVXFKDVODYHDVWKHVHQWLPHQWDOLVWVDQG6RFLDOLVWVZRXOGKDYHXVEHOLHYHWKRXJKLW
LVREYLRXVWKDWQRQHZHOFRPHVSDLQDQGPLVHU\DQGZKHUHYHUSRVVLEOHZHVKRXOGWU\WRKHOSKXPDQLW\
,QDODWHUFKDSWHU,ZLOOPHQWLRQKRZWKHRFFXOWLVWLQWHUSUHWVWKHQHHGRIVHUYLQJPDQNLQG
$V,SOXQJHGPRUHGHHSO\LQWRWKHZRRGVPHDGRZVDQGVRPHWLPHVMXQJOHVRI7KHRVRSK\,ORVW
WRXFKZLWKP\ROGDFTXDLQWDQFHVRIWKHLPPDWXUHPHQWDOMRXUQH\LQJV)RU,GHVLUHGWRJRIXUWKHUZLWK
P\VHDUFKZKLOHWKH\ZHUHVDWLVILHGWKDWWUXWKKDGDOUHDG\EHHQIRXQGDQGWKDWOLWWOHFRXOGEH
GLVFRYHUHGLQZKDWWKH\FRQVLGHUHGJRLQJEDFNWRROGVXSHUVWLWLRQVDQGUHOLJLRQVLQIDFWWKH\WKRXJKW
WKLVWREHDIRUPRIPHQWDOGHJHQHUDF\
2QHWKLQJWKDWDPD]HGPHZDVWKHQXPEHURIVPDOOVRFLHWLHVWHDFKLQJRFFXOWLVPDQGP\VWLFLVP
PRVWRIWKHPEHLQJRIIVKRRWVRI7KHRVRSK\0RGHUQ5RVLFUXFLDQLVP%XGGKLVPDQG*QRVWLFLVP
&KULVWLDQ0\VWLFLVPDQG,QGLDQ<RJDDOOIRXQGSOHQW\RIH[SRQHQWV:LWKUHJDUGWR<RJD,ZRXOGXWWHU
DZDUQLQJWRWKRVHZKRPLVXQGHUVWDQGLQJLWVWUXHWHDFKLQJVWU\WRSUDFWLFHWKHRFFXOWVFLHQFHRI%UHDWK
HLWKHUIRUVHOIDQGJDLQRUZLWKRXWSURSHUVXSHUYLVLRQ IRUWKH\PD\VRPHWLPHVDZDNHQSRZHUVEH\RQG
WKHLUFRQWURODQGWKDWZRXOGGRPXFKPRUHKDUPWKDQJRRG)RUWXQDWHO\PRVWSHRSOHGLGQRWKDYH
VXIILFLHQWSHUVHYHUDQFHWRFRQWLQXHWKHVHSUDFWLFHV DOVRPDQ\ZDQWHGWRGHYHORSSRZHUVPHUHO\WRERDVW
KRZGLIIHUHQWWKH\ZHUHIURPRWKHUV+HUH,KDYHQRWLFHGKRZTXLFNO\DQGHDJHUO\WKHPRVWPDWHULDOLVWLF
SHUVRQZLOOOLVWHQWRVRPHERG\ZKRVWDWHVWKDWKHFDQWHOOWKHIXWXUHRUUHDGKDQGV,PPHGLDWHO\WKH\
PHHWVXFKDSHUVRQRXWVKRRWVWKHSDOPDQGDQVZHUVDUHHDJHUO\DZDLWHG6HUYDQWJLUOVDUHQRWWKHRQO\
VXSHUVWLWLRXVVSHFLHVIRUWKHUHDSSHDUVWRGZHOOLQWKHKHDUWRIHYHU\ERG\DGHVLUHWRNQRZWKHIXWXUHDQG
DVHFUHWEHOLHIRUKRSHWKDWVXFKIXWXUHVFDQEHIRUHWROG)URPSUDFWLFDOH[SHULHQFH,KDYHIRXQGWKDWWKLV
LVUHDOO\SRVVLEOHEXWQRWE\YLVLWLQJDFKDUODWDQZKRPHUHO\VWDWHVZKDWWKHFOLHQWZLVKHV)RUDVP\
WHDFKHUKDVLQVWUXFWHGPHWKLQJVRIDVSLULWXDOQDWXUHPXVWQRWEHXVHGIRUSHUVRQDOJDLQ2WKHUZLVHD
WLPHZLOOFRPHZKHQWKHFODLUYR\DQWZLOOEHLOOXVLRQHGE\KLVRZQ+LJKHU6HOIEULQJLQJKLPSUREDEOH
GLVJUDFHIRUWKHVRXOZLOOQRWSURVWLWXWHLWVZDUHVLQWKHPDUNHWSODFH7KDWLVDODZIRUDOOWKHGLVFLSOHV
RQWKH3DWKDQGIRUWKRVHZKRDUHQRWIRUZKHUHYHUUHDGLQJVRIWKHIXWXUHDUHWREHERXJKWIRUPRQH\WKH
SHUVRQVHHLQJZLOOQRWEHDEOHWRVSHDNIURPWKHKLJKHVWVRXUFH6WLOO,EHOLHYHWKHUHDUHPHWKRGVRI
GLYLQDWLRQVXFKDVDVWURORJ\DQGSDOPLVWU\ZKLFKDUHSHUPLVVLEOH1HYHUWKHOHVVWKHVXVFHSWLEOHVKRXOG
EHFDUHIXODERXWZLVKLQJWRNQRZWKHIXWXUHDVLWFDQVRPHWLPHVOHDGWRDYHU\XQKHDOWK\VWDWHRIPLQG
)RUWKRXJKWKDVWKHSRZHUWRVKDSHRXUDFWLRQVDQGWKHIRUWXQHWHOOHUFDQVRPHWLPHVK\SQRWL]HXVLQWR
EULQJLQJDERXWWKHHYHQWVKHKDVIRUHWROG7KDWLVRQHRIWKHUHDVRQVZK\WKHJHQXLQHFODLUYR\DQWVD\V
YHU\OLWWOHDQGKLGHVWKHJLIWLISRVVLEOHXQOHVVKHLVWROGWRKHOSVRPHERG\7KHQKHJLYHVIUHHO\DQG
ZLWKRXWWKRXJKWRIPRQH\RUUHWXUQ
,KDYHYLVLWHGPDQ\RIWKHVPDOOHUP\VWLFDOVRFLHWLHVDQGWKRXJK,IRXQGWKHPLQWHUHVWLQJ,QHYHU
GHVLUHGWRMRLQWKHP,DOZD\VIHOWWKDWWKHVHRUJDQL]DWLRQVGLGQRWSRVVHVVWKHUHDOL]DWLRQVRIWKHWUXWKV
DERXWZKLFK,KDGUHDGVRPXFK,DFFHSWHGWKHIDFWWKDWWKH\DOOSRVVHVVHGVRPHIRUPRIWUXWKEXW
TXHVWLRQHGZKHWKHUWKH\KDGUHDFKHGWKHKLJKHVWZKLFKDORQH,VRXJKW1RWWKDW,KDGKDGDQ\
H[SHULHQFHVRIDVSLULWXDOQDWXUHIRUPDQ\\HDUVZHUHWRSDVVEHIRUH,UHFHLYHGGHPRQVWUDEOHWHDFKLQJV
6R,ZDLWHGDQGVWXGLHGFRQWLQXDOO\WKHSKLORVRSKLHVRIWKHYDULRXVVFKRROVIHHOLQJWKDWLI,OLYHG
DFFRUGLQJWRWKHKLJKHVWZLWKLQPH,ZRXOGXOWLPDWHO\ILQGWKDWIRUZKLFK,KDGVRXJKWVRORQJDQGRIWHQ
GHVSDLULQJO\
+HUHP\IULHQGVDOVRUHPDLQHG'DYLGVRPHWLPHVVWXG\LQJDVWURORJ\JHQHUDOO\ZDQGHULQJDERXWDV
WKRXJKFDXJKWLQWKHPLVW\PD]HRIDGUHDP 3DXOUHWXUQLQJIURPKLVYR\DJHVRIGLVFRYHU\LQWKHVWUDQJH
XQGHUZRUOGRI%RKHPLDZLWKDQLPSRUWDQWFDSWXUHXVXDOO\DZHLUGDQGYDJXHDUWLVWPDOHRUIHPDOH
LPSUHVVLQJXVZLWKWKHJHQLXVRIWKHVDLGEHLQJZKRPZHZRUVKLSSHGIRUDWOHDVWDZHHN7KHQJHWWLQJ
ZHDU\ZHZRXOGGLVPLVVWKHIDGLQJVWDUIRUDQRWKHUXQUHFRJQL]HGOXPLQDU\RIWKHKHDYHQVZKR
DFFHSWHGRXUKRPDJHZLWKDPDWWHURIIDFWDLU:KLOHDOOWKH WLPHWKH,ULVKPDQJUXPEOHGDWOLIHDQGZH
ZLWKKLP
7+(&+,0(5$2)&/$<
7KHIDOVHOXVWHURI(DUWKO\H[LVWHQFHHQWLFHVWKHVHQVHVRIWKHGLVFDUQDWHVSLULWWRZUDSLWVVXEWOHERG\
LQWKHIROGVRIWHPSRUDU\FOD\WKDWDWILUVWLVIUDJLOHDQGIDLQWO\SHUIXPHGZLWKHFKRHVRIVFHQWEORZQ
IURPWKHVZHHWIORZHUVRIWKHKHDYHQO\PHDGRZV%XWVORZO\WKHUDUHDWPRVSKHUHWKDWHQYHORSHGWKH
\RXQJIDGHVDZD\DVWKHXQVHHQZDYHVRIWKHZRUOGGDVKDJDLQVWWKHERG\DQGPRXOGDQGEHDWLQWRWKH
WUHPEOLQJIOHVKWKHYLFHVWKHKDELWVWKHPRRGVRIOLIHXQWLOWKHGHOLFDWHSHWDOVGURRSDQGDUHWZLVWHGLQWR
DGLVWRUWHGEORVVRP7KHDSSDUHQWULFKEHDXW\DQGEURRNHQVLOYHUHGODZQVWKDWDOOXUHGWKHVLPSOHVSLULW
WRWKLVUHDOPGLVVROYHLQWRDMXQJOHWHHPLQJZLWKOXVWIXOEHDVWVDQGDPLGWKLVSDQGHPRQLXPWKHVRXO
EHFRPLQJLQWR[LFDWHGE\WKH/HWKHDQZLQHRIOLYLQJORVHVUHPHPEUDQFHRILWVKRO\VWDWH
&+$37(5,,,
7+(-81*/(62)0$<$
0RVWHYHQLQJVRIWKHZHHNEHLQJIUHH ZHYLVLWHGWKHFDIHVRI6RKRZKHUH4XHHQ%RKHPLDLQKHU
PRWOH\KROGVFRXUWKHUPXVLFEHLQJWKHRYHUWXUHWRWKHGUDPDHQWLWOHG'ULQN'UXJVDQG'HOLULXP
:LWKSDLQWHGIDFHDQGEHGUDJJOHGSHDFRFN
VWDLOVKHVWUXWVWKURXJKDOOWKHVFHQHVVLQJLQJIURPDOHHULQJ
PRXWKLQDKDUVKFUDFNHGYRLFHIHHEO\ZULWWHQK\PQVWR%DFFKXVDQG9HQXV,QUHFDOOLQJWRPLQGWKHVH
SODFHVWKHLPSUHVVLRQVDZDNHQHGDUHRIDWPRVSKHUHVFORVHDQGKHDY\JODULQJLQKDUPRQLRXVFRORUV
IDFHVSDOHEORRGOHVVDQGSDLQWHGWKHLPSULQWVDQGPDUNVRIGLVKHYHOHGVRXOV IRUPVIODFFLGDQG
GURRSLQJ VXFKEHLQJDVLJQWKDWRQHZDVDUWLVWLF PLOGDQGVWROLGIDFHVRIVXEXUEDQDGYHQWXUHUV DUWLVWLF
IDFHVDUWOHVVIDFHVDQGDUWIXOIDFHVRUDVDIULHQGRQFHVDLGSODFHVZKHUHWKHDUWOHVVIHGWKHDUWIXO7KH\
ZHUHOLNHPHQWDOMXQJOHVZKHUHWKHPHQWDODSHWKHOLRQWKHIDZQWKHHOHSKDQWWKHWLJHUZROIDQG
VFUHHFKLQJSDUDNHHWPLQJOHGSURPLVFXRXVO\DQGTXDUUHOVRPHO\$QDWPRVSKHUHWKDWLQVLGLRXVO\
SHUYHUWHGWKHYLVLWRUVLIWKH\ZHUHZHDNRUVWD\HGWRRORQJIRUZKHQ,UHFROOHFWWKHPDQ\SHRSOHZKR
KDGPDGHVXFKVSRWVWKHLUKRPHVDQGKDGIDLOHGLQWKHLUDPELWLRQV,DPDSSDOOHG7REHDYLVLWRURQFHRU
WZLFHLVDQLQWHUHVWLQJH[SHULHQFH WRYLVLWWKHPPRUHRIWHQZRXOGEHGLVDVWURXV
+HUHWKHDUWLVWLFOLRQZRXOGKROGKLVVDORQVRPHRQHJHQHUDOO\PRUHQRWRULRXVWKDQDUWLVWLFVHDWHGLQ
VWDWHZLWKKLVPHQWDOPDQHVPRRWKHGDQGFRPEHGE\KLVDGPLUHUVKROGLQJWKHVFHSWUHRIHJRWLVPZKLFK
KHZRXOGKXUODWWKRVHZKRKDGWKHDXGDFLW\WRTXHVWLRQKLVKLJKGHJUHH)RULQWKHVHSODFHVHJRWLVPV
JUHZDVUDSLGO\DVWRDGVWRROVDQGWKHIODPHVRIMHDORXV\ZHUHRIWHQNLQGOHGLQWKHKHDUWVRIWKRVHZKR
GHVLUHGWREHVHDWHGLQWKHWKURQHRIWKHORFDOOLRQ
7KHVXEMHFWVRIWKHVHOLWWOHNLQJGRPVKDGDFFRPSOLVKHGPDQ\WKLQJVEXWXQIRUWXQDWHO\RQHFRXOGQRW
VHHWKHLUZRUNVRIDUW)RUWKH\KDGEHHQKXQJLQWKHJUHDWKDOOVSDODFHVDFDGHPLHVDQGH[KLELWLRQVRI
WKHYDVWUHDOPRI7RPRUURZDFRXQWU\FOR\HGZLWKWKHPRVWVXSHUERIPDVWHUSLHFHVDQGZKHUHHYHU\
DUWLVWZDVDOLRQZKRVHPDQHZDVJUHDWHUWKDQDOORWKHUV DODQGZKHUHHDFKSRVVHVVHGDKDUHPRIJHQWOH
DQGKXPEOHOLRQHVVHVZKRREH\HGWKHIDLQWHVWURDURIWKHLUORUGVZLIWO\DQGZLWKRXWTXHVWLRQ ZKHUH
VWDWXHVZHUHHUHFWHGWKDWH[FHOOHGLQKHLJKWWKHPRXQWDLQV DQGZKHUHWKHELUGVWKHZLQGVWKHULYHUVVLQJ
DQGPXUPXUHGWKHSUDLVHVRIWKHNLQJO\LQKDELWDQWV
:HYLVLWHGWKHVHSODFHVIRUDQXPEHURIUHDVRQV3DXOEHFDXVHKHGHVLUHGWRPHHWVWUDQJHSHRSOH
'DYLGEHFDXVHKHKRSHGWREHFRPHDFTXDLQWHGZLWKWKRVHZKRKDGP\VWLFDOEHOLHIVWKH,ULVKPDQIRU
DPXVHPHQWDQGP\VHOIWRPHHWOLWHUDU\SHRSOHDQGILQDOO\DVDFKDQJHIURPRXURZQFRPPRQSODFH
KRPHV3DXOYHU\UDSLGO\IRXQGWKRVHKHZDVVHHNLQJ'DYLGPHWDIHZGUHDPHUV7KH,ULVKPDQJRWDOO
WKHDPXVHPHQWKHFRXOGZLVKIRU%XWDODV,IRXQGOLWWOH/LWHUDWXUHGLGQRWGZHOOKHUHWKRXJKWKHUH
ZHUHPDQ\PRGHUQYHUVLILHUVZKRVHVFRUQIRU6KDNHVSHDUHRQO\H[FHOOHGP\VFRUQIRUWKHLUYHUVH OLQHV
JHQHUDOO\ODFNLQJLQPXVLFFRORULPDJLQDWLRQWHFKQLTXHDQGWKRXJKW ODFNLQJWRRLQLQVSLUDWLRQ
WKRXJKWKDWQRZDGD\VGRHVQRWPDWWHU)RUPXFKVRFDOOHGLQVSLUDWLRQFRPHVIURPXQUHVWUDLQHGHPRWLRQ
,ZDVWROGDOWKRXJKLWZDVWUXHWKDWLQVSLUHGSRHWU\ZDVSLFWXUHVTXHDQGLQPDQ\FKLOGOLNHZD\V
GHOLJKWIXORQO\PXFKPXFKWRRUHOLJLRXV6XFKZHUHWKHLGHDVRIWHQH[SUHVVHGWRPHE\D
9DUVLW\PDQ
RQH/DQFHORW+RLW\+LJKIDFHDQHGLWRU,XQGHUVWRRGRIDPRGHUQSXEOLFDWLRQHQWLWOHG7KH,FH%R[D
ELHQQLDOIRUWKHPRGHUQV
+HZDVDWDOOVOHQGHUPDQODQJXLGVRPHZKDWSDOHDQGKDQGVRPHLQDFODVVLFDQGFROGZD\DQGKLV
ZRUGVZHUHKLJKSLWFKHGVORZDQGSHUIHFWO\HQXQFLDWHG0DQ\RIWKHSRHPV,VDZLQKLVSXEOLFDWLRQ
UHPLQGHGPHRIZLQJOHVVGHIHDWKHUHGVSDUURZVZLWKEURNHQRUFULSSOHGOHJVFDXVLQJWKHPWRKRSLQD
FXULRXVDQGFOXPV\IDVKLRQ$VIRUWKHDUWLFOHVWKH\JDYHPHWKHLPSUHVVLRQRIDZDWHUOHVVMRXUQH\
DFURVVDYDVWDQGDULGGHVHUW
,DOVRPHWPDQ\MRXUQDOLVWVEXW,IRXQGWKHPWREHVLQJXODUO\XQLQWHUHVWHGLQOLWHUDWXUHWKRXJKRI
FRXUVH,PD\EHPLVWDNHQ SUREDEO\WKH\GLGQRWGHVLUHWRVSHDNDERXWVXFKWKLQJVEHLQJVXUURXQGHGE\
SULQWDOOGD\6R,PXVWFRQIHVVWKDW,UHFHLYHGOLWWOHLQWHOOHFWXDOIRRGWKRXJK,FRXOGKDYHVXIIHUHGZLWKD
VXUIHLWRIWKHHPRWLRQDOGLHWRIIHUHG
7RDWWHPSWWRGHVFULEHWKHLQWHULRUVRIWKHVHFDIHVZRXOGEHWRGHVFULEHWKHPDWHULDOL]HGGUHDPRID
GLVHDVHGPLQG+HUHWKHSV\FKRDQDO\VWFRXOGKDYHIRXQGPRUHPDWHULDOLQRQHVPDOOURRPWKDQLQDQ\
ODUJHGLVWULFWIRUPDQ\RIWKHZDOOVZHUHVWDLQHGZLWKSLFWXUHVLPDJLQJYDJXHDQGFKDRWLFVWDWHVRI
WKRXJKW7KHUHOD\DQLQGHVFULEDEOHXJOLQHVVWKHUHVXOWRIPXFKGLVJXVWLQJWDONDQGWDOHVWKDWJDYHWKH
DLUDFHUWDLQKHDYLQHVVFHUWDLQO\QRWDOOHYLDWHGE\WKHSURIXVHVPRNHDQGWKHVPHOORIVWDOHEHHU
+HUHRXUOLWWOHJURXSZRXOGVLWDQGZDWFKWKHIDQWDVWLFSDJHDQWGULQNLQJIURPWKLFNJODVVWXPEOHUV
ZHDNDQGKLJKO\SULFHG5XVVLDQWHDDQGOLVWHQLQJWRWKHORXGVKDJJ\YRLFHVRIZRPHQDQGORZSLWFKHG
JLJJOLQJVH[XDOODXJKWHURI\RXQJVWXGHQWVDQGIURZVLO\FODGPHQ6RPHWLPHVWKHURRPVZHUHSDLQWHG
WKURXJKRXWLQEODFNEODFNWDEOHVEODFNFHLOLQJVEODFNZDOOVDQGEODFNGRRUV SDLQWHG,XQGHUVWDQGWR
VWLOOWKHWURXEOHGPRRGVRIWKHDUWLVWLFVRXOV6RPHWLPHVWKHURRPVZHUHFRORUHGLQSLQNJUHHQ\HOORZ
UHGDQGHYHU\SRVVLEOHWLQWLQWKHIRUPRIOR]HQJHVS\UDPLGVGLDPRQGVVSLUDOVFLUFOHVVTXDUHVDOO
VKDSHVWKDWWKHPLQGFRXOGLPDJLQH6RPHWLPHVWKH\ZHUHSHUIHFWO\EDUH2WKHUVZHUHHQULFKHGZLWK
IXWXULVWLFSLFWXUHVRIDQLQFRPSUHKHQVLEOHQDWXUHWKHWZRGLPHQVLRQDOLQFDUQDWLRQRIDQLQQDWHDQG
VKDGRZ\WKRXJKW2USRVVLEO\RQHFRXOGGHVFULEHWKHPDVK\VWHULFVREMHFWLILHGLQWRSDLQWKXUULHGO\
ZUHQFKHGIURPWKHDE\VVRIFKDRVDQGKXUOHGYLROHQWO\DQGVDYDJHO\XSRQWKHZDOOV7KHVHSLFWXUHV
ZRXOGEHSURXGO\VKRZQWRXVDQGWKHQDPHVRIWKH3DLQWHUVZRXOGEHZKLVSHUHGZLWKEDWHGDQG
DZHVWUXFNWRQHV JHQHUDOO\DSHUVRQZKRZDVDGUXQNDUGRUGUXJWDNHU :HQRWEHLQJDUWLVWVOLVWHQHG
DQGKDGWRDFFHSWDVIDFWWKDWWKHVHZRUNVZHUHZRQGHUIXOIRUZHZHUHDIUDLGWRFULWLFL]H$IWHUDOOZH
ZHUHEXWSKLOLVWLQHV$QGQRZ,WKLQNQHDUO\DOOWKHSHRSOHLQWKHVHFDIHVZHUHSKLOLVWLQHVEXWZHUH
DIUDLGWRFRQIHVVWKHWUXWKWKDWWKHZRUNZDVGHWHVWDEO\EDGDQGRIDPRVWXQKHDOWK\QDWXUH,WKLQNZH
PDGHDYLUWXHRIDVWLJPDWLVPDQGDQ\RQHVXIIHULQJIURPWKLVGLVHDVHDQGVWULYLQJWRSDLQWRUZULWHZDV
KDLOHGDVDFRPLQJJHQLXVVLPSO\EHFDXVHKHSURGXFHGVRPHWKLQJFURRNHGLQVWHDGRIVWUDLJKWLPDJLQLQJ
DFURRNHGOLQHZDVEHWWHUWKDQDFXUYH%HFDXVHVXFKDWKLQJKDGQRWEHHQGRQHE\WKHWUXO\JUHDWDUWLVWV
WKHLURULJLQDOLW\JDYHWKHPDGPLVVLRQLQWRWKH3DQWKHRQRIDUW7KHWUXWKRIWKHPDWWHUZDVWKDWWKHLU
DVWLJPDWLFVRXOVEXWLQFUHDVHGWKHLUHJRWLVP
:HQRWLFHGWKDWIHZRIWKHZRPHQZHUHDUWLVWVDQG,WKLQNPDQ\ZHUHWKHUHLQRUGHUWRLQVSLUHVRPH
RIWKHVHGLVFLSOHVRIDUW:KDWWKHVHZRPHQGLGIRUDOLYLQJZDVDP\VWHU\6RPH,XQGHUVWRRGZHUH
PRGHOV RWKHUVDFWUHVVHVDQGGDQFHUV DQGPDQ\OLYHGZLWKDUWLVWVDQGVXIIHUHGIRULW6RPHWLPHVD
JHQXLQHDUWLVWZRXOGHQWHUEXWQRWEHVXFKDVSHQGWKULIWRIKRXUVDVWKHSVHXGRDUWLVWV6XFKDPDQ
ZRXOGEHWRREXV\ZRUNLQJWRVSHQGWRRORQJDWLPHLQWKHVHSODFHV7KHUHVHHPVWREHD OHJHQGWKDWLID
SHUVRQLVDQDUWLVWKHPXVWWKHUHIRUHEHDGHJHQHUDWHPDNHDWKRURXJKEHDVWRIKLPVHOIVHGXFHHYHU\
ZRPDQKHPHHWVDQGHQGKLVOLIHE\GULQNLQJKLPVHOIWRGHDWK,WLVWUXHWKDWDQDUWLVWLVREYLRXVO\PRUH
HPRWLRQDODQGVHQVLWLYHWKDQWKHQRUPDOSHUVRQDQGKHVZLIWO\UHDFWVWRKLVHQYLURQPHQW EXWWREHFRPH
DQDUWLVWKHPXVWVXUHO\GHYHORSVWUHQJWKRIFKDUDFWHULQRUGHUWRVWXG\DQGFRPSOHWHKLVZRUNVDQGWKDW
LQLWVHOIVKRXOGDQGGRHVJLYHKLPWKHQHFHVVDU\FRQWURODQGWUDLQLQJWRZLWKVWDQGWKHGHJHQHUDWLQJ
LQIOXHQFHVWKDWVXUURXQGKLP,WLVVLJQLILFDQWWKDWZKHQKHGRHVZRUNKHRIWHQWULHVWRGZHOOLQWKH
FRXQWU\RURQWKH&RQWLQHQWZKHUHKHFDQKDYHSHDFHIRUKLVWDVN ZKLOHWKHDUWLVWVPHWLQWKHVHFDIHV
ZHUHRIWHQZHDNDQGLQHIILFLHQWDQGJHQHUDOO\ZRUNHGQRWEHFDXVHWKH\ZHUHLQVSLUHGRULQORYHZLWK
WKHLUDUWEXWLQRUGHUWRHDUQPRUHPRQH\IRUGULQNRUGUXJV
0DQ\YLVLWRUVFDPHEHFDXVHWKH\ZHUHFXULRXVDQGGHVLUHGWRNQRZKRZWKHDUWLVWOLYHGUHWXUQLQJ
KRPHZLWKDWRWDOO\ZURQJFRQFHSWLRQ RWKHUVFDPHEHFDXVHWKH\LPDJLQHGLWWREHGDULQJDQG
XQFRQYHQWLRQDOJHQHUDOO\PHQWLRQLQJLQODWHU\HDUVWKDWWKH\ZHUHRQFHERKHPLDQVDQGKDGEHHQ
SHUVRQDOO\DFTXDLQWHGZLWKVRPHFHOHEULWLHV ZKRPWKH\KDGSUREDEO\VHHQVLWWLQJDWWKHRSSRVLWHHQGRI
WKHURRPDQGZLWKZKRPWKH\GLGQRWGDUHFRQYHUVH 0DQ\FDPHEHFDXVHWKH\ZHUHXWWHUO\ZHDU\RI
WKHVWDQGDUGL]HGFLW\LQZKLFKWKH\GZHOW)RUWKHKHDUWDQGPLQGKXQJHUVIRUDFKDQJHZKHUHLQFRORU
URPDQFHDQGJDOODQWU\ORYHDQGSDVVLRQDOOSOD\WKHLUSDUWV7RWKHRFFXOWDQGP\VWLFDOVWXGHQW
DGYHQWXUHDQGURPDQFHWHHPVLQHYHU\VWUHHWDQGKRXVHEXWWKHPDMRULW\RIPDQNLQGZLOOQRWRUFDQQRW
VHHEHORZWKHDSSDUHQWFRPPRQSODFHVWKHQREOHDQGHYLOIRUFHVWKDWSOD\XSRQWKHPRVWLQVLJQLILFDQWRI
PHQ+HQFHVHHLQJOLWWOHRILQWHUHVWDQGXQDEOHWREULQJEHDXW\LQWRWKHLURZQHQYLURQPHQWWKH\YLVLW
WKHVHFDIHVRUQLJKWFOXEVWRILQGWKDWFRORUZKLFKWKHLURZQZRUOGODFNVZKHUHRQHFDQGRIIWKH
VWUDLJKWMDFNHWRIFRQYHQWLRQDQGGRQWKHFRVWXPHRIFORZQDQGFROXPELQH
1RZDGD\VZHPRYHLQWKHULJLGDQGXQVZHUYLQJURXWHRIKDELWUHLJQHGRYHUE\WKHLUPDMHVWLHV.LQJ
0RQNH\DQG4XHHQ3DUURWZKRVLWVWLIIO\XSRQWKHKDUGWKURQHRIFRQYHQWLRQ6RWKDWZHIHDUWRVWHS
IURPRXUDFFXVWRPHGSODFHVLQFDVHWKHZDWFKIXOH\HVRIWKHLU0DMHVWLHVGLVFRYHURXUDFWLRQVDQGWKHLU
UDXFRXVYRLFHVVFUHDPRXWWRDOOWKHLUOR\DOVXEMHFWVWRUHQGXVLIZHGRDQGLIZHDUHWRRVWURQJWR
ER\FRWWXV6RPHQIHDULQJFRQYHQWLRQIHDULQJWRGRWKRVHWKLQJVWKDWWKHLUKHDUWVWHOOWKHPVKRXOGEH
GRQHYLVLWWKHVHFDIHVWRH[SUHVVWKHKDPSHUHGGHVLUHVUHSUHVVHGLQWKHDWPRVSKHUHRIWKHLUKRPHV)RU
QRERG\LVPRUHPHUFLOHVVWKDQWKHLQTXLVLWRUVRIJRVVLSZKRVHGUDEZRUOGRIPHGLRFULW\VXUURXQGVXV LW
LVDVXEWOHIRUPRIKHOOZKHUHLQWKRVHZKRKDYHRIIHQGHGDUHFRQWLQXDOO\VFRUFKHGXQWLOWKHKHDWSDUFKHV
WKHYLFWLP
VVRXODQGUHQGHUVLWEORRGOHVVDQHPDFLDWHGSDULDKWKDWZDONVWRUWXUHGE\WKRVHZKRQHYHU
KDGWKHFRXUDJHWRH[SUHVVWKHLURZQFRQYLFWLRQV
2XUOLYHVDUHWRRZHOORUGHUHG,QWKHPRUQLQJZHGLJHVWZLWKRXWWKRXJKWWKHSHWW\DQGKDVWLO\ZULWWHQ
QHZVLWHPVZHHQWHUWKHVWDQGDUGL]HGWUDLQRUEXVDQGWUDYHOWKHVLPLODUO\XQLQWHUHVWLQJDQGLQDUWLVWLF
URDGV ZHWUHDGWKHVDPHUHJXODUO\VKDSHGSDYHPHQWVWRQHVVWDQGDUGL]HGDQGVTXDUHSDVVWKH
PRQRWRQRXVURZRIVWUHHWODPSVJUH\VWDQGDUGL]HGDQGJODULQJWKHIODVK\KRDUGLQJVDQGWKHKRUULEOH
OLQHVRILURQUDLOLQJVWKDWVWDQGVRHUHFWOLNHSULPDQGQDUURZK\SRFULWHV$V6DPXHO%XWOHUZURWHLQKLV
ERRN(UHZKRQWKHUHVXOWRIWRRPXFKPDFKLQHU\LVWREHFRPHHQVODYHGWRPDFKLQHVDQGWKLV,EHOLHYH
KDVRFFXUUHG:HKDYHEHFRPHPDVWHUHGE\WKHPDFKLQH RXUKDQGLFUDIWVWKRVHDUWVWKDWRQFHEURXJKWD
KHDOWK\SOHDVXUHWRWKHEHDXW\ORYLQJH\HKDYHEHHQDOPRVWGHVWUR\HGDQG7KH0DFKLQHLVQRZ
HQWKURQHG2QO\E\UHYROWDJDLQVWLWVSURGXFWLRQRIQRQHVVHQWLDOWKLQJVFDQPDQNLQGEHUHOHDVHGIURPLWV
SRZHUV
6RLQ%RKHPLDZHPHWDOOWKRVHVRXOVWKDWZHUHZHDU\RIWKHLUVWDQGDUGL]HGZRUOG2QO\ODWHUGLGZH
UHDOL]HWKHVKDPWKDWOD\EHQHDWKWKLVZD\RIHVFDSHWKRXJKWKLVJDPHRISUHWHQFHGLGXVOLWWOHKDUPIRU
ZHSHUFHLYHGWKHGDQJHUVRISHUPLWWLQJRXUZHDNQHVVWRJURZDQGXOWLPDWHO\RYHUZKHOPXV,WZDVTXLWH
FOHDUWRXVIURPWKHOLWWOHZHNQHZRIRFFXOWLVPWKDWPDQ\RIWKHVHDUWLVWVZHUHREVHVVHGWKDWWKH\VDZ
FODLUYR\DQWO\ ZKDWWKHGUXQNDUGVHHVLQGHOLULXPWUHPHQV SLFWXUHVTXHFRORUIXO\HWQDXVHDWLQJWKLQJV
DQGWKDWWKH\KDGORVWWKHLUZLOOVDQGZHUHEXWRSHQGRRUVWRWKHDVWUDOYLFWLPVRIWKHXQVHHQDQG
XQKHDOWK\IRUFHVRIHYLO%XWWKRXJKZHNQHZDQGXQGHUVWRRGWKHVSLULWRIWKHVHSODFHV\HWZHSHUVLVWHG
LQYLVLWLQJWKHPXQWLOWKHWLPHFDPHZKHQZHOLYHGLQRXURZQURRPVLQ%ORRPVEXU\DQGDWWHPSWHGWR
FDUU\RXWRXURZQFRQFHSWLRQVRIXQFRQYHQWLRQDOLW\DQGIUHHGRP
7+(725&+%($5(56
,QWKHVHLPPRUWDOZRRGVWKHVWDWHO\GZHOOHUVZKRDUHVR\RXWKIXODUHDVHWHUQDOIRXQWDLQVRI
WHQGHUQHVV DQGWKHLUFKLOGOLNHDQGPHGLWDWLYHIDFHVDUHWURXEOHGE\WKHIDLQW\HWSDVVLRQDWHHFKRHVRIWKH
ZHHSLQJ(DUWK$QGDVWKH\WUHDGDVJHQWO\DVWKHIHDUOHVVGHHUWKDWPRYHDQGEURZVHE\WKHLUVLGHWKH\
TXHVWLRQDQGSUD\WRWKHEHDXWLIXOJRGVZKRVHKRPHVDUHLQWKHPRXQWDLQVIRUXQGHUVWDQGLQJDQGSRZHU
WRLQWHUFHGHDQGGHVWUR\WKHSDUDVLWLFSODQWVRIHYLOWKDWRXWVWUHWFKWKHLUWKLFNJUH\ WHQGULOVURXQGWKH
VRXOVRIRXUZRUOG$QGWKHGHHSH\HGJRGVPXUPXUIURPWKHLUD]XUHERXQGHGSDQWKHRQV ,I\RX
ZRXOGORVHWKHOLJKWRIWKHVHTXLHWKDYHQVDQGEHFRPHEOLQGWRRXUSUHVHQFHVVHHQRPRUHWKHGZHOOHUV
RIWKHSHUIHFWVWDUVDQGEHFRPHGHDIWRWKHPHORG\RIWKHLUUR\DOYRLFHV LI\RXZRXOGGHDGHQ\RXU
VHQVHVDQGKLGHWKHKRO\ILUHRI\RXUEHLQJLQUHGILEHUVRIOLYLQJFOD\DQGEHZKLUOHGOLNHKHOSOHVV
OHDYHVLQWKHVZLIWDQJU\EUHDWKRIWKDWJOREH\RXPD\VDOYHLWVPRXUQHUV
$QGWKHVHSXUHRQHVIRUVDNHWKHEURRNOLWYHOYHWJOHQV WKHUHVWIXOPXVLFRIWKHWUHHV WKHGRYH
KDXQWHGDUFKDLF7HPSOHVZKHUHLQDUHZDIWHGWKHHOXVLYHRGRURIVK\IORZHUV/HDYLQJWKHZRQGHULQJ
IDLU\IRONDQGWKHODUJHH\HGGHHUWKH\IORZGRZQWKHYLHZOHVVKHDY\FXUUHQWVLQWRWKHPDUVKHVDQG
PD]HVRIDOLYLQJGHDWK
7+(0((7,1*
&+$37(5,9
7KHSHULRGGXULQJZKLFKZHYLVLWHGWKHFDIHVZDVDOVRPDUNHGE\RXUJUHDWGHYRWLRQWR7KHRVRSK\
<HWWKRXJKPHQWDOO\VDWLDWHGZHKDGQRWUHFHLYHGDQ\UHDOL]DWLRQVUHJDUGLQJWKHRFFXOWSRZHUVRIWKH
VRXO ZHEHOLHYHGVWURQJO\LQWKHH[LVWHQFHRIWKHLQQHUZRUOGDQGOLVWHQHGNHHQO\WROHFWXUHUVZKR
FODLPHGKLGGHQNQRZOHGJHWKRXJK,DGPLWWKH\UDUHO\VSRNHDERXWWKHSRVVHVVLRQRIVXSHUQRUPDO
IDFXOWLHVIRUJHQHUDOO\WKHLUNQRZOHGJHZDVEDVHGXSRQFHUWDLQSULQFLSOHVODLGGRZQLQ7KH6HFUHW
'RFWULQHDQGERRNVZULWWHQE\WKHOHDGHUVRIWKH6RFLHW\:HPHWRQO\RQHPDQZKRVSRNHWRXVXSRQ
FHUWDLQSRZHUVWKDWKHSRVVHVVHGDQGKHZDVQRWDOHFWXUHURUZHOONQRZQEXWKHJDYHVRPH
GHPRQVWUDWLRQVSURYLQJWRXVWKDWWKHUHZHUHWKLQJVWKDWFRXOGQRWEHHDVLO\H[SODLQHGDZD\E\VFLHQFH
2WKHUZLVHDOOZDVWDONEHDXWLIXOVHQWLPHQWDODQGLGHDOLVWLFWDON FRQYHUVDWLRQXSRQORYHEHDXW\DQG
P\VWLFLVPGHYRWLRQDODQGHPRWLRQDO:HIHGRXUVRXOVZLWKVSRRQIXOVRIPLVW2QHKHDUGLQWKH6RFLHW\
ZKLVSHUVRILQLWLDWLRQVDGHSWVPDVWHUVSURSKHFLHVRIWKHFRPLQJRIDZRUOGWHDFKHUDQGDOVRVPDOO
VFDQGDOVDQGJRVVLS6RPHPHPEHUVFODLPHGDVXSHULRULW\RYHURWKHUVE\WKHIDFWWKDWWKHLULQFDUQDWLRQV
RIDKXQGUHGWKRXVDQG\HDUVDJRZHUHSXEOLVKHGLQWKH6RFLHW\
VMRXUQDOWKRXJKZK\WKHVHVXSSRVHG
OLYHVVKRXOGKDYHEHHQSXEOLVKHG,KDYHQHYHUXQGHUVWRRG3UREDEO\,ZDVMHDORXVEHFDXVHRXUOLWWOH
JURXSZHUHOLWWOHNQRZQ WKRXJKZHZHUHWUHDWHGNLQGO\EXWDORRIO\QROHDGHURIWKH6RFLHW\WURXEOHGWR
ILQGRXWZKDWZHZHUHGRLQJDPLOOLRQ\HDUVDJRDQG,KDYHDOZD\VIHOWVRPHZKDWDJJULHYHGUHJDUGLQJ
WKDWLPSRUWDQWPDWWHU,QVKRUWWKHPHPEHUVRIWKH6RFLHW\ZHUHDVKXPDQDVWKHPHPEHUVRIDQ\RWKHU
VRFLHW\DQGLQORRNLQJEDFN,QRZUHDOL]HWKDWVSLULWXDOWUXWKVDQGUHDOL]DWLRQVFDQEHIRXQGLQDQ\
TXDUWHURIWKHJOREHDQGWKHVD\LQJ:KHQWKHSXSLOLVUHDG\WKH0DVWHUDSSHDUVLVSHUIHFWO\WUXH,
DOVRNQRZWKDWDJHQXLQHLQLWLDWHZRXOGQHYHUFODLPVXSHULRULW\RYHUWKHKXPEOHVWSHUVRQDOWKRXJK
FHUWDLQPHPEHUVRIWKLV6RFLHW\GLGIRUWKHWUXHLQLWLDWHNQRZVWKDWWKHKXPEOHVWVHHNHUPD\SRVVHVV
VRPHNQRZOHGJHRIZKLFKKHLVLJQRUDQW$OVR,WKLQNZHGLVFXVVHGWKLQJVWRRPXFKDQGHYHQWXDOO\ORVW
RXUVHOYHVLQDZRRGRIZRUGV RXUZDQGHULQJVOHGXVDZD\IURPWKHVRXUFHRIWKLQJVLQWRWKHVZLUOLQJ
YDSRUVRIEHZLOGHUPHQW:HVWXGLHGPXFKWKDWGLGQRWUHDOO\PDWWHUXQWLODOOZDVOLNHDSHUIXPHGZLQG
DQGGHOLJKWIXOKD]H PHDQLQJVZHUHWZLVWHGVSDWWHUHGDQGVTXHH]HGXQWLOWKH\EHFDPHXQUHFRJQL]DEOH
<HWZHVWD\HGRQLQWKH6RFLHW\EHFDXVHZHZHUHHQFKDQWHGE\WKHVKDGRZVDQGHPRWLRQDOIRXQWDLQV
WKDWSOD\HGXSRQRXUVHQVHVEHFRPLQJPRUHDQGPRUHVRPQROHQWDQGLWZDVDORQJWLPHDIWHUWKDWZH
ZHUHIRUFHGWRDGPLWWKDWDOOZHFRXOGOHDUQZDVRIDQLQWHOOHFWXDOQDWXUHZKLFKFRXOGRQO\OHDGXVLQWRD
SHUSHWXDOPLUDJH)RUDERYHDOOZKDWZHUHDOO\GHVLUHGZHUHUHDOL]DWLRQVWKDWZRXOGHQDEOHXVWR
FRPSUHKHQGWKHPHDQLQJVRIOLIHWRXQGHUVWDQGZK\KXPDQLW\VXIIHUHGDQGWKHFXUH IRUZHQRORQJHU
EHOLHYHGWKDWOLIHZRNHIURPWKHXQFRQVFLRXVSDVVLRQVRIWKHHOHPHQWVWRVQDUODQGWHDULWVZD\XSD
VWDLUFDVHEXLOWIURPWKHERQHVRIOHVVHUOLYHV
2QO\\RXWKQRWWURXEOLQJWRGLYHGHHSO\LQWRWKHWDUQVRIWKRXJKWDQGWKHOLJKWODXJKWHURISLJP\
PLQGVZKRDFFHSWDQGOLYHXSRQWKHWKHRULHVRISDVWJUHDWPHQZLOOGHQ\DQLQQHUPHDQLQJWRWKHSDLQV
RIPDQNLQG$QGLWZDVIRUWKDWUHDVRQWKDWZHOHIWWKHURFN\FRDVWRIDSSHDUDQFHDQGVDLOHGGULYHQE\
WKHZLQGVRIDVSLUDWLRQXQHDVLO\LQWRWKHQHEXORXVDQGIDQWDVWLFVHDVRIUHOLJLRQKRSLQJWRGLVFRYHUWKH
LPPRUWDO+HVSHULGHV$V,KDYHSUHYLRXVO\PHQWLRQHGZHKDGODQGHGXSRQWKHZHLUGVKRUHVRI
6SLULWXDOLVPDQGWUDYHOHGLQWRWKHNLQJGRPRI7KHRVRSK\DQGWKRXJKZHLPDJLQHGWKDWKHUHZHKDG
IRXQGDOOZHZDQWHGODWHURQHYHQWKLVZRUOGRI7KHRVRSK\WKDWZDVVRWUHPHQGRXVDQGGHDOWZLWKVR
PDQ\DVSHFWVRIOLIHEHFDPHEXWDPLQXWHIUDJPHQWRIDVWLOOYDVWHUFRQWLQHQW$QGZKRNQRZVEXWHYHQ
WKLVIDUWKHUODQGLQWRZKLFKP\WHDFKHUKDVOHGPHLVDJDLQEXWDVPDOONLQJGRPOHDGLQJWRUHJLRQV
ZKHUHHYHQWKHDQJHOVRIVWDUVIHHODVIDOWHULQJFKLOGUHQVWXPEOLQJWR\HWPLJKWLHUFRQWLQHQWVRI
NQRZOHGJH
$QGVRDJDLQZHEHFDPHGLVVDWLVILHG:HKDGGLVFRYHUHGDQXPEHURIQHZFRQFHSWLRQVDQGQRZLW
UHPDLQHGIRUXVWRUHDOL]HWKRVHWHDFKLQJVZKLFKZHKDGVWXGLHGVRHDJHUO\)RUDIWHUDOORQO\ZKHQWKH
VRXOFDQGHPRQVWUDWHFHUWDLQWUXWKVWRLWVRZQVDWLVIDFWLRQFDQLWUHDOO\DFFHSWWKRVHWUXWKV RWKHUZLVHLW
PXVWFRQWLQXDOO\KXQJHUXQWLOLWEHFRPHVSDUFKHGDQGKRSHOHVV7KHQLQLWVDJRQ\LWFULHVRXWWR*RG
DQGSUREDEO\WKLVPD\H[SODLQZK\ZHFRPHWRWKLVSODQHWDVWRDVFKRROZKHUHWKHFKLOGUHQIHDVWWKHLU
H\HVDQGPLQGVXSRQDP\ULDGGLVVROYLQJSLFWXUHVDQGJODPRUV WKDWSDWVDQGILOOWKHFDPHUDRIWKHEUDLQ
ZLWKDGHEULVRIKDOIHUDVHGUHFROOHFWLRQ 7KHVRXOLVWKHQIRUFHGWKURXJKWKLUVWDQGVWDUYDWLRQWRFDOORXW
WRLWVERG\WKDWLWDOVRPXVWEHIHGXQWLOWKHERG\LVFRPSHOOHGWRKHDUNHQWRLWVFODPRUDQGWKHPLQGLV
ZLWKGUDZQIURPWKHPDJQHWLVPRIWKHRXWHUYLVLRQVWROLVWHQWRWKHYRLFHRIWKHVRXOWKDWKDVFULHGRXW
IRUDUHDOL]DWLRQRI*RG7UXWKDQG)UHHGRP
)RUWKRVHUHDVRQVZHEHJDQWRIHHOUHVWOHVVDQGYLVLWHGRWKHUVFKRROVRIP\VWLFLVPDQGRFFXOWLVPWKDW
ZHUHVPDOOEXWQXPHURXVLQWKHLUGLYHUVLW\RIWHDFKLQJV/LNHVRPDQ\KXFNVWHUVLQWKHPDUNHWSODFH WKH\
VKRXWHGRXWWKHEHDXW\RIWKHLUVSLULWXDOZDUHV VRPHZHUHFRVWO\DQGVRPHZHUHFKHDSVRPHZHUH
KLJKO\DQGJDULVKO\GHFRUDWHGDQGVRPHZHUHSULPLWLYHDQGVLPSOH7KHUHZHUHPHQWDOFRQWRUWLRQLVWV
DQGFRQMXUHUVZKRMXJJOHGDQGXVHGDOOSRVVLEOHDUWVLQRUGHUWRJDLQPRQH\<HWVRPHZHUHTXLWHKRQHVW
DQGFHUWDLQO\KDGDIHZWUXWKVWRJLYH EXWWKHPDMRULW\EDUWHUHG:HFRXOGOHDUQDOODERXWWKHGLYLQH
P\VWHULHVIRUVRPDQ\SRXQGVRUGROODUV LIZHLQFUHDVHGRXUSD\PHQWVZHFRXOGEHFRPHLQLWLDWHVZKLOVW
KHZKRKDGWKHODUJHVWSRFNHWEHFDPHDPDVWHUWKRXJK,H[SHFWRQO\DPLOOLRQDLUHFRXOGEHFRPHD
ORJRV
6RPHZHUHVPDOOSHGGOHUVZLWKSHFXOLDUDQGVRPHWLPHVXQKHDOWK\NQLFNNQDFNVXSRQWKHLUERDUGV
ZKRIXUWLYHO\ZKLVSHUHGWKHH[FHOOHQFHRIWKHLUZDUHV6RPHVKRXWHGWKDWWKH\KDGVHHQ*RGEXWWKHLU
YLFHVFRQWUDGLFWHGWKDWSRVVLELOLW\WKHLU*RGPD\KDYHEHHQDVDW\URUVRPHSHUYHUWLQJHOHPHQWDO6RPH
VSRNHDERXWORYHEXWWKHIRUPRIORYHZHVXVSHFWHGWKH\SRVVHVVHGZDVDORYHIRUPRQH\2WKHUVWROGXV
WROHDYHDOOWKHRWKHUGHDOHUVIRUWKH\DORQHSRVVHVVHGWKHWUXWK6WLOORWKHUVVZRUHWKDWWKHLUFRPSHWLWRUV
ZHUHEODFNPDJLFLDQV+HUHDQGWKHUHRQHVDLGWKDWKHGLGQRWDVNIRUPRQH\DVKHOLYHGXSRQIDLWK
JHQHUDOO\KHZDVWKHEDWFODGDQGVWRXWHVWRIDOOWKHVHGHDOHUV$QGVRPHSODLQO\WKUHDWHQHGXVYRZLQJ
WKDWLIZHGLGQRWEX\IURPWKHPZHZRXOGEHEXUQWLQDQHWHUQDOKHOODIWHU*RGKDGGHVWUR\HGWKH
ZLFNHGDPRQJZKRPRIFRXUVHZRXOGEHRXUVHOYHV DIRUPRIEODFNPDLOWKDWFLYLOL]DWLRQKDVLJQRUHG
7KHUHZHUHGHDOHUVJUHDV\ZLWKVHOIVDWLVIDFWLRQGHDOHUVZKRSXIIHGDPELWLRQGHDOHUVZKR VPLUNHG
DQGGHDOHUVZKROHHUHGJURWHVTXHLQWKHLUUHPHGLHV7KHUHZHUHVRPHXQEDODQFHGDQGRWKHUVEDODQFHG
ZLWKDFROGQHVVVRVFLHQWLILFWKDWZHZHUHUHSHOOHGE\WKHODFNRIIHHOLQJ7KRXJKRXUORJLFDOPLQGV
UHTXLUHGUHDVRQDQGVFLHQFH\HWZHGHVLUHGZLWKWKHPDVHQVHRIFRPSDVVLRQ RQWKHRWKHUKDQGWKH
H[WUHPHWHDFKLQJVUHO\LQJXSRQIHHOLQJDORQHODFNHGWKHLQWHOOHFWXDOSRZHUZKLFKVKRXOGH[SRXQGZKDW
ZDVEHLQJWDXJKW<HWGHVSLWHDOOWKHVHWKLQJVGHVSLWHWKHLQWXLWLYHNQRZOHGJHZKLFKWROGXVWKDWPDQ\
RIWKHVHWHDFKLQJVZHUHIDOVHODWHURQZHSHUPLWWHGRXUVHOYHVWREHDOPRVWKRSHOHVVO\WUDSSHG%XWWKDW
H[SHULHQFHLVIRUDQRWKHUFKDSWHU
,KDGEHHQVWXG\LQJ7KHRVRSK\IRUDERXWWKUHH\HDUVDQGKDGJURZQVRPHZKDWZHDU\QRWRIWKH
GRFWULQHVEXWRIWKHODFNRIVSLULWXDOLQFLGHQWZKHQ,PHWRQHZKRKDVVLQFHEHFRPHP\WHDFKHURULQ
WKHRVRSKLFDOWHUPLQRORJ\P\0DVWHU DIULHQGDQGJXLGHZKRKDVJLYHQPHVRPXFKVSLULWXDOJROGWKDW
WKHPDWHULDOZHDOWKRIPLOOLRQVFRXOGQRWVXIILFHDVUHSD\PHQW1HYHUWKHOHVVDWWKHWLPHZKHQ,PHWKLP
KHGLGQRWUHYHDOKLPVHOIDVEHLQJDQDGHSWQRUGLGKHGRVRXQWLOWZRPRUH\HDUVKDGSDVVHGGXULQJ
ZKLFKSHULRG,ZDVXQFRQVFLRXVO\EHLQJZDWFKHGDQGWHVWHG
:KHUH,PHWKLPGRHVQRWPDWWHU,WLVVXIILFLHQWWRVD\WKDWLWZDVLQWKHURRPRIDQRUJDQL]DWLRQ
ZKLFKKDVORQJVLQFHSHULVKHG,QRUGHUWRGLVFXVVVRPHXQLPSRUWDQWPDWWHUVDIHZSHRSOHKDGJDWKHUHG
LQDVPDOOURRPDQGZHZHUHZDLWLQJIRUKLPWRDUULYHEHIRUHFRPPHQFLQJ$VVRRQDVKHHQWHUHG,IHOW
DQLPPHGLDWHGLIIHUHQFHLQWKHPHQWDODWPRVSKHUHZKLFKZDVHQULFKHGE\WKHXQVHHQODUJHVVHRISHDFH
ORYHDQGEDODQFHERUQIURPDQLPSHUVRQDOSHUVRQDOLW\8SWLOOWKHQZHKDGSOD\HGZLWKWULYLDOWRSLFVRI
FRQYHUVDWLRQEXWVKRUWO\DIWHUKHDSSHDUHGRXUFRQYHUVDWLRQURVHDVWKRXJKZLQJHGIURPPDWWHUV
PXQGDQHWRVXEMHFWVP\VWLFDODQGRFFXOW,IHOWLQDP\VWHULRXVDQGVXEWOHZD\WKDWKHUHZDVRQHZKR
KDGGHOYHGPRUHGHHSO\WKDQDOORWKHUV,KDGPHW,IHOWDVWKRXJKWKHWDQJOHGDQGWDOOJUDVVHVRIVRPH
2ULHQWDOMXQJOHJURZLQJRYHUURDGVRIJUHDWDQWLTXLW\ZHUHVXGGHQO\EUXVKHGDVLGHDQGWKHVXEWOH
FXUUHQWRIDWWUDFWLRQGUHZPHWRKLPDVWKHSODQHWLVGUDZQWRWKHVXQ7KHLQQHUYRLFHRILQWXLWLRQ
SRZHUIXODQGFRPSHOOLQJWKDWKDGVRRIWHQVSRNHQWRPHLQWKHSDVWDQGPXFKPRUHVRLQWKHODVWIHZ
\HDUVWROGPHLQLWVIRUFHIXO\HWZRUGOHVVPDQQHUWKDWWKHNQRZOHGJH,ZDVVHHNLQJIRUVRGHVSHUDWHO\
GZHOWZLWKLQWKLVPDQ0RGHVWDQGDORRIKHVSRNHRIVLPSOHWKLQJVLQDORZDQGJHQWOHYRLFH%XW,
VHQVHGWKHJROGHQUHDOL]DWLRQVRIVSLULWXDOWKLQJVHQJUDYHGZLWKLQDQGVR,WROGKLPWKDW,ZDVJUHDWO\
LQWHUHVWHGLQPDWWHUVRFFXOW$IWHUWKHPHHWLQJZDVRYHU,DVNHGKLPZKHWKHUKHZRXOGSHUPLWPHWR
ZDONDOLWWOHZD\ZLWKKLPDQGWKRXJKKHWROGPHOLWWOH,\HWIHOW,ZRXOGVHHKLPDJDLQDQGEHIRUHZH
SDUWHGKHJDYHPHKLVFDUGDQGVDLGWKDWRQHGD\KHZRXOGLQYLWHPHWRKLVKRPH6R,OHIWKLPZLWK
JUHDWMR\EXWDOLWWOHDQ[LRXVIRU,GLGQRWNQRZKRZKHORRNHGXSRQPH RIWHQ,ZRXOGJD]HDWWKHFDUG
KHKDGJLYHQPHDQGORQJHGWRSRVVHVVWKHFRXUDJHWRFDOOXSRQKLPWKRXJK,IRXJKWDJDLQVWWKH
WHPSWDWLRQDQGZDLWHG
$IHZZHHNVEHIRUHPHHWLQJKLP'DYLGDQG,GHFLGHGWRRSHQDERRNVKRS DQDPELWLRQFRPPRQWR
OLWHUDU\DVSLUDQWV DQGDIWHUDOHQJWK\VHDUFKIRXQGZKDWZHLPDJLQHGWREHVXLWDEOH6RRQPHHWLQJP\
QHZIULHQGDIRUWQLJKWODWHU,WROGKLPZKDWZHKDGGHFLGHGXSRQ,KDGDOVRPHQWLRQHGWR'DYLGWKHIDFW
WKDW,KDGPHWRQHZKRP,EHOLHYHGSRVVHVVHGJUHDWRFFXOWNQRZOHGJHDQGLQGHVFULELQJKLP'DYLGIHOW
DV,GLGDQGEHFDPHYHU\DQ[LRXVWRPHHWKLP6KRUWO\DIWHUZDUGVZHPHWKLPTXLWHXQH[SHFWHGO\RQH
6DWXUGD\DIWHUQRRQ,LQWURGXFHG'DYLGWRKLPDQGDIWHUDVKRUWZDONKHGHSDUWHGSURPLVLQJWRYLVLWRXU
QHZVKRSDQGZLVKLQJXVOXFN
$QGQRZWKRXJK,VKDOOVSHDNRIKLPDV0WKURXJKRXWWKHUHVWRIWKLVERRN,GLGQRWNQRZKLV
QDPHXQWLOWZR\HDUVODWHUZKHQKHWROGPHWRDGGUHVVKLPDVVXFK1RUGLGZHNQRZSRVLWLYHO\WKDWKH
ZDVRXUWUXHWHDFKHUXQWLOZHKDGSOD\HGZLWKVSLULWXDOILUHDQGJHWWLQJVHYHUHO\EXUQHGWXUQHGWR0IRU
KHDOLQJ%XWRIWKLV,VKDOOZULWHODWHU
$IWHUZHKDGRSHQHGRXUVPDOOERRNVKRSKHYLVLWHGXVDVSURPLVHGIURPWLPHWRWLPHVSHDNLQJRI
VSLULWXDOWKLQJVVROYLQJPDQ\SUREOHPVDQGVKHGGLQJDQHZOLJKWXSRQPXFKWKDWSX]]OHGXV+HZRXOG
UHODWHOLWWOHLQFLGHQWVRIKLVOLIHZKLFKLISXEOLVKHGZRXOGVRXQGOLNHIDLU\WDOHV%XWLWZDVQRWDORQHLQ
FRQYHUVDWLRQWKDWKHKHOSHGXV,QRUGHUWRVKRZWKDWZKDWKHVSRNHDERXWZDVVFLHQWLILFKHZRXOGJLYH
XVOLWWOHGHPRQVWUDWLRQVVLPSO\DQGFDOPO\GLVSHQVLQJZLWKDOOWKHSDUDSKHUQDOLDJHQHUDOO\XVHGZKHQD
SHUVRQFODLPVRFFXOWSRZHUV+HQHYHUDVNHGXVWRMRLQDQ\VRFLHW\QRUWRGRWKHWKLQJVRIDQHFFHQWULF
QDWXUHWKDWVRPDQ\PHPEHUVRIRFFXOWVRFLHWLHVDUHDVNHGWRGR QHLWKHUGLGKHGUHVVKLPVHOIXSLQD
FORDNDQGEHDUKLPVHOIDVDPDQRIP\VWHU\+HZDVKXPDQLQWHUHVWLQJDQGZLWKDVHQVHRIKXPRU,W
ZDVRQO\LQKLVFRQYHUVDWLRQVDQGGHPRQVWUDWLRQVRIFHUWDLQVXSHUQRUPDOIDFXOWLHVWKDWKHEHFDPHDVRQH
DSDUW,WZDVRQO\VHQVLWLYHSHRSOHRUWKRVHZKRSRVVHVVHGDFHUWDLQXQGHUVWDQGLQJRIVSLULWXDOWKLQJV
ZKRZRXOGSHUFHLYHWKHGLIIHUHQFHLQDWPRVSKHUH+HGLGQRWWHOOXVWREHFRPHYHJHWDULDQVQRUZHUHZH
SUHYHQWHGIURPVPRNLQJQRUIURPLQGXOJLQJLQWKHPDQ\SOHDVXUHVWKDW\RXQJSHRSOHORYH
,WKLQNLWZDVRXUPRWLYHWKDWFRXQWHGPRVWZLWK06LQFHULW\DQGDJHQXLQHGHVLUHWRKHOSKXPDQLW\
FRXSOHGZLWKWKHZLVKWRXQGHUVWDQGRXUVHOYHVDSSHDOHGWRKLP+HZRXOGRIWHQVD\/HDUQIURP
HYHU\ERG\OLVWHQWRWKHFKLOGDQGWKHVDJHIRUWKH\PD\KDYHVRPHWKLQJWRWHDFK\RX+HQHYHUVQHHUHG
DWWKHVFKRROVWKDWFODLPHGDFRPSOHWHNQRZOHGJHRIWKHP\VWHULHV,I\RXZLVKWRZULWHWRWKHPGR
VRKHRQFHVDLGZKHQ,VKRZHGKLPDQDGYHUWLVHPHQWRIDVFKRRORIRFFXOWLVP,GLVFRYHUHGODWHUWKDW
KHNQHZWKH\ZHUHFKDUODWDQVEXWKHGLGQRWWHOOPHVRSUHIHUULQJWRDOORZPHWROHDUQIURPH[SHULHQFH
DV,ZDVIUHHWRFKRRVH
$ERYHDOOWKLQJVWKHVRXOZDQWVWKUHHWKLQJVKHUHSHDWHG)UHHGRP/RYH&UHDWLRQDQG
SDUWLFXODUO\FUHDWLRQIRUWKHVRXOLVPRVWKDSS\ZLWKWKDW$QGRQFHKDYLQJKHDUGKLPVSHDNDERXWWKH
0DVWHUV,DVNHGKLPLIKHZRXOGGHILQHWKHLUVWDWHRIFRQVFLRXVQHVVDQGDVDQDQVZHUKHEURXJKWPHD
ERRNDQGWKHUH,IRXQGWKHGHILQLWLRQ
$0DVWHULVDQHYROYHGEHLQJZKRKDVSHUIHFWHGDPHQWDOERG\
LQZKLFKKHFDQIXQFWLRQFRQVFLRXVO\ZKLOHRXWRIKLVSK\VLFDOYHKLFOH$0DVWHUWKURXJKWKDWGHJUHHRI
'LYLQH)RUFHZKLFKKLVUDSLGO\HYROYLQJ6RODU%RG\HQDEOHVKLPWRFRQWDFWKDVSRZHUWRXQGHUVWDQG
DQGWRDSSO\PDQ\RIWKH/DZVJRYHUQLQJWKHVRFDOOHGSKHQRPHQDRI1DWXUH)XUWKHULWJRHVRQWRVD\
'DQWH$OLJKLHUL PDNHVPHQWLRQRIKLVILUVWPHHWLQJZLWKKLV0DVWHUZLWKWKHVHZRUGV
IRUWKHUH
DSSHDUHGLQP\URRPDPLVWRIFRORUHGILUHZLWKLQWKHZKLFK,GLVFHUQHGWKHILJXUHRIDORUGRIWHUULEOH
DVSHFWWRVXFKDVVKRXOGJD]HXSRQKLPEXWZKRVHHPHGWKHUHZLWKDOWRUHMRLFHLQZDUGO\WKDWLWZDVD
PDUYHOWRVHH6SHDNLQJKHVDLGPDQ\WKLQJVDPRQJZKLFK,FRXOGXQGHUVWDQGEXWDIHZDQGRIWKHVH
WKLV(JR'RPLQXVWXXV ,DPWK\0DVWHU ´
0WROGPHWKDWWKHERRNKHOHQWPHKHOGDJUHDWGHDORIWUXWK
&RPWHGH*DEDOLV:LWK
&RPPHQWDULHVVG3XEOLVKHGE\5LGHU &R DQGWKHFRPPHQWDULHVKDGHYLGHQWO\EHHQZULWWHQE\
RQHZKRKDGKDGFHUWDLQLOOXPLQDWLRQV7KHERRNWROGRIRWKHULQFLGHQWVZKHUHLQFHUWDLQPHQKDGPHW
WKHLU0DVWHUVDQG0WROGPHRIFDVHVRFFXUULQJHYHQLQWKHVHGD\V+HVDLGWKDWWKH0DVWHUPLJKWEH
ZDLWLQJURXQGWKHFRPHURUHYHQOLYLQJLQWKHVDPHKRXVHLQZKLFKWKHVHHNHUGZHOW\HWWKH0DVWHU
ZRXOGQRWUHYHDOKLPVHOIXQWLOWKHSXSLOZDVUHDG\$QGLQWXUQLQJEDFNWKHOHDYHVRIWKH%RRNRI
5HFROOHFWLRQ,FDQQRZUHDGQHZPHDQLQJVLQZKDWKHWKHQVDLGIRUKHZDVRXUWUXHWHDFKHUEXWFRXOG
QRWWHOOXVVRXQWLOZHKDGSDVVHGWKURXJKFHUWDLQWULDOVZKLFKFHUWDLQO\FDPHYHU\VRRQDIWHU,QWKHVH
ZHPRUHRUOHVVFODLPHGWKDWZHKDGIRXQGDKDUERUIRUWKHVKLSRIWKHVRXOSURGXFLQJZLWKLQRXUVHOYHV
IHHOLQJVRISULGHDQGEXEEOHVRIDUURJDQFHWKDWEXUVWYHU\TXLFNO\OHDYLQJXVDOOKXPEOHGDQGZLVHU
0HDQZKLOHWKHYLVLWVRI0WRRXUVPDOOVKRSSURGXFHGDJUHDWMR\DQGZHZRXOGOLVWHQHDJHUO\WR
HYHU\ZRUGKHXWWHUHGGULQNLQJLQDPHQWDOQHFWDUWKDWPDQ\VHHNHUVZRXOGJLYH\HDUVRIWKHLUOLYHVWR
WDVWH:K\ZHZHUHVRIRUWXQDWH,FDQQHYHUXQGHUVWDQGDOWKRXJKLWLVWUXHWKDWZHPDGHJUHDWHIIRUWVWR
OLYHDFFRUGLQJWRRXUEHOLHIV EXWWKHQVRGLGPDQ\RWKHUV1HLWKHUZHUHZHWRRSXUHLQRXUHPRWLRQV
7KHH[SODQDWLRQPXVWOLHLQWKHIDFWWKDWDV,VWDWHGEHIRUHZHZHUHVLQFHUH)URPNQRZOHGJHJLYHQ,
EHOLHYH,PD\VWDWHWKDWDQ\ERG\ZKRVHHNVHDUQHVWO\DQGGHVLUHVWREHFRPHDQLQVWUXPHQWIRUWKHJRGV
LQKHOSLQJKXPDQLW\ZLOOSUREDEO\PHHWLIKHSHUVHYHUHDVZHPHWDIWHUDQXPEHURI\HDUVDIULHQG
ZKRZRXOGKHOSKLPUHDOL]HKLVDPELWLRQV1DWXUDOO\IDLOXUHRIWHQRFFXUVIRUWKHEDWWOHRIWKHERG\
DJDLQVWWKHVRXOLVWHUULEOHZKLOHWKHFRQTXHVWRIWKHPLQGLVQRHDV\WDVN7KRXJK,KDYHOHDUQHGDOLWWOH
,\HWNQRZKRZH[FHHGLQJO\ZHDN,DPDQGRIWHQIHDUWKDWWKHIRXQGDWLRQV,KDYHHQGHDYRUHGWREXLOG
IRUVRPDQ\\HDUVPLJKWFUXPEOHDQGRQO\WKURXJKWKHKHOSRI*RGGR,EHOLHYHZHFDQJDLQVWUHQJWK
:KHQZHSRVVHVVWKHNQRZOHGJHWKDWWKHVRXOKDVDGLYLQHKHULWDJH ZKHQZHNQRZWKDWWKLVKHULWDJHFDQ
RQO\EHJLYHQWKHVRXODIWHUZHKDYHGULYHQLQWRLWVFDJHWKHDQLPDOWKDWWUHDGVZLWKLQWKHZKLWH
PRQDVWHU\RIWKHKHDUW ZKHQZKLOHWKHVRXOLVDWSUD\HUZHKDYHVHQVHGWKLVDQLPDOEUHDWKLQJKRWO\
DPLGWKHFORLVWHUVDQGVQDUOLQJDJDLQVWWKHGHHSWRQHVRIWKHRUJDQXQWLOWKHLQFHQVHRIDVSLUDWLRQLVORVW
DPLGWKHIXPHVRILWVEUHDWK ZKHQZHKDYHGULYHQRXWWKLVPRQVWHUWKDWKDVFUDZOHGLQWRWKHOLEUDU\RI
WKHPLQGDQGXSRQWKHJROGHQWDEOHWVRINQRZOHGJHKDVVPHDUHGLWVKDWHWKHQDQGRQO\WKHQFDQZHVHW
IUHHWKHZDUPHFVWDV\RIVSLULWXDOORYHDQGEDWKHWKHVRXODQGPLQGLQLWVULFKZDWHUVWKXVSXULI\LQJDQG
HWKHUHDOLVLQJRXUHOHPHQWVDQGWKXVEHFRPHPRUHVHQVLWLYHWRKHDUWKHYRLFHRIWKHUXOHUZLWKLQZKRP
ZHFRXOGQHYHUKDYHKHDUGXQWLOZHKDGFOHDQVHGWKHFKDQQHOVRIWKHVRXO
:KHQZHKDYHDFFRPSOLVKHGWKHVHWKLQJVWKHFODPRURIWKHRXWVLGHZRUOGGLHVDQGPDQ
VGHYHORSHG
VRXOFDQWKHQUHDGZLWKHDVHWKHWUXWKRIWKHLQQHUEHLQJVRIRWKHUV$QGDOVRDJUHDWHUWHQGHUQHVVJURZV
ZLWKLQWKRVHVRXOVZKRKDYHEHHQLOOXPLQHGIRUWKH\VHHWKHODWHQWPDJQLILFHQFHRIPDQ WKHLPSHULDO
LPDJLQDWLRQWKDWOLHVVOHHSLQJZLWKLQKLPDQGLWVSRVVLELOLWLHVZKHQDZDNHQHG WKH\VHHWKHVRXOVKHHWHG
LQUREHVRIILUH7KH\VHHWKHOLQNVWKDWPDNHVPDQRQHZLWKDOOWKLQJV:KHQWKHVWXGHQWGLVFRYHUVKLV
WUXHSRZHUVKHFDQWKHQKDUPRQL]HDOOWKRVHFRQIOLFWLQJHOHPHQWVZLWKLQKLPVHOI WKHDQLPDOEHFRPHV
WKHVHUYDQWWKHVRXOWKHPXVLFDOLQVWUXPHQWWRWUDQVPXWHWKHKDUPRQLHVRI1DWXUHWKHPLQGWKH
EDODQFLQJPDFKLQHWREDODQFHWKHGHVLUHVDQGWKRXJKWVWKHLPDJLQDWLRQWKHIODVNIRUWKHZLQHRIWKH
VRYHUHLJQVSLULWWKDWUXOHVDQGJXLGHVLWVVPDOOZRUOG
%XWLWZDVQRWRFFXOWPDWWHUVDORQHWKDW0VSRNHDERXW+HDOVRWROGXVZKDWRXUWDOHQWVZHUH$W
WKDWSHULRG,ZDVZHDNO\IXPEOLQJDQGVWULYLQJWRZULWH,KDGDWWHPSWHGOLNHDOOLQNREVHVVHGDVSLUDQWV
WKHPRVWGLIILFXOWDUWRIYHUVHDQGWKRXJK,ZDVLQVSLUHGRIWHQDQGIHOWDOOWKDWHFVWDWLFJORZGHULYHGIURP
FUHDWLYHHIIRUWWKHVHPHQWDOEXWWHUIOLHVLQYDULDEO\ZHUHEXWEHHWOHVZKHQVKRZQLQIDWKHUO\SULGHWRDOO
ZKRZHUHNLQGDQGWROHUDQWHQRXJKWRORRNXSRQWKHP XVXDOO\WKH\SURYRNHGODXJKWHURUFRPSDVVLRQ
ZLWKJHQWOHUHPLQGHUVWKDW,DOVRZURWHYHUVHZKHQ,ZDV\RXQJ:K\YHUVHKDVDOZD\VEHHQORRNHG
XSRQDVDIRUPRIDGROHVFHQFH,KDYHQHYHUXQGHUVWRRG SUREDEO\UK\PHEHLQJHDV\WKH\LPDJLQHG
WKHUHIRUHWKDWSRHWU\ZDVHDV\ZKHQLWLVDVGLIILFXOWDVDQ\RWKHUIRUPRIDUW:KHQHYHU,VKRZHGP\
HIIRUWVWR0KHGLGQRWILQGWKHPIRRGIRUDPXVHPHQWDVVRPDQ\RWKHUVKDGGRQHEXWHQFRXUDJHGPH
LQP\DWWHPSWVWKRXJK,QRZNQRZWKDWWKHZRUNRIWKDWSHULRGZDVSDWKHWLFDOO\EDG<HW0
HQFRXUDJHGPHWRSUDFWLFHDQDUWWKDWWRDQXQFXOWXUHGLOOHGXFDWHG\RXWKQHHGHGWKHXWPRVWUHILQHPHQW
$OWKRXJK,DIWHUZDUGVPHWDJLUOZKRGHYHORSHGP\WHFKQLTXHLWZDV0DORQHZKRHYLGHQWO\VDZ
ZLWKLQPHVRPHWKLQJ,GLGQRWGUHDP,SRVVHVVHG,WLVWUXHWKDWHYHUVLQFH,ZDVDFKLOGWKHSHQKHOGD
IDVFLQDWLRQIRUPHEXWKRZ0NQHZWKDW,FRXOGZULWHYHUVHZKHQ,RQO\H[SHFWHGWRZULWHSURVHKDV
DOZD\VSX]]OHGPH
7KHHYHQWXDOUHVXOWRIP\ZULWLQJZDVWKDW,WXUQHGWKHVKRSLQWRDVWXGLRDQGWKRXJK,QHYHU
QHJOHFWHGDFXVWRPHU,ZRXOGEHFRQVLGHUDEO\DQQR\HGLILQWHUUXSWHGLQWKHPLGVWRIDSRHWLFVSDVPIRU,
ZRXOGVSHQGKRXUVVLWWLQJDWWKHFRXQWHUPHGLWDWLQJRQDULFKOXVFLRXVOLQHDQGOLFNLQJZLWKP\PHQWDO
WRQJXHWKHIODYRURIDEHDXWLIXOSXOVDWLQJZRUGFKDQWLQJLWVRIWO\XQWLO,ZDVLQWR[LFDWHGDQGVDZWKH
FXVWRPHUVORVWLQDGLVWDQWZDUPKD]HZKLOHWKHIDLQWQDPHRIVRPHFKHDSDQGSRSXODUQRYHOLVWIORDWHG
XSWRPH1R,ZDVDGHFLGHGO\LQFRPSHWHQWERRNVHOOHUIRUZKRZRXOGVHOOERRNVZKHQVHDWHGRQD
WKURQHRIILUH ZKRZRXOGFDUHIRUSHQFHZKHQORVWDPLGWKHGUHDPVRIKDVKLVK ZKRZRXOGZDQWWR
DQVZHUPLOGROGZRPHQZKHQFDSWDLQLQJWKHP\ULDGOHJLRQVRIWKHVWDUV$QGHYHQZKHQ,OHIWWKH
WXUUHWVRIWKHKHDYHQVDQGIROGHGP\PHQWDOZLQJV,ZRXOGDUJXHZLWKVKLIW\H\HG%RKHPLDQVDQG
\RXWKIXOHJRLVWVZKRPDGHRXUVKRSWKHLUKRPHDUJXLQJXQWLOWKHILUHRIDQJHUVHL]HGPH LQVWHDGRIWKH
ILUHRILQVSLUDWLRQ KHDWLQJPHWRDERLOLQJSRLQWWKDWZRXOGRYHUIORZDJDLQVWWKRVHZKRKDGWKHWHPHULW\
WRGLVEHOLHYHZKDW,VDLG$QG\HWWKHVKRSH[LVWHGDQGZHVROGVXIILFLHQWWRSD\RXUUHQWZKLOH'DYLG
URDPHGDERXW/RQGRQIRUEDUJDLQV
%XWGHVSLWHRXUHIIRUWVIHZFXVWRPHUVUHDOO\FDPHIRUWKHVKRSZDVVLWXDWHGLQZKDWRQHFRXOGFDOOD
FRQVXPSWLYHVWUHHWZKHUHPDQ\RWKHUVKRSVVHHPHGWREHG\LQJE\GHJUHHVXQWLOZHUHDOL]HGZHKDG
SUDFWLFDOO\SLWFKHGRXUKRSHVXSRQD6DKDULDQVSRW,WZDVRQHRIWKRVHVWUHHWVWKDWDUHIRUJRWWHQWKURXJK
EHLQJOLNHDFRXUWHRXVROGJHQWOHPDQZKRKDVOLYHGRQLQDQLOOPDQQHUHGDQGEXVWOLQJJHQHUDWLRQ:H
FKRVHWKLVVWUHHWIRUPDQ\UHDVRQV RQHWKHDUWLVWLFZH DUJXHGWKDWSHRSOHSUHIHUUHGEX\LQJERRNVIURP
DQROGIDVKLRQHGDQGSOHDVDQWVKRSIRU,WKLQNERRNVQHHGFRXUWHV\DQGFRQVLGHUDWLRQDQXQUXIIOHGDQG
JHQWOHDWPRVSKHUHQRWDQHZDQGEULJKWO\SROLVKHGKRPHQRUDJULP\DQGGXVW\KRPHZKHUHWKHVWDWH
VPHOOUHPLQGVRQHRIDUDJSLFNHU
VVKRS+DGZHVXFFHHGHGZHPLJKWKDYHGHYHORSHGWKDWPHOORZDQG
XQKDVWLQJDWPRVSKHUH8QIRUWXQDWHO\ZHRQO\UHQWHGKDOIWKHVKRSWKHRWKHUVLGHEHORQJLQJWRDSHUVRQ
ZKRFRXOGQRWKDYHFRQWULEXWHGWRRXULGHDO7KHVHFRQGUHDVRQZK\ZHZDQWHGWKDWSODFHZDVEHFDXVH
LWZDVQRWWRRGHDU DQGWKLUGO\LWZDVLQ%ORRPVEXU\ZKLFKZHNQHZZDVDVWXGHQWV
GLVWULFWEXW
XQIRUWXQDWHO\WKH\QHYHUGLVFRYHUHGRXUH[LVWHQFH,VWLOOWKLQNWKDWKDGZHRSHQHGRXUVKRSLQDEXVLHU
GLVWULFWZHPLJKWKDYHPDGHDVXFFHVVIRUZHGLGXQGHUVWDQGWKHYDOXHRIERRNV EXWVWDUWLQJZLWKVPDOO
FDSLWDODQGJUHDWLGHDOVLQWKHZURQJVSRWZDVIDWHGWRSURGXFHIDLOXUH7KHPLVWRILGHDOVLVJHQHUDOO\
EORZQDZD\E\WKHEUHDWKRIWKHJLDQW%XVLQHVVDQGIRUWKHVHUHDVRQVZHH[LVWHGRQO\DERXWVL[PRQWKV
ZKHUHLQRXUGUHDPVRIVXFFHVVPHOWHGUDSLGO\LQWRWKHEOHDNDQGIOLQWOLNHURFNVRIFRPPRQVHQVHDJDLQVW
ZKLFKZHVWXEEHGRXUWRHVRIWHQDQGSDLQIXOO\)RUZHPLVWRRNRXUZHDNQHVVIRUNLQGQHVVDQGRXU
LPSUDFWLFDOLW\DVSURRIRIEHLQJILQHUFOD\ ZHXVHGWKHVKRSDVDVDORQDQGVWXGLRDQGVRPRVWO\
DWWUDFWHGWKHERKHPLDQZKRZDVQDWXUDOO\SHQQLOHVV
0HDQZKLOHWKHIUHTXHQWYLVLWVRI0ZKRZRXOGYLVLWXVODWHDWQLJKWGLVVROYHGDOORXUOLWWOH
GLVVDWLVIDFWLRQVDQGDQ[LHWLHV+HRIWHQWROGXVWREHEXVLQHVVOLNHEXWZHZHUHVR\RXQJDQGEULPPLQJ
RYHUZLWKGUHDPVZLVKLQJWRXVHWKHKD]HRILGHDOVLQRUGHUWRVPRRWKWKHURXJKHGJHVRIWKHZRUOGWKDW
ZHWRRNOLWWOHQRWLFHRIVXFKDGYLFHWKRXJKDQ\RFFXOWNQRZOHGJHJLYHQZRXOGEHHDJHUO\WDNHQWRKHDUW
,WLVGLIILFXOWWRUHFDOODOOKHVDLGEXWZKDW,UHPHPEHU,VKDOOSXWGRZQLQWKHFRXUVHRIWKHERRN
0DQ\WKLQJVZHUHRIDIDQWDVWLFQDWXUHRFFXOWH[SHULHQFHVDQGDGYHQWXUHVWKDWZRXOGQRWEHEHOLHYHGLI,
PHQWLRQHGWKHPWKRXJK,KDYHQRWWKHVOLJKWHVWUHDVRQWRWKLQNWKHPXQWUXH+HWROGXVPDQ\WKLQJV
DERXWRXUVHOYHVZKLFKZHGLGQRWEHOLHYHDQ\ERG\HOVHFRXOGKDYHNQRZQIRUWKH\ZHUHSULYDWH+H
ZRXOGJLYHXVFOHDUGHVFULSWLRQVRISHRSOHXQNQRZQWRKLPEXWZKRPZHSHUVRQDOO\NQHZWKHLUKDELWV
WDOHQWVHWF EXWDOOWKHVPDOOGHPRQVWUDWLRQVZHUHEXWOLWWOHWKLQJVKHWROGXVIRUWKHUHZHUHPDQ\WKLQJV
ZKLFKFRXOGQRWEHVKRZQWRXVDVZHZHUHQRWUHDG\DQGPRUHRYHUWKHUHZHUHPRUHLPSRUWDQWWKLQJV
WKDQPDJLFDOGHPRQVWUDWLRQV:HVKRXOGKDYHWRSUDFWLFHFHUWDLQPHQWDODQGSK\VLFDOH[HUFLVHVDQG
HQGHDYRUWRDWWDLQDFHUWDLQEDODQFHEHIRUHNQRZOHGJHDQGSRZHUFRXOGEHJLYHQWRXV)RUWRSODFH
H[SORVLYHVLQWKHKDQGRIDFKLOGLVQRWDORQHGDQJHURXVIRUWKHFKLOGEXWDOVRIRUWKHSHUVRQUHVSRQVLEOH
VXFKLVWKHRFFXOWODZWKHPDVWHUEHLQJUHVSRQVLEOHIRUKLVSXSLOV$QRWKHUDVSHFWLVWKHVDWLVI\LQJRI
SHRSOH
VFXULRVLW\DQGRQFH,DVNHG0DERXWWKLV+HWROGPHWKHVWRU\RIDQDGHSWZKRZLVKHGWRERDVW
RIKLVDFFRPSOLVKPHQWVLQWKHSUHVHQFHRIDFRPSDQ\RISHRSOHVRKHPDWHULDOL]HGDFHUWDLQIRRGRQO\WR
EHIRXQGLQDGLVWDQWFRXQWU\ EXWDIWHUKHKDGGRQHVRKLVSRZHUZDVWDNHQDZD\7KLVVDPHDGHSWRQFH
WKUHZRXWRIKLVZLQGRZLQVKHHUH[WUDYDJDQFHDVXPRIPRQH\IRUKHZDVH[FHHGLQJO\ZHDOWK\7KH
UHVXOWZDVWKDWKHGLHGDSRRUDQGEOLQGPDQ IRUWKHPRQH\KDGEHHQJLYHQWRKLPIRUVSLULWXDOSXUSRVHV
+HKDGDFWHGFRQWUDU\WRWKHVSLULWXDOODZIRUEHLQJDQLQLWLDWHKHSRVVHVVHGJUHDWHUNQRZOHGJHWKDQWKH
QRUPDOPDQDQGNQRZLQJDV0VDLGWKDWPRQH\DIWHU:LVGRPLVWKHVHFRQGSRZHURIWKLVZRUOGKH
KDGWRVXIIHUPXFKPRUHVHYHUHO\WKDQWKRVHODFNLQJWKHVSLULWXDOLOOXPLQDWLRQ7KH+LJKHU6HOI0VDLG
LVYHU\VWHUQDQGSDUWLFXODUO\VRZKHQWKHERG\KDVSDVVHGWKURXJKFHUWDLQLQLWLDWLRQV7KHILUVWODZZDV
WRXVH\RXUFRPPRQVHQVH
$QRWKHUVXEMHFWRQZKLFK ,TXHVWLRQHG0ZDVDERXWWKHHOHPHQWDOVIRUKHRIWHQWROGOLWWOH VWRULHV
DERXWWKHP7KH\FRPSULVHGWKHJQRPHVUHSUHVHQWLQJHDUWK WKHXQGLQHVUHSUHVHQWLQJWKHVRXORIZDWHU
WKHV\OSKVZKRVHUHJLRQZDVWKHDLU DQGWKHVDODPDQGHUVVSLULWVRIILUH%HIRUHUHODWLQJVRPHRIWKHVH
WDOHV , VKDOO ZULWH GRZQ IURP WKLV VWUDQJH ERRN WKDW 0 EURXJKW PH D GHILQLWLRQ RI WKHVH 1DWXUH
HOHPHQWDOV
0DQ
VFRQVFLRXVQHVVWKLVERRNVD\VLVOLPLWHGLQGLUHFWSURSRUWLRQWRWKHGHYHORSPHQWRIKLV
VHQVHVRISHUFHSWLRQ0DQKDVZLWKLQKLPVHOILQWKHV\PSDWKHWLFDQGFHUHEURVSLQDOQHUYRXVV\VWHPV
PLQRUEUDLQFHQWHUV:KHQE\SXULW\RIWKRXJKWDQGOLIHDQGWKHULJKWXVHRI6RODU)RUFH 6RODU)RUFHLV
WKH3DUDFOHWHWKHOLJKWRIWKH/RJRVZKLFKLQHQHUJL]LQJEHFRPHVZKDWPD\EHGHVFULEHGDVOLYLQJ
FRQWLQXRXVHOHFWULFLW\RILQFUHGLEOHYROWDJHDQGKDUGO\FRPSDUDEOHWRWKDWIRUPRIHOHFWULFLW\NQRZQWR
WKHSK\VLFLVW7KLVIRUFHFDQEHJRYHUQHGE\PDQDQGZKHQJRYHUQHGLVWKHLQVWUXPHQWZKLFKWKHVRXO
XVHVWREXLOGXSPDQ
VVRODURUVSLULWXDOERG\ PDQDZDNHQVDQGHQHUJL]HVWKHVHFHQWHUVKHLVDEOHWR
SHQHWUDWHLQWRRWKHUVWDWHVRIEHLQJDQGGLVFRYHUVKLPVHOIWREHOLYLQJLQDZRUOGWHHPLQJZLWK
LQWHOOLJHQFHV DQGHQWLWLHVH[LVWLQJLQFHUWDLQZHOOGHILQHGUHDOPVRIFRQVFLRXVQHVVKLWKHUWRXQNQRZQDQG
XQSHUFHLYHGE\KLP
3DUDFHOVXVVKHGVOLJKWXSRQWKHPHWKRGZKHUHE\PDQPD\PDNHDFTXDLQWDQFHZLWKWKH3HRSOHVRI
WKH(OHPHQWVZKHQKHVD\V:HFRPHWRWKHFRQFOXVLRQWKHQWKDWDOOWKH(OHPHQWVDUHQRWMRLQHG
WRJHWKHUEXWWKDWWKH\DUHDOWRJHWKHUDHULDORULJQHRXVRUWHUUHVWULDORUDTXHRXVVROHO\DQGZLWKRXW
DGPL[WXUH7KLVDOVRLVVHWWOHGWKDWHYHU\(OHPHQWQRXULVKHVLWVHOIRUGRHVWKDWZKLFKLVLQLWRULWV
ZRUOG)RUZKHQWKHVHFHQWHUVLQPDQZKLFKDUHLQWLPDWHO\UHODWHGWRWKHGLVWULEXWLRQRIWKHHVVHQFHV
ZKLFKQRXULVKWKH(DUWK$LU:DWHUDQG)LUHERGLHVRUYHVWXUHVRIPDQ
VVSLULWKDYHEHHQUHJHQHUDWHG
PDQLVHQDEOHGWRDWWDLQUDQJHVRIFRQVFLRXVQHVVFRH[WHQVLYHZLWKWKRVHRIWKHIRXUUDFHVRIEHLQJV
LQKDELWLQJWKHHVVHQFHVRIWKHVHIRXU(OHPHQWVVLQFHWKH3HRSOHRIWKH$LUWKHGZHOOHUVLQWKHHDUWKWKH
1\PSKVWKH8QGLQHVDQGWKH6DODPDQGHUVUHFHLYHWKHLUOLIHORQJERGLHVLQDQDOLHQHVVHQFH7KHLUERGLHV
DUHEXLOWXSRIWKRVHILQHUPDWHULDOVZKLFKLQWHUSHQHWUDWHVJURVVPDWWHUDQGLWVLQWHUVSDFHVHYHQDVPDQ
V
RZQILQHUERGLHVDUHWKXVEXLOWXS
:KHQVSHDNLQJRIWKHIRXU(OHPHQWVWKHLUUDQJHRIYLEUDWLRQLQPDWWHULVPHDQW2EYLRXVO\YLVLEOH
DQG WUDQVLWRU\ IODPH FDQQRW EH WKHKDELWDWRI D ORQJ OLYHG UDFH <HW WKH (OHPHQW RI )LUH RU LWV UDWH RI
YLEUDWLRQLQWHUSHQHWUDWHVHYHU\ PDQLIHVWDWLRQRI1DWXUHHYHQWKHJURVVHVW DV WKH ILQGLQJ RI UDGLXP LQ
SLWFKEOHQGH HYLGHQFHV DQG LQ WKLV FOHDUO\ GHILQHG UDQJH RI YLEUDWLRQ D UDFH RI LQWHOOLJHQFHV KLJKO\
GLIIHUHQWLDWHGDQGHYROYHGKDVLWVEHLQJ7KHHVVHQFHVRIWKH(DUWK $LU DQG :DWHUDUH DOVRILOOHGZLWK
FRQVFLRXV DQG DSSURSULDWH OLIH ,I PDQ ZLOO SXULI\ KLV ERG\ HPRWLRQV DQG PLQG KH PD\ WKURXJK
NQRZOHGJH RI WKH /DZ JRYHUQLQJ WKH 6RODU )RUFH DQG WKH UHJHQHUDWLRQ RI FHUWDLQ PLQRU EUDLQ FHQWHUV
HQWHULQWRDKDUPRQLRXVUHODWLRQVKLSZLWKWKHVH3HRSOHRIWKH(OHPHQWV
$OWKRXJK,DPDZDUHWKDWWRWKHPDQRIVFLHQFHWKHDERYHTXRWDWLRQPD\VRXQGDEVXUGIRUVFLHQFH
WHDFKHVXVQRWWRDFFHSWWKDWZKLFKWKHPDMRULW\FDQQRWVHHRUGHPRQVWUDWH,\HWVSHDNRIWKHVHPDWWHUV
EHFDXVH,NQRZWKDWVFLHQFHFRQWLQXDOO\GLVFRYHUVWREHWUXHZKDWLWZDVSRVLWLYHZHUHEXWWKHZLOG
JXHVVHVRIWKHDQFLHQWSKLORVRSKHUVDQGP\VWLFV:HNQRZWKDWWKHURFNRIPDWHULDOLVPLVIDVWFKDQJLQJ
LQWRDMHOO\ORRVHTXLYHULQJDQGVRIW7KHOXPEHUURRPRIPDQ
VPLQGLVGDUNDQGFREZHEEHGDQGEXWD
IHZIHHEOHUD\VFDQSHHUWKURXJKZKLOHLQDOOWKHFRPHUVSLOHGKLJKDUHWKHPHQWDOERQHVSLFNHGIURP
WKHPXVHXPVRIWKHSDVWPHDWOHVVGU\DQGEULWWOH XSRQDWDEOHDVWKRXJKXSRQDWKURQHLVDVNXOO
PROGHGDQGEURXJKWWRELUWKE\WKHPDWHULDOLVWRIWKHSDVWDEORRGOHVVDQGOLIHOHVVWKLQJVLQFHLWV
LQFHSWLRQ7KRVHH\HOHVVVRFNHWVKDYHQHYHUVHHQDQGWKHPRXWKKDVQHYHUVSRNHQIRURQO\WKHKHDG
ZDVIRUPHG WKH\FRXOGQRWFRPSOHWHDQGIL[WRWKHVNXOOWKHOLPEVRUIOHVKRUKHDUWIRUWKH\GLGQRW
DGYHQWXUHLQWRWKHGHHSHUUHDOPVRIWKHVRXO7KHLUPLQGVVWURYHWRSKRWRJUDSKDFFXUDWHO\EXWWKHRWKHU
LQVWUXPHQWLQWXLWLRQZDVDVOHHS+RZPXFKPRUHSKLORVRSKLFLVWKHVDYDJHZKRZLWKWKHPLQGRID
FKLOGDQGPD\EHEHFDXVHKHLVDFKLOGDQGODFNLQJWKHVFDOHVRIWKRXJKWVHHNVLQKLVFUXGHDQGVWUDQJH
PDQQHUWKHXQGHUO\LQJFDXVHRIDGLVHDVHE\DWWDFNLQJHYLOVSLULWVDQGSRZHUVKHFDQQRWVHH\HW
LQWXLWLYHO\NQRZVWRH[LVWFRPSDUHGWRWKHPDWHULDOLVWZKROLPLWVKLPVHOIRQO\WRWKHLQDFFXUDWHYLVLRQRI
WKHH\HRUWKHLQVWUXPHQW,WLVRQO\UHFHQWO\WKDWKHKDVDFFHSWHGWKHIDFWWKDWPLQGSOD\VDQLPSRUWDQW
SDUWLQWKHKHDOWKRIDSHUVRQ ZKRNQRZVEXWVRRQKHZLOOILQGWKDWKHPD\SRVVLEO\FXUHPDQ\GLVHDVHV
ZLWKRXWWKHDLGRIVHUXPVWKRXJKKHKDVQRW\HWPDSSHGRXWWKHDQDWRP\RIWKHHPRWLRQVEHOLHYLQJ
WKHPWREHRQHDQGWKHVDPHZLWKWKHPLQG3HUKDSVDIHZ\HDUVPRUHDQGZHVKDOOEHFRPSHOOHGWR
DFFHSWPDQ\PRUHEHOLHIVRIWKHRFFXOWLVWVWKDWDUHQRZLJQRUHGRUWUHDWHGZLWKFRQWHPSW)RUWKH
RFFXOWLVWEHLQJPRUHVHQVLWLYHWKURXJKFHUWDLQGHYHORSHGVXEWOHUVHQVHVKDVDJUHDWHUNQRZOHGJHDQG
XQGHUVWDQGLQJRIKLGGHQWKLQJVDQGPRWLYHVRISHRSOHWKDQWKHPRVWVHQVLWLYHLQVWUXPHQWRIVFLHQFH
FRXOGWUDQVODWH7KHRFFXOWLVWDQGP\VWLFIHHOVWKHVXIIHULQJRIKXPDQLW\DVRQHZRXOGIHHOWKHVFDOGLQJ
RIERLOLQJZDWHU
0KDVRIWHQWROGPHZKDWDQDJRQ\LWLVVRPHWLPHVWRPLQJOHZLWKSHRSOHZKRVHQGRXWZDYHVRI
SDVVLRQDQGKDWHDQGWKRXJKSHUVRQDOO\,KDYHEHHQDVWXGHQWRQO\IRUDVKRUWWLPH\HWWKURXJKWKH
SUDFWLFHRIP\H[HUFLVHV,FDQIHHOWKHHPRWLRQVPHQWDOIHHOLQJVDQGVWDWHVDVSRVLWLYHO\DVRQHZRXOG
IHHOLIVWUXFNRQWKHSK\VLFDOERG\,KDYHGLVFRYHUHGWKDWWKHHPRWLRQVVHQWRXWE\SHRSOHGLIIHULQ
GHJUHHVDFFRUGLQJWRWKHVWUHQJWKRIWKHLUSDVVLRQV$QG,UHDOL]HKRZPXFKPRUHVRPXVW0IHHOWKH
DWPRVSKHUHRIXQSOHDVDQWSHRSOHIRUWKHVHQVHVJURZILQHUDQGILQHUXQWLORQHIHHOVQRWDORQHWKHSDVVLRQ
RIRQHEXWWKHSDVVLRQVRIPDQ\ QRWDORQHZKHQWKH\DUHQHDUEXWDOVRZKHQWKH\DUHDWDGLVWDQFH$V
WKHVHQVHVEHFRPHPRUHDQGPRUHHWKHUHDOVRPXVWRQHXOWLPDWHO\EHFRPHDVRQHDSDUWDQGWKRXJKKH
PD\GZHOODORQHKH\HWIHHOVWKHVXIIHULQJVDQGORYHVRISHRSOHDVZKHQKHGZHOWZLWKWKHP%XWMXVWDV
KHUHFHLYHVLPSUHVVLRQVVRFDQKHUHWXUQLPSUHVVLRQVDQGVHQGKHOSWRSHRSOHIURPDGLVWDQFH
7KHVFLHQWLVWKDVSURYHGFKHPLFDOO\WKHXQLW\RIWKLQJVWKHRFFXOWLVWKDVSURYHGLWHPRWLRQDOO\DQG
PHQWDOO\)HHOLQJVIORZDJDLQVWKLPDVWKHZDYHVRIDVHD\HWDVDWRZHURIVWHHOYHLQHGZLWKJROGKH
VWDQGVPRWLRQOHVVDQGFDOP KHGDUHQRWJLYHZD\RWKHUZLVHKHZRXOGEHLQYDGHGE\SRZHUVWKDWZRXOG
GRKLPPXFKKDUPEHFDXVHRIKLVJUHDWHUFDSDFLW\IRUVXIIHULQJWKDQWKHQRUPDOSHUVRQSRVVHVVHV
<HWWKRVHZRUVKLSSHUVRIWKHVNXOORIVNHSWLFLVPWKDWOHHUVXSRQWKHPZLWKOLSOHVVPRXWKVPLOHLQ
YDJXHDPXVHPHQWXSRQWKHP\VWLFZLWKKLVEHOLHILQ*RGXSRQWKHFKLOGIRULWVLPDJLQDWLRQXSRQWKH
VDYDJHIRUKLVLJQRUDQFH:K\WKH\VD\KDYHZHQRWKDGWKHH[SHULHQFHVWKDW\RXKDYHKDGZH
KDYHQRWKDGYLVLRQVZHKDYHQRWKDGSUHPRQLWLRQVWKHFXVWRGLDQVRIWKHIXWXUHKDYHQRWWROGXVZKDWLV
WREH",QWKHVDPHPDQQHUWKH\FDQVD\WRWKHERWDQLVW:HZDONHGWKHILHOG\RXZDONHGLQ\HWZH
GLGQRWVHHWKHUDUHSODQW\RXJDWKHUHGLWRUWRWKHJROGVHHNHUZKRIRXQGJROG:HGLGQRWILQGJROG
WKRXJKZHWUDYHOHGRYHUWKHVDPHODQG:KHQWKHVNHSWLFHQWHUVWKHODERUDWRU\RIKLVVRXODQG
H[SHULPHQWVZLWKPHQWDODQGPRUDOHOHPHQWVKHZLOOILQGWKHUHWKHQDIWHUDFHUWDLQWLPHKHDOVRZLOOJHW
UHVXOWVMXVWDVWKHUHKDYHEHHQSLRQHHUVLQWKHUHDOPRIVFLHQFHVRKDYHWKHUHEHHQSLRQHHUVLQWKHUHDOP
RIWKHVRXO$QGKHUH,DJDLQZLOOVWDWHFHUWDLQWKLQJV0WROGPHLQUHJDUGWRWKHH[LVWHQFHRIZLVHUPHQ
WKDQWKRVHRIWKH:HVW,RQFHDVNHG0LIKHFRXOGWHOOPHVRPHWKLQJDERXWV\PEROVDQGKHSRLQWHGWRD
\RXQJGRHZLWKDSLHFHRIIXQJXVLQLWVPRXWKZKLFKHQULFKHGDODFTXHUFDELQHW KHPHQWLRQHGWKDWWRWKH
LQLWLDWHWKHUHH[LVWVLQWKHZRUOGWRGD\DQDULVWRFUDF\RILQWHOOLJHQFHLQWRZKRVHPHQWDOVSKHUHIHZ
:HVWHUQPLQGVKDGEHHQDEOHWRSHQHWUDWH WRWKHVHLQLWLDWHVWKHV\PERORIWKHGRHDQGIXQJXVUHSUHVHQWV
WKHZLVGRPWKDWZRXOGFRPHWRDQROGPDQZKHQKHZLOOSODFHKLVPLQGLQWKHDWWLWXGHRIDFKLOGWR
UHFHLYHLQVWUXFWLRQIURPFRQVFLRXVQDWXUHLHWKHHOHPHQWVRIHDUWKDLUILUHDQGZDWHU7RWKH:HVWHUQHU
WKLVV\PEROPHUHO\UHSUHVHQWVORQJOLIH
'R\RXUHDOL]H0FRQWLQXHGWKDWZKHQWKH:HVWHUQSHRSOHVZHUHOLYLQJLQFDYHVJQDZLQJERQHV
DQGSDLQWLQJWKHLUVNLQVWKLVFLYLOL]DWLRQZDVOLYLQJLQEULFNKRXVHVVLWWLQJRQZHOOGHVLJQHGIXUQLWXUH
DQGFODGLQVLON$QGWRGD\LI\RXZLVKWRFRQWDFWWKLVFRQVFLRXVQHVVRILQWHOOHFW\RXPXVWH[WHQGWKH
UDQJHRI\RXUPHQWDODWPRVSKHUHVFLHQWLILFDQGILOOHGZLWKNQRZOHGJHDVLWLVWRKDUPRQL]HZLWKWKDWRI
WKLVROGHUUDFHRWKHUZLVHWKH\ZLOOEHDFORVHGERRNWRWKHVHHNHU
³2IWKLVLQWHOOHFWXDOFDVWHDZLVHPDQRQFHVDLGWRPHµZK\GR\RXVSHQGVRPXFKWLPHLQJLYLQJ
KHOSDQGNQRZOHGJHWRWKDWPDQRIORZHUFDVWH
DQG,UHSOLHG
6KRXOGQRWDPDQWKURXJKVDFULILFHODERU
WRVHUYHWKRVHEHORZKLP
4XLFNZDVWKHUHVSRQVH
,QKHOSLQJWKRVHEHORZ\RX\RXDUHVRPHWLPHV
GUDJJHGWRWKHLUOHYHODQGWKHQWKHLUFRQGLWLRQVKLQGHU\RXIURPDVVHUWLQJ\RXURZQLWVWUXHVRYHUHLJQW\
RI1DWXUHRQ\RXURZQSODQH$QG0DVNHGPHZKRZDVWKHZLVHURQH:KLOVW,ZDVSX]]OLQJRYHUWKH
TXHVWLRQKHVDLG2IWHQWKURXJKJXLGDQFHRIWKHKHDUWDQGQRWWKURXJKZLVGRPZHLQIOLFWEXUGHQVQRW
DORQHXSRQRXUVHOYHVEXWXSRQRWKHUVWKHUHIRUHZRUNQRWIRUWKHLQGLYLGXDOEXWVHHNWRHVWDEOLVKDEHWWHU
UHODWLRQVKLSEHWZHHQPDQDQGPDQLQWKHPDVV
0RGHUQVFLHQFHKDVPDGHPDQ\XVHIXOGLVFRYHULHVEXWLWQHHGVWROHDUQPXFKPRUHIURPWKRVH
ZKRPLWLJQRUHVDQGWUHDWVZLWKFRQWHPSW,WLVXQIRUWXQDWHWKDWWKH:HVWHUQHUODFNVWKHVXEWOHW\RIPLQG
ZKLFKWKH2ULHQWDOSRVVHVVHV7KHVRXOSLRQHHUVKDYHH[SHULPHQWHGIRUWKRXVDQGVRI\HDUVDQGZKR
NQRZVDOOWKH\KDYHGLVFRYHUHGLVLWOLNHO\WKDWWKH\ZRXOGSHUVLVWLQWKDWZKLFKSURGXFHGQRUHVXOWV"
+DYHWKH:HVWHUQHUVHYHUSURGXFHGVXFKPDJQLILFHQWUHOLJLRQVIXOORIVXEWOHW\ORJLFZLVGRP
SV\FKRORJ\DQGK\JLHQLFWUDLQLQJ"6XUHO\LIFHUWDLQWUXWKVKDGQRWEHHQGLVFRYHUHGWKHVHUHOLJLRQVZRXOG
KDYHGLHGIRUODFNRIIRRG DVDKROORZVKHOOZLOOZKHQVWUXFNE\DKDPPHUFUXPEOHVRZRXOGKDYH
FUXPEOHGWKHVHH[SHULPHQWV
$IWHUDOOPRGHUQVFLHQFHLVDJHGEXWDIHZFHQWXULHVZKLOHRXU$QFLHQW6FLHQFHLVWKRXVDQGVRI
\HDUVROG WKHUHIRUHLWLVJUH\KHDGHG:LVGRPZKRVKRXOGVPLOHXSRQYLJRURXVEDE\6FLHQFH0D\EHWKH
IDUSDVWDOVRKDGVRPHNQRZOHGJHRIVFLHQFHDVQRZDGD\VFRQWUROVWKHZRUOGIRU,EHOLHYHLWLVVDLGWKDW
VRPHDQFLHQWSHRSOHSRVVHVVHGPRGHOVRIDHURSODQHVWKRXVDQGVRI\HDUVDJR:KRNQRZVEXWWKDWLQ
VRPHFHQWXULHVWRFRPHZHVKDOOSDVVWKHQHHGIRUIOLJKWLQWKHPDQQHUNQRZQWRGD\DVZHVORZO\
GLVFRYHUWKHORFNHGXSSRZHUVRI1DWXUH"
1RZDGD\V6FLHQFHKDVGLVFRYHUHGIRUFHVWKDWLWJHQHUDOO\XVHVIRUGHVWUXFWLYHSXUSRVHVMXVWDVD
FKLOGGHVWUR\VLWVWR\VWKURXJKQRWKDYLQJGHYHORSHGVXIILFLHQWZLVGRPRUEDODQFHWRWUHDWWKHPULJKWO\
:HDUHVREXV\GLVFRYHULQJWKLQJVRIDQRXWVLGHQDWXUHWKDWZHKDYHQRWLPHWROLVWHQWRWKHLQQHU
ZLVGRPWKDWLVGZHOOLQJZLWKLQXV1RZDGD\VZHFURXFKEHQHDWKWKHVKDGRZ\DUFKHVRILQFLGHQWIRUWKH
EDOPRI:LVGRPKDVQRWEHHQVRXJKWZKLOVWRXUPLQGVKRSOLNHVSDUURZVSLFNLQJXSFUXPEV:HOLVWHQ
WRWKHYRLFHVRIRXUVKRXWLQJPRRGVDQGRXULPSUHVVLRQVRIOLIHDUHVORZO\ZRYHQLQWRDGLVKDUPRQLRXV
SDWWHUQOLNHWKHIODULQJFRORUVRIDPDGPDQ
VGUHDPDQGVFDUFHO\DPRPHQWLVJLYHQIRUPHGLWDWLRQLQ
WKHTXLHWWHPSOHRIWKHVSLULWZKHUHLQFDQEHIRXQGSHDFH'HVSHUDWHO\ZHEURRGXSRQRXUVPDOOJULHIV
DQGDGPLUHWKHVKDUSQHVVRIWKHLUZHDNWKRUQV0DQKDVORVWKLV\RXWKQRORQJHUWKHGDQFLQJFKLOGZKR
LVXQWURXEOHGE\WLPHDQGZKRVXFNIURPWKHSDVVLQJKRXUVDOOWKHVZHHWIODYRUVDQGMXLFHV+HVWHSV
ZDULO\DQGIHDUIXOO\LQWRWKHERLOLQJFDXOGURQRIWKHGD\VEHOLHYLQJHDFKFRPSDQLRQWRKROGDGDJJHU
KLVKHDUWVKULQNLQJZLWKVXVSLFLRQIURPWKRVHZKRGHVLUHIULHQGVKLSZKLOVWKLVOLSVIORZZLWKZRUGVWKDW
KDYHDIDOVHZDUPWK+\SQRWL]HGKHVWDUHVWKURXJKWKHVRIWOHGJHGZLQGRZVRIWKHH\HVXSRQ
HYHUFKDQJLQJ DQGHYHUPRUHZRQGHUIXODOOXUHPHQWVWKDWHQWLFHKLPDZD\IURPWKHKLGGHQEHDXW\
ORFNHGXSZLWKLQWKHGHHSVRIKLVVRXO
2FFXOWLVPFULHV &RPHEDFNLQWKDWPDQWOHRIFOD\DVLQDPDXVROHXPDUHVHSXOFKHUHGWKHJODG
VHFUHWVRIWKHJROGHQSHULRGHQWDQJOHGDQGWHWKHUHGDPLGWKHZDUPHDUWK LPSHULDOVHFUHWVPRUHPDMHVWLF
WKDQWKHGUHDPVRIDQJHOV IRUFHVWKDWKDYHPDGHPHQNLQJVDQGEURXJKWWKHPLQWRFRPPXQLRQZLWKWKH
HOHPHQWDOV RI1DWXUHJLYLQJWKHPSRZHUWRFRPPDQGREHLVDQFHIURPWKHZDYHVDQGKROGLQJLQOHDVK
WKHED\LQJKRXQGVRIWKXQGHUDQGWHPSHVW FRPPDQGLQJWKHVHQWLQHOJQRPHVWRUHYHDODQG\LHOGWKHLU
WUHDVXUHVIRUWKHEXLOGLQJDQGHQULFKPHQWRIWHPSOHDQGSDODFH:KHUHPHQZHUHDVVKLQLQJIODJRQVRI
IODPHWUHDGLQJZLWKILUPVWULGHWKHYHOYHWFDSDULVRQHGILUPDPHQWRI(DUWKLQDUWOHVVDQGLPSHUVRQDO
NQRZOHGJHRIWKHZKROHQHVVRIWKLQJV
:RYHQIURPWKHHWKHUHDOPDWWHUDQGUHFHSWDFOHVRIWKHGLYLQHOLTXRURIZLVGRPVHQWE\WKHJRGV
WKH\NQHZWKDWDOOOLIHVKRXOGEHJLYHQORYHDQGQRWGHDWK7KHSRZHUVRIWKHVRXOFDQEHFRQYHUWHGLQWR
PRUDODQGPHQWDOZHDOWKDQGPDQZKRKDVEHHQFDVWIURPWKHPDQ\GLHVRIHQYLURQPHQWDQGKDVEHHQ
ZHLJKHGLQWKHVFDOHVRIKDUPRQ\SOXFNLQJIURPWKHDJHVWKRVHH[SHULHQFHVWKDWKDYHKHOSHGWRSHUIHFW
DQGFRPSOHWHWKHPRXOGRIKLVRZQEHLQJKDVVSHQWWKHZHDOWKWKHDJHVKDYHJLYHQLQPHQWDODQGPRUDO
GLVVLSDWLRQ+DYHWKHHRQVWRLOHGZLWKDOOWKHLUHOHPHQWVEULQJLQJKLPWKHSRZHUVRIWKRXJKWDQGRI
IHHOLQJWKHPDFKLQHU\DQGZRQGHURIH\HDQGKHDUWWKRVHZLQGRZVRIWKHPDWHULDODQGWKHVSLULWLQ RUGHU
WKDWKHVKRXOGGHVWUR\DOOWKDWKDVEHHQJDUQHUHGZLWKLQKLPIRUVRPHGLYLQHSXUSRVH":HIHHOWKDWLI
RQO\VFLHQWLVWVDWWHPSWHGWRLQYHVWLJDWHWKHVHPDQ\FODLPVWKDW2FFXOWLVPPDNHVWKH\ZRXOGXQGHUVWDQG
WKHSODQDQGSXUSRVHRIH[LVWHQFH
7KHLQWXLWLRQVRIWKHDUWLVWVKDYHGLVFRYHUHGWUXWKVWKDWRQO\QRZDUHEHLQJDFFHSWHGE\VFLHQFH
³$OOWKLQJVE\LPPRUWDOSRZHU
1HDURUIDU
+LGGHQO\
7RHDFKRWKHUOLQNHGDUH
7KDWWKRXFDQVWQRWVWLUDIORZHU
:LWKRXWWURXEOLQJRIDVWDU
:KHQ:LOOLDP%ODNHVDZDZRUOGLQDJUDLQRIVDQGKHVDZZLWKKLVLQWXLWLRQWKDWZKLFKWKH
VFLHQWLVWGLVFRYHUHGDIWHUPDQ\\HDUVRISDLQIXOUHVHDUFKWKRXJK,DGPLWWKDWZKDWKHLQWXLWLYHO\NQHZ
GLGOLWWOHWRDGYDQFHWKHFDXVHRIVFLHQFH
,KDYHVSRNHQDWFRQVLGHUDEOHOHQJWKDERXWWKHLQWROHUDQFHRI6FLHQFHWKRXJK,NQRZWKDWLQWKH
GHYHORSPHQWRIKXPDQLW\LWDOVRKDVLWVLPSRUWDQWSDUWWRSOD\ EXWRQO\LQRUGHUWKDWJUHDWHUWROHUDQFH
ZRXOGEHVKRZQE\WKHVNHSWLFDOWRWKHVHOLWWOHWDOHV0WROGPHLQUHJDUGWRWKHHOHPHQWDOVKDYH,ZULWWHQ
WKHVHZRUGV
2QHWDOHSDUWLFXODUO\0ZDVIRQGRIUHODWLQJ,WZDVDERXWDJQRPHZKRKDGEHHQHQFKDQWHGLQWKH
SDVWE\DPDJLFLDQWRDFHUWDLQERRNJLYLQJWKLVERRNDFHUWDLQDWPRVSKHUH7KLVJQRPHYLVLWHG0DQG
DVNHGKLPWRGLVHQFKDQWKLPDQG0GRLQJVREHFDPHIULHQGO\DQGZRXOGRIWHQWDONWR0DQGDVNKLP
TXHVWLRQV2QFHKHVDLG,NQRZZKDW\RXFDOOQLJKWDQGGD\ LWLVWKHGLIIHUHQFHRIYLEUDWLRQ$WWKH
WLPHWKHJUHDWZDUWRRNSODFHLWHYRNHGKLGGHQIRUFHVIURPWKHORZHUVSKHUHVDQGWKRVHOLYLQJLQWKHVH
VSKHUHVZHUHJUHDWO\GLVWUHVVHGDWWKHWXUPRLODERYHWKHPDQGWKLVJQRPHDVNHG:K\LVLWZHZKRGR
QRWGHVWUR\VKRXOGEHGHQLHGLPPRUWDOLW\"0H[SODLQHGWRKLPWKDWLQWLPHWKH\ZRXOGDFKLHYH
LPPRUWDOLW\DQGWKDWPDQKLPVHOILQHRQVSDVWKDGDOVRHYROYHGIURPDVLPLODUHOHPHQWDVWKHJQRPH
WKLVSDUWLFXODUGRFWULQHLVDOVR7KHRVRSKLF0DOVRWROGPHDQXPEHURIRWKHUOLWWOHWDOHVZKLFK,KDYH
IRUJRWWHQEXWKHWROGPHWKDWWKHJQRPHVDUHJRRGIULHQGVWRWKRVHZKRKDYHORVWYDOXDEOHVEXWWKDWRQH
VKRXOGQHYHUODXJKDWWKHPDVWKH\WDNHRIIHQFHHDVLO\7KRXJK,NQRZZKDW,UHODWHZLOOEHDFFHSWHG
ZLWKPXFKDPXVHPHQW,ZULWHWKHVHWDOHVEHFDXVH,NQRZWKHUHDUHVRPHZKRKDYHSUREDEO\KDG
H[SHULHQFHZLWKWKHOLWWOHSHRSOHIRUPDQ\SHRSOHDUHFODLUYR\DQWHQRXJKWRKDYHVHHQWKHP
0DOVRRIWHQVSRNHWRPHDERXWWKHV\OSKVIRUZKRPKHKDGDJUHDWDGPLUDWLRQRZLQJWRWKHLU
ZRQGHUIXOEHDXW\DQGSXULW\7KHKLJKHUHOHPHQWDOVZLOOQRWSHUPLWWKHRFFXOWLVWLQWRWKHLUVSKHUHXQOHVV
KHLVSK\VLFDOO\HPRWLRQDOO\DQGPHQWDOO\SXUHEHFDXVHWKHKXPDQERG\LVRIIHQVLYHWRWKHP DOVRLIWKH
RFFXOWLVWGHVLUHVWRYLVLWWKHPKHPXVWREH\WKHLUODZVIRUPDQWKH\VD\LVDGHVWUXFWLYHFUHDWXUH7KH\
KDYH,ZDVWROGJUHDWNQRZOHGJHLQWKHPDQLSXODWLRQRIPLQGVWXIIDQGFDQKHOSWKHPDJLFLDQEXWZLOO
QRWKHOSWKRVHZKRDUHGHVWUXFWLYH2QFHDV\OSKRIZRQGHUIXOEHDXW\YLVLWHG0DQGRQHWKLQJ0
QRWLFHGZDVKHUPDJQLILFHQWKHDGRIKDLUZKLFKKHEHOLHYHGKDGWDNHQPDQ\GD\VWRIDVKLRQDQGKH
DGGHG:RXOGWDNHDSDLQWHUDPRQWKWRGUDZ+HVDLGKHEHOLHYHGWKDWPDQ\P\VWLFVZKRKDGEHHQ
LOOXPLQDWHGDQGVDZDV\OSKLPDJLQHGWKDWWKH\KDGVHHQ&KULVWVREHDXWLIXOZHUHWKHVHV\OSKV2QHRI
WKHPRQFHVDLGWR0'R\RXQRWUHDOL]HWKDWZHDOVRKDYHWHDFKHUVZKRYLVLWXVDQGWKDW*RGLVQHYHU
DSDUWIURP+LVFUHDWLRQ"
7KRXJKZHKDGNQRZQ0PDQ\PRQWKVKHKDGQHYHUVSRNHQWRXVDERXWWKHYDULRXVOLWWOHIRRGIDGV
WKDWZHSUDFWLFHG$V,PHQWLRQHGEHIRUH,KDGEHFRPHDYHJHWDULDQZDVDQRQVPRNHUDQGWHHWRWDOHU
OLNHPDQ\PHPEHUVRIWKH7KHRVRSKLFDO6RFLHW\'DYLGEHLQJPXFKPRUHVWULFWWKDQP\VHOI%XWZH
DOZD\VIRUJRWWRTXHVWLRQ0DERXWWKHVHPHWKRGVRIKHDOWKDQGVHQWLPHQWWKDWZHLPDJLQHGZRXOGKHOS
XVWRWUHDGWKH3DWKOHDGLQJWRWUXWKDQGLQLWLDWLRQ LQIDFWZHWRRNWKHVHWKLQJVIRUJUDQWHGLQ0
VFDVH
IRUZHFRXOGQRWSHUFHLYHRQHZKRZDVVSLULWXDOGRLQJWKHVHWKLQJV%XWZHZHUHGHVWLQHGWREH
DZDNHQHGZKHQRQHHYHQLQJ0LQYLWHGXVWRGLQQHUDWKLVKRPH2QDUULYLQJ'DYLGDQG,VDWGRZQ
ZLOOLQJO\DQGKXQJULO\DQGWRRXUKRUURUDQGFRQVWHUQDWLRQIRXQGLQWKHILUVWFRXUVHSLHFHVRIPHDW:H
ORRNHGDWRQHDQRWKHUDQGDW0LQDPD]HPHQWDQGKHDOVRJD]HGDWXVLQVXUSULVHIRUHYLGHQWO\KHKDG
WDNHQIRUJUDQWHGWKHIDFWWKDWZHDWHPHDW0\VXUSULVHZDVDOOWKHJUHDWHUEHFDXVHDV,KDYHPHQWLRQHG
HOVHZKHUH,KDYHQHYHUPHWRQHZLWKVRSXUHDQDWPRVSKHUHDQGWKH7KHRVRSKLFDO6RFLHW\KDGPDQ\
YHJHWDULDQV6R,DVNHG0WKHUHDVRQZK\KHZDVQRWDYHJHWDULDQ WKRXJKODWHURQKHWROGPHWKDWKH
DWHYHU\OLWWOHPHDWUHDOO\ DQGKHJDYHPHDQXPEHURQHEHLQJWKDWLQ(QJODQGWKHSHRSOHGLGQRWNQRZ
KRZWRPDNHSURSHUYHJHWDULDQGLVKHVDVWKH\GLGRQWKH&RQWLQHQWDQGLQ(DVWHUQFRXQWULHV DOVRWKDW
WKHDWPRVSKHUHRIDJUHDWFLW\WRDYHU\VHQVLWLYHSHUVRQLVSURGXFWLYHRIPXFKSDLQSDUWLFXODUO\ZKHQ
DWWHPSWLQJWROLYHWKH<RJLOLIH$QRWKHUUHDVRQZDVWKDWLQDODQGRIPHDWHDWHUVRQHZRXOGFDXVHPXFK
HPEDUUDVVPHQWZKHQYLVLWLQJSHRSOHDQGGHVLULQJVSHFLDOGLVKHVDQGKHDGGHGWKHUHDORFFXOWLVWVKRXOG
QHYHUPDNHRWKHUSHRSOHIHHOXQFRPIRUWDEOH ODVWO\DVDILQDOWKUHDGWRWKHZHERIDUJXPHQWWKH7LEHWDQV
ZKRGZHOOLQWKHFHQWHURIVSLULWXDO%XGGKLVPHDWVKHHS6WLOOKHFRQWLQXHGWKHIDFWWKDWZHKDGEHHQ
YHJHWDULDQVGLGXVOLWWOHKDUPDQGZDVJRRGWUDLQLQJLQFRQWUROEHFDXVHWKHUHZRXOGFRPHDWLPHLIZH
HQGHDYRUHGWROLYHWKHOLIHRIDQRFFXOWLVWZKHQZHZRXOGKDYHWREHFRPHKHUPLWVDQGSUDFWLFHDOOWKH
DVFHWLFLVPV
6RIURPWKDWHYHQLQJRQZDUG'DYLGDQGP\VHOIUHWXUQHGDJDLQWRWKHIOHVKSRWVDQGVSHDNLQJ
WUXWKIXOO\QRWLQJUHDWVRUURZIRUPDQ\YHJHWDULDQVZHKDGNQRZQZHUHQRWSK\VLFDOO\YHU\KHDOWK\
$QRWKHUWKLQJZHTXHVWLRQHG0DERXWZDVPDUULDJHZKHWKHULWZDVXQZLVHIRUDVWXGHQWWRPDUU\
DQG,XQGHUVWRRGKLPWRVD\WKDWWKHVWXGHQWZDVSHUIHFWO\IUHHWRGRZKDWKHZRXOGWKRXJKLWZRXOGEH
LQDGYLVDEOHWRPDUU\DSHUVRQZKRZDVEHORZKLPLQFDVWHDQGGHYHORSPHQWIRUWKHQKHZRXOGPRUH
RIWHQEHKLQGHUHGWKDQKHOSHGSDUWLFXODUO\LIKHPDUULHGZKHQ\RXQJ7KRXJKRIFRXUVHVRPHWLPHV
PDUULDJHFRXOGDOVRKHOSIRUWKHVWXGHQWVHHNVEDODQFHDQGLIWKHVWXGHQWDUULYHVDWWKDWVWDJHWKHUHLV
OLWWOHWRIHDU$QG0PHQWLRQHGDFDVHRIDPDUULHG0DVWHUZLWKDIDPLO\ZKRVHZLIHZDVFRPSOHWHO\
LJQRUDQWRIWKHIDFWWKDWKHUKXVEDQGZDVGLIIHUHQWIURPWKHRUGLQDU\W\SHRIPDQNLQGVDYHIRUWKH
H[FHSWLRQWKDWKHSRVVHVVHGDYDVWNQRZOHGJHWKDWVXUSULVHGKLVIDPLO\
$QRWKHUTXHVWLRQ,DVNHG0ZDVDERXWIDLOXUHVDQGKHWROGPHWKDWPDQ\RIKLVSXSLOVKDGIDLOHG
WKURXJKVH[HJRWLVPDQGMHDORXV\%XWKHDGGHGWKRXJKWKH\KDGIDLOHGWKH\ZHUHQRWIRUJRWWHQDQG
DWLPHZRXOGFRPHZKHQWKHIDOOHQSXSLOZRXOGEHJLYHQDQRWKHURSSRUWXQLW\IRUWKH7HDFKHUVDUHYHU\
SDWLHQWDQGFDQXQGHUVWDQGWKHZHDNQHVVHVRIPDQNLQGEHFDXVHWKH\KDGDOVRVXIIHUHGLQWKHSDVWEHIRUH
VXFFHHGLQJ WUHDGLQJWKH3DWKLVDFDVHRIFRQVWDQWHIIRUWDQGWKRXJK\HDUVPD\SDVVSHUVLVWHQFHLQ
FDUU\LQJRXWWKHYDULRXVH[HUFLVHVZLOOXOWLPDWHO\EHUHZDUGHGZLWKVXFFHVVIRUQRWWKHVPDOOHVWHIIRUWLV
ZDVWHGDQGDPRPHQWFRPHVZKHQVRPHWKLQJLVRSHQHGVRPHVOHHSLQJIRUFHDZDNHQHGDQGWKHVHHNHU
KDVDQHZUHDOL]DWLRQRIOLIHDQH[WHQVLRQRIWKHVHQVHVWKDWPDNHVRQHPRUHVHQVLWLYHRIWKLQJVSDVVHG
XQQRWLFHGEHIRUH)XUWKHUPRUHVRPHWLPHVRXUVHHPLQJIDLOXUHDQGSOXQJHLQWRPRUHPDWHULDOFRQGLWLRQV
DUHRQO\DSSDUHQWDQGOHDGODWHURQSUREDEO\WRDVZLIWHUDQGIXOOHUUHDOL]DWLRQRIWKHWUXWKVRI*RGWKDQ
WKRVHZKRPDNHIHZIDOVHVWHSVDQGULVHVWHDGLO\KLJKHU,DPUHPLQGHGRIDVWXGHQWPRUHP\VWLFDODQG
VHQVLWLYHWKDQP\VHOIZKRKDGKDGVSLULWXDOH[SHULHQFHVZKHQYHU\\RXQJ7KLVVWXGHQWEHFDPHVR
XQSUDFWLFDOWKDWKLV+LJKHU6HOISOXQJHGKLPWKURXJKDVHULHVRIH[SHULHQFHVWKDWEURXJKWKLPLQWR
FRQWDFWZLWKVRPHRIWKHFRDUVHVWDQGPDWHULDOLVWLFRISHRSOHIRUFLQJKLPWRVHHWKHZRUOGLQDOHVVURV\
OLJKW
$QG0WROGPHWKDWWKRVHH[SHULHQFHVZRXOGFDUU\KLPPXFKKLJKHUWKDQWKRVHZKRKDGQRWEHHQ
SOXQJHGLQWRVXFKDZLGHUDQJHRIOLIH WKRXJKDOVRKHFRQWLQXHGLWLVUHDOO\SUHIHUDEOHWRPRXQWVORZO\
DQGVXUHO\WKDQULVHOLNHDURFNHWDQGIURPWKHKHLJKWVGHVFHQGLQJORULRXVO\
$IHZZHHNVDIWHU&KULVWPDVRXUVKRSEHJDQWRSLQHWKURXJKODFNRIQRXULVKPHQW7KHIHZVWUHDPV
RIFXVWRPGULHGXSDQGZHEHJDQWRVHQVHDFRPLQJFDODPLW\2XUYLVLRQRIDODUJHHVWDEOLVKPHQWD
ODUJHLQFRPHDQGDODUJHDPRXQWRIOHLVXUHEHJDQWRUHFHGHWRDQLPSRVVLEOHGLVWDQFHDQGZHUHDOL]HG
WKDWZHFRXOGSD\RXUH[SHQVHVQRORQJHU7KHUHIRUHZHDJUHHGWRFXWRXUORVVHVE\VHHNLQJDFKHDSHU
SODFHDQGWKDWLGHDZDVLPPHGLDWHO\FDUULHGRXW
$ERXWDZHHNEHIRUHZHPRYHG,EHFDPHDFTXDLQWHGZLWKDJLUOQDPHG(VWHOODZKRP,PHWDWD
7KHRVRSKLFDOORGJHDQGZKRZDVJUHDWO\LQWHUHVWHGLQWKHYDULRXVWHDFKLQJVRI7KHRVRSK\DQG
%RKHPLDQLVP6KHZLVKHGWRPHHWVWUDQJHSHRSOHDQGKDYHVWUDQJHDGYHQWXUHV7KHVH,SURPLVHGKHU
DQGWKH\FDPHVRRQHUWKDQ,H[SHFWHGIRUDWWKHVDPHWLPH,FDPHLQFRQWDFWZLWKDQHZWHDFKHUXSRQ
WKH'LYLQH0\VWHULHV6XFKLQGHHGZDVWKHWLWOHDJUDQGLRVHKDELWIDOVHWHDFKHUVJHQHUDOO\KDYH'DYLG
EURXJKWWKHDGYHUWLVHPHQWWRP\QRWLFHDQGDVKHVHHPHGHDJHUWRDWWHQGWKHVHOHFWXUHVDQGDOVREHLQJ
VRPHZKDWZHDU\RIWKH7KHRVRSKLFDO6RFLHW\,DJUHHGWRDFFRPSDQ\KLP6REHIRUHZULWLQJDERXWP\
DGYHQWXUHVLQRXUQHZKRPH,VKDOOGHVFULEHWKLVQHZWHDFKHU
+80$163(&75$
3RQGHUHUV SHHULQJWKURXJKWKHPLVWEXLOGHUVRIPLQDUHWVRIVDQGJKRVWVZKRZDONDQGODXJKDQG
ZRUN<RXDUHEHZLWFKHGE\WKHVKDGRZVWKHWKRXJKWVWKHGUHDPVRIWKHKLGGHQSHRSOH7KH\DUHLQ
\RXUURRPKROGLQJLQWKHLUKDQGVWKHVHFUHWVWKDWZRXOGPDNH\RXDVJRGV7KH\RYHUVKDGRZ\RXZLWK
WKHLUVKHNLQDKVLQYLVLEOHWKH\ZKLVSHUWR\RXDQG\RXEHFRPHLQVSLUHG7KH\FDOOWKHPVHOYHVWKH
KXPEOHVHUYDQWVRI*RGDQG\RXFDOO\RXUVHOYHVPDVWHUVRI(DUWK$QG\HW\RXDUHDVVSHFWUXPV
UHIOHFWLQJWKHLUWKRXJKWVWKHLUHPRWLRQVEXWGLYHUWLQJWKHLUVKDIWVRISRZHURIWHQIRUHYLOPRWLYHVDQG
IORRGLQJWKH(DUWKZLWKVWDLQHGEHDPVRIWKRXJKWWKDWUHWXUQWRWKHLQVWUXPHQWEULQJLQJZLWKWKHP
GHVWUXFWLRQ<HWLQWKHDHJLVRIWKHLUORYHDQGWKHLUGLYLQHSDWLHQFHWKH\VWLIIJXLGH\RXLQWRIUHVKUHDOPV
RIH[SHULHQFH
&+$37(59
7+()$/6(3523+(7
+DYLQJUHDGWRRPXFKDQGUHDOL]HGWRROLWWOHZKLOHGZHOOLQJLQWKHFR]\QHVWRIWKH7KHRVRSKLFDO
6RFLHW\ZHSUHHQHGDQGXQIROGHGRXUQHZO\IOHGJHGZLQJVDQGZLWKJUHDWXQFHUWDLQW\IOHZLQWRWKH
KDQGVRIWKHELUGFDWFKHUZKRZDLWHGRXWVLGHUHDG\WRFDJHDQGSOXFNKLVXQIRUWXQDWHSULVRQHUVDQG
LQFLGHQWDOO\ZLOOLQJWRWHDFKKLVFDSWLYHVVRQJVRIKLVRZQFRPSRVLWLRQ7KHZKLFKRQEHLQJFDSWXUHG
ZHGLGZLOOLQJO\DQGMR\IXOO\EXWZHZHUHH[WUHPHO\EHGUDJJOHGFUHDWXUHVWKDWPRGHVWO\DQGVLOHQWO\OHIW
KLVFDJHZKHQZHKDGOHDUQWDOOKLVWXQHV
6IRUVR,VKDOOFDOOKLPZDVDPDQZKRKDGVWXGLHGWKHSV\FKRORJ\RIVSDUURZV+HNQHZZKDW
FUXPEVWRVFDWWHU+HWROGXVLWZDVIURPWKHEUHDGRIIDLWKEXWKHNQHZWKDWWKHZKHDWKDGEHHQJURZQ
LQWKHILHOGVRIIRROLVKQHVVDQGPL[HGZLWKWKH\HDVWRIHJRWLVP+HDOVRNQHZZKDWPHORGLHVDWWUDFWHG
XVIUDQNDQGFKHHN\PHORGLHVZLWKDWRXFKRIWKHGDUHGHYLOLQWKHPZKLFKODWHURQZHLPLWDWHG
SHUIHFWO\DQGSLSHGLQIXQFRQWHQW%XWDOVRKHNQHZZKDWZKLSWRXVH WKHZKLSRIIHDU)RUKHZRXOG
WHOOXVRIWHQRIWKHWHUULEOHELUGVRISUH\WKDWIOHZRXWVLGHRXUFDJH WKHZLFNHGHDJOHVRIWKHGHYLOKLV
GHYLOZDVDWKHDWULFDORQHFRPSOHWHZLWKKRRIVWDLODQGKRUQVDQGKROGLQJ,EHOLHYHDODUJH
WRDVWLQJIRUN,WZDVDJULQQLQJGHYLOWKDWUXOHGWKHZKROHZRUOGDQGZDVSUHSDULQJIRUWKHJUHDWPRPHQW
ZKHQLWFRXOGVQDWFKWKHKDUSVIURPWKHDQJHOV
KDQGVIRUKLV+HDYHQZDVDOVRW\SLFDODQGUHLJQLQHYLO
VRYHUHLJQW\RYHUWKHZKROHZRUOG$QGDOVRKHWROGXVWKDWLIZHUHIXVHGKLVSURWHFWLRQZHZRXOGEH
SOXQJHGLQWRWKHGDUNHVWGHSWKVRI+HOOZLWKDOOWKHRWKHUZLFNHGFUHDWXUHVWKDWLQIHVWHGWKHHDUWK6R
IHDUIDLWKDQGIRROLVKQHVVERXQGXVWRKLPDVVWURQJO\DVVWHHOFKDLQV
6ZDVROGZLWKVSDUVHJUH\KDLUDERYHPHGLXPKHLJKWDQGZLWKWKHIDFHRIDKDUGEXVLQHVVPDQ
DQGDQH\HTXLFNO\DQGDOPRVWPDJQHWLFDOO\DWWUDFWHGWRDSUHWW\DQNOHRUIDFH)RU,UHFROOHFWZKHQHYHU
KHFDPHWROHFWXUHXVKLVH\HVZRXOGVZHHSURXQGWKHURRPUDSLGO\DQGVXUHO\QRWLFLQJWKHDEVHQFHRI
VRPHDWWUDFWLYHZRPHQDWRQFHDQGIRUZKRPKHZRXOGLQTXLUHZHOFRPLQJWKHPJODGO\LIWKH\
DSSHDUHGXVXDOO\DVNLQJWKHPLIWKH\ZRXOGOLNHWRYLVLWKLVIODWIRUWKHSXUSRVHRIKDYLQJWHDDQGD
KHDUWWRKHDUWWDONDQGLIWKH\ZHUHZLOOLQJDOLSWROLS
+RZPDQ\FRXSOHVKHKDVSDUWHGZHGRQRWNQRZEXWRIVRPHZHGR XVXDOO\KLVGLVFLSOHVZRXOG
OHDYHWKHLUZLYHVLQRUGHUWRIROORZKLP/LNH'DYLG3DXODQGP\VHOIWKH\ZHUHVLQFHUHEXWEDGO\
HGXFDWHG7KLV'DYLGDQGP\VHOIQRWLFHGVSHHGLO\IRUKDYLQJEHORQJHGWRWKH7KHRVRSKLFDO6RFLHW\
ZKHUHPDQ\PHPEHUVSRVVHVVHGDFHUWDLQFXOWXUHDQGUHILQHPHQWZHTXLFNO\REVHUYHGWKHODFNRILW
DPRQJRXUQHZDFTXDLQWDQFHV
7KHOHFWXUHVWKDW6GHOLYHUHGZHUHXQGRXEWHGO\LQWHUHVWLQJDQGYLJRURXVWKRXJKRIWHQIUDJUDQWZLWK
DQLQVSLUDWLRQWKDWFHUWDLQO\IORZHGIURPDVRXUFHRWKHUWKDQWKHVSLULW<HWDOVRRIWHQHQRXJKKHZDV
WUXO\LQVSLUHG IRUKHZDVDFXULRXVPL[WXUHRIJRRGDQGHYLOWKRXJKXVXDOO\WKHEHDVWJXLGHGWKHUHLQV
PDNLQJKLPFUXHOOXVWIXODQGWKRXJKWOHVV DQH[FHOOHQWVWXG\IRUWKRVHZKRKDYHIDLWKZLWKRXWWKRXJKW
IRUWKRVHZKRZLOOQRWOHDUQWKDWPDQLVWKHPRXOGRIKLVWKRXJKWDQGWKDWWKHDFWLRQVRI6H[SUHVVHGWKH
WUXHPDQ+HZDVH[WUDYDJDQWZKLOHPDQ\RIKLVGLVFLSOHVZHUHKDOIVWDUYHGLQRUGHUWRSD\IRUKLV
FRPIRUWV ZKLOHKLVXQFRQWUROOHGSDVVLRQVFRQWUDGLFWHGKLVWHDFKLQJVRISXULW\DQGVHOIOHVVQHVV DQGKLV
FHUWDLQWRXFKHVRIFUXHOW\IRUZKLFKWKHUHZDVQRQHFHVVLW\SURYHGKLVODFNRIGLYLQHORYHDERXWZKLFK
KHVSRNHRIWHQDQGOHQJWKLO\$QGWKLVZDVWKHPDQZKRVHPXVLFDWWUDFWHGXV
,WLVRQO\QRZWKDWZHUHDOL]HWKHIXOOVLJQLILFDQFHRIRXUSDVWDFWLRQVWKDWZHZKRZHUHVWXGHQWVDQG
VHHNHUVKDGWRFKRRVHEHWZHHQWZRSDWKVWKHSDWKZKLFKOHGWROLJKWDQGWKHSDWKWKDWOHGWRGDUNQHVV
EXWDWWKDWWLPHZHGLGQRWXQGHUVWDQGWKHWHVWWKURXJKZKLFKZHZHUHSDVVLQJ0ZKRZDWFKHGDQG
XQGHUVWRRGDOOWKDWZDVKDSSHQLQJFRXOGVD\OLWWOH:HKDGWRPDNHWKHFKRLFHZHKDGWROHDUQDQG
XQGHUVWDQGWKDWZRXOGEHGLVFLSOHVPXVWJDWKHUFHUWDLQH[SHULHQFHZHKDGWROLVWHQWRWKHVSLULWXDOYRLFH
ZLWKLQXVDQGREH\LWRUHOVHEHGHDIWRLW:HZHUHGHDIWKRXJKZHIHOWJUHDWWUHSLGDWLRQDQG
XQFHUWDLQW\7KHUHZDVPXFKWZLWWHULQJDQGVKDNLQJEHIRUHZHVSUHDGRXUZLQJV:KRNQRZVEXWWKDW
WKHYRLFHRILQWXLWLRQVSRNHWRXVE\PDNLQJXVIHHOXQHDV\"1HYHUWKHOHVV6JDWKHUHGXVLQWRKLVDYLDU\
(DJHUO\WKLQNLQJZHKDGVWUXFNVSLULWXDORLOWKURXJKWKHZRUGLQJRIKLVDGYHUWLVHPHQWZHDWWHQGHG
KLVOHFWXUHV2XUILUVWLPSUHVVLRQZDVYHU\GLVDSSRLQWLQJIRUKHGLGQRWORRNDWDOOOLNHDQLQLWLDWHEXWKLV
RSHQLQJZRUGVZHUHFHUWDLQO\RULJLQDODQGIUDQNIRUKHFDOOHGXVDORWRIIRROVDQGVDLGWKDWZHZHUH
H[FHHGLQJO\LJQRUDQWZKLFKZDVFHUWDLQO\WUXH$QGWKRXJKZHZHUHVWDUWOHGZHZHUHDOVRSOHDVHG+HUH
ZDVVRPHERG\RULJLQDO
7KHRVRSKLFOHFWXUHUVZHWJHQHUDOO\SROLWHDQGSOHDVDQWEXWKHUHZDVVRPHERG\ZKRGLGQRWFDUH
ZKHWKHUKHSOHDVHGKLVDXGLHQFHRUQRW7KHQH[WWKLQJKHGLGZDVWRFDOOXSRQWKHSODWIRUPDGLVFLSOH
ZKRKDGJRQHWKURXJKDOOWKHLQLWLDWLRQVRI6
VGLYLQHP\VWHULHVDQGSRNHIXQDWKLPZKLFKWKHGLVFLSOH
OLVWHQHGWRLQDVKHHSLVKDQGQDXJKW\ER\IRXQGRXWDWWLWXGHDQG,WKLQN KHGHVHUYHGLWIRULIKHKDGEHHQ
VRPDQ\\HDUVDPHPEHURI6
VVFKRRODQGKDGQRWVXIILFLHQWIDLWKLQ*RGWROHDYHLWWKHQDOOWKHMHHUV
DQGVQHHUVRI6ZHUHZHOOPHULWHG%XWDWWKDWWLPHZHGLGQRWNQRZWKHWUXWKVRZHVPLOHGDQGWKRXJKW
6YHU\KXPRURXV
,WLVZRUWKPHQWLRQLQJKHUHLQYLHZRIRXUODWHUGLVFRYHU\RI6
VK\SQRWLFLQIOXHQFHWKDWRQHQWHULQJ
WKHOHFWXUHKDOO'DYLGZDVJUHDWO\LPSUHVVHGZLWKWKHIDFWWKDWWKHSODFHZDVVWURQJO\SHUPHDWHGZLWK
VRPHSV\FKLFLQIOXHQFH%XWZKHWKHULWZDVVSLULWXDORUQRWKLVODFNRIWUDLQLQJPDGHLWXQDEOHIRUKLPWR
FRPSUHKHQG
7KHOHFWXUHRYHUZHKXUULHGDZD\DQGIRUWKHQH[WIHZGD\VVSRNHRI6WRHYHU\ERG\ZHWKRXJKW
OLNHO\WREHLQWHUHVWHG$QG,DVNHG(VWHOODLIVKHZRXOGOLNHWRDFFRPSDQ\PHWRKHDUDQHZWHDFKHUZKR
KDGDZRQGHUIXOPHVVDJHWRPDQ6KHDJUHHGDQGZHDOVRSHUVXDGHGWKH,ULVKPDQWRGRVRDQGWKXVWKH
IRXURIXVDWWHQGHGWKHVHFRQGOHFWXUHZKLFKZDVDFRQWLQXDWLRQRIWKHILUVW7KH,ULVKPDQVDLGOLWWOHDW
WKHFRQFOXVLRQEXW,EHOLHYHKHGLGDFRQVLGHUDEOHDPRXQWRIWKLQNLQJLQFLGHQWDOO\KHZDVRQHRIWKRVH
LQWKH*URXSZKRGLGQRWMRLQWKHVFKRRO(VWHOODDOVRVDLGYHU\OLWWOH%XW'DYLGDQGP\VHOIEHJDQWR
EHOLHYHWKDWKHUHZDVDQHZDSRVWOHRI*RGDOWKRXJKZHZHUHH[WUHPHO\SX]]OHGRYHUPDQ\WKLQJV
FRQQHFWHGZLWKKLVSHUVRQDOLW\DQGGRFWULQH$OVRKLV&KULVWLDQWHUPLQRORJ\GLGQRWSOHDVHXVIRUZH
ZHUHPRUHXVHGWR6DQVNULWWHUPVZKHQVSLULWXDOVWDWHVZHUHGHILQHG+HSURSKHVLHGWKHHQGRIWKH
ZRUOGDQGDWWKDWSHULRGZHKDGQHYHUPHWDWHDFKHUZKRVDLGWKDWWKRXJKPDQ\7KHRVRSKLVWVH[SHFWHG
WKHDSSHDUDQFHRIVRPHJUHDW%HLQJDQGWKHUHIRUHKLVWHDFKLQJVKHOGVRPHWKLQJQHZIRUXVWKRXJKVLQFH
WKHQZHKDYHKHDUGRIPDQ\ZKRSURSKHV\WKHVDPHFDODPLW\8QIRUWXQDWHO\WKHGDWHVFRQIOLFWDQGDV
HDFKSURSKHWLVFHUWDLQWKDW*RGKDVFKRVHQKLPDORQHWREH+LVVROHLQVWUXPHQWDQGWKH\PDNHSRVLWLYH
VWDWHPHQWVLQSXEOLFWRWKDWHIIHFWWKLQJVEHFRPHXQSOHDVDQWZKHQWKHVNLHVGRQRWUDLQILUHDQGWKH
(DUWKGRHVQRWRSHQKHUPDQ\PRXWKV$QG,DVNHG0LIKHFRXOGJLYHPHDUHDVRQIRUWKHVHSURSKHFLHV
DQGUHFHLYHGWKLVLQWHUHVWLQJDQVZHU0DQ\RIWKHVHSUHDFKHUVDUHFODLUDXGLHQW DQGKDYHKHDUGYRLFHVE\
VSLULWVIRUWKHPDQLIHVWDWLRQRIJUHDWFKDQJHVKDVFDXVHGSHRSOHWRH[SHFWJUHDWHUFKDQJHVVWLOOZKLFK,
WKLQNLVPRVWFHUWDLQ VRWKHVHVHOIVW\OHGSURSKHWVLQVSLUHGZLWKDFHUWDLQNQRZOHGJHDQGSRZHUPDNH
SRVLWLYHDVVHUWLRQV6ZHEHOLHYHEHLQJRQHRIWKHVHSURSKHWV
%XW'DYLGDQGP\VHOIKDGQRWKHDUGRIWKHVHWKLQJVEHIRUHH[FHSWLQDYDJXHZD\E\DVWURORJHUV
ZKRVWDWHWKDWWKH(DUWKLVPRYLQJLQWRDQRWKHUVLJQRIWKH=RGLDFDQGLQGRLQJVRZLOOSURGXFHQHZ
LQIOXHQFHVLQWKHPLQGVDQGPDQQHUVRIPDQ6R6KDGVDLGVRPHWKLQJUHDOO\QHZIRUJHWWLQJWKDWYLUJLQ
ODQGWRXVPD\EHYHU\ZHOOWURGGHQODQGWRRWKHUVZHHDJHUO\DGRSWHGWKHVHQHZEHOLHIV
7KHKDOOLQZKLFKZHJDWKHUHGZDVIDLUO\ODUJHEXWZDVVFDQWLO\DWWHQGHGGHVSLWHWKHJUDQGLORTXHQW
WLWOHVRIOHFWXUHVDGYHUWLVHGDQGIURPIXUWKHUNQRZOHGJHUHFHLYHGWKURXJKSHRSOHDERXW6PDQ\UHDOO\
NQHZZKDWKHUHDOO\ZDVDQGZDUQHGXVRIWKHPDQ%XWZHUHIXVHGWROLVWHQDQGEHOLHYHGWKH\ZHUHKLV
HQHPLHVEHFDXVHRIKLVWHDFKLQJVDQGDOVRWKDWWKH\ZHUHWKHXQFRQVFLRXVLQVWUXPHQWVRIWKHHYLOSRZHUV
ZKRDWWDFNHG6DQGDERXWZKRPKHFRQVWDQWO\UHPLQGHGXVEHFDXVHRIWKHJUHDWPHVVDJHKHKDGIRU
PDQ
:KHQDGGUHVVLQJKLPZHFDOOHGKLP0DVWHURQWKHVXJJHVWLRQRIRQHRIKLVGLVFLSOHVIRUWKH\DOO
DGGUHVVHGKLPDVVXFKDWLWOHWKDWLQWKHOLJKWRIODWHUNQRZOHGJHZDVDEVXUGDQGWRWDOO\LQFRUUHFW EXW
ZHGLGDVVXJJHVWHGIRUZHZHUHLJQRUDQWDQGGLGQRWXQGHUVWDQGWKDWDWUXHVSLULWXDOWHDFKHUZLOOQRW
SHUPLWKLVSXSLOVWRFDOOKLP³PDVWHUEXWWHDFKHU$QGKHUH,ZLOOZULWHGRZQVRPHWKLQJV0WROGPH
ODWHU
7KHUHLVQRDXWRFUDWDPRQJDJURXSRISXSLOVIRUHDFKWHDFKHULVVRPHZKDWRIDVSHFLDOLVWDORQJ
FHUWDLQJLYHQOLQHVDOVRLWFDQKDSSHQVRPHWLPHVWKDWWKHDSSDUHQWO\OHVVHUHYROYHGPHPEHUPD\
EHFRPHWKHWHDFKHUWRWKHUHVWRIWKHJURXSWKRXJKHYHQWKHQKHZRXOGQRWDWWHPSWWRFRPPDQGRUIRUFH
REHGLHQFHIURPWKHUHVWIRUWKHIUHHGRPRIHDFKVWXGHQWLVFRQVLGHUHGVDFUHGWKRXJKDOODUHVXSSRVHGWR
ZRUNLQSHUIHFWKDUPRQ\IRUWKHJRRGRIDOODQGIRUWKHJRRGRIPDQNLQG2QHRIWKHVDGGHVWPRPHQWV
LQDWHDFKHU
VOLIHKHFRQWLQXHGLVZKHQKHLVFKDOOHQJHGE\KLVSXSLOIRUNQRZOHGJHIRUWKHSXSLO
V
VRXOPXVWEHJLYHQIUHHGRPRIH[SUHVVLRQDQGDQ\WKLQJWKDWWHQGVWROLPLWWKHVRXO
VH[SUHVVLRQEULQJV
XSRQWKHWHDFKHUWKHNDUPLFUHVSRQVLELOLW\7KLVPHDQVWKDWDQ\RQHZKRDWWHPSWVWRDVVLVWDVRXOLQ
GLVWUHVVDQGLVSHUVRQDOILQGVDQRSSRVLWLRQLQWKHVRXOWKH\ZLVKWRKHOS7KHUHIRUHWKHWHDFKHURUSULHVW
ZKRDGYLVHVDQ\VRXODERXWVSLULWXDOWKLQJVVKRXOGEHLPSHUVRQDODQGQRWGHVLUHWRVKDFNOHWKHVHHNHULQ
DQ\ZD\%XWWKLVZDVSUHFLVHO\ZKDW6GLG$SRHW0TXRWHGKDVVDLG
7UXHEHDXW\HQGVZKHUH
WKHLQWHOOHFWXDOH[SUHVVLRQEHJLQV
PHDQLQJWKDWWKHLQWHOOHFWXDOJHQHUDOO\SURGXFHVSHUVRQDOIHHOLQJV
$ERYHDOOOHWSHRSOHDORQHZLWKIUHHGRPIRUWKHLUVRXO
VH[SUHVVLRQ7KHWUXHVWXGHQWDVNVWKHRWKHU
PDQ
VVRXOKRZKHFDQKHOSLWDQGWKHVWXGHQW
VRZQVRXOZLOOWUDQVPLWWKHPHVVDJH.HHSWKHPLQG
FDOPIRUWKLVLVWKHKLJKHUIRUPRIFODLUYR\DQFHDQGWKHFRQIHVVLRQDOLIGRQHLPSHUVRQDOO\LVDVSLULWXDO
WKLQJ
,WLVQRWLFHDEOHWKDW6ZKRFDOOHGKLPVHOID0DVWHUGLGQRWNQRZDQ\RIWKHVHWKLQJVLQUHJDUGWRWKH
WHDFKLQJVRIKLVSXSLOV0KDGQHYHUWROGXVWRDGGUHVVKLPDVPDVWHUDQGKHUH,PD\VWDWHWKDWWKHOHWWHU
0GRHVQRWVWDQGIRUPDVWHUEXWDQRWKHUQDPH$WHDFKHUGRHVQRWWHOOKLVSXSLOWRGRWKLQJVKHPD\
VXJJHVWDQGJXLGHKLPDV0KDVGRQHIRUXV2WKHUZLVHWKHSXSLOLVSHUIHFWO\IUHHWRDFWDQGGR
DFFRUGLQJWRWKHGLFWDWHVRIKLVVRXO1HYHUWKHOHVVWKHWHDFKHUNQRZVWKHVHFUHWWKRXJKWVDQGSDVVLRQVRI
KLVSXSLOVIRUKHKDVOLQNHGKLPVHOIWRWKHFRQVFLRXVQHVVRIKLVGLVFLSOHVDQG0KDVWROGPHWKDWKHKDV
RIWHQXVHGKLVRFFXOWSRZHUVLQRUGHUWRNQRZKRZ,DPJHWWLQJRQDQGRIWHQ,KDYHVHQVHGKLVSUHVHQFH
IRUWKHWHDFKHUFDQYLVLWWKHSXSLOLQKLVPHQWDOERG\EXWWRWKLVSRLQW,DPGHYRWLQJDFRPSOHWHFKDSWHU
IXUWKHURQRU VHHFODLUYR\DQWO\ ZKDWKHLVGRLQJ0DOVRWROGPHDERXWWKHZDYHVRIWKRXJKWDQG
HPRWLRQVHQWWRKLPDQGKRZKHFDQGLVWLQJXLVKZKLFKVWXGHQWRUIULHQGKDVGRQHVRIRUHDFKSHUVRQ
SRVVHVVHVDGLIIHUHQWDWPRVSKHUHEHLQJDOVRGLIIHUHQWO\FRORUHGDQGDVKHLVUHVSRQVLEOHIRUKLVSXSLOV
RQHFDQXQGHUVWDQGKRZFDUHIXOO\WKHWHDFKHUKDVWRZDWFKWKHRQHZKRGHVLUHVWREHFKRVHQ<HWKHUH
ZDV6FDOOLQJDWWKHHQGRIHDFKOHFWXUHIRUSXSLOVDFFHSWLQJDQ\ERG\ZKRZLVKHGWREHORQJWRKLV
VFKRRO WKHUHZDVQRTXHVWLRQDVNHGDVWRWKHILWQHVVRIKLVZRXOGEHGLVFLSOHDQGHYLGHQWO\QRWKRXJKW
RUNQRZOHGJHDVWRWKHUHVSRQVLELOLW\KHLQFXUUHG)RUKLVWHDFKLQJVVSRNHRILQLWLDWLRQVDWHUPWKDWLV
PXFKWRROLJKWO\XVHGZKHQUHIHUULQJWRWKHDZDNHQLQJRIVSLULWXDOVWDWHVRIFRQVFLRXVQHVV%XWWKHRWKHU
DWWUDFWLRQWKDW6KHOGRXWWRXVZDVWKHHDVHZLWKZKLFKZHFRXOGDFFRPSOLVKRXUSLOJULPDJH:HFRXOG
GRZKDWZHSOHDVHGZHFRXOGLQGXOJHLQDOORXUDQLPDOGHVLUHVSURYLGLQJDFFRUGLQJWR6ZHKDG)DLWK
DQG6HOIOHVVQHVVDQGHYHQWKHZRUGIDLWKPHDQWWRKLPWKDWRQHVKRXOGVLWGRZQDQGZDLWIRUWKHZRUOG
WRFORWKHXVIHHGXVDQGSDPSHUXV$OOWKLV6VXFFHHGHGLQGRLQJDGPLUDEO\ZKHQWKHWUXHPHDQLQJRI
IDLWK0WROGPHZDVGHWHUPLQDWLYHHQHUJ\
:HZHUHDOVRWROGE\6
VGLVFLSOHVQRWWRQRWLFHRUORRNDVNDQFHXSRQDQ\RIKLVDFWLRQVDVKHZDV
UHDOO\ZKDWRQHFRXOGGHVFULEHDVDIUHHDQGHDV\DQGFKHHUIXOVRUWRIPDQZKRVRPHWLPHVEHFDPH
LQWR[LFDWHGEXWRWKHUZLVHZDVTXLWHKDUPOHVV7DNHQRQRWLFHRIP\SHUVRQDOLW\KHZRXOGVD\DQG
QDWXUDOO\ZHGLGQRW EXW,WKLQNLWZDVRQO\EHFDXVHZHGLGQRW\HWNQRZRIKLVRWKHUYLFHVZKLFKZHUH
QRWPHQWLRQHGWRXVDWDOODQGZKLFKZHGLGQRWGLVFRYHUWLOOODWHU$OVRVRPH\HDUVEHIRUHZHKDGPHWD
7KHRVRSKLF OHFWXUHUZKRKDGDVLPLODUGLVSRVLWLRQWR6WKRXJKKHGLGQRWPDNHVXFKSUHSRVWHURXV
FODLPVDQGEHLQJD&RORQLDORIIUHVKYLULOHFKDUDFWHUZLWKDVRPHZKDWSDJDQRXWORRNWKRXJKFOHDQDQG
VWUDLJKWLQDFWLRQZHIRROLVKO\LPDJLQHGLQRXUILUVWPHHWLQJZLWK6WKDWKHZDVVLPLODUWRWKHPDQZH
KDGSUHYLRXVO\PHWH[FHSWWKDW6SRVVHVVHGDPXFKJUHDWHUNQRZOHGJH$QGIRUWKRVHUHDVRQVZHZHUH
SUHSDUHGWROLVWHQWR6$QGKHUH,ZLOOVWDWH0
VDQVZHUZKHQ,DVNHGKLPWKHUHDVRQIRURXUDGYHQWXUH
ZLWK6
7KHUHDVRQZK\WKHGDUNHUIRUFHVSOXQJHWKHVWXGHQWLQWRJUHDWUDQJHVRIH[SHULHQFHDQGVXIIHULQJ
LVWRSURGXFHEDODQFHIRUWKHWHDFKHUVHHNVWRSODFHWKHVWXGHQWLQWKHFHQWHURIWKH3DWKDGYLVLQJKLP
QRWWRVWUD\WRRIDURQHLWKHUVLGH$QG0WRZKRPZHKDGVSRNHQDERXWRXUPHHWLQJZLWK6VXEWO\
ZDUQHGXVRI6
VK\SQRWLFSRZHUV EXWHYLGHQWO\ZHKDGWRJDLQWKLVH[SHULHQFH7KHUHIRUHZHOLVWHQHG
WR6
VWHDFKLQJVZKLFKWKRXJK7KHRVRSKLFDQG*QRVWLFLQFRQFHSW\HWKDGDGLIIHUHQWWHUPLQRORJ\
6KDGDOVRZULWWHQDQXPEHURIERRNVZKLFKZHUHRIJUHDWLQWHUHVWWRXVDQGZKLFKZHVWXGLHG
HDUQHVWO\DQGFRQWLQXDOO\'DYLGVROGDOOKLVRFFXOWOLEUDU\DQG,GLGOLNHZLVHIRUZHZHUHWROGWKDWWKHVH
ZHUHQRORQJHUQHFHVVDU\DQGWKDWWKH\ZHUHGHWULPHQWDOWRRXUGHYHORSPHQW$QGVRZLWKLQDIHZ
ZHHNVZHZHUHFRPSOHWHO\XQGHUWKHFRQWURORI6:HQHJOHFWHGRXUEXVLQHVVPRUHDQGPRUHDQGOLYHG
XSRQKRSHDQGIDLWKIRUILYHPRQWKVOHDGLQJDERKHPLDQDQGKDOIK\SQRWLVHGH[LVWHQFHLQRXUQHZ
TXDUWHUVDERXWZKLFK,VKDOOQRZZULWH
7+('$5.+286(
+HUHDVLQDGDUNKRXVHPDQVSHQGVKLVPRPHQWV PRXUQLQJWKHORVVRIWKHDQFLHQWODPSVWKDWRQFH
OLWWKHURRPVWKRVHSURSKHWVDQGSRZHUVZKRVHPLQGVKRYHUHGFDOPO\DPLGWKHFXUOHGXSWKXQGHUVRI
*RG<HWLQWKHWZLOLJKWSRUFKWKHVHEUHWKUHQJDWKHUDQGZDLWOLVWHQLQJIRUWKHGHHSFKLPHVRIWKHFORFN
WKDWZLOOEHWKHVLJQDOIRUWKHPWRHQWHUDQGDJDLQEULQJOLJKWWRWKHVRPEUHFKDPEHUV7KH\ZLOORSHQ
DJDLQWKHFREZHEEHGFDVHPHQWVDQGOLJKWWKHKHDUWKILUHV WKH\ZLOODJDLQXQVHDOWKHORFNHGGRRUVRIWKH
OLEUDU\DQGEULQJWRPDQWKHROGNQRZOHGJHVRORQJQHJOHFWHGRSHQLQJWKH\HOORZSDUFKPHQWVDQG
PDVVLYHZRUNVVWDPSHGZLWKWKHJROGHQV\PEROVRI7UXWK6RRQWKHVRQRURXVWRQHVRIWKHWLPHSLHFHZLOO
ULQJVRORXGO\WKDWWKHHFKRHVZLOOYLEUDWHLQHYHU\URRPDZDNHQLQJWKHKHDY\VOXPEHUHUVZKRZLOO
OHDYHDWWLFDQGFHOODUVWXG\DQGEHGURRPDQGJDWKHULQWKHKDOORIWKHKRXVH \HWWKRXJKKHDULQJWKH
IRRWVWHSVRIWKHVHEUHWKUHQXSRQWKHSRUFKWKH\ZLOOQRWKDVWHQWRRSHQWKHGRRUVEXWWKHEROWVZLOOPRYH
IURPWKHLUVRFNHWVZLWKRXWWKHKHOSRIKDQGVDQGWKHGRRUVZLOORSHQOHWWLQJLQDVZLIWJXVWRIZLQGWKDW
ZLOOFOHDQVHWKHZKROHEXLOGLQJ
&+$37(59,
,17+(%$6(0(17
$7ODVWIUHHGRP)UHHGRPIURPSDUHQWDODXWKRULW\ IUHHGRPIURPWKHZHERIFRQYHQWLRQ IUHHGRP
IURPWKHUHOHQWOHVVSUHVVXUHRIHQIRUFHGYLUWXH DQGIUHHGRPWROLVWHQWRWKHZKLVSHULQJYRLFHVRI9LFH
$QGJUHDWHVWIUHHGRPRIDOOWKHOX[XU\RIOD]LQHVVDQGLQLWLDWLRQLQWRWKHPHUU\KXHGUHDOPVRI
%RKHPLDZKHUHZHFRXOGHDUQWKHULJKWWRGHJHQHUDWHDVVSHHGLO\DVSRVVLEOHDQGZLWKRXWKLQGUDQFH
)UHHGRPDQGORYHVWDUYDWLRQDQGFDGJLQJDQGWKHQWKHXOWLPDWHJRRGKLGLQJE\VWHUQ0RWKHU1DWXUHIRU
KDYLQJOHDSHGRYHUWKHKLJKZDOOVRIODZWKRXJKQDWXUDOO\ZHNQHZQRWKLQJRIWKHZKLSSLQJWRFRPH
:LWKKDSS\KHDUWVZHVZLIWO\UDLVHGWKHIODJRIXQFRQYHQWLRQDOLW\DQGIODXQWHGLWLQWKHIDFHRIHYHU\
IULHQGDQGDFTXDLQWDQFHFDOOLQJDOOWRRXUQHZKRPHWKHEHJJDUWKHXQVXFFHVVIXODUWLVWWKHFRPSOHWHO\
GHUDQJHGDQGWKHPLOGO\GHUDQJHG&RPHWRRXUWDEOH´ZHVDLGEXWEULQJ\RXURZQIRRGDQGVRPH
IRUXV:HVKDOOIHDVWXSRQPHUULPHQWDQGRXULPDJLQDWLRQVKDOOWUDQVPXWHDOOWKHSODLQIDUHLQWRULFK
DQGOXVFLRXVIRRGV:KDWPDWWHUWKHGUDEZDOOVDQGGLVFRORUHGFHLOLQJVRUWKHFUHDNLQJVWDLUVDQG
GLVJXLVHGVRDSER[HVIRUQRZZHGZHOOLQWKHLOOXVLYHSDODFHRISUHWHQFHZKHUHDOOSUHWHQGHUVVKDOOEH
PDGHZHOFRPH
%XWLWPXVWQRWEHLPDJLQHGWKDWZHFRPPHQFHGKRXVHNHHSLQJZLWKVXFKFRQFHSWLRQV2XU
GHJHQHUDWLRQVWDUWHGODWHU:HUHDOO\GLGDWWHPSWWRFRQWLQXHRXUERRNVHOOLQJDQGZHVXFFHHGHG
LQDVPXFKWKDWZHOLYHGDWOHDVWWKUHHPRQWKVRQRXUVWRFNWKHUHPDLQLQJSHULRGHQGLQJLQJORULRXVO\
2XUQHZTXDUWHUVZHUHVLWXDWHGLQDODUJHUDPEOLQJEDVHPHQWLQRQHRIWKHVTXDUHVRI%ORRPVEXU\
RQHRIWKRVHVWURQJO\EXLOWDQGLQDUWLVWLFKRXVHVLQZKLFK%ORRPVEXU\ DERXQGV7KLVEDVHPHQWVHHPHGWR
EHSHUPHDWHGZLWKDQXQZKROHVRPHDQGPLOGHZHGDWPRVSKHUH$YDJXHDQGIRUELGGLQJVHQVHRIHYLO
DSSHDUHGWRRR]HDQGGULIWZLWKLQWKHGDUNURRPVDQGVWDLUFDVHRIWKHORZHUSDUWRIWKHKRXVHDQGWKH
RQO\UHDVRQZK\ZHUHQWHGRQHRIWKHURRPVZDVIRULWVFKHDSQHVVDQGWKDWWKHWHQDQWXSVWDLUVKDSSHQHG
WREHDPXWXDOIULHQGRIRXUV RQHZKRKDGIRXQGHGDFOXELQWKHXSSHUIORRUVZKLFKODWHUEHFDPH
GLVRUJDQLVHG WKURXJKWKHJRVVLSRIPHPEHUVDQGWKHLOOQHVVRIWKHIRXQGHU%HIRUHWKHILQDOGLVEDQGPHQW
RIWKHFOXEPDQ\TXDUUHOVWRRNSODFHZKLFKUHVXOWHGLQFRQVLGHUDEOHGLVFRPIRUWDPRQJRXUVHOYHV$QG
KHUHLWLVLQWHUHVWLQJWRQRWHRQHSHFXOLDULW\DERXWWKLVSODFH WKDWWKHVXEWOHFXUUHQWVRIWKHVHRWKHU
SHRSOH
VPRRGVVHHPHGWRVWULNHRQHZLWKSRVLWLYHDQGVWDUWOLQJVXGGHQQHVVDVWKRXJKE\DQLQYLVLEOH
ZDYH,UHPHPEHUSDUWLFXODUO\RQHHYHQLQJFRPLQJLQDIWHUDSHDFHIXODQGPHGLWDWLYHZDONDQG
GHVFHQGLQJWKHVKDGRZ\VWDLUFDVHDVXGGHQUXVKRIYLROHQWDQJHUVWUXFNDJDLQVWPHFKDQJLQJDOOP\
SHDFHIXOWKRXJKWVLQWRDQLQWHQVHLUULWDWLRQDJDLQVW'DYLGZKRKDSSHQHGWREHLQWKHURRP,WVHHPV
GLIILFXOWWREHOLHYHEXWWKHVHQVDWLRQZDVVRSRVLWLYHWKDW,VKDOOQHYHUIRUJHWWKHLQFLGHQW7KHSODFH
DSSDUHQWO\SRVVHVVHGDFXULRXVPDJQHWLFTXDOLW\ZKLFK,KDYHQHYHUVXFFHHGHGLQGHILQLQJ%XWWKHVH
HYHQWVZLWKPDQ\RWKHUVRFFXUUHGODWHURQDQGZKHQZHPRYHGLQLWZDVZLWKRXWTXDOPVRUXQHDVLQHVV
7KHURRPZHRFFXSLHGZDVYHU\ODUJHDQGGDPSZLWKVWRQHIODJJHGIORRUDQGGLQJ\ZDOOVZKRVH
SODVWHUDQGSDLQWFUXPEOHGLQWRILQHSRZGHUZKHQWRXFKHG:HPDGHVRPHIUXLWOHVVDWWHPSWVDWFOHDQLQJ
DQGSDLQWLQJWKHPEXWZLWKWKHH[FHSWLRQRIDZRRGHQSDUWLWLRQIDLOHGPLVHUDEO\7KLVSODFHKDGUHDOO\
EHHQWKHNLWFKHQRIWKHKRXVHIRUDKXJHVWRYHZKHUHRQZHFRXOGKDYHFRRNHGVXIILFLHQWIRUDUHVWDXUDQW
VWRRGDWWKHERWWRPRIWKHURRP<HWVRPEHUDVLWDOOZDVZHPDGHLWPRUHVRE\GLYLGLQJLWLQWRWZR
URRPVZLWKWKHDLGRIDKXJHSDLURIGDUNJUHHQFXUWDLQV RQHGLYLVLRQLQZKLFKZHNHSWRXUVWRFNRI
ERRNVDQGWKHRWKHUZKHUHLQZHVOHSWDWHDQGLQYLWHGRXUIULHQGV'DYLGVOHSWRQRQHVLGHRIRXUOLYLQJ
TXDUWHUVDQG,RQWKHRSSRVLWHVLGH
7KHVKDGRZVFDXVHGE\WKHPHODQFKRO\FXUWDLQVZHUHLQSHUIHFWKDUPRQ\ZLWKWKHVXEGXHGDQG
GHSUHVVLQJDWPRVSKHUHDQGWKHGDPSQHVVDQGGDUNQHVVRIWKHURRP,WZDVDVWXG\LQJUH\DQGVDGWRQHV
DQGXQIRUWXQDWHO\ZHFRXOGQRWDIIRUGWREX\DQ\EULJKWFORWKVRUFXVKLRQV$QGWUXO\IRU\RXWKHQWHULQJ
LQWRWKHGRPDLQVRI%RKHPLDWKHSRUWDOVZHUHGLVPDOHQRXJKDQGQRZ,FDQRQO\FRQFHLYHWKDWRXU
LPDJLQDWLRQDQGRSWLPLVPPXVWKDYHEHHQRIDWLWDQLFRUGHUWRYLHZWKDWSODFHLQDJROGHQOLJKWIRUWKH
GHSUHVVLQJLQIOXHQFHVWRXFKHGXVQRWDWDOO
)LQDOO\EHLQJWRRSRRUWREX\IXUQLWXUHZHZHUHFRPSHOOHGWRERUURZIURPRXUIULHQGVWKLQJVORQJ
DJRGLVFDUGHG'DYLG
VWUHDVXUHWURYHFRQVLVWHGRIDQROGLURQEHGDQXQFRPIRUWDEOHFKDLUDQGDVLFNO\
ORRNLQJGHVNWREHXVHGLQWKHVKRS,DUULYHGZLWKWZRVPDOOPHHNFKDLUVKXPEOHFKDLUVWKDWKDGEHHQ
VDWXSRQIRUVRORQJDWLPHWKDWWKH\ZRUHDSHUSHWXDODLURIZHDULQHVVDQGDSRORJ\/LNHZLVH,HQULFKHG
RXUOLYLQJDSDUWPHQWZLWKDFRXFKEODFNDQGILOOHGZLWKKROORZVZKHQFHWKHSDGGLQJKDGVOLSSHGRXW
ZKLOVWWKHEDFNZDVKHOGLQSRVLWLRQE\DODUJHSODQNRIZRRG2XULQJHQXLW\LQNHHSLQJWKHIXUQLWXUH
IURPIDOOLQJWRSLHFHVZDVFRQVLGHUDEO\WD[HGDQGDVPDOOWDEOHWKDWKDGEHHQQDLOHGWRJHWKHUKXUULHGO\
FRPSOHWHGRXUKRPH7KHUHVWRIWKHURRPKHOGERRNV$SULPLWLYHW\SHZULWHUERXJKWRQDIRROLVK
LPSXOVHZDVWKHRQO\VLJQRIP\VHULRXVLQWHQWLRQWRGROLWHUDU\ZRUN8QIRUWXQDWHO\WKHPDFKLQHZDV
EURNHQE\'DYLGDERXWDZHHNODWHUIRULQWKHHFVWDV\RIVHHLQJ5LWDHQWHUKHGURSSHGLW7KLVHQGHGP\
OLWHUDU\DVSLUDWLRQVIRUWKHWLPHWKRXJK,GRXEWZKHWKHU,FRXOGKDYHZULWWHQDQ\WKLQJLQVXFKDSODFH
)RUWKRXJK,PDGHPDQ\DWWHPSWV,FRQVWDQWO\IDLOHGDQGWKHRQO\WKLQJLQZKLFK,GLGSHUVHYHUHZDVLQ
IDOOLQJLQORYH)XUWKHUPRUHDKRVWRIIULHQGVGLVFRYHULQJRXUQHZTXDUWHUVZHUHGHOLJKWHGZLWKRXU
IUHHDQGHDV\PHWKRGVRIOLYLQJDQGTXLFNO\PDGHWKHPVHOYHVDWKRPH
%XWWKHPRVWXQSOHDVDQWLQFLGHQWVWKDWRFFXUUHGIURPSUDFWLFDOO\WKHILUVWZHHNRIRXUUHVLGHQFH
ZHUHWKHQLJKWPDUHVRI'DYLGDQGWRWKLVGD\ZHVWLOOEHOLHYHWKHSODFHZDVKDXQWHG)RUZHFRXOGKHDU
IRRWVWHSVDWPLGQLJKW WKHFRQYHQWLRQDOKRXUIRUJKRVWV ZDONLQJGRZQWKHVWRQHVWHSV$QGRQH
HYHQLQJZKHQDORQH'DYLGKDSSHQHGWREHDZD\WKDWQLJKW,KHDUGWKHVORZWUHDGRIVRPHERG\RXWVLGH
DQGWKRXJK,VHDUFKHGDOOWKHORZHUSDUWRIWKHKRXVHORRNLQJLQWKHZLQHYDXOWVDQGDOOWKHRWKHUQRRNV
DQGVPDOOURRPV,ZDVUHOLHYHGRQEHLQJGLVDSSRLQWHGIRUQRERG\ZDVIRXQG
<HWZHKDYHNQRZQRWKHUSHRSOHZKROLYHGWKHUHDIWHUXVFRPSODLQLQJDERXWVRPHERG\ZKRZDONHG
XSDQGGRZQWKHVWDLUVDWDERXWWKUHHR
FORFNLQWKHPRUQLQJ$QH[SODQDWLRQLVVWLOOWREHIRXQGIRU
'DYLG
VQLJKWPDUHVZKLFKZRXOGRFFXUGLUHFWO\,H[WLQJXLVKHGWKHFDQGOHV$V,PHQWLRQHGEHIRUHZH
VOHSWRQRSSRVLWHVLGHVRIWKHURRP'DYLGRQWKHLURQEHGDQG,RQWKHFRXFK,ZDVLQWKHKDELWRI
UHDGLQJODWHE\FDQGOHOLJKWDQGDOOZDVZHOOZKLOHWKHFDQGOHEXUQW%XWLPPHGLDWHO\WKHOLJKWZDV
H[WLQJXLVKHG'DYLGZRXOGVWDUWRXWRIKLVVOHHSDQGFU\RXW 0LFKDHOTXLFN$OLJKWDOLJKW7KH
$UDELDQWKH$UDELDQ$QGDVWUHDPRIFROGDLUZRXOGUXVKRXWXSRQPHFRPLQJIURPKLPOLNHDEODVW
RILF\ZLQG$IWHUDIHZWUHPEOLQJDWWHPSWV,ZRXOGOLJKWWKHFDQGOHVRQFHDJDLQ'DYLGVDLGWKDWKHVDZ
DWDOOGDUNPDQGUHVVHGLQDORQJFORDNPRYLQJWRZDUGVKLPDQGLQDOOWKHVHQLJKWPDUHVLWZDVDOZD\V
WKHVDPHPDQ7KLVDSSDULWLRQFDPHWRKLPFRQVWDQWO\WKRXJK,FRQIHVV,VDZQRWKLQJ%XWRIRQHWKLQJ
ZHDUHSRVLWLYHDQGWKDWZDVWKHHYLOQDWXUHRIWKHSODFH
,ZLOOUHODWHWKHODVWSURRIRIWKHH[LVWHQFHRIVXFKDIRUFHDQGFRQFOXGHWKDWDVSHFWRIRXUTXDUWHUV$
IULHQGRIPLQHUHQWHGDURRPWKHUHXQWLOTXLWHUHFHQWO\+HZDVDQLQYHQWRUDQGRQHRIWKHPRVW
PDWHULDOLVWLFRIPHQ<HWRQHHYHQLQJKHGLVFRYHUHGWKHVHFUHWRIUDSLGIOLJKWDQGDVXGGHQEHOLHILQWKH
H[LVWHQFHRIJKRVWVIRUKHVZRUHKHKDGVHHQDQGIHOWVRPHRQHSDVVLQJKLPRQWKHVWDLUFDVH,WZDVKH
VDLGOLNHDWKLFNGDUNPLVWVLOKRXHWWHGDJDLQVWDZLQGRZWKURXJKZKLFKDFROGFOHDUDQGIXOOPRRQ
ZDVVKLQLQJ,WSDVVHGVORZO\GRZQWKHVWHSVDQGWKURXJKKLPEULQJLQJZLWKLWDOOWKHVKDUSLF\WKRUQV
DQGFKLOOLQJWHQGULOVWKDWFOLPEDQGFXUODURXQGWKHEDFNERQHZKHQIHDULVEUHG8QIRUWXQDWHO\P\IULHQG
GLGQRWVWD\WRLQYHVWLJDWHWKLVSKHQRPHQRQWKRXJKORJLFDOO\KHVKRXOGKDYHGRQHVR EXWOLNHDQXPEHU
RIVFLHQWLILFSHRSOHZKHQIDFHGZLWKVXSHUQRUPDOSKHQRPHQDLQZKLFKRIFRXUVHWKH\GRQRWEHOLHYHKH
PDGHDPRVWLOORJLFDODQGXQVFLHQWLILFH[LW
7KXVLQRXUQHZTXDUWHUVZHKDGDOOWKHHOHPHQWVRIDQLQWHUHVWLQJDQGURPDQWLFH[LVWHQFH
%RKHPLDQLVPORYHP\VWLFDOWHDFKLQJVE\RXUQHZPDVWHU ZKLOHLQWKHEDFNJURXQGZDLWHGWKHSDWLHQW
DQGVLOHQWILJXUHRIRXUUHDOWHDFKHUDQGODVWO\JKRVWV:KDWPRUHFRXOGRQHGHVLUHIRUZHFRQVLGHUHG
ZHKDGIRXQGSHDFHDQGWUXWKORYHDQGIUHHGRPDQGWKHWUXWKUHDOO\ZDVWKDWZHZHUHFDXJKWLQWKH
UHDOPRILOOXVLRQ,QWKH7KHRVRSKLFWHDFKLQJVWKHVWXGHQWLVZDUQHGWRDYRLGWKHUHDOPRILOOXVLRQ7KLV
ZHKDGLPDJLQHGWRPHDQWKDWZKHQRQHEHFRPHVDQLQLWLDWHKHWUDYHOVWKURXJKDFHUWDLQDVWUDOSODQHLQ
ZKLFKDOOWKLQJVHQGHDYRUWRDWWUDFWKLPDZD\IURPKLVUHDOSXUSRVH ZHKDGHYLGHQWO\IRUJRWWHQWKDWLW
ZDVTXLWHSRVVLEOHIRUWKHVWXGHQWWRSDVVWKURXJKWKHUHDOPRILOOXVLRQRQWKLVSODQHDOVRIRUWKDWLV
HYLGHQWO\ZKDWKDSSHQHG
0\RZQORYHDIIDLUHQGHGGLVDVWURXVO\WKRXJKIRUWXQDWHO\IRUWKHRQHZKRKDGLQIDWXDWHGPH,KDYH
SUHYLRXVO\PHQWLRQHGVRPHWKLQJDERXW(VWHOODZKRDFFRPSDQLHGPHWRWKHOHFWXUHVJLYHQE\66KHZDV
GDUNJRRGORRNLQJZLWKEODFNEREEHGKDLUDVOLPERG\RIPHGLXPKHLJKWDQGFDUULHGDVXJJHVWLRQRI
KDUGQHVVDQGSUDFWLFDOLW\ \HWZLWKDODURPDQWLFVWUDLQDQGDWWUDFWLRQWRWKHZHLUGDQGRFFXOW6KH
SRVVHVVHGDTXLFNPHQWDOSHUFHSWLRQWKRXJKP\FOHDUHVWUHFROOHFWLRQRIKHUZDVKDUGQHVVDQG
FOHDUVLJKWHGQHVVTXDOLWLHVPXFKQHHGHGZKHQPRYLQJDERXWLQRXUDWPRVSKHUH+HULQWHOOLJHQWLQWHUHVW
LQWKHRFFXOWDQGTXLFNSHUFHSWLRQRIWKHVXEWOHUVKDGHVRIPHDQLQJZHUHWKHFKLHIIRXQGDWLRQVXSRQ
ZKLFKZHEXLOWRXUIULHQGVKLS
,IOXQJP\VHOIZKROHKHDUWHGO\LQWRDWHPSHVWRILQWHQVHSDVVLRQ KRZGLIILFXOWLWLVWRDZDNHQDJDLQ
VXFKDVZHHWDQGXQEHDUDEOHILUHWKDWDWWKDWSHULRGEXUQHGWKURXJKPH,WVHHPVQRZDVLI,KDGEHHQ
VZHSWWKURXJKDULYHURIIODPLQJZDWHUVWKDWVDQJOLQJHULQJDQGOXOOLQJVRQJVWRPHDV,ZDVGULYHQRQ
DQGIOXQJVXGGHQO\DQGYLROHQWO\XSRQDEOHDNDQGGHVRODWHVKRUH \HWVXFKDQDGYHQWXUHZDVJRRGIRU
PHDQGWKRXJKWKLVLQIDWXDWLRQODVWHGRQO\IRUWKUHHRUIRXUPRQWKVLWOHIWP\PLQGULFKHUDQGULSHUIRU
WKHH[SHULHQFH$QG,WKLQNWKHUHDVRQZK\,IHOOLQORYHZDVWKURXJKWKHJODPRXURIWKHHQYLURQPHQW
'DYLG
VJLUOIULHQG5LWDZDVWKHGLUHFWRSSRVLWHWR(VWHOODLQDSSHDUDQFHDQGWHPSHUDPHQW IDLUZHOO
EXLOWFRPHO\DQGPXFKPRUHLQWXLWLYHWKDQLQWHOOHFWXDOWKHUHIRUHIURPWKHDVSHFWRIOLJKWKHDUWHG
FRPSDQLRQVKLSPXFKPRUHSOHDVDQW,WKLQNWRRPDQ\LQWHOOHFWXDODQGFULWLFDOTXDOLWLHVDUHDSWWRPDU
WKHHQMR\PHQWRIDFRPSDQ\WKRXJK,FRXOGQRWVD\WKDWDERXW(VWHOODZKRGLGQRWDZDNHQKHUFULWLFDO
SRZHUVZKHQDPRQJXV,PXVWDGPLWWKDW,SRVVHVVDFRQVLGHUDEOHDPRXQWRIWKHFULWLFDOTXDOLW\ZKLFK
RIWHQSUHYHQWVWKHYLHZVRIRWKHUSHRSOHIURPEHLQJFOHDUO\H[SUHVVHGE\LWVPHQWDORSSRVLWLRQIRULW
DFWVXSRQWKHPHQWDOERG\OLNHDVSHDUVWDEELQJWKHWKRXJKWRISHRSOHDQGWKXVSURGXFLQJGLVOLNHDQG
GLVKDUPRQ\
$VKRUWZKLOHDIWHUZHPRYHGLQRXUWZRIULHQGV3DXODQGWKH,ULVKPDQFDPHWROLYHZLWKXV3DXO
V
GHOLJKWIXODQGGDQJHURXVKREE\RIFROOHFWLQJVWUDQJHVRXOVIURPWKRVHXQJXDUGHGDV\OXPVWKHZHLUG
FDIp¶VRI%RKHPLDZDVDVVWURQJDVHYHUDQGKHZRXOGEULQJWRRXUEDVHPHQWXQNHPSWDQGRXWODQGLVK
ORXQJHUV$UWLVWLFWUDPSVZKRXQORDGHGXSRQXVDGHOLULRXVGHEULVRIXVHOHVVYLVLRQVWDWWHUHGIUDJPHQWV
RIUDJILOFKHGIURPWKHUREHVRIWKHPXVHVDQGVKRZQWRXVLQSULGH7KH\ZHUHSHRSOHKDOIVXIIRFDWHG
E\WKHIRJRIGLVFRORUHGGUHDPVLQZKLFKWKH\ZRXOGSURPSWO\VXUURXQGXVOHDYLQJXVJDVSLQJDQG
VSOXWWHULQJPHQWDOO\:HZRXOGOLVWHQLQWHQWO\DQGHDJHUO\WRWKHVHQHZO\GLVFRYHUHGDQGXQUHFRJQL]HG
JHQLXVHVIHHGLQJXSRQWKHLULPSRVVLEOHLGHDOVEXWVHOGRPEHLQJLQWKHSRVLWLRQWRIHHGWKHPZLWKPRUH
PDWHULDOVXEVWDQFH,WLVVLJQLILFDQWWKDWPDQ\RIWKHPZHUHXWWHUIDLOXUHVWKRXJKVRPHKDGKDGJRRG
RSSRUWXQLWLHV7ZLVWHGPHQWDOYLVLRQKDGGHVWUR\HGWKHLUVHQVHRISURSRUWLRQPDJQLI\LQJWKHLUVPDOO
WDOHQWVH[FHVVLYHO\LQFUHDVLQJWKHLUHJRWLVPDQGHPRWLRQVDQGDOWRJHWKHUPDNLQJWKHPLPSRVVLEOHWR
OLYHZLWKDQGXQDEOHWRPRYHDPRQJWKHVDQHSHRSOHWKH\VQHHUHGDWDQGFDOOHG3KLOLVWLQHV$OVRDPRQJ
WKHPWKHZHOOVHFXUHGPHQWDOEUHHFKHVDQGSHWWLFRDWVRIFRQYHQWLRQDQGVRFLHW\ZHUHWRRRIWHQ
FRQVLGHUDEO\VODFNHQHG
7KXVKHUHLQWKLVGLVPDOEDVHPHQWZHZRXOGJDWKHUHYHQLQJDIWHUHYHQLQJZDVWLQJRXUWLPHLQIXWLOH
GLVFXVVLRQWKH,ULVKPDQJUXPEOLQJDWZRPHQZKRPKHGHHPHGWKHDQDWKHPDRIDOOFUHDWLRQJUXPEOLQJ
DWWKHPRGHUQYLFHVRIOLIHDQGJUXPEOLQJDWWKLQJV,FDQQRWQRZUHPHPEHU LWLVVXIILFLHQWWKDWKH
JUXPEOHG<HWKHSRVVHVVHGDWWULEXWHVRIJHQHURVLW\DQGIULHQGVKLSIRUDOOKLVJUXPEOLQJWKDWZHUHDW
OHDVWVLQFHUHIRUKHXQGRXEWHGO\ZDVGHVSLWHKLVFULWLFLVPVDVLQFHUHVWXGHQWRIWKLQJVVSLULWXDODQG
PD\EHPXFKRIKLVLUULWDELOLW\ZDVFDXVHGWKURXJKKLVEHLQJWRRVHQVLWLYH+HZRXOGVLWZLWKOHJV
RXWVWUHWFKHGXSRQDQRWKHUFKDLUSXIILQJDZD\DWKLVVPDOOEODFNSLSHDQGWHOOLQJXVRIKLVDGYHQWXUHVLQ
WKHYDULRXVFRXQWULHVKHKDGYLVLWHG RUHOVHUHDGLQJSDVVDJHVIURPDOLWWOHERRNKHKDGFDUULHGLQKLV
SRFNHWIRU\HDUVHQWLWOHG³7KH%KDJDYDG *LWDDQGDWWHPSWLQJWRGHILQHLWVYDULRXVP\VWLFDOWKRXJKWV
RUVRPHWLPHVKHZRXOGUHFLWHIURP:DOW:KLWPDQZKRPKHDGPLUHGIRUKLVVWUHQJWKSUDLVLQJWKHZRUG
FDVFDGHVDQGWKHQVXGGHQO\ULVLQJLQDQDEUXSWPDQQHUDQGOHDYLQJXVDVWKRXJKGLVJXVWHGZLWKWKH
ZKROHFRPSDQ\EHFDXVHZHGLGQRWJHWH[FLWHGDERXWWKHSDVVDJHVKHVRPXFKDGPLUHG:KLOH3DXODOVR
WDONHGUHHFKRLQJWKHEHOLHIVRIWKH,ULVKPDQDQGUHSHDWLQJWKHHYHQWXDOO\DQQR\LQJSVDOP³$OOLV
LOOXVLRQDOOLVLOOXVLRQDQGVRPHWLPHVFKDQJLQJLWLQWRWKH6DQVNULWZRUG$OOLV0D\DDOOLV0D\D
ZKLFKPHDQWWKHVDPHWKLQJ1HYHUWKHOHVVKHWRRNDNHHQHULQWHUHVWLQHYHU\ERG\DQGHYHU\WKLQJWKDQ
SRVVLEO\ZHGLG:KLOH'DYLGZUDSSHGLQDQ2ULHQWDOFDOPOLVWHQHGZLWKHYLGHQWUHOLVKWRWKH,ULVKPDQ
V
RXWEXUVWVDJDLQVWZRPHQWKRXJKVLQFHWKHQKHKDVEHHQWKHILUVWRIWKHJURXSWRPDUU\ SDOHDQGPRUH
VHQVLWLYH WKRXJKZHZHUHDOOVHQVLWLYHP\VHOIWKHOHDVW KHZRXOGVLWVLOHQWO\:KLOH,VLPLODULQ
H[FLWDEOHWHPSHUDPHQWWR3DXOZRXOGHQGHDYRUWRDUJXHRQO\WREHLQVWDQWO\DQGUHOHQWOHVVO\VXSSUHVVHG
E\WKHJURXSZKRVWLOOFRQVLGHUHGPHRQHRIWKHEDUEDULDQVEHORQJLQJWRWKHQRUPDOUDFHRIWKHZRUOG
QRWEHLQJDVXQFRQYHQWLRQDODVWKH\GHVLUHGDQGWKHUHIRUHODFNLQJWKRVHVSLULWXDOYLUWXHVWKDWRQO\WKH
HOHFWDQGXQFRQYHQWLRQDOSRVVHVV
$QROGIDVKLRQHGRLOODPSSODFHGXSRQDKXJHEDGO\VWDLQHGFXSERDUGZHKDGIRXQGLQWKHKRXVH
ODWHURQEURNHQXSIRUILUHZRRGE\3DXOZKHQKHZDVJLYHQWKHRFFXSDWLRQRIFDUHWDNHUE\WKH
ODQGORUG LOOXPLQDWHGZLWKIHHEOHEHDPVRXUVRPHZKDWVKDEELO\GUHVVHGJDWKHULQJZKRIUHTXHQWO\GUHZ
XSWKHFRXFKWRWKHJUHDWVWRYHDQGDWWHPSWHGWRZDUPWKHPVHOYHVIRULWZDVWRRODUJHDURRPWRKHDWE\
WKHVPDOODPRXQWRIFRDOZHFRXOGDIIRUGWRXVH2QO\ZKHQ(VWHOODDQG5LWDYLVLWHGXVZHUHZHDORQH
RWKHUZLVHDVLGHIURPWKH,ULVKPDQDQG3DXOYDULRXVPLQRUDFTXDLQWDQFHVFDPH(VWHOODZRXOGRIWHQ
EULQJLQIUXLWIRUWKHSDUW\DQG5LWDVRPHIORZHUVWRGLVVROYHWKHGHSUHVVLQJDWPRVSKHUH:LWKDOLWWOH
FRORU(VWHOODGLGQRWYLVLWXVDVRIWHQDV5LWDDQG,FRXOGVHHWKDWVKHZDVJUHDWO\GLVVDWLVILHGZLWKRXU
PDQQHURIOLYLQJ2XUIXWXUHDSSHDUHGVRQHEXORXVZHZHUHVSLQQLQJWKHIRXQGDWLRQVRIRXUOLYHVIURP
WKHVKDGRZ\IDEULFVRIYDJXHLGHDVDQGEHOLHIVRXUWKRXJKWVIRUWKHIXWXUHXQGHUWKHDHJLVRIRXUQHZO\
GLVFRYHUHG0DVWHU6ZHUHQRORQJHUFRQVLGHUHG,GLGQRZULWLQJWKRXJKVKHRIWHQTXHVWLRQHGPHDV
WRZKHWKHU,KDGGRQHDQ\HQFRXUDJLQJPHDQGZDLWLQJWRVHHLI,ZRXOGWDNHP\OLWHUDU\ZRUN
VHULRXVO\
%XW'DYLGDQG,ZHUHGULIWLQJ:HQHYHUWKRXJKWZKDWZRXOGKDSSHQWRXVDIWHUZHVROGRXU
IDVWGZLQGOLQJVWRFNIRUZHGLGQRWWKLQNRIWKHPRUURZDV6FRQWLQXDOO\WROGXVWRKDYHIDLWKDQGWKDW
*RGZRXOGDOZD\VORRNDIWHU+LVRZQWKDWZHVKRXOGOLYHXSRQWKHSLQSRLQWRIDPRPHQW DQGWKRXJK
LWZDVSRVVLEO\WUXHWKDW*RGZRXOGORRNDIWHUXVZHVKRXOGQRWKDYHDFFHSWHGWKHIDFWDVDQRSSRUWXQLW\
IRUOD]LQHVV%XWXQIRUWXQDWHO\WKHVHWHDFKLQJVILWWHGLQZLWKRXUYLHZVRIOLIH)RUZHIHOWWKDWZHKDG
UHDFKHGDVSLULWXDOKDYHQDQGVHFXULW\5HDGLQJ6
VERRNVZHIRXQGOLNHWKHROGDQGIDQDWLFDOVWXGHQWV
SRUWHQWVDQGPHDQLQJVLQHYHU\VPDOOLQFLGHQWRIWKHZRUOGVWXG\LQJHDFKSDJHDJDLQDQGDJDLQDQG
ILQGLQJDQHZPHDQLQJEHKLQGDQROGRQH$QGUHDOO\LWZDVDPD]LQJKRZZHPDQDJHGWRILWLQWKHPRVW
WULYLDOGHWDLOWRKDUPRQL]HZLWKWKHJHQHUDOVFKHPHRIKLVSKLORVRSK\$QGKHUH,PXVWDGGIURPWKDW
DVSHFWWKH\ZHUHZHOOZULWWHQDQGRIFRXUVHDVZHVSHHGLO\IRUJRWRXUROGLGHDVZHZHUHXQWURXEOHGE\D
GLIIHUHQWVFKHPHRIOLIH
%XWZHGLGQRWGHILQLWHO\MRLQKLVVFKRROIRUDQXPEHURIZHHNVWLOORQHPRUQLQJZKHQ,DZRNHDQG
RQWKHLPSXOVHRIWKHPRPHQWZURWHWRKLPDVNLQJKLPWRSHUPLWPHWREHFRPHRQHRIKLVSXSLOV
3UHYLRXVO\ZHKDGLQYHVWLJDWHGPRUHGHHSO\WKHWHDFKLQJVRIRWKHUVFKRROVDV,KDYHPHQWLRQHG
HOVHZKHUH EXWRQHZDVWRRFROGO\LQWHOOHFWXDOWKHRWKHUWRRQDUURZDQRWKHUWRREURDGDQGVRZH
GHFLGHGWKDWWKHUHDONQRZOHGJHOD\LQWKHNHHSLQJRIRXUQHZWHDFKHU7KHVDPHPRUQLQJ,ZURWHDVNLQJ
WREHDGPLWWHG'DYLGGLGOLNHZLVHDQGIXUWKHUPRUHZHERWKDJUHHGWRZULWHDOHWWHUWR0 ZKRKDGQRW
UHYHDOHGKLPVHOIWRXVDVRXUWUXHWHDFKHU DQGVWDWHWKDWZHKDGDUULYHGDWRXUVSLULWXDOGHVWLQDWLRQ:H
DOVRGHILQLWHO\EURNHRXUWLHVZLWKWKH7KHRVRSKLFDO6RFLHW\
7KHQLQRXUHQWKXVLDVPZHHQGHDYRUHGWRVZHHSLQDQXPEHURIIULHQGV3DXO(VWHOOD5LWDDQGWKH
,ULVKPDQDQGVRPHQHZDFTXDLQWDQFHV$QGZHHYHQDVNHG0LIKHZRXOGOLNHWROLVWHQWRRQHRI6
V
OHFWXUHVDQGLQUHSO\0YLVLWHGXVDQGVDLGKHZRXOGDWWHQGRQHOHFWXUH/DWHURQZKHQZHDVNHGKLP
ZK\KHGLGVRKDYLQJUHDOL]HGKRZPXFKPRUH0NQHZWKDQ6UHJDUGLQJVSLULWXDOWKLQJVKHWROGXV
WKDWRQHVKRXOGKDYHWKHDWWLWXGHRIDFKLOGWRDOOWHDFKLQJVWKDWFODLPWREHVSLULWXDOIRULQWKDWZD\RQH
FRXOGOHDUQIURPPRVWXQH[SHFWHGVRXUFHV DOVRKHVDLGWKDW6KDGPDGHVRPHVSLULWXDOFRQWDFWEXWKDG
DOVRDZDNHQHGDQHYLOSRZHUWKXVVSHDNLQJPDQ\WUXWKVEXWDFWLQJLQGLUHFWRSSRVLWLRQWRKLVWHDFKLQJV
LQGXOJLQJLQWKHYLFHVRIDURXHZLWKDOOWKHZRPHQKHPHW<HWDERXWWKLVZHKDGOLWWOHNQRZOHGJHDV
WKHZRPHQQDWXUDOO\NHSWTXLHWWKRXJKWKH\KDGGLVFRYHUHGZKDWWKHPDQZDVDQGWRRXUJUHDWVXUSULVH
DYRLGHGKLP2QO\ZKHQKHKDGSUDFWLFDOO\K\SQRWL]HGWKHZLIHRIRQHRIRXUIULHQGVDQGKHUVWRU\
PDGHXVDZDUHRIKLVK\SQRWLFSRZHUGLGZHDZDNHQWRWKHWUXWK
$QRWKHUWKLQJKHGLGZDVWRDFFHSWIURPXVDOOWKHPRQH\ZHFRXOGDIIRUGWRJLYHWKRXJKKHNQHZ
KRZSRYHUW\VWULFNHQZHDOOZHUH7UXHLWZDVEXWDIHZVKLOOLQJVEXWLWPHDQWDJUHDWGHDOWRXV<HWKH
DFFHSWHGLWDOODQGDVZHZHUHSOLDEOHPDWHULDOKHKDGPHQWDOO\K\SQRWL]HGXVWREHOLHYHLQDOOKHGLG
ZLWKRXWDZRUGRISURWHVW:KDWPDWWHUHGDOORXUUHDGLQJVVWXGLHVDQGDEVWUDFWSKLORVRSKLHVZKHQZHGLG
QRWKDYHWKHVSLULWXDOH\HVLJKWWRGLVFHUQDQGXQGHUVWDQGWKHIDOVHIURPWKHWUXH":HPHDVXUHGZLWKRXU
HPRWLRQVDQGODFNLQJPHQWDOEDODQFHEHFDPHEOLQGDQGEHZLOGHUHG:KLOHVWDQGLQJDQGZDLWLQJ
SDWLHQWO\LQWKHEDFNJURXQGZDVRXUUHDOWHDFKHU RQHZKRGLGQRWIRUFHXVWRJLYHPRQH\IRUZLVGRPRU
MRLQDVRFLHW\ RQHZKRGLGQRWSUHDFKGRZQWRXVRUEXOO\XVZKRGLGQRWWHOOXVKLVWHDFKLQJVZHUHWKH
RQO\WUXHWHDFKLQJVDQGDOORWKHUIDOVH,QVWHDGKHFDOPO\ZDLWHGIRUXVWROHDUQRXUOHVVRQFRQVWDQWO\
UHSHDWLQJRQHVHQWHQFHWRXVWKHZKLFKZHGLGQRWKDYHVXIILFLHQWGLVFULPLQDWLRQWRREH\WKDWDERYH
DOOWKLQJVWKHVRXOZDQWVLVIUHHGRPORYHDQGFUHDWLRQ7KHWHDFKLQJVRI6GLGQRWJLYHXVWKHVHWKLQJV
+DGZHWUXO\UHDOL]HGWKLVVD\LQJZHZRXOGKDYHVDYHGRXUVHOYHVPXFKPHQWDOSDLQODWHU%XWZHZHUH
YHU\\RXQJDQGLPSXOVLYH:HZDQWHGVSLULWXDOUHDOL]DWLRQVZLWKRXWZRUNLQJKDUGIRUWKHPDQG6
SURPLVHGDOOWKDW
6RLQRXUEDVHPHQWTXDUUHOVWRRNSODFH0DQ\ZHUHDJDLQVW6DQGRXUVHOYHVIDQDWLFDOO\IRUKLP,
HQGHDYRUHGWRJHW(VWHOODLQWHUHVWHGDQGEHJJHGKHUWRMRLQDQGODWHURQVKHGLGEXWOHIWDOPRVW
LPPHGLDWHO\0DQ\ZHHNVEHIRUHVKHKDGGHILQLWHO\WLUHGRIPHDQGVWDWHGVRLQDOHWWHUDQGQRZRQ
UHPHPEHULQJDOOWKHWLPH,ZDVWHGDWWKDWSHULRG,DJUHHZLWKDOOVKHGLG)RUZHZHUHGHJHQHUDWLQJ
VSHHGLO\HQWDQJOLQJRXUVHOYHVLQDQHWZRUNRIXQFRQWUROOHGVHQVXRXVQHVVZKLWWOLQJDZD\DOOWKHOLWWOH
UHILQHPHQWVWKDWDUHSDUWRIFLYLOL]DWLRQLQWKHORRVHDWPRVSKHUHRI%RKHPLDQLVP1HDUO\DOORXUERRNV
ZHUHVROGDQG'DYLGZDVDOUHDG\VHOOLQJKLVSULYDWHFROOHFWLRQ ZKLOHWKHSHRSOHZKRYLVLWHGXVZHUHRID
PXFKORZHURUGHURILQWHOOLJHQFHDQGFXOWXUHDQGILOOHGWKHSODFHVRIWKHILQHUPHPEHUVZKRKDG
ZHDULHGRIRXUVRFLHW\DQGRI6JLYLQJXVWKHUHIRUHDFOHDUILHOGIRURXUPHQWDOVRZLQJDQGUHDSLQJ
$QGIRUDOOWKHVHUHDVRQVLQFOXGLQJWKHRQHWKDWVKHGLGQRWGHVLUHWRIORDWZLWKDGULIWLQJYHVVHO(VWHOOD
UHMHFWHGP\FRPSDQLRQVKLS
:KHQ(VWHOOD ZLVHO\GHFOLQHGP\ZRUVKLSLQDQXQH[SHFWHGOHWWHU,IHOWWKDWP\PDUW\UGRPKDG
FRPPHQFHGWKURXJKEHORQJLQJWRWKHVFKRRORI66DFULILFHVKDGWREHPDGHDQGWKRXJKPHODQFKRO\
SHUVLVWHGLQKDXQWLQJPHZDLOLQJDQGEHFNRQLQJPHWRMRLQWKHKRVWVRIFDVWDZD\ORYHUVZKRLQKDSS\
PLVHU\FRPSODLQRIWKHLUORVVEHIRUHKHUVKULQHWKHSDLQZDVVOLJKWO\GXOOHGWKURXJKP\EHOLHIWKDW,KDG
WDNHQWKHILUVWVWHSDORQJWKH3DWK/RRNLQJEDFNQRZ,FDQVHHWKDWP\YDQLW\IHOWWKHSDLQPXFKPRUH
WKDQP\KHDUWDQDVSHFWWKDWKDSSHQVRIWHQ$QGDIWHUDOOZK\VKRXOGZHVD\WRWKHRQHZHORYH <RX
EHORQJWRPH",WLVRQO\DGHVLUHRIWKHIOHVKDGHVLUHWRJDLQSRZHURYHUDSHUVRQ
VERG\DQGVRXO
$QGQRSHUVRQKDVWKDWULJKWRQO\*RG/RYH,EHOLHYHLVZKHQDFRXSOHKDUPRQL]HXSRQDOOSODQHVWKH
SK\VLFDOPHQWDOHPRWLRQDODQGVSLULWXDODQGWKDWPD\EHWKHUHDVRQZK\VRIHZPDUULDJHVDUH
VXFFHVVIXOIRUYHU\IHZSHRSOHFDQKDUPRQL]HDQGORYHVHOIOHVVO\$QGIURPIXUWKHUXQGHUVWDQGLQJ,
QRZSHUFHLYHWKDW,ORYHGWKHPHORG\RIORYHEXWQRWWKHSOD\HU
+RZPXFKPRUHGLVPDODQGJORRP\WKHEDVHPHQWQRZDSSHDUHG7KHVWHDG\GULSSLQJRIWKH
ZDWHUWDSVRXQGHGDVWKRXJKLWZHUHZHHSLQJLQV\PSDWK\ZKLOVWSDVVHUVE\ZDONHGZLWKPXIIOHGWUHDG
7KHIXUWLYHVKDGRZVRQWKHZDOOQRGGHGWKHLUKHDGVDVWKRXJKLQVRUURZDQGWKHVKDEE\IXUQLWXUH
ORRNHGVKDEELHUVWLOODQGFUHDNHGPRXUQIXOO\DQGRK,KRZKDUGDQGKHDY\DQGGLVRUGHUO\DOOWKLQJV
ZHUH WKHKRXVHVZHUHEXLOWWKHZURQJZD\WKHEOXHRIWKHVN\ZDVWRREOXHWKHWZLOLJKWZDVQRWGDUN
HQRXJKZKLOHWKHQLJKWZDVQRWEODFNHQRXJK
,QWKHPRUQLQJFKLUUXSLQJELUGVVRXQGHGIDUIDUDZD\OLNHDGLVWDQWSODLQWLYHPHPRU\ZDNHQLQJ
PHWRWKHXQEHDUDEOHDQGZHLJKW\EXUGHQRIDQRWKHUGD\ ZKHUHEHIRUH,VKRXWHG,QRZZKLVSHUHGDQG
WURGWLSWRH
7KHRQO\WKLQJVDLG'DYLGNQRZLQJO\LVWRJHWGUXQNDQGVRIRUJHWKHU7RGD\ZHVKDOOEX\VRPH
ELVFXLWVDQGFDNHDQGDERWWOHRIZLQH,KDYHDIHZVKLOOLQJVDQG5LWDZLOODOVRFRQWULEXWH&RPH
VKRSSLQJZLWKXV6R,ZDONHGEHKLQGWKHPDERZHGDQGEURRGLQJILJXUHUHIXVLQJWREHFRPIRUWHGDQG
VZDOORZLQJKDUG+DYLQJPDGHDOOWKHSXUFKDVHVZHUHWXUQHGWRWKHGXQJHRQWKDWKDGHYLGHQWO\JURZQ
GDUNHUVWLOOLQRXUDEVHQFHDQGODLGWKHWDEOHIRUWKHXQDFFXVWRPHGIHVWLYDO
'DYLGSRXUHGRXWVRPHZLQHDQGRIIHUHGLWWRPH
%XWZK\JHWGUXQN,PRDQHG6KH
VJRQHDQG,ORRNHGJORRPLO\XSRQ'DYLGZKRMR\IXOO\GUDQN
WKHZLQH
,VLWJRRGZLQH",DVNHGUHSURDFKIXOO\EHFDXVH,OLNHGZLQH
³<HVLWLVH[FHOOHQWZLQHWKH\VDLGVPDFNLQJWKHLUOLSVDQGDJDLQRIIHULQJDYHU\VPDOODPRXQW
ZKLFK,FHUWDLQO\UHIXVHG,HQMR\HGP\VXIIHULQJIDUPRUHWKDQDOOWKHZLQHLQWKHZRUOG
/HW
VJRIRUDZDONWKH\VXJJHVWHGDQGWKRXJKWOHVVO\DGGHG,W
VDQLFHHYHQLQJ
,DQVZHUHGWHDUIXOO\,GRQ
WZDQWWRJRIRUDZDONDQGLWLVQ
WDQLFHHYHQLQJ
+DYHVRPHIUXLW'DYLGVXJJHVWHGDQGKHRIIHUHGPHDQDSSOHZKLFK,DFFHSWHGEXWIRXQGTXLWH
WDVWHOHVV,FDQ
WHDWLW,VLJKHGDQGORRNHGVDGO\DWWKHJDSLQWKHDSSOH
'DYLGWKHQVXJJHVWHGZHVKRXOGJRWRWKHFRXQWU\IRUWKHZHHNHQGDVWKH:KLWVXQKROLGD\VKDG
FRPPHQFHG0HHNO\DQGGROHIXOO\,DVVHQWHGDQGZHDJUHHGWROHDYH/RQGRQDQGFDPSRXWZLWKWZR
VPDOOWHQWVZKLFKZHIRUWXQDWHO\SRVVHVVHGKDYLQJXVHGWKHPLQWKHSUHYLRXV\HDU
VKROLGD\ZKHQZH
HQGHDYRUHGWROLYHWKHVLPSOHOLIHVRPHZKHUHLQ'HYRQVKLUH6RVWDUWLQJHDUO\WKHQH[WPRUQLQJ'DYLG
DQG,GHSDUWHGDQGXOWLPDWHO\DUULYHGDERXWWZHQW\PLOHVEH\RQG/RQGRQZKHUHZHSLWFKHGRXUWHQWV
6WLOOVWXQQHGZLWK(VWHOOD
VUHMHFWLRQ,ZDONHGDVWKRXJKLQDVWDWHRIK\SQRVLV
7KHILUVWGD\ZDQHGLQWRDPHOORZPRRQOLWDQGPHGLWDWLYHHYHQLQJWKHNLQGRIHYHQLQJZKHQWKH
PXVLFLDQRIWLPHFRPSRVHVKXVKHGDQGZLVWIXOWKHPHVIRUWKHVRXOVRIORYHUVHOXVLYHDQGJHQWOHPRRGV
WKDWGULIWLQVLOHQWZDYHVLQWRWKHIORZHULQJKHDUWVRIGURZV\DQGORYHTXLFNHQHGOLVWHQHUV:HZHUH
FDPSLQJXSRQDSXEOLFFRPPRQEHVLGHDVPDOOODNHUXVKIULQJHGDQGVKLQLQJVLOYHUO\:KLOHWKHYRLFHV
RIGLVWDQWPXUPXULQJORYHUVGURZVLO\ULSSOHGDQGDSSURDFKHGP\HDUVOLNHWKHODVWHFKRHVRID
VZDQVRQJEXWDVHDFKUK\WKPRIWKHDLUFDUHVVHGPHWKH\ZLWKHUHG7KHUHZDVWRRPXFKTXLHWMR\LQWKH
QRWHVDQG,ZDQWHGWRKHDUDVRUURZIXODQGJULPWXQHIRU,IHOWVXUHWKHFRPSRVHURIWKDWHYHQLQJSOD\HG
KLVGHOLFLRXVWKHPHIURPDEUXWDODQGPDOLFLRXVGHVLUHWRKXUWPH'DYLGKDGORQJDJRYDQLVKHGLQWRKLV
WHQWEXW,JD]HGDWWKHXQFORXGHGIDWJULQQLQJDQGVHOIVDWLVILHGPRRQZRQGHULQJZK\VRPHGDUNDQG
VWRUP\FORXGVGLGQRWHUDVHKHUVPLOLQJIDFHIURPWKHKHDYHQV DQGOLVWHQLQJWRWKHHGGLHVRIODQJXLGDQG
VOHHS\VRXQGLQORQJIDFHGPLVHU\XQWLOEULPPLQJDQGRYHUIORZLQJZLWKGHSUHVVLRQ,HQWHUHGP\WHQW
DQGKXQWHG(VWHOOD LQP\GUHDPV
$IWHUWKUHHZRHEHJRQHGD\VZHUHWXUQHGKRPHZDUGVWREHPHWRQRSHQLQJWKHGRRUE\DQHDJHUDQG
KRPHVLFNGRJWKDW3DXOKDGERUURZHGIURPVRPHZKHUHDQGOHIWLQFKDUJHGXULQJRXUVKRUWDEVHQFHDQG
ZKRGLGQRWHYHQWURXEOHWRZHOFRPHXVEXWIOHZRXWRIWKHGRRUDVUDSLGO\DVSRVVLEOH,GLGQRWEODPH
WKHGRJSUREDEO\LWZDVDZHOOEURXJKWXSGRJIRURQHQWHULQJWKHURRPZHGLVFRYHUHGDEDGO\OLWWHUHG
DQGXQWLG\IORRUDQGZKLOHSRQGHULQJRYHUWKHVWUDQJHPHVVZHUHJUHHWHGE\3DXOZKRZDVEXEEOLQJ
RYHUZLWKWKHLPSRUWDQWQHZVWKDWKHKDGPHWDQHQWLUHO\QHZJURXSRIXQFRQYHQWLRQDOSHRSOH7KDWRI
FRXUVHVROYHGWKHPHDQLQJRIWKHOLWWHUHGIORRU$IWHUZDUGVZHGLVFRYHUHGWKDWWKHVHQHZIULHQGVZHUH
ZRUVHWKDQDOOWKHSUHFHGLQJRQHV
%XWQRZ,GHWHUPLQHGWROHDYHWKHEDVHPHQW LWVJORRP\DQGGHSUHVVLQJDWPRVSKHUHWKHTXDUUHOVWKH
VHPLVWDUYDWLRQDQGWKHGDPSQHVV$ZHHNODWHU,UHWXUQHGWKHEURNHQFRXFKWKHWZRZHDU\ORRNLQJ
FKDLUVDQGWKHFOXPVLO\PDGHERRNFDVHWRWKHRZQHUVDQGGHSDUWHG
%XW,KDGQRW\HWHQGHGZLWKWKHEDVHPHQW'DYLGDQG3DXOVWLOOOLYHGWKHUHWKRXJK'DYLGZDV
SUHSDULQJWROHDYHDQGPDUU\5LWD3DXOZDVSHUPLWWHGWRUHPDLQWKURXJKWKHNLQGQHVVRIRXUIULHQGWKH
WHQDQWRIWKHXSSHUIORRUVDQGEHFRPHWKHFDUHWDNHURIWKHZKROHKRXVH7KLVVXLWHGKLPDGPLUDEO\DVLW
JDYHKLPRSSRUWXQLWLHVWRKHOSDQGJLYHIUHHORGJLQJVWRDOOWKHWUDPSVKHPHWLQKLVQLJKWO\
LQYHVWLJDWLRQVRI%RKHPLD)RU3DXOGHOLJKWHGLQKHOSLQJWKHGRZQWURGGHQ XQIRUWXQDWHO\KHPDGHQR
DWWHPSWWRGLVFRYHUZKHWKHUWKH\ZHUHGHVHUYLQJRIKLVKHOSRU
QRW+RZPDQ\VOHSWLQWKHEDVHPHQW
GXULQJKLVUHLJQZHGRQRWNQRZEXWZHPHWTXLWHDQXPEHU IRUWKHUHZDVURRPIRUTXLWHWZHQW\
ZLWKRXWGLVWXUELQJWKHUHQWSD\LQJRFFXSDQWV8QIRUWXQDWHO\3DXO
VUHLJQTXLFNO\FDPHWRDQHQGWKURXJK
EHIULHQGLQJWZRWUDPSVRQHRIZKRPDWWDFNHG3DXO
VHPSOR\HUZKRKDGWKHWHPHULW\WRLQVLVWWKDW3DXO
GRDFHUWDLQWDVN7KLVZDVWRRPXFKWRWKHLQGLJQDWLRQRI3DXO
VFRPSDQLRQZKRFRQVLGHUHGWKDWKLV
EHQHIDFWRUZDVDERYHPHQLDOODERUDQGZKRVWDWHGVRLQIRUFHIXOODQJXDJH7KHUHVXOWZDVWKDW3DXO
WRJHWKHUZLWKKLVFRPSDQLRQVZDVLPPHGLDWHO\HMHFWHG
$ERXWWKHVDPHSHULRG6ZKRZDVORRNLQJIRUDPHHWLQJSODFHZKHUHLQKHFRXOGGHOLYHUOHFWXUHVWR
KLVGLVFLSOHVDQGGXSHVUHQWHGWKURXJKRXUUHFRPPHQGDWLRQDURRPRYHUKHDG+RZSURXGZHIHOW$
UHDOJHQXLQH0DVWHUZDVZRUNLQJLQWKHVDPHEXLOGLQJLQZKLFKZHRQFHGZHOWDQGIXUWKHUVWLOOPRUH
ZRQGHUIXOQHZVZLWKWZRRWKHUGLVFLSOHVRIKLVZKRKDGEHFRPH0DVWHUVXQGHUKLVWXLWLRQ:HORRNHG
ZLWKDZHXSRQWKHVHWZRPHQDQGDSSURDFKHGWKHPZLWKGXHUHYHUHQFHDQGKXPLOLW\ SOHDVHGWREH
QRWLFHGE\WKHP SOHDVHGWREUHDWKHWKHVDPHDLUVHQWRXWE\UR\DOOXQJV DQGSOHDVHGWRVLWEHVLGHWKHP
DQGOLVWHQWRWKHLUNLQJO\ZLVGRP/DWHURQDYHU\FUXHOWULFNZDVSOD\HGXSRQRQHRIWKHVHVRFDOOHG
0DVWHUVJLYLQJXVDQLQVLJKWLQWRWKHFKDUDFWHURI6DQGDOVRWKHGDQJHURIFDUU\LQJIDLWKWRDEVXUG
H[WUHPHV7KLV0DVWHUZDVHDUQLQJDIWHUZRUNLQJYHU\KDUGDWROHUDEOHOLYLQJ+HZDVROGDQG
JUH\KDLUHGSOHDVDQWDQGJHQWOHDQGDVDSHUVRQDOLW\ZHOLNHGKLP6WROGKLPWROHDYHKLVRFFXSDWLRQ
WKDWKHKDGGHYHORSHGZLWKVXFKODERUDQGWDNHXSDQRFFXSDWLRQZKHUHLQHYHQWUDLQHGPHQKDGIRXQGLW
GLIILFXOWWRHDUQDOLYHOLKRRG:K\6ELGKLPGRWKLVZHGRQRWNQRZDQGZKHQZHZHUHWROGWKHQHZV
ZHUHJUHDWO\VXUSULVHGDQGDOLWWOHVKRFNHGDWKLVFRPPDQG3UREDEO\LWSOHDVHG6
VYDQLW\WRNQRZWKDW
PHQKDGVXFKIDLWKLQKLP
1HYHUWKHOHVVZHVWLOOFOXQJWRKLVWHDFKLQJVSDVVLRQDWHO\DQGKRSHIXOO\:KHWKHUKHSRVVHVVHGD
FHUWDLQSRZHURUZKHWKHULWZDVEXWLPDJLQDWLRQVWLIISX]]OHVXVEXWHYHU\WLPHZHOLVWHQHGWRKLV
OHFWXUHVRXUH\HVIHOWGD]HGDQGVOHHS\DVWKRXJKDQDFWXDOIRUFHHPDQDWHGIURPKLPDQGK\SQRWL]HGXV
$QGODWHURQWKLVGLVFRYHU\UHVXOWHGLQRXUDEDQGRQLQJKLVFRQWURORYHUXV
$FHUWDLQIULHQGRIRXUVZKRPZHSHUVXDGHGWRMRLQEURXJKWKLVZLIHZLWKKLP$IHZGD\VODWHUVKH
ZDVIRXQGZDONLQJDERXWLQDGD]H+HUKXVEDQGVHQGLQJIRUDGRFWRUZDVWROGDIWHUWKHH[DPLQDWLRQ
WKDWLWVHHPHGWREHDFDVHRIK\SQRVLV$IWHUZDUGVLWWUDQVSLUHGWKDW6KDGEHHQLQWHUHVWHGLQWKLV
ZRPDQDQGKDGHYLGHQWO\DWWHPSWHGWRK\SQRWL]HKHUIRUWKDWLVZKDWVKHVWDWHG2XUIULHQGZKRKDG
QRWDSSHDUHGIRUDIHZZHHNVYLVLWHGXVDQGWROGXVWKHUHDVRQIRUKLVDEVHQFHQDPHO\WKHVWDUWOLQJ
LQFLGHQWDERXWKLVZLIHDQGVXJJHVWHGWKDW6ZDVDIUDXGDQGDQHYLOLQIOXHQFH,DPRQO\PHQWLRQLQJ
WKHILUVWGLVFRYHU\ZHPDGH$IWHUZDUGVPDQ\RWKHUWKLQJVZHUHWROGDERXWKLPE\WKRVHZKRKDGEHHQ
XQIRUWXQDWHHQRXJKWRFRPHZLWKLQKLVSRZHU
7KHHYHQLQJDIWHUWKLVGHQRXHPHQW6FDPHWRGHOLYHUKLVZHHNO\OHFWXUHDQGWKDWHYHQLQJ,
GHWHUPLQHGWRILJKWWKLVVOHHS\LQIOXHQFHDQGVHHKRZ6UHDFWHGWRLW,DOVRWROGKLVFKLHIGLVFLSOHWKLV
QHZVEXWKHUHSOLHGWKDWKHGLVEHOLHYHGLW,UHWRUWHGWKDWLIZHZHUHZURQJLQGLVEHOLHYLQJLQWKH
JHQXLQHQHVVRI6ZHKDGDWOHDVWVLQFHUHPRWLYHVDQGWKDW,GLGQRWEHOLHYHWKDWDVLQFHUHVHHNHUKDG
DQ\WKLQJWRIHDU$WWKHVDPHWLPH6KDGGHYHORSHGVXFKDSRZHURYHUXVWKDWZHDFWXDOO\IHDUHGWKH
FRQVHTXHQFHRIDUHYROWRQRXUSDUWDJDLQVWKLP IRUZHKDGEHHQWROGWKDWRQO\WKHHOHFWZRXOGEHVDYHG
DQGDOOWKHUHVWRIWKHKXPDQUDFHZRXOGSHULVKLQWRUPHQW$QROGFRQFHSWLRQWKDW,EHOLHYHPDQ\
UHOLJLRQVLQWKHSDVWKDYHKDG%XWWKHVHWHDFKLQJVZHUHQHZWRXVLQUHODWLRQWRRXUROG7KHRVRSKLFDO
VWXGLHV$QG,KDGRIWHQZRUULHGRYHUWKHIDFWWKDWWKHWHDFKLQJVRI6ZHUHRQO\SULQWHGLQ(QJOLVK
:KDWZRXOGEHFRPHRIWKHQRQ(QJOLVKUDFHV":HUHWKH\WRSHULVKEHFDXVHWKH\GLGQRWNQRZWKH
(QJOLVKODQJXDJH"
,WZDVLQJUHDWIHDUWKDWZHGHWHUPLQHGWRIDFHKLPDQGZKHQKHEHJDQWRVSHDN,JD]HGVWHDGLO\DQG
FRQWLQXDOO\DWKLP:DWFKLQJKLPNHHQO\,IHOWWKDWKHVHQVHGRXUDQJHUDQG,WKRXJKWLIKHZDVQRWWKH
K\SRFULWHZHEHOLHYHGKLPWREHKHZRXOGEHDEOHWRVPRRWKDQGH[SODLQPDWWHUVZKHUHH[SODQDWLRQ
ZDVQHFHVVDU\%XWZHFRXOGVHHWKDWKHZDVXQHDV\IRUKLVOHFWXUHUDSLGO\EHFDPHIDUFLFDO+HFRXOG
QRWIDFHXVDQGVWDPPHUHGDQGFOXWFKHGDWKLVZRUGVDVWKRXJKPHQWDOO\GURZQLQJ9HU\VRRQKH
VWRSSHGWKHOHFWXUHDQGGLVPLVVHGWKHPHHWLQJDQGWKDWZDVWKHFRQFOXVLRQRIKLV0DVWHUVKLS+HOHIW
/RQGRQLPPHGLDWHO\ZLWKRXWDQ\H[SODQDWLRQDQGZHVHQWKLPDOHWWHUVXJJHVWLQJWKDWKHVKRXOGVWD\
DZD\SHUPDQHQWO\7KLVKHDFNQRZOHGJHGDQGDVIXUWKHUSURRIRIRXUGLVFRYHU\RIKLPDJUHHGWR
UHPDLQDZD\
/LNHVOHHSZDONHUVVXGGHQO\DZDNHQHGDQGFRQVLGHUDEO\KXPEOHGZHJD]HGVKHHSLVKO\DWRQH
DQRWKHUZRQGHULQJZKDWRXUIULHQGVZRXOGVD\-RNHVDQGMHHUVZHUHFHUWDLQO\FDVWDWXV:HZKRKDG
GHVLUHGWRJDLQVSLULWXDONQRZOHGJHLQDTXLFNDQGHDV\PDQQHUKDGEHHQZKLSSHGIRURXUSDLQV ZHKDG
WDNHQRQWKHFKDUDFWHURIRXUWHDFKHUDQGKDGGHJHQHUDWHG ZHKDGEHHQGRJPDWLFDQGKDGQHJOHFWHGWKH
LPSRUWDQWDVSHFWVRIPDWHULDOOLIH FRQVLGHULQJRXUVHOYHVWKHHOHFWIRUWKDWZDVWKHWHUP6KDGXVHGZH
KDGLPDJLQHGWKHWH[WXUHRIRXUVRXOVILQHUDQGRXUFOD\PRUHKRO\WKDQWKHFRPPRQFOD\RIPRUWDOVEXW
ZKHQZHJD]HGPRUHGHHSO\LQWRWKHPLUURUVRIRXUPLQGVZHZHUHVKRFNHGWRILQGKRZVZLIWO\ZHKDG
GHVFHQGHG WKHUHIOHFWLRQFHUWDLQO\GLGQRWIODWWHUXV1HYHUWKHOHVVZHIHOWWKDWZHKDGJDLQHGDQ
LQYDOXDEOHH[SHULHQFHDQGWKDWZHDWOHDVWKDGHVFDSHGEHIRUHLWZDVWRRODWH QRWUHPDLQLQJLQWKH
VRFLHW\RI6DVVRPDQ\RWKHUVGLGZKRZLWKDNQRZOHGJHRIKLVFKDUDFWHUVWLOOFOXQJWRKLPDQG
REH\HGKLPLQDOOWKLQJV$OVRZHVWLOOKDGDIULHQGLQ0ZKRKDGEHHQTXLHWO\ZDLWLQJOLVWHQLQJ
SDWLHQWO\WRRXUOLWWOHGRJPDWLVPVZDWFKLQJRXUFKLOGLVKDQGVXSHULRUDLURIZLVGRPDQGNHHSLQJVLOHQW
6RDZHHNODWHU,ZURWHWR0WHOOLQJKLPDOOIRU,IHOWWKDWDIWHUWKHIDOORIWKHFXUWDLQRYHURXUVPDOO
VSLULWXDOWUDJHG\,KDGORVWDOOWKLQJV ORYHKDGJRQHIDLWKKDGJRQHKRSHKDGJRQH0\PHQWDO
SLOJULPDJHKDGOHGPHWRDSUHFLSLFHRYHUZKLFK,KDGQHDUO\IDOOHQ7KHVWDU,KDGIROORZHGKDGQRW
EXUJHRQHGLQWRDJUHDWIODPHEXWKDGGZLQGOHGLQWRDPRWHRIOLJKWEDUHO\SHUFHSWLEOHDQGLWZDVRQO\
WKURXJKWKHDLGRI0WKDW,EHOLHYHG,FRXOGDZDNHQDQHZFRXUDJHDQGHQWKXVLDVP$QGLQUHVSRQVHWR
P\OHWWHU0DVNHGPHWRYLVLWKLPDQGZKHQGRLQJVR,DVNHGKLPLQWKHVDPHPDQQHUDVVRPDQ\
RWKHUSXSLOVKDGDVNHGWKHLUWHDFKHUVWKURXJKRXWWKHDJHVIRUNQRZOHGJHDQGXQGHUVWDQGLQJRIVSLULWXDO
WKLQJV
7KDWHYHQLQJKHJDYHPHWKHILUVWOHVVRQLQWKH'LYLQH6FLHQFHDQGIURPWKDWSHULRGKDVKHOSHGPH
WRXQGHUVWDQGDIUDJPHQWRIKLVYDVWNQRZOHGJH7KRXJKJUHDWDVLWLVKHVD\VLWLVEXWOLWWOHDQGWKDWKH
LVRID%URWKHUKRRGZKRVHNQRZOHGJHLVLPPHQVHDQGZKRDUHWKHWUXHJRYHUQLQJFRXQFLORIWKLV
VSKHUH
7+($50<2)'5($06
:LWKEDQQHUVRIIODPHWKHVLQJLQJKRVWVJRPDUFKLQJIRUWKIURPWKHVKDGRZ\FLWLHVIURP
QLJKWHQYHORSHGIRUHVWVDQGIURPWKHYLOODJHVRIWKHYDOOH\V<HWVRXQGOHVVO\WKH\WUHDGIRUWKH\DUHWKH
QREOHGUHDPVRIWKHVOXPEHUHUVFKDQWLQJWKHK\PQRIWKHVSLULW3LQLRQVRIJROGHQUREHWKHPVKRWZLWK
VOHQGHUYHLQVRIVSDUNOLQJFRORUZKLOHDERYHHDFKEURZJORZVDVOLPOLO\RIILUHDQGFUHVWLQJHDFK
IODJVWDIILVDGRYH)URPWKHHWHUQDOPRXQWDLQVDVRQJKDVIORZHGIRUWKEHDWLQJLWVUK\WKPLFWRQHV
DJDLQVWWKHVHDOHGJDWHVRIKXPDQLW\
VKHDUW)RUDJHVKDGLWWKUREEHGDQGFKDUJHGLWVPLJKW\FKRUGV
DJDLQVWWKHVHXQRSHQHGGRRUVDQGQRZWKHJDWHVDUHVKDWWHUHGEULQJLQJUHOHDVHWRWKHLPPRUWDOGUHDPV
3$57,,
35()$&(
+(5(LQWKHVHFRQGSDUWRIWKLVZRUN,VKDOOUHODWHWKHYDULRXVH[SHULHQFHVPDQ\RIZKLFK,NQRZ
ZLOOVRXQGLPSRVVLEOHDQGIDQWDVWLFWRWKHKLJKHVWGHJUHHWKURXJKZKLFK,SDVVHGZKLOHXQGHUWKHWXLWLRQ
RIP\WHDFKHU WKRXJKPXFKLVQRWVDLGIRUWKHUHDUHPDQ\VHFUHWVWKDWPD\QRWEHZULWWHQGRZQDQGLI
ZULWWHQZRXOGVRXQGPXFKPRUHIDQWDVWLFWKDQHYHQWKHVWUDQJHLQFLGHQWV,VKDOOHQGHDYRUWRGHVFULEH
7KHIDQWDVWLFLPSUREDELOLWLHVRIWRGD\EHFRPHWKHREYLRXVDQGFRPPRQSODFHVRIWRPRUURZ7RGD\
PDQ\LQYHVWLJDWRUVDUHVWULYLQJWRVROYHVRPHRIWKHVWUDQJHVHFUHWVDQGSRZHUVMHDORXVO\JXDUGHGE\WKH
PLQG:KDWGRHVWKHPLQGKROG":KDWGRHVWKHPLQGKLGH"7KHFUXGHDQVZHUVRI\HVWHUGD\ZLOOQRW
VXIILFH WKHUHWRUWDQGWKHWHVWWXEHDUHQRWVXIILFLHQWO\GHOLFDWHQRUVXEWOHHQRXJKWRVROYHWKHVH
P\VWHULHV
7KHLQYHVWLJDWRUVLQWKHVFLHQFHRIK\SQRWLVPKDYHHYRNHGVWUDQJHVWDWHVRIFRQVFLRXVQHVVWKDWSURYH
FRQFOXVLYHO\WKHH[LVWHQFHRISRZHUVWKDWFRQWUDGLFWWKHPHFKDQLVWLFWKHRULHVRIWKH8QLYHUVH
7KH3V\FKLFDO5HVHDUFK6RFLHW\KDVKDGIRUPDQ\\HDUVGHPRQVWUDWLRQVRIDVXSHUQRUPDOQDWXUH
$QGZLWKWKHNQRZOHGJHWKDWZHDUHDOOVHHNLQJDFHUWDLQLOOXPLQDWLRQUHJDUGLQJWKHP\VWHULHVRIWKH
PLQG0KDVVXJJHVWHGWRPHWKDWKHGHVLUHGWRFRQWULEXWHDQRWKHUDVSHFWLQUHODWLRQWRWKHPLQG DQ
RFFXOWDVSHFWWKDWVRIDUDVKHNQRZVKDVQRWEHHQJLYHQWRWKHZRUOGEHIRUH+HKDVVXJJHVWHGWKDW,
UHODWHWKRVHPHQWDOH[SHULHQFHVWKURXJKZKLFKKHWRRNPHLQP\VHDUFKIRURFFXOWNQRZOHGJH$QGLWLV
ZLWKWKDWHQGLQYLHZWKDW,GHVFULEHVRPHRIWKRVHDGYHQWXUHVZKHQMRXUQH\LQJLQWRWKHUHDOPVRIWKH
PLQG
:+(1($57+$:$.(16
%(&$86((DUWKKDVMRXUQH\HGWKURXJKWKHORQJGDUNURDGVRI7LPHDQGLQKHUSLOJULPDJHKDV
EHHQSOXQGHUHGE\WKHKLJKZD\PHQRIJUHHGZKRKDYHUREEHGKHURIKHUEHDXW\DQGUREHGKHULQWKH
UDJJHGJDUPHQWVRIWKHLUGHYLVLQJWKH\VKRXOGQRWWKLQNWKDW(DUWKKDVIRUJRWWHQRUWKDWKHUSURWHFWRUV
*RGDQGWKHJRGVDUHDVOHHS7KHH\HVRI(DUWKKDYHZDWFKHGDQGWKHVRXORI(DUWKKDVZDLWHG)LOOHG
ZLWKDQLQZDUGSRZHUWHUULEOHLQLWVVWUHQJWKVKHKDVVRPHWLPHVIHGKHUDQJHURQWKHGHEDXFKHULHVRI
PHQGHVWUR\LQJWKHPXWWHUO\LQDIHZPRPHQWV%XWLQWKLVDJHZKHQORYHDQGIDLWKDUHDVKHVZKHQWKH
HLGRORQRI&OHYHUQHVVLVVHDWHGLQWKHFKDLURI:LVGRPEHOLHILQ*RGDQGLQWKHVRXORI(DUWKDUHORRNHG
XSRQDVWKHLOOXVLRQVRIWKHLJQRUDQW7KHVOLPZKRUOVRIPXVLFIOXWWHULQJIURPWKHSLSHVRI3DQKDYH
RQO\EHHQKHDUGE\WKHPRRQHQJODPRUHGSRHWDQGE\WKHORYHVLFN PDLG$QGEHFDXVHPDQKDVORVWWKLV
LQKHULWDQFHRILQWXLWLRQDQGWKHJLIWRILPDJLQDWLRQKHOLYHVDFFRUGLQJWRWKHODZVRIKLVSDVVLRQVDQG
GHVLUHVKLGLQJEHQHDWKWKHSDOORIQHJDWLRQWKRVHPRUHVHQVLWLYHDQGILQHUSRZHUVWKDWRQFHUHLJQHG
VXSUHPHZLWKLQKLP1RZKHOLVWHQVWRWKHRUDWLRQVRIKLVEULJDQGSDVVLRQVZKRVWULYHWRKDYHKLP
ZUHFNWKDWZKLFKWKH\KDWHDQGWKDWEHDXW\ZKLFKZRXOGKDUPWKHPPRVW
%XWWKHGDUNODQHVXSRQZKLFK(DUWKKDVPRYHG
VRORQJKDYHDQHQGDQGEH\RQGDZDLWWKHSDWLHQWJRGVHDFKZLWKDJLIWIRUWKHWLUHGSLOJULP7KHLU
DFFRODGHVVKDOOEULQJWRKHUDJDLQWKDWSULVWLQHUDSWXUH2QHVKDOOVLQJWRWKHFKRLURIWKHHOHPHQWVDQHZ
V\PSKRQ\ RQHZLWKDHZHURIJROGVKDOOODYHKHULQDQHZVZHHWQHVV DQRWKHUVKDOOZDNHZLWKLQKHUWKH
VOHHSLQJSRZHUVRIPDJLFDQGZLVGRP DQGDQRWKHUVKDOOOHDGKHUWRWKHLUDQFLHQWWHPSOHVZKHUHLQPDQ
DJDLQPD\EHFRPHWKHLUSULHVWDQGVHUYDQW
&+$37(5,
9,6,216$1'0$*,&
%HIRUH,UHODWHP\RFFXOWH[SHULHQFHV,WKLQNDFKDSWHUGHDOLQJZLWKWKHYDULRXVYLVLRQV,KDYHVHHQ
ZLOOEHRILQWHUHVWLQUHODWLRQWRWKRVHWKLQJVVHHQODWHURQZLWKWKHDLGRI0
:KHWKHUWKHYLVLRQVRIWKHLPDJLQDWLRQDUHDVVXEVWDQWLDOXSRQWKHLURZQSODQHVRIPDQLIHVWDWLRQDV
WKHWKLQJVVHHQE\WKHSK\VLFDOH\HZLWKLQWKLVZRUOG,OHDYHWRWKHMXGJPHQWRIWKHUHDGHU)XUWKHURQ,
HQGHDYRUWRH[SODLQWKHUHDVRQZK\,EHOLHYHWKH\DUHDVUHDODVWKHHOHPHQWVRIRXURZQSODQHWLQWKH
OLJKWRIWKDWQHZNQRZOHGJHWDXJKWWRPHE\0
$V,VDZWKHPWKH\KDGDVJUHDWDUHDOLW\DQGDPXFKJUHDWHUEHDXW\WKDQDQ\WKLQJWKLV(DUWKKDV
HYHUKDGZLWKLQWKHNQRZOHGJHRISUHVHQWGD\KXPDQLW\7KHVHJUDQGHXUVZHUHQRWVHHQLQVOHHSEXW
ZHUHVRPHWLPHVVHHQE\WKHDLGRIDQLQWHQVHFRQFHQWUDWLRQWKRXJKPRUHRIWHQXQH[SHFWHGO\DQGZLWKD
GHOLEHUDWHGHVLUHWRNQRZZKDWEHDXW\OD\KLGGHQEH\RQGWKHQDUURZUDQJHRIWKHSK\VLFDOH\H7KHVH
ZRQGHUVGDZQHGZLWKLQP\PLQGFOHDUFXWDQGVSRQWDQHRXVO\DQGSRVVHVVHGDQDWPRVSKHUHWKDWOLIWHG
PHXSDQGILOOHGPHZLWKDQDOPRVWXQEHDUDEOHHFVWDV\,NQRZRWKHUVWXGHQWVKDYHVHHQWKHVHKLGGHQ
DQGKRO\SODFHVDQGWKH\KDYHUHODWHGLQWKHLURZQZRUNVWKHIRUPVWKHVHJOLPPHULQJDQGFRUXVFDWLQJ
JHPVRIWKHJRGVWRRN $(
V&DQGOHRI9LVLRQSXEOLVKHGE\0DFPLOODQ &R
%XWWKH\ZKRKDYHVHHQVXFKZRQGHUVWKRXJKDGPLUHGIRUWKHLUSRZHUVRILPDJLQDWLRQE\WKRVH
SHRSOHZKRKDYHQHYHUDWWHPSWHGWRDZDNHQWKLVJLIWRIFOHDUHUVLJKWWKDWGZHOOVZLWKLQDOOKDYHEHHQ
IUHTXHQWO\ORRNHGXSRQDVXQEDODQFHGLQPLQG MXVWDVWKHSHUVRQERUQEOLQGFDQQRWFRQFHLYHWKH
H[LVWHQFHRIFRORUVRWKHVHPHQWDOO\EOLQGSHRSOHEHLQJLQWKHPDMRULW\TXHVWLRQWKHVDQLW\RIWKRVHIHZ
SHRSOHZKRKDYHGHYHORSHGWKHJLIWRIILQHUVLJKW
2IWHQWKURXJKWKHDLGRIFODLUYR\DQFHIULHQGVKDYHJLYHQPHGHWDLOHGGHVFULSWLRQVRISODFHVWKH\KDG
QHYHUYLVLWHGDQGZKLFK,DORQHNQHZ3RVVLEO\WKDWPDQQHURIVHHLQJLVWHOHSDWK\DIRUPRIZLUHOHVV
SLFWXUHZKLFK,WKLQNKDVEHHQPRUHRUOHVVSURYHG7KHQLVLWQRWSRVVLEOHWKDWWKHSODFHV,DPDERXWWR
GHVFULEHKDYHDOVRDUHDOH[LVWHQFH"7KHGLIIHUHQFHEHLQJWKDWWKH\DUHPDGHRIDUDUHUVXEVWDQFHDQG
EHORQJWRDGLIIHUHQWRUGHURIYLEUDWLRQ+HUH,DPQRWVSHDNLQJRIWKHPHQWDOSODQHIRU,GRQRWNQRZ
XSRQZKDWSODQHWKHVHEHLQJVDQGWHPSOHVJOHDP WKRXJKLWLVTXLWHSUREDEOHWKDWPDQ\RIWKHVHSODFHV
DUHRQWKHPHQWDOUHDOPV)RUWKH\SRVVHVVHGWKDWSXULW\DQGPDJQLILFHQFHWKDWRQO\DKLJKHUUHDOPFRXOG
FRQWDLQ
,QWKHVHYLVLRQVLWVKRXOGEHUHPHPEHUHG0ZDVQRWE\P\VLGHIRUVRPHRIWKHVHZHUHVHHQEHIRUH
,KDGPHWKLP)XUWKHUPRUHVHHLQJWKHVHSODFHVDQGJRLQJWRWKHPDUHWZRGLIIHUHQWWKLQJV0WRRNPH
WRFHUWDLQSODFHVPHQWLRQHGLQWKHFKDSWHUGHDOLQJZLWKWKHPLQG:KDW,VDZ,VDZDORQHVRPHWLPHV
ZKHQZDONLQJWKH/RQGRQVWUHHWVVRPHWLPHVVHDWHGRQEXVWRSVVRPHWLPHVZKHQZDONLQJLQWKH
FRXQWU\$QGWKHUHZDVRQHXQIRUJHWWDEOHGD\ZKHQ,VDZIRUPDQ\KRXUVDODQGHQWLWOHG7KH-R\RXV
/DQG EXWWKDWZDVPDQ\\HDUVDJRDQGWKHVKLQLQJSDQRUDPDLVGLPPHGE\WKHPLVWRIWKH\HDUV
WKRXJKWKHJORZRIWKDWGD\VWLOOOLQJHUVRQWKRXJKEHFRPLQJHYHUIDLQWHU
7KHPRVWEHDXWLIXOYLVLRQ,KDYHHYHU\HWVHHQZDVDWHPSOHRIILUH,WZDVDEXLOGLQJWKDWVHHPHG
HQGRZHGZLWKOLIHIRUPHGIURPDQLQWDQJLEOHVXEVWDQFHWKDWWKUREEHGDQGWUHPEOHGOLNHWKHSOXFNHG
VWULQJVRIDKDUSDQGWKHIRUFHWKDWJDYHLWEHLQJVHHPHGWROLYHZLWKLQWKHPDMHVWLFFROXPQVWKDWIODUHG
XSZDUGV7KHZLQGRZVZHUHULPPHGZLWKDPDVVRIJORZLQJILHU\IORZHUVZKRVHFRUHVDQGSHWDOVRI
JROGGURRSHGGRZQZDUGVFOXVWHUHGDURXQGZLWKVOLPWHQGULOVRIILQHO\VSXQIODPH$QGWKHVHQVHVRIP\
VSLULWODYHGLQWKHHFVWDV\WKDWVWUHDPHGIURPHYHU\SDUWRILWVJORU\ZKLOHPXVLFDQGSHUIXPHVHHPHG
EOHQGHGLQWRRQHDQG,DOVRIHOWDVWKRXJK,KDGPHOWHGLQWRLWVZDUPDQGVZHHWOLIH$VHUHQLW\QHYHU
IHOWVLQFHHQIROGHGPHDQGKHOGPHSRLVHGZLWKLQLWVSDUDGLVLDOORYHOLQHVV
2QO\UHJDODQGJRGOLNHPLQGVFRXOGKDYHPROGHGWKLVVSOHQGRU IRULWVHHPHGDVDQLPPRUWDODQG
EXUQLQJK\PQRIZRUVKLSFUHDWHGE\WKHPDVDVKULQHWR*RG,WZDVWKHFU\VWDOOLVDWLRQRIXQVFRUFKLQJ
IODPHVKDSHGLQWRDZHDOWKRIGHVLJQDQGLPDJHU\WKDWLQWR[LFDWHGWKHGUHDPHUDQGFURZQHGKLP
WHPSRUDULO\ZLWKDUR\DOW\RIXQVXUSDVVDEOHPDJQLILFHQFH&RXOGWKHLPDJLQDWLRQRISLJP\PDQKDYH
LQYHQWHGVXFKDULFKQHVVVXFKDGHWDLOHGVWUXFWXUHWKDW,VDZ",WZDVQRWDSLFWXUHSDLQWHGXSRQFDQYDV
EXWLWZDVRIWKUHHGLPHQVLRQVDQGLWZDVRQO\EHFDXVHWKHVWUDLQRIFRQFHQWUDWLRQZDVWRRJUHDWWKDW,
IDLOHGWRLPSUHVVXSRQP\PHPRU\PDQ\RILWVGHWDLOV2WKHUZLVH,PLJKWKDYHZULWWHQDFRPSOHWHZRUN
VROHO\DERXWWKHLQQXPHUDEOHGHVLJQVWKDWFRPSOHWHGWKLVWHPSOH
$QGWKLVYLVLRQURVHOLNHDWLWDQLFVXQEOD]LQJLQWRWKHVKDGRZ\ZRUOGRIP\PLQG,WZDVQRWOLNH
WKHEUHH]HRIDPRRGWKDWOLJKWO\ULSSOHVWKHZDWHUVRIWKRXJKWDQGLVJRQH)RULWEURXJKWWRPHD
UHDOL]DWLRQDMR\DQGFRORUHGVZHHWQHVVWKDWIOXQJPHXSZDUGWRWKHWRSPRVWSLQQDFOHRIDVSLUDWLRQ IRU
LWVHHPHGWRPHOWLWVJROGHQEHDXW\LQWRP\EHLQJDQGIRUDWLPHSXULI\PH
7KHVDPHQLJKWWKDW,VDZWKLVVSOHQGRU,FRQWDFWHGPDQ\RWKHUWHPSOHVEXWP\FOHDUHVWUHFROOHFWLRQ
ZDVRIDKDOO,QDPHG 7KH+DOORI3HDFRFNV+HUHWKHDUWLVWKDGXVHGIRUKLVWKHPHDVWXG\RIWKUHH
SHDFRFNVZKRVHWDLOVZHUHDUFKHGRYHUKHDGOLNHDGRPHWKHHQGIHDWKHUVPHHWLQJLQWKHFHQWHUDQG
PDNLQJDURRIRIJROGHQH\HVWKDWVKRQHDQGLOOXPLQDWHGWKHKDOO7KHELUGVZHUHVHDWHGXSRQWKUHH
SLOODUVWKDWZHUHFDUYHGWRUHVHPEOHWKHUDJJHGWUXQNVRIWUHHV ZKLOHIURPWKHEHDNRIHDFKELUGZDV
VXVSHQGHGDODPS7KLVKDOOZDVFOHDUO\VHHQDQGZKHQ,DVNHG0DERXWLWKHWROGPHWKDWWKHV\PEROLF
PHDQLQJRIWKHSHDFRFNE\WKH,QGLDQVZDVZLVGRP
$QRWKHUWLPHZKLOHVHDWHGLQDIULHQG
VKRXVHWKHUHFDPHDOPRVWDVUDSLGO\DVOLJKWQLQJDSLFWXUHRI
DWHPSOHGRPHVKDSHGDQGZLWKWZRJUHDWZLQJVRXWVWUHWFKHG,WLVDQLQWHUHVWLQJLQFLGHQWIRUDERXW
WZR\HDUVODWHULQP\PHQWDOIOLJKWVZLWK0,FDPHWRDSODFHWKDWZDVOLNHZLVHZLQJHG
$QRWKHULQVWDQFHRIWKHTXLFNQHVVRIYLVLRQRFFXUUHGRQHDIWHUQRRQZKLOHZDONLQJ,KDGRIWHQ
ZRQGHUHGDERXWWKHDQQLKLODWLRQRIVSDFHE\WKRXJKWDVPDQ\WLPHV,KDGEHHQVKRZQE\WKHDLGRI
FODLUYR\DQFHWKDWWKRXJKWFRXOGVSDQLPPHQVHGLVWDQFHVPXFKPRUHUDSLGO\WKDQDUD\RIOLJKW$QG
ZLWKWKLVLGHDLQPLQG,WKRXJKWLWZRXOGEHDQLQWHUHVWLQJH[SHULPHQWWRFRQFHQWUDWHXSRQDGLVWDQW
SODQHW1DWXUDOO\,ORRNHGXSRQVXFKDQDWWHPSWDVSXUHO\IDQWDVWLF EXWNQRZLQJWKDWWLPHDQGVSDFH
ZHUHEXWPHQWDOFRQFHSWV,WKHUHIRUHPDGHWKHH[SHULPHQW,FRQFHQWUDWHGXSRQWKHSODQHW0HUFXU\DQG
DOPRVWDVTXLFNO\DV,FRQFHQWUDWHGWKHYLVLRQRIDVWUDQJHEXLOGLQJIODVKHGEHIRUHPHFOHDUFXWDQG
VLPLODULQRXWOLQHWRD&KLQHVHSDJRGDEXWWKHOLQHVZHUHRIVLOYHUDQGDSSHDUHGWRFURVVRQHDQRWKHUOLNH
VZRUGVSODQWHGVODQWZLVH7KLVSLFWXUHRIWKHEXLOGLQJZDVQRWWKHILUVWRIFRXUVH:KHWKHULWZDVLQ
0HUFXU\FRXOGQRWEHSURYHGWKRXJKLWLVLQWHUHVWLQJWRQRWHWKDWWKHDUFKLWHFWXUHZDVDVIDUDV,NQHZ
RULJLQDO$QGLIWKHLPDJLQDWLRQFRXOGSURGXFHIRUPHLQDVHFRQG
VQRWLFHDFRPSOHWHSLFWXUHDQGQHZ
IRUPRIDUFKLWHFWXUHWKHQ,WKLQNLWPXVWEHDGPLWWHGWKDWWKHLPDJLQDWLRQVXUSDVVHVLQZRQGHUHYHQWKH
PLUDFOHRIWUDYHUVLQJVSDFHWRDQRWKHUZRUOG
$QRWKHULQWHUHVWLQJLQVWDQFHRI0HUFXU\ZDVZKHQ,DWWHPSWHGWRZULWHDERXWDQLPDJLQDU\YR\DJH
WRWKDWJOREH:KLOH,ZDVZULWLQJP\PLQGEHFDPHDOPRVWGD]HGZLWKDOXPLQRXVVLOYHU\OLJKWWKDW
IORZHGEHIRUHP\LQZDUGH\H,VHHPHGWRVHHWKHHOHPHQWVRIHDUWKDLUDQGZDWHUEOHQGLQJDQGZHDYLQJ
WKHLUHVVHQFHVLQWRIRUPDVWKRXJKRQHVDZWKHPDNLQJRIDZRUOGE\DPXOWLWXGHRIOLYLQJHOHPHQWV,W
LVH[WUHPHO\GLIILFXOWWRGHVFULEHDSURFHVVWKDWZRXOGQHHGWHUPVDQGSUREDEO\QHZVHQVHVWREH
XQGHUVWRRG
7KHVHH[SHULHQFHV,KDYHKDGDQGUHODWHDV,VDZWKRXJKZKHWKHUWKH\DUHH[SODLQDEOHWKURXJKWKH
QRUPDOSURFHVVHVRIWKRXJKW,FDQQRWWHOO,WLVVXIILFLHQWWRPHWKDW,KDYHKDGSRVLWLYHSURRIDVWRWKH
WUXWKRIWHOHSDWK\DQGRWKHUDV\HWXQNQRZQDVSHFWVRIWKHPLQGDQG,WKLQNSV\FKRORJLVWVZRXOGILQG
WKLVPHQWDOSKHQRPHQDH[WUHPHO\GLIILFXOWWRVROYH
,DOVREHOLHYHWHOHSDWK\LQGUHDPVWREHDQRWKHUIHDWXUHRISV\FKRORJ\WKDWKDVEHHQJUHDWO\
QHJOHFWHG DQDVSHFWWKDWPLJKWH[SODLQWKHPHDQLQJRIVRPHGUHDPVZLWKRXWWKHDLGRISV\FKRDQDO\VLV,
ZRXOGYHQWXUHWRVXJJHVWWKDWPRGHPVFLHQFHKDVWRXFKHGRQO\WKHVKDOORZZDWHUVRIWKHLPPHQVHRFHDQ
RIPLQGDQGWKDWWKH\RJLVDQGRWKHUVWXGHQWVRIWKHRFFXOWFRXOGUHODWHLIWKH\VRGHVLUHGH[SHULHQFHV
DQGSRVVLEO\JLYHGHPRQVWUDWLRQVRIWKLQJVWKDWZRXOGOHDYHWKHPRGHPSV\FKRORJLVWDPD]HGDQG
KXPEOHG
0\PRVWLQWHUHVWLQJH[SHULHQFHRIGUHDPWHOHSDWK\ZDVZKHQ,GUHDPWWKDWVRPHIULHQGVRIPLQH
ZHUHJUHDWO\WURXEOHGRYHUDOHWWHUUHFHLYHG,ZRNHXSVRPHZKDWDQ[LRXVDQGWKHQDIWHUDOLWWOHWKRXJKW
GLVPLVVHGWKHPDWWHUDVRQO\DGUHDP$ZHHNRUWZRODWHU,YLVLWHGWKHPDQGZDVWROGDERXWDOHWWHUWKDW
WKH\KDGUHFHLYHGZKLFKKDGJLYHQWKHPDJUHDWGHDORIDQ[LHW\7KHUHVWRIWKHVWRU\EHLQJVRPHZKDW
WRRUHPDUNDEOHWREHEHOLHYHG,VKDOOQRWUHODWHLW%XW,NQRZLWJDYHPHDQLQVLJKWLQWRWKHHYLOIRUFHV
WKDWGZHOORQWKHRWKHUSODQHVDQGLQZKDWPDQQHUWKH\DWWDFNWKHIRUFHVRIJRRGXVLQJDVWKHLU
LQVWUXPHQWVZHDNDQGQHJDWLYHSHRSOHWRXQFRQVFLRXVO\KXUWWKHLUIULHQGV
7RUHWXUQWRP\YLVLRQV,UHPHPEHUVHHLQJRQHHYHQLQJDPRVWJUDFHIXOO\GHVLJQHGSDODFH$IHZ
PRPHQWVSUHYLRXVO\,KDGVHHQWKHIDFHRIDEHLQJWKDWZDVPDVFXOLQHLQIHDWXUHV\HWIHPLQLQHLQIRUP
WKDWDSSHDUHGWRVZLPLQWKHDLU$QGDV,JD]HGRQLW,IRXQGP\VHOILQDSDODFHEXLOWIURPDVWUDQJHO\
VPRRWKDQGZKLWHPDWHULDO$VOHQGHUDQGORIW\GRPHURVHXSZDUGV*RWKLFLQGHVLJQEXWPXFK
QDUURZHUZKLOHWKHGRRUVZHUHURXQGHGOLNHWZLQSHWDOVJORZLQJZLWKDZHDOWKRISLFWXUHVDQGWKH
ZLQGRZVZHUHOLNHZLVH,DOVRQRWLFHGWKDWWKHFROXPQVVXSSRUWLQJWKHSDODFHZHUHYROXWHGDQGVSUHDG
VPDOOHUSLOODUVOLNHWKHEUDQFKHVRIDWUHH$QLJKWODWHU,VDZ0DQGWROGKLPRIWKLVSODFHDQGKHVDLG
WKDWKHKDGDOVRVHHQLW6RSUREDEO\LQWKLVFDVHLWZDVWHOHSDWK\,QFLGHQWDOO\,WKLQNLWZRXOGEH
LQWHUHVWLQJWRPHQWLRQWKDWRIWKHPDQ\WKLQJV,KDGVHHQLQYLVLRQRUGUHDPWLQZKLFKWKHGHWDLOVZHUH
QRWYHU\FOHDUZKHQWHOOLQJ0KHJHQHUDOO\UHPLQGHGPHRIVRPHPLQRUIHDWXUHVWKDW,KDGIRUJRWWHQ
2QO\DIHZWLPHVKDYH,PHWSHRSOHLQPHGLWDWLRQDQGWKH\ZHUHDVUHDOWRPHDVDQ\RIWKHEHLQJV
WKDWGZHOOXSRQ(DUWK$QGRQHQHYHUWREHIRUJRWWHQQLJKWZKLOHZDONLQJKRPHVRPHSRZHUOHDSHG
LQWRPHDQGVZHSWPHXSLQWRDVWRUPRIEHDXW\DQGVWUHQJWK,WZDVVRPHJUHDWEHLQJDQG,FDQVWLOO
UHPHPEHULWVIDFHZKLFKZDVEULJKWZLWKDGD]]OLQJIDLUQHVVWKHVNLQOLNHWKDWRIDORYHO\ZRPDQ\HW
ILOOHGZLWKDSRZHUWKDWZDVSXUHO\PDVFXOLQH7KHSURILOHKHOGWKHPLQJOHGEHDXW\RIDQDQFLHQW*UHHN
DQGZDUULRU1RUVHPDQ+HZDVDERXWHLJKWHHQIHHWKLJKDQGKLVKDLUZDVOLNHFRLOLQJORFNVRIILUHWKDW
VWUHDPHGLQVRPHXQIHOWZLQG,KDYHQHYHUVHHQKLPVLQFHEXWWKHPHPRU\RIKLVPDMHVW\FDQQHYHUEH
IRUJRWWHQ
,KDYHDOVRKHDUGPXVLFEXWWKH\ZHUHFKRUGVWKDWJORULILHGP\GUHDPVDQH[SHULHQFH,EHOLHYH
PRVWSHRSOHKDYHKDG%XWRQHPRUQLQJ,ZRNHZLWKWKHODVWVWUDLQVRIVRPHPLJKW\VRQJUROOLQJDZD\
RQHFKRUGUHSHDWLQJLWVHOIFRQWLQXRXVO\DQGWRPHLWVRXQGHGOLNHWKHVRQJRIWKHVXQDVLWZKLUOHGLWV
ILHU\ZD\DQG,LPDJLQHGVXFKVWUDLQVEHDWLQJLWVUR\DOUK\WKPVLQWRWKHWURXEOHGVRXORIKXPDQLW\DQG
ULVLQJRFWDYHDIWHURFWDYHORXGHUDQGORXGHU\HWVZHHWHUDQGVZHHWHU$QGDVLWVPXVLFIORZHGWKURXJK
OLIHLWWUDQVPXWHGWKHSDVVLRQVRIDOOWKHOLYLQJWKLQJVWKDWPRYHGDERXWWKLVJOREHLQWRVRPHWKLQJSXUH
DQGVHOIOHVVOLNHDQRFHDQRIPXVLFWKDWVZHSWDOOWKHGHEULVDQGOLWWOHVSLWHVLQWRHWHUQDOREOLYLRQOHDYLQJ
DZKLWHZRUOG$QGWKLVFKRUGOLIWHGPHXSXQWLO,ZDVEDWKLQJLQDUKDSVRG\RIVRXQG
+RZFDQWKH\ZKRKDYHH[SHULHQFHGWKHVHWKLQJVGLVEHOLHYHLQDJUHDWHUSRZHUZKRLVIDUDERYH
PDQ":KRUXOHVDQGJXLGHVKLPJLYLQJKLVVRXODOLWWOHIUHHZLOOKLVHDUVDIDLQWHFKRRILWVPHORGLHVDQG
KLVH\HVWKHVKDGRZ\JOLPPHURILWVGRPDLQVRISULVWLQHORYHOLQHVV
,WKLQNDIHZSDJHVXSRQWKRVHSRZHUVORFNHGXSZLWKLQPDQDQGWKHGHVLUHVRIPDQIRUWKRVHWKLQJV
WKDWFRXOGJLYHKLPYLVLRQZRXOGEHRILQWHUHVWLQWKLVFKDSWHU
2QHSRZHUKDVIDVFLQDWHGPDQHYHQEHIRUHWKHGHVLUHIRUWUXWKHYHQEHIRUH7LPHVFDWWHUHGKLV
VQRZIODNHVFDOOHGWKHKRXUVDQGWKDWSRZHULVPDJLF7KHPDJLFLQP\WKRORJ\LQWKHZHLUG
HQFKDQWPHQWVRI(DVWHUQWDOHVHYHQLQWKHPRGHUQIDQWDV\RIWRGD\KDVDOZD\VHYRNHGDWKULOODQGD
ZLVKLQWKH\RXQJKHDUWIRUPDJLFULQJV IRUWKHSRZHUWRFRPPDQGJHQLL IRUWKHFDSDQGFORDNRI
LQYLVLELOLW\ IRUVHYHQOHDJXHERRWVVRWKDWRQHFRXOGIO\WRWKHUHVFXHRIWKHGDPVHOFDSWXUHGE\WKH
RJUH IRUZLQJHGVWHHGVDQGPDJLFFDUSHWV IRUWKHKLGGHQEHDXW\DQGWHUURURIJODPRURXVZRRGV IRUWKH
DGYHQWXUHLQWKHKLGGHQSDODFH GHHSLQWKHZLWFKKDXQWHGIRUHVWV$OOWKHVHGHVLUHVIRUURPDQFHVLQJLQ
WKHVRXOVRIWKHFKLOGKHDUWHGRQHV
)RUWKHUHLVDJDOODQW\RXWKGZHOOLQJLQWKHKHDUWRIKXPDQLW\ZKRLVVSRWOHVVLQKHDUWDQGFODGLQ
JROGHQDQGVLOYHUDUPRU:KRXSRQULFKO\FDSDULVRQHGVWHHGMRXUQH\VWKURXJKGDQJHURXVODQGV
VOD\LQJRJUHDQGGUDJRQZLWKKLVPDJLFVZRUG2IWHQKHLVDSRRUODGZKRVHHNVKLVIRUWXQHDQGUHVFXHV
WKHEHDXWLIXOSULQFHVVIURPWKHJLDQW
VFDVWOHZLWKWKHDLGRILQYLVLEOHFDSDQGFXQQLQJ
$QGLWLVQRWLFHDEOHWKDWZLWKLQDOOWKHVHPDJLFDOWDOHVWKHSORWFRQVLVWVRIDEDWWOHEHWZHHQJRRGDQG
HYLO WKHIDLU\WULXPSKVRYHUWKHZLWFKDQGWKHNQLJKWRYHUWKHZL]DUG1RWDOHLQZKLFKEODFNPDJLFKDV
FRQTXHUHGZKLWHKDVVXUYLYHGWKHFHQWXULHVDQGKHUHLQOLHVWKHSURRIRIWKHLQKHUHQWJRRGWKDWGZHOOV
ZLWKLQPDQGHVSLWHKLVYLFHVDQGZHDNQHVVHV$OVRWKHEHOLHILQWKDWFRVPLFPDJLFLDQZKRZDWFKHVRXU
VXIIHULQJVDQGFRPHVWRWKHUHVFXHRIWKHYLFWLPVZKRDUHFDXJKWLQWKHZKLUOSRRORIHYLODQGSDLQDWWKH
SV\FKRORJLFDOPRPHQWKDVJLYHQPDQWKHVWUHQJWKWRILJKWDJDLQVWDSSDUHQWO\KRSHOHVVRGGV)RUPDQ\
HYHQWRGD\EHOLHYHLQPDJLFWKHPDJLFRISUD\HUDQGWKHEHOLHIWKDWWKH6XSUHPH0DJLFLDQZLOODQVZHU
WKHLUGHVSDLULQJFULHV$QGLIZHFDUHIXOO\VWXG\WKHJLIWVDQGKHOSWKDWFRPHVVXGGHQO\WRSHRSOHVLQNLQJ
IRUWKHODVWWLPHEHQHDWKWKHZDWHUVRIGHIHDWZHZRXOGEHDPD]HGWRGLVFRYHUKRZQXPHURXVDUHWKHVH
UHVFXHV)RU,KDYHLQYHVWLJDWHGWKLVVXEMHFWYHU\FDUHIXOO\DQGKDYHIRXQGLWWREHDOPRVWDODZDQG
WKRXJKLWLVXQH[SODLQDEOHIURPDQ\VFLHQWLILFVWDQGSRLQW\HW,ZRXOGVD\WKDWWKLVLVDIRUPRIPDJLFWKDW
RFFXUVSRVVLEO\GDLO\
,ZRXOGGHILQHPDJLFQRWDVWKHZRUNLQJRIVXSHUQDWXUDOODZEXWWKHDFWLRQVRIQDWXUDOODZVRIRWKHU
SODQHVDIIHFWLQJRXUZRUOGDQGURPDQFHLVWKHUHVXOWRIWKHLQGLYLGXDOFDXJKWLQWKHFRORUHGZHEVRI
WKHVHODZVWKDWHQWZLQHWKHLUEHDXW\DQGZRQGHUDURXQGPDQ\WRGD\RU,VKRXOGVD\SHUKDSVDURXQGDOO
)RUZHOLYHLQDZRUOGRIHIIHFWVDQGLQWKDWZD\FDQWUXO\VWDWHWKDWDOOLVPDJLF IRUZHGRQRWNQRZWKH
VSLULWDQGSRZHUWKDWSURWHFWVDLGVDQGHYHQDWWLPHVVSHDNVWRXVIURPLWVLQYLVLEOHUHDOPV%XWZHDUH
WRRHQJURVVHGLQWKHPLVW\IROOLHVRIWRGD\WKDWPHOWZKHQIRXQGWRREVHUYHWKHVHJOLVWHQLQJWKUHDGVRI
HQFKDQWPHQWWKDWZLQGWKHPVHOYHVURXQGRXUVRXOVDQGDFWLRQV7KHVHKXHVDQGODZVRIDQRWKHUZRUOG
DUHDFFHSWHGDVDPDWWHURIFRXUVHDQGDUHSDVVHGE\XQQRWLFHGWKRXJKZKHQWKHLQGLYLGXDOUHDGVD
IDLU\WDOHKHZLVKHVLQKLVKHDUWWKDWVXFKKDSSHQLQJVDQGUHVFXHVDQGHQFKDQWPHQWVZHUHWUXH
7KHUHDUHPDJLFLDQVZKRPRYHDPRQJXVWRGD\ZKRNQRZRIWKHZRUOGRIFDXVHVDQGPRYHLQWKRVH
UHDOPVZLWKDVPXFKIDPLOLDULW\DVWKH\GRZKHQZDONLQJZLWKLQWKHVWUHHWVDQGFRXQWULHVRIWKLVSODQHW
SHRSOHZKRDUHXQNQRZQ\HWLQWKHSRVVHVVLRQRISRZHUVWKDWPDNHWKHPWKHKLGGHQJRYHUQRUVRIWKLV
ZRUOG PHQDQGZRPHQZKRSRVVLEO\OHDGTXLHWDQGKXPEOHOLYHV\HWZKRPHHWWKHLUEUHWKUHQLQ
FRQVFLRXVXQLRQXSRQDQRWKHUSODQHDQGWKHUHDVVLVWWRFDUU\RXWWKHSODQDQGSXUSRVHRIWKHLUZRUNLQ
LQFDUQDWLRQDQGRSSRVHWKHGDUNHUIRUFHVWKDWDWWHPSWWRHQJODPRXU PDQDQGSUHYHQWKLPIURPFDUU\LQJ
RXWKLVRZQSDUWLFXODUZRUNLQOLIH
6WLOOZHFRXOGEHDQVZHUHGWKDWWKHPDJLFRIWKHIDLU\WDOHGRHVQRWH[LVW:KHUHLVWKHPDJLFFDUSHW
WKHFDSRILQYLVLELOLW\WKHJHQLLDQGWKHIDLULHVWKHJLDQWVDQGWKHJRGVWKHIDLULVOHVRIHQFKDQWPHQW"
$QGLQWKHIROORZLQJZRUGV,VKDOOHQGHDYRUWRLOOXVWUDWHLQZKDWPDQQHUWKHVHWKLQJVH[LVW
0DQLVOLNHDFDSWDLQZKRKDVFORVHGKLVH\HV7KH\DUHQRWEDQGDJHGEXWKHZLOOQRWPDNHWKHHIIRUW
WRRSHQWKHP$QGVORZO\KHGULIWVKLVERG\OLNHDVKLSZKRVHVDLOVDUHEORZQE\DP\ULDGSHUYHUVH
PRRGVWKDWIORZIURPVWUDQJHDQGXQNQRZQUHJLRQV6RPHUHLJQHGRYHUE\GHVWUXFWLYHDQGIRUELGGLQJ
PRQDUFKVZKRGHOLJKWLQVHQGLQJWHPSHVWVWRGULYHWKHYHVVHOVXSRQVXEPHUJHGURFNVDQGDJDLQVW
JUDQLWHDUPRUHGFOLIIV DQGRWKHUVUHLJQHGRYHUE\JHQWOHDQGKXPEOHSULQFHVRI*RGZKRVHHNWRGULYH
WKHYHVVHOVWRWKHSODFLGED\VDQGKDYHQVRIWKHLPPHQVHFRQWLQHQWVRI7UXWKDQG%HDXW\$QGDFFRUGLQJ
WRWKHGHVLUHVRIWKHFDSWDLQVRIROORZVWKHEUHH]HRUWKHKXUULFDQH,WLVRQO\ZKHQWKHFDSWDLQQHDUVWKH
URFNRUWKHSRUWWKDWKHVXGGHQO\RSHQVKLVH\HVDQGWKHQKHVHHVWRZDUGVZKDWPDQQHURIODQGKHKDG
EHHQYR\DJLQJ+HDOVRGLVFRYHUVWKDWKHKDGFDUULHGDIXOOFDUJRRIXQGUHDPWRIWUHDVXUHDPRQJZKLFK
ZHUHJLIWVWKDWFRXOGKDYHKHOSHGKLPWRKDYHPDGHDVZLIWHUDQGPXFKPRUHLQWHUHVWLQJMRXUQH\
7KHUHZHUHLQVWUXPHQWVRIPDJLFWKDWKDGODLQLQYDULRXVSDUWVRIWKHYHVVHOHYHUVLQFHWKHYR\DJH
KDGEHJXQEXWWKH\ZHUHXQQRWLFHGEHFDXVHWKH\DSSHDUHGFRPPRQSODFHDQGROGIDVKLRQHG+HUHZDVD
IODVNWLJKWO\VHDOHGXSRQZKLFKZDVLQVFULEHGDV\PERO:HUHKHWRKDYHRSHQHGLWKHZRXOGKDYH
GLVHQFKDQWHGDJHQLL DVSRZHUIXODQGDVZRQGHUIXODVWKHVSLULWWKDWKDXQWVWKH$UDELDQIDLU\WDOH D
SRZHUWKDWFRXOGKDYHOLIWHGWKHVKLSDERYHWKHERXQGDULHVRI(DUWK DSRZHUWKDWFRXOGKDYHRSSRVHGDOO
WKHXQNQRZQODZVRI(DUWK DSRZHUWUDQVFHQGLQJPXFKWKDWPDQQRZDGD\VFRQVLGHUVLUUHVLVWLEOH)RU
WKHJHQLLRIWKH2ULHQWLVQRIDQWDV\DQGKLVSRZHULVEDVHGXSRQDIRUFHWKDWVOHHSVZLWKLQWKHVRXORI
PDQ DPDJLFDOIRUFHNQRZQWKURXJKRXWWKHDJHVWRDOOP\VWLFVDQGRFFXOWLVWV$OOKXPDQLW\SRVVHVVWKLV
IRUFHWKRXJKLWLVIRUWXQDWHIRUWKHPDMRULW\WKDWLWKDVQRWEHHQDZDNHQHGIRULWFDQPDNHPDQDGHYLO
RUDJRGDFFRUGLQJDVLWLVXVHGZKHWKHUIRUJRRGRUIRUHYLO6RLQDZD\LWLVZHOOWKDWWKHFDSWDLQGRHV
QRWRSHQWKLVIODVNWKRXJKLIKHKDGPDGHWKHHIIRUWKHPLJKWKDYHVXFFHHGHGLQXQORFNLQJWKLVSRZHU
7KHQH[WLQVWUXPHQWRIPDJLFLVDWHOHVFRSHROGDQGORQJDJRGLVFDUGHGDQGIROGHGLQDOHDWKHUFDVH
DQGEHFDXVHRILWVDJHLWLVORRNHGXSRQE\VFLHQFHDVDUHOLFDQGFXULRVLW\DQGRIOLWWOHXVH%XWZHUHWKH
FDSWDLQWRRSHQLWKHZRXOGILQGLWIXOORIPDJLFDPDJLFWKDWFRXOGDQQLKLODWHVSDFHDQGWLPH:LWKLWKH
FRXOGVHHZKDWZDVWDNLQJSODFHWKRXVDQGVRIPLOHVDZD\DQGWKRXVDQGVRI\HDUVDJR+HFRXOGVHH
ZKDWZDVWRFRPHIRUE\WKHDLGRIVXFKDSRZHUKHFRXOGDZDNHQWKHJLIWRISURSKHF\DQGIRUHWHOOWKH
GLVDVWHUVDQGMR\VWRFRPH$JDLQKHFRXOGVHHWKH)DOORI%DE\ORQDQGWKHSRPSRIJOHDPLQJFLWLHVQRW
\HWHUHFWHGXSRQ(DUWKWKRXJKSODQQHGLQWKHZRUOGRIWKHVSLULW)RUWKHWHOHVFRSHRIFODLUYR\DQFHDQ
LQVWUXPHQWWKDWPDQ\PHQRIWRGD\VFRIIDWZKHQIXOO\RSHQHGSRVVHVVHVSRZHUVDVVSOHQGLGDVWKHPRVW
SHUIHFWVFLHQWLILFLQVWUXPHQWRIPRGHPWLPHV
$QGWKHFORDNRILQYLVLELOLW\LVWKDWSRVVLEOH"2IWKDWSDUWLFXODUSRZHU,DPZULWLQJLQWKHFKDSWHU
GHYRWHGWRP\PHQWDOWUDYHOVDQGZLWKWKDWRQHFDQOLQNWKHVHYHQOHDJXHERRWVDQGWKHPDJLFFDUSHW
IRUDOOWKHPDJLFPHWKRGVRIWUDYHOZULWWHQDERXWLQIDLU\WDOHVDUHEXWWKHV\PEROVRIFHUWDLQSRZHUV
KLGGHQZLWKLQPDQ
$QGWKHKDXQWHGZRRGVDQGIRUHVWV"/HWPDQRSHQKLVH\HVDQGKHZLOOVHHZRQGHUVDQGIDQWDV\WKDW
ZRXOGEHEH\RQGWKHVWRU\WHOOHU
VSRZHUWRWHOO ZKLOHPDQLVWKHSULQFHRUWKHSRRU\RXWKZKRHYHU
VHHNVWRUHVFXHWKDWSULQFHVVWKHVSLULWHQFKDQWHGLQWKHFDVWOHRIWKHFOD\$QGWKHHQFKDQWHGLVOHV"
:KHQWKHLPDJLQDWLRQLVIHGZLWKWKHJROGHQGHZVRIWKHVSLULWWKHQRXUDZDNHQHGH\HVVKDOOVHHWKH
JODPRXUWKDWVXUURXQGVHDFKLVODQGRIRXUVPDOOJOREH
,EHOLHYHDOORXULQYHQWLRQVDQGGLVFRYHULHVDUHEXWSRRULPLWDWLRQVRIWKHKLGGHQIRUFHVVOHHSLQJLQ
WKHPRVWKXPEOHRIVDYDJHVDQGWKHPRVWUHJDORIWKLQNHUVDQGWKDWDOORXULQVWUXPHQWVRIVFLHQFHEXWWKH
FUXWFKHVPDQLVFRPSHOOHGWRXVHWLOOKHFDQDZDNHQWKRVHLQQHUNLQJO\DQGJRGOLNHSRZHUV
7+(:$55,2562)(7(51,7<
7KHZKLWHFLWDGHOLVLQYDGHG WKHKRXVHVRIDODEDVWHUDQGPDUEOHDQGWKHPRQXPHQWVRQFHKDORHGLQ
DQDUJHQWUDGLDQFHDUHGLPPHGZLWKVKDGRZVDVWKHZLGHVXQEDWKHGVWUHHWVULQJZLWKWKHYRLFHVRI
EDWWOLQJJROGKHOPHGZDUULRUV<HWQRIXU\RIEODFNEHDUGHGDQGDSHOLNHHQHP\DUHWKH\ILJKWLQJEXW
PRQVWHUVEHOFKHGIRUWKIURPWKHGDUNOLSVRIFDYHUQDQGFKDVPWKDWOLHEHQHDWKWKHIRXQGDWLRQVRIWKH
FLW\
:LWKVWHHOKDUGWDORQVZHOGHGWRULSSOLQJSLOODUVRIKDLUDQGPXVFOHWKH\SOXQJHDPLGWKHMDYHOLQ
DQGVZRUGOLWWKURQJZKRZLWKILUPOLSSHGIDFHVHUHFWDQGFOHDQOLPEHGKXUOWKHLUZHDSRQVOLNHVLOYHU
VKDIWVRIILUHDJDLQVWWKHLUDWWDFNHUV)RUHRQVKDYHWKH\EHHQEDWWOLQJ\HWQHLWKHUVLGHYLFWRULRXVQHLWKHU
VLGHGHIHDWHG)RUWKH\FRPHIURPWKHLQILQLWHVSDFHVRIQLJKWDQGGD\JDWKHULQJLQWKHDJHOHVVFLW\RI
WKHPLQGLQZKRVHFHQWHUVWDQGVDWRZHUVPRRWKDQGVOHQGHUOLNHDIUR]HQPRRQEHDPZKHUHLQD
JRGOLNHFDSWDLQZLWKORFNVRIOLJKWDQGH\HVGHHSHUWKDQWZLQWDUQVWKDWDUHOLNHRUEHGGRRUVRSHQLQJ
XSRQTXLHWLPPHQVLWLHVJD]HVPHGLWDWLYHO\XSRQWKHSDVVLRQDWHKRVWV+HLVWKHGLYLQHDUFKLWHFWZKR
EXLOGVDQGSODQVHYHQDVWKH\DUHILJKWLQJIRUWKHGD\ZKHQDWUXFHVKDOOEHGHFODUHGEHWZHHQWKH
RSSRQHQWVDQGWKHGDUNRQHVUHWXUQWRWKHLUZRUOGEHQHDWKWKHFLW\
+($/7+
7KHWHDFKLQJVJLYHQWRPHE\0ZHUHWKHLPSRUWDQFHRIKHDOWKH[HUFLVHDQGPRGHUDWLRQLQDOO
WKLQJV+HDOVRWDXJKWPHWKHPDQQHULQZKLFKRQHVKRXOGVLWDQGZDONKLVOHVVRQVLQZDONLQJ
SDUWLFXODUO\LQWHUHVWLQJPHDV,KDGKHDUGORQJEHIRUHDVWUDQJHWDOHUHJDUGLQJD\RJLDQGKLVZRXOGEH
SXSLO
$\RXQJPDQRIWKH(DVWRQFHHDUQHVWO\GHVLUHGWREHFRPHDQLQLWLDWHLQWKH'LYLQH0\VWHULHVDQG
IRUWKDWSXUSRVHDSSURDFKHGD\RJLZKRZDVVHDWHGDWWKHHQGRIDORQJURRP$VWKH\RXQJPDQ
DSSURDFKHGWKH\RJLZDWFKHGKLPDQGVLPSO\WROGKLPWRUHWXUQZLWKLQD\HDU7KH\RXQJPDQOHIWDQG
VWXGLHGHDUQHVWO\DQGGHHSO\DQGDWWKHDSSRLQWHGWLPHUHWXUQHGWRWKH\RJL EXWHUHKHUHDFKHGKLPKH
ZDVWROGWRJREDFNWRKLVVWXGLHVDQGUHWXUQD\HDUODWHU:RQGHULQJO\WKHVWXGHQWGLGVRDQGWKH\HDU
SDVVHGVZLIWO\LQKLVDWWHPSWVWROHDUQZLVGRP7KHQDJDLQKHFDPHWRWKH\RJLZKRWROGKLPWRJR
KRPH\HWRQFHPRUH$WWKHFRQFOXVLRQRIWKHWKLUG\HDUKHYLVLWHGWKH\RJLDQGWKH\RJLJD]LQJDWKLP
WROGKLPWKDWQRZKHZDVILWWREHFRPHKLVGLVFLSOHDQGH[SODLQHGWRKLVQHZSXSLOWKHUHDVRQIRUKLV
PDQ\GLVPLVVDOV7KH\RJLFRXOGWHOOZKDWVSLULWXDOLOOXPLQDWLRQKHKDGUHFHLYHGE\WKHPDQQHURIKLV
ZDONDQGKHNQHZZKHWKHUKHKDGUHFHLYHGFHUWDLQNQRZOHGJHRURWKHUZLVH
$QG0WDXJKWPHWKHVDPHWKLQJJLYLQJPHLQVWDQFHVZKHUHLQRQHFRXOGWHOOZKHWKHUWKHDQLPDORU
WKHVSLULWUXOHGWKHSHUVRQ0VDLGWKDWWKHSXSLOOHDUQHGPXFKE\REVHUYDWLRQ WKDWWKHVLPSOHOLWWOH
WKLQJVGLVUHJDUGHGE\WKHPDMRULW\DUHVRPHWLPHVWRWKHRFFXOWVWXGHQWRIPXFKJUHDWHULPSRUWDQFHWKDQ
WKHREYLRXVLQFLGHQWWKDWDWWUDFWVWKHFURZG7ROHDUQIURPHYHU\ERG\DQGIURPHYHU\WKLQJZDV
LPSUHVVHGXSRQPH$QGKHUH,PD\PHQWLRQWKDWWKHP\VWLFDQGGUHDPHUZKRPRYHVWKURXJKD
FRQWLQXDOPLVWORVHVPXFKNQRZOHGJHWKURXJKKLVGLVLQWHUHVWLQKXPDQDQGQDWXUDODIIDLUV7KHRFFXOWLVW
PXVWKDYHDPLQGDVZHOOWUDLQHGIRUREVHUYDWLRQDVWKHVFLHQWLVWZLWKWKHH[FHSWLRQWKDWKHXVHVD
GLIIHUHQWPHWKRGIRUH[SHULPHQWKLVWHVWLQJLQVWUXPHQWVEHLQJWKRXJKWDQGIHHOLQJDQGWKHRWKHUKLGGHQ
VHQVHVWKDWVFLHQWLVWVGRQRWEHOLHYHH[LVW
7KHRFFXOWLVWKDVWUDLQHGKLVIHHOLQJRIVHQVLWLYLW\WRDQH[WUDRUGLQDU\GHJUHHDQGWKHUHIRUHFDQIHHO
WKHXQVHHQPRWLYHVWKDWLQIOXHQFHDQLQGLYLGXDORUDFURZG)RULQVWDQFHKHFRXOGSRVVLEO\WHOO\RXWKDW
WKRXJKDFHUWDLQSHUVRQKDGFRPPLWWHGDPXUGHULWGLGQRWSURYHWKDWWKHSHUVRQGRLQJVRKDGGRQHLW
ZLWKKLVRZQIUHHZLOO TXLWHSRVVLEO\DQREVHVVLQJHQWLW\KDGHQWHUHGLQWRWKHFULPLQDO7KHSHUVRQZKR
VXGGHQO\FRPPLWVVXLFLGHDWDVSRWZKHUHRWKHUVKDGGRQHVRDQGWKLVKDVRIWHQKDSSHQHGFRXOGTXLWH
SRVVLEO\KDYHEHHQREVHVVHGE\WKHEHLQJVZKRKDGGHVWUR\HGWKHLUERGLHVSUHYLRXVO\DQGZHUH
WKHUHIRUHHDUWKERXQG RUWKH\PD\KDYHEHHQGUDZQLQWRWKHFXUUHQWRIHPRWLRQWKDWOLQJHUHGWKHUHIRU,
WKLQNLWLVZHOONQRZQWKDWROGLQIOXHQFHVUHPDLQORQJDIWHUWKHDFWRUVKDYHYDQLVKHG$QRWKHUDVSHFWRI
FULPHFDQEHFDXVHGE\K\SQRVLVDWDGLVWDQFH,FRXOGJLYHPDQ\UHDVRQVIRUFHUWDLQDFWLRQVDQGQRWRQH
RIWKHPQHHGEHWKHVDPH WKRXJK,DGPLWQHLWKHUFRXOGDQ\RIWKHPKDYHEHHQSURYHGWRWKH
VDWLVIDFWLRQRIWKHFRXUWRUWKHFRURQHUZKRXVHGLIIHUHQWPHWKRGVRIH[DPLQDWLRQDQGJLYHJHQHUDOO\
REYLRXVH[SODQDWLRQVZKLFKRIWHQWRWKHRFFXOWLVWPD\EHLQFRUUHFW
:KHQZHVSHDNRIWKHRFFXOWLVWRIFRXUVHLWLVXQGHUVWRRGWKDWZHDOVRLQFOXGHWKHP\VWLFIRUWKHWUXH
RFFXOWLVWKDVWRGHYHORSWKHHPRWLRQDOSULQFLSOHVVLPXOWDQHRXVO\ZLWKWKHPHQWDOSULQFLSOHVIRUKHPXVW
EHEDODQFHGLIKHZLVKHVWRXQGHUVWDQGWKHH[SHULHQFHVWKURXJKZKLFKKHSDVVHVDQGWKHWUXWKVRIWKH
ZRUOG:HKDYHPHWVRPDQ\XQEDODQFHGVWXGHQWVWKDWZHIHHOLWLVQHFHVVDU\WRVWDWHWKLVIRUPXFKWLPH
LVZDVWHGZKHQZHUHIXVHWRDFFHSWWKHIDFWWKDWZHKDYHLQFDUQDWHGLQWRDZRUOGLQRUGHUWRXQGHUVWDQG
WKDWZRUOG7KHRFFXOWLVWLVQRWDQDQFKRULWHH[FHSWDWFHUWDLQWLPHVZKHQKHKDVWRGHYHORSFHUWDLQ
SRZHUVDQGWKHQLWLVQHFHVVDU\IRUKLPWRGZHOOLQDTXLHWSDUWRIWKHZRUOGDQGOLYHDVQHDUWRQDWXUHDV
SRVVLEOHEXWPDQ\VWXGHQWVFRQIXVHWKHSUDFWLFDOVLGHRIOLIHDQGWKHP\VWLFDO7KHRFFXOWLVWFDQQRWGZHOO
LQDKHUPLWDJHDOOKLVOLIH QHLWKHULIKHZLVKHVWRGHYHORSKLVLQQHUSRZHUVFDQKHOLYHLQWKHFLWLHVDOO
KLVOLIH,WLVSRVVLEOHWKDWWKHPRVWSUDFWLFDOWKHPRVWKHDOWK\DQGPDWWHURIIDFWSHUVRQZKRP\RX
LPDJLQHWREHWKHPRVWPXQGDQHPD\PRUHOLNHO\EHWKHNHHQRFFXOWLVWWKDQWKHPRVWGUHDP\XQYLWDO
DQGHFFHQWULFSHUVRQZKRFDOOVKLPVHOIDVWXGHQWRIVXFKDVXEMHFWIRUWKLVSHUVRQPD\EHDVIDUDZD\
IURPKLVWUXHJRDODVWKLVSODQHWLVIURPWKHVXQ(FFHQWULFLW\SRVHDQGFRQYHUVDWLRQVGHDOLQJZLWK
GHOLULRXVYLVLRQVDUHPRVWXQVDWLVIDFWRU\SURRIWKDWWKHSHUVRQLVDQLQLWLDWHDQGZHVKRXOGVD\IXUWKHU
WKDWVXFKDSHUVRQVKRXOGEHDYRLGHGE\WKRVHZKRZLVKWRSRVVHVVDKHDOWK\PLQGIRUWKHUHDUHPHQWDO
GLVHDVHVWKDWDUHDOVRFDWFKLQJ
/DWHURQLQP\VWXGLHV0WDXJKWPHWKHYDOXHRIDFHUWDLQEUHDWKLQJH[HUFLVHDIRUPRIUHJXODU
EUHDWKLQJWKDW,KDYHSUDFWLFHGFRQWLQXDOO\HYHUVLQFHDQGZKLFKKDVKHOSHGPHJUHDWO\LQJLYLQJPHD
FOHDUPLQGDQGVWUHQJWKWRVWXG\PXFKWKDWLVWDXJKWPH,WDOVRJDYHPHDFHUWDLQUK\WKPDQGFRQWURO
WKDWZDVQHFHVVDU\IRUPHZKHQ,YLVLWHGWKHPHQWDOSODQHVDERXWZKLFK,KDYHGHYRWHGDODWHUFKDSWHU
%XWDERXWEUHDWKLQJ,KHUHTXRWHDFRPPHQWDU\IURPWKHERRNPHQWLRQHGLQWKHFKDSWHUHQWLWOHG7KH
0HHWLQJ
%\FRQFHQWUDWLRQLQPHGLWDWLRQXSRQDJLYHQVXEMHFWDQGE\WKHHIIRUWRIUHJXODUEUHDWKLQJWKH
LQKDODWLRQDQGH[KDODWLRQRFFXS\LQJWKHVDPHVSDFHRIWLPHWKHPLQGPD\EHKHOGVRWKDWLWLVQRW
VXEMHFWWRRWKHUWKRXJKWWKDQWKDWSHUWDLQLQJWRWKHREMHFWRUV\PERORIH[SUHVVLRQDERXWZKLFKPDQ
GHVLUHVNQRZOHGJH$QGLIPDQZLOOSHUVLVWLQWKLVSUDFWLFHKHFDQHQWHULQWRDQKDUPRQLRXVUHODWLRQVKLS
ZLWKWKH'LYLQLW\ZLWKLQDQGIURPWKDWVRXUFHFDQJDLQNQRZOHGJHZKLFKLVWKHUHVXOWRIWKHVRXO
VRZQ
H[SHULHQFHZKLOHSDVVLQJWKURXJKWKHKLJKHUDQGORZHUVWDWHVRIPDWWHU$WWKHVDPHWLPHLIPDQZLOO
FRQFHQWUDWHXSRQWKHKLJKHVWKHFDQHYRNHIURPZLWKLQVHOIWKDW6RODU)RUFHDQG3RZHUZKLFKLI
GLUHFWHGXSZDUGVZLOODZDNHQDQGUHYLWDOL]HWKRVHJDQJOLDRURUJDQVRISHUFHSWLRQKLWKHUWRZLWKKHOG
IURPKLVXVH,ILWEHWUXHIURP*RGZHFDPHWR*RGZHUHWXUQOLIHLVEXWWKHDWWDLQPHQWRIWKDW
FRQVFLRXVQHVVZKLFKLVRI*RG$QGPDQLVWKHUHIRUHVKXWRXWIURPWKHNQRZOHGJHRIKLVWUXHEHLQJDQG
HVWDWHXQWLOKHVHHNVDWRQHPHQWZLWKKLVRZQ'LYLQH/LIHSULQFLSOHDQGLWVHYROXWLRQDQGPDQLIHVWDWLRQ
LQKLP7KXVFRQFHQWUDWLRQLQPHGLWDWLRQKROGLQJWKHPLQGUHFHSWLYHWRWKH'LYLQLW\ZLWKLQDQGLQD
SRVLWLYHDWWLWXGHRIUHSUHVVLRQWRDOORXWVLGHWKRXJKWLVVHHQWREHDQH[DOWHGIRUPRISUD\HURU
FRPPXQLRQZLWK*RG1DWXUHZKHUHE\PDQPD\EHFRPHDVKDUHULQWKHZRQGHURI*RG
VRPQLSRWHQFH
DQGUHFRYHUKLVORVWVRYHUHLJQW\
0XFKVWDWHGLQWKLVTXRWDWLRQ,KDYHHQGHDYRUHGWRIROORZZLWKUHVXOWVWKDWKDYHPHQWLRQHG
SUHYLRXVO\0HGLWDWLRQDQGEUHDWKLQJSURGXFHGZLWKLQPHDQLQFUHDVLQJVHQVLWLYLW\ZKLFKKDG,
GHYHORSHGZLWKRXWDQDGGLWLRQDOVWUHQJWKRISK\VLFDOZHOOEHLQJZRXOGKDYHSURGXFHGDQLQWROHUDEOH
VXIIHULQJ,PHQWLRQHGWKLVLQFUHDVHRIIHHOLQJWR0DQGKHWROGPHWKDWQRZ,FRXOGUHDOL]HZKDWRQH
ZKRKDVEHHQDVWXGHQWIRUPDQ\\HDUVPXVWVXIIHU EXWKHFRQWLQXHGWKHJRGVZRXOGQRWSHUPLW
\RXWRIHHOEH\RQG\RXUSRZHUVRIUHVLVWDQFH
,KDYHKDGSURRIRIWKLVLQFUHDVHGVHQVLWLYLW\IRU,KDYHIHOWPHQWDODQGHPRWLRQDODWPRVSKHUHVDV
FOHDUO\DVRQHZRXOGIHHOWKHZDYHVZKHQVZLPPLQJ$QGWKDWLVWKHUHDVRQZK\,KDYHPHQWLRQHG
SUHYLRXVO\WKDWWKHRFFXOWLVWXVHVGLIIHUHQWLQVWUXPHQWVRISHUFHSWLRQDQGWKHUHIRUHNQRZVWKHLQQHU
SRZHUVDQGPRWLYHVWKDWKDYHJXLGHGSHUVRQVWRFRPPLWFULPHVDQGGRVWUDQJHWKLQJV
$OVR,WKLQNLWFDQQRZEHXQGHUVWRRGZK\,VD\WKHP\VWLFZKRKDVQRWGHYHORSHGEDODQFHEXWKDV
GHYHORSHGDQHYHULQFUHDVLQJVHQVLWLYLW\LVOLDEOHWKURXJKKLVEHLQJWRRQHJDWLYHWREHFRPHOLNHPDQ\
6SLULWXDOLVWVREVHVVHG
,QVSHDNLQJDERXWWKHUHVXOWVDWWDLQHGUHJDUGLQJWKHVHYDULRXVRFFXOWH[HUFLVHV,KDYHQHYHU\HWPHWD
JHQXLQHVWXGHQWZKRGLGQRWSRVVHVVDVLQJXODUDQGSRZHUIXOYLWDOLW\XSRQDOOSODQHV0SDUWLFXODUO\
SRVVHVVLQJLQDPDUNHGGHJUHHDOOWKHVHDVSHFWV
,QUHODWLRQWREUHDWKLQJ0RQFHVDLGWRPH
³7KHHQHUJ\GHULYHGIURPEUHDWKLQJKDUPRQL]HVRQH
VFRQGLWLRQVDQGJLYHVRQHWKDWVLQJXODUHQHUJ\
ZKLFKLVEH\RQGWKHRUGLQDU\FRQFHSWLRQVRIWKHKXPDQPLQG)RUE\EUHDWKLQJZHVWLPXODWHFHUWDLQ
DFWLYHSULQFLSOHVZLWKLQRXUEHLQJDQGGHULYHHQHUJ\IURPWKHLUKLJKHUPHQWDOFRXQWHUSDUW7KHDFWRI
RFFXOWEUHDWKLQJLVOLNHDPDQWKURZLQJDURSHWRDFHQWHURIVWLOOILQHUHQHUJ\DQGWKDWHQHUJ\SXOOLQJ
\RXRYHUWRKDUPRQL]H\RXZLWKWKHQDWXUHRILWVHVVHQFHV
0DOZD\VLPSUHVVHGXSRQPHWKHUHODWLYLW\ZKLFKH[LVWVEHWZHHQRQH
VKLJKHUDQGORZHU
FRXQWHUSDUW2QHKHVDLGDOZD\VKDVDFUXWFKWRZDONZLWKEXWRQHVHOGRPNQRZVKRZWRXVHLW)RU
PDQ
VEHVWIULHQGLVKLVRZQVRYHUHLJQUXOHUIRULWNLQGOHVWKDWILUHZKLFKLOOXPLQHVPDQ
VLQWHOOLJHQFH
%XWLWLVHDV\WRVSHDNRIWKHVHWKLQJVRQO\ZKDWDVWUXJJOHLWLVWRDFTXLUHWKHXVHRIRQH
VRZQKLJKHU
SRVVHVVLRQV
,WKLQNLQWKHVHIHZSULQFLSOHVWKHVWXGHQWZLOOILQGPXFKWKDWZLOOEHRIXVHWRKLPLQKLVDWWHPSWWR
VROYHVRPHRIWKHSUREOHPVWKDWEHVHWKLPZKHQILUVWDGYHQWXULQJWKURXJKWKHILHOGVRILOOXVLRQDQG
WRZDUGVWKDWJUHDW5HDOLW\WKDWHYHUZDWFKHVWKHSLRQHHULQJVRXOV
7+(,6/(2)7,0(
)RUHYHUWKHJUHDWRXWJRLQJZDYHVRIHWHUQLW\FKDUJHWKHUDWWOLQJDQGWXPEOLQJSHEEOHVVWUHZQRQ
WKHEHDFKRI7LPH JDWKHULQJWKHZHHGVRILQFLGHQWWKHZUHFNDJHRIWKHKRXUVZDVKLQJDZD\WKH
YLOODJHVDQGFLWLHVRIWKH\HDUVHQGOHVVO\UHOHQWOHVVO\LQWRWKHYDVWRFHDQRIWKHVSLULW:KLOHXSRQRWKHU
LQFRPLQJWLGHVWKHFKDULRWZDYHVZKRVHJXLGHVDQGPDVWHUVDUHWKHJRGVEULQJEDUTXHVKHDY\ZLWK
FDUJRHVEDFNIURPYR\DJLQJWRWKHZKLWHUHDOPVRIWKHVSLULW2OGDUHWKHVHVKLSV\HWOXPLQRXVZLWKWKH
VKDGRZVRIIRUVDNHQSRZHUV DQGLQWRWKHVHSRUWVDQGED\VRI7LPH
VJUHDWGRPLQLRQVWKH\VDLOZKHUH
WKHP\ULDGVODYHVRIWKH\HDUVDZDLWWRJDWKHUIURPWKHVHYHVVHOVVWUDQJHFDUJRHV
0DQ\RIWKHVHVODYHVDUHGHDIDQGEOLQGDQGPDQ\DUHVKDFNOHGEXWWKH\REH\WKHLUPDVWHUVZKR
DUHWKHLU+LJKHU6HOYHVDQGEXLOGDFFRUGLQJWRDSUHRUGDLQHGSODQ&OXPVLO\WKH\FRQVWUXFWIURPWKH
PDWHULDOVWKHZDWHUVEURXJKWWKHPYLOODJHVZLWKQDUURZLOOOLWODQHVJUH\KRXVHVDQGJUH\FDVWOHV
FUHDWLQJFLWLHVEXWGXOOLQJWKHLUEHDXW\ZLWKWKDWJDULVKGLVSOD\WKDWRQO\WKHFUXGHPLQGFRXOGFRQFHLYH
%XWRWKHUVODYHVZKRVHVKDFNOHVKDQJPRUHOLJKWO\XSRQWKHLUOLPEVDQGZKRDUHOHVVGHDIWRWKH
GLDSDVRQRI(WHUQLW\
VZDWHUVXQGHUVWDQGZKRLWLVWKDWFRPPDQGVWKHPWREXLOG XQGHUVWDQGWKDWWKH
FDUJRHVWKHVHVKLSVKDYHEURXJKWDUHWKHROGGHHGVZURXJKWLQSDVWOLYHV$QGZLWKNQRZOHGJHWKH\EXLOG
RQFHDJDLQXSRQWKHVLWHWKDWROGHUWLGHVKDGVZHSWORYHO\FLWLHVWKDWUHIOHFWLQWKHHWHUQDORFHDQQHZ
LPDJHU\QHZZRQGHUVDQGJORULHVDQGWKRXJKWKH\NQRZWKDWWKHVHVSOHQGRUVWKH\KDYHHUHFWHGZLOO
DOVREHZDVKHGDZD\\HWWKH\DOVRNQRZWKDWWKHLOOXPLQDWLRQRIWKHVHJROGHQVWUXFWXUHVZLOOOHDYHDQ
HWHUQDOJOHDPDQGJUHDWHUZLVGRPZLWKLQWKHLUGHDWKOHVVVSLULWV
&+$37(5,,,
9$5,2862&&8/77($&+,1*6
,QWKLVFKDSWHU,VKDOOZULWHGRZQDIHZRIWKRVH,WHDFKLQJV0JDYHPHDWYDULRXVSHULRGVZLWKWKH
DGGLWLRQRIDIHZFRPPHQWDULHVRIP\RZQ:KDW0KDVVDLG,SXWLQTXRWDWLRQPDUNV$V,NQRZWKDW
WKHRFFXOWVWXGHQWLVDOZD\VLQWHUHVWHGLQIUHVKNQRZOHGJHLQUHJDUGWRWKLVVWXG\,ZULWHWKHVHLQWKH
KRSHWKDWKHZLOOILQGVRPHVROXWLRQWRFHUWDLQSUREOHPV,NQRZWKDWLQPDQ\FDVHV,KDYHQRWJLYHQD
FRPSOHWHDQVZHUEXWLWZRXOGEHLPSRVVLEOHWRGRVRDVLWZRXOGPHDQDGHSDUWXUHIURPWKHWUXH
FKDUDFWHURIWKLVERRNZKLFKGHDOVSULPDULO\ZLWKFHUWDLQWHDFKLQJVLQUHJDUGWRWKHPHQWDOSODQH
7KHUHIRUHWKRXJKWKLVFKDSWHUPD\DSSHDUWREHVRPHZKDWGLVFRQQHFWHG,KRSHQHYHUWKHOHVVLWZLOO
VWLOODWWUDFWWKHVWXGHQW
,WKLQNWKHWHDFKLQJVLQUHJDUGWRLQLWLDWLRQREYLRXVO\FRPHILUVWDQG,KHUHTXRWHWKHDQVZHU0JDYH
PHUHJDUGLQJWKDWTXHVWLRQ
:LWKLQWKHVRXORIHDFKPRUWDOGZHOOVDZDWFKHURQHZKRZDLWVSDWLHQWO\IRUWKHWLPHZKHQKLV
FKDUJHZLOOFU\RXWIRUDFRQVFLRXVQHVVRIWKHGLYLQHUHDOLWLHVDQGZKHQWKDWRFFXUVWKHLQQHUZDWFKHU
JXLGHVWKHVHHNHULQWRDVHULHVRIH[SHULHQFHVWKDWZLOOSHUIHFWDQGPDNHKLPILWWRHQWHUWKHWHPSOHVRI
7UXWK:KHUHYHUWKHVHHNHUGZHOOVZKHWKHUKHEHZKLWH\HOORZRUEODFNZKHWKHUKHGZHOOVLQDKRYHORU
DSDODFHGLUHFWO\KHGHVLUHVWREHFRPHDKHOSHUIRUKXPDQLW\DQGZRUNLQXQLW\ZLWKWKHODZVRIWKH
VSLULWGLUHFWO\KHOLVWHQVWRWKHFRPSHOOLQJYRLFHRILQWXLWLRQWKDWELGVKLPVHHNEH\RQGWKHJODPRXURI
HYHQWVDQGKHREH\VLWWKHQWKHZDWFKHUZLWKLQWDNHVKLPXSRQDYR\DJHWKDWFDQRQO\HQGZKHQWKH
VHHNHUKDVIRXQGKLVRZQ%XWZKHQJXLGLQJKLPWKHZDWFKHUDOVRJLYHVWRKLPYDULRXVNH\VNH\VWKDW
ZLOORSHQHDFKRIWKHVHYHQGRRUVWKDWOHDGLQWRDQFLHQWFKDPEHUVZKHUHLQFDQEHIRXQGERRNVZULWWHQ
E\WKHRWKHUVHOYHVRIWKHSDVWZRUNVZKHUHLQDUHLQVFULEHGWKHV\PEROVRIGLYLQHSRZHUV2QO\E\
SHUVHYHUDQFHDQGUHOHQWOHVVSXUVXLWFDQWKHVHHNHUDWWDLQKLVGHVLUHV)RULQKLVDVSLUDWLRQIRULQLWLDWLRQ
KHPXVWQRWSHUPLWKLVHQHUJLHVWREHIULWWHUHGDZD\LQWKHPHQWDOFODPRUDQGYRLFHVRISDUDVLWLFDQG
YDJXHLQWHUHVWVWKDWDUHVKDSHGIURPPLVWDQGEULQJRQO\WHPSRUDU\QRXULVKPHQW)RULQLWLDWLRQFRQVLVWV
RIGLVFRYHULQJRQH
VRZQOLPLWDWLRQVWKRXJKRQHDOVRGLVFRYHUVDQDIILQLW\WRWKHHOHPHQWVRIQDWXUHDQG
WKHXQLYHUVH$QGDWLPHFRPHVLQKLVRFFXOWVWXGLHVZKHQKHHQWHUVWKURXJKWKHFXUWDLQVRIDLUDQGKH
GLVFRYHUVQHZUHJLRQVQHZODZVDQGWUXWKVZKLFKKHHQGHDYRUVWREXLOGLQWRKLVFKDUDFWHUDQGSRVVHVV
SRZHUVWKDWFDQGHPRQVWUDWHWRKXPDQLW\WKHH[LVWHQFHRIKLJKHUNLQJGRPVDQGIRUFHV
³7UXWKQHHGQRWFRPHWRDPDQDIWHUKHLVGHDGIRU+HDYHQO\SRZHUVFDQEHVRXJKWIRUDQGIRXQG
ZKLOHKH\HWZDONVWKH(DUWK$V,KDYHPHQWLRQHGHOVHZKHUHHDFKFLYLOL]DWLRQKDVQRWSHULVKHGLQYDLQ
IRUWKHLUSRZHUVWKRXJKVOHHSLQJVWLOOSRVVHVVYLWDOLW\0DQLQFDUQDWHVLQRUGHUWRJDLQQHZH[SHULHQFHV
DQGDOVRDQH[WHQVLRQRIFRQVFLRXVQHVVWKDWOLNHHWHUQDOO\EXUQLQJODPSVZLOOEULQJWRKLPDQLQQHUDQG
SHUSHWXDOLOOXPLQDWLRQ)XUWKHUPRUHZKHQVHYHQGLIIHUHQWVRXUFHVJLYHWRWKHVHHNHU
VPHQWDO
DWPRVSKHUHWKHLUILODPHQWVKHWKHQSRVVHVVHVWKRVHSRZHUVWKDWZLOOJLYHWRKLPDURXQGHG
FRQVFLRXVQHVV
,PHQWLRQODWHURQLQWKLVFKDSWHUFHUWDLQNQRZOHGJHUHJDUGLQJV\PEROVZKLFK,WKLQNWKHUHDGHUFDQ
UHODWHWRWKHVHSULQFLSOHVRILQLWLDWLRQ
2QHSHFXOLDULW\DERXWKXPDQQDWXUHKDVRIWHQSX]]OHGPDQZK\ JRRGGHHGVDQGWKRXJKWVVKRXOGVR
RIWHQEHUHWXUQHGE\HYLO:K\SHRSOHZKRKDYHJLYHQORYHDQGDIIHFWLRQVKRXOGKDYHWKRVHJLIWV
UHWXUQHGE\KDWH2IWHQSHRSOHPHHWRWKHUVWRZKRPWKH\DUHDWWUDFWHGDQGDIWHUEHFRPLQJIULHQGVILQG
WKDWWKHLUORYHKDVHYRNHGDQHYLOTXDOLW\LQWKDWIULHQGZKLFKFDXVHVWKHPXQWROGVXIIHULQJV
:K\WKH\DVNVKRXOGDIULHQG,ORYHUHQGPH"
,RQFHDVNHG0LIKHFRXOGJLYHPHDUHDVRQIRUWKLVVWUDQJHDVSHFWRIOLIHDQGZDVDQVZHUHGWRWKLV
HIIHFW 7KHUHDUHWZRW\SHVRIKXPDQLW\XSRQWKLVSODQHWFRPPRQO\NQRZQDVWKHZKLWHDQGWKHEODFN
RUWKHEURWKHUVRIWKHULJKWKDQGDQGWKHEURWKHUVRIWKHOHIWKDQG<RXZLOOILQGWKHDQVZHU,DPJLYLQJ
\RXLQPRVWRIWKHVDFUHGERRNVZULWWHQE\WKHJUHDWUHOLJLRXVWHDFKHUVRIWKHSDVWEXW,ZLOOJLYH\RXWKH
UHDVRQLQP\RZQZRUGV
7KHUHZDVRQHW\SHWKDWUHVSRQGHGWRWKHFDOORIWKH5HDOLW\ZDVEUHDWKHGXSRQDQGVHQWLQWR
PDWWHU,WLVQDPHGWKH
ZKLWHVRXO
IRULWUHVSRQGHGWRWKHFDOO7KHRWKHUPRQDGGLGQRWGRVREXW
IROORZHGWKHQDWXUDOSKDVHVRIHYROXWLRQDQGLVNQRZQE\WKHRFFXOWLVWDVWKHEODFNRUWKHRSSUHVVRU EXW
LWLVQHHGHGIRUWKHHYROXWLRQRIWKHZKLWHIRULWSOXQJHVKXPDQLW\WKURXJKJUHDWUDQJHVRIH[SHULHQFH
XQWLOLQPDQ
VPLQGLVJHQHUDWHGDGHVLUHWRVHHNWKHUHDOVRXUFHRILWVEHLQJ
7KHVHRSSUHVVRUVLQWKHFRXUVHRIWLPHZLOODOVRREH\WKHFDOODQGUHFHLYHWKHEUHDWKRI
LPPRUWDOLW\ PHDQLQJ,WKLQNWKDWZKLOHWKH\DUHEODFNWKH\ODFNWKDWVSLULWXDOFRQVFLRXVQHVVSRVVHVVHG
E\WKHZKLWH
,WWDNHVDQRFFXOWVWXGHQWPDQ\\HDUVEHIRUHKHFDQGHWHUPLQHDWDJODQFHWKHV\PERORQWKHLU
EURZV$QGWKHVWXGHQW
VUHODWLRQVKLSWRWKHVHSHRSOHLVQRWJRYHUQHGE\WKHKHDUWEXWE\ZLVGRP$VWKH
WHDFKHURI*DOLOHHVDLGµ6LGHZLWKWKLQHDGYHUVDU\ ¶DOVRWKDWRQHVKRXOGKDYH
WKHZLVGRPRID
VHUSHQW
,WLVLQWKHQDWXUHRIWKHVHRSSUHVVRUVWRKDWHIRU\RXHYRNHDSRZHUODWHQWLQWKHPZKLFKWKH\XVH
LQRUGHUWRXQFRYHU\RXURZQZHDNQHVVHVDQGZKLFKWKH\H[SORLWZKHQKDYLQJGRQHVR%\JLYLQJWKHP
ORYH\RXDOVRJLYHWKHPDSRZHUZKLFKWKH\PD\XVHLQRUGHUWRLQMXUH\RX WKH\UHFRJQL]HWKH
ZHDNQHVVHVZLWKLQ\RXDQGDFWLQPDQ\ZD\VWKDWLVJRRGIRURQH2IWHQWKH\KDYHXQIURFNHGWKHSULHVW
,WLVZLVH0FRQFOXGHGQRWWRDQWDJRQL]HWKHP
%HIRUH,ZURWHWKHFKDSWHUGHDOLQJZLWKP\PHQWDOMRXUQH\V0JDYHPHDQXPEHURIQRWHVUHODWLQJ
WRWKHPLQG DQG,WKLQNLWZLOOEHRIJUHDWHULQWHUHVWWRSODFHWKHPLQWKLVFKDSWHUGHDOLQJZLWKRFFXOW
WHDFKLQJV
7KHVXQDZDNHQVWKHPLQGWRGLYHUVHDFWLYLWLHVZKHUHDVWKHPRRQVWLOOVLWDQGJLYHVLWSRZHUWR
DEVRUEWKHPDWHULDOVRIWKHLQQHUVHOI
VPRUHGLYLQH:LVGRP
7KHPRRQKDVLWVSDUWLQWKHPHQWDODFWLYLWLHVIRULWWHDFKHVWKHORZHUPLQGWKHVRXQGZKLFKFDQ
XQLWHLWWRLWVKLJKHUPLQGDQGEULQJLWPHQWDOEDODQFHIRUWKHSRZHURIWKHPLQGLVGHULYHGIURPLWV
DWWDFKPHQWWRLWVVRODUDQGOXQDURUELWVIRULQWKHOLJKWRIWKHVXQLWGHYHORSVLWVILJKWRIPHQWDODFWLYLWLHV
EXWWKHPRRQSOD\VLWVSDUWLQSURGXFLQJGHSWKVRIH[SUHVVLRQ
:KHQZHGHULYHQRXULVKPHQWIURP1DWXUHZHGHYHORSDSRZHUVLPLODUWRWKHSRZHURIDZKLWH
PDJLFLDQIRU1DWXUHLVWKHVHOIGHYHORSHGPHQWDOERG\RIWKHLQQHUPRVW EXWWKDWVSLULWXDOSRZHUZKLFK
1DWXUHJXDUGVLVQRWJLYHQWRRQHXQOHVVRQHKDVSDVVHGLQWRWKHLQQHUVWDWHVRIEHLQJ ,QWKHFKDSWHU
XSRQPHQWDOWUDYHOV,GHVFULEHVXFKDYR\DJH 7KLVLVZK\ZHJRXSRQPHQWDOMRXUQH\VDQGOHDYHWKH
ERG\LQRUGHUWRFRQWDFWWKLVPLQGVWXIIZKLFKLVRIDILQHUQDWXUHWKDQWKHVRFDOOHGPLQGVWXIIRIPDQ
WKRXJKLWLVVXEMHFWWRWKHORZHUPHQWDODWPRVSKHUHRIKLPVHOIDQGRWKHUV DOOWKHWKRXJKWVDQGTXHVWLRQV
DQGZRUULHVRIKXPDQLW\WKDWOLNHDFORXGDULVHEHWZHHQWKHWUXHPLQGRIHDFKPDQDQGWKHIDOVH7KH
SXSLOPXVWDQDO\]HKLVRZQVHOIDQGVHHNWKHPDWHULDORIKLVRZQPLQGLQRUGHUWRSDVVLQWRWKHPDWHULDO
DWPRVSKHUHRI1DWXUH
VVXEVWDQWLDOHPERGLPHQW:KHQ,WUDYHOHGRXWRIWKHERG\0FRQWLQXDOO\WROG
PHWRDVSLUHLQRUGHUWKDW,UHDFKDFHUWDLQDWPRVSKHUHZKLFKZDVDWUXHUH[SUHVVLRQRIP\LQQHUDQG
KLJKHUEHLQJ
0DQKDVZLWKLQKLPWKHHOHPHQWVRIILUHDLUZDWHUDQGHDUWKDQGWKHSRZHUWRDWWDLQWRWKHPHQWDO
FRQVFLRXVQHVVRIHDFKRIWKHVHGLIIHUHQWHOHPHQWDOVSKHUHVIRUZLWKLQKLPDUHWKHFRUUHVSRQGLQJVHDWVRI
JRYHUQPHQWE\ZKLFKWKHVHHOHPHQWVFDQEHFRQWUROOHG,QWKHFKDSWHUHQWLWOHG7KH0HHWLQJ,VSHDN
RIDVSLULWXDODULVWRFUDF\ZKRKDYHOHDUQHGWRXVHVXFKSRZHUV
7KHUHDUHPDQ\SHRSOHZKRUHWDLQDNQRZOHGJHRIVXFKHOHPHQWDOFRQVFLRXVQHVVDQGFDQVHHWKLQJV
IURPWKHHOHPHQWDOSODQHDVZHOODVIURPWKHKXPDQSODQH DJLIWSDUWLFXODUO\IRXQGZLWKLQYHQWRUVZKR
KDYHDIDLQWSHUFHSWLRQRI1DWXUH
VWUXWKVDQGZKRWKXVVHHNWRKDUQHVVWKHVHXQNQRZQODZVRI1DWXUH
2IWHQPDQ\SHRSOHLQWXLWLYHO\VWXPEOHXSRQ1DWXUH
VVHFUHWVEXWODFNWKHVFLHQWLILFWUDLQLQJWR
PDWHULDOL]HWKLVNQRZOHGJH7KLVLJQRUDQFHPXVWEHVXUPRXQWHGEHIRUHPDQFDQEHFRPHDPDJLFLDQ
7KHUHIRUHHYHQRXUH[SHULPHQWDOVFLHQFHKDVLWVXVHVDQGHYHQWKHPDWHULDOLVWLFVFLHQWLVWLQKLVHIIRUWV
WRGLVFRYHU1DWXUH
VVHFUHWVDOVRFUHDWHVDSDWKWR*RG
2QO\OLVWHQWRWKHLQQHU6HOIIRULQVWUXFWLRQIRUPDQ\RIWKHUHFRJQL]HGODZVRIVFLHQFHDUHIDOVHO\
H[SODLQHG,WLVLQWHUHVWLQJWRQRWHWKDWPDQ\RIWKHH[SODQDWLRQVWKDWWKHDQFLHQWVSRVVHVVHGIRUFHUWDLQ
SKHQRPHQDWKRXJKODXJKHGDWDQGVFRUQHGE\PRGHPVFLHQWLVWVDUH\HWVORZO\DQGXQZLOOLQJO\EHLQJ
DFFHSWHG$QLQWHUHVWLQJLQVWDQFHLQUHJDUGWRWKHSRZHURIWKHPRRQPD\EHPHQWLRQHG$VLVZHOO
NQRZQWKHDQFLHQWVDQGSHRSOHRIWKHPHGLDHYDOSHULRGVVWDWHGWKDWLIFHUWDLQWKLQJVZHUHJDWKHUHGDWD
FHUWDLQWLPHZKHQWKHPRRQZDVDWDFHUWDLQSKDVHWKHJDWKHUHGKHUEVRUDQ\RWKHUSDUWLFXODUWKLQJGRQH
EHQHDWKLWVEHDPVZRXOGSRVVHVVRUODFNDFHUWDLQLQIOXHQFH7KHVHEHOLHIVVRXQGHGVRLPSUREDEOHWKDW
VFLHQWLVWVGLGQRWHYHQWURXEOHWRLQYHVWLJDWH$QGQRZ,UHDGWKDWWKHPRRQEHVLGHVSRVVHVVLQJDQ
LQIOXHQFHXSRQWKHWLGHVGRHVSURGXFHDGLIIHUHQFHLQWUHHVFXWGRZQDWFHUWDLQRILWVSKDVHV$QGLI
WKHVHLQIOXHQFHVZRUNXSRQWUHHVZK\QRWXSRQKHUEV"+RZWKHDQFLHQWVNQHZWKHVHWKLQJV,FDQQRW
WHOO4XLWHSUREDEO\WKH\XVHGWKHVHILQHUVHQVHVWKDW,KDYHVSRNHQDERXWVRRIWHQ$VVFLHQWLILF
LQYHVWLJDWLRQSURFHHGV,WKLQNPDQ\PRUHVRFDOOHGVXSHUVWLWLRQVZLOOFRPSHOWKHZRUOGRIVFLHQFHWR
FKDQJHLWVYLHZVUHJDUGLQJWKHSRHWLFDOVXSHUVWLWLRQVRIWKHDQFLHQWV:KHQ,UHDGWKHDUURJDQWPDQQHU
ZLWKZKLFKFHUWDLQVFLHQWLVWVGLVPLVVWKURXJKVKHHULQWROHUDQFHWKLQJVGLVFRYHUHGE\WKRVHZKRKDYH
QRWHDUQHG8QLYHUVLW\GHJUHHV,DPDPD]HG)RUDERYHDOO,EHOLHYHWKDWDOOVHDUFKIRUNQRZOHGJH
VKRXOGEHLPSHUVRQDO$QGWKHPDQQHUZLWKZKLFKVFLHQWLVWVRSSRVHQHZDQGDQFLHQWWKHRULHVLV
VXIILFLHQWSURRIWKDWWKH\DUHQRWVRPXFKLQORYHZLWKWUXWKDVWKH\DUHZLWKWKHPVHOYHV
0
VPHWKRGRIWHDFKLQJZDVFRPSOHWHO\LQGXFWLYH$OVRKHZRXOGWU\WRWDNHPHWRWKRVHUHDOPV
ZKHUHWKHPLQGIRXQGLWVSRZHUIRUDKLJKHUDQGPRUHGHILQHGH[SUHVVLRQ7KHSULQFLSDOWRSLFZDV
VHOGRPRIDSHUVRQDOFKDUDFWHU GHDOLQJPRUHRUOHVVZLWKWKHQHDUHUDQGFOHDUHUILHOGVRIWKRXJKW+H
ZRXOGWHOOPHWKDWZKHQZHILQGWKHPLQGXQKDPSHUHGRILWVGLVFRUGDQWREMHFWLYHQDWXUHZHFDQWKHQ
EULQJLQWRXVHDILQHUPHQWDODWPRVSKHUH DVWLPXODWLQJDQGPRUHSRZHUIXOIRUFHRIWKRXJKWWKDWJLYHV
RQHWKHSRZHURIYLVLRQZKHQRXWRIWKHERG\5RXJKO\VSHDNLQJKHGLYLGHGWKHPLQGVXEVWDQFHLQWR
WKUHHGLIIHUHQWDWPRVSKHUHVWKURXJKZKLFK,KDGWRSDVV WKH\ZHUHOLNHPHQWDOVKHDWKV+HWROGPHWR
ZDWFKWKHFKDUDFWHURIWKRXJKWVZKLFKHQWHUHGLQWRP\PLQGDQDO\]HWKHPDQGUHDOL]HWKDWWKHVH
WKRXJKWVKDGDKLJKHUFRXQWHUSDUWRIH[SUHVVLRQ ZKLFKZDVRIWKHQDWXUHRIDQHPRWLRQIRUWKHVWXGHQW
PXVWOHDUQWRWUDQVODWHWKHWKRXJKWHPRWLRQVZKLFKDUHVHQWWRRQHZKLOHRQWKHLQQHUDQGKLJKHU
SODQHVVRWKDWWKHVWXGHQWFDQLQWLPHWUDQVODWHWKRXJKWHPRWLRQLQWRWKRXJKWDVUHFRJQL]HGE\WKH
ORZHUPLQG IRUWKHODQJXDJHRIWKHVHKLJKHUSODQHVLVE\WKHWKRXJKWHPRWLRQVDQGLWWDNHVDVWXGHQW
PDQ\\HDUVWREHDEOHWRXQGHUVWDQGVXFKDODQJXDJH$QGWKHVDPHSURFHVVZKLFK0KDGSDVVHG
WKURXJKLQOHDUQLQJKHVWURYHWRWHDFKPH
0DQ\DUWLVWVKHWROGPHLQWXLWLYHO\WUDQVODWHWKHVHHPRWLRQVRIWKHKLJKHUSODQHV,KDYHQRWLFHG
P\VHOIWKDWZKHQ,DPLQVSLUHGLWLVQRWDTXHVWLRQRIWKRXJKWVRPXFKDVDIRUPRIHFVWDV\ZKLFK,
WKLQNLVWKHODQJXDJHRIWKHVSLULWDQGWKHKLJKHUPLQG,WZLOOEHQRWLFHGWKDWEHIRUHHDFKFKDSWHU,KDYH
SODFHGDSURORJXHZKLFKLQVW\OHDQGH[SUHVVLRQLVWRWDOO\GLIIHUHQWIURPP\QRUPDOZULWLQJ7KHFULWLF
ZRXOGVD\WKDW,KDGDWWHPSWHGWREHDVW\OLVWDQGDUWLILFLDODQGWKDWVXSSRVLWLRQZRXOGEHWRWDOO\
LQFRUUHFWIRU,EXWH[SUHVVHGWKHKLJKHUHPRWLRQVLQWR,KRSHILWWLQJWKRXJKVWXPEOLQJODQJXDJH)RU,
KDGOHDUQWWKURXJK0
VWHDFKLQJVDQGIURPYDULRXVH[SHULPHQWVWKDW,FRXOGFRQWDFWPDQ\GLIIHUHQW
VWDWHVRIFRQVFLRXVQHVVDQGWKDWWKHVHVWDWHVZRXOGDOWHUP\PHWKRGRIH[SUHVVLRQDQGRQ
H[SHULPHQWLQJ,IRXQGWKDW,FRXOGGRVR
$VPHQWLRQHGSUHYLRXVO\,KDGOLWWOHNQRZOHGJHDVWRP\DELOLWLHVLQOLWHUDWXUH0\WHQWDWLYHHIIRUWV
KDGEHHQH[SHQGHGLQSURVHRIDIDQWDVWLFDQGLPDJLQDWLYHQDWXUHDOVRLQDUJXPHQWVSRQGHURXVDQG
SKLORVRSKLF%XWDIWHUPHHWLQJ0P\DVSLUDWLRQVFKDQJHGDQG,ZDVDPD]HGWRILQGKRZJUHDWDMR\
GZHOWLQWKHZULWLQJRIYHUVHZKLFKDOVRQHHGHGVRPDQ\TXDOLWLHVVXFKDVORJLFFRQFHQWUDWLRQ
SDWLHQFHSHUVLVWHQFHDQGFOHDUKHDGHGQHVV$QG,RQFHDVNHG0LIKHFRXOGJLYHPHZKDWKH
FRQVLGHUHGDJRRGGHILQLWLRQRIILQHDUWDQGKHUH,TXRWHKLVUHSO\
7KHZRUGVRIDJUHDWWHDFKHUDUHGLUHFWDQGFRQFLVHDQGVHHPLQJO\VSRNHQZLWKRXWHIIRUW$SRHP
IURPWKHKLJKHUVSKHUHVRIEHLQJLVGHWHUPLQHGHQHUJ\VLPSOLILHG,WFDXVHVRQH
VPLQGWRDZDNHQLQWR
WKHQDWXUHRIWKHVSKHUHIURPZKLFKWKHSRHPZDVGHULYHGDQGWKXVFDXVHVWKHPLQGWRKDUPRQL]HLWVHOI
ZLWKWKHKLJKHUFRXQWHUSDUWRIWKLVSRHP$QGIRUWKDWUHDVRQDJUHDWSRHPGRHVDJUHDWZRUNIRULWKHOSV
WKHPLQGWREUHDNWKURXJKWKHORZHUPHQWDOHQYLURQPHQWDQGEULQJVLWWRWKHVSKHUHZKHUHVHOIWKRXJKW
FDQEHHQJHQGHUHG
,WLVPRVWLPSRUWDQWIRUDQDUWLVWQRWWRVKRZKLVZRUNXQWLOLWLVFRPSOHWHGIRUPDQ\XQVHHQVSLULWV
GZHOOLQJRQWKHORZHUSODQHVFDQWKHQVHHWKHZRUNZKHQWKHDUWLVWVSHDNVDERXWLWDQGVKRZVLWWRKLV
IULHQGV$OVRLWLVOLNHEULQJLQJLQWRLQFDUQDWLRQDQXQILQLVKHGERG\DQGWKHPDQ\LJQRUDQWIRUFHVWKDW
VXUURXQGPDQXSRQWKHORZHUSODQHVDUHRQO\WRRZLOOLQJWRSUHYHQWWKHDUWLVWIURPFRPSOHWLQJKLVZRUN
RUHOVHFRQWDFWLQJKLPWRDORZHUVRXUFHRIDUWVRWKDWLIKHGRHVFRPSOHWHLWLWZLOOQRWEHDVILQHDQGDV
ILQLVKHGDVWKHDUWLVWKDGLQKLVRULJLQDOLQVSLUDWLRQFRQFHLYHGLWWREH,WKLQNLWLVYHU\QRWLFHDEOHWKDW
PDQ\SHRSOHZKRVSHDNDJUHDWGHDODERXWZKDWWKH\LQWHQGGRLQJVHOGRPFRPSOHWHWKHLUWDVN
$JDLQ0VD\V,QWKHKLJKHUSODQHVWKHDUWLVWKDVEXLOWXSKLVRZQPDWHULDODQGPDQ\WLPHV
DVVLVWDQFHLVJLYHQKLPLQRUGHUWKDWKHPD\FRQWDFWKLVRZQFUHDWLYHHQHUJ\ZKLFKKHKDVHVWDEOLVKHGRQ
WKHLQQHUSODQHV0DQ\SRHPVDUHEXWSRRUWUDQVODWLRQVRIWKHSRHW
VUHDOLQQHUWKHPHVDQGRIWHQZKHQ
RXWRIWKHERG\RQHILQGVDSRHWVWXG\LQJKLVRZQSRHPVDQGHQGHDYRULQJWREULQJWKHPGRZQLQWRD
PRUHPDWHULDOIRUPVRWKDWKHPD\UHPHPEHUWKHPZKHQLQWKH(DUWKDZDNHQHGFRQVFLRXVQHVV,KDYH
PHQWLRQHGHOVHZKHUHWKDW,KDYHRIWHQUHDGFRPSOHWHSRHPVLQP\GUHDPOLIHDQGHYHQQRZ,KDYHD
UHFROOHFWLRQRIWKHLUYHUVHIRUPVDQGVXEMHFWV
6RPHWLPHVWKHSRHWUHDGVKLVRZQZRUNVRQWKHKLJKHUSODQHVWKHQGHVFHQGVZLWKLWWRDPLGGOH
SODQHDQGVWULYHVWRPDNHWKLVSRHPFRUUHVSRQGZLWKWKHLQWHOOLJHQFHRIWKLVPLGGOHSODQHDQGKHUHDV
ZHOODVRQWKHKLJKHUSODQHKHUHFHLYHVWKHDLGRIDWHDFKHUZKRDWWHPSWVWRLPSUHVVWKHDUWLVW
VPLQGZLWK
KLVPDWHULDOZKHQKHDZDNHQVRQWKHSK\VLFDOSODQH,WLVDOZD\VWKHDLPRIWKHVHWHDFKHUVZKRDVVLVWWKH
DUWLVWWREULQJLQWRLQFDUQDWLRQDZRUNRIWKHQDWXUHRIWKHKLJKHUVSKHUHV$OVRWKH\HQGHDYRUWRKHOSWKH
DUWLVWWRNHHSWKDWVDPHYLWDOLW\RIWKRXJKWHPRWLRQVWKDWWKHZRUNSRVVHVVHVRQWKHKLJKHUUHDOPV
7KHUHH[LVWVDIUDWHUQLW\RIZLVHPHQDJURXSZKRKDYHJRYHUQHGWKLVSODQHWHYHUVLQFHLWFDPHLQWR
EHLQJZKRDUHGHWDLOHGWRZDWFKSURWHFWDQGWHDFKWKRVHVWXGHQWVZKRDUHGHHPHGVWURQJHQRXJKWR
EHFRPHLQVWUXPHQWVIRUWKHFXSRIWKHVSLULW LQVWUXPHQWVWKURXJKZKLFKWKHFRQVFLRXVQHVVRIWKHUHDOLW\
PD\PDQLIHVWDQGWKHVHVWXGHQWVDUHWKHWRUFKEHDUHUVZKRZLOOVWLPXODWHWKHPLQGVRIKXPDQLW\WR
VHOIWKRXJKW 7KHUDQJHRIWKHVHKHOSHUVLVXQOLPLWHG WKURXJKWKHDUWVWKURXJKVFLHQFHWKURXJK
FRPPHUFHDQ\RQHZKRHDUQHVWO\VHHNVFDQEHFRPHDQLQVWUXPHQWRIJUHDWHURUOHVVHUGHJUHH(YHQWKH
FKHDS&KULVWPDVFDUGLVDVLPSRUWDQWIRUWKHOHVVFXOWXUHGPLQGDVWKHPDVWHUSLHFHLVIRUWKHFXOWXUHG
(OOD:KHHOHU:LOFR[KLVEHHQDJUHDWVWLPXODQWWRWKRXVDQGVRIPLOOJLUOVZKRQHHGHGHQFRXUDJHPHQW
)RUWKHUHDUHPLQLVWHULQJVRXOVIRUDOO7KHFXSRIWKHVSLULWLVQHYHUZLWKKHOGIURPWKRVHZKRVHHNWR
JLYHWKHLUEHVWWRKXPDQLW\2QFHDJUHDW$PHULFDQWHDFKHUWUDYHOHGIURP&KLQDWRPLQLVWHUWRWKHSUD\HU
RIDKDOIEUHHG,QGLDQGZHOOLQJVRPHZKHUHLQWKHZLOGVRI/DEUDGRUDQGZKRZDVFDOOLQJIRUVSLULWXDO
KHOS7KLVWHDFKHUZLWKKLVSXSLOWRRNDORQJVOHGJHMRXUQH\WRJLYHWKHILUVWLQVWUXFWLRQWRWKLVVRXO
FU\LQJRXWLQWKHZLOGHUQHVV
7RUHWXUQWRWKHDUWLVWZKRKDVLQWXLWLYHO\XVHGWKHRFFXOWPHWKRGRIDUWH[SUHVVLRQ0PHQWLRQHG
:KLVWOHUDVDQLQVWDQFHRIRQHZKRKDGGHYHORSHGWKDWILQHUSHUFHSWLRQWKHKLJKHUPHQWDOLW\)RUKH
VKDGRZHGIRUWKDQHZSHUFHSWLRQZKLFKWKRXJKLQWKHEHJLQQLQJZDVQRWXQGHUVWRRGDQGZDVGHULGHG
ZDVODWHURQXOWLPDWHO\DFFHSWHGE\WKHPDMRULW\RIDUWLVWV+HZDVDV0VDLGDIRUHUXQQHUZKRFDPHWR
WHDFKWKHZRUOGWRVHH
7KHPDWHULDOHVVHQFHRIPLQGZLWKZKLFK,EHFDPHIDPLOLDUZKHQWUDYHOOLQJRXWRIWKHERG\LVWKH
PLUURULQZKLFKWKHKLJKHUHPRWLRQVDQGWKRXJKWVRISHRSOHDUHUHDG%XWLWLVRIWHQEHFORXGHG)RUWKH
UHDVRQZK\SHRSOHFDQQRWVHHDQGUHFHLYHLPSUHVVLRQVDQGWKRXJKWVRIRWKHUSHRSOHLVEHFDXVHWKLVILQHU
DWPRVSKHUHLVHQVKURXGHGE\LWVORZHUFRXQWHUSDUWLQZKLFKGZHOOVWKHODUYDHRILQWROHUDQFHDQGWKH
GHEULVRIXQWKLQNLQJPLQGV
0DOVRHPSKDVL]HGWKHQHFHVVLW\IRUFDUHZKHQVSHDNLQJXSRQPDWWHUVGHDOLQJZLWKWKHZHOOEHLQJ
RIRWKHUVIRUKHVRXJKWWRXQGHUVWDQGWKHPRWLYHVUDWKHUWKDQWKHDFWLRQVRIKLVSXSLOV DQDVSHFW,KDYH
PHQWLRQHGHOVHZKHUHDQGZKLFKLQWKHOLJKWRIWKLVQHZNQRZOHGJHFDQQRZEHXQGHUVWRRGIRUWKH
HPRWLRQVH[SUHVVHGE\WKHKLJKHUSRUWLRQVRIWKHPLQGDUHVRPHWLPHVGLVWXUEHGDQGGHIOHFWHGE\WKH
GHEULVRIRWKHUDQGORZHUPLQGV3URYLQJ,WKLQNWKDWIHZSHUVRQVWUXO\H[SUHVVWKHPVHOYHVIRUWKH\
FDQQRWUHDFKWKDWWUXHSDUWRIWKHPVHOYHVWKDWZRXOGJLYHWKHPDQHZRXWORRNDQGXQGHUVWDQGLQJRIWKHLU
LQQHUEHLQJV&RQFHQWUDWLRQLVWKHNH\WRPRWLYHDFWLRQDQGRQHVKRXOGKROGWUXHWRWKHLQQHUDQGKLJKHU
HPRWLRQVUHJDUGOHVVRIZKDWWKHFULWLFVPLJKWVD\$OVRRQHVKRXOGREH\WKHFRPPDQGLQJYRLFHRI
LQWXLWLRQIRUWKHLQWXLWLRQQHYHUEHWUD\V\RXDVWKHKHDUWWRRRIWHQGRHV
$QGLQDQVZHUWRIXUWKHUTXHVWLRQVUHJDUGLQJWKHPLQGDQGKRZWRDWWDLQWRVXFKDFOHDUDQGWUXHVWDWH
RIFRQVFLRXVQHVV0VDLG <RXVKRXOGWHOOWKHZRUOGWKDWWKHUHLVDJUHDWVSLULWXDOFRQVFLRXVQHVVWKDW
KDVQHYHUGHSDUWHGIURPLWVPHPEHUV,QWKHSDVWWKHUHKDGEHHQDJUHDWFLYLOL]DWLRQDQGWKRXJKLWV
PHPEHUVKDGEHHQVFDWWHUHGDQGDVVHPEOHGDQGVFDWWHUHGDJDLQDQGDJDLQ\HWHYHU\PHPEHUFDOOVWRLWV
RZQWKLVIDWKHUDQGPRWKHUZKRKDYHVRFDUHIXOO\QRXULVKHGWKHP$QGWRGD\WKHUHLVVWLOODQXQGHUO\LQJ
FKRUGVWUHWFKLQJIURPLWVJROGHQDJHWRWKRVHVXEMHFWVGHHPHGZRUWK\RILWVQRWLFHIRUWKLVFLYLOL]DWLRQ
KDVFDUULHGLWVHOILQLWVHYROXWLRQLQWRRXUSUHVHQWDQGHYHQLQWRRXUIXWXUHDQGLIZHVWLOOGHVLUHWRDWWDLQ
WRLWVFRQVFLRXVQHVVDQGWKHNQRZOHGJHRIWKHSODQDQGSXUSRVHRILWVPDQLIHVWDWLRQ DQGLIZHKDYHH\HV
WRVHHZHFDQSHUFHLYHWKDWLQRXUPLQGVWKHUHLVVWLOODILODPHQWFRQQHFWLQJXVZLWKWKHREMHFWRIWKLV
JUHDWFRQVFLRXVQHVVZKLFKLVWKHFUHDWLRQRILGHDOVQRXULVKHGE\1DWXUHDQGIRVWHUHGE\WKHVWHP
UHVWOHVVVSLULWRIHWHUQLW\
³,WKDVWRGD\LWVSODFHDQGPDQLIHVWDWLRQLQRXUPHQWDOZRUOGDQGLWKDVJLYHQWRWKRVHZKRZLOOZDON
WKH3DWKOHDGLQJWR5LJKW$FWLYLW\DNQRZOHGJHZKLFKZLOOOLEHUDWHWKHPIURPEHLQJWKHVODYHWRWKDW
PHQWDOGHEULVZLWKZKLFKWKH\KDYHHQFXPEHUHGWKHPVHOYHV)RULWVJUHDWLGHDOPD\EHFRPHWKHWHDFKHU
RIDOOPDQNLQG)RUWKHLGHDOWKDWKDVEHHQJLYHQWRWKLVJUHDWDQGLQFDUQDWHGFRQVFLRXVQHVVZDVWR
HVWDEOLVKLQPHQ
VPLQGVDNQRZOHGJHRIMXVWUHODWLRQVKLSEHWZHHQPDQDQGPDQ7KHLJQRUDQWPD\VD\
%XWZKDWFDQWKLVDULVWRFUDF\RIPLQGKDYHWRGRZLWKMXVWMXGJPHQWDQGWKHUXOLQJRIWKHZRUOG"
$QG
WKHDQVZHULV (YHQWXDOO\DJUHDWLGHDOZLOOUXOHWKHZRUOGDQGQRKHDUWZLOOEHVDIHIURPLW
³-XVWDVPDQ
VERG\LVQRXULVKHGE\1DWXUH
VHOHPHQWVRUSURGXFWVVLPLODUO\ZLOOKLVPLQGEH
QRXULVKHGLIKHZLOOEXWGUDZXSRQWKRVHILQHUHOHPHQWVRIPLQGZKLFKLOOXPLQDWHPDQ
VPHQWDOERG\,I
E\DVSLUDWLRQDQGGHVLUHPDQVHHNVWRUHVXPHKLVVRYHUHLJQW\LQ1DWXUHKHFDQGHULYHPHQWDOVWLPXODWLRQ
DQGSRZHUIURPWKHFRUUHVSRQGLQJPHQWDOLWLHVRIZKLFK1DWXUHLVHQGRZHG0DQ
VPLQGLVEXWDIXOFUXP
ZKLFKKHFDQDGMXVWWRWKHPDQ\PHQWDODWWULEXWHVRI1DWXUH
0\WHDFKHUKDVFRQVWDQWO\LPSUHVVHGXSRQPHWKHLPSRUWDQFHRIVWXG\LQJDQGEHFRPLQJDFTXDLQWHG
ZLWKWKHPHQWDOLWLHVZKLFKDUHRIILUHDLUZDWHUDQGHDUWK:HFDQGLYLGHWKHPLQGLQWRWKUHH
GHWHUPLQDWLYHIDFWRUVWRDVVLVWXVLQRXUPHQWDOGHYHORSPHQWZKLFK,KDYHPHQWLRQHGSUHYLRXVO\ DOVRLW
PXVWHVWDEOLVKLWVHOILQLWVWUXHSODFHDQGSRVLWLRQLQ1DWXUH
VFRQVFLRXVQHVVLQRUGHUWREHFRPH
FRQVFLRXVRILWVGHWHUPLQHGSODQLQHYROXWLRQ DQGLWPXVWDVVXPHLWVGHWHUPLQDWLYHIDFXOW\RUSRZHULQ
1DWXUHIRULWVLGHDOLVGHWHUPLQHGDQGWKDWLGHDOPXVWEHFRPHNQRZQWRWKHVWXGHQWHUHKHFDQWDNHKLV
WUXHSODFHDQGDVVHUWWKLVLGHDOLQ1DWXUH
,I\RXFRXOGRQO\UHDOL]H
0VDLGKRZMXVW1DWXUHLVDVDODZJLYHU\RXZRXOGQRWEUHDNKHU
FRPPDQGPHQWV)RUZHJRWRWKH*UHDW0RWKHUIRUNQRZOHGJHRIWKHODZVRIFRQWUDVWHGHQHUJLHVDV
HQHUJ\LVWKHNH\QRWHWRVXFFHVV$NQRZOHGJHLQPHQWDODQGFRQWUDVWHGHQHUJLHVEUHDNVGRZQWKHZLOOWR
SRZHUWKDWSRZHUDQGNQRZOHGJHZKLFKPDJLFLDQVKDYHVRXJKWWRDWWDLQEXWFDQQHYHUJHWWKURXJKODFN
RIWKDWQRXULVKPHQWZKLFKWKH*UHDW0RWKHUDORQHUHYHDOVWRKHUWUXHVRQV
$V,KDYHPHQWLRQHGLQWKHVKRUWQRWHXSRQWKHKLJKHUV\OSKVWKH\ZLOOQRWSHUPLWWKHPHQWDOO\DQG
PRUDOO\XQFOHDQWRHQWHUWKHLUSXUHDQGKLJKHUNLQJGRPVIRUWKHVHSRZHUVORRNXSRQPDQDVD
GHVWUXFWLYHFUHDWXUHDQG,WKLQNULJKWO\VR,PDJLQHWKHVHHYLOSRZHUVWKHEODFNPDJLFLDQVRUWKH
EURWKHUVRIWKHOHIWKDQGHQWHULQJWKHVHNLQJGRPVZKDWDWHUULEOHSRZHUIRUGHVWUXFWLRQWKH\ZRXOG
SRVVHVV$QG,WKLQNLIPDQTXHVWLRQVWKHH[LVWHQFHRIWKHJRGVDQGWKHHOHPHQWDOSHRSOHVWKHDQVZHUWR
VXFKDTXHVWLRQ :K\KDYHWKH\QRWVHHQWKHP"OLHVLQWKLVSDUDJUDSK)RUKRZPDQ\DUHWKHUHZKR
DUHILWWRHQWHUWKHVHNLQJGRPV"
0FRQWLQXHVIXUWKHU 7KHPDVWHUVRIFRXUDJHDUHQRWEOLQGHGE\VHOILVKHJRWLVP7KH\KDYHQR
SHUVRQDOLW\IRUWKH\QHHGQRQHDVWKH\DUHGLUHFWHGDQGLQGLYLGXDOL]HGDVDXQLWDXQLWHGFRQVFLRXVQHVV
ZKLFKZLOOEHWUXO\UHFRJQL]HGE\WKRVHZKRKDYHSDUWDNHQRI1DWXUH
VZLVGRP7KHPDVWHUVRIFRXUDJH
DUHQHHGHGIRUWKH\VWLOOVWLPXODWHPLQGVWRDVVXPHWKHLUODZIXOKHULWDJH PHDQLQJWKRVHPLQGVZKR
VWULYHWRZRUNLQKDUPRQ\ZLWKWKHODZVRI1DWXUHDQGZKRVWULYHWRXQORFNWKDWVRXUFHRIPHQWDODQG
VSLULWXDOFUHDWLYHHQHUJ\7KHPLQGLVDQH[SUHVVLRQRIDQLGHDOZKLFKIRVWHUVDQGQRXULVKHVPDQNLQGLQ
RUGHUWRXQLI\PDQZLWK0RWKHU(DUWKJLYHQRXULVKPHQWWR0RWKHU$LUDQGVODNHWKHWKLUVWRIWKRVHZKR
VHHNWRSDVVWKHLOOXVLRQSODQHV
2XUSK\VLFDOERGLHVGHULYHQRXULVKPHQWIURPIRRGVXSSOLHGE\1DWXUH'RSHRSOHUHDOL]HZKHUH
WKHLUPHQWDOQRXULVKPHQWFRPHVIURP"7KRXJK,DPQRWSHUPLWWHGWRVWDWHIXOO\WKHSODQHVDQGWKH
PHWKRGLQZKLFKZHWDNHPHQWDOQRXULVKPHQW,PD\VWDWHWKDWVXFKQRXULVKPHQWGRHVQRWFRPHIURPWKH
SK\VLFDOIRRGWKDWZHWDNHLQWRRXUERGLHVEXWIURPDWRWDOO\GLIIHUHQWVRXUFH
1RZDGD\VWKHSV\FKRDQDO\VWVWDWHVWKDWQHDUO\DOORXULGHDVRXULQYHQWLRQVRXULQVSLUDWLRQVDUHEXW
WKHSURGXFWVRIWUDQVPXWHGVH[HPRWLRQVPDGHEHDXWLIXORURWKHUZLVHE\WKHDFWLRQVRIWKHVXEFRQVFLRXV
PLQG7UDQVPXWHGVH[IRUFH,YHQWXUHWRVXJJHVWPLJKWEHEXWWKHHQHUJ\QHFHVVDU\WRFRPPHQFHDQG
FRPSOHWHRXUDUWLVWLFFRQFHSWLRQVRULQYHQWLRQV,WPLJKWEHEXWWKHSK\VLFDOSRZHUWKDWJLYHVVWUHQJWKWR
FRQFHQWUDWLRQEXWQRWWRLQVSLUDWLRQLQVSLUDWLRQFRPLQJIURPDWRWDOO\GLIIHUHQWVRXUFH/HWXV
FRQFHLYHWKHPLQGDVDZLUHOHVVLQVWUXPHQWWKDWQHHGVDFHUWDLQDPRXQWRIHQHUJ\WRWLPHLWXSLQRUGHU
WKDWLWPD\FDWFKWKHILQHUYLEUDWLRQVWKDWHQHUJ\XVHGPD\EHWKHVH[IRUFH2EYLRXVO\WKHLQVSLUDWLRQLV
FRORUHGDQGPROGHGE\WKHSHUVRQDOLW\7KHUHLVDQRWKHUDVSHFWRIWKHVXEFRQVFLRXVWKDW,WKLQNLVYHU\
SX]]OLQJDQGLQWKHOLJKWRI0
VWHDFKLQJVPD\VROYHWKHSUREOHP7KHTXHVWLRQLV +RZFDQD
VXEFRQVFLRXVDQGDXWRPDWLFSDUWRIRXUVHOYHVSURGXFHDXQLILHGDSHUIHFWHGDQGKDUPRQLRXV
PDVWHUSLHFHWKDWVRPDQ\JHQLXVHVRIWKHSDVWKDYHFUHDWHGZKHQWUXO\LQVSLUHG"2FFXOWLVWVKDYHVDLG
WKURXJKRXWWKHDJHVWKDWWKHUHH[LVWVZLWKLQXVPDQ\VHOIFRQVFLRXVXQLWVZKRZRUNLQKDUPRQ\DQG
REH\WKHFRPPDQGVRIWKHVRYHUHLJQVSLULW6XUHO\VXFKDEHOLHIVLPSOLILHVDOOWKHWRUWXRXVDQG
XQVDWLVIDFWRU\WKHRULHVVLQFHWKH\DUHEXWWKHRULHVIRUWKHSV\FKRORJLVWVKDYHEURXJKWIRUZDUGOLWWOH
DFWXDOO\SURYHGWREHVFLHQWLILFDOO\WUXH6FLHQWLVWVDUHVRXQZLOOLQJWRDFFHSWWKHUHPRWHVWSRVVLELOLW\RI
VRPHWKLQJJUHDWHUWKDQWKHPVHOYHVWKDWWKH\ZLOOZLOOLQJO\HQWDQJOHWKHPVHOYHVLQDQHWZRUNRIIDQWDVWLF
FRQFHSWLRQVWKDWDUHDWWLPHVPRUHLPSUREDEOHWKDQWKHSRVVLEOHH[LVWHQFHRIWKHJRGV:KHQRQH
H[SHULHQFHVDVVRPDQ\KDYHH[SHULHQFHGWKHVHSUHPRQLWLRQVWKHVHLQWXLWLRQVDQGWKHPDQ\XQVROYHG
P\VWHULHVRIWKHVRXOKRZIRROLVKRQHZRXOGEHWRGHQ\WKHH[LVWHQFHRIWKHVHFRQVFLRXVSRZHUVWKDW
FDOORXWWRXVFRQWLQXDOO\WKDWWKH\GRH[LVW,IZHFRXOGORRNXSRQPDQDVDKLYHIURPZKHQFHWKHEHHV
VHHNKRQH\QRWDORQHIURPWKHQHDUE\IORZHUVEXWIURPIORZHUVWKDWEORVVRPLQXQVHHQDQGIRUHLJQ
ODQGVZHPLJKWKDYHDWUXHUDQGFRPSOHWHUXQGHUVWDQGLQJDVWRWKHLQQHUIRUFHVRIPDQ
$QGLQUHJDUGWRVXFKLQQHUSRZHUV,WKLQN0
VQRWHXSRQV\PEROVZLOOQRWEHRXWRISODFH
3HULRGLFDOO\WKUHHJUHDWKLHUDUFKDOIRUFHVSRXUXSRQKXPDQLW\VWLPXODWLQJDQGHQJHQGHULQJWKHPLQG
ZLWKDQHZFUHDWLYHHOHPHQWJLYLQJPDQSRZHUWRDSSUHKHQGDQGPDNHNQRZQWRKLVFRQVFLRXVQHVVD
NQRZOHGJHRIODZV)RULQVWDQFHDWRQHSHULRGWKH$VV\ULDQVDQG%DE\ORQLDQVKDGDWUXHDQGFRPSOHWH
NQRZOHGJHRIDVWURQRP\DQGDVWURORJ\WKH(J\SWLDQVDNQRZOHGJHDQGXQGHUVWDQGLQJRIWKHKLGGHQ
IRUFHVRI1DWXUHDQGWKH*UHHNVDFRQVFLRXVQHVVRIUK\WKPDQGEHDXW\,WKLQNLQUHJDUGWRWKHVH
KLHUDUFKDOSRZHUVVXFKIRUFHVFDQHDVLO\H[SODLQWKHUHDVRQZK\KXPDQLW\LQGLIIHUHQWSHULRGV
ZRUVKLSSHGDQGFUHDWHGJRGVDQGV\PEROVWKDWZHUHWKHZHOOGHILQHGH[SUHVVLRQVRILQQHUSRZHUV
ZKLFKPDQNLQGRIWRGD\KDYHQRWFRQWDFWHG)RUZHPXVWSDVVWKURXJKDQXPEHURISKDVHVDOOGLIIHUHQW
LQDVSHFW$QGWRGD\WKHIRUFHVWKDWSOD\XSRQKXPDQLW\SRVVHVVDGLIIHUHQWIRUPRIFRQVFLRXVQHVV
ZKLFKZKHQIXOO\H[SUHVVHGZLOODOVRSDVVDZD\7KRXJKDV,PHQWLRQHOVHZKHUHWKH\ZLOODJDLQ
UHWXUQLQRUGHUWRZHDYHLQWRQHZUDFHVWKHLUDQFLHQWDQG\HWQHZIRUPRIGLYLQHH[SUHVVLRQ
2QO\ZKHQWKHJUHDWJROGHQDJHDJDLQUHWXUQV0WROGPHZLOODOOWKRVHPXWHGFKRUGVRI
FRQVFLRXVQHVVDZDNHQDQGEOHQGLQJKDUPRQLRXVO\VXUJHLQWRWKHEHLQJVRIDOOPHQPDNLQJWKHFOD\D
IRXQWIRUWKHHFVWDV\WKHILUHWKHZLVGRPDQGWKHJORU\RIWKHJRGV
7KHUHIRUH,WKLQNLWLVXQZLVHWRFRQVLGHUWKHDQFLHQWVEXWVXSHUVWLWLRXVDQGSRHWLFVDYDJHV)RUWKHLU
PHWKRGVRIDSSURDFKLQJWKHSUREOHPVRIOLIHZHUHDVORJLFDODVLQRXURZQHSRFK$IWHUDOOZK\VKRXOG
LWQRWEHSRVVLEOHWRKDUPRQL]HDOOWKHDSSDUHQWO\FRQWUDGLFWRU\FRQFHSWLRQVRIOLIHDQGRIWKHXQLYHUVH
E\WKDW,PHDQSUREDEO\PDQ\RIWKHDQFLHQWDQGPDQ\RIWKHPRGHPLGHDVPD\EHFRUUHFW7KH
IDQWDVWLFWKHRU\PD\EHSHUIHFWO\VFLHQWLILFXSRQLWVRZQSODQHRIPDQLIHVWDWLRQ7KH\RJLRURFFXOWLVWE\
SRVVHVVLQJDNQRZOHGJHRIWKHVHXQNQRZQODZVFDQSURGXFHXSRQWKH(DUWKSKHQRPHQDZKLFKQRW
EHLQJXQGHUVWRRGE\VFLHQFHLVFRQVLGHUHGWULFNHU\,WLVXQIRUWXQDWHIRURXUPLQGVWKDWWRGD\ZHUHIXVH
WRDFFHSWFHUWDLQSKHQRPHQDVLPSO\EHFDXVHZHKDYHWUDLQHGRXUPLQGVWRWKLQNLQDGRJPDWLFZD\)RU
LQVWDQFHEHFDXVHWKHVFLHQWLVWVFDQLPLWDWHWKHSKHQRPHQDRIVSLULWXDOLVPGRHVWKDWSURYHWKDW
VSLULWXDOLVPLVXQWUXH":KLOHWKHVLPSOHIDFWLVWKDWRWKHUVFLHQWLILFODZVDUHLQRSHUDWLRQRIZKLFKWKH
PDWHULDOLVWLFVFLHQWLVWLVXQDZDUHVLPSO\EHFDXVHKHKDVQRWWURXEOHGWRJLYHWKHPDWWHUVHULRXV
LQYHVWLJDWLRQ,SUHVXPHZKHQLQVRPHFHQWXULHVWRFRPHRQO\V\QWKHWLFVXEVWDQFHVZLOOEHPDGHPDQ\
RIRXUQDWXUDOVXEVWDQFHVWKDWZHXVHQRZDGD\VZLOOEHWKRXJKWQHYHUWRKDYHH[LVWHGXQWLOVFLHQFHKDG
GLVFRYHUHGWKHZD\WRSURGXFHWKHP
%XWWRUHWXUQWR0
VWHDFKLQJVUHJDUGLQJWKHKLHUDUFKDO IRUFHV $OWRJHWKHUWKHUHDUHWZHOYHJUHDW
JOREHVRIFRQVFLRXVQHVVDQGHDFKJOREHKDVLWVRZQLQGLYLGXDOV\PERODQGLWLVRQO\E\WKHSURSHUXVH
DQGXQGHUVWDQGLQJRIDV\PEROWKDWWKHVWXGHQWFDQFRQWDFWWKHVHJOREHVRIFRQVFLRXVQHVVDQGPDNH
NQRZQWRVHOIWKHNQRZOHGJHRIWKHLUPDQLIHVWDWLRQ)RUZLWKLQPDQWKHUHDUHORFNHGFKDPEHUVLQZKLFK
LVVWRUHGWKHZLVGRPJDLQHGZKLOHSDVVLQJWKURXJKWKHVHVRFDOOHGSDVWF\FOHVDQGE\WKHSURSHUXVHRI
WKHVHV\PEROVWKHVHHNHUFDQXQORFNWRVHOIDNQRZOHGJHRISDVWHQGHDYRUV
0WROGPHWKDWRIWHQKHXVHGWRVLWGRZQDQGJRLQWRWKHVHSDVWSHULRGVDQGFRPHLQWRXFKZLWKWKH
$NDVKLFUHFRUGVDWHUPXVHGE\WKH7KHRVRSKLVWVZKHQVSHDNLQJDERXWWKHPHPRU\RIWKH(DUWKDQG
WKHUHKHZRXOGVHHDOPRVWDVFOHDUO\DVRQHZRXOGVHHDQDQLPDWHGSLFWXUHRIWKUHHGLPHQVLRQVWKH
KDSSHQLQJVRIWKRXVDQGVRI\HDUVDJR7KH(DUWKKHVDLGKDVKHOGSRSXODWLRQVDVGHQVHDQGPXFK
PRUHVRDVLQRXURZQWLPH+HKDGVHHQDUPLHVXSRQDUPLHVLQFRXQWOHVVQXPEHUVPDUFKLQJDQG
ILJKWLQJDJDLQVWRQHDQRWKHUPLOOLRQVXSRQPLOOLRQVZLWKDOOWKHLUQXPHURXVZHDSRQVRIZDUFDUULHGLQ
FDUV0DQKDVQRFRQFHSWLRQRIZKDWWKHVHJUHDWDUPLHVKDGKHFRQWLQXHG
2QHRIWKHJUHDWHVWVHFUHWVWKDW*RGFDQUHYHDOWRPDQLVWKHNQRZOHGJHDQGXVHRIDV\PEROIRU
HDFKV\PEROKDVLWVKLJKHUFRXQWHUSDUW$V3\WKDJRUDV KDVVDLG
$VDERYHVREHORZ
EXWDVHOILVKPDQ
FDQQRWJDLQDNQRZOHGJHRIWKLVKLJKHUFRXQWHUSDUWXQWLO1DWXUHKDVUHYHDOHGWRKLPDFRQVFLRXVQHVVRI
+HUUHDOLW\+HZKRZRXOGXVHWKHVHVDFUHGP\VWHULHVPXVWKDYHDNQRZOHGJHRIKLVSODFHDQGSRVLWLRQ
LQ1DWXUHLHWKLVLVKLVILUVWLOOXPLQDWLRQ)RUWUXHLOOXPLQDWLRQLVWKH*RGZLWKLQUHYHDOLQJ+LVWUXH
QDWXUHWRWKHPLQGDQGEHLQJRI+LVVHHNHUDQGJLYLQJDNQRZOHGJHWRWKHVHHNHURIKLVSODFHDQG
SRVLWLRQLQ1DWXUHZKLFKLVUHDOO\DNQRZOHGJHRIWKHVHHNHU
VRZQOLPLWDWLRQVLQWKLVLQFDUQDWLRQJLYLQJ
KLPDQXQGHUVWDQGLQJQRWWRXVHSRZHUVWKDWKDYHQRGLUHFWEHDULQJXSRQKLVSUHVHQWZRUNLQOLIH0DQLV
RQO\KDSS\ZKHQKHFDUULHVRXWWKHGHVLUHVDQGGLFWDWHVRIKLV+LJKHU6HOI,IKHGRHVQRWGRVRKH
JHQHUDOO\PHHWVZLWKPXFKRSSRVLWLRQDQGSDLQIRUKHPXVWREH\WKDWEHLQJZLWKLQKLPVHOIZKRKDV
SODQQHGWRZRUNLQKDUPRQ\ZLWKWKHODZVRI*RG0FRQFOXGHG
,WKLQNWKHUHDVRQZK\ZHVXIIHUVRPXFKLVEHFDXVHZHKDYHIRUJRWWHQRXUGLYLQHWDVNVZKHWKHU
WKH\EHKXPEOHRUJUHDW7KRXJKDV,PHQWLRQHOVHZKHUHZHKDYHWRFRQTXHUWKHRSSRVLQJIRUFHVRI
HYLOWKDWDUHVHQWWRXVLQRUGHUWRJLYHXVVWUHQJWKDQGH[SHULHQFH,IRQO\PDQGLVFRYHUHGKLVRZQZRUN
LQOLIHKHZRXOGQRWLQWHUIHUHLQWKHZRUNRUEHOLHIVRIKLVIHOORZEHLQJV,PHQWLRQEHOLHIVEHFDXVH,DP
UHPLQGHGRIWKHJUHDWNQRZOHGJHSRVVHVVHGE\WKRVHUDFHVKROGLQJWRUHOLJLRQVRWKHUWKDQ&KULVWLDQLW\
DQGZKRPZHHQGHDYRUWRFRQYHUWWREHOLHIVWKDWVRPHRIWKHVHSHRSOHVKDYHORQJVLQFHSDVVHG,QRXU
YDQLW\ZHLPDJLQHWKDWWUXWKKDVEHHQJLYHQRQO\WRWKRVHZKRFDOOWKHPVHOYHV&KULVWLDQVZKHQJUHDW
DQGHYHQPRUHKLJKO\GHYHORSHGWUXWKVKDYHEHHQJLYHQWRFHUWDLQUDFHVZKRPZHFRQVLGHULQWKHOLJKW
RUGDUNQHVVRIRXUPHFKDQLFDOFLYLOL]DWLRQDVXQFLYLOL]HG0DQ\UHOLJLRXVWUXWKVKDYHEHHQJLYHQE\WKH
XQVHHQSRZHUVDQGDFFRUGLQJWRWKHPHQWDOLWLHVRIWKHSHRSOHVRZHUHWKHWUXWKVDGMXVWHG+RZSLWLIXOLW
VHHPVWRVHHWKHPLVVLRQDU\VSHDNWRRQHZKRLQFXOWXUHDQGEUHHGLQJLQSRZHUDQGEUHDGWKRIYLVLRQ
DQGNQRZOHGJHPD\EHLPPHDVXUDEO\KLVVXSHULRU,IWKHVHSHRSOHZKRVWULYHWRFRQYHUWWKHKHDWKHQ
HQGHDYRUWRGLVFRYHUWKHLURZQLQQHUSRZHUVDQGZRUNLQOLIHWKH\ZRXOGKHOSWKHZRUOGLQDPXFKILQHU
DQGQREOHUPDQQHU%\OLYLQJKLVRZQOLIHKHZRXOGEHFRPHDV6RFUDWHVVDLG DPLGZLIHZKRDVVLVWV
VRXOVWRELUWK
0DQ\RIRXUJUHDWVRFLDORFFXOWVRFLHWLHVEHFRPHIDPLOLDUZLWKV\PEROVEXWVHOGRPXQGHUVWDQGWKHLU
XVH+HUH,ZLOOUHODWHDQH[SHULHQFH,KDGRQHHYHQLQJZLWK0+HZDQWHGPHWRFRPHZLWKKLPRQD
PHQWDOWULSWR$UDELD,GLGVRDQGKHFDOOHGP\DWWHQWLRQWRDGLVWLQJXLVKHGORRNLQJ$UDEVHDWHGRQ
KRUVHEDFN,QRWLFHGRQKLVZULVWDELUGZKLFKDWILUVWVLJKW,WKRXJKWZDVDQHDJOH%XW0WROGPHWKDWLW
ZDVDIDOFRQDQGWKLVZDVWKH$UDE
VPHVVHQJHUWR0ZKRWROGPHWKDWWKH$UDEZDVNQRZQWRWKH
EURWKHUKRRGE\KLVGHHSDQGSRZHUIXOODXJKWHU,PHQWLRQWKLVLQFLGHQWEHFDXVH0WROGPHWKDWWKH$UDE
FRXOGFRPPXQLFDWHZLWKKLPQRPDWWHUKRZEXVLO\HQJDJHGKHZDV,ZDVDOVRWROGWKDWWKLVELUGZDVDQ
HOHPHQWDOIDOFRQ
7RUHWXUQWRWKHKLHUDUFKDOIRUFHVDJDLQ 7KHVHIRUFHVWKDWSOD\XSRQPDQNLQGLQRUGHUWRGHYHORS
DQGVWLPXODWHFHUWDLQPHQWDODQGFUHDWLYHSURSHUWLHVWKRXJKZLWKGUDZQIRUDWLPHOHDYHEHKLQGWKHPD
V\PEROUHSUHVHQWLQJHDFKIRUFHVRWKDWWKHRFFXOWLVWNQRZVZKDWZLVGRPF\FOHJRYHUQHGPDQDWD
FHUWDLQSHULRG7KXVWKHHWHUQDOSDJHDQWRIGLYLQHVSOHQGRUZKHUHRIRXUVHHUVKDYHVHHQEXWDSDOH
JOLPPHUDQGKDYHKHDUGEXWDIUDLOHUPXVLFDQGZKLFKKDVLQVSLUHGWKHPWRPRXOGIURPWKHVHGLP
HFKRHVDQLPPRUWDOEHDXW\DQGPHVVDJHIRUKXPDQLW\VWLOOOLYHVRQ$QGLIRQHUHDGVWKHOLWHUDWXUHRI
PDQ\P\VWLFVDQGSRHWVLWZLOOEHLQWHUHVWLQJWRREVHUYHWKDWWKH\RIWHQVSHDNRIJRGVDQGVSLULWVRI
VXFKDQDWXUHWKDWZHDFFHSWWKHPDVEHLQJEXWWKHZLOGLPDJLQLQJVRIXQEDODQFHGPLQGV<HWWKH
H[LVWHQFHRIWKHVHIDQWDVWLFDQGWHUULEOHEHLQJVLVVLPSOHWRH[SODLQIURPWKHRFFXOWVWDQGSRLQW WKDW
WKRXJKWLVRIDQHWHUQDOQDWXUH
:KHQTXHVWLRQLQJ0DERXWWKHVHJRGVKHWROGPHKRZWKH\FDPHLQWREHLQJ 7KRVHFLYLOL]DWLRQV
WKDWFUHDWHGLQWKHSDVWFHUWDLQV\PEROVJDYHWRWKHPDFHUWDLQPHQWDOIRUPDVZHOOZKLFKEHFDPHYLWDO
WKURXJKWKHFROOHFWLYHPLQGIRUFHRIDQDWLRQ7KHVHPHQWDOLPDJHVZHUHLPEXHGZLWKSRZHUDQG
PRYHPHQWDQGDVPDQLQYHQWVPDFKLQHVWRZRUNIRUKLPVRGLGWKHVHJRGVGROLNHZLVHIRUWKHDQFLHQWV
$OVRDVWKHSHRSOHRIWKHVHSDVWFLYLOL]DWLRQVZHUHYHU\VHQVLWLYHWKH\FRXOGIHHOWKHSRZHURIWKHVH
JUHDWSUHVHQFHVWKDWWKH\KDGFUHDWHG$OVRWKHVHJRGVEHLQJWKHIL[HGIRUPVRIWKHHOHPHQWVFRXOG
EULQJWRSDVVFHUWDLQSKHQRPHQDLQQDWXUH
$VWKRXJKWQHYHUGLHVWKRXJKLWPD\EHDVOHHSLQWKHPLQGVRGR,EHOLHYHWKHVHJRGVDUHVOHHSLQJLQ
WKLVDJH EXWQRWEHOLHYLQJLQWKHPZHGRQRWFDOOXSRQWKHPMXVWDVZHGRQRWFDOOIURPWKH
VXEFRQVFLRXVPLQGRXUROGWKRXJKWV6WLOO,EHOLHYHWKH\DUHDFWLYHHQRXJKXSRQWKHLURZQSODQHRI
PDQLIHVWDWLRQWKHSODQHDERXWZKLFK,ZULWHLQWKHQH[WFKDSWHU,QFLGHQWDOO\,PD\PHQWLRQRQHRI0
V
SXSLOVWROGPHWKDWVKHVDZWKHVSKHUHRILQWHOOLJHQFHVIURPZKLFK:LOOLDP%ODNHGUHZKLVSLFWXUHV
%XWLQP\ILUVWPHQWDOIOLJKW,VDZOLWWOHRIWKHVHSODFHVDQGJRGVWKRXJKODWHURQDV,GHYHORSHGP\
PHQWDOVLJKWWRWKHLQWHQVHO\KLJKHUDQGPRUHVXEWOHYLEUDWLRQV,VDZPDQ\VWUDQJHHOHPHQWDOV<HWKRZ
GLIILFXOWLWLVWRZULWHDERXWSODFHVWKDWWKHZKLWHUDFHVRIWRGD\ FRQVLGHUWREHLPSRVVLEOHIDQWDVLHV
7RFRQWLQXHDERXWWKHVHJRGVFUHDWHGE\PDQ,ZDVWROGWKDWRIWHQDJUHDWDQGQREOHLGHDOFDOOHG
IRUWKIURPPDQ\PLQGVFUHDWHVDJRGRIHOHPHQWDOQDWXUH7KHUHIRUHGHVSLWHPDQ
VGHQLDORIWKHLU
H[LVWHQFHKHVWLOOFUHDWHVKLVJRGVDQGGHYLOV$QGWKHDVWUDOVRPXFKVWXGLHGE\WKH6SLULWXDOLVWDQGWKH
7KHRVRSKLVWLVEXWWKHUHVXOWRIPDQ
VGLVRUGHUHGLPDJLQDWLRQ7KHUHIRUHPDQEHLQJWKHVXEMHFWRIKLV
RZQPHQWDODQGHPRWLRQDOHQYLURQPHQWKHEHFRPHVOLNHZLVHHQVODYHGWRWKHP
7KHUHDUHPDQ\SHRSOHZKRDUHVHQVLWLYHWRRWKHUYLEUDWLRQVRIFRQVFLRXVQHVVZKLFKRUGLQDU\
SHRSOHFDQQRWFRQFHLYHRUXQGHUVWDQGDQGPDQ\RIWKHPVXIIHUIURPWKLVVHQVLWLYLW\DQGDUHDSWWREH
WURGGHQXSRQE\WKRVHPRUHEODWDQWDQGPRUHFRDUVHO\ILEUHG7KHVHSHRSOHDUHRIWHQPRUHZLVHWKDQ
WKHLUWDVNPDVWHUVIRUEUXWHIRUFHLVVHOGRPVHQVLWLYHDQGFDQJHQHUDOO\EHWRXFKHGRQO\WKURXJKWKH
KHDUW$QLQVWDQFHRIVHQVLWLYLW\FDQEHPHQWLRQHGLQUHJDUGWRWKH,ULVK7KH\DUHDSHRSOHZKRKDYH
EHHQVXEMHFWHGWRDYLEUDWLRQZKLFKLVVHOGRPIRXQGLQRWKHUFRXQWULHVDQGZKHQWKH\HPLJUDWHWKH\
GLVWXUEE\WKHLUVLQJXODUPHQWDOYLWDOLW\WKHPRUHSODFLGDQGFRQVHUYDWLYHPLQGVDZDNHQLQJWKHPWRD
JUHDWHUPHQWDODFWLYLW\7KHUHDUHDOVRSODFHVRQWKH(DUWKWKDWFDQEHOLNHQHGWRWKHFXSRIWKHVSLULW0
FRQFOXGHG
7+(6,/9(56,/(1&(
+HUHLQWKLVVLOYHUVLOHQFHEH\RQGWKHGDUNPDUJHRIWKHSUHVHQWZHGZHOODQGGUHDP KHUHDUH
VHUHQHZRRGVGHHUKDXQWHGZKHUHELUGVWRRGHOLFDWHIRU(DUWKZHDYHWKHLUOLJKWDULDVLQWKHJHQWOH
VRQJVRIUXQQLQJZDWHUV KHUHDUHORIW\KLOOVUDQJHEH\RQGUDQJHVWUHWFKLQJLQWRHYHUFOHDUHUKHLJKWV
ZLWKRXWHQG\HWVRVPRRWKWKDWWKHWHQGHUIHHWRIFKLOGUHQILQGWKHPHDV\WRZDONXSRQ$QGWKH
GZHOOHUVEH\RQGWKRVHKLOOVDUHVRSXUHWKDWWKH\DUHDVZLVSVRIIODPHIRUWKH\DUHWKHZLVHFKLOGUHQRI
*RGDQGWKHLUZRUGVRIORYHDQGJXLGDQFHIORZGRZQXSRQWKHIUHVKEHDXW\RIWKHZLQG+HUHDUH
PRVVPDQWOHGJODGHVZKHUHWHPSOHVVLPSOHDQGROGVKDSHGOLNHJLDQWIORZHUVVWDQGHYHURSHQWRWKH
VLOYHUOLJKWVKLQLQJIURPWKHSOXPHVRIWKHHWHUQDOPRUQLQJ&RPHEURWKHUVRIWKHGXVNLQWRWKHRSHQ
VSDFHVZKHUHWKHVRIWEORRPRIHWHUQLW\UHVWVRQDOO
+HUHWKHJRGLQ\RXWKHGLYLQHLPDJLQDWLRQZLOODZDNHQDQGWKHUHGUREHVRIGHVLUHEHFDVWRIIDQG
EXUQW1RPRUHZLOOWKHZLOGPDHOVWURPRIWKH\HDUVJDWKHU\RXLQWRLWVLF\ILHUFHQHVV&RPHOHDYHWKH
DFDGHPLHVDQGXQLYHUVLWLHVWKDWVHHNQRXULVKPHQWIURPROGSODQWV,+DVWKHLUNQRZOHGJHRSHQHGWKH
JDWHVRIWKHVSLULW"/RYHO\ZDVWKHROGEXWVWLOOPRUHORYHO\VKDOOEHWKHQHZ)RUKHUHEH\RQGWKHURRI
RI7LPHDUHQHZFRPSDVVHVDQGQHZZD\VRIPHDVXULQJ
+HUHLQWKHSHDFHZHDZDLW\RX
75$9(/6217+(0(17$/3/$1(6
&+$37(5,9
)RURYHUWZR\HDUV,SUDFWLFHGWKHYDULRXVH[HUFLVHVJLYHQPHE\0LQZKLFKSHULRG,DZDNHQHGP\
VOHHSLQJFODLUYR\DQWIDFXOWLHVDQGGHYHORSHGWKHPVORZO\DQGVXUHO\,QHYHUNQHZ,SRVVHVVHGWKLV
SRZHUXQWLODIWHUPDQ\PHHWLQJVZLWK0ZKHQKHVXJJHVWHGWRPHRQHHYHQLQJZKHWKHU,ZRXOGFDUHWR
VHHIRUKLP$QG,IRXQGWKDW,FRXOGGRVRWRP\JUHDWVXUSULVHIRUWKRXJK,KDGVHHQLQYLVLRQPDQ\
EHDXWLIXOWKLQJV,KDGQHYHUKDGWKHSRZHUWRDZDNHQWKLVJLIW,WZRXOGFRPHWRPHVXGGHQO\ZKHQ
OHDVWH[SHFWHGEXWXQGHU0
VWXLWLRQ,FRXOGHYRNHLWZKHQHYHU,SOHDVHGWKRXJKWKHUHVXOWVZHUHQRW
DOZD\VVDWLVIDFWRU\ WKHDWPRVSKHUHRIDFLW\DQGFRXQWU\LQIOXHQFLQJWKLVJLIWRIVHFRQGVLJKW
,QUHVSHFWWRWKLVSRZHULWLVLQWHUHVWLQJWRQRWHWKDWLIRQHLVLQWKHFRPSDQ\RISHRSOHZKRSRVVHVV
FHUWDLQJLIWVWKLVFRPSDQLRQVKLSGHYHORSVVLPLODUTXDOLWLHVLQRQHVHOIWKRXJKLWLVREYLRXVWKDWWKH
SHUVRQPXVWEHVHQVLWLYH)RUPHQWDOHQYLURQPHQWSURGXFHVDVLPLODUHIIHFWWRSK\VLFDOHQYLURQPHQW
$QGDIWHUWKHVHWZR\HDUVRIFRQVWDQWWUDLQLQJ0WROGPHWKDWVRRQ,ZRXOGEHJLYHQWKHLQWHUHVWLQJ
H[SHULHQFHRIMRXUQH\LQJRXWRIWKHERG\LQWRWKHPHQWDOZRUOG7KLVH[SHULHQFH,ORRNHGIRUZDUGWR
ZLWKJUHDWHDJHUQHVVIRUKHKDGRIWHQVSRNHQWRPHDERXWKLVDGYHQWXUHVXSRQWKHRWKHUSODQHVWKRXJKLW
VKRXOGEHQRWHGWKDW,RQO\VSHDNDERXWWKHPHQWDOUHDOPV7KHUHDUHPDQ\RWKHUSODQHVWRWKHRFFXOWLVW
EXWDVWKLVERRNLVGHDOLQJRQO\ZLWKWKHPHQWDODVSHFWRIWKLQJVOLWWOHPHQWLRQZLOOEHPDGHDERXWWKRVH
RWKHUSODFHV
,DPIXOO\DZDUHWKDWWRPRGHPVFLHQFHWKHVHWKLQJVVRXQGDEVXUGDQGLPSRVVLEOH%XWDVWKH
VFLHQWLVWKDVEHHQFRPSHOOHGWRUHYLVHPDQ\RIKLVSDVWFRQFHSWLRQVVR,WKLQNZLOOKHEHFRPSHOOHGLQ
WKH
OLJKWRIQHZNQRZOHGJHWRDGPLWPDQ\DSSDUHQWO\IDQWDVWLFWKHRULHVDVFRPPRQSODFHDQGVLPSOH
IDFWV$QGSHUVRQDOO\P\H[SHULHQFHVLQVSLULWXDOLVPIRUFHPHWRDFFHSWWKHH[LVWHQFHRIDQRWKHU
GLVFDUQDWHFRQVFLRXVQHVVWKDWH[LVWVZLWKRXWWKLVHQYHORSHRIIOHVK DFRQVFLRXVQHVVFRPSOHWHZLWK
VHQVHVIRUPDQGNQRZOHGJHPRYLQJLQLWVVXEWOHUDWPRVSKHUHZLWKSHUIHFWDZDUHQHVVRILWVEHLQJDZD\
IURPWKHSK\VLFDOERG\)RU,UHFROOHFWFHUWDLQH[SHULHQFHVZKHQP\ERG\OD\DVOHHSLQZKLFK,WUDYHOHG
LQIXOOFRQVFLRXVQHVVZLWKDNQRZOHGJHWKDWP\ERG\OD\VOXPEHULQJDQGWKDW,ZDVYR\DJLQJLQDQRWKHU
VSKHUH RQHLQFLGHQWSDUWLFXODUO\LPSUHVVLQJPHIRU,IHOWWKDW,KDGOHIWP\ERG\SHUPDQHQWO\DQG,
NHSWVD\LQJ %XWWKLVLVIULJKWIXO,PXVWUHWXUQDV,KDYHQRW\HWFRPSOHWHGP\ZRUN,PD\VWDWHWKDW
P\UHDOL]DWLRQVRIDQLQQHUH[LVWHQFHZHUHDVFRPSOHWHDVDQ\UHDOL]DWLRQRIHDUWKFRQVFLRXVQHVVDOVR,
NQRZWKDWP\ERG\ZDVIDUDZD\DQGDVOHHS,KDYHPHWPDQ\RWKHUVZKRKDYHKDGVLPLODUH[SHULHQFHV
WKRXJK,FDQKHDUWKHDPDWHXUDQGSURIHVVLRQDOSV\FKRDQDO\VWVD\LQJ 2K, FDQH[SODLQWKDW6R
VLPSOH,WZDVDZLVKIXOILOOPHQW,OHDYHWKHPWRWKHLUH[SODQDWLRQZKLFKPHDQVQRWKLQJLQWKLV
SDUWLFXODUFDVHRWKHUWKDQWKDWWKH\KDGQHYHUKDGVXFKDQH[SHULHQFHRUKDGGLVUHJDUGHGLWDV
LQVXIILFLHQWSURRIRIDGLVFDUQDWHFRQVFLRXVQHVV
7RWKH7KHRVRSKLVWVWKLVFKDSWHUVKRXOGEHRILQWHUHVWDVWKHLUOLWHUDWXUHKDVJHQHUDOO\GHDOWZLWKD
IRUPRIDVWUDOFRQVFLRXVQHVVLQDVPXFKDVWKH\KDYHWDNHQOLWWOHLQWHUHVWLQWKHSODQHVDERYHWKHDVWUDO
WKRXJK,EHOLHYHH[WUHPHO\OLWWOHLIDQ\LQIRUPDWLRQKDVEHHQJLYHQUHJDUGLQJWKHVHKLJKHUDQGOHVV
LOOXVLYHUHDOPV
0WROGPHLQDQVZHUWRP\TXHVWLRQVUHJDUGLQJWKHVHPHQWDOUHDOPVWKDWVXFKDIRUPRI
FRQVFLRXVQHVVDQGWUDYHOOLQJZDVOLNHVWHSSLQJIURPDQDUURZDQGGDUNSULVRQFHOOLQWRZLGHUDQGSXUHU
VSDFHVZKHUHRQHFDQVHHFLWLHVDQGSHRSOHVVHDVDQGPRXQWDLQVDQGPDQ\ZRQGHUIXOWHPSOHVDERXW
ZKLFKRXUZRUOGNQRZVOLWWOH+HPHQWLRQHGRQFHWKDWKHKDGVHHQDFLW\RIDERXWILIWHHQPLOOLRQSHRSOH
WKHFLW\
VDUFKLWHFWXUHEHLQJFRORUIXODQGYHU\EHDXWLIXODQGWKHSHRSOHYHU\ZLVHDQGUXOHGRYHUE\D
JUHDWVSLULWXDOEHLQJ
:KHQ,WKLQNRIWKHZRUOGVLQWRZKLFK0WUDYHOV,FDQXQGHUVWDQGZK\KHLVVRSDWLHQWLQDFFHSWLQJ
DOOWKHVPDOODQGLQWROHUDEOHEXUGHQVRIOLIHIRUWRKLPWKLVSODQHLVVRVPDOOWKDWLWZRXOGEHXQZRUWK\
LQWKHOLJKWRIDJUHDWHUNQRZOHGJHWRQRWHWKHSHWWLQHVVRISHRSOH,QDOOKLVWHDFKLQJVWKLVZRUOGSOD\VLWV
LPSRUWDQWSDUWLQWKHGHYHORSPHQWRIKXPDQLW\
VVRXOJURZWK%XWZKHQRQHKDVWKHSRZHUWRVWHSIURP
WKHERG\DVWKRXJKIURPDGRRUFDQRQHSRVVHVVVWLOOWKHVDPHQDUURZQHVVRIYLVLRQDQGXQGHUVWDQGLQJ
WKDWWKHRWKHUSULVRQHUVKROG"
0WROGPHWKDWLQVWHSSLQJRXWRIWKHERG\WKHVHQVHVDUHPXFKPRUHDOHUWPXFKPRUHVRWKDQRQ
WKLVSODQHDQGWKDWWKHPHWKRGRIORFRPRWLRQLVIOLJKW EXWRIWKDW,VKDOOVSHDNODWHU,QWKHVHVXEWOH
UHDOPVKHWROGPHGZHOOWKHJRGVPDQKDVLPDJLQHGWREHP\WKLFDO$QGZKHQ,WROGKLPWKDW,KDG
VHHQLQVRPHRIP\SDVWYLVLRQVEXLOGLQJVZKRVHGHVLJQVZHUHVRVXSHUEDQGYLWDOWKDWWKH\LUUDGLDWHGDQ
DWPRVSKHUHDVWKRXJKWKH\SRVVHVVHGDFRQVFLRXVH[LVWHQFHKHPHQWLRQHGWKDWKHKDGVHHQWKLQJVRID
VLPLODUQDWXUHVREHDXWLIXOWKDWKHUHPHPEHUHGRQHLQFLGHQWLQZKLFKDSXSLOUHIXVHGWRWUDYHOIXUWKHU
EXWFODSSHGKHUKDQGVOLNHDFKLOG+HDOVRVSRNHDERXWLPPHQVHPRXQWDLQSHDNVXSRQZKLFKZHUH
SHUFKHGFLWLHVRIJUHDWVSOHQGRUWKDWSRVVHVVHGDUR\DOVHUHQLW\ZKLOHWLHUVRIEULGJHVPDQ\PLOHVORQJ
VWUHWFKHGWRZDUGVRWKHUFLWLHVSHUFKHGXSRQVLPLODUKHLJKWV
,WZDVLQWKHHYHQLQJZKHQ,ILUVWYLVLWHG0UHDG\DQGHDJHUWROHDUQDERXWWKHPHQWDOSODQH%XW
EHIRUH,FRQWLQXH,ZLOOUHODWHRQHLQFLGHQWLQRUGHUWKDWDOLWWOHSURRIRIWKHUHDOLW\RIVXFKWKLQJVPD\EH
NQRZQ7KLVRFFXUUHGZLWK0DQGP\VHOI \HWWKRXJKLWGLGQRWGHDOZLWKWKHPHQWDOSODQHVLWGLG
GHPRQVWUDWHWRPHDERXWDQRWKHUIRUPRIWUDYHOOLQJRXWRIWKHERG\WKHUHEHLQJ,XQGHUVWDQGPDQ\
RWKHUPHWKRGV
$PXWXDOIULHQGRIRXUVZKRZDVOLNHZLVHDVWXGHQWRIWKHDQFLHQWVFLHQFHWUDYHOHGDIHZ\HDUVDJR
WR$IULFDDQGQRWKDYLQJKHDUGIURPKLPIRUDFRQVLGHUDEOHWLPHZHZHUHDQ[LRXVDERXWKLVZHOIDUH6R
RQH HYHQLQJ 0 DVNHG PH LI , ZRXOG OLNH WR DFFRPSDQ\ KLP XSRQ D PHQWDO IOLJKW WR $IULFD WR ZKLFK
LQYLWDWLRQREYLRXVO\,DVVHQWHG/HDYLQJRXUERGLHVLQWKHXVXDOPDQQHUZHUDSLGO\GLVFRYHUHGLQZKDW
SODFHRXUIULHQGGZHOW,WKDSSHQHGWREHLQDVPDOOKXWLQDMXQJOH$IHZPLOHVDZD\ ZHVDZDFDPS
ILUHDQGVHDWHGQHDUE\DZLWFKGRFWRUZLWKWZRQDWLYHVRQHEHLQJWKHZLWFKGRFWRU
VSXSLODQGZHDULQJ
D ERZOHU KDW 0 WROG PH ODXJKLQJO\ WKDW WKH\ ZHUH VPRNLQJ D YLOH NLQG RI WREDFFR , KDYH QRW \HW
GHYHORSHGDFRPSOHWHFRQVFLRXVQHVVLQUHJDUGWRWKHVHPHQWDOVHQVHVRQWKHVHWULSVEXW,XQGHUVWDQGWKDW
DVRQHSUDFWLFHVVRGRWKHVHVHQVHVDZDNHQ7KLVZLWFKGRFWRUSRVVHVVHGDFHUWDLQWKLQJWKDWZHZLVKHG
KLPWRJLYHWRRXUIULHQGDQGLWZDVIRUWKDWUHDVRQWKDWZHYLVLWHGKLP/DWHUZHUHWXUQHGWRRXUIULHQG
ZKROD\DVOHHS DQGVRRQDIWHUUHWXUQHGWRRXUERGLHV$ IHZGD\VODWHU0ZURWHWRRXUGLVWDQWIULHQG
DQGVWDWHGRXUDWWHPSWVWRJHWLQWRXFKZLWKKLPDQG0DOVRJDYHKLPDGHVFULSWLRQRIWKHZLWFKGRFWRU
DQG PHQWLRQHG WKH SXSLO ZHDULQJ D ERZOHU KDW 6RPH PRQWKV ODWHU ZH UHFHLYHG D UHSO\ LQ ZKLFK RXU
IULHQGVWDWHGWKDWDOOZDVH[DFWO\DVGHVFULEHGDQGWKDWKHKDGDWWHPSWHGWRJHWIULHQGO\ZLWKWKHZLWFK
GRFWRUEXWZLWKOLWWOHVXFFHVVVRIDU:KDWRWKHUH[SODQDWLRQWKHVFLHQWLVWPD\KDYHWRSURYHWKDWWKLVZDV
QRWDQRFFXOWH[SHULHQFH,VKRXOGEHSOHDVHGWRKHDU
7RUHWXUQQRZWRP\ILUVWPHQWDOMRXUQH\WKRXJKWUDYHOOLQJZDVYDJXHLWPXVWQRWEHLPDJLQHGWKDW,
OD\LQDWUDQFHIRUWKLVZDVQRWVR2QWKHFRQWUDU\P\VHQVHVZHUHPRUHDFXWHDQGVHQVLWLYHWRWKH
VOLJKWHVWVRXQGLQWKHURRPDQGLQWKHVWUHHWWKDQHYHUEHIRUHDQG0
VYRLFHVRXQGHGORXGHUWKRXJKKH
WROGPHDIWHUZDUGVWKDWKHZDVVSHDNLQJLQTXLWHORZWRQHV,QWKLVH[SHULHQFHQRDWWHPSWZDVPDGHWR
OXOOWKHVHQVHV
)XUWKHUPRUHLIWKHUHDGHULPDJLQHVWKDWPXFKWKDW,VDZZDVWKHUHVXOWRIK\SQRVLV,WKLQN,FDQ
SURYHWKHFRQWUDU\IRUWKHUHZHUHPDQ\WKLQJV0QRWLFHGZKHQ,WUDYHOHGZLWKKLP,FRXOGQRWVHH
GHVSLWHP\DWWHPSWVWRGRVR$OVR,VDZWKLQJVWKDW0GLGQRWVHH7KHUHIRUH,WKLQNP\FRQFOXVLRQVDUH
FRUUHFWIRUKDG,EHHQPHUHO\DVXEMHFW,VKRXOGKDYHVHHQDQ\WKLQJWKDW0GHVLUHG7KHUHZHUHVRPH
WKLQJV,ZLVKHGPRVWHDJHUO\WRVHHEXW,FRXOGQRW
$IWHUZDUGV0WROGPHWKDWRQHGHYHORSHGDIRUPRIWZLQFRQVFLRXVQHVVLQZKLFKRQHGZHOWLQWKH
PHQWDOUHDOPVDQGPRYHGDERXWLQDQDWPRVSKHUHWKDWZDVPRVWSOHDVLQJWRWKHRFFXOWLVW,QDODWHU
MRXUQH\KHVKRZHGPHKLVKRPHRQWKHKLJKHUUHDOPV,WZDVRIDQHDUOLHUSHULRGDQGKHZDVGUHVVHGLQ
DGLIIHUHQWFRVWXPHDOVRKLVIHDWXUHVZHUHGLIIHUHQW7KHUHDVRQIRUWKLVFKDQJHLQGUHVVDQGWLPHZDVKH
WROGPHWKDWWKHVRXOORYHVWRGZHOOLQWKHDJHWKDWKDGJLYHQLWWKHJUHDWHVWKDSSLQHVVDQGLZKLFKLWKDG
EHHQDEOHWRGRWKHJUHDWHVWJRRG
7KHUHIRUHFRQWUDGLFWRU\DVLWPD\VHHPWKHIXOO\GHYHORSHGRFFXOWLVWFDQGZHOOLQWZRSODFHVDW
RQFH WRJLYHDQH[DPSOHLIZHFRXOGEHFRQVFLRXVRIWKHZRUNLQJRIRXUVXEFRQVFLRXVPLQGDWWKHVDPH
PRPHQWZKHQZHZHUHGRLQJVRPHWKLQJHOVHZHPLJKWKDYHDVRPHZKDWIHHEOHFRQFHSWLRQRIWKLVIRUP
RIWZLQFRQVFLRXVQHVV
$ERYHDOOWKLQJV0WROGPHWKHPRVWGLIILFXOWLQWKHHDUO\PHQWDOWUDYHOVLVORFRPRWLRQDQG,
IRXQGLWWREHVR,WZDVPRVWGLIILFXOWWRWUDYHOXSZDUGVDQGRQZDUGVDQGRQO\WKURXJK0
VSURPSWLQJ
DQGJXLGDQFHZDV,HQDEOHGWRFOLPEWKRXJK,QHYHUVDZ0DVKHZDVEHKLQGZDWFKLQJDQGKHOSLQJ
PH,FRXOGQRWOHYLWDWHEHFDXVH,KDGLQWKHILUVWSODFHWRFRQWHVWDJDLQVWWKHGDUNHUIRUFHVRISDVW
FRQGLWLRQVWKDWDWWHPSWHGWRSXOOPHGRZQ)RURQHZKRHQGHDYRUVWRHQWHUKLVRZQWUXHSODQHRIEHLQJ
DQG1DWXUHLVIDFHGE\WZRIRUFHVILUVWO\WKHZKLWHUHSUHVHQWLQJWKHSUHVHQWDQGWKHIXWXUHDQG
VHFRQGO\WKHGDUNHUIRUFHVUHSUHVHQWLQJWKHSDVWZKLFKDWWHPSWWRGUDJWKHDGYHQWXULQJVSLULWLQWRORZHU
FRQGLWLRQV0DOVRWROGPHWKDWLQRUGHUWRGHYHORSSHUIHFWFRQVFLRXVQHVVLQWKHVHKLJKHUUHDOPVRQH
PXVWFRQTXHUWKUHHVFKRROVRIPDJLFLDQV WKHGDUNPDJLFLDQVRIWKH(DUWKIRUPDJLFLDQVGZHOOXSRQWKLV
SODQH WKHDVWUDOSODQHPDJLFLDQVZKRXVHWKH(DUWKPDJLFLDQVDVWKHLULQVWUXPHQWVWKHVH PDJLFLDQV
SURGXFHSKHQRPHQDRIDPRVWDPD]LQJQDWXUH DQGWKLUGO\WKHPHQWDOPDJLFLDQVZKRXVHWKHDVWUDO
PDJLFLDQVDOVRDVWKHLULQVWUXPHQWV2QHPXVWFRQTXHUWKHVHWKUHHIRUFHVUHSUHVHQWLQJWKHPDVWHUVRI
PDJLFRQHSRZHUWKDWLVLQFDUQDWHGXSRQWKLVSODQHWDQGWKHRWKHUWZRXSRQWKHDVWUDODQGWKHPHQWDO
7KHUHIRUHWKHUHDVRQZK\ZHKDYHWRVWDUWIURPWKHKLJKHUSODFHVDERXWZKLFK,VKDOOVSHDNODWHULV
LQRUGHUWRDYRLGWKH(DUWKERXQGDQGDVWUDOFRQGLWLRQVLISRVVLEOH,PLJKWLQFLGHQWDOO\PHQWLRQWKDW0
VXJJHVWHGLQFDVHVRIVSLULWREVHVVLRQDJRRGFXUHPLJKWEHWRWDNHWKHREVHVVHGSHUVRQWRDKLJK
PRXQWDLQWRSDVWKHFRQWUROOLQJHQWLW\FRXOGQRWDVFHQGLQWRDSXUHDWPRVSKHUHDQGZRXOGWKHUHIRUHEH
GULYHQRXW7KHVHGDUNHUIRUFHVWKDW,PHWVWURYHWRNHHSPHZLWKLQWKHLURZQVSKHUHDQGLWZDVRQO\E\
FRQVWDQWO\FRQFHQWUDWLQJDQGDVSLULQJWRWKHKLJKHVWZLWKLQPHDQGSXULI\LQJP\PLQGWKDW,PDQDJHG
WRDYRLGIDOOLQJGRZQDQGEHLQJGUDZQLQWRWKHGDUNHUFRQGLWLRQVRIWKHSDVW1HYHUWKHOHVVZKHQ,KDG
VXFFHHGHGODWHURQ,KDGWRGHVFHQGLQWRSDVWSHULRGVLQRUGHUWRDZDNHQDQGUHOHDVHVRPHRIP\RZQ
FRQGLWLRQVWKDWVWLOOZHLJKHGPHGRZQDQGLQWKDWPDQQHUDVWKRXJKMXPSLQJIURPDVSULQJERDUG,URVH
KLJKHU,PLJKWDOVRPHQWLRQWKDWDIHZPRQWKVDIWHUWKLVRFFXOWH[SHULHQFH,VDZDQDQFLHQW2ULHQWDO
SLFWXUHSDLQWHGLQWKHWZHOIWKFHQWXU\GHSLFWLQJLQV\PEROVWKHGLIIHUHQWVWDJHVRIFRQVFLRXVQHVVVRPH
WKURXJKZKLFK,KDGSDVVHGDQGDVFHQHVLPLODUWRWKHMRXUQH\,WRRNZLWK0,WZDVGUDZQ,
XQGHUVWRRGE\DQLQLWLDWHPRQN
,QP\ODWHUWUDYHOV,ZDVLQWHUHVWHGWRQRWHWKDWP\PHQWDOERG\ZDVFRQVLGHUDEO\GLIIHUHQWIURPP\
SK\VLFDODQG,ZDVWROGWKDWDVRQHJRHVIXUWKHUDQGKLJKHURQHJURZV\RXQJHUDQLQVWDQFHRIZKLFK,
VKDOOPHQWLRQODWHU
7KDWHYHQLQJZLWK0
VDLG,DVFHQGHGPDQ\PRXQWDLQUDQJHV,WLVLQWHUHVWLQJWRQRWHWKDWLQ
PDQ\VDFUHGERRNVPRXQWDLQVDUHPHQWLRQHGDQGWKRXJKZHPD\JLYHWKHPVSLULWXDODQGV\PEROLF
LQWHUSUHWDWLRQVZKLFKSUREDEO\ZLOOEHTXLWHFRUUHFWIRUVDFUHGV\PEROVKDYHPDQ\PHDQLQJVDQG
LQWHUSUHWDWLRQV\HWVRPHPD\DOVREHWDNHQOLWHUDOO\,DOVRYLVLWHGFHUWDLQEXLOGLQJVDQGRQO\UHVWHG
ZKHQ,FDPHWRDVPDOODQGFXULRXVO\GHVLJQHGKDOIZD\KRXVHZKHUHLQ,HQWHUHGDQG,UHPHPEHUD
IHHOLQJRIJUHDWSHDFHVWHDORYHUPH7KHQULVLQJ,SHHUHGIURPDVPDOOZLQGRZDQGVDZDWDQLPPHQVH
GLVWDQFHDJUH\PLVWDQG0WROGPHWKDWWKDWGDUNVKURXGZDVWKH(DUWK+RZVPDOOLWDSSHDUHG+RZ
PHODQFKRO\%XWWKDWQLJKW,IHOWWLUHGDQGFRXOGWUDYHOQRIXUWKHUDQGVRUHWXUQHGWRWKHFRQVFLRXVQHVV
RIP\ERG\ZRQGHULQJZKHWKHU,KDGGUHDPWWKHLQFLGHQWVRIWKHYR\DJHRUZKHWKHU,KDGUHDOO\YLVLWHG
WKHVHVWUDQJHSODFHV
0\ILUVWMRXUQH\ZDVWKHSUHOXGHWRPDQ\PRUHZKHUHLQP\PHQWDOVLJKWEHFDPHFOHDUHUDQG
ZKHUHLQ,VDZPDQ\VWUDQJHWKLQJVDQGPHWSHRSOHDVUHDODVP\VHOI%XWDERYHDOO,QRWLFHGZDVWKH
ORYHDQGJHQWOHQHVVVHQWRXWIURPWKHPSDUWLFXODUO\WKRVHZKRKDGGHYHORSHGD&KLQHVHFRQVFLRXVQHVV
)RUHDFKQDWLRQKDVLWVVSLULWXDOFRXQWHUSDUWHYHQZKHQWKHVHQDWLRQVDSSDUHQWO\KDYHYDQLVKHGIURPWKH
(DUWK$QG,PHWWKH5RPDQWKH(J\SWLDQDQGDQXPEHURIRWKHUVHDFKSRVVHVVLQJDFHUWDLQTXDOLW\ EXW
WKH&KLQHVHSDUWLFXODUO\SRVVHVVHGDFKLOGOLNHDQGJHQWOHDWPRVSKHUHWKRXJKEHKLQGWKLVVLPSOLFLW\
GZHOWDJUHDWZLVGRPDQGDVHQVHRIEHDXW\WKDWORYHGWKHUHILQHGDQGWKHGHOLFDWH0WROGPHWKDWKH
KDGVHHQWKHYHU\VSLULWXDO&KLQDPHQRIWKHVHUHDOPVORRNOLNHZLVSVRIPLVWUHVSRQGLQJWRWKH5K\WKP
DQG3XOVHRI(WHUQLW\ DQGWKRXJKZH:HVWHUQHUVPD\VPLOHDWWKHVHVRFDOOHGKHDWKHQVZKRZRUVKLS
WKHLUDQFHVWRUV,FDQQRZXQGHUVWDQGWKDWWKH\SRVVHVVPXFKUHDVRQDQGORJLFLQGRLQJVRIRUWKH\
ZRUVKLSWKHVSLULWXDODVSHFWVRIPDQ DQGWKRVHZKRKDYHWUDYHOHGIXUWKHULQWRWKHVHKLJKHUUHDOPVDQG
DFFRUGLQJO\KDYHOHDUQHGPRUHRIVSLULWXDOWKLQJVSRVVHVVWKHSRZHUWRKHOSWKRVHRQWKH(DUWKZKRDUH
UHODWHGWRWKHPE\EORRGDQGORYH1RZ,KDYHOHDUQWWKDWHDFKQDWLRQKDVEHHQJLYHQWKHPRVWVXLWDEOH
DVSHFWRIUHOLJLRQ)RUWRWKHVWXGHQWDOOUHOLJLRQVDUHWUXHEHLQJEXWWKHLPPRUWDOSULQFLSOHVRIGLYLQH
NQRZOHGJHDQGODZ$QG,EHOLHYHUHOLJLRQVFDPHWRELUWKWRPDNHPDQXOWLPDWHO\WKHHVVHQFHRIWKHVH
VSLULWXDOODZV,WKLQNLIRQHLQYHVWLJDWHVWKHYDULRXVUHOLJLRQVWKDWPDQKDVIROORZHGLWZLOOEHQRWLFHG
WKDWHDFKRQHFRQWDLQVDVSHFLDOTXDOLW\QRWSRVVHVVHGE\WKHRWKHUVWKRXJKHDFKRQHKDVIRULWV
IRXQGDWLRQ/RYH7KHUHIRUHWKHRFFXOWVWXGHQWFDQHQWHUDQ\SODFHRIZRUVKLSWKH&KXUFKRUWKH
6\QDJRJXHWKH0RVTXHRUWKH3DJRGD+HFDQYLVLW0HFFDDQGKHFDQLQGXOJHZKROHKHDUWHGO\LQ
&KLQHVHDQFHVWRUZRUVKLSZLWKWKHVDPHIHUYRUDVWKHQDWLYHERUQWRLWIRUKHFDQXQGHUVWDQGWKH
VLJQLILFDQFHRIWKHPDOO7RTXRWHIURP0DFURELXV
VFRPPHQWDU\RQ6FLSLR
VGUHDPUHJDUGLQJWKHUHDVRQ
IRUGLVVHQVLRQDPRQJPHQDERXWGLYLQLW\ $VVRRQWKHUHIRUHDVWKHVRXOJUDYLWDWHVWRZDUGVWKHERG\LQ
WKHILUVWSURGXFWLRQRIKHUVHOIVKHEHJLQVWRH[SHULHQFHDPDWHULDOWXPXOWWKDWLVPDWWHUIORZLQJLQWRKHU
HVVHQFH$QGWKLVLVZKDW3ODWRUHPDUNVLQWKH3KDHGR WKDWWKHVRXOLVGUDZQLQWRWKHERG\VWDJJHULQJ
ZLWKUHFHQWLQWR[LFDWLRQVLJQLI\LQJE\WKLVWKHQHZGULQNRIPDWWHU
VLPSHWXRXVIORRGWKURXJKZKLFK
WKHVRXOEHFRPLQJGHILOHGDQGKHDY\LVGUDZQLQWRDWHUUHQHVLWXDWLRQKHQFHREOLYLRQWKHFRPSDQLRQRI
LQWR[LFDWLRQEHJLQVVLOHQWO\WRFUHHSLQWRWKHUHFHVVHVRIWKHVRXO)25,)628/65(7$,1(',1
7+(,5'(6&(1772%2',(67+(0(025<2)',9,1(&21&(5162):+,&+7+(<
:(5(&216&,286,17+(,5+($9(167+(5(:28/'%(12',66(16,21$021*0(1
$%287',9,1,7<%XWDOOLQGHHGLQGHVFHQGLQJGULQNRIREOLYLRQWKRXJKVRPHPRUHDQGRWKHUVOHVV
2QWKLVDFFRXQWWKRXJKWUXWKLVQRWDSSDUHQWWRDOOPHQRQWKH(DUWK\HWDOOH[HUFLVHWKHLURSLQLRQVDERXW
LW EHFDXVH$'()(&72)0(025<,67+(25,*,12)23,1,21%XWWKRVHGLVFRYHUPRVWZKR
KDYHGUXQNOHDVWRIREOLYLRQEHFDXVHWKH\HDVLO\UHPHPEHUZKDWWKH\KDYHNQRZQEHIRUHLQWKH
+HDYHQV´7KXVWKHRFFXOWVWXGHQWZKRGHOYHVPRUHGHHSO\LQWRWKHLQQHUPHDQLQJVRIUHOLJLRQFDQ
XQGHUVWDQGDQGV\PSDWKL]HZLWKWKRVHDSSDUHQWO\FRQWUDGLFWRU\EHOLHIVIRXQGLQQHDUO\HYHU\FRXQWU\RI
WKHZRUOG$V0VD\V (DFKUHOLJLRQLVEXWDSDJHRIDVWLOOJUHDWHUERRNDQGWKHVDYDJHZKR
ZRUVKLSVKLVVPDOOLGROWRWKHP\VWLFZKRZRUVKLSVWKHZKROHXQLYHUVHDOOUHDGWKHWUXWKVRI*RG
DFFRUGLQJWRWKHLQWHOOLJHQFHJLYHQWRWKHPE\+LP$QG,YHQWXUHWRVD\WKDWQRWRQHRIWKHPDUHZURQJ
XQWLOWKHSRLVRQRIIDQDWLFLVPPDNHVWKHPUXQDPRNDQGDWWDFNWKRVHZKRZRUVKLSRWKHUJRGV$QG
KHUHLQOLHVWKHLPSRUWDQFHRIDQRFFXOWWUDLQLQJIRUWKHVWXGHQWNQRZLQJDQGUHDOL]LQJWKHGLIIHUHQWDQG
KLGGHQODZVWKDWFRPPDQGKXPDQLW\EULQJVWRDOOWKLQJVDGLIIHUHQWDQGPRUHWROHUDQWYDOXDWLRQWKRXJK
KLVWROHUDWLRQZRXOGQRWH[WHQGWRWKHGHVWUXFWLYHDJHQWV+LVH\HVKDYHDGLIIHUHQWZD\RIORRNLQJDW
WKLQJVIRUKHKDVHQWHUHGLQWRDPRUHSKLORVRSKLFZRUOGZKHUHLQKHGRHVQRWVWDQGLQMXGJPHQWDJDLQVW
PHQVRPXFKDVKHDWWHPSWVWRGLVFHUQWKRVHKLGGHQPRWLYHVWKDWPDNHPHQGRWKLQJVWKDWPD\KDUPRU
KHOSWKHP)RUWKHRFFXOWLVWKDVDOVREHHQDSV\FKRDQDO\VWDQGKDVEHHQVRIRUDJHV+HFDQIROORZDQG
XQUDYHOWKHWDQJOHGWKRXJKWVEH\RQGWKHUHJLRQVRIWKHPLQGDQGZKHUHWKHPRGHPSV\FKRDQDO\VW
OHDYHVRIIKHFRQWLQXHVIRUKHFDQIXQFWLRQFRQVFLRXVO\XSRQWKHPHQWDOSODQHRUWKHZRUOGRIPLQG
ZKHUHWKRXJKWDFWLRQLVDVUHDOWRKLPDVSK\VLFDOHPRWLRQLVWRWKRVHPRYLQJDERXWRQWKLVSODQHW+H
FDQH[DPLQHXSRQWKHPHQWDOERG\WKHGLVHDVHGVSRWVRIWKHPLQGDVHDVLO\DVWKHGRFWRUWKHGLVHDVHVRI
WKHSK\VLFDOERG\
%XW QRW DORQH LV WKH RFFXOWLVW D VWXGHQW RI UHOLJLRQ IRU KLV LQWHUHVWV OLH LQ DOO WKLQJV WKRXJK DV ,
PHQWLRQHOVHZKHUHKHLVJHQHUDOO\DVSHFLDOLVWLQRQHSDUWLFXODUDVSHFWRIOLIH+HLVDVJUHDWO\LQWHUHVWHG
LQWKHODWHVWVFLHQWLILFGLVFRYHU\DVWKHVFLHQWLVWZRXOGEHLQWKHGHYHORSPHQWRIDSROLWLFDOVLWXDWLRQRU
LQWKHODWHVWSKDVHRIDUWIRUKHLVRQHWRZKRPDOONQRZOHGJHDQGZRUOGHYHQWVILWLQDVKDUPRQLRXVO\
DQGDVSHUIHFWO\DVLQDSLHFHRIFDELQHWZRUN+HPXVWEHSUHSDUHGWRPRYHLQDOOIRUPVRIVRFLHW\DQG
OLVWHQWREDEHVDQGVDJHVZLWKDQRSHQKHDUWIRUKHNQRZVWKDWDOOPHQDUHLQVWUXPHQWVXVHGE\WKHJRGV
DQGWUXWKVPD\EHXQFRQVFLRXVO\GHOLYHUHGWRKLPWKURXJKWKHP
7KHLPSUHVVLRQV,IHOWDIWHUP\PHQWDOYR\DJHVZHUHRIP\RZQH[WUHPHOLWWOHQHVVWKHVPDOOQHVVDQG
GDUNQHVVRIWKH(DUWKDQGDQHZXQGHUVWDQGLQJLQUHJDUGWRWKHXQVHHQIRUFHVRIHYLOWKDWPRYHXSRQ
WKHVHVXEWOHUSODQHV DQGDOVRWKHSRZHUVWKDWXVHWKHDUWLVWWKHSRHWDQGWKHSURSKHWLQVSLULQJWKHPDQG
JLYLQJWKHPQHZFRQFHSWLRQVDQGHPRWLRQV
'RHVWKHJHQLXVZKRUHFHLYHVKLVLQVSLUDWLRQIURPWKHVHKLGGHQSRZHUVLIFRQVFLRXVWKDWKHLVEHLQJ
XVHGHYHUDFNQRZOHGJHKLVLQGHEWHGQHVVWRWKHXQVHHQKHOSHUV"+RZPDQ\FUHDWRUVNQRZZKHUHWKHLU
LGHDVFRPHIURPZKRJLYHVWRWKHPWKHSRHPWKHPHORG\WKHSLFWXUHWKDWVKDNHVWKHZRUOG"$V,KDYH
DOUHDG\ZULWWHQRIWKHPDQQHULQZKLFKNQRZOHGJHLVGUDZQIURPWKHKLJKHUSODQHV,VKDOOEXWUHIHUWKH
UHDGHUWRWKRVHEHOLHIV,KROG
,WLVDOVRQRWLFHDEOHWKDWPXFKRIRXUFUHDWLYHZRUNVKDYHGLVWLQFWWUDFHVRIROGFLYLOL]DWLRQVDQG
VRPHKDYHFKDUDFWHULVWLFVRISHULRGVXQNQRZQWRXV,WKLQNWKHSRVVLEOHH[SODQDWLRQIURPWKH
RFFXOWLVW
VVWDQGSRLQWLVWKDWWKHVHJUHDWPLQGVKDGFRQWDFWHGWKHSDVWDQGSRVVLEOHIXWXUHSHULRGVRIWKHVH
PHQWDOUHDOPV WKRXJKRIFRXUVHLWLVXQGHUVWRRGWKDW,DPVSHDNLQJRIDUWZKLFKLQVSLUHVPDQDQGKROGV
DPHVVDJHIRUKLPQRWDPHFKDQLFDOSURFHVVRIXQLQVSLUHGWHFKQLTXHDIRUPRIPHQWDOFUDIWVPDQVKLS
WKDWE\VKHHUZHLJKWRIPDVVKDVDWWHPSWHGWRRYHUWKURZWKHSDQWKHRQRI%HDXW\%XWWRFRQWLQXH,
3RVVLEO\WKLVPD\H[SODLQZK\WKHVHFUHDWRUVRIDVWUDQJHIRUPRIEHDXW\ZHUHQRWXQGHUVWRRGXQWLODIWHU
PDQ\\HDUVXQWLOWKHXQVHHQIRUFHVVHQWWRWKLVZRUOGQHZLQIOXHQFHVLQWRWKHPDQ\PLQGVRILWV
GZHOOHUVDQGRQO\WKHQZHUHWKH\FRPSUHKHQGHGDQGDFFHSWDEOHZKRLQSUHYLRXV\HDUVZHUHGHVSLVHG
0DQ\RIRXUFULWLFVDWWHPSWWRHQVODYHWLPHVWULYLQJWRNHHSWKHIXWXUH\HDUVZLWKWKHLUPHVVDJHVDW
ED\%XWGHVSLWHWKHRXWEXUVWVDJDLQVWWKDWZKLFKKROGVDQHZSULQFLSOHRIEHDXW\WKHVHQHZIRUPVOLNH
VPDOOVHHGVJURZLUUHVLVWLEO\DQGVORZO\LQWRWKHPLQGVRIWKH\RXQJHUJHQHUDWLRQDQGDOVRXOWLPDWHO\
EHFRPHWKHFRPPRQSODFHDQGREYLRXVO\XQGHUVWRRG WKHVHRIWHQXQFRQVFLRXVPHVVHQJHUVRIWKHJRGV
KDYLQJIXOILOOHGWKHLUPLVVLRQOHDYHWKLVZRUOGUHWXUQLQJWRWKRVHUHDOPVWKDWDUHWRXVVWLOOWKHIXWXUH
0KDVWROGPHWRWKLQNRIWKHSUHVHQWDQGWKHIXWXUHEXWQHYHURIWKHSDVW3ODFHWKHPLQGRQO\LQ
WKHSUHVHQWDQGWKHIXWXUHIRUWKHSDVWZLOOVXVWREHFRPHLWVREMHFW7KHIXWXUHEULQJVLWVP\VWHU\WROLJKW
LQWKHPLQGRIWKHVHHNHUDQGQRWKLQJHYHUKDSSHQVWRWKHVWXGHQWRIRFFXOWLVPXQWLOKHKDVSDVVHGLQWR
WKHPLQGDWPRVSKHUHRIWKHLQQHUZRUOGVRIEHLQJIRUWRGHDORQO\ZLWKREMHFWLYHWKLQJVLVRQO\WR
SURGXFHREMHFWLYHFRQGLWLRQV7KHSRZHUWRSDVVLQWRWKHVHLQQHUVWDWHVLVQRWYHU\HDV\XQOHVVRQHKDV
EHHQWUDLQHGLQWKHVFKRRORIWKHPRVWGHYHORSHGPHQWDO$GHSWVRU0DVWHUV7RDVFHQGWRWKHSODQHVRI
WKHVHPHQWDOZRUOGVZHPXVWEXU\WKHSDVWFRQGLWLRQVDQGOHYLWDWHRXUPLQGVWRWKHKLJKHVWSRVVLEOH
VSKHUHV7KHDYHUDJHVWXGHQWODFNVGLVFLSOLQHDQGIHZKDYHSDWLHQFHWRGHYHORSWKLVSRZHU,FDQRQO\
VKRZ\RXWKHZD\RXWRIWKHERG\EXWZHPXVWVXFFHHGLQWKHOHVVHUSUDFWLFHVEHIRUHWKH:LOOFDQ
VWUHQJWKHQLWVHOILQRUGHUWRPDNHWKHPLQGLWVVHUYDQW7KRXJKLI\RXZLVKWREHWDNHQWRDQ\SDUWRIWKLV
ZRUOGLQWKHRFFXOWPDQQHULWLVQRWYHU\GLIILFXOW,KDYHDOUHDG\GHVFULEHGVXFKDQLQVWDQFHLQWKH
EHJLQQLQJRIWKLVFKDSWHU
7KRXJK,VSHDNRIDUWLQUHJDUGWRWKHKLJKHUSODQHVLWVKRXOGEHUHPHPEHUHGWKDWWKHGDUNHUIRUFHV
WKDWVWURYHWRSUHYHQWP\DVFHQGLQJDOVRLQIOXHQFHPDQ\ZKRFUHDWHDQGRIWHQWKH\SURGXFHWKDW
XQKHDOWK\GHVLJQDQGIRUPZKLFKHYRNHVDVWUHDPRIXQFOHDQSDVVLRQ7KHVHDUHIRUFHVWKDWIORZIURP
WKHDVWUDODQGWKHPHQWDOKHOOVWKRXJKIRUWXQDWHO\0GLGQRWWDNHPHWRWKHVHSODFHV<HW,XQGHUVWRRG
WKDWZKHQRQHKDVJURZQVXIILFLHQWO\VWURQJRQHLVDOVREURXJKWEHIRUHWKHVHHYLOHOHPHQWVLQRUGHUWR
NQRZWKHFDXVHVWKDWSURGXFHVXIIHULQJVDQGREVHVVLRQVLQKXPDQLW\0FDOOVWKHPIRUDEHWWHUWHUPWKH
/XFLIHULDQVDQGKHWROGPHRIDSDUWLFXODULQVWDQFHZKHQKHVDZWKHHYLOLQRQHRIWKHPG\LQJ,WOD\LQD
FU\VWDOFRIILQDQGLWJD]HGDWKLPZLWKH\HVWKDWKHOGDVWUDQJHDQGWHUULEOHZLVGRP(YLOKDGEHHQLWV
QDWXUH,WVERG\ZDVEHDXWLIXODQGKDUPRQLRXVLQSURSRUWLRQEXWRIDIRUPLQFRQFHLYDEOHWRPDQ,KDYH
DOVRVHHQDJURXSRIHYLOEHLQJVDQGWKHLPSUHVVLRQV,UHFHLYHGDOOVHHPHGWRGZHOOLQWKHLUH\HVZKLFK
VHQWRXWDJUHDWPDJQHWLFDQGPDOLJQDQWJODUHILOOHGZLWKDJUHDWSRZHU,WROGRIP\YLVLRQWR0DQG
PHQWLRQHGDFXULRXVIHDWXUHDERXWWKHLUKHDGVDQGKHWROGPHLWZDVDV\PEROVKRZLQJWKDWWKH\
SRVVHVVHGJUHDWNQRZOHGJH
,QRQHWULSDPRVWUHPDUNDEOHWKLQJZDVVKRZQPHVRPHWKLQJH[WUHPHO\GLIILFXOWWREHOLHYH\HW
IURPWKHRFFXOWDVSHFWTXLWHHDVLO\XQGHUVWRRG,WLVNQRZQWRRFFXOWLVWVDQGWKHRVRSKLVWVWKDWPDQ\RI
WKHWKLQJVZHGRRQWKLVSODQHKDYHEHHQSUHRUGDLQHGWKHZRUNWKDWZHGRLQDUWRULQDQ\WKLQJHOVHKDV
DOUHDG\EHHQDFFRPSOLVKHGXSRQWKHVHKLJKHUSODQHV,KDYHVHHQLQYHQWLRQVPHQWDOO\WKDWPDWHULDOL]HG
DIWHUZDUGVXSRQWKLV(DUWK7KHVHWKLQJVKDYHEHHQDFFRPSOLVKHGXVXDOO\E\RXUKLJKHUVHOYHVDQGWKDW
PD\H[SODLQWKHSUREOHPRIFODLUYR\DQFHIRUZKDWKDVEHHQFUHDWHGRQWKHVHSODQHVLVVWLOOLQWKHSHULRG
ZHZRXOGFDOOWKHIXWXUHDQGWKHVHQVLWLYHFODLUYR\DQWZKRKDVRSHQHGWKHLQQHUH\HFDQVHHLQWRWKHVH
UHDOPV WKRXJKWKHRUGLQDU\PHGLXPVHHVWKLQJVRIWHQLQWKHDVWUDOZKLFKZHFRQVLGHUWREHWKHUHDOPRI
LOOXVLRQ
2QHHYHQLQJ0WRRNPHXSRQDPHQWDOWULSZKHUHLQ,WUDYHOHGZLWKJUHDWGLIILFXOW\6RPHWKLQJ
VHHPHGWRSXOOPHGRZQZDUGDQGLWZDVRQO\ZLWK0$KHOSWKDW,PDQDJHGWRDUULYHDWWKHSODFHKH
GHVLUHGWRVKRZPH,WZDVDVPDOOURRPLQZKLFKD\RXQJFKLOGZDVZULWLQJZKLOHWKURXJKDQHDUE\
ZLQGRZDJUHDWVKDIWRIVLOYHUOLJKWFDPHIORZLQJ,ORRNHGDWWKHFKLOGDQGVHHPHGWRUHFRJQL]HKLPDV
VRPHERG\,KDGNQRZQORQJDJR,DVNHG0LIKHFRXOGWHOOPHZKRWKHFKLOGZDVDQGKHDUGZLWK
DVWRQLVKPHQWWKDWLWZDVP\VHOIXSRQWKLVPHQWDOSODQH,KDYHPHQWLRQHGSUHYLRXVO\WKDWDVRQHJRHV
IXUWKHURQHDSSHDUV\RXQJHUIRU,KDGVHHQP\VHOIDVD\RXWKRIDERXWIRXUWHHQ,DOVRNQRZDQRWKHU
FDVHRIDSXSLOZKRZDVOLNHDOLWWOHJLUODQG0KLPVHOIKDVWROGPHWKDWZKHQKHDSSURDFKHGWKHVH
KLJKHUDQGSXUHUUHDOPVKHDOVREHFDPHDVDFKLOGDQGWKHVD\LQJWKDWRQO\DFKLOGFDQVHH*RGLV
OLWHUDOO\WUXHXSRQWKLVKLJKHUSODQH)RUDFKLOGLVLPSHUVRQDODQGWKHUHIRUHVHHVPRUHFOHDUO\7R
FRQWLQXHP\RZQH[SHULHQFHDQRWKHUFXULRXVWKLQJ,QRWLFHGZDVWKDWDVWKHFKLOGJD]HGXSLQWRWKH
VWUHDPRIOLJKWWKHIDFHJUHZ\RXQJHU EXWZKHQKHEHQWGRZQWKHIDFHJUHZYHU\ROG0WROGPH,ZDV
ZULWLQJDERRNWKDWZRXOGDSSHDULQWKHIXWXUHZKLFKGLGQRWVXUSULVHPHIRU,KDGRIWHQVHHQFRPSOHWH
QHZSRHPVLQP\GUHDPVIRULQVOHHSWKHVRXOMRXUQH\VWRLWVUHDOPRIWUXHEHLQJZLWKFOHDUPHWULFDO
IRUPVDQGVXEMHFWVZKLFKZHUHXOWLPDWHO\ZULWWHQWKRXJKPDQ\ZHUHDOVRXQZULWWHQDV,FRXOGQRW
UHFROOHFWWKHZRUGV,EHOLHYHPDQ\ZULWHUVKDYHKDGVXFKDQH[SHULHQFH0DOVRWROGPHWKDWWKHUHDVRQ
ZK\ZHIRXQGLWVRGLIILFXOWWRWUDYHOWKLVWLPHZDVEHFDXVHWZRPDJLFLDQVZLVKHGWRSUHYHQWP\
MRXUQH\LQJWRWKLVUHDOP)RUZKHQZHDZDNHQWKHILQHUSDUWRIRXUVHOYHVZHDOVRVWLUWKHORZHUDVSHFWV
RIRXUFKDUDFWHUDVDOORFFXOWVWXGHQWVNQRZZKLFKLPPHGLDWHO\VHQGVRXWDFKDOOHQJHWRGREDWWOHZLWK
RXUKLJKHUTXDOLWLHVDQGWKDWLVZKDWRFFXUUHGLQWKLVLQVWDQFH0DOVRWROGPHWKDWRXUSDVWILYHVDUH
VRPHWLPHVOLNHZHLJKWVWKDWKROGDQGSXOOWKHERG\GRZQWRSDVWSHULRGVDQGDV,PHQWLRQHGHOVHZKHUH
ZHKDYHWRGHVFHQGLQWRWKHVHGDUNHUUHJLRQVLQRUGHUWRVQDSWKHOLQNVWKDWZRXOGSUHYHQWXVIURP
DVSLULQJ DOVRZHYLHZWKHGHHGVZURXJKWLQWKRVHSDVWOLYHVLQRUGHUWRXQGHUVWDQGWKHPRWLYHVWKDW
JXLGHGWKHPDQGVXFKDQH[SHULHQFHWHDFKHVXVWREHPRUHFDUHIXOLQRXUWKRXJKWVDQGDFWLRQV DOVR
ZKHQZHKDYHXQGHUJRQHVXFKDQRFFXOWH[SHULHQFHZHFDQXQGHUVWDQGWKHWKLQJVRIWKLVZRUOGPXFK
PRUHFOHDUO\,QUHJDUGWRWKDWDVSHFW,WKLQNDIHZSDJHVGHDOLQJZLWKWKHPHQWDOSRZHUVXVHGWRGD\
XSRQPDQNLQGZLOOQRWEHRXWRISODFH
2QHRIWKHPRVWWHUULEOHSRZHUVXVHGXSRQPDQNLQGLVK\SQRWLVPWHUULEOH EHFDXVHLWLVXQVHHQDQG
RIWHQXVHGE\XQVFUXSXORXVSHRSOHZKRVHYLFWLPVDUHVHOGRPFRQVFLRXVRIWKLVGDQJHUZRUNLQJXSRQ
WKHP
7KHUHDUHPDQ\SKDVHVRIWKLVIRUFHRIZKLFKWKHOHDVWLVVHOIVXJJHVWLRQDQGWKHJUHDWHVWFURZG
K\SQRVLVZKHUHE\DZKROHQDWLRQFDQEHSOXQJHGLQWRDZKLUOSRRORISDVVLRQDQGKDWHGULYLQJWKHPWR
GHVWUXFWLRQ DIRUFHWKDWXQEDODQFHVPLOOLRQVRISHRSOHREVHVVLQJWKHPXQWLODFHUWDLQREMHFWKDVEHHQ
DWWDLQHG0DQLVQRWPDVWHURIWKLVSODQHW+HPD\KROGSRZHUIRUDWLPHRYHUFHUWDLQHOHPHQWVDQGLQVR
GRLQJSULGHKLPVHOIXSRQKLVVWUHQJWKXQWLOWKHWHUULEOHPRPHQWFRPHVZKHQDWLWDQLFFDWDVWURSKH
RYHUZKHOPVKLP%RDVWIXOFLWLHVEHFRPHFXUWDLQHGLQJROGHQYHLOVRIIODPHWKHJURXQGRIWKH(DUWK
WUHPEOHVDQGXQGXODWHVOLNHWKHZDYHVRIDQRFHDQZKLOHKHUHDQGWKHUHKHUPRXWKVJDSHZLGHO\DQG
VZDOORZDQGOLFNZLWKKHUWRQJXHVRIIODPHPDQDQGKLVZRUNVDQGLQDVPXFKDVKHLVQRWPDVWHURIWKLV
SODQHWPDWHULDOO\QHLWKHULVKHPDVWHURIKLVPLQGQRURIKLVHPRWLRQV0DQ\RIKLVWKRXJKWVDQG
IHHOLQJVDUHQRWKLVRZQKHPD\HQWHUDFURZGDQGHPHUJHZLWKDVWUDQJHGHVLUHRUDVWUDQJHWKRXJKW
WKDWLVWRWDOO\DOLHQWRKLVFKDUDFWHU$VOLJKWLQVWDQFHFDQEHPHQWLRQHGDVSURRIVKRZLQJWKDWLQWKHVH
PLQXWHLQFLGHQWVOLHKLGGHQWKHXQNQRZQODZV2QHHYHQLQJ'DYLGDQGP\VHOIDWWHQGHGDPHHWLQJDWWKH
7KHRVRSKLFDO6RFLHW\DQGZKLOHZHZHUHOLVWHQLQJVWUDQJHWKRXJKWVFDPHLQWRP\PLQG,WXUQHGWR
'DYLGDQGQRWLFHGWKDWKHZDVOLNHZLVHSX]]OHG6XGGHQO\ZLWKRXWP\DVNLQJKLPKHWXUQHGDQGVDLG
0U;LVKHUHDQGZHERWKXQGHUVWRRGLPPHGLDWHO\ 7KHQXPEHURISHRSOHZKRKDYHKDGVXFK
H[SHULHQFHVLVSUREDEO\SDVWFRXQWLQJDQGKRZPDQ\KDYHEHHQXQFRQVFLRXVO\XVHGE\RWKHUSHRSOHLV
OLNHZLVH:HWDNHWRROLWWOHKHHGRIVXFKLQVWDQFHV\HW,EHOLHYHWKDWZLWFKFUDIWDQGPDJLFFHUWDLQO\H[LVW
WRGD\EXWKDYHDGLIIHUHQWWHUPLQRORJ\DQGWKHVHSRZHUVDUHRIIDUWRRVXEWOHDQDWXUHIRUVFLHQFHWR
H[SHULPHQWZLWKHYHQLILWDFFHSWHGWKHH[LVWHQFHRIVXFKWKLQJV,PDJLQHDSHUVRQZKRKDVGHYHORSHG
WHOHSDWK\WRLWVKLJKHVWGHJUHHZKRFDQVHQGKLVWKRXJKWVWRZKRPVRHYHUKHGHVLUHVDQGPDNHWKDW
SHUVRQREH\KLP:RXOGWKDWQRWEHDFOHDUFDVHRIK\SQRVLVDQGDIRUPRIREVHVVLRQZKLFKPRGHP
VFLHQFHLJQRUHV3HRSOHPD\FRPPLWFULPHVZKHQWKH\DUHWHPSRUDULO\REVHVVHGDQGZKHQWKH\KDYH
DFFRPSOLVKHGWKHLUSXUSRVHWKH\EHFRPHVDQHDJDLQEXWWKDWSHUVRQZKRLVEXWDQLQVWUXPHQWLVHLWKHU
LPSULVRQHGRUKDQJHGZKLOHWKHUHDOFULPLQDOPD\EHIDUDZD\7UXHLWLVGLIILFXOWWRGLVFRYHUZKHWKHU
WKHFULPLQDOZDVJXLOW\RUQRWEXWQHYHUWKHOHVVWKHSRVVLELOLWLHVRIFULPHVEHLQJFRPPLWWHGE\SHRSOHIDU
DZD\IURPWKHVFHQHUHPDLQV
$QRWKHUDVSHFWRIWKHVDPHSRZHULVLQWKHPDQ\PRGHPEXVLQHVVVFKRROVZKHUHWKHWUDLQLQJLV
RSHQO\K\SQRVLV:HDNHQWKHPLQGRI\RXUFOLHQW,WGRHVQRWPDWWHUZKHWKHUKHZDQWV\RXUJRRGVRU
QRWIRUFHKLPWREX\'LVFRYHUKLVZHDNQHVVDQGSOXQJHOLNHDODQFHDOO\RXUPHQWDOIRUFHLQWRWKRVH
IHHEOHSDUWVDQGKHLVERXQGWRVXFFXPE,WLVDVWKRXJKRQHXVHGDPHQWDOFOXE,IRQHXVHGDVWRQHFOXE
RQHZRXOGEHLPSULVRQHGDQGULJKWO\VR%XWXQIRUWXQDWHO\IRUWKHYLFWLPRQHXVHVDQXQVHHQFOXE,WLV
GLIILFXOWWRGHWDLQVXFKDPHQWDOVDYDJHDQGSODFHKLPLQDVSRWZKHUHLQKHFRXOGGRWKHOHDVWKDUP<HW
WKLVIRUPRIWUDLQLQJIORXULVKHVWRGD\DOORYHUWKHZRUOG$QGEHFDXVHLWLVWRRVXEWOHDIRUPRI
EULJDQGDJHZHKDYHWRSHUPLWLWWRH[LVWWKRXJKLWLVXQIRUWXQDWHWKDWVRFLHW\FDQQRWIUDPHDQHZIRUPRI
MXULVSUXGHQFHWRGHDOVROHO\ZLWKPHQWDOFULPLQDOVIRUWKH\DUHDPXFKJUHDWHUGDQJHUWKDQWKHQRUPDO
RQHV
+HUH,VKDOOTXRWHDIHZQRWHVXSRQWKHSUHFHGLQJVXEMHFWJLYHQWRPHE\0*UHDWLVWKHPLQGWKDW
FDQOHDYHHYHU\RWKHUPLQGDORQH2QHKDVQRULJKWWRXVHRQH
VSRZHUVLQRUGHUWRLQTXLUHLQWRWKHDIIDLUV
RIRWKHUVXQOHVVDVNHGWRGRVRE\WKDWSHUVRQIRUWKHVRXOGRHVQRWZLVKWKHJUHDWODZWREHEURNHQ7KH
DGYDQFHGVWXGHQWPXVWRQO\VSHDNRIWKHWKLQJVWKDWWKH+LJKHU6HOIRIWKHTXHVWLRQHUZLVKHVLWV
SHUVRQDOLW\WRNQRZDQGWKHVWXGHQWPXVWFRQWDFWKLVRZQ+LJKHU6HOIEHIRUHKHFDQFRQWDFWWKH+LJKHU
6HOIRIWKHTXHVWLRQHU,IWKHVWXGHQWJLYHVLQIRUPDWLRQDQGNQRZOHGJHZKLFKOLPLWVWKHIUHHGRPRI
H[SUHVVLRQRIWKHRWKHUVRXOKHPXVWEHSUHSDUHGWREHDUWKH.DUPDRIWKHTXHVWLRQHU,QUHJDUGWRWKH
PHQWDOFULPLQDOVWKHUHDUHODZVJRYHUQLQJWKHPHQWDOSODQHVDVZHOODVWKHSK\VLFDODQGWKHFULPLQDO
ZLOODOVREHSXQLVKHGE\LPSULVRQLQJKLPVHOIZKHQKHSDVVHVRYHU
7KHPDLQXVHRIFODLUYR\DQFHLVWRGLVWLQJXLVKWKDWVWDJHRIVRXOHYROXWLRQWKDWWKHVRXOKDGUHDFKHG
IRUZKDWLVFDOOHGULJKWNQRZOHGJHRIWKH*UHDWHU0\VWHULHVLVQHYHUJLYHQWRDVRXOWKDWKDVQRW
GHYHORSHGWKHSRZHURIWKHULJKWXVHRINQRZOHGJH
,WLVVDLG
E\DPDQVOLJKWLVKHNQRZQ
DQGHYHU\VRXODQVZHUVWKHSURSHUFKDOOHQJHJLYHQE\WKH
WHDFKHUDQGWKURXJKFODLUYR\DQFHWKHWHDFKHUNQRZVZKHWKHUWKHVWXGHQWPD\EHJLYHQWKHULJKW
LQVWUXFWLRQ&ODLUYR\DQFHLVDSK\VLFDODFTXLUHPHQWMXVWDVPDQGHYHORSVKLVERG\VRZLWKFRUUHFW
WHDFKLQJVKHPD\GHYHORSFODLUYR\DQFHDQGUHJDUGLQJWKLVSRZHURIWUXHFODLUYR\DQFHRQHPXVWUHDFKD
VWDJHRIGHYHORSPHQWLQRUGHUWRXQGHUVWDQGWKHODZVWKDWJRYHUQLWVXVHV2WKHUZLVHWKHOLJKWZKLFK
JLYHVKLPFOHDUVHHLQJZLOOEHWDNHQDZD\IRUWKHVRXOZLOOQRWSHUPLWLWVJLIWVWREHLOOHJLWLPDWHO\XVHG
1DWXUHSODFHVDZRQGHUIXOERRNEHIRUHPDQDQGLIKHZLOOEXWRSHQKLVH\HVKHZLOOEHDEOHWRUHDG
PDQ\XQEHOLHYDEOHWKLQJVDERXWZKLFKKHNQRZVOLWWOHQRZDGD\VIRUKHFDQH[WHQGKLVFRQVFLRXVQHVV
WKURXJKPDQ\UHDOPVDQGEHFRPHIDPLOLDUZLWKWLHUWHDFKLQJVIRU*RGLVQHYHUDSDUWIURP+LV
FUHDWLRQV
7KHQ0FRQWLQXHGIXUWKHULQDQVZHUWRVRPHTXHVWLRQVLQUHJDUGWRWKHPHQWDOERG\
<RXDVNPHIRUVRPHUXOHWKDWPD\GHVWUR\LJQRUDQFHLQ\RXUPHQWDOERG\$FKLOGVHHNVWRNQRZ
DOODERXWWKHZRUOGLQZKLFKLWKDVEHHQERUQVRVHHNWRILQGIURP\RXURZQWUXHLQVWUXFWRUWKH0LQGRI
\RXU0DVWHUZKRGZHOOVZLWKLQ\RXURZQWUXHZRUOGRIEHLQJWKHZD\WR\RXURZQLQQHUZLVGRP<RX
FDQIROORZ+LPE\\RXULQVWLQFWLYHVHQVHDQGE\GRLQJVRILQGWKDW\RXURZQLQQHUZRUOGFDQEHPDGH
PRUHUHDOWR\RXUORZHUXQGHUVWDQGLQJ<RXKDYHEHHQWDNHQWRWKHUHDOPVRIWKHPHQWDOERG\DQGLQ
WKRVHWULSVVHQVHGWKHUHODWLRQVKLSEHWZHHQWKHRXWHUDQGLQQHUVHOYHV'RQRWIRUJHWWKLVIRUWKHVH
VSKHUHVWRZKLFK,KDYHWDNHQ\RXFRUUHVSRQGWRWKHLQQHUSODQHVRIEHLQJ
<RXIRXQG\RXUVHOIDJHGRQWKHZRUOGSODQHEXW\RXIRXQGWKDWDJHGLVDSSHDUVDV\RXSDVV
RQZDUGVWRWKHUHDOLWLHVRIEHLQJ<RXFDPHWRDSODFHZKHUH\RXZHUHDEOHWRVHH\RXUVHOIDVDER\DQG
\RXIRXQGWKDW\RXUPLQGKDGEHFRPHYHU\TXLFNDQGDOHUWZLWKDQXQGHUVWDQGLQJRIWKLQJVZKLFK\RX
GRQRWSRVVHVVRQWKLVSODQH$QG\RXIHOWWKDWZLWKLQ\RXUDWPRVSKHUHJUHDWSRZHUVZHUHDWZRUNWKDW
HQGHDYRUHGWRJLYH\RXDQDWPRVSKHUHRIWKHLURZQQDWXUH<RXFDQEXLOGWKLVPHQWDODWPRVSKHUHLQWR
\RXUSURVHDQGSRHPV
,WRRN\RXWR\RXUZRUNVKRSRQDQLQQHUSODQHDQG\RXFRXOGVHH\RXUVHOIDWZRUNDQGWKDW5D\RI
/LJKWIURPZKHQFH\RXGUDZIRUFHDQGSRZHU<RXZHUHDOVRFRQVFLRXVRIWKHWZRSRZHUVWKDW
DWWHPSWHGWRKROG\RXLQWKHLUWKUDOOSRZHUVZLWKZKLFK\RXKDYHWRFRQWHQGHUHUHDFKLQJ\RXUWUXH
GHVWLQDWLRQ%XWZKHQ\RXZHUHDEOHWRFRQWDFWWKDW5D\RI/LJKW\RXZHUHDEOHWRDQQXOWKRVHPLQGV
ZKRRSSRVHG\RX<RXZHUHZULWLQJRQWKDWSODQHWKHRSHQLQJVHQWHQFHRI\RXUERRN
0HUOLQ,HWF
DQGVLQFHWKHQZHHQGHDYRUHGWRKHOS\RXWRUHPHPEHUZKDW\RXZHUHZULWLQJ
<RXUHDOL]HWKDWPDQLVDFRPSRVLWHEHLQJKDYLQJGLIIHUHQWSRZHUVRIZKLFKWKHREMHFWLYHPDQ
NQRZVEXWOLWWOHDQGLWZDVWRWHDFK\RXWKHH[LVWHQFHRIWKHVHOLYLQJLQQHUSRZHUVWKDW,WRRN\RXLQWR
WKHKLGGHQSODQHVWKHVRXUFHRIGLYLQHUHDOLWLHV
(3,/2*8(
+HUHIRUDWLPHHQGWKRVHWHDFKLQJVP\0DVWHUKDVJLYHQPH:KHWKHUWKH\ZLOOEHUHJDUGHGE\WKH
UHDGHUDVDQFLHQWWUXWKVUHDZDNHQHGRUEXWWKHIDQWDVWLFEHOLHIVRIDVWXGHQW,GRQRWNQRZ%XW,GR
NQRZWKDWPDQ\RIWKHVHWKLQJVWDXJKWWRPHKDYHEURXJKWUHDOL]DWLRQVDQGJUHDWHUXQGHUVWDQGLQJRI
WKRVHXQNQRZQODZVRI1DWXUHLQUHODWLRQWRWKHRUGLQDU\DIIDLUVRIOLIH7KDW,KDYHIRXQGPXFK
GLIILFXOW\WROLYHDFFRUGLQJWRPDQ\RIWKHVHWHDFKLQJVFDQEHXQGHUVWRRG IRU,KDYHVWXGLHGEXWDIHZ
\HDUVDQGLWLVGLIILFXOWWRVPRRWKWKHVKDUSDQJOHVDQGFUXGHFRPHUVRIFKDUDFWHULQDOLWWOHZKLOH,IHHW
WKDWWKRVHVWXGHQWVDQGVHHNHUVZKROLNHP\VHOIEHOLHYHWKDWVRPHZKHUHRQWKLVSODQHWGZHOOPLJKWLHU
EURWKHUVZKRPRYHQDWLRQVDVZHPRYHFKHVVSLHFHVZLOOUHDGLQPXFKWKDW,KDYHZULWWHQVRPHQHZ
SULQFLSOHVWKDWPDQ\ZRUNVGHDOLQJZLWKNLQGUHGVXEMHFWVKDYHHLWKHUQHJOHFWHGRUKDYHQRWNQRZQ
7KDWUHDGHUVRIDVFLHQWLILFIUDPHRIPLQGZLOOWUHDWZLWKJUHDWVNHSWLFLVPPXFKWKDW,KDYHZULWWHQ,
DPIXOO\DZDUHDQGIURPWKHLUVWDQGSRLQWQRWKDYLQJVWXGLHGWKHVHWKLQJV,FDQXQGHUVWDQGWKHPGRLQJ
VRIRUWKH\FDQRQO\ORRNZLWKVXVSLFLRQXSRQWKRVHZKREULQJIRUZDUGWHDFKLQJVWKDWGHPDQGDPRUDO
PHWKRGRILQYHVWLJDWLRQLQVWHDGRIDFKHPLFDOPHWKRG7KRXJK,WKLQN,PD\VWDWHWKDW,VWDQGXSRQDV
ILUPDJURXQGLQP\LQYHVWLJDWLRQVDVPDQ\VFLHQWLVWVKDYHGRQHLQWKHSDVWIRUKDYHWKH\QRW
GRJPDWLFDOO\DVVHUWHGWKHWUXWKVRIWKHLUWKHRULHVZKLFKODWHURQZHUHIRXQGWREHLQFRUUHFW":KHWKHU
WKHVHWHDFKLQJVDUHIRXQGWREHOLNHZLVHFDQRQO\EHMXGJHGDIWHUEHLQJDWWHPSWHGZKLFK,OHDYHWR
IXWXUHRFFXOWLQYHVWLJDWRUV
,QFDUQDWLRQDIWHULQFDUQDWLRQKDYHZHHUHFWHGQREOHFLYLOL]DWLRQVWRRXUIDUVRDULQJGUHDPV ZHKDYH
KHDUGWKHPXVLFRIWKHLUVZLIWZLQJVLQWKHFDOPDQFLHQWHYHQLQJVRIRXUSDVWELUWKVZKHQZHZRQGHUHG
ZKHWKHUWKHVWDUVZHUHWKHVLOYHUQHVWVRIWKHZLQJHGRQHV:HKDYHVDLOHGXQNQRZQVHDVDQGKDYH
GLVHPEDUNHGXSRQVDQGVWKDWPDQ
VIHHWKDYHQHYHUSUHVVHG ZHKDYHOLVWHQHGWRWKHOLVSLQJFDGHQFHVRI
OHDIDQGWKHVPDOOPHORG\RIELUGWKLQNLQJWKDWRXUGUHDPVZHUHEHZLWFKHGDQGLPSULVRQHGLQWKHVRQJ
RI1DWXUH XSRQFRORUHGLVOHVZKHUH/RWXVHDWHUVOD\VZRRQLQJWKHLUPHOWLQJVHQVHVHQFKDQWHGE\WRR
PXFKULFKQHVVKDYHZHWURGDQGVRXJKWLQWKHMHZHOOHGJOHQVIRUWKHLPPRUWDO7UXWKV ZHKDYHOHIWRXU
FORDNVRIFOD\LQHYHU\ODQGXSRQHYHU\PRXQWDLQFUHVWHQULFKLQJWKHGXVWRIWKHZRUOGDQGPHOWLQJ
DZD\LQWKHZDWHUVZKLOHWKHUHVWOHVVIODPHRIWKHVRXOMRXUQH\HGRQLQWUDYDLOVWLOOVHHNLQJLWVORVW
GLYLQLW\ VWLOOVWULYLQJWRKHDUWKHV\PSKRQ\RILWVRZQLQQHU*RGWKDWFKRUGWKDWZRXOGOLIWLWXSDQG
PDNHLWRQHZLWKLWVRZQVPDOOXQLYHUVH
+DYHZHQRWIHOWZKHQRXUPRRGVULVHDERYHWKHWUDPPHOVRIIOHVKWKHKDOORZHGDQGFRROIODPHRI
WKHLQGZHOOLQJ*RGEDWKLQJRXUVRXOVDQGDVFHQGLQJZLWKXVLQVPRRWKDQGXQKXUULHGPDQQHUWRWKH
FDOPKHLJKWVRIWKHVSLULWZKHUHWKHORIWLHUUHPHPEUDQFHRIDQLPPRUWDOH[LVWHQFHXQIROGHGLWVHOIOLNHD
SHUIHFWIORZHU)RUDPRPHQWWKHSDVVLRQVWKDWDQFKRUXVWR(DUWKDUHORRVHQHGDQGWKHGDUNGHVLUHVRI
OLIHDUHHUDVHGDQGXSRQWKHSDOLPSVHVWDUHLQVFULEHGWKHHWHUQDOZRUGVRI7UXWKWRLOOXPLQDWHRXUKHDUWV
ZKHQZHDJDLQGHVFHQGEULQJLQJXVIRUDOLWWOHZKLOHDTXLHWMR\WKDWYDQLVKHVWRRVRRQZKHQZH
EHFRPHWKUDOOVDJDLQWRRXUVRUURZVDQGORZHUPRRGV$QGLWLVRQO\ZKHQZHFDQWUDLQRXUVHOYHVWR
YR\DJHWRWKHDOWDURIFRQWHPSODWLRQZKHQVRHYHUZHSOHDVHWKDWZHFDQGHYHORSDSHUSHWXDO
FRQVFLRXVQHVVRIWKRVHKLJKHUDOWLWXGHVDQGIURPWKRVHVKLQLQJH\ULHVVHHWKHRFHDQRIJROGWKDW
HQYHORSVWKHZKROHJOREHDQGKXPDQLW\PDNLQJXVRQH$QGLWLVLQRUGHUWKDWPDQUHGLVFRYHUVWKRVH
ORVWUHJLRQVDQGKLVDQFLHQWKHULWDJHKLVRZQLQQHUWUHDVXUHKRXVHWKDWWKLVZRUNKDVEHHQZULWWHQ)RU
WKURXJKWKHDJHVWKRVHEURWKHUVZKRKDYHIRXQGSHDFHFDOODOVRWRRWKHUVWRVHHNWKHVRYHUHLJQEDOP
7+($:$.(1,1*
6RRQWKHKHDY\DQGVOXJJLVKIRUPVRIWKHGDUNDQGVLJKWOHVVFHQWXULHVZKRKDYHKRRGHGZLWKWKHLU
EDWOLNHFORDNVWKHH\HVRIPDQVKDOOEHGLVSHUVHGE\WKHFRXULHUZLQGVRIWKHUHWXUQLQJJRGV)RUPDQ
KDVZRRHGDQGNQHOWWRRORQJEHIRUHWKHEORRGOHVVSKDQWRPVRIGHFD\ WKHVSHQWJODPRXURIDJHFDQ
KROGQRQRXULVKPHQWIRUWKHIORZHULQJRIDVSLUDWLRQDQGWKHUHIRUHWKHJRGVUHWXUQWREULQJQHZPHORG\
QHZDUWDQGQHZXQGHUVWDQGLQJ7KURXJKWKHELOORZLQJDQGVXQHQEUDLGHG ZLQJVRI(DUWKWKDWERUGHU
WKHD]XUHDQGLQILQLWHKRUL]RQVKLQHVGLPO\IRUWKHPRPHQWDJURZLQJVSOHQGRUWKHQVXGGHQO\WKH
FORXG\SLQLRQVFUXPEOHDQGWKHUHULVHVLQPDUVKDOOHG UHJDOLW\WKHVZLIWVLOYHUEULGOHGKRUVHVKDUQHVVHG
WRJORZLQJFKDULRWVZKHUHLQVWDQGWKH\RXWKIXODQGYLUJLQJRGVJROGHQKHOPHG DQGJUHDYHGZKRVH
JOLQWLQJDUPRULVXQGLQWHG DQGXQWDUQLVKHG7KH\DUHWKHFHOHVWLDOG\QDVWLHVDQGHWKHUHDOFKLOGUHQERUQ
IURPWKHGLYLQHDQGHWHUQDOPRWKHU)ODPHZKRVHEUHDVWVDUHWKHVWDUVWKDWKDYHVXFNOHGWKHVHFKLOGUHQ
XSRQDILHU\PLON6RRQVKDOOZHKHDUWKHVKULOOQHLJKLQJRIWKHKRUVHVDQGWKHWHPSHVWVFKRLULQJDPLG
WKHLUWRVVLQJPDQHV7KHUROOLQJFKDULRWVOHDYHDZDNHRIILJKWZLWKLQWKHDLUDVWKH\SOXQJHXSRQWKH
ZKLWHFUHVWHGSDUDSHWVRIPRXQWDLQSHDN:KLOHWKHWKXQGHUVIURPWKHJRGVXQOHDVKHGVKDOOEHWKH
UHVXUJDUQRIWUXWKVVLQJLQJOLNHWULXPSKDQWWUXPSHWVRQFHDJDLQDZDNHQHGDVWKH\EXUVWWKURXJKWKH
KRRGHGFHQWXULHVWRIUHHLPSULVRQHGPLQGV
6ZHHWLVWKHELUWK
2IVZHHWHU(DUWK
&OHDUFDOPDQGFRROWKHVNLHV
)RUJUHDWHUSRZHUV
6HQGIRUWKWKHLUIORZHUV
:KRVHSHUIXPHSXULILHV
7KHVRXORIPDQ
0RYHVWRDSODQ
*XLGHGE\*RGDQGJRGV
:KROHDGDULJKW
(DFKZHDU\NQLJKW
)URPGDUNHUSHULRGV
,PPXWDEOH
,QVFUXWDEOH
:HUHDOOWKHURDGVRIROG
1RZHYHU\VLJQ
,VFU\VWDOOLQH
$QGHYHU\SDWKLVJROG
You might also like
- The Subtle Art of Not Giving a F*ck: A Counterintuitive Approach to Living a Good LifeFrom EverandThe Subtle Art of Not Giving a F*ck: A Counterintuitive Approach to Living a Good LifeRating: 4 out of 5 stars4/5 (5807)
- The Gifts of Imperfection: Let Go of Who You Think You're Supposed to Be and Embrace Who You AreFrom EverandThe Gifts of Imperfection: Let Go of Who You Think You're Supposed to Be and Embrace Who You AreRating: 4 out of 5 stars4/5 (1091)
- Never Split the Difference: Negotiating As If Your Life Depended On ItFrom EverandNever Split the Difference: Negotiating As If Your Life Depended On ItRating: 4.5 out of 5 stars4.5/5 (842)
- Grit: The Power of Passion and PerseveranceFrom EverandGrit: The Power of Passion and PerseveranceRating: 4 out of 5 stars4/5 (590)
- Hidden Figures: The American Dream and the Untold Story of the Black Women Mathematicians Who Helped Win the Space RaceFrom EverandHidden Figures: The American Dream and the Untold Story of the Black Women Mathematicians Who Helped Win the Space RaceRating: 4 out of 5 stars4/5 (897)
- Shoe Dog: A Memoir by the Creator of NikeFrom EverandShoe Dog: A Memoir by the Creator of NikeRating: 4.5 out of 5 stars4.5/5 (537)
- The Hard Thing About Hard Things: Building a Business When There Are No Easy AnswersFrom EverandThe Hard Thing About Hard Things: Building a Business When There Are No Easy AnswersRating: 4.5 out of 5 stars4.5/5 (345)
- Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic FutureFrom EverandElon Musk: Tesla, SpaceX, and the Quest for a Fantastic FutureRating: 4.5 out of 5 stars4.5/5 (474)
- Her Body and Other Parties: StoriesFrom EverandHer Body and Other Parties: StoriesRating: 4 out of 5 stars4/5 (821)
- The Emperor of All Maladies: A Biography of CancerFrom EverandThe Emperor of All Maladies: A Biography of CancerRating: 4.5 out of 5 stars4.5/5 (271)
- The Sympathizer: A Novel (Pulitzer Prize for Fiction)From EverandThe Sympathizer: A Novel (Pulitzer Prize for Fiction)Rating: 4.5 out of 5 stars4.5/5 (122)
- The Little Book of Hygge: Danish Secrets to Happy LivingFrom EverandThe Little Book of Hygge: Danish Secrets to Happy LivingRating: 3.5 out of 5 stars3.5/5 (401)
- The World Is Flat 3.0: A Brief History of the Twenty-first CenturyFrom EverandThe World Is Flat 3.0: A Brief History of the Twenty-first CenturyRating: 3.5 out of 5 stars3.5/5 (2259)
- The Yellow House: A Memoir (2019 National Book Award Winner)From EverandThe Yellow House: A Memoir (2019 National Book Award Winner)Rating: 4 out of 5 stars4/5 (98)
- Devil in the Grove: Thurgood Marshall, the Groveland Boys, and the Dawn of a New AmericaFrom EverandDevil in the Grove: Thurgood Marshall, the Groveland Boys, and the Dawn of a New AmericaRating: 4.5 out of 5 stars4.5/5 (266)
- Team of Rivals: The Political Genius of Abraham LincolnFrom EverandTeam of Rivals: The Political Genius of Abraham LincolnRating: 4.5 out of 5 stars4.5/5 (234)
- A Heartbreaking Work Of Staggering Genius: A Memoir Based on a True StoryFrom EverandA Heartbreaking Work Of Staggering Genius: A Memoir Based on a True StoryRating: 3.5 out of 5 stars3.5/5 (231)
- On Fire: The (Burning) Case for a Green New DealFrom EverandOn Fire: The (Burning) Case for a Green New DealRating: 4 out of 5 stars4/5 (74)
- The Unwinding: An Inner History of the New AmericaFrom EverandThe Unwinding: An Inner History of the New AmericaRating: 4 out of 5 stars4/5 (45)
- Cambridge English Skills Real Reading Level1 Beginner Book With Answers FrontmatterDocument9 pagesCambridge English Skills Real Reading Level1 Beginner Book With Answers FrontmatterArashBK0% (3)
- Newman - The Use of DMT in Early Masonic RitualDocument6 pagesNewman - The Use of DMT in Early Masonic RitualArashBKNo ratings yet
- Baphomet: Ric Richards Wednesday, December 9, 2015Document19 pagesBaphomet: Ric Richards Wednesday, December 9, 2015ArashBKNo ratings yet
- Waves Old and New in Kazakh CinemaDocument8 pagesWaves Old and New in Kazakh CinemaArashBKNo ratings yet
- Thanatos LibreDocument30 pagesThanatos LibreArashBKNo ratings yet
- Refuse Become Subject: The Educational Ethic of Saint PaulDocument24 pagesRefuse Become Subject: The Educational Ethic of Saint PaulArashBKNo ratings yet
- David James - Rousseau and German Idealism Freedom-Dependence-And-necessityDocument246 pagesDavid James - Rousseau and German Idealism Freedom-Dependence-And-necessityArashBKNo ratings yet
- Review Badiou HappinessDocument7 pagesReview Badiou HappinessArashBKNo ratings yet
