You are on page 1of 31

 GDYLGERUGZHOOQHWHVVD\V

7KH9LHZHU¶V6KDUH0RGHOVRI0LQGLQ ¬
([SODLQLQJ)LOP
0D\

)LOP$UW$Q,QWURGXFWLRQ
:HZDWFKILOPVZLWKRXUH\HVDQGHDUVEXWZHH[SHULHQFHILOPV
&KULVWRSKHU1RODQ$/DE\ULQWK ZLWKRXUPLQGVDQGERGLHV)LOPVGRWKLQJVWRXVEXWZHDOVRGR
RI/LQNDJHVSGIRQOLQH
WKLQJVZLWKWKHP$ILOPSXOOVDVXUSULVHZHMXPS,WVHWVXS
3DQGRUD¶V'LJLWDO%R[)LOPV
)LOHVDQGWKH)XWXUHRI0RYLHV VFHQHVZHIROORZWKHP,WSODQWVKLQWVZHUHPHPEHUWKHP,W
SGIRQOLQH
SURPSWVXVWRIHHOHPRWLRQVZHIHHOWKHP,IZHZDQWWRNQRZ
3ODQHW+RQJ.RQJVHFRQG
HGLWLRQSGIRQOLQH PRUH²WKHKRZWKHVHFUHWVRIWKHFUDIW²LWZRXOGVHHPORJLFDOWR
7KH:D\+ROO\ZRRG7HOOV,W DVNWKHILOPPDNHUV:KDWHQDEOHVWKHPWRJHWXVWRUHVSRQGVR
SGIRQOLQH
3RHWLFVRI&LQHPDSGIRQOLQH
SUHFLVHO\"
)LJXUHV7UDFHG,Q/LJKW
8QIRUWXQDWHO\IRUXVWKH\XVXDOO\FDQ¶WWHOOXV7KURXJKRXW
2]XDQGWKH3RHWLFVRI&LQHPD
SGIRQOLQH KLVWRU\ILOPPDNHUVKDYHZRUNHGZLWKVHDWRIWKHSDQWV
([SRUWLQJ(QWHUWDLQPHQW SV\FKRORJ\%\WULDODQGHUURUWKH\KDYHOHDUQHGKRZWRVKDSH
$PHULFDLQWKH:RUOG)LOP
0DUNHW±SGIRQOLQH RXUPLQGVDQGIHHOLQJVEXWXVXDOO\WKH\DUHQ¶WLQWHUHVWHGLQ
H[SODLQLQJZK\WKH\VXFFHHG7KH\OHDYHWKDWWDVNWRILOP
VFKRODUVSV\FKRORJLVWVDQGRWKHUV
+RX+VLDRKVLHQ$QHZYLGHR
OHFWXUH
&LQHPD6FRSH7KH0RGHUQ :KDWIROORZVLVDVXUYH\RIVRPHPDMRUZD\VLQZKLFKSHRSOH
0LUDFOH<RX6HH:LWKRXW
*ODVVHV WKLQNLQJDERXWFLQHPDKDYHIORDWHGSV\FKRORJLFDOH[SODQDWLRQV
+RZ0RWLRQ3LFWXUHV%HFDPH IRUILOPPDNHUV¶FUHDWLYHFKRLFHV6RPHWLPHVILOPPDNHUV
WKH0RYLHV
&RQVWUXFWLYHHGLWLQJLQ
UHIOHFWHGRQWKHLURZQFUDIWPRUHRIWHQWKHWDVNRIHPSOR\LQJ
3LFNSRFNHW$YLGHRHVVD\ SV\FKRORJ\WRLOOXPLQDWHWKHYLHZHU¶VH[SHULHQFHIHOOWR
MRXUQDOLVWVFULWLFVDQGDFDGHPLFV%XWPRVWRIWKHPGLGQRW
$&HOHVWLDO&LQpPDWKqTXH"RU
FRQGXFWFDUHIXOKLVWRULFDORUHPSLULFDOUHVHDUFK7KLVGRHVQ¶W
)LOP$UFKLYHVDQG0H$6HPL
3HUVRQDO+LVWRU\
PDNHWKHLULGHDVZRUWKOHVVEXWLWVKRXOGLQFOLQHXVWRVHHWKHP
6KNORYVN\DQG+LV³0RQXPHQW DVZRUNLQJLQIRUPDOO\6RPHWLPHVWKH\FRQQHFWLGHDVDERXW
WRD6FLHQWLILF(UURU´
ILOPV¶HIIHFWVRQYLHZHUWRZLGHUWKHRULHVRIPLQGVRPHWLPHV
0XUGHU&XOWXUH$GYHQWXUHVLQ
V6XVSHQVH WKH\GRQ¶W:KHQ)LOP6WXGLHVHQWHUHGXQLYHUVLWLHVLQWKHV
7KH9LHZHU¶V6KDUH0RGHOVRI ZULWHUVEHFDPHPRUHFRQVFLRXVRIKRZVSHFLILFVFKRROVRI
0LQGLQ([SODLQLQJ)LOP
SV\FKRORJLFDOUHVHDUFKDFFRUGHGZLWKWKHILOPLFSKHQRPHQDWKH\
&RPPRQ6HQVH)LOP7KHRU\
&RPPRQ6HQVH)LOP7KHRU\" ZDQWHGWRVWXG\([SOLFLWRULPSOLFLWYDJXHRUSUHFLVHPRGHOVRI
0DG'HWHFWLYH'RXEOLQJ'RZQ PLQGZHUHUHFUXLWHGWRH[SODLQWKHSRZHURIFLQHPD
7KH&ODVVLFDO+ROO\ZRRG&LQHPD
7ZHQW\)LYH<HDUV$ORQJ
1RUGLVNDQGWKH7DEOHDX
7KHWDEOHDXPHHWVIRONSV\FKRORJ\
$HVWKHWLF 1HDUO\HYHU\IRUPRIFLQHPDZHKDYHWRGD\DSSHDUHGGXULQJWKH
:LOOLDP&DPHURQ0HQ]LHV2QH
)RUFHIXO,PSUHVVLYH,GHD PHGLXP¶VILUVWGR]HQ\HDUVRUVR (YHQWKRXJKWKHILOPVZHUH
$QRWKHU6KDZ3URGXFWLRQ YHU\VKRUWUDQJLQJIURPDIHZVHFRQGVWRWHQPLQXWHVZHILQG
$QDPRUSKLF$GYHQWXUHVLQ
+RQJ.RQJ GRFXPHQWDULHVDVILOPPDNHUVSUHVHQWHGHYHU\GD\DFWLYLWLHVRU
3DROR*LROL¶V9HUWLFDO&LQHPD YLVLWHGH[RWLFORFDOHVIRUSLFWXUHSRVWFDUGYLHZVRUFDSWXUHG
5H 'LVFRYHULQJ&KDUOHV ILUHVVWRUPVDQGRWKHUXQXVXDOHYHQWV2WKHUILOPVWROG
'HNHXNHOHLUH
'RLQJ)LOP+LVWRU\
ILFWLRQDOVWRULHVRIWHQDVVWDJHGVNLWVRULQVFHQHVGUDZQIURP
7KH+RRN6FHQH7UDQVLWLRQVLQ SOD\V7KHUHZHUHDQLPDWHGILOPVDVZHOOXVXDOO\EDVHGRQ
&ODVVLFDO&LQHPD
SL[LOODWLRQWKHWHFKQLTXHRIPRYLQJREMHFWVRUSHRSOHDURXQG
$QDWRP\RIWKH$FWLRQ3LFWXUH
DQGILOPLQJHDFKSRVLWLRQDVDVLQJOHIUDPH$PRQJWKHPRVW
+HDULQJ9RLFHV
IDPRXVRIWKHHDUO\ILOPPDNHUVZDV*HRUJHV0pOLqVZKR
3UHIDFH&URDWLDQHGLWLRQ2QWKH
KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V
3UHIDFH&URDWLDQHGLWLRQ2QWKH
+LVWRU\RI)LOP6W\OH H[SORLWHGFLQHPD¶VFDSDFLWLHVIRURSWLFDOLOOXVLRQV
6ODYRMäLåHN6D\$Q\WKLQJ
)LOPDQGWKH+LVWRULFDO5HWXUQ &LQHPDDVDPHGLXPLVLWVHOIDQLOOXVLRQ$OWKRXJKWKH
6WXG\LQJ&LQHPD PHFKDQLFVVWLOODUHQ¶WZHOOXQGHUVWRRGPRYLHVSOD\XSRQIDXOWV
LQRXUYLVXDOV\VWHP$VHULHVRIVWDWLFLPDJHVIOLFNHGSDVWRXU
H\HVUDSLGO\ZLWKLQWHUYDOVRIGDUNQHVVLQEHWZHHQFDQSURYRNH
XVWRVHHDVWDEOHVFHQHGLVSOD\LQJPRYHPHQW:LWKRXWDQ\
WUDLQLQJLQSV\FKRORJ\0pOLqVXQGHUVWRRGWKDWLIKHFRQWUROOHG
ZKDWSHRSOHVDZIURPRQHILOPIUDPHWRDQRWKHUKHFRXOGFUHDWH
IDQWDV\HIIHFWV6RKHSDXVHGWKHFDPHUDUHDUUDQJHGKLVDFWRUV
DQGWKHQUHVWDUWHGWKHFDPHUD2QVFUHHQWKHDFWRUVVHHPHG
PDJLFDOO\WRGLVDSSHDUUHDSSHDURUWXUQLQWRGHPRQVRU
PRQVWHUV

,QWKHSHULRG±DVILOPEHFDPHDSRSXODUPHGLXP
ILOPSURGXFHUVDQGH[KLELWRUVVHWWOHGRQORQJHUIRUPDWV
$OWKRXJKPDQ\VKRUWILOPVZRXOGEHPDGHWKURXJKRXWKLVWRU\
SURJUDPVEHJDQWRFHQWHURQD³IHDWXUH´ILOP WKDWLVDPRYLH
WKDWFRXOGEH³IHDWXUHG´LQDGYHUWLVLQJ DQGDVWKH\HDUVZHQWE\
WKDWIHDWXUHWHQGHGWRUXQDQKRXURUPRUH)RUILFWLRQILOPVWKH
QHZOHQJWKFDOOHGIRUPRUHFRPSOH[VWRULHVZLWKSORWVWKDW
UHOLHGRQWKHFRQYHQWLRQVRISRSXODUILFWLRQDQGGUDPD

6LQFHWKHILOPVZHUHVLOHQWILOPPDNHUVIRXQGZD\VWRWHOOWKHLU
VWRULHVYLVXDOO\2QHUHVXOWZDVZKDWFDPHWREHFDOOHGWKH
³WDEOHDX´VW\OH+HUHWKHFDPHUDLVVHWIDLUO\IDUEDFNIURPWKH
DFWLRQDQGWKHSHUIRUPHUVSOD\RXWWKHGUDPDLQSURORQJHG
VKRWV7KHUHLVYHU\OLWWOHFXWWLQJH[FHSWWRMRLQVFHQHV7KH
DSSURDFKLVFDOOHGWKH³WDEOHDX´VW\OHEHFDXVHVWDJH
SHUIRUPDQFHVRIWKHWLPHRIWHQZHUHDUUDQJHGWRORRNOLNH
SLFWXUHV 7DEOHDXLQ)UHQFKPHDQLQJ³SDLQWLQJ´EXWDOVRDVHOI
FRQVFLRXVO\SLFWRULDOOD\RXWRIDFWRUVRQDVWDJH $QGPDQ\
VKRWVIURPWKHSHULRGGRORRNOLNHFDUHIXOO\FRPSRVHGSDLQWLQJV
RUWKHDWULFDOSURGXFWLRQV

%RWKWKHQHZIHDWXUHILOPDQGWKHWDEOHDXVW\OHUHOLHGRQZKDW
KDVFRPHWREHNQRZQDV³IRONSV\FKRORJ\´ 3ODQWLQJD 
)LOPLFVWRU\WHOOLQJXVXDOO\UHOLHVRQRXUHYHU\GD\DVVXPSWLRQV
DERXWZK\SHRSOHDFWDVWKH\GRKRZWKH\ZLOOUHVSRQGWR
RWKHUVDQGKRZWKH\FRPHWRGHFLVLRQV,IRQHVFHQHVKRZVXVD
PLOOLRQDLUHJDPEOLQJLQDFDVLQRDQGWKHQH[WVFHQHVKRZVXV
WKHPDQDVQRZDVKDEE\EHJJDUZH¶OODVVXPHWKDWKLVJDPEOLQJ
UXLQHGKLVOLIH,QIDFWDQ\QXPEHURILQFLGHQWVPLJKWKDYH
FDXVHGKLPWRORVHKLVIRUWXQHEXWLQVLPSO\PRYLQJIURPRQH
VFHQHWRDQRWKHUWKHILOPLQYRNHVDVLPSOHQRWLRQRIFDXVHDQG
HIIHFW $FOHYHUVWRU\WHOOHUPLJKWOHDGXVWRPDNHWKLVLQIHUHQFH
DQGWKHQFRUUHFWLW 7KURXJKRXWILOPKLVWRU\PRYLHVH[SORLWRXU
WHQGHQF\WRPDNHVQDSMXGJPHQWVDQGMXPSWRFRQFOXVLRQVRQ
WKHVOLJKWHVWRIKLQWV

6RPHZKDWOLNHIRONSV\FKRORJ\LVRXULQWXLWLYHVHQVHRIKRZWR
HPSKDVL]HWKLQJVIRUSLFNXS:HVWUHVVZRUGVLQRXUVHQWHQFHV

KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

DQGFRXQWRQRXUOLVWHQHUWRSD\VSHFLDODWWHQWLRQWRWKHP
6LPLODUO\LIZH¶UHVKRZQDSLFWXUHZKDWZLOOZHQRWLFH":H¶UH
OLNHO\WRQRWLFHSHRSOH¶VIDFHVDQGJHVWXUHVEHFDXVHLQUHDOOLIH
WKHVHFRQYH\LPSRUWDQWLQIRUPDWLRQ:H¶OODOVRSUREDEO\ORRNDW
WKHFHQWHURIWKHIUDPHDQGDUHDVRIEULJKWWRQHV,IZH¶UH
ZDWFKLQJDPRYLQJSLFWXUHZH¶OOEHDOHUWIRUDQ\PRWLRQ²RI
SHRSOHRIDQLPDOVHYHQWUHHVLQWKHZLQG<RX¶YHSUREDEO\KDG
WKHH[SHULHQFHRIZDWFKLQJDKRPHYLGHRDQGQRWLFLQJWKDW
VRPHWKLQJLQWKHEDFNJURXQGRIWKHVKRWLVGLVWUDFWLQJ\RXIURP
SD\LQJDWWHQWLRQWRWKHPDLQVXEMHFW 7KLVLVRQHRIWKHUHDVRQV
WKDWSURIHVVLRQDOFLQHPDWRJUDSKHUVWKURZEDFNJURXQGVRXWRI
IRFXV

7DEOHDXGLUHFWRUVGLGQ¶WSHUIRUPH[SHULPHQWVRQH\HVFDQQLQJ
EXWWKH\XQGHUVWRRGLQWXLWLYHO\ZKDWYLHZHUVZRXOGIDVWHQRQ
8VLQJFRPPRQVHQVHDVVXPSWLRQVDERXWSLFWRULDOHPSKDVLV
WKH\VRXJKWWRJXLGHWKHYLHZHU¶VH\HE\PHDQVRIFRPSRVLWLRQ
DQGVWDJLQJ2QHDFWRUPLJKWFRPHIRUZDUGZKLOHRWKHUVVWD\HG
VWLOORUWXUQHGDZD\$QDFWRUPLJKWEULHIO\RFFXS\WKHFHQWHU
EHIRUH\LHOGLQJLWWRDQRWKHURQH$QGEHFDXVHWKHFDPHUDFDUYHV
RXWDSOD\LQJVSDFHYHU\GLIIHUHQWIURPWKDWRIDWKHDWUHVWDJH
RQHWKDWLVZHGJHVKDSHGUDWKHUWKDQUHFWDQJXODUGHSWKSOD\HG
DPDMRUUROHLQWDEOHDXILOPV6HWVVWUHWFKHGEDFNYHU\IDUDQG
DQDFWRURUDSDUWRIWKHVHWFRXOGEORFNRIIWKLQJVLQWKHUHDU
7KLVZRUNHGWRVWHHURXUDWWHQWLRQWRZDUGVRPHWKLQJPRUH
LPSRUWDQWDWWKDWPRPHQW

,QDOOWKHWDEOHDXVW\OHH[SORLWHGFRPPRQVHQVHYLVXDO
SV\FKRORJ\LQULFKZD\V0DVWHUSLHFHVRIWKHVW\OHOLNH/RXLV
)HXLOODGH¶V)DQW{PDV  DQG9LFWRU6M|VWU|P¶V,QJHERUJ
+ROP  XWLOL]HFRPSOH[FKRUHRJUDSK\WKDWJXLGHVRXU
DWWHQWLRQSUHFLVHO\IURPPRPHQWWRPRPHQW %RUGZHOO 

7KHULVHRI+ROO\ZRRGFRQWLQXLW\
7KHSHULRG±KRVWHGDQDOWHUQDWLYHWRWKHVWDJLQJ
EDVHGWDEOHDXDSSURDFK$PHULFDQILOPPDNHUVGHYHORSHGDVW\OH
WKDWHPSKDVL]HGFXWWLQJ$QHVWDEOLVKLQJVKRWVRPHZKDWOLNHD
WDEOHDXIUDPLQJZRXOGEHEURNHQGRZQLQWRFORVHUYLHZVWDNHQ
IURPGLIIHUHQWFDPHUDSRVLWLRQV2ISDUWLFXODULPSRUWDQFHZHUH
FORVHXSV7KHWDEOHDXVW\OHKDGUHVHUYHGFORVHXSVIRU
QHZVSDSHUDUWLFOHVPHVVDJHVDQGRWKHUWKLQJVWKDWZHUHWRR
VPDOOWREHJUDVSHGLQWKHRYHUDOOVKRW%XWWKH$PHULFDQ
GLUHFWRUVRIWHQEXLOWHQWLUHVFHQHVRXWRIFORVHXSVRIIDFHVRU
SURSVHYHQQHJOHFWLQJWRVXSSO\ORQJVKRWV,QDGGLWLRQ
GLUHFWRUVTXLFNO\XQGHUVWRRGWKDWWKH\FRXOGEXLOGXSWHQVLRQE\
FORVHUWRWKHDFWRUVDVWKHDFWLRQGHYHORSHG

)DFLDOFORVHXSVZHUHPXFKUHPDUNHGRQDWWKHWLPH %DOi]V
 DQGQRWHYHU\FULWLFDSSUHFLDWHGWKHP7RDQH\HWUDLQHG
LQWKHWDEOHDXVW\OHWKH\SUREDEO\ORRNHGKHDY\KDQGHG%XWWKH
H[SORLWDWLRQRIFORVHXSVZDVDQRWKHUDSSOLFDWLRQRIIRON
SV\FKRORJ\$VSUDFWLFDOSV\FKRORJLVWVILOPPDNHUVDQGDFWRUV
KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

KDGQRNQRZOHGJHRIUHVHDUFKLQWRWKHSRZHURIIDFLDO
H[SUHVVLRQVEXWWKH\LQWXLWLYHO\UHDOL]HGWKDWYLHZHUVDFURVV
FXOWXUHVFRXOGUHDGSLHUFLQJHPRWLRQLQWRDOLIWHGH\HEURZD
ZLQNRUDJULPVPLOH7KHFORVHXSZDVDOVRFHQWUDOWRWKH
JURZWKRIWKHVWDUV\VWHP&KDUOLH&KDSOLQDVXQLYHUVDOLQKLV
DSSHDODVDQ\DFWRULQKLVWRU\PDGHKLVPDUNQRWRQO\WKURXJK
KLVGDQFHUOLNHERG\EXWWKURXJKDQHQF\FORSHGLFDUUD\RI
QXDQFHGIDFLDOH[SUHVVLRQV

$PHULFDQGLUHFWRUVH[SORLWHGHGLWLQJLQDQRWKHUZD\8QGHUWKH
LQIOXHQFHRIGLUHFWRU':*ULIILWKWKH\GHYHORSHGWKHLUSORWVVR
WKDWWKHYLHZHUZDVFRQVWDQWO\ZKLVNHGIURPRQHOLQHRIDFWLRQ
WRDQRWKHU:KLOHWKH\RXQJPDQLVVWUROOLQJLQWKHZRRGVWKH
\RXQJZRPDQLVGUHVVLQJWRJRRXW7KLVWHFKQLTXHFDOOHG
FURVVFXWWLQJZRXOGNHHSWKHYLHZHUULYHWHGE\FRQVWDQWO\
UHIUHVKLQJWKHVFUHHQ,QDGGLWLRQDVLQWKHH[DPSOHDERYHLW
FRXOGOHDGWKHYLHZHUWRPDNHDFRPPRQVHQVHOHDS,IWKHER\
DQGWKHJLUODUHVKRZQLQDOWHUQDWLRQWKH\ZLOOSUREDEO\PHHWDW
VRPHSRLQWDQGWKLVLQIHUHQFHFUHDWHVH[SHFWDWLRQVWKDWNHHSXV
LQWHUHVWHG&URVVFXWWLQJFDQFRQWUROSDFLQJDVZHOO,QD
VXVSHQVHIXOVFHQHWKHVKRWVRIDOWHUQDWLQJELWVRIDFWLRQFRXOG
EHWULPPHGWREHVKRUWHUDQGVKRUWHU*ULIIWKSURYHGYHU\VNLOIXO
DWWKLVLQKLVODVWPLQXWHUHVFXHVLWXDWLRQV

$QDO\WLFDOHGLWLQJ EUHDNLQJWKHRYHUDOOVSDFHLQWRFORVHUYLHZV
DQGFURVVFXWWLQJSURYHGFHQWUDOWRWKH$PHULFDQVW\OH7KHUH
ZHUHIXUWKHUUHILQHPHQWVVXFKDVSULQFLSOHVRIVSDWLDO
FRQWLQXLW\VRPHWLPHVFDOOHGWKHGHJUHHV\VWHP$FFRUGLQJ
WRWKLVV\VWHPZKHQILOPPDNHUVEUHDNXSWKHVSDFHWKH\VKRXOG
FRQILQHDOOFDPHUDSRVLWLRQVWRRQHVLGHRIDQLPDJLQDU\YHFWRU
GLYLGLQJXSWKHVFHQH²WKH³FHQWHUOLQH´RU³D[LVRIDFWLRQ´7KLV
ZRXOGJRYHUQPRYHPHQWH\HOLQHGLUHFWLRQVDQGRWKHUIDFWRUV
6LQFHWKHVFHQHZDVQRORQJHUSOD\HGRXWIXOO\LQDWDEOHDXWKH
GHJUHHV\VWHPKDGWKHWDVNRINHHSLQJWKHDXGLHQFH
RULHQWHGDVWRZKHUHWKHFKDUDFWHUVDUHLQWKHRYHUDOOVSDFH
%RUGZHOO 7KRPSVRQ± 

7KH$PHULFDQHGLWLQJGULYHQVW\OHFRQTXHUHGWKHZRUOG,WV
YLFWRU\RZHGDVPXFKWRFRPPHUFLDOIDFWRUV²86ILOPVEHJDQ
WREHKHDYLO\LPSRUWHGWR(XURSH²DVWRWKHJUHDWDSSHDORI
$PHULFDQVWDUVDQGVWRU\WHOOLQJPHWKRGV%\DOOPDMRU
ILOPPDNLQJFRXQWULHVZHUHZRUNLQJZLWKVRPHYHUVLRQRI
FRQWLQXLW\FXWWLQJ7KHULVHRIWKH+ROO\ZRRGVW\OHZRXOGKDYH
SURIRXQGHIIHFWVRQYLUWXDOO\DOOODWHUHIIRUWVWRXQGHUVWDQGILOP
YLHZLQJIURPDSV\FKRORJLFDOVWDQGSRLQW

$ZRUOGPDGHIRUXV
%HFDXVHHDUO\ILOPVXVHGFLQHPDDVDSKRWRJUDSKLFPHGLXP
VRPHTXHVWLRQVDURVHWKDWKDGDOUHDG\EHHQSRVHGDERXWVWLOO
SKRWRJUDSK\-RXUQDOLVWVDQGFULWLFVDVNHGZKHWKHUFLQHPDZDV
DQHZDUWIRUPRUVLPSO\DPDQQHURIUHFRUGLQJ<HVILOPFRXOG
EULQJH[RWLFVLJKWVWRDXGLHQFHVZKRFRXOGQ¶WYLVLWGLVWDQW
KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

SODFHVLWFRXOGFKURQLFOHGDLO\HYHQWVWKHVWRU\WHOOLQJILOPV
FRXOGUHFRUGJUHDWSHUIRUPHUVDVLIRQDVWDJH%XWFRXOGFLQHPD
EHDQDUWIRUPLQLWVRZQULJKW"

7KLVZDVQRWDVLPSOHTXHVWLRQ(YHQLIFLQHPDZDVRQO\
UHFRUGLQJWKHVXUIDFHRIWKLQJVVRPHZULWHUVDUJXHGWKDWE\
GRLQJVRLWKDGDUWLVWLFYDOXH,WFRXOGUHYHDOWKHWH[WXUHVDQG
PRYHPHQWVRIWKHZRUOGDURXQGXVLQDVRUWRISXUHVWDWH 
2WKHUZULWHUVWRRNDVWURQJHUVWDQFHDQGDUJXHGWKDWFLQHPD
ZDVDFUHDWLYHDUWQRWVLPSO\UHFRUGLQJUHDOLW\EXWWUDQVIRUPLQJ
LW'XULQJWKHV+XJR0QVWHUEHUJFKDPSLRQHGWKH
HPHUJLQJ+ROO\ZRRGVW\OHRQSV\FKRORJLFDOJURXQGV

0QVWHUEHUJD*HUPDQpPLJUpKHOGDFKDLULQH[SHULPHQWDO
SV\FKRORJ\DW+DUYDUG$WILUVWKHGLVGDLQHGWKHPRYLHVDVXQILW
IRUDSURIHVVRUEXWDIWHUKHVDZRQHLQKHEHFDPH
IDVFLQDWHGZLWKERWKWKHLQGXVWU\DQGWKHDUW+LVERRN7KH
3KRWRSOD\$3V\FKRORJLFDO6WXG\  FHOHEUDWHVFORVHXSV
UDSLGO\FKDQJLQJVFHQHVDQGVSHFLDOHIIHFWVWULFNV+HVSHQGV
VRPHWLPHVSHFXODWLQJRQWKHFDXVHVRIWKHLPSUHVVLRQRI
PRYHPHQWRQWKHVFUHHQ6RPHSHRSOHWKRXJKWWKDWLWZDVD
PDWWHURIRQHEULHILPSUHVVLRQUHSODFHGE\DQRWKHUEXW
0QVWHUEHUJVXJJHVWHGWKDWWKHUHZDVDEURDGHUPHQWDOSURFHVV
LQYROYHG³7KHPRYHPHQW«LVVXSHUDGGHGE\WKHDFWLRQRIWKH
PLQG´ 0QVWHUEHUJS 

0QVWHUEHUJ¶VFHQWUDODUJXPHQWZDVWKDWILOPKDVWKHFDSDFLW\
WRLPLWDWHPHQWDOSURFHVVHV7KDQNVWRWKHQHZHGLWLQJDQG
IUDPLQJWHFKQLTXHVWKHIORZRILPDJHVRQWKHVFUHHQPLPLFNHG
WKHZD\RXUPLQGVZRUN&RQVLGHUDWWHQWLRQ$OWKRXJKWKHILOP
LVVLOHQWWKHGLUHFWRUFDQGUDZRQPDQ\UHVRXUFHVRIWKHWKHDWUH
OLNHVHOHFWLYHOLJKWLQJDQGRISDLQWLQJOLNHFRPSRVLWLRQLQRUGHU
WRVWHHUXVWRZKDW¶VLPSRUWDQW7KHWDEOHDXGLUHFWRUVKDG
VPRRWKO\GLUHFWHGDWWHQWLRQZLWKLQWKHRYHUDOOVKRW:KHQZH
SD\DWWHQWLRQLQUHDOOLIHKRZHYHUZHFRQFHQWUDWHVKDUSO\RQ
VRPHWKLQJLW¶VDVLIHYHU\WKLQJHOVHIDOOVDZD\7KDWULYHWLQJ
TXDOLW\LVPLPLFNHGZKHQDILOPPDNHUFXWVLQWRDFORVHXS
ZKLFKIRUFHVXVWRVHHRQO\WKDWGHWDLO7KHILOPKDVEXLOWLQWRLWV
YHU\WH[WXUHWKHKLJKO\IRFXVHGTXDOLW\RIDWWHQWLRQ³7KHFORVH
XSKDVREMHFWLILHGLQRXUZRUOGRISHUFHSWLRQRXUPHQWDODFWRI
DWWHQWLRQDQGE\LWKDVIXUQLVKHGDUWZLWKDPHDQVZKLFKIDU
WUDQVFHQGVWKHSRZHURIDQ\WKHDWUHVWDJH´ 0QVWHUEHUJ
S ²DQGSUHVXPDEO\DQ\ORQJWDNHWDEOHDXILOPVFHQH

0QVWHUEHUJH[WHQGHGKLVDUJXPHQWE\FODLPLQJWKDWRWKHU
PHQWDODFWLYLWLHVDUHPRGHOHGE\WKHILOP,QWKHWKHDWUHD
FKDUDFWHUPD\VSHDNDERXWDVFHQHZH¶YHDOUHDG\ZLWQHVVHGVR
ZHKDYHWRPDNHDQHIIRUWWRUHFDOOLW%XWLQDILOPDTXLFN
IODVKEDFNFDQUHPLQGXVRIWKHVFHQH2UDFKDUDFWHUPD\
FRQMXUHXSLQZRUGVDIDQWDV\WKHILOPFDQPDWHULDOL]HLW
$FWRUVRQWKHVWDJHSURMHFWHPRWLRQVEXWILOPKDVWKHSRVVLELOLW\
RIWULJJHULQJWKHPLQWKHDXGLHQFHGLUHFWO\WKURXJKQRWRQO\
KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

SHUIRUPDQFHEXWDOVRLPDJHVRIQDWXUHRUWKHEXLOW
HQYLURQPHQW$QGFURVVFXWWLQJLPLWDWHVWKHZD\RXUPLQGPD\
RVFLOODWHEHWZHHQWZRRUPRUHHYHQWVLQGLIIHUHQWSODFHV
0HPRU\LPDJLQDWLRQHPRWLRQDODURXVDODQGRXUFUDYLQJIRU
³RPQLSUHVHQFH´DUHPDGHWDQJLEOHRQWKHFLQHPDVFUHHQ,Q
ILOP³WKHREMHFWLYHZRUOGLVPROGHGE\WKHLQWHUHVWVRIWKHPLQG´
S 

(DUOLHUZULWHUVKDGVHHQDSDUDOOHOEHWZHHQFLQHPDDQGPHQWDO
DFWLYLW\7KHSKLORVRSKHU+HQUL%HUJVRQKDGIDPRXVO\VSRNHQRI
WKH³FLQHPDWRJUDSKLFDOPHFKDQLVPRIWKRXJKW´ %HUJVRQ
S :ULWLQJLQKHFRPSDUHGRXUVHQVRU\LPSUHVVLRQV
WRVQDSVKRWVRIUHDOLW\WKDWRXUPLQGVWULQJVWRJHWKHUOLNHIUDPHV
RQDULEERQRIILOP,WZDVFLQHPDDVDPDFKLQHWKDWSURYLGHG
WKHDQDORJ\WRWKHIORZRIFRQVFLRXVQHVV0QVWHUEHUJZULWLQJ
ZKLOH*ULIILWKDQGRWKHUVZHUHGHYHORSLQJHGLWLQJGULYHQ
WHFKQLTXHFRQFHQWUDWHGRQVW\OHDQGKHDUJXHVLQWKHRWKHU
GLUHFWLRQ2XUPLQGLVQ¶WOLNHDILOPILOPKDVEHHQHQJLQHHUHGWR
HQJDJHRXUPLQG,WGRHVVRE\PLPLFNLQJRXUFRPPRQ
DFWLYLWLHVRIQRWLFLQJWKLQJVUHPHPEHULQJWKHSDVWLQYHVWLQJ
HPRWLRQDQGVRRQ

6FKRODUVGHEDWHWKHH[WHQWWRZKLFK0QVWHUEHUJRZHGGHEWVWR
RQHRUDQRWKHUVFKRRORIDFDGHPLFSV\FKRORJ\+HKDVEHHQ
FRQVLGHUHGD*HVWDOWLVWEHFDXVHRIKLVUHFRJQLWLRQRIFHUWDLQ
KROLVWLFSHUFHSWXDOHIIHFWVHVSHFLDOO\WKHLOOXVLRQRIPRWLRQ%XW
KHDOVRRZHVDGHEWWRHDUOLHUWUDGLWLRQVLQ*HUPDQUHVHDUFK 
,QDQ\HYHQW7KH3KRWRSOD\ZDVQRWZLGHO\NQRZQLQHLWKHU
$PHULFDRU(XURSHDQG0QVWHUEHUJ¶VIHUYHQWSUR*HUPDQLF
YLHZVGLGQRWPDNHKLPSRSXODUGXULQJRUDIWHU:RUOG:DU,,W
WRRNDERXWVL[W\\HDUVIRUKLPWRUHHPHUJHDVDQLPSRUWDQW
WKLQNHUDERXWFLQHPD

0RQWDJHDQG0DWHULDOLVP
0QVWHUEHUJDSSHDOHGWRSV\FKRORJLFDOPLPLFU\WRH[SODLQKRZ
WKHQHZ$PHULFDQILOPVRIKLVGD\DFKLHYHGWKHLUXQLTXHSRZHU
7KDWSRZHUZDVHYLGHQWLQWKHZLGHGLVWULEXWLRQRI$PHULFDQ
ILOPVWKURXJKRXWWKHZRUOG)LOPPDNHUVLQRWKHUFRXQWULHV
SLFNHGXSWKHHGLWLQJEDVHGV\VWHPIDLUO\TXLFNO\$WWKHVDPH
WLPHKRZHYHUVRPHILOPPDNHUVZDQWHGWRWU\RWKHUVW\OHV,Q
*HUPDQ\WKHUHZHUHHIIRUWVWREULQJLQWRFLQHPDSULQFLSOHVRI
YLVXDOGHVLJQIURP([SUHVVLRQLVWSDLQWLQJDQGLQ)UDQFHVRPH
ILOPPDNHUVWULHGWRGHYHORSQHZPHWKRGVRIFDPHUDZRUNDQG
VXEMHFWLYHVWRU\WHOOLQJ7KHVHOLNHWKHWDEOHDXVW\OHDQGWKH
$PHULFDQVW\OHZRUNHGZLWKSULQFLSOHVRILQWXLWLYHSV\FKRORJ\
7KXVWKHGLVWRUWHGVHWWLQJVRI7KH&DELQHWRI'U&DOLJDUL 
ZHUHPRWLYDWHGDVWKHZD\DPDGPDQPLJKWLPDJLQHWKHZRUOG
/DWHULQWKHVKRZHYHUWZRRWKHUILOPPRYHPHQWV
H[SOLFLWO\DSSHDOHGWRFXUUHQWVFKRROVRISV\FKRORJ\

$IWHUWKHUHYROXWLRQVLQ5XVVLDDQHZJHQHUDWLRQRI
ILOPPDNHUVHPHUJHG9HU\\RXQJ²VRPHZHUHVWLOOLQWKHLUWHHQV
KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

²WKH\UHMHFWHGWKHWDEOHDXVW\OHYRFLIHURXVO\DQGSURPRWHGZKDW
WKH\FDOOHG³$PHULFDQPRQWDJH´0RQWDJHZDVD5XVVLDQZRUG
ERUURZHGIURPWKH)UHQFK,WGHQRWHVILOPHGLWLQJEXWLWFDQ
DOVREHXVHGWRGHVFULEHPDFKLQHDVVHPEO\DVZKHQRQHPRXQWV
DPRWRURQDFKDVVLV7KHPHFKDQLFDOFRQQRWDWLRQVRIWKHWHUP
DSSHDOHGWRWKH\RXQJUHEHOVEHFDXVHLWVXJJHVWHGWKDW
ILOPPDNLQJFRXOGEHSXWRQDV\VWHPDWLFEDVLVOLNHHQJLQHHULQJ
$PHULFDQVW\OHHGLWLQJVHHPHGWRSURPLVHDZD\WRFRQWUROWKH
ILOPIURPPRPHQWWRPRPHQWZLWKJUHDWH[DFWLWXGH

%RUURZLQJIURP+ROO\ZRRG6RYLHWGLUHFWRUVSXVKHGHGLWLQJ
SRVVLELOLWLHVIXUWKHU/HY.XOHVKRYFRQGXFWHGLQIRUPDO
H[SHULPHQWVLQZKLFKKHFXWWRJHWKHUGLIIHUHQWFRPELQDWLRQVRI
VKRWV+HVKRZHGDZRPDQRQDVWUHHWORRNLQJRIIDQGZDYLQJ
&XWWRDPDQRQDVWUHHWORRNLQJRIIDQGZDYLQJ(YHQZLWKRXWD
VKRWVKRZLQJERWKRIWKHPWKHYLHZHUXQGHUVWDQGVWKDWWKH\¶UH
VHHLQJDQGUHDFWLQJWRHDFKRWKHU/LNHZLVH.XOHVKRYZRXOGFXW
WRJHWKHUELWVIURPGLIIHUHQWILOPVLQRUGHUWRPDNHDFRKHUHQW
VFHQH$QH[SUHVVLRQOHVVPDQORRNVFXWWRVRPHWKLQJHOVH²D
PHDODYROXSWXRXVZRPDQDGHDGFKLOG²DQGWKHQEDFNWRWKH
PDQ.XOHVKRYUHDOL]HGWKDWZHWHQGWRUHDGKXQJHUOXVWRU
VDGQHVVLQWRWKHPDQ¶VQHXWUDOH[SUHVVLRQ,QRWKHUZRUGV\RX
GLGQ¶WQHHGDQHVWDEOLVKLQJVKRWWRJHWWKHDXGLHQFHWR
XQGHUVWDQGWKHVFHQH7KHYLHZHUZLOOQDWXUDOO\LQIHUWKH
PHDQLQJIURPVPDOOELWV7KLVFRQVWUXFWLYHHGLWLQJDVRSSRVHG
WRDQDO\WLFDOHGLWLQJVXJJHVWHGWKDWWKHILOPPDNHUFRXOGFRQYH\
LGHDVVLPSO\E\WKHMX[WDSRVLWLRQRIVKRWV .XOHVKRY
SS± 

$QRWKHU6RYLHWGLUHFWRU9,3XGRYNLQVXJJHVWHGLQD
VRPHZKDW0QVWHUEHUJLDQPRGHWKDWRXUQDWXUDOIORZRI
DWWHQWLRQFRXOGEHPLPLFNHGE\HGLWLQJ<RX¶UHVWDQGLQJRQWKH
VWUHHWDQGVHHDZRPDQFDOOLQJWRDSDVVHUE\IURPDZLQGRZ
<RXZLOOORRNEHWZHHQWKHZRPDQDQGWKHSHGHVWULDQEDFNDQG
IRUWK$ILOPPDNHUFDQFDSWXUHWKHVHVKLIWLQJSHUFHSWLRQVE\
VHSDUDWHVKRWVRIHDFKSHUVRQ(FKRLQJ0QVWHUEHUJ¶VLGHDRI
³RPQLSUHVHQFH´3XGRYNLQVXJJHVWHGWKDWZHVKRXOGWKLQNRIWKH
FDPHUDDVDQLQYLVLEOHEXWJKRVWOLNHREVHUYHUFDSDEOHRI
RFFXS\LQJDQ\SRLQWLQVSDFHDWDQ\SRLQWLQWLPH 3XGRYNLQ
SS± 

7KHVHGLUHFWRUVJDYHXVPHPRUDEOHILOPVVXSSRUWLQJWKHLU
WKHRULHV.XOHVKRY¶V%\WKH/DZ  DQG3XGRYNLQ¶V0RWKHU
 DQG7KH(QGRI6W3HWHUVEXUJ  ,QGHHGVRPHWLPHV
WKHILOPVZHQWEH\RQGWKHWKHRULVWLQGDULQJZD\VVRPH
VHTXHQFHVSXVKWKH$PHULFDQPHWKRGWRZDUGEROG
GLVFRQWLQXLWLHV%XWWKHGLUHFWRUV¶DUJXPHQWVDERXWKRZ
PRQWDJHEDVHGILOPVZRUNUHOLHGRQLQWXLWLYHSV\FKRORJ\QRW
VFLHQWLILFILQGLQJV2QH6RYLHWGLUHFWRUKRZHYHUSXWIRUWKDOLQH
RIWKLQNLQJWKDWGUHZRQDQLPSRUWDQWVWUDQGRISV\FKRORJLFDO
UHVHDUFK

KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

6HUJHL(LVHQVWHLQPDGHWKHPRVWIDPRXVILOPVRIWKH6RYLHW
0RQWDJHPRYHPHQW6WULNH  7KH%DWWOHVKLS3RWHPNLQ
 DQG2FWREHU  ,QWKHVHDQGLQKLVWKHRUHWLFDO
ZULWLQJV(LVHQVWHLQH[SORUHGDJUHDWYDULHW\RIHGLWLQJ
SRVVLELOLWLHV1HYHUDV\VWHPDWLFWKLQNHU(LVHQVWHLQQRQHWKHOHVV
FOXQJWRDEDVLFLGHD+HZDQWHGKLVILOPVWRKDYHPD[LPXP
LPSDFWRQWKHYLHZHU+HZDQWHGWRDURXVHWKHVHQVHVWKHPLQG
DQGWKHHPRWLRQRIHYHU\VSHFWDWRU,QIDFWZKLOH.XOHVKRYDQG
3XGRYNLQWRRNFLQHPD¶VEDVLFPDWHULDOWREHVWULSVRIILOP
(LVHQVWHLQGHFODUHGWKDWWKHEDVLFPDWHULDO³GHULYHVIURPWKH
DXGLHQFH´ (LVHQVWHLQS (YHU\PRYLHSOD\VXSRQWKH
VSHFWDWRU¶VSK\VLRORJLFDODFWLYLW\

(LVHQVWHLQZDVDVWULFWPDWHULDOLVW+HWKRXJKWWKDWPHQWDODQG
HPRWLRQDOVWDWHVDUHKLJKHUOHYHOVRI³QHUYRXVDFWLYLW\´7KHUHLV
QRJKRVWLQWKHPDFKLQHPLQGDQGIHHOLQJVFDQEHUHGXFHGWR
EUDLQDQGERG\)ROORZLQJWKHGRPLQDQWSV\FKRORJLFDOVFKRROV
LQ5XVVLDDWWKHWLPH(LVHQVWHLQVDZUHVSRQVHVLQWHUPVRI
UHIOH[HV$ZRUNRIDUWDURXVHVXVEHFDXVHLWWULJJHUVFHUWDLQ
OHDUQHGRULQQDWHUHVSRQVHV(FKRLQJODWHUUHVHDUFKLQWRPLUURU
QHXURQV(LVHQVWHLQFODLPVWKDWYLHZHUVLQYROXQWDULO\UHSHDW
PRYHPHQWVWKH\VHHEXWLQDZHDNHQHGIRUP7KLVVRUWRI
H[SUHVVLYHFRQWDJLRQLVFHQWUDOKHEHOLHYHGWRWKHDWUHDQG
FLQHPD)RUH[DPSOHDFWLQJRQWKHVWDJHRUVFUHHQLQYROYHV
SURGXFLQJPRYHPHQWVWKDWWKHDXGLHQFHIHHOVDVZHOODVVHHV+H
FDOOVLW³DGLUHFWDQLPDODXGLHQFHUHDFWLRQ´ S 

0RUHFRPSOH[UHVSRQVHVGHSHQGRQFKDLQVRIDVVRFLDWLRQVEXLOW
XSRYHUWLPH3DYORY¶VGRJVOHDUQHGWRH[SHFWIRRGZKHQWKH\
KHDUGDEHOODQQRXQFLQJLW+RZGRZHNQRZWKH\H[SHFWHGLW"
7KH\VDOLYDWHGVXSSO\LQJDGLUHFWSK\VLRORJLFDOUHVSRQVH7KLVLV
ZKHUHHGLWLQJFRPHVLQ,IZHWKLQNRIHDFKVKRWDVDEXQGOHRI
VWLPXOLZHFDQRUFKHVWUDWHWKHPWKURXJKUHSHWLWLRQDQG
YDULDWLRQVRWKDWYLHZHUVFDQEH³FRQGLWLRQHG´WRWDNHWKHLU
H[SHULHQFHWRDKLJKHUOHYHO)RUH[DPSOHLQDQHDUO\VFHQHRI
2FWREHUZRUNHUVSURWHVWLQJWKHSURYLVLRQDOJRYHUQPHQWPDUFK
ZLWKEDQQHUV6KRWFRPSRVLWLRQVDVVRFLDWHWKHEDQQHUVZLWKWKH
ZRUNHUV¶FDXVH%XWZKHQRQHVSHDNHUUDLOVDJDLQVWWKHXSULVLQJ
FDOOLQJLWSUHPDWXUHURZVRIEDQQHUVKHOGE\XQVHHQZRUNHUV
ULVHXSWREORWKLPRXW7KDQNVWRUHSHWLWLRQRIWKHEDQQHUPRWLI
ZHXQGHUVWDQGWKDWWKHZRUNHUVKDYHVLOHQFHGKLP

:KDWWKHQLVWKHUROHRIHGLWLQJ"(LVHQVWHLQSURSRVHGWKDWZH
WKLQNRIHDFKVKRWDVDEXQGOHRIVWLPXOL&XWWLQJVKRWVWRJHWKHU
FDQEXLOGXSDVVRFLDWLRQVWKDWZLOOVKDSHRXUSHUFHSWLRQV
WKRXJKWVDQGIHHOLQJV$WLWVVLPSOHVWOHYHOHGLWLQJFDQDURXVH
PRWRUUHVSRQVHV(LVHQVWHLQXVHGUK\WKPLFHGLWLQJIRUDVDZLQJ
VHTXHQFHRI2OGDQG1HZ  DQGZDVGHOLJKWHGWRVHH
SHDVDQWVURFNLQJIURPVLGHWRVLGHDVWKH\ZDWFKHGLW 
S %XWHGLWLQJFDQSURYRNHKLJKHUOHYHOWKRXJKWWRR7KH
PRVWIDPRXVH[DPSOHLVWKH³'HJUDGDWLRQRIWKH*RGV´VHTXHQFH
LQ2FWREHU+HUH(LVHQVWHLQFXWVWRJHWKHUVWDWXHVRIGLIIHUHQW
KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

GHLWLHVIURPGLIIHUHQWFXOWXUHVLQRUGHUWRFDVWGRXEWRQDOORI
WKHP7KHVHTXHQFHH[WHQGV.XOHVKRY¶VSRLQWWKDWRXUPLQGV
ZLOOFUHDWHDFRQQHFWLRQEHWZHHQDQ\WZRVKRWVEXWLQVWHDGRI
VXPPRQLQJDVHQVHRIVSDFHZHEXLOGXSDQLGHDWKDWLVQ¶W
SUHVHQWLQDQ\RQHRIWKHLPDJHV0DNLQJDQLQWHOOHFWXDOSRLQWLV
LPSRUWDQWWRDFLQHPDWKDWHPSKDVL]HGSURSDJDQGDDVWKH
6RYLHWILOPVGLG%XW(LVHQVWHLQGLGQ¶WWKLQNWKDWLQWHOOHFWXDO
HGLWLQJVKRXOGVPRWKHUDOOHPRWLRQ7KH*RGVVHTXHQFH
DEVWUDFWDVLWLVHYRNHVVRPHVDUGRQLFKXPRU7KDQNVWRHGLWLQJ
&KULVWLDQLFRQVVWDUWWRORRNDVSHFXOLDUDVWKHGHIRUPHGJRGV
IURPRWKHUFXOWXUHV 

)DQWDV\DQG)UHXG
(LVHQVWHLQWXUQHGWRDFDGHPLFSV\FKRORJ\WRH[SODLQKRZWKH
ILOPPDNHUFRXOGVHL]HDQGPRYHDXGLHQFHV+HZDVDOVR
LQWHUHVWHGLQ)UHXGLDQSV\FKRDQDO\VLVEXWWKH%ROVKHYLN
JRYHUQPHQW¶VGLVDSSURYDORIWKLVVFKRRORIWKRXJKWPDGHKLP
NHHSKLVLGHDVDERXWLWLQWKHGUDZHU,QRWKHUFRXQWLUHV
ILOPPDNHUVDQGZULWHUVHQJDJHGZLWKSV\FKRDQDO\VLVPRUH
RSHQO\6LQFHWKHVSV\FKRDQDO\VLVKDVSUREDEO\EHHQWKH
PRVWIUHTXHQWO\LQYRNHGVFKRRORISV\FKRORJ\WKURXJKRXWWKH
DUWV

6HYHUDODVSHFWVRISV\FKRDQDO\VLVVHHPHGWRWDOO\ZLWKFLQHPD
)LOPPDNHUVKDGORQJEHHQLQWHUHVWHGLQHYRNLQJWKHWZLOLJKWOLIH
RIWKHPLQGSURYLGLQJWKHLUFKDUDFWHUVZLWKGUHDPVIDQWDVLHV
DQGKDOOXFLQDWLRQV)LOPVDVGLIIHUHQWDVWKH'RXJODV)DLUEDQNV
FRPHG\5HDFKLQJIRUWKH0RRQ  DQGWKHEURRGLQJ
*HUPDQSV\FKRGUDPD1HUYHQ  JDYHXVGHOXVLRQDO
SURWDJRQLVWVZLWKIODPER\DQWIDQWDV\OLYHV)UHXGDWWDFKHGJUHDW
LPSRUWDQFHWRGUHDPVDVUHYHDOLQJXQFRQVFLRXVGHVLUHVDQG
PDQ\ZULWHUVQRWLFHGDQDIILQLW\EHWZHHQGUHDPLQJDQGVLWWLQJ
LQDGDUNHQHGPRYLHWKHDWUHLQDVWDWHRIORZHUHGZDNHIXOQHVV
7KHPDWLFDOO\PDQ\ILOPVVHHPHGWRIHDWXUHFKDUDFWHUVVWUDLJKW
RXWRIWKH2HGLSDOGUDPDW\UDQQLFDOIDWKHUVZKRKDYHWREH
RYHUFRPHE\VRQVRUGDXJKWHUVLQFRQIOLFWZLWKWKHLUPRWKHUV
IRUWKHORYHRIWKHIDWKHU

2QHILOPDFKLHYHGIDPHE\WU\LQJWRGUDPDWL]H)UHXGLDQ
GRFWULQHIRUDPDVVDXGLHQFH6HFUHWVRID6RXO  ZDV
SURGXFHGE\WKHPDPPRWK*HUPDQFRPSDQ\8ID)UHXG
ZLWKKHOGKLVVXSSRUWGRXEWLQJWKDWWKHFRQFHSWVRI
SV\FKRDQDO\VLVFRXOGEHGUDPDWL]HGEXWSURPLQHQWPHPEHUVRI
KLVFLUFOHVHUYHGDVWHFKQLFDOFRQVXOWDQWV7KHSORWVKRZVD
KXVEDQGZKRGUHDPVRIPXUGHULQJKLVZLIH%\UHFRXQWLQJKLV
PHPRULHVDQGIDQWDVLHVWRDSV\FKRDQDO\VWKHDFKLHYHVD
FDWKDUVLV+HUHWXUQVWRKLVZLIHFXUHGDQGVRRQVKHJLYHVELUWK
WRDFKLOG7KHGUHDPVDQGIODVKEDFNVPDGHVRSKLVWLFDWHGXVHRI
([SUHVVLRQLVWLPDJHU\EXWWKHRYHUVLPSOLILFDWLRQVRIWKHVWRU\
OHGWRKRVWLOHUHODWLRQVDPRQJPDQ\)UHXGLDQV

5DWKHUWKDQVLPSO\LOOXVWUDWH)UHXGLDQWKHRU\DQRWKHU
KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

ILOPPDNLQJVWUDLQVRXJKWWRSXWLWLQWRDFWLRQ,Q)UDQFHWKH
6XUUHDOLVWSDLQWHUVDQGZULWHUVKDGEHOLHYHGWKDWWKHLUDUWZRXOG
EHHQKDQFHGE\OLEHUDWLQJWKHLUGHHSHVWLPSXOVHVQRPDWWHU
KRZDQWLVRFLDO5DWKHUVRRQWKHUHDSSHDUHG6XUUHDOLVWILOPV
EXLOWRXWRILPDJHU\WKDWZDVE\WXUQVVKRFNLQJQRQVHQVLFDO
DQGVWUDQJHO\EHDXWLIXO7KHPRVWIDPRXVRIWKHVHZDV$Q
$QGDOXVLDQ'RJ 8QFKLHQDQGDORX DFROODERUDWLRQRI
WKHSDLQWHU6DOYDGRU'DOtDQGWKH\RXQJGLUHFWRU/XLV%XxXHO
)URPWKHVWDUWWKHILOPLVFDVXDOO\KRUULILF$PDQVWURSSLQJD
UD]RUXVHVLWWRVOLFHRSHQWKHH\HRIDQXQUHVLVWLQJZRPDQ 7KH
HIIHFWLVDFFRPSOLVKHGWKURXJKVKUHZGFRQVWUXFWLYHHGLWLQJjOD
.XOHVKRY $IWHUWKDWHYHQWVSURFHHGZLWKWKHORJLFRIDGUHDP
SRUWUD\LQJD\RXQJPDQZLWKHYLGHQWO\IDQWDVLHVRI
KRPRVH[XDOLW\DQGLPSRWHQFH5DWKHUWKDQGLDJQRVHKLPDVD
FDVHVWXG\LQWKHPDQQHURI6HFUHWVRID6RXO$Q$QGDOXVLDQ
'RJUHYHOVLOORJLFDOLPDJHU\ULVLQJXSIURPWKHGHSWKVRIWKH
XQFRQVFLRXVGHDGGRQNH\VVWUHWFKHGDFURVVSLDQRVDFKRSSHG
RIIKDQGO\LQJLQWKHVWUHHWDQGSRNHGE\WKHVWLFNRID
PDQQLVKO\GUHVVHGZRPDQ7KHILOP¶VDXWKRUVPDGHQRVHFUHWRI
WKHILOP¶VDJJUHVVLYHLQWHQW%XxXHOFDOOHGLW³DSDVVLRQDWHFU\WR
PXUGHU´

(LVHQVWHLQZDVLQWHUHVWHGLQDQDVVRFLDWLRQLVWPRGHORIPLQG
EXWWKDWZDVEHFDXVHKHEHOLHYHGKHFRXOGFKDQQHOWKHILOPLF
DVVRFLDWLRQVWRDFOHDUFXWHQGDSROLWLFDOSRLQWDQHPRWLRQDO
XSVXUJH%\FRQWUDVW$Q$QGDOXVLDQ'RJFHOHEUDWHVWKHSRHWLF
SRVVLELOLWLHVRIIUHHDVVRFLDWLRQZLWKQRILQDOJURXQGLQJLQD
FRKHUHQWLGHDRUXQPL[HGHPRWLRQ7KHZRUOGRIGUHDPV
GD\GUHDPVDQGVH[XDOIDQWDV\\LHOGHGDILOPWKDWVHHPHGRSHQ
WRPDQ\LQWHUSUHWDWLRQVEXWUHPDLQHGLPSRVVLEOHWRSLQGRZQ
,QODWHU\HDUV'DOt¶VDQG%XxXHO¶VILOPDORQJZLWKVRPHRWKHU
6XUUHDOLVWZRUNVZRXOGVWHHUFULWLFVWRILQGWKHVDPHVXEYHUVLYH
DVVRFLDWLRQVOXUNLQJZLWKLQPRUHFRPPHUFLDO+ROO\ZRRG
PRYLHV

)LOP*HVWDOWV
%\WKHHQGRIWKHVWKHEDWWOHIRUILOPDVDQDXWRQRPRXVDUW
IRUPKDGEHHQZRQ9HU\IHZSHRSOHZRXOGKDYHDUJXHGWKDWWKH
FLQHPDZDVVLPSO\DPXWHIRUPRIVWDJHGUDPD&ULWLFVZHUH
ZHOODZDUHWKDWWKHWHFKQLTXHVRIWKHPHGLXP²FORVHUIUDPLQJ
FXWWLQJXQXVXDOYLHZLQJDQJOHVFDPHUDPRYHPHQW²VHWLWDSDUW
IURPWKHDWUH%XWRQHFULWLFDQGWKHRULVW5XGROI$UQKHLPZHQW
DVWHSIXUWKHUDQGPDLQWDLQHGWKDWDUWLVWLFFLQHPDJDLQHGLWV
SRZHUQRWIURPUHFRUGLQJUHDOLW\EXWIURPIDLOLQJWRUHFRUG
UHDOLW\

,Q)LOPDOVNXQVWSXEOLVKHGLQDQGLWV(QJOLVKWUDQVODWLRQ
)LOP  $UQKHLPPDGHDSUHGRPLQDQWO\DHVWKHWLF
DUJXPHQW$OODUWPHGLDGLIIHUHGIURPWKHUHDOLW\WKDWWKH\
SRUWUD\$VWDWXHLVPDGHRIPDUEOHQRWIOHVKDSDLQWLQJLVIODW
QRWGHHSDURRPRQVWDJHODFNVDIRXUWKZDOO)LOPZDVDQGVWLOO
LVDIODWSURMHFWLRQ,WZDVWKHQVLOHQWDVZHOO$UQKHLPDUJXHG
KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

WKDWWKHVHGHILFLHQFLHVLQUHDOLVPDFWXDOO\ZRUNHGWRDUWLVWLF
DGYDQWDJH%\EHLQJDIODWSURMHFWLRQWKHILOPLPDJHFRXOGXVH
LWVIUDPHWRFUHDWHVSDWLDOUHODWLRQVWKDWGRQ¶WH[LVWLQRXUWKUHH
GLPHQVLRQDOZRUOG%\EHLQJVLOHQWLWZDVIRUFHGWRWHOOLWV
VWRULHVYLVXDOO\$QGVRRQHURUODWHUWKHFDPHUDUDQRXWRIILOP
VRWKHPHGLXPFRXOGQRWFDSWXUHWKHZRUOG¶VFRQWLQXRXV
GXUDWLRQ%XWWKLVGHILFLHQF\REOLJHVWWKHILOPPDNHUWRFUHDWHKHU
RUKLVRZQWLPHVFKHPHE\DVVHPEOLQJVKRWVLQWRDSDWWHUQWKDW
FDQQRWH[LVWLQUHDOLW\

$FFRUGLQJO\$UQKHLPDUJXHGGRFXPHQWDU\ILOPVWKDWVLPSO\
UHFRUGWKHZRUOGFDQEHYDOXDEOHIRUPDQ\SXUSRVHVEXWWKH\
FDQQRWFRXQWDVDUW:LWKUXWKOHVVORJLFKHFRQFOXGHGWKDWWKH
FORVHUWKDWILOPFDPHWRUHQGHULQJUHDOLW\E\DGGLQJVRXQG
FRORUDQGVWHUHRVFRSLFLPDJHVWKHIXUWKHULWJRWIURPDUW,QKLV
PRVWIDPRXVIRUPXODWLRQKHZURWH

$UWRQO\EHJLQVZKHUHPHFKDQLFDOUHSURGXFWLRQ
OHDYHVRIIZKHUHWKHFRQGLWLRQVRIUHSURGXFWLRQ
VHUYHLQVRPHZD\WRPROGWKHREMHFW$QGWKH
VSHFWDWRUVKRZVKLPVHOIWREHODFNLQJLQSURSHU
DHVWKHWLFXQGHUVWDQGLQJZKHQKHLVVDWLVILHGWR
VHHWKHSLFWXUHDVSXUHO\REMHFWLYH²WREHFRQWHQW
ZLWKUHFRJQL]LQJWKDWWKLVLVWKHSLFWXUHRIDQ
HQJLQHWKDWRIDFRXSOHRIORYHUVDQGWKLVDJDLQRI
DZDLWHULQDWHPSHU+HPXVWQRZEHSUHSDUHGWR
WXUQKLVDWWHQWLRQWRWKHIRUPDQGWREHDEOHWR
MXGJHKRZWKHHQJLQHWKHORYHUVWKHZDLWHUDUH
GHSLFWHG $UQKHLPS 

$VPDQ\FULWLFVRIPRGHUQSDLQWLQJDUJXHGVHQVLWLYH
DSSUHFLDWLRQRIILOPGHPDQGHGWKDWYLHZHUVEHDZDUHRIKRZ
IRUPDOPDQLSXODWLRQDOWHUHGWKHVXEMHFWPDWWHU

$UQKHLP¶VERRNFRQVWLWXWHGDV\QWKHVLVRILGHDVDERXWILOPDVDUW
DQGDVXPPDU\GHIHQVHRIWKHVLOHQWFLQHPDDVDSXUHPHGLXP
RIH[SUHVVLRQ,W¶VXQOLNHO\WKDWPDQ\UHDGHUVRILWVWLPHZRXOG
KDYHGHWHFWHGDQ\DOOHJLDQFHWRDSDUWLFXODUVFKRRORI
SV\FKRORJ\<HWZKHQ$UQKHLPUHZURWHKLVERRNLQDV)LOP
$V$UWKHLQFOXGHGDSUHIDWRU\QRWHLQZKLFKKHVWDWHGWKDWWKH
ERRNKDGEHHQZULWWHQXQGHUWKHDHJLVRIWKH*HVWDOWWUDGLWLRQ
$UQKHLPKDGVWXGLHGZLWKWKH*HVWDOWSLRQHHUV0D[:HUWKHLPHU
DQG:ROIJDQJ.RKOHUDQGKHKDGEHHQLPSUHVVHGZLWKWKHLU
LGHDWKDWKXPDQSHUFHSWLRQVRXJKWRXWSDWWHUQV

$UUDQJHWKUHHGRWVDWDQJOHVWRRQHDQRWKHUDQG\RX¶OOVHHD
WULDQJOH<RXUPLQGFRQWULEXWHVDQRUGHUWKDWLVQ¶WJLYHQLQWKH
GDWD6XFKLQVLJKWVOHG$UQKHLPLQDZD\GLIIHUHQWIURP
0QVWHUEHUJ¶VWRSRVLWDQDIILQLW\EHWZHHQWKHPLQGDQGWKH
ILOP³(YHQWKHPRVWHOHPHQWDU\SURFHVVHVRIYLVLRQGRQRW
SURGXFHPHFKDQLFDOUHFRUGLQJVRIWKHRXWHUZRUOGEXWRUJDQL]H
WKHVHQVRU\UDZPDWHULDOFUHDWLYHO\DFFRUGLQJWRSULQFLSOHVRI

KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

VLPSOLFLW\UHJXODULW\DQGEDODQFH´ $UQKHLPS :KHQ


DQDUWLVWLFILOPVKDSHVWKHUDZSKRWRJUDSKLFPDWHULDOLQWRD
FRKHUHQWLPDJHLWLVLPLWDWLQJRXURUGLQDU\SHUFHSWLRQ:HVHH
QRWDKRGJHSRGJHRIFRUQHUVVXUIDFHVWH[WXUHVDQGSDWWHUQVRI
OLJKWEXWUDWKHUDVWDEOHDUUD\RIILJXUHDQGJURXQGHQFORVHG
VSDFHVDQGHQFORVLQJRQHV

,QWKH\HDUVEHWZHHQWKHILUVWHGLWLRQDQGWKHHGLWLRQRI
)LOPDV$UW$UQKHLPKDGZULWWHQRQHRIWKHSLRQHHULQJ
DSSOLFDWLRQVRISV\FKRORJ\WRWKHYLVXDODUWV$UWDQG9LVXDO
3HUFHSWLRQ  UHYHDOHGWKDWWKHKLVWRU\RIGUDZLQJDQG
SDLQWLQJIROORZHGWKHSULQFLSOHVRI*HVWDOWSV\FKRORJ\$IWHU
ZULWLQJWKDWLWVHHPV$UQKHLPVDZKLVHDUO\VWULFWXUHVRQ
FLQHPDLQDPRUHSV\FKRORJLFDOO\WLQWHGOLJKW6RPHRIKLV
HDUOLHUH[DPSOHVQRZWDNHRQQHZVLJQLILFDQFH)RUH[DPSOH
&KDUOLH&KDSOLQRQDERDWUDLOLQJILOPHGIURPWKHUHDUDSSHDUV
WREHKHDYLQJZLWKVHDVLFNQHVV%XWZKHQKHWXUQVDURXQGZH
UHDOL]HWKDWKLVVKRXOGHUVZHUHZULJJOLQJEHFDXVHKHZDVILJKWLQJ
DILVKRQDOLQH7KH$UQKHLPFRXOGDUJXHWKDWZHDSSOLHG
RQHFRQFHSWXDO*HVWDOWWRWKHHDUO\SDUWRIWKHVKRWDQGWKHQKDG
WRFRUUHFWLWZKHQWKHLPDJHZDVUHFRQILJXUHG

,IVRPHWKLQJOLNHWKLVFRQVWUXDOLVULJKWWKHQDUWQRWRQO\FDOOV
RQVWDEOHDQGV\PPHWULFDO*HVWDOWVLWDOVRSOD\VZLWKWKHP
DVNLQJXVWRFRPSOHWHWKHPRUWRILQGDQRWKHUSDWWHUQWKDW
UHSODFHVDQHDUOLHURQH1RQHWKHOHVVHYHQWKHHGLWLRQRI
)LOPDV$UWGLGQRWLQYRNHWKHH[SHULPHQWDOWUDGLWLRQRIWKH
*HVWDOWVFKRROWRWKHGHJUHHWKDW$UWDQG9LVXDO3HUFHSWLRQKDG
$UQKHLP¶VUHYDPSHGGLVFXVVLRQVLJQDOHGRQO\DVRPHZKDW
GLIIXVHDGKHUHQFHWRSV\FKRORJLFDOVFLHQFH+LVPDLQSXUSRVH
IURPILUVWWRODVWZDVWRMXVWLI\FLQHPDDVDPRGHUQYLVXDODUW

)UHXG DJDLQ DQG)LOPRORJ\


$YDQWJDUGHPRYHPHQWVOLNH([SUHVVLRQLVPDQG6XUUHDOLVP
ZDQHGZLWKWKHFRPLQJRIVRXQGFLQHPDLQWKHODWHV1RZ
WKDW+ROO\ZRRG¶VHGLWLQJGULYHQVW\OHKDGEHFRPHXQLYHUVDO
VRXQGUHFRUGLQJZDVILWWHGWRWKHGHPDQGVRILW'LDORJXH
UHSODFHGZULWWHQLQWHUWLWOHVWKHPXVLFZDVQRZILUPO\DWWDFKHG
WRWKHYLVXDOV LQVWHDGRIEHLQJSOD\HGOLYHLQWKHWKHDWUH DQG
VRXQGHIIHFWVZHUHDGGHGWRHQKDQFHWKHVHQVHRIDFRQFUHWHDQG
FRQWLQXRXVVSDFHDQGWLPH$VZH¶GH[SHFWWKHVWDQGDUGDUWLVWLF
KDQGOLQJRIVRXQGZDVJXLGHGE\FRPPRQVHQVHSV\FKRORJ\
9RLFHVLQORQJVKRWILOPPDNHUVEHOLHYHGVKRXOGVHHPDOLWWOH
TXLHWHUWKDQYRLFHVLQFORVHXS EXWLQERWKFDVHVWKH\ZRXOGEH
XQQDWXUDOO\FOHDU PXVLFVKRXOGQRWGUDZDWWHQWLRQDZD\IURP
WKHVWRU\DQGFHUWDLQVSDFHVGHPDQGSODXVLEOHDXGLWRU\
WH[WXUHVVRELJVHWVRXJKWWRKDYHDQRWLFHDEOHUHYHUEHUDWLRQ

)LOPWKHRULVWVWHQGHGWRDFFHSWWKHGRPLQDQFHRI+ROO\ZRRG
FRQYHQWLRQVDQGZKHQWKH\GLVFXVVHGSV\FKRORJLFDOHIIHFWVRI
WKHUHLJQLQJVW\OHWKH\DSSHDOHGE\DQGODUJHWRLQWXLWLYH
SULQFLSOHV)RUH[DPSOHWKHWLWOHRI$QGUH0DOUDX[¶VDUWLFOH
KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

³6NHWFKIRUD3V\FKRORJ\RIWKH0RYLQJ3LFWXUHV´LVPLVOHDGLQJ
7KHSLHFHLVSULQFLSDOO\DERXWWKHDUWLVWLFSRVVLELOLWLHVRIWKH
VRXQGILOPZKLFKFRQWUD$UQKHLPKHFRQVLGHUVDPRUHPDWXUH
IRUPWKDQWKHVLOHQWSLFWXUH7KHSV\FKRORJLFDOGLPHQVLRQ
FRPHVFKLHIO\LQ0DOUDX[¶VFRQWHQWLRQWKDWWKHPDVVUHSURGXFHG
DQGPDVVGLVWULEXWHGQDWXUHRIILOPPDNHVLWULSHIRUP\WKLQ
ZKLFKVWDUVEHFRPHOLNHJRGVDQGJRGGHVVHV 0DOUDX[ 

$PRUHRULJLQDOQRWHZDVVWUXFNE\$QGUp%D]LQ,QKLV
DPELWLRXVH[SORUDWLRQRIWKHDUWRIVRXQGFLQHPDKHUDLVHGRQFH
DJDLQWKHPDWWHURIDWWHQWLRQ'LUHFWRUVLQWKHWDEOHDXWUDGLWLRQ
EHFDPHVNLOOHGDWJXLGLQJWKHYLHZHUWRQRWLFHWKHPRVW
LPSRUWDQWDUHDRIWKHIUDPH'HIHQGHUVRIHGLWLQJFRXQWHUHGWKDW
FKDQJLQJWKHVKRWVFDOHDQGFRQFHQWUDWLQJRQRQHELWRIDFWLRQDW
DWLPHZDVDPRUHVHFXUHDQGHQJDJLQJPHWKRGRIVKDSLQJWKH
YLHZHU¶VDWWHQWLRQ%D]LQQRWLFHGKRZHYHUWKDWPDQ\GLUHFWRUV
RIWKHODWHVDQGHDUO\VZHUHPLQLPL]LQJHGLWLQJDQG
FUHDWLQJVKRWVWKDWSDFNHGPDQ\DUHDVRIGUDPDWLFVLJQLILFDQFH
LQWRWKHIUDPH

+HPDLQWDLQHGWKDWLQVRPHVFHQHVGLUHFWRUV2UVRQ:HOOHVDQG
:LOOLDP:\OHUIRUFHGWKHYLHZHUWRFKRRVHEHWZHHQFRPSHWLQJ
LWHPVRILQWHUHVW&RQIURQWHGZLWKDGHQVHGHHSIRFXVVKRWLQ
&LWL]HQ.DQH  RU7KH/LWWOH)R[HV  WKHYLHZHULV
IRUFHGLQDVHQVHWRHGLWLWKLPVHOI)RU%D]LQWKLVDUWLVWLF
FKRLFHJDYHWKHYLHZHUWKHVRUWRIIUHHGRPRIFKRLFHWKDWZDV
SDUWRIRUGLQDU\SHUFHSWLRQDQGEHFDPHDVWHSIRUZDUGLQWKH
GHYHORSPHQWRIILOPODQJXDJH %D]LQSS± -XVWDV
LPSRUWDQWWKHLGHDRIOHVVIHWWHUHGDWWHQWLRQILWWHGZLWK%D]LQ¶V
LGHDWKDWLQRSSRVLWLRQWRWKHRULVWVOLNH$UQKHLPFLQHPDZDV
LQKHUHQWO\DQDUWRIUHDOLVPVLQFHLWGHSHQGHGXOWLPDWHO\RQ
SKRWRJUDSKLFUHFRUGLQJ

$OWKRXJKRQHFDQFRQQHFW%D]LQZLWKVWUDLQVLQFRQWHPSRUDU\
)UHQFKSKLORVRSK\QRWDEO\SKHQRPHQRORJ\KHFRQWLQXHGIRU
WKHPRVWSDUWWRUHO\RQLQWXLWLYHFRQFHSWLRQVRIWKHVSHFWDWRU¶V
DFWLYLW\)RUH[DPSOHKHVXJJHVWHGWKDWLQWKHFRQWLQXLW\VW\OH
DQDO\WLFDOHGLWLQJRSHUDWHGLQDPDQQHUVLPLODUWRRSHUDJODVVHV
DWDSOD\7KHYLHZHULVSURYLGHGDIXOOYLHZDQGWKHQDELWRI
DFWLRQLVH[WUDFWHGIRUFORVHUH[DPLQDWLRQ %D]LQS 
0QVWHUEHUJKDGPDGHWKHVDPHFRPSDULVRQWKLUW\\HDUVEHIRUH
0QVWHUEHUJS 

7KHVDOVRVDZSV\FKRDQDO\WLFWKHRULHVRIFLQHPDUHWXUQWR
WKHIRUH)UHXGLDQSV\FKRDQDO\VLVKDGEHHQSLFNHGXSE\HOLWH
FXOWXUHLQWKHVDQGVEXWLQWKHVLWEHFDPH
FRPPRQFXUUHQF\LQWKHSRSXODUDUWVDVZHOO$JUHDWPDQ\
+ROO\ZRRGILOPVPDGHH[SOLFLWRULPSOLFLWUHIHUHQFHVWRWKH
XQFRQVFLRXVUHSUHVVHGGHVLUHVGLVJXLVHGZLVKIXOILOOPHQW
2HGLSDOUHODWLRQVDQGRWKHUWHQHWVRIFODVVLF)UHXGLDQLVP7KH
\RXQJKHURRI.LQJV5RZ  JRHVWR9LHQQDWRVWXG\WKH
ZRUNLQJVRIWKHPLQGDQGUHWXUQVWRKLVVPDOOWRZQWRILQGLWD
KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

KRWEHGRIQHXURVLV3URWDJRQLVWVRIWHQILQGWKHPVHOYHVLQ
PDGKRXVHV DVLQ7KH6QDNH3LW RUKDXQWHGE\GLVWXUELQJ
GUHDPV DVLQ6SHOOERXQG 7KHSORWVDUHRIWHQGULYHQE\D
P\VWHU\VRWKDWWKHGRFWRUSOD\VGHWHFWLYHLQXQFRYHULQJ
UHSUHVVHGFKLOGKRRGPHPRULHVRUIRUELGGHQLPSXOVHV

:LWKILOPPDNHUVSUHVHQWLQJ DQGVLPSOLI\LQJ )UHXGLDQWKHRU\


LWLVQ¶WVXUSULVLQJWRILQGILOPFULWLFVXVLQJWKHVDPHDSSURDFKWR
LQWHUSUHWILOPV$JURXSRIDQWKURSRORJLVWVDW&ROXPELD
8QLYHUVLW\OHGE\*UHJRU\%DWHVRQDQG0DUJDUHW0HDGEHJDQ
DQDO\]LQJ*HUPDQSURSDJDQGDILOPVIRUWKHLUUHYHODWLRQVRI
XQFRQVFLRXV2HGLSDOFRQIOLFWV %DWHVRQ 6RFLDO
SV\FKRORJLVWV0DUWKD:ROIHQVWHLQDQG1DWKDQ/HLWHVWXUQHG
WKHLUYLHZWRZDUGFXUUHQW$PHULFDQILOPVRIWKHODWHVDQG
IRXQGUHSHDWHGSV\FKRG\QDPLFSDWWHUQVWKDWUHIOHFWKLGGHQ
DQ[LHWLHV)RULQVWDQFHWKHFRPPRQSORWSDWWHUQRIDQLQQRFHQW
KHURZKRPXVWFOHDUKLPVHOIRIJXLOWVHUYHVWRGHQ\WKDWKH
KDUERUVOHVVWKDQLQQRFHQWLPSXOVHV7KHFRQIOLFWLVDWWULEXWHG
WRRXWVLGHUVZKRPLVMXGJHWKHKHUR/LNHPRVWRIWKHZULWHUVLQ
WKLVYHLQ:ROIHQVWHLQDQG/HLWHVZHUHGRLQJILOPFULWLFLVPE\
LQWHUSUHWLQJWKH)UHXGLDQG\QDPLFVWKH\IRXQGLQWKHILOPVEXW
DOVRSRVLWLQJWKDWWKHVHSDWWHUQVKDUPRQL]HGZLWKEURDGHU
FXOWXUDODQ[LHWLHV :ROIHQVWHLQDQG/HLWHV 

7KURXJKRXWWKHKLVWRU\RIILOPWKHRU\DQGFULWLFLVPPRYLHVKDYH
EHHQFRPSDUHGWRGUHDPVEXWWKHFULWLFVRIWKHVSXUVXHG
WKLVPHWDSKRUPRUHDYLGO\WKDQHDUOLHUZULWHUV%DUEDUD'HPLQJ
VXJJHVWHGWKDW$PHULFDQILOPVUHYHDOHGDGUHDPSRUWUDLWRIWKHLU
SXEOLFDWWKHSHULRG

,WLVQRWDVPLUURUVUHIOHFWXVEXWUDWKHUDVRXU
GUHDPVGRWKDWPRYLHVPRVWWUXO\UHYHDOWKH
WLPHV«7KURXJKWKHPZHFDQUHDGZLWKD
SHFXOLDUDFFXUDF\WKHIHDUVDQGFRQIXVLRQVWKDW
DVVDLOXV«7KHKHURHVDQGKHURLQHVZKRDUHPRVW
SRSXODUDWDQ\SDUWLFXODUSHULRGDUHSUHFLVHO\
WKRVHZKRZLWKDFHUWDLQDGGHGVW\OHZLWKD
FHUWDLQGLVWLQFWLRQDFWRXWWKHSUHGLFDPHQWLQ
ZKLFKZHDOOILQGRXUVHOYHV 'HPLQJS 

)RU:ROIHQVWHLQDQG/HLWHVILOPVZHUHFORVHUWRGD\GUHDPVWKDQ
QLJKWWLPHRQHVOHVVIUDXJKWEXWQROHVVUHYHDOLQJRIUHSUHVVHG
IHDUVDQGGHVLUHV)UHXGKDGVHHQDFRQQHFWLRQEHWZHHQWKH
IDQWDVLHVRIGD\GUHDPLQJDQGOLWHUDU\FUHDWLYLW\DQG
:ROIHQHVWHLQDQG/HLWHVH[WHQGHGWKHDQDORJ\WRILOPVZKLFK
SURPRWH³WKHFRPPRQGD\GUHDPVRIDFXOWXUH´ S /LNH
'HPLQJKRZHYHU:ROIHQVWHLQDQG/HLWHVEHOLHYHGWKDWWKH
GHFLSKHULQJRIWKHGUHDPFRQWHQWLQSV\FKRDQDO\WLFWHUPVZHQW
EH\RQGWKHILOPLWVHOIWRVXJJHVWIRUFHVDWZRUNZLWKLQWKH
DXGLHQFH

0RUHSOD\IXODQGLQJHQLRXVLQSXUVXLQJWKHGUHDPDQDORJ\ZDV

KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

3DUNHU7\OHUDQHVVD\LVWPXFKLQIOXHQFHGE\6XUUHDOLVP,Q
GD]]OLQJSURVHSRHWU\7\OHUDUJXHGWKDW+ROO\ZRRGILOPV
ZKLSSHGWRJHWKHUDSKDQWDVPDJRULDRILQIDQWLOHIL[DWLRQVDQG
DGXOWUHJUHVVLRQ+HIRXQGDQDORJLHVIRUFRSXODWLRQHYHU\ZKHUH
DQGGLVFRYHUHGKLGGHQKRPRVH[XDOLW\LQ'RXEOH,QGHPQLW\
 DQGFDVWUDWLRQDQ[LHW\LQ$UVHQLFDQG2OG/DFH  
8QOLNHWKHPRUHULJRURXVDFDGHPLFV7\OHUVDZFULWLFLVPDVD
SOD\JURXQGDVKHFRQIHVVHGODWHU

7KHRQO\LQGXELWDEOHUHDGLQJRIDJLYHQPRYLH
WKHUHIRUHZDVLWVYDOXHDVDFKDUDGHDIOXLG
JXHVVLQJJDPHZKHUHDOOPHDQLQJVPDGHDQRSHQ
TXDQWLW\ZKHUHWKHRQO\µZLQQLQJDQVZHU¶ZDVQRW
WKHULJKWRQHEXWDQ\DPXVLQJO\UHOHYDQWDQG
VXJJHVWLYHRQHDQDQVZHUZKLFKOHGWRLQWHUHVWLQJ
VSHFXODWLRQVDERXWPDQNLQG¶VSHUHQQLDOSURIXVH
DQGW\SLFDOO\VHULRFRPLFDELOLW\WRGHFHLYHLWVHOI
7\OHUS 

7KHIUHHDVVRFLDWLRQPHWKRGWKDW)UHXGKDGDVNHGKLVSDWLHQWV
WRSXUVXHQRZVKRZHGXSDVDZD\WRDSSUHFLDWHWKHWDQJOHG
DSSHDOVRID+ROO\ZRRGPRYLH7KHZULWHUEHFRPHVERWKSDWLHQW
DQGDQDO\VWWKHPRYLHJRHU¶VELWVRIPHPRU\WULJJHUDVHVVLRQLQ
ZKLFKWKHFULWLFRSHQVWKHGRRUWRQHYHUHQGLQJIDQWDV\$QG
7\OHUZDVQRWDVZRUULHGDVWKHDFDGHPLFVDERXWWKHVWDWHRIWKH
$PHULFDQSV\FKH+HVHHPHGWRVXJJHVWWKDWDOOSRSXODUDUW
SOD\VZLWKVXEOLPLQDODSSHDOVDQGWKHVHDUHPRUHGLYHUWLQJ
WKDQGDQJHURXV

9HU\GLIIHUHQWIURP7\OHU¶VRSHQIRUP)UHXGLDQFULWLFLVPZDVD
UHVHDUFKSURJUDPWDNLQJVKDSHLQ)UDQFHDWWKHVDPHWLPH
7KHUHDWHDPRIDFDGHPLFVEHJDQWRFRQGXFWH[SHULPHQWVRQ
ILOPLFSHUFHSWLRQDQGFRPSUHKHQVLRQ.QRZQDVWKH
³)LOPRORJ\´ )LOPRORJLH JURXSWKH\EOHQGHGVRFLDOSV\FKRORJ\
SV\FKRSK\VLFVDQGILOPDHVWKHWLFVLQWRDSURJUDPWKDWZRXOG
OHDGWKH\KRSHGWRDVFLHQFHRIFLQHPD7KH\JDLQHGWKH
VXSSRUWRIWKH)UHQFKKLJKHUHGXFDWLRQHVWDEOLVKPHQWFUHDWHG
DQ,QVWLWXWHDQGDFRXUVHRIVWXG\DQGODXQFKHGDMRXUQDO 

$VDPRYHPHQW)LOPRORJ\ZDVUDWKHUHFOHFWLF6RPHPHPEHUV
HPEUDFHGSV\FKRDQDO\WLFLQTXLU\ZKLOHRWKHUVHQYLVLRQHGD
ODUJHVFDOHVRFLRORJ\RIFLQHPDSORWWLQJDWWHQGDQFHILJXUHVDQG
DXGLHQFHGHPRJUDSKLFV7KHUHZHUHDOVRIRUD\VLQWR*HVWDOW
SV\FKRORJ\DQGWKHSV\FKRORJ\RISHUFHSWLRQ6RPH)LOPRORJLVWV
XQGHUWRRNSK\VLRORJLFDOPHDVXUHVZKLOHRWKHUVUDQWHVWVRQ
KRZFKLOGUHQJUDVSHGILOPVWRULHV6WLOORWKHUVWHVWHGVXEMHFWV¶
PHPRU\IRUILOPSORWVDQGVSHFLILFVKRWV

$OORIWKHVHGLYHUVHHIIRUWVDUHQ¶WHDVLO\VXEVXPDEOHWRDVLQJOH
UHVHDUFKSURJUDPEXWRQHRIWKHWKUHDGVUXQQLQJWKURXJKWKHP
KDGDOUHDG\OLYHGDORQJOLIHFLQHPDDVIXUQLVKLQJDQLPSUHVVLRQ
RIUHDOLW\3HUFHSWXDOUHVHDUFKVXJJHVWHGWKDWYLHZHUV

KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

VSRQWDQHRXVO\UHFRJQL]HGSODFHVDQGWKLQJVGLVSOD\HGRQWKH
VFUHHQZKLOHLQYHVWLJDWLRQRIFKLOGUHQ¶VFRPSUHKHQVLRQ
VXJJHVWHGWKDWILOPWHFKQLTXHVOLNHGLVVROYHVZHUHOHDUQHGPRUH
JUDGXDOO\)LOPRORJLVWVDOVRFDPHWRVRPHFRQFOXVLRQVDERXW
QDUUDWLYH$WWKHFRQFHSWXDOOHYHODJRRGGHDORIHYLGHQFH
FRQYHUJHGDURXQGWKHQRWLRQWKDWILOPVFHQHVZHUHTXLFNO\
XQGHUVWRRGDQGDVTXLFNO\IRUJRWWHQSHRSOHKDGDKDUGWLPH
UHFDOOLQJSDUWLFXODUPRPHQWVDFFXUDWHO\DQGRIWHQ
³UHPHPEHUHG´WKLQJVWKDWWKH\KDGQRWVHHQ7ZRUHVHDUFKHUV
FRQFOXGHG³'XULQJWKHUXQQLQJRIDILOPWKHYLHZHUGRHVQRW
UHPDLQSDVVLYHEXWVHOHFWVIURPZKDWKHVHHVDQGKHDUVWKDW
ZKLFKLVQHFHVVDU\WRKLVFRPSUHKHQVLRQDWWKHVDPHWLPHKH
FDUULHVRXUDKLHUDUFKL]DWLRQRIVWRU\HOHPHQWV´ FLWHGLQ/RZU\
S 

)LOPRORJ\¶VFHQWHURIJUDYLW\VKLIWHGIURP)UDQFHWR,WDO\LQWKH
HDUO\VEXWDV/RZU\SODXVLEO\VXJJHVWVLWVLQIOXHQFH
OLQJHUHGLQ3DULVWKURXJKWKHZULWLQJVRI5RODQG%DUWKHVDQG
&KULVWLDQ0HW] /RZU\S± 7KHVHIRXQGHUVRIILOP
VHPLRORJ\VDZLQWKHGLIIXVHEXWHQOLJKWHQLQJUHVHDUFKRIWKH
,QVWLWXWHWKHEDVLVIRUDPRUHV\VWHPDWLF³VFLHQFHRIFLQHPD´²RI
LQGHHGDOOFXOWXUDOSKHQRPHQD,QDGGLWLRQVRPH)LOPRORJLFDO
SURMHFWVDQWLFLSDWHGWKHHPSLULFDOEHQWDQGWKHPRGHOVRIPLQG
WKDWHPHUJHGLQFRJQLWLYHILOPVWXGLHV

1HZZDYHVQHZWKHRULHV
7KHJURZWKRIWKH+ROO\ZRRGFRQWLQXLW\VW\OHWKHHPHUJHQFHRI
DYDQWJDUGHPRYHPHQWVRIWKHVLOHQWHUDDQGGHYHORSPHQWVLQ
WKHVRXQGFLQHPDKDGDOOVKDSHGWKHZD\VWKDWFULWLFVDQG
WKHRULVWVWKRXJKWDERXWWKHDUWLVWLFDQGSV\FKRORJLFDO
SRVVLELOLWLHVRIFLQHPD6RPHWKLQJVLPLODUKDSSHQHGLQWKHODWH
VDQGWKHV6RPHRIWKHFLQHPDWLFIRUPVDQGVW\OHV
WKDWHPHUJHGDWWKLVSHULRGRIIHUHGWKHELJJHVWFKDOOHQJHWR
PDLQVWUHDPFLQHPDWLFVWRU\WHOOLQJVLQFH6XUUHDOLVP$VWULQJRI
ILOPVPDGHPRVWO\E\\RXQJSHRSOHIRUFHGREVHUYHUVWRUHWKLQN
WKHLUEDVLFDVVXPSWLRQVDERXWKRZWKHPHGLXPZRUNHG7KH
³\RXQJFLQHPDV´DQG³QHZZDYHV´PDGHZDYHVRIWKHLURZQ

$OWKRXJKLPSRUWDQWILOPVLQWKLVPRGHZHUHPDGHLQ$VLD
$PHULFDDQG(DVWHUQ(XURSHWKHPRVWLQIOXHQWLDODWWKHWLPH
ZHUH)UHQFKILOPVVXFKDV+LURVKLPDPRQDPRXU  7KH
%ORZV  /DVW<HDUDW0DULHQEDG  DQG
SUDFWLFDOO\DOORIWKHZRUNVRI-HDQ/XF*RGDUGIURP%UHDWKOHVV
 WR:HHNHQG  $WWKHVDPHWLPHHYHQPRUHGDULQJ
H[SHULPHQWDOPRYHPHQWVFDPHWRWKHIRUHLQH[SHULPHQWDO
FLQHPDIURPVXFK$PHULFDQVDV6WDQ%UDNKDJHDQG+DUU\
6PLWKWR(XURSHDQVVXFKDV.XUW.UHQDQG3HWHU.XEHOND

2QHHIIHFWRIWKLVXSKHDYDOZDVWRUHODWLYL]HWKHLGHDVRIFUDIWRQ
ZKLFKPDLQVWUHDPFLQHPDUHVWHG0RYLHJRHUVZHUHVXGGHQO\
UHPLQGHGWKDW+ROO\ZRRG¶VPHWKRGVRIVWDJLQJVKRRWLQJDQG
HGLWLQJDORQJZLWKLWVFRQFHSWLRQVRISORWWLQJZHUHQRWWKHRQO\
KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

RQHVSRVVLEOH7KH$PHULFDQV\VWHPRIFRQWLQXLW\HGLWLQJDQG
WLJKWSORWWLQJQRZDSSHDUHGDVRQO\RQHWUDGLWLRQDQGSHUKDSVD
IDLUO\VWLIOLQJRQHDWWKDW

7RWDNHMXVWRQHH[DPSOH$KXVEDQGZKR¶VUXQRIIZLWKWKH
IDPLO\EDE\VLWWHUILQGVDGHDGPDQLQKHUDSDUWPHQW,QVWHDGRI
UHDFWLQJLQKRUURUKHFDOPO\VWUROOVE\WKHFRUSVH:KHQDQ
LQYHVWLJDWRUDUULYHVDQGVWDUWVWRTXHVWLRQWKHPWKHZRPDQ
ZKDFNVKLPIURPEHKLQGDQGWKHFRXSOHIOHHV%XWWKHLUHVFDSH
LVQ¶WUHQGHUHGZLWKHLWKHUWKHVPRRWKQHVVRIFODVVLFFRQWLQXLW\
HGLWLQJRUWKHULVLQJWHQVLRQRIFURVVFXWWLQJ DOWHUQDWLQJVD\WKH
FRXSOH¶VIOLJKWZLWKWKHDSSURDFKRIWKHSROLFH ,QVWHDGWKH
IXJLWLYHVHVFDSHLQDVHULHVRIVKRWVMXPEOHGRXWRIRUGHU7KH\¶UH
LQDFDUWKHQEDFNLQWKHDSDUWPHQWWKHQGULYLQJGRZQDURDG
WKHQIOHHLQJWRWKHURRIWRSZKLOHRQWKHVRXQGWUDFNZHKHDUD
IUDJPHQWDU\FRQYHUVDWLRQEHWZHHQWKHP

7KLVVHTXHQFHIURP*RGDUG¶V3LHUURWOHIRX  WULJJHUV


PDQ\HIIHFWVEXWRQHLVWRFDOODWWHQWLRQWRWKHQRUPDOZD\RI
UHQGHULQJWKHDFWLRQ7KHKXVEDQG¶VFDVXDODFFHSWDQFHRID
FRUSVHRQWKHEHGYLRODWHVRXUH[SHFWDWLRQDERXWVWRU\FDXVDOLW\
DQGZHH[SHFWWKHFRXSOH¶VIOLJKWWREHUHQGHUHGLQRUGHU
9LHZLQJWKHVHTXHQFHRQHFDQ¶WKHOSWKLQNLQJWKDWWKH
+ROO\ZRRGPHWKRGVRIFKDUDFWHUL]DWLRQDQGFXWWLQJDUHRQO\RQH
RSWLRQDPRQJRWKHUVDQGWKRVHDUHLQVRPHZD\VPRUH
LQWULJXLQJ

7KHULVHRI³QHZFLQHPDV´FRLQFLGHGZLWKLQWHOOHFWXDO
PRYHPHQWVFHQWHUHGLQ)UDQFHWKDWVRXJKWWRXQGHUVWDQGKRZ
FXOWXUDOV\VWHPVUHSUHVHQWHGPHDQLQJ,QIOXHQFHGE\
GHYHORSPHQWVLQOLQJXLVWLFVYDULRXVUHVHDUFKHUVDUJXHGIRUD
VFLHQFHRIVHPLRORJ\WKHULJRURXVVWXG\RIVRFLDOSURFHVVHVDV
VLJQV\VWHPV7KHEDVLFLGHDZDVWKDWPHDQLQJVFLUFXODWHG
WKURXJKDVRFLHW\QRWRQO\WKURXJKYHUEDOODQJXDJHEXWDOVR
WKURXJKLPDJHVDQGRWKHUPHGLD)DVKLRQIRULQVWDQFHLVDVLJQ
V\VWHP%\GUHVVLQJLQEOXHMHDQVDEXVLQHVVPDQWHOOVSHRSOH
VRPHWKLQJGLIIHUHQWWKDQLIKHZHDUVDVXLW7KHMHDQVIXQFWLRQ
DVDVLJQLILHUDQLWHPWKDWH[SUHVVHGDPHDQLQJ DVLJQLILHG 
-HDQV³VD\´WKDWWKHZHDUHULVKLSFDVXDOLQIRUPDO
XQSUHWHQWLRXVDQGSHUKDSVPRUHOLNHDZRUNLQJSHUVRQWKDQDQ
H[HFXWLYH/LNHZLVHFDUVIXUQLWXUHDQGHYHQLQWHUSHUVRQDO
DFWLYLWLHVOLNHJHVWXUHVDQGIDFLDOH[SUHVVLRQVIXQFWLRQDV
VLJQLILHUVSRLQWLQJWRVLJQLILHGV %DUWKHV 

6LJQVDUHJRYHUQHGE\FRGHV7DNHWUDIILFVLJQDOV7KH\FRQVLVWRI
WKUHHVLJQVUHGIRU³VWRS´JUHHQIRU³JR´DQGDPEHUIRU
³SURFHHGZLWKFDXWLRQ´7KHVHWKUHHVLJQVH[KDXVWWKH
SRVVLELOLWLHVWRJHWKHUWKHFRGHFDUYHVXS\RXUSRVVLEOHEHKDYLRU
DWDQLQWHUVHFWLRQ0RUHRYHUWKHVHWKUHHVLJQLILHUVLJQLILHG
SDLULQJVH[KDXVWWKHV\VWHP\RXZRXOGQ¶WNQRZZKDWWRGRLI
\RXHQFRXQWHUHGOLJKWVWKDWZHUHSXUSOHEOXHDQGSXUHZKLWH
7KHFRGHRIWUDIILFVLJQDOVFRQVLVWVRISDUWLFXODULWHPVSLFNLQJ
KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

RXWGHILQLWHPHDQLQJVDQGWKHPHDQLQJVDUHGHILQHG
GLIIHUHQWLDOO\,IWKHJUHHQOLJKWKDVEXUQHGRXW\RXFDQVWLOO
SURFHHGDIWHUVHHLQJWKHUHGDQGWKHDPEHUVLJQDOV7KHJUHHQ
OLJKWLVQRWVRPXFKJUHHQDVQRWUHGDQGQRWDPEHU7KHZKROH
HQVHPEOHKDQJVWRJHWKHUDVDV\VWHPDYHU\VLPSOHFRGH

0RVWVLJQV\VWHPVZHHQFRXQWHUDUHIDUPRUHFRPSOH[WKDQ
WUDIILFVLJQDOVEXWWKHVHPLRORJLVWVEHOLHYHGWKDWWKH\FRXOGEH
DQDO\]HGDFFRUGLQJWRWKHVDPHSULQFLSOHVRIFRGHVLJQLILHUDQG
VLJQLILHG)URPDVHPLRORJLFDOVWDQGSRLQWWKH3LHUURWOHIRX
VHTXHQFHLVSRLQWLQJRXWWKDWILOPLFVWRU\WHOOLQJLVDOVRDPDWWHU
RIVLJQV+ROO\ZRRGKDVFUHDWHGFRGHVRIFKDUDFWHUEHKDYLRU
OLQHDURUGHULQJDQGVPRRWKVKRWPDWFKLQJ*RGDUGKDV
DUUDQJHGKLVVFHQHLQDZD\WKDWYLRODWHVWKHFRGHV²DQGSHUKDSV
FUHDWHVDQHZFRGHRIKLVRZQ

+RZGRHVWKHVSHFWDWRUILWLQWRWKLVOLQHRIUHDVRQLQJ"$WWKH
OHDVWYLHZHUVDUHVLJQUHDGHUV:HNQRZWKHUHOHYDQWFRGHVDQG
XVXDOO\FDQPRYHHIILFLHQWO\IURPVLJQLIHUWRVLJQLILHG,I\RX¶UHD
QDWLYHVSHDNHURI(QJOLVK\RXFDQGHFRGHWKHVHQWHQFHVSHRSOH
VD\WR\RX6LPLODUO\ZHKDYHOHDUQHGWKHFRGHVRIPDLQVWUHDP
FLQHPDDQGFDQXQGHUVWDQGSURFHGXUHVOLNHDQDO\WLFDOHGLWLQJ
DQGILOPLFSXQFWXDWLRQ GLVVROYHVIDGHVZLSHVDQGWKHOLNH 

)LOPVHPLRORJ\LQLWVHDUOLHVWSKDVHZDVDVNLQJWKHTXHVWLRQ
:KDWHQDEOHVILOPVWREHXQGHUVWRRG":RUNLQJZLWKLQWXLWLYH
SV\FKRORJ\ILOPPDNHUVKDGW\SLFDOO\QRWDVNHGWKDWTXHVWLRQ
EXWDQHZJHQHUDWLRQRIILOPVFKRODUVPDQ\WUDLQHGLQ(XURSHDQ
OLQJXLVWLFVGLG7KHPRVWRXWVWDQGLQJRIWKHVHWKLQNHUVZDV
&KULVWLDQ0HW]0HW]RZHGDFRQVLGHUDEOHGHEWWRERWKILOPRORJ\
DQGSKHQRPHQRORJLFDOWUHQGVRIWKHVEXWKHSXVKHGLQWR
WKHWHUUDLQRIVHPLRORJ\E\DVNLQJ7RZKDWH[WHQWLVFLQHPD
FRGHG"

,QKLVHDUO\ZRUN0HW]SRVLWHGWKDWFLQHPDZDVQRWFRGHGLQWKH
PDQQHURIYHUEDOODQJXDJH/DQJXDJHOLNHPDQ\FRGHVLVTXLWH
DUELWUDU\DQGLVJRYHUQHGE\VRFLDOFRQYHQWLRQ7KHZRUGGRJ
KDVOLWWOHLQFRPPRQZLWKFKLHQRUKXQGEXW(QJOLVK)UHQFK
DQG*HUPDQVSHDNHUVDUHGHQRWLQJWKHVDPHFRQFHSWZKHQWKH\
XVHWKHVHYHU\GLIIHUHQWVLJQV%\FRQWUDVWDQLPDJHRIDGRJ
UHVHPEOHVDGRJ,WGHQRWHVGRJJLQHVVZHPLJKWVD\GLUHFWO\
7KLVLVWKHIDPRXV³LPSUHVVLRQRIUHDOLW\´\LHOGHGE\FLQHPD
DQGLWVHHPVEDVHGRQQDWXUDOSHUFHSWLRQDVWKH)LOPRORJLVWV
KDGVXJJHVWHGUDWKHUWKDQVRFLDOFRGHV

0RUHRYHUDZRUGFDQEHEURNHQGRZQLQWRSKRQHPHVDQG
WKHVHFRQVWLWXWHDV\VWHPLQWKHLURZQULJKW,QVSRNHQ(QJOLVK
WKHGLIIHUHQFHEHWZHHQVLWDQG]LWLVSURYLGHGE\DFRQWUDVW
EHWZHHQWKHYRLFHOHVVVLELODQWVDQGWKHYRLFHGVLELODQW]
7KHUHDUHDVXUSULVLQJO\VPDOOQXPEHURISKRQHPHVLQDQ\
ODQJXDJHDQGWKH\¶UHW\SLFDOO\RUJDQL]HGLQFRQWUDVWFODVVHV2XW
RIWKHP\RXFDQEXLOGDQ\ZRUGLQWKHODQJXDJH%XWLWPDNHVQR

KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

VHQVHWRDVNKRZZHPLJKWGLYLGHDQLPDJHLQWRLWVFRQVWLWXHQW
³SKRQHPHV´<RXPLJKWGLYLGHWKHGRJVKRWRQHZD\,PLJKW
GLYLGHLWDQRWKHUDQGERWKRIXVZRXOGEHKDUGSUHVVHGWR
H[SODLQWKHSULQFLSOHVEHKLQGRXUFKRLFH$QGZKLOHZHFDQWDNH
RQHSKRQHPHRXWRIGRJDQGUHSODFHLWZLWKDQOWRJHWORJZH
FRXOGQ¶WDVVHPEOHDQLPDJHRIDORJRXWRIWZRELWVRIRXUGRJ
VKRWDQGDWKLUGELWLPSRUWHGIURPHOVHZKHUH 0HW]
SS± 

6WLOOYHUEDOODQJXDJHSHUYDVLYHDVLWLVLVQ¶WWKHRQO\FRGHDQG
0HW]FDPHWRWKHFRQFOXVLRQWKDWFLQHPDZDVFRGHGWRVRPH
GHJUHHPRVWREYLRXVO\DWWKHOHYHORIQDUUDWLYHGHQRWDWLRQ+H
DUJXHGWKDWWKHFRQYHQWLRQVRIVWRU\WHOOLQJFLQHPDFRXOGEH
PDSSHGLQWRDQLQWHOOLJLEOHDUUD\RIDOWHUQDWLYHV²D³SDUDGLJP´
RIFKRLFHV<RXPLJKWIRULQVWDQFHILOPDVFHQHLQDVLQJOHVKRW
7KDWVKRWPLJKWVLJQLI\YDULRXVWKLQJV,ILWZDVDEULHIVKRWRID
URDGVLJQRUOHWWHULWPLJKWVWDQGDORQHDVDVHSDUDWHHSLVRGHLQ
WKHSORW,Q<RXQJ0U/LQFROQ  DIWHURQHVFHQHHQGVZH
VHHDQLQYLWDWLRQWRDEDOOLQFORVHXSGLVVROYHWRWKHSDUW\7KH
VLQJOHVKRWRIWKHLQYLWDWLRQLVDEULHIHSLVRGHLQWKHSORW2WKHU
W\SHVRIVLQJOHVKRWVHTXHQFHVLQFOXGHWKHVRUWRIORQJWDNH
VHTXHQFHZHPLJKWILQGLQDWDEOHDXILOP 0HW]SS±
 

0HW]ODLGRXWDPHQXRIRSWLRQVVXJJHVWLQJWKDWGLIIHUHQW
HGLWLQJFKRLFHVZRXOGVLJQLI\GLIIHUHQWDUUDQJHPHQWVRIWLPHDQG
VSDFH$QRUGLQDULO\HGLWHGVFHQHIRULQVWDQFHVKRZVXVDVHULHV
RIDFWLRQVFKURQRORJLFDOO\ZKLOHFURVVFXWWLQJSUHVHQWVDFWLRQV
WDNLQJSODFHVLPXOWDQHRXVO\LQGLIIHUHQWORFDOHV7RWKLVH[WHQW
ILOPPDNHVXVRIWKHVRUWRIELQDU\FRQWUDVWVDWZRUNLQ
SKRQRORJ\$VYLHZHUVZH¶YHLQWHUQDOL]HGILOPLFFRGHVVRWKDWRQ
WKHEDVLVRIWKHVLJQVHPLWWHGE\WKHILOPZHFDQJUDVSWKH
PRPHQWXPRIWKHVWRU\DFWLRQ:HXQGHUVWDQGWKDWFXWVLQD
QRUPDOVFHQHUHQGHUVXFFHVVLRQZKLOHFXWVLQDQRWKHUVRUWRI
VHTXHQFHSUHVHQWVLPXOWDQHLW\,W¶VRXUDFTXDLQWDQFHZLWKWKH
FRGHWKDWPDNHVWKH3LHUURWOHIRXVHTXHQFHVHHPVRVWUDQJH
0HW]S 

6HPLRORJLVWVWKHQVRXJKWWREULQJWROLJKWWKHFRGHVRI
WUDGLWLRQDOILOPPDNLQJDQGWRDQDO\]HKRZPRUHXQXVXDOILOPV
PLJKWZRUNLQUHODWLRQWRWKRVHFRGHV$V0HW]¶VWKLQNLQJ
GHYHORSHGKHUHFRQVLGHUHGWKHTXHVWLRQRIWKHLPDJH¶V
LPSUHVVLRQRIUHDOLW\DQGVXJJHVWHGWKDWWKHUHPLJKWEHVRPH
GHJUHHRIFRGLQJWKHUHWRR%XWPRUHFRQVHTXHQWLDOZDVKLVUROH
LQDEURDGHUUHWKLQNLQJRIKRZILOPHQJDJHVLWVVSHFWDWRU,QWKH
VHPLRORJLFDOIUDPHZRUNWKHYLHZHULVDNQRZOHGJHDEOHHYHQ
PDVWHUIXOGHFRGHUPRYLQJVNLOOIXOO\IURPVLJQLILHUWRVLJQLILHG

6RPH)UHQFKWKLQNHUVFRQVLGHUHGWKLVWRRRSWLPLVWLFDYLHZ,I
VRFLHW\LVDYDVWDUUD\RIVLJQVZK\VWRSDWWKHERUGHURIRXU
VNLQ"7RRWKHUVZHDUHVLJQVWKH\WU\WRUHDGRXUZRUGV
JHVWXUHVDQGJODQFHV0RUHEURDGO\WKHVRFLDOUROHVZHSOD\DQG
KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

LGHQWLI\ZLWK²VWXGHQWFLWL]HQEDVNHWEDOOIDQDGPLUHURI
URPDQWLFFRPHGLHV²FDQEHFRQVLGHUHGVLJQLILHUVDVZHOO
3HUKDSVZHRXUVHOYHVDUHQRPRUHWKDQVLJQV\VWHPV

)UHXGRQFHPRUH
7KHVHPLRORJLFDOTXHVWLRQ+RZDUHPRYLHVXQGHUVWRRG"ZDV
SDUWO\DUHVSRQVHWRPRYLHVWKDWZHUHGLIILFXOWWRJUDVSDWOHDVW
FRPSDUHGWRWKH+ROO\ZRRGSURGXFW7KHQHZFLQHPDVRIWKH
VDQGVLQGLUHFWO\UDLVHGDQRWKHUTXHVWLRQDVZHOO

+ROO\ZRRGILOPVDOODJUHHGDLPHGWRSURYLGHSOHDVXUH%XW
ILOPVIURPWKHQHZZDYHVDQGH[SHULPHQWDOWUDGLWLRQVVHHPHG
GHVLJQHGQRWWREHHQMR\HG0DQ\ZHUHGHQVHDQGGLIILFXOWOLNH
$QWRQLRQL¶V/¶$YYHQWXUD  DQG6WUDXEDQG+XLOOHW¶V
&KURQLFOHRI$QQD0DJGDOHQD%DFK  (YHQPRUH
WURXEOHVRPHFDVHVFDPHIURPWKHDYDQWJDUGHZKLFKVHHPHGWR
FKDOOHQJHWKHOLPLWVRIERUHGRP0LFKDHO6QRZ¶V:DYHOHQJWK
 ZDVDVHULHVRI]RRPVDFURVVDPRVWO\DEDQGRQHGORIW
$QG\:DUKROSURYLGHGDQHLJKWKRXUVHULHVRIVKRWVRIWKH
(PSLUH6WDWH%XLOGLQJ (PSLUH :KDWWKHQPDGHILOPV
SOHDVXUDEOHRUXQSOHDVXUDEOH"7KLVTXHVWLRQUDLVHGLVVXHVRIWKH
VSHFWDWRUDQGRIIHUHGDFHUWDLQFKDOOHQJHWRVHPLRORJ\

)RUDYDULHW\RIUHDVRQVVRPHRIWKHPSROLWLFDODFDGHPLFVVDZ
LQDQHZYHUVLRQRISV\FKRDQDO\VLVDEHWWHUZD\WRXQGHUVWDQG
KRZKXPDQVXVHGRUZHUHXVHGE\VLJQV\VWHPV,QSDUWLFXODU
WKHIDLOXUHVRISROLWLFDOUHEHOOLRQGXULQJ0D\RIPD\KDYH
OHGPDQ\WRTXHVWLRQZK\SHRSOHFRXOGQRWVHHPWREUHDNIUHHRI
WKHLUPRVWHQWUHQFKHGKDELWVRIPLQG'LGSHRSOHHPSOR\FRGHV
RUZHUHWKH\WKHVODYHRIFRGHV"$QGLISHRSOHZHUHLQERQGDJH
WRFRGHVZK\GLGWKH\VHHPWRHQMR\LW"

0HW]ZLWKKLVNQDFNIRUIRUPXODWLQJDTXHVWLRQSRLQWHGO\
DVNHG:K\GRSHRSOHJRWRWKHFLQHPDZKHQQRRQHIRUFHV
WKHP"7KHTXHVWLRQUHYHDOVDVKLIWIURPDQREMHFWLYHVHPLRORJ\
RIFRGHV³RXWWKHUH´WRDQLQTXLU\LQWRSV\FKRG\QDPLFV:ULWHUV
EHJDQWRSURSRVHWKDWVSHFWDWRUVLQWHUDFWHGZLWKVLJQV\VWHPVLQ
DOHVVUDWLRQDODZD\WKDQVHPLRORJ\KDGDVVXPHG,QVWHDGRI
VLPSO\³UHDGLQJ´DILOP¶VIORZRIVLJQVE\DSSO\LQJWKHSURSHU
FRGHVWKHVSHFWDWRUZDVQRZWKRXJKWRIDVPRUHGHHSO\LQYHVWHG
LQWKHILOP&LQHPD0HW]VXJJHVWHGKDGDQDOOXUHWKDWNHSW
SHRSOHHQJDJHGZLWKPRYLHVLQDYHU\IXQGDPHQWDOZD\

6RRQHFHQWUDOTXHVWLRQEHFDPH:KDWLVFLQHPDWLFSOHDVXUH"
0DQ\WKHRULVWV0HW]LQFOXGHGWKRXJKWWKDWWKHDQVZHUZDVWR
EHIRXQGLQSV\FKRDQDO\VLV%XWWKLVSV\FKRDQDO\VLVZDVRID
YHU\GLIIHUHQWVWULSHWKDQWKHYHUVLRQWKDWKDGLQVSLUHGWKH
VRFLDOSV\FKRORJLFDOLQTXLULHVRIWKH$PHULFDQZULWHUVRIWKH
V

-DFTXHV/DFDQDQXQRUWKRGR[SV\FKRDQDO\VWPXFKLQIOXHQFHG
E\6XUUHDOLVPEHFDPHDFKDULVPDWLFILJXUHWKURXJKKLVHIIRUWWR

KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

UHDGVHPLRORJ\WKURXJK)UHXGLDQVSHFWDFOHV/DFDQDGKHUHGWR
PDQ\RIWKHWKHRUHWLFDOFRQFHSWVRI)UHXGLDQGRFWULQHOLNHWKH
2HGLSDOFRQIOLFWUHSUHVVLRQLQIDQWLOHVH[XDOLW\DQGWKHOLNH%XW
KHLQFRUSRUDWHGVHPLRORJ\E\VXJJHVWLQJWKDWDQLQGLYLGXDO
KXPDQEHLQJZDVEDVLFDOO\VKDSHGE\DV\PEROLFUHDOPWKDW
VXUURXQGHGKLPRUKHU7KDWUHDOPZDVQ¶WVLPSO\WKHUHDO
HQYLURQPHQWEXWUDWKHULQWKHVHPLRORJLFDOVHQVHDYDVWVHWRI
VLJQV\VWHPV

/DFDQZHQWIXUWKHUDUJXLQJWKDW\RXDUHQ¶WVLPSO\FRQGLWLRQHG
E\WKRVHVLJQV\VWHPV<RXUYHU\VHQVHRIVHOI\RXUDVVXPSWLRQ
WKDW\RXDUHDFRQVFLRXVDJHQWDEOHWRDFWDQGPDNHGHFLVLRQVLV
FRQVWLWXWHGWKURXJKDQGWKURXJKE\WKHVHPLRORJLFDOHFRV\VWHP
&RGHVGRQ¶WMXVWLPSULQWXVWKH\PDNHXV7KLVDXWKRULWDWLYHVHW
RIVLJQV\VWHPV/DFDQFDOOHGWKH6\PEROLFRUGHU+HDVVRFLDWHG
LWZLWKWKHUROHWKDWWKHIDWKHUSOD\VLQ)UHXG¶V2HGLSXVFRPSOH[
WKHVRXUFHRISRZHUDQGWKHUXOHRIRUGHU7KHWLVVXHRIVLJQV
WKDWFRQVWLWXWHVHDFKRIXVUHIOHFWV³7KH/DZRIWKH)DWKHU´

%XW,GRQ¶WIHHOP\VHOIWREHMXVWWKHSURGXFWRIDOOWKHVLJQ
V\VWHPVWKDWGHILQHGPHVLQFH,ZDVERUQ RUHYHQEHIRUH ,¶P
PRUHWKDQP\ELUWKFHUWLILFDWHRUP\UROHDVVRQRUKXVEDQGRU
SURIHVVRU:KHUHGR,JHWWKLVVHQVHRIDQHVVHQWLDOPH
VRPHWKLQJPRUHWKDQDOOP\DFWLRQVDQGUROHV",FDQORRNLQWKH
PLUURUDQGVHHWKDW,¶PDWWKHYHU\OHDVWDXQLILHGERG\%\
UHFRJQL]LQJP\VHOIDVWKLVWKLQJRXWVLGHPH,GUDZRQZKDW
/DFDQFRQVLGHUVWKHIXQGDPHQWDOSURFHVVRILGHQWLILFDWLRQ
JUDVSLQJP\VHOIDVDQ2WKHU

/DFDQEHOLHYHGWKDWRXUVHQVHRILQGLYLGXDOLW\LVDQLOOXVLRQ
FRQVWUXFWHG³IURPWKHRXWVLGH´E\WKH6\PEROLFRUGHU0\VHQVH
RIP\VHOIH[LVWVLQWKHUHDOPRIZKDW/DFDQFDOOHGWKH
³,PDJLQDU\´²WKHZRUOGRILPDJHVDQGSHUFHSWLRQVWKDWUHDVVXUH
PHWKDW,DPPHWKDW,UHFRJQL]HP\VHOILQDQGWKURXJKRWKHUV
DQGWKDW,DPWKHERVVRIPH

7KHFLQHPDFDQEHFRQVLGHUHGRQHYHKLFOHIRUWKLVLPDJLQDU\
VHQVHRIIXOOQHVVDQGVHOIGLUHFWLRQ:HZDWFKILOPVDVZHZDWFK
WKHZRUOGDURXQGXVEXWDOWKRXJKLWDSSHDUVWREHUHDOLW\WKH
ILOPLVDZRUOGPDGHIRUXV7KLVKDVEHHQDFRQVWDQWLQILOP
WKHRU\VLQFH0QVWHUEHJ)RUWKH/DFDQLDQVKRZHYHUWKH
DUWLILFHRIFLQHPDZRUNVWRPDLQWDLQWKHLOOXVLRQWKDWZHDUH
FRKHUHQWVXEMHFWVRIH[SHULHQFH6HHLQJWKH2WKHULQOLIHRURQ
WKHVFUHHQUHDVVXUHVXVRIRXURZQVWDELOLW\DVDVXEMHFW

1RZRQGHUWKDW0HW]FDOOHGKLVSULPDU\HVVD\RQWKH
SV\FKRG\QDPLFVRIFLQHPD³7KH,PDJLQDU\6LJQLILHU´:KHQZH
VHHDILOPKHFODLPVHDFKRIXVPD\LGHQWLI\ZLWKWKHFKDUDFWHUV
LQWKHQDUUDWLYHEXWPRUHEDVLFDOO\HDFKLGHQWLI\ZLWKKLVRUKHU
VHOI7KHPDFKLQHU\PDNHVXVWKHFDPHUDVHHLQJZKDWLWVHHVDV
LILWVJD]HZHUHRXURZQ&LQHPDWLFLOOXVLRQSURYLGHVWKHIDPRXV
³LOOXVLRQRIUHDOLW\´QRWE\ZKDWLWVKRZVEXWE\WKHZD\LWVKRZV

KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

LWZKLFKPLPLFVRXUXVXDODFWRISHUFHSWLRQ%XWLWPLPLFVLWWR
DKLJKHUGHJUHHEHFDXVHWKHFDPHUDFDQJRDQ\ZKHUHLQVSDFH
RUWLPH$V3XGRYNLQKDGVXJJHVWHGZHEHFRPHDQLGHDOL]HG
H\HQRWDUHDORQH7KHPRYLHYLHZHULVDSXUHO\SHUFHLYLQJ
VXEMHFW7KLVFRQILUPVXVLQRXURZQVHQVHRILGHQWLW\,VHHDQG
KHDUWKHUHIRUH,DP0HW]DQVZHUVWKHTXHVWLRQRISOHDVXUHWKLV
ZD\:KHQ\RXZDWFKDILOP\RXDUHHQMR\LQJ\RXUVHOI²
OLWHUDOO\\RXUVHOI%XWWKDWVHOILVIUHHGIURPWKHQRUPDO
FRQGLWLRQVRIWLPHDQGVSDFH 0HW]S 

0HW]WUDFHGRXWPDQ\RWKHUDVSHFWVRIFLQHPDWKDW
FRUUHVSRQGHGWR)UHXGLDQDQG/DFDQLDQFRQFHSWV3LFNLQJXSRQ
HDUOLHUWKHRULVWVKHPRXQWHGDFURVVFRPSDULVRQEHWZHHQILOP
UHDOLW\GUHDPDQGGD\GUHDP 0HW]SS± +H
VXJJHVWHGDVZHOOWKDWYR\HXULVPDQGIHWLVKLVPDUH³SHUYHUVH´
SUDFWLFHVHQFRXUDJHGE\ILOPLFWHFKQLTXHDQGVRUHQGHUHG
VRFLDOO\DFFHSWDEOHE\WKHFLQHPD

2WKHUWKHRULVWVWULHGWRVKRZWKDWILOPLFSOHDVXUHKDGDJHQGHU
ELDV/DXUD0XOYH\  VXJJHVWHGWKDWPDLQVWUHDPFLQHPD
RVFLOODWHGEHWZHHQDQDUUDWLYHLPSXOVHWKDWPRYHVWKHDFWLRQ
IRUZDUGDQGDQLPSXOVHWRZDUGVSHFWDFOHWKDWIUHH]HVWKHSORWVR
WKDWZHFDQHQMR\VLPSO\WDNLQJLQDQDXGLRYLVXDOGLVSOD\$Q
H[DPSOHWRGD\ZRXOGEHWKHFRPPRQFRPSODLQWWKDWDFWLRQ
SLFWXUHVKDYHYHU\EDQDOVWRULHVWKDWDUHSHULRGLFDOO\LQWHUUXSWHG
E\FKDVHVDQGH[SORVLRQV

0XOYH\DUJXHGWKDWLQ+ROO\ZRRGFLQHPDRIWKHFODVVLFHUDWKH
VWRULHVWHQGWRPDNHWKHPDOHDQDFWLYHSURWDJRQLVW7KHKHUR
PDNHVWKLQJVKDSSHQ%\FRQWUDVWWKHZRPDQWHQGVWREHD
SDVVLYHUHFLSLHQWVWDQGLQJE\RUDFWHGXSRQ²VRPHWLPHVUDWKHU
EUXWDOO\6KHPLJKWEHLQYROYHGLQWKHSORWDVDQREMHFWRI
LQYHVWLJDWLRQRUDVWKHEDGZRPDQZKRQHHGVWREHSXQLVKHG
$OOWKLVKDSSHQVDWWKHOHYHORIQDUUDWLYH%XWDWWKHOHYHORI
VSHFWDFOHWKHZRPDQSHUIRUPVDYHU\LPSRUWDQWIXQFWLRQ,I
FLQHPDGHSHQGVRQDSOHDVXUHLQORRNLQJYR\HXULVP²WKH
SOHDVXUHLQORRNLQJDWRWKHUVZKRFDQQRWORRNEDFN²LVUHVHUYHG
IRUWKHZRPDQ6KHEHFRPHVDVSHFWDFOHLQKHUVHOIVLQJLQJRU
GDQFLQJRUVLPSO\EHLQJREVHUYHGDVDWKLQJRIEHDXW\7KH
QDUUDWLYHKDOWVWRGZHOORQKHU7KURXJKWKHFRGHVRIQDUUDWLYH
DQGSRLQWRIYLHZHGLWLQJWKHLGHDRIPDVFXOLQHFRQWUROLV
UHDVVHUWHGDVDSOHDVXUDEOHH[SHULHQFHRIORRNLQJ

7KLVV\VWHPRISUHVHQWDWLRQUHOLHVRQWKHWKUHDWWKDW)UHXG
FODLPHGWKDWZRPDQSRVHV/DFNLQJDSHQLVVKHLVDQHYHU
SUHVHQWSURRIRIWKHWKUHDWRIFDVWUDWLRQVRVKHPXVWEH
FRQWDLQHGDQGVXEMHFWHGWRPDOHDXWKRULW\%XWWRGD\0XOYH\
DGGVWKH+ROO\ZRRGVWXGLRILOPLVQRWWKHRQO\ZD\PRYLHVFDQ
EHPDGH2WKHUILOPPDNLQJSUDFWLFHVFDQFKDOOHQJHLWDQGWKH
PRVWUDGLFDOZD\RIGRLQJVRLVE\TXHVWLRQLQJRUUHIXVLQJWKH
ZD\LWJHQHUDWHVWKHSOHDVXUHRIORRNLQJDQGHVSHFLDOO\ORRNLQJ
DWZRPHQ:KLOH0XOYH\DQGPDQ\RWKHUZULWHUVXVHGWKHVH
KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

FRQFHSWVWRGLVVHFWFODVVLF+ROO\ZRRGZRUNVKHURZQILOPVVXFK
DV5LGGOHVRIWKH6SKLQ[  DQGRWKHUDYDQWJDUGHZRUNVE\
IHPLQLVWILOPPDNHUVVRXJKWWRRIIHUDQDOWHUQDWLYHWRWKH
SV\FKRORJLFDOG\QDPLFDWZRUNLQWKHPDLQVWUHDPWUDGLWLRQ

7KHSV\FKRDQDO\WLFSHUVSHFWLYHWKDWHPHUJHGLQVDQG
VILOPWKHRU\WRRNRWKHUIRUPV7KHUHZHUHPDQ\
LQWHUSUHWDWLRQVRISDUWLFXODUILOPVDVSOD\LQJRXW
)UHXGLDQ/DFDQLDQSDWWHUQV7KHUHZHUHDOVRDWWHPSWVWRVKRZ
KRZFRQYHQWLRQDOWHFKQLTXHVVXFKDVVKRWUHYHUVHVKRWFXWWLQJ
FRXOGEHH[SODLQHGDVSDUWRIDODUJHUG\QDPLFRI6\PEROLFDQG
,PDJLQDU\UHODWLRQVKLSV 2XGDUW'D\DQ 

,QVXPZULWHUVDFFHSWHGVHPLRORJ\¶VLQVLVWHQFHRQWKHFRGHG
QDWXUHRIFXOWXUHDQGPHUJHGWKDWIUDPHZRUNZLWK/DFDQ¶V
SV\FKRDQDO\WLFDFFRXQWRIXQFRQVFLRXVSURFHVVHV)RUPDQ\WKH
VLJQV\VWHPVUHYHDOHGE\VHPLRORJ\WXUQRXWWRIXQFWLRQQRWRQO\
VRFLDOO\EXWPHQWDOO\5HJDUGOHVVRIWKHFRQWHQWRIWKHVWRULHV
WKDWPRYLHVWHOOPRVWILOPVPDLQWDLQYLHZHUVDVSDVVLYH
VXEMHFWV3OHDVXUDEOHDVLWLVWKHWKHRULVWVFODLPHGPRYLHJRLQJ
DVZHNQRZLWLVSROLWLFDOO\DQGSV\FKRORJLFDOO\UHJUHVVLYH

7KHQDWXUDOLVWLFWXUQ
%\WKHVWKHVWXG\RIILOPZDVEHFRPLQJHVWDEOLVKHGDVDQ
DFDGHPLFGLVFLSOLQHLQFROOHJHVDQGXQLYHUVLWLHVDURXQGWKH
ZRUOG)LOP6WXGLHVIRVWHUHGDYDULHW\RIPHWKRGVLQFOXGLQJ
DXWHXUFULWLFLVPUHVHDUFKLQWRHDUO\FLQHPDDQGWKHRUL]LQJ
DERXWFLQHPD¶VQDWXUHDQGIXQFWLRQV)LOPDFDGHPLFVZRUULHG
OHVVDERXWUHVSRQGLQJWRFXUUHQWFLQHPDDQGWHQGHGWR
FRQFHQWUDWHRQH[FKDQJLQJYLHZVZLWKRWKHUDFDGHPLFV

8QLYHUVLW\EDVHGVFKRODUVVDFULILFHGWKHUDQJHRIDQ(LVHQVWHLQ
RU%D]LQIRUJUHDWHUVSHFLDOL]DWLRQDQGGHSWK$VDUHVXOWLGHDV
FRXOGGHYHORSPRUHGLDOHFWLFDOO\%D]LQGLGQRWNQRZDERXW
0QVWHUEHJDQGGLGQRWUHVSRQGGLUHFWO\WR$UQKHLPEXWYLD
ERRNSXEOLVKLQJSURIHVVLRQDOMRXUQDOVDQGFRQIHUHQFHV
DFDGHPLFZULWHUVFRXOGEHFRPHDZDUHRIWKHLUSUHGHFHVVRUVDQG
FRPPXQLFDWHGLUHFWO\ZLWKWKHLUFRQWHPSRUDULHV$PRUH
FRKHUHQWGLDORJXHHQVXHG

0RUHVSHFLILFDOO\VRPHILOPVFKRODUVEHJDQWREXLOGUHVHDUFK
SURJUDPVWKDWFDOOHGLQWRTXHVWLRQWHQHWVRIWKHVHPLRORJLFDO
SV\FKRDQDO\WLFWUDGLWLRQ2QHVXFKSURJUDPKDVFRPHWREH
FDOOHG&XOWXUDO6WXGLHV%RUURZLQJPDQ\SUHPLVHVIURP
VHPLRORJ\WKLVHIIRUWGHYHORSVDVRUWRIVRFLRORJ\RIPDVV
FXOWXUHEXWZLWKRXWUHVRUWLQJWRWKHTXDQWLWDWLYHPHWKRGVRI
WUDGLWLRQDO$PHULFDQVRFLRORJ\3URSRQHQWVRI&XOWXUDO6WXGLHV
KDYHWHQGHGWRFRQVLGHUVSHFWDWRUVLQUHODWLRQWRVRFLDOUHODWLRQV
RISRZHUEXWZLWKRXWWHOOLQJD/DFDQLDQVWRU\DERXWVXEMHFW
PDLQWHQDQFH6RPHZULWHUVDVVXPHWKDWYLHZHUVDUHUDWLRQDO
DJHQWV³VWUDWHJL]LQJIRUSOHDVXUH´7KH\NQRZWKDWWKH\DUH
EHLQJZRRHGDVSXUFKDVHUVWKH\¶UHDEOHWRFRQVXPH

KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

HQWHUWDLQPHQWLURQLFDOO\DQGWKH\PD\YRFLIHURXVO\DQQRXQFH
WKHLUWDVWHV IRULQVWDQFHDVIDQV ,IWKHVHPLRORJLFDO
SV\FKRDQDO\WLFPRGHOIRFXVHGPRVWFORVHO\RQWKHILOPVSHFWDWRU
UHODWLRQ&XOWXUDO6WXGLHVIRFXVHGPRUHRQWKHILOPDXGLHQFH
RQH

2WKHUZULWHUVFRQIURQWHGWKHVSV\FKRDQDO\WLFPRGHOPRUH
GLUHFWO\7KHPRVWVDOLHQWDOWHUQDWLYHKDVFRPHWREHNQRZQDV
FRJQLWLYLVPEHFDXVHRILWVHDUOLHVWIRUPXODWLRQV,WPLJKWPRUH
DFFXUDWHO\EHFDOOHGQDWXUDOLVWLFLQTXLU\LQWRWKHVSHFWDWRU¶V
DFWLYLWLHV7KH³FRJQLWLYH´ODEHOVXJJHVWVWKDWWKHQHZIUDPHRI
UHIHUHQFHGUDZVRQWKHUHVHDUFKRIFRJQLWLYHVFLHQFHZKLFK
HPHUJHGLQWKHV 6HH*DUGQHU ,XVHWKH
³QDWXUDOLVWLF´ODEHOWRVLJQDOWKHHIIRUWWRGUDZRQHYLGHQFHDQG
UHVHDUFKIUDPHZRUNVGHYHORSHGLQGRPDLQVRIVRFLDOVFLHQFH
SV\FKRORJ\EXWDOVROLQJXLVWLFVDQWKURSRORJ\DQG
QHXURVFLHQFH1DWXUDOLVWLFLQTXLU\LQFOXGHVDVZHOODQ
H[SHULPHQWDOFRPSRQHQW

,QSDUWWKLVUHVHDUFKSURJUDPJUHZRXWRISHUFHLYHGSUREOHPV
ZLWKWKHVHPLRORJLFDOSV\FKRDQDO\WLFPRGHO)RURQHWKLQJ
VHPLRORJLVWV¶PRGHORIODQJXDJHFRXOGEHFULWLFL]HGDVVKRUW
VLJKWHG,WZDVEDVHGODUJHO\LQSKRQRORJ\ WKDWLVWKHVWXG\RI
ZRUGVRXQGV DQGOH[LFDOVHPDQWLFV WKHVWXG\RIZRUG
PHDQLQJV 7KHUHZDVQRDFFRXQWRIRWKHUGLPHQVLRQVRI
ODQJXDJHVXFKDVV\QWD[ WKHUXOHVIRUFUHDWLQJVHQWHQFHV DQG
SUDJPDWLFV WKHPRUHLQIRUPDOUXOHVRIODQJXDJHXVHWKDWOHDYH
WKHLUWUDFHVLQGLVFRXUVH 6LQFHDUHYROXWLRQLQOLQJXLVWLFVKDG
UHFHQWO\EHHQFUHDWHGE\1RDP&KRPVN\¶VDUJXPHQWVDERXW
V\QWD[DQGXQLYHUVDOUXOHVRIJUDPPDUVHPLRORJ\VHHPVWRKDYH
LJQRUHGZKDWSURIHVVLRQDOOLQJXLVWVZHUHQRZFRQVLGHULQJ
FHQWUDO

,QDVLPLODUZD\SV\FKRDQDO\VLVKDGORQJEHHQDWDUJHWRI
FULWLFLVP 0DFPLOODQ&LRIIL 6WXGLHVFRXOGQ¶WVKRZ
WKDWSV\FKRDQDO\VLVDFKLHYHGFXUHVEH\RQGFKDQFHOHYHOV7KH
JURZLQJDXWKRULW\RIEUDLQVFLHQFHDQGDEHWWHUXQGHUVWDQGLQJRI
JHQHWLFVDQGRUJDQLFFKHPLVWU\KDGUHGXFHGWKHWKHUDSHXWLF
WHUUDLQWKDWSV\FKRDQDO\WLFWKHRU\FRXOGFRYHU0RUH
VSHFLILFDOO\/DFDQLDQWKHRU\ZDVRQHRIWKHPRVWFRQWURYHUVLDO
WKHRULHVHYHQZLWKLQWKH)UHXGLDQFRPPXQLW\ 0DFH\ 
/DFDQOHIWWKHLQWHUQDWLRQDODVVRFLDWLRQRISV\FKRDQDO\VWVDQG
VHWXSKLVRZQVFKRRO$VDWKHUDS\KLVV\VWHPFRXOGQRWEH
VKRZQREMHFWLYHO\²WKDWLVDWDOHYHOEH\RQGDQHFGRWH²WRKDYH
KHOSHGVXIIHULQJSHRSOH$VDWKHRU\LWZDVYHU\GLIILFXOWWR
DSSUDLVH/DFDQGHOLYHUHGKLVLGHDVLQOHFWXUHIRUPDWZKHUHKH
WHQGHGWRZDUGWKHFU\SWLFDQGRUDFXODU+LVIROORZHUVZHUHKDUG
SUHVVHGWRH[SODLQKLVWKHRULHVFOHDUO\/DFDQLDQLVPKDGDELJJHU
IROORZLQJDPRQJSURIHVVRUVRIOLWHUDWXUHDUWDQGILOPWKDQLQ
WKHSV\FKRDQDO\WLFSURIHVVLRQDQGVNHSWLFVVXJJHVWHGWKDWLWZDV
EHFDXVHKLVWKHRULHVOHWKXPDQLVWVLQWHUSUHWDUWZRUNVLQ
LQJHQLRXVZD\V$WKHRU\WKDW\LHOGVLQWULJXLQJLQWHUSUHWDWLRQVLV
KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

QRWQHFHVVDULO\WUXH

2QFHWKHPHUJHURIVHPLRORJ\DQGSV\FKRDQDO\VLVPRYHGWRLWV
PRVWJHQHUDOFODLPVLWVHHPHGWRSXWDGHDGHQGWRIXUWKHU
UHVHDUFK2QFH\RXKDYHVDLGWKDWZHDUHFRQVWLWXWHGDVSDVVLYH
YLHZHUVE\HYHU\LPDJHWKDWGLVSOD\VSHUVSHFWLYHLW¶VKDUGWRVHH
KRZDQ\ILOPVZLWKUHFRJQL]DEOHLPDJHU\FDQHVFDSHWKLV
FULWLFLVP %DXGU\ 2QFH\RXKDYHVDLGWKDWWKHYHU\
LOOXVLRQRIPRYHPHQWRQWKHVFUHHQFRQVWLWXWHVDGHQLDORIRQH
IUDPHE\DQRWKHULQWKHPDQQHURI)UHXGLDQUHSUHVVLRQ\RX
VHHPWRKDYHFRQGHPQHGDOOPRYLHVWKDWPRYH .XQW]HO 
2QFH\RXKDYHVDLGDV0HW]GLGWKDWWKHYHU\QDWXUHRIFLQHPD
LVWRFUHDWHDQLOOXVLRQRIDQDOOSHUFHLYLQJVXEMHFWWKHUH¶VOLWWOH
WREHDGGHGDERXWYDULRXVW\SHVRIILOPV)LOPVFKRODUVZDQWHG
WRDQDO\]HDQGLQWHUSUHWSDUWLFXODUILOPVJHQUHVSHULRGVDQG
WUHQGV7KHFRQGHPQDWLRQRIFLQHPDDVDQDOOHQFRPSDVVLQJ
LGHRORJLFDOPDFKLQHOHIWOLWWOHVSDFHIRUQHZGLVFRYHULHV

$OWKRXJKWKHVHPLRORJLFDOSV\FKRDQDO\WLFSDUDGLJPUHWDLQV
VRPHIROORZHUVPDQ\RILWVDGKHUHQWVGULIWHGWRZDUGRWKHU
SURMHFWV7KLVZDVSUREDEO\SDUWO\GXHWRVKLIWLQJLQWHUHVWVDQG
SDUWO\GXHWRVRPHFULWLTXHV 6HH&DUUROODQG%RUGZHOO
DQG&DUUROO ,QDQ\FDVHGXULQJWKHPLGVWZR
ZULWHUVVWDUWHGWRVXJJHVWDQDOWHUQDWLYHDORQJQDWXUDOLVWLFOLQHV
DQGWKH\GLGLWIURPRSSRVLWHSROHVRIJHQHUDOLW\

,QKLVHVVD\³7KH3RZHURI0RYLHV´1RsO&DUUROOSURSRVHG
DQDWXUDOLVWLFDFFRXQWRISRSXODUFLQHPD+HVXJJHVWHGWKDWWKH
DELOLW\RIPDVVFRQVXPHGILOPVWRHQJDJHDXGLHQFHVGHSHQGHG
RQVNLOOVWKDWZHUHHDVLO\DFTXLUHG)LOPLPDJHVW\SLFDOO\ORRN
OLNHWKHZRUOGEHFDXVHWKH\DUHNH\HGWRRXUSHUFHSWXDOV\VWHPV
FKLOGUHQVZLIWO\OHDUQWRUHFRJQL]HSLFWXUHV0RYLHVDUHHDV\WR
IROORZRQDPRPHQWE\PRPHQWEDVLVEHFDXVHWKH\DUH
GHVLJQHGWKDWZD\WKH\KDYHDQ³XQFOXWWHUHGFODULW\´GLIIHUHQW
IURPWKHPHVVLQHVVRIDFWLRQLQHYHU\GD\OLIH7KDQNVWR
WHFKQLTXHVOLNHYDULDEOHIUDPLQJWKHILOPGLUHFWRUKDVPRUH
FRQWURORYHUDWWHQWLRQWKDQDVWDJHGLUHFWRUGRHV$QGVLQFHPRVW
SRSXODUILOPVDUHQDUUDWLYHVWKH\GUDZRQRXUDELOLW\WR
XQGHUVWDQGWKDWHDFKSKDVHRIWKHDFWLRQFU\VWDOOL]HVDTXHVWLRQ
:LOOWKHVKDUNGHYRXUWKHVHEDWKHUV" $OORIWKHVHUHVRXUFHV²
UHFRJQL]DEOHLPDJHU\FRKHUHQWGHVLJQILOPWHFKQLTXHVDQG
TXHVWLRQEDVHGFUHDWLRQRIQDUUDWLYHH[SHFWDWLRQV²ZRUN
WRJHWKHUWRDVVXUHWKDWDXGLHQFHVXQGHUVWDQGWKHILOP &DUUROO
 

7KLVSURFHVVRIXQGHUVWDQGLQJLV&DUUROOSRLQWHGRXW
SUHGRPLQDQWO\SHUFHSWXDODQGFRJQLWLYH6LQFHSRSXODUFLQHPD
KDVIRXQGVXFFHVVLQPDQ\WLPHVDQGSODFHV³WKHSRZHURI
PRYLHVPXVWEHFRQQHFWHGWRVRPHIDLUO\JHQHULFIHDWXUHVRI
KXPDQRUJDQLVPVWRDFFRXQWIRUWKHLUSRZHUDFURVVFODVV
FXOWXUDODQGHGXFDWLRQDOERXQGDULHV7KHVWUXFWXUHVRI
SHUFHSWLRQDQGFRJQLWLRQDUHSULPDU\H[DPSOHVRIIDLUO\JHQHULF
KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

IHDWXUHVRIKXPDQV´ S &DUUROOGRHVQ¶WLQVLVWWKDWWKH


IDFWRUVKHLVRODWHVDUHWKHRQO\UHOHYDQWRQHVMXVWWKDWWKH\
VKRXOGEHDSDUWRIDQ\H[SODQDWLRQRIILOPV¶DELOLW\WRUHDFK
ZLGHO\GLIIHUHQWDXGLHQFHV

&DUUROO¶VDFFRXQWUHPDLQVDJQRVWLFDVWRSDUWLFXODUWKHRULHVRI
PHQWDOOLIH7KHEHVWH[SODQDWLRQVWKDWVFLHQFHGHYLVHVIRUWKH
ZRUNLQJVRISHUFHSWLRQDQGFRJQLWLRQZRUNZLOOSUHVXPDEO\EH
FRPSDWLEOHZLWKRXUFDSDFLWLHVWRUHFRJQL]HREMHFWVLQPRYLQJ
SLFWXUHVFRQFHQWUDWHRXUDWWHQWLRQZKHQJXLGHGE\IUDPLQJDQG
WDFLWO\SRVHTXHVWLRQVDERXWWKHXQIROGLQJDFWLRQ,QWKHVDPH
\HDURI,SURSRVHGDPRUHGRFWULQDOO\VSHFLILFEXWVWLOO
QDWXUDOLVWLFDFFRXQWRIFLQHPDWLFFRPSUHKHQVLRQ

1DUUDWLRQLQWKH)LFWLRQ)LOPJUHZRXWRIP\HIIRUWWR
XQGHUVWDQGZK\VWRU\WHOOLQJILOPVZHUHGHVLJQHGWKHZD\WKH\
ZHUH$QH[HUFLVHLQUHYHUVHHQJLQHHULQJWKHERRNVRXJKWWR
JUDVSKRZQDUUDWLRQ²WKHIORZRIVWRU\LQIRUPDWLRQDV
PDQLIHVWHGLQLPDJHVDQGVRXQGV²VROLFLWHGFHUWDLQYLHZLQJ
DFWLYLWLHV7KHERRNZDVPXFKLQIOXHQFHGE\DFXUUHQWSDUDGLJP
RISHUFHSWXDODQGFRJQLWLYHDFWLYLW\WKDW,FDOOHGFRQVWUXFWLYLVW
2XUH\HVRQWKLVDFFRXQW\LHOGXVLQFRPSOHWHDQGGHJUDGHG
GDWD\HWZHPDQDJHWRJUDVSDFRKHUHQWFRQVLVWHQWZRUOG2XU
YLVXDOV\VWHPVPXVWVHOHFWDUUDQJHDQGH[WUDSRODWHIURPWKH
LQIRUPDWLRQZHJHW$WWKHOHYHORIFRJQLWLRQZHGRPXFKWKH
VDPHWKLQJ,QDVWRU\WKHZKROHRIHYHU\WKLQJUHOHYDQWLVQ¶W
GLUHFWO\GHFODUHGVRZHPXVWILOOLQDJUHDWGHDOWKURXJK
SUHVXSSRVLWLRQ 6KHUORFN+ROPHVSUHVXPDEO\KDVOXQJV DQG
WKURXJKLQIHUHQFH ZKHQKHEURRGVDORQHDQGXWWHUVFU\SWLF
FOXHVKH¶VSUREDEO\VROYLQJWKHP\VWHU\ 

7KHFHQWUDOLGHDRIWKHERRNLVWKDWGLUHFWRUVVFUHHQZULWHUVDQG
RWKHUVRQWKHILOPPDNLQJWHDPGHVLJQWKHILOPWRVROLFLWWKHVH
VRUWVRIPHQWDODFWLYLWLHV6RPHWLPHVRXUSHUFHSWXDODQG
FRJQLWLYHILOOLQJLQSURFHHGVDXWRPDWLFDOO\EXWLQRWKHUFDVHV²
VXFKDVIODVKEDFNSORWVRUP\VWHU\EDVHGRQHV²ZHKDYHWR
EHFRPHDZDUHRIWKHVHSURFHVVHV:KDWZHVHHDQGKHDULQ5HDU
:LQGRZFKDOOHQJHVWKHSURWDJRQLVW¶VREVHUYDWLRQVVRZHPXVW
UHFRQFLOHWZRYHUVLRQVRIHYHQWV1DUUDWLRQLQWKH)LFWLRQ)LOP
DUJXHGWKDWGLIIHUHQWFLQHPDWLFWUDGLWLRQVUDQJLQJIURP
&DUUROO¶VPDVVPDUNHWPRYLHVWRPRUHHVRWHULFRQHVKDYH
JXLGHGYLHZHUVVHQVHPDNLQJDFWLYLWLHVLQGLIIHUHQWZD\V7KH
QDUUDWLRQDOFRQYHQWLRQV,SLFNRXWKDYHDKLVWRULFDOGLPHQVLRQ
DVZHOO %RUGZHOO 

5HMHFWLQJWKHWKHQUHLJQLQJSV\FKRDQDO\WLFSURJUDP&DUUROO
DQG,SURSRVHGDWGLIIHUHQWOHYHOVRIJHQHUDOLW\WKDWD
QDWXUDOLVWLFDFFRXQWRIKXPDQSHUFHSWLRQDQGFRJQLWLRQZDVD
PRUHIUXLWIXOZD\WRDQVZHUVRPHNH\TXHVWLRQVDERXWFLQHPDWLF
DUW6LQFHWKHQRWKHUUHVHDUFKHUVKDYHWDNHQXSWKLVOLQHRI
LQTXLU\0DQ\RIWKHPKDYHUHYLVLWHGVRPHRIWKHSHUVLVWLQJ
SX]]OHVDERXWKRZILOPVVROLFLWPHQWDODFWLYLWLHV
KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

7DNHWKHFODVVLFPDWWHURIDWWHQWLRQ,WZDVWUHDWHGDVDELWRIIRON
SV\FKRORJ\E\PRVWILOPPDNHUVILQGZD\VWRJXLGHWKH
DXGLHQFH¶VH\H1RZWKHPRGHUQWHFKQRORJ\RIH\HWUDFNLQJ
DOORZVUHVHDUFKHUVWRVWXG\SDWWHUQVRIYLVXDODWWHQWLRQLQQRQ
LQYDVLYHZD\V7KHH[SHULPHQWVRI7LP6PLWKDQGKLVFROOHDJXHV
KDYHVKRZQWKDWILOPPDNHUVDUHLQGHHGVNLOOHGSUDFWLFDO
SV\FKRORJLVWVDEOHWRXVHGLDORJXHFRPSRVLWLRQVWDJLQJ
OLJKWLQJFXWWLQJDQGRWKHUUHVRXUFHVWRVWHHURXUDWWHQWLRQTXLWH
PLQXWHO\ZLWKLQWKHIUDPH 6PLWKHWDO 6PLWKKDV
FRQILUPHGWKHLQWXLWLRQVRIWKHWDEOHDXILOPPDNHUVE\VWXG\LQJD
VXVWDLQHGVKRWIURP7KHUH:LOO%H%ORRG   6PLWK 
([SHULPHQWDOVXEMHFWVGRVKLIWWKHLUJD]HLQUHVSRQVHWRIDFLDO
H[SUHVVLRQVDQGJHVWXUHVDOZD\VVHHNLQJRXWDUHDVRIPD[LPDO
LQIRUPDWLRQDERXWWKHDFWLRQ&ODVVLFWKHRULVWVZHUHULJKWWR
HPSKDVL]HDWWHQWLRQDVDEDVLFDVSHFWRIILOPYLHZLQJDQG
HPSLULFDOZRUNFDQQXDQFHRXUXQGHUVWDQGLQJRIWKHSURFHVV

2UWDNHWKHORQJVWDQGLQJLVVXHRIKRZHGLWLQJFRQVWUXFWVVSDFH
-XOLDQ+RFKEHUJDQG9LUJLQLD%URRNVKDYHDUJXHGIURPZKDW
,¶GFRQVLGHUDFRQVWUXFWLYLVWVWDQFHWKDWVSHFWDWRUVEXLOGXSD
VHQVHRIDVFHQH¶VVSDFHQRWWKURXJKGHWDLOHGPDSSLQJRIHDFK
VKRWEXWUDWKHUIURPPRUHJHQHUDODQGORRVHO\LGHQWLILDEOH
ODQGPDUNV +RFKEHUJDQG%URRNV 7KURXJKRWKHU
H[SHULPHQWV6WHSKHQ6FKZDQDQG0DUNXV+XIIKDYHVKRZQ
WKDWYLHZHUVGHYHORSD³VLWXDWLRQPRGHO´RIWKHGHSLFWHGIORZRI
HYHQWVDQGWKHGHJUHHV\VWHPFUHDWHVVLPSOLILHGLI
VRPHWLPHVFUXGHVSDWLDOPDSSLQJ 6FKZDQDQG+XII 
'DQ/HYLQKDVLQYHVWLJDWHGKRZPLVPDWFKHGHGLWLQJJRHV
FRPSOHWHO\XQGHWHFWHGEHFDXVHRIERWKSHUFHSWXDOIDFWRUV PRUH
VDOLHQWLWHPVGLVWUDFWXVIURPFRQWLQXLW\HUURUV DQGKLJKHUOHYHO
RQHVOLNHDVFULELQJJRDOVDQGLQWHQWLRQVWRWKHDFWRUVZHVHH
/HYLQ 

7KHVWXG\RIQDUUDWLYHFRPSUHKHQVLRQKDVQ¶WEHHQQHJOHFWHG
HLWKHU0XUUD\6PLWKKDVVXJJHVWHGDFRJQLWLYHIUDPHZRUNIRU
XQGHUVWDQGLQJFKDUDFWHU 6PLWK ,QODWHUZRUNRIPLQH
,¶YHWULHGWRSURYLGHDJHQHUDOPRGHOIRUKRZVSHFWDWRUVUHVSRQG
WRQDUUDWLYHILOP %RUGZHOOSS± &HQWUDOWRWKHVH
DUJXPHQWVLVWKHDVVXPSWLRQWKDWWKHVSHFWDWRUGUDZVRQUHDO
ZRUOGNQRZOHGJHDQGDZDUHQHVVRIQDUUDWLYHFRQYHQWLRQVLQ
RUGHUWRJREH\RQGWKHLQIRUPDWLRQJLYHQGLUHFWO\LQWKHILOP

7KDWILOPVDURXVHHPRWLRQLVSODLQHQRXJKDQGWKHQDWXUDOLVWLF
WXUQKDVPDGHFRQWULEXWLRQVLQWKLVGRPDLQDVZHOO7KH
/DFDQLDQSURJUDPWHQGHGWRFROODSVHDOOPDWWHUVRIHPRWLRQLQWR
³SOHDVXUHYVXQSOHDVXUH´EXW1RsO&DUUROO(G7DQ&DUO
3ODQWLQJD*UHJRU\6PLWKDQGRWKHUWKHRULVWVKDYHSURSRVHG
WKDWZHFDQXQGHUVWDQGHPRWLRQE\VWDUWLQJIURPLVVXHVRI
SHUFHSWLRQRIWHQFRQVLGHUHGLQLWLDOO\DVDIIHFWDQGFRJQLWLRQ
RIWHQLQYROYLQJMXGJPHQWDQGSURWRW\SLFDOHPRWLRQDOVFHQDULRV
7KHVWXG\RIHPRWLRQKDVEHHQDJURZLQJDUHDZLWKLQFRJQLWLYH
VFLHQFHPRUHJHQHUDOO\ *ULIILWKV3RZHUDQG'DJOHLVK
KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V

3ULQ] 

/DUJHVFDOHWKHRUL]LQJKDVQRWEHHQDEVHQWHLWKHU-RVHSK
$QGHUVRQ¶VWUDLOEOD]LQJ5HDOLW\RI,OOXVLRQ  RIIHUHGD
FRPSUHKHQVLYHDFFRXQWRIFLQHPDWLFSHUFHSWLRQDQG
FRPSUHKHQVLRQIURPWKHVWDQGSRLQWRI--*LEVRQ¶VHFRORJLFDO
SV\FKRORJ\$QGHUVRQ¶VERRN\LHOGHGVWURQJHYLGHQFHIRU
&DUUROO¶VK\SRWKHVLVWKDWILOPLFSHUFHSWLRQGHPDQGVYHU\OLWWOH
VSHFLDOL]HGFRGHUHDGLQJRQO\WKRVHDXWRPDWLFVNLOOVRIRUGLQDU\
SHUFHSWLRQILOWHUHGWKURXJKPLOOHQQLDRIHYROXWLRQ $QGHUVRQ
 7RUEHQ*URGDOSURYLGHGDFRPSDUDEO\EURDGYLHZEXW
RQHEDVHGPRUHRQQHXURVFLHQFH *URGDODQG*URGDO
 7KLVQHXURVFLHQWLILFSDWKKDVEHFRPHDQLPSRUWDQW
FRPSRQHQWRIWKHQDWXUDOLVWLFWUHQG +DVVRQ 

$VWKLVVNHWFK\VXUYH\LQGLFDWHVWKHQDWXUDOLVWLFYHLQRILQTXLU\
SOD\VKRVWWRPDQ\VRUWVRITXHVWLRQVDQGPHWKRGVIRU
DQVZHULQJWKHPIURPUHYHUVHHQJLQHHULQJRQWKHEDVLVRIILOPLF
FRQVWUXFWLRQWRPRUHUHGXFWLRQLVWHIIRUWVWRPHDVXUHEUDLQ
DFWLYLW\:KDWZHKDYHLVOHVVDVLQJOHUHVHDUFKSURJUDPWKDQD
JURZLQJUHVHDUFKWUDGLWLRQ²RQHWKDWWULHVWRUHVSHFW
ILOPPDNHUV¶FUDIWDQGWKHLQWXLWLYHSV\FKRORJ\WKDWXQGHUOLHVLW
WKHGHVLJQIHDWXUHVRIDFWXDOILOPVDQGWKHYDULRXVZD\VLQ
ZKLFKVSHFWDWRUVDFWLYHO\XQGHUVWDQGWKHP7KHERRN\RXKROG
LQ\RXUKDQGVLVDQRWKHULQGLFDWLRQRIWKHIORUHVFHQFHRIWKLV
UHVHDUFKWUDGLWLRQ

$FDGHPLFVSUDLVHLQWHUGLVFLSOLQDULW\RIWKHFRRSHUDWLRQRIWKH
KXPDQLWLHVDQGWKHVFLHQFHV7RRRIWHQWKRXJKWKDW
FRRSHUDWLRQLQYROYHVRQO\LQWHUSUHWDWLRQV+XPDQLVWVMRLQZLWK
VRFLDOVFLHQWLVWVLQSURGXFLQJUHDGLQJVEXWQRWH[SODQDWLRQV7KH
HQJDJHPHQWRIILOPVWXGLHVZLWKHPSLULFDOSV\FKRORJ\DQG
FRJQLWLYHVFLHQFHRYHUWKHODVWWKUHHGHFDGHVKDVFRPHFORVHUWR
SURYLGLQJWKHVRUWRI³FRQVLOLHQFH´WKDW(GZDUG2:LOVRQ
SURSRVHGXQLILHGH[SODQDWLRQVWKDWEULQJDUWKXPDQLVWLF
LQTXLU\DQGVFLHQWLILFLQTXLU\WRJHWKHU :LOVRQ )LOP
UHVHDUFKHUVLQYRNHQDWXUDOLVWLFPRGHOVDQGILQGLQJVIURP
SV\FKRORJ\LQRUGHUWRXQGHUVWDQGPRUHIXOO\KRZFLQHPD
ZRUNVDQGZRUNVZLWKRXUPLQGV

1RWHV

)RUEDFNJURXQGLQIRUPDWLRQRQWKHILOPPDNLQJWUHQGVGLVFXVVHG
WKURXJKRXWWKLVFKDSWHUVHH7KRPSVRQ %RUGZHOO  

,Q)UDQFHWKLVSURSHUW\FDPHWREHNQRZQDVSKRWRJpQLH)RU
GLVFXVVLRQVVHH$EHOSS±

9HU\KHOSIXOGLVFXVVLRQVRI0QVWHUEHUJ¶VLQWHOOHFWXDOGHEWVDUHWR
EHIRXQGLQ$OODQ/DQJGDOH³6 W LPXODWLRQRI0LQG7KH)LOP7KHRU\
RI+XJR0QVWHUEHUJ´LQ0QVWHUEHUJ  SS±DQG
1\\VVRQHQ  

)RUDJHQHUDOLQWURGXFWLRQWR(LVHQVWHLQ¶VWKHRULHVVHHFKDSWHUV
WKUHHWKURXJKILYHRI%RUGZHOO  

KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V
0\DFFRXQWRIWKLVPRYHPHQWRZHVDJRRGGHDOWR/RZU\¶V
H[FHOOHQWVWXG\ /RZU\ 

6HH&DUUROO7DQ6PLWKDQG3ODQWLQJD
3ODQWLQJD*06PLWK

5HIHUHQFHV

$EHO5LFKDUGHG  )UHQFK)LOP7KHRU\DQG&ULWLFLVP±


$+LVWRU\$QWKRORJ\9RO±3ULQFHWRQ3ULQFHWRQ
8QLYHUVLW\3UHVV

$QGHUVRQ-  7KH5HDOLW\RI,OOXVLRQ$Q(FRORJLFDO$SSURDFK


WR&RJQLWLYH)LOP7KHRU\&DUERQGDOH6RXWKHUQ,OOLQRLV8QLYHUVLW\
3UHVV

$UQKHLP5  )LOP7UDQV/06LHYHNLQJDQG,DQ)'


0RUURZ/RQGRQ)DEHUDQG)DEHU

$UQKHLP5  )LOPDV$UW%HUNHOH\8QLYHUVLW\RI&DOLIRUQLD


3UHVV

%DOD]V%HOD  (DUO\)LOP7KHRU\9LVLEOH0DQDQG7KH6SLULWRI


)LOP(G(ULFD&DUWHUWUDQV5RGQH\/LYLQJVWRQH1HZ<RUN
%HUJKDKQ%RRNV2ULJ

%DUWKHV5  (OHPHQWVRI6HPLRORJ\7UDQV5LFKDUG+RZDUG


1HZ<RUN+LOODQG:DQJ2ULJ

%DWHVRQ*  $Q$QDO\VLVRIWKH)LOP³+LWOHUMXQJH4XH[´,Q


0DUJDUHW0HDGDQG5KRGD0pWUDX[HGV7KH6WXG\RI&XOWXUHDWD
'LVWDQFH&KLFDJR8QLYHUVLW\RI&KLFDJR3UHVVSS±2ULJ
V

%DXGU\-/  ,GHRORJLFDO(IIHFWVRIWKH%DVLF


&LQHPDWRJUDSKLF$SSDUDWXV,Q%LOO1LFKROVHG0RYLHVDQG0HWKRGV
9RO%HUNHOH\8QLYHUVLW\RI&DOLIRUQLD3UHVV2ULJ

%D]LQ$  7KH(YROXWLRQRIWKH/DQJXDJHRI&LQHPD,Q:KDW


,V&LQHPD"YROHGDQGWUDQV+XJK*UD\%HUNHOH\8QLYHUVLW\RI
&DOLIRUQLD3UHVVSS±

%HUJVRQ+  &UHDWLYH(YROXWLRQ7UDQV$UWKXU0LWFKHOO1HZ


<RUN+HQU\+ROW

%RUGZHOO'  1DUUDWLRQLQWKH)LFWLRQ)LOP0DGLVRQ


8QLYHUVLW\RI:LVFRQVLQ3UHVV

%RUGZHOO'  7KH&LQHPDRI(LVHQVWHLQ&DPEULGJH0$


+DUYDUG8QLYHUVLW\3UHVV

%RUGZHOO'  2QWKH+LVWRU\RI)LOP6W\OH&DPEULGJH0$


+DUYDUG8QLYHUVLW\3UHVV

%RUGZHOO'  3RHWLFVRI&LQHPD1HZ<RUN5RXWOHGJH

%RUGZHOO' &DUUROO1HGV  3RVW7KHRU\5HFRQVWUXFWLQJ


)LOP6WXGLHV0DGLVRQ8QLYHUVLW\RI:LVFRQVLQ3UHVV

%RUGZHOO' 7KRPSVRQ.  )LOP$UW$Q,QWURGXFWLRQ1HZ


<RUN0F*UDZ+LOO

&DUUROO1  7KH3KLORVRSK\RI+RUURURU3DUDGR[HVRIWKH


+HDUW1HZ<RUN5RXWOHGJH

&DUUROO1  7KH3RZHURI0RYLHV,Q7KHRUL]LQJWKH0RYLQJ


,PDJH&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV2ULJ

KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V
&LRIIL)  )UHXGDQGWKH4XHVWLRQRI3VHXGRVFLHQFH&KLFDJR
2SHQ&RXUW3UHVV

'D\DQ'  7KH7XWRU&RGHRI&ODVVLFDO&LQHPD)LOP


4XDUWHUO\ $XWXPQ SS±

'HPLQJ%  5XQQLQJ$ZD\IURP0\VHOI$'UHDP3RUWUDLWRI


$PHULFD'UDZQIURPWKH)LOPVRIWKH¶V1HZ<RUN*URVVPDQ
3XEOLVKHUV2ULJ

(LVHQVWHLQ60  6HOHFWHG:RUNV9RO:ULWLQJV±


(GDQGWUDQV5LFKDUG7D\ORU/RQGRQ%ULWLVK)LOP,QVWLWXWH

*DUGQHU+  7KH0LQG¶V1HZ6FLHQFH$+LVWRU\RIWKH


&RJQLWLYH5HYROXWLRQ1HZ<RUN%DVLF%RRNV

*ULIILWKV3(  :KDW(PRWLRQV5HDOO\$UH&KLFDJR


8QLYHUVLW\RI&KLFDJR3UHVV

*URGDO7RUEHQ  (PERGLHG9LVLRQV(YROXWLRQ(PRWLRQ


&XOWXUHDQG)LOP2[IRUG2[IRUG8QLYHUVLW\3UHVV

*URGDO7RUEHQ  0RYLQJ3LFWXUHV$1HZ7KHRU\RI)LOP


*HQUHV)HHOLQJVDQG&RJQLWLRQ2[IRUG2[IRUG8QLYHUVLW\3UHVV

+DVVRQ8  1HXURFLQHPDWLFV7KH1HXURVFLHQFHRI)LOP


3URMHFWLRQVSS±

+RFKEHUJ- %URRNV9  0RYLHVLQWKH0LQG¶V(\H,Q


%RUGZHOO &DUUROOSS±

.XOHVKRY/  .XOHVKRYRQ)LOP7UDQVDQGHG5RQDOG


/HYDFR%HUNHOH\8QLYHUVLW\RI&DOLIRUQLD3UHVV

.XQW]HO7  /H'pILOHPHQW$9LHZLQ&ORVH8S&DPHUD


2EVFXUDSS±

/HYLQ'DQ7KHRU\RI0LQGLQ)LOP  3DSHUSUHVHQWHGDW


DQQXDOFRQYHQWLRQRIWKH6RFLHW\IRU&RJQLWLYH6WXGLHVRIWKH0RYLQJ
,PDJH5RDQRNH9LUJLQLD

/RZU\(  7KH)LOPRORJ\0RYHPHQWDQG)LOP6WXG\LQ


)UDQFH$QQ$UERU80,5HVHDUFK3UHVV2ULJ

0DFH\'  /DFDQLQ&RQWH[WV/RQGRQ9HUVR3UHVV

0DFPLOODQ0  )UHXG(YDOXDWHG7KH&RPSOHWHG$UF


&DPEULGJH0,73UHVV

0DOUDX[$  6NHWFKIRUD3V\FKRORJ\RIWKH0RYLQJ3LFWXUHV


,Q6XVDQQH./DQJHUHG5HIOHFWLRQVRQ$UW$6RXUFH%RRNRI
:ULWLQJVE\$UWLVWV&ULWLFVDQG3KLORVRSKHUV1HZ<RUN2[IRUG
8QLYHUVLW\3UHVV2ULJ

0HW]&  )LOP/DQJXDJH$6HPLRWLFVRIWKH&LQHPD7UDQV


0LFKDHO7D\ORU1HZ<RUN2[IRUG8QLYHUVLW\3UHVV2ULJ

0HW]&  7KH,PDJLQDU\6LJQLILHU7UDQV&HOLD%ULWWRQHWDO


%ORRPLQJWRQ,QGLDQD8QLYHUVLW\3UHVV2ULJ

0XOYH\/  9LVXDO3OHDVXUHDQG1DUUDWLYH&LQHPD6FUHHQ


SS±

0QVWHUEHUJ+  7KH3KRWRSOD\$3V\FKRORJLFDO6WXG\1HZ


<RUN'RYHU2ULJ

0QVWHUEHUJ+  +XJR0QVWHUEHUJRQ)LOP7KH3KRWRSOD\


$3V\FKRORJLFDO6WXG\DQG2WKHU:ULWLQJV(G$OODQ/DQJGDOH1HZ
KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 
 GDYLGERUGZHOOQHWHVVD\V
<RUN5RXWOHGJH

1\\VVRQH3  )LOP7KHRU\DWWKH7XUQLQJ3RLQWRI0RGHUQLW\


)LOP3KLORVRSK\5HWULHYHGIURPKWWSZZZILOP
SKLORVRSK\FRPYROQQ\\VVRQHQ

2XGDUW-3  &LQHPDDQG6XWXUH6FUHHQSS±


2ULJ

3ODQWLQJD&  0RYLQJ9LHZHUV$PHULFDQ)LOPDQGWKH


6SHFWDWRU¶V([SHULHQFH%HUNHOH\8QLYHUVLW\RI&DOLIRUQLD3UHVV

3ODQWLQJD&  )RONSV\FKRORJ\IRUILOPFULWLFVDQGVFKRODUV


3URMHFWLRQV±

3RZHU0 'DJOHLVK7  &RJQLWLRQDQG(PRWLRQ)URP2UGHU


WR'LVRUGHU+RYH3V\FKRORJ\3UHVV

3ULQ]--  *XW)HHOLQJV$3HUFHSWXDO7KHRU\RI(PRWLRQ


1HZ<RUN2[IRUG8QLYHUVLW\3UHVV

3XGRYNLQ9,  )LOP7HFKQLTXHDQG)LOP$FWLQJ7UDQVDQG


HG,YRU0RQWDJX1HZ<RUN*URYH3UHVV2ULJ

6FKZDQ6 +XII0  7KHGHJUHH5XOHDVD0HDQVIRU


+HXULVWLF3URFHVVLQJ3DSHUSUHVHQWHGDWDQQXDOFRQYHQWLRQRIWKH
6RFLHW\IRU&RJQLWLYH6WXGLHVRIWKH0RYLQJ,PDJH&RSHQKDJHQ
'HQPDUN

6PLWK*0  )LOP6WUXFWXUHDQGWKH(PRWLRQ6\VWHP


&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV

6PLWK*0 3ODQWLQJD&HGV  3DVVLRQDWH9LHZV)LOP


&RJQLWLRQDQG(PRWLRQ%DOWLPRUH-RKQV+RSNLQV8QLYHUVLW\3UHVV

6PLWK0  (QJDJLQJ&KDUDFWHUV)LFWLRQ(PRWLRQDQGWKH


&LQHPD1HZ<RUN2[IRUG8QLYHUVLW\3UHVV

6PLWK7-  :DWFKLQJ\RXZDWFK7KHUH:LOO%H%ORRG


2EVHUYDWLRQVRQ)LOP$UWUHWULHYHGIURP
KWWSZZZGDYLGERUGZHOOQHWEORJZDWFKLQJ\RX
ZDWFKWKHUHZLOOEHEORRG

6PLWK7-/HYLQ'7 &XWWLQJ-  $:LQGRZRQ5HDOLW\


3HUFHLYLQJ(GLWHG0RYLQJ,PDJHV&XUUHQW'LUHFWLRQVLQ3V\FKRORJLFDO
6FLHQFH±

7DQ(6  (PRWLRQDQGWKH6WUXFWXUHRI1DUUDWLYH)LOP)LOP


DVDQ(PRWLRQ0DFKLQH0DKZDK1-/DZUHQFH(UOEDXP

7KRPSVRQ. %RUGZHOO'  )LOP+LVWRU\$Q,QWURGXFWLRQ


1HZ<RUN0F*UDZ+LOO

7\OHU3  7KH7KUHH)DFHVRIWKH)LOP6RXWK%UXQVZLFN1-


$6%DUQHV

:LOVRQ(GZDUG2  &RQVLOLHQFH7KH8QLW\RI.QRZOHGJH


1HZ<RUN.QRSI

:ROIHQVWHLQ0 /HLWHV1  0RYLHV$3V\FKRORJLFDO6WXG\


1HZ<RUN$WKHQHXP3UHVV2ULJ

¬ ¬

¬
KDYHFRPPHQWVDERXWWKHVWDWHRIWKLVZHEVLWH"JRKHUH

KWWSZZZGDYLGERUGZHOOQHWHVVD\VYLHZHUVVKDUHSKS 

You might also like