Download as pdf or txt
Download as pdf or txt
You are on page 1of 140

‫ﻏﺎﯾﻣﺎخ‬

$URXQG7KH:RUOG
'$<75$',1*
7+(63<
=(5272+(52
+RZ,:HQW)URP%HLQJ$/RVLQJ7UDGHU7R$&RQVLVWHQWO\3URILWDEOH2QH

7ZR%RRNV,Q2QH

%\
< 9$1 % <($-((
&RS\ULJKWE\<YDQ%\HDMHH
$OOULJKWVUHVHUYHG1RSDUWRIWKLVSXEOLFDWLRQPD\EHUHSURGXFHGGLVWULEXWHGRUWUDQVPLWWHGLQDQ\
IRUPRUE\DQ\PHDQVLQFOXGLQJSKRWRFRS\LQJUHFRUGLQJRURWKHUHOHFWURQLFRUPHFKDQLFDOPHWKRGV
ZLWKRXWWKHSULRUZULWWHQSHUPLVVLRQRIWKHSXEOLVKHUH[FHSWLQWKHFDVHRIEULHITXRWDWLRQVHPERGLHGLQ
FULWLFDOUHYLHZVDQGFHUWDLQRWKHUQRQFRPPHUFLDOXVHVSHUPLWWHGE\WKHODZ)RUSHUPLVVLRQGLUHFW
UHTXHVWVWRWKHSXEOLVKHU'LVWULEXWLRQRIWKLVERRNZLWKRXWWKHSULRUSHUPLVVLRQRIWKHDXWKRULVLOOHJDO
DQGWKHUHIRUHSXQLVKDEOHE\WKHODZ
‫ﻏﺎﯾﻣﺎخ‬
ZZZWUDGLQJFRPSRVXUHFRP
7$%/(2)&217(176
7DEOH2I&RQWHQWV
%RRN $URXQG7KH:RUOG'D\7UDGLQJ7KH63<
$ERXW7KH$XWKRU
,QWURGXFWLRQ
7KH/HDS2I)DLWK
2QOLQH7UDGLQJ$Q,QFUHGLEOH2SSRUWXQLW\
$/LWWOH6WRU\
7KH5DLQPDNHU:K\,GHYHORSHGLW
*HWWLQJ7R.QRZ7KH6S\
2SWLRQ$/XFUDWLYH,QVWUXPHQW
&KDUW6W\OHV,QGLFDWRUV$QG5XOHV
&DVHVWXG\
$)HZ4XHVWLRQV$QG7KHLU$QVZHUV
7UDYHOLQJ$QG7UDGLQJ
(YLGHQFH9LD<RXU2ZQ([SHULHQFH
:KDW1H[W"
%RRN =HUR7R+HUR+RZ,ZHQW)URP%HLQJ$/RVLQJ7UDGHU7R$
&RQVLVWHQWO\3URILWDEOH2QH
,QWURGXFWLRQ ‫ﻏﺎﯾﻣﺎخ‬
&KDSWHU
&KDSWHU
&KDSWHU
&KDSWHU
&KDSWHU
&KDSWHU
&KDSWHU
&KDSWHU
7KHVWXGLHV
4 $
7KH1H[W/HYHO
,1HHG<RXU+HOSߨ
2WKHU%RRNV%\7KLV$XWKRU
%22. $5281'7+(:25/''$<75$',1*
7+(63<

ߡ&KRRVHDMRE\RXORYHDQG\RXZLOOQHYHUKDYHWR
ZRUNDGD\LQ\RXUOLIHߢa&RQIXFLXV
'LVFODLPHU

7KHVWUDWHJ\ 7KH5DLQPDNHU SUHVHQWHGLQWKLVERRNUHYROYHVDURXQGRSWLRQV7KHKLJKO\OHYHUDJHG


QDWXUHRIWKLVLQVWUXPHQWPHDQVWKDWVPDOOPDUNHWPRYHPHQWVFDQKDYHDJUHDWLPSDFWRQ\RXUWUDGLQJ
DFFRXQWDQGWKLVFDQZRUNDJDLQVW\RXOHDGLQJWRODUJHORVVHVRUFDQZRUNIRU\RXOHDGLQJWRODUJH
JDLQV

<RXDUHUHVSRQVLEOHIRUDOOWKHULVNV\RXWDNHDQG\RXVKRXOGQRWHQJDJHLQWUDGLQJXQOHVV\RXIXOO\
XQGHUVWDQGWKHQDWXUHRIWKHWUDQVDFWLRQV\RXDUHHQWHULQJLQWRDQGWKHH[WHQWRI\RXUH[SRVXUHWRORVV
,I\RXGRQRWIXOO\XQGHUVWDQGWKHVHULVNV\RXVKRXOGQߞWWUDGHWKH5DLQPDNHU,QIDFW\RXVKRXOGQߞW
HYHQHQJDJHLQDQ\WUDGLQJDFWLYLWLHVZKDWVRHYHU

7UDGLQJLQYROYHVVXEVWDQWLDOULVNRIORVVDQGLVQRWVXLWDEOHIRUHYHU\RQH7KH5DLQPDNHUVKRXOGEH
XVHGDW\RXURZQULVN3DVWUHVXOWVDUHQRLQGLFDWLRQRIIXWXUHSHUIRUPDQFH,QQRHYHQWVKRXOGWKH
FRQWHQWRIWKLVERRNEHFRQVWUXHGDVDQH[SUHVVRULPSOLHGSURPLVHRUJXDUDQWHH

, <YDQ%\HDMHH ZLOOQRWEHKHOGUHVSRQVLEOHIRUDQ\ORVVHVLQFXUUHGE\\RX WKHUHDGHU DVDUHVXOWRI


XVLQJWKH5DLQPDNHU,QIRUPDWLRQSURYLGHGLQWKLVERRNLVLQWHQGHGVROHO\IRULQIRUPDWLRQDOSXUSRVHV
DQGLVREWDLQHGIURPP\RZQSHUVRQDOH[SHULHQFHIURPKDYLQJGHYLVHGDQGXVHGWKHVWUDWHJ\ WKH
YHUVLRQH[SUHVVHGLQWKLVERRN VLQFH0\H[SHULHQFHLVLQQRZD\DJXDUDQWHHIRU\RX1R
JXDUDQWHHRIDQ\NLQGLVLPSOLHGRUSRVVLEOHZKHUHSURMHFWLRQVRIIXWXUHFRQGLWLRQVDUHDWWHPSWHG

$OOLQDOOXQGHUVWDQG\RXUULVNDQGWUDGHDFFRUGLQJO\
$%2877+($87+25
0\QDPHLV<YDQ%\HDMHHDQG,DPWKHFUHDWRURI7UDGLQJ&RPSRVXUHDEORJ
ZKHUH,VKDUHWKHPDQ\OHVVRQV,OHDUQHGDERXWWUDGLQJKDELWVEHOLHIV
EHKDYLRUPLQGIXOQHVVVXFFHVVKDSSLQHVVPRWLYDWLRQDOORIZKLFKDUH
SDUDPRXQWLIWUDGLQJIRUDOLYLQJLVVRPHWKLQJ\RXߞUHLQWHUHVWHGLQ
,VWDUWHGP\WUDGLQJMRXUQH\LQ2YHUWKHFRXUVHRIWKHIROORZLQJ\HDUV
RUVR,ZHQWWKURXJKVLJQLILFDQWGUDZGRZQVߙERWKILQDQFLDODQGHPRWLRQDO
0\UHSHDWHGIDLOXUHVLQWKHPDUNHWVSXVKHGPHWRTXHVWLRQP\UROHLQWKH
NLQGRIUHVXOWV,ZDVHQJLQHHULQJIRUP\VHOIPRQWKDIWHUPRQWK\HDUDIWHU
\HDU
7KURXJKWKLVPHUHDFWRIUHIOHFWLRQDQGVHOIDQDO\VLVFDPHDZKROHQHZ
SDUDGLJP
6DLGWKLVZD\LWPLJKWVHHPOLNHLWZDVVPRRWKVDLOLQJIURPWKHUHߙLW
ZDVQߞW%XWVORZO\ DQGHYHQWXDOO\ ,VWDUWHGWREHFRPHPRUHDQGPRUH
FRQVLVWHQW
ZDVP\ILUVWSURILWDEOH\HDUDVDWUDGHU7KDWLVWKH\HDUZKHUH,DOVR
FDPHLQQGLQDOLYHWUDGLQJFRPSHWLWLRQ
,VWDUWHG7UDGLQJ&RPSRVXUHWRVKDUHWKHOHVVRQVIDLOXUHDQGKDUGVKLSWDXJKW
PHDQGWRGD\,KHOSSHRSOHFKDQJHWKHLUWUDGLQJUHVXOWVWKURXJKP\ZRUN
7KDQN\RXIRUSXUFKDVLQJWKLVERRN,KRSH\RXILQGLWXVHIXO,IWKHUHߞV
DQ\WKLQJ,FDQKHOSZLWK,ߞPUHDFKDEOHDWZZZWUDGLQJFRPSRVXUHFRP
,1752'8&7,21
0RQH\PDQDJHPHQWV\VWHPDQGSV\FKRORJ\DUHLPSRUWDQWSLHFHVRIWKH
WUDGLQJSX]]OHDVHDFKSOD\VDIXQGDPHQWDOUROHLQWKHVXFFHVVFRQXQGUXP
&RQVHTXHQWO\WKHUHDUHQXPHURXVYROXPHVRIERRNVRXWWKHUHRQHDFKRI
WKRVHWKUHHFRPSRQHQWV$QGTXLWHRIWHQWKHSULQFLSOHVDQGFRQFHSWV
H[SUHVVHGLQWKRVHERRNVFDQEHGDXQWLQJDQGGLIILFXOWWRFRPSUHKHQG
:KLOHWKHUHDUHFHUWDLQO\XQGHUVWDQGDEOHUHDVRQVDVWRZK\VRPHDXWKRUV
ZRXOGZDQWWRPDLQWDLQDQLOOXVLRQRIFRPSOH[LW\ LWJLYHVWKHPFUHGLELOLW\
DQGPDNHVWKHLUERRNVDSSHDUELJJHUEHWWHUDQGPRUHYDOXDEOH LWGRHV
SUHVHQWDPDMRUSUREOHPIRUWKHUHDGHU,WSURPRWHVDQDO\VLVSDUDO\VLVDQGLW
PDNHVWUDGLQJDSSHDUGLIILFXOWFRQIXVLQJDQGFKDOOHQJLQJZKHQLWQHHGVQRW
WREHWKHFDVH ‫ﻏﺎﯾﻣﺎخ‬

7KHLGHDEHKLQGWKLV7UDGLQJ(DV\UHDGERRNVHULHVLVWRWDNHWKHFRQFHSWVRI
PRQH\PDQDJHPHQWVWUDWHJ\DQGSV\FKRORJ\DQGSUHVHQWWKHPWR\RXLQDQ
HDV\WRUHDGIRUPDWIRUIUHHRUXVXDOO\IRUWKHSULFHRIDFRIIHHRUDGRQXW
,GRH[WHQVLYHUHVHDUFKIRUP\ERRNVDQG,DOVRGUDZIURPSHUVRQDO
H[SHULHQFHDV,WU\DVPXFKDVSRVVLEOHWRFRQYH\WR\RXVLPSOHFRQFUHWH
DQGVWUDLJKWWRWKHSRLQWLQIRUPDWLRQWKDW\RXFDQVWDUWDSSO\LQJULJKWDZD\
7KLVLVWKHNLQGRILQIRUPDWLRQ,ZLVK,KDGZKHQ,ILUVWVWDUWHGRXWDQG,
ILUPO\EHOLHYHWKDWLWZLOODOORZ\RXWREHOLJKW\HDUVDKHDGLQ\RXUWUDGLQJ
MRXUQH\
<YDQ%\HDMHH
7KH/HDS2I)DLWK
7UDYHOLVRQHRIWKHPRVWSRSXODUVHDUFKHQJLQHWHUPVWKHVHGD\V7KHPRUH
ZHVHHRIWKHZRUOG LQWKHPHGLDERRNVRURQOLQH WKHPRUHZHZDQWWR
H[SORUHWKDWZRUOGRXUVHOYHV<HWZHGRQߞW:HSXOOXSVRPDQ\H[FXVHV
WKHH[SHQVHVWKHNLGVWKHMREߨDQGZHXVHWKRVHWRH[SODLQWRRXUVHOYHV
ZK\ZHFDQߞWWUDYHOULJKWQRZ

%XWZKDWߞVWKHSRLQWLQGHIHUULQJ\RXUGUHDPV"
7KDWߞVWKHWKRXJKWWKDWSRSSHGLQWRP\PLQGDV,KHDUGWKHQHZVRQDQHDUO\
PRUQLQJRI0DUFKLQ
2QHRIP\IHZDQGFORVHVWIULHQGVKDGMXVWGLHGLQDWUDJLFURDGDFFLGHQW6KH
ZDVLQKHUFDUKHDGLQJWRKHUER\IULHQGߞVSODFHDQGIRUVRPHXQH[SODLQHG
UHDVRQUDQDUHGOLJKW7KDWߞVZKHQDKXJH*0WUXFNUDPPHGLQWRKHU
SDVVHQJHUߞVVLGH+HUOLWWOHFDUUROOHGRYHUVHYHUDOWLPHVEUHDNLQJJODVVHVDQG
LQIODWLQJWKHVDIHW\EDJ+HUKHDGPDGHFRQWDFWZLWKWKHFHPHQWJURXQGQRWD
PRPHQWODWHU
5DFKHOGLGQߞWNQRZWKDWGD\WKDWVKHZRXOGHQGXSORVLQJKHUOLIH$WVKH
ZDVD&KDUWHG3K\VLRWKHUDSLVWLQ9DQFRXYHU%&DQGKDGKHUZKROHOLIH
DKHDGRIKHU6XFKDVDGVWRU\%XWWKDWߞVKRZOLIHLVߨXQFHUWDLQDQGDW
WLPHVLQVFUXWDEOH

7KLVPDGHPHUHDOL]HWKDWHYHU\WKLQJLQOLIHLVWHPSRUDU\DQG,
GLGQߞWNQRZZKHQ,ZDVJRLQJWRGLH1RERG\NQRZVHYHU\RQHOLYHVXQGHU
WKHVDPHXQFHUWDLQW\ߙSRRUZHDOWK\WDOOVKRUWJRRGEDGEODFNZKLWHߨ
'HDWKDOZD\VUHPLQGVXVKRZIUDJLOHDQGSUHFLRXV
RXUOLIHLV
$QGIRUDOOZHNQRZPD\EHWKHUH
VQRWKLQJDIWHUGHDWKZKHQZHGLHZH
MXVWGLHWKHUH
VQRPHDQLQJQRDIWHUQRSDUDGLVHQRKHOOQR*RGQR
QRWKLQJ6FDU\WKRXJKWULJKW"%XWLWGRHVQߞWKDYHWREHߙLWFDQDFWXDOO\EHD
YHU\HPSRZHULQJRQH
/HWPHH[SODLQ,IZHGRQ
WNQRZZKDWKDSSHQVDIWHUGHDWKWKHQZK\QRW
PDNHWKHPRVWRIRXUWLPHKHUHRQHDUWK"<RXVHHPRVWRIXVEDWKH
LQDQLOOXVLRQRIWLPH:HWKLQNZHKDYHSOHQW\RILWDVLIZHZHUH
JRLQJWROLYHIRUHYHU$QGVRQDWXUDOO\ZHZDVWHDORWRILWWKLQNLQJWKDWZH
DOZD\VKDYHPRUHDKHDGRIXV7KHXQFHUWDLQW\RIGHDWKLVD
KXPEOHUHPLQGHUWKDWZHGRQߞW
7KLVXQLYHUVHZHOLYHLQLVDJLDQWJDPHRIFKDQFHDQGRXUOLYHVDUHQߞW
LPPXQHWRWKLV6RVLQFH,FDQQHYHUNQRZZKHQ,ߞPJRLQJWRGLH LWPLJKW
KDSSHQVRRQHUUDWKHUWKDQODWHU KHDULQJDERXWP\GHDUIULHQGߞVGHDWK
SURPSWHGPHWRUHRUJDQL]HP\SULRULWLHV

,WEHFDPHHYLGHQWWRP\PLQGWKDW,QHHGHGWRGRHYHU\WKLQJ,FRXOGWR
PD[LPL]HWKLVOLIH1RWDQDIWHUOLIHWKDWLVLQDOOOLNHOLKRRGMXVWZLVKIXO
WKLQNLQJ$QGVRWKHTXHVWLRQEHFDPHREYLRXV,I,NQHZ,ZDVJRLQJWRGLH
VRRQZKDWZRXOG,KDYHZLVKHG,KDGGRQHGLIIHUHQWO\"5LJKWQRZZKDWFDQ
,GRGLIIHUHQWO\WRFKDQJHWKHFRXUVHRIP\OLIH"

7UDYHOLQJWKHZRUOGZDVDOZD\VDELJGUHDPRIPLQHEXWMXVWOLNHDQ\RQHWKH
H[FXVHVZHUHVWURQJHUWKDQWKHGUHDP$WWKLVSUHFLVHPRPHQW,NQHZ,KDG
WRGRVRPHWKLQJDQGIDVWGLWFKWKHROGVKXGGHUDORQJVLGHWKH
UDWUDFHDQGWDNHP\FKDQFHV
21/,1(75$',1*$1,1&5(',%/(
23325781,7<
(YHUVLQFH,VWDUWHGP\EORJ7UDGLQJ&RPSRVXUH,ߞYHWDONHGDERXWP\
SDVVLRQIRUWUDYHOLQJDQG,ߞYHDOVRWDONHGDERXWKRZWUDGLQJKDVHQDEOHGPH
WRGRVR
,ߞPQRWWKHZRUOGߞVPRVWVHDVRQHGWUDYHOHUEXW,KDYHDQXPEHURIWULSV
XQGHUP\EHOW,ߞYHWUDYHOHGDFURVV(XURSH1RUWKDQG6RXWK$PHULFDV
$IULFD$VLD$XVWUDOLDDQGDOORIWKHVHWULSVKDYHEHHQZRQGHUIXOZD\VWR
H[SORUHWKLVJLJDQWLFURFNVSHHGLQJDFURVVVSDFHZHFDOOHDUWK

%XWVRIDU,ߞYHEHHQTXLWHLPSUHFLVHDVWRKRZ,ߞYHEHHQDEOHWRVR$QGVR
WKHUHTXHVWWKDW,KDYHEHHQUHFHLYLQJIURPUHDGHUVLVWKLV:HZDQWWR
NQRZPRUH
)DLUHQRXJK%XW,NQRZ\RXUDWWHQWLRQVSDQLVOLPLWHGVR,ZLOOGRP\EHVWWR
EHGLUHFWEXWULJRURXV
7RVWDUWRIIKHUHDUHDIHZTXHVWLRQV,ZDQW\RXWRDVN\RXUVHOI

 :RXOG\RXEHDEOHWRWUDGHDWUDGLQJVWUDWHJ\WKDW
ZLQVDORWEXWZLWKVPDOOHUDYHUDJHSURILWVWKDQ
ORVVHV",QRWKHUZRUGVZKDWDUH\RXUH[SHFWDWLRQVLQ
WUDGLQJ"
 &DQ\RXEHGLVFLSOLQHGDQGIROORZDVWULFWVHWRI
UXOHV"
 &DQ\RXQHYHUORRNEDFNRQDWUDGH\RXKDYH
WDNHQDQGZRQGHUZK\\RXGLGQRWKROGWKHWUDGH
ORQJHUWRPDNHPRUHPRQH\"
7KRVHDUHUHDOO\LPSRUWDQWTXHVWLRQVEHFDXVHWKH\JRWRWKHFRUHRIWKH
WUDGLQJVWUDWHJ\,ߞPDERXWWRVKDUHZLWK\RX
7KDWVWUDWHJ\LVRQHWKDWIHZFDQWUDGH1RWEHFDXVHLWߞVFRPSOH[EXWEHFDXVH
RIWKHIROORZLQJSRLQWV

 /RVVHVDUHELJJHUWKDQSURILWVRQDYHUDJH7KLV
PHDQVWKDW\RXQHHGDKLJKZLQWRPDNHWKHVWUDWHJ\YLDEOHVRLW>WKH
VWUDWHJ\@QHHGVWREHWUDGHGDVLWLVZLWKRXWDGGLQJRUVXEWUDFWLQJDQ\WKLQJ
IURPLW

 ,WߞVGHVLJQHGWRWDNHDGYDQWDJHRIIDVWPDUNHW
PRYHV6RDSHUIHFWDGKHUHQFHWRDVHWRIUXOHVLVDPXVW7KHUHLVQR
SODFHIRUKXPDQHUURUV
 ,WUHTXLUHVWKDW\RXVWULYHWRPDLQWDLQDEDODQFHG
PLQGVHWGD\DIWHUGD\

6RLI\RXDQVZHUHG<HVWRWKHSUHYLRXVTXHVWLRQV\RXZLOOVHHKRZXQLTXH
WKLVWUDGLQJVWUDWHJ\LVDQGKRZLWߞVSHUIHFWO\VXLWHGIRUDQRPDGLFOLIHVW\OH
VLQFHLWZLOOSURYLGH\RXZLWKIDVWLQVWDQWFDVKWKHPDMRULW\RIWKHWLPHDV\RX
WUDYHOWKHZRUOG7KHVWUDWHJ\LVVRJRRGDWGRLQJWKDWWKDW,ߞYHQLFNQDPHGLW
7KH5DLQPDNHU
,FDQDVVXUH\RXWKDWLI\RXFDQVWD\OHYHOKHDGHGDQGGLVFLSOLQHGDV\RXWUDGH
WKH5DLQPDNHU\RXZLOOEHJLQWRHQJLQHHU\RXURZQOXFNLQWKHPDUNHWV
<RXߞOOFRPHRXWRQWRSHYHQWKRXJKWKHVWUDWHJ\ߞV
DYHUDJHORVVHVDUHELJJHUWKDQWKHDYHUDJHSURILWV
$/,77/(6725<
,Q,FDPHLQQGLQDQRQOLQHWUDGLQJFRPSHWLWLRQXVLQJWKLVVLPSOH
WUDGLQJVWUDWHJ\DQGFRQVHTXHQWO\,ZDVRIIHUHGDQRSSRUWXQLW\WRMRLQWKH
ILUPWKDWRUJDQL]HGWKHFRPSHWLWLRQ
2YHUDOO,DPDQLQWURYHUWHGSHUVRQDQG,GRQ
WUHDOO\WKULYHLQJURXSVHWWLQJV
HVSHFLDOO\DPRQJSHRSOHFRPSHWLQJDJDLQVWHDFKRWKHUIRUERQXVHV6R,KDG
WRNLQGO\GHFOLQHWKHRIIHU ‫ﻏﺎﯾﻣﺎخ‬
$FRXSOHRIZHHNVODWHUDIULHQGRIPLQHZDVLQVHULRXVQHHGRIFDVK+LV
ZLIHZDVH[SHFWLQJWKHLUILUVWFKLOGDQGKHQHHGHGWRJURZVRPHFDSLWDODV
TXLFNO\DVSRVVLEOH
+HKDGGROODUVDQGKHZDVZLOOLQJWRULVNLWDOODQGVRKHDVNHGPHLI,
FRXOGWUDGHRQKLVEHKDOI,GRQߞWXVXDOO\GRWKDWIRUREYLRXVSV\FKRORJLFDO
UHDVRQVVRLQVWHDG,H[SODLQHGWKLVVLPSOHVWUDWHJ\WRKLP

$WILUVWKHZDVXQHQWKXVLDVWLFDERXWWKHSURVSHFWRIGRLQJWKHWUDGLQJ
KLPVHOIEXWDV,EHJDQUHFRXQWLQJKRZ,KDGQHDUO\ZRQDFRPSHWLWLRQXVLQJ
WKLVYHU\VDPHVWUDWHJ\,IHOW,FDSWXUHGKLVDWWHQWLRQ)LQDOO\DV,ZDVGRQH
H[SODLQLQJWKHVWUDWHJ\,WROGKLPMRNLQJO\ߡ6HQGPHDSRVWFDUG
ZKHQ\RXߞUHVLSSLQJDFRFNWDLORQ\RXU\DFKWLQWKH
%DKDPDVߢ
$FRXSOHRIPRQWKVODWHU,UHFHLYHGDQHQYHORSHZLWKD6WDPSIURPWKH
6H\FKHOOHV7KLVSX]]OHGPHVLQFH,NQHZ,GLGQߞWNQRZDQ\RQHIURPWKDW
DUHDRIWKHZRUOG,RSHQHGWKHHQYHORSHDQGWKHUH,VDZDFRXSOHRISLFWXUHV
RIP\IULHQGKLVZLIH ERWKFRFNWDLOLQKDQG DQGWKHLUOLWWOHEDE\JLUO

7KDWZDVDKXJHVXUSULVH,WZDVQ
WH[DFWO\WKH%DKDPDVDQGWKHUH
ZDVQߞWDQ\\DFKWEXWVWLOOߨ

,EHJDQH[FKDQJLQJHPDLOVZLWKKLPDQGKHWROGPHWKDWLQWKHVSDQRIIRXU
PRQWKVKHKDGWUDQVIRUPHGKLVGROODUVLQWRQHDUO\
6RKHZDVDEOHWRGRVRPHKRXVHUHQRYDWLRQVEHIRUHWKHDUULYDO
RIWKHEDE\DQGRQWRSRIWKDWWKH\ZHUHDEOHWRWDNHVRPHWLPHRIIIURP
ZRUNDQGVHWVDLOIRUWKH6H\FKHOOHV

:KDWߞVWKHPRUDORIWKHVWRU\"
*ODG\RXDVN
'LGP\IULHQGRYHUXVHOHYHUDJH",
PVXUHKHGLG:DVKHOXFN\"&HUWDLQO\
%XWIURPZKDW,FDQUHPHPEHUKHZDVSHUIHFWO\2.ORVLQJWKRVHLQLWLDO
GROODUV

:KDW,ZDQWWRGUDZ\RXUDWWHQWLRQWRLVWKLV,I\RXFDQFXOWLYDWH
VWDELOLW\RIPLQGDQGWUDGHWKHVWUDWHJ\DVLWZDQWV\RX
WRWUDGH\RXߞOOGRJUHDW
:KDWߞVPRUHWKLVVWUDWHJ\FDQEHXVHGZLWKDQ\EXGJHW
<RXGRQRWQHHGWRVWDUW<RXGRQRWHYHQQHHG<RXFRXOG
WKHRUHWLFDOO\VWDUWZLWKDQGDWWHPSWWRJURZWKDWVORZO\,W
VKDUGHU
EXWLW
VGRDEOH
7+(5$,10$.(5:+<,'(9(/23('
,7
,EHJDQGHYHORSLQJWKHFXUUHQWYHUVLRQRIWKH5DLQPDNHUVWUDWHJ\LQDW
DWLPHZKHQ,KDGMXVWFDPHRXWRIDPDMRUGHSUHVVLRQ:KDWFDXVHGWKDW
GHSUHVVLRQLVWKDW,KDGQHDUO\EORZQXSDDFFRXQWGXHWRUHSHDWHG
HPRWLRQEDVHGWUDGLQJHUURUV
,ZRXOGEHO\LQJLI,GLGQߞWDFNQRZOHGJHDQGWDONDERXWWKHGLIILFXOWLHV,ZHQW
WKURXJKRQP\SDWKWRFRQVLVWHQWSURILWDELOLW\LQWKHPDUNHWV,QIDFWZKHQ,
TXLWP\MRELQWRWUDGHIXOOWLPH,VSHQWWKHIROORZLQJ\HDUVORVLQJ
PRQH\,I,KDGWRGHVFULEHP\HTXLW\FXUYHDWWKHWLPH,ZRXOGVD\WKDWLW
ORRNHGOLNHDQDEVWUDFWDUWIURP3LFDVVR$OPRVWDOZD\VPRQWKVRIFRQVLVWHQW
SURILWDELOLW\ZHUHIROORZHGE\PDVVLYHGUDZGRZQV7KDWZDVP\UHDOLW\

%XW\RXVHHQRPDWWHUWKHVWUXJJOHV,ZHQWWKURXJKVRPHSODFHGHHSLQVLGHRI
PH,NQHZH[LWLQJWKHUDWUDFHZDVWKHULJKWFKRLFH%HFDXVHQRPDWWHUKRZ
OLWWOH,PDGHDWILUVWRUKRZPXFK,ORVW,NQHZ,ZDVZRUNLQJWRZDUGV
EXLOGLQJDVHWRIPRQH\PDNLQJVNLOOVWKDWZRXOGEHQHILWPHLQWKHHQG
:KDWߞVPRUH,ZDVQߞWZRUNLQJRQEXLOGLQJVRPHRQH
HOVHߞVEXVLQHVVRUHPSLUH,ZDVZRUNLQJRQEXLOGLQJ
PLQH
1RZLVWKLVJRLQJWRZRUNIRUPRVWRI\RX"1R,GRQߞWWKLQNVR
0RVWRI\RXZRXOGEHEHWWHURIILI\RXNHSW\RXUGD\MREHVSHFLDOO\DWILUVW
MXVWVRWKDW\RXKDYHVRPHLQFRPHZKLOH\RXJHW\RXUWUDGLQJDFWLYLWLHVLQ
SURILWDEOHJURXQGV

)RUPHTXLWWLQJP\GD\MREZDVWKHULJKWFKRLFHEHFDXVHLWJDYHPHWKHNLFN
LQWKHEXWW,QHHGHGWRJHWPRYLQJDQGFKDQJHP\OLIH,WߞVVFDULHUWKLV
ZD\EHFDXVHWKHIDOOLQJFDQEHGLVDVWURXVEXWWKHUHߞV
QREHWWHUPRWLYDWRU
/RQJVWRU\VKRUW,IHOO,IDLOHGEXWWKHQ,JRWEDFNXS,JRWRXWRIP\
GHSUHVVLRQFKDQJHGP\DSSURDFKWRWUDGLQJUHYDPSHGP\WUDGLQJSURFHVV
PDGHDWRWDO8WXUQDQGEHFDPHDFRQVLVWHQWO\SURILWDEOHWUDGHU

7KHPDLQUHDVRQVZK\,GHYHORSHGWKH5DLQPDNHU
VWUDWHJ\ߨ
ߧ,ZDQWHGDVKRUWWHUPVWUDWHJ\WKDWGLGQߞWUHTXLUHPXFKDQDO\VLV
ߧ2QHRIWKHUHDVRQVZK\,QHDUO\EOHZXSP\SUHYLRXVDFFRXQWZDVWKDW,
KDGWURXEOHVWLFNLQJWRVWRSORVVHV6R,ZDQWHGDVKRUWWHUPVWUDWHJ\WKDW
GLGQߞWLQFOXGHDQ\VWRSORVV:HߞOOJHWWRWKDW
ߧ7KHUHDUHVRPDQ\OXFUDWLYHRSSRUWXQLWLHVLQWUDGD\DQG,ZDQWHGD
VWUDWHJ\WKDWWRRNDGYDQWDJHRIDQ\SRWHQWLDOVKRUWWHUPSULFHH[WUHPHV
ZKHUH,ߞGEHWIRUDUHJUHVVLRQWRVRPHNLQGRIPHDQ

ߧ,ZDQWHGDVWUDWHJ\WKDWZRXOGEHGHVLJQHGWRZRUNRQRQHXQGHUO\LQJ
7KLVZRXOGVDYHPHWLPHDQGLWZRXOGDOVRDOORZPHWRGHYHORSDIHHOIRUWKDW
SDUWLFXODUQDPH
*(77,1*72.12:7+(
63<
:KDWLVWKH63<"
,DVVXPH\RXNQRZZKDWWKH63<LVEXWMXVWIRUUHIUHVKLWLVWKHILUVWDQG
PRVWSRSXODU(7)LQWKH86,WWUDFNVRQHRIWKHPRVWSRSXODULQGH[HVLQWKH
ZRUOGWKH6 3,QGH[DQGLVPDQDJHGE\6WDWH6WUHHW*OREDO$GYLVRUV
RQHRIWKHODUJHVWPDQDJHUVRI(7)VLQWKHZRUOG7KHREMHFWLYHRI
WKLV(7)LVWRGXSOLFDWHDVFORVHO\DVSRVVLEOHEHIRUH
H[SHQVHVWKHWRWDOUHWXUQRIWKH6 3,QGH[

+RZLVLWZHLJKWHG"
7KH(7)LQYHVWVLQWKHODUJHVW86ILUPVXWLOL]LQJDPDUNHWFDSZHLJKLQJ
VWUXFWXUH7KLVLVFDOFXODWHGE\PXOWLSO\LQJWKHQXPEHURIRXWVWDQGLQJVKDUHV
WLPHVWKHFXUUHQWPDUNHWSULFH$OOFRPSDQLHVPXVWKDYHDSXEOLFIORDW
WREHFRQVLGHUHGIRULQFOXVLRQLQWKHEHQFKPDUN

7KHWRSKROGLQJVRIWKH63<
3HULRGLFDOO\QHZFRPSDQLHVZLOOHQWHUWKHWRSZKLOHRWKHUVZLOOH[LWLW
7KHZHLJKWLQJPLJKWFKDQJHDVZHOOVREHVXUHWRVWD\RQWRSRIDQ\
SRWHQWLDOFKDQJH

$V,ZULWHWKLVKHUHDUHWKHWRSKROGLQJVRIWKH
63<DQGWKHLUZHLJKW
 $SSOH,QF
 0LFURVRIW&RUS
 $PD]RQFRP,QF
 ([[RQ0RELO&RUS
 -RKQVRQ -RKQVRQ
 )DFHERRN,QF
 %HUNVKLUH+,QF
 -30RUJDQ&KDVH&R
 *HQHUDO(OHFWULF&R
 $OSKDEHW,QF

+HUHDUHWKHWRSLQGXVWU\VHFWRUVRIWKH63<DQG
WKHLUZHLJKW
 7HFKQRORJ\
 )LQDQFLDOV
 +HDOWK&DUH
 &RQVXPHU'LVF
 ,QGXVWULDOV
 &RQVXPHUVWDSOHV
 (QHUJ\
 8WLOLWLHV
 0DWHULDOV
 7HOHFRP

,VWKLVLQIRUPDWLRQLPSRUWDQW"
<HVDQGQR<HVEHFDXVHVLQFHWKRVHFRPSDQLHVDQGVHFWRUVKDYHKHDYLHU
ZHLJKWVLQWKH(7)LWFDQEHDJRRGLGHDWRFKHFNWKHPRXWHYHU\QRZDQG
WKHQWRJHWDIHHOIRUKRZWKH63<ZLOOEHEHKDYLQJߙHVSHFLDOO\LIWKHSLFWXUH
LVQߞWYHU\FOHDU

1REHFDXVHSHUVRQDOO\,KDYHIRXQGWKDWLWPDNHVPHHQWHUDIUDPHRIPLQG
URRWHGLQH[SHFWDWLRQVߙZKLFKOHDGVWRDQDO\VLVSDUDO\VLVKHVLWDWLRQDQGVR
RQ6R,GRQߞWGRWKDWDQ\PRUH\HWP\SHUIRUPDQFHZLWKWKLVVWUDWHJ\KDVQߞW
VXIIHUHGTXLWHWKHRSSRVLWH6RLWߞVXSWR\RXUHDOO\ߨ,PHQWLRQWKLV
EHFDXVH,ZDQW\RXWRNQRZWKDWWKHRSWLRQLVWKHUH

/LTXLGLW\ߨ
7KHUHDUHRWKHU(7)VWKDWDUHDOVREDVHGRQWKH6 3LQGH[KRZHYHU
WKH\DUHQRWDVHIILFLHQWDVWKH63<7KHKXJHGDLO\YROXPHDQG
KXJHRSHQLQWHUHVWRIWKH63<PDNHVWKHPH[WUHPHO\
OLTXLGDYHUDJHGDLO\YROXPHLVZHOORYHUPLOOLRQVKDUHVRSWLRQV
YROXPHDQGRSHQLQWHUHVWLVVHHQLQKXQGUHGVRIWKRXVDQGV

7KLVPHDQVWKDW\RXFDQHQWHUDQGH[LW\RXUWUDGHV
ZLWKHDVH\RXURUGHUVJHWILOOHGLQVWDQWO\:KDWߞVPRUH
WKHELGDVNVSUHDGLVWLJKWWKXVPLQLPL]LQJVOLSSDJHDQGDOORZLQJ
\RXWRJHWEHWWHUILOOV

7KLVPDNHVWKH63<SHUIHFWIRUWKHLQVWUXPHQWVZHߞUHJRLQJWRXVHWRSODFH
DQGPDQDJHRXUWUDGHV2SWLRQV
237,21$/8&5$7,9(,167580(17
7KH5DLQPDNHULVHVVHQWLDOO\DEX\RSWLRQVRQO\
VWUDWHJ\
1RZ,NQRZZKDW\RXߞUHWKLQNLQJߨ

ߡ2SWLRQEX\LQJLVIRUVXFNHUVߢ
,QWKLVERRN,KRSH,ߞOOFRQYLQFH\RXRWKHUZLVH%XWIRUVWDUWHUVOHWߞVEULHIO\
VHHZKDWRSWLRQVDUH

:KDWDUHRSWLRQV"
,QVKRUWRSWLRQVDUHFRQWUDFWV8QOLNHDVWRFNKRZHYHUDQRSWLRQ
GRHVQߞWJLYHWKHEX\HUDQ\RZQHUVKLSLQDQ\WKLQJRWKHUWKDQWKHRSWLRQLWVHOI
,QVWHDGDQRSWLRQFRQWUDFWJLYHVLWVRZQHUWKHULJKWWREX\RUVHOOWKH
XQGHUO\LQJVWRFN RUFRPPRGLW\RUZKDWHYHUHOVHߨ RQZKLFKLWLVEDVHGE\
DVHWGDWHDWDVHWSULFHWKDWLVXVXDOO\ORZHURUKLJKHUWKDQZKDWWKH
XQGHUO\LQJLVFXUUHQWO\WUDGLQJDW

7KDWZDVDPRXWKIXOVROHWߞVXVHDQDQDORJ\WRFODULI\DOORIWKLV/HWߞVVD\
\RXJRRQ*URXSRQDQGEX\DYRXFKHUIRUDIDQF\GLQQHUDW&KH]*DVWRQ
ILFWLWLRXV <RXJHWWKHYRXFKHUIRUEXWWKHDFWXDOSULFHIRUDGLQQHUDW
WKLVORFDWLRQLVDURXQG6LQFH\RXRZQWKHYRXFKHU\RXKDYHWKHULJKWWR
XVHLWE\WKHVHWGDWHSULQWHGRQWKHYRXFKHUDQGLI\RXGHFLGHWRXVHLW>WKH
YRXFKHU@\RXDUHH[HUFLVLQJ\RXUULJKWWRGRVR$JDLQLWߞVDULJKWQRW
DQREOLJDWLRQ
1RZOHWߞVWDNHLWDOLWWOHELWIXUWKHU/HWߞVLPDJLQHWKDWWKHVDPHZHHN&KH]
*DVWRQUHFHLYHVWZRVWDUVIURPWKH0LFKHOLQ*XLGH7KHSULFHIRUGLQQHU
WKHQMXPSVWRDZKRSSLQJ<RXUYRXFKHULVQRZZRUWKDORW<RXFRXOG
XVH H[HUFLVH LWߨRULI\RXߞUHQRWLQWKHPRRGIRULWDQ\PRUH\RXFRXOG
DWWHPSWWRVHOOLWWRVRPHRQHHOVH,QDQXWVKHOOWKDWYRXFKHULVDVRUWRI
RSWLRQDQGLWUHVHPEOHVTXLWHFORVHO\WKRVHXVHGLQILQDQFLDOPDUNHWV

%X\LQJDQRSWLRQ
)LQDQFLDORSWLRQVW\SLFDOO\LQFOXGHVKDUHVRIWKH
XQGHUO\LQJ XQOHVVVSHFLILHGRWKHUZLVH 6RLI\RXERXJKWDQRSWLRQ
FRQWUDFWRQ$$3/OHWߞVVD\WKLVJLYHV\RXWKHULJKWWREX\RUVHOO$$3/DWD
IL[HGSULFH WKHVWULNHSULFHDWZKLFK\RXERXJKWWKHRSWLRQ $V$$3/VWRFN
IOXFWXDWHVXSDQGGRZQ\RXURSWLRQFRQWUDFWZLOOEHWUDFNLQJLWV>$$3/ߞV@
SULFHDQGWKDWRSWLRQZLOODOVREHIOXFWXDWLQJXSDQGGRZQ

:KHQXVLQJWKH5DLQPDNHUVWUDWHJ\ZHZRQߞWEHFRQFHUQHGZLWKEX\LQJRU
VHOOLQJWKH63<DVZHߞUHQRWLQWHUHVWHGLQKROGLQJWKHXQGHUO\LQJ2XUJRDOLV
WRVLPSO\EX\DQRSWLRQDQGPRVWRIWKHWLPHZHZLOOKROGLWIRUDFRXSOHRI
PLQXWHVRUKRXUVDWEHVWXQWLOLWJDLQVHQRXJKYDOXHVRWKDWZHFDQVHOOLWDWD
SURILW

6RZHKDYHWRJHWULJKWWKHGLUHFWLRQRIWKH63<DQGWKDW
PRYHKDVWRKDSSHQDVIDVWDVSRVVLEOHEHFDXVHRSWLRQVKDYHDQ
H[SLUDWLRQGDWHZKLFKDIIHFWVWKHLUSULFLQJDQGDOVR
WKHZD\WKH\EHKDYH

7ZRW\SHVRIRSWLRQV
7KHUHDUHWZRW\SHVRIRSWLRQV&DOOVDQGSXWV%X\LQJDFDOORSWLRQLV
DZD\WREHWWKDWDQXQGHUO\LQJ VWRFNFXUUHQF\(7)HWF ZLOOJRXSLQ
YDOXHZLWKLQDFHUWDLQWLPHIUDPH%X\LQJDSXWRSWLRQLVDZD\WREHWWKDWDQ
XQGHUO\LQJZLOOJRGRZQLQYDOXHZLWKLQDFHUWDLQWLPHIUDPH
:ULWLQJDQRSWLRQ
2QWKHRWKHUKDQG\RXFRXOGEHDQLVVXHUVHOOHUZULWHURIRSWLRQV,IZH
ZHUHWRDJDLQXVHWKHSUHYLRXVDQDORJ\LWߞVDZD\RIWDNLQJWKHUROHRIWKH
UHVWDXUDQW7KHUHDUHPDQ\UHDVRQVZK\DUHVWDXUDQWZRXOGZDQWWRLVVXH
YRXFKHUVߙWRDGYHUWLVHDQHZPHQXWREX\OR\DOW\WRWDUJHWPDUNHWLQJ
HIIRUWVDQGVRRQ%XWLQILQDQFLDOPDUNHWVVHOOLQJZULWLQJDQRSWLRQLVDZD\
WRKHGJHDSRVLWLRQWKDW\RXPD\KROGLQDQXQGHUO\LQJ,WFDQDOVREHDZD\
WREHWWKDWDQXQGHUO\LQJZLOOJRXSGRZQRUVLGHZD\VߙGHSHQGLQJRQ
ZKHWKHU\RXߞUHVHOOLQJDSXWRUDFDOO

6WDWLVWLFVKDYHVKRZQWKDWDURXQGRIDOORSWLRQV
KHOGWRH[SLUDWLRQDWWKH&0(H[SLUHZRUWKOHVV$QGVR
WKLVKDVEHHQXVHGDVDQDUJXPHQWWRVKRZWKDWEX\LQJRSWLRQVLVD
IRROߞVHUUDQWDQGWKDWEX\HUVDUHHVVHQWLDOO\ILJKWLQJDJDLQVWWKHRGGV
6HOOLQJRSWLRQVRQWKHRWKHUKDQGLVVHHQDVDVXSHULRUVWUDWHJ\,IRIDOO
RSWLRQVLVVXHGH[SLUHZRUWKOHVVWKHQZK\QRWVHOOߝHPRSWLRQVULJKW"

:HOOGRQߞWVSHDNWRRVRRQߨHYHQWKRXJKRSWLRQVEX\HUVDSSHDU
WRIDFHDGHFLGHGGLVDGYDQWDJHUHODWLYHWRRSWLRQVVHOOHUVLWߞVQRWWKH
ZKROHVWRU\
<RXVHHRSWLRQVVHOOLQJFDQFDUU\DORWRIULVNVLIXVHGLPSURSHUO\DQG
HVSHFLDOO\LQWKHFDVHRIEODFNVZDQHYHQWV

2QWKHRWKHUKDQGRSWLRQVEX\LQJLVLQKHUHQWO\EHWWHU
GHVLJQHGWRWDNHDGYDQWDJHRIEODFNVZDQHYHQWV
:KDWߞVPRUHZKDWHYHUKDSSHQV\RXUULVNLVDOZD\VFDSSHGWR
WKHDPRXQWRIPRQH\\RXߞYHLQYHVWHGLQWKHRSWLRQ
:KHQVHOOLQJRSWLRQV\RXUULVNLVSRWHQWLDOO\XQOLPLWHGߙDOWKRXJKVRPH
ZRXOGDUJXHWKDWWKHXVHRIFRPSOH[VWUDWHJLHVFDQSUHYHQWWKDW
)DLUHQRXJK,JXHVVLQWKHHQGZKDWLWDOOERLOVGRZQWRLVWKLV+RZ
ORQJGR\RXZDQWWRVWD\ORFNHGLQDSRVLWLRQ"<RXVHH
WKHUDLQPDNHUVWUDWHJ\LVLQKHUHQWO\DGD\WUDGLQJVWUDWHJ\ZKHUHZHDUH
DWWHPSWLQJWRJHWLQDQGRXWRIDSRVLWLRQDVIDVWDVSRVVLEOH)RUWKDWUHDVRQ
RSWLRQVVHOOLQJGRHVQߞWPDNHDORWRIVHQVHKHUH

$QGLWߞVDOVRWKLV+RZVLPSOHGR\RXZDQWWUDGLQJWREH"2SWLRQV
EX\LQJLVVWUDLJKWIRUZDUG7KHUHDUHQRDGMXVWPHQWVWREHGRQH
DQGQRWKLQJHOVHWRILJXUHRXWRQO\WKHWUHQGRIWKHXQGHUO\LQJ:HQHHGD
VZLIWPRYHDQGZHQHHGWREHULJKWDERXWWKDWPRYH7KDWߞVDOO

6RZK\GRRSWLRQVEX\LQJVWUDWHJLHVJHWXQGHUVHUYHGDSRRUUHSXWDWLRQ",
WKLQNLWߞVPRVWO\EHFDXVHSHRSOHGRQߞWXVHWKHP
DSSURSULDWHO\)LUVWVLQFHRSWLRQVSURYLGHOHYHUDJHSHRSOHWHQGWREX\
FKHDS2XW2I7KH0RQH\RSWLRQVH[SHFWLQJPLUDFOHVWRKDSSHQ,QRWKHU
ZRUGVSHRSOHWHQGWRDSSURDFKRSWLRQVEX\LQJZLWKD
JDPEOHUߞVPHQWDOLW\
6HFRQGRSWLRQVEX\LQJLVOHVVIRUJLYLQJWKDQLWVFRXQWHUSDUWRSWLRQVVHOOLQJ
$JDLQ\RXQHHGWREHULJKWDERXWWKHGLUHFWLRQRIDQXQGHUO\LQJLWV
PDJQLWXGHDQGWKDWPRYHQHHGVWRKDSSHQDVIDVWDVSRVVLEOHEHFDXVHHDFK
GD\WKDWSDVVHVZLWKRXWWKHXQGHUO\LQJPRYLQJVLJQLILFDQWO\WKHRSWLRQLV
ORVLQJYDOXH,QRWKHUZRUGVWLPHLVZRUNLQJDJDLQVW\RX

%XW,ZRXOGDUJXHWKDWߞVZK\RSWLRQVEX\LQJLVSHUIHFWIRU
LQWUDGD\WUDGLQJ$QGDV\RXߞOOVHHWKH5DLQPDNHUVWUDWHJ\LV
H[FHSWLRQDODWVSRWWLQJVKRUWWHUPRSSRUWXQLWLHV

7KH5DLQPDNHUVWUDWHJ\LVDߝEX\WRRSHQVHOOWRFORVHߞVWUDWHJ\7KLVPHDQV
WKDWZHZLOOEHEX\LQJRSWLRQVRQO\DQGZRQߞWPDNHXVHRIFRPSOH[VHOOLQJ
VWUDWHJLHV,IXVHGSURSHUO\DQGUDWLRQDOO\RSWLRQV
EX\LQJFDQEHYHU\OXFUDWLYHSURYLGLQJDEDQJIRU\RXUEXFNWKDW
LVYHU\GLIILFXOWWRUHSURGXFHHOVHZKHUH

&RQIXVHGDERXWRSWLRQV"
,WߞVQRUPDO,
YHMXVWJLYHQ\RXDYHU\EDVLFRYHUYLHZRIZKDWRSWLRQVDUH,I
\RX
UHFRPSOHWHO\QHZWRRSWLRQVWKHRQHWKLQJ,ZDQW\RXWRXQGHUVWDQGLV
WKLV<RXKDYHWREHYHU\FDUHIXOZKHQWUDGLQJRSWLRQVDQGVR\RXKDYH
WRXQGHUVWDQGWKHPWKRURXJKO\EHIRUH\RXWUDGH
WKHP
7KHUHDUHTXLWHDIHZWKLQJVWKDWDIIHFWWKHSULFLQJRIDQRSWLRQ DQGWKHZD\
LWEHKDYHV WKHXQGHUO\LQJSULFHWLPHVWULNHSULFHYRODWLOLW\ LPSOLHGDQG
KLVWRULFDO LQWHUHVWUDWHVGLYLGHQGVߙDQGWKRVHQHHGWREHXQGHUVWRRGIXOO\
0\JRDOKHUHLVQRWWRZULWHDSDJHERRN,GRQߞWZDQWWRGRWKDWEXWLI,
GHOYHGHHSLQWRWKHVXEMHFWRIRSWLRQV,ߞOOXQGRXEWHGO\HQGXSGRLQJMXVWWKDW
6RLQVWHDGKHUHDUHWZRZHEVLWHV,VXJJHVW\RXFRQVXOW

,QYHVWRSHGLD7KH\KDYHDJRRGEDVLFWXWRULDO PRVWO\DUWLFOHV RQ


RSWLRQV

7DVW\WUDGH,KDYHWRVD\WKH\SURYLGHWKHEHVWHGXFDWLRQRQRSWLRQV
+DQGVGRZQ7DVW\WUDGHZDVFUHDWHGE\7RP6RVQRIIWKHIRXQGHURI
7KLQNRUVZLP7KH\OLYHVWUHDPGDLO\IURP0RQGD\WR)ULGD\3DUWVRIWKH
VKRZVDUHUHFRUGHGDQGDUFKLYHGIRUODWHUYLHZLQJ

,WJRHVZLWKRXWVD\LQJWKDWWKHVHDUHIUHHUHVRXUFHV<RXGRQߞW
KDYHWRSD\DGLPHWROHDUQRSWLRQV6RPDNHVXUH\RX
XQGHUVWDQGWKHPWKRURXJKO\EHIRUH\RXWUDGHWKHVWUDWHJ\,ߞP
DERXWWRSUHVHQWLQWKLVERRN

7RVSDUH\RXVRPHWLPHKHUHDUHKXUGOHVWKDW\RXQHHGWRJHWSDVW

+XUGOH8QGHUVWDQGWKHEDVLFV RSWLRQV 
+XUGOH8QGHUVWDQGWLPHYDOXH
+XUGOH8QGHUVWDQGYRODWLOLW\ KLVWRULFDODQGLPSOLHG 
+XUGOH8QGHUVWDQGKRZWRXVHRSWLRQVDVDVWRFNUHSODFHPHQW
VWUDWHJ\WRUHGXFHULVN

5HPHPEHU<RXKDYHWRNQRZ\RXUWRROVEHIRUHXVLQJ
WKHP,I\RXߞUHQHZWRRSWLRQVIXUWKHUGRZQWKHOLQH,ߞPJRLQJWRPHQWLRQ
VRPHWKLQJVWKDWZLOOVRXQGIRUHLJQWR\RXߙOLNH'HOWDDQG7LPHGHFD\,WߞV
LPSRUWDQWWKDW\RXNQRZWKRVHWHUPVZKDWWKH\PHDQDQGKRZWKH\ZLOOEH
DIIHFWLQJ\RXUSRVLWLRQV
&+$5767</(6,1',&$7256$1'
58/(6
1H[WOHWߞVVHHZKDWHOVHPDNHVXSWKHVWUDWHJ\ߨ

&KDUWVW\OH
,QRUGHUIRUXVWRLGHQWLI\WUHQGLQJSHULRGVDQGSRWHQWLDOUHYHUVDOSRLQWVZH
DUHJRLQJWREHXVLQJWZRW\SHVRIFKDUWLQJWHFKQLTXHV

5HJXODUFDQGOHVWLFNFKDUWLQJ:HߞUHJRLQJWREHXVLQJWKLVRQ
WKH'DLO\FKDUWRQO\

+HLNLQ$VKLFDQGOHVWLFNFKDUWLQJ:HߞUHJRLQJWREHXVLQJ
WKLVRQWKHPLQXWHFKDUWRQO\

:KLOHWKHILUVWRQHGHVHUYHVQRLQWURGXFWLRQWKH+HLNLQ$VKLWHFKQLTXHLV
VXUSULVLQJO\QRWDVSRSXODUGHVSLWHLWVDGYDQWDJHVDQGHDVHRIXVH

,QVKRUWWKH+HLNLQ$VKLFKDUWLQJWHFKQLTXHLVFRQVWUXFWHGXVLQJWKHRSHQ
FORVHGDWDIURPWKHSULRUSHULRGDQGWKHRSHQKLJKORZFORVHGDWDIURPWKH
FXUUHQWSHULRG7KHUHVXOWLQJFDQGOHVWLFNILOWHUVRXWVRPHQRLVHWKXVPDNLQJ
WUHQGVHDVLHUWRVSRW
,Q-DSDQHVH+HLNLQPHDQVߡDYHUDJHߢDQGߡDVKLߢPHDQVߡSDFHߢ7DNHQ
WRJHWKHU+HLNLQ$VKLUHSUHVHQWVWKHDYHUDJHSDFHRISULFHV

7KHZD\ZHߞUHJRLQJWRXVH+HLNLQ$VKLFDQGOHVWLFNVLVYHU\VLPSOH$QG
ZHߞOOJHWWRWKDWVKRUWO\,QWKHPHDQWLPHSXOOXSDFKDUWFKDQJHWKHFKDUWLQJ
WHFKQLTXHWR+HLNLQ$VKLDQGWU\WRJHWDIHHOIRUKRZLWZRUNV<RXߞOO
VHHLWߞVYHU\LQWXLWLYH
,QGLFDWRUV
7KH5DLQPDNHUVWUDWHJ\XVHVRQHLQGLFDWRUWKH0$&'DQGZHߞOOXVHLWRQ
WKH'DLO\FKDUWRQO\

0$&' 0RYLQJ$YHUDJH&RQYHUJHQFH'LYHUJHQFH LVRQHRIWKHVLPSOHVW


DQGPRVWHIIHFWLYHPRPHQWXPLQGLFDWRUVDYDLODEOH,WXVHVWZRPRYLQJ
DYHUDJHVDQGVXEWUDFWLQJWKHORQJHURQHIURPWKHVKRUWHURQHWXUQVLWLQWRDQ
RVFLOODWRUWKDWLVVLPSOH\HWSRZHUIXO
7KHYDOXHVZHߞUHJRLQJWREHXVLQJDUH

7KUHHWKLQJV\RXQHHGWRNQRZ
%HIRUHZHVHHWKHUXOHVIRUWUDGLQJWKH5DLQPDNHUKHUHDUHWKUHHWKLQJV
\RXQHHGWRWDNHQRWHRI
7KH5DLQPDNHUVWUDWHJ\UHTXLUHVWKDW\RXWUDGH
ZKDW\RXVHH
+HUHߞVZKDW,PHDQE\WKDW,IWKHSUHGRPLQDQWWUHQG GDLO\FKDUW LVXSDQG,
VHHVRPHVKRUWWHUPSURILWWDNLQJLQWUDGD\ FKDUDFWHUL]HGE\VKRUWWHUPORZHU
SULFHV ,ZLOOLQLWLDWHP\GD\WUDGHVLQWKHGLUHFWLRQRI
WKHODUJHUWUHQG0\RQO\DVSLUDWLRQZLOOEHWKLVEX\
GLSVRQO\$QG,ZLOOEX\FRQILGHQWO\NQRZLQJWKDWDQ\LQWUDGD\VHOOLQJ
ZLOOEHVKRUWWHUPEHFDXVHWKHSXOOLVWRWKHXSVLGHRQWKH
KLJKHUWLPHIUDPHV
<RXVHH,ߞPDFRQWUDULDQLQPDQ\WKLQJVLQOLIHMXVWQRWLQWUDGLQJ,ZDQW
WRIROORZWKHIORZRIWKHFURZGDQGSURILWIURPWKLVLQVWHDGRI
VWDQGLQJRXWRQP\RZQ,QHVVHQFH,ߞPQRWILJKWLQJDQ\WKLQJ
,NQRZPRVWRI\RXKDYHEHHQVROGWKHLGHDWKDW\RXQHHGWREHDFRQWUDULDQ
LQRUGHUWRPDNHDQ\VLJQLILFDQWPRQH\LQWKHPDUNHWV$QGWKHUHLVGHILQLWHO\
VRPHWUXWKWRWKLVEHFDXVHFRQWUDULDQVDUHHYHQWXDOO\ULJKW$QGWKH\FDQEH
ULJKWELJWLPH%XWDV%ULWLVKHFRQRPLVW-RKQ0D\QDUG.H\QHVSRLQWHGRXW
ZLWKWKLVVKRUWSKUDVHߡ7KHPDUNHWFDQUHPDLQLUUDWLRQDO
ORQJHUWKDQ\RXDQG,FDQUHPDLQVROYHQWߢ
$JDLQWUDGLQJWKH5DLQPDNHUVWUDWHJ\DVLWLVDQGDVLWZDQWV\RXWRWUDGH
HQWDLOVWUDGLQJZKDW\RXVHH1RWZKDW\RXWKLQN\RXߞUHVHHLQJߨRU
ZKDW\RXZDQWWRVHH
‫ﻏﺎﯾﻣﺎخ‬
 7KHVWUDWHJ\UHTXLUHVQRLQGHSWKDQDO\VLVRIQHZV
HVRWHULFSULFHSDWWHUQVVSHFLDOLQGLFDWRUVHWF
7KLVPHDQVWKDW\RXDUHQRWUHTXLUHGWRVWD\LQIURQWRI\RXUVFUHHQDOOGD\
WU\LQJWRUHDGWKHPDUNHWV$V\RXߞOOVHHQH[WWKHUHLVDVHWRIUXOHV
DQG\RXRQO\QHHGWRIROORZWKHPWRWKHOHWWHU
XQFRQGLWLRQDOO\

7KHUHLVRQO\RQHLQVWDQFHZKHUH\RXFDQWDNHDGLVFUHWLRQDU\GHFLVLRQDQG
WKDWKDVWRGRZLWKSURILWWDNLQJ6R,ߞGVD\RIWKHVWUDWHJ\LV
PHFKDQLFDOߨEHFDXVHRIWKHQDWXUHRILQWUDGD\SULFHPRYHPHQWLWKDV
WREH

<RXVHHWKHQDWXUHRILQWUDGD\SULFHPRYHPHQWPDNHV
WKHPVRPHZKDWFKDRWLFZKLFKPHDQVWKDWHYHQDVLQJOHSLHFHRI
QHZV WUXHRUQRWWUXH FDQFDXVHVRPHGUDPDWLFVZLQJV

6RPHWLPHVWKRVHVZLQJVFDQOHDGWRODUJHUVFDOHFKDQJHVEXWPRVWRIWKHWLPH
WKH\GRQRWߙWKH\ߞUHMXVWVPRNHVDQGPLUURUV

7KDWߞVRQHRIWKHUHDVRQVZK\DQLQWUDGD\SULFHSDWWHUQDQDO\VHVUHO\LQJRQ
GLVFUHWLRQLVMXVWDERXWXVHOHVVLQP\RSLQLRQ%HFDXVH\RXߞUHWU\LQJWR
SUHGLFWVRPHWKLQJWKDWLVDIIHFWHGE\VRPDQ\YDULDEOHVߙDVVDLGWKH
RQVODXJKWRILQFRPLQJQHZVVKRUWWHUPHPRWLRQDOUHDFWLRQVHWFߨ

‫ﻏﺎﯾﻣﺎخ‬

7KHVKRUWHUWKHWLPHIUDPHWKHOHVVSUHGLFWDEOHSULFH
EHFRPHV%XWWKHKLJKHUWKHWLPHIUDPHWKHOHVVFKDRWLFEHFDXVHJOREDO
PDFURIRUFHVWHQGWRUHWDNHFRQWUROWKXVVKDSLQJWKHUDQJHDQGWKHRYHUDOO
GLUHFWLRQRISULFHPRYHPHQWPDNLQJWKHPEURDGO\SUHGLFWDEOH

6RZK\HYHQERWKHUWUDGLQJLQWUDGD\SULFHPRYHPHQWVWKHQ":HOODVVDLG
HDUOLHUZKHQWUDGLQJWKH5DLQPDNHUVWUDWHJ\ZHߞUHNHHSLQJLQPLQG
WKHORQJHUWHUPWUHQGWKH'DLO\DQGLIDGGLWLRQDOFRQILUPDWLRQLV
UHTXLUHGWKH:HHNO\6RWHFKQLFDOO\ZHߞUHWUDGLQJWKHKLJKHUWLPHIUDPHV
ZHߞUHMXVWWU\LQJWRJHWEHWWHUGHDOVZHߞUHWU\LQJWRJHWLQDWD
ORZHUSULFHVRWKDWZHFDQVHOODWKLJKHUSULFHVZLWKLQ
WKDWODUJHUWUHQG
%XWWKLVFRPHVZLWKDIHZFDYHDWVHVSHFLDOO\VLQFHZHߞUHWUDGLQJRSWLRQV
0RUHRQWKLVODWHU

 'LIIHUHQWW\SHVRIPDUNHWVZLOODIIHFW\RXUZLQ
9HU\VLPSOHߨ,I\RXߞUHWUDGLQJWKLV

‫ﻏﺎﯾﻣﺎخ‬
<RXZLOOKDYHGLIIHUHQWUHVXOWVWKDQLI\RXWUDGHWKLVߨ

7KRVHDUH'DLO\FKDUWVE\WKHZD\&OHDUO\WKHVHFRQGRQHZLOOUHTXLUH\RX
PRUHH[SHULHQFHLQRUGHUWRQDYLJDWHLWVXFFHVVIXOO\7KLVGRHVQߞWPHDQWKDW
RQHLVPRUHSURILWDEOHWKDQWKHRWKHU%XW,KDYHWRVD\RQHLV
GHILQLWHO\OHVVVWUHVVIXO:HߞOOJHWWRWKDWDVZHOO

UXOHVIRUWUDGLQJWKH5DLQPDNHU
5XOHVDUHLPSRUWDQW7KH\FUHDWHFRQVLVWHQF\6RFUHDWLQJDVHWRI
UXOHVWKDWߞOOWDNHDZD\PRVWGHFLVLRQVWKHUHIRUHPLQLPL]LQJKXPDQHUURUVLV
YLWDOZKHQWUDGLQJWKHPDUNHWVHVSHFLDOO\ZKHQWUDGLQJWKHVKRUWHUWLPH
IUDPHV

(YHQWKRXJKUXOHVEULQJVVWUXFWXUHWRRXUEHKDYLRUVRWKDWZHGRQߞWHQGXS
VKRRWLQJRXUVHOYHVLQWKHIRRW KXPDQDUHIDOOLEOHDIWHUDOO SDUDGR[LFDOO\
IROORZLQJRXUUXOHVLVRQHRIWKHKDUGHVWWKLQJVWRGR
-XVWDVNDQ\WUDGHUZLWKVLJQLILFDQWPDUNHWH[SHULHQFHDQGWKH\ߞOOWHOO\RXWKH
VDPHWKLQJ,WGRHVQߞWJHWHDVLHUZLWKWLPHFRQWUDU\WRSRSXODU
EHOLHI<RXMXVWOHDUQWRGRZKDWߞVKDUGRYHUZKDWߞV
FRPIRUWDEOH HYHQWXDOO\ 
6RLQRUGHUWRPDNHLWPRUHOLNHO\WKDWZHߞOOIROORZWKHUXOHVZHVHWIRU
RXUVHOYHVWKRVHVDLGUXOHVQHHGWREHVKRUWDQGVLPSOHWR
EHJLQZLWK

+HUHDUHVLPSOHUXOHVWRWKHUDLQPDNHUVWUDWHJ\7KRVHUXOHVDUHQRW
VXEMHFWWRGHEDWHRUTXHVWLRQLQJV7KH\QHHGWREHIROORZHGDV
WKH\DUHZLWKRXWVXEWUDFWLQJRUDGGLQJDQ\WKLQJWR
WKHP
 7KH'DLO\FKDUWLVXVHGWRGHWHUPLQHWKHRYHUDOO
WUHQG$GGLWLRQDOO\,ZLOOVRPHWLPHVORRNDWWKHZHHNO\FKDUWIRUJUHDWHU
SHUVSHFWLYHEXWXOWLPDWHO\LWLVWKHGDLO\FKDUWWKDWZLOOPRWLYDWHDQHQWU\ߙRU
QRW

 7KH0$&'LQGLFDWRULVXVHGRQWKH'DLO\FKDUW
WLPHIUDPHRQO\:KHQWKHIDVWDYHUDJHFURVVHVWKHVORZRQHWRWKH
XSVLGH,
PEX\LQJRQO\:KHQWKHIDVWDYHUDJHFURVVHVWKHVORZDYHUDJHWR
WKHGRZQVLGH,
PVHOOLQJRQO\

 7KHUHJXODUFDQGOHVWLFNFKDUWLQJVW\OHLVDOVR
XVHGRQWKDWWLPHIUDPHRQO\
 (QWULHVDQGH[LWVDUHEDVHGRQWKHPLQXWHWLPH
IUDPHXVLQJ+HLNHQ$VKLFKDUWLQJVW\OH
 )RUHQWULHVLI,ߞPEX\LQJ,ZDQWWRVHHDFRXSOH
RIYRODWLOHUHGFDQGOHV UHIHUUHGWRDVSURILWWDNLQJ
SDQLFVHOOLQJFDOOLWKRZHYHU\RXZDQWߨ IROORZHGE\
DJUHHQFDQGOH7KHVKDSHRUVL]HRIWKDWFDQGOHLVQߞWLPSRUWDQW,MXVW
ZDQWWRVHHLWVFORVHWDNHQRXW:KHQWKDWKDSSHQV,ZLOOLQLWLDWHP\WUDGH

 7RGRWKDW,ZLOOXVHDQ,Q7KH0RQH\RSWLRQ
GHOWDRIDWOHDVW ZLWKGD\VWRH[SLUDWLRQ
 7KH5DLQPDNHULVD1RVWRSORVVVWUDWHJ\7KH
RSWLRQHLWKHUUHWXUQVDSURILWRULWORVHVFRPSOHWHO\LWV
YDOXHRYHUWLPH)RUSURILWWDNLQJ,ZLOOSODFHD*7&OLPLWRUGHUWR
FORVHWKHSRVLWLRQZKHQWKHRSWLRQJDLQVFHQWVLQYDOXH%XWWKDWߞV
WKHRQO\UXOHLQWKLVOLVWWKDWߞVQRWVHWLQVWRQHDQGZHߞOO
VHHZK\DOLWWOHELWODWHU
&$6(678'<
/HWߞVH[DPLQHWKHVWUDWHJ\LQPRUHGHWDLOZLWKFDVHVWXGLHVߨ

&DVH
)LUVW,ZDQWWRGHWHUPLQHWKHRYHUDOOWUHQGRQWKHGDLO\FKDUW)RUWKDWZH
OO
XVHWKH0$&'LQGLFDWRU7KHLQIRZHJHWKHUHLVYHU\LPSRUWDQWVLQFHLWZLOO
GHWHUPLQHP\/RQJRU6KRUWELDVDQGLWZLOODOVRKHOSPHLQGHFLGLQJKRZ,
ZLOOH[LWP\WUDGHODWHU
:KHQWKHIDVWDYHUDJHFURVVHVWKHVORZRQHWRWKHXSVLGH,
PEX\LQJ:KHQ
WKHIDVWDYHUDJHFURVVHVWKHVORZDYHUDJHWRWKHGRZQVLGH,
PVHOOLQJ

$V\RXFDQVHHQRWKLQNLQJLVUHTXLUHGKHUH-XVWH[HFXWLRQ

,QWKLVH[DPSOH,
PJRLQJWREH6KRUW

‫ﻏﺎﯾﻣﺎخ‬

6HFRQG,ZLOOPRYHWRWKHPLQXWHFKDUWZKHUH,ZLOOVZLWFKWR+HLNHQ
$VKLFKDUWW\SHZKLFKZLOOKHOSVPRRWKDOLWWOHELWIXUWKHUWKHQRLVHWKDW
PLJKWH[LVWRQWKHORZHUWLPHIUDPHV
)URPWKHUH,ZLOOVWDUWORRNLQJIRUUHWUDFHPHQWV7KHPRUHFDQGOHVWKHUHDUH
DQGWKHPRUHYRODWLOH WKHEHWWHU
7KLVLVDJRRGH[DPSOHRIZKDW,ZRXOGEHORRNLQJIRU
,ZDQWWRVHHWKDWUHWUDFHPHQWIROORZHGE\DUHGFDQGOH RUJUHHQFDQGOHLI,
P
JRLQJORQJ :KHQWKDWFDQGOH
VFORVHLVLPPHGLDWHO\WDNHQRXWE\WKHQH[W
FDQGOH,ZLOOLQLWLDWHDWUDGHULJKWWKHUH

7RGRWKLV,ߞPJRLQJWR%8<D387RSWLRQ ‫ﻏﺎﯾﻣﺎخ‬

:KHQFKRRVLQJWKHRSWLRQ,ZDQWWRVHHWKUHHWKLQJV

 7KHUHPXVWEHHQRXJKOLTXLGLW\ YROXPHDQGRSHQ
LQWHUHVW DQGWKHVSUHDGPXVWEHWLJKW7KLVLVLPSRUWDQW
EHFDXVHWKDWߞVZKDWDOORZVPHWRJHWLQDQGRXWLQVWDQWO\DWWKHEHVWSULFH
SRVVLEOH DOWKRXJKZLWKWKHVS\WKLVLVDOPRVWQHYHUDSUREOHP 

,ZLOOORRNIRUDQRSWLRQWKDWKDVEHWZHHQWR
GD\VOHIWXQWLOLWVH[SLUDWLRQ,ZDQWWKLVEHFDXVHRQVRPH
RFFDVLRQV,ZLOOKROGWKHSRVLWLRQRYHUQLJKWDQG,GRQߞWZDQWWLPHGHFD\WR
EHWRRPXFKRIDQXLVDQFH>5HPHPEHULI\RXGRQߞWNQRZKRZDQGZK\WLPH
DIIHFWV\RXURSWLRQWKHUHLVDORWRILQIRUPDWLRQRQOLQHDERXWWKLV,ZDQWWR
VNLSWKHEDVLFVKHUHDQGIRFXVRQWKHVWUDWHJ\@

7KHRSWLRQPXVWEH,Q7KH0RQH\ZLWKDGHOWD
DURXQG7KHKLJKHUWKHGHOWDWKHPRUH\RXZLOOSD\IRU\RXURSWLRQ
EXW\RXZLOODOVREHRXWRIWKHWUDGHIDVWHU$GHOWDWKDWLVPRUHWKDQLVQRW
QHFHVVDU\WKRXJK

:KHQ,KDYHVSRWWHGWKHRSWLRQWKDWLQWHUHVWVPH,ZLOOXVXDOO\SODFHDPDUNHW
RUGHULIWKHELGDVNLVUHDOO\WLJKW OHVVWKDQFHQWV ,IWKHELGDVNVSUHDG
LVJUHDWHUWKDQFHQWV,ZLOOSODFHDOLPLWRUGHUDQGJRLQWKHPLGGOH
RIWKHELGDVN

$QGWKDWߞVDOO1RZWLPHWROHWWKHPDUNHWGRLWVWKLQJDQGQRPDWWHUZKDWLW
GRHVKHUHߞVWKHWKLQJ:LWKWKLVDSSURDFKVWRSORVVHVDUH
QRWUHTXLUHG0\PD[LPXPORVVLVGHWHUPLQHGE\WKHSULFHRIWKH
RSWLRQ,FDQߞWORVHPRUHWKDQWKDW7KHRQO\WKLQJWKDW,KDYHWR
SODQIRULVSURILWWDNLQJ
:KHQXVLQJWKLVVWUDWHJ\,ߞGVD\PRVWRIWKHWLPHP\JRDOLV
TXLFNSURILWVDQGVR,ZLOOSODFHD*7&OLPLWRUGHUWRFORVHWKHSRVLWLRQ
ZKHQWKHRSWLRQJDLQVFHQWVLQYDOXH

)RULQVWDQFHKHUHWKHRSWLRQ,ERXJKWZDV  DQGP\OLPLWRUGHUWR


VHOOZRXOGEHDW  7KDWߞVDGROODUJDLQSHUFRQWUDFW

%XWWKDWUXOHLVQRWVHWLQVWRQH
<RXVHH,ZLVKLWZDVWKDWVLPSOHDOOWKHWLPHEXW,ߞGEHO\LQJLI,VDLGVR7KH
UHDOLW\LVWKDWDIHZWLPHVKHUHDQGWKHUH\RXߞOOQHHGVRPHELJJHUSURILWVWR
PDNHWKHVWUDWHJ\YLDEOH
6RDWWLPHVLI,WKLQNWKH63<FDQPRYHPXFKIXUWKHU,ZLOOOHDYHWKH
SRVLWLRQRQ6RPHWLPHV,ߞPULJKWDQGWKHRSWLRQLQFUHDVHV
VRPHWLPHVHYHQPRUH
2WKHUWLPHV,ߞPZURQJDQGWKHRSWLRQHQGVXSZRUWKOHVV

+HUHVLQFH,KDGWKH*7&RUGHULQSODFHIRUTXLFNSURILWVWKHWUDGHZRXOG
KDYHUHVXOWHGLQDFHQWSURILW 1RWDFFRXQWLQJIRUFRPPLVVLRQV 

&DVH
/HW
VORRNIRUD/RQJWKLVWLPH,VWKLVDJRRGWUDGHWRWDNH"
7RP\H\HWKHUHLVMXVWQRWHQRXJKYRODWLOLW\ UHPHPEHUZHߞUHORRNLQJIRU
VKRUWWHUPLPSXOVLYHVHOOLQJDQGWKRVHDUHFKDUDFWHUL]HGE\DURZRIORQJHU
FDQGOHV ,I\RXWDNHWKLVWUDGH\RXFRXOGHQGXSEHLQJVWXFNLQDSRVLWLRQ
RYHUQLJKWߙZKLFKLVQߞWWKHJRDO

5HPHPEHUߨ0RVWRIWKHWLPHZHߞUHDLPLQJDWVPDOO
SURILWV
+RZDERXWWKLVRQH"

,WFRXOGEH7KHYRODWLOLW\LVWKHUHDQGWKDWߞVZKDWZHߞUHORRNLQJIRU%87
WKH0$&'LQGLFDWRULVIODVKLQJD6(//VLJQDORQWKH'DLO\FKDUWVRZH
VKRXOGQ
WEHEX\LQJKHUH

7KRXJKWKHWUDGHZRXOGKDYHUHVXOWHGLQSURILWVWKHUXOHVQHHGWREH
IROORZHGWRWKHOHWWHU7KH\JLYHVWUXFWXUHWR\RXU
WUDGLQJRSHUDWLRQV

1H[WRQHߨ$VVXPLQJ0$&'LVVHWXSRQWKHGDLO\FKDUWLVWKLVDJRRGWUDGH
RUDEDGWUDGH"
<(6,ZRXOGHQWHUKHUHDQGZRXOGQߞWWKLQNWZLFHDERXWLW

$V\RXFDQVHH\RXFRXOGKDYHOHW\RXUSURILWVUXQDOLWWOHELW
IXUWKHUEXWDV\RXGHFLGHWRGRVR\RXKDYHWRXQGHUVWDQGWKH
ZD\RSWLRQVEX\LQJZRUN
7LPHLVQRW\RXUIULHQGDQGVRWKHORQJHU\RXVWD\LQDSRVLWLRQ
WKHPRUHDWULVN\RXDUHWRDFRUUHFWLRQLQWKHXQGHUO\LQJ<RXGRQߞWZDQW
WKDW,QDSHUIHFWZRUOGWKHXQGHUO\LQJZRXOGJR
VWUDLJKWXSEXWLQUHDOLW\LWUDUHO\KDSSHQV
0DUNHWVVHHPWRKDYHDOLIHRIWKHLURZQDWWLPHV7KH\ZLOOGRZKDWWKH\LQ
IDFWZDQWWRGRWKXVIRROLQJWKHPRVWDPRXQWVRISHRSOH

:KHQEX\LQJRSWLRQV\RXGRQߞWKDYHWKHOX[XU\RIWLPH<RXQHHGD
SDUDEROLFPRYHDQGIDVW6LQFH\RXGRQߞWNQRZZKHWKHUDPRYH
LVJRLQJWREHSDUDEROLFRUQRW \RXFDQRQO\JXHVV ZK\WDNHWKH
ULVN"%HWWHUH[LWZLWKVPDOOSURILWVWKHPDMRULW\RIWKH
WLPH,SURPLVH\RX\RXߞOOVOHHSEHWWHUDWQLJKW

&DVH
+HUHߞVWKH'DLO\FKDUWߨ

$QGWKHPLQXWHFKDUWߨ

7UDGHRUQRWWUDGHߨWKDWLVWKHTXHVWLRQ
7UDGH%XWXQIRUWXQDWHO\DV\RXFDQVHHWKHPDUNHWZRXOGKDYHPRYHG
DJDLQVWXVGHHSHQLQJRXUORVVHVWKURXJKRXWWKHQH[WFRXSOHRIVHVVLRQV ‫ﻏﺎﯾﻣﺎخ‬

)RUVRPHRI\RXDWWKLVSRLQW\RXUKDQGVZRXOGSUREDEO\VWDUWWRVKDNH\RXU
NQHHVZRXOGJRZHDNߨ\RXߞGSUREDEO\HYHQKDYHQDXVHD&DOPGRZQ
FKDPS<RXߞYHJRWWRKDYHIDLWKLQWKHSURFHVV

5HPHPEHU6LQFHWKHUHLVQRVWRSWKHWUDGHVWLOOKDV
GD\VWRZRUNLQ\RXUIDYRU
:LWKLQWKDWWLPHIUDPHDQ\WKLQJFDQKDSSHQ
+HUHIRULQVWDQFHWKH63<ZRXOGKDYHUHYHUVHGLWVFRXUVHDFRXSOHRIGD\V
ODWHUߨ

ߨ $QG\RXURSWLRQ"$VVXPLQJ\RXߞUHFORVLQJLWDWDQDUHD
IDUULJKWRIWKHFKDUW\RXZRXOGKDYH\LHOGHGD
UHWXUQRQWKDWRSWLRQ
1RWEDGLI\RXDVNPH7KDWߞVZKDWߞVIDVFLQDWLQJZLWKWKLVVWUDWHJ\ߨ
:KDWVHHPVWREHDORVLQJWUDGHDWILUVWPLJKWWXUQWR
EHDQHSLFZLQQHULQWKHHQG<RXMXVWQHHGWRKDYHWKHSDWLHQFH
WROHWWKHPDUNHWGRLWVWKLQJ

%XWZDLW
%HIRUH\RXUXE\RXUKDQGVDQGJHWWRRH[FLWHGWKHUHZLOOEHWLPHV
ZKHQ\RXߞOOEHGHDGZURQJDQGWKHRSWLRQZLOOH[SLUH
ZRUWKOHVV
<HVLWZLOOKDSSHQ

7KH5DLQPDNHULVQRWDQRIDLOWUDGLQJVWUDWHJ\<RX
ZLOOKDYHORVVHV
$QGKHUHߞVWKHWKLQJ<RXKDYHWRPDNHSHDFHZLWKWKH
ORVVHV\RXWDNH,I\RXGRQߞW\RXߞUHOLNHO\WRH[SHFWWKLQJVIURP\RXU
QH[WWUDGHVMXVWWRJHW\RXUSUHYLRXVORVVHVEDFN<RXZLOOPHVVZLWKWKH
VWUDWHJ\EX\LQJ270RSWLRQVKROGLQJRQWR\RXUSRVLWLRQH[SHFWLQJD
PDVVLYHXQUHDOLVWLFPRYHLQWKHXQGHUO\LQJEX\LQJZHHNO\RSWLRQVHWF

,NQRZWKLVEHFDXVH,ߞYHGRQHWKDWSHUVRQDOO\$QG,ߞYHSDLGWKH
FRQVHTXHQFHV6R,ZLOOUHSHDWWKLVDJDLQ<RXKDYHWRWUXVWWKH
SURFHVV7KHVWUDWHJ\QHHGVWREHWUDGHGDVLWLVRUHOVH\RXZRQߞWEHDEOH
WRWUDGHLWVXFFHVVIXOO\

&DVH
/DVWRQH6RPHWLPHVLQWKHFDVHRIVWURQJWUHQGVWKH0$&'ZLOOEHVHWXS
RQWKH'DLO\FKDUWVLJQDOLQJDSRWHQWLDOWXUQ
%XWZKDWGRHVWKH63<ORRNOLNHLWZDQWVWRGR"+HUHIRULQVWDQFHLVDFUDVK
DOLNHO\VFHQDULR"
,GRQߞWNQRZOHWߞVORRNIRUVRPHFXHVHOVHZKHUHߨ
7KH:HHNO\FKDUWXVXDOO\RIIHUVPRUHFODULW\

‫ﻏﺎﯾﻣﺎخ‬

$VZHFDQVHHRQWKH:HHNO\FKDUWWKH0$&'LVWHOOLQJDQRWKHUVWRU\6R
WKHQZKDWDUHZHWRGRQH[W"

5XOHRIWKXPEZKHQWKH:HHNO\DQGWKH'DLO\FKDUWDUH
LQFRQWUDGLFWLRQWKHEHVWDSSURDFKZRXOGEHWRWDNH
\RXUWUDGHVDFFRUGLQJWRWKH0$&'RQWKH'DLO\
ZKLOHNHHSLQJLQPLQGWKH0$&'RQWKH:HHNO\
7KLVPHDQVWKDW\RXVKRXOGQRWHQWHUDWUDGHZLWKWKH
LQWHQWLRQRIKROGLQJRQWRLWRYHUQLJKW:KHQ\RXSODFH\RXU
WUDGH\RXSODFH\RXU*7&H[LWRUGHUDORQJVLGHZLWKLW DWFHQWVRQWKH
RSWLRQ DQGWKDWߞVLW
+HUHߞVZHJRWD387DQGZHPDGHVXUHWRH[LWZLWKD*7&RUGHUDW
FHQWV

:RUVWFDVHLIWKHUHߞVDQ\SHUVLVWLQJGRXEWLQ\RXU
PLQGDERXWWKHQH[WFRXUVHRIDFWLRQWKHQVWD\RXW
7KHUHZLOOEHSOHQW\RIRSSRUWXQLWLHVWKDWZLOOMXPSDW\RXMXVWEHFDXVHRI
KRZFOHDUWKH\DUH6RQRQHHGWRZDVWH\RXUWLPHZLWKOHVV
WKDQRSWLPDOVLJQDOV
5HPHPEHUWKLV2SSRUWXQLWLHVLQWKHPDUNHWVDUHOLNH
WD[LV7KH\FRPHDQGWKH\JR<RXPLVVHGRQH"
7KHUHߞVDQRWKHURQHEHKLQG6RGRQߞWHYHUWKLQNWKDW\RX
DEVROXWHO\+$9(WRWDNH7+,6VLJQDO

'RQߞWEHGHVSHUDWH<RXFDQߞWEHDWUDGHULI\RXߞUH
GHVSHUDWH/HWWKHPDUNHWFRPHWR\RX,QGXHWLPHLWZLOOߨ
$)(:48(67,216$1'7+(,5
$16:(56
%HORZ,KDYHFXOOHGZKDWFRXOGEHVRPHLPSRUWDQWTXHVWLRQV\RXPD\EH
DVNLQJDQG,KDYHSURYLGHGWKHLUDQVZHUV

4:K\GR\RXWDNHSURILWVRIIWKHWDEOHVRHDUO\":K\
QRWMXVWOHWWKHPUXQDOOWKHWLPH"
$7KH5DLQPDNHUUHTXLUHV\RXWRWDNHVPDOOSURILWVYLDD*7&OLPLWRUGHU
VHWDWFHQWV0RVWRIWKHWLPHWKDWߞVZKDW\RXVKRXOGDLPWRGR7KHUHVW
RIWKHWLPH\RXFRXOGOHW\RXUSURILWVUXQEXWLWZLOOGHSHQGRQWKHELJJHU
SLFWXUHߙLVPRPHQWXPOLNHO\WRVWD\RUWRVWDOO"

,FRXOGJLYH\RXDOLVWRIUHDVRQVZK\PRPHQWXP
VKRXOGGRWKLVRUWKDWߙIRULQVWDQFHWKHQHZVWKHLQFOLQDWLRQRIWKH
WUHQGQXPEHURIXSGD\VYVGRZQGD\VLQGLFDWRUVDQGVRRQEXWWKHIDFW
RIWKHPDWWHULVWKLV1RERG\NQRZVIRUVXUH7KHVHDUHQRWFU\VWDO
EDOOV

:KHQZHSXOOXSD'DLO\FKDUWLWߞVHDV\WRPDNHDVVXPSWLRQVDQGUDWKHU
DFFXUDWHRQHVRQWKHRYHUDOOWUHQGDQGKRZLWߞVOLNHO\WRFRQWLQXHRUVWDOO
%XWLWߞVPRUHGLIILFXOWWRSUHGLFWWKHWLPHIUDPHDQGWKHPDJQLWXGHLQZKLFK
LWߞVOLNHO\WRKDSSHQ&DQWKHVWRFNJHWIURPSRLQW$WRSRLQW%ZLWKRXW
KLWWLQJ\RXUVWRSORVVDQGLQDVOLWWOHWLPHDVSRVVLEOH"7KDWߞVZKDWPRVW
SHRSOHFDQߞWJHWULJKW

:LWKWKH5DLQPDNHUVWUDWHJ\RIWKHWLPHZHߞUHQRWHYHQWU\LQJWRJHW
WKLVULJKW7KHUHߞVQRVWRSORVVVRWKHPDJQLWXGHRIWKHPRYHLVQߞWWRRPXFK
RIDQLVVXHIRUXVDQ\ZD\V7LPHRQWKHRWKHUKDQGLVDUHDO
SUREOHP:HKDYHGD\VWREHULJKWDQGVLQFHWKHYDOXHRIWKH
RSWLRQLVHURGLQJGD\DIWHUGD\ZHGRQߞWZDQWWREHORFNHGLQDSRVLWLRQIRU
WRRORQJ

7KDWߞVZK\ZHWDNHTXLFNSURILWVPRVWRIWKHWLPHDQG
RQO\OHWWKHPUXQRQO\RIWKHWLPHZHZDQWWRPDNHVXUHWKDWZHߞUH
KROGLQJRXUSRVLWLRQVRYHUQLJKWDQGIRUDFRXSOHRIGD\V21/<,)WKHUH
LVDVWURQJLQGLFDWLRQWKDWPRPHQWXPLVOLNHO\WRFRQWLQXH

,QRWKHUZRUGVZKHQWKHVWDUVDUHDOLJQHGWKDWߞVZKHQZHZRXOGZDQWWRGR
LW$QGJHQXLQHLQWXLWLRQFDQJXLGH\RXKHUHEHFDXVH
WKHVWDUVDUHQRWRIWHQDOLJQHG
6LQFHRSWLRQVSURYLGHJUHDWOHYHUDJHLWEHFRPHVHDV\WRDSSURDFKWKHPZLWK
DFRPSXOVLYHJDPEOHUߞVPHQWDOLW\EHFDXVHWKHSRWHQWLDOIRUPDVVLYHSURILWVLV
DOZD\VWKHUH%XWWKLVZLVKIXOWKLQNLQJFRUUXSWVWKHPLQGRIWKHWUDGHUDQGLW
SUHYHQWVKLPIURPWDNLQJDQDFFXUDWHSLFWXUHRIKLVSUREDELOLWLHV
:KHQ\RXEX\RSWLRQV\RXFDQߞWORFN\RXUVHOILQDSRVLWLRQDQGH[SHFWVRPH
NLQGRIPDJLFWRRSHUDWH<RXKDYHWREHSUDJPDWLFDQGIOH[LEOHZLWKZKDW
\RXH[SHFWEHFDXVHHYHQWKRXJKWKHPDUNHWHQGVXSPRYLQJLQ\RXUH[SHFWHG
GLUHFWLRQLWPLJKWGRVRDWLWVRZQSDFHߨ

,QDSHUIHFWZRUOGWLPHGHFD\ZRXOGQߞWEHDQLVVXHIRUWKHRSWLRQVEX\HU%XW
UHDOLW\LVRWKHUZLVH(YHU\GD\WKDWWKHXQGHUO\LQJIDLOVWR
PRYHVLJQLILFDQWO\LQ\RXUIDYRU\RXDUHORVLQJ
PRQH\
6HWWLQJD*7&OLPLWRUGHUIRUVPDOOSURILWVJUHDWO\UHGXFHVWKLVWLPH
FRQXQGUXP:KRFDUHVLIWKHWUHQGFRQWLQXHVߨ\RXFDQDOZD\VJHWEDFNLQ

4%XWWKHDYHUDJHORVVHVDUHELJJHUWKDQWKHDYHUDJH
SURILWVߨ,VQߞWWKDWSUREOHPDWLF"
$,WGHSHQGVߨLI\RXUZLQLVKLJKHQRXJKLWߞVQRW$QGDQRWKHUWKLQJ
7KHDUJXPHQWߡ,WRQO\WDNHVRQHUHDOO\EDGORVVWRZLSHRXWDEXQFKRIVPDOO
SURILWVߢLVDYDOLGRQHEXWZHߞUHWUDGLQJRSWLRQV1RWVWRFNV,WߞVDELW
GLIIHUHQW,IWKH63<HQGVXSPRYLQJDJDLQVWXVZHVWLOOKDYHGD\VIRU
LWWRPRYHEDFNLQRXUIDYRU$QGLILWGRHVQߞWZHFDQRQO\ORVHWKHDPRXQW
WKDWZHߞYHLQYHVWHGLQWKHRSWLRQ6RLQLWVHVVHQFHDQGRILWV
QDWXUHWKHRSWLRQLVLWVHOIDVRUWRIVWRSORVV
1RZLWLVWUXHDORVVFDQEHKDUGWRGLJHVWEHFDXVHLWFDQUHTXLUHXSWR
WUDGHVWRPDNHWKHPRQH\EDFN
<LNHVߨWUDGHV"
<HVEXWWKRVHZLQQLQJWUDGHVFRPHUDWKHUHDVLO\ RIWHQLQDURZ JLYHQ
WKDWWKH5DLQPDNHUߞVZLQLVKLJK7KDWLVDOVRZK\\RXQHHGWKRVH
RFFDVLRQDORQFHLQDZKLOHWRPDNHWKHVWUDWHJ\ZRUWKZKLOH6R
ZHߞUHQRWVKXWWLQJWKHGRRUWRWKHDFWRIOHWWLQJRXUSURILWVUXQZHMXVWZDQW
WRGRLWZKHQWKHFRQGLWLRQVDUHDSSURSULDWH

4:KDWLVWKH5DLQPDNHUߞVZLQ"
$7KH5DLQPDNHUߞVZLQLVUDWKHUKLJK,I\RXIROORZWKH
UXOHVDQGWUDGHWKHV\VWHPDVLWLVRYHUHQRXJKQXPEHURIWUDGHV\RXVKRXOG
JHWDZLQXSZDUGVRI

1RZ\RXPLJKWEHWKLQNLQJߡ:HOOLWߞVQRWKLJKHQRXJKEHFDXVHRIWKHVL]H
RIWKHORVVHVߨߢ
,KHDU\RX7KDWLVZK\WKHRQHGLVFUHWLRQDU\SDUDPHWHU
UHJDUGLQJSURILWWDNLQJLVNH\,WPDNHVWKH5DLQPDNHUYLDEOHLQ
WKHORQJUXQ
<RXVHHWKHRQFHLQDZKLOHORVVHVZLOOEHFDQFHOHGRXWE\WKHRQFHLQD
ZKLOHELJJHUWKDQXVXDOSURILWV$QGLQEHWZHHQ\RXߞOOUHDSWKHUHJXODU
VPDOOTXLFNSURILWV
$VVXPLQJ\RXߞUHEX\LQJRQHRSWLRQHDFKWLPHKHUHߞVWKHEUHDNGRZQ

$ERXWRIWKHWLPH\RXߞOOUHDSVPDOOJDLQV
KHUHWKHUHߨ
$ERXWRIWKHWLPH\RXߞOOUHDSORVVHVKHUH
WKHUH WKLVGHSHQGVRQKRZ,Q7KH0RQH\\RXU
RSWLRQZDVZKHQ\RXSXUFKDVHGLW 
$ERXWRIWKHWLPH\RXߞOOUHDSELJJHUJDLQV
KHUHWKHUH
ߨ6RDV\RXFDQVHHZKHQ\RXWUDGHWKH5DLQPDNHU\RXKDYHWR
NHHSWKHORQJHUWHUPSLFWXUHLQPLQG:KHQ\RXUHDSORVVHV
GRQߞWSDQLF7UXVWWKHSURFHVV

4:KHQ,OHWDWUDGHUXQIRUELJJHUSURILWVKRZGR,
NQRZZKHQWRFORVHWKDWWUDGH"
$7RWUDGHWKH5DLQPDNHUHIIHFWLYHO\\RXߞOOUHTXLUHDOLWWOHELWRILQWXLWLRQ
1RZKRZGR\RXGHYHORSLQWXLWLRQ":HOOߨ7UXHLQWXLWLYH
H[SHUWLVHLVOHDUQHGIURPSURORQJHGH[SHULHQFHZLWK
JRRGIHHGEDFNRQPLVWDNHV
$V\RXNHHSWUDGLQJWKHVS\\RXߞOOJHWWRNQRZLWOLNHWKHSDOPRI\RXU
KDQGV<RXߞOOGHYHORSDIHHOIRUKRZLWPRYHV<RXߞOONQRZ
ZKHQWKH0$&'RQWKH'DLO\FKDUWLVIODVKLQJDOHVVWKDQLGHDOVLJQDODQG
\RXߞOOSDVVRQWKHWUDGH<RXߞOONQRZZKHQWROHW\RXUSURILWVUXQDQGZKHUH
WRH[LWZKHQ\RXGRVRߨ

7KDWߞVWKHDGYDQWDJHRIWUDGLQJRQHQDPHRQO\\RX
FDQGHOLEHUDWHO\IRFXVDQGOHDUQIDVWHU
,WߞVVXSHULPSRUWDQWWRGLVWLQJXLVKWUXHLQWXLWLYH
H[SHUWLVHIURPDPHUHIHHOLQJWKRXJKDQGPRVWSHRSOHGRQߞW
NQRZWKHGLIIHUHQFH7KDWߞVZK\LWߞVVRGLIILFXOWWREHVXFFHVVIXOLQWKH
PDUNHWVDVDVKRUWWHUPWUDGHUDQGWKDWߞVZK\LWߞVHYHQPRUHGLIILFXOWZLWKDQ
RSWLRQEX\LQJVWUDWHJ\
%XWLI\RXߞUHUHDG\WRFRPPLWWRRQHVWUDWHJ\RQHXQGHUO\LQJDQGRQH
YLVLRQ\RXߞOOJRYHU\IDUWUDGLQJWKH5DLQPDNHU

4&DQ,ORZHUWKHWLPHIUDPH"7KHPLQXWHFKDUW
GRHVQߞWJHQHUDWHWKDWPDQ\VLJQDOV
$7KH5DLQPDNHUJHQHUDWHVWUDGHVSHUZHHNRQDYHUDJH,NQRZWKDWߞV
QRWDORWEXW,GRQߞWUHFRPPHQGORZHULQJWKHWLPHIUDPHLQRUGHUWRJHW
PRUH

7KHUHZDVDWLPHZKHQ,ZDVWUDGLQJDYHUVLRQRIWKH5DLQPDNHUZLWKDORZHU
WLPHIUDPH-XVWEHFDXVHRIWKHUDSLGLW\RISULFHPRYHPHQWVLWPDGHPHYHU\
HPRWLRQDO,WHQGHGYHU\EDGO\1RZ,ߞYHFRPHWRDSRLQWLQP\
OLIHZKHUHHPRWLRQDOSUHVHUYDWLRQLVP\QXPEHURQH
SULRULW\
2EYLRXVO\\RXFRXOGWDNHWKHVLJQDOVDZHHNWKHVWUDWHJ\JHQHUDWHVLI
\RXZDQWHGWRߙWKLVZRXOGUHTXLUH\RXWREHSUHVHQWZKHQWKHVLJQDOVRFFXU
XQOHVV\RXUWUDGLQJSODWIRUPDOORZV\RXWRVHWXSVRPHDOHUWV3HUVRQDOO\,
GRQߞWZDQWWRVWD\LQIURQWRIP\FRPSXWHUVDOOGD\IURPWKHRSHQLQJVHVVLRQ
WRWKHFORVH,KDYHRWKHUWKLQJVWRGRZLWKP\OLIHߨ

6RKHUHߞVZKDW,ߞYHIRXQG<RXFDQDSSO\WKH5DLQPDNHU
VWUDWHJ\WRRWKHUXQGHUO\LQJV7KH6 3WRSKROGLQJVLVD
JRRGSODFHWRVWDUW
%HIRUH\RXWUDGHDQ\WKLQJMXVWPDNHVXUH\RXJREDFNLQWLPHDQGVHHKRZ
WKHVWUDWHJ\ZRXOGKDYHSHUIRUPHG
$OVRPDNHVXUHWKDWWKHQDPHVKDYHHQRXJKRSWLRQYROXPHDQGRSHQ
LQWHUHVW<RXZDQWWKHELGDQGDVNVSUHDGWREHDVWLJKWDVSRVVLEOH

7KHQ\RXFRXOGMXVWWUDGHIRUKRXUVDGD\ HYHQ
OHVV MXVWWDNLQJVLJQDOVZLWKLQWKDWZLQGRZ7KDWߞV
ZKDW,GRSHUVRQDOO\
%XWGRQߞWMXPSWKHJXQߨ$ORQJWLPHDJRDQDVWXWHRSWLRQVWUDGHUWROGPH
WKDWWRHYHUEHVXFFHVVIXODWWUDGLQJRSWLRQVRQHKDVWRIRFXVRQDVHOHFW
QXPEHURIVWRFNV2QHKDVWRNQRZKRZWKH\PRYHߙWKHLUFKDUDFWHU
YRODWLOLW\HWF7KDWPD\VRXQGRYHUO\VLPSOLVWLFEXWLWFRQWDLQVVRPHWUXWKV
FRQVLVWHQF\LVWKHQDPHRIWKHJDPHKHUHZKHQXVLQJ
WKLVVWUDWHJ\)RULQVWDQFHWKH63<LVQߞWWKHPRVWYRODWLOHQDPHRXW
WKHUHDQG,NQRZWKLVIDFWVRZKHQ,VHHYRODWLOLW\,NQRZWKLVHTXDOV
RSSRUWXQLW\

6RPDNHVXUH\RXߞUHWUDGLQJRQHXQGHUO\LQJDWILUVW WKH63< DQGZRUNRQ


PDVWHULQJWKH5DLQPDNHUVORZO\EXWVXUHO\6HHLI\RXFDQGHYHORSDIHHOIRU
WKH63<7KHQLI\RXZDQWPRUHVLJQDOVDGGDQRWKHUQDPH7KHQDQRWKHU
RQH'RLWSURJUHVVLYHO\5HPHPEHUWUDGLQJLVDSURFHVV

4&DQ,EX\FKHDSHURSWLRQVZLWKOHVVWLPHYDOXHDQG
ORZHUGHOWD"
$,I\RXGRWKDW\RXߞUHQRWWUDGLQJWKH5DLQPDNHUDQ\PRUH<RXߞUHWUDGLQJ
VRPHWKLQJHOVH7KHVXFFHVVRIWKLVVWUDWHJ\OLHVQRWLQWKH
UHOLDELOLW\RIWKHVLJQDO QRWUDGLQJVLJQDOLVUHOLDEOH UDWKHULW
OLHVLQWKHPDQDJHPHQWRIWKHWUDGHV,QRWKHUZRUGVLWߞVWKHH[LW6R
WKHORZHUWKHGHOWDWKHORQJHULWZLOOWDNH\RXWRH[LWWKHSRVLWLRQ

7KHQEHFDXVHWKHUHLVQRVWRSORVVVRPHWUDGHVWKDWPD\EHGLGQߞWZRUNDW
ILUVWPLJKWJRRQDQGWXUQLQWRZLQQHUV DQGVRPHWLPHVLQFUHGLEOHRQHV D
FRXSOHRIGD\VODWHU7KDWLVZK\LWLVLPSRUWDQWWREX\RSWLRQV
ZLWKWKHULJKWDPRXQWRIGD\VXQWLOH[SLUDWLRQ,ߞYHIRXQG
RYHUWLPHWKDWGD\VZRUNVZHOO/HVVDQGWKHRSWLRQEHFRPHVWRR
VHQVLWLYHWRWLPHGHFD\0RUHDQGLWEHFRPHVOHVVVHQVLWLYHWRSULFH
PRYHPHQW

1RWXQGHUVWDQGLQJWKHHIIHFWRIWKHWLPHYDOXHRIDQ
RSWLRQLVSHUKDSVWKHQXPEHURQHPLVWDNHWKDW,KDYH
VHHQEHJLQQHUVPDNH(DUO\LQP\FDUHHU,ORVWDQREVFHQHDPRXQW
RIPRQH\RQVLQJOHWUDGHVEHFDXVHRIWKDW

4:K\QRWZULWH270RSWLRQVLQVWHDGRIEX\LQJ,70
RSWLRQV"6WDWLVWLFVVKRZWKDWWKHSUREDELOLWLHVRISURILW
DUHZD\EHWWHUߨ
$1HYHUIRUJHWWKDWWKHJRDORIWKLVVWUDWHJ\LVWREHRXWRIWKHWUDGHYHU\
TXLFNO\DQGWKHQPRYHRQWRWKHQH[WWUDGHRUWKHQH[WWUDGLQJGD\7KLV
VWUDWHJ\LVQRWPHDQWWRIDOOLQORYHZLWKDQ\RI\RXU
WUDGHV,WLVWRPDNHH[WUHPHO\TXLFNSURILWVDQGZDLWIRUWKHQH[WWUDGH
RSSRUWXQLW\WRDULVH

:LWKWKDWLQPLQGEX\LQJRSWLRQVZRUNZHOOZLWKWKLVVWUDWHJ\EHFDXVH
)LUVWZHߞUHEX\LQJWKHPRQDSXOOEDFNVRZHߞUHJHWWLQJWKHPZKHQWKH\ߞUH
FKHDS
6HFRQGRXUULVNLVOLPLWHGߙLWߞVFDSSHGE\WKHDPRXQWRIPRQH\\RXߞYH
LQYHVWHGLQWKHRSWLRQ
7KLUGZHߞUHWDNLQJDGYDQWDJHRIGLUHFWLRQDOPRYHVLQWKHXQGHUO\LQJ7KDWߞV
ZKDWWKH5DLQPDNHUZDVGHVLJQHGWRGR6LQFHZHߞUHH[SHFWLQJDPRYHWR
KDSSHQUDWKHUTXLFNO\PRVWRIWKHWLPHZHߞUHQRWORFNHGLQWRDSRVLWLRQ$V
PXFKDVSRVVLEOHZHZDQWWRKROGRXUSRVLWLRQVKRUWWHUPEHFDXVH
UHPHPEHUWLPHLVRXUHQHP\
:KHQZULWLQJRSWLRQV\RXUDGYDQWDJHLVWKDWWLPHLVZRUNLQJIRU\RXDQG
HYHU\GD\WKDWSDVVHVZLWKWKHXQGHUO\LQJIDLOLQJWRPRYHVLJQLILFDQWO\
DJDLQVW\RX\RXDUHSURILWLQJ%XWWKHSUREOHPLVWKDW\RXUSURILWVDUHFDSSHG
DQG\RXUULVNLVSRWHQWLDOO\XQOLPLWHG<RXDOVRFDQߞWUHDOO\GD\WUDGHZKHQ
ZULWLQJRSWLRQV0RVWRIWKHWLPH\RXKDYHWRPDUU\\RXUSRVLWLRQXQWLOLW
PDWXUHVߨ
:ULWLQJRSWLRQVLVGHILQLWHO\PRUHIRUJLYLQJEXWDV\RXFDQVHHLQWUDGLQJ
WKHUHߞVDOZD\VDPDWKHPDWLFDOWUDGHRII
,I\RXNQRZZKDW\RXߞUHGRLQJLI\RXIROORZWKHUXOHVDQGEX\RSWLRQV
VWUDWHJLFDOO\\RXZLOOXVHWKLVVWUDWHJ\VXFFHVVIXOO\<RXߞOOEHDEOHWR
FRPPDQGTXLFNSURILWVIROORZHGE\VRPHRFFDVLRQDOKRPHUXQV7KDWߞVWKH
ZKROHSRLQW,ߞPWU\LQJWRSUHVV0RVWSHRSOHGRQߞWNQRZKRZWREX\RSWLRQV
WKHULJKWZD\7KH\GRLWZLWKWKHZURQJH[SHFWDWLRQV$QGWKDWߞVZK\WKH
VWDWLVWLFVDUHVRVNHZHG

4+RZPDQ\RSWLRQFRQWUDFWVFDQ,XVH"
$7KHVN\LVWKHOLPLW-XVWPDNHVXUH\RXXQGHUVWDQGWKH
ULVNV%XWEHIRUH\RXJRDOOFUD]\ZLWK\RXUSRVLWLRQVL]HJHWRXWWKHUHDQG
WUDGHRQHRSWLRQDWDWLPH,I\RXPDNHDSURILWRQ\RXUILUVWFRXSOHRIWULHV
GRQߞWJRFUD]\DQGSXWDKXJHDPRXQWLQWKHQH[WIHZWUDGHV+DYHGLVFLSOLQH
$QGSDWLHQFH7KRVHDUHVWDUTXDOLWLHV\RX$%62/87(/<QHHGWR
FXOWLYDWHDVDWUDGHU

2QWKHRWKHUKDQGLI\RXORVHRQWUDGHQXPEHURQHRUWZREHDEVROXWHO\VXUH
WRVWRSZKDW\RXDUHGRLQJWDNHVRPHWLPHDQGXQGHUVWDQGH[DFWO\ZKDW
KDSSHQHGRQWKHWUDGH7KLVLVFUXFLDO%XWGRQߞWOHWLWJHWWR\RX

&RXOG\RXLPDJLQHLI:DUUHQ%XIIHWWORVWPRQH\RQKLVILUVWLQYHVWPHQW"+H
ZRXOGSUREDEO\KDYHNHSWDEDGH[SHULHQFHRIWKDWDQGKHZRXOGQߞWEHZKHUH
KHLVWRGD\6RWDNHLWVORZO\)RFXVRQOHDUQLQJUDWKHUWKDQ
PDNLQJPRQH\.HHSSXVKLQJDKHDGZLWK\RXUHGXFDWLRQ,QWLPH\RX
ZLOOPDNHPRQH\

0RUHTXHVWLRQV"6HQGPHDQHPDLODWWUDGLQJFRPSRVXUHLQIR#JPDLOFRP

75$9(/,1*$1'75$',1*
&RPLQJEDFNWRWUDYHOLQJ\RXߞYHSUREDEO\FRPHDFURVVDUWLFOHVRQOLQHRQ
WUDGLQJDQGWUDYHOLQJDORQJZLWKSKRWRVRIWUDGHUVVLWWLQJE\WKHEHDFKZLWKD
ODSWRSRQWKHLUODSV
7KDWߞVKRZWKDWOLIHVW\OHLVSRUWUD\HGWRWKHSXEOLF)RUKDYLQJGRQHLW
H[WHQVLYHO\,FDQVD\WKDWVRPHDVSHFWVRILWDUHWUXHEXWIRUWKHPRVWSDUW
LWߞVRYHUURPDQWLFL]HG
,I\RXߞYHEHHQIROORZLQJP\ZRUNIRUDORQJWLPH\RXNQRZE\QRZKRZ,
DOZD\VOLNHWRVKRZWKHUHDOLW\EHKLQGDQ\VLWXDWLRQVRWKDWDQ\
PLVFRQFHSWLRQVFDQEHFOHDUHGHDUO\RQ6ROHWPHEUHDNGRZQWKLVߡWUDYHOLQJ
WKHZRUOGDQGWUDGLQJߢOLIHVW\OHIRU\RXߨ

)LUVWOHWߞVVHHVRPHEHQHILWV
7KHIUHHGRPWREH\RXURZQERVV7KDWߞVWKHILUVWWKLQJ
WKDWFRPHVWRPLQG<RXFDQFRQWUROKRZPXFKZRUN\RXGRDQGZKHQ\RX
GRLWWKHUHIRUH\RXKDYHJUHDWFRQWURORYHU\RXURZQWLPHDQG\RXFDQZRUN
DW\RXURZQUK\WKP7KLVLVWKHELJJHVWVHOOLQJSRLQWRIWKLVOLIHVW\OH

<RXJHWDQLQFUHGLEOHRSSRUWXQLW\WRYLVLWSODFHV
VHHGLIIHUHQWFXOWXUHVPHHWGLIIHUHQWSHRSOH,WߞVMXVWD
ZRQGHUIXOH[SHULHQFH0DUN7ZDLQRQFHVDLGߡ7UDYHOLVIDWDOWRSUHMXGLFH
ELJRWU\DQGQDUURZPLQGHGQHVVߨ%URDGZKROHVRPHFKDULWDEOHYLHZVRI
PHQDQGWKLQJVFDQQRWEHDFTXLUHGE\YHJHWDWLQJLQRQHOLWWOHFRUQHURIWKH
HDUWKDOORQHߞVOLIHWLPHߢ,FDQRQO\VD\WKLV,FRQFXU

7KLVW\SHRIOLIHVW\OHLVORFDWLRQLQGHSHQGHQW<RX
GRQߞWQHHGDQRIILFHZLWKFRPSXWHUVFUHHQVLQIURQWRI\RX6RPHWLPHV
\RXGRQߞWHYHQQHHGRQH<HV,ߞYHWUDGHGRQDQL3DGFRXQWOHVVWLPHV

$GD\WUDGLQJVWUDWHJ\OLNHWKH5DLQPDNHULV
SHUIHFWIRUWUDYHOLQJVLQFHPRVWRIWKHWLPHLWJLYHV\RXTXLFNSURILWV
DQGWKHQ\RXߞUHGRQHIRUWKHGD\ RUQLJKWGHSHQGLQJRQZKHUH\RXDUHLQ
WKHZRUOG <RXFDQJRHQMR\\RXUVHOI

$SDUWIURPWKHHQULFKLQJWUDYHOH[SHULHQFHDQGDOOWKHRWKHUDGYDQWDJHV
FLWHGDERYHWUDYHOLQJFDQOHVVHQ\RXUPRQWKO\H[SHQVHV
HVSHFLDOO\LI\RXߞUHYLVLWLQJFRXQWULHVWKDWKDYHORZHUFRVWVRIOLYLQJ

%XWLWߞVQRWDOOURV\
/HWߞVVHHVRPHGLVDGYDQWDJHVWREHLQJDWUDYHOLQJ
WUDGHU
7LPHGLIIHUHQFHFDQEHDKXJHGLVDGYDQWDJH)RU
LQVWDQFHLQ,ZHQWWR-DSDQ6LQFHWKHUHߞVDKRXUWLPHGLIIHUHQFH
EHWZHHQ1HZ<RUNDQG7RN\RWKH86PDUNHWVZRXOGRSHQDWSP
ߡ7KDWߞVJUHDWߢ,WKRXJKWDWILUVWVLQFHLWZRXOGJLYHPHWLPHWRYLVLWGXULQJ
WKHGD\-DSDQLVVXFKDEHDXWLIXOFRXQWU\ULFKLQFXOWXUH6RQDWXUDOO\,
VSHQWPRVWRIP\GD\VZDQGHULQJDURXQG%XWKHUHߞVWKHWKLQJߨ$IWHUDQ
H[KDXVWLQJGD\RXWLQVWHDGRIFRPLQJEDFNKRPHWRUHOD[DQGVOHHS,KDGWR
VWD\XSDQGWUDGH7KLVGHILQLWHO\WRRNDZD\IURPWKHH[SHULHQFH3OXV,
ZDVQߞWLQWKHEHVWIUDPHRIPLQGWRWUDGHߙEHFDXVH,ZDVVRWLUHG6RDV\RX
FDQVHHLWߞVQRWDOODERXWSOHDVXUH

0RVWSHRSOHWKLQNWKDWZKDWDOOWUDYHOLQJWUDGHUV
GRLVVSHQGWLPHDZD\ORXQJLQJRQWKHEHDFK:HOOR
NDDDD\WKDWFDQKDSSHQ EHFDXVH,GRZRUNOHVVWKDQKRXUVDGD\QRZ
%87QRWHYHU\RQHFDQGRWKDWLPPHGLDWHO\HVSHFLDOO\ZKHQDSHUVRQLVVWLOO
VWDUWLQJRXW$WWKHEHJLQQLQJ\RXߞOOPRVWOLNHO\EHVKHGGLQJWHDUV(YHU\RQH
JRHVWKURXJKWKLVVWDJH7KDWߞVKRZZHOHDUQWRWUDGH,WߞVDQH[SHUWLVHWKDW
ZHߞUHGHYHORSLQJDQGLWߞVGHYHORSHGWKURXJKSRVLWLYHIHHGEDFNRQPLVWDNHV
DQGIDLOXUHV6RLI\RXSDFN\RXUVWXIIDQGOHDYHIRU.DWKPDQGXEHIRUH
\RXߞUHHYHQFRQVLVWHQWO\SURILWDEOH\RXߞUHJRLQJWRKDYHDKDUGWLPHJHWWLQJ
DQ\ZKHUH7UXVWPHRQWKLVEHFDXVH,ߞYHPDGHDEXQFKRIPLVWDNHVEHIRUH
DQG,ZDQWWRVSDUH\RXWKHSDLQ%XWVXUHHQRXJKRQFH\RXJHWSDVWWKDW
JUXHOLQJߝHQWU\VWDJHߞLWFDQJHWVPRRWKVDLOLQJIURPWKHQRQ

$GHFHQWLQWHUQHWFRQQHFWLRQWHQGVWREHKDUGWR
FRPHE\7KLVLVDUHDOVWUXJJOH6LQFHZKDWZHGRUHO\RQWKHLQWHUQHWDQ
XQUHOLDEOHXQVDIHLQWHUQHWFRQQHFWLRQLVDKXJHLQFRQYHQLHQFH5HJUHWWDEO\
WKLVLVDSUREOHPWKDW\RXߞOOIDFHDOPRVWDOZD\VDV\RXWUDYHODURXQGWKH
ZRUOG

1RPDWWHUZKDW\RXGRKRPHVLFNQHVVORQHOLQHVV
FDQFUHHSLQIURPWLPHWRWLPH7KLVLVPRVWOLNHO\WRKDSSHQLI
\RXߞUHVHWWLQJRXWLQWKLVOLIHVW\OHDORQHRULI\RXGRQߞWWDNHWKHLQLWLDWLYHWR
FRQQHFWZLWKSHRSOHZKLOVW\RXߞUHRQWKHURDG7KLVLVDSUREOHP,RIWHQIDFHG
EHIRUH,PHWP\SDUWQHUZKHQ,ZDVWUDYHOLQJDORQH,ߞPMXVWVXFKDELJ
LQWURYHUWWKDWLWߞVKDUGIRUPHWRPDNHIULHQGV1RZLPDJLQHZKDWKDSSHQV
ZKHQWKHUHߞVDODQJXDJHEDUULHURQWRSRIWKDW7KDQNIXOO\,QRZXQGHUVWDQG
WKHLPSRUWDQFHRIVWHSSLQJRXWRIP\FRPIRUW]RQHDQG,ߞPOHVVLQP\OLWWOH
EXEEOH
$PRQWKLQWKHOLIHRIDWUDYHOLQJWUDGHU
1RZWKDWZHߞUHGRQHGLVFXVVLQJWKHSURVDQGFRQVRIWUDYHOLQJDQGWUDGLQJ
OHWߞVVHHKRZP\ODWHVWDGYHQWXUHZHQW
,Q6HSWHPEHUP\SDUWQHUDQG,GHFLGHGWKDWZHZRXOGYLVLW6HQHJDOD
FRXQWU\LQ:HVW$IULFDERUGHUHGE\0DXULWDQLDLQWKHQRUWK0DOLWRWKHHDVW
*XLQHDWRWKHVRXWKHDVWDQG*XLQHD%LVVDXWRWKHVRXWKZHVW
,KDYHDQROGIULHQGZKRUHORFDWHGWKHUHDFRXSOHRI\HDUVDJRZKHUHKH
ODXQFKHGDWKULYLQJEXVLQHVVLQWKHWRXULVPLQGXVWU\6R,WKRXJKWLWZRXOGEH
DJUHDWRSSRUWXQLW\WRSD\KLPDYLVLWDQGVHHWKHFRXQWU\
/RQJVWRU\VKRUWP\SDUWQHUKDGWRFDQFHOKHUIOLJKWIRUZRUNUHODWHGUHDVRQV
DQGVLQFHP\WLFNHWZDVQRQUHIXQGDEOH ,KDGSXUFKDVHGDFKHDSRQHZLWK
P\DLUPLOHV ZHGHFLGHGWKDW,VKRXOGVWLOOGRWKHWULSEXWDORQH
$IWHUDORQJIOLJKW,DUULYHGWKHUHFRPSOHWHO\HQHUYDWHG&RPLQJRXWRIWKH
DLUSRUW,RUGHUHGDWD[LDQGXSRQLWVDUULYDO,ZDVVXUSULVHGWRILQGVRPHRQH
MXVWOLNHPH ,QGLDQORRNLQJ ߡ,QDVXE6DKDUDQFRXQWU\WKDWߞVXQXVXDOߢ,
WKRXJKWWRP\VHOI
6R,DVNHGKLP$UH\RX,QGLDQ"ߢLQDQDZNZDUGDWWHPSWWREUHDNWKHLFH
+HUHSOLHGZLWKSLHUFLQJH\HVDQGDIULJLGWRQHߡ'R,ORRN,QGLDQWR\RX"ߢ,
LPPHGLDWHO\UHJUHWWHGDVNLQJKLPWKDWTXHVWLRQ
:HNHSWTXLHWLQWKHWD[LIRUDJRRGPLQXWHVXQWLOKHEURNHWKHVLOHQFH
ZLWKDODXJKWKDWVWDUWOHGPHDWILUVW,ߞPMXVWNLGGLQJPDQߨ,ߞP,QGLDQߢKH
VDLGEHIRUHLQWURGXFLQJKLPVHOIDV'HYDYDQG
$VPLOHFDPHDFURVVP\IDFHDVWHQVLRQIDGHGDZD\ߡ+HVHHPVIULHQGO\DIWHU
DOOOHWߞVJLYHLWDQRWKHUWU\ߢ,WKRXJKW:HEHJDQWDONLQJDQGKHWROGPHWKDW
KHZDVWKLUGJHQHUDWLRQKHUHKLVDQFHVWRUVKDYLQJPLJUDWHGIURP,QGLD$V
WKHH[FKDQJHFRQWLQXHG,TXLFNO\IRXQGRXWWKDWKHZDVQߞWWKHMHUN,WKRXJKW
KHZDV)LUVWLPSUHVVLRQVDUHQRWDOZD\VDFFXUDWH
6RRQHQRXJKZHVWDUWHGWDONLQJDERXWWUDGLQJLQYHVWLQJ'HYDQDQGKDG
VRPHLQLWLDOH[SHULHQFHZLWKORQJWHUPLQYHVWLQJEXWKDGQHYHUWULHGKLVKDQGV
DWDQ\NLQGRIVKRUWWHUPWUDGLQJDFWLYLW\$QGKHZDVGHHSO\FXULRXVDERXWLW
VRKHRIIHUHGWREHP\SHUVRQDOFKDXIIHXU IRUIUHH GXULQJP\VWD\LIKH
FRXOGMXVWSHHNRYHUP\VKRXOGHUVKHUHDQGWKHUHZKHQ,ZDVWUDGLQJ
7KLVZRXOGZRUNUHDOO\ZHOOVLQFHWKH86PDUNHWVZRXOGRSHQDWSP
ORFDOWLPH ZKLFKZRXOGJLYHPHMXVWHQRXJKWLPHWRGRVRPHVLJKWVHHLQJLQ
WKHPRUQLQJDQGEHEDFNEHIRUHWKHRSHQLQJVHVVLRQ
,JODGO\DFFHSWHGKLVRIIHUDQGIRUWKHHQWLUHPRQWK,VSHQWWKHUHWKDWߞVZKDW
ZHGLGߙKHGURYHPHDURXQGLQWKHPRUQLQJZHFDPHEDFNIRUOXQFKDQG
WKHQEHJDQWUDGLQJIRUDFRXSOHRIKRXUVLQWKHKRWHOOREE\
+HUHDUHWKHWUDGHVZHWRRNߨ

,DUULYHGLQ6HQHJDORQWKHILUVWGD\RI2FWREHU8QIRUWXQDWHO\WKLV
ZRXOGEHWKHVWDUWRIDGD\ZDLWRQWKHWUDGLQJVLGH

$OOWKDWWLPH,MXVWGLGQߞWJHWDVLJQDOWKDWZDVZRUWKWDNLQJVRLWZDVPRVWO\
DZDLWLQJJDPH
,WKDSSHQV

6RPHWLPHVWKHPDUNHWZLOOKDQG\RXDORWRIVLJQDOV
VRPHWLPHVQRW7KDWߞVWKHQDWXUHRIWKHEHDVW
2QDPRUHSHUVRQDOVLGHLWZDVQߞWDQLVVXHIRUPHDWDOODV,ZDVVLSSLQJ
FRFNWDLOVDWWKH/DPDQWLQ%HDFK5HVRUWSDWLHQWO\ZDLWLQJIRUP\
WLPHWRVWULNH
2Q2FWREHUWKLQWKHPRUQLQJ'HYDQDQGGURYHPHDURXQG'DNDU WKH
FDSLWDO DQGODWHU,KDGEUXQFKDW7KH+RWHO7HUURX%L,VSHQWFORVHWR
WKHUHDVRPHZKDWULGLFXORXVDPRXQWLQZHVWHUQFRXQWULHV2YHUKHUHWKDW
DPRXQWLVDIRUWXQHJLYHQWKDWWKHPHGLDQPRQWKO\LQFRPHLVDERXW

,QWKHDIWHUQRRQ,ILQDOO\WRRNDWUDGHZKLFK,FORVHGWKHQH[WGD\IRUD
UHWXUQߙDERXWWLPHVWKHDPRXQWRIPRQH\,VSHQWLQ
WKHPRUQLQJ
1RWEDGLI\RXDVNPH

7KHYHU\QH[WGD\,WRRNDQRWKHUVLJQDODQGVLQFH,VDZWKDWWKH63<
ZDQWHGWRPRYHKLJKHU,FORVHGWKHWUDGHDFRXSOHRIGD\VODWHUIRUD
UHWXUQ:LWKWLPH\RXߞOOGHYHORSDߡIHHOߢIRULWDVZHOO
3UDFWLFHZLOOPDNH\RXEHWWHUDQG,FDQߞWKHOSZLWKWKDW<RXߞUH
RQ\RXURZQWKHUH

7KLVGD\,ZHQWWRYLVLWWKH0XVHXPRI$IULFDQ$UWVZKLFKFRQVXPHGD
JRRGSRUWLRQRIP\GD\$V,FDPHEDFNWRWKHKRWHOWKHPDUNHWKDGMXVW
EURNHQRXWRILWVWLJKWUDQJHWRWKHGRZQVLGH

7RPHWKLVZDVQߞWDVLJQDOWRJRVKRUW\HW0$&'ZDVVWLOOEXOOLVKRQWKH
'DLO\7KH:HHNO\DOVRVXJJHVWHGWKDWRSSRUWXQLW\ZRXOGEHWRWKHXSVLGH
$V,JRWDVLJQDO,WRRNWKHWUDGHDQGFORVHGLWDIHZGD\VODWHUIRUD
UHWXUQ
$WWKLVSRLQW'HYDQDQGߞVKHDGZDVVWDUWLQJWRKHDWXS
ߡ:RZߢKHH[FODLPHGFODSSLQJKLVKDQGVߡ:HOOWKDWZDVFRRO:KDWGLG
\RXMXVWGRDJDLQ"ߢ
+LVIDFHVKRZHGVWXSRUH[FLWHPHQWEXWDOVRHQY\+HZDVIODEEHUJDVWHGDW
WKHVLJKWWKDWRQHFRXOGPDNHVXFKDPRXQWVRIPRQH\LVVXFKDVKRUWSHULRG
RIWLPHZKLOHKHZDVWKHUHGULYLQJDWD[LDOOGD\VWUXJJOLQJWRPDNHHQGV
PHHW
6HHLQJKLVUHDFWLRQ,UHPHPEHUH[DFWO\ZKDW,WROGKLPߡ<RXVHHWKDWLV
ZK\SHRSOHORVHDWWKLVJDPH0RQH\KROGVWRRPXFKZHLJKWLQWKHLUPLQGV
7RGRJRRGDWWUDGLQJ\RXKDYHWRIRUJHWWKHPRQH\3URILWVVKRXOGQߞWJRWR
\RXUKHDGDQGORVVHVWR\RXUKHDUWߢ
,GRQߞWNQRZLIKHDFWXDOO\WRRNZKDW,VDLGWRKHDUWߨ

$IWHUDORQJZHHNHQGVSHQWLQWKHFRXQWU\VLGHZLWKP\IULHQGDQGKLV
IDPLO\,ZDVEDFNDWWKH/DPDQWLQ%HDFK5HVRUW$GHFNFKDLUIDFLQJWKH
KRWHOSRRORYHUORRNLQJWKHEHDFKKDGEHFRPHP\ߡRIILFHߢDQG,ZDVJODGWR
EHEDFN7RRNRQHWUDGHWKDWGD\ZKLFK,FORVHGWKHQH[WGD\IRUD
UHWXUQ

,QKLQGVLJKWFORVLQJWKHWUDGHZLWKVXFKVPDOOSURILWVPLJKWKDYHVHHPHGOLNH
DGXPEGHFLVLRQEHFDXVHWKHHQVXLQJGD\VWKH63<NHSWUDPSLQJXS,FRXOG
KDYHHDVLO\PDGHDWOHDVWDUHWXUQRQWKDWWUDGH
%XWQRPDWWHUZKDWKDSSHQVLQWKHPDUNHWVLIPRVWRIWKHWLPH\RXߞUH
FORVLQJ\RXUWUDGHVIRUVPDOOSURILWV\RXߞUHGRLQJLWULJKW

7KHUHLVQRWKLQJZRUVHIRUDWUDGHUWKDQVHHLQJRSHQSURILWVZLSHGRXW
EHFDXVHRIJUHHG0\DGYLFHWR\RX'RQ
WEHWRRJUHHG\$VPXFK
DVSRVVLEOHVHOO\RXURSWLRQDWDQGJRUHOD[IRUWKHUHVWRIWKHGD\
7KHUHZLOODOZD\VEHRWKHUWUDGHV7KHPDUNHWZLOODOZD\VEHWKHUH
3DWLHQFHLVNH\LQWKLVEXVLQHVV
7KHIROORZLQJGD\V,GLGQߞWJHWDQ\VLJQDOVZRUWKWDNLQJEXWP\YDFDWLRQV
ZHUHDOUHDG\FRPLQJWRDQHQGDQ\ZD\DQGLWZDVWLPHWROHDYH

2QO\WUDGHVEXWߨ
$VVDLGHDUOLHU,RFFDVLRQDOO\XVHWKH5DLQPDNHURQRWKHUQDPHV%XWIRU
VLPSOLFLW\ߞVVDNH,ߞYHRQO\UHFRXQWHGWKHWUDGHV,WRRNRQWKH63<
,ZLVK,FRXOGWHOO\RXWKDW,WRRNVRPHORVVHVGXULQJP\WLPHVSHQWLQ
6HQHJDOߨLWZRXOGPDNHWKHZKROHVLWXDWLRQPRUHFUHGLEOHWR\RXUH\HVEXW
WKHUHDOLW\LVWKDW,MXVWGLGQߞW

1RZGRHVWKLVPHDQWKDW\RXZRQߞWKDYHORVVHV"1R/RVVHVDUHSDUW
RIWKLVEXVLQHVV
%XW,FDQWHOO\RXLI\RXFDQWUDGHWKH5DLQPDNHUWKHULJKWZD\RYHUHQRXJK
QXPEHURIWUDGHV\RXߞOOHQGXSPDNLQJPRUHWKDQ\RXORVH

ߨDPHPRUDEOHVWD\
&RPLQJEDFNWRWUDYHOLQJ,IHHOOLNHLWߞVLQVRPHVHQVHWKHSXUVXLWRI
QXPHURXVJRDOVREMHFWLYHVDQGWKHUHDOL]DWLRQRIRQHߙWKHGLVPDQWOLQJRI
IHDU7KLVKROGVWUXHIRUPHDVHDFKRIWKHWUDYHOVWKDW,ߞYHPDGHKDVKHOSHG
PHVWHSRXWRIP\DSULRULDVVXPSWLRQVDQGLQKHUHQWIHDUVRIWKHߡRWKHUߢ
,ZRXOGEHO\LQJLI,GLGQߞWDFNQRZOHGJHWKHIHDUV,IHOWEHIRUHYLVLWLQJ
6HQHJDO$ZHHNEHIRUHKHDGLQJWKHUHP\IULHQGWROGPHWKDW,QHHGHGWR
GUHVVDQGDFWPRGHVWO\QRWWKDW,GRQߞWXVXDOO\EXWLWZDVMXVWD
SUHFDXWLRQDU\UHPLQGHUDVVRPH%RNR+DUDPUHFUXLWHUV DQ,VODPLF
H[WUHPLVWWHUURUJURXS ZHUHVSRWWHGLQWKHUHJLRQDIHZGD\VDJR
6HQHJDOLVDVHFXODUVWDWHDQGWKHYDVWPDMRULW\RIWKHSRSXODWLRQLV0XVOLP
7KRXJKSHDFHIXO\RXKHDUVRPDQ\WKLQJVWKHVHGD\VRQWKHQHZVWKDWLWߞV
ERXQGWRDWWKHYHU\OHDVWFDXVH\RXWRUHFRQVLGHUVRPHWUDYHOGHFLVLRQVRI
\RXUV
%XW,VWXFNWRP\SODQDQGIURPWKHPRPHQW,DUULYHGLQWKHFRXQWU\WRWKH
WLPH,ߞYHVSHQWRXWVLGHRIWKHUHVRUWLQWKHFLW\RUWKHFRXQWU\VLGHDPRQJWKH
HYHU\GD\SHRSOH,KDYHWRVD\6HQHJDOVWUXFNPHE\LWVEHDXW\DQGWKH
SHRSOHE\WKHLUNLQGQHVVDQGJHQHURVLW\
$OOLQDOOLWZDVPHPRUDEOHDQG,ZRXOGYLVLWWKDWFRXQWU\DJDLQLQD
KHDUWEHDW,ߞGDOVRSUREDEO\YLVLWWKHRWKHUFRXQWULHVLQWKHYLFLQLW\ߨ

$V\RXVDZWKH5DLQPDNHULVSHUIHFWIRUVXFKQRPDGLF
OLIHVW\OHV,ߞYHURDGWULSSHGDFURVV1RUWK$PHULFD$XVWUDOLD(XURSH
,QGLDDQG,ߞYHYLVLWHGPDQ\RWKHUFRXQWULHV7KH5DLQPDNHUKDVEHHQUHDOO\
JRRGWRPHSURYLGLQJPHZLWKSRFNHWPRQH\IRUDFFRPPRGDWLRQIRRG
DFWLYLWLHVVXFKDVVKRSSLQJVN\GLYLQJEXQJHHMXPSLQJDQGRWKHU
HQWHUWDLQPHQWV

$V,WUDYHOHG,QHYHUKDGWRZRUU\DERXWPRQH\%HFDXVHWKHSURILWV
IURPWUDGLQJWKH5DLQPDNHUDUHIDLUFRQVLVWHQWDQG
IDVW:KDWߞVPRUHWKHORVVHVFDQFHOWKHPVHOYHVRXWRYHUWLPH UHPHPEHU
DERXWRIWKHWLPH\RXDUHWDNLQJVPDOOSURILWVRIWKHWLPH\RXߞUH
WDNLQJORVVHVDQGDQRWKHU\RXߞUHOHWWLQJ\RXUZLQQHUVUXQ :KDWߞVQRW
WROLNHDERXWWKLVVWUDWHJ\"

,VLWWKHKRO\JUDLO"1R7KHKRO\JUDLOLVZDVDQGZLOODOZD\VEH<28
1RWWKHV\VWHP<RXDUHWKHRSHUDWRUDQGVR<28KDYHWRILQGDZD\WREH
FRQVLVWHQWLQ\RXUEHKDYLRU

$IHZWUDYHOWLSV
 $OZD\VGUHVVZHOOEHIRUHWDNLQJWKHSODQH$OVREH
QLFHWRWKHFKHFNLQDJHQWDWWKHDLUSRUW6RPHWLPHVIRURSHUDWLRQDOUHDVRQV
WKHFRPSDQ\RYHUERRNVWKHHFRQRP\FODVVFDELQ2FFDVLRQDOO\ZKHQWKDW
KDSSHQVWKHDJHQWZLOOXVXDOO\SLFNDQGFKRRVHSHRSOHIRUDIUHHXSJUDGHWR
WKHSUHPLXPFDELQV<RXZDQWWKDWDJHQWWRUHPHPEHU\RX6RGUHVVZHOOEH
QLFHDQGLWߞOOHYHQWXDOO\KDSSHQ2QWRSRIWKDW,XVXDOO\KDQGKLPKHUD
FRS\RIRQHRIP\ERRNV6RIDUZKHQWKHUHZDVDQRSSRUWXQLW\IRUDQ
XSJUDGHLWKDVZRUNHGWLPHVRXWRI

 7KHUHDUHWUHPHQGRXVEHQHILWVWREHLQJIOH[LEOH
)RULQVWDQFH,ZLOORIWHQDVNWKHFKHFNLQDJHQWLIWKHIOLJKWLVRYHUERRNHG,I
WKHDQVZHULV\HV,ZLOOXVXDOO\WHOOWKDWSHUVRQWKDW,DFFHSWWREHSODFHGRQ
WKHQH[WIOLJKWLIQHHGEH RIFRXUVHLPSOLHGZLWKWKDWLVWKHSURPLVHRID
FRPSHQVDWLRQ :KHQWKDWKDSSHQVIUHHKRWHOIUHHEXVLQHVVORXQJHDFFHVV
SDUWLDOUHIXQGRIP\SODQHWLFNHWDUHSRWHQWLDOJRRGLHVWKDWDZDLWPH

 'RQߞWKHVLWDWHWRDVNIRUFRPSHQVDWLRQVZKHQ
DQGZKHUHDSSURSULDWH,I\RXDUHWUDYHOLQJIURPD(XURSHDQ
DLUSRUWRUZLWKDQ(8DLUOLQHDQG\RXUIOLJKWDUULYHVDWLWVGHVWLQDWLRQPRUH
WKDQWKUHHKRXUVODWH\RXPD\EHHQWLWOHGWRILQDQFLDOFRPSHQVDWLRQRIXSWR
ࠔXQGHUWKH(8UXOHV%XW\RXKDYHWRDVNIRULW7KHRQO\WKLQJLVWKDW
\RXZRQߞWEHHQWLWOHGWRFRPSHQVDWLRQLI\RXUIOLJKWLVGHOD\HGDVDUHVXOWRI
ߡH[WUDRUGLQDU\FLUFXPVWDQFHVߢ7KHVHDUHWKLQJVWKDWDUHRXWRIWKHDLUOLQH
V
FRQWUROOLNHWKHZHDWKHUIRULQVWDQFH

 :KHQWUDYHOLQJSDWLHQFHLVVXSHULPSRUWDQWߙDW
OHDVWLI\RXZDQWWRPDNHWUDYHOLQJDQHQMR\DEOHH[SHULHQFH'RQߞWVZHDWWKH
VWXII\RXFDQߞWFRQWURO/LIHLVPXFKWRRVKRUWIRUWKDW

 7U\DVPXFKDVSRVVLEOHWRZDNHXSHDUO\)LUVW
\RXߞOOKDYHPRUHWLPHRQ\RXUKDQGV6HFRQGLIWKHUHDUHWKLQJV\RXZDQWWR
YLVLW\RXߞOODYRLGWKHFURZGV7KLUGLWߞVDPDJLFDOWLPHIRUSKRWRV)RXUWK
VNHWFK\DUHDVDUHOHVVGDQJHURXVLQWKHPRUQLQJWRR)LIWKߨ,PHDQ,FRXOG
JRRQOLNHWKDW<RXJHWWKHSRLQW7KHZRUOGEHORQJVWRWKRVHZKRZDNHXS
HDUO\

 6LWGRZQDWDFDI©EDUUHVWDXUDQWRUHYHQD
VLPSOHEHQFKLQDSDUNRURQDEXV\VWUHHWDQG
REVHUYHGDLO\OLIH6ORZGRZQ\RXUWUDLQRIWKRXJKWDQGSD\FORVH
DWWHQWLRQWRWKHGHWDLOVDURXQG\RX7KHVPHOOVWKHFRORUVKXPDQ
LQWHUDFWLRQVVRXQGVߨ,WߞVDNLQGRIPHGLWDWLRQߚDQG\RXߞOOVHHVWXII\RX
QHYHUQRWLFHGEHIRUH

 %DFNXSHYHU\WKLQJ:KHQP\ODSWRSFRPSXWHUZDVVWROHQLQ
6SDLQKDYLQJPRVWRIP\LPSRUWDQWGRFXPHQWVEDFNHGXSRQWKHFORXGVDYHG
P\DVV.HHSERWKGLJLWDODQGSK\VLFDOFRSLHVRI\RXUSDVVSRUWYLVDVGULYHUߞV
OLFHQVHELUWKFHUWLILFDWHKHDOWKLQVXUDQFHFDUGVHULDOQXPEHUVDQGLPSRUWDQW
SKRQHQXPEHUVUHDG\WRJRLQFDVHRIDQHPHUJHQF\

 3HUVHYHUDQFHSD\VRII,I\RXDUHKDYLQJWURXEOH
JRLQJVRPHZKHUHRUGRLQJVRPHWKLQJGRQߞWJLYHXS,
FDQߞWHYHQEHJLQWRWHOO\RXKRZPDQ\WLPHV,ߞYHEHHQJLYHQWKHZURQJ
HUURQHRXVLQIRUPDWLRQE\ORFDOV,WKDSSHQV6RPHWLPHVLWߞVJHQXLQHODQJXDJH
EDUULHUDQGIDLOXUHVRIFRPPXQLFDWLRQRWKHUWLPHV\RXPHHWLOOLQWHQWLRQHG
SHRSOH,WKDSSHQV'RQߞWORVHKRSH<RXMXVWKDYHQߞWIRXQGWKHEHVWVROXWLRQ
RUPHWWKHULJKWSHUVRQ\HW

 %HIULHQGO\0DNHH\HFRQWDFWDQGVPLOHDV\RXZDONE\,ISHRSOH
VPLOHEDFNVD\KHOORLQWKHORFDOODQJXDJH7KLVLVDIDVWZD\WRPDNHQHZ
IULHQGV

 .HHSDQRSHQPLQG2Q\RXUWUDYHOV\RXߞOOHQFRXQWHUPDQ\
WKLQJVFXVWRPVKDELWVWKDWZLOOVKRFN\RX.HHSDQRSHQPLQG$OVROLVWHQ
WRRSLQLRQV\RXGRQߞWDJUHHZLWK,WߞVDUURJDQWWRDVVXPH\RXUYLHZVDUH
FRUUHFWDQGRWKHUSHRSOHDUHZURQJ<RXGRQߞWKDYHWRDJUHHEXW\RXPD\EH
VXUSULVHGZKDW\RXߞOOOHDUQLI\RXSUDFWLFHHPSDWK\DQGSXW\RXUVHOILQRWKHU
SHRSOHߞVVKRHV

 3DFNOHVVVWXII<RXߞUHQRW3DULV+LOWRQ7UDYHOOLJKW,WߞOOVDYH
\RXDORWRIKDVVOHV

 'RQߞWIRUJHWWUDYHOLQVXUDQFH6XSHULPSRUWDQW1RRQH
HYHUWKLQNVWKH\ߞOOJHWVLFNLQMXUHGRUUREEHGZKLOHWUDYHOLQJ%XWLWKDSSHQV

 %HZDUHRIIUHHSXEOLF:,),,DOZD\VWU\WRDYRLG
ORJJLQJLQWRWUDGLQJDQGEDQNDFFRXQWVRUHQWHULQJDQ\SDVVZRUGVZKLOH,ߞP
XVLQJIUHHSXEOLF:,),DWDSODFHOLNHDQDLUSRUW%XW,ߞPQRWDVVWULFWDERXWLW
RQFH,ߞYHJRWWHQWRP\KRWHODLU%Q%HVSHFLDOO\LIWKH\KDYHDSDVVZRUGIRU
WKHLU:,),

 &DVKLVNLQJDURXQGWKHZRUOG7RFRYHU\RXUDVVLQDQ
HPHUJHQF\PDNHVXUHWRVWDVKVRPHLQDIHZGLIIHUHQWSODFHV,UHFRPPHQG
DWOHDVWDFRXSOHKXQGUHGGROODUVߞZRUWK,I\RXORVH\RXUZDOOHWRU\RXUFDUG
VWRSVZRUNLQJ\RXߞOOEHJODG\RXGLG0\IDYRULWHVWDVKVSRWLVXQGHUP\
VKRHLQVHUW1RRQHHYHUFDUHVWRJRWKHUH

 <RXGRQߞWKDYHWRUHVLGHLQH[SHQVLYHKRWHOVDOO
WKHWLPH$LU%Q%LVDPXFKFKHDSHUDOWHUQDWLYHDQGLQPDQ\FDVHV
SURYLGHVDIDUVXSHULRUH[SHULHQFH3OXVVRPHWLPHV\RXJHWWRPHHWVRPH
DPD]LQJSHRSOH

7KDWߞVLW,KRSH\RXIRXQGWKHVHWLSVKHOSIXO
1RZ,KDYHVRPHWKLQJWRDGPLW)RUKDYLQJWUDYHOHGH[WHQVLYHO\IRU\HDUV
,FDQVD\WKDWP\WUDYHOLQJXUJHVKDYHEHHQIXOO\VDWLVILHGDQGQRZ,DPLQ
WKHSURFHVVRIVHWWOLQJGRZQZLWKP\SDUWQHU
,ߞYHGRQHHQRXJKRILWDQGLWZDVDPD]LQJZKLOHLWODVWHGEXWQRZ,IHHOLWߞV
WLPHWRPRYHWRZDUGVQHZDGYHQWXUHV.LGVPD\EH"7KLVLVDZKROHQHZ
FKDOOHQJHLQLWVHOIߨ
7KLVGRHVQߞWPHDQWKDW,GRQߞWWUDYHODQ\PRUH%XW,GHILQLWHO\GRQߞWGRLW
H[WHQVLYHO\OLNH,XVHGWR
%XWIRUWKRVHRI\RXZKRZDQWWRGRLW,KRSH,KDYHVKRZQ\RXDWUDGLQJ
VWUDWHJ\WKDWߞOOZRUNIRU\RXDQGWKDWZLOOVXSSRUW\RXDV\RXNHHSFUXLVLQJ
WRZDUGVQHZKRUL]RQV,KRSH\RXߞOOSXWLWWRJRRGXVHDQG,KRSH\RXߞOO
VKDUHVRPHSLFWXUHVZLWKPHRQVRFLDOPHGLD,FDQEHIRXQGDW
#\YDQE\HDMHHRQWZLWWHUDQG\YDQE\HDMHHRQ)DFHERRN

ߡ%XWZDLWߨZKDWDERXW'HYDQDQG"ߢ
*ODG\RXDVN
:HOOODVWWLPH,KHDUGIURPKLPKHKDGRSHQHGDWUDGLQJDFFRXQWDQGEHJDQ
WUDGLQJWKH5DLQPDNHU
%XWWKDWZDVPRQWKVDIWHU,OHIW6HQHJDO6LQFHWKHQ,QHYHUKHDUGIURPKLP
DJDLQ
7ZRWKLQJVPLJKWKDYHKDSSHQHG
)LUVWKHPLJKWEHGRLQJJRRG KRSHIXOO\ (LWKHUKHVWRSSHGZRUNLQJDVDWD[L
GULYHUDQGQRZWUDGHVIXOOWLPH2UKHNHSWKLVMREDQGWUDGHVSDUWWLPH
6HFRQGKHPLJKWKDYHPDGHVRPHURRNLHPLVWDNHVDQGEORZQXSDQGWKDW
GHVSLWHP\PRVWFXUDWHGELWVRIDGYLFHWRKLPGHVSLWHZDWFKLQJPHWUDGH
OLYH+HZDVSUHWW\HPRWLRQDOOHWߞVUHPHPEHUߨ
,ZLVK,FRXOGJHWLQWRXFKZLWKKLPVRWKDW,FRXOGRIIHUKHOSLIQHHGEH%XW
P\HPDLOVUHPDLQXQDQVZHUHGDQGJLYHQWKDWKHߞVQRZKHUHWREHIRXQG,
FDQRQO\ZLVKKLPWKHEHVW

3V\FKRORJ\LVVXFKDQLPSRUWDQWSDUWRIWUDGLQJDQG,IHHOLWߞV
XQGHUDSSUHFLDWHG$VDWUDGHU,IHHOP\QXPEHURQHMRELV
PLQGVHWPDQDJHPHQW,WߞVRQO\ZKHQ,UHDOL]HGWKLVDQGPDGHVXUH
WKDWHPRWLRQVZHUHPLQLPL]HGZKHQ,WUDGHGWKDW,VWDUWHGVHHLQJUHDOFKDQJHV
LQWKHZD\,WUDGHWKHUHIRUHP\WUDGLQJSHUIRUPDQFH

,KDYHDYHU\FOHDUSURFHVVWRPDQDJHHPRWLRQV2YHUDOO
LWߞVWKHUHDVRQZK\P\WUDGLQJEXVLQHVVKDVRXWSHUIRUPHG\HDUDIWHU\HDU
%XW,GRQߞWZDQWWRJRDURXQGLQFLUFOHVUHDGP\RWKHUERRNVVHHP\
FRXUVHV
(9,'(1&(9,$<2852:1
(;3(5,(1&(
6RPHRI\RXPLJKWEHWKLQNLQJߡ,W
VVRHDV\WRFKHUU\SLFNWKHEHVWSHULRGV
WRVKRZFDVHWKHVWUDWHJ\ߞVSHUIRUPDQFHߢ
<RXߞUHULJKWDQG,DSSODXG\RXUVNHSWLFLVP,WߞVDKHDOWK\RQH
,QP\GHIHQVHDQGIRUZKDWLWߞVZRUWKKHUHߞVKRZWKH5DLQPDNHUSHUIRUPHG
WKLV\HDU

7KHSLFWXUHDERYHLVWDNHQIURPDQH[FHOVSUHDGVKHHW$V\RXFDQVHH,
SODFHGWUDGHVWKLV\HDU RIZKLFKZHUHEDVHGRQWKH63<DQGWKHUHVW
QDPHVOLNH$$3/*22*HWF
RIWKHPZHUHZLQQHUVDQGZHUHORVVHV
$OOLQDOOP\GD\WUDGLQJDFFRXQWLVFXUUHQWO\XSMXVWRYHUWKLV\HDU
%XWGRQߞWHYHQEHOLHYHWKDW

7KHEHVWHYLGHQFHLVWKHRQH\RXߞOOJDWKHU\RXUVHOIDV
\RXWU\WKHVWUDWHJ\
<RXVHHLIZHSODFHGWUDGHUVLQDURRPDQGKDGWKHPWUDGHDSURYHQ
SURILWDEOHVWUDWHJ\PRVWRIWKHPZRXOGVWLOOORVH$QG\RXNQRZZK\"$IWHU
DOOLVVDLGDQGGRQHWUDGLQJLQKHUHQWO\LVPRVWO\DPLQGJDPHߙLWߞV\RX
DJDLQVW\RXUVHOI
1RWHYHU\RQHZLOOEHDEOHWRWUDGHWKH5DLQPDNHUSURILWDEO\MXVWOLNHQRW
HYHU\RQHZLOOEHDEOHWRIROORZDVWULFWGLHWRUJRWRWKHJ\PRUHYHQTXLW
VPRNLQJ,WߞVVDGEXWLWߞVUHDOLW\

6RRSHQ\RXUFKDUWLQJVRIWZDUHDQGVHHIRU\RXUVHOIKRZWKHVWUDWHJ\KDV
SHUIRUPHGLQWKHSDVW7KHQWU\XVLQJLWDQGVHHLILWZRUNVIRU<28

6WDUWZLWKRQHFRQWUDFWDWILUVW,I\RXߞUHWUDGLQJWKDWVPDOOMXVWPDNHVXUHWKDW
\RXUEURNHUߞVIHHVDUHDSSURSULDWHRUHOVH\RXߞOOVWUXJJOHWRPDNHDQ\NLQGRI
SURILW

%XW\HVVWDUWVPDOO7KHUHLVQRWKLQJZURQJZLWKWUDGLQJVPDOODQGEXLOGLQJ
XS\RXUEDODQFH$FWXDOO\,VWURQJO\UHFRPPHQGLW<RXߞOOKDYHDOO
\RXUWLPHWRLQFUHDVH\RXUSRVLWLRQVL]HRQFH\RX
EHFRPHDSURILFLHQWWUDGHU
$QGZKDWHYHU\RXGR,ZDQWWRHPSKDVL]HWKLV'RQ
WHYHUEHDIUDLG
WRPDNHPLVWDNHV7KHRQO\OHVVRQVWKDWUHDOO\VWLFNLQP\RSLQLRQ
DUHOHVVRQVWKDWKXUWDOLWWOHELW-XVWGR\RXUEHVWWROLPLWWKHSDLQ

$QRWKHUWKLQJ*RRGWKLQJVFRPHWRWKRVHZKRZRUN7KHUH
V
DORWRIK\SHRXWWKHUHDORWRIQRLVHDERXWKRZHDV\LWLVWRPDNHPRQH\
LQWUDGLQJ,WߞVQRW7XQHDOORIWKDWQRLVHRXWDQGEHZDU\RIDQ\RQHRIIHULQJ
\RXHDV\PRQH\,JRWWRZKHUH,DPWRGD\WKURXJKKDUG
ZRUNDQGVHOIGLVFLSOLQH
,ZDVQߞWERUQZLWKWKHVHTXDOLWLHV,KDGWRGHYHORSWKHP$QG\RXFDQWRR
%XW\RXKDYHWRUHDOO\ZDQWLW

$QGDODVWRQH,I\RXWKLQNPDVWHULQJDGD\WUDGLQJ
VWUDWHJ\LVDOOWKHUHLVWREHLQJDSURWUDGHUZKR
PDNHVDJRRGOLYLQJ\RXߞUHZURQJ'HDGZURQJ
<RXVHHVRPHWLPHVHYHQWKRXJK\RXߞUHGRLQJWKHULJKWWKLQJVߙOLNH
IROORZLQJ\RXUUXOHV\RXߞOOEHGHDOWDFRXSOHRIEDGKDQGVLQDURZ

,I\RXWUDGHORQJHQRXJK\RXߞOOHYHQWXDOO\VHHWKLVSDQRXW\RXߞOOJHW
VRPHWLPHVORVLQJPRQWKVLQDURZDQGWKDWUHJDUGOHVVRI\RXUVWUDWHJ\ߞV
ZLQRUH[SHFWDQF\0DUNGRZQP\ZRUGV3UREDELOLWLHVFDQ
VRPHWLPHVEHYLFLRXV
7KLVLVWKHUHDVRQZK\VRPHSHRSOHVWD\ORFNHGLQDSHUSHWXDOFKDVHRIDQ
XOWLPDWHߡKRO\JUDLOWUDGLQJV\VWHPߢ7KH\WKLQNWKHUHߞVVRPHNLQGRIV\VWHP
RXWWKHUHWKDWFDQSUHYDLORYHUWKHLURQFODZVRISUREDELOLWLHV
,WߞVDGHOXVLRQߨ

:KHQWUDGLQJ\RXDEVROXWHO\KDYHWRNHHS\RXUIRFXV
RQWKHORQJHUWHUPSLFWXUH<RXFDQߞWMXVWEDLORXWRQ\RXU
VWUDWHJ\WKHPRPHQW\RXVWDUWUHDSLQJFRQVHFXWLYHORVVHV<RXKDYHWRVHHLW
WKURXJKWKHHQG

6RQRZWKHTXHVWLRQEHFRPHV+RZGR\RXJRWKURXJK
GUDZGRZQVZLWKVWDELOLW\RIPLQG"
:HOOWKHUHߞVDZKROHSURFHVVWRLW%XWWKHVKRUWDQVZHULVWKLV

)LUVWDVSURSRXQGHGHDUOLHULIWKHUHLVQߞWDQ\FOHDUWUHQGRQWKH'DLO\FKDUWLI
SULFHDFWLRQLVVLGHZD\VDQGFKRSSLQJGRQߞWULVNLW7KLVLVQߞWWRVD\WKDW
FKRSS\PDUNHWVDUHQߞWSURILWDEOH7KH\DUH%XWWRWUDGHWKHPVXFFHVVIXOO\
\RXQHHGPRUHH[SHUWLVH7UHQGLQJPDUNHWVDUHPRUHIRUJLYLQJDQGOHVV
VWUHVVIXO6RFKRRVH\RXUEDWWOHVZLVHO\

6HFRQGZKHQWKHPDUNHWLVHDV\WRWUDGH\RXQHHGWREH
WKHUHDQGUHDG\WRSUHVV:KHQLWߞVQRW\RXVKRXOGUHPRYH\RXU
IRRWIURPWKHJDVSHGDO
6DLGGLIIHUHQWO\RXUFRPPRQJRDODVWUDGHUVLVWRPDNHDVPXFKPRQH\DV
SRVVLEOHZKHQLWߞVHDV\WRPDNHPRQH\VRWKDWZHKDYHPRQH\
ZKHQLWߞVKDUGWRPDNHPRQH\
7KDWߞVVHFRQG

7KLUG\RXQHHGWRPDNHHPRWLRQDOPDQDJHPHQW\RXU
QXPEHURQHSULRULW\
,WKLQNFRQWLQXRXVO\ZRUNLQJRQPLQGVHWLV7+(PRVWLPSRUWDQWWDVNRIWKH
WUDGHU$W7UDGLQJFRPSRVXUHFRPWKDWߞVZKDW,KHOSWUDGHUVZLWK

,VHQGRXWZHHNO\SRVWVWRP\VXEVFULEHUVWRKHOSWKHPFXOWLYDWHWKHULJKW
PLQGVHWVLPSO\DQGZLWKRXWWKHIOXIIDVWKH\WUDGHWKHLUZD\WRILQDQFLDO
IUHHGRP
$QGILQDOO\IRUWK\RXQHHGWRVWDUWWKLQNLQJRIWUDGLQJDVDEXVLQHVV
6D\LWZLWKPHߨ,WߞVQRWDKREE\LWߞVDVHULRXVEXVLQHVV

6D\LWDJDLQߨ75$',1*,6$%86,1(66

:LWKWKDWLQPLQG\RXKDYHWRWUHDWLWZLWKDOOWKHVHULRXVQHVVDQG
FRQVLGHUDWLRQVLWGHVHUYHV
$OOWKHSURIHVVLRQDOVWKDW,ߞYHPHWZKRPDNHDJRRGOLYLQJWUDGLQJWKH
PDUNHWVWKLQNWKLVZD\$QGVRVKRXOG\RX
,I\RXZDQWWRVHHKRZDUHDOSURWUDGHUUXQVKLVWUDGLQJEXVLQHVVIURP$WR
=FKHFNRXWP\7UDGLQJ)RU$/LYLQJFRXUVH
7KLVLVWKHUHDOGHDOXQOLNHWKHEXQFKRIJLPPLFNV\RXVHHRQOLQHWKHVHGD\V
,QWKLVFRXUVHZHJRWKURXJKHYHU\WKLQJߙ,VKRZ\RXWKHNLQGRILQFRPH,ߞP
DEOHWRJHQHUDWHKRZ,ߞPDEOHWRJHQHUDWHLWDQGRYHUDOO\RXߞOOJDLQLQVLJKW
LQWRKRZ,ߞPDEOHWRWUDGHIRUDOLYLQJZLWKOLWWOHWRQRHPRWLRQDOUHVLVWDQFHߨ
VWUHVVIUHH
$ORWRISHRSOHDUHDOUHDG\RUJDQL]LQJWKHLUWUDGLQJEXVLQHVVWKHZD\,VKRZ
LQWKHFRXUVH$QG\RXFDQGRWKHVDPH<RXDEVROXWHO\FDQ,W
VQRWDERXW
LQWHOOLJHQFH$WEHVW,KDYHDKLJKVFKRROOHYHORIHGXFDWLRQ,W
VDERXW
NQRZLQJZKDWWRGRDQGDSSO\LQJZKDW\RXNQRZ$QG,ߞOOVXSSRUW\RXLQ
WKDW
:+$71(;7"
,KRSH\RXHQMR\HGWKLVVKRUWERRNDQGWKDWLWKDVJLYHQ\RXWKHFRQILGHQFH
DQGWKHPRWLYDWLRQWRVHWVDLODOUHDG\7KLQNFDUHIXOO\DERXWKRZ\RXVSHQG
\RXUOLIHEHFDXVHSHRSOHRIWHQVSHQGWKHLUOLYHVFKDVLQJWKLQJVWKDWDUHQHLWKHU
DVGHVLUDEOHQRUDVLPSRUWDQWDVWKH\VHHP

:HDOOIHDUGHDWKEXWOLIHLVORQJLI\RXNQRZKRZWRXVHLW3XWWLQJ
‫ﻏﺎﯾﻣﺎخ‬
WKLQJVRIILVWKHELJJHVWZDVWHRIOLIH,WVQDWFKHVDZD\HDFK
GD\DVLWFRPHVDQGGHQLHVXVWKHSUHVHQWE\SURPLVLQJWKHIXWXUH

/LYHLPPHGLDWHO\
$QGZKDWHYHU\RXGHFLGHWRGR,KRSHWKDW\RXߞOOSXWWKH5DLQPDNHUWRJRRG
XVH

$FRPPRQO\KHOGEHOLHILVWKDWEX\LQJRSWLRQVLVIRUVXFNHUV,KRSH,KDYH
VXFFHVVIXOO\VKRZQ\RXWKDWLI\RXXQGHUVWDQGWKHPLI\RXNQRZZKDW\RXߞUH
GRLQJDQGFDQUHPDLQGLVFLSOLQHGZKLOHWUDGLQJWKHPWKH\ߞUHDFWXDOO\
LQFUHGLEOHWRROVWKDWZLOODOORZ\RXWRJURZFDSLWDODWD
IDVWHUSDFHWKDQDQ\RWKHULQVWUXPHQWRXWWKHUH
,ߞYHEHHQWUDGLQJRSWLRQVIRU\HDUVDQGZKDW,ߞYHUHDOL]HGLVWKDWZKHQ\RX
EX\WKHP\RXKDYHWREHIDVW<RXKDYHWREHGLVFLSOLQHG
$QG\RXKDYHWREHQLPEOHZLWKSURILWV
7KDWߞVKRZ\RXEX\RSWLRQVWKHULJKWZD\

$QGDJDLQORVVHVZLOOKDSSHQ'RQߞWIRUJHWWRUHSRUWWKHPRQ\RXU
WD[HVIRUDZULWHRII$QGPRUHLPSRUWDQWO\GRQߞWIRUJHWWROHDUQ
IURPWKHPߙLIWKHUHߞVDQ\WKLQJWREHOHDUQHG
1RZ\RXPD\EHDVNLQJߡ:KDWQH[W"

)LUVW\RXKDYHWKHRSWLRQRIUDWLQJWKLVERRN
,NQRZ\RXUWLPHLVYDOXDEOHEXWLI\RXIRXQGYDOXHLQLW,ZRXOGDSSUHFLDWH
LI\RXZRXOGWDNHDIHZVHFRQGVDQGFOLFNWKH),9(67$56LFRQ
,WPLJKWVHHPOLNHQRWKLQJEXWHYHU\VLQJOHYRWHFRXQWV&OLFNLQJWKDWEXWWRQ
VKRZVPHWKDW\RXDSSUHFLDWHWKHHIIRUWWKDWZHQWLQWRSXWWLQJWKLVERRN
WRJHWKHU
‫ﻏﺎﯾﻣﺎخ‬
6HFRQGKHDGWRZZZWUDGLQJFRPSRVXUHFRPDQGKLW
WKHVXEVFULEHEXWWRQWRUHFHLYHP\ZHHNO\SRVWV
,FDQWHOO\RXWKHSRVWV,VKDUHDUHJRLQJWRPDNHDZRUOGRIGLIIHUHQFHLQ
\RXUPLQGVHW8SRQVLJQLQJXSWRJHW\RXVWDUWHG,ߞOOVHQG\RXDZHOFRPH
SDFNZLWKDFRXSOHRIJRRGLHV

/DVWO\,ߞPYHU\DFWLYHRQ7ZLWWHU0\KDQGOHLV
#\YDQE\HDMHH&RPHVD\KL
7KDQNVDJDLQIRUUHDGLQJ$URXQGWKH:RUOG'D\7UDGLQJ7KH6S\,ߞP
KDQJLQJRXWLQ0DXULWLXV,VODQGWKHVHGD\VDWLQ\WURSLFDOLVODQGLQWKH,QGLDQ
2FHDQ QH[WWR0DGDJDVFDU ,I\RXߞUHLQWKHFRUQHUOHWPHNQRZ/HWߞVPHHW
XSDQGKDYHDGULQN
$OOWKHEHVW
<YDQ
ZZZWUDGLQJFRPSRVXUHFRP
(QGRIWKHILUVWERRN
%22. =(5272+(52+2:,:(17)520
%(,1*$/26,1*75$'(572$&216,67(17/<
352),7$%/(21(

ߡ7KHPLQGLVDVXSHUELQVWUXPHQWLIXVHGULJKWO\
8VHGZURQJO\KRZHYHULWEHFRPHVYHU\
GHVWUXFWLYHߢa(FNKDUW7ROOH
7RP\\RXQJHUEURWKHU.HYLQ
,1752'8&7,21
:HPROGRXURZQUHDOLW\LQWKHPDUNHWV$OWKRXJKKDUGWRDFFHSWWKLVLVDQ
XQGHQLDEOHWUXWK6HHQWKURXJKWKHULJKWDQJOHWKRXJKWKLVWUXWKFDQEHFRPH
TXLWHOLEHUDWLQJEHFDXVHLIWUDGLQJVXFFHVVLVDIXQFWLRQRIKRZ\RXSHUFHLYH
WKLQJVDQGKRZ\RXGHFLGHWRDFWRQWKDWZKLFK\RXSHUFHLYHWKHQ,WKLQNLWLV
VDIHWRVD\WKDW\RXKDYHWKHSRZHUWRFKDQJH\RXUWUDGLQJUHVXOWV<RXMXVW
KDYHWRZRUNRQ\RXUVHOIILUVW
%XWKRZGR\RXFKDQJH\RXUVHOIVRWKDW\RXFDQVWDUWDFWLQJLQ\RXURZQEHVW
LQWHUHVW"+RZFDQ\RXFKDQJH\RXUH[SHULHQFHRIWUDGLQJLQDZD\WKDWLV
WUXO\IXOILOOLQJ"7KLVERRNSUHVHQWVWR\RXWKHDQVZHU$WLWVKHDUWLWLV
VWUDLJKWIRUZDUGDQGZULWWHQLQDPDQQHUWKDWLVHDV\WRJUDVS ߙ \HWZLWKLQLWV
SDJHV\RXZLOOILQGULFKLQIRUPDWLRQRQZK\WUDGLQJVXFFHVVDSSHDUVVRFORVH
\HWRXWRIUHDFKIRUPRVW,ZLOOJLYH\RXDVLPSOHLQVWUXFWLRQRQKRZWR
FKDQJH\RXUH[SHULHQFHRIWUDGLQJLQDZD\WKDWPDNHV\RXUPDUNHWJRDOV
DWWDLQDEOH
+RZHYHUWKHRQO\WKLQJWKDWZLOOEULQJ\RXWKHUHVXOWVLVIXOOFRPPLWPHQWWR
WKHWDVNWKDW,GHVFULEH,ZURWHWKLVERRNZLWKWKHDVVXPSWLRQWKDW\RXGHVLUH
GXUDEOHWUDGLQJVXFFHVVVWURQJHQRXJKWKDW\RXDUHZLOOLQJWRߡHUDVHߢ
ZKDWHYHUFRQIOLFWLQJEHOLHIV\RXKROGWKDWZRXOGSUHYHQW\RXIURP
FRQVLVWHQWO\GRLQJWKDWWDVN
,DPFRQYLQFHGWKDWDQ\RQHFDQEHDVXFFHVVIXOWUDGHUDQGWKURXJKRXWWKH
ERRN,ZLOOVKDUHZLWK\RXVRPHLQWLPDWHDQGSHUVRQDODVSHFWVRIP\VWRU\VR
DVWREHWWHULOOXVWUDWHWKDWSRLQW
,KRSHWKDWZKDWHYHUUHDVRQVKDYHEURXJKW\RXWRWKLVERRNRUKDYHEURXJKW
WKLVERRNWR\RX\RXZLOOILQGZLWKLQLWLQFRPSDUDEOHLQVLJKWVLQWRWKHQDWXUH
RI\RXUUHDOLW\ ߙ LQDQGRXWRIWKHPDUNHWV
<YDQ%\HDMHH
&+$37(5
0<+80%/(%(*,11,1*6

7 KHVXQLVVWDUWLQJWRVHWDV,ZULWHWKLVILUVWSDUDJUDSK,KDYH
DQRFHDQYLHZDQG,DPFXUUHQWO\LQWKH0DVFDUHQKDV$UFKLSHODJRRQD
WURSLFDOLVODQGFDOOHG0DXULWLXVQHDUO\KDOIWKHVL]HRI5KRGH,VODQG,WLV
ZLQWHUDWWKHPRPHQWEXWWKDWGRHVQߞWPHDQPXFKKHUHDVWKHDQQXDODYHUDJH
WHPSHUDWXUHUHYROYHVDURXQGp& p) :KHUH,VLWWKHVDQGLVJROGHQ
VRIWEXWFULVSDQGDV,JD]HDWWKHZDWHULWLVLQYLWLQJO\ZDUPWUDQVSDUHQW
ZLWKDGLVSOD\RIYDULRXVVKDGHVRIWXUTXRLVH,IHHOVREOHVVHGWREHKHUH,WLV
VXUHO\DVSLULWXDOH[SHULHQFHDQGDWWKLVYHU\PRPHQW,FDQRQO\EUHDWKH
PLQGIXOO\DV,FRQWHPSODWHP\OLIHDQGIHHODJUHDWGHJUHHRIDSSUHFLDWLRQIRU
LW

7UDGLQJKDVJLYHQPHWKHRSSRUWXQLW\WRH[SHULHQFHDFHUWDLQGHJUHHRI
IUHHGRPWKDWPRVWSHRSOHFDQRQO\GUHDPRI,WZDVQߞWDOZD\VOLNHWKLV
WKRXJK,VWUXJJOHGDORWEHIRUH,ZDVDEOHWRUHWXUQFRQVLVWHQWSURILWVIURPP\
WUDGLQJRSHUDWLRQV7KHUHLVQRZD\,FDQGHQ\WKDWDQGWKHPHPRULHVRIWKRVH
SDLQIXOWLPHVVWLOOWULJJHUDGHHSHPRWLRQDOUHVSRQVHZLWKLQPH%XW,
LQWLPDWHO\EHOLHYHQRZWKDWVRPHRIRXUPRVWSDLQIXOH[SHULHQFHVKDSSHQIRU
DUHDVRQ7KH\DUHKHUHWRWHDFKXVVRPHWKLQJDERXWRXUVHOYHVQRWDEO\KRZ
LQIOH[LEOHZHDUHWRFKDQJHV,DPJUDWHIXOIRUWKHSDLQIXOH[SHULHQFHV
HVSHFLDOO\ZKHQ,FDPHWRUHDOL]HP\UROHLQLW,ZRXOGQRWFKDQJHDPRPHQW
RILWWKRXJK,QHYHUZLVKWRUHSHDWWKHP
0\RULJLQDOFKRLFHIRUWKHWLWOHRIWKLVERRNZDVߡ(TXLOLEULXP+RZ,FDOPHG
P\PLQGDQGLPSURYHGP\WUDGLQJUHVXOWVߢKRZHYHU,GHFLGHGWRJRZLWKD
WLWOHWKDWGLGDEHWWHUMREDWDSSHDOLQJWRWKHPDVVHV(PSLULFDOO\SHRSOHLQ
JHQHUDODUHPRUHLQFOLQHGWREX\ERRNVZLWKߡJHWULFKTXLFNߢWLWOHVVRP\
LQWHQWLRQZDVWRWRXFKDVPDQ\SHRSOHDV,SRVVLEO\FRXOGZLWKP\VWRU\ߙ
ZKLFKLVRQHRIKDUGZRUNGHGLFDWLRQSDLQEXWDOVRVSLULWXDODZDNHQLQJDQG
VHOIUHDOL]DWLRQ
7UDGLQJLVQRWDJHWULFKTXLFNHQGHDYRU,WFRXOGEHEXWLI\RXJHWLQIRUWKH
ZURQJUHDVRQVFKDQFHVDUHWKDW\RXZLOOHQGXSGLVDSSRLQWHG6R,WKLQNLWLV
LPSRUWDQWWRKDYHDUHDOGLVFXVVLRQEDVHGRQLQWHJULW\DQGLQWHOOHFWXDO
KRQHVW\DERXWWKHLPSOLFDWLRQVRIWUDGLQJIRUDOLYLQJ)URPP\RZQ
H[SHULHQFHGXUDEOHVXFFHVVLQWKHPDUNHWVLVDIXQFWLRQRIWKHNLQGRIKDELWV
\RXFXOWLYDWHRQDGDLO\EDVLV:KHQ,ILUVWVWDUWHGRXWOLNHPRVWSHRSOH,KDG
QRFOXHVRIZKDWLWUHDOO\PHDQWWRWUDGHIRUDOLYLQJ,NQHZWKHUHZRXOGEH
VRPHKDUGZRUNGHGLFDWLRQDQGVDFULILFHLQYROYHGEXW,GLGQߞWNQRZWRZKDW
H[WHQW
7RKDYH\RXIXOO\XQGHUVWDQGZKHUH,KDYHEHHQDQGKRZ,FDQKHOS\RX
EHWWHUHYROYHLQ\RXURZQMRXUQH\,WKLQNLWLVEHVWWKDW,VWDUWIURPWKH
EHJLQQLQJ0\LQWHUHVWIRUILQDQFLDOPDUNHWVFRLQFLGHQWDOO\VWDUWHGZKHQ,
EHFDPHROGHQRXJKWRXQGHUVWDQGWKHQHFHVVLW\RIKDYLQJDVXEVWDQWLDO
DPRXQWRIPRQH\LQRUGHUWRKDYHDJRRGOLIH,UHPHPEHUP\ROGHUEURWKHU
VKRZLQJPHDILQDQFLDOZHEVLWHDQGHDJHUO\VD\LQJߡSHRSOHDFWXDOO\PDNHD
OLYLQJEX\LQJDQGVHOOLQJVWRFNVRQDUHJXODUEDVLV\RXNQRZ ߙ DQG\RXFDQ
WRRߢ,GRQߞWNQRZZKHWKHUKLVLQWHQWLRQVZHUHWRWHDVHPHRUQRWEXW,ZDV
VWUXFNZLWKFXULRVLW\,VWDUWHGUHVHDUFKLQJPRUHRQWKHVXEMHFWWKRXJK,
FDQߞWVD\WKDWWKLVUHVHDUFKZDVIUXFWXRXV7KRVHZHUHWKHHDUO\GD\VRIWKH
LQWHUQHWDQGWUDGLQJUHODWHGLQIRUPDWLRQZDVQߞWUHDGLO\DFFHVVLEOHZLWKLQWKH
FOLFNRIDPRXVHQRUZDVLWDVLQH[SHQVLYHRUIUHHDVLWLVQRZDGD\V<HWWKH
PRGLFXPRILQIRUPDWLRQWKDW,IRXQGVSDUNHGP\LQWHUHVWHYHQPRUHILUPO\
SODQWLQJWKHWUDGLQJLQYHVWLQJVHHGLQVLGHP\KHDG
,ZDVVRIDVFLQDWHGE\FRPSRXQGUHWXUQWDEOHVTXRWHVDQGPDUNHWUHODWHG
QHZVVWLOO,FRXOGQRWXQGHUVWDQGKRZRQHFRXOGILQGLQIRUPDWLRQRUOHDUQ
VRPHWKLQJIURPWKHHQRUPRXVDPRXQWRIQXPEHUVV\PEROVDQGQDPHVWKDW
GLGQRWPHDQDQ\WKLQJWRPHDWDOO%XW,ZDVGHWHUPLQHGWROHDUQ
)DVWIRUZDUGDFRXSOHRI\HDUV,KDGDFFXPXODWHGDUDWKHUVLJQLILFDQWDPRXQW
RIPRQH\IURPYDULRXVMREV,WRRNWKURXJKRXWWKH\HDUVDQG,ZDVILQDOO\
UHDG\WRWUDGH,FDQVWLOOUHFDOOP\VWDWHRIPLQGDWWKDWWLPH ߙ DVXEWOH
FRPELQDWLRQRIH[FLWHPHQWHDJHUQHVVKRSHEXWDOVRGHOXVLRQVDVWRZKDW
ZDVUHDOLVWLFDOO\SRVVLEOHLQWHUPVRIUHWXUQVLQWKHPDUNHWV0DNLQJPRQH\LQ
WUDGLQJVXUHO\VHHPHGߡHDV\ߢ ߙ MXVWOLNHDORZKDQJLQJIUXLWZDLWLQJWREH
SOXFNHG6R,WKRXJKW
)RUDYHU\ORQJWLPH,FRXOGQ
WPDQXIDFWXUHFRQVLVWHQWUHVXOWVIURPP\
WUDGLQJRSHUDWLRQV:KLOH,GLGPDNHPRQH\KHUHDQGWKHUH,DOPRVWDOZD\V
HQGHGXSJLYLQJEDFNWKRVHSURILWVWRWKHPDUNHWVRQHZD\RUWKHRWKHU ߙ SOXV
PRUH3UHWW\LURQLFLVQߞWLW",HPEDUNHGRQWKLVMRXUQH\WRILQDQFLDO
LQGHSHQGHQFHEXWDOO,JRWLQUHWXUQZHUHORVVHVWKHGUDZGRZQVZHUHQRW
RQO\ILQDQFLDOEXWHPRWLRQDODVZHOO
7UDGLQJOLNHDQ\KLJKSHUIRUPDQFHHQGHDYRULVDPHQWDOJDPHZKHUHZHDUH
UHTXLUHGWRSD\DWWHQWLRQWRWKHSUHVHQWPRPHQW%XWWKLVLVQRWHQRXJK:H
KDYHWRVWD\SUHVHQWLQDZD\WKDWHQVXUHVWKDWZHH[HFXWHRXUPHWKRGRORJ\
IODZOHVVO\VRWKDWRXUUHVXOWVDUHLQOLQHZLWKLWVFDSDELOLWLHV,QRWKHUZRUGV
ZHKDYHWROHDUQWRGLVVRFLDWHRXUVHOYHVIURPRXUWKRXJKWVDQGIHHOLQJV
7KHFKDUDFWHURIWKLVFRQYHUVDWLRQZHDUHFRQVWDQWO\KDYLQJZLWKRXUVHOYHVLV
E\DQGODUJHZKDWHQJLQHHUVRXUWUDGLQJUHVXOWVRXUXQKDSSLQHVVDQGWKH
PHGLRFULW\RIRXUOLYHVLQWKHSUHVHQWPRPHQW7KHUHIRUHLWEHFRPHVFOHDU
WKDWWKHDPRXQWRIPRQH\ZHDFFXPXODWHLQWKHPDUNHWVLVQߝWVROHO\D
IXQFWLRQRIKRZPXFKWLPHZHVSHQGH[SRVLQJRXUVHOYHVWRWKH
RSSRUWXQLWLHV ߙ LWLVDOVRDIXQFWLRQRIRXUVWDWHRIPLQG
(DUO\LQP\WUDGLQJFDUHHU,GLGQߝWWKLQNRIWUDGLQJDVDSHUIRUPDQFHEDVHG
HQGHDYRUZKHUH\RXKDYHWREHRQWRSRI\RXUPHQWDOIRUPGD\LQGD\RXW
/LNHPRVW,FDPHLQWRWKLVEXVLQHVVZLWKP\EDFNSDFNRILQVHFXULWLHVGHQLHG
LPSXOVHVEDGKDELWVIHDUVFUDYLQJVWKLQNLQJWKDW,ZRXOGPDNHLWDVD
FRQVLVWHQWO\SURILWDEOHWUDGHUZLWKRXWDSURIRXQGZRUNRQP\VHOI/LWWOHGLG,
NQRZWKDWE\EHLQJPHQWDOO\XQSUHSDUHG,ZDVDFWXDOO\SUHSDULQJWRIDLO,WߝV
RQO\ZKHQ,ZDVIDFHGZLWKPHGLRFUHUHVXOWVPRQWKVDIWHUPRQWKV\HDUDIWHU
\HDUWKDW,ILQDOO\JRWLWVRPHWKLQJZDVRXWRIZKDFNZLWKWKHZD\,
DSSURDFKHGWUDGLQJ
7KHSULPDU\UHDVRQZDVWKDW,ZDVDOOWRRORJLFDODQGQXPEHUVRULHQWHGLQP\
DSSURDFKEHFDXVH,WKRXJKWWKDWZDVWKHNH\WRVXFFHVV,KDGFRPSOHWHO\
LJQRUHGWKHSV\FKRORJLFDODVSHFWRIWKHJDPHDV,DVVXPHGWKDW,KDGWKH
LQQDWHPHQWDOVNLOOVWRWUDGHVXFFHVVIXOO\RUWKDW,KDGDJRGJLYHQWDOHQWWKDW
ZRXOGPDNHPHSUHYDLORYHUWKHWKRXVDQGVRIRWKHUSDUWLFLSDQWVZKRIDLOLQ
WKLVILHOG:HOFRPHWRWKHKXPDQFRQGLWLRQ:HDOOWKLQNWKDWWKLQJVDUH
JRLQJWREHGLIIHUHQWIRUXVEXWLWLVUDUHO\WKHFDVH
7KHRWKHUUHDVRQZK\,IDLOHGRYHUDQGRYHU DQGRYHU DJDLQZDVEHFDXVH,
ZDVWRRPXFKLQP\KHDG,ZRXOGRYHUWKLQNWKHWUDGHVWKDW,SODFHGDQGWKH
RQHVWKDW,GLGQߞW,ZRXOGOHWZLQQHUVJRWRP\KHDGDQGORVHUVWRP\KHDUW,
ZRXOGFRQVWDQWO\VSDUHLQZHLJKLQJGRXEWLQJMXGJLQJ,IHOWLGHQWLFDOWRP\
LQQHUVWDWHVDQGWKLVDIIHFWHGP\ERWWRPOLQHUHVXOWVIRUWKHVLPSOHUHDVRQ
WKDW,DOPRVWDOZD\VHQGHGXSDFWLQJRQWKRVHWKRXJKWVDQGIHHOLQJV
:HDOOKDYHWKLVFKDWWHUKDSSHQLQJZLWKLQWKHFRQILQHVRIRXUPLQGVDOZD\V
YRLFLQJLWVRSLQLRQVPRRGVDQGVWDWHV,WLVDYRLFHWKDWFDQUHDVVXUHEXW
PRUHRIWHQWKDQQRWLWGLVSDUDJHV7KDWLVZKDWLWGRHVEHVWDQGDERYHDOOLW
MXVWQHYHUVKXWVXS%XGGKLVWVFDOOWKLVYRLFH7KHPRQNH\PLQG ߙ LWLVWKH
PLQGWKDWDOOKXPDQVSRVVHVVDQGWKHPLQGWKDWZHWUDGHUVKDYHWROHDUQWR
WDPHLQRUGHUWRXQOHDVKRXUWUXHSRWHQWLDO,KDYHOHDUQHGWRWDPHP\LQQHU
YRLFHDQGVRFDQ\RX
&+$37(5
7+(6+,)7

: KLOHDVWDWLVWLFDOO\WHVWHGVWUDWHJ\DQGDQHIILFLHQWPRQH\
PDQDJHPHQWWHFKQLTXHDUHSULPRUGLDOWKHULJKWPLQGVHWLVZKDWJOXHV
HYHU\WKLQJWRJHWKHU7KHUHDVRQIRUWKDWLVUDWKHUVLPSOH7UDGLQJLVDYHU\
WRXJKSURIHVVLRQDVLWUHTXLUHVXVWRWDNHTXLFNDQGRIWHQFRXQWHULQWXLWLYH
GHFLVLRQV$QGPRVWRIWKHWLPHWKHTXDOLW\RIWKHVHGHFLVLRQVLVDIIHFWHGE\
P\ULDGVRIIDFWRUVEDVHGRQRXUFXUUHQWPHQWDOVWDWH ߙ DUHZHVDGKDSS\
DQ[LRXVGHSUHVVHGDUHZHKXQJU\WLUHG7KHVHGHFLVLRQVZLOODOVRLQYROYH
DOORIRXUEHOLHIVDERXWPRQH\FHUWDLQW\IDLOXUHULJKWDQGZURQJDQGVRRQ
:KHQ\RXDUHIRUFHGLQWRPDNLQJTXLFNGHFLVLRQVLI\RXDUHLQFRJQL]DQWDQG
XQDZDUHRI\RXULQQHUVWDWHVWKHVWURQJHVWWKRXJKWVIHHOLQJVRUHPRWLRQVDUH
JRLQJWRSUHYDLO6RWRVXFFHHGDVDWUDGHUZHQHHGDFHUWDLQSUHVHQFHRI
PLQGDQGDQDZDUHQHVVRIRXULQQHUVWDWHV

,I\RXGRQRWVRUWRXW\RXUSV\FKRORJLFDOVKRUWFRPLQJVGXUDEOHPDUNHW
VXFFHVVZLOODOZD\VVHHPHOXVLYHEHFDXVHDQLPSXOVLYHPRYHEDVHGRQ\RXU
G\VIXQFWLRQDOEHOLHIVXQUHVROYHGHPRWLRQDOSDLQWKRXJKWVRUIHHOLQJVZLOO
DOZD\VEHULJKWDURXQGWKHFRUQHUZDLWLQJWRVDSGD\VZHHNVRUPRQWKVRI
KDUGHDUQHGSURILWV
7KHIXQGDPHQWDOLGHDEHKLQGWUDGLQJLVWKDWLWLVDJDPHZKHUHZHDUH
UHZDUGHGIRURXUDELOLW\WRPLQGIXOO\DELGHE\DFHUWDLQVHWRIWHVWHGUXOHV
6DLGWKLVZD\LWVXUHO\VRXQGVHDV\ ߙ LWߞVQRW,I\RXDUHUHDGLQJWKLVERRN
FKDQFHVDUHWKDW\RXKDYHDOUHDG\WUDGHGEHIRUHVR\RXNQRZH[DFWO\ZKDW
,ߞPWDONLQJDERXW
%XWߡQRWHDV\ߢGRHVQRWPHDQߡLPSRVVLEOHߢ7KHUHLVQRWKLQJHVRWHULFRUHYHQ
LOOXVRU\DERXWWUDGLQJVXFFHVV,QPRVWFDVHVLWMXVWUHTXLUHVDQRSHQQHVVWR
FKDOOHQJH\RXUFXUUHQWVHWRIEHKDYLRUVDQGVHOHFWWKHPRVWDSSURSULDWHVHWRI
VWHSVWKDWSURYLGHVEHWWHUSV\FKRORJLFDOVDWLVIDFWLRQ,QRWKHUZRUGVWKHUHLVD
ZD\WRWUDGHWKDWRIIHUVEHWWHUSV\FKRORJLFDOZHOOEHLQJLQWKHORQJUXQ$QG
P\DUJXPHQWWR\RXLVWKDW\RXKDYHEHHQWUDGLQJZLWKDQDSSUHKHQVLRQWR
VKRUWWHUPSDLQZKLOHVHHNLQJVKRUWWHUPHPRWLRQDOJUDWLILFDWLRQ7RWUDGH
VXFFHVVIXOO\\RXKDYHWRWXUQWKLVDURXQG(PEUDFHWKHVKRUWWHUPSDLQDQG
VHHNORQJWHUPHPRWLRQDOJUDWLILFDWLRQ
(YHU\WKLQJZHGRLQOLIHLVIRUWKHSXUSRVHRIDOWHULQJWKHZD\ZHIHHO:H
IRUPUHODWLRQVKLSVVRWKDWZHFDQIHHOFHUWDLQHPRWLRQV ߙ PD\EHORYHDQG
DYRLGRWKHUVOLNHORQHOLQHVV:HHDWVSHFLILFIRRGVWRHQMR\WKHLUHSKHPHUDO
SUHVHQFHRQRXUWRQJXHV:HUHDGIRUWKHSOHDVXUHRIWKLQNLQJDQRWKHU
SHUVRQߞVWKRXJKWV7KHEUDLQLVDSOHDVXUHVHHNLQJPDFKLQH ߙ ZHXVXDOO\GR
ZKDWPDNHVXVIHHOJRRG,QWUDGLQJWKLVQDWXUDOWHQGHQF\RIDOZD\VFKDVLQJ
SOHDVXUHDVRSSRVHGWRSDLQLVRIWHQFRXQWHUSURGXFWLYHMXVWEHFDXVHRIWKH
ZD\ILQDQFLDOPDUNHWVDUHGHVLJQHGWRPDNHSURILWVDYDLODEOHIRUXV
:KDWPDNHVXVIHHOJRRGDQGVWHHUDZD\IURPVKRUWWHUPHPRWLRQDOSDLQLV
XVXDOO\WKHZURQJGHFLVLRQWRWDNH)RUH[DPSOHWDNLQJSURILWVHDUO\E\IHDU
RIORVLQJDOOUHPRYLQJDVWRSORVVEHFDXVHRIVRPHPHPRULHVZHKDYHRISDVW
WUDGHVWKDWFRXOGKDYHZRUNHGZHOOLIZHJDYHWKHPDOLWWOHPRUHVSDFH
ULVNLQJPRUHWKDQZHVKRXOGRQDQ\VLQJOHWUDGHEX\LQJDWWKHWRSDQGVHOOLQJ
DWWKHERWWRPWKHVHWKLQJVVXUHO\IHHOSV\FKRORJLFDOO\JRRGDWILUVWXQWLOWKHLU
QHJDWLYHUHSHUFXVVLRQVXQIROG$FNQRZOHGJLQJWKDWWKLVLVWKHVWUXFWXUHRIWKH
JDPHZHDUHSOD\LQJDOORZVXVWRSOD\LWGLIIHUHQWO\
'RLQJZKDWLVGLIILFXOWRYHUZKDWLVHDV\LVDVNLOOWKDWZHFDQOHDUQDQGKRZ
ZHSD\DWWHQWLRQWRWKHSUHVHQWPRPHQWODUJHO\GHWHUPLQHVRXUDELOLW\WR
FXOWLYDWHDQGDSSO\WKDWVNLOO%\WKDWVDPHWRNHQLWDOORZVXVWRWUDGHRXUVHW
RIUXOHVHIILFLHQWO\WKXVUHWXUQLQJFRQVLVWHQWUHVXOWVRXWRIRXUWUDGLQJ
RSHUDWLRQV
:KHQZHDUHDEOHWRSUDFWLFHSDWLHQFHLQVWHDGRIJLYLQJLQWRRXULQVWDQW
SOHDVXUHVHHNLQJQDWXUHZKHQZHDUHDEOHWRFXOWLYDWHHTXDQLPLW\LQVWHDGRI
LPSXOVHGULYHQEHKDYLRUVZHDOORZRXUVHOYHVWRH[SHULHQFHEHWWHU
SV\FKRORJLFDOVDWLVIDFWLRQ%XWWKDWLVQRWDOO:HDOVRODUJHO\FKDQJHWKH
FKDUDFWHURIRXUH[SHULHQFHVDQGWKHUHIRUHWKHTXDOLW\RIRXUOLYHV
:KDWFDQEHH[SHFWHGLIVXFKDEHKDYLRULVSUDFWLFHGDQGUHILQHGLVWKH
OHDUQLQJRIHQMR\LQJWKHVWUXJJOH,QRWKHUZRUGVZKHQZHNHHSGRLQJWKLQJV
WKDWDUHLQRXUEHVWLQWHUHVWV ߙ DVKDUGDVLWLVWRGRWKRVHWKLQJV ߙ VORZO\RXU
PLQGVVWDUWWRFUHDWHQHZQHXUDOSDWKZD\VWKXVQHZDVVRFLDWLRQV
FRQVHTXHQWO\OLQNLQJWKHPHQWDOVWUXJJOHWRWKHHQVXLQJSOHDVXUHRIKDYLQJ
FRQVLVWHQWWUDGLQJUHVXOWV
,I\RXKDYHEHHQWRWKHJ\PEHIRUH\RXPXVWNQRZILUVWKDQGWKDWFHUWDLQ
NLQGVRISDLQFDQEHH[TXLVLWHO\SOHDVXUDEOH7KHEXUQRIOLIWLQJZHLJKWVIRU
LQVWDQFHZRXOGEHDJRQL]LQJLILWZDVDV\PSWRPRIWHUPLQDOLOOQHVV%XW
EHFDXVHLWLVDVVRFLDWHGZLWKKHDOWKDQGILWQHVVPRVWSHRSOHILQGLWHQMR\DEOH
6LPLODUO\ZHFDQFRPHWRDSRLQWLQRXUWUDGLQJZKHUHWKHPHQWDO
GLVFRPIRUWVZHH[SHULHQFHDVDUHVXOWRIGRLQJZKDWZHVKRXOGGRLQVWHDGRI
ZKDWZHZDQWWRGREHFRPHVV\QRQ\PRXVWRSRVLWLYHUHWXUQVRYHUDVHW
QXPEHURIWUDGHV
,WKLQNZHFDQQHYHUFRPSOHWHO\ULGRXUVHOYHVRIWKHHPRWLRQVWKDWFRPH
DORQJZLWKWUDGLQJ$WWKHWLPHRIWKLVZULWLQJ,KDYHEHHQWUDGLQJIRU\HDUV
QRZDQG,VWLOOFDQߞWILJXUHRXWZKDWLWPHDQVWRߡFRQWUROHPRWLRQVߢDVZH
RIWHQKHDUWUDGHUVSUHDFKRQWKHLQWHUQHW ߙ LIE\WKLVORJLFߡHPRWLRQDO
FRQWUROߢVXJJHVWVHOLPLQDWLQJRUVXSSUHVVLQJHPRWLRQV3HUVRQDOO\,VWLOO
H[SHULHQFHWKDWJXWFKXUQLQJIHHOLQJZKHQSULFHJDSVEHORZP\VWRSORVV,
VWLOOH[SHULHQFHWKDWDFXWHIHHOLQJRIIUXVWUDWLRQZKHQ,DPRXWRIDWUDGHZLWK
VPDOOJDLQVZKLOHEHLQJZLWQHVVWRWKHH[SORVLRQRISULFHULJKWDIWHU,ߞPRXW,
VWLOOKDYHߡZKDWLIVߢWKRXJKWVSRSSLQJLQWRP\FRQVFLRXVQHVVHYHU\QRZDQG
WKHQ2IFRXUVHWRDPXFKOHVVHUGHJUHHQRZEXWWKHVHWKRXJKWVVHQVDWLRQV
DQGIHHOLQJVWKH\QHYHUFRPSOHWHO\GLVDSSHDUUHJDUGOHVVRIRQH
V
FRPPLWPHQWRUOHYHORIH[SHUWLVH$QGWKHUHLVDYHU\ORJLFDOUHDVRQIRUWKDW
(PRWLRQVDUHVLPSO\HPEHGGHGLQRXUKXPDQQDWXUH6LPSO\VWDWLQJWKDWRQH
FRXOGWUDGHZLWKRXWHPRWLRQVLVOLNHVD\LQJWKDWRQHFRXOGJRDERXWZLWKRXW
KDYLQJWKRXJKWV,WߞVLPSRVVLEOH
7KHJRRGQHZVLVWKDWWKHSRVVLELOLW\H[LVWVWRFRPSOHWHO\GURSWKRXJKWV
IHHOLQJVRUHPRWLRQV7KLVLVQRWWRVD\WKDWWKH\GRQRWRFFXULQ
FRQVFLRXVQHVV ߙ WKH\VWLOOGRDQGWKH\DOZD\VZLOO%XWZLWKH[SHULHQFHDQG
WKHULJKWSUDFWLFH\RXFDQOHDUQQRWWRIHHOLGHQWLFDOWRHYHU\WKLQJWKDWJRHVRQ
LQ\RXUPLQGDQGERG\,QRWKHUZRUGV\RXGRQߞWDVVRFLDWH\RXUVHOIZLWK
WKHPDQ\PRUH\RXEHFRPHDSDVVLYHREVHUYHURI\RXURZQWKRXJKWV
IHHOLQJVDQGVHQVDWLRQVLQVXFKDZD\WKDWWKH\GRQRWLPSLQJHRQ\RXU
EHKDYLRUDQ\PRUH%\PHDQVRIREVHUYDWLRQ\RXEHFRPHGHWDFKHGIURP
WKHP
7KHPRVWLPSRUWDQWTXHVWLRQVWKDWVWUXJJOLQJWUDGHUVQHHGWRDVNWKHPVHOYHV
DUHWKHVHߡ+RZGR,FUHDWHFRQVLVWHQF\"ߢߡ+RZGR,FKDQJHP\H[SHULHQFH
RIWUDGLQJWRVRPHWKLQJWKDWLVWUXO\IXOILOOLQJ"ߢ1RWLFHKRZWKRVHTXHVWLRQV
LQYROYHWKHVHOI7KLVVKRZVXVWKDWߡ:HߢDUHWKHNH\WRWKHWUDGLQJ
FRQXQGUXP,IRXUH[SHULHQFHRIWUDGLQJLVQߞWVDWLVIDFWRU\WRXVDVDUHVXOWRI
KRZZHSHUFHLYHDQGGRWKLQJVWKHQZHKDYHWRFKDQJHRXUDSSURDFKWR
WUDGLQJLQIDYRURIDZD\WKDWLVPRUHVDWLVI\LQJWRXV7KLVVKLIWKDVWRFRPH
IURPZLWKLQXVEHFDXVHDVPXFKDVZHZRXOGZDQWWKHPDUNHWVWRFKDQJHDQG
FRQIRUPWRZKDWDUHLQVLGHRIXVLQWHUPVRILQQHURFFXUUHQFHVLWߞVQHYHU
JRLQJWRKDSSHQ:HFDQQRWFKDQJHWKHPDUNHWVZHFDQRQO\FKDQJH
RXUVHOYHV7KLVRSHQQHVVWRDVNWKHULJKWTXHVWLRQVDQGFKDQJHRXUVHOYHVLV
VLQHTXDQRQ
7KHUHLVDQLPSRUWDQWFDYHDWWKRXJK$QRSHQQHVVWROHDUQVKRXOGQߞWVWULSXV
IURPDKHDOWK\GRVHRIVNHSWLFLVPWKDWSUHYHQWVXVIURPWDNLQJDQ\WKLQJDQG
HYHU\WKLQJIRUJUDQWHG ߙ ZKLFKPD\OHDGXVGRZQXQSURGXFWLYHSDWKV7KHUH
DUHWRQVRI(ERRNVRQWKHVXEMHFWRIWUDGLQJSV\FKRORJ\WKDWRYHUVLPSOLI\
WKLQJVWRRPXFKWKDWWKH\OHDYHWKHUHDODQGLPSRUWDQWTXHVWLRQVXQDQVZHUHG
,QWKLVGD\DQGDJHRIWHFKQRORJ\DQGVRFLDO0HGLDVLWLVHDV\WRVLWRQ\RXU
FRXFKVKDUHPRWLYDWLRQDOTXRWHVWDONWKHWDONLQVWLJDWHDQLFHGDWDEDVHRI
IROORZHUVDQGVWDUWVHOOLQJFRXUVHVDQGHERRNVߡHIIRUWOHVVO\ߢ+RZHYHU
ZKHQRQHVFUXWLQL]HVDOLWWOHELW XVXDOO\WKURXJKH[SHULHQFH LWEHFRPHVFOHDU
WKDWWKRVHFRQWHQWVDUHEDVHGRQUHKDVKHGSODWLWXGHVDQGHYHQIDOODFLHV3OXV
WKRVHSHRSOHUDUHO\ZDONWKHWDONWKHPVHOYHVKRZHYHUPXFKWKH\WU\WR
LPSUHVVZLWKWKHLUFUHGHQWLDOV$QGLQDQ\ZD\LIWKH\GLGIROORZZKDWWKH\
SUHDFKLWZRXOGKDYHEHHQFOHDUWRWKHPWKDWWKHLQIRUPDWLRQWKH\VKDUH
VRPHWLPHVLVEDVHGRQXQVRXQGSULQFLSOHV
:LVGRPLVQRWKLQJPRUHWKDQWKHDELOLW\WRIROORZRQHߞVRZQSLHFHVRI
DGYLFHDQGZKDW,WDONDERXWLQWKLVERRN,SUDFWLFHQRWRQFHDZHHNQRW
RQFHLQDZKLOHEXWHYHU\VLQJOHGD\
,GRQRWSUHWHQGWRNQRZHYHU\WKLQJWKHUHLVWRNQRZDERXWWKHPHQWDODVSHFW
RIWUDGLQJ,QIDFW,GRQߝWKDYHDQ\FUHGHQWLDOVLQSV\FKRORJ\KRZHYHU,
OHDUQHGPRVWRIZKDW,GLVFXVVLQWKLVERRNWKURXJKUHSHDWHGPLVWDNHVSDLQIXO
ORVVHVDQGIDLOXUHV7KHPLQGLVVHHQDVWKLVSHUSOH[LQJDQGSHFXOLDUSODFH
WKDWFDQRQO\EHXQGHUVWRRGE\H[SHUWV SV\FKRORJLVWV EXWP\DUJXPHQWLV
WKDWZHGRQߝWQHHGD3K'WRXQGHUVWDQGLWVQDWXUH:HMXVWKDYHWRPDNH
RXUVHOYHVDYDLODEOHWROHDUQLQJPRUHDERXWWKHQDWXUHRIRXUH[SHULHQFHV ߙ
DQGWKHGDLO\SUDFWLFH,GHVFULEHLQWKLVERRNKHOSVXVJHWWKHUH
&+$37(5
6(/)$1$/<6,6

' HYHORSLQJVRPHVWURQJVHOIDQDO\VLVVNLOOVLVWKHEDVLVIRU
DQ\SRVLWLYHFKDQJHVLQ\RXUWUDGLQJKDELWV7RJLYH\RXVRPHFRQWH[WDURXQG
WKLVVWDWHPHQWSLFWXUHWKLV,ZDVUDLVHGLQDUDWKHUXQVWDEOHHQYLURQPHQW0\
SDUHQWVVHSDUDWHGDFRXSOHRIPRQWKVDIWHU,ZDVERUQ0\FKLOGKRRGZDV
PDLQO\FRPSRVHGRIPRYLQJDURXQGDORW ߙ DOWHUQDWLYHO\OLYLQJZLWKP\
PRWKHUP\XQFOHP\IDWKHUDQGWKHQEDFNZLWKP\PRWKHU*URZLQJXS
WKHUHDUHQRWDQ\PHPRULHVLQP\PLQGRIPHVKDULQJDEHDXWLIXOPRPHQW
ZLWKP\PRWKHU,QHYHUKDGWKHOX[XU\RIKDYLQJDORYLQJUHODWLRQVKLSZLWK
KHU,WZDVTXLWHWKHRSSRVLWH,ZDVUDLVHGE\DZRPDQZLWKDQDUFLVVLVWLF
SHUVRQDOLW\GLVRUGHUZKRUHSODFHGFDUHDQGQXUWXULQJZLWKQHJOHFWDQG
XQFHUWDLQW\ ߙ ZKRGLGQߞWKDYHWKHFDSDFLW\WRORYHPH6XUHVKHVKRZHGORYH
WRP\ROGHUEURWKHUKHUߡULJKWDUPߢDVVKHXVHGWRFDOOKLP+HZDVWKH
*ROGHQ&KLOGDQGFRXOGGRQRZURQJZKLOH,ZDVPHUHO\WKHVFDSHJRDW,ZDV
FRQVWDQWO\FRPSDUHGWRKLPDQGP\LQDGHTXDF\ZDVWKURZQDWP\IDFHRQD
QHDUGDLO\EDVLV

/RRNLQJEDFNRQRXUIDPLO\G\QDPLFVLWPDNHVPHIHHOOLNH,ZDVDVODYHLQD
VKHOWHUHGZRUOGRIQDUFLVVLVPUDFLVPSUHMXGLFHDEXVH0\WHHQDJH\HDUV
ZHUHVRPHRIWKHPRVWGLIILFXOWSHULRGVRIP\OLIHZKHUH,ZDVLQVHDUFKRI
ZKR,DPP\SXUSRVHZKDWGULYHVPHHWFDQG,QHHGHGVXSSRUWDQG
GLUHFWLRQGXULQJWKDWWLPH$OO,JRWZDVFRQILQHPHQWLVRODWLRQYHUEDO
DVVDXOWVKXPLOLDWLRQLQWLPLGDWLRQLQIDQWLOL]DWLRQDQGRWKHUWUHDWPHQWVZKLFK
FRQWULEXWHGWRWKHGLPLQLVKPHQWRIP\VHQVHRILGHQWLW\GLJQLW\DQGVHOI
ZRUWK7KHQHJDWLYHHQHUJ\WKDW,DFFXPXODWHGIURPWKHVHPLVWUHDWPHQWV
QHHGHGWREHFDQDOL]HGDQGHYDFXDWHGVRLQWXUQ,HQGHGXSKXUWLQJP\
\RXQJHUEURWKHULQVRIDUDV,ZDVEHLQJKXUWP\VHOI7KLVLVZKDWKXUWVPHWKH
PRVWQRZDGD\VLW
VWKHKDUPWKDW,KDYHLQIOLFWHGXSRQP\\RXQJHUEURWKHU
ZKRQHYHUGHVHUYHGWKDW,QP\TXHVWWRXQGHUVWDQGZK\P\RZQPRWKHU
ZRXOGLPSRVHVXFKDFUXHOWUHDWPHQWRQP\RZQSHUVRQ,KDGEHFRPH
REOLYLRXVWRWKHIDFWWKDWSDUWRIPHEHFDPHKHU
2QHGD\\RXILQDOO\ZDNHXSDVDQDGXOWDQG\RXUHDOL]HWKDWWKLVDEXVLYHDQG
KLJKO\WR[LFHQYLURQPHQWKDVFRQVHTXHQFHV,QDGGLWLRQWREHLQJXQDEOHWR
ORYHP\VHOI,H[SHULHQFHGORWVRIGLIILFXOWLHVZLWKVHOIFRQWURODQGVHOI
UHJXODWLRQ,EHFDPHPRUHDQGPRUHLQWURYHUWHGDQGFORVHGRIIDQG,LQKHULWHG
DQDUUD\RIG\VIXQFWLRQDOEHOLHIVWKDWDIIHFWHGWKHZD\,SHUFHLYHGP\VHOIDQG
H[SHULHQFHGP\OLIH,ZDVWDXJKWWRIHDUIDLOXUHDQGWRUHMHFWEHLQJZURQJ,
ZDVWDXJKWWREHDSDWKRORJLFDOSHUIHFWLRQLVWDQGWRKDYHDQH[FHVVLYHORYH
IRUPRQH\DQGPDWHULDOSRVVHVVLRQV ߙ DVLIP\KDSSLQHVVZDVFRQWLQJHQW
XSRQWKRVHWKLQJV
7KLVLVQRWWRVD\WKDWP\FRQGLWLRQZDVXQLTXHDOORIXVVXIIHUIURPWKRVH
G\VIXQFWLRQDOEHOLHIVWRGLIIHUHQWGHJUHHV-XVWWKHPHUHIDFWWKDWZHHYROYHLQ
DZRUOGZKHUHORVHUVDQGIDLOXUHVDUHPDUJLQDOL]HGZKHUHRXUVHOIZRUWKLVD
IXQFWLRQRIRXUQHWZRUWKDQGZKHUHDEVROXWHSHUIHFWLRQLVWKHQRUPLV
FRQGXFLYHWRWKHIRUPDWLRQDQGSHUSHWXDWLRQRIWKRVHEHOLHIV,DPQRWJRLQJ
WRGLYHLQWRZK\WKRVHEHOLHIVDUHG\VIXQFWLRQDOLQQDWXUHDV,H[SUHVVLWLQP\
RWKHUERRN3DUDGLJP6KLIWEXWWKHRQHWKLQJWKDW,ZDQW\RXWRWDNHIURP
WKLVLVWKDWVSHFLILFEHOLHIVKDYHVSHFLILFFRQVHTXHQFHV7KHVHWRIEHOLHIV,
GHVFULEHGLVKLJKO\LQFRPSDWLEOHZLWKVXFFHVVIXOWUDGLQJDQGEHLQJUDLVHGLQ
VXFKDQXQVWDEOHHQYLURQPHQWHQVXUHGWKDWWKRVHEHOLHIVJUHZRXWRI
SURSRUWLRQVLQPH
<HDUVODWHU,IRXQGVRPHSHUVSHFWLYHDVDQDGXOWZKHQ,PRYHGRXWRIWKH
KRXVHEXWVWLOOWKHDEXVH,KDGH[SHULHQFHGGXULQJWKHHDUOLHUSDUWVRIP\OLIH
VWXFNZLWKPH6R,XQNQRZLQJO\FRQWLQXHGWRDEXVHP\VHOIHPRWLRQDOO\DQG
PHQWDOO\7KHUHZDVVRPXFKXQUHVROYHGVXIIHULQJLQP\OLIHDQGLQP\SDVW
WKDW,ZDVFDUU\LQJWKHPLQWRWKHSUHVHQWPRPHQW,GLGQߞWNQRZKRZWRKHDO
WKRVHZRXQGVDQG,OLYHGOLIHLQWLPDWHO\WKLQNLQJWKDW,ZDVQߞWDYDOXDEOH
KXPDQEHLQJ:KHQWKHSHRSOH\RXWUXVWWKHPRVWWUHDW\RXZLWKVXFK
LQGLJQLW\DWVRPHSRLQW\RXDUHERXQGWREHOLHYHWKDWVRPHWKLQJLVZURQJ
ZLWK\RX8QIRUWXQDWHO\DV\HDUVZHQWE\,FUDIWHGP\OLIHDURXQGWKRVH
WKRXJKWVDQG,DWWUDFWHGSHRSOHDQGH[SHULHQFHVWKDWSURYHGPHWKDW,ZDV
ULJKWLQP\DVVHVVPHQWRIUHDOLW\
1DWXUDOO\ZKHQ,VWDUWHGWUDGLQJDQGHQFRXQWHUHGORVVHVLWLQVLGLRXVO\
UHYLYHGVRPHSDLQIXOPRPHQWVRIP\SDVWZKHUH,IHOWXQZRUWK\DQG
LQDGHTXDWH,WߞVDVLIWKRVHORVVHVWDSSHGLQWRWKDWUHVHUYHRIQHJDWLYHO\
FKDUJHGPHQWDOHQHUJ\WKDWQHYHUZHQWDZD\DOZD\VZDLWLQJWRUHVXUIDFH
ZKHQWULJJHUHG
/DWHULQP\FDUHHU,GHYHORSHGDVWDWLVWLFDOHGJHLQWKHPDUNHWVDQGDVRXQG
ULVNDQGPRQH\PDQDJHPHQWWHFKQLTXHEXWVWLOO,FRXOGQߞWJHWP\VHOIWR
H[HFXWHWKDWPHWKRGRORJ\IODZOHVVO\,IUR]HDVWKRXJKWVRIIDLOXUHV
SUHYHQWHGPHIURPSXOOLQJWKHWULJJHURQZKDWFRXOGKDYHEHHQOXFUDWLYH
WUDGHVLQKLQGVLJKW,ZRXOGLQWHUQDOL]HHYHU\PDUNHWDFWLRQPDNLQJLWDULJKW
RUZURQJJDPH,I,ZDVZURQJ,ZRXOGFRQVLGHULWDVDQDWWDFNRQP\HJR
DQG,ZRXOGWDNHXQZDUUDQWHGHQWULHVLQDQDWWHPSWWRJHWEDFNWKHPRQH\
ORVW,ZDQWHGWRIHHOZKROHDJDLQ,I,ZDVULJKW,ZRXOGIHHOLQYLQFLEOHWKXV
WDNLQJRQH[FHVVLYHULVN7RSXWLWDQRWKHUZD\,ZDVDQHPRWLRQDOPHVV ߙ D
ZDONLQJWLPHERPEZDLWLQJWREORZXSP\DFFRXQW
7KHFRQVWDQWRYHUWKLQNLQJDQGRYHUDWWDFKPHQWWRP\VWRU\PDGHWUDGLQJD
YHU\IUXVWUDWLQJDQGH[DVSHUDWLQJHQGHDYRUIRUPH$GGLWLRQDOO\,ZDVLQ
SRRUKHDOWK7KHFKURQLFVWUHVVRIXQUHVROYHGHPRWLRQDOSDLQZUHDNHGKDYRF
RQP\LPPXQHV\VWHPFLUFXODWRU\V\VWHPFDUGLDFIXQFWLRQKRUPRQHOHYHOV
DQGRWKHUSK\VLFDOIXQFWLRQV$V\HDUVZHQWE\ ߙ DV,NHSWWUDGLQJ ߙ ,ZDV
EHFRPLQJPRUHDQGPRUHXQKDSS\,IHOW,KLWURFNERWWRPLQ6HSWHPEHU
ZKHQ,KDGORVWRIP\WUDGLQJDFFRXQWDIWHUVSHQGLQJ\HDUVORVLQJ
PRQH\LQWKHPDUNHWV,ZDVOHIWEURNHDQGEURNHQ
0\ODFNRIVXFFHVVDOPRVWGURYHPHRXWRIWUDGLQJ,UHPHPEHUEHLQJ
GUDJJHGRXWRIEHGRQHQLJKWE\WKHRYHUZKHOPLQJFKDWWHULQP\PLQG,WߞVDV
LIWKHSXUSRVHRIWKDWLQQHUߡYRLFHߢZDVWRXQGHUPLQHPHDWDOOFRVW,ZDV
VZHDWLQJSURIXVHO\DQG,IHOWDGHHSVHQVHRIQXPEQHVVLQWKHSLWRIP\
VWRPDFKZKLOHDWWKHVDPHWLPHDGHVSDLUIRUZKLFK,FDQQRWVHHPWRH[SUHVV
DFFXUDWHO\ZLWKZRUGV$WWKDWSDUWLFXODUPRPHQW,WKRXJKWWRP\VHOIߡ,
FDQߞWGRWKLVDQ\PRUH,MXVWFDQߞW7KHUHKDVWREHDEHWWHUZD\ߢ,GLGQߞW
VOHHSIRUWKHUHVWRIWKHQLJKW,VWD\HGLQEHGODLGRQP\VLGHEDOOHGLQWRD
WLJKWJULSSULVRQHURIP\LQQHUFRQGLWLRQV
7KHHQVXLQJGD\V,WRRNDEUHDNIURPWKHPDUNHWV ߙ ,FRXOGEDUHO\JHWP\VHOI
WRORRNDWP\WUDGLQJDFFRXQWEHFDXVH,ZDVVRDIUDLGRIZKDW,ZRXOGVHH
WKHUH$WRQHSRLQW,ZHQWWRDSDUNDQG,VDWRQDEHQFK6XPPHUKDGMXVW
HQGHGOHDYHVZHUHVWDUWLQJWRIDOODQGWKHDUHDXVXDOO\OLYHO\DQGFRORUIXO
ZDVGHVHUWHGDQGEOHDN,IHOWHPSW\EXWDV,VDWGRZQWRUXPLQDWHRQWKH
PHGLRFULW\RIP\H[LVWHQFHVRPHWKLQJHOVHKDSSHQHG
,VDZDVTXLUUHOMXPSIURPRQHWUHHWRDQRWKHUIURPZKDWDSSHDUHGWREHDQ
DPD]LQJIHDWEHFDXVHWKHGLVWDQFHEHWZHHQWKHWZRWUHHVZDVVLJQLILFDQW
$GGLWLRQDOO\WKHEUDQFKWKDWVTXLUUHOZDVRQLQLWLDOO\ZDVVRWKLQWKDWLW
ERJJOHGP\PLQGDVWRKRZWKDWVTXLUUHOPDQDJHGWRMXPSIURPLWZLWKRXW
ORVLQJEDODQFHDQGYHORFLW\,WKRXJKWWKDWWKHVTXLUUHOPXVWKDYHKDGWKH
LQQDWHDELOLW\WRJDXJHSUREDELOLWLHV,WLVMXVWVRPHWKLQJWKDWLVEXLOWZLWKLQ
WKHPWKH\GRQߞWKDYHWRWKLQNDERXWLWWKH\MXVWGRLWQDWXUDOO\7KLVOLQHRI
WKLQNLQJVRPHKRZOHGPHWRWKLQNDERXWWKHPDQ\FRPPRQDOLWLHVEHWZHHQ
JUHDWWUDGHUV,WEHFDPHFOHDUWRPHWKDWWKHVHFRPPRQDOLWLHVZHUHQRWVR
PXFKLQWKHZD\WKH\WUDGHG ߙ LQIDFWQRWDWDOO(YHU\VLQJOHRQHRIWKHP
XVHGDGLIIHUHQWWUDGLQJPHWKRGRORJ\IURPWKHRWKHU%XWZKDWWKH\GLGVKDUH
LQFRPPRQZDVWKHLURYHUDOOYLHZRIZKDWDPDUNHWLVDQGZKDWLVSRVVLEOH
ZLWKLQLW7KH\EHJDQWRWUHDWLWDVDVHWRISUREDELOLWLHVUDWKHUWKDQ
SRVVLELOLWLHV
7KDWZDVWKHILUVWSDUWRIDFKDLQRIHSLSKDQLHVIRUPH,WLVQRWVRPXFKWKDW,
GLGQߞWNQRZWKLVIDFWEHIRUHEHFDXVH,GLG+RZHYHUWKHUHLVDGLIIHUHQFH
EHWZHHQNQRZLQJVRPHWKLQJDQGEHOLHYLQJVRPHWKLQJ$OOWKDWWLPHWKDW
ZKLFK,NQHZGLGQߞWKLWPHEHFDXVH,ZDVQߞWSUHSDUHG\HWWRUHDOO\XQGHUVWDQG
LW,ORRNHGDWWKHPDUNHWVZLWKH\HVRIZRQGHUGHVLUHKRSHVRPXFKWKDWLW
REVFXUHGP\YLVLRQ$QGWKHUHDOLW\LVWKDWJRRGWUDGHUVGRQRWVHHWKH
PDUNHWVWKLVZD\DWDOO7KH\UHFRJQL]HWKHRYHUDOORSSRUWXQLWLHVLQKHUHQWWR
WUDGLQJEXWWKH\DOVRUHDOL]HWKDWWKHZD\WRJHWSRVLWLYHUHVXOWVLVWKURXJKWKH
FRQVLVWHQWH[HFXWLRQRIWKHLUSURYHQPHWKRGRORJ\,QRWKHUZRUGVWKH\IRUJHW
WKHSRVVLELOLWLHVDQGWKH\IRFXVVWULFWO\RQWKHSUREDELOLWLHV
7KLVDSSURDFKHQVXUHVWKDWWKH\FDQWUDGHWKHLUPHWKRGRORJ\ZLWKWKHOHDVW
DPRXQWRIHPRWLRQDOLQYROYHPHQWEHFDXVHLWSUHYHQWVWKHPIURPLQWHUQDOL]LQJ
PDUNHWDFWLRQ%\IRFXVLQJRQWKHSUREDELOLWLHVOLNHWKHVTXLUUHOWKH\FDQ
FRPSOHWHO\LPPHUVHWKHPVHOYHVLQWKHSUHVHQWPRPHQWߙERG\DQGPLQG
$FRPPRQSODWLWXGHWKDWZHDOOKHDUDQGWU\WRDSSO\LVQRWWRWUDGH
HPRWLRQDOO\7KLVLVILQHLQWKHRU\EXWKRZGRZHGRWKDWZKHQLWLVLQRXU
YHU\QDWXUHWRIHHOHPRWLRQV"7KHKXPDQDQLPDOLVDQHPRWLRQDOO\GULYHQ
PDFKLQHDQGZHFDQQRPRUHVWRSKDYLQJHPRWLRQVWKDQZHFDQVWRS
EUHDWKLQJ:HFDQQRPRUHVWRSWKLQNLQJWKDQZHFDQVWRSIHHOLQJ$OOWKDW
ZHFDQDVSLUHWRGRLVWRUHGXFHWKHHPRWLRQDOLPSOLFDWLRQDQGWKH
WKLQNLQJ ߙ WKHZHLJKLQJMXGJLQJGRXEWLQJ ߙ WRWKHEDUHPLQLPXP7KLVLV
GHILQLWHO\LQWKHUHDOPRIZKDWLVSRVVLEOHDQGWKLQNLQJLQSUREDELOLWLHVLVWKH
ILUVWVWHSWKDWJHWVXVWKHUH
7KHQZHFDQOHDUQWRDGRSWDQREVHUYHUVWDQFHZHFDQOHDUQWRGHWDFK
RXUVHOYHVIURPWKRXJKWVDQGHPRWLRQV7KHRYHULGHQWLILFDWLRQZLWKRXU
WKRXJKWVDQGHPRWLRQVLVZKDWPDNHVXVVKRRWRXUVHOYHVLQWKHIRRWVRZKHQ
ZHOHDUQWRVHSDUDWHRXUVHOYHVIURPWKRVHLQQHURFFXUUHQFHVZHIUHHRXU
SRWHQWLDODVWUDGHUV ߙ EXWDOVRDVLQGLYLGXDOV
*RRGWUDGHUVKDYHOHDUQHGDWRQHSRLQWLQWKHLUFDUHHUWRIUHHWKHLUPLQGVRI
WKHHPRWLRQDOLPSOLFDWLRQVDVVRFLDWHGZLWKPLVWDNHVDQGIDLOXUHV7KH\DUH
IOH[LEOHDQGKDYHOHDUQHGWRWKULYHLQXQFHUWDLQHQYLURQPHQWVMXVWOLNHUHHGV
WKDWEHQGZLWKWKHZLQGVZLWKRXWEUHDNLQJ7KH\DUHQRWRYHUO\DWWDFKHGWR
PRQH\DQGWKHDEVROXWHQHHGWREHULJKW,QWXUQVWKLVHQJLQHHUVWKHNLQGRI
PDUNHWSHUIRUPDQFHWKH\HQMR\\HDUDIWHU\HDU
)RUDYHU\ORQJWLPH,ZDVYHU\IDUIURPWKDWLGHDOEXWUHFRJQL]LQJLWZDVD
KXJHVWHSIRUZDUGLQP\MRXUQH\DVDWUDGHU$OOWKDWWLPH,GLGQߞWWKLQNWKHUH
ZDVDQ\WKLQJZURQJZLWKWKHZD\,DSSURDFKHGWUDGLQJ7KDWLVWKHZD\,
DSSURDFKHGHYHU\WKLQJLQOLIHP\UHODWLRQVKLSZLWKPRQH\SHRSOHZRUNHWF
2QDQ\SDUWLFXODUGD\LI,H[SHULHQFHGDORVVLQWKHPDUNHWV UHDOL]HGRU
XQUHDOL]HG LWZRXOGQHJDWHHYHU\WKLQJJRRGWKDWKDSSHQHGWRPHRQWKDW
VSHFLILFGD\/LNHZLVHZKHQ,KDGDEDGGD\LI,KDGDZLQQHULQWKH
PDUNHWVWKLVZRXOGLQVWDQWO\OLIWPHH[WUDFWLQJPHIURPP\SDLQDQGPLVHU\
WRDVWDWHRIHFVWDV\H[FLWHPHQWDQGRSWLPLVP,FOXQJJUDVSHGDOZD\V
VHHNLQJKDSSLQHVVDQGZHOOEHLQJRXWVLGHRIP\VHOI
7KHKRSHWKDWߡWKHELJRQHߢZDVULJKWDURXQGWKHFRUQHUZDVDWKRXJKW,KHOG
GHDU7KHLGHDZDVWKDWVXFKDWUDGHZRXOGEULQJLQHQRXJKSURILWVWRFRYHU
DOOP\SUHYLRXVORVVHVZKLOHDOORZLQJPHWRWDNHVRPHZHOOGHVHUYHG
YDFDWLRQV:KRNQRZVPD\EHWKHUHZRXOGEHHQRXJKOHIWWREX\DQLFHFDU
DQGDEHDXWLIXO5ROH[ZDWFK",ORYHZDWFKHV7KLVZRXOGVXUHO\SURYLGHPH
ZLWKDQHORQJDWHGVHQVHRIIXOILOOPHQWDQGZHOOEHLQJ
'R\RXVHHKRZXQKHDOWK\WKLVLV",DPVXUHDORWRI\RXH[SHULHQFHWKLVLQ
\RXURZQOLYHV7KDWLVZKDWKDSSHQVZKHQRXUZHOOEHLQJUHOLHVRQSURFHVVHV
WKDWDUHRXWRIRXUFRQWURO ߙ PDUNHWVPRQH\RUDQ\WKLQJDQGDQ\RQHRXWVLGH
RIRXUVHOYHV:KHQZHKDQGWKRVHWKHSRZHUWRGHFLGHIRUXVZKDWZHRXJKW
WRIHHOLQHDFKDQGHYHU\PRPHQWRXUPRRGVZLQJVIURPH[WUHPHWRH[WUHPH
OLNHDSHQGXOXP:HORVHFRQWURORIRXUVHOYHVDQGZHOLWHUDOO\EHFRPHGUXJ
DGGLFWVDOZD\VQHHGLQJWKDWEX]]WKDWILOO ߙ DQGLWߞVQHYHUHQRXJKLWߞVQHYHU
VDWLVI\LQJ
1RWPDQ\QHZWUDGHUVIRFXVRQGHYHORSLQJVWURQJVNLOOVRIVHOIDQDO\VLV ߙ LQ
IDFWPRVWGRXEWWKDWVXFKDELOLWLHVHYHQH[LVW<HWLWLVWKLVFDSDFLW\WRWUDFH
RXUSUREOHPWKRXJKWVRUHPRWLRQVEDFNXOWLPDWHO\WRVRPHHPRWLRQDOO\
LQWHQVHH[SHULHQFHWKDWOHGWRXVWROHDUQVRPHXQVNLOOIXOOHVVRQVWKDW
GHWHUPLQHVRXUFDSDFLW\WRHYROYHEH\RQGRXUOLPLWDWLRQV:KHQZHEHFRPH
DZDUHRIRXUWULJJHUVDQGWKHVFULSWVWKH\SOD\RYHUDQGRYHUDJDLQWKDW
DZDUHQHVVDOORZVXVWRPDNHFKRLFHVZHFRXOGQߞWKDYHFRQFHLYHGEHIRUH
6WLOORQP\EUHDNIURPWUDGLQJ,VWDUWHGVSHQGLQJWLPHZLWKP\VHOIVLWWLQJLQ
UDQGRPSDUNVWU\LQJWRJHWDVHQVHIRUP\H[LVWHQFHLWVPHDQLQJLWVSXUSRVH
DQGZK\VWLOODIWHUDOOWKHVH\HDUV,ZDVQߞWDEOHWRVXFFHHGLQWKHPDUNHWV,
EHJDQLQYHVWLJDWLQJWKHQDWXUHRIP\WKRXJKWVHPRWLRQVDQGPHPRULHV
'XULQJWKDWWLPHMRXUQDOLQJEHFDPHP\EHVWDOO\7KHLGHDZDVWRXVHWKH
MRXUQDOWRNHHSDUHDOWLPHUHFRUGRIDQ\WKLQJWKDWZHQWWKURXJKP\PLQG
DQ\WKLQJWKDWFRXOGHYHQWXDOO\OHDGPHWRXQGHUVWDQGZK\,ZDVFRQVWDQWO\
VDERWDJLQJP\VHOI:KHQ\RXKDYHDSHQDQGDSLHFHRISDSHUDQG\RXDUH
SXWWLQJ\RXUWKRXJKWVGRZQLWDOORZV\RXWRDUWLFXODWHFOHDUO\WKHWKRXJKWVLQ
\RXUPLQGDQGWKHIHHOLQJVLQ\RXUERG\WKDWPLJKWMXVWEHKD]\RWKHUZLVH
:KHQ\RXKDYHLWRQSDSHULWLVQRWDEVWUDFWDQ\PRUHDQG\RXKDYH
VRPHWKLQJWDQJLEOHWRZRUNZLWK$WWKDWSRLQWZULWLQJEHFRPHVWKHFDWKDUVLV
RIWKHPLQG
0RQWKVSDVVHGDQG,JDLQHGPRUHDQGPRUHLQVLJKWVLQWRP\VHOIVDERWDJLQJ
EHKDYLRUV1RZWKDW,KDGDJRRGXQGHUVWDQGLQJRIZKDWWULJJHUHGP\
HPRWLRQDOUHVSRQVHVWRHYHQWVDQGFLUFXPVWDQFHV,VWDUWHGVHDUFKLQJIRUZD\V
WRKHOSPHULVHDERYHWKRVHLQQHUߡIHWWHUVߢWKXVUHGHILQLQJP\UHDOLW\:KDW,
VWXPEOHGDFURVVGLGH[DFWO\WKDW
&+$37(5
7+(0$*,&3,//

6 XSSRVH,WHOO\RXDERXWDPDJLFSLOOWKDW\RXFRXOGWDNH
GDLO\7KDWPDJLFSLOOFRXOGGUDVWLFDOO\LQFUHDVH\RXUDELOLW\WRWDNHUDWLRQDO
GHFLVLRQVLQWKHPDUNHWVLWFRXOGUHGXFH\RXUDQ[LHW\ZKHQ\RXWUDGH
GHFUHDVHLPSXOVLYLW\DQGLQFUHDVH\RXURYHUDOOFDSDFLW\WRDFWLQ\RXUEHVW
LQWHUHVWLQWKHPDUNHWV:RXOG\RXWDNHVXFKDSLOO"6XSSRVHIXUWKHUWKDWWKH
SLOOKDVDJUHDWYDULHW\RISRVLWLYHVLGHHIIHFWVOLNHLQFUHDVHGVHOIHVWHHP
DFFHSWDQFHRIWKHSDVWDFFHSWDQFHRIWKHXQNQRZQVHOIWUXVWLPSURYHG
PHPRU\DQGVRRQ6XSSRVHILQDOO\WKDWWKHSLOOLVDOOQDWXUDOEXWWKDWLVQRW
DOO,WFRVWVDEVROXWHO\QRWKLQJWKHRQO\FDYHDWLVWKDW\RXMXVWKDYHWREH
ZLOOLQJWRWDNHLWHYHU\VLQJOHGD\1RZZRXOG\RXVWLOOWDNHLW"7KDWSLOO
H[LVWV ߙ LWߞVFDOOHGPHGLWDWLRQ

7KHKDELWRIPHGLWDWLRQWKHPRVWSRZHUIXOWKLQJ,KDYHHYHUOHDUQHG,I,KDG
WRDWWULEXWHP\VXFFHVVLQWKHPDUNHWVWRDKDELWWKDW,GRFRQVLVWHQWO\LQP\
GD\WRGD\OLIHZLWKRXWDVLQJOHRXQFHRIKHVLWDWLRQ,ZRXOGVD\PHGLWDWLRQ
7KHVRXUFHRIRXUSUREOHPV ߙ DVWUDGHUV ߙ LVWKHYHU\WKLQJWKDWLVRXUJUHDWHVW
DVVHW2XUPLQGV7DNLQJDWUDGHWRRVRRQWDNLQJLWWRRODWHQRWWDNLQJD
VLJQDODWDOOQRWSXWWLQJDVWRSLQPRYLQJRXUVWRSQRWWDNLQJSURILWVRU
WDNLQJWRROLWWOHRILWDOOWKHVHWUDGLQJHUURUVUHVXOWIURPRXUWKRXJKWV,QIDFW
DVDVSHFLHVPRVWRIRXUGLVVDWLVIDFWLRQVZRUULHVDQGSDLQDUHHQJLQHHUHGE\
RXUWKRXJKWV7KHJRRGQHZVLVWKDWZHFDQOHDUQWRFKDQJHRXUUHODWLRQVKLS
ZLWKWKRVHVWDWHVRIWKHPLQG7KHSUDFWLFHRIPHGLWDWLRQFRPHVIURPD
\HDUROGWUDGLWLRQRIXVLQJDQDQFKRUOLNHWKHEUHDWKWRVWDELOL]HDWWHQWLRQFXW
WKURXJKWKLVFRQVWDQWDVVRFLDWLRQZLWKRXUWKRXJKWVDQGIHHOLQJVDQGEULQJ
DZDUHQHVVWRWKHSUHVHQWPRPHQW
,ZDVLQFUHGLEO\VNHSWLFDODERXWPHGLWDWLRQDWILUVW1RWRQO\ZDV,VNHSWLFDO
DERXWDQ\WKLQJERUGHULQJRQWKHPHWDSK\VLFDOZKLFK,DVVXPHGPHGLWDWLRQ
LQYROYHGEXW,DOVRWKRXJKWWKDWLWZDVVWULFWO\UHVHUYHGIRUPRQNVDVFHWLFV
DQGRWKHUFRQWHPSODWLYHV7KHWKLQJWKDWJRWPHWRRSHQP\PLQGMXVWDFUDFN
ZDVKHDULQJDERXWWKHVFLHQFH VHH7KHVWXGLHVVHFWLRQ DQG,WKLQNWKDWLVWUXH
IRUDORWRISHRSOHZKRKDYHJLYHQLWDWU\RIODWH1DWXUDOO\RQHKHDUVDERXW
WKRVHH[WUDRUGLQDU\WKLQJVPHGLWDWLRQGRHVWRWKHEUDLQDQGWKHERG\DQG
TXLFNO\LWEHFRPHVDOOFRPSHOOLQJ,WVHHPHGOLNHWKHSUDFWLFHFRXOGSURYLGH
VRPHNLQGRIDQVZHUWRP\SUREOHPVVR,WULHGLW
,KDYHWRVD\P\ILUVWWDVWHRILWZDVPLVHUDEOH,KDGVHWDQDODUPIRUIRUW\
PLQXWHV QRWDYHU\JRRGLGHDLI\RXDUHMXVWVWDUWLQJRXW DQGKDGDIXOORQ
FROOLVLRQZLWKWKH]RRWKDWLVP\PLQG,WZDVUHDOO\KDUGWRVWD\IRFXVHGPRUH
WKDQVHFRQGVRQP\EUHDWKDQGDWWKHHQGRIWKDWSDLQIXOVHVVLRQ,JRWHYHQ
PRUHIUXVWUDWHG,UHIOH[LYHO\WKRXJKWWKDWP\PLQGZDVVRPHKRZEXVLHUWKDQ
HYHU\RQHHOVHߞVDQGWKDW,FRXOGQߞWSRVVLEO\WDPHLW,QWULQVLFDOO\WKH
UHDOL]DWLRQWKDW,ZDVORVWLQWKRXJKWRIWKHWLPHGLGQߞWKLWPHDV
VRPHWKLQJWKDWZDVGHHSO\SHUSOH[LQJ:KDWERWKHUHGPHWKHPRVWZDVWKDW,
WKRXJKWPHGLWDWLRQZDVDFRPSOHWHZDVWHRIP\WLPH
:HVSHQGRXUOLYHVORVWLQWKRXJKWV7KDWLVWKHQDWXUDOWHQGHQF\RIWKHPLQG
,WUXPLQDWHVLWMXPSVIURPWKRXJKWWRWKRXJKWLQFHVVDQWO\IURPPRUQLQJWLOO
QLJKWIURPELUWKWLOOGHDWKJLYLQJXVQRUHVWIRUDPRPHQW0RVWRIWKHVH
WKRXJKWVDUHQRWH[DFWO\LQYLWHGWKH\MXVWDSSHDULQFRQVFLRXVQHVVRFFXS\
RXUDWWHQWLRQIRUDZKLOHDQGWKHQGLVDSSHDUPDNLQJSODFHIRURWKHUV7KH
TXHVWLRQLVZKDWVKRXOGZHPDNHRIWKLVIDFW",QWKHZHVWIRUDYHU\ORQJ
WLPHWKHDQVZHUKDVEHHQߡ1RWPXFKߢ,QWKHHDVWHVSHFLDOO\LQ
FRQWHPSODWLYHWUDGLWLRQVOLNHWKRVHRI%XGGKLVPEHLQJGLVWUDFWHGE\WKRXJKWV
LVXQGHUVWRRGWREHWKHYHU\FDXVHRIKXPDQVXIIHULQJ
,QWKH%XGGKLVWEHOLHIV\VWHP6LGGKDUWKD*DXWDPD WKH%XGGKD LVVDLGWR
KDYHDWWDLQHGHQOLJKWHQPHQWXQGHUWKH%RGKL7UHHZKHUHKHKDGEHHQVLWWLQJ
LQDPHGLWDWLYHVWDWHIRUZHHNV6RRQDIWHUKLVHQOLJKWHQPHQWKHSDVVHGD
PDQRQWKHURDGZKRZDVVWUXFNE\KLVH[WUDRUGLQDU\UDGLDQFHDQGSHDFHIXO
SUHVHQFH7KHPDQVWRSSHGDQGDVNHGߡ<RXVHHPYHU\VSHFLDO:KDWDUH
\RX"$UH\RXVRPHNLQGRIDQDQJHO"ߢߡ1RߢWKH%XGGKDUHSOLHGߡ:HOODUH
\RXVRPHNLQGRIJRGWKHQ"<RXVHHPXQKXPDQߢߡ1RߢKHVDLGߡ:HOODUH
\RXVRPHNLQGRIZL]DUGRUPDJLFLDQ"ߢߡ1RߢKHUHSOLHGߡ:HOODUH\RXD
PDQ"ߢߡ1Rߢߡ7KHQZKDWDUH\RX"ߢ$WWKLVWKH%XGGKDDQVZHUHGߡ,DP
DZDNHߢ,QWKRVHWKUHHZRUGVߡ,DPDZDNHߢKHJDYHWKHZKROHRI%XGGKLVW
WHDFKLQJV
7KHZRUGߡ%XGGKDߢPHDQVRQHZKRLVDZDNH7RP\NQRZOHGJH6LGGKDUWKD
*DXWDPDZDVQߞWVRPHNLQGRIGHLW\RUVXSHUKXPDQDOWKRXJKDORWRIWKH
EHOLHIVDWWULEXWHWRKLPVXSHUSRZHUVRUDGHLVWLFQDWXUH:KDWPRVWVFKRODUV
DJUHHXSRQLVWKDWKHZDVMXVWDKXPDQEHLQJZKRZHQWRQDTXHVWWRILQGWKH
PHDQLQJRIVXIIHULQJ ߙ DQGKHIRXQGKLVDQVZHUVWKURXJKKLVFRQWHPSODWLYH
SUDFWLFH
7KHSUDFWLFHRIPHGLWDWLRQGRHVQRWDVNXVWREHFRPHD%XGGKLVWRUD
UHOLJLRXVSHUVRQ7KDWLVQRWWKHSRLQWKHUH5DWKHULWLQYLWHVXVWRIXOILOOWKH
FDSDFLW\ZHHDFKKDYHDVKXPDQVWRDZDNHQ ߙ IURPWKLVGUHDPOLNHVWDWHZH
VHHPWRDOOXQFRQVFLRXVO\EHSULVRQHUVRI
%HLQJDQDORJRXVWRWKRXJKWVLVVLPLODUWREHLQJDVOHHSDQGGUHDPLQJ,WLVD
PRGHRIQRWNQRZLQJZKDWLVJRLQJRQLQWKHSUHVHQWPRPHQW&RQVLGHUZKDW
KDSSHQVLQGUHDPV\RXIDOODVOHHSDQGWKHQDOORIDVXGGHQ\RXILQG\RXUVHOI
ZDQGHULQJLQDSDUN7KHQH[WVHFRQG\RXDUHVZLPPLQJLQWKHRFHDQLQWKH
FRPSDQ\RIDZKDOH ߙ DQGWKHPLQGGRHVQߞWHYHQEOLQN,WVHHPVWRKDYHQR
H[SHFWDWLRQVRIFRQWLQXLW\7KHPRVWVXUSULVLQJWKLQJDERXWGUHDPVLV
FHUWDLQO\RXUODFNRIVXUSULVHZKHQWKH\DULVH$VLPLODUWKLQJKDSSHQVWRXV
ZLWKRXUWKRXJKWVZKHQZHDUHDZDNH:HZLOOWHOORXUVHOYHVWKHVDPHWKLQJ
WLPHVLQDURZ:HZLOOGRXEWFRPPHQWFULWLFL]HZHLJKDQGMXGJH
DQ\WKLQJDQGHYHU\WKLQJ-XVWLPDJLQHLIRWKHUSHRSOHFRXOGKHDU\RXU
WKRXJKWVEURDGFDVWHGRQDVSHDNHUDOOGD\ORQJ<RXZRXOGVHHPFRPSOHWHO\
LQVDQH8SRQFORVHLQVSHFWLRQRQHFRXOGHYHQFDOOLWDIRUPRISV\FKRVLV
:HVSHQGRXUOLYHVIHHOLQJLGHQWLFDOWRRXUWKRXJKWV,WGRHVQߞWPDWWHULI\RXU
PLQGLVZDQGHULQJRYHUZK\WKHPDUNHWVGLGZKDWWKH\GLGWKHODWHVW
FHOHEULW\JRVVLSVRUZKDW\RXKDGIRUOXQFKWRGD\LI\RXDUHWKLQNLQJ
ZLWKRXWNQRZLQJWKDW\RXDUHWKLQNLQJWKDWLVZKDWLWIHHOVWREHLGHQWLFDOWR
WKRXJKWV
7KRXJKWVDUHLPSRUWDQW7KH\DUHSDUWDQGSDUFHORIRXUKXPDQOLYHV2XU
DELOLW\WRWKLQNLVDWWKHYHU\FRUHRIRXUHYROXWLRQDVDVSHFLHV2XUWKRXJKWV
JDYHELUWKWRDUWVOLWHUDWXUHVFLHQFHSKLORVRSK\DQGVRRQ6RFOHDUO\WKH
SUREOHPLVQRWWKRXJKWVWKHPVHOYHVEXWWKHVWDWHRIWKLQNLQJZLWKRXWEHLQJ
IXOO\DZDUHWKDWZHDUHWKLQNLQJ ߙ DQGWKDWYHU\VWDWHLVWKHFDXVHRIDOORXU
ZRHVGHVSLWHRXUFDSDELOLWLHVDVKXPDQV,WLVWKHUHDVRQZK\VXFFHVVLQWKH
PDUNHWVDSSHDUVVRHOXVLYHVRFORVH\HWRXWRIUHDFK7KRXJKWVGULYH\RXU
EHKDYLRUVHPRWLRQVDQGGHWHUPLQH\RXUIXWXUHH[SUHVVLRQLQWKHPDUNHWV
,QHVVHQFHZKDW,DPVWDWLQJLVWKDWZHKDYHWROHDUQWRXVHRXUPLQGVLQD
ZD\WKDWHQJHQGHUVDJUHDWHUGHJUHHRIVDWLVIDFWLRQDQGZHOOEHLQJ:HHQMR\
UHDOIUHHGRPRQO\ZKHQZHDUHDEOHWRVWLOORXUPLQGV ߙ HYHQIRUDIHZ
PRPHQWVDWDWLPH%XWGLVUXSWLQJWKHIORZRIWKRXJKWVPLJKWORRNOLNHDQ
LQIHDVLEOHIHDWKRZHYHUPHGLWDWLRQFDQHYHQWXDOO\OHDGXVWKHUH:LWK
SUDFWLFHZHFDQOHDUQWRVHSDUDWHRXUVHOYHVIURPRXUWKRXJKWVUHVXOWLQJLQD
EHWWHUDSSUHFLDWLRQRIWKHSUHVHQWPRPHQWDQGDGUDVWLFUHGXFWLRQRIRXU
LQKHUHQWSV\FKRSDWKRORJLHV
1RWWRNQRZWKDWWKHUHDUHDOWHUQDWLYHVWREHLQJORVWLQWKRXJKWVLVWREHDNLQG
RISULVRQHURIVRUWVDVODYHDV,KDYHEHHQIRUDYHU\ORQJWLPH6RPHRI\RX
PD\WKLQNKDSS\DQGLQWHUHVWLQJWKRXJKWVDOOGD\ORQJEXW,ߞPLPDJLQLQJWKDW
PRVWRI\RXDUHOLNHPH6RKRZGRZHGHDOZLWKWKLV",QP\DWWHPSWWRILQG
WKDWDQVZHU,GHFLGHGWRKHDGRQDPHGLWDWLRQUHWUHDW
&+$37(5
7+($:$.(1,1*

3 HRSOHZKRKDYHQߞWWULHGPHGLWDWLRQKDYHYHU\OLWWOHLQVLJKW
LQWRKRZWKHLUPLQGVDUHFRQVWDQWO\WKLQNLQJ$QGZKHQ\RXEULQJWRWKHLU
DWWHQWLRQWKDWWKHLUPLQGVDUHQRLV\LWJHQHUDOO\GRHVQߞWPHDQDQ\WKLQJWR
WKHP:KHQWKHVHSHRSOHWU\WRPHGLWDWHWKH\KDYHRQHRIWZRUHDFWLRQV
6RPHDUHVRUHVWOHVVDQGRYHUZKHOPHGE\GRXEWVWKDWWKH\FDQKDUGO\DWWHPSW
WKHH[HUFLVHߡ:KDWWKHKHOODP,GRLQJKHUHVLWWLQJZLWKP\H\HVFORVHG"
:KDWLVWKHSRLQWRISD\LQJDWWHQWLRQWRWKHEUHDWK"ߢ,IHHOULGLFXORXVVLWWLQJ
WKHUHOLNHDVWDWXH6WUDQJHO\WKHLUUHVLVWDQFHLVQߞWUHPRWHO\LQWHUHVWLQJWR
WKHP7KH\FRPHDZD\DIWHURQO\DIHZPLQXWHVWKLQNLQJWKDWWKHDFWRI
SD\LQJFORVHDWWHQWLRQWRWKHLUH[SHULHQFHLVSRLQWOHVV

%XWWKHQWKHUHDUHWKHSHRSOHZKRKDYHDQHSLSKDQ\ZKHUHWKHXQSOHDVDQW
UHDOL]DWLRQWKDWWKHLUPLQGVDUHGLJUHVVLQJDOORYHUWKHSODFHSURYRNHWKH
GHVLUHIRUIXUWKHULQTXLU\7KHLULQDELOLW\WRSD\VXVWDLQHGDWWHQWLRQWR
DQ\WKLQJEHFRPHVLQWHUHVWLQJWRWKHP$QGWKH\UHFRJQL]HLWDVLPSHGLQJ
GHVSLWHWKHIDFWWKDWDOPRVWHYHU\RQHLVLQWKHVDPHFRQGLWLRQ7KDWLVH[DFWO\
WKHUHDOL]DWLRQWKDWRFFXUUHGWRPHWKHVHFRQGWLPH,WULHGPHGLWDWLRQ
,WVHHPVWDERRLQPRVWVSLULWXDOFLUFOHV HVSHFLDOO\LQ%XGGKLVP WRPDNH
FODLPVDERXWRQHߞVRZQUHDOL]DWLRQRUHQOLJKWHQPHQWKRZHYHU,WKLQNWKLV
GRHVDGLVVHUYLFHWRHYHU\RQHEHFDXVHLWDOORZVSHRSOHWRUHPDLQFRQIXVHG
DERXWKRZWRSUDFWLFHDQGZKDWWKH\ߞUHORRNLQJIRULQWKLVSUDFWLFH6R,ZLOO
GHVFULEHP\H[SHULHQFH
,ZDVVRGHVSHUDWHZLWKP\OLIH0\IDLOXUHVLQWKHPDUNHWVZHUHWKHODVWGURS
WKDWEURXJKWPHRQWKHYHUJHRIGRLQJVRPHWKLQJVRKRUULEOHWKDW,QRZ
TXLYHUMXVWE\WKHWKRXJKWRILW,QDTXHVWWRILQGVRPHGLUHFWLRQLQP\OLIH,
DWWHQGHGDVLOHQWPHGLWDWLRQUHWUHDW,KDGQRWKLQJWRORVHVR,WKRXJKWWR
P\VHOIߡ0LJKWDVZHOOߨߢ
7KHILUVWIHZGD\VLQWRWKHUHWUHDWZHUHH[FUXFLDWLQJWRVD\WKHOHDVW7KH
DFXWHSDLQLQP\EDFNDVDUHVXOWRIDOOWKDWVLWWLQJZDVDQDORJRXVWREHLQJ
VWDEEHGUHSHDWHGO\ZLWKDVKDUSNQLIHLQWKDWRQHVSHFLILFDUHD,WIHOWOLNH,
ZDVEHDWHQXSDQGWKHQIRUFHGWRVLWWKHUHLQWKLVFURVVHGOHJJHGSRVLWLRQ2Q
WRSRIWKDWP\PLQGZDVDFRPSOHWHPHVV,ZDVVXFKLQDEDGSODFH
SK\VLFDOO\DQGPHQWDOO\WKDW,ZDVMXVWDERXWWRJHWXSSDFNP\VWXIIDQG
OHDYH+RZHYHUWRWKLVGD\,VWLOOGRQߞWNQRZZKDWPDGHPHVWD\EXWZKDW,
GRNQRZLVWKDWWKLVGHFLVLRQSURIRXQGO\FKDQJHGVRPHWKLQJLQPH,WLVDVLI
WKLVDFWRIVWD\LQJVKRZHGWRP\XQFRQVFLRXVPLQGWKDW,ZDVILQDOO\UHDG\
IRUFKDQJH
$WRQHSRLQWULJKWLQWKHPLGGOHRIPHGLWDWLRQXQDEOHWRFDOPP\PLQG,
WKRXJKWRIDOOP\SDVWPLVWDNHVDQGIDLOXUHVZKHWKHUWKH\ZHUHWUDGLQJ
UHODWHGRUQRW,JRWDQJU\DQGIUXVWUDWHGDWP\VHOIVRPXFKWKDWWHDUVVWDUWHG
GULSSLQJIURPP\H\HV5LJKWWKHQDWWKDWYHU\PRPHQW,KDGDJUHDW
HSLSKDQ\+RZGLGWKHVHIHHOLQJVDQGPHQWDORFFXUUHQFHVDVVHUWVRPXFK
FRQWURORYHUPH":LWKJUHDWFXULRVLW\,EHJDQZDWFKLQJWKHPVZLUOZLWKLQPH
OLNHDF\FORQH$IHZPRPHQWVLQWRWKLVREVHUYDWLRQ,QRWLFHGVRPHWKLQJ
UDWKHUSHFXOLDU,IHOWGHWDFKHGIURPWKRVHWKRXJKWVDQGIHHOLQJVRIDQJHU
IUXVWUDWLRQGHVSDLU ߙ DVLIHPDQFLSDWHGIURPWKHP,VWLOOIHOWWKHIHHOLQJV
VZLUOZLWKLQPHEXWVLQFH,ZDVPHUHO\REVHUYLQJWKHPWKH\GLGQߝWVHHPWR
KDYHDQ\FRQWURORYHUPH7KH\GLGQ
WERWKHUPHDQ\PRUH
,WKHQH[SHULHQFHGDGHHSSHDFHVHWWOLQJZLWKLQDQGVRRQHQRXJKP\
XQFRPIRUWDEOHIHHOLQJVEHJDQWRGLVVLSDWHMXVWOLNHDF\FORQHORVHVLWV
LQWHQVLW\DQGVORZO\IDGHVDZD\ZLWKWLPH7KRXJKWVGLVDSSHDUHGOHDYLQJ
VSDFHIRUEUHDWK ߙ DQGRQO\EUHDWK,IHOWHPSW\EXWLQDJRRGZD\$QG
ZKHQWKRXJKWVILQDOO\FDPHEDFNDJDLQ,IHOW,ZDVEHQHDWKWKHP ߙ LQRWKHU
ZRUGV,GLGQߞWIHHOLGHQWLFDOWRWKHP,ZDVPHUHO\DQREVHUYHURIWKHP
$OOP\OLIHP\WKRXJKWVGHILQHGZKR,ZDVEHFDXVH,ZDVXQFRQVFLRXVO\
JUDQWLQJWKHPSHUPLVVLRQWRKDYHSRZHURYHUPH7KLVZDVP\ZHOOVSULQJRI
WRUPHQWDQG,QHYHUWKRXJKWWKDWWKHUHZDVDQDOWHUQDWLYHWRWKDW%XWDWWKDW
YHU\LQVWDQW,LQWLPDWHO\NQHZ,ZDVRQWRVRPHWKLQJELJDQGSRWHQWLDOO\OLIH
FKDQJLQJ
7KRXJKWVDUHQHFHVVDU\DQGZHFRXOGQߞWQDYLJDWHRXUOLYHVZLWKRXWWKHP%XW
WKLVDXWRPDWLFLW\RIEHLQJORVWLQGLVFXUVLYHWKRXJKWVDQGQRWNQRZLQJWKDW
\RXDUHWKLQNLQJLVWKHSULPDU\FDXVHRIKXPDQVXIIHULQJEHFDXVHWKRXJKWV
GULYHEHKDYLRUHPRWLRQVDQGHDFKVXEVHTXHQWWUDLQRIWKRXJKW:KHQZHDUH
XQDZDUHRIZKDWZHDUHWKLQNLQJWKLVGLUHFWO\LPSDFWVWKHZD\ZHUHVSRQGWR
HYHU\WKLQJWKDWLVRXWVLGHRIXV,QWUDGLQJWKLVLVWKHUHDVRQZK\ZHFDQQRW
H[HFXWHSURSHUO\ZLWKRXWPDNLQJDQXPEHURIWUDGLQJHUURUV0HGLWDWLRQLV
VLPSO\DWRROWKDWDOORZVXVWRߡVWHSEDFNߢWRWKDWSURFHVVDQGGLVFRYHUWKH
VSDFHLQFRQVFLRXVQHVVXQGHUQHDWKWKLVVWUHDPRIWKRXJKWV
$IWHUWKHUHWUHDWHDJHUWRGHHSHQP\XQGHUVWDQGLQJRIP\VHOIDQGKRZ,
HVVHQWLDOO\FUHDWHGP\RZQSDLQDQGVXIIHULQJLQWUDGLQJ EXWDOVRLQP\
SHUVRQDOOLIH ,EHJDQFXOWLYDWLQJDUHJXODUPHGLWDWLRQSUDFWLFH6ORZO\LWDOO
EHJDQWRPDNHVHQVH ߙ P\OLIHߞVSXUSRVHP\SDVWH[SHULHQFHVP\IDLOXUHVLQ
WKHPDUNHWV,EHJDQWRVHHFOHDUO\KRZP\EHOLHIVDQGWKHRYHU
LGHQWLILFDWLRQZLWKP\WKRXJKWVFUHDWHGP\UHDOLW\7KHDWWDFKPHQWWRD
SDLQIXOSDVWFUHDWHGP\H[SHULHQFHRIWKHSUHVHQW0\VWURQJGHVLUHRIDOZD\V
ZDQWLQJWREHULJKWFUHDWHGP\UHVXOWVLQWKHPDUNHWVDQGP\FUDYLQJIRU
FRQWURODQGFHUWDLQW\PDGHPHLQIOH[LEOHWKHUHIRUHXQDEOHWRDGDSWWR
FKDQJHV%XWQRZ,ILQDOO\NQHZKRZWRGHDOZLWKWKRVHDIIOLFWLYHLQQHU
FRQGLWLRQV7KLVEUHDNWKURXJKVKRZHGPHWKDWLWZDVSRVVLEOHWRUHOHDVH
P\VHOIIURPP\PHQWDOSULVRQDQGWUDQVFHQGP\GLVSDUDJLQJDQGGLVFXUVLYH
PHQWDOFKDWWHUV,H[SHULHQFHGLWRQFHDWWKHUHWUHDWDQGDOWKRXJKEULHILWZDV
WKHPRVWUHOLHYLQJWKLQJ,KDGHYHUH[SHULHQFHG ߙ DQG,NQHZWKLVH[SHULHQFH
ZDVDYDLODEOHIRUPHWRUHSURGXFH
7KHUHLVDQDOWHUQDWLYHWREHLQJDWWKHPHUF\RIWKHQH[WQHXURWLFWKRXJKWWKDW
FRPHVFDUHHQLQJLQWRFRQVFLRXVQHVV7KHUHLVDQDOWHUQDWLYHWREHLQJIRUFHG
LQWRWKLVERULQJDQGXQSURGXFWLYHFRQYHUVDWLRQZHDUHFRQVWDQWO\KDYLQJZLWK
RXUVHOYHV ߙ WKLVYRLFHLQVLGHRXUKHDGVWHOOLQJXVZKDWZHVKRXOGKDYHGRQH
FRXOGKDYHGRQHKRZZHOLNHWKLVDQGQRWWKDWKRZWKLVLVJRRGDQGWKLV
EDG:KHQZHEUHDNWKLVVSHOODQH[WUDRUGLQDU\NLQGRIUHOLHYHLVH[SHOOHG
6RRQ\RXEHJLQWRQRWLFHZK\\RXVXIIHUKRZ\RXVXIIHUWKHPHFKDQLFVRILW
IURPPRPHQWWRPRPHQWWKHPHFKDQLFVRIZRUU\DQGGRXEWIHDUDQJHUHWF
0HGLWDWLRQLVDWRROWRUHOD[WKDWDXWRPDWLFLW\EXWWKDWWRROFDQEHKDUGZRQ
EHFDXVHLWLVQRWHDV\WRPHGLWDWH
3D\LQJDWWHQWLRQWRWKHEUHDWKZLWKRXWJHWWLQJORVWLQWKRXJKWLVDVLPSOH
LQVWUXFWLRQLQGHHGEXWLQFUHGLEO\GLIILFXOWWRSHUIRUPDWILUVW+RZHYHUMXVW
OLNHZLWKDQ\WKLQJDUHJXODUSUDFWLFHDOORZV\RXWRGHYHORS\RXUFDSDFLW\WR
GRLW ߙ DQGWKHUHLVDQLQFUHGLEOHIUHHGRPWKDWFRPHVZLWKWKDW,WLVMXVWD
UHOLHIWREHDEOHWRSXWGRZQWKHEXUGHQRI\RXUUXPLQDWLRQLIRQO\IRUDIHZ
PRPHQWV)XUWKHUPRUHZKDWLVSDUWLFXODUO\LQWHUHVWLQJLVWKDWLWEUHDNVD
IXQGDPHQWDOFRJQLWLYHLOOXVLRQWKDWPRVWRIXVOLYHZLWK7KLVLOOXVLRQLVWKLV
VHQVHRIVHOIWKDWZHOLYHZLWK,WLVWKDWIHHOLQJRIEHLQJDSDVVHQJHULQVLGH
RXUERG\,IWKLVEUHDNWKURXJKKDSSHQVHYHQIRUDVKRUWPRPHQWWKH
SV\FKRORJLFDOEHQHILWVDUHWUHPHQGRXV
&+$37(5
7+(6(/)$&216758&7

7 KHUHDUHWUXWKVWREHNQRZQDERXWWKHKXPDQFRQGLWLRQDQG
P\DUJXPHQWLVWKDWFHUWDLQRIWKHVHWUXWKVDUHZRUWKNQRZLQJ7KH\FDQQRW
RQO\KHOSXVJHWPRUHFRQVLVWHQWUHVXOWVLQWUDGLQJEXWDOVROLYHEHWWHUOLYHV
)RULQVWDQFHQRWWRNQRZWKDWRXUVHQVHRIVHOILVDQLOOXVLRQLVWREHDVRUW
RISULVRQHU7KLVIHHOLQJRIEHLQJDQHJRDSDVVHQJHUOLYLQJLQDERG\DQߡ,ߢ
LVDGLUHFWUHVXOWRIP\ULDGVRIQHXURSK\VLRORJLFDOSURFHVVHVLQWKHEUDLQWKDW
ZHKDYHQRFRQWURORYHU

8SRQFORVHLQVSHFWLRQLWLVSRVVLEOHWRORVHWKLVIHHOLQJRIߡVHOIߢWKDWLVWKH
FHQWHURIH[SHULHQFH)RUWKRXVDQGVRI\HDUVSHRSOHKDYHFODLPHGWKDWWKH\
ZHUHDEOHWRGRVRWKURXJKPHGLWDWLRQ5DWKHUWKDQKDYLQJWKHH[SHULHQFHRI
EHLQJDORFXVRIFRQVFLRXVQHVVLQWKHKHDGORRNLQJDWDZRUOGWKDWLVVHSDUDWH
IURPZKDW\RXDUH\RXFDQMXVWEHDWRQHZLWKHYHU\WKLQJWKDWLVH[SHULHQFHG
7KLVLVFODVVLFDOO\GHVFULEHGDVVHOIWUDQVFHQGHQFHDQGWKHUHDOL]DWLRQRQO\
FDPHWRPHPXFKODWHUWKDWLWZDVWKLVSV\FKRORJLFDOVWDWHWKDW,H[SHULHQFHG
GXULQJWKHUHWUHDW&DQGLGO\WKLVH[SHULHQFHEOHZP\PLQGDQGLWWRRNPH
PRQWKVWRLQWHJUDWHWKHXQGHUVWDQGLQJRIWKLVSRVVLELOLW\LQWRP\LQWHOOHFWXDO
OLIH
:KLOH,GRQߞWEHOLHYHWKDWFXWWLQJWKURXJKWKDWIHHOLQJRIߡ,ߢUHYHDOVWRXV
VRPHNLQGRIVHFUHWVDERXWWKHSRVVLEOHH[LVWHQFHRIDJRG RUJRGV EHFDXVH
REMHFWLYHO\VSHDNLQJ,KDYHQߞWH[SHULHQFHGVXFKLQVLJKWVLWGRHVWHOOXVDORW
DERXWWKHQDWXUHRIRXUPLQGV$QGWKDWLVDIDFW:HVSHQGRIRXUWLPH
ORVWLQWKRXJKWVDQGWKLVHQJLQHHUVIRUWKHPRVWSDUWRXUVXIIHULQJRQWKLV
HDUWK0HGLWDWLRQDOORZVXVWRHVFDSHWKDWPHQWDOSULVRQLQVXFKDZD\WKDWLW
EHFRPHVFOHDUHUWRXVWKDWWKHZD\ZHWKLQNGLUHFWO\LQIOXHQFHVRXU
H[SHULHQFHRIWKHZRUOG,WVKRZVXVWKDWWKHUHLVPRUHWRRXUH[SHULHQFHV
WKDQZKDWRXUWKRXJKWVVXJJHVW
2XUFRQVFLRXVQHVVLVLQWULQVLFDOO\IUHHRIWKLVIHHOLQJRIVHOI,QIDFWDV\RX
GHYHORSVRPHVWURQJVNLOOVRILQWURVSHFWLRQZKHQ\RXSD\DWWHQWLRQVRRQ
\RXEHJLQWRVHHWKDWFRQVFLRXVQHVVEHQHDWKWKDWVHQVHRIVHOILVSXUHDQGYRLG
RIGXDOLW\ELDVHVRSLQLRQVLGHDV ߙ LWLVPHUHO\DQREVHUYHURIWKRVHVWDWHV
&RQVFLRXVQHVVLVZKDWLWIHHOVOLNHWREH\RXLWLVWKDWZKLFKLVPHUHO\DZDUH
RIHYHU\WKLQJ$QGWKDWZKLFKLVDZDUHRIIUXVWUDWLRQLVQRWIUXVWUDWHG7KDW
ZKLFKLVDZDUHRIDQJHULVQRWDQJU\7KDWZKLFKLVDZDUHRIIHDULVQRW
IHDUIXO7KDWZKLFKLVDZDUHRIDQLPSHQGLQJLPSXOVHLVQRWLPSXOVLYH7KHUH
LVDWUHPHQGRXVDPRXQWRIUHOLHIWREHKDGZKHQ\RXWUDLQ\RXUVHOIWRVLQN
EHQHDWK\RXUWKRXJKWVDQGIHHOLQJVDQGVHQVDWLRQV+RZHYHURQFH\RX
EHFRPHORVWLQWKRVHDIIOLFWLYHVWDWHVDJDLQ\RXORVHWKDWFODULW\RISHUFHSWLRQ
6RWKHDZDUHQHVVRIWKHVSDFHEHQHDWK\RXULQFHVVDQWWKRXJKWVDQGHPRWLRQV
LVDSUDFWLFHWKDWRXJKWWREHFXOWLYDWHGRYHUDQGRYHUDJDLQWKURXJKRXWWKH
GD\$QGLWFRXOGWDNHWKHIRUPRIWKUHHVLPSOHPLQGIXOF\FOHVRIEUHDWK
HYHU\QRZDQGWKHQ
‫ﻏﺎﯾﻣﺎخ‬
-XVWWU\WKLVIRUDPLQXWH
&ORVH\RXUH\HV7KLQNRIDJRRGWUDGHWKDW\RXSODFHGߚYLVXDOL]HWKH
PRPHQWZKHQ\RXH[LWHGWKDWWUDGHDQGKRZ\RXIHOW1RWLFHKRZWKHPHUH
WKRXJKWRIWKDWSDVWHYRNHVDIHHOLQJLQWKHSUHVHQW3DXVHIRUDVHFRQG
%UHDWKH)HHOWKDWVSDFHEHQHDWK\RXUWKRXJKWV)HHOZKDWLWLVOLNHWREH\RX
EHQHDWKWKHWKRXJKWV7KLVLVFRQVFLRXVQHVV ߙ SXUHDQGHPSW\,WLVWKH
REVHUYHU1RZGRHVFRQVFLRXVQHVVLWVHOIIHHOKDSS\",VLWWUXO\FKDQJHGRU
DIIHFWHGE\ZKDWLWNQRZV"1R7KRXJKWVDQGHPRWLRQVDULVHLQ
FRQVFLRXVQHVVWKHZD\FORXGVDSSHDULQWKHEOXHVN\7KHVN\LVDOZD\VWKHUH
&ORXGV WKRXJKWVHPRWLRQV FRPHDQGJRDQGWKHVN\PHUHO\ZLWQHVVHVWR
WKHP
1RZWKLQNRIVRPHWKLQJXQSOHDVDQW3HUKDSV\RXH[LWHGDQRWKHUWUDGHZLWK
VLJQLILFDQWORVVHV2UPD\EHWKHUHZDVDWUDGHWKDW\RXGLGQߞWWDNHEHFDXVH
\RXZHUHIHHOLQJDFXWHO\DQ[LRXVDERXWLW1RWLFHZKDWHYHUIHHOLQJVDULVHLQ
WKHZDNHRIWKHVHWKRXJKWV7KH\DUHDOVRDSSHDUDQFHVLQFRQVFLRXVQHVV'R
WKH\KDYHWKHSRZHUWRFKDQJHZKDWFRQVFLRXVQHVVLVLQDQGRILWVHOI"1R
&RQVFLRXVQHVVLVPHUHO\DZDUHRIWKRVHIHHOLQJV
7KHUHLVUHDOIUHHGRPWREHIRXQGLQWKLVVLPSOHSUDFWLFHRISD\LQJDWWHQWLRQ
WR\RXUVHOIEHFDXVHLI\RXFDWFK\RXUVHOIEHLQJDQJU\IUXVWUDWHGKHVLWDQW
IHDUIXODWDQ\PRPHQWZKHQ\RXUHDOL]HWKDW\RXDUHPHUHO\REVHUYLQJ
WKRVHVWDWHVWKHFKRLFHQRWWRDFWRQWKHPEHFRPHVFOHDU<RXFDQFKRRVHWR
OHWWKHPIDGHDZD\LQVWHDGRISUHVVLQJRQWKHP7KH\GRQ
WKDYHWRSUHYHQW
\RXIURPGRLQJZKDW\RXUHDOO\NQRZ\RXKDYHWRGRIRUWKHVDNHRI\RXU
ORQJWHUPUHVXOWV
%XW\RXDUHXQOLNHO\WRILQGWKDWIUHHGRPZLWKRXWORRNLQJFDUHIXOO\LQWRWKH
QDWXUHRIFRQVFLRXVQHVVDJDLQDQGDJDLQ$OWKRXJKWKDWVWDWHRIVHOI
WUDQVFHQGHQFHLVDYDLODEOHIRUXVWRH[SHULHQFHRQDPRPHQWWRPRPHQW
EDVLVLWLVKDUGZRQ2XUPLQGߞVPDLQMRELVWRWKLQN
1RWLFHKRZWKRXJKWVNHHSDULVLQJHYHQZKLOHUHDGLQJWKLVSDJH,ߞPVXUH\RXU
DWWHQWLRQKDVFHUWDLQO\GULIWHGVHYHUDOWLPHV6XFKZDQGHULQJVRIPLQGDUH
QDWXUDODQGPHGLWDWLRQGRHVQߞWHQWDLOWKHVXSSUHVVLRQRIWKRXJKWV,WGRHV
UHTXLUHWKRXJKWKDWZHQRWLFHWKRXJKWVDVWKH\HPHUJHDQGUHFRJQL]HWKHPWR
EHSDVVLQJDSSHDUDQFHVLQFRQVFLRXVQHVVߙMXVWOLNHFORXGVLQWKHVN\,Q
VXEMHFWLYHWHUPV\RXDUHFRQVFLRXVQHVVLWVHOI ߙ \RXDUHQRWWKHQH[W
GLVFXUVLYHZRUGVRULPDJHVWKDWDSSHDULQ\RXUPLQG1RWVHHLQJWKHPDULVH
KRZHYHU\RXZLOODXWRPDWLFDOO\LGHQWLI\WRWKHP,QRWKHUZRUGVWKHQH[W
WKRXJKWVDULVLQJLQFRQVFLRXVQHVVZLOOVHHPWREHFRPHZKDW\RXDUH%XWKRZ
FRXOG\RXDFWXDOO\EHDWKRXJKW":KDWHYHUWKHLUFRQWHQWWKRXJKWVYDQLVK
DOPRVWDVVRRQDVWKH\DSSHDU
,I\RXFDQOHDUQWRVHSDUDWH\RXUVHOIIURP\RXUWKRXJKWVQRWKLQJFDQSUHYHQW
\RXIURPDFKLHYLQJWKHW\SHRIVXFFHVV\RXGHVLUHLQWKHPDUNHWV1RWKLQJ,I
\RXFDQHVFDSHWKHXVXDODVVRFLDWLRQWR\RXUWKRXJKWVRIIHDUDQJHUVKDPH
GHVSDLULI\RXFDQOHDUQWRUHOLHYH\RXUVHOIRIWKHIHHOLQJWKDW\RXFDOOߡ,ߢ
HYHQIRUDIHZPRPHQWDWDWLPHEXWUHOLDEO\RQHGD\\RXFRXOGLQWKHRU\
EHFRPHWKHEHVWWUDGHUWKDWHYHUOLYHG1RNLGGLQJ%XWWKHQDJDLQ\RXZRXOG
FHUWDLQO\UHDOL]HWKDWWKLVVXFFHVVGRHVQߞWPHDQPXFKLQWKHJUDQGVFKHPHRI
\RXUOLIH
$ORWRISHRSOHVSHQGWKHLUOLYHVWU\LQJWRILQGWKDWXOWLPDWHIUHHGRP7KH\
DEDQGRQHYHU\WKLQJPDWHULDOSRVVHVVLRQVORYHGRQHVSOHDVXUHVRIWKLV
ZRUOGDQGWKH\HPEDUNRQDVSLULWXDOMRXUQH\WRILQGPHDQLQJSXUSRVHWR
ILQGWKHPVHOYHV:KLOHWKHLUUHDVRQVWRGRWKLVDUHYHU\YDOLGDSHUPDQHQW
VWDWHRIIUHHGRPLVKDUGO\HDUQHG3HUVRQDOO\DWP\OHYHORISUDFWLFHWKLV
IUHHGRPIURPWKHVHOIRQO\ODVWVDIHZPRPHQWV%XWWKHVHPRPHQWVFDQEH
UHSHDWHGWKXVSXQFWXDWLQJRUGLQDU\H[SHULHQFH7KLVKDVPDGHDOOWKH
GLIIHUHQFHLQP\OLIH
&+$37(5
+2:720(',7$7(

7 KHUHDUHPDQ\ZD\VZHFDQSUDFWLFHPHGLWDWLRQDQGP\
RZQSUDFWLFHKDVHYROYHGRYHUWLPHWRILWP\QHHGV,ILUVWVWDUWHGPHGLWDWLQJ
LQD%XGGKLVWFRQWH[W,KDYHWULHG9LSDVVDQDDQGXQWLOUHFHQWO\,SUDFWLFHG
=D]HQ4XLWHIUDQNO\KDYLQJSUDFWLFHGERWKUDWKHULQWHQVLYHO\,FDQVD\WKDW
WKH\DUHHVVHQWLDOO\WKHVDPHDVERWKXVHWKHEUHDWKDVDQDQFKRUDQGERWK
WDNH\RXWRJUHDWHUKHLJKWVRIVHOIDZDUHQHVV6RWKHGHEDWHRQZKLFKW\SHRI
PHGLWDWLRQLVEHWWHULVRXWRIWKHVFRSHRIWKLVERRNDQGUHJDUGOHVVRIWKHW\SH
RISUDFWLFH\RXGHFLGHXSRQWKHDLPLVWRMXVWVLW<RXVXVSHQGDOOMXGJPHQWDO
WKLQNLQJDQG\RXOHWZRUGVLGHDVLPDJHVDQGWKRXJKWVSDVVE\ZLWKRXW
JHWWLQJLQYROYHGLQWKHP7KHDLPLVWRWU\WRIRFXVRQZKDWLVKHUHDQGQRZ

7KHSUDFWLFHRIPHGLWDWLRQLVVLPSOHWRGHVFULEHEXWQRWHDVLO\SHUIRUPHG
<HWDJHQXLQHWUDQVIRUPDWLRQLQRQHߞVSHUFHSWLRQRIWKHZRUOGLVZLWKLQUHDFK
IRUHDFKDQGHYHU\RQHRIXV&XOWLYDWLQJDUHJXODUSUDFWLFHLVWKHRQO\WKLQJ
WKDWZLOOOHDGWRVXFFHVV
$VHYHU\EHJLQQLQJPHGLWDWRUVRRQGLVFRYHUVGLVWUDFWLRQLVWKHQRUPDO
FRQGLWLRQRIRXUPLQGV0RVWRIXVWRSSOHZHSOXQJHLQWRRXUXVXDO
WKRXJKWVRISDVWIXWXUHPD\EHVRQJVLPDJHV'XULQJPHGLWDWLRQZHDUH
OHDUQLQJWRZDNHXSIURPWKHVHVWDWHVRIWKHPLQG7KHJRDOLVWRFRPHRXWRI
WKHWUDQFHRIGLVFXUVLYHWKLQNLQJDQGWRVWRSUHIOH[LYHO\JUDVSLQJDWWKH
SOHDVDQWDQGUHFRLOLQJIURPWKHXQSOHDVDQWVRWKDWZHFDQHQMR\DPLQG
XQGLVWXUEHGE\ZRUU\DQGHIIRUWOHVVO\DZDUHRIWKHIORZRIH[SHULHQFHLQWKH
SUHVHQW
,QVWUXFWLRQV
)LQGDTXLHWVSRW,WUHDOO\GRHVQߞWPDWWHUZKHUH\RXVLWDVORQJDV\RXFDQ
VLWZLWKRXWEHLQJERWKHUHGIRUDWOHDVWPLQXWHV
6LWLQIURQWRIDZDOO7KHZDOOLVDPHWDSKRUIRUWKHGLIILFXOWLHVZHDOOIDFH
LQOLIHDQGVLWWLQJIDFLQJWKDWZDOODOORZVXVWRIDFHRXUGLIILFXOWLHV,IZHFDQ
FXOWLYDWHHTXDQLPLW\ZKLOHIDFLQJWKHZDOOWKHQQRWKLQJSUHYHQWVXVIURP
GRLQJWKHVDPHWKLQJZKHQZHDUHIDFHGZLWKGLIILFXOWLHVLQOLIH%XWWKLVLV
RSWLRQDOVRGRQ
WEHERWKHUHGLI\RXGRQ
WIHHOOLNHGRLQJWKDW
6LWFRPIRUWDEO\+RZ\RXSRVLWLRQ\RXUERG\KDVDORWWRGRZLWKZKDW
KDSSHQVZLWK\RXUPLQGDQG\RXUEUHDWK<RXDUHIUHHWRFKRRVHZKLFKHYHU
SRVLWLRQ\RXDUHPRUHFRPIRUWDEOHZLWK7KHPRVWHIIHFWLYHSRVLWLRQLQJIRU
P\ERG\LVWKHVWDEOHV\PPHWULFDOSRVLWLRQRIWKHVHDWHG%XGGKD,XVHD]DIX
DVPDOOSLOORZ WRUDLVHP\EHKLQGMXVWDOLWWOHVRWKDWWKHNQHHVFDQWRXFKWKH
JURXQG:LWKP\ERWWRPRQWKHSLOORZDQGWZRNQHHVWRXFKLQJWKHJURXQG,
IRUPDWULSRGEDVHWKDWLVQDWXUDOJURXQGHGDQGVWDEOH
3XWRQDWLPHU,I\RXDUHMXVWVWDUWLQJRXWPLQXWHVZLOOGR<RXFDQ
LQFUHDVH\RXUWLPHZKHQ\RXKDYHEHHQXVHGWRVLWWLQJIRUDZKLOH0\
SUDFWLFHKDVHYROYHGWRDSRLQWZKHUH,QRZVLWIRUPLQXWHVLQWKHPRUQLQJ
DQGPLQXWHVDWQLJKW$QGRIFRXUVHDVVWDWHGLQWKHSUHYLRXVFKDSWHU
WKURXJKRXWWKHGD\,WU\WRVQDSRXWRIWKHXVXDODVVRFLDWLRQWRWKRXJKWVDQG
HPRWLRQVE\EHFRPLQJDZDUHRIP\EUHDWK
&KRRVHWKHSRVLWLRQLQJRI\RXUKDQGV,QP\RZQSUDFWLFH,IROGWKHPLQD
SRVLWLRQFDOOHGWKHFRVPLFPXGUD7KHULJKWKDQGLVKHOGSDOPXSKROGLQJWKH
OHIWKDQGZKLFKLVDOVRKHOGSDOPXSVRWKDWWKHNQXFNOHVRIERWKKDQGV
RYHUODS7KHWKXPEVDUHOLJKWO\WRXFKLQJWKXVWKHKDQGVIRUPDQRYDOZKLFK
FDQUHVWWZRILQJHUVEHORZWKHEHOO\EXWWRQ7KHFRVPLFPXGUDLVWKHUHWRKHOS
WXUQ\RXUDWWHQWLRQLQZDUG$JDLQWKLVLVRSWLRQDO)HHOIUHHWRMXVWSODFH\RXU
KDQGVRQ\RXUWKLJKV
*UDGXDOO\EHFRPHDZDUHRIWKHVHQVDWLRQVRIVLWWLQJ+RZGRHVLWIHHO"
+RZGR\RXIHHOLQ\RXUERG\"+RZGRHVLWIHHORQ\RXUEDFN"+RZDERXW
\RXUOHJV"'RQߞWDQDO\]HZHLJKRUMXGJHMXVWZLWQHVV3HUKDSVWDNHDIHZ
GHHSEUHDWKV$OORZJUDYLW\WRVHWWOH\RXULJKWZKHUH\RXDUH*UDGXDOO\
EHFRPHDZDUHRIWKHSURFHVVRIEUHDWKLQJ1RWLFHZKHUH\RXIHHOWKH
EUHDWK ߙ GR\RXIHHOLWDWWKHWLSRIWKHQRVHRULVLWDWWKHULVLQJDQGIDOOLQJRI
WKHEHOO\")HHOWKHVHQVDWLRQVIURPWKHEHJLQQLQJRIWKHLQKDODWLRQWRWKH
SDXVHVDQGILQDOO\WRWKHH[KDODWLRQ-XVWVLPSO\FRYHU\RXUEUHDWKZLWK\RXU
DZDUHQHVV/HWLWFRPHDQGJRQDWXUDOO\7KHPRPHQW\RXVHHWKDW\RXDUH
ORVWLQWKRXJKWVVLPSO\REVHUYHWKRVHWKRXJKWVZKHWKHUWKH\DUHLPDJHV
WKLQJV\RXDUHVD\LQJWR\RXUVHOISDVWIXWXUHZKDWHYHULWLVMXVWREVHUYH
1RWLFHWKHIHHOLQJVWKDWXVXDOO\DFFRPSDQ\WKHP1RWLFHKRZWKH\GLVDSSHDU
DQGWKHQFRPHEDFNWRWKHVHQVDWLRQVRIEUHDWKLQJ:KDWDUHWKHVHQVDWLRQV
\RXIHHOLQ\RXUERG\"$JDLQGRQߞWVSDUHLQMXGJPHQWVLPSO\REVHUYH<RX
ZLOOJHWORVWLQWKRXJKWVDJDLQDQGDJDLQ,WߞVWRWDOO\ILQH1RWLFH2EVHUYH
6HHKRZWKHTXDOLW\RI\RXUEUHDWKLVFRQJUXHQWZLWK\RXUVWDWHRIPLQG

$JDLQWKHREMHFWRIWKLVPHGLWDWLRQH[HUFLVHLVWREHDEOHWRPDNHDFOHDU
GLVWLQFWLRQEHWZHHQWKHPRPHQWVZKHUHRQHLVIXOO\SUHVHQWDQGKLVKHU
GLVWUDFWLQJWKRXJKWV7\SLFDOO\ZKHQZHILQGRXUVHOYHVLQDGLVWUDFWLQJ
WKRXJKWZHVLPSO\DFNQRZOHGJHWKHWKRXJKWDQGWKHQZHJREDFNWRIRFXVLQJ
RQEUHDWKLQJ$V\RXFRQWLQXHWRGRWKLVH[HUFLVHGD\LQDQGGD\RXW ߙ DV\RX
NHHSSUDFWLFLQJ ߙ ZKDW\RXZLOOILQGLVWKDWWKHDPRXQWRIWLPHWKDWLWWDNHV
IRU\RXWRUHFRJQL]HDQGDFNQRZOHGJHDGLVWUDFWLRQZLOOVWDUWWRFROODSVH$V
LWJHWVVPDOOHUDQGVPDOOHUWKHUHZLOOFRPHDSRLQWZKHUHWKHGLVWUDFWLRQDQG
WKHDZDUHQHVVRIWKHGLVWUDFWLRQZLOOEHFRPHYLUWXDOO\VLPXOWDQHRXV$WWKLV
SRLQW\RXZRXOGKDYHEHFRPHDQREMHFWLYHREVHUYHUWRRXURZQVWUHDPRI
WKRXJKWV<RXZRXOGKDYHWUDLQHG\RXUPLQGWREHPRUHSUHVHQW
7KLVLVSDUWLFXODUO\EHQHILFLDOZKHQWUDGLQJWKHPDUNHWVEHFDXVHWKHILUVWVWHS
WRZDUGVFKDQJLQJUHSHWLWLYHSDWWHUQVRIQHJDWLYHEHKDYLRUVLVWRUHFRJQL]H
WKHPLQUHDOWLPHDVRSSRVHGWRUHFRJQL]LQJWKHPLQKLQGVLJKW
%XWWKHEHQHILWVGRQߞWVWRSWKHUH ߙ DQGWKH\GRQRWRQO\SHUWDLQWRWUDGLQJ$V
\RXNHHSSUDFWLFLQJ\RXZLOOILQG\RXUVHOIEHLQJPRUHHQJDJHGLQ\RXUOLIH
PRUHSUHVHQWDQGDVDUHVXOWPRUHIXOILOOHGKDSSLHU7KHUHLVDZKROH
GLIIHUHQWZRUOGRXWWKHUHWREHH[SHULHQFHGDVZHOLEHUDWHRXUVHOYHVIURPRXU
WKRXJKWV7KHUHLVDVWURQJFRQQHFWLRQEHWZHHQKDSSLQHVVDQGVSLULWXDO
ZLVGRPDQGLWLVPRUHGLUHFWWKDQPRVWSHRSOHVXSSRVH
&+$37(5
7+(*5($70($1,1*

/ LIH7KHOLIHRIDKXPDQEHLQJLVUHDOO\VRPHWKLQJ(YHQLQ
WKHEHVWRIWLPHV ߙ QRRQHFORVHWRXVGLHGZHPLJKWHQMR\ILQDQFLDO
VWDELOLW\ ߙ DWWKHOHYHORIRXUWUXHLQWHQWLRQVZHDUHSHUSHWXDOO\LQVHDUFKRI
KDSSLQHVV:HVHHNSOHDVDQWVLJKWVVRXQGVWDVWHVDWWLWXGHVEXWRXUSOHDVXUHV
DUHE\WKHLUYHU\QDWXUHIOHHWLQJ6RZHDUHRQO\ILQGLQJWHPSRUDU\UHOLHIIURP
RXUVHDUFK,IZHKDYHDZLQQLQJWUDGHWKLVUHPDLQVYLYLGDQGLQWR[LFDWLQJIRU
DERXWDQKRXU ߙ PD\EHDGD\7KHSOHDVXUHVZHH[SHULHQFHZKHQZHKDYH
VH[HDWRXUIDYRULWHIRRGVSOD\ZLWKRXUNLGVDUHLPSHUPDQHQWDQGWKHEHVW
ZHFDQGRLVWRPHUHO\UHLWHUDWHWKHPDVRIWHQDVZHDUHDEOHWR

$WRQHSRLQWZKHQ\RXEHFRPHFRQVLVWHQWO\SURILWDEOHLQWKHPDUNHWVWKH
VXFFHVV\RXPLJKWEHFUDYLQJVRPXFKULJKWQRZZLOOQRWPDWWHUWR\RXDV
PXFKDQ\PRUHߙWUXVWPHLWEHFRPHVOHVVDQGOHVVLPSUHVVLYH:LQQLQJ
WUDGHVEHFRPHERULQJORVLQJWUDGHVHTXDOO\ERULQJ ߙ QRWYRLGRIHPRWLRQV
MXVWERULQJ<RXZLOOIHHOWKHQHHGWRUHLWHUDWHWKDWVHQVHRIVWULYLQJIRU
VRPHWKLQJ\RXFDUHDERXWDQGWUDGLQJZLOOQRWSURYLGH\RXZLWKWKDW
DQ\PRUH7KHUHFRPHVDSRLQWZKHUHLWEHFRPHVMXVWDPHDQVWRDQHQG
1RWLFHDWWKLVMXQFWXUHWKDWYHU\IHZSHRSOHDUHJRLQJWRVD\ߡRK,ߞPGRQH,
PHWDOOP\JRDOVDQGQRZ,DPMXVWJRLQJWRVLWGRZQDQGGRQRWKLQJߢ(YHQ
ZKHQWKLQJVJRDVZHOODVWKH\FDQJRWKHVHDUFKIRUKDSSLQHVVDQGWKHYHU\
GULYHWRNHHSERUHGRPDQGGLVVDWLVIDFWLRQDZD\FRQWLQXHV
6RLQWKLVFRQWH[WPDQ\SHRSOHKDYHEHJXQWRZRQGHUZKHWKHURUQRWD
JUHDWHUDQGGHHSHUIRUPRIZHOOEHLQJH[LVWV$IRUPRIZHOOEHLQJWKDWLVQRW
FRQWLQJHQWXSRQPHUHO\UHLWHUDWLQJRQHߞVSOHDVXUHVDQGDYRLGLQJRQHߞVSDLQ
,VWKHUHDIRUPRIKDSSLQHVVWKDWH[LVWVLQWKHPLGVWRIROGDJHEHIRUHRQHߞV
GHVLUHVJHWJUDWLILHGLQWKHYHU\PLGVWRIOLIHߞVYLFLVVLWXGHVGHDWKWUDGLQJ
ORVVHVHWF",WKLQNWKLVTXHVWLRQOLHVLQWKHSHULSKHU\RIHYHU\RQHߞVPLQG
)RUWKHORQJHVWWLPH,KDYHEHHQSRQGHULQJRQWKDWTXHVWLRQ$QG,FKDOOHQJH
\RXWRGRVRDVZHOO6WDUWREVHUYLQJ\RXUWKRXJKWV\RXUGHVLUHV\RXU
IHHOLQJV\RXUEHKDYLRUVDQGEHFRPHWKHREVHUYHURI\RXURZQOLIH%HOLHYH
PHE\GRLQJVR\RXZLOOGLVFRYHUPDQ\WKLQJVDERXWWKHQDWXUHRIOLYLQJ
:KDW,KDYHGLVFRYHUHGRYHUWKH\HDUVDIWHUGRLQJVRPXFKLQWURVSHFWLRQLV
WKDWKDSSLQHVVLVQRWDSODFH\RXJRWR+DSSLQHVVLVQRWDSHUVRQLWLVQRWD
WUDGHLWLVQRWDVXFFHVVIXOFDUHHU+DSSLQHVVLVQRWDGUHDP\RXDFKLHYH
+DSSLQHVVMXVWLV:HFDQFUHDWHOLYHVWKDWDUHWUXO\ZRUWKOLYLQJJLYHQWKDW
WKHVHOLYHVLQHOXFWDEO\FRPHWRDQHQG$QGWKHFDSDFLW\IRUXVWRVHHWKRVH
FKDQJHVDQGWROLYHWKRVHOLYHVLVODUJHO\GHSHQGHQWRQWKHIUDPHZHSXWRQ
WKHSUHVHQWPRPHQW
1RPDWWHUZKHUH\RXDUHDQGQRPDWWHUZKDW\RXGRQRPDWWHUKRZ\RXORRN
DQGQRPDWWHUKRZPXFKRUOHVV\RXKDYH\RXZLOOILQGIXOILOOPHQWLQ\RXU
OLIHWKHPRPHQW\RXGURS\RXUVHOIFRQFHUQVDQGIRFXVRQZKDWLVKHUHDQG
QRZ,I\RXDUHQRWKDSS\LQWKRVHVSHFLILFVLWXDWLRQVLI\RXDUHQRWKDSS\
ZLWKZKDW\RXKDYHDQGZLWKZKR\RXDUHQRZ\RXZLOOQRWILQGKDSSLQHVV
E\PHUHO\UHLWHUDWLQJ\RXUSOHDVXUHV<RXPD\GHOXGH\RXUVHOILQWRWKLQNLQJ
RWKHUZLVHEXWLQWKHHQG\RXZLOOJREDFNWRIHHOLQJPLVHUDEOHDQG
XQIXOILOOHG,IWKHUHLVDIRUPRIKDSSLQHVVWKDWH[LVWVWKDWLVQRWFRQGLWLRQDO
WKHQLWVKRXOGEHIRXQGLQWKHSUHVHQW
,WLVGLIILFXOWIRUPRVWRIXVWRDFFHSWWKLVIDFWEHFDXVHLIZHGRZHZLOOKDYH
WRZDNHXSDQGWDNHUHVSRQVLELOLW\IRUKRZZHIHHODQGIRURXUDFWLRQV:H
ZLOOKDYHWRWDNHUHVSRQVLELOLW\IRURXURZQOLYHVDQGWKLVLVFKDOOHQJLQJ
PRUHVRVFDU\
)RUWKRVHRI\RXZKRDUHRQWKLVMRXUQH\RIVHOIGLVFRYHU\DQGVHOIPDVWHU\
DVWLPHJRHVE\DQGDV\RXWUDYHOIDUWKHUDQGIDUWKHULQ\RXUMRXUQH\\RX
ZLOOGLVFRYHUZKDWKDSSLQHVVLVDOODERXW ߙ DQGZKDWLVQRW<RXZLOOVHHWKDW
LWLVQRWPRQH\LWLVQRWELJKRXVHVVKLQ\FDUV,WLVQRWHYHQIRXQGLQ
SHRSOHEXWUDWKHULQKDYLQJDPHDQLQJDSXUSRVHLQOLIHODUJHUWKDQ\RXU
VHQVHRIVHOI
,WLVDOZD\VDERXWJLYLQJDERXWVKDULQJZKDWLVEHVWDERXWRXUVHOYHVZLWK
RWKHUVEHFDXVHZKHQZHGRVRZHRIIHURWKHUVWKHSRVVLELOLW\RIKDSSLQHVV
DQGZHOOEHLQJ
1RZDGD\V,ILQGP\SXUSRVHE\OLYLQJVLPSO\DQGE\UHGXFLQJP\SK\VLFDO
IRRWSULQWRQWKLVHDUWK,DOVRVKDUHDSRUWLRQRIP\SURILWVIURPP\GLIIHUHQW
HQGHDYRUVWRFKDULW\ZKHQHYHUWKHPDUNHWVDUHJRRGWRPHRQDQ\VSHFLILF
\HDU,ILQGP\SXUSRVHE\ZULWLQJDQGKHOSLQJRWKHUWUDGHUVQRWPHUHO\
VXUYLYHEXWPDNHUHDOFKDQJHVLQWKHLUWUDGLQJEHFDXVH,NQRZVXFFHVVLQ
WUDGLQJLVSRVVLEOHIRUDQ\RQH,DPDOLYLQJSURRIWKDWDQ\RQHFDQGRWKLV,
GRQߞWKDYHDQ\WKLQJH[WUDRUGLQDU\,GRQߞWSRVVHVVDQ\VSHFLDOWDOHQW,DP
MXVWDUHJXODUJX\ZKRGLGQߞWJLYHXS

&RQFOXVLRQ
:HOLYHLQDZRUOGRIFDXVHDQGHIIHFWDQGZKDWFRQVWLWXWHVWKHUHDOLW\RIRXU
OLYHVLVGHWHUPLQHGE\DORQJFKDLQRISULRUFDXVHVZKLFKIRUWKHPRVWSDUW
ZHFRXOGQߞWSRVVLEO\KDYHDQ\FRQWURORYHU+RZHYHURQFHZHUHDOL]HWKDW
WKHSUHVHQWLVDOOZHKDYHZHFDQZRUNRQPDNLQJWKHPRVWRILW
:HDOOKDYHRXUSHUVRQDOVWRULHVRIKRZZHHQGHGZKHUHZHDUHWRGD\DQG
RXUSDVWZKLOHSDLQIXODWWLPHVFDQVHUYHXVDVDVSULQJERDUGWREHWWHUDQG
PRUHIXOILOOLQJH[SHULHQFHVLQWKHSUHVHQW%XWWKDWFDQRQO\KDSSHQLIZH
HPEUDFHWKHOHVVRQVLWKDVWRRIIHU7KLVPHDQVDFFHSWLQJIDLOXUHVORVVHV
PLVWDNHVKDUPGRQHKDUPUHFHLYHGIRUZKDWWKH\DUH/HDUQLQJH[SHULHQFHV
,QWULQVLFDOO\WKHVHH[SHULHQFHVDUHQRQGXDODQGZHDUHWKHRQHVSXWWLQJ
FRQWH[WEHKLQGWKHP:KHQZHOHDUQWRHPEUDFHWKRVHH[SHULHQFHVDVWKH\
DUHZHWDNHIXOOFRQWURORIRXUOLYHV
,ZLOOQHYHUHVFDSHWKHPHPRULHVRIP\SDLQIXOSDVWDQGDOVRKRZ,ZDV
IRUFHGWRWHVWWKHOLPLWRIP\HQGXUDQFHLQWKHPDUNHWV%XW,KDYHOHDUQHGWR
XQGHUVWDQGWKRVHWRXJKWLPHVHQRXJKWRVHHWKHPLQDSRVLWLYHDQGXVHIXO
OLJKW7KHUHLVQREHWWHUWHDFKHUEXWH[SHULHQFHLWVHOI:KLOH,DPVWLOOLQWKH
SURFHVVRIߡUHSDLULQJP\VHOIߢIURPP\FKLOGKRRGWUDXPDV,FDQDWWHVWWKDW
WKHTXDOLW\RIP\OLIHLQFRPSDULVRQWRZKDWLWZDVKDVGUDVWLFDOO\LPSURYHG
1RWEHFDXVH,DPQRZILQDQFLDOO\VHFXUHEXWIRUWKHVLPSOHUHDVRQWKDW,DP
ILQDOO\DWSHDFHZLWKP\VHOI
0\WUDGLQJKDVDOVRJUHDWO\LPSURYHG,Q,ILQLVKQGLQDOLYHWUDGLQJ
FRPSHWLWLRQRUJDQL]HGE\0HUFXU\'HULYDWLYHV D+HUWVKWHQ*URXS&RPSDQ\
DQGLWVSDUWQHUV&RQJUXHQWO\WKLVZDVDOVRP\ILUVWSURILWDEOH\HDULQWKH
PDUNHWVDVDUHWDLOWUDGHU)RUWKDWVSHFLILF\HDU,ZDVXSZLWKD
PD[LPXPGUDZGRZQRIDURXQG,Q,UHWXUQHGDUHVSHFWDEOH
ZLWKDPD[LPXPGUDZGRZQRIDURXQGDOVR6RIDULVVKDSLQJXS
WREHP\WKLUGSURILWDEOH\HDUDQG,DPFXUUHQWO\XSZLWKDPD[LPXP
GUDZGRZQRIDWWKHWLPHRIWKLVZULWLQJ7KHVHUHVXOWVDUHEDVHGRQP\
VZLQJWUDGLQJDFFRXQW,DPQRWFRXQWLQJP\RWKHUVPDOOHUDFFRXQWZKHUH,
GRRSWLRQVDQGGD\WUDGHV ߙ ZKLFK,DPDOVRXSRQ
%XWP\UHVXOWVDQGP\DFFRPSOLVKPHQWVDUHQRWWKHSRLQWKHUHDQG,DP
PHUHO\VWDWLQJWKHPWRLOOXVWUDWHDNH\QRWH,WLVSRVVLEOHWRVLPSO\GURS\RXU
SUREOHPV,IRQO\IRUDIHZPRPHQWVDWDWLPH\RXFDQUHOHDVHWKHFOLQJLQJWR
\RXUSDVWZKDW\RXWKLQNRI\RXUVHOI\RXUEHOLHIVDQGUHDOO\HQMR\ZKDWLV
WUXO\SUHVHQWKHUHQRZLQWKLVYHU\PRPHQW,WLVSRVVLEOHWRJHW\RXUVHOIWR
WXQHRXWWKHQRLVHLQ\RXUPLQG:KHQ\RXOHDUQWRGRVRZKHQ\RXORVH\RXU
VHOIFRQFHUQWKHPDUNHWVZLOOFHDVHWRDVVDXOW\RX$QGLQVWHDGRIWDNLQJ
IURP\RXWKH\ZLOOVWDUWJLYLQJWR\RX*HWWLQJWKHUHUHTXLUHVDFKDQJHLQ
DWWLWXGHLWUHTXLUHVDFKDQJHLQWKHDWWHQWLYHQHVV\RXSD\WR\RXUH[SHULHQFH
RIWKHSUHVHQWPRPHQW
7KHUHDOLW\RIRXUH[LVWHQFHLVDOZD\VULJKWKHUHDQGULJKWQRZ,WLVDOZD\V
WKHFDVHKRZHYHUPXFKRXUPHQWDOHQHUJ\LVVSHQWRQWKLQNLQJDERXWWKHSDVW
SODQQLQJIRUWKHIXWXUHPLWLJDWLQJULVNV,IRQHWUXO\WDNHVWKHWLPHWRWKLQN
DERXWWKLVLWEHFRPHVFOHDUWKDWWKLVLVRQHRIWKHPRVWOLEHUDWLQJWUXWKVDERXW
WKHQDWXUHRIWKHKXPDQPLQGWKDWFDQEHJLYHQWRXVWRFRQWHPSODWH,QIDFW,
WKLQNWKHUHLVSUREDEO\QRWKLQJPRUHLPSRUWDQWWRXQGHUVWDQGLQWKLVZRUOGLI
\RXZDQWWREHKDSS\
7KHSDVWLVDPHPRU\ ߙ LWLVDWKRXJKWDULVLQJLQWKHSUHVHQW7KHIXWXUHLV
PHUHO\DQWLFLSDWHG ߙ LWLVDQRWKHUWKRXJKWDULVLQJLQWKHSUHVHQW:KDWZH
WUXO\KDYHLVWKLVYHU\PRPHQW%XWZHVSHQGPRVWRIRXUOLYHVIRUJHWWLQJWKDW
WUXWKIOHHLQJLWRYHUORRNLQJLW(YHQLQWKHPDUNHWVZHDUHDOZD\VWKLQNLQJ
DERXWSDVWWUDGHVRUIDQWDVL]LQJDERXWIXWXUHRQHVDQGWKLVGLVUXSWVRXU
FDSDFLW\WRWUXO\DSSUHFLDWHWKHEHDXW\DQGWKHXQLTXHQHVVRIWKLVFXUUHQW
WUDGH:HDUHDOZD\VWUDQVSRVLQJRQLWRXUIHDUVDQGKRSHVDQGZKHQLW
GRHVQߞWFRQIRUPWRRXUH[SHFWDWLRQVZHEHFRPHGLVDSSRLQWHG:HDUH
DOZD\VVROYLQJDSUREOHPLQRXUPLQGVDQGZHPDQDJHWRQHYHUUHDOO\
FRQQHFWZLWKWKHSUHVHQWDQGILQGIXOILOOPHQWWKHUHEHFDXVHZHDUHFRQWLQXDOO\
KRSLQJWREHFRPHKDSS\LQWKHIXWXUH$QGWKDWIXWXUHQHYHUDUULYHV
(YHQZKHQZHWKLQNZHDUHLQWKHSUHVHQWPRPHQWLQVRPHZD\VZHDUH
DOZD\VORRNLQJRYHULWVVKRXOGHUVVRWRVSHDN:HDUHDOZD\VDQWLFLSDWLQJ
ZKDWLVFRPLQJQH[W
:HKDYHWRVKLIWWKLVDXWRPDWLFLW\RIDOZD\VUHSXGLDWLQJRXUSUHVHQWPRPHQW
H[SHULHQFHRIDOZD\VEHLQJORVWLQWKRXJKWV,IRXUJRDOLVGXUDEOHVXFFHVV
LQWKHPDUNHWVWKHUHLVQRPRUHLPSRUWDQWVWHSWRWDNHWKDQWKLVRQH$QG
PHGLWDWLRQDOORZVXVWRFXWWKURXJKWKLVDXWRPDWLFLW\OHDGLQJXVWRWKDWLGHDO
PLQGVHWWKDWZLOODOORZXVWRPDQLIHVWQRWRQO\FRQVLVWHQF\LQRXUDFWLRQVEXW
DOVRSK\VLFDOHPRWLRQDODQGVSLULWXDOZHOOEHLQJ
7+(678',(6

7 KHPHGLWDWLRQDQGWKHEUDLQUHVHDUFKKDVEHHQUROOLQJLQ
VWHDGLO\IRUDQXPEHURI\HDUVQRZ$OWKRXJKDORWRIWKHHDUOLHUVWXGLHVZHUH
IODZHGDQG\LHOGHGXQUHOLDEOHUHVXOWVPRUHUHFHQWUHYLHZVKDYHSRLQWHGRXW
PDQ\RIWKHVHIODZVZLWKWKHKRSHRIJXLGLQJFXUUHQWUHVHDUFKLQWRDPRUH
IUXLWIXOSDWK5HVHDUFKRQWKHSURFHVVHVDQGHIIHFWVRIPHGLWDWLRQLVDJURZLQJ
VXEILHOGRIQHXURVFLHQFHWKHUHIRUHQHZVWXGLHVDUHFRPLQJRXWMXVWDERXW
HYHU\ZHHNWRLOOXVWUDWHWKHQRZFRQILUPHGEHQHILWVRIPHGLWDWLRQ

$IHZRIWKRVHEHQHILWVWKDWDUHSDUWLFXODUO\SHUWLQHQWWRWUDGLQJDUHDV
IROORZV
 0HGLWDWLRQUHGXFHVWKHߡPRQNH\PLQGߢ2QHRIWKHPRVWLQWHUHVWLQJ
VWXGLHVLQWKHODVWIHZ\HDUVFDUULHGRXWDW<DOH8QLYHUVLW\IRXQGWKDW
PLQGIXOQHVVPHGLWDWLRQGHFUHDVHVDFWLYLW\LQWKHGHIDXOWPRGHQHWZRUN ߙ WKH
EUDLQQHWZRUNUHVSRQVLEOHIRUPLQGZDQGHULQJDQGVHOIUHIHUHQWLDOWKRXJKWV
7KHGHIDXOWPRGHQHWZRUN '01 LVDFWLYHZKHQZHDUHQRWIRFXVLQJRQ
DQ\WKLQJLQSDUWLFXODUZKHQRXUPLQGVDUHMXVWZDQGHULQJIURPWKRXJKWWR
WKRXJKWOLNHDPRQNH\MXPSLQJIURPEUDQFKWREUDQFK7KLVLVZKHUHWKH
%XGGKLVWH[SUHVVLRQߡ0RQNH\PLQGߢFRPHVIURPߙLWUHIHUVWRWKHLQFHVVDQW
FKDWWHUWKDWJRHVRQLQRXUKHDGV6LQFHPLQGZDQGHULQJLVW\SLFDOO\
DVVRFLDWHGZLWKEHLQJOHVVKDSS\UXPLQDWLQJDQGZRUU\LQJDERXWWKHSDVW
DQGIXWXUHLWLVWKHߡJRDOߢRIPHGLWDWLRQWRGLDOLWGRZQ$QGVHYHUDOVWXGLHV
KDYHVKRZQWKDWPHGLWDWLRQWKURXJKLWVTXLHWLQJHIIHFWRQWKH'01DSSHDUV
WRGRMXVWWKLV
(YHQWXDOO\ZKHQWKHPLQGGRHVVWDUWWRZDQGHUOLNHLWMXVWQDWXUDOO\GRHV
EHFDXVHRIWKHQHZFRQQHFWLRQVWKDWIRUPPHGLWDWRUVDUHEHWWHUDWEUHDNLQJ
WKHVSHOORIDVVRFLDWLRQ7KLVLVSDUWLFXODUO\VLJQLILFDQWIRUXVWUDGHUVDVLW
DOORZVXVWRUHURXWHRXUDWWHQWLRQWRWKHSUHVHQWZKHQHYHUZHFDWFKRXUVHOYHV
LQGXOJLQJLQWKRXJKWVRISDVWRUIXWXUHWUDGHVZLQVRUORVVHVRUDQ\NLQGRI
ZHLJKLQJMXGJLQJRUGRXEWLQJ
7KHDELOLW\WRVWD\SUHVHQWO\IRFXVHGDOORZVXVWRWUDGHDQGPDQDJHRXU
FXUUHQWSRVLWLRQVWRWKHEHVWRIRXUDELOLWLHV,WDOORZVXVWRVHHPDUNHWDFWLRQ
IURPDQREMHFWLYHDQGLPSDUWLDOVWDQGSRLQW
KWWSZZZSQDVRUJFRQWHQWVKRUW

0HGLWDWLRQGHFUHDVHVGHSUHVVLRQ'R\RXIHHOGHSUHVVHGZKHQ\RXORVH
LQWKHPDUNHWV"'R\RXWHQGWRUXPLQDWHRQZK\WKHPDUNHWVGLGQߞW
DFFRPPRGDWH\RX"$VWXG\FRQGXFWHGLQ%HOJLXPLQYROYLQJDGHFHQWVDPSOH
RIVWXGHQWV DJH FRQFOXGHGWKDWSDUWLFLSDQWVZKRIROORZHGDQLQ
FODVVPLQGIXOQHVVSURJUDPUHSRUWHGDUHGXFWLRQLQGHSUHVVLRQDQ[LHW\DQG
VWUHVV0RUHRYHUWKHVHVWXGHQWVZHUHOHVVOLNHO\WRGHYHORSSURQRXQFHG
GHSUHVVLRQOLNHV\PSWRPV
$QRWKHUVWXG\IURPWKH8QLYHUVLW\RI&DOLIRUQLDFRQFOXGHGWKDWPLQGIXOQHVV
PHGLWDWLRQGHFUHDVHVUXPLQDWLYHWKLQNLQJDQGG\VIXQFWLRQDOEHOLHIVLQSHRSOH
ZKRVWUXJJOHGZLWKGHSUHVVLRQLQWKHSDVW<HWDQRWKHUFRQFOXGHVWKDW
PLQGIXOQHVVPHGLWDWLRQPD\EHHIIHFWLYHWRWUHDWGHSUHVVLRQWRDVLPLODU
GHJUHHDVDQWLGHSUHVVDQWGUXJWKHUDS\
KWWSZZZVFLHQWLILFDPHULFDQFRPDUWLFOHLVPHGLWDWLRQ
RYHUUDWHGKWWSOLQNVSULQJHUFRPDUWLFOH%&275KWWSDUFKLQWHMDPDQHWZRUNFRPDUWLFOHDV
DUWLFOHLG 

0HGLWDWLRQUHGXFHVVWUHVVDQGDQ[LHW\$VWXG\IURPWKH8QLYHUVLW\RI
:LVFRQVLQ0DGLVRQLQGLFDWHVWKDWWKHSUDFWLFHRI0HGLWDWLRQUHGXFHVWKH
JUH\PDWWHUGHQVLW\LQDUHDVRIWKHEUDLQUHODWHGWRDQ[LHW\DQGVWUHVV7KH
LQGLYLGXDOVZKRSDUWLFLSDWHGLQWKHVWXG\ZHUHPRUHDEOHWRDWWHQGPRPHQW
WRPRPHQWWRWKHVWUHDPRIVWLPXOLWRZKLFKWKH\ZHUHH[SRVHGWRDQGOHVV
OLNHO\WRߝJHWVWXFNߞRQDQ\RQHVWLPXOXV
7KLVPHDQVWKDWZKHQZHPRQLWRUQRQUHDFWLYHO\WKHFRQWHQWVRIH[SHULHQFH
IURPPRPHQWWRPRPHQWSULPDULO\DVDPHDQVWRUHFRJQL]HWKHQDWXUHRI
HPRWLRQDODQGFRJQLWLYHSDWWHUQVEXWDOVRDVDPHDQWREHWWHUXQGHUVWDQG
VRPHIXQGDPHQWDOWUXWKVDERXWWKHQDWXUHRIRXUPLQGVZHUHGXFHWKH
DSSUHKHQVLRQRIIXWXUHHYHQWV$ORQJWKHZD\ZHUHGXFHVWUHVVDQGDQ[LHW\
KWWSZZZQFELQOPQLKJRYSPFDUWLFOHV30&KWWSRQOLQHOLEUDU\ZLOH\FRPGRLGDDEVWUDFWMVHVVLRQ
0HGLWDWLRQKHOSVUHGXFHV\PSWRPVRISDQLFGLVRUGHU,QDUHVHDUFK
SXEOLVKHGLQWKH$PHULFDQ-RXUQDORI3V\FKLDWU\SDWLHQWVGLDJQRVHGZLWK
DQ[LHW\RUSDQLFGLVRUGHUVZHUHVXEPLWWHGWRDPRQWKVPHGLWDWLRQDQG
UHOD[DWLRQWUDLQLQJ$VDUHVXOWIRURIWKRVHSDWLHQWVWKHHIIHFWVRISDQLF
DQGDQ[LHW\KDGUHGXFHGVXEVWDQWLDOO\DQGWKHFKDQJHVZHUHPDLQWDLQHGDW
IROORZXS
KWWSDMSSV\FKLDWU\RQOLQHRUJGRLDEVDMS

0HGLWDWLRQLQFUHDVHVJUH\PDWWHUFRQFHQWUDWLRQLQWKHEUDLQ$JURXS
RI+DUYDUGQHXURVFLHQWLVWVUDQDQH[SHULPHQWZKHUHSHRSOHZHUH
VXEPLWWHGWRDQHLJKWZHHNPLQGIXOQHVVFRXUVHXVLQJJXLGHGPHGLWDWLRQVDQG
LQWHJUDWLRQRIPLQGIXOQHVVLQWRHYHU\GD\DFWLYLWLHV$WWKHHQGRILW05,
VFDQVVKRZHGWKDWWKHJUH\PDWWHUFRQFHQWUDWLRQLQFUHDVHGLQDUHDVRIWKH
EUDLQLQYROYHGLQOHDUQLQJDQGPHPRU\EXWDOVRLQUHJXODWLQJHPRWLRQVVHQVH
RIVHOIDQGSHUVSHFWLYH,QRWKHUZRUGVLIZHFXOWLYDWHDUHJXODUSUDFWLFHRXU
SHUVSHFWLYHRQOLIHߞVFLUFXPVWDQFHVDQGH[SHULHQFHEHFRPHVPRUHIDLWKIXOWR
WKHZD\WKLQJVUHDOO\DUH
KWWSZZZSV\QMRXUQDOFRPDUWLFOH6
;DEVWUDFWKWWSZZZVFLHQFHGLUHFWFRPVFLHQFHDUWLFOHSLL6

0HGLWDWLRQLPSURYHV\RXUIRFXVDWWHQWLRQDQGDELOLW\WRZRUNXQGHU
VWUHVV$VWXG\OHGE\7KH8QLYHUVLW\RI&DOLIRUQLDVXJJHVWVWKDWGXULQJDQG
DIWHUDPHGLWDWLRQWUDLQLQJVXEMHFWVZHUHPRUHVNLOOHGDWNHHSLQJIRFXV
HVSHFLDOO\RQUHSHWLWLYHDQGERULQJWDVNV
$QRWKHUVWXG\GHPRQVWUDWHGWKDWHYHQZLWKRQO\PLQXWHVDGD\RISUDFWLFH
VWXGHQWVZHUHDEOHWRLPSURYHWKHLUSHUIRUPDQFHRQWHVWVLQYROYLQJFRJQLWLYH
VNLOOLQVRPHFDVHVGRLQJWLPHVEHWWHUWKDQDQRWKHUJURXSWKDWGLGQRW
PHGLWDWH
7KH\DOVRSHUIRUPHGEHWWHURQLQIRUPDWLRQSURFHVVLQJWDVNVWKDWZHUH
GHVLJQHGWRLQGXFHGHDGOLQHVWUHVV,QIDFWWKHUHLVHYLGHQFHWKDWPHGLWDWRUV
KDYHDWKLFNHUSUHIURQWDOFRUWH[DQGULJKWDQWHULRULQVXODDQGWRWKLVHIIHFW
WKHSUDFWLFHPLJKWRIIVHWWKHORVVRIFRJQLWLYHDELOLWLHVDVVRFLDWHGZLWKROG
DJH
KWWSFRQWHQWWLPHFRPWLPHKHDOWKDUWLFOHKWPOKWWSOLQNVSULQJHUFRPDUWLFOH&$%1SDJ


0HGLWDWLRQLPSURYHVLQIRUPDWLRQSURFHVVLQJDQGGHFLVLRQPDNLQJ$
VWXG\GRQHDWWKH8&/$/DERUDWRU\RI1HXUR,PDJLQJVXJJHVWWKDWORQJWHUP
PHGLWDWRUVKDYHODUJHUDPRXQWVRIJ\ULILFDWLRQ ߡIROGLQJߢRIWKHFRUWH[ WKDQ
SHRSOHZKRGRQRWPHGLWDWH
6FLHQWLVWVVXVSHFWWKDWJ\ULILFDWLRQLVUHVSRQVLEOHIRUPDNLQJWKHEUDLQEHWWHU
DWSURFHVVLQJLQIRUPDWLRQPDNLQJGHFLVLRQVIRUPLQJPHPRULHVDQG
LPSURYLQJDWWHQWLRQ
KWWSQHZVURRPXFODHGXUHOHDVHVHYLGHQFHEXLOGVWKDWPHGLWDWLRQ

0HGLWDWLRQJLYHV\RXPHQWDOVWUHQJWKUHVLOLHQFHDQGHPRWLRQDO
LQWHOOLJHQFH3K'SV\FKRWKHUDSLVW'U5RQ$OH[DQGHUUHSRUWVLQKLVERRN
:LVH0LQG2SHQ0LQGWKDWWKHSURFHVVRIFRQWUROOLQJWKHPLQGWKURXJK
PHGLWDWLRQLQFUHDVHVPHQWDOVWUHQJWKUHVLOLHQFHDQGHPRWLRQDOLQWHOOLJHQFH
KWWSZZZDPD]RQFRP:LVH0LQG2SHQ)LQGLQJ3XUSRVHGS;UHI DVBOLBTIBVSBDVLQBLOBWO"WDJ OLYDQGGDU

0HGLWDWLRQLQFUHDVHV\RXUDELOLW\WRNHHSIRFXVLQVSLWHRIGLVWUDFWLRQV
$VWXG\IURP(PRU\8QLYHUVLW\$WODQWDGHPRQVWUDWHGWKDWSDUWLFLSDQWVZLWK
PRUHPHGLWDWLRQH[SHULHQFHH[KLELWLQFUHDVHGFRQQHFWLYLW\ZLWKLQWKHEUDLQ
QHWZRUNVFRQWUROOLQJDWWHQWLRQ
7KHVHQHXUDOUHODWLRQVKLSVPD\EHLQYROYHGLQWKHGHYHORSPHQWRIFRJQLWLYH
VNLOOVVXFKDVPDLQWDLQLQJDWWHQWLRQDQGGLVHQJDJLQJIURPGLVWUDFWLRQ
0RUHRYHUWKHEHQHILWVRIWKHSUDFWLFHZHUHREVHUYHGDOVRLQQRUPDOVWDWHVRI
FRQVFLRXVQHVVGXULQJWKHGD\ZKLFKVSHDNVWRWKHWUDQVIHUHQFHRIFRJQLWLYH
DELOLWLHVߡRIIWKHFXVKLRQߢLQWRGDLO\OLIH
KWWSZZZFOLQSKMRXUQDOFRPDUWLFOH6  DEVWUDFW"FF \
4 $
%HORZ\RXZLOOILQGTXHVWLRQVWKDWZHUHDVNHGWRPHGXULQJVHPLQDUV
FRDFKLQJVHVVLRQVEXWDOVRRQWZLWWHUDQGHPDLO6RPHRIWKHTXHVWLRQVDQG
DQVZHUVDUHYHUEDWLP2WKHUVDUHJHQHULFZKLFKLVWRVD\WKDW,FRPELQHG
FHUWDLQW\SHVRITXHVWLRQVWKDWZHUHIUHTXHQWO\DVNHGLQWRRQHDQGH[WUDFWHG
WKHHVVHQFHIURPGLIIHUHQWDQVZHUVWRIRUPRQHJHQHULFDQVZHU,KRSH\RX
ILQGWKHPߙERWKTXHVWLRQVDQGDQVZHUVߙLQVLJKWIXO
4,KDYHDV\VWHPLQZKLFK,KDYHGRQHDFRQVLGHUDEOHDPRXQWRIWHVWLQJ
>ERWKEDFNWHVWLQJDQGLQIRUZDUGWHVWLQJ@7KHV\VWHPLVDSRVLWLYH
H[SHFWDQF\RQHKRZHYHU,DPVWLOODVFUDWFKWUDGHU,H[HUFLVHDQG
PHGLWDWHRQDUHJXODUEDVLV,VWKHUHDQ\WKLQJZKLFKIXQGDPHQWDOO\QHHGVWR
FKDQJH"
$,I\RXUV\VWHPKDVEHHQSURYHQWRZRUNLQWKHSDVWWKHQ,WKLQNLWߞVIDLUWR
DVVXPHWKDWLWKDVDQHTXDOFKDQFHRIZRUNLQJLQWKHIXWXUHߙDVVXPLQJWKDW
WKHSDVWKROGVDQ\NLQGRISUHGLFWLYHYDOXHZKLFK,EHOLHYHLWGRHV1RZWKDW
WKLVLVRXWRIWKHZD\GR\RXH[HFXWHWKDWHGJHIODZOHVVO\",I\RXGRWKHQ
LWߞVMXVWDPDWWHURIWLPHEHIRUHWKHSUREDELOLWLHVVWDUWZRUNLQJLQ\RXUIDYRU
7UDGHVPDOODQGRIWHQWKDWߞVDOO,FDQDGG,I\RXGRQߞWWUDGH\RXUHGJH
IODZOHVVO\WKHQWU\WRILJXUHRXWZKDWLVSUHYHQWLQJ\RXIURPGRLQJVR
)HDUJUHHG ߙ WKHVHVWDWHVRQO\H[LVWZLWKLQWKHFRQILQHVRIRXURZQPLQGV
:KHQ\RXUHDOL]HWKLV\RXDOVRUHDOL]HWKDW\RXGRQߞWKDYHWRDFWRQWKHVH
WKRXJKWVERGLO\VHQVDWLRQVDQGHPRWLRQV7KDWLVZK\,WKLQNWKDWPHGLWDWLRQ
LV7+(H[HUFLVHWKDWDOOWUDGHUVVKRXOGLQFRUSRUDWHLQWKHLUGDLO\URXWLQH
EHFDXVHLWDOORZVWKHPWRFXOWLYDWHDVHQVHRIGHWDFKPHQWIURPZKDWHYHUWKH\
DUHIHHOLQJ2QHLVQRWWKHIHDURUWKHJUHHGWKDWKHVKHIHHOVDQ\PRUHRQHLV
PHUHO\DQREVHUYHURILW
<RXDOUHDG\PHGLWDWHDQGWKDWLVDPD]LQJ,FDQQRWVWDWHHQRXJKKRZPXFK
PHGLWDWLRQKDVKHOSHGPHLQP\MRXUQH\DVDWUDGHU+DQJLQWKHUH,I\RX
KDYHFRPHWRDSRLQWLQ\RXUWUDGLQJZKHUH\RXEDVLFDOO\EUHDNHYHQ\RX
KDYHDOUHDG\GLVWDQFHG\RXUVHOIIURPWKHFURZG1RZLWߞVMXVWDPDWWHURI
UHILQLQJDIHZWKLQJVKHUHDQGWKHUHDQG\RXZLOOEHZHOORQ\RXUZD\WR
SURILWDELOLW\
4<RXVD\\RXGRQߞWKDYHDQ\FUHGHQWLDOVLQSV\FKRORJ\EXWKRZGLG\RX
OHDUQDOOWKLV"$QGKRZFDQ,WUXVW\RXWRJXLGHPHLQWKHULJKWGLUHFWLRQLI
\RXGRQߞWKDYHDQ\FHUWLILFDWHWRDWWHVWWKDWWKHNQRZOHGJH\RXDUHLPSDUWLQJ
LVDFFXUDWH"
$:KDW,WDONDERXWLVDIXQFWLRQRIWKHNLQGRIEUHDNWKURXJKV,ߞYHKDGDVD
UHVXOWRIP\KXPEOHHQFRXQWHUVZLWKP\RZQPLQG,I\RXZDQWWROLYHD
EHWWHUOLIHWKHUHDUHVRPHWUXWKVWREHNQRZQDERXWWKHKXPDQFRQGLWLRQDQG
WKRVHWUXWKVDUHDYDLODEOHIRUDQ\RQHWROHDUQ
7KHFKDUDFWHURIWKLVFRQYHUVDWLRQZHDUHFRQVWDQWO\KDYLQJZLWKRXUVHOYHVLV
E\DQGODUJHZKDWHQJLQHHUVRXUXQKDSSLQHVVDQGWKHPHGLRFULW\RIRXUOLYHV
LQWKHSUHVHQWPRPHQW7KRXJKWVDQGHPRWLRQVDULVHLQFRQVFLRXVQHVVWKH
ZD\FORXGVDSSHDULQWKHEOXHVN\,WLVWKHRYHULGHQWLILFDWLRQZLWKWKHVH
GLVFXUVLYHDSSHDUDQFHVWKDWSUHYHQWVXVIURPWUDGLQJZLWKDFDUHIUHHVWDWHRI
PLQG
7KHUHDUHVRPHFRPSOH[ERRNVRXWWKHUHWKDWKDYHEHHQZULWWHQRQWKHVXEMHFW
RIWUDGLQJSV\FKRORJ\WKDWDUHPRUHFRQIXVLQJWKDQDQ\WKLQJ%XWWKHVXEMHFW
GRHVQߞWKDYHWREHWKDWFRPSOLFDWHG7KHRQO\UHDVRQZK\WKLVLVVRGLIILFXOW
IRUPRVWLVEHFDXVHZHDUHQ
WWDXJKWWRLQYHVWLJDWHRXUWKRXJKWVHPRWLRQVDQG
IHHOLQJVIURPD\RXQJDJHDVDZD\WRXQGHUVWDQGRXUVHOYHVDQGEHWWHUGHDO
ZLWKRXUSDLQDQGVXIIHULQJV,QIDFWZHDUHXVXDOO\WDXJKWWKHH[DFW
RSSRVLWH ߙ WKDWRXUPLQGLVDP\VWHULRXVSODFHWKDWFDQRQO\EHXQGHUVWRRGE\
H[SHUWV SV\FKRORJLVWV 
:HDUHWDXJKWWRVXSSUHVVZKDWZHIHHOLQVXFKDZD\WKDWLWEHFRPHVWR[LFWR
XV:HEHFRPHVODYHVWRVRPHG\VIXQFWLRQDOEHOLHIVWKDWZHXQDYRLGDEO\
DFTXLUHDQGWKRVHEHFRPHWKHILOWHUVWKURXJKZKLFKZHVHHWKHZRUOG:H
EHFRPHFKDLQHGWRRXUWKRXJKWVDQGHPRWLRQVDQGWKLVVKDSHVWKHZD\ZH
H[SHULHQFHRXUOLYHV
,QDQ\WKLQJWKDW,VKDUH,DPQRWPDNLQJDQ\FODLPVDERXWWKH
QHXURSK\VLRORJLFDOHYHQWVKDSSHQLQJLQWKHEUDLQ:KDW,WDONDERXWLVPHUHO\
DPDWWHURIVXEMHFWLYHH[SHULHQFHZKLFK\RXFDQREVHUYHLQWKHODERUDWRU\RI
\RXURZQOLIHZLWKDOLWWOHELWRILQWURVSHFWLRQDQGPLQGIXOQHVV

4'R,KDYHWREHFRPHD%XGGKLVWWRSUDFWLFHPHGLWDWLRQ"
$7KHSUDFWLFHRIPHGLWDWLRQGRHVQRWDVNXVWREHFRPHD%XGGKLVWRUD
UHOLJLRXVSHUVRQ:HGRQߞWKDYHWREHFRPH0XVOLPVWRVWXG\DOJHEUDGRZH"
(YHQWKRXJK0XVOLPVLQYHQWHGDOJHEUDLWLVDVHFXODUILHOGLQLWVRZQULJKW
6LPLODUO\ZKHQZHVWXG\SK\VLFVGRZHUHIHUWRLWDV&KULVWLDQSK\VLFV"1R
(YHQWKRXJK&KULVWLDQVLQYHQWHGSK\VLFVZHPHUHO\UHIHUWRLWDVSK\VLFV6R
DFRQWHPSODWLYHSUDFWLFHOLNHPHGLWDWLRQGRHVQߞWUHTXLUHXVWRJHWLQWHUHVWHGLQ
ߙRUHVSRXVHߙ%XGGKLVPRUDQ\RWKHUHDVWHUQUHOLJLRQ,WߞVMXVWDPHDQVWR
DQHQG0HGLWDWLRQLVPHUHO\EUDLQH[HUFLVHV7KDWߞVKRZ,VHHLW

4+RZGR,NQRZWKDW,ߞPPHGLWDWLQJWKHULJKWZD\"
$7KHUHDUHWZRZD\VWRDSSURDFKWKLVTXHVWLRQ
,IDWDQ\SRLQWGXULQJ\RXUSUDFWLFH\RXQRWLFHWKDW\RXDUHORVWLQ
WKRXJKWVDQG\RXFRQVFLRXVO\DQGFRPSDVVLRQDWHO\UHURXWH\RXUDWWHQWLRQWR
WKHVHQVDWLRQVRI\RXUEUHDWK\RXDUHGRLQJLWߡULJKWߢ
,I\RXQRWLFHWKDW\RXIHHOPRUHSDWLHQWFDOPDQGLI\RXDUHQRWLFLQJDQ\
TXDOLWDWLYHFKDQJHVLQ\RXUWUDGLQJH[SHULHQFHPRUHVRLQ\RXUOLIHLQ
JHQHUDO,WKLQNLWߞVYHU\UHDVRQDEOHWRVWDWHWKDW\RXUPHGLWDWLRQSUDFWLFHLV
JRLQJZHOO6RWKLVLVVRPHWKLQJWKDW\RXZLOOKDYHWRH[SORUHE\\RXUVHOI

4,UHDOO\OLNHKRZDUWLFXODWH\RXDUHRQWKHVXEMHFWRIWUDGLQJSV\FKRORJ\
<RXUSHUVSHFWLYHRQWKLVLVUHDOO\UHIUHVKLQJHVSHFLDOO\VLQFH\RXWDONIURP
SHUVRQDOH[SHULHQFH%XW,VWLOOGRQߞWXQGHUVWDQGZKDW\RXPHDQE\
ߡFXOWLYDWLQJHTXDQLPLW\ߢ&DQ\RXHODERUDWHDOLWWOHELWRQWKLVߙZK\LVLWVR
LPSRUWDQW"
$,QLWVVWULFWHVWVHQVHߡHTXDQLPLW\ߢPHDQVFDOPQHVVFRPSRVXUHHYHQ
PLQGHGQHVV+RZHYHU,XVHWKHZRUGHTXDQLPLW\LQP\ILUVWERRNWR
GHVFULEHVRPHWKLQJJUHDWHUWKDQWKDWߙLWߞVWKHDELOLW\WRVLQNEHQHDWKRXU
LQFHVVDQWWKRXJKWVHYHQIRUDIHZVHFRQGVDWDWLPHDQGDFWIURPWKLVSODFH
RILQQHUFDOPQHVVVWLOOQHVVDQGSHDFH
:KLOH,GRQߞWDOZD\VVXFFHHGWRZDUGVP\LQWHQWLRQRIFXOWLYDWLQJHTXDQLPLW\
LQWUDGLQJDQGRWKHUDUHDVLQP\OLIH OLNHHYHU\RQHHOVH HTXDQLPLW\LVD
FRQFHSW,VWULYHIRUDVPXFKDVSRVVLEOH$QGKHUHߞVDWLSWKHPRUH\RX
SUDFWLFHWKLVWKHEHWWHU\RXJHWDWLWDQGRIFRXUVHWKHKDSSLHUDQGSHDFHIXO
\RXEHFRPH
7UDGLQJLVQRWHDV\:HWUDGHUVDUHQRWJXDUDQWHHGILQDQFLDOUHZDUGVIRU
HYHU\WUDGHZHSODFH,WߞVDFWXDOO\YHU\RIWHQWKHRSSRVLWHKRZHYHULQ
UHVSRQVHZHKDYHRQHRIWZRFKRLFHV
:HFDQUHVSRQGZLWKDQJHUIUXVWUDWLRQGHVSDLUDQ[LHW\DQGLQVRPHFDVHV
HYHQDQLPRVLW\7KLVKRZHYHUKDVWKHXQIRUWXQDWHVLGHHIIHFWRIPDNLQJXV
IHHOUHDOO\EDGLQDGGLWLRQWRPDNLQJWKHVLWXDWLRQPXFKZRUVHWKDQLWLV
EHFDXVHQRERG\FDQSHUIRUPWRWKHEHVWRIWKHLUDELOLWLHVLQVXFKFRQGLWLRQV
2U
:HFDQDFFHSWWKHQDWXUHRIWKHJDPHUHPDLQSRVLWLYHDQGFXOWLYDWH
HTXDQLPLW\ ߙ ZKLFKLVGHILQLWHO\WKHEHVWRSWLRQ7KLVLVWKHFKRLFH,WU\WR
WDNHLQDOOFDVHV7KLVSKLORVRSK\RIUHPDLQLQJSRVLWLYHDSSOLHVWRDOOSDUWVRI
OLIHQRWMXVWWRWUDGLQJ

4:LOOPHGLWDWLRQZRUNRQPH"
$0HGLWDWLRQZLOOZRUNRQDQ\RQHZKRKDVDIXQFWLRQLQJKXPDQQHUYRXV
V\VWHP$OO\RXQHHGLVDQHTXDOO\IXQFWLRQLQJEUDLQWRIROORZWKHVLPSOH
LQVWUXFWLRQV,KDYHRXWOLQHGLQWKLVERRN

4,FDQߞWVHHPWRVXVWDLQDUHJXODUPHGLWDWLRQSUDFWLFHHYHQWKRXJK,NQRZ
LWVLPSRUWDQFHHVSHFLDOO\IRUXVWUDGHUV$Q\WLSVRQKRZWRJHWRYHUWKLV
LVVXH"
$+HUHDUHWZRUHDVRQVZK\,WKLQNSHRSOHDUHXQDEOHWRVXVWDLQDUHJXODU
PHGLWDWLRQSUDFWLFH
7KHDZDUHQHVVRIKRZZHDUHORVWLQWKRXJKWVRIWKHWLPHLV,WKLQN
WKHILUVWUHDVRQ:KDWߞVLQWHUHVWLQJLVKRZVRPDQ\SHRSOHUHIOH[LYHO\WKLQN
WKDWWKHLUPLQGLVVRPHKRZEXVLHUWKDQHYHU\RQHHOVHߞV:HOFRPHWRWKH
KXPDQFRQGLWLRQ(YHU\RQHߞVPLQGLVEXV\7KHNH\LVWRVWRSUHVLVWLQJ
WKRXJKWVDQGWU\LQJWRPDNHWKHPJRDZD\
7KRXJKWVDUHDQDWXUDODFWLYLW\LQWKHPLQG$OWKRXJKPHGLWDWLRQFDQEHD
ZD\WRH[SHULHQFHLQQHUVLOHQFHWKLVFRPHVDERXWQRWE\HOLPLQDWLQJWKRXJKWV
EXWE\EHFRPLQJDZDUHRIWKHVLOHQFHWKDWLVQDWXUDOO\SUHVHQWEHQHDWKWKRVH
WKRXJKWV
3HRSOHGRQߞWPHGLWDWHWKHULJKWZD\KHQFHWKH\GRQߞWVHHWKHUHVXOWVDQG
WKHQWKH\TXLW7RHQMR\WKHEHQHILWVRIPHGLWDWLRQ\RXKDYHWRGRLWSURSHUO\
ߙVLWWLQJZLWK\RXUH\HVFORVHGDQGWKLQNLQJLVXQIRUWXQDWHO\QRWPHGLWDWLRQ
1RWEHLQJDEOHWRVWLFNZLWKDFRQVLVWHQWPHGLWDWLRQSUDFWLFHLVDUHVXOWRIWKH
WKRXJKWV\RXDUHLGHQWLI\LQJZLWK6RKHUHLVP\VXJJHVWLRQVWDUWZLWKDQ
LQFUHGLEO\VPDOOSUDFWLFHRIPLQXWHVDGD\$V\RXJHWPRUHDQGPRUH
FRPIRUWDEOHZLWKSUDFWLFLQJIRUPLQXWHVDGGDQLQFUHPHQWRIPLQXWHV
.HHSGRLQJWKDWXQWLO\RXKDYHDSUDFWLFHRIDWOHDVWPLQXWHVDGD\
$QGLI\RXVOLSEHFRPSDVVLRQDWHWRZDUGV\RXUVHOIDQGJHWEDFNRQWUDFN
$ERYHDOOEHSDWLHQWZLWK\RXUVHOI

4,GRQߞWKDYHWLPHWRPHGLWDWH
$7KHUHߞVDQROG=HQVD\LQJWKDWJRHVOLNHWKLV<RXVKRXOGVLWLQPHGLWDWLRQ
PLQXWHVDGD\XQOHVV\RXߞUHWRREXV\RU\RXGRQߞWKDYHWLPHWKHQ\RX
VKRXOGVLWIRUDQKRXU
,I\RXNQHZWKDWWKHUHZDVDEHWWHUOLIHZDLWLQJIRU\RXDVDUHVXOWRI
FXOWLYDWLQJWKDWUHJXODUPHGLWDWLRQSUDFWLFHEHWWHUWUDGLQJUHVXOWVEHWWHU
DSSUHFLDWLRQRIWKHSUHVHQWPRPHQWOLEHUDWLRQIURP\RXUZRUULHVZRXOG
\RXILQGWKHWLPH",ߞOOOHW\RXUHIOHFWRQWKDW

4$Q\WLSVRQKRZWRVWDUWRIIP\VHVVLRQRQWKHULJKWIRRW"
$:KDW,KDYHIRXQGWKDWZRUNVLVKDYLQJDYHU\FOHDUVWDUWLQ\RXUSUDFWLFH
ZLWKDVWURQJLQWHQWLRQ,QRZPDNHWKHIROORZLQJSDUWRIP\URXWLQHZKHQ,
VLWGRZQ,WDNHWKUHHYHU\ORQJEUHDWK,EUHDWKHLQWKURXJKWKHQRVH ILOOLQJ
P\OXQJVWRWKHEULP DQGRXWWKURXJKWKHPRXWK HPSW\LQJWKHPIXOO\ 7KHQ
,VD\WRP\VHOILQWKHSULYDF\RIP\RZQPLQGߡ$WWKLVPRPHQW,DPQRW
LQWHUHVWHGLQDQ\WKLQJHOVHLQWKLVXQLYHUVH,ߞPQRWLQWHUHVWHGLQDQ\WKRXJKW
PHPRU\RUIHHOLQJ,ߞPRQO\LQWHUHVWHGLQWKLVSUDFWLFH'XULQJWKLVWLPH
WKHUHLVQRWKLQJPRUHIRUPHWRWKLQNRUGRߙRQO\WKLVߡ

4,FDQߞWVHHPWRIRFXVRQWKHEUHDWKZLWKRXWWU\LQJWRFRQWUROLW$Q\WLSV"
$7KLVLVDYHU\QRUPDOWKLQJWRKDSSHQLQWKHEHJLQQLQJ/HWLWEH*LYHLW
VRPHWLPH-XVWNHHSREVHUYLQJZLWKRXWWKHLQWHQWLRQRIFKDQJLQJLW,I
DQ\WKLQJFKDQJHVDQ\ZD\VWKDWߞVILQHEXWGRQߞWGRLWLQWHQWLRQDOO\%HDZDUH
RIWKHEUHDWKFKDQJLQJ7KDWLVHQRXJK
4,VWKHUHDGLIIHUHQFHEHWZHHQLQWURVSHFWLRQDQGPHGLWDWLRQ"
$,QLWVVWULFWHVWVHQVHQR%XW,OLNHWRWKLQNWKDWWKHUHLVDGLIIHUHQFH
EHWZHHQWKHWZR7KHZD\,VHHLWLQWURVSHFWLRQLQYROYHVDFWLYHWKRXJKW
SURFHVVHVDQGLQYHVWLJDWLRQRI\RXUWKRXJKWVHPRWLRQVDQGPHPRULHV,Q
RWKHUZRUGVFRQWHQWPDWWHUV
0HGLWDWLRQPLQGIXOQHVV MXVWVHPDQWLFV PD\WXUQXSWKRXJKWVHPRWLRQV
DQGPHPRULHVEXWWKDWLVQRWWKHSRLQW7KHFRQWHQWLVLUUHOHYDQW%HLQJDEOH
WRZDWFKWKHWKRXJKWVDQGHPRWLRQVDULVHDQGSDVVDZD\LVPRUHLPSRUWDQW
<RXVSHFLILFDOO\ZDQWWRGLVLGHQWLI\ZLWKWKHWKRXJKWVDQGHPRWLRQVWKDW
DULVH

4<RXWDONDERXWWKHEHQHILWVRIVSLULWXDOLW\DQGPLQGIXOQHVVPHGLWDWLRQIRU
WUDGHUVEXWZKDWDERXWRWKHUDFWLYLWLHVWKDWFDQDOVREHGHVFULEHGDV
VSLULWXDOOLNHIRUH[DPSOHSOD\LQJRUOLVWHQLQJWRPXVLFVXUIVSRUWVRUDQ\
RWKHULQWHOOHFWXDOHQGHDYRU"
$7KH\DUHDOOEHQHILFLDOEHFDXVHWKH\DOOLQYROYHSD\LQJFORVHDWWHQWLRQWR
WKHSUHVHQWLQDZD\WKDWDOORZV\RXWREHRQHZLWKZKDWHYHU\RXDUHGRLQJ
+RZHYHUWKHEHQHILWVRIPHGLWDWLRQDUHWKDW\RXGRQߞWKDYHWRJHWDJXLWDU
SXWRQ\RXUUXQQLQJVKRHVZDLWIRUDZDYHRUJHW\RXUVHOIDQLSRG<RXFDQ
MXVWVLWDQ\ZKHUHDQGSD\DWWHQWLRQWRWKHPRVWPXQGDQHWKLQJHYHUߙWKH
EUHDWK$QGPHGLWDWLRQ,DUJXHLVQRWMXVWVRPHWKLQJWKDWSURYLGHVDOLWWOHELW
RIUHOD[DWLRQIRFXVSHDFHLWLVDUDGLFDOWRROWKDWFDQKHOS\RXPDNHVRPH
OLIHFKDQJLQJGLVFRYHULHVDERXWWKHQDWXUHRI\RXURZQPLQG

4,PHGLWDWHRQDUHJXODUEDVLVDQG,KDYHFHUWDLQO\VHHQFKDQJHVLQWKH
ZD\,DGGUHVVP\SV\FKRORJLFDOGHILFLHQFLHVZKHQ,DPIDFHGZLWKDORVV%XW
,IHHO,DPVWLOOVXEMHFWWREHLQJGLVDSSRLQWHGZKHQHYHUWKHPDUNHWVGRQߞW
DFFRPPRGDWHPH$Q\VXJJHVWLRQVRQKRZWRGHFUHDVHWKHHPRWLRQDO
UHVSRQVH"
$/RRNZLWKLQ\RXUVHOIWRFKHFNLI\RXKDYHEHFRPHHPRWLRQDOO\GHSHQGHQW
RQWKHPDUNHWV$VN\RXUVHOIWKHIROORZLQJTXHVWLRQV
$P,WUDGLQJDVDZD\WRPDNHP\VHOIKDSS\"
'RHVLWXSVHWPHLIWKHPDUNHWVGRQߞWDFWRUUHVSRQGLQDFHUWDLQ
ZD\"
'R,FRPSODLQDORWZKHQ,ORVHRUZKHQWKHPDUNHWVGRQߞWDFW
WKHZD\,ZRXOGKDYHH[SHFWHG"

,I\RXDQVZHUHGZLWK\HVWRVHYHUDORIWKHVHTXHVWLRQVLWPD\EHDVLJQWKDW
\RXDUHRYHUO\UHOLDQWRQWKHPDUNHWVIRUZHOOEHLQJDQGLWFRXOGEHDQ
LQGLFDWLRQWKDW\RXDUHLQQHHGRIFKDQJH:HDUHRIWHQFRQGLWLRQHGWRVHHN
KDSSLQHVVRXWVLGHRIRXUVHOYHV$IWHUDOOPXFKRIWKHZRUOGߞVHFRQRP\
UHYROYHVDURXQGWKHF\FOHRIJHQHUDWLQJDQGVDWLVI\LQJQHHGVZLWKWKLQJV%XW
ZHKDYHWRUHDOL]HWKDWLIZHZDLWIRUWKHPDUNHWVߙRUDQ\WKLQJWKDWLVRXWVLGH
RIXV ߙ WRIXOILOOXVRQDPRPHQWWRPRPHQWEDVLVWUDGLQJZLOODOZD\VEH
IUXVWUDWLQJDQGDQHYHUVDWLVI\LQJHQGHDYRU
,IZHFDQILQGDZHOOEHLQJZLWKLQXVWKDWLVQRWFRQWLQJHQWXSRQWKHXSVDQG
GRZQVRIWKHPDUNHWVWKHQZHZLOOIUHHRXUPLQGVLQWKHPLGVWRIDQ\WKLQJ
WKDWPD\LQFDSDFLWDWHXVDQGFDXVHXVWRVXIIHU7KLVZLOODOVRIUHHRXU
SRWHQWLDODVWUDGHUVߙEXWDOVRDVLQGLYLGXDOV
6RZKDW,ZLOOVXJJHVWLVWRNHHS\RXUSUDFWLFHRIPHGLWDWLRQDQGVHOI
DZDUHQHVV:KHQVRPHWKLQJEDGLVKDSSHQLQJWRXVLQWKHPDUNHWVZHDOPRVW
DOZD\VIHHOLGHQWLFDOWRWKHH[SHULHQFH:HGRQߞWWKLQNWKDWWKLVLVRQO\
KDSSHQLQJLQRXUKHDGV0HGLWDWLRQLVPHUHO\DPHDQVWRFRQWLQXDOO\GUDZ
EDFNLQWRWKLVVWDWHRIPHUHO\ZLWQHVVLQJHYHU\WKLQJWKDWLVDULVLQJ+RZFRXOG
WKHVHPHQWDORFFXUUHQFHVEHZKDW\RXDUH"<RXDUHPHUHO\QRWLFLQJWKHP
+RZLVLWWKDW\RXIHHOLGHQWLFDOWRWKLVYRLFH\RXKHDULQ\RXUKHDG"7KLVLV
PHUHO\DQLOOXVLRQ:KHQ\RXDFNQRZOHGJHWKLV\RXEHFRPHDEOHWREHPRUH
SUHVHQWLQ\RXUOLIHDQGZLWK\RXUH[SHULHQFHV
$OVR,ZRXOGVXJJHVWWKDW\RXVWD\HQJDJHGLQWKHPDUNHWV:KHQ\RXWUDGHD
ORW\RXEXLOGDQGUHILQH\RXUVNLOOVDVDWUDGHU5HPHPEHUMXVWOLNHLQ
DQ\WKLQJSUDFWLFHPDNHVSHUIHFW%XWWRNHHSSUDFWLFLQJߙWRVWD\LQWKHJDPH
ߙ\RXKDYHWRWUDGHVPDOOVRDVQRWWRPDNHUXLQDIHDVLEOHRXWFRPHIRU\RX

46RPHWLPHV,IHHOGLVFRXUDJHVE\P\ODFNRISURJUHVVLQWUDGLQJ$Q\LGHD
RQKRZWRJHWRYHUWKLV"
$7RRRIWHQZHWUDGHUVDUHKDUGRQRXUVHOYHVHVSHFLDOO\DWWKHEHJLQQLQJRI
RXUFDUHHU:HIHHOEDGDERXWRXUODFNRISURJUHVVZHIHHOJXLOW\WKDWZH
KDYHQߞWEHHQDVGLVFLSOLQHGDVZHZLVKZHFRXOGKDYHEHHQDQGZHUHJUHWWKH
DFWLRQVZHWRRN
0\YLHZRQWKLVLVWKDWWKLVLVDVWUDQJHFDVHRIORRNLQJDWWKHJODVVKDOI
HPSW\DQGWKLVNLQGRIWKLQNLQJDOPRVWFHUWDLQO\KLQGHUVRXUSURJUHVV
+HUHߞVZKDW,SURSRVHLQVWHDG/RRNEDFNDQGVHHZKDW\RXߞYHGRQHVRIDU
DQGIHHOSURXGRI\RXUSURJUHVV%HKDSS\DERXWKRZIDU\RXߞYHFRPHVRIDU
HYHQLI\RXVWLOOKDYHDORQJZD\WRJR$SSUHFLDWH\RXUDFFRPSOLVKPHQWV
2ND\\RXPLJKWKDYHVFUHZHGXSRQDIHZWUDGHVWKLVPRQWKEXWDWOHDVW\RX
HQWHUHGWKRVHWUDGHV<RXFDQRQO\OHDUQE\WUDGLQJE\EHLQJDFWLYHE\
PDNLQJPLVWDNHV1RPDWWHUKRZPXFK\RXUHSHDWWKRVHPLVWDNHVRYHUDQG
RYHUDJDLQ\RXZLOOHYHQWXDOO\OHDUQXQWLOFRPHVDWLPHZKHQ\RXZRQߞW
PDNHWKRVHPLVWDNHVDJDLQ<RXVHHZKDW,PHDQ"/RRNDWWKHJODVVDVKDOI
IXOO
)RUH[DPSOH\RXPLJKWWKLQNWKDW,ߞYHDFKLHYHGDORWDVDWUDGHUEXWDV\RX
UHDGLQWKLVERRNLWWRRNPHDORWRIWLPHWREHFRPHFRQVLVWHQWO\SURILWDEOH,
DPDVORZOHDUQHUDQGWKHUHZHUHSOHQW\RIWLPHVZKHQ,IHOWGLVFRXUDJHG
7KHUHZHUHWLPHVZKHQ,IHOWPLVHUDEOHDQGGHIHDWHG7KRVHZHUHWLPHVZKHQ
DOOWKHSURJUHVV,PDGHZHQWWRSLHFHV7KHZRUVW,IHOWWKHPRVW,ZRXOGDFW
XSRQWKRVHIHHOLQJVLQWKHPDUNHWVOLNHDVHOIIXOILOOLQJSURSKHF\
7KHNH\LVWRVWHSEDFNDQGORRNEDFNRQZKDW\RXߞYHGRQH6XUH\RXPLJKW
KDYHVFUHZHGXSDFRXSOHRIWLPHVEXWORRNDWKRZPXFKSURJUHVV\RXߞYH
GRQHVRIDU/RRNDWZKHUH\RXDUHWRGD\'RQߞWEX\LQWRWKRVHEDGIHHOLQJV
WKH\ߞUHO\LQJWR\RX,QVWHDGRIEHDWLQJ\RXUVHOIXSFHOHEUDWH\RXUFXUUHQW
VXFFHVVHVQRPDWWHUKRZVPDOO
:HZLOODOZD\VIHHOJXLOW\DERXWZKDWZHKDYHRUKDYHQߞWGRQHEXWLWLV
LPSRUWDQWWKDWZHUHPLQGRXUVHOYHVWKDWLWLVRQO\DWHPSRUDU\VHWEDFN,
DOZD\VWHOOP\VHOIWKDWLWߞVMXVWDVPDOOEXPSRQDORQJURDG7DNHWKHORQJ
YLHZERWKEHKLQG\RXDQGDKHDGRI\RX<RXDUHH[DFWO\ZKHUH\RXQHHGWR
EH

4:KDWDUHWKHHIIHFWVPHGLWDWLRQKDVKDGRQ\RXUDELOLW\WRWUDGH"
$7KHILUVWWKLQJ,VWDUWHGQRWLFLQJLVKRZLPSDWLHQW,ZDVZKHQ,WUDGHGVR
PHGLWDWLRQJDYHPHWKHDFWXDOH[WUDSXVKWRLQTXLUHPRUHDERXWZKDW,IHOW
DQGLQVWHDGREVHUYH:KRLVIHHOLQJLPSDWLHQW":K\"+RZGRHVLWIHHO"6DPH
WKLQJZKHQ,IHOWIHDU:KRLVIHHOLQJIHDU"
:KHQ\RXDVNWKRVHTXHVWLRQVLWEHFRPHVFOHDUWR\RXWKDW\RXKDYHWKH
FKRLFHRIDFWLQJ RUQRW RQWKRVHWKRXJKWVDQGIHHOLQJVEHFDXVH\RXDUHQRW
WKHPDQ\PRUH\RXDUHPHUHO\DQREVHUYHU
$OVRPHGLWDWLRQKDVDOORZHGPHWREHPRUHDFFHSWLQJRIORVVHVDQGRIWKLQJV
,FDQ
WFRQWUROOLNHPDUNHWDFWLRQDVSHFLILFRXWFRPHQHZVHWF$QGWKHUHDUH
PXFKPRUHEHQHILWVEXW,WKLQN\RXJHWWKHSRLQW0HGLWDWLRQLVDPXVWIRUDOO
WUDGHUV
4+RZORQJZLOOLWWDNHIRUPHWRVHHWKHUHVXOWVRIP\SUDFWLFH"
$0\SUDFWLFHDWILUVWZDVVROHO\FHQWHUHGRQWKHH[SHFWDWLRQRIKDYLQJ
VRPHWKLQJLQUHWXUQߙEHWWHUPHQWDOFODULW\MXGJPHQWFDSDFLW\WRWDNHIDVW
DQGUDWLRQDOGHFLVLRQVWRKDQGOHVWUHVVHWF7KHVHDUHDOODUHDVLQZKLFK
PHGLWDWLRQKHOSVZLWKKRZHYHUOLWWOHGLG,NQRZWKDWWKHDFWRIH[SHFWLQJ
VRPHWKLQJLQUHWXUQLQVWDQWO\WRRNPHRXWRIWKHH[SHULHQFHRIWKHSUHVHQW
PRPHQW,QRWKHUZRUGVZKHQZHSUDFWLFHPHGLWDWLRQZLWKWKHH[SHFWDWLRQRI
REWDLQLQJVRPHWKLQJIURPLWLQWKHIXWXUHZHDUHDOUHDG\ORVWLQWKRXJKWVDQG
WKDWZKLFKZHH[SHFWKDVIHZHUFKDQFHVRIKDSSHQLQJ
6FLHQFHKDVFRQILUPHGWRXVWKHEHQHILWVRIKDYLQJDUHJXODUPHGLWDWLRQ
SUDFWLFHDQGZHVKRXOGYLVXDOL]HWKRVHEHQHILWVDVSRWHQWLDOJRDOVEXWWKHQ
ZHVKRXOGUHOHDVHWKHP7KHSDWKߙ\RXUGDLO\SUDFWLFHߙLVWKHJRDO

4+RZORQJVKRXOG,NHHSP\PHGLWDWLRQSUDFWLFH"
$0HGLWDWLRQKDVFKDQJHGP\OLIHIRUWKHEHWWHU,QIDFWDIWHURQO\DIHZ
ZHHNVRIPHGLWDWLQJDQGH[SHULHQFLQJWKLVߝQHZZD\ߞ,UHDOL]HGWKDWOLIH
ZLWKRXWLWIHOWPRUHFKDRWLFRYHUZKHOPLQJDQGVWUHVVIXO
7KHLPSRUWDQWWKLQJWRQRWHIURPP\H[SHULHQFHLVWKDWZKLOH,NQHZ,ZDV
VWUHVVHGDQGRYHUZKHOPHGEHIRUHE\P\IDLOXUHVLQWKHPDUNHWVLWWRRN
PHGLWDWLRQWRXQFRYHUWKHH[WHQWRILW7KHSUDFWLFHLQFUHDVHGP\VHOI
DZDUHQHVVEXWPRVWLPSRUWDQWO\JDYHPHDEHWWHUEDODQFHLQOLIHDQGLQ
WUDGLQJE\KHOSLQJPHPDQDJHP\WKRXJKWVDQGHPRWLRQVDQGE\KHOSLQJPH
GHYHORSHTXDQLPLW\
,I\RXZDQWGXUDEOHUHVXOWV\RXKDYHWRPDNHLWDOLIHORQJFRPPLWPHQW
7KHUHLVQRZD\DURXQG6XFFHVV LQDQGRXWRIWKHPDUNHWV ZHOOEHLQJ
WKRVHDUHFDXVDOVWDWHVZKLFKLVWRVD\WKDWWKH\DUHDGLUHFWUHVXOWRIDGDLO\
SURFHVV
7+(1(;7/(9(/

7KDQNVIRUUHDGLQJ+RSHIXOO\\RXQRZVHHWKDWWUDGLQJIRUD
OLYLQJLVSRVVLEOH,WߞVQRWMXVWDP\WKߨSHRSOHDFWXDOO\GRWKLV
IRUDOLYLQJDQGLWߞVYHU\UHZDUGLQJ

$QG,ߞPFRQILGHQWWKDWDQ\RQHFDQGRWKLV,I\RXߞUHD
ߡQRUPDOO\IXQFWLRQLQJߢKXPDQEHLQJZLWKDQ
DYHUDJHLQWHOOLJHQFH\RXFDQEHDWUDGHUߙDQGD
SURILWDEOHRQH
,KRSH,ZDVVXFFHVVIXOLQUHIOHFWLQJEDFNWR\RXVRPHWKLQJVWKDW
PD\KDYHEHHQRXWRI\RXUSHUVSHFWLYH,ILWLVWKHFDVHWKHQ,WKLQN
LWߞVIDLUWRVD\WKDWWKHUHDGLQJZDVZRUWKZKLOH
1RZDVLQVLJKWIXORUUHYHDOLQJDVWKRVHWKLQJVZHUHVLPSO\
UHDGLQJLVQߞWHQRXJK<RXKDYHWRWDNHDFWLRQ
,KDYHGHVLJQHGWZRFRXUVHVWRKHOS\RXZLWKWKDW

7KHILUVWRQHLVFDOOHGWKH7UDGLQJ3V\FKRORJ\0DVWHU\
&RXUVH
,FDQWHOO\RXWKLVFRXUVHLVXQOLNHDQ\WKLQJ\RXߞYHVHHQ,QLW,
DVSLUHWRKHOS\RXGHYHORSLQWRDQHPRWLRQDOO\
LQWHOOLJHQWWUDGHUUHJDUGOHVVRI\RXUEDFNJURXQG
,DPDWUDGHUZLWKVHYHUDO\HDUVRIH[SHULHQFHLQDQ\WKLQJ
SHUWDLQLQJWRPHGLWDWLRQDQGSUHVHQWPRPHQWDZDUHQHVV
PLQGIXOQHVV 
,KDYHDVWURQJPHGLWDWLRQSUDFWLFHVRIDU,ߞYHVSHQWDFXPXODWLYH
WRWDORIDERXWPRQWKVRQLQWHQVLYHVLOHQWPHGLWDWLRQUHWUHDWVDQG
,ߞYHVWXGLHGZLWKPDQ\UHQRZQHGߡHQOLJKWHQHGߢWHDFKHUVDQG
JXUXV
0HGLWDWLRQ0LQGIXOQHVVKDYHSURYRNHGVRPHGHHSWUDQVIRUPDWLRQV
LQPHDQGWKHZD\,WUDGH,OLNHWRWKLQNWKDW,ߞYHQRZ
GHYHORSHGDWKRURXJKXQGHUVWDQGLQJRIP\PLQG
DQG,ZDQWWRKHOS\RXJRWKURXJKWKDWVDPH
SURFHVVRIWUDQVIRUPDWLRQ
5HVWDVVXUHG\RXGRQߞWKDYHWRVSHQGDWRQRIWLPHRQLQWHQVLYH
VLOHQWUHWUHDWVOLNH,GLGWRJRWKURXJKVXFKFKDQJHV%XW\RX
KDYHWRNQRZZKDW\RXߞUHGRLQJDQG\RXQHHGWKH
JXLGDQFHRIVRPHRQHZKRGRHVQߞWMXVWWDONWKHWDON
EXWZKRZDONVLWH[WHQVLYHO\
0LQGIXOQHVVLVDVLPSOHSUDFWLFH\HWGHHSEXWDOVRKD]DUGRXVLIQRW
SUDFWLFHGSURSHUO\RUZLWKDULJKWXQGHUVWDQGLQJ,QWKLVGD\DQG
DJHZKLOHLWLVFHUWDLQO\HDV\DQGEHQHILFLDOWRMXVWGRZQORDGDIUHH
PHGLWDWLRQDSSDQGVWDUWWKLVZD\WKHUHDUHPDQ\SLWIDOOVWR
WKHSUDFWLFHDQGDFRQILUPHGPHGLWDWLRQLQVWUXFWRU
ZLOOKHOSVKHSKHUG\RXLQWKHULJKWGLUHFWLRQ
%HLQJERWKDQH[SHULHQFHGPHGLWDWRUDQGD
SURILWDEOHWUDGHU,ZLOOSURYLGH\RXZLWKWKHULJKW
NQRZOHGJHDQGDIRXQGDWLRQIRULQVLJKWVDQG,ZLOO
JXLGH\RXLQ\RXUSUDFWLFH
,ߞPQRWJRLQJWRUHKDVKWKLQJVDW\RX1R:HߞUH
JRLQJWRSUDFWLFHWRJHWKHU
0DUNHWVXFFHVVEHJLQVZLWKVWDELOLW\RIPLQG WKRXJKWVDQG
HPRWLRQV IOH[LELOLW\SDWLHQFHFRQFHQWUDWLRQDQGQRQDWWDFKPHQW
DOORIZKLFKDUHGHHSO\DGGUHVVHGLQWKLVWZRZHHNSUDFWLFDOKRPH
LPPHUVLRQFRXUVH,QLW\RXZLOOOHDUQ
ߧ +RZ\RXFUHDWH\RXURZQUHVXOWVLQWKHPDUNHWVߙJRRGRUEDG
ߧ +RZWRZRUNZLWKREVWDFOHVVXFKDVRXUPHQWDOFRQGLWLRQLQJ
RU\RXUQRUPDOSURSHQVLW\IRUQRWDFFHSWLQJULVNIRUZDQWLQJWREH
ULJKWFUDYLQJFHUWDLQW\DQGVRRQ
ߧ +RZWRGHWDFK\RXUVHOIIURPWKHFRQFHSWRIPRQH\IRUD
VPRRWKHUWUDGLQJH[SHULHQFH
ߧ +RZWRGHHSHQ\RXUFRQFHQWUDWLRQ
ߧ +RZWRVHOIUHJXODWHVRWKDWZKDWHYHUKDSSHQVLQWKHPDUNHWV
\RXߞOOUHPDLQXQSHUWXUEHGVWDEOHDQGIRFXVHG
ߧ $QGPRUHߨ

7KHIROORZLQJLVUHTXLUHGRI\RXLI\RXGHFLGHWRHQUROOLQWKH
FRXUVH
ߧ *HW\RXUVHOIDMRXUQDO
ߧ $EVWLQHQFHIURPDQ\WUDGLQJDFWLYLW\IRUZHHNV
ߧ &RPPLWPHQWFRPPLWPHQWFRPPLWPHQW

9HU\IHZWUDGHUVZRUNRQGHYHORSLQJVWURQJVNLOOVRILQWURVSHFWLRQ
,NQRZDEVROXWHO\EULOOLDQWSHRSOHZKRFRXOGKDYHEHHQ
H[WUDRUGLQDU\WUDGHUVLIWKH\KDGFXOWLYDWHGDQDELOLW\WRPDNHWKH
PRVWEDVLFGLVFULPLQDWLRQDERXWWKHLUPRPHQWWRPRPHQW
H[SHULHQFH
&RQYHUVHO\,ߞYHPHWPDQ\WUDGHUVZKRDUHQߞWHVSHFLDOO\EULOOLDQW
EXWZKRDUHVRLQWXQHZLWKWKHPVHOYHVWKDWWKH\DUHXQVKDNDEOH
DQGHTXDQLPRXVLQWKHPLGVWRIXQFHUWDLQW\DQGYLFLVVLWXGHV7KLV
PDNHVDOOWKHGLIIHUHQFHLQWHUPVRIPDUNHW
SHUIRUPDQFH
7KHEDUULHUVZHIDFHLQWUDGLQJDUHDOZD\VDIXQFWLRQRIWKHVWRULHV
ZHWHOORXUVHOYHV<RXZLOOOHDUQWRFDOP\RXUPLQGDQG
WRGURSEHQHDWKWKHVWRULHV<RXZLOOEHJLQWR
H[SHULHQFH\RXUWUDGLQJLQDZKROHQHZZD\
6RPHWLPHVVKLIWVDUHGUDPDWLFDQGVRPHWLPHVJUDGXDOEXW,ZLOO
JXLGH\RXDQGVXSSRUW\RXRQWKLVSDWK

,I\RXFDQFRPPLWWRWKHFRXUVHZKROHKHDUWHGO\\RXVKRXOGVWDUW
VHHLQJUHVXOWVZLWKLQDPRQWK<HVRQHPRQWK
6RHQUROOLI
ߧ <RXWKLQN\RXPLJKWEHXSIRUWKHFKDOOHQJH DQGSURPLVH\RX
LWߞVJRLQJWREHDFKDOOHQJH 
ߧ ,I\RXZDQWWROHDUQPRUHDERXW\RXUVHOI%\ߝFRQTXHULQJߞ
\RXUVHOI\RXZLOOFRQTXHUWKHPDUNHWV
ߧ ,I\RXDUHVHULRXVDERXW\RXUWUDGLQJFDUHHU DQG\RXUOLIH

7KDWEHLQJVDLG,KDYHDOVRGHYLVHGDVHFRQGFRXUVHDQGLWߞVFDOOHG
WKH7UDGLQJ)RU$/LYLQJ&RXUVH7KLVFRXUVHLVWKHQH[W
VWHS

,QWKHUH,VKRZ\RXP\WUDGLQJVWUDWHJLHVDQG,VKRZ\RXP\
DFWXDOSHUIRUPDQFHWKHNLQGRIPRQH\WKDW,PDNH
PRQWKO\
,QVKRUWLQWKH7UDGLQJ)RU$/LYLQJ&RXUVH\RXJHW
WRVHHKRZDSURILWDEOHWUDGHUUXQVKLVEXVLQHVV
IURP$WR= DWUXO\SURILWDEOHRQHQRWVRPHNLQGRIPDNH
EHOLHIߡSURILWDEOHWUDGHUߢ\RXVHHRQOLQHWKHVHGD\V 

$QG,ߞPGRLQJWKLVQRWWRVKRZRIIEXWWRLQVSLUH\RXWRVKRZ\RX
WKDWLWߞVSRVVLEOHZLWKDFWXDOSURRI
<RXFDQWDNHP\PRGHO P\EXVLQHVVSODQ DQGDSSO\LWDVLWLVLI
\RXVRGHVLUHRU\RXFDQWDNHLWLQDQHQWLUHO\QHZGLUHFWLRQߨLWߞV
UHDOO\XSWR\RX
$Q\RQHFDQWUDGHIRUDOLYLQJ,ߞPQRWVRPHNLQGRIJHQLXV,KDYH
DKLJKVFKRROOHYHORIHGXFDWLRQ6R\HV\RXFDQGRWKLV,
P
DEOHWRWUDGHIRUDOLYLQJQRWEHFDXVHRIP\
LQWHOOLJHQFHRUP\QRIDLOWUDGLQJVWUDWHJLHV QR
VWUDWHJ\HYHULVIRROSURRI ,
PDEOHWRGRVR
EHFDXVHP\QXPEHURQHSULRULW\LVFRQVFLRXV
HPRWLRQDOPDQDJHPHQW,QHYHU\WKLQJWKDW,GRLQHYHU\
DFWLRQWKDW,WDNH

(VVHQWLDOO\ZLWKERWKFRXUVHV7KH7UDGLQJSV\FKRORJ\PDVWHU\
&RXUVHDQG7KH7UDGLQJ)RU$/LYLQJ&RXUVH\RXߞOOOHDUQWR
EHLQFRQWURORI\RXUVHOIKRZWRJHQHUDWHDUHOLDEOH
VWUHDPRIPRQWKO\LQFRPHDQGKRZWREXLOGDORQJ
ODVWLQJWUDGLQJFDUHHU
1RZLI\RXGHFLGHWRJHWWKHFRXUVHVVHSDUDWHO\WKH\ߞUHERWK
SULFHGDWHDFK%XWTXLWHIUDQNO\WKH\FRPSOHPHQWHDFKRWKHU
YHU\QLFHO\DQGWKH\IRUPDFRPSOHWHSURJUDPIRUWKH
WUDGHUZKRLVVHULRXVDERXWWUDGLQJIRUDOLYLQJ
DERXWPDNLQJLWKDSSHQ
$QGVR,ZDQW\RXWRJHWERWKFRXUVHVWRJHWKHUDQG
,
PRIIHULQJWKHPLQDEXQGOHZLWKDGLVFRXQWRI
 RII 
,JHQXLQHO\ZDQWWRVHH\RXVXFFHHG,ZDQWWRVHH\RXLPSURYH
\RXUOLIHPDNHPRQH\DQGWKULYHDVDKXPDQEHLQJ&OLFK©EXW
WUXHߨ
+HDGWRKWWSZZZWUDGLQJFRPSRVXUHFRPWROHDUQPRUHDQGJHW
VWDUWHG$QGLIWKHUHߞVDQ\WKLQJ\RXZDQWWRDVNPHSHUVRQDOO\
KHUHߞVP\HPDLOWUDGLQJFRPSRVXUHLQIR#JPDLOFRP
,QFORVLQJKHUHDUHVRPHUHYLHZVIRUERWKFRXUVHV

7UDGLQJ3V\FKRORJ\0DVWHU\&RXUVH
ߡ7KLVFRXUVHZDVRQHRIPDQ\FRXUVHVDQGERRNV,UHVHDUFKHG
EHIRUHLQYHVWLQJP\WLPH ,DPJODG,FKRVHWKLVFRXUVH,WLVVR
SUDFWLFDODQGVXVWDLQDEOHDVLWKHOSV\RXFUHDWHKDELWVIRU
FRQWLQXHGVXFFHVVDIWHULWVFRPSOHWLRQ,ZRXOGVWURQJO\
UHFRPPHQGWKLVFRXUVHDVLWKDVEHHQRQHRIWKHEHVWLQYHVWPHQWVRI
P\WLPH PRQH\,WKDVDOUHDG\PDGHDODUJHSRVLWLYHLPSDFWRQ
QRWMXVWP\OLIHKDSSLQHVVDQGPRUHEXWDOVRDVSUHVFULEHGP\
WUDGLQJYLHZRIPDUNHWVߢa'DQ%XHKULQJ
ߡ,I\RXYLHZWKHPDWHULDOZLWKDQRSHQPLQGDQGSDUWLFLSDWHIXOO\
LQWKHH[HUFLVHVWKLVFRXUVHZLOOFKDQJHWKHZD\\RXYLHZWKH
ZRUOG,WKDVKDGDSRVLWLYHHIIHFWRQP\UHODWLRQVKLSVDQGWKHZD\
,YLHZP\VHOI$IWHUFRQVLVWHQWO\SUDFWLFLQJRYHUWKHODVWPRQWK,
KDYHQRWLFHG,KDYHEHFRPHPRUHFUHDWLYHZLWKP\WUDGLQJ,ZLOO
ZDNHLQWKHQLJKWDQGZULWHWKLQJVGRZQLQDQRWHERRN7KLVZRXOG
RFFDVLRQDOO\KDSSHQEHIRUHEXWLWLVPXFKPRUHIUHTXHQWVLQFH,
VWDUWHGP\PHGLDWLRQSUDFWLFH,KDYHKDGHSLSKDQLHVDERXWP\
EHKDYLRUDQGLWVUHODWLRQVKLSWRP\HJR%\EHLQJDEOHWRVWHSEDFN
IURP\RXUWKRXJKWVWKLQJVEHFRPHFOHDUHU,KLJKO\UHFRPPHQGWKH
FRXUVH<YDQLVDQH[FHOOHQWWHDFKHUDQGDSHUVRQRIKRQRUDQG
LQWHJULW\ߢa$ODQ&RRSHU
ߡ,KDYHEHHQPHGLWDWLQJIRUSDVW\HDUVEXWZDVQRWDEOHWROLQNLW
ZLWKWUDGLQJ6HDUFKHGDOORYHUWRVHHKRZFDQ,DSSO\FRQFHSWVRI
PHGLWDWLRQWRWUDGLQJ6WXPEOHGXSRQWKLVE\FKDQFHDQGZRXOG
FRQVLGHUWKHEHVWDFFLGHQWWRKDSSHQ<YDQKDVEHDXWLIXOO\GHVLJQHG
WKLVFRXUVH7KLVFRXUVHZLOOEHODVWLQYHVWPHQWLQ7UDGLQJ
SV\FKRORJ\:KDWPDNHVLWPRUHLQWHUHVWLQJLVWKHFRQFHSWVWDXJKW
KHUHDUHOLIHVNLOOVWKDWFDQEHDSSOLHGLQDOOZDONVRIOLIHߢa
6KDVKDQN*RQFKLJDU
 ‫ﻏﺎﯾﻣﺎخ‬

7UDGLQJ)RU$/LYLQJ&RXUVH
ߡ7KLVLVE\IDUWKHPRVWKRQHVWWUDGLQJFRXUVH\RXZRXOGHYHUFRPH
DFURVV,WPLJKWQRWRQO\FKDQJH\RXUZKROHDSSURDFKWRZDUGV
WUDGLQJLWPLJKWFKDQJH\RXOLIHSHUVH,QWKHFRXUVH<YDQWDONV
DERXWKLVWUDGLQJV\VWHPDQGKDVRSHQHGXSRQKRZKHPDNHVD
OLYLQJYLDWUDGLQJEXVLQHVV7KHUHDUHHQRUPRXVDPRXQWVRI
H[DPSOHVZKLFKZLOOVHW\RXRQWKHSDWKLI\RXWUXVW+HQRWRQO\
WDONVDQGSURYLGHVVWUDWHJLHVKHZDONVWKHWDONDVZHOOߢa
6DXUDEK6ULYDVWDY
ߡ,QWKLVFRXUVH<YDQH[SODLQVKRZKHVHWXSKLVWUDGLQJEXVLQHVVLQ
DYHU\KDQGVRQZD\+HVKRZV\RXKLVRZQWUDGLQJVWUDWHJLHV
UHVXOWVDQGKRZKHtVDEOHWRVXVWDLQDKHDOWK\LQFRPHߨ,DPDELJ
IDQRI<YDQDVKHLVEHLQJYHU\WUDQVSDUHQWKRQHVWKXPEOH
VWUDLJKWWRWKHSRLQWDQGZLOOKHOSDGYLVH\RXRQKRZWRGRWKLV
\RXUVHOI<YDQGRHVHYHU\WKLQJLQDVLPSOHIDVKLRQDQGEUHDNV
HYHU\WKLQJGRZQVWHSE\VWHS7KHUHtVQHYHUDQ\GRXEWRQZKDWWR
GRKRZWRGRLWRUZKHUHWRJRWRDQGJHWLW+HZLOOH[SODLQ
HYHU\WKLQJWR\RX,I\RXKDYHQtWKHDUGRIWKLVJX\EHIRUHWKHQ,
FDQWKRURXJKO\UHFRPPHQG\RXWDNHWKLVFRXUVH%HVLGHVWKLV
FRXUVH<YDQKDVRWKHUFRXUVHVDQGERRNVRXWWKDWGHDOVPRUHZLWK
WUDGLQJSV\FKRORJ\ZKLFKLV<YDQtVVSHFLDOILHOG7KHJX\FKDQJHG
DORWRIWKLQJVLQP\WUDGLQJDQGLQP\OLIHDOUHDG\\RXZRQtWILQG
DPRUHRSHQERRNWKDQWKLVߢa0LNNHO/DUVHQ
ߡ,IRXQGWKHFRQWHQWIDQWDVWLFZLWKFOHDU SUHFLVHLQVWUXFWLRQVRQ
KRZWRLPSOHPHQWWKHV\VWHPVVKRZQDQGUXQDVXFFHVVIXOWUDGLQJ
FRPSDQ\7KHVLPSOLFLW\RIWKHV\VWHPDWLFDSSURDFKLQFRPSDULVRQ
WRDGLVFUHWLRQDU\V\VWHP,ZDVWDXJKWDQGKHDYLO\HPRWLRQDOO\
GLJHVWHGLQZLWKRXWUHDOL]LQJZDVZHOODQGWUXO\EUHDWKWDNLQJDQG
DSOHDVXUHWROHDUQZKDW\RXKDGWRVD\,ZDVDPD]HGDWP\VHOI
DQGP\RZQEHOLHIVDIWHUFRPSOHWLQJWKLVFRXUVHDQGQRZFDQQRW
ZDLWWRSXWWRWKHWHVWZKDW\RXKDYHVKRZQPHߢa&UDLJ6DQGHUV

+HDGWRKWWSZZZWUDGLQJFRPSRVXUHFRP
,1(('<285+(/3ߨ

3/($6(5$7(7+,6%22.
+2:0$1<67$56'2<287+,1.,7
'(6(59(6"

6WDU
6WDUV
6WDUV
6WDUV
6WDUV
27+(5%22.6%<7+,6$87+25
3$5$',*06+,)7+RZWRFXOWLYDWHHTXDQLPLW\LQ
WKHIDFHRIPDUNHWXQFHUWDLQW\
3DUDGLJP6KLIWWDUJHWVWKHQHZJHQHUDWLRQRIRQOLQHWUDGHUVZKRDUH
VWUXJJOLQJZLWKWKHSV\FKRORJLFDODVSHFWRIWUDGLQJ,WVKHGVOLJKWRQWKH
GLIIHUHQWIDFWRUVWKDWSUHYHQWXVIURPPDQLIHVWLQJWUDGLQJVXFFHVVRUDQ\
NLQGRIVXFFHVVLQRXUOLYHV,WOD\VGRZQWKHIRXQGDWLRQVIRUWKHFXOWLYDWLRQ
RIHTXDQLPLW\LQWKHPDUNHWV0\DLPLVWRFRQYH\WR\RXHQRXJKLQIRUPDWLRQ
WRFUHDWHLQVSLUDWLRQVWLPXODWHFXULRVLW\UHIOHFWLRQDQGWRSURYRNHUHDOL]DWLRQ
WKDWDJUHDWWUDGHULVDOUHDG\SUHVHQWZLWKLQ\RXZDLWLQJWRHPHUJH

7+((66(1&(2)75$',1*36<&+2/2*<
,121(6.,//
,Q7KHHVVHQFHRIWUDGLQJSV\FKRORJ\LQRQHVNLOO,VKDUHWKHVKLIWLQ
SHUVSHFWLYH,XQGHUZHQWWKDWKDVKHOSHGPHOHWJRRIP\EDGKDELWVDQG
JHQHUDWHFRQVLVWHQF\LQP\EHKDYLRUDQGP\UHVXOWV7KHLGHDVEHKLQGWKLV
VKRUWERRNLVDFXOPLQDWLRQRIHYHU\WKLQJ,KDYHOHDUQHGZKLOHFKDQJLQJP\
OLIHDQGQRZ,ZDQWWRKHOS\RXFKDQJH\RXUV

021(<0$.,1*75$',1*36<&+2/2*<
7587+6
7KH7UDGLQJ3V\FKRORJ\WUXWKV,VKDUHLQWKLVERRNDUHLQWHQGHGWRPRWLYDWH
LQVSLUHDQGOHDG\RXWRZDUGVDFRQWHQWHGDQGIXOILOOHGVWDWHRIPLQG
)LQDQFLDOUHZDUGVLQWKHPDUNHWVDUHWKHQDE\SURGXFWRIWKDW

$)),50$7,216)2575$'(56
$IILUPDWLRQVDUHRQHRIWKHPRVWSRSXODUSHUVRQDOGHYHORSPHQWWHFKQLTXHV
EXWWKH\DUHDOVRRQHRIWKHOHDVWHIIHFWLYH7KDWLVQRWEHFDXVHDIILUPDWLRQV
GRQ
WZRUNLW
VEHFDXVHPRVWSHRSOHDUHQ
WXVLQJWKHPWKHFRUUHFWZD\,QWKLV
VKRUWHERRN,VKHGOLJKWRQWKLV

You might also like