Auto Eclectic Magazine Issue 01

$ &ROOHFWLRQ RI $XWRPRWLYH 3DVVLRQ

4VZSLY 4;

,VVXH

<S[PTH[L (TLYPJHU :\WLYJHY

OW *OL]LSSL OW ;\YIV » )4> *: :\IHY\ 1+4 :^HW 0UK`*HY»Z 1H` /V^HYK *O\JR^HSSH =HSSL` 9HJL^H` :VJHS»Z ;VW ;YHJR

ENGINEERED AND BUILT IN THE U.S.A.

SPEC YOUR CAR 1.800.828.4379 + SPECCLUTCH.COM

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

&RQWHQWV &KXFNZDOOD 9DOOH\ 5DFHZD\ +LUHG +RUVHSRZHU

1HZ SUHVHQWHG E\ $XWREORJ FRP +DUG )RXJKW %DWWOH RI D 5LVLQJ 6WDU 0RVOHU DQG )ULHQGV /LIH :LWK D 5DOO\ &DU %LPPHU 0DGQHVV :RUGV ZLWK ,QG\ &DU 'ULYHU -D\ +RZDUG %DYDULDQ %HDWHU 2XU %0: 3URMHFW &DU

$XWR (FOHFWLF 6WDII

%XJ (\HG %DVWXUG 2XU 6XEDUX :5; 3URMHFW &DU &RYLQFH WKH :RPDQ LQ <RXU /LIH WR /HW <RX *HW D 3URMHFW &DU +HDUW RI WKH%HDVW 6XEDUX *&

7DUPDF

F 2DVLV

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

CP>FR<GG< 3<GG 7KH 3XFNHU &RPSOH[ǧ 1RW WKH RIILFLDO QDPH RI FRXUVH EXW WKLV VHFWLRQ FDQ KDYH WKDW HIIHFW LV DQ RQ FDPEHU ULJKW WKDW IORZV XSKLOO LQWR WKH EOLQG RII FDPEHU WKDW OHDGV GRZQKLOO LQWR RQ FDPEHU DQG RQWR WKH VKRUW XSKLOO VWUDLJKW

$

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´PLQL FRUNVFUHZµ LI /DJXQD 6HFD DQG 0LQL 0H KDG D EDE\ WKLV ZRXOG EH WKH UHVXOW <RX GULYH RXW RI WKH EDVH RI WKH FRUNVFUHZ DQG ULJKW LQWR D GHJUHH ERZO 7KH H[DJ JHUDWHG FDPEHU DOORZV \RX WR OD\ GRZQ WKH SRZHU DQG ODXQFK RXW RI WKH FRUQHU ,Q WKLV DXWKRUÒ&#x2039;V RSLQLRQ WKLV WUDFN LV EHWWHU WKHQ ERWK 6WUHHWV RI :LOORZ DQG %XWWRQ :LOORZ 7KH EX]] RQ WKH IRUXPV DJUHH WRR 7KLV PDNHV &KXFNZDOOD 9DOOH\ 5DFHZD\ WKH EHVW WUDFN LQ 6RXWKHUQ &DOLIRUQLD

G@T /<>@R<T

*DG@ 1M<>F /RFDWLRQ 'HVHUW &HQWHU &$

0LQL &RUNVFUHZ

)ROORZLQJ WKH VWUDLJKW KDV \RX FOLPELQJ XSKLOO WR 7KLV LV WKH WRS RI WKH FRUNVFUHZ LV D VOLJKW OHIW ZLWK D VKDUS GURS LQ DOWLWXGH DV \RX DSSURDFK WKH ERZO LQ

LV D GHJUHH EDQNHG ERZO HQWHULQJ LQ WKH PLGGOH RI WKH WUDFN DQG FXWWLQJ GRZQ WR KLW WKH DSH[ ZLOO KDYH \RX IO\LQJ RXW RI WKH ERZO WRZDUG

6XSHU %RZO

)*3&% )03 7KLV LV D WDOH RI PRWRULQJ PLVFKLHI LQ ,QGLDQDSROLV EHKLQG WKH ZKHHO RI WZR PRGHUQ PXVFOH

FDUV 'XULQJ D UHFHQW WULS ZLWK RXU WHVW GULYHU 7UR\ &DVWDQHGD ZH KDG WKH RSSRUWXQLW\ WR JHW WR VSHQG GD\V GULYLQJ D &KHYUROHW &DPDUR 66 ZLWK D EULHI VWLQW LQ D 'RGJH &KDOOHQJHU 9 EDVH PRGHO

:H ZHUH LQ WRZQ WR DWWHQG RQH RI 7UR\Ò&#x2039;V PDMRU NDUWLQJ UDFHV DQG EHLQJ LQ WKH FLW\ IDPRXV IRU :H WKH ,QG\ ZH KDG WR KDYH D JR DW WKH RIILFLDO SDFH FDU RI WKH UDFH WKH &DPDUR 66 $UULY LQJ ODWH LQWR ,QG\ ZH SURFHHGHG WR WKH UHQWDO FDU FRXQWHU WR FODLP RXU 66 RQO\ WR ILQG WKDW RXU FDU ZRXOG EH XQDYDLODEOH XQWLO WKH QH[W GD\ DV LW ZDV GXH IRU DQ RLO FKDQJH 6R ZH ZHUH KDQGHG WKH NH\ WR D 'RGJH &KDOOHQJHU :KLFK RI FRXUVH LV WKH &DPDURÒ&#x2039;V NQRZQ ULYDO :H ZDONHG LQWR WKH SDUNLQJ VWUXFWXUH WR ILQG RXU FDU IURQW DQG FHQWHU LQ WKH ILUVW VSDFH 7KH VLOYHU 9 EDVH FDU LV VWLOO D VWXQQLQJ VLWH ZLWK LWÒ&#x2039;V FODVVLF Ò&#x2039;V PXVFOH FDU ORRN :H SRSSHG WKH WUXQN WR ILQG DQ DPD]LQJ DPRXQW RI URRP +DYLQJ DUULYHG LQ ,QG\ DW DP WKH ILUVW GULYH RI DQ XQIDPLOLDU FDU LQ DQ XQIDPLOLDU FLW\ FDQ EH D OLWWOH XQVHWWOLQJ EXW , ZDV LPPHGLDWHO\

34& 108&3

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« WLPH WR WUDGH LQ

++.+1'6(1)1'; 19'(5% -(%'6&9%5(.'-9-% -%'6 .%9 '-.-.%9. +++++++++++++++++ ++++++++++++++++++++++++++ +++++++++++++++++ + +++++++++++++++++++++++++++ ++++++++++++++++++

7KH QH[W GD\ ZH DUULYH DQG WXUQ LQ WKH &KDOOHQJHU DQG ZH DUH KDQGHG WKH NH\V WR D ORDGHG VLOYHU 66 FRPSOHWH ZLWK OHDWKHU LQWHULRU LQFK ZKHHOV DQG %UHPER EUDNHV 7KLV SDUWLFXODU FDU KDG FRYHUHG PLOHV EXW VWLOO IHOW SUHWW\ IUHVK 7KH 66 LV HTXLSSHG ZLWK DQ DXWRPDWLF JHDUER[ DQG KDV D VWRXW KS DQG IW RI WRUTXH 7KLV LV SOHQW\ RI SRZHU WR VPRNH WKH WLUHV DQG KDYH VRPH JRRG ROG VLGHZD\V IXQ $IWHU FOLPELQJ RXW RI WKH &KDOOHQJHU WKH &DPDURÒ&#x2039;V FDELQ IHHOV WLJKW EXW LQ D FRPIRUWLQJ WDQN OLNH FRFRRQ ZD\ )LUVW WKLQJ , QRWLFHG DERXW WKH LQWHULRU ZDV WKHRGG VKDSHG VXQNHQ VWHHULQJ ZKHHO 7KH FHQWHU VHFWLRQ LV GHHSO\ UHFHVVHG DQG WKH VKDSH RI WKH ULP RI WKH ZKHHO LV IODWWHU RQ WKH LQVLGH KLV FUHDWHV DQ XQQDWXUDO JULS ZKHQ \RX ZUDS \RXU KDQGV

7(67,1* 7+( 7,5(6

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

7KLV &DPDUR GRHV KDYH D GHFHQWO\ VPRRWK WUDQVLWLRQ IURP HFRQRP\ WR SRZHU RQ GHPDQG 2Q WR WKH IXQ VWXII«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

%(+,1' 7+( :+((/

$XWR (FOHFWLF 0DJD]LQH $GYHUWLVH :LWK $( 1RZ 5HDS WKH %HQHILWV

%( $ )281',1* $'9(57,6(5 $VWURQRPLFDOO\ ORZ LQWURGXFWLRQ UDWHV 2SWLRQ WR OLIH WLPH ORFN UDWHV (YHU\ DG FRPHV ZLWK OLQN WR \RXU VLWH )UHH WR UHDG ZLWK XQLTXH FRQWHQW

$(

&RPELQHV SULQW VW\OH DGYHUWLVLQJ ZLWK WKH &RPELQHV YHU\ UHDO DGYDQWDJHV RI RQOLQH DGYHUWLVLQJ $YDLODEOH RQ ,SDG

%DFN LVVXHV ZLOO VWD\ RQOLQH PHDQLQJ \RXU DGYHUWLVLQJ ZLOO FRQWLQXH WR JDLQ H[SRVXUH DQG JHW \RX D UHWXUQ

)*3&% )034&108&3 WKH VKLIW ZDV WRR GHOD\HG DQG ZRXOG FDXVH XV WR ORVH RXU VOLGH 7KH VROXWLRQ ZDV XVLQJ VSRUW PRGH ZLWK D JRRG KDQGIXO RI ( EUDNH 7KH WUDQV ZRXOG VKLIW LQWR VHFRQG DQG DOORZ JUHDW VLGH WR VLGH VOLGLQJ DFWLRQ 7UR\ PHQWLRQHG WKDW WKH ZHLJKW RI WKH FDU UHDOO\ VKRZHG EXW RQFH WKH VXVSHQ UHDOO\ VLRQ FDXJKW WKH ZHLJKW WUDQVIHU WKH FDU VWD\HG IODW :H OHIW WKH SDUNLQJ ORW SURYLQJ JURXQGV WR FDWFK D TXLFN ELWH $IWHU ILOOLQJ RXU WDQNV ZH SURFHHGHG EDFN WR WKH SURYLQJ JURXQGV WR ILQG VRPH RI ,QGLDQDÒ&#x2039;V ILQHVW VLWWLQJ LQ WKH ORW $ TXLFN WXUQ LQWR D FORVH E\ GULYH WKURXJK DOORZHG XV WR JR XQVHHQ 7KLV RI FRXUVH ZRXOG DOO EH WUXH LI WKLV 7KLV HYHU KDSSHQHG

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

´6KH LV QRW D OLJKWZHLJKW DJLOH VSRUWV FDU EXW D WUXH PRGHUQ PXVFOH FDU ZLWK QRQH RI WKH VDFULILFHV RI WKH FODVVLFV µ

$XWR 1HZV SUHVHQWHG E\ DXWREORJ

)RUG 0XVWDQJ 9 UXQV PLOHV RQ RQH WDQN PSJ

(XUR *UDQ 3UL[ +RZ WKH PLJKW\ KDYH IDOOHQ

/DPERUJKLQL %XLOGV WK *DOODUGR

,WDORSKLOHV WDNH QRWH /DPERUJKLQL KDV DQQRXQFHG LW V EXLOW WKH WK *DOODUGR 1DWXUDOO\ WKH VXSHUFDU PDQXIDFWXUHU LV :LWK D TXDUWHW RI ZRUOG FKDPSLRQV RQ WKH JULG ² WZR RI 2Q 7XHVGD\ -XQH D JURXS RI )RUG HQJLQHHUV KLW WKH WUDFN DW %ULVWRO 0RWRU 6SHHGZD\ LQ 7HQQHVVHH LQ D FRPSOHWHO\ VWRFN WKHP PXOWLSOH ZLQQHUV QR OHVV ²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² $ORQVR RU 0DVVD ² 6WUROO GHIHDWHG LQ WKH IULHQGO\ FRPSHWLWLRQ EXW JLYHQ WKDW 0DVVD LV VWLOO DQ DYLG NDUWHU ZH G VXVSHFW LW ZDV $ORQVR ,W V ZRUWK QRWLQJ WKDW ZLWK KLV PRUH UHOHYDQW H[SHULHQFH DQG ORZHU ERG\ ZHLJKW WKH \RXQJ 6WUROO KDG D ELW RI DQ DGYDQWDJH %XW DQ\ ZD\ \RX FXW LW WKDW V VRPH ILQH ZRUN 2IILFLDO DQQRXQFHPHQW DIWHU WKH MXPS 5HDG 0RUH

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

$XWR 1HZV SUHVHQWHG E\ DXWREORJ

YRcU W`fXYe SRee]V `W R cZdZ_X deRc

´

, 5$&( %(&$86( , /29( ,7 , &$1 127 ,0$*,1( /,)( :,7+ 287 5$&,1*

7UR\ &DVWDQHGD LV D \RXQJ GULYHU

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Ò&#x2039;W KDYH UDFH WHDPV DQG PRWRUVSRUWV FRVW D ORW PRUH WKDQ IRRWEDOO HTXLSPHQW 6R IRU 7UR\ WR PDNH LW WR WKH QH[W OHYHO LQ PRWRUVSRUWV KH KDV WR PHHW WKH ULJKW SHRSOH DQG PDNH WKH ULJKW FRQQHFWLRQV WR ILQG KLV ULGH 7KLV FROXPQ LV KLV ILUVW KDQG DFFRXQW RI KLV H[SHULHQFHV

]RXf_R dVTR eYc`fXY TRdeR_VUR d VjVd

R^VcZTR_ ]V ^R_d dVcZVd 7KLV SDVW ZHHNHQG , YHQWXUHG WR WKH UROOLQJ KLOOV RI /DJXQD 6HFD LQ 0RQWHUH\ &$ IRU URXQG WKUHH RI WKH $PHULFDQ /H 0DQV 6HULHV EXW , ZDVQÒ&#x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Ò&#x2039;V DOO WKDW ZDV QHHGHG IRU QRZ , FRQWLQXHG RQ ZDLWLQJ IRU KRXUV WR LQWURGXFH P\VHOI WR GULYHUV DQG RZQHUV RQO\ WR , VSHDN ZLWK WKHP IRU OHVV WKDQ VHFRQGV 7KH RQO\ WLPH , VWRSSHG ZDONLQJ DURXQG ZDV WR JUDE D PLQXWH OXQFK DQG UHVW P\ IHHW $W WKH HQG RI WKH GD\ , WULHG WR ILQG HY HU\RQH WKDW , KDG PHW WR VD\ WKDQN \RX IRU DOORZLQJ PH WR VSHDN ZLWK WKHP , ZDV WKHUH XQWLO DIWHU PRVW HYHU\ERG\ KDG OHIW

/DJXQD 6HFD WKURXJK &DVWDQHGDÒ&#x2039; (\HV

´1,1(7< 1,1( 3(5&(17 2) :+$7 <28 $5( '2,1* 72'$< :,// 0($1 127+,1* %87 7+$7 ,6 :+$7 0,*+7 *(7 <28 $ 5,'( 620('$< µ

0:;65 ,(=,5

´$ SDLU 0RVOHU 07 V FDUV VR UDUH KDYH WZR LQ WKH VDPH JDUDJH LV OLNH KDYLQJ \RXU RZQ 0RVOHU FOXE PHHWLQJ µ

¸;OL ZV\UK VM [OL [\YIVZ ZWVVSPUN \W PZ SPRL HU - I\aaPUN [OL [V^LY¹ 0 JOVVZL [V NV ^P[O [OL [OYLL TVZ[ KPMMLYLU[ JHYZ -PYZ[ ^HZ [OL 7VYZJOL ;\YIV KYHWLK PU H [YPWSL ISHJR Z\P[ HUK SVVRPUN MHJ[VY` MYLZO [OL WV^LY TVKPMPJH[PVUZ HYL ^LSS OPKKLU [V [OL \U[YHPULK L`L 3PM[PUN [OL YLHY LUNPUL JV]LY VUS` L_WVZLZ HU HM[LYTHYRL[ HPY IV_ [OL YLZ[ PZ OPKKLU \UKLYULH[O [OL JHY ;OPZ ILHZ[ PZ H KHPS` KYP]LY [OH[ PZ W\ZOPUN V]LY OW (Z ^L OLHK VU[V [OL Z[YLL[ [OL ;\YIV MLLSZ SPRL TVZ[ ^H[LY JVVSLK 7VYZJOLZ [OL Z[LLYPUN PZ SPNO[ HUK JVT T\UPJH[LZ ^LSS ;OL Y\TISL VM [OH[ MSH[ ZP_ PZ HJ JLU[\H[LK I` HU HM[LYTHYRL[ L_OH\Z[ HUK THRLZ H ILH\[PM\S UVPZL 6UJL [OL JHY PZ ^HYTLK \W [OL SV\K WLKHS PZ ZSHTTLK [V [OL MSVVY HUK OLSK VU [PNO[ >P[O [^PU [\YIVZ MLLKPUN IHY VM IVVZ[ [OL HJJLSLYH[PVU PZ PUJYLKPISL ;OL ZV\UK VM [OL [\YIVZ ZWVVSPUN \W PZ SPRL H - I\aaPUN [OL [V^LY ;OL MVYJL VM HSS [OPZ WV^LY THRLZ [OL YLHY LUK ZX\H[ HUK ^P[O HSS ^OLLS [YHJ[PVU [OL NYPW SH\UJOLZ [OL JHY MVY^HYK ^P[OV\[ H WLLW MYVT [OL [PYLZ 0U [VKH`»Z THYRL[ H JHY SPRL [OPZ VMMLYZ HTHaPUN WLYMVYTHUJL WLY KVSSHY ]HS\LK YPNO[ HIV\[ R *VUZPKLYPUN [OLZL JHYZ ^LYL R UL^ HUK [OLU HKK R PU WV^LY TVKZ HUK P[ PZ H IHYNHPU PU [OL J\YYLU[ THYRL[ (S[OV\NO P[ JHU IL H ILHZ[ VU [OL IVVZ[ *OHK»Z ^PML VM[LU NL[Z ILOPUK [OL ^OLLS HUK OHZ UV WYVISLT Q\Z[ JY\PZPUN HYV\UK PU P[

$XWR (FOHFWLF 0DJD]LQH $GYHUWLVH :LWK $( 1RZ 5HDS WKH %HQHILWV

%( $ )281',1* $'9(57,6(5 $VWURQRPLFDOO\ ORZ LQWURGXFWLRQ UDWHV 2SWLRQ WR OLIH WLPH ORFN UDWHV (YHU\ DG FRPHV ZLWK OLQN WR \RXU VLWH )UHH WR UHDG ZLWK XQLTXH FRQWHQW

$(

&RPELQHV SULQW VW\OH DGYHUWLVLQJ ZLWK WKH &RPELQHV YHU\ UHDO DGYDQWDJHV RI RQOLQH DGYHUWLVLQJ $YDLODEOH RQ ,SDG

%DFN LVVXHV ZLOO VWD\ RQOLQH PHDQLQJ \RXU DGYHUWLVLQJ ZLOO FRQWLQXH WR JDLQ H[SRVXUH DQG JHW \RX D UHWXUQ

;OL ZLJVUK JHY ^HZ [OL » *OL]LSSL ^P[O OW ZOL PZ [OL TVZ[ WV^LYM\S PU [OL NHYHNL HUK [OL VSKLZ[ +HU HUK *OHK IV[O SV]L [OL JSHZZPJ SVVR HUK WV^LY VM [OPZ JSHZZPJ T\ZJSL JHY I\[ IV[O KLJPKLK [OL JHY ULLKLK TVYL TVKLYU OHUKSPUN HUK Z[VWWPUN WV^LY ([ HSS MV\Y JVYULYZ [OL *OL]LSSL OHZ >PSS^VVK IYHRLZ HUK JVPSV]LY Z\ZWLUZPVU :OL MLH[\YLZ TVKLYU SV^ WYVMPSL [PYLZ HUK PUJO ^OLLSZ ;OL ILH[PUN OLHY[ VM [OPZ HUPTHS PZ H [Y\L R YWT W\ZOYVK ILH\[` THRPUN HSS [OH[ WV^LY VU W\TW NHZ (ZPKL MYVT [OL ^OLLSZ [OL L_[LYPVY PZ JVTWSL[LS` Z[VJR 0UZPKL [OL VYPNPUHS PU[LYPVY PZ SLM[ HSVUL ^P[O [OL L_JLW[PVU VM I\JRL[ MYVU[ ZLH[Z HUK HU UPJL 4VTV Z[LLYPUN ^OLLS ;OPZ JHY PZ \ZLK YLN\SHYS` HZ H MHTPS` OH\SLY MVY *OHK *VUZPKLYPUN P[ ZV\UKZ SPRL H 5(:*(9 JHY P[ PZ MHY MYVT H ZSLLWLY ^OLU Y\UUPUN ;OPZ T\ZJ\SHY ILH\[` W\ZOLZ HSS [OL YPNO[ I\[[VUZ MYVT [OL UVPZL [V [OL Y\TISL VM [OL JHY H[ ZWLLK ;OL TVKLYU Z\ZWLUZPVU HUK IYHRLZ OLSW THRL [OPZ JSHZZPJ H THUHNLHISL ILHZ[ VU [OL Z[YLL[

¸;OL ILH[PUN OLHY[ PU [OPZ HUPTHS PZ H [Y\L R 974 W\ZOYVK ILH\[`¹

2Q WR WKH WUXH VKRZ SLHFH D VWXQQLQJ 0RVOHU 07 7KLV LV D YHU\ UDUH FDU DQG VHHLQJ RQH LV DV XQFRPPRQ DV PHHWLQJ DQ KRQHVW SROLWLFLDQ EXW VHHLQJ WZR LQ RQH JDUDJH LV OLNH ILQGLQJ D XQLFRUQ KHUG 0RVOHU LV D 86 GHVLJQHG DQG EXLOW VXSHUFDU HQJLQHHUHG ZLWK D FDUERQ ILEHU DQG DOXPLQXP KRQH\FRPE FKDV VLV 7KLV PHDQV ZH DUH GHDOLQJ ZLWK D YHU\ OLJKW FDU 7KH 07 LV YHU\ ORZ YHU\ ZLGH DQG TXLWH ORQJ EXW RQO\ WLSV WKH VFDOHV DW D OLWWOH RYHU OEV 7R SXW WKDW LQWR SHUVSHFWLYH D /RWXV (OLVH LV OEV DQG D 3RUVFKH ZHLJKV LQ DW RYHU OEV 7KHUH DUH WZR YHU VLRQV RI *HQHUDO 0RWRUV /6 9 V RIIHUHG WKH VLOYHU FDU KDV WKH KS /6 RXW RI WKH &DGLOODF &76 9 DQG WKH GDUN UHG FDU KDV WKH PLJKW\ KS /6 RXW RI WKH &RUYHWWH = 7KH LQVLGH RI WKH FDELQ LV D OLWWOH WLJKW DQG \RX DUH VXUURXQGHG LQ D VKHOO RI FDUERQ ILEHU 7KHUH LV QR KLGLQJ WKH 0RVOHU LV D WUXH UDFHFDU DGDSWHG IRU WKH VWUHHW $V ZH SXOO RXW RI WKH GULYHZD\ WKH FDU OLIWV RQH RI WKH ZKHHOV LQWR WKH DLU /LPLWHG VXVSHQVLRQ WUDYHO DQG DQ H[WUHPHO\ VWLII FKDVVLV SXW WKH FDU LQWR WKLV WUL SRG PRGH RXW RI WKH GULYHZD\ %HLQJ WKDW WKH 07 LV VR OLJKW WKH ULGH TXDO LW\ LV QRW DV SXQLVKLQJ DV \RX PLJKW WKLQN %XPSV DUH GHILQLWHO\ IHOW WKURXJK WKH VWLII VXV SHQVLRQ EXW GLSV DUH QRW DV KDUVK VLQFH WKHUH LV QR KHDY\ PDVV RI D ERG\ WKDW FUHDWHV WKH FUDVK LQ QRUPDO FDUV 7KH VWHHULQJ LV VKDUS DQG GLUHFW EXW QRW WZLWFK\ %R\ GRHV WKLV FDU JHW DWWHQWLRQ :H KDG WZR PLGGOH DJH JX\V LQ DQ $XGL FRQYHUWLEOH KRRWLQJ DQG KROOHULQJ DW XV WR SXQFK LW ZKLOH LQ WUDIILF :H SXOOHG XS WR D VKRSSLQJ FHQWHU DQG RSHQHG WKH GRRUV 7ZR JRUJHRXV FROOHJH DJH EORQGV SRLQWHG DQG VPLOHG 2QH VKRXWHG WR XV ´WKRVH GRRUV DUH VH[\µ 7KH 0RVOHU GHILQLWHO\ KDV VWDU SRZHU DQG ZLOO GUDZ D FURZG EXW PRVW RI WKH FURZG ZLOO KDYH QR LGHD ZKDW NLQG RI FDU WKH\ DUH ORRNLQJ DW

%DFN RQ WKH URDG ZH WXUQ RQWR D IUHHZD\ RQ UDPS DQG JLYH WKH ORXG SHGDO D JRRG SRNH PSK LV RQ WKH VSHHGR LQ QR WLPH IODW 7KH FDU KDV D VPRRWK EXW UDSLG SRZHU GHOLYHU\ DQG LV QHYHU YLROHQW OLNH WKH 7XUERÒ&#x2039;V RQ RII ERRVW 7KH 0RVOHU LV VR ZLGH DQG ORZ WKDW DURXQG FRUQHUV LW IHHOV SODQWHG WR WKH JURXQG 'RQÒ&#x2039;W JHW PH ZURQJ SXQFK WKH WKURWWOH WRR HDJHUO\ DQG WKH EDFN HQG ZLOO FRPH DURXQG EXW LI GULYHQ ULJKW LW LV LQFUHGLEO\ UHZDUGLQJ

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Ò&#x2039;OO WDNH PLQH LQ PDWWH FDUERQ ILEHU SOHDVH 7KLV FDU LV FXUUHQWO\ DYDLODEOH IRU SXUFKDVH ,I LQWHUHVWHG LQTXLUH DW HGLWRU#DXWRHFOHFWLF FRP

-*'& 8*5) " 3"&OXWFK LQ UHY VOLJKWO\ HDVH RXW FOXWFK UROO IRUZDUG FOXWFK LQ OLJKW GDE RI EUDNHV PRWRU VWXPEOHV UHYV GURS PRWRU GLHV««ZHOFRPH WR /$ WUDIILF LQ D /DQFHU (YROXWLRQ 1RZ VRPH RI \RX PLJKW EH VD\LQJ ZHOO \RX PXVW KDYH GRQH VRPHWKLQJ WR PDNH LW VWDOO ,Q UHVSRQVH \HV , GLG , GURYH KHU LQ WUDIILF $ SODFH WUXO\ XQILW IRU KHU KLJKO\ ERRVWHG WXUER FKDUJHG PRWRU UDFH GHULYHG %UHPER EUDNHV DQG UDOO\ EUHHG DOO ZKHHO GULYH 0\ FDU KDV D VHULRXV DWWLWXGH SUREOHP ZLWK VLWXDWLRQV DVLGH IURP UXQQLQJ KRW ODSV DQG VOLFLQJ XS FDQ\RQ URDGV

--Z $"3

0\ GDLO\ GULYHU D :HLJKWOHVV :KLWH 0LWVXELVKL /DQFHU (YROXWLRQ *65 LV D ZRQGHUIXO SLHFH RI PDFKLQHU\ 6KH KDV SURYHQ WR EH IDVW IXQ DQG UHOLDEOH DOO DW WKH VDPH WLPH EXW VKH LV QRW DOZD\V QLFH DERXW LW 7KH FDU ZDV SXUFKDVHG DV D ORZ PLOHDJH IRUPHU ,QYLGLD VKRZ FDU &RPSOHWH ZLWK IXOO FRLORYHU VXVSHQVLRQ FDUERQ ILEHU KRRG ZLGH ERG\ IHQGHUV IXOO H[KDXVW ;6 LQWHUFRROHU DQG µ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

«

DQG ,Ò&#x2039;P LQ P\ QG VHPHVWHU RI P\ VHQLRU \HDU DW /DJXQD %HDFK +LJK 6FKRRO $W WKDW WLPH , ZDV GULYLQJ DQ RUDQJH 9: UDEELW ZKLFK ZDV P\ VHFRQG FDU ² P\ ILUVW ZDV LQ DQG WKDW ZDV D Ò&#x2039; 9: EXJ 7KH KRW FDU DW WKH WLPH LQ /DJXQD %HDFK ZDV WKH %0: 7KH ZDV D JUHDW FDU EXW ZDV SUHWW\ H[SHQVLYH DOWKRXJK TXLWH D IHZ RI WKH ZHDOWKLHU NLGV DW P\ VFKRRO GURYH WKHP $V IRUWXQDWH DV , ZDV WR JURZ XS LQ /DJXQD« , FDPH IURP D PRGHVW PLGGOH FODVV IDPLO\ 7KH %0: ZDV RXW RI P\ SULFH UDQJH

%\ )HEUXDU\ P\ GHVLUH IRU D KDG SHDNHG +RZ DP , JRLQJ WR JHW RQH RI WKHVH %\ FDUV" 0\ FRQFOXVLRQ , QHHG D KLJK SD\LQJ MRE EH\RQG P\ VXPPHU OLIHJXDUG MRE« ZKLOH VWLOO DWWHQGLQJ KLJK VFKRRO DQG WKHUHDIWHU OLIH JXDUGLQJ DQG 6DGGOHEDFN &ROOHJH 6R , DVNHG DURXQG WR VRPH RI P\ ROGHU VXUI IULHQGV DQG RQH JX\ PHQWLRQHG WKDW KH PLJKW EH DEOH WR JHW PH D FRQVWUXFWLRQ MRE ZLWK WKH FRQWUDFWRU KH ZRUNHG ZLWK 6XUH HQRXJK WKDW MRE FDPH WKURXJK ZRUNLQJ SDUW WLPH 7KLV MRE SDLG H[WUHPHO\ ZHOO DQG ZLWKLQ D PRQWK , KDG HQRXJK PRQH\ IRU D GRZQ SD\PHQW RQ D ORDQ

%\ $O 0HQGH]

, VWDUWHG P\ VHDUFK IRU D « DQG LW GLGQҋW WDNH PH ORQJ WR ILQG RQH 0\ SULFH UDQJH ZDV DURXQG WR , HQGHG XS ILQGLQJ RQH LQ WKH $XWR 7UDGHU 0DJD]LQH IURP D GHDOHU VKLS XS LQ /$ ,W ZDV D &KDPRQL[ ZKLWH VXQURRI NQRZQ QRZ DV D Ҋ5RXQGLHҋ SHU WKH WDLOOLJKWV ² WKH SUHIHUUHG FROOHFWDEOH WRGD\ $W WKDW WLPH LW ZDV UHDOO\ QRW WKH SUHIHUUHG 7KH QHZHU ҋ ² ҋ V VTXDUH WDLOOLJKWV DQG QHZ EXPSHUV ZHUH WKH GHVLUHG EXW WKH\ ZHUH YHU\ H[SHQVLYH LQ WKRVH GD\V GROODUV 6R« , SXUFKDVH P\ ILUVW ELPPHU IRU ,W ZDV ORYH DW ILUVW GULYH , HQGHG XS RZQLQJ WKLV IRU DSSUR[LPDWHO\ WZR D KDOI \HDUV 2K WKH PHPRULHV« .LVV FRQ FHUWV GRXEOH GDWHV OHDQ EDFN IURQW EXFNHW VHDWV LI \RX NQRZ ZKDW ,ҋP VD\LQJ 6XSHUWUDPS WR %RVWRQ EODULQJ RQ URDG WULSV IURP 0DPPRWK WR 3DOP 6SULQJV 2K WKH JRRG ROH GD\V 7KLV FDU ZDV VR KRW WKDW P\ JRRG EXGGLHV XVH WR ERUURZ LW WR WDNH GDWHV RXW 2QH LQFLGHQW , MXVW UHFHQWO\ IRXQG RXW DERXW ZDV WZR RI P\ JRRG SDOV ERUURZHG LW RQ D GRXEOH GDWH 7KH\ ZHQW WR D 'RRELH %URWKHUV FRQFHUW :HOO DSSDUHQWO\ RQH RI WKH JLUOV HQGHG XS WKURZLQJ XS LQ WKH

,W ZDV ORYH DW ILUVW GULYH ³ ´

EDFN VHDW« QLFH $W $0 WKH QH[W PRUQLQJ WKH\ WRRN D KRVH WR WKH EDFN VHDW DQG KRVHG RXW DOO WKH WKURZ XS $ VWRU\ WKH\ MXVW WROG PH DERXW D \HDU DJR 3UHWW\ IXQQ\« QRZ ,Q ODWH , UHOXFWDQWO\ VROG WKLV FODVVLF ELPPHU EHFDXVH , QHHGHG DOO WKH PRQH\ , FRXOG URXQG XS WR JR RQ 6HPHVWHU DW VHD $Q\ZD\ ZKHQ , UHWXUQHG , ERXJKW D L DQG DIWHU WKDW D EUDQG QHZ H 7KH ODWWHU ZDV OHDVHG IRU \HDUV IURP P\ ILUVW UHDO MRE RXW RI FROOHJH 6R IURP WR VL[ \HDUV DJR , ZDV D QRQ %0: RZQHU 7KH ORVW \HDUV DV , UHIHU WR WKHP« 7KDW 7KDW EULQJV XV WR , DP QRZ \HDUV ROG DQG TXLWH IUDQNO\ KDYLQJ VRPH PLG OLIH LVVXHV ,Q P\ TXHVW WR VROYH VRPH RI WKHVH LVVXHV , VWDUWHG WKLQNLQJ EDFN WR P\ \RXWK :KDW RQH WKLQJ VWXFN RXW LQ P\ \RXWK EHVLGHV JLUOV" 2I FRXUVH LW ZDV P\ 7KH DEVROXWH JUHDW PHPRULHV RI WKDW FDU PDGH PH IHHO LQFUHGLEOH :HOO WKH DQVZHU WR P\ TXHVW VHHPHG VLPSOH )LQG D &KDPRQL[ DQG UHVWRUH LW , GLG MXVW WKDW %RXJKW D URXJK H[DPSOH IRU DQG , HQGHG XS SXWWLQJ RYHU LQWR WKDW FDU 6LQFH , UHDOO\ GLGQÒ&#x2039;W NQRZ ZKDW , ZDV GRLQJ ² WKLV ZDV D PDMRU OHDUQLQJ FXUYH ,W WRRN PH RYHU \HDUV WR ILQLVK WKDW UHVWRUDWLRQ :HOO ZRUWK LW 7KH FDU FDPH RXW DPD]LQJ« DEVROXWHO\ \HDUV EHDXWLIXO $OWKRXJK , SXW D ORW RI WLPH DQG PRQH\ LQWR LW , HQGHG XS VHOOLQJ LW IRU WR D JX\ LQ 6W /RXLV 02 +H VWLOO RZQV LW WRGD\

1RW WKH RULJLQDO Ò&#x2039; EXW VKH FRXOG EH KHU WZLQ

6LQFH WKHQ , EURXJKW RQH RI P\ EHVW ROG EXGV 0LNH 1HZWRQ LQWR WKLV KREE\ EXVLQHVV DQG ZH KDYH UHVWRUHG WR VRPH GHJUHH VL[ V FXUUHQWO\ ZRUNLQJ RQ RXU VHYHQWK 3ULRU WR 0LNH EHFRPLQJ P\ SDUWQHU« , UHVWRUHG D %0: &6 7KLV SURMHFW WRRN PH DERXW \HDUV DQG ZDV PXFK PH WRXJKHU WR UHVWRUH WKDQ WKH 7KH UHDVRQ WKH &6 LV VR GLIILFXOW WR UH VWRUH LV WKDW WKH\ VLPSO\ GLG QRW PDNH WKDW PDQ\ DQG WKH FRVW RI SDUWV LV D ORW KLJKHU 7KH FRXSHVÒ&#x2039; GHVLJQ DOVR PDNHV WKHP SURQH WR UXVW EHORZ WKH EHDXWLIXO & SLOODU DV UDLQZDWHU FDQ JHW LQWR WKH ERWWRP SDUW RI WKH ERG\ 8QIRU WXQDWHO\ %0: GLG QRW SXW DQ\ NLQG RI GUDLQ IRU WKLV ZDWHU VR UXVW LV DQ LVVXH WR ORRN IRU LQ WKLV VSRW %XW WKDW EHLQJ VDLG WKH &6 &RXSH LV DUJXDEO\ RQH RI WKH EHVW GHVLJQHG %0:V RU IRU WKDW PDWWHU RQH RI WKH EHVW GHVLJQHG FDUV HYHU PDGH

´, VSHQW RYHU \HDUV RI P\ OLIH UHVWRULQJ WKLV FDU WR LWV RULJLQDO EHDXW\ µ

0LNH , DOVR UHVWRUHG D %0: IRU KLV GDXJKWHU %ULDQQH DV D FROOHJH JUDGXDWLRQ JLIW %UL ORYHV KHU FDU« Ҋ/RODҋ :H DFWXDOO\ SXW D :HEDVWR HOHFWULF 5DJWRS RQ /ROD 7KLV ZDV DQ RSWLRQ IRU WKH V EDFN LQ WKH GD\ EXW WKHQ WKH\ ZHUH PDQXDO VOLGLQJ UDJWRSV 1RZ LW VWLOO ORRNV RULJLQDO EXW LWҋV HOHFWULF ZKLFK LV UHDOO\ QLFH %HWZHHQ WKH EHJLQQLQJ XQWLO QRZ ZH KDYH PDGH VRPH JRRG FRQWDFWV DQG JUHDW UHVRXUFHV WR FRQWLQXH RXU 9LQWDJH %0: SDVVLRQ 1RW RQO\ KDV LW KHOSHG EULQJ RQH RI P\ EHVW FKLOGKRRG EXGV EDFN LQWR P\ OLIH EXW WKH VDWLVIDFWLRQ JUDWLILFD WLRQ QRW WR PHQWLRQ IRQG PHPRULHV KDV EHHQ ZHOO ZRUWK LW +HUHҋV WR PDQ\ PRUH \HDUV RI %LPPHU 0DGQHVV

$/ DQG 0LNH ([SHULHQFLQJ %LPPHU 0DGQHVV

,I \RX DUH ORRNLQJ WR EX\ D UHVWRUHG %0: RU &6 &RXSH $O DQG 0LNH FDQ KHOS PDNH \RXU GUHDP FDU D UHDOLW\ ZZZ 9LQWDJH%PZ/LYH FRP YLQWDJHEPZ#OLYH FRP /DJXQD %HDFK &$

QWHUYLHZ ZLWK ,QG\ &DU 'ULYHU -D\ +RZDUG $( 6R -D\ KRZ GLG \RX JHW \RXU VWDUW LQ UDFLQJ" - 0\ GDG ERXJKW PH P\ ILUVW NDUW ZKHQ , ZDV \HDUV ROG +H ERXJKW PH D NDUW WR NHHS PH RII WKH VWUHHWV DQG RXW RI WURXEOH 0\ GDG XVHG WR GR LW ZLWK KLV EURWKHUV KH KDG IXQ VR KH JRW PH LQWR LW , ZRQ WKH ILUVW FRXSOH RI UDFHV DQG , EHFDPH WKH \RXQJHVW NLG LQ (QJODQG WR KDYH D IDFWRU\ VSRQVRUVKLS ZLWK D NDUWLQJ FRPSDQ\ 6XSHU 'DUW , UDFHG DJDLQVW VRPH WDOHQWHG GULYHUV OLNH -HQVRQ %XWWRQ ) &KDPSLRQ , GLGQÒ&#x2039;W PRYH LQWR P\ ILUVW RSHQ ZKHHO FDU XQWLOO , ZDV LQ D IRUPXOD )RUG

$( :KDW LV \RXU PRVW PHPRUDEOH UDFH" - 6W 3HWHUVEXUJ ,QG\ &DU UDFH LW ZDV P\ ILUVW UDFH LQ ,QG\ DQG LW ZDV SRXULQJ UDLQ , WKRXJKW WR P\VHOI , KDYH QHYHU GULYHQ WKLV WKLQJ LQ WKH UDLQ , KDG GULYHQ LQ WKH UDLQ D ORW LQ (QJODQG EXW QHYHU LQ DQ ,QG\ &DU :H TXDOLILHG WK EXW LQ WKH UDLQ , ZDV XS UXQQLQJ LQ WKH WK 8QIRUWXQDWHO\ 'DQ :KHOGRQ DQG , FUDVKHG RXW LQ WKH ODVW WXUQ , DOZD\V OLNH 6W 3HWHUVEXUJ EXW WKDW ZDV P\ PRVW PHPRUDEOH UDFH

-$< +2:$5' $( 'HVFULEH LQ RQH ZRUG KRZ \RX IHHO ZKHQ \RX UDFH - - 3RVVHVVHG WR ZLQ \RX NQRZ , DP DOZD\V IRFXVHG DW WKH WUDFN DQG , DP WKHUH WR ZLQ )URP WKH PRPHQW , DUULYH DW WKH WUDFN , DP WKHUH WR ZRUN $ ORW RI GULYHUÒ&#x2039;V WKHVH GD\V GRQÒ&#x2039;W JHW WKHLU KDQGV GLUW\ DQG KHOS RXW ZLWK WKH ZRUN RQ WKHLU FDUV , DOZD\V WU\ WR KHOS ZKHQHYHU , FDQ IURP SROLVKLQJ ZKHHOV WR UH PRYLQJ RU LQVWDOOLQJ SDUWV WR KHOS P\ WHDP $( )DYRULWH FDU - $VWRQ 0DUWLQ '%6 LW LV MXVW VH[ RQ ZKHHOV

$( )DYRULWH WUDFN - 5RDG $WODQWD LV P\ IDYRULWH WUDFN WR GULYH RQH , ZRXOG UHFRPPHQG LW WR DQ\RQH 6W 3HWHUVEXUJ LV P\ IDYRULWH UDFH HYHU VLQFH , DOZD\V ORRN IRUZDUG WR LW ,QG\ LV DQ DPD]LQJ H[SHULHQFH ,QG\ LV RQH RI WKRVH SODFHV ZKHQ WKH FDUV LV KRRNHG XS LW LV JUHDW DQG IDVW ZKHQ WKH FDU LV QRW VHW XS ULJKW \RXU DVV LV FOHQFKHG WKH ZKROH WLPH <RXU WKLQNLQJ LI , ORRVH LW WKLV LV UHDOO\ JRLQJ WR KXUW $( +RZ RIWHQ GR \RX XVH WKH OLQH ´, DP D UDFHFDU GULYHUµ WR SXOO FKLFNV" - - (YHU\GD\ DQG LW ZRUNHG HYHU\ WLPH XQWLO , PHW P\ JLUOIULHQG 6KH XVHV P\ ,QG\ FDU VWDWXV WR JHW XV LQWR FURZGHG UHVWXUDQWV 6KH ZLOO ZDON XS WR WKH IURQW DQG H[SODLQ , DP DQ ,QG\ &DU GULYHU DQG , KDYH WHVWLQJ RU DQRWKHU HYHQW 6XUH HQRXJK WKH\ ILQG XV D WDEOH ULJKW RQ WKH VSRW <RX JRW WR ORYH WKH SHUNV PDWH

$( 5DFLQJ +HUR - 2QO\ RQH«$\UWRQ 6HQQD HQRXJK VDLG $( :KDW GR \RX GULYH RII WKH WUDFN" - - %0: 0 ZLWK WKH IODSS\ SDGGOH JHDUER[ DQG LW LV FUDS (QJLQH VHUYLFH OLJKW LV RQ DQG WKH WUDQVPLV VLRQ GRHVQÒ&#x2039;W ZRUN ZLWK RQO\ PLOHV RQ LW 7KH WUDQV ZLOO ORFN LQWR VW JHDU DQG ZRQÒ&#x2039;W OHW PH FKDQJH JHDU , KDWH LW EXW P\ OHDVH LV XS LQ PRQWKV , ZLOO SUREDEO\ UHSODFH LW ZLOO ZLWK VRPHWKLQJ D OLWWOH PRUH OX[XU\ OLNH D 5DQJH 5RYHU , PHDQ , GULYH DQ ,QG\ &DU VR QRWKLQJ RQ WKH VWUHHW ZLOO UHDOO\ FRPSDUH $( )DYRULWH 79 6KRZ - )DPLO\ *X\ IRU VXUH 7KDW VKRZ PDNHV PH ODXJK VR KDUG $( 2II 7UDFN $FWLYLWLHV - , DP LQWR %R[LQJ LW LV D JUHDW ILWQHVV WRRO IRU P\ WUDLQLQJ $OVR , ORYH VRFFHU , SOD\ UHOLJLRXVO\ ZKHQ HYHU , FDQ $( )XWXUH 3ODQV - - :HOO LQ UDFLQJ , ZDQW WR ZLQ WKH ,QG\ &DU &KDPSL RQVKLS $IWHU WKDW WU\ P\ KDQG DW 1$6&$5 7KHQ PD\EH VRPH WRXULQJ FDU RU JUDQG DP UDFLQJ RU , ZRXOG ORYH WR GULYH D 9 6XSHU FDU LQ $XVWUDOLD ,Q P\ IUHH WLPH QRZ , FRDFK \RXQJ NLGV LQ NDUWLQJ DQG , ZDQW WR FRQWLQXH WKDW LQ WKH IXWXUH )RU PRUH LQIR YLVLW ZZZ -D\+RZDUG FRP :DWFK -D\ UDFLQJ LQ WKH ,QG\&DU 6HULHV ZLWK 6DUDK )LVKHU 5DFLQJ YLVLW ZZZ ,QG\&DU FRP

)LQG -D\ RQ )DFHERRN DQG RQ 7ZLWWHU

, G * , 6,)# A *, * 6,) * !#, * #888 3URMHFW FDUV WHQG WR KDYH D QHJDWLYH FRQQRWDWLRQ LQ D ZRPDQV PLQG <RX VD\ ´SURMHFW FDUµ DQG VKH KHDUV ´ZDVWH RI WLPH DQG PRQH\µ 6R KHUH DUH D IHZ OLQHV WKDW PLJKW JHW \RX LQWR \RXU YHU\ RZQ WRUQ XS FUDFNHG OHDWKHU GULYHUV VHDW 1RWH 7KHVH WLSV DUH PHQW WR HDVH WKH FRQYHUVDWLRQ WKH\ FHUWDLQO\ DUH QRW WKH PDJLFDO ZRUGV WKDW ZLOO K\SQRWL]H KHU DOWKRXJK WKDW PLJKW EH D ODVW UHVRUW

´, ZDQW WR WHDFK KHU \RX VR \RX KDYH VRPH WKLQJ HOVH WR VKDUH LQ OLIHµ ,W FRXOG EH D JUHDW EDFN XS FDU DQG PD\EH HYHQ VDYH RQ JDV H[SHQVHV ,W FRXOG WDNH PLOHV RII RXU RWKHU FDUV $VVXUH KHU \RX ZLOO PDNH D EXGJHW IRU \RXU SURMHFW FDU VR WKLQJV ZLOO QRW JHW RXW RI KDQG ´, ZRXOG ORYH WR WHDFK KHU D IHZ WKLQJV XQGHU WKH KRRG µ 0DNH LW IDLU LI VKH LV NHHSLQJ WKH NLGV ZKLOH \RX ZRUN RQ FDU RIIHU WR WDNH KHU RXW RQH QLJKW RU WR OHW KHU KDYH D JLUOV QLJKW $ JLUOV QLJKW LV D ZLQ ZLQ VLWXDWLRQ DIWHU \RX JHW WKH NLGV WR EH EHG \RX ZLOO KDYH SOHQW\ RI JXLOW IUHH WLPH WR ZRUN LQ WKH JDUDJH 0DNH KHU IHHO HYHQ PRUH VSHFLDO DQG WKDQN KHU IRU XQGHUVWDQGLQJ

8OWLPDWHO\ LI VKH ORYHV \RX DQG ZDQWV \RX WR EH KDSS\ VKH ZLOO ILQG D ZD\ WR EHFRPH RND\ ZLWK LGHD 6D\ \RX QHHG WR IHHO LQ FRQWURO RI VRPH WKLQJ DQG ZRUNLQJ RQ FDUV LV WKH RQO\ WKLQJ WKDW JLYHV WKDW WR \RX 3URSRVH WKDW ZKHQ \RX ZLOO PDNH D SURILW RQ WKH FDU DQG ZKHQ \RX VHOO LW \RX ZLOO XVH VRPH RI WKDW PRQH\ WR WDNH KHU RQ D ZRQGHUIXO YDFDWLRQ $YRLG WDONLQJ H[FHVVLYHO\ DERXW WKH QHZ HQJLQH VZDS \RX ZDQW WR GR RQ LW

#ZKU JR 5WRGT 7PNKOKVGF %NCUU 0KUUCP < D[ /#84+- /QVQTURQTVU %QORNGVG ECT UGTXKEG CPF OCKPVCPEG /QVQT $WKNFKPI 9JGGN &[PQ /CKPNKPG &[PQNQI #9& /GVCN (CDTKECVKQP 6TCEM 2TGRGTCVKQP

/#84+- /QVQTURQTVU #TVGUKC #XG 7PKV $ (WNNGTVQP %#

KPHQ"OCXTKMOQVQTURQTVU EQO

$V D NLG ZDWFKLQJ HYHU\ ) UDFH :5& 7RXULQJ FDU FKDP SLRQVKLS DQG RWKHU PRWRUV SRUWV ZDV D UHOLJLRQ IRU P\ 'DG DQG , 6HHLQJ WKH GLIIHUHQW PDQXIDFWXUHV EDWWOLQJ LW RXW DQG GULYHUV IURP GLIIHUHQW UDFLQJ EDFNJURXQGV DOZD\V JRW P\ EORRG SXPSLQJ DQG ZLVKLQJ WKDW RQH GD\ , FRXOG EH D SDUW RI LW DOO

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

$W WKH WUDFN WKLQJV ZHUH D ORW GLIIHUHQW $OWKRXJK WKH FDU ZDV VWLOO D EODVW WR GULYH , IHOW OLNH , ZDV UHDG\ IRU PRUH SRZHU , ZDV LPSUHVVHG ZLWK WKH IDFW WKDW , FORFNHG D DW 6WUHHWV RI :LOORZ ZLWK WKH HQJLQH EHLQJ FRPSOHWHO\ VWRFN , EHJDQ WKLQNLQJ DERXW ZKDW RSWLRQV , KDG NHHSLQJ LQ PLQG WKDW , VWLOO ZDQWHG WR DXWRFURVV JR WR WUDFN GD\V VWLOO DQG VWLOO EH DEOH WR GDLO\ GULYH LW

, WKRXJKW DERXW EX\LQJ DQ (92 9,,, RU DQ 67, EXW , ZDQWHG WR EH GLIIHUHQW , VWDUWHG ORRNLQJ LQWR HQJLQH VZDSV VLQFH QR PRUH WKDQ KS ZDV DEOH WR EH GHPDQGHG RI WKH VWRFN (- 62+& HQJLQH )LQDOO\ , GHFLGHG RQ D FRPSOHWH -DSDQHVH GRPHVWLF PDUNHW ,PSUH]D 67, PRWRU DORQJ ZLWK D GULYHWUDLQ IURP DQ ROGHU -'0 67,

7KH PRWRU ZDV RXW RI D -'0 9HUVLRQ 67, (- Z $9&6 6XEDUX V DGYDQFHG YDULDEOH FDP WLPLQJ ZLWK D WZLQ VFUROO 9) WXUER , IHOO FRPSOHWHO\ LQ ORYH ZLWK WKLV PRWRU LW ZRXOG UHY WR USPV DQG WKH ERRVW ZRXOG NLFN LQ UHDOO\ ORZ )RU WKH GULYHWUDLQ , FKRVH WR UXQ WKH WUDQVPLVVLRQ RII RI D 9HUVLRQ 7\SH 5$ 67, Z '&&' RII 'ULYHU &RQWUROOHG &HQWHU 'LIIHUHQWLDO

6SHHG ZLWK WKH EHHI\ 5 GLIIHUHQWLDO DQG ILQDO GULYH 7KLV FRPER ZDV SHUIHFW DFFHOHUDWLRQ ZDV VXSHUE LW ZDV LQFUHGLEO\ DGGLFWLQJ

:KHQ XSJUDGLQJ SRZHU \RX FDQQRW RYHUORRN WKH EUDNH V\VWHP , GHFLGHG WR JR ZLWK WKH %UHPER V\VWHP IRXQG RQ VWRFN 67, V 7KLV SRW IURQW SRW UHDU EUDNH VHWXS ZLWK URWRUV XS IURQW DQG LQ WKH UHDU DORQJ ZLWK VWDLQOHVV VWHHO OLQHV SURYLGHG WKH DGHTXDWH EUDNLQJ SRZHU QHHGHG WR VWRS WKLV EHDVW LQ DQ\ VLWXDWLRQ QHHGHG 7KH VXVSHQVLRQ UHPDLQHG XQFKDQJHG PDLQO\ RWKHU WKDQ WKH FRQWURO DUPV ZHUH VZDSSHG IRU VRPH DOXPLQXP -'0 RQHV

, IRXQG RXW YHU\ TXLFNO\ WKDW LW ZDV ODFN LQJ LQ WKH WUDFWLRQ GHSDUWPHQW GRLQJ IRXU ZKHHO EXUQRXWV RXW RI FRUQHUV SURYHG WR KXUW P\ WLPHV 7KLV LV ZKHQ , VWDUWHG ORRNLQJ DW ZKHHO WLUH FRPER ZKLFK , VHWWOHG RQ [ (QNHL 53) V DORQJ ZLWK VRPH VRIW FRP SRXQG $ +RRVLHUV

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

7

W I W C

P K

H H Q

I P K M C

V U

$(