SDJH +DUU\ 5HLFKHUW 7DONV 6FKRRO 6SLULW
ZKDW·VLQVLGH !!
9RO /;;;9,,, 1R
:KLW 6KHSSDUG · 6SHDNV 2XW %< $11$ $8(563(5*
&RS\ (GLWRU
7KLV VXPPHU LQ 7KH %RVWRQ *OREH 'HHUÃ&#x20AC;HOG JUDGXDWH :KLW 6KHSSDUG · ZURWH DERXW KLV VWRU\ RI VH[XDO DEXVH E\ IRUPHU '$ IDFXOW\ PHPEHU 3HWHU +LQGOH 6KHSSDUG UHFHQWO\ DJUHHG WR VSHDN ZLWK 7KH 6FUROO 6LQFH WKH DQQRXQFHPHQW RI WKH DEXVH +HDG RI 6FKRRO 'U 0DUJDULWD &XUWLV KDV DSSURDFKHG WKH LVVXH ZLWK WUDQVSDUHQF\ NHHSLQJ VWXGHQWV LQIRUPHG DV ZHOO DV XVLQJ WKH LQFLGHQW DV D OHDUQLQJ RSSRUWXQLW\ ´:H KDYH DGRSWHG D QHZ FRGH RI FRQGXFW µ 'U &XUWLV VDLG ´WKDW UHTXLUHV HPSOR\HHV WR FRQGXFW WKHPVHOYHV DW DOO WLPHV ZLWK WKH KLJKHVW VWDQGDUG RI HWKLFV DQG LQWHJULW\ DQG ZLWK WKH EHVW LQWHUHVWV RI WKH VWXGHQWV DQG WKH VFKRRO LQ PLQG 7KH FRGH H[SOLFLWO\ IRUELGV DQ\ URPDQWLF RU VH[XDO FRQWDFW EHWZHHQ DGXOWV DQG VWXGHQWV µ 5HVSRQGLQJ WR WKHVH DFWLRQV 6KHSSDUG VDLG ´, KDYH EHHQ KHDUWHQHG WR GDWH E\ VHYHUDO DVSHFWV RI 'HHUÃ&#x20AC;HOG·V LQVWLWXWLRQDO UHVSRQVH WR WKH DOOHJDWLRQV , UH UDLVHG LQ -XQH DQG E\ WKH VFKRRO·V DWWHPSWV WR UHPDLQ WUDQVSDUHQW WKURXJKRXW WKH SURFHVV µ +H FRQWLQXHG ´0\ KRSH LV WKDW WKLV VWUDLJKW RQ DSSURDFK ZLOO FRQWLQXH PRYLQJ IRUZDUG µ ,Q DGGLWLRQ WR VKRZLQJ WKH QHHG IRU FOHDU ERXQGDULHV LQ VWXGHQW IDFXOW\ UHODWLRQV 6KHSSDUG KRSHV KLV VWRU\ ZLOO KDYH DQ LPSDFW RQ DQ\RQH ZKR KDV HYHU EHHQ VXEMHFWHG WR VH[XDO DEXVH +LV FKRLFH WR UHYHDO KLPVHOI ZDV LQWHQGHG WR HPSRZHU RWKHU YLFWLPV WR Ã&#x20AC;QDOO\ VSHDN RXW DJDLQVW VXFK LQMXVWLFH ´0\ VWRU\ LV UHDOO\ D SUR[\ IRU RWKHU 'HHUÃ&#x20AC;HOG ER\V ZKR ZHUH DOVR VXEMHFWHG WR VH[XDO DGYDQFHV IURP 3HWHU +LQGOH GXULQJ WKHLU WLPH DW WKH VFKRRO µ 6KHSSDUG VDLG ´7KHVH WKLQJV GR QRW KDSSHQ LQ D YDFXXP DQG W\SLFDOO\ UHVXOW LQ ZLGHVSUHDG DEXVH DQG YLFWLPV , FKRVH WR VSHDN XS DQG WR DWWDFK P\ LGHQWLW\ WR P\ VWRU\ LQ KRSHV RI KHOSLQJ KHDO ROG ZRXQGV IRU P\VHOI DQG SRWHQWLDOO\ IRU RWKHUV DV ZHOO µ 6KHSSDUG·V SLHFH LQ 7KH %RVWRQ *OREH EURXJKW WKH LVVXH RI VH[XDO DEXVH EHWZHHQ WHDFKHU DQG VWXGHQW WR WKH IRUHIURQW DWWUDFWLQJ QDWLRQZLGH DWWHQWLRQ 7KH VWRU\ KDV VSDUNHG QXPHURXV UHVSRQVHV IURP LQVLGH DQG RXWVLGH RI WKH 'HHUÃ&#x20AC;HOG FRPPXQLW\ ´7KH DOXPQL UHVSRQVHV KDYH EHHQ XQLYHUVDOO\ VXSSRUWLYH DQG NLQG µ 6KHSSDUG VDLG DERXW IHHGEDFN ´, KDYH KHDUG IURP IRUPHU IDFXOW\ FODVVPDWHV DQG DOXPQL ,·YH QHYHU PHW DQG WKH\·YH DOO KDG YHU\ QLFH WKLQJV WR VD\ 7KHLU VXSSRUW KDV PHDQW D ORW WR PH DQG UHPLQGHG PH WKDW WKH ZRUOG DQG RXU DOPD PDWHU DV ZHOO LV IXOO RI JRRG SHRSOH ZKR FDUH µ
SDJH 6SRWOLJKW )DOOV RQ 0HDJHQ .LOOHHQ
'((5),(/' $&$'(0< '((5),(/' 0$
SDJH 3RZHU WR 3RZGHU 7KH 'HEDWHV 2Q DQG 2II WKH )LHOG SDJH 0DVWHU\ /HDUQLQJ DQ ([SHULPHQW RI ([SHULPHQWV
2FWREHU
0HDW %ULQJV WKH +HDW WR WKH 7DEOH
GRQ·W UHDOL]H KRZ PXFK WKLV DIIHFWV \RX µ 0LFKDHO 0F&DUWK\ 'LUHFWRU RI )RRG 6HUYLFHV RIIHUHG DQ H[SODQDWLRQ IRU WKH PLQLPDO /DVW VSULQJ 'DYLG .HLWK · FKDQJHV DW WKLV SRLQW LQ WLPH ´7KH VWDUWHG D SHWLWLRQ WR VWRS WKH $%)>$QWLELRWLF IUHH@ PRYHPHQW FRQVXPSWLRQ RI DQWLELRWLF IHG LV YHU\ PXFK LQ WKH PHGLD WKHVH OLYHVWRFN LQ WKH 'LQLQJ +DOO GD\V DQG UHVRQDWHV ZLWK VRPH RI $V .HLWK·V &KDQJH RUJ SDJH H[SODLQV ´7KH ZLGHVSUHDG XVH RI DQWLELRWLFV LQ IDFWRU\ IDUPV SRVHV D VLJQLÃ&#x20AC;FDQW WKUHDW WR WKH HQYLURQPHQW KXPDQ KHDOWK 7KH XVH RI DQWLELRWLFV LQ IDFWRU\ IDUPV LV LQGLVFULPLQDWH XQQHFHVVDU\ DQG ODUJHO\ XQUHJXODWHG E\ WKH )'$ >)RRG DQG 'UXJ $GPLQLVWUDWLRQ@ $OWKRXJK WKH &'& >&HQWHU IRU 'LVHDVH &RQWURO@ $0$ >$PHULFDQ 0HGLFDO $VVRFLDWLRQ@ 15'& >1DWLRQDO 5HVRXUFHV 'HIHQVH &RXQFLO@ DQG FRXQWOHVV VFLHQWLVWV DQG IDUPHUV KDYH ZDUQHG DERXW WKH ULVNV RI FXUUHQW DQWLELRWLF SUDFWLFHV WKH JRYHUQPHQW KDV IDLOHG WR DFW ZLWK WKH SXEOLF·V LQWHUHVWV LQ PLQG µ 1RZ D IUHVKPDQ DW QHDUE\ $PKHUVW &ROOHJH .HLWK KRSHV WR FRQWLQXH WKH RXU FRPPXQLW\ PHPEHUV EXW HIIRUW KH VWDUWHG GXULQJ KLV LQ P\ RSLQLRQ QRW WKH PDMRULW\ VHQLRU \HDU $OWKRXJK SHDNLQJ DW WKLV WLPH µ +H FRQWLQXHG DW VXSSRUWHUV IURP DURXQG ´&XUUHQWO\ RXU HIIRUWV DUH EHLQJ WKH FRPPXQLW\ WKH SHWLWLRQ IHOO IRFXVHG RQ WKH +HDOWK\ 3ODWH VLW VKRUW RI LWV JRDO E\ SHRSOH GRZQ PHDO LQLWLDWLYH 2XU JRDO 'HVSLWH WKDW .HLWK VDLG LV HGXFDWLQJ WKH VWXGHQWV PRUH ´$FFUXLQJ RYHU VWXGHQW DQG LQFRUSRUDWLQJ LQWR RXU PHQX VLJQDWXUHV KRSHIXOO\ VHQW D IUXLWV DQG YHJHWDEOHV ZKROH PHVVDJH WR WKH VFKRRO WKDW WKLV JUDLQV PRQRVDWXUDWHG IDWV DQG LV VRPHWKLQJ WKH VWXGHQW ERG\ OHDQHU RU QRQ DQLPDO SURWHLQV µ FDUHV DERXW µ 0U 0F&DUWK\ FRQFOXGHG ´, 7KH FRPPHQWV RQ .HLWK·V IHHO DORQJ ZLWK .ULVWLQ /RIWXV &KDQJH RUJ SHWLWLRQ LQGLFDWH DQG 'U 7RP +DJDPHQ WKDW WKLV ZLGHVSUHDG VXSSRUW IRU LV WKH DSSURSULDWH WKLQJ WR GR DW FKDQJLQJ WKH 'LQLQJ +DOO·V WKLV WLPH µ SXUFKDVH RI PHDW )RUPHU '$ 2QH RI WKH PDLQ LVVXHV LQ &ROOHJH $GYLVRU 0U :D\QH FKDQJLQJ WR DQWLELRWLF IUHH %HUJHU ZURWH ´:H QHHG WR EH D PHDW LV WKH H[SHQVH 6HUYLQJ OHDGHU LQ WKH SURPRWLRQ RI ORFDO QXPHURXV FXWV RI PHDW WR DERXW DQG VXVWDLQDEOH IRRG VRXUFHV µ PHPEHUV RI WKH FRPPXQLW\ /LEE\ 0XUUD\ · ZURWH ´, PXOWLSOH WLPHV HYHU\ GD\ TXLFNO\ DP HDWLQJ WKLV IRRG HYHU\ GD\ DGGV XS ´'XULQJ WKH VXPPHU ZH LW·V VR LPSRUWDQW DQG SHRSOH PDGH FRQWDFW ZLWK D YHQGRU ZKR
%< &$52/,1( &233,1*(5 6WDII :ULWHU
KDV DFFHVV WR $%) PHDWV EXW WKH FRVW LV PXFK KLJKHU WKDQ ZKDW ZH SUHVHQWO\ SD\ IRU WKHVH SURWHLQV µ 0U 0F&DUWK\ VDLG .HLWK DUJXHV D GLIIHUHQW YLHZ RQ WKH FRVW RI DQWLELRWLF IUHH PHDW ´:KLOH WKH FRPPXQLW\·V KHDOWK VKRXOG EH SULRULWL]HG RYHU GROODUV DQG FHQWV VWXGLHV KDYH
VKRZQ WKDW WKH FRVW RI UDLVLQJ OLYHVWRFN ZLWKRXW DQWLELRWLFV LV PLQRU³HVSHFLDOO\ ZKHQ FRPSDUHG WR WKH HFRQRPLF DQG KXPDQ FRVWV RI LQIHFWLRQV DQG GHDWKV IURP DQWLELRWLF UHVLVWDQW EDFWHULD µ .HLWK VDLG .HLWK IHHOV WKDW PRUH DFWLRQ PLJKW KDYH EHHQ WDNHQ ´, ZDQWHG WR UDLVH DZDUHQHVV DPRQJ VWXGHQWV DERXW WKLV LVVXH µ KH VDLG ´EXW PRUH LPSRUWDQWO\ WR EHJLQ DSSO\LQJ SUHVVXUH RQ WKH DGPLQLVWUDWLRQ WR DFW µ +H ZHQW RQ WR VD\ ´$QWLELRWLF IHG OLYHVWRFN ZDV DQ LVVXH , KDG GLVFXVVHG ZLWK WKH VFKRRO RQ PXOWLSOH RFFDVLRQV EXW QRWKLQJ ZDV FKDQJLQJ GHVSLWH WKH XUJHQF\ RI WKH SUREOHP DQG LWV VHULRXV PRUDO LPSOLFDWLRQV 7KLV ZDV SDUWO\ EHFDXVH ZH KDYH ORQJ SULRULWL]HG VDYLQJ PRQH\ LQ WKH VKRUW WHUP RYHU VXVWDLQDELOLW\ RU DELGLQJ E\ PRUDO SULQFLSOHV
LQ WKLV FDVH SUHYHQWLQJ KXPDQ VXIIHULQJ FDXVHG E\ DQWLELRWLF UHVLVWDQW LQIHFWLRQV %XW LW·V DOVR EHFDXVH WKH\ GLGQ·W FRQVLGHU WKLV LVVXH WR EH RQH ZKHUH VWXGHQWV DUH SDVVLRQDWH IRU FKDQJH µ .HLWK HQFRXUDJHV DOO PHPEHUV RI WKH 'HHUÃ&#x20AC;HOG FRPPXQLW\ WR LQYROYH WKHPVHOYHV LQ WKLV PRYHPHQW ´/LNH RXU FRXQWU\ DQG PXFK RI WKH ZRUOG WKH VFKRRO ZRXOG SUHIHU WR DFW RQ LWV RZQ WHUPV DQG PRYH DW D GDQJHURXVO\ VORZ SDFH³LI DW DOO³WRZDUGV D VXVWDLQDEOH OLIHVW\OH µ .HLWK VDLG ´$QG XOWLPDWHO\ QRWKLQJ FDQ FKDQJH XQOHVV ZH³VWXGHQWV IDFXOW\ DOXPQL DQG RWKHU FRPPXQLW\ PHPEHUV³ SXW PRUH SUHVVXUH RQ WKH GHFLVLRQ PDNHUV RI WKLV VFKRRO IROORZLQJ XS WKLV SHUVXDVLRQ E\ KHOSLQJ WKHP DUULYH DW DQ DWWDLQDEOH VROXWLRQ µ 1RW DOO RI .HLWK·V KDUG ZRUN KDV EHHQ ORVW 0U 0F&DUWK\ QRWHG ´7KH 'LQLQJ +DOO VWDII KDV FKDQJHG GDLU\ VXSSOLHUV DQG RXU PLON LV KRUPRQH DQG DQWLELRWLF IUHH DV RI $XJXVW RI WKLV \HDU µ KH VDLG DGGLQJ ´2XU RUJDQLF JUDVV IHG JURXQG EHHI LV DQWLELRWLF KRUPRQH IUHH ,Q UHJDUGV WR WKH PDLQ SURWHLQV RI EHHI FKLFNHQ DQG SRUN ZH KDYH QRW FKDQJHG WR DQWLELRWLF IUHH µ /RRNLQJ EDFN .HLWK DSSODXGV WKH ZRUN RI WKH 'LQLQJ +DOO DQG RI WKRVH KH KDV ZRUNHG ZLWK LQ DFKLHYLQJ WKLV JRDO ´7R EH IDLU WKHUH DUH SUREOHPV ZLWK RXU QDWLRQ·V SROLWLFV DQG DJULFXOWXUDO SROLF\ ZKLFK FUHDWH VLJQLÃ&#x20AC;FDQW EXW VXUPRXQWDEOH GLIÃ&#x20AC;FXOWLHV IRU WKH VFKRRO µ .HLWK VDLG ´,W VKRXOG DOVR JR ZLWKRXW VD\LQJ WKDW 'HHUÃ&#x20AC;HOG LV VWDIIHG ZLWK SHRSOH , KDYH D GHHS SHUVRQDO UHVSHFW IRU DQG ZKR VHHP UHFHSWLYH WR VRPH IXWXUH LPSURYHPHQWV DQG WKLV LQFOXGHV +HDG RI 6FKRRO 'U &XUWLV DQG 0U 0F&DUWK\ µ $OWKRXJK QR VLJQLÃ&#x20AC;FDQW FKDQJHV UHJDUGLQJ DQWLELRWLF IUHH EHHI FKLFNHQ RU SRUN KDYH RFFXUUHG .HLWK LV VWLOO KRSHIXO DERXW QHZ VWHSV LQ WKH IXWXUH
$IWHU <HDUV 'DYLG 3RQG ,V $ERXW WR 6ZLP $ZD\ %< 3(1(/23( 0&.(()5< (GLWRULDO $VVRFLDWH 'DYLG 3RQG $VVRFLDWH +HDG RI 6FKRRO IRU $OXPQL $IIDLUV DQG 'HYHORSPHQW ZLOO EH UHWLULQJ DW WKH HQG RI WKH VFKRRO \HDU 0U 3RQG KDV VHUYHG 'HHUÃ&#x20AC;HOG $FDGHP\ IRU \HDUV +HDG RI 6FKRRO 'U 0DUJDULWD &XUWLV SUDLVHG 3RQG·V DFKLHYHPHQW VD\LQJ ´'DYLG LV UHJDUGHG DV D OHJHQG DQG LQVSLUHV ERWK GHHS UHVSHFW DQG DGPLUDWLRQ µ 0U 3RQG VDLG ´0\ ZLIH DQG , FDPH WR 'HHUÃ&#x20AC;HOG ZLWK WZR \RXQJ GDXJKWHUV³D \HDU ROG DQG D PRQWK > ROG EDE\@ 1RZ WKH\ DUH DQG :H ZHUH VR IRUWXQDWH WR EH DEOH WR UDLVH RXU IDPLO\ LQ WKLV YHU\ VSHFLDO FRPPXQLW\ µ +H FRQWLQXHG ´, KDYH EHHQ
EOHVVHG WR ZRUN DW D IDQWDVWLF VFKRRO DQG KDYH PHW VR PDQ\ ZRQGHUIXO DOXPQL DQG SDUHQWV µ 7KH LPSDFW RI 0U 3RQG·V KDUG ZRUN DQG GHGLFDWLRQ WR 'HHUÃ&#x20AC;HOG $FDGHP\ FDQ EH VHHQ RQ PDQ\ IURQWV IURP WKH LPSURYHPHQW DQG H[SDQVLRQ RI HGXFDWLRQDO SURJUDPV WR WKH JURZWK DQG RQJRLQJ UHIXUELVKPHQW RI FDPSXV WR WKH VLJQLÃ&#x20AC;FDQW LQFUHDVH LQ Ã&#x20AC;QDQFLDO DLG DQG FRPSHQVDWLRQ EXGJHWV 3RQG KDV VXSHUYLVHG PXOWLSOH FRPSUHKHQVLYH FDSLWDO FDPSDLJQV VLQFH KLV DUULYDO LQ DQG XQGHU KLV JXLGDQFH 'HHUÃ&#x20AC;HOG·V HQGRZPHQW KDV JURZQ WR RYHU PLOOLRQ 7KH $QQXDO )XQG JUHZ IURP PLOOLRQ LQ WR PLOOLRQ LQ 6LPLODUO\ WKH \HDUO\ JLIW LQFRPH KDV JURZQ IURP PLOOLRQ WR PLOOLRQ LQ WKH VDPH SHULRG +H DOVR HVWDEOLVKHG RYHU QHZ HQGRZPHQW IXQGV IRU WHDFKHUV
VWXGHQWV DQG SURJUDPV 7KH FDPSXV KDV XQGHUJRQH UHQRYDWLRQV DQG DGGLWLRQV LQ 0U 3RQG·V WLPH LQFOXGLQJ WZR WXUI Ã&#x20AC;HOGV VHYHQ GRUPV WKH .RFK &HQWHU WKH .RFK SRRO DQG WKH 'HZH\ VTXDVK FRXUWV 7KH VLJQLÃ&#x20AC;FDQW UHQRYDWLRQV RI WKH 0DLQ 6FKRRO %XLOGLQJ WKH 'LQLQJ +DOO WKH *UHHU 6WRUH DQG WKH )LWQHVV &HQWHU ZRXOG QRW KDYH EHHQ SRVVLEOH ZLWKRXW 0U 3RQG·V HIIRUWV +RZ KDV 0U 3RQG EHFRPH VXFK D VXFFHVVIXO IXQGUDLVHU" ´>+@ LV VXFFHVV LV GXH WR KLV OR\DOW\ WR WKH VFKRRO WUXVWZRUWKLQHVV ZRUN HWKLF GLVFUHWLRQ DQG KXPLOLW\³ DQG WR KLV DELOLW\ WR GHYHORS PHDQLQJIXO UHODWLRQVKLSV ZLWK DOXPQL SDUHQWV DQG IULHQGV RI WKH VFKRRO µ 'U &XUWLV VDLG -RKQ * .QLJKW · 'LUHFWRU RI $OXPQL 5HODWLRQV DQG $QQXDO *LYLQJ VDLG ´,·YH EHQHÃ&#x20AC;WWHG IURP KLV ZLVGRP DQG SRVLWLYH
DWWLWXGH WKH PRVW DQG LW·V ZRQGHUIXO WR ZRUN IRU D SHUVRQ ZKR KDV QR ¶SDQLF· LQ KLP µ ´>0U 3RQG·V@ ZLVH SDWLHQW DQG SHUVRQDO DSSURDFK PDWFKHG ZLWK KLV NHHQ OLVWHQLQJ VNLOOV DFFRXQW IRU KLV GLVWLQJXLVKHG UHFRUG DV D IXQGUDLVHU DQG HGXFDWRU µ 'U &XUWLV VDLG 6KH FRQWLQXHG ´)HZ SHRSOH K D Y H UHSUHVHQWHG WKH VFKRRO ZLWK VXFK JHQHURVLW\ RI VSLULW FRQYLFWLRQ D Q G JUDFH DV 'DYLG µ
&$52/,1( %$/':,1
92/ /;;;9,,, 12
2FWREHU
(GLWRU LQ &KLHI &+$5/277( $//(1 0DQDJLQJ (GLWRU (0,/< 1*
/D\RXW 7$%$7$ 9,62
&RS\ (GLWRU $11$ $8(563(5*
2QOLQH '$9( .,0
)URQW 3DJH 7$5$ 0857<
2QOLQH $VVRFLDWH &+$5/,( 8*+(77$
2SLQLRQ (GLWRULDO $1'5($ )/(0,1*
3KRWRJUDSK\ *UDSKLFV 7(66 '2129$1
)HDWXUHV &2/( +25721
3KRWRJUDSK\ *UDSKLFV $VVRFLDWH &+/2( 62
$UWV (QWHUWDLQPHQW &$0(521 &$53(17(5
(GLWRULDO $VVRFLDWHV 0$5*$5(7 &+$33(// +(15< &2%%6 &2/( )$8/.1(5 3(1(/23( 0&.(()5< *$5$0 12+
6SRUWV -21 9,&725
Advisors JULIANNE SCHLOAT & ADA FAN 7KH 'HHUÀHOG 6FUROO HVWDEOLVKHG LQ LV WKH RIÀFLDO VWXGHQW QHZVSDSHU RI 'HHUÀHOG $FDGHP\ 7KH 6FUROO HQFRXUDJHV LQIRUPHG GLVFXVVLRQ RI SHUWLQHQW LVVXHV WKDW FRQFHUQ WKH $FDGHP\ DQG WKH ZRUOG 6LJQHG OHWWHUV WR WKH HGLWRU WKDW H[SUHVV OHJLWLPDWH RSLQLRQV DUH ZHOFRPHG :H KROG WKH ULJKW WR HGLW IRU EUHYLW\ 7KH 6FUROO LV SXEOLVKHG HLJKW WLPHV \HDUO\ $GYHUWLVLQJ UDWHV SURYLGHG XSRQ UHTXHVW 2SLQLRQ DUWLFOHV ZLWK FRQWULEXWRUV· QDPHV DWWDFKHG UHSUHVHQW WKH YLHZV RI WKH UHVSHFWLYH ZULWHUV 2SLQLRQ DUWLFOHV ZLWKRXW QDPHV UHSUHVHQW WKH FRQVHQVXV YLHZV RI WKH HGLWRULDO VWDII
(DUQ 5HVSHFW 'RQ·W ([SHFW ,W
23,1,21 /HWWHU IURP WKH (GLWRU
+L $OO 7KH ÀUVW PRQWK RI D VFKRRO FDQ VRPHKRZ IHHO OLNH ERWK D ZKLUOZLQG RI H[FLWHPHQW DQG DQ LQWHUPLQDEOH JULQG ,W DOZD\V WDNHV D IHZ ZHHNV WR JHW LQWR WKH VZLQJ RI WKLQJV DOWKRXJK PXFK RI OLIH KHUH EHFRPHV IDLUO\ URXWLQH ULJKW RII WKH EDW ,W LV VR HDV\ HVSHFLDOO\ GXULQJ WKLV WLPH RI WKH \HDU WR EHFRPH IXOO\ DEVRUEHG ZLWK OLIH DW 'HHUÀHOG DQG IRUJHW WKDW D ZRUOG H[LVWV EH\RQG 0DLQ 6WUHHW , XUJH WKH FRPPXQLW\ QRW WR IDOO SUH\ WR WKLV VWHUHRW\SH VWD\ LQIRUPHG RQ ZKDW·V JRLQJ RQ RXWVLGH RI WKHVH ´KDOORZHG KDOOV µ 2Q D PRUH VHULRXV QRWH , ZRXOG OLNH WR DGGUHVV WKLV QHZ LGHD RI D FRQWLQXRXV FRPPXQLW\ GLDORJXH DQG UHFHQW HPSKDVLV RQ JHWWLQJ D PRUDO HGXFDWLRQ DW 'HHUÀHOG DV PXFK DV DQ LQWHOOHFWXDO RU DWKOHWLF RQH , GRQ·W PHDQ WR LPSO\ WKDW WKHVH LQLWLDWLYHV KDYH QRW EHHQ JRDOV LQ WKH SDVW EXW UDWKHU WKDW WKLV \HDU WKH\ VHHP HYHQ PRUH SURPLQHQW :K\ VXFK D IRFXV RQ ´GRLQJ WKH ULJKW WKLQJ"µ 7R ZKDW H[WHQW GR WKH DOO VFKRRO UHDGLQJ RI -XVWLFH DQG 6DQGHO·V SHUIRUPDQFH LQ WKH DFDGHP\ HYHQW DFFRXQW IRU WKH UHFHQW H[SORVLRQ RI PRUDO GLVFRXUVH" ,V LW WKH VXEMHFW RI MXVWLFH WKDW LV PRWLYDWLQJ WKH FRQYHUVDWLRQ RU VLPSO\ WKH DSSHDO RI EHLQJ DEOH WR GLVFXVV VRPHWKLQJ DV D FRPPXQLW\" , XUJH \RX DOO WR FRQVLGHU WKHVH TXHVWLRQV DQG FRPH XS ZLWK \RXU
3+272 )520 7+( 6&52// ¶
RZQ RSLQLRQV 0DQ\ VWXGHQWV DUJXH WKDW 'HHUÀHOG LV FKDQJLQJ WRR IDVW DQG WKDW WKH VFKRRO LV ORVLQJ VRPH RI WKH TXLQWHVVHQWLDO HOHPHQWV RI WUDGLWLRQ WKDW PDNH LW VXFK D VSHFLDO SODFH 7KLV LV DQ DUHD LQ ZKLFK ERWK FRPPXQLFDWLRQ DQG DQ XQGHUVWDQGLQJ RI MXVWLFH DQG PRUDOLW\ DUH NH\ $V 'HHUÀHOG JRHV WKURXJK WKLV SURFHVV RI PRGHUQL]DWLRQ VWWXGHQWV PXVW EH DEOH WR IHHO FRPIRUWDEOH DQG FRQÀGHQW HQRXJK WR VKDUH WKHLU RSLQLRQV LQ DQ\ VHWWLQJ VR ZH FDQ FROOHFWLYHO\ H[SORUH QRWLRQV RI ULJKW DQG ZURQJ 7KH VXJJHVWLRQ RI JHWWLQJ ULG RI $FFRXQWDELOLW\ 3RLQWV ZKLFK
DUH D IDLUO\ LQJUDLQHG FXVWRP DQG KXJH SDUW RI VWXGHQW OLIH FUHDWHV D UHDO VFHQDULR LQ ZKLFK ZH FDQ DSSO\ RXU QHZO\ GHYHORSHG VNLOOV RI FRPPXQLFDWLRQ DQG VHQVH RI MXVWLFH WR WKH 'HHUÀHOG FRQWH[W )LQDOO\ , ZRXOG OLNH WR HPSKDVL]H DV XVXDO WKDW 7KH 6FUROO LV DQ RSHQ IRUXP RI GLVFXVVLRQ :KDW EHWWHU ZD\ WR LQVWLJDWH GLDORJXH WKDQ ZLWK D SLHFH RI ZULWLQJ WKDW UHDFKHV WKH ZKROH FRPPXQLW\" , IRU RQH FRXOGQ·W WHOO \RX
,W·V QR VHFUHW WKDW VHQLRULW\ PDWWHUV DW 'HHUÀHOG ,W·V D SRZHU WKDW FDQ EH ZLHOGHG ZLWK JUDFH WKRXJK RFFDVLRQDOO\ RQH DEXVHG :LWK HYHU\ SDVVLQJ \HDU FRPH FRYHWDEOH QHZ SULYLOHJHV 2XU VHQLRUV LQ SDUWLFXODU KDYH HYHU\ UHPLQGHU RI WKHLU VWDWXV DW WKH WRS RI WKH IRRG FKDLQ IURP WKH VHQLRU WDEOH WR VHQLRU JUDVV DQG WKH VHQLRU YHUVH RI WKH 'HHUÀHOG (YHQVRQJ 6LQFHUHO\ 7KHVH SULYLOHJHV KDYH EHHQ KDUG HDUQHG ,W LV D PLVWDNH WR WKLQN WKDW &KDUORWWH $OOHQ VHQLRUV· HDUOLHU \HDUV DW 'HHUÀHOG VLPSO\ ´SDVVHG E\µ³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ÀHOG 8SRQ DUULYLQJ RQ FDPSXV DGPLQLVWUDWLRQ ORYHV WR DGYHUWLVH EXW WKDW WKH VWXGHQW ERG\ OHG E\ WKH HDUOLHU WKLV IDOO , LPPHGLDWHO\ VHQLRU FODVV WUXO\ XSKROGV QRWLFHG WKH ZRRGHQ XWHQVLOV LQ WKH *UHHU DQG WKH /RXLV &DIp +RZ FRRO , WKRXJKW KRZ 7KHUH DUH WKUHH W\SHV RI SHRSOH LQ WKLV ZRUOG SHRSOH ZKR GR WKHLU PRGHUQ 7KH VLOYHUZDUH PDGH IURP VXPPHU UHDGLQJ SHRSOH ZKR SUHWHQG WKH\ GR DQG SHRSOH ZKR SURXGO\ VKRZFDVH WKHLU SURFUDVWLQDWLRQ VNLOOV ZKLOH GHVSHUDWHO\ VNLPPLQJ ZRRG VHHPHG VR VW\OLVK DQG FKDSWHU WLWOHV DQG 6SDUN1RWHV (DFK JURXS ZDV UHSUHVHQWHG DW WKLV 'HHUÀHOG VHHPHG VR SURJUHVVLYH IDOO·V $FDGHP\ (YHQW 0LFKDHO 6DQGHO·V SUHVHQWDWLRQ RI KLV ERRN -XVWLFH +RZHYHU WKH QRYHOW\ TXLFNO\ ZRUH 7KH K\SH VXUURXQGLQJ WKLV VFKRRO ZLGH SHUIRUPDQFH UHDFKHG RII WXUQLQJ WR GLVDSSRLQWPHQW LWV FOLPD[ GXULQJ WKH JUDGH OHYHO GLVFXVVLRQV WKH &RQQHFW GRUP DV , GLVFRYHUHG WKDW WKH\ GLG QRW GLVFXVVLRQV DQG WKH FRXQWOHVV FODVVURRP GHEDWHV RYHU WKH LQIDPRXV PHDVXUH XS WR WKH SRWDWR VSRRQV 7KH RQO\ WKLQJ WKDW VHHPV WR WUROOH\ FRQXQGUXP (PRWLRQV ZHUH UXQQLQJ KLJK WKH QLJKW RI WKH FXOPLQDWLQJ DIIDLU EH JRLQJ IRU WKHP LV WKDW WKH\·UH DQG RSWLPLVWV YRLFHG KRSHV WKDW 6DQGHO ZRXOG GHYLDWH IURP WKH FRPSRVWDEOH DQG PD\EH WKDW VWDQGDUG LVVXH ´7(' 7DONVµ OHFWXUH WKDW PLUURUHG D JRRG FKXQN RI WKH\ ORRN FRRO DW ÀUVW JODQFH )LUVW DQG IRUHPRVW WKHLU XWLOLW\ RQH·V PRXWK , OLNHQ WKH VHQVDWLRQ WUHDW WDVWHG OLNH ZRRG WKH ERRN WKDW WKH PDMRULW\ RI WKH DXGLHQFH KDG UHDG $ODV WKH PDMRULW\ RI VWXGHQWV DFTXDLQWHG ZLWK WKH ERRN ZDV VRUHO\ LV VNHWFK\ DW EHVW 7KRXJK WKH WR QDLOV XSRQ D FKDONERDUG $QRWKHU VWXGHQW VDLG VKH GLVDSSRLQWHG ZLWK WKH FRPPHUFLDOLVWLF XQRULJLQDO SRLQWV PDGH LQ WKH NQLIH WDNHV WKH FDNH LQ XVHIXOQHVV 0DQ\ SHRSOH KDYH H[SUHVVHG ´FRPSOHWHO\ XQGHUVWDQGV WKH WKH IRUN WHQGV WR KDYH GLIÀFXOW\ FRQFHUQ RYHU JHWWLQJ VSOLQWHUV SRLQW RI KDYLQJ FRPSRVWDEOH ÀUVW WZR WKLUGV RI 6DQGHO·V WDON :H KHUH DW 7KH 6FUROO IHHO WKDW DQ\ RQH RI RXU FDSDEOH WHDFKHUV FRXOG VWDEELQJ WKH IRRG D YDOLG IHDU $ ZRUULHG VWXGHQW XWHQVLOV KRZHYHU WKH\ WDVWH OLNH :KHQ WHVWLQJ WKH IRUNV E\ UHFRXQWHG WKH WLPH WKDW D VSRRQ ZRRG , DOZD\V KDYH WKH DIWHUWDVWH KDYH HQJDJHG WKH VFKRRO RQ D GHHSHU OHYHO DQG ZLWK D PRUH FRQFUHWH GLJJLQJ LQWR PXIÀQV , IRXQG WKDW QHDUO\ EURNH LQ KHU PRXWK 7KH RI D WUHH LQ P\ PRXWK µ JUDVS RI WKH HWKLFDO GLOHPPDV WKDW ZKLWWOH DZD\ DW RXU VRFLHW\ :H XUJH WKH 'HHUÀHOG VWXGHQW ERG\ WR EH JUDWHIXO IRU WKH LQFUHGLEOH WKH PXIÀQV VLPSO\ FUXPEOHG DIWHUPDWK FRXOG KDYH EHHQ $ VWXGHQW LQ WKH .RFK &HQWHU WHDFKHUV SHHUV DQG FRPPXQLW\ PHPEHUV ZKR KHOS XV XQGHUVWDQG ,W·V EHWWHU WR VLPSO\ VFRRS IRRG GLVDVWURXV ZKR ZDV WU\LQJ WR HQMR\ KHU KRW UDWKHU WKDQ IRUN LW ZKLFK GHIHDWV ZKDW LV WKH ULJKW WKLQJ WR GR $ PHPEHU RI VWXGHQW FKRFRODWH VDLG LW ´ZDV OLWHUDOO\ WKH SXUSRVH RI D IRUN FRXQFLO VDLG WKDW WKH XWHQVLOV PHOWHG FKRFRODWH RQ ZRRG µ 7KLV OHDGV PH WR P\ QH[W DUH ´WKUHDWHQLQJ WKH ZHOIDUH RI 7KH SHRSOH KDYH VSRNHQ SRLQW RI VWXG\ WKH VSRRQ 7KH WKH VWXGHQW ERG\ µ +H ZLVKHV WR :KHQ , DVNHG D IDFXOW\ 3DULHWDOV 7KH ZRUG RR]HV LQQXHQGR H[FOXVLYLW\ DQG DZNZDUGQHVV VSRRQ GRHV LWV FXSSLQJ SUHWW\ UHPDLQ DQRQ\PRXV PHPEHU WR VKDUH KLV WKRXJKWV 7HHQDJH UHODWLRQVKLSV DQG KRRN XSV DUH XQFRPIRUWDEOH HQRXJK ZHOO +RZHYHU ZKHQ SODFHG LQ 0RVW GHSUHVVLQJO\ WKH\ PDNH KH VDLG ´, WKLQN WKHVH DUH )LUVW WKURZLQJ LQ D VXVSHFWLQJ IDFXOW\ PHPEHU DQG JLJJOLQJ JLUOV RU ER\V KRW OLTXLG LW ORVHV LWV IRUP DQG WKH IRRG WDVWH OLNH ZRRG , DOZD\V :RUOG SUREOHPV DQG ZH VKRXOG \HOOLQJ HQFRXUDJHPHQW PDNHV WKH LQYROYHG SDUWLHV RU YLFWLPV FULQJH WXUQV PRUH LQWR D W\SH RI SDGGOH IHHO OLNH ,·P HDWLQJ IURP D VWLFN EH WKDQNIXO WKDW ZH OLYH LQ VXFK ZLWK VKDPH ,W ZRXOG EH PRUH XVHIXO DV DQ RDU ZKLFK LVQ·W FRPSOHWHO\ IDOVH D ZRQGHUIXO ZRUOG ZKHUH ZH :K\ DOO WKH SRPS DQG FLUFXPVWDQFH" :K\ WKH URPDQWLF VWLJPD IRU D PRXVH $ QHZ VWXGHQW VDLG VKH ZDV FDQ JHW VR DQJVW ULGGHQ RYHU DURXQG SDULHWDOV" :K\ GRHV WKH GRUP IHHO VR GLIIHUHQW VR PXFK PRUH $VLGH IURP XWLOLW\ WKH\·UH ORRNLQJ IRUZDUG WR HQMR\LQJ OLWWOH WKLQJV µ 7RXFKp $V IRU WKH ODLG EDFN DIWHU FXUIHZ ZKHQ DOO WKH FRXSOHV FOHDU RXW WKH SDMDPDV SUHWW\ XQFRPIRUWDEOH WR XVH KHU IUR\R DW WKH *UHHU EXW ZDV VSOLQWHU SUREOHP KH VDLG ´<RX·UH FRPH RQ DQG WKH TXLUNLQHVV RI RXU VWXGHQW ERG\ FDQ EH KHDUG WKURXJK 7KH\ GRQ·W JOLGH VPRRWKO\ LQWR GLVDSSRLQWHG WR ÀQG WKDW KHU QRW VXSSRVHG WR HDW WKH XWHQVLOV µ EXUVWV RI YLROHQW ODXJKWHU LQ HYHU\ GRUP" &DQ ZH QRW PLPLF WKDW FDVXDO YLEH GXULQJ SDULHWDOV" 7KH GLVFXVVLRQ DURXQG FRPPXQLW\ KDQJ RXW VSDFHV KDV EHHQ VR FHQWHUHG RQ SXEOLF DUHDV WKDW ZH PD\ KDYH IRUJRWWHQ WKH PRVW TXLQWHVVHQWLDOO\ \RXWKIXO KDQJRXW VSDFH RI DOO EHGURRPV 7DIW·V 7KH 6FUROO %RDUG ZRXOG OLNH WR H[WHQG DQ LQYLWDWLRQ WR WKH 'HHUÀHOG VWXGHQW ERG\ IDFXOW\ DQG VWDII VWXGHQW KDQGERRN FRQWDLQV WKH IROORZLQJ FODXVH ´7KH SXUSRVH WR VKDUH \RXU RSLQLRQV ZLWK XV DQG WKH 'HHUÀHOG FRPPXQLW\ 7R VXEPLW RSLQLRQ SLHFHV SOHDVH HPDLO RI ,QWHUGRUP 9LVLWDWLRQ LV WR DOORZ VWXGHQWV WR YLVLW IULHQGV RI WKH DGÁHPLQJ#GHHUÀHOG HGX ZLWK \RXU SURSRVHG WRSLF DQG YLHZSRLQW RSSRVLWH JHQGHU LQ D FRPIRUWDEOH VHWWLQJ DQDORJRXV WR YLVLWLQJ LQ WKH 2QFH DSSURYHG RSLQLRQ SLHFHV DUH GXH E\ S P RQ WKH 6XQGD\ RI OD\RXW ZHHN \RX ZLOO EH WROG WKH OLYLQJ URRP RI D IDPLO\ KRPHµ 7DIW 6FKRRO +DQGERRN VSHFLÀF GDWH RQFH \RXU WRSLF LV DSSURYHG 7KH VW\OH VXEMHFW PDWWHU DQG SHUVSHFWLYH RI WKHVH SLHFHV DUH :KHUH LV WKLV HPSKDVLV LQ WKH 'HHUÀHOG KDQGERRN RU PRUH FRPSOHWHO\ XS WR WKH ZULWHU ZH DW 7KH 'HHUÀHOG 6FUROO UHVSHFW IUHHGRP RI WKH SUHVV DQG ZLOO GR RXU EHVW LPSRUWDQWO\ LQ WKH 'HHUÀHOG OLIHVW\OH" 7KH FORVHVW ERDUGLQJ VFKRRO WR SXEOLVK DV PDQ\ RUJLQLDO RSLQLRQV DV SRVVLEOH IULHQGVKLSV DUH FHPHQWHG LQ WKH GRUP URRPV ZH FDOO KRPH VR OHW·V $QGUHD )OHPLQJ 2S (G (GLWRU VWRS WUHDWLQJ WKHP OLNH VDFUHG NLVVLQJ JURXQG
:DJQHU :RXOG &KXFN :RRG
:DV WKH +HIW\ 6XP ´-XVWLÀHG"µ
7DNH WKH 6KRH 2XW RI WKH 'RRU
6XEPLWWLQJ (GLWRULDOV
7KH 'HHUÀHOG 6FUROO
2FWREHU
:KHQ 'R :H 5HDOO\ %OHHG *UHHQ" %< +$55< 5(,&+(57 FDOOHG VWD\HG IDLWKIXO GHGLFDWLRQ IURP RXU RZQ IDQV &RQWULEXWLQJ :ULWHU (YHU\ KRPH JDPH ZDV VROG WKDW , VDZ DW &KRDWH WKDW QLJKW
3+272 )520 7+( 6&52// ¶
+RZ 7R 6XUYLYH WKH )LIWK <HDU RI +LJK 6FKRRO %< 2/,9,$ '$9,6 &RQWULEXWLQJ :ULWHU )URP WKH PRPHQW D 'HHUÀ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²GULYLQJ D FDU ODWH ZHHNHQG FXUIHZ WKH DELOLW\ WR SOD\ KRRN\ DQG D JHQHUDO VHQVH RI LQGHSHQGHQFH²LV D VWDUN FRQWUDVW WR WKH QLWW\ JULWW\ UXOHV DQG UHVWULFWLRQV DW ERDUGLQJ VFKRRO 7KH $3 V\VWHP VWULQJHQW SDULHWDO UXOHV DQG WKH VHYHUH
GLVFLSOLQDU\ V\VWHP FDQ IHHO DOLHQ 3* -XVWLQ )LQDQ ¶ VWDWHG ´7KH WUDQVLWLRQ ZDV LQFUHGLEO\ GLIÀFXOW FRPLQJ IURP KRPH ZKHUH , FRXOG EDVLFDOO\ GR ZKDWHYHU , ZDQWHG WR 'HHUÀHOG ZKHUH LW VHHPHG OLNH , ZDV EDFN WR EHLQJ \HDUV ROG DQG D IUHVKPDQ µ 7KLV VHHPV WR EH D FRPPRQ WKHPH DPRQJ SRVW JUDGXDWH VWXGHQWV DQG D OLNHO\ FDXVH RI WKH PDQ\ '& KHDULQJV LQ WKLV EUDFNHW , WHQG WR V\PSDWKL]H PRVW ZLWK WKRVH VWXGHQWV ZKR HQG XS RQ WKH RSSRVLQJ VLGH RI WKH GHDQV EDVHG RQ WKH DEVHQFH RI DQ XQGHUVWDQGLQJ RI 'HHUÀHOG H[SHFWDWLRQV DQG D ZD\ WR FRSH ZLWK WKHP 7KH FRQWUDVWLQJ GLFKRWRP\ EHWZHHQ OLIH DW KRPH DQG OLIH DW VFKRRO LQ H[WUHPH FDVHV PDNHV WKH $FDGHP\ VHHP OLNH D SULVRQ 6R QH[W WLPH \RX HQY\ D 3* FRQVLGHU WKH SRVVLELOLW\ WKDW KH RU VKH PLJKW IHHO PRUH WUDSSHG DQG LVRODWHG DW 'HHUÀHOG WKDQ \RX GR $ IULHQGO\ ZRUG LQVWHDG RI D IULJKWHQHG VWDUH JRHV D ORQJ ZD\ ZKHQ LQWHUDFWLQJ ZLWK RXU UHYHUHG SRVW JUDGV
7KH WHUP ´VFKRRO VSLULWµ LV WRVVHG DURXQG D ORW DW 'HHUÀHOG 7KLV H[SUHVVLRQ LV XQVXUSULVLQJO\ RYHUXVHG EHFDXVH VFKRRO VSLULW LV VRPHWKLQJ ZH FDUH DERXW DQG SULGH RXUVHOYHV RQ DV D FRPPXQLW\ ,W LV RQH RI WKH IXQGDPHQWDO HOHPHQWV RI RXU VFKRRO WKDW KDV ÁRXULVKHG WKURXJKRXW RXU KLVWRU\ 6FKRRO VSLULW FDQ·W EH IDNHG ,W UHTXLUHV D IRXQGDWLRQ RI VWURQJ FODVVHV RI NLGV GHGLFDWHG WR D VHQVH RI WRJHWKHUQHVV LW UHTXLUHV FROOHFWLYH DQG UHOHQWOHVV HQHUJ\ DQG PRVW LPSRUWDQWO\ LW GHPDQGV XQLW\ ERWK RQ DQG RII WKH ÀHOG ÁRRU RU ZKHUHYHU HOVH ZH SOD\ 7KLV \HDU ZH KDYH WKH FKDQFH WR KLW WKH UHVHW EXWWRQ DIWHU D VXE SDU \HDU RI DWKOHWLFV 6XUH WKHUH ZHUH VRPH EULJKW VSRWV ODVW \HDU EXW , WKLQN LW·V IDLU WR VD\ WKDW ZDVQ·W RXU VWURQJHVW VSRUWV ZLVH LI RQO\ EHFDXVH ZH KROG RXUVHOYHV WR D YHU\ KLJK VWDQGDUG $WKOHWLF VOXPSV FRPH DQG JR EXW VFKRRO VSLULW VKRXOG QRW ,W PXVW SUHYDLO WKURXJK WKLFN DQG WKLQ VXSSRUWHG E\ WKH JHQHUDWLRQV WKDW EXLOW DQG VXVWDLQHG LW ZLWK DQ XQVKDNDEOH XQLW\ :KHWKHU ZH·UH ZDWFKLQJ WKLUGV EDVNHWEDOO VKRRW IRU LWV ÀUVW ZLQ RI WKH VHDVRQ RU LQHYLWDEO\ WKH YDUVLW\ ODFURVVH WHDP VHFXUH LWV WKLUG YLFWRU\ LQ D URZ WKHUH VKRXOG DOZD\V EH D SDOSDEOH HQHUJ\ LQ WKH VWDQGV 'XNH EDVNHWEDOO LV D WRS ÁLJKW H[DPSOH LQ WKH %OXH 'HYLOV GLGQ·W OLYH XS WR WKHLU SUHVHDVRQ UDQNLQJ RI QG LQ WKH QDWLRQ LQ PHQ·V EDVNHWEDOO DQG VWXPEOHG WR D UHFRUG VXIIHULQJ D ÀUVW URXQG ORVV LQ WKH 1&$$ WRXUQDPHQW 'HVSLWH WKHLU ZRHV WKH 'XNH IDQ VHFWLRQ DW &DPHURQ ,QGRRU 6WDGLXP RU WKH ´&DPHURQ &UD]LHV µ DV WKH\ DUH
RXW WKDW \HDU DQG WKH \HDU DIWHU GHVSLWH D ELJ XQGHUDFKLHYHPHQW RQ WKH WHDP·V SDUW E\ XVXDO 'XNH VWDQGDUGV , ZRXOG QHYHU GDUH FDOO P\VHOI D 'XNH IDQ EXW ZDWFKLQJ 'XNH FRPH SOD\ 9LUJLQLD LQ &KDUORWWHVYLOOH , FDQ VD\ WKDW WKHLU VWXGHQW VHFWLRQ HYHQ DW DZD\ JDPHV LV XQPDWFKHG , NQRZ 'HHUÀHOG KDV WKLV NLQG RI SRWHQWLDO D SRWHQWLDO ZH FRXOG IXOÀOO LI RQO\ ZH WRRN WKH WLPH WR VXSSRUW HDFK RWKHU FRQVLVWHQWO\ UHJDUGOHVV RI WKH VFRUH :DONLQJ LQWR WKH &KRDWH EDVNHWEDOO J\P RQ WKH 6DWXUGD\ EHIRUH ZLQWHU H[DP ZHHN ODVW \HDU UHPLQGHG PH RI WKH &DPHURQ ,QGRRU 6WDGLXP 2XU ULYDOV KDG D IHZ KXQGUHG IDQV GHFNHG RXW LQ
´$WKOHWLF VOXPSV FRPH DQG JR EXW VFKRRO VSLULW GRHV QRW ,W SUHYDLOV WKURXJK WKLFN DQG WKLQ VXSSRUWHG E\ WKH QXPHURXV JHQHUDWLRQV WKDW EXLOW LW DQG VXVWDLQHG LW ZLWK DQ XQVKDNDEOH XQLW\ µ WKH &KRDWLH VWDQGDUG³VXQJODVVHV GHVSLWH EHLQJ LQGRRUV D VRJJ\ 1HZ <RUN .QLFNV EDVNHWEDOO MHUVH\ EDJJ\ VZHDWSDQWV DQG XQWLHG 7LPEHUODQGV³IRU D -9 EDVNHWEDOO JDPH 7KHVH SHRSOH WXUQHG DQLPDOV ZHUH HTXLSSHG ZLWK EORZ XS EDWRQV WKDW FRPELQHG IRU D UHOHQWOHVV YXYX]HOD HIIHFW GXULQJ WKH JDPH 7KH\ ZHUHQ·W WKHUH EHFDXVH WKH\ ZDQWHG WKHLU WHDP WR ZLQ WKH\ FDPH EHFDXVH 'HHUÀHOG ZDV WKHLU RSSRQHQW DQG WKH\ ZDQWHG XV WR JR KRPH IHHOLQJ EDG DERXW RXUVHOYHV DQG RXU VFKRRO :KLOH WKH EDWRQV ZHUH QRLV\ REQR[LRXV DQG MXVW XQQHFHVVDU\³DOO &KRDWH QRUPV³WKHLU VWXGHQW VHFWLRQ SRLQWHG RXW DQ REYLRXV ÁDZ LQ RXU RZQ 5DUHO\ GR , VHH WKH NLQG RI
6XUH ZH VKRZ XS ZKHQ ZH·UH VXSSRVHG WR ·V 1LJKW LQ WKH %DUQ WKH $YRQ IRRWEDOO JDPH VRPH YDUVLW\ ODFURVVH JDPHV DQG 6DP .KDOLID·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³EXW ZH DOO KDYH WR GR LW WRJHWKHU (YHU\ VWXGHQW VHFWLRQ KDV LWV OHDGHU³'XNH IRU H[DPSOH KDG ´WKH VSHHGR JX\ µ ZKR GDQFHG LQ D EOXH VSHHGR ZKLOH RSSRQHQWV ZHUH VKRRWLQJ IUHH WKURZV %XW HVSHFLDOO\ ZKLOH WKH IDWH RI &DSWDLQ 'HHUÀHOG LV LQ ÁX[ ZH KDYH WR UHPHPEHU WKDW LW WDNHV D PRE WR PDNH PD\KHP :H QHHG WR VKRZ XS DQG EH ORXG QRW EHFDXVH WKDW·V KRZ LW·V EHHQ IRU JHQHUDWLRQV RU EHFDXVH LW·V FRRO EXW EHFDXVH ZH VXSSRUW HDFK RWKHU DV D VWXGHQW ERG\ DQG EHFDXVH ZH DOO NQRZ KRZ JRRG LW IHHOV WR KDYH VRPHRQH EHKLQG XV 7KH WHUP ´VFKRRO VSLULWµ VHHPV D OLWWOH KROORZ DIWHU KHDULQJ LW VR PDQ\ WLPHV 0D\EH ZH VKRXOG ÀJXUH RXW D QDPH IRU RXU VWXGHQW VHFWLRQ OLNH ´WKH GRJ KRXVHµ RU ´SHHS VKRZµ RU VRPHWKLQJ )UDQNO\ DQ\WKLQJ ZRUNV DV ORQJ DV ZH JHW XS DQG JR DIWHU LW
6$5$+ &2; ¶
.DHOLQ 8UJHV (QG RI $3V DQG 0RUH 6WXGHQW 5HVSRQVLELOLW\ DIWHU ZH VHW RXU FRXUVH , LPDJLQH WKHUH ZLOO QRW EH DV PXFK URRP IRU FKDQJH 7KXV OHW·V PDNH VXUH WKH URDG ZH SLFN QRZ LV WKH ULJKW *RRG HYHQLQJ HYHU\RQH , RQH ZRXOG OLNH WR WDNH WKLV RSSRUWXQLW\ ´,I 'HHUÀHOG ZLVKHV WR WR VSHDN DERXW D WRSLF WKDW KDV VWUHQJWKHQ WKH FKDUDFWHU EHHQ UHFHQWO\ QDJJLQJ DW ERWK RI WKH VWXGHQWV ZKR SDVV VWXGHQWV DQG IDFXOW\ DOLNH (YHU\ WKURXJK KHUH WKHQ DOORZLQJ \HDU , IHHO DV LI , KHDU WKH VDPH IHDU UDWKHU WKDQ VRPH VWRU\ DERXW D GLIIHUHQW SUHS SRVLWLYH IRUFH WR LQÁXHQFH VFKRRO ,W XVXDOO\ LQYROYHV RU RXU FKRLFHV LV D KLQGUDQFH PRUH VWXGHQWV JHWWLQJ NLFNHG RXW WR WKDW PLVVLRQ µ DQG IROORZLQJ WKDW DQ DOWHUDWLRQ RI WKDW VFKRRO·V GLVFLSOLQDU\ /DVW \HDU LQ RQH RI WKH V\VWHP W\SLFDOO\ DORQJ WKH OLQHV FXOWXUH IRUXPV 'DYLG 0ZDNLPD RI DGRSWLQJ D ´RQH VWULNH SROLF\ µ /XFNLO\ 'HHUÀHOG KDV QRW TXHVWLRQHG KRZ RXU DFWLRQV DW EHHQ SODFHG LQ WKLV VLWXDWLRQ 'HHUÀHOG DUH PRWLYDWHG +H +RZHYHU LW VHHPV DV LI DOO SUHS DUJXHG IRU H[DPSOH WKDW WKH VFKRROV DUH DW D FURVVURDGV ZKHQ $3 V\VWHP ZDV QRW SUHSDULQJ WKLQNLQJ DERXW KRZ GLVFLSOLQH LV VWXGHQWV IRU WKH UHDO ZRUOG LQ WKH KDQGOHG 6RPH SURSRVH ZH VWLFN VDPH ZD\ WKDW VRPH KDG WKRXJKW WR WKH ´ROG ZD\Vµ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·V RIÀFH PDNHV LW KDUG GLUHFWLRQV ZH FRXOG WDNH KRZHYHU IRU HYHU\RQH WR GLVFHUQ ZKHUH
%< 75,33 .$(/,1 &RQYRFDWLRQ 6SHHFK 6WXGHQW %RG\ 3UHVLGHQW
PRWLYHV DUH WUXO\ VWHPPLQJ IURP ,I 'HHUÀHOG ZLVKHV WR VWUHQJWKHQ WKH FKDUDFWHU RI WKH VWXGHQWV ZKR SDVV WKURXJK KHUH WKHQ DOORZLQJ IHDU UDWKHU WKDQ VRPH SRVLWLYH IRUFH WR LQÁXHQFH RXU FKRLFHV LV D KLQGUDQFH WR WKDW PLVVLRQ , DP QRW VD\LQJ ZH VKRXOGQ·W KDYH DQ\ UXOHV , DP QRW VRPH DQDUFKLVW ·V HVTXH OLWWOH WHHQDJHU MXVW WU\LQJ WR ´VWLFN LW WR WKH PDQ µ , DP MXVW DVNLQJ ZK\ QRW EH WKH VFKRRO WR OHDG WKH SDFN UDWKHU WKDQ WR FRQWLQXH WR IROORZ DQG H[SDQG WKH UXOHERRN" :H ORYH WDONLQJ DERXW UHVSHFW DW WKLV VFKRRO EHFDXVH LW JLYHV XV WKH IX]]LHV LQVLGH EXW ZK\ GRQ·W ZH SXW LW WR WKH WHVW" :K\ GRQ·W ZH WU\ VHHLQJ ZKDW WKLV VFKRRO ZRXOG UXQ OLNH LI ZH UHPRYH WKLQJV OLNH $3V" , FDQ LPDJLQH WKH DGPLQLVWUDWLRQ ZRXOG EH QHUYRXV DERXW WKLV LGHD DQG XQGHUVWDQGDEO\ VR 0D\EH WKH\ ZRXOG ZDQW WKH VWXGHQWV WR ÀUVW SURYH WKDW WKH\ FDQ JHW LW GRQH ZLWK WKH UXOHV EHIRUH ZH WDNH WKHP DZD\ , KRQHVWO\ GRQ·W NQRZ ZKDW WKH ULJKW ÀUVW VWHS ZRXOG EH , DP MXVW RQH SHUVRQ /XFNLO\ WKHUH DUH PDQ\ PRUH RI \RX LQWHOOLJHQW SHRSOH ZKR DUH FDSDEOH RI FRPLQJ WR DQ DQVZHU WKURXJK KRQHVW GLDORJXH
7KH RQO\ WKLQJ , ZRXOG OLNH WKH DGPLQLVWUDWLRQ WR NHHS LQ PLQG LV WKLV DW WKH OHDGHUVKLS PHHWLQJ WKH QXPEHU RQH WKLQJ WKH VWXGHQWV DVNHG RI WKH DGXOWV ZDV WR OHW XV VWHS XS ,·G YHQWXUH WR EHW WKDW LI WKHUH ZHUH QR ORRPLQJ WKUHDW RI IHDU SHRSOH ZRXOG DFWXDOO\ DWWHQG PRUH VLW GRZQ PHDOV PDNH LW WR PRUH VFKRRO PHHWLQJV DQG UHVLVW WKH XUJH WR FXW FRUQHUV RQ GUHVV FRGH :K\ LV WKLV" $VN DQ\ WHHQDJHU ZKR WKH\ KDWH WR OHW GRZQ ,W·V QRW WKH KHOLFRSWHU DGXOW ,W LV WKH WHDFKHU WKH FRDFK RU WKH UROH PRGHO ZKR SXWV WKHLU IDLWK LQ WKHP , NQRZ , KDYH SRWHQWLDOO\ UXIÁHG VRPH IHDWKHUV KHUH EXW MXVW UHPHPEHU WKH JUHDWHVW FKDQJHV LQ WKH FRXUVH RI KLVWRU\ ZHUH QRW PDGH EHFDXVH HYHU\RQH VXGGHQO\ DJUHHG 7KRVH FKDQJHV
´$VN DQ\ WHHQDJHU ZKR WKH\ KDWH WR OHW GRZQ ,W·V QRW WKH KHOLFRSWHU DGXOW ,W LV WKH WHDFKHU WKH FRDFK RU WKH UROH PRGHO ZKR SXWV WKHLU IDLWK LQ WKHP µ ZHUH PDGH SRVVLEOH ZKHQ WKH SRSXODFH KDG WKH FRXUDJH WR EH EROG WDNH DQ LVVXH LQWR WKH OLJKW DQG GHWHUPLQH ZKDW ZDV WUXO\ EHVW PRYLQJ IRUZDUG
3OHDVH GR QRW PHUHO\ FDVW DOO RI WKLV DVLGH DV D VLPSOH WKRXJKW H[SHULPHQW DV ERWK VWXGHQWV DQG IDFXOW\ DOLNH WKDW , KDYH WDONHG WR DJUHH WKDW WKH\ GR QRW ZDQW 'HHUÀHOG WR NHHS DGGLQJ UHJXODWLRQV DQG FRGHV 7KH\ GR QRW ZDQW WR PRYH GRZQ WKDW URDG WR EHFRPLQJ RQH RI WKRVH RYHUEHDULQJ SODFHV ,I WKH\ FRXOG WKH\·G UDWKHU OLYH ZLWK D PLQLPDOLVW UXOH ERRN 7KH\ ZDQW 'HHUÀHOG WR EH WKDW FRPPXQLW\ WKDW FDQ WUXO\ UXQ RQ UHVSHFW DQG UHVSHFW DORQH , WKLQN DW WKLV SRLQW ZH MXVW QHHG WR EH UHPLQGHG WKDW ZH FRXOG GR WKLV :H FRXOG FKRRVH WR UXQ LQ WKLV ZD\ 1RW IRU IUHH ,I DQ\WKLQJ WKLV ZRXOG EH D KDUGHU ZD\ WR KDQGOH PDWWHUV (DFK DQG HYHU\ SHUVRQ ZRXOG KDYH WR EH ZLOOLQJ WR EX\ LQ +RZHYHU ZH RXUVHOYHV DUH WKH RQO\ OLPLWLQJ IDFWRU :H DUH D VHOI UHJXODWLQJ FRPPXQLW\ FDSDEOH RI FKRRVLQJ KRZ ZH RSHUDWH 7KH VWDII KHUH DUH RI WKH KLJKHVW TXDOLW\ 7KH IDFXOW\ KHUH DUH RI WKH KLJKHVW TXDOLW\ 7KH NLGV KHUH DUH RI WKH KLJKHVW TXDOLW\ DQG ZH DOO FROOHFWLYHO\ DUH PRUH WKDQ FDSDEOH 7KHUH LV QRWKLQJ HOVH PLVVLQJ /HW·V JR JHW LW /HW·V EH WKDW VFKRRO :HOFRPH WR 'HHUÀHOG
)($785(6
7KH 'HHUÀHOG 6FUROO 2FWREHU
0DVWHULQJ WKH 0DVWHU\ 7HFKQLTXH
UHVSRQVLELOLW\ µ 7KH FKDQJH LQ WKH FODVVURRP (GLWRULDO $VVRFLDWH LV QRWLFHDEOH DFFRUGLQJ WR 0HJDQ 5HWDQD · ZKR LV LQ RQH RI 'U +LOO·V FODVVHV ´6WXGHQWV DUH 0U (PHUVRQ 'U +LOOV DQG XVHG WR²HVSHFLDOO\ LQ VFLHQFH 'U 5RVV KDYH LPSOHPHQWHG D DQG PDWK²OLVWHQLQJ WR D WHDFKHU SURJUDP FDOOHG PDVWHU\ OHDUQLQJ OHFWXUH DQG PHPRUL]LQJ ZKDW LQWR WKHLU &KHPLVWU\ , FODVVHV WKH\ WHDFK µ VKH VDLG ,Q OHDUQLQJ WKH PDWHULDO ´(YHQ WKRXJK LW IHHOV OLNH VWXGHQWV PXVW UHDG WKH VHFWLRQ \RX·UH OHDUQLQJ WKH PDWHULDO RQ LQ WKHLU RQOLQH WH[WERRN \RXU RZQ \RX VWLOO KDYH \RXU DQG FRPSOHWH WZR ´OHDUQLQJ WHDFKHU WR DQVZHU TXHVWLRQV RSSRUWXQLWLHVµ ZKLFK LQFOXGH DQG \RXU FODVVPDWHV WR KHOS \RX YLGHRV DQG SUDFWLFH SUREOHPV OHDUQ WKH PDWHULDO µ VDLG 9LFWRULD 7KHQ VWXGHQWV PXVW JHW D &DVWHOODQR :RRG · ZKR LV JUDGH RI RU DERYH RQ DQ DOVR LQ RQH RI 'U +LOOV· XQUHFRUGHG FKHFNSRLQW TXL] LQ RUGHU WR PRYH ´0DVWHU\ OHDUQLQJ LV D VW\OH DQG WHFKQLTXH FODVVHV ´,W PRWLYDWHV \RX RQWR WKH QH[W VHFWLRQ RI ZRUNLQJ WKURXJK D FODVV ZKHUH WKHUH LV WR UHDFK RXW WR RWKHUV µ 7KHUH DUH PXOWLSOH LQ WKHLU ERRN 6WXGHQWV UHFRJQLWLRQ RI WKH IDFW WKDW NLGV OHDUQ DQG FKDOOHQJHV IRU VWXGHQWV FDQ FKRRVH ZKLFK GD\V PRYH DW GLIIHUHQW VSHHGV µ LQ PDVWHU\ OHDUQLQJ WR GR WKHLU ODEV DQG WDNH 0U (PHUVRQ DFFRUGLQJ WR 0U FKDSWHU WHVWV ´0DVWHU\ OHDUQLQJ LV D VW\OH DV KHOSV JURXSV RI VWXGHQWV (PHUVRQ ´,W UHTXLUHV VWXGHQWV DQG WHFKQLTXH RI ZRUNLQJ ´,GHDOO\ DOWKRXJK WKLV KDV QRW WR EH DEOH WR VHOI DVVHVV KRZ WKURXJK D >FRXUVH@ ZKHUH WKHUH KDSSHQHG TXLWH \HW WKHUH ZLOO WKH\ DUH GRLQJ ZLWK WKH PDWHULDO µ LV UHFRJQLWLRQ RI WKH IDFW WKDW EH SRFNHWV RI NLGV DOO LQ WKH KH VDLG ´,W ZLOO EH GLIÀFXOW IRU NLGV OHDUQ DQG PRYH DW GLIIHUHQW VDPH SODFH DQG WKH\ ZLOO ZRUN VWXGHQWV ZKR DUH MXVW WU\LQJ WR VSHHGV µ 0U (PHUVRQ VDLG ´,Q WRJHWKHU µ KH VDLG ´, WKLQN WKDW ÀQLVK HYHU\WKLQJ DV IDVW DV WKH\ FKHPLVWU\ WKHUH LV D ORW RI VWXII LW·V D OLWWOH ELW RI WDNLQJ PH RXW RI FDQ DQG QRW UHDOO\ PDVWHULQJ LW WKDW EXLOGV RQ D IRXQGDWLRQ RI WKH IURQW RI WKH FODVVURRP DQG VRUW RI IDNLQJ WKHLU ZD\ WKURXJK PDWHULDO DQG ZLWKRXW PDVWHULQJ DOORZV IRU D OLWWOH PRUH VKDUHG LW µ %< 0$5*$5(7 &+$33(//
WKDW PDWHULDO \RX HQG XS QRW EHLQJ DEOH WR PRYH IRUZDUG DQG UHDOO\ OHDUQ WKH FRQWHQW µ $IWHU UHDGLQJ DQ DUWLFOH RQ WKH WHFKQLTXH 'U +LOOV 0U (PHUVRQ DQG 'U 5RVV GHFLGHG WR WU\ PDVWHU\ OHDUQLQJ ´'U +LOOV DQG , ZHUH ERWK WHDFKLQJ &KHP , DQG ZH JRW IUXVWUDWHG DV ZKDW ZH IHOW VKRXOG EH D IXQ DQG H[FLWLQJ FODVV JRW ERJJHG GRZQ ZLWK GHFLGLQJ ZKDW FRQWHQW ZH QHHGHG WR JHW LQ WKHUH µ VDLG 0U (PHUVRQ 'XULQJ FODVV 0U (PHUVRQ JLYHV WUDGLWLRQDO OHFWXUHV DV ZHOO
$QRWKHU SUREOHP VWXGHQWV FDQ UXQ LQWR LV IDOOLQJ EHKLQG LQ WKHLU ZRUN ´,I , KDYH RWKHU KRPHZRUN DQG , GRQ·W QHHG WR KDYH VRPHWKLQJ GXH WKH QH[W GD\ ,·P QRW JRLQJ WR GR P\ FKHPLVWU\ KRPHZRUN µ 5HWDQD · VDLG $W WKH EHJLQQLQJ RI HDFK ZHHN VWXGHQWV KDQG LQ QRWHFDUGV ZLWK WKHLU JRDOV IRU WKDW ZHHN DV ZHOO DV ZKDW SURJUHVV WKH\ PDGH WKH ZHHN EHIRUH ZKDW WRSLFV WKH\ DUH FRQIXVHG RQ DQG ZKDW GD\V WKH\ DUH SODQQLQJ WR GR D ODE RU WDNH D WHVW ´:KHQ , JHW WKRVH EDFN LI -RKQQ\ LV ÀYH GD\V EHKLQG HYHU\RQH HOVH WKDW·V D UHG ÁDJ µ 0U (PHUVRQ H[SODLQHG 6R ZKDW ZLOO EHFRPH RI PDVWHU\ OHDUQLQJ DIWHU WKLV WULDO UXQ" ´, SHUVRQDOO\ IROORZ D SKLORVRSK\ WKDW \RX FDQ·W GR VRPHWKLQJ MXVW IRU RQH \HDU µ 0U (PHUVRQ VDLG ´, KRSH ZH IHHO JRRG HQRXJK DERXW WKLV WKDW ZH FDQ JLYH LW WKUHH \HDUV WR ZRUN EXW LI ZH GRQ·W OLNH LW DQG VWXGHQWV DUHQ·W UHDOO\ JDLQLQJ D ORW IURP LW , GRQ·W WKLQN ZH DUH PDUULHG WR WKLV IRU DQ\ OHQJWK RI WLPH µ
:KR <RX *RQQD &DOO" %< 0,&+(//( .(//< 6WDII :ULWHU 7KH 'HHUÀHOG ,QQ³ SURPLQHQWO\ ORFDWHG RQ ROG 0DLQ 6WUHHW³ LV NQRZQ IRU LWV FRORQLDO 1HZ (QJODQG DWPRVSKHUH KLVWRULFDO VLJQLÀFDQFH DQG LWV JKRVWV 2 Q H RI WKH R U L J L Q D O K L V W R U L F LQQV RI 1 H Z (QJODQG W K H 'HHUILHOG ,QQ ZDV RULJLQDOO\ EXLOW LQ 7KH WRZQ RI 'HHUILHOG KDV KDG D ORQJ DQG E O R R G \ K L V W R U \ W K D W L Q F O X G H V W K H QRWRULRXV 'HHUÀHOG 5DLG RI 7KLV PD\ H[SODLQ ZK\ 0DLQ 6WUHHW DQG WKH KRXVHV DORQJ LW KDYH EHHQ D KRWVSRW IRU VSLULWV %XW QRW WR IHDU DOWKRXJK WKHUH KDYH EHHQ QXPHURXV UHSRUWV E\ JXHVWV RYHU WKH \HDUV DERXW XQH[SODLQHG LQFLGHQWV JKRVW EHKDYLRU DW WKH 'HHUÀHOG ,QQ GRHV QRW UHVHPEOH DQ\WKLQJ RXW RI WKH ODWHVW 3DUDQRUPDO $FWLYLW\ PRYLH ´2XU ,QQ JKRVWV DUH D OLWWOH OHVV KRUULI\LQJ µ FRPPHQWHG FXUUHQW LQQNHHSHU -DQH +RZDUG $ FRPPRQ JKRVW VLJKWLQJ DW WKH ,QQ LQYROYHV D ZRPDQ QDPHG &RUD &DUOLVOH D SUHYLRXV RZQHU RI WKH ,QQ ZKR LV RIWHQ VHHQ ZHDULQJ D GUHVVLQJ JRZQ ZLWK D FKDLQ RI NH\V DW KHU ZDLVW ´&RUD ZDV YHU\ LQTXLVLWLYH DQG ERVV\ LQ OLIH DQG ZDV WKH NHHSHU RI PDQ\ RI WKH YLOODJHUV· VHFUHWV µ H[SODLQHG +RZDUG &RUD RIWHQ NQRFNV RQ JXHVWV· GRRUV RU JHQWO\ SXVKHV RQ SHRSOH·V EDFNV XUJLQJ WKHP WR JR WR EHG ´+HUVKHO LV RXU RWKHU UHVLGHQW JKRVW ZKR OLNHV WR
ERWKHU WKH JXHVWV LQ 5RRP IURP WLPH WR WLPH µ VDLG +RZDUG +HUVKHO XVXDOO\ DSSHDUV WR JXHVWV DV D ER[ RI EULJKW OLJKW ´:H KHDU WKDW KH VRPHWLPHV WXJV DW WKH SLOORZV XQGHU \RXU KHDG DQG RQFH PRYHG D JODVV RI ZDWHU IURP EHVLGH WKH EHG WR DQRWKHU WDEOH +H LV QRW D VFDU\ VSLULW DW DOO²PRUH OLNH D PLVFKLHYRXV FKLOG µ VDLG + R Z D U G ´+H KDV D QXPEHU RI WLPHV JLYHQ RXU EDUWHQGHU D SXVK RQ WKH EDFN ZKHQ VKH ZDV ZDONLQJ WR WKH NLWFKHQ ZLWK D WUD\ RI JODVVHV DQG KH WXUQV RQ ZDWHU WDSV DQG OHDYHV WKHP UXQQLQJ µ 6 H Y H U D O 62 \HDUV DJR D JURXS RI DPDWHXU JKRVW KXQWHUV FDPH WR WKH 'HHUÀHOG ,QQ WR ÀOP D GRFXPHQWDU\ RQ WKH ,QQ·V SDUDQRUPDO RFFXUUHQFHV 8VLQJ KLJKO\ VHQVLWLYH VXUYHLOODQFH HTXLSPHQW WKH GRFXPHQWDULDQV UHFRUGHG IRRWDJH LQ DUHDV ZKHUH IUHTXHQW VLJKWLQJV KDG EHHQ UHSRUWHG ´,W ZDV IDVFLQDWLQJ WR ODWHU KHDU WKH UHFRUGLQJ RI D FKLOG·V JLJJOLQJ SLFNHG XS E\ WKHLU VHQVRUV 7KLV ZDV IURP DQ DUHD ZKHUH WKH FKLOGUHQ DQG VHUYDQWV XVHG WR VWD\ ZKHQ WUDYHOLQJ WR WKH ,QQ ZLWK WKHLU IDPLOLHV ZKLFK LV QRZ GHVLJQDWHG IRU D SKRWRFRSLHU DQG VWRUDJH µ VDLG +RZDUG -DQH +RZDUG DQG KHU KXVEDQG .DUO 6DER KDYH EHHQ LQQNHHSHUV DW WKH 'HHUÀHOG ,QQ IRU RYHU \HDUV DQG KDYH \HW WR H[SHULHQFH ÀUVWKDQG DQ\ JKRVWV LQ WKH ,QQ ´0\ KXVEDQG DQG , DUH IUHTXHQWO\ DW WKH ,QQ YHU\ ODWH DQG YHU\ HDUO\ DQG KDYH VOHSW LQ HYHU\ URRP µ VDLG +RZDUG ´:H KDYH QHYHU H[SHULHQFHG DQ\WKLQJ WKDW FDQQRW EH H[SODLQHG EXW ZKR NQRZV"µ
*R 6;6: <RXQJ 0DQ %< $/(;$ 0855$< 6WDII :ULWHU :KHQ PRVW SHRSOH LPDJLQH KRZ WKH\·OO VSHQG WKHLU VSULQJ EUHDN LW·V RQ D EHDFK RQ VRPH IDUDZD\ WURSLFDO LVODQG %XW IRU 0U 7KLHO DQG 0U 1LOVVRQ WKLV LV QRW WKH FDVH )RU WKH SDVW IHZ \HDUV WKH\ KDYH EHHQ DWWHQGLQJ WKH 6RXWK E\ 6RXWKZHVW &RQIHUHQFH LQ $XVWLQ 7H[DV 6SDQQLQJ GD\V 6;6: IHDWXUHV D PXVLF IHVWLYDO D ÀOP IHVWLYDO DQG DQ LQWHUDFWLYH FRQIHUHQFH WKDW DOO UXQ FRQFXUUHQWO\ 0U 1LOVVRQ DQG 0U 7KLHO VSHQG WKHLU WLPH DW WKH LQWHUDFWLYH FRQIHUHQFH ZKLFK DFFRUGLQJ WR WKH ZHEVLWH IRFXVHV RQ PDQ\ WRSLFV ´UDQJLQJ IURP EORJJLQJ WR EXVLQHVV PRGHOV WR KHDOWK LQGXVWU\ LQQRYDWLRQ WR VFLHQFH WR VRFLDO PHGLD WR VSDFH H[SORUDWLRQ µ 6RPH RI WKH WKHPHV 0U 7KLHO KDV ZLWQHVVHG LQFOXGH ´WKH OLQN EHWZHHQ YLUWXDO LQIRUPDWLRQ DQG REMHFWV DQG SK\VLFDO LQIRUPDWLRQ DQG REMHFWV JHRIHQFLQJ DQG JHRORFDWLRQ DQG GDWDEDVH VWUXFWXUHV DQG WKH FORXG DV DQ HPHUJLQJ IRUFH µ ´<RX·UH DVVHPEOLQJ DOO WKH VPDUWHVW JHHNV DQG QHUGV LQ WKH FRXQWU\ LQ RQH SODFH DW RQH WLPH WR WDON DERXW ZKDW WKH QHDU IXWXUH LV JRLQJ WR ORRN OLNH µ UHPDUNHG 0U 7KLHO ´6R ZKDW \RX VHH DW 6RXWK E\ 6RXWKZHVW RIWHQ FRPHV WR OLIH DERXW WKUHH \HDUV ODWHU ,W·V D FUDVK FRXUVH LQ WKH IXWXUH µ 7KH FRQIHUHQFH KDV ORFDWLRQV DQG QHDUO\ D WKRXVDQG GLIIHUHQW IRUPDO WDONV WR DWWHQG H[FOXGLQJ PRUQLQJ DQG HYHQLQJ VHVVLRQV DV ZHOO DV WKH WHQW FLW\ ÀOOHG ZLWK FRPSDQLHV OLNH *RRJOH DQG RWKHU ELJ QDPHV LQFOXGLQJ ' SULQWLQJ PDQXIDFWXUHUV )RUWXQDWHO\ YLVLWRUV KDYH
7KLQJV <RXU *UHHQ .H\ 'LGQ·W 7HOO <RX $GYLFH IRU WKH 5RPDQWLFDOO\ &KDOOHQJHG %< 0$5*2 5,7$ &857,6 &ROXPQLVWV 'HDU 0DUJR 5LWD DQG &XUWLV ,·YH EHHQ WROG WKDW DW 'HHUÀHOG WKH ER\V XVXDOO\ DVN WKH JLUOV WR OHDYH WKH *UHHU +RZHYHU , UHDOO\ OLNH WKLV RQH ER\ ZKR GRHVQ·W HYHQ NQRZ , H[LVW ,V LW WKDW EDG IRU D JLUO WR DVN D ER\ WR OHDYH WKH *UHHU" 6LQFHUHO\ 2SSUHVVHG E\ 0\ *HQGHU 'HDU 2SSUHVVHG E\ 0\ *HQGHU ,I D JLUO DVNV D ER\ WR OHDYH WKH *UHHU VKH PLJKW DV ZHOO ORFN KHUVHOI LQ KHU URRP EHFDXVH WKDW·V ZKHUH VKH·OO EH IRU IRXU \HDUV EXW WKHUH DUH VRPH DOWHUQDWLYHV ZH FRXOG H[SORUH +LV LQWHUHVWV +H SOD\V IRRWEDOO" <RX PDQDJH %H SUHSDUHG WR PDNH VRPH VDFULÀFHV WKRXJK <HV \RX ZHUH SUREDEO\ JRLQJ WR FROOHJH IRU ÀHOG KRFNH\ EXW WKH SULGH WKDW FRPHV IURP D PRQWK ORQJ UHODWLRQVKLS ZLOO WDNH \RX PXFK IXUWKHU WKDQ DQ ,Y\ /HDJXH GHJUHH +LV FODVVHV :KDW D IULHQG ZH KDYH LQ '$LQIR <RX KDYH D WZR ZHHN ZLQGRZ LQ ZKLFK WR VZLWFK FODVVHV VR DFW TXLFNO\ <RX WDNH )UHQFK KH WDNHV 6SDQLVK" ´+ROD PL DPRU µ (YHQ EHWWHU WDNH QRWH LI KH IUHTXHQWV PDWK H[WUD KHOS %HFDXVH LI VR FRQJUDWXODWLRQV \RX WRR QRZ VXFN DW PDWK 5HPHPEHU WKDW WKH IDFXOW\ DQG VWDII RI WKHVH KDOORZHG KDOOV DUH WRROV RI NQRZOHGJH WKDW DUH QRW WR EH H[SORLWHG IRU URPDQWLF SXUVXLWV +RZHYHU GHVSHUDWH WLPHV FDOO IRU GHVSHUDWH PHDVXUHV²DQG FOHDUO\ WKHVH WLPHV DUH XSRQ \RX )HHO IUHH WR HPDLO 0V +HPSKLOO 0U .HOO\ DQG 0U (PHUVRQ DQG OHW WKHP NQRZ RI WKH VLWXDWLRQ DW KDQG 7KH PRUH LQIRUPDWLRQ \RX GLYXOJH WKH PRUH KHOSIXO WKH\ FDQ EH $V DQ RIÀFLDO SXEOLFDWLRQ RI 'HHUÀHOG $FDGHP\ DQG WHFKQLFDOO\ E\ $PHULFDQ ODZ 7KH 6FUROO FDQ·W FRQGRQH EODFNPDLO +RZHYHU \RX VHHP OLNH WKH W\SH RI EURDG ZKR OLNHV WR FRORU RXWVLGH WKH OLQHV ,I \RX DUH LQ IDFW VR LQFOLQHG PDNH VXUH WR IROORZ RXU SURFHGXUH FORVHO\ 0RVW ER\V GRQ·W PDLQWDLQ WKHLU )DFHERRN SURÀOHV VR ´IULHQGµ KLP WKRXJK GRQ·W EH XSVHW LI KH GRHVQ·W DFFHSW ULJKW DZD\ KH PD\ WKLQN \RX·UH D GHDQ ²DQG VXUHO\ ZLWK HQRXJK GLJJLQJ \RX·OO VWXPEOH XSRQ DQ HPEDUUDVVLQJ SLFWXUH IURP KLV WK JUDGH ' & WULS²WKH FKXEELHU WKH EHWWHU 0DNH VXUH WR FUHDWH D 6KXWWHUÁ\ DFFRXQW EHFDXVH \RX ZLOO VRRQ EH QHHGLQJ D SULQW WKH VL]H RI D 'LQLQJ +DOO ZDOO WKLV VL]H LV MXVW D VXJJHVWLRQ IHHO IUHH WR DGMXVW DFFRUGLQJ WR \RXU GHVSHUDWLRQ OHYHO DQG ODFN RI VRFLDO DZDUHQHVV 'RQ·W ZRUU\ \RX GRQ·W DFWXDOO\ KDYH WR KDQJ LW XS MXVW DV ORQJ DV KH·V DZDUH RI LWV H[LVWHQFH -XVW EHFDXVH LW ZDVQ·W IDWH GRHVQ·W PHDQ LW FDQ·W EH IRUFHG ,I WKHVH VXJJHVWLRQV ZRUN RXW IRU \RX ZH ZLOO JODGO\ DFFHSW FRPSHQVDWLRQ RU D SODFH DW \RXU ZHGGLQJ ZH H[SHFW DW OHDVW EULGHVPDLG VWDWXV %XW LI WKLQJV GRQ·W JR \RXU ZD\ ZH·UH VXSHU EXPPHG IRU \RX 7KLV SXEOLFDWLRQ KRZHYHU DFFHSWV QR UHVSRQVLELOLW\ IRU UHVWUDLQLQJ RUGHUV OHJDO SURFHHGLQJV RU VRFLDO RVWUDFL]DWLRQ WKDW PD\ IROORZ 6LQFHUHO\
IRXQG D ZD\ WR PDQDJH FKRRVLQJ EHWZHHQ VR PDQ\ VSHDNHUV ´7ZLWWHU ZDV HVVHQWLDOO\ LQYHQWHG DW 6RXWK E\ 6RXWKZHVW µ VDLG 7KLHO ´7KH DXGLHQFH LV DOO RQ 7ZLWWHU DOO DW WKH VDPH WLPH ,Q WKH FRQIHUHQFH JXLGH WKH\ SXEOLVK KDVKWDJV IRU HYHU\ VHVVLRQ WKDW·V JRLQJ RQ VR ZKLOH \RX·UH VLWWLQJ WKHUH OLVWHQLQJ WR RQH VHVVLRQ \RX FDQ WXQH LQ WR WKH VLOHQW FRQYHUVDWLRQ WKDW·V KDSSHQLQJ DERXW WKLV RWKHU VHVVLRQ RYHU 7ZLWWHU 3HRSOH ZLOO DVN TXHVWLRQV WR WKH VSHDNHU DQG GR WKLQJV RYHU 7ZLWWHU LQ UHDO WLPH 6R VLPXOWDQHRXVO\ \RX FDQ EH OLVWHQLQJ WR WKH WZHHWV DQG GLVFXVVLRQV WKDW DUH KDSSHQLQJ IRU WKH RWKHU VHVVLRQ \RX ZDQWHG WR JR WR DQG \RX FDQ DVN TXHVWLRQV ·µ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·V VFKHGXOH %RWK WKH 6;6: LQWHUDFWLYH DQG HGXFDWLRQ FRQIHUHQFHV DUH RSHQ IRU DQ\RQH WR DWWHQG EXW KRWHO URRPV DQG FRQIHUHQFH WLFNHWV VHOO RXW TXLFNO\ 0U 7KLHO UHFRPPHQGV WR ´QRW JR WR FRQIHUHQFHV WKDW DUH DERXW ZKDW \RX NQRZ DERXW JR WR FRQIHUHQFHV ZKHUH \RX ZLOO VHH 7KRVH :KR $JUHHG 7R :ULWH DQG KHDU WKLQJV WKDW \RX QHYHU 7KLV %HFDXVH 7KH\ +DG /LWHUDOO\ KDYH EHIRUH µ 1RWKLQJ 7R /RVH
$ 576 (17(57$,10(17 7KH 'HHUÃ&#x20AC;HOG 6FUROO
2FWREHU
$OPRVW 6KRZWLPH
0RYHV /LNH 0DHJHQ
%< '25,( 0$*2:$1 6WDII :ULWHU
DUH LQFUHGLEO\ ZLVH -XVW DV D WHDFKHU DW 'HHUÃ&#x20AC;HOG PLJKW EH SURÃ&#x20AC;FLHQW LQ PDWK GDQFH WHDFKHUV KDYH D ZHDOWK RI NQRZOHGJH $V D IRXU \HDU VHQLRU 0DHJHQ .LOOHHQ DERXW WKHLU >SURIHVVLRQ @ , IHHO DV WKRXJK · KDV FRQWULEXWHG PXFK RI KHU WLPH WKH\ VHH DQG KHDU WKLQJV VRPHWLPHV WKDW HYHQ , DV D GDQFHU KHUH WR 'HHUÃ&#x20AC;HOG·V GRQ·W H[SHULHQFH µ GDQFH SURJUDP 7KLV ´+RQHVW DQG QDWXUDO SDVW VXPPHU .LOOHHQ PRYHPHQW FDQ IRUFH \RX WR VKH VDLG ´7KH\ SDUWLFLSDWHG LQ WKH H[SORUH XQFRPIRUWDEOH SODFHV KDYH VR PXFK KLJKO\ VHOHFWLYH -RIIUH\ ZLWKLQ \RXU VRXO \RX OHDUQ SDVVLRQ IRU ZKDW WKH\ GR DQG LW LV %DOOHW 6FKRRO -D]] DQG VR PXFK PRUH DERXW \RXU &RQWHPSRUDU\ 6XPPHU FDSDELOLW\ QRW RQO\ DV D GDQFHU DPD]LQJ WR OLVWHQ ,QWHQVLYH LQ 1HZ <RUN EXW DOVR DV D KXPDQ EHLQJ µ WR WKHP VKDUH WKHLU DSSUHFLDWLRQ IRU &LW\ WKH DUW 7KLV ZDV :KHQ VKH ZDV IRXU 0DHJHQ .LOOHHQ · SUREDEO\ WKH PRVW .LOOHHQ EHJDQ KHU WUDLQLQJ HIIHFWLYH SDUW RI DW WKH +DFNZRUWK 6FKRRO RI 3HUIRUPLQJ $UWV LQ (DVWKDPSWRQ WKH SURJUDP IRU PH µ 7KURXJKRXW KHU \HDUV RI GDQFH DQG 0 D V V D F K X V H W W V ZKHUH VKH VWXGLHG WDS MD]] GXULQJ WKH VXPPHU SURJUDP .LOOHHQ KDV DQG EDOOHW $W V H Y H Q JDLQHG FRQÃ&#x20AC;GHQFH ´,I \RX WDNH D VHFRQG VKH PRYHG WR W K H DQG OLVWHQ WR \RXU ERG\ LW·V DPD]LQJ 3L]D]] 'DQFH 6WXGLR LQ WKH WKLQJV WKDW LW FDQ UHYHDO <RXU ERG\ *UHHQÃ&#x20AC;HOG DQG E H J D Q LQKHUHQWO\ GHVLUHV WR PRYH DQG WR ULG FRPSHWLQJ LQ M D ] ] LWVHOI RI DQ\WKLQJ WKDW PDNHV LW IHHO OHVV FRQÃ&#x20AC;GHQW RU SRZHUIXO µ K L S K R S .LOOHHQ KRSHV WR DFKLHYH KHU GUHDP W D S RI EHFRPLQJ D S U R I H V V L R Q D O GDQFHU 6KH H[SODLQHG KRZ GDQFH LV QRW RQO\ D SDVVLRQ DQG DUW IRUP PRGHUQ DQG EXW DOVR DQ RXWOHW RI VHOI DZDUHQHVV DQG FRQWHPSRUDU \ HPRWLRQ GDQFH ´+RQHVW DQG QDWXUDO PRYHPHQW FDQ $OWKRXJK .LOOHHQ QRZ IRUFH \RX WR H[SORUH XQFRPIRUWDEOH FRQVLGHUV KHUVHOI PDLQO\ SODFHV ZLWKLQ \RXU VRXO 1R RQH ZDQWV D FRQWHPSRUDU\ DQG WR JR EDFN WR D SODFH ZKHUH \RX IHOW PRGHUQ GDQFHU VKH LV JXLOW\ RU VDG EXW XVXDOO\ ZLWK WKH VWLOO FRPPLWWHG WR RWKHU HQHUJHWLF HQYLURQPHQW DQG PXVLF VW\OHV ´,W LV LPSRUWDQW WR \RXU ERG\ HQGV XS WKHUH ><RXU EH D ZHOO URXQGHG GDQFHU ERG\@ LV IRUFHG WR IDFH HPRWLRQV LQ WKH SURIHVVLRQDO ZRUOG WKDW DUH UHDOO\ KDUG WR H[SUHVV LQ WRGD\ µ VKH H[SODLQHG ZRUGV µ VKH VDLG ´+RZHYHU LI 7KH SURJUDP WKLV SDVW VXPPHU ZDV DW \RX DUH WKH RQH ULGGLQJ \RXUVHOI 3DFH 8QLYHUVLW\ DQG VKH ZRUNHG GDLO\ RI WKHVH IHHOLQJV DQG \RX DUH ZLWK SURIHVVLRQDO GDQFHUV DURXQG WKH WKH RQH Ã&#x20AC;JKWLQJ EDFN UDWKHU FLW\ ´:H ZHUH H[SRVHG WR WKH GDQFH WKDQ D IULHQG RU SDUHQW ZRUOG LQ WKH FLW\ HYHU\ VLQJOH GD\ µ JLYLQJ DGYLFH \RX OHDUQ VR .LOOHHQ VDLG ´$QG WKDW NLQG RI PXFK PRUH DERXW \RXU H[SHULHQFH LV WUXO\ QHFHVVDU\ FDSDELOLW\ QRW RQO\ DV D IRU DQ\RQH ZDQWLQJ WR EHFRPH GDQFHU EXW DOVR DV D D SURIHVVLRQDO GDQFHU µ KXPDQ EHLQJ µ 7KH PRVW UHZDUGLQJ SDUW RI KHU H[SHULHQFH ZDV LQWHUDFWLQJ &$52/,1( ZLWK WKH WHDFKHUV ´>7KH\@ %$/:,1
%< 6,&,/< .,(6(/ 6WDII :ULWHU 3HWHU +\QGV MRLQHG WKH DGPLVVLRQ VWDII IXOO WLPH WKLV \HDU DIWHU ZRUNLQJ SDUW WLPH WKH SUHYLRXV \HDU +H KDV DQ H[WHQVLYH EDFNJURXQG LQ WKH DUWV DQG LV D PHPEHU RI ERWK WKH $PHULFDQ *XLOG RI 0XVLFDO $UWLVWV DQG $FWRUV (TXLW\ +H KDV ZRUNHG IRU RYHU WZHQW\ \HDUV WKURXJKRXW WKH FRXQWU\ LQ YDULRXV DVSHFWV RI WKH DUWV LQFOXGLQJ PXVLFDO WKHDWHU GDQFH RSHUD DQG Ã&#x20AC;OP 0U +\QGV KDV EHHQ D VWDJH PDQDJHU IRU WKH 3LWWVEXUJK 2SHUD )ORULGD *UDQG 2SHUD 'DOODV 2SHUD +RXVWRQ *UDQG 2SHUD WKH 6DQ )UDQFLVFR 2SHUD .DQVDV &LW\ 6WDUOLJKW 3LWWVEXUJK &LYLF /LJKW 2SHUD 9DULHW\ &KLOGUHQ·V 7KHDWUH DQG 7KH 0XQ\ 0U +\QGV KDV VSHQW IRXUWHHQ VXPPHUV DV D VWDJH PDQDJHU ZLWK WKH 6W /RXLV 081< $PHULFD·V ROGHVW DQG ODUJHVW RXWGRRU PXVLFDO WKHDWHU 7KURXJKRXW KLV FDUHHU 0U +\QGV KDV DOZD\V UHOLVKHG WKH RSSRUWXQLW\ WR VKDUH KLV H[SHUWLVH WKURXJK WHDFKLQJ WUDLQLQJ DQG PHQWRULQJ WKH VWDJH PDQDJHUV RI WRPRUURZ 7KH DGGLWLRQ RI 0U +\QGV
ZLOO KHOS FUHDWH D PRUH LQIRUPHG DQG HTXLSSHG DGPLVVLRQ VWDII LQ UHJDUGV WR WKH DUWV VDLG 'HDQ RI $GPLVVLRQ DQG )LQDQFLDO $LG 3DPHOD 6DIIRUG 0U +\QGV LV ORRNLQJ IRUZDUG WR DVVLVWLQJ WKH 9LVXDO DQG 3HUIRUPLQJ $UWV )DFXOW\ LQ WKHLU RQJRLQJ TXHVW WR Ã&#x20AC;QG WKH EHVW VWXGHQWV IRU WKHLU SURJUDPV ´'HHUÃ&#x20AC;HOG KDV DOZD\V KDG D VWURQJ DQG YLEUDQW 9LVXDO DQG 3HUIRUPLQJ $UWV 'HSDUWPHQW ,W LV ZRYHQ LQWR WKH YHU\ IDEULF RI 'HHUÃ&#x20AC;HOG·V KLVWRU\ µ VDLG 0U +\QGV %RWK 0U +\QGV DQG 0V 6DIIRUG FRPPHQWHG WKDW WKLV LV D WKULOOLQJ WLPH IRU WKH DUWV DW 'HHUÃ&#x20AC;HOG ZLWK WKH UHPRGHOLQJ RI WKH 0HPRULDO %XLOGLQJ ´7KH UHQRYDWHG EXLOGLQJ ZLOO EH DQRWKHU MHZHO LQ WKH DFDGHP\·V FURZQ µ H[SODLQHG 0U +\QGV 0U +\QGV· QHZ SRVLWLRQ DV ZHOO DV WKH DGPLVVLRQ VWDIIV UH DUWLFXODWLQJ WKH TXDOLWLHV WKH\ ORRN IRU LQ 'HHUÃ&#x20AC;HOG VWXGHQW LV FUHDWLQJ DQ H[FLWLQJ \HDU IRU WKH DUWV DQG DGPLVVLRQ RIÃ&#x20AC;FH 0U +\QGV UHIHUHQFHG WKH WKHDWUH VD\LQJ ´,W·V DOO LQ WKH WLPLQJ µ :LWK WKH UHQRYDWLRQ LW LV WKH SHUIHFW WLPH IRU 'HHUÃ&#x20AC;HOG WR ´.LFN LW XS D QRWFK µ
%< &$52/,1( )(77 6WDII :ULWHU 7KLV IDOO 'HHUÃ&#x20AC;HOG·V WKHDWHU SURJUDP ZLOO EH SXWWLQJ RQ D SURGXFWLRQ RI WKH URPDQWLF FRPHG\ $OPRVW 0DLQH E\ -RKQ &DULDQL 6HW LQ D P\WKLFDO WRZQ LQ QRUWKHUQ 0DLQH WKH SOD\ LV DQ HQVHPEOH SLHFH WKDW IHDWXUHV D JURXS RI SHRSOH DQG KRZ WKH\ DOO Ã&#x20AC;QG RU ORVH ORYH 7KH UROHV DUH Ã&#x20AC;OOHG E\ 'HHUÃ&#x20AC;HOG VWXGHQWV $QQLH %URQIPDQ · :LOO 'DUOLQJ · -DFNVRQ /DQQLQJ · 'RULH 0DJRZDQ · 6DUDK -LQLFK · 'HYRQ %LHUXW · $PDQGD 'HVNDYLFK · 'DYLG 'DUOLQJ · &RG\ $QGHUVRQ 6DOR · 7KHUHVD /XFLHU · 9LVKDZQ *UHHQH · 6LGQH\ +XOEXUG · 4XHUXEH 6XDUH] :HUOHLQ · 1K\LUD $VDQWH · DQG &DW :\DWW · 7KH VWDJH PDQDJHU LV +DLOH\ 1XWKDOV · DQG WKH PXVLFDO GLUHFWRU LV 0DJJLH <LQ · 7KH SURGXFWLRQ ZLOO EH 'HHUÃ&#x20AC;HOG $FDGHP\·V Ã&#x20AC;UVW HYHU SHUIRUPDQFH LQ WKH :KLWH &KXUFK 0V +\QGV LV ORRNLQJ IRUZDUG WR ZRUNLQJ LQ D QHZ HQYLURQPHQW ´:H DUH JRLQJ WR PHHW HYHU\ FKDOOHQJH WKDW WKH YHQXH SUHVHQWV WR XV µ VKH VDLG 2QH RI WKH FKDOOHQJHV LV WKDW WKH DFWRUV ZLOO QRW EH SHUIRUPLQJ RQ D VWDJH EXW UDWKHU LQ WKH URXQG ZKHUH WKH\ ZLOO EH VXUURXQGHG RQ DOO VLGHV E\ WKH DXGLHQFH ´7KLV SUHVHQWV D FKDOOHQJH WR WKH DFWRUV EHFDXVH WKH\ KDYH QRZKHUH WR
KLGH µ VDLG 0V +\QGV :LWK WKH JXLGDQFH RI 3DXO <DJHU WKH WHFKQLFDO GLUHFWRU DQG GHVLJQHU WKH WHFKQLFDO WHDP LV ZRUNLQJ WR WUDQVIRUP WKH :KLWH &KXUFK 6SRLOHU DOHUW WKHLU ELJJHVW XQGHUWDNLQJ LV WKH WDVN RI UHFUHDWLQJ WKH $XURUD %RUHDOLV 1RUWKHUQ /LJKWV DERYH WKH VHW )RU WKLV SURGXFWLRQ WKH H[SHULHQFHG DFWRUV DUH UHTXLUHG WR KHOS GLUHFW D VFHQH WKDW WKH\ DUH QRW SHUIRUPLQJ LQ ´, P VXSHU H[FLWHG WR JHW WKH RSSRUWXQLW\ WR GLUHFW WKLV WHUP µ VDLG 6DUDK -LQLFK · ´%HLQJ RQ WKH GLUHFWLQJ VLGH RI WKLQJV \RX KDYH WR KDYH D VHQVH RI WKH ELJJHU SLFWXUH RI D VFHQH (DFK DFWRU LV PRVWO\ UHVSRQVLEOH IRU KLP RU KHUVHOI EXW WKH GLUHFWRU KDV WR Ã&#x20AC;JXUH RXW KRZ HDFK DFWRU·V LQGLYLGXDO VW\OH ZLOO ZRUN ZLWK WKH RWKHUV· ,W V UHDOO\ LQWHUHVWLQJ WR VHH KRZ DFWRUV ZLWK GLIIHUHQW VWUHQJWKV FKDOOHQJH HDFK RWKHU DQG PXWXDOO\ VWUHQJWKHQ HDFK RWKHU·V ZHDNHU DUHDV µ 0V +\QGV H[SODLQHG WKH DPRXQW RI KDUG ZRUN WKDW JRHV LQWR FUHDWLQJ WKHVH SURGXFWLRQV IRU RXU FRPPXQLW\ ´7KHVH SURGXFWLRQV DUHQ W MXVW P\ EDELHV WKHUH DUH PDQ\ RWKHU SHRSOH ZKR KDYH GHYRWHG VR PXFK WLPH DQG HIIRUW WR PDNLQJ WKHP WKH YHU\ EHVW WKH\ FDQ EH ,W LV D KXJH WHDP HIIRUW HYHU\ WHUP µ VKH VDLG $OPRVW 0DLQH RSHQV RQ 7XHVGD\ 2FWREHU WK DQG ZLOO UXQ XQWLO 1RYHPEHU QG
0V :KLWFRPE )LQGV 1HZ 5K\WKPV RQ 6DEEDWLFDO 3URYLGHG E\ 06 :+,7&20%
0U +\QGV $XGLWLRQV 1HZ 7DOHQW LQ $GPLVVLRQV 2IÃ&#x20AC;FH
+$( -81( /(( 7KH FDVW RI $OPRVW 0DLQH UHKHDUVHV LQ WKH :KLWH &KXUFK
%< 0$'',( 0221 6WDII :ULWHU $IWHU D \HDUORQJ VDEEDWLFDO 9LVXDO DQG 3HUIRUPLQJ $UWV WHDFKHU -HQQLIHU :KLWFRPE LV EDFN DW 'HHUÃ&#x20AC;HOG $FDGHP\ 7UDYHOLQJ WR GLIIHUHQW SDUWV RI /DWLQ $PHULFD WKH &DULEEHDQ %DVLQ DQG 1HZ <RUN &LW\ RYHU WKH FRXUVH RI WKH \HDU VKH EHFDPH FHUWLÃ&#x20AC;HG LQ GLIIHUHQW GDQFLQJ WHFKQLTXHV DQG UHFRQQHFWHG ZLWK SDVW WHDFKHUV 0V :KLWFRPE VWDUWHG WKH \HDU LQ 3XHUWR 5LFR ZKHUH VKH DWWHQGHG WKH WK :RUOG 6DOVD &RQJUHVV DQG SDUWLFLSDWHG LQ FHUWLÃ&#x20AC;FDWLRQ ZRUNVKRSV LQ $IUR $QWLOOHV IRONORULF GDQFH IRUPV DQG 3XHUWR 5LFDQ VDOVD
0V :KLWFRPE VDLG VKH OHDUQHG DERXW WKH KLVWRU\ DQG WKHRU\ RI VDOVD DV ZHOO DV PRUH DGYDQFHG VDOVD PRYHV +HU QH[W VWRS ZDV 1HZ <RUN &LW\ 6KH VWD\HG IRU WZR PRQWKV DQG VWXGLHG ZLWK /\QQ 6LPRQVRQ RQH RI KHU Ã&#x20AC;UVW GDQFH WHDFKHUV ZKRP 0V :KLWFRPE KDGQ·W VHHQ IRU GHFDGHV ´/\QQ ZDV RQH RI WKH UHDVRQV WKDW , GHFLGHG WR EHFRPH D SURIHVVLRQDO GDQFHU µ VDLG 0V :KLWFRPE ´6KH LV DERXW WR UHWLUH DQG , UHDOO\ ZDQWHG WR JHW FHUWLÃ&#x20AC;HG LQ KHU WHFKQLTXH DQG EHFRPH D 6LPRQVRQ 7HFKQLTXH WHDFKHU 6R , VSHQW D FRXSOH RI PRQWKV LQ 1HZ <RUN GRLQJ WKDW DQG , FRPSOHWHG WKH FHUWLÃ&#x20AC;FDWLRQ µ $ORQJ ZLWK RWKHU DOXPV 0V :KLWFRPE YLVLWHG KHU KLJK VFKRRO &DPEULGJH 6FKRRO RI :HVWRQ ZKHUH WKH\ KHOG D SHUIRUPDQFH WULEXWH IRU KHU YHU\ Ã&#x20AC;UVW GDQFH WHDFKHU ZKR UHWLUHG ODVW \HDU 0V :KLWFRPE VDLG KHU VDEEDWLFDO \HDU ZDV DQ RSSRUWXQLW\ IRU KHU WR UHFRQQHFW ZLWK KHU SDVW WHDFKHUV DQG WR UHDFK EDFN WR WKH SDVW IRUJHW DERXW WKH SUHVHQW DQG ORRN IRUZDUG WR WKH IXWXUH 0V :KLWFRPE DOVR UHFRQQHFWHG ZLWK VRPH RI KHU IDYRULWH RXWGRRU DFWLYLWLHV LQFOXGLQJ ND\DNLQJ KLNLQJ VNLLQJ VZLPPLQJ DQG KRUVHEDFN ULGLQJ ´7ZR \HDUV DJR ,
VXSHUYLVHG $QJLH &DEUDO·V ULGLQJ H[HPSWLRQ DQG , VWDUWHG PLVVLQJ KRUVHV DJDLQ µ VKH VDLG ´7R P\ FRPSOHWH VXUSULVH D KRUVH FDPH LQWR P\ OLIH , KDG D IULHQG ZKR JDYH PH KHU KRUVH I RU D \HDU 7KDW ZDV DQRWKHU HOHPHQW RI UHDFKLQJ EDFN LQWR P\ SDVW µ 'HVSLWH KHU UHFHQW UHWXUQ 0V :KLWFRPE DOUHDG\ KDV KRSHV WR KHOS PDNH WKH $UWV 'HSDUWPHQW PRUH YLVLEOH DW 'HHUÃ&#x20AC;HOG 6KH DQG KHU VWXGHQWV DUH IRFXVLQJ RQ Ã&#x20AC;QGLQJ WKH RSSRUWXQLWLHV WKDW WKH FKDOOHQJHV RI WKLV WUDQVLWLRQDO \HDU DUH SUHVHQWLQJ $V VKH WUDYHOHG LQ /DWLQ $PHULFD DQG WKH &DUULEHDQ %DVLQ VKH ZDV LQWULJXHG WR Ã&#x20AC;QG WKDW GDQFH ZDV DQ LQWHJUDO SDUW RI WKRVH FXOWXUHV 6KH HQMR\HG OHDUQLQJ GDQFH IRUPV LQ ZKLFK HYHU\RQH SDUWLFLSDWHV 0V :KLWFRPE DOVR SODQV WR EXLOG /DWLQ $PHULFDQ DQG VRFLDO DQG IRONORULF GDQFH LQWR 'HHUÃ&#x20AC;HOG·V GDQFH SURJUDP WKLV \HDU ´'XULQJ WKH WLPH , ZDV JRQH WKLQJV KDYH LPSURYHG , FDPH EDFN WR D UHDOO\ EROVWHUHG GDQFH SURJUDP DQG LW·V DOO SROLVKHG XS WKDQNV WR &U\VWDO 1LOVVRQ DQG &DUULH 7RZOH µ VKH H[SODLQHG ´, KDG D ORW RI IXQ GXULQJ P\ VDEEDWLFDO \HDU ,·P UHMXYHQDWHG UHIUHVKHG DQG H[FLWHG WR EH EDFN LQ WKH VWXGLR µ
632576
&RQJUDWXODWLRQV WR
&RDFK 0LNH 6LOLSR RQ KLV WK FDUHHU ZLQ
7KH 'HHUÀHOG 6FUROO
2FWREHU
6SHFLDOL]DWLRQ (QG RI DQ (UD %< 0,&+$(/ 3$5. 6WDII :ULWHU $V 'HHUÀHOG·V YDUVLW\ URVWHUV ÀOO ZLWK PRUH DQG PRUH VHULRXV DWKOHWHV VSHFLDOL]DWLRQ KDV EHFRPH D SRSXODU RSWLRQ IRU DQ DIWHU VFKRRO FR FXUULFXODU 7KLV IDOO WKH VFKRRO KDV LPSOHPHQWHG D QHZ SROLF\ ZKLFK DOORZV VWXGHQWV D FR FXUULFXODU H[HPSWLRQ RQH VHDVRQ SHU \HDU WR WUDLQ IRU WKHLU PDLQ VSRUWV ´$PRQJ RWKHU UHVROXWLRQV WKLV LGHD UHFRJQL]HV WKDW VWXGHQW DWKOHWHV DUH LQFUHDVLQJO\ VHHNLQJ WLPH IRU WUDLQLQJ LQ WKHLU SULPDU\ VSRUW µ H[SODLQHG $WKOHWLF 'LUHFWRU &KDUOHV 'DYLV ZKR LV DOVR WKH YDUVLW\ IRRWEDOO FRDFK DQG D PHPEHU RI WKH $WKOHWLFV 7DVN )RUFH ´:H YHU\ PXFK YDOXH WHDP VSRUWV SDUWLFLSDWLRQ DQG WKHUHIRUH WKRXJKW WKLV RQH WHUP RSWLRQ WR EH D UHDVRQDEOH FRPSURPLVH IRU MXQLRUV DQG VHQLRUV µ 7KH $WKOHWLFV 7DVN )RUFH LV D JURXS RI WHDFKHUV ZKR UHFRPPHQGHG WZR VHDVRQV RI RQH VSRUW XQGHU WKH FRQGLWLRQ WKDW SDUWLFLSDQW DWKHOHWHV SOD\ D
GLIIHUHQW VSRUW WKH WKLUG WHUP $V 0U 'DYLV PHQWLRQHG WKLV QHZ SROLF\ LV RQO\ DSSOLFDEOH WR XSSHUFODVVPHQ 8QGHUFODVVPHQ PXVW ÀQG WKHLU PDMRU VSRUW E\ WU\LQJ RXW GLIIHUHQW WHDP VSRUWV ´2XU KRSH LV WKDW WKLV SROLF\ ZLOO PDLQWDLQ 'HHUÀHOG·V WUDGLWLRQ RI SURPRWLQJ D ZHOO URXQGHG HGXFDWLRQ ZKLOH KHOSLQJ DWKOHWHV ZKR IHHO OLNH WKH\ QHHG WR GHYRWH PRUH WLPH WR D SDUWLFXODU VSRUW µ UHVSRQGHG (QJOLVK WHDFKHU .DULQQH +HLVH KHDG RI WKH $WKOHWLF 7DVN )RUFH ´:H DOVR KRSH WKDW WKLV SROLF\ ZLOO HQDEOH DWKOHWHV WR GHYHORS WKHLU FRPSHWLWLYH HGJH ZLWKRXW IDOOLQJ SUH\ WR VRPH RI WKH GDQJHUV RI RYHU VSHFLDOL]DWLRQ ²OLNH RYHUXVH LQMXULHV DQG EXUQRXW µ ´/RRNLQJ IRUZDUG , ZRQGHU LI WKH VFKRRO ZRXOG EH ZLOOLQJ WR OHW XQGHUFODVVPHQ DOVR PDNH XVH RI WKLV RSSRUWXQLW\ µ VDLG 6XQKR 3DUN · ZKR FXUUHQWO\ KDV D KRFNH\ H[HPSWLRQ ´%XW , LPDJLQH WKDW WKH VFKRRO ZRXOG ZDQW XQGHUFODVVPHQ WR PDNH IULHQGV WKURXJK WKHLU VSRUWV HYHQ LI WKRVH VWXGHQWV GRQ·W WDNH WKH VSRUW VHULRXVO\ µ
2WKHU YRLFHV DJUHHG ZLWK 3DUN·V FODLP WKDW XQGHUFODVVPHQ VKRXOG EH SOD\LQJ WHDP VSRUWV WR EH PRUH LQYROYHG LQ WKH FRPPXQLW\ &DPHURQ 'HZH\ · ZLWK D VTXDVK H[HPSWLRQ VDLG ´3OD\LQJ D WHDP VSRUW LV LQYDOXDEOH IRU QHZ NLGV WR PHHW RWKHUV WKDW WKH\ QRUPDOO\ ZRXOGQ·W FRPH DFURVV µ $OWKRXJK WKH SROLF\ DV RI QRZ LV D SLORW SURJUDP WKDW PD\ EH VXEMHFW WR FKDQJH LQ WKH QHDU IXWXUH VR IDU WKHUH KDYH QRW EHHQ PDQ\ FRPSODLQWV UHJDUGLQJ WKH V\VWHP ´7KHUH PD\ EH IDFXOW\ PHPEHUV ZKR DUH VDGGHQHG E\ WKH IDFW WKDW WKHUH LV VR PXFK SUHVVXUH RQ WKH VWXGHQWV WR WDNH WKLQJV WR VXFK D KLJK OHYHO µ VDLG +HDG RI 6FKRRO 0DUJDULWD &XUWLV ´:H IHOW IRU D ORQJ WLPH WKDW VWXGHQWV SHUIRUPLQJ LQ WKUHH GLIIHUHQW VSRUWV HDFK \HDU LV YHU\ DSSURSULDWH IRU WKH VHFRQGDU\ OHYHO +RZHYHU ZH VWLOO VHH D ORW RI YDOXH LQ GLVFRYHULQJ QHZ WDOHQWV DQG VWUHQJWKV GXULQJ \RXU KLJK VFKRRO FDUHHU KHQFH WKH FRQGLWLRQ WR FRPSHWH LQ DQ RII VHDVRQ VSRUW µ
-()) %52:1
%< %522.( +252:,7&+ 6WDII :ULWHU
1HZ $VVLVWDQW $'V $UH 6WDU $WKOHWHV ´$V D IDFXOW\ PHPEHU FROODERUDWLQJ ZLWK KLV IRUPHU WHDFKHUV DQG FRDFKHV µ 3KLOLH VDLG ´,·P HVSHFLDOO\ ORRNLQJ IRUZDUG WR JHWWLQJ WR NQRZ WKH ER\V RQ )LHOG ,, KHDULQJ VWRULHV DERXW ZKHUH HYHU\RQH FRPHV IURP DQG EHLQJ RQ D GRUP ÁRRU DQ LQWHJUDO SDUW RI WKLV VSHFLDO FRPPXQLW\ µ 7KURXJKRXW KLV FKLOGKRRG 3KLOLH UHPHPEHUV SOD\LQJ ´D PLOOLRQ GLIIHUHQW VSRUWV µ 7KH 'HHUÀHOG DWKOHWLF SURJUDP FXOWLYDWHG KLV WDOHQWV LQ
%RWK 'UHZ 3KLOLH ¶ DQG &DUROLQH 6WHGPDQ KDYH MRLQHG WKH $FDGHP\ DV 'HHUÀHOG·V QHZ $VVLVWDQW $WKOHWLF 'LUHFWRUV :KLOH WKH\ SOD\ GLIIHUHQW VSRUWV WKH\ ERWK EULQJ D QHZ HQWKXVLDVP WR WKH $WKOHWLF 'HSDUWPHQW 3KLOLH UHWXUQV WR WKH 'HHUÀHOG 9DOOH\ DIWHU JUDGXDWLQJ IURP WKH 8QLYHUVLW\ RI 9HUPRQW ZKHUH KH SOD\HG 'LYLVLRQ , LQWHUFROOHJLDWH ODFURVVH :KLOH KH LV ÀQGLQJ IDFXOW\ OLIH GHÀQLWHO\ GLIIHUHQW IURP KLV ERDUGLQJ VWXGHQW GD\V KH WUHDVXUHV WKH WUDGLWLRQV DQG KLVWRU\ 81,9(56,7< WKDW KDYH HQGXUHG \ H D U 2) 9(50217
I R R W E D O O KRFNH\ DQG O D F U R V V H +H UHFDOOV KLV IDYRULWH VHDVRQ MXQLRU YDUVLW\ KRFNH\ VRSKRPRUH $W ÀUVW
GLVDSSRLQWHG DERXW EHLQJ FXW IURP YDUVLW\ KH FUHGLWV KLV FRDFKHV 0U (PHUVRQ DQG WKH UHFHQWO\ UHWLUHG 0U 0RUVPDQ IRU ´EULQJLQJ WKH IXQ EDFN LQWR KRFNH\ µ 3KLOLH KRSHV WR GR WKH VDPH IRU ER\V KRFNH\ DQG ODFURVVH +H UHFRJQL]HV WKDW KLJK VFKRRO DWKOHWHV IDFH D WUHPHQGRXV DPRXQW RI SUHVVXUH DQG ZDQWV WR ´NHHS WKH JDPHV IXQ µ ´,I \RX·UH QRW KDYLQJ IXQ \RX VKRXOGQ·W EH RXW WKHUH GRLQJ LW µ KH VDLG &DUROLQH 6WHGPDQ FRPHV WR 'HHUÀHOG IURP (631 ZKHUH VKH DQDO\]HG 1%$ VWDWLVWLFV OLNH 3OD\HU (IÀFLHQF\ 5DWLQJV³D VLQJOH QXPEHU WKDW UHSUHVHQWV DOO RI D SOD\HU·V VWDWLVWLFDO FRQWULEXWLRQV WR D WHDP 6KH EULQJV KHU NQRZOHGJH DQG ORYH RI VSRUWV WR JLUOV YDUVLW\ VRFFHU DQG EDVNHWEDOO ´,·P HQMR\LQJ KHOSLQJ DQG ZDWFKLQJ JLUOV GHYHORS GXULQJ VSRUWV DV ZHOO DV RII WKH
)URP 3RZHU WR 3RZGHU %< *25'21 ;,$1* 6WDII :ULWHU
FLUFXPVWDQWLDO RU LQWHQWLRQDO"µ VDLG 0U 'DYLV $W WKLV SRLQW LQ WKH VHDVRQ GDWD IURP WKH *UHHU LV LQFRQFOXVLYH DQG GRHV QRW 6WDUWLQJ WKLV IDOO WKH 'LQLQJ +DOO ZLOO VKRZ DQ\ QRWLFHDEOH LQFUHDVH LQ *DWRUDGH EH SURYLGLQJ SRZGHUHG *DWRUDGH SDFNHWV VDOHV EXW WKH GDWD GRHV VKRZ WKDW *DWRUDGH LQ OLHX RI 3RZHUDGH ERWWOHV IRU WUDYHOOLQJ VDOHV PDNH XS PRUH WKDQ RI WRWDO WHDPV LQ DQ DWWHPSW WR FXW GRZQ RQ EHYHUDJH VDOHV $WKOHWHV FDQ ÀOO XS ZDWHU ERWWOHV LQ WKH 'HHUÀHOG·V SODVWLF FRQVXPSWLRQ 7KH XQDQWLFLSDWHG FRQVHTXHQFHV RI WKLV FKDQJH *UHHU EHIRUH GHSDUWLQJ IRU JDPHV EXW LW FDQ EH GLIÀFXOW WR UHÀOO KRZHYHU WKUHDWHQ WR ZDWHU ERWWOHV GXULQJ XQGHUPLQH WKH JRDO ´2Q WKH ÀUVW 6DWXUGD\ RI EXV ULGHV DQG DW RWKHU RI WKLV QHZ SROLF\ ,GHDOO\ LQ SODFH VSRUWV >JDPHV@ URXJKO\ KDOI VFKRROV 3DWULFN +DGOH\ RI 3RZHUDGH SODVWLF ERWWOHV VWXGHQWV WKH IRRWEDOO WHDP ZDV EX\LQJ · VWRRG LQ IDYRU DPHQGLQJ WKH ZRXOG XVH WKH *DWRUDGH IURP WKH *UHHU µ RI QHZ SROLF\ ´, WKLQN UHXVDEOH *DWRUDGH UHGXFLQJ WKH DPRXQW ERWWOHV SURYLGHG 0U 'DYLV RI 3RZHUDGH LQVWHDG RI E\ WKH 7UDLQHUV HOLPLQDWLQJ LW HQWLUHO\ LV D 2IÀFH DQG PL[ LQ WKH *DWRUDGH SRZGHU SURYLGHG E\ WKH EHWWHU DOWHUQDWLYH DQG ZRXOG KHOS XV OHDUQ 'LQLQJ +DOO ,QVWHDG VRPH VWXGHQWV DUH WR UHF\FOH PRUH HIÀFLHQWO\ µ KH VDLG ,Q WKH HQG LW DOO FRPHV GRZQ WR JRLQJ GLUHFWO\ WR WKH *UHHU DQG SXUFKDVLQJ *DWRUDGH ,Q DQ LQWHUYLHZ 0U 'DYLV VDLG SODVWLF ERWWOH XVH ´, KDYHQ·W KDG ÀUVWKDQG ´2Q WKH ÀUVW 6DWXUGD\ RI VSRUWV >JDPHV@ H[SHULHQFH EHFDXVH , GRQ·W FRDFK LQ WKH URXJKO\ KDOI WKH IRRWEDOO WHDP ZDV EX\LQJ IDOO EXW LI LW FXWV GRZQ RQ RXU SODVWLF ERWWOH XVDJH ,·P DOO IRU LW µ VDLG 0U *DWRUDGH IURP WKH *UHHU µ $V D UHVXOW RI WKH SROLF\ VKLIW SDUHQWV 0F9DXJK ´,W UHTXLUHV NLGV WR EH PRUH DOVR RFFDVLRQDOO\ EULQJ ODUJH FRROHUV RI UHVSRQVLEOH ZLWK WKHLU 'HHUÀHOG UHXVDEOH *DWRUDGH WR JDPHV ,I WKH WRWDO LQFUHDVH ZDWHU ERWWOHV µ 7KH ERWWRP OLQH IRU PRVW SHRSOH LV RI SXUFKDVHG *DWRUDGHV LV VLJQLÀFDQW LW FRXOG GHIHDW WKH SXUSRVH RI WKH SROLF\ WKDW LI WKH SROLF\ FXWV GRZQ RQ SODVWLF FKDQJH ´2Q DFFRXQW RI WKLV SROLF\ VKLIW , LW LV D ZRUWKZKLOH VDFULÀFH :KHQ DVNHG ZRXOG VSHFXODWH WKDW *DWRUDGH VDOHV ZRXOG DERXW WKLV FKDQJH 0U 6FDQGOLQJ SURPSWO\ ULVH LQ WKH *UHHU DQG , ZRXOG DVN LV WKDW UHSOLHG ´,W·V DERXW GDUQ WLPH µ
ÀHOG µ 6WHGPDQ VDLG ´, DOVR DGPLUH P\ IHOORZ IDOO FRDFKHV +HLGL 9DON DQG 'DQLHOOH &KDJQRQ DV JUHDW SHRSOH DQG PHQWRUV µ %HFDXVH VKH SULPDULO\ IRFXVHG RQ EDVNHWEDOO DW $PKHUVW ZKHUH KHU WHDP ZRQ WKH 'LYLVLRQ ,,, QDWLRQDO WLWOH LQ VKH DSSUHFLDWHV WKH RSSRUWXQLW\ WR ´JHW EDFN LQWR VRFFHU µ /LYLQJ DV D IDFXOW\ UHVLGHQW RQ 3RFXPWXFN ,,, 6WHGPDQ KDV DOUHDG\ DGMXVWHG WR GRUPLWRU\ OLIH 6KH UDYHV DERXW KHU ´JUHDW KDOOµ DQG ´DZHVRPH SURFWRUV µ ,Q DGGLWLRQ VKH LV H[FLWHG WR FKDSHURQH VXPPHU LQWHUQDWLRQDO WULSV $OO LQ DOO VKH LV SXUVXLQJ QHZ RSSRUWXQLWLHV ZKLOH FRQWLQXLQJ KHU ROG SDVVLRQ IRU DWKOHWLFV
$0+(567 &2//(*(
3HWUXV LV 3DOHR )LW
%< ,'($/ '2:/,1* 6WDII :ULWHU
$ QHZ DUULYDO RQ 'HHUÀHOG·V FDPSXV &ODLUH 3HWUXV · EULQJV ZLWK KHU ERWK DQ HQWKXVLDVP IRU &URVV)LW DQG D VWURQJ GHGLFDWLRQ WR OHDGLQJ D KHDOWKIXO OLIHVW\OH &URVV)LW LV D ULJRURXV H[HUFLVH SURJUDP WKDW LQFRUSRUDWHV D FRPELQDWLRQ RI ZHLJKWOLIWLQJ VSULQWLQJ DQG J\PQDVWLFV 6SHFLÀFDOO\ LWV FRPSRQHQWV LQFOXGH 2O\PSLF OLIWLQJ SRZHUOLIWLQJ PHWDEROLF FRQGLWLRQLQJ DQG FDUGLR 2YHUDOO LW LV IRFXVHG RQ IXQFWLRQDO ÀWQHVV WKDW FDQ EH DSSOLHG WR DOO SK\VLFDO DVSHFWV RI OLIH 6R IDU 3HWUXV KDV DSSOLHG KHU &URVV)LW VNLOOV WR FURVV FRXQWU\ D VSRUW VKH WRRN XS MXVW WKLV \HDU ,Q WKH WHDP·V ÀUVW UDFH RI WKH VHDVRQ WKH %UXVK ,QYLWDWLRQDO VKH FDPH LQ ÀUVW SODFH RXW RI JLUOV LQ WKH XQGHUFODVVPDQ GLYLVLRQ ,Q WKH ZLQWHU 3HWUXV KRSHV WR JHW D VSRUWV H[HPSWLRQ WR GR &URVV)LW EXW LI QRW VXFFHVVIXO VKH ZLOO SOD\ KRFNH\ DQG UXQ WUDFN LQ WKH VSULQJ (YHQ ZLWKRXW WKH H[HPSWLRQ VKH SODQV RQ FRQWLQXLQJ KHU SDVVLRQ 6KH DLPV WR WUDYHO WR D &URVV)LW J\P LQ 1RUWKKDPSWRQ RU +DGOH\ DW OHDVW RQFH D ZHHN ZKLOH NHHSLQJ XS ZLWK KHU OLIWLQJ RQ KHU RZQ ,Q DGGLWLRQ VKH KDV IRXQGHG D &URVV)LW FOXE WR KHOS JURZ WKH VSRUW KHUH DW 'HHUÀHOG 7KH &URVV)LW FOXE PHHWV DW D P HYHU\ 6XQGD\ ´, ZDQWHG WR EULQJ P\ ORYH RI &URVV)LW WR 'HHUÀHOG µ VKH VDLG 3HWUXV LV H[SORULQJ WKH SRVVLELOLWLHV RI HLWKHU WDNLQJ D YDQ WR D &URVV)LW FODVV RU
KDYLQJ D WUDLQHU FRPH WR WKH VFKRRO 6KH VWURQJO\ DGYRFDWHV IRU WKH SURJUDP DQG LWV JURZWK DQG QRWHV WKDW PDQ\ SHRSOH KDYH DOUHDG\ LQTXLUHG DERXW WKH FOXE·V ÀUVW VHVVLRQ 6HYHQ SHRSOH SDUWLFLSDWHG LQ WKDW GD\·V LQWHQVH ZRUNRXW ZKLFK FRQVLVWHG RI VL[ VWDWLRQV LQFOXGLQJ EXUSHHV SXVK XSV VLW XSV DLU VTXDWV MXPS URSH DQG ER[ MXPSV 7R FRPSOHPHQW KHU ÀWQHVV SURJUDP 3HWUXV IROORZV DQ XQFRQYHQWLRQDO DQG VWULFW GLHW NQRZQ DV WKH 3DOHR 'LHW $OVR UHIHUUHG WR DV WKH ´&DYHPDQ 'LHW µ WKH 3DOHR 'LHW LV EDVHG RQ WKH IRRGV HDUO\ KXPDQV DWH 6KH GRHVQ·W HDW JUDLQV VXJDU VR\ GDLU\ DQG OHJXPHV 3HWUXV VD\V WKDW VLQFH VKH VWDUWHG WKH GLHW ÀYH PRQWKV DJR VKH DOUHDG\ IHHOV KHDOWKLHU DQG VWURQJHU
9$/(5,( 0$