*2,1* 29(5 72 (8523( )520 1257+ $0(5,&$ 21 9$&$7,21 &$1 %( $1 (;3(5,(1&( 2) $ /,)(7,0( %87 *2,1* 29(5 72 5,'( 21( 2) 7+( %,**(67 08/7, '$< 02817$,1 %,.( 5$&(6 ,1 7+( :25/' ,6 $/0267 %(<21' :25'6 0< 3$571(5 5<$1 :$776 $1' , +$' %((1 /22.,1* )25:$5' 72 7+( $'9(1785( 6,1&( /$67 6800(5 :+(1 7+( 3(23/( 7+$7 581 7+( 75$16$/3 &+$//(1*( 3529,'(' 86 7+( 23325781,7< 72 &20( $1' 5,'( 7+( (9(17 , :$6 /22.,1* )25:$5' 72 0((7,1* 83 :,7+ 2/' )5,(1'6 )520 (8523( $1' )5,(1'6 )520 7+( 8 6 :+2 :( :28/' *(7 72 63(1' 7+( 1(;7 7(1 '$<6 :,7+
^QdY_^Q\ \Q]`__^´c
34/29 "9 ,,/9$ 4(/-!3 0(/4/3 "9 ,,/9$ 4(/-!3 29!. 7!443 !.$ $!-)%. -!44(%73
',
SXQ\\U^WU
dUQ] SQ^QTQ K\\_iT dX_]Qc biQ^ gQddcM dQ[U _^ ]_e^dQY^ RY[Y^W´c ]_cd RbedQ\ U^TebQ^SU UfU^d
'-
5IF CFBVUJGVM MB OET NPUJWBUJPO UP L DBQF XBT UIF CJHHFTU FFQ QVTIJOH Z PVSTFMG 5IF "SSJWBM
$IWHU VRPH LQFUHGLEOH OXFN Ã&#x20AC; \LQJ RXW RI 9DQFRXYHU DQG JHWWLQJ XSJUDGHG WR ¿ UVW FODVV RQ WKH ZD\ WR )UDQNIXUW *HUPDQ\ ZH DUULYHG IHHOLQJ IUHVK DQG H[FLWHG WR VWDUW RII WKH WULS RQ WKH ULJKW IRRW :H GHFLGHG RQ UHQWLQJ D PRWRUKRPH IRU RXU DGYHQWXUH WKURXJK WKH $OSV DQG FRQYLQFHG RU VXFNHUHG RXU JRRG IULHQG IURP 7RURQWR 'DPLHQ DND µ7KH &KHI¶ WR KHDG DFURVV WKH SRQG DQG PHHW XV WR EH RXU VXSSRUW GULYHU FRRN DQG JHQHUDO JXLQHD SLJ 7KH WULS ZDV VWDUWLQJ WR ORRN PRUH OLNH 1DWLRQDO /DPSRRQ¶V (XURSHDQ 9DFDWLRQ WKDQ DQ DVVDXOW RQ WKH (XUR PRXQWDLQ ELNH VFHQH 7U\LQJ WR ERRN KRWHOV LQ WKH VPDOO WRZQV ZH ZHUH UDFLQJ WKURXJK KDG VWDUWHG WR EHFRPH DQ RUGHDO ZKHQ , PDGH WKH GHFLVLRQ WR UHQW WKH PRWRUKRPH DQG DV LW WXUQHG RXW ZDV DFWXDOO\ TXLWH QLFH WR KDYH :KR NQHZ WKDW \RX FRXOG JHW D PRWRU KRPH XS WR PSK RQ WKH *HUPDQ KLJKZD\V ,W ZDV EUDQG QHZ ZLWK PLOHV RQ WKH RGRPHWHU DQG ZH KDG WKH SHGDO WR WKH Ã&#x20AC; RRU LPPHGLDWHO\ JHWWLQJ RQWR WKH ¿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¿ [ ZH VHW RQ WKH WDVN RI JHWWLQJ RXU ELNHV WRJHWKHU DQG VLJQLQJ LQ IRU WKH HYHQW 2YHU WHDPV RI WZR ULGHUV HDFK ZHUH JRLQJ WR VWDUW WKH 7UDQV$OS WKLV \HDU DQG FRXOG RQO\ LPDJLQH KRZ F\FOLVWV ZHUH JRLQJ PDQDJH WKH VLQJOHWUDFN DQG URDGV WR FRPH
.JUUFOXBME 5IF #JSUIEBZ DPNFT BOE HPFT
0LWWHQZDOG KDV EHHQ KRVW WR WKH VWDUW RI WKH 7UDQV$OS HYHQW VLQFH LWV VWDUWHG LQ WKH ODWH ¶V 7ZR GD\V EHIRUH WKH ¿ UVW VWDJH \RX FRXOG WHOO WKDW D ELNH UDFH ZDV FRPLQJ WR WRZQ DQG LW¶V IXQQ\ KRZ WKH HQWLUH (QJOLVK VSHDNLQJ FURZG VHHPV WR ¿ QG HDFK RWKHU :H PRYHG RXU PRWRUKRPH WR WKH RI¿ FLDO FDPS ZKLFK FRQVLVWHG RI D FRXSOH KXQGUHG PRWRUKRPHV DQG HQG XS SDUNLQJ ULJKW QH[W WR DQRWKHU WHDP RI &DQDGLDQ¶V &DQDGLDQV DUH IXQQ\ ZH DUHQ¶W YHU\ SDWULRWLF ZDYLQJ WKH &DQDGLDQ Ã&#x20AC; DJ LQ RXU RZQ EDFN\DUG DW KRPH EHFDXVH , JXHVV ZH NQRZ WKDW ZH¶UH LQ &DQDGD <RX FDQ GULYH GRZQ DQ\ VWUHHW LQ WKH 8QLWHG 6WDWHV DQG FDQ JXDUDQWHH WR ¿ QG DW OHDVW ¿ YH Ã&#x20AC; DJV ZDYLQJ DQG PD\EH HYHQ RQH LQ WKH ZLQGRZ %XW \RX JR DZD\ DQG WUDYHO DQG WKDW &DQDGLDQ Ã&#x20AC; DJ LV ZDYLQJ KLJK :H PDGH VXUH WKDW ZH KDG Ã&#x20AC; DJV RQ RXU ELNHV DQG WKH RWKHU &DQDGLDQ¶V DOUHDG\ KDG RQH ZDYLQJ RII WKH IURQW RI WKHLU PRWRUKRPH %\ WKH HQG RI WKH WKLUG VWDJH WKH\ KDG DOUHDG\ FRPH WR VDYH RXU DVV PDQ\ WLPHV DV &DWK\ EURXJKW DOO WKH OLWWOH WKLQJV OLNH EDJJLHV DQG IU\LQJ SDQV DQG VWXII WKDW WKUHH JX\V ZRXOGQ¶W WKLQN DERXW EULQJLQJ &DWK\ DOVR ZDV RXU QDYLJDWRU DV VKH KDG PRUH PDSV RQ (XURSH WKHQ WKH )%, RU &,$ ,¶P VXUH )URP VWDJH WR VWDJH LW¶V D QLJKWPDUH IRU WKH GULYHUV WRR DV
($
7
" $BOBEJBO UPBTU UP SFDPWFSZ WKH\ ZRXOG DOO UDFH WR WKH QH[W WRZQ WR VHW XS FDPS DQG DORQJ WKH ZD\ KDYH WR JHW ZDWHU DQG JDV DOO IURP WKH VDPH OLWWOH VWDWLRQV 7KH GD\ EHIRUH WKH VWDUW ZDV P\ ELUWKGD\ DQG , GRQ¶W WKLQN WKHUH LV D EHWWHU ZD\ WR VSHQG \RXU ELUWKGD\ WKHQ ULGLQJ ZLWK \RXU EHVW IULHQGV LQ (XURSH :H ZHQW RXW IRU D FDVXDO WZR KRXUV DIWHU FRIIHH RI FRXUVH ZLWK DQRWKHU $PHULFDQ WHDP DQG IULHQGV IURP 6XQ 9DOOH\ ,GDKR ,W ZDV LQWHUHVWLQJ WR VHH 3DXO ULGLQJ D HU DQG ZDV ZRQGHULQJ KRZ KH ZDV JRLQJ WR GR FRQVLGHULQJ WKH PDQ\ KRXUV ZH ZRXOG EH VSHQGLQJ LQ RXU VPDOOHVW JHDUV RQ LQFK ZKHHOHG ELNHV
4UBHF 0OF .NNN DPGGFF
6R WKH GD\ ¿ QDOO\ DUULYHV :H¶UH DOO UHDG\ WR JR DQG HYHU\WKLQJ IHHOV JUHDW 0RUQLQJ EUHDNIDVW LQYROYHV FRRNLQJ HJJV DW WKH PRWRUKRPH DV ZH NQHZ ZH ZRXOG EH JHWWLQJ RXU JUDQROD PXHVOL DQG \RJXUW ¿ [ VRRQ HQRXJK WKURXJK WKH ZHHN 7KH VWDJH VWDUWHG DW QRRQ WRGD\ ZKLFK ZDV QLFH WR JHW WKH ¿ UVW GD\ UROOLQJ EXW ZDV DOVR D ELW KHFWLF ,PDJLQH KDYLQJ WR FKHFN LQ ZLWK RWKHU WHDPV WZR KRXUV HDUO\ MXVW VR \RX FDQ JHW D JRRG VSRW RQ WKH VWDUWLQJ OLQH :LWK WKH DGUHQDOLQH Ã&#x20AC; RZLQJ DQG QHUYHV NLFNLQJ LQ WKH ZDLW WLOO KLJK QRRQ ZDV VLOHQWO\ ZLQQLQJ D ZDU ZLWK PH (YHU\WKLQJ IHOW JUHDW IRU D JRRG VWDJH WRGD\ DQG DOO WKH PLOHV
USJFT OPU UP
F N B GS G P MF E JE -MPZE N HFU MPTU JO UIF NJY DQG KRXUV RI WUDLQLQJ EDFN LQ :KLVWOHU OHIW PH FRQ¿ GHQW ZH ZHUH JRLQJ WR KDYH D JUHDW ZHHN 7KH UDFH ¿ QDOO\ JRW XQGHUZD\ EXW QRW EHIRUH WZR KRXUV RI VLWWLQJ RXW LQ WKH VXQ ZDLWLQJ IRU WKH JXQ :KDW D FUD]\ VWDUW LW ZDV WRR :H KDG LQFUHGLEOH VSRWV RQ WKH VWDUWLQJ OLQH ULJKW XS IURQW LQ WKH ¿ UVW IHZ URZV RI WKH ¿ HOG ZKLFK ZDV SHUIHFW $V ZH KHDG RXW WKH UDFH WXUQHG GRZQ WKH QDUURZHVW VWUHHW LQ WRZQ WKH PDLQ VWUHHW WKDW ZDV FRPSOHWH ZLWK IXOO RXWGRRU UHVWDXUDQWV VWRQH ZDWHU GLWFKHV DQG OLIH FDUU\LQJ RQ DV XVXDO IRU WKH SHRSOH XQDZDUH ZH ZHUH FRPLQJ 'RGJLQJ SHRSOH LV RQH WKLQJ EXW WKURZ LQ D WKRXVDQG ULGHUV FKDLUV WDEOHV DQG WKH OLWWOH ULYHU UXQQLQJ GRZQ WKH VLGH RI WKH VWUHHW WKURXJK WRZQ DQG \RX FUHDWH D ZKROH WRQ RI YDULDEOHV WR QDYLJDWH $V ZH FOHDUHG WKH FKDRV 5\DQ DQG , VWDUW ZHDYLQJ WKURXJK WUDI¿ F WR PDNH WKH ¿ UVW VSOLW DQG ¿ QG RXUVHOYHV LQ WKH IURQW WKHQ VRPHWKLQJ MXVW GRHVQ¶W IHHO ULJKW 7KH UDFH ZDV IDVW EXW ZDVQ¶W DW DOO XQFRPIRUWDEOH EXW WKHQ , MXVW VWDUWHG ORVLQJ SRZHU :LWKLQ ¿ YH PLQXWHV LW ZDV D VWUXJJOH WR ULGH DW WHQ PSK RQ WKH Ã&#x20AC; DW URDGV DQG ZDV DOPRVW UHGXFHG WR ZDONLQJ XS WKH VPDOOHVW LQFOLQHV E\ KRXU WKUHH RI WKH UDFH 6RPHWKLQJ ZDV GH¿ QLWHO\ ZURQJ DQG LI LW NHSW XS ZDV JRLQJ WR EH D ORQJ ZHHN , ZDV QH[W WR FRPSOHWHO\ GHK\GUDWHG E\ WKH HQG RI WKH VWDJH GHVSLWH GULQNLQJ RYHU WZR DQG D KDOI JDOORQV RI Ã&#x20AC; XLG WKURXJK WKH GD\ 5\DQ KDG WR SXVK PH WKH ODVW WZR PLOHV LQWR WKH WRZQ DV , FRXOG EDUHO\ JHW P\ OHIW OHJ WR WXUQ D FRPSOHWH FLUFOH DURXQG WKH SHGDOV ZLWKRXW FUDPSLQJ
8JUI WJFXT MJLF UIJT DIVSDI NVTU CF QBDLFE PO 4VOEBZ NPSOJOHT JO 4XJU[FSMBOE TUBNQFEF
UIF SF GP F C B SF B SU 5IF TUB
4UBHF 5XP 0I (PE -FUµT HP XBUDI UIF 5PVS
2QH WKLQJ LV IRU VXUH ± ZKHQ \RX JR XS \RX KDYH WR FRPH GRZQ DW RQH SRLQW DQG VLQFH , ZDV VWLOO QRW IHHOLQJ JUHDW EXW ZH ZHUH ORRNLQJ IRUZDUG WR WKH GRZQKLOOV RQ WKH VWDJH :H VWDUWHG RXW WKH VWDJH VXSHU PHOORZ DQG KRSHG , ZRXOG UHFRYHU D ELW $IWHU WKDW NLQG RI GHK\GUDWLRQ LW ZDV JRLQJ WR EH DW OHDVW D IHZ GD\V EHIRUH WKDW ZDV JRLQJ WR KDSSHQ VR ZH WULHG WR PDNH WKH EHVW RI LW 2I FRXUVH WRGD\ ZDV RQH RI WKH KDUGHVW GD\V FOLPELQJ VWDUWLQJ DW IHHW WR RYHU IHHW LQ WKH ¿ UVW WHQ PLOHV 7KH GD\ EHIRUH , GLGQ¶W PLQG JHWWLQJ SXVKHG IRU KHOS DV , WKRXJKW HYHU\WKLQJ ZRXOG EH RND\ ZKHQ , UHFRYHUHG EXW WRGD\ , MXVW ZDQWHG WR GLH , WKLQN , SORWWHG RXW KRZ ZH FRXOG SDFN XS DQG JHW WR WKH $OSH G¶+XH] VWDJH RI WKH 7RXU DERXW D KXQGUHG WLPHV EHIRUH WKH WRS RI WKH FOLPE 2QFH ZH JRW WR WKH FUHVW , TXLFNO\ IRUJRW WKH VXIIHULQJ DV ZH KDG QHDUO\ D VL[ PLOH GHVFHQW DKHDG RI XV WR KDYH VRPH IXQ , WKLQN ZH TXLWH SRVVLEO\ EXLOW WKH PRVW LGHDO ELNH IRU ULGLQJ WKLV W\SH RI UDFH RU DQ\ RWKHU HSLF DGYHQWXUH 2XU ELNHV ZHUH OLJKW EXW QRW VLOO\ ZLWK ZHOO WKRXJKW RXW SDUWV DV UHOLDELOLW\ ZDV RXU JRDO DQG WKH ¿ UVW GRZQKLOO IRU VXUH UHPLQGHG XV RI WKDW :H ZHUH ERWK ULGLQJ *LDQW 156 $LU &RPSRVLWH ZLWK 5RFN6KR[ 5(%$ IRUNV XS IURQW 'XULQJ WKH ¿ UVW GHVFHQW ZH OHDUQHG WKDW WKH EHVW SDVVLQJ OLQH ZDV ZKHUH WKHUH ZDV QR GLVWLQFW OLQH DV WKH (XUR¶V GLGQ¶W VHHP WR NQRZ KRZ WR SDVV RQ WKH GRZQKLOO 7KH\ VHHPHG FRQWHQW WR IROORZ OLNH VKHHS RU WKH\ ZHUH WRR VFDUHG WR JR DQ\ IDVWHU WKDQ WKH ULGHU DKHDG RI WKHP 7KH\ ZRXOG VFUHDP DW \RX DOWKRXJK , DP QRW VXUH ZKDW WKH\ ZHUH VFUHDPLQJ DV ZH SDVVHG E\ ,W ZDV HLWKHU ³6XSSDK´ ZKLFK WKH\ VDLG D ORW RU VRPHWKLQJ WKDW VRXQGHG SRVLWLYH DQ\ZD\ 2U RFFDVLRQDOO\ WKHUH ZHUH ZRUGV WKDW \RX ZRXOGQ¶W UHSHDW LQ WKH GUHVVLQJ URRP DIWHU D JRRG JDPH RI KRFNH\ DQG EHHU
4UBHF 5ISFF 8IBU DPVOUSZ BSF XF JO
6WDUWLQJ WRGD\ ZDV DQRWKHU IHHW RI FOLPELQJ ULJKW IURP
(&
WKH VWDUW RI WKH ¿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¶W UHFRPPHQG DQ HYHQW OLNH WKLV ZLWKRXW D JRRG UHOLDEOH VHW RI GLVF EUDNHV OLNH +D\HV , UHPHPEHU ERPELQJ WKLV GHVFHQW ZLWK VRPH RWKHU 1RUWK $PHULFDQ¶V 6FRWW 0DUNHZLW] DQG KLV SDUWQHU SUR SKRWRJUDSKHU DV ,¶P VXUH \RX¶YH VHHQ KLV LQFUHGLEOH ZRUN 7KH\ ZRXOG EH UDOO\LQJ ZLWK XV RQ WKH GRZQKLOOV DQG ZH ZRXOG FRQVWDQWO\ EH RXW EUDNLQJ DOO WKH (XUR¶V JRLQJ LQWR WKH KDLUSLQV OLNH ZH ZHUH LQ VRPH VXSHUELNH HYHQW $V WKH GD\ ZRUH RQ ¿ QDOO\ ZH KDG D IHZ ODXJKV DV ZH SRSSHG LQ DQG RXW RI $XVWULD DQG 6ZLW]HUODQG D IHZ WLPHV DQG 5\DQ ZRXOG DVN ZKDW FRXQWU\ ZH ZHUH LQ 7KDW KDSSHQHG DOO ZHHN ORQJ DV WKH GD\V VWDUWHG WR EOXU DQG EOHQG WRJHWKHU 6RPHWKLQJ YHU\ XQLTXH DERXW WKLV VWDJH ¿ QLVK ZDV WKDW WKH WRZQ RI 6FRXO 6ZLW]HUODQG KDG WKH µSDVWD SDUW\¶ DW WKH WRS RI WKH UHVRUW 2YHU DWKOHWHV PDGH WKHLU ZD\ XS WKH JRQGROD WR WKH ORGJH DW WKH WRS RI WKH PRXQWDLQ ,W ZDV SUHWW\ FRRO IRU XV WR JR XS DV WKH YLHZ RI WKH YDOOH\ ZDV HQGOHVV ,W ZDV D JRRG WKLQJ WKDW LW GLGQ¶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¶V MHUVH\
4UBHF 'PVS 'JWF 'JOBMMZ CFUUFS BT EBZT CMFOE UPHFUIFS 2Q WKH IRXUWK GD\ WKH (ORDG DQG 6RGLXP WDEOHWV VWDUWHG WR ¿ QDOO\ KHOS DQG , FRXOG DFWXDOO\ KHOS RXW P\ WHDPPDWH
3ZBO QSFQBSFT GPS UIF JOFWJUBCMF GXULQJ WKH UDFH ,W ZDV DOVR WKH GD\ , WKLQN ZKHUH ZH FDPH WR H[SHFW VDODPL DQG ERORJQD VDQGZLFKHV IRU EUHDNIDVW 6WDJH IRXU ZDV D ORQJHU VWDJH DQG VWDJH ¿ YH ZDV TXLWH VKRUW UHODWLYHO\ VSHDNLQJ DQG ¿ QDOO\ PRYHG XS WR ZKHUH ZH IHOW OLNH ZH ZHUH SDUW RI WKH UDFH :LWK WKH VWDJHV W\SLFDOO\ RQ PDQ\ W\SHV RI WHUUDLQ :7% ZDV WKH FKRLFH RI WKH UDFH IRU RXU WLUHV DQG ZKHHOV WKURXJK WKH ZHHN /RRNLQJ EDFN ZH RQO\ KDG RQH Ã&#x20AC; DW DOO ZHHN DQG WKH 1DQRUDSWRU WLUHV ZHUH XQUHDO SDUWLFXODUO\ FRPSDUHG WKH ULGLFXORXV VHPL VOLFNV VRPH RI WKH (XURV XVH 7KH 1DQRV UROO VXSHU ZHOO ZKHQ ZH ZHUH RQ WKH SDYHPHQW EXW ZKHQ ZHUH LQ WKH GLUW DQG URXJK WHUUDLQ SURYLGHG HQRXJK WUDFWLRQ IRU FOLPELQJ DQG EUDNLQJ 7KH /DVHU 'LVF ;& ZKHHOV ZHUH ERPESURRI ZKLFK ZDV DPD]LQJ IRU WKH GRZQKLOO¶V EXW VWLOO OLJKW HQRXJK IRU DOO WKH FOLPELQJ GXULQJ WKH UDFH $ IHZ WKLQJV ZHUH VWDUWLQJ WR EHFRPH HYLGHQW 7KH KRWGRJ DQG VDXVDJH GLQQHUV HDFK QLJKW DW WKH UDFH SDUWLHV ZHUHQ¶W FXWWLQJ LW DQG ZH ZRXOG HQG XS KDYLQJ D VHFRQG GLQQHU HDFK QLJKW WR JHW WKH FDORULHV LQ XV ,W ZDV RGG WKDW DOO RI WKH 1RUWK $PHULFDQV ZRXOG MXVW VHHP WR ¿ QG HDFK RWKHU RXW RI WKH FKDRV DQG HQG XS RXW DW GLQQHU WRJHWKHU DIWHU WKH SDVWD SDUW\ 7KH VDIHVW FKRLFH VHHPHG WR EH IURP WKH PDQ\ GLIIHUHQW YDULHWLHV RI SL]]D \RX FRXOG RUGHU DQG IRU WKH PRVW SDUW WKH RQH IRRG LWHP \RX FRXOG ¿ JXUH RXW RQ WKH PHQX ZLWKRXW WRR PXFK GLI¿ FXOW\ RU WUDQVODWLRQ 2QH WKLQJ LV IRU FHUWDLQ RXU FKRLFH WR KDYH WKH PRWRUKRPH RYHU WKH JKHWWR FDPS ZDV WKH ULJKW FKRLFH -XVW WKH OX[XU\ RI QRW KDYLQJ WR SDFN \RXU EDJ XS HYHU\ PRUQLQJ EHIRUH
5IF TIPFT HFU QVU P VU UP QBTUVSF
'BCJP QSPWJEFE UIF IPUFM IPTQJUBMJUZ HDFK VWDJH ZDV ZRUWK LW 1RW WR PHQWLRQ WKH XQPHQWLRQDEOH WKLQJV WKDW RXU IHOORZ $PHULFDQV ZHUH ZLWQHVVLQJ GDLO\ DW WKH FDPS LQ KRZ WKH VDGGOH VRUHV ZHUH EHLQJ KDQGOHG RXW LQ WKH µRSHQ¶ E\ WKH (XURSHDQV 'H¿ QLWHO\ QRW VRPHWKLQJ , ZDQW WR ZDWFK ZKLOH WU\LQJ WR UHOD[
4UBHF 4JY 'BOBUJDBM 'BOT BOE 4UFFQ "TT %FDFOUT
6R 5\DQ DQG , ZHUH ¿ QDOO\ VWDUWLQJ WR KDXO DVV LQ WKH VWDJHV DQG ZH ZHUH D ELW PRUH DZDUH RI ZKDW¶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¶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¶YH QHYHU VHHQ VR Ã&#x20AC; DW WLUHV RU SHRSOH ZDONLQJ EHFDXVH WKHLU EUDNHV KDG IDLOHG IURP RYHUKHDWLQJ DQG IDGLQJ WR QRWKLQJ ,W ZDV VR VWHHS WKDW \RX KDG WR JR VORZ RU ULVN NLOOLQJ \RXUVHOI ,W ZDV IRU VXUH WKH VWHHSHVW SDYHG URDG ,¶YH HYHU ULGGHQ GRZQ
4UBHF 4FWFO 4IBNNZ UJNF BOE #PDDJ CBMM
7KH ORQJHVW GD\ RI WKH UDFH DOVR WXUQHG RXW WR EH WKH KRWWHVW DW GHJUHVV )DKUHQKHLW DQG , ZDV IHHOLQJ EDG IRU D IHZ EXGGLHV WKDW KDG EHHQ KDYLQJ D URXJK ZHHN 2Q WKH WKLUG VWDJH DV , ZDV VWLOO WU\LQJ WR GHDO ZLWK ORVLQJ WHQ SRXQGV IURP GHK\GUDWLRQ RQH RI WKH &RORUDGR ER\V (ULF ORVW DERXW WHQ SRXQGV RI Ã&#x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³VXSSDK´ DV WKH\ VD\ DQG WKH ODVW PLOHV RI VLQJOHWUDFN ZDV RXWVWDQGLQJ , WRWDOO\ UHPHPEHUHG LW DQG ZDV KDXOLQJ RQ LW ZLWK 5\DQ IROORZLQJ FORVH EHKLQG 7KH ODVW IHZ GHVFHQWV ZHUH XQUHDO EHWZHHQ WKH WLJKW EXLOGLQJV DQG RQ WKH FREEOHV WKURXJK WKH ROG YLOODJHV DOO WKH ZKLOH EDWWOLQJ ZLWK WKH *HUPDQV 7KH\ ¿ QDOO\ ¿ JXUHG RXW WKDW ZH ZRXOG EH SDVVLQJ WKHP ZKHUHYHU DQG KRZHYHU VR WKH\ ZRXOG MXVW JLYH LQ DQG ¿ QDOO\ PRYH RYHU ,W RQO\ WRRN WKHP DOO ZHHN WR ¿ JXUH LW RXW DQG UHOD[ -XVW ZKHQ ZH WKRXJKW WKH VWDJH ZDV RYHU DQG ZH ZHUH FRPLQJ LQWR WKH WRZQ ZH WXUQHG OHIW XS D JUDVV ¿ HOG WKDW ORRNHG OLNH LW ZDV FXW MXVW IRU WKH VWDJH WR JR XS :H GHFLGHG
WKH URXWH RUJDQL]HU ZDV VDGLVWLF DQG ZDV ORRNLQJ IRU ZD\V WR SXQLVK XV 6R ZH ¿ QLVK WKH VWDJH DQG ZHQW WR ORRN IRU 'DPLHQ DQG WKH PRWRUKRPH LQ WKH EHVW VSRW RI WKH ZHHN D SULYDWH SDUNLQJ VSRW DW WKH ORFDO ROG IRONV ERFFL EDOO FRXUWV ,W ZDV SHUIHFW ,W ZDV WRR IXQQ\ $ EXQFK RI ,WDOLDQV SOD\LQJ ERFFL LV D VLWH EHFDXVH LWV SOD\LQJ VWXG\LQJ WKH SOD\ DQG , WKLQN DUJXLQJ DERXW WKH SOD\«ZLWK WKH DUJXLQJ LV DOO LQ WKH KDQGV FDSLFH"
#BTF $BNQ CFUXFFO TUBHFT " QMBDF UP SFTU BOE SFDPWFS GSPN CBUUMF
4UBHF &JHIU $BOBEJBO 4UZMF &I
)LQDOO\ VWDJH ZDV OLNH D PRXQWDLQ ELNH UDFH LQVWHDG RI D FRPSOHWH URDG UDFH , JXHVV , VKRXOG VD\ OLNH D &DQDGLDQ PRXQWDLQ ELNH UDFH EHFDXVH ,¶YH EHHQ WR D IHZ PRXQWDLQ ELNH UDFHV LQ WKH 8 6 WKDW \RX FRXOG DOPRVW FDOO URDG UDFHV WRR 7KH GD\ ZDV HSLF DQG ZKDW ZDV HYHQ EHWWHU ZDV /HVOLH IURP 5RFN\ 0RXQWDLQ JRW WKHLU VXSSRUW FUHZ WR WDNH FDUH RI XV WRR 7KDW PHDQW QR &DPHOEDN ZKLFK ZDV DPD]LQJ DQG LW IHOW OLNH ZH ZHUH UHDOO\ UDFLQJ 7U\ FDUU\LQJ DQ H[WUD RXQFHV RI Ã&#x20AC; XLG RQ \RXU EDFN DOO GD\ DQG EH FRPSHWLWLYH :H ZHUH DEOH WR ORVH DERXW VL[ SRXQGV RI ZHLJKW E\ QRW KDYLQJ WR FDUU\ RXU SDFNV DQG PDGH WKH FOLPELQJ VR PXFK HDVLHU 7KH GD\ VWDUWHG RXW ZLWK UDLQ FOHDUHG VOLJKWO\ IRU WKH ¿ UVW GHVFHQW ZKHUH ZH ZHUH Ã&#x20AC; \LQJ DQG ULGLQJ RXUVHOYHV LQWR WKH WRS WHQ WR ¿ IWHHQ ULGHUV 7KLV GHVFHQW ZDV WKH PRVW
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¿ QLVK OLQH DV ZH ¿ JXUHG ZH ZRXOG JHW WKHP RQ WKH GHVFHQW EHIRUH WKH ERWWRP DQG SXW D ELW RI WLPH LQ EHIRUH WKH Ã&#x20AC; DWV WR WKH ¿ QLVK 7KH UDLQ GH¿ QLWHO\ ZDV LQ RXU DGYDQWDJH RQ WKH GHVFHQW DV LW ZDV MXVW OLNH KRPH DQG ULGLQJ WKH ZHW MXVW PDGH LW WKDW PXFK PRUH IXQ 2Q WKH ODVW IHZ PLOHV RI WKH GHVFHQW ZH EX]]HG SDVW 7RGG EXW GLGQ¶W UHDOO\ VWRS WR VRFLDOL]H DQG 0DUN ZDV D VZLWFK EDFN DKHDG PRYLQJ D ELW IDVWHU EXW ZLWK RXU *LDQW ELNHV ZLWK WKH 5(%$ XS IURQW WKHUH ZDV QR ZD\ KLV KDUGWDLO ZDV JRLQJ WR NHHS XS :H FRXOG IHHO WKH ¿ QLVK OLQH FRPLQJ DV ZH FKDUJHG WKH YDOOH\ DQG WKH ¿ QDOO\ WKUHH PLOHV WR WKH HQG :H IRXQG D ZLFNHG JURXS DQG MXVW VWDUWHG WXUQLQJ WKH VSHHG XS :KDW D JURXS WR KDYH WRR 7KLV ELJ *HUPDQ JX\ ZKR PXVW KDYH EHHQ IURP WKH (DVWHUQ %ORF VFKRRO RI WUDLQLQJ VDW RQ WKH IURQW RI WKH SDFH OLQH RQ KLV PRXQWDLQ ELNH DW PSK IRU WKH ZKROH ODVW WZR PLOHV :H ZHUH VR SV\FKHG WR ¿ QLVK WK RQ WKH ODVW VWDJH DIWHU EHLQJ LQ WKH ¶V RQ WKH ¿ UVW WZR VWDJHV 7RR EDG IRU EHLQJ VLFN
4UBHF /JOF 5IF 8JOEµT #BS )PUFM 4BOUPOJ
OFFEFE
DBQUJPO P / B SE B ( F L B -
:KDW D ZD\ WR HQG WKH UDFH )URP D QHJDWLYH H[SHULHQFH DW WKH VWDUW EHLQJ WRWDOO\ VLFN DQG ZDQWLQJ WR TXLW WR ¿ JKWLQJ WKURXJK DQG DFWXDOO\ JHWWLQJ WR UDFH WKH ODVW IHZ VWDJHV +DYLQJ D SDUWQHU \RX FOLFN ZLWK LV VXFK D NH\ SDUW RI WKLV UDFH DQG 5\DQ ZDV WKH SHUIHFW SDUWQHU +DYLQJ HTXLSPHQW WKDW ZDV UHOLDEOH ZDV WKH RWKHU SRVLWLYH $OO RI WKH HTXLSPHQW ZH ZHUH IRUWXQDWH HQRXJK WR ULGH RQ FRXOG QRW KDYH EHHQ EHWWHU 1RW RQH PHFKDQLFDO DOO ZHHN DQG RQO\ RQH Ã&#x20AC; DW IURP EDG OXFN 7KH XQRI¿ FLDO VWDJH QLQH RI WKH 7UDQV$OS VWDUWV ULJKW DIWHU WKH ODVW VWDJH DQG UHDOO\ KDV QRWKLQJ WR GR ZLWK ELNHV :H KDG ULGGHQ RXU PRXQWDLQ ELNHV WKURXJK IRXU FRXQWULHV DQG ZDV ¿ QDOO\ WLPH WR FHOHEUDWH 7KH FHOHEUDWLQJ LQ ,WDO\ FDQ FHUWDLQO\ JHW D ELW H[FHVVLYH DIWHU D ORQJ ZHHN DQG PRVW RI WKH 1RUWK $PHULFDQ¶V LQ WKH UDFH WRRN DGYDQWDJH RI WKH PRWRUKRPH SDUW\ RQ ZKHHOV DV ZH PDQDJHG WR SDUN WKH PDFKLQH DOPRVW ULJKW DW WKH IURQW GRRU RI WKH 7UDQV$OS DZDUG SDUW\ :H KDG RXU RZQ (QJOLVK YHUVLRQ RI WKH SDUW\ WLOO PLGQLJKW ZKHQ ZH IRXQG RXUVHOYHV RXW DW WKH GLVFR FOXE :LQG¶V %DU ZKHUH 7KRPDV .UROO IURP &RVPLF 6SRUWV *HUPDQ\ LQWURGXFHG XV WR D IHZ 5HG %XOO 9RGNDV EHIRUH WKH QLJKW ZDV ¿ QLVKHG *DZG«¿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¿ QG LQFUHGLEOH HSLF FURVV FRXQWU\ PRXQWDLQ ELNH ULGHV RU WDNH VKXWWOHV DQG JR IUHHULGH VRPH RI WKH PRVW LQFUHGLEOH WHUUDLQ DQ\ZKHUH :RXOG , JR EDFN" ,¶P DOUHDG\ SODQQLQJ QH[W \HDU 'H¿ QLWHO\ LI \RX¶UH ORRNLQJ IRU WKH XOWLPDWH PRXQWDLQ ELNH DGYHQWXUH WKH 7UDQV$OS &KDOOHQJH LV RQ WKH WRS RI WKH OLVW RI WULSV WR WKLQN DERXW 7KDQNV WR DOO RI RXU VXSSRUW 'DPRQH ± 8OWLPDWH 0RWRUKRPH 'ULYHUV $VVRFLDWLRQ 6XJRL &ORWKLQJ *LDQW %LF\FOHV :7% (DVWRQ &RPSRQHQWV 7UXYDWLY 5RFN6KR[ 65$0 %HOO +HOPHWV DQG +D\HV %UDNHV )RU PRUH LQIRUPDWLRQ RQ WKH 7UDQV$OS &KDOOHQJH JR WR WUDQVDOSFKDOOHQJH FRP
((
4BHF /JOF *OUP UIF ¾ OJTI
+VTU ¾ OJTIJOH JT WJDUPSZ