%RVTXH FDUJDGR GH VROHV DYHV SHFHV DQLPDOHV \ HO KRPEUH EUDYRV GH SHORV ODUJRV RULXQGRV GHO ³+XP´ 6XSLHURQ FUHFHU \ SRFR D SRFR GHVDSDUHFHU FRQ OD OOHJDGD GHO KRPEUH EODQFR
:RRGODQGV ODGHQ ZLWK VXQVKLQH ELUGV ÀVK DQLPDOV DQG PHQ ÀHUFH QDWLYHV ZLWK PDQHV RI ORQJ KDLU QDWLYHV RI ´+XP µ 7KH\ ZHUH NQRZQ WR ÁRXULVK RQFH DQG WKHQ VORZO\ YDQLVK ZLWK WKH DUULYDO RI WKH ZKLWH PDQ
'HVGH DTXHO HQWRQFHV OD VXHUWH GHO VXHOR RULHQWDO KD LGR HQ SRV GHO ³GHVDUUROOR´ SLVRWHDQGR WRGR DTXHOOR TXH QR VLJD VX tPSHWX &XOWXUDV HVIXPDGDV GHVSHUGLJDGDV DQLTXLODGDV 5HVWD XQ KRQGR SHVDU LQGLR HQ DOJXQRV SRFRV FLPDUURQHV $\DOD QR WLHQH HGDG KRPEUH FXUWLGR GH VRO FRQ EUD]R GH PRQWH +DFH PiV GH WUHLQWD DxRV TXH YLYH VXPHUJLGR HQ OD SURIXQGLGDG GH OR QDWLYR 3DUD OOHJDU D pO WHQJR TXH DOHMDUPH DWUDYHVDU FDPLQRV GH EDUUR SDVWL]DOHV DODPEUDGRV FDPLQDU \ FDPLQDU VLJXLHQGR HO UtR KDVWD TXH ORV SHUURV GHQXQFLHQ PL OOHJDGD 8Q DSUHWyQ GH PDQRV PH FRQHFWD FRQ PLV DQFHVWURV $O LJXDO TXH $\DOD PL ELVDEXHOR VXSR YLYLU GHO PRQWH HUDQ RWURV WLHPSRV FXDQGR VX FDPLQR OR OOHYy D HVH PLVPR OXJDU 1XQFD YR\ D VDEHU VL IXH HO GHVWLQR TXH OR KL]R XQ PRQWDUD] R TXL]iV XQD FRQH[LyQ LQH[SOLFDEOH FRQ OD QDWXUDOH]D TXH VRVSHFKR KHUHGDU GH pO
6LQFH WKHQ WKH IDWH RI WKLV VRLO (DVW RI 8UXJXD\ ULYHU KDV EHHQ GULYHQ E\ ´SURJUHVV µ ZKLFK WUDPSOHV RQ DQ\WKLQJ WKDW GRHV QRW NHHS XS ZLWK LWV PRPHQWXP )DGHG VFDWWHUHG DQQLKLODWHG FXOWXUHV $ GHHS ,QGLDQ VRUURZ SHUVLVWV LQ WKH IHZ UHPDLQLQJ PDURRQV
(O QRPEUH 5tR 1HJUR SURYLHQH GH OD SDODEUD LQGtJHQD KXP TXH VLJQL¿FDED ³D Pt´ R ³QXHVWUR´ HQ GLDOHFWR JXHQRD
7KH QDPH RI 5tR 1HJUR %ODFN 5LYHU FRPHV IURP WKH QDWLYH ZRUG KXP ZKLFK PHDQW ³WR PH´ RU PLQH LQ WKH JXHQRD GLDOHFW
$\DOD LV DJHOHVV D VXQ WDQQHG PDQ ZLWK DUPV OLNH WKH IRUHVW )RU RYHU WKLUW\ \HDUV KH KDV EHHQ OLYLQJ LQ WKH GHSWKV RI LQGLJHQRXV WHUULWRU\ 7R UHDFK KLP , KDYH WR JR IDU DFURVV GLUW URDGV KLJK SDVWXUHV IHQFHV , KDYH WR ZDON DQG ZDON DORQJ WKH ULYHU XQWLO KLV GRJV EHWUD\ P\ DUULYDO $ KDQGVKDNH LQVWDQWO\ FRQQHFWV PH WR P\ IRUHIDWKHUV /LNH $\DOD P\ JUDQGIDWKHU NQHZ KRZ WR OLYH LQ WKH IRUHVW LQ D GLIIHUHQW DJH KLV SDWK OHG KLP WR WKLV VDPH VSRW ,·OO QHYHU NQRZ LI LW ZDV FKDQFH WKDW WXUQHG KLP LQWR D ZRRGVPDQ SHUKDSV LW ZDV KLV LQH[SOLFDEOH FRQQHFWLRQ ZLWK QDWXUH ZKLFK , VXVSHFW , KDYH LQKHULWHG IURP KLP
(O DUWLVWD \ HO PRQWDUD] QRWDV D SDUWLU GH %UD]R GH 0RQWH GH $QGUpV %RHUR 0DGULG1 0$12(/ 6,/9(675( )5,48(6
,QWURGXFFLyQ %UD]R GH 0RQWH WtWXOR TXH QRV LQYLWD D WUDYpV GH XQD \X[WDSRVLFLyQ LQFRQJUXHQWH D SHQVDU HQ OD UHODFLyQ HQWUH HO KRPEUH \ OD QDWXUDOH]D R PiV H[DFWDPHQWH HQ HO SDUDGLJPD ³FXOWXUD QDWXUDOH]D´ ¢$ TXp VH UH¿HUH $QGUpV %RHUR 0DGULG DO DQXQFLDU OD H[LVWHQFLD GH XQD SDUWH GH OD DQDWRPtD KXPDQD HQ HO VHQR GH XQD IRUPDFLyQ YHJHWDO QR FXOWLYDGD" ¢&yPR VH DUWLFXOD XQ PLHPEUR KXPDQR HQ UHODFLyQ D HVH WRGR QDWXUDO" (Q GH¿QLWLYD ¢WLHQH EUD]RV HO PRQWH" 6HPHMDQWHV LQGDJDFLRQHV SXHGHQ SDUHFHU XQ WDQWR LQJHQXDV SXHVWR TXH %RHUR HQ OD HOHFFLyQ GHO WtWXOR HOLJH XQD DSUR[LPDFLyQ FODUDPHQWH PHWDIyULFD
(VWH WH[WR HVWi GHGLFDGR D ËFDUR /LUD \ D OD PHPRULD GH )HOLSH %y +XWKPDFKHU $JUDGH]FR DO SULPHUR ODV FRQYHUVDFLRQHV TXH UHVXOWDURQ HQ DOJXQDV GH ODV LGHDV UHIHULGDV HQ HO WH[WR
6H HQWLHQGH DTXt SDUDGLJPD VHJ~Q OD GH¿QLFLyQ GH 5RODQG %DUWKHV ³3DUDGLJPD ¢TXH HV" (V OD RSRVLFLyQ GH GRV WpUPLQRV YLUWXDOHV GH ORV FXDOHV DFWXDOL]R XQR SDUD KDEODU SDUD SURGXFLU VHQWLGR ´ %$57+(6 S
< VLQ HPEDUJR DXQTXH SRQH GH PDQL¿HVWR HVD YROXQWDG PHWDIyULFD GHO DUWLVWD QR HVFODUHFH WRWDOPHQWH SRU DKRUD QR HVWDPRV D~Q VDWLVIHFKRV OD HQYHUJDGXUD GH OD H[SUHVLyQ (Q XQ SULPHU PRPHQWR OD UHVSXHVWD VHUtD HO EUD]R HV GHO PRQWDUD] DTXHOOD ¿JXUD KXPDQD TXH DSDUHFH HQ ODV IRWRJUDItDV FRQ FRQWRUQRV VLHPSUH LPSUHFLVRV ELHQ SRUTXH VX SUHVHQFLD FURPiWLFD VH FRQIXQGH FRQ HO SDLVDMH ELHQ SRUTXH QXQFD OH YHPRV RFXSDQGR HO SULPHU SODQR R ELHQ SRU HVWDU UHFRUWDGR D OD DOWXUD GH OD QXFD HVWD LQGH¿QLFLyQ VROR LQGLFD GH IRUPD SUHFDULD XQD LGHQWLGDG HQ WRGR FDVR DQyQLPD 6H WUDWD SRU OR WDQWR GH XQ EUD]R FDPXÀDGR HQ HO SDLVDMH 8Q VHJXQGR FDPLQR DSXQWD QR KDFLD HO KRPEUH VLQR KDFLD OD HVWUXFWXUD YHJHWDO 'RQGH OHHPRV µEUD]R¶ SRGHPRV HQWHQGHU µUDPD¶ 'HVGH HVWD SHUVSHFWLYD EUD]R GH PRQWH FRUUHVSRQGH D ODV UDPL¿FDFLRQHV TXH HQ ODV IRWRJUDItDV GH %RHUR VH HQWUHOD]DQ GH IRUPD WRUWXRVD \ GLItFLO GH PDSHDU SDUD HO RMR KXPDQR LPSRQLpQGROH D pVWH OD LPSRVLELOLGDG GH DSUHKHQGHU XQLWDULDPHQWH HO REMHWR REVHUYDGR WDO \ FRPR GHVHDUtD OD SVLFRORJtD GH OD *HVWDOW (VWDV PDUDxDV GH UDPDV PDUFDQ OD SDXWD GHO WUDEDMR DTXt FRPHQWDGR REOLJDQGR HQ FRQVHFXHQFLD D HVWH WH[WR D VHJXLU WDPELpQ HO PLVPR SURFHGLPLHQWR VLQXRVR (QWUHODFHPRV ODV UDPDV
3ULPHU EUD]R OD SLQWXUD \ HO SDLVDMH (V GH VHQWLGR FRP~Q FRQVLGHUDU HO SDLVDMH FRPR XQR GH ORV JpQHURV SLFWyULFRV WUDGLFLRQDOHV MXQWR D OD QDWXUDOH]D PXHUWD \ HO UHWUDWR 6H D¿UPD FRPR WDO D PHGLDGRV GHO VLJOR ;9,, D WUDYpV GH ODV FUHDFLRQHV GH SLQWRUHV KRODQGHVHV FRPR 6DORPRQ YDQ 5X\VGDHO FD R 0HLQGHUW +REEHPD \ VH GHVDUUROOD HQ OD REUD GH DUWLVWDV WDQ FpOHEUHV \ GLVSDUHV FRPR &ODXGH /RUUDLQ 1LFRODV 3RXVVLQ -RKQ &RQVWDEOH R -RVHSK 0 : 7XUQHU DSDUWH GH ORV LFyQLFRV SLQWRUHV GHO LPSUHVLRQLVPR \ SRVW LPSUHVLRQLVPR (V SRVLEOH SURSRQHU XQ GHVYtR HQ UHODFLyQ D HVWH DERUGDMH GHO SDLVDMH FRPR JpQHUR QR FRPR XQ REMHWR D VHU YLVWR \ FRQWHPSODGR VLQR FRPR XQ SURFHVR GH IRUPDFLyQ GH LGHQWLGDGHV VXEMHWLYDV \ VRFLDOHV /D UHSUHVHQWDFLyQ GHO SDLVDMH GHEH VHU HQWHQGLGD HQWRQFHV FRPR XQ YHKtFXOR GH LQWHUFDPELR FRQGLFLRQDGR SRU WRGD XQD UHG GH UHODFLRQHV VRFLR FXOWXUDOHV 6H WUDWD SRU WDQWR GH XQ PHGLXP DPELJXR GH H[SUHVLyQ FXOWXUDO SXHV FRPR MHURJOt¿FR VRFLDO HO SDLVDMH RIUHFH XQD LPDJHQ TXH GLVLPXOD VX FDUiFWHU FRQWLQJHQWH OD LPDJHQ SDLVDMtVWLFD ± FRPR HVFHQD QDWXUDO UHSUHVHQWDGD ± VH DVLHQWD VREUH FRQYHQFLRQHV FXOWXUDOHV TXH FRQGLFLRQDQ VX ³QDWXUDOLGDG´ +D\ SRU FRQVLJXLHQWH XQ GREOH PRYLPLHQWR PHGLDQWH
HO FXDO VH QDWXUDOL]D OD FRQYHQFLyQ DO WLHPSR TXH VH FRQYHQFLRQDOL]D OD QDWXUDOH]D 'LFKR HVWR OD SUHJXQWD TXH FDEUtD KDFHUVH HV HQWHQGLGR FRPR SUiFWLFD FXOWXUDO ¢FyPR VH FRPSRUWD HO SDLVDMH" 3XHV pVWH QR VROR VLPEROL]D ODV UHODFLRQHV GH SRGHU VLQR TXH DGHPiV HV HQ Vt PLVPR XQ LQVWUXPHQWR \ DJHQWH GH SRGHU FXOWXUDO 7HQLHQGR HQ FXHQWD HO GLVFXUVR WHyULFR GH : - 7 0LWFKHOO SRGHPRV FRPHQ]DU D FRQVLGHUDU OD SLQWXUD GH SDLVDMH XUXJXD\D SXHVWR TXH WDPELpQ %RHUR VH GHVYLYH HQ FRQVLGHUDFLRQHV VREUH OD YHJHWDFLyQ GH OD SDPSD 6LHQGR DVt QR QRV SDUHFH XQ GLVSDUDWH REVHUYDU ODV GLVWDQFLDV \ SUR[LPLGDGHV ODV GLYHUJHQFLDV \ VLPLOLWXGHV H[LVWHQWHV HQWUH ORV SDLVDMHV XUXJXD\RV FUHDGRV SRU VXV DUWLVWDV &RQFUHWDPHQWH HQ UHODFLyQ D OD SLQWXUD GH SDLVDMH TXHUHPRV GHVWDFDU GRV PRPHQWRV KLVWyULFRV SXQWXDOHV OD SXEOLFDFLyQ HQ GHO 3URQWXDULR GH 3DLVDMHV REUD GHO SLQWRU -XDQ 0DQXHO %HVQHV H ,ULJR\HQ \ OD H[SRVLFLyQ SODQLVWD RUJDQL]DGD SRU HO JUXSR 7HVHR HQ %XHQRV $LUHV HQ MXOLR GH (Q HO 3URQWXDULR GH 3DLVDMHV3 ± XQD HVSHFLH
(Q OD SRUWDGD GRQGH HVWi HVFULWR HO WtWXOR GHO GRFXPHQWR DSDUHFHQ GRV DxRV PRPHQWR HQ TXH HIHFWLYDPHQWH GD FRPLHQ]R OD REUD GH %HVQHV H ,ULJR\HQ \ IHFKD LQGLFDGD HQ HO FDQWR LQIHULRU L]TXLHUGR HQ XQD GHGLFDWRULD D VX KHUPDQR $FWXDOPHQWH HO GLDULR VH HQFXHQWUD HQ FXVWRGLD GH OD %LEOLRWHFD 1DFLRQDO GH 8UXJXD\ KDELHQGR VLGR GLJLWDOL]DGR HQ VX WRWDOLGDG (O DQiOLVLV DTXt HPSUHQGLGR HVWi EDVDGR HQ HO GRFXPHQWR GLJLWDO
GH GLDULR YLVXDO GH %HVQHV H ,ULJR\HQ ± GHVWDFD \D GHVGH HO LQLFLR VX SRUWDGD 7DQWR HO WtWXOR GHO GLDULR FRPR OD GHGLFDWRULD D VX KHUPDQR SUHVHQWDQ XQ WUD]R RUJiQLFR FRQ IXHQWHV TXH DVXPHQ XQD GLPHQVLyQ JUi¿FD TXH QR UHQXQFLD D OD VHPiQWLFD 6H WUDWD VLQ GXGD GH XQD YDULDFLyQ GH ODV PLQLDWXUDV PHGLHYDOHV DTXHOODV TXH LOXPLQDEDQ ODV OHWUDV FDSLWDOHV DO LQLFLR GH ORV WH[WRV (VWD LQWHUSUHWDFLyQ VH YH FRUURERUDGD SRU OD OHWUD 3 GH 3URQWXDULR TXH HQYXHOYH WRGR OR HVFULWR FUHDQGR XQ iPELWR FXUYLOtQHR \ VLQXRVR SDUD HO UHVWR GHO WtWXOR /DV GHPiV OHWUDV TXH IRUPDQ OD SDODEUD VRQ VLQ HPEDUJR GH WUD]R DXVWHUR HVSHFt¿FDPHQWH FRQWUDSXHVWDV D ODV FXUYDV TXH HQJHQGUDQ HO VLJXLHQWH WpUPLQR 3DLVDMH (V DTXt GRQGH ODV FXUYDV VH YXHOYHQ DXWyQRPDV VDOLHQGR GH ODV OHWUDV \ DGTXLULHQGR LQGHSHQGHQFLD JUi¿FD SURSLD KDVWD HO SXQWR GH FRQVWLWXLU XQD WHOD GH DUDxD XQD UHG HQWUHOD]DGD R VL VH TXLHUH XQD VHOYD WLSRJUi¿FD4 2EMHWLYDPHQWH HO GLDULR HVWi IRUPDGR SRU LPiJHQHV SLQWDGDV SRU -XDQ 0DQXHO %HVQHV H ,ULJR\HQ \ DFRPSDxDGDV SRU WH[WRV TXH GH PRGR LQYDULDEOH QRV GDQ ODV VLJXLHQWHV LQIRUPDFLRQHV ORFDO UHSUHVHQWDGR FDVD FDPSR LJOHVLD SODQWD EDMD UHXQLyQ HWF IHFKD HQWUH DEULO \ PD\R GH SXGLHQGR DSUHFLDUVH WDPELpQ SDSHOHV SHJDGRV
$GHPiV GH SLQWRU %HVQHV H ,ULJR\HQ HUD WLSyJUDIR \ FDOtJUDIR
GH RWURV DxRV \ PRPHQWR GHO GtD /RV GLEXMRV ± OD PD\RUtD GH HOORV DFXDUHODV5 ± SUHVHQWDQ WHPDV UHFXUUHQWHV GH HQWUH ORV FXDOHV FDEH GHVWDFDU OD UHSURGXFFLyQ GH EDUFRV HGL¿FLRV FRVWXPEUHV UHWUDWRV HQFXHQWURV R¿FLDOHV HSLVRGLRV PLOLWDUHV DVt FRPR OD LQGXPHQWDULD GH OD pSRFD (Q FRQMXQWR ODV LPiJHQHV UHWUDWDQ HVFHQDV GH FRVWXPEUHV XUXJXD\DV D SDUWLU GH ORV YLDMHV GH VX DXWRU6 &RPR WDO GLDULR TXH HV HVWD REUD VH FDUDFWHUL]D SRU OD VXPD GH LQIRUPDFLRQHV YLVXDOHV YLQFXODGDV DO HVIXHU]R GH D¿UPDFLyQ GH XQD QDFLyQ HPHUJHQWH 1R HV GH H[WUDxDU TXH %HVQHV H ,ULJR\HQ VHD FRQVLGHUDGR FRPR HO SULPHU SLQWRU XUXJXD\R
(O GLDULR SUHVHQWD WDPELpQ ODV GLVWLQWDV H[SHULHQFLDV GH %HVQHV H ,ULJR\HQ FRQ OD OLWRJUDItD PHUHFLHQGR GHVWDFDUVH (O 7URYDGRU UHDOL]DGD SRU pO HQ D SDUWLU GH ODV HQVHxDQ]DV GHO EHOJD -RVp *LHOLV
(VWH PDWHULDO UHJLVWUD LQFOXVR ODV UHODFLRQHV GLSORPiWLFDV HQWUH ORV YHFLQRV ODWLQRDPHULFDQRV 7HQHPRV SRU HMHPSOR OD UHSUHVHQWDFLyQ GH %HVQHV SDUD HO ³'tD GH (QHUR D OD ò 5HFHSFLyQ GHO 6U 0LQLVWUR GHO %UDVLO 'Q -RVp 0D GR $PDUDO HQ HO )XHUWH (VWDQGR PHGLR %DWDOOyQ GHO GH &DVDGRUHV KDFLHQGR ORV KRQRUHV D OD HQWUDGD GH OD 6DOD GH *REQR (QWUy DFRPSDxDGR GKR 6U GH VX VHFUHWDULR (O R¿FLDO PD\RU GHO 0LQLVWHU 5HODFLRQHV H[WHULRUHV )ODQJLQL \ HO (GHFDQ GHO JREU 3URYLVRULR &RURQHO 2UGRxHV´ R ORV HIHFWRV GH OD LQYDVLyQ DUJHQWLQD HQ 0RQWHYLGHR HQ SRU SDUWH GH ODV WURSDV GH 0DQXHO 2ULEH HQ XQ GLEXMR TXH D SHVDU GH QR PRVWUDU XQD WLHUUD GHVWUXLGD SUHVHQWD GRV JUXSRV GH XUXJXD\RV FDEL]EDMRV HQ XQD DWPyVIHUD GH GyFLO ODPHQWR
D SHVDU GH KDEHU QDFLGR HQ WLHUUDV HVSDxRODV 'H KHFKR HO OXJDU UHVHUYDGR SDUD pO HQ OD KLVWRULD GH OD SLQWXUD XUXJXD\D HV HO GH ¿HO FURQLVWD JUi¿FR DWHQWR DO VXUJLPLHQWR GH XQD QXHYD QDFLyQ LQÀXHQFLDQGR LQFOXVR D -XDQ 0DQXHO %ODQHV SULQFLSDO H[SRQHQWH GH OD SLQWXUD KLVWyULFD GH HVWH SDtV 3RU OR WDQWR HO FRQMXQWR GH SDLVDMHV GH TXH FRQVWD HO GLDULR GH %HVQHV H ,ULJR\HQ GHEH VHU FRQVLGHUDGR FRPR XQ PHGLXP GH D¿UPDFLyQ QDFLRQDO SRU PHGLR GHO FXDO VRQ FDUWRJUD¿DGRV ORV KiELWRV ODV HVFHQDV \ ODV FRVWXPEUHV TXH FDUDFWHUL]DQ HVWD UHJLyQ /RV SDLVDMHV DFW~DQ HQ PHGLR GH XQ SURFHVR FXOWXUDO PiV DPSOLR KDFLHQGR YLVLEOHV IURQWHUDV \ DFXHUGRV FRQIRUPH D ODV QHFHVLGDGHV GH XQ 8UXJXD\ WRGDYtD SRU QDFHU7
SDVDGR &UHDGR SRU HO FUtWLFR GH DUWH (GXDUGR 'LHVWH HO WpUPLQR HQJORED WRGR XQ FRQMXQWR GH SLQWXUDV TXH DFWXDOL]DQ GHWHUPLQDGRV SUHFHSWRV IDXYLVWDV \ SRVW LPSUHVLRQLVWDV JHQHUDQGR LPiJHQHV TXH UHIXHU]DQ HO FDUiFWHU SODQR GHO FXDGUR VLQ GLVLPXODU OD ELGLPHQVLRQDOLGDG GH OD VXSHU¿FLH SLFWyULFD SRU PHGLR GH FLHUWD LOXVLyQ GH SURIXQGLGDG JHQHUDGD WUDGLFLRQDOPHQWH JUDFLDV D OD SHUVSHFWLYD
*UDQ SDUWH GH ORV DUWLVWDV SODQLVWDV DGHPiV GH VX WLHUUD QDWDO FRPSDUWHQ DOJXQDV RWUDV FDUDFWHUtVWLFDV FRPXQHV -RVp &XQHR &DUPHOR GH $U]DGXQ +XPEHUWR &DXVD &pVDU 3HVFH &DVWUR *XLOOHUPR /DERUGH HQWUH PXFKRV RWURV QDFLGRV HQ ODV ~OWLPDV GpFDGDV GHO VLJOR ;,; SHUWHQHFHQ D XQD 5HDOLFHPRV DKRUD XQ VDOWR KLVWyULFR FRQ HO JHQHUDFLyQ TXH YLDMy D (XURSD FRQ OD LQWHQFLyQ GH ¿Q GH FRPHQWDU XQD GH ODV H[SRVLFLRQHV GHO 3ODQLVPR DFRPSDxDU GH FHUFD ODV YHUWLJLQRVDV WUDQVIRUPDFLRQHV XQD HVSHFLH GH WHQGHQFLD ± SXHVWR TXH QR OOHJD D VHU HQ HO FDPSR GH OD SURGXFFLyQ DUWtVWLFD $ VX UHJUHVR FRQVLGHUDGR FRPR HVFXHOD R PRYLPLHQWR DUWtVWLFR GHO YLHMR FRQWLQHQWH GHMDQ GH ODGR HO YROXPHQ \ HO ± TXH GRPLQy OD HVFHQD GH OD SUiFWLFD SLFWyULFD HVFRU]R DVt FRPR RWUDV FDUDFWHUtVWLFDV GH OD SUiFWLFD XUXJXD\D HQ ODV GpFDGDV GH ORV DxRV \ GHO VLJOR DFDGpPLFD DSRVWDQGR SRU iUHDV GH FRORU \ HVTXHPDV &RPR ELHQ SRGUtDPRV VXSRQHU OD KLVWRULD GH OD JHRPpWULFRV TXH DFHQW~DQ HO FDUiFWHU ELGLPHQVLRQDO SLQWXUD EUDVLOHxD \ GH OD SLQWXUD XUXJXD\D SUHVHQWDQ GH OD VXSHU¿FLH SLFWyULFD WUD\HFWRULDV SDUDOHODV TXH FRQYHUJHQ HQ PXFKRV PRPHQWRV $ PRGR GH HMHPSOR VH PHQFLRQD DO SLQWRU DOHPiQ -RKDQQ 0RULW] 5XJHQGDV TXH GXUDQWH OD SULPHUD GpFDGD GHO VLJOR ;,; YLVLWy JUDQ SDUWH GH $PpULFD /DWLQD LQFOX\HQGR %UDVLO \ 8UXJXD\ (O PRGHUQLVPR EUDVLOHxR SUHVHQWD D VX YH] VHPHMDQ]DV FRQ HO SODQLVPR XUXJXD\R (O DQiOLVLV GH HVWDV WUD\HFWRULDV SLFWyULFDV VHUi UHVHUYDGR SDUD XQ PRPHQWR PiV DGHFXDGR
6L GHVGH HO SXQWR GH YLVWD GH ORV SURFHGLPLHQWRV IRUPDOHV ORV SLQWRUHV SODQLVWDV VH DSURSLDQ GHO UHSHUWRULR HXURSHR HQ OR FRQFHUQLHQWH D ORV WHPDV UHSUHVHQWDGRV YDQ D EXVFDU HQ OD SDPSD XUXJXD\D ORV DVXQWRV SULYLOHJLDGRV SDUD VXV
UHSUHVHQWDFLRQHV VH MXVWL¿FD DTXt OD PHQFLyQ DO SODQLVPR HQ OD SUHVHQWH UHÀH[LyQ 3RUTXH HO SDLVDMH XUXJXD\R DVXPH VX SURSLR SURWDJRQLVPR FRPSXHVWR D SDUWLU GH XQD FLHUWD DPELJ HGDG OD QHFHVLGDG GH D¿UPDFLyQ GH OD PRGHUQLGDG XUXJXD\D DO PLVPR WLHPSR TXH OD YDORUL]DFLyQ GH OD LGLRVLQFUDVLD QDFLRQDO 8QD HVSHFLH GH FRQWUDGLFFLyQ FRQGLFLRQD WRGD HVWD WHQGHQFLD SXHVWR TXH VL H[LVWH XQ DSODQDPLHQWR PRGHUQLVWD ±WHQGHQFLD D OD SODQLWXG \ D ORV HVTXHPDV JHRPpWULFRV VXUJLGD D SDUWLU GH OD LQÀXHQFLD GH ORV PRYLPLHQWRV HXURSHRV HQ ORV SLQWRUHV XUXJXD\RV \ OLGHUDGD IXHUWHPHQWH SRU 'LHVWH ± DO PLVPR WLHPSR H[LVWH WDPELpQ XQD YDORUL]DFLyQ GHO FDPSR XUXJXD\R GH OD QDWXUDOH]D TXH HV FDSD] GH GLIHUHQFLDU D VX SDtV GHO GH ORV YHFLQRV \ WDPELpQ GHO GH VXV FRPSDxHURV HXURSHRV (V HQ HVWH SXQWR GRQGH XQD YH] PiV VH UHFXUUH DO SDLVDMH
GH ORV QXHYRV YDORUHV \ WHQGHQFLDV 1R HV GH H[WUDxDU SRU OR WDQWR TXH HQ XQD GH ODV H[SRVLFLRQHV GHO JUXSR HQ MXOLR GH GH ODV VHVHQWD REUDV H[SXHVWDV FXDUHQWD \ FLQFR IXHVHQ SDLVDMHV HQ VX PD\RUtD SODQLVWDV8 6HJXQGR EUD]R HO OiSL] GH OD QDWXUDOH]D
/D KLVWRULD GH OD IRWRJUDItD9 VH FRQIXQGH FRQ HO UiSLGR PRYLPLHQWR GH DVLPLODFLyQ SRU SDUWH GHO FDSLWDOLVPR LQGXVWULDO 3RFR WLHPSR GHVSXpV GH OD SUHVHQWDFLyQ S~EOLFD GHO GDJXHUURWLSR HQ OD $FDGHPLD GH &LHQFLDV \ %HOODV $UWHV GH 3DUtV VX LQYHQWRU D FDPELR GH OD FRQFHVLyQ GH OD SDWHQWH JDQD XQD SHQVLyQ S~EOLFD YLWDOLFLD SRU SDUWH GHO JRELHUQR IUDQFpV LQLFLiQGRVH DVt XQ UiSLGR SURFHVR GH GLIXVLyQ \ FRPHUFLDOL]DFLyQ SRU WRGR HO PXQGR 0HQRV GH XQ DxR GHVSXpV GH VX SUHVHQWDFLyQ HQ (QFDEH]DGR SRU 'LHVWH HO JUXSR 7HVHR VRFLHGDG HO DSDUDWR IXH H[SRUWDGR D $PpULFD /DWLQD SHUGXUy SRU GRV DxRV HQWUH \ IXQFLRQDQGR HQ HQ XQD H[SHGLFLyQ OLGHUDGD SRU HO DEDG FRPR XQ HVSDFLR GH DUWH \ SHQVDPLHQWR SDUD VXV 9pDVH *DEULHO 3HOXIIR /LQDUL (O SDLVDMH XUXJXD\R D WUDYpV GHO $UWH HQ HO 8UXJXD\ (GLFLRQHV *DOHUtD LQWHJUDQWHV &RPR VHxDOD (VWKHU GH &iFHUHV HQ /DWLQD 0RQWHYLGHR S HO SUyORJR GH 7HVHR ± /RV 3UREOHPDV GHO $UWH 3DUD :DOWHU %HQMDPLQ OD IRWRJUDItD SUHVHQWD XQD EUHYH ³HVWD DJUXSDFLyQ UHFRJLGD \ VHYHUD DOHMDGD GHO KLVWRULD HQ UHIHUHQFLD D ORV PRPHQWRV DQWHULRUHV D VX SURIHVLRQDOLVPR DUULELVWD \ GH OD GHVRODGRUD SRUItD PDVLYD LQGXVWULDOL]DFLyQ 6H WUDWD SRU WDQWR GH ORV QR IXQGDGD HQ YRFDFLyQ QL HQ YDORUHV HVHQFLDOHV SULPHURV LQGLFLRV GH HVWH DGYHQLPLHQWR HFOLSVDGR SRU VX SRVWHULRU GLIXVLyQ LQGXVWULDO (Q HO SUHVHQWH WH[WR GHVHR OLEUy XQD EDWDOOD KHURLFD TXH PDUFD XQD pSRFD HQ VXEUD\DU ORV XVRV VRFLDOHV GH OD IRWRJUDItD DVt FRPR VX QXHVWUD FXOWXUD´ ',(67( S ;, (Q WRGD VX UiSLGD DEVRUFLyQ FDSLWDOLVWD WDQWR HQ (XURSD FRPR HQ $PpULFD /DWLQD GLYHUVLGDG HO JUXSR HOLJH HO SDLVDMH FRPR PHGLXP
/RXLV &RPWH10, FRQ HO REMHWLYR GH GDU OD YXHOWD DO PXQGR \ SURGXFLU LPiJHQHV IRWRJUi¿FDV GH ORV GLIHUHQWHV OXJDUHV YLVLWDGRV &DEHQ GHVWDFDU HQ HVWH SXQWR GRV DVSHFWRV HO FDUiFWHU FHUHPRQLDO \ S~EOLFR TXH PDUFD OD LQWURGXFFLyQ GH OD IRWRJUDItD HQ HO WHUULWRULR ODWLQRDPHULFDQR $GHPiV GH HVWR XQD GH ODV IXQFLRQHV SULPRUGLDOHV GH OD QXHYD WpFQLFD HO PDSHR WHUULWRULDO JUDFLDV D XQD VRUSUHQGHQWH YHURVLPLOLWXG VXSHULRU D DTXHOOD RWUD FRQTXLVWDGD HQ VX PRPHQWR SRU ODV DUWHV WUDGLFLRQDOHV \ FRQ XQD REMHWLYLGDG HTXLYDOHQWH D OD GH ODV FLHQFLDV (Q PHGLR GH WRGR HVWH UiSLGR SURFHVR GH GLIXVLyQ \ FRPHUFLDOL]DFLyQ GH OD WpFQLFD IRWRJUi¿FD HO SDLVDMH RFXSy XQ OXJDU GHVWDFDGR 6L HO HQFDQWR GHO GDJXHUURWLSR UHVXOWDED GH VX FDSDFLGDG REMHWLYD SDUD UHWUDWDU HO PXQGR SUHVFLQGLHQGR GH OD PDQR KXPDQD ± FDELpQGROH LQFOXVR HO HStWHWR GH OiSL] GH OD QDWXUDOH]D± HO SDLVDMH XUEDQR R QDWXUDO OH VHUYtD SDUD WRGRV VXV SURSyVLWRV VLHQGR HO PHGLXP SRU H[FHOHQFLD SDUD SRQHU GH PDQL¿HVWR WRGD VX SHULFLD WpFQLFD H LQGXVWULDO /RV iUEROHV ODV FRUULHQWHV GH DJXD ORV SUDGRV \ ORV FDPSRV VHPEUDGRV ODV LJOHVLDV \ ORV GLVWLQWRV HGL¿FLRV REVHUYDGRV FRQ PHWLFXORVD SUHFLVLyQ QR KDFHQ PiV TXH VXEUD\DU OD GHVWUH]D \ OD ¿GHOLGDG GHO QXHYR GHVFXEULPLHQWR IRWRJUi¿FR DO 'H KHFKR XQD ~QLFD H[SHGLFLyQ ± OD GH &RPWH ± IXH OD HQFDUJDGD GH PRVWUDU OD QRYHGDG HQ %UDVLO %DKtD \ 5LR GH -DQHLUR HQ 8UXJXD\ 0RQWHYLGHR \ HQ &KLOH 9DOSDUDtVR
GRFXPHQWDU QR VROR OD UHDOLGDG YLVLEOH VLQR WDPELpQ DTXHOOR TXH %HQMDPLQ OODPD ³HO LQFRQVFLHQWH ySWLFR´ 'HEH TXHGDU FODUR QR REVWDQWH TXH QR VROR IXH HO SDLVDMH HO ~QLFR HQ VHU WUDQVIRUPDGR SRU OD IRWRJUDItD SUiFWLFDPHQWH WRGRV ORV HVSDFLRV VRFLDOHV IXHURQ DWUDYHVDGRV SRU HVWD WpFQLFD ± VLHQGR SUHFLVR VHxDODU ODV FDPSDxDV GLSORPiWLFDV \ PLOLWDUHV ORV FOXEHV GH D¿FLRQDGRV ODV GLYHUVDV DSOLFDFLRQHV GHVWLQDGDV D OD FLHQFLD OD FRPXQLFDFLyQ R HO WXULVPR DGHPiV FODUR HVWi GH VX XWLOL]DFLyQ FRPR LQVWUXPHQWR GH YLJLODQFLD \ FRQWURO VRFLDO FRQ OD SUHMXLFLRVD GH¿QLFLyQ EDMR HVWH ~OWLPR DVSHFWR GH ¿VLRQRPtDV GH OD FULPLQDOLGDG (O OXJDU GHVWDFDGR TXH RFXSD HO SDLVDMH HQ WRGR HVWH SURFHVR VH GHEH VLQ GXGD D ORV XVRV VRFLDOHV TXH HO QXHYR PHGLXP SURSRUFLRQDED (Q HVWH VHQWLGR VL HO HVSDFLR GLVFXUVLYR GH OD IRWRJUDItD VH GLVWLQJXH GH DTXHO RWUR HVSDFLR H[SRVLWLYR GHO PXVHR PRGHUQLVWD TXH HVWDED JXLDGR SRU YDORUHV HVWpWLFRV FRPR VHxDOD 5RVDOLQG .UDXVV11 QR GHMD GH KDEHU VLQ HPEDUJR XQD HVSHFLH GH LQWHUVHFFLyQ HQWUH ORV GLVWLQWRV FDPSRV GLVFXUVLYRV DSXQWDGRV LQWHUVHFFLyQ SURPRYLGD MXVWDPHQWH SRU HO SDLVDMH HQWHQGLGR DTXt QR WDQWR FRPR VXVWDQWLYR VLQR FRPR SURFHVR HV GHFLU FRPR YHUER 6LHQGR DVt OD IRWRJUDItD GH SDLVDMH (QWUH ORV YDORUHV HVWpWLFRV .UDXVV GHVWDFD ³OD DXVHQFLD GH SURIXQGLGDG FRQVWUXFFLyQ JUi¿FD DPELJ HGDG ± \ DGHPiV GH WRGR HVR LQWHQFLRQHV HVWpWLFDV WDOHV FRPR OR VXEOLPH \ OD WUDVFHQGHQFLD´ .5$866 S
HQ $PpULFD /DWLQD UHVXOWD XQD ODERU HPSUHQGLGD HQ IXQFLyQ GH ODV QHFHVLGDGHV GH H[SORUDFLyQ D SDUWLU GH ODV H[SHGLFLRQHV \ ORV OHYDQWDPLHQWRV WRSRJUi¿FRV /D FLUFXODFLyQ GH HVWDV YLVWDV IRWRJUi¿FDV SULRULWDULDPHQWH XUEDQDV HVSHFt¿FDPHQWH HQ 0RQWHYLGHR SHUR WDPELpQ HQ ODV RWUDV FLXGDGHV GHO LQWHULRU FRQWULEXtDQ D OD IRUPDFLyQ GH WRGR XQ LPDJLQDULR QDFLRQDO12 GHVWLQDGR WDQWR D ORV SURSLRV FLXGDGDQRV GHO SDtV FRPR D ORV H[WUDQMHURV (Q FDVL WRGRV ORV FDVRV VH WUDWDED GH HGL¿FLRV VXQWXRVRV SDQRUDPDV R FDOOHV GHO PHGLR XUEDQR SDUTXHV SOD]DV X REUDV S~EOLFDV TXH H[DOWDEDQ HO FDUiFWHU ³PRGHUQR´ GH 0RQWHYLGHR /D FLXGDG PRVWUDED DVt TXH HVWDED H[SDQGLpQGRVH WHUULWRULDOPHQWH D OD YH] TXH UHQRYDED VX DUTXLWHFWXUD PHMRUDED VX LQIUDHVWUXFWXUD \ VHUYLFLRV H LQDXJXUDED VXV SULPHURV PRQXPHQWRV \ SDUTXHV 'H HVWD PDQHUD VH LQWHQWDED GHPRVWUDU HO JUDGR GH FLYLOL]DFLyQ TXH KDEtD DOFDQ]DGR HO (VWDGR 2ULHQWDO %5248(7$6 S (O SDLVDMH WDPELpQ IXH XQR GH ORV PRWLYRV SUHGLOHFWRV GH ORV IRWyJUDIRV D¿FLRQDGRV D FRPLHQ]RV GHO VLJOR ;; ³8QR GH ORV PRWLYRV SUHIHULGRV GH ORV SLFWRULDOLVWDV HUD OD IRWRJUDItD GH SDLVDMHV /RV PLHPEURV GHO )RWR &OXE GH 0RQWHYLGHR ¿HOHV SUDFWLFDQWHV GH HVH FDQRQ HVWpWLFR HVWDEOHFLHURQ HQ ORV HVWDWXWRV GH VX LQVWLWXFLyQ OD LPSRUWDQFLD GH RUJDQL]DU H[FXUVLRQHV KDFLD ODV DIXHUDV GH 0RQWHYLGHR FRQ HO REMHWR GH ORJUDU IRWRJUDItDV µSLQWRUHVFDV¶´ %5248(7$6 S
6L OD SURPRFLyQ QDFLRQDO LPSUHJQD HO XVR GH HVWD QXHYD WpFQLFD ± TXH WDPELpQ HV PHGLR GH H[SUHVLyQ ± VH SXHGH GHFLU TXH HO HVSDFLR GLVFXUVLYR GHO SDLVDMH VH PXHVWUD FRPR WUDQVYHUVDO HQWUH OD SLQWXUD \ OD IRWRJUDItD FDUDFWHUL]iQGRVH GLFKR HVSDFLR SRU OD QHFHVLGDG GH D¿UPDFLyQ GHO WHUULWRULR XUXJXD\R %DMR HVWD SHUVSHFWLYD OD GLIXVLyQ GH OD IRWRJUDItD QR VH GLIHUHQFLD GH ODV LQWHQFLRQHV TXH VLHPSUH PDQLIHVWy %HVQHV H ,ULJR\HQ QL WDPSRFR GH OD QHFHVLGDG GH PRGHUQL]DFLyQ SRU SDUWH GH ORV SODQLVWDV HO SDLVDMH HV HO WHUULWRULR GH D¿UPDFLyQ GH XQD QDFLyQ \ GH XQ FRQWLQHQWH TXH VH SUHWHQGH PRGHUQD \ DYDQ]DGD 7HUFHU EUD]R UDPD JHQHDOyJLFD R FLQHPDWRJUi¿FD 9ROYDPRV DKRUD DO PRWLYR LQLFLDO GH HVWD UHÀH[LyQ OD VHULH IRWRJUi¿FD \ HO YLGHR GH $QGUpV %RHUR 0DGULG (Q HVWH SXQWR FDEH GHVWDFDU OD UHOHYDQFLD HQ OD FRQH[LyQ HQWUH OD SLQWXUD XUXJXD\D OD GLIXVLyQ GH OD IRWRJUDItD HQ HVWH SDtV \ HO WUDEDMR GH XQ MRYHQ DUWLVWD D FRPLHQ]RV GHO VLJOR ;;, ,QGXGDEOHPHQWH %RHUR GLDORJD FRQ HO SDLVDMH XUXJXD\R WDO YH] GH XQ PRGR WDQ LQWHQVR FRPR ORV SLQWRUHV \ IRWyJUDIRV TXH OH SUHFHGHQ (Q %UD]R GH 0RQWH D~Q VH SXHGH GLVWLQJXLU DOJR DOWHUQDWLYR D XQ HQIRTXH PRGHUQL]DGRU \ XUEDQR (O PDWL] HV GH WDO RUGHQ TXH ORV HOHPHQWRV QDWXUDOHV
UHWUDWDGRV SRU %RHUR OHMRV GH HVWDU DO VHUYLFLR GH XQD PHUD GHPRVWUDFLyQ WpFQLFD EXVFDQ HVWDEOHFHU XQ HQFXHQWUR TXH QR GHEH VHU HQWHQGLGR FRPR UHWRUQR GHO KRPEUH FRQ OD QDWXUDOH]D <D TXH HQ XQ PXQGR GRQGH OD QDWXUDOH]D KD FHGLGR VX OXJDU D OD FXOWXUD \ HO SDLVDMH HVWi FRPSXHVWR SRU DQXQFLRV SXEOLFLWDULRV ± HVWiWLFRV \ HQ PRYLPLHQWR ± QR UHVXOWD WULYLDO LQGDJDU DFHUFD GH OD UHODFLyQ WRGDYtD SRVLEOH HQWUH FXOWXUD \ QDWXUDOH]D /D REUD GH %RHUR ± DVt FRPR DTXHOOD RWUD GH %HVQHV H ,ULJR\HQ \ OD GH &RPWH ± GHSHQGHQ GH VX GHVSOD]DPLHQWR SRU HO WHUULWRULR XUXJXD\R 1R VH WUDWD VLQ HPEDUJR GH XQD FDPSDxD SROtWLFD \ FRPHUFLDO FRQ HO ¿Q GH LPSRQHU XQ LPDJLQDULR R XQD QXHYD UHDOLGDG VRFLDO VLQR GH XQ YLDMH TXH SURFXUD LQYHVWLJDU DFHUFD GH OD SRVLELOLGDG GH H[LVWHQFLD GH XQ RULJHQ WDQWR SHUVRQDO FRPR FROHFWLYR $OJR DVt FRPR XQ GHVSOD]DPLHQWR KDFLD GHQWUR SRGUtDPRV GHFLU HQ GLUHFFLyQ DO OXJDU GH GRQGH VH SURYLHQH 3RU XQ ODGR HO WUDEDMR HV HO UHVXOWDGR GH OD RSFLyQ SRU SDUWH GHO DUWLVWD GH QR VROR YLVLWDU VLQR OLWHUDOPHQWH KDELWDU XQD FLXGDG FRQ FHUFD GH PLO KDELWDQWHV HO OXJDU GRQGH VH RULJLQy OD QDFLyQ XUXJXD\D \ TXH D SHVDU GH HVR VH TXHGD IXHUD GH WRGR HVH SURFHVR GH HVSHFWDFXODUL]DFLyQ TXH GHWHUPLQD OD OyJLFD GH FRQVHUYDFLyQ GH ORV SDWULPRQLRV KLVWyULFRV 3RU HO RWUR OD UHODFLyQ TXH VH HVWDEOHFH HQWUH HO DUWLVWD \ HO PRQWDUD] VXUJH GH OD QHFHVLGDG \D SUHVHQWH HQ
RWURV WUDEDMRV GH %RHUR GH LQVWDXUDU XQ FRQWDFWR DQFHVWUDO FRQ VXV DQWHSDVDGRV ± HQ HVSHFLDO FRQ VX ELVDEXHOR ± WUDEDMDGRUHV GHO PRQWHV XUXJXD\R (O RULJHQ GHYLHQH HQWRQFHV HQ XQD E~VTXHGD DOJR TXH VH GHEH SHUVHJXLU SXHVWR TXH HO UHWRUQR UHVXOWD LPSRVLEOH (O VRSRUWH WpFQLFR DVXPH HQWRQFHV XQD GLPHQVLyQ PiJLFD \D TXH D WUDYpV GH VX PHGLDFLyQ VH GD HO FRQWDFWR LQPHGLDWR GH %RHUR FRQ RWUDV WHPSRUDOLGDGHV 6L HV DVt OD UHODFLyQ HQWUH HO DUWLVWD \ HO PRQWDUD] FRQGHQVD GLPHQVLRQHV WHPSRUDOHV GLVWLQWDV 7DO HQFXHQWUR DWUDYLHVD (O RORU GH DTXHO OXJDU \ 7RGR YXHOYH DO YLHQWR DPERV GHVDUUROODGRV SRU %RHUR HQ VX ³VRSRUWH QDWXUDO´ R VHD HO FLQH 1R HV GH H[WUDxDU HQ HVWH DVSHFWR OD QRFLyQ GH GLVWDQFLD ± HVSDFLDO \ WHPSRUDO ± TXH VXE\DFH HQ ORV GRV WtWXORV PHQFLRQDGRV DTXHO \ YXHOYH 'HQWUR GH HVWD JHQHDORJtD DUWtVWLFD GH %RHUR VH SXHGH FRPSUREDU XQ HQWUHOD]DPLHQWR HQWUH HO PHGLR GH H[SUHVLyQ \ VX ¿OLDFLyQ (Q HVWRV GRV ¿OPHV FHQWUDGRV HQ WRUQR D ODV ¿JXUDV GH VX DEXHOD \ VX PDGUH UHVSHFWLYDPHQWH OR TXH VH SRQH GH PDQL¿HVWR HV OD WUDQVPLVLyQ GH H[SHULHQFLDV IDPLOLDUHV TXH GH DOJ~Q PRGR FRQGLFLRQDQ \ DQXQFLDQ OD H[LVWHQFLD GHO SURSLR DUWLVWD $ OD PHWLFXORVD SUHFLVLyQ GHO VRSRUWH FLQHPDWRJUi¿FR ±DVt FRPR GHO IRWRJUi¿FR ± VH XQH RWUD QDWXUDOH]D GH OD YLVLyQ R PHMRU XQD FRVPRYLVLyQ (V GHFLU TXH ODV QtWLGDV LPiJHQHV TXH
YHPRV WUDHQ FRQVLJR RWUDV LPiJHQHV PHPRULDV VtQWRPDV WUDXPDV UHODWRV IDQWDVPDV HWF PiV DOOi GH Vt PLVPDV 6L HQ ORV FRUWRPHWUDMHV ³OR RWUR´ YLHQH D VHU XQ HQWH IDPLOLDU IHPHQLQR HQ %UD]R GH 0RQWH HVWDPRV DQWH XQD ¿JXUD PDVFXOLQD KHFKR TXH UHSUHVHQWDUtD XQ SXQWR GH LQÀH[LyQ HQ UHODFLyQ D OD FHQWUDOLGDG GH OD PXMHU HQ ODV REUDV DQWHULRUHV /D IXHU]D GHO EUD]R SDUHFH VHU WDQ IiOLFD FRPR XQ iUERO HOHPHQWR SULPLJHQLR HVHQFLDO \ FRQVWLWXWLYR GH OD QDWXUDOH]D HVD PLVPD QDWXUDOH]D TXH GHVGH WLHPSRV UHPRWRV IXHUD SHUVRQL¿FDGD VLQ HPEDUJR HQ HO FXHUSR RSXOHQWR ± \ IHPHQLQR ± GH XQD PXVD OD VHxRUD GH ORV DQLPDOHV $Vt DO FRQWUDULR GH OR TXH SRGUtDPRV VXSRQHU HQ XQ SULPHU PRPHQWR OD SUHVHQFLD GHO PRQWDUD] UHIXHU]D OD PLUDGD IHPHQLQD LPSOtFLWD HQ ORV WUDEDMRV WRGR HOOR DJXGL]DGR LQFOXVR D~Q PiV SRU PHGLR GH OD SUHVHQFLD GHO SDLVDMH XUXJXD\R 3XHV GH PRGR GLIHUHQWH D ORV GHVHRV SURJUHVLVWDV \ PRGHUQL]DGRUHV ± WRGRV HOORV SDXWDGRV \ PDUFDGRV SRU OD LGHD GH YHUWLFDOLGDG ± HO SDLVDMH XUXJXD\R SUHVHQWD XQD KRUL]RQWDOLGDG VRUSUHQGHQWH (V HVWD HVSHFLH GH LJXDOGDG MHUiUTXLFD OD TXH FXHVWLRQD HO FDUiFWHU IDORFpQWULFR YHUWLFDO \ DQWURSRFpQWULFR FDUDFWHUtVWLFR GH OD SLQWXUD \ OD IRWRJUDItD XUXJXD\DV PRGHUQL]DGRUDV %DMR HVWH SULVPD WDODU XQ iUERO QR VXSRQH HO LPSXOVR SULPRUGLDO GH XQD GHYDVWDFLyQ QDWXUDO VLQR PiV ELHQ
XQ FDPELR GH GLUHFFLyQ /D KRUL]RQWDOLGDG OD FRVPRYLVLyQ OD SUHVHQFLD IHPHQLQD HO GHVSOD]DPLHQWR KDFLD GHQWUR SDUD EXVFDU HO RULJHQ WDOHV SURFHGLPLHQWRV FRQ¿UPDQ GLFKD UHRULHQWDFLyQ VLHQGR HO UHVXOWDGR GH WRGR HOOR DO ¿QDO LPSUREDEOH \ UHPRWR 6H WUDWD GH OD QHJDFLyQ GHO SDLVDMH HQWHQGLGR DTXt FRPR XQD WRWDOLGDG TXH RUJDQL]D ORV HOHPHQWRV QDWXUDOHV HQ XQD FRPSRVLFLyQ GyFLO \ HVWUXFWXUDGD OD LOXVLyQ YLVXDO GH FRKHVLyQ XQLWDULD GH XQ FRQWLQHQWH GH XQ VXMHWR GH XQD QDFLyQ 'H KHFKR DO DUWLVWD QR OH LQWHUHVD HO SDLVDMH VLQR VREUH WRGR OD QDWXUDOH]D (Q HVWH VHQWLGR HO HQFDQWR GH ODV LPiJHQHV SURYLHQH QR WDQWR GH VX SHUIHFWD H[DFWLWXG FLHQWt¿FD VLQR GHO PRGR HQ HO TXH KDFHQ YLVLEOH XQ VHQWLPLHQWR PiV SURIXQGR GH OD QDWXUDOH]D DTXHO TXH QR KDFH GHO LQGLYLGXR XQ HOHPHQWR DXWyQRPR HQ UHODFLyQ D VX FRQWH[WR VLQR TXH OR YLQFXOD IHQRPHQROyJLFDPHQWH D pO 6L HO iUERO GHEH FDHU XQD GH GRV R OH SHGLPRV SHUGyQ SRU PHGLR GH XQ VLOHQFLRVR FRQWDFWR FRPR VXFHGH HQ OD HVFHQD GH 7RGR YXHOYH DO YLHQWR R GHEHPRV OLGLDU FRQ HVWD FDtGD H[SOtFLWD H LQGHVFLIUDEOH HQ HO FHQWUR GH OD H[SRVLFLyQ 3XHVWR TXH VL VH GHVFDUWD OD WRWDOLGDG GHO SDLVDMH QR SRGHPRV GHFLU OR PLVPR HQ UHODFLyQ D OD QDWXUDOH]D 5HFRUGHPRV TXH VHJ~Q 6LPPHO H[LVWH DOJR FRPR XQD ³XQLGDG LQGLYLVLEOH GH OD QDWXUDOH]D HQ OD TXH FDGD SRUFLyQ VROR SXHGH VHU XQ SXQWR GH WUiQVLWR KDFLD ODV IXHU]DV WRWDOHV GH
OD H[LVWHQFLD´ 6,00(/ S 8Q iUERO ± XQ EUD]R GHO PRQWH ± VH YXHOYH HQWRQFHV OD OODYH SDUD WRGR HVH UDXGDO FRQMXQWR TXH HV OD QDWXUDOH]D 2 D~Q PiV FRPR QRV GLFH VX DEXHOD HQ (O RORU GH DTXHO OXJDU GRQGH VH SXHGH HQWUHYHU OD SUHFDULHGDG GH XQD H[LVWHQFLD VROLWDULD FDSD] GH DJOXWLQDU GLIHUHQWHV WHPSRUDOLGDGHV \ GH GDU YLVLELOLGDG D OD QDWXUDOH]D HQ VX WRWDOLGDG ¢8VWHGHV VH DFXHUGDQ GH FXDQGR HUDQ QLxRV GH WRGR OR TXH KDQ KHFKR" ¢2 QR" £1DGLH VH DFXHUGD GH FXDQGR HUD QLxR \ \R PH DFXHUGR GH WRGR 7RGR OR TXH \R YL £7RGR ¢3RU TXp PH DFXHUGR" 0H SUHJXQWR ¢3RU TXp VHUi HVR" ¢6HUtD SRUTXH \R HUD XQD SHUVRQD VROLWDULD \ YLYtD VLHPSUH YDJDQGR" > @ 1R YLYR HO SUHVHQWH <R YLYR GHO SDVDGR SUHVHQWH \ IXWXUR £VLHPSUH (VWD XQLGDG LQGLYLVLEOH TXH VH HVFXFKD HQ HO UHODWR GH OD DEXHOD SDUHFH IXQFLRQDU FRPR HO QRUWH GHO QLHWR %LHQ VHD SRU OD VHULH IRWRJUi¿FD ELHQ VHD SRU ORV ¿OPHV %RHUR WUDQVIRUPD HQ WHPD SHUVRQDMHV GH VX SURSLD KLVWRULD XQ KHFKR TXH VXPDGR D OD SUHVHQFLD GHO SURSLR DUWLVWD HQ XQD GH ODV SHOtFXODV VXSULPH OD VXSXHVWD GLVWDQFLD HQWUH HO FUHDGRU \ VX REUD (O DUWLVWD VH FHQWUD HQWRQFHV HQ OD ¿JXUD GHO PRQWDUD] VLQ LQFXUULU HQ HO HUURU GHO HWQyJUDIR TXH VXSULPH DO VXMHWR REVHUYDGR FRQ HO ¿Q ~OWLPR GH FRQ¿UPDU VX H[LVWHQFLD /R TXH pO GHVHD QR HV FUHDU XQD REUD FX\D H[LVWHQFLD VHD LQGHSHQGLHQWH GH Vt PLVPR VLQR
DO FRQWUDULR VXPHUJLUVH \ DKRQGDU HQ HO WUDEDMR GH PDQHUD TXH pVWH DFDEH SRU FRQYHUWLUVH HQ XQ DFWR GH H[LVWHQFLD SRU Vt PLVPR (O DUWLVWD \ HO PRQWDUD] HQ %UD]R GH 0RQWH VH RSHUD XQD VtQWHVLV HQWUH HVWDV GRV ¿JXUDV VHSDUDGDV GHVGH HO 5HQDFLPLHQWR HQ FDPSRV GH DFWXDFLyQ GLIHUHQFLDGRV 1R VH WUDWD QR REVWDQWH GH XQD LGHQWLGDG HQWUH HOODV &RPR TXHGD FODUR HQ HO YLGHR GH OD H[SRVLFLyQ %RHUR QR HV QLQJ~Q PDHVWUR HQ HO DUWH GH WDODU iUEROHV \ QXQFD OR VHUi 3HUVLVWH XQD H[WUDxD HTXLYDOHQFLD \D TXH DPERV SDUHFHQ FRQVHUYDU XQ SHQVDPLHQWR VDOYDMH D WUDYpV GHO FXDO PDQWLHQHQ XQD HVWUHFKD UHODFLyQ FRQ OD QDWXUDOH]D &DGD XQR D VX PDQHUD FDGD XQR FRQ VX LQVWUXPHQWR OR TXH DO ¿QDO UHVXOWD UHDOPHQWH VRUSUHQGHQWH 3XHV HO DELVPR TXH VHSDUD DO DUWLVWD GHO PRQWDUD] VH WUDQVIRUPD HQ HO YDVR FRPXQLFDQWH GH XQD H[SHULHQFLD GH XQD H[LVWHQFLD GH XQD WRWDOLGDG GH XQ SDUHQWHVFR
5HIHUHQFLDV %LEOLRJUi¿FDV %$57+(6 5RODQG 2 QHXWUR 7UDG ,YRQH &DVWLOKR %HQHGHWWL 6mR 3DXOR 0DUWLQV )RQWHV %5248(7$6 0DJGDOHQD FRRUG )RWRJUDItD HQ 8UXJXD\ KLVWRULD \ XVRV VRFLDOHV 0RQWHYLGHR &HQWUR GH )RWRJUDItD ,QWHQGHQFLD GH 0RQWHYLGHR .5$866 5RVDOLQG 2 IRWRJUi¿FR %DUFHORQD (GLWRULDO *XVWDYR *LOL 0,7&+(/ : - 7 /DQGVFDSH DQG SRZHU &KLFDJR 7KH 8QLYHUVLW\ RI &KLFDJR 3UHVV ',(67( (GXDUGR 7HVHR ± ORV SUREOHPDV GHO DUWH 0RQWHYLGHR %LEOLRWHFD $UWLJDV 6,00(/ *HRUJ $ )LORVR¿D GD 3DLVDJHP &ROHFomR 7H[WRV &OiVVLFRV GH )LORVR¿D 8QLYHUVLGDGH GD %HLUD ,QWHULRU &RYLOKm
7KH DUWLVW DQG WKH ZRRGVPDQ 1RWHV LQVSLUHG E\ $UP RI WKH )RUHVW E\ $QGUHV %RHUR 0DGULG 0$12(/ 6,/9(675( )5,48(6 ,QWURGXFWLRQ 7KH WLWOH ³$UP RI WKH )RUHVW´ LQYLWHV XV WKURXJK DQ LQFRQJUXRXV MX[WDSRVLWLRQ WR WKLQN DERXW WKH UHODWLRQVKLS EHWZHHQ PDQ DQG QDWXUH RU PRUH SUHFLVHO\ WR FRQVLGHU WKH ³FXOWXUH QDWXUH ´ SDUDGLJP :KDW LV $QGUpV %RHUR 0DGULG UHIHUULQJ WR ZKHQ KH DQQRXQFHV WKH H[LVWHQFH RI D KXPDQ OLPE LQ WKH KHDUW RI D ERG\ RI ZLOG YHJHWDWLRQ" +RZ LV WKDW KXPDQ OLPE DUWLFXODWHG LQ UHODWLRQ WR QDWXUH DV D ZKROH" 8OWLPDWHO\ GRHV WKH IRUHVW KDYH DUPV" 6XFK LQTXLULHV PD\ VHHP VRPHZKDW QDLYH VLQFH %RHUR LQ FKRRVLQJ WKH WLWOH KDV FKRVHQ D FOHDUO\ PHWDSKRULFDO DSSURDFK 1HYHUWKHOHVV ZKLOH LW UHYHDOV WKH DUWLVW¶V PHWDSKRULFDO LQWHQW LW GRHV QRW IXOO\ FODULI\ WKH VFRSH RI WKH H[SUHVVLRQ OHDYLQJ XV \HW XQVDWLV¿HG ,Q WKH EHJLQQLQJ LW VHHPV WKH DQVZHU ZRXOG EH WKH DUP EHORQJV WR WKH PDQ WKH KXPDQ 7KLV WH[W LV GHGLFDWHG WR ËFDUR /LUD DQG WR WKH PHPRU\ RI )HOLSH %y +XWKPDFKHU , WKDQN WKH IRUPHU IRU WKH FRQYHUVDWLRQV ZKLFK UHVXOWHG LQ VRPH RI WKH LGHDV GLVFXVVHG LQ WKH WH[W
¿JXUH ZKLFK DSSHDUV LQ SKRWRJUDSKV ZLWK EOXUU\ FRQWRXUV VRPHWLPHV EHFDXVH KLV FKURPDWLF SUHVHQFH EOHQGV ZLWK WKH ODQGVFDSH VRPHWLPHV EHFDXVH KH LV QHYHU LQ WKH IRUHJURXQG RU EHFDXVH WKH IUDPH HQGV DW WKH EHJLQQLQJ RI KLV QDSH WKLV ODFN RI GH¿QLWLRQ PHUHO\ KLQWV SUHFDULRXVO\ DW DQ LGHQWLW\ ZKLFK DOZD\V UHPDLQV DQRQ\PRXV 7KHUHIRUH ZH DUH GHDOLQJ ZLWK DQ DUP FDPRXÀDJHG LQ WKH ODQGVFDSH $ VHFRQG DSSURDFK SRLQWV QRW WR WKH PDQ EXW WR WKH ERG\ RI YHJHWDWLRQ :KHUH ZH UHDG DUP ZH PD\ WDNH LW WR PHDQ ³EUDQFK ´ )URP WKLV SHUVSHFWLYH WKH IRUHVW¶V DUP FRUUHODWHV WR WKH UDPL¿FDWLRQV SUHVHQWHG LQ %RHUR V SKRWRJUDSKV ZKLFK LQWHUWZLQH LQ WRUWXRXV ZD\V PDNLQJ LW GLI¿FXOW IRU WKH KXPDQ H\H WR FUHDWH PHQWDO PDSV RI WKHP WKXV LPSRVLQJ RQ WKH H\H DQ LQDELOLW\ WR FRPSUHKHQG WKH REVHUYHG REMHFW DV D XQLW LQ D ZD\ DNLQ WR WKH SUHFHSWV RI *HVWDOW SV\FKRORJ\ 7KHVH HQWDQJOHPHQWV RI EUDQFKHV VHW WKH WRQH RI WKH ZRUN KHUHE\ GHVFULEHG WKXV IRUFLQJ WKLV WH[W WR IROORZ WKH VDPH PHDQGHULQJ SURFHGXUH /HW XV LQWHUWZLQH WKH EUDQFKHV )LUVW DUP 3DLQWLQJ DQG ODQGVFDSH
,W LV FRPPRQ VHQVH WR FRQVLGHU WKH ODQGVFDSH DV RQH RI WKH WUDGLWLRQDO SLFWRULDO JHQUHV DORQJ ZLWK 3DUDGLJP LV XQGHUVWRRG KHUH DV GH¿QHG E\ 5RODQG VWLOO OLIH DQG SRUWUDLWXUH ,W DFKLHYHG WKLV VWDWXV LQ WKH %DUWKHV ³7KH SDUDGLJP ZKDW LV WKDW" ,W¶V WKH RSSRVLWLRQ RI WZR YLUWXDO WHUPV IURP ZKLFK LQ VSHDNLQJ , DFWXDOL]H PLG VHYHQWHHQWK FHQWXU\ ZLWK WKH FUHDWLRQV RI 'XWFK RQH WR SURGXFH PHDQLQJ´ %DUWKHV S SDLQWHUV OLNH 6DORPRQ YDQ 5X\VGDHO FD
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³QDWXUDOQHVV ´ 7KHUH LV WKHUHIRUH D WZR ZD\ VKLIW E\ ZKLFK FRQYHQWLRQV DUH QDWXUDOL]HG ZKLOH QDWXUH LV FRQYHQWLRQDOL]HG 7KDW VDLG WKH TXHVWLRQ RQH PLJKW DVN LV ³ ZKHQ XQGHUVWRRG DV D FXOWXUDO SUDFWLFH KRZ GRHV ODQGVFDSH EHKDYH"´ EHFDXVH LW GRHV QRW RQO\ V\PEROL]H SRZHU UHODWLRQV EXW LW LV DOVR LQ LWVHOI DQ LQVWUXPHQW DQG DQ DJHQW RI FXOWXUDO SRZHU 7DNLQJ LQWR DFFRXQW : - 7 0LWFKHOO¶V WKHRUHWLFDO GLVFRXUVH ZH PD\ EHJLQ WR FRQVLGHU
8UXJXD\DQ ODQGVFDSH SDLQWLQJ VLQFH %RHUR PDNHV OHQJWK\ FRQVLGHUDWLRQV DERXW WKH YHJHWDWLRQ RI WKH 3DPSD 7KXV LW GRHV QRW VHHP RXWODQGLVK WR REVHUYH GLVWDQFH DQG SUR[LPLW\ WKH GLIIHUHQFHV DQG VLPLODULWLHV ZKLFK H[LVW EHWZHHQ 8UXJXD\DQ ODQGVFDSHV FUHDWHG E\ GLIIHUHQW ORFDO DUWLVWV 6SHFL¿FDOO\ LQ UHODWLRQ WR ODQGVFDSH SDLQWLQJ ZH ZDQW WR IRFXV RQ WZR VSHFL¿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³LOOXPLQDWHG´ FDSLWDO OHWWHUV DW WKH EHJLQQLQJ RI D WH[W 7KLV LQWHUSUHWDWLRQ LV YDOLGDWHG E\ WKH OHWWHU + LQ +DQGERRN ZKLFK HQYHORSHV WKH ZKROH WH[W FUHDWLQJ D FXUY\ ZLQGLQJ 2Q WKH FRYHU ZKHUH WKH GRFXPHQW¶V WLWOH DSSHDUV WZR GLIIHUHQW \HDUV DUH PHQWLRQHG WKH PRPHQW ZKHQ %HVQHV H ,ULJR\HQ¶V ZRUN DFWXDOO\ EHJLQV DQG WKH GDWH LQGLFDWHG LQ WKH ORZHU OHIW FRUQHU LQ D GHGLFDWLRQ WR KLV EURWKHU &XUUHQWO\ WKH MRXUQDO LV LQ WKH DUFKLYHV RI WKH 1DWLRQDO /LEUDU\ RI 8UXJXD\ DQG LW KDV EHHQ VFDQQHG LQ LWV HQWLUHW\ 7KH DQDO\VLV XQGHUWDNHQ KHUH LV EDVHG RQ WKH GLJLWDO GRFXPHQW
HQYLURQPHQW IRU WKH UHVW RI WKH WLWOH 7KH UHVW RI WKH OHWWHUV LQ WKH ZRUG RQ WKH RWKHU KDQG UHYHDO DXVWHUH OLQHV VSHFL¿FDOO\ FRXQWHUEDODQFLQJ WKH FXUYHV WKDW HQJHQGHU WKH IROORZLQJ ZRUG /DQGVFDSH 7KLV LV ZKHUH WKH FXUYHV EHFRPH DXWRQRPRXV IUHHLQJ WKHPVHOYHV IURP WKH OHWWHU VKDSHV DQG DFTXLULQJ WKHLU RZQ JUDSKLFDO LQGHSHQGHQFH WR WKH SRLQW RI FRQVWLWXWLQJ D VSLGHU ZHE D WLJKWO\ LQWHUODFHG QHWZRUN RU SHUKDSV D W\SRJUDSKLF MXQJOH 2EMHFWLYHO\ WKH MRXUQDO FRQVLVWV RI LPDJHV SDLQWHG E\ -XDQ 0DQXHO %HVQHV H ,ULJR\HQ DFFRPSDQLHG E\ WH[WV ZKLFK LQYDULDEO\ JLYH XV WKH IROORZLQJ LQIRUPDWLRQ ORFDWLRQ UHSUHVHQWHG KRXVH ¿HOG FKXUFK JURXQG ÀRRU PHHWLQJ HWF GDWH PDLQO\ EHWZHHQ $SULO DQG 0D\ ZLWK VRPH HQWULHV IURP RWKHU \HDUV DQG WLPH RI GD\ 7KH GUDZLQJV WKH PDMRULW\ RI WKHP DUH ZDWHUFRORUV KDYH UHFXUULQJ WKHPHV PRVW SURPLQHQWO\ WKH\ UHSUHVHQW VKLSV EXLOGLQJV ORFDO FXVWRPV SRUWUDLWV RI¿FLDO JDWKHULQJV PLOLWDU\ HYHQWV DQG WKH W\SLFDO DWWLUH RI WKH WLPH $V D ZKROH WKH LPDJHV GHSLFW VFHQHV RI 8UXJXD\DQ FXVWRPV DQG ZD\V RI OLIH EDVHG RQ WKH DXWKRU¶V WUDYHOV DFURVV WKH ODQG %HVLGHV D SDLQWHU %HVQHV H ,ULJR\HQ ZDV D W\SRJUDSKHU DQG FDOOLJUDSKHU 7KH MRXUQDO DOVR SUHVHQWV WKH GLIIHUHQW H[SHULHQFHV RI %HVQHV H ,ULJR\HQ ZLWK OLWKRJUDSK\ RQH ZRUWK\ RI VSHFLDO PHQWLRQ LV 7URYDWRUH FUHDWHG LQ EDVHG RQ WKH WHDFKLQJV RI -RVHSK *LHOLV D %HOJLDQ H[SHUW 7KLV PDWHULDO UHFRUGHG HYHQ GLSORPDWLF UHODWLRQV
%HLQJ D MRXUQDO WKLV ZRUN LV FKDUDFWHUL]HG E\ D FROOHFWLRQ RI YLVXDO LQIRUPDWLRQ GHDOLQJ ZLWK DQ HPHUJLQJ QDWLRQ DW D WLPH ZKHQ LW LV PDNLQJ DQ HIIRUW WR DI¿UP LWV LGHQWLW\ 1R ZRQGHU WKDW %HVQHV H ,ULJR\HQ LV FRQVLGHUHG WR EH WKH ¿UVW 8UXJXD\DQ SDLQWHU DOWKRXJK KH ZDV ERUQ LQ 6SDQLVK ODQGV ,Q IDFW WKH SODFH UHVHUYHG IRU KLP LQ WKH KLVWRU\ RI 8UXJXD\DQ SDLQWLQJ LV WKDW RI D UHOLDEOH JUDSKLF FKURQLFOHU DOHUW WR WKH HPHUJHQFH RI D QHZ QDWLRQ ZKR KDV LQÀXHQFHG HYHQ -XDQ 0DQXHO %ODQHV WKH PRVW LPSRUWDQW KLVWRULFDO SDLQWHU LQ WKLV FRXQWU\ 7KHUHIRUH WKH VHW RI ODQGVFDSHV WKDW PDNH XS %HVQHV H ,ULJR\HQ V MRXUQDO VKRXOG EH WDNHQ DV D PHGLXP RI QDWLRQDO DI¿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¿UVW GHFDGH RI WKH QLQHWHHQWK FHQWXU\ %UD]LOLDQ PRGHUQLVP DQG 8UXJXD\DQ 3ODQLVP DOVR SUHVHQWV PDQ\ VLPLODULWLHV 7KH DQDO\VLV RI WKHVH
/HW XV QRZ PDNH D KLVWRULF OHDS LQ RUGHU WR FRPPHQW RQ RQH RI WKH H[KLELWLRQV RI 3ODQLVP D SRSXODU VW\OH VLQFH LW LV QRW FRQVLGHUHG DQ DUWLVWLF VFKRRO RU PRYHPHQW ZKLFK GRPLQDWHG WKH VFHQH RI 8UXJXD\DQ SDLQWLQJ LQ WKH V DQG V &RLQHG E\ 6SDQLVK SDLQWHU &HOVR /DJDU DURXQG DQG DWWULEXWHG WR 8UXJXD\DQ SDLQWLQJ E\ (GXDUGR 'LHVWH WKLV XPEUHOOD WHUP FRPSUHKHQGV D ZKROH UDQJH RI ZRUNV ZKLFK DGRSWHG )DXYLVW DQG SRVW ,PSUHVVLRQLVWLF SUHFHSWV FUHDWLQJ LPDJHV WKDW HPSKDVL]H WKH ÀDWQHVV RI SDLQWLQJV LQ D QRQ LOOXVLRQLVWLF VW\OH ZKLFK GRHV QRW VHHN WR GLVJXLVH D SDLQWLQJ¶V WZR GLPHQVLRQDO TXDOLW\ E\ WKH XVH RI SHUVSHFWLYH 7KH 8UXJXD\DQ 3ODQLVP SDLQWHUV -RVp &XQHR &DUPHO $U]DGXQ +XPEHUWR &DXVD 3HVFH &p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
SLFWRULDO VXUIDFH ,I IURP WKH SRLQW RI YLHZ RI IRUPDO SURFHGXUHV 3ODQLVP SDLQWHUV DSSURSULDWH WKH (XURSHDQ UHSHUWRLUH ZLWK UHJDUG WR WKHLU VXEMHFW PDWWHU WKH\ ¿QG LQ WKH 8UXJXD\DQ SDPSDV WKH SULPH REMHFWV RI WKHLU SLFWRULDO UHSUHVHQWDWLRQV ,W LV 3ODQLVP¶V FKRLFH RI WKH 8UXJXD\DQ ODQGVFDSH DV D VRXUFH RI PDWHULDO IRU DUWLVWLF FUHDWLRQ WKDW MXVWL¿HV WKH PHQWLRQ RI WKH WUHQG LQ WKLV UHÀHFWLRQ %HFDXVH WKH 8UXJXD\DQ ODQGVFDSH EHFRPHV WKH SURWDJRQLVW ZLWK D FHUWDLQ VHQVH RI DPELJXLW\ FRPELQLQJ WKH QHHG IRU DI¿UPDWLRQ RI 8UXJXD\DQ PRGHUQLW\ ZLWK WKH YDOLGDWLRQ RI WKH QDWLRQDO FKDUDFWHU 7KHUH LV WKXV DQ LQWULQVLF FRQWUDGLFWLRQ LQ WKLV WUHQG :KLOH LW LQYROYHG D PRGHUQLVW ÀDWWHQLQJ RI ¿JXUHV DQG D IRFXV RQ JHRPHWULF SDWWHUQV ZKLFK ZDV D UHVXOW RI WKH (XURSHDQ PRYHPHQWV¶ LQÀ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³WKLV ZLWKGUDZQ DQG
GLVFLSOLQHG JURXS ZKLFK VWRRG IDU IURP FDUHHULVW DPELWLRQV DQG WKH XVXDO GLVWUHVVLQJ VWXEERUQQHVV ZKLFK XQVXSSRUWHG E\ YRFDWLRQ RU FRUH YDOXHV IRXJKW D KHURLF EDWWOH WKXV GH¿QLQJ DQ HUD LQ RXU FXOWXUH ³ ',(67( S ;, ,Q DOO RI WKHLU GLYHUVLW\ WKH JURXS¶V DUWLVWV FKRRVH WKH ODQGVFDSH DV D PHGLXP IRU WKH QHZ YDOXHV DQG WUHQGV ,Q WKLV FRQWH[W LW GRHVQ¶W FRPH DV D VXUSULVH WKDW LQ RQH RI WKH H[KLELWLRQV RUJDQL]HG E\ WKH JURXS LQ -XO\ RI WKH ZRUNV SUHVHQWHG ZHUH ODQGVFDSHV DQG PRVW RI WKHP ZHUH SODQLVW 6HFRQG DUP 1DWXUH¶V 3HQFLO 7KH KLVWRU\ RI SKRWRJUDSK\ LV LQWHUWZLQHG ZLWK WKDW RI WKH QHZ WHFKQRORJ\ V UDSLG DVVLPLODWLRQ E\ LQGXVWULDO FDSLWDOLVP 6KRUWO\ DIWHU WKH SXEOLF SUHVHQWDWLRQ RI WKH GDJXHUUHRW\SH DW WKH $FDGHP\ RI 6FLHQFHV DQG )LQH $UWV LQ 3DULV LWV LQYHQWRU LQ H[FKDQJH IRU WKH JUDQW RI WKH SDWHQW ZLQV D OLIHWLPH VWDWH SHQVLRQ E\ WKH )UHQFK JRYHUQPHQW 7KXV EHJLQV WKH QHZ WHFKQRORJ\¶V UDSLG GLIIXVLRQ DQG PDUNHWLQJ 6HH *DEULHO 3HOXIIR /LQDUL 8UXJXD\DQ ODQGVFDSH WKURXJK DUW LQ 8UXJXD\ 3XEOLVKHU *DOHU¶LD /DWLQD 0RQWHYLGHR S )RU :DOWHU %HQMDPLQ SKRWRJUDSK\ KDG D EULHI KLVWRU\ EHIRUH LWV PDVVLYH LQGXVWULDOL]DWLRQ 7KHVH DUH WKHUHIRUH WKH ¿UVW VLJQV RI WKLV FUHDWLYH LPSXOVH ZKLFK ZHUH RYHUVKDGRZHG E\ LWV VXEVHTXHQW LQGXVWULDO GLIIXVLRQ ,Q WKLV WH[W , ZLVK WR HPSKDVL]H WKH VRFLDO XVHV RI SKRWRJUDSK\ DQG LWV TXLFN FDSLWDOLVW DEVRUSWLRQ ERWK LQ (XURSH DQG LQ /DWLQ $PHULFD
ZRUOGZLGH /HVV WKDQ D \HDU DIWHU LWV GHEXW LQ WKH DSSDUDWXV ZDV H[SRUWHG WR /DWLQ $PHULFD E\ ZD\ RI DQ H[SHGLWLRQ OHG E\ )DWKHU /RXLV &RPWH ZKR KDG VHW RXW WR JR DURXQG WKH ZRUOG DQG SURGXFH SKRWRJUDSKLF LPDJHV RI DOO WKH GLIIHUHQW SODFHV KH YLVLWHG ,W LV LPSRUWDQW WR KLJKOLJKW WZR DVSHFWV DW WKLV WLPH ¿UVWO\ WKH FHUHPRQLDO DQG SXEOLF FKDUDFWHU WKDW PDUNV WKH LQWURGXFWLRQ RI SKRWRJUDSK\ LQ /DWLQ $PHULFDQ WHUULWRU\ DQG VHFRQGO\ RQH RI WKH QHZ WHFKQLTXH¶V FKLHI IXQFWLRQV WHUULWRULDO PDSSLQJ WKDQNV WR WKH VXUSULVLQJ YHULVLPLOLWXGH LW FRXOG DFKLHYH ZKHQ FRPSDUHG WR WKH WUDGLWLRQDO DUWV DQG LWV QHZIRXQG REMHFWLYLW\ ZKLFK DSSHDUHG HTXLYDOHQW WR WKDW RI VFLHQFH $PLG DOO WKLV UDSLG GLVVHPLQDWLRQ DQG PDUNHWLQJ RI SKRWRJUDSKLF DUW ODQGVFDSH SKRWRJUDSK\ RFFXSLHG D SURPLQHQW VSRW ,I GDJXHUUHRW\SH¶V FKDUP VWHPPHG IURP LWV REMHFWLYH DELOLW\ WR SRUWUD\ WKH ZRUOG ZLWKRXW UHVRUWLQJ WR WKH KXPDQ KDQG WKH WHFKQLTXH ZDV DFWXDOO\ GXEEHG DV ³QDWXUH¶V SHQFLO´ ERWK XUEDQ DQG QDWXUDO ODQGVFDSHV VHUYHG LWV SXUSRVHV ZHOO EHFRPLQJ WKH PHGLXP SDU H[FHOOHQFH WR GHPRQVWUDWH LWV WHFKQLFDO DQG LQGXVWULDO H[SHUWLVH 7UHHV VWUHDPV PHDGRZV DQG FXOWLYDWHG IDUPODQGV FKXUFKHV DQG RWKHU EXLOGLQJV REVHUYHG ZLWK PHWLFXORXV SUHFLVLRQ RQO\ VHUYHG WR HPSKDVL]H ,Q IDFW D VLQJOH H[SHGLWLRQ WKDW RI &RPWH ZDV FRPPLVVLRQHG WR VKRZ WKH QRYHOW\ LQ %UD]LO %DKLD DQG 5LR GH -DQHLUR 8UXJXD\ 0RQWHYLGHR DQG &KLOH 9DOSDUDLVR
WKH VNLOO DQG ¿GHOLW\ RI WKH QHZ SKRWRJUDSKLF GLVFRYHU\ E\ GRFXPHQWLQJ QRW RQO\ YLVLEOH UHDOLW\ EXW DOVR ZKDW :DOWHU %HQMDPLQ FDOOV WKH ³RSWLFDO XQFRQVFLRXV ´ ,W VKRXOG EH FOHDU KRZHYHU WKDW LW ZDV QRW RQO\ ODQGVFDSHV WKDW ZHUH WUDQVIRUPHG E\ SKRWRJUDSK\ YLUWXDOO\ DOO VRFLDO VSDFHV ZHUH WUDYHUVHG E\ WKLV WHFKQLTXH ,W LV LPSRUWDQW WR PHQWLRQ GLSORPDWLF DQG PLOLWDU\ FDPSDLJQV DPDWHXU FOXEV LWV YDULRXV VFLHQWL¿F DSSOLFDWLRQV DV ZHOO DV FRPPXQLFDWLRQ DQG WRXULVP LQ DGGLWLRQ RI FRXUVH WR LWV XVH DV DQ LQVWUXPHQW RI VRFLDO FRQWURO DQG VXUYHLOODQFH LQFOXGLQJ WKH ELDVHG GH¿QLWLRQ LQ WKDW VHQVH RI WKH SK\VLRJQRPLHV RI FULPH 7KH SURPLQHQW SODFH RFFXSLHG E\ WKH ODQGVFDSH LQ WKLV SURFHVV LV GXH QR GRXEW WR WKH VRFLDO XVHV RIIHUHG E\ WKH QHZ PHGLXP ,Q WKDW VHQVH DFFRUGLQJ WR 5RVDOLQG .UDXVV WKH GLVFXUVLYH VSDFH RI SKRWRJUDSK\ LV GLVWLQJXLVKHG IURP DQRWKHU H[LVWLQJ PRGHUQLVW H[KLELWLRQ VSDFH QDPHO\ WKH PXVHXP ZKLFK ZDV JXLGHG E\ DHVWKHWLF YDOXHV 7KHUH LV KRZHYHU D NLQG RI LQWHUVHFWLRQ EHWZHHQ GLIIHUHQW GLVFXUVLYH ¿HOGV DQ LQWHUVHFWLRQ HQFRXUDJHG SUHFLVHO\ E\ ODQGVFDSH SRUWUD\DO XQGHUVWRRG KHUH QRW VR PXFK DV D QRXQ EXW DV D SURFHVV LH DV D YHUE $V VXFK ODQGVFDSH SKRWRJUDSK\ LQ /DWLQ $PHULFD ZDV D MRE XQGHUWDNHQ IRU WKH VDNH RI H[SORUDWLRQ LQ WKH $PRQJ LWV DHVWKHWLF YDOXHV .UDXVV QRWHV ³WKH ODFN RI GHSWK JUDSKLFDO FRQVWUXFWLRQ DPELJXLW\ DQG PRUHRYHU DHVWKHWLF LQWHQWLRQV VXFK DV VXEOLPLW\ DQG WUDQVFHQGHQFH´ .UDXVV S
FRXUVH RI H[SHGLWLRQV DQG WRSRJUDSKLFDO VXUYH\V 7KH FLUFXODWLRQ RI WKHVH SULPDULO\ XUEDQ SKRWRJUDSKV VSHFL¿FDOO\ IURP 0RQWHYLGHR EXW DOVR IURP RWKHU FLWLHV LQ WKH SURYLQFHV FRQWULEXWHG WR WKH IRUPDWLRQ RI D ZKROH QDWLRQDO LPDJLQDU\ IRU DQ DXGLHQFH FRPSULVLQJ ERWK ORFDOV DQG IRUHLJQHUV 7KH SKRWRJUDSKV LQ TXHVWLRQ GHSLFWHG DOPRVW H[FOXVLYHO\ PDJQL¿FHQW EXLOGLQJV ODQGVFDSHV FLW\ VWUHHWV SDUNV VTXDUHV RU SXEOLF ZRUNV H[WROOLQJ 0RQWHYLGHR V ³PRGHUQ´ FKDUDFWHU 7KH FLW\ WKXV VKRZHG KRZ LW ZDV VSUHDGLQJ DV LW VLPXOWDQHRXVO\ UHQHZHG LWV DUFKLWHFWXUH LPSURYHG LQIUDVWUXFWXUH DQG VHUYLFHV DQG LQDXJXUDWHG LWV ¿UVW PRQXPHQWV DQG SDUNV 7KLV ZDV D FOHDU DWWHPSW WR GHPRQVWUDWH WKH GHJUHH RI FLYLOL]DWLRQ DFKLHYHG E\ WKH 5HSXEOLF %5248(7$6 S $V SDWULRWLF DGYRFDF\ SHUYDGHV WKH XVH RI WKH QHZ WHFKQLTXH ZKLFK LV DOVR D PHDQV RI H[SUHVVLRQ LW FDQ EH VDLG WKDW WKH GLVFXUVLYH VSDFH RI WKH ODQGVFDSH SUHVHQWV LWVHOI DV D FURVVLQJ EHWZHHQ SDLQWLQJ DQG SKRWRJUDSK\ FKDUDFWHUL]HG LQ WKDW VSDFH E\ WKH QHHG /DQGVFDSH ZDV DOVR RQH RI WKH IDYRULWH PRWLIV RI DPDWHXU SKRWRJUDSKHUV LQ WKH HDUO\ WZHQWLHWK FHQWXU\ ³$ IDYRULWH RI SLFWRULDO PRWLIV ZDV ODQGVFDSH SKRWRJUDSK\ 7KH PHPEHUV RI 0RQWHYLGHR¶V 3KRWR &OXE IDLWKIXO SUDFWLWLRQHUV RI WKLV DHVWKHWLF FDQRQ HVWDEOLVKHG LQ WKH VWDWXWH RI WKH LQVWLWXWLRQ WKH LPSRUWDQFH RI RUJDQL]LQJ H[FXUVLRQV WR WKH RXWVNLUWV RI 0RQWHYLGHR LQ RUGHU WR FUHDWH µSLFWXUHVTXH¶ ³SKRWRJUDSKV %5248(7$6 S
WR DSSURSULDWH WKH 8UXJXD\DQ WHUULWRU\ )URP WKLV SHUVSHFWLYH WKH VSUHDG RI SKRWRJUDSK\ LV QR GLIIHUHQW IURP %HVQHV H ,ULJR\HQ¶V LQWHQWLRQV QRU IURP 3ODQLVP¶V QHHG IRU PRGHUQL]DWLRQ WKH ODQGVFDSH LV WKH VSDFH RI DI¿UPDWLRQ IRU D QDWLRQ DQG D FRQWLQHQW ZKLFK SUHVXPHV WR EH PRGHUQ DQG DGYDQFHG
%RHUR¶V ZRUN DV ZHOO DV %HVQHV H ,ULJR\HQ¶V DQG &RPWH¶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ÀHFWLRQ WKH SKRWRJUDSKLF VHULHV DQG ¿OP E\ $QGUpV DUWLVW¶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³UHWXUQ WR QDWXUH ´ %HFDXVH LQ D ZRUOG LWV PHGLDWLRQ %RHUR FDQ HVWDEOLVK DQ LPPHGLDWH ZKHUH QDWXUH KDV JLYHQ ZD\ WR FXOWXUH DQG ODQGVFDSH FRQQHFWLRQ ZLWK RWKHU HUDV LV PDGH XS RI EDQQHU DGV ERWK VWDWLF DQG PRYLQJ LW 7KLV EHLQJ VR WKH UHODWLRQVKLS EHWZHHQ WKH LV HVVHQWLDO WR LQTXLUH DERXW WKH \HW YLDEOH UHODWLRQVKLS DUWLVW DQG WKH ZRRGVPDQ FRQGHQVHV GLIIHUHQW WHPSRUDO EHWZHHQ FXOWXUH DQG QDWXUH GLPHQVLRQV 6XFK DQ HQFRXQWHU LV DOVR SUHVHQW LQ `
7KH VFHQW RI WKDW ODQG DQG (YHU\WKLQJ UHWXUQV WR WKH ZLQG ERWK GHYHORSHG E\ %RHUR LQ WKH PHGLXP ZKLFK LV VHFRQG QDWXUH WR KLP QDPHO\ ¿OP &RQVLVWHQWO\ WKH LGHD RI GLVWDQFH ERWK VSDWLDO DQG WHPSRUDO LV SUHVHQW LQ ERWK RI WKRVH WLWOHV ³WKDW SODFH´ UHIHUV WR D SODFH LQ WKH SDVW DQG ³UHWXUQ´ FDQ VLJQLI\ PRWLRQ LQ HLWKHU VSDFH RU WLPH :LWKLQ %RHUR¶V DUWLVWLF JHQHDORJ\ RQH FDQ REVHUYH DQ LQWHUZHDYLQJ EHWZHHQ DUWLVWLF PHGLXP DQG SDUHQWDJH 7KHVH WZR ¿OPV FHQWHUHG DURXQG WKH ¿JXUHV RI KLV JUDQGPRWKHU DQG PRWKHU UHVSHFWLYHO\ VKHG OLJKW RQ WKH WUDQVPLVVLRQ RI IDPLO\ H[SHULHQFHV ZKLFK VRPHKRZ GHWHUPLQH DQG DQQRXQFH WKH H[LVWHQFH RI WKH DUWLVW 7KH PHWLFXORXV SUHFLVLRQ RI WKH FLQHPDWLF DQG SKRWRJUDSKLF VXSSRUW FRPELQHV ZLWK DQRWKHU GH¿QLQJ TXDOLW\ RI WKH DXWKRU V YLVLRQ RU UDWKHU KLV :HOWDQVFKDXXQJ 7KDW LV WKH FOHDU LPDJHV ZH VHH HYRNH RWKHU LPDJHV PHPRULHV V\PSWRPV WUDXPD VWRULHV JKRVWV HWF ZKLFK UHDFK EH\RQG WKHPVHOYHV ,I LQ WKHVH VKRUW ¿OPV ³RWKHUQHVV´ LV D IDPLOLDU IHPDOH HQWLW\ LQ $UP RI WKH )RUHVW ZH IDFH D PDOH ¿JXUH D IDFW WKDW ZRXOG UHSUHVHQW D WXUQLQJ SRLQW LQ UHODWLRQ WR WKH FHQWUDOLW\ RI ZRPHQ LQ WKH DUWLVW¶V HDUOLHU ZRUNV 7KH DUP¶V VWUHQJWK DSSHDUV WR EH DV SKDOOLF DV WKH WUHH D SULPDO HVVHQWLDO DQG FRQVWLWXWLYH HOHPHQW RI QDWXUH +RZHYHU ZH PXVW QRW IRUJHW WKDW QDWXUH KDV EHHQ SHUVRQL¿HG VLQFH DQFLHQW WLPHV WKRXJK XVXDOO\ LQ WKH RSXOHQW DQG IHPLQLQH ERG\ RI D PXVH WKH PLVWUHVV RI
DQLPDOV 6R FRQWUDU\ WR ZKDW RQH PLJKW DVVXPH DW ¿UVW WKH SUHVHQFH RI WKH ZRRGVPDQ HPSKDVL]HV WKH IHPLQLQH DSSURDFK LPSOLFLW LQ WKH DUWLVW¶V ROGHU ZRUNV LQ WKLV FDVH WKURXJK WKH SUHVHQFH RI WKH 8UXJXD\DQ FRXQWU\VLGH 8QOLNH WKH SURJUHVVLYH DQG PRGHUQL]LQJ XUJHV DOO UXOHG DQG PDUNHG E\ WKH LGHD RI Y HUWLFDOLW\ WKH 8UXJXD\DQ ODQGVFDSH SUHVHQWV D VWULNLQJ KRUL]RQWDOLW\ ,W LV WKLV NLQG RI KLHUDUFKLFDO HTXDOLW\ WKDW TXHVWLRQV WKH SKDOORFHQWULF YHUWLFDO DQG DQWKURSRFHQWULF FKDUDFWHU DVVRFLDWHG ZLWK PRGHUQL]LQJ PRYHPHQWV LQ 8UXJXD\DQ SDLQWLQJ DQG SKRWRJUDSK\ :KHQ REVHUYHG WKURXJK WKLV OLJKW SULVP FXWWLQJ GRZQ D WUHH GRHV QRW UHÀHFW WKH SULPDO WKUXVW RI QDWXUDO GHYDVWDWLRQ EXW UDWKHU D FKDQJH LQ GLUHFWLRQ +RUL]RQWDOLW\ :HOWDQVFKDXXQJ WKH IHPDOH SUHVHQFH PRYLQJ LQZDUG LQ D TXHVW IRU RULJLQV VXFK SURFHGXUHV FRQ¿UP WKLV UHRULHQWDWLRQ ZKRVH XOWLPDWH UHVXOW UHPDLQV LPSUREDEOH DQG UHPRWH ,W LV D QHJDWLRQ RI ODQGVFDSH DUW XQGHUVWRRG KHUH DV D WRWDOLW\ ZKLFK RUJDQL]HV DOO HOHPHQWV LQWR D GRFLOH DQG VWUXFWXUHG FRPSRVLWLRQ WKH YLVXDO LOOXVLRQ RI XQLW\ DQG FRKHVLRQ LQ WKH GHSLFWLRQ RI D FRQWLQHQW DQ LQGLYLGXDO RU D QDWLRQ ,Q IDFW WKH DUWLVW LV QRW LQWHUHVWHG LQ WKH ODQGVFDSH EXW DERYH DOO LQ QDWXUH ,Q WKLV VHQVH WKH FKDUP RI WKH LPDJHV FRPHV QRW VR PXFK IURP WKHLU SHUIHFW VFLHQWL¿F DFFXUDF\ EXW IURP WKHLU UHYHODWLRQ RI D GHHSHU VHQWLPHQW RI QDWXUH RQH WKDW GRHV QRW WXUQ WKH LQGLYLGXDO LQWR DQ LQGHSHQGHQW
HOHPHQW LQ UHODWLRQ WR LWV FRQWH[W EXW OLQNV LQGLYLGXDO DQG QDWXUH SKHQRPHQRORJLFDOO\ LQVWHDG ,I WKH WUHH PXVW IDOO ZH PXVW HLWKHU DVN IRUJLYHQHVV WKURXJK D VLOHQW FRQWDFW WKHUH LV DQ H[DPSOH RI WKLV LQ ³(YHU\WKLQJ UHWXUQV WR WKH ZLQG´ RU GHDO ZLWK WKLV H[SOLFLW DQG LQGHFLSKHUDEOH IDOO DW WKH FHQWHU RI WKH H[KLELWLRQ :KLOH WKH FRPSUHKHQVLYH YLHZ RI WKH ODQGVFDSH LV GLVFDUGHG ZH FDQQRW VD\ WKH VDPH LQ UHODWLRQ WR QDWXUH /HW XV UHPHPEHU WKDW DFFRUGLQJ WR 6LPPHO WKHUH LV VRPHWKLQJ OLNH DQ ³LQGLYLVLEOH XQLW\ RI QDWXUH LQ ZKLFK HDFK SRUWLRQ FDQ RQO\ EH D WUDQVLW SRLQW WRZDUGV WKH DOO HQFRPSDVVLQJ IRUFHV RI H[LVWHQFH´ 6LPPHO S $ WUHH DQ DUP RI WKH IRUHVW WKHQ EHFRPHV WKH NH\ WR WKH ZKROH ÀX[ RI QDWXUH 2U UDWKHU DV KLV JUDQGPRWKHU H[SUHVVHV LW LQ ³7KH VFHQW RI WKDW SODFH ´DOORZLQJ XV WR JOLPSVH WKH SUHFDULRXVQHVV RI D VROLWDU\ H[LVWHQFH FDSDEOH RI EULQJLQJ WRJHWKHU GLIIHUHQW WHPSRUDOLWLHV DQG RIIHULQJ YLVLELOLW\ WR QDWXUH LQ LWV HQWLUHW\ 'R \RX UHPHPEHU ZKHQ \RX ZHUH NLGV DOO WKH WKLQJV \RX KDYH GRQH" 'RQ¶W \RX" 1RERG\ UHPHPEHUV ZKDW LW ZDV OLNH EHLQJ D NLG DQG , UHPHPEHU HYHU\WKLQJ (YHU\WKLQJ , VDZ (YHU\WKLQJ :K\ FDQ , UHPHPEHU" , ZRQGHU :K\ LV WKDW" :DV LW EHFDXVH , ZDV D ORQHU DQG ZDV DOZD\V ZDQGHULQJ" > @ , GR QRW OLYH LQ WKH SUHVHQW , OLYH LQ WKH SDVW WKH SUHVHQW DQG WKH IXWXUH DOZD\V
7KLV LQGLYLVLEOH XQLW\ FRQWDLQHG LQ WKH JUDQGPRWKHU¶V WDOH VHHPV WR IXQFWLRQ DV D FRPSDVV IRU KHU JUDQGVRQ %RWK LQ WKLV SKRWRJUDSKLF VHULHV DQG LQ KLV ¿OPV %RHUR WUDQVIRUPV FKDUDFWHUV IURP KLV RZQ KLVWRU\ LQWR KLV WKHPHV D IDFW WKDW FRXSOHG ZLWK WKH SUHVHQFH RI WKH DUWLVW KLPVHOI LQ RQH RI WKH ¿OPV VXSSUHVVHV WKH DVVXPHG GLVWDQFH EHWZHHQ WKH FUHDWRU DQG KLV ZRUN 7KH DUWLVW WKHQ IRFXVHV RQ WKH ¿JXUH RI WKH ZRRGVPDQ ZLWKRXW LQFXUULQJ WKH HWQRJUDSKHU¶V HUURU RI VXSSUHVVLQJ WKH REVHUYHG VXEMHFW ZLWK WKH XOWLPDWH JRDO RI FRQ¿UPLQJ LWV H[LVWHQFH :KDW KH ZDQWV LV QRW WR FUHDWH D ZRUN ZKRVH H[LVWHQFH LV LQGHSHQGHQW RI KLPVHOI EXW RQ WKH FRQWUDU\ WR GLYH DQG GHOYH LQWR WKH ZRUN VR WKDW LW ZLOO ¿QDOO\ EHFRPH DQ DFW RI H[LVWHQFH LQ LWVHOI 7KH DUWLVW DQG WKH ZRRGVPDQ $UP RI WKH )RUHVW LV D V\QWKHVLV EHWZHHQ WKHVH WZR ¿JXUHV VHSDUDWHG VLQFH WKH 5HQDLVVDQFH LQ KLJKO\ GLIIHUHQWLDWHG ¿HOGV RI DFWLRQ 7KHUH LV KRZHYHU QR SURFHVV RI LGHQWL¿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
5HIHUHQFHV %DUWKHV 5RODQG WKH 1HXWUDO WUDG LYRQH &DVWLOKR %HQHGHWWL VmR 3DXOR 0DUWLQV )RQWHV %URTXHWDV 0DJGDOHQD HG 3KRWRJUDSK\ ,Q 8UXJXD\ +LVWRU\ $QG 6RFLDO 8VHV IURP 7R 0RQWHYLGHR &HQWHU 2I 3KRWRJUDSK\ RI 0RQWHYLGHR .UDXVV 5RVDOLQG OR )RWRJUi¿FR EDUFHORQD (GLWRULDO *XVWDYR *LOL 0LWFKHOO :MW /DQGVFDSH $QG 3RZHU &KLFDJR 7KH 8QLYHUVLW\ 2I &KLFDJR 3UHVV 'LHVWH (GXDUGR WHVHR 7KH 3UREOHPV 2I $UW PRQWHYLGHR %LEOLRWHFD $UWLJDV 6LPPHO *HRUJ 3KLORVRSK\ 2I 7KH /DQGVFDSH &ROOHFWLRQ 7H[WRV &OiVVLFRV 'H )LORVRItD 8LYHUVLGDGH 'D %HLUD ,QWHULRU &RYLOKm