October 2015 N ew sletter Issu e 30
Transcription
October 2015 N ew sletter Issu e 30
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´ʊ3\WKDJRUDV :RXOGOLNHWRWKDQNHYHU\RQHIRUWKHLUFRQWLQXHGVXSSRUW %HVW:LVKHV Jayne $OLVRQ+DUULVRQ 0DUN3DQWKHU͕ 6KHLOD3DQNKXUVW*LOOLDQ 0DUVGHQDQG RXUJRUJHRXV%RE UDLVHGDQDPD]LQJ DWWKH&URVVJDWHV&HQWUH/HHGVIRU*6'57KH\ DOVRIRXQGDUDUH.HZ*DUGHQVSSLHFHLQWKHLUFKDQJH ZKLFKZDVVROGIRU +DUGZRUNLQJ%REDWWHQGHGWKH$QLPDO$UN$LGVKRZ UDLVLQJDQRWKHU RQWKHGD\7KH\DOVRUHFHLYHGD GRQDWLRQRI IURPWKHVKRZRUJDQLVHUV:H¶UHYHU\ JUDWHIXOIRUWKHRQJRLQJVXSSRUWIURP$QLPDO$UN$LGZKR VLQFHKDYHUDLVHGDQGGRQDWHG WRDQLPDO FKDULWLHV :LWKDELWRIKHOSIURPWKRVHJRUJHRXVER\V%HQ5RFN\&ROOLH WKHFROOHFWLRQER[HVDWP\+DOORZHHQZHGGLQJFRQWDLQHGDJUDQG WRWDORI +XJHWKDQNVWRRXUORYHO\IULHQGVDQGIDPLO\IRUWKHGRQDWLRQV 7)%¶V5D\/DPEHUWVD\V³7)%VKRXOG¶YHKDGD FUDFNLQJPRQWKZLWKILYH6DWXUGD\ VDQGIRXUJRRG YHQXHVXQIRUWXQDWHO\WZRRIWKH JRRG YHQXHVZHUH FDQFHOOHGDQGZHWRRNWZR-ROO\HVVWRUHVMXVWWRKDYH D JLJ VRPHZKHUHDQGUDLVHZKDWHYHUZHFRXOG6R WKLVPRQWK¶VWRWDOLV ZKLFKLVGRZQRQODVW\HDU GHVSLWHRXUEHVWHIIRUWV´ +RZHYHUWKH\¶UHQRWGRZQKHDUWHGWKH\¶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¶VUHZDUGHGZLWKD ERZORIPHDWDQGELVFXLWVDQGWR\VWRWDNHKRPH6KHORYHVSHRSOHVRWKLV LVMXVWDQRWKHUFKDQFHIRUFXGGOHVIURPHYHU\RQHLQDWWHQGDQFH 'RJVOLNH'XFKHVVUHDOO\DUHOLIHVDYHUV\RXFDQILQGRXWPRUHLQIRUPDWLRQ RQKRZWRGRQDWHDQGILQGDORFDWLRQQHDUWR\RXE\YLVLWLQJWKH3HW%ORRG %DQNZHEVLWH 7KHEDVLFUHTXLUHPHQWVIRUDGRQRUDUH x 7KHGRJQHHGVWRKDYHDJRRGWHPSHUDPHQWZLWKSHRSOH x %HRYHUPRQWKVROG-WKH\VWRSGRQDWLQJDWQLQH\HDUVROG x 0XVWEHXSWRGDWHZLWKYDFFLQDWLRQVEXWQRWKDYHWKHPDFORVHUWKDQDIRUWQLJKWEHIRUHGRQDWLQJ x 1RWWRKDYHEHHQDEURDGRUKDYHFRPHIURPDEURDG x ,IWKH\KDYHDQ\PHGLFDWLRQQHDUWRGRQDWLQJWKH\OLNHWREHWROGLQFDVHLWZLOODIIHFWWKHEORRG :KDWDQH[FHOOHQWDPEDVVDGRUIRUWKHEUHHG'XFKHVVLVZH¶UHDOOYHU\SURXGRIWKLVVSHFLDOJLUO¶V DFKLHYHPHQWV 7KLVFRPI\ER\LV1HGKHZDVDGRSWHGIURPXVMXVWRYHUWZR\HDUV DJR 3RRUOLWWOH1HGKDGDGLIILFXOWVWDUWWROLIHEHLQJSDVVHGDURXQGILYH KRPHVEHIRUHKHZDVVL[PRQWKVROGDQGFDPHLQWRRXUFDUH +LVIDPLO\ORYHKLPWRELWVVD\LQJ³KH¶VDIXQQ\OLWWOHFKDUDFWHUYHU\ SOD\IXODQGZH¶YHQHYHUUHJUHWWHGDGRSWLQJKLP´ 1HGGLGXVHWRFKDVHELUGVEXWOXFNLO\KH¶VRYHUWKDWQRZEHFDXVHKLV EHVWIULHQGLVDFKLFNHQ+HJRHVRXWWRILQGKLVVSHFLDOIULHQGDPRQJVW WKLUW\FKLFNHQVWKHQFDUHIXOO\FDUULHVKHUWRWKHEDFNGRRUZKHUHWKH\VLW RQWKHVWHSWRJHWKHU 1HGLVDUHJXODURQVSRQVRUHGGRJZDONVDQGKLVIDPLO\GRQ¶WJR DQ\ZKHUHZLWKRXWKLP $KDSS\HQGLQJIRU1HGLVMXVWZKDWWKLV\RXQJSXSGHVHUYHG 'LG\RXNQRZ"%\$QQ/HLJK'RJ&R-RUGLQDWRU(DVWHUQ5HJLRQ 'LG\RXNQRZWKDWRQHRIWKHPDQ\WKLQJVWKDWZHDUHUHDOO\JRRGDWKHUHLQ1RUIRONLVDGRSWLQJGRJV"7KDWVWUXFN PHDVRGGZKHQ,ILUVWKHDUGDERXWLW1DWXUDOO\,FDQ¶WUHPHPEHUWKHSHUFDSLWDVWDWLVWLFVWRTXRWHWKHPZKHQ, QHHG%XWZKHQ\RXWKLQNDERXWWKLVLWGRHVPDNHVHQVH $JRRGSURSRUWLRQRIXVROGLHVDUHLQFRPHUVKHUHWRUHWLUH:HDUHVHQVLEOHHQRXJKWRYDOXHWKHGHOLJKWVRIWKLV EHDXWLIXOSDUWRIWKHZRUOG:HFRPHIRUWKHTXDOLW\RIOLIHWKDWZHFDQHQMR\KHUHDQGKRZPXFKPRUHFDQWKLVEH HQKDQFHGWKDQE\UHKRPLQJDGRJ"2ND\,DPELDVHGDQG,FRQFHGHWKDWDWWKLVSRLQWP\DUJXPHQWDSSHDUVOHVV WKDQVFLHQWLILF«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±MXVW-WKDWLWPLJKWEHSRVVLEOHLI\RXDUHQRWDGRJORY HU 7KHUHLVPRUHWRFDULQJIRUDGRJRIFRXUVHWKDQMXVWWKHZDONLQJ$QGVFLHQWLVWVGRQ¶W\RXMXVWORYHWKHP"KDYH EHHQGRLQJUHVHDUFKLQWRWKLV:HGRJORYHUVFRXOGKDYHWROGWKHPEXWZLOOWKH\OLVWHQ"$UH\RXUHDG\IRUWKLVUHYH ODWLRQ"1RZGRQ¶WDOORZ\RXUVHOYHVWREHERZOHGRYHUZLOO\RX"7KH\KDYHµGLVFRYHUHG¶WKDWGRJVGRORYHWKHLURZQ HUV7KH\KDYHµSURYHG¶WKLVE\PHDVXULQJOHYHOVRIGRSDPLQH$SSDUHQWO\WKLVLVUHOHDVHGZKHQZHORYHHDFKRWK HUDQGWKH\ZHUHVXUSULVHGWRVHHSKHQRPHQDOO\LQFUHDVHGOHYHOVRIWKLVKRUPRQHLQWKHEUDLQVRIGRJVLQWHUDFWLQJ ZLWKWKHLURZQHUV$QGLWLVPXWXDO,WLVVRZLQ-ZLQLWLVQ¶WWUXH2UUDWKHULWLVLI\RXIROORZPH 1RWRQO\DUHZHKDSS\DQGPXWXDOO\µLQORYH¶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µIXUEDELHV¶QHHGQXUWXULQJDQGWKLVLVHQKDQFHG E\WKHERQGLQJVWXII%XW,EHWWKHVHVFLHQWLVWVZLOOJHWWKHUHVRRQDQGGLVFRYHUWKDWWKHUHLVVRPHWRQLFHIIHFWIRUWKH FDUHUDVZHOO,¶YHQRWLFHGWKLVWHQGHQF\WRµZLQ-ZLQ¶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µDGGRQ¶EHQHILWV,I\RXDGRSW\RXIHHOJRRGDERXWGRLQJVRPHWKLQJZRUWKZKLOHDQGWKHUHLVQRMR\ IRUPHWRHTXDOVHHLQJDVKDWWHUHGOLWWOHVRXORIDQ\VSHFLHVEHJLQWRH[SHULHQFHWKHZLOOWROLYHDJDLQ%XWWKHQWKH UHDOO\HYROXWLRQDU\ELWNLFNVLQ,ILQGWKLVHYHQPRUHH[FLWLQJWKDQWKHQLWURJHQF\FOHDQGWKDWVRµEOLVVHGPHRXW¶DV D\RXQJVWHU,MXVWORYHLWZKHQV\QHUJ\NLFNVLQ:DLWIRULW« 7KHYHU\ZDLIWKDW\RXUHVFXHEHFRPHV\RXUVDYLRXU+RZJUHDWLVWKDW"$QGWKHQFDQ\RXEHOLHYHWKLV"WKHUHLV HYHQPRUH7KHUHLVZKDWQXUWXULQJDOLIHDQ\OLIHDFFRPSOLVKHVIRUWKHVRXO 3HUKDSVDQLVVXHIRUDQRWKHUWLPH" 9ROXQWHHU$PDQGD+HQQLQJKDVWKLVVHWRIZKHHOVZKLFKZDVXVHG E\KHUEHORYHG)OR\GEHIRUHKHSDVVHGVXGGHQO\RYHU5DLQERZ %ULGJH ,IDQ\RQHFRXOGPDNHXVHRIWKHZKHHOVSOHDVHFRQWDFW$PDQGDE\ HPDLODWDPDQGDKHQQLQJ#\DKRRFRP7KHZKHHOVDUHLQ /DQFDVKLUHDQG$PDQGDZRXOGOLNHDGRQDWLRQWREHPDGHWR*6'5 IRUWKHP 'RQ¶WIRUJHWZKHQVKRSSLQJRQOLQH\RXFDQUDLVH PRQH\IRU*6'5IRUIUHH0DQ\UHWDLOHUVWDNHSDUW LQWKHVFKHPHYLVLWHDV\IXQGUDLVLQJE\FOLFNLQJ KHUHVHDUFKLQJIRU\RXUFKRVHQUHWDLOHUWKURXJK WKHLUVLWHUHJLVWHUVDQGJHQHUDWHVDGRQDWLRQIURP WKHUHWDLOHU $QGGLG\RXNQRZVRPHUHWDLOHUVVXFKDV$UJRV ZKRRSHUDWHDFOLFNDQGFROOHFWVFKHPHUHFRUGWKH VDOHDQGPDNHDGRQDWLRQHYHQWKRXJK\RXSD\LQ VWRUH 'RQ¶WPLVVRXWRQWKHVHIUHHGRQDWLRQVHYHU\ SHQQ\DGGVXSDQGVLQFHXVLQJWKHVHUYLFH,¶YH JHQHUDWHG LQGRQDWLRQV :HFXUUHQWO\KDYHWZR)DFHERRNDXFWLRQV UXQQLQJSOHDVHSRSDORQJDQGYLVLWWKH SDJH 7KHUH¶VVWLOOWLPHWRGRQDWHDQLWHPDQG \RXPLJKWHYHQJUDE\RXUVHOIDEDUJDLQ 7KHUH¶VWKH*6'50HJD&KULVWPDV $XFWLRQFOLFNKHUHWRYLVLWWKHSDJH $QGWKH*6'51RUWK(DVW.HQQHO'RJV $XFWLRQFOLFNKHUHWRYLVLWWKHSDJH 0LUDFOHVGR+DSSHQ 7KHUHDUHUHKRPLQJVDQGWKHQWKHUHDUHUHVFXHVDQGWKHQ«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«:HDUHGRLQJZHOOLQ(DVWHUQZLWKWKHUHKRPLQJV7KDQNIXOO\WKLQJVKDYHSLFNHG XSDIWHUWKHVXPPHUVHDVRQ%XWLW¶VWKHPLUDFOHVWKDWZHUHPHPEHU $IHZPRQWKVDJRZHZHUHFRQWDFWHGWKURXJK)DFHERRNE\DQRWKHUUHVFXH DERXWD*6'[QRZNQRZQDV0D[WKDWWKH\KDGEURXJKWRYHUWRWKH8.+H KDGEHHQUHVFXHGIURPDOLIHLQFKDLQVLQ&\SUXVEXWWKHIRVWHUSODFHPHQWKHUH LQWKH8.KDGEURNHQGRZQWKH\QHHGHGDSODFHIRUKLPXUJHQWO\:HDUUDQJHG DIRVWHUSODFHPHQWEXWKHSURYHGWREHWRRXQUXO\WRKDQGOHHDVLO\DQGQHYHU DFWXDOO\ZHQWWKHUH+HKDGDORYHO\FKHHUIXOQDWXUHEXWZDVHEXOOLHQWODUJH HQHUJHWLFDQGDSSDUHQWO\FRPSOHWHO\XQWUDLQHG6RKHZHQWWR8QFOH'DYH¶V +HUHKHZDVNHQQHOOHGIRUDZKLOHXQWLOKHZDVDEOHWRXQGHUVWDQGWKHVRFLDO FXVWRPVRIKLVQHZOLIHLQWKH8. 2QHGLIILFXOW\ZHVXVSHFWHGZDVWKDWKHGLGQRWXQGHUVWDQG(QJOLVK)RUWXQDWHO\ 8QFOH'DYHZRUNVIUHH-ODQFHIRUWKHPLOLWDU\DQGKDVDFFHVVWRWKHVHUYLFHVRIDQLQWHUSUHWHU$FWXDOO\KHZRUNHG IRUWKH3UHVLGHQWRIWKH86$LQWKHSDVWQRWWRQDPHGURSRUDQ\WKLQJ$QGRQFHWKHUHZDVFRPPXQLFDWLRQ 0D[¶VVRFLDOVNLOOVGHYHORSHGDSDFH +HZDVUHFHQWO\UHKRPHGWRDORYLQJKRPHZKHUHKHLVQRZWKH9,3)URPDOLIHLQFKDLQVWRDFRXFK±DPLUDFOH" ,WKLQNVR $QGWKHQWKHUHLVRXURWKHU0D[:HFDPHDFURVVKLPDQGKLVEURWKHU 3DGG\VRPHWLPHDJR7KH\ZHUHNHSWLQSRRUFRQGLWLRQLQDEDFN \DUG7KH\WRRZHQWWKURXJKWKHZRQGHUIXONHQQHOVZKHUHVRPDQ\ PLUDFOHVKDSSHQDQGKLVEURWKHUZDVUHKRPHGDQGWKHQODWHU0D[ $OOVHHPHGZHOOXQWLOWKHUHZDVDQLQFLGHQWWKDWUHVXOWHGLQ0D[EHLQJ UHWXUQHG,WZDVDOOHJHGWKDWKHKDGDWWDFNHGDQRWKHUGRJKRUULILFDOO\ EXWZKHQLQYHVWLJDWHGLWWXUQHGRXWWKDWLWZDVLQIDFW0D[ZKRKDG EHHQDWWDFNHGDQGWKHQKHGHIHQGHGKLPVHOI 0D[ZDVVXEMHFWHGWKHQWRDEDWWHU\RIWHVWV+HSDUWLFLSDWHGLQWUDLQ LQJVHVVLRQVZLWKWKHPLOLWDU\GRJVRQEDVHDQGZDVFKDOOHQJHGDQG WKHQEHWWHUFKDOOHQJHGIRUDQ\VLJQRIDJJUHVVLRQ+HSURYHGKLPVHOI RYHUDQGRYHUWREHDW\SLFDOµJHQWOHJLDQW¶ 1RZKHWRRKDVDZRQGHUIXOKRPHDQGOLYHVZLWKKLVQHZµOLWWOHVLVWHU¶ZLWKZKRPKHERQGHGLPPHGLDWHO\6KH ZDVOHVVVXUHDERXWVKDULQJKHUKRPHZLWKWKHµEHHIFDNH¶EXWHYHQVKHKDVEHHQZRQDURXQGE\WKLVORYHO\ER\¶V JHQWOHQDWXUH7KLVSLFWXUHRIWKHWZRRIWKHPµDOPRVWVQXJJOLQJ¶ZDVWDNHQRQKLVILUVWQLJKWDWKLVQHZKRPH µ'DQJHURXVGRJ¶WRµFXGGOHEXQQ\¶-DQRWKHUPLUDFOH",WKLQNVR $QGWKHQWKHUHLV&DOOLH ,WKLQNHYHU\RQHLQ*6'5PXVWNQRZDERXWKHUE\QRZ2XUVRFLDOPHGLDH[SHUWVFRRNHGXSDVWRUPIRUKHU &DOOLHZDVSLFNHGXSDVDVWUD\ZLWKKHUµEURWKHU¶D\RXQJFROOLH6SLNH%RWKGRJVZHUHWHUULEO\HPDFLDWHG&DOOLH ZHLJKHGMXVWNLORV7KH\ODQJXLVKHGLQWKHSRXQGZKLOHSHRSOHSOD\HGSROLWLFVDQGWKHQPRQWKVODWHUVKHZDV GHHPHGµGDQJHURXV¶E\DQRWKHUUHVFXHDQGFDPHWR1RUIRONEDFNWRWKHRULJLQDOSRXQGZKHUH*6'5EHFDPH LQYROYHG:HFRXOGQRWRIIHUKHUIRUDGRSWLRQDVVKHLVVRHOGHUO\DQGLVUDWKHUEOLQGDQGGHDI6KHUHPDLQVDQ (DVWHUQ5HJLRQIRVWHUGRJEXWKDVEHHQZRQGHUIXOO\UHKRPHGE\DQDQJHOIURPDQRWKHUUHJLRQ &DOOLHDND0\/LWWOH2OG/DG\ZDVP\NHQQHOEXGG\,XVHGWRJRDQGWDNHKHU IRUDZDONWRJHWKHURXWRIWKHURXWLQHRINHQQHOOLIH6KHµGKDGDYHU\WRXJK OLIHEXWIRUDQROGODG\VKHZDVUHDOO\VSULWHO\DQGZRXOGWURWDORQJRQRXUZDONV WRVHHWKHSRQ\GRZQWKHODQH 6KHFRXOGQ¶WDFWXDOO\VHHWKHSRQ\EXW,¶GWHOOKHULWZDVWKHUHVKHFRXOGQ¶W DFWXDOO\KHDUPHHLWKHUEXW,WROGKHUDQ\ZD\6KHUHDOO\HQMR\HGRXUZDONV DQGDVDOZD\VKDSSHQVVKHJRWDOLWWOHPRUHUHOXFWDQWHDFKWLPHWRJREDFNLQWR KHUNHQQHOXQWLORQHGD\ZKHQVKHJDYHPHµWKHORRN¶DQGLWZDVPHWRZKR KDGWRZDONDZD\VRWKDWVKHFRXOGEHWDNHQEDFNWRKHUNHQQHO ,GURYHKRPHLQWHDUVDQGVHQWDGHVSHUDWHHPDLOWR0DQGL$QQWRWHOOWKHP WKDWRXUOLWWOHROGODG\ZDVDERXWWRJRLQWRDGHFOLQHLIZHGLGQ¶WPRYHKHU TXLFNO\,¶YHVHHQWKHORRNEHIRUHDQG,NQRZZKDWLWPHDQV$V,W\SHG, SUD\HGIRUDPLUDFOH« 6RQRZ&DOOLHOLYHVZLWKDELJEURWKHUZKRPVKH DGRUHVLQWKHODSRIFDQLQHOX[XU\KDYLQJRQO\VR UHFHQWO\EHHQFUXHOO\WUHDWHGDQGWKHQFRQGHPQHG E\WKRVHZKRVKRXOGKDYHEHHQWKHUHIRUKHU1HYHU KDVWKHUHEHHQVXFKUHMRLFLQJEXW0DQGLKDVVWLOOQRW JRWRYHUWKHVWUDLQRIHQJLQHHULQJWKLVSDUWLFXODU µPLUDFOH¶ $OORIWKLVZDVWKDQNVWR)DFHERRNDQGKHUQHZ PXPKHDULQJRI&DOOLH¶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
Similar documents
F eb ru ary 2015 New sletter Issue 22
,ZRUNHGLQWKHSKDUPDFHXWLFDOLQGXVWU\IRUQHDUO\\HDUVLQVSHFLDOLVWILHOGVLQFOXGLQJUKHXPDWRORJ\FDUGLRORJ\ SV\FKLDWU\$,'VDQGWUDQVSODQWLPPXQRORJ\,QWKHODWHV,ZRUNHGIRU)XML...
More information