Untitled - Project Avalon
Transcription
Untitled - Project Avalon
$ERXWWKH$XWKRU 6WDQ 5RPDQHN JUHZ XS LQ DQ $LU )RUFH IDPLO\ PLJUDWLQJ DPRQJ YDULRXV PLOLWDU\ EDVHV LQ WKH 0LGZHVW DQG :HVWHUQ 8QLWHG 6WDWHV +H DQG KLV ZLIH DQG IDPLO\ DUH QRZ VHWWOHG LQ WKH 0LGZHVW ZKHUHKHZRUNVLQWKHFRPSXWHUILHOG $VDQDGXOW6WDQKDVSXUVXHGYDULRXVDWKOHWLFFKDOOHQJHVKHKDVEHHQDFKDPSLRQERG\EXLOGHU J\PQDVWVZLPPHUDQGDQ2O\PSLFKRSHIXOLQF\FOLQJ,QFRQWUDVWKLVSDUDQRUPDOH[SHULHQFHVZKLFK KHVRPHWLPHVUHIHUVWRDV³KLJKVWUDQJHQHVV´KDYHSODFHGKLPRQDFRXUVHVREL]DUUHWKDWKHVWULYHV GHVSHUDWHO\WRXQGHUVWDQG 6WDQ KDV DSSHDUHG RQ DOO WKH PDMRU WHOHYLVLRQ QHWZRUNV DV ZHOO DV PDQ\ RWKHU FDEOH DQG ORFDO VWDWLRQV LQFOXGLQJ D 3HWHU -HQQLQJV$%& VSHFLDO/DUU\.LQJ/LYH)R[DQG)ULHQGV DQG WKH$%& 0RUQLQJ6KRZ 7KH OLVW RI KLV UDGLR DSSHDUDQFHV DQG LQWHUYLHZV LV HYHQ ORQJHU RQ VWDWLRQV IURP FRDVWWRFRDVW+H¶VEHHQDIHDWXUHGVSHDNHUDWFRQIHUHQFHVRQ8)2VDQGEHHQLQWHUYLHZHGRUKDV ZULWWHQIRUVHYHUDO8)2DQGSDUDQRUPDOWKHPHGPDJD]LQHV /OHZHOO\Q3XEOLFDWLRQV :RRGEXU\0LQQHVRWD 0HVVDJHV7KH:RUOG¶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¶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¶VZHEVLWHIRUOLQNVWRFXUUHQWDXWKRUZHEVLWHV /OHZHOO\Q3XEOLFDWLRQV /OHZHOO\Q:RUOGZLGH/WG :RRGGDOH'ULYH :RRGEXU\01 ZZZOOHZHOO\QFRP 0DQXIDFWXUHGLQWKH8QLWHG6WDWHVRI$PHULFD &RQWHQWV $FNQRZOHGJPHQWV )RUHZRUGE\-$OODQ'DQHOHN $ERXWWKH&R$XWKRU ,QWURGXFWLRQ *URZLQJ8S5RPDQHN 8)2V2YHU1RUWK'DNRWDDQGWKH³3UHWW\/DG\´ &ORVH(QFRXQWHURIWKH)LUVW.LQG5HG5RFNV'HFHPEHU 0\0DJQHWLF3HUVRQDOLW\ 0\6HFRQG8)26LJKWLQJ )URP:LWQHVVWR$EGXFWHH (QWHUWKH³3RVVXP3HRSOH´ &RQILUPDWLRQ7KH'DQLHOV3DUN6LJKWLQJ ,QFLGHQWDW2OG6WRQH+RXVH3DUN *RLQJ3XEOLF -RXUQH\,QWRWKH6XEFRQVFLRXV²0\)LUVW5HJUHVVLRQDQG5HFDOOHG$EGXFWLRQ 5HG2UEVLQ1HEUDVND 6OHHSLQJ(TXDWLRQV 7KH6HFRQG$EGXFWLRQ $1HZ1LJKWPDUH 6DXFHUV6DXFHUV(YHU\ZKHUH 3HHSLQJ7RPV2UEVDQGD/LWWOH*X\1DPHG%RR $Q$EGXFWLRQ&DXJKWRQ7DSH" 0\VWHU\&RQWUDFWRUV 'HVFHQWLQWR'DUNQHVV 7KH6SDFH7LPH&XEH :KHQ$EGXFWLRQV*R6LOO\ 5HWKLQNLQJ5RVHQ¶V%ULGJH :HOFRPHWR³7KH6SULQJV´ 7KH)DLUSOD\$EGXFWLRQ (QWHU$XGUH\ 8QH[SHFWHGO\&DXJKWRQ)LOP 7KH,PSODQW 7KH1RYHPEHU5HJUHVVLRQ 1HZ(TXDWLRQVDQGD'DWHIRU&KDQJH 0RUH+XPDQ+DUDVVPHQW 6LPSOH2UEVRU6RPHWKLQJ0RUH" *UDQGSD*UD\ +LJK6WUDQJHQHVV 6PLOH\)DFHVDQGD6XUSULVHRU7ZR 0RUH(TXDWLRQV 7KH³*RRG´$EGXFWLRQ *UD\VDWWKH)LUHZRUNV6KRZ &KDQQHOLQJ*UDQGSD 0RUH+LJK6WUDQJHQHVV ³/LEHUW\´0DNHVD9LVLW 7KH:DWFKWRZHU8)26LJKWLQJ 7KH6KDGRZV.QRZ 7KH-RXUQH\&RQWLQXHV &RQFOXVLRQ $SSHQGL[$ $SSHQGL[% $SSHQGL[& $SSHQGL[' $FNQRZOHGJPHQWV $ ERRN OLNH WKLV LV WKH FXOPLQDWLRQ RI WKH HIIRUWV RI PDQ\ SHRSOH²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²D ORFDO FOXE RI SDUDQRUPDO HQWKXVLDVWV²RQ WKH VXEMHFW RI UHLQFDUQDWLRQ DQG VDW QHDUKLPDWGLQQHUDIWHUZDUG,ZDVWROGWKDWKHZDVDQDEGXFWHHZKRKDG³TXLWHDVWRU\´WRWHOO² FRPSOHWHZLWKGRFXPHQWHGHYLGHQFH²DQGWKDW,VKRXOGWDONWRKLP 1RZDWWKDWWLPH,ZDVQ¶WSDUWLFXODUO\LQWHUHVWHGLQH[WUDWHUUHVWULDOV,WZDVQ¶WWKDW,ZDVQ¶WRSHQWR WKHSRVVLELOLW\RIDOLHQUDFHVYLVLWLQJRXUSODQHW²LW¶VMXVWWKDW,GLGQ¶WEX\RIIRQWKHLGHDWKDWDSHUVRQ ZRXOGEHIRUFLEO\DEGXFWHGE\VXSSRVHGO\HQOLJKWHQHGEHLQJVIURPDQRWKHUVWDUV\VWHP,WVPDFNHGRI SDUDQRLDRUSV\FKRVLVRUDWDPLQLPXPVLOOLQHVVDQGVR,ZDVQ¶WSDUWLFXODUO\LQWHUHVWHGLQKHDULQJ 6WDQ¶VVWRU\,ZDVKRZHYHULPSUHVVHGE\WKHIDFWWKDWKHGLGQ¶WILWP\PROGRIZKDWDQDEGXFWHH ³VKRXOG´EHOLNHKHZDVQ¶WLUUDWLRQDOKHZDVQ¶WZHDULQJDWLQIRLOFDSWRSUHYHQWWKHJRYHUQPHQWIURP VWHDOLQJKLVWKRXJKWVQRUGLGKHVHHPWREHWU\LQJWRGUDZDWWHQWLRQWRKLPVHOI,QIDFWKHDSSHDUHG GHFLGHGO\ XQFRPIRUWDEOH ZLWK WKH ZKROH LGHD²HYHQ DIUDLG LQ IDFW &OHDUO\ KH KDG DQ LQWHUHVWLQJ VWRU\WRWHOO,LPDJLQHGWKRXJKDWWKHWLPH,WKRXJKWWKDW¶VDOOLWZRXOGHYHUEH $OWKRXJK , UDQ LQWR 6WDQ DQG KLV ZLIH /LVD D IHZ WLPHV DIWHU WKDW PRVWO\ DW OHFWXUHV DQG RWKHU HYHQWVLWZDVQ¶WXQWLO,¶GJLYHQDQRWKHUOHFWXUHIRUWKH35)DIHZPRQWKVODWHUWKDW,JRWDFKDQFHWR KHDU KLV VWRU\ LQ GHWDLO 6LWWLQJ DFURVV IURP KLP DQG KLV ZLIH RYHU GLQQHU DW D ORFDO UHVWDXUDQW DIWHUZDUGDQGDWWKHWLPHLQWKHSURFHVVRIZULWLQJDERRNDERXW8)2VP\VHOI,GHFLGHGWKHUHFRXOG EHQRKDUPLQDWOHDVWKHDULQJKLPRXW :KDWKHWROGPHRYHUWKHQH[WKRXUZDVGLIILFXOWWREHOLHYHEXWLWZDVDOVRLQWULJXLQJ+HWDONHG DERXWWKHDOJHEUDLFHTXDWLRQVKH¶GGUDZQLQKLVVOHHSDQGWKH³LPSODQW´WKDWKDGEHHQUHPRYHGIURP KLV KLS WKDW ZDV VKRZQ WR FRQWDLQ PLFURSURFHVVRUV DQG RWKHU HYLGHQFH RI DOLHQ PDQXIDFWXUH DQG D KRVWRIRWKHUH[WUDRUGLQDU\H[SHULHQFHVKH¶GJRQHWKURXJKRYHUWKHSUHYLRXVVHYHQ\HDUV%\WKHHQG RIWKHHYHQLQJ,ZDVOHVVFHUWDLQWKDW6WDQ5RPDQHNZDVDVGHOXGHGDV,KDGLQLWLDOO\DVVXPHGDQG, HYHQEHJDQVHULRXVO\FRQVLGHULQJWKHSRVVLELOLW\WKDWKLVVWRU\PLJKWEHWUXH²DQGZKDWLWPLJKWPHDQ ZHUHWKDWWREHVR &XULRVLW\JHWWLQJWKHEHWWHUSDUWRIPHDIWHUZDUGV,EHJDQGRLQJDOLWWOH,QWHUQHWUHVHDUFK²DOZD\V D FUDS VKRRW²RQ ERWK WKH PDQ DQG KLV VWRU\ WR VHH ZKDW , PLJKW GLJ XS HLWKHU SUR RU FRQ +H KDG FULWLFVWREHVXUH²SHRSOHZKRDFFXVHGKLPRIIUDXGRIEHLQJGHOXVLRQDORIEHLQJDFOHYHUJHQLXV WU\LQJWRPDNHDTXLFNEXFN²EXWQRQHRIWKHLPDJHVRWKHUVSDLQWHGRI6WDQPHVKHGZLWKWKHPDQ,¶G WDONHG WR &ULWLFV DUH VHOGRP DQ DFFXUDWH JDXJH RI RQH¶V WUXH FKDUDFWHU LQ DQ\ FDVH ZKDW , ZDV LQWHUHVWHG LQ ZDV WKH FKDUDFWHU DQG TXDOLW\ RI KLV SURSRQHQWV²LI KH KDG DQ\²DQG ZKDW , IRXQG VXUSULVHGPH,WDSSHDUHGWKDWKHKDGDKRVWRILPSUHVVLYHO\FUHGHQWLDOHGVFLHQWLVWVDQGUHVHDUFKHUV ZLOOLQJWRJRRQUHFRUGWRDIILUPPXFKRI6WDQ¶VHYLGHQFH²SDUWLFXODUO\WKHP\VWHULRXVHTXDWLRQVKH SHULRGLFDOO\SURGXFHGLQKLVVOHHSRUZKLOHXQGHUK\SQRVLV7KDWDORQJZLWKZKDWKHKDGVKDUHGZLWK PHRIKLVSHUVRQDOH[SHULHQFHVDQGRWKHUHYLGHQFHVZDVHQRXJKWROHDYHPHLPSUHVVHG,FDQ¶WVD\, ZDV D FRQILUPHG EHOLHYHU DW WKLV SRLQW EXW , ZDV PXFK PRUH RSHQ WR KLV H[SHULHQFHV DQG WKH SRVVLELOLWLHVWKH\SRUWHQGHGWKDQ,KDGEHHQ,QWKHPHDQWLPHKRZHYHU,ZRXOGNHHSDQH\HRQ6WDQ 5RPDQHN DQG ZDLW IRU KLP WR VOLS XS 6XUHO\ LI KH ZHUH D KRD[HU KH ZRXOG HYHQWXDOO\ PDNH VRPH REYLRXVPLVWDNHWKDWZRXOGGHPRQVWUDWHKLVZKROHVWRU\WREHRQHKXJHEDGMRNHDQGWKHQ,ZRXOG NQRZ 0XFK WR P\ DPD]HPHQW LW QHYHU KDSSHQHG ,I DQ\WKLQJ KH UHPDLQHG DV GHWHUPLQHG²DQG IULJKWHQHG²DERXWWKHZKROHDIIDLUDVKHKDGEHHQWKHILUVWWLPH,¶GPHWKLP*URZLQJPRUHFXULRXVE\ WKHGD\,ILQDOO\GHFLGHGWRDWWHQGDOHFWXUHKHZDVJLYLQJWRFKHFNRXWWKH³HYLGHQFH´KHVXSSRVHGO\ SRVVHVVHG VR , PLJKW GHFLGH IRU P\VHOI$V VXFK RQ -DQXDU\ , IRXQG P\VHOI LQ D SDFNHG OHFWXUHKDOORQWKHJURXQGVRIWKH&RPPXQLW\&ROOHJHRI'HQYHU$XUDULDFDPSXVZDWFKLQJRQHRIWKH PRVWLQWHUHVWLQJVOLGHDQGYLGHRSUHVHQWDWLRQV,¶GHYHUVHHQ1RGRXEWDERXWLW6WDQ³KDGWKHJRRGV´ DVWKH\VD\OHDYLQJPHDOOWKHPRUHSHUSOH[HG +RZHYHULWZDVQ¶WMXVWKLVSUHVHQWDWLRQWKDWJRWPHWKLQNLQJ'XULQJDEUHDNDWWKHKDOIZD\SRLQW LQWKHOHFWXUHP\VRQDQG,WRRNDGYDQWDJHRIWKHXQXVXDOO\PLOGZHDWKHUDQGZHQWRXWVLGHWRGLVFXVV 6WDQ¶VVWRU\LQSULYDWH,WZDVZKHQZHZHUHKHDGLQJEDFNLQVLGHWKDWVRPHWKLQJXQXVXDOKDSSHQHG² VRPHWKLQJWKDWFKDQJHGWKHZKROHHTXDWLRQIRUPH$VZHDSSURDFKHGWKHEDVHRIWKHEXLOGLQJ¶VVWHSV ,QRWLFHGPRVWRIWKHFURZGORRNLQJVN\ZDUGVWDULQJDQGSRLQWLQJLQWRWKHQRUWKHUQVN\2IFRXUVHWKH RQO\WKLQJWRGRZKHQVRPHWKLQJOLNHWKDWKDSSHQVLVWRVHHZKDWDOOWKHIXVVLVDERXWDQGMRLQWKHP DQGWKDW¶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²DORQJZLWKGR]HQV RI RWKHU ZLWQHVVHV²D ELW VWXQQHG /DWHU DV , FRQVLGHUHG ZKDW LW ZDV , KDG VHHQ GXULQJ WKH OHFWXUH EUHDNWKHRQO\WKHRU\WKDWVHHPHGWRPDNHVHQVHZDVWKDW,KDGEHHQZDWFKLQJVRPHVRUWRIOLJKWVKRZ ²D PDQLSXODWLRQ RI SODVPD SHUKDSV FUHDWHG WKURXJK WKH XVH RI VRPH IRUP RI WHFKQRORJ\ , DP XQIDPLOLDUZLWK²DOOGRQHVSHFLILFDOO\IRUWKHDPXVHPHQWRIWKHFURZG 2UZDVLWPRUHWKDQWKDW"&RXOGLWKDYHEHHQVRPHVRUWRIFRQILUPDWLRQWKDW6WDQ¶VH[SHULHQFHV ZHUH VRPHWKLQJ PRUH WKDQ MXVW D VWRU\" :DV WKLV GLVSOD\ LQ IDFW D ³VLJQ´ WKDW , QHHGHG WR SD\ DWWHQWLRQWR",GRQ¶WNQRZEXWLQFKDOOHQJLQJP\DVVXPSWLRQVDVLWGLGDVZHVORZO\PDGHRXUZD\ EDFN LQWR WKH OHFWXUH KDOO DIWHUZDUGV RXU PLQGV VWLOO UHHOLQJ IURP WKH UHPDUNDEOH GLVSOD\ RI DHURG\QDPLFVZHKDGMXVWZLWQHVVHG,ZDVPXFKPRUHRSHQWRKLVVWRU\,QIDFWFRQVLGHULQJZKDW ZH¶GMXVWVHHQ6WDQ¶VVWRU\VXGGHQO\WRRNRQVRPHXUJHQF\DQG,OLVWHQHGZLWKUDSWDWWHQWLRQDVKH VKRZHGXVVRPHRIWKHPRVWUHPDUNDEOHYLGHRHYLGHQFH,¶GHYHUVHHQ%\WKHWLPHLWZDVRYHU,KDG QR LGHD ZKDW WR EHOLHYH EXW , NQHZ VRPHWKLQJ UHPDUNDEOH ZDV JRLQJ RQ$V D UHVXOW ZKHQ 6WDQ¶V DJHQWDSSURDFKHGPHZLWKWKHLGHDRIKHOSLQJZLWKDUHZRUNRIKLVERRNDIHZPRQWKVODWHU,DJUHHG WRWDNHLWRQ +RZHYHUVLQFH,¶PNQRZQIRUZULWLQJERRNVWKDWWDNHDJHQHUDOO\REMHFWLYHVODQWWRZDUGVXEMHFWV KDYLQJ WR GR ZLWK WKH SDUDQRUPDO LW ZDVQ¶W DOZD\V HDV\ WR ZLWKKROG MXGJPHQW DV , ODLG RXW 6WDQ¶V FDVH,QIDFWDV,UHZRUNHGWKHERRNLQWRLWVSUHVHQWIRUP,DGPLWWRKDYLQJVWUXJJOHGZLWKPXFKRIWKH PDWHULDO DW WLPHV +RZHYHU DV , JRW WKH RSSRUWXQLW\ WR WDON ZLWK 6WDQ IDFHWRIDFH DERXW KLV H[SHULHQFHVDQGORRNHGDWKLVHYLGHQFHILUVWKDQG,HYHQWXDOO\JUHZWRDSSUHFLDWHKRZLPSRUWDQWD VWRU\ KH KDV WR WHOO 7KH 6WDQ 5RPDQHN VWRU\ LV QRW MXVW DQRWKHU LQ D OLWDQ\ RI PXOWLSOH DEGXFWLRQFRQWDFWHHDFFRXQWVEXWLVXQLTXHZLWKUHVSHFWWRWKHVKHHUYROXPHRISK\VLFDOHYLGHQFHWKDW VXSSRUWVLW²HYLGHQFHZKLFKWDNHQLQLWVHQWLUHW\PDNHVKLVVWRU\QRWRQO\FUHGLEOHEXWDEVROXWHO\ DVWRQLVKLQJ,QWKHSURFHVVRIUHZRUNLQJWKLVPDWHULDO,¶YHKDGWKHRSSRUWXQLW\WRWDONZLWKSK\VLFLVWV ZKR KDYH H[DPLQHG WKH HTXDWLRQV 6WDQ KDV SURGXFHG ZKLOH LQ D WUDQFH DQG UHVHDUFKHUV ZKR KDYH VWXGLHGWKHWUDFHHYLGHQFHKLVHQFRXQWHUVKDYHOHIWEHKLQGDVZHOODVVLWGRZQZLWKYLGHRH[SHUWVWR GLVFXVVWKHYDULRXVSKRWRVDQGYLGHRIRRWDJHKH¶VDFTXLUHGRYHUWKH\HDUVLQVRPHGHWDLO,¶YHHYHQ KDG WKH SULYLOHJH RI REVHUYLQJ RQH RI 6WDQ¶V K\SQRWLF UHJUHVVLRQ VHVVLRQV LQ ZKLFK KH DSSDUHQWO\ FKDQQHOHGRQHRIWKHDOLHQJUD\VPDNLQJP\UROHLQWKLVZRUNLIQRWKLQJHOVHDUHPDUNDEOHOHDUQLQJ H[SHULHQFHDQGDQDGYHQWXUHRIZKLFK,KDYHEHHQKRQRUHGWREHDSDUW ,Q WKH HQG , EHOLHYH , KDYH VXFFHVVIXOO\ SUHVHQWHG 6WDQ¶V VWRU\ LQ D VWUDLJKWIRUZDUG PDQQHU WKDW LQYLWHV WKH UHDGHU WR GHFLGH IRU WKHPVHOYHV ZKDW WKH\ FDQ DQG FDQQRW DFFHSW$GGLWLRQDOO\ DV WKLV ERRNLVWKHFXOPLQDWLRQRI\HDUVRIZRUNE\6WDQDQGKLVIULHQGVZKHUHYHUSRVVLEOH,¶YHXVHG6WDQ¶V RZQZRUGVRUDWDPLQLPXPWULHGWRNHHSKLVYRLFHDV,SXOOHGDOOWKHYDULRXVHOHPHQWVWRJHWKHULQ WKHKRSHRINHHSLQJLWWUXO\KLVVWRU\,OHDYHLWWRRWKHUVWRGHFLGHLI,KDYHVXFFHVVIXOO\DFFRPSOLVKHG WKDWJRDO 2QO\WLPHZLOOWHOOLIWKLVZRUNZLOOEHDEOHWRZLWKVWDQGWKHFKDOOHQJHVRIKLVPDQ\FULWLFVERWK SUHVHQWDQGIXWXUH6RPHKRZ,VXVSHFWLWZLOOEHXSWRWKHWDVN -$OODQ'DQHOHN 1RYHPEHU >FRQWHQWV@ $ERXWWKH&R$XWKRU $QDWLYH0LQQHVRWDQEXWDUHVLGHQWRI&RORUDGRVLQFH-$OODQ'DQHOHN²-HIIWRKLVIULHQGV²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²IXOO\RQHRXW RIVHYHQ$PHULFDQV²FODLPWRKDYHSHUVRQDOO\VHHQD8)2RUNQRZVRPHRQHZKRKDV8QWLODIHZ \HDUVDJR,ZDVQRWRQO\SDUWRIWKHSHUFHQWZKRKDGQHYHUVHHQD8)2EXWZRXOGKDYHFRXQWHG P\VHOIDPRQJWKHKDOIRIWKRVH$PHULFDQVZKRFRQVLGHUHGLWDOOQRQVHQVH 2Q'HFHPEHUKRZHYHUDOOWKDWFKDQJHG7KDWZDVWKHGD\,QRWRQO\FRXOGFRXQWP\VHOI DPRQJWKHSHUFHQWRI$PHULFDQVZKR¶GKDGWKHLURZQSHUVRQDOFORVHHQFRXQWHUZLWKVRPHWKLQJQRW RI WKLV ZRUOG EXW WKH GD\ WKDW ZRXOG XOWLPDWHO\ DOWHU P\ EHOLHIV LQ HYHU\WKLQJ , WKRXJKW , NQHZ DQG DIIHFWP\OLIHLQZD\V,FRXOGQHYHUKDYHLPDJLQHGSRVVLEOH %XWKRZFRXOGWKDWEH":KLOHVHHLQJVRPHWKLQJLQWKHVN\WKDWFDQQRWEHUHDGLO\H[SODLQHGPLJKW EHHQRXJKWRFKDQJHRQH¶VSHUVSHFWLYHRQZKHWKHUH[WUDWHUUHVWULDOVDUHUHDOWKDWVKRXOGQ¶WEHHQRXJK WRFKDQJHRQH¶VHQWLUHOLIHVKRXOGLW" 3UREDEO\QRWDQGLIWKDWVLQJOHEULHIHQFRXQWHUKDGEHHQWKHH[WHQWRILWLWSUREDEO\ZRXOGQ¶WKDYH %XWWKDWGD\ZDVWREHRQO\WKHVWDUWRIDFKDLQRIHYHQWVWKDWZHUHWRUDGLFDOO\WUDQVIRUPP\OLIHLQ GHHSDQGPHDQLQJIXOZD\VDQGFRQWLQXHWRGRVRWRWKLVGD\8QZLWWLQJO\ZLWKQHLWKHUP\GHVLUHQRU SHUPLVVLRQ,ZDVWREHFRPHPRUHWKDQPHUHO\DQRWKHU8)2ZLWQHVV,QVWHDG,ZDVEHLQJSUHSDUHGWR EHDPHVVHQJHU²D³FRQWDFWHH´LQ8)2VSHDN²JURRPHGWREULQJDQDOLHQPHVVDJHWRWKHZRUOG 'LIILFXOWWREHOLHYH,NQRZ,QIDFW,¶PQRWDOZD\VFHUWDLQ,EHOLHYHLWP\VHOIDQGZHUHLWQRWIRU WKHJURZLQJUHDPVRIVXSSRUWLQJHYLGHQFH²HPSLULFDOWHVWDEOHTXDQWLILDEOHHYLGHQFH²,WRRZRXOG EHWHPSWHGWRGLVPLVVWKHLGHDDVVRPDQ\GR%XW,FRXOGQ¶WGHQ\WKHUHDOLW\RIZKDWKDVKDSSHQHGWR PH7KHHYLGHQFHLVWRRRYHUZKHOPLQJWKHUDPLILFDWLRQVWRRLPSRUWDQW 7KLV LV WKH VWRU\ RI WKDW WUDQVIRUPDWLRQ FRPSOHWH ZLWK SKRWRJUDSKV GRFXPHQWDWLRQ VFLHQWLILF DQDO\VLVDQGDOOWKHUHVW,WLVE\QRPHDQVFRPSOHWHQRULVLWSHUIHFW7KHVNHSWLFFDQDOZD\VFODLP WKDWVRPHRIP\HYLGHQFHVFDQEHUHSOLFDWHGE\DFOHYHUKRD[VWHUDQG,GRQ¶WGHQ\WKDW+RZHYHULW LV WKH VKHHU ZHLJKW DQG TXDOLW\ RI WKH HYLGHQFH²PXFK RI LW DFTXLUHG LQ IURQW RI H\HZLWQHVVHV DQG VWXGLHGE\WUDLQHGH[SHUWV²WKDWGRHVPRVWRIWKHWDONLQJ,QDQ\FDVH,FDQRQO\OD\RXWP\FDVHDV EHVW , FDQ DQG DOORZ WKH UHDGHU WR GHFLGH IRU WKHPVHOYHV ZKDW WR PDNH RI LW &HUWDLQO\ WKLV LV WKH SURFHVV,KDYHWRJRWKURXJKP\VHOIQHDUO\HYHU\GD\ ,¶YHODLGWKHLQIRUPDWLRQRXWLQJHQHUDOO\FKURQRORJLFDORUGHUDQGZKLOHVRPHRIWKHGHWDLOVPLJKW KDYHJURZQIX]]\ZLWKWLPHWKH\DUHDFFXUDWHDQGWUXHWRWKHEHVWRIP\PHPRU\)RUWXQDWHO\DVWKHVH H[SHULHQFHVEHJDQWRWDNHRYHUP\OLIHWKHUHZHUHRWKHUVZKRZHUHSUHVHQWWRZLWQHVVPDQ\RIWKHVH HYHQWVSHUVRQDOO\PDNLQJP\VWRU\QRWRQO\RQHRIWKHEHVWGRFXPHQWHGFRQWDFWHHFDVHVRQUHFRUG EXWRQHRIWKHPRVWZLWQHVVHG:KHUHYHUSRVVLEOH,QDPHQDPHVWKRXJK,UHVHUYHWKHULJKWWRRPLWWKH LGHQWLWLHV RI VRPH LQGLYLGXDOV²PRVWO\ IDPLO\ DQG IULHQGV²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²PRVW ZLWK LPSUHVVLYH VFLHQWLILF FUHGHQWLDOV²WKDW LW VKRXOGLIQRWKLQJHOVHDWOHDVWJLYHWKHUHDGHUFDXVHWRZRQGHU 7KH SKRWRV LQ WKH ERRN²ZLWK WKH H[FHSWLRQ RI D IHZ UHVHDUFK SKRWRV DQG VWDJHG VKRWV²DUH HQWLUHO\P\RZQ8QIRUWXQDWHO\VRPHRIWKHSKRWRVDUHQRWRIWKHKLJKHVWTXDOLW\3DUWLDOO\WKLVLVGXH WR WKH IDFW WKDW WKH\ DUH VWLOOV WDNHQ IURP VXUYHLOODQFH FDPHUDV RU WKH\ ZHUH VKRW LQ D KXUU\ ZLWK LQH[SHQVLYH FDPFRUGHUV EHLQJ RSHUDWHG E\ D IULJKWHQHG DQG FRQIXVHG SHUVRQ XVXDOO\ P\VHOI ,Q VRPHFDVHVKRZHYHULW¶VVLPSO\GXHWRWKHQDWXUHRIGLJLWDOSKRWRJUDSK\ZKLFKXQIRUWXQDWHO\WHQGV WR GLVWRUW DQ LPDJH ZKHQHYHU LW¶V EORZQ XS 6WLOO PRVW RI WKH LPDJHU\ LV FOHDU HQRXJK WR PDNH LW SRVVLEOH WR LGHQWLI\ ZKDW¶V JRLQJ RQ DQG VKRXOG EH VXIILFLHQW WR PDNH P\ FDVH$GGLWLRQDOO\ , DP LQFOXGLQJRQO\DSDUWRIWKHYDVWVWRUHKRXVHRILPDJHVDXGLRUHFRUGLQJVVZRUQDIILGDYLWVDQGRWKHU HYLGHQFH ,¶YH DFFXPXODWHG RYHU WKH \HDUV IRU WKH VDNH RI EUHYLW\ )RU WKH PRVW SDUW KRZHYHU WKH LPDJHV,GRLQFOXGHFRQVWLWXWHVRPHRIWKHEHVWHYLGHQFHIRUDOLHQYLVLWDWLRQ,NQRZRI²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¶VDJRRGLGHDWRILUVWJHWDIHHOIRUZKDWVRUWRISHUVRQRQHLVGHDOLQJ ZLWKKHUH$IWHUDOOLW¶VQRWHYHU\GD\WKDWVRPHRQHHQFRXQWHUVDPDQZKRPDNHVWKHH[WUDRUGLQDU\ FODLPV,¶PDERXWWRPDNHLQWKLVERRNPDNLQJDQLQWURGXFWLRQLQWKHIRUPRIDEULHIDXWRELRJUDSK\QRW RQO\KHOSIXOEXWSUREDEO\HVVHQWLDO 7KHUHZDVOLWWOHLQP\SDVWWRLQGLFDWHWKDWP\OLIHZRXOGWDNHWKHGLUHFWLRQLWZDVHYHQWXDOO\IDWHG WR GR , ZDV ERUQ LQ 'HFHPEHU RI DW )LW]VLPRQV $UP\ +RVSLWDO LQ 'HQYHU &RORUDGR WKH \RXQJHVWRIIRXUFKLOGUHQERUQWRDFDUHHU$LU)RUFHQRQFRPPLVVLRQHGRIILFHUDQGKLVZLIH9ODVWD 7KLVPDGHPHZKDWLVWHFKQLFDOO\NQRZQDVD³PLOLWDU\EUDW´ZKLFKFDQEHDGLIILFXOWOLIHIRUDFKLOG IRULWPHDQWKDYLQJWRUHDGMXVWWRQHZVFKRROVDQGIULHQGVDV'DGZDVUHDVVLJQHGIURPRQH$LU)RUFH EDVHWRDQRWKHUHYHU\IHZ\HDUV)RUWXQDWHO\FKLOGUHQDUHXVXDOO\IOH[LEOHDERXWVXFKWKLQJVDQGDV ZHNLGVHYHQWXDOO\JRWXVHGWRWKLVFRQVWDQWFKDQJHLQVFHQHU\ZHHYHQEHJDQWRORRNIRUZDUGWRWKH QHZDGYHQWXUHVDZDLWLQJXVHDFKWLPH'DG¶VZRUNDVVLJQPHQWFDXVHGWKHIDPLO\WRPRYHRQFHDJDLQ 7RWKLVGD\,¶PVWLOOQRWVXUHH[DFWO\ZKDWP\IDWKHUGLGLQWKH$LU)RUFH$OO,NQHZZDVWKDWLW KDG VRPHWKLQJ WR GR ZLWK 0LQXWHPDQ PLVVLOHV DQG UHVXOWHG LQ KLP EHLQJ VWDWLRQHG DW QHDUO\ HYHU\ PDMRUPLVVLOHLQVWDOODWLRQLQWKH0LGZHVWGXULQJWKHVL[WLHVDQGVHYHQWLHV,WZDVDOOYHU\VHFUHWLYH KXVKKXVK VRUW RI VWXII EXW WKHQ HYHU\WKLQJ ZDV EDFN WKHQ HVSHFLDOO\ GXULQJ WKH KHLJKW RI WKH &ROG :DU ZKHQ PXWXDO QXFOHDU DQQLKLODWLRQ KXQJ OLNH D VKDGRZ RYHU HYHU\WKLQJ +H UHWLUHG D 0DVWHU 6HUJHDQWDQGLVVWLOOJRLQJVWURQJWRGD\ZHOOLQWRKLVHLJKWLHV 0RP ZDV D KRPHPDNHU DQG RQH RI WKH NLQGHVW SHRSOH , HYHU NQHZ$ YHU\ FDULQJ ZRPDQ ZKR KHOGRXUIDPLO\WRJHWKHUVKHZDVHYHU\ELWDVXQLTXHDVVKHZDVORYLQJ,UHPHPEHUKHURQFHWDNLQJ XVRQDSLFQLFGXULQJDVQRZVWRUPDQGPDNLQJLWDIXQH[SHULHQFHGHVSLWHWKHELWWHUFROG²DWDVNIHZ ZRPHQKDYHWKHDELOLW\WRSXOORIIQRZDGD\V6KHSDVVHGDZD\GXULQJP\ILUVWPDUULDJH/RVLQJKHU ZDVGHHSO\GHYDVWDWLQJDQG,VWLOOPLVVKHUWHUULEO\WRWKLVGD\ 7KLVVRUWRIQRPDGH[LVWHQFH²ZKDWZHVRPHWLPHVMRNLQJO\UHIHUUHGWRDVRXU³J\SV\ZD\V´²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³GXPEHU´ WKDQ RWKHU NLGV P\ DJH PDGH PH D QDWXUDO WDUJHW IRU EXOOLHV DQG FDOORXV WHDFKHUV WKLV ZDV D VRPHZKDW OHVV HQOLJKWHQHG HUD LQ $PHULFDQ HGXFDWLRQ²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²VRPHWKLQJZH¶OOORRNDWODWHU²,EHFDPHTXLWH JRRGDWUHSDLULQJDQGUHFRQILJXULQJFRPSXWHUVDQGJHWWLQJULGRIYLUXVHVZKLFKLVZKDW,GRWRGD\ 2KDQGOHVW,IRUJHW,HYHQWDXJKWP\VHOIWRSOD\WKH1DWLYH$PHULFDQIOXWHSURIHVVLRQDOO\HYHQWXDOO\ EHFRPLQJJRRGHQRXJKDWLWWKDW,ZRXOGODWHUPDNHD&'DQGJRRQWRXU,WLVDKREE\WKDWVWLOOJLYHV PHPXFKHQMR\PHQWWRWKLVGD\ 0RP¶V GHDWK FRPELQHG ZLWK WZR IDLOHG UHODWLRQVKLSV RYHU WKH QH[W WZR GHFDGHV UHDOO\ SXW P\ FRSLQJ VNLOOV WR WKH WHVW 6KRUWO\ DIWHU ORVLQJ KHU , ZHQW WKURXJK D KHDUWZUHQFKLQJ GLYRUFH DQG DQ HYHQPRUHLQVDQHUHODWLRQVKLSZLWKDSV\FKRWLFJLUOIULHQG,ILQDOO\PHWP\FXUUHQWZLIH/LVDLQ YLD WKH ,QWHUQHW GRQ¶W HYHU OHW DQ\RQH WHOO \RX WKH :RUOG :LGH :HE LV QRW D JRRG SODFH WR PHHW SHRSOH/LVDDQG,VWLOOMRNHDURXQGWRGD\WKDWLWKDGWDNHQPHDZKLOHWRILQDOO\JHWLWULJKWDQG, VXSSRVHLWGLG6KHLVDQDPD]LQJO\NLQGKHDUWHGSHUVRQZLWKDJUHDWVHQVHRIKXPRUZKRKDVVKRZQ PHLQFUHGLEOHVXSSRUWWKURXJKRXWWKHHLJKW\HDUVZH¶YHEHHQWRJHWKHU,QIDFWVKHKDVEHHQDVRXUFHRI VWUHQJWKWKURXJKHYHQWVWKDWZRXOGKDYHIULJKWHQHGRIIDOHVVHUZRPDQ7REHSHUIHFWO\KRQHVWZLWKRXW /LVD¶V ORYH , GRQ¶W NQRZ KRZ , FRXOG SRVVLEO\ KDYH KDQGOHG WKH H[SHULHQFHV WKDW DZDLWHG XV DQG FRQWLQXHWRPDNHRXUOLYHVVRFUD]\WRGD\ 2QHRIWKHPRVWFRPPRQTXHVWLRQV,¶PDVNHGLVZKHWKHU,KDGDQ\SUHYLRXVLQWHUHVWLQ8)2VRU SDUDQRUPDOVXEMHFWVLQJHQHUDOJURZLQJXSWRZKLFKWKHDQVZHULVDQHPSKDWLFQR6FLHQFHILFWLRQ GLGQ¶WDSSHDOWRPHP\VHYHUHG\VOH[LDSUHYHQWHGPHIURPUHDGLQJLQDQ\FDVHDQG,ZDVQHYHULQWR 6WDU7UHN 6WDU:DUV RU DQ\ RI WKH RWKHU RWKHUZRUOGO\ VWXII WKDW VR PDQ\ JUHZ XS ZLWK GXULQJ WKH VHYHQWLHVDQGHLJKWLHV,QIDFW,ZDVDVIDUIURPEHLQJDEHOLHYHULQ8)2VDVLWLVSRVVLEOHWREHDQG HYHQWHDVHGP\JRRGIULHQG0DUNZKRP,KDGNQRZQVLQFHKLJKVFKRROWREHD8)2EXIIPHUFLOHVVO\ RQWKHVXEMHFW2QFHKHHYHQPDQDJHGWRWDONPHLQWRDWWHQGLQJD8)2VHPLQDUZLWKKLPDQG,TXLFNO\ PDGHKLPUHJUHWLW,ZDVVRUXGHDQGFRQGHVFHQGLQJWKDWWKHJURXSVKXQQHGPHDQGQRWZLWKRXWJRRG UHDVRQ,PLJKWDGG,WGHILQLWHO\WHVWHGRXUIULHQGVKLSEXWOLNHDWUXHIULHQG0DUNSXWXSZLWKP\ QRQVHQVHDQGRYHUORRNHGP\REYLRXVFRQWHPSWIRU8)2ORJ\IRU\HDUV &RQVLGHULQJ VXFK D SDVW DQG P\ DWWLWXGHV DERXW WKLQJV LQ JHQHUDO , FDQ¶W WKLQN RI DQ\RQH OHVV SULPHGIRUP\H[SHULHQFHVWKDQP\VHOI,WZDVDVLI*RGWRRNWKHELJJHVWVNHSWLF²VFUDWFKWKDWWKH ELJJHVWF\QLF²RQ WKH VXEMHFW RI 8)2V KH FRXOG ILQG DQG SXW KLP ULJKW LQ WKH FHQWHU RI WKH FUD]LHVW H[SHULHQFHDQ\RQHFRXOGKDYH,¶YHOHDUQHGVLQFHWKHQWKDWWKHZRUOGLVQ¶WTXLWHDVEODFNDQGZKLWHDV ,¶GDVVXPHG,QIDFW,¶YHOHDUQHGWKDWLW¶VDPXFKODUJHUSODFHWKDQ,¶GHYHULPDJLQHGSRVVLEOHDQGLW DOOEHJDQRQHFRROFULVSPRUQLQJLQ'HFHPEHURI %XW,¶PJHWWLQJDKHDGRIP\VHOIKHUH)LUVWOHWPHWHOO\RXDERXWDIHZVWUDQJHWKLQJVWKDWKDSSHQHG EHIRUH DOO WKH FUD]LQHVV EHJDQ WKDW DSSHDUHG WR IRUHWHOO WKDW P\ IXWXUH ZDV GHVWLQHG WR EHFRPH VRPHWKLQJDOLWWOHRXWRIWKHRUGLQDU\ >FRQWHQWV@ 8)2V2YHU1RUWK'DNRWD DQGWKH³3UHWW\/DG\´ +DYLQJMXVWQRWHGP\GLVEHOLHILQ8)2VDQGJHQHUDOGLVJXVWIRUWKHVXEMHFWSULRUWRP\³DZDNHQLQJ´ LQLWPLJKWFRPHDVDVXUSULVHWRVRPHSHRSOHWROHDUQWKDWGHVSLWHP\DUGHQWVNHSWLFLVP,KDG VRPHGHDOLQJVZLWK8)2VDVDVPDOOER\²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¶V 0DLQ 6WUHHW5HFRXQWLQJKLVVWRU\LQWKHVRUWRIEUHDWKOHVVIDVKLRQRQO\WHHQDJHUVDUHFDSDEOHRIKHWROGP\ 0RWKHUDQGPHWKDWIURPKLVELF\FOHKHKDGZDWFKHGVRPHVRUWRIFUDIWKRYHUVLOHQWO\RYHUWKHWRZQ¶V ZDWHU WRZHU IRU VHYHUDO PLQXWHV EHIRUH LW ILQDOO\ GHPDWHULDOL]HG EHIRUH KLV H\HV DQG GLVDSSHDUHG %DGO\IULJKWHQHGE\WKHH[SHULHQFHKHWRUHIRUKRPHZLWKWKHQHZVEHIRUHILQLVKLQJGHOLYHULQJDOOWKH SDSHUVRQKLVURXWH 1RW UHPDUNDEO\ 0RP ZDV QRW LPSUHVVHG ZLWK KLV VWRU\ RI H[WUDWHUUHVWULDO YLVLWRUV VLQLVWHUO\ LQVSHFWLQJWKHWLQ\WRZQ¶VPDLQZDWHUVXSSO\DQGVKHODXJKHGLQGLVEHOLHI/DWHUWKDWGD\KRZHYHU DIWHU'DGUHWXUQHGIURPZRUNDWQHDUE\*UDQG)RUNV$)%GLVFXVVLRQRIWKHVXEMHFWWRRNRQDPRUH VHULRXVWRQH,KHDUGKLPWHOO0RPWKDWKHDQGVRPHEDVHSHUVRQQHOKDGVHHQDQREMHFW²ZKLFKP\ IDWKHUODWHUGHVFULEHGWRPHDVDYHU\ODUJHUHGGLVKVSKHUHYHU\PXFKOLNHWKHRQHP\EURWKHUKDG GHVFULEHGWKDWPRUQLQJ²KRYHUDERYHWKHPLVVLOHVLORVDWWKHEDVHEHIRUHHYHQWXDOO\PDNLQJLWVZD\ RYHUWKHWRZQ7KH\VSRNHDERXWWKHLQFLGHQWLQDPXWHGDOPRVWFRQVSLUDWRULDOPDQQHUDQGZKHQWKH\ ORRNHGRYHUDWPHDQGQRWLFHG,ZDVHDYHVGURSSLQJWKHFRQYHUVDWLRQDEUXSWO\HQGHG,QHYHUUHDOO\ JRWDFKDQFHWRKHDUWKHUHVWRIWKHGHWDLOVRIWKLVHDUO\VLJKWLQJEXW,GRUHPHPEHUWKDW0RPDQG'DG VWDUWHGEX\LQJERWWOHGZDWHUIURPWKDWSRLQWIRUZDUGIRUVRPHLQH[SOLFDEOHUHDVRQ$VIDUDVWKHWUXH H[WHQWRIP\'DG¶VLQYROYHPHQWLQDOORIWKLVLWZLOODOZD\VEHDP\VWHU\IRUKHUHIXVHVWRWDONDERXW LWWRWKLVGD\$OO,NQRZLVWKDW,JUHZXSZLWKWKLVVWRU\HQWUHQFKHGLQP\IDPLO\KLVWRU\QHYHUUHDOO\ VXUHKRZPXFKRILW,DFWXDOO\EHOLHYHG²RUZDQWHGWREHOLHYH,WZDVRQO\LQGRLQJUHVHDUFK\HDUV ODWHU WKDW , ZRXOG GLVFRYHU WKDW WKHUH KDG EHHQ D QXPEHU RI UHSRUWV RI VRPH P\VWHULRXV REMHFW DSSHDULQJ DW YDULRXV NH\ PLVVLOH EDVHV WKURXJKRXW WKH 0LGZHVW GXULQJ WKDW SHULRG VRPHWLPHV UHVXOWLQJLQPLVVLOHVPDOIXQFWLRQLQJIRUQRUHDVRQJLYLQJ'DG¶V²DQGP\EURWKHU-LPP\¶V²VWRULHV FRQVLGHUDEO\PRUHZHLJKWWKDQ,KDGDOORZHGWKHPZKLOHJURZLQJXS %XWWKLVZDVQ¶WWKHRQO\XQXVXDOLQFLGHQWIURPP\FKLOGKRRG$QRWKHUHYHQPRUHP\VWHULRXVHYHQW RFFXUUHGDURXQGWKDWWLPHDQGWZLFHDJDLQVHYHUDO\HDUVODWHU,¶PQRWVXUHKRZPXFKLWKDGWRGR ZLWK 8)2V RU H[WUDWHUUHVWULDOV EXW LW ZDV DQ HYHQW WKDW DSSHDUHG WR EH D KDUELQJHU RI WKH KLJK VWUDQJHQHVV WKDW ZDV WR EHFRPH D IL[WXUH LQ P\ ODWHU \HDUV , FDOO LW IRU ODFN RI D EHWWHU WHUP WKH ³SUHWW\ODG\´LQFLGHQW ,WKDSSHQHGMXVWDIHZGD\VDIWHUWKH8)2EX]]HGP\GDG¶VEDVH,ZDVRXWVLGHSOD\LQJQH[WWRWKH KRXVHDQGJUDEELQJDKDQGIXORIVPDOOURFNV,EHJDQIOLQJLQJVRPHRIWKHPRQWRP\SHGDOFDU$V, ZDV LQQRFHQWO\ WKURZLQJ URFNV , KHDUG D QRLVH DQG WXUQHG DURXQG WR ILQG D VWUDQJH ODG\ VWDQGLQJ EHKLQGPH,FDOOKHUVWUDQJHRQO\EHFDXVHRIKHUUHPDUNDEOHH\HV²H[WUDRUGLQDULO\ODUJHDQGVODQWHG ZLWKWKHPRVWDPD]LQJVKDGHRIEOXHLQWKHLULVHV,ZDVWDNHQDEDFNDWILUVWEXWRQFHVKHJUHHWHGPH ZDUPO\,TXLFNO\FDOPHGGRZQ ³+HOORKRZDUH\RX"´VKHDVNHGPH ,GLGQ¶WDQVZHU ³7KDW¶VRND\«\RXGRQ¶WKDYHWREHDIUDLGRIPH,ZRQ¶WKXUW\RX´6KHKHOGRXWKHUKDQG³<RX NQRZ \RX DUH D YHU\ VSHFLDO OLWWOH ER\ DQG , KDYH VRPHWKLQJ WR VKRZ \RX´ VKH VDLG KROGLQJ VRPHWKLQJLQKHUSDOPIRUPHWRVHH ,ORRNHGDWWKHREMHFWLQKHUKDQG,WDSSHDUHGWREHDJORZLQJEOXHPDUEOHDQGDV,JD]HGDWWKH REMHFWLWEHJDQWRPDNHPHIHHOVOHHS\DQGVWUDQJH 6XGGHQO\P\0RPDSSHDUHGDQGDIWHUH[FKDQJLQJJUHHWLQJVZLWKWKHVWUDQJHZRPDQDQGZDWFKLQJ KHUDEUXSWO\ZDONDZD\VKHJUDEEHGPHDQGP\SHGDOFDUDQGEURXJKWPHLQWRWKHKRXVH ³3OHDVHVWD\LQVLGHDQGSOD\´0RPVDLGZLWKDKLQWRILUULWDWLRQ²RUZDVLWIHDU"²LQKHUYRLFH,W ZDVDSSDUHQW²DWOHDVWLQUHWURVSHFW²WKDWWKHZRPDQKDGIULJKWHQHGKHULQVRPHZD\7KLQNLQJEDFN , UHPHPEHU VRPHWKLQJ YHU\ RGG , GRQ¶W UHPHPEHU WKH VWUDQJH ZRPDQ PRYLQJ KHU OLSV ZKHQ VKH WDONHGDQG\HW,FRXOGVWLOOKHDUKHUFOHDUO\LQP\PLQG7KHVLJQLILFDQFHRIWKDWIDFWZRXOGQRWRFFXU WRPHXQWLO\HDUVODWHU %XWWKDWZDVQ¶WWREHWKHODVWZH¶GVHHRIWKH³SUHWW\ODG\´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³<RXKDYHVXFKDQLFHOLWWOHER\´ ³7KDQN\RX´P\PRWKHUUHSOLHGZKLOHWKHZRPDQFRQWLQXHGKHUPHVPHUL]LQJVWDUH $V,JD]HGLQWRKHUKXJHEOXHH\HVVRPHWKLQJVWUDQJHEHJDQWRRFFXU,IHOWDVWKRXJK,NQHZKHU,W ZDVDVWKRXJK,KDGPHWKHUVRPHSODFHEHIRUHEXWFRXOGQ¶WTXLWHUHFDOOZKHQ7KDW¶VZKHQLWKLWPH WKLV ZDV WKH VDPH ODG\ WKDW , KDG WDONHG WR \HDUV HDUOLHU LQ IURQW RI RXU KRPH LQ 1RUWKZRRG %XW LW VHHPHG LPSRVVLEOH²FRXOG VKH UHDOO\ KDYH VRPHKRZ IROORZHG P\ IDPLO\ DOO WKH ZD\ IURP 1RUWK 'DNRWDWR:\RPLQJ" :KDWKDSSHQHGQH[WPLJKWKDYHVHHPHGFXWHKDGLWQRWEHHQVREL]DUUH ³,I \RX GRQ¶W ZDQW KLP ,¶OO WDNH KLP´ VKH VDLG WR P\ SDUHQWV ZKRVH IDLOXUH WR LPPHGLDWHO\ UHVSRQGJRWPHDOLWWOHFRQFHUQHGWKDWSHUKDSVWKH\ZHUHFRQVLGHULQJKHURIIHU7KDQNIXOO\DIWHU0RP RYHUFDPHWKHLQLWLDOVKRFNIURPWKHVWUDQJHUHPDUNVKHVPLOHGDWWKHZRPDQ ³1RWKDQNV,WKLQNZH¶OONHHSKLPIRUDZKLOH´VKHVDLGSROLWHO\7KHZRPDQRQO\VPLOHGDQG ZDONHGDZD\ ³7KDW ZDV NLQG RI VWUDQJH´ 'DG VDLG DV ZH GURYH RII FOHDUO\ QRW RQH IRU RYHUVWDWHPHQW :H HYHQWXDOO\ IRUJRW DERXW WKH LQFLGHQW DQG ZHQW KRPH WR ILQLVK RXU GHFRUDWLQJ QHYHU IRU D PRPHQW UHDOL]LQJWKDWZHKDGQ¶WVHHQWKHODVWRIWKHVWUDQJHZRPDQ ,ZDVWRVHHKHURQFHPRUHVHYHUDO\HDUVODWHUWKLVWLPHLQ'HQYHU&RORUDGR,WZDVWREHWKH PRVWEL]DUUHRIDOOP\HQFRXQWHUVZLWKKHUDQGRQH,¶OOQHYHUIRUJHW ,ZDVWHQ\HDUVROGDQGLWZDVDEHDXWLIXOVXPPHUPRUQLQJ,WEHLQJDKRWGD\,ZDONHGWRWKHSDUN WR PHHW P\ IULHQGV DQG ZDLW IRU WKH VZLPPLQJ SRRO WR RSHQ )ORSSLQJ P\VHOI GRZQ RQ RQH RI WKH VZLQJV,ZDVMXVWVXVSHQGHGWKHUHDOORZLQJWKHVZLQJWRGDQJOHPHUDQGRPO\RYHUWKHJUDYHOZKHQ RXWRIWKHFRUQHURIP\H\H,VDZVRPHRQHZDONLQJXSWKHSDWKWRZDUGPH$WILUVW,WKRXJKWLWZDVRQH RIP\IULHQGVEXWDVVKHDSSURDFKHG,EHJDQWRUHDOL]HWKDWVKHDSSHDUHGVRPHKRZIDPLOLDUWRPH 6KHZDONHGRYHUDQGVDWGRZQRQRQHRIWKHVZLQJVQH[WWRPH ³+HOORKRZDUH\RX"´VKHDVNHG+HUWRQHZDVIULHQGO\DQGZDUP 8QDEOHWRUHFDOOKRZ,NQHZKHU,VK\O\SOD\HGDORQJ³,¶PRND\+RZ¶UH\RX"´ 6KHUHSOLHGWKDWVKHZDVGRLQJZHOODQGVWDUWHGPDNLQJOLJKWFRQYHUVDWLRQ6KHDVNHGDOONLQGVRI TXHVWLRQVDERXWP\OLIH²WKLQJVVXFKDVZKHWKHU,ZDVKDSS\ZKLFKIRRGVZHUHP\IDYRULWHVZKDW NLQGVRIDFWLYLWLHV,HQMR\HG,WROGKHU,OLNHGWRVZLPDQGHYHQUHPHPEHUEUDJJLQJWKDW,KDGEXLOWP\ YHU\RZQFOXEKRXVH 6XGGHQO\WKHFRQYHUVDWLRQWRRNDQXQH[SHFWHGWXUQ³<RXNQRZ\RX¶UHDVSHFLDOOLWWOHER\´VKH WROGPHTXLWHPDWWHURIIDFWO\³<RX¶UHSDUWRIXV«DQGZH¶UHDSDUWRI\RX´ 1RZXSWRWKLVSRLQW,KDGEHHQPRVWO\VWDULQJGRZQDWWKHGLUWZKLOHZHWDONHGEXWZKHQVKHVDLG WKDW , ORRNHG XS LQWR KHU IDFH DQG QRWLFHG WKRVH PDVVLYH EOXH H\HV ,W ZDV WKH VDPH ODG\ , KDG HQFRXQWHUHGWZLFHEHIRUHDQGWKHWKRXJKWKLWPHOLNHDIUHLJKWWUDLQ(YHQPRUHUHPDUNDEOHKRZHYHU ZDVDV,ORRNHGDWKHU,VXGGHQO\UHDOL]HGWKDWKHUOLSVZHUHQ¶WPRYLQJZKHQVKHWDONHG7KHHQWLUH FRQYHUVDWLRQKDGEHHQGRQHWHOHSDWKLFDOO\ZLWKPHDQVZHULQJTXHVWLRQVDVWKH\DSSHDUHGLQVLGHP\ KHDG7KRXJKWKLVGLGQ¶WDIIHFWPHZKHQ,ZDVILYHQRZDVDWHQ\HDUROGLWUHDOO\IUHDNHGPHRXW DQGIULJKWHQHGDQGFRQIXVHG,UDQDOOWKHZD\KRPH ,QHYHUGLGILJXUHRXWZKRWKLVZRPDQZDVRUZK\VKHVHHPHGWRVKRZXSDWWKHPRVWXQH[SHFWHG WLPHVDQGSODFHVEXWLQUHWURVSHFW,ZRQGHULIVKHZDVQ¶WLQVRPHZD\³JURRPLQJ´PHIRUWKHYHU\ XQXVXDOIXWXUH,ZDVWRRQHGD\UHDOL]H(YHQPRUHWRWKHSRLQWZDVVKHH[WUDWHUUHVWULDO"%HVLGHVWKH RYHUVL]HGEULOOLDQWEOXHH\HVVKHDSSHDUHGIXOO\KXPDQEXW,¶YHKHDUGRIFDVHVLQZKLFKDEGXFWHHV RIWHQ KDG VLPLODU YLVLWV E\ XQXVXDO SHRSOH DV FKLOGUHQ ZKR VHHPHG WR EH ³UHDG\LQJ´ WKHP IRU WKHLU HYHQWXDODEGXFWLRQH[SHULHQFH\HDUVRUVRPHWLPHVHYHQGHFDGHVLQWKHIXWXUH&RQVLGHULQJHYHU\WKLQJ WKDWKDVKDSSHQHGVLQFH,ZRXOGQ¶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²RUDWOHDVWWKDWZDVKHUH[FXVH 6R KRZ ZRXOG , FRQYLQFH /LVD WR FRPH WR &RORUDGR IRU D YLVLW" $ QXPEHU RI SRVVLELOLWLHV RFFXUUHG WR PH EHIRUH , ILQDOO\ VHWWOHG XSRQ WKH EULJKW LGHD RI YLGHRWDSLQJ VRPH RI WKH VSHFWDFXODU ORFDOVFHQHU\DQGVHQGLQJLWWRKHU2QFHVKHVDZKRZSUHWW\WKHPRXQWDLQVZHUH²DQGWKDWWKHVWDWH ZDVXVXDOO\EDWKHGLQVXQVKLQH²VKHFRXOGQ¶WKHOSEXWVD\\HV,WKRXJKWLWZDVDEULOOLDQWSODQDQGD IHZGD\VDIWHU&KULVWPDVRI,VHWRXWZLWKFDPFRUGHULQKDQG ,QP\PLQGWKHEHVWSODFHWRVWDUWILOPLQJZDV5HG5RFNV$PSKLWKHDWHUQHDU0RUULVRQ&RORUDGR ²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³SRS´LWVXGGHQO\IOHZVWUDLJKWXSFUHDWLQJDVPDOOVRQLFERRPWKDWPDGHP\ VKLUWIOXWWHUDJDLQVWP\VNLQ(YHQPRUHUHPDUNDEOHLWVWRSSHGMXVWDVTXLFNO\DVLWKDGMHWWHGXSZDUG IRUFLQJPHWRGRXEWP\VHQVHV,¶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³*RRG OXFN FKDVLQJ WKDW WKLQJ´7KHIDFWWKDW,KDGMXVWZLWQHVVHGWKLVH[RWLFFUDIWZDVHVSHFLDOO\LURQLFGXHWRWKHIDFWWKDW MXVWGD\VEHIRUH,KDGEHHQPDNLQJIXQRIP\IULHQG0DUNIRUEHOLHYLQJLQWKLVFUD]\8)2VWXIIDQG QRZ , KDG P\ RZQ H[SHULHQFH WR GHDO ZLWK$OO , NQHZ IRU VXUH ZDV WKDW , ZDV JODG WKDW , KDG P\ FDPFRUGHUZLWKPH :KHQ,JRWKRPHWKDWDIWHUQRRQ,LPPHGLDWHO\KRRNHGXSP\FDPFRUGHUWRWKH9&5WRVHHLI,KDG PDQDJHGWRFDSWXUHWKHEL]DUUHREMHFWRQWDSH,WZDVDELWIX]]\DQGWKHREMHFWGDUWHGSUHFDULRXVO\ DERXW DV , WULHG WR VWHDG\ P\ FDPHUD RQ LW EXW , KDG FDXJKW LW ,W ZDVQ¶W WKH VRUW RI FULVS FOHDU LQFRQWURYHUWLEOH VRUW RI LPDJH , ZDV KRSLQJ IRU EXW LW ZDV GHILQLWHO\ VRPHWKLQJ XQXVXDO²D ³VRPHWKLQJ´WKDWFRXOGQ¶WEHHLWKHUHDVLO\H[SODLQHGRUGLVPLVVHG2ULJQRUHG (YHQWKHQPRPHQWVDIWHUWKHVLJKWLQJP\PLQGGLGQ¶WVHHPWRZDQWPHWREHOLHYHZKDWKDGMXVW KDSSHQHGEXWDIWHUYLHZLQJWKHWDSHRYHUDQGRYHU,ILQDOO\GHFLGHGWKDW,KDGVHHQVRPHWKLQJPRVW UHPDUNDEOH,FDOOHG/LVDLQ1HEUDVNDWROHWKHUNQRZWKDW,QHYHUPDGHLWWR5HG5RFNVDQGZK\ ,VXSSRVH,VKRXOGKDYHNQRZQVKH¶GEHDOLWWOHVNHSWLFDODV,ZRXOGKDYHEHHQKDGVKHFDOOHGPH RXWRIWKHEOXHDQGWROGPHDVLPLODUVWRU\$GGLWLRQDOO\DVZHKDGRQO\NQRZQHDFKRWKHUIRUDIHZ PRQWKV DQG VKH ZDV QRW \HW TXLWH VXUH DERXW PH WKH VRXQG RI DSSUHKHQVLRQ LQ KHU YRLFH ZDV XQGHUVWDQGDEOH,¶PVXUHVKHZDVQ¶WH[FLWHGDERXWSRVVLEO\JHWWLQJLQYROYHGZLWKDQXW+HUGLVEHOLHI PDGHPHUHJUHWWKHPDQ\WLPHV,GLVPLVVHGRUULGLFXOHGVLPLODUUHSRUWVRI8)2VPDGHE\RWKHUVDQG WKRXJKW³1RZ,NQRZKRZSHRSOHPXVWKDYHIHOWZKHQ,PDGHIXQRIWKHP´ 6RPHKRZ,KDGWRSURYHLWWRKHU,TXLFNO\GRZQORDGHGWKHYLGHRILOHWRP\FRPSXWHUDQGVHQWKHU DFRS\WRSOD\RQKHUHQG7KHSODQZRUNHGDQG,ZDVUHOLHYHGZKHQVKHILQDOO\EHOLHYHGWKDW,ZDV WHOOLQJ WKH WUXWK 8QIRUWXQDWHO\ HYHQ WKRXJK ,¶G PDQDJHG WR FRQYLQFH /LVD KRZ ZDV , JRLQJ WR FRQYLQFHP\VHOI" 0RQWKV ODWHU DIWHU , KDG D FKDQFH WR WKLQN DERXW ZKDW ,¶G VHHQ , VDW GRZQ DQG GUHZ D SHQFLO VNHWFKRIWKHREMHFW2IFRXUVHWU\LQJWRHVWLPDWHVL]HDQGGLVWDQFHRIDQREMHFWRYHUKHDGLQWKHVN\LV QHYHUDQHDV\WKLQJWRGREXWWKLVZDVWKHJHQHUDODSSHDUDQFHDQGGLPHQVLRQVDVEHVW,UHFDOOVHH UHFUHDWLRQRQQH[WSDJH ,¶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¶V KDUG WR EH FHUWDLQ EXW DV D UHVXOW RI P\ H[SHULHQFHV,UHFRJQL]HGVRPHWKLQJXQXVXDOLWZDVPRVWRIWHQWKHOHDVWHGXFDWHGRUEDFNZDUGW\SHV RI SHRSOH ZKR UHIXVHG WR FRQVLGHU WKH SRVVLELOLW\ RI H[WUDWHUUHVWULDO YLVLWDWLRQ ZKLOH WKH PRUH HGXFDWHG ZHUH QRW RQO\ VXSSRUWLYH EXW ZDQWHG WR OHDUQ PRUH 6LQFH LW KDG WDNHQ PH VR ORQJ WR PHQWDOO\DFFHSWWKHVWUDQJHWKLQJVWKDW,ZDVH[SHULHQFLQJGLGWKDWPHDQWKDW,ZDVEDFNZDUG" ,GRQ¶WWKLQNVR,VXVSHFWP\VNHSWLFLVPZDVGXHWRVKHHUWHUURU,QLWLDOO\,GLGQ¶WWUXVWP\RZQ VHQVHV3HRSOHKDYHWKHLURZQLGHDVRIZKDWLVUHDODQGZKDWLVQRWDQGOLNHPRVW,RSSRVHGDQ\WKLQJ WKDWXSVHWWKDWEDODQFH,W¶VFDOOHGFRJQLWLYHGLVVRQDQFHDQGLWLVWKHPLQG¶VSXUHVWIRUPRIWRUWXUH %XW LW ZDVQ¶W MXVW WKDW , KDG FKDQJHG P\ SHUVSHFWLYH RQ WKLQJV 7R PDNH PDWWHUV ZRUVH XQXVXDO ³WKLQJV´EHJDQKDSSHQLQJWKDWPDGHLWDSSHDUWKDWZKDWHYHU,KDGVHHQKDGJRWWHQWKHDWWHQWLRQRIVRPH SHRSOHLQZKDW,DVVXPHZHUHKLJKSODFHVRIDXWKRULW\,NQRZWKLVVRXQGVSDUDQRLGEXWLQWKHPRQWKV WKDWIROORZHG,EHJDQWRQRWLFHVWUDQJHFOLFNLQJVRXQGVHYHU\WLPH,WDONHGRQWKHSKRQH$VVXPLQJLW ZDVVRPHVRUWRIIDXOW\FRQQHFWLRQ,ILQDOO\EHFDPHDQQR\HGHQRXJKWKDW,FDOOHGWKHSKRQHFRPSDQ\ WRKDYHWKHPVHQGVRPHERG\RXWWRWDNHDORRN,ZDVPRUHWKDQDOLWWOHVXUSULVHGZKHQWKHWHFKQLFLDQ WKH\VHQWDFWXDOO\IRXQGDOLVWHQLQJGHYLFHRQP\H[WHULRUWHOHSKRQHOLQH7KHUHSDLUPDQDVVXUHGPH WKDWLWZDVDQLOOHJDOGHYLFHEXWVLQFHKHGLGQ¶WNQRZH[DFWO\ZKDWWRGRDERXWLWKHVDLGKHZRXOGEH EDFNWKHQH[WGD\ZLWKKLVVXSHUYLVRUWRDVVHVVWKHVLWXDWLRQ7UXHWRKLVZRUGWKHQH[WPRUQLQJWKH UHSDLUPDQVKRZHGXSZLWKKLVVXSHUYLVRURQO\WRGLVFRYHUWKHGHYLFHKDGEHHQUHPRYHGGXULQJWKH QLJKW$VFRQIXVHGDV,ZDVVXUSULVHGWKH\WROGPHWRFDOOWKHPEDFNLIWKHFOLFNLQJVRXQGVUHWXUQHG DQGOHIWOHDYLQJPHWRZRQGHUZKRZRXOGZDQWWRWDSP\SKRQHDQGHYHQPRUHLPSRUWDQWO\ZK\ 0\ PLQG UDFHG ZLWK GLIIHUHQW SRVVLELOLWLHV 3HUKDSV WKH DSDUWPHQW¶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²DOLWWOHSDOHDQGYHU\WKLQ ²ZDONWRZDUGPH$WILUVW,WKRXJKKHZDVHOGHUO\GXHWRKLVVOLJKWEXLOGDQGWKHZD\KHVKXIIOHGVR ,ZDVVXUSULVHGZKHQKHWXUQHGRXWWREHLQKLVODWHWZHQWLHV6WRSSLQJMXVWDIRRWRUWZRDZD\KH OHDQHGWRZDUGPHDQGVDLGTXLHWO\³,W¶VQRWRYHU\HW´ ,ZDVWRRVXUSULVHGWRDVNKLPZKDWKHPHDQWDQGDVHFRQGODWHUKHWXUQHGDURXQGDQGZDONHGRXW WKHGRRUOHDYLQJPHSHUSOH[HGDQGQRWDOLWWOHFRQIXVHG$IWHUPXOOLQJKLVZRUGVRYHULQP\PLQGIRU DPRPHQW,VWHSSHGIURPWKHOLQHDQGZHQWRXWWKHGRRUWRVHHLI,FRXOGFKDVHWKHPDQGRZQEXWE\ WKH WLPH , JRW RXWVLGH KH KDG GLVDSSHDUHG$V ZRUULVRPH DV WKH ZLUHWDS KDG EHHQ ZKHQ FRPELQHG ZLWKWKHHQFRXQWHUZLWKWKLVVWUDQJHOLWWOHPDQ,ZDVDVFRQIXVHGDVHYHU ,GLGQ¶WKDYHWKHOX[XU\RIGZHOOLQJRQLWIRUYHU\ORQJKRZHYHUEHFDXVHWKLQJVIURPWKDWSRLQW VWDUWHG WR JHW HYHQ ZHLUGHU )LUVW , QRWLFHG WKDW HOHFWULFDO HTXLSPHQW EHJDQ PDOIXQFWLRQLQJ LQ P\ SUHVHQFH )RU H[DPSOH , ERXJKW D QHZ FRPSXWHU D IHZ ZHHNV DIWHU P\ 5HG 5RFNV H[SHULHQFH EXW VKRUWO\DIWHU,SOXJJHGLWLQVSDUNVDQGVPRNHVWDUWHGELOORZLQJRXWRIWKHWRZHUUHQGHULQJLWXVHOHVV :LWKZDUUDQW\LQKDQG,ZHQWEDFNWRWKHVWRUHDQGH[FKDQJHGLWIRUDQHZRQHZKLFKDOVRDIWHURQO\ DEULHISHULRGRIZRUNLQJILQHVLPLODUO\EOHZXS7KHQDWKLUG²DQGHYHQDIRXUWK²FRPSXWHUIDLOHG WR ZRUN IRU YDULRXV UHDVRQV ZLWKLQ D \HDU , PXVW KDYH JRQH WKURXJK WHQ FRPSXWHUV HDFK RI ZKLFK ZRXOGIDLOIRUVRPHUHDVRQZLWKLQZHHNV²DQGLQVRPHFDVHVPHUHGD\V²RIEHLQJWDNHQRXWRIWKHLU ER[,WJRWVREDGLQIDFWWKDWDWRQHSRLQWWKH836GULYHUDVNHGPHLI,ZDVUXQQLQJDFRPSXWHUVDOHV EXVLQHVVRXWRIP\DSDUWPHQW,ZRXOG¶YHODXJKHGKDGLWQRWEHHQVRIUXVWUDWLQJ $QRWKHU EL]DUUH WKLQJ , QRWLFHG LV WKDW P\ SUHVHQFH DOVR VHHPHG WR KDYH D GHWULPHQWDO HIIHFW RQ VWUHHWOLJKWV$V VRRQ DV , ZDONHG XQGHU RQH LW ZRXOG JR RXW HVSHFLDOO\ LI , KDG D KHDGDFKH$IWHU DZKLOHLWEHFDPHDJDPHWRVHHZKLFKVWUHHWOLJKW,FRXOGVKXWRIIQH[W7KLVGLGQ¶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¶V YLVLWV WR &RORUDGR \HV , ZDV DEOH WR HQWLFH KHU WR JLYH &RORUDGR DQRWKHU WU\ HYHQ ZLWKRXWVSHFWDFXODUIRRWDJHRI5HG5RFNV$PSKLWKHDWHUHYHU\WLPHZHWULHGWRHQWHURXUKRWHOURRP DIWHU , KDG EHHQ FDUU\LQJ WKH PDJQHWLF NH\FDUG LW ZRXOGQ¶W ZRUN :KHQ /LVD FDUULHG WKH FDUG KRZHYHULWDOZD\VZRUNHGILQH7RWKLVGD\,VWLOOKDYHWKDWHIIHFWRQWKLQJVZLWKPDJQHWLFVWULSVRQ WKHP $VGLIILFXOWDVLWZDVIRUPHWRDFFHSWOHWDORQHXQGHUVWDQGZKDWZDVKDSSHQLQJWKHKDUGHVWWKLQJ IRU PH WR GHDO ZLWK ZDV P\ DELOLW\ WR DWWUDFW ELUGV ,¶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« DQG WKHQ DQRWKHU « DQG \HW DQRWKHU 7KH\ VHHPHGWREHDWWUDFWHGWRPHOLNHLURQVKDYLQJVWRDPDJQHWDQGVRRQP\VFRUHFDUGRIELUGNLOOVZDV EHFRPLQJ LPSUHVVLYH $QG , ZDVQ¶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²DQGLWFRQWLQXHVWRXSVHWPHZKHQLWGRHV ,KDYHQRLGHDZK\,KDGWKLVHIIHFWRQELUGVRUZK\,ZDVDEOHWRPDNHWRXFKODPSVIOLFNHUE\ ZDONLQJQHDUWKHPDQGVWUHHWOLJKWVJRRXWZLWKP\PHUHSUHVHQFH+RZHYHU,RIWHQZRQGHULILWKDG VRPHWKLQJWRGRZLWKP\HQFRXQWHUZLWKWKHVLOYHU8)2LQ'HFHPEHU,GRUHFDOOIHHOLQJDQHOHFWULFDO FKDUJH LQ WKH DLU DOO DURXQG PH ZKHQ , VDZ WKH REMHFW²FRXOG WKDW VRPHKRZ KDYH DOWHUHG P\ RZQ HOHFWULFDOILHOGLQVRPHZD\JLYLQJPHDSHUPDQHQWVWDWLFGLVFKDUJHWKDWDIIHFWHGHOHFWURQLFGHYLFHV" )RUWKDWPDWWHUFRXOGWKDWVDPHILHOGKDYHDIIHFWHGELUGVDVZHOO²PD\EHVRPHKRZVKRUWFLUFXLWLQJ WKHLUWLQ\QDYLJDWLRQV\VWHPVDQGVRFDXVLQJWKHPWRDQGFUDVKLQWRP\YDQDQGKRXVH",¶OOSUREDEO\ QHYHUNQRZEXW,IUHTXHQWO\ORRNEDFNWRWKDWHQFRXQWHUQHDU5HG5RFNVWKDW'HFHPEHUPRUQLQJDQG ZRQGHULIWKDWKDGQ¶WEHHQMXVWWKHILUVWVWHSLQSUHSDULQJPHIRUZKDWZDVWRFRPHODWHU²DUHZLULQJ RIP\EDVLFSK\VLRORJ\LQVRPHZD\WRPDNHPHPRUHDPHQDEOHWRZKDWWKH\ZHUHWRGRODWHU,W¶V RQO\DWKRXJKWRIFRXUVHEXWRQHWKDWFRQWLQXHVWRKDXQWPHWRWKLVGD\ >FRQWHQWV@ 0\6HFRQG8)26LJKWLQJ %\ QRZ WKH VWUHVV RI LW DOO ZDV DOPRVW WRR PXFK IRU PH WR EHDU 7DSSHG SKRQH OLQHV HOHFWURQLF DQRPDOLHVDQGQRZPDVVELUGNLOOLQJV²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¶W EH HQWLUHO\ FHUWDLQWKH\ZHUHQ¶WMXVWKDYLQJDOLWWOHIXQDWP\H[SHQVH²HVSHFLDOO\DIWHUZKDWKDGKDSSHQHGWKH SUHYLRXV'HFHPEHU²VR,GLGQ¶WPDNHPXFKRILW :H PDGH LW WR 3HQQV\OYDQLD ZLWKRXW LQFLGHQW DQG DIWHU WDNLQJ FDUH RI P\ EXVLQHVV WKHUH ZH VWDUWHGEDFNWR&RORUDGR%XWLIWKHWULSHDVWKDGSURYHQODUJHO\URXWLQH²ZLWKWKHH[FHSWLRQRI/LVD DQG0DUN¶VSRRUDWWHPSWVDWKXPRU²WKHWULSEDFNZRXOGSURYHWREHDQ\WKLQJEXWHVSHFLDOO\ZKHQ RXU³YLVLWRU´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¶W DSSHDU WR EH PRYLQJ VWHDGLO\DFURVVWKHVN\OLNHWKHDLUSODQHZDVEXWZDVVNLUWLQJLQDQGRXWRIWKHQHDUE\FORXGVOLNHLW ZDVSOD\LQJDJDPHRISHHNDERR )RU WKH QH[W IHZ KRXUV ZH ZHUH DEOH WR SHULRGLFDOO\ NHHS WUDFN RI WKH WKLQJ ZLWK D SDLU RI ELQRFXODUV :KLOH LW ZDV RIWHQ KLGGHQ IURP YLHZ E\ WKH FORXGV RQ WKRVH RFFDVLRQV ZKHQ LW GLG YHQWXUHLQWRWKHRSHQZHFRXOGPDNHRXWWKDWLWDSSHDUHGWREHDFODVVLFGLVNEXWDYHU\ODUJHRQH, WULHG WR JHW D VKRW RI LW ZLWK RXU FDPFRUGHU EXW LW VHHPHG WKDW HYHU\ WLPH ZH SXOOHG RYHU WR JHW D EHWWHUVKRWRIWKHWKLQJLWZRXOGGDUWEHKLQGDFORXG :H GLG PDQDJH WR JHW VRPH IRRWDJH KRZHYHU ZKLFK FOHDUO\ VKRZV D ODUJH PHWDOOLF VDXFHU VKDSHG8)2 0XFKWRP\UHOLHIWKLVJDPHRIFDWDQGPRXVH²ZKLFKKDGFRQWLQXHGWKURXJKWZRDQGDKDOIVWDWHV ²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¶GVHHQLQ PRUHGHWDLO8SWRWKLVSRLQWLWZDVHDV\IRUPHWRFRQYLQFHP\VHOIWKDWHYHU\WKLQJFRXOGEHH[SODLQHG DZD\DVHLWKHURSWLFDOLOOXVLRQVRUVHFUHWPLOLWDU\FUDIWVRQPDQHXYHUV,QHLWKHUFDVHLWZDVFOHDUWR PHWKDWWKHVHYHKLFOHVFRXOGQ¶WEHH[WUDWHUUHVWULDOLQQDWXUHRUDWOHDVW,WULHGWRFRQYLQFHP\VHOIRI WKDW,¶GOHDUQHGLQVFKRROWKDWDFFRUGLQJWR(LQVWHLQ¶V7KHRU\RI5HODWLYLW\QRREMHFWFDQH[FHHGWKH VSHHG RI OLJKW 7KDW PHDQV WKDW HYHQ D YHU\ IDVW FUDIW²VD\ RQH FDSDEOH RI VSHHGV RQH WHQWK WKDW RI OLJKW D UHPDUNDEOH HLJKWHHQ WKRXVDQG PLOHVSHUVHFRQG²ZRXOG VWLOO WDNH RYHUIRUW\\HDUVWRPDNH WKHMRXUQH\MXVWIURPRXUFORVHVWQHLJKERU$OSKD&HQWDXULDPHUHIRXUOLJKW\HDUVDZD\7KHUHIRUHLI WKHVHVWUDQJHFUDIW,¶GVHHQZHUHWUXO\H[WUDWHUUHVWULDOLQQDWXUHKRZFRXOGWKH\JHWKHUH",WMXVWGLGQ¶W DGGXS²RUDWOHDVWLWGLGQ¶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¶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³DEGXFWHH´²DSHUVRQWDNHQDJDLQVWWKHLUZLOOE\H[WUDWHUUHVWULDOV IRUUHDVRQVNQRZQRQO\WRWKHLUFDSWRUVH[SHULPHQWHGXSRQRUH[DPLQHGDQGUHWXUQHGWRWKHLUKRPHV ZLWKOLWWOHRUQRFRQVFLRXVPHPRU\RIWKHHYHQW 2EYLRXVO\ , GRQ¶W PDNH VXFK D VWDWHPHQW OLJKWO\ DQG IXOO\ UHDOL]H WKDW LQ GRLQJ VR , FURVV VRPH DUELWUDU\ OLQH EHWZHHQ ZKDW LV DFFHSWDEOH GLQQHU FRQYHUVDWLRQ DQG ZKDW LV QRW :H DUH VR XVHG WR KHDULQJVWRULHVIURPSHRSOHRIDOOZDONVRIOLIHUHSRUWLQJD8)2WKDWLWQRORQJHUVXUSULVHVXV0DQ\ LQ IDFW DUH HYHQ ZLOOLQJ WR HQWHUWDLQ WKH LGHD WKDW VXFK VLJKWLQJV PLJKW ZHOO EH ZLWKLQ WKH UHDOP RI SRVVLELOLW\DQGDFFHSWRQH¶VH\HZLWQHVVDFFRXQWDWIDFHYDOXH%XWZKHQLWFRPHVWRFODLPLQJWKDWRQH KDVEHHQDEGXFWHGE\DOLHQV²ZHOOWKDW¶VDYHU\GLIIHUHQWVWRU\,WVPDFNVRISDUDQRLDDQGLVRIWHQ SRLQWHGWRDVHYLGHQFHRIDQHPRWLRQDORUSV\FKRORJLFDOGLVRUGHUVRQDWXUDOO\,UHODWHWKHIROORZLQJ VWRU\ZLWKVRPHKHVLWDWLRQ+RZHYHULIP\VWRU\LVWREHWROGDWDOOLWPXVWEHWROGLQLWVHQWLUHW\²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¶WVWHDOWKLO\DSSHDULQP\KRPHWRFDUWPHRIIWRWKHLUPRWKHUVKLSEXW KDGWKHPDQQHUVWRNQRFNILUVW 2QHWKLQJWKDWZDVFRQVLVWHQWZLWKPRVWDEGXFWLRQH[SHULHQFHVLVWKDWLWDOOVWDUWHGZLWKDVLJKWLQJ ILUVW²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¶FORFNDQGDVWKHDVVLVWDQWPDQDJHULWZDVP\GXW\WRHQVXUH WKHODVWFXVWRPHUVZHUHXVKHUHGRXWWKHGRRUEHIRUHORFNLQJXS6LQFHWKHUHZHUHDOPRVWDOZD\VDIHZ VKRSSHUVWDNLQJWKHLUWLPHFORVLQJWLPHZDVTXLWHDUELWUDU\DQG,ZDLWHGLPSDWLHQWO\IRUWKHODVWRIWKH FXVWRPHUVWRPDNHWKHLUSXUFKDVHVDQGKHDGIRUWKHGRRU)LQDOO\WKHVWRUHZDVHPSW\DQG,ZDVMXVW DERXWWRWXUQWKHNH\ZKHQVHYHUDORIWKHVDPHFXVWRPHUVZKRKDGMXVWOHIWUDQEDFNLQVLGH\HOOLQJ H[FLWHGO\IRUPHWRFRPHRXWVLGHDQGFODLPLQJWKDWWKHUHZDV³VRPHWKLQJIORDWLQJRYHUWKHEXLOGLQJ´ 1RZLQOLJKWRIP\UHFHQWH[SHULHQFHV²DVZHOODVRXWRIQDWXUDOKXPDQFXULRVLW\²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³YLVLWRUV´ ZHUH EDFN , WKRXJKW LQVSLULQJ PH WR VLOHQWO\ PRXWK D VWULQJ RI FKRLFHH[SOHWLYHV (YHQWXDOO\ UHJDLQLQJ P\ FRPSRVXUH , WXUQHG EDFN WR ORFN WKH IURQW GRRU DQG ILQDOO\ VWDUWHG IRU KRPHP\PLQGVWLOOUHHOLQJIURPWKHDHULDOOLJKWVKRZ,KDGMXVWZLWQHVVHG,DVVXPHGWKDWOLNHP\ 5HG5RFNVVLJKWLQJVHYHQPRQWKVHDUOLHUWKDWZDVLWIRUWKHHYHQLQJEXWLWWXUQHGRXWWREHRQO\WKH RSHQLQJDFW $V,ZDVGULYLQJWRZDUGKRPH,QRWLFHGVRPHWKLQJRIILQWKHGLVWDQFHWRZDUGWKHHDVW,WDSSHDUHG WREHDVPDOOVSHFNRISXOVDWLQJOLJKW\HWLWZDVEOLQNLQJLQWKHVDPHZD\WKDWWKH8)2,KDGMXVWVHHQ RYHUP\VWRUHKDGEHHQGRLQJ$OWKRXJK,SUD\HGLWZDVRQO\DQDLUSODQHLQP\KHDUW,NQHZLWZDV PRVWOLNHO\WKH8)2DQDVVXPSWLRQWKDWZDVDOPRVWLPPHGLDWHO\ERUQHRXWZKHQWKHREMHFWVXGGHQO\ FDPHWRZDUGPHIRUFLQJPHWRDVNWKHXQLYHUVH³:K\PHDJDLQ"´ $V,FRQWLQXHGVRXWK²SUREDEO\DOLWWOHIDVWHUWKDQZDVOHJDO²,ZDWFKHGWKHREMHFWDVLWVHHPHGWR JURZODUJHULQGLFDWLQJWKDWLWZDVJHWWLQJFORVHU%\WKHWLPH,WXUQHGRQWRP\VWUHHWDQGSDUNHGP\ YDQLWZDVKRYHULQJGLUHFWO\DERYHP\DSDUWPHQWFRPSOH[DVWKRXJKZDLWLQJIRUPHDQG,UDQIRUP\ DSDUWPHQW 0DQ\UHDGHUVPLJKWLPDJLQHWKDWDWWKLVSRLQWLI,ZHUHWRUHPDLQWUXHWRPRVWDEGXFWLRQVWRULHV WKLVLVZKHUH,EODFNHGRXWRQO\WRUHDZDNHQKRXUVODWHUXQDEOHWRDFFRXQWIRUVHYHUDOORVWKRXUVDQG EDGO\LQQHHGRIDGULQN+RZHYHUWKDW¶VQRWZKDWKDSSHQHGDV,PDQDJHGWRPDNHLWWRWKHIURQWGRRU VKDNHQ EXW XQDEGXFWHG ,Q IDFW WKH SRVVLELOLW\ RI P\ EHLQJ DEGXFWHG KDGQ¶W HYHQ RFFXUUHG WR PH ,QVWHDGDOO,FRXOGWKLQNRIZDVWKDWWKLVWKLQJZDVVRODUJHDQGEULJKWWKHHQWLUHFLW\RI'HQYHUKDGWR EHZDWFKLQJLW%XWLIVRZKHUHZDVHYHU\RQH" 6XGGHQO\,UHPHPEHUHGWKDW,KDGPDGHGLQQHUSODQVZLWK0DUNDQGP\VLVWHU$QQDQGWKDWWKH\ ZHUH LQ P\ DSDUWPHQW ZDLWLQJ IRU PH ,I , FRXOG RQO\ JHW WKHP WR VHH WKH REMHFW WKHPVHOYHV WKHQ , ZRXOGNQRZ,ZDVQ¶WJRLQJLQVDQH,LPPHGLDWHO\UDQXSVWDLUVDQGRQFHLQVLGHWKHDSDUWPHQW\HOOHG DWHYHU\RQHWRFRPHRXWVLGHWRWDNHDORRNDWZKDW,KDGVHHQ6WRSSLQJRQO\ORQJHQRXJKWRJUDEP\ FDPFRUGHU ZH UDFHG EDFN RXWVLGH DQG PDGH RXU ZD\ EDFN RQWR WKH SDUNLQJ ORW LQ EUHDWKOHVV DQWLFLSDWLRQEXWE\WKDWWLPHWKHREMHFWKDGPRYHGTXLWHDGLVWDQFHDZD\DQGZDVEDUHO\GLVFHUQLEOH DJDLQVWWKHGDUNHQLQJVN\ ³'DPQLW´,\HOOHGDQJULO\DV,ZRQGHUHGKRZDQ\WKLQJFRXOGPRYHVRIDVW,KDGUHDOO\ZDQWHG P\VLVWHUDQG0DUNWRJHWDJRRGORRNDWWKH8)2EXWLWZDVMXVWWRRIDUDZD\)LQDOO\LWGLVDSSHDUHG FRPSOHWHO\DQGZHDOOZHQWEDFNLQVLGHWRVHHLI,¶GFDXJKWDQ\WKLQJRQP\YLGHRFDPHUDEXWWRRXU PXWXDOGLVDSSRLQWPHQWLWZDVTXLFNO\DSSDUHQWWKDWZHKDGQ¶W,WKDGPRYHGWRRIDUDZD\DQGORZRQ WKHKRUL]RQWRJHWDGHFHQWVKRWRILWHYHQRQIXOO]RRPOHDYLQJPHIHHOLQJHYHQPRUHIUXVWUDWHG$IWHU DIHZKRXUVRIGLVFXVVLQJZKDWKDGKDSSHQHG$QQIHOODVOHHSRQWKHVRID0DUNZHQWKRPHDQG, ZHQWWREHGZLWKDKHDGDFKH ,GLGQ¶WUHDOL]HDWWKHWLPHKRZHYHUWKDWWKLVHYHQWZDVRQO\DKDUELQJHURIZKDWZDVWRFRPH :KDWZDVWRKDSSHQDIHZKRXUVODWHUZRXOGWXUQRXWWREHWRRPXFKIRUP\FRQVFLRXVPLQGWRKDQGOH ,W ZRXOG WDNH D K\SQRWLF UHJUHVVLRQ VHVVLRQ PDQ\ PRQWKV ODWHU WR XQFRYHU ZKDW KDSSHQHG QH[W DQG ZKHQLWZDVVXFFHVVIXOLQXQFRYHULQJWKHWUXWKRIWKDWHYHQLQJQRWKLQJZRXOGHYHUEHWKHVDPHDJDLQ >FRQWHQWV@ (QWHUWKH³3RVVXP3HRSOH´ ,W¶VDPD]LQJKRZWKHPLQGZRUNV:KHQVRPHWKLQJKDSSHQVWKDW\RXFDQ¶WKDQGOH\RXUEUDLQKDVWKH FDSDFLW\ WR WXUQ RII LWV DELOLW\ WR UHPHPEHU 7KHQ ODWHU ZKHQ \RX DUH EHWWHU DEOH WR SURFHVV WKH LQIRUPDWLRQWKHPHPRULHVFDQEHEURXJKWEDFNWRWKHFRQVFLRXVPLQG7KDW¶VZKDWKDSSHQHGWRPH IRU DOWKRXJK , ZDV IXOO\ DZDNH DW WKH WLPH DQG UHPHPEHU HYHU\WKLQJ , VLPSO\ FRXOGQ¶W GHDO ZLWK LW SV\FKRORJLFDOO\ DW WKH WLPH DQG , VKXW GRZQ ,W ZDV WRR VKRFNLQJ WRR VXUUHDO IRUFLQJ P\ EUDLQ WR LPDJLQHWKDWLWZDVDOOMXVWDGUHDP,ZLVKWRWKLVGD\WKDWWKDW¶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¶VFORWKLQJPRUHFORVHO\UHVHPEOHGDUREHDOVR OLJKW EOXH LQ FRORU 6KH ZDV ZHDULQJ DQ HODERUDWH QHFNODFH WKDW KXQJ IURP D PDWHULDO FORVHO\ UHVHPEOLQJPRWKHURISHDUOZLWKDPXOWLFRORUHGLULGHVFHQFH7KHPHGDOOLRQSDUWRIWKHQHFNODFHZDV VLPLODUWRDPRGHUQLVWGHVLJQRIDQDQJHOZLWKLWVZLQJVIROGHGLQZDUG 7KH VWUDQJHUV ZHUH YHU\ VNLQQ\²VR VNLQQ\ LQ IDFW WKDW , FRXOGQ¶W KHOS EXW ZRQGHU KRZ WKHLU PDVVLYHKHDGVFRXOGSRVVLEO\EHVXSSRUWHGE\VXFKWKLQQHFNV$WRSWKHLUKHDGVDSSHDUHGWREHILQH DQGYHU\VSDUVHVWUDQGVRISXUHZKLWHKDLUWKDWUHPLQGHGPHRIZKDWRQHPLJKWVHHRQFKHPRWKHUDS\ SDWLHQWV%XWZKDWLPSUHVVHGPHWKHPRVWZHUHWKHLUH\HVDQGIDFHV7KHH\HVZHUHPDVVLYH²DOPRQG VKDSHG ZLWK LULVHV D VKDGH RI EOXH ,¶G QHYHU VHHQ RQ D KXPDQ EHIRUH 7KH FKLQV ZHUH ORQJ DQG SRLQWHGDQGWKHIDFHVVSRUWHGYHU\WLQ\QRVHVDQGDVOLWZKHUHDPRXWKVKRXOGEHJLYLQJWKHLUHQWLUH IDFHDVRUWRIWULDQJXODUVKDSH)RUVRPHUHDVRQWKHRQO\WKLQJ,FRXOGWKLQNRIDWWKHPRPHQWZDVKRZ WKHLUORQJIDFHVUHPLQGHGPHRIDSRVVXPDQG,LPPHGLDWHO\EHJDQWKLQNLQJRIWKHPDVWKH³SRVVXP SHRSOH´ 0\ILUVWWKRXJKWZDVWKDWWKH\ZHUHZHDULQJPDVNVRIVRPHNLQGDQGWKDW,ZDVDERXWWREHUREEHG E\SHRSOHZHDULQJPDVNVWKDWORRNHGOLNHSRVVXPV+RZHYHUWKHPRUHFDUHIXOO\,VWXGLHGWKHPWKH PRUH,ZDVDEOHWRDSSUHFLDWHKRZPXFKWURXEOHWKH\KDGJRQHWKURXJKWRGLVJXLVHWKHPVHOYHV7KH PDVNVDSSHDUHGVRFRPSOH[,FRXOGPDNHRXWWKHYHLQVLQWKHLUQHFNVDQGKHDGVDQGWKHH\HVHYHQ EOLQNHG7KDW¶VZKHQLWVWUXFNPHWKDWWKHUHZDVMXVWQRZD\WKDWWKHVHFRXOGEHPDVNVRUFRVWXPHV WKHWKRXJKWRIZKLFKVHQWDMROWRISDUDO\]LQJIHDUWKURXJKP\ERG\ ³2KP\*2'´,ZKLPSHUHG ,QVWDQWO\DVRRWKLQJWKRXJKWSRSSHGLQWRP\KHDG³,W¶VRND\´WKHQRLVHOHVVYRLFHVDLG 'UDZLQJRIWKHWKUHHH[WUDWHUUHVWULDOV VWDQGLQJDWP\GRRUGXULQJP\ILUVWDEGXFWLRQ 'UDZLQJRIWKHIHPDOHH[WUDWHUUHVWULDO VWDQGLQJDWP\GRRUGXULQJP\ILUVWDEGXFWLRQ ³:KHUHWKHKHOOGLGWKDWFRPHIURP"´,WKRXJKWWRP\VHOI ³,W¶VRND\´WKHYRLFHVDLGRQFHPRUH $V,VWRRGWKHUHLQDZHRIWKHVHFUHDWXUHVWKHRQH,SUHVXPHGWREHIHPDOHJUDEEHGP\ZULVWZLWK KHUORQJVOHQGHUILQJHUHGKDQGDQGVWDUWHGOHDGLQJPHRXWWRWKHEDOFRQ\:LWKDPDOHILJXUHRQHLWKHU VLGHRIPHLWDSSHDUHGWKH\ZHUHOHDGLQJPHRXWVLGH$WILUVW,OHWWKHPJXLGHPHDVWKRXJK,ZHUHLQ D GD]H EXW VXGGHQO\ , VQDSSHG RXW RI LW DQG P\ VXUYLYDO LQVWLQFWV NLFNHG LQ :LWKRXW WKLQNLQJ , JUDEEHGRQHRIWKHPDOHVQH[WWRPHDQGWULHGWRGUDJKLPWRZDUGWKHEDOFRQ\UDLOZLWKVRPHKD]\ WKRXJKWRIWKURZLQJKLPRYHUWKHVLGH$V,VXVSHFWHGKHZDVH[WUHPHO\OLJKWPDNLQJLWHDV\IRUPHWR OLIW KLP RII WKH JURXQG DQG , FRXOG VHH WKH ORRN RI VXUSULVH RQ KLV IDFH DV , KHDGHG WR WKH UDLOLQJ 'HVSLWH WKH IDFW WKDW KH ZDV VR WKLQ DQG IUDLO ORRNLQJ KRZHYHU KH ZDV YHU\ PXVFXODU DQG ZH VWUXJJOHG IRU D PRPHQW XQWLO , VXGGHQO\ IHOW VRPHWKLQJ WRXFK WKH EDFN RI P\ KHDG UHQGHULQJ PH XQFRQVFLRXV7KHQH[WWKLQJ,UHFDOOZDVZDNLQJXSLQWKHPRUQLQJIHHOLQJZHDNDQGWLUHG ³:KDWDFUD]\GUHDP´,WROGP\VHOIDV,SXOOHGP\VHOIRXWRIEHG³$OOWKLV8)2VWXIIPXVWUHDOO\ EH JHWWLQJ WR PH´ , GHFLGHG DV , KDVWLO\ GUHVVHG DQG KHDGHG IRU WKH NLWFKHQ IRU VRPH EUHDNIDVW ,W GLGQ¶WRFFXUWRPHDWWKHWLPHWKDWDQ\WKLQJ,KDGH[SHULHQFHGZDVUHDO²RUWKDWLWHYHQFRXOGEHUHDO ,WZDVWRRPXFKIRUP\PLQGWRDFFHSWRWKHUZLVH 7KHSUREOHPZDVWKDW,FRXOGQ¶WTXLWHVKDNHWKHVHQVHWKDWLWKDGEHHQPRUHWKDQDGUHDP,WZDV DVLI,ZHUHUHFRXQWLQJMXVWVQLSSHWVRIVRPHWKLQJWKDWDFWXDOO\WRRNSODFHILOOLQJPHZLWKDSURIRXQG VHQVHRIGUHDG 6NHSWLFV²DW OHDVW WKRVH ZKR KDYHQ¶W GHFLGHG EHIRUHKDQG WKDW , PDGH WKH HQWLUH LQFLGHQW XS² XVXDOO\ GLVPLVV DQ H[SHULHQFH VXFK DV PLQH DV HYLGHQFH RI VRPHWKLQJ FDOOHGK\SQRJRJLDRU³VOHHS SDUDO\VLV´,QDQXWVKHOOK\SQRJRJLDLVDZDNLQJGUHDPLQZKLFKWKHYLFWLPEHOLHYHVWKHPVHOYHVWREH DZDNH ZKLOH LQ UHDOLW\ WKH\ DUH VWLOO LQ D GHHS VOHHS 8VXDOO\ IULJKWHQHG DQG XQDEOH WR PRYH LW LV WKHRUL]HG WKDW WKH PLQG WKHQ FUHDWHV D VWRU\ WR DFFRXQW IRU WKH SDUDO\VLV²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¶WIRUWKHIDFWWKDW,KDGPRUHWKDQPHUHO\PHPRULHVRI VRPHWKLQJKDSSHQLQJWRPHGXULQJWKHQLJKW,KDGSK\VLFDOHYLGHQFHDVZHOO ,WZDVP\VLVWHU$QQZKRILUVWQRWLFHGWKHPDUNVRQP\EDFN6KHZDVO\LQJRQWKHOLYLQJURRP VRIDDQGJDVSHGDV,ZDONHGSDVWKHU,LPPHGLDWHO\VSXQDURXQGWRVHHZK\³:KDW¶VWKHPDWWHU"´, DVNHG ³:KDWLQWKHKHOOKDSSHQHGWR\RXUEDFN"´VKHVDLGSRLQWLQJDWP\ORZHUEDFN , UHDFKHG DURXQG WR IHHO GHILQLWH VFRRSVKDSHG PDUNV WKRXJK FXULRXVO\ WKHUH ZDV QR SDLQ $ PRPHQW ODWHU ZH DOVR ERWK QRWLFHG , KDG DEUDVLRQV RQ P\ ZULVWV DQG IRXQG VLPLODU PDUNV RQ P\ DQNOHV DV ZHOO 7KH\ ZHUH WKH W\SHV RI DEUDVLRQV RQH JHWV ZKHQ ILJKWLQJ DJDLQVW VRPH VRUW RI UHVWUDLQWV 8QVXUH ZKDW WR PDNH RI WKH PDUNV , VKRZHG WKHP WR P\ IULHQGV ZKR SURPSWO\ WROG PH WR JHW SKRWRVRIHYHU\WKLQJ,WZDVVXJJHVWHGWKDW,FRQWDFW08)210XWXDO8)21HWZRUN$QH[SHULHQFHG LQYHVWLJDWRU QDPHG (WKDQ ZDV VHQW RYHU LPPHGLDWHO\ )URP KLV ZRUN LQ SULRU LQYHVWLJDWLRQV (WKDQ NQHZWKDWWKHZRXQGVPLJKWUHVSRQGXQGHUEODFNOLJKW%RUURZLQJDEODFNOLJKWHPLWWHUZHZHUHDOO DPD]HGZKHQWKHZRXQGVDOOJORZHGEULJKWO\FRPSOHWHO\XQOLNHZKDWQRUPDOZRXQGVZRXOGGR &OHDUO\ WKHVH ZHUH QRW QDWXUDO ZRXQGV EXW HYLGHQFH WKDW , KDG EHHQ VXEMHFWHG WR VRPHWKLQJ H[WUHPHO\XQXVXDO(YHQPRUHUHPDUNDEOHZDVKRZIDVWWKH\KHDOHG8VXDOO\VXFKPDUNVZRXOGWDNHD ZHHNRUPRUHWREHJLQWRIDGHEXWWKHVHZHUHDOOJRQHLQMXVWIRUW\HLJKWKRXUV$GGLWLRQDOO\HYHQ DIWHU WKH\ IDGHG WR QRWKLQJQHVV WKH IOXRUHVFLQJ ZDV VWLOO YLVLEOH XQGHU EODFN OLJKW ,Q IDFW WKH\ UHPDLQHG WKDW ZD\ IRU WKH QH[W VL[ ZHHNV GHVSLWH YLJRURXV VFUXEELQJ ZLWK D YDULHW\ RI GLIIHUHQW DEUDVLYHVLPSO\LQJWKDWZKDWHYHUZDVFDXVLQJWKHPWRIOXRUHVFHOD\EHQHDWKWKHXSSHUOD\HUVRIWKH VNLQ :KDWZDVHTXDOO\FXULRXVLVWKDW,ZDVQ¶WWKHRQO\RQHZKRKDGKDGDEDGGUHDPWKDWQLJKW$QQ KDGDOVRGUHDPWWKDWWKUHHVWUDQJHSHRSOHKDGFRPHWRWKHGRRURQO\LQKHUYHUVLRQRIHYHQWVWKH\ ZHUHQRWDOLHQVEXWPHQGUHVVHGLQSLQVWULSHVXLWV,ZDVWROHDUQODWHUWKDWWKLVSKHQRPHQDLQZKLFKD VSHFLILFHYHQWLVUHPHPEHUHGGLIIHUHQWO\E\VHYHUDOSHRSOHLVFRPPRQLQDEGXFWLRQFDVHVLW¶VFDOOHG ³VFUHHQ PHPRULHV´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²QRW WRDEGXFWPHEXW,EHOLHYHWRVLPSO\FRQYLQFHPHWKDWZKDWKDGKDSSHQHGZDVQRWMXVWDSURGXFWRI P\LPDJLQDWLRQ$QGWKH\GLGQ¶WZDLWORQJWRVKRZPHHLWKHUIRUWKHYHU\QH[WGD\WKH\ZHUHWRPDNH WKHLUSUHVHQFHNQRZQQRWMXVWWRPHEXWWROLWHUDOO\VFRUHVRIRWKHUV 2QWKHHYHQLQJRI6HSWHPEHU,ZDVKHDGHGWRDSODFHFDOOHG'DQLHOV3DUNMXVWVRXWKRI 'HQYHUZKHUH,KDGEHHQLQYLWHGWRDVN\ZDWFKLQJSDUW\,KDGEHJXQWRSRVVHVVDJURZLQJLQWHUHVW LQ DVWURQRP\ VLQFH P\ HDUOLHU H[SHULHQFHV DQG VR ZKHQ VRPH RI P\ IULHQGV ZKR VKRZHG VLPLODU LQWHUHVWV DVNHG PH LI ,¶G EH LQWHUHVWHG LQ VWXG\LQJ WKH VNLHV WKURXJK WHOHVFRSHV DQG ELQRFXODUV , DJUHHG , QHHGHG WR EH DURXQG RWKHU SHRSOH DQG HQMR\LQJ WKH VSHFWDFXODU EHDXW\ RI WKH QLJKW VN\ VHHPHGOLNHDSHUIHFWRSSRUWXQLW\WRJHWDZD\IURPHYHU\WKLQJWKDWKDGKDSSHQHGWKHODVWIHZGD\V 'DQLHOV3DUNLVIDUHQRXJKIURPFLW\OLJKWVWRSURYLGHDQHVSHFLDOO\FOHDUYLHZRIWKHKHDYHQVEXW LWLVDOLWWOHUHPRWHDQGFDQRQO\EHUHDFKHGYLDDQDUURZZLQGLQJURDGWKDWVQDNHVLWVZD\WKURXJK WKHVXUURXQGLQJSUDLULH7KLVPDNHVWKHGULYHWRWKHSDUNDGDUNDQGORQHO\H[SHULHQFHDWQLJKWEXWLW¶V HDV\WRSHUFHLYHDQ\XQXVXDOOLJKWVRYHUKHDG$V,GURYHXSWKHZLQGLQJURDGWRWKHSDUNWKURXJKWKH GDUNQHVV,QRWLFHGWKHORRPRIDUHGVWUREHOLJKWDOODURXQGPH$WILUVW,WKRXJKW,PLJKWKDYHKDGP\ EOLQNHUV RQ EXW DIWHU HQVXULQJ WKDW ZDVQ¶W WKH FDVH , EHJDQ VHDUFKLQJ WKH VN\ IRU WKH FDXVH RI WKH EOLQNLQJ FULPVRQ OLJKW$ PRPHQW ODWHU , QRWLFHG WKDW WKH OLJKW VHHPHG WR EH FRPLQJ IURP GLUHFWO\ DERYHPHDQGVR,VODPPHGRQP\EUDNHVUROOHGWKHZLQGRZGRZQDQGVWXFNP\KHDGRXWWRJHWD FORVHUORRN:KHQ,GLGVRDFKLOOUDQWKURXJKPHIRUWKHUHMXVWWZRKXQGUHGIHHWDERYHPHZDVWKH VDPH UHG JORZLQJ ³VRFFHU EDOO´ FUDIW ,¶G VHHQ WZR QLJKWV HDUOLHU RYHU P\ VWRUH DQG DSDUWPHQW IORDWLQJVLOHQWO\RYHUKHDGLWVUHGVWUREHOLJKWZDVKLQJRYHUWKHODQGVFDSHDURXQGPH ,W¶VDFXULRXVIHHOLQJWRREVHUYHWKHLGHQWLFDO8)2MXVWDFRXSOHRIQLJKWVDSDUWIRULWWUXO\JLYHV RQHWKHIHHOLQJRIEHLQJVWDONHG,WZDVDOPRVWDVWKRXJKWKLVLQH[SOLFDEOHEDOORIOLJKWKDGEHFRPHD SDUWRIP\OLIHDQGZLVKHGWRKDYHIXUWKHULQWHUDFWLRQVZLWKPH6XGGHQO\WHUULILHG,KLWWKHJDVDQG UDFHGWRWKHWRSRIWKHKLOOFHUWDLQWKDWLI,FRXOGMXVWEHDURXQGRWKHUSHRSOHWKHWKLQJZRXOGQ¶WEH DEOHWRGRDQ\WKLQJWRPH ,UHDFKHGWKHSDUNLQUHFRUGWLPHWKHFUDIWSDFLQJPHWKHZKROHZD\DQGVNLGGHGWRDVWRSLQD FORXGRIGXVW$V,GLGVRWKHWKLQJPDGHDVKDUSOHIWWXUQWRZDUGWKHZHVWDOWHULQJFRXUVHVRDEUXSWO\ WKDWLWORRNHGDVLILWKDGERXQFHGRIIDZDOOEHIRUHLWVWRSSHGDQGUHVXPHGIORDWLQJRYHUWKHSDUNLQJ ORW ,FRXOGVHHIURPWKHVKRFNHGH[SUHVVLRQVRQP\IULHQGV¶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³WKH\´NQHZ,KDGEHHQGRXEWLQJP\RZQVDQLW\DQGKDGJLYHQPHDVLJQWRFRQILUPWKDW HYHU\WKLQJWKDWKDGKDSSHQHGWRPHUHDOO\ZDVWUXH,ZLVK,FRXOGVD\,IRXQGWKHLUOLWWOH³JLIW´WRPH FRPIRUWLQJEXWDWWKHWLPHWKHRQO\HPRWLRQ,FRXOGIHHO²HVSHFLDOO\FRQVLGHULQJZKDWKDGKDSSHQHG WRPHMXVWDGD\HDUOLHU²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¶GILOPHGLQ'HFHPEHUDQGWKHUHZDVWKHLQFLGHQWZLWKWKH KLGHDQGVHHN8)2ZH¶GDOOVHHQRYHU2KLRWKUHHZHHNVHDUOLHUEXWKRZFRXOG,WHOOKHUWKDW,ZDV QRW RQO\ EHLQJ VWDONHG E\ D P\VWHULRXV JORZLQJ UHG VRFFHU EDOO EXW KDG HYHQ EHHQ DEGXFWHG E\ SRVVXPIDFHGDOLHQV" %XW VKH KDG WR NQRZ ZKDW VKH ZDV JHWWLQJ LQWR$OO , FRXOG GR ZDV KRSH RXU UHODWLRQVKLS ZDV VWURQJHQRXJKIRUKHUWREHOLHYH,ZDVQ¶WFUD]\)RUWXQDWHO\WKLVWLPH,KDGZLWQHVVHVWRWKHHYHQWDQG P\IULHQG0DUNWREDFNXSP\VWRU\VR,FDOOHGKHU 0XFKWRP\UHOLHIVKHZDVJUHDWDERXWWKHZKROHWKLQJ$VZRUULHGDV,KDGEHHQDERXWLWVKH QHYHUMXGJHGPH,QIDFW/LVDFRXOGWHOOKRZXSVHW,ZDVDQGRQO\UHDVVXUHGPHWKDWHYHU\WKLQJZRXOG EHRND\7KDQNIXOIRUKHURSHQPLQGHGQHVVDQGHQFRXUDJHPHQW,UHVWHGWKHSKRQHRQP\FKHVWIRUD PRPHQWDQGVDLG³/LVD\RX¶UHVXFKDVZHHWKHDUW´:LWKKHURQP\VLGH,NQHZHYHU\WKLQJZRXOGEH RND\7KHRQO\SUREOHPZDVWKDW,VWLOOODFNHGJRRGVROLGHYLGHQFHRIZKDWKDGKDSSHQHG²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¶WRYHUDQGDIHZGD\VODWHUWKH\UHWXUQHGWRFRQILUPP\VXVSLFLRQV 7KHGDWHZDV6HSWHPEHUDZHHNDIWHUWKH'DQLHOV3DUNHQFRXQWHU,KDGOHIWZRUNHDUO\ WKDWGD\EHFDXVHDVZDVXVXDOO\WKHFDVHRQ6XQGD\DIWHUQRRQVWKLQJVDWWKHVWRUHZHUHVORZ'ULYLQJ KRPHDERXWHLJKWR¶FORFNLQWKHHYHQLQJ,KDGMXVWWXUQHGRQWR0RUULVRQ5RDGLQ/DNHZRRGDODUJH ZHVWHUQVXEXUERI'HQYHUZKHQDEULJKWEHDPRIEOXLVKZKLWHOLJKWVXGGHQO\OLWXSWKHURDGWRWKH OHIW RI P\ YDQ 0\ ILUVW LPSUHVVLRQ ZDV WKDW LW ZDV WKH VHDUFKOLJKW IURP D SROLFH KHOLFRSWHU DQG , UROOHGGRZQP\ZLQGRZDQGORRNHGIRUWKHFKRSSHU$V,ZDWFKHGLWKRZHYHUWKHEHDPRIOLJKWGLG VRPHWKLQJ PRVW XQXVXDO LW EHJDQ WR QDUURZ DQG VWDUWHG PRYLQJ WRZDUG PH XQWLO VRRQ WKH HQWLUH LQWHULRURIP\YDQZDVLOOXPLQDWHGLQLWVKDUVKJODUH,DOVRQRWLFHGWKDWWKHDLULQVLGHWKHYDQVHHPHG FKDUJHGZLWKVWDWLFHOHFWULFLW\²VRPXFKVRWKDWLWPDGHWKHKDLURQP\DUPVVWDQGRQHQG(YHQWKHQ, ZDV VWLOO FRQYLQFHG LW ZDV RQO\ D SROLFH KHOLFRSWHU²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¶V ZKHQ , NQHZ WKLQJV ZHUH QRW DERXW WR JR EDFN WR QRUPDO DQ\WLPH VRRQIRUWKHUHDJDLQKRYHULQJMXVWDIHZKXQGUHGIHHWDERYHPHZDVWKHYHU\VDPHFUDIWWKDW,KDG VHHQWZLFHEHIRUHLQWKHODVWWHQGD\V0\UHGVRFFHUEDOOFRPSDQLRQZDVEDFN ³,UHPHPEHU\RX´,PXWWHUHGXQGHUP\EUHDWK 7KLVWLPHKRZHYHU,ZDVQ¶WVRPXFKDIUDLGDV,ZDVDQJU\,UHVHQWHGWKHIDFWWKDWLWVHHPHGWREH IROORZLQJPHDURXQGOLNHVRPHVRUWRIFUD]\H[JLUOIULHQGLQWUXGLQJLQWRP\OLIHZKHQHYHULWIHOWOLNH LW+DGWKHREMHFWEHHQRQWKHJURXQG,EHOLHYH,ZDVDQJU\HQRXJKDWWKDWPRPHQWWKDW,ZRXOGKDYH FRQVLGHUHGUDPPLQJLWZLWKP\YDQ $W OHDVW LWV FORVH SUR[LPLW\ DQG WKH IDFW WKDW IRU RQFH LW ZDV VWDQGLQJ VWLOO DQG WKDW , ZDV PRUH FOHDUKHDGHGWKDQWKHILUVWWZRWLPHV,¶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¶WVHHPWRFDUHWKDWLWKDGDQDXGLHQFH²RUZDVWKDWSDUWRILWVSODQ" 6XGGHQO\ WKH REMHFW EHJDQ WR FDVXDOO\ GULIW VRXWKZDUG DQG IRU VRPH UHDVRQ , IHOW FRPSHOOHG WR IROORZ LW ,¶P QRW VXUH LI LW ZDV MXVW EHFDXVH , ZDV DQJU\ RU EHFDXVH , ZDQWHG WR VHH PRUH EXW , TXLFNO\KLWWKHJDVDQGEHJDQFKDVLQJLWIRUDFKDQJHJLGG\WKDW,KDGVZLWFKHGIURPEHLQJWKHSXUVXHG WRWKHSXUVXHU$V,IROORZHGLW,ZDWFKHGLWPDNHDVKDUSWXUQVRXWKHDVWWRZDUGDQRSHQDUHDFDOOHG 2OG6WRQH+RXVH3DUNDQG,HQWHUHGWKHIDFLOLW\¶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¶WKDYHEHHQDELWVXUSULVHGWRVHHMHWILJKWHUVIURPQHDUE\%XFNOH\$LU%DVHVKRZLQJ XSWRMRLQLQDOOWKHIXQ7KDW¶VZKHQLWRFFXUUHGWRPHWKDWZKDWHYHUWKLVWKLQJZDVLWFHUWDLQO\ZDVQ¶W VK\DERXWEHLQJVHHQE\KXQGUHGVRISHRSOH $V,ILOPHGWKHFUDIW,ZRQGHUHGLILWZHUHQ¶WVRPHVRUWRIPLOLWDU\RUPDQPDGHREMHFWDIWHUDOO EXWWKHQWKHWKLQJZRXOGVXGGHQO\DFFHOHUDWHDQGFRPHWRDGHDGVWRSFRPSOHWHO\XQOLNHDQ\WKLQJRXU WHFKQRORJ\ZDVFDSDEOHRIGRLQJ)LQDOO\LWGDUWHGLQWRDFORXGDWZKLFKSRLQWWKHHQWLUHVN\OLWXS OLNH D FORXGWRFORXG OLJKWQLQJ GLVSOD\ , GRQ¶W WKLQN WKLV ZDV DFWXDOO\ OLJKWQLQJ KRZHYHU IRU WKHUH ZDVQRWKXQGHULQVWHDGLWZDVPRUHDVLIWKHFUDIWZDVVLPSO\HPLWWLQJEXUVWVRIHOHFWULFDOO\FKDUJHG HQHUJ\LQDOOGLUHFWLRQVZKLFKERXQFHGRIIWKHVFUDJJO\ELWVRIFXPXOXVFORXGVRYHUKHDG,WGLGWKLV WKUHHRUIRXUWLPHVEHIRUHLWILQDOO\GLVDSSHDUHGIRUJRRGOHDYLQJDSDUNIXOORISHRSOHVWDULQJXSDW WKHVN\LQVKRFN 'UDZLQJRIWKH8)2WKDWEHDPHGP\YDQDV,ZDVGULYLQJKRPHSDVW2OG6WRQH+RXVH3DUN ,WKDGEHHQTXLWHDVKRZ,KDGWRDGPLW:KDWHYHULWZDV,FRXOGQ¶WKHOSEXWIHHOLWKDGHQMR\HG LWVHOILPPHQVHO\ %XWHYHQPRUHLPSRUWDQWO\QRZ,KDGVRPHWKLQJRQWDSHWKDWFRXOGQ¶WEHHDVLO\GLVPLVVHGDORQJ ZLWK D SDUN IXOO RI H\HZLWQHVVHV WR EDFN XS P\ VWRU\²PDQ\ RI ZKRP ZHUH ZLOOLQJ WR OHW PH LQWHUYLHZWKHPRQFDPHUD%XWEHVWRIDOOWKHLPDJH,FDXJKWWKLVWLPHZDVQ¶WWKHVRUWRIEOXUU\YDJXH IODVKHVRIOLJKWLQWKHGLVWDQFH,KDGFDXJKWHDUOLHU7KLVZDVFOHDUDQGSUHFLVHDQGDVIDUDV,ZDV FRQFHUQHG LQFRQWURYHUWLEOH $GGLWLRQDOO\ , ODWHU OHDUQHG WKDW , ZDVQ¶W WKH RQO\ RQH DW 2OG 6WRQH +RXVH 3DUN ZLWK D FDPFRUGHU WKDW HYHQLQJ$ IDPLO\ ZDV WKHUH WKDW HYHQLQJ FHOHEUDWLQJ D ELUWKGD\ SDUW\ DQG WKH\ WRR FDXJKW VHYHUDO VHFRQGV RI WKH WKLQJ PDNLQJ LW WKH VRUW RI HYLGHQFH WKDW LV SULFHOHVVD8)2FDXJKWRQILOPE\WZRRUPRUHLQGHSHQGHQWVRXUFHVDQGDOORILWFRUURERUDWHGE\ GR]HQVRIH\HZLWQHVVHV,WVLPSO\GRHVQ¶WJHWDQ\EHWWHUWKDQWKDW %XW WKDW ZDVQ¶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¶V3DUNDQG2OG6WRQH+RXVH3DUNZRUGVSUHDGTXLFNO\1RWRQO\GLGLW DWWUDFWVRPHRIWKHFRXQWU\¶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¶WORVLQJP\PLQGDIWHUDOO %XW , VWLOO ZDVQ¶W FRPIRUWHG , ZDV VFDUHG DQG FRXOG EDUHO\ VOHHS IRU IHDU WKDW VRPHWKLQJ HOVH PLJKWKDSSHQ$Q\WLPH,ZHQWRXWVLGH,ZDVFRQVWDQWO\ORRNLQJXSEHFDXVH,ZDVDIUDLGWKRVHGDPQ WKLQJV ZRXOG FRPH VZRRSLQJ GRZQ RQ PH ³:KHQ ZLOO WKLV HYHU HQG"´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² DOPRVWDOORIWKHPLQ/DNHZRRGDQGLQWKHDUHDZKHUHWKHZLWQHVVHVWRWKHHYHQWZHUHPRVWOLNHO\WR EH OLYLQJ 7R EH KRQHVW ,¶YH QHYHU EHHQ PXFK RI D FRQVSLUDF\ EXII EXW QRZ , ZDV EHJLQQLQJ WR ZRQGHUHVSHFLDOO\RQFHWKHSRZHUFDPHEDFNRQSUHFLVHO\RQHKRXUODWHUMXVWDVWKHQHZVILQLVKHG %XWZDV,MXVWEHLQJSDUDQRLG"$IWHUDOOLIVRPHRQHGLGQ¶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³QRDFFLGHQW´DQGWR³EHFDUHIXO´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²RU HYHQDSULYDWHJURXSRISRZHUIXOSHRSOHEHKLQGLWDOO"2QO\WLPHZRXOGWHOO ,Q DQ\ FDVH DV D NLQG RI IRRWQRWH WR WKH HYHQWV RI WKDW WLPH GHVSLWH WKH SRZHU IDLOXUH WKDW SUHYHQWHGDOPRVWHYHU\RQHLQWKHDUHDIURPVHHLQJWKHQHZVUHSRUWDERXWWKH2OG6WRQH+RXVH3DUN VLJKWLQJWKHUHZDVDWOHDVWRQHSHUVRQZKRPDQDJHGWRVHHLWWKDWHYHQLQJ<HDUVODWHUZHUHFHLYHGD OHWWHULQWKHPDLOWKDWWXUQHGRXWWREHPRVWUHPDUNDEOH7KHHQYHORSHKDGQRUHWXUQDGGUHVVDQGZDV VLPSO\ DGGUHVVHG WR ³5RPDQHN´ ,QVLGH ZDV D EULHI QRWH DQG WKUHH SKRWRJUDSKV 7KH KDQGZULWWHQ QRWHVDLGRQO\WKDWWKHSHUVRQKDGVHHQWKHQHZVSLHFHDERXWWKH2OG6WRQH+RXVH3DUNLQFLGHQW\HDUV EHIRUH DQG DSSDUHQWO\ UHPHPEHUHG P\ QDPH %\ WKDW WLPH ZH ZHUH PDNLQJ HIIRUWV WR SURWHFW RXU SULYDF\DQGKDGDUUDQJHGIRUDQXQOLVWHGSKRQHQXPEHUEXWWKHRUGHUKDGQRWEHHQFDUULHGRXWVRRXU DGGUHVVZDVVWLOODYDLODEOH$VZLWKHYHU\WKLQJHOVHKDSSHQLQJLQP\OLIHWKLVWRRVHHPHGPRUHWKDQ MXVW FRLQFLGHQWDO²EXW LQ D YHU\ JRRG ZD\ 7KH QRWH ZDV VLJQHG VLPSO\ ³0HUU\´²D PRVW XQXVXDO VSHOOLQJIRUVXFKDFRPPRQQDPH,WKRXJKWDWWKHWLPH6KHZHQWRQWRH[SODLQWKDWKHUJUDQGIDWKHU ZKRKDGOLYHGQHDU2OG6WRQH+RXVH3DUNDWWKHWLPHRIWKHVLJKWLQJKDGWDNHQSLFWXUHVRIWKH8)2 WKDWHYHQLQJDVLWEHDPHGVRPHWKLQJRQWRWKHVWUHHW$FFRUGLQJWRWKHOHWWHUWKHSLFWXUHVZHUHDERXWWR EHWKURZQDZD\EXWVKHKDGDFKDQJHRIKHDUWDQGWKRXJKWLWEHVWWRVHQGWKHSLFWXUHVWRPHLQVWHDG 7KHSLFWXUHVSURYHGWREHDVUHPDUNDEOHDV0HUU\¶VOHWWHU7KH\VKRZHGWKHVDPHSXOVDWLQJUHG RUEWKDW,DQGGR]HQVRIRWKHUVKDGVHHQRYHUWKHSDUN\HDUVHDUOLHURQO\LQWKHVHOLJKWDSSHDUVWREH GULEEOLQJRXWWKHERWWRPRIWKH8)2VXJJHVWLQJDQDOPRVWSODVPDOLNHTXDOLW\WRLW7KHFXULRXVWKLQJ LVWKDW,KDGQ¶WQRWLFHGVXFKDWKLQJZKHQ,VDZWKHFUDIWQRUGLGOLJKWVHHPWR³GULS´IURPWKHFUDIWDV WKHSLFWXUHVVKRZHGPDNLQJWKHPDOOWKHPRUHLQH[SOLFDEOH&HUWDLQO\ZKDWHYHUZDVFRPLQJIURPWKH ERWWRPRIWKHFUDIWVHHPHGWREHRWKHUWKDQOLJKWLQWKHQRUPDOVHQVHEXWVRPHWKLQJDOPRVWRUJDQLF OLNHGURSVRIOLTXLGOLJKW,¶OOSUREDEO\QHYHUNQRZZKR³0HUU\´LVRUZK\VKHVHQWWKHSLFWXUHVWR PHEXWWKDQN\RXYHU\PXFK >FRQWHQWV@ -RXUQH\,QWRWKH6XEFRQVFLRXV² 0\)LUVW5HJUHVVLRQDQG 5HFDOOHG$EGXFWLRQ 7KHEL]DUUHHYHQWV,H[SHULHQFHGLQ6HSWHPEHURIKDXQWHGPHWKURXJKRXWWKHZLQWHUDQGLQWRWKH QH[WVSULQJ,VWLOOKDGVQLSSHWVRIPHPRULHVRIWKHWKUHHSRVVXPSHRSOHWKDWKDGFRPHWRP\GRRUDQG NQHZWKDWWKHUHZDVPRUHWRWKHVWRU\WKDQWKDWLWKDGDOOEHHQMXVWDEDGGUHDP²HVSHFLDOO\LQOLJKWRI WKHVFDUVIRXQGRQP\ERG\WKHQH[WPRUQLQJ,KDGWRNQRZZKDWKDGUHDOO\KDSSHQHGWKDWQLJKWLI RQO\IRUP\RZQSHDFHRIPLQG,WVHHPHGQRWRQO\LPSRUWDQWWKDW,GRVREXWHYHQXUJHQW )ULHQGV KDG WROG PH DERXW VRPHWKLQJ FDOOHG K\SQRWLF UHJUHVVLRQ²D SURFHVV E\ ZKLFK RQH FDQ VXSSRVHGO\DFFHVVKLGGHQPHPRULHVEXULHGGHHSLQWKHVXEFRQVFLRXVPLQG$WILUVW,ZDVVNHSWLFDORI WKHLGHDRIEHLQJSXWXQGHUDQGOLNHPRVWSHRSOHZKRKDYHQHYHUEHHQK\SQRWL]HG,KHOGDOOVRUWVRI HUURQHRXV SUHFRQFHLYHG QRWLRQV DERXW ZKDW K\SQRVLV ZDV DQG KRZ LW ZRUNHG , ZDVQ¶W HYHQ FRQYLQFHG LW GLG ZRUN²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«EUHDWKHDQGUHOD[«,FRXOGIHHOP\VHOIVORZO\VOLSSLQJLQWRDQDOWHUHGVWDWHRI PLQG /LNHPDQ\SHRSOH,ZDVDIUDLGRIZKDWZRXOGKDSSHQRQFH,ZDVXQGHUEXWRQFH,UHDOL]HGWKDW, ZDVLQFRQWURORYHUKRZGHHSLQWRWKHDOWHUHGVWDWH,ZRXOGJRWKHIHDUVXEVLGHG1RRQHUHDOO\KDV WKHSRZHUWR³FRQWURO´WKHPLQGRIDQRWKHUDQG,KDGDFKRLFHZKHWKHUWRDFFHSWRUUHMHFWDQ\RIWKH WKHUDSLVW¶VVXJJHVWLRQV2QFH,DFFHSWHGWKDWLWZDVWKHQSRVVLEOHWRDFFHVVP\KLGGHQPHPRULHV²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²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¶VWDEOHZLWKURXQGHGHGJHVPROGHG GLUHFWO\ LQWR WKH IORRU ,Q IDFW HYHU\WKLQJ DSSHDUHG WR KDYH EHHQ PROGHG IURP D VLQJOH PDWHULDO $ERYHWKHVXUJHRQ¶VWDEOHZDVDORQJWHDUGURSVKDSHGWXEHFRPLQJRXWRIWKHFHLOLQJWKDWFRQWDLQHG YDULRXVOLJKWVDQGLQVWUXPHQWV,IHOWDVWKRXJK,ZDVLPSULVRQHGLQDGHUDQJHGGRFWRU¶VRIILFH -XVW EH\RQG WKH WDEOH RQ WKH RWKHU VLGH RI WKH URRP ZDV D GRRUZD\ WKURXJK ZKLFK WKUHH VPDOO ILJXUHVSDVVHG$VWKHEHLQJVDSSURDFKHG,FRXOGVHHWKDWWKH\ZHUHWKHVDPHSRVVXPSHRSOHWKDWKDG VREUD]HQO\ZDONHGLQWRP\DSDUWPHQWLQFOXGLQJWKHRQH,WULHGWRWKURZRIIWKHEDOFRQ\7RVD\,ZDV IULJKWHQHGZRXOGEHDQXQGHUVWDWHPHQWKDG,EHHQDEOHWRVFUHDP,¶GKDYHGRQHVRZLWKDOOP\PLJKW 7KH PRUH IULJKWHQHG , JRW KRZHYHU WKH VWUDQJHU WKH H[SUHVVLRQV RQ WKHLU EL]DUUH IDFHV EHFDPH DOPRVWDVLIP\RZQIHDUPDGHWKHPXQFRPIRUWDEOH 6XGGHQO\DFDOPLQJWKRXJKWILOOHGP\KHDG³,W¶VRND\²\RXQHHGWRFDOPGRZQ´ ,WZDVWKHVDPHVRRWKLQJZRUGV,¶GUHFDOOHGKHDULQJZKHQ,¶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³7RSURWHFW\RX´VKHVDLGREYLRXVO\WU\LQJWRH[SODLQZKDWWKH GHYLFHVZHUHIRU $IHZVHFRQGVODWHUWKHIHPDOHJHQWO\WXUQHGPHDURXQGXQWLO,ZDVIDFLQJWKHZDOO$VLIRQFXH RQHRIWKHPDOHVVWHSSHGIRUZDUG+DQJLQJIURPKLVVKRXOGHUVWUDSZDVDQLQVWUXPHQWRIVRPHNLQG,W DSSHDUHGWREHDWUDQVSDUHQWER[ZLWKDVPDOOFRPSDUWPHQWRQRQHHQGDQGDORQJQDUURZWXEHRQWKH RWKHU HQG ZLWK ZKDW UHPLQGHG PH RI D WLQ\ YHUVLRQ RI D ³PHORQEDOOHU´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¶WJLYHQPHLQ WKHIRUPRIZRUGVEXWLQV\PEROVRUGUDZLQJV)RULQVWDQFHZKHQ,ZRQGHUHGZKHUHWKHVHEHLQJV FDPHIURP,VDZDGUDZLQJLQP\PLQG:KHQ,ZRQGHUHGKRZWKH\WUDYHOHGWR(DUWKRQFHDJDLQ, UHFHLYHGV\PEROVDQGGLDJUDPVLQP\KHDGLQDQVZHUWRP\TXHVWLRQV(YHU\WLPH,KDGDFRQFHUQRU DTXHVWLRQWKHUHZDVDQLQVWDQWWHOHSDWKLFUHSO\PDNLQJIRUDOLYHO\LIVRPHZKDWFRQIXVLQJGLVFRXUVH (YHQWXDOO\ , EHFDPH FRQVFLRXV RI D VHQVH RI LQFUHDVHG XUJHQF\ LQ KHU WKRXJKWV DV WKRXJK VKH ZHUHWU\LQJWRWHOOPHVRPHWKLQJLPSRUWDQW³6RPHWKLQJVLJQLILFDQWLVDERXWWRKDSSHQ´VKHWROGPH ,SUHVXPHGVKHPHDQWRQ(DUWKEXW,FRXOGQ¶WEHFHUWDLQ6KHVHHPHGWRZDQWWRWHOOPHPRUHEXW WKH PRPHQW VKH UHDOL]HG , ZDV EHJLQQLQJ WR JUDVS KHU LGHDV VKH VWHSSHG EDFN 7KHQ VKH ORRNHG VWUDLJKWLQWRP\H\HVDQG,IHOWDIORRGRILQIRUPDWLRQHQWHUP\EUDLQDNLQWRDFRPSXWHUXSORDGLQJD GDWDEDVH,WZDVPRUHLQIRUPDWLRQWKDQ,FRXOGORJLFDOO\SURFHVVDQGWKHSUHVVXUHRILWGURYHPHWR P\NQHHV 6KHVWRSSHGDQGZDLWHGIRUPHWRUHJDLQP\FRPSRVXUH2QFH,GLGVRVKHVHHPHGUHDG\WRWU\ DJDLQRQO\WKLVWLPHWKHLPDJHVZHUHPRUHGLVFHUQDEOHDVWKRXJKVKHKDGUHGXFHGWKHYROXPHVRP\ EUDLQFRXOGPDNHEHWWHUVHQVHRIZKDW,ZDVVHHLQJ,PPHGLDWHO\LPDJHVEHJDQWRILOOP\KHDGLPDJHV RIZLQGVVRVWURQJWKH\VFRXUHGWKHURDGVDQGKLJKZD\VRIIRIWKH(DUWKDQGWLGDOZDYHVFRYHULQJ HQWLUHFLWLHVWKHUHZHUHILUHVHYHU\ZKHUH²WKHZKROHSODQHWVHHPHGWREHLQFRQYXOVLRQVDVGLVDVWHU DIWHUGLVDVWHURYHUWRRNLW , DVNHG RXW ORXG ³,V WKLV ZKDW¶V JRLQJ WR KDSSHQ" ,V WKLV ZKDW \RX¶UH VKRZLQJ PH" :KHQ LV LW JRLQJWRKDSSHQ"´ 7KHUHZDVQRDQVZHU,WZRXOGEHODWHUWKDW,ZRXOGUHDOL]HWKDWVKHZDVLPSO\LQJWKDWWKHVHZHUH HYHQWV WKDWFRXOG KDSSHQ RQ (DUWK LI WKLQJV GLGQ¶W FKDQJH QRW WKDW WKH\ ZHUH GHVWLQHG WR KDSSHQ :KDWHYHU VKH ZDV WU\LQJ WR FRQYH\ WR PH ZDV ERWK FRQIXVLQJ DQG H[WUHPHO\ GLVWXUELQJ WR VD\ WKH OHDVW 6LWWLQJWKHUHSDQLFVWULFNHQ,DVNHGDJDLQ³:KHQDUHWKHVHWKLQJVJRLQJWRKDSSHQ":KHQ"´ , UHFHLYHG RQH ODVW LPDJH²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¶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¶GKDGD GLIILFXOWHQRXJKWLPHLQVFKRRODVLWZDV7KHUHZDVQRZD\,FRXOGKDYHFRPHXSZLWKDQ\WKLQJOLNH WKLV , KDG WR NHHS UHPLQGLQJ P\VHOI WKDW HYHU\WKLQJ , GUHZ RQ WKDW VNHWFKSDG FDPH IURP P\ FRPPXQLFDWLRQ ZLWK WKH IHPDOH (7 %XW WKH WULFNLHVW SDUW ZDV LQ EHOLHYLQJ WKDW LW DFWXDOO\ KDG KDSSHQHG,WZDVDOOVRVXUUHDO ³:KDWLQWKHZRUOGLVJRLQJRQKHUH"´,FRQWLQXDOO\PXWWHUHGHPEDUUDVVHGDQGGHHSO\IULJKWHQHG $V,ORRNHGGRZQDWWKHVNHWFKSDGWRPRUHFORVHO\H[DPLQHZKDW,KDGGUDZQLWIHOWWRPHWKDWWKH ILUVWVLPSOHUGUDZLQJVHHPHGDOLWWOHRIIWRPH,WZDVDVHULHVRIGRWVLQDSDWWHUQZKLFKORRNHGPXFK OLNHDTXHVWLRQPDUNRQHZLWKDFLUFOHDURXQGLW$WWKHWLPH,ZDVQ¶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¶W ZULWH LW GRZQ SUHFLVHO\²WKH ILUVW SDUW VKRXOG UHDG I UDWKHU WKDQ ²EXW LW ZDV FORVH HQRXJK WR PDNH WKH HQWLUH HTXDWLRQ IDU PRUH WKDQ MXVW D OXFN\ JXHVV (OHPHQW NQRZQ XQRIILFLDOO\ DV 8QXQSHQWLXP LV D V\QWKHWLF HOHPHQW FUHDWHG ZKHQ RQH ERPEDUGV $PHULFLXP ZLWK FDOFLXP LRQV ,W KDV WKH XQLTXH TXDOLW\ RI KDYLQJ DQ HOHFWULF ILHOG JUHDWHUWKDQRWKHUHOHPHQWV,QVWDEOHIRUPLWZRXOGEHDSRZHUIXOHQHUJ\VRXUFHEXWEHLQJWKDWLWKDV DKDOIOLIHPHDVXUHGLQPLOOLVHFRQGVLW¶VQRWVWDEOHHQRXJKWRGRDQ\WKLQJZLWKVR,ZDVQ¶WFHUWDLQ ZKDWJRRGLWZDV ,ODWHUIRXQGRXWWKDWWKHWZRFLUFOHVWRWKHOHIWRIWKHHTXDWLRQDUHKHOLXPDWRPVZKLFKLWKDVEHHQ WKHRUL]HG FRXOG VWDELOL]H WKH HOHPHQW LI ERPEDUGHG E\ WKH DWRPV JUHDWO\ DPSOLI\LQJ WKH HOHPHQW¶V JUDYLW\ILHOGWRWKHSRLQWZKHUHLWFRXOGSRVVLEO\DIIHFWWKHVKDSHRIVSDFHDURXQGLW7KHRUHWLFDOO\ JUDYLW\GLVWRUWVRUZDUSVVSDFHE\EULQJLQJWZRSRLQWVFORVHWRJHWKHUZLWKDSRZHUIXOJUDYLW\ZDYH DOORZLQJIRUJUHDWGLVWDQFHVWREHWUDYHOHGLQVKRUWSHULRGV7KLVWKHQZRXOGEHWKHNH\WRPDNLQJ VSDFHWUDYHOIHDVLEOHE\EULQJLQJWZRSRLQWVRIVSDFHFORVHUWRJHWKHUDFUDIWFRXOGHQWHURQHHQGRI WKH ³ZRUPKROH´ DQG H[LW WKH RWKHU HQG DOPRVW LQVWDQWO\ KXQGUHGV RU HYHQ WKRXVDQGV RI OLJKW \HDUV DZD\PDNLQJLQWHUVWHOODUIOLJKWGRDEOH 6RPHKDYHVXEVHTXHQWO\FODLPHGWKDW,PXVWKDYHVRPHKRZVWXPEOHGDFURVVWKLVHTXDWLRQRQWKH ,QWHUQHW RU LQ D SK\VLFV ERRN DQG HLWKHU FRSLHG LW LQ VSLWH RI KDYLQJ GUDZQ LW LQ IURQW RI PXOWLSOH ZLWQHVVHVRUWKDW,VRPHKRZLQDGYHUWHQWO\UHWDLQHGLWLQP\VXEFRQVFLRXVPHPRU\DQGUHSURGXFHGLW ODWHUEXWWZRWKLQJVDUJXHDJDLQVWLW)LUVWDV,VDLGEHIRUHWKHHOHPHQWZDVQ¶WILUVWGHVFULEHGXQWLO DOWKRXJK LWV VWUXFWXUH KDG EHHQ SUHGLFWHG HDUOLHU VR ZKHUH ZRXOG , KDYH JRWWHQ WKH HTXDWLRQ WZR \HDUV HDUOLHU" 6HFRQG LI , KDG VRPHKRZ VWXPEOHG DFURVV LW ZK\ GLGQ¶W , ZULWH LW GRZQ FRUUHFWO\"&OHDUO\WKLVZDVLQIRUPDWLRQ,FRXOGQ¶WKDYHSRVVHVVHGDWWKHWLPH 7RWKHULJKWRIWKH(OHPHQWHTXDWLRQZDVDQRWKHUHTXDWLRQWKDW,¶PWROGUHSUHVHQWVVRPHWKLQJ FDOOHG$PSHUH¶V/DZZKLFKLVRQHRI0D[ZHOO¶VIRXUHTXDWLRQVIURPHOHFWURPDJQHWLFWKHRU\7KH FLUFOH V\PERO ZLWK WKH DUURZ QH[W WR LW VHHPHG WR LPSO\ SURSXOVLRQ VXJJHVWLQJ WKDW VRPHKRZ WKLV HTXDWLRQKDVVRPHWKLQJWRGRZLWKHOHFWURPDJQHWLFWKUXVWRIVRPHNLQG7KLVHTXDWLRQLVIDLUO\ZHOO NQRZQWRSK\VLFLVWVVR,VXSSRVHLW¶VSRVVLEOH,PLJKWKDYHVHHQLWVRPHZKHUHEHIRUHDQGVRPHKRZ UHPHPEHUHGLWWKRXJK,¶PDOVRWROGE\RQHRIWKHSK\VLFLVWVZRUNLQJRQWKHFDVHWKDWZKLOHWKLVIRUP RIWKHHTXDWLRQZDVZULWWHQFRUUHFWO\LWZRXOGQRWEHIRXQGLQDQ\WH[WERRN7KHFWHUPZRXOGEH GHULYHGODWHULQWKHWH[WVDQGLVQRWQRUPDOO\XVHGZKHQWKHHTXDWLRQLVLQLWLDOO\ZULWWHQ %XW SHUKDSV HYHQ PRUH LQWHUHVWLQJ²DW OHDVW LQ WHUPV RI LWV LPSOLFDWLRQV²LV WKH HTXDWLRQ EHORZ $PSHUH¶V /DZ RQ WKH ULJKW VLGH RI P\ GUDZLQJ 7KLV LV VRPHWKLQJ FDOOHG WKH 'UDNH (TXDWLRQ ZLWK ³[´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²VWLOOLQWKHPDQ\PLOOLRQV²LVWKHQGLYLGHGE\WKHQXPEHURIVXFKSODQHWVZKHUHKLJKHU IRUPVRIOLIHPLJKWGHYHORSZKLFKLVWKHQGLYLGHGDJDLQE\WKHQXPEHURIWKRVHZKHUHLQWHOOLJHQWOLIH DFWXDOO\ HPHUJHV WKH SHUFHQWDJH RI LQWHOOLJHQW VSHFLHV ZKR FDQ FRPPXQLFDWH LQ D ZD\ ZH FRXOG GHWHFWDQGWKHOLIHWLPHRIWKHFRPPXQLFDWLQJFLYLOL]DWLRQVWKHPVHOYHV ,QWKHHQGHYHQXVLQJIDLUO\FRQVHUYDWLYHHVWLPDWHVDQGZRUNLQJZLWKRQO\DWZRKXQGUHGELOOLRQ VWDUJDOD[\²DVWURQRPHUVWRGD\DUHVXJJHVWLQJWKDWWKHUHPD\EHDVPDQ\DVELOOLRQVWDUVLQWKH 0LON\:D\'UDNHILQDOO\FRQFOXGHGWKHQXPEHURIVXFKFLYLOL]DWLRQVUHVLGLQJLQRXUJDOD[\FRXOGEH DVKLJKDV7KHIDFWWKDW,DGGHG³[´VXJJHVWVWKDW'UDNH¶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¶VGHPRWLRQWRWKHVWDWXVRI³GZDUI SODQHW´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¶WVXUHZKHWKHU LWZDVSDUWRIWKHDWPRVSKHUHRULILWZDVDQRGRUFRPLQJIURPWKH(7VWKHPVHOYHVRUWKHLUODERUDWRU\ HTXLSPHQWWKHVPHOOMXVWVHHPHGWRFRPHIURPHYHU\ZKHUHGXULQJP\H[SHULHQFHV -XVW UHFHQWO\ , ILJXUHG RXW D ZD\ WR GXSOLFDWH WKH RGRU (YHU\ VSULQJ , XVHG WR SDVV E\ VRPH 5XVVLDQROLYHWUHHVLQEORRP$V,ZDONHGSDVWWKHWUHHV,FRXOGQ¶WIRUWKHOLIHRIPHILJXUHRXWZKHUH, KDGVPHOOHGWKDWVLFNHQLQJVZHHWDURPDEHIRUH²DQGWKHQLWGDZQHGRQPH²LWZDVWKHVDPHRGRU, KDG VPHOOHG GXULQJ WKH DEGXFWLRQ 7KH DURPD IURP WKH 5XVVLDQ ROLYH EORVVRPV ZDVQ¶W D SHUIHFW PDWFKEXWLWZDVYHU\FORVH/DWHUDIWHUGRLQJVRPHRIP\RZQH[SHULPHQWDWLRQ,ILQDOO\ILJXUHGRXW ZKLFK PLVVLQJ LQJUHGLHQW ZDV QHHGHG WR SHUIHFWO\ UHFUHDWH WKDW VWUDQJH RGRU LI \RX WDNH D 5XVVLDQ ROLYH WUHH IORZHU DQG DGG D OLWWOH GDE RI UXEELQJ DOFRKRO LW LV H[DFWO\ WKH VPHOO , UHPHPEHU VR YLYLGO\ 7KHVHVVLRQZDVILQDOO\RYHUDQGLWOHIWPHVWXQQHG7KHUHZDVQRZD\IRUPHWRGLJHVWDOORIZKDW KDGKDSSHQHGPXFKOHVVDSSUHFLDWHZKDWLWPHDQW,WGLGDWOHDVWOHDYHPHZLWKDVHQVHWKDWZKDW, KDGVHHQZDVQ¶WMXVWLQP\LPDJLQDWLRQ7KHVHVVLRQKDGGRQHPXFKWRYDOLGDWHZKDWZDVKDSSHQLQJ ZLWKLQ PH DQG JDYH PH WKH FRXUDJH WR JR RQ NQRZLQJ WKDW WKH IXWXUH SUREDEO\ KHOG PDQ\ PRUH FKDOOHQJHVIRUPHEXWRQHVWKDW,EHOLHYHG,FRXOGQRZKDQGOH,WZDVDPRVWJUDWLI\LQJIHHOLQJ ,QDQ\FDVH,KDGWRSXWP\H[SHULHQFHVEHKLQGPHDQGPRYHRQZKLFKZRXOGEHDOLWWOHHDVLHUWR GRQRZWKDWWKHZRPDQ,ORYHG/LVDDQG,ZHUHDERXWWRVSHQGRXUOLYHVWRJHWKHU2Q-XO\ ZLWK WKH EHDXWLIXO 5RFN\ 0RXQWDLQV LQ WKH EDFNJURXQG /LVD DQG , ZHUH PDUULHG IRUFLQJ PH WR SXW HYHU\WKLQJWKDWKDGKDSSHQHGRQWKHEDFNEXUQHUZKLFK,ZDVRQO\WRRKDSS\WRGR6RRQ,ZRXOGEH PRYLQJWR1HEUDVNDWREHFORVHUWR/LVDDQGKHUFKLOGUHQDQG,ZDVFHUWDLQDOOWKHZHLUGVWXIIZRXOG EHSXWEHKLQGPHRQFH,OHIW&RORUDGR$Q\QRWLRQ,PD\KDYHKDGRIEUHDNLQJIUHHRIWKHVHEL]DUUH H[SHULHQFHVZDVVKRUWOLYHGKRZHYHUEHFDXVHLWGLGQ¶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¶V DOO UHDO$V \RX NQRZ E\ QRZ WKLV 8)2 FDVH LV YHU\ LPSRUWDQW EXW ZKDW \RX GRQ¶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¶WWDNHWKLVOLJKWO\WKHUHLVDORWDWVWDNHKHUH 6LJQHG &RQFHUQHG,QIRUPHU 1RWVXUSULVLQJO\WKHHPDLOIULJKWHQHG/LVDFRQVLGHUDEO\EXWLWRQO\PDGHPHDQJU\:KRJDYH WKHVH SHRSOH²ZKRHYHU WKH\ ZHUH²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¶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¶G VHHQ RYHU 'DQLHOV DQG 2OG 6WRQH +RXVH 3DUNV WKH \HDU EHIRUH $JLWDWHG DQG QRW WKLQNLQJ DOO WKDW FOHDUO\,ZRNH/LVDWRWHOOKHUWKDWP\YLVLWRUVZHUHEDFNDQGZHQHHGHGWRWDNHFRYHU 2EYLRXVO\ OHVV FRQFHUQHG WKDQ , ZDV ZLWK WKH SRVVLELOLW\ WKDW (7V ZHUH EX]]LQJ RXU KRXVH VKH VOHHSLO\UHFRPPHQGHG,YLGHRWDSHHYHU\WKLQJLI,ZDVWKDWZRUULHGDQGSURPSWO\ZHQWEDFNWRVOHHS )URPKHUWRQH,NQHZVKHZDQWHGWREHOHIWDORQHEXWVKHKDGFRPHXSZLWKDJRRGLGHD,ILJXUHGLI DQ\WKLQJZHUHWRKDSSHQ,ZRXOGDWOHDVWEHDEOHWRVHHZKDWZDVFRPLQJ*UDEELQJWKHFDPFRUGHU, ZHQWWRWKHZLQGRZWRVHHZKDW,FRXOGVHH ,ZDVVXUSULVHGWRGLVFRYHUWKDWWKHUHZDVQ¶WPXFKLQWKHZD\RIFORXGFRYHU:KDWIHZFORXGV WKHUH ZHUH KDG JDSV WKURXJK ZKLFK , FRXOG VHH VWDUV \HW WKH IODVKHV RI LQWHQVH OLJKW VHHPHG WR EH FRPLQJIURPHYHU\ZKHUH²DQGVWLOOQRWKXQGHUFRXOGEHKHDUG$V,WULHGWRPDNHVHQVHRIZKDW,ZDV VHHLQJ , FRXOG KHDU /LVD²ZKR DSSDUHQWO\ KDG EHHQ XQDEOH WR JHW EDFN WR VOHHS DIWHU P\ DQQRXQFHPHQW²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¶VLQWHQVLW\DVLQWHQVHIODVKHVRIOLJKWLOOXPLQDWHGWKHVN\HYHU\IHZVHFRQGVDQG DWLWVKHLJKWDOPRVWFRQWLQXDOO\ZLWKIODVKHVFRPLQJRQFHRUWZLFHDVHFRQG,IWKLVZDVDVWRUPLW ZDVDQDQJU\RQHGHVSLWH/LVD¶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¶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¶WWREHWKHODVWWLPHZHZRXOGVHHRUYLGHRWDSHWKHWKLQJIRUMXVWDIHZ ZHHNVODWHURXU³OLWWOHIULHQG´ZRXOGEHEDFN (DUO\6HSWHPEHULQ1HEUDVNDLVKXPLGDQGZDUPZLWKWKHZDUPHVWSDUWRIWKHGD\FRPLQJLQODWH DIWHUQRRQ8QOLNH&RORUDGRLWGRHVQ¶WHYHQFRROGRZQLQWKHHYHQLQJPDNLQJJRRGDLUFRQGLWLRQLQJ HVVHQWLDO(YHQ/LVD¶VWZRFDWVZKHUHDQQR\HGZLWKWKHKHDWWKH\VSHQWPRVWRIWKHGD\VKLGGHQDZD\ LQVRPHFRROQRRNRIWKHKRXVH,IE\VRPHFKDQFHZHDFWXDOO\KDGDFRROHYHQLQJ\RXFRXOGEHWWKDW HYHU\RQHZRXOGEHRXWVLGHWDNLQJDGYDQWDJHRILWLQFOXGLQJWKHFDWV 7KHHYHQLQJRI6HSWHPEHUZDVMXVWRQHRIWKRVHWLPHVDQGWKHFDWVZHUHRXWVLGHZLWK/LVD RQ WKH IURQW SRUFK HQMR\LQJ WKH SOHDVDQWO\ FRRO HYHQLQJ 6XGGHQO\ , KHDUG /LVD FDOO WR PH ³6WDQ FRPHKHUHTXLFN<RXQHHGWRVHHWKLV´ ,UDFHGWRWKHIURQWSRUFKWRWDNHDORRN6KHSRLQWHGWRWKHFDWVZKLFKZHUHERWKEXV\VWDONLQJ VRPHWKLQJRQWKHVWUHHW ³:DWFKWKHP´VKHVDLG³7KH\¶UHDFWLQJVWUDQJHO\´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¶ XQXVXDO JDPH 6XGGHQO\ ZLWKRXW ZDUQLQJ WKH\ UDFHG IRU WKH EDFN \DUG DV WKRXJK LQ SXUVXLW RI VRPHWKLQJ FRPSHOOLQJ PH WR IROORZ WR VHH ZKDW WKH\ ZHUH DIWHU %HFDXVH WKH OLJKW ZDV GLPPHULQWKHEDFN\DUG,TXLFNO\VZLWFKHGWKHFDPFRUGHUWRWKHQLJKWVKRWVHWWLQJDV,VWUXJJOHGWR NHHSXSZLWKWKHPDQGNHSWILOPLQJDVWKH\UDFHGDIWHUWKHLULQYLVLEOHTXDUU\:KLOH,ZDWFKHGWKH FDWV¶DWWHQWLRQVXGGHQO\VKLIWHGWRZDUGWKHJDUDJH 7KDW¶V ZKHQ , VWDUWHG WR QRWLFH D SHFXOLDU KLJKSLWFKHG VRXQG FRPLQJ IURP WKH DUHD DURXQG WKH JDUDJH4XLFNO\SDQQLQJWKHFDPFRUGHUWRP\ULJKWRXWRIWKHFRUQHURIP\H\H,VSRWWHGWKHIDLQWJORZ RI VRPH VRUW RI UHGGLVK OLJKW ZKLFK WKHQ LQVWDQWO\ SDVVHG LQ IURQW RI P\ YLHZILQGHU 7HPSRUDULO\ GLVRULHQWHG,ILQDOO\VSRWWHGLWRQWKHJUDVVE\WKHFRUQHURIWKHJDUDJHDQGSDQQHGP\FDPFRUGHURQLW ZKLOH,FDXWLRXVO\DSSURDFKHG , QRWLFHG WKH KLJKSLWFKHG VRXQG LQWHQVLI\ DV , JRW FORVHU WR WKH OLJKW EXW WKDW ZDVQ¶W WKH PRVW UHPDUNDEOHWKLQJ²DV,GUHZQHDUHU,FRXOGVHHWKDWLWDSSHDUHGWREHVSLQQLQJOLNHDWRS:DQWLQJD FORVHUORRN,VWDUWHGZDONLQJWRZDUGLWEXWP\FDPFRUGHUYLGHRIHHGVXGGHQO\IODVKHGZKLWH$OPRVW LPPHGLDWHO\,FDXJKWVLJKWRIDTXLFNVWUHDNRIUHGOLJKWVKRRWLQJXSLQWRWKHQLJKWVN\ZKLFKWULJJHUHG WKHPRWLRQGHWHFWRUDQGIORRGOLJKWRQWKHQHLJKERU¶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²QRUPDOO\ DLUFUDIW²ZKLFK FDQ JLYH WKHP WKH DSSHDUDQFH RI IROORZLQJ D SODQH DQG HYHQ PDWFKLQJ LW LQ WHUPV RI VSHHG DQG PDQHXYHUV WKHUHE\ JLYLQJ LW WKH DSSHDUDQFH RI EHLQJ XQGHU LQWHOOLJHQW FRQWURO ,Q IDFW$OOLHG ERPEHU FUHZV RYHU *HUPDQ\ LQ :RUOG :DU ,, HQFRXQWHUHG WKHVH REMHFWV²ZKLFK WKH\ QLFNQDPHG ³IRR ILJKWHUV´²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³:KDWWKHKHOOGRHVµ/,/2¶PHDQ"´ZHDVNHGDOPRVWLQXQLVRQ $IWHUDPRPHQWZHUHDOL]HGWKHDODUPZDVVLPSO\XSVLGHGRZQDQGZDVDFWXDOO\UHDGLQJ³´ :HERWKODXJKHGEXWWKDWGLGQ¶WH[SODLQZK\RXUFORFNZDVXSVLGHGRZQRUZKRKDGSXWLWWKDWZD\ 7RREXV\WRZRUU\DERXWLWQRZZHERWKSUHSDUHGWRJHWRXWRIEHGDQGJHWGUHVVHG 7KDW¶VZKHQ,QRWLFHGVRPHWKLQJHYHQPRUHXQXVXDO/\LQJRQP\FKHVWZDVDVKHHWRISDSHUZLWK VWUDQJH ZULWLQJ RQ LW DQG QH[W WR LW QHVWOHG LQ WKH IROGV RI WKH EODQNHW ZHUH D FRXSOH RI SHQV DQG SHQFLOV$V,VDWXS,VDZWKHUHZHUHDOVREODQNVKHHWVRISDSHUVFDWWHUHGRQWKHIORRUQH[WWRP\VLGH RIWKHEHGDOODUUDQJHGLQDWUDLOOHDGLQJWRWKHEHGURRPGRRU,WDSSHDUHGDVLIVRPHRQHKDGEHHQ IXPEOLQJ WKURXJK YDULRXV GUDZHUV VHDUFKLQJ IRU D SHQ DQG SDSHU DQG LQ WKH SURFHVV MXVW GURSSLQJ ZKDWWKH\GLGQ¶WZDQWRQWRWKHIORRU %ULHIO\ ZRQGHULQJ ZKDW NLQG RI EXUJODU HQWHUV SHRSOH¶V KRPHV LQ VHDUFK RI VWDWLRQHU\ , WRRN D FORVHUORRNDWWKHSDSHURQP\FKHVWDQGJDVSHG7KHSDJHZDVFRYHUHGZLWKZKDWDSSHDUHGWREHWKH VDPH VRUW RI FRPSOH[ PDWKHPDWLFDO HTXDWLRQV , KDG ZULWWHQ GXULQJ P\ K\SQRWLF UHJUHVVLRQ EDFN LQ -XQH ,VWDUWHGGUDZLQJHTXDWLRQVLQP\VOHHSVXGGHQO\ DQGIRXQGWKLVQH[WWRPHLQEHGZLWKP\KDQGZULWLQJ 6WXG\LQJ WKH GUDZLQJ FORVHO\ , WULHG WR PDNH VHQVH RI KRZ WKLV ZDV SRVVLEOH 7U\ DV , PLJKW , FRXOGQ¶W UHPHPEHU ZULWLQJ DQ\WKLQJ EXW KHUH ZDV D SDJH RI QHZ HTXDWLRQV LQ P\ RZQ KDQGZULWLQJ DQGDVLISURYLGLQJIXUWKHUSURRIWKDW,ZDVLQGHHGUHVSRQVLEOHIRUWKHHTXDWLRQV/LVDIRXQGLQNIURP WKHSHQDOORYHUP\KDQGVHYLGHQFHWKDWWKHSHQKDGOHDNHGZKLOH,ZDVZULWLQJ 2EYLRXVO\ , KDG ZULWWHQ WKHP LQ P\ VOHHS , GLGQ¶W KDYH DQ\ PHPRULHV²VXEFRQVFLRXVO\ RU RWKHUZLVH²RI KDYLQJ EHHQ DEGXFWHG DJDLQ VR , FRXOG RQO\ DVVXPH WKH HTXDWLRQV ZHUH D UHVLGXDO PHPRU\IURPP\HDUOLHUDEGXFWLRQ,QRWKHUZRUGVWKHVHZHUHDQDGGHQGXPWRZKDW,KDGVFULEEOHG EHIRUHRQO\WKH\ORRNHGHYHQPRUHFRPSOH[WKDQWKHHDUOLHURQHV,LPPHGLDWHO\VHQWFRSLHVRIWKHP WRRXUIULHQGVEDFNLQ'HQYHUZKRIRUZDUGHGWKHPRQWRWKHVDPHSK\VLFLVWVWRZKRPZHKDGVHQW WKHHDUOLHUHTXDWLRQV2QFHWKH\H[DPLQHGLWWKH\IRXQGLWWREHHYHQPRUHDGYDQFHGWKDQWKHSUHYLRXV RQH )URPZKDWWKHVFLHQWLVWVWROGPHWKHHTXDWLRQVKDGWRGRZLWKEODFNKROHVDQGVRPHWKLQJFDOOHG WKH ³ILQH VWUXFWXUH FRQVWDQW´ XVHG LQ TXDQWXP HOHFWURG\QDPLFV )URP ZKDW , XQGHUVWDQG WKH ILQH VWUXFWXUH FRQVWDQW KDV VRPHWKLQJ WR GR ZLWK ZKHWKHU WKH VSHHG RI OLJKW KDV DOZD\V EHHQ FRQVLVWHQW WKURXJKRXW WKH NQRZQ KLVWRU\ RI WKH XQLYHUVH $SSDUHQWO\ VFLHQWLVWV KDYH EHHQ DQDO\]LQJ WKH OLJKW UHWXUQLQJ IURP GLVWDQW TXDVDUV DQG FRPLQJ XS ZLWK VRPH FRQWURYHUVLDO FRQFOXVLRQV PDNLQJ LW DQ HVSHFLDOO\LPSRUWDQWLVVXHIRU³LIWKHFRQVWDQWKDVYDULHGDWDQ\WLPHLQWKHSDVWE\DVPXFKDVSOXVRU PLQXVSHUFHQWOLIHDQGSHUKDSVHYHQWKHFUHDWLRQRIWKHVWDUVWKHPVHOYHVEHFRPHLPSRVVLEOH´ 8QIRUWXQDWHO\,KDGQRFOXHZKDWWKHKHFNWKH\ZKHUHWDONLQJDERXWDQG,NQHZIRUDIDFWWKHUH ZDV QR ZD\ , FRXOG KDYH FRPH XS ZLWK DQ\WKLQJ OLNH WKLV RQ P\ RZQ , WKRXJKW RI DQ\WKLQJ DQG HYHU\WKLQJSRVVLEOHWRFRPHXSZLWKDQH[SODQDWLRQ0D\EHP\VXEFRQVFLRXVPHPRUL]HGVRPHWKLQJ ,¶G VHHQ RQ WHOHYLVLRQ DQG , ZURWH LW GRZQ LQ P\ VOHHS²EXW WKDW MXVW GLGQ¶W VHHP SRVVLEOH :KHQ ZRXOG,KDYHVHHQDQ\WKLQJOLNHWKLVRQ79"6RWKHTXHVWLRQUHPDLQHGZKHUHGLGWKHHTXDWLRQVFRPH IURP" )XUWKHUGLGLWKDYHDQ\WKLQJWRGRZLWKWKHUHGVSLQQLQJRUE,¶GYLGHRWDSHGLQIURQWRIP\YDQD IHZGD\VHDUOLHU"7KHUHZDVQRZD\WRNQRZOHDYLQJPHZLWKMXVWRQHPRUHP\VWHU\WRDGGWRP\ UDSLGO\JURZLQJFROOHFWLRQ:KDWHYHUZDVKDSSHQLQJWRPHLWKDGGHILQLWHO\IROORZHGPHWRWKHWLQ\ WRZQRI+ROGUHJHDQGZDVQ¶WDERXWWROHWJRRIPH $FRXSOHRIPRQWKVODWHU,ZDVWRILQGRXWMXVWKRZWUXHWKDWZDV >FRQWHQWV@ 7KH6HFRQG$EGXFWLRQ 'HVSHUDWHWRILQGZRUNDQGXQDEOHWRILQGMREVLQWLQ\+ROGUHJH/LVDDQG,GHFLGHGWRPRYHWZHQW\ PLOHV QRUWK WR WKH ODUJHU WRZQ RI .HDUQH\ 7KH GHFLVLRQ SURYHG WR EH D JRRG RQH DV ZH ERWK VRRQ IRXQGMREVWKHUHILQDOO\EULQJLQJDGHJUHHRIILQDQFLDOVWDELOLW\WRP\QHZIDPLO\,WGLGQ¶WWDNHORQJ IRUXVWRVHWWOHLQDQGIRUOLIHWRUHWXUQWRQRUPDO²RUDWOHDVWDVQRUPDODVLWFRXOGEHIRUXV(YHQ /LVD¶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¶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¶WPDNHDQ\VHQVH 6FDUHG FROG DQG QHDUO\ QDNHG , WULHG DOO WKH GRRUV DQG ZLQGRZV RI WKH KRXVH ZLWK QR OXFN )LQDOO\DQGLQDVWDWHRISDQLF,VWDUWHGSRXQGLQJKDUGRQWKHZLQGRZRIRXUEHGURRPLQKRSHVRI ZDNLQJ/LVDZKRDIWHUZKDWVHHPHGOLNHIRUHYHUILQDOO\FDPHWRWKHZLQGRZ ³:KDWLQWKHKHOODUH\RXGRLQJRXWVLGH"´VKHDVNHGLQFUHGXORXVO\ ³,GRQ¶WUUUUUUHPHPEHU´,VDLGVKLYHULQJIURPWKHFROG /LVD TXLFNO\ UDQ WR WKH UHDU VOLGLQJ JODVV GRRU LQ WKH IDPLO\ URRP WR OHW PH LQ$V VRRQ DV VKH WXUQHGRQWKHOLJKWDQGRSHQHGWKHGRRUKHUIDFLDOH[SUHVVLRQVKLIWHGIURPWKDWRIPLOGLUULWDWLRQWR RQHRIH[WUHPHV\PSDWK\0\IDFHZDVFRYHUHGLQGULHGEORRGIURPDEORRG\QRVHVKHFRXOGVHH, ZDVREYLRXVO\LQLQWHQVHSDLQDQGSXWKHUDUPDURXQGPHDQGKHOSHGPHWKURXJKWKHGRRUKHUYRLFH TXLYHULQJDVVKHDSRORJL]HG 6XGGHQO\VKHVDLG³,WKLQNLW¶VKDSSHQHGDJDLQ´ ³:KDW¶V KDSSHQHG"´ , DVNHG VWLOO WU\LQJ WR FRPH WR WHUPV ZLWK KRZ ,¶G HQGHG XS XQGHU WKH FUDEDSSOHWUHHDWWKUHHR¶FORFNLQWKHPRUQLQJ /LVDVSXQPHDURXQGDQGVKRZHGPHWKHQHZVFRRSPDUNVLQP\EDFN7KH\ZHUHLGHQWLFDOWRWKH RQHV,KDGH[KLELWHGDIWHUP\HDUOLHUDEGXFWLRQDQGLWEHJDQWRVLQNLQWKDW,KDGEHHQ³WDNHQ´DJDLQ $V /LVD FRQWLQXHG WR H[DPLQH PH VKH QRWLFHG D VPDOO OXPS EHQHDWK WKH VNLQ RQ P\ RXWHU WKLJK 6XGGHQO\,IHOWQDXVHDWHGDQGVWDUWHGWRSXWP\KDQGRYHUP\PRXWK7KDW¶VZKHQZHERWKQRWLFHG WKDW,KDGVRPHWKLQJWLJKWO\FOHQFKHGLQP\ULJKWKDQG,GURSSHGZKDWHYHULWZDVRQWRWKHFRXQWHUDQG ZDWFKHGFXULRXVO\DVLWVHHPHGWRJHQWO\IORDWWRWKHFRXQWHUWRS,WPDGHD³FOLQNLQJ´VRXQGDVLWKLW VRXQGLQJDVLILWZHUHPDGHRIPHWDO $V,VWXGLHGWKHVWUDQJHORRNLQJPDWHULDOIRUDPRPHQWDZDYHRIQDXVHDRYHUWRRNPHDJDLQDQG, UDQ IRU WKH EDWKURRP :KLOH , SXUJHG WKH FRQWHQWV RI P\ VWRPDFK , QRWLFHG ZKDW FDPH XS KDG WKH FRQVLVWHQF\DQGVPHOORIVRPHWKLQJUHVHPEOLQJ:LQGH[ZLQGRZFOHDQHUDQGWKDWLWPDGHWKHLQVLGH RIP\PRXWKWHPSRUDULO\QXPE%\WKLVWLPHP\VLGHZDVKXUWLQJVREDGO\WKDW,FRXOGEDUHO\VWDQG ZLWKRXW/LVD¶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³'RHVWKLVKXUW"´KHDVNHGDVKHJHQWO\SRNHGDWWKHP ³1RWDWDOO´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¶WODVWORQJDQGLQOHVVWKDQWZRZHHNVP\EURNHQ ULEZDVKHDOHGDVLIQRWKLQJKDGKDSSHQHG $VIRUWKHXQXVXDOFLUFOHLQRXU\DUGWKHUHVHDUFKHUVZHUHTXLFNWRGRDWKRURXJKMRERIH[DPLQLQJ HYHU\ VTXDUH LQFK RI RXU SURSHUW\ 7KH\ XVHG *HLJHU FRXQWHUV (0) PHWHUV D GHYLFH XVHG IRU GHWHFWLQJ HOHFWURPDJQHWLF HQHUJLHV LQ WKH DLU DQG D PDJQHWLF FRPSDVV WR VHH LI WKHUH ZHUH DQ\ HOHFWURPDJQHWLF FKDQJHV LQ WKH JUDVV FLUFOH WKDW WKH\ FRXOG GRFXPHQW :KLOH WKH *HLJHU FRXQWHU VKRZHGQRWKLQJRXWRIWKHRUGLQDU\WKH(0)PHWHUDQGFRPSDVVERWKZHQWZLOGZKHQHYHUWKH\JRW FORVH WR WKH FLUFOH $ VLPLODU WKLQJ KDSSHQHG ZKHQ WKH FRPSDVV ZDV EURXJKW LQWR WKH FLUFOH WKH FRPSDVVQHHGOHZRXOGVSLQZLOGO\XQWLOZKRHYHUZDVKROGLQJLWVWHSSHGRXWRIWKHFLUFOH ,QDQHIIRUWWREHDVWKRURXJKDVSRVVLEOHVRLODQGJUDVVVDPSOHVDORQJZLWKWKHPHWDOOLFVWXII, KDG EHHQ KROGLQJ LQ P\ KDQG ZHUH VHQW DZD\ WR YDULRXV ODEV WKURXJKRXW WKH FRXQWU\ WR EH WHVWHG 6HYHUDOZHHNVODWHUWKHUHVXOWVFDPHEDFNDQGLWZDVGHWHUPLQHGWKDWWKHVXEVWDQFH,KDGIRXQGLQP\ KDQGWXUQHGRXWWREHDPL[WXUHRIVWXII0RVWRILWFRQVLVWHGRIVRPHWKLQJFDOOHGEHWDELVPXWKWULR[LGH WKRXJK WKHUH ZDV DOVR D VPDOO DPRXQW RI HOHPHQWDO ELVPXWK$OVR SUHVHQW ZHUH VRPH DOXPLQXP VLOLFDWHV DQG WUDFH DPRXQWV RI RWKHU PDWHULDOV ZKLFK ZHUH PRVW OLNHO\ FRQWDPLQDWLRQ KXPDQ VNLQ FHOOV KDLU²SUREDEO\ IURP WKH FDW²GLUW D ZKLWH SODVWLF IUDJPHQW DQG PDWHULDO IURP VRPH SODQW, KDYH QR LGHD ZKDW EHWD ELVPXWK WULR[LGH LV RU ZKDW LW¶V XVHG IRU 7KH HOHPHQWDO ELVPXWK LV DOVR VRPHWKLQJ ,¶G QHYHU KHDUG RI EHIRUH EXW ,¶P WROG LW LV VRPHWKLQJ WKDW LV ZLGHO\ XVHG LQ WKH FRQVWUXFWLRQ RI HOHFWURPDJQHWLF FRQGXFWRUV OLNH WKH W\SH WKH ELJ SRZHU FRPSDQLHV XVH 7KH RQO\ TXHVWLRQZDVKRZGLG,JHWKROGRIWKHVWXII"$IWHUDOOLW¶VQRWVRPHWKLQJRQHSLFNVXSDWWKHJURFHU\ VWRUHRQWKHZD\KRPHIURPZRUN %XWSHUKDSVHYHQPRUHLQWHUHVWLQJZDVZKDWWKHVFLHQWLVWVKDGWRVD\DERXWWKHVRLOVDPSOHVWDNHQ IURP ZLWKLQ WKH FLUFOH 7KH\ GHWHUPLQHG WKDW VRPH W\SH RI FRXQWHUFORFNZLVH VSLQQLQJ PLFURZDYH HQHUJ\KDGFUHDWHGWKHJUDVVFLUFOHLQWKH\DUGDQGZKDWZDVHYHQPRUHLPSUHVVLYHZDVWKHIDFWWKDW WKH\IRXQGPLQXWHPHWHRUIUDJPHQWVLQVLGHWKHFLUFOH1RZWKLVLVQRWVRPHWKLQJRQHLVOLNHO\WRILQGLQ WKHLUEDFN\DUGIRUVXFKWLQ\SDUWLFOHVJHQHUDOO\RQO\H[LVWLQ(DUWK¶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³:KDW LV LW WKDW PDNHV PH VR GLIIHUHQW"´ , ZRQGHUHG 7KHUH DUH VR PDQ\ RWKHU KXPDQV RQ WKLV SODQHWWRFKRRVHIURP²DQGPDQ\RIWKHPZRXOGORYHWRKDYHWKHRSSRUWXQLW\RIEHLQJKRXQGHGE\ DOLHQV6RZK\PH" 0\PLQGUDFHGWU\LQJWRILQGDQDQVZHU²DQ\DQVZHU²EXWLWZDVQRWWREH$WOHDVW,FRXOGEH JUDWHIXOWKDWQRRQHHOVHLQP\IDPLO\VHHPHGWREHGLUHFWO\DIIHFWHGE\DOOWKHVWUDQJHQHVVWKDWVHHPHG PLQHDORQHWRHQGXUH²EXWWKDWDOVRZRXOGVRRQFKDQJH -XVWDIHZGD\VDIWHU1HZ<HDU¶V,KDGDWHUULEOHQLJKWPDUHDERXWP\VWHSVRQ-DNH1RZ ZLWK DOO WKH HVFDODWLQJ PDGQHVV LW ZDV QRW XQXVXDO IRU PH WR KDYH GLVWXUELQJ GUHDPV ZKLFK RQO\ DGGHG WR P\ VWUHVV +RZHYHU WKH UHVHDUFKHUV VWXG\LQJ P\ FDVH WROG PH WKDW VXFK GUHDPV FRXOG DFWXDOO\EHDEOHVVLQJLQGLVJXLVHEHFDXVHWKH\SUREDEO\VHUYHGDVDUHOHDVHYDOYHIRUP\VWUHVV,Q RWKHU ZRUGV LW ZDV MXVW P\ EUDLQ¶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³/HDYHPHDORQH´EXWHYHU\WLPH,WULHGWRJHWFORVHHQRXJKWRKHOSKLPP\OHJVUHIXVHG WRZRUN$VWKHGUHDPSURJUHVVHG,WULHGHYHU\WULFN,NQHZWRZDNHP\VHOIXSEXWWRQRDYDLO%\ WKHWLPH,GLGDWODVWPDQDJHWRDZDNH,ZDVGUHQFKHGLQVZHDWDQGDV,UROOHGRYHU/LVDOD\VWDULQJ DWPHLQFRQVWHUQDWLRQ$SSDUHQWO\P\WKUDVKLQJKDGDZDNHQHGKHU ³<RXRND\"´VKHDVNHGFRQFHUQLQKHUYRLFH ,VKRRNP\KHDGDQGEHJDQUHFRXQWLQJP\QLJKWPDUH 6HQVLQJWKHXUJHQF\LQP\YRLFHVKHDVNHG³:K\GRQ¶W\RXJRFKHFNRQKLP"´ 5HDOL]LQJWKHRQO\ZD\,ZDVHYHUJRLQJWRJHWEDFNWRVOHHSZDVWRPDNHVXUH-DNHZDVRND\, SXVKHGDVLGHWKHFRYHUVDQGJRWRXWRIEHG7LSWRHLQJLQWRP\VWHSVRQ¶VEHGURRP,VDZWKDWKHZDV VDIHDQGVRXQGO\LQJEHQHDWKKLVEODQNHWV$V,JRWFORVHUKRZHYHU,FRXOGVHHIURPWKHOLJKWOHDNLQJ LQIURPWKHKDOOZD\WKDWKLVH\HVZHUHVOLJKWO\RSHQ7KLQNLQJKHZDVDZDNH,FDOOHGKLVQDPHEXW WKHUH ZDV QR UHVSRQVH OHDYLQJ PH WR DVVXPH WKDW KH RFFDVLRQDOO\ VOHSW ZLWK KLV H\HV RSHQ 1RZ ZKLOHVOHHSLQJZLWKRQH¶VH\HVSDUWLDOO\RSHQLVXQXVXDOLW¶VQRWXQKHDUGRI,QIDFW,GLGLWP\VHOI ZKHQ , ZDV \RXQJ²VR PXFK VR WKDW P\ SDUHQWV MRNHG WKDW LW XVHG WR JLYH WKHP WKH ³ZLOOLHV´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³2KQR´,VDLGDVZHERWKUDFHGIRU-DNH¶VURRP :HEXUVWLQWRKLVEHGURRPRQO\WRILQGKLPVRXQGDVOHHSDQGHYHU\WKLQJLQRUGHU+RZHYHUZH QRWLFHGWKDWWKHUHZHUHLQNVWDLQVIURPDSHUPDQHQWPDUNHUDOORYHUKLVKDQGVMXVWDVWKHUHKDGEHHQ RQ PLQH VL[ PRQWKV HDUOLHU ZKHQ , KDG GUDZQ P\ HTXDWLRQV LQ WKH PLGGOH RI WKH QLJKW$QG LQ WKH ZLQGRZSRVVLEO\GUDZQLQ-DNH¶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¶VEHG"+DG -DNH UHPHPEHUHG SDUW RI ZKDW , KDG GUDZQ²HLWKHU FRQVFLRXVO\ RU VXEFRQVFLRXVO\²DQG IRU VRPH UHDVRQ FRSLHG LW RQ WKH ZLQGRZ DQG DERYH KLV KHDGERDUG" ,W VHHPHG XQOLNHO\ EXW LW ZDV WKH RQO\ H[SODQDWLRQWKDWPDGHDQ\VHQVH7KDW¶VZKHQ,KHDUG/LVDJDVS :HIRXQGWKLVRQP\VWHSVRQ¶VZDOOLQKLVKDQGZULWLQJ WKHPRUQLQJDIWHU,KDGDGUHDPWKDWP\VWHSVRQKDGEHHQDEGXFWHG ³6WDQ/RRNDWWKLV´ ,WXUQHGWRVHHZK\/LVDZDVVRDJLWDWHGDQGQRWLFHGPRUHZULWLQJRQWKHZDOOWRWKHOHIWRIWKH EHGURRPFORVHW:KHQ,VDZWKDWWKH\ZHUHQXPEHUVDQGV\PEROVDQGDOORILWGUDZQLQP\VWHSVRQ¶V KDQGZULWLQJIHDUFUHSWWKURXJKPH$SSDUHQWO\,ZDVQ¶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³,WZDVQ¶WPH,GLGQ¶WGUDZWKDW´ 2QO\\HDUVODWHUZRXOG-DNHVSHDNIUDQNO\DERXWWKHLQFLGHQW:HZRXOGOHDUQWKDWKHZDVDFWXDOO\ DIUDLGKHZRXOGEHLQWURXEOHZLWKXVIRUZULWLQJRQWKHZDOODQGVRGHQLHGGRLQJLW²HYHQWKRXJKKH UHDOO\ZDVQ¶WVXUHLIKH¶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¶VKHDGERDUGKDGWRGRZLWKIRUFHEHWZHHQWZRREMHFWVZLWKWKH FLUFOH DQG DUURZ UHSUHVHQWLQJ URWDWLQJ SURSXOVLRQ WKDW SUREDEO\ LQGLFDWHV WUDYHO WKURXJK VSDFH SRVVLEO\XVLQJDZRUPKROH,QHIIHFWLWVHHPHGWREHDIRUPXODWKDWVXJJHVWHGKRZLIRQHZHUHWR UHSODFHPDVVZLWKDQHOHFWULFDOILHOGWKH\FRXOGFUHDWHVRPHVRUWRIVXSHUSURSXOVLRQ 7KHPRUHFRPSOH[HTXDWLRQ²WKHRQHZULWWHQRQWKHZDOOLQ-DNH¶VKDQGZULWLQJ²VKRZVDVLPSOH HTXDWLRQWKDWFDQEHIRXQGLQDQ\KLJKVFKRRODOJHEUDERRNEXWLVZD\EH\RQGZKDW-DNHZRXOGNQRZ VLQFHKHZDVRQO\LQWKHWKLUGJUDGHDWWKHWLPH,¶PLQIRUPHGWKDWRQHLQWHUHVWLQJDVSHFWWRWKLVLVWKDW KHZURWHWKHHTXDWLRQXVLQJWKHNLQGRIQRWDWLRQVRQHZRXOGXVHZKHQZULWLQJDFRPSXWHUSURJUDP )RUH[DPSOHKHXVHVWRLQGLFDWHGPXOWLSOLFDWLRQDQGDADQGEALQVWHDGRIDDQGE7KHERWWRP HTXDWLRQ DSSHDUV WR EH DQ DWWHPSW WR ZULWH VRPH IRUP RI D %HVVHO IXQFWLRQ ZKLFK DV IDU DV , FDQ XQGHUVWDQGKDVVRPHWKLQJWRGRZLWKXVLQJHOHFWURPDJQHWLFZDYHV,¶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¶WVKRZXSIRUDZKLOHZHEHJDQWRZRQGHULIVRPHWKLQJZDVZURQJ ,GRQ¶WZDQWWRJLYHDQ\RQHWKHLPSUHVVLRQWKDWWKH\DSSHDUHGHYHU\GD\RUVHHPHGWRVKRZXSRQ FRPPDQG$QGQRWHYHU\RQHVDZWKHPVRPHWLPHV,ZDVWKHRQO\ZLWQHVV+RZHYHUWKH\GLGVHHPWR DSSHDUZLWKDODUPLQJUHJXODULW\RYHUWKHQH[WIHZPRQWKVPDNLQJPHZRQGHULI,ZDVMXVWDFXULRVLW\ P\H[WUDWHUUHVWULDOFROOHDJXHVHQMR\HGYLVLWLQJRFFDVLRQDOO\OLNHVRPHVRUWRIWRXULVWDWWUDFWLRQ²RU PRUHRPLQRXVO\DQH[SHULPHQWWKH\QHHGHGWRNHHSWUDFNRI $VLGH IURP WKH FRPSDUDWLYH IUHTXHQF\ RI WKHLU DSSHDUDQFH KRZHYHU ZKDW , IRXQG HYHQ PRUH LQWULJXLQJZDVWKHZD\HDFKFUDIWORRNHGGLIIHUHQWIURPRQHDQRWKHU8SWRWKDWSRLQW,KDGSHUVRQDOO\ VHHQWKUHHGLIIHUHQWFRQILJXUDWLRQVRI8)2VWKHVPDOOVLOYHU\REMHFWQHDU5HG5RFNVWKHSXOVDWLQJ UHG VRFFHU EDOO RYHU 'DQLHOV DQG 2OG 6WRQH +RXVH 3DUNV DQG WKH YHU\ ODUJH GLVN ZH¶G VHHQ RYHU 2KLR %XW ZK\ GLG WKH\ QHHG VR PDQ\ GLIIHUHQW W\SHV RI FUDIW , ZRQGHUHG" :RXOGQ¶W RQH RU WZR FRQILJXUDWLRQV EH VXIILFLHQW" (YHQWXDOO\ WKH DQVZHU RFFXUUHG WR PH MXVW DV ZH KXPDQV IO\ PDQ\ GLIIHUHQWNLQGVDQGVL]HVRIDLUFUDIWIURPWLQ\XOWUDOLJKWVWRMXPERMHWVZK\VKRXOGZHDVVXPHDOLHQV ZRXOGQ¶W DOVR PDNH XVH RI D ZLGH UDQJH RI GLIIHUHQW W\SHV RI FUDIW" 0D\EH VRPH DUH XQPDQQHG H[SORUDWLRQFUDIWDQGRWKHUVPDQQHGWUDQVSRUWVDQGDIHZZHUHIRURWKHUSXUSRVHV,WPDGHVHQVHWKDW WKH\ZRXOGKDYHGLIIHUHQWFUDIWIRUGLIIHUHQWMREVMXVWDVZHGR$GGLWLRQDOO\ZHFDQ¶WDVVXPHWKDW DOOWKHGLIIHUHQW8)2V,VHHFRPHIURPWKHVDPHFLYLOL]DWLRQ,I'UDNH¶VHTXDWLRQVHHFKDSWHUVHYHQ LVFRUUHFWDQGWKHUHDUHSRWHQWLDOO\WKRXVDQGVRIH[WUDWHUUHVWULDOFLYLOL]DWLRQVLQRXUJDOD[\WKHUH¶VQR UHDVRQZK\OLWHUDOO\GR]HQVRIUDFHVFRXOGQ¶WEHREVHUYLQJXVDWDQ\JLYHQPRPHQWHDFKZLWKWKHLU RZQIOHHWRIGLIIHUHQWFUDIWGHVLJQHGWRSHUIRUPYDULRXVIXQFWLRQV ,QDQ\FDVHWKHQH[W8)2ZHVDZZDVDPRQJWKHPRVWLPSUHVVLYHSXUHO\EHFDXVHLWZDVVRELJ 7KHGDWHZDV)HEUXDU\DQGZHZHUHRQRXUZD\WRGURSRII/LVD¶VFKLOGUHQLQVRXWKHDVWHUQ 1HEUDVND WR VSHQG D IHZ GD\V ZLWK WKHLU GDG$ERXW HLJKW R¶FORFN LQ WKH HYHQLQJ , QRWLFHG ZKDW ORRNHGOLNHDODUJHWULDQJXODUVKDSHGFUDIWZLWKDVLQJOHOLJKWRQHDFKFRUQHUKLJKRYHUKHDG$FWXDOO\ ,DVVXPHLWZDVDKXJHWULDQJXODUFUDIWDQGQRWVLPSO\WKUHHOLJKWVLQIRUPDWLRQEHFDXVH,FRXOGQ¶WVHH DQ\ VWDUV EHWZHHQ WKH WKUHH HTXLGLVWDQW SRLQWV RI OLJKW ,Q DQ\ FDVH , FRXOG WHOO LW ZDV PDVVLYH DQG FHUWDLQO\ODUJHUWKDQDQ\DLUERUQHPDFKLQH,¶GHYHUVHHQEHIRUH,LPPHGLDWHO\SRLQWHGLWRXWWR/LVD DQGWKHNLGV ,WZDVVRODUJHQRRQHKDGWURXEOHSLFNLQJLWRXWRIWKHVN\DVLWKHOGDVWHDG\FRXUVHWKDWVHHPHGWR PDWFKWKHVSHHGRIRXUYDQ2IFRXUVHWKDWPD\KDYHVLPSO\EHHQDQRSWLFDOLOOXVLRQRQP\SDUW,W FRXOG KDYH EHHQ WUDYHOLQJ PXFK IDVWHU WKDQ ZH ZHUH EXW LQ EHLQJ VR KLJK XS LW PD\ PHUHO\ KDYH DSSHDUHGWREHNHHSLQJSDFHZLWKXV,QDQ\FDVHZHZHUHDOODEOHWRDJUHHWKDWZKDWHYHULWZDVLW ZDVELJ²VRELJLQIDFWWKDWZKHQZKDWORRNHGOLNHDVPDOOVLQJOHHQJLQHDLUSODQHIOHZULJKWEHQHDWK LWLWPDGHLWORRNDVELJDVDQDLUFUDIWFDUULHULQFRPSDULVRQ$JDLQWKDW¶VRQO\DJXHVVVLQFHZLWKRXW NQRZLQJH[DFWO\KRZKLJKXSLWZDVLW¶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²DOWKRXJKDJDLQ, FRXOGQ¶WEHVXUHLIWKDWZDVQ¶WMXVWDQLOOXVLRQ%XWZKDWLWGLGQH[WZDVHYHQPRUHUHPDUNDEOH 8SWRWKDWSRLQWLWZDVDVVXPHGZHZHUHZDWFKLQJDVLQJOHODUJHREMHFWEXWWKHQLWGLGVRPHWKLQJ ZKLFKDSSHDUHGWRFKDOOHQJHWKDWDVVXPSWLRQWKHVLQJOHSRLQWVRIOLJKWEHJDQWRPRYHLQGHSHQGHQWO\ 7KHOLJKWRQWKHERWWRPULJKWRIWKHWULDQJOHPRYHGDURXQGWKHOLJKWRQWKHERWWRPOHIW$VLWGLGVRWKH OLJKWRQWKHERWWRPOHIWPRYHGXSWRWDNHWKHSRVLWLRQLQWKHPLGGOHRIWKHDOLJQPHQWZKLOHWKHOLJKW WKDWKDGFLUFOHGLWWRRNWKHSRVLWLRQDWWKHERWWRPOHIW7KHDOLJQPHQWRIOLJKWVQRZORRNHGOLNH2ULRQ¶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¶WKDYHHLWKHUDFDPHUDRUDFDPFRUGHULQWKHYDQZLWKXVLWZRXOGQRW KDYHSLFNHGXSPXFKLQWKHGDUNQHVVLQDQ\FDVHDQGZLWKWKHVHFRQGHQFRXQWHU,ZDVVLPSO\WRR ODWH LQ UHWULHYLQJ P\ FDPHUD$IWHU WKDW , PDGH D PHQWDO QRWH WR P\VHOI WR DOZD\V WU\ DQG NHHS WKH FDPHUDFORVHDWKDQGHVSHFLDOO\ZKHQ/LVDDQG,ZHUHRXWVLGH %XW SHUKDSV WKH PRVW LPSUHVVLYH 8)2 RI DOO ZDV WKH RQH WKDW DSSHDUHG ODWH LQ WKH HYHQLQJ RI 0DUFK /LVD ZDQWHG WR VKRZ PH WKDW WKHUH ZDV D UDLQERZ DURXQG WKH PRRQ²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²HVSHFLDOO\DW QLJKW²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¶W WKLQNLWZRXOGKDYHVKRZQPXFKRILQWHUHVWHLWKHU 3HUKDSV RQH RI WKH FOHDUHVW 8)2 VKRWV ZH¶YH DFTXLUHG KRZHYHU ZDV WDNHQ D FRXSOH RI \HDUV ODWHUZKHQ/LVDDQG,ZHUHUHWXUQLQJIURP1HEUDVNDZLWKKHUNLGV'ULYLQJGRZQ,LQQRUWKHDVWHUQ &RORUDGRLQ0DUFKRI/LVDLQVLVWHGZHZHUHEHLQJIROORZHGE\D8)23XOOLQJRYHUWRWDNHD EHWWHUORRN,HYHQWXDOO\VSRWWHGWKHWKLQJWKURXJKWKHVHWRISRZHUIXOELQRFXODUVZHNHSWZLWKXVDQG ZDVTXLFNO\DEOHWRFRQILUPWKDWLWZDVQ¶WDQDLUFUDIW2QFHFRQYLQFHGLWZDVXQOLNHO\WREHVRPHWKLQJ IURP WKLV ZRUOG , JUDEEHG P\ FDPFRUGHU DQG WULHG WR JHW D VKRW RI LW EXW OLNH WKH 8)2 WKDW /LVD 0DUN DQG , KDG VSRWWHG RYHU WKH QRUWKHDVWHUQ VWDWHV VHYHUDO \HDUV HDUOLHU LW WRR LQVWDQWO\ GDUWHG EHKLQGDFORXGWKHPRPHQW,DLPHGP\FDPHUDDWLW,WZDVVWUDQJHWKDWWKRVHRQWKHFUDIWFRXOGNQRZ IURPVXFKDJUHDWGLVWDQFHZKHQ,ZDVWU\LQJWRWDNHDSLFWXUH$WILUVW,WKRXJKWWKLVPLJKWKDYHEHHQ MXVW D FRLQFLGHQFH EXW HYHQWXDOO\ LW EHFDPH WRR FRQVLVWHQW WR QRW EH LQWHQWLRQDO 1R GRXEW DERXW LW VRPHHQWLW\VHHPHGWRNQRZZKHQ,ZDVWU\LQJWRILOPLWZKLFKLPSOLHVWZRWKLQJVILUVWWKDWWKH\DUH DEOH WR GHWHUPLQH IURP JUHDW GLVWDQFHV ZKDW \RX DUH GRLQJ SHUKDSV WKURXJK WKH XVH RI VRPH H[WUDRUGLQDULO\ SRZHUIXO RSWLFV RQ WKHLU SDUW DQG VHFRQG WKDW WKH\ PDNH XVH RI FORXGV IRU FRQFHDOPHQW:KHWKHUWKLVPHDQV\RX¶UHPRUHOLNHO\WRFRPHDFURVVD8)2RQDSDUWO\FORXG\GD\ WKDQ RQ D FRPSOHWHO\ FOHDU RQH LV DQ\RQH¶V JXHVV EXW LW GRHV DSSHDU WKDW WKH\ WDNH DGYDQWDJH RI ZKDWHYHUFRQFHDOPHQWLVDWKDQG ,QDQ\FDVHZHWULHGIRUVRPHWZRKXQGUHGPLOHVWRFDWFKWKH8)2RQP\FDPFRUGHUEXWHYHU\ WLPHLWVKRZHGLWVHOIDQG,ZRXOGDLPWKHFDPHUDDWLWLWZRXOGGDUWEHKLQGWKHQHDUHVWFXPXOXVFORXG DQGZDLWIRUPHWRSXWP\FDPHUDDZD\/LVDPXVW¶YHEHHQPRUHVWHDOWK\RUSHUKDSVWKH\ZHUHVR EXV\ZDWFKLQJPHWKH\IRUJRWDERXWKHUDQGJRWVHYHUDOJRRGVWLOOSLFWXUHVZLWKRXUGLJLWDOFDPHUD,W VHHPVWKDW/LVDZDVQRWRQO\VPDUWHUWKDQPHEXWVKHKDGRXWVPDUWHGWKH8)2V 1RZVHYHUDO\HDUVODWHUZH¶YHJURZQDFFXVWRPHGWRWKHH[SHULHQFHRIVHHLQJ8)2V,QIDFWLW¶V JRWWHQ WR WKH SRLQW ZKHUH RXU IULHQGV FRPH RYHU MXVW WR VHH VRPHWKLQJ DQG ZKHQ WKH\ GR WKH\ DUH EHZLOGHUHGDWRXUFRPSODFHQF\ ³<HDK\HDK«ZH¶YHVHHQLWDOOEHIRUH´ZHXVXDOO\WHOOWKHP)XQQ\KRZ\RXFDQJHWXVHGWR DQ\WKLQJ DIWHU D IDVKLRQ²HYHQ VXSHU VRSKLVWLFDWHG FUDIW IURP SODQHWV KXQGUHGV RU SRVVLEO\ HYHQ WKRXVDQGVRIOLJKW\HDUVDZD\IO\LQJFDVXDOO\RYHUKHDG >FRQWHQWV@ 3HHSLQJ7RPV2UEV DQGD/LWWOH*X\1DPHG%RR 8SWRWKLVSRLQWRXUH[SHULHQFHVKDGDOOEHHQZLWKHLWKHUVHHLQJVSDFHFUDIWRUFRPLQJWRWHUPVZLWK EHLQJDEGXFWHGDORQJZLWKWKHRFFDVLRQDOUHGRUEWKURZQLQIRUVRPHYDULHW\:KLOH,KDGKDGP\ H[SHULHQFHZLWKWKHSRVVXPSHRSOHDOPRVWWZR\HDUVHDUOLHU,VWLOOZDVQ¶WFHUWDLQWKDWLWKDGQ¶WEHHQ VRPHVRUWRIGUHDPDQGVRFRXOGQ¶WFRPIRUWDEO\FODLPWRKDYHHYHUVHHQDQDOLHQOLIHIRUPLQSHUVRQ RUDWOHDVW,ZRXOGQ¶WDGPLWWRLW7KDWKRZHYHUZDVWRVRRQFKDQJH ,WEHJDQWKHILUVWZHHNRI$SULORI,FDPHLQWRWKHNLWFKHQWRPDNHP\VHOIDODWHQLJKWVQDFN DQG MXVW DV , WXUQHG WR ZDVK P\ KDQGV , QRWLFHG VRPH PRYHPHQW RXWVLGH WKH NLWFKHQ ZLQGRZ ,W DSSHDUHGWREHDKHDGGXFNLQJGRZQWRDYRLGGHWHFWLRQWKRXJK,FRXOGQ¶WEHHQWLUHO\FHUWDLQVLQFHLW KDSSHQHGVRIDVW0\ILUVWWKRXJKWKDYLQJWZLQWHHQDJHVWHSGDXJKWHUVLQWKHKRXVHZDVWKDWZHKDGD 3HHSLQJ 7RP DQG , WRUH RXW WKH IURQW GRRU LQ WKH KRSHV RI FDWFKLQJ ZKRPHYHU LW ZDV WKDW KDG WKH DXGDFLW\WRVS\LQRXUZLQGRZ,ZDVRXWVLGHSUHWW\TXLFNO\²FHUWDLQO\ZLWKLQDIHZVHFRQGV²DQGVR ZDVDOLWWOHVXUSULVHGWRILQGQRRQHEHDWLQJDKDVW\UHWUHDWDFURVVRXU\DUG%HZLOGHUHG,VHDUFKHG WKH \DUG EXW FRXOG ILQG QR HYLGHQFH ZKDWVRHYHU RI DQ\RQH KDYLQJ EHHQ WUHVSDVVLQJ RU VLJQV RI LQWUXVLRQRQP\SURSHUW\)LJXULQJ,KDGVFDUHGWKHPRIILQDQ\FDVH,VLOHQWO\YRZHGWRP\VHOIWKDW, ZRXOGWHDFKWKHJX\DOHVVRQLIKHHYHUVKRZHGXSDJDLQ $SSDUHQWO\XQGHWHUUHGP\YLVLWRUZDVEDFNDWLWDZHHNODWHU7KLVWLPH,QRWLFHGKLP²,DVVXPHG LWZDVDJX\DOWKRXJK,QHYHUJRWDFOHDUORRN²RXWVLGHWKHOLYLQJURRPZLQGRZDV,ZDONHGWRWKH NLWFKHQGXFNLQJGRZQWKHPRPHQW,VSRWWHGKLP+HZDVOHVVWKDQILYHIHHWIURPWKHGRRUDQGFHUWDLQ ,ZRXOGFDWFKKLPWKLVWLPH,ZDVRXWVLGHLQQRWLPHIODWEXWDVEHIRUHWKHUHZDVQRRQHWKHUH+RZ FRXOGDQ\RQHPRYHWKDWIDVW,ZRQGHUHG"&OHDUO\,ZDVGHDOLQJZLWKDYHU\FOHYHU²QRWWRPHQWLRQ H[WUDRUGLQDU\IDVW²IHOORZKHUHPDNLQJPHHYHQPRUHFDXWLRXV $IULHQGVXJJHVWHG,VHWXSDVXUYHLOODQFHV\VWHPWRNHHSDQH\HRQWKHSODFHEXWWKHUHZDVQR ZD\ , FRXOG DIIRUG DQ\WKLQJ WKDW HODERUDWH +RZHYHU LW RFFXUUHG WR PH WKDW , FRXOG XVH P\ ZHE FDPHUDZKLFKKDVDVXUYHLOODQFHIHDWXUH²DORQJZLWKDPRWLRQGHWHFWLRQXWLOLW\²EXLOWLQWRLWWRVHH LI,FRXOG³JHW´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¶W H[SHFWHG WR FDWFK DQ\WKLQJ²HYHQ DVVXPLQJ WKH VHQVRU ZRUNHG SURSHUO\²DQG VR ZDV VXUSULVHGZKHQWKHYHU\QH[WPRUQLQJ/LVDFDPHLQWRWKHEHGURRPVKRXWLQJWKDWWKHZHEFDPHUDKDG FDXJKWVRPHWKLQJDQGWKDW,KDGEHWWHUFRPHVHHLW:RQGHULQJLI,KDGEHHQOXFN\HQRXJKWRFDWFKWKH FDWV SOD\LQJ LQ WKH KDOOZD\ , ZDV VXUSULVHG LQVWHDG ZKHQ WKH IRRWDJH UHYHDOHG VRPHWKLQJ HQWLUHO\ XQH[SHFWHG²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¶WVRPHWKLQJWKDWFDQEHHDVLO\H[SODLQHGRU GLVPLVVHG $IWHUWKDWWKLQJVTXLHWHGGRZQVLJQLILFDQWO\DOORZLQJHYHU\RQHWRUHOD[DELW(YHQRXULQWUXGHU DSSHDUHGWREHWDNLQJDEUHDNPDNLQJPHVXVSHFWWKDW,PLJKWKDYHVFDUHGKLPRIISHUPDQHQWO\DIWHU RXU ODVW FORVH HQFRXQWHU 8QIRUWXQDWHO\ WKLV IDOVH VHQVH RI VHFXULW\ ZDV VKRUWOLYHG IRU MXVW D IHZ PRQWKVODWHURXU³3HHSLQJ7RP´ZDVEDFN ,WZDV-XO\,KDGMXVWILQLVKHGGRLQJVRPHZRUNRQWKHFRPSXWHUDQGZDVRQP\ZD\WR WKHEHGURRPZKHQ,WKRXJKW,KHDUGDVRXQG/RRNLQJLQWKHGLUHFWLRQRIWKHQRLVH,FDXJKWDJOLPSVH RIPRYHPHQWMXVWRXWVLGHWKHOLYLQJURRPZLQGRZDJDLQDQGIUR]HLQP\WUDFNV ³+H¶VEDFN´,WKRXJKW³,W¶VWKDWGDPQ3HHSLQJ7RPDJDLQ´ 7U\LQJ QRW WR VFDUH KLP DZD\ WKLV WLPH , VWHDOWKLO\ ZDONHG WR WKH FORVHW ZKHUH , NHSW P\ FDPFRUGHUDQGDVTXLFNO\DQGTXLHWO\DVSRVVLEOHPRXQWHGLWRQWKHWULSRG6HWWLQJWKHFDPFRUGHURQ QLJKWYLVLRQ , WKHQ SRLQWHG LW WRZDUG WKH ZLQGRZ DQG SUHWHQGHG WR VWDUW KHDGLQJ GRZQ WKH KDOOZD\ WRZDUGWKHEHGURRP,ZDQWHGWRIRROWKHFUHHSLQWRWKLQNLQJ,ZDVWXUQLQJLQIRUWKHQLJKWLQWKHKRSHV WKDWKH¶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¶VZKHQ,UHDOL]HGLWGLGQ¶WORRNKXPDQ,WZDV ELSHGDOOLNHDKXPDQEXWDVVPDOODVDFKLOGDQGLWUDQZLWKDVRUWRIJDOORSLQJRUORSLQJPRYHPHQW :KDWZDVPRVWUHPDUNDEOHDERXWLWKRZHYHUZDVWKDWLWVKHDGVHHPHGGLVSURSRUWLRQDWHO\ODUJHLQ UHODWLRQWRWKHUHVWRIWKHERG\$V,ZDWFKHGLWVWRSSHGEULHIO\WRORRNEDFNDWPHDQGWKDW¶VZKHQ, ZHQWIURPEHLQJDQJU\WRDIUDLGLWORRNHGDVWKRXJKLWHLWKHUGLGQ¶WKDYHH\HVRUWKHH\HVZHUHVROLG EODFN,WZDVXQXVXDOHQRXJKWKDW,LQVWLQFWLYHO\MXPSHGEDFNIURPWKHZLQGRZDQGOHWRXWDOLWWOH\HOS ,QHLWKHUFDVHDIWHUDTXLFNJODQFHDWPHLWFRQWLQXHGUXQQLQJFOLSSLQJRQHRIWKHEXVKHVOLQLQJWKH VLGHRIWKHKRXVHDVLWGLVDSSHDUHGLQWRWKHGDUNQHVV 2QFH , UHJDLQHG P\ FRPSRVXUH , JUDEEHG P\ FDPFRUGHU WR VHH LI , KDG EHHQ VXFFHVVIXO LQ FDSWXULQJWKHOLWWOHJX\RQILOP4XLFNO\UHZLQGLQJWKHWDSH,SOD\HGLWEDFNQRWDWDOOSUHSDUHGIRU ZKDW,ZDVDERXWWRVHH $WILUVWHYHU\WKLQJDSSHDUHGQRUPDO²MXVWWKHZLQGRZORRNLQJRXWLQWRWKHGDUNQHVV7KHQWKHUH ZHUH WZR LQWHQVHO\ EULJKW IODVKHV RI OLJKW IURP RXWVLGH OLNH IODVK EXOEV VSDFHG DERXW WHQ VHFRQGV DSDUWZLWKWKHVHFRQGIODVKEHLQJPXFKEULJKWHUWKDQWKHILUVW$IHZVHFRQGVDIWHUWKDW,ZDWFKHGLQ DVWRQLVKPHQWDVDOLWWOHKHDGSRSSHGXSRYHUWKHZLQGRZVLOO,WFDPHXSVORZO\DWILUVWFDXWLRXVO\DV LI LW ZHUHQ¶W VXUH LW ZRXOGQ¶W EH FDXJKW SHHNLQJ LQ )LQDOO\ LW URVH KLJK HQRXJK DERYH WKH ZLQGRZ OHGJHWRUHYHDODIXOOYLHZRILWVIDFH ,ZDVVWXQQHGE\ZKDW,VDZ$WILUVW,WKRXJKW,ZDVORRNLQJDWVRPHRQHZHDULQJDPDVNEXWZKHQ LWVWDUWHGWREOLQNDQGPRYHLWVPRXWK,UHDOL]HGWKLVZDVQRPDVN,WORRNHGMXVWOLNHRQHRIWKRVH WUDGLWLRQDO JUD\V RI 8)2 OHJHQG D ODUJH KDLUOHVV KHDG ZLWK WLQ\ IHDWXUHV DQG SURPLQHQW DOPRVW MHW EODFNH\HV7KH\ZHUHQ¶WDVODUJHDVWKRVH\RXVHHLQWKHPRYLHVQRUZDVWKHKHDGJURWHVTXHO\ODUJH EXWLWZDVDFXULRXVVLJKWLQDQ\FDVH:KDWLPSUHVVHGPHPRVWZDVKRZWKHFUHDWXUH¶VH\HVDSSHDUHG WRUHIOHFWWKHLQIUDUHGOLJKWIURPWKHFDPHUDHYHQWKURXJKWKHPHVKRIWKHVFUHHQRQWKHZLQGRZ ,ZDWFKHGLWEOLQNRQFHWKHQVORZO\GXFNEDFNGRZQEHORZWKHVLOO$IHZVHFRQGVODWHULWVORZO\ UHDSSHDUHGWKHQGXFNHGGRZQDJDLQWKLVWLPHILQDOO\GLVDSSHDULQJIRUJRRG,PPHGLDWHO\DIWHUWKDW WKHUHZDVDWKLUGIODVKRIOLJKW²GLPPHUWKDQWKHSUHYLRXVRQHV²DQGWKHQDOOZDVTXLHW ,WKRXJKWZHKDGDSHHSLQJWRP²ER\ZDV,ZURQJ $IWHUWKHWDSHUDQRXW,VWRRGWKHUHZRQGHULQJZKDW,KDGVHHQ:DVLWUHDOO\DQDOLHQ²DEHLQJ IURPDQRWKHUVRODUV\VWHP²SHHNLQJLQWKHZLQGRZ",WVHHPHGLPSRVVLEOHEXWKHUH,KDGDERXWILIWHHQ VHFRQGV RI WDSHG HYLGHQFH WKDW VHHPHG WR VKRZ H[DFWO\ WKDW &RPSOHWHO\ EORZQ DZD\ , UDQ WR WKH EHGURRPWRZDNH/LVDDQGDIWHU,EUHDWKOHVVO\H[SODLQHGZKDWKDGKDSSHQHGZHZDWFKHGWKHYLGHR WRJHWKHUVHYHUDOWLPHV:KDWZHERWKIRXQGDVWRQLVKLQJ²DVLGHIURPWKHWKLQJ¶VDSSHDUDQFHRIFRXUVH ²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¶GVHHQERWKEHIRUH DQG DIWHU WKH FUHDWXUH DSSHDUHG²HYLGHQFH RI D OHYLWDWLRQ EHDP SHUKDSV" 7KHUH ZDV QR ZD\ RI NQRZLQJRIFRXUVHEXW,WKRXJKWLWZDVDWOHDVWDUHDVRQDEOHK\SRWKHVLV /LVDDQG,ORRNHGDWHDFKRWKHUZRQGHULQJZKDWWRGRQH[W7KHRQO\WKLQJZHFRXOGWKLQNRIZDV WR JLYH LW D QDPH 6LQFH LW DSSHDUHG WR EH SOD\LQJ D JDPH RI SHHNDERR ZLWK XV ZH GHFLGHG WR QLFNQDPHWKHOLWWOHJX\³%RR´:HERWKDJUHHGDQGWKHQDPHVWXFN ,QWKHGD\VIROORZLQJWKHLQFLGHQW,KDGDJRRGGHDORIWLPHWRWKLQNDERXWZKDWLWDOOPHDQW7KH ELJJHVWSUREOHP,KDGZDVZLWKWKHLGHDWKDWDQDOLHQOLIHIRUPZRXOGFURVVWULOOLRQVRIPLOHVRIVSDFH MXVWWRIORDWQDNHGRXWVLGHRXUZLQGRZOLNHVRPHVRUWRILQWHUVWHOODUKHOLXPEDOORRQ\HWKRZFRXOG, GHQ\WKHHYLGHQFHEHIRUHPH",WDSSHDUHGWREHYHU\VROLGDQGQROHVVUHDOWKDQDQ\RIWKHREMHFWV,¶G VHHQRYHUWKHPRQWKV\HWWKHZKROHLGHDRIDOHYLWDWLQJDOLHQVWUXFNPHDVSUHSRVWHURXV 2QWKHRWKHUKDQGZDVLWDQ\VWUDQJHUWKDQWKHSRVVXPSHRSOH,¶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³H[WUDWHUUHVWULDO FRPPLVVLRQ´ LQ WKH FLW\ ,W TXLFNO\ EHFDPH D PHGLD VHQVDWLRQ DQG RYHUQLJKW %RR KDG EHFRPH WKH VRXUFH RI PXFK LQWHUHVW WKH SXQFKOLQH IRU D IHZ EDG MRNHV E\ ODWH QLJKW HQWHUWDLQHUV DQG WKH VXEMHFW RI PXFK GHEDWH DQG VNHSWLFLVP 9HU\ VRRQ DIWHUZDUGV VHYHUDO JURXSVWULHGWRSURGXFHWKHLURZQYLGHRVLQDQHIIRUWWRGHPRQVWUDWHKRZHDVLO\VXFKDWKLQJFRXOGEH KRD[HGXVXDOO\ZLWKPL[HGUHVXOWV ,GRQ¶WGHQ\RIFRXUVHWKDWDSHUVRQFRXOGFUHDWHDOLWWOHSXSSHWDQGZLWKDELWRILQJHQXLW\HYHQ JHW LW WR EOLQN LWV H\HV DQG VFUXQFK XS LWV IDFH OLNH %RR GLG ,Q IDFW RQH FDQ SXUFKDVH D IDLUO\ UHDVRQDEOHIDFVLPLOHRIDQDOLHQKHDGRIIWKH,QWHUQHWWKDWDSSHDUVWREHFDSDEOHRISHUIRUPLQJPDQ\ RIWKHIXQFWLRQV%RRKDGGHPRQVWUDWHG&OHDUO\ZLWKWKHOHYHORIWHFKQRORJ\DYDLODEOHWRXVWRGD\LW LVEHFRPLQJHDVLHUDQGHDVLHUWRIDNHDOPRVWDQ\WKLQJPDNLQJPHZRQGHULILWZLOOHYHUEHSRVVLEOH WRSURYHWKHH[LVWHQFHRIDQ\WKLQJIURPYLGHRWDSHDORQH +RZHYHUWKHIDFWWKDWLW¶VSRVVLEOHWRFRXQWHUIHLWDWZHQW\GROODUELOOGRHVQ¶WPHDQWKHUH¶VQRVXFK WKLQJDVDUHDOWZHQW\GROODUELOO7KHOLWWOHDOLHQPDVNVDQGDQLPDWURQLFKHDGVRXWWKHUHDUHEDVHGRQ VRPHWKLQJMXVWDVDFRXQWHUIHLWELOOLVEDVHGRQDUHDORQH:KLOHJUD\VDUHDQXQGHQLDEOHSDUWRIRXU FXOWXUHWKDWGRHVQ¶WPHDQWKH\DUHDSURGXFWRILW$OOP\WKKDVLWVEDVLVLQIDFWDWVRPHSRLQWRUVR ,¶YHEHHQWROG ,QWKHHQGDOO,FDQGRLVGHQ\WKDW%RRLVIDNH,FDQ¶WSURYHLWXQIRUWXQDWHO\EXW,VWDQGE\WKDW VWDWHPHQW , VXSSRVH LW¶V SRVVLEOH WKDW VRPHRQH ZDV SOD\LQJ D SUDQN RQ PH EXW KRZ GLG WKH\ GR LW ZLWKRXWWKHXVHRIDVWHSODGGHURUDQ\VLPLODUSURSVDQGKRZFRXOGWKH\KDYHGRQHLWZLWKRXWOHDYLQJ VRPH HYLGHQFH RI WKHPVHOYHV EHKLQG"$QG KRZ GR , H[SODLQ WKH OLWWOH FUHDWXUH , VDZ ZLWK P\ RZQ H\HVUDFLQJDFURVVP\EDFN\DUGRUWKHP\VWHULRXVIODVKHVRIOLJKWWKDWERWKSURFHHGHGDQGIROORZHG %RR¶VDSSHDUDQFHLQP\ZLQGRZ"6RPHWLPHVWKHVLPSOHVWH[SODQDWLRQLVQRWDOZD\VWKHFRUUHFWRQH QRPDWWHUZKDWWKHVNHSWLFVPDLQWDLQ >FRQWHQWV@ $Q$EGXFWLRQ&DXJKWRQ7DSH" %HFDXVHRIDOOWKHUHFHQWDFWLYLW\WKHUHVHDUFKHUVDQG,GHFLGHGWKDWLWZDVWLPHWRLQVWDOOVXUYHLOODQFH FDPHUDV DURXQG WKH KRXVH ZKLFK ZH ZHUH ILQDOO\ DEOH WR DIIRUG GXH WR VRPH JHQHURXV SULYDWH GRQDWLRQV$W WKH HQG RI 6HSWHPEHU VRPH RI RXU IULHQGV GURYH DOO WKH ZD\ IURP 'HQYHU WR LQVWDOOWKHHTXLSPHQWPDNLQJXVDSSUHFLDWHWKHYDOXHRIJRRGIULHQGVDOOWKHPRUH,QIDFW,FDQVD\ ZLWKRXWKHVLWDWLRQWKDWLWZDVGXHWRWKHHIIRUWVDQGFRQVWDQWHQFRXUDJHPHQWRIWKRVHZKRVWRRGEHKLQG XV DOO WKRVH \HDUV WKDW PDGH LW SRVVLEOH IRU XV WR JHW WKURXJK DOO WKH QRQVHQVH ZH ZHUH IRUFHG WR HQGXUH,FDQRQO\LPDJLQHKRZPXFKPRUHGLIILFXOWLWZRXOGKDYHEHHQZHUHZHRQRXURZQ 2QFHWKH\DUULYHGLWGLGQ¶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¶V ZKHQ DOO VWUDQJH DFWLYLW\ LPPHGLDWHO\ VWRSV :H KRZHYHU DSSHDU WR EH WKH H[FHSWLRQIRUODWHUWKDWHYHQLQJZHPDQDJHGWRJHWVRPHWKLQJLQWHUHVWLQJRQYLGHRDJORZLQJEDOO OLNHREMHFWVZRRSLQJGRZQIURPWKHGLUHFWLRQRIWKHEDFN\DUGEHIRUHDEUXSWO\FKDQJLQJGLUHFWLRQDQG IO\LQJXSLQWRDWUHHLQWKHIURQW\DUG6KRUWO\DIWHUWKDWLWFDPHGRZQIURPWKHWUHHDQGUHWXUQHGWRWKH EDFN\DUGZKHUHVHFRQGVODWHU/LVD¶VFDW/DFH\FDPHUXQQLQJDIWHULWDVLIDQ[LRXVWRSOD\DQRWKHU JDPH RI ³FKDVH WKH RUE´ (YHQWXDOO\ KRZHYHU LW YDQLVKHG IURP YLHZ OHDYLQJ XV ZLWK RQH PRUH DQRPDORXV JORZLQJ EORE RI OLJKW WR SRQGHU %XW VRRQ WKH VXUYHLOODQFH FDPHUD ZDV WR GR PRUH WKDQ PHUHO\FDWFKVLJKWRIRUEVDQGUXQQLQJFDWV,WZDVWRGHPRQVWUDWHWKDWWKHUHPD\EHPXFKPRUHJRLQJ RQWKDQHYHQ,LPDJLQHGSRVVLEOH,WZDVWRFDSWXUHP\WKLUGDEGXFWLRQDQGHYHQPRUHUHPDUNDEOH KHOSDFTXLUHWUDFHHYLGHQFHLQWKHSURFHVV ,W KDSSHQHG RQ 2FWREHU )RU VRPH UHDVRQ XQOLNH RWKHU DEGXFWLRQ H[SHULHQFHV \RX UHDG DERXW,¶PXVXDOO\OHIWRXWVLGHUDWKHUWKDQUHWXUQHGWRP\RZQEHG,¶PQRWVXUHZK\WKLVLV²SHUKDSV LW¶VWRYHULI\WRPHWKDWVRPHWKLQJUHDOO\GLGKDSSHQPDNLQJLWPRUHGLIILFXOWIRUPHWRGLVPLVVWKH H[SHULHQFHDVDQLJKWPDUHRUDGHOXVLRQ,QRWKHUZRUGVLWPLJKWEHDZD\WKH(7VJHWP\DWWHQWLRQ ZLWKRXW ZKLFK , PLJKW EH RWKHUZLVH OLDEOH WR VLPSO\ GLVPLVV WKH ZKROH WKLQJ DV D SURGXFW RI P\ LPDJLQDWLRQ2QWKHRWKHUKDQGPD\EHWKH\MXVWGRQ¶WFDUHZKHUHWKH\OHDYHPHZKHQWKH\¶UHGRQH ,Q DQ\ FDVH WKLV WLPH , ZRNH XS RQ WKH UHDU GHFN RI RXU KRPH FRQIXVHG FROG DQG QDNHG DV D MD\ELUG:KLOH,VXSSRVHDSHUVRQFDQJHWXVHGWRDOPRVWDQ\WKLQJDIWHUDZKLOH²DQGWKLVZDVP\WKLUG DEGXFWLRQH[SHULHQFH²,VWLOOGLGQ¶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¶VGRJ EXWQRWKLQJRXWRIWKHQRUP7KHQVXGGHQO\DOPRVWDVLIVRPHRQHKDGWKURZQDVZLWFKHYHU\WKLQJJRW HHULO\TXLHW$VZHZDWFKHGDQGOLVWHQHGLQWHQWO\ZHWKRXJKWZHFRXOGKHDUVRPHRQHFU\LQJRXWLQWKH GLVWDQFH ,W ZDV D FKLOG¶V YRLFH GLVWDQW SOHDGLQJ $V ZH OLVWHQHG FDUHIXOO\ LW VRXQGHG OLNH P\ VWHSVRQ¶VYRLFH ³0RP«0RRRRRRRP´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³7KHGDPQWKLQJWRRNRXWWKHVXUYHLOODQFH´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¶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²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¶VFRQGLWLRQLW¶VDWLPH WRFHOHEUDWH+RZHYHUZKLOH,ZDVSOHDVHGWKDWKHZDVZLOOLQJWRVSHQGWKHPRQH\WRLPSURYHWKH GLODSLGDWHGDSSHDUDQFHRIWKHSODFH,WKRXJKWKHVKRXOGKDYHDWOHDVWWROGXVZKDWZDVKDSSHQLQJ,Q DQ\FDVH,WULHGWREHKHOSIXOE\UHPRYLQJWKHVXUYHLOODQFHFDPHUDIURPWKHDUHDWKH\ZHUHZRUNLQJ RQVRWKH\FRXOGJHWWRWKHVLGLQJPRUHHDVLO\DVZHOODVEHLQJFRQFHUQHGWKDWWKH\PLJKWVRPHKRZ GDPDJHWKHFDPHUD7KDW¶VZKHQ,ILUVWQRWLFHGKRZVWUDQJHO\WKHPHQZHUHDFWLQJ 0\ H[SHULHQFHV LQ WKH SDVW VKRZHG WKDW FRQWUDFWRUV ZHUH D XVXDOO\ SUHWW\ IULHQGO\ ORW EXW WKHVH WZRZHUHTXLHWDVWKH\ZHQWDERXWWKHLUWDVNDOPRVWHHULO\VR$QRWKHUWKLQJWKDW,IRXQGFXULRXVZDV WKDWQHLWKHURIWKHPZRXOGORRNGLUHFWO\DWPHQRPDWWHUKRZKDUG,WULHGWRPDNHH\HFRQWDFW(YHQ VWUDQJHUWKH\VHHPHGFRQFHUQHGDERXWOHDYLQJILQJHUSULQWVDURXQGIRUH[DPSOHDIWHU,UHPRYHGWKH FDPHUDDQGDVNHGRQHRIWKHPWRKROGLWIRUPHDV,JRWGRZQIURPWKHODGGHUKHZDVFDUHIXOWRXVH WKHVOHHYHRIKLVVKLUWRUDUDJWRJULSLW7KHQZKHQKHKDQGHGLWEDFNWRPHKHFDUHIXOO\ZLSHGLWRII ZLWKWKHUDJILUVWDVLIWRJHWULGRIDQ\ILQJHUSULQWV ,VHQVHGVRPHWKLQJZDVYHU\VWUDQJHDERXWWKLVZKROHWKLQJDQGZHQWLQVLGHWRFDOOP\ODQGORUG, OHDUQHG WKDW KH ZDV RQ YDFDWLRQ JLYLQJ PH QR ZD\ WR FRQILUP ZKHWKHU RU QRW KH KDG DFWXDOO\ DXWKRUL]HGWKLVZRUN5HWXUQLQJRXWVLGH,QRWLFHGWKDWWKHPHQVHHPHGWREHRQO\ZRUNLQJRQWKHDUHD RIWKHKRXVHZKHUHWKHVXUYHLOODQFHFDPHUDDQGWKHFOHDQRYDOKDGEHHQDQGKDGQ¶WWRXFKHGWKHUHVWRI WKHSODFH:KLOH,ZDWFKHGWKHPLWVXGGHQO\RFFXUUHGWRPHWKDW,KDGEHWWHUWU\WRJHWDSLHFHRIWKDW VLGLQJIRUDQDO\VLVRQHIURPWKHFOHDQHG³EHDPHG´DUHDDQGDQRWKHURQHIURPWKHXQDIIHFWHGDUHD EXWZKHQ,DVNHGWKHPLI,PLJKWJUDERQHRIWKHSLHFHVRIVFUDSVLGLQJVWUHZQDERXWWKHODZQWKH\ ERWKLPPHGLDWHO\UHVSRQGHGZLWKDUHVRXQGLQJ³1R´$SSDUHQWO\DZDUHIURPP\IDFLDOH[SUHVVLRQ WKDW,ZDVWDNHQDEDFNE\WKHLUUHSO\WKH\VRIWHQHGWKHLUWRQHDELWDQGSDWLHQWO\H[SODLQHGWKDWWKH\ QHHGHGWRNHHSWKHVLGLQJWRVKRZWKHODQGORUGWKDWWKH\KDGGRQHWKHZRUN 1RZ ,¶P QRW D FRQWUDFWRU EXW , WKRXJKW WKLV VWRU\ VRXQGHG D OLWWOH ILVK\ WR PH :K\ ZRXOG WKH\ QHHGWRVKRZP\ODQGORUGWKHROGVLGLQJWRSURYHWKH\KDGGRQHWKHMRE"&RXOGQ¶WKHVLPSO\FRPHE\ DQG VHH WKDW LW KDG EHHQ UHSODFHG RU MXVW FDOO PH DQG DVN LI WKH MRE KDG EHHQ GRQH" 6XVSLFLRXV , TXLHWO\ZHQWEDFNLQWRWKHKRXVHWRJUDEP\FDPFRUGHUDQGVWDUWHGWRFODQGHVWLQHO\YLGHRWDSHWKHPDV WKH\ZRUNHG+LGLQJWKHFDPFRUGHUIURPYLHZ,ILOPHGWKHPIRUVHYHUDOPLQXWHVDVWKH\VLOHQWO\DQG HIILFLHQWO\ZHQWDERXWUHSODFLQJWKHVLGLQJ (YHQWXDOO\,WULHGWRHQJDJHWKHPHQLQFDVXDOFRQYHUVDWLRQDQGDVNHGWKHPZKHUHWKH\ZHUHIURP 7KH\WROGPHWKDWWKH\ZHUHIURP³%RE¶V6LGLQJ´LQ*UDQG,VODQG1HEUDVNDDVPDOOFLW\VRPHIRUW\ PLOHVWRWKHHDVWRI.HDUQH\ZKLFKPDWFKHGXSZLWKWKHQDPHDQGDGGUHVVRQWKHVLGHRIWKHLUWUXFN $IWHU D ELW PRUH VPDOO WDON , QRQFKDODQWO\ ZDONHG RII WR OHDYH WKHP WR WKHLU ZRUN EXW QRW EHIRUH JUDEELQJDSLHFHRIWKHVLGLQJWKDW,VSRWWHGRQWKHJURXQGDQGKLGLQJLWLQWKHKRXVH , KDG P\ VXVSLFLRQV WKDW WKHVH JX\V ZHUHQ¶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¶W ZDQW DQ\ WLQ\ VKDUSSLHFHVOHIWEHKLQGIRUVRPHRQHWRVWHSRQ,WKRXJKWWKDWDOLWWOHRYHUFDXWLRXVRQWKHLUSDUWEXW GLGQ¶WWKLQNDQ\PRUHDERXWLW$VVXPLQJWKH\ZRXOGVRRQEHJHWWLQJEDFNWRZRUNRQFHWKH\ILQLVKHG ,ZDVVXUSULVHGZKHQRQFHWKH\SXWWKHVKRSYDFEDFNLQWRLWVER[DQGORDGHGLWLQWKHEHGRIWKHWUXFN WKH\ SXOOHG RXW RI WKH GULYHZD\ DQG OHIW KDYLQJ UHSODFHG RQO\ WKH VPDOO DUHD RI VLGLQJ ZKHUH WKH FDPHUDDQGVFRUFKHGRYDOKDGEHHQ,WZDVRQO\PLGPRUQLQJVRWKH\FRXOGQ¶WEHOHDYLQJIRUWKHGD\ , WKRXJKW DQG WKHUH ZHUH VWLOO DUHDV RI VLGLQJ LQ PXFK ZRUVH FRQGLWLRQ WKDQ WKH SLHFH WKH\¶G MXVW UHSODFHGVRQRQHRILWPDGHDQ\VHQVH7KHP\VWHU\GHHSHQHGIXUWKHUZKHQWKH\GLGQ¶WUHWXUQODWHUWR ILQLVKWKHMREOHDYLQJPHHYHQPRUHSHUSOH[HG 6XGGHQO\ LW VWUXFN PH KRZ FRLQFLGHQWDO LW KDG EHHQ WKDW WKH\ KDG UHSODFHG RQO\ WKH RQH SODFH ZKHUH WKH VXUYHLOODQFH FDPHUD KDG EHHQ WKHUHE\ FRPSOHWHO\ GHVWUR\LQJ ZKDWHYHU SK\VLFDO WUDFH HYLGHQFHPD\KDYHEHHQWKHUH+RZHYHU,GLGQ¶WZDQWWRMXPSWRFRQFOXVLRQVRUVHHPSDUDQRLGVR, GHFLGHGWRZDLWXQWLOWKHODQGORUGUHWXUQHGIURPYDFDWLRQWRDVNKLPDERXWLW 0\VXVSLFLRQVVRRQSURYHGVSRWRQKRZHYHUDVZKHQ,ZDVILQDOO\DEOHWRJHWKROGRIKLPWKH IROORZLQJZHHNDQGDVNHGDERXWWKHVLGLQJKHVHHPHGHYHQPRUHVXUSULVHGWKDQ,ZDV$OWKRXJKKH KDGWKRXJKWDERXWUHSODFLQJWKHZRUQVWXIIKHKDGQHYHUJRWWHQDURXQGWRILQGLQJDFRQWUDFWRUWRGRWKH ZRUN DQG VR KDG QHYHU DXWKRUL]HG DQ\ UHSODFHPHQW ,Q IDFW KH KDG QHYHU HYHQ KHDUG RI ³%RE¶V 6LGLQJ´DQGFHUWDLQO\KDGQHYHUEHHQFRQWDFWHGE\DQ\RQHVHHNLQJSHUPLVVLRQWRVWDUWWKHMRE %DIIOHG E\ WKH ZKROH LQFLGHQW , ZRQGHUHG ZKR KDG DXWKRUL]HG WKH ZRUN (YHQ PRUH LQWULJXLQJ UHVHDUFKHUV ODWHU GLVFRYHUHG WKDW WKHUH ZDV QR FRPSDQ\ FDOOHG ³%RE¶V 6LGLQJ´ DQ\ZKHUH LQ 1HEUDVND DQG WKH SKRQH QXPEHU , FRSLHG IURP WKH VLGHRI WKHLU WUXFN ZDV QRW D ZRUNLQJ QXPEHU :KRHYHUWKHVHSHRSOHZHUHWKH\QRWRQO\ODFNHGFUHDWLYLW\³%RE¶V6LGLQJ´ZDVWKHEHVWWKH\FRXOG FRPH XS ZLWK" EXW LW ZDV HYLGHQW WKH\ KDG FRPH PHUHO\ WR UHPRYH WKH VFRUFK PDUN WKHUHE\ GHSULYLQJXVRIDQ\WUDFHHYLGHQFHRIP\FORVHHQFRXQWHU %XWSHUKDSVWKHWKLQJWKDWFRQIXVHGPHWKHPRVWLV,FRXOGQ¶WXQGHUVWDQGKRZWKH\FRXOGKDYHEHHQ VR DPDWHXULVK DERXW WKH ZKROH WKLQJ 5HSODFLQJ RQO\ WKH RQH VHFWLRQ RI WKH KRXVH ZKHUH WKH VFRUFK PDUN KDG EHHQ XVLQJ D ERJXV FRPSDQ\ QDPH DQG QXPEHU WKDW FRXOG EH HDVLO\ FKHFNHG FRPLQJ XS ZLWK VRPH ULGLFXORXV VWRU\ RI ZK\ WKH\ QHHGHG WR NHHS WKH VLGLQJ²DOO VHHPHG WR EH WKH ZRUN RI FOXPV\QRYLFHV:K\QRWFKRRVHWKHQDPHRIDUHDOVLGLQJFRPSDQ\UDWKHUWKDQPDNHXSVRPHODPH QDPHRUZK\QRWVLPSO\FDOOWKHODQGORUGDQGSHUKDSVDVDQDGYHUWLVLQJSOR\RIIHUWRUHSODFHWKH VLGLQJDWFRVW²DQRIIHU,¶PVXUHKHZRXOGKDYHMXPSHGDW&HUWDLQO\KDGP\ODQGORUGFDOOHGWRWHOO PHP\VLGLQJZDVJRLQJWREHUHSODFHGDQGLIWKH\KDGGRQHWKHHQWLUHKRXVHQRWRQO\ZRXOG,KDYH EHHQHFVWDWLFUDWKHUWKDQPHUHO\FRQIXVHGEXW,ZRXOGSUREDEO\KDYHQHYHUQRWLFHGLIDIHZVWUDWHJLF VKHHWVRIVLGLQJHQGHGXSPLVVLQJ 2YHU WKH \HDUV ,¶YH RIWHQ EHHQ DVNHG LI , EHOLHYH WKLV ZDV WKH ZRUN RI RXU JRYHUQPHQW RU WKH PLOLWDU\EXWDV,¶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¶WJHQXLQHO\DIUDLGDWWKLVSRLQW&RQFHUQHGSHUKDSVEXWDVORQJDVWKH\FRQILQHG WKHLUDFWLYLWLHVWRZLUHWDSSLQJDQGKRPHLPSURYHPHQWV,IHOW,DQGP\IDPLO\ZHUHUHODWLYHO\VDIH²DW OHDVWIRUWKHWLPHEHLQJ 7KHTXHVWLRQWKLVQDWXUDOO\EULQJVXSZDVKRZ,ZDVKDQGOLQJDOOWKLVHPRWLRQDOO\DQGWKHDQVZHU LVQRWZHOO6RPXFKKDGKDSSHQHGLQWKHSUHFHGLQJ\HDUV²VRPDQ\VWUDQJHDQGEL]DUUHWKLQJVKDG WDNHQSODFHWKDWVHHPHGWRGHI\UDWLRQDOH[SODQDWLRQ²WKDW,JHQXLQHO\EHJDQWRIHDUIRUP\VDQLW\$QG VXFKDFRQFHUQZDVQRWXQUHDOLVWLFHLWKHUDIWHUDOOKRZFRXOG,GHVFULEHDQ\RIWKHVHWKLQJVZLWKRXW VRXQGLQJDVLI,¶GORVWP\PLQG"$QGHYHQPRUHWRWKHSRLQWKRZFRXOG,FRQYLQFHRWKHUVWKDW,ZDV VDQHZKHQ,ZDVLQFUHDVLQJO\KDYLQJWURXEOHEHOLHYLQJLWP\VHOI" 1RWVXUSULVLQJO\WKHQRYHUWKHQH[WIHZPRQWKVDQRYHUZKHOPLQJIHHOLQJRIKHOSOHVVQHVVORRPHG RYHUPHDQG,EHJDQWRGHVFHQGLQWRDGHHSGHSUHVVLRQ1RWKLQJZDVHQMR\DEOH:RUNPHDQWQRWKLQJ (YHU\WKLQJZDVFRDWHGLQDIX]]\VKDGHRIJUD\DQGIHDUIRUWKHIXWXUHZDVDFRQVWDQWSUHRFFXSDWLRQ 3HUKDSVZRUVWRIDOOZDVWKHIHHOLQJRIHQWUDSPHQWDQGRILPDJLQLQJWKDWWKHZD\RQHIHHOVDWWKHLU ZRUVWLVWKHZD\WKLQJVDUHDOZD\VJRLQJWRIHHOEULQJLQJDVHQVHRIKRSHOHVVQHVVLQWRRQH¶VZRUOG $Q\RQHZKRKDVHYHUEHHQVHULRXVO\GHSUHVVHGNQRZVH[DFWO\KRZLWIHHOV,WLVDVLI\RXKDYHVLPSO\ MXPSHGLQWRDEODFNKROHDQGSXOOHGWKHKROHLQDIWHU\RX ,OHDUQHGODWHUWKDWWKHVHNLQGVRIIHHOLQJVDUHFRPPRQDPRQJDEGXFWHHV²HVSHFLDOO\DPRQJWKRVH ZKRDUHNQRZQDV³PXOWLSOHDEGXFWHHV´,WLVQRWGLVVLPLODUWRWKHVRUWRIWUDXPDYHWHUDQVUHWXUQLQJ KRPH IURP FRPEDW VRPHWLPHV H[SHULHQFH ,W¶V RIILFLDOO\ FDOOHG SRVWWUDXPDWLF VWUHVV V\QGURPH 3766 DQG LV D SUREOHP WKDW UHPDLQV ZLWK RQH IRU \HDUV DIWHU WKHLU LQLWLDO H[SHULHQFHV DQG RIWHQ UHTXLUHV SV\FKLDWULF FRXQVHOLQJ WR FRPH WR WHUPV ZLWK $QG , ZDV RQH RI WKHP GLVSOD\LQJ DOO WKH HDUPDUNVRIDPXOWLSOHDEGXFWHHDQGHQWLUHO\XQFHUWDLQZKDWWRGRDERXWLW²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¶UHQRWSDUWLFXODUO\JHDUHGWRKDQGOHLVDOLHQ DEGXFWLRQV7KRXJKWKHZRPDQZKRPHWZLWKXVWULHGWREHVXSSRUWLYHDQGXQGHUVWDQGLQJZKHQ/LVD DQG,WULHGWRH[SODLQWKLQJVWRKHULWTXLFNO\EHFDPHDSSDUHQWIURPWKHH[SUHVVLRQRQKHUIDFHWKDWVKH VKDUHGP\FRQFHUQVDERXWP\PHQWDOKHDOWK,WZDVQ¶WVRPXFKZKDWVKHVDLGLWZDVKHUUHDFWLRQWKDW ZDVVRWHOOLQJ ,VXSSRVH,VKRXOGKDYHNQRZQEHWWHU,PHDQKRZVKRXOG,H[SHFWSHRSOHWRUHDFWZKHQ,WHOOWKHP ,¶YHEHHQUHSHDWHGO\DEGXFWHGE\DOLHQVILOPHGDJUD\WU\LQJWRVQHDNLQWRP\KRPHDQGKDGVWUDQJH SHRSOH DQG P\VWHULRXV FRQWUDFWRUV SXUVXLQJ PH" &HUWDLQO\ WKDW GLGQ¶W VRXQG OLNH VRPHWKLQJ ,¶G EHOLHYHLIVRPHRQHVKDUHGLWZLWKPHVRZK\VKRXOG,H[SHFWVRPHRQHHOVHWREHOLHYHLW" ,WZDVDWWKDWSRLQW,UHDOL]HGWKHUHUHDOO\ZDVQRKHOSDYDLODEOHIRUVRPHRQHLQP\SRVLWLRQ,W¶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¶VFDOOHGWKHVSDFHWLPHFXEHGUDZLQJ >FRQWHQWV@ 7KH6SDFH7LPH&XEH 2QWKHHYHQLQJRI2FWREHU,KDGRQHRIWKHPRVWXQXVXDOGUHDPVRIP\OLIH,VD\,WKLQNLW ZDVDGUHDPIRULWZDVKDUGWREHVXUHDQ\PRUH7KLVGUHDPIHOWOLNHDQDEGXFWLRQH[SHULHQFHEXW VLQFH,GLGQ¶WZDNHXSRXWVLGHRUGLVSOD\DQ\RXWZDUGHYLGHQFHVRIKDYLQJEHHQSK\VLFDOO\DEGXFWHG ,FKRRVHWRDVVXPHLWDOOWRRNSODFHLQP\PLQG+RZHYHULQUHWURVSHFW,ZRQGHULIZKDWKDSSHQHG QH[W ZDVQ¶W VWLOO SDUW RI VRPH SUHYLRXV DEGXFWLRQ H[SHULHQFH²D VRUW RI GHOD\HG PHPRU\ WKDW KDG HYHQWXDOO\PDQDJHGWRILQGLWVZD\WRWKHVXUIDFH ,QDQ\FDVHLQWKLVGUHDP,ZDVVLWWLQJRQDSODWIRUPWKDWVHHPHGWREHPROGHGULJKWLQWRWKHIORRU 7KHUHGLGQ¶WVHHPWREHDQ\ZDOOVLQWKHURRP,ZDVLQEXWRQO\DEOXLVKZKLWHKD]HLQDOOGLUHFWLRQV DQGZKDWDSSHDUHGWREHDWUDQVOXFHQWVFUHHQLQIURQWRIPH,FRXOGVHQVHVRPHRQHREVHUYLQJPH², FRXOGQ¶W VHH ZKR LW ZDV RU ZKHUH WKH\ ZHUH KLGLQJ EXW WKH VHQVDWLRQ RI EHLQJ ZDWFKHG ZDV RYHUZKHOPLQJ 8QDEOHWRORFDWHP\REVHUYHUV,WXUQHGEDFNDQGVWDUHGDWWKHVFUHHQLQIURQWRIPHZDLWLQJIRU VRPHWKLQJWRKDSSHQ$IWHUDPRPHQWDQLPDJHDSSHDUHGRQLW,WZDVDYLHZRIWKH(DUWKZLWKWKH PRRQ RII LQ WKH GLVWDQFH SUREDEO\ DV WKH\ DSSHDUHG IURP D YDQWDJH SRLQW GHHS LQ VSDFH$V , ZDV PDUYHOLQJ DW KRZ EHDXWLIXO RXU SODQHW ORRNHG IURP VSDFH WKH LPDJH VORZO\ IDGHG DZD\ WR EH UHSODFHGE\DQLPDJHRIWKHFRQVWHOODWLRQ2ULRQ,NQHZWKHFRQVWHOODWLRQZHOO²LWKDGDOZD\VEHHQ RQHRIP\IDYRULWHV²EXWLWDSSHDUHGXSVLGHGRZQIURPWKHZD\ZHQRUPDOO\VHHLW-XVWWRWKHULJKW DQGVOLJKWO\XSIURP2ULRQ¶VEHOWWKHUHDSSHDUHGDUHGGRWZKLFK,DVVXPHGUHSUHVHQWHGDVWDU,KDG QRLGHDZKDWLPSRUWDQFHWKHUHGGRWKHOGDQGDVTXLFNO\DVLWDSSHDUHGLWIDGHGDZD\ 7KHQDQRWKHULPDJHDSSHDUHGWRWDNHLWVSODFH,WZDVDGUDZLQJRUVFKHPDWLFRIDFXEHZLWKLQD FXEH2QWKHLQQHUFXEHZDVDYHUWLFDOOLQHRIGRWVDQGRQWKHRXWHUFXEHZDVWKHFRQVWHOODWLRQ2ULRQ WXUQHGXSVLGHGRZQDJDLQ$OLQHZDVGUDZQFRQQHFWLQJWKHYHUWLFDOGRWVWRWKHFRQVWHOODWLRQZKLOH DQRWKHUOLQHZDVGUDZQRXWZDUGIURPWKHXSSHUULJKWVWDULQ2ULRQ¶VEHOWWRDVPDOOHUVHWRIGRWV, DVVXPHGLWZDVDGLDJUDPRIDVRODUV\VWHPWKRXJK,GRQ¶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¶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³WKLV LV ZKHUHZHFDPHIURPDQGWKLVLVKRZZHJRWKHUH´ 'UDZLQJRIDFXEHZLWKLQDFXEH,UHFUHDWHGDIWHUDYHU\YLYLGGUHDP :KDW¶VDOVRFXULRXVLVWKDWLIRQHFRPSDUHVWKHGUDZLQJWRDVWURQRPLFDOFKDUWVRIWKDWVHFWLRQRI WKH VN\²DQG WXUQV 2ULRQ XSVLGH LQ WKH SURFHVV²LW DSSHDUV WKH VWDU ,¶YH FLUFOHG LV FDOOHG$OQLWDN 1RZ$OQLWDN²DOVR NQRZQ DV =HWD 2ULRQLV²LV D WULSOH VWDU VRPH OLJKW \HDUV DZD\ IURP (DUWK DQGLVRQHRIWKUHHVWDUVWKDWWRJHWKHUZLWK'HOWD2ULRQLV0LQWDNDDQG(SVLORQ2ULRQLV$OQLODP PDNHXSWKHEHOWRI2ULRQ:KHWKHUWKDW¶VWKHVWDUWKDWUHSUHVHQWVKRPHWRRXUYLVLWRUVRUZKHWKHUWKH DOLHQ VRODU V\VWHP LV WKDW RI$OQLWDN UHPDLQV RQO\ D JXHVV EXW ERWK DUH LQWHUHVWLQJ SRVVLELOLWLHV WR FRQVLGHULQDQ\FDVH 2IFRXUVH,KDYHQRLGHDKRZ,GUHZWKHWKLQJ&HUWDLQO\,¶GQHYHUVHHQDQ\WKLQJOLNHLWEHIRUH QRUGR,HQWLUHO\XQGHUVWDQGZKDWWKH\¶UHWDONLQJDERXWZKHQWKH\H[SODLQLWWRPH,VLPSO\GUHZZKDW WKH\SXWLQWRP\KHDGDVIDLWKIXOO\DV,FRXOGDQGKRSHGIRUWKHEHVW 6RZKDWZDVWKHPHVVDJHLWZDVWHOOLQJPHDQGZK\ZDVLWLPSRUWDQW",W¶VKDUGWRVD\EXW,WKLQN LWLVSDUWRIDPXFKODUJHUUHYHODWLRQWKH\¶UHPDNLQJDERXWWKHPVHOYHVLQFUHPHQWDOO\WKURXJKPH,QD ZD\,IHHOKRQRUHGWKDWWKH\¶UHXVLQJPHLQWKLVZD\HYHQZKLOHLWPDNHVPHIUXVWUDWHGDQGDWWLPHV DQJU\<HW,NQRZ,KDYHWRGRZKDWWKH\ZDQWPHWRGR²QRWVRPXFKWKURXJKFRHUFLRQEXWWKURXJK DQRYHUZKHOPLQJQHHGWRJHWWKHVHWKLQJVRXWRIP\KHDGVR,FDQGHDOZLWKWKHPDQGLQWKHSURFHVV SHUKDSVEHQHILWWKHKXPDQUDFHDVZHOO,GRQ¶WNQRZLIWKLVGUDZLQJ²RUDQ\RIWKHRWKHUHTXDWLRQV ,¶YHSURGXFHGRYHUWKH\HDUV²ZLOOHYHUSURYHWREHYDOXDEOHRUHYHQXVHIXOEXW,EHOLHYHWKDWLIWKH\ DUH ZLOOLQJ WR KDYH PH UHSURGXFH WKHVH WKLQJV IRU DOO WKH ZRUOG WR VWXG\ WKH\ PXVW KDYH VRPH UDWLRQDOH EHKLQG LW :KHWKHU , ZLOO ILJXUH RXW ZKDW WKDW UDWLRQDOH PLJKW EH RQO\ WLPH ZLOO WHOO )RU QRZKRZHYHUDOO,FDQGRLVUHPDLQIDLWKIXOWRZKDW,EHOLHYHWKHVHYLVLWRUVDUHWHOOLQJPHWRGUDZ DQGOHWWKHSLHFHVIDOOZKHUHWKH\PD\,W¶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Ãb~,Ãb{YHEHHQDEGXFWHGE\DOLHQVDQGDOO,JRWZDVWKLVORXV\7VKLUWÃb0D\EHLWZDV0DUNÃb{V ZD\RIJHWWLQJEDFNDWPHIRUWKH\HDUVRIULEELQJ,KDGJLYHQKLPIRUKLVOLIHORQJ8)2KREE\EXW FRQVLGHULQJHYHU\WKLQJWKDWKDGKDSSHQHGXSWRWKHQLWVHHPHGHVSHFLDOO\DSSURSULDWH$VFOHYHUDVLW ZDVKRZHYHU,RQO\IHOWFRPIRUWDEOHZHDULQJLWDURXQGWKHKRXVHSHUKDSVEHFDXVHLWKLWDOLWWOHWRR FORVHWRKRPH"DQGLWÃb{VZKDW,KDGVOLSSHGRQZKHQ,JRWLQWREHGWKDWQLJKW , ZDV WLUHG DQG IHOO DVOHHS TXLFNO\ EXW DURXQG $0 IRXQG P\VHOI EHLQJ DZDNHQHG E\ WKH VRXQGRI/LVDFRXJKLQJ)RUVRPHUHDVRQ,UROOHGRYHUDQGDVNHGKHUZKHWKHUWKH\KDGWDNHQKHUWRR 2QFHVKHVWRSSHGFRXJKLQJ,KHDUGKHUJLJJOHDWWKHWKRXJKW 2QFH,EHFDPHPRUHDZDNHKRZHYHU,WROG/LVDWKDW,KDGKDGDGUHDPWKDWWKUHHOLWWOHJUD\DOLHQV ZHUHVKRYLQJVRPHWKLQJGRZQKHUWKURDWDQGWKDWWKLVZDVSHUKDSVZK\VKHZDVFRXJKLQJVRPXFK 1RWVXUSULVLQJO\VKHGLGQÃb{WILQGWKDWSDUWLFXODUO\DPXVLQJDQGUROOHGKHUH\HV'HFLGLQJDVWUDWHJLF UHWUHDWZDVLQRUGHUÃbvDQGDOZD\VREHGLHQWWRWKHFDOORIQDWXUHÃbv,JRWXSWRJRWRWKHEDWKURRP $VVRRQDV,WXUQHGWKHEDWKURRPOLJKWRQKRZHYHU,QRWLFHGVRPHWKLQJXQXVXDO,WVHHPHGWKDW LQVWHDGRIZHDULQJP\QRYHOW\7VKLUW,KDGRQDZRPDQÃb{VUHGDQGEODFNSODLGIODQQHOQLJKWJRZQ VHYHUDOVL]HVWRRVPDOO Ãb~:KDWWKHKHOO"Ãb,EOXUWHGRXWLQEHZLOGHUPHQW 5XVKLQJEDFNWRWKHEHGURRP,IUDQWLFDOO\DVNHG/LVDÃb~,VWKLV\RXUV"7HOOPHWKLVLV\RXUVÃb /LVDORRNHGDWPHDQGVPLOHGÃb~1RLWÃb{VGHILQLWHO\QRWPLQHÃbVKHVDLGEDUHO\DEOHWRKROG EDFNKHUODXJKWHU $V,VWRRGWKHUHWU\LQJWRPDNHVHQVHRIWKLQJV/LVDVWDUWHGODXJKLQJ,FDQÃb{WVD\,EODPHGKHU IRU , ORRNHG ULGLFXORXV LQ WKH WKUHHVL]HVWRRVPDOO QLJKWJRZQ ZLWK LWV WLQ\ HPEURLGHUHG 0LFNH\ 0RXVHVHZQRYHUWKHSRFNHWDQGDKHPWKDWEDUHO\UHDFKHGWKHWRSRIP\WKLJKV$WWKHWLPHKRZHYHU ,FRXOGQÃb{WTXLWHVHHWKHKXPRULQLW ,UHDFKHGP\DUPVDURXQGWKHJRZQLQDQHIIRUWWRILQGDZD\WRSXOOLWRYHUP\KHDGDQGZKHQ, GLG,QRWLFHGDZHWVSRWDERXWWKHVL]HRIDEDVHEDOOLQWKHPLGGOHRIP\EDFN,WIHOWVWLFN\DQGFRROWR WKHWRXFKÃbvQRWXQOLNHSHWUROHXPMHOO\Ãbv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Ãb{VZKHQLWRFFXUUHGWRPHWKDWP\ 7VKLUWZLWKWKHDPXVLQJDOLHQVORJDQRQLWZDVPLVVLQJKDYLQJEHHQUHSODFHGZLWKWKLVQLJKWJRZQ +DG,DQGDQRWKHUZRPDQERWKEHHQDEGXFWHGVLPXOWDQHRXVO\DQGRXUVKLUWVDFFLGHQWDOO\PL[HGXSLQ WKH WUDQVIHU" 6XGGHQO\ WKH WKRXJKW WKDW VRPH SRRU ZRPDQ VRPHZKHUH ZDV ZDNLQJ XS ZHDULQJ DQ RYHUVL]HG 7VKLUW WKDW UHDG Ãb~,Ãb{YH EHHQ DEGXFWHG E\ DOLHQV DQG DOO , JRW ZDV WKLV ORXV\ 7 VKLUWÃbJRWXVODXJKLQJK\VWHULFDOO\EUHDNLQJWKHWHQVLRQ7KHLGHDWKDWVRPHDGYDQFHGDOLHQEHLQJ FDSDEOHRIWUDQVLWLQJWKHYDVWGLVWDQFHVEHWZHHQVWDUVFRXOGPDNHVXFKDERQHKHDGHGHUURUGRXEOHG RXUDPXVHPHQWDQGLWZDVVRPHWLPHEHIRUHZHZHUHDEOHWRVHWWOHGRZQDQGUHIRFXVRXUDWWHQWLRQRQ ZKDWKDGKDSSHQHG$VDPXVLQJDVWKLVDOOZDV/LVDDQG,NQHZZHQHHGHGWRJHWVHULRXV :KHQ PRUQLQJ FDPH , FDOOHG WKH UHVHDUFKHUV WR ILOO WKHP LQ RQ ZKDW KDG KDSSHQHG DQG ZDV LPPHGLDWHO\DGYLVHGWRFDUHIXOO\IROGWKHQLJKWJRZQDQGVKLSLWWRWKHPDORQJZLWKSKRWRJUDSKVRIP\ KLS2QFHWKH\UHFHLYHGWKHQLJKWJRZQWKHVFLHQWLVWVVHWRXWWRVROYHWKHP\VWHU\RIWKHVWLFN\ZHWVSRW RQWKHEDFN:KDWWKH\GLVFRYHUHGERWKH[FLWHGDQGEDIIOHGWKHP(YLGHQWO\WKH\IRXQGDFRPELQDWLRQ RIZKDWPLJKWEHEORRGSODVPDDQGVRPHWKLQJFDOOHGSRO\YLQ\OS\UUROLGRQHERWKRIZKLFKDUHXVHGLQ WKHSURFHVVRILQYLWURIHUWLOL]DWLRQ:KDWWKLVKDGWRGRZLWKPH,KDYHQRLGHDEXWLWVHHPHGLWPLJKW SRVVLEO\KDYHVRPHWKLQJWRGRZLWKKXPDQUHSURGXFWLRQ:HUH,DQGRWKHUVEHLQJXVHGIRUVRPHVRUW RIJHQHWLFH[SHULPHQW,ZRQGHUHG"(YHQPRUHGLVWXUELQJZHUH,DQGWKHZRPDQZKRVHQLJKWJRZQ, IRXQGP\VHOIZHDULQJFRQQHFWHGLQVRPHZD\ÃbvSHUKDSVDVSDUWRIVRPHHYLODOLHQVHHGLQJSURJUDP" ,IRXQGVXFKDSURVSHFWGHHSO\IULJKWHQLQJDQGSXWLWRXWRIP\PLQGÃbvRUDWOHDVW,WULHGWR 7KHUH LV D EULHI SRVWVFULSW WR WKLV HYHQW )RXU GD\V DIWHU P\ DEGXFWLRQ RQH RI WKH VFLHQWLVWV VXJJHVWHG , YLGHRWDSH WKH SXQFWXUH PDUNV RQ P\ KLS WR NHHS WUDFN RI KRZ IDVW WKH ZRXQGV KHDOHG /DWHUWKDWDIWHUQRRQ,EURNHRXWP\FDPFRUGHUDQGWULSRGDQGEHJDQWRUHFRUGEXWMXVWDV,EHJDQWR OLIWWKHSDQWOHJRIP\VKRUWVWRH[SRVHP\ZRXQGV,FDXJKWDJOLPSVHRIVRPHWKLQJUHGGLVKRUDQJH EX]]LQJ DERXW WKH URRP 1RW SD\LQJ SDUWLFXODU DWWHQWLRQ WR WKH REMHFW DW ILUVW LW ZDVQÃb{W XQWLO LW VXGGHQO\FKDQJHGFRXUVHDQGVORZO\IORDWHGEHWZHHQWKHFDPFRUGHUDQGPHWKDW,JRWDJRRGORRNDWLW DQGUHFRLOHGLQVKRFN ,FRXOGQÃb{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Ãb{W EH IRU WKH ODVW WLPH KRZHYHU DQG ZKHQZHHQFRXQWHUHGLWQH[WLWZRXOGSURYHWREHPXFKPRUHRIDPHQDFH >FRQWHQWV@ 5HWKLQNLQJ5RVHQ¶V%ULGJH $IWHUDOOWKHVWUDQJHWKLQJVWKDWKDGKDSSHQHGWRXVVLQFHZH¶GPRYHGWR1HEUDVND,ZDVDQ[LRXVWR JHWEDFNWR&RORUDGRDQGSXWVRPHGLVWDQFHEHWZHHQP\VHOIDQGDOOWKHFUD]LQHVVP\OLIHKDGEHFRPH VLQFHZH¶GFRPHWKHUH2IFRXUVHWZR\HDUVHDUOLHU,KDGWKRXJKWWKHVDPHWKLQJDERXWPRYLQJRXWWR 1HEUDVNDEXWWKLVWLPH,UHDOO\KRSHGWKLQJVPLJKWUHWXUQWRQRUPDOLIZHKHDGHGEDFNWRP\KRPH VWDWH,IQRWKLQJHOVHDWOHDVWPDQ\RIRXUIULHQGVZRXOGEHFORVHU 7KHSUREOHPZDVILQGLQJDZD\IRU/LVD¶VWKUHHFKLOGUHQWRPRYHZLWKXV6KHDQGKHUH[KXVEDQG VKDUHG FXVWRG\ RI WKHLU VRQ DQG WZLQ GDXJKWHUV PDNLQJ DQ\ PRYH RXW RI VWDWH SRWHQWLDOO\ WRXFK\ OHJDOO\6WLOOZHVWDUWHGWRZRUNRQKRZZHPLJKWGRWKLVZKLOHZHVDYHGXSWKHPRQH\QHHGHGWR PDNHWKHPRYH :KLOHZHPDGHRXUSODQVWRHVFDSHEDFNWR&RORUDGRRGGWKLQJVFRQWLQXHGWRKDSSHQLQ.HDUQH\ 7KLVWLPHLWZDVQ¶WVRPXFK8)2VRUDOLHQVWKDWZHUHWKHSUREOHPEXWKXPDQLQWHUYHQWLRQ²LQWKLV FDVHLQWKHIRUPRIDQXQPDUNHGEODFN689WKDWVHHPHGWRIROORZXVZKHUHYHUZHZHQWDQGZRXOGVLW IRUKRXUVDEORFNRUWZRDZD\ZDWFKLQJRXUKRXVH,WZDVLPSRVVLEOHWRLGHQWLI\WKHYHKLFOHWRWKH DXWKRULWLHVEHFDXVHLWVKRZHGQROLFHQVHSODWHVRUWDJVDQGZKHQ,WULHGDSSURDFKLQJWKHYHKLFOHWR WDONWRLWVRFFXSDQWVLWZRXOGVSHHGDZD\,WVHHPHGWKHUHZDVOLWWOHZHFRXOGGRDERXWWKHVLWXDWLRQ EHVLGHVZDWFKWKHPDVFDUHIXOO\DVWKH\ZHUHPRQLWRULQJXV )RUWXQDWHO\WKHRFFXSDQWVRIWKHYHKLFOHGLGQRWKLQJPRUHWKDQVLPSO\ZDWFKXVDQGSRVVLEO\WDNH SKRWRVIURPWLPHWRWLPHZHVXVSHFWHG%XWRQHGD\MXVWDFRXSOHRIPRQWKVEHIRUHZHZHUHWRPRYH EDFNWR&RORUDGRWKH\GLGVRPHWKLQJDOLWWOHXQXVXDO,WZDVDEHDXWLIXOVSULQJGD\²DZHOFRPHUHOLHI DIWHUKDYLQJHQGXUHGDQHVSHFLDOO\ORQJFROGZLQWHU²VR,GHFLGHGWRWDNHDGYDQWDJHRILWDQGJRIRU D ZDON QHDU P\ KRPH , KDG RQO\ JRWWHQ D IHZ EORFNV ZKHQ D EODFN 689²VDQV SODWHV DQG WDJV DV DOZD\V²SXOOHG XS DORQJVLGH PH DQG VWRSSHG $ OLWWOH QHUYRXV DERXW ZKDW WKH\ ZDQWHG , ZDV VXUSULVHGZKHQWKHZLQGRZRQWKHGULYHU¶VVLGHVORZO\UROOHGGRZQDQGDVPDOOVOHQGHUZRPDQLQ KHUWKLUWLHVOHDQHGRXWDVLIWRDVNPHIRUGLUHFWLRQV:RQGHULQJLIWKLVZDVDGLIIHUHQW689WKDQWKH RQHWKDWKDGEHHQZDWFKLQJXV,EUHDWKHGDVLJKRIUHOLHIDQGVWHSSHGIRUZDUGWRVHHZKDWVKHZDQWHG $VVRRQDV,GUHZQHDUKRZHYHUVKHVDLGVLPSO\³,IWKH\ZDQWWRJHWLWULJKWWKH\KDYHWRUHHYDOXDWH WKH5RVHQ%ULGJH´ 8QFHUWDLQWKDW,KDGKHDUGKHUFRUUHFWO\,DVNHGKHUWRUHSHDWKHUVHOI ³,IWKH\ZDQWWRJHWLWULJKWWKH\KDYHWRUHHYDOXDWHWKH5RVHQ%ULGJH´VKHVDLGDJDLQEHIRUHVKH SXWWKHFDULQJHDUDQGGURYHRIIOHDYLQJPHWRWDOO\EDIIOHG)RUWKHOLIHRIPH,FRXOGQ¶WILJXUHRXW ZKDW VKH ZDV WDONLQJ DERXW RU KRZ RQH FRXOG FRPH XS ZLWK DQ\WKLQJ PRUH RIIWKHZDOO WKDQ WKDW , ZDONHGKRPHGD]HGDQGFRQIXVHGWU\LQJWRPDNHVHQVHRIZKDWVKHKDGMXVWVDLG +DYLQJ QR LGHD ZKDW D ³5RVHQ %ULGJH´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³5RVHQ%ULGJH´ %XW ZKDW GLG VKH PHDQ DERXW UHHYDOXDWLQJ WKH WKHRU\" 'LG VKH PHDQ LW ZDV ZURQJ RU WKDW ZH VLPSO\ ZHUHQ¶W ORRNLQJ DW LW FRUUHFWO\" 2U ZDV VKH LPSO\LQJ ZH PLJKW PDNH XVH RI MXVW VXFK DQ DQRPDO\LIZHFRXOGMXVWJHWLWULJKW",WZDVLPSRVVLEOHWRVD\RUXQGHUVWDQGZK\VKHZRXOGWHOOPH RIDOOSHRSOHDERXWLWEXWLWVHHPHGWREHLQNHHSLQJZLWKWKHUHVWRIWKHFUD]LQHVVWKDWP\OLIHKDG EHFRPH 7KDWZDVQ¶WWKHODVWWLPHZHZRXOGHQFRXQWHURXUODG\LQWKHEODFN689$ERXWDZHHNDIWHUWKH 5RVHQ %ULGJH FRPPHQW , QRWLFHG WKH VDPH 689 SXOO XS WR RXU PDLOER[ DQG ZDWFKHG DV WKH VDPH ZRPDQSXWVRPHWKLQJLQWRLW:RQGHULQJLILWPLJKWQRWEHDERPERUVRPHWKLQJZHZHUHDOODOLWWOH DIUDLGWRJRQHDULWIRUIHDULWPLJKWH[SORGH)LQDOO\P\VWHSGDXJKWHUVDLG³<RXJX\VDUHDEXQFKRI ZLPSV´DQGKHDGHGRXWWRUHWULHYHWKHP\VWHU\REMHFW:DWFKLQJKHUFDUHIXOO\RSHQWKHPDLOER[VKH UHPLQGHGPHRIVRPHRQHLQWKHERPEVTXDGGHOLFDWHO\GHIXVLQJDQH[SORVLYH:HDOOEUHDWKHGDVLJK RIUHOLHIZKHQVKHUHWXUQHGZLWKDVLPSOHHQYHORSHDQGKDQGHGLWWR/LVD ³0D\EHWKH\OHIWXVPRQH\´MRNHG/LVD $V ZH DOO ODXJKHG P\ ZLIH RSHQHG WKH HQYHORSH DQG VXUH HQRXJK WKHUH ZDV D FDUG ZLWK WZR WZHQW\ GROODU ELOOV LQVLGH ,QVLGH WKH FDUG ZDV ZULWWHQ ³*RRG OXFN LQ \RXU PRYH WR &RORUDGR DQG UHPHPEHUZHDUHZDWFKLQJ´ 2EYLRXVO\RXUSODQVZHUHQRORQJHUDVHFUHWWKRXJKQRRQHFRXOGXQGHUVWDQGKRZWKH\PLJKWKDYH ILJXUHG RXW WKDW ZH ZHUH PRYLQJ 1R RQH EHVLGHV WKH FKLOGUHQ¶V IDWKHU NQHZ DERXW RXU LPSHQGLQJ PRYH DQG KH OLYHG DOPRVW D KXQGUHG PLOHV DZD\ $QG EHVLGHV ZK\ ZRXOG KH WHOO D JURXS RI VWUDQJHUVDERXWWKHPRYH"1RQHRILWPDGHDQ\VHQVHEXWWKHQWKDWZDVSDUIRUFRXUVH(YHQWKHIDFW WKDW WKH\¶G RQO\ JLYHQ XV IRUW\ EXFNV GLGQ¶W PDNH VHQVH LW ZDVQ¶W HQRXJK WR FRYHU RXU PRYLQJ H[SHQVHVVRZK\ERWKHU"&OHDUO\RXUIULHQGVZHUHDVFKHDSDVWKH\ZHUHP\VWHULRXV ,QDQ\FDVHZHZHUHDQ[LRXVWRJHWJRLQJDQGDIWHUZRUNLQJWKLQJVRXWEHWZHHQ/LVDDQGKHUH[ FRQFHUQLQJRXUPRYHZHSDFNHGXS7KRXJK,KDGOLYHGLQ'HQYHUEHIRUHZH¶GPRYHGWR1HEUDVND /LVD DQG , ERWK DJUHHG WR JLYH &RORUDGR 6SULQJV²&RORUDGR¶V VHFRQG ODUJHVW FLW\²D WU\ ³7KH 6SULQJV´DVPRVW&RORUDGRDQVFDOOLWZDVDIDYRULWHVSRWRIRXUVWRYLVLWDQG,KDGOLYHGWKHUHRQFH EHIRUH%XWPRVWO\ZHGHFLGHGWRPRYHWKHUHEHFDXVHRILWVEHDXW\DQGDOORIWKHIXQWKLQJVWKHUHZHUH WRGRWKHUH:HZHUHGHILQLWHO\ORRNLQJIRUZDUGWRWKHPRYH /LWWOH GLG ZH NQRZ WKDW WKH 6SULQJV ZRXOG SURYH WR EH RXU PRVW WU\LQJ SHULRG \HW DQG RQH WKDW ZRXOGQHDUO\FRVWXVHYHU\WKLQJ >FRQWHQWV@ :HOFRPHWR³7KH6SULQJV´ :HKDGQRLGHDZKHQZHPRYHGWR&RORUDGR6SULQJVWKDWLWZRXOGSURYHWREHDKXJHPLVWDNH:H WKRXJKWWKDWSHUKDSVLQDODUJHFLW\XQXVXDOWKLQJV²OLNHDOLHQDEGXFWLRQV²ZRXOGEHOHVVOLNHO\WR KDSSHQ HVSHFLDOO\ ZLWK DOO WKH PLOLWDU\ EDVHV WKDW VXUURXQGHG XV , VKRXOG KDYH NQRZQ EHWWHU HVSHFLDOO\FRQVLGHULQJWKDWP\ILUVWDEGXFWLRQKDGWDNHQSODFHLQDVXEXUERI'HQYHUWKHWKLUGODUJHVW LQDFLW\RIREYLRXVO\LI³WKH\´ZDQWHGWRILQGPHP\OLYLQJLQ0DQKDWWDQZRXOGQ¶WSUHYHQW WKHPIURPGRLQJVR7KH\ZRXOGDOZD\VILQGDZD\ +RZHYHULWZDVQ¶WWKH(7VWKDWZHUHWRSURYHWKHELJJHVWSUREOHPZLWKRXUPRYHWR7KH6SULQJV )RU VRPH UHDVRQ RXU SUHVHQFH LQ WKH FLW\ VHHPHG WR EULQJ D PXFK PRUH DJJUHVVLYH DQG KRVWLOH UHVSRQVHIURPKXPDQDJHQWVZKLFKZDVWRHYHQWXDOO\JHWVREDGLWZRXOGIRUFHXVWROHDYHWKHFLW\ ,¶GKRSHGZRXOGEHRXUVDQFWXDU\ ,WDOOVWDUWHGXSVKRUWO\DIWHUZH¶GIRXQGDZRQGHUIXOIRXUEHGURRPKRXVHRQWKHFLW\¶VVRXWKVLGH LQ-XQHRIDQGKDGVHWWOHGLQWRRXUQHZKRPH$WILUVWHYHU\WKLQJVHHPHGILQHEXWRXUVHQVHRI VHFXULW\ZRXOGQRWODVWORQJKRZHYHU 7KHILUVWLQGLFDWRUWKDWZHZHUHLQIRUPRUHWKDQZH¶GDQWLFLSDWHGKDSSHQHGMXVWDIHZZHHNVDIWHU ZH¶GXQSDFNHG5HWXUQLQJIURPWKHJURFHU\VWRUHZHSXOOHGLQWRWKHGULYHZD\DQGZHUHVXUSULVHGWR VHHRQHRIWKHDQWLTXHZDJRQZKHHOVZHXVHGDVD\DUGGHFRUDWLRQOHDQLQJXSDJDLQVWWKHIURQWGRRUDV WKRXJKLWZHUHEHLQJXVHGWREDUULFDGHVRPHRQHLQVLGH$VZHVDWWKHUHZRQGHULQJZKDWZDVJRLQJ RQ ZH QRWLFHG WKH NLGV VQHDNLQJ DURXQG WKH VLGH RI WKH KRXVH DQG RQFH WKH\ VDZ XV WKH\ FDPH UXQQLQJWRZDUGXVDVIDVWDVWKH\FRXOG :LWKORRNVRIWHUURULQWKHLUH\HVWKH\WROGXVWKDWVRPHRQHKDGEURNHQLQWRWKHKRXVH$SSDUHQWO\ WKH\ KDG EHHQ GRZQVWDLUV ZKHQ WKH\ KHDUG WKH IURQW GRRU RSHQ DQG DV WKH\ ZHQW WR ORRN XS WKH VWDLUZHOO WR VHH ZKR LW ZDV WKH\ FDXJKW D JOLPSVH RI D VWUDQJH PDQ ZKR KDG DSSDUHQWO\ VLPSO\ ZDONHGWKURXJKWKHIURQWGRRUDVWKRXJKKHOLYHGWKHUH7KHNLGVWKHQUDQEDFNWRWKHEHGURRPWRKLGH XQGHU WKH EHG 6RRQ WKH\ FRXOG KHDU WKDW WKH VWUDQJHU ZDV FRPLQJ GRZQ LQWR WKH EDVHPHQW DQG ZDWFKHG KLV IHHW DQG OHJV IURP XQGHU WKH EHG DV KH DSSHDUHG WR EH ZDQGHULQJ DERXW ORRNLQJ IRU VRPHWKLQJ 2QFH WKH PDQ KDG JRQH LQWR DQRWKHU URRP WKH\ SXVKHG RXW WKH VFUHHQ LQ WKH EHGURRP ZLQGRZDQGFOLPEHGRXWVLGHDWZKLFKSRLQWWKH\GHFLGHGWRUROOWKHZDJRQZKHHODJDLQVWWKHIURQW GRRULQDQHIIRUWWRWUDSWKHPDQLQVLGH7KH\ZHUHDERXWWRPDNHWKHLUZD\WRWKHQHLJKERU¶VKRXVHWR FDOOSROLFHZKHQZHSXOOHGXS )XULRXV , WRVVHG WKH ZDJRQ ZKHHO DVLGH DQG UXVKHG LQWR WKH KRXVH WRR DQJU\ WR UHDOL]H KRZ UHFNOHVV WKDW ZDV , KDG QR LGHD LI KH ZHUH DUPHG PDNLQJ P\ ELW RI EUDYDGR H[WUHPHO\ ULVN\ )RUWXQDWHO\²SUREDEO\IRUERWKRXUVDNHV²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¶YHZDQWHGLWSUHWW\EDGO\ +RZHYHU , FRXOGQ¶W LPDJLQH ZKDW LQIR LW FRXOG FRQWDLQ WKDW ZRXOG EH WKDW LPSRUWDQW 7KH RQO\ SRVVLEOH H[SODQDWLRQ ZDV WKDW VRPHERG\ FOHDUO\ GLGQ¶W ZDQW PH WR KDYH DQ\ GRFXPHQWDWLRQ RI P\ H[SHULHQFHV EHFDXVH VRPHKRZ WKH\ PXVW KDYH IHOW WKUHDWHQHG E\ LW :KDWHYHU WKH UHDVRQV WKH\ KDG PDGHWKHLUSRLQW 2XU RQO\ RSWLRQ ZDV WR FDOO WKH SROLFH :LWKRXW UHYHDOLQJ SUHFLVHO\ ZKDW VRUW RI GRFXPHQWV WKH IROGHUFRQWDLQHG²ZHPDGHXSDVWRU\WKDWLWKDGFRQWDLQHGYDOXDEOHEDQNLQJLQIRUPDWLRQ²WKHSROLFH GXVWHGIRUSULQWVEXWFDPHXSHPSW\7KH\GLGQ¶WHYHQILQGRXUILQJHUSULQWVVXJJHVWLQJWKHWKLHIKDG FDUHIXOO\ ZLSHG DOO VXUIDFHV FOHDQ ZKHQ KH ZDV ILQLVKHG $V VXFK ZLWK QRWKLQJ WR JR RQ WKH LQYHVWLJDWLRQFDPHWRDQHQGDQGZHWULHGWRJHWRXUOLYHVEDFNWRQRUPDO %XWDOUHDG\RXUILUVWWDVWHRIOLIHEDFNLQ&RORUDGRKDGEHHQDVRXURQH/LVDDQG,KDGKRSHGWR VWDUW D QHZ DQG ZRQGHUIXO OLIH LQ WKH 6SULQJV DQG DOUHDG\ ZH IHOW YLRODWHG DQG LQVHFXUH 6WLOO ZH ZRXOGWU\WRPDNHWKHEHVWRILWIRUWKHNLG¶VVDNHDQGKRSHWKLVZDVDRQHWLPHLVRODWHGLQFLGHQW:H KDGQRZD\RINQRZLQJDWWKHWLPHWKDWIDUIURPEHLQJWKHHQGRIWKLQJVLWZDVRQO\WKHEHJLQQLQJ >FRQWHQWV@ 7KH)DLUSOD\$EGXFWLRQ $IWHU WKH H[KDXVWLRQ RI SDFNLQJ PRYLQJ DQG XQSDFNLQJ²DORQJ ZLWK WKH VWUHVV RI KDYLQJ KDG RXU KRPHEURNHQLQWR²/LVDDQG,EDGO\QHHGHGDEUHDN$SSDUHQWO\VHQVLQJWKHSUHVVXUHZHZHUHXQGHU RXUIULHQG&OD\DORFDOPRYLHSURGXFHUZKRKDGEHHQZRUNLQJRQDGRFXPHQWDU\RIP\H[SHULHQFHV IRU WKH ODVW \HDU LQYLWHG XV WR VSHQG D IHZ GD\V LQ KLV PRXQWDLQ FDELQ QHDU )DLUSOD\ &RORUDGR ,Q QHHGRIDGLVWUDFWLRQRIVRPHNLQGZHMXPSHGDWWKHFKDQFH6HQGLQJWKHNLGVWRVSHQGWKHVXPPHU ZLWKWKHLUGDGLQ1HEUDVNDZHPDGHWKHWUHNXSWR&OD\¶VFDELQDUULYLQJVKRUWO\DIWHUGXVN $WILUVWLWZDVHYHU\WKLQJZH¶GKRSHGLWZRXOGEH3HDFHIXODQGTXLHWLWZDVDZHOFRPHFKDQJH IURPDOOWKHEL]DUUHWKLQJVZHKDGMXVWH[SHULHQFHGDQGWKHIDFWWKDWWKHFDELQKDGDKRWWXEPDGHLW HYHQ PRUH DWWUDFWLYH 2QFH ZH ILQLVKHG XQSDFNLQJ DQG VHWWOHG LQ DQ\ WKRXJKWV ZH KDG DERXW WKH VWUDQJHEUHDNLQDIHZGD\VHDUOLHUMXVWPHOWHGDZD\ /DWHUWKDWHYHQLQJDIWHUGLQQHUZHDOOZHQWRXWRQWRWKHRYHUVL]HGGHFNWRORRNDWWKHVWDUV,¶YH EHHQWRVRPHEHDXWLIXOSODFHVEXWDVIDUDV,¶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¶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¶WVHH ZKDWRUZKRZDVPDNLQJDOOWKHQRLVH :H LPPHGLDWHO\ GHFLGHG WR ZDON WKH SHULPHWHU RI WKH FDELQ WR LQYHVWLJDWH EXW ZKLOH ZH FRXOG KHDU WKH VRXQG RI VQDSSLQJ WZLJV DQG IRRWIDOOV ULJKW QH[W WR XV RXU IODVKOLJKWV UHYHDOHG QRWKLQJ (YHQWXDOO\ZHGHFLGHGWRKHDGEDFNWRZDUGWKHFDELQEXWDVZHGLGWKHUHZHUHPRUHIODVKHVRIOLJKW ²WKLVWLPHFRPLQJGLUHFWO\IURPWKHZRRGV²DQGILQDOO\RQHELJIODVKZKLFKVHHPHGWRSXWDVWRS WR WKH VKXIIOLQJ VRXQGV ZH KDG EHHQ KHDULQJ +XGGOHG WRJHWKHU LQ WKH GDUN DQG IUXVWUDWHG E\ RXU LQDELOLW\WRGLVFHUQWKHFDXVHRIWKHQRLVHZHGHFLGHGWRJLYHXSRXUVHDUFKDQGJREDFNLQVLGH$V ZH ZDONHG EDFN WR WKH FDELQ KRZHYHU ZH VXGGHQO\ QRWLFHG WKDW WKH PRWLRQ GHWHFWRU ZDV QRZ SRLQWLQJXSZDUGVXJJHVWLQJWKDWVRPHRQH²RUVRPHWKLQJ²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¶G SUREDEO\KDYHUHDOL]HGLWWRRDVDOORIWKHVLJQVWKDWVRPHWKLQJZDVEUHZLQJZHUHHYLGHQW/DWHU, ZRQGHUHGLI,GLGQ¶WDOVRVHQVHWKLQJVZHUHPRYLQJWRZDUGDFOLPD[EXWKDGVLPSO\FKRVHQWRLJQRUH WKHP ,QDQ\FDVHDWILUVWLWDSSHDUHGWKDWERWK&OD\¶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¶WZDQWWRNQRZ >FRQWHQWV@ (QWHU$XGUH\ $QRWKHU VLGHHIIHFW RI DQ DEGXFWLRQ H[SHULHQFH LV WKDW LQ WKH GD\V DQG ZHHNV IROORZLQJ HDFK DEGXFWLRQ , LQYDULDEO\ FRPH GRZQ ZLWK HLWKHU EURQFKLWLV RU SQHXPRQLD , GRQ¶W NQRZ ZK\ WKLV LV SHUKDSVWKHSURFHGXUHVWKH\SHUIRUPRQPHWHPSRUDULO\ZHDNHQVP\LPPXQHV\VWHPLQVRPHZD\$OO ,NQRZLVWKDWLWKDSSHQVOLNHFORFNZRUNDQGVXFKZDVWKHFDVHDIWHUWKH-XO\DEGXFWLRQ ,QDQ\FDVHLWZDVZKLOH,ZDVUHFRYHULQJDWKRPHWKDWDQHZILJXUHHQWHUHGP\OLIHRQHWKDWPD\ RUPD\QRWKDYHEHHQKXPDQDWDOOEXWFHUWDLQO\ZDVWRPDNHDQDPHIRUKHUVHOI$OORZPHWRH[SODLQ &KHFNLQJP\SKRQHPHVVDJHVRQHGD\,ZDVVXUSULVHGZKHQ,UHFHLYHGWKHIROORZLQJPHVVDJH +HOOR6WDQDQG/LVD0\LQWHQWLRQLVQRWWRVFDUHRUDODUP\RXEXWWRZDUQ\RX,WLVJUHDWWKDW \RXDUHEDFNLQ&RORUDGREXW&RORUDGR6SULQJVZDVQRWDJRRGLGHD,WVHHPV\RXKDYHPRYHG LQWRWKHLUEDFN\DUG1RZLWLVHDV\IRUWKHPWRJHWWR\RX,NQRZKRZVWXEERUQ\RXDUH6WDUVHHG EXW SOHDVH KHHG WKLV ZDUQLQJ DQG NQRZ WKDW /LVD DQG WKH FKLOGUHQ DUH DW ULVN DOVR 1RZ OLVWHQ 6WDUVHHG\RXNQRZ\RXDUHGLIIHUHQW)ROORZ\RXULQVWLQFWVDQGVWD\DOHUW7KLVLVWRRLPSRUWDQW 6RRQLWZLOODOOEHUHYHDOHG$QG6WDUVHHGGRQRWEHDIUDLGRIZKDW\RXDUH 7KHVWUDQJHIHPDOHYRLFHKDGDGLVWLQFWO\%ULWLVKDFFHQW\HWLWGLGQ¶WVRXQGKXPDQ:KDW,PHDQLV LW VRXQGHG PHFKDQLFDO OLNH WKH ZRUGV DQG VHQWHQFHV ZHUH FRQVWUXFWHG IURP VQLSSHWV RI UHFRUGHG PHVVDJHVWKDWJDYHLWDFOLSSHGXQHYHQIORZ,WODWHUWXUQHGRXWWKHYRLFHZDVFUHDWHGWKURXJKWKHXVH RIDFRPSXWHUSURJUDPFDOOHG$XGUH\ZKLFKLVRQHRIDQXPEHURISRVVLEOHV\QWKHVL]HGYRLFHVWKDW FDQEHSURGXFHGE\VLPSO\W\SLQJDVHQWHQFHRQDNH\ERDUGDQGKLWWLQJ³SOD\´2EYLRXVO\ZKRHYHU KDGVHQWWKHPHVVDJHZDVJRLQJWKURXJKDORWRIWURXEOHWRKLGHWKHLULGHQWLW\:KDWZHGLGQ¶WNQRZDW WKHWLPHKRZHYHUZDVWKDW³$XGUH\´ZDVWREHFRPHDQLQFUHDVLQJO\LPSRUWDQWILJXUHLQP\OLIHDV ZHOODVLQWKHOLYHVRIVHYHUDORIP\IULHQGVDQGHYHQVRPHRIWKHUHVHDUFKHUVIRU\HDUVWRFRPH $VIRUWKHFRQWHQWRIWKHPHVVDJHLWZDVXQGHQLDEO\IULJKWHQLQJ6KHPDGHLWVRXQGDVLIZHZHUH LQ JUDYH GDQJHU²QRW MXVW PH EXW /LVD DQG WKH NLGV DV ZHOO $QG ZKR ZHUH WKH ³WKH\´ VKH ZDV UHIHUULQJ WR" 7KH JRYHUQPHQW" 7KH PLOLWDU\" 6RPH VHFUHW RUJDQL]DWLRQ EDVHG RXW RI &RORUDGR 6SULQJV" ,Q DQ\ FDVH ZKDW FRXOG ZH GR" :H KDG MXVW PRYHG WR WKH 6SULQJV DQG GLGQ¶W KDYH WKH UHVRXUFHVWRSLFNXSDQGOHDYHDQGHYHQLIZHGLGLWVHHPHGIRROLVKWRGRVRRQWKHLQVWUXFWLRQVRIDQ XQNQRZQSHUVRQXVLQJDV\QWKHVL]HGYRLFHRQDQDQVZHULQJPDFKLQH 7KH PHVVDJH ZDV DOVR SX]]OLQJ LQ ZKDW LW VDLG DERXW PH 6KH FDOOHG PH ³6WDUVHHG´²ZKDWHYHU WKDWPHDQV²DQGWROGPH,DPGLIIHUHQWDQGWR³QRWEHDIUDLGRIZKDW,DP´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¶VIDPLO\DQGWKHPLOLWDU\EXWLWLV DQ\RQH¶VJXHVVZKDWWKHYLVLWRUVGRZLWK6WDQ:KDWLVLPSRUWDQWLVZK\WKH\FKRVHKLP$V\RX KDYH SUREDEO\ QRWLFHG 6WDQ LV VOLJKWO\ GLIIHUHQW 7KH ZD\ KH WKLQNV «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µIXQQ\¶ZHUHWRKDSSHQ LWZRXOGORRNVXVSLFLRXV«DQGWKH\GRQRWZDQWWRGUDZDWWHQWLRQWRWKHPVHOYHV(YHQZLWKKLV OHDUQLQJ GLVDELOLW\ RU LV LW MXVW D GLIIHUHQW ZD\ RI WKLQNLQJ" 6WDQ LV VPDUW²SUREDEO\ VPDUWHU WKDQPRVW6RGRQ¶WOHWKLPIRRO\RXZLWKKLVGXPEDFW6WDQLVGRLQJDOOWKHULJKWWKLQJVEXWKH QHHGV VXSSRUW 6WD\ IRFXVHG RQ \RXU JRDO EXW NHHS DQ H\H RXW ZLWKRXW RYHUO\ H[FLWLQJ 6WDQ DQG /LVD7KH\KDYHDORWWRGHDOZLWKDVLWLV7KLVKDVWDNHQDJUHDWGHDORIHIIRUWFRQWDFWLQJ\RXVR SOHDVHZDWFKZKDW\RXVD\DQGZKR\RXVD\LWWR7KHLPPHGLDWHSHRSOHLQYROYHGLQWKLVFDVHDUH RND\%XWVRPHRI6WDQDQG/LVD¶VIULHQGVDUHQRWZKRWKH\VHHP 7KHPHVVDJHRQ&OD\¶VSKRQHQRWRQO\UHLQIRUFHGRXUIHDUVEXWJDYHPHP\ILUVWLQNOLQJWKDW,ZDV FKRVHQLQVRPHZD\DQGDOOWKHEL]DUUHWKLQJVWKDWKDGKDSSHQHGWRPHRYHUWKHODVWIRXU\HDUVZHUH QRWVLPSO\DVHULHVRIUDQGRPHYHQWV$SSDUHQWO\WKH\ZHUHDWWUDFWHGWRPHIRUVRPHUHDVRQ²SHUKDSV SK\VLRORJLFDOSHUKDSVSV\FKRORJLFDO²,GRQ¶WNQRZ,WDOVRLPSOLHGWKDWDOOWKLVZDVPXFKODUJHUWKDQ , FRXOG HYHU KDYH LPDJLQHG DQG VHHPHG WR LQYROYH WKH PLOLWDU\ DQG SHRSOH LQ KLJK SODFHV , KDG VXVSHFWHGWKDWDOODORQJRIFRXUVHEXWWRKHDULWVHHPLQJO\FRQILUPHGWKDWZD\JDYHPHFKLOOV ,KDGQRLGHDZKDWWRGRZLWKWKLVQHZLQIRUPDWLRQRUZKDWWRPDNHRI$XGUH\DOO,NQRZLVWKDW WKLQJVZHUHEHFRPLQJHYHQVWUDQJHUDQGIDUPRUHTXLFNO\WKDQ,KDGLPDJLQHGSRVVLEOH 7RWKLVGD\ZHVWLOOKDYHQRLGHDZKRRUZKDWLVUHVSRQVLEOHIRUWKHVHVWUDQJHSKRQHPHVVDJHV EXW RYHU WKH \HDUV ZH KDYH JURZQ XVHG WR WKHP &OHDUO\ WKH\ DUH EHLQJ JHQHUDWHG E\ VRPHRQH RU VRPHWKLQJ"WKDWKDVWKHDELOLW\WRILQGXVQRPDWWHUZKHUHZHDUHDVZHOODVHDVLO\ORFDWHRWKHUVPRVW FORVHO\ LQYROYHG LQ RXU FDVH WR ZDUQ XV RI LPSHQGLQJ WURXEOH &RQVLGHULQJ KRZ PXFK WKH SHRSOH EHKLQG$XGUH\UHDOO\NQRZDQGKRZHDVLO\WKH\VHHPWREHDEOHWRREWDLQHYHQXQOLVWHGQXPEHUVLW¶V GLIILFXOWWRNQRZLIVKHLVDQDOO\RUDQDGYHUVDU\2QO\WLPHZLOOWHOOZKLFKRQH$XGUH\WXUQVRXWWR EH >FRQWHQWV@ 8QH[SHFWHGO\&DXJKWRQ)LOP :KLOH PRVW RI WKH SKRWRJUDSKLF HYLGHQFH ,¶YH DFTXLUHG RYHU WKH \HDUV KDV EHHQ GRQH LQWHQWLRQDOO\ RFFDVLRQDOO\ ZH PDQDJH WR FDSWXUH LPDJHV E\ DFFLGHQW DV ZHOO ,Q IDFW VRPH RI WKH PRVW VWXQQLQJ LPDJHV,¶YHDFTXLUHGKDYHEHHQDFKLHYHGSXUHO\E\FKDQFH7KLVWHQGHQF\KDVVXEVHTXHQWO\PDGHPH H[WUHPHO\FDUHIXODERXWFKHFNLQJHYHU\VWUD\SKRWRRYHUFDUHIXOO\EHIRUHGHOHWLQJLWDV,QHYHUNQRZ ZKDWVWUDQJHWKLQJVPD\EHOXUNLQJLQWKHEDFNJURXQG 3UREDEO\ WZR RI WKH PRVW LQWHUHVWLQJ LPDJHV ZH¶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² EXWVLQFHZHUDUHO\VWXG\WKHVN\ZLWKDQ\GHJUHHRIWKRURXJKQHVVRUFRQVLVWHQF\ZHMXVWQHYHUQRWLFH WKHP 6RPH PLJKW FRQVLGHU VXFK D SURVSHFW VLQLVWHU EXW VLQFH WKH\ GRQ¶W VHHP WR EH KRVWLOH WKHLU RPQLSUHVHQFHFRXOGEHFRQVLGHUHGSURWHFWLYH²HYHQEHQHYROHQW6XUHO\LIWKH\ZDQWHGWRFRQTXHUXV ZLWKWKHKLJKOHYHORIWHFKQRORJ\DWWKHLUGLVSRVDOWKH\FRXOGHDVLO\GRVRDWDQ\WLPH7KHIDFWWKDW WKH\ KDYHQ¶W GRQH VR E\ QRZ VXJJHVWV WKDW PD\EH WKH\¶UH MXVW NHHSLQJ WDEV RQ XV WKH ZD\ ZDWFKIXO SDUHQWVNHHSWDEVRQWKHLUFKLOGUHQSOD\LQJLQWKHEDFN\DUG 7KHSKRWRKDGDQRWKHUXQDQWLFLSDWHGHIIHFWDVZHOOWKHXQH[SHFWHGDSSHDUDQFHRID8)2LQKHU SKRWR DSSDUHQWO\ XSVHW 1LFFL EHFDXVH VKH VXGGHQO\ VWRUPHG RII WR KHU URRP :KHQ /LVD DVNHG KHU ZKDWWKHSUREOHPZDVVKHWROGKHUVKHQRORQJHUZDQWHGWKHFDPHUDDQGLQWHQGHGWRJHWKHUPRQH\ EDFN7KH³8)2FUDS´ZDVDOO6WDQ¶VEXVLQHVVVKHWROG/LVDDQGVKHZDQWHGWRKDYHQRWKLQJWRGR ZLWKLW ,FDQXQGHUVWDQGKRZVKHPXVWKDYHIHOW,W¶VKDUGIRUNLGVRIDQ\DJHWREHIRUFHGWRGHDOZLWK VRPHWKLQJVRP\VWHULRXV'HVSLWHRXUEHVWHIIRUWVWRNHHSWKHFKLOGUHQRXWRIWKHVWUDQJHQHVVORRSVR PXFK KDG KDSSHQHG WKDW LW ZDV LPSRVVLEOH WR KLGH LW DQ\PRUH HVSHFLDOO\ ZKHQ WKH NLGV ZHUH DOVR ZLWQHVVLQJWKLQJV,XQGHUVWRRG1LFFL¶VIHDUV,ZLVK,FRXOGKDYHNHSWDOOWKH8)2FUDSDZD\IURP WKHPEXWLWZDVQRWSRVVLEOH7KH\ZHUHLQYROYHGZKHWKHUWKH\OLNHGLWRUQRWDQGWKHUHZDVQRWKLQJ ZHFRXOGGRDERXWLW 0\RWKHUVWHSGDXJKWHU$SULORQWKHRWKHUKDQGVDZWKLQJVGLIIHUHQWO\$OWKRXJKWKH\ZHUHWZLQV WKHWZRJLUO¶VSHUVRQDOLWLHVZHUHVRPHZKDWRSSRVLWHV$VVXFK$SULOWKRXJKWWKHSLFWXUHZDV³FRRO´ DQGZDQWHGWRJHWDSLFWXUHRID8)2KHUVHOIVRVKHVSHQWWKHQH[WKRXUVKRRWLQJGR]HQVRISLFWXUHVRI FORXGVLQWKHKRSHVRIILQGLQJKHURZQVKLQ\GLVNIORDWLQJLQWKHP)LQDOO\WLULQJRI8)2KXQWLQJDIWHU VQDSSLQJDKDOIGR]HQPRUHSLFWXUHVVKHVHWWKHFDPHUDRQWKHGHVNQH[WWRWKHFRPSXWHUPRQLWRUDQG WRRWLUHGWRGRZQORDGDQGH[DPLQHWKHPDWWKHWLPHZHQWWREHG7KHQH[WPRUQLQJKRZHYHUZKHQ ZHZDONHGLQWRWKHURRPZHQRWLFHGWKDWWKHFDPHUDZDVQRORQJHURQWKHGHVNQH[WWRWKHFRPSXWHU EXWZDVQRZRQWKHIORRU$SULOTXLFNO\JUDEEHGLWDQGDIWHULQVSHFWLQJWKHFDPHUDWRHQVXUHLWZDVQ¶W GDPDJHG FDVXDOO\ VWDUWHG GRZQORDGLQJ WKH SLFWXUHV WR VHH LI VKH KDG PDQDJHG WR FDSWXUH DQ\WKLQJ ³H[WUDWHUUHVWULDO´ LQ WKH SKRWRV VKH KDG WDNHQ WKH SUHYLRXV HYHQLQJ /LWWOH GLG VKH NQRZ VKH ZRXOG LQGHHGFDSWXUHVRPHWKLQJWKRXJKLWZDVQR8)2²QRUZDVLWDQ\WKLQJDQ\RIXVZHUHSUHSDUHGIRU 7KHILUVWIHZSLFWXUHVVKRZHGQRWKLQJXQXVXDO²MXVWVWRUPFORXGVGULIWLQJLQWKHVN\+RZHYHUZH HYHQWXDOO\ FDPH DFURVV D FRXSOH RI SKRWRV WKDW ZH FRXOGQ¶W LQLWLDOO\ LGHQWLI\ 7KH\ ZHUHQ¶W RI WKH VNLHVRUWKHFORXGVEXWDSSHDUHGWREHMXVWDVHULHVRIRGGGDUNVKDSHVRQDPRVWO\ZKLWHEDFNJURXQG $WILUVWQRRQHUHFRJQL]HGZKDWZHZHUHORRNLQJDWEXWZKHQZHVWHSSHGEDFNLWVXGGHQO\FDPH LQWR IRFXV ,W ZDV FOHDUO\ VRPH VRUW RI IDFH WKDW KDG DSSDUHQWO\ EHHQ SHHULQJ LQWR WKH OHQV DQG KDG VQDSSHGDFRXSOHSLFWXUHVRILWVHOI%XWZKRVHIDFHZDVLW",WFHUWDLQO\GLGQ¶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¶VERRNFKDUDFWHU³&XULRXV*HRUJH´WKDW¶VWKHQLFNQDPH/LVDFDPH XSZLWKIRUKLP:HDOODJUHHGLWZDVDSSURSULDWH :HIRXQGP\FDPHUDDIWHULWKDGEHHQPLVVLQJIRUGD\V DQGQRWLFHGWKDWLWKDGH[WUDSLFWXUHVRQLW &XULRXVO\WKLVZDVQ¶WWKHRQO\WLPH(7VZHUHWRSKRWRJUDSKWKHPVHOYHV$FRXSOHRI\HDUVODWHU RXU GLJLWDO FDPHUD WXUQHG XS PLVVLQJ +RSLQJ LW KDG EHHQ PHUHO\ PLVSODFHG DQG QRW VWROHQ ZH VFRXUHGWKHKRXVHORRNLQJIRULWEXWWRQRDYDLO,WKDGVLPSO\GLVDSSHDUHGDVFRPSOHWHO\DVLILWKDG QHYHUH[LVWHG $ IHZ GD\V ODWHU KRZHYHU P\ ZLIH /LVD IRXQG LW KDQJLQJ IURP RQH RI WKH FHLOLQJ IDQV :H LPPHGLDWHO\QRWLFHGLWKDGDFRXSOHRIH[WUDSLFWXUHVRQLWDQGUHPHPEHULQJWKHIDFHVZH¶GFDXJKWRQ $SULO¶VFDPHUDDFRXSOHRI\HDUVHDUOLHUZHWRRNDORRN6XUHHQRXJKMXVWDVEHIRUHWKHUHZHUHWZR PRUHPXJVKRWVRIRXUIULHQGV 7KLVWLPHKRZHYHUWKH\ORRNHGDOLWWOHGLIIHUHQWIURPWKHHDUOLHUSKRWRVZKLOHWKHLUH\HV²ZLWK WKHLURYHUVL]HGWHDUGXFWV²DSSHDUHGWREHVLPLODULQWKHHDUOLHUVKRW³&XULRXV*HRUJH´FOHDUO\KDV QRVWULOVDQGHYHQDKLQWRIDQRVHZKLOHWKHJUD\LQWKHODWHUSKRWRVKRZVQRHYLGHQFHRIQRVWULOVDWDOO DOWKRXJKLW¶VSRVVLEOHLWZDVZDVKHGRXWE\WKHIODVKRIWKHFDPHUD,IFRUUHFWLWVHHPVWKDWWKHUHDUH DVPDQ\GLIIHUHQWW\SHVRIJUD\VDVWKHUHDUHVSHFLHVRISLJHRQV 7KLQNLQJDERXWWKHSKRWRVLQKLQGVLJKWLWVWULNHVPHWKDWLIVRPH(7GLGPDQDJHWRDFFLGHQWDOO\ WDNHLWVRZQSLFWXUHLWGHPRQVWUDWHVWZRWKLQJVILUVWWKDWWKH\VHHPWREHDEOHWRURDPDURXQGWKH KRXVH DW QLJKW ZLWKRXW EHLQJ QRWLFHG²ZKLFK LV D VFDU\ WKRXJKW²DQG VHFRQG WKDW WKH\ VHHP WR SRVVHVV DQ DOPRVW FKLOGOLNH FXULRVLW\ DERXW WKLQJV 7KH ODWWHU SRLQW LV HVSHFLDOO\ LQWHUHVWLQJ DV RQH ZRXOG LPDJLQH WKDW D VXSHUDGYDQFHG UDFH RI (7V ZRXOGQ¶W VKRZ PXFK LQWHUHVW LQ RXU SULPLWLYH WHFKQRORJLHVEXWWKHSLFWXUHVVXJJHVWMXVWWKHRSSRVLWHWREHWUXH$SSDUHQWO\WKH\DUHQRWRQO\FXULRXV DERXW WKLQJV OLNH FDPHUDV EXW DUH HYHQ D OLWWOH FOXPV\ ZLWK RXU SULPLWLYH WHFKQRORJLHV SXVKLQJ EXWWRQV DQG ILGGOLQJ ZLWK VZLWFKHV ZLWKRXW XQGHUVWDQGLQJ KRZ WKH\ ZRUN ,W VHHPV OLNH D FRQWUDGLFWLRQ,DGPLWEXWWKHQWKH(7VDUHDOHVVRQLQFRQWUDGLFWLRQV 2U GLG WKH\ LQWHQG WR OHDYH HYLGHQFH RI WKHPVHOYHV IRU XV WR GLVFRYHU²DQ HYHQ PRUH FXULRXV WKRXJKW"6XUHO\WKH\ZRXOGNQRZZKDWDFDPHUDLVIRUDQGKRZLWZRUNVDQGZRXOGKDYHQRWLFHGWKH IODVK ZKHQ LW ZHQW RII WZLFH QR OHVV 7KH LGHD WKDW WKH\ ZRXOG KDYH DFFLGHQWDOO\ SKRWRJUDSKHG WKHPVHOYHVDQGWKHQUXQRIIOLNHDEXQFKRIVWDUWOHGFKLPSDQ]HHVLVLQFRPSUHKHQVLEOHWRPH 7KLVOHDGVPHWRZRQGHULIWKH\ZHUHQ¶WLQWHQWLRQDOO\OHDYLQJDOLWWOHHYLGHQFHRIWKHPVHOYHVIRUXV WR GLVFRYHU SHUKDSV DV IXUWKHU FRQILUPDWLRQ RI WKHLU SUHVHQFH &HUWDLQO\ VXFK ZRXOGQ¶W EH LQFRQVLVWHQWZLWKZKDWWKH\KDGGRQHLQWKHSDVWZKHQWKH\KDYHOHIWDOOVRUWVRIHYLGHQFHVRIWKHLU DFWLRQV , FRXOG EH ZURQJ DERXW WKDW DQG WKH\ UHDOO\ DUH DV FOXPV\ DV WKH\ DSSHDU EXW VRPHKRZ , GRXEWLW >FRQWHQWV@ 7KH,PSODQW 3UREDEO\ RQH RI WKH PRVW FRQWURYHUVLDO²DQG SRWHQWLDOO\ YDOXDEOH²HOHPHQWV RI PDQ\ DEGXFWLRQ VFHQDULRVLVWKHEHOLHIWKDWWKHVHHQWLWLHVRFFDVLRQDOO\OHDYHLPSODQWVLQWKHERGLHVRIWKHLUYLFWLPV HLWKHU DV D W\SH RI WUDFNLQJ GHYLFH RU SHUKDSV DV D SK\VLRORJLFDO PRQLWRULQJ GHYLFH RI VRPH NLQG 3HUVRQDOO\ , QHYHU IHOW WKDW (7V KDG WURXEOH ORFDWLQJ PH DW DQ\ WLPH VR , GRQ¶W VHH WKH YDOXH RI D WUDFNLQJGHYLFHDQGDVIRUWKHPRQLWRULQJGHYLFHVFHQDULR,VXSSRVHWKDWPDNHVVRPHVHQVHORJLFDOO\ WKRXJKDJDLQPRQLWRULQJZKDW",QDQ\FDVHOLNHPDQ\DEGXFWLRQH[SHULHQFHVLQZKLFKYLFWLPVUHSRUW KDYLQJKDGWLQ\LPSODQWVSODFHGLQWKHLUERGLHVP\FDVHZDVQRGLIIHUHQW$V,ZURWHHDUOLHU,KDG QRWLFHGDSHDVL]HGOXPSQHDUP\KLSIROORZLQJWKH1RYHPEHUDEGXFWLRQEXWVLQFHLWZDVQRW SDLQIXO,GLGQ¶WWKLQNPXFKDERXWLW+RZHYHU,DOZD\VZRQGHUHGZKDWLWFRXOGEHHVSHFLDOO\DIWHU WKH)HEUXDU\DEGXFWLRQZKHQ,ZDVUHWXUQHGZHDULQJDZRPDQ¶VQLJKWJRZQDQGWKHOXPSZDV QRZVXUURXQGHGE\WKUHHWLQ\SXQFWXUHPDUNVLQWKHVKDSHRIDWULDQJOH ,EHJDQWRSLFNDWWKHOXPSXQWLOLWVHHPHGWREHEUHDNLQJWKHVNLQ$WILUVWLWIHOWDVLI,PLJKWKDYH JRWWHQDVOLYHUHPEHGGHGXQGHUP\VNLQ²SHUKDSVDVDUHVXOWRIUXEELQJXSDJDLQVWVRPHWKLQJZKLOH ZRUNLQJLQWKH\DUG²EXWWU\DV,PLJKWXVLQJWZHH]HUVDQGVDIHW\SLQV,MXVWFRXOGQ¶WSXOOWKHGDPQ WKLQJRXW,ILWZHUHDSLHFHRIPHWDORUZRRGIURPVRPHWKLQJDURXQGP\KRPHDQG,KDGSLFNHGLWXS WZR \HDUV HDUOLHU LW VKRXOG KDYH HLWKHU ZRUNHG LWV ZD\ RXW RI P\ V\VWHP E\ QRZ RU KDYH JRWWHQ VHYHUHO\LQIHFWHGORQJDJRPDNLQJPHHYHQPRUHFXULRXVDERXWZKDWLWPLJKWEH,ZDQWHGWKHWKLQJ RXW QRW RQO\ WR HOLPLQDWH WKH JURZLQJ GLVFRPIRUW EXW EHFDXVH WKH WKRXJKW WKDW LW PLJKW KDYH EHHQ LPSODQWHGPDGHPHHDJHUWRUHPRYHLWIURPP\ERG\ $VZDVFRPPRQZLWKP\DEGXFWLRQH[SHULHQFHV,IUHTXHQWO\FDPHGRZQZLWKSQHXPRQLDVKRUWO\ DIWHUHDFKDEGXFWLRQVRZKHQ,JRWVLFNLQWKHVXPPHURIDQGZHQWWRWKHGRFWRUWRVHHDERXW JHWWLQJVRPHDQWLELRWLFV,WKRXJKW,¶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¶WFDUHIRUWKDWDQVZHUDQG,VWDUWHGJHWWLQJXSVHW ³,W¶VDOPRVWRXWQRZ´,VDLG³-XVWKHOSPHJHWLWWKHUHVWRIWKHZD\RXW´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³IX]]´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¶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¶GHYHUVHHQ:KDWZDVHYHQPRUHDVWRQLVKLQJLV WKDWLWVHHPHGWRDEVRUEOLJKWDQGFRQWLQXHGWRJORZZLWKDIDLQWRUDQJHJORZHYHQDIWHUZHWXUQHGWKH EODFNOLJKWRII $IWHUZHSKRWRJUDSKHGWKHREMHFWIURPYDULRXVSHUVSHFWLYHV/LVDWKHQKLGWKHLPSODQWZKLOH,JRW EXV\ HPDLOLQJ SLFWXUHV WR WKH UHVHDUFKHUV )RU VRPH UHDVRQ , QHJOHFWHG WR DVN KHU ZKHUH VKH KDG KLGGHQWKHYLDOWKRXJK,VXVSHFWLWZRXOGQ¶WKDYHPDWWHUHGLQWKHHQGDQ\ZD\ 7KHERWWRPRIWKHWHVWWXEH ZDVEORZQRXW :HIRXQGWKHLPSODQWEORZQ WRWLQ\SLHFHV $IHZGD\VODWHU,ZDVDZDNHQHGLQWKHPLGGOHRIWKHQLJKWE\DYHU\KLJKSLWFKHGVTXHDOFRPLQJ IURPWKHSRUWDEOHVWHUHRQH[WWRWKHEHG$WILUVW,WKRXJKWWKDWPD\EH,¶GDFFLGHQWDOO\OHIWWKHUDGLRRQ DQGZDVSLFNLQJXSVRPHNLQGRIVWDWLFEXWZKHQ,FKHFNHG,IRXQGLWZDVWXUQHGRII$IHZVHFRQGV ODWHUWKHVTXHDOLQJVWRSSHGDQGWRRWLUHGWRJLYHLWDVHFRQGWKRXJKW,IHOOEDFNWRVOHHS 7KHQH[WPRUQLQJ,FDVXDOO\PHQWLRQHGWR/LVDVRPHWKLQJDERXWKHDULQJDQDQQR\LQJKLJKSLWFKHG VTXHDOFRPLQJIURPWKHSRUWDEOHVWHUHREULQJLQJDVWULFNHQORRNWRKHUIDFH,WWXUQHGRXWWKDW/LVDKDG KLGGHQ WKH YLDO FRQWDLQLQJ WKH LPSODQW LQVLGH WKH HPSW\ EDWWHU\ FRPSDUWPHQW RI WKH SRUWDEOH VWHUHR 4XLFNO\UXQQLQJXSVWDLUVWRFKHFN/LVDRSHQHGWKHVWHUHR¶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¶WUHMHFWWKHP %XW ZKDW ZDV PRVW UHPDUNDEOH RI DOO LV ZKDW WKH VFLHQWLVWV IRXQG RQFH WKH\ EHJDQ VWXG\LQJ WKH UHPQDQWVLQGHWDLO7KHILUVWWKLQJWKH\QRWLFHGZDVWKDWWKHLPSODQWKDGDQLQWHUQDOVWUXFWXUHVRVPDOOLW WRRN DQ HOHFWURQ PLFURVFRSH WR VHH LW DQG WKDW¶V ZKHQ WKH\ UHDOL]HG WKDW WKH LPSODQW ZDVQ¶W IURP DURXQGKHUH 7KHLPSODQWLWVHOIZDVPDGHRIVRPHNLQGRITXDUW]FU\VWDO,ZDVWROGVLPLODUWRWKHW\SHXVHGLQ FU\VWDOUDGLRV2IFRXUVHWKDWZRXOGKDYHJLYHQLWWKHDELOLW\WRDFWDVERWKDQDQWHQQDDQGDUHFHLYHU PDNLQJ LW D SHUIHFW WUDFNLQJ GHYLFH 7KH\ DOVR GLVFRYHUHG WKDW WKHUH ZHUH PLFURVFRSLF ILEHUV LPEHGGHGLQWKHSLHFHVRIWKHLPSODQWDQGHYHQZKDWDSSHDUHGWREHWLQ\PLFURVFRSLFJHDUVDQGDQ H[WUHPHO\PLQXWHFRPSXWHUFKLSLPEHGGHGZLWKLQWKHPDWHULDO &OHDUO\WKLVZDVQRFRPPRQ(DUWKGHYLFHEXWHYLGHQFHRIDVRSKLVWLFDWHGWHFKQRORJ\PDQ\\HDUV ²LIQRWFHQWXULHV²DKHDGRIRXURZQ,IWUXHKRZHYHUWKDWZRXOGPDNHWKHWLQ\GHYLFHRQHRIWKH PRVW LPSRUWDQW GLVFRYHULHV LQ KLVWRU\ $EGXFWLRQ DFFRXQWV KDG DOZD\V ODFNHG KDUG HYLGHQFH WR YDOLGDWH WKHLU VWRU\ EXW QRZ ZH KDG WKH SURRI WKDW ZH ZHUH GHDOLQJ ZLWK VRPHWKLQJ HYHQ VFLHQFH FRXOGQ¶WHDVLO\GLVPLVV 6RZKHUHDUHWKHUHPQDQWVRIWKHLPSODQWQRZ",ZRXOGVD\WKH\ZHUHORVWEXWWKDWZRXOGEHWRR FRLQFLGHQWDO7KHIDFWLVWKH\VLPSO\YDQLVKHGIURPWKHUHVHDUFKODEWKH\ZHUHEHLQJVWRUHGDWOHDGLQJ PHWREHOLHYHWKDWVRPHRQH²HLWKHUWKH(7VWKHPVHOYHVRUVRPHKXPDQDJHQF\²DOVRXQGHUVWRRGWKH LPSRUWDQFHRIWKHLPSODQWDQGWRRNWKHHYLGHQFH,QUHWURVSHFW,VKRXOGKDYHEHHQPRUHFDUHIXODERXW VHQGLQJDOOWKHVDPSOHVRIIHQPDVVH,WZRXOGKDYHPDGHVHQVHWRNHHSDIHZSLHFHVVHSDUDWHIURP WKHUHVWEXWDWWKHWLPH,GLGQ¶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²QRW DERXW WKH SURFHVV RI FRXUVH EXW DERXW ZKDW ZH PLJKW OHDUQ +RZ IDU KDG WKH DOLHQV JRQH ZLWK PH DQG KDG WKH\ LQWHUDFWHG ZLWK P\ IDPLO\" :KDW W\SHV RI FDUHIXOO\ UHSUHVVHG PHPRULHVPLJKWEHO\LQJGRUPDQWLQP\PLQGZDLWLQJIRU'HERUDKWRXQORFNWKHP" $VEHIRUH'HERUDKZRUNHGKHUPDJLFDQGVRRQ,ZDVLQDGHHSWUDQFHDOORZLQJP\VXEFRQVFLRXV PLQGWRVHHZKDWP\FRQVFLRXVPLQGFRXOGQ¶WRUZRXOGQ¶WDOORZLWVHOIWRVHHDQG,IRXQGP\VHOIRQFH DJDLQIORDWLQJZHLJKWOHVVO\DERYHDWDEOHLQDEOXLVK\HOORZOLWURRP$VEHIRUHDV,ORRNHGDURXQG WKH URRP , FRXOG VHH WKDW WKH HQWLUH URRP DSSHDUHG WR EH PROGHG RXW RI D VLQJOH SLHFH RI PDWHULDO JLYLQJWKHURRPDVHDPOHVVVPRRWKIHHO,WDSSHDUHGWKDW,ZDVLQVRPHVRUWRIVHPLOXFLGVWDWHDQG DV , IHOW P\VHOI EHFRPH PRUH DZDNH WKH VHQVDWLRQ RI ZHLJKWOHVVQHVV OHIW PH DQG , IRXQG P\VHOI VWDQGLQJRQWKHIORRUQRZIDFLQJWKUHHVPDOOKXPDQRLGFUHDWXUHV7KH\ORRNHGOLNHWKHVWHUHRW\SLFDO JUD\V²ODUJHKHDGVVPDOOVOHQGHUERGLHVDQGDSSHQGDJHVDQGELJEODFNH\HV²H[FHSWWKH\ZHUHQ¶W JUD\7KH\ZHUHPRUHRIDSDOHFUHDPFRORUZLWKDVOLJKWEOXLVKWLQWZKHUHWKHUHZHUHIROGVRUMRLQWV LQ WKHLU VNLQ DQG GDUNHU EOXH SDWFKHV DURXQG WKHLU KXJH H\HV $OVR XQOLNH WUDGLWLRQDO JUD\V ZKR XVXDOO\ DSSHDU WR EH QDNHG WKHVH EHLQJV ZHUH FORWKHG LQ VRPH VRUW RI VHDPOHVV MXPSVXLW ZLWK IXOO WXUWOHQHFNFROODUV-XVWOLNHWKHURRP,ZDVLQWKHLUFORWKLQJDOVRVHHPHGWREHPDGHIURPDVLQJOH SLHFHRIPDWHULDO 7KLVZDVQHZWRPHDQG,ZDVVFDUHG7KHILUVW(7VWKDWKDGDEGXFWHGPH²WKHSRVVXPSHRSOH, FDOOHGWKHP²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¶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¶WQRWLFHG$SSDUHQWO\WKH\GLGQ¶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¶WWHOOZKHWKHUWKH\ZKHUHUHPRYLQJRULQVHUWLQJLWEXWZKHQ,IHOWSDLQVKRRWLQJ WKURXJKPH,GHFLGHGWKH\ZHUHLQVHUWLQJLW 7KDWVHHPHGWREHP\ODVWFOHDUPHPRU\EHIRUHZDNLQJXSE\WKHFUDEDSSOHWUHHLQ1HEUDVNDWZR \HDUVHDUOLHU8QDEOHWRXQFRYHUDQ\PRUH'HERUDKGHFLGHGWRWDNHPHIRUZDUGWRP\QH[WDEGXFWLRQ H[SHULHQFH WKDW RI )HEUXDU\ 7KLV LV WKH RQH LQ ZKLFK , ZRNH XS ZLWK WKH ZRPDQ¶V QLJKWJRZQRQDQGZLWKDEVROXWHO\QRLGHDRIKRZ,¶GFRPHWRDFTXLUHLW 6KHGHIWO\PRYHGPHIRUZDUGLQWLPHXQWLO,IRXQGP\VHOIEDFNLQ.HDUQH\1HEUDVNDUHOLYLQJWKDW H[SHULHQFHRQFHPRUH7KHILUVWWKLQJ,KHDUGP\VHOIVD\ZDV³'DPQLW:K\ZRQ¶WWKH\OHDYHPH DORQH"´ 2QFHDJDLQ,ZDVLQDVWUDQJHEULOOLDQWO\OLWURRPRQO\WKLVRQHORRNHGWREHYDVWDQGHQGOHVV, GLGQ¶WNQRZZKHWKHULWZDVWKHOLJKWLQJWKDWFDXVHGWKHHIIHFWRULIWKHURRPZDVDFWXDOO\WKDWELJEXW LQDQ\FDVHLWDSSHDUHGGLIIHUHQWIURPHLWKHURIWKHWZRURRPV,¶GUHFDOOHGLQSUHYLRXVH[SHULHQFHV, QRWLFHGWKDWWKHUHZHUHWZRWDEOHVLQWKHURRPDWOHDVWWZHQW\IHHWRUVRDSDUW,ZDVRQRQHDQGWKHUH ZDVDZRPDQRQWKHRWKHU6KHZDVVPDOOHUWKDQPHDQGDSSHDUHGYHU\ILWZLWKORQJFXUO\EURZQ KDLU DQG YHU\ OLJKW EURZQ RU KD]HO H\HV , UHPHPEHU KHU KDYLQJ GDUNHU VNLQ WKDQ , JLYLQJ KHU D GHFLGHGO\0HGLWHUUDQHDQDSSHDUDQFH ,WZDVQ¶WORQJEHIRUHWKHFUHDWXUHVFDPHLQWRWKHURRPWREHJLQWKHLUH[SHULPHQWV,FDQ¶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³SURQJV´RIWKHIRUNDURXQGWKHLPSODQWDQGWKUXVWLWLQWRP\KLSVHQGLQJDMROWRISDLQWKURXJKP\ ERG\$IHZVHFRQGVODWHUWKH\ZLWKGUHZWKHGHYLFHOHDYLQJWKUHHWLQ\SXQFWXUHPDUNVDQGDVPDOO DPRXQWRIEUXLVLQJ)LQLVKLQJWKDWWKH\WKHQZHQWRQWRWKHQH[WWKLQJZLWKFROGFDOFXODWLQJHIILFLHQF\ 7KH\ZHUHZRUNLQJTXLFNO\DVWKRXJKDQ[LRXVWRPDLQWDLQVRPHVRUWRIVFKHGXOH :KLOH , HQGXUHG WKH DOLHQ¶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¶V QLJKWJRZQ )RU VRPHUHDVRQLWGLGQ¶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³7KHVHFKLOGUHQDUHRXUV´, WKRXJKW VRPHKRZ FHUWDLQ RI WKH IDFW , FDQ¶W WHOO \RX ZKHWKHU WKLV LGHD ZDV D SURMHFWLRQ , ZDV UHFHLYLQJIURPWKHFKLOGUHQRUMXVWSDUWRIWKHH[FLWHPHQWEXWDIHHOLQJRIHXSKRULDILOOHGP\KHDUW$V ,ZDVKXJJLQJWKHFKLOGUHQDQGKROGLQJWKHPFORVHWRPHRXWRIWKHFRUQHURIP\H\H,VDZWKH(7V VWDQGLQJDPRGHVWGLVWDQFHDZD\VWXG\LQJXVDQGVXGGHQO\P\PRRGVZXQJIURPSXUHLQQRFHQWMR\ WRLQVWDQWFRQFHUQIRUWKHFKLOGUHQ ³7KRVHGDPQWKLQJVDUHQ¶WJRLQJWRNHHSWKHVHNLGV«,¶PJRLQJWRVDYHWKHP´,GHFLGHG,VHQVHG E\ WKHLU ERG\ ODQJXDJH WKDW WKH EHLQJV REVHUYLQJ XV ZHUH FDXJKW RIIJXDUG E\ P\ VXGGHQ FKDQJH RI DWWLWXGHDQG,REVHUYHGDFOHDUSDQLFLQWKHLUVWDQFH7KH\LPPHGLDWHO\EHJDQJDWKHULQJWKHFKLOGUHQ EXW,ZDVQ¶WDERXWWROHWWKHVHPRQVWHUVWDNH³P\´NLGVDZD\,ZDVUHDG\WRILJKW 7KHFKLOGUHQZHUHFOLQJLQJWRXVFU\LQJQRWZDQWLQJWROHWJRDQGDV,IRFXVHGP\DWWHQWLRQRQWKH QHDUHVWEHLQJLQWHQWRQVHQGLQJLWVSUDZOLQJDORXGYRLFH²RU,VKRXOGVD\DORXGWKRXJKW²SRSSHG LQWRP\KHDG ³7KH\ZLOOQRWVXUYLYHZLWK\RX´WKHYRLFHVDLG , WULHG WR LJQRUH WKH ZDUQLQJ LQ P\ KHDG EXW VRRQ , EHJDQ WR UHDOL]H WKDW LW PDGH VHQVH 7KHVH FKLOGUHQ DUH REYLRXVO\ GLIIHUHQW DQG DV LQWROHUDQW DV WKH KXPDQ UDFH LV , FRXOG RQO\ LPDJLQH ZKDW ZRXOGKDSSHQWRWKHPLI,ZHUHWRILQGDZD\WREULQJWKHPKRPH8OWLPDWHO\,OHWJRRIWKHLGHDRI ³VDYLQJ´WKHFKLOGUHQ ³7KH\ZLOOEHDOULJKW:HZLOOWDNHJRRGFDUHRIWKHP:HPXVWKXUU\´DQRWKHUYRLFHVDLGLQP\ KHDG 7KHZRPDQDQG,ZHSWDVWKHFKLOGUHQZHUHWDNHQRXWRIWKHURRP7KHQLQVWHDGRIUHWXUQLQJXVDV , DVVXPHG WKH\¶G GR RQH RI WKH (7V SXW KLV KDQG RQ P\ DUP DQG EURXJKW PH RYHU WR WKH ZDOO +H SUHVVHGDEXWWRQWKDWPDGHWKHZDOOWUDQVSDUHQWDQGZKDW,VDZZKHQ,ORRNHGWKURXJKLWILOOHGPH ZLWKDZH %HIRUHXVZDVDSODQHWWKDWORRNHGWREH-XSLWHULQDOOLWVJORULRXVUDGLDQWEHDXW\,GRQ¶WWKLQN DQ\RQH FDQ DSSUHFLDWH KRZ VWXQQLQJ LW LV IURP SKRWRJUDSKV RU HYHQ SODQHWDULXP UHFUHDWLRQV LQ SHUVRQLWLVH[WUDRUGLQDU\LQLWVPDJQLILFHQFHDQGIDUPRUHPDVVLYHWKDQ,LPDJLQHG%XWHYHQPRUH VWXQQLQJ WKDQ WKH SODQHW LWVHOI ZDV WKH DSSHDUDQFH RI DQ HQRUPRXV EODFN F\OLQGHU LQ RUELW DERYH LW $QG E\ HQRUPRXV , GRQ¶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¶VQLJKWVKLUW ,W VHHPHG DVWRQLVKLQJ WR LPDJLQH WKDW DQ DOLHQ UDFH DV REYLRXVO\ DGYDQFHG DV WKRVH WKDW KDG DEGXFWHG PH DQG WKH ZRPDQ FRXOG VRPHKRZ PDQDJH WR UHWXUQ XV GUHVVHG LQ HDFK RWKHU¶V FORWKLQJ :DVLWDELWRIDOLHQKXPRUZKLFKVHHPVXQOLNHO\WKHVHEHLQJVGLGQ¶WVWULNHPHDVKDYLQJPXFKLQ WHUPVRISHUVRQDOLW\DWDOOPXFKOHVVDVHQVHRIKXPRURUFRXOGLWEHWKDWOLNHPDQ\KLJKO\LQWHOOLJHQW KXPDQVWKH\VRPHWLPHVKDYHSUREOHPVZLWKWKH³OLWWOHGHWDLOV´OLNHSXWWLQJSHRSOHEDFNLQWKHVDPH FORWKHV LQ ZKLFK WKH\¶G DUULYHG" 2U FRXOG WKH ZRPDQ DQG , KDYH PDGH D SDFW WR LQWHQWLRQDOO\ H[FKDQJHWRSVLQDQHIIRUWWRSURYHWKHQRFWXUQDODEGXFWLRQKDGUHDOO\WDNHQSODFHDQGZDVQRWVLPSO\ DQRWKHUH[DPSOHRIVOHHSSDUDO\VLV",GRQ¶WNQRZEXWLWVXJJHVWHGWKDWWKHVHEHLQJVPD\QRWSRVVHVV FRPSOHWHFRQWURORYHUWKHLUVXEMHFWV-XVWDV,ZDVDEOHWRUHWXUQZLWKDELWRIHOHPHQWDOELVPXWKLQP\ KDQG IURP P\ HDUOLHU DEGXFWLRQ LW DSSHDUHG WKH\ FRXOG EH IRROHG 3HUKDSV LQ WKHLU DVVXPSWLRQ RI VXSHULRULW\ WKH\ DUH FDUHOHVV RU FRXOG WKH\ EH DOORZLQJ PH WR UHWXUQ ZLWK WUDFH HYLGHQFH IRU VRPH UHDVRQ",W¶VDFXULRXVSRVVLELOLW\WKDWQHHGVWREHFRQVLGHUHG >FRQWHQWV@ 1HZ(TXDWLRQVDQGD'DWHIRU&KDQJH 5HJDUGOHVVRIZKDWRQHPLJKWPDNHRIP\YLVLWRUV¶SRVWDEGXFWLRQFRPSHWHQF\,FDQ¶WGHQ\WKDWWKH\ DUH LQ PDQ\ ZD\V H[WUDRUGLQDULO\ VXSHULRU WR XV LQWHOOHFWXDOO\ 7KH\ SURYHG WKLV RQFH PRUH E\ SURYLGLQJPHZLWKDQRWKHUHTXDWLRQ-XVWDVLQWKHHDUOLHUUHJUHVVLRQ,TXLFNO\VFULEEOHGLWGRZQLQ IURQWRI'HERUDKDQGWKHRWKHUZLWQHVVHVDOOZLWKP\H\HVFORVHG $QRWKHUHTXDWLRQ /LNHWKHRWKHUV,¶GEHHQJLYHQHDUOLHUWKLVRQHDOVRPDGHQRVHQVHWRPHWKRXJK,ZDVWRILQGRXW ODWHUWKDWLWKDVVRPHWKLQJWRGRZLWKZRUPKROHVDQGKRZWRHQWHURQHZLWKRXWEHLQJFUXVKHGE\WKH LPPHQVHJUDYLWDWLRQDOSUHVVXUHVLQKHUHQWWRWKHWKLQJV7KLVVNHWFKWXUQHGRXWWREHWKHPRVWXQIDPLOLDU WRWKHUHVHDUFKHUVZKRKDGQHYHUHQFRXQWHUHGWKHHTXDWLRQEHIRUHWKRXJKWKH\UHFRJQL]HGHOHPHQWV RILWVXFKDVWKDW³I´VWDQGVIRUIRUFH³U´IRUGLVWDQFHDQG³F´IRUWKHVSHHGRIOLJKWHWF8QLYHUVLW\RI 1HEUDVNDDW2PDKDSK\VLFLVW'U-DFN.DVKHUFDPHXSZLWKWKHLGHDWKDWWKHWKUHHFRQHOLNHILJXUHV ZHUH SUREDEO\ ZRUPKROHV ZLWK WKH GRW DQG WKUHH OLQHV DERYH WKH OHIW RQH SRVVLEO\ LQGLFDWLQJ WKDW VSDFHFDQEHPRUHDQGPRUHVWURQJO\FXUYHGWRIRUPDZRUPKROH7KHPLGGOHFRQHFRXOGEHVKRZLQJ DVSDFHWUDYHOHUPRYLQJLQWRDQGRXWRIWKHZRUPKROH+HGLGQ¶WNQRZZKDWWKHIXQQ\V\PERODWWKH ERWWRPPHDQVZLWKWKHDQGVLJQV $V LQWHUHVWLQJ DV WKDW ZDV KRZHYHU LW ZDV WKH VHFRQG VNHWFK , PDGH ZKLOH XQGHU K\SQRVLV RU LPPHGLDWHO\DIWHUZDUGWKDWZDVHYHQPRUHFXULRXVDQGWHOOLQJ,WZDVDOVRDVFKHPDWLFRIWKHSODQHWV OLNH,KDGGUDZQGXULQJP\SUHYLRXVUHJUHVVLRQEXWWKLVRQHIHOWPRUHDFFXUDWHWKDQWKHHDUOLHURQH $QRWKHUHTXDWLRQ 2EYLRXVO\LWLVWKHSRVLWLRQRIWKHPRRQSOD\IXOO\GHVLJQDWHGDV³FKHHVH´LQP\GUDZLQJDQGVL[ RIWKHSODQHWVDVVHHQIURPWKH(DUWK³´RQWKHERWWRPRIWKHGUDZLQJPHDQLQJWKHWKLUGSODQHWIURP WKH VXQ ORRNLQJ WR WKH ZHVW 7KH QXPEHUV LGHQWLI\ WKH SODQHWV ZLWK ³´ PHDQLQJ 0DUV WKH IRXUWK SODQHW³´GHQRWLQJ1HSWXQHWKHHLJKWKSODQHWDQGVRRQ,LQFOXGHG3OXWRDVDSODQHWQXPEHU³´ DQG WKH QHZHVW SODQHW (ULV ³´ RQ WKH GUDZLQJ WKRXJK ERWK KDYH VLQFH EHHQ GRZQJUDGHG WR WKH VWDWXV RI PLQRU SODQHWV E\ VFLHQFH LPSO\LQJ WKDW (7V GRQ¶W DSSDUHQWO\ VXEVFULEH WR WKH DUELWUDU\ FODVVLILFDWLRQV\VWHPXVHGE\(DUWKOLQJV %XW ZKHQ ZRXOG WKH SODQHWV DOLJQ WKHPVHOYHV DFFRUGLQJ WR P\ GUDZLQJ" 1H[W \HDU"$ FHQWXU\ IURPQRZ"7HQWKRXVDQG\HDUVLQWKHIXWXUH"7KHDQVZHUZRXOGOLNHO\KDYHUHPDLQHGDP\VWHU\KDG QRW RQH RI WKH UHVHDUFKHUV UHFHLYHG D P\VWHULRXV HPDLO LQ 0D\ RI IURP VRPHRQH LGHQWLI\LQJ KLPVHOIRQO\DV³VWDUILQGHU´8VLQJDFRPSXWHUSURJUDPFDOOHG7KH6N\>@KHZURWH , DP DQ DVWURQRPHU DQG D IULHQG WROG PH DERXW 6WDQ 5RPDQHN DQG WKLV ZHEVLWH 7KH SODQHW DOLJQPHQWLVZKDWIDVFLQDWHVPHVR,GHFLGHGWRGRVRPHUHVHDUFKRQWKHP\VWHU\GDWH$IWHUDIHZ ZHHNV,WKRXJKWWKLVPLJKWDOOEHPDGHXS,FDPHFORVHEXWQRWKLQJWRVXEVWDQWLDWH6WDQ¶VGDWH,WZDV E\DFFLGHQWWKDW,KLWWKH=HQLWKWDERQP\DVWURQRP\SURJUDPZKLOH,ZDVZRUNLQJRQWKHGDWHDQG VXGGHQO\ HYHU\WKLQJ FDPH LQWR IRFXV , OLWHUDOO\ IHOO RXW RI P\ FKDLU 7KH GDWH LWVHOI LV HYHQ PRUH LPSUHVVLYH -XVW WR PDNH VXUH , KDYH FKHFNHG LW ZLWK WKUHH GLIIHUHQW W\SHV RI DVWURQRP\ VRIWZDUH DVVXPLQJ D SHUVRQ LV ORRNLQJ ZHVW IURP ZKHUH 6WDQ VDZ KLV 8)2V LW¶V DOO WKH VDPH RXWFRPH 7KH LPSUHVVLYH SDUW DERXW 6WDQ¶V P\VWHU\ GDWH LV WKH WHQWK SODQHW ;HQLD %HFDXVH WKHUH LV QRW PXFK NQRZQ DERXW WKH RUELW RI ;HQLD , KDG WR GR VRPH FDOFXODWLRQV ZLWK ZKDW ZDV DYDLODEOH WKH ;HQLD DOLJQPHQW VHHPV WR ILW LQWR 6WDQ¶V P\VWHU\ GDWH , PXVW VD\ , ILQG WKLV UDWKHU DPD]LQJ²KRZ GLG KH NQRZ7KHUHDUHEHWWHUDVWURQRPHUVWKDQP\VHOI,KRSHWKH\FDQVKHGVRPHOLJKWRQWKLVMXVWLQFDVH, DPRIIRQDQ\WKLQJ7KHELJGDWHLV6HSWHPEHU6FDU\ +HDGGHGLQDODWHUSRVWZKHQDVNHGKRZUDUHVXFKDQDOLJQPHQWZDV ,W¶VQRWWKDWWKHDOLJQPHQWLVUDUHDWDOO,W¶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³6WDUILQGHU¶V´ GDWD XVLQJ WKH VDPH SURJUDP ZKLFK , ILQGTXLWHH[FLWLQJ1RZH[DFWO\ZKDWWKLVVLJQLILFDQWHYHQWZLOOEHLVDQ\ERG\¶VJXHVV,QP\HDUOLHU UHJUHVVLRQ,JRWLPDJHVRIQDWXUDOGLVDVWHUVZKHQ,ZDVVKRZQWKHDOLJQPHQWRISODQHWVVXJJHVWLQJ VRPHVRUWRIFDODPLW\ZDVRQWKHKRUL]RQ+RZHYHU,DOVRUHFDOOHGEHLQJWROGWKDWVXFKLPDJHVZHUH RQO\RQHRIVHYHUDOSRVVLEOHIXWXUHVWKHSODQHWPD\IDFHLIWKLQJVGLGQRWFKDQJHVRDVIDUDVLWEHLQJD GRRPVGD\GDWHWKDWLVHQWLUHO\VSHFXODWLYH3HUKDSVLW¶VZKHQWKH(7VZLOOUHYHDOWKHPVHOYHVRQD PDVVLYHJOREDOVFDOHWKHUHE\GUDPDWLFDOO\DOWHULQJWKHJHRSROLWLFDOODQGVFDSHLQZD\VZHFDQRQO\ LPDJLQH2USHUKDSVQRQHRIWKHVHWKLQJVZLOOKDSSHQ²,VLPSO\GRQ¶WNQRZ$OO,FDQVD\LVWKLVLV ZKDW , GUHZ ZKLOH XQGHU K\SQRVLV , OHDYH LW IRU RWKHUV²LQFOXGLQJ WKH UHDGHU²WR GHFLGH WKH VLJQLILFDQFHRIWKHVNHWFKDQGWKHGDWHLWDSSHDUVWRUHSUHVHQW >FRQWHQWV@ >@6WXGHQW(GLWLRQE\6RIWZDUH%LVTXH >@$V,ZURWHHDUOLHU;HQLDZDVVXEVHTXHQWO\QDPHG(ULVE\WKHDVWURQRPLFDOFRPPXQLW\EXWLQZDVVWLOOFDOOHGE\LWVSRSXODU QLFNQDPH 0RUH+XPDQ+DUDVVPHQW $VDW\SHRIVLGHEDUWRP\-XO\UHJUHVVLRQLWWXUQVRXWWKDWZHZHUHIROORZHGDOOWKHZD\KRPH DIWHUZDUGVRPHPLOHVIURP)RUW&ROOLQVEDFNWR&RORUDGR6SULQJVE\DFRXSOHRISHRSOHLQD EODFNYDQZKRDSSHDUHGWREHILOPLQJXVZLWKDKDQGKHOGFDPFRUGHU1RZ,¶YHQHYHUEHHQPXFKIRU FRQVSLUDF\WKHRULHVEXWDIWHUOLYLQJWKURXJKZKDW,KDYHRQDGDLO\EDVLV²KDYLQJRXUSKRQHVWDSSHG DQGILQGLQJVWUDQJHFU\SWLFOHWWHUVLQRXUPDLOER[DQGWKHOLNH²,ZDVEHJLQQLQJWRFKDQJHP\PLQG DERXWDORWRIWKLQJV,WPDGHPHDQJU\WRLPDJLQHWKDWKXPDQVPLJKWVRPHKRZDOVREHPL[HGXSLQDOO WKLV ,W ZDVQ¶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³<28&$1¶7+,'(´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³<RX QHHG WR OHDUQ WR NHHS \RXU PRXWK VKXW´ WKH PDQ VDLG OHDYLQJ PH FRQIXVHG :KDW FRXOG , KDYH VDLG WR HDUQ KLV ZUDWK" , KDGQ¶W VKRXWHG DQ\ REVFHQLWLHV DW WKHP ZKHQ WKH\ KDG \HOOHG DW PH HDUOLHUVR,FRXOGQ¶WXQGHUVWDQGZKDWKHZDVVRDQJU\DERXW7KHQIURPVRPHZKHUHLQVLGHWKH689 EDUHO\DXGLEO\VRPHERG\PHQWLRQHGDOLHQVDQG8)2VDQGLWVXGGHQO\GDZQHGRQPHZKDWWKLVZDV DOO DERXW 2EYLRXVO\ WKHVH SHRSOH ZHUH WU\LQJ WR LQWLPLGDWH PH LQWR EHLQJ VLOHQW DERXW P\ 8)2 H[SHULHQFHV+DYLQJJURZQXSLQDURXJKQHLJKERUKRRGLQ'HQYHUDVDWHHQDJHUKRZHYHU,ZDVQRW RQHWREDFNGRZQWRDQ\RQH ³7KHUH¶VQRZD\,¶PHYHUJRLQJWRVWRSWDONLQJDERXWLW´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¶PVWLOOQRW FHUWDLQZKDWLWPLJKWKDYHEHHQ $V,OD\WKHUH,ZDWFKHGWKHRWKHUPHQIURPWKH689FROOHFWWKHLUXQFRQVFLRXVIULHQGDQGDIWHU VWXIILQJKLPEDFNLQWRWKHFDUWDNHRII%\WKHWLPH,ZDVDEOHWRVWDQGWKH\ZHUHJRQH%OHHGLQJDQG EUXLVHG,PDQDJHGWRVWXPEOHLQWRZRUNDQGHYHU\RQHFDPHUXQQLQJRYHUWRVHHZKDWKDGKDSSHQHG -XVWDVVRPHRQHZHQWWRFDOOWKHSROLFHDQRIILFHUZDONHGLQWKHGRRU,WVHHPHGWKDWSDVVHUVE\KDG UHSRUWHGWKHILJKWDQGWKHSROLFHZHUHDEOHWRUHVSRQGTXLFNO\8QIRUWXQDWHO\WKH\KDGQ¶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¶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¶VHOHFWULFDOV\VWHPLILWZHUHKLWE\ D WLJKWO\ GLUHFWHG HOHFWURPDJQHWLF SXOVH ,V LW SRVVLEOH WKDW WKH ZKLWH FDU WKDW SDVVHG MXVW DV WKH HOHFWULFDOV\VWHPRQWKHYDQIULHGFRXOGKDYHGLUHFWHGVXFKDGHYLFHDWXVDVLWZHQWE\" %XWIRUZKDWUHDVRQ"6LPSOHKDUDVVPHQW"$GLVSOD\RIZKDWWKH\ZHUHFDSDEOHRI"2UZDVLWDQ DWWHPSWWRNHHSXVDZD\IURPKRPHORQJHQRXJKWRDOORZWKHPWRILQGZKDWWKH\ZHUHORRNLQJIRU" $QGZKDWZDVWKHSXUSRVHEHKLQGFXWWLQJWKHFDEOHOLQH"1RQHRILWPDGHDQ\VHQVHEXWWKHQDJDLQLW QHYHU GLG :KDW LW GLG GHPRQVWUDWH KRZHYHU ZDV WKDW VRPHRQH ZDV GLVWUHVVHG ZLWK ZKDW , ZDV VD\LQJDERXWP\H[SHULHQFHVDQGZDQWHGPHWRVWRS , ZDV WR OHDUQ MXVW KRZ GLVWUHVVHG D IHZ PRQWKV ODWHU ZKHQ LQ 0DUFK RI ZH UHFHLYHG DQ HQYHORSHZLWKRXUQDPHDQGDGGUHVVRQLWEXWZLWKQRUHWXUQDGGUHVV$VVXPLQJLWZDVVRPHNLQGRI DGYHUWLVHPHQWZHRSHQHGLWXSDQGZHUHVXUSULVHGWRILQGDFDUGZLWKDSLFWXUHRID%DOG(DJOHRQ WKHIURQW,QVLGHWKHFDUGZDVDIROGHGSLHFHRISDSHUDQGDQLQVFULSWLRQZKLFKUHDGVLPSO\ $OODUHEUDYHUWKDQWKH\NQRZ *22'/8&. $V VWUDQJHO\ FU\SWLF DV WKH FDUG ZDV ZH ZHUH HYHQ PRUH VKRFNHG DW WKH FRQWHQW RI WKH OHWWHU LQVLGH ,W DSSHDUHG WR EH D SKRWRFRS\ RI D WRSVHFUHW JRYHUQPHQW GRFXPHQW &RYHUHG ZLWK YDULRXV RIILFLDO VWDPSV DQG LQVLJQLDV WRZDUG WKH WRS RI WKH SDJH ZHUH FOHDUO\ W\SHG WKH ZRUGV ³3URMHFW 5RPDQHN´7XUQLQJLWRYHUZHIRXQGWKLVKDVWLO\VFULEEOHGQRWHDGYLVLQJXV³«QRWWRVKRZDQ\RI WKLVWRWKHSXEOLFDQGQRWWRWU\WRFRQWDFWWKRVHLQYROYHGIRUHYHU\RQH¶VVDIHW\DQGWKDWPD\EHQRZ ZHZRXOGEHOLHYHWKHZDUQLQJVDQGPRYHRXWRI&RORUDGR6SULQJV´ 7KHERG\RIWKHOHWWHUGDWHG)HEUXDU\RIWKDW\HDUUHDGDVIROORZV %H DGYLVHG ZH H[SHFW 5RPDQHN WR KDYH D YLVLWRU VRRQ :H ZLOO WU\ RXU EHVW QRW WR PLVV LW WKLV WLPH7KHLUFORVHQHVVSUR[LPLW\LVFRQYHQLHQWWRVD\WKHOHDVW$OVR+30ZRUNHGYDQLQFDSDFLWDWHG +30,ZDVODWHUWROGPHDQW+LJK3RZHUHG0LFURZDYHDGHYLFHWKHPLOLWDU\KDVXVHGIRU\HDUV WRLQFDSDFLWDWHDLUFUDIWDQGPLVVLOHVLQIOLJKW7KDWZRXOGVHHPWRH[SODLQZKDWPLJKWKDYHIULHGWKH HOHFWULFDOHOHPHQWVRIRXUYDQDWWKHGULYHWKUXDW&DVWOH5RFNLQ)HEUXDU\ +RZHYHUVRPHWKLQJGLGQ¶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¶ WZLVWHGOLWWOHJDPHRUZDVWKHUHVRPHWKLQJPRUHVLQLVWHUJRLQJRQ" $IHZGD\VODWHUZHIRXQGDOLVWHQLQJGHYLFHLQRXUVRIDZKLFK,DQJULO\EURNHLQWRSLHFHV+LGLQJ WKHVKDWWHUHGSDUWVLQZKDW,WKRXJKWZRXOGEHWKHSHUIHFWVSRW²DVPDOOFXEE\EHKLQGP\FRPSXWHU², WKRXJKWWKH\ZRXOGEHVDIHWKHUHXQWLO,FRXOGLQYHVWLJDWHWKHGHYLFHIXUWKHU$ZHHNODWHUKRZHYHU DIWHU FXWWLQJ WKH FDEOHV WR WKH VXUYHLOODQFH FDPHUD VRPHRQH EURNH LQWR WKH KRXVH ZKLOH ZH ZHUH VOHHSLQJ IRXQG ZKHUH , KDG KLGGHQ WKH EXJ DQG WRRN LW 7R WKLV GD\ LW¶V XQFOHDU ZKR ZRXOG KDYH GRQHWKDWEXWWKHIDFWWKH\ZHUHZLOOLQJWRWDNHVXFKDULVNDQGDSSDUHQWO\KDGWKHPHDQVWRORFDWHWKH GHYLFHZLWKVROLWWOHWURXEOHWROGPHZHZHUHGHDOLQJZLWKVRPHRQH²RUVRPHWKLQJ²ZKRQRWRQO\ KDGWKHWHFKQRORJLFDOPHDQVWRORFDWHWKHGHYLFHEXWZDVGHVSHUDWHHQRXJKWREUHDNLQWRDQRFFXSLHG KRPHLQWKHPLGGOHRIWKHQLJKWDQGWDNHLW /RRNLQJ EDFN DW WKH LQFLGHQW KRZHYHU WKLQJV GLGQ¶W TXLWH DGG XS 7KH OLVWHQLQJ GHYLFH GLG QRW DSSHDU DOO WKDW VRSKLVWLFDWHG ,Q IDFW LW ORRNHG OLNH VRPHWKLQJ RQH FRXOG WKURZ WRJHWKHU ZLWK D IHZ SDUWVIURP5DGLR6KDFNVRZK\ZHUHWKH\VRNHHQRQUHFRYHULQJLW"3OXVLILWUHDOO\ZDVWKHPLOLWDU\ EHKLQGDOORIWKLVVXUHO\WKH\KDYHDPXFKVPDOOHUDQGPRUHVRSKLVWLFDWHGOLVWHQLQJGHYLFHWKDQWKDW DQG D IDU OHVV ULVN\ DQG FOXPV\ ZD\ RI UHWULHYLQJ LW ZHUH LW WR EH GLVFRYHUHG ,W DOO VHHPHG VR DPDWHXULVK²DVWKRXJKVRPHRQHZDQWHGXVWRDVVXPHWKHPLOLWDU\ZDVEHKLQGLWDOOZKLFKZDVHDV\ WRGREHFDXVHPRVWFLYLOLDQVDUHQDWXUDOO\VXVSLFLRXVRIWKHDUPHGIRUFHV %XW , GLGQ¶W ZDQW WR MXPS WR FRQFOXVLRQV RU PDNH EODQNHW DFFXVDWLRQV$IWHU DOO , KDG QR VROLG HYLGHQFH WKDW WKH VRXUFH RI WKH KDUDVVPHQW ZDV FRPLQJ IURP HLWKHU WKH JRYHUQPHQW RU WKH PLOLWDU\ 6LQFH&RORUDGR6SULQJVLVWKHKRPHRI125$'DQGWKH$LU)RUFH¶V6SDFH&RPPDQGDVZHOODVWZR DLUEDVHVWKH$LU)RUFH$FDGHP\DQGWKHPDVVLYH$UP\FRPSOH[DW)RUW&DUVRQLWZRXOGEHHDV\WR DVVXPH WKH\ ZHUH EHKLQG DOO WKH WURXEOH $IWHU , WDONHG WR D QXPEHU RI H[PLOLWDU\ SHRSOH DW WKH YDULRXV FRQIHUHQFHV ,¶G DWWHQGHG²LQFOXGLQJ DQ H[QDY\ DGPLUDO VHYHUDO SLORWV DQG D IHZ IRUPHU LQWHOOLJHQFHRIILFHUV²WKH\DOOVHHPHGDVEDIIOHGDV,PDNLQJLWGLIILFXOWWRNQRZZKDWWRWKLQN 1RW WKDW WKH PLOLWDU\ GLGQ¶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²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²HYHQZKHQWKHVSHDNHUVRU WKHGHYLFHVWRZKLFKWKH\ZHUHFRQQHFWHGZHUHXQSOXJJHG8VXDOO\ZKHQHYHUWKLVKDSSHQHGLWZRXOG WULS WKH EUHDNHUV LQ WKH KRXVH DQG WKH SRZHU ZRXOG JR RXW VKRUWO\ DIWHUZDUG $OWKRXJK LW RQO\ KDSSHQHG D FRXSOH WLPHV LW ZDV VWLOO YHU\ ZRUULVRPH DQG ZH ZRXOG LPPHGLDWHO\ OHDYH WKH KRXVH ZKHQLWVWDUWHG :KDWZDVPRVWIUXVWUDWLQJZDVWU\LQJWRXQGHUVWDQGZK\WKH\ZHUHGRLQJWKLV,IWKHSHRSOHZKR ZHUHKDUDVVLQJXVGLGQ¶WZDQWPHWRWDONDERXWP\VWRU\ZK\GLGQ¶WWKH\MXVWWHOOPHXSIURQW",IWKH\ KDGDJRRGUHDVRQ,PLJKWKDYHOLVWHQHG²WKHLULQFHVVDQWKDUDVVPHQWKRZHYHURQO\PDGHPHPRUH UHVROXWHWRFRQWLQXHGRZQWKHSDWK,KDGVWDUWHGGRZQ ,WZDVVDGWKDWDWWKLVSRLQW,WUXVWHGWKH(7VPRUHWKDQ,WUXVWHGVRPHRIP\RZQNLQG >FRQWHQWV@ 6LPSOH2UEVRU6RPHWKLQJ0RUH" $QRWKHU FRQVLVWHQW IHDWXUH RI P\ H[SHULHQFHV ZDV EHLQJ IRUFHG WR GHDO ZLWK WKH OLWWOH UHG RUEV WKDW VHHPHG WR SHULRGLFDOO\ VKRZ XS IURP WLPH WR WLPH 7KH\ KDG ILUVW VKRZQ XS ZKHQ ZH KDG OLYHG LQ 1HEUDVND EXW VLQFH RXU PRYH WR &RORUDGR 6SULQJV , KDGQ¶W VSRWWHG RQH 7KDW ZRXOG DOO FKDQJH KRZHYHUVKRUWO\DIWHUWKH1HZ<HDU $ERXW30RQWKHHYHQLQJRI-DQXDU\,ZDVDZDNHQHGE\DYHU\ORXGKLJKSLWFKHG ULQJLQJLQP\HDUV:RQGHULQJZKDWFRXOGEHPDNLQJVXFKDUDFNHW,RSHQHGP\H\HVRQO\WRFDWFK VLJKWRIZKDWORRNHGWREHDUHGFLUFOHRIOLJKWVKLQLQJRQWKHFHLOLQJ$IWHUDPRPHQWRIVWXG\LQJLW PRUH FORVHO\ KRZHYHU , FRXOG FOHDUO\ VHH WKDW LW ZDVQ¶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¶GKLGGHQLQDELUGKRXVHLQWKHEDFN\DUG KDG LQGHHG FDSWXUHG WKH UHG RUE VZRRSLQJ GRZQ IURP WKH VN\ DQG KHDGLQJ IRU WKH FDPHUD$V WKH REMHFWFDPHFORVHWRWKHFDPHUDWKHUHZDVDVQDSSLQJVRXQGDIWHUZKLFKWKHRUEVLPSO\YDQLVKHG,W ZDVQ¶WJRQHIRUJRRGKRZHYHUIRUDVWKHWDSHSOD\HGRQ,QRWLFHGWKDWWKHUHZDVDOLJKWVKLQLQJRXW IURPP\VWHSVRQ¶VEHGURRPZLGRZRQWKHWRSIORRUIROORZHGE\WKHREMHFWUHDSSHDULQJRXWVLGHRI WKHKRXVHDJDLQ ³+RZLVWKDWSRVVLEOH"´,WKRXJKW³,WMXVWPDWHULDOL]HGULJKWWKURXJKWKHZDOO´ ,WKHQZDWFKHGDVWKHRUEWKUHDGHGLWVZD\LQDQGRXWRIWKHKRXVHPRYLQJIURPULJKWWROHIWDV WKRXJK LW ZHUH D VHZLQJ QHHGOH JRLQJ WKURXJK OLJKWZHLJKW IDEULF $IWHU D IHZ VHFRQGV LW VLPSO\ YDQLVKHGDQGTXLHWUHWXUQHGWRWKHEDFN\DUG 2I FRXUVH ZH HYHQWXDOO\ KDG WKH IRRWDJH VWXGLHG E\ D ORFDO YLGHR H[SHUW ZKR GHWHUPLQHG WKDW WKHUHZDVQRHYLGHQFHRIWULFNHU\LQYROYHG7RTXRWHWKHJHQWOHPHQSUHFLVHO\KHVWDWHGWKDW 7KHVKRWRIWKHVPDOOEDOORIOLJKWZKLFKIOLHVRYHUKLVKRXVHVKRZVQRVFDIIROGLQJZLUHVRUDQ\ RWKHUVRUWRI³VHWXS´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¶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³:KDWNLQGRIJDPHVDUH\RXJX\VSOD\LQJXSKHUH"´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¶GGHVFULEHGLQP\VHFRQGUHJUHVVLRQVHVVLRQLWZDVYHU\SDOHZLWKDEOXLVKRU JUD\LVKWLQWWRLWVVNLQDQGKDGDYHU\VOHQGHUQHFNDQGDUPVWKDWVHHPHGWRRORQJIRUVXFKDVPDOO FUHDWXUH $WILUVW,WKRXJKWVRPHRQHZDVSOD\LQJDVLFNMRNHRQPHEXWWKHQ,VDZLWVPRXWKPRYHDQGLWV H\HVEOLQN,HYHQVDZWKHYHLQVLQLWVKHDGDVLWVWDUHGEDFNDWPHWKURXJKWKHJODVVDQGDWRQHSRLQW ZDWFKHGLWDFWXDOO\VHHPWRVPLOHDVWKRXJKLWIRXQGP\UHDFWLRQDPXVLQJ,VXSSRVHWKDWMXPSLQJXS DQGGRZQOLNHDIULJKWHQHGOLWWOHJLUOVKRXWLQJ³2KP\*RG«2KP\*RG«´HYHU\ILYHVHFRQGV ZRXOGKDYHVHHPHGIXQQ\WRDQ\RQHDVLWZRXOGKDYHWRPHLIQRWIRUWKHIDFWWKDW,ZDVVRWHUULILHG $V , WULHG WR VWHDG\ WKH FDPFRUGHU WKH FUHDWXUH VORZO\ DV LI PDNLQJ DQ HIIRUW QRW WR VWDUWOH PH PRUHPRYHGRIIWRWKHOHIWDQGWKHQVOLGRXWRIVLJKW,TXLFNO\UDQLQWRWKHNLWFKHQDQGORRNHGRXWWKH ZLQGRZWRVHHZKHUHLWKDGJRQHEXWQRWVHHLQJLWUXVKHGEDFNLQWRWKHGLQLQJURRPWRORRNRXWWKH VOLGLQJJODVVGRRUDJDLQ , GRQ¶W UHPHPEHU ZKDW KDSSHQHG QH[W EHFDXVH , ZRNH XS RQ WKH NLWFKHQ IORRU ,W ZDVQ¶W XQWLO , UHYLHZHG WKH WDSH ODWHU WKDW , DFWXDOO\ VDZ ZKDW KDG KDSSHQHG QH[W DSSDUHQWO\ , ZDV SRLQWLQJ WKH FDPHUD RXW WKH NLWFKHQ ZLQGRZ ZKHQ VXGGHQO\ WKHUH ZHUH SRZHUIXO IODVKHV RI OLJKW DQG HYHU\WKLQJ ZHQWEODFN$WWKDWSRLQWWKHWDSHUXQVRXWDQG,IRXQGP\VHOIRQWKHNLWFKHQIORRUVHYHUDOKRXUVODWHU 5HDOL]LQJ,KDGFDXJKWVRPHWKLQJUHPDUNDEOHRQILOP,SURPSWO\VHQWFRSLHVRIWKHYLGHRWRWKH UHVHDUFKHUV ZRUNLQJ RQ P\ FDVH 7KH\ FDPH EDFN WR WHOO PH WKDW WKH VHJPHQW RI YLGHRWDSH ZDV SUREDEO\ RQH RI WKH PRVW LPSRUWDQW SLHFHV RI HYLGHQFH LQ WKH KLVWRU\ RI 8)2ORJ\²WKH WKRXJKW RI ZKLFKILOOHGPHZLWKDZH %XWZDVLWUHDO",NQRZZKDW,VDZDQG,WKDQN*RG,KDGWKHYLGHRFDPHUDJRLQJ%XWHYHQVRLW VHHPHGWRRJRRGWREHWUXH0DQ\KDYHVLQFHVDLGLWORRNHGOLNHDSXSSHWRIVRPHNLQGDQG,FDQ¶W HQWLUHO\GLVDJUHH+RZHYHULILWZHUHIDNHZKRVHWLWXSDQGKRZGLGWKH\GRLW",NQRZ,GLGQ¶WGRLW DQG,QHYHUVDZDQ\LQGLFDWLRQWKDWWKHUHZHUHRWKHUVLQWKHKRXVHVRZKRPLJKWKDYHEHHQDEOHWR SXOORIIVXFKDVRSKLVWLFDWHGKRD[DQGHYHQPRUHLPSRUWDQWZK\GLGWKH\GRLW" 8QGHUVXFKFLUFXPVWDQFHVLW¶VHDV\WREHVNHSWLFDO5HPDUNDEO\HYHQDIWHUDOO,KDGJRQHWKURXJK ,FRXOGQ¶WHYHQEHOLHYHZKDW,KDGVHHQ(YHQVRZHGHFLGHGWRQDPHWKHOLWWOHFKDUDFWHU³*UDQGSD *UD\´ZKLFKZDVRXUZD\RIGLVWLQJXLVKLQJRQHFKDUDFWHUIURPDQRWKHUDVZHOODVUHOLHYLQJVRPHRI VWUHVV RI ZKDW ZDV KDSSHQLQJ ,Q D FXULRXV VRUW RI ZD\ JLYLQJ WKH FUHDWXUHV FXWH QLFNQDPHV PDGH WKHPVHHPOHVVSRWHQWLDOO\WKUHDWHQLQJ %XWWKDWZDVQ¶WWKHHQGRIWKHVDJD,WRFFXUUHGWRPHWKDWLIWKHUHZDVVRPHRQHSHUSHWUDWLQJDKRD[ ²RUHYHQLIWKHFUHDWXUHZDVUHDO²LWPLJKWKDYHEHHQFDXJKWRQWKHVXUYHLOODQFHFDPHUDVZKLFKKDG EHHQ UXQQLQJ WKURXJKRXW WKH QLJKW JLYLQJ XV DQ H[FHOOHQW FKDQFH WKDW ZH PLJKW KDYH FDSWXUHG VRPHWKLQJRUVRPHRQHLQWKHDFW/LVDDQG,TXLFNO\UDQWRWKHJDUDJHZKHUHZHNHSWWKHVXUYHLOODQFH 9&5VRQO\WRGLVFRYHUWKDWWKHVXUYHLOODQFHV\VWHPZDVQ¶WZRUNLQJ$VZHFKHFNHGFORVHUKRZHYHU ZHZHUHVXUSULVHGWRILQGWKDWLWKDGQRWEHHQVLPSO\VKXWRIIEXWWKDWWKH9&5VWKH\ZHUHKRRNHGXS WRKDGEHHQGHVWUR\HG +RZWKH\ZHUHGHVWUR\HGZDVHYHQPRUHRIDSX]]OH7KHUHZDVDEXUQPDUNDERXWWKHVL]HRID VLOYHUGROODURQWRSRIWKHXSSHU9&5DQGDV,WUDFHGLW,IRXQGWKDWLWQRWRQO\FRQWLQXHGRQWRWKH VHFRQG9&5EHORZLWEXWKDGPDGHLWVZD\ULJKWLQWRWKHFDELQHWEHORZDQGWKHQRXWZDUGLQDVRUWRI HOOLSWLFDOSDWWHUQ 2SHQLQJ WKH 9&5V XS ZH FRXOG VHH WKDW WKH HOHFWURQLFV LQVLGH WKHP DSSHDUHG WR KDYH EHHQ EXUQHG WKRXJK RQO\ LQ D YHU\ ORFDOL]HG DUHD DERXW WKH VL]H RI D ILVW$SSDUHQWO\ ZKDW KDG EXUQHG WKURXJKWKHGHYLFHZDVVRKRWWKDWWKHFHUDPLFUHVLVWRUVRQWKHFLUFXLWERDUGZKLFKZHUHVXSSRVHGWR EHDEOHWRKDQGOHWKRXVDQGVRIGHJUHHVRIKHDWKDGPHOWHG :KDW FRXOG KDYH GRQH VXFK D WKLQJ ZDV D FRPSOHWH P\VWHU\ RI FRXUVH WKRXJK , FRXOGQ¶W KHOS QRWLFHWKDWWKHVL]HRIWKHEXUQPDUNZDVDERXWWKHVDPHVL]HDVWKHRUE,¶GVHHQLQWKHKRXVHDFRXSOH RIPRQWKVHDUOLHU,UHFDOOHGKRZPXFKKHDWRQHRIWKHPKDGJHQHUDWHGGXULQJDQHDUOLHUVLJKWLQJDQG ZRQGHUHGLIWKH\GLGQ¶WKDYHVRPHWKLQJWRGRZLWKWKHGHVWUXFWLRQRIWKH9&5V3HUKDSVWKH\ZHUH PRUHWKDQVLPSOHVXUYHLOODQFHGHYLFHVDV,KDGLPDJLQHGSHUKDSVWKH\ZHUHFDSDEOHRIGHVWUR\LQJ VHQVLWLYHHOHFWURQLFHTXLSPHQWDWRSSRUWXQHPRPHQWVDVZHOO %XW LI WKH (7V KDG VHQW DQ RUE WR GHVWUR\ WKH 9&5V ZK\ GLGQ¶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²DQG LQ WKDW FDVH ZK\ OHDYH PH ZLWK P\ FDPFRUGHU LQWDFW" /LNH HYHU\WKLQJ HOVH WKLV LQFLGHQW VHHPHG IUDXJKW ZLWK P\VWHULHV DQG LQFRQVLVWHQFLHV %XW WKDW¶V QRW WKH HQG RI WKH VWRU\ 7R DGG WR WKH FRQIXVLRQ \HDUV ODWHU WKH JHQWOHPDQ ZKR ZDV SXWWLQJWRJHWKHUWKHGRFXPHQWDU\RIP\VWRU\P\IULHQG&OD\5REHUWVWKHVDPHJHQWOHPDQZKRKDG VKDUHG KLV FDELQ ZLWK PH LQ FKDSWHU WZHQW\ILYH UHFHLYHG D VWUDQJH SKRQH PHVVDJH IURP WKH DIRUHPHQWLRQHG³$XGUH\´²WKHP\VWHULRXVV\QWKHVL]HGIHPDOHYRLFHWKDWKDVLQFUHDVLQJO\EHFRPHD SDUWRIRXUOLYHV,WZDVMXVWDIHZZHHNVDIWHU,KDGJLYHQDSUHVHQWDWLRQDWWKH0HWUR6WDWH&ROOHJHLQ GRZQWRZQ 'HQYHU UHJDUGLQJ P\ H[SHULHQFHV WKDW &OD\ UHFHLYHG WKH IROORZLQJ PHVVDJH RQ KLV DQVZHULQJPDFKLQH +HOOR &OD\ :KHQ 6WDQ ILUVW GLVFXVVHG *UDQGSD *UD\ ZH DVVXPHG KH ZDV WDONLQJ DERXW D SKRWRJUDSK :H UHDOL]HG DIWHU 6WDQ¶V ODVW WDON WKDW LQ IDFW 6WDQ ZDV WDONLQJ DERXW ZKDW KH FDSWXUHG RQ YLGHR LQ &RORUDGR 6SULQJV :H KDYH NQRZOHGJH WKDW WKH VXSSRVHG OLIH IRUP 6WDQ FDSWXUHG RQ ILOP ZDV LQ IDFW QRW UHDO :H KDYH DOVR OHDUQHG WKDW 6WDQ¶V XQFRQVFLRXV HSLVRGH GXULQJWKHHQFRXQWHUZDVFDXVHGE\DFKHPLFDODHURVROSXPSHGLQWRWKHKRPHWRPDNH6WDQWKLQN WKLVZDVUHDO:HEHOLHYHWKDWWKHSHRSOHWKDWGLGWKLVZLOOXVHLWWRGLVFUHGLW6WDQ6WDQ¶VLQVWLQFWV DUHJRRGEXWKHLVVWLOOXQVXUHRIWKLVRQH<RXPXVWEHZDUQHG6WDQPXVWWU\WREHDWWKHPWRWKH SXQFK$QG&OD\SOHDVHOHWHYHU\RQHNQRZWKDWZHDUHSOHDVHGZLWK6WDQ¶VODVWWDON 7KHQDVZLWKPRVWRIWKHRWKHUFDOOVIURP³$XGUH\´LWDEUXSWO\HQGHG,WVHHPVWKDWZKRPHYHULV EHKLQGWKHV\QWKHVL]HGYRLFHPXVWKDYHEHHQLQDWWHQGDQFHDWWKHOHFWXUH 2I FRXUVH WKLV RQO\ GHHSHQHG WKH P\VWHU\ :K\ GLG WKLV SHUVRQ EHOLHYH WKH IRRWDJH RI *UDQGSD *UD\ZDVIDNHDQGKRZZRXOGLWGLVFUHGLWPH"&HUWDLQO\LWZDVQRPRUHRUOHVVDVWRXQGLQJWKDQWKH HDUOLHU IRRWDJH ,¶G FDXJKW RI %RR LQ 1HEUDVND VR LW GLGQ¶W PDNH VHQVH KRZ WKLV SLHFH RI IRRWDJH ZRXOGGRP\FDXVHKDUPZKLOHWKHHDUOLHUIRRWDJHZRXOGQRW$OVRZK\QRGHWDLOVVXFKDVZKRZDV WU\LQJWRGLVFUHGLWPHDQGKRZWKH\GLGLW"6KHGLGPDNHVRPHUHIHUHQFHWRP\EHLQJDIIHFWHGE\VRPH VRUWRIDHURVROSXPSHGLQWRWKHKRXVHGHVLJQHGWRPDNHPHWKLQNWKHJUD\ZDVUHDOEXWKRZZRXOG, KDYH FDXJKW WKH DOLHQ RQ ILOP LI LW ZHUH DOO D KDOOXFLQDWLRQ"$V IDU DV , NQRZ FDPFRUGHUV GR QRW KDOOXFLQDWH 7KLV IRUFHV PH WR ZRQGHU LI$XGUH\ KHUVHOI²RU REYLRXVO\ WKH SHUVRQ EHKLQG KHU YRLFH²LVQ¶W FUHDWLQJ GLVLQIRUPDWLRQ &HUWDLQO\ WKH IDFW WKDW VKH DOZD\V VHHPV WR EH DZDUH RI ZKDWHYHU WKUHDWV SHULRGLFDOO\SRSXSLVVXVSLFLRXVLQLWVHOI&RXOGWKH\EHDQWLFLSDWLQJWKHWKUHDWVRULQLWLDWLQJWKHP" &OHDUO\ WKH PRVW GDQJHURXV HQHP\ LV WKH RQH \RX LPDJLQH WR EH \RXU DOO\ :DV WKLV WKH FDVH ZLWK $XGUH\" ,QDQ\FDVHWRWKLVGD\,¶PVWLOOXQVXUHDERXWWKHYLGHRLPDJHVRI*UDQGSD*UD\7KHIDFWWKDWWKH FUHDWXUH LV VR DQLPDWHG VXJJHVWV WKDW LI LW ZHUH D SXSSHW RI VRPH NLQG LW ZDV DQ H[WUHPHO\ VRSKLVWLFDWHG RQH DQG WKDW WKH SHUVRQ RU SHUVRQV UHVSRQVLEOH IRU LW ZHUH H[WUDRUGLQDULO\ DGHSW DW KRD[LQJHVSHFLDOO\ZLWKRXWEHLQJGLVFRYHUHG$QGWKDWVWLOOGRHVQ¶WH[SODLQKRZWKH\ZHUHDEOHWR GHVWUR\WKHVXUYHLOODQFHHTXLSPHQW2QO\WLPHZLOOWHOOZKHWKHUWKHFUHDWXUHWKDW,FDSWXUHGRQILOP ZDVUHDORUQRWEXWORRNLQJEDFNRQWKHWKLQJVWKDWKDSSHQHGWRXVWKDWVSULQJRILWKDXQWVPH VWLOO >FRQWHQWV@ +LJK6WUDQJHQHVV 6RPHRQH WROG PH WKDW PDQ\ SHRSOH ZKR DUH DEGXFWHHV RIWHQ JR RQ WR H[SHULHQFH VRPHWKLQJ FDOOHG ³KLJK VWUDQJHQHVV´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²ZKLFK PRVWSDUDQRUPDOLQYHVWLJDWRUVVXVSHFWWREHPRVWO\UHIOHFWLRQVRIIGXVWSDUWLFOHVRUIO\LQJLQVHFWV² XVXDOO\ DUHQ¶W YLVLEOH WR WKH QDNHG H\H DQG RQO\ DSSHDU RQ SLFWXUHV DIWHU WKH IDFW $OVR WKH\ DUH XVXDOO\YHU\IDLQWDQGDOPRVWDOZD\VZKLWHLQFRORU,QFRQWUDVWWKHRUEVZHHQFRXQWHUHG²OHW¶VFDOO WKHP WKH ³(7 YDULHW\´²DSSHDU WR WKH QDNHG H\H DQG DUH XVXDOO\ UHG RU RUDQJH LQ FRORU 6HFRQGO\ PRVWSDUDQRUPDORUEVGRQ¶WDSSHDUWRLQWHUDFWZLWKRWKHUREMHFWVQRUGRWKH\FKDQJHFRORU7KH(7 W\SHKRZHYHUDSSHDUFDSDEOHRIQRWRQO\LQWHUDFWLQJZLWKSHRSOHDQGFDWVDQGRWKHUREMHFWVEXWRI HYHQGDPDJLQJSK\VLFDOREMHFWV²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¶GJLYHQ/LVD¶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¶VQRWRQO\DSODFHWKDWFDQDWWUDFWJKRVWVRUVSLULWXDO HQHUJLHVLQJHQHUDOEXWSHRSOHFDQWRR,WVHHPVWKDWVRPHSHRSOHKDYHDGLIIHUHQWRUXQLTXHVRUWRI HQHUJ\ DERXW WKHP WKDW FHUWDLQ ³EHLQJV´ VHHP WR ³OLNH´ , ZDVQ¶W VXUH , FRPSOHWHO\ ERXJKW WKDW EXW DIWHUDOOZH¶GEHHQWKURXJKDQ\WKLQJVHHPHGSRVVLEOH 6RQRZZDV,VRPHVRUWRI³JKRVWPDJQHW´",IVRKRZFRXOGWKDWKDSSHQ"&RXOGP\DEGXFWLRQ H[SHULHQFHVKDYHFKDQJHGPHLQVRPHZD\WRFDXVHWKLV",UHFDOOHGWKDWDIWHUP\LQLWLDO8)2VLJKWLQJ LQ'HFHPEHURI,DSSHDUHGWRKDYHDQHIIHFWRQHOHFWULFDOHTXLSPHQWDQGHYHQVHHPHGWRDWWUDFW ELUGV VR FRXOG P\ VXEVHTXHQW H[SHULHQFHV KDYH PDGH PH PRUH VXVFHSWLEOH WR DWWUDFWLQJ JKRVWV DV ZHOO"7KHUHZDVQRZD\WRWHOOEXWRQHWKLQJZDVIRUVXUH:KDWZDVKDSSHQLQJZDVUHDOQRPDWWHU ZKDWWKHFDXVH ,QDQ\FDVHWKHJKRVWVSHFLDOLVWVVSHQWVRPHWLPHWU\LQJWRFDSWXUHYLGHRDQGDXGLRHYLGHQFHRI JKRVWVRUZKDWHYHUZDV³KDXQWLQJ´P\KRXVHZLWKVRPHVXFFHVV7KRXJKWKH\GLGQ¶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³KHOORV´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³6WDUVHHGLW¶VWLPH´ 1RW RQO\ ZDV WKH PHVVDJH LWVHOI DPD]LQJ EXW LW ZDV D YRLFH WKDW ZH NQHZ IURP EHIRUH ,W ZDV $XGUH\ WKH V\QWKHVL]HG %ULWLVK IHPDOH YRLFH ZKR KDG OHIW YDULRXV ZDUQLQJ PHVVDJHV RQ RXU DQVZHULQJPDFKLQHRYHUWKH\HDUV:HKDGDOZD\VEHHQDOLWWOHVXVSLFLRXVRIWKHP\VWHULRXVSKRQH FDOOVRYHUWKH\HDUVLPDJLQLQJWKH\ZHUHVRPHKRZEHLQJSURGXFHGE\KXPDQEHLQJVEXWWKHUHZDV QRZD\WRH[SODLQWKLV+RZFRXOGWKHV\QWKHVL]HGYRLFHEHFDXJKWDVDQ(93DQGRQO\UHFRJQL]HG RQFHZH¶GVSHGWKHWDSHXS"$QGKRZZDVLWWUDQVPLWWHG"1RQHRIXVKDGKHDUGDQ\YRLFHDWWKHWLPH VR LW KDG WR KDYH EHHQ WUDQVPLWWHG LQ VRPH ZD\ EH\RQG RXU XQGHUVWDQGLQJ :H ZHUH GXPEIRXQGHG DQGDOVRVLFNZLWKFRQIXVLRQEXWLWZDVZKDWLWZDV«DQGRQFHDJDLQZHZRXOGKDYHWRILQGDZD\ WRGHDOZLWKLW /DWHURQDV,SRQGHUHGWKHPHDQLQJRIDOOWKHJKRVWO\DFWLYLW\WKDWVHHPHGWREHKDSSHQLQJRQDQ DOPRVW GDLO\ EDVLV DQG KRZ LW UHODWHG WR WKH 8)2 H[SHULHQFHV ,¶G KDG RYHU WKH \HDUV , EHJDQ WR ZRQGHULIWKH\ZHUHQ¶WVRPHKRZUHODWHGWRHDFKRWKHU:DV,LQRWKHUZRUGVGHDOLQJZLWKVRPHWKLQJ PRUH WHFKQRORJ\ GULYHQ WKDQ VXSHUQDWXUDO" 6FLHQFH ILFWLRQ ZULWHU$UWKXU & &ODUNH RQFH ZURWH WKDW ³« DQ\ VXIILFLHQWO\ DGYDQFHG WHFKQRORJ\ LV LQGLVWLQJXLVKDEOH IURP PDJLF´ , DP LQFOLQHG WR DJUHH ZLWK$UWKXURQWKDW 7KH WRXJK SDUW ZDV LQ WU\LQJ WR ILJXUH RXW KRZ WKH\ ZHUH UHODWHG WR HDFK RWKHU²LI WKH\ ZHUH UHODWHGDWDOO²DQGKRZLWZRUNHGZDVHYHQPRUHRIDTXHVWLRQ0D\EH(7VSRVVHVVWKHWHFKQRORJ\WR VRPHKRZDIIHFWVRXUEUDLQV¶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² ZKRHYHUWKH\ZHUH²ZHUHWHOOLQJXVLWZDVWLPHWRPRYHRQ:HDJUHHGZLWKWKHYRLFHRQWKHWDSH LQGHHGIRU6WDUVHHGLWZDVWLPH /LVDWKHNLGVDQG,KDGJRWWHQXVHGWRPRYLQJEXWWKLVWLPHZHZHUHGHWHUPLQHGWKDWWKLQJVZHUH JRLQJWREHGLIIHUHQW7KLVWLPHQRWKLQJ²QRWDOLHQVJKRVWVRUHYHQPHQDFLQJKXPDQV²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¶GPRYHGLQZHZHUHDOOJHWWLQJUHDG\IRUEHGZKHQVXGGHQO\ZHKHDUGVRPHORXGVKXIIOLQJ DQGEDQJLQJQRLVHVRQWKHEDFNGHFN1RWVXUSULVLQJO\ZKHQZHZHQWRXWRQWRWKHGHFNWRLQYHVWLJDWH ZHIRXQGQRWKLQJRXWRISODFHDQGQRH[SODQDWLRQIRUZKDWKDGFDXVHGDOOWKHFRPPRWLRQ+RZHYHU ZKHQ/LVDDQG,ZHQWRXWRQWRWKHGHFNMXVWWHQPLQXWHVODWHUZHIRXQGDOOWKHGHFNFKDLUVVWUHZQDOO RYHUWKHODZQ7KLQNLQJLWPLJKWKDYHEHHQRQHRIWKHNLGVSOD\LQJDSUDQNZHTXLFNO\SXWWKHFKDLUV EDFNZKHUHWKH\EHORQJHG $VVRRQDVLWJRWGDUNWKHQH[WHYHQLQJLWVWDUWHGXSDJDLQ7KHVKXIIOLQJDQGWKHEDQJLQJHVFDODWHG XQWLOLWZDVRXWRIFRQWUROEXWHDFKWLPHZHZHQWWRILQGRXWZKHUHWKHQRLVHPLJKWEHFRPLQJIURPLW ZRXOGVWRS$GGLWLRQDOO\RQFHDJDLQRXUGHFNFKDLUVZHUHIRXQGLQWKHEDFN\DUGDQGWKLVWLPHQRQH RIWKHNLGVZHUHDURXQGWREHVXVSHFWV)HHOLQJLQFUHDVLQJO\IUXVWUDWHGRQFHPRUHZHJDWKHUHGWKHP XS DQG SXW WKHP EDFN ZKHUH WKH\ EHORQJHG EXW QR VRRQHU KDG ZH JRQH EDFN LQVLGH ZKHQ WKH ORXG EDQJLQJQRLVHVVWDUWHGXSDJDLQ)XULRXVWKLVWLPHZHUDQRXWVLGHLQKRSHVRIFDWFKLQJZKRHYHUZDV GRLQJWKLVRQO\WRILQGWKHGHFNFKDLUVPLVVLQJWKLVWLPH%HIRUHZHKDGIRXQGWKHPVWUHZQDURXQG WKH\DUGEXWQRZWKH\ZHUHHQWLUHO\JRQH6HDUFKLQJWKH\DUGDQGHQYLURQVDURXQGWKHKRXVHIRUVRPH WLPH/LVDILQDOO\IRXQGWKHP²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¶V QRW DOZD\V SHUFHQW DFFXUDWH EXW LW KDV SURYHQ XVHIXO RQ PRUH WKDQ RQH RFFDVLRQ , VWDUWHG WDNLQJ SLFWXUHVRIWKHGHFNDQGEDFN\DUGMXVWLQFDVHWKHUHZDVVRPHWKLQJRXWWKHUH /DWHUZHXSORDGHGWKHSLFWXUHVWRWKHFRPSXWHUWRVHHLIZH¶GFDXJKWDQ\WKLQJ$WILUVWZHGLGQ¶W VHHDQ\WKLQJXQXVXDO²MXVWWKHGHFNDQGWKHVXUURXQGLQJEXVKHVLQWKHGDUNQHVVEXWZKHQ,]RRPHGLQ DQG OLJKWHQHG D IHZ RI WKHP ZH QRWLFHG D VHULHV RI EOXHLVKJUHHQ RUEV IORDWLQJ LQ WKH EDFN \DUG 7KHVHZHUHGLIIHUHQWIURPWKHEULJKWUHGRUEV,¶GFDSWXUHGEHIRUHEXWORRNHGPRUHOLNHWKHVWDQGDUG SDUDQRUPDO W\SHV ,W¶V P\ RSLQLRQ WKDW PRVW RI WKHP DUH VLPSO\ WKH FDPHUD IODVK UHIOHFWLQJ RII SDUWLFOHV RI GXVW FRQGHQVDWLRQ RU LQVHFWV EXW WKHVH ZHUH D OLWWOH XQXVXDO²QRW RQO\ LQ WKHLU FRORU PRVWRUEVDUHZKLWHLQFRORU²EXWLQWKHIDFWWKDWZKHQ,]RRPHGLQRQWKHPWKH\VHHPHGWRGLVSOD\ OLWWOHVPLOH\IDFHVLQWKHP²DQGQRWRQMXVWRQHRIWKHPEXWRQHDFKRUE 1RZWKHUHLVDSKHQRPHQRQNQRZQDV³PDWUL[LQJ´LQZKLFKWKHH\HWHQGVWRFUHDWHIDPLOLDUVKDSHV DQGSDWWHUQVLQRWKHUZLVHUDQGRPSDWWHUQVRIOLJKWDQGVKDGRZWKHUHE\ILQGLQJIDFHVLQDOOVRUWVRI WKLQJV$V VXFK , ZRQGHUHG DW ILUVW LI WKDW¶V ZKDW , ZDV VHHLQJ KHUH +RZHYHU WKH IDFH VHHPHG VR FOHDUDQGREYLRXV,KDGWRZRQGHUDERXWLW2IFRXUVHZK\(7VZRXOGSDVWHOLWWOHVPLOH\IDFHVRQWR RUEV LV XQFOHDU EXW WKHQ RQH QHYHU NQRZV ZK\²DQG PXFK OHVV KRZ²WKH\ GR WKH WKLQJV WKH\ GR 3HUKDSV WKH\ ZHUH MXVW KDYLQJ VRPH IXQ DW RXU H[SHQVH RU VHHLQJ KRZ ZH¶G UHDFW WR VRPHWKLQJ DV LQQRFXRXVDVDVPLOH\IDFH :HKHDUGQRLVHVRXWVLGHDQGFRXOGILQGQRWKLQJRXWRISODFH EXWRXUFDPHUDFDSWXUHGVRPHWKLQJVS\LQJRQXV +RZHYHU WKH RUEV ZHUHQ¶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¶WWHOOLILWZDVWKHVDPHJUD\LQERWKSKRWRVWKHH\HVDQGKHDGORRNVOLJKWO\GLIIHUHQWLQ HDFK SKRWR EXW WKH IDFW WKDW LW RU WKH\ KDG JRWWHQ VR FORVH ZDV SRVLWLYHO\ WHUULI\LQJ ,W ZDV HVSHFLDOO\ XQQHUYLQJ WR LPDJLQH KRZ FORVH VXFK D FUHDWXUH FRXOG JHW ZLWKRXW XV HYHU QRWLFLQJ &HUWDLQO\LILWFRXOGEHVWDQGLQJMXVWIHHWDZD\DQGZHGLGQ¶WVHHLWWKHQ(7VVKRXOGEHDEOHWRPDNH WKHLUZD\LQWRWKHKRXVHZLWKRXWDSUREOHP²DWKRXJKW,IRXQGWREHPRVWGLVWXUELQJ$V\RXPLJKW LPDJLQHP\ZLIHDQG,ERWKKDGDKDUGWLPHWU\LQJWRJHWWRVOHHSWKDWQLJKW 6NHSWLFVRIFRXUVHFDQDOZD\VGLVPLVVVXFKSKRWRVDVQRWKLQJPRUHWKDQSURSVRUSXSSHWVDQG WKHUH¶VQRZD\,FDQSURYHRWKHUZLVH8QOLNHWKHIRRWDJHRI%RRDQG*UDQGSD*UD\WKH\¶UHQRWLQ PRWLRQPDNLQJLWHDV\WRDVVXPHWKH\DUHIDNH2IFRXUVHVNHSWLFVGLVPLVVWKHIRRWDJHRI%RRDQG *UDQGSD*UD\DVZHOOVRDSSDUHQWO\LWGRHVQ¶WUHDOO\PDWWHUZKDWVRUWRIYLGHRRUILOPHYLGHQFH, SUHVHQW$OO , FDQ VD\ LV QHLWKHU , QRU DQ\RQH HOVH SODFHG WKHVH ILJXUHV E\ RXU GHFN QRU DUH WKH\ 3KRWRVKRSSHG LQWR WKH SKRWRV 7KH\ DUH ZKDW WKH\ DUH DQG , OHDYH LW IRU WKH UHDGHU WR MXGJH WKHLU DXWKHQWLFLW\IRUWKHPVHOYHV >FRQWHQWV@ 0RUH(TXDWLRQV ,DOZD\VIHOWWKDWVRPHRIWKHPRUHYDOXDEOHSLHFHVRIHYLGHQFH,KDYHEHHQJLYHQVLQFHWKLVDOOEHJDQ ZHUH WKH HTXDWLRQV , KDYH GUDZQ ERWK LQ P\ VOHHS DQG ZKLOH XQGHU K\SQRVLV :KLOH DGPLWWHGO\ WKH\¶UHQRWDVVSHFWDFXODUDVVRPHRIWKHYLGHRIRRWDJH,¶YHFDXJKWWKH\KDYHWKHDGYDQWDJHRIEHLQJ VRPHWKLQJ WKDW FDQ EH HPSLULFDOO\ WHVWHG E\ SURIHVVLRQDOV ,Q RWKHU ZRUGV ZKLOH WKH DXWKHQWLFLW\ RI SKRWRV YLGHR (93V DQG RWKHU VXFK HYLGHQFHV FDQ DOZD\V EH FKDOOHQJHG WKH HTXDWLRQV FDQQRW EH KRD[HGTXLWHVRHDVLO\²HVSHFLDOO\LIWKH\FRQWDLQVRPHYDOLGPDWKHPDWLFDOGDWD :KDW¶VPRVWLPSUHVVLYHDERXWWKHPDWOHDVWIURPP\SHUVSHFWLYHLVZKDWVRPHRIWKHVFLHQWLVWV ZKR KDYH VWXGLHG WKHP KDYH WR VD\ ,¶P WROG WKH\ VHHP WR EH SRLQWLQJ WRZDUG ZD\V WR PDQLSXODWH VSDFH LQ RUGHU WR DFKLHYH LQWHUVWHOODU WUDYHO EXW WKH\ ODFN PRGHOV WR EULQJ WKHP DOO WRJHWKHU LQWR D FRKHUHQWZKROH,QRWKHUZRUGVWKH\DUHFRPSOH[HQRXJKWREHJHQXLQHEXWDUHQRWFRPSOHWHHQRXJK WREHXVDEOH,WZRXOGEHOLNHVKRZLQJWKH:ULJKW%URWKHUVGUDZLQJVRIKRZWREXLOGDPRGHUQMHW HQJLQHZLWKRXWDVDPSOHRIZKDWWKHILQDOHQJLQHVKRXOGORRNOLNHRUKRZLWZRUNV,W¶VDVLIWKH(7V² LI LQGHHG WKDW¶V ZKR LV JLYLQJ PH WKHVH HTXDWLRQV²ZDQW WR JLYH XV SDUWV RI WKH SX]]OH ZLWKRXW SURYLGLQJWKHHQWLUHSX]]OH2USHUKDSVWKH\KDYHJLYHQXVDOOWKHSLHFHVEXWZHVLPSO\GRQ¶WNQRZ KRZWRILWWKHPWRJHWKHU\HW ,QDQ\FDVH,WKRXJKW,ZRXOGSXWDOOWKHPRVWUHFHQWHTXDWLRQV,KDYHEHHQJLYHQWRJHWKHULQWRRQH FKDSWHU,VKRZHG\RXVRPHRIWKHRQHV,GUHZHDUO\RQDOUHDG\DQGKHUHDUHWKHUHVWWKDW,¶YHGUDZQ RUPRUHFRUUHFWO\EHHQJLYHQRYHUWKHQH[WFRXSOHRI\HDUVDORQJZLWKH[SODQDWLRQVRIZKDW,¶P WROGWKH\VHHPWRPHDQ 7KH ILUVW RQH LV RQH , GUHZ LQ P\ VOHHS DOPRVW LPPHGLDWHO\ DIWHU ZH PRYHG IURP &RORUDGR 6SULQJVWRRXUQHZKRPHLQWKHVXPPHURI,QHYHUKDYHDQ\PHPRU\RIZULWLQJWKHPGRZQEXW ZKHQ,ZDNHXSLQWKHPRUQLQJWKHUHWKH\DUHVFULEEOHGRQWRDSDGRISDSHUO\LQJRQWKHEHG+RZ, JRWWKHLQIRUPDWLRQLQP\KHDGZDVEH\RQGPH ,¶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²WKH\VHHPWREHJHWWLQJPRUHFRPSOH[ $Q HYHQ PRUH LQWHUHVWLQJ HTXDWLRQ ZDV WKH RQH , VNHWFKHG RQ )HEUXDU\ $SSDUHQWO\ , VWDUWOHG P\ ZLIH DZDNH ZKHQ VKH KHDUG PH WDONLQJ LQ P\ VOHHS$V VKH UROOHG RYHU KRZHYHU VKH WKRXJKW LW VRXQGHG PRUH DV LI , ZHUH FDUU\LQJ RQ D FRQYHUVDWLRQ ZLWK VRPHRQH LQ WKH URRP ZKLOH ZULWLQJ WKH HTXDWLRQ²OLNH , ZDV WDNLQJ GLFWDWLRQ IURP VRPH XQVHHQ HQWLW\ DQG DVNLQJ RFFDVLRQDO TXHVWLRQVZKLOH,GUHZ$QGRIFRXUVHWKHURRPZDVDOPRVWFRPSOHWHO\GDUNDWWKHWLPHOHDYLQJPH QROLJKWWRZULWHE\/LNHWKHHTXDWLRQV,GUHZXQGHUK\SQRVLVDSSDUHQWO\,ZDVFDSDEOHRIZULWLQJ WKHPGRZQDVWKH\ZHUHJLYHQPHLQWKHGDUNDQGZLWKP\H\HVFORVHG+RZ,FDQGRWKDWLVDP\VWHU\ WRPH,FHUWDLQO\FDQ¶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«ZKDWLVWUXO\UHPDUNDEOHDERXWWKHPLVKRZSUHFLVHO\WKH\KDYHEHHQZULWWHQ7KH\DUHDVHWRI WHQVRUHTXDWLRQVIURP(LQVWHLQ¶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¶P UHFHLYLQJ LV HQWLUHO\ EH\RQG P\ XQGHUVWDQGLQJ , GRQ¶W NQRZ KRZ LW LV SRVVLEOH IRU PH WR GR WKHVH WKLQJV²HVSHFLDOO\ ZULWLQJ SUHFLVH HTXDWLRQV EDFNZDUGV ZLWK P\ H\HV FORVHG²EXW , KRSH LW XOWLPDWHO\WXUQVRXWWREHIRUWKHEHWWHUPHQWRIPDQNLQG2QO\WLPHZLOOWHOO,VXSSRVH 2Q 6HSWHPEHU , FDPH XS ZLWK DQRWKHU QRFWXUQDO HTXDWLRQ WR SRQGHU $V ZLWK WKH SUHYLRXVHTXDWLRQDQGOLNHWKH)HEUXDU\LQFLGHQW/LVDZDVDZDNHQHGE\PHDSSDUHQWO\WDONLQJ WRVRPHRQHLQP\VOHHS1RZWKLVLQLWVHOILVQRWDOOWKDWXQXVXDO²PDQ\SHRSOHRFFDVLRQDOO\WDONLQ WKHLUVOHHS²EXWWKLVZDVDOLWWOHGLIIHUHQW,QVWHDGRIMXVWPXPEOLQJZRUGVKRZHYHU,ZDVZULWLQJ DQRWKHUHTXDWLRQDOOWKHZKLOHVD\LQJWKLQJVOLNH³,GRQ¶WXQGHUVWDQG«ZKDW"´DQG³6ORZGRZQ« WKHUH¶VQRWHQRXJKURRP«´ 7KHIRUWXQDWHWKLQJLVWKDWZKLOH,ZDVLQWKHPLGVWRIGRLQJWKLV/LVDJRWXSDQGZRNHRXUIULHQG 'RQ²ZKRKDGVWD\HGRYHUQLJKWDQGZDVVOHHSLQJLQWKHEHGURRPQH[WWRRXUV²WRZLWQHVVP\VWUDQJH OLWWOHDGYHQWXUH%RWKZDWFKHGIDVFLQDWHGDV,VNHWFKHGYHU\TXLFNO\ZLWKP\H\HVFORVHGWKHHQWLUH WLPH $IWHUREVHUYLQJPHIRUDIHZPLQXWHVWKH\KHDUGPHVD\³«RND\´DQGVDZPHVFULEEOHDQRWKHU OLQH SXW GRZQ WKH SDSHU DQG SHQFLO DQG OLH EDFN GRZQ UHPDLQLQJ DVOHHS WKH HQWLUH WLPH 7KH\ GHFLGHGQRWWRZDNHPHDQGZDLWHGXQWLOPRUQLQJWRVKRZPHZKDW,KDGGRQH 7KH QH[W PRUQLQJ , FRXOG FOHDUO\ VHH WKDW WKLV QHZ HTXDWLRQ DSSHDUHG WR EH DV FRPSOH[ DV WKH RWKHUV,WDOOORRNVOLNHJREEOHG\JRRNWRPHEXW,¶PWROGLWLVDFWXDOO\TXLWHUHPDUNDEOHDQGKDVWRGR ZLWKVRPHWKLQJFDOOHGWKH6FKZDU]VFKLOGUDGLXVRUHYHQWKRUL]RQRIDEODFNKROHDQGDQRWKHUWKLQJ FDOOHG *DXVV¶ /DZ ZKLFK KDV WR GR ZLWK WKH GLVWULEXWLRQ RI HOHFWULFDO FKDUJHV LQ DQ HOHFWULF ILHOG ERWKRIZKLFKDUHZD\EH\RQGPH:KDWPDGHWKLVVNHWFKDOLWWOHGLIIHUHQWIURPWKHRWKHUVKRZHYHU ZHUHWKHVWUDQJHV\PEROVDWWKHERWWRPRIWKHSDJHWKDWGLGQ¶WDSSHDUWREHZULWWHQLQ(QJOLVKRUWKDW ZHUHDOJHEUDLFLQQDWXUH,QIDFWWKH\DSSHDUHGWREHDQRWKHUODQJXDJHRQHWKDWQHLWKHU,QRU/LVDQRU 'RQKDGHYHUVHHQEHIRUH ,ZRXOGODWHUOHDUQWKDWWKHVWUDQJHV\PEROVZHUHDFWXDOO\DQDQFLHQWODQJXDJH(YHQWXDOO\RQHRI WKHUHVHDUFKHUVILJXUHGRXWWKDWWKHODQJXDJHZDV$UDPDLFWKHODQJXDJHWKDW-HVXVVSRNHDOPRVWWZR WKRXVDQG \HDUV DJR DQG RQH VSRNHQ UDUHO\ WRGD\ OHDGLQJ VFKRODUV WR FRQVLGHU LW DQ ³HQGDQJHUHG´ ODQJXDJH(YHQPRUHDPD]LQJZDVWKHIDFWWKDWLWZDVWKH$UDPDLFZRUGIRUSURSXOVLRQ2XUIULHQG +HLGL DOVR ILJXUHG RXW WKDW LW QRW RQO\ VD\V SURSXOVLRQ EXW WKH WZR V\PEROV DW WKH EHJLQQLQJ RI WKH ZRUGDUHD]HURDQGDSHULRGRUSRLQWVXJJHVWLQJWKDWWKHWH[WLVWDONLQJDERXWVRPHWKLQJFDOOHG]HUR SRLQWSURSXOVLRQ ,Q SK\VLFV ]HURSRLQW HQHUJ\ LV WKH ORZHVW SRVVLEOH HQHUJ\ OHYHO D V\VWHP PD\ SRVVHVV DQG LV WKRXJKW WR EH WKH WKHRUHWLFDO VRXUFH EHKLQG IUHH HQHUJ\²WKDW LV DQ LQH[KDXVWDEOH DQG SXUH HQHUJ\ V\VWHP WKDW ZRXOG LI LW FRXOG EH UHDOL]HG WDNH FDUH RI DOO RI KXPDQLW\¶V HQHUJ\ QHHGV IRUHYHU ,¶G QHYHUKHDUGRIWKHLGHDSUHYLRXVO\DQGVWLOOGRQ¶WXQGHUVWDQGH[DFWO\KRZLWZRUNVPXFKOHVVKRZ, FDPHWRZULWHLWLQ$UDPDLFEXW,NQHZLWKDGWRPHDQVRPHWKLQJ,WPD\EHUHODWHGVRPHKRZWRWKH HTXDWLRQDERYHLW,VLWVRPHVRUWRIIRUPXODRQKRZWRSURGXFH]HURSRLQWSURSXOVLRQ",GRQ¶WNQRZ EXW,FDQ¶WEHOLHYHDOORIWKLVLVPHUHO\RQHKXJHFRLQFLGHQFH 1RWRQO\GLGP\ZLIHZLWQHVVPHGUDZWKLVLQP\VOHHS VRGLGRXUIULHQG'RQ/DWHUVFLHQWLVWVZRXOGILQGWKDWWKHERWWRP OLQHRQWKHSDJHZDVZULWWHQLQDQDQFLHQWIRUJRWWHQODQJXDJH :KDWDOOWKHVHHTXDWLRQVKDYHWRGRZLWKPHPXFKOHVVKRZ,FDPHXSZLWKWKHPLVDP\VWHU\ 6NHSWLFV KDYH VXJJHVWHG WKDW WKH\¶UH HLWKHU QRQVHQVLFDO UDPEOLQJV²WKRXJK WKHUH DUH DQ\ QXPEHU RI SK\VLFLVWVRXWWKHUHZKRZRXOGGLVDJUHH>@²RUWKDW,FRSLHGDOOWKLVVWXIIRXWRISK\VLFVWH[WERRNV VRPHZKHUH2IFRXUVHQRRQHFDQSRLQWWRZKLFKWH[WERRNV,PLJKWKDYHJRWWHQLWRXWRIQRUGRHVLW H[SODLQWKRVHHTXDWLRQV,GUHZGXULQJWKHUHJUHVVLRQVLQIURQWRIDQXPEHURIZLWQHVVHV(LWKHU,ZDV DFTXLULQJ WKLV LQIRUPDWLRQ IURP VRPH XQNQRZQ VRXUFH RXW WKHUH RU HYHU\WKLQJ LV DQ HODERUDWH KRD[ LQYROYLQJ OLWHUDOO\ GR]HQV RI SHRSOH²LQFOXGLQJ P\ ZLIH DQG NLGV²DORQJ ZLWK D QXPEHU RI FUHGHQWLDOHGVFLHQWLVWVZKRDUHZLOOLQJWRJRRQUHFRUGWRGHFODUHP\UDPEOLQJVYDOLG2IFRXUVHWKLV PDWHULDOLVQRWHQWLUHO\XQGHUVWRRG²ZKLOHSDUWVRIWKHHTXDWLRQVDUHUHFRJQL]DEOHRWKHUSDUWVDUHQRW ZKLFK VXJJHVWV WKDW WKH\ DUH QRW QRQVHQVLFDO GRRGOHV EXW VLPSO\ WKDW LV D GLVFXVVLRQ RI TXDQWXP SK\VLFVLGHDVODUJHO\EH\RQGRXUNQRZOHGJH(YHQPRUHDPD]LQJLVWKDWZKLOHVRPHRIWKHHTXDWLRQV DUH QRW QHZ DQG KDYH EHHQ SXEOLVKHG E\ RWKHUV PDQ\ RI WKHP DUH QHZ DQG WR WKLV GD\ FRQWLQXH WR VWXPSSK\VLFLVWV 8QLYHUVLW\ RI 1HEUDVND DW 2PDKD SK\VLFLVW 'U -DFN .DVKHU ZKRVH DQDO\VLV , KDYH TXRWHG WKURXJKRXWWKLVERRNZURWH 6WDQKDVQRLGHDZKDWKHLVZULWLQJ²WKHV\PEROVORRNOLNHKHQVFUDWFKHVWRKLP%XWVHYHUDORIWKH HTXDWLRQV KH ZURWH ZHUH JUDGXDWHOHYHO SK\VLFV DQG EH\RQG DQG UDQJH IURP DGYDQFHG HOHFWURPDJQHWLF WKHRU\ WR VSHFLDO UHODWLYLW\ WR FRPSOLFDWHG WHQVRU HTXDWLRQV IURP JHQHUDO UHODWLYLW\ DQGTXDQWXPJUDYLW\2QHSDJHRIWKHVHHTXDWLRQVZDVHYHQZULWWHQEDFNZDUGVDVLIWKHEHLQJVWKDW ZHUHSXWWLQJWKHPLQKLVKHDGZDQWHGWRVKRZXVWKDWWKHHTXDWLRQVZHUHFRPLQJIURP6WDQDQGQRW FRSLHG IURP HOVHZKHUH « 7KHUH LV DEVROXWHO\ QR ZD\ WKDW 6WDQ FRXOG KDYH NQRZOHGJH RI ZKDW KH ZURWH +LV PDWK DELOLWLHV KDYH EHHQ WHVWHG DW D VL[WK JUDGH OHYHO DQG VLQFH WKHUH ZHUH ZLWQHVVHV SUHVHQWRQVHYHUDORIWKHVHRFFDVLRQV>ZKHQKHZURWHWKHHTXDWLRQV@,KDYHEHHQIRUFHGWRFRQFOXGH WKDWVRPHRWKHUEHLQJVKDYHSXWWKHVHHTXDWLRQVLQWR6WDQ¶VKHDGIRUZKDWHYHUUHDVRQ>@ )XUWKHU LQ WKH ZRUGV RI 0,7 DQG 3ULQFHWRQHGXFDWHG SK\VLFLVW 'U &ODXGH 6ZDQVRQ ZKR KDV H[DPLQHGWKHVHHTXDWLRQVKLPVHOILQVRPHGHWDLO ,Q P\ RSLQLRQ WKHVH HTXDWLRQV DUH TXLWH EH\RQG 6WDQ¶V DELOLW\ WR IDEULFDWH 7KH\ FRQWDLQ XVHIXO FOXHVDERXWQHZSK\VLFVSULQFLSOHV6RPHRIWKHPFRUUHVSRQGWRSK\VLFVWKHRULHVSURSRVHGE\RWKHUV DQGRWKHUVJREH\RQGWKDW0\VHQVHLVWKDWWKH\DUHOLNHDWUDLORIEUHDGFUXPEVGHVLJQHGWROHDGXVWR DGHHSHUXQGHUVWDQGLQJRISK\VLFV>@ :K\,ZRXOGEHJLYHQWKHVHHTXDWLRQVLVXQFOHDUEXWLWLVDVLIWKH(7VDUHWU\LQJWROHWXVNQRZ WKDW WKLV LV WKH GLUHFWLRQ ZH VKRXOG JR 2I FRXUVH , FDQ¶W SURYH , DFTXLUHG WKLV LQIRUPDWLRQ IURP H[WUDWHUUHVWULDOVQRUFDQ,JXDUDQWHH,¶YHQHFHVVDULO\ZULWWHQHYHU\WKLQJGRZQSHUIHFWO\$OO,FDQGR LV OHDYH LW IRU UHDGHUV WR GHFLGH IRU WKHPVHOYHV ZKHWKHU WKHVH QRFWXUQDO GRRGOHV RI PLQH FRQVWLWXWH HYLGHQFHWKDW,¶PLQWHUDFWLQJZLWKDQDOLHQLQWHOOHFWIDUPRUHDGYDQFHGWKDQP\VHOI >FRQWHQWV@ >@,ZDVODWHUWROGWKDWWKHHTXDWLRQZLWKWKH$UDPDLFWH[WDWWKHERWWRPZDVDQHDUH[DFWFRS\²ZLWKW\SRV²RIDQHTXDWLRQSXEOLVKHG E\$PHULFDQ SK\VLFLVW 'U +DO 3XWKRII ZKLFK , ODWHU OHDUQHG LV D KLJKO\ XQRUWKRGR[ HTXDWLRQ QRW JHQHUDOO\ DFFHSWHG E\ WKH SK\VLFV FRPPXQLW\ DQG WKDW FRXOG RQO\ EH DSSUHFLDWHG E\ VRPHRQH SRVVHVVLQJ D GHHS XQGHUVWDQGLQJ RI SK\VLFV 3OHDVH VHH$SSHQGL[ % IRU D PRUHFRPSOHWHH[SODQDWLRQE\'U&ODXGH6ZDQVRQ >@)URPDVLJQHGOHWWHUGDWHG0DUFK6HH$SSHQGL[$ >@)URPDVLJQHGOHWWHUGDWHG2FWREHU6HH$SSHQGL[% 7KH³*RRG´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³+RZUHOD[LQJ´,DQVZHUHG³,FDQHQMR\P\VHOIDQGUHVWP\OHJDWWKHVDPHWLPH´ 7XUQVRXWWKDWZKLOHWKHWULSGLGKHOSWDNHP\PLQGRIIP\NQHHLWZDVDELJPLVWDNHSK\VLFDOO\ %\WKHHQGRIWKHGD\P\NQHHKDGVZROOHQWRWKUHHWLPHVLWVQRUPDOVL]HOHDYLQJPHLQHYHQJUHDWHU PLVHU\:KHQZHJRWKRPHDOO,FRXOGGRZDVOLHGRZQDQGZKLQHDERXWWKHSDLQ%\0RQGD\QLJKW ZLWKMXVWDFRXSOHPRUHGD\VOHIWXQWLOWKHVXUJHU\,UHPDLQHGLQDJRQ\([KDXVWHGIURPGHDOLQJZLWK P\WKUREELQJVZROOHQOHJ,PDQDJHGWRIDOODVOHHSDURXQGHOHYHQR¶FORFNWKDWQLJKW 7KHQH[WWKLQJ,UHPHPEHU,ZDVVWDQGLQJLQWKHPLGGOHRIP\OLYLQJURRPLQWKHGDUNZRQGHULQJ KRZ,¶GJRWWHQWKHUH,ZDVVWLOOFRQVLGHULQJWKLVZKHQ/LVDDSSHDUHGKDYLQJMXVWFRPHLQIURPWKH JDUDJHWRUHVHWWKHEUHDNHUVDIWHUWKHSRZHUKDGJRQHRXW6KHORRNHGDWPHFXULRXVO\ ³:KHUHKDYH\RXEHHQ"´VKHDVNHG ³,ZDVORRNLQJIRU\RX´,VKUXJJHGQRWUHDOO\NQRZLQJZKDWHOVHWRVD\ )RUVRPHUHDVRQZHZHUHERWKVWUDQJHO\VOXJJLVKDQGGD]HGDQGHYHQWKRXJK,KDGDEORRG\QRVH DQG EORRG RQ P\ XQGHUZHDU ZH FOHDQHG PH XS DQG MXVW ZHQW EDFN WR EHG ZLWKRXW SD\LQJ PXFK DWWHQWLRQWRZKDWKDGMXVWKDSSHQHG 0\ZLIHIRXQGWKLVFLUFOHVZLUOHGLQWRRXUJUDVVWKHQH[WPRUQLQJ DIWHU,ZDVDEGXFWHGLQWKHQLJKWDQGP\LQMXUHGNQHHZDVIL[HG 7KDWHYHQLQJWKHJUDVVVZLUOORRNHGOLNHWKLV ,W ZDVQ¶W XQWLO PRUQLQJ WKDW ZH ZHUH DZDUH RI DQ\WKLQJ XQXVXDO /LVD FDPH UXQQLQJ LQ H[FLWHG DERXWVRPHWKLQJVKH¶GQRWLFHGRQWKHEDFNODZQ6WLOOJURJJ\DQGKDOIDVOHHS,IROORZHGKHURXWVLGH DQGZDWFKHGDVVKHSRLQWHGWRWKHDUHDRIJUDVVQH[WWRWKHWUDPSROLQH ,ZDVDPD]HGDWZKDW,VDZ1H[WWRWKHWUDPSROLQHSUHVVHG²RUPRUHDFFXUDWHO\VZLUOHG²LQWR WKHJUDVVZDVDSHUIHFWFRXQWHUFORFNZLVHFLUFOHH[DFWO\HLJKWIHHWDFURVV$WWKHHGJHRIWKHFLUFOH ZDVDSODVWLFWR\O\LQJKDOILQVLGHWKHJUDVVFLUFOHDQGKDOIRXWVLGHWKHFLUFOH7KHKDOIWKDWZDVO\LQJ LQVLGHWKHJUDVVFLUFOHZDVIXVHGWRWKHJURXQGZKLOHWKHRWKHUKDOIZDVXQWRXFKHG%\30WKDW DIWHUQRRQZHDOVRIRXQGWKDWDOOWKHJUDVVZLWKLQWKHFLUFOHZDVFRPSOHWHO\GHDG ,ZRNHXSDIWHUDQDEGXFWLRQDQGIRXQGWKDWWKH\IL[HGP\LQMXUHGNQHH 5HPDUNDEO\QHLWKHURQHRIXVKDGHYHQQRWLFHG,ZDVQ¶WZHDULQJP\NQHHEUDFHXQWLOWKDWPRPHQW 7U\DV,PLJKW,FRXOGQ¶WUHPHPEHUKDYLQJWDNHQLWRII,QIDFW,GLVWLQFWO\UHPHPEHUHGZHDULQJLWWR EHG WKH QLJKW EHIRUH IXUWKHU FRPSRXQGLQJ WKH P\VWHU\ :KDW KDSSHQHG QH[W ZDV HYHQ PRUH RI D VKRFNEXWWKLVWLPHLQDJRRGZD\ /LVDDVNHGPHKRZP\OHJZDVIHHOLQJ&XULRXVWKDWLWGLGQ¶WVHHPWREHKXUWLQJ,JLQJHUO\SXWDOO P\ZHLJKWRQWKHLQMXUHGNQHH/LIWLQJP\OHJ,EHJDQEHQGLQJLWEDFNDQGIRUWKDQGQRWLFHGWKHUHZDV QRSDLQDQGWKDWWKHVZHOOLQJZDVFRPSOHWHO\JRQH ³,FDQ¶WEHOLHYHWKLV´,VDLG³:KDWKDSSHQHG"´ 6KH H[DPLQHG P\ OHJ PRUH FORVHO\ 1RW RQO\ ZDV WKH VZHOOLQJ DEVHQW EXW WKHUH ZHUH QRZ ILYH SHUIHFWO\VSDFHGKROHVUXQQLQJYHUWLFDOO\GRZQWKHULJKWVLGHRIWKHNQHH7KH\DSSHDUHGWREHWLQ\ SXQFWXUHZRXQGVDOLJQHGLQDSHUIHFWVWUDLJKWOLQH ,TXLFNO\SXWDOOWKHSLHFHVWRJHWKHU7KHFLUFXODUSDWWHUQLQWKHODZQWKHQRFWXUQDOMDXQWDURXQGWKH KRXVH LQ WKH GDUN WKH EORZQ SRZHU FLUFXLW DQG WKH EORRG\ QRVH²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²JHWP\ DWWHQWLRQDQGIDLUO\VKRXWWKDWWKH\KDGGRQHPHDIDYRUMXVWLQFDVH,PLVVHGWKHSRLQW²RUZDVWKHUH VRPH RWKHU HYHQ PRUH REVFXUH UHDVRQ" ,Q DQ\ FDVH , GLGQ¶W FDUH 7KH\ KDG UHSDLUHG P\ NQHH² LQVWDQWDQHRXVO\DVIDUDV,FRXOGWHOO²DQGIRUWKHILUVWWLPHLQPDQ\\HDUV,ZDVDFWXDOO\WKDQNIXO, KDGEHHQWDNHQ 'HFLGLQJ , QR ORQJHU UHTXLUHG VXUJHU\ , FDOOHG RXU GRFWRU DQG FDQFHOOHG WKH RSHUDWLRQ WKDW KDG EHHQ VFKHGXOHG IRU WKH QH[W GD\ 7R VD\ WKDW VKH GLVDJUHHG ZLWK P\ GHFLVLRQ ZRXOG EH D KXJH XQGHUVWDWHPHQWVKHWROGPHWKDWZLWKRXWWKHRSHUDWLRQ,FRXOGZHOOEHDFULSSOHWKHUHVWRIP\OLIHDQG LQVLVWHG,JRWKURXJKZLWKLW$OWKRXJK,H[SODLQHGDVEHVW,FRXOG²ZLWKRXWJRLQJLQWRGHWDLOV²WKDWLW ZDVQRORQJHUQHFHVVDU\WKHGRFWRUDVNHGPHWRPHHWZLWKKHUDVVRFLDWHLQWKH(5VRKHPLJKWKDYHD VHFRQGORRN &XULRXVDVWRKRZWKHGRFWRUZRXOGUHVSRQGWRP\PLUDFOHKHDOLQJ/LVDEURXJKWDWDSHUHFRUGHU WR WKH H[DP MXVW WR JHW KLV UHDFWLRQ RQ WDSH 7KLV SURYHG WR EH D ZLVH GHFLVLRQ DV QRW RQO\ ZDV LW LPSRUWDQWWRGRFXPHQWZKDWKDGKDSSHQHGEXWLWWXUQHGRXWWREHVRPHZKDWDPXVLQJDVZHOO $IWHU , H[SODLQHG KRZ ,¶G ZRNHQ XS 7XHVGD\ PRUQLQJ ZLWKRXW WKH EUDFH DQG IRXQG WKDW , FRXOG ZDONZLWKRXWSDLQWKHGRFWRUFDUHIXOO\H[DPLQHGP\NQHHIRUVRPHWLPHIOH[LQJLWOHIWDQGULJKWDQG VWUDLJKWHQLQJDQGEHQGLQJLWZLWKLQFUHDVLQJGHJUHHVRIIRUFH+HZDVXQGHUVWDQGDEO\GXPEIRXQGHG DQGFRXOGRQO\FRPPHQWKRZLWFHUWDLQO\DSSHDUHGWREH³GRLQJEHWWHU´+HZDVDOVRLQWULJXHGE\WKH ILYHSXQFWXUHZRXQGVRQWKHVLGHDQGWULHGWRILQGDQH[SODQDWLRQIRUWKHPDVZHOOEXWEH\RQGVHPL VXJJHVWLQJ WKH\ PLJKW EH LQVHFW ELWHV KH VRRQ JDYH XS $IWHU MRNLQJO\ VXJJHVWLQJ ZH FDOO WKH *KRVWEXVWHUV KH VDLG HYHU\WKLQJ ORRNHG ILQH DQG VHQW XV KRPH , GRXEW LI WKHUH ZDV D PRUH EHZLOGHUHGGRFWRULQWKHVWDWHRI&RORUDGRWKDWGD\ :HZHQWKRPHDQGSRQGHUHGZKDWLWDOOPHDQW7KH(7VVHHPHGWREHFDSDEOHRIKHDOLQJDVZHOO DVKDUPLQJ²DOWKRXJKKRZRQHGHILQHG³KDUP´LVGLIILFXOWWRVD\3HUKDSVIURPWKHLUSHUVSHFWLYHWKH\ DUHWU\LQJWRKHOSWKHKXPDQUDFH²SHUKDSVHYHQVDYHLW²VRKRZFRXOG,PDLQWDLQZLWKDQ\GHJUHHRI FHUWDLQW\ WKDW WKH\ ZHUH KDUPLQJ PH ZKHQ WKH\ DEGXFWHG PH" 6XUH WKH\ ZHUH OHDYLQJ PH ZLWK QRVHEOHHGVDQGDQRFFDVLRQDOSXQFWXUHZRXQGRUWZREXWQRQHRIWKHVHWKLQJVZHUHWUXO\GDQJHURXV DQGWKH\DOZD\VKHDOHGVSHFWDFXODUO\IDVW ,¶P QRW VD\LQJ , NQRZ DOO WKH DQVZHUV ,Q IDFW , NQRZ OHVV QRZ WKDQ , GLG EHIRUH %XW LI DQ DGYDQFHGDOLHQVSHFLHVUHDOO\ZDQWHGWRGRXVKDUPLW¶VSUHWW\REYLRXVWKDWWKH\FRXOGKDYHHDVLO\ GRQHVRE\QRZ$QGLIWKH(7VDUHHYLOZK\GLGWKH\IL[P\NQHH",WVHHPVWRPHWKDWMXVWDVWKHUH DUHJRRGDQGEDGSHRSOHKHUHRQ(DUWKLWLVSUREDEO\PXFKWKHVDPHRXWWKHUHZKDWZHZRXOGFDOO JRRG UDFHV Y\LQJ²SHUKDSV HYHQ SURWHFWLQJ XV²IURP ZKDW ZH ZRXOG FDOO WKH EDG UDFHV$QG ZKR NQRZVPD\EHWKHSUREOHPLVQ¶WZLWKWKHDOLHQVDWDOOEXWZLWKXV$SKLORVRSKHU,¶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¶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¶W ILQG DQ\WKLQJ RXW RI WKH RUGLQDU\ &XULRXVO\ UHOLHYHG DQG GLVDSSRLQWHGDWWKHVDPHWLPHZHSXWRXUFDPHUDVDZD\SDFNHGXSRXUODZQFKDLUVDQGFRROHUVVDLG RXUJRRGE\HVDQGZHQWKRPH 7KHQH[WGD\,GHFLGHGWRXSORDGWKHLPDJHVRIIRXUFDPHUDRQWRWKHFRPSXWHUWRWDNHDFORVHUORRN DWWKHPEHIRUHGHOHWLQJWKHP,KDGOHDUQHGWKDWVRPHWLPHVLIRQHDGMXVWVWKHFRQWUDVWRQHVSHFLDOO\ GDUN SKRWRV²DV WKHVH ZHUH²RFFDVLRQDOO\ GHWDLOV SRS RXW WKDW ZHUHQ¶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¶WDSSHDUWREHWKUHDWHQLQJ , NQHZ WKHUH KDG WR EH PHVVDJHV LQ WKH PDGQHVV WKDW VXUURXQGHG PH EXW ZKDW ZHUH WKH\" :K\ ZRXOGWKHEHLQJVLQFRQWURORIWKLVJRWRVRPXFKWURXEOHLIWKHUHZDVQ¶WVRPHWKLQJUHDOO\LPSRUWDQW JRLQJ RQ" $QG WKH ELJJHVW TXHVWLRQ UHPDLQHG ZK\ PH" , FDQ¶W VSHDN IRU RWKHUV EXW DOWKRXJK P\ H[SHULHQFHVZHUHVFDU\,GRQ¶WEHOLHYH,ZDVFKRVHQDWUDQGRPMXVWWREHWUDXPDWL]HG,QIDFWGXULQJ P\ILUVWDEGXFWLRQWKHSRVVXPSHRSOHZHUHDFWXDOO\YHU\SROLWH ,QWKHHQGDOO,FRXOGGRZDVZRQGHUZK\WKH\¶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²WKH ZRPDQ ZKR KDG SHUIRUPHG P\ SUHYLRXV UHJUHVVLRQV²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¶VK\SQRWL]HGRYHUWKH \HDUV ORRNLQJ IRU LQFRQVLVWHQFLHV RU FRQWUDGLFWLRQV LQ WKHLU DFFRXQWV 2WKHUV KRZHYHU ZHUH TXHVWLRQV WKDW KDG EHHQ YROXQWHHUHG E\ WKH UHVHDUFKHUV LQ DQ HIIRUW WR EULQJ FORVXUH WR VRPH RI WKH HDUOLHU UHJUHVVLRQV 7KHUH ZHUH VWLOO VRPH RSHQHQGHG TXHVWLRQV ZH ZDQWHG DQVZHUHG HVSHFLDOO\ FRQFHUQLQJWKHPHDQLQJEHKLQGVRPHRIWKHHTXDWLRQV,¶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¶GGUDZQDFRXSOHRI\HDUVHDUOLHULQWKHORZHUULJKWKDQGFRUQHU DORQJZLWKDV\PERO,¶GGUDZQIUHTXHQWO\WKDWKDGWRGRZLWKWUDYHUVLQJZRUPKROHV,VXSSRVHWKDW PHDQVWKHHTXDWLRQKDGVRPHWKLQJWRGRZLWKIDVWHUWKDQOLJKWVSHHGWUDYHODJDLQEXWZKDWH[DFWO\LW PLJKWPHDQFRXOGRQO\EHJXHVVHGDW ,GUHZWKLVGXULQJP\ILUVWUHJUHVVLRQZLWKUHQRZQHGVRFLRORJLVW 'U/HR6SULQNOH7KHVHVVLRQZDVZLWQHVVHGE\VHYHUDOUHVHDUFKHUV 7KLVZDVWKHSRLQWKRZHYHUDWZKLFKWKHUHJUHVVLRQEHFDPHGLIIHUHQWIURPWKHHDUOLHUVHVVLRQV )LUVW LW VHHPHG WR JR E\ PXFK PRUH TXLFNO\ WKDQ WKH HDUOLHU RQHV²VHHPLQJ WR WDNH RQO\ D IHZ PRPHQWVUDWKHUWKDQWKHKRXURUPRUHWKHRWKHUVKDGWDNHQ$QGVHFRQGO\XQOLNHWKHHDUOLHUVHVVLRQV LQZKLFK,ZDVDEOHWRUHFDOOPRVWRIZKDW,¶GVDLGDIWHUZDUGRWKHUWKDQKDYLQJGUDZQWKHHTXDWLRQ, ZDV XQDEOH WR UHPHPEHU DQ\WKLQJ WKDW KDSSHQHG ,W ZDV LI , KDG MXVW DZDNHQHG IURP D GHHS VOHHS UDWKHUWKDQIURPPHUHO\DKLJKO\UHOD[HGWUDQFHDQGZKHQ,DZRNH,IHOWGD]HGDQGGLVRULHQWHGDVLI, ZHUHRXWRIP\ERG\ ³'LG,IDOODVOHHS"´,DVNHGDVVRRQ,ZDVDEOHWRVLWXS ³1R\RXVXUHGLGQ¶W´VDLGRQHRIWKHUHVHDUFKHUVLQDEHPXVHGWRQH ,ORRNHGDURXQG(YHU\RQHZDVVWDULQJDWPHDVLIVRPHWKLQJKDGIULJKWHQHGWKHP*URZLQJDOLWWOH FRQFHUQHG,DVNHGZKDWKDGKDSSHQHG $IWHU D PRPHQW /LVD LQIRUPHG PH WKDW WKLV UHJUHVVLRQ KDG EHHQ GLIIHUHQW IURP WKH RWKHUV $FFRUGLQJWRKHU²DVZHOODVWKHUHVHDUFKHUV²DERXWKDOIZD\LQWRWKHUHJUHVVLRQWKHDWPRVSKHUHLQ WKH URRP FKDQJHG ,W ZDV DV LI WKH DLU LWVHOI VXGGHQO\ JRW YHU\ KHDY\ DQG VKRUWO\ DIWHU WKDW P\ PDQQHULVPV EHJDQ WR FKDQJH 0\ PRYHPHQWV ZHQW IURP EHLQJ IOXLG WR VRPHZKDW MHUN\ DQG P\ VWDWHPHQWVEHJDQWRVRXQGPRUHLQWHOOHFWXDO$OVRDFFRUGLQJWRHYHU\RQHLQWKHURRPP\GHPHDQRU FKDQJHGFRPSOHWHO\DVGLGWKHWRQHDQGSLWFKRIP\YRLFH,WZDVDVLIVRPHWKLQJZDVXVLQJP\YRFDO FKRUGVWRVSHDNWKURXJKPHEXWLWZDVQ¶WPH $V HYHU\RQH FRQWLQXHG ZLWK WKHLU DFFRXQWV RI ZKDW KDSSHQHG RQH RI WKH UHVHDUFKHUV VDLG LW DSSHDUHGWKDW,ZDVEHLQJXVHGOLNHDWZRZD\UDGLR:KDWHYHULWZDVWKDWZDVVSHDNLQJWKURXJKPH WKH\ VDLG LW ZDV YHU\ VPDUW²PXFK VPDUWHU WKDQ HYHU\RQH LQ WKH JURXS 0\ ILUVW WKRXJKW ZDV WKDW HYHU\RQHZDVMXVWSOD\LQJDMRNHRQPHEXWZKHQWKH\VKRZHGPHWKHWDSHRIWKHVHVVLRQ,KDGQR FKRLFHEXWWRDFFHSWWKHIDFWWKDWVRPHWKLQJKDGWDNHQPHRYHU,FRXOGWHOOE\WKHPDQQHULVPV,XVHG DQGWKHZD\,WDONHGWKDWLWZDVQ¶WUHDOO\PH,ZDVXVLQJZRUGV,¶GQHYHUKHDUGEHIRUHVSRNHQLQD PXFKGLIIHUHQWYRLFHWKDQP\RZQDQGVHHPHGWRNQRZDORWRIWKLQJVWKDWQRQHRIXVGLG $V,ZDWFKHGWKHYLGHR,QRWLFHGWKDWZKDWHYHUWKLVWKLQJZDVLWGLGQ¶WVHHPWREHIURP(DUWK1RW RQO\ ZDV LW KLJKO\ LQWHOOLJHQW LW VHHPHG WR KDYH D VOLJKW GLIILFXOW\ XVLQJ RXU ODQJXDJH :KHQ LW JRW VWXFN LW ZRXOG VD\ ³ZRUG «´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²D PRXWKSLHFHLI\RXZLOO²WRFRPPXQLFDWH,¶GQHYHUJLYHQPXFKFUHGHQFHWRFKDQQHOHUVEHIRUHDQG KDGDOZD\VDVVXPHGWKDWSHRSOHZKRFODLPHGWREHFKDQQHOLQJZHUHHLWKHUSUHWHQGLQJWREHVSHDNLQJ IRU VRPH HQWLW\ XVXDOO\ D GLVHPERGLHG VSLULW RI VRPH NLQG RU ZHUH GHOXVLRQDO HQRXJK WR DFWXDOO\ EHOLHYHWKH\ZHUHEHLQJXVHGWRVSHDNIURPWKHRWKHUZRUOG1RZKRZHYHU,ZRXOGKDYHWRUHWKLQN WKDWSUHMXGLFHDVZHOOHVSHFLDOO\QRZWKDW,KDGDSSDUHQWO\EHFRPHDFKDQQHOP\VHOI $VIRUZKDWWKHHQWLW\WROGXVLWLQIRUPHGXVWKDWZKLOHKXPDQVKDGJUHDWSRWHQWLDOKXPDQLW\ZDV ZDONLQJGRZQWKHZURQJSDWK+XPDQV³QHHGHGWRDFFHSWUHDOLW\´EHIRUHZHFRXOGEHDFFHSWHGLQWR WKH³QHLJKERUKRRG´²SUHVXPDEO\PHDQLQJWKHJDODFWLFRUFRVPLFQHLJKERUKRRG²DQGWKDWZHQHHGHG HQOLJKWHQPHQW$SSDUHQWO\,ZDVRQHRILWVFKRVHQPHVVHQJHUV²RQHRIMXVWVHYHQLWWROGXV²WDVNHG ZLWK JHWWLQJ WKH ZRUG RXW 7KH EHLQJ VSHDNLQJ WKURXJK PH VDLG WKDW KH ZDV KHUH WR KHOS DQG WKDW HYHU\RQHLQWKHURRPKDGEHHQVSHFLILFDOO\FKRVHQWREHLQYROYHGLQP\FDVH 6SHDNLQJLQDFKRSS\KDOWLQJYRLFHLWZHQWRQWRWHOOXVWKDW³KXPDQVDUHDWDFURVVURDGV7KH\ DUHEHLQJMXGJHGDQGWKH\DUHEHLQJJXLGHG«VRPHEDGVRPHJRRG´7KHUHDUHWKRVHWKDWGRQRWVHH WKHEHQHILWRIWKHKXPDQUDFHVXFFHHGLQJDQGWKHUHDUHWKRVHWKDWGR²DQGWKH\ZLOODUJXHWKHSRLQW )URP ZKDW , FRXOG PDNH RXW LW VHHPHG WKDW KXPDQLW\ ZDV HPEURLOHG ZLWKLQ D NLQG RI WXJRIZDU EHWZHHQ YDULRXV DOLHQ UDFHV ZKR ZHUH DUJXLQJ DERXW ZKHWKHU ZH ZHUH ZRUWK WKH WURXEOH ,W DOVR VHHPHG WKHUH ZHUH GLIIHUHQW UDFHV LQYROYHG LQ WKH VWUXJJOH²VRPH ZHUH JRRG RU EHQHILFLDO ZKLOH RWKHUVZHUHQRW$SSDUHQWO\KXPDQVZHUHDOVRLQYROYHGLQWKLVVWUXJJOHVRPHXQZLWWLQJO\DQGRWKHUV NQRZLQJO\²VRPHZRUNLQJIRUJRRGVRPHIRUUHDVRQVRIVHOILVKQHVVDQGIHDUIRUHYLO :KHQ DVNHG LI WKH HQWLW\ KDG D QDPH LW UHSOLHG WKDW LW ZDVQ¶W LPSRUWDQW DQ DQVZHU LW XVHG IUHTXHQWO\ZKHQHYHULWZDVDVNHGSHUVRQDOTXHVWLRQVRUTXHVWLRQVLWGHHPHGLUUHOHYDQW+RZHYHULW GLGDGPLWWKDWLWKDGEHHQSKRWRJUDSKHGEHIRUHLQIDFWLWZDVWKHYHU\JUD\ZHKDGSKRWRJUDSKHGLQ RXUEDFN\DUGLQ&RORUDGR6SULQJVDFRXSOHRI\HDUVHDUOLHU$VZHKDGWDNHQWRFDOOLQJWKHJUD\ZH KDG WDNHQ D SLFWXUH RI LQ &RORUDGR 6SULQJV ³*UDQGSD´ LW WROG XV WKDW LI ZH QHHGHG WR FDOO LW VRPHWKLQJ³*UDQGSD´ZDVDFFHSWDEOH 3UREDEO\WKHPRVWVXUSULVLQJDQVZHUVWKDWFDPHRXWRIWKHVHVVLRQKRZHYHUZHUHWKRVHWKDWGHDOW ZLWK WKH FRQFHSW RI *RG :KLOH PDQ\ LQWHOOHFWXDOV FRQVLGHU WKH EHOLHI LQ *RG WR EH HLWKHU VXSHUVWLWLRXVQRQVHQVHRUDWEHVWDQXQKHOSIXOGLVWUDFWLRQWRZDUGDGYDQFLQJDVDVSHFLHVZKHQDVNHG ZKHWKHU KLV KLJKO\ GHYHORSHG DQG H[WUHPHO\ DGYDQFHG UDFH EHOLHYHV LQ D *RG WKH UHVSRQVH IURP *UDQGSD ZDV DQ HPSKDWLF \HV +RZHYHU XQOLNH ZKDW ZH KHDU LQ RXU UHOLJLRQV²WKDW VHHP WR KDYH *RGSUHWW\ZHOOILJXUHGRXW²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¶VWUXHSRWHQWLDOKDVEHHQVXEGXHGEHFDXVHVRPHWKLQJKDVEORFNHGRXUSK\VLFDOPHQWDO DQGVSLULWXDOHYROXWLRQ:HFDQHLWKHUZRUNKDUGWRJHWRXWRIWKLVPHVVRUZHZLOOGHVWUR\WKH(DUWK DQGRXUVHOYHV $FFRUGLQJ WR WKH (7V D VKLIW LQ WKH FROOHFWLYH KXPDQ FRQVFLRXVQHVV LV LPSHQGLQJ EXW ZH ZLOO KDYH WR FKRRVH ZKLFK GLUHFWLRQ LW¶V JRLQJ WR JR +XPDQLW\¶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¶V VLPSOH HQRXJK ,I ZH ZDQW WKHLU KHOS ZH QHHG WR VWDUW DFFHSWLQJ WKH IDFW WKDW WKHUH LV PXFK PRUHWRWKLVXQLYHUVHWKDQMXVWKXPDQLW\7KH\ZDQWXVWRNQRZWKDWZHUHDOO\GRKDYHIULHQGO\FRVPLF QHLJKERUV6LPSOLVWLF,DGPLWEXWSURIRXQGLQLWVLPSOLFDWLRQVLIRQHERWKHUVWRFRQVLGHULW :KDWGR,WKLQNDERXWDOOWKLV",QUHWURVSHFW,GRQ¶WNQRZ,NQRZ,GLGQ¶WPDQXIDFWXUH*UDQGSD RXWRIP\LPDJLQDWLRQRUDVDPHDQVRIIRROLQJP\IULHQGVVR,KDYHOLWWOHFKRLFHEXWWRDFFHSWWKDWKH LVUHDODQGWKDW,DPIRUZKDWHYHUUHDVRQDFRQGXLWEHWZHHQKLVZRUOGDQGP\RZQ:KDWWKLVZLOO XOWLPDWHO\SURYHWRPHDQDQGZKHUHLWZLOOOHDGPHUHPDLQVWREHVHHQEXWIRUQRZDOO,FDQGRLV FRRSHUDWHZLWKWKLVHQWLW\DVEHVW,FDQDQGZDLWWRVHHZKDWKDSSHQVQH[W 7RGDWHWKHUHKDYHEHHQIRXUPRUHUHJUHVVLRQVZLWK'U6SULQNOHLQZKLFK*UDQGSDVSRNHWRWKH JURXS WKURXJK PH 0DQ\ SHRSOH DWWHQGHG WKHVH VHULHV RI UHJUHVVLRQV²VFLHQWLVWV SK\VLFLVWV UHVHDUFKHUVDQGIULHQGV²DQGDOOKDGDFKDQFHWRDVN*UDQGSDDERXWHYHU\WKLQJIURPZKHUHRXUPRRQ FDPHIURPWRZKHWKHURUQRW%LJIRRWLVUHDO7KHDQVZHUVZHUHDVYDULHGDVWKHTXHVWLRQVDQGWKHUH ZHUHRIWHQVRPHKXPRURXVH[FKDQJHVVSULQNOHGWKURXJKRXW7KHUHZDVDOVRDGHJUHHRIHYDVLYHQHVV RQWKHSDUWRI*UDQGSDDVZHOOZLWKKLPUHIXVLQJWRDQVZHUWKRVHTXHVWLRQVKHIHOWWREHXQLPSRUWDQW RUDQVZHULQJLQWKHPRVWYDJXHWHUPV&OHDUO\ZKDWHYHU*UDQGSDLVKHFDQEHP\VWHULRXV,GRQ¶W NQRZLIWKDW¶VRQSXUSRVHRUMXVWEHFDXVHKHGRHVQ¶WWKLQNDERXWWKLQJVWKHVDPHZD\ZHGR²LW¶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¶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¶G UHPHPEHU WR WDNH D FDSVXOH LQ WKH PRUQLQJ , VKRXOG KDYH NQRZQ KRZHYHUWKDWWKH\KDGRWKHUSODQVDV,ZRXOGVRRQOHDUQ ³6WDQ:DNHXS6RPHWKLQJKDSSHQHG´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¶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¶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²RU DERXW WKH VL]H RI RQH RI WKH UHG RUEV ZH KDG SHULRGLFDOO\GHDOWZLWKRYHUWKH\HDUV$SSDUHQWO\/LVDZDVULJKWHLWKHUWKH\GLGQ¶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¶G EXUURZHG OHWWLQJ XV NQRZWKDWKHZDVLIQRWKLQJHOVHDWOHDVWDQKRQHVWSLFNSRFNHW >FRQWHQWV@ ³/LEHUW\´0DNHVD9LVLW :KHQHYHU,IHOWHVSHFLDOO\VWUHVVHGRXWRURQWKRVHGD\VZKHQWKLQJVVHHPHGWREHRXWRIFRQWURO, FRXOG DOZD\V FRXQW RQ WKH VXSSRUW RI P\ IULHQGV /LVD DQG , ZHUH HVSHFLDOO\ WKDQNIXO IRU DOO WKH SHRSOHLQRXUOLIHZKRZHUHDOZD\VWKHUHUHDG\WRVXSSRUWXVHVSHFLDOO\ZKHQRQHFRQVLGHUVKRZ PDQ\ SHRSOH LQ RXU VLWXDWLRQ ZRXOG EH WKRXJKW RI DV NRRNV DQG VKXQQHG 7KLV KDV KDG D IXUWKHU SRVLWLYH HIIHFW LQ WXUQLQJ PH IURP VRPHWKLQJ RI D ORQHU LQWR D SHUVRQ ZKR IHHOV ORVW ZLWKRXW RWKHUV DURXQG PH , FDQ¶W KHOS EXW EHOLHYH WKDW VXFK D SRVLWLYH FKDQJH LV LQ VRPH VPDOO ZD\ D SDUW RI D ELJJHUSODQ $VDUHVXOW/LVDDQG,DUHDOZD\VORRNLQJIRURSSRUWXQLWLHVWRKDYHIULHQGVRYHU7KH)RXUWKRI -XO\LVRQHRIWKRVHKROLGD\VHVSHFLDOO\GHVLJQHGIRUVXFKJHWWRJHWKHUV$QGWRPDNHLWHYHQEHWWHU WKLV\HDUWKHNLGVZHUHQ¶WVSHQGLQJWKHIRXUWKZLWKWKHLUIDWKHULQ1HEUDVNDVRWKHHQWLUHIDPLO\ZDV WRJHWKHUIRUWKHKROLGD\IRUILUVWWLPHLQ\HDUV ,WZDVDEHDXWLIXOKRWVXPPHUGD\DQGPDQ\RIRXUIULHQGVDUULYHGHDUO\WRKHOSXVVHWHYHU\WKLQJ VHWXS²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¶IULHQGVSOD\LQJDSUDQN,SXWP\SLHGRZQDQGKHDGHGWRZDUGWKH GRRU LPDJLQLQJ , ZRXOG FDWFK VRPHERG\ LQ WKH DFW :KHQ , RSHQHG WKH GRRU WR VHH ZKR LW ZDV KRZHYHU WKHUH ZDV QRERG\ WKHUH &XULRXV DW KRZ KH , VXVSHFWHG RQH RI WKH WHHQDJH ER\V P\ VWHSGDXJKWHUNQHZWREHWKHSHUSHWUDWRUKDGPDQDJHGWRYDFDWHWKHDUHDVRTXLFNO\,ZDONHGRXWLQWR WKH\DUGWRVHHZKHUHKHKDGJRQH:LWKIODVKOLJKWLQKDQGDQGP\IULHQG+HLGLLQWRZ,ZDONHGRXW RQWR WKH GHFN DW ZKLFK SRLQW ZH KHDUG D UXVWOLQJ VRXQG FRPLQJ IURP WKH EXVKHV WR P\ ULJKW )XOO\ H[SHFWLQJVRPHNLGWRMXPSRXWDQGIULJKWHQXV,VKLQHGWKHOLJKWLQWRWKHEXVKHVEXWFRXOGILQGQR RQH$V,WXUQHGWKHFRUQHUWRZDUGWKHJDWHKRZHYHUP\IODVKOLJKWEHDPFDXJKWZKDWDSSHDUHGWREH DFKLOGFURXFKLQJGRZQLQVLGHDEXVK/RRNLQJPRUHFORVHO\,LQVWDQWO\UHDOL]HGLWZDVQRFKLOGDWDOO EXWDQRWKHURIWKHVPDOOJUD\VWKDWVHHPHGWRKDYHEHFRPHVXFKDIL[WXUHLQP\OLIH 7KRXJK,KDGHQFRXQWHUHGJUD\VEHIRUHRQHLVVWLOOQHYHUTXLWHSUHSDUHGIRUWKHH[SHULHQFHZKHQ LWKDSSHQVQRPDWWHUKRZPDQ\WLPHVLWRFFXUV6WDUWOHG,ZDWFKHGDVWKHVOHQGHUFUHDWXUHSRSSHGXS DQG VSULQWHG WRZDUG WKH JDWH WKDW OHDGV WR WKH GULYHZD\ RQ WKH VLGH RI WKH KRXVH$V VXUSULVHG DV , ZDV,VWLOOKDGWKHSUHVHQFHRIPLQGWR\HOODWHYHU\RQHZKRZDVVWLOOLQVLGHWRUXQWRWKHIURQWRIWKH KRXVHWRVHHLIWKH\FRXOGVSRWKLPDVKHFDPHUXQQLQJWKURXJKWKHJDWHEXWFRQVLGHULQJKRZVSLQGO\ WKHFUHDWXUHORRNHGLWZDVUHPDUNDEO\QLPEOHDQGTXLFNO\UHDFKHGWKHJDWH$IHZVHFRQGVODWHU, ZDWFKHG LQ DPD]HPHQW DV D EULOOLDQW EOXLVK OLJKW HQJXOIHG WKH FUHDWXUH DQG LW YDQLVKHG FRPSOHWHO\ OHDYLQJQRWUDFHLWKDGHYHUH[LVWHG,WZDVDVLILWKDGEHHQVWUXFNE\DEROWRIOLJKWQLQJZKLFKVKUDQN LWWRDSLQSRLQWRIOLJKWLQDIUDFWLRQRIDVHFRQG +HLGLKDGVHHQWKHIODVKRIOLJKWEXW,ZDVWKHRQO\RQHDEOHWRJHWDJRRGORRNDWWKHWKLQJ)RU VRPHUHDVRQ,ZDVFRQFHUQHG,PLJKWKDYHVFDUHGWKHSRRUWKLQJWRGHDWK²DFRQFHUQWKHVHFUHDWXUHV QHYHUVHHPHGWRVKRZIRUPH,QDQ\FDVHLWZDVLQWHUHVWLQJZLWQHVVLQJKRZLWZDVDEOHWRQRWRQO\ PRYHEXWKRZLWZDVDEOHWREHWUDQVSRUWHGLQDQGRXWRIRXUZRUOG,WZDVQ¶WTXLWHWKHWUDQVSRUWHU EHDP RI6WDU 7UHN IDPH EXW VRPHWKLQJ DORQJ WKDW OLQH²WKRXJK PXFK IDVWHU 7KH FUHDWXUH GLGQ¶W GHPDWHULDOL]HEHIRUHPH,WZDVPRUHOLNHLWZDVSOXFNHGIURPWKHHQYLURQPHQWLQVWDQWDQHRXVO\ 2I FRXUVH EHLQJ WKH RQO\ ZLWQHVV WR VXFK D UHPDUNDEOH WKLQJ DOZD\V PDNHV RQH VXVSHFW DQG , ZRQGHUHGLIVRPHRIP\IULHQGVWKRXJKW,ZDVHLWKHUSOD\LQJDMRNHRQWKHPRUKDGLPELEHGDELWWRR PXFKZKLFKLVXQOLNHO\DV,¶PSHUVRQDOO\QRWPXFKRIDGULQNHU2WKHUWKDQ+HLGL¶VDVVHUWLRQWKDW VKH KDG VHHQ WKH IODVK RI OLJKW WKDW KDG WDNHQ WKH OLWWOH IHOOD WKHUH ZDVQ¶W DQ\WKLQJ WR SURYH ZH KDG EHHQYLVLWHGE\H[WUDZRUOGO\YLVLWRUVOHDYLQJPHDOLWWOHGLVDSSRLQWHG$V,WKRXJKWDERXWLWIRUDIHZ PLQXWHVKRZHYHU,ZRQGHUHGKRZORQJWKHFUHDWXUHKDGEHHQRXWWKHUHZDWFKLQJXVDQGLILWPLJKWQRW KDYH EHHQ DFFLGHQWDOO\ FDXJKW LQ WKH EDFNJURXQG RI RQH RI WKH JURXS SKRWRV ZH KDG WDNHQ D IHZ PLQXWHVHDUOLHU:HKDGFDXJKWJUD\VWKLVZD\EHIRUHVR'RQDQG,WKRXJKWLWPLJKWEHZRUWKWDNLQJD ORRN:HZHQWWKURXJKHDFKSKRWRZH¶GWDNHQHDUOLHUFDUHIXOO\]RRPLQJLQDQGVFUXWLQL]LQJHDFKRQH RQWKHFRPSXWHU6LQFHWKHFUHDWXUHVXVXDOO\SUHIHUWRKLGHLQWKHGDUNQHVVMXVWRXWRIIODVKUDQJHLWLV XVXDOO\QHFHVVDU\WROLJKWHQHDFKVKRWDQGWKHQEULQJWKHFRQWUDVWXSWRVHHDQ\WKLQJ²ZKLFKZHGLGRQ HDFKSKRWREXWWRQRHIIHFW,WVHHPVWKDWZKDWHYHULWZDVLWKDGHLWKHUDUULYHGWRRODWHWRPDNHLWLQWR RQHRIWKHVKRWVRUKDGPDQDJHGWRUHPDLQMXVWRXWVLGHRIUDQJH 7KHQ ZH JRW OXFN\ :H ZHUH MXVW DERXW WR JLYH XS ZKHQ ZH VWXPEOHG DFURVV VRPHWKLQJ LQ WKH EDFNJURXQG RI D SLFWXUH WDNHQ RI RXU IULHQGV 'RQ DQG +HLGL 7KHUH LQ WKH EXVKHV QHDU WKH IHQFH VWRRG D OLWWOH ILJXUH DERXW WKUHH DQG D KDOI IHHW WDOO ZLWK D VOHQGHU ERG\ DQG ELJ EODFN H\HV :H¶G FDXJKWLW²DWOHDVWSKRWRJUDSKLFDOO\ :H SURPSWO\ QLFNQDPHG WKLV OLWWOH JX\ ³/LEHUW\´ GXH WR WKH IDFW WKDW KH SDLG XV D YLVLW RQ WKH )RXUWKRI-XO\ 6WUDQJHUVWLOOZKHQ,ORRNHGFORVHUWKHOLWWOHEHLQJDSSHDUHGWREHVXUURXQGHGE\OLWWOHRUEVRU EXEEOHVRIVRPHNLQGPDNLQJPHZRQGHULILWZDVQ¶WVRPHVRUWRIHQHUJ\ILHOG&OHDUO\LILWZHUH VXUURXQGHG E\ VRPH NLQG RI IRUFH ILHOG WKDW ZRXOG DQVZHU D ORW RI TXHVWLRQV DERXW KRZ WKH WKLQJ PDQDJHV WR H[LVW LQ RXU DWPRVSKHUH DQG ZK\ LW VHHPV WR EH DEOH WR PRYH DURXQG VR HIIRUWOHVVO\ UHJDUGOHVV RI WKH ZHDWKHU FRQGLWLRQV ,W ZRXOG DOVR DQVZHU ZK\ LW LV QDNHG LQ DQ HQYLURQPHQWDOO\ FRQWUROOHGEXEEOHRIVRPHNLQGLWZRXOGKDYHQRQHHGIRUDVXLWDQGLILWZHUHDKLJKO\DGYDQFHG EHLQJLW¶VSUREDEO\HYROYHGEH\RQGWKHSRLQWZKHUHLWZRXOGEHVHOIFRQVFLRXVDERXWLWVDSSHDUDQFH DVKXPDQVDUH,QDQ\FDVHLWZRXOGKDYHEHHQQLFHWREHKDYHEHHQDEOHWRVLWGRZQDQGWDONZLWK KLP0D\EHVRPHGD\KXPDQVZLOOHDUQWKHSULYLOHJHRIGRLQJVR >FRQWHQWV@ 7KH:DWFKWRZHU8)26LJKWLQJ %\WKLVWLPH,KDGVWDUWHGVSHDNLQJSXEOLFO\DERXWP\H[SHULHQFHVZLWKVRPHUHJXODULW\²XVXDOO\IRU VPDOO JURXSV LQ WKH 'HQYHU PHWUR DUHD DQG RQ YDULRXV UDGLR SURJUDPV$V SDUW RI WKLV LQFUHDVHG H[SRVXUHLQ-XO\RI,ZDVLQYLWHGWRJLYHDSUHVHQWDWLRQDWDQDQQXDO8)2FRQIHUHQFHLQWKHOLWWOH WRZQRI+RRSHU&RORUDGR1RUPDOO\WKLVZRXOGQ¶WKDYHEHHQDOOWKDWELJDGHDOH[FHSWWKDWWKHSODFH ²ORFDWHGQRWIDUIURPWKH*UHDW6DQG'XQHVVPDFNGDELQWKHPLGGOHRIWKH6DQ/XLV9DOOH\²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¶WKDYHEHHQPRUHSHUIHFWDQGHYHQEHWWHUGHVSLWHLWVUHSXWDWLRQDVEHLQJD8)2 KRWVSRW WKHUH ZDV QRW D IO\LQJ VDXFHU WR EH VHHQ ZKLFK ZKLOH D GLVDSSRLQWPHQW WR PRVW RI WKH SDUWLFLSDQWVZDVVRPHWKLQJRIDUHOLHIWRPH7KHODVWWKLQJ,ZDQWHGWRGHDOZLWKZDVRQHPRUHFORVH HQFRXQWHUQRPDWWHUKRZPDQ\SHRSOHZHUHDURXQGWRVKDUHLW 7KHILUVWWZRGD\VRIWKHHYHQWSDVVHGXQHYHQWIXOO\OHDGLQJPHWREHOLHYH,PLJKWPDNHLWWKURXJK WKHHYHQWZLWKRXWKDYLQJWRGHDOZLWKP\IULHQGVEXWRQWKHWKLUGGD\6DWXUGD\-XO\WKH\GHFLGHG WRPDNHDQDSSHDUDQFH,WKDSSHQHGDURXQGWKHOXQFKWLPHEUHDNZKHQWKHFDWHUHUVDUULYHGZLWKRXU ER[OXQFKHV0HDOWLFNHWVKDGEHHQJLYHQWRHYHU\RQHDWWKHHYHQWEXW,KDGOHIWPLQHLQWKH59VR, VWDUWHGZDONLQJWKHTXDUWHUPLOHEDFNWRWKHYDQWRJHWWKHP -XVWLILDEO\SDUDQRLGDQ\WLPH,ZDONRXWGRRUV,DOZD\VJODQFHXSZDUG$V,ZDVZDONLQJDORQJ, QRWLFHG DQ REMHFW SRSSLQJ RXW IURP EHKLQG D FORXG$V , DSSURDFKHG WKH 59 , GHFLGHG WR JHW P\ FDPHUDRXWRIP\SRFNHWMXVWLQFDVH ,VWRSSHGWRJHWDEHWWHUORRNDWWKHREMHFWDQGQRWLQJWKDWLWZDVPRYLQJVORZO\DQGVWHDGLO\MXVW DVDQDLUOLQHUZRXOGGHFLGHGLWZDVSUREDEO\DQDLUSODQHUHIOHFWLQJVXQOLJKWRIILWVVKLQ\DOXPLQXP VNLQ,ZDVDERXWWRGLVPLVVWKHREMHFWDVMXVWDSDVVHQJHUMHWIO\LQJRYHUKHDGZKHQLWVXGGHQO\GLG VRPHWKLQJWKDWQRMHWLVFDSDEOHRIGRLQJLWTXLFNO\DFFHOHUDWHGWRDYHU\KLJKVSHHGDQGPDGHWKH MRXUQH\IURPDERYHWKHPRXQWDLQVWKLUW\RUVRPLOHVDZD\WRDSRLQWULJKWRYHUWKHFDPSLQVHFRQGV ZKHUHLWDEUXSWO\VWRSSHGLQPLGDLU$VWKHREMHFWKRYHUHGRYHUKHDG,FRXOGFOHDUO\VHHWKDWLWZDVD VDXFHUVKDSHG8)20\KDQGVWUHPEOHGDV,WRRNDSLFWXUHZKLFKPDGHWKHREMHFWDOLWWOHEOXUU\DQG LQGLVWLQFW )UXVWUDWHGWKDWDIWHUDOO,¶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¶V HYHQWV+HLGLDQG,GHFLGHGWRJRIRUDZDON7KRXJKLWZDVJHWWLQJGDUNDQGWKHUHZDVQ¶WDQ\WKLQJ REYLRXVKDSSHQLQJDURXQGXVVRPHWLPHV,JHWWKHVHKXQFKHVWKDW,VKRXOGWDNHVRPHSKRWRVDQGVR ZHWRRNWXUQVVKRRWLQJSLFWXUHVRIWKHKRUL]RQDQGVN\DURXQGXVRQWKHRIIFKDQFHP\KXQFKWXUQHG RXWWREHDFFXUDWHDQGZHFDXJKWVRPHWKLQJE\DFFLGHQW1RWUHDOO\H[SHFWLQJWRILQGPXFK+HLGLDQG ,JRWEDFNWRFDPSZKHUH,XSORDGHGWKHSLFWXUHVWRP\ODSWRSFRPSXWHU$VZHORRNHGWKURXJKWKH SKRWRVZHVDZQRWKLQJEXWQLJKWVN\DQGILHOGRWKHUWKDQDIHZLQWHUHVWLQJRUEV+RZHYHUZKHQ,JRW WRDSLFWXUH,¶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¶VVSRRNLHULQFRORU²ZLWKLWVUHGKXH²EXWLWLVHQRXJK WRJHWPHZRQGHULQJMXVWKRZPDQ\RIWKHVHWKLQJVWKHUHZHUHDQGKRZWKH\PDQDJHGWRVRPHWLPHV UHPDLQLQYLVLEOHWRWKHKXPDQH\H:HUHWKH\XVLQJVRPHVRUWRIIRUFHILHOGRIVRPHNLQGRUZHUH WKH\ DEOH WR EHQG OLJKW DURXQG WKHPVHOYHV WR KLGH WKHPVHOYHV LQ VRPH ZD\" $QG ZK\ GR WKH\ VRPHWLPHVILQGWKHLUZD\RQWRDIHZSKRWRV,WDNHEXWQRWRQWRRWKHUV",IWKHFDPHUDKDVWKHFDSDFLW\ WRFDSWXUHWKHPIRUVRPHUHDVRQDQGWKH\DUHDVSUHYDOHQWDVWKH\VHHPWREH,VKRXOGILQGWKHPLQ ORWVRISKRWRVEXWRWKHUWKDQWKHKDQGIXO,¶YHSUHVHQWHGLQWKLVERRN,UDUHO\ILQGRQH$QGHYHQPRUH FXULRXVLIWKH\GRKDYHWKHDELOLW\WRUHQGHUWKHPVHOYHVHIIHFWLYHO\LQYLVLEOHWRWKHKXPDQH\HWKHQ ZK\GRWKH\VRPHWLPHVDSSHDUWRPH" %XWEHIRUHPRYLQJRQOHWPHVD\WKDWWKHGRXEOH8)2VLJKWLQJDQGWKH(7VLQWKHYDQZHUHQ¶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« $VWKHVSULQJRIUROOHGDURXQG,GLVFRYHUHGDQHZWZLVWWRP\H[WUDWHUUHVWULDOIULHQGV,ZDV XVHG WR GHDOLQJ ZLWK UHG RUEV DQG WKH RFFDVLRQDO 8)2 DQG ZDV HYHQ OHDUQLQJ WR SXW XS ZLWK WKH SROWHUJHLVWDFWLYLW\DQGRWKHUVWUDQJHQRLVHVWKDWPDGHPHIHHOOLNH,ZDVOLYLQJLQDKDXQWHGKRXVHEXW ZKDW,ZDVQ¶WSUHSDUHGIRUZHUHWKHVKDGRZSHRSOH ,WVWDUWHGRQ0D\,ZDVWDNLQJWKHGLVKHVRXWRIWKHGLVKZDVKHUZKHQ,KHDUGRXUFDWVRQWKH VWDLUV PDNLQJ KLVVLQJ VRXQGV *ODQFLQJ DURXQG WKH FRUQHU WR VHH ZKDW KDG JRWWHQ WKHP VR XSVHW , VSRWWHGZKDWDSSHDUHGWREHDVKLPPHULQJEODFNPDVVIRUPLQJDWWKHWRSRIWKHVWDLUVLQIURQWRIWKH XSSHU EDWKURRP $W ILUVW , LPDJLQHG LW ZDV DQ RSWLFDO LOOXVLRQ RI VRPH NLQG²WKH VXQOLJKW EHLQJ UHIOHFWHGLQVRPHVWUDQJHZD\FUHDWLQJXQXVXDOOLJKWLQJHIIHFWVRQWKHZDOOSHUKDSV²EXWLWVHHPHGWR EHWKUHHGLPHQVLRQDO$FWLQJRQWKHIO\,TXLFNO\JUDEEHGP\FDPHUDDQGJRWRIIDFRXSOHRIVKRWVRI WKHWKLQJEHIRUHLWGXFNHGLQWRWKHEDWKURRPDQGGLVDSSHDUHG 1RZP\IULHQGVZKRDOVRGHDOZLWKWKHSDUDQRUPDODUHDZDUHRIVRPHWKLQJFDOOHGVKDGRZJKRVWV 7KH\DUHDV,XQGHUVWDQGLWDW\SHRIJKRVWWKDWPDQLIHVWVRXWRIGDUNHUPDWHULDOUDWKHUWKDQOLJKWHU PDWHULDODVPRVWJKRVWVVHHPWRGR6RPHWLPHVWKH\¶UHWKRXJKWRIDVWKHPDQLIHVWDWLRQVRIDGDUNHURU PRUHHYLOHQHUJ\EXW,WKLQNWKDW¶VPRUHRIDQDVVXPSWLRQEDVHGXSRQWKHIDFWWKDWZHQDWXUDOO\WHQGWR HTXDWHEODFNZLWKHYLODQGVRDVVXPHWKDWGDUNJKRVWVPXVWVRPHKRZEHEDGZKLOHZKLWHJKRVWVDUH JRRG ,Q DQ\ FDVH VKDGRZ JKRVWV WHQG WR EH IDLQW XVXDOO\ FUHDWLQJ YHU\ VXEWOH VKDSHV LQ SKRWRV 0\ VKDGRZJKRVWKRZHYHUZDVYHU\GLVWLQFWDQGTXLWHGDUNLQWKHSKRWRJUDSK$OVRWKHSKRWRGRHVQ¶W PDQDJHWRFDSWXUHWKHVKLPPHULQJWKDW,VDZZLWKP\RZQWZRH\HVDWWKHWLPHZKLFKUHPLQGHGPHRI KHDWULVLQJXSIURPWKHURDGRQDKRWVXPPHUGD\,QDQ\FDVH,WKRXJKWLWZDVVRFUHHS\,GLGQ¶WZDQW WRGHDOZLWKLWDQGVR,ILOHGLWDZD\LQWKHEDFNRIP\PLQG²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¶PJHWWLQJSUHWW\JRRGDWNHHSLQJ P\ FDPHUD FORVH DW KDQG IRU REYLRXV UHDVRQV $V \RX FDQ VHH WKH VKDSH ZDV GDUN DQG QRW VKLPPHULQJDWDOODVLIWKHWKLQJZDVDEOHWRDEVRUEWKHOLJKWIURPWKHIODVKRIWKHFDPHUD %XWSHUKDSVWKHPRVWLQWHUHVWLQJHQFRXQWHURFFXUUHGRQ0D\ZKHQ,QRWLFHGP\FDWVJHWWLQJD ELWRYHUZURXJKWDQGFKDVLQJVRPHWKLQJWKURXJKWKHKRXVH,UHFDOOHGWKDWLQ1HEUDVNDRXUFDWVVHHPHG WRKDYHWKHDELOLW\WRVHHWKLQJVZHFRXOGQ¶WVHHDQGHYHQLQWHUDFWZLWKWKHPVR,¶YHOHDUQHGWRSD\ DWWHQWLRQ ZKHQ WKH\ VWDUW WR DFW XS ,Q WKLV FDVH WKH\ DSSHDUHG WR EH LQWHUHVWHG LQ VRPHWKLQJ LQ WKH OLYLQJURRPDQGDV,ZDWFKHG,EHJDQWRQRWLFHDQRWKHURIP\VKLPPHULQJVKDGRZSHRSOHIRUPLQJLQ WKHFRUQHURIWKHURRP ,¶PWROGWKDWDQLPDOVKDYHDW\SHRIVL[WKVHQVHDERXWWKHPZKHQLWFRPHVWRWKHSDUDQRUPDOEXW XVXDOO\WKH\DUHIULJKWHQHGRIVXFKDFWLYLW\DQGUXQDZD\IURPLW2XUFDWVKRZHYHUVHHPHGWRHQMR\ LQWHUDFWLQJZLWKWKHVKDSHHYHQFUDZOLQJXSRQWRWKHFKDLUDWRQHSRLQWZKLOHLWIRUPHGDVLIWU\LQJWR FDWFK LW 4XLFNO\ JUDEELQJ P\ FDPHUD , PDQDJHG WR JHW RII D IHZ TXLFN VKRWV EHIRUH LW IDGHG LQWR QRWKLQJQHVVDQGWKHFDWVUHWXUQHGWRWKHLUXVXDOKRXVHJXDUGLQJGXWLHV 6R ZKDW DUH WKHVH WKLQJV" ,W¶V KDUG WR VD\ EXW , GRQ¶W EHOLHYH WKH\¶UH JKRVWV DW DOO , VD\ WKLV EHFDXVH,QRWLFHWKDWQRWRQO\GRWKH\VHHPWRVXFNOLJKWULJKWRXWRIWKHDLUOLNHOLWWOHEODFNKROHVEXW WKH\DSSHDUWRVKLPPHUOHDGLQJPHWRZRQGHULIWKH\DUHQ¶WLQVWHDGVRPHNLQGRIWHFKQRORJ\DWZRUN &RXOGWKH\EHXVLQJDIRUFHILHOGRUYRUWH[RIVRPHNLQGDVDVRUWRIFDPRXIODJHSHUPLWWLQJWKHPWR ZDONDURXQGWKHKRXVHZLWKRXWRXUQRWLFLQJWKHP"7KDWPLJKWH[SODLQKRZWKH(7VDUHDEOHWRURDP DURXQGP\KRPHZLWKVXFKVHHPLQJLPSXQLW\DQGWDNHREMHFWVDQGPRYHODZQFKDLUVDQGDOOWKHUHVW &HUWDLQO\VXFKDFDSDELOLW\ZRXOGQ¶WEHDOOWKDWKDUGWRLPDJLQHDIWHUDOOLIWKH\FDQJHWUHGRUEVWR IO\DURXQGDQGPHOWP\SUHVFULSWLRQGUXJERWWOHVZK\QRWFUHDWHOLWWOHEODFNKROHVIRUWKHPVHOYHVWR KLGHEHKLQG" ,Q DQ\ FDVH , GRQ¶W WKLQN WKH\¶UH GDQJHURXV ,Q IDFW WKH\ FHUWDLQO\ DSSHDU PRUH EHQLJQ WKDW WKH VRPHWLPHVGHVWUXFWLYHUHGRUEVVROLNHHYHU\WKLQJHOVH,¶YHJURZQDFFXVWRPHGWRWKHLUSUHVHQFHDV ZHOO,WUHDOO\LVWUXHWKDWVRPHRQHFDQJURZXVHGWRDQ\WKLQJDIWHUDZKLOH²HYHQP\VWHULRXVVKDGRZ SHRSOHVWDONLQJWKHLUFDWVRQQLFHVXQQ\GD\V >FRQWHQWV@ 7KH-RXUQH\&RQWLQXHV 6LQFHWKLVH[WUDWHUUHVWULDODFWLYLW\FRQWLQXHVWRWKLVGD\LWLVGLIILFXOWWRNQRZKRZWRHQGWKLVERRN 7KLQJV FRQWLQXH WR RFFXU DV RI WKLV ZULWLQJ LQFOXGLQJ DEGXFWLRQV DQG RUEV DQG DOO WKH UHVW RI LW +RZHYHU ,¶YH JRW WR EULQJ WKH VWRU\ WR D FORVH VRPHKRZ HYHQ LI LW LV QRW \HW FRPSOHWH 6R ZKDW , WKRXJKW,ZRXOGGRLVSXWWRJHWKHUDIHZVRIP\WKRXJKWVDQGREVHUYDWLRQVRQZKDW,WKLQNPLJKWEH JRLQJ RQ ZLWK WKHVH (7V²D IHZ 5RPDQHN K\SRWKHVHV LI \RX ZLOO²IRU \RX WR FRQVLGHU 7KHVH DUH RQO\P\RSLQLRQVDQGVRDUHODUJHO\VSHFXODWLYHRIFRXUVHEXWSHUKDSVLQWKHP\RXZLOOILQGNHUQHOV RIVRPHWKLQJWKDWPDNHVDELWRIVHQVH 3UREDEO\WKHELJJHVWDQGPRVWREYLRXVFRQFOXVLRQ,¶YHFRPHWRRYHUWKHODVWHLJKW\HDUVLVWKDW GHVSLWH VSHQGLQJ WKH ILUVW IRXU GHFDGHV RI P\ OLIH D FRQYLQFHG VNHSWLF LQ UHJDUGV WR WKH 8)2 SKHQRPHQRQ,QRZEHOLHYHQRWRQO\LQWKHH[LVWHQFHRIH[WUDWHUUHVWULDOVEXWWKDWWKH\DUHDQGKDYH EHHQ REVHUYLQJ RXU SODQHW IRU PDQ\ FHQWXULHV DQG SHUKDSV HYHQ PLOOHQQLD 7KH UHDVRQ , GLGQ¶W EHOLHYH WKLV HDUOLHU LQ P\ OLIH FRPHV IURP WKH QDWXUDO KXPDQ WHQGHQF\ WR GLVPLVV DQG HYHQ ULGLFXOH DQ\WKLQJ WKDW GRHVQ¶W QHDWO\ ILW LQWR RXU ZRUOG YLHZ DQG VLQFH ZH OLYH LQ D FRPSDUDWLYHO\ VPDOO EXEEOH ZH FDOO OLIH LW¶V HDV\ WR H[FOXGH WKLQJV OLNH (7V DORQJ ZLWK DQ\WKLQJ HOVH ZH GRQ¶W SDUWLFXODUO\ ILQG XVHIXO RU XQGHUVWDQGDEOH , JXHVV , KDYH OHDUQHG WKH KDUG ZD\ WKDW WKHUH WUXO\ DUH PRUHWKLQJVLQKHDYHQDQGRQ(DUWKWKDQZHKDYHGUHDPHGRILQRXUSKLORVRSKLHV 7KH VHFRQG FRQFOXVLRQ ,¶YH FRPH WR LV WKDW ,¶P FRQYLQFHG WKDW WKH PDMRULW\ RI WKHVH UDFHV DUH EHQHYROHQW RU DW D PLQLPXP QHXWUDO 7KH\ PD\ DSSHDU WR XV DV PDQLSXODWLYH DQG FROG IURP RXU OLPLWHG SHUVSHFWLYH EXW WKHQ WKDW¶V SUREDEO\ WKH SHUVSHFWLYH WKH ODE UDW ZRXOG KDYH WRZDUG WKH VFLHQWLVWZKRPDNHVLWUXQWKURXJKWKHPD]HHDFKGD\7KHVFLHQWLVWPLJKWDFWXDOO\EHTXLWHIRQGRIKLV VXEMHFWEXWWU\WHOOLQJWKDWWRWKHUDW6RPHKDYHVXJJHVWHGWKDWWKHUHDUHDOVRPDOHYROHQWUDFHVRXW WKHUHDVZHOODQGWKHDOLHQ,DSSHDUWREHFKDQQHOLQJ*UDQGSDKDVLPSOLHGWKHUHLVVRPHYDOLGLW\WR WKHFODLPEXW,SHUVRQDOO\KDYHVHHQQRGLUHFWHYLGHQFHRIWKLV$QGHYHQLIWKHUHZHUHZRXOGQ¶WWKH PRUH DGYDQFHG EHQHYROHQW UDFHV RXW WKHUH NHHS WKHP LQ FKHFN" 2I FRXUVH LW¶V LPSRVVLEOH WR NQRZ KRZ WKLQJV UXQ LQ VSDFH EXW LW PDNHV VHQVH WKDW WKHUH LV JRRG DQG EDG MXVW DV WKHUH LV RQ (DUWK +RSHIXOO\WKHJRRGRXWQXPEHUWKHEDGZKLFKPD\EHZK\WKH\KDYHQ¶WJRWWHQXV\HWDQGSUREDEO\ QHYHUZLOO +RZPDQ\DOLHQUDFHVDUHZDWFKLQJXVLVRIFRXUVHDOVRXQNQRZQEXWLWPXVWEHTXLWHDIHZ²DW OHDVWMXGJLQJE\WKHYDVWDUUD\RIGLIIHUHQWFUDIWW\SHVDQGDOLHQV,¶YHVHHQ,QP\H[SHULHQFHV,KDYH HQFRXQWHUHG WKUHH W\SHV RI DOLHQV²WKH SRVVXP SHRSOH , VSRNH RI HDUO\ RQ WKH ODUJH PDQWLV RU JUDVVKRSSHUORRNLQJFUHDWXUHV,¶YHVHHQDFRXSOHRIWLPHVLQUHJUHVVLRQVHVVLRQVDQGRIFRXUVHWKH DOZD\VSUHVHQWJUD\VWKDWVHHPWRSRSXSHYHU\ZKHUH,XQGHUVWDQGWKDWRWKHUVZKRKDYHKDGVLPLODU H[SHULHQFHVWRP\RZQFODLPDQHYHQYDVWHUDUUD\RIEHLQJVWREHLQYROYHGDVZHOOIURPYHU\KXPDQ ORRNLQJDOLHQVWRWKLQJVWKDWORRNOLNHOL]DUGVOHDGLQJPHWRDVVXPHWKDWRXUVRODUV\VWHPPXVWEHD YHU\EXV\WRXULVWGHVWLQDWLRQ:KHWKHUWKH\DUHDOOZRUNLQJWRJHWKHUIRUVRPHFRPPRQSXUSRVHFDQ RQO\EHJXHVVHGDWEXWLWZRXOGQ¶WVXUSULVHPHLIWKH\ZHUH:KDWWKDWJRDOPLJKWEHLVDOVRXQFOHDU EXW,EHOLHYHLWKDVVRPHWKLQJWRGRZLWKJHQHWLFPDQLSXODWLRQRIRXUDQGWKHLUVSHFLHVDVZHOODVWKH TXHVWWRSUHSDUHXVWREHDFFHSWHGLQWRDJUHDWHUFRVPLFDOOLDQFHWKDWLVRXWWKHUHVRPHZKHUH , DP DOVR FRQYLQFHG WKDW WKHUH DUH HOHPHQWV RXW WKHUH ZKLFK RSSRVH WKLV XQLILFDWLRQ²ERWK H[WUDWHUUHVWULDODQGKXPDQ+RZH[WHQVLYHRURUJDQL]HGWKDWRSSRVLWLRQPD\EHLVXQFOHDUEXWDWOHDVW LQ UHJDUG WR KXPDQ LQWHUYHQWLRQ LW PD\ EH FRQVLGHUDEOH DW OHDVW EDVHG XSRQ P\ H[SHULHQFHV HVSHFLDOO\LQ&RORUDGR6SULQJV:KHWKHUWKLVLVWKHPLOLWDU\RUVRPHFRYHUWJRYHUQPHQWDJHQF\²RU HYHQVRPHWKLQJRXWVLGHWKHYHQXHRIRXURZQJRYHUQPHQWIRUWKDWPDWWHU²,FDQ¶WVD\$OO,NQRZLV WKHVHIRUFHVKDYHFRQVLGHUDEOHSRZHUDQGDSSHDUWREHDEOHWRKLGHPXFKRIWKHLUDFWLYLW\IURPWKRVH LQ SRVLWLRQV RI DXWKRULW\ DQG HYHQ IURP SHRSOH LQ SRVLWLRQV RI SRZHU ZLWKLQ WKH PLOLWDU\ DQG JRYHUQPHQW LWVHOI$V , VDLG ,¶YH WDONHG WR DGPLUDOV DQG JHQHUDOV ZKR VHHP XQDEOH WR JHW WR WKH ERWWRP RI WKLQJV GHPRQVWUDWLQJ WKDW WKLV RUJDQL]DWLRQ²LI LQGHHG ZH DUH HYHQ GHDOLQJ ZLWK RQO\ D VLQJOHRUJDQL]DWLRQDQGQRWDVHULHVRIORRVHO\DVVRFLDWHGJURXSV²KDVWKHDELOLW\WRFRYHULWVWUDFNV ZHOO+RZIDULWH[WHQGVLQWRRXURZQJRYHUQPHQWRUZKHWKHURXURZQVHQLRUSROLWLFDOOHDGHUVNQRZ ZKDW¶VJRLQJRQFDQRQO\EHJXHVVHGDWIRUWKH(7VDUHQ¶WSDUWLFXODUO\IRUWKFRPLQJDERXWUHYHDOLQJ ZKRDOOWKHSOD\HUVDUH²HYHQLIWKH\VKRXOGNQRZWKHPVHOYHVZKLFK,VXVSHFWWKH\GRQRW :KDWWKLVJURXSZDQWVH[DFWO\LVDOVRXQFOHDU,W¶VHYLGHQWWKH\ZDQWWRSUHYHQWPHIURPWHOOLQJ RWKHUVZKDW,NQRZEXWIRUZKDWSXUSRVH"$UHWKH\DIUDLGRIZKDWWKHSXEOLFZLOOGRRQFHWKH\OHDUQ WKHWUXWKRULVLWDPDWWHURISURWHFWLQJWKHLURZQSHUVRQDOSRZHUEDVH":KDWLVWKHHQHUJ\WKDWGULYHV LW",VLWIHDUJUHHGWKHTXHVWIRUSRZHU"+XPDQVDUHDVWUDQJHORWRQWKHRQHKDQGZHDUHFDSDEOHRI JUHDW FRPSDVVLRQ DQG VDFULILFH IRU RXU IHOORZ KXPDQ EHLQJV ZKLOH DW WKH VDPH WLPH ZH FDQ EH FDSDEOH RI JUHDW FUXHOW\ DQG VHOILVKQHVV :KLFK RI WKHVH WZR DVSHFWV RI KXPDQLW\ WKHVH XQNQRZQ IRUFHVDGKHUHWRUHPDLQVWREHVHHQEXW,VXVSHFWWKDWZKHUHIHDUDQGSRZHUDUHLQSOD\RQO\EDG WKLQJVXVXDOO\UHVXOW :KDW DOVR VWULNHV PH DERXW WKHVH XQNQRZQ IRUFHV KRZHYHU LV KRZ DPDWHXULVK WKH\ FDQ EH RQH PRPHQWDQG\HWKRZVWHDOWK\DQGFOHYHUWKH\FDQEHDWRWKHUWLPHV7KHVLGLQJLQFLGHQWLQ1HEUDVND FKDSWHUQLQHWHHQZDVDJRRGH[DPSOHRIKRZFOXPV\WKH\DUHFDSDEOHRIEHLQJZKLOHWKHLUDELOLW\WR IU\WKHHOHFWURQLFVLQP\YDQLQ&DVWOH5RFNFKDSWHUWKLUW\RQHGHPRQVWUDWHVMXVWKRZVRSKLVWLFDWHG WKH\FDQEHDVZHOO2QHPLQXWHWKH\¶UHKDFNLQJLQWRP\FRPSXWHUDQGULIOLQJWKURXJKP\ILOHVLQWKH PLGGOHRIWKHQLJKWOLNHSURIHVVLRQDOVSLHVDQGWKHQH[WWKH\¶UHOHDYLQJVLOO\QRWHVLQP\PDLOER[DQG PHORGUDPDWLFHPDLOVZDUQLQJPHWREHZDUHWKHQH[W+DOIWKHWLPH,IHHOOLNH,¶PEHLQJVWDONHGE\ -DPHV%RQGDQGWKHRWKHUKDOIE\,QVSHFWRU&ORXVHDX6XFKFRQWUDVWVPDNHLWGLIILFXOWWRJDXJHMXVW KRZPXFKRIDWKUHDWWKH\PD\EHRUHYHQLIZH¶UHZRUNLQJZLWKPRUHWKDQDVLQJOHJURXSKHUH 7KHQWKHUHLVWKH$XGUH\YRLFH²WKDWWLQQ\V\QWKHVL]HG%ULWLVKDFFHQWHGYRLFHZKRNHHSVFDOOLQJ PH DQG P\ IULHQGV²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¶PULJKW %XWWKHWHFKQRORJLFDOFDSDELOLWLHVRIWKHKXPDQVLQYROYHGLQDOOWKLVDUHSXQ\FRPSDUHGWRWKRVH WKH (7V GHPRQVWUDWH +RZ WKH\ PDQDJH WR DEGXFW PH DQG SRVVLEO\ RWKHUV ZLWKRXW EHLQJ QRWLFHG GHPRQVWUDWHVDGHJUHHRIVRSKLVWLFDWLRQ,FDQQRWEHJLQWRIDWKRPDQGDVIRUWKHWHFKQRORJ\UHTXLUHGWR EHDPWKHPVHOYHVLQWRRXUHQYLURQPHQWDQGUHPDLQKLGGHQEHKLQGVRPHVRUWRILQYLVLELOLW\ILHOGWKH VKDGRZSHRSOH²ZHOOWKDW¶VVRPHWKLQJWKDWZRXOGVWXPSHYHQRXURZQVFLHQWLVWV)URPZKDW,¶YH VHHQRIWKHLUWHFKQRORJLFDOFDSDELOLWLHV,¶PFRQYLQFHGWKHUH¶VQRWKLQJWKH\FDQ¶WGR,FDQRQO\SUD\ WKDWZLWKVXFKWHFKQRORJ\LQWKHLUKDQGVWKH\KDYHWKHPRUDOLQWHJULW\WRUHIUDLQIURPGRLQJZKDWWKH\ FRXOGGRLIWKH\VRGHVLUHG $GGLWLRQDOO\ LQ FRQVLGHULQJ WKH KLJK OHYHO RI WHFKQRORJ\ WKH\ KDYH DW WKHLU GLVSRVDO ,¶P OHG WR EHOLHYHWKDWZKHQZHGRVHH8)2VRUZKHQ,FDWFKJUD\VRQILOPLW¶VEHFDXVHWKH\ZDQWXVWRVHH WKHP,DPFRQYLQFHGWKH\KDYHWKHPHDQVWRUHPDLQFRPSOHWHO\LQYLVLEOHWRXVLIWKH\ZDQWWREHVR WKHLU DSSHDUDQFH LV IRU WKH PRVW SDUW SDUW RI WKHLU SODQ WR PDNH WKHPVHOYHV NQRZQ WR XV ,Q IDFW , WKLQNWKDW¶VWKHRQO\ZD\WKH\FRXOGPDNHWKHPVHOYHVNQRZQ7REHPRUHREYLRXVZRXOGFUHDWHDOO NLQGVRISUREOHPVVKRZLQJWKHPVHOYHVLQOLWWOHGDEV²VXFKDVOHWWLQJPHILOP%RRRU*UDQGSD*UD\ RUFDWFKLQJ/LEHUW\LQWKHEDFNJURXQGRIDJURXSSKRWR²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¶UHGRLQJ PXFKWKHVDPHWKLQJZLWKFURSFLUFOHVDVZHOODQGPD\EHHYHQZLWKFDWWOHPXWLODWLRQVWKRXJK,¶P OHVVVXUHZKDWWKHLUPHVVDJHLVLQWKDW,W¶VMXVWWKHLUZD\RIVD\LQJ³:H¶UHKHUH1RZSD\DWWHQWLRQ´ 8QIRUWXQDWHO\LWGRHVQ¶WVHHPWKDWPDQ\SHRSOHDUHJHWWLQJWKHPHVVDJH\HWEXW,VXVSHFWPRUHZLOODV WLPH JRHV E\ :KR NQRZV PD\EH VRPHGD\ DIWHU ZH¶YH PDGH FRQWDFW ZLWK RXU H[WUDWHUUHVWULDO FROOHDJXHVZH¶OODOOVWDQGDURXQGDQGKDYHDELJODXJKRYHUKRZGHQVHZH(DUWKOLQJVSURYHGWREH )LQDOO\,DPOHIWWRSRQGHUZKDWLWDOOPHDQVDQGZK\WKH\FKRVHPHIRUWKLVOLWWOHDGYHQWXUH$IWHU \HDUVRIDVNLQJWKHVHTXHVWLRQVDOO,FDQVD\LVWKDW,KDYH\HWWRILQGDQDQVZHUIRUHLWKHU7KH\KDYH QRWPDGHWKHLUDJHQGDHQWLUHO\FOHDUWRPHWKRXJKWKH\KDYHSURYLGHGDIHZFOXHVIURPWLPHWRWLPH QRUKDYHWKH\WROGPHZK\WKH\FKRVHPHWREHWKHLUFRQGXLWEHWZHHQWKHPDQGRXUVRFLHW\$OOWKH\ WHOOPHLVWKDW,¶PVSHFLDOEXWZKDWGRHVWKDWPHDQ"6SHFLDOLQZKLFKZD\",VLWLQKRZP\EUDLQLV ZLUHGRUGRHVLWKDYHVRPHWKLQJWRGRZLWKP\JHQHWLFPDNHXS"2ULVWKHUHVRPHRWKHUHYHQPRUH REVFXUHUHDVRQWKDW,KDYHEHHQVLQJOHGRXWIURPVRPHVL[DQGDKDOIELOOLRQRWKHUFDQGLGDWHV"+HFN IRU DOO , NQRZ WKH\ FRXOG KDYH MXVW SLFNHG PH DW UDQGRP WKH ZD\ VRPHERG\ SLFNV D QDPH RXW RI D SKRQHERRN,GRQ¶WNQRZEXW,EHOLHYHWKH\KDYHWKHLUUHDVRQVIRUGRLQJZKDWWKH\GR,MXVWZLVKWKDW RQHGD\WKH\¶GVKDUHZKDWWKRVHUHDVRQVDUHZLWKPH ,QWKHHQGDOO,FDQGRLVZDLWDQGKRSHWKDWVRPHGD\DOOWKHVHTXHVWLRQVZLOOEHDQVZHUHGDQGDOO RIWKLVZLOOILQDOO\PDNHVHQVHDWZKLFKSRLQWSHUKDSV,ZLOODWODVWEHDEOHWRUHWXUQWRWKHOLIHRI QRUPDOF\,VRFUDYH$QGZKHQWKDWGD\DUULYHV,ZLOOEHDWUXO\WKDQNIXOPDQ >FRQWHQWV@ &RQFOXVLRQ ,W¶VDELWGLIILFXOWWRFDOOWKLVFKDSWHUWKHFRQFOXVLRQEHFDXVHWKDWLPSOLHVWKDWWKHVWRU\KDVEHHQWROG DQGDOOWKHORRVHHQGVKDYHEHHQWLHGXSWRJHWKHULQWRDQHDWOLWWOHERZEXWVXFKLVQRWWKHFDVH)RU PHWKHDGYHQWXUHLVRQJRLQJ(DFKGD\,ORRNIRU(7VWRPDNHWKHPVHOYHVNQRZQWRPHLQVRPHZD\ UHGRUEVVWUDQJHFUDIWLQWKHVNLHVHYHQYLVLWDWLRQVWRRXUEDFNSRUFK0RVWGD\VQRWKLQJKDSSHQVRI FRXUVH EXW RQ WKRVH RFFDVLRQV ZKHQ VRPHWKLQJ GRHV KDSSHQ LW UHDIILUPV WKH PHVVDJH WKH\ KDYH HQWUXVWHGPHZLWKRQFHPRUH 2I FRXUVH , GRQ¶W UHDOO\ FRQVLGHU P\VHOI D PHVVHQJHU²PXFK OHVV DQ\WKLQJ OLNH VRPH VRUW RI SURSKHW ,¶P MXVW DQ RUGLQDU\ JX\ ZKR KDV EHHQ²IRU UHDVRQV HQWLUHO\ EH\RQG P\ XQGHUVWDQGLQJ² FDXJKW XS LQ VRPHWKLQJ PXFK ELJJHU WKDQ P\VHOI , DP D PHVVHQJHU LQ WKH VDPH ZD\ D QHZVSDSHU EULQJVXVWKHHYHQWVRIWKHGD\WKH\VSHDNWKURXJKPHDQG,PHUHO\IRUZDUGRQZKDWWKH\WHOOPHDV EHVW,FDQ,QWKLVUROH,XVXDOO\IHHOXWWHUO\XQZRUWK\IRUWKHPHVVDJHWKH\VHQGWKURXJKPHLVRQHRI PDJQLILFHQFHDQGMR\)DUIURPFRQVLGHULQJP\VHOIVSHFLDODVDUHVXOW,DPLQVWHDGGHHSO\KXPEOHG DQGKRQRUHGWKDWWKH\¶YHHQWUXVWHGPHZLWKLWDQGSUD\,FDQFRQWLQXHWRSXWLWRXWWKHUHLQWKHZD\ WKH\ZDQW,DPDOVRKXPEOHGE\WKHNQRZOHGJHWKDWWKHUHDUHPDQ\RWKHUVRXWWKHUHIDUPRUHHTXLSSHG ²ERWKHPRWLRQDOO\DQGLQWHOOHFWXDOO\²WRGHDOZLWKWKHVHWKLQJVWKDQ,DPEXWWKDWWKH\GLGQRWFKRRVH WKRVHSHRSOHEXWLQVWHDGVHWWOHGIRUSODLQROG6WDQ5RPDQHNRI&RORUDGR3HUKDSVRQHGD\WKH\ZLOO WHOOPHZK\WKH\¶YHFKRVHQPHZKHQWKHUHPXVW¶YHEHHQVRPDQ\RWKHUH[FHOOHQWFDQGLGDWHVWRFKRRVH IURPEXWIRUQRZ,DPFRQWHQWWRVLPSO\ZRQGHU )XUWKHURQFH,ZDVDEOHWRDFFHSWWKDWWKHVHEHLQJVDUHQRWPDOHYROHQWDQGWKHHHULQHVVRIWKHVH P\VWHULRXVHYHQWVWKHPVHOYHVKDVZRUQRII,¶YHHYHQJURZQFRPIRUWDEOHZLWKWKHVHHQWLWLHV²RUDW OHDVWDVFRPIRUWDEOHDVRQHFDQEHGHDOLQJZLWKDQLQWHOOLJHQFHIDUYDVWHUWKDQWKHLURZQ+RZORQJ WKH\ZLOOUHTXLUHP\VHUYLFHV,FDQQRWVD\,DVVXPHDVORQJDV,PDNHDJRRGFRQGXLWIRUWKHPDQG UHPDLQWHDFKDEOH,VXVSHFW,FRXOGPDNHLWDOOHQGWRPRUURZLI,MXVWVWRSWDONLQJDERXWLWGHVWUR\LQJ ZKDWHYLGHQFH,¶YHDFTXLUHGDQGUHIXVLQJWRFRRSHUDWHIXUWKHUEXWDSDUWRIPHIHHOVWKLVZRXOGEH ZURQJ $QG EHVLGHV ,¶P DV FXULRXV DV WR ZKHUH DOO RI WKLV LV JRLQJ DV P\ UHDGHU LV PDNLQJ PH ZLOOLQJ WR HQGXUH WKH FRQIXVLRQ DEGXFWLRQV DQG JHQHUDO VWUDQJHQHVV WKDW KDV EHFRPH VXFK D PDMRU SDUWRIP\OLIH 7R EH WRWDOO\ KRQHVW , DP WKDQNIXO IRU WKH WKLQJV , KDYH H[SHULHQFHG RYHU WKH \HDUV IRU WKH\¶YH WDXJKWPHWKDWZLWKRXWDGRXEWWKHUHLVVRPXFKPRUHWRWKHXQLYHUVHWKDQZHNQRZDQGEDODQFLQJ VNHSWLFLVPZLWKDQRSHQPLQGLVDJRRGWKLQJ,KDYHDOVRUHDOL]HGWKDWZLWKRXWWKHVHH[SHULHQFHV, ZRXOGQHYHUKDYHPHWWKHJUHDWIULHQGV/LVDDQG,QRZKDYHZKRKDYHEHHQDQGUHPDLQDVWHDGIDVW DQGHVVHQWLDOVRXUFHRIVWUHQJWKWRXVDOO 0RVW RI DOO LW KDV KHOSHG PH UHDOL]H WKDW WKHUH LV LQWHOOLJHQW OLIH RXW WKHUH GHVSLWH ZKDW VRPH ZRXOG KDYH XV EHOLHYH 7KLQN DERXW LW²RXU VXQ LV EXW RQH RI ELOOLRQV RI VXQV LQ WKH 0LON\ :D\ *DOD[\DQGRXUJDOD[\EXWRQHRIKXQGUHGVRIELOOLRQVRIJDOD[LHVLQWKHYLVLEOHXQLYHUVH7KHUHLV HYHQVSHFXODWLRQWKDWWKHUHDUHPXOWLSOHXQLYHUVHVFRH[LVWLQJDVZHOODVSK\VLFDOGLPHQVLRQVWKDWZH KXPDQVFDQQRWEHJLQWRXQGHUVWDQG )XUWKHU VFLHQFH KDV DOUHDG\ SURYHQ WKDW PLFURVFRSLF OLIH H[LVWV HOVHZKHUH RQ RXU SODQHW LQ HQYLURQPHQWV SUHYLRXVO\ FRQVLGHUHG LQKRVSLWDEOH WR OLIH RQ DQ\ OHYHO ,W¶V EHHQ IRXQG ORFNHG LQ WKRXVDQG\HDUROG OD\HUV RI SRODU LFH DQG ZLWKLQ VXSHUKHDWHG WKHUPDO YHQWV RQ WKH VHD IORRU LW FDQ H[LVWLQH[WUHPHVRIUDGLDWLRQDQGKHDWDQGFROG/LIHLVXELTXLWRXV²WKDWLVLW¶VHYHU\ZKHUH²ZKLFK VXJJHVWVWKDWWKHEHOLHIWKDWKXPDQVDUHWKHRQO\LQWHOOLJHQWOLIHIRUPLQWKHXQLYHUVHLVDYHU\WHQXRXV RQHLQGHHG,W¶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¶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¶P FRQFHUQHGZHRZHLWWRRXUVHOYHVDQGWR*RGWRPDNHVXUHWKDWKXPDQLW\FDQVXUYLYHDQGWKULYH,WLV RXUELUWKULJKWWRWDNHWKHQH[WVWHSWRZDUGWKHVWDUVDQGZHFDQRQO\GRVRLQSHDFHDQGLQRQHQHVV ZLWKRXUFUHDWRU >FRQWHQWV@ $SSHQGL[$ /HWWHUE\'U-DFN.DVKHUFRQFHUQLQJ 6WDQ5RPDQHN¶V(TXDWLRQVGDWHG0DUFK 'HDUVLUPDGDP ,¶PZULWLQJWKLVOHWWHULQVXSSRUWRI6WDQ5RPDQHNDQGKLVH[WUDRUGLQDU\H[SHULHQFHV,KDYHD3K' LQWKHRUHWLFDOSK\VLFVDQGDPFXUUHQWO\3URIHVVRU(PHULWXVRI3K\VLFVDWWKH8QLYHUVLW\RI1HEUDVND DW 2PDKD 0\ SDUW LQ WKLV FDVH KDG EHHQ WR DQDO\]H WKH SK\VLFV DQG PDWKHPDWLFV HTXDWLRQV 0U 5RPDQHNKDVZULWWHQRQILYHGLIIHUHQWRFFDVLRQV²RQFHLPPHGLDWHO\DIWHUDK\SQRVLVVHVVLRQDQGWKH RWKHUIRXUGXULQJWKHQLJKWLQWKHGDUNDSSDUHQWO\ZKLOHKHZDVVOHHSLQJRULQVRPHNLQGRIWUDQFH 2QHDFKRIWKHVHIRXURFFDVLRQVZKHQKHZRNHXSWKHQH[WPRUQLQJKHZDVXQDZDUHKHKDGZULWWHQ DQ\WKLQJ2QRQHRIWKHQLJKWO\HYHQWVKLVZLIHDQGDKRXVHJXHVWZLWQHVVHGKLVDFWLRQVDQGKLVZLIH ZDVDZLWQHVVGXULQJRWKHUV 6WDQKDGQRLGHDZKDWKHZDVZULWLQJ²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¶V KHDGIRUZKDWHYHUUHDVRQ$VVXFKWKH\DUHDQLPSRUWDQWSDUWRIWKHEURDGHUUDQJHRIKLVH[SHULHQFHV ZKLFK DUH WUXO\ H[WUDRUGLQDU\ , EHOLHYH KLV VWRU\ VKRXOG EH WROG WR WKH JHQHUDO SXEOLF , VWURQJO\ UHFRPPHQGWKDW\RXSXEOLVKKLVERRN 6LQFHUHO\ 6LJQHG 'U-DFN.DVKHU3K' 3URIHVVRU(PHULWXVRI3K\VLFV 7KH8QLYHUVLW\RI1HEUDVNDDW2PDKD >FRQWHQWV@ $SSHQGL[% &RPPHQWVE\'U&ODXGH6ZDQVRQFRQFHUQLQJ 6WDQ5RPDQHN¶V(TXDWLRQVGDWHG2FWREHU ,QP\RSLQLRQWKHVHHTXDWLRQVDUHTXLWHEH\RQG6WDQ¶VDELOLW\WRIDEULFDWH7KH\FRQWDLQXVHIXOFOXHV DERXWQHZSK\VLFVSULQFLSOHVWKDWJRZHOOEH\RQGRXUFXUUHQWSK\VLFV6RPHRIWKHPFRUUHVSRQGWR SK\VLFVWKHRULHVSURSRVHGE\RWKHUVDQGRWKHUVJREH\RQGWKDW0\VHQVHLVWKDWWKH\DUHOLNHDWUDLO RIEUHDGFUXPEVGHVLJQHGWROHDGXVWRDGHHSHUXQGHUVWDQGLQJRISK\VLFV 2QH RI 6WDQ¶V HTXDWLRQV LV DQ H[DFW FRS\ ZLWK W\SRV RI DQ HTXDWLRQ SXEOLVKHG E\ 'U +DO 3XWKRII>@6NHSWLFVZLOOXQGRXEWHGO\MXPSRQWKLVDVHYLGHQFHRIVLPSOHFRS\LQJDQGWKHGHVLUHIRU GHFHSWLRQ ,I WKHUH ZHUH QRWKLQJ HOVH XQXVXDO LQ 6WDQ¶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¶V ZLWK WKH VDPH V\PEROV LQ WKH VDPH RUGHU DUJXHV IRU DQRWKHULQWHUSUHWDWLRQ,WVXJJHVWVWRPHWKDWDQDGYDQFHGLQWHOOLJHQFHLVWU\LQJWRFRPPXQLFDWHWKHLU WHFKQRORJ\WRXVDQGWKLVHTXDWLRQLVWKHFORVHVWWKLQJZHKDYHWRZKDWWKH\DFWXDOO\XVH7KH\ZDQWHG XV WR UHFRJQL]H WKLV HTXDWLRQ $IWHU DOO DQ HTXDWLRQ KDV OLWWOH PHDQLQJ ZLWKRXW D FRQWH[W DQG WKH 3XWKRIIHTXDWLRQGRHVKDYHDFRQWH[WZKLFKHQDEOHVXVWRLQWHUSUHWLWVPHDQLQJ ,QVWXG\LQJWKLVHTXDWLRQDQG6WDQ¶VRWKHUHTXDWLRQV,KDYHEHHQVWUXFNE\DVLQJOHWKHPHZKLFK UXQVWKURXJKDOORIWKHP7KH\DUHDOODERXWWKHWUXHQDWXUHRIVSDFHWLPHDQGWKHYDFXXPDQGSUHVHQW HTXDWLRQVUHODWLQJWRKRZLWFDQEHPDQLSXODWHG7KLVUHODWHVWRDQHPHUJLQJILHOGRISK\VLFVFDOOHG ³YDFXXP HQJLQHHULQJ´ ,Q FRQYHQWLRQDO PDLQVWUHDP SK\VLFV WRGD\ PDNLQJ D ZRUP KROH RU D 5RVHQ %ULGJHUHTXLUHVDQHQRUPRXVDPRXQWRIPDWWHULQDVPDOOYROXPHWRPDNHDEODFNKROH7KLVLVQRW SUDFWLFDO 7KH RQO\ SODXVLEOH ZD\ ZH ZLOO HYHU EH DEOH WR FUHDWH D SUDFWLFDO ZRUPKROH LV LI RXU HTXDWLRQVDUHLQFRPSOHWHDQGLIWKHYDFXXPFDQEHPDQLSXODWHGE\HOHFWURPDJQHWLVPIRUH[DPSOH 3XWKRII¶V HTXDWLRQV DUH D SODXVLEOH ZD\ WKLV PLJKW EH DFFRPSOLVKHG (YHQ WKRXJK , KDG VHHQ KLV HTXDWLRQV EHIRUH , GLG QRW UHDOL]H WKHLU IDUUHDFKLQJ LPSOLFDWLRQV XQWLO , FDPH WR VWXG\ WKHP LQ WKH 5RPDQHNFDVH 7KHIDFWWKDWWKH\VKRZHGXSDPRQJ6WDQ¶VHTXDWLRQVDOORIZKLFKUHODWHWRPRGLI\LQJWKHVSDFH WLPH YDFXXP VXJJHVWV WR PH WKDW DQ DGYDQFHG LQWHOOLJHQFH LV WU\LQJ WR VD\ WR XV ³7KH GLVWDQFHV EHWZHHQXVDUHQRWWRRJUHDW7KLVLVKRZZHGRLW´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²WKRXJKW WR EH H[WUDWHUUHVWULDO LQ QDWXUH DQG VXEVHTXHQWO\ NQRZQ DV *UDQGSD 7KH IROORZLQJ VWDWHPHQW UHIOHFWV 'U 6SULQNOH¶V DVVHVVPHQW RI 6WDQ¶V PHQWDO VWDWH DQG KLV RSLQLRQ RI ZKDWLVKDSSHQLQJLQ6WDQ¶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¶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³LQFDPHUD´ZLWKQRVSHFLDOHIIHFWVDGGHGDIWHUWKH IDFW7KH\ZHUHQRWUHWRXFKHGQRUPDQLSXODWHGLQDQ\ZD\DIWHUWKH\ZHUHVKRW,KDYHH[DPLQHGWKH RULJLQDOFDPHUDPDVWHUV6LQFHWKH\ZHUHVKRWLQFDPHUDLWZRXOGKDYHWDNHQDWUHPHQGRXVDPRXQWRI WLPH HQHUJ\ DQG PRQH\ WR FUHDWH WKHVH HODERUDWH VKRWV , FDQQRW JXDUDQWHH WKDW WKHVH FOLSV DUH JHQXLQH EXW IURP ZKDW , XQGHUVWDQG RI 6WDQ 5RPDQHN¶V WHFKQLFDO FDSDELOLW\ DQG KLV ILQDQFLDO VLWXDWLRQLW¶VYHU\XQOLNHO\KHZRXOGKDYHEHHQDEOHWRFUHDWHWKHVHFOLSVLQFDPHUD)XUWKHUPRUHLI KH KDG IDNHG WKHP KLV QHLJKERUV DQG YDULRXV LQGLYLGXDOV ZKR ZHUH ZRUNLQJ RQ KLV FDVH ZRXOG FHUWDLQO\KDYHVHHQVFDIIROGLQJDQGPRUHLQDQGDURXQGKLVKRPH²QRQHRIZKLFKKDVEHHQUHSRUWHG E\DQ\RQHLQYROYHG 7KHUH MXVW LV QR HYLGHQFH ZKDWVRHYHU LQ WKHVH VKRWV RI DQ\ HODERUDWH GHYLFHV EHLQJ XVHG WR VXVSHQGWKHOLJKWVRYHUKLVKRXVHRUIO\EDOOVRIOLJKWWKURXJKWKHZDOOV²HYHQZKHQLQGLYLGXDOVKRWV DUHEULJKWHQHGWRWKHSRLQWZKHUHRQHFDQVHHHYHU\WKLQJLQWKH\DUGWKHRULJLQDOZDVYHU\GDUN ,WVKRXOGDOVREHQRWHGWKDWWKHWZRVKRWVRIWKHDOLHQVZHUHVLQJOHWDNHVVKRWE\ZKDWDSSHDUVWR EHWKHVDPHFDPHUDWKDW6WDQXVHGIRUKRPHPRYLHV7KHVHKRPHPRYLHVDUHRQWKHWDSHDQGWKHVKRWV FRPHULJKWDIWHUVKRWVRIWKHIDPLO\JRLQJWRWKH]RRDQGVXFK7KLVPHDQVWKDWLWLVYHU\OLNHO\WKDWWKH VDPH FDPHUD WRRN WKH VKRWV LQ TXHVWLRQ DQG WKDW WKH\ ZHUH VLQJOH WDNHV ZLWK FRQWLQXRXV WLPH FRGH IURPWKHSUHYLRXVKRPHPRYLHIRRWDJH²ZKLFKLVFRQVLVWHQWZLWK6WDQ¶VVWRU\RIKRZDQGZKHQWKHVH VKRWVZHUHWDNHQ7KHUHLVDOVRWKHSUHVHQFHRIWLPHRIGD\FRGHRQWKHVHVKRWVZKLFKDUHODLGGRZQ RQFDPHUDPDVWHUVPDGHRQFRQVXPHU'9FDPHUDV ,QDSURIHVVLRQDOTXDOLW\IDNHVLWXDWLRQWKHODVWIRUPDWDQ\SURZRXOGXVHLVPLQL'9EHFDXVHLW ZRXOGEHWKHPRVWGLIILFXOWIRUPDWWRXVHLIRQHZDQWHGWRFRPSRVLWHVKRWVRYHUVKRWV$QGEHFDXVH WKLVLVD'9FDPHUDPDVWHULW¶VYHU\XQOLNHO\LWZDVPDQLSXODWHGLQDQHGLWLQJED\,GRQ¶WEHOLHYHLW ZDV 6LQFHUHO\ -HUU\+RIPDQQ >FRQWHQWV@
Similar documents
Winter 2011 - Ypsilanti Historical Society
2XU+ROLGD\2SHQ+RXVHLVVFKHGXOHGIRU 6XQGD\'HFHPEHUWKIURPWRSP5HIUHVKPHQWVZLOOEHVHUYHGDQGZHZLOOEH HQWHUWDLQHGE\VWUROOLQJPXVLFLDQV-DPHV 0DQQDXWKRURI´:LFNHG$QQ$UE...
More informationCreative Sound Blaster Audigy Creative Audio Software
6RXQG%ODVWHUDQG%ODVWHUDUHUHJLVWHUHGWUDGHPDUNVDQGWKH6RXQG%ODVWHU$XGLJ\ORJRWKH6RXQG%ODVWHU3&,ORJR($;&UHDWLYH0XOWL6SHDNHU6XUURXQG ,QVSLUHDQG2R]LFDUHWUDGHPDUNVRI&UHDW...
More informationCreative Sound Blaster Audigy Platinum User Guide
6RXQG%ODVWHUDQG%ODVWHUDUHUHJLVWHUHGWUDGHPDUNVDQGWKH6RXQG%ODVWHU$XGLJ\ORJRWKH6RXQG%ODVWHU3&,ORJR($;$'9$1&('+'0XOWL (QYLURQPHQW(QYLURQPHQW3DQQLQJ(QYLURQPHQW5HIOHFWLRQV...
More information