Taras Bulba And Other Tales
This document was uploaded by user and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this DMCA report form. Report DMCA
Overview
Download & View Taras Bulba And Other Tales as PDF for free.
More details
- Words: 10,721
- Pages: 256
AC@;6E@7C6663@@< 5($/,=$d®2
7DUDV V% %XOEDD DDQ QG G2 2WKHU U7 7 D O HV 1LNRODL9DVLOLHYLFK*RJRO ,QWURGXFWLRQE\ -RKQ&RXUQRV
7DUDV%XOED 6W-RKQ V(YH 7KH&ORDN +RZWKH7ZR,YDQV4XDUUHOOHG 7KH0\VWHULRXV3RUWUDLW 7KH&DODVK
,1752'8&7,21
1
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
2
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
3
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
4
VFDWWHUHGRUGULYHQRIILQWRFDSWLYLW\WRJHWKHUZLWKFDWWOH,WZDVD ODQGRIWHUURUDQGIRUWKLVUHDVRQWKHUHFRXOGGHYHORSLQLWRQO\D ZDUOLNHSHRSOHVWURQJLQLWVXQLW\DQGGHVSHUDWHDSHRSOHZKRVH ZKROHH[LVWHQFHZDVERXQGWREHWUDLQHGDQGFRQILQHGWRZDU 7KLVFRQVWDQWPHQDFHWKLVSHUSHWXDOSUHVVXUHRIIRHVRQDOOVLGHV DFWHGDWODVWOLNHDILHUFHKDPPHUVKDSLQJDQGKDUGHQLQJUHVLVWDQFH DJDLQVWLWVHOI7KHIXJLWLYHIURP3RODQGWKHIXJLWLYHIURPWKH7DWDU DQGWKH7XUNKRPHOHVVZLWKQRWKLQJWRORVHWKHLUOLYHVHYHUH[SRVHG WRGDQJHUIRUVRRNWKHLUSHDFHIXORFFXSDWLRQVDQGEHFDPHWUDQVIRUPHG LQWRDZDUOLNHSHRSOHNQRZQDVWKH&RVVDFNVZKRVHDSSHDUDQFHWRZDUGV WKHHQGRIWKHWKLUWHHQWKFHQWXU\RUDWWKHEHJLQQLQJRIWKH IRXUWHHQWKZDVDUHPDUNDEOHHYHQWZKLFKSRVVLEO\DORQH VXJJHVWV *RJRO SUHYHQWHGDQ\IXUWKHULQURDGVE\WKHWZR0RKDPPHGDQQDWLRQV LQWR(XURSH7KHDSSHDUDQFHRIWKH&RVVDFNVZDVFRLQFLGHQWZLWKWKH DSSHDUDQFHLQ(XURSHRIEURWKHUKRRGVDQGNQLJKWKRRGRUGHUVDQGWKLV QHZUDFHLQVSLWHRILWVOLYLQJWKHOLIHRIPDUDXGHUVLQVSLWHRI WXUQLQJVLWVIRHV WDFWLFVXSRQLWVIRHVZDVQRWIUHHRIWKH UHOLJLRXVVSLULWRILWVWLPH LILWZDUUHGIRULWVH[LVWHQFHLWZDUUHG QRWOHVVIRULWVIDLWKZKLFKZDV*UHHN,QGHHGDVWKHQDWLRQJUHZ VWURQJHUDQGEHFDPHFRQVFLRXVRILWVVWUHQJWKWKHVWUXJJOHEHJDQWR SDUWDNHVRPHWKLQJRIWKHQDWXUHRIDUHOLJLRXVZDUQRWDORQH GHIHQVLYHEXWDJJUHVVLYHDOVRDJDLQVWWKHXQEHOLHYHU:KLOHDQ\PDQ ZDVIUHHWRMRLQWKHEURWKHUKRRGLWZDVREOLJDWRU\WREHOLHYHLQWKH *UHHNIDLWK,WZDVWKLVUHOLJLRXVXQLW\EOD]HGLQWRDFWLYLW\E\WKH SUHVHQFHDFURVVWKHERUGHUVRIXQEHOLHYLQJQDWLRQVWKDWDORQH LQGLFDWHGWKHJHUPRIDSROLWLFDOERG\LQWKLVJDWKHULQJRIPHQZKR RWKHUZLVHOLYHGWKHDXGDFLRXVOLYHVRIDEDQGRIKLJKZD\UREEHUV 7KHUHZDVKRZHYHUVD\V*RJROQRQHRIWKHDXVWHULW\RIWKH &DWKROLFNQLJKWLQWKHP WKH\ERXQGWKHPVHOYHVWRQRYRZVRUIDVWV WKH\SXWQRVHOIUHVWUDLQWXSRQWKHPVHOYHVRUPRUWLILHGWKHLUIOHVK EXWZHUHLQGRPLWDEOHOLNHWKHURFNVRIWKH'QLHSHUDPRQJZKLFKWKH\ OLYHGDQGLQWKHLUIXULRXVIHDVWVDQGUHYHOVWKH\IRUJRWWKHZKROH ZRUOG7KDWVDPHLQWLPDWHEURWKHUKRRGPDLQWDLQHGLQUREEHU FRPPXQLWLHVERXQGWKHPWRJHWKHU7KH\KDGHYHU\WKLQJLQFRPPRQZLQH IRRGGZHOOLQJ$SHUSHWXDOIHDUDSHUSHWXDOGDQJHULQVSLUHGWKHP ZLWKDFRQWHPSWWRZDUGVOLIH7KH&RVVDFNZRUULHGPRUHDERXWDJRRG PHDVXUHRIZLQHWKDQDERXWKLVIDWH2QHKDVWRVHHWKLVGHQL]HQRI WKHIURQWLHULQKLVKDOI7DWDUKDOI3ROLVKFRVWXPHZKLFKVRVKDUSO\ RXWOLQHGWKHVSLULWRIWKHERUGHUODQGJDOORSLQJLQ$VLDWLFIDVKLRQRQ KLVKRUVHQRZORVWLQWKLFNJUDVVQRZOHDSLQJZLWKWKHVSHHGRID WLJHUIURPDPEXVKRUHPHUJLQJVXGGHQO\IURPWKHULYHURUVZDPSDOO FOLQJLQJZLWKPXGDQGDSSHDULQJDQLPDJHRIWHUURUWRWKH 7DWDU
5
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
6
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
7
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
(YHQLQJVRQWKH)DUPQHDUWKH'LNDQND 0LUJRURG 7DUDV%XOED $UDEHVTXHV LQFOXGHVWDOHV7KH3RUWUDLWDQG$ 0DGPDQ V'LDU\ 7KH&ORDN 7KH5HYL]RU 7KH,QVSHFWRU *HQHUDO 'HDG6RXOV &RUUHVSRQGHQFHZLWK)ULHQGV /HWWHUV YROV (1*/,6+75$16/$7,216 &RVVDFN7DOHV 7KH1LJKWRI&KULVWPDV(YH 7DUDVV%RROED WUDQVE\*7ROVWR\ 6W-RKQ V(YHDQG2WKHU 6WRULHVWUDQVE\,VDEHO)+DSJRRG1HZ
8
$$6\NHV/RQGRQ6FRWW 5HYL]RUWUDQVIRUWKH
7$5$6%8/%$
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
9
'RQ WODXJKGRQ WODXJKIDWKHUVDLGWKHHOGHVWODGDWOHQJWK +RZWRXFK\ZHDUH:K\VKRXOGQ W,ODXJK" %HFDXVHDOWKRXJK\RXDUHP\IDWKHULI\RXODXJKE\KHDYHQV,ZLOO VWULNH\RX :KDWNLQGRIVRQDUH\RX"ZKDWVWULNH\RXUIDWKHUH[FODLPHG7DUDV %XOEDUHWUHDWLQJVHYHUDOSDFHVLQDPD]HPHQW
10
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
11
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
12
PDQZKRZURWH/DWLQYHUVHV",GRQ WNQRZPXFKDERXWUHDGLQJDQG ZULWLQJVR,GRQ WTXLWHNQRZ:DVQ WLW+RUDFH" :KDWDGDGWKRXJKWWKHHOGHUVRQ2VWDS7KHROGGRJNQRZV HYHU\WKLQJEXWKHDOZD\VSUHWHQGVWKHFRQWUDU\ ,GRQ WEHOLHYHWKHDUFKLPDQGULWHDOORZHG\RXVRPXFKDVDVPHOORI FRUQEUDQG\FRQWLQXHG7DUDV&RQIHVVP\ER\VWKH\WKUDVKHG\RX ZHOOZLWKIUHVKELUFKWZLJVRQ\RXUEDFNVDQGDOORYHU\RXU&RVVDFN ERGLHV DQGSHUKDSVZKHQ\RXJUHZWRRVKDUSWKH\EHDW\RXZLWK ZKLSV$QGQRWRQ6DWXUGD\RQO\,IDQF\EXWRQ:HGQHVGD\DQG 7KXUVGD\ :KDWLVSDVWIDWKHUQHHGQRWEHUHFDOOHG LWLVGRQHZLWK /HWWKHPWU\LWNQRZVDLG$QGULL/HWDQ\ERG\MXVWWRXFKPHOHW DQ\7DWDUULVNLWQRZDQGKH OOVRRQOHDUQZKDWD&RVVDFN VVZRUGLV OLNH *RRGP\VRQE\KHDYHQVJRRG$QGZKHQLWFRPHVWRWKDW, OOJR ZLWK\RX E\KHDYHQV, OOJRWRR:KDWVKRXOG,ZDLWKHUHIRU"7R EHFRPHDEXFNZKHDWUHDSHUDQGKRXVHNHHSHUWRORRNDIWHUWKHVKHHSDQG VZLQHDQGORDIDURXQGZLWKP\ZLIH"$ZD\ZLWKVXFKQRQVHQVH,DPD &RVVDFN , OOKDYHQRQHRILW:KDW VOHIWEXWZDU", OOJRZLWK\RX WR=DSRUR]KHWRFDURXVH , OOJRE\KHDYHQV$QGROG%XOEDJURZLQJ ZDUPE\GHJUHHVDQGILQDOO\TXLWHDQJU\URVHIURPWKHWDEOHDQG DVVXPLQJDGLJQLILHGDWWLWXGHVWDPSHGKLVIRRW:HZLOOJR WRPRUURZ:KHUHIRUHGHOD\":KDWHQHP\FDQZHEHVLHJHKHUH":KDWLV WKLVKXWWRXV":KDWGRZHZDQWZLWKDOOWKHVHWKLQJV":KDWDUHSRWV DQGSDQVWRXV"6RVD\LQJKHEHJDQWRNQRFNRYHUWKHSRWVDQG IODVNVDQGWRWKURZWKHPDERXW 7KHSRRUROGZRPDQZHOOXVHGWRVXFKIUHDNVRQWKHSDUWRIKHU KXVEDQGORRNHGVDGO\RQIURPKHUVHDWRQWKHZDOOEHQFK6KHGLGQRW GDUHVD\DZRUG EXWZKHQVKHKHDUGWKHGHFLVLRQZKLFKZDVVRWHUULEOH IRUKHUVKHFRXOGQRWUHIUDLQIURPWHDUV$VVKHORRNHGDWKHU FKLOGUHQIURPZKRPVRVSHHG\DVHSDUDWLRQZDVWKUHDWHQHGLWLV LPSRVVLEOHWRGHVFULEHWKHIXOOIRUFHRIKHUVSHHFKOHVVJULHIZKLFK VHHPHGWRTXLYHULQKHUH\HVDQGRQKHUOLSVFRQYXOVLYHO\SUHVVHG WRJHWKHU %XOEDZDVWHUULEO\KHDGVWURQJ+HZDVRQHRIWKRVHFKDUDFWHUVZKLFK FRXOGRQO\H[LVWLQWKDWILHUFHILIWHHQWKFHQWXU\DQGLQWKDW KDOIQRPDGLFFRUQHURI(XURSHZKHQWKHZKROHRI6RXWKHUQ5XVVLD
13
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
14
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
15
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
16
WRJHWKHUZKDWDOLIHZDVKHUV6KHHQGXUHGLQVXOWHYHQEORZV VKH IHOWFDUHVVHVEHVWRZHGRQO\LQSLW\ VKHZDVDPLVSODFHGREMHFWLQ WKDWFRPPXQLW\RIXQPDUULHGZDUULRUVXSRQZKLFKZDQGHULQJ=DSRUR]KH FDVWDFRORXULQJRILWVRZQ+HUSOHDVXUHOHVV\RXWKIOLWWHGE\ KHU ULSHFKHHNVDQGERVRPZLWKHUHGDZD\XQNLVVHGDQGEHFDPHFRYHUHGZLWK SUHPDWXUHZULQNOHV/RYHIHHOLQJHYHU\WKLQJWKDWLVWHQGHUDQG SDVVLRQDWHLQDZRPDQZDVFRQYHUWHGLQKHULQWRPDWHUQDOORYH6KH KRYHUHGDURXQGKHUFKLOGUHQZLWKDQ[LHW\SDVVLRQWHDUVOLNHWKH JXOORIWKHVWHSSHV7KH\ZHUHWDNLQJKHUVRQVKHUGDUOLQJVRQVIURP KHUWDNLQJWKHPIURPKHUVRWKDWVKHVKRXOGQHYHUVHHWKHPDJDLQ :KRNQHZ"3HUKDSVD7DWDUZRXOGFXWRIIWKHLUKHDGVLQWKHYHU\ILUVW VNLUPLVKDQGVKHZRXOGQHYHUNQRZZKHUHWKHLUGHVHUWHGERGLHVPLJKW OLHWRUQE\ELUGVRISUH\ DQG\HWIRUHDFKVLQJOHGURSRIWKHLU EORRGVKHZRXOGKDYHJLYHQDOOKHUV6REELQJVKHJD]HGLQWRWKHLU H\HVDQGWKRXJKW3HUKDSV%XOEDZKHQKHZDNHVZLOOSXWRIIWKHLU GHSDUWXUHIRUDGD\RUWZR SHUKDSVLWRFFXUUHGWRKLPWRJRVRVRRQ EHFDXVHKHKDGEHHQGULQNLQJ 7KHPRRQIURPWKHVXPPLWRIWKHKHDYHQVKDGORQJVLQFHOLWXSWKH ZKROHFRXUW\DUGILOOHGZLWKVOHHSHUVWKHWKLFNFOXPSRIZLOORZVDQG WKHWDOOVWHSSHJUDVVZKLFKKLGWKHSDOLVDGHVXUURXQGLQJWKHFRXUW 6KHVWLOOVDWDWKHUVRQV SLOORZQHYHUUHPRYLQJKHUH\HVIURPWKHP IRUDPRPHQWQRUWKLQNLQJRIVOHHS$OUHDG\WKHKRUVHVGLYLQLQJWKH DSSURDFKRIGDZQKDGFHDVHGHDWLQJDQGODLQGRZQXSRQWKHJUDVV WKH WRSPRVWOHDYHVRIWKHZLOORZVEHJDQWRUXVWOHVRIWO\DQGOLWWOHE\ OLWWOHWKHULSSOLQJUXVWOHGHVFHQGHGWRWKHLUEDVHV6KHVDWWKHUH XQWLOGD\OLJKWXQZHDULHGDQGZLVKLQJLQKHUKHDUWWKDWWKHQLJKW PLJKWSURORQJLWVHOILQGHILQLWHO\)URPWKHVWHSSHVFDPHWKHULQJLQJ QHLJKRIWKHKRUVHVDQGUHGVWUHDNVVKRQHEULJKWO\LQWKHVN\%XOED VXGGHQO\DZRNHDQGVSUDQJWRKLVIHHW+HUHPHPEHUHGTXLWHZHOOZKDW KHKDGRUGHUHGWKHQLJKWEHIRUH1RZP\PHQ\RX YHVOHSWHQRXJK
WLVWLPH WLVWLPH:DWHUWKHKRUVHV$QGZKHUHLVWKHROGZRPDQ" +HJHQHUDOO\FDOOHGKLVZLIHVR%HTXLFNROGZRPDQJHWXV VRPHWKLQJWRHDW WKHZD\LVORQJ 7KHSRRUROGZRPDQGHSULYHGRIKHUODVWKRSHVOLSSHGVDGO\LQWRWKH KXW :KLOVWVKHZLWKWHDUVSUHSDUHGZKDWZDVQHHGHGIRUEUHDNIDVW%XOED JDYHKLVRUGHUVZHQWWRWKHVWDEOHDQGVHOHFWHGKLVEHVWWUDSSLQJV IRUKLVFKLOGUHQZLWKKLVRZQKDQG 7KHVFKRODUVZHUHVXGGHQO\WUDQVIRUPHG5HGPRURFFRERRWVZLWKVLOYHU KHHOVWRRNWKHSODFHRIWKHLUGLUW\ROGRQHV WURXVHUVZLGHDVWKH
17
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
18
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
19
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
20
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
21
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
22
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
23
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
24
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
VDLOUHDFKHGWKHVKRUHVRIWKHLVODQGRI.KRUWLW]ZKHUHDWWKDWWLPH VWRRGWKH6HWFKZKLFKVRRIWHQFKDQJHGLWVVLWXDWLRQ $WKURQJRISHRSOHKDVWHQHGWRWKHVKRUHZLWKERDWV7KH&RVVDFNV DUUDQJHGWKHKRUVHV WUDSSLQJV7DUDVDVVXPHGDVWDWHO\DLUSXOOHG KLVEHOWWLJKWHUDQGSURXGO\VWURNHGKLVPRXVWDFKH+LVVRQVDOVR
25
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
26
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
27
.DV\DQ":KHUHLV%RURGDYND"DQG.RORSHU"DQG3LGVXLWRN"$QGLQUHSO\ 7DUDV%XOEDOHDUQHGWKDW%RURGDYNDKDGEHHQKXQJDW7RORSDQWKDW .RORSHUKDGEHHQIOD\HGDOLYHDW.L]LNLUPHQWKDW3LGVXLWRN VKHDGKDG EHHQVDOWHGDQGVHQWLQDFDVNWR&RQVWDQWLQRSOH2OG%XOEDKXQJKLV KHDGDQGVDLGWKRXJKWIXOO\7KH\ZHUHJRRG&RVVDFNV
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
28
7KHRQO\GLIIHUHQFHDVUHJDUGHGWKHVWXGHQWVZDVWKDWLQVWHDGRI VLWWLQJXQGHUWKHSRLQWHUDQGOLVWHQLQJWRWKHZRUQRXWGRFWULQHVRID WHDFKHUWKH\SUDFWLVHGUDFLQJZLWKILYHWKRXVDQGKRUVHV LQVWHDGRI WKHILHOGZKHUHWKH\KDGSOD\HGEDOOWKH\KDGWKHERXQGOHVV ERUGHUODQGVZKHUHDWWKHVLJKWRIWKHPWKH7DWDUVKRZHGKLVNHHQIDFH DQGWKH7XUNIURZQHGJULPO\IURPXQGHUKLVJUHHQWXUEDQ7KH GLIIHUHQFHZDVWKDWLQVWHDGRIEHLQJIRUFHGWRWKHFRPSDQLRQVKLSRI VFKRROWKH\WKHPVHOYHVKDGGHVHUWHGWKHLUIDWKHUVDQGPRWKHUVDQG IOHGIURPWKHLUKRPHV WKDWKHUHZHUHWKRVHDERXWZKRVHQHFNDURSH KDGDOUHDG\EHHQZRXQGDQGZKRLQVWHDGRISDOHGHDWKKDGVHHQOLIH DQGOLIHLQDOOLWVLQWHQVLW\ WKRVHZKRIURPJHQHURXVKDELWVFRXOG QHYHUNHHSDFRLQLQWKHLUSRFNHWV WKRVHZKRKDGWKLWKHUWRUHJDUGHGD GXFDWDVZHDOWKDQGZKRVHSRFNHWVWKDQNVWRWKH-HZUHYHQXHIDUPHUV FRXOGKDYHEHHQWXUQHGZURQJVLGHRXWZLWKRXWDQ\GDQJHURIDQ\WKLQJ IDOOLQJIURPWKHP+HUHZHUHVWXGHQWVZKRFRXOGQRWHQGXUHWKH DFDGHPLFURGDQGKDGQRWFDUULHGDZD\DVLQJOHOHWWHUIURPWKH VFKRROV EXWZLWKWKHPZHUHDOVRVRPHZKRNQHZDERXW+RUDFH&LFHUR DQGWKH5RPDQ5HSXEOLF7KHUHZHUHPDQ\OHDGHUVZKRDIWHUZDUGV GLVWLQJXLVKHGWKHPVHOYHVLQWKHNLQJ VDUPLHV DQGWKHUHZHUHQXPHURXV FOHYHUSDUWLVDQVZKRFKHULVKHGDPDJQDQLPRXVFRQYLFWLRQWKDWLWZDVRI QRFRQVHTXHQFHZKHUHWKH\IRXJKWVRORQJDVWKH\GLGILJKWVLQFHLW ZDVDGLVJUDFHWRDQKRQRXUDEOHPDQWROLYHZLWKRXWILJKWLQJ7KHUH ZHUHPDQ\ZKRKDGFRPHWRWKH6HWFKIRUWKHVDNHRIEHLQJDEOHWRVD\ DIWHUZDUGVWKDWWKH\KDGEHHQWKHUHDQGZHUHWKHUHIRUHKDUGHQHG ZDUULRUV%XWZKRZDVQRWWKHUH"7KLVVWUDQJHUHSXEOLFZDVDQHFHVVDU\ RXWJURZWKRIWKHHSRFK/RYHUVRIDZDUOLNHOLIHRIJROGHQEHDNHUV DQGULFKEURFDGHVRIGXFDWVDQGJROGSLHFHVFRXOGDOZD\VILQG HPSOR\PHQWWKHUH7KHORYHUVRIZRPHQDORQHFRXOGILQGQDXJKWIRUQR ZRPDQGDUHGVKRZKHUVHOIHYHQLQWKHVXEXUEVRIWKH6HWFK ,WVHHPHGH[FHHGLQJO\VWUDQJHWR2VWDSDQG$QGULLWKDWDOWKRXJKD FURZGRISHRSOHKDGFRPHWRWKH6HWFKZLWKWKHPQRWDVRXOLQTXLUHG :KHQFHFRPHWKHVHPHQ"ZKRDUHWKH\"DQGZKDWDUHWKHLUQDPHV"7KH\ KDGFRPHWKLWKHUDVWKRXJKUHWXUQLQJWRDKRPHZKHQFHWKH\KDG GHSDUWHGRQO\DQKRXUEHIRUH7KHQHZFRPHUPHUHO\SUHVHQWHGKLPVHOI WRWKH.RVFKHYRLRUKHDGFKLHIRIWKH6HWFKZKRJHQHUDOO\VDLG :HOFRPH'R\RXEHOLHYHLQ&KULVW",GRUHSOLHGWKHQHZFRPHU $QGGR\RXEHOLHYHLQWKH+RO\7ULQLW\",GR$QGGR\RXJRWR FKXUFK",GR1RZFURVV\RXUVHOI7KHQHZFRPHUFURVVHGKLPVHOI 9HU\JRRGUHSOLHGWKH.RVFKHYRL HQWHUWKHNXUHQZKHUH\RXKDYH PRVWDFTXDLQWDQFHV7KLVFRQFOXGHGWKHFHUHPRQ\$QGDOOWKH6HWFK SUD\HGLQRQHFKXUFKDQGZHUHZLOOLQJWRGHIHQGLWWRWKHLUODVWGURS RIEORRGDOWKRXJKWKH\ZRXOGQRWKHDUNHQWRDXJKWDERXWIDVWLQJRU DEVWLQHQFH-HZV$UPHQLDQVDQG7DWDUVLQVSLUHGE\VWURQJDYDULFH
29
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
30
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
31
VLQJOHJRRGGHHGWKDWKHVKRXOGEHRIQRXVHWRKLVFRXQWU\RUWR &KULVWLDQLW\:K\WKHQGRZHOLYH":KDWWKHGHXFHGRZHOLYHIRU" MXVWWHOOPHWKDW
32
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
33
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
34
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
&+$37(5,9 %XWQH[WGD\7DUDV%XOEDKDGDFRQIHUHQFHZLWKWKHQHZ.RVFKHYRLDVWR WKHPHWKRGRIH[FLWLQJWKH&RVVDFNVWRVRPHHQWHUSULVH7KH.RVFKHYRL DVKUHZGDQGVHQVLEOH&RVVDFNZKRNQHZWKH=DSRUR]KW]LWKRURXJKO\ VDLGDWILUVW2DWKVFDQQRWEHYLRODWHGE\DQ\PHDQV EXWDIWHUD SDXVHDGGHG1RPDWWHULWFDQEHGRQH:HZLOOQRWYLRODWHWKHPEXW OHWXVGHYLVHVRPHWKLQJ/HWWKHSHRSOHDVVHPEOHQRWDWP\VXPPRQV
35
EXWRIWKHLURZQDFFRUG
36
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
37
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
38
7HOOXVWKHQ ZKDWKDVEHHQJRLQJRQWKHUH" 7KDWLVJRLQJRQWKHOLNHRIZKLFKQRPDQERUQRUFKULVWHQHGHYHU\HW KDVVHHQ 7HOOXVZKDWLWLV\RXVRQRIDGRJVKRXWHGRQHRIWKHFURZG DSSDUHQWO\ORVLQJSDWLHQFH 7KLQJVKDYHFRPHWRVXFKDSDVVWKDWRXUKRO\FKXUFKHVDUHQRORQJHU RXUV +RZQRWRXUV" 7KH\DUHSOHGJHGWRWKH-HZV,IWKH-HZLVQRWILUVWSDLGWKHUHFDQ EHQRPDVV :KDWDUH\RXVD\LQJ" $QGLIWKHGRJRID-HZGRHVQRWPDNHDVLJQZLWKKLVXQFOHDQKDQG RYHUWKHKRO\(DVWHUEUHDGLWFDQQRWEHFRQVHFUDWHG +HOLHVEURWKHUJHQWOHV,WFDQQRWEHWKDWDQXQFOHDQ-HZSXWVKLV PDUNXSRQWKHKRO\(DVWHUEUHDG /LVWHQ,KDYHQRW\HWWROGDOO&DWKROLFSULHVWVDUHJRLQJDERXWDOO RYHUWKH8NUDLQHLQFDUWV7KHKDUPOLHVQRWLQWKHFDUWVEXWLQWKH IDFWWKDWQRWKRUVHVEXWRUWKRGR[&KULVWLDQV>@DUHKDUQHVVHGWR WKHP/LVWHQ,KDYHQRW\HWWROGDOO7KH\VD\WKDWWKH-HZHVVHVDUH PDNLQJWKHPVHOYHVSHWWLFRDWVRXWRIRXUSRSHV YHVWPHQWV6XFKDUHWKH GHHGVWKDWDUHWDNLQJSODFHLQWKH8NUDLQHJHQWOHV$QG\RXVLWKHUH UHYHOOLQJLQ=DSRUR]KH DQGHYLGHQWO\WKH7DWDUVKDYHVRVFDUHG\RX WKDW\RXKDYHQRH\HVQRHDUVQRDQ\WKLQJDQGNQRZQRWKLQJWKDWLV JRLQJRQLQWKHZRUOG >@7KDWLVRIWKH*UHHN&KXUFK7KH3ROHVZHUH&DWKROLFV 6WRSVWRSEURNHLQWKH.RVFKHYRLZKRXSWRWKDWPRPHQWKDGVWRRG ZLWKKLVH\HVIL[HGXSRQWKHHDUWKOLNHDOO=DSRUR]KW]LZKRRQ LPSRUWDQWRFFDVLRQVQHYHU\LHOGHGWRWKHLUILUVWLPSXOVHEXWNHSW VLOHQFHDQGPHDQZKLOHFRQFHQWUDWHGLQZDUGO\DOOWKHSRZHURIWKHLU LQGLJQDWLRQ6WRS,DOVRKDYHDZRUGWRVD\%XWZKDWZHUH\RX DERXW":KHQ\RXUIDWKHUWKHGHYLOZDVUDJLQJWKXVZKDWZHUH\RXGRLQJ \RXUVHOYHV"+DG\RXQRVZRUGV"+RZFDPH\RXWRSHUPLWVXFK ODZOHVVQHVV"
39
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
40
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
41
%\KHDYHQV,NQHZKLP+HZDVDPDJQLILFHQWQREOHPDQ $QGZKDWLV\RXUQDPH"@ LQRUGHU WHVW\RXUZHDSRQV7DNHQRWPDQ\FORWKHVZLWK\RX DVKLUW DQGDFRXSOHRISDLUVRIWURXVHUVWRHDFK&RVVDFNDQGDSRWRI RDWPHDODQGPLOOHWDSLHFHOHWQRRQHWDNHDQ\PRUH7KHUHZLOOEH SOHQW\RISURYLVLRQVDOOWKDWLVQHHGHGLQWKHZDJJRQV/HWHYHU\ &RVVDFNKDYHWZRKRUVHV$QGWZRKXQGUHG\RNHRIR[HQPXVWEHWDNHQ IRUZHVKDOOUHTXLUHWKHPDWWKHIRUGVDQGPDUVK\SODFHV.HHSRUGHU JHQWOHVDERYHDOOWKLQJV,NQRZWKDWWKHUHDUHVRPHDPRQJ\RXZKRP
42
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
43
VLWWLQJKHUH"GR\RXZDQWWREHVKRWOLNHDFURZ"
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
44
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
45
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
46
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
47
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
48
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
49
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
50
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
51
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
52
$QGULLFURVVHGKLPVHOI)HDUIOHGIURPKLVKHDUWHYHQPRUHUDSLGO\ WKDQLWKDGDVVDLOHGLW:KHQKHWXUQHGWRORRNDWWKH7DWDUZRPDQ VKHVWRRGEHIRUHKLPPXIIOHGLQKHUPDQWOHOLNHDGDUNJUDQLWH VWDWXHDQGWKHJOHDPRIWKHGLVWDQWGDZQOLJKWHGXSRQO\KHUH\HV GXOODVWKRVHRIDFRUSVH+HSOXFNHGKHUE\WKHVOHHYHDQGERWKZHQW RQWRJHWKHUJODQFLQJEDFNFRQWLQXDOO\$WOHQJWKWKH\GHVFHQGHGWKH VORSHRIDVPDOOUDYLQHDOPRVWDKROHDORQJWKHERWWRPRIZKLFKD EURRNIORZHGOD]LO\RYHUJURZQZLWKVHGJHDQGVWUHZHGZLWKPRVV\ ERXOGHUV'HVFHQGLQJLQWRWKLVUDYLQHWKH\ZHUHFRPSOHWHO\FRQFHDOHG IURPWKHYLHZRIDOOWKHSODLQRFFXSLHGE\WKH=DSRURYLDQFDPS$W OHDVW$QGULLJODQFLQJEDFNVDZWKDWWKHVWHHSVORSHURVHEHKLQGKLP KLJKHUWKDQDPDQ2QLWVVXPPLWDSSHDUHGDIHZEODGHVRI VWHSSHJUDVV DQGEHKLQGWKHPLQWKHVN\KXQJWKHPRRQOLNHD JROGHQVLFNOH7KHEUHH]HULVLQJRQWKHVWHSSHZDUQHGWKHPWKDWWKH GDZQZDVQRWIDURII%XWQRZKHUHZDVWKHFURZRIWKHFRFNKHDUG 1HLWKHULQWKHFLW\QRULQWKHGHYDVWDWHGQHLJKERXUKRRGKDGWKHUHEHHQ DFRFNIRUDORQJWLPHSDVW7KH\FURVVHGWKHEURRNRQDVPDOOSODQN EH\RQGZKLFKURVHWKHRSSRVLWHEDQNZKLFKDSSHDUHGKLJKHUWKDQWKH RQHEHKLQGWKHPDQGURVHVWHHSO\,WVHHPHGDVWKRXJKWKLVZHUHWKH VWURQJSRLQWRIWKHFLWDGHOXSRQZKLFKWKHEHVLHJHGFRXOGUHO\ DWDOO HYHQWVWKHHDUWKHQZDOOZDVORZHUWKHUHDQGQRJDUULVRQDSSHDUHG EHKLQGLW%XWIDUWKHURQURVHWKHWKLFNPRQDVWHU\ZDOOV7KHVWHHS EDQNZDVRYHUJURZQZLWKVWHSSHJUDVVDQGLQWKHQDUURZUDYLQHEHWZHHQ LWDQGWKHEURRNJUHZWDOOUHHGVDOPRVWDVKLJKDVDPDQ$WWKH VXPPLWRIWKHEDQNZHUHWKHUHPDLQVRIDZDWWOHGIHQFHZKLFKKDG IRUPHUO\VXUURXQGHGVRPHJDUGHQDQGLQIURQWRILWZHUHYLVLEOHWKH ZLGHOHDYHVRIWKHEXUGRFNIURPDPRQJZKLFKURVHEODFNWKRUQDQG VXQIORZHUVOLIWLQJWKHLUKHDGVKLJKDERYHDOOWKHUHVW+HUHWKH7DWDU IOXQJRIIKHUVOLSSHUVDQGZHQWEDUHIRRWJDWKHULQJKHUFORWKHVXS FDUHIXOO\IRUWKHVSRWZDVPDUVK\DQGIXOORIZDWHU)RUFLQJWKHLU ZD\DPRQJWKHUHHGVWKH\VWRSSHGEHIRUHDUXLQHGRXWZRUN6NLUWLQJ WKLVRXWZRUNWKH\IRXQGDVRUWRIHDUWKHQDUFKDQRSHQLQJQRWPXFK ODUJHUWKDQWKHRSHQLQJRIDQRYHQ7KH7DWDUZRPDQEHQWKHUKHDGDQG ZHQWILUVW$QGULLIROORZHGEHQGLQJORZDVKHFRXOGLQRUGHUWRSDVV ZLWKKLVVDFNV DQGERWKVRRQIRXQGWKHPVHOYHVLQWRWDOGDUNQHVV
&+$37(59, $QGULLFRXOGKDUGO\PRYHLQWKHGDUNDQGQDUURZHDUWKHQEXUURZDVKH IROORZHGWKH7DWDUGUDJJLQJDIWHUKLPKLVVDFNVRIEUHDG,WZLOO VRRQEHOLJKWVDLGKLVJXLGH ZHDUHDSSURDFKLQJWKHVSRWZKHUH, SODFHGDOLJKW$QGLQIDFWWKHGDUNHDUWKHQZDOOVEHJDQWREH
53
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
54
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
55
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
56
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
57
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
58
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
59
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
60
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
61
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
62
IHHOLQJVXQWDVWHGDV\HWXSRQHDUWK$QGULLNLVVHGWKHVZHHWPRXWK ZKLFKSUHVVHGKLVFKHHNDQGWKHVZHHWPRXWKGLGQRWUHPDLQ XQUHVSRQVLYH,QWKLVXQLRQRINLVVHVWKH\H[SHULHQFHGWKDWZKLFKLW LVJLYHQWRDPDQWRIHHOEXWRQFHRQHDUWK $QGWKH&RVVDFNZDVUXLQHG+HZDVORVWWR&RVVDFNFKLYDOU\1HYHU DJDLQZLOO=DSRUR]KHQRUKLVIDWKHU VKRXVHQRUWKH&KXUFKRI*RG EHKROGKLP7KH8NUDLQHZLOOQHYHUPRUHVHHWKHEUDYHVWRIWKH FKLOGUHQZKRKDYHXQGHUWDNHQWRGHIHQGKHU2OG7DUDVPD\WHDUWKH JUH\KDLUIURPKLVVFDOSORFNDQGFXUVHWKHGD\DQGKRXULQZKLFK VXFKDVRQZDVERUQWRGLVKRQRXUKLP
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
63
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
64
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
65
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
66
/RUG$QGULL :HQWZKHUH" :HQWRYHUWRWKHLUVLGH KHLVQRZDWKRURXJKIRUHLJQHU
67
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
68
DQGWKDWKLVRZQVRQKDGEHWUD\HGKLVIDLWKDQGVRXO )LQDOO\KHSODFHGKLVPHQLQDPEXVKLQDZRRGWKHRQO\RQHZKLFKKDG QRWEHHQEXUQHGE\WKH&RVVDFNVZKLOVWWKH=DSRUR]KLDQVIRRWDQG KRUVHVHWRXWIRUWKHWKUHHJDWHVE\WKUHHGLIIHUHQWURDGV2QHDIWHU DQRWKHUWKHNXUHQVWXUQHGRXW 2XPDQVN\3RSRYLFKHVN\.DQHYVN\ 6WHEOLNRYVN\1H]DPDLNRYVN\*XUJD]LI7LWDUHYVN\7RPLVFKHYVN\7KH 3HUH\DVODYVN\NXUHQDORQHZDVZDQWLQJ,WV&RVVDFNVKDGVPRNHGDQG GUDQNWRWKHLUGHVWUXFWLRQ6RPHDZRNHWRILQGWKHPVHOYHVERXQGLQWKH HQHP\ VKDQGV RWKHUVQHYHUZRNHDWDOOEXWSDVVHGLQWKHLUVOHHSLQWR WKHGDPSHDUWK DQGWKHKHWPDQ.KOLEKLPVHOIPLQXVKLVWURXVHUVDQG DFFRXWUHPHQWVIRXQGKLPVHOILQWKHFDPSRIWKH/\DNKV 7KHXSURDUDPRQJWKH=DSRUR]KW]LZDVKHDUGLQWKHFLW\$OOWKH EHVLHJHGKDVWHQHGWRWKHUDPSDUWVDQGDOLYHO\VFHQHZDVSUHVHQWHGWR WKH&RVVDFNV7KHKDQGVRPH3ROLVKKHURHVWKURQJHGRQWKHZDOO7KH EUD]HQKHOPHWVRIVRPHVKRQHOLNHWKHVXQDQGZHUHDGRUQHGZLWK IHDWKHUVZKLWHDVVZDQV2WKHUVZRUHSLQNDQGEOXHFDSVGURRSLQJRYHU RQHHDUDQGFDIWDQVZLWKWKHVOHHYHVWKURZQEDFNHPEURLGHUHGZLWK JROG7KHLUZHDSRQVZHUHULFKO\PRXQWHGDQGYHU\FRVWO\DVZHUHWKHLU HTXLSPHQWV,QWKHIURQWUDQNWKH%XG]KDNRYVN\FRORQHOVWRRGSURXGO\ LQKLVUHGFDSRUQDPHQWHGZLWKJROG+HZDVDWDOOVWRXWPDQDQGKLV ULFKDQGDPSOHFDIWDQKDUGO\FRYHUHGKLP1HDUWKHVLGHJDWHVWRRG DQRWKHUFRORQHO+HZDVDGULHGXSOLWWOHPDQEXWKLVVPDOOSLHUFLQJ H\HVJOHDPHGVKDUSO\IURPXQGHUKLVWKLFNDQGVKDJJ\EURZVDQGDVKH WXUQHGTXLFNO\RQDOOVLGHVPRWLRQLQJEROGO\ZLWKKLVWKLQZLWKHUHG KDQGDQGJLYLQJRXWKLVRUGHUVLWZDVHYLGHQWWKDWLQVSLWHRIKLV OLWWOHERG\KHXQGHUVWRRGPLOLWDU\VFLHQFHWKRURXJKO\1RWIDUIURP KLPVWRRGDYHU\WDOOFRUQHWZLWKWKLFNPRXVWDFKHVDQGD KLJKO\FRORXUHGFRPSOH[LRQDQREOHIRQGRIVWURQJPHDGDQGKHDUW\ UHYHOU\%HKLQGWKHPZHUHPDQ\QREOHVZKRKDGHTXLSSHGWKHPVHOYHV VRPHZLWKWKHLURZQGXFDWVVRPHIURPWKHUR\DOWUHDVXU\VRPHZLWK PRQH\REWDLQHGIURPWKH-HZVE\SDZQLQJHYHU\WKLQJWKH\IRXQGLQ WKHLUDQFHVWUDOFDVWOHV0DQ\WRRZHUHSDUDVLWHVZKRPWKHVHQDWRUV WRRNZLWKWKHPWRGLQQHUVIRUVKRZDQGZKRVWROHVLOYHUFXSVIURPWKH WDEOHDQGWKHVLGHERDUGDQGZKHQWKHGD\ VGLVSOD\ZDVRYHUPRXQWHG VRPHQREOH VFRDFKER[DQGGURYHKLVKRUVHV7KHUHZHUHIRONRIDOO NLQGVWKHUH6RPHWLPHVWKH\KDGQRWHQRXJKWRGULQNEXWDOOZHUH HTXLSSHGIRUZDU 7KH&RVVDFNUDQNVVWRRGTXLHWO\EHIRUHWKHZDOOV7KHUHZDVQRJROG DERXWWKHPVDYHZKHUHLWVKRQHRQWKHKLOWRIDVZRUGRUWKH PRXQWLQJVRIDJXQ7KH=DSRUR]KW]LZHUHQRWJLYHQWRGHFNLQJ WKHPVHOYHVRXWJDLO\IRUEDWWOH WKHLUFRDWVRIPDLODQGJDUPHQWVZHUH
69
SODLQDQGWKHLUEODFNERUGHUHGUHGFURZQHGFDSVVKRZHGGDUNO\LQWKH GLVWDQFH 7ZRPHQ2NKULP1DVFKDQG0LNLJD*RORNRSXLWHQNRDGYDQFHGIURPWKH =DSRUR]KLDQUDQNV2QHZDVTXLWH\RXQJWKHRWKHUROGHU ERWKILHUFH LQZRUGVDQGQRWEDGVSHFLPHQVRI&RVVDFNVLQDFWLRQ7KH\ZHUH IROORZHGE\'HPLG3RSRYLWFKDVWURQJO\EXLOW&RVVDFNZKRKDGEHHQ KDQJLQJDERXWWKH6HWFKIRUDORQJWLPHDIWHUKDYLQJEHHQLQ $GULDQRSOHDQGXQGHUJRLQJDJUHDWGHDOLQWKHFRXUVHRIKLVOLIH+H KDGEHHQEXUQHGDQGKDGHVFDSHGWRWKH6HWFKZLWKEODFNHQHGKHDGDQG VLQJHGPRXVWDFKHV%XW3RSRYLWFKUHFRYHUHGOHWKLVKDLUJURZUDLVHG PRXVWDFKHVWKLFNDQGEODFNDVSLWFKDQGZDVDVWRXWIHOORZDFFRUGLQJ WRKLVRZQELWLQJVSHHFK 5HGMDFNHWVRQDOOWKHDUP\EXW,VKRXOGOLNHWRNQRZZKDWVRUWRI PHQDUHXQGHUWKHPKHFULHG ,ZLOOVKRZ\RXVKRXWHGWKHVWRXWFRORQHOIURPDERYH,ZLOO FDSWXUHWKHZKROHRI\RX6XUUHQGHU\RXUJXQVDQGKRUVHVVODYHV'LG \RXVHHKRZ,FDXJKW\RXUPHQ"%ULQJRXWD=DSRUR]KHW]RQWKHZDOO IRUWKHPWRVHH $QGWKH\OHWRXWD=DSRUR]KHW]ERXQGZLWKVWRXWFRUGV %HIRUHWKHPVWRRG.KOLEWKHKHWPDQRIWKH3HUH\DVODYVN\NXUHQ ZLWKRXWKLVWURXVHUVRUDFFRXWUHPHQWVMXVWDVWKH\KDGFDSWXUHGKLP LQKLVGUXQNHQVOHHS+HERZHGKLVKHDGLQVKDPHEHIRUHWKH&RVVDFNV DWKLVQDNHGQHVVDQGDWKDYLQJEHHQWKXVWDNHQOLNHDGRJZKLOH DVOHHS+LVKDLUKDGWXUQHGJUH\LQRQHQLJKW *ULHYHQRW.KOLE ZHZLOOUHVFXH\RXVKRXWHGWKH&RVVDFNVIURP EHORZ *ULHYHQRWIULHQGFULHGWKHKHWPDQ%RURGDW\,WLVQRW\RXUIDXOW WKDWWKH\FDXJKW\RXQDNHG WKDWPLVIRUWXQHPLJKWKDSSHQWRDQ\PDQ %XWLWLVDGLVJUDFHWRWKHPWKDWWKH\VKRXOGKDYHH[SRVHG\RXWR GLVKRQRXUDQGQRWFRYHUHG\RXUQDNHGQHVVGHFHQWO\
70
SUDQFLQJDERXWEHIRUHWKHPRQKLVKRUVH DQGWKHQJODQFLQJDWKLV FRPUDGHVKHDGGHG:HOOSHUKDSVWKH/\DNKVVSHDNWKHWUXWK LIWKDW IDWEHOOLHGIHOORZOHDGVWKHPWKH\ZLOODOOILQGDJRRGVKHOWHU :K\GR\RXWKLQNWKH\ZLOOILQGDJRRGVKHOWHU"DVNHGWKH&RVVDFNV NQRZLQJWKDW3RSRYLWFKZDVSUREDEO\SUHSDULQJVRPHUHSDUWHH %HFDXVHWKHZKROHDUP\ZLOOKLGHEHKLQGKLP DQGWKHGHYLOKLPVHOI FRXOGQ WKHOS\RXWRUHDFKDQ\RQHZLWK\RXUVSHDUWKURXJKWKDWEHOO\ RIKLV 7KH&RVVDFNVODXJKHGVRPHRIWKHPVKDNLQJWKHLUKHDGVDQGVD\LQJ :KDWDIHOORZ3RSRYLWFKLVIRUDMRNHEXWQRZ%XWWKH&RVVDFNV KDGQRWWLPHWRH[SODLQZKDWWKH\PHDQWE\WKDWQRZ )DOOEDFNIDOOEDFNTXLFNO\IURPWKHZDOOVKRXWHGWKH.RVFKHYRL VHHLQJWKDWWKH/\DNKVFRXOGQRWHQGXUHWKHVHELWLQJZRUGVDQGWKDW WKHFRORQHOZDVZDYLQJKLVKDQG 7KH&RVVDFNVKDGKDUGO\UHWUHDWHGIURPWKHZDOOEHIRUHWKHJUDSHVKRW UDLQHGGRZQ2QWKHUDPSDUWVDOOZDVH[FLWHPHQWDQGWKHJUH\KDLUHG :DLZRGHKLPVHOIDSSHDUHGRQKRUVHEDFN7KHJDWHVRSHQHGDQGWKH JDUULVRQVDOOLHGIRUWK,QWKHYDQFDPHKXVVDUVLQRUGHUO\UDQNV EHKLQGWKHPWKHKRUVHPHQLQDUPRXUDQGWKHQWKHKHURHVLQEUD]HQ KHOPHWV DIWHUZKRPURGHVLQJO\WKHKLJKHVWQRELOLW\HDFKPDQ DFFRXWUHGDVKHSOHDVHG7KHVHKDXJKW\QREOHVZRXOGQRWPLQJOHLQWKH UDQNVZLWKRWKHUVDQGVXFKRIWKHPDVKDGQRFRPPDQGVURGHDSDUWZLWK WKHLURZQLPPHGLDWHIROORZLQJ1H[WFDPHVRPHPRUHFRPSDQLHVDQG DIWHUWKHVHWKHFRUQHWWKHQPRUHILOHVRIPHQDQGWKHVWRXWFRORQHO DQGLQWKHUHDURIWKHZKROHIRUFHWKHOLWWOHFRORQHO .HHSWKHPIURPIRUPLQJLQOLQHVKRXWHGWKH.RVFKHYRL OHWDOOWKH NXUHQVDWWDFNWKHPDWRQFH%ORFNWKHRWKHUJDWH7LWDUHYVN\NXUHQ IDOORQRQHIODQN'\DGRYVN\NXUHQFKDUJHRQWKHRWKHU$WWDFNWKHP LQWKHUHDU.XNXEHQNRDQG3DOLYRG&KHFNWKHPEUHDNWKHP7KH &RVVDFNVDWWDFNHGRQDOOVLGHVWKURZLQJWKH/\DNKVLQWRFRQIXVLRQDQG JHWWLQJFRQIXVHGWKHPVHOYHV7KH\GLGQRWHYHQJLYHWKHIRHWLPHWR ILUHLWFDPHWRVZRUGVDQGVSHDUVDWRQFH$OOIRXJKWKDQGWRKDQG DQGHDFKPDQKDGDQRSSRUWXQLW\WRGLVWLQJXLVKKLPVHOI 'HPLG3RSRYLWFKVSHDUHGWKUHHVROGLHUVDQGVWUXFNWZRRIWKHKLJKHVW QREOHVIURPWKHLUVDGGOHVVD\LQJ*RRGKRUVHV,KDYHORQJZDQWHG MXVWVXFKKRUVHV$QGKHGURYHWKHKRUVHVIDUDILHOGVKRXWLQJWRWKH &RVVDFNVVWDQGLQJDERXWWRFDWFKWKHP7KHQKHUXVKHGDJDLQLQWRWKH
71
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
72
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
73
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
74
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
75
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
76
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
77
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
78
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
79
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
80
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
81
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
82
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
83
KDGXSRQKLVKHDUW ,ZDQWWRWHOO\RXEURWKHUJHQWOHVZKDWRXUEURWKHUKRRGLV
84
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
85
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
86
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
87
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
88
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
89
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
90
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
91
ZLWK$QGULL2OG7DUDVSDXVHGDQGREVHUYHGKRZKHFOHDUHGDSDWK EHIRUHKLPKHZLQJDZD\DQGGHDOLQJEORZVWRWKHULJKWDQGWKHOHIW 7DUDVFRXOGQRWUHVWUDLQKLPVHOIEXWVKRXWHG
92
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
93
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
&+$37(5; ,KDYHVOHSWDORQJZKLOHVDLG7DUDVFRPLQJWRKLVVHQVHVDVLI DIWHUDKHDY\GUXQNHQVOHHSDQGWU\LQJWRGLVWLQJXLVKWKHREMHFWV DERXWKLP$WHUULEOHZHDNQHVVRYHUSRZHUHGKLVOLPEV7KHZDOOVDQG FRUQHUVRIDVWUDQJHURRPZHUHGLPO\YLVLEOHEHIRUHKLP$WOHQJWKKH SHUFHLYHGWKDW7RYNDWFKZDVVHDWHGEHVLGHKLPDSSDUHQWO\OLVWHQLQJWR KLVHYHU\EUHDWK
94
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
95
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
96
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
97
QHLJKERXUKRRGZDVGHSRSXODWHGDVLIDIWHUDILUHRUDQHSLGHPLF DQG LI
98
IURPZKRPP\ORUGWRRNWKHVHILQHJROGSLHFHVUHPDLQHGLQWKHZRUOGDQ KRXUORQJHU KHZHQWVWUDLJKWWRWKHULYHUDQGGURZQHGKLPVHOIDIWHU WKHORVVRIVXFKPDJQLILFHQWJROGSLHFHV ,VKRXOGQRWKDYHDVNHG\RX,PLJKWSRVVLEO\KDYHIRXQGP\RZQZD\ WR:DUVDZ EXWVRPHRQHPLJKWUHFRJQLVHPHDQGWKHQWKHFXUVHG/\DNKV ZRXOGFDSWXUHPHIRU,DPQRWFOHYHUDWLQYHQWLRQV ZKLOVWWKDWLV MXVWZKDW\RX-HZVDUHFUHDWHGIRU
99
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
100
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
101
:HPLJKWWU\VDLGWKHWKLUGJODQFLQJWLPLGO\DWWKHRWKHUWZR *RGPD\IDYRXUXV $OOWKUHH-HZVGLVFXVVHGWKHPDWWHULQ*HUPDQ%XOEDLQVSLWHRIKLV VWUDLQLQJHDUVFRXOGPDNHQRWKLQJRILW KHRQO\FDXJKWWKHZRUG 0DUGRNKDLRIWHQUHSHDWHG /LVWHQP\ORUGVDLG
102
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
103
KHVKRXOGGLVJXLVHKLPVHOIDVDIRUHLJQFRXQWMXVWDUULYHGIURP *HUPDQ\IRUZKLFKSXUSRVHWKHSUXGHQW-HZKDGDOUHDG\SURYLGHGD FRVWXPH,WZDVDOUHDG\QLJKW7KHPDVWHURIWKHKRXVHWKHUHGKDLUHG -HZZLWKIUHFNOHVSXOOHGRXWDPDWWUHVVFRYHUHGZLWKVRPHNLQGRI UXJDQGVSUHDGLWRQDEHQFKIRU%XOED
104
,WLVZHFULHG
105
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
106
([SODLQWKDW\RXUVHOI$QGWKHKH\GXNHRSHQHGKLVZLGHPRXWKWR VKRXW
107
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
108
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
109
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
&+$37(5;,, 7KH\VRRQIRXQGWUDFHVRI7DUDV$QDUP\RIDKXQGUHGDQGWZHQW\ WKRXVDQG&RVVDFNVDSSHDUHGRQWKHIURQWLHURIWKH8NUDLQH7KLVZDVQR VPDOOGHWDFKPHQWVDOO\LQJIRUWKIRUSOXQGHURULQSXUVXLWRIWKH 7DWDUV1R WKHZKROHQDWLRQKDGULVHQIRUWKHPHDVXUHRIWKH
110
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
111
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
112
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
113
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
114
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
115
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
116
6WRSWHOOPHILUVWZKDW\RXDUHUHDGLQJ ,FRQIHVVWKDW,ZDVDWULIOHVWXQQHGE\VXFKDTXHVWLRQ :KDWZKDWDP,UHDGLQJ7KRPD*ULJRURYLWFK":K\\RXURZQZRUGV :KRWROG\RXWKDWWKH\ZHUHP\ZRUGV" :K\ZKDWPRUHZRXOG\RXKDYH"+HUHLWLVSULQWHG 5HODWHGE\VXFK DQGVXFKDVDFULVWDQ 6SLWRQWKHKHDGRIWKHPDQZKRSULQWHGWKDWKHOLHVWKHGRJRID 0RVFRZSHGODU'LG,VD\WKDW"
7ZDVMXVWWKHVDPHDVWKRXJKRQH KDGQ WKLVZLWVDERXWKLP /LVWHQ, OOWHOOWKHWDOHWR\RXRQWKH VSRW :HPRYHGXSWRWKHWDEOHDQGKHEHJDQ
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
117
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
118
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
119
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
120
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
121
7KHYRGNDVWXQJKLVWRQJXHOLNHQHWWOHVDQGWDVWHGPRUHELWWHUWKDQ ZRUPZRRG+HIOXQJWKHMXJIURPKLPXSRQWKHJURXQG
122
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
123
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
124
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
125
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
126
GDUNQHVVEHIRUHKLP7KHSHUVSLUDWLRQZRXOGVWUHDPGRZQKLVIDFHDQG KHZRXOGVLWH[KDXVWHGLQWKHVDPHSODFH :KDWGLGQRW3LUGRUNDGR"6KHFRQVXOWHGWKHVRUFHUHVVHV DQGWKH\ SRXUHGRXWIHDUDQGEUHZHGVWRPDFKDFKH>@EXWDOOWRQRDYDLO$QG VRWKHVXPPHUSDVVHG0DQ\D&RVVDFNKDGPRZHGDQGUHDSHG PDQ\D &RVVDFNPRUHHQWHUSULVLQJWKDQWKHUHVWKDGVHWRIIXSRQDQ H[SHGLWLRQ)ORFNVRIGXFNVZHUHDOUHDG\FURZGLQJWKHPDUVKHVEXW WKHUHZDVQRWHYHQDKLQWRILPSURYHPHQW >@7RSRXURXWIHDUUHIHUVWRDSUDFWLFHUHVRUWHGWRLQFDVHRI IHDU:KHQLWLVGHVLUHGWRNQRZZKDWFDXVHGWKLVPHOWHGOHDGRU ZD[LVSRXUHGLQWRZDWHUDQGWKHREMHFWZKRVHIRUPLWDVVXPHVLV WKHRQHZKLFKIULJKWHQHGWKHVLFNSHUVRQ DIWHUWKLVWKHIHDU GHSDUWV6RQ\DVKQLW]DLVEUHZHGIRUJLGGLQHVVDQGSDLQLQWKH ERZHOV7RWKLVHQGDELWRIVWXPSLVEXUQHGWKURZQLQWRDMXJ DQGWXUQHGXSVLGHGRZQLQWRDERZOILOOHGZLWKZDWHUZKLFKLV SODFHGRQWKHSDWLHQW VVWRPDFK DIWHUDQLQFDQWDWLRQKHLVJLYHQ DVSRRQIXORIWKLVZDWHUWRGULQN ,WZDVUHGXSRQWKHVWHSSHV5LFNVRIJUDLQOLNH&RVVDFN VFDSV GRWWHGWKHILHOGVKHUHDQGWKHUH2QWKHKLJKZD\ZHUHWREH HQFRXQWHUHGZDJJRQVORDGHGZLWKEUXVKZRRGDQGORJV7KHJURXQGKDG EHFRPHPRUHVROLGDQGLQSODFHVZDVWRXFKHGZLWKIURVW$OUHDG\KDG WKHVQRZEHJXQWRIDOODQGWKHEUDQFKHVRIWKHWUHHVZHUHFRYHUHGZLWK ULPHOLNHUDEELWVNLQ$OUHDG\RQIURVW\GD\VWKHURELQUHGEUHDVW KRSSHGDERXWRQWKHVQRZKHDSVOLNHDIRSSLVK3ROLVKQREOHPDQDQG SLFNHGRXWJUDLQVRIFRUQ DQGFKLOGUHQZLWKKXJHVWLFNVSOD\HG KRFNH\XSRQWKHLFH ZKLOHWKHLUIDWKHUVOD\TXLHWO\RQWKHVWRYH LVVXLQJIRUWKDWLQWHUYDOVZLWKOLJKWHGSLSHVLQWKHLUOLSVWRJURZO LQUHJXODUIDVKLRQDWWKHRUWKRGR[IURVWRUWRWDNHWKHDLUDQG WKUHVKWKHJUDLQVSUHDGRXWLQWKHEDUQ$WODVWWKHVQRZEHJDQWR PHOWDQGWKHLFHVOLSSHGDZD\ EXW3HWHUUHPDLQHGWKHVDPH DQGWKH PRUHWLPHZHQWRQWKHPRUHPRURVHKHJUHZ+HVDWLQWKHFRWWDJHDV WKRXJKQDLOHGWRWKHVSRWZLWKWKHVDFNVRIJROGDWKLVIHHW+HJUHZ DYHUVHWRFRPSDQLRQVKLSKLVKDLUJUHZORQJKHEHFDPHWHUULEOHWR ORRNDW DQGVWLOOKHWKRXJKWRIEXWRQHWKLQJVWLOOKHWULHGWR UHFDOOVRPHWKLQJDQGJRWDQJU\DQGLOOWHPSHUHGEHFDXVHKHFRXOGQRW 2IWHQULVLQJZLOGO\IURPKLVVHDWKHJHVWLFXODWHGYLROHQWO\DQG IL[HGKLVH\HVRQVRPHWKLQJDVWKRXJKGHVLURXVRIFDWFKLQJLW KLV OLSVPRYLQJDVWKRXJKGHVLURXVRIXWWHULQJVRPHORQJIRUJRWWHQZRUG EXWUHPDLQLQJVSHHFKOHVV)XU\ZRXOGWDNHSRVVHVVLRQRIKLP KHZRXOG JQDZDQGELWHKLVKDQGVOLNHDPDQKDOIFUD]\DQGLQKLVYH[DWLRQ ZRXOGWHDURXWKLVKDLUE\WKHKDQGIXOXQWLOFDOPLQJGRZQKHZRXOG
127
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
128
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
129
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
130
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
131
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
132
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
133
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
134
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
135
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
136
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
137
LW,W VDWKRURXJKO\EDGMRE
138
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
139
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
140
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
141
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
142
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
143
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
144
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
145
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
146
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
147
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
148
\RX" 2WKHUZLVHKHZDVDYHU\NLQGKHDUWHGPDQJRRGWRKLVFRPUDGHVDQG UHDG\WRREOLJH EXWWKHUDQNRIJHQHUDOWKUHZKLPFRPSOHWHO\RIIKLV EDODQFH2QUHFHLYLQJDQ\RQHRIWKDWUDQNKHEHFDPHFRQIXVHGORVW KLVZD\DVLWZHUHDQGQHYHUNQHZZKDWWRGR,IKHFKDQFHGWREH DPRQJVWKLVHTXDOVKHZDVVWLOODYHU\QLFHNLQGRIPDQDYHU\JRRG IHOORZLQPDQ\UHVSHFWVDQGQRWVWXSLG EXWWKHYHU\PRPHQWWKDWKH IRXQGKLPVHOILQWKHVRFLHW\RISHRSOHEXWRQHUDQNORZHUWKDQKLPVHOI KHEHFDPHVLOHQW DQGKLVVLWXDWLRQDURXVHGV\PSDWK\WKHPRUHVRDV KHIHOWKLPVHOIWKDWKHPLJKWKDYHEHHQPDNLQJDQLQFRPSDUDEO\EHWWHU XVHRIKLVWLPH,QKLVH\HVWKHUHZDVVRPHWLPHVYLVLEOHDGHVLUHWR MRLQVRPHLQWHUHVWLQJFRQYHUVDWLRQRUJURXS EXWKHZDVNHSWEDFNE\ WKHWKRXJKW:RXOGLWQRWEHDYHU\JUHDWFRQGHVFHQVLRQRQKLVSDUW" :RXOGLWQRWEHIDPLOLDU"DQGZRXOGKHQRWWKHUHE\ORVHKLV LPSRUWDQFH"$QGLQFRQVHTXHQFHRIVXFKUHIOHFWLRQVKHDOZD\VUHPDLQHG LQWKHVDPHGXPEVWDWHXWWHULQJIURPWLPHWRWLPHDIHZPRQRV\OODELF VRXQGVDQGWKHUHE\HDUQLQJWKHQDPHRIWKHPRVWZHDULVRPHRIPHQ 7RWKLVSURPLQHQWSHUVRQDJH$NDNL\$NDNLHYLWFKSUHVHQWHGKLPVHOIDQG WKLVDWWKHPRVWXQIDYRXUDEOHWLPHIRUKLPVHOIWKRXJKRSSRUWXQHIRU WKHSURPLQHQWSHUVRQDJH7KHSURPLQHQWSHUVRQDJHZDVLQKLVFDELQHW FRQYHUVLQJJDLO\ZLWKDQROGDFTXDLQWDQFHDQGFRPSDQLRQRIKLV FKLOGKRRGZKRPKHKDGQRWVHHQIRUVHYHUDO\HDUVDQGZKRKDGMXVW DUULYHGZKHQLWZDVDQQRXQFHGWRKLPWKDWDSHUVRQQDPHG%DVKPDWFKNLQ KDGFRPH+HDVNHGDEUXSWO\:KRLVKH"6RPHRIILFLDOKHZDV LQIRUPHG$KKHFDQZDLWWKLVLVQRWLPHIRUKLPWRFDOOVDLGWKH LPSRUWDQWPDQ ,WPXVWEHUHPDUNHGKHUHWKDWWKHLPSRUWDQWPDQOLHGRXWUDJHRXVO\ KH KDGVDLGDOOKHKDGWRVD\WRKLVIULHQGORQJEHIRUH DQGWKH FRQYHUVDWLRQKDGEHHQLQWHUVSHUVHGIRUVRPHWLPHZLWKYHU\ORQJ SDXVHVGXULQJZKLFKWKH\PHUHO\VODSSHGHDFKRWKHURQWKHOHJDQG VDLG
149
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
150
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
151
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
152
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
153
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
154
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
155
FRPHIURPEHKLQGDKRXVH%XWEHLQJUDWKHUZHDNRIERG\KHGDUHGQRW DUUHVWKLPEXWIROORZHGKLPLQWKHGDUNXQWLODWOHQJWKWKH DSSDULWLRQORRNHGURXQGSDXVHGDQGLQTXLUHG:KDWGR\RXZDQW"DW WKHVDPHWLPHVKRZLQJDILVWVXFKDVLVQHYHUVHHQRQOLYLQJPHQ7KH ZDWFKPDQVDLG,W VRIQRFRQVHTXHQFHDQGWXUQHGEDFNLQVWDQWO\ %XWWKHDSSDULWLRQZDVPXFKWRRWDOOZRUHKXJHPRXVWDFKHVDQG GLUHFWLQJLWVVWHSVDSSDUHQWO\WRZDUGVWKH2EXNKRIIEULGJH GLVDSSHDUHGLQWKHGDUNQHVVRIWKHQLJKW
+2:7+(7:2,9$1648$55(//('
&+$37(5, ,9$1,9$129,7&+$1',9$11,.,)2529,7&+ $ILQHSHOLVVHKDV,YDQ,YDQRYLWFKVSOHQGLG$QGZKDWODPEVNLQGHXFH WDNHLWZKDWODPEVNLQEOXHEODFNZLWKVLOYHUOLJKWV, OOIRUIHLW, NQRZQRWZKDWLI\RXILQGDQ\RQHHOVHRZQLQJVXFKDRQH/RRNDWLW IRUKHDYHQ VVDNHHVSHFLDOO\ZKHQKHVWDQGVWDONLQJZLWKDQ\RQH ORRNDWKLPVLGHZD\V ZKDWDSOHDVXUHLWLV7RGHVFULEHLWLV LPSRVVLEOH YHOYHWVLOYHUILUH1LNRODLWKH:RQGHUZRUNHUVDLQWRI *RGZK\KDYH,QRWVXFKDSHOLVVH"+HKDGLWPDGHEHIRUH$JDI\D )HGRV\HYQDZHQWWR.LHI
156
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
157
,FRPHIURPWKHIDUPVLU 7LVWZRGD\VVLQFH,KDYHHDWHQRUGUXQN P\RZQFKLOGUHQGURYHPHRXW 3RRUVRXOZK\GLG\RXFRPHKLWKHU" 7REHJDOPVVLUWRVHHZKHWKHUVRPHRQHZLOOQRWJLYHPHDWOHDVW HQRXJKIRUEUHDG +PVR\RXZDQWEUHDG",YDQ,YDQRYLWFKJHQHUDOO\LQTXLUHG +RZVKRXOGLWEHRWKHUZLVH",DPDVKXQJU\DVDGRJ +PUHSOLHG,YDQ,YDQRYLWFKXVXDOO\DQGSHUKDSV\RXZRXOGOLNH EXWWHUWRR"
158
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
159
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
160
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
161
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
162
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
163
1RWDWDOO
164
$VLOHQFHHQVXHG 6R\RXDUHKDYLQJ\RXUFORWKHVDLUHG,YDQ1LNLIRURYLWFK"VDLG,YDQ ,YDQRYLWFKDWOHQJWK
165
DUWLFOH ,QGLVSHQVDEOHIRUZKDW" )RUZKDW":KDWLIUREEHUVVKRXOGDWWDFNWKHKRXVH" ,QGLVSHQVDEOHLQGHHG*ORU\WR*RG,NQRZWKDWDJXQVWDQGVLQP\ VWRUHKRXVH $ILQHJXQWKDW:K\,YDQ1LNLIRURYLWFKWKHORFNLVUXLQHG :KDWGR\RXPHDQE\UXLQHG",WFDQEHVHWULJKW DOOWKDWQHHGVWREH GRQHLVWRUXELWZLWKKHPSRLOVRWKDWLWPD\QRWUXVW ,VHHLQ\RXUZRUGV,YDQ1LNLIRURYLWFKDQ\WKLQJEXWDIULHQGO\ GLVSRVLWLRQWRZDUGVPH
166
:K\"
VD\VKH GR\RXDGRSWWKHIDLWKRI&KULVW 2KRXUSHRSOHZLOOEHDWWKHP,YDQ,YDQRYLWFK 7KH\ZLOO6R\RXZRQ WH[FKDQJHWKHJXQ,YDQ1LNLIRURYLWFK" ,W VDVWUDQJHWKLQJWRPH,YDQ,YDQRYLWFKWKDW\RXZKRVHHPWREH DPDQGLVWLQJXLVKHGIRUVHQVHVKRXOGWDONVXFKQRQVHQVH:KDWDIRRO ,VKRXOGEH 6LWGRZQVLWGRZQ*RGEHZLWKLWOHWLWEXUVW,ZRQ WPHQWLRQLW DJDLQ $WWKLVPRPHQWOXQFKZDVEURXJKWLQ
167
,YDQ,YDQRYLWFKGUDQNDJODVVDQGDWHDSLHZLWKVRXUFUHDP/LVWHQ ,YDQ1LNLIRURYLWFK ,ZLOOJLYH\RXEHVLGHVWKHVRZWZRVDFNVRI RDWV
168
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
169
WKHPLGGOHRIWKHURRP WKHZRPDQZLWKKHUPRXWKZLGHRSHQDQGD VHQVHOHVVWHUULILHGORRNRQKHUIDFHDQG,YDQ,YDQRYLWFKZLWK XSOLIWHGKDQGDVWKH5RPDQWULEXQHVDUHGHSLFWHG7KLVZDVD PDJQLILFHQWVSHFWDFOH DQG\HWWKHUHZDVEXWRQHVSHFWDWRU WKHER\LQ WKHDPSOHFRDWZKRVWRRGTXLWHTXLHWO\DQGSLFNHGKLVQRVHZLWKKLV ILQJHU )LQDOO\,YDQ,YDQRYLWFKWRRNKLVKDW
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
170
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
171
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
172
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
173
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
174
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
175
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
176
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
177
GUDLQ,KDYHSUHVVLQJEXVLQHVVZLWK\RX ,ZDQWWRHQWHUD FRPSODLQW 7KHQ,YDQ,YDQRYLWFKVHWGRZQKLVFXSDQGGUHZIURPKLVSRFNHWD VKHHWRIVWDPSHGSDSHUZULWWHQRYHU$FRPSODLQWDJDLQVWP\HQHP\ P\GHFODUHGHQHP\ $QGZKRLVWKDW" ,YDQ1LNLIRURYLWFK'RYJRWFKNXQ $WWKHVHZRUGVWKHMXGJHQHDUO\IHOORIIKLVFKDLU:KDWGR\RX VD\"KHH[FODLPHGFODVSLQJKLVKDQGV ,YDQ,YDQRYLWFKLVWKLV \RX"
178
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
179
VKHGPXFKOHVVLQWRDJRRVHVKHGIRUSROLWHSXUSRVHV,QWKH H[HFXWLRQRIKLVODZOHVVGHHGWKHWZRIURQWSRVWVWUHVSDVVHGRQP\ ODQGUHFHLYHGE\PHGXULQJWKHOLIHWLPHRIP\IDWKHU,YDQ 3HUHUHSHQNRVRQRI2QLVLHIIRIEOHVVHGPHPRU\EHJLQQLQJDWWKH JUDQDU\WKHQFHLQDVWUDLJKWOLQHWRWKHVSRWZKHUHWKHZRPHQZDVK WKHSRWV 7KHDERYHGHVFULEHGQREOHPDQZKRVHYHU\QDPHDQGVXUQDPHLQVSLUH WKRURXJKGLVJXVWFKHULVKHVLQKLVPLQGDPDOLFLRXVGHVLJQWREXUQPH LQP\RZQKRXVH:KLFKWKHLQIDOOLEOHVLJQVKHUHLQDIWHUPHQWLRQHG IXOO\GHPRQVWUDWH LQWKHILUVWSODFHWKHVDLGZLFNHGQREOHPDQKDV EHJXQWRHPHUJHIUHTXHQWO\IURPKLVDSDUWPHQWVZKLFKKHQHYHUGLG IRUPHUO\RQDFFRXQWRIKLVOD]LQHVVDQGWKHGLVJXVWLQJFRUSXOHQFHRI KLVERG\ LQWKHVHFRQGSODFHLQKLVVHUYDQWV DSDUWPHQWVDGMRLQLQJ WKHIHQFHVXUURXQGLQJP\RZQODQGUHFHLYHGE\PHIURPP\IDWKHURI EOHVVHGPHPRU\,YDQ3HUHUHSHQNRVRQRI2QLVLHIIDOLJKWEXUQVHYHU\ GD\DQGIRUDUHPDUNDEO\ORQJSHULRGRIWLPHZKLFKLVDOVRDFOHDU SURRIRIWKHIDFW)RUKLWKHUWRRZLQJWRKLVUHSXOVLYHQLJJDUGOLQHVV QRWRQO\WKHWDOORZFDQGOHEXWDOVRWKHJUHDVHODPSKDVEHHQ H[WLQJXLVKHG $QGWKHUHIRUH,SUD\WKDWWKHVDLGQREOHPDQ,YDQ'RYJRWFKNXQVRQRI 1LNLIRUEHLQJSODLQO\JXLOW\RILQFHQGLDULVPRILQVXOWWRP\UDQN QDPHDQGIDPLO\DQGRILOOHJDODSSURSULDWLRQRIP\SURSHUW\DQG ZRUVHWKDQDOOHOVHRIPDOLFLRXVDQGGHOLEHUDWHDGGLWLRQWRP\ VXUQDPHRIWKHQLFNQDPHRIJRRVHEHFRQGHPQHGE\WKHFRXUWWRILQH VDWLVIDFWLRQFRVWVDQGGDPDJHVDQGEHLQJFKDLQHGEHUHPRYHGWR WKHWRZQMDLODQGWKDWMXGJPHQWEHUHQGHUHGXSRQWKLVP\SODLQW LPPHGLDWHO\DQGZLWKRXWGHOD\ :ULWWHQDQGFRPSRVHGE\,YDQ3HUHUHSHQNRVRQRI,YDQQREOHPDQDQG ODQGHGSURSULHWRURI0LUJRURG $IWHUWKHUHDGLQJRIWKHSODLQWZDVFRQFOXGHGWKHMXGJHDSSURDFKHG ,YDQRYLWFKWRRNKLPE\WKHEXWWRQDQGEHJDQWRWDONWRKLPDIWHU WKLVIDVKLRQ :KDWDUH\RXGRLQJ,YDQ,YDQRYLWFK")HDU*RGWKURZ DZD\WKDWSODLQWOHWLWJRPD\6DWDQFDUU\LWRII%HWWHUWDNH,YDQ 1LNLIRURYLWFKE\WKHKDQGDQGNLVVKLPEX\VRPH6DQWXULQVNLRU 1LNRSROVNLOLTXRUPDNHDSXQFKDQGFDOOPHLQ:HZLOOGULQNLWXS WRJHWKHUDQGIRUJHWDOOXQSOHDVDQWQHVV 1R'HP\DQ'HP\DQRYLWFKLW VQRWWKDWVRUWRIDQDIIDLUVDLG,YDQ ,YDQRYLWFKZLWKWKHGLJQLW\ZKLFKDOZD\VEHFDPHKLPVRZHOO LWLV QRWDQDIIDLUZKLFKFDQEHDUUDQJHGE\DIULHQGO\DJUHHPHQW)DUHZHOO
180
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
181
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
182
,YDQ'RYJRWFKNXQVRQRI1LNLIRUQREOHPDQRIWKH0LUJRURG'LVWULFW SUHVHQWVDSODLQWDQGEHJVWRFDOODWWHQWLRQWRWKHIROORZLQJ SRLQWV 7KURXJKKLVKDWHIXOPDOLFHDQGSODLQO\PDQLIHVWHGLOOZLOOWKH SHUVRQFDOOLQJKLPVHOIDQREOHPDQ,YDQ3HUHUHSHQNRVRQRI,YDQ SHUSHWUDWHVDJDLQVWPHHYHU\PDQQHURILQMXU\GDPDJHDQGOLNH VSLWHIXOGHHGVZKLFKLQVSLUHPHZLWKWHUURU
183
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
&+$37(59 ,1:+,&+$5('(7$,/('7+('(/,%(5$7,2162)7:2 ,03257$173(5621$*(62)0,5*252' $VVRRQDV,YDQ,YDQRYLWFKKDGDUUDQJHGKLVGRPHVWLFDIIDLUVDQG
184
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
185
QHYHULQDOOP\GD\VKDYH,PDGHVXFKDPDUFK
186
WKHGRRU" %XW,YDQ,YDQRYLWFK\RXURZQEURZQVRZ
187
$JUHHG(YHU\ERG\NQRZVWKDW\RXDUHDOHDUQHGPDQWKDW\RXDUH DFTXDLQWHGZLWKVFLHQFHVDQGYDULRXVRWKHUVXEMHFWV,QHYHUVWXGLHG WKHVFLHQFHV ,EHJDQWROHDUQWRZULWHLQP\WKLUWHHQWK\HDU2I FRXUVH\RXNQRZWKDW,ZDVDVROGLHULQWKHUDQNV +PVDLG,YDQ,YDQRYLWFK
188
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
&+$37(59, )520:+,&+7+(5($'(5&$1($6,/<',6&29(5 :+$7,6&217$,1(',1,7 ,QVSLWHRIDOOWKHMXGJH VHIIRUWVWRNHHSWKHPDWWHUVHFUHWDOO 0LUJRURGNQHZE\WKHQH[WGD\WKDW,YDQ,YDQRYLWFK VVRZKDGVWROHQ ,YDQ1LNLIRURYLWFK VSHWLWLRQ7KHFKLHIRISROLFHKLPVHOILQD PRPHQWRIIRUJHWIXOQHVVZDVWKHILUVWWREHWUD\KLPVHOI:KHQ,YDQ 1LNLIRURYLWFKZDVLQIRUPHGRILWKHVDLGQRWKLQJ KHPHUHO\LQTXLUHG :DVLWWKHEURZQRQH" %XW$JDI\D)HGRV\HYQDZKRZDVSUHVHQWEHJDQDJDLQWRXUJHRQ,YDQ 1LNLIRURYLWFK:KDW VWKHPDWWHUZLWK\RX,YDQ1LNLIRURYLWFK"3HRSOH ZLOOODXJKDW\RXDVDWDIRROLI\RXOHWLWSDVV+RZFDQ\RXUHPDLQ DQREOHPDQDIWHUWKDW"
189
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
190
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
191
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
192
VW\OH$WDOOWKLQPDQLQDIULH]HFRDWZLWKDSODVWHURQKLVQRVH ZKRXSWRWKLVWLPHKDGVDWLQWKHFRUQHUDQGQHYHURQFHDOWHUHGWKH H[SUHVVLRQRIKLVIDFHHYHQZKHQDIO\OLJKWHGRQKLVQRVHURVHIURP KLVVHDWDQGDSSURDFKHGQHDUHUWRWKHFURZGZKLFKVXUURXQGHGRQHH\HG ,YDQ,YDQRYLWFK/LVWHQVDLG,YDQ,YDQRYLWFKZKHQKHSHUFHLYHG WKDWTXLWHDWKURQJKDGFROOHFWHGDERXWKLP VXSSRVHZHPDNHSHDFH EHWZHHQRXUIULHQGV,YDQ,YDQRYLWFKLVWDONLQJZLWKWKHZRPHQDQG JLUOV OHWXVVHQGTXLHWO\IRU,YDQ1LNLIRURYLWFKDQGEULQJWKHP WRJHWKHU ,YDQ,YDQRYLWFK VSURSRVDOZDVXQDQLPRXVO\DJUHHGWR DQGLWZDV GHFLGHGWRVHQGDWRQFHWR,YDQ1LNLIRURYLWFK VKRXVHDQGEHJKLPDW DQ\UDWHWRFRPHWRWKHFKLHIRISROLFH VIRUGLQQHU%XWWKH GLIILFXOWTXHVWLRQDVWRZKRZDVWREHLQWUXVWHGZLWKWKLVZHLJKW\ FRPPLVVLRQUHQGHUHGDOOWKRXJKWIXO7KH\GHEDWHGORQJDVWRZKRZDV WKHPRVWH[SHUWLQGLSORPDWLFPDWWHUV$WOHQJWKLWZDVXQDQLPRXVO\ DJUHHGWRGHSXWH$QWRQ3URNRILHYLWFKWRGRWKLVEXVLQHVV %XWLWLVQHFHVVDU\ILUVWRIDOOWRPDNHWKHUHDGHUVRPHZKDW DFTXDLQWHGZLWKWKLVQRWHZRUWK\SHUVRQ$QWRQ3URNRILHYLWFKZDVD WUXO\JRRGPDQLQWKHIXOOHVWPHDQLQJRIWKHWHUP,IDQ\RQHLQ 0LUJRURGJDYHKLPDQHFNHUFKLHIRUXQGHUFORWKHVKHUHWXUQHGWKDQNV LIDQ\RQHJDYHKLPDILOOLSRQWKHQRVHKHUHWXUQHGWKDQNVWRR,I KHZDVDVNHG:K\$QWRQ3URNRILHYLWFKGR\RXZHDUDOLJKWEURZQ FRDWZLWKEOXHVOHHYHV"KHJHQHUDOO\UHSOLHG$K\RXKDYHQ WRQH OLNHLW:DLWDELWLWZLOOVRRQIDGHDQGZLOOEHDOLNHDOORYHU $QGLQSRLQWRIIDFWWKHEOXHFORWKIURPWKHHIIHFWVRIWKHVXQ EHJDQWRWXUQFLQQDPRQFRORXUDQGEHFDPHRIWKHVDPHWLQWDVWKHUHVW RIWKHFRDW%XWWKHVWUDQJHSDUWRILWZDVWKDW$QWRQ3URNRILHYLWFK KDGDKDELWRIZHDULQJZRROOHQFORWKLQJLQVXPPHUDQGQDQNHHQLQ ZLQWHU $QWRQ3URNRILHYLWFKKDGQRKRXVHRIKLVRZQ+HXVHGWRKDYHRQHRQ WKHRXWVNLUWVRIWKHWRZQ EXWKHVROGLWDQGZLWKWKHSXUFKDVHPRQH\ ERXJKWDWHDPRIEURZQKRUVHVDQGDOLWWOHFDUULDJHLQZKLFKKHGURYH DERXWWRVWD\ZLWKWKHVTXLUHV%XWDVWKHKRUVHVZHUHDGHDORI WURXEOHDQGPRQH\ZDVUHTXLUHGIRURDWV$QWRQ3URNRILHYLWFKEDUWHUHG WKHPIRUDYLROLQDQGDKRXVHPDLGZLWKWZHQW\ILYHSDSHUUXEOHVWR ERRW$IWHUZDUGV$QWRQ3URNRILHYLWFKVROGWKHYLROLQDQGH[FKDQJHG WKHJLUOIRUDPRURFFRDQGJROGWREDFFRSRXFK QRZKHKDVVXFKD WREDFFRSRXFKDVQRRQHHOVHKDV$VDUHVXOWRIWKLVOX[XU\KHFDQ QRORQJHUJRDERXWDPRQJWKHFRXQWU\KRXVHVEXWKDVWRUHPDLQLQWKH WRZQDQGSDVVWKHQLJKWDWGLIIHUHQWKRXVHVHVSHFLDOO\RIWKRVH JHQWOHPHQZKRWDNHSOHDVXUHLQWDSSLQJKLPRQWKHQRVH$QWRQ
193
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
&+$37(59,, +2:$5(&21&,/,$7,21:$6628*+772%(())(&7(' $1'$/$:68,7(168(' $KKRZGR\RXGR":K\GR\RXLUULWDWHWKHGRJV"VDLG,YDQ
194
1LNLIRURYLWFKRQSHUFHLYLQJ$QWRQ3URNRILHYLWFK IRUQRRQHVSRNH RWKHUZLVHWKDQMHVWLQJO\ZLWK$QWRQ3URNRILHYLWFK +DQJWKHPZKR VEHHQLUULWDWLQJWKHP"UHWRUWHG$QWRQ3URNRILHYLWFK
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
195
,YDQ1LNLIRURYLWFKWRRNDSLQFKRIVQXII -XVWDV\RXOLNH,YDQ1LNLIRURYLWFK,GRQRWNQRZZKDWGHWDLQV \RX :K\GRQ W,JR"VDLG,YDQ1LNLIRURYLWFKDWOHQJWK EHFDXVHWKDW EULJDQGZLOOEHWKHUH7KLVZDVKLVRUGLQDU\ZD\RIDOOXGLQJWR,YDQ ,YDQRYLWFK-XVW*RGDQGLVLWORQJ" +HZLOOQRWEHWKHUHKHZLOOQRWEHWKHUH0D\WKHOLJKWQLQJNLOOPH RQWKHVSRWUHWXUQHG$QWRQ3URNRILHYLWFKZKRZDVUHDG\WRSHUMXUH KLPVHOIWHQWLPHVLQDQKRXU&RPHDORQJ,YDQ1LNLIRURYLWFK
196
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
197
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
198
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
JRRVH ,WRFFXUUHGWR,YDQ1LNLIRURYLWFKWKDWKHKDGPDGHDPLVWDNHLQ XWWHULQJWKDWZRUG EXWLWZDVWRRODWH WKHZRUGZDVVDLG(YHU\WKLQJ ZHQWWRWKHZLQGV,WRQWKHXWWHUDQFHRIWKLVZRUGZLWKRXW ZLWQHVVHV,YDQ,YDQRYLWFKORVWFRQWURORIKLPVHOIDQGIOHZLQWRVXFK
199
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
200
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
201
,VLJKHGPRUHGHHSO\WKDQEHIRUHPDGHKDVWHWRWDNHP\OHDYHIRU, ZDVERXQGRQYHU\LPSRUWDQWEXVLQHVVDQGVHDWHGP\VHOILQP\NLELWND 7KHOHDQQDJVNQRZQLQ0LUJRURGDVSRVWKRUVHVVWDUWHGSURGXFLQJZLWK WKHLUKRRIVZKLFKZHUHEXULHGLQDJUH\PDVVRIPXGDVRXQGYHU\ GLVSOHDVLQJWRWKHHDU7KHUDLQSRXUHGLQWRUUHQWVXSRQWKH-HZ VHDWHGRQWKHER[FRYHUHGZLWKDUXJ7KHGDPSQHVVSHQHWUDWHGWKURXJK DQGWKURXJKPH7KHJORRP\EDUULHUZLWKDVHQWU\ER[LQZKLFKDQROG VROGLHUZDVUHSDLULQJKLVZHDSRQVZDVSDVVHGVORZO\$JDLQWKHVDPH ILHOGVLQVRPHSODFHVEODFNZKHUHWKH\KDGEHHQGXJXSLQRWKHUVRI DJUHHQLVKKXH ZHWGDZVDQGFURZV PRQRWRQRXVUDLQ DWHDUIXOVN\ ZLWKRXWRQHJOHDPRIOLJKW,WLVJORRP\LQWKLVZRUOG JHQWOHPHQ
7+(0<67(5,28632575$,7
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
202
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
203
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
204
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
205
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
206
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
207
208
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
209
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
210
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
211
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
212
GULQNWHDDQGWDONDOOVRUWVRIQRQVHQVHRYHULW+HZDONHGDERXWKLV URRPDQGDUUDQJHGWKHHQGVRIWKHWDOORZFDQGOHV FDOOHGSXQFWXDOO\ DWWKHHQGRIHDFKPRQWKXSRQKLVORGJHUVIRUPRQH\ ZHQWRXWLQWRWKH VWUHHWZLWKWKHNH\LQKLVKDQGWRORRNDWWKHURRIRIKLVKRXVH DQGVRPHWLPHVFKDVHGWKHSRUWHURXWRIKLVGHQZKHUHKHKDGKLGGHQ KLPVHOIWRVOHHS,QVKRUWKHZDVDPDQRQWKHUHWLUHGOLVWZKR DIWHUWKHWXUPRLOVDQGZLOGQHVVRIKLVOLIHKDGRQO\KLV ROGIDVKLRQHGKDELWVOHIW 3OHDVHWRVHHIRU\RXUVHOI9DUXNK.XVPLWFKVDLGWKHODQGORUG WXUQLQJWRWKHRIILFHUDQGWKURZLQJRXWKLVKDQGVWKLVPDQGRHVQRW SD\KLVUHQWKHGRHVQRWSD\ +RZFDQ,ZKHQ,KDYHQRPRQH\":DLWDQG,ZLOOSD\ ,FDQ WZDLWP\JRRGIHOORZVDLGWKHODQGORUGDQJULO\PDNLQJD JHVWXUHZLWKWKHNH\ZKLFKKHKHOGLQKLVKDQG/LHXWHQDQW&RORQHO 3RWRJRQNLQKDVOLYHGZLWKPHVHYHQ\HDUVVHYHQ\HDUVDOUHDG\ $QQD 3HWURYQD%XFKPLVWHURIIUHQWVWKHFRDFKKRXVHDQGVWDEOHZLWKWKH H[FHSWLRQRIWZRVWDOOVDQGKDVWKUHHKRXVHKROGVHUYDQWV WKDWLVWKH NLQGRIORGJHUV,KDYH,VD\WR\RXIUDQNO\WKDWWKLVLVQRWDQ HVWDEOLVKPHQWZKHUHSHRSOHGRQRWSD\WKHLUUHQW3D\\RXUPRQH\DW RQFHSOHDVHRUHOVHFOHDURXW
213
KDVFROOHFWHG-XVWVHHKRZKHKDVGHIDFHGP\URRP/RRNIRU\RXUVHOI
214
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
215
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
216
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
217
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
218
7HOOPH\RXURSLQLRQRIWKHSRUWUDLWSDLQWHUVRIWKHSUHVHQWGD\,V LWQRWWUXHWKDWWKHUHDUHQRQHQRZOLNH7LWLDQ"7KHUHLVQRWWKDW VWUHQJWKRIFRORXUWKDWWKDW:KDWDSLW\WKDW,FDQQRWH[SUHVV P\VHOILQ5XVVLDQ7KHODG\ZDVIRQGRISDLQWLQJVDQGKDGJRQH WKURXJKDOOWKHJDOOHULHVLQ,WDO\ZLWKKHUH\HJODVV%XW0RQVLHXU 1RKODKKRZZHOOKHSDLQWVZKDWUHPDUNDEOHZRUN,WKLQNKLVIDFHV KDYHEHHQPRUHH[SUHVVLRQWKDQ7LWLDQ V
219
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
220
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
221
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
222
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
223
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
224
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
225
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
226
ZKLFKLVQRWH[SUHVVHGLQLWLQSHUIHFWLRQ$QGVRKHEURXJKWDZD\ IURPKLVVFKRROWKHJUDQGFRQFHSWLRQRIFUHDWLRQWKHPLJKW\EHDXW\RI WKRXJKWWKHKLJKFKDUPRIWKDWKHDYHQO\EUXVK :KHQ7FKDUWNRIIHQWHUHGWKHURRPKHIRXQGDFURZGRIYLVLWRUVDOUHDG\ FROOHFWHGEHIRUHWKHSLFWXUH7KHPRVWSURIRXQGVLOHQFHVXFKDV UDUHO\VHWWOHVXSRQDWKURQJRIFULWLFVUHLJQHGRYHUDOO+HKDVWHQHG WRDVVXPHWKHVLJQLILFDQWH[SUHVVLRQRIDFRQQRLVVHXUDQGDSSURDFKHG WKHSLFWXUH EXW2*RGZKDWGLGKHEHKROG 3XUHIDXOWOHVVEHDXWLIXODVDEULGHVWRRGWKHSLFWXUHEHIRUHKLP 7KHFULWLFVUHJDUGHGWKLVQHZKLWKHUWRXQNQRZQZRUNZLWKDIHHOLQJRI LQYROXQWDU\ZRQGHU$OOVHHPHGXQLWHGLQLW WKHDUWRI5DSKDHO UHIOHFWHGLQWKHORIW\JUDFHRIWKHJURXSLQJ WKHDUWRI&RUUHJJLR EUHDWKLQJIURPWKHILQLVKHGSHUIHFWLRQRIWKHZRUNPDQVKLS%XWPRUH VWULNLQJWKDQDOOHOVHZDVWKHHYLGHQWFUHDWLYHSRZHULQWKHDUWLVW V PLQG7KHYHU\PLQXWHVWREMHFWLQWKHSLFWXUHUHYHDOHGLW KHKDG FDXJKWWKDWPHOWLQJURXQGQHVVRIRXWOLQHZKLFKLVYLVLEOHLQQDWXUH RQO\WRWKHDUWLVWFUHDWRUDQGZKLFKFRPHVRXWDVDQJOHVZLWKD FRS\LVW,WZDVSODLQO\YLVLEOHKRZWKHDUWLVWKDYLQJLPELEHGLWDOO IURPWKHH[WHUQDOZRUOGKDGILUVWVWRUHGLWLQKLVPLQGDQGWKHQ GUDZQLWWKHQFHDVIURPDVSLULWXDOVRXUFHLQWRRQHKDUPRQLRXV WULXPSKDQWVRQJ$QGLWZDVHYLGHQWHYHQWRWKHXQLQLWLDWHGKRZYDVW DJXOIWKHUHZDVIL[HGEHWZHHQFUHDWLRQDQGDPHUHFRS\IURPQDWXUH ,QYROXQWDU\WHDUVVWRRGUHDG\WRIDOOLQWKHH\HVRIWKRVHZKR VXUURXQGHGWKHSLFWXUH,WVHHPHGDVWKRXJKDOOMRLQHGLQDVLOHQW K\PQWRWKHGLYLQHZRUN 0RWLRQOHVVZLWKRSHQPRXWK7FKDUWNRIIVWRRGEHIRUHWKHSLFWXUH$W OHQJWKZKHQE\GHJUHHVWKHYLVLWRUVDQGFULWLFVEHJDQWRPXUPXUDQG FRPPHQWXSRQWKHPHULWVRIWKHZRUNDQGWXUQLQJWRKLPEHJJHGKLPWR H[SUHVVDQRSLQLRQKHFDPHWRKLPVHOIRQFHPRUH+HWULHGWRDVVXPH DQLQGLIIHUHQWHYHU\GD\H[SUHVVLRQ VWURYHWRXWWHUVRPHVXFK FRPPRQSODFHUHPDUNDV
227
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
228
KLVPLQG1RZDVLIE\GHVLJQZKHQDOOWKHIDVKLRQDEOHSRUWUDLWVDQG SDLQWLQJVKDGEHHQUHPRYHGIURPWKHVWXGLRLWORRNHGIRUWKWRJHWKHU ZLWKWKHSURGXFWLRQVRIKLVHDUO\\RXWK$VKHUHFDOOHGDOOWKH VWUDQJHHYHQWVFRQQHFWHGZLWKLW DVKHUHPHPEHUHGWKDWWKLVVLQJXODU SRUWUDLWKDGEHHQLQDPDQQHUWKHFDXVHRIKLVHUURUV WKDWWKH KRDUGRIPRQH\ZKLFKKHKDGREWDLQHGLQVXFKSHFXOLDUIDVKLRQKDG JLYHQELUWKLQKLVPLQGWRDOOWKHZLOGFDSULFHVZKLFKKDGGHVWUR\HG KLVWDOHQWPDGQHVVZDVRQWKHSRLQWRIWDNLQJSRVVHVVLRQRIKLP$W RQFHKHRUGHUHGWKHKDWHIXOSRUWUDLWWREHUHPRYHG %XWKLVPHQWDOH[FLWHPHQWZDVQRWWKHUHE\GLPLQLVKHG+LVZKROHEHLQJ ZDVVKDNHQWRLWVIRXQGDWLRQ DQGKHVXIIHUHGWKDWIHDUIXOWRUWXUH ZKLFKLVVRPHWLPHVH[KLELWHGZKHQDIHHEOHWDOHQWVWULYHVWRGLVSOD\ LWVHOIRQDVFDOHWRRJUHDWIRULWDQGFDQQRWGRVR$KRUULEOHHQY\ WRRNSRVVHVVLRQRIKLPDQHQY\ZKLFKERUGHUHGRQPDGQHVV7KHJDOO IOHZWRKLVKHDUWZKHQKHEHKHOGDZRUNZKLFKERUHWKHVWDPSRI WDOHQW+HJQDVKHGKLVWHHWKDQGGHYRXUHGLWZLWKWKHJODUHRID EDVLOLVN+HFRQFHLYHGWKHPRVWGHYLOLVKSODQZKLFKHYHUHQWHUHGLQWR WKHPLQGRIPDQDQGKHKDVWHQHGZLWKWKHVWUHQJWKRIPDGQHVVWRFDUU\ LWLQWRH[HFXWLRQ+HEHJDQWRSXUFKDVHWKHEHVWWKDWDUWSURGXFHGRI HYHU\NLQG+DYLQJERXJKWDSLFWXUHDWDJUHDWSULFHKHWUDQVSRUWHG LWWRKLVURRPIOXQJKLPVHOIXSRQLWZLWKWKHIHURFLW\RIDWLJHU FXWLWWRUHLWFKRSSHGLWLQWRELWVDQGVWDPSHGXSRQLWZLWKDJULQ RIGHOLJKW 7KHYDVWZHDOWKKHKDGDPDVVHGHQDEOHGKLPWRJUDWLI\WKLVGHYLOLVK GHVLUH+HRSHQHGKLVEDJVRIJROGDQGXQORFNHGKLVFRIIHUV1R PRQVWHURILJQRUDQFHHYHUGHVWUR\HGVRPDQ\VXSHUESURGXFWLRQVRIDUW DVGLGWKLVUDJLQJDYHQJHU$WDQ\DXFWLRQZKHUHKHPDGHKLV DSSHDUDQFHHYHU\RQHGHVSDLUHGDWRQFHRIREWDLQLQJDQ\ZRUNRIDUW ,WVHHPHGDVLIDQDQJU\KHDYHQKDGVHQWWKLVIHDUIXOVFRXUJHLQWRWKH ZRUOGH[SUHVVO\WRGHVWUR\DOOKDUPRQ\6FRUQRIWKHZRUOGZDV H[SUHVVHGLQKLVFRXQWHQDQFH+LVWRQJXHXWWHUHGQRWKLQJVDYHELWLQJ DQGFHQVRULRXVZRUGV+HVZRRSHGGRZQOLNHDKDUS\LQWRWKHVWUHHW DQGKLVDFTXDLQWDQFHVFDWFKLQJVLJKWRIKLPLQWKHGLVWDQFHVRXJKW WRWXUQDVLGHDQGDYRLGDPHHWLQJZLWKKLPVD\LQJWKDWLWSRLVRQHG DOOWKHUHVWRIWKHGD\ )RUWXQDWHO\IRUWKHZRUOGDQGDUWVXFKDOLIHFRXOGQRWODVWORQJ KLVSDVVLRQVZHUHWRRRYHUSRZHULQJIRUKLVIHHEOHVWUHQJWK$WWDFNVRI PDGQHVVEHJDQWRUHFXUPRUHIUHTXHQWO\DQGHQGHGDWODVWLQWKHPRVW IULJKWIXOLOOQHVV$YLROHQWIHYHUFRPELQHGZLWKJDOORSLQJ FRQVXPSWLRQVHL]HGXSRQKLPZLWKVXFKYLROHQFHWKDWLQWKUHHGD\V WKHUHUHPDLQHGRQO\DVKDGRZRIKLVIRUPHUVHOI7RWKLVZDVDGGHG
229
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
3$57,, $7+521*RIFDUULDJHVDQGRWKHUYHKLFOHVVWRRGDWWKHHQWUDQFHRID KRXVHLQZKLFKDQDXFWLRQZDVJRLQJRQRIWKHHIIHFWVRIRQHRIWKRVH ZHDOWK\DUWORYHUVZKRKDYHLQQRFHQWO\SDVVHGIRU0DHFHQDVHVDQGLQD VLPSOHPLQGHGIDVKLRQH[SHQGHGWRWKDWHQGWKHPLOOLRQVDPDVVHGE\ WKHLUWKULIW\IDWKHUVDQGIUHTXHQWO\HYHQE\WKHLURZQHDUO\ODERXUV 7KHORQJVDORRQZDVILOOHGZLWKWKHPRVWPRWOH\WKURQJRIYLVLWRUV FROOHFWHGOLNHELUGVRISUH\VZRRSLQJGRZQXSRQDQXQEXULHGFRUSVH 7KHUHZDVDZKROHVTXDGURQRI5XVVLDQVKRSNHHSHUVIURPWKH*RVWLQQXL 'YRUDQGIURPWKHROGFORWKHVPDUWLQEOXHFRDWVRIIRUHLJQPDNH 7KHLUIDFHVDQGH[SUHVVLRQVZHUHDOLWWOHPRUHQDWXUDOKHUHDQGGLG QRWGLVSOD\WKDWILFWLWLRXVGHVLUHWREHVXEVHUYLHQWZKLFKLVVR PDUNHGLQWKH5XVVLDQVKRSNHHSHUZKHQKHVWDQGVEHIRUHDFXVWRPHULQ KLVVKRS+HUHWKH\VWRRGXSRQQRFHUHPRQ\DOWKRXJKWKHVDORRQVZHUH IXOORIWKRVHYHU\DULVWRFUDWVEHIRUHZKRPLQDQ\RWKHUSODFHWKH\ ZRXOGKDYHEHHQUHDG\WRVZHHSZLWKUHYHUHQFHWKHGXVWEURXJKWLQE\ WKHLUIHHW7KH\ZHUHTXLWHDWWKHLUHDVHKDQGOLQJSLFWXUHVDQGERRNV ZLWKRXWFHUHPRQ\ZKHQGHVLURXVRIDVFHUWDLQLQJWKHYDOXHRIWKH JRRGVDQGEROGO\XSVHWWLQJEDUJDLQVPHQWDOO\VHFXUHGLQDGYDQFHE\ QREOHFRQQRLVVHXUV7KHUHZHUHPDQ\RIWKRVHLQIDOOLEOHDWWHQGDQWVRI DXFWLRQVZKRPDNHLWDSRLQWWRJRWRRQHHYHU\GD\DVUHJXODUO\DVWR
230
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
231
WKDWWKHJHQHUDODWWHQWLRQZDVGLUHFWHGWRKLPLI\RXZLOOOLVWHQWR DVKRUWVWRU\\RXPD\SRVVLEO\VHHWKDW,ZDVULJKWLQXWWHULQJWKHP (YHU\WKLQJDVVXUHVPHWKDWWKLVLVWKHSRUWUDLWZKLFK,DPORRNLQJ IRU $QDWXUDOFXULRVLW\LOOXPLQDWHGWKHIDFHVRIQHDUO\DOOSUHVHQW DQG HYHQWKHDXFWLRQHHUSDXVHGDVKHZDVRSHQLQJKLVPRXWKDQGZLWK KDPPHUXSOLIWHGLQWKHDLUSUHSDUHGWROLVWHQ$WWKHEHJLQQLQJRI WKHVWRU\PDQ\JODQFHGLQYROXQWDULO\WRZDUGVWKHSRUWUDLW EXWODWHU RQDOOEHQWWKHLUDWWHQWLRQVROHO\RQWKHQDUUDWRUDVKLVWDOHJUHZ JUDGXDOO\PRUHDEVRUELQJ
232
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
233
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
234
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
235
)LQDOO\QRORQJHUDEOHWRHQGXUHKHUORWVKHSURSRVHGDGLYRUFH+HU KXVEDQGIOHZLQWRDUDJHDWWKHYHU\VXJJHVWLRQ,QWKHILUVWRXWEXUVW RISDVVLRQKHFKDVHGKHUDERXWWKHURRPZLWKDNQLIHDQGZRXOG GRXEWOHVVKDYHPXUGHUHGKHUWKHQDQGWKHUHLIWKH\KDGQRWVHL]HGKLP DQGSUHYHQWHGKLP,QDILWRIPDGQHVVDQGGHVSDLUKHWXUQHGWKHNQLIH DJDLQVWKLPVHOIDQGHQGHGKLVOLIHDPLGWKHPRVWKRUULEOHVXIIHULQJV %HVLGHVWKHVHWZRLQVWDQFHVZKLFKRFFXUUHGEHIRUHWKHH\HVRIDOOWKH ZRUOGVWRULHVFLUFXODWHGRIPDQ\PRUHDPRQJWKHORZHUFODVVHVQHDUO\ DOORIZKLFKKDGWUDJLFHQGLQJV+HUHDQKRQHVWVREHUPDQEHFDPHD GUXQNDUG WKHUHDVKRSNHHSHU VFOHUNUREEHGKLVPDVWHU DJDLQD GULYHUZKRKDGFRQGXFWHGKLPVHOISURSHUO\IRUDQXPEHURI\HDUVFXW KLVSDVVHQJHU VWKURDWIRUDJURVFKHQ,WZDVLPSRVVLEOHWKDWVXFK RFFXUUHQFHVUHODWHGQRWZLWKRXWHPEHOOLVKPHQWVVKRXOGQRWLQVSLUHD VRUWRILQYROXQWDU\KRUURUDPRQJVWWKHVHGDWHLQKDELWDQWVRI.RORPQD 1RRQHHQWHUWDLQHGDQ\GRXEWDVWRWKHSUHVHQFHRIDQHYLOSRZHULQ WKHXVXUHU7KH\VDLGWKDWKHLPSRVHGFRQGLWLRQVZKLFKPDGHWKHKDLU ULVHRQRQH VKHDGDQGZKLFKWKHPLVHUDEOHZUHWFKQHYHUDIWHUZDUG GDUHGUHYHDOWRDQ\RWKHUEHLQJ WKDWKLVPRQH\SRVVHVVHGDVWUDQJH SRZHURIDWWUDFWLRQ WKDWLWJUHZKRWRILWVHOIDQGWKDWLWERUH VWUDQJHPDUNV$QGLWLVZRUWK\RIUHPDUNWKDWDOOWKHFRORQ\RI .RORPQDDOOWKHVHSRRUROGZRPHQVPDOORIILFLDOVSHWW\DUWLVWVDQG LQVLJQLILFDQWSHRSOHZKRPZHKDYHMXVWUHFDSLWXODWHGDJUHHGWKDWLW ZDVEHWWHUWRHQGXUHDQ\WKLQJDQGWRVXIIHUWKHH[WUHPHRIPLVHU\ UDWKHUWKDQWRKDYHUHFRXUVHWRWKHWHUULEOHXVXUHU2OGZRPHQZHUH HYHQIRXQGG\LQJRIKXQJHUZKRSUHIHUUHGWRNLOOWKHLUERGLHVUDWKHU WKDQORVHWKHLUVRXO7KRVHZKRPHWKLPLQWKHVWUHHWH[SHULHQFHGDQ LQYROXQWDU\VHQVHRIIHDU3HGHVWULDQVWRRNFDUHWRWXUQDVLGHIURP KLVSDWKDQGJD]HGORQJDIWHUKLVWDOOUHFHGLQJILJXUH,QKLVIDFH DORQHWKHUHZDVVXIILFLHQWWKDWZDVXQFRPPRQWRFDXVHDQ\RQHWR DVFULEHWRKLPDVXSHUQDWXUDOQDWXUH7KHVWURQJIHDWXUHVVRGHHSO\ FKLVHOOHG WKHJORZLQJEURQ]HRIKLVFRPSOH[LRQ WKHLQFUHGLEOH WKLFNQHVVRIKLVEURZV WKHLQWROHUDEOHWHUULEOHH\HVHYHU\WKLQJ VHHPHGWRLQGLFDWHWKDWWKHSDVVLRQVRIRWKHUPHQZHUHSDOHFRPSDUHG WRWKRVHUDJLQJZLWKLQKLP0\IDWKHUVWRSSHGVKRUWHYHU\WLPHKHPHW KLPDQGFRXOGQRWUHIUDLQHDFKWLPHIURPVD\LQJ $GHYLODSHUIHFW GHYLO %XW,PXVWLQWURGXFH\RXDVVSHHGLO\DVSRVVLEOHWRP\IDWKHU WKHFKLHIFKDUDFWHURIWKLVVWRU\ 0\IDWKHUZDVDUHPDUNDEOHPDQLQPDQ\UHVSHFWV+HZDVDQDUWLVWRI UDUHDELOLW\DVHOIWDXJKWDUWLVWZLWKRXWWHDFKHUVRUVFKRROV SULQFLSOHVDQGUXOHVFDUULHGDZD\RQO\E\WKHWKLUVWIRUSHUIHFWLRQ DQGWUHDGLQJDSDWKLQGLFDWHGE\KLVRZQLQVWLQFWVIRUUHDVRQV XQNQRZQSHUFKDQFHHYHQWRKLPVHOI7KURXJKVRPHORIW\DQGVHFUHW
236
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
,PDJLQHKLVDPD]HPHQWZKHQRQHGD\DVKHZDVDWZRUNLQKLVVWXGLR KHKHDUGDNQRFNDWWKHGRRUDQGGLUHFWO\DIWHUWKHUHHQWHUHGWKDW VDPHWHUULEOHXVXUHU
0\IDWKHUUHIOHFWHG :KDWFRXOGEHEHWWHUKHRIIHUVKLPVHOIIRUWKH 'HYLOLQP\SLFWXUH +HSURPLVHG7KH\DJUHHGXSRQDWLPHDQGSULFH DQGWKHQH[WGD\P\IDWKHUWRRNSDOHWWHDQGEUXVKHVDQGZHQWWRWKH XVXUHU VKRXVH7KHORIW\FRXUW\DUGGRJVLURQGRRUVDQGORFNV DUFKHGZLQGRZVFRIIHUVGUDSHGZLWKVWUDQJHFRYHUVDQGODVWRIDOO WKHUHPDUNDEOHRZQHUKLPVHOIVHDWHGPRWLRQOHVVEHIRUHKLPDOO SURGXFHGDVWUDQJHLPSUHVVLRQRQKLP7KHZLQGRZVVHHPHGLQWHQWLRQDOO\ VRHQFXPEHUHGEHORZWKDWWKH\DGPLWWHGWKHOLJKWRQO\IURPWKHWRS
'HYLOWDNHKLPKRZZHOOKLVIDFHLVOLJKWHG KHVDLGWRKLPVHOI
237
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
238
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
239
DQ\WKLQJWKDWFDPHWRKDQGDQGWDNLQJVWLOOPRUHJDLO\WRKLVGLQQHU DQGOLWWOHFDURXVHV :KDWDUH\RXGRLQJ":KDWDUH\RXSUHSDULQJWREXUQ" KHDVNHGDQG VWHSSHGXSWRWKHSRUWUDLW :K\WKLVLVRQHRI\RXUYHU\EHVWZRUNV ,WLVWKHXVXUHUZKRGLHGDVKRUWWLPHDJR \HVLWLVDPRVWSHUIHFW OLNHQHVV
:HOO, OOVHHKRZWKH\ORRNLQWKHILUH VDLGP\IDWKHUPDNLQJD PRYHPHQWWRIOLQJWKHSRUWUDLWLQWRWKHJUDWH 6WRSIRU+HDYHQ VVDNH H[FODLPHGKLVIULHQGUHVWUDLQLQJKLP
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
:HOOEURWKHULWZDVQRWZLWKRXWFDXVHWKDW\RXZLVKHGWREXUQWKDW SRUWUDLW'HYLOWDNHLWWKHUH VVRPHWKLQJKRUULEOHDERXWLW,GRQ W EHOLHYHLQVRUFHUHUV EXWEHJJLQJ\RXUSDUGRQWKHUH VDQXQFOHDQ VSLULWLQLW
+RZVR" DVNHGP\IDWKHU :HOOIURPWKHYHU\PRPHQW,KXQJLWXSLQP\URRP,IHOWVXFK
240
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
'XULQJWKLVUHFLWDOP\IDWKHUOLVWHQHGZLWKXQVZHUYLQJDWWHQWLRQDQG ILQDOO\LQTXLUHG $QG\RXUQHSKHZQRZKDVWKHSRUWUDLW"
0\QHSKHZLQGHHGKHFRXOGQRWVWDQGLW VDLGWKHMROO\IHOORZ
GR\RXNQRZWKHVRXORIWKDWXVXUHUKDVPLJUDWHGLQWRLW KHMXPSV RXWRIWKHIUDPHZDONVDERXWWKHURRP DQGZKDWP\QHSKHZWHOOVRI KLPLVVLPSO\LQFRPSUHKHQVLEOH,VKRXOGWDNHKLPIRUDOXQDWLFLI, KDGQRWXQGHUJRQHDSDUWRILWP\VHOI+HVROGLWWRVRPHFROOHFWRURI SLFWXUHV DQGKHFRXOGQRWVWDQGLWHLWKHUDQGJRWULGRILWWRVRPH RQHHOVH
7KLVVWRU\SURGXFHGDGHHSLPSUHVVLRQRQP\IDWKHU+HJUHZVHULRXVO\ SHQVLYHIHOOLQWRK\SRFKRQGULDDQGILQDOO\EHFDPHIXOO\FRQYLQFHG WKDWKLVEUXVKKDGVHUYHGDVDWRRORIWKH'HYLO DQGWKDWDSRUWLRQ RIWKHXVXUHU VYLWDOLW\KDGDFWXDOO\SDVVHGLQWRWKHSRUWUDLWDQG ZDVQRZWURXEOLQJSHRSOHLQVSLULQJGLDEROLFDOH[FLWHPHQWEHJXLOLQJ SDLQWHUVIURPWKHWUXHSDWKSURGXFLQJWKHIHDUIXOWRUPHQWVRIHQY\ DQGVRIRUWK7KUHHFDWDVWURSKHVZKLFKRFFXUUHGDIWHUZDUGVWKUHH VXGGHQGHDWKVRIZLIHGDXJKWHUDQGLQIDQWVRQKHUHJDUGHGDVD GLYLQHSXQLVKPHQWRQKLPDQGILUPO\UHVROYHGWRZLWKGUDZIURPWKH ZRUOG $VVRRQDV,ZDVQLQH\HDUVROGKHSODFHGPHLQDQDFDGHP\RI SDLQWLQJDQGSD\LQJDOOKLVGHEWVUHWLUHGWRDORQHO\FORLVWHU ZKHUHKHVRRQDIWHUZDUGVWRRNWKHYRZV7KHUHKHDPD]HGHYHU\RQHE\ WKHVWULFWQHVVRIKLVOLIHDQGKLVXQWLULQJREVHUYDQFHRIDOOWKH PRQDVWLFUXOHV7KHSULRURIWKHPRQDVWHU\KHDULQJRIKLVVNLOOLQ SDLQWLQJRUGHUHGKLPWRSDLQWWKHSULQFLSDOSLFWXUHLQWKHFKXUFK %XWWKHKXPEOHEURWKHUVDLGSODLQO\WKDWKHZDVXQZRUWK\WRWRXFKD EUXVKWKDWKLVZDVFRQWDPLQDWHGWKDWZLWKWRLODQGJUHDWVDFULILFH PXVWKHILUVWSXULI\KLVVSLULWLQRUGHUWRUHQGHUKLPVHOIILWWR XQGHUWDNHVXFKDWDVN+HLQFUHDVHGWKHULJRXUVRIPRQDVWLFOLIHIRU
241
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
%\WKDWWLPH,KDGFRPSOHWHGP\HGXFDWLRQDWWKHDFDGHP\UHFHLYHG WKHJROGPHGDODQGZLWKLWWKHMR\IXOKRSHRIDMRXUQH\WR,WDO\WKH IDLUHVWGUHDPRIDWZHQW\\HDUROGDUWLVW,WRQO\UHPDLQHGIRUPHWR WDNHOHDYHRIP\IDWKHUIURPZKRP,KDGEHHQVHSDUDWHGIRUWZHOYH \HDUV,FRQIHVVWKDWHYHQKLVLPDJHKDGORQJIDGHGIURPP\PHPRU\, KDGKHDUGVRPHZKDWRIKLVJULPVDLQWOLQHVVDQGUDWKHUH[SHFWHGWR PHHWDKHUPLWRIURXJKH[WHULRUDVWUDQJHUWRHYHU\WKLQJLQWKH ZRUOGH[FHSWKLVFHOODQGKLVSUD\HUVZRUQRXWWULHGXSE\HWHUQDO IDVWLQJDQGSHQDQFH%XWKRZJUHDWZDVP\VXUSULVHZKHQDKDQGVRPHROG PDQVWRRGEHIRUHPH1RWUDFHVRIH[KDXVWLRQZHUHYLVLEOHRQKLV FRXQWHQDQFH LWEHDPHGZLWKWKHOLJKWRIDKHDYHQO\MR\+LVEHDUG ZKLWHDVVQRZDQGKLVWKLQDOPRVWWUDQVSDUHQWKDLURIWKHVDPH VLOYHU\KXHIHOOSLFWXUHVTXHO\XSRQKLVEUHDVWDQGXSRQWKHIROGVRI KLVEODFNJRZQHYHQWRWKHURSHZLWKZKLFKKLVSRRUPRQDVWLFJDUEZDV
242
JLUGHG%XWPRVWVXUSULVLQJWRPHRIDOOZDVWRKHDUIURPKLVPRXWK VXFKZRUGVDQGWKRXJKWVDERXWDUWDV,FRQIHVV,ORQJVKDOOEHDULQ PLQGDQG,VLQFHUHO\ZLVKWKDWDOOP\FRPUDGHVZRXOGGRWKHVDPH ,H[SHFWHG\RXP\VRQ KHVDLGZKHQ,DSSURDFKHGIRUKLV EOHVVLQJ 7KHSDWKDZDLWV\RXLQZKLFK\RXUOLIHLVKHQFHIRUWKWR IORZ
+HEOHVVHGDQGHPEUDFHGPH1HYHULQP\OLIHZDV,VRJUDQGO\PRYHG 5HYHUHQWO\UDWKHUWKDQZLWKWKHIHHOLQJRIDVRQ,OHDQHGXSRQKLV EUHDVWDQGNLVVHGKLVVFDWWHUHGVLOYHUORFNV 7HDUVVKRQHLQKLVH\HV )XOILOP\RQHUHTXHVWP\VRQ VDLGKHDW WKHPRPHQWRISDUWLQJ
243
WKHLUSHFXOLDUH[SUHVVLRQ'HVWUR\LWDWDQ\FRVW
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
7+(&$/$6+ 7KHWRZQRI%KDGEHFRPHYHU\OLYHO\VLQFHDFDYDOU\UHJLPHQWKDG WDNHQXSLWVTXDUWHUVLQLW8SWRWKDWGDWHLWKDGEHHQPRUWDOO\ ZHDULVRPHWKHUH:KHQ\RXKDSSHQHGWRSDVVWKURXJKWKHWRZQDQG JODQFHGDWLWVOLWWOHPXGKRXVHVZLWKWKHLULQFUHGLEO\JORRP\DVSHFW WKHSHQUHIXVHVWRH[SUHVVZKDW\RXIHOW
244
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
245
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
246
WKHEHVWSRVVLEOHIRRWLQJ+HXVXDOO\EHKDYHGDIWHUWKHIDVKLRQRID JUHDWQREOH+HKDGPDUULHGDUDWKHUSUHWW\ODG\ZLWKDGRZU\RIWZR KXQGUHGVHUIVDQGVRPHWKRXVDQGVRIUXEOHV7KLVPRQH\ZDVDWRQFH HPSOR\HGLQWKHSXUFKDVHRIVL[ILQHKRUVHVVRPHJLOWEURQ]HORFNV DQGDWDPHPRQNH\+HIXUWKHUHQJDJHGD)UHQFKFRRN7KHWZRKXQGUHG SHDVDQWVRIWKHODG\DVZHOODVWZRKXQGUHGPRUHEHORQJLQJWRWKH JHQWOHPDQZHUHPRUWJDJHGWRWKHEDQN,QDZRUGKHZDVDUHJXODU QREOHPDQ%HVLGHVKLPVHOIVHYHUDORWKHUJHQWOHPHQZHUHDPRQJVWWKH JHQHUDO VJXHVWVEXWLWLVQRWZRUWKZKLOHVSHDNLQJRIWKHP7KH RIILFHUVRIWKHUHJLPHQWDPRQJVWZKRPZHUHWKHFRORQHODQGWKHIDW PDMRUIRUPHGWKHPDMRULW\RIWKRVHSUHVHQW7KHJHQHUDOKLPVHOIZDV UDWKHUVWRXW DJRRGRIILFHUQHYHUWKHOHVVDFFRUGLQJWRKLV VXERUGLQDWHV+HKDGDUDWKHUGHHSEDVVYRLFH 7KHGLQQHUZDVPDJQLILFHQW WKHUHZHUHVWXUJHRQVVWHUOHWVEXVWDUGV DVSDUDJXVTXDLOSDUWULGJHVPXVKURRPV7KHIODYRXURIDOOWKHVH GLVKHVVXSSOLHGDQLUUHIXWDEOHSURRIRIWKHVREULHW\RIWKHFRRN GXULQJWKHWZHQW\IRXUKRXUVSUHFHGLQJWKHGLQQHU)RXUVROGLHUVZKR KDGEHHQJLYHQKLPDVDVVLVWDQWVKDGQRWFHDVHGZRUNLQJDOOQLJKW NQLIHLQKDQGDWWKHFRPSRVLWLRQRIUDJRXWVDQGMHOOLHV7KHLPPHQVH TXDQWLW\RIORQJQHFNHGERWWOHVPLQJOHGZLWKVKRUWHURQHVKROGLQJ FODUHWDQGPDGHLUD WKHILQHVXPPHUGD\WKHZLGHRSHQZLQGRZVWKH SODWHVSLOHGXSZLWKLFHRQWKHWDEOHWKHFUXPSOHGVKLUWIURQWVRI WKHJHQWOHPHQLQSODLQFORWKHVDQGDEULVNDQGQRLV\FRQYHUVDWLRQ QRZGRPLQDWHGE\WKHJHQHUDO VYRLFHDQGQRZEHVSULQNOHGZLWK FKDPSDJQHZHUHDOOLQSHUIHFWKDUPRQ\7KHJXHVWVURVHIURPWKHWDEOH ZLWKDSOHDVDQWIHHOLQJRIUHSOHWLRQDQGDIWHUKDYLQJOLWWKHLU SLSHVDOOVWHSSHGRXWFRIIHHFXSVLQKDQGRQWRWKHYHUDQGDK :HFDQVHHKHUQRZVDLGWKHJHQHUDO+HUHP\GHDUIHOORZDGGHG KHDGGUHVVLQJKLVDLGHGHFDPSDQDFWLYHZHOOPDGH\RXQJRIILFHU KDYHWKHED\PDUHEURXJKWKHUH
247
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
248
HTXLSDJHZRUWK\RI\RXURWKHUKRUVHV" 1R,KDYHQRWPXFKLQWKHZD\RIHTXLSDJHV ,PXVWDGPLWWKDWIRU VRPHWLPHSDVW,KDYHEHHQZDQWLQJWREX\DFDODVKVXFKDVWKH\ EXLOGQRZDGD\V,KDYHZULWWHQDERXWLWWRP\EURWKHUZKRLVQRZDW 6W3HWHUVEXUJEXW,GRQRWNQRZZKHWKHUKHZLOOEHDEOHWRVHQGPH RQH ,WVHHPVWRPH\RXUH[FHOOHQF\UHPDUNHGWKHFRORQHOWKDWWKHUH DUHQREHWWHUFDODVKHVWKDQWKRVHRI9LHQQD
249
SOHDVHG:HDUHYHU\LQWLPDWH:KDWLVPLQHLVKLVDQGZKDWLVKLVLV PLQH,ZRQLWRIKLPDWFDUGV:RXOG\RXUH[FHOOHQF\KDYHWKH NLQGQHVVWRKRQRXUPHDWGLQQHUWRPRUURZ"
250
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
251
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
252
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
253
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
254
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
255
7KH(QG &RS\ULJKWYLUWXDOERRNVFRPEU 7RGRVRVGLUHLWRVUHVHUYDGRVD(GLWRUD9LUWXDO%RRNV2QOLQH0 0(GLWRUHV/WGD eSURLELGDDUHSURGXomRGRFRQWH~GRGHVWDSiJLQDHPTXDOTXHUPHLRGHFRPXQLFDomR HOHWU{QLFRRXLPSUHVVRVHPDXWRUL]DomRHVFULWDGD(GLWRUD
256
7DUDV V% %XOEDD DDQ QG G2 2WKHU U7 7 D O HV 1LNRODL9DVLOLHYLFK*RJRO ,QWURGXFWLRQE\ -RKQ&RXUQRV
7DUDV%XOED 6W-RKQ V(YH 7KH&ORDN +RZWKH7ZR,YDQV4XDUUHOOHG 7KH0\VWHULRXV3RUWUDLW 7KH&DODVK
,1752'8&7,21
1
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
2
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
3
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
4
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
5
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
6
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
7
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
(YHQLQJVRQWKH)DUPQHDUWKH'LNDQND 0LUJRURG 7DUDV%XOED $UDEHVTXHV LQFOXGHVWDOHV7KH3RUWUDLWDQG$ 0DGPDQ V'LDU\ 7KH&ORDN 7KH5HYL]RU 7KH,QVSHFWRU *HQHUDO 'HDG6RXOV &RUUHVSRQGHQFHZLWK)ULHQGV /HWWHUV YROV (1*/,6+75$16/$7,216 &RVVDFN7DOHV 7KH1LJKWRI&KULVWPDV(YH 7DUDVV%RROED WUDQVE\*7ROVWR\ 6W-RKQ V(YHDQG2WKHU 6WRULHVWUDQVE\,VDEHO)+DSJRRG1HZ
8
$$6\NHV/RQGRQ6FRWW 5HYL]RUWUDQVIRUWKH
7$5$6%8/%$
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
9
'RQ WODXJKGRQ WODXJKIDWKHUVDLGWKHHOGHVWODGDWOHQJWK +RZWRXFK\ZHDUH:K\VKRXOGQ W,ODXJK" %HFDXVHDOWKRXJK\RXDUHP\IDWKHULI\RXODXJKE\KHDYHQV,ZLOO VWULNH\RX :KDWNLQGRIVRQDUH\RX"ZKDWVWULNH\RXUIDWKHUH[FODLPHG7DUDV %XOEDUHWUHDWLQJVHYHUDOSDFHVLQDPD]HPHQW
10
IDWKHU"7KDW VHQRXJKIRUWKHSUHVHQW WKHFKLOGLV\RXQJKHKDVKDG DORQJMRXUQH\KHLVWLUHG7KHFKLOGZDVRYHUWZHQW\DQGDERXWVL[ IHHWKLJK+HRXJKWWRUHVWDQGHDWVRPHWKLQJ DQG\RXVHWKLPWR ILJKWLQJ
11
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
12
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
13
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
14
GLUHQHHGDZKROHDUP\RIYROXQWHHUV$OOWKDWZDVUHTXLUHGZDVIRU WKH2VDXORUVXEFKLHIWRWUDYHUVHWKHPDUNHWSODFHVDQGVTXDUHVRI WKHYLOODJHVDQGKDPOHWVDQGVKRXWDWWKHWRSRIKLVYRLFHDVKH VWRRGLQKLVZDJJRQ+H\\RXGLVWLOOHUVDQGEHHUEUHZHUV\RXKDYH EUHZHGHQRXJKEHHUDQGOROOHGRQ\RXUVWRYHVDQGVWXIIHG\RXUIDW FDUFDVVHVZLWKIORXUORQJHQRXJK5LVHZLQJORU\DQGZDUOLNH KRQRXUV
15
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
16
WRJHWKHUZKDWDOLIHZDVKHUV6KHHQGXUHGLQVXOWHYHQEORZV VKH IHOWFDUHVVHVEHVWRZHGRQO\LQSLW\ VKHZDVDPLVSODFHGREMHFWLQ WKDWFRPPXQLW\RIXQPDUULHGZDUULRUVXSRQZKLFKZDQGHULQJ=DSRUR]KH FDVWDFRORXULQJRILWVRZQ+HUSOHDVXUHOHVV\RXWKIOLWWHGE\ KHU ULSHFKHHNVDQGERVRPZLWKHUHGDZD\XQNLVVHGDQGEHFDPHFRYHUHGZLWK SUHPDWXUHZULQNOHV/RYHIHHOLQJHYHU\WKLQJWKDWLVWHQGHUDQG SDVVLRQDWHLQDZRPDQZDVFRQYHUWHGLQKHULQWRPDWHUQDOORYH6KH KRYHUHGDURXQGKHUFKLOGUHQZLWKDQ[LHW\SDVVLRQWHDUVOLNHWKH JXOORIWKHVWHSSHV7KH\ZHUHWDNLQJKHUVRQVKHUGDUOLQJVRQVIURP KHUWDNLQJWKHPIURPKHUVRWKDWVKHVKRXOGQHYHUVHHWKHPDJDLQ :KRNQHZ"3HUKDSVD7DWDUZRXOGFXWRIIWKHLUKHDGVLQWKHYHU\ILUVW VNLUPLVKDQGVKHZRXOGQHYHUNQRZZKHUHWKHLUGHVHUWHGERGLHVPLJKW OLHWRUQE\ELUGVRISUH\ DQG\HWIRUHDFKVLQJOHGURSRIWKHLU EORRGVKHZRXOGKDYHJLYHQDOOKHUV6REELQJVKHJD]HGLQWRWKHLU H\HVDQGWKRXJKW3HUKDSV%XOEDZKHQKHZDNHVZLOOSXWRIIWKHLU GHSDUWXUHIRUDGD\RUWZR SHUKDSVLWRFFXUUHGWRKLPWRJRVRVRRQ EHFDXVHKHKDGEHHQGULQNLQJ 7KHPRRQIURPWKHVXPPLWRIWKHKHDYHQVKDGORQJVLQFHOLWXSWKH ZKROHFRXUW\DUGILOOHGZLWKVOHHSHUVWKHWKLFNFOXPSRIZLOORZVDQG WKHWDOOVWHSSHJUDVVZKLFKKLGWKHSDOLVDGHVXUURXQGLQJWKHFRXUW 6KHVWLOOVDWDWKHUVRQV SLOORZQHYHUUHPRYLQJKHUH\HVIURPWKHP IRUDPRPHQWQRUWKLQNLQJRIVOHHS$OUHDG\WKHKRUVHVGLYLQLQJWKH DSSURDFKRIGDZQKDGFHDVHGHDWLQJDQGODLQGRZQXSRQWKHJUDVV WKH WRSPRVWOHDYHVRIWKHZLOORZVEHJDQWRUXVWOHVRIWO\DQGOLWWOHE\ OLWWOHWKHULSSOLQJUXVWOHGHVFHQGHGWRWKHLUEDVHV6KHVDWWKHUH XQWLOGD\OLJKWXQZHDULHGDQGZLVKLQJLQKHUKHDUWWKDWWKHQLJKW PLJKWSURORQJLWVHOILQGHILQLWHO\)URPWKHVWHSSHVFDPHWKHULQJLQJ QHLJKRIWKHKRUVHVDQGUHGVWUHDNVVKRQHEULJKWO\LQWKHVN\%XOED VXGGHQO\DZRNHDQGVSUDQJWRKLVIHHW+HUHPHPEHUHGTXLWHZHOOZKDW KHKDGRUGHUHGWKHQLJKWEHIRUH1RZP\PHQ\RX YHVOHSWHQRXJK
WLVWLPH WLVWLPH:DWHUWKHKRUVHV$QGZKHUHLVWKHROGZRPDQ" +HJHQHUDOO\FDOOHGKLVZLIHVR%HTXLFNROGZRPDQJHWXV VRPHWKLQJWRHDW WKHZD\LVORQJ 7KHSRRUROGZRPDQGHSULYHGRIKHUODVWKRSHVOLSSHGVDGO\LQWRWKH KXW :KLOVWVKHZLWKWHDUVSUHSDUHGZKDWZDVQHHGHGIRUEUHDNIDVW%XOED JDYHKLVRUGHUVZHQWWRWKHVWDEOHDQGVHOHFWHGKLVEHVWWUDSSLQJV IRUKLVFKLOGUHQZLWKKLVRZQKDQG 7KHVFKRODUVZHUHVXGGHQO\WUDQVIRUPHG5HGPRURFFRERRWVZLWKVLOYHU KHHOVWRRNWKHSODFHRIWKHLUGLUW\ROGRQHV WURXVHUVZLGHDVWKH
17
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
18
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
19
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
20
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
21
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
22
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
23
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
24
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
VDLOUHDFKHGWKHVKRUHVRIWKHLVODQGRI.KRUWLW]ZKHUHDWWKDWWLPH VWRRGWKH6HWFKZKLFKVRRIWHQFKDQJHGLWVVLWXDWLRQ $WKURQJRISHRSOHKDVWHQHGWRWKHVKRUHZLWKERDWV7KH&RVVDFNV DUUDQJHGWKHKRUVHV WUDSSLQJV7DUDVDVVXPHGDVWDWHO\DLUSXOOHG KLVEHOWWLJKWHUDQGSURXGO\VWURNHGKLVPRXVWDFKH+LVVRQVDOVR
25
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
26
7KHWUDYHOOHUVHQWHUHGWKHJUHDWVTXDUHZKHUHWKHFRXQFLOJHQHUDOO\ PHW2QDKXJHRYHUWXUQHGFDVNVDWD=DSRUR]KHW]ZLWKRXWKLVVKLUW KH ZDVKROGLQJLWLQKLVKDQGVDQGVORZO\VHZLQJXSWKHKROHVLQLW $JDLQWKHLUZD\ZDVVWRSSHGE\DZKROHFURZGRIPXVLFLDQVLQWKH PLGVWRIZKRPD\RXQJ=DSRUR]KHW]ZDVGDQFLQJZLWKKHDGWKURZQEDFN DQGDUPVRXWVWUHWFKHG+HNHSWVKRXWLQJ3OD\IDVWHUPXVLFLDQV %HJUXGJHQRW7KRPDEUDQG\WRWKHVHRUWKRGR[&KULVWLDQV$QG7KRPD ZLWKKLVEODFNHQHGH\HZHQWRQPHDVXULQJRXWZLWKRXWVWLQWWRHYHU\ RQHZKRSUHVHQWHGKLPVHOIDKXJHMXJIXO $ERXWWKH\RXWKIXO=DSRUR]KHW]IRXUROGPHQPRYLQJWKHLUIHHWTXLWH EULVNO\OHDSHGOLNHDZKLUOZLQGWRRQHVLGHDOPRVWXSRQWKH PXVLFLDQV KHDGVDQGVXGGHQO\UHWUHDWLQJVTXDWWHGGRZQDQGGUXPPHG WKHKDUGHDUWKYLJRURXVO\ZLWKWKHLUVLOYHUKHHOV7KHHDUWKKXPPHG GXOO\DOODERXWDQGDIDUWKHDLUUHVRXQGHGZLWKQDWLRQDOGDQFHWXQHV EHDWHQE\WKHFODQJLQJKHHOVRIWKHLUERRWV %XWRQHVKRXWHGPRUHORXGO\WKDQDOOWKHUHVWDQGIOHZDIWHUWKH RWKHUVLQWKHGDQFH+LVVFDOSORFNVWUHDPHGLQWKHZLQGKLVPXVFXODU FKHVWZDVEDUHKLVZDUPZLQWHUIXUMDFNHWZDVKDQJLQJE\WKH VOHHYHVDQGWKHSHUVSLUDWLRQSRXUHGIURPKLPDVIURPDSLJ7DNHRII \RXUMDFNHWVDLG7DUDVDWOHQJWK VHHKRZKHVWHDPV,FDQ W VKRXWHGWKH&RVVDFN:K\",FDQ W ,KDYHVXFKDGLVSRVLWLRQWKDW ZKDWHYHU,WDNHRII,GULQNXS$QGLQGHHGWKH\RXQJIHOORZKDGQRW KDGDFDSIRUDORQJWLPHQRUDEHOWWRKLVFDIWDQQRUDQ HPEURLGHUHGQHFNHUFKLHI DOOKDGJRQHWKHSURSHUURDG7KHWKURQJ LQFUHDVHG PRUHIRONMRLQHGWKHGDQFHU DQGLWZDVLPSRVVLEOHWR REVHUYHZLWKRXWHPRWLRQKRZDOO\LHOGHGWRWKHLPSXOVHRIWKHGDQFH WKHIUHHVWWKHZLOGHVWWKHZRUOGKDVHYHUVHHQVWLOOFDOOHGIURP LWVPLJKW\RULJLQDWRUVWKH.RVDFKND 2KLI,KDGQRKRUVHWRKROGH[FODLPHG7DUDV,ZRXOGMRLQWKH GDQFHP\VHOI 0HDQZKLOHWKHUHEHJDQWRDSSHDUDPRQJWKHWKURQJPHQZKRZHUH UHVSHFWHGIRUWKHLUSURZHVVWKURXJKRXWDOOWKH6HWFKROGJUH\KHDGV ZKRKDGEHHQOHDGHUVPRUHWKDQRQFH7DUDVVRRQIRXQGDQXPEHURI IDPLOLDUIDFHV2VWDSDQG$QGULLKHDUGQRWKLQJEXWJUHHWLQJV$KLW LV\RX3HWFKHULW]D*RRGGD\.R]ROXS:KHQFHKDV*RGEURXJKW\RX 7DUDV"+RZGLG\RXFRPHKHUH'RORWR"+HDOWKWR\RX.LUG\DJD+DLO WR\RX*XVWXL'LG,HYHUWKLQNRIVHHLQJ\RX5HPHQ"$QGWKHVH KHURHVJDWKHUHGIURPDOOWKHURYLQJSRSXODWLRQRI(DVWHUQ5XVVLD NLVVHGHDFKRWKHUDQGEHJDQWRDVNTXHVWLRQV%XWZKDWKDVEHFRPHRI
27
.DV\DQ":KHUHLV%RURGDYND"DQG.RORSHU"DQG3LGVXLWRN"$QGLQUHSO\ 7DUDV%XOEDOHDUQHGWKDW%RURGDYNDKDGEHHQKXQJDW7RORSDQWKDW .RORSHUKDGEHHQIOD\HGDOLYHDW.L]LNLUPHQWKDW3LGVXLWRN VKHDGKDG EHHQVDOWHGDQGVHQWLQDFDVNWR&RQVWDQWLQRSOH2OG%XOEDKXQJKLV KHDGDQGVDLGWKRXJKWIXOO\7KH\ZHUHJRRG&RVVDFNV
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
28
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
29
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
30
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
31
VLQJOHJRRGGHHGWKDWKHVKRXOGEHRIQRXVHWRKLVFRXQWU\RUWR &KULVWLDQLW\:K\WKHQGRZHOLYH":KDWWKHGHXFHGRZHOLYHIRU" MXVWWHOOPHWKDW
32
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
33
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
34
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
&+$37(5,9 %XWQH[WGD\7DUDV%XOEDKDGDFRQIHUHQFHZLWKWKHQHZ.RVFKHYRLDVWR WKHPHWKRGRIH[FLWLQJWKH&RVVDFNVWRVRPHHQWHUSULVH7KH.RVFKHYRL DVKUHZGDQGVHQVLEOH&RVVDFNZKRNQHZWKH=DSRUR]KW]LWKRURXJKO\ VDLGDWILUVW2DWKVFDQQRWEHYLRODWHGE\DQ\PHDQV EXWDIWHUD SDXVHDGGHG1RPDWWHULWFDQEHGRQH:HZLOOQRWYLRODWHWKHPEXW OHWXVGHYLVHVRPHWKLQJ/HWWKHSHRSOHDVVHPEOHQRWDWP\VXPPRQV
35
EXWRIWKHLURZQDFFRUG
36
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
37
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
38
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
39
(KKRZGLGZHFRPHWRSHUPLWVXFKODZOHVVQHVV"
40
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
41
%\KHDYHQV,NQHZKLP+HZDVDPDJQLILFHQWQREOHPDQ $QGZKDWLV\RXUQDPH"
42
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
43
VLWWLQJKHUH"GR\RXZDQWWREHVKRWOLNHDFURZ"
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
44
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
45
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
46
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
47
7KH&RVVDFNVKDGILQLVKHGWKHLUHYHQLQJPHDO WKHZRQGHUIXO-XO\QLJKW KDGFRPSOHWHO\IDOOHQ VWLOOKHGLGQRWJRWRWKHNXUHQQRUOLHGRZQ WRVOHHSEXWJD]HGXQFRQVFLRXVO\DWWKHZKROHVFHQHEHIRUHKLP,Q WKHVN\LQQXPHUDEOHVWDUVWZLQNOHGEULJKWO\7KHSODLQZDVFRYHUHGIDU DQGZLGHZLWKVFDWWHUHGZDJJRQVZLWKVZLQJLQJWDUEXFNHWVVPHDUHG ZLWKWDUDQGORDGHGZLWKHYHU\GHVFULSWLRQRIJRRGVDQGSURYLVLRQV FDSWXUHGIURPWKHIRH%HVLGHWKHZDJJRQVXQGHUWKHZDJJRQVDQGIDU EH\RQGWKHZDJJRQV=DSRUR]KW]LZHUHHYHU\ZKHUHYLVLEOHVWUHWFKHG XSRQWKHJUDVV7KH\DOOVOXPEHUHGLQSLFWXUHVTXHDWWLWXGHV RQHKDG WKUXVWDVDFNXQGHUKLVKHDGDQRWKHUKLVFDSDQGDQRWKHUVLPSO\PDGH XVHRIKLVFRPUDGH VVLGH6ZRUGVJXQVPDWFKORFNVVKRUWSLSHVWHPV ZLWKFRSSHUPRXQWLQJVLURQDZOVDQGDIOLQWDQGVWHHOZHUH LQVHSDUDEOHIURPHYHU\&RVVDFN7KHKHDY\R[HQOD\ZLWKWKHLUIHHW GRXEOHGXQGHUWKHPOLNHKXJHZKLWLVKPDVVHVDQGDWDGLVWDQFHORRNHG OLNHJUD\VWRQHVVFDWWHUHGRQWKHVORSHVRIWKHSODLQ2QDOOVLGHV WKHKHDY\VQRUHVRIVOHHSLQJZDUULRUVEHJDQWRDULVHIURPWKHJUDVV DQGZHUHDQVZHUHGIURPWKHSODLQE\WKHULQJLQJQHLJKVRIWKHLU VWHHGVFKDILQJDWWKHLUKREEOHGIHHW0HDQZKLOHDFHUWDLQWKUHDWHQLQJ PDJQLILFHQFHKDGPLQJOHGZLWKWKHEHDXW\RIWKH-XO\QLJKW,WZDVWKH GLVWDQWJODUHRIWKHEXUQLQJGLVWULFWDIDU,QRQHSODFHWKHIODPHV VSUHDGTXLHWO\DQGJUDQGO\RYHUWKHVN\ LQDQRWKHUVXGGHQO\EXUVWLQJ LQWRDZKLUOZLQGWKH\KLVVHGDQGIOHZXSZDUGVWRWKHYHU\VWDUVDQG IORDWLQJIUDJPHQWVGLHGDZD\LQWKHPRVWGLVWDQWTXDUWHURIWKH KHDYHQV+HUHWKHEODFNEXUQHGPRQDVWHU\OLNHDJULP&DUWKXVLDQPRQN VWRRGWKUHDWHQLQJDQGGLVSOD\LQJLWVGDUNPDJQLILFHQFHDWHYHU\ IODVK WKHUHEOD]HGWKHPRQDVWHU\JDUGHQ,WVHHPHGDVWKRXJKWKH WUHHVFRXOGEHKHDUGKLVVLQJDVWKH\VWRRGZUDSSHGLQVPRNH DQGZKHQ WKHILUHEXUVWIRUWKLWVXGGHQO\OLJKWHGXSWKHULSHSOXPVZLWKD SKRVSKRULFOLODFFRORXUHGJOHDPRUWXUQHGWKH\HOORZLQJSHDUVKHUH DQGWKHUHWRSXUHJROG,QWKHPLGVWRIWKHPKXQJEODFNDJDLQVWWKH ZDOORIWKHEXLOGLQJRUWKHWUXQNRIDWUHHWKHERG\RIVRPHSRRU -HZRUPRQNZKRKDGSHULVKHGLQWKHIODPHVZLWKWKHVWUXFWXUH$ERYH WKHGLVWDQWILUHVKRYHUHGDIORFNRIELUGVOLNHDFOXVWHURIWLQ\ EODFNFURVVHVXSRQDILHU\ILHOG7KHWRZQWKXVODLGEDUHVHHPHGWR VOHHS WKHVSLUHVDQGURRIVDQGLWVSDOLVDGHDQGZDOOVJOHDPHG TXLHWO\LQWKHJODUHRIWKHGLVWDQWFRQIODJUDWLRQV$QGULLZHQWWKH URXQGVRIWKH&RVVDFNUDQNV7KHFDPSILUHVEHVLGHZKLFKWKH VHQWLQHOVVDWZHUHUHDG\WRJRRXWDWDQ\PRPHQW DQGHYHQWKH VHQWLQHOVVOHSWKDYLQJGHYRXUHGRDWPHDODQGGXPSOLQJVZLWKWUXH &RVVDFNDSSHWLWHV+HZDVDVWRQLVKHGDWVXFKFDUHOHVVQHVVWKLQNLQJ ,WLVZHOOWKDWWKHUHLVQRVWURQJHQHP\DWKDQGDQGQRWKLQJWR IHDU)LQDOO\KHZHQWWRRQHRIWKHZDJJRQVFOLPEHGLQWRLWDQGOD\ GRZQXSRQKLVEDFNSXWWLQJKLVFODVSHGKDQGVXQGHUKLVKHDG EXWKH FRXOGQRWVOHHSDQGJD]HGORQJDWWKHVN\,WZDVDOORSHQEHIRUH
48
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
49
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
50
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
51
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
52
$QGULLFURVVHGKLPVHOI)HDUIOHGIURPKLVKHDUWHYHQPRUHUDSLGO\ WKDQLWKDGDVVDLOHGLW:KHQKHWXUQHGWRORRNDWWKH7DWDUZRPDQ VKHVWRRGEHIRUHKLPPXIIOHGLQKHUPDQWOHOLNHDGDUNJUDQLWH VWDWXHDQGWKHJOHDPRIWKHGLVWDQWGDZQOLJKWHGXSRQO\KHUH\HV GXOODVWKRVHRIDFRUSVH+HSOXFNHGKHUE\WKHVOHHYHDQGERWKZHQW RQWRJHWKHUJODQFLQJEDFNFRQWLQXDOO\$WOHQJWKWKH\GHVFHQGHGWKH VORSHRIDVPDOOUDYLQHDOPRVWDKROHDORQJWKHERWWRPRIZKLFKD EURRNIORZHGOD]LO\RYHUJURZQZLWKVHGJHDQGVWUHZHGZLWKPRVV\ ERXOGHUV'HVFHQGLQJLQWRWKLVUDYLQHWKH\ZHUHFRPSOHWHO\FRQFHDOHG IURPWKHYLHZRIDOOWKHSODLQRFFXSLHGE\WKH=DSRURYLDQFDPS$W OHDVW$QGULLJODQFLQJEDFNVDZWKDWWKHVWHHSVORSHURVHEHKLQGKLP KLJKHUWKDQDPDQ2QLWVVXPPLWDSSHDUHGDIHZEODGHVRI VWHSSHJUDVV DQGEHKLQGWKHPLQWKHVN\KXQJWKHPRRQOLNHD JROGHQVLFNOH7KHEUHH]HULVLQJRQWKHVWHSSHZDUQHGWKHPWKDWWKH GDZQZDVQRWIDURII%XWQRZKHUHZDVWKHFURZRIWKHFRFNKHDUG 1HLWKHULQWKHFLW\QRULQWKHGHYDVWDWHGQHLJKERXUKRRGKDGWKHUHEHHQ DFRFNIRUDORQJWLPHSDVW7KH\FURVVHGWKHEURRNRQDVPDOOSODQN EH\RQGZKLFKURVHWKHRSSRVLWHEDQNZKLFKDSSHDUHGKLJKHUWKDQWKH RQHEHKLQGWKHPDQGURVHVWHHSO\,WVHHPHGDVWKRXJKWKLVZHUHWKH VWURQJSRLQWRIWKHFLWDGHOXSRQZKLFKWKHEHVLHJHGFRXOGUHO\ DWDOO HYHQWVWKHHDUWKHQZDOOZDVORZHUWKHUHDQGQRJDUULVRQDSSHDUHG EHKLQGLW%XWIDUWKHURQURVHWKHWKLFNPRQDVWHU\ZDOOV7KHVWHHS EDQNZDVRYHUJURZQZLWKVWHSSHJUDVVDQGLQWKHQDUURZUDYLQHEHWZHHQ LWDQGWKHEURRNJUHZWDOOUHHGVDOPRVWDVKLJKDVDPDQ$WWKH VXPPLWRIWKHEDQNZHUHWKHUHPDLQVRIDZDWWOHGIHQFHZKLFKKDG IRUPHUO\VXUURXQGHGVRPHJDUGHQDQGLQIURQWRILWZHUHYLVLEOHWKH ZLGHOHDYHVRIWKHEXUGRFNIURPDPRQJZKLFKURVHEODFNWKRUQDQG VXQIORZHUVOLIWLQJWKHLUKHDGVKLJKDERYHDOOWKHUHVW+HUHWKH7DWDU IOXQJRIIKHUVOLSSHUVDQGZHQWEDUHIRRWJDWKHULQJKHUFORWKHVXS FDUHIXOO\IRUWKHVSRWZDVPDUVK\DQGIXOORIZDWHU)RUFLQJWKHLU ZD\DPRQJWKHUHHGVWKH\VWRSSHGEHIRUHDUXLQHGRXWZRUN6NLUWLQJ WKLVRXWZRUNWKH\IRXQGDVRUWRIHDUWKHQDUFKDQRSHQLQJQRWPXFK ODUJHUWKDQWKHRSHQLQJRIDQRYHQ7KH7DWDUZRPDQEHQWKHUKHDGDQG ZHQWILUVW$QGULLIROORZHGEHQGLQJORZDVKHFRXOGLQRUGHUWRSDVV ZLWKKLVVDFNV DQGERWKVRRQIRXQGWKHPVHOYHVLQWRWDOGDUNQHVV
&+$37(59, $QGULLFRXOGKDUGO\PRYHLQWKHGDUNDQGQDUURZHDUWKHQEXUURZDVKH IROORZHGWKH7DWDUGUDJJLQJDIWHUKLPKLVVDFNVRIEUHDG,WZLOO VRRQEHOLJKWVDLGKLVJXLGH ZHDUHDSSURDFKLQJWKHVSRWZKHUH, SODFHGDOLJKW$QGLQIDFWWKHGDUNHDUWKHQZDOOVEHJDQWREH
53
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
54
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
55
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
56
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
57
DOORYHU7KURXJKWKHRSHQGRRUKHVDZIOLWUDSLGO\SDVWDWDOOIHPDOH ILJXUHZLWKDORQJWKLFNEUDLGRIKDLUIDOOLQJRYHUKHUXSOLIWHG KDQGV7KH7DWDUUHWXUQHGDQGWROGKLPWRJRLQ +HFRXOGQHYHUXQGHUVWDQGKRZKHHQWHUHGDQGKRZWKHGRRUZDVVKXW EHKLQGKLP7ZRFDQGOHVEXUQHGLQWKHURRPDQGDODPSJORZHGEHIRUH WKHLPDJHV EHQHDWKWKHODPSVWRRGDWDOOWDEOHZLWKVWHSVWRNQHHO XSRQGXULQJSUD\HUDIWHUWKH&DWKROLFIDVKLRQ%XWKLVH\HGLGQRW VHHNWKLV+HWXUQHGWRWKHRWKHUVLGHDQGSHUFHLYHGDZRPDQZKR DSSHDUHGWRKDYHEHHQIUR]HQRUWXUQHGWRVWRQHLQWKHPLGVWRIVRPH TXLFNPRYHPHQW,WVHHPHGDVWKRXJKKHUZKROHERG\KDGVRXJKWWR VSULQJWRZDUGVKLPDQGKDGVXGGHQO\SDXVHG$QGKHVWRRGLQOLNH PDQQHUDPD]HGEHIRUHKHU1RWWKXVKDGKHSLFWXUHGWRKLPVHOIWKDWKH VKRXOGILQGKHU7KLVZDVQRWWKHVDPHEHLQJKHKDGIRUPHUO\NQRZQ QRWKLQJDERXWKHUUHVHPEOHGKHUIRUPHUVHOI EXWVKHZDVWZLFHDV EHDXWLIXOWZLFHDVHQFKDQWLQJQRZWKDQVKHKDGEHHQWKHQ7KHQWKHUH KDGEHHQVRPHWKLQJXQILQLVKHGLQFRPSOHWHDERXWKHU QRZKHUHZDVD SURGXFWLRQWRZKLFKWKHDUWLVWKDGJLYHQWKHILQLVKLQJVWURNHRIKLV EUXVK7KDWZDVDFKDUPLQJJLGG\JLUO WKLVZDVDZRPDQLQWKHIXOO GHYHORSPHQWRIKHUFKDUPV$VVKHUDLVHGKHUH\HVWKH\ZHUHIXOORI IHHOLQJQRWRIPHUHKLQWVRIIHHOLQJ7KHWHDUVZHUHQRW\HWGU\LQ WKHPDQGIUDPHGWKHPLQDVKLQLQJGHZZKLFKSHQHWUDWHGWKHYHU\VRXO +HUERVRPQHFNDQGDUPVZHUHPRXOGHGLQWKHSURSRUWLRQVZKLFKPDUN IXOO\GHYHORSHGORYHOLQHVV+HUKDLUZKLFKKDGLQIRUPHUGD\VZDYHG LQOLJKWULQJOHWVDERXWKHUIDFHKDGEHFRPHDKHDY\OX[XULDQWPDVV DSDUWRIZKLFKZDVFDXJKWXSZKLOHSDUWIHOOLQORQJVOHQGHUFXUOV XSRQKHUDUPVDQGEUHDVW,WVHHPHGDVWKRXJKKHUHYHU\IHDWXUHKDG FKDQJHG,QYDLQGLGKHVHHNWRGLVFRYHULQWKHPDVLQJOHRQHRIWKRVH ZKLFKZHUHHQJUDYHGLQKLVPHPRU\DVLQJOHRQH(YHQKHUJUHDWSDOORU GLGQRWOHVVHQKHUZRQGHUIXOEHDXW\ RQWKHFRQWUDU\LWFRQIHUUHG XSRQLWDQLUUHVLVWLEOHLQH[SUHVVLEOHFKDUP$QGULLIHOWLQKLVKHDUW DQREOHWLPLGLW\DQGVWRRGPRWLRQOHVVEHIRUHKHU6KHWRRVHHPHG VXUSULVHGDWWKHDSSHDUDQFHRIWKH&RVVDFNDVKHVWRRGEHIRUHKHULQ DOOWKHEHDXW\DQGPLJKWRIKLV\RXQJPDQKRRGDQGLQWKHYHU\ LPPRYDELOLW\RIKLVOLPEVSHUVRQLILHGWKHXWPRVWIUHHGRPRIPRYHPHQW +LVH\HVEHDPHGZLWKFOHDUGHFLVLRQ KLVYHOYHWEURZVFXUYHGLQDEROG DUFK KLVVXQEXUQWFKHHNVJORZHGZLWKDOOWKHDUGRXURI\RXWKIXOILUH DQGKLVGRZQ\EODFNPRXVWDFKHVKRQHOLNHVLON 1R,KDYHQRSRZHUWRWKDQN\RXQREOHVLUVKHVDLGKHUVLOYHU\ YRLFHDOOLQDWUHPEOH*RGDORQHFDQUHZDUG\RXQRW,DZHDN ZRPDQ6KHGURSSHGKHUH\HVKHUOLGVIHOORYHUWKHPLQEHDXWLIXO VQRZ\VHPLFLUFOHVJXDUGHGE\ODVKHVORQJDVDUURZV KHUZRQGURXVIDFH ERZHGIRUZDUGDQGDGHOLFDWHIOXVKRYHUVSUHDGLWIURPZLWKLQ$QGULL
58
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
59
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
60
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
61
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
62
IHHOLQJVXQWDVWHGDV\HWXSRQHDUWK$QGULLNLVVHGWKHVZHHWPRXWK ZKLFKSUHVVHGKLVFKHHNDQGWKHVZHHWPRXWKGLGQRWUHPDLQ XQUHVSRQVLYH,QWKLVXQLRQRINLVVHVWKH\H[SHULHQFHGWKDWZKLFKLW LVJLYHQWRDPDQWRIHHOEXWRQFHRQHDUWK $QGWKH&RVVDFNZDVUXLQHG+HZDVORVWWR&RVVDFNFKLYDOU\1HYHU DJDLQZLOO=DSRUR]KHQRUKLVIDWKHU VKRXVHQRUWKH&KXUFKRI*RG EHKROGKLP7KH8NUDLQHZLOOQHYHUPRUHVHHWKHEUDYHVWRIWKH FKLOGUHQZKRKDYHXQGHUWDNHQWRGHIHQGKHU2OG7DUDVPD\WHDUWKH JUH\KDLUIURPKLVVFDOSORFNDQGFXUVHWKHGD\DQGKRXULQZKLFK VXFKDVRQZDVERUQWRGLVKRQRXUKLP
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
63
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
64
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
65
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
66
/RUG$QGULL :HQWZKHUH" :HQWRYHUWRWKHLUVLGH KHLVQRZDWKRURXJKIRUHLJQHU
67
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
68
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
69
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
70
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
71
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
72
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
73
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
74
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
75
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
76
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
77
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
78
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
79
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
80
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
81
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
82
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
83
KDGXSRQKLVKHDUW ,ZDQWWRWHOO\RXEURWKHUJHQWOHVZKDWRXUEURWKHUKRRGLV
84
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
85
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
86
LQWRDQRWKHUPDVVRIWKHIRHPDNLQJDODQHWKURXJKLW:KHUHWKH 1H]DPDLNRYW]LSDVVHGWKHUHZDVDVWUHHW ZKHUHWKH\WXUQHGDERXWWKHUH ZDVDVTXDUHDVZKHUHVWUHHWVPHHW7KHIRHPHQ VUDQNVZHUHYLVLEO\ WKLQQLQJDQGWKH/\DNKVIDOOLQJLQVKHDYHV%HVLGHWKHZDJJRQVVWRRG 9RYWX]HQNRDQGLQIURQW7FKHUHYLWFKHQNRDQGE\WKHPRUHGLVWDQWRQHV 'HJW\DUHQNR DQGEHKLQGWKHPWKHNXUHQKHWPDQ9HUWLNKYLVW 'HJW\DUHQNRKDGSLHUFHGWZR/\DNKVZLWKKLVVSHDUDQGQRZDWWDFNHGD WKLUGDVWRXWDQWDJRQLVW$JLOHDQGVWURQJZDVWKH/\DNKZLWK JOLWWHULQJDUPVDQGDFFRPSDQLHGE\ILIW\IROORZHUV+HIHOOILHUFHO\ XSRQ'HJW\DUHQNRVWUXFNKLPWRWKHHDUWKDQGIORXULVKLQJKLVVZRUG DERYHKLPFULHG7KHUHLVQRWRQHRI\RX&RVVDFNGRJVZKRKDVGDUHG WRRSSRVHPH +HUHLVRQHVDLG0RVL\6FKLORDQGVWHSSHGIRUZDUG+HZDVD PXVFXODU&RVVDFNZKRKDGRIWHQFRPPDQGHGDWVHDDQGXQGHUJRQHPDQ\ YLFLVVLWXGHV7KH7XUNVKDGRQFHVHL]HGKLPDQGKLVPHQDW7UHEL]RQG DQGERUQHWKHPFDSWLYHVWRWKHJDOOH\VZKHUHWKH\ERXQGWKHPKDQGDQG IRRWZLWKLURQFKDLQVJDYHWKHPQRIRRGIRUDZHHNDWDWLPHDQG PDGHWKHPGULQNVHDZDWHU7KHSRRUSULVRQHUVHQGXUHGDQGVXIIHUHG DOOEXWZRXOGQRWUHQRXQFHWKHLURUWKRGR[IDLWK7KHLUKHWPDQ0RVL\ 6FKLORFRXOGQRWEHDULW KHWUDPSOHGWKH+RO\6FULSWXUHVXQGHUIRRW ZRXQGWKHYLOHWXUEDQDERXWKLVVLQIXOKHDGDQGEHFDPHWKHIDYRXULWH RIDSDVKDVWHZDUGRIDVKLSDQGUXOHURYHUDOOWKHJDOOH\VODYHV 7KHSRRUVODYHVVRUURZHGJUHDWO\WKHUHDWIRUWKH\NQHZWKDWLIKHKDG UHQRXQFHGKLVIDLWKKHZRXOGEHDW\UDQWDQGKLVKDQGZRXOGEHWKH PRUHKHDY\DQGVHYHUHXSRQWKHP6RLWWXUQHGRXW0RVL\6FKLORKDG WKHPSXWLQQHZFKDLQVWKUHHWRDQRDU7KHFUXHOIHWWHUVFXWWRWKH YHU\ERQH DQGKHEHDWWKHPXSRQWKHEDFN%XWZKHQWKH7XUNV UHMRLFLQJDWKDYLQJREWDLQHGVXFKDVHUYDQWEHJDQWRFDURXVHDQG IRUJHWIXORIWKHLUODZJRWDOOGUXQNKHGLVWULEXWHGDOOWKH VL[W\IRXUNH\VDPRQJWKHSULVRQHUVLQRUGHUWKDWWKH\PLJKWIUHH WKHPVHOYHVIOLQJWKHLUFKDLQVDQGPDQDFOHVLQWRWKHVHDDQG VHL]LQJWKHLUVZRUGVLQWXUQNLOOWKH7XUNV7KHQWKH&RVVDFNV FROOHFWHGJUHDWERRW\DQGUHWXUQHGZLWKJORU\WRWKHLUFRXQWU\ DQG WKHJXLWDUSOD\HUVFHOHEUDWHG0RVL\6FKLOR VH[SORLWVIRUDORQJWLPH 7KH\ZRXOGKDYHHOHFWHGKLP.RVFKHYRLEXWKHZDVDYHU\HFFHQWULF &RVVDFN$WRQHWLPHKHZRXOGSHUIRUPVRPHIHDWZKLFKWKHPRVW VDJDFLRXVZRXOGQHYHUKDYHGUHDPHGRI$WDQRWKHUIROO\VLPSO\WRRN SRVVHVVLRQRIKLPDQGKHGUDQNDQGVTXDQGHUHGHYHU\WKLQJDZD\ZDVLQ GHEWWRHYHU\RQHLQWKH6HWFKDQGLQDGGLWLRQWRWKDWVWROHOLNHD VWUHHWWKLHI+HFDUULHGRIIDZKROH&RVVDFNHTXLSPHQWIURPDVWUDQJH NXUHQE\QLJKWDQGSDZQHGLWWRWKHWDYHUQNHHSHU)RUWKLV GLVKRQRXUDEOHDFWWKH\ERXQGKLPWRDSRVWLQWKHED]DDUDQGODLGD FOXEEHVLGHKLPLQRUGHUWKDWHYHU\RQHZKRSDVVHGVKRXOGDFFRUGLQJ
87
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
88
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
89
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
90
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
91
ZLWK$QGULL2OG7DUDVSDXVHGDQGREVHUYHGKRZKHFOHDUHGDSDWK EHIRUHKLPKHZLQJDZD\DQGGHDOLQJEORZVWRWKHULJKWDQGWKHOHIW 7DUDVFRXOGQRWUHVWUDLQKLPVHOIEXWVKRXWHG
92
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
93
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
&+$37(5; ,KDYHVOHSWDORQJZKLOHVDLG7DUDVFRPLQJWRKLVVHQVHVDVLI DIWHUDKHDY\GUXQNHQVOHHSDQGWU\LQJWRGLVWLQJXLVKWKHREMHFWV DERXWKLP$WHUULEOHZHDNQHVVRYHUSRZHUHGKLVOLPEV7KHZDOOVDQG FRUQHUVRIDVWUDQJHURRPZHUHGLPO\YLVLEOHEHIRUHKLP$WOHQJWKKH SHUFHLYHGWKDW7RYNDWFKZDVVHDWHGEHVLGHKLPDSSDUHQWO\OLVWHQLQJWR KLVHYHU\EUHDWK
94
QRWKLQJRQO\VKRRNKLVILQJHUDQGPRWLRQHGKLPWREHVLOHQW %XWWHOOPHZKHUH,DPQRZ"DVNHG7DUDVVWUDLQLQJKLVPLQGDQG WU\LQJWRUHFROOHFWZKDWKDGWDNHQSODFH %HVLOHQWFULHGKLVFRPSDQLRQVWHUQO\:K\VKRXOG\RXZDQWWR NQRZ"'RQ W\RXVHHWKDW\RXDUHDOOKDFNHGWRSLHFHV"+HUH,KDYH EHHQJDOORSLQJZLWK\RXIRUWZRZHHNVZLWKRXWWDNLQJDEUHDWK DQG\RX KDYHEHHQEXUQWXSZLWKIHYHUDQGWDONLQJQRQVHQVH7KLVLVWKHILUVW WLPH\RXKDYHVOHSWTXLHWO\%HVLOHQWLI\RXGRQ WZLVKWRGR \RXUVHOIDQLQMXU\ %XW7DUDVVWLOOWULHGWRFROOHFWKLVWKRXJKWVDQGWRUHFDOOZKDWKDG SDVVHG:HOOWKH/\DNKVPXVWKDYHVXUURXQGHGDQGFDSWXUHGPH,KDG QRFKDQFHRIILJKWLQJP\ZD\FOHDUIURPWKHWKURQJ %HVLOHQW,WHOO\RX\RXGHYLO VEUDWFULHG7RYNDWFKDQJULO\DV DQXUVHGULYHQEH\RQGKHUSDWLHQFHFULHVRXWDWKHUXQUXO\FKDUJH :KDWJRRGZLOOLWGR\RXWRNQRZKRZ\RXJRWDZD\",WLVHQRXJKWKDW \RXGLGJHWDZD\6RPHSHRSOHZHUHIRXQGZKRZRXOGQRWDEDQGRQ\RX OHWWKDWEHHQRXJKIRU\RX,WLVVRPHWKLQJIRUPHWRKDYHULGGHQDOO QLJKWZLWK\RX
95
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
96
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
97
QHLJKERXUKRRGZDVGHSRSXODWHGDVLIDIWHUDILUHRUDQHSLGHPLF DQG LI
98
IURPZKRPP\ORUGWRRNWKHVHILQHJROGSLHFHVUHPDLQHGLQWKHZRUOGDQ KRXUORQJHU KHZHQWVWUDLJKWWRWKHULYHUDQGGURZQHGKLPVHOIDIWHU WKHORVVRIVXFKPDJQLILFHQWJROGSLHFHV ,VKRXOGQRWKDYHDVNHG\RX,PLJKWSRVVLEO\KDYHIRXQGP\RZQZD\ WR:DUVDZ EXWVRPHRQHPLJKWUHFRJQLVHPHDQGWKHQWKHFXUVHG/\DNKV ZRXOGFDSWXUHPHIRU,DPQRWFOHYHUDWLQYHQWLRQV ZKLOVWWKDWLV MXVWZKDW\RX-HZVDUHFUHDWHGIRU
99
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
100
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
101
:HPLJKWWU\VDLGWKHWKLUGJODQFLQJWLPLGO\DWWKHRWKHUWZR *RGPD\IDYRXUXV $OOWKUHH-HZVGLVFXVVHGWKHPDWWHULQ*HUPDQ%XOEDLQVSLWHRIKLV VWUDLQLQJHDUVFRXOGPDNHQRWKLQJRILW KHRQO\FDXJKWWKHZRUG 0DUGRNKDLRIWHQUHSHDWHG /LVWHQP\ORUGVDLG
102
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
103
KHVKRXOGGLVJXLVHKLPVHOIDVDIRUHLJQFRXQWMXVWDUULYHGIURP *HUPDQ\IRUZKLFKSXUSRVHWKHSUXGHQW-HZKDGDOUHDG\SURYLGHGD FRVWXPH,WZDVDOUHDG\QLJKW7KHPDVWHURIWKHKRXVHWKHUHGKDLUHG -HZZLWKIUHFNOHVSXOOHGRXWDPDWWUHVVFRYHUHGZLWKVRPHNLQGRI UXJDQGVSUHDGLWRQDEHQFKIRU%XOED
104
,WLVZHFULHG
105
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
106
([SODLQWKDW\RXUVHOI$QGWKHKH\GXNHRSHQHGKLVZLGHPRXWKWR VKRXW
107
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
108
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
109
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
&+$37(5;,, 7KH\VRRQIRXQGWUDFHVRI7DUDV$QDUP\RIDKXQGUHGDQGWZHQW\ WKRXVDQG&RVVDFNVDSSHDUHGRQWKHIURQWLHURIWKH8NUDLQH7KLVZDVQR VPDOOGHWDFKPHQWVDOO\LQJIRUWKIRUSOXQGHURULQSXUVXLWRIWKH 7DWDUV1R WKHZKROHQDWLRQKDGULVHQIRUWKHPHDVXUHRIWKH
110
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
111
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
112
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
113
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
114
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
115
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
116
6WRSWHOOPHILUVWZKDW\RXDUHUHDGLQJ ,FRQIHVVWKDW,ZDVDWULIOHVWXQQHGE\VXFKDTXHVWLRQ :KDWZKDWDP,UHDGLQJ7KRPD*ULJRURYLWFK":K\\RXURZQZRUGV :KRWROG\RXWKDWWKH\ZHUHP\ZRUGV" :K\ZKDWPRUHZRXOG\RXKDYH"+HUHLWLVSULQWHG 5HODWHGE\VXFK DQGVXFKDVDFULVWDQ 6SLWRQWKHKHDGRIWKHPDQZKRSULQWHGWKDWKHOLHVWKHGRJRID 0RVFRZSHGODU'LG,VD\WKDW"
7ZDVMXVWWKHVDPHDVWKRXJKRQH KDGQ WKLVZLWVDERXWKLP /LVWHQ, OOWHOOWKHWDOHWR\RXRQWKH VSRW :HPRYHGXSWRWKHWDEOHDQGKHEHJDQ
0\JUDQGIDWKHU WKHNLQJGRPRIKHDYHQEHKLVPD\KHHDWRQO\ZKHDWHQ UROOVDQGSRSS\VHHGFDNHVZLWKKRQH\LQWKHRWKHUZRUOG FRXOGWHOO DVWRU\ZRQGHUIXOO\ZHOO:KHQKHXVHGWREHJLQDWDOH\RXFRXOGQRW VWLUIURPWKHVSRWDOOGD\EXWNHSWRQOLVWHQLQJ+HZDVQRWOLNHWKH VWRU\WHOOHURIWKHSUHVHQWGD\ZKHQKHEHJLQVWROLHZLWKDWRQJXH DVWKRXJKKHKDGKDGQRWKLQJWRHDWIRUWKUHHGD\VVRWKDW\RXVQDWFK \RXUFDSDQGIOHHIURPWKHKRXVH,UHPHPEHUP\ROGPRWKHUZDVDOLYH WKHQDQGLQWKHORQJZLQWHUHYHQLQJVZKHQWKHIURVWZDVFUDFNOLQJRXW RIGRRUVDQGKDGVHDOHGXSKHUPHWLFDOO\WKHQDUURZSDQHVRIRXU FRWWDJHVKHXVHGWRVLWDWKHUZKHHOGUDZLQJRXWDORQJWKUHDGLQ KHUKDQGURFNLQJWKHFUDGOHZLWKKHUIRRWDQGKXPPLQJDVRQJZKLFK ,VHHPWRKHDUHYHQQRZ 7KHODPSTXLYHULQJDQGIODULQJXSDVWKRXJKLQIHDURIVRPHWKLQJ OLJKWHGXSRXUFRWWDJH WKHVSLQGOHKXPPHG DQGDOORIXVFKLOGUHQ FROOHFWHGLQDFOXVWHUOLVWHQHGWRJUDQGIDWKHUZKRKDGQRWFUDZOHG RIIWKHVWRYHIRUPRUHWKDQILYH\HDUVRZLQJWRKLVJUHDWDJH%XW WKHZRQGURXVWDOHVRIWKHLQFXUVLRQVRIWKH=DSRUR]KLDQ&RVVDFNVDQG WKH3ROHVWKHEROGGHHGVRI3RGNRYDRI3ROWDU.R]KXNKDQG 6DJDLGDWFKQLLGLGQRWLQWHUHVWXVVRPXFKDVWKHVWRULHVDERXWVRPH GHHGRIROGZKLFKDOZD\VVHQWDVKLYHUWKURXJKRXUIUDPHVDQGPDGHRXU
117
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
118
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
119
DQGKDGEHHQWDNHQSULVRQHUE\WKH7XUNVDPRQJVWZKRPKHXQGHUZHQW *RGRQO\NQRZVZKDWWRUWXUHVXQWLOKDYLQJE\VRPHPLUDFOHGLVJXLVHG KLPVHOIDVDHXQXFKKHPDGHKLVHVFDSH/LWWOHFDUHGWKHEODFNEURZHG \RXWKVDQGPDLGHQVDERXW3HWHU VSDUHQWV7KH\PHUHO\UHPDUNHGWKDW LIKHRQO\KDGDQHZFRDWDUHGVDVKDEODFNODPEVNLQFDSZLWKD VPDUWEOXHFURZQRQKLVKHDGD7XUNLVKVDEUHE\KLVVLGHDZKLSLQ RQHKDQGDQGDSLSHZLWKKDQGVRPHPRXQWLQJVLQWKHRWKHUKHZRXOG VXUSDVVDOOWKH\RXQJPHQ%XWWKHSLW\ZDVWKDWWKHRQO\WKLQJSRRU 3HWHUKDGZDVDJUH\JDEHUGLQHZLWKPRUHKROHVLQLWWKDQWKHUHDUH JROGSLHFHVLQD-HZ VSRFNHW%XWWKDWZDVQRWWKHZRUVWRILW.RU]K KDGDGDXJKWHUVXFKDEHDXW\DV,WKLQN\RXFDQKDUGO\KDYHFKDQFHG WRVHH0\JUDQGIDWKHU VDXQWXVHGWRVD\DQG\RXNQRZWKDWLWLV HDVLHUIRUDZRPDQWRNLVVWKH(YLO2QHWKDQWRFDOODQ\RQHHOVHD EHDXW\WKDWWKLV&RVVDFNPDLGHQ VFKHHNVZHUHDVSOXPSDQGIUHVKDV WKHSLQNHVWSRSS\ZKHQEDWKHGLQ*RG VGHZLWXQIROGVLWVSHWDOV DQGFRTXHWVZLWKWKHULVLQJVXQ WKDWKHUEURZVZHUHHYHQO\DUFKHG RYHUKHUEULJKWH\HVOLNHEODFNFRUGVVXFKDVRXUPDLGHQVEX\ QRZDGD\VIRUWKHLUFURVVHVDQGGXFDWVRIIWKH0RVFRZSHGODUVZKR YLVLWWKHYLOODJHVZLWKWKHLUEDVNHWV WKDWKHUOLWWOHPRXWKDWVLJKW RIZKLFKWKH\RXWKVVPDFNHGWKHLUOLSVVHHPHGPDGHWRZDUEOHWKH VRQJVRIQLJKWLQJDOHV WKDWKHUKDLUEODFNDVWKHUDYHQ VZLQJDQG VRIWDV\RXQJIOD[IHOOLQFXUOVRYHUKHUVKRXOGHUVIRURXUPDLGHQV GLGQRWWKHQSODLWWKHLUKDLULQSLJWDLOVLQWHUZRYHQZLWKSUHWW\ EULJKWKXHGULEERQV(KPD\,QHYHULQWRQHDQRWKHUDOOHOXLDLQWKH FKRLULI,ZRXOGQRWKDYHNLVVHGKHULQVSLWHRIWKHJUH\ZKLFKLV PDNLQJLWVZD\WKURXJKWKHROGZRROZKLFKFRYHUVP\SDWHDQGRIWKH ROGZRPDQEHVLGHPHOLNHDWKRUQLQP\VLGH:HOO\RXNQRZZKDW KDSSHQVZKHQ\RXQJPHQDQGPDLGHQVOLYHVLGHE\VLGH,QWKHWZLOLJKW WKHKHHOVRIUHGERRWVZHUHDOZD\VYLVLEOHLQWKHSODFHZKHUH3LGRUND FKDWWHGZLWKKHU3HWHU%XW.RU]KZRXOGQHYHUKDYHVXVSHFWHGDQ\WKLQJ RXWRIWKHZD\RQO\RQHGD\LWLVHYLGHQWWKDWQRQHEXWWKH(YLO2QH FRXOGKDYHLQVSLUHGKLP3HWHUWRRNLQWRKLVKHDGWRNLVVWKHPDLGHQ V URV\OLSVZLWKDOOKLVKHDUWZLWKRXWILUVWORRNLQJZHOODERXWKLP DQGWKDWVDPH(YLO2QHPD\WKHVRQRIDGRJGUHDPRIWKHKRO\ FURVVFDXVHGWKHROGJUH\EHDUGOLNHDIRROWRRSHQWKHFRWWDJH GRRUDWWKDWVDPHPRPHQW.RU]KZDVSHWULILHGGURSSHGKLVMDZDQG FOXWFKHGDWWKHGRRUIRUVXSSRUW7KRVHXQOXFN\NLVVHVFRPSOHWHO\ VWXQQHGKLP 5HFRYHULQJKLPVHOIKHWRRNKLVJUDQGIDWKHU VKXQWLQJZKLSIURPWKH ZDOODQGZDVDERXWWREHODERXU3HWHU VEDFNZLWKLWZKHQ3LGRUND V OLWWOHVL[\HDUROGEURWKHU,YDVUXVKHGXSIURPVRPHZKHUHRURWKHU DQGJUDVSLQJKLVIDWKHU VOHJVZLWKKLVOLWWOHKDQGVVFUHDPHGRXW 'DGG\GDGG\GRQ WEHDW3HWHU:KDWZDVWREHGRQH"$IDWKHU V
120
KHDUWLVQRWPDGHRIVWRQH+DQJLQJWKHZKLSDJDLQRQWKHZDOOKHOHG 3HWHUTXLHWO\IURPWKHKRXVH,I\RXHYHUVKRZ\RXUVHOILQP\FRWWDJH DJDLQRUHYHQXQGHUWKHZLQGRZVORRNRXW3HWHUIRUE\KHDYHQ \RXUEODFNPRXVWDFKHZLOOGLVDSSHDU DQG\RXUEODFNORFNVWKRXJK ZRXQGWZLFHDERXW\RXUHDUVZLOOWDNHOHDYHRI\RXUSDWHRUP\QDPH LVQRW7HUHQWL\.RU]K6RVD\LQJKHJDYHKLPVXFKDWDVWHRIKLV ILVWLQWKHQDSHRIKLVQHFNWKDWDOOJUHZGDUNEHIRUH3HWHUDQGKH IOHZKHDGORQJRXWRIWKHSODFH 6RWKHUHZDVDQHQGRIWKHLUNLVVLQJ6RUURZIHOOXSRQRXUWXUWOH GRYHV DQGDUXPRXUJUHZULIHLQWKHYLOODJHWKDWDFHUWDLQ3ROHDOO HPEURLGHUHGZLWKJROGZLWKPRXVWDFKHVVDEUHVSXUVDQGSRFNHWV MLQJOLQJOLNHWKHEHOOVRIWKHEDJZLWKZKLFKRXUVDFULVWDQ7DUDVJRHV WKURXJKWKHFKXUFKHYHU\GD\KDGEHJXQWRIUHTXHQW.RU]K VKRXVH 1RZLWLVZHOONQRZQZK\DIDWKHUKDVYLVLWRUVZKHQWKHUHLVD EODFNEURZHGGDXJKWHUDERXW6RRQHGD\3LGRUNDEXUVWLQWRWHDUV DQGFDXJKWWKHKDQGRIKHUEURWKHU,YDV,YDVP\GHDU,YDVP\ ORYHIO\WR3HWHUP\FKLOGRIJROGOLNHDQDUURZIURPDERZ7HOO KLPDOO ,ZRXOGKDYHORYHGKLVEURZQH\HV,ZRXOGKDYHNLVVHGKLV IDLUIDFHEXWP\IDWHGHFUHHVRWKHUZLVH0RUHWKDQRQHKDQGNHUFKLHI KDYH,ZHWZLWKEXUQLQJWHDUV,DPVDGDQGKHDY\DWKHDUW$QGP\RZQ IDWKHULVP\HQHP\,ZLOOQRWPDUU\WKH3ROHZKRP,GRQRWORYH 7HOOKLPWKH\DUHPDNLQJUHDG\IRUDZHGGLQJEXWWKHUHZLOOEHQR PXVLFDWRXUZHGGLQJ SULHVWVZLOOVLQJLQVWHDGRISLSHVDQGYLROV, VKDOOQRWGDQFHZLWKP\EULGHJURRP WKH\ZLOOFDUU\PHRXW'DUNGDUN ZLOOEHP\GZHOOLQJRIPDSOHZRRG DQGLQVWHDGRIFKLPQH\VDFURVV ZLOOVWDQGXSRQWKHURRI 3HWHUVWRRGSHWULILHGZLWKRXWPRYLQJIURPWKHVSRWZKHQWKHLQQRFHQW FKLOGOLVSHGRXW3LGRUND VZRUGVWRKLP$QG,ZUHWFKHGPDQKDG WKRXJKWWRJRWRWKH&ULPHDDQG7XUNH\WRZLQJROGDQGUHWXUQWR WKHHP\EHDXW\%XWLWPD\QRWEH:HKDYHEHHQRYHUORRNHGE\WKH HYLOH\H,WRRVKDOOKDYHDZHGGLQJGHDURQH EXWQRHFFOHVLDVWLFV ZLOOEHSUHVHQWDWWKDWZHGGLQJ7KHEODFNFURZLQVWHDGRIWKHSRSH ZLOOFDZRYHUPH WKHEDUHSODLQZLOOEHP\GZHOOLQJ WKHGDUNEOXH FORXGP\URRIWUHH7KHHDJOHZLOOFODZRXWP\EURZQH\HV WKHUDLQ ZLOOZDVKP\&RVVDFNERQHVDQGWKHZKLUOZLQGVGU\WKHP%XWZKDWDP ,"2IZKDWVKRXOG,FRPSODLQ" 7LVFOHDU*RGZLOOHGLWVR,I,DPWR EHORVWWKHQVREHLWDQGKHZHQWVWUDLJKWWRWKHWDYHUQ 0\ODWHJUDQGIDWKHU VDXQWZDVVRPHZKDWVXUSULVHGDWVHHLQJ3HWHUDW WKHWDYHUQDWDQKRXUZKHQJRRGPHQJRWRPRUQLQJPDVV DQGVWDUHGDW KLPDVWKRXJKLQDGUHDPZKHQKHFDOOHGIRUDMXJRIEUDQG\DERXW KDOIDSDLOIXO%XWWKHSRRUIHOORZWULHGLQYDLQWRGURZQKLVZRH
121
7KHYRGNDVWXQJKLVWRQJXHOLNHQHWWOHVDQGWDVWHGPRUHELWWHUWKDQ ZRUPZRRG+HIOXQJWKHMXJIURPKLPXSRQWKHJURXQG
122
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
123
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
124
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
125
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
126
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
127
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
128
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
129
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
130
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
131
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
132
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
133
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
134
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
135
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
136
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
137
LW,W VDWKRURXJKO\EDGMRE
138
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
139
DQG\RXPD\GHSHQGXSRQLWWKDW,VKDOOGRP\EHVW,WPD\HYHQEHDV WKHIDVKLRQJRHVWKDWWKHFROODUFDQEHIDVWHQHGE\VLOYHUKRRNV XQGHUDIODS 7KHQ$NDNL\$NDNLHYLWFKVDZWKDWLWZDVLPSRVVLEOHWRJHWDORQJ ZLWKRXWDQHZFORDNDQGKLVVSLULWVDQNXWWHUO\+RZLQIDFWZDVLW WREHGRQH":KHUHZDVWKHPRQH\WRFRPHIURP"+HPLJKWWREHVXUH GHSHQGLQSDUWXSRQKLVSUHVHQWDW&KULVWPDV EXWWKDWPRQH\KDG ORQJEHHQDOORWWHGEHIRUHKDQG+HPXVWKDYHVRPHQHZWURXVHUVDQGSD\ DGHEWRIORQJVWDQGLQJWRWKHVKRHPDNHUIRUSXWWLQJQHZWRSVWRKLV ROGERRWVDQGKHPXVWRUGHUWKUHHVKLUWVIURPWKHVHDPVWUHVVDQGD FRXSOHRISLHFHVRIOLQHQ,QVKRUWDOOKLVPRQH\PXVWEHVSHQW DQG HYHQLIWKHGLUHFWRUVKRXOGEHVRNLQGDVWRRUGHUKLPWRUHFHLYH IRUW\ILYHUXEOHVLQVWHDGRIIRUW\RUHYHQILIW\LWZRXOGEHDPHUH QRWKLQJDPHUHGURSLQWKHRFHDQWRZDUGVWKHIXQGVQHFHVVDU\IRUD FORDN DOWKRXJKKHNQHZWKDW3HWURYLWFKZDVRIWHQZURQJKHDGHGHQRXJK WREOXUWRXWVRPHRXWUDJHRXVSULFHVRWKDWHYHQKLVRZQZLIHFRXOG QRWUHIUDLQIURPH[FODLPLQJ+DYH\RXORVW\RXUVHQVHV\RXIRRO"$W RQHWLPHKHZRXOGQRWZRUNDWDQ\SULFHDQGQRZLWZDVTXLWHOLNHO\ WKDWKHKDGQDPHGDKLJKHUVXPWKDQWKHFORDNZRXOGFRVW %XWDOWKRXJKKHNQHZWKDW3HWURYLWFKZRXOGXQGHUWDNHWRPDNHDFORDN IRUHLJKW\UXEOHVVWLOOZKHUHZDVKHWRJHWWKHHLJKW\UXEOHVIURP" +HPLJKWSRVVLEO\PDQDJHKDOI\HVKDOIPLJKWEHSURFXUHGEXWZKHUH ZDVWKHRWKHUKDOIWRFRPHIURP"%XWWKHUHDGHUPXVWILUVWEHWROG ZKHUHWKHILUVWKDOIFDPHIURP$NDNL\$NDNLHYLWFKKDGDKDELWRI SXWWLQJIRUHYHU\UXEOHKHVSHQWDJURVFKHQLQWRDVPDOOER[ IDVWHQHGZLWKDORFNDQGNH\DQGZLWKDVOLWLQWKHWRSIRUWKH UHFHSWLRQRIPRQH\$WWKHHQGRIHYHU\KDOI\HDUKHFRXQWHGRYHUWKH KHDSRIFRSSHUVDQGFKDQJHGLWIRUVLOYHU7KLVKHKDGGRQHIRUD ORQJWLPHDQGLQWKHFRXUVHRI\HDUVWKHVXPKDGPRXQWHGXSWRRYHU IRUW\UXEOHV7KXVKHKDGRQHKDOIRQKDQG EXWZKHUHZDVKHWRILQG WKHRWKHUKDOI"ZKHUHZDVKHWRJHWDQRWKHUIRUW\UXEOHVIURP"$NDNL\ $NDNLHYLWFKWKRXJKWDQGWKRXJKWDQGGHFLGHGWKDWLWZRXOGEH QHFHVVDU\WRFXUWDLOKLVRUGLQDU\H[SHQVHVIRUWKHVSDFHRIRQH\HDU DWOHDVWWRGLVSHQVHZLWKWHDLQWKHHYHQLQJ WREXUQQRFDQGOHV DQGLIWKHUHZDVDQ\WKLQJZKLFKKHPXVWGRWRJRLQWRKLVODQGODG\ V URRPDQGZRUNE\KHUOLJKW:KHQKHZHQWLQWRWKHVWUHHWKHPXVW ZDONDVOLJKWO\DVKHFRXOGDQGDVFDXWLRXVO\XSRQWKHVWRQHV DOPRVWXSRQWLSWRHLQRUGHUQRWWRZHDUKLVKHHOVGRZQLQWRRVKRUWD WLPH KHPXVWJLYHWKHODXQGUHVVDVOLWWOHWRZDVKDVSRVVLEOH DQG LQRUGHUQRWWRZHDURXWKLVFORWKHVKHPXVWWDNHWKHPRIIDVVRRQ DVKHJRWKRPHDQGZHDURQO\KLVFRWWRQGUHVVLQJJRZQZKLFKKDGEHHQ ORQJDQGFDUHIXOO\VDYHG
140
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
141
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
142
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
143
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
144
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
145
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
146
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
147
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
148
\RX" 2WKHUZLVHKHZDVDYHU\NLQGKHDUWHGPDQJRRGWRKLVFRPUDGHVDQG UHDG\WRREOLJH EXWWKHUDQNRIJHQHUDOWKUHZKLPFRPSOHWHO\RIIKLV EDODQFH2QUHFHLYLQJDQ\RQHRIWKDWUDQNKHEHFDPHFRQIXVHGORVW KLVZD\DVLWZHUHDQGQHYHUNQHZZKDWWRGR,IKHFKDQFHGWREH DPRQJVWKLVHTXDOVKHZDVVWLOODYHU\QLFHNLQGRIPDQDYHU\JRRG IHOORZLQPDQ\UHVSHFWVDQGQRWVWXSLG EXWWKHYHU\PRPHQWWKDWKH IRXQGKLPVHOILQWKHVRFLHW\RISHRSOHEXWRQHUDQNORZHUWKDQKLPVHOI KHEHFDPHVLOHQW DQGKLVVLWXDWLRQDURXVHGV\PSDWK\WKHPRUHVRDV KHIHOWKLPVHOIWKDWKHPLJKWKDYHEHHQPDNLQJDQLQFRPSDUDEO\EHWWHU XVHRIKLVWLPH,QKLVH\HVWKHUHZDVVRPHWLPHVYLVLEOHDGHVLUHWR MRLQVRPHLQWHUHVWLQJFRQYHUVDWLRQRUJURXS EXWKHZDVNHSWEDFNE\ WKHWKRXJKW:RXOGLWQRWEHDYHU\JUHDWFRQGHVFHQVLRQRQKLVSDUW" :RXOGLWQRWEHIDPLOLDU"DQGZRXOGKHQRWWKHUHE\ORVHKLV LPSRUWDQFH"$QGLQFRQVHTXHQFHRIVXFKUHIOHFWLRQVKHDOZD\VUHPDLQHG LQWKHVDPHGXPEVWDWHXWWHULQJIURPWLPHWRWLPHDIHZPRQRV\OODELF VRXQGVDQGWKHUHE\HDUQLQJWKHQDPHRIWKHPRVWZHDULVRPHRIPHQ 7RWKLVSURPLQHQWSHUVRQDJH$NDNL\$NDNLHYLWFKSUHVHQWHGKLPVHOIDQG WKLVDWWKHPRVWXQIDYRXUDEOHWLPHIRUKLPVHOIWKRXJKRSSRUWXQHIRU WKHSURPLQHQWSHUVRQDJH7KHSURPLQHQWSHUVRQDJHZDVLQKLVFDELQHW FRQYHUVLQJJDLO\ZLWKDQROGDFTXDLQWDQFHDQGFRPSDQLRQRIKLV FKLOGKRRGZKRPKHKDGQRWVHHQIRUVHYHUDO\HDUVDQGZKRKDGMXVW DUULYHGZKHQLWZDVDQQRXQFHGWRKLPWKDWDSHUVRQQDPHG%DVKPDWFKNLQ KDGFRPH+HDVNHGDEUXSWO\:KRLVKH"6RPHRIILFLDOKHZDV LQIRUPHG$KKHFDQZDLWWKLVLVQRWLPHIRUKLPWRFDOOVDLGWKH LPSRUWDQWPDQ ,WPXVWEHUHPDUNHGKHUHWKDWWKHLPSRUWDQWPDQOLHGRXWUDJHRXVO\ KH KDGVDLGDOOKHKDGWRVD\WRKLVIULHQGORQJEHIRUH DQGWKH FRQYHUVDWLRQKDGEHHQLQWHUVSHUVHGIRUVRPHWLPHZLWKYHU\ORQJ SDXVHVGXULQJZKLFKWKH\PHUHO\VODSSHGHDFKRWKHURQWKHOHJDQG VDLG
149
VHHPH7HOOKLPWKDWKHPD\FRPHLQ2QSHUFHLYLQJ$NDNL\ $NDNLHYLWFK VPRGHVWPLHQDQGKLVZRUQXQGUHVVXQLIRUPKHWXUQHG DEUXSWO\WRKLPDQGVDLG:KDWGR\RXZDQW"LQDFXUWKDUGYRLFH ZKLFKKHKDGSUDFWLVHGLQKLVURRPLQSULYDWHDQGEHIRUHWKH ORRNLQJJODVVIRUDZKROHZHHNEHIRUHEHLQJUDLVHGWRKLVSUHVHQW UDQN $NDNL\$NDNLHYLWFKZKRZDVDOUHDG\LPEXHGZLWKDGXHDPRXQWRIIHDU EHFDPHVRPHZKDWFRQIXVHG DQGDVZHOODVKLVWRQJXHZRXOGSHUPLW H[SODLQHGZLWKDUDWKHUPRUHIUHTXHQWDGGLWLRQWKDQXVXDORIWKHZRUG WKDWWKDWKLVFORDNZDVTXLWHQHZDQGKDGEHHQVWROHQLQWKHPRVW LQKXPDQPDQQHU WKDWKHKDGDSSOLHGWRKLPLQRUGHUWKDWKHPLJKWLQ VRPHZD\E\KLVLQWHUPHGLDWLRQWKDWKHPLJKWHQWHULQWR FRUUHVSRQGHQFHZLWKWKHFKLHIRISROLFHDQGILQGWKHFORDN )RUVRPHLQH[SOLFDEOHUHDVRQWKLVFRQGXFWVHHPHGIDPLOLDUWRWKH SURPLQHQWSHUVRQDJH:KDWP\GHDUVLUKHVDLGDEUXSWO\DUH\RX QRWDFTXDLQWHGZLWKHWLTXHWWH":KHUHKDYH\RXFRPHIURP"'RQ W\RX NQRZKRZVXFKPDWWHUVDUHPDQDJHG"
150
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
151
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
152
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
153
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
154
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
155
FRPHIURPEHKLQGDKRXVH%XWEHLQJUDWKHUZHDNRIERG\KHGDUHGQRW DUUHVWKLPEXWIROORZHGKLPLQWKHGDUNXQWLODWOHQJWKWKH DSSDULWLRQORRNHGURXQGSDXVHGDQGLQTXLUHG:KDWGR\RXZDQW"DW WKHVDPHWLPHVKRZLQJDILVWVXFKDVLVQHYHUVHHQRQOLYLQJPHQ7KH ZDWFKPDQVDLG,W VRIQRFRQVHTXHQFHDQGWXUQHGEDFNLQVWDQWO\ %XWWKHDSSDULWLRQZDVPXFKWRRWDOOZRUHKXJHPRXVWDFKHVDQG GLUHFWLQJLWVVWHSVDSSDUHQWO\WRZDUGVWKH2EXNKRIIEULGJH GLVDSSHDUHGLQWKHGDUNQHVVRIWKHQLJKW
+2:7+(7:2,9$1648$55(//('
&+$37(5, ,9$1,9$129,7&+$1',9$11,.,)2529,7&+ $ILQHSHOLVVHKDV,YDQ,YDQRYLWFKVSOHQGLG$QGZKDWODPEVNLQGHXFH WDNHLWZKDWODPEVNLQEOXHEODFNZLWKVLOYHUOLJKWV, OOIRUIHLW, NQRZQRWZKDWLI\RXILQGDQ\RQHHOVHRZQLQJVXFKDRQH/RRNDWLW IRUKHDYHQ VVDNHHVSHFLDOO\ZKHQKHVWDQGVWDONLQJZLWKDQ\RQH ORRNDWKLPVLGHZD\V ZKDWDSOHDVXUHLWLV7RGHVFULEHLWLV LPSRVVLEOH YHOYHWVLOYHUILUH1LNRODLWKH:RQGHUZRUNHUVDLQWRI *RGZK\KDYH,QRWVXFKDSHOLVVH"+HKDGLWPDGHEHIRUH$JDI\D )HGRV\HYQDZHQWWR.LHI
156
EDOFRQ\LQKLVVKLUWVOHHYHVKHRUGHUV*DSNDWREULQJWZRPHORQV DQGLPPHGLDWHO\FXWVWKHPKLPVHOIFROOHFWVWKHVHHGVLQDSDSHUDQG EHJLQVWRHDW7KHQKHRUGHUV*DSNDWRIHWFKWKHLQNERWWOHDQGZLWK KLVRZQKDQGZULWHVWKLVLQVFULSWLRQRQWKHSDSHURIVHHGV 7KHVH PHORQVZHUHHDWHQRQVXFKDQGVXFKDGDWH,IWKHUHZDVDJXHVW SUHVHQWWKHQLWUHDGV6XFKDQGVXFKDSHUVRQDVVLVWHG 7KHODWHMXGJHRI0LUJRURGDOZD\VJD]HGDW,YDQ,YDQRYLWFK VKRXVH ZLWKSOHDVXUH7KHOLWWOHKRXVHLVYHU\SUHWW\,WSOHDVHVPHEHFDXVH VKHGVDQGRWKHUOLWWOHDGGLWLRQVDUHEXLOWRQWRLWRQDOOVLGHV VR WKDWORRNLQJDWLWIURPDGLVWDQFHRQO\URRIVDUHYLVLEOHULVLQJ RQHDERYHDQRWKHUDQGJUHDWO\UHVHPEOLQJDSODWHIXOORISDQFDNHV RUEHWWHUVWLOOIXQJLJURZLQJRQWKHWUXQNRIDWUHH0RUHRYHUWKH URRILVDOORYHUJURZQZLWKZHHGV DZLOORZDQRDNDQGWZR DSSOHWUHHVOHDQWKHLUVSUHDGLQJEUDQFKHVDJDLQVWLW7KURXJKWKH WUHHVSHHSOLWWOHZLQGRZVZLWKFDUYHGDQGZKLWHZDVKHGVKXWWHUVZKLFK SURMHFWHYHQLQWRWKHVWUHHW $YHU\ILQHPDQ,YDQ,YDQRYLWFK7KHFRPPLVVLRQHURI3ROWDYDNQRZV KLPWRR'RURVK7DUDVRYLWFK3XNKLYRWFKNDZKHQKHOHDYHV.KRUROD DOZD\VJRHVWRKLVKRXVH$QGZKHQ)DWKHU3HWHUWKH3URWRSRSHZKR OLYHVDW.ROLEHUGDVLQYLWHVDIHZJXHVWVKHDOZD\VVD\VWKDWKH NQRZVRIQRRQHZKRVRZHOOIXOILOVDOOKLV&KULVWLDQGXWLHVDQG XQGHUVWDQGVVRZHOOKRZWROLYHDV,YDQ,YDQRYLWFK +RZWLPHIOLHV0RUHWKDQWHQ\HDUVKDYHDOUHDG\SDVVHGVLQFHKH EHFDPHDZLGRZHU+HQHYHUKDGDQ\FKLOGUHQ*DSNDKDVFKLOGUHQDQG WKH\UXQDERXWWKHFRXUW\DUG,YDQ,YDQRYLWFKDOZD\VJLYHVHDFKRI WKHPDFDNHRUDVOLFHRIPHORQRUDSHDU *DSNDFDUULHVWKHNH\VRIWKHVWRUHURRPVDQGFHOODUV EXWWKHNH\RI WKHODUJHFKHVWZKLFKVWDQGVLQKLVEHGURRPDQGWKDWRIWKHFHQWUH VWRUHURRP,YDQ,YDQRYLWFKNHHSVKLPVHOI *DSNDLVDKHDOWK\JLUO ZLWKUXGG\FKHHNVDQGFDOYHVDQGJRHVDERXWLQFRDUVHFORWKJDUPHQWV $QGZKDWDSLRXVPDQLV,YDQ,YDQRYLWFK(YHU\6XQGD\KHGRQVKLV SHOLVVHDQGJRHVWRFKXUFK2QHQWHULQJKHERZVRQDOOVLGHV JHQHUDOO\VWDWLRQVKLPVHOILQWKHFKRLUDQGVLQJVDYHU\JRRGEDVV :KHQWKHVHUYLFHLVRYHU,YDQ,YDQRYLWFKFDQQRWUHIUDLQIURPSDVVLQJ WKHSRRUSHRSOHLQUHYLHZ+HSUREDEO\ZRXOGQRWKDYHFDUHGWR XQGHUWDNHWKLVWLUHVRPHZRUNLIKLVQDWXUDOJRRGQHVVKDGQRWXUJHGKLP WRLW*RRGGD\EHJJDUKHJHQHUDOO\VDLGVHOHFWLQJWKHPRVW FULSSOHGROGZRPDQLQWKHPRVWSDWFKHGDQGWKUHDGEDUHJDUPHQWV :KHQFHFRPH\RXP\SRRUZRPDQ"
157
,FRPHIURPWKHIDUPVLU 7LVWZRGD\VVLQFH,KDYHHDWHQRUGUXQN P\RZQFKLOGUHQGURYHPHRXW 3RRUVRXOZK\GLG\RXFRPHKLWKHU" 7REHJDOPVVLUWRVHHZKHWKHUVRPHRQHZLOOQRWJLYHPHDWOHDVW HQRXJKIRUEUHDG +PVR\RXZDQWEUHDG",YDQ,YDQRYLWFKJHQHUDOO\LQTXLUHG +RZVKRXOGLWEHRWKHUZLVH",DPDVKXQJU\DVDGRJ +PUHSOLHG,YDQ,YDQRYLWFKXVXDOO\DQGSHUKDSV\RXZRXOGOLNH EXWWHUWRR"
158
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
159
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
&+$37(5,, )520:+,&+0$<%(6((1:+(1&($526(7+(',6&866,21%(7:((1 ,9$1,9$129,7&+$1',9$11,.,)2529,7&+ 2QHPRUQLQJLWZDVLQ-XO\,YDQ,YDQRYLWFKZDVO\LQJRQKLVEDOFRQ\ 7KHGD\ZDVZDUP WKHDLUZDVGU\DQGFDPHLQJXVWV,YDQ,YDQRYLWFK KDGEHHQWRWRZQWRWKHPRZHU VDQGDWWKHIDUPDQGKDGVXFFHHGHG LQDVNLQJDOOWKHPX]KLNVDQGZRPHQZKRPKHPHWDOOPDQQHURI TXHVWLRQV+HZDVIHDUIXOO\WLUHGDQGKDGODLGGRZQWRUHVW$VKHOD\ WKHUHKHORRNHGDWWKHVWRUHKRXVHWKHFRXUW\DUGWKHVKHGVWKH FKLFNHQVUXQQLQJDERXWDQGWKRXJKWWRKLPVHOI+HDYHQV:KDWD ZHOOWRGRPDQ,DP:KDWLVWKHUHWKDW,KDYHQRW"%LUGVEXLOGLQJV JUDQDULHVHYHU\WKLQJ,WDNHDIDQF\WR JHQXLQHGLVWLOOHGYRGND SHDUVDQGSOXPVLQWKHRUFKDUG SRSSLHVFDEEDJHVSHDVLQWKHJDUGHQ ZKDWLVWKHUHWKDW,KDYHQRW",VKRXOGOLNHWRNQRZZKDWWKHUHLV
160
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
161
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
162
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
163
1RWDWDOO
164
$VLOHQFHHQVXHG 6R\RXDUHKDYLQJ\RXUFORWKHVDLUHG,YDQ1LNLIRURYLWFK"VDLG,YDQ ,YDQRYLWFKDWOHQJWK
165
DUWLFOH ,QGLVSHQVDEOHIRUZKDW" )RUZKDW":KDWLIUREEHUVVKRXOGDWWDFNWKHKRXVH" ,QGLVSHQVDEOHLQGHHG*ORU\WR*RG,NQRZWKDWDJXQVWDQGVLQP\ VWRUHKRXVH $ILQHJXQWKDW:K\,YDQ1LNLIRURYLWFKWKHORFNLVUXLQHG :KDWGR\RXPHDQE\UXLQHG",WFDQEHVHWULJKW DOOWKDWQHHGVWREH GRQHLVWRUXELWZLWKKHPSRLOVRWKDWLWPD\QRWUXVW ,VHHLQ\RXUZRUGV,YDQ1LNLIRURYLWFKDQ\WKLQJEXWDIULHQGO\ GLVSRVLWLRQWRZDUGVPH
166
:K\"
VD\VKH GR\RXDGRSWWKHIDLWKRI&KULVW 2KRXUSHRSOHZLOOEHDWWKHP,YDQ,YDQRYLWFK 7KH\ZLOO6R\RXZRQ WH[FKDQJHWKHJXQ,YDQ1LNLIRURYLWFK" ,W VDVWUDQJHWKLQJWRPH,YDQ,YDQRYLWFKWKDW\RXZKRVHHPWREH DPDQGLVWLQJXLVKHGIRUVHQVHVKRXOGWDONVXFKQRQVHQVH:KDWDIRRO ,VKRXOGEH 6LWGRZQVLWGRZQ*RGEHZLWKLWOHWLWEXUVW,ZRQ WPHQWLRQLW DJDLQ $WWKLVPRPHQWOXQFKZDVEURXJKWLQ
167
,YDQ,YDQRYLWFKGUDQNDJODVVDQGDWHDSLHZLWKVRXUFUHDP/LVWHQ ,YDQ1LNLIRURYLWFK ,ZLOOJLYH\RXEHVLGHVWKHVRZWZRVDFNVRI RDWV
168
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
169
WKHPLGGOHRIWKHURRP WKHZRPDQZLWKKHUPRXWKZLGHRSHQDQGD VHQVHOHVVWHUULILHGORRNRQKHUIDFHDQG,YDQ,YDQRYLWFKZLWK XSOLIWHGKDQGDVWKH5RPDQWULEXQHVDUHGHSLFWHG7KLVZDVD PDJQLILFHQWVSHFWDFOH DQG\HWWKHUHZDVEXWRQHVSHFWDWRU WKHER\LQ WKHDPSOHFRDWZKRVWRRGTXLWHTXLHWO\DQGSLFNHGKLVQRVHZLWKKLV ILQJHU )LQDOO\,YDQ,YDQRYLWFKWRRNKLVKDW
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
170
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
171
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
172
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
173
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
174
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
175
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
176
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
177
GUDLQ,KDYHSUHVVLQJEXVLQHVVZLWK\RX ,ZDQWWRHQWHUD FRPSODLQW 7KHQ,YDQ,YDQRYLWFKVHWGRZQKLVFXSDQGGUHZIURPKLVSRFNHWD VKHHWRIVWDPSHGSDSHUZULWWHQRYHU$FRPSODLQWDJDLQVWP\HQHP\ P\GHFODUHGHQHP\ $QGZKRLVWKDW" ,YDQ1LNLIRURYLWFK'RYJRWFKNXQ $WWKHVHZRUGVWKHMXGJHQHDUO\IHOORIIKLVFKDLU:KDWGR\RX VD\"KHH[FODLPHGFODVSLQJKLVKDQGV ,YDQ,YDQRYLWFKLVWKLV \RX"
178
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
179
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
180
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
181
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
182
,YDQ'RYJRWFKNXQVRQRI1LNLIRUQREOHPDQRIWKH0LUJRURG'LVWULFW SUHVHQWVDSODLQWDQGEHJVWRFDOODWWHQWLRQWRWKHIROORZLQJ SRLQWV 7KURXJKKLVKDWHIXOPDOLFHDQGSODLQO\PDQLIHVWHGLOOZLOOWKH SHUVRQFDOOLQJKLPVHOIDQREOHPDQ,YDQ3HUHUHSHQNRVRQRI,YDQ SHUSHWUDWHVDJDLQVWPHHYHU\PDQQHURILQMXU\GDPDJHDQGOLNH VSLWHIXOGHHGVZKLFKLQVSLUHPHZLWKWHUURU
183
$VVRRQDVWKHVHFUHWDU\KDGILQLVKHGUHDGLQJ,YDQ1LNLIRURYLWFK VHL]HGKLVKDWDQGERZHGZLWKWKHLQWHQWLRQRIGHSDUWLQJ :KHUHDUH\RXJRLQJ,YDQ1LNLIRURYLWFK"WKHMXGJHFDOOHGDIWHUKLP 6LWGRZQDOLWWOHZKLOH+DYHVRPHWHD2ULVKNRZK\DUH\RXVWDQGLQJ WKHUH\RXVWXSLGJLUOZLQNLQJDWWKHFOHUNV"*REULQJWHD %XW,YDQ1LNLIRURYLWFKLQWHUURUDWKDYLQJJRWVRIDUIURPKRPHDQG DWKDYLQJXQGHUJRQHVXFKDIHDUIXOTXDUDQWLQHPDGHKDVWHWRFUDZO WKURXJKWKHGRRUVD\LQJ'RQ WWURXEOH\RXUVHOI,WLVZLWKSOHDVXUH WKDW,DQGFORVHGLWDIWHUKLPOHDYLQJDOOSUHVHQWVWXSHILHG 7KHUHZDVQRWKLQJWREHGRQH%RWKSODLQWVZHUHHQWHUHG DQGWKH DIIDLUSURPLVHGWRDVVXPHDVXIILFLHQWO\VHULRXVDVSHFWZKHQDQ XQIRUHVHHQRFFXUUHQFHOHQWDQDGGHGLQWHUHVWWRLW$VWKHMXGJHZDV OHDYLQJWKHFRXUWLQFRPSDQ\ZLWKWKHFOHUNDQGVHFUHWDU\DQGWKH HPSOR\HHVZHUHWKUXVWLQJLQWRVDFNVWKHIRZOVHJJVORDYHVSLHV FUDFNQHOVDQGRWKHURGGVDQGHQGVEURXJKWE\WKHSODLQWLIIVMXVWDW WKDWPRPHQWDEURZQVRZUXVKHGLQWRWKHURRPDQGVQDWFKHGWRWKH DPD]HPHQWRIWKHVSHFWDWRUVQHLWKHUDSLHQRUDFUXVWRIEUHDGEXW ,YDQ1LNLIRURYLWFK VSODLQWZKLFKOD\DWWKHHQGRIWKHWDEOHZLWK LWVOHDYHVKDQJLQJRYHU+DYLQJVHL]HGWKHGRFXPHQWPLVWUHVVVRZUDQ RIIVREULVNO\WKDWQRWRQHRIWKHFOHUNVRURIILFLDOVFRXOGFDWFK KHULQVSLWHRIWKHUXOHUVDQGLQNERWWOHVWKH\KXUOHGDIWHUKHU 7KLVH[WUDRUGLQDU\RFFXUUHQFHSURGXFHGDWHUULEOHPXGGOHIRUWKHUH KDGQRWHYHQEHHQDFRS\WDNHQRIWKHSODLQW7KHMXGJHWKDWLVWR VD\KLVVHFUHWDU\DQGWKHDVVLVWDQWGHEDWHGIRUDORQJWLPHXSRQVXFK DQXQKHDUGRIDIIDLU)LQDOO\LWZDVGHFLGHGWRZULWHDUHSRUWRIWKH PDWWHUWRWKHJRYHUQRUDVWKHLQYHVWLJDWLRQRIWKHPDWWHUSHUWDLQHG PRUHWRWKHGHSDUWPHQWRIWKHFLW\SROLFH5HSRUW1R ZDV GHVSDWFKHGWRKLPWKDWVDPHGD\ DQGDOVRXSRQWKDWGD\WKHUHFDPHWR OLJKWDVXIILFLHQWO\FXULRXVH[SODQDWLRQZKLFKWKHUHDGHUPD\OHDUQ IURPWKHIROORZLQJFKDSWHU
&+$37(59 ,1:+,&+$5('(7$,/('7+('(/,%(5$7,2162)7:2 ,03257$173(5621$*(62)0,5*252' $VVRRQDV,YDQ,YDQRYLWFKKDGDUUDQJHGKLVGRPHVWLFDIIDLUVDQG
184
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
185
QHYHULQDOOP\GD\VKDYH,PDGHVXFKDPDUFK
186
WKHGRRU" %XW,YDQ,YDQRYLWFK\RXURZQEURZQVRZ
187
$JUHHG(YHU\ERG\NQRZVWKDW\RXDUHDOHDUQHGPDQWKDW\RXDUH DFTXDLQWHGZLWKVFLHQFHVDQGYDULRXVRWKHUVXEMHFWV,QHYHUVWXGLHG WKHVFLHQFHV ,EHJDQWROHDUQWRZULWHLQP\WKLUWHHQWK\HDU2I FRXUVH\RXNQRZWKDW,ZDVDVROGLHULQWKHUDQNV +PVDLG,YDQ,YDQRYLWFK
188
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
189
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
190
MXGJPHQWLQDFFRUGDQFHZLWKMXVWLFHDQGP\DGYDQWDJHSURQRXQFHGXSRQ KHUWKHQ,,YDQ'RYJRWFKNXQVRQRI1LNLIRUVKDOOSUHVHQWDSODLQW ZLWKREVHUYDQFHRIDOOGXHIRUPDOLWLHVDJDLQVWWKHVDLGGLVWULFW MXGJHIRUKLVLOOHJDOSDUWLVDQVKLSWRWKHVXSHULRUFRXUWV ,YDQ'RYJRWFKNXQVRQRI1LNLIRUQREOHRIWKH0LUJRURG'LVWULFW 7KLVSHWLWLRQSURGXFHGLWVHIIHFW7KHMXGJHZDVDPDQRIWLPLG GLVSRVLWLRQDVDOOJRRGSHRSOHJHQHUDOO\DUH+HEHWRRNKLPVHOIWR WKHVHFUHWDU\%XWWKHVHFUHWDU\HPLWWHGIURPKLVOLSVDWKLFN+P DQGH[KLELWHGRQKLVFRXQWHQDQFHWKDWLQGLIIHUHQWDQGGLDEROLFDOO\ HTXLYRFDOH[SUHVVLRQZKLFK6DWDQDORQHDVVXPHVZKHQKHVHHVKLVYLFWLP KDVWHQLQJWRKLVIHHW2QHUHVRXUFHUHPDLQHGWRKLPWRUHFRQFLOHWKH WZRIULHQGV%XWKRZWRVHWDERXWLWZKHQDOODWWHPSWVXSWRWKDW WLPHKDGEHHQVRXQVXFFHVVIXO"1HYHUWKHOHVVLWZDVGHFLGHGWRPDNH DQRWKHUHIIRUW EXW,YDQ,YDQRYLWFKGHFODUHGRXWULJKWWKDWKHZRXOG QRWKHDURILWDQGHYHQIOHZLQWRDYLROHQWSDVVLRQ ZKLOVW,YDQ 1LNLIRURYLWFKLQOLHXRIDQDQVZHUWXUQHGKLVEDFNDQGZRXOGQRW XWWHUDZRUG 7KHQWKHFDVHZHQWRQZLWKWKHXQXVXDOSURPSWQHVVXSRQZKLFKFRXUWV XVXDOO\SULGHWKHPVHOYHV'RFXPHQWVZHUHGDWHGODEHOOHGQXPEHUHG VHZHGWRJHWKHUUHJLVWHUHGDOOLQRQHGD\DQGWKHPDWWHUODLGRQWKH VKHOIZKHUHLWFRQWLQXHGWROLHIRURQHWZRRUWKUHH\HDUV0DQ\ EULGHVZHUHPDUULHG DQHZVWUHHWZDVODLGRXWLQ0LUJRURG RQHRIWKH MXGJH VGRXEOHWHHWKIHOORXWDQGWZRRIKLVH\HWHHWK PRUHFKLOGUHQ WKDQHYHUUDQDERXW,YDQ,YDQRYLWFK V\DUG ,YDQ1LNLIRURYLWFKDVD UHSURRIWR,YDQ,YDQRYLWFKFRQVWUXFWHGDQHZJRRVHVKHGDOWKRXJKD OLWWOHIDUWKHUEDFNWKDQWKHILUVWDQGEXLOWKLPVHOIFRPSOHWHO\RII IURPKLVQHLJKERXUVRWKDWWKHVHZRUWK\SHRSOHKDUGO\HYHUEHKHOG HDFKRWKHU VIDFHV EXWVWLOOWKHFDVHOD\LQWKHFDELQHWZKLFKKDG EHFRPHPDUEOHGZLWKLQNSRWV ,QWKHPHDQWLPHDYHU\LPSRUWDQWHYHQWIRUDOO0LUJRURGKDGWDNHQ SODFH7KHFKLHIRISROLFHKDGJLYHQDUHFHSWLRQ:KHQFHVKDOO, REWDLQWKHEUXVKDQGFRORXUVWRGHSLFWWKLVYDULHGJDWKHULQJDQG PDJQLILFHQWIHDVW"7DNH\RXUZDWFKRSHQLWDQGORRNZKDWLVJRLQJRQ LQVLGH$IHDUIXOFRQIXVLRQLVLWQRW"1RZLPDJLQHDOPRVWWKHVDPH LIQRWDJUHDWHUQXPEHURIZKHHOVVWDQGLQJLQWKHFKLHIRISROLFH V FRXUW\DUG+RZPDQ\FDUULDJHVDQGZDJJRQVZHUHWKHUH2QHZDVZLGH EHKLQGDQGQDUURZLQIURQW DQRWKHUQDUURZEHKLQGDQGZLGHLQIURQW 2QHZDVDFDUULDJHDQGDZDJJRQFRPELQHG DQRWKHUQHLWKHUDFDUULDJH QRUDZDJJRQ2QHUHVHPEOHGDKXJHKD\ULFNRUDIDWPHUFKDQW VZLIH DQRWKHUDGLODSLGDWHG-HZRUDVNHOHWRQQRWTXLWHIUHHGIURPWKHVNLQ
191
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
192
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
193
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
&+$37(59,, +2:$5(&21&,/,$7,21:$6628*+772%(())(&7(' $1'$/$:68,7(168(' $KKRZGR\RXGR":K\GR\RXLUULWDWHWKHGRJV"VDLG,YDQ
194
1LNLIRURYLWFKRQSHUFHLYLQJ$QWRQ3URNRILHYLWFK IRUQRRQHVSRNH RWKHUZLVHWKDQMHVWLQJO\ZLWK$QWRQ3URNRILHYLWFK +DQJWKHPZKR VEHHQLUULWDWLQJWKHP"UHWRUWHG$QWRQ3URNRILHYLWFK
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
195
,YDQ1LNLIRURYLWFKWRRNDSLQFKRIVQXII -XVWDV\RXOLNH,YDQ1LNLIRURYLWFK,GRQRWNQRZZKDWGHWDLQV \RX :K\GRQ W,JR"VDLG,YDQ1LNLIRURYLWFKDWOHQJWK EHFDXVHWKDW EULJDQGZLOOEHWKHUH7KLVZDVKLVRUGLQDU\ZD\RIDOOXGLQJWR,YDQ ,YDQRYLWFK-XVW*RGDQGLVLWORQJ" +HZLOOQRWEHWKHUHKHZLOOQRWEHWKHUH0D\WKHOLJKWQLQJNLOOPH RQWKHVSRWUHWXUQHG$QWRQ3URNRILHYLWFKZKRZDVUHDG\WRSHUMXUH KLPVHOIWHQWLPHVLQDQKRXU&RPHDORQJ,YDQ1LNLIRURYLWFK
196
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
197
$WWKHYHU\VDPHLQVWDQW,YDQ1LNLIRURYLWFKJODQFHGXSDOVR1R, FDQGRQRPRUH*LYHPHDIUHVKSHQZLWKDILQHSRLQWIRUWKLV SLFWXUHPLQHLVIODEE\7KHLUIDFHVVHHPHGWRWXUQWRVWRQHZKLOVW VWLOOUHWDLQLQJWKHLUGHILDQWH[SUHVVLRQ(DFKEHKHOGDORQJIDPLOLDU IDFHWRZKLFKLWVKRXOGKDYHVHHPHGWKHPRVWQDWXUDORIWKLQJVWR VWHSXSLQYROXQWDULO\DVWRDQXQH[SHFWHGIULHQGDQGRIIHUD VQXIIER[ZLWKWKHZRUGV'RPHWKHIDYRXURU'DUH,EHJ\RXWR GRPHWKHIDYRXU",QVWHDGRIWKLVWKDWIDFHZDVWHUULEOHDVD IRUHUXQQHURIHYLO7KHSHUVSLUDWLRQSRXUHGLQVWUHDPVIURP,YDQ ,YDQRYLWFKDQG,YDQ1LNLIRURYLWFK $OOWKHJXHVWVDWWKHWDEOHJUHZGXPEZLWKDWWHQWLRQDQGQHYHURQFH WRRNWKHLUH\HVRIIWKHIRUPHUIULHQGV7KHODGLHVZKRKDGEHHQEXV\ XSWRWKDWWLPHRQDVXIILFLHQWO\LQWHUHVWLQJGLVFXVVLRQDVWRWKH SUHSDUDWLRQRIFDSRQVVXGGHQO\FXWWKHLUFRQYHUVDWLRQVKRUW$OOZDV VLOHQFH,WZDVDSLFWXUHZRUWK\RIWKHEUXVKRIDJUHDWDUWLVW $WOHQJWK,YDQ,YDQRYLWFKSXOOHGRXWKLVKDQGNHUFKLHIDQGEHJDQWR EORZKLVQRVH ZKLOVW,YDQ1LNLIRURYLWFKJODQFHGDERXWDQGKLVH\H UHVWHGRQWKHRSHQGRRU7KHFKLHIRISROLFHDWRQFHSHUFHLYHGWKLV PRYHPHQWDQGRUGHUHGWKHGRRUWREHIDVWHQHG7KHQERWKRIWKH IULHQGVEHJDQWRHDWDQGQHYHURQFHJODQFHGDWHDFKRWKHUDJDLQ $VVRRQDVGLQQHUZDVRYHUWKHWZRIRUPHUIULHQGVERWKURVHIURP WKHLUVHDWVDQGEHJDQWRORRNIRUWKHLUKDWVZLWKDYLHZWR GHSDUWXUH7KHQWKHFKLHIEHFNRQHG DQG,YDQ,YDQRYLWFKQRWRXU,YDQ ,YDQRYLWFKEXWWKHRWKHUZLWKWKHRQHH\HJRWEHKLQG,YDQ 1LNLIRURYLWFKDQGWKHFKLHIVWHSSHGEHKLQG,YDQ,YDQRYLWFKDQGWKH WZREHJDQWRGUDJWKHPEDFNZDUGVLQRUGHUWREULQJWKHPWRJHWKHUDQG QRWUHOHDVHWKHPWLOOWKH\KDGVKDNHQKDQGVZLWKHDFKRWKHU,YDQ ,YDQRYLWFKWKHRQHH\HGSXVKHG,YDQ1LNLIRURYLWFKZLWKWROHUDEOH VXFFHVVWRZDUGVWKHVSRWZKHUHVWRRG,YDQ,YDQRYLWFK%XWWKHFKLHI RISROLFHGLUHFWHGKLVFRXUVHWRRPXFKWRRQHVLGHEHFDXVHKHFRXOG QRWVWHHUKLPVHOIZLWKKLVUHIUDFWRU\OHJZKLFKREH\HGQRRUGHUV ZKDWHYHURQWKLVRFFDVLRQDQGDVLIZLWKPDOLFHDQGDIRUHWKRXJKW VZXQJLWVHOIXQFRPPRQO\IDUDQGLQTXLWHWKHFRQWUDU\GLUHFWLRQ SRVVLEO\IURPWKHIDFWWKDWWKHUHKDGEHHQDQXQXVXDODPRXQWRIIUXLW ZLQHDIWHUGLQQHUVRWKDW,YDQ,YDQRYLWFKIHOORYHUDODG\LQDUHG JRZQZKRKDGWKUXVWKHUVHOILQWRWKHYHU\PLGVWRXWRIFXULRVLW\ 6XFKDQRPHQIRUERGHGQRJRRG1HYHUWKHOHVVWKHMXGJHLQRUGHUWR VHWWKLQJVWRULJKWVWRRNWKHFKLHIRISROLFH VSODFHDQGVZHHSLQJ DOOWKHVQXIIIURPKLVXSSHUOLSZLWKKLVQRVHSXVKHG,YDQ,YDQRYLWFK
198
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
JRRVH ,WRFFXUUHGWR,YDQ1LNLIRURYLWFKWKDWKHKDGPDGHDPLVWDNHLQ XWWHULQJWKDWZRUG EXWLWZDVWRRODWH WKHZRUGZDVVDLG(YHU\WKLQJ ZHQWWRWKHZLQGV,WRQWKHXWWHUDQFHRIWKLVZRUGZLWKRXW ZLWQHVVHV,YDQ,YDQRYLWFKORVWFRQWURORIKLPVHOIDQGIOHZLQWRVXFK
199
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
200
DOPRVWHPSW\ WKHUHZHUHYHU\IHZSHRSOH LWZDVHYLGHQWWKDWHYHQWKH PRVWSLRXVIHDUHGWKHPXG7KHFDQGOHVVHHPHGVWUDQJHO\XQSOHDVDQWLQ WKDWJORRP\RUUDWKHUVLFNO\OLJKW7KHGLPYHVWLEXOHZDV PHODQFKRO\ WKHORQJZLQGRZVZLWKWKHLUFLUFXODUSDQHVZHUHEHGHZHG ZLWKWHDUVRIUDLQ,UHWLUHGLQWRWKHYHVWLEXOHDQGDGGUHVVLQJD UHVSHFWDEOHROGPDQZLWKJUH\LVKKDLUVDLG0D\,LQTXLUHLI,YDQ 1LNLIRURYLWFKLVVWLOOOLYLQJ" $WWKDWPRPHQWWKHODPSEHIRUHWKHKRO\SLFWXUHEXUQHGXSPRUH EULJKWO\DQGWKHOLJKWIHOOGLUHFWO\XSRQWKHIDFHRIP\FRPSDQLRQ :KDWZDVP\VXUSULVHRQORRNLQJPRUHFORVHO\WREHKROGIHDWXUHVZLWK ZKLFK,ZDVDFTXDLQWHG,WZDV,YDQ1LNLIRURYLWFKKLPVHOI%XWKRZKH KDGFKDQJHG $UH\RXZHOO,YDQ1LNLIRURYLWFK"+RZROG\RXKDYHJURZQ
201
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
7+(0<67(5,28632575$,7
3$57, 1RZKHUHGLGVRPDQ\SHRSOHSDXVHDVEHIRUHWKHOLWWOHSLFWXUHVKRSLQ WKH6KWFKXNLQXL'YRU7KLVOLWWOHVKRSFRQWDLQHGLQGHHGWKHPRVW YDULHGFROOHFWLRQRIFXULRVLWLHV7KHSLFWXUHVZHUHFKLHIO\ RLOSDLQWLQJVFRYHUHGZLWKGDUNYDUQLVKLQIUDPHVRIGLQJ\\HOORZ :LQWHUVFHQHVZLWKZKLWHWUHHV YHU\UHGVXQVHWVOLNHUDJLQJ FRQIODJUDWLRQVD)OHPLVKERRUPRUHOLNHDWXUNH\FRFNLQFXIIVWKDQ DKXPDQEHLQJZHUHWKHSUHYDLOLQJVXEMHFWV7RWKHVHPXVWEHDGGHGD IHZHQJUDYLQJVVXFKDVDSRUWUDLWRI.KR]UHII0LU]DLQDVKHHSVNLQ FDSDQGVRPHJHQHUDOVZLWKWKUHHFRUQHUHGKDWVDQGKRRNHGQRVHV 0RUHRYHUWKHGRRUVRIVXFKVKRSVDUHXVXDOO\IHVWRRQHGZLWKEXQGOHV RIWKRVHSXEOLFDWLRQVSULQWHGRQODUJHVKHHWVRIEDUNDQGWKHQ FRORXUHGE\KDQGZKLFKEHDUZLWQHVVWRWKHQDWLYHWDOHQWRIWKH 5XVVLDQ 2QRQHZDVWKH7]DUHYQD0LOLNWULVD.LUELWLHYQD RQDQRWKHUWKHFLW\RI -HUXVDOHP7KHUHDUHXVXDOO\EXWIHZSXUFKDVHUVRIWKHVHSURGXFWLRQV EXWJD]HUVDUHPDQ\6RPHWUXDQWODFNH\SUREDEO\\DZQVLQIURQWRI WKHPKROGLQJLQKLVKDQGWKHGLVKHVFRQWDLQLQJGLQQHUIURPWKH FRRNVKRSIRUKLVPDVWHUZKRZLOOQRWJHWKLVVRXSYHU\KRW%HIRUH WKHPWRRZLOOPRVWOLNHO\EHVWDQGLQJDVROGLHUZUDSSHGLQKLV FORDNDGHDOHUIURPWKHROGFORWKHVPDUWZLWKDFRXSOHRISHQNQLYHV
202
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
203
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
204
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
205
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
206
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
207
208
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
209
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
210
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
211
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
212
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
213
KDVFROOHFWHG-XVWVHHKRZKHKDVGHIDFHGP\URRP/RRNIRU\RXUVHOI
214
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
215
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
216
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
217
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
218
7HOOPH\RXURSLQLRQRIWKHSRUWUDLWSDLQWHUVRIWKHSUHVHQWGD\,V LWQRWWUXHWKDWWKHUHDUHQRQHQRZOLNH7LWLDQ"7KHUHLVQRWWKDW VWUHQJWKRIFRORXUWKDWWKDW:KDWDSLW\WKDW,FDQQRWH[SUHVV P\VHOILQ5XVVLDQ7KHODG\ZDVIRQGRISDLQWLQJVDQGKDGJRQH WKURXJKDOOWKHJDOOHULHVLQ,WDO\ZLWKKHUH\HJODVV%XW0RQVLHXU 1RKODKKRZZHOOKHSDLQWVZKDWUHPDUNDEOHZRUN,WKLQNKLVIDFHV KDYHEHHQPRUHH[SUHVVLRQWKDQ7LWLDQ V
219
WKHLGHDZDYHGKLVEUXVKLQWKHDLUVHWWOLQJWKHSRLQWVPHQWDOO\ DQGWKHQEHJDQDQGILQLVKHGWKHVNHWFKLQJLQZLWKLQDQKRXU6DWLVILHG ZLWKLWKHEHJDQWRSDLQW7KHWDVNIDVFLQDWHGKLP KHIRUJRW HYHU\WKLQJIRUJRWWKHYHU\H[LVWHQFHRIWKHDULVWRFUDWLFODGLHV EHJDQHYHQWRGLVSOD\VRPHDUWLVWLFWULFNVXWWHULQJYDULRXVRGG VRXQGVDQGKXPPLQJWRKLPVHOIQRZDQGWKHQDVDUWLVWVGRZKHQLPPHUVHG KHDUWDQGVRXOLQWKHLUZRUN:LWKRXWWKHVOLJKWHVWFHUHPRQ\KHPDGH WKHVLWWHUOLIWKHUKHDGZKLFKILQDOO\EHJDQWRH[SUHVVXWWHU ZHDULQHVV (QRXJKIRUWKHILUVWWLPHVDLGWKHODG\ $OLWWOHPRUHVDLGWKHDUWLVWIRUJHWWLQJKLPVHOI 1RLWLVWLPHWRVWRS/LVHWKUHHR FORFNVDLGWKHODG\WDNLQJ RXWDWLQ\ZDWFKZKLFKKXQJE\DJROGFKDLQIURPKHUJLUGOH+RZODWH LWLV 2QO\DPLQXWHVDLG7FKDUWNRIILQQRFHQWO\ZLWKWKHSOHDGLQJYRLFH RIDFKLOG %XWWKHODG\DSSHDUHGWREHQRWDWDOOLQFOLQHGWR\LHOGWRKLV DUWLVWLFGHPDQGVRQWKLVRFFDVLRQ VKHSURPLVHGKRZHYHUWRVLW ORQJHUWKHQH[WWLPH ,WLVYH[DWLRXVDOOWKHVDPHWKRXJKW7FKDUWNRIIWRKLPVHOI ,KDG MXVWJRWP\KDQGLQ DQGKHUHPHPEHUHGQRRQHKDGLQWHUUXSWHGKLPRU VWRSSHGKLPZKHQKHZDVDWZRUNLQKLVVWXGLRRQ9DVLOLHYVN\2VWURII 1LNLWDVDWPRWLRQOHVVLQRQHSODFH
220
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
221
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
222
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
223
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
224
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
225
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
226
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
227
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
228
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
229
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
230
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
231
WKDWWKHJHQHUDODWWHQWLRQZDVGLUHFWHGWRKLPLI\RXZLOOOLVWHQWR DVKRUWVWRU\\RXPD\SRVVLEO\VHHWKDW,ZDVULJKWLQXWWHULQJWKHP (YHU\WKLQJDVVXUHVPHWKDWWKLVLVWKHSRUWUDLWZKLFK,DPORRNLQJ IRU $QDWXUDOFXULRVLW\LOOXPLQDWHGWKHIDFHVRIQHDUO\DOOSUHVHQW DQG HYHQWKHDXFWLRQHHUSDXVHGDVKHZDVRSHQLQJKLVPRXWKDQGZLWK KDPPHUXSOLIWHGLQWKHDLUSUHSDUHGWROLVWHQ$WWKHEHJLQQLQJRI WKHVWRU\PDQ\JODQFHGLQYROXQWDULO\WRZDUGVWKHSRUWUDLW EXWODWHU RQDOOEHQWWKHLUDWWHQWLRQVROHO\RQWKHQDUUDWRUDVKLVWDOHJUHZ JUDGXDOO\PRUHDEVRUELQJ
232
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
233
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
234
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
235
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
236
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
,PDJLQHKLVDPD]HPHQWZKHQRQHGD\DVKHZDVDWZRUNLQKLVVWXGLR KHKHDUGDNQRFNDWWKHGRRUDQGGLUHFWO\DIWHUWKHUHHQWHUHGWKDW VDPHWHUULEOHXVXUHU
0\IDWKHUUHIOHFWHG :KDWFRXOGEHEHWWHUKHRIIHUVKLPVHOIIRUWKH 'HYLOLQP\SLFWXUH +HSURPLVHG7KH\DJUHHGXSRQDWLPHDQGSULFH DQGWKHQH[WGD\P\IDWKHUWRRNSDOHWWHDQGEUXVKHVDQGZHQWWRWKH XVXUHU VKRXVH7KHORIW\FRXUW\DUGGRJVLURQGRRUVDQGORFNV DUFKHGZLQGRZVFRIIHUVGUDSHGZLWKVWUDQJHFRYHUVDQGODVWRIDOO WKHUHPDUNDEOHRZQHUKLPVHOIVHDWHGPRWLRQOHVVEHIRUHKLPDOO SURGXFHGDVWUDQJHLPSUHVVLRQRQKLP7KHZLQGRZVVHHPHGLQWHQWLRQDOO\ VRHQFXPEHUHGEHORZWKDWWKH\DGPLWWHGWKHOLJKWRQO\IURPWKHWRS
'HYLOWDNHKLPKRZZHOOKLVIDFHLVOLJKWHG KHVDLGWRKLPVHOI
237
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
238
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
239
DQ\WKLQJWKDWFDPHWRKDQGDQGWDNLQJVWLOOPRUHJDLO\WRKLVGLQQHU DQGOLWWOHFDURXVHV :KDWDUH\RXGRLQJ":KDWDUH\RXSUHSDULQJWREXUQ" KHDVNHGDQG VWHSSHGXSWRWKHSRUWUDLW :K\WKLVLVRQHRI\RXUYHU\EHVWZRUNV ,WLVWKHXVXUHUZKRGLHGDVKRUWWLPHDJR \HVLWLVDPRVWSHUIHFW OLNHQHVV
:HOO, OOVHHKRZWKH\ORRNLQWKHILUH VDLGP\IDWKHUPDNLQJD PRYHPHQWWRIOLQJWKHSRUWUDLWLQWRWKHJUDWH 6WRSIRU+HDYHQ VVDNH H[FODLPHGKLVIULHQGUHVWUDLQLQJKLP
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
:HOOEURWKHULWZDVQRWZLWKRXWFDXVHWKDW\RXZLVKHGWREXUQWKDW SRUWUDLW'HYLOWDNHLWWKHUH VVRPHWKLQJKRUULEOHDERXWLW,GRQ W EHOLHYHLQVRUFHUHUV EXWEHJJLQJ\RXUSDUGRQWKHUH VDQXQFOHDQ VSLULWLQLW
+RZVR" DVNHGP\IDWKHU :HOOIURPWKHYHU\PRPHQW,KXQJLWXSLQP\URRP,IHOWVXFK
240
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
'XULQJWKLVUHFLWDOP\IDWKHUOLVWHQHGZLWKXQVZHUYLQJDWWHQWLRQDQG ILQDOO\LQTXLUHG $QG\RXUQHSKHZQRZKDVWKHSRUWUDLW"
0\QHSKHZLQGHHGKHFRXOGQRWVWDQGLW VDLGWKHMROO\IHOORZ
GR\RXNQRZWKHVRXORIWKDWXVXUHUKDVPLJUDWHGLQWRLW KHMXPSV RXWRIWKHIUDPHZDONVDERXWWKHURRP DQGZKDWP\QHSKHZWHOOVRI KLPLVVLPSO\LQFRPSUHKHQVLEOH,VKRXOGWDNHKLPIRUDOXQDWLFLI, KDGQRWXQGHUJRQHDSDUWRILWP\VHOI+HVROGLWWRVRPHFROOHFWRURI SLFWXUHV DQGKHFRXOGQRWVWDQGLWHLWKHUDQGJRWULGRILWWRVRPH RQHHOVH
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
241
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
%\WKDWWLPH,KDGFRPSOHWHGP\HGXFDWLRQDWWKHDFDGHP\UHFHLYHG WKHJROGPHGDODQGZLWKLWWKHMR\IXOKRSHRIDMRXUQH\WR,WDO\WKH IDLUHVWGUHDPRIDWZHQW\\HDUROGDUWLVW,WRQO\UHPDLQHGIRUPHWR WDNHOHDYHRIP\IDWKHUIURPZKRP,KDGEHHQVHSDUDWHGIRUWZHOYH \HDUV,FRQIHVVWKDWHYHQKLVLPDJHKDGORQJIDGHGIURPP\PHPRU\, KDGKHDUGVRPHZKDWRIKLVJULPVDLQWOLQHVVDQGUDWKHUH[SHFWHGWR PHHWDKHUPLWRIURXJKH[WHULRUDVWUDQJHUWRHYHU\WKLQJLQWKH ZRUOGH[FHSWKLVFHOODQGKLVSUD\HUVZRUQRXWWULHGXSE\HWHUQDO IDVWLQJDQGSHQDQFH%XWKRZJUHDWZDVP\VXUSULVHZKHQDKDQGVRPHROG PDQVWRRGEHIRUHPH1RWUDFHVRIH[KDXVWLRQZHUHYLVLEOHRQKLV FRXQWHQDQFH LWEHDPHGZLWKWKHOLJKWRIDKHDYHQO\MR\+LVEHDUG ZKLWHDVVQRZDQGKLVWKLQDOPRVWWUDQVSDUHQWKDLURIWKHVDPH VLOYHU\KXHIHOOSLFWXUHVTXHO\XSRQKLVEUHDVWDQGXSRQWKHIROGVRI KLVEODFNJRZQHYHQWRWKHURSHZLWKZKLFKKLVSRRUPRQDVWLFJDUEZDV
242
JLUGHG%XWPRVWVXUSULVLQJWRPHRIDOOZDVWRKHDUIURPKLVPRXWK VXFKZRUGVDQGWKRXJKWVDERXWDUWDV,FRQIHVV,ORQJVKDOOEHDULQ PLQGDQG,VLQFHUHO\ZLVKWKDWDOOP\FRPUDGHVZRXOGGRWKHVDPH ,H[SHFWHG\RXP\VRQ KHVDLGZKHQ,DSSURDFKHGIRUKLV EOHVVLQJ 7KHSDWKDZDLWV\RXLQZKLFK\RXUOLIHLVKHQFHIRUWKWR IORZ
+HEOHVVHGDQGHPEUDFHGPH1HYHULQP\OLIHZDV,VRJUDQGO\PRYHG 5HYHUHQWO\UDWKHUWKDQZLWKWKHIHHOLQJRIDVRQ,OHDQHGXSRQKLV EUHDVWDQGNLVVHGKLVVFDWWHUHGVLOYHUORFNV 7HDUVVKRQHLQKLVH\HV )XOILOP\RQHUHTXHVWP\VRQ VDLGKHDW WKHPRPHQWRISDUWLQJ
243
WKHLUSHFXOLDUH[SUHVVLRQ'HVWUR\LWDWDQ\FRVW
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
7+(&$/$6+ 7KHWRZQRI%KDGEHFRPHYHU\OLYHO\VLQFHDFDYDOU\UHJLPHQWKDG WDNHQXSLWVTXDUWHUVLQLW8SWRWKDWGDWHLWKDGEHHQPRUWDOO\ ZHDULVRPHWKHUH:KHQ\RXKDSSHQHGWRSDVVWKURXJKWKHWRZQDQG JODQFHGDWLWVOLWWOHPXGKRXVHVZLWKWKHLULQFUHGLEO\JORRP\DVSHFW WKHSHQUHIXVHVWRH[SUHVVZKDW\RXIHOW
244
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
245
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
246
WKHEHVWSRVVLEOHIRRWLQJ+HXVXDOO\EHKDYHGDIWHUWKHIDVKLRQRID JUHDWQREOH+HKDGPDUULHGDUDWKHUSUHWW\ODG\ZLWKDGRZU\RIWZR KXQGUHGVHUIVDQGVRPHWKRXVDQGVRIUXEOHV7KLVPRQH\ZDVDWRQFH HPSOR\HGLQWKHSXUFKDVHRIVL[ILQHKRUVHVVRPHJLOWEURQ]HORFNV DQGDWDPHPRQNH\+HIXUWKHUHQJDJHGD)UHQFKFRRN7KHWZRKXQGUHG SHDVDQWVRIWKHODG\DVZHOODVWZRKXQGUHGPRUHEHORQJLQJWRWKH JHQWOHPDQZHUHPRUWJDJHGWRWKHEDQN,QDZRUGKHZDVDUHJXODU QREOHPDQ%HVLGHVKLPVHOIVHYHUDORWKHUJHQWOHPHQZHUHDPRQJVWWKH JHQHUDO VJXHVWVEXWLWLVQRWZRUWKZKLOHVSHDNLQJRIWKHP7KH RIILFHUVRIWKHUHJLPHQWDPRQJVWZKRPZHUHWKHFRORQHODQGWKHIDW PDMRUIRUPHGWKHPDMRULW\RIWKRVHSUHVHQW7KHJHQHUDOKLPVHOIZDV UDWKHUVWRXW DJRRGRIILFHUQHYHUWKHOHVVDFFRUGLQJWRKLV VXERUGLQDWHV+HKDGDUDWKHUGHHSEDVVYRLFH 7KHGLQQHUZDVPDJQLILFHQW WKHUHZHUHVWXUJHRQVVWHUOHWVEXVWDUGV DVSDUDJXVTXDLOSDUWULGJHVPXVKURRPV7KHIODYRXURIDOOWKHVH GLVKHVVXSSOLHGDQLUUHIXWDEOHSURRIRIWKHVREULHW\RIWKHFRRN GXULQJWKHWZHQW\IRXUKRXUVSUHFHGLQJWKHGLQQHU)RXUVROGLHUVZKR KDGEHHQJLYHQKLPDVDVVLVWDQWVKDGQRWFHDVHGZRUNLQJDOOQLJKW NQLIHLQKDQGDWWKHFRPSRVLWLRQRIUDJRXWVDQGMHOOLHV7KHLPPHQVH TXDQWLW\RIORQJQHFNHGERWWOHVPLQJOHGZLWKVKRUWHURQHVKROGLQJ FODUHWDQGPDGHLUD WKHILQHVXPPHUGD\WKHZLGHRSHQZLQGRZVWKH SODWHVSLOHGXSZLWKLFHRQWKHWDEOHWKHFUXPSOHGVKLUWIURQWVRI WKHJHQWOHPHQLQSODLQFORWKHVDQGDEULVNDQGQRLV\FRQYHUVDWLRQ QRZGRPLQDWHGE\WKHJHQHUDO VYRLFHDQGQRZEHVSULQNOHGZLWK FKDPSDJQHZHUHDOOLQSHUIHFWKDUPRQ\7KHJXHVWVURVHIURPWKHWDEOH ZLWKDSOHDVDQWIHHOLQJRIUHSOHWLRQDQGDIWHUKDYLQJOLWWKHLU SLSHVDOOVWHSSHGRXWFRIIHHFXSVLQKDQGRQWRWKHYHUDQGDK :HFDQVHHKHUQRZVDLGWKHJHQHUDO+HUHP\GHDUIHOORZDGGHG KHDGGUHVVLQJKLVDLGHGHFDPSDQDFWLYHZHOOPDGH\RXQJRIILFHU KDYHWKHED\PDUHEURXJKWKHUH
247
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
248
HTXLSDJHZRUWK\RI\RXURWKHUKRUVHV" 1R,KDYHQRWPXFKLQWKHZD\RIHTXLSDJHV ,PXVWDGPLWWKDWIRU VRPHWLPHSDVW,KDYHEHHQZDQWLQJWREX\DFDODVKVXFKDVWKH\ EXLOGQRZDGD\V,KDYHZULWWHQDERXWLWWRP\EURWKHUZKRLVQRZDW 6W3HWHUVEXUJEXW,GRQRWNQRZZKHWKHUKHZLOOEHDEOHWRVHQGPH RQH ,WVHHPVWRPH\RXUH[FHOOHQF\UHPDUNHGWKHFRORQHOWKDWWKHUH DUHQREHWWHUFDODVKHVWKDQWKRVHRI9LHQQD
249
SOHDVHG:HDUHYHU\LQWLPDWH:KDWLVPLQHLVKLVDQGZKDWLVKLVLV PLQH,ZRQLWRIKLPDWFDUGV:RXOG\RXUH[FHOOHQF\KDYHWKH NLQGQHVVWRKRQRXUPHDWGLQQHUWRPRUURZ"
250
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
251
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
252
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
253
WKHFRUQHULQZKLFKKHKDGWDNHQUHIXJH 7KLVZLOOEHEHWWHUVDLGKHWRKLPVHOIOHWWLQJGRZQWKHVWHSVRI WKHQHDUHVWYHKLFOHZKLFKKDSSHQHGWREHWKHFDODVK+HMXPSHG LQVLGHFORVHGWKHGRRUDQGDVDIXUWKHUSUHFDXWLRQFRYHUHGKLPVHOI ZLWKWKHOHDWKHUDSURQ7KHUHKHUHPDLQHGZUDSSHGLQKLV GUHVVLQJJRZQLQDGRXEOHGXSSRVLWLRQ 'XULQJWKLVWLPHWKHHTXLSDJHVKDGGUDZQXSEHIRUHWKHSRUFK7KH JHQHUDOJRWRXWRIKLVFDUULDJHDQGVKRRNKLPVHOIIROORZHGE\WKH FRORQHODUUDQJLQJWKHIHDWKHUVLQKLVKDW$IWHUKLPFDPHWKHVWRXW PDMRUKLVVDEUHXQGHUKLVDUPDQGWKHVOLPOLHXWHQDQWVZKLOVWWKH PRXQWHGRIILFHUVDOVRDOLJKWHG 7KHPDVWHULVQRWDWKRPHVDLGDVHUYDQWDSSHDULQJDWWKHWRSRID IOLJKWRIVWHSV :KDWQRWDWKRPH EXWKHLVFRPLQJKRPHIRUGLQQHULVKHQRW" 1RKHLVQRW KHKDVJRQHRXWIRUWKHGD\DQGZLOOQRWEHEDFNWLOO WKLVWLPHWRPRUURZ %OHVVPHVDLGWKHJHQHUDO EXWZKDWWKHGHXFH :KDWDMRNHVDLGWKHFRORQHOODXJKLQJ 1RQRVXFKWKLQJVDUHLQFRQFHLYDEOHVDLGWKHJHQHUDODQJULO\,I KHFRXOGQRWUHFHLYHXVZK\GLGKHLQYLWHXV" ,FDQQRWXQGHUVWDQG\RXUH[FHOOHQF\KRZLWLVSRVVLEOHWRDFWLQ VXFKDPDQQHUREVHUYHGD\RXQJRIILFHU :KDW"VDLGWKHJHQHUDOZKRDOZD\VPDGHDQRIILFHUXQGHUWKHUDQNRI FDSWDLQUHSHDWKLVUHPDUNVWZLFHRYHU ,ZRQGHUHG\RXUH[FHOOHQF\KRZDQ\RQHFRXOGGRVXFKDWKLQJ 4XLWHVR LIDQ\WKLQJKDVKDSSHQHGKHRXJKWWRKDYHOHWXVNQRZ 7KHUHLVQRWKLQJWREHGRQH\RXUH[FHOOHQF\ZHKDGEHWWHUJREDFN KRPHVDLGWKHFRORQHO &HUWDLQO\WKHUHLVQRWKLQJWREHGRQH+RZHYHUZHFDQVHHWKH FDODVKZLWKRXWKLP SUREDEO\KHKDVQRWWDNHQLWZLWKKLP&RPHKHUH
254
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
255
7KH(QG &RS\ULJKWYLUWXDOERRNVFRPEU 7RGRVRVGLUHLWRVUHVHUYDGRVD(GLWRUD9LUWXDO%RRNV2QOLQH0 0(GLWRUHV/WGD eSURLELGDDUHSURGXomRGRFRQWH~GRGHVWDSiJLQDHPTXDOTXHUPHLRGHFRPXQLFDomR HOHWU{QLFRRXLPSUHVVRVHPDXWRUL]DomRHVFULWDGD(GLWRUD
256
Related Documents
Taras Bulba And Other Tales
November 2019 11
Taras Bulba
November 2019 8
Taras
August 2019 9
Oscar Wilde - Happy Prince And Other Tales
April 2020 10
The Great Shadow And Other Napoleonic Tales
July 2020 13
Welsh Fairy Tales And Other Stories
April 2020 4More Documents from ""
Macrocosmo17
November 2019 9
Macrocosmo9
November 2019 6
Radio Burst
November 2019 8
Tcp Ports Used By Apple
November 2019 7
Macrocosmo15
November 2019 8