:KRWKHLV'RQ9HVFR"
DQGKRZGLGKHVHWD03+:RUOG:KHHO'ULYHQ5HFRUG"
:ULWWHQ3KRWRJUDSKHGE\´/DQG6SHHGµ/RXLVH$QQ1RHWK
7H[W3KRWRJUDSK\&RS\ULJKW/RXLVH$QQ1RHWK$OO5LJKWV5HVHUYHG
7KHODWH'RQ9HVFRZDVDIDVFLQDWLQJPL[
RIDFFRPSOLVKHGPRWRUF\FOHULGHUUDFHFDU
GULYHUUDFHYHKLFOHGHVLJQHUHQJLQHWXQHU
WHDPRZQHUDQGIDEULFDWRU7DNH\RXUSLFN
KHGLGLWDOODQGGLGLWZHOO9HU\ZHOO9HVFR
DFFRPSOLVKHGHQRXJKWRVDWLVI\VHYHUDO
OLIHWLPHVEXW\RXQHYHUKHDUGKLPEUDJ
DERXWKLVPDQ\DFKLHYHPHQWV
1HYHUKHDUGRIWKHJX\"<HDUVDJR9HVFR
SULQWHGXS7VKLUWVWKDWDVNHG´:KRWKH
LV'RQ9HVFR"µDQGZHDULQJRQHWR
VFKRROXVXDOO\JRW\RXWKURZQRXWIRUWKH
GD\9HVFRZRXOGODXJKWKDWFKXFNOLQJ
ODXJKWKDWVHHPHGWRPLPLFDQLGOLQJ
IRXUSRUW5LOH\HQJLQH
9HVFRZDVWKHÀUVWSHUVRQLQ
WKHVSRUWWRKROGERWKZRUOG
ODQGVSHHGUHFRUGV²FDUDQG
PRWRUF\FOH²DQGDOWKRXJKJRQH
QRZQHDUO\WKUHH\HDUVEHDWHQ
GRZQE\SURVWDWHFDQFHUKH
VWLOOKROGVPRWRUF\FOHDQG
DXWRPRWLYHODQGVSHHGUHFRUGV
+LVZRUOGPRWRUF\FOHUHFRUGVWRRG
IRU\HDUVDW03+
PDQ·VVWDPLQDZLWKVSHHG$WWKHWRSRIKLV
VWULQJRIVSHHGPDUNVDOEHLWRQHZD\DUH
)DVWHVW0RWRUF\FOHPSK
)DVWHVW:KHHOGULYHQYHKLFOHPSK
,Q'HFHPEHURI'RQDQG,VSHQW
DFRXSOHKRXUVWDONLQJDERXWVSHHGDQG
KLV03+:RUOG5HFRUGVHWGULYLQJWKH
VWUHDPOLQHUHDUOLHUWKDW\HDURQWKHÁDWVLQ
2FWREHU,UHFRUGHGWKHHQWLUH
FRQYHUVDWLRQDQGQRZVKDUHLWIRU
WKHÀUVWWLPHZLWKWKHIRONV'RQ
LGHQWLÀHGZLWKPRVW²\RXODQG
VSHHGUDFHUV
%HIRUHZHJHWLQWRLWOHW·V
UHFDSWKLVPDQ·VLQFUHGLEOH
UDFLQJFDUHHUHVSHFLDOO\
ZHMRNLQJO\UHIHUUHGWRDWWLPHVDV´3DSSD
6PXUIµEHFDXVHWKDW·VZKDWKHORRNHGOLNH
LQKLVUR\DOEOXHÀUHVXLW
%HJLQQLQJLQZLWKPRWRUF\FOHVSHHG
DWWHPSWVDWWKH%RQQHYLOOH6DOW)ODWVDW
DJHXQWLOKLVGHDWKLQ'HFHPEHURI
'RQ9HVFR·VYHUYHIRUUDFLQJQHYHU
GLPLQLVKHGRQHLRWD$SURYHUELDO´%HDYHU
&OHDYHUµKHZDVD\HDUROGJX\ZLWK
WKHDGROHVFHQWVSLULWRIWKHFROOHFWLYH$OO
$PHULFDQNLG,RQFHUHIHUUHGWRKLPDVD
´WHUPLQDOWHHQDJHUµEXWZDVFRUUHFWHGE\
OLIHORQJEXGG\*RUGRQ0HQ]LHZKR
DGURLWO\SRLQWHGRXWWKDW'RQKDG
´QHYHUJRWSDVWDGROHVFHQFHµ
9HVFRZDVDPDVWHUDWSUDFWLFDO
MRNHV0\IDYRULWHVWXQWZDVZKHQ
KHZRXOGVHQGOLYHJDUGHQVQDNHV
LQSDUWVSDFNDJHVWRUDFHWHDPVWKDW
ZHUHDELWEHKLQGRQSD\LQJ
LWVELOOV,PDJLQHULSSLQJWKH
ER[RSHQDQGKDYLQJDVOLWKHULQJ
FDPVKDIWHPHUJH
+HDOVRQLFNQDPHGIRONV,I\RX
JRWRQHLWVWXFN,EHFDPH´/6/µ
VKRUWIRU´/DQG6SHHG/RXLVHµDQG
LWLVWKHRQO\QLFNQDPHWRZKLFK,
KDYHHYHUUHVSRQGHG
,W·VQRWKDUGWREHDZHGE\WKH
WKRVHZKRQHYHU
KDGWKHSOHDVXUHRI
VSHQGLQJWLPHZLWKWKH
ZKLWHKDLUHGIR[9HVFR
ZDVDQLQFUHGLEOHWLQNHUHU
DQGKLJKVSHHGGUHDPHU
'RQ9HVFROHGE\H[DPSOHDQGPDQ\
IRONVIROORZHGKLVOHDG$IDFWRU\ULGHU
IRU$PHULFDQ+RQGD&R<DPDKDDQG
.DZDVDNLKHZRQWKH86*UDQG
3UL[2SHQ&ODVVDW'D\WRQD%HDFK)ORULGD
RQD<DPDKDFFSURYLGLQJ<DPDKD
LWVÀUVWHYHU$PHULFDQYLFWRU\7KDWVDPH
\HDUKHEHFDPHDPHPEHURIWKHH[FOXVLYH
%RQQHYLOOH03+&OXELQIDWKHU-RKQ
9HVFR·VVWUHDPOLQHUSRZHUHGE\
DQ2IIHQKDXVHUHQJLQHZLWKDPSK
DYHUDJHIRUDXWRPRELOHV
%\WKHWLPHWKHWLPHWKH·VUROOHG
DURXQG'RQZDVWKHÀUVWSHUVRQWRGULYH
DPRWRUF\FOHDWPRUHWKDQ03+,Q
KHQDLOHGDQHZ$PHULFDQ0RWRUF\FOH
$VVRFLDWLRQ$0$UHFRUGZLWKDQDYHUDJH
VSHHGRI03+RQWKHVDOWÁDWV,Q
DERDUGKLVKDQGFUDIWHG´6LOYHUELUGµ
VWUHDPOLQHU'RQEHFDPHWKHÀUVWULGHUWR
H[FHHG03+VHWWLQJDQHZ$0$UHFRUG
RI03+LQWKHSURFHVV
$ERYH9HVFRKHDUGWKHWLUHH[SORGHMXVWDVKHÀQLVKHGWKH03+UHFRUGUXQ/RRN
FORVHO\DQG\RXFDQVHHWLUHIUDJPHQWVWUDLOLQJEHKLQGWKHFDUDFRXSOHRIELJFKXQNVDUH
MXVWDERYHWKHGURJXHFKXWHEHKLQGWKHFDQRS\7KLVZDVWUXO\D´UXQÁDWµWLUH
%HORZ7KHODWH'RQ9HVFRPXOWLSOH:RUOG/DQG6SHHG5HFRUGKROGHULQ
DPHUHIHHWLQVLGHWKHEODFNOLQHVWLOORQ
WKHFRXUVH7KDWER\FRXOGGULYHZRZFRXOG
KHGULYH
&RPSHWLWLRQIRUWKLVPDQKDVEHHQVFDUFH
VRKHZDVIRUFHGWRUHSHDWHGO\EUHDNKLV
RZQUHFRUGV:LWK$%&·V:LGH:RUOGRI
6SRUWVRQWKHVFHQHDQGFDPHUDVUROOLQJ
9HVFRQRWRQO\EURNHKLVH[LVWLQJUHFRUG
ZLWK´/LJKWQLQJ%ROW,µD0RWRUF\FOH
6WUHDPOLQHUEXWDOVRWXUQHGLQWKHIDVWHVW
VSHHGRIWKH6SHHG:HHNPHHW
DW%RQQHYLOOHDPSKDYHUDJH
³RXWSDFLQJDOOWKHFDUVDVZHOO
6RZKDW·VLWWDNHWRPDNHWRWKHWRSRIWKH
VSHHGKHDS",EHOLHYHLWLVÀWWLQJWKDW\RX
UHDGMXVWDV,KHDUGZKDWWKHVSHHGNLQJ
KDGWRVD\%XFNOHXS
/6/'R\RXWKLQNWKHUHLVDOLPLW
WRWKHZKHHOGULYHQUHFRUG"
'9,WKLQNWKDWZLOOFRPHZKHQWKHWUDFWLRQ
OLPLWLVH[FHHGHGE\WKHDPRXQWRISUHVVXUH
RQWKHQRVHRIWKHFDU:HGRQ·WKDYHDQ\
WUDFWLRQSUREOHPVQRZVR,GRQ·WIRUHVHH
DQ\SUREOHPV7KHFDUKDVQHYHUEHHQLQD
ZLQGWXQQHOVRZHGRQ·WNQRZKRZPXFK
SUHVVXUHLVRQWKHQRVHRIWKHFDUDWWKH
SUHVHQWWLPH
7KHÀUVWGHYHORSPHQWUXQVRIZKDWEHFDPH
WKH´7XUELQDWRUµDZRUOGODQGVSHHG
UHFRUGVWUHDPOLQHUWRRNSODFHLQDW
%RQQHYLOOH7KHFDUJDWKHUHGVSHHGRYHUWKH
QH[WIHZ\HDUVVHWWLQJDQGWKHQEUHDNLQJ
WKH6&7$QDWLRQDOUHFRUGIRUWXUELQHVDW
PSKLQWKHVDPH\HDU9HVFRZDV
LQGXFWHGLQWRWKH$0$+DOORI)DPH
,Q2FWREHUWRJHWKHUZLWKEURWKHU5LFN
7($09HVFRVHWDQHZ:RUOG5HFRUG/DQG
6SHHGIRUZKHHOGULYHQDXWRPRELOHVDW
PSKDQGHUDVLQJ'RQDOG&DPSEHOO·VQDPH
IURPWKHUHFRUGERRNVZKHUHLWKDGEHHQ
LQNHGEDFNLQEULQJLQJWKHUHFRUGWR
WKH86$IRUWKHÀUVWWLPH
,WLVVLJQLÀFDQWWRQRWHWKDWWKLVUHFRUG
ZDVWKHÀUVWWLPHLQ),$KLVWRU\WKDWWKH
VDQFWLRQLQJERG\PDGHDGLVWLQFWLRQ
EHWZHHQ´WKUXVWµDQG´ZKHHOGULYHQµ
UHFRUGVRQWKHDFWXDOVSHHGUHFRUG
FHUWLÀFDWH8SXQWLOWKDWWLPHRQO\WKH
FDWHJRU\W\SHDQGFODVVKDGEHHQOLVWHG
OHDYLQJYLHZHUVWRÀJXUHRXWZKDWWKHUHFRUG
ZDVDOODERXW
:KDWPDQ\GRQRWNQRZRUUHFDOO'RQ
GLGQ·WMXVWDYHUDJHKHPDGHEDFNWR
EDFNUXQVRI03+(DFKSDVVZDVDW
WKHUDJJHGHGJHRIZKDWWKHHQJLQHZDV
FDSDEOHRIH[HUWLQJZLWKRXWJHWWLQJEORZQWR
VPLWKHUHHQV'RQKDGWRNHHSDFORVHH\H
RQWKHWHPSJDXJHZKLOHKXUWOLQJDFURVVWKH
VDOW7KHSUREOHPZDVRQO\RQHRI'RQ·V
H\HVZRUNHGWKHRWKHUKDGEHHQEOLQGHGE\
DÁ\LQJFOXPSRIGLUW\HDUVDJR
$GGWKHÁDWWLUHLQWKHWLPLQJOLJKWRQWKH
VHFRQGUXQDQG9HVFRJDYHQHZPHDQLQJWR
WKHWHUP´UXQÁDWµ$OWKRXJKWKH7XUELQDWRU
WULHGWRVKDNHWKHWHHWKRXWRI9HVFR·VKHDG
KHZUHVWOHGZLWKWKHVWUHDPOLQHUVWRSSLQJLW
/6/:KDW·VLWWDNHWRJHWWKH
7XUELQDWRUUHDG\IRUDUXQ"
'91LFN3DSSDV5RE1RUWK5LFNDQG,
GHYHORSHGDSRLQWFKHFNOLVWZLWKLQSXW
IURPWKHZKROHWHDPVRWKDWWKLQJVGRQ·WJHW
IRUJRW
/6/(YHUÀJXUHRXW\RXUJDV
PLOHDJH"
'9:HEXUQDERXWVL[JDOORQVSHUUXQRU
RQHPLOHWRWKHJDOORQ,VSHQGDERXW
PLQXWHVLQWKHFDU²WRSVEXWWKHUXQRQO\
ODVWVDERXWVHFRQGV
/6/,VWKH7XUELQDWRUGLIÀFXOWWR
GULYHRQWKHVDOW"
'9,W·VWKHVDPHDVDQ\RIWKHPDQ\RWKHU
YHKLFOHV,·YHGULYHQRQO\VPRRWKHU3RZHU
FRPHVRQOLNHDWXUERSRZHUHGFDUDOORID
VXGGHQEXWVPRRWKOLNHDQHOHFWULFPRWRU,W
LVXVXDOO\DERXOHYDUGFUXLVHU,WDOOGHSHQGV
RQWUDFNFRQGLWLRQV:KHQWKHWUDFNLV
VRIWRUEXPS\WKHQLWLVDEDWWOHWRPDNH
FRUUHFWLRQV7KHFDULVVRQDUURZWKDWLI,JHW
FDXJKWLQDJURRYH,UHDOO\KDYHWRÀJKWWR
JHWRXWRILWEHFDXVHWKHFDUVIROORZVLWOLNH
DUDLOURDGWUDFNDQGLWJRHVZKHUH,GRQ·W
ZDQWWRJR,·YHKLWWKHPLOHPDUNHUVDQGWKH
FKHHVHFORWKPDWHULDOPDGHDSHUPDQHQW
LPSUHVVLRQLQWRWKHSDLQW
/6/:KDWRFFXUHGZKHQWKHWLUH
ZHQWÁDWLQWKHOLJKWVDWSOXV"
'95LFNDQG,KDGJRQHRXWLQWKHPRUQLQJ
DQGSLFNHGXSDOONLQGVRIWKLQJVRIIWKH
WUDFN7KLQJVIDOORIIUDFHFDUVDQGVXSSRUW
WUXFNV³1DLOVSRSULYHWV']XVIDVWHQHUV
6RPHWLPHVZHHYHQÀQGURFNVWKDWFDPH
RXWIURPXQGHUDIHQGHU
,KHDUGWKHEDQJZKHQWKHWLUHEOHZULJKWDW
WKHÀQLVKOLJKW,UDQRYHUVRPHWKLQJ,SXW
RXWWKHSDUDFKXWHDQGWKDWVWDELOL]HGWKH
FDUXQWLO,VORZHGGRZQWRDURXQG03+
7KHQWKHFDUVWDUWHGSXOOLQJWRWKHOHIW
KHDGLQJWRZDUGWKHG\NH:KHQ,WULHGWR
FRUUHFWLWZRXOGWLOWOLNHDPRWRUF\FOHZKLFK
PDGHLWJRKDUGHUWRWKHOHIWWKHPRUH,WULHG
WRJHWLWWRJRULJKWLWYHHUHGOHIW7KHOHIW
UHDUWLUHZDVÁDWZKLFKPHDQW,KDGWRNHHS
WKHQRVHGRZQE\VWHHULQJOHIWZKLFKURFNHG
WKHFDUEDFNRQWRWRWKHULJKWUHDUWLUHDQG
PHJRLQJDQ\IXUWKHUWRWKHOHIW
FDOOHGWKH6N\WUDFNHU
,WKDG+3ZHLJKHGSRXQGV
LQFKHVWDOODQGZDVLQFKHVZLGHLW
ZRXOGKDYHEHHQH[WUHPHO\IDVW,WZDVD
FURVVEHWZHHQDFDUDQGPRWRUF\FOHWKDW
ZDVVHPLXQVWDEOHDQGLWJRWUHDOXQVWDEOH
ZKHQWKHWLUHZHQWÁDW,FUDVKHGWRWDOHG
WKHFDUDQGEURNHP\IRRWKDQGDQG
YHUWHEUDHLQP\QHFN
0HDQZKLOH5LFNKDGEHHQZRUNLQJIRU
\HDUVRQZKDWHQGHGXSDVWKH7XUELQDWRU
1HLWKHURQHRIXVKDGDQ\PRQH\EXWZH
KDGWKHGHVLUH$IWHU,ZUHFNHGZHGHFLGHG
LWZRXOGEHEHWWHUWRMRLQIRUFHVWKDQ
FRPSHWHDJDLQVWHDFKRWKHU7KLVKHOSHG
5LFNÀQLVKWKHFDUTXLFNHUEHFDXVH,EXLOW
WKHVXVSHQVLRQGULYHWUDLQDQGWKHVSHHG
FORVHUDWLRWUDQVPLVVLRQIRUWKH&KHY\
HQJLQHV
DUPJRWORRVHRXWVLGHWKHELNHDQGDOPRVW
JURXQGLWRII0\GDGFUHDWHGZULVWUHVWUDLQWV
DQGZHVWDUWHGXVLQJWKHPULJKWDIWHUWKDW
EXW,GRQ·WKDYHWRJHWP\VHOIKXUWWROHDUQ
DOHVVRQ
/6/+DYHDQ\RIWKHFUDVKHVSXW
DIHDULQWR\RX"
'9,ORRNDWLWIURPWKHVWDQGSRLQWRIKDYLQJ
PDGHDPLVWDNHVRPHWKLQJZHGLGQ·W
SHUFHLYH,WGRHVQ·WVFDUHPH,WKXUWVPH
,ZDQWLWWRVWRSEXW,·GKHDOXSWKHQPDNH
FKDQJHVVR,GRQ·WPDNHWKHVDPHPLVWDNH
WZLFH,W·VDOZD\VSHGDOWRPHWDOZLWKPH,
GRQ·WEHOLHYHLQ´ZRUNLQJXSWRVSHHGµ,UXQ
LWXSWRDSRLQWZKHUH,KDYHDSUREOHPWKHQ
EDFNLWGRZQDQGZRUNWKHSUREOHPRXW
7KDW·VP\VWUDWHJ\
/6/:KDWGR\RXSHUVRQDOO\JHW
RXWRIUDFLQJ"
'9,MXVWOLNHWRGRLW,WZDVDELJKLJKIRU
:HVWDUWHGZLWKUHDUZKHHOGULYHDWÀUVWDQG 5LFNDQGWKHWHDPZKHQZHGLGWKHEXW
WKHQODWHUDGGHGWKHPRUHFRPSOLFDWHGIURQW ,NQRZZHFDQJRPXFKIDVWHUVRWKLVLVMXVW
DUXQJRQWKHODGGHUWRPH
ZKHHOGULYHEXWUDQRXWRISRZHUVZLWFKHG
WRWKH2II\VEXWEURNHWRRPDQ\H[SHQVLYH
,OLNHWKHFKDOOHQJHRIWU\LQJWREHDW
SDUWVUDQRXWRISRZHUDJDLQDQGÀQDOO\
VRPHRQHULJKWQH[WWR\RX2XWVPDUW¶HP
GHFLGHGWKHWXUELQHZDVWKHRQO\ZD\WRJR
RXWEUDYH¶HPRURXWEUDNH¶HP,HQMR\
:KHQ,WRXFKHGWKHEUDNHVLWWHQGHGWRSLFN /6/:KDWWDXJKW\RXWKHJUHDWHVW UXEELQJHOERZVZLWKSHRSOHDWKLJKVSHHG
WRJDLQDQHGJHRYHU¶HPRUVQRRNHU¶HP
XSWKHIURQWHQGVR,GLGQ·WZDQWWRXVHWKH
OHVVRQVGULYLQJRUFUDVKLQJ"
VRPHKRZ,OLNHWKHVSHHGJRLQJDURXQGD
EUDNHV,FRXOGKDYHSXWRXWWKHORZVSHHG
'9&UDVKLQJ,OHDUQHGWRJHWWKHUROOEDU
SDUDFKXWHEXWGLGQ·WZDQWWRWDNHDFKDQFH XSKLJKHU,QHYHUÀJXUHGRQWKHFHQWULIXJDO FRUQHUDVIDVWDVSRVVLEOHZLWKRXWFUDVKLQJ
RIPDNLQJLWZRUVHDQG,KDGSOHQW\RIURRP IRUFHZKHQFDUVVWDUW´HQGRLQJµ7KHIRUFH
/6/:KDWZHUH\RXUWRSWKUHH
VWUHWFKHVWKHVKRXOGHUKDUQHVVHV,KDG
WRZKRDLWGRZQ
REVWDFOHVWRVHWWLQJWKHUHFRUG"
LQFKZHEELQJDQGZHQWWRWKUHHLQFKDIWHU
/6/5LFNEXLOWWKH7XUELQDWRUZK\ WKDW:HDOVREURNHWKHEDFNRIWKHVHDWDQG '90RQH\PRQH\DQGPRQH\:KDWHYHU
,HDUQ,SXWLQWRWKLVFDU:LWKPRQH\ZH
GRHVQ·WKHGULYH"
OHDUQHGWKDWKDGWREHPDGHUHDOO\VWURQJ
FRXOGJRWRDZLQGWXQQHO:LWKPRQH\ZH
'9+HKDVWRRPDQ\RWKHUWKLQJVWRGROLNH
NHHSWKHVDOWJRRGDQGPDNHVXUHLWVQLFH
,VWDUWHGZHDULQJWKHGRJFROODU,I,KDGKDG FRXOGJHWPRUHHQJLQHHULQJZRUNWRUXQZD\
SDVWXSWR³ZLWKZKDWZHKDYH
DQGVPRRWKIRUPH,GRQ·WZDQWWREXUGHQ
LWZKHQ,FUDVKHGWKH6N\WUDFNHU,ZRXOGQ·W
QRZ,W·VDOOPRQH\ZLWKPRQH\ZHKDYHQR
KDYHEURNHWKHYHUWHEUDH0\KHDGZDV
KLPZLWKKDYLQJWRGULYHWKHFDURUKDYHWR
GRDQ\PRUHWKDQKHDEVROXWHO\KDVWR+H·V EHQWDJDLQVWP\FKHVWDQGZKHQLWVODPPHG REVWDFOHV
P\OLWWOHEURWKHU,KDYHWRWDNHFDUHRIKLP
GRZQRQWKHWRSRIWKHFDJHXSVLGHGRZQLW
/6/'R\RXWKLQNLWLVSRVVLEOHIRU
,GRQ·WZDQWWRVHHDQ\WKLQJKDSSHQWRKLP EURNHP\QHFN
DZKHHOGULYHQFDUWRH[FHHGWKH
%HVLGHVKH·VJRWDZLIHDQGNLGV
7KHVWUDQJHWKLQJZDVÀJXULQJRXWKRZ,JRW VRXQGEDUULHU"
/6/+RZGLGWKLVTXHVWIRUWKH
WKHWZRSXQFWXUHZRXQGVLQP\OHJ\HWWKHUH '96RPHIRONVKDYHWROGXVZHDUHDOUHDG\
ZKHHOGULYHQUHFRUGJHWVWDUWHG"
ZHUHQRKROHVLQWKHÀUHVXLW:HGHWHUPLQHG LQWRWKHWUDQVRQLFVWDJH,NQRZWKHVXUIDFH
'95LFNDQG,ZHUHDOZD\VDIWHUWKDWUHFRUG WKHLQMXULHVZHUHWKHUHVXOWRIP\OHJV
VSHHGRIRXUWLUHVKDVDOUHDG\H[FHHGHGWKH
KHZDVDIWHUFODVVUHFRUGVZLWKWKHFDU EDQJLQJDURXQGVR,VWDUWHGVWUDSSLQJWKHP VRXQGEDUULHUDQGQRWKLQJEDGLVKDSSHQLQJ
GRZQWRWKHÁRRUDWWDFKHGWRWKHTXLFN
,ÀJXUHG,FRXOGGRLWZLWKP\PRWRUF\FOH
7KHWLUHVZHDUHXVLQJDUHVXSSRVHGWR
,FRXOGJHWXSWRDERXWZKHQWKHWRS
UHOHDVHKDUQHVV
EHJRRGWR03+7KH7XUELQDWRULVQ·W
VSHHGZDVEXW,GLGQ·WKDYHWLUHVVR
GHVLJQHGWRJRVXSHUVRQLF:H·GKDYHWR
LQWKHPLG·V,SXWP\2II\HQJLQHLQDQG
:HDOVROHDUQHGIURP%RE/HSSDQZKHQ
FKDQJHWKHERG\ZRUNDQGFDQRS\DGGD
UHZRUNHGLWLQWRDVNLQQ\ZKHHOFDUZH
KHFUDVKHGKLV7ULXPSKVWUHDPOLQHU+LV
SRLQW\QRVHLWZRXOGWDNHDORWRIZRUNDQG
ZH·GKDYHWRWDNHDVFLHQWLÀFDSSURDFKEXW
,ZRXOGORYHWRWU\LW
WKHQ\RX·UHRQ\RXUZD\WKHDFFHOHUDWLRQLV
SUHWW\UDSLG
/6/:KDWDUHWKHXSSHUOLPLWV
RIWKH7XUELQDWRULQLWVSUHVHQW
FRQÀJXUDWLRQ"
'9%RE+RGJNLQVRQKDVFDOFXODWHGWKDWLW
ZLOOJR03+,EHOLHYHLWLVSRVVLEOHWKH
RQO\SUREOHPLVWKDWZHGRQ·WKDYHHQRXJK
GLVWDQFH,KDYHQRZRUULHVDERXWWUDFWLRQ
ZHMXVWKDYHWRDFFHOHUDWHKDUGHUDQGWKDQ
PHDQVWKHH[KDXVWWHPSHUDWXUHZLOOFRPH
XSIDVWHUVRZHQHHGWRJHWPRUHDLULQWR
WKHHQJLQHTXLFNHUIRUFRROLQJ,W·VWKDWRU
ZHQHHGDORQJHUWUDFN
,KHDUWKHDLULQOHWQRLVHWKHFRPSUHVVRU
DQGWKHKRZORIWKHGULYHVKDIWE\LWVSLWFK
,FDQWHOOKRZIDVW,·PDFFHOHUDWLQJ:H
GRQ·WKDYHDQ\WZRZD\FRPPXQLFDWLRQQRW
WKDW\RXFRXOGKHDU\RXUVHOIWDONEHFDXVH
,VLWULJKWLQWKHSDWKRIWKHDLULQOHWDQG
WKDW·VOLNHVLWWLQJLQVLGHVXSHUFKDUJHU$W
WKHUDWHZHDUHFRYHULQJWKHJURXQG,KDYH
WRNQRZZKHUHWKHPDUNHUVDUHDQGVLQFH,
ORVWP\H\H,KDYHWRNHHSJODQFLQJGRZQ
DWWKHLQVWUXPHQWVHVSHFLDOO\WKHGLJLWDO
WHPSHUDWXUHDQGDLUVSHHGLQGLFDWRUJDXJH
DQGWKHQEDFNRXWDWWKHFRXUVH
7KLVFDUKDVQHYHUSHDNHG,I\RXWDNHWKH
VSHHGLWVJRQH³WR³WKHQWDNH
WKHJUDSKWKDWFRPHVRIIWKHD[OHVSHHG
\RX·OOVHHWKDWLW·VQRWRQDFXUYHEXWD
ÁDWDFFHOHUDWLRQUDWH,·YHSHDNHGP\
PRWRUF\FOHDQGZKHQWKDWKDSSHQHGWKH
ELNHVWDUWHGWRKXQWDURXQGWKDWPD\QRW
KDSSHQZLWKWKHFDUEXW,ZRQ·WNQRZXQWLO,
SHDNWKHSRZHU
:KHQZHFKDQJHGIURPWKHROG)LUHVWRQH
7LUHVWRWKH0LFNH\7KRPSVRQWLUHVWKH
GLDPHWHURIWKHWLUHLQFUHDVHGRXUVSHHGE\
PLOHVSHUKRXUDWWKHVDPH530DQG
WKDW·VZLWKLQFKVRIJURZWKRQWKHWLUHV
7KHRUHWLFDOO\DVWKHHQJLQHVSRROVXSWR
PRUHRILWVSRWHQWLDOWKHFDUPD\DFFHOHUDWH
IDVWHUWKHQZHZRXOGQ·WQHHGDQRWKHUIRXU
PLOHVRIVDOW,I,ZHUHWRJHDULWGRZQWKHQ,
PLJKWQHHGWRFKDQJHLWRXWWRDWZRVSHHG
WUDQVPLVVLRQZKHUH,FDQWDNHRIIXVLQJD
ORZHUUDWLRJHDUDQGWKHQVKLIWLW,·YHEHHQ
WKLQNLQJDERXWWKDW
2QWKHWHVWUXQ,ZDVVREXV\ZDWFKLQJWKH
WHPSJDXJHWKDW,GLGQ·WNQRZZKHUH,ZDV
RQWKHFRXUVHDQG,MXVWKDSSHQHGWRFDWFK
WKHPLOHPDUNHUDQGSXWWKH¶FKXWHRXW
UXQQLQJDERXW03+%HIRUHWKHUHFRUG
UXQVZHUHFXWWKHGDVKDQGUDLVHGWKH
WHPSJDXJHXSVR,GLGQ·WKDYHWRORRNDZD\
IURPWKHFRXUVHVRPXFK
7KLVFDUEDFNVGRZQTXLFNHUWKDQLW
DFFHOHUDWHV\RX·YHJRWWRUHPHPEHUWKH
SDUDFKXWHJRHVRXWWZLFHDVIDVWEDFNZDUGV
DV\RXDUHJRLQJIRUZDUGDQGLWKLWVLQ
PLOOLVHFRQGVSHHOLQJRIIDWOHDVW03+
DOPRVWLQVWDQWO\,JHWFRPSOHWHO\VWRSSHG
LQOHVVWKDQVHFRQGVTXLFNHULI,XVHWKH
ORZVSHHGSDUDFKXWHÀUVW7KHHQWLUHUXQ
RQO\WDNHVVHFRQGV²DERXWUXQVDWD
GUDJVWULS
/6/7DNHXVIRUDIDVWULGHLQWKH
7XUELQDWRU
'9<RXPXVWÀUVWXQGHUVWDQGZKHUHP\
KHDGZDVMXVWEHIRUHWKRVHUXQV,KDGPDGH
DUXQSULRUWRWKHUHFRUGUXQVZKHUHZHZHUH
WHVWLQJWKHSDUDFKXWH,MXVWDERXWWXUQHG
XSVLGHGRZQWKHSDUDFKXWHKDGPHDOORYHU
WKHSODFH
2QWKHÀUVWUHFRUGUXQ,ZDVHDV\RQWKH
WKURWWOHQRUPDOO\,OLNHWRQDLOLWEXW,KDGWR
NHHSWKHWHPSGRZQVR,KDGWROLIWWLPHV
VRWKHHQJLQHZRXOGFRROGRZQ:KHQLW
JRWGRZQWR,·GVWDQGRQWKHWKURWWOH
DJDLQ7KHWHPSHUDWXUHFOLPEHGDVIDUDV
RQFH³WKDW·VLQVLGHWKHEXUQHUVQRW
WKHH[KDXVW:HSUREDEO\ORVWPLOHVSHU
KRXUGRLQJWKDWEXWLWZDVVPRRWKDQG,
FRXOGVHHFRXSOHPLOHVDKHDGVRLWZDVHDV\
WRNHHSWKHFDUVWUDLJKWOLNHVLJKWLQJDULÁH
7KHFDULVVWDUWHGEHIRUHWKHFDQRS\LV
ORFNHGGRZQ0\WDFKRPHWHUUHDGVDVD
SHUFHQWDJHRI530VR,XVHWKHDLUVSHHG
LQGLFDWRUDQGJRE\WKH´IHHOµRIWKHFDUWR
ÀJXUHRXWZKHUH,DP,WVWDUWVRXWVORZOLNH
D*UH\KRXQGEXVEXWZKHQWKHEOHQGEDQG
FORVHVLWVOLNHDWXUERZDVWHJDWHFORVLQJDQG
2QWKHUHWXUQUXQLWZDVWKHVDPHVLWXDWLRQ
ZLWKWKHWHPSJDXJH,KDGWRVWDQGRQWKH
WKURWWOHKDUGHUHDUOLHUOLIWLQJWLPHVDQG
ZHQWWKURXJKWKHOLJKWVRYHUWHPSHGDERXW
GHJUHHV,WZDVURXJKHUFRXUVHZLWK
VRPHSRWKROHVDQG,ORVWDZKHHOZHLJKW
RIIWKHULJKWUHDUWLUH7KDWFDXVHGVRPH
YLEUDWLRQEXWGLGQ·WFRQFHUQPHHQRXJKWR
EDFNRII5HPHPEHUHDFKUXQZDVMXVWD
OLWWOHRYHUDPLQXWHHDFKWLPHDQGZHFRYHU
DPLOHLQVHFRQGVVROLIWLQJRIIDQG
JHWWLQJEDFNRQWKHWKURWWOHPHDQV,GULYH
PDLQO\E\LQVWLQFW
:KHQWKHWLUHEOHZRXWWKHFDUGURSSHGD
OLWWOHLQEDFNULJKWH[DFWO\DWWKHOLJKWVVR,
SXWWKHSDUDFKXWHRXWDQGWKDWKHOSHGSLFN
WKHFDUEDFNXSDQGNHHSLWJRLQJGHDG
VWUDLJKW:KHQLWÀUVWKLWVWKH¶FKXWHKDV
FRQWURORI\RXDQGWKHFDU\RXPLJKWEHDEOH
WRJXLGHLWDOLWWOHELWEXWWKDW·VDOO
/6/:KDWGRHV\RXUIXWXUHKROG"
'96XEVHYHQVHFRQGUXQV,·GOLNHWRSDUN
WKH7XUELQDWRUDQGEXLOGDWZLQHQJLQHFDU
,WKLQNLWZRXOGPDNHLWLQWHUHVWLQJWRVHW
ZRUOGFDUDQGPRWRUF\FOHUHFRUGVRQWKH
VDPHGD\,WZRXOGEHVRPHWKLQJGLIIHUHQW
QRERG\·VGRQHLW,IHHOSULYLOHJHGWKDW,JRW
WRRSSRUWXQLW\EHWKHÀUVWSHUVRQWRVHWWKH
ZRUOGPRWRUF\FOHUHFRUGDQGWKHQODWHUVHW
WKHZRUOGZKHHOGULYHQUHFRUG
(SLORJXH'RQ9HVFRZDVQHYHUD
ZHDOWK\PDQQRUZDVKHHYHUKLJK
RQWKHFHOHEULW\UDGDURUDJX\
ZKRZDVSURQHWRVKDOORZJODG
KDQGLQJDQGEDFNVODSSLQJ9HVFR·V
JUHDWHVWDFKLHYHPHQWKHHDUQHG
WKHDGPLUDWLRQDQGUHVSHFWRIKLV
SHHUV,WRXWZHLJKHGHYHU\WKLQJ
HOVH