%DOORRQ5RFNHWV&RQVHUYDWLRQRI0RPHQWXP
'HVLJQHG6SULQJIRUQG*UDGHUVDW/HFRQWH(OHPHQWDU\
*URXSPHPEHUV.DWLH7KRPDV+XJK&KHQ-XVWLQ%DLN-HQQLIHU9X&KULVWLDQ%ULRQHV(VWKHU&KXQJ
8VHIXOUHOHYDQWOLQN
KWWSFRVPRORJ\EHUNHOH\HGX(GXFDWLRQ'(026$LUB5RFNHWV5RFNHWB,QWURGXFWLRQKWPO
0DWHULDOV
%DOORRQVPDNHVXUHWKH\FDQEHEORZQXSHDVLO\ZLWKRXWDEDOORRQSXPS
6WUDZVEREDVWUDZVZRUNUHDOO\ZHOO
7DSH
6WULQJDIHZGLIIHUHQWNLQGVSUHIHUDEO\LQFOXGLQJILVKLQJOLQH
7HQQLVEDOOV
%DVNHWEDOO
1HZWRQ¶VFUDGOHFDQEX\DFKHDSRQHRQ$PD]RQLIWKHUHLVQ¶WRQHLQWKHFDJH
3HQQLHV
:RUNVKHHWFRS\SHUWDEOHRUFRS\SHUVWXGHQW
,I\RXKDSSHQWRKDYHVNDWHERDUGVRUORQJERDUGVWKHUH¶VDQRWKHUGHPR\RXFRXOGSRVVLEO\GR
EXWRXUJURXSGLGQRWHQGXSGRLQJWKLVGHPR
6HWXS
:KLOHWKHLQWURLVJRLQJRQHYHU\RQHHOVHVKRXOGZRUNRQJHWWLQJWKHVWULQJWUDFNVVHWXSDQG
SXWWLQJWKHPDWHULDOVEDOORRQVWDSHSHQQLHVVWUDZVFRS\RIWKHZRUNVKHHWDWHDFKWDEOH
,QWURPLQXWHV
:HDUHOHDUQLQJYHU\LPSRUWDQWVWXIIWRGD\
4XHVWLRQ:KR¶VIDPLOLDUZLWKWKHZRUGPRPHQWXP"
:HVHHPWRKDYHDOLWWOHELWRILGHDRQZKDWPRPHQWXPPHDQVDOUHDG\:RXOGDIRRWEDOOSOD\HU
KDYHELJPRPHQWXP"
([SODLQZKHQDQREMHFWLVPRYLQJZHVD\LWKDVPRPHQWXP,WKDVPRUHPRPHQWXPLILW¶VELJ
RULILW¶VJRLQJIDVW
,WZRXOGEHKDUGWRVWRSDIRRWEDOOSOD\HUUXQQLQJDWKLVIXOOVSHHG7KHUHIRUHZHZRXOGVD\WKDW
WKHPDQKDVORWVRIPRPHQWXP%LJJHUWKHIRRWEDOOSOD\HUKDUGHULWLVWRVWRSKLP$OVRIDVWHUKH
UXQVHYHQKDUGHULWLVWRVWRSKLP0RPHQWXPLVWKXVGLUHFWO\UHODWHGWRKRZELJ\RXDUHDQG
KRZIDVW\RXDUHPRYLQJ
'HPR
5ROOWKHWHQQLVEDOODQGWKHEDVNHWEDOODWWKHVDPHVSHHGRQWKHIORRUDQGDVN³GRWKH\
KDYHPRPHQWXP"´<HV³GRWKH\KDYHWKHVDPHPRPHQWXP"´1RWKHEDVNHWEDOOKDVJUHDWHU
PRPHQWXPEHFDXVHLWVELJJHU$QGWKHQUROOWZRWHQQLVEDOOVDWGLIIHUHQWVSHHGVDQGDVN
³:KLFKRQHKDVPRUHPRPHQWXP"´7KHRQHWKDW¶VJRLQJIDVWHU
4XHVWLRQ7KHDPRXQWRIPRPHQWXPDQREMHFWKDVWHQGVWRVWD\WKHVDPHDVORQJDVWKHUHLV
QRRXWVLGHIRUFHWRVWRSLWVPRPHQWXP)ULFWLRQLVRQHW\SHRIIRUFHWKDWFDQVWRSDQREMHFWV
PRPHQWXP:KRNQRZVZKDWIULFWLRQLV"
([SODLQ([SODLQWKDWIULFWLRQKDSSHQVZKHQHYHUWZRREMHFWVDUHUXEELQJDJDLQVWHDFKRWKHUDQG
LWWHQGVWRVORZWKLQJVGRZQ5RXJKVXUIDFHVFDXVHPRUHIULFWLRQDQGVORZWKLQJVGRZQPRUH
WKDQVPRRWKRQHV$JRRGH[DPSOHPLJKWEHWKDWFDUSHWFDXVHVPRUHIULFWLRQDJDLQVW\RXUIHHW
WKDQDQLFHULQNGRHVWKDW¶VZK\\RXVOLGHDURXQGVRHDVLO\ZKHQ\RXJRLFHVNDWLQJ
&RQVHUYDWLRQRIPRPHQWXP:KHQZHDUHGHDOLQJZLWKPXOWLSOHREMHFWVWKH727$/
PRPHQWXPLVDOZD\VFRQVHUYHGWKHWRWDODPRXQWRIPRPHQWXPDOZD\VVWD\VWKHVDPHHYHQLI
PRPHQWXPJHWV75$16)(55('IURPRQHREMHFWWRDQRWKHU
'HPRUROORQHEDOOLQWRDVWDWLRQDU\RQHRQWKHIORRUWRH[SODLQKRZPRPHQWXPLVWUDQVIHUUHG
IURPRQHEDOOWRDQRWKHURQHVWRSVPRYLQJDQGDQRWKHURQHVWDUWVPRYLQJ7KH727$/
PRPHQWXPVWD\VWKHVDPH
'HPR1HZWRQ¶V&UDGOH
:KDWKDSSHQVLIZHGURSRQHEDOO"
:KDWKDSSHQVLIZHOLIWWZR"2UWKUHH"
([SODLQWKDWWKHPRPHQWXPRIWKHEDOOVWKDWDUHOLIWHGDQGGURSSHGJHWVWUDQVIHUUHGWRWKHRWKHU
EDOOVRQWKH1HZWRQ¶V&UDGOH
6NDWHERDUGGHPR
0RPHQWXPLQRQHGLUHFWLRQZLOO%$/$1&(287RU&$1&(/287PRPHQWXPLQWKHRSSRVLWH
GLUHFWLRQ6RDQRWKHUZD\WKDWPRPHQWXPLV&216(59('VWD\VWKHVDPHLVWKDWZKHQRQH
REMHFWPRYHVLQRQHGLUHFWLRQDQRWKHUREMHFWZLOOPRYHLQWKHRSSRVLWHGLUHFWLRQ
1RWHZHWULHGKDYLQJVRPHRQHVWDQGRQDORQJERDUGDQGWKURZDEDVNHWEDOOH[SHFWLQJWKDWWKH
SHUVRQRQWKHORQJERDUGZRXOGPRYHEDFNZDUGVGHPRQVWUDWLQJFRQVHUYDWLRQRIPRPHQWXP
+RZHYHULWGLGQ¶WZRUN
,I\RXKDSSHQWRKDYHVNDWHERDUGVRUORQJERDUGV\RXFRXOGKDYHRQHSHUVRQVWDQGRQHDFK
DQGWKHQKDYHWKHWZRSHRSOHSXVKRIIRIHDFKRWKHUVRWKDWWKH\WUDYHOLQRSSRVLWHGLUHFWLRQV
7KLVZRXOGDOVREHDQH[DPSOHRIFRQVHUYDWLRQRIPRPHQWXP
)ULFWLRQH[SODQDWLRQRIZK\\RXGRQ¶WJR]RRPLQJDFURVVWKHIORRULI\RXDQGDIULHQGSXVKRIIRI
HDFKRWKHUZKLOH127VWDQGLQJRQVNDWHERDUGV7KHIULFWLRQEHWZHHQWKHIORRUDQG\RXUIHHW
ZRXOGNHHS\RXIURPJRLQJDQ\ZKHUH
6FLHQWLILFPHWKRG%DOORRQ([SHULPHQW'LUHFWLRQV(VWKHUDQG+XJK
4XHVWLRQ+\SRWKHVHV([SHULPHQW5HVXOWV
'RDGHPRQVWUDWLRQH[SODLQWKHSURFHGXUHRIWKHEDOORRQDFWLYLW\ZKLOHLQWURGXFLQJWKHVFLHQWLILF
PHWKRG:KLOHGHPRQVWUDWLQJKRZWRPDNHDEDOORRQURFNHWDVNWKHPWRDSSO\ZKDWWKH\OHDUQHG
IURP&KULVWLDQDQG-XVWLQWRPDNH+<327+(6(6DERXWZKDWWKHEDOORRQURFNHWZLOOGR
([SODLQWKDWZHZLOOQRZEHVHSDUDWLQJLQWRVPDOOJURXSVZKHUHHDFKJURXSZLOOZRUNWRJHWKHUWR
GRH[SHULPHQWVWRDQVZHUWKHTXHVWLRQVRQWKH:25.6+((7
3URFHGXUHIRUEDOORRQURFNHWV
+HUH¶VZKHUHZHJRWWKHLGHDIRUWKHEDOORRQURFNHWH[SHULPHQW
KWWSWU\VFLHQFHRUJH[SHULPHQWVH[SHULPHQWVBSUREHVBDWKRPHKWPO
WDSHDVWULQJWRWKHZDOODFKDLURUDWDEOHVRWKDWLWFDQEHKHOGRXWWRIRUPDKRUL]RQWDO³WUDFN´
%ORZXS\RXUEDOORRQDQGSLQFKWKHRSHQLQJFORVHGRQRWWLHLWFORVHG
+DYHDIULHQGKHOS\RXWDNHDVWUDZWRWKHWRSRI\RXUEDOORRQ
7KUHDGWKHVWULQJWKURXJKWKHVWUDZ
+ROGWKHVWULQJRXWKRUL]RQWDOO\
OHWJRRIWKHRSHQLQJRI\RXUEDOORRQ<RXUURFNHWVKRXOG]RRPDORQJWKHVWULQJWUDFNDVWKHDLU
HVFDSHVWKHEDOORRQ
<RXFDQH[SHULPHQWZLWKXVLQJGLIIHUHQWW\SHVRIVWULQJVRPHKDYHPRUHIULFWLRQWKDQ
RWKHUVILVKLQJOLQHZRUNVZHOODVDW\SHRIVWULQJZLWKYHU\OLWWOHIULFWLRQ
6SOLWLQWRVPDOOJURXSVE\WDEOH
HYHU\WZRNLGVJHWDEDOORRQDQGDVWUDZ
H[SHULPHQWZLWKWKHVHWKLQJVDQGILOORXWZRUNVKHHW
DQJOHRIVWULQJ
DPRXQWRIDLULQEDOORRQ
WDSLQJZHLJKWVSHQQLHV"WRVWUDZEDOORRQ
)LOORXWZRUNVKHHWDV\RXJR
&RPHEDFNWRJHWKHUDVDELJJURXSJRRYHUZKDWKDSSHQHG
([SODLQKRZWKHEDOORRQURFNHWVDUHDQH[DPSOHRIFRQVHUYDWLRQRIPRPHQWXP7KHDLUWUDYHOV
LQRQHGLUHFWLRQDQGWKHEDOORRQWUDYHOVLQWKHRWKHUZKLFKPHDQVPRPHQWXPLVFRQVHUYHG
([SODLQZK\WKHEDOORRQJRHVPRUHVORZO\RUQRWDVIDURQVWULQJWKDWLVURXJKHUPRUHIULFWLRQ
([SODLQZK\SXWWLQJPRUHDLULQWKHEDOORRQPDNHVLWJRIDUWKHUWKHDLUKDVPRUHPRPHQWXPLI
WKHUH¶VPRUHRILWVRWKHEDOORRQKDVPRUHPRPHQWXPWRR
([SODLQZK\DGGLQJZHLJKWVSHQQLHVWKHEDOORRQPDNHVLWQRWJRDVIDU
LIZHKDYHH[WUDWLPHRULIWKH\VHHPOLNHWKH\QHHGWKHUHSHWLWLRQUHSHDWRQHRIWKHGHPRVIURP
WKHEHJLQQLQJWRUHLQIRUFHWKHFRQFHSWV
&RXOGDOVRLQFOXGHWKH³GURSWKHEDVNHWEDOOZLWKWKHWHQQLVEDOOVLWWLQJRQWRSRILWVRWKDWWKH
WHQQLVEDOOJHWVODXQFKHGUHDOO\KLJKLQWRWKHDLUZKHQWKHEDVNHWEDOOERXQFHVRIIWKHJURXQG´
GHPRKHUH
KWWSZRQGHUZRUNVEHUNHOH\HGXEORJZSFRQWHQWXSORDGV(QHUJ\7UDQVIHU7KURXJK%DOOVSGI
© Copyright 2026 Paperzz