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ҋVVHDVRQVDQGLWVEDGPRRGV%RVPDSRLQWVRXWWKDWWKH ERXQGDULHVEHWZHHQWKHLQGRRUVDQGRXWGRRUVEHWZHHQWKHSULYDWHDQGWKHSXEOLFKDYHEHHQEURNHQ GRZQE\GLJLWDOWHFKQRORJLHV$VGDWDVOLSVLQWRRXUPRVWLQWLPDWHVSDFHVWKHZD\UDLQDQGZLQGRQFH ULSSHGWKURXJKSULPLWLYHVKHOWHUVOLNHFDYHVDQGKXWVZHUHWXUQWR´DUDWKHUEDVLFIRUPRIKXPDQLW\µɎDQ XQFDQQ\´VWFHQWXU\YHUVLRQRIDQFLHQWFXOWXUHVDQGWUDGLWLRQVµ6RUWLQJWKURXJKDQ´HUUDWLFXQHYHQ PHVVµ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´(YHU\WLPHZHDFFHVVDZHESDJH«WKHEURZVHUPHPRUL]HVFHUWDLQGDWDRQRXUFRPSXWHU« ZKDWHYHUZHGRQҋWGHOLEHUDWHO\GHOHWHZHNHHS,QWKHFDFKHHUDDFFXPXODWLQJGDWDLVOLNH EUHDWKLQJLQYROXQWDU\DQGPHFKDQLFDO:HGRQҋWFKRRVHZKDWWRNHHS«EXWZKDWWRGHOHWHµ>@ 7KHDUWLVWVLQWKH6FKROHVH[KLELWLRQDSSURSULDWHGDQGPDQLSXODWHGLPDJHVGDWDDQLPDWHGJLIV YLGHRFOLSDUWDQGEORJVWRFUHDWHVFUHHQSURMHFWLRQVQHWDUWSULQWVDQGLQVWDOODWLRQV2IWHQWKH\ WUDQVIHUUHGIRUDJHGGDWDLQWRVFXOSWXUDOSLHFHVVXFKDVWKHVHULHVRISRFNHWELNHVE\-RQ5DIPDQDQG WKHSKRWRFRSLHUUXQDPRNLQ-DVRQ+XIIҋV(QGOHVV2SSRUWXQLWLHVVXJJHVWLQJWKDWRQOLQHLQIRUPDWLRQ PRYHVLQDQGWKURXJKRXUPDWHULDOZRUOG0RYLQJWKURXJKWKHJDOOHU\PDGHPHIHHOOLNH,KDGVSHQWWRR PXFKWLPHRQOLQHRYHUZKHOPHGE\WRRPXFKLQIRUPDWLRQ7KHUHZHUHKXQGUHGVRISRODURLGVLQ $OWHUD]LRQL9LGHRҋV2OEDQLDKXQGUHGVRILPDJHVLQ(YDQ5RWKҋVFROODJH,QWHUQHW&DFKH6HOI3RUWUDLW -XO\7KHWLWOHRIWKHVHHPLQJO\QRQVHQVLFDO(WV\SXUFKDVHE\%UDG7URHPHOGLVSOD\HGRQWKH JDOOHU\ZDOOFDSWXUHGWKHGHWDLOHGUDQGRPQHVVRIWKHLQWHUQHWVSDFH$UW6PHOOV:K\:DLW*UDE$Q 8QXVXDOO\'HFDGHQW3,1(DLUIUHVKHQHUZLWKD+27723,&SLQNWREODFNKDLUH[WHQVLRQDWWDFKHG7KH VRXQGVRI(YD)UDQFR0DWWHVҋ0\*HQHUDWLRQGRPLQDWHGWKHJDOOHU\ҋVIURQWVSDFH,QDSLOHRI VPDVKHGFRPSXWHUKDUGZDUHDVFUHHQGLVSOD\HGYLGHRVRIKRUPRQDOWHHQDJHER\VIUHDNLQJRXW VFUHDPLQJDQGFRQYXOVLQJLQIURQWRIWKHLUFRPSXWHUFDPV7KHFROODJHFDSWXUHVWKHRYHUIORZLQJ K\VWHULFDOHPRWLRQVRIDGROHVFHQWVLQWKHLUQRZSULYDWHSXEOLFEHGURRPVEXWDOVRWKHIUXVWUDWLRQWKDWZH FDQIHHODERXWOLIHDPLGVWVRPDQ\QHWZRUNHGGHYLFHVDQGVRPXFKGDWD (QGOHVV2SSRUWXQLWLHV-DVRQ+XII 6LQFHPDQ\RIWKHZRUNVDW6FKROHVPDGHPHIHHOSV\FKRORJLFDOO\XQVHWWOHGDQGGLVSHUVHGWKH VDPHZD\,IHHODIWHUVWDULQJDWDVFUHHQDOOGD\ORQJɎDIHHOLQJWKDW,FDQIL[RQO\E\XQSOXJJLQJDQG WDNLQJP\GRJIRUDZDONɎ,DVNHG4XDUDQWDKRZKHGLIIHUHQWLDWHV&ROOHFWWKH:::RUOGDUWLVWVIURPWKH ODUJHUSRSXODWLRQRISHRSOHLQWHUDFWLQJZLWKGDWDDVVLPSO\MXVWKXQWHUJDWKHUHUVRQDQHYHU\GD\EDVLV +RZGLGKHLPDJLQHWKHH[KLELWLRQUHSUHVHQWLQJVRPHWKLQJEH\RQGZKDWZHDOOGRFRQWLQXDOO\DV QDWXUDOO\DVEUHDWKLQJ"+LVUHVSRQVH ´(YHU\ERG\VWRUHVEXWMXVWDIHZFROOHFW6WRULQJPHDQVGRZQORDGLQJRUWDJJLQJSLQQLQJ SRVWLQJHWFVRPHWKLQJDQGIRUJHWWLQJDERXWLW&ROOHFWLQJPHDQVWDNLQJFDUHRIZKDW\RXVWRUHG VHOHFWLQJDQGRUGHULQJLWDFFRUGLQJWRDSHUVRQDOFULWHULRQDSSO\LQJDKXPDQILOWHUWRWKHLQKXPDQ LPSHUVRQDODUFKLYH,IWKHFROOHFWRULVDQDUWLVWKLVFROOHFWLRQPD\EHVRPHWLPHVXQGHUVWRRGDV DUWµ>@ ,IZHNHHSZLWK%RVPDҋVHFRORJLFDOPHWDSKRU4XDUDQWDҋVH[KLELWLRQWKHQSUHVHQWVDUWLVWVZKRDUH DOVRFROOHFWRUVDQGDUFKLYLVWVZKRKDYLQJH[SORUHGWKHGLJLWDOZLOGHUQHVVKDYHGRQHVRPHZHHGLQJLQ RUGHUWRSODQWDJDUGHQRIFXOWLYDWHGQXUWXUHGORRNHGDIWHUGDWD7KHLUDUWLVDJHVWXUHWRZDUGWU\LQJWR PDNHVRPHVHQVHRURUGHURXWRIWKHZLOGQHVV,QKLVFDWDORJHVVD\4XDUDQWDZULWHV ´&ROOHFWWKH:::RUOGWDNHVDVLWVSRLQWRIGHSDUWXUHWKHYHU\PRPHQWDQLQFRKHUHQWPDVVRI LGHDVWXUQVLQWRDK\SRWKHVLVµ>@ <HWHYHUVLQFHGLJLWDOPHGLDHPHUJHGRQWKHFRQWHPSRUDU\DUWVFHQHDUWLVWVKDYHEHHQDSSURSULDWLQJ IRXQG´REMHFWVµIURPWKHLQWHUQHWҋ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´,ILQWKHSDVWDQGVWLOOLQWKHODWH1LQHWLHVDSSURSULDWLRQDQGUHPL[ZHUHGHDOLQJPRVWO\ZLWK FRPPHUFLDOO\SURGXFHGFXOWXUHQRZPRVWRIWKHFXOWXUDOFRQWHQWZHDFFHVVFRQVXPHDQGUHPL[ LVSURGXFHGE\VRFDOOHGDPDWHXUVµ ,QWKH:HEZRUOGRI<RX7XEHDQG)DFHERRNEURNHUVHGLWRUVDQGHYHQFXUDWRUVDUHQRORQJHU LQGLVSHQVDEOH7KHUHDUHQRLQWHUPHGLDULHVEHWZHHQSXEOLFDQGSULYDWHLQWKHGLJLWDOZLOGHUQHVV )XUWKHUPRUH4XDUDQWDDGGVHDUO\JHQHUDWLRQVRIGLJLWDODUWLVWVZHUHSLRQHHUV1RZWKHERUQGLJLWDO DUWLVWFROOHFWRUVDUH´UHVLGHQWVGHDOLQJZLWKWKHVWXIIOHIWE\WKHLUDQFHVWRUVµ>@ ,QWKLVH[KLELWLRQRIVHFRQGJHQHUDWLRQGLJLWDODUWWKHPRVWLQWULJXLQJZRUNVLQWKHVKRZZHUHWKRVHWKDW GLGQRWVLPSO\UHSHDWDQGUHSUHVHQWWKHH[SHULHQFHRIKXQWLQJJDWKHULQJLQWKHZLOGHUQHVVEXWUDWKHU LQWHUYHQHLQWKLVSURFHVVWRVXJJHVWWKHZD\VWKDWPHGLDWHFKQRORJLHVUHZLUHRXUFXOWXUHRXU SXEOLFSULYDWHVSDFHVDQGRXULPDJLQDWLRQ,Q.HYLQ%HZHUVGRUIҋV*RRJOH,PDJH6HDUFK5HVXOWIRU ´([KDXVWHGµ3ULQWHGRQWR%ODQNHWDQLPDJHRIDQHPRWLRQOHVVIDWKHUKROGLQJDSDVVHGRXWVRQLQKLV DUPV,ҋPJXHVVLQJDWWKHLUUROHVWKHVLWXDWLRQFRXOGEHPXFKOHVVLQQRFXRXV:LWKWKHSULQWLQJRIWKLV UDQGRPSULYDWHVFHQHRQWRDEODQNHWVRPHRQHFRXOGDFWXDOO\VOHHSLQZLWKWKLVRGGFRXSOHOD\LQJKLV VNLQQH[WWRWKHLUV7KHQHWZRUNLQJRIVXFKLQWLPDWHPRPHQWVLVDWRQFHOXGLFURXVPHDQLQJOHVVDQG PHDQLQJIXOɎDQGVRPHWKLQJWKDWWKRVHRIXVZLWKZHEDFFHVVH[SHULHQFHDOOWKHWLPH *RRJOH,PDJH6HDUFK5HVXOWIRU´([KDXVWHGµ3ULQWHGRQWR%ODQNHW.HYLQ%HZHUVGRUI ,QQHHGLGHDVV"3/=(OLVD*LDUGLQD3DSDKDVFROOHFWHGRQOLQHYLGHRRIPRVWO\WHHQDJHJLUOVH[FLWHG WRPDNHQHZYLGHRFRQWHQWH[FHSWWKH\KDYHRQHPDMRUSUREOHPWKH\KDYHQRLGHDV7KHSURMHFWLRQDW 6FKROHVVKRZHGWKHPVSHDNLQJLQWLPDWHO\LQWRWKHLUYLGHRFDPVEHJJLQJWKHLUYLHZHUVWRKHOS WKHPFRQIHVVLQJWKHLUZLOOLQJQHVVWRGRDQ\WKLQJDVNHGRIWKHP ´+L<RX7XEH+L\RXJX\V+H\XP<RX7XEH«,ZDQWHGWRVWDUWDZHEVKRZDQG,QHHGLGHDVIRU LWEXW,GRQҋWNQRZOLNHDQ\LGHDV,KDYHWKHZHEVKRZPD\EHDQXSFRPLQJZHEVLWHZKRNQRZV« +H\<RX7XEH,ҋPEHKLQGP\NLWW\FDWULJKWKHUH,I\RXJX\VFDQJLYHPHVRPHLGHDV,ҋGJUHDWO\ DSSUHFLDWHLW«+L\RXJX\V,ҋP9DQHVVD,ҋPZRQGHULQJLIDQ\RI\RXFDQJLYHPHDQ\LGHDV«µ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
© Copyright 2026 Paperzz