6%251Ë.35$&Ë),/2=2),&.e)$.8/7<%51ċ16.e81,9(5=,7< 678',$0,125$)$&8/7$7,63+,/2623+,&$(81,9(56,7$7,6%581(16,6 6²%512678',(6,1(1*/,6+ =e1Ï9(51<,. “FOURDIMENSIONAL IDEAS INTO A TWODIMENSIONAL STAGE”: E. E. CUMMINGS’ AND LÁSZLÓ MOHOLY-NAGY’S AESTHETICS OF DRAMA AND THEATER Abstract &DQRQL]HGDQGUHVSHFWHGDVLWPD\EH((&XPPLQJV¶RHXYUHLVVXUHO\DQ\ WKLQJEXWZHOONQRZQLWLVIDUIURPEHLQJJHQHUDONQRZOHGJHWKDWKLVFRQWULEX WLRQWRDUWDQGFXOWXUHZHOOH[FHHGWKRVHRIDSRHW$QGZKLOHVRPHVFKRODUVDUH DFWLYHLQPDNLQJKLPPRUHDQGPRUHUHVSHFWHGDVDSDLQWHUWKHUHDUHIHZWUDFHV RILQWHUHVWLQKLVSURVHDQGKLVGUDPDWLFZRUNV 7KLVHVVD\VKRZVWKDWILYHDUWLFOHVZULWWHQE\&XPPLQJVIRUWKHPDJD]LQHV The Dial DQG9DQLW\)DLUFDQWRJHWKHUEHFRQVLGHUHGDVKLVGUDPDWLFSURJUDP )XUWKHUPRUHLWSURYLGHVDFRPSDUDWLYHDQDO\VLVRIKLVWKHRULHVDQGWKRVHWKDW /iV]Oy0RKRO\1DJ\DGYHUWLVHGLQKLVHVVD\³7KHDWHU&LUFXV9DULHW\´DSDUW RIWKHPDQLIHVWR7KH7KHDWHURIWKH%DXKDXV 7KURXJKWKLVDQDO\VLVRI&XPPLQJV¶WKHRUL]LQJDERXWWKHDWHUWKLVVKRUWHVVD\ WULHVWRFDOODWWHQWLRQWRWKHIDFWWKDWLQFRQWUDVWZLWKERWKSUHVHQWGD\WKRXJKWV DERXW KLV LPSRUWDQFH LQ WKH ILHOG RI GUDPD DV ZHOO DV FULWLFLVPV RI KLV RZQ FRQWHPSRUDULHV&XPPLQJVZDVDFWXDOO\IROORZLQJWKHFRQWHPSRUDU\FXUUHQWV RIWKHDWHU Key words %DXKDXVWKHDWHUGUDPDFLUFXV((&XPPLQJV/iV]Oy0RKRO\1DJ\ ((&XPPLQJVSXEOLVKHGILYHDUWLFOHVEHWZHHQ2FWREHUDQG-XQHLQ WKHPDJD]LQHV9DQLW\)DLUDQGThe Dial WKDWGHDOWZLWKRUWRXFKHGXSRQWKHWRSLF RI WKH WKHDWHU DQG SHUIRUPLQJ DUWV LQ JHQHUDO ,Q WKH IROORZLQJ SDSHU , SURYH WKDWWKHVHVKRUWWH[WVLISXWWRJHWKHUJLYHDFRKHUHQWWKHDWULFDOSURJUDPDQGWKDW WKLVSURJUDPLVVLPLODUDQGFRPSDUDEOHWR/iV]Oy0RKRO\1DJ\¶VWKHDWUL FDOPDQLIHVWRRIWKH%DXKDXVPRYHPHQW%\EULQJLQJLQWRWKHPDWUL[RIWKHILYH DUWLFOHVWKHVWDJHGLUHFWLRQVRI&XPPLQJV¶+LPKLVPRVWLPSRUWDQWDQGFRPSOHWH SOD\WKDWDSSHDUHGLQ,VLPXOWDQHRXVO\VKRZKLVLGHDVLQZRUNDQGSURYLGH =e1Ï9(51<,. DIXOOHUSLFWXUHRIKLVLGHDVDVZHOODVSURYHWKDWKLVDFWXDOSOD\VDUHLQKDUPRQ\ ZLWKKLV³WKHRUHWLFDO´WH[WV7KHLPSRUWDQFHRIWKLVYHQWXUHLVWKDWLWPLJKWUHYHDO WKDWUHJDUGOHVVRIWKHVPDOOQXPEHURISOD\VWKDW((&XPPLQJVFUHDWHGKHVWLOO VKRXOGEHFRQVLGHUHGDVRQHRIWKHPRVWLQQRYDWLYHDQGUDGLFDOSOD\ZULJKWVRIWKH ODWHVLQ$PHULFD ,WLVLPSRUWDQWWRVWUHVVKRZHYHUWKDWWKHSUHVHQWDUWLFOHLQQRZD\DWWHPSWVWR EHDOLWHUDU\DQDO\VLVRUFULWLFDODVVHVVPHQWRIWKHSOD\+LPQRULVLWDQDWWHPSWDW XVLQJWKHDSSURDFKRIDSDUWLFXODUVFKRRORIWKRXJKWWRKLJKOLJKWFHUWDLQDVSHFWVRI ((&XPPLQJV¶WH[W,QVWHDGZKDWWKHSDSHUDWWHPSWVLVVRPHWKLQJUHPLQLVFHQW RIDPRUHGRZQWRHDUWKWUDGLWLRQDOSKLORORJLFDODSSURDFKVLPSO\MX[WDSRVLQJ WH[WV RI DQ DXWKRU LQ VHDUFK RI D XQLILHG FRQFHSWXDO IUDPHZRUN ,Q DGGLWLRQ WR WKDW WKH SDSHU WULHV WR WHVW WKLV SLFWXUH RI D WKHRU\ RQ &XPPLQJV¶ EHVWNQRZQ SOD\+LPWRVHHWRZKDWH[WHQWWKHRU\DQGSUDFWLFHFRUUHVSRQG+RZHYHULWGRHV QRWFKDQJHWKHIRFXVRIWKHSDSHULQDQ\ZD\LWIRFXVHVVROHO\RQWKHWKHDWULFDO WKHRU\DQGWKHSOD\LVLQYRNHGRQO\DVDWRROLQXQGHUVWDQGLQJWKDW 2QH FRXOG DVN ZKDW PDNHV /iV]Oy 0RKRO\1DJ\¶V WKHDWULFDO PDQLIHVWR DQG WKHmiscellanea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iV]Oy0RKRO\1DJ\LQKLVWH[WRQ7RWDO7KHDWHUFODLPVWKDWWKHVDLGWKHDWHU VKRXOG DSSO\ DV PDQ\ NLQGV RI VLPXOWDQHRXV VKDUS FRQWUDVWV DV SRVVLEOH HJ FRPLFWUDJLF JURWHVTXHVHULRXV PLQXWHPRQXPHQWDO HWF )XUWKHUPRUH KH VWDWHVWKDWWKHEHVWHIIRUWVLQGRLQJWKLVZHUHSURYLGHGE\FLUFXVRSHUHWWDYDXGH YLOOHEXUOHVTXHDQG$PHULFDQFORZQMRNHV0RKRO\1DJ\,WLVTXLWH HDV\WRVHHKRZFORVHVXFKDVWDWHPHQWLVWR((&XPPLQJV¶RSLQLRQDERXWWKH WKHDWHUZKRFRQWLQXRXVO\FULWLFL]HGDOODWWHPSWVLQWKHILHOGRISHUIRUPLQJDUWV ZKLFKZHUHFDUULHGRXWLQFRQIRUPDQFHZLWKFRQVHUYDWLYHDVVXPSWLRQVDERXWSHU IRUPDQFHV:KDWLVPRUHMXVWDV0RKRO\1DJ\VHHNVIRUVKDUSFRQWUDVWIRUWKH VLPXOWDQHRXVDQGFRPSOHPHQWDU\SUHVHQFHRIRSSRVLWHV&XPPLQJVDOVRVHHNV IRUFRLQFLGHQWLDRSSRVLWRUXPZKHQKHVD\VWKDW³WKHJUDSKLFDUWVDQGWKHWKHDWUH KDYHDQDQDORJRXVOLPLWDWLRQ±WKDWLVDWKLQJRUFKDUDFWHUFDQQRWSRVVLEO\EHSUH VHQWHGDVEHDXWLIXOQREOHRUGHVLUDEOHDQGDOVRDVXJO\LJQREOHDQGGHVSLFDEOH´ ZKLOHDWWKHVDPHWLPH³LQEXUOHVN>VLF@ZHPHHWZLWKDQHFKRRIWKHRULJLQDO SKHQRPHQRQµRSSRVLWHV¶RFFXUtogether´&XPPLQJVH± 0RKRO\1DJ\ DOVR SURSDJDWHV D ODUJHVFDOH G\QDPLFDO DQG UK\WKPLFDO FUH DWLYHSURFHVVWKDWRSHUDWHVZLWKWKHODUJHVWSRVVLEOHVHWRIFRQWUDVWLQJGHYLFHVLQ DQHOHPHQWDULO\FRPSDFWZD\0RKRO\1DJ\EXWKHGRHVQRWSURYLGH XVZLWKPXFKGDWDDVIRUZKDWLWH[DFWO\PHDQVIRUWKHWKHDWHU7RSXWLWPRUH VLPSO\KHGRHVSURIHVVWKHFRQVWDQWFRLQFLGHQFHRIRSSRVLWHVDQGWKHRUJDQL]LQJ ³)285',0(16,21$/,'($6,172$7:2',0(16,21$/67$*(´ SULQFLSOHRIDOOHQFRPSDVVLQJXQLW\EXWFDQQRWJLYHDQ\FRQFUHWHQRWLRQDERXW WKHUHODWLRQVKLSRIWKHVHWZRSULQFLSOHV8QOLNH&XPPLQJVZKRLQFRQWUDVWLV FOHDUDERXWWKLVUHODWLRQVKLSKHVWDWHVWKDWRSSRVLWHVDUHQRWQDWXUDOEXWPDGH DQG³ODQJXDJHZDVQRWDOZD\VEOHVWZLWKµRSSRVLWHV¶´&XPPLQJVH 2QWKHFRQWUDU\³ZKDWµZHDN¶PHDQVDQGZKDWµVWURQJ¶PHDQVZHUHRQFHXSRQ DWLPHPHDQWE\RQHZRUG´7KDWLVRSSRVLWHVbelong togetherWKH\DUH DVSHFWVRIWKHVDPHWRWDOLW\:KDWLVPRUHWRWDOLW\VSULQJVIURPWKHFRLQFLGHQFH RIRSSRVLWHVDQGRQO\IURPWKHUHVLQFH LIWKHDUWRIFRPPRQRUJDUGHQSDLQWLQJZHUHOLNHWKHDUWRIEXUOHVN>VLF@ZH VKRXOGEHDEOHWRVHH±LPSRVVLEO\HQRXJK±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¶V WKHDWHU STAGE AND SPECTATOR DUH WRR PXFKVHSDUDWHGWRRREYLRXVO\GLYLGHGLQWRDFWLYHDQGSDVVLYHWREHDEOH WRSURGXFHFUHDWLYHUHODWLRQVKLSVDQGUHFLSURFDOWHQVLRQV ,WLVWLPHWRSURGXFHDNLQGRIVWDJHDFWLYLW\ZKLFKZLOOQRORQJHUSHUPLW WKH PDVVHV WR EH VLOHQW VSHFWDWRUV ZKLFK ZLOO QRW RQO\ H[FLWH WKHP LQZDUGO\ EXW ZLOO OHW WKHP WDNH KROG DQG SDUWLFLSDWH ± DFWXDOO\ DOORZ WKHPWRIXVHZLWKWKHDFWLRQRQWKHVWDJHDWWKHSHDNRIFDWKDUWLFHFVWDV\ 0RKRO\1DJ\±RULJLQDOHPSKDVLV 0RKRO\1DJ\ KRZHYHU JRHV HYHQ IXUWKHU DQG UHTXHVWV WKH DEDQGRQPHQW RI WKHSHHSVKRZVWDJHRUSLFWXUHVWDJHDQGDGYLVHVWKHXVHRIIORDWLQJVXVSHQVLRQ EULGJHVUHDUDQGIURQWDOWULEXQHVSODQHVWKDWFDQEHPRYHGKRUL]RQWDOO\DQGRU YHUWLFDOO\DQGWKHPRGLILFDWLRQRIWKHSODFHPHQWDQGVKDSHRIWKHVWDJHDOVR ,QDFFRUGDQFHZLWKKLVLGHDV)DUNDV0ROQiUGHVLJQHGKLV8WKHDWHUZKLFKLVD FRPSOH[RIIRXUVFHQHV7KHILUVWRIZKLFK$FDQEHUDLVHGDQGORZHUHGLQSDUW RUDVDZKROH7KHVHFRQG%LVFDSDEOHRIWKHVDPHSOXVLWFDQEHPRYHGWR WKHIURQWRUWRWKHEDFN7KHWKLUG&FDQEHPRYHGEDFNRUWRWKHVLGHVZKLOH WKHIRXUWK'LVVXVSHQGHGLQWKHDLUDERYHVFHQH%:DOWHU*URSLXVSURGXFHG DQRWKHUGLIIHULQJSODQLQDFFRUGDQFHZLWKWKHLGHDVRI/iV]Oy0RKRO\1DJ\7KLV =e1Ï9(51<,. RQHLVFDOOHG7RWDO7KHDWHUDQGFDQEHPRYHGDURXQGWRWUDQVIRUPLQWRDDGHHS VFHQHEDSURVFHQLXPRUFDQDUHQD ( ( &XPPLQJV DOVR SURSDJDWHV WKH HOLPLQDWLRQ RI WKH LQVXODWLRQ RI VWDJH DQGDXGLWRULXPDQGPDNLQJWKHVSHFWDWRUVDSDUWRIWKHVSHFWDFOH+HFULWLFL]HV ³PRGHUQWKHDWUHVZKHUHDQDXGLHQFHDQGDVSHFWDFOHPHUHO\FRQIURQWHDFKRWKHU´ &XPPLQJV E DQG DGRUHV DQG FRQVLGHUV ZRUWK\ RI LPLWDWLRQ &RQH\ ,VODQGZKHUH³ZHRXUVHOYHVSHUIRUPLPSRVVLEOHIHDWV´&XPPLQJVD DQGZKHUH³7+($8',(1&(,67+(3(5)250$1&(DQGYLFHYHUVD´ +HDOVRKDVKLVFRQFUHWHSODQVRIDUUDQJHPHQWRIWKHDWHUV)LUVWDQGIRUHPRVWKH VWDWHVWKHVXSHULRULW\RIWKHDUHQDDUUDQJHPHQW³DJLJDQWLFVSHFWDFOHZKLFKLV VXUURXQGHGE\DQDXGLHQFH±LQFRQWUDVWWRRXUPRGHUQWKHDWUHVZKHUHDQDXGL HQFHDQGDVSHFWDFOHPHUHO\FRQIURQWHDFKRWKHU´&XPPLQJVE +RZHYHUKHGRHVQRWVWRSKHUH,QKLVSOD\+LPKHGHYLVHGVRPHPHWKRGV WKURXJKZKLFKDWUDGLWLRQDOSHHSVKRZDUUDQJHPHQWFDQEHPDGHPRUHIOH[LEOH DQGLQYROYLQJ7KHILUVWDUUDQJHPHQW)LJXUHDWWHPSWVWRJLYHWKHLOOXVLRQRI DQDUHQDRUDWOHDVWLVDZD\WRVHHWKHVSHFWDFOHIURPDOOWKHDQJOHVDOWKRXJKQRW DWWKHVDPHWLPH:KDWKHGHYLVHGZDVWREXLOGWKHVFHQHU\RIDURRPZLWKIRXU ZDOOVRXWRIZKLFKRQHLVLQYLVLEOHDQGWKHRWKHUWKUHHDUHVROLG)URPWLPHWR WLPHIURPVFHQHWRVFHQHWKHZDOOFKRVHQIRULQYLVLELOLW\FKDQJHV6HH&XPPLQJV $QGWKLVZD\WKHIHDWXUHGSRLQWRIYLHZJRHVDURXQGWKH URRPDFFRUGLQJWRWKHDXWKRU¶VGLUHFWLRQVLWJRHVDURXQGFORFNZLVH±WKLVZD\ WKHVSHFWDWRUVJHWWKHIHHOLQJRIJRLQJURXQGWKHVWDJH7KHUHIRUHSHUKDSVDWOHDVW LQ WKLV UHVSHFW WKLV DUUDQJHPHQW LV VXSHULRU WR WKH RULJLQDO DUHQD DUUDQJHPHQW ±DOWKRXJKWKHUHWKHVWDJHZDVUHDOO\LQWKHPLGGOHQRWMXVWYLUWXDOO\DQGWKHUH UHDOO\ZDVQRIURQWVLGHEXWWKHVSHFWDWRUVKDGQRLOOXVLRQRIPRYLQJDQGHYHU\ VSHFWDWRUZDVOLPLWHGWRRQHDQGRQO\RQHVHWRISRLQWVRIYLHZGHVLJQDWHGE\KLV RUKHUVHDW¶VSRVLWLRQMXVWDVLQWKHFDVHRIWKHWUDGLWLRQDODUUDQJHPHQW &XPPLQJV¶PRVWUDGLFDOFULWLTXHRIWKHWUDGLWLRQDOSLFWXUHVWDJHZDVJLYHQLQ KLVHVVD\ZKLFKDSSHDUHGLQWKH0D\LVVXHRIWKHDialHQWLWOHG³7KH7KH DWUH,,´ZKHUHKHFLWHG)ULHGULFK.LHVOHU 7KHSHHSVKRZVWDJHLVDER[DSSHQGHGWRDQDVVHPEO\URRP>«@6SHHFK DQGDFWLRQFHDVHWREHRUJDQLFRUSODVWLFWKH\GRQRWJURZZLWKWKHVFHQHU\ EXWDUHGHFRUDWLYHWH[WXDOE\SOD\>«@>7@KHEDFNRIWKHVWDJHLVXVHOHVV ± H[FHVV VSDFH YDFXXP HPEDUUDVVPHQW DQ H[KLELW URRP IRU WKH VWDJH VHWV >«@ 7KH VWDJH IUDPH DV SHHSKROH RI WKH SHHSVKRZVWDJH LV OLNH D SDQRUDPLFFDPHUDVKXWWHU7KHGHSOR\PHQWRIZLQJVDFWRUVDQGREMHFWVLV SHUFHLYHGLQUHOLHIQRWWULGLPHQVLRQDOO\&XPPLQJVGHPSKDVLV DGGHG 6KRFNLQJO\KHEODPHVWUDGLWLRQDOWKHDWHUIRUDQLQDELOLW\WRZRUNLQWKUHHGLPHQ VLRQVDQGFRQVLGHUVWKHSLFWXUHVWDJHDVQRPRUHWKDQDPHUHWZRGLPHQVLRQDO UHSUHVHQWDWLRQRI³UHDOVSDFH´$VLIDQLQYLVLEOHSURMHFWRUZRXOGSURMHFWDOOWKDW KDSSHQVRQWRDQLQYLVLEOHVFUHHQ³RQWRWKHVXUIDFHRIWKHEDFNGURS´)RU ³)285',0(16,21$/,'($6,172$7:2',0(16,21$/67$*(´ KLPKHUH³>V@SDFHLVVSDFHRQO\IRUWKHSHUVRQZKRPRYHVDERXWLQLWIRUWKH DFWRUQRWIRUWKHVSHFWDWRU´7KXVKHPDNHVXVVHHWKDWWUDGLWLRQDOWKHDWHU ZLWKLWVORRNLQJER[DUUDQJHPHQWRIWKHVWDJHLVJXLOW\RILIQRWKLQJHOVHQRWXV LQJWRWKHLUIXOOFDSDFLW\DOOWKHIHDWXUHVZKLFKFDQPDNHWKHDWHUGLIIHUHQWIURP FLQHPD2USHUKDSVUDWKHUWKDQGLIIHUHQWIURPFLQHPDZKDWKHUHDOO\FRQVLGHUVD SUREOHPLVWKDWLWIDLOVQRWWREHD³VODYHWRWKHIDLWKLQWKHWHFKQLFDOsightline´9L ULOLRDOWKRXJKLWKDVPXFKSRWHQWLDOWRGRVR%XWWUDGLWLRQDOWKHDWHU DVLILWZDVDPRYLHFDPHUDDVDVLJKWLQJLQVWUXPHQWUHGXFHVWKHPRELOLW\RIRQH¶V H\HV³WRDVWDWHRIULJLGDQGSUDFWLFDOO\LQYDULDEOHVWUXFWXUDOLPPRELOLW\´ 7KH³&\FORSVH\HRIWKHOHQV´RU³WKHFRPSXOVRU\VLWHIURPZKLFKYLVLRQ FDQEHFRQFHLYHGRUUHSUHVHQWHG´&UDU\LVDGRSWHGDQGWUDQVIRUPHG LQWRWKH&\FORSVH\HRIWKHDWHU $OWKRXJK&XPPLQJVFRQWLQXHVKLVWH[WZLWK.LHVOHU¶VLGHDOLVWFRQFHSWLRQRI DQHZVRFDOOHG³VSDFHVWDJH´,GRQRWFRQVLGHULWUHOHYDQWIRUWKHSXUSRVHVRI P\HVVD\XQOLNHWKHQH[WRIKLVWHFKQLTXHV7KLVKHLQYHQWHGLQRUGHUWRH[WHQG WKH SRVVLELOLWLHV RI D PRUH RU OHVV WUDGLWLRQDOO\ DUUDQJHG WKHDWHU +H GHYLVHG D ³VHPLFLUFXODUSLHFHRIGHSWKDWZKRVHLQPRVWSRLQWQLQHEODFNVWDLUVOHDGXSWRD ZKLWHFXUWDLQ´&XPPLQJV %HKLQGWKHFXUWDLQVWKHUHLVDQRWKHUVPDOOHU VWDJH±VHH)LJXUH$QGRQWRSRIDOOWKDWRQHRIWKHDFWRUVLVVLWWLQJLQ WKHWKLUGURZRIWKHDXGLHQFHDQGLQWHUDFWVZLWKWKHDFWRUVRQVWDJHDWILUVWRQO\ YHUEDOO\EXWODWHUKHDOVRPRXQWVWKHVWDJH%\LQVWDOOLQJDQRWKHUVWDJHZKDW LVPRUHDWWKHEDFNRIWKHRULJLQDORQH&XPPLQJVPDNHVWKHEDFNRIWKHVWDJH DOVRYLVLEOHDQGWKXVDYDLODEOHIRUDFWLQJ2UUDWKHUPRUHKHVKLIWVWKHIRFXVRIDF WLRQDQGDWWHQWLRQWKHFHQWHURIPRYHPHQWVFRQWLQXRXVO\EHWZHHQWKHWZRVWDJHV )XUWKHUPRUHE\SODFLQJWKLVother VWDJHDWDSHGHVWDOOLNHKHLJKWKHDOLHQDWHVWKH VSHFWDWRUHYHQPRUHIURPWKHDFWLRQDQGIURPWKHGUDPDWLFXQLYHUVHDQGDWWKH VDPHWLPHULGLFXOHVWKHWUDGLWLRQDOWKHDWULFDODUUDQJHPHQWE\SXWWLQJLWRQVWDJH DQGLQWRWKHIRFDOSRLQW7KHLGHDRISODFLQJD³IDNHVSHFWDWRU´LQWKHDXGLWRULXP LVSHUKDSVQRWWKHPRVWRULJLQDOLGHD&XPPLQJVKDVHYHUKDGKRZHYHULWLVTXLWH DJRRGGHYLFHIRUPDNLQJWKHVSHFWDWRUVPRUHDSDUWRIWKHSOD\$WOHDVWLWPDNHV WKHVSDFHRIWKHDXGLWRULXPDYDLODEOHIRUDFWLRQDQGLQFUHDVHVWKHVSHFWDWRUV¶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³VNHWFKZKLFKLOOXVWUDWHV>0RKRO\1DJ\¶V@HVVD\IURPUHJLVWHUV LQ IRXU FROXPQV WKH VHTXHQFH RI WUDQVIRUPDWLRQV ZKLFK RFFXU LQ V\QFKURQL]HG IRUPRQWKUHHVWDJHSODWIRUPVDQGDSURMHFWLRQVFUHHQ´&XUMHO-XVWDV =e1Ï9(51<,. &XPPLQJV¶VWDJHRQWKHVWDJHKLVGLYLVLRQRIWKHDFWLRQLQWRIRXUGLIIHUHQWILHOGV RQHRIZKLFKLVFLQHPDWLFSURMHFWLRQ0RKRO\1DJ\DOVRDOLHQDWHVWKHVSHFWDWRU DVZHOODVFDOOLQJDWWHQWLRQWRWKHSURFHVVHVRIWKHWKHDWHUWKHPVHOYHVDQGWKHLU YHU\VFULSWHGDQGDUWLILFLDOQDWXUH)XUWKHUPRUHLQKLVVWDJHGLUHFWLRQRIThe Tale RI+RIIPDQ0RKRO\1DJ\KDG³\RXQJJLUOV>IORDWLQJ@LQGUHDPOLNHULJLGSRVHVRQ KLJKVZLQJVRYHUWKHKHDGVRIWKHDXGLHQFH´DQDUUDQJHPHQWKHHPSOR\HGIRU WKHVDPHSXUSRVHDV&XPPLQJVFDPHXSZLWKXVLQJWKHIDNHVSHFWDWRUWRPDNH WKHVSDFHRIWKHVSHFWDWRUVSDUWRIWKHVSKHUHRIDFWLRQ &XPPLQJV¶ WKLUG WHFKQLTXH LV OHVV UDGLFDO RU HYHQ VXFFHVVIXO WKDQ WKH WZR SUHYLRXVKRZHYHULWLVDOVRZRUWKPHQWLRQLQJ7KLVWLPHLQ$FW,,RI+LPKH GHYLVHVDVFHQHLQZKLFKWKHVFHQHU\WKHGHFNRIDQRFHDQOLQHURQO\OHWVWKHDF WRUVPRYHLQDOLQHWKDWIRUPVWKHOHWWHU8ZLWKLWVERWWRPIDFLQJWKHDXGLWRULXP &XPPLQJV±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pGTXHVWLRQVRQO\IXUWKHUHPSKDVL]HV WKLVWXUQLQJRIWUDGLWLRQDOVWDJHDFWLRQRQLWVKHDGVHH)LJXUHDQG&XPPLQJV ±1RWWRPHQWLRQKRZPXFKLWUHVHPEOHV0RKRO\1DJ\¶VLQWHQWLRQ WRDFKLHYHWKHFDQFHOLQJRXWRI³WKHSUHGRPLQDQFHRIWKHH[FOXVLYHO\ORJLFDOLQ WHOOHFWXDOYLHZSRLQW´0RKRO\1DJ\IURPWKHDWHUDQGWREUHDNLWIUHH IURP ZKDW KH FRQVLGHUHG DV WKH REWUXVLYH DQG H[WHUQDO LQIOXHQFH RI D OLWHUDU\ WH[WLILWPDNHVWKHWKHDWHUOLWWOHPRUHWKDQ³OLWHUDU\LOOXVWUDWLYH´7KLVFOL FKpGPHFKDQLFDOZDONLQJEDFNDQGIRUWKWKDW&XPPLQJVDSSOLHVLVDQHIIHFWLYH SUDFWLFDOPDQLIHVWDWLRQRIWKHFODLPE\0RKRO\1DJ\WKDWLQWKHQHZWKHDWHU³WKH WUDGLWLRQDOO\ µPHDQLQJIXO¶ DQG FDXVDO LQWHUFRQQHFWLRQV FDQ NOT SOD\ WKH PDMRU UROH´7KHYHU\UHSHWLWLRXVQHVVRIWKHDFWLRQLQWKLVVFHQHRI+LPDVZHOODV WKHWH[WXWWHUHGHFKR0RKRO\1DJ\¶VH[DPSOHRIWKHSRVVLEOHWHFKQLTXHVWREH HPSOR\HGE\WKHIXWXUHFUHDWRURIKLVYHUVLRQRIWKHQHZWKHDWHU³WKHREPETITION RIDWKRXJKWE\PDQ\DFWRUVZLWKLGHQWLFDOZRUGVDQGZLWKLGHQWLFDORUYDU\LQJ LQWRQDWLRQDQGFDGHQFHFRXOGEHHPSOR\HGDVDPHDQVRIFUHDWLQJV\QWKHWLFLH XQLI\LQJ FUHDWLYH WKHDWHU´ (YHQ WKRXJK UHSHWLWLRQ LV QHYHU H[DFW LQ WKLV VFHQHEXWUDWKHUDGYDQFHVZLWKPLQXWHEXWPHDQLQJIXOFKDQJHVWKLVIDFWRQO\ IXUWKHUDPSOLILHV0RKRO\1DJ\¶VFRQFHSWUDWKHUWKDQOHVVHQLWVHIIHFW ³)285',0(16,21$/,'($6,172$7:2',0(16,21$/67$*(´ FIRST CONVERSATION:KDW¶VQHZ"±1RWKLQJ %XVLQHVV"±6RVR +DSS\"±1RW\HW 6RORQJ±6RORQJ SECOND CONVERSATION: :KDW¶VQHZ"±1RWKLQJ 0DUULHG"±8KKXK &KLOGUHQ"±,GXQQR 6RORQJ±6RORQJ THIRD CONVERSATION: :KDW¶VQHZ"±1RWKLQJ +DSS\"±6RVR 5HWLUHG"±1RW\HW 6RORQJ±6RORQJ&XPPLQJV $QG WKH WH[W DV ZHOO DV WKH DFWLRQ JRHV RQ LQ WKLV PHDQLQJIXOO\ PRQRWRQRXV ZD\ VRPHZKDW VLPLODUO\ WR ZKDW 0RKRO\1DJ\ DFKLHYHG LQ KLV VHWV IRU 3DXO +LQGHPLWK¶V+LQXQG=XUFN0RKRO\FDPHXSZLWKWKHGHVLJQRID³PHFKDQLFDO GRYH >WKDW@ IOXWWHUHG DFURVV WKH VWDJH DV D SURORJXH DQG UHWXUQHG DV DQ RSWLFDO >WKDWLVSURMHFWHG@HSLORJXH´&XUMHO 7KH IRXUWK DUUDQJHPHQW LV EXW D PRGLILHG YHUVLRQ RI WKH VHFRQG +RZHYHU WKHVHPRGLILFDWLRQVDUHLPSRUWDQWHQRXJKWRGHDOZLWKWKHPKHUH7KHVWDJHLV D³VHPLFLUFXODUSLHFHRIGHSWK´DJDLQ&XPPLQJV WKLVWLPHWKHFLU FXPIHUHQFHRIZKLFK³LVSXQFWXDWHGDWHTXDOLQWHUYDOVE\QLQHVLPLODUSODWIRUPV 7KHILIWKSODWIRUP>«@VXSSRUWVDGLPLQXWLYHURRPRUERRWKZKRVHIURQWZDOOLV DFXUWDLQ´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miseHQDE\PH ,WLVHDV\WRVHHKRZWKHVHWHFKQLTXHVVKDUHWKHDLPRIILQGLQJDQGFUHDWLQJQHZ DQGH[FLWLQJWKHDWULFDODUUDQJHPHQWV0RVWRIWKHPDUHFRPPRQRUDWOHDVWKDYH FRPPRQURRWV7KHDUHQDDQGRULWVKDOISOXVWKHWHFKQLTXHRIWKHURWDWLQJURRP DVDVXUURJDWHDUHQDPXOWLSOHVWDJHVVWDJHVRQVWDJHV±WKH\DUHDOOIHDWXUHGERWK E\%DXKDXVDUFKLWHFWVLQWKHLUSODQVIRUDQHZNLQGRIWKHDWHUDQGE\&XPPLQJV LQKLVHIIRUWVWRILQGQHZZD\VRIXVLQJWKHROGNLQGRIEDVLFVWUXFWXUHV$QGLQ ERWKFDVHVZKDWLVFRPPRQLQWKHVHHIIRUWVLVWKDWWKH\H[SHULPHQWZLWKVSDFHRU UDWKHUZLWKVHWVRIVSDFHVDQGWKHLUUHODWLRQVKLSV +RZHYHU VLPLODULWLHV EHWZHHQ WKH QRWLRQV RI &XPPLQJV DQG WKRVH RI 0R KRO\1DJ\FDQQRWRQO\EHIRXQGDWPDFUROHYHO±WKHUHDUHRWKHUPRUHVSHFLILF IHDWXUHVWKDWDUHFRPPRQWRWKHWZRHIIRUWV/iV]Oy0RKRO\1DJ\HPSKDVL]HVWKH =e1Ï9(51<,. LPSRUWDQFHRIOLPLWLQJWKHQXPEHURIGHYLFHVDFWRUVSURSVOLJKWLQJHWFWRWKH PLQLPXPUHTXLUHGE\WKHDUWLVWLFHIIHFWLQWHQGHGWKLVZD\FUHDWLQJDKDUPRQL RXVXQLW\GHYRLGRIDQ\WKLQJVXSHUIOXRXVSRPSRXVRUH[WUDQHRXV0RKRO\1DJ\ &XPPLQJV¶LGHDDERXWWKHDWULFDOSHUIRUPDQFHVLVURXJKO\WKHVDPHDV KLVSOD\+LPWHVWLILHV0RVWRILWVVFHQHVDUHWRWDOO\PLQLPDOLVWLQUHVSHFWRISURSV RUGHFRUDWLRQVVRPHRIWKHPGRQRWHYHQKDYHDQ\7KRVHIHZWKDWGRQRWFRQ IRUPWRWKLVPLQLPDOLVWPRGHODQGKDYHJUDQGLRVHSODQVDERXWVWDJHGHFRUDWLRQV DQGDUUDQJHPHQWDUHQHYHUWKHOHVVDWWKHVDPHWLPHDOVRV\PEROLFDQGVHUYHWKH SXUSRVHRIWKHXQLW\RIDUWLVWLFHIIHFWWKHUHDUHQRXQQHFHVVDU\PLQXWHGHWDLOV )RUH[DPSOHWKHGLUHFWLRQVIRUWKHILUVWVFHQHRIDFWRQHDUHWKHIROORZLQJ $IODWVXUIDFHRQZKLFKLVSDLQWHGDDoctor DQDHVWKHWL]LQJD:RPDQ,QWKLV SLFWXUHWKHUHDUHWZRKROHVFRUUHVSRQGLQJWRWKHKHDGVRIWKHSK\VLFLDQDQG RIWKHSDWLHQWDQGWKURXJKWKHVHKROHVSURWUXGHWKHOLYLQJKHDGVRIDPDQ DQGDZRPDQ )DFLQJWKLVSLFWXUHZLWKWKHLUEDFNVWRWKHDXGLHQFHWKUHHZLWKHUHGIHPDOH )LJXUHVDUHURFNLQJLQURFNLQJFKDLUVDQGNQLWWLQJ&XPPLQJV 7KHUHLVQRLQVWUXFWLRQDVWRWKHSODFHWLPHHQYLURQPHQWZHDWKHUHWFWKDWLVWR EHHYRNHG-XVWWKRVHIHDWXUHVDUHPHQWLRQHGZKLFKDUHLPSRUWDQWIRUDQDUWLVWLF HIIHFW WKHUH LV QR YHULVLPLOLWXGH RU DOWHUQDWLYH ³UHDOLW\´ $V WKH DERYH DOUHDG\ H[HPSOLILHVIRU((&XPPLQJVMXVWDVIRU/iV]Oy0RKRO\1DJ\WKHLQYROYH PHQWUDWHDQGH[SHULHQFHRIWKHVSHFWDWRUKDVQRWKLQJWRGRZLWKWKHUHODWLRQVKLS EHWZHHQWKHDSSHDUDQFHRIWKHVSHFWDFOHDQGDQ\NLQGRIRXWVLGH³UHDOLW\´2QWKH FRQWUDU\ERWKRIWKHPDUHDLPLQJWRPDNHWKHLUWKHDWHUPRUHDQGPRUHVLPLODUWR VXFKDUWVWKDWDUHFRQFHUQHGZLWKSXUHLOOXVLRQDQGVSHFWDFOHFLUFXVYDXGHYLOOH DPXVHPHQWSDUNVHWF $WWKHVDPHWLPHWKH\ERWKZDQWWRVHSDUDWHWKHWKHDWULFDOSHUIRUPDQFHDQG WUDQVIRUPLWLQWRDQDXWRQRPRXVHQWLW\LQGHSHQGHQWRIDOORWKHUDUWV\HWLQFRU SRUDWLQJWKHLUDFKLHYHPHQWV$QGIRUERWKRIWKHPWKHPRVWLPSRUWDQWWDVNLVWR JHWULGRIWKHRSSUHVVLYHLQIOXHQFHRIOLWHUDWXUHIRUWKHPWKHDUWRIWKHWKHDWHU LVQROLWHUDWXUH0RKRO\1DJ\H[SOLFLWO\VSHDNVDERXWWKHEXUGHQRI³OLWHUDU\HQ FXPEUDQFH´DQGFULWLFL]HV DQ\VXFKLQWHQWLRQWKDWLVWRGLUHFWDVROHO\OLWHUDU\ VRXUFH DV D WKHDWULFDO SHUIRUPDQFH 0RKRO\1DJ\ 2I FRXUVH WH[WV ZLWK OLWHUDU\ YDOXH FDQ KDYH DQG PXVW KDYH WKHLU UXOH LQ WKH *HVDPWNXQVWZHUN RIWKHDWHUEXWMXVWDVSDUWV±WKH\KDYHQRSULRULW\RYHUDQ\RWKHUFRPSRQHQW $QG&XPPLQJVIHHOVWKHVDPHKHFODLPVWKDWWKHDWHU³KDVDJUHDWIXWXUHEHKLQG LWVDLGµIXWXUH¶EHLQJ7KH&LUFXV´&XPPLQJVFDQGWKDWLQDQLGHDO WKHDWHU³>Q@RWKLQJLVDFFHVVRU\HYHU\WKLQJLVDFRPSOHPHQWDVHTXHQFHDGHYHO RSPHQWDFRQFOXVLRQ´&XPPLQJVGEDVLFDOO\³DJLJDQWLFVSHFWDFOH >«@>ZKHUH@FRQWHQWDQGIRUPDUHDVSHFWVRIDKRPRJHQHRXVZKROH´&XPPLQJV E ± $ WKHDWULFDO SHUIRUPDQFH VKRXOG QR ORQJHU EH WKH VWDJLQJ RI D WH[W EXW DQ DOOHQFRPSDVVLQJ PXOWLOD\HUHG FRPSOH[ VKRZ 7KDW &XPPLQJV IRXQGWKHFLUFXVWREHDQDPSOHH[DPSOHLVQRVXUSULVHFLUFXVSHUIRUPDQFHVRI ³)285',0(16,21$/,'($6,172$7:2',0(16,21$/67$*(´ WKHHUDZHUH³VSHFWDFXODUVWDJHSURGXFWLRQV>@>SHUIRUPHG@LQJLJDQWLFVSDFHV IRUWKRXVDQGVRISHRSOH´0DODPXGWKH\ZHUHRIPXFKODUJHUVFDOH WKDQDQ\RIWKHFRQYHQWLRQDOSHUIRUPDQFHVRIWUDGLWLRQDOWKHDWHUV,QVWHDGRIWKH PLQXWHVWDJHVDQGRIWHQGHFRURXVDFWLRQFLUFXVVKRZV³IHDWXUHGHODERUDWHVFHQ HU\KXQGUHGVRIVLQJHUVGDQFHUVDQGDFWRUVLQH[WUDYDJDQWFRVWXPHZKRPLPHG WKHGUDPDWRRUFKHVWUDODFFRPSDQLPHQW´FRPELQLQJ³GDQFHPXVLFYLVXDOVSHF WDFOH DQG PLPHG DFWLRQ´ ,W LV LPSRUWDQW WR VWUHVV WKDW WKHVH VKRZV ZHUH LQGHHGFRPSDUDEOHWRWKHWKHDWHUDVLQFRQWUDVWWRRXUSUHVHQWSRSXODUFRQFHSWLRQ RIFLUFXVHVWKHVHSHUIRUPDQFHVZHUHQDUUDWLYHLQFKDUDFWHURUJDQL]HGLQWRRQH RUJDQLFZKROHUDWKHUWKDQPXOWLSOHEXWGLVWLQFWHQWHUWDLQPHQWV 7KHPRVWFKDUDFWHULVWLFIHDWXUHRIWKLVRUJDQLFWRWDOLW\DFFRUGLQJWR((&XP PLQJVLVLWVSRVVHVVLRQRI³WKHYLUWXHRIEHLQJLQWHQVHO\DOLYHZKHUHDVWKHSUR GXFWLRQV RI WKH FRQYHQWLRQDO WKHDWUH OLNH DFDGHPLF VFXOSWXUH DQG SDLQWLQJ DQG PXVLF DUH WKRURXJKO\ GHDG´ &XPPLQJV H %DVLFDOO\ ³all genuine WKHDWUHLVDYHUEDQGQRWDQRXQ´&XPPLQJVD,WLVPRYHPHQWFRQ WLQXRXVFKDQJHDQGPRELOLW\$JDLQ/iV]Oy0RKRO\1DJ\KDVDVLPLODULGHDRI WKHDWHUDVKHSUDLVHVWKHDWWHPSWRI$XJXVW6WUDPPWRFUHDWHDWKHDWHUWKDWZDV DQH[SHULPHQWLQVRXQGDQGPRYHPHQWSURSHOOHGE\WKHIRUFHRIKXPDQSDVVLRQ IXHOHGE\DFWLRQDQGWHPSR0RKRO\1DJ\(YHQWKRXJKKHFULWLFL]HV WKHVXEMHFWLYLW\WKDWKXPDQHPRWLRQVPD\EULQJWRWKHWKHDWULFDOVSHFWDFOHKLV XUJLQJIRUREMHFWLYLW\WKHSRVVLELOLW\RIWKHH[DFWHQJLQHHULQJRIHIIHFWVGRHVQRW GRDZD\ZLWKWKHKXPDQFRPSRQHQWRUZLWKLQWHQVLW\DQGG\QDPLVP± 7KHSUHYLRXVSDUDJUDSKVKDYHGHDOWRQO\ZLWKVRPHRIWKHDVSHFWVRIWKH³WKH DWULFDOSURJUDP´RI((&XPPLQJVVSDWLDOLW\VSHFWDWRULQYROYHPHQWWKHUHOD WLRQVKLSRIWKHWKHDWULFDOYHQWXUHWRRWKHUDUWIRUPVDQGVWDJHGHVLJQ7KHUHDVRQ IRUWKLVZDVSULPDULO\WKDWLWLVWKLVSDUWRIWKH³WKHRU\´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otes 1DPHO\³7KH$GXOWWKH$UWLVWDQGWKH&LUFXV´LQ9DQLW\)DLU2FWREHU³<RX$UHQ¶W 0DG$P,"´LQ9DQLW\)DLU'HFHPEHU³7KH7KHDWUH,´LQThe Dial,$SULO ³7KH7KHDWUH,,´LQThe Dial,0D\DQG³&RQH\,VODQG´LQ9DQLW\)DLU-XQH -RKQ5XWWHU3UHVLGHQWRIWKH6RFLHW\IRUWKH&RQWUDFHSWLRQRI9LFH6HHWKHSOD\IRUIXUWKHU LQIRUPDWLRQ&XPPLQJV =e1Ï9(51<,. Illustrations Figure 1 ((&XPPLQJV¶URWDWLQJURRP Figure 3 7KH8VWDJH Figure 2 &XPPLQJV¶VHFRQGWHFKQLTXH Figure 4 7XUQLQJWKHSODQHRIDFWLRQ Figure 5 7KHFLUFXVVFHQH ³)285',0(16,21$/,'($6,172$7:2',0(16,21$/67$*(´ References &XPPLQJV((Dµ&RQH\,VODQG¶,Q)LUPDJH*HRUJH-HG((&XPPLQJV$0LVFHOODQ\5HYLVHG1HZ<RUN2FWREHU+RXVH± &XPPLQJV((Eµ7KH$GXOWWKH$UWLVWDQGWKH&LUFXV¶,Q)LUPDJH*HRUJH-HG(( &XPPLQJV$0LVFHOODQ\5HYLVHG1HZ<RUN2FWREHU+RXVH± &XPPLQJV((Fµ7KH7KHDWUH,¶,Q)LUPDJH*HRUJH-HG((&XPPLQJV$0LVFHOODQ\5HYLVHG1HZ<RUN2FWREHU+RXVH± &XPPLQJV((Gµ7KH7KHDWUH,,¶,Q)LUPDJH*HRUJH-HG((&XPPLQJV$0LVFHOODQ\5HYLVHG1HZ<RUN2FWREHU+RXVH± &XPPLQJV((Hµ<RX$UHQ¶W0DG$P,"¶,Q)LUPDJH*HRUJH-HG((&XPPLQJV $0LVFHOODQ\5HYLVHG1HZ<RUN2FWREHU+RXVH± &XPPLQJV((+LP1HZ<RUN/LYHULJKW &XUMHO+DQVµ([FHUSWIURP0RKRO\1DJ\DQGWKH7KHDWHU¶7UDQV6LE\O0RKRO\1DJ\,Q .RVWHODQHW]5LFKDUGHG0RKRO\1DJ\$Q$QWKRORJ\1HZ<RUN'D&DSR± &UDU\-RQDWKDQµ7KH&DPHUD2EVFXUDDQGLWV6XEMHFW¶,Q0LU]RHII1LFKRODVHGThe 9LVXDO&XOWXUH5HDGHU1HZ<RUN5RXWOHGJH± )LUPDJH *HRUJH * HG ( ( &XPPLQJV $ 0LVFHOODQ\ 5HYLVHG 1HZ <RUN 2FWREHU +RXVH 0DODPXG0DUJDUHWµ7KH*UHDWHVW6KRZRQ(DUWK5RPDQ(QWHUWDLQPHQWVLQ7XUQRIWKH &HQWXU\1HZ<RUN&LW\¶-RXUQDORI3RSXODU&XOWXUH± 0RKRO\1DJ\/iV]Oyµ7KHDWHU&LUFXV9DULHW\¶7UDQV$UWKXU6:HQVLQJHU,Q*URSLXV :DOWHUHG7KH7KHDWHURIWKH%DXKDXV0LGGOHWRZQ:HVOH\DQ83± 9LULOLR3DXOµ$7RSRJUDSKLFDO$PQHVLD¶,Q0LU]RHII1LFKRODVHG7KH9LVXDO&XOWXUH 5HDGHU1HZ<RUN5RXWOHGJH± ZÉNÓ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pQy9HUQ\LN(QJOLVK'HSDUWPHQW7HFKQLFDO8QLYHUVLW\RI/LEHUHF6RNROVNi /LEHUHF&]HFK5HSXEOLF>HPDLO]HQRYHUQ\LN#WXOF]@
© Copyright 2026 Paperzz