
$UFKLWHFWXUHRIOLIH
0Q
7RPDV]7DF]HZVNL
$UFKLWHFWXUHRIOLIH
/HRQ-DQ3LQLĔVNL±DFRXQWODZ\HUKLVWRULDQRIDUW
SURIHVVRUDW/YLY8QLYHUVLW\DQGPHPEHURI$FDGHP\RI
/HDUQLQJ KRQRXUHG E\ =áRW\ :DZU]\Q $NDGHPLFNL
*ROGHQ$FDGHPLF/DXUXVLQKLVVKRUWVWXG\ZKLFKZDV
SXEOLVKHGLQDVDFRPPHPRUDWLYHERRNIRUWKH
WK
MXELOHHRI/YLY8QLYHUVLW\ZURWHWKDWPDQNLQGLVSURXGRI
FLYLOLVDWLRQSURJUHVVDQGDVWRXQGLQJLQYHQWLRQV+RZHYHU
KH H[SUHVVHG GRXEWV ZKHWKHU WKURXJK FHQWXULHV ZKLFK
VHSDUDWHXVIURPWKHDQFLHQWWLPHVWKLVPDQNLQGµVLJQLIL
FDQWO\DGYDQFHGLQWKHILHOGRIVRXODQGKHDUW¶
2QHFHQWXU\LVRYHUDQGVLPLODUUHIOHFWLRQVDUHVWLOOSUHV
HQW$WWKHEHJLQQLQJRIWKH
VW
FHQWXU\$QWKRQ\*UD\OLQJ
±DSURIHVVRURISKLORVRSK\DW/RQGRQ8QLYHUVLW\DQGPHP
EHURI6W$QQH¶V&ROOHJHLQ2[IRUGHYRNHGDJHQHUDOLQWHU
HVWLQHWKLFV,WZDVGXHWRKLVODVWERRNVZKLFKZHUHDUHVXOW
RI KLV V\VWHPDWLF UHVHDUFK DQG FRQVWLWXWHG FROOHFWLRQV RI
OLYHO\ZHOOZULWWHQVWXGLHVDQGHVVD\V5REHUW-DQYDQ3HOW
D SURIHVVRU RI DUFKLWHFWXUH DW &DQDGLDQ 8QLYHUVLW\ RI
:DWHUORRHPSKDVL]HGWKHLU VLJQLILFDQFH IRUPRGHUQDUFKL
WHFWV
,QZLWKLQWKHIUDPHZRUNRIWKHµ)RUHFDVWVIRU
:HPXVWFRPSOHPHQWWKLVOLVWE\PHQWLRQLQJWKDW/3LQLĔVNLZDV
DSDUOLDPHQWDULDQLQWKH*DOLFLDQ6HMPIRUPDQ\\HDUVDWWKHWXUQRIWKH
WK
FHQWXU\ KH IXOILOOHG WKH IXQFWLRQ RI *RYHUQRU RI WKH *DOLFLDQ
3URYLQFH DQG XQWLOWKHHQG RI WKH$XVWULDQ+XQJDULDQ (PSLUH KH ZDV
D PHPEHU RI WKH 9LHQQD +RXVH RI /RUGV >IURP@ 0DUHN $XUHOLXV]
5R]P\ĞODQLD3,::DUV]DZDDIWHUZRUGE\*U]HJRU]ĩXUHN
,QWHUDOLDVHH>@
WKH
VW
FHQWXU\¶VHULHVDVPDOOERRNE\*UD\OLQJHQWLWOHG
µ0RUDO9DOXHV¶ZDVSXEOLVKHG7KLVERRNFRQWDLQHGLQWHUHVW
LQJREVHUYDWLRQVFRQFHUQLQJWKHSUHVHQWFRQGLWLRQFKDQJHV
DQGRXWORRNVRIOLEHUDODQGKXPDQLVWLFHWKLFVLQWKHJOREDO
L]LQJ ZRUOG 7KH DXWKRU VWDWHV WKDW GHVSLWH WKH IDFW WKDW
QRZDGD\V QXPHURXV DSSDUHQWO\ LQFRPSUHKHQVLEOH DQG
XQFRQWUROOHGIRUFHVLQIOXHQFHRXUOLIHWKHYDOXHVWKDWZHUH
ZRUNHGRXWE\FLYLOL]DWLRQVWLOOUHPDLQXQFKDQJHGDQGDORQJ
ZLWK HWKLFV WKH\ VHUYH PDQ¶V GHYHORSPHQW DQG H[LVWHQFH
7KH\ DUH EDVHGRQUHVSHFW IRU DXWRQRP\ DQG IUHHGRPRI
DKXPDQEHLQJZKLOHDQDUGXRXVSURFHVVRIWKHLULQWHUQDO
L]DWLRQVKDSHVRXUSHUVRQDOLWLHV$WSUHVHQWWKHVHYDOXHVDUH
OLYHO\DQGIUHVKIRUHWKLFVLQWKHVDPHZD\WKH\ZHUHZKHQ
6RFUDWHVIRUPXODWHGWKHPIRUWKHILUVWWLPH\HDUVDJR
LQ$WKHQV,WPXVWEHPHQWLRQHGWKDWDOVR3URIHVVRU.RQUDG
.XF]D.XF]\ĔVNLLQKLVERRN µ3URIHVVLRQ$UFKLWHFW¶ FDOOV
6RFUDWHV µWKH IDWKHU RIHWKLFV¶DQG UHIHUV KLVYLHZVWRWKH
VSHFLILFLW\RIRXUSURIHVVLRQ>S@
)RUDQFLHQWSKLORVRSKHUVWKHHQWLUHOLIHZDVDPDWWHURI
HWKLFV7KH\EHOLHYHGWKDWPDQOLYHVDVDZKROHDQGRQO\
OLYLQJLQWKLVZD\LVLWSRVVLEOHWROLYHDSSURSULDWHO\%RWK
WKHGHYHORSPHQWDQGLWVLPSLQJHPHQWRQRWKHUVUHVXOWIURP
DSHUVRQDOLW\ZKLFKLVLQGLYLVLEOH1RRQHKDVDSHUVRQDOLW\
ZKLFKLVVHSDUDWHGLQWRSURIHVVLRQDOIDPLO\VRFLDORQHV«
2XUOLIHVKRXOGEHZHOOWKRXJKWRXWDV6RFUDWHVSXWLW>«@
1RWOLIHEXWJRRGOLIHLVWREHFKLHIO\YDOXHG>S@
7DNLQJ LQWR DFFRXQW WKHVH FDWHJRULHV ZH FDQ QRWLFH
WKDWLIDSURIHVVLRQDOOLIHDVDQLPSRUWDQWHOHPHQWRIWKH
HQWLUHH[LVWHQFHRIPDQLVGHSULYHGRIDSODQRUSULQFLSOHV
LWEHFRPHVVRGHIHQFHOHVVDJDLQVWIDWHDQGWRVXFKDODUJH
H[WHQWGHSHQGVRQGHFLVLRQVDQGDFWLRQVRIRWKHUSHRSOH
WKDW IRUHYHU\RQH ZKR OLYHVLQ WKLV ZD\VXFK D OLIHKDV
6LOHVLDQ'LVWULFW&KDPEHURI$UFKLWHFWV)DFXOW\RI$UFKLWHFWXUH
8QLYHUVLW\RI7HFKQRORJ\LQ*OLZLFH
7ROLNH0ROLHUHPHDQVWREHFXUHGIRUHYHU,¶PQRWVD\LQJWKDWRI
ORZDQGPHDQK\SRFULV\EXWRIODFNRIWROHUDQFHDQGLQVHQVLWLYLW\ZKLFK
UHVXOWVLQSXWWLQJFXUVHVDQGFRQGHPQLQJWUDQVODWHGE\WKHDXWKRU
$LPHU0ROLqUHF¶HVWrWUHJXpULjMDPDLV
MHQHGLVSDVGHODEDVVHHWLQIkPHK\SRFULVLH
PDLVGXJHQUHGHFHTXLIDLWDQDWKpPDWLVHUHWPDXGLUH
&KDUOHV$XJXVWLQ6DLQW%HXYH±

7RPDV]7DF]HZVNL
RQO\DPLQLPXPYDOXH$OVRZKHQLWFRPHVWRDQDUFKL
WHFWLIWKLVLVWKHFDVHWKHUHLVQRSRVVLELOLW\WRDFKLHYH
DJRRGSURIHVVLRQDOOHYHO
7KLVWUXWKRIWHQHVFDSHVRXUDZDUHQHVV:HUDUHO\WKLQN
DERXWWKHGLIIHUHQFHEHWZHHQPRUDOLW\DQGHWKLFV7KHUHDUH
PDQ\ GHILQLWLRQV RI WKHVH WZR FRQFHSWV LQ OLWHUDWXUH IRU
H[DPSOH .DURO:RMW\áD GHILQHV PRUDOLW\DV D PRUDO OLIH
DQG VD\VWKDW LWLV>«@OLIH ZKLFK LV VLPSO\ KXPDQ ERWK
LQGLYLGXDODQGVRFLDOXQGHUVWRRGLQWKHOLJKWRIQRUPV>
S @ 0RUDOLW\ UHIHUV WR VRPHWKLQJ WKDW LV SHUPLWWHG RU
SURKLELWHG LQ RXU EHKDYLRXUV 2Q WKH RWKHU KDQG HWKLFV
UHIHUVWRWKHTXDOLW\RIDSHUVRQDQGWKHTXDOLW\RIWKLVSHU
VRQ¶VOLIH>S@1RUPDWLYHHWKLFVLVRQHRIWKHEUDQFK
HV RI HWKLFV ZKLFK GHDOV ZLWK YDOXHV DQG JHQHUDO PRUDO
SULQFLSOHV$FFRUGLQJWR5LFKDUG%%UDQGW>S@DOO
HWKLFV LQFOXGLQJ HWKLFV RI WKH DUFKLWHFW¶V SURIHVVLRQ DV
DWKHRU\DWWHPSWVWRDUULYHDWDVHWRIWUXHHWKLFDOSULQFLSOHV
7KLVFRGHRXJKWWREHFRPSOHWHZKLFKPHDQVWKDWHDFKWUXH
HWKLFDO VWDWHPHQW FRQFHUQLQJ WKH DUFKLWHFW¶V SURIHVVLRQDO
FRQGXFWFDQEHGHGXFWHGIURPWKLVFRGHKDYLQJDQDSSUR
SULDWHVHWRIQRQHWKLFDOSUHPLVHVUHIHUULQJWRIDFWVFRQVWL
WXWLQJ WKH SURIHVVLRQDO NQRZOHGJH ,W VKRXOG DOVR EH DV
HFRQRPLFDODVSRVVLEOHZLWKUHJDUGWRQRWLRQVDQGSULQFL
SOHV,QRUGHUWRVROYHSUREOHPVZKLFKRFFXULQSUDFWLFHLW
LV QRW HQRXJK WR KDYH µLQWXLWLRQ¶ RU D UHDVRQDEOH µMXGJ
PHQW¶&ODULW\DQGFHUWDLQW\LQUHODWLRQWRSDUWLFXODUFDVHV
FDQEHDFKLHYHGRQO\ZKHQDV\VWHPRIEDVLFSULQFLSOHVKDV
EHHQEXLOW,IZHUHMHFWRUIRUJHWDERXWDQLGHDORIDFRP
SOHWHEXWHFRQRPLFDOVHWRIJHQHUDOSULQFLSOHVSURIHVVLRQDO
HWKLFV EHFRPHV VRPHWKLQJ OLNH D FRQVWUXFWLRQ ZLWKRXW
DGHVLJQ6RPH\HDUVDJR/RUG1RODQ¶VFRPPLVVLRQWKDW
ZRUNHGRQWKH&RGHRI(WKLFDO3ULQFLSOHVRID0HPEHURI
3DUOLDPHQWLQ(QJODQGOLPLWHGWKHQXPEHURISULQFLSOHVWR
HLJKWEDVLFUXOHVDVVXPLQJWKDWLWLVSRVVLEOHWRGHGXFWDOO
WKH GHWDLOHG UXOHV IURP WKHP ,W ZRXOG EH LQWHUHVWLQJ WR
DQDO\VHRXUFRGHLQWKLVDVSHFW
7KXVHWKLFVLVQRWEDVHG±DVLWLVWKHFDVHZLWKPRUDO
LW\±RQSDUWLFXODUSULQFLSOHVRUFRGHVFDWHJRULFDOZDUQ
LQJVRU SUHFLVHO\ GHILQHGSHQDOWLHV,WV FUXFLDOWDVNLVWR
VKDSHDWDFWIXODQGWROHUDQWKXPDQEHLQJZKRVHSHUVRQDO
LW\ LV FKDUDFWHULVHG E\ WKH DELOLW\ WR FDUH DERXW DQRWKHU
SHUVRQ WR KDYH LQVLJKW LQWR DQRWKHU SHUVRQ¶V KHDUW DQG
XQGHUVWDQGKLVSUREOHPV7KHUHIRUHWKHPDLQLGHDRIRXU
SURIHVVLRQDOHWKLFVRXJKWWREHWKHIRUPDWLRQRIDQHWKLFDO
FRPPXQLW\ RI DUFKLWHFWV FRPSRVHG RI VXFK LQGLYLGXDOV
+HQFHWKHUHZRXOGEHQRQHHGWRKDYHDQ\SHUPLVVLRQV
RUSURKLELWLRQVZKLFKFUHDWHDUFKLWHFWV¶PRUDOLW\EHFDXVH
WKHVHUXOHVZRXOGDOUHDG\EHSDUWRIPXWXDOUHVSHFWDQG
WROHUDQFH0RUDOLW\LVDVRFLDOFUHDWLRQEHFDXVHLWH[LVWVLQ
WKHIRUPFUHDWHGE\KLVWRU\RIDZKROHFRPPXQLW\DVZHOO
DVRIRXUSURIHVVLRQDOJURXS
7KHDIRUHPHQWLRQHG*UD\OLQJUHFDOOV6RFUDWHV¶ WHDFK
LQJWKDWDJRRGOLIHKDV D IDFHDQG GLUHFWLRQ,W LVDOLIH
ZKLFKLVLQDFFRUGDQFHZLWKYDOXHVLWLVEDVHGRQUHPRWH
SXUSRVHVDQGORQJWHUPDFWLYLWLHVZKLFKZHDUHIDLWKIXOWR
ERWKLQWKHUHDOWLPHDQGLQWKHXQSUHGLFWDEOHIXWXUH6XFK
DOLIHVKRXOGEHOLYHGZLWKVWURQJGHWHUPLQDWLRQDQGGHOLE
HUDWLRQ DV ZHOO DV ZLWK ZLOOLQJQHVV WR PDNH VDFULILFHV
&RQVLGHULQJ WKHVH PDWWHUV UHVHPEOHV VWXG\LQJ D PDS
EHIRUHVHWWLQJRII±ZULWHVWKHDXWKRURIµ0RUDO9DOXHV¶,W
LV D SURMHFW WKDW VKRXOG EH GRQH LQGLYLGXDOO\ E\ HYHU\
ERG\7KLVPDSPDNHVLWSRVVLEOHWRKDYHDJRRGJUDVSRI
WKHWHUUDLQZKLFKFDQQRWEHH[SHULHQFHGLQDQ\RWKHUZD\
0DQZKR GRHV QRW FDUH DERXW WKH ZD\RIKLV OLIH LVOLNH
DIRUHLJQHUZKRPRYHVZLWKRXWDPDSRQWKHVWUDQJHWHU
ULWRU\LVORVWGRHVQRWNQRZDSURSHUGLUHFWLRQDQGHDFK
SDWKKHWDNHVLVDVJRRGDVDOOWKHRWKHURQHV,ILWOHDGV
KLPWRDJRRGSODFHLWLVMXVWDFRLQFLGHQFH>S9,,,@,W
LVDOVRZRUWKQRWLFLQJKHUHWKDWWKHSKLORVRSK\RIGHYHORS
PHQWDQGSV\FKRWKHUDSHXWLFWKHRU\ZKLFKZDVFUHDWHGE\
D IDPRXV 3ROLVK GRFWRU SV\FKRORJLVW DQG SKLORVRSKHU
3URIHVVRU .D]LPLHU] 'ąEURZVNL FRQVWLWXWHV D GLIIHUHQW
H[SUHVVLRQRIWKHVDPHEHOLHIVDVUHJDUGVWKHODQJXDJH
*UD\OLQJFODLPVWKDWPDQLVDEOHWRIROORZWKHSDWKRI
OLIHXVLQJWKLVPDSRQWKHFRQGLWLRQWKDWKHLVDZDUHRIDOO
ZD\V ± LQFOXGLQJ WKRVH ZKLFK KH ZLOO QHYHU WUHDG ±
EHFDXVHKLVFKRLFHLVEDVHGRQWKHNQRZOHGJHRIDOWHUQD
WLYHV2QO\ZKHQZHDUHIDFHGZLWKPDQ\SRVVLELOLWLHVFDQ
ZHPDNHGHFLVLRQVZKLFKDUHZLVHDQGDWWKHVDPHWLPH
IUHH7KLVNLQGRIVLWXDWLRQLVYHU\FRPPRQLQRXUSURIHV
VLRQDOZRUNZKLFKLVDLPHGDWFUHDWLQJOLYLQJFRQGLWLRQV
RIRWKHUSHRSOH7KHUHIRUHDQDUFKLWHFWFDQVKDSHKLVOLIH
DQG EHKDYH HWKLFDOO\ RQO\ ZKHQ KH OHDUQV DERXW RWKHU
SHRSOH¶VOLYHVDQGWDNHVLQWRDFFRXQWWKHH[SHULHQFHVWKDW
KHGRHVQRWKDYHDQGZLOOSUREDEO\QHYHUKDYH+HPXVW
EHDEOHWRLPDJLQHWKH OLIH RID KRPHOHVVSDXSHUEHLQJ
DPDQ±JHWLQWRWKHVSLULWRIDZRPDQEHLQJDOLEHUDO±WU\
WRVHHWKHZRUOGZLWKDIXQGDPHQWDOLVW¶VH\HV,IZHZLVK
WR KDYH DQ HWKLFDOOLIH DQG FUHDWH JRRG DUFKLWHFWXUHZH
QHHGWRH[SHULHQFH
$FFRUGLQJ WR *UD\OLQJ ERRNV RSHQ XS QHZ ZRUOGV
EHIRUHRXUH\HVDQGGHHSHQRXUSHUFHSWLRQRIWKHUHDOLW\
WKH\WHDFKXVWRXQGHUVWDQGRQDPXFKELJJHUVFDOHVHH
PRUHGHWDLOVFRPSUHKHQGLQDPXFKPRUHSUHFLVHZD\>
S@,WLVQRWHQRXJKKRZHYHUWROHDUQSRVVLEOHZD\V
E\ PHDQV RI OLWHUDWXUH:H QHHG WR JR IXUWKHU :LWKRXW
REVHUYLQJ WKH H[DPSOHV RI SDUWLFXODU OLYHV RU WKH UHDO
DUFKLWHFWXUHDSODQZKLFKLVEDVHGRQERRNH[SHULHQFHVLV
PHUHO\ DQ DEVWUDFWLRQ ,Q WKLV FRQWH[W D SHUVRQ ZKR
WHDFKHVHWKLFVEHFRPHVUHDOO\LPSRUWDQW,PHDQERWKDQ
DFDGHPLFWHDFKHUDVZHOODVDPHPEHURIWKH&KDPEHURI
$UFKLWHFWVZKRUXQWKHSUDFWLFHSUHFHGLQJWKHJUDQWLQJRI
ULJKWVWRFRQGXFWDSURIHVVLRQZHPXVWEHDULQPLQGWKDW
WKHDUFKLWHFW¶VHGXFDWLRQFRQVLVWVRIDFDGHPLFHGXFDWLRQ
FRPSOHPHQWHGE\DWKUHH\HDUORQJSHULRGRISURIHVVLRQDO
SUDFWLFH7KHSUDFWLFHVXSHUYLVRURXJKWWREHDEOHWRVKDUH
KLVRZQSURIHVVLRQDOH[SHULHQFHVDQGUHIOHFWLRQVDQGLWLV
HYHQDGYLVDEOHIRUKLPWRWDNHRQWKHUROHRI±OHWXVDJDLQ
TXRWH.DURO:RMW\áD±DQLQVWLWXWLRQRIVSLULWXDORULQWHU
QDOOHDGHUVKLS>@
$FFRUGLQJWR*UD\OLQJWKHVWUHHWLVDFODVVURRPIRUWKH
REVHUYHU¶VH\HV7KLVLVWKHYLHZZKLFKH[SOLFLWO\HYRNHV
PHPRULHV RI /RXLV .DKQ¶V ZRUGV ± D JUHDW DUFKLWHFW
XUEDQSODQQHUUHVHDUFKHU DQGFULWLF 7KH FLW\ LV D SODFH
ZKHUHDVPDOOER\FDQVHHVRPHWKLQJWKDWWHOOVKLPZKDW
KHZRXOGOLNHWRGRIRUWKHUHVWRIKLVOLIH>S@:H
PXVWOHDUQWKURXJKORRNLQJDWWKHFLW\DQGLWVDUFKLWHFWXUH
DVD*UD\OLQJ¶VSDVVHUE\RUD.DKQ¶VVPDOOVHDUFKLQJER\
± ORRNLQJ DW DUFKLWHFWXUH DV D IUDPH RI D SHUIRUPDQFH
ZKLFK LV IXOO RI OLIH VROXWLRQV $Q DFDGHPLF WHDFKHU ±

$UFKLWHFWXUHRIOLIH
DUFKLWHFWDQH[SHULHQFHGSHUVRQZLWKDEURDGKXPDQLVWLF
NQRZOHGJH DQG ZKR LV DEOH WR VKRZ DURXQG WKH FLW\ RI
HWKLFV ZKHUH >«@ 3ODWR 6RFUDWHV 'HVFDUWHV RU +HJHO
KDYHWKHLURZQKRXVHV>@VKRXOGYLVLWWKLVFLW\ZLWKKLV
VWXGHQWVVHHLQWHULRUVDGPLUHYLHZVIURPZLQGRZVDQG
PDNHGLDORJXHVZLWKUHVLGHQWV6XFKDWHDFKHUVKRXOGKHOS
WKHPVHDUFKIRUWKHLURZQSODFHLQWKHSURIHVVLRQ$OOWKH
DPELWLRQVSRVVLELOLWLHVDQGIHDUVRIWKHPRGHUQFLW\WRXFK
XVGLUHFWO\RUDWOHDVWSRWHQWLDOO\ZHDUHDZDUHRIWKHP,W
LVZRUWKSDVVLQJRQWKHNQRZOHGJHWKDWLWLVQRWHQRXJKWR
SHUFHLYHWKHFLW\DVDWKHDWUHWKDWZHMXVWKDSSHQWRYLVLW
7KHEURDGO\SHUFHLYHGFLW\FDQOHDGHDFKSHUVRQWRPDNH
DFRQVFLRXVFKRLFHRIRQHZD\RXWRIPDQ\SRVVLEOHZD\V
6RWKHUHDSSHDUVWKHTXHVWLRQRIKRZH[DFWLQJZHDUH
WRZDUGVRXUVHOYHV:HFDQVWLOOGRPRUH«:HFDQPDNH
DQ DWWHPSW DW FUHDWLQJ WKH XUEDQ DQG DUFKLWHFWXUDO FLW\
IRUPDVDVRUWRIDUHOLHIPDSZKLFKZRXOGRIIHUUHVLGHQWV
VRPHHWKLFDOFRRUGLQDWHVRUSHUKDSVDQRXWOLQHRIDQHWKL
FDOOLIHSODQ,QIOXHQFHRIWKHFLW\DUFKLWHFWXUH±EOHQGRI
VWUHHWVODQHVVTXDUHVERXOHYDUGVUDLOZD\VWDWLRQVKRXV
HV VKRSV PDUNHW VTXDUHV IDFWRULHV WHPSOHV ELOOSRVWV
WKHDWUHVVFKRROVOLEUDULHVDQGPDQ\RWKHUEXLOGLQJVFDQ
EHKHOSIXO LQFKDQJLQJ SHRSOH¶V OLPLWDWLRQV [HQRSKRELD
DQGDFORVHGZRUOGRIPRUDOFRPPDQGPHQWVLQWRDPXFK
IUHHUPRUHFRVPRSROLWDQDQGRSHQXQLYHUVHZKLFKLVVHW
IUHH IURP FRQVWUDLQWV E\ PHDQV RI HWKLFDO WKLQNLQJ
$GLGDFWLFUROHRIWKHFLW\RXJKWWREHUHFRJQLVHGDWODVW
+RZHYHU*UD\OLQJ¶VUHIOHFWLRQVZLOOQRWEHKHOSIXOKHUH
XQOHVVZHWKLQNLWRYHURXUVHOYHV
$UFKLWHFWVQHHGDEURDGO\SHUFHLYHGVSLULWXDOOLIHWKH\
PXVW KDYH NQRZOHGJH DQG D KDELW RI WKLQNLQJ 7KHUH LV
DUHODWLRQEHWZHHQDUFKLWHFWXUHDQGWKHTXDOLW\RIVSLULWXDO
OLIHRILWVFUHDWRUV$FFRUGLQJWR+HLGHJJHUWKHDELOLW\WR
EXLOGGHSHQGVRQWKHDELOLW\WROLYHLQDJLYHQSODFHDQGLW
LVQHFHVVDU\WRKDYHDKDELWRIWKLQNLQJWRDFKLHYHERWKRI
WKHVHVNLOOV$QLQGLVSHQVDEOHIHDWXUHWKDWDUFKLWHFWVQHHG
LV DOVR WKH DELOLW\ WR WKLQN LQ RUGHU WR EXLOG VWUXFWXUHV
ZKLFKVHUYHWKHSXUSRVHRIOLYLQJ%XLOGLQJDQGWKLQNLQJ
HDFKLQLWVRZQZD\DUHHVVHQWLDOWROLYHLQDJLYHQSODFH
+RZHYHUWKHVHWZRDUHQRWHQRXJKIRUOLYLQJZKLOHWKH\
DFW VHSDUDWHO\ LQVWHDG RI OLVWHQLQJ WR HDFK RWKHU >
S@
7RSXWWKHVHSRVWXODWHVLQWRSUDFWLFHZHQHHG±DSDUW
IURPVWULFWO\SURIHVVLRQDONQRZOHGJH±KXPDQLVWLFHGXFD
WLRQ,VQ¶WLWWUXHWKDWSKLORVRSKLFDONQRZOHGJHHVSHFLDOO\
LQWKHVFRSHRIHWKLFVVXSSRUWVJRRGDVSHFWVUHVXOWLQJIURP
WKH UHDOLVDWLRQ RI D SDUWLFXODU GHVLJQ" ± DVNV .RQUDG
.XF]D.XF]\ĔVNL KDYLQJ LQ PLQG 6RFUDWHV¶ WKRXJKWV
8QIRUWXQDWHO\ VHFRQGDU\ VFKRRO FHDVHG EHLQJ D SODFH
ZKHUHVWXGHQWVDUHWDXJKWKRZWRWKLQNORQJDJR7DGHXV]
*DGDF] ± D UHPDUNDEOH FRQWHPSRUDU\ SKLORVRSKHU IURP
:DUVDZ ± DV ZHOO DV D VWXGHQW DQG FRZRUNHU RI SULHVW
3URIHVVRU-y]HI7LVFKQHU±GHILQHVWKLVVLWXDWLRQLQWKHIRO
ORZLQJZD\>«@WKH3ROLVKVFKRROLVQRWDJRRGSODFHIRU
SHRSOHZKRWKLQN,WLVUDWKHUWKHLQVWLWXWLRQZKHUHH[SHUWV
DQG ZRUNIRUFH DUH VXSSRVHG WR EH HGXFDWHG +RZHYHU
ZRUNIRUFHLVQRWHQRXJKWRPDNHWKHFRXQWU\GHYHORSLQWKH
ORQJUXQ7RWKLVHQGZHQHHGSHRSOHDQGFLWL]HQVZKRDUH
DEOHWRWKLQNVHULRXVO\DERXWWKHZRUOGLQZKLFKWKH\OLYH
DQGDUHFDSDEOHRIPDNLQJFKRLFHVLQWKHUDQJHRIOLIHDQG
SROLWLFV,IZHGRQRWFKDQJHRXUVFKRROVDWOHDVWDOLWWOH
ZHVKDOOIROORZWKHGRZQZDUGSDWK>S@
+RZHYHUEHIRUHZHFDQHQMR\WKHHIIHFWVRIFKDQJHV
SRVWXODWHGE\3URIHVVRU*DGDF]LWVHHPVWKDWRXUFXUULFX
OXPRIDUFKLWHFWXUDOVWXGLHVLVLQJUHDWQHHGRIEURDGHQLQJ
NQRZOHGJHLQWKHVFRSHRISKLORVRSK\FULWLFLVPRIDUWDQG
FULWLFLVP RI DUFKLWHFWXUH6WXGHQWV DOVR PXVW EH HQFRXU
DJHGWRGHHSHQWKHLUNQRZOHGJHRIOLWHUDWXUH7KHVHVXE
MHFWV RXJKW WR EH WUHDWHG LQ WKH VDPH ZD\ DV SUDFWLFDO
HGXFDWLRQ 7KH FXUUHQW FRQGLWLRQ RI PLQGV ZDV IXUWKHU
FRQILUPHGE\GLVFXVVLRQVFRQGXFWHGDWRQHRIRXUIDFXO
WLHVE\UHSUHVHQWDWLYHVRIVWXGHQWVDQGUHSUHVHQWDWLYHVRI
1DWLRQDO$FFUHGLWDWLRQ&RPPLVVLRQ7KHSDUWLFLSDQWVRI
WKLV GLVFXVVLRQ WDFNOHG WKH DOOHJHG QHHG WR UHGXFH WKH
QXPEHURIKXPDQLVWLFVXEMHFWVLQWKHH[LVWLQJFXUULFXOXP
ZLWKKLVWRU\RIDUFKLWHFWXUHLQ WKHILUVWSODFH7KLVLVDQ
H[SOLFLWH[DPSOHRIDWRWDOODFNRIDZDUHQHVVWKDWKXPDQ
LVWLF HGXFDWLRQ SURYLGHV QRW RQO\ LQIRUPDWLRQ DERXW WKH
DUFKLWHFWXUDOSDVW,QDVHQVHLWRSHQVXSDSRVVLELOLW\RI
DZLVHUSURIHVVLRQDOOLIHZKLFKLVEDVHGWRDJUHDWHUH[WHQW
RQ NQRZOHGJH ,W JXDUDQWHHV D EHWWHU XQGHUVWDQGLQJ RI
KXPDQ H[SHULHQFHV DQG IHHOLQJV QRZ DQG LQ WKH IXWXUH
ZKHUHYHUZHKDSSHQ WRSUDFWLFHWKHSURIHVVLRQ ,W JLYHV
DFKDQFHWRXQGHUVWDQGQHHGVLQWHUHVWVDQGDVSLUDWLRQVRI
RWKHUSHRSOHLQFOXGLQJRXUFOLHQWV+HQFHLWDOORZVXVWR
DURXVHDQDWWLWXGHRIUHVSHFWDQGNLQGQHVVWRZDUGVWKHVH
SHRSOHZKLFKLVDFRQGLWLRQRISURSHUGLVFKDUJHRISUR
IHVVLRQDOGXWLHV
+RZHYHUEURDGKXPDQLVWLFHGXFDWLRQGRHVQRWFRQVWL
WXWHDFRPPRQLGHDOWRGD\6WLOOLWLVHPSKDVL]HGWKDWWKH
PRVWLPSRUWDQWWKLQJLVWRSUHSDUHVWXGHQWVWRJHWDMRE,W
VHHPV WR EH D PLVXQGHUVWDQGLQJ VLQFH WKH SXUSRVH RI
EURDGDQGKXPDQLVWLFHGXFDWLRQLVWRSUHSDUHSHRSOHZKR
FDQOHDUQRQWKHLURZQ7KHSHRSOHZKRWKLQNDQGORRNIRU
DQVZHUV DQG VROXWLRQV WKH\ QHHG DQG WKH\ ILQDOO\ ILQG
WKHPEHFDXVHWKH\NQRZZKHUHWKHSDWKVOHDGLQJWRWKHP
DUH$ WHQGHQF\ ZKLFKLV GRPLQDWLQJ WRGD\ EULQJVEDG
UHVXOWVDOVRLQWKHSURIHVVLRQDOOLIHDVLWRIWHQKDSSHQVWKDW
JHWWLQJDMREDQGILQGLQJDSODFHLQWKHDUFKLWHFWXUDOVHU
YLFHPDUNHWEHFRPHVDVXSHULRUYDOXHWRZKLFKSULQFLSOHV
RI WKH SURIHVVLRQ DUH VXERUGLQDWHG +RZHYHU VHWWOLQJ
GHWDLOHG HWKLFDO LVVXHV FRQFHUQLQJ DUFKLWHFWXUH UHTXLUHV
WKHDELOLW\WRWKLQNDQGGHGXFH$VWDUWLQJSRLQWKHUHFRQ
VWLWXWHV EDVLF SULQFLSOHV RI HWKLFV IURP ZKLFK ± RQ WKH
EDVLV RI WUXH SUHPLVHV GHULYLQJ IURP WKH DUFKLWHFWXUDO
WKHRU\DQGSUDFWLFH±GHULYDWLYHWKHRUHPVDUHGHYHORSHG
7KXVKXPDQLVWLFHGXFDWLRQ LV QHFHVVDU\ WR XQGHUVWDQG
DQGGHYHORSSURIHVVLRQDOHWKLFV$UFKLWHFWVWKHPVHOYHVPXVW
ZRUN RQ WKLV SURFHVV QRW RQO\ SKLORVRSKHUV RU ODZ\HUV
2QO\DUFKLWHFWVKDYHVSHFLDOLVWNQRZOHGJHWKDWLVQHFHVVDU\
WRDSSO\JHQHUDOSULQFLSOHVLQWKHUDQJHRIWKHLUGRPDLQLQDQ
DSSURSULDWH ZD\ 2Q WKH RWKHU KDQG LW LV QRW SRVVLEOH WR
IRUPXODWHDJRRGVHOHFWLRQRIEDVLFJHQHUDOHWKLFDOSULQFL
SOHVZLWKRXWWDNLQJLQWRFRQVLGHUDWLRQPRUHVSHFLILFPRUDO
SUREOHPV7KHUHDUHQRJRRGUHDVRQVIRUDFFHSWLQJDSDU
WLFXODUFROOHFWLRQRIEDVLFSULQFLSOHVXQWLOWKHLUFRQVHTXHQF
HVFDQEHNQRZQIRUWKHSDUWLFXODUSUREOHPV
7KHGHIHQVHRIRQH¶VRZQUXOHVDQGHWKLFDOGHFODUDWLRQV
LVSDUWRIHDFKQRUPDWLYHHWKLFV$FFRUGLQJWR%UDQGW>@
D UXOH RI SK\VLFV PXVW EH SURYHG LQ WKH FRXUVH RI DQ

7RPDV]7DF]HZVNL
>@ %UDQGW 5% (W\ND =DJDGQLHQLD HW\NL QRUPDW\ZQHM L PHWDHW\NL
3:1:DUV]DZD
>@ *UD\OLQJ$& 7KH +HDUW RI 7KLQJV $SSO\LQJ 3KLORVRSK\ WR WKH
V
W&HQWXU\:HLGHQIHOGDQG1LFROVRQ/RQGRQ
>@ *UD\OLQJ $& 7KH 0HDQLQJ RI WKLQJV $SSO\LQJ 3KLORVRSK\ WR
/LIH:HLGHQIHOGDQG1LFROVRQ/RQGRQ
>@ *UD\OLQJ$&:DUWRĞFLPRUDOQH3UyV]\ĔVNL:DUV]DZD
>@ +HLGHJJHU 0 %XGRZDü PLHV]NDü L P\ĞOHü >LQ@ 2GF]\W\ L UR]
SUDZ\:\GDZQLFWZR%DUDQL6XV]F]\ĔVNL.UDNyZ
>@ .XF]D.XF]\ĔVNL.=DZyGDUFKLWHNW2HW\FH]DZRGRZHMLPRUDO
QRĞFLDUFKLWHNWXU\2ILF\QD:\GDZQLF]D3ROLWHFKQLNL:DUV]DZVNLHM
:DUV]DZD
>@Ä1LH PD V]F]ĊĞFLD EH] P\ĞOHQLD´ LQWHUYLHZ RI -DFHN ĩDNRZVNL
ZLWK3URIHVVRU7DGHXV]*DGDF]6XSSOHPHQWWR:HHNO\³3ROLW\ND´
1R
>@1RUEHUJ6FKXO] &K %\FLH SU]HVWU]HĔ L DUFKLWHNWXUD 0XUDWRU
:DUV]DZD
>@YDQ3HOW-0HGLWDWLRQRQWKH$UFKLWHFWXUHRIWKH:HOO&RQVLGHUHG
/LIH³(UD´
>@:RMW\áD . (OHPHQWDU] HW\F]Q\ :\GDZQLFWZR :URFáDZVNLHM
.VLĊJDUQL$UFKLGLHFH]MDOQHM:URFáDZ
5HIHUHQFHV
H[SHULPHQW RU SURYHG E\ PHDQV RI DQRWKHU PHWKRG LQ
WKHVDPHZD\DVWKHDFFHSWDQFHRIHWKLFDOUXOHVUHTXLUHV
MXVWLILFDWLRQ*LYLQJVXFKDMXVWLILFDWLRQLVSDUWRISURIHV
VLRQDOHWKLFV8QMXVWLILHGHWKLFDOUXOHVDUHVLPLODUWRWKHR
ULHV LQ SK\VLFV ZKLFK FDQQRW EH SURYHG ,I ZH ZLVK WR
IRUPXODWHHWKLFVRIDSURIHVVLRQZHPXVWEHUHDG\WRWDNH
XSVRPHDSSURSULDWHVWHSVILUVWRIDOOZHKDYHWRGHIHQG
WKLV HWKLFDO V\VWHP DFWLYHO\ 7KH DUFKLWHFW¶V SURIHVVLRQ
HWKLFV VKDOO EH PRUH GHYHORSHG DV ORQJ DV ZH SURYLGH
VWURQJHUDUJXPHQWVIRULWVV\VWHPDWLFGHIHQVH
:HPXVWFRQFOXGHWKDWWKHUHLVPRUHWRRXUSURIHVVLRQ
WKDQDFKLHYLQJDYLVXDOKDUPRQ\±HYHQLIWKHGLVFXVVLRQ
DERXWWKHUHODWLRQVEHWZHHQHWKLFVDQGDUFKLWHFWXUHZHUH
GLIILFXOW DQG IXOO RI SDUDGR[HV /HW XV UHSHDW DJDLQ WKH
ZRUGV RI 6RFUDWHV ZKR FDOOHG WKH$WKHQLDQV WR EH FRQ
VFLRXVO\UHDVRQDEOHWRZDUGVWKHLURZQOLYHVLIWKH\ZDQW
HGWRVKDSHWKHPDQGGLUHFWWKHPLQDXQLTXHZD\LQWKH
VRFLHW\ZKLFKUHSUHVHQWHGSDUWLFXODULGHDV6RFUDWHVPDGH
KLVVSHHFKHVWRWKHUHVLGHQWVZKRSRSXODWHGWKHFLYLFFLW\
VSDFHZKLFKH[SUHVVHGWKHVHHWKLFDOFKDOOHQJHVE\PHDQV
RI VRSKLVWLFDWHG DUFKLWHFWXUDO WHUPV > S @ 7RGD\
DUFKLWHFWVDUHPHPEHUV RI WKHSURIHVVLRQWKDWFRFUHDWHV
WKHIXWXUH±VRPHWKLQJWKDWGRHVQRWH[LVW\HWEXWLVZDLW
LQJWREHFUHDWHG7RDODUJHH[WHQWRXUIXWXUHGHSHQGVRQ
RXUDWWLWXGHVDQGRXUGHFLVLRQV,WLVRXUGXW\±DVSURIHV
VLRQDODUFKLWHFWV ZKRGHFODUHG WRVHUYH DUFKLWHFWXUHLH
SHRSOH±WRGHILQHZKDWNLQGRISHUVRQVZHZDQWWREHDQG
ZKDWNLQGRIOLIHZHZDQWWRKDYHDVZHOODVWRPDNHZLVH
FKRLFHVZKLOHGHVLJQLQJDQGDFWLQJDVSURIHVVLRQDOV
7UDQVODWHGE\%6HWNRZLF]
.H\ZRUGVHWKLFDOOLYLQJKXPDQLVWLFHGXFDWLRQDUFKLWHFWV¶HWKLF
6áRZDNOXF]RZHĪ\FLHHW\F]QHHGXNDFMDKXPDQLVW\F]QDHW\NDDUFKLWHNWD