*U]HJRU]:RMWNXQ
2QH RI WKH ELJJHVW PLVXQGHUVWDQGLQJV UHJDUGLQJ FRGL
ILHG HWKLFV LV WKH LVVXH RI IUHH LQWHUSUHWDWLRQ RI WKH UXOHV
LQFOXGHGLQLWZKLFKFRXOGUHVXOWLQXQDFFHSWDEOHIUHHGRP
RIWKHLULQWHUSUHWDWLRQ+RZHYHUWKHODZQHFHVVDU\WRPDLQ
WDLQVRFLDORUGHUIUHTXHQWO\LVHUURQHRXVO\LGHQWLILHGZLWK
PRUDOLW\7KLVLVFKDUDFWHULVWLFRIWKHRFUDWLFV\VWHPVEDVHG
RQDURXVLQJVWURQJIHDUDQGRQHZD\FRPPXQLFDWLRQ7KLV
LVQRWYHU\ IDU IURPWKHFODLP WKDWHYHU\ PRUDOGLOHPPD
UHVXOWVIURPWKHUHOD[DWLRQRIPRUDOVDQGLQVXERUGLQDWLRQ
7KLVDOVRTXHVWLRQVWKHSRVVLELOLW\RIPRUDOJURZWKRIPDQ
DV D QDWXUDO SURFHVV 7KDW LV ZK\ WKH HIIRUWV WR TXHVWLRQ
FRGLILHG HWKLFV DUH RIWHQ SHUFHLYHG DV PRUDO UHODWLYLVP
8QGRXEWHGO\WKLVLVFRQQHFWHGZLWKSRVVLEOHXQGHUPLQLQJ
RIWKHPLVVLRQRIWKHFUHDWRUVRIFRGHVZKRWULHGWRSXWWKH
ZRUOGLQRUGHUEHOLHYLQJWKDWSHRSOHGRQRWNQRZKRZWR
EHKDYH+RZHYHUZKHQOHGE\WKHKDQGWKH\EHFRPHOHVV
VHQVLWLYH7KHUHVXOWLVRSSRVLWHWRWKHLQWHQGHGRQH±PRUDO
GHSUDYDWLRQLVJURZLQJJUHDWHUDQGJUHDWHU
2QO\LQGLYLGXDOVFDQEHHWKLFDODQGQRWJURXSVRUFRP
PXQLWLHV $QRWKHU LVVXH UHJDUGV WKH PRUDO FRQGXFW RI WKH
LQGLYLGXDODVDSURWHVWDJDLQVWWKHVXUURXQGLQJHQYLURQPHQW
7KH GHYHORSPHQW RI FRGLILHG HWKLFV FDQ UHVXOW LQ WKH
FUHDWLRQ RI FRQYLFWLRQV FRQWUDGLFWRU\ WRWKH DFWXDO VWDWH
KRZHYHU LQWHUQDOO\ FRKHUHQW 7KH PRUDO SULQFLSOHV
LPSRVHG³IURPDERYH´FUHDWHDV\VWHPZKHUHDVWKHRQHV
³IURPWKHERWWRP´SURYLGHDXWRQRP\RIWKHLQGLYLGXDO
,WVHHPV WKDWWKH H[FHVVLYHDOJRULWKPL]DWLRQ RIHWKLFV
LQHYLWDEO\OHDGVWRLWVGHKXPDQL]DWLRQ
:KDWWKHFRGHRIHWKLFVGRHVQRWVHUYH
7KH WLPHV RI FRPPXQLVP UHTXLUHG VSHFLDO FRQGXFW
RIWHQLQIRUPDODVZHOODVH[WUDRUGLQDU\PRELOL]DWLRQ7KH
GLYHUVLW\RIRSLQLRQVDQGDWWLWXGHVWUDQVSDUHQF\RIGHFL
VLRQV DQG SURFHGXUHV IUHHGRP RIVSHHFK ± DOOWKLV SUR
YLGHVFRXQWHUEDODQFHIRURVWUDFLVPVHOIOHVVHQY\DQGODFN
RIWUXVW7KHIXQFWLRQLQJRIPDQLQDVRFLHW\WKDWUHVSHFWV
FLYLO ULJKWV PHDQV DXWRQRP\ LQ H[SHULHQFLQJ WKH ZRUOG
DQGWKHDELOLW\WRVHOIGHWHUPLQHRQH¶VRZQZLOO
$UFKLWHFWVVKRXOGGHPRQVWUDWHXQGHUVWDQGLQJIRUSOXUDO
LVP ZLWKLQ WKHLU SURIHVVLRQ DQG UHWXUQ WR WKH GLVFXVVLRQ
ZKLFK LV RQJRLQJ EXW ZLWKRXW H[DOWDWLRQ +XPDQ IUHHGRP
DQGWUXWKGRQRWSRVHGDQJHU$QRSHQGHEDWHLVQRWDGHVWUXF
WLYHDWWDFNEXWDWHVWLPRQ\WRPDWXULW\7KHQHHGRILQGLYLGX
DOL]DWLRQKDVEHFRPHDQLQVHSDUDEOHHOHPHQWRIWKHDUFKLWHF
WXUDOSURIHVVLRQ:HKDYHHQWHUHGWKHDJHZKHQLWVLGHQWLW\
GHYHORSVLQWKHLQWHUQDOGLVSXWHRUHYHQGLOHPPD,DOZD\V
DFFHSWFULWLFLVP 6RPHWLPHV , HYHQ VKDUH LW >«@7KHRQO\
WKLQJ,ZDQWLVWREHDEOHWRFRQWLQXHWRGRXEW-+HU]RJ>@
$W WKH VDPH WLPH XUJHQW TXHVWLRQV HPHUJHVKRXOGQ¶W
WKH DUFKLWHFW¶V FRGH RI SURIHVVLRQDO HWKLFV XQOLNH WKH
UHVWULFWLRQVRIWKHSHQDOFRGHSURYLGHRQO\DVHWRISULQFL
SOHV LGHQWLILFDWLRQ ZLWK ZKLFK ZRXOG EH D UHDVRQWR EH
SURXGRI",VQ¶WWKHHGXFDWLRQDOUROHRIWKHDUFKLWHFW¶VFRGH
RI SURIHVVLRQDO HWKLFV LQ IDFW DFWLQJ SRVW IDFWXP" 0DQ\
IDFWRUVLQGLFDWHWKDWDGLIIHUHQWLQWHUSUHWDWLRQRILWVKRXOG
EHVHDUFKHGIRUIRULQVWDQFHLQWKHIRUPRIEHORQJLQJWR
DQHOLWHDVVRFLDWLRQVXFKDVD9LFWRULDQJHQWOHPHQ¶VFOXE
GLVWLQJXLVKLQJLWVPHPEHUVDQGDWWKHVDPHWLPHFUHDWLQJ
WKH KLJKHVW SRVVLEOH OHYHO RI WKHLU HWKLFDO DQG FXOWXUDO
UHILQHPHQW
$WSUHVHQWLWVHHPVRQO\QHFHVVDU\WRUHVSHFWWKHLGHQ
WLW\ RI HDFK DUWLVW 7KHLU ZD\ RI WKLQNLQJ DQG FRQGXFW
VKRXOGEHUHFRJQL]HGZLWKLQWHUHVWDQGZLWKRXWLPPHGLDWH
LPSRVLWLRQ RI DQ\ SDWURQL]LQJ SHUVXDVLRQ $FWXDOO\ WKDW
DVVXPSWLRQ FRXOG EH VDWLVILHG E\ HOLWH DVVRFLDWLRQV FR
SURYLGLQJWKHSULQFLSOHVRISURIHVVLRQDOHWKLFV
&DULQJ IRU WKH PRUDO VWDQGDUGV RI WKH JUDGXDWHV RI
DUFKLWHFWXUDO XQLYHUVLWLHV LV D WDVN IRU JHQHUDWLRQV 7KH
ORZ GHJUHH RI RSHQQHVV RI HGXFDWLRQDO V\VWHPV WR WKH
FRQWHPSRUDU\NQRZOHGJHRIWKHLQWHUQDOKXPDQJURZWKLV
PRUH DQG PRUH GLVWXUELQJ 8QLYHUVLWLHV VKRXOG UHVWRUH
WKHLUUHSXWDWLRQRIWKHSODFHVRIGLDORJDQGFHQWHUVRIFXO
WXUH ZKLFK FRXOG EH IXUWKHU FXOWLYDWHG LQ SURIHVVLRQDO
DVVRFLDWLRQV ,I KRZHYHU XQLYHUVLW\ WHDFKHUV UHPDLQ
VLOHQW WKHQ ZKDW FDQ EH H[SHFWHG RI IXWXUH DUFKLWHFWV"
7KLVUHTXLUHVERWKWLPHDQGSODFH
(WKLFVRIWKHDUFKLWHFWLQSRVWPRGHUQLVP
,QVWHDGRIDQHSLORJXH
7KH FULVLV RI LGHQWLW\ RI WKH DUFKLWHFWV WKDW ZH IDFH
WRGD\ GRHV QRW QHHG WR EULQJ GHVWUXFWLRQ DQG XOWLPDWH
YRLG7KH WHPSRUDU\ GLVLQWHJUDWLRQ DQGGHIHDW SDUDGR[L
FDOO\FDQEHFRPHDVRXUFHRIKRSHRUDQLPSXOVHIRUQHZ
PRUHPDWXUHDQGG\QDPLFDFWLYLWLHV7KHIXWXUHZKLFKLV
XQNQRZQ DQG FDQ EH GLVWXUELQJ FDQ DOVR SURYLGH QHZ
SURVSHFWV 7KH DUFKLWHFW¶V FRGH RI SURIHVVLRQDO HWKLFV
UHTXLUHVWKDWFRQVWDQWUHIRUPDWRU\HIIRUWVEHPDGH±HGLWR
ULDORQHVEXWSULPDULO\RQWKHPHQWDOSODQH,WVSURYLVLRQV
VKRXOGQRWEHOLPLWHGWRRQHHYHQLILWLVWKHPRVWXQLWHG
HFRQRPLFDQGFXOWXUDOVSKHUH,WVKRXOGEHFRPHDXQLYHU
VDOKXPDQYDOXH)XUWKHUPRUHWKHSURYLVLRQVRIWKHDUFKL
WHFW¶VFRGHRISURIHVVLRQDOHWKLFVVKRXOGEHYHULILHGRQWKH
UHJXODU EDVLV LQ SUDFWLFH KRZHYHU QRW ZLWK WKH XVH RI
D V\VWHP RI GLVFLSOLQDU\ DQG SURIHVVLRQDO VDQFWLRQV EXW
GLVDSSURYDO RU DSSUHFLDWLRQ ERWK VRFLDO DQG ZLWKLQ WKH
SURIHVVLRQ7KHQWKHILJKWLQJVSLULWWKDWDFFRPSDQLHVIRU
LQVWDQFH WKH SUHVHQWDWLRQ RI WKH 3ULW]NHU $UFKLWHFWXUH
$ZDUG ZRXOG EH UHSODFHG ZLWK QREOH FRPSHWLWLRQ
&RQVHTXHQWO\WKHZRUNVRIDUFKLWHFWVPLJKWEHFRPHOHVV
KHURLFDQGVSHFWDFXODUEXWPRUHFRQVFLHQFHRULHQWHGDQG
FORVHU WR WKH SHRSOH ZKRP WKH\ DUH VXSSRVHG WR VHUYH
8QGRXEWHGO\ WKLV ZRXOG EH WKH ILUVW VWHS WRZDUG WKH
EUHDNWKURXJKLQWKHQHZFRQFHSWRIWKHDUFKLWHFW¶VFRGHRI
SURIHVVLRQDOHWKLFV
7UDQVODWHGE\%6HWNRZLF]