RULJLQDOVFLHQWLILFDUWLFOH 8'&
UHFHLYHG
(;3(5,(1&(0$77(56<281*,7$/,$16$&&281762)9,5*,1,7</266
5DIIDHOOD)(55(52&$02/(772
8QLYHUVLW\RI7XULQ'HSDUWPHQWRI6RFLDO6FLHQFHV9LD62WWDYLR7XULQ,WDO\
HPDLOUDIIDHOODIHUUHURFDPROHWWR#XQLWRLW
$%675$&7
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
.H\ZRUGV\RXQJSHRSOHJHQGHUVH[XDOLW\YLUJLQLW\GRXEOHVWDQGDUG
/¤(63(5,(1=$&217$*,29$1,,7$/,$1,5$&&217$12/$3(5',7$
'(//$9(5*,1,7
6,17(6,
/¢DUWLFRORVLEDVDVXGDWLTXDQWLWDWLYLHTXDOLWDWLYLSURYHQLHQWLGDXQDULFHUFDFRQGRWWDQHOFKHFRPSUHQGHYD XQ¢LQFKLHVWDVXXQFDPSLRQHSHUTXRWHGLVRJJHWWLUDSSUHVHQWDWLYRGHOODSRSROD]LRQHJLRYDQLOHGLHWi
DQQL UHVLGHQWH LQ 3LHPRQWH H LQWHUYLVWH ELRJUDILFKH D JLRYDQL GDL DL DQQL /¢DUWLFROR PRVWUD FRPH O¢HVSORUD]LRQHGHOWHPDGHOODYHUJLQLWiRIIUDXQDSURVSHWWLYDGLDQDOLVLGHLPRGLLQFXLLJLRYDQLLWDOLDQLFRVWUXLVFRQRLO VLJQLILFDWRGHOOHORURSULPHHVSHULHQ]HVHVVXDOLHVLPXRYRQRIUDFRQIRUPLWiQHJR]LD]LRQHHUHVLVWHQ]DULVSHWWRDG XQDFRQFH]LRQHWUDGL]LRQDOHVLDGHOODVHVVXDOLWiVLDGHOODPDVFKLOLWiHGHOODIHPPLQLOLWi
3DUROHFKLDYHJLRYDQLJHQHUHVHVVXDOLWjYHUJLQLWjGRSSLRVWDQGDUG
7KHWZHQWLHWKFHQWXU\ZDVDSHULRGRIPDMRUFKDQJHV IRUDOO:HVWHUQQDWLRQVLQFOXGLQJLQWHUPVRIVH[XDOLW\
$VDFRXQWU\,WDO\QRWLFHDEO\ODJVEHKLQGZKHQLWFRPHV WR V\VWHPDWLF VFLHQWLILFH[SORUDWLRQ RI WKLV DVSHFW RI VR FLDOOLIH
2QH RI WKH PRVW UHJXODWHG DVSHFWV RI VH[XDO EHKDY LRXUUHJDUGVWKHHVWDEOLVKPHQWRIWLPHVFDOHVDQGFRQWH[WV ZLWKLQ ZKLFK WR OHJLWLPDWHO\ KDYH VH[XDO UHODWLRQV ,Q WKLVUHJDUG RQH IDFWRU WKDW GLVWLQJXLVKHV ,WDO\ RQ WKH LQ WHUQDWLRQDOVFHQHLVWKHPRUHPDUNHGSHUVLVWHQFHRIWKH VRFDOOHGGRXEOH VWDQGDUG QDPHO\ WKH FRQWLQXHG H[
LVWHQFH RI GLIIHUHQW FULWHULD WR DVVHVV PDOH DQG IHPDOH VH[XDOEHKDYLRXUFULWHULDZKLFKDUHPRUHUHVWULFWLYHIRU ZRPHQ DQG PRUH WROHUDQW IRU PHQ EDVHG RQ WKH DV VXPSWLRQWKDWPHQKDYHVWURQJHUOHVVFRQWUROODEOHVH[
XDOXUJHVWKDQZRPHQ
7KHQRUPVUHJDUGLQJYLUJLQLW\DUHDQHPEOHPDWLFH[
DPSOH RI WKH DSSOLFDWLRQ RI VH[XDO GRXEOH VWDQGDUGV ZKLOHZRPHQZHUHH[SHFWHGWRUHPDLQSXUHIRUWKHLU KXVEDQGVPHQZHUHSHUPLWWHGRUHYHQHQFRXUDJHGWR H[SHULPHQWVH[XDOO\ZLWKSDUWQHUVRWKHUWKDQWKHLUIXWXUH ZLYHV ZRPHQ ZKR ZHUH VH[XDOO\ DFFHVVLEOH EHFDXVH FDWHJRUL]HGDVHDV\RUVHOOLQJWKHLUERGLHV
'ULYHQE\WKHVWXGHQWDQGIHPLQLVWPRYHPHQWVRIWKH VWKHVH[XDOUHYROXWLRQKHUDOGHGD FKDQJH LQ VH[
XDOFXVWRPVLQ,WDO\WRR7KLVLQLWLDOO\DIIHFWHGEHKDYLRXU DQGUHSUHVHQWDWLRQV RI IHPDOHVH[XDOLW\DFNQRZOHGJLQJ IHPDOHGHVLUHDQGSOHDVXUHDQGWKHQH[WHQGHGWRDPRUH FRPSUHKHQVLYH UHGHILQLWLRQ RI VH[XDOLW\ LQ WHUPV RI WKH FRXSOHDQG WKHPDULWDO UHODWLRQVKLS LQD PRGHO RI LQWL PDF\ EDVHG RQ WKH QHJRWLDWLRQ RI VH[XDO UXOHV DQG WKH PHDQLQJVRIOLIHDVDFRXSOHIURPDQHJDOLWDULDQSRLQWRI YLHZ
,QWHUPVRIWKLVFKDQJHLQVH[XDOFXOWXUHE\WDNLQJ WKH UHVXOWV RI D UHFHQW VWXG\ RQ WKH VH[XDO OLIHVW\OHV RI
\RXQJ SHRSOH FRQGXFWHG LQ 3LHGPRQW WKLV DUWLFOH ZLOO VKRZKRZWKHH[SORUDWLRQRIWKHWKHPHRIYLUJLQLW\SUR
YLGHV D SHUVSHFWLYH IRU DQDO\VLQJ WKH ZD\V LQ ZKLFK
\RXQJSHRSOHFRQVWUXFWWKHPHDQLQJRIWKHLUILUVWVH[XDO H[SHULHQFHV DQG FRPELQH FRQIRUPLW\ QHJRWLDWLRQ DQG UHVLVWDQFH LQ WHUPV RI ERWK WUDGLWLRQDO FRQFHSWLRQV RI VH[XDOLW\DQGYLVLRQVRIPDVFXOLQLW\DQGIHPLQLQLW\
0(7+2'2/2*<
7KH DUWLFOH UHOLHV RQ GDWD IURP D UHFHQW HPSLULFDO VWXG\ LQGLFDWHG LQ WKLV DUWLFOH DV ,63 ,QGDJLQH VXOODVHVVXDOLWjLQ3LHPRQWHZKLFKZDVFDUULHGRXWLQ ZLWKIXQGLQJIURPWKH5HJLRQDO&RXQFLO¤V'HSDUW PHQWIRU&XOWXUH7KLVVWXG\HQWDLOHGDPXOWLPHWKRGDS SURDFK PL[LQJ TXDQWLWDWLYH DQG TXDOLWDWLYH UHVHDUFK WHFKQLTXHV
$ VXUYH\ LQ WKH IRUP RI D WZRSDUW TXHVWLRQQDLUH ZDV FRQGXFWHG RQ D VDPSOH LQ TXRWDV RI \RXQJ SHRSOHUHSUHVHQWDWLYHRIDSRSXODWLRQDJHGEHWZHHQ
DQGUHVLGHQWLQ3LHGPRQW7KHILUVWSDUWZKLFKFRQ FHUQHGDWWLWXGHVWRZDUGVVH[XDOLW\DQGUHODWLRQVKLSH[SH ULHQFHZDVDGPLQLVWHUHGE\PHDQVRIIDFHWRIDFHLQWHU YLHZV WKH VHFRQG ZKLFK IRFXVVHG RQ VH[XDO H[SHUL HQFHVZDVVHOIFRPSLOHGDQGWKHQKDQGHGLQWRWKHLQ WHUYLHZHU LQVLGHD VHDOHG HQYHORSH EHDULQJ D FRGH WKDW HQDEOHGLWWREHSDLUHGZLWKWKHILUVWSDUW7KHVXUYH\ZDV FDUULHGRXWE\WKHGHPRVFRSLFLQVWLWXWH(XULVNR
0RUHRYHU ELRJUDSKLFDO LQWHUYLHZV ZHUH FDUULHG RXW ZLWK D SXUSRVH VQRZEDOO VDPSOH RI \RXQJ SHRSOH EHWZHHQWKHDJHVRIDQGIROORZLQJDIOH[LEOHRXW OLQH WKH LQWHUYLHZHU LQYLWHG WKH LQWHUYLHZHH WR JR RYHU WKHPDLQVWDJHVLQKLVRUKHUVH[XDOELRJUDSK\IURPWKH VRFLDOLVDWLRQ SURFHVV WR FXUUHQW H[SHULHQFHV 7KH LQWHU YLHZV ZHUH UHFRUGHG WUDQVFULEHG LQ WKHLU HQWLUHW\ DQG WKHQFRGLILHGXVLQJWKH$WODVWLSURJUDPPHEHIRUHEHLQJ DQDO\VHG
7KHVWXG\DOVRLQFOXGHGWZRIRFXVJURXSVZLWK\RXQJ XQLYHUVLW\ VWXGHQWV ZKR ZHUH JLYHQ VRPH H[FHUSWV RI
4EPDNAC=N@PK=PPEPQ@AO=J@?KJ?ALPEKJOKBOATQ=HEPUOAA(N==U?=IL 0?KPP =J@%==REK*=JJEH=/KKO(KJPQH=
#KNPDA&P=HE=JOEPQ=PEKJOAA#ANNANK =IKHAPPK =&JPANIOKB?D=JCAOEJOATQ=H>AD=REKQNOAAPDAIKOPNA?AJPOQNRAUO?KJ
@Q?PA@EJR=NEKQO"QNKLA=J?KQJPNEAO!BKN#N=J?AH"JMQAPAOQNH=OATQ=HEPÀAJ#N=J?ALQ>HEODA@>U=FKO=J@KVKJ =J@BKN PDA2JEPA@(EJC@KIOAAPDA+=PEKJ=H0QNRAUKB0ATQ=HPPEPQ@AO=J@)EBAOPUHAO&&?KJ@Q?PA@EJ
4EPDPDAAT?ALPEKJKBPDANAOA=N?DLANBKNIA@>U#=>NEO=J@!=REO EJPDABENOPD=HBKBPDAOEJ&P=HUPDANAD=RA>AAJOPQ@EAOKJ OQ>LKLQH=PEKJO UKQJCLAKLHASKIAJAP?=J@KJOLA?EBE?=OLA?POKBOATQ=HEPU BANPEHEPU?KJPN=?ALPEKJDECDNEOGOATQ=H>AD=REKQN OATQ=HIEJKNEPEAOAP?NA?AJPHULQ>HEODA@OPQ@UATLHKNAOPDAOATQ=H=PPEPQ@AO=J@>AD=REKQNOKB=NALNAOAJP=PERAO=ILHAKB&P=HE=JO
=CA@PK ?B=N>=CHE!=HH=7Q=JJ=$=NAHHE
1DA?KJ?ALPKBh@KQ>HAOP=J@=N@+EJPNK@Q?A@EJPKPDAHEPAN=PQNA>U(AEPD1DKI=OEJD=O>AAJ=LLHEA@L=NPE?QH=NHUPKOATQ=H
?KJ@Q?P!BKN=NAREASKBPDAPDAIAOAA N=SBKN@=J@-KLL
#KN=IKNA@AP=EHA@PNA=PIAJPKBPDA:J=PQN=HEOA@REOEKJKBI=HAOATQ=HEPUOAAANPKJA#ANNANK =IKHAPPK #ANNANK =IKHAPPK ANPKJA =J@#ANNANK =IKHAPPKANPKJA
#KN=J=J=HUOEOKBPDAO?AJ=NEKKBI=HARENCEJEPUHKOOPDNKQCDL=E@OATQ=HEJPAN?KQNOAOAA =HP=>E=JK 4EPDNAC=N@PKPDAHARAHKB
=??ALP=J?AKBRENCEJEPU=PI=NNE=CA=J@LNAI=NEP=HOATEJ&P=HUPK@=UOAA#ANNANK =IKHAPPK =
#KN=>NK=@ANPNA=PIAJPKBPDAAOP=>HEODIAJPKBPDAEJPEI=PAIK@AHOAA"DNAJNAE?D%AOO=J@'=?K>O $E@@AJO =J@0AC=H #KN=J=J=HUOEOKBPDA?D=JCAEJPDAOATQ=H?QHPQN=HO?AJ=NEK=J@PDA@ABEJEPEKJKBRENCEJEPUEJ4AOPANJ?KQJPNEAOOAA =NLAJPAN 4EPDNAC=N@PKPDANA?KCJEPEKJKBhOATQ=H@ERANOEPEAO+=J@PDAIQHPELHE?EPUKBBKNIOKBEJPEI=PAB=IEHUHEBAOAA4AAGO EJL=NPE?Q LNAREKQO=J@HKJCANRANOEKJKBPDA=NPE?HAS=OLQ>HEODA@EJ=J&P=HE=JFKQNJ=H!OAA#ANNANK =IKHAPPK >H=N
LQWHUYLHZV DERXW WKH LVVXH RI YLUJLQLW\ ZLWK D YLHZ WR VWLPXODWLQJGLVFXVVLRQ7KLVDUWLFOHUHIHUVLQSDUWLFXODUWR GDWD IURP WKH VXUYH\ DQG WKH ELRJUDSKLFDO LQWHUYLHZV RPLWWLQJ RXW DQ DQDO\VLV RI WKH FRPPHQWV RI WKH IRFXV JURXSV 7KH LQWHUYLHZV DQG IRFXV JURXSV ZHUH KHOG E\
UHVHDUFKHUVIURPWKH'HSDUWPHQWRI6RFLDO6FLHQFH8QL YHUVLW\RI7XULQ
,QWKLVDUWLFOHDOOSHUFHQWDJHILJXUHVUHIHUWRWKHGDWD LQ WKH VXUYH\ ZKLOH WKH LQWHUYLHZV DUH XVHG ERWK WR LO OXVWUDWHWKHWHQGHQFLHVLGHQWLILHGLQWKHTXDQWLWDWLYHGDWD DQGWRH[SORUHDQGSUREOHPDWL]HWKHGHILQLWLRQRIYLUJLQ LW\ DQG VH[XDO H[SHULHQFHV 6XUYH\ GDWD IURP RXU UH VHDUFKSURMHFWDUHFRPSDUHGZLWKRWKHUGDWDVRXUFHVLQ SDUWLFXODU ZLWK VXUYH\V RQ D QDWLRQDO VDPSOH RI \RXQJ SHRSOH FDUULHG RXW VLQFH E\ ,$5' D UHVHDUFK LQ VWLWXWHRQ\RXWKDWWLWXGHVDQGEHKDYLRXUV
>127@:257+:$,7,1*)25"7+(35,0$&<
2)6(;8$/(;3(5,(1&(
7KHLGHDORIYLUJLQLW\LVWUDGLWLRQDOO\OLQNHGWRDFRQ GLWLRQZKLFKLVERWKSK\VLFDODQGVSLULWXDOSK\VLFDODVLW LV DVVRFLDWHG ZLWK QRW KDYLQJ KDG SHQHWUDWLYH YDJLQDO LQWHUFRXUVHZKLFKSUHVHUYHVLQWDFWWKHPHPEUDQHWKH K\PHQ WKDW FORVHV WKH YDJLQDO RSHQLQJ VSLULWXDO EH FDXVH LW LV DVVRFLDWHG ZLWK DQ LQWHULRU SXULW\ ZKHUHE\
VH[XDOLQWHUFRXUVHLVYLHZHGDVDQH[SUHVVLRQRIWKHORYH WKDWULJKWIXOO\EHORQJVZLWKLQDPDULWDOUHODWLRQVKLS7KH H[WHQW WR ZKLFK YLUJLQLW\ LV DVVRFLDWHG ZLWK D SK\VLFDO FRQGLWLRQ DERYH DOO IRU ZRPHQ LV VKRZQ E\ FXVWRPV DQG ULWXDOV VXFK DV GLVSOD\LQJ WKH EORRGVWDLQHG VKHHW
WKHPRUQLQJDIWHUWKHZHGGLQJQLJKWDVHPSLULFDOSURRI RIGHIORZHULQJRUPHGLFDOH[DPLQDWLRQVWRDWWHVWWRWKH JLUO¤VSK\VLFDO£SXULW\¤DVLJQRIPRUDOLQWHJULW\RUIRON UHPHGLHV XVHG WR UHFUHDWH D VHPEODQFH RI YLUJLQLW\
RQFHPRUHLQIDVKLRQLQYLHZRIWKHSRSXODULW\RIUHYLU JLQDWLRQRSHUDWLRQV$VZHZLOOVHHWKHPRUHHPERG LHG QDWXUH RI IHPDOH YLUJLQLW\ VSDUNHG LQWHUHVWLQJ GLV FXVVLRQV LQ PDQ\ DFFRXQWV RI WKH \RXQJ SHRSOH LQWHU YLHZHG
1XPHURXV VWXGLHV KDYH VKRZQ WKDW QRW RQO\ LV WKH QRUP WKDW GLVDSSURYHV RI SUHPDULWDO VH[XDO UHODWLRQV XVXDOO\GLVUHJDUGHGEXWLWLVDOVRLQFUHDVLQJO\YLHZHGDV OHVV VRFLDOO\ OHJLWLPDWH DPRQJ WKH \RXQJHU JHQHUDWL RQV &RPSDULQJ WKH UHVXOWV RI WKH ,$5' UHSRUW RQ
\RXQJSHRSOHLQ,WDO\IURPWKHILUVWUHSRUWLQWRWKH ODVW RQH LQ LW FDQ EH VHHQ WKDW WKH TXRWD RI LQGLYLGXDOVZKRGHHPLWPRUDOO\DFFHSWDEOHWRKDYHVH[
RXWVLGHPDUULDJHKDVSURJUHVVLYHO\LQFUHDVHGQRZEHLQJ DW OHDVW RI WKH \RXQJ SRSXODWLRQ ,W JRHV ZLWKRXW VD\LQJWKDWWKHUHDUHSDUWVRIWKHFRXQWU\ZKHUHWKHLGHD WKDW VH[XDO DFWLYLW\ VKRXOG EH SRVWSRQHG XQWLO DIWHU PDUULDJHLVPRUHILUPO\URRWHGWKLVLVWKHFDVHDERYHDOO DPRQJZRPHQWKRVHZKROLYHLQWKHVRXWKWKRVHZLWKD ORZHU OHYHO RI HGXFDWLRQ DQG WKRVH ZLWK VWURQJHU UHOL JLRXVLGHQWLILFDWLRQZKRVKRZDVWURQJHUGLVDSSURYDORI VH[XDOH[SHULHQFHEHIRUHPDUULDJH
$QRWKHU VLJQLILFDQW DVSHFW LV WKH GHFUHDVLQJ GLIIHU HQFH EHWZHHQ WKH DQVZHUV JLYHQ E\ PHQ DQG ZRPHQ ZKLFKZRXOGDSSHDUWRLQGLFDWHDOHVVHQLQJRIWKHGRX EOHVWDQGDUGWKDWDVZHKDYHDOUHDG\PHQWLRQHGWRRND KDUVKHUYLHZRIIHPDOHVH[XDODFWLYLW\
LDUG Q
LDUG Q
LDUG Q
LDUG Q
LDUG Q
,VS Q
0HQ :RPHQ 7RWDODYHUDJH
)LJ 'LVDSSURYDO RI SUHPDULWDO VH[ ,$5' 1RUWK:HVW \HDUV ROG ,63 3LHGPRQW \HDUV ROG YDOXHV
6OLND1HRGREUDYDQMHVHNVDSUHGSRURNR,$5'6HYHUR]DKRGOHW,633LHPRQWOHWYUHGQRVWL
4EPDNAC=N@PKRENCEJEPU=O=NAHECEKQOR=HQAOAA=HOKA=NI=J=J@NQ?GJAN
#KNNA?AJPOPQ@EAOKJPDA&P=HE=JOEPQ=PEKJOAAQVVE 3=??=NK !=HH=7Q=JJ==J@ NEO=BQHHE =J@=N>=CHE!=HH=
7Q=JJ=$=NAHHE #KN=?KIL=NEOKJKBPDA?D=JCAOEJ=PPEPQ@AONAC=N@EJCOATQ=HIKN=HEPUEJKPDAN4AOPANJ?KQJPNEAOOAA0?KPP
7KHUHIRUHDOPRVWDOO\RXQJSHRSOHLQ3LHGPRQWMXVW RYHU EHOLHYH WKDW VH[ RXWVLGH PDUULDJH LV OHJLWL PDWH (YHQ DPRQJ \RXQJ SHRSOH ZLWK VWURQJ UHOLJLRXV LGHQWLILFDWLRQ SUHPDULWDO VH[ LV YLHZHG DV OHJLWLPDWH RI WKH UHJXODU FKXUFKJRHUV VXUYH\HG DGPLWWHG WR KDYLQJKDGSUHPDULWDOVH[
&RQVHTXHQWO\WKHLGHDWKDWLWLVSUHIHUDEOHWRPDUU\D YLUJLQDSSHDUVWREHODUJHO\REVROHWHWDEOHPRUHWKDQ RIWKH\RXQJSHRSOHLQWHUYLHZHGDQGVLJQLILFDQWO\
DKLJKHUSURSRUWLRQRIZRPHQGRQRWYLHZWKLVFKDUDF WHULVWLFDVLPSRUWDQWZKHQLWFRPHVWRFKRRVLQJDSDUWQHU IRUPDUULDJH
7DEOH 7KH GHVLUDELOLW\ RI YLUJLQLW\ LQ D PDUULDJH SDUWQHU FRPSDULVRQ E\ JHQGHU RI FROXPQ ,63
DJHJURXS
7DEHOD =DËHOHQRVW QHGROËQRVWL ]DNRQVNHJD SDUWQHUMD
SULPHUMDYD JOHGH QDVSRO VWROSFD ,63 VWD URVWQDVNXSLQD
0HQ :RPHQ 7RWDO 1HLWKHUIHPDOHQRUPDOH
YLUJLQ
1
2QO\IHPDOHYLUJLQ
1
2QO\PDOHYLUJLQ
1
%RWKIHPDOHDQGPDOH YLUJLQ
1
7RWDO
1
+RZHYHU\RXQJSHRSOHDSSHDUWREHPRUHRSHQDQG WROHUDQWZLWKUHJDUGVWRWKHJHQHUDOSRVVLELOLW\RIKDYLQJ SUHPDULWDO VH[XDO H[SHULHQFHV WKDQ ZLWK UHJDUG WR WKH PRUH VSHFLILF K\SRWKHVLV RI PDUU\LQJ D QRQYLUJLQ
SDUWQHU WKDW LV D SDUWQHU ZLWK SUHYLRXV VH[XDO H[SHUL HQFH7KLVGLIIHUHQFHFDQEHLQWHUSUHWHGDVDSDUWRIWKH LGHDOLVDWLRQ RI VH[XDOLW\ WKDW VHHPV WR EH RFFXUULQJ DPRQJ \RXQJ SHRSOH *DUHOOL )URP WKLVSRLQWRIYLHZRQRQHKDQGWKHULJKWDQGGXW\WRH[
SHULPHQWLQWKHVH[XDOILHOGDPRQJRWKHUWKLQJVUHSUH VHQWVWKHFXOWXUDOKRUL]RQ\RXQJSHRSOHDVSLUHWRZKLOH RQ WKH RWKHU WKH SRVVLELOLW\ RI H[SHULHQFLQJ VH[ DV VRPHWKLQJLQWLPDWHDQGH[FOXVLYHWKHILUVWWLPHZLWK WKH SHUVRQ RQH VWDUWV PDUULHG OLIH ZLWK VWLOO VHHPV WR KDYHDOHJHQGDU\LGHDOVWDWXVIRUVRPH
,Q RXU VWXG\ RQO\ D PLQRULW\ VWLOO DFNRZO HGJHWKDWWKHQRUPRIYLUJLQLW\KDVDVLJQLILFDQWDSSHDO ZLWK RQH VHW RI \RXQJ SHRSOH PDLQWDLQLQJ D GRXEOH
VWDQGDUG DWWULEXWLQJ LPSRUWDQFH DOPRVW H[FOXVLYHO\ WR IHPDOH YLUJLQLW\ DQG DQRWKHU SUHGRPLQDQWO\ IRU UHOLJ LRXVUHDVRQVRIUHJXODUFKXUFKJRHUVFRPSDUHGWR WKHDYHUDJHILJXUHRIVHHLQJYLUJLQLW\DVDYDOXHLQ LWVRZQULJKWIRUERWKPHQDQGZRPHQ
2WKHU GDWD FRQILUP WKH ZLGHVSUHDG WHQGHQF\ WR DW WULEXWH YDOXH WR VH[XDO H[SHULPHQWDWLRQ RI \RXQJ SHRSOHRIPDOHVFRPSDUHGWRRIIHPDOHVEH OLHYHWKDWLQOLIHLWLVDJRRGWKLQJWRKDYHDUDQJHRIGLI IHUHQWVH[XDOH[SHULHQFHVQDPHO\WKDWLWLVLPSRUWDQWWR DFTXLUHDUHSHUWRLUHRIGLIIHUHQWWHFKQLTXHVDQGSDUWQHUV LQOLQHZLWKWKH YLVLRQ RIVH[XDOLW\DV DQDUHQD IRU SHU VRQDOIRUPDWLRQDQGVHOIH[SUHVVLRQ&LQ]LDH[SODLQV KRZKDYLQJGLIIHUHQWVH[XDOH[SHULHQFHVLQFUHDVHVRQH¤V VHOIHVWHHP DQG VHOIFRQILGHQFH WKHUHIRUH LQFUHDVLQJ VHOIDZDUHQHVV
, WKLQN \RX QHHG WR H[SHULPHQW IUHHO\ ZLWK VH[ GH SHQGLQJRQWKHRSSRUWXQLWLHV\RXJHW,PHDQLI,¢G RQO\KDGRQHER\IULHQGWKHORYHRIP\OLIHDQGZH JRW PDUULHG ZHOO ZKR NQRZVEXW , ZRXOGQ¢W KDYH WKRXJKW , ZDV OXFN\ DFWXDOO\ , WKLQN ,¢P OXFN\ WR KDYHKDGVH[ZLWKGLIIHUHQWSHRSOHEHFDXVHEHFDXVH LW¢V UHDOO\ JRRG WKHUH DUH GLIIHUHQFHV DQG \RX IHHO PRUH OLNH D PDWXUH ZRPDQ PRUH\RX NQRZ
\RXUVHOI EHWWHU 0D\EH \RX JHW PRUH FRQILGHQW WRR"
:LWK H[SHULHQFH QRW MXVW VH[XDOO\ EXW DV D SHUVRQ WRR
)LOLSSR RQ WKH RWKHU KDQG VWUHVVHV WKH LPSRU WDQFH RI NQRZLQJ QRW RQO\ \RXUVHOI VH[XDOO\ EXW DOVR
\RXUSDUWQHUHVSHFLDOO\LQWHUPVRIDORQJWHUPUHODWLRQ VKLSVH[XDOFRPSOLFLW\LVYLHZHGDVDQHVVHQWLDOLQJUHGL HQWIRUDVXFFHVVIXOORQJODVWLQJUHODWLRQVKLS
,NQRZER\VWKDWNHSWWKHLUYLUJLQLW\>@WLOOPDUULDJH HYHQEHLQJZLWKWKHVDPHJLUOIULHQGIRUILIWHHQ\HDUV WKHQ JHWWLQJ PDUULHG , WKLQN LW¢V D PLVWDNH EHFDXVH DFWXDOO\ LI \RX KDYH D JRRG OHYHO RI H[SHULHQFH LQFOXGLQJ NQRZLQJ \RXU SDUWQHU ZHOO VH[XDOO\\RX PLJKW JHW PDUULHG WR VRPHRQH EXW WKHQ LQ WKH HQG
\RX FKHDW RQ WKHP DQG JR RII ZLWK VRPHRQH HOVH ZKRVDWLVILHV\RX>@%XWLI\RXKDYHDJRRGVH[XDO UHODWLRQVKLS EHIRUH WKHQ \RX GRQ¢W QHHG WR ORRN HOVHZKHUHDIWHUZDUGV
$VOLJKWO\KLJKHUSHUFHQWDJHZLWKDELJJHUJDS EHWZHHQPHQDQGZRPHQRIWKHIRUPHUDQG RI WKH ODWWHU EHOLHYH LW LV DGPLVVLEOH WR KDYH VH[ ZLWK VRPHRQH \RX KDYH MXVW PHW WKH OHJLWLPDF\ RI UDSLGO\
WUDQVIRUPLQJ D UHODWLRQVKLS LQWR D VH[XDO RQH FDQ EH YLHZHGDVLQGLFDWLYHRIDPRUHRSHQIUHHUFRQFHSWLRQRI VH[ZKLFKFRQWUDVWVZLWKWKHYDOXHDWWULEXWHGWRZDLWLQJ DQGNHHSLQJRQHVHOI£SXUH¤IRURQH¤VOLIHSDUWQHU
)25)8125)25/29("<281*3(23/(
5(&2817,1*7+(,5),567,17(5&2856(
,W LV LQ EHKDYLRXUDO WHUPV WKDW ZH ILQG WKH FOHDUHVW FRQILUPDWLRQ RI WKH FKDQJHV LQ WKH FXOWXUDO VFHQDULR IURPWKHVXUYH\LWHPHUJHGWKDWRQO\RIWKRVHLQWHU YLHZHGDJHGEHWZHHQDQGKDGQHYHUKDGIXOO VH[XDOLQWHUFRXUVH2XWRIWKHUHPDLQLQJRQO\
RIZRPHQDQGRIPHQKDGVH[IRUWKHILUVW WLPHZLWKWKHLUVSRXVHRUWKHSDUWQHUWKH\ZHUHDOUHDG\
OLYLQJZLWKQDPHO\LQWKHFRQWH[WRIDQLQVWLWXWLRQDOL]HG RULQDQ\FDVHKLJKO\VWDEOHUHODWLRQVKLS)RURIUH VSRQGHQWVRIZRPHQDQGRIPHQWKHLUILUVW VH[XDO SDUWQHU ZDV WKH SHUVRQ WKH\ ZHUH LQ D UHODWLRQ VKLSZLWKDWWKHWLPHZKLOHIRUWKHUHPDLQLQJ RIPHQFRPSDUHGWRRI ZRPHQ WKHLU ILUVW WLPH
ZDVZLWKDSHUVRQWKH\KDGQRVWDEOHUHODWLRQVKLSZLWK IULHQGFODVVPDWHRUFDVXDODFTXDLQWDQFH
,Q WKLV FRQWH[W LW VKRXOG EH XQGHUOLQHG WKDW ZKLOH WKHUHDUHPDUNHGJHQGHUGLIIHUHQFHVLQWKHZD\VSHRSOH HQJDJH LQ VH[XDO UHODWLRQVKLSV IRU H[DPSOH WKH W\SH RI SDUWQHUWKH\ILUVWKDGVH[ZLWKWKHUHDUHQRJUHDWGLIIHU HQFHVZKHQLWFRPHVWRWKHTXHVWLRQRIKDYLQJDQDFWLYH VH[OLIHRUQRW,QGHHGDWWKHWLPHRIWKHLQWHUYLHZ RI ZRPHQ DQG RI PHQ ZHUH YLUJLQV WKLV VWDWLVWLF FRQILUPVKRZWKHFRQWHPSRUDU\FXOWXUDOVFHQDULRDWWULE XWHV YDOXH WR VH[XDO H[SHULHQFH IRU ERWK PHQ DQG ZRPHQGRLQJDZD\ZLWKWKHROGGRXEOHVWDQGDUG
<HWWKHGHFOLQHRIWKHGRXEOHVWDQGDUGZLWKUHJDUGWR PHQ¤V DQG ZRPHQ¤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
FKDQJHG PDNLQJ WKH JXLGHOLQHV IRU WKH EHKDYLRXUDO PRGHOVIRUPHQDQGZRPHQOHVVFOHDUO\LGHQWLILDEOHWKH GRXEOH VWDQGDUG LV WKXV OHVV FDWHJRULFDO PXOWLGLPHQ VLRQDOIRUH[DPSOHLWFDQUHJDUGDJHDWILUVWVH[XDOH[SH ULHQFHRUWKHUHODWLRQVKLSVLWXDWLRQRIWKHILUVWVH[XDOH[
SHULHQFH RU WKH WRWDO QXPEHU RI VH[XDO SDUWQHUV DQG PRUHQHJRWLDEOHLQUHODWLRQWRWKHFRQWH[WDFFRUGLQJWR ORFDODQGVXEFXOWXUDOFKDUDFWHULVWLFVVXFKDVDJHHWKQLF LGHQWLW\QDWLRQDOFRQWH[W
6RLWLVWKDWZKLOHLQWKHFRQWH[WRIDFXOWXUDOFOLPDWH WKDWIDYRXUVDQDFWLYHVH[OLIHIRUERWKPHQDQGZRPHQ WKH WHUPV XVHG UHPDLQ KLJKO\ JHQGHUGLIIHUHQWLDWHG ZRPHQPRUHRIWHQXVHWKHVXEMHFWRIORYHWROHJLWLPL]H VH[XDOLW\ WDEOH $URXQG RI WKH \RXQJ ZRPHQ LQWHUYLHZHGEHOLHYHGWKDWVH[VKRXOGDOZD\VEHDFFRP SDQLHGZLWKDQHPRWLRQDODWWDFKPHQWFRPSDUHGWR RI PHQ $V D FRQWUDVW WKH ODWWHU WHQG WR LQWHUSUHW VH[
PRUHDVDQH[SHULHQFHZLWKDYDOXHLQLWVRZQULJKWUH JDUGOHVVRIWKHW\SHRIHPRWLRQDOLQYROYHPHQWDQGRQD ODUJHUVFDOHWKDQWKHLUIHPDOHSHHUVDVDQRSSRUWXQLW\WR EHJUDEEHGRQHYHU\RFFDVLRQDQGDWZKDWHYHUFRVW
7DEOH 6H[ DQG ORYH FRPSDULVRQ E\ JHQGHU RI DJUHHPHQWRIFROXPQ,63DJHJURXS 7DEHOD6SROQRVWLQOMXEH]HQSULPHUMDYDJOHGHQDVSRO VWULQMDQMD VWROSFD ,63 VWDURVWQD VNXSLQD
0HQ :RPHQ 7RWDO ,WLVOHJLWLPDWHWRKDYHVH[
ZLWKVRPHRQH\RXGRQ¤W ORYH
1
7RWDO
1
,QVH[DQRSSRUWXQLW\
PLVVHGLVDQRSSRUWXQLW\
ORVW
1
7RWDO
1
7KLVPL[WXUHRIQRUPDWLYHH[SHFWDWLRQVLQVRPHDV SHFWV FRQWUDGLFWRU\ WKH HQFRXUDJHPHQW RI VH[XDO H[
SHULPHQWDWLRQZKLFKIRUZRPHQLVOLPLWHGE\UHIHUHQFHV WR D VLJQLILFDQW UHODWLRQVKLS DQG ERQG FDQ DOVR EH RE VHUYHGLQGLIIHUHQWGHILQLWLRQVRIYLUJLQLW\
9,5*,1,7</266*,)70(025$%/((;3(5,(1&(
0,/(6721(217+(3$7+720$785,7<
25$%85'(172%(5,'2)"
,Q WKH SUHYLRXV SDUDJUDSKV ZH VDZ KRZ WKH \RXQJ SHRSOH RI 3LHGPRQW ZLGHO\ YLHZ DQ DFFXPXODWLRQ RI VH[XDOH[SHULHQFHDVSRVLWLYH:KDWWKHQFDQEHVDLGRI WKH FRQFHSW RI YLUJLQLW\" :KDW PHDQLQJV DQG IXQFWLRQV GR \RXQJ SHRSOH DWWULEXWH WR YLUJLQLW\ LQ WKLV GD\ DQG DJH"
0KIAO?DKH=NOOAAPDEO=O=RANOEKJKBPDAPN=@EPEKJ=H@KQ>HAOP=J@=N@PN=JOH=PA@EJPKPDA?QHPQN=HRK?=>QH=NUKBEJPEI=?U!BKNSKIAJ PDEOOLAHHO=PN=JOEPEKJBNKIPDANQHAKBhGAALEJCPDAIOAHRAO+PKhJKPPDNKSEJCPDAIOAHRAO=S=U+BNKIhJKP@KEJCEP+PKh@KEJCEPBKN HKRA+ =C=EJOAA N=SBKN@=J@-KLL
,QKLVVWXG\RQWKHH[SHULHQFHRIYLUJLQLW\ORVVDPRQJ
\RXQJ $PHULFDQV &DUSHQWHU LGHQWLILHG WKUHH PDLQ LQWHUSUHWDWLRQV DV D JLIW VWLJPD RU WUDQVLWLRQ ZKLFKDUHRIWHQXVHGDVDOWHUQDWLYHVEXWDOVRFRPELQHG JLYLQJULVHWRRULJLQDOVFHQDULRV6WDUWLQJIURPWKLVWD[RQ RP\ZHLQFOXGHGDTXHVWLRQLQRXUVXUYH\WDEOHWKDW VHWRXWWRH[SORUHWKHSUHYDLOLQJFRQFHSWLRQVRIYLUJLQLW\
DPRQJ\RXQJSHRSOHEURDGHQLQJWKHSRVVLEOHUDQJHRI DQVZHUVFRPSDUHGWRWKHWKUHHRSWLRQVLGHQWLILHGLQWKH
$PHULFDQVWXG\DQGOHDYLQJWKH UHVXOWV RI WKH LQGHSWK LQWHUYLHZV WR SURYLGH D PRUH FRPSOH[ PXOWLIDFHWHG SLFWXUH
7DEOH&RQFHSWLRQVRIYLUJLQLW\ RQH DQVZHU RQO\
RIFROXPQ,63DJHJURXS
7DEHOD3UHGVWDYHRQHGROËQRVWLVDPRHQRGJRYRU VWROSFD,63VWDURVWQDVNXSLQD
0HQ :RPHQ 7RWDO ,WLVWKHJUHDWHVWJLIWRQHFDQ
JLYHWRRQH¤VSDUWQHU
1
,WLVLPSRUWDQWDQGQRW
VRPHWKLQJWRORVHZLWKWKH ILUVWSHUVRQWKDWFRPHVDORQJ
1
,WLVDWKUHVKROGWRFURVVRQ
RQH¤VSHUVRQDOJURZWKSDWK
1
,WLVWKHFRQGLWLRQRIWKRVH
ZKRKDYHQRWKDGVH[XDO LQWHUFRXUVH
1
,WLVDEXUGHQWREHULGRIDV
VRRQDVSRVVLEOH
1
,WLVDFXOWXUDOLQYHQWLRQWR
OLPLWVH[XDOEHKDYLRXU
1
7RWDO
1
7KH UHODWLYH PDMRULW\ RI WKRVH LQWHUYLHZHG DURXQG ZDVVSOLWEHWZHHQWZRYHU\GLIIHUHQWFRQFHSWLRQV YLUJLQLW\ YLHZHG DV VRPHWKLQJ LPSRUWDQW WKDW PXVW QRW EH ZDVWHG RQ D PHDQLQJOHVV UHODWLRQVKLS DQG YLUJLQLW\VHHQDVRQHRIWKHPDQ\VWDJHVWRJRWKURXJKRQ WKH URDG WR PDWXULW\ 6LJQLILFDQWO\ WKH ILUVW FRQ FHSWLRQZDVFKRVHQPRUHE\JLUOVWKHVHFRQGPRUHE\
ER\VWKLVZRXOGDSSHDUWRUHIOHFWGHILQLWLRQVRIVH[XDOLW\
OLQNHG WR GLIIHUHQW ZD\V RI FRQVWUXFWLQJ IHPLQLQLW\ DQG PDVFXOLQLW\ VH[ EHLQJ PRUH DVVRFLDWHG ZLWK UHODWLRQ VKLSVIRUWKHIRUPHUDQGZLWKH[SHULHQFHIRUWKHODWWHU
7KH ILUVW LQWHUSUHWDWLRQ VWUHVVHV WKH YDOXH RI WKDW FKDUDFWHULVWLFRIWKHLQGLYLGXDODQGWKHUHIRUHWKHLPSRU WDQFH RI LQYHVWLQJ VXFK D UHVRXUFH LQ D PHDQLQJIXO ZD\DWUDQVODWLRQLQVHFXODUWHUPVRIWKHWUDGLWLRQDOFRQ FHSWLRQRIYLUJLQLW\DVDQDVVHWWRFRQVHUYHDQGJLYHRQO\
WRRQH¤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
,WKLQNWKDWWKHILUVWWLPHLVUHDOO\UHDOO\LPSRUWDQWWKDW LWKDVWREHULJKW,PHDQ,¢PUHDOO\KDSS\WKDWLW KDSSHQHG ZLWK D JX\ , ZDV UHDOO\ LQ ORYH ZLWK EHFDXVH\RX¢YHJRWWRJHW\RXUKHDGDURXQGLWWRR,I ,¢GGRQHLWZLWKWKHJX\,ZDVZLWKEHIRUHWKDWZKHQ, ORRNEDFN,¢POLNH2KJRGZKDWDVKDOORZJX\ZKDW DVKDOORZUHODWLRQVKLSLWZRXOG¢YHEHHQUHDOO\EDG 6R,WKLQNLWKDVDYDOXHWRGRZLWK\RXURZQLQWHULRU KDUPRQ\ZKHQ\RXORRNEDFNDQG\RXFDQVD\,W ZDVUHDOO\EHDXWLIXO,PHDQLQWKHHQG,GRQ¢WVHH LWDWDOOOLNHNHHS\RXUYLUJLQLW\WLOO\RXJHWPDUULHG QRZD\.HHS\RXUYLUJLQLW\WLOO\RX¢UHWRWDOO\LQORYH WKHQ\RXFDQORRNEDFNDQGVD\:RZ,ZDVVRLQ ORYHDQG,VKDUHGLWZLWKDSHUVRQ,UHDOO\UHVSHFWHG, FDQVD\WKDWLWZDVDSHUVRQWKDWLQWHOOLJHQWWKDW
\HDK\RXKDYHWRUHVSHFWWKHSHUVRQ\RXGRLWZLWK WRWDOO\,WKLQNLW¢VLPSRUWDQWIRUPHWRVD\,GLGLWZLWK VRPHRQH,UHVSHFWHGEHFDXVH\RX¢UHVKDULQJDELJ SDUWRI\RXUVHOI
=NLAJPAN QOAOPDAPANIhCEBP+PKEJ@E?=PA=REOEKJKBRENCEJEPU=O=QJEMQAJKJNAJAS=>HALNKLANPUPD=PEO=JATLNAOOEKJKBPDA OQ>FA?POR=HQASDEHAhOPECI=+EO=JEJPANLNAP=PEKJKBRENCEJEPU=O=?KJ@EPEKJKN=PPNE>QPAPD=P@EO?NA@EPOPDA>A=NAN=J@hPN=JOEPEKJ+EO PDA?KJ?ALPEKJKBRENCEJEPUHKOO=O=JEILKNP=JPOPALEJPDAL=PDPKS=N@OI=PQNEPU
&J PDEO NAC=N@ %KHHS=U @EOPEJCQEODAO >APSAAJ PSK CAJ@AN@EBBANAJPE=PA@ @EO?KQNOAO KJ OATQ=HEPU! PDA hD=RADKH@ @EO?KQNOA+
SDE?DEOIKNAPULE?=HHU=OOK?E=PA@SEPDPDA?KJOPNQ?PEKJKBBAIEJEJEPU=J@PDAhI=HAOATQ=H@NERA@EO?KQNOA+SDE?DEO>KQJ@QLSEPD PDA?KJOPNQ?PEKJKBI=O?QHEJEPU
&JDEOMQ=HEP=PERAOPQ@U$=NAHHE PKKJKPA@=NAPQNJ=IKJCUKQJCLAKLHAPKPDAR=HQAKBRENCEJEPU=OOKIAPDEJCJKPPK>AS=OPA@
OKIAPDEJCPK>AATLANEAJ?A@EJ=OECJEBE?=JPS=U
7KLVLQWHUYLHZH[FHUSWFOHDUO\HYLQFHVDWHQGHQF\UH JDUGLQJFKDQJHVLQWKHVH[XDOVFULSWWKHWUDQVLWLRQIURP
YLUJLQWLOO\RX¤UHPDUULHGWRYLUJLQWLOO\RX¤UHWRWDOO\LQ ORYHWKDWLVXQWLOORVVRIYLUJLQLW\FDQEHH[SHULHQFHG LQWKHFRQWH[WRIDVXLWDEOHUHODWLRQVKLS7KHUHJLVWHURI ULJKWZURQJ LV WKXV UHSODFHG E\ RQH RI DXWKHQWLFQRQ DXWKHQWLF WKH H[SHULHQFH DFTXLUHV YDOXH QRW DFFRUGLQJ WRDQRUPRUDEVROXWHPRUDOSULQFLSOHEXWDFFRUGLQJWR VLWXDWLRQDOFULWHULDWKHDVVHVVPHQWRIWKHPHDQLQJIXOQHVV RI RQH¤V RZQ H[SHULHQFH ,W LV QR FRLQFLGHQFH WKDW WKLV YLHZLVH[SUHVVHGH[FOXVLYHO\E\ZRPHQDVVWDWHGSUH YLRXVO\LW LV DQ H[SUHVVLRQ RI WKH QHZ GRXEOH VWDQGDUG WKDWKDVUHSODFHGWKDWRIWKHH[SHULHQFHGPDQDQGWKH
JRRG JLUO :H FDQ DOVR VHH D FRQILUPDWLRQ RI WKLV LQ WKH VWDWHPHQW RI 2WWR ZKR KRZHYHU VLJQLILFDQWO\
SURMHFWVWKLVFRQFHSWLRQRQWRZRPHQDORQH
)RU D JX\ >@ IURP P\ SRLQW RI YLHZ IRU WKH ILUVW WLPH ZLWK VRPHRQH ROGHU ZKR \RX¢UH QRW LQ ORYH ZLWK,WKLQNWKDW,WKLQNLW¢VRNDOOWKHVDPH%XWIRU D JLUO GRLQJ LW WKH ILUVW WLPH ZLWK D JX\ WKDW LVQ¢WWKDW¢VWKHILUVWSHUVRQ WKDW FRPHV DORQJ LV QRW UHDOO\ JUHDW DV IDU DV , FDQ VHH >@ 0HQ , UHFNRQ FDQ¢WZDLWWRORVHLWWKHLUYLUJLQLW\,PHDQKDYHVH[
ZLWK D ZRPDQ %XW ZRPHQ , UHFNRQ FDQ¢W ZDLW WR ORVH LW HLWKHU EXW ZLWK D VSHFLDO SHUVRQ , UHFNRQ ZLWKVRPHRQH,PHDQWKDWWKH\¢UHLQORYHZLWK :KLOH /RUHGDQD¤V LQWHUSUHWDWLRQ XQGHUOLQHG WKH LP SRUWDQFHRIWKHUHODWLRQVKLSFRQWH[WDQGW\SHRISDUWQHU 2WWR¤VLQWHUSUHWDWLRQRIYLUJLQLW\DQGLWVORVVIRFXVHVRQ WKHFRQVHTXHQFHVLQWHUPVRIWKHLQGLYLGXDO¤VELRJUDSK\
ORVV RI YLUJLQLW\ LV LQWHUSUHWHG DV D VRUW RI LQLWLDWLRQ ULWH VHW DJDLQVW WKH EDFNJURXQG RI D FXOWXUDO VFHQDULR WKDW HQFRXUDJHVLW7KLVHYHQWLVGHHPHGWRUHSUHVHQWDQLP SRUWDQWELRJUDSKLFDOWUDQVLWLRQE\YLUWXHRIWKHKLJKOHYHO RIVRFLDOUHFRJQLWLRQWKDWFKDUDFWHUL]HVLW7ZRLPSRUWDQW HOHPHQWVRIWKLVLQWHUSUHWDWLRQFDQEHXQGHUOLQHG
7KH ILUVW LV WKH FRQFHSWLRQ RI ELRJUDSKLFDO ZDWHU VKHG WKDW PDQ\ \RXQJ SHRSOH DVVRFLDWH ZLWK YLUJLQLW\
ORVV,QWKLVUHJDUGWKHDFFRXQWVRI(OLDQDDQG*LX OLRDUHHPEOHPDWLF
,WZDVOLNHFURVVLQJDOLQH,WIHOWOLNHWKHSRSXODWLRQ RIWKHZRUOGWKLVLPDJHLVYHU\FOHDULQP\KHDG ZDV GLYLGHG LQ KDOI YLUJLQV DQG QRQYLUJLQV $QG LW IHOWOLNH,KDGWDNHQWKDWJLDQWOHDSDQGFURVVHGWKDW
OLQH VR QRZ , EHORQJHG WR WKH RWKHU KDOI RI WKH ZRUOG , IHOW JURZQXS >@,W ZDV OLNH D FOHDUFXW GHPDUFDWLRQLQP\OLIH,PHDQLWFRXOGEHRQHRIWKH ELJGLYLGLQJOLQHVLQP\OLIH
,WZDVOLNHHQWHULQJDQRWKHUGLPHQVLRQOLNH,GRQ¢W NQRZ JURZLQJ XS IURP RQH PRPHQW WR WKH QH[W UHDOO\ FKDQJLQJ LQ WKH VSDFH RI PLQXWHV >@
WKDWVXGGHQWUDQVLWLRQIURPFKLOGKRRGLIZHFDQFDOO LWWKDWLQDZD\WRDGXOWKRRG>@WKDW¢VZKDWLWZDV DFOHDQEUHDNEHWZHHQRQHSHULRGDQGDQRWKHULQP\
OLIH >@:KDW LV YLUJLQLW\" )RU PH SHUVRQDOO\ >@ LW ZDV WKH GLYLGLQJ OLQH EHWZHHQ WKRVH WZR SHULRGV IURP FKLOGDGROHVFHQW OHW¢V VD\ WR DGXOW DQG RQFH
\RX¢YH FURVVHG WKDW OLPLW OHW¢V VD\ WKDW LPDJLQDU\
OLPLW,ZHQW,IHOWOLNH,ZDVPRYLQJLQWRDGXOWKRRG
>@DGLYLGLQJOLQH>@DWUDQVLWLRQIURPRQHVWDWXVWR WKHRWKHU>@
7KHWHUPVUHFXUULQJLQWKHVHH[FHUSWVDOOUHIHUEDFNWR WKH VDPHLQWHUSUHWDWLYH IUDPHZRUNWKHWUDQVIRUPDWLYH QDWXUHRIWKHHYHQWW\SLFDORIDQ\NLQGRILQLWLDWLRQULWH 7KHLQWHUYLHZHHVWDONDERXWDOLQHDERXQGDU\D
EUHDNDEULGJHRUDGHPDUFDWLRQWKHFURVVLQJRI ZKLFKUHSUHVHQWVDVLJQLILFDQWHSLVRGHLQWKHLQGLYLGXDO¤V OLIH+DYLQJVH[IRUWKHILUVWWLPHLVWKXVVHHQDVDWUDQ VLWLRQDOHDSLQWRWKHZRUOGRIQRQYLUJLQVRIWKRVH ZKRKDYHLQVRPHZD\DFTXLUHGDPRUHDGXOWVWDWXVDV WKHYDULRXVH[SUHVVLRQVXVHGE\WKHLQWHUYLHZHHVEHDU RXWROGHUJURZQXSDGXOW/RVLQJRQH¤VYLUJLQLW\
WKHUHIRUHUHSUHVHQWVDVWDJHLQWKHJURZWKSURFHVVD
QRUPDO VWHS LQ WKH \RXQJ SHRSOH¤V SDWK WRZDUGV DGXOWKRRGLWDOVRUHSUHVHQWVRQHRIWKHIHZWKUHVKROGV WKDWVWLOODSSHDUVLUUHYHUVLEOHEHFDXVH\RXNQRZ\RX FDQ¤WHYHUJREDFNLQWKHZRUGVRIRQHLQWHUYLHZHH XQOLNHRWKHUWUDGLWLRQDOWKUHVKROGVLQWRDGXOWKRRGZKLFK
\RXQJSHRSOHQRZYLHZDVQRQGHILQLWLYHDQGDOZD\V UHYHUVLEOHVWXGLHVZKLFKFDQEHUHVXPHGMREVWKDWFDQ EHFKDQJHGRUOHIWFRXSOHVVSOLWWLQJXSHWF
7KHVHFRQGHOHPHQWLVWKHLPSRUWDQFHRIWKHKRPR VRFLDOFRQWH[WLQWHQGHGDVWKHFLUFOHRIUHFRJQLWLRQRU SHHUJURXSWKDWDFWVWKHVRFLDOIRXQGDWLRQXQGHUSLQQLQJ WKH FUHGLELOLW\ RI WKHH[SHULHQFH 7KH \RXQJ SHRSOH LQ WHUYLHZHG RIWHQ OLQNHG WKH TXHVWLRQ RI YLUJLQLW\ DQG LWV ORVV WR WKH SK\VLFDO H[SHULHQFH RI WKHLU ILUVW SHQHWUDWLYH VH[XDO LQWHUFRXUVH WKLV FULWHULRQ ZDV DFFRXQWHG IRU DV HQDEOLQJWKHH[SHULHQFHWREHUHFRXQWHGDQGXQGHUVWRRG
&JPDEONAC=N@PDANAOQHPOKBPDAOPQ@U>U'=?GOKJ=J@ N=I =NAOECJEBE?=JPOPNAOOEJC=OPDAU@KPDANDAPKNE?KBhNA=@EJAOO+QOA@
>UPDACENHOEJPANREASA@=J@PDA=I>ECQEPUKBPDEOPANI#NKI=OPQ@U&?KJ@Q?PA@KJ=JQI>ANKBKJHEJABKNQIONQJ>UI=C=VEJAOBKN PAAJ=CANO EJL=NPE?QH=NPDABKNQINQJ>UPDAI=C=VEJA1KL$ENH@EO?QOOEKJO>APSAAJQOANOKBPAJNABANPKPDEOOPN=PACUKBHACEPEIEV=PEKJ
=J@@ABEJEPEKJKBPDAhNECDPPEIA+PKD=RAOAT>QPPDA@EBBE?QHPUKBAOP=>HEODEJCQJAMQERK?=H?NEPANE=BKN@ABEJEJCh>AEJCNA=@U+=HOK AIANCAO!PDAIKOPBNAMQAJPHUIAJPEKJA@KJAOSANA=CAPULAKBL=NPJAN=J@HAJCPDKBNAH=PEKJODEL
!QAPKEPOENNARANOE>EHEPUKJAAT?ALPEKJ=IKJCPDAOAPDNAODKH@OEJPK=@QHPDKK@EOPDA>ENPDKBPDABENOP?DEH@
#KN=J=J=HUOEOKBPDAEILKNP=J?AKBPDADKIKOK?E=H?KJPATPBKNPDA?KJOPNQ?PEKJKBIA=JEJCKBOATQ=HATLANEAJ?AOBKNUKQJCIAJEJ L=NPE?QH=NOAA#HKK@
LQ WKH FRQWH[W RI D FRPPRQ LQWHUSUHWDWLYH IUDPHZRUN
%HLQJDEOHWR VD\ LW WKXV EHFRPHVDQ LQWHJUDO SDUW RI WKH H[SHULHQFH WKDW HYHQW EHFRPHV ELRJUDSKLFDOO\ VLJ QLILFDQW EHFDXVH LW LV FRPPXQLFDEOH LQ D VKDUHG ODQ JXDJH WKDW PDNHV LW QRW RQO\ FRPSUHKHQVLEOH EXW DOVR UHDO6KDULQJWKLVHYHQWZLWKVLJQLILFDQWRWKHUVSUHGRPL QDQWO\ IULHQGV EXW DOVR VLEOLQJV DQG PXFK OHVV IUH TXHQWO\SDUHQWVLVFRPPRQWRERWKER\VDQGJLUOVEXW ZKLOHIRUWKHIRUPHULWLVPRUHRIDODGGLVKFHOHEUDWLRQ
DSDUW\RQHLQWHUYLHZHHVDLGIRUWKHODWWHULWRFFXUV PRUH IUHTXHQWO\ DV DQ LQWLPDWH FRQILGHQFH 7KH KRPR VRFLDOFLUFOHWKXVEHFRPHVQRWRQO\WKHDXGLHQFHIRUWKLV DFFRXQWEXWDOVRWKHVRXUFHRIODQJXDJHDQGPHDQLQJV ZLWKZKLFKWRUHODWHDQGPDNHVHQVHRIRQH¤VRZQH[SH ULHQFH
)UDQFRXQGHUOLQHVWKHLPSRUWDQFHRIVKDULQJWKH H[SHULHQFHLQWKHFRQWH[WRIDODGGLVKPHFKDQLVP RI H[DJJHUDWLRQEDQWHUDQGK\SHUEROHWKDWRIWHQFRORXUWKH H[SHULHQFHDQGHPSKDVL]HWKHGLVSOD\RIPDVFXOLQLW\
)XFNLQJKHOO,WZDVDSDUW\,WZDVOLNH OLNH D ELJ JURXSRIIULHQGVLW¢VKDUGWRH[SODLQ,PHDQLWZDVOLNH D SDUW\ OLNH VRPHRQH KDG JRW PDUULHG RU VRPHWKLQJ EXWLWZDVOLNHWKDWIRUHYHU\RQHDQ\ZD\IRUHYHU\RQH WKDWZDVFRRODERXWLW>@DQ\ZD\LQRXUJURXSRI IULHQGVZKRZRXOGWDONDERXWWKDWNLQGRIWKLQJLWZDV VRPHWKLQJWKDW\RX ZRXOG VKDUH OLNH EHFDXVH LW ZDV JRRGWRWDONDERXWLWQRWOLNH\RXZHUHELWFKLQJDERXW WKH JLUO NQRZ ZKDW , PHDQ" ,W ZDVQ¢W WKDW NLQG RI PHFKDQLVPLWZDVDKHDOWK\PHFKDQLVP\RXNQRZ, PHDQ D ODGGLVK PHFKDQLVP >@ , PHDQ \RX WROG HYHU\RQH WKLQJV EHFDXVH LW ZDV FRRO DQG \RX FRXOG WDNHWKHSLVVDERXWORDGVRIWKLQJV
6DEULQDRQWKHRWKHUKDQGWDONVDERXWZKHQVKH FRQILGHG LQ KHU FORVHVW IULHQGV DGPLWWLQJ WKDW VKH KDG VRPHUHJUHWVDERXWWDNLQJWKHSOXQJH
':KRGLG\RXWDONDERXWWKHILUVWWLPHZLWK"
5>@:LWKIULHQGV>@\RXWHOOLWOLNHVRPHWKLQJWKDW KDSSHQHGWR\RXDSUREOHPWKDW\RX¢YHJRWEHFDXVH PD\EH \RX UHJUHW LW $QG DFWXDOO\ , GLG UHJUHW LW , UHDOO\UHJUHWWHGLW VWUDLJKW DZD\ 7KHUH LVDOZD\V WKH IHHOLQJ RI KDYLQJ ORVW VRPHWKLQJ RI QR JRLQJ EDFN 7KHQ DV WLPH SDVVHV \RX UHDOLVH WKDW LW LV MXVW D EXUGHQ
2Q WKH RWKHU KDQG D SURSRUWLRQ RI LQWHUYLHZHHV ZLWKDJUHDWHUQXPEHURIER\VH[SUHVVHGDQDWX UDOL]HG DQG LQ VRPH ZD\V EDQDOL]HG FRQFHSWLRQ RI YLUJLQLW\LWLVUHGXFHGWRDPHUHSK\VLFDOFRQGLWLRQWKH LQWHJULW\RIWKHZRPDQ¤VK\PHQRUUHODWHGWRH[SHULHQFH QRWKDYLQJKDGIXOORQVH[7KLVLVZKDW FDQ EH GH VFULEHGDVWHFKQLFDORUSK\VLRORJLFDOYLUJLQLW\UHIHU ULQJWRFULWHULDGHHPHGREMHFWLYHRUJDQLFSHUFHLYHGDV QRW KDYLQJ D PXOWLWXGH RI SRVVLEOH LQWHUSUHWDWLRQV DQG
DOPRVWWDNHQIRUJUDQWHG2QHH[DPSOHRIWKLVLQWHUSUH WDWLRQFRPHVIURP*LXOLRZKRFDQGLGO\GHFODUHV
)RUPHYLUJLQLW\LVWKDWPRPHQWLQDSHUVRQ¢V>@OLIH ZKHQKHRUVKHKDVQRW\HWKDGVH[RUVH[XDOH[SHUL HQFHVWKDWLVZHFDQVD\WKHDFWRISHQHWUDWLRQ 2QO\RIWKH\RXQJLQWHUYLHZHHVEHOLHYHWKDWYLU JLQLW\ LV D JLIW WR JLYH WR DQRWKHU SHUVRQ ,Q PRUH WKDQ KDOI RI FDVHV WKHVH ZHUH SHRSOH ZLWK D UHOLJLRXV DIILOLD WLRQ GUDZLQJ RQ WKH YLVLRQ RI YLUJLQLW\ DV VRPHWKLQJ SUHFLRXV WKDW KDV EHHQ UHFHLYHG DQG PXVW EH NHSW DQG WKHQ JLYHQ WR WKH SHUVRQ WKH\ ZLVK WR VKDUH WKHLU OLYHV ZLWK :H FDQ FRPSDUH WZR DFFRXQWV IURP &DUOD DQG5LFFDUGRERWKDFWLYHFKXUFKJRHUV
)RUPHLWKDVDYHU\KLJKYDOXH,PHDQ,WKLQNWKDW LW¢V DOVR DERXW D SHUVRQ¢V GLJQLW\ LW KDV D ORW WR GR ZLWKUHVSHFWLQJ\RXUERG\DQGGLJQLW\DQGWKHYDOXH
\RX JLYH \RXU ERG\ <HV LW¢V D TXHVWLRQ RI UHVSHFW DQG , UHFNRQ WKDW LW¢V UHDOO\ D JLIW VRPHWKLQJ \RX KDYHWKDW¢V\RXUVEXWWKDW¢VEHHQJLYHQWR\RX7KH ZD\ , VHH LW , PHDQ LW¢V \RXUV EHFDXVH EHFDXVH EXW VRPHRQH JDYH LW WR \RX , PHDQ \RX JRW LW IRU IUHH EXW LW¢V VRPHWKLQJ VR EHDXWLIXO WKDW \RX FDQ¢W MXVWWKURZLWDZD\WKDW¢VZKDW,WKLQN6ROLNH,KDYH QRSUREOHPVZLWKVWLOOEHLQJDYLUJLQ
,VHH>ORVLQJ\RXUYLUJLQLW\@DVDELJFKDQJHDJLIWWR WKH RWKHU SHUVRQ WKH ELJJHVW FRPSOHWH JLIW \RX FDQ JLYHVRPHRQHVRLW¢VDELJVWHSDELJGHFLVLRQWKDW ZKHQ LW FRPHV GRZQ WR LW FDQ¢W EH JLYHQ WR MXVW DQ\RQHEXWKDVWREHZHLJKHGXSFKRVHQZHOO>@
ORVLQJP\YLUJLQLW\LQ WKDW UHODWLRQVKLS PHDQW JLYLQJ P\VHOIWRKHUFRPSOHWHO\IRUWKHILUVWWLPH>@WKHIDFW WKDW,GLGLWZLWKKHUIRUWKHILUVWWLPHZDVOLNHWKHILUVW JLIWWKDW,FRXOGJLYHVRLWKDGWKHLPSOLFLWLGHDWKDW, ZRXOGFRQWLQXHJLYLQJP\VHOIWRKHURNOLNHDVHDO
>@,I\RXKDYHRQHHXURLW¢VQRWOLNH\RXFDQJLYHLW WRHYHU\RQHLI\RXZDQWWREX\VRPHWKLQJ\RXEX\
WKDWWKLQJDQGWKDW¢VLW>@VRLW¢VOLNHDVLJQ\RXZHUH NHHSLQJ\RXUVHOIIRUWKDWSHUVRQ
7KHUHDUHVRPHLQWHUHVWLQJDQDORJLHVLQWKHODQJXDJH XVHGE\WKHVHWZRLQWHUYLHZHHV)LUVWDQGIRUHPRVWYLU JLQLW\LVDFFRUGHGDKLJKYDOXHFRQQHFWHGWRWKHLGHDRI DSHUVRQ¤VGLJQLW\WKHLUSXULW\DQGDVDQDVVHWWRJLYHWR DQRWKHUSHUVRQ7RH[SUHVVWKLVYDOXHERWKLQWHUYLHZHHV XVH ILQDQFLDO WHUPV DV LI YLUJLQLW\ KDG D SULFH IRU
&DUODYLUJLQLW\LVDSUHFLRXVREMHFWWKDWVKHUHFHLYHGIRU IUHH QRW KRZHYHU LPSO\LQJ WKDW LW LV ZLWKRXW YDOXH ZKLOHIRU5LFFDUGRLWLVOLNHD VLQJOH FRLQ WKDW WKHUHIRUH KDVWREHVSHQWFDUHIXOO\DQGUHVSRQVLEO\%RWKXQGHUOLQH WKHLPSRUWDQFHRIQRWZDVWLQJWKLVFDSLWDODQGNHHSLQJLW WRLQYHVWLQWKHEHVWSRVVLEOHZD\+HUHZHILQGWKHRQO\
GLYHUJHQFH EHWZHHQ WKH WZR IRU &DUOD WKLV LGHD WUDQV
ODWHV LQWR WKH VWUDWHJ\ ZH KDYH GHVFULEHG DV WHFKQLFDO YLUJLQLW\ QDPHO\ LQ H[SHULPHQWLQJ ZLWK FRQWUROOHG IRUPVRILQWLPDF\WKDWGRQRWFURVVWKHOLQHRIIXOOLQWHU FRXUVHZKLOHIRU5LFFDUGRWKHFKRLFHZDVWKDWRIDILUVW WLPHH[SHULHQFHGDVDWRWDOJLIWLQWKHFRQWH[WRIDUHOD WLRQVKLSH[SHFWHGWRODVWDOLIHWLPH
/DVWO\DVPDOOSURSRUWLRQRI\RXQJSHRSOHVHHYLU JLQLW\DVDEXUGHQWREHJRWULGRIRUDFXOWXUDOLQ YHQWLRQFUHDWHGWROLPLWVH[XDOEHKDYLRXU:LWKUH JDUGVWRWKHODWWHULQWHUSUHWDWLRQZHKDYHRQO\IRXUDF FRXQWVIURPWKHTXDOLWDWLYHLQWHUYLHZVWKDWRIDZRPDQ ZKRVWDWHVWKDWYLUJLQLW\GRHVQRWH[LVWLQWKHVHQVHWKDW LWLVDVRFLRFXOWXUDOSURGXFWDQGWKHUHIRUHDPHQWDO FRQVWUXFWGHVLJQHGWRNHHSIHPDOHVH[XDOLW\XQGHUFRQ WURODQGWKUHHIURPPHQZKREHOLHYHWKDWYLUJLQLW\LVD FRQYHQWLRQRUFRQVWULFWLRQZKLFKDLPVWRJHQHUDWHIHDU DQGDQJVW
7KHLGHDWKDWYLUJLQLW\LVVRPHWKLQJWREHJRWULGRI RQ WKH FRQWUDU\ HPHUJHG PRUH IUHTXHQWO\ LQ WKH LQ GHSWKLQWHUYLHZVWKDQLQWKHVXUYH\,QGHHGPDQ\\RXQJ SHRSOHHVSHFLDOO\ER\VZKHQWDONLQJDERXWWKHLUVH[XDO KLVWRU\ UHIHU WR YLUJLQLW\ DV D OLPLWLQJ FRQGLWLRQ WR GR DZD\ZLWKDV(PDQXHOHDGPLWV
7KH ILUVW WLPH ,VDLG WR P\VHOI ,¢P QRW D YLUJLQ DQ\
PRUH>@ZDVDQDFKLHYHPHQWDQDFKLHYHPHQWEH FDXVH , KDG DFWXDOO\ EHHQ FDUU\LQJ DURXQG WKLV ZHLJKWRIQRWKDYLQJKDGVH[DQGVRLQVLGHP\KHDG LWZDVOLNHDQDFKLHYHPHQW>@YLUJLQLW\ZDVOLNHWKLV PDVVLYHREVHVVLRQIRUPH
6RPHER\VHYHQIRXQGLWKDUGWRGHVFULEHWKHPVHOYHV DVYLUJLQVDV LI LW ZDV DQ HPDVFXODWLQJ HOHPHQW WR EH H[RUFLVHGDQGUHPRYHGHYHQIURPODQJXDJH,QWKHDF FRXQWVRIWKHVHLQWHUYLHZHHVWKHQWKHIRFXVVKLIWVWRDF TXLULQJDQDFWLYHVH[OLIHLWLVQRWDERXWEHLQJLQDFHU WDLQ FRQGLWLRQ EXW PRGLI\LQJ RQH¤V VWDWXV E\ GRLQJ
WKHUHE\ EHFRPLQJ PHQ WR DOO LQWHQWV DQG SXUSRVHV 7KLVLVDGPLWWHGE\)LRUHQ]R
>, WKRXJKW , ZDVQ¢W D YLUJLQ DQ\ PRUH@ WKH YHU\ ILUVW WLPH \HDK WKH YHU\ ILUVW WLPH , ILQDOO\ JRW ULG RI LW
>@ 6R WKH ILUVW WLPH , GLG LW OLNH , VDLG , WKRXJKW
)LQDOO\ ,¢YH GRQH LW ,¢P QRW D YLUJLQ DQ\ PRUH
HYHQLILWGRHVQ¢WKDYHWKHVDPHPHDQLQJKRQHVWO\, QHYHUUHDOO\WKRXJKW,¢PQRWD YLUJLQDQ\ PRUH , VDLG ,¢YH GRQH LW , QHYHU WKRXJKW DERXW P\ RZQ YLUJLQLW\DFWXDOO\
:LWKUHJDUGWRORVVRIYLUJLQLW\DPRQJER\VWKHQRU PDWLYHGLPHQVLRQRIKRZWKLQJVRXJKWWREHHPHUJHV FOHDUO\SHHUJURXSSUHVVXUHWKHDVVRFLDWLRQEHWZHHQ
EHLQJVH[XDOO\DFWLYHEHLQJYLULOHDQGEHLQJDGXOWVDUH HOHPHQWVRIWKHVFULSWWKDWGHILQHQRWRQO\WKHVH[XDOEH KDYLRXURI\RXQJPDOHVEXWDOVRWKHFRQVWUXFWLRQRIWKHLU PDVFXOLQLW\9LUJLQLW\LVWKHUHIRUHGHILQHGLQPRVWFDVHV DVVRPHWKLQJQHJDWLYHDQREVWDFOHDOLWWOHSUREOHP
DQREVHVVLRQDKDQGLFDSDEXUGHQWKHHOLPLQD WLRQRIZKLFKEULQJVDOLEHUDWLRQDQDFKLHYHPHQWD
YLFWRU\7KHLQWHUHVWLQJDVSHFWLVWKDWPDOHODQJXDJH VWUHVVHVORVLQJLQRUGHUWRZLQVRPHWKLQJORVVRIYLUJLQLW\
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
DPRQJRXULQWHUYLHZHHVWKHORVVRISK\VLFDOYLUJLQLW\LV VHHQDVDOLEHUDWLRQDQDFKLHYHPHQWDVLQWKHFDVHRI
%HWW\,WZDVDQHYHQW,GRQ¢WNQRZDOPRVWOLNHDQ LQLWLDWLRQOLNHIURPWKHQRQQRWEHLQJDYLUJLQDQ\PRUH LWZDVJRLQJWRJHWHDVLHU+RZHYHUZKDWUHSUHVHQWVD FXWWLQJHGJHSRVLWLRQIRUZRPHQVXEYHUWLQJWKHH[LVWLQJ VFHQDULRUHPDLQVWKHGRPLQDQWPRGHODPRQJPHQ
7KRXJKZHFDQQRWWDONDERXWDQDFWXDOFRQYHUJHQFH RI WKH PDOH DQG IHPDOH PRGHOV LW ZRXOG VHHP WKDW DORQJVLGH WKH UHSURGXFWLRQ RI WKH WUDGLWLRQDO JHQGHU GLIIHUHQWLDWHG VH[XDO VFHQDULRV WKH VRFLDOO\ DYDLODEOH FXOWXUDOUHSHUWRLUHVFDQQRZEHXVHGZLWKDJUHDWHUGH JUHHRIIOH[LELOLW\WKDQNVDOVRWRDJUHDWHUDZDUHQHVVRI IRUPVRIFXOWXUDOFRQGLWLRQLQJ7KXVER\V FDQ QRZ IHHO PRUH OHJLWLPL]HG LQ SRVWSRQLQJ ORVLQJ WKHLU YLUJLQLW\
ZLWKDYLHZWRVHHNLQJDJUHDWHUHPRWLRQDOLQYHVWPHQW ZKLOHJLUOVFDQIHHOPRUHDXWKRULVHGWRH[SHULPHQWLQWKH VH[XDOILHOGWRR
7KH DSSDUHQW RSHQLQJ XS WR D PRUH IOH[LEOH XVH RI VH[XDO VFHQDULRV FDQ KRZHYHU FRQFHDO DPELYDOHQW QRU PDWLYH SUHVVXUHV WKDW JLYH ULVH WR WHQVLRQV DQG FRQWUD GLFWLRQVLQWKHLQGLYLGXDOWKHJHQHUDOHQFRXUDJHPHQWRI VH[XDO H[SHULPHQWDWLRQ FODVKHV ZLWK VSHFLILF DQG FRQ WH[WXDO VRFLDO H[SHFWDWLRQV WKDW GHWHUPLQH WKH PRVW DS SURSULDWHEHKDYLRXUVIRUER\VDQGJLUOV
&21&/86,2169,5*,1,7<$63+<6,&$/
(;3(5,(1&($1'6<0%2/,&7+5(6+2/' 7KH FRQFHSWLRQ RI YLUJLQLW\ WKDW HPHUJHV IURP RXU VWXG\ LV EDVHG RQ D VXEVWDQWLDO FKDQJH LQ WKH FRQYHQ WLRQDOWUDGLWLRQDOLQWHUSUHWDWLRQ)URPSUHYLRXVO\EHLQJD
,JPDALANBKNI=PERA?KJ?ALPEKJKBI=O?QHEJEPUOAA KJJAHH
4EPDNAC=N@PKPDA@EBBANAJPEIL=?PKBOK?E=H?KJ@Q?PKJPDANALQP=PEKJOKB>KUO=J@CENHOOAA%KHH=J@AP=H 4EPDNAC=N@PKPDAAOP=>HEODIAJPKB=NKI=JPE?EJPEI=PAO?AJ=NEK=IKJC>KUOPKKOAAHHAJ
YDOXHEDVHGDQGQRUPDWLYHIUDPHRIUHIHUHQFHLQZKLFK PDULWDOVH[ZDVWKHRQO\OHJLWLPDWHH[SUHVVLRQRIVH[XDO LW\WKHFRQFHSWRIYLUJLQLW\DQGLWVORVVKDVQRZEHFRPH DQ LQWHUSUHWDWLYH IUDPHZRUN WKDW \RXQJ SHRSOH XVH WR JLYHPHDQLQJWRWKHLURZQVH[XDOH[SHULHQFH
7KH WZR PDLQ GLVFRXUVHV XVHG ZKHQ WDONLQJ DERXW ORVV RI YLUJLQLW\ DUH WKH GLVFRXUVH RI HPRWLRQDO LPSRU WDQFH DQG WKH GLVFRXUVH RI H[SHULPHQWDWLRQ RU H[SHUL HQFHOHDGLQJWRSHUVRQDOJURZWK DOEHLW ZLWK VXEWOH GLI IHUHQFHV ERWK RI WKHVH DUH EDVHG RQ WKH UKHWRULF RI DXWKHQWLFLW\DVWKHPDLQVRXUFHRIOHJLWLPL]DWLRQ
7KH GLVFRXUVH RI HPRWLRQDO VLJQLILFDQFH DVVRFLDWHV VH[XDOLW\ZLWKDUHODWLRQVKLSRUHPRWLRQDOLQYHVWPHQWLW UHIHUHQFHVWKH OLQN EHWZHHQVH[ DQG ORYH WKDWDV RWKHU VWXGLHV KDYH VKRZQ FRQWLQXHV WR EH DQ H[WUHPHO\
SRZHUIXO FXOWXUDO UHSHUWRLUH LQ FRQWHPSRUDU\ VRFLHW\
PDLQWDLQLQJYDULRXVHOHPHQWVRIFRQWLQXLW\ZLWKWKHWUD GLWLRQRIURPDQWLFORYH
0HDQZKLOHWKHGLVFRXUVHRIWKHSULPHLPSRUWDQFHRI H[SHULHQFHDW\SLFDOWUDLWRI\RXWKFXOWXUHLVSHUIHFWO\
DSSOLFDEOH WR WKH ILHOG RI DIIHFWLYH DQG VH[XDO UHODWLRQ VKLSV$QGSODFLQJWKHHPSKDVLVRQWKHH[SHULHQWLDOGL PHQVLRQHQDEOHV\RXQJSHRSOHWR XVH PXOWLSOH FXOWXUDO UHSHUWRLUHVWRGHVFULEHDQGH[SODLQWKHLUFRQGXFW
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
SHULPHQWLQJZLWKDGXOWKRRGLQZKLFK\RXQJSHRSOHFDQ H[SHULHQFH LQGHSHQGHQFH DKHDG RI WLPH DQG PDNH LP SRUWDQW GHFLVLRQV IURP LGHQWLI\LQJ WKH ULJKW WLPH WR FKRRVLQJWKHULJKWSHUVRQWRH[SHULHQFHWKHILUVWWLPH
ZLWK
7KHQHZGLVFRXUVHVH[SHULPHQWDWLRQRQRQHKDQG DQGDIIHFWLYHDXWKHQWLFLW\RQWKHRWKHUZRXOGDSSHDUWR PLUURUWKHSURFHVVRIWKHGHPRFUDWL]DWLRQRILQWLPDF\
DQGWKHUHIRUHVLJQDOWKHZHDNHQLQJRUGHFOLQHRIWKHWUD GLWLRQDOGRXEOHVWDQGDUGLQWKHVH[XDOILHOG<HWYDULRXV VLJQDOV DUH QRZ HPHUJLQJ LQ UHVHDUFK RI WKH UHSURGXF WLRQLQDQHZJXLVHRIKLJKO\JHQGHUGLIIHUHQWLDWHGPRG HOV RI VH[XDO FRQGXFW ,QGHHG ZH KDYH VHHQ KRZ WKH GHILQLWLRQVRIWKHULJKWFRQWH[WVH[ZLWKLQRURXWVLGHRID VLJQLILFDQW UHODWLRQVKLS DQG DW WKH DSSURSULDWH DJH IRU VH[XDOLW\ UHPDLQ FORVHO\ FRQQHFWHG WR GLIIHUHQWLDWHG FRPSOHPHQWDU\ FRQVWUXFWLRQV RI PDVFXOLQLW\ DQG IHPL QLQLW\
7KH UHLQWHUSUHWDWLRQ RI WKH PHDQLQJ RI YLUJLQLW\ LV WKHUHIRUH QRW D QHXWUDO SURFHVV WKH VWXG\ VKRZHG KRZ WKH DGRSWLRQ RI FHUWDLQ VFHQDULRV RU GLVFRXUVHV WR H[
SODLQ DQG OHJLWLPL]H RQH¤V RZQ H[SHULHQFH LV FORVHO\
OLQNHGWRWKHPDOHLGHQWLW\YLUJLQLW\DVDVWLJPDWKHIHDU RIEHLQJOHIWEHKLQGWKHLPSRUWDQFHDWWULEXWHGWRWKHH[
SHULHQFH LWVHOI RI ORVLQJ RQH¤V YLUJLQLW\ HWF RU WKH IH PDOH LGHQWLW\ YLUJLQLW\ DV VRPHWKLQJ WR LQYHVW IHDU RI EHLQJ WRR SUHFRFLRXV WKH LPSRUWDQFH DWWULEXWHG WR WKH UHODWLRQVKLSFRQWH[WRIWKHH[SHULHQFH ,W DOVR HPHUJHG WKDWVRPHVXEMHFWVXVHFXOWXUDOUHSHUWRLUHVLQXQFRQYHQ WLRQDO ZD\V GHWDFKHG IURP WKHLU JHQGHU FRQQRWDWLRQV IRUH[DPSOHER\VZKRVHHORVVRIYLUJLQLW\DVDJLIWWRWKH SDUWQHU RU DVVRFLDWH LW ZLWK DQ LPSRUWDQW UHODWLRQVKLS DQG JLUOV ZKR H[SHULHQFH ORVLQJ WKHLUYLUJLQLW\DVD OLE HUDWLRQRUDQLQVWUXPHQWDOH[SHULHQFH
&JL=NPE?QH=NOAA'KDJOKJ SDK=J=HUOA@PDAQOAKBPDA@EO?KQNOAKBHKRA=O=OKQN?ABKN?KJOPNQ?PEJCIA=JEJCSEPDNAC=N@PK KJAO DAPANKOATQ=H ATLANEAJ?AO 4EPD NAC=N@O PK = ?KJPEJQEJC ?KJJA?PEKJ >APSAAJ OAT =J@ HKRA EJ UKQJC &P=HE=JO ?KJ?ALPEKJ KB OATQ=HEPUOAAQVVE =J@$=NAHHE
4EPDNAC=N@PKPDA@EOPEJ?PEKJ>APSAAJhNKI=JPE?HKRA+=J@h?KJRANCAJPHKRA+OAA$E@@AJO "KJPDALKSANKBPDAPN=@EPEKJ=H
?KJ?ALPEKJKBNKI=JPE?HKRAOAA$NKOO
IKJC PDA BENOP PK NA?KCJEOA PDEO @EIAJOEKJ =O = ?D=N=?PANEOPE? PN=EP KB H=PAIK@ANJ UKQPD ?QHPQNA OAA $=NAHHE $=NAHHE =HOK DECDHECDPA@EPOEILKNP=J?AEJUKQJCLAKLHAO?KJ?ALPEKJOKBOAT=J@HKRA $=NAHHE
#KN=>NK=@AN=J=HUOEOKBPDAPDAIAKBPDA@AIK?N=PEV=PEKJKBEJPEI=?UOAA$E@@AJO =J@4AAGO
,=.8É1-(9(/-$-20/$',,7$/,-$1,35,329('8-(-22,=*8%,1('2/Ë1267,
5DIIDHOOD)(55(52&$02/(772
8QLYHU]DY7RULQX2GGHOHN]DGUXÌEHQHYHGH9LD62WWDYLR7RULQR,WDOLMD HPDLOUDIIDHOODIHUUHURFDPROHWWR#XQLWRLW
329=(7(.
ÞODQHN SRVNXÈD UD]LVNDWL VSUHPHPEH Y VSROQLNXOWXUL PODGLK ,WDOLMDQRY RVUHGRWRßD VH QD RGQRV LQ YHGHQMH Y SRYH]DYLVSUYRVSROQRL]NXÈQMRWHUQDYSUDÈDQMHNDMSRMPXMHPRSRGGUXÊEHQRR]QDNRL]JXEDQHGROÊQRVWL
ÞODQHNWHPHOMLQDNYDQWLWDWLYQLKLQNYDOLWDWLYQLKSRGDWNLKL]ÈWXGLMHNLMHELODL]YHGHQDOHWDLQMRMHILQDQFLUDO RGGHOHN ]D NXOWXUR 5HJLRQDOQHJD VYHWD 2EVHJDOD MH UD]LVNDYR Y REOLNL YSUDÈDOQLND Y GYHK GHOLK L]YHGHQHJD QD Y]RUFX SUHGVWDYQLNRY PODGLQH PHG LQ OHWRP VWDURVWL V VWDOQLP SUHELYDOLÈßHP Y 3LHPRQWX 3UYL GHO NL ]DGHYDRGQRVGRVSROQRVWLLQVSROQLKL]NXÈHQMMHELOL]SHOMDQVSRJRYRULL]RßLYRßLPHGWHPNRMHELOGUXJLNLVH RVUHGRWRßDQDVDPHVSROQHL]NXÈQMHL]SROQMHQODVWQRURßQRQDWRSDL]URßHQVSUDÈHYDOFXY]DSUWLNXYHUWLVSULORÊHQLP JHVORP NL MH RPRJRßLOR ]GUXÊLWHY GUXJHJD GHOD V SUYLP 5D]LVNDYR MH L]YHGHO GHPRVNRSVNL LQÈWLWXW (XULVNR 9]SRUHGQRVWHPMHELORRSUDYOMHQLKELRJUDIVNLKLQWHUYMXMHY]PODGLPLYVWDURVWLPHGLQOHWVSULODJRGOMLYLP YSUDÈDOQLNRPMHDQNHWDUSRYDELOVRGHOXMRßHGDJDSRSHOMHMRVNR]LJODYQHID]HVYRMHVSROQHELRJUDILMHRGSURFHVD VRFLDOL]DFLMH GR WUHQXWQLK L]NXÈHQM ,QWHUYMXML VR ELOL SRVQHWL Y FHORWL ]DSLVDQL LQ QDWR NRGLILFLUDQL ] XSRUDER SURJUDPD $WODVWL SUHGHQ VR MLK DQDOL]LUDOL 9VD ÈWHYLOD Y REOLNL RGVWRWNRY Y WHP ßODQNX VH QDQDÈDMR QD SRGDWNH ]EUDQH Y ]JRUDM RPHQMHQL UD]LVNDYL PHGWHP NR VR LQWHUYMXML SULND]DQL WDNR ]D SRQD]RULWHY WHÊQMH RSUHGHOMHQH V SRPRßMR NYDQWLWDWLYQLK SRGDWNRY NRW WXGL ]D UD]LVNRYDQMH LQ SUREOHPDWL]DFLMR RSUHGHOLWYH QHGROÊQRVWL LQ VSROQLK L]NXÈHQM
ÞODQHNSULND]XMHNDNRUD]LVNRYDQMHYSUDÈDQMDGHYLÈWYDSRQXMDSHUVSHNWLYR]DDQDOL]RQDßLQRYVNDWHULPLPODGL REOLNXMHMR RGQRV GR SRPHQD VYRMLK SUYLK VSROQLK L]NXÈHQM LQ ]GUXÊXMHMR NRQIRUPQRVW SRJDMDQMD LQ RGSRU WDNR Y VPLVOX WUDGLFLRQDOQHJD SRMPRYDQMD VSROQRVWL NRW WXGL Y SRMPRYDQMX PRÈNRVWL LQ ÊHQVNRVWL 9 SRJRYRULK R L]JXEL QHGROÊQRVWLVHLWDOLMDQVNDPODGLQDVNOLFXMHQDGYHJODYQLVHVWDYLQLREHWHPHOMHßLQDSRXGDUNXSULVWQRVWLNRWJODYQHJD YLUDOHJLWLPL]DFLMHßXVWYHQLSRPHQL]NXÈQMHQDHQLVWUDQLLQHNVSHULPHQWLUDQMHNLYRGLNRVHEQRVWQLUDVWLQDGUXJL7H QRYHGLVNXU]HODKNRUD]XPHPRNRWRGUD]SURFHVDGHPRNUDWL]DFLMHLQWLPQRVWLLQQMLKRYSRMDYNRW]QDNRVODELWYHDOL XSDGDQMD SRMDYD WUDGLFLRQDOQLK GYRMQLK PHULO QD SRGURßMX VSROQRVWL 9HQGDU SD VH VHGDM Y UD]LVNDYDK SUDY WDNR SRMDYOMDMRUD]OLßQL]QDNLUHSURGXNFLMHPRßQRVSROQRGLIHUHQFLUDQLKPRGHORYVSROQHJDYHGHQMDYQRYLKSUHREOHNDK 3UDY]DSUDY VPRYLGHOLNDNRVR RSUHGHOLWYH XVWUH]QHJD NRQWHNVWD ]D VSROQRVW VHNV ]QRWUDM DOL ]XQDM SRPHPEQHJD UD]PHUMD LQ SUL XVWUH]QL VWDURVWL ÈH YHGQR WHVQR SRYH]DQH ] UD]OLßQLPL GRSROQLOQLPL NRQVWUXNFLMDPL PRÈNRVWL LQ ÊHQVNRVWL9HQGDUVHMHSUDYWDNRL]ND]DORGDQHNDWHULPODGLOMXGMHXSRUDEOMDMRGDQHNXOWXUQHUHSHUWRDUMHQDUD]OLßQH QHNRQYHQFLRQDOQHQDßLQHORßHQHRGNDNUÈQHNROLVSROQHNRQRWDFLMH
.OMXÞQHEHVHGHPODGLVSROVSROQRVWQHGROÌQRVWGYRMQDPHULOD
5()(5(1&(6
$OOHQ / 6HQVLWLYH DQG 5HDO 0DFKR DOO DW WKH 6DPH 7LPH <RXQJ +HWHURVH[XDO 0HQ DQG 5RPDQFH 0HQ DQG 0DVFXOLQLWLHV 7KRXVDQG 2DNV &$
%DMRV 1 %R]RQ 0 HGV /D VH[XDOLWp HQ )UDQFH3DULV/D'HFRXYHUWH
%DUEDJOL 0 'DOOD =XDQQD * *DUHOOL ) /D VHVVXDOLWjGHJOLLWDOLDQL%RORJQD,O0XOLQR
%HDUPDQ 36 %UXFNQHU + 3URPLVLQJ WKH )X WXUH 9LUJLQLW\ 3OHGJHV DQG )LUVW ,QWHUFRXUVH $PHULFDQ -RXUQDORI6RFLRORJ\&KLFDJR
%HUWRQH & )HUUHUR &DPROHWWR 5 %H\RQG WKH 6H[0DFKLQH"6H[XDO3UDFWLFHVDQG0DVFXOLQLW\LQ$GXOW 0HQ¤V +HWHURVH[XDO $FFRXQWV -RXUQDO RI *HQGHU 6WXG LHV+XOO
%LOODUL ) & &DOWDELDQR 0 'DOOD =XDQQD * HGV 6H[XDODQG$IIHFWLYH%HKDYLRXURI6WXGHQWV$Q ,QWHUQDWLRQDO5HVHDUFK3DGRYD&OXHS
%X]]L & *LRYDQL DIIHWWLYLWj H VHVVXDOLWj %ROR JQD,O0XOLQR
&DOWDELDQR0/HSULPHIDVLGHOODYLWDVHVVXDOH ,Q%DUEDJOL0'DOOD=XDQQD**DUHOOL)/DVHVVX DOLWjGHJOLLWDOLDQL%RORJQD,O0XOLQR
&DUSHQWHU/09LUJLQLW\ORVW$QLQWLPDWHSRU WUDLW RI ILUVW VH[XDO H[SHULHQFHV 1HZ <RUN /RQGRQ 1HZ<RUN8QLYHUVLW\3UHVV
&DVWLJOLRQL 0 )LUVW 6H[XDO ,QWHUFRXUVH DQG
&RQWUDFHSWLYH8VHLQ,WDO\,Q'DOOD=XDQQD*&ULVD IXOOL & HGV 6H[XDO %HKDYLRXU RI ,WDOLDQ 6WXGHQWV 0HVVLQD 8QLYHUVLWj GL 0HVVLQD 'LSDUWLPHQWR GL 6WDWLV WLFD
&RQQHOO 5 0DVFXOLQLWLHV %HUNHOH\ 8QLYHUVLW\
RI&DOLIRUQLD3UHVV
&UDZIRUG 0 3RSS ' 6H[XDO 'RXEOH 6WDQ GDUGV $ 5HYLHZ DQG 0HWKRGRORJLFDO &ULWLTXH RI 7ZR 'HFDGHVRI5HVHDUFK-RXUQDORI6H[5HVHDUFK0W 9HUQRQ,$
'DOOD =XDQQD * &ULVDIXOOL & HGV 6H[XDO
%HKDYLRXU RI ,WDOLDQ 6WXGHQWV 0HVVLQD 8QLYHUVLWj GL 0HVVLQD'LSDUWLPHQWRGL6WDWLVWLFD
(KUHQUHLFK % +HVV ( -DFREV * 5H0DNLQJ /RYH 7KH )HPLQL]DWLRQ RI 6H[ 1HZ <RUN $QFKRU
%RRNV
)DEULV * 'DYLV 5 ,O PLWR GHO VHVVR 0LODQR 0RQGDGRUL
)HUUHUR &DPROHWWR 5 /D VHVVXDOLWj GHL JLRYDQL WUD VSHULPHQWD]LRQH H WUDGL]LRQH 8Q¤LQGDJLQH QHOO¤DUHD SLHPRQWHVH 8QSXEOLVKHG 5HVHDUFK 5HSRUW 3LHGPRQW 5HJLRQ5HJLRQDO&RXQFLO¤V'HSDUWPHQWIRU&XOWXUH )HUUHUR &DPROHWWR 5 D ,O SRVWR GHO VHVVR GDOO¤DWWHVD DOOD VSHULPHQWD]LRQH ,Q %DUEDJOL 0 'DOOD
=XDQQD**DUHOOL)/DVHVVXDOLWjGHJOLLWDOLDQL%ROR JQD,O0XOLQR
)HUUHUR &DPROHWWR 5 E 'DOOD ULVSHWWDELOLWj DOO¤DXWHQWLFLWj"/DULGHILQL]LRQHGHOVLJQLILFDWRGHOODYHU JLQLWjWUDLJLRYDQL3ROLV;;,9%RORJQD
)HUUHUR &DPROHWWR 5 %HUWRQH & /LNH D VH[
PDFKLQH"/DQDWXUDOL]]D]LRQHGHOODVHVVXDOLWjPDVFKLOH ,Q5XVSLQL(HG8RPLQLHFRUSL8QDULIOHVVLRQHVXL ULYHVWLPHQWL GHOOD PDVFROLQLWj 0LODQR )UDQFR $QJHOL
)HUUHUR &DPROHWWR 5 %HUWRQH & &RPLQJ WR
%HD0DQ3OHDVXUHLQWKH&RQVWUXFWLRQRI,WDOLDQ0HQ¤V +HWHURVH[XDOLW\,WDOLDQ6WXGLHV/HHGV/RQGRQ
)ORRG 0 0HQ 6H[ DQG +RPRVRFLDOLW\ +RZ
%RQGVEHWZHHQ0HQ6KDSH7KHLU6H[XDO5HODWLRQVZLWK :RPHQ0HQDQG0DVFXOLQLWLHV7KRXVDQG2DNV
&$
*DJQRQ-+6LPRQ:6H[XDO&RQGXFW&KL FDJR$OGLQH
*DUHOOL)/DJHQHUD]LRQHGHOODYLWDTXRWLGLDQD
%RORJQD,O0XOLQR
*DUHOOL),JLRYDQLLOVHVVRO¤DPRUH%RORJQD,O 0XOLQR
*LGGHQV $ 7KH 7UDQVIRUPDWLRQ RI ,QWLPDF\
6H[XDOLW\ /RYH DQG (URWLFLVP LQ 0RGHUQ 6RFLHWLHV
&DPEULGJH3ROLW\3UHVV
*URVV 1 7KH 'HWUDGLWLRQDOL]DWLRQ RI ,QWLPDF\
5HFRQVLGHUHG 6RFLRORJLFDO 7KHRU\ &DPEULGJH 0$2[IRUG
+DDYLR0DQQLOD(5RRV-3.RQWXOD25H SUHVVLRQ5HYROXWLRQDQG $PELYDOHQFH 7KH 6H[XDO/LIH RI7KUHH*HQHUDWLRQV$FWD6RFLRORJLFD/RQGRQ
+ROODQG - 5DPD]DQRJOX & 6KDUSH 6 7KRPVRQ 5 5HSXWDWLRQV -RXUQH\LQJ LQWR *HQGHUHG 3RZHU 5HODWLRQV ,Q :HHNV - +ROODQG - HGV 6H[XDO &XO WXUHV/RQGRQ6W0DUWLQV3UHVV
+ROOZD\ : *HQGHU 'LIIHUHQFH DQG WKH 3UR GXFWLRQ RI 6XEMHFWLYLW\ ,Q -DFNVRQ 6 6FRWW 6 HGV )HPLQLVP DQG 6H[XDOLW\(GLQEXUJK (GLQEXUJK 8QLYHU VLW\3UHVV
-RKQVRQ 3 /RYH +HWHURVH[XDOLW\ DQG 6RFLHW\
/RQGRQ5RXWOHGJH
.UDD\FDPS * 7UHQGV DQG &RXQWHUWUHQGV LQ 6H[XDO 3HUPLVVLYHQHVV 7KUHH 'HFDGHV RI $WWLWXGH
&KDQJHLQWKH1HWKHUODQGV-RXUQDORI0DU ULDJHDQG)DPLO\2[IRUG
6DVVDWHOOL5&RQVXPRFXOWXUDHVRFLHWj%ROR JQD,O0XOLQR
6FRWW - &KDQJLQJ$WWLWXGHVWR6H[XDO0RUDOLW\
$&URVVQDWLRQDO&RPSDULVRQ6RFLRORJ\/RQGRQ
6HJDO / 6ORZ 0RWLRQ &KDQJLQJ 0DVFXOLQLWLHV
&KDQJLQJ0HQ/RQGRQ9LUDJR
6WHZDUG))HPLQLQLWLHVLQ)OX[<RXQJ:RPHQ +HWHURVH[XDOLW\DQG6DIH6H[6H[XDOLWLHV/RQGRQ
7KRPDV . 'RXEOH VWDQGDUG-RXUQDO RI WKH +LVWRU\RI,GHDV3KLODGHOSKLD3D
9DFFDUR & 0 , FRPSRUWDPHQWL VHVVXDOL GHJOL LWDOLDQL0LODQR)UDQFR$QJHOL
:HHNV - 7KH :RUOG :H KDYH :RQ /RQGRQ 5RXWOHGJH