94% found this document useful (31 votes)
17K views

Diary of A Wimpy Kid Book 1

The narrator is excited to receive a journal rather than a diary from their mother. They explain that middle school is difficult due to the mix of younger and older students, and that popularity is now based on things like clothing rather than athletic ability. The narrator estimates they are around 52nd or 53rd most popular in their grade. They also describe an ongoing game at school involving a moldy piece of cheese left on the basketball court.

Uploaded by

apolwakin
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
94% found this document useful (31 votes)
17K views

Diary of A Wimpy Kid Book 1

The narrator is excited to receive a journal rather than a diary from their mother. They explain that middle school is difficult due to the mix of younger and older students, and that popularity is now based on things like clothing rather than athletic ability. The narrator estimates they are around 52nd or 53rd most popular in their grade. They also describe an ongoing game at school involving a moldy piece of cheese left on the basketball court.

Uploaded by

apolwakin
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 227

,PYHU\H[FLWHGWKDW\RXUHKROGLQJWKH.

LQGOHHGLWLRQRI
'LDU\RID:LPS\.LGLQ\RXUKDQGV
:KHQ,UHDGP\ILUVWHERRNRQD.LQGOH,ZDVDPD]HGDW
WKHSRVVLELOLWLHV&DUU\LQJDZKROHOLEUDU\DURXQGZLWKPHRQD
GHYLFH,FRXOGILWLQWKHSDOPRIP\KDQG"$PD]LQJ
:KDWVEHHQYHU\UHZDUGLQJWRPHDVDQDXWKRUKDVEHHQ
VHHLQJNLGVFDUU\LQJWKHLUGRJHDUHGFRSLHVRI'LDU\RID
:LPS\.LGZLWKWKHP7KH.LQGOHDOORZVNLGVWRKDYHWKH
ZKROHVHULHVDWWKHLUILQJHUWLSVDQGWKHUHDGLQJH[SHULHQFH
LVFULVSDQGFOHDQHYHU\WLPHZLWKQRFKDQFHRIWRGD\
V
EUHDNIDVWVWDLQLQJWKHSDJHV
7KDQN\RXIRUSXUFKDVLQJ'LDU\RID:LPS\.LGRQ\RXU
.LQGOH,KRSHLWJLYHV\RXORWVRIODXJKVDQG\RXKDYHDV
PXFKIXQUHDGLQJLWDV,GLGZULWLQJLW

-HII.LQQH\

6HSWHPEHU

7XHVGD\

)LUVWRIDOOOHWPHJHWVRPHWKLQJVWUDLJKW7KLV
LVD-RXUQDOQRWDGLDU\,NQRZZKDWLW
VD\VRQWKHFRYHUEXWZKHQ0RPZHQWRXWWR
EX\WKLVWKLQJ,VSHFLILFDOO\WROGKHUWR
JHWRQHWKDWGLGQWVD\|GLDU\}RQLW
*UHDW$OO,QHHGLVIRUVRPHMHUNWRFDWFKPH
FDUU\LQJWKLVERRNDURXQGDQGJHWWKHZURQJLGHD

7KHRWKHUWKLQJ,ZDQWWRFOHDUXSULJKWDZD\
LVWKDWWKLVZDVPRPVLGHDQRWPLQH
%XWLIVKHWKLQNV,PJRLQJWRZULWHGRZQP\
|IHHOLQJV}LQKHUHRUZKDWHYHUVKHVFUD]\6R
MXVWGRQWH[SHFWPHWREHDOO|'HDU'LDU\}WKLV
DQG|'HDU'LDU\}WKDW

7KHRQO\UHDVRQ,DJUHHGWRGRWKLVDWDOOLV
EHFDXVH,ILJXUHODWHURQZKHQ,PULFKDQG
IDPRXV,OOKDYHEHWWHUWKLQJVWRGRWKDQ
DQVZHUSHRSOHVVWXSLGTXHVWLRQVDOOGD\ORQJ6R
WKLVERRNLVJRQQDFRPHLQKDQG\

/LNH,VDLG,OOEHIDPRXVRQHGD\EXWIRUQRZ
,PVWXFNLQPLGGOHVFKRROZLWKDEXQFKRIPRURQV

/HWPHMXVWVD\IRUWKHUHFRUGWKDW,WKLQN
PLGGOHVFKRROLVWKHGXPEHVWLGHDHYHULQYHQWHG
<RXJRWNLGVOLNHPHZKRKDYHQWKLWWKHLU
JURZWKVSXUW\HWPL[HGLQZLWKWKHVHJRULOODVZKR
QHHGWRVKDYHWZLFHDGD\

$QGWKHQWKH\ZRQGHUZK\EXOO\LQJLVVXFKDELJ
SUREOHPLQPLGGOHVFKRRO
,ILWZDVXSWRPHJUDGHOHYHOVZRXOGEHEDVHG
RQKHLJKWQRWDJH%XWWKHQDJDLQ,JXHVV
WKDWZRXOGPHDQNLGVOLNH&KLUDJ*XSWDZRXOG
VWLOOEHLQWKHILUVWJUDGH

7RGD\LVWKHILUVWGD\RIVFKRRODQGULJKWQRZ
ZHUHMXVWZDLWLQJDURXQGIRUWKHWHDFKHUWRKXUU\
XSDQGILQLVKWKHVHDWLQJFKDUW6R,ILJXUHG,
PLJKWDVZHOOZULWHLQWKLVERRNWRSDVVWKHWLPH
%\WKHZD\OHWPHJLYH\RXVRPHJRRGDGYLFH2Q
WKHILUVWGD\RIVFKRRO\RXJRWWREHUHDOFDUHIXO
ZKHUH\RXVLW<RXZDONLQWRWKHFODVVURRPDQGMXVW
SOXQN\RXUVWXIIGRZQRQDQ\ROGGHVNDQGWKH
QH[WWKLQJ\RXNQRZWKHWHDFKHULVVD\LQJ{

6RLQWKLVFODVV,JRWVWXFNZLWK&KULV+RVH\LQ
IURQWRIPHDQG/LRQHO-DPHVLQEDFNRIPH


-DVRQ%ULOOFDPHLQODWHDQGDOPRVWVDWWRP\
ULJKWEXWOXFNLO\,VWRSSHGWKDWIURPKDSSHQLQJ
DWWKHODVWVHFRQG

1H[WSHULRG,VKRXOGMXVWVLWLQWKHPLGGOHRID
EXQFKRIKRWJLUOVDVVRRQDV,VWHSLQWKH
URRP%XW,JXHVVLI,GRWKDWLWMXVWSURYHV
,GLGQWOHDUQDQ\WKLQJIURPODVW\HDU

0DQ,GRQWNQRZZKDWLVXSZLWKJLUOVWKHVH
GD\V,WXVHGWREHDZKROHORWVLPSOHUEDFNLQ
HOHPHQWDU\VFKRRO7KHGHDOZDVLI\RXZHUHWKH
IDVWHVWUXQQHULQ\RXUFODVV\RXJRWDOOWKHJLUOV
$QGLQWKHILIWKJUDGHWKHIDVWHVWUXQQHUZDV
5RQQLH0F&R\

1RZDGD\VLWVDZKROHORWPRUHFRPSOLFDWHG1RZ
LWVDERXWWKHNLQGRIFORWKHV\RXZHDURUKRZ
ULFK\RXDUHRULI\RXKDYHDFXWHEXWWRUZKDWHYHU
$QGNLGVOLNH5RQQLH0F&R\DUHVFUDWFKLQJWKHLU
KHDGVZRQGHULQJZKDWWKHKHFNKDSSHQHG
7KHPRVWSRSXODUER\LQP\JUDGHLV%U\FH
$QGHUVRQ7KHWKLQJWKDWUHDOO\VWLQNVLVWKDW
,KDYHDOZD\VEHHQLQWRJLUOVEXWNLGVOLNH
%U\FHKDYHRQO\FRPHDURXQGLQWKHODVWFRXSOH
RI\HDUV


,UHPHPEHUKRZ%U\FHXVHGWRDFWEDFNLQ
HOHPHQWDU\VFKRRO

%XWRIFRXUVHQRZ,GRQWJHWDQ\FUHGLWIRU
VWLFNLQJZLWKWKHJLUOVDOOWKLVWLPH
/LNH,VDLG%U\FHLVWKHPRVWSRSXODUNLGLQRXU
JUDGHVRWKDWOHDYHVDOOWKHUHVWRIXVJX\V
VFUDPEOLQJIRUWKHRWKHUVSRWV
7KHEHVW,FDQILJXUHLVWKDW,PVRPHZKHUH
DURXQGQGRUUGPRVWSRSXODUWKLV\HDU
%XWWKHJRRGQHZVLVWKDW,PDERXWWRPRYH
XSRQHVSRWEHFDXVH&KDUOLH'DYLHVLVDERYHPH
DQGKHVJHWWLQJKLVEUDFHVQH[WZHHN

,WU\WRH[SODLQDOOWKLVSRSXODULW\VWXIIWRP\
IULHQG5RZOH\ ZKRLVSUREDEO\KRYHULQJULJKW
DURXQGWKHPDUNE\WKHZD\ EXW,WKLQN
LWMXVWJRHVLQRQHHDUDQGRXWWKHRWKHUZLWKKLP

:HGQHVGD\

7RGD\ZHKDG3K\V(GVRWKHILUVWWKLQJ,
GLGZKHQ,JRWRXWVLGHZDVVQHDNRIIWRWKH
EDVNHWEDOOFRXUWWRVHHLIWKH&KHHVHZDVVWLOO
WKHUH$QGVXUHHQRXJKLWZDV

7KDWSLHFHRI&KHHVHKDVEHHQVLWWLQJRQWKH
EODFNWRSVLQFHODVWVSULQJ,JXHVVLWPXVWYH
GURSSHGRXWRIVRPHRQHVVDQGZLFKRUVRPHWKLQJ
$IWHUDFRXSOHRIGD\VWKH&KHHVHVWDUWHGJHWWLQJ
DOOPROG\DQGQDVW\1RERG\ZRXOGSOD\EDVNHWEDOORQ
WKHFRXUWZKHUHWKH&KHHVHZDVHYHQWKRXJKWKDW
ZDVWKHRQO\FRXUWWKDWKDGDKRRSZLWKDQHW
7KHQRQHGD\WKLVNLGQDPHG'DUUHQ:DOVK
WRXFKHGWKH&KHHVHZLWKKLVILQJHUDQGWKDWV
ZKDWVWDUWHGWKLVWKLQJFDOOHGWKH&KHHVH7RXFK
,WVEDVLFDOO\OLNHWKH&RRWLHV,I\RXJHWWKH
&KHHVH7RXFK\RXUHVWXFNZLWKLWXQWLO\RX
SDVVLWRQWRVRPHRQHHOVH

7KHRQO\ZD\WRSURWHFW\RXUVHOIIURPWKH
&KHHVH7RXFKLVWRFURVV\RXUILQJHUV


%XWLWVQRWWKDWHDV\UHPHPEHULQJWRNHHS\RXU
ILQJHUVFURVVHGHYHU\PRPHQWRIWKHGD\,HQGHG
XSWDSLQJPLQHWRJHWKHUVRWKH\GVWD\FURVVHG
DOOWKHWLPH,JRWD'LQKDQGZULWLQJEXWLW
ZDVWRWDOO\ZRUWKLW
7KLVRQHNLGQDPHG$EH+DOOJRWWKH&KHHVH
7RXFKLQ$SULODQGQRERG\ZRXOGHYHQFRPHQHDU
KLPIRUWKHUHVWRIWKH\HDU7KLVVXPPHU$EH
PRYHGDZD\WR&DOLIRUQLDDQGWRRNWKH&KHHVH
7RXFKZLWKKLP
,MXVWKRSHVRPHRQHGRHVQWVWDUWWKH&KHHVH
7RXFKXSDJDLQEHFDXVH,GRQWQHHGWKDWNLQG
RIVWUHVVLQP\OLIHDQ\PRUH
7KXUVGD\

,PKDYLQJDVHULRXVO\KDUGWLPHJHWWLQJXVHG
WRWKHIDFWWKDWVXPPHULVRYHUDQG,KDYHWR
JHWRXWRIEHGHYHU\PRUQLQJWRJRWRVFKRRO
0\VXPPHUGLGQRWH[DFWO\JHWRIIWRDJUHDW
VWDUWWKDQNVWRP\ROGHUEURWKHU5RGULFN


$FRXSOHRIGD\VLQWRVXPPHUYDFDWLRQ5RGULFN
ZRNHPHXSLQWKHPLGGOHRIWKHQLJKW+HWROG
PH,VOHSWWKURXJKWKHZKROHVXPPHUEXWWKDW
OXFNLO\,ZRNHXSMXVWLQWLPHIRUWKHILUVW
GD\RIVFKRRO

<RXPLJKWWKLQN,ZDVSUHWW\GXPEIRUIDOOLQJ
IRUWKDWRQHEXW5RGULFNZDVGUHVVHGXSLQKLV
VFKRROFORWKHVDQGKHVHWP\DODUPFORFNDKHDGWR
PDNHLWORRNOLNHLWZDVWKHPRUQLQJ3OXVKH
FORVHGP\FXUWDLQVVR,FRXOGQWVHHWKDWLWZDV
VWLOOGDUNRXW
$IWHU5RGULFNZRNHPHXS,MXVWJRWGUHVVHGDQG
ZHQWGRZQVWDLUVWRPDNHP\VHOIVRPHEUHDNIDVW
OLNH,GRHYHU\PRUQLQJRQDVFKRROGD\


%XW,JXHVV,PXVWKDYHPDGHDSUHWW\ELJ
UDFNHWEHFDXVHWKHQH[WWKLQJ,NQHZ'DGZDV
GRZQVWDLUV\HOOLQJDWPHIRUHDWLQJ&KHHULRVDW
LQWKHPRUQLQJ

,WWRRNPHDPLQXWHWRILJXUHRXWZKDWWKHKHFN
ZDVJRLQJRQ
$IWHU,GLG,WROG'DGWKDW5RGULFNKDG
SOD\HGDWULFNRQPHDQG+HZDVWKHRQHWKDW
VKRXOGEHJHWWLQJ\HOOHGDW
'DGZDONHGGRZQWRWKHEDVHPHQWWRFKHZ
5RGULFNRXWDQG,WDJJHGDORQJ,FRXOGQW
ZDLWWRVHH5RGULFNJHWZKDWZDVFRPLQJWRKLP


%XW5RGULFNFRYHUHGXSKLVWUDFNVSUHWW\JRRG
$QGWRWKLVGD\,PVXUH'DGWKLQNV,YH
JRWDVFUHZORRVHRUVRPHWKLQJ

)ULGD\

7RGD\DWVFKRROZHJRWDVVLJQHGWRUHDGLQJJURXSV
7KH\GRQWFRPHULJKWRXWDQGWHOO\RXLI
\RXUHLQWKH*LIWHGJURXSRUWKH(DV\JURXS
EXW\RXFDQILJXUHLWRXWULJKWDZD\E\ORRNLQJ
DWWKHFRYHUVRIWKHERRNVWKH\KDQGRXW



,ZDVSUHWW\GLVDSSRLQWHGWRILQGRXW,JRW
SXWLQWKH*LIWHGJURXSEHFDXVHWKDWMXVWPHDQV
DORWRIH[WUDZRUN
:KHQWKH\GLGWKHVFUHHQLQJDWWKHHQGRIODVW
\HDU,GLGP\EHVWWRPDNHVXUH,JRWSXWLQ
WKH(DV\JURXSWKLV\HDU

0RPLVUHDOWLJKWZLWKRXUSULQFLSDOVR,OOEHW
VKHVWHSSHGLQDQGPDGHVXUH,JRWSXWLQWKH
*LIWHGJURXSDJDLQ
0RPLVDOZD\VVD\LQJ,PDVPDUWNLGEXWWKDW
,MXVWGRQW|DSSO\}P\VHOI


%XWLIWKHUHVRQHWKLQJ,OHDUQHGIURP5RGULFN
LWVWRVHWSHRSOHVH[SHFWDWLRQVUHDOORZVR\RX
HQGXSVXUSULVLQJWKHPE\SUDFWLFDOO\GRLQJ
QRWKLQJDWDOO



$FWXDOO\,PNLQGRIJODGP\SODQWRJHWSXW
LQWKH(DV\JURXSGLGQWZRUN
,VDZDFRXSOHRIWKH|%LQN6D\V%RR}NLGV
KROGLQJWKHLUERRNVXSVLGHGRZQDQG,GRQW
WKLQNWKH\ZHUHMRNLQJ
6DWXUGD\

:HOOWKHILUVWZHHNRIVFKRROLVILQDOO\RYHUVR
WRGD\,VOHSWLQ
0RVWNLGVZDNHXSHDUO\RQ6DWXUGD\WRZDWFK
FDUWRRQVRUZKDWHYHUEXWQRWPH7KHRQO\UHDVRQ
,JHWRXWRIEHGDWDOORQZHHNHQGVLVEHFDXVH
HYHQWXDOO\,FDQWVWDQGWKHWDVWHRIP\RZQ
EUHDWKDQ\PRUH



8QIRUWXQDWHO\'DGZDNHVXSDWLQWKH
PRUQLQJQRPDWWHUZKDWGD\RIWKHZHHNLW
LVDQGKHLVQRWUHDOFRQVLGHUDWHRIWKHIDFW
WKDW,DPWU\LQJWRHQMR\P\6DWXUGD\OLNH
DQRUPDOSHUVRQ

,GLGQWKDYHDQ\WKLQJWRGRWRGD\VR,MXVW
KHDGHGXSWR5RZOH\VKRXVH
5RZOH\LVWHFKQLFDOO\P\EHVWIULHQGEXWWKDWLV
GHILQLWHO\VXEMHFWWRFKDQJH
,YHEHHQDYRLGLQJ5RZOH\VLQFHWKHILUVWGD\RI
VFKRROZKHQKHGLGVRPHWKLQJWKDWUHDOO\
DQQR\HGPH


:HZHUHJHWWLQJRXUVWXIIIURPRXUORFNHUVDW
WKHHQGRIWKHGD\DQG5RZOH\FDPHXSWRPH
DQGVDLG{

,KDYHWROG5RZOH\DWOHDVWDELOOLRQWLPHVWKDW
QRZWKDWZHUHLQPLGGOHVFKRRO\RXUHVXSSRVHG
WRVD\|KDQJRXW}QRW|SOD\}%XWQRPDWWHU
KRZPDQ\QRRJLHV,JLYHKLPKHDOZD\VIRUJHWV
WKHQH[WWLPH
,YHEHHQWU\LQJWREHDORWPRUHFDUHIXODERXW
P\LPDJHHYHUVLQFH,JRWWRPLGGOHVFKRRO%XW
KDYLQJ5RZOH\DURXQGLVGHILQLWHO\QRWKHOSLQJ


,PHW5RZOH\DIHZ\HDUVDJRZKHQKHPRYHG
LQWRP\QHLJKERUKRRG
+LVPRPERXJKWKLPWKLVERRNFDOOHG|+RZWR
0DNH)ULHQGVLQ1HZ3ODFHV}DQGKHFDPHWR
P\KRXVHWU\LQJDOOWKHVHGXPEJLPPLFNV

,JXHVV,NLQGRIIHOWVRUU\IRU5RZOH\DQG,
GHFLGHGWRWDNHKLPXQGHUP\ZLQJ
,WVEHHQJUHDWKDYLQJKLPDURXQGPRVWO\EHFDXVH
,JHWWRXVHDOOWKHWULFNV5RGULFNSXOOVRQPH




0RQGD\

<RXNQRZKRZ,VDLG,SOD\DOOVRUWVRISUDQNV
RQ5RZOH\":HOO,KDYHDOLWWOHEURWKHUQDPHG
0DQQ\DQG,FRXOGQHYHUJHWDZD\ZLWK
SXOOLQJDQ\RIWKDWVWXIIRQKLP
0RPDQG'DGSURWHFW0DQQ\OLNHKHVDSULQFHRU
VRPHWKLQJ$QGKHQHYHUJHWVLQWURXEOHHYHQLI
KHUHDOO\GHVHUYHVLW
<HVWHUGD\0DQQ\GUHZDVHOISRUWUDLWRQP\
EHGURRPGRRULQSHUPDQHQWPDUNHU,WKRXJKW
0RPDQG'DGZHUHUHDOO\JRLQJWROHWKLPKDYH
LWEXWDVXVXDO,ZDVZURQJ



%XWWKHWKLQJWKDWEXJVPHWKHPRVWDERXW
0DQQ\LVWKHQLFNQDPHKHKDVIRUPH:KHQKH
ZDVDEDE\KHFRXOGQWSURQRXQFH|EURWKHU}
VRKHVWDUWHGFDOOLQJPH|%XEE\}$QGKH
VWLOOFDOOVPHWKDWQRZHYHQWKRXJK,NHHS
WU\LQJWRJHW0RPDQG'DGWRPDNHKLPVWRS
/XFNLO\QRQHRIP\IULHQGVKDYHIRXQGRXW\HW
EXWEHOLHYHPH,KDYHKDGVRPHUHDOO\FORVHFDOOV



0RPPDNHVPHKHOS0DQQ\JHWUHDG\IRUVFKRROLQ
WKHPRUQLQJ$IWHU,PDNH0DQQ\KLVEUHDNIDVW
KHFDUULHVKLVFHUHDOERZOLQWRWKHIDPLO\URRPDQG
VLWVRQKLVSODVWLFSRWW\

$QGZKHQLWVWLPHIRUKLPWRJRWRGD\FDUHKH
JHWVXSDQGGXPSVZKDWHYHUKHGLGQWHDWULJKWLQ
WKHWRLOHW

0RPLVDOZD\VJHWWLQJRQPHDERXWQRWILQLVKLQJ
P\EUHDNIDVW%XWLIVKHKDGWRVFUDSHFRUQ
IODNHVRXWRIWKHERWWRPRIDSODVWLFSRWW\
HYHU\PRUQLQJVKHZRXOGQWKDYHPXFKRIDQ
DSSHWLWHHLWKHU


7XHVGD\

,GRQWNQRZLI,PHQWLRQHGWKLVEHIRUHEXW,
DPVXSHUJRRGDWYLGHRJDPHV,OOEHW,
FRXOGEHDWDQ\RQHLQP\JUDGHKHDGWRKHDG
8QIRUWXQDWHO\'DGGRHVQRWH[DFWO\DSSUHFLDWH
P\VNLOOV+HVDOZD\VJHWWLQJRQPHDERXWJRLQJ
RXWDQGGRLQJVRPHWKLQJ|DFWLYH}
6RWRQLJKWDIWHUGLQQHUZKHQ'DGVWDUWHG
KDVVOLQJPHDERXWJRLQJRXWVLGH,WULHGWR
H[SODLQKRZZLWKYLGHRJDPHV\RXFDQSOD\VSRUWV
OLNHIRRWEDOODQGVRFFHUDQG\RXGRQWHYHQJHWDOO
KRWDQGVZHDW\

%XWDVXVXDO'DGGLGQWVHHP\ORJLF


'DGLVDSUHWW\VPDUWJX\LQJHQHUDOEXWZKHQ
LWFRPHVWRFRPPRQVHQVHVRPHWLPHV,ZRQGHU
DERXWKLP

,PVXUH'DGZRXOGGLVPDQWOHP\JDPHV\VWHP
LIKHFRXOGILJXUHRXWKRZWRGRLW%XWOXFNLO\
WKHSHRSOHZKRPDNHWKHVHWKLQJVPDNHWKHP
SDUHQWSURRI



(YHU\WLPH'DGNLFNVPHRXWRIWKHKRXVHWRGR
VRPHWKLQJVSRUW\,MXVWJRXSWR5RZOH\VDQG
SOD\P\YLGHRJDPHVWKHUH
8QIRUWXQDWHO\WKHRQO\JDPHV,FDQSOD\DW
5RZOH\VDUHFDUUDFLQJJDPHVDQGVWXIIOLNHWKDW
%HFDXVHZKHQHYHU,EULQJDJDPHXSWR5RZOH\V
KRXVHKLVGDGORRNVLWXSRQVRPHSDUHQWV:HE
VLWH$QGLIP\JDPHKDVDQ\NLQGRIILJKWLQJ
RUYLROHQFHLQLWKHZRQWOHWXVSOD\

,PJHWWLQJDOLWWOHVLFNRISOD\LQJ)RUPXOD2QH
5DFLQJZLWK5RZOH\EHFDXVHKHVQRWDVHULRXV
JDPHUOLNHPH$OOWKDW\RXKDYHWRGRWREHDW
5RZOH\LVQDPH\RXUFDUVRPHWKLQJULGLFXORXVDW
WKHEHJLQQLQJRIWKHJDPH


$QGWKHQZKHQ\RXSDVV5RZOH\VFDUKHMXVW
IDOOVWRSLHFHV

$Q\ZD\DIWHU,JRWGRQHPRSSLQJWKHIORRU
ZLWK5RZOH\WRGD\,KHDGHGKRPH,UDQ
WKURXJKWKHQHLJKERUVVSULQNOHUDFRXSOHWLPHVWR
PDNHLWORRNOLNH,ZDVDOOVZHDW\DQGWKDW
VHHPHGWRGRWKHWULFNIRU'DG



%XWP\WULFNNLQGRIEDFNILUHGEHFDXVHDVVRRQ
DV0RPVDZPHVKHPDGHPHJRXSVWDLUVDQG
WDNHDVKRZHU
:HGQHVGD\

,JXHVV'DGPXVWKDYHEHHQSUHWW\KDSS\ZLWK
KLPVHOIIRUPDNLQJPHJRRXWVLGH\HVWHUGD\
EHFDXVHKHGLGLWDJDLQWRGD\
,WVJHWWLQJUHDOO\DQQR\LQJWRKDYHWRJRXSWR
5RZOH\VHYHU\WLPH,ZDQWWRSOD\DYLGHRJDPH
7KHUHVWKLVZHLUGNLGQDPHG)UHJOH\ZKROLYHV
KDOIZD\EHWZHHQP\KRXVHDQG5RZOH\VDQG
)UHJOH\LVDOZD\VKDQJLQJRXWLQKLVIURQW\DUG
6RLWVSUHWW\KDUGWRDYRLGKLP



)UHJOH\LVLQP\3K\V(GFODVVDWVFKRRODQGKH
KDVWKLVZKROHPDGHXSODQJXDJH/LNHZKHQKH
QHHGVWRJRWRWKHEDWKURRPKHVD\V{

8VNLGVKDYHSUHWW\PXFKILJXUHG)UHJOH\RXWE\
QRZEXW,GRQWWKLQNWKHWHDFKHUVKDYHUHDOO\
FDXJKWRQ\HW

7RGD\,SUREDEO\ZRXOGKDYHJRQHXSWR5RZOH\V
RQP\RZQDQ\ZD\EHFDXVHP\EURWKHU5RGULFN
DQGKLVEDQGZHUHSUDFWLFLQJGRZQLQWKHEDVHPHQW


5RGULFNVEDQGLVUHDOO\DZIXODQG,FDQW
VWDQGEHLQJKRPHZKHQWKH\UHKDYLQJUHKHDUVDOV
+LVEDQGLVFDOOHG|/RDGHG'LDSHU}RQO\LWV
VSHOOHG|/GHG'LSHU}RQ5RGULFNVYDQ
<RXPLJKWWKLQNKHVSHOOHGLWWKDWZD\WRPDNHLW
ORRNFRROHUEXW,EHWLI\RXWROG5RGULFNKRZ
|/RDGHG'LDSHU}LVUHDOO\VSHOOHGLWZRXOGEHQHZV
WRKLP

'DGZDVDJDLQVWWKHLGHDRI5RGULFNVWDUWLQJD
EDQGEXW0RPZDVDOOIRULW
6KHVWKHRQHZKRERXJKW5RGULFNKLVILUVW
GUXPVHW


,WKLQN0RPKDVWKLVLGHDWKDWZHUHDOOJRLQJ
WROHDUQWRSOD\LQVWUXPHQWVDQGWKHQEHFRPHRQH
RIWKRVHIDPLO\EDQGVOLNH\RXVHHRQWY

'DGUHDOO\KDWHVKHDY\PHWDODQGWKDWVWKH
NLQGRIPXVLF5RGULFNDQGKLVEDQGSOD\,GRQW
WKLQN0RPUHDOO\FDUHVZKDW5RGULFNSOD\VRUOLVWHQV
WREHFDXVHWRKHUDOOPXVLFLVWKHVDPH,Q
IDFWHDUOLHUWRGD\5RGULFNZDVOLVWHQLQJWRRQH
RIKLV&'VLQWKHIDPLO\URRPDQG0RPFDPHLQ
DQGVWDUWHGGDQFLQJ



7KDWUHDOO\EXJJHG5RGULFNVRKHGURYHRIIWR
WKHVWRUHDQGFDPHEDFNILIWHHQPLQXWHVODWHU
ZLWKVRPHKHDGSKRQHV$QGWKDWSUHWW\PXFK
WRRNFDUHRIWKHSUREOHP

7KXUVGD\

<HVWHUGD\5RGULFNJRWDQHZKHDY\PHWDO&'
DQGLWKDGRQHRIWKRVH|3DUHQWDO:DUQLQJ}
VWLFNHUVRQLW
,KDYHQHYHUJRWWHQWROLVWHQWRRQHRIWKRVH
3DUHQWDO:DUQLQJ&'VEHFDXVH0RPDQG'DGQHYHU
OHWPHEX\WKHPDWWKHPDOO6R,UHDOL]HGWKHRQO\
ZD\,ZDVJRQQDJHWDFKDQFHWROLVWHQWR
5RGULFNV&'ZDVLI,VQXFNLWRXWRIWKHKRXVH
7KLVPRUQLQJDIWHU5RGULFNOHIW,FDOOHGXS5RZOH\
DQGWROGKLPWREULQJKLV&'SOD\HUWRVFKRRO


7KHQ,ZHQWGRZQWR5RGULFNVURRPDQGWRRN
WKH&'RIIKLVUDFN

<RXUHQRWDOORZHGWREULQJSHUVRQDOPXVLFSOD\HUV
WRVFKRROVRZHKDGWRZDLWWRXVHLWXQWLODIWHU
OXQFKZKHQWKHWHDFKHUVOHWXVRXWVLGH$VVRRQ
DVZHJRWWKHFKDQFHPHDQG5RZOH\VQXFN
DURXQGWKHEDFNRIWKHVFKRRODQGORDGHGXS
5RGULFNV&'
%XW5RZOH\IRUJRWWRSXWEDWWHULHVLQKLV&'
SOD\HUVRLWZDVSUHWW\PXFKZRUWKOHVV
7KHQ,FDPHXSZLWKWKLVJUHDWLGHDIRUDJDPH
7KHREMHFWZDVWRSXWWKHKHDGSKRQHVRQ\RXU
KHDGDQGWKHQWU\WRVKDNHWKHPRIIZLWKRXW
XVLQJ\RXUKDQGV


7KHZLQQHUZDVZKRHYHUFRXOGVKDNHWKHKHDGSKRQHV
RIILQWKHVKRUWHVWDPRXQWRIWLPH

,KDGWKHUHFRUGZLWKVHYHQDQGDKDOIVHFRQGV
EXW,WKLQN,PLJKWKDYHVKRRNVRPHRIP\
ILOOLQJVORRVHZLWKWKDWRQH
5LJKWLQWKHPLGGOHRIRXUJDPH0UV&UDLJFDPH
DURXQGWKHFRUQHUDQGFDXJKWXVUHGKDQGHG6KH
WRRNWKHPXVLFSOD\HUDZD\IURPPHDQGVWDUWHG
FKHZLQJXVRXW



%XW,WKLQNVKHKDGWKHZURQJLGHDDERXWZKDW
ZHZHUHGRLQJEDFNWKHUH6KHVWDUWHGWHOOLQJXV
KRZURFNDQGUROOLV|HYLO}DQGKRZLWVJRLQJWR
UXLQRXUEUDLQV
,ZDVJRLQJWRWHOOKHUWKDWWKHUHZHUHQWHYHQ
DQ\EDWWHULHVLQWKH&'SOD\HUEXW,FRXOGWHOOVKH
GLGQWZDQWWREHLQWHUUXSWHG6R,MXVWZDLWHG
XQWLOVKHZDVGRQHDQGWKHQ,VDLG|<HVPDDP}
%XWULJKWZKHQ0UV&UDLJZDVDERXWWROHWXV
JR5RZOH\VWDUWHGEOXEEHULQJDERXWKRZKHGRHVQW
ZDQWURFNDQGUROOWRUXLQKLV|EUDLQV}

+RQHVWO\VRPHWLPHV,GRQWNQRZDERXWWKDWER\


)ULGD\

:HOOQRZ,YHJRQHDQGGRQHLW
/DVWQLJKWDIWHUHYHU\RQHZDVLQEHG,VQXFN
GRZQVWDLUVWROLVWHQWR5RGULFNV&'RQWKH
VWHUHRLQWKHIDPLO\URRP
,SXW5RGULFNVQHZKHDGSKRQHVRQDQGFUDQNHG
XSWKHYROXPHUHDOO\KLJK7KHQ,KLW|SOD\}

)LUVWOHWPHMXVWVD\,FDQGHILQLWHO\XQGHUVWDQG
ZK\WKH\SXWWKDW|3DUHQWDO:DUQLQJ}VWLFNHU
RQWKH&'
%XW,RQO\JRWWRKHDUDERXWWKLUW\VHFRQGVRI
WKHILUVWVRQJEHIRUH,JRWLQWHUUXSWHG


,WWXUQVRXW,GLGQWKDYHWKHKHDGSKRQHVSOXJJHG
LQWRWKHVWHUHR6RWKHPXVLFZDVDFWXDOO\FRPLQJ
WKURXJKWKHVSHDNHUVQRWWKHKHDGSKRQHV

'DGPDUFKHGPHXSWRP\URRPDQGVKXWWKH
GRRUEHKLQGKLPDQGWKHQKHVDLG{



:KHQHYHU'DGVD\V|IULHQG}WKDWZD\\RXNQRZ
\RXUHLQWURXEOH7KHILUVWWLPH'DGHYHUVDLG
|IULHQG}OLNHWKDWWRPH,GLGQWJHWWKDWKHZDV
EHLQJVDUFDVWLF6R,NLQGRIOHWP\JXDUGGRZQ

,GRQWPDNHWKDWPLVWDNHDQ\PRUH
7RQLJKW'DG\HOOHGDWPHIRUDERXWWHQPLQXWHV
DQGWKHQ,JXHVVKHGHFLGHGKHGUDWKHUEHLQEHG
WKDQVWDQGLQJLQP\URRPLQKLVXQGHUZHDU+H
WROGPH,ZDVJURXQGHGIURPSOD\LQJYLGHRJDPHV
IRUWZRZHHNVZKLFKLVDERXWZKDW,H[SHFWHG
,JXHVV,VKRXOGEHJODGWKDWVDOOKHGLG
7KHJRRGWKLQJDERXW'DGLVWKDWZKHQKHJHWV
PDGKHFRROVRIIUHDOTXLFNDQGWKHQLWVRYHU


8VXDOO\LI\RXPHVVXSLQIURQWRI'DGKHMXVW
WKURZVZKDWHYHUKHVJRWLQKLVKDQGVDW\RX

0RPKDVDWRWDOO\GLIIHUHQWVW\OHZKHQLW
FRPHVWRSXQLVKPHQW,I\RXPHVVXSDQG0RP
FDWFKHV\RXWKHILUVWWKLQJVKHGRHVLVWRWDNH
DIHZGD\VWRILJXUHRXWZKDW\RXUSXQLVKPHQW
VKRXOGEH


$QGZKLOH\RXUHZDLWLQJ\RXGRDOOWKHVHQLFH
WKLQJVWRWU\WRJHWRIIHDVLHU

%XWWKHQDIWHUDIHZGD\VULJKWZKHQ\RX
IRUJHW\RXUHLQWURXEOHWKDWVZKHQVKHOD\VLW
RQ\RX



0RQGD\

7KLVYLGHRJDPHEDQLVDZKROHORWWRXJKHUWKDQ
,WKRXJKWLWZRXOGEH%XWDWOHDVW,PQRWWKH
RQO\RQHLQWKHIDPLO\ZKRVLQWURXEOH
5RGULFNVLQVRPHKRWZDWHUZLWK0RPULJKWQRZ
WRR0DQQ\JRWDKROGRIRQHRI5RGULFNVKHDY\
PHWDOPDJD]LQHVDQGRQHRIWKHSDJHVKDGD
SLFWXUHRIDZRPDQLQDELNLQLO\LQJDFURVVWKH
KRRGRIDFDU$QGWKHQ0DQQ\EURXJKWLWLQWR
GD\FDUHIRUVKRZDQGWHOO

$Q\ZD\,GRQWWKLQN0RPZDVWRRKDSS\DERXW
JHWWLQJWKDWSKRQHFDOO
,VDZWKHPDJD]LQHP\VHOIDQGLWKRQHVWO\ZDVQW
DQ\WKLQJWRJHWZRUNHGXSRYHU%XW0RPGRHVQW
DOORZWKDWNLQGRIVWXIILQWKHKRXVH


5RGULFNVSXQLVKPHQWZDVWKDWKHKDGWRDQVZHU
DEXQFKRITXHVWLRQV0RPZURWHRXWIRUKLP



:HGQHVGD\

,PVWLOOJURXQGHGIURPSOD\LQJYLGHRJDPHVVR
0DQQ\KDVEHHQXVLQJP\V\VWHP0RPZHQWRXWDQG
ERXJKWDZKROHEXQFKRIHGXFDWLRQDOYLGHRJDPHV
DQGZDWFKLQJ0DQQ\SOD\WKHPLVOLNHWRUWXUH

7KHJRRGQHZVLVWKDW,ILQDOO\ILJXUHGRXWKRZ
WRJHWVRPHRIP\JDPHVSDVW5RZOH\VGDG,
MXVWSXWRQHRIP\GLVFVLQ0DQQ\V|'LVFRYHULQJ
WKH$OSKDEHW}FDVHDQGWKDWVDOOLWWDNHV



7KXUVGD\

$WVFKRROWRGD\WKH\DQQRXQFHGWKDWVWXGHQW
JRYHUQPHQWHOHFWLRQVDUHFRPLQJXS7REHKRQHVW
ZLWK\RX,YHQHYHUKDGDQ\LQWHUHVWLQVWXGHQW
JRYHUQPHQW%XWZKHQ,VWDUWHGWKLQNLQJDERXW
LW,UHDOL]HGJHWWLQJHOHFWHG7UHDVXUHUFRXOG
WRWDOO\FKDQJHP\VLWXDWLRQDWVFKRRO



$QGHYHQEHWWHU

1RERG\HYHUWKLQNVDERXWUXQQLQJIRU7UHDVXUHU
EHFDXVHDOODQ\RQHHYHUFDUHVDERXWDUHWKHELJ
WLFNHWSRVLWLRQVOLNH3UHVLGHQWDQG9LFH3UHVLGHQW
6R,ILJXUHLI,VLJQXSWRPRUURZWKH
7UHDVXUHUMRELVSUHWW\PXFKPLQHIRUWKHWDNLQJ
)ULGD\

7RGD\,ZHQWDQGSXWP\QDPHRQWKHOLVWWR
UXQIRU7UHDVXUHU8QIRUWXQDWHO\WKLVNLGQDPHG
0DUW\3RUWHULVUXQQLQJIRU7UHDVXUHUWRRDQG
KHVUHDOEUDLQ\DWPDWK6RWKLVPLJKWQRWEHDV
HDV\DV,WKRXJKW


,WROG'DGWKDW,ZDVUXQQLQJIRUVWXGHQW
JRYHUQPHQWDQGKHVHHPHGSUHWW\H[FLWHG,W
WXUQVRXWKHUDQIRUVWXGHQWJRYHUQPHQWZKHQ
KHZDVP\DJHDQGKHDFWXDOO\ZRQ
'DGGXJWKURXJKVRPHROGER[HVLQWKHEDVHPHQW
DQGIRXQGRQHRIKLVFDPSDLJQSRVWHUV

,WKRXJKWWKHSRVWHULGHDZDVSUHWW\JRRGVR
,DVNHG'DGWRGULYHPHWRWKHVWRUHWRJHW
VRPHVXSSOLHV,ORDGHGXSRQSRVWHUERDUGDQG
PDUNHUVDQG,VSHQWWKHUHVWRIWKHQLJKW
PDNLQJDOOP\FDPSDLJQVWXII6ROHWVMXVWKRSH
WKHVHSRVWHUVZRUN


0RQGD\

,EURXJKWP\SRVWHUVLQWRVFKRROWRGD\DQG,
KDYHWRVD\WKH\FDPHRXWSUHWW\JRRG



,VWDUWHGKDQJLQJP\SRVWHUVXSDVVRRQDV,
JRWLQ%XWWKH\ZHUHRQO\XSIRUDERXWWKUHH
PLQXWHVEHIRUH9LFH3ULQFLSDO5R\VSRWWHGWKHP

0U5R\VDLG\RXZHUHQWDOORZHGWRZULWH
|IDEULFDWLRQV}DERXWWKHRWKHUFDQGLGDWHV6R,
WROG0U5R\WKDWWKHWKLQJDERXWWKHKHDGOLFH
ZDVWUXHDQGKRZLWSUDFWLFDOO\FORVHGGRZQWKH
ZKROHVFKRROZKHQLWKDSSHQHG
%XWKHWRRNGRZQDOOP\SRVWHUVDQ\ZD\6RWRGD\
0DUW\3RUWHUZDVJRLQJDURXQGKDQGLQJRXWOROOLSRSV
WREX\KLPVHOIYRWHVZKLOHP\SRVWHUVZHUHVLWWLQJDW
WKHERWWRPRI0U5R\VWUDVKFDQ,JXHVVWKLV
PHDQVP\SROLWLFDOFDUHHULVRIILFLDOO\RYHU


2FWREHU

0RQGD\

:HOOLWVILQDOO\2FWREHUDQGWKHUHDUHRQO\
WKLUW\GD\VOHIWXQWLO+DOORZHHQ+DOORZHHQLV
P\I$9RULWHKROLGD\HYHQWKRXJK0RPVD\V
,PJHWWLQJWRRROGWRJRWULFNRUWUHDWLQJ
DQ\PRUH
+DOORZHHQLV'DGVIDYRULWHKROLGD\WRREXWIRU
DGLIIHUHQWUHDVRQ2Q+DOORZHHQQLJKWZKLOH
DOOWKHRWKHUSDUHQWVDUHKDQGLQJRXWFDQG\
'DGLVKLGLQJLQWKHEXVKHVZLWKDELJWUDVK
FDQIXOORIZDWHU
$QGLIDQ\WHHQDJHUVSDVVE\RXUGULYHZD\KH
GUHQFKHVWKHP



,PQRWVXUH'DGUHDOO\XQGHUVWDQGVWKHFRQFHSW
RI+DOORZHHQ%XW,PQRWJRQQDEHWKHRQHZKR
VSRLOVKLVIXQ

7RQLJKWZDVWKHRSHQLQJQLJKWRIWKH&URVVODQG
+LJK6FKRROKDXQWHGKRXVHDQG,JRW0RPWR
DJUHHWRWDNHPHDQG5RZOH\
5RZOH\VKRZHGXSDWP\KRXVHZHDULQJKLV+DOORZHHQ
FRVWXPHIURPODVW\HDU:KHQ,FDOOHGKLPHDUOLHU
,WROGKLPWRMXVWZHDUUHJXODUFORWKHVEXWRI
FRXUVHKHGLGQWOLVWHQ



,WULHGQRWWROHWLWERWKHUPHWRRPXFKWKRXJK
,YHQHYHUEHHQDOORZHGWRJRWRWKH&URVVODQG
KDXQWHGKRXVHEHIRUHDQG,ZDVQWJRLQJWROHW
5RZOH\UXLQLWIRUPH5RGULFNKDVWROGPHDOO
DERXWLWDQG,YHEHHQORRNLQJIRUZDUGWRWKLV
IRUDERXWWKUHH\HDUV
$Q\ZD\ZKHQZHJRWWRWKHHQWUDQFH,
VWDUWHGKDYLQJVHFRQGWKRXJKWVDERXWJRLQJLQ

%XW0RPVHHPHGOLNHVKHZDVLQDKXUU\WRJHWWKLV
RYHUZLWKDQGVKHPRYHGXVDORQJ2QFHZHZHUH
WKURXJKWKHJDWHLWZDVRQHVFDUHDIWHUDQRWKHU
7KHUHZHUHYDPSLUHVMXPSLQJRXWDW\RXDQGSHRSOH
ZLWKRXWKHDGVDQGDOOVRUWVRIFUD]\VWXII


%XWWKHZRUVWSDUWZDVWKLVDUHDFDOOHG&KDLQVDZ
$OOH\7KHUHZDVWKLVELJJX\LQDKRFNH\PDVN
DQGKHKDGDUH$OFKDLQVDZ5RGULFNWROGPH
WKHFKDLQVDZKDVDUXEEHUEODGHEXW,ZDVQW
WDNLQJDQ\FKDQFHV

5LJKW ZKHQ LW ORRNHG OLNH WKH FKDLQVDZ JX\


ZDV JRLQJ WR FDWFK XV 0RP VWHSSHG LQ DQG
EDLOHG XV RXW



0RPPDGHWKHFKDLQVDZJX\VKRZXVZKHUHWKH
H[LWZDVDQGWKDWZDVWKHHQGRIRXUKDXQWHG
KRXVHH[SHULHQFHULJKWWKHUH,JXHVVLWZDVD
OLWWOHHPEDUUDVVLQJZKHQ0RPGLGWKDWEXW,P
ZLOOLQJWROHWLWJRWKLVRQHWLPH
6DWXUGD\

7KH&URVVODQGKDXQWHGKRXVHUHDOO\JRWPHWKLQNLQJ
7KRVHJX\VZHUHFKDUJLQJILYHEXFNVDSRSDQG
WKHOLQHVWUHWFKHGKDOIZD\DURXQGWKHVFKRRO
,GHFLGHGWRPDNHDKDXQWHGKRXVHRIP\RZQ
$FWXDOO\,KDGWREULQJ5RZOH\LQRQWKHGHDO
EHFDXVH0RPZRXOGQWOHWPHFRQYHUWRXUILUVW
IORRULQWRDIXOORXWKDXQWHGPDQVLRQ
,NQHZ5RZOH\VGDGZRXOGQWEHFUD]\DERXWWKH
LGHDHLWKHUVRZHGHFLGHGWREXLOGWKHKDXQWHG
KRXVHLQKLVEDVHPHQWDQGMXVWQRWPHQWLRQLWWR
KLVSDUHQWV
0HDQG5RZOH\VSHQWPRVWRIWKHGD\FRPLQJXS
ZLWKDQDZHVRPHSODQIRURXUKDXQWHGKRXVH


+HUHZDVRXUILQDOSODQ

,GRQWPHDQWREUDJRUDQ\WKLQJEXWZKDW
ZHFDPHXSZLWKZDV:$\EHWWHUWKDQWKH
&URVVODQG+LJK6FKRROKDXQWHGKRXVH
:HUHDOL]HGZHZHUHJRQQDQHHGWRJHWWKHZRUG
RXWWKDWZHZHUHGRLQJWKLVWKLQJVRZHJRW
VRPHSDSHUDQGPDGHXSDEXQFKRIIO\HUV


,OODGPLWPD\EHZHVWUHWFKHGWKHWUXWKDOLWWOH
LQRXUDGYHUWLVHPHQWEXWZHKDGWRPDNHVXUH
SHRSOHDFWXDOO\VKRZHGXS

%\WKHWLPHZHILQLVKHGSXWWLQJWKHIO\HUVXS
DURXQGWKHQHLJKERUKRRGDQGJRWEDFNWR
5RZOH\VEDVHPHQWLWZDVDOUHDG\DQGZH
KDGQWHYHQVWDUWHGSXWWLQJWKHDFWXDOKDXQWHG
KRXVHWRJHWKHU\HW
6RZHKDGWRFXWVRPHFRUQHUVIURPRXU
RULJLQDOSODQ


:KHQUROOHGDURXQGZHORRNHGRXWVLGHWR
VHHLIDQ\RQHKDGVKRZHGXS$QGVXUHHQRXJK
WKHUHZHUHDERXWWZHQW\QHLJKERUKRRGNLGVZDLWLQJ
LQOLQHRXWVLGH5RZOH\VEDVHPHQW
1RZ,NQRZRXUIO\HUVVDLGDGPLVVLRQZDVILIW\
FHQWVEXW,FRXOGVHHWKDWZHKDGDFKDQFHWR
PDNHDNLOOLQJKHUH
6R,WROGWKHNLGVWKDWDGPLVVLRQZDVWZREXFNV
DQGWKHILIW\FHQWWKLQJZDVMXVWDW\SR

7KHILUVWNLGWRFRXJKXSKLVWZREXFNVZDV
6KDQH6QHOOD+HSDLGKLVPRQH\DQGZHOHWKLP
LQVLGHDQGPHDQG5RZOH\WRRNRXUSRVLWLRQVLQ
WKH+DOORI6FUHDPV


7KH+DOORI6FUHDPVZDVEDVLFDOO\DEHGZLWKPH
DQG5RZOH\RQHLWKHUVLGHRILW

,JXHVVPD\EHZHPDGHWKH+DOORI6FUHDPVD
OLWWOHWRRVFDU\EHFDXVHKDOIZD\WKURXJK6KDQH
FXUOHGXSLQDEDOOXQGHUQHDWKWKHEHG:HWULHG
WRJHWKLPWRFUDZORXWIURPXQGHUWKHUHEXW
KHZRXOGQWEXGJH
,VWDUWHGWKLQNLQJDERXWDOOWKHPRQH\ZHZHUH
ORVLQJZLWKWKLVNLGFORJJLQJXSWKH+DOORI6FUHDPV
DQG,NQHZZHKDGWRJHWKLPRXWRIWKHUHTXLFN
(YHQWXDOO\5RZOH\VGDGFDPHGRZQVWDLUV$W
ILUVW,ZDVKDSS\WRVHHKLPEHFDXVH,WKRXJKW
KHFRXOGKHOSXVGUDJ6KDQHRXWIURPXQGHUWKH
EHGDQGJHWRXUKDXQWHGKRXVHFUDQNLQJDJDLQ


%XW5RZOH\VGDGZDVQWUHDOO\LQDKHOSIXOPRRG

5RZOH\VGDGZDQWHGWRNQRZZKDWZHZHUH
GRLQJDQGZK\6KDQH6QHOODZDVFXUOHGXSXQGHU
WKHEHG
:HWROGKLPWKDWWKHEDVHPHQWZDVDKDXQWHG
KRXVHDQGWKDW6KDQH6QHOODDFWXDOO\3$L'
IRUXVWRGRWKLVWRKLP%XW5RZOH\VGDGGLGQW
EHOLHYHXV
,DGPLWWKDWLI\RXORRNHGDURXQGLWGLGQW
UHDOO\ORRNOLNHDKDXQWHGKRXVH$OOZHKDGWLPH
WRSXWWRJHWKHUZDVWKH+DOORI6FUHDPVDQGWKH
/DNHRI%ORRGZKLFKZDVMXVW5RZOH\VROG
EDE\SRROZLWKKDOIDERWWOHRINHWFKXSLQLW


,WULHGWRVKRZ5RZOH\VGDGRXURULJLQDOSODQ
WRSURYHWKDWZHUHDOO\ZHUHUXQQLQJDOHJLWLPDWH
RSHUDWLRQEXWKHVWLOOGLGQWVHHPFRQYLQFHG

$QGWRPDNHDORQJVWRU\VKRUWWKDWZDVWKH
HQGRIRXUKDXQWHGKRXVH

7KHJRRGQHZVLVVLQFH5RZOH\VGDGGLGQW
EHOLHYHXVKHGLGQWPDNHXVUHIXQG6KDQHV
PRQH\6RDWOHDVWZHFOHDUHGWZREXFNVWRGD\


6XQGD\

5RZOH\HQGHGXSJHWWLQJJURXQGHGIRUWKDWZKROH
KDXQWHGKRXVHPHVV\HVWHUGD\+HVQRWDOORZHGWR
ZDWFKWYIRUDZHHNDQGKHVQRWDOORZHGWR
KDYHPHRYHUDWKLVKRXVHGXULQJWKDWWLPH
7KDWODVWSDUWUHDOO\LVQWIDLUEHFDXVHWKDWV
SXQLVKLQJPHDQG,GLGQWHYHQGRDQ\WKLQJ
ZURQJ$QGQRZZKHUHDP,VXSSRVHGWRSOD\
P\YLGHRJDPHV"
$Q\ZD\,IHOWNLQGRIEDGIRU5RZOH\6R
WRQLJKW,WULHGWRPDNHLWXSWRKLP,WXUQHG
RQRQHRI5RZOH\VIDYRULWHWYVKRZVDQG,
GLGDSOD\E\SOD\RYHUWKHSKRQHVRKHFRXOG
NLQGRIH[SHULHQFHLWWKDWZD\



,GLGP\EHVWWRNHHSXSZLWKZKDWZDVJRLQJRQ
RQWKHVFUHHQEXWWREHKRQHVWZLWK\RX,P
QRWVXUHLI5RZOH\ZDVJHWWLQJWKHIXOOHIIHFW

7XHVGD\

:HOO5RZOH\VJURXQGLQJLVILQDOO\RYHUDQGMXVW
LQWLPHIRU+DOORZHHQWRR,ZHQWXSWRKLV
KRXVHWRFKHFNRXWKLVFRVWXPHDQG,KDYHWR
DGPLW,PDOLWWOHMHDORXV
5RZOH\V0RPJRWKLPWKLVNQLJKWFRVWXPHWKDWV
:$\FRROHUWKDQKLVFRVWXPHIURPODVW\HDU


+LVNQLJKWRXWILWFDPHZLWKDKHOPHWDQGDVKLHOG
DQGDUHDOVZRUGDQGH9HU\W+LQ*

,YHQHYHUKDGDVWRUHERXJKWFRVWXPHEHIRUH
,VWLOOKDYHQWILJXUHGRXWZKDW,PJRQQDJRDV
WRPRUURZQLJKWVR,OOSUREDEO\MXVWWKURZ
VRPHWKLQJWRJHWKHUDWWKHODVWPLQXWH,ILJXUH
PD\EH,OOEULQJEDFNWKH7RLOHW3DSHU0XPP\DJDLQ
%XW,WKLQNLWVVXSSRVHGWRUDLQWRPRUURZ
QLJKWVRWKDWPLJKWQRWEHWKHVPDUWHVWFKRLFH



,QWKHSDVWIHZ\HDUVWKHJURZQXSVLQP\
QHLJKERUKRRGKDYHEHHQJHWWLQJFUDQN\DERXW
P\ODPHFRVWXPHVDQG,PVWDUWLQJWRWKLQNLWV
DFWXDOO\KDYLQJDQHIIHFWRQWKHDPRXQWRIFDQG\
,PEULQJLQJLQ

%XW,GRQWUHDOO\KDYHWLPHWRSXWWRJHWKHUD
JRRGFRVWXPHEHFDXVH,PLQFKDUJHRISODQQLQJ
RXWWKHEHVWURXWHIRUPHDQG5RZOH\WRWDNH
WRPRUURZQLJKW
7KLV\HDU,YHFRPHXSZLWKDSODQWKDWOOJHWXV
DWOHDVWWZLFHWKHFDQG\ZHVFRUHGODVW\HDU


+DOORZHHQ

$ERXWDQKRXUEHIRUHZHZHUHVXSSRVHGWRVWDUW
WULFNRUWUHDWLQJ,VWLOOGLGQWKDYHDFRVWXPH
$WWKDWSRLQW,ZDVVHULRXVO\WKLQNLQJDERXW
JRLQJDVDFRZER\IRUWKHVHFRQG\HDULQDURZ
%XWWKHQ0RPNQRFNHGDWP\GRRUDQGKDQGHG
PHDSLUDWHFRVWXPHZLWKDQH\HSDWFKDQGD
KRRNDQGHYHU\WKLQJ

5RZOH\VKRZHGXSDURXQGZHDULQJKLV
NQLJKWFRVWXPHEXWLWGLGQWORRN$Q\W+LQ*
OLNHLWORRNHG\HVWHUGD\
5RZOH\VPRPPDGHDOOWKHVHVDIHW\LPSURYHPHQWV
WRLWDQG\RXFRXOGQWHYHQWHOOZKDWKHZDV
VXSSRVHGWREHDQ\PRUH


6KHFXWRXWDELJKROHLQWKHIURQWRIWKHKHOPHW
VRKHFRXOGVHHEHWWHUDQGFRYHUHGKLPXSLQDOO
WKLVUHIOHFWLYHWDSH6KHPDGHKLPZHDUKLVZLQWHU
FRDWXQGHUQHDWKHYHU\WKLQJDQGVKHUHSODFHGKLV
VZRUGZLWKDJORZVWLFN

,JUDEEHGP\SLOORZFDVHDQGPHDQG5RZOH\
VWDUWHGWRKHDGRXW%XW0RPVWRSSHGXVEHIRUH
ZHFRXOGJHWRXWWKHGRRU



0DQ,VKRXOGKDYHNQRZQWKHUHZDVDFDWFK
ZKHQ0RPJDYHPHWKDWFRVWXPH
,WROG0RPWKHUHZDVQR:$\ZHZHUHWDNLQJ
0DQQ\ZLWKXVEHFDXVHZHZHUHJRLQJWRKLW
KRXVHVLQWKUHHKRXUV$QGSOXVZHZHUHJRLQJ
WREHRQ6QDNH5RDGZKLFKLVZD\WRRGDQJHURXV
IRUDOLWWOHNLGOLNH0DQQ\
,VKRXOGQHYHUKDYHPHQWLRQHGWKDWODVWSDUW
EHFDXVHWKHQH[WWKLQJ,NQHZ0RPZDVWHOOLQJ
'DGKHKDGWRJRDORQJZLWKXVWRPDNHVXUHZH
GLGQWVWHSIRRWRXWVLGHRXUQHLJKERUKRRG'DG
WULHGWRVTXLUPRXWRILWEXWRQFH0RPPDNHVXS
KHUPLQGWKHUHVQRZD\\RXFDQFKDQJHLW



%HIRUHZHHYHQJRWRXWRIRXURZQGULYHZD\ZH
UDQLQWRRXUQHLJKERU0U0LWFKHOODQGKLVNLG
-HUHP\6RRIFRXUVHW+H\WDJJHGDORQJZLWKXV
0DQQ\DQG-HUHP\ZRXOGQWWULFNRUWUHDWDWDQ\
KRXVHVZLWKVSRRN\GHFRUDWLRQVRQWKHPVRWKDW
UXOHGRXWSUHWW\PXFKHYHU\KRXVHRQRXUEORFN
'DGDQG0U0LWFKHOOVWDUWHGWDONLQJDERXW
IRRWEDOORUVRPHWKLQJDQGHYHU\WLPHRQHRIWKHP
ZDQWHGWRPDNHDSRLQWWKH\GVWRSZDONLQJ

6RZHZHUHKLWWLQJRQO\DERXWRQHKRXVHHYHU\
WZHQW\PLQXWHV


$IWHUDFRXSOHRIKRXUV'DGDQG0U0LWFKHOO
WRRNWKHOLWWOHNLGVKRPH
,ZDVJODGEHFDXVHWKDWPHDQWPHDQG5RZOH\
FRXOGWDNHRII0\SLOORZFDVHZDVDOPRVWHPSW\
VR,ZDQWHGWRPDNHXSDVPXFKWLPHDVSRVVLEOH
$OLWWOHZKLOHODWHU5RZOH\WROGPHKHQHHGHGD
|SRWW\EUHDN},PDGHKLPKROGRIIIRUDQRWKHU
IRUW\ILYHPLQXWHV%XWE\WKHWLPHZHJRWWRP\
JUDPPDVKRXVHLWZDVSUHWW\FOHDUWKDWLI,GLGQW
OHW5RZOH\XVHWKHEDWKURRPLWZDVJRQQDJHWPHVV\
6R,WROG5RZOH\LIKHZDVQWEDFNRXWVLGHLQ
RQHPLQXWH,ZDVJRQQDVWDUWKHOSLQJP\VHOIWR
KLVFDQG\



$IWHUWKDWZHKHDGHGEDFNRXWRQWKHURDG
%XWLWZDVDOUHDG\DQG,JXHVVWKDWV
ZKHQPRVWJURZQXSVGHFLGH+DOORZHHQLVRYHU
<RXFDQNLQGRIWHOOEHFDXVHWKDWVZKHQWKH\
VWDUWFRPLQJWRWKHGRRULQWKHLUSDMDPDVDQG
JLYLQJ\RXWKHHYLOH\H

:HGHFLGHGWRKHDGKRPH:HPDGHXSDORWRI
WLPHDIWHU'DGDQG0DQQ\OHIWVR,ZDVSUHWW\
VDWLVILHGZLWKKRZPXFKFDQG\ZHWRRNLQ
:KHQZHZHUHKDOIZD\KRPHWKLVSLFNXSWUXFN
FDPHURDULQJGRZQWKHVWUHHWZLWKDEXQFKRI
KLJKVFKRRONLGVLQLW


7KHNLGLQWKHEDFNZDVKROGLQJDILUHH[WLQJXLVKHU
DQGZKHQWKHWUXFNSDVVHGE\XVKHRSHQHGILUH

,KDYHWRJLYH5RZOH\FUHGLWEHFDXVHKHEORFNHG
DERXWRIWKHZDWHUZLWKKLVVKLHOG$QGLI
KHKDGQWGRQHWKDWDOORXUFDQG\ZRXOGKDYH
JRWWHQVRDNHG
:KHQWKHWUXFNGURYHDZD\,\HOOHGRXWVRPHWKLQJ
WKDW,UHJUHWWHGDERXWWZRVHFRQGVODWHU



7KHGULYHUVODPPHGRQWKHEUDNHVDQGKHWXUQHG
KLVWUXFNDURXQG0HDQG5RZOH\VWDUWHGUXQQLQJ
EXWWKRVHJX\VZHUHULJKWRQRXUKHHOV
7KHRQO\SODFH,FRXOGWKLQNRIWKDWZDVVDIH
ZDV*UDPPDVKRXVHVRZHFXWWKURXJKDFRXSOH
EDFN\DUGVWRJHWWKHUH*UDPPDZDVLQEHG
DOUHDG\EXW,NQHZVKHNHHSVDNH\XQGHUWKH
PDWRQKHUIURQWSRUFK
2QFHZHJRWLQVLGH,ORRNHGRXWWKHZLQGRZWRVHH
LIWKRVHJX\VKDGIROORZHGXVDQGVXUHHQRXJK
WKH\GLG,WULHGWRWULFNWKHPLQWROHDYLQJEXW
WKH\ZRXOGQWEXGJH



$IWHUDZKLOHZHUHDOL]HGWKHWHHQDJHUVZHUH
JRLQJWRZDLWXVRXWVRZHGHFLGHGZHZHUHMXVW
JRQQDKDYHWRVSHQGWKHQLJKWDW*UDPPDV
7KDWVZKHQZHVWDUWHGJHWWLQJFRFN\PDNLQJ
PRQNH\QRLVHVDWWKHWHHQDJHUVDQGZKDWQRW
:HOODWOHDVW,ZDVPDNLQJPRQNH\QRLVHV
5RZOH\ZDVNLQGRIPDNLQJRZOQRLVHVEXW,
JXHVVLWZDVWKHVDPHJHQHUDOLGHD

,FDOOHG0RPWRWHOOKHUZHZHUHJRLQJWRFUDVK
DW*UDPPDVIRUWKHQLJKW%XW0RPVRXQGHG
UHDOO\PDGRQWKHSKRQH
6KHVDLGLWZDVDVFKRROQLJKWDQGWKDWZHKDG
WRJHWKRPHULJKWWKDWLQVWDQW6RWKDWPHDQW
ZHZHUHJRQQDKDYHWRPDNHDUXQIRULW


,ORRNHGRXWWKHZLQGRZDQGWKLVWLPH,GLGQW
VHHWKHWUXFN%XW,NQHZWKRVHJX\VZHUHKLGLQJ
VRPHZKHUHDQGZHUHMXVWWU\LQJWRGUDZXVRXW
6RZHVQXFNRXWWKHEDFNGRRUKRSSHGRYHU
*UDPPDVIHQFHDQGUDQDOOWKHZD\WR6QDNH
5RDG,ILJXUHGRXUFKDQFHVZHUHEHWWHUWKHUH
EHFDXVHWKHUHDUHQWDQ\VWUHHWOLJKWV
6QDNH5RDGLVVFDU\HQRXJKRQLWVRZQZLWKRXW
KDYLQJDWUXFNORDGRIWHHQDJHUVKXQWLQJ\RX
GRZQ(YHU\WLPHZHVDZDFDUFRPLQJZHGRYH
LQWRWKHEXVKHV,WPXVWYHWDNHQXVDKDOI
KRXUWRJR\DUGV



%XWEHOLHYHLWRUQRWZHPDGHLWDOOWKHZD\
KRPHZLWKRXWJHWWLQJFDXJKW1HLWKHURQHRIXV
OHWRXUJXDUGGRZQXQWLOZHJRWWRP\GULYHZD\

%XWULJKWWKHQWKHUHZDVWKLVDZIXOVFUHDPDQG
ZHVDZDELJZDYHRIZDWHUFRPLQJWRZDUGXV



0DQ,IRUJRWDOODERXW'DGDQGZHWRWDOO\
SDLGWKHSULFHIRULW

:KHQPHDQG5RZOH\JRWLQVLGHZHODLGRXWDOO
RXUFDQG\RQWKHNLWFKHQWDEOH
7KHRQO\WKLQJVZHFRXOGVDOYDJHZHUHDFRXSOHRI
PLQWVWKDWZHUHZUDSSHGLQFHOORSKDQHDQGWKH
WRRWKEUXVKHV'U*DUULVRQJDYHXV
,WKLQNQH[W+DOORZHHQ,OOMXVWVWD\KRPHDQG
PRRFKVRPH%XWWHUILQJHUVIURPWKHERZO0RP
NHHSVRQWRSRIWKHUHIULJHUDWRU


1RYHPEHU

7KXUVGD\

2QWKHEXVULGHLQWRVFKRROWRGD\ZHSDVVHGE\
*UDPPDVKRXVH,WJRWUROOHGZLWKWRLOHWSDSHU
ODVWQLJKWZKLFK,JXHVVZDVQRELJVXUSULVH

,GRIHHODOLWWOHEDGEHFDXVHLWORRNHGOLNHLWZDV
JRQQDWDNHDORQJWLPHWRFOHDQXS%XWRQWKH
EULJKWVLGH*UDPPDLVUHWLUHGVRVKHSUREDEO\
GLGQWKDYHDQ\WKLQJSODQQHGIRUWRGD\DQ\ZD\
:HGQHVGD\

,QWKLUGSHULRG0U8QGHUZRRGRXU3K\V(G
WHDFKHUDQQRXQFHGWKDWWKHER\VZLOOEHGRLQJD
ZUHVWOLQJXQLWIRUWKHQH[WVL[ZHHNV


,IWKHUHVRQHWKLQJPRVWER\VLQP\VFKRRODUH
LQWRLWVSURIHVVLRQDOZUHVWOLQJ6R0U
8QGHUZRRGPLJKWDVZHOOKDYHVHWRIIDERPE
/XQFKFRPHVULJKWDIWHU3K\V(GDQGWKH
FDIHWHULDZDVDFRPSOHWHPDGKRXVH

,GRQWNQRZZKDWWKHVFKRROLVWKLQNLQJKDYLQJ
DZUHVWOLQJXQLW
%XW,GHFLGHGLI,GRQWZDQWWRJHWWZLVWHG
LQWRDSUHW]HOIRUWKHQH[WPRQWKDQGDKDOI,G
EHWWHUGRP\KRPHZRUNRQWKLVZUHVWOLQJEXVLQHVV


6R,UHQWHGDFRXSOHRIYLGHRJDPHVWROHDUQ
VRPHPRYHV$QG\RXNQRZZKDW"$IWHUDZKLOH
,ZDVUHDOO\VWDUWLQJWRJHWWKHKDQJRILW

,QIDFWWKHRWKHUNLGVLQP\FODVVKDGEHWWHU
ORRNRXWEHFDXVHLI,NHHSWKLVXS,FRXOGEHD
UHDOWKUHDW



7KHQDJDLQ,EHWWHUPDNHVXUH,GRQWGR
WRRJRRG7KLVNLGQDPHG3UHVWRQ0XGGJRW
QDPHG$WKOHWHRIWKH0RQWKIRUEHLQJWKHEHVW
SOD\HULQWKHEDVNHWEDOOXQLWVRWKH\SXWKLV
SLFWXUHXSLQWKHKDOOZD\

,WWRRNSHRSOHDERXWILYHVHFRQGVWRUHDOL]HKRZ
|30XGG}VRXQGHGZKHQ\RXVDLGLWRXWORXG
DQGDIWHUWKDWLWZDVDOORYHUIRU3UHVWRQ



7KXUVGD\

:HOO,IRXQGRXWWRGD\WKDWWKHNLQGRIZUHVWOLQJ
0U8QGHUZRRGLVWHDFKLQJLVFRPSOHWHO\
GLIIHUHQWIURPWKHNLQGWKH\GRRQWY
)LUVWRIDOOZHKDYHWRZHDUWKHVHWKLQJVFDOOHG
|VLQJOHWV}ZKLFKORRNOLNHWKRVHEDWKLQJVXLWV
WKH\XVHGWRZHDULQWKHV

$QGVHFRQGRIDOOWKHUHDUHQRSLOHGULYHUVRU
KLWWLQJSHRSOHRYHUWKHKHDGVZLWKFKDLUVRU
DQ\WKLQJOLNHWKDW
7KHUHVQRWHYHQDULQJZLWKURSHVDURXQGLW
,WVMXVWEDVLFDOO\DVZHDW\PDWWKDWVPHOOVOLNH
LWVQHYHUEHHQZDVKHGEHIRUH


0U8QGHUZRRGVWDUWHGDVNLQJIRUYROXQWHHUVVR
KHFRXOGGHPRQVWUDWHVRPHZUHVWOLQJKROGVEXW
WKHUHZDVQRZD\,ZDVJRLQJWRUDLVHP\KDQG
0HDQG5RZOH\WULHGWRKLGHRXWLQWKHEDFNRI
WKHJ\PQHDUWKHFXUWDLQEXWWKDWVZKHUHWKH
JLUOVZHUHGRLQJWKHLUJ\PQDVWLFVXQLW

:HJRWRXWRIWKHUHLQDKXUU\DQGZHZHQW
EDFNWRZKHUHWKHUHVWRIWKHJX\VZHUH
0U8QGHUZRRGVLQJOHGPHRXWSUREDEO\EHFDXVH
,PWKHOLJKWHVWNLGLQWKHFODVVDQGKHFRXOG
WRVVPHDURXQGZLWKRXWVWUDLQLQJKLPVHOI+H
VKRZHGHYHU\ERG\KRZWRGRDOOWKHVHWKLQJV
FDOOHGD|KDOIQHOVRQ}DQGD|UHYHUVDO}DQGD
|WDNHGRZQ}DQGVWXIIOLNHWKDW


:KHQKHZDVGRLQJWKLVRQHPRYHFDOOHGWKH
|ILUHPDQVFDUU\},IHOWDEUHH]HGRZQEHORZ
DQG,FRXOGWHOOP\VLQJOHWZDVQWGRLQJDJRRG
MRENHHSLQJPHFRYHUHGXS
7KDWVZKHQ,WKDQNHGP\OXFN\VWDUVWKH
JLUOVZHUHRQWKHRWKHUVLGHRIWKHJ\P

0U8QGHUZRRGGLYLGHGXVXSLQWRZHLJKWJURXSV
,ZDVSUHWW\KDSS\DERXWWKDWDWILUVW
EHFDXVHLWPHDQW,ZDVQWJRLQJWRKDYHWR
ZUHVWOHNLGVOLNH%HQQ\:HOOVZKRFDQEHQFKSUHVV
SRXQGV



%XWWKHQ,IRXQGRXWZKR,'L'KDYHWRZUHVWOH
DQG,ZRXOGKDYHWUDGHGIRU%HQQ\:HOOVLQD
KHDUWEHDW

)UHJOH\ZDVWKHRQO\NLGOLJKWHQRXJKWREHLQP\
ZHLJKWFODVV$QGDSSDUHQWO\)UHJOH\ZDVSD\LQJ
DWWHQWLRQZKHQ0U8QGHUZRRGZDVJLYLQJ
LQVWUXFWLRQVEHFDXVHKHSLQQHGPHHYHU\ZKLFKZD\
\RXFRXOGLPDJLQH,VSHQWP\VHYHQWKSHULRG
JHWWLQJ:$\PRUHIDPLOLDUZLWK)UHJOH\WKDQ,
HYHUZDQWHGWREH



7XHVGD\

7KLVZUHVWOLQJXQLWKDVWRWDOO\WXUQHGRXUVFKRRO
XSVLGHGRZQ1RZNLGVDUHZUHVWOLQJLQWKHKDOOZD\V
LQWKHFODVVURRPV\RXQDPHLW%XWWKHILIWHHQ
PLQXWHVDIWHUOXQFKZKHUHWKH\OHWXVRXWVLGHLV
WKHZRUVW
<RXFDQWZDONILYHIHHWZLWKRXWWULSSLQJRYHUD
FRXSOHRINLGVJRLQJDWLW,MXVWWU\WRNHHS
P\GLVWDQFH$QGPDUNP\ZRUGVRQHRIWKHVH
IRROVLVJRLQJWRUROOULJKWRQWRWKH&KHHVHDQG
VWDUWWKH&KHHVH7RXFKDOORYHUDJDLQ



0\RWKHUELJSUREOHPLVWKDW,KDYHWRZUHVWOH
)UHJOH\HYHU\VLQJOHGD\%XWWKLVPRUQLQJ,
UHDOL]HGVRPHWKLQJ,I,FDQPRYHRXWRI
)UHJOH\VZHLJKWFODVV,ZRQWKDYHWRZUHVWOH
KLPDQ\PRUH
6RWRGD\,VWXIIHGP\FORWKHVZLWKDEXQFKRI
VRFNVDQGVKLUWVWRJHWP\VHOILQWRWKHQH[W
ZHLJKWFODVV
%XW,ZDVVWLOOWRROLJKWWRPRYHXS

,UHDOL]HG,ZDVJRQQDKDYHWRJDLQZHLJKWIRU
UHDO$WILUVW,WKRXJKW,VKRXOGMXVWVWDUW
ORDGLQJXSRQMXQNIRRGEXWWKHQ,KDGDPXFK
EHWWHULGHD


,GHFLGHGWRJDLQP\ZHLJKWLQPXVFOHQRWIDW
,YHQHYHUEHHQDOOWKDWLQWHUHVWHGLQJHWWLQJLQ
VKDSHEHIRUHEXWWKLVZUHVWOLQJXQLWKDVPDGHPH
UHWKLQNWKLQJV
,ILJXUHLI,EXONXSQRZLWFRXOGDFWXDOO\FRPH
LQKDQG\GRZQWKHURDG
7KHIRRWEDOOXQLWLVFRPLQJLQWKHVSULQJDQG
WKH\VSOLWWKHWHDPVXSLQWRVKLUWVDQGVNLQV
$QG,$O:$\VJHWSXWRQVNLQV
,WKLQNWKH\GRWKDWWRPDNHDOOWKHRXWRIVKDSH
NLGVIHHODVKDPHGRIWKHPVHOYHV



,I,FDQSDFNRQVRPHPXVFOHQRZLWOOEHD
ZKROHGLIIHUHQWVWRU\QH[W$SULO

7RQLJKWDIWHUGLQQHU,JRW0RPDQG'DG
WRJHWKHUDQGWROGWKHPP\SODQ,WROGWKHP,
ZDVJRLQJWRQHHGVRPHVHULRXVH[HUFLVHHTXLSPHQW
DQGVRPHZHLJKWJDLQSRZGHUWRR
,VKRZHGWKHPVRPHPXVFOHPDJD]LQHV,JRWDW
WKHVWRUHVRWKH\FRXOGVHHKRZULSSHG,ZDV
JRLQJWREH



0RPGLGQWUHDOO\VD\DQ\WKLQJDWILUVWEXW'DG
ZDVSUHWW\HQWKXVLDVWLF,WKLQNKHZDVMXVW
JODG,KDGDFKDQJHRIKHDUWIURPKRZ,XVHG
WREHZKHQ,ZDVDNLG{

%XW0RPVDLGLI,ZDQWHGDZHLJKWVHW,ZDV
JRLQJWRKDYHWRSURYHWKDW,FRXOGVWLFNZLWK
DQH[HUFLVHUHJLPHQ6KHVDLG,FRXOGGRWKDWE\
GRLQJVLWXSVDQGMXPSLQJMDFNVIRUWZRZHHNV
,KDGWRH[SODLQWKDWWKHRQO\ZD\WRJHW
WRWDOO\EXONHGXSLVWRJHWWKHNLQGRIKLJKWHFK
PDFKLQHVWKH\KDYHDWWKHJ\PEXW0RPGLGQW
ZDQWWRKHDULW


7KHQ'DGVDLGLI,ZDQWHGDEHQFKSUHVV,
VKRXOGNHHSP\ILQJHUVFURVVHGIRU&KULVWPDV

%XW&KULVWPDVLVDPRQWKDQGDKDOIDZD\$QG
LI,JHWSLQQHGE\)UHJOH\RQHPRUHWLPH,P
JRQQDKDYHDQHUYRXVEUHDNGRZQ
6RLWORRNVOLNH0RPDQG'DGDUHQWJRLQJWREH
DQ\KHOS$QGWKDWPHDQV,PJRLQJWRKDYHWR
WDNHPDWWHUVLQWRP\RZQKDQGVDVXVXDO
6DWXUGD\

,FRXOGQWZDLWWRVWDUWP\ZHLJKWWUDLQLQJ
SURJUDPWRGD\(YHQWKRXJK0RPZRXOGQWOHW
PHJHWWKHHTXLSPHQW,QHHGHG,ZDVQWJRLQJ
WROHWWKDWKROGPHEDFN


6R,ZHQWLQWRWKHIULGJHDQGHPSWLHGRXWWKH
PLONDQGRUDQJHMXLFHDQGILOOHGWKHMXJVZLWK
VDQG7KHQ,WDSHGWKHPWRDEURRPVWLFNDQG
,KDGP\VHOIDSUHWW\GHFHQWEDUEHOO

$IWHUWKDW,PDGHDEHQFKSUHVVRXWRIDQ
LURQLQJERDUGDQGVRPHER[HV2QFH,KDGWKDW
DOOVHW,ZDVUHDG\WRGRVRPHVHULRXVOLIWLQJ
,QHHGHGDVSRWWLQJSDUWQHUVR,FDOOHG
5RZOH\$QGZKHQKHVKRZHGXSDWP\GRRU
ZHDULQJVRPHULGLFXORXVJHWXS,NQHZ,PDGH
DPLVWDNHLQYLWLQJKLP



,PDGH5RZOH\XVHWKHEHQFKSUHVVILUVWPRVWO\
EHFDXVH,ZDQWHGWRVHHLIWKHEURRPVWLFNZDV
JRLQJWRKROGXS
+HGLGDERXWILYHUHSVDQGKHZDVUHDG\WR
TXLWEXW,ZRXOGQWOHWKLP7KDWVZKDWD
JRRGWUDLQLQJSDUWQHULVIRUWRSXVK\RX
EH\RQG\RXUOLPLWV

,NQHZ5RZOH\ZDVQWJRLQJWREHDVVHULRXV
DERXWZHLJKWOLIWLQJDV,ZDVVR,GHFLGHGWR
WU\RXWDQH[SHULPHQWWRWHVWKLVGHGLFDWLRQ
,QWKHPLGGOHRI5RZOH\VVHW,ZHQWDQGJRW
WKLVSKRQ\QRVHDQGPXVWDFKH5RGULFNKDVLQKLV
MXQNGUDZHU


$QGULJKWZKHQ5RZOH\KDGWKHEDUEHOOLQWKH
|GRZQ}SRVLWLRQ,OHDQHGRYHUDQGORRNHGDWKLP

6XUHHQRXJK5RZOH\WRWDOO\ORVWKLV
FRQFHQWUDWLRQ+HFRXOGQWHYHQJHWWKHEDUEHOO
RIIKLVFKHVW,WKRXJKWDERXWKHOSLQJKLPRXW
EXWWKHQ,UHDOL]HGWKDWLI5RZOH\GLGQWJHW
VHULRXVDERXWZRUNLQJRXWKHZDVQHYHUJRLQJWR
JHWWRP\OHYHO

,HYHQWXDOO\KDGWRUHVFXHKLPEHFDXVHKHVWDUWHG
ELWLQJWKHPLONMXJWROHWWKHVDQGOHDNRXW


$IWHU5RZOH\JRWRIIWKHEHQFKSUHVVLWZDV
WLPHIRUP\VHW%XW5RZOH\VDLGKHGLGQWIHHO
OLNHZRUNLQJRXWDQ\PRUHDQGKHZHQWKRPH
<RXNQRZ,ILJXUHGKHGSXOOVRPHWKLQJOLNHWKDW
%XW,JXHVV\RXFDQWH[SHFWHYHU\RQHWRKDYH
WKHVDPHNLQGRIGHGLFDWLRQDV\RX
:HGQHVGD\

7RGD\LQ*HRJUDSK\ZHKDGDTXL]DQG,KDYH
WRVD\,YHEHHQORRNLQJIRUZDUGWRWKLVRQHIRU
DORQJWLPH
7KHTXL]ZDVRQVWDWHFDSLWDOVDQG,VLWLQ
WKHEDFNRIWKHURRPULJKWQH[WWRWKLVJLDQW
PDSRIWKH8QLWHG6WDWHV$OOWKHFDSLWDOVDUH
ZULWWHQLQELJUHGSULQWVR,NQHZ,KDGWKLV
RQHLQWKHEDJ



%XWULJKWEHIRUHWKHWHVWJRWVWDUWHG3DWW\
)DUUHOOSLSHGXSIURPWKHIURQWRIWKHURRP

3DWW\WROG0U,UDWKDWKHVKRXOGFRYHUXSWKH
8QLWHG6WDWHVPDSEHIRUHZHJRWVWDUWHG

6RWKDQNVWR3DWW\,HQGHGXSIOXQNLQJWKH
TXL]$QG,ZLOOGHILQLWHO\EHORRNLQJIRUDZD\
WRSD\KHUEDFNIRUWKDWRQH


7KXUVGD\

7RQLJKW0RPFDPHXSWRP\URRPDQGVKHKDGD
IO\HULQKHUKDQG$VVRRQDV,VDZLW,NQHZ
H;$FWO\ZKDWLWZDV
,WZDVDQDQQRXQFHPHQWWKDWWKHVFKRROLVKDYLQJ
WU\RXWVIRUDZLQWHUSOD\0DQ,VKRXOGKDYH
WKURZQWKDWWKLQJRXWZKHQ,VDZLWRQWKH
NLWFKHQWDEOH
,%H**H'KHUQRWWRPDNHPHVLJQXS7KRVH
VFKRROSOD\VDUHDOZD\VPXVLFDOVDQGWKHODVW
WKLQJ,QHHGLVWRKDYHWRVLQJDVRORLQIURQW
RIWKHZKROHVFKRRO

%XWDOOP\EHJJLQJVHHPHGWRGRZDVPDNH0RP
PRUHVXUH,VKRXOGGRLW


0RPVDLGWKHRQO\ZD\,ZDVJRLQJWREH
|ZHOOURXQGHG}ZDVE\WU\LQJGLIIHUHQWWKLQJV
'DGFDPHLQP\URRPWRVHHZKDWZDVJRLQJRQ
,WROG'DGWKDW0RPZDVPDNLQJPHVLJQXSIRU
WKHVFKRROSOD\DQGWKDWLI,KDGWRVWDUW
JRLQJWRSOD\SUDFWLFHVLWZRXOGWRWDOO\PHVVXS
P\ZHLJKWOLIWLQJVFKHGXOH
,NQHZWKDWZRXOGPDNH'DGWDNHP\VLGH'DG
DQG0RPDUJXHGIRUDIHZPLQXWHVEXW'DGZDV
QRPDWFKIRU0RP

6RWKDWPHDQVWRPRUURZ,YHJRWWRDXGLWLRQ
IRUWKHVFKRROSOD\
)ULGD\

7KHSOD\WKH\UHGRLQJWKLV\HDULV|7KH:L]DUG
RI2]}$ORWRINLGVFDPHZHDULQJFRVWXPHVIRU
WKHSDUWVWKH\ZHUHWU\LQJRXWIRU


,YHQHYHUHYHQVHHQWKHPRYLHVRIRUPHLW
ZDVOLNHZDONLQJLQWRDIUHDNVKRZ

0UV1RUWRQWKHPXVLFGLUHFWRUPDGHHYHU\RQH
VLQJ|0\&RXQWU\7LVRI7KHH}VRVKHFRXOGKHDU
RXUVLQJLQJYRLFHV,GLGP\VLQJLQJWU\RXWVZLWK
DEXQFKRIRWKHUER\VZKRVHPRPVPDGHWKHP
FRPHWRR,WULHGWRVLQJDVTXLHWO\DVSRVVLEOH
EXWRIFRXUVH,JRWVLQJOHGRXWDQ\ZD\



,KDYHQRLGHDZKDWD|VRSUDQR}LVEXWIURP
WKHZD\VRPHRIWKHJLUOVZHUHJLJJOLQJ,NQHZ
LWZDVQWDJRRGWKLQJ
7U\RXWVZHQWRQIRUHYHU7KHJUDQGILQDOHFDPH
ZLWKDXGLWLRQVIRU'RURWK\ZKR,JXHVVLVWKH
OHDGFKDUDFWHULQWKHSOD\
$QGZKRVKRXOGWU\RXWILUVWEXW3DWW\)DUUHOO

,WKRXJKWDERXWWU\LQJRXWIRUWKHSDUWRIWKH
:LWFKEHFDXVH,KHDUGWKDWLQWKHSOD\WKH
:LWFKGRHVDOOVRUWVRIPHDQWKLQJVWR'RURWK\
%XWWKHQVRPHERG\WROGPHWKHUHVD*RRG:LWFK
DQGD%DG:LWFKDQGZLWKP\OXFN,GHQGXS
JHWWLQJSLFNHGWREHWKHJRRGRQH


0RQGD\

,ZDVKRSLQJ0UV1RUWRQZRXOGMXVWFXWPHIURP
WKHSOD\EXWWRGD\VKHVDLGWKDWHYHU\RQHZKR
WULHGRXWLVJRLQJWRJHWDSDUW6ROXFN\PH
0UV1RUWRQVKRZHG|7KH:L]DUGRI2]}PRYLH
VRHYHU\RQHZRXOGNQRZWKHVWRU\,ZDVWU\LQJ
WRILJXUHRXWZKDWSDUW,VKRXOGSOD\EXW
SUHWW\PXFKHYHU\FKDUDFWHUKDVWRVLQJRUGDQFH
DWRQHSRLQWRUDQRWKHU%XWDERXWKDOIZD\
WKURXJKWKHPRYLH,ILJXUHGRXWZKDWSDUW,
ZDQWHGWRVLJQXSIRU,PJRLQJWRVLJQXSWR
EHD7UHHEHFDXVH WKH\GRQWKDYHWRVLQJ
DQG WKH\JHWWREHDQ'RURWK\ZLWKDSSOHV



*HWWLQJWRSHJ3DWW\)DUUHOOZLWKDSSOHVLQ
IURQWRIDOLYHDXGLHQFHZRXOGEHP\GUHDPFRPH
WUXH,PD\DFWXDOO\KDYHWRWKDQN0RPIRU
PDNLQJPHGRWKLVSOD\RQFHLWVDOORYHU
$IWHUWKHPRYLHHQGHG,VLJQHGXSWREHD7UHH
8QIRUWXQDWHO\DEXQFKRIRWKHUJX\VKDGWKH
VDPHLGHDDVPHVR,JXHVVWKHUHDUHDORWRI
JX\VZKRKDYHDERQHWRSLFNZLWK3DWW\)DUUHOO
:HGQHVGD\

:HOOOLNH0RPDOZD\VVD\VEHFDUHIXOZKDW\RX
ZLVKIRU,JRWSLFNHGWREHD7UHHEXW,
GRQWNQRZLIWKDWVVXFKDJRRGWKLQJ7KH
7UHHFRVWXPHVGRQWDFWXDOO\KDYHDUPKROHVVR
,JXHVVWKDWUXOHVRXWDQ\DSSOHWKURZLQJ



,VKRXOGSUREDEO\IHHOOXFN\WKDW,JRWD
VSHDNLQJSDUWDWDOO7KH\KDGWRRPDQ\NLGV
WU\LQJRXWDQGQRWHQRXJKUROHVVRWKH\KDG
WRVWDUWPDNLQJXSFKDUDFWHUV
5RGQH\-DPHVWULHGRXWWREHWKH7LQ0DQEXW
KHJRWVWXFNZLWKEHLQJWKH6KUXE

)ULGD\

5HPHPEHUKRZ,VDLG,ZDVOXFN\WRJHWD
VSHDNLQJSDUW":HOOWRGD\,IRXQGRXW,RQO\
KDYHRQHOLQHLQWKHZKROHSOD\,VD\LWZKHQ
'RURWK\SLFNVDQDSSOHRIIP\EUDQFK



7KDWPHDQV,KDYHWRJRWRDWZRKRXUSUDFWLFH
HYHU\GD\MXVWVR,FDQVD\RQHVWXSLGZRUG
,PVWDUWLQJWRWKLQN5RGQH\-DPHVJRWDEHWWHU
GHDODVWKH6KUXE+HIRXQGDZD\WRVQHDND
YLGHRJDPHLQWRKLVFRVWXPHDQG,OOEHWWKDW
UHDOO\PDNHVWKHWLPHJRE\

6RQRZ,PWU\LQJWRWKLQNRIZD\VWRJHW0UV
1RUWRQWRNLFNPHRXWRIWKHSOD\%XWZKHQ
\RXRQO\KDYHRQHZRUGWRVD\LWVUHDOO\KDUGWR
PHVVXS\RXUOLQHV



'HFHPEHU

7KXUVGD\

7KHSOD\LVRQO\DFRXSOHRIGD\VDZD\DQG,
KDYHQRLGHDKRZZHUHJRLQJWRSXOOWKLVWKLQJRII
)LUVWRIDOOQRERG\KDVERWKHUHGWROHDUQWKHLU
OLQHVDQGWKDWVDOO0UV1RUWRQVIDXOW
'XULQJUHKHDUVDO0UV1RUWRQZKLVSHUVHYHU\RQHV
OLQHVWRWKHPIURPWKHVLGHRIWKHVWDJH

,ZRQGHUKRZLWVJRLQJWRJRQH[W7XHVGD\
ZKHQ0UV1RUWRQLVVLWWLQJDWKHUSLDQRWKLUW\
IHHWDZD\


$QRWKHUWKLQJWKDWVVFUHZLQJHYHU\WKLQJXSLV
WKDW0UV1RUWRQNHHSVDGGLQJQHZVFHQHVDQG
QHZFKDUDFWHUV
<HVWHUGD\VKHEURXJKWLQWKLVILUVWJUDGHUWR
SOD\'RURWK\VGRJ7RWR%XWWRGD\WKHNLGV
PRPFDPHLQDQGVDLGVKHZDQWHGKHUFKLOGWR
ZDONDURXQGRQWZROHJVEHFDXVHFUDZOLQJDURXQG
RQDOOIRXUVZRXOGEHWRR|GHJUDGLQJ}

6RQRZZHYHJRWDGRJWKDWVJRQQDEHZDONLQJ
DURXQGRQKLVKLQGOHJVIRUWKHZKROHVKRZ
%XWWKHZRUVWFKDQJHLVWKDW0UV1RUWRQDFWXDOO\
ZURWHDVRQJWKDWXVWUHHVKDYHWRVLQJ
6KHVDLGHYHU\RQH|GHVHUYHV}DFKDQFHWRVLQJ
LQWKHSOD\


6RWRGD\ZHVSHQWDQKRXUOHDUQLQJWKHZRUVW
VRQJWKDWVHYHUEHHQZULWWHQ

7KDQN*RG5RGULFNZRQWEHLQWKHDXGLHQFHWR
VHHPHKXPLOLDWHP\VHOI0UV1RUWRQVDLGWKH
SOD\LVJRLQJWREHD|VHPLIRUPDORFFDVLRQ}DQG
,NQRZWKHUHVQRZD\5RGULFNLVJRLQJWRZHDU
DWLHIRUDPLGGOHVFKRROSOD\
%XWWRGD\ZDVQWDOOEDG7RZDUGWKHHQGRI
SUDFWLFH$UFKLH.HOO\WULSSHGRYHU5RGQH\-DPHV
DQGFKLSSHGKLVWRRWKEHFDXVHKHFRXOGQWVWLFN
KLVDUPVRXWWREUHDNKLVIDOO


6RWKHJRRGQHZVLVWKH\UHOHWWLQJXV7UHHV
FDUYHRXWDUPKROHVIRUWKHSHUIRUPDQFH
7XHVGD\

7RQLJKWZDVWKHELJVFKRROSURGXFWLRQRI|7KH:L]DUG
RI2]}7KHILUVWVLJQWKDWWKLQJVZHUHQRWJRLQJWR
JRZHOOKDSSHQHGEHIRUHWKHSOD\HYHQVWDUWHG
,ZDVSHHNLQJWKURXJK
WKHFXUWDLQWRFKHFNRXW
KRZPDQ\SHRSOHVKRZHG
XSWRVHHWKHSOD\DQG
JXHVVZKRZDVVWDQGLQJ
ULJKWXSIURQW"0\
EURWKHU5RGULFNZHDULQJ
DFOLSRQWLH


+HPXVWKDYHIRXQGRXW,ZDVVLQJLQJDQGKH
FRXOGQWUHVLVWWKHFKDQFHWRVHHPHHPEDUUDVVP\VHOI
7KHSOD\ZDVVXSSRVHGWRVWDUWDWEXWLWJRW
GHOD\HGEHFDXVH5RGQH\-DPHVKDGVWDJHIULJKW
<RXGILJXUHWKDWVRPHRQHZKRVHMRELWZDVWRVLW
RQWKHVWDJHDQGGRQRWKLQJFRXOGMXVWVXFNLWXS
IRURQHSHUIRUPDQFH%XW5RGQH\ZRXOGQWEXGJH
DQGHYHQWXDOO\KLVPRPKDGWRFDUU\KLPRII

7KHSOD\ILQDOO\JRWVWDUWHGDURXQG
1RERG\FRXOGUHPHPEHUWKHLUOLQHVMXVWOLNH,
SUHGLFWHGEXW0UV1RUWRQNHSWWKLQJVPRYLQJ
DORQJZLWKKHUSLDQR


7KHNLGZKRSOD\HG7RWREURXJKWDVWRRODQGD
SLOHRIFRPLFERRNVRQWRWKHVWDJHDQGWKDW
WRWDOO\UXLQHGWKHZKROH|GRJ}HIIHFW

:KHQLWZDVWLPHIRUWKHIRUHVWVFHQHPHDQG
WKHRWKHU7UHHVKRSSHGLQWRRXUSRVLWLRQV7KH
FXUWDLQVURVHDQGZKHQWKH\GLG,KHDUG
0DQQ\VYRLFH



*UHDW,KDYHEHHQDEOHWRNHHSWKDWQLFNQDPH
TXLHWIRUILYH\HDUVDQGQRZDOORIWKHVXGGHQ
WKHZKROHWRZQNQHZLW,FRXOGIHHODERXW
SDLUVRIH\HEDOOVSRLQWHGP\ZD\
6R,GLGVRPHTXLFNDGOLEELQJDQG,ZDVDEOHWR
GHIOHFWWKHHPEDUUDVVPHQWRYHUWR$UFKLH.HOO\

%XWWKHPDMRUHPEDUUDVVPHQWZDVVWLOORQWKH
ZD\:KHQ,KHDUG0UV1RUWRQSOD\LQJWKH
ILUVWIHZEDUVRI|:H7KUHH7UHHV},IHOWP\
VWRPDFKMXPS
,ORRNHGRXWDWWKHDXGLHQFHDQG,QRWLFHG
5RGULFNZDVKROGLQJDYLGHRFDPHUD


,NQHZWKDWLI,VDQJWKHVRQJDQG5RGULFN
UHFRUGHGLWKHZRXOGNHHSWKHWDSHIRUHYHUDQG
XVHLWWRKXPLOLDWHPHIRUWKHUHVWRIP\OLIH
,GLGQWNQRZZKDWWRGRVRZKHQWKHWLPH
FDPHWRVWDUWVLQJLQJ,MXVWNHSWP\PRXWKVKXW

)RUDIHZVHFRQGVWKHUHWKLQJVZHQWRN,
ILJXUHGWKDWLI,GLGQWWHFKQLFDOO\VLQJWKH
VRQJWKHQ5RGULFNZRXOGQWKDYHDQ\WKLQJWR
KROGRYHUP\KHDG%XWDIWHUDIHZVHFRQGVWKH
RWKHU7UHHVQRWLFHG,ZDVQWVLQJLQJ


,JXHVVWKH\PXVWYHWKRXJKW,NQHZVRPHWKLQJ
WKDWWKH\GLGQWVRWKH\VWRSSHGVLQJLQJWRR

1RZWKHWKUHHRIXVZHUHMXVWVWDQGLQJWKHUH
QRWVD\LQJDZRUG0UV1RUWRQPXVWKDYH
WKRXJKWZHIRUJRWWKHZRUGVWRWKHVRQJ
EHFDXVHVKHFDPHRYHUWRWKHVLGHRIWKHVWDJH
DQGZKLVSHUHGWKHUHVWRIWKHO\ULFVWRXV



7KHVRQJLVRQO\DERXWWKUHHPLQXWHVORQJEXW
WRPHLWIHOWOLNHDQKRXUDQGDKDOI,ZDVMXVW
SUD\LQJWKHFXUWDLQVZRXOGJRGRZQVRZHFRXOG
KRSRIIWKHVWDJH
7KDWVZKHQ,QRWLFHG3DWW\)DUUHOOVWDQGLQJLQ
WKHZLQJV$QGLIORRNVFRXOGNLOOXV7UHHVZRXOG
EHGHDG6KHSUREDEO\WKRXJKWZHZHUHUXLQLQJKHU
FKDQFHVRIPDNLQJLWWR%URDGZD\RUVRPHWKLQJ

6HHLQJ3DWW\VWDQGLQJWKHUHUHPLQGHGPHZK\,
VLJQHGXSWREHD7UHHLQWKHILUVWSODFH

3UHWW\VRRQWKHUHVWRIWKH7UHHVVWDUWHG
WKURZLQJDSSOHVWRR,WKLQN7RWRHYHQJRWLQ
RQWKHDFW
6RPHERG\NQRFNHGWKHJODVVHVRIIRI3DWW\V
KHDGDQGRQHRIWKHOHQVHVEURNH0UV1RUWRQ
KDGWRVKXWGRZQWKHSOD\DIWHUWKDWEHFDXVH
3DWW\FDQWVHHWZRIHHWLQIURQWRIKHU
ZLWKRXWKHUJODVVHV
$IWHUWKHSOD\ZDVRYHUP\IDPLO\ZHQWKRPH
WRJHWKHU0RPKDGEURXJKWDERXTXHWRIIORZHUV
DQG,JXHVVWKH\ZHUHVXSSRVHGWREHIRUPH
%XWVKHHQGHGXSWRVVLQJWKHPLQWKHWUDVKFDQ
RQWKHZD\RXWWKHGRRU
,MXVWKRSHWKDWHYHU\RQHZKRFDPHWRVHHWKH
SOD\ZDVDVHQWHUWDLQHGDV,ZDV



:HGQHVGD\

:HOOLIRQHJRRGWKLQJFDPHRXWRIWKHSOD\LWV
WKDW,GRQWKDYHWRZRUU\DERXWWKH|%XEE\}
QLFNQDPHDQ\PRUH
,VDZ$UFKLH.HOO\JHWWLQJKDVVOHGLQWKHKDOOZD\
DIWHUILIWKSHULRGWRGD\VRLWORRNVOLNH,FDQ
ILQDOO\VWDUWWREUHDWKHDOLWWOHHDVLHU

6XQGD\

:LWKDOOWKLVVWXIIJRLQJRQDWVFKRRO,
KDYHQWHYHQKDGWLPHWRWKLQNDERXW&KULVWPDV
$QGLWVOHVVWKDQWHQGD\VDZD\


,QIDFWWKHRQO\WKLQJWKDWWLSSHGPHRII
WKDW&KULVWPDVZDVFRPLQJZDVZKHQ5RGULFNSXW
KLVZLVKOLVWXSRQWKHUHIULJHUDWRU

,XVXDOO\PDNHDELJZLVKOLVWHYHU\\HDUEXW
WKLV&KULVWPDVDOO,UHDOO\ZDQWLVWKLVYLGHR
JDPHFDOOHG7ZLVWHG:L]DUG
7RQLJKW0DQQ\ZDVJRLQJWKURXJKWKH&KULVWPDV
FDWDORJSLFNLQJRXWDOOWKHVWXIIKHZDQWVZLWK
DELJUHGPDUNHU0DQQ\ZDVFLUFOLQJHYHU\VLQJOH
WR\LQWKHFDWDORJ+HZDVHYHQFLUFOLQJUHDOO\
H[SHQVLYHWKLQJVOLNHDJLDQWPRWRUL]HGFDUDQG
VWXIIOLNHWKDW



6R,GHFLGHGWRVWHSLQDQGJLYHKLPVRPHJRRG
ELJEURWKHUO\DGYLFH
,WROGKLPWKDWLIKHFLUFOHGVWXIIWKDWZDV
WRRH[SHQVLYHKHZDVJRLQJWRHQGXSZLWKD
EXQFKRIFORWKHVIRU&KULVWPDV,VDLGKH
VKRXOGMXVWSLFNWKUHHRUIRXUPHGLXPSULFHG
JLIWVVRKHZRXOGHQGXSZLWKDFRXSOHRI
WKLQJVKHDFWXDOO\ZDQWHG

%XWRIFRXUVH0DQQ\MXVWZHQWEDFNWRFLUFOLQJ
HYHU\WKLQJDJDLQ6R,JXHVVKHOOMXVWKDYHWR
OHDUQWKHKDUGZD\
:KHQ,ZDVVHYHQWKHRQO\WKLQJ,UHDOO\
ZDQWHGIRU&KULVWPDVZDVD%DUELH'UHDP+RXVH
$QGQRWEHFDXVH,OLNHJLUOVWR\VOLNH
5RGULFNVDLG


,MXVWWKRXJKWLWZRXOGEHDUHDOO\DZHVRPHIRUW
IRUP\WR\VROGLHUV
:KHQ0RPDQG'DGVDZP\ZLVKOLVWWKDW\HDU
WKH\JRWLQDELJILJKWRYHULW'DGVDLGWKHUHZDV
QRZD\KHZDVJHWWLQJPHDGROOKRXVHEXW0RP
VDLGLWZDVKHDOWK\IRUPHWR|H[SHULPHQW}ZLWK
ZKDWHYHUNLQGRIWR\V,ZDQWHGWRSOD\ZLWK

%HOLHYHLWRUQRW'DGDFWXDOO\ZRQWKDWDUJXPHQW
'DGWROGPHWRVWDUWP\ZLVKOLVWRYHUDQGSLFN
VRPHWR\VWKDWZHUHPRUH|DSSURSULDWH}IRUER\V
%XW,KDYHDVHFUHWZHDSRQZKHQLWFRPHVWR
&KULVWPDV0\8QFOH&KDUOLHDOZD\VJHWVPHZKDWHYHU
,ZDQW,WROGKLP,ZDQWHGWKH%DUELH'UHDP
+RXVHDQGKHVDLGKHGKRRNPHXS


2Q&KULVWPDVZKHQ8QFOH&KDUOLHJDYHPHP\
JLIWLWZDVQRWZKDW,DVNHGIRU+HPXVWYH
ZDONHGLQWRWKHWR\VWRUHDQGSLFNHGXSWKHILUVW
WKLQJKHVDZWKDWKDGWKHZRUG|%DUELH}
RQLW
6RLI\RXHYHUVHHDSLFWXUHRIPHZKHUH,P
KROGLQJD%HDFK)XQ%DUELHQRZDWOHDVW\RX
NQRZWKHZKROHVWRU\

'DGZDVQWUHDOKDSS\ZKHQKHVDZZKDW8QFOH
&KDUOLHJRWPH+HWROGPHWRHLWKHUWKURZLW
RXWRUJLYHLWDZD\WRFKDULW\
%XW,NHSWLWDQ\ZD\$QGRN,DGPLWPD\EH
,WRRNLWRXWDQGSOD\HGZLWKLWRQFHRUWZLFH


7KDWVKRZ,HQGHGXSLQWKHHPHUJHQF\URRP
WZRZHHNVODWHUZLWKDSLQN%DUELHVKRHVWXFNXS
P\QRVH$QGEHOLHYHPH5RGULFNKDVQHYHUOHW
PHKHDUWKHHQGRIW+$W

7KXUVGD\

7RQLJKWPHDQG0RPZHQWRXWWRJHWDJLIWIRU
WKH*LYLQJ7UHHDWFKXUFK7KH*LYLQJ7UHHLV
EDVLFDOO\D6HFUHW6DQWDNLQGRIWKLQJZKHUH\RX
JHWDJLIWIRUVRPHRQHZKRLVQHHG\
0RPSLFNHGRXWDUHGZRROVZHDWHUIRURXU
*LYLQJ7UHHJX\
,WULHGWRWDON0RPLQWRJHWWLQJVRPHWKLQJD
ORWFRROHUOLNHDW9RUDVOXVKLHPDFKLQHRU
VRPHWKLQJOLNHWKDW


%HFDXVHLPDJLQHLIDOO\RXJRWRQ&KULVWPDVZDV
DZRROVZHDWHU

,PVXUHRXU*LYLQJ7UHHJX\ZLOOWKURZKLVVZHDWHU
LQWKHWUDVKDORQJZLWKWKHWHQFDQVRI\DPVZH
VHQWKLVZD\GXULQJWKH7KDQNVJLYLQJ)RRG'ULYH
&KULVWPDV

:KHQ,ZRNHXSWKLVPRUQLQJDQGZHQWGRZQVWDLUV
WKHUHZHUHDERXWDPLOOLRQJLIWVXQGHUWKH&KULVWPDV
WUHH%XWZKHQ,VWDUWHGGLJJLQJDURXQGWKHUH
ZHUHKDUGO\DQ\JLIWVZLWKP\QDPHRQWKHP



%XW0DQQ\PDGHRXWOLNHDEDQGLW+HJRWH9HU\
VLQJOHWKLQJKHFLUFOHGLQWKHFDWDORJQROLH6R
,OOEHWKHVJODGKHGLGQWOLVWHQWRPH

,GLGILQGDFRXSOHWKLQJVZLWKP\QDPHRQ
WKHPEXWWKH\ZHUHPRVWO\ERRNVDQGVRFNVDQG
VWXIIOLNHWKDW
,RSHQHGP\JLIWVLQWKHFRUQHUEHKLQGWKH
FRXFKEHFDXVH,GRQWOLNHRSHQLQJJLIWVQHDU
'DG:KHQHYHUVRPHRQHRSHQVDJLIW'DGVZRRSV
ULJKWLQDQGFOHDQVXSDIWHUWKHP



,JDYH0DQQ\DWR\KHOLFRSWHUDQG,JDYH
5RGULFNDERRNDERXWURFNEDQGV5RGULFNJDYH
PHDERRNWRREXWRIFRXUVHKHGLGQWZUDSLW
7KHERRNKHJRWPHZDV|%HVWRI/LO&XWLH}
|/LO&XWLH}LVWKHZRUVWFRPLFLQWKHQHZVSDSHU
DQG5RGULFNNQRZVKRZPXFK,KDWHLW,WKLQN
WKLVLVWKHIRXUWK\HDULQDURZ,YHJRWWHQD
|/LO&XWLH}ERRNIURPKLP

,JDYH0RPDQG'DGWKHLUJLIWV,JHWWKHP
WKHVDPHNLQGRIWKLQJHYHU\\HDUEXWSDUHQWV
HDWWKDWVWXIIXS



7KHUHVWRIWKHUHODWLYHVVWDUWHGVKRZLQJXS
DURXQGDQG8QFOH&KDUOLHFDPHDWQRRQ
8QFOH&KDUOLHEURXJKWDELJWUDVKEDJIXOORI
JLIWVDQGKHSXOOHGP\SUHVHQWRXWRIWKHWRS
RIWKHEDJ

7KHSDFNDJHZDVWKHH[DFWULJKWVL]HDQGVKDSH
WREHD7ZLVWHG:L]DUGJDPHVR,NQHZ8QFOH
&KDUOLHFDPHWKURXJKIRUPH0RPJRWWKHFDPHUD
UHDG\DQG,WRUHRSHQP\JLIW



%XWLWZDVMXVWDQ[SLFWXUHRI8QFOH&KDUOLH

,JXHVV,GLGQWGRDJRRGMRERIKLGLQJP\
GLVDSSRLQWPHQWDQG0RPJRWPDG$OO,FDQVD\
LV,PJODG,PVWLOODNLGEHFDXVHLI,KDGWR
DFWKDSS\DERXWWKHNLQGVRIJLIWVJURZQXSV
JHW,GRQWWKLQN,FRXOGSXOOLWRII



,ZHQWXSWRP\URRPWRWDNHDEUHDNIRUD
ZKLOH$FRXSOHPLQXWHVODWHU'DGNQRFNHGRQP\
GRRU+HWROGPHKHKDGP\JLIWIRUPHRXWLQ
WKHJDUDJHDQGWKHUHDVRQLWZDVRXWWKHUHZDV
EHFDXVHLWZDVWRRELJWRZUDS

$QGZKHQ,ZDONHGGRZQWRWKHJDUDJHWKHUH
ZDVDEUDQGQHZZHLJKWVHW



7KDWWKLQJPXVWKDYHFRVWDIRUWXQH,GLGQW
KDYHWKHKHDUWWRWHOO'DGWKDW,NLQGRIORVW
LQWHUHVWLQWKHZKROHZHLJKWOLIWLQJWKLQJZKHQ
WKHZUHVWOLQJXQLWHQGHGODVWZHHN6R,MXVW
VDLG|WKDQNV}LQVWHDG
,WKLQN'DGZDVH[SHFWLQJPHWRGURSGRZQDQG
VWDUWGRLQJVRPHUHSVRUVRPHWKLQJEXW,MXVW
H[FXVHGP\VHOIDQGZHQWEDFNLQVLGH
$WDERXWDOOWKHUHODWLYHVFOHDUHGRXW
,ZDVVLWWLQJRQWKHFRXFKZDWFKLQJ0DQQ\SOD\
ZLWKKLVWR\VIHHOLQJSUHWW\VRUU\IRUP\VHOI
7KHQ0RPFDPHXSWRPHDQGVDLGWKDWVKH
IRXQGDJLIWEHKLQGWKHSLDQRZLWKP\QDPHRQ
LWDQGLWVDLG|)URP6DQWD}



7KHER[ZDVZD\WRRELJIRU7ZLVWHG:L]DUGEXW
0RPSXOOHGWKHVDPH|ELJER[}WULFNRQPHODVW
\HDUZKHQVKHJRWPHDPHPRU\FDUGIRUP\
YLGHRJDPHV\VWHP
6R,ULSSHGRSHQWKHSDFNDJHDQGSXOOHGRXWP\
SUHVHQW2QO\WKLVZDVQW7ZLVWHG:L]DUG
HLWKHU,WZDVDJLDQWUHGZRROVZHDWHU

$WILUVW,WKRXJKW0RPZDVSOD\LQJVRPH
NLQGRISUDFWLFDOMRNHRQPHEHFDXVHWKLV
VZHDWHUZDVWKHVDPHNLQGZHERXJKWIRURXU
*LYLQJ7UHHJX\
%XW0RPVHHPHGSUHWW\FRQIXVHGWRR6KHVDLG
VKH'L'EX\PHDYLGHRJDPHDQGWKDWVKHKDG
QRLGHDZKDWWKHVZHDWHUZDVGRLQJLQP\ER[


$QGWKHQ,ILJXUHGLWRXW,WROG0RPWKHUH
PXVWKDYHEHHQVRPHNLQGRIPL[XSDQG,JRW
WKH*LYLQJ7UHHJX\VJLIWDQGKHJRWPLQH

0RPVDLGVKHXVHGWKHVDPHNLQGRIZUDSSLQJ
SDSHUIRUERWKRIRXUJLIWVVRVKHPXVWYH
ZULWWHQWKHZURQJQDPHVRQWKHWDJV
%XWWKHQ0RPVDLGWKDWWKLVZDVUHDOO\DJRRG
WKLQJEHFDXVHWKH*LYLQJ7UHHJX\ZDVSUREDEO\
UHDOO\KDSS\KHJRWVXFKDJUHDWJLIW



,KDGWRH[SODLQWKDW\RXQHHGDJDPHV\VWHP
DQGDW9WRSOD\7ZLVWHG:L]DUGVRWKHJDPH
ZDVWRWDOO\XVHOHVVWRKLP

(YHQWKRXJKP\&KULVWPDVZDVQRWJRLQJWKDW
JUHDW,PVXUHLWZDVJRLQJDZKROHORWZRUVH
IRUWKH*LYLQJ7UHHJX\

,NLQGRIGHFLGHGWRWKURZLQWKHWRZHOIRUWKLV
&KULVWPDVDQG,KHDGHGXSWR5RZOH\VKRXVH


,IRUJRWWRJHWDJLIWIRU5RZOH\VR,MXVW
VODSSHGDERZRQWKH|/LO&XWLH}ERRN
5RGULFNJDYHPH
$QGWKDWVHHPHGWRGRWKHWULFN

5RZOH\VSDUHQWVKDYHDORWRIPRQH\VR,FDQ
DOZD\VFRXQWRQWKHPIRUDJRRGJLIW
%XW5RZOH\VDLGWKDWWKLV\HDUKHSLFNHGRXWP\
JLIWKLPVHOI7KHQKHEURXJKWPHRXWVLGHWRVKRZ
PHZKDWLWZDV
)URPWKHZD\5RZOH\ZDVK\SLQJKLVSUHVHQW,
WKRXJKWKHPXVWKDYHJRWWHQPHDELJVFUHHQ
W9RUDPRWRUF\FOHRUVRPHWKLQJ



%XWRQFHDJDLQ,OHWP\KRSHVJHWWRRKLJK

5RZOH\JRWPHD%LJ:KHHO,JXHVV,ZRXOG
KDYHWKRXJKWWKLVZDVDFRROJLIWZKHQ,ZDVLQ
WKHWKLUGJUDGHEXW,KDYHQRLGHDZKDW,P
VXSSRVHGWRGRZLWKRQHQRZ
5RZOH\ZDVVRHQWKXVLDVWLFDERXWLWWKDW,WULHG
P\EHVWWRDFWOLNH,ZDVKDSS\DQ\ZD\

:HZHQWEDFNLQVLGHDQG5RZOH\VKRZHGPHKLV
&KULVWPDVORRW


+HVXUHJRWDORWPRUHVWXIIWKDQ,GLG+H
HYHQJRW7ZLVWHG:L]DUGVRDWOHDVW,FDQSOD\
LWZKHQ,FRPHXSWRKLVKRXVH7KDWLVXQWLO
5RZOH\VGDGILQGVRXWKRZYLROHQWLWLV
$QGER\\RXKDYHQHYHUVHHQVRPHRQHDVKDSS\DV
5RZOH\ZLWKKLV|/LO&XWLH}ERRN+LVPRPVDLGLW
ZDVWKHRQO\WKLQJRQKLVOLVWWKDWKHGLGQWJHW
:HOO,PJODGVRPHRQHJRWZKDWWKH\
ZDQWHGWRGD\



1HZ<HDUV(YH

,QFDVH\RXUHZRQGHULQJZKDW,PGRLQJLQP\URRP
DWSPRQ1HZ<HDUV(YHOHWPHILOO\RXLQ
(DUOLHUWRGD\PHDQG0DQQ\ZHUHKRUVLQJDURXQGLQ
WKHEDVHPHQW,IRXQGDWLQ\EODFNEDOORIWKUHDG
RQWKHFDUSHWDQG,WROG0DQQ\LWZDVDVSLGHU
7KHQ,KHOGLWRYHUKLPSUHWHQGLQJOLNH,ZDV
JRLQJWRPDNHKLPHDWLW

5LJKWZKHQ,ZDVDERXWWROHW0DQQ\JRKH
VODSSHGP\KDQGDQGPDGHPHGURSWKHWKUHDG
$QGJXHVVZKDW"7KDWIRROVZDOORZHGLW



:HOO0DQQ\FRPSOHWHO\ORVWKLVPLQG+HUDQ
XSVWDLUVWRZKHUH0RPZDVDQG,NQHZ,ZDV
LQELJWURXEOH

0DQQ\WROG0RP,PDGHKLPHDWDVSLGHU,
WROGKHUWKHUHZDVQRVSLGHUDQGWKDWLWZDV
MXVWDWLQ\EDOORIWKUHDG

0RPEURXJKW0DQQ\RYHUWRWKHNLWFKHQWDEOH
7KHQVKHSXWDVHHGDUDLVLQDQGDJUDSHRQD
SODWHDQGWROG0DQQ\WRSRLQWWRWKHWKLQJ
WKDWZDVWKHFORVHVWLQVL]HWRWKHSLHFHRI
WKUHDGKHVZDOORZHG


0DQQ\WRRNDZKLOHWRORRNRYHUWKHWKLQJVRQ
WKHSODWH

7KHQKHZDONHGRYHUWRWKHUHIULJHUDWRUDQG
SXOOHGRXWDQRUDQJH

6RWKDWVZK\,JRWVHQWWREHGDWDQG
,PQRWGRZQVWDLUVZDWFKLQJWKH1HZ<HDUV
(YHVSHFLDORQW9
$QGWKDWVDOVRZK\P\RQO\1HZ<HDUV
UHVROXWLRQLVWRQHYHUSOD\ZLWK0DQQ\DJDLQ


-DQXDU\

:HGQHVGD\

,IRXQGDZD\WRKDYHVRPHIXQZLWKWKH%LJ:KHHO
5RZOH\JRWPHIRU&KULVWPDV,FDPHXSZLWKWKLV
JDPHZKHUHRQHJX\ULGHVGRZQWKHKLOODQGWKH
RWKHUJX\WULHVWRNQRFNKLPRIIZLWKDIRRWEDOO
5RZOH\ZDVWKHILUVWRQHGRZQWKHKLOODQG,
ZDVWKHWKURZHU

,WVDORWKDUGHUWRKLWDPRYLQJWDUJHWWKDQ,
WKRXJKW3OXV,GLGQWJHWDORWRISUDFWLFH,W
WRRN5RZOH\OLNHWHQPLQXWHVWRZDONWKH%LJ:KHHO
EDFNXSWKHKLOODIWHUHYHU\WULSGRZQ


5RZOH\NHSWDVNLQJWRVZLWFKSODFHVDQGKDYHPH
EHWKHRQHZKRULGHVWKH%LJ:KHHOEXW,PQR
IRRO7KDWWKLQJZDVKLWWLQJWKLUW\ILYHPLOHVDQ
KRXUDQGLWGLGQWKDYHDQ\EUDNHV

$Q\ZD\,QHYHUGLGNQRFN5RZOH\RIIWKH%LJ
:KHHOWRGD\%XW,JXHVV,KDYHVRPHWKLQJWR
ZRUNDWRYHUWKHUHVWRI&KULVWPDVYDFDWLRQ
7KXUVGD\

,ZDVKHDGLQJXSWR5RZOH\VWRGD\WRSOD\RXU
%LJ:KHHOJDPHDJDLQEXW0RPVDLG,KDGWR
ILQLVKP\&KULVWPDVWKDQN\RXVEHIRUH,ZHQW
RXWDQ\ZKHUH


,WKRXJKW,FRXOGMXVWFUDQNRXWP\WKDQN\RX
FDUGVLQDKDOIKRXUEXWZKHQLWFDPHWRDFWXDOO\
ZULWLQJWKHPP\PLQGZHQWEODQN

/HWPHWHOO\RXLWVQRWHDV\ZULWLQJWKDQN\RX
QRWHVIRUVWXII\RXGLGQWZDQWLQWKHILUVWSODFH
,VWDUWHGZLWKWKHQRQFORWKHVLWHPVEHFDXVH,
WKRXJKWWKH\GEHHDVLHVW%XWDIWHUWZRRU
WKUHHFDUGV,UHDOL]HG,ZDVSUDFWLFDOO\ZULWLQJ
WKHVDPHWKLQJHYHU\WLPH
6R,ZURWHXSDJHQHUDOIRUPRQWKHFRPSXWHU
ZLWKEODQNVIRUWKHWKLQJVWKDWQHHGHGWRFKDQJH
:ULWLQJWKHFDUGVIURPWKHUHZDVDEUHH]H



0\V\VWHPZRUNHGRXWSUHWW\ZHOOIRUWKHILUVW
FRXSOHRIJLIWVEXWDIWHUWKDWQRWVRPXFK



)ULGD\

,ILQDOO\NQRFNHG5RZOH\RIIWKH%LJ:KHHOWRGD\
EXWLWGLGQWKDSSHQWKHZD\,H[SHFWHG,ZDV
WU\LQJWRKLWKLPLQWKHVKRXOGHUEXW,PLVVHG
DQGWKHIRRWEDOOZHQWXQGHUWKHIURQWWLUH

5RZOH\WULHGWREUHDNKLVIDOOE\VWLFNLQJRXWKLV
DUPVEXWKHODQGHGSUHWW\KDUGRQKLVOHIW
KDQG,ILJXUHGKHGMXVWVKDNHLWRIIDQGJHW
ULJKWEDFNRQWKHELNHEXWKHGLGQW
,WULHGWRFKHHUKLPXSEXWDOOWKHMRNHVWKDW
XVXDOO\FUDFNKLPXSZHUHQWZRUNLQJ


6R,NQHZKHPXVWEHKXUWSUHWW\EDG

0RQGD\

&KULVWPDVYDFDWLRQLVRYHUDQGQRZZHUHEDFN
DWVFKRRO$QG\RXUHPHPEHU5RZOH\V%LJ:KHHO
DFFLGHQW":HOOKHEURNHKLVKDQGDQGQRZKHKDV
WRZHDUDFDVW$QGWRGD\HYHU\RQHZDVFURZGLQJ
DURXQGKLPOLNHKHZDVDKHURRUVRPHWKLQJ



,WULHGWRFDVKLQRQVRPHRI5RZOH\VQHZ
SRSXODULW\EXWLWWRWDOO\EDFNILUHG

$WOXQFKDEXQFKRIJLUOVLQYLWHG5RZOH\RYHUWR
WKHLUWDEOHVRWKH\FRXOGIHH'KLP
:KDWUHDOO\WLFNVPHRIIDERXWWKDWLVWKDW
5RZOH\LVULJKWKDQGHGDQGLWVKLVOHIWKDQG
WKDWVEURNHQ6RKHFDQIHHGKLPVHOIMXVWILQH



7XHVGD\

,UHDOL]HG5RZOH\VLQMXU\WKLQJLVDSUHWW\
JRRGUDFNHWVR,GHFLGHGLWZDVWLPHIRUPHWR
KDYHDQLQMXU\RIP\RZQ
,WRRNVRPHJDX]HIURPKRPHDQG,ZUDSSHG
XSP\KDQGWRPDNHLWORRNOLNHLWZDVKXUW

,FRXOGQWILJXUHRXWZK\WKHJLUOVZHUHQW
VZDUPLQJPHOLNHWKH\VZDUPHG5RZOH\EXWWKHQ
,UHDOL]HGZKDWWKHSUREOHPZDV
6HHWKHFDVWLVDJUHDWJLPPLFNEHFDXVHHYHU\RQH
ZDQWVWRVLJQWKHLUQDPHRQLW%XWLWVQRWH[DFWO\
HDV\WRVLJQJDX]HZLWKDSHQ


6R,FDPHXSZLWKDVROXWLRQWKDW,WKRXJKW
ZDVMXVWDVJRRG

7KDWLGHDZDVDWRWDOEXVWWRR0\EDQGDJHGLG
HQGXSDWWUDFWLQJDWWHQWLRQIURPDFRXSOHRI
SHRSOHEXWEHOLHYHPHWKH\ZHUHQRWWKHW\SH
RISHRSOH,ZDVJRLQJIRU



0RQGD\

/DVWZHHNZHVWDUWHGWKHWKLUGTXDUWHUDW
VFKRROVRQRZ,KDYHDZKROHEXQFKRIQHZ
FODVVHV2QHRIWKHFODVVHV,VLJQHGXSIRULV
VRPHWKLQJFDOOHG,QGHSHQGHQW6WXG\
,:$QWH'WRVLJQXSIRU+RPH(FRQRPLFV
EHFDXVH,ZDVSUHWW\JRRGDW+RPH(F
%XWEHLQJJRRGDWVHZLQJGRHVQRWH[DFWO\EX\
\RXSRSXODULW\SRLQWVDWVFKRRO

$Q\ZD\WKLV,QGHSHQGHQW6WXG\WKLQJLVDQ
H[SHULPHQWWKH\UHWU\LQJRXWDWRXUVFKRROIRU
WKHILUVWWLPH


7KHLGHDLVWKDWWKHFODVVJHWVDVVLJQHGDSURMHFW
DQGWKHQ\RXKDYHWRZRUNRQLWWRJHWKHUZLWKQR
WHDFKHULQWKHURRPIRUWKHZKROHTXDUWHU
7KHFDWFKLVWKDWZKHQ\RXUHGRQHHYHU\RQH
LQ\RXUJURXSJHWVWKHVDPHJUDGH,IRXQGRXW
WKDW5LFN\)LVKHULVLQP\FODVVZKLFKFRXOGEH
DELJSUREOHP
5LFN\VELJFODLPWRIDPHLVWKDWKHOOSLFNWKH
JXPRIIWKHERWWRPRIDGHVNDQGFKHZLWLI\RX
SD\KLPILIW\FHQWV6R,GRQWUHDOO\KDYHKLJK
KRSHVIRURXUILQDOJUDGH

7XHVGD\

7RGD\ZHJRWRXU,QGHSHQGHQW6WXG\DVVLJQPHQW
DQGJXHVVZKDWLWLV":HKDYHWREXLOGDURERW
$WILUVWHYHU\ERG\NLQGRIIUHDNHGRXWEHFDXVH
ZHWKRXJKWZHZHUHJRLQJWRKDYHWREXLOGWKH
URERWIURPVFUDWFK


%XW0U'DUQHOOWROGXVZHGRQWKDYHWREXLOG
DQDFWXDOURERW:HMXVWQHHGWRFRPHXSZLWK
LGHDVIRUZKDWRXUURERWPLJKWORRNOLNHDQG
ZKDWNLQGVRIWKLQJVLWZRXOGEHDEOHWRGR
7KHQKHOHIWWKHURRPDQGZHZHUHRQRXURZQ
:HVWDUWHGEUDLQVWRUPLQJULJKWDZD\,ZURWH
GRZQDEXQFKRILGHDVRQWKHEODFNERDUG

(YHU\ERG\ZDVSUHWW\LPSUHVVHGZLWKP\LGHDV
EXWLWZDVHDV\WRFRPHXSZLWKWKHP$OO,
GLGZDVZULWHGRZQDOOWKHWKLQJV,KDWH
GRLQJP\VHOI
%XWDFRXSOHRIWKHJLUOVJRWXSWRWKHIURQWRI
WKHURRPDQGWKH\KDGVRPHLGHDVRIWKHLURZQ
7KH\HUDVHGP\OLVWDQGGUHZXSWKHLURZQSODQ


7KH\ZDQWHGWRLQYHQWDURERWWKDWZRXOGJLYH
\RXGDWLQJDGYLFHDQGKDYHWHQW\SHVRIOLSJORVV
RQLWVILQJHUWLSV

$OOXVJX\VWKRXJKWWKLVZDVWKHVWXSLGHVWLGHD
ZHHYHUKHDUG6RZHHQGHGXSVSOLWWLQJLQWRWZR
JURXSVJLUOVDQGER\V7KHER\VZHQWWRWKH
RWKHUVLGHRIWKHURRPZKLOHWKHJLUOVVWRRG
DURXQGWDONLQJ
1RZWKDWZHKDGDOOWKHVHULRXVZRUNHUVLQRQH
SODFHZHJRWWRZRUN6RPHRQHKDGWKHLGHD
WKDW\RXFDQVD\\RXUQDPHWRWKHURERWDQGLW
FDQVD\LWEDFNWR\RX



%XWWKHQVRPHRQHHOVHSRLQWHGRXWWKDW\RX
VKRXOGQWEHDEOHWRXVHEDGZRUGVIRU\RXU
QDPHEHFDXVHWKHURERWVKRXOGQWEHDEOHWR
FXUVH6RZHGHFLGHGZHVKRXOGFRPHXSZLWKD
OLVWRIDOOWKHEDGZRUGVWKHURERWVKRXOGQWEH
DEOHWRVD\
:HFDPHXSZLWKDOOWKHUHJXODUEDGZRUGVEXW
WKHQ5LFN\)LVKHUFDPHXSZLWKWZHQW\PRUHWKH
UHVWRIXVKDGQHYHUHYHQKHDUGEHIRUH

6R5LFN\HQGHGXSEHLQJRQHRIWKHPRVWYDOXDEOH
FRQWULEXWRUVRQWKLVSURMHFW
5LJKWEHIRUHWKHEHOOUDQJ0U'DUQHOOFDPH
EDFNLQWKHURRPWRFKHFNRQRXUSURJUHVV+H
SLFNHGXSWKHSLHFHRISDSHUZHZHUHZULWLQJRQ
DQGUHDGLWRYHU


7RPDNHDORQJVWRU\VKRUW,QGHSHQGHQW6WXG\
LVFDQFHOHGIRUWKHUHVWRIWKH\HDU

:HOODWOHDVWLWLVIRUXVER\V6RLIWKHURERWV
LQWKHIXWXUHDUHJRLQJDURXQGZLWKFKHUU\OLS
JORVVIRUILQJHUVDWOHDVWQRZ\RXNQRZKRZLW
DOOJRWVWDUWHG
7KXUVGD\

,QVFKRROWRGD\WKH\KDGDJHQHUDODVVHPEO\DQG
VKRZHGWKHPRYLH|,WV*UHDWWR%H0H}ZKLFK
WKH\VKRZXVHYHU\\HDU
7KHPRYLHLVDOODERXWKRZ\RXVKRXOGEHKDSS\
ZLWKZKR\RXDUHDQGQRWFKDQJHDQ\WKLQJ
DERXW\RXUVHOI


7REHKRQHVWZLWK\RX,WKLQNWKDWVDUHDOO\
GXPEPHVVDJHWREHWHOOLQJNLGVHVSHFLDOO\WKH
RQHVDWP\VFKRRO

/DWHURQWKH\PDGHDQDQQRXQFHPHQWWKDW
WKHUHDUHVRPHRSHQLQJVRQWKH6DIHW\3DWUROV
DQGWKDWJRWPHWKLQNLQJ
,IVRPHRQHSLFNVRQD6DIHW\3DWUROLWFDQJHW
WKHPVXVSHQGHG7KHZD\,ILJXUHLW,FDQXVH
DQ\H[WUDSURWHFWLRQ,FDQJHW
3OXV,UHDOL]HGWKDWPD\EHEHLQJLQDSRVLWLRQ
RIDXWKRULW\FRXOGEHJRRGIRUPH


,ZHQWGRZQWR0U:LQVN\VRIILFHDQGVLJQHG
P\VHOIXSDQG,JRW5RZOH\WRVLJQXSWRR
,WKRXJKW0U:LQVN\ZRXOGPDNHXVGRD
EXQFKRIFKLQXSVRUMXPSLQJMDFNVRUVRPHWKLQJ
WRSURYHZHZHUHXSIRUWKHMREEXWKHMXVW
KDQGHGXVRXUEHOWVDQGEDGJHVRQWKHVSRW



0U:LQVN\VDLGWKHRSHQLQJVZHUHIRUDVSHFLDO
DVVLJQPHQW2XUVFKRROLVULJKWQH[WWRWKH
HOHPHQWDU\VFKRRODQGWKH\YHJRWDKDOIGD\
NLQGHUJDUWHQWKHUH
+HZDQWVXVWRZDONWKHPRUQLQJVHVVLRQNLGVKRPH
LQWKHPLGGOHRIWKHGD\,UHDOL]HGWKDWPHDQW
ZHZRXOGPLVVWZHQW\PLQXWHVRI3UH$OJHEUD
5RZOH\PXVWKDYHILJXUHGWKDWRXWWRREHFDXVH
KHVWDUWHGWRVSHDNXS%XW,JDYHKLPDZLFNHG
SLQFKXQGHUQHDWKWKHGHVNEHIRUHKHFRXOGILQLVK
KLVVHQWHQFH

,FRXOGQWEHOLHYHP\OXFN,ZDVJHWWLQJLQVWDQWEXOO\
SURWHFWLRQDQGDIUHHSDVVIURPKDOIRI3UH$OJHEUD
DQG,GLGQWHYHQKDYHWROLIWDILQJHU


7XHVGD\

7RGD\ZDVRXUILUVWGD\DV6DIHW\3DWUROV0HDQG
5RZOH\GRQWWHFKQLFDOO\KDYHVWDWLRQVOLNHDOOWKH
RWKHU3DWUROVVRWKDWPHDQVZHGRQWKDYHWRVWDQG
RXWLQWKHIUHH]LQJFROGIRUDQKRXUEHIRUHVFKRRO
%XWWKDWGLGQWVWRSXVIURPFRPLQJWRWKH
FDIHWHULDIRUWKHIUHHKRWFKRFRODWHWKH\KDQG
RXWWRWKHRWKHU3DWUROVEHIRUHKRPHURRP

$QRWKHUJUHDWSHUNLVWKDW\RXJHWWRVKRZXS
WHQPLQXWHVODWHIRUILUVWSHULRG



,PWHOOLQJ\RX,YHJRWLWPDGHZLWKWKLV
6DIHW\3DWUROWKLQJ
$WPHDQG5RZOH\OHIWVFKRRODQGZDONHG
WKHNLQGHUJDUWQHUVKRPH7KHZKROHWULSDWHXS
IRUW\ILYHPLQXWHVDQGWKHUHZHUHRQO\WZHQW\
PLQXWHVRI3UH$OJHEUDOHIWZKHQZHJRWEDFN
:DONLQJWKHNLGVKRPHZDVQRVZHDW%XWRQHRI
WKHNLQGHUJDUWQHUVVWDUWHGWRVPHOODOLWWOHIXQQ\
DQG,WKLQNPD\EHKHKDGDQDFFLGHQWLQKLVSDQWV
+HWULHGWROHWPHNQRZDERXWLWEXW,MXVW
VWDUHGVWUDLJKWDKHDGDQGNHSWZDONLQJ,OO
WDNHWKHVHNLGVKRPHEXWEHOLHYHPH,GLGQW
VLJQXSIRUDQ\GLDSHUGXW\



)HEUXDU\

:HGQHVGD\

7RGD\LWVQRZHGIRUWKHILUVWWLPHWKLVZLQWHU
DQGVFKRROZDVFDQFHOHG:HZHUHVXSSRVHGWR
KDYHDWHVWLQ3UH$OJHEUDDQG,YHNLQGRI
VODFNHGRIIHYHUVLQFH,EHFDPHD6DIHW\3DWURO
6R,ZDVSV\FKHG

,FDOOHG5RZOH\DQGWROGKLPWRFRPHRYHU0HDQG
KLPKDYHEHHQWDONLQJDERXWEXLOGLQJWKHZRUOGV
ELJJHVWVQRZPDQIRUWKHSDVWFRXSOHRI\HDUVQRZ
$QGZKHQ,VD\WKHZRUOGVELJJHVWVQRZPDQ
,PQRWNLGGLQJ2XUJRDOLVWRJHWLQWRWKH
|*XLQQHVV%RRNRI:RUOG5HFRUGV}


%XWHYHU\WLPHZHYHJRWWHQVHULRXVDERXWJRLQJ
IRUWKHUHFRUGDOOWKHVQRZKDVPHOWHGDQG
ZHYHPLVVHGRXUZLQGRZRIRSSRUWXQLW\6RWKLV
\HDU,ZDQWHGWRJHWVWDUWHGULJKWDZD\
:KHQ5RZOH\FDPHRYHUZHVWDUWHGUROOLQJWKH
ILUVWVQRZEDOOWRPDNHWKHEDVH,ILJXUHGWKH
EDVHZDVJRLQJWRKDYHWREHDWOHDVWHLJKWIHHW
WDOORQLWVRZQLIZHZDQWHGWRKDYHDVKRWDW
EUHDNLQJWKHUHFRUG%XWWKHVQRZEDOOJRWUHDO
KHDY\DQGZHKDGWRWDNHDEXQFKRIEUHDNVLQ
EHWZHHQUROOVVRZHFRXOGFDWFKRXUEUHDWK


'XULQJRQHRIRXUEUHDNV0RPFDPHRXWVLGHWRJR
WRWKHJURFHU\VWRUHEXWRXUVQRZEDOOZDVEORFNLQJ
KHUFDULQ6RZHJRWDOLWWOHIUHHODERURXWRIKHU

$IWHURXUEUHDNPHDQG5RZOH\SXVKHGWKDW
VQRZEDOOXQWLOZHFRXOGQWSXVKLWDQ\IDUWKHU
%XWZKHQZHORRNHGEHKLQGXVZHVDZWKHPHVV
ZHKDGPDGH


7KHVQRZEDOOKDGJRWWHQVRKHDY\WKDWLWWRUH
XSDOOWKHVRG'DGKDGMXVWODLGGRZQWKLVIDOO
,ZDVKRSLQJLWZRXOGVQRZDIHZPRUHLQFKHV
DQGFRYHUXSRXUWUDFNVEXWMXVWOLNHWKDWLW
VWRSSHGVQRZLQJ

2XUSODQWREXLOGWKHZRUOGVELJJHVWVQRZPDQ
ZDVVWDUWLQJWRIDOODSDUW6R,FDPHXSZLWKD
EHWWHULGHDIRURXUVQRZEDOO
(YHU\WLPHLWVQRZVWKHNLGVIURP:KLUOH\
6WUHHWXVHRXUKLOOIRUVOHGGLQJHYHQWKRXJKWKLV
LVQWWKHLUQHLJKERUKRRG


6RWRPRUURZPRUQLQJZKHQWKH:KLUOH\6WUHHW
NLGVFRPHPDUFKLQJXSRXUKLOOPHDQG5RZOH\DUH
JRLQJWRWHDFKWKRVHJX\VDOHVVRQ

7KXUVGD\

:KHQ,ZRNHXSWKLVPRUQLQJWKHVQRZZDV
DOUHDG\VWDUWLQJWRPHOW6R,WROG5RZOH\WR
KXUU\XSDQGJHWGRZQWRP\KRXVH
:KLOH,ZDVZDLWLQJIRU5RZOH\WRVKRZXS,
ZDWFKHG0DQQ\WU\LQJWREXLOGDVQRZPDQRXWRI
WKHSLGGO\FUXPEVRIVQRZWKDWZHUHOHIWRYHU
IURPRXUVQRZEDOO


,WZDVDFWXDOO\NLQGRISDWKHWLF

,UHDOO\FRXOGQWKHOSGRLQJZKDW,GLGQH[W
8QIRUWXQDWHO\IRUPHULJKWDWWKDWPRPHQW
'DGZDVDWWKHIURQWZLQGRZ



'DGZDV$OUH$'\PDGDWPHIRUWHDULQJXS
WKHVRGVR,NQHZ,ZDVLQIRULW,KHDUGWKH
JDUDJHGRRURSHQDQG,VDZ'DGFRPLQJRXWVLGH
+HPDUFKHGULJKWRXWFDUU\LQJDVQRZVKRYHODQG,
WKRXJKW,ZDVJRLQJWRKDYHWRPDNHDUXQIRULW

%XW'DGZDVKHDGLQJIRUP\VQRZEDOOQRWPH
$QGLQOHVVWKDQDPLQXWHKHUHGXFHGDOORXU
KDUGZRUNWRQRWKLQJ



5RZOH\FDPHE\DIHZPLQXWHVODWHU,WKRXJKWKH
PLJKWDFWXDOO\JHWDNLFNRXWRIZKDWKDSSHQHG

%XW,JXHVVKHKDGKLVKHDUWVHWRQUROOLQJ
WKDWVQRZEDOOGRZQWKHKLOODQGKHZDVUHDOO\
PDG%XWJHWWKLV5RZOH\ZDVPDGDWPHIRU
ZKDW'$'GLG
,WROG5RZOH\KHZDVEHLQJDELJEDE\DQGZH
JRWLQDVKRYLQJPDWFK5LJKWZKHQLWORRNHGOLNH
ZHZHUHJRLQJWRJHWLQDQDOORXWILJKWZHJRW
DPEXVKHGIURPWKHVWUHHW



,WZDVDKLWDQGUXQE\WKH:KLUOH\6WUHHWNLGV

$QGLI0UV/HYLQHP\(QJOLVKWHDFKHUZDV
WKHUH,PVXUHVKHZRXOGKDYHVDLGWKHZKROH
VLWXDWLRQZDV|LURQLF}
:HGQHVGD\

7RGD\DWVFKRROWKH\DQQRXQFHGWKHUHVDQRSHQLQJ
IRUWKHFDUWRRQLVWMRELQWKHVFKRROSDSHU7KHUHV
RQO\RQHFRPLFVORWDQGXSXQWLOQRZWKLVNLGQDPHG
%U\DQ/LWWOHKDVEHHQKRJJLQJLWDOOWRKLPVHOI


%U\DQKDVWKLVFRPLFFDOOHG|:DFN\'DZJ}DQG
ZKHQLWVWDUWHGRIILWZDVDFWXDOO\SUHWW\IXQQ\
%XWODWHO\%U\DQVEHHQXVLQJKLVVWULSWRKDQGOH
KLVSHUVRQDOEXVLQHVV,JXHVVWKDWVZK\WKH\
JDYHKLPWKHD[H

$VVRRQDV,KHDUGWKHQHZV,NQHZ,KDGWR
WU\RXW|:DFN\'DZJ}PDGH%U\DQ/LWWOHD
FHOHEULW\DWRXUVFKRRODQG,ZDQWHGWRJHWLQ
RQVRPHRIWKDWNLQGRIIDPH
,KDGDWDVWHRIZKDWLWVOLNHWREHIDPRXVDW
P\VFKRROZKHQ,ZRQKRQRUDEOHPHQWLRQLQWKLV
DQWLVPRNLQJFRQWHVWWKH\KDG


$OO,GLGZDVWUDFHDSLFWXUHIURPRQHRI
5RGULFNVKHDY\PHWDOPDJD]LQHVEXWOXFNLO\QR
RQHHYHUIRXQGRXW

7KHNLGZKRZRQILUVWSODFHLVQDPHG&KULV
&DUQH\$QGZKDWNLQGRIWLFNVPHRIILVWKDW
&KULVVPRNHVDWOHDVWDSDFNRIFLJDUHWWHVDGD\



7KXUVGD\

0HDQG5RZOH\GHFLGHGWRWHDPXSDQGGRD
FDUWRRQWRJHWKHU6RDIWHUVFKRROWRGD\KHFDPH
RYHUWRP\KRXVHDQGZHJRWWRZRUN

:HEDQJHGRXWDEXQFKRIFKDUDFWHUVUHDO
TXLFNEXWWKDWWXUQHGRXWWREHWKHHDV\
SDUW:KHQZHWULHGWRWKLQNXSVRPHMRNHV
ZHNLQGRIKLWDZDOO
,ILQDOO\FDPHXSZLWKDJRRGVROXWLRQ
,PDGHXSDFDUWRRQZKHUHWKHSXQFKOLQHRI
HYHU\VWULSLV|=RR:HH0DPD  }
7KDWZD\ZHZRXOGQWJHWERJJHGGRZQZLWKKDYLQJ
WRZULWHDFWXDOMRNHVDQGZHFRXOGFRQFHQWUDWHRQ
WKHSLFWXUHV


)RUWKHILUVWFRXSOHRIVWULSV,GLGWKHZULWLQJ
DQGGUHZWKHFKDUDFWHUVDQG5RZOH\GUHZWKH
ER[HVDURXQGWKHSLFWXUHV

5RZOH\VWDUWHGFRPSODLQLQJWKDWKHGLGQWKDYH
HQRXJKWRGRVR,OHWKLPZULWHDIHZRIWKHVWULSV


%XWWREHKRQHVWZLWK\RXWKHUHZDVDSUHWW\
REYLRXVGURSLQTXDOLW\RQFH5RZOH\VWDUWHGGRLQJ
WKHZULWLQJ

(YHQWXDOO\,JRWNLQGRIVLFNRIWKH|=RR:HH
0DPD}LGHDDQG,SUHWW\PXFKOHW5RZOH\WDNH
RYHUWKHZKROHRSHUDWLRQ


$QGEHOLHYHLWRUQRW5RZOH\VGUDZLQJVNLOOV
DUHZRUVHWKDQKLVZULWLQJVNLOOV

,WROG5RZOH\PD\EHZHVKRXOGFRPHXSZLWK
VRPHQHZLGHDVEXWKHMXVWZDQWHGWRNHHS
ZULWLQJ|=RR:HH0DPDV}7KHQKHSDFNHGXS
KLVFRPLFVDQGZHQWKRPHZKLFKZDVILQHE\PH
,GRQWUHDOO\ZDQWWREHSDUWQHUHGXSZLWKD
NLGZKRGRHVQWGUDZQRVHVDQ\ZD\


)ULGD\

$IWHU5RZOH\OHIW\HVWHUGD\,UHDOO\JRWWRZRUN
RQVRPHFRPLFV,FDPHXSZLWKWKLVFKDUDFWHUFDOOHG
&UHLJKWRQWKH&UHWLQDQG,JRWRQDUROO



,PXVWYHEDQJHGRXWWZHQW\VWULSVDQG,
GLGQWHYHQEUHDNDVZHDW

7KHJUHDWWKLQJDERXWWKHVH|&UHLJKWRQWKH&UHWLQ}
FRPLFVLVWKDWZLWKDOOWKHLGLRWVUXQQLQJDURXQGP\
VFKRRO,ZLOOQHYHUUXQRXWRIQHZPDWHULDO


:KHQ,JRWWRVFKRROWRGD\,WRRNP\FRPLFV
WR0U,UDVRIILFH+HVWKHWHDFKHUZKRUXQV
WKHVFKRROQHZVSDSHU
%XWZKHQ,ZHQWWRWXUQP\VWULSVLQ,VDZ
WKDWWKHUHZDVDSLOHRIFRPLFVIURPRWKHUNLGV
ZKRZHUHWU\LQJRXWIRUWKHMRE
0RVWRIWKHPZHUHSUHWW\EDGVR,ZDVQWWRR
ZRUULHGDERXWWKHFRPSHWLWLRQ



2QHRIWKHFRPLFVZDVFDOOHG|'XPE7HDFKHUV}
DQGLWZDVZULWWHQE\WKLVNLGQDPHG%LOO7ULWW
%LOOLVDOZD\VLQGHWHQWLRQVR,JXHVVKHKDVD
ERQHWRSLFNZLWKMXVWDERXWHYHU\WHDFKHULQWKH
VFKRROLQFOXGLQJ0U,UD


6R,PQRWWRRZRUULHGDERXWWKHFKDQFHVRI
%LOOVFRPLFJHWWLQJLQHLWKHU

7KHUHZHUHDFWXDOO\RQHRUWZRGHFHQWFRPLFVLQ
WKHELQ%XW,VOLSSHGWKHPXQGHUDSLOHRI
SDSHUZRUNRQ0U,UDVGHVN
+RSHIXOO\WKRVHRQHVZRQWWXUQXSXQWLO,P
LQKLJKVFKRRO



7KXUVGD\

7RGD\GXULQJPRUQLQJDQQRXQFHPHQWV,JRW
WKHQHZV,ZDVKRSLQJIRU

7KHSDSHUFDPHRXWWRGD\DWOXQFKWLPHDQG
HYHU\RQHZDVUHDGLQJLW
,UHDOO\ZDQWHGWRSLFNXSDFRS\WRVHHP\
QDPHLQSULQWEXW,GHFLGHGWRMXVWSOD\LWFRRO
IRUDZKLOHLQVWHDG



,VDWDWWKHHQGRIWKHOXQFKWDEOHVRWKHUH
ZRXOGEHSOHQW\RIURRPIRUPHWRVWDUWVLJQLQJ
DXWRJUDSKVIRUP\QHZIDQV%XWQRERG\ZDVFRPLQJ
RYHUWRWHOOPHKRZJUHDWP\FRPLFZDVDQG,
VWDUWHGWRJHWWKHIHHOLQJVRPHWKLQJZDVZURQJ
,JUDEEHGDSDSHUDQGZHQWLQWRWKHEDWKURRP
WRFKHFNLWRXW$QGZKHQ,VDZP\FRPLF,
SUDFWLFDOO\KDGDKHDUWDWWDFN

0U,UDWROGPHKHKDGPDGHVRPH|PLQRU
HGLWV}WRP\FRPLF,WKRXJKWKHMXVWPHDQWKH
KHIL[HGVSHOOLQJPLVWDNHVDQGVWXIIOLNHWKDWEXW
KHWRWDOO\EXWFKHUHGLW
7KHFRPLFKHUXLQHGZDVRQHRIP\IDYRULWHRQHV
WRR,QWKHRULJLQDO&UHLJKWRQWKH&UHWLQLVWDNLQJ
DPDWKWHVWDQGKHDFFLGHQWDOO\HDWVLW$QGWKHQ
WKHWHDFKHU\HOOVDWKLPIRUEHLQJVXFKDPRURQ


%\WKHWLPH0U,UDZDVGRQHZLWKLW\RX
SUDFWLFDOO\FRXOGQWUHFRJQL]HLWDVWKHVDPHVWULS

6R,PSUHWW\VXUH,ZRQWEHVLJQLQJDXWRJUDSKV
DQ\WLPHVRRQ



0DUFK

:HGQHVGD\

0HDQG5RZOH\ZHUHHQMR\LQJRXUKRWFKRFRODWH
LQWKHFDIHWHULDZLWKWKHUHVWRIWKH3DWUROV
WRGD\DQGWKHUHZDVDQDQQRXQFHPHQWRQWKH
ORXGVSHDNHU

5RZOH\ZHQWGRZQWR0U:LQVN\VRIILFHDQG
ZKHQ5RZOH\FDPHEDFNILIWHHQPLQXWHVODWHUKH
ORRNHGSUHWW\VKDNHQXS
$SSDUHQWO\0U:LQVN\JRWDFDOOIURPDSDUHQW
ZKRVDLGWKH\ZLWQHVVHG5RZOH\|WHUURUL]LQJ}
WKHNLQGHUJDUWQHUVZKHQKHZDVVXSSRVHGWREH
ZDONLQJWKHPKRPHIURPVFKRRO$QG0U:LQVN\
ZDVUHDOO\PDGDERXWLW


5RZOH\VDLG0U:LQVN\\HOOHGDWKLPIRUDERXW
WHQPLQXWHVDQGVDLGKLVDFWLRQV|GLVUHVSHFWHG
WKHEDGJH}

<RXNQRZ,WKLQN,PLJKWMXVWNQRZZKDWWKLV
LVDOODERXW/DVWZHHN5RZOH\KDGWRWDNHD
TXL]GXULQJIRXUWKSHULRGVR,ZDONHGWKH
NLQGHUJDUWQHUVKRPHRQP\RZQ
,WKDGUDLQHGWKDWPRUQLQJDQGWKHUHZHUHD
ORWRIZRUPVRQWKHVLGHZDON6R,GHFLGHGWR
KDYHVRPHIXQZLWKWKHNLGV



%XWVRPHQHLJKERUKRRGODG\VDZZKDW,ZDV
GRLQJDQGVKH\HOOHGDWPHIURPKHUIURQWSRUFK
,WZDV0UV,UYLQHZKRLVIULHQGVZLWK5RZOH\V
PRP6KHPXVWKDYHWKRXJKW,ZDV5RZOH\
EHFDXVH,ZDVERUURZLQJKLVFRDW$QG,ZDVQW
DERXWWRFRUUHFWKHUHLWKHU

,IRUJRWDERXWWKHZKROHLQFLGHQWXQWLOWRGD\
$Q\ZD\0U:LQVN\WROG5RZOH\KHVJRLQJWR
KDYHWRDSRORJL]HWRWKHNLQGHUJDUWQHUVWRPRUURZ
PRUQLQJDQGWKDWKHVVXVSHQGHGIURP3DWUROV
IRUDZHHN


,NQHZ,VKRXOGSUREDEO\MXVWWHOO0U:LQVN\LW
ZDVPHZKRFKDVHGWKHNLGVZLWKWKHZRUPV%XW
,ZDVQWUHDG\WRVHWWKHUHFRUGVWUDLJKWMXVW
\HW,NQHZLI,FRQIHVVHG,GORVHP\KRW
FKRFRODWHSULYLOHJHV$QGWKDWULJKWWKHUHZDV
HQRXJKWRPDNHPHNHHSTXLHWIRUWKHWLPHEHLQJ
$WGLQQHUWRQLJKW0RPFRXOGWHOOVRPHWKLQJ
ZDVERWKHULQJPHVRVKHFDPHXSWRP\URRP
DIWHUZDUGWRWDON
,WROGKHU,ZDVLQDWRXJKVLWXDWLRQDQG,
GLGQWNQRZZKDWWRGR
,JRWWRJLYH0RPFUHGLWIRUKRZVKHKDQGOHG
LW6KHGLGQWWU\WRSU\DQGJHWDOOWKHGHWDLOV
$OOVKHVDLGZDVWKDW,VKRXOGWU\WRGRWKH
|ULJKWWKLQJ}EHFDXVHLWVRXUFKRLFHVWKDWPDNH
XVZKRZHDUH



,ILJXUHWKDWVSUHWW\GHFHQWDGYLFH%XW,PVWLOO
QRWVXUHZKDW,PJRLQJWRGRWRPRUURZ
7KXUVGD\

:HOO,ZDVXSDOOQLJKWWRVVLQJDQGWXUQLQJ
RYHUWKLV5RZOH\VLWXDWLRQEXW,ILQDOO\PDGH
XSP\PLQG,GHFLGHGWKHULJKWWKLQJWRGR
ZDVWRMXVWOHW5RZOH\WDNHRQHIRUWKHWHDP
WKLVWLPHDURXQG

2QWKHZD\KRPHIURPVFKRRO,FDPHFOHDQZLWK
5RZOH\DQGWROGKLPWKHZKROHWUXWKDERXWZKDW
KDSSHQHGDQGKRZLWZDVPHZKRFKDVHGWKH
NLGVZLWKWKHZRUPV


7KHQ,WROGKLPWKHUHZHUHOHVVRQVZHFRXOG
ERWKOHDUQIURPWKLV,WROGKLP,OHDUQHGWREH
PRUHFDUHIXODERXWZKDW,GRLQIURQWRI0UV
,UYLQHVKRXVHDQGWKDWKHOHDUQHGDYDOXDEOH
OHVVRQWRRZKLFKLVWKLV%HFDUHIXODERXWZKR
\RXOHQG\RXUFRDWWR

7REHKRQHVWZLWK\RXP\PHVVDJHGLGQWVHHP
WREHJHWWLQJWKURXJKWR5RZOH\
:HZHUHVXSSRVHGWRKDQJRXWDIWHUVFKRRO
WRGD\EXWKHVDLGKHZDVMXVWJRLQJWRJRKRPH
DQGWDNHDQDS
,FRXOGQWUHDOO\EODPHKLP%HFDXVHLI,GLGQW
KDYHP\KRWFKRFRODWHWKLVPRUQLQJ,ZRXOGQW
KDYHKDGPXFKHQHUJ\HLWKHU


:KHQ,JRWKRPH0RPZDVZDLWLQJIRUPHDW
WKHIURQWGRRU

0RPWRRNPHRXWWRJHWVRPHLFHFUHDPDVDVSHFLDO
WUHDW$QGZKDWWKLVZKROHHSLVRGHKDVWDXJKWPH
LVWKDWHYHU\RQFHLQDZKLOHLWVQRWVXFKDEDG
LGHDWROLVWHQWR\RXUPRWKHU



7XHVGD\

7KHUHZDVDQRWKHUDQQRXQFHPHQWRQWKHORXGVSHDNHU
WRGD\DQGWREHKRQHVWZLWK\RX,NLQGRI
ILJXUHGWKLVRQHZDVFRPLQJ

,NQHZLWZDVMXVWDPDWWHURIWLPHEHIRUH,
JRWEXVWHGIRUZKDWKDSSHQHGODVWZHHN
:KHQ,JRWWR0U:LQVN\VRIILFHKHZDV
UHDOO\PDG0U:LQVN\WROGPHWKDWDQ
|DQRQ\PRXVVRXUFH}KDGLQIRUPHGKLPWKDW,
ZDVWKHUHDOFXOSULWLQWKHZRUPFKDVLQJLQFLGHQW
7KHQKHWROGPH,ZDVUHOLHYHGRIP\6DIHW\
3DWUROGXWLHV|HIIHFWLYHLPPHGLDWHO\}


:HOOLWGRHVQWWDNHDGHWHFWLYHWRILJXUHRXW
WKDWWKHDQRQ\PRXVVRXUFHZDV5RZOH\
,FDQWEHOLHYH5RZOH\ZHQWDQGEDFNVWDEEHG
PHOLNHWKDW:KLOH,ZDVVLWWLQJWKHUHJHWWLQJ
FKHZHGRXWE\0U:LQVN\,ZDVWKLQNLQJ,
QHHGWRUHPHPEHUWRJLYHP\IULHQGDOHFWXUH
DERXWOR\DOW\

/DWHURQWRGD\5RZOH\JRWUHLQVWDWHGDVD3DWURO
$QGJHWWKLV+HDFWXDOO\JRWD3URPRWLRQ
0U:LQVN\VDLG5RZOH\KDG|H[KLELWHGGLJQLW\
XQGHUIDOVHVXVSLFLRQ}



,WKRXJKWDERXWUHDOO\OHWWLQJ5RZOH\KDYHLW
IRUUDWWLQJPHRXWOLNHWKDWEXWWKHQ,
UHDOL]HGVRPHWKLQJ
,Q-XQHDOOWKHRIILFHUVLQWKH6DIHW\3DWUROV
JRRQDWULSWR6L[)ODJVDQGWKH\JHWWRWDNH
DORQJRQHIULHQG,QHHGWRPDNHVXUH5RZOH\
NQRZV,PKLVJX\

7XHVGD\

/LNH,VDLGEHIRUHWKHZRUVWSDUWRIJHWWLQJ
NLFNHGRII6DIHW\3DWUROVLVORVLQJ\RXUKRW
FKRFRODWHSULYLOHJHV
(YHU\PRUQLQJ,JRWRWKHEDFNGRRURIWKH
FDIHWHULDVR5RZOH\FDQKRRNPHXS


%XWHLWKHUP\IULHQGKDVJRQHGHDIRUKHVWRR
EXV\NLVVLQJWKHRWKHURIILFHUVEXWWVWRQRWLFHPH
DWWKHZLQGRZ

,QIDFWQRZWKDW,WKLQNRILW5RZOH\KDVEHHQ
WRWDOO\JLYLQJPHWKHFROGVKRXOGHUODWHO\$QG
WKDWVUHDOO\ODPHEHFDXVHLI,UHFDOOFRUUHFWO\
+HVWKHRQHWKDWVROGPHRXW
(YHQWKRXJK5RZOH\KDVEHHQDWRWDOMHUNODWHO\
,WULHGWREUHDNWKHLFHZLWKKLPWRGD\DQ\ZD\
%XWHYHQWKDWGLGQWVHHPWRZRUN



$SULO

)ULGD\

(YHUVLQFHWKHZRUPLQFLGHQW5RZOH\KDVEHHQ
KDQJLQJRXWZLWK&ROOLQ/HHHYHU\GD\DIWHUVFKRRO
:KDWUHDOO\VWLQNVLVWKDW&ROOLQLVVXSSRVHGWR
EHP\EDFNXSIULHQG
7KRVHJX\VDUHDFWLQJWRWDOO\ULGLFXORXV7RGD\
5RZOH\DQG&ROOLQZHUHZHDULQJWKHVHPDWFKLQJ
7VKLUWVDQGLWPDGHPHMXVWDERXWZDQWWRYRPLW

$IWHUGLQQHUWRQLJKW,VDZ5RZOH\DQG&ROOLQ
ZDONLQJXSWKHKLOOWRJHWKHUFKXPPLQJLWXS


&ROOLQKDGKLVRYHUQLJKWEDJVR,NQHZWKH\
ZHUHJRLQJWRGRDVOHHSRYHUDW5RZOH\V
$QG,WKRXJKW:HOOWZRFDQSOD\DWW+$W
JDPH7KHEHVWZD\WRJHWEDFNDW5RZOH\ZDV
WRJHWDQHZEHVWIULHQGRIP\RZQ%XW
XQIRUWXQDWHO\WKHRQO\SHUVRQZKRFDPHWRPLQG
ULJKWDWWKDWPRPHQWZDV)UHJOH\
,ZHQWXSWR)UHJOH\VZLWKP\RYHUQLJKWEDJVR
5RZOH\FRXOGVHH,KDGRWKHUIULHQGRSWLRQVWRR
:KHQ,JRWWKHUH)UHJOH\ZDVLQKLVIURQW
\DUGVWDEELQJDNLWHZLWKDVWLFN7KDWVZKHQ
,VWDUWHGWRWKLQNPD\EHWKLVZDVQWWKHEHVW
LGHDDIWHUDOO



%XW5RZOH\ZDVLQKLVIURQW\DUGDQGKHZDV
ZDWFKLQJPH6R,NQHZWKHUHZDVQRWXUQLQJEDFN
,LQYLWHGP\VHOILQWR)UHJOH\VKRXVH+LVPRPVDLG
VKHZDVH[FLWHGWRVHH)UHJOH\ZLWKD|SOD\PDWH}
ZKLFKZDVDWHUP,ZDVQRWWRRHQWKXVLDVWLFDERXW

0HDQG)UHJOH\ZHQWXSVWDLUVWRKLVURRP
)UHJOH\WULHGWRJHWPHWRSOD\7ZLVWHUZLWK
KLPVR,PDGHVXUH,VWD\HGWHQIHHWDZD\
IURPKLPDWDOOWLPHV
,GHFLGHGWKDW,VKRXOGMXVWSXOOWKHSOXJRQ
WKLVVWXSLGLGHDDQGJRKRPH%XWHYHU\WLPH,
ORRNHGRXWWKHZLQGRZ5RZOH\DQG&ROOLQZHUH
VWLOOLQ5RZOH\VIURQW\DUG


,GLGQWZDQWWROHDYHXQWLOWKRVHJX\VZHQWEDFN
LQVLGH%XWWKLQJVVWDUWHGWRJHWRXWRIKDQGZLWK
)UHJOH\SUHWW\TXLFNO\:KHQ,ZDVORRNLQJRXWWKH
ZLQGRZ)UHJOH\EURNHLQWRP\EDFNSDFNDQGDWHWKH
ZKROHEDJRIMHOO\EHDQV,KDGLQWKHUH
)UHJOH\VRQHRIWKHVHNLGVZKRVQRWVXSSRVHG
WRHDWDQ\VXJDUVRWZRPLQXWHVODWHUKHZDV
ERXQFLQJRIIWKHZDOOV

)UHJOH\VWDUWHGDFWLQJOLNHDWRWDOPDQLDFDQG
KHFKDVHGPHDOODURXQGKLVXSVWDLUV
,NHSWWKLQNLQJKHZDVJRLQJWRFRPHGRZQRII
RIKLVVXJDUKLJKEXWKHGLGQW(YHQWXDOO\,
ORFNHGP\VHOILQKLVEDWKURRPWRZDLWKLPRXW


$URXQGLWJRWTXLHWRXWLQWKHKDOOZD\
7KDWVZKHQ)UHJOH\VOLSSHGDSLHFHRISDSHU
XQGHUWKHGRRU

,SLFNHGLWXSDQGUHDGLW



7KDWVWKHODVWWKLQJ,UHPHPEHUEHIRUH,
EODFNHGRXW
,FDPHWRP\VHQVHVDIHZKRXUVODWHU$IWHU,
ZRNHXS,FUDFNHGWKHGRRURSHQDQG,KHDUG
VQRULQJFRPLQJIURP)UHJOH\VURRP6R,GHFLGHG
WRPDNHDUXQIRULW
0RPDQG'DGZHUHQRWKDSS\ZLWKPHIRUJHWWLQJ
WKHPRXWRIEHGDWLQWKHPRUQLQJ%XWE\
WKDWSRLQW,FRXOGUHDOO\FDUHOHVV



0RQGD\

:HOOPHDQG5RZOH\KDYHRIILFLDOO\EHHQH[IULHQGV
IRUDERXWDPRQWKQRZDQGWREHKRQHVWZLWK
\RX,PEHWWHURIIZLWKRXWKLP
,PJODG,FDQMXVWGRZKDWHYHU,ZDQWZLWKRXW
KDYLQJWRZRUU\DERXWFDUU\LQJDOOWKDWGHDG
ZHLJKWDURXQG
/DWHO\,YHEHHQKDQJLQJRXWLQ5RGULFNVURRP
DIWHUVFKRRODQGJRLQJWKURXJKKLVVWXII7KHRWKHU
GD\,IRXQGRQHRIKLVPLGGOHVFKRRO\HDUERRNV

5RGULFNZURWHRQHYHU\ERG\VSLFWXUHLQKLV
\HDUERRNVR\RXFDQWHOOKRZKHIHOWDERXWDOO
WKHNLGVLQKLVJUDGH


(YHU\RQFHLQDZKLOH,VHH5RGULFNVROGFODVVPDWHV
DURXQGWRZQ$QG,KDYHWRUHPHPEHUWRWKDQN
5RGULFNIRUPDNLQJFKXUFKDORWPRUHLQWHUHVWLQJ

%XWWKHSDJHLQ5RGULFNV\HDUERRNWKDWV
UHDOO\LQWHUHVWLQJLVWKH&ODVV)DYRULWHVSDJH
7KDWVZKHUHWKH\SXWSLFWXUHVRIWKHNLGVZKR
JHWYRWHG0RVW3RSXODUDQG0RVW7DOHQWHGDQG
DOOWKDW


5RGULFNZURWHRQKLV&ODVV)DYRULWHVSDJHWRR

<RXNQRZWKLV&ODVV)DYRULWHVWKLQJKDVUHDOO\
JRWP\JHDUVWXUQLQJ
,I\RXFDQJHW\RXUVHOIYRWHGRQWRWKH&ODVV
)DYRULWHVSDJH\RXUHSUDFWLFDOO\DQLPPRUWDO
(YHQLI\RXGRQWOLYHXSWRZKDW\RXJRW
SLFNHGIRULWGRHVQWUHDOO\PDWWHUEHFDXVHLWV
RQSHUPDQHQWUHFRUG
3HRSOHVWLOOWUHDW%LOO:DWVRQOLNHKHVVRPHWKLQJ
VSHFLDOHYHQWKRXJKKHHQGHGXSGURSSLQJRXWRI
KLJKVFKRRO


:HVWLOOUXQLQWRKLPDWWKH)RRG%DUQHYHU\
RQFHLQDZKLOH

6RKHUHVZKDW,PWKLQNLQJ7KLVVFKRRO\HDU
KDVEHHQNLQGRIDEXVWEXWLI,FDQJHWYRWHG
DVD&ODVV)DYRULWH,OOJRRXWRQDKLJKQRWH
,YHEHHQWU\LQJWRWKLQNRIDFDWHJRU\,KDYH
DVKRWDW0RVW3RSXODUDQG0RVW$WKOHWLFDUH
GHILQLWHO\RXWVR,PJRLQJWRKDYHWRILQG
VRPHWKLQJWKDWVDOLWWOHELWPRUHLQUHDFK
$WILUVW,WKRXJKWPD\EH,VKRXOGZHDUUHDOO\
QLFHFORWKHVIRUWKHUHVWRIWKH\HDUVR,FDQ
JHW%HVW'UHVVHG


%XWWKDWZRXOGPHDQ,ZRXOGKDYHWRJHWP\
SLFWXUHWDNHQZLWK-HQQD6WHZDUWDQGVKH
GUHVVHVOLNHD3LOJULP

:HGQHVGD\

/DVWQLJKW,ZDVO\LQJLQEHGDQGLWKLWPH,
VKRXOGJRIRU&ODVV&ORZQ
,WVQRWOLNH,PNQRZQIRUEHLQJUHDOIXQQ\DW
VFKRRORUDQ\WKLQJEXWLI,FDQSXOORIIRQHELJ
SUDQNULJKWEHIRUHYRWLQJWKDWFRXOGGRLW

0D\

7KXUVGD\

7RGD\,ZDVWU\LQJWRILJXUHRXWKRZ,ZDV
JRLQJWRVQHDNDWKXPEWDFNRQWR0U:RUWKV
FKDLULQ+LVWRU\ZKHQKHVDLGVRPHWKLQJWKDW
PDGHPHUHWKLQNP\SODQ
0U:RUWKWROGXVKHKDVDGHQWLVWVDSSRLQWPHQW
WRPRUURZVRZHUHJRLQJWRKDYHDVXEVWLWXWH
6XEVDUHOLNHFRPLFJROG<RXFDQVD\MXVWDERXW
DQ\WKLQJ\RXZDQWDQG\RXFDQWJHWLQWURXEOH



)ULGD\

,ZDONHGLQWRP\+LVWRU\FODVVWRGD\UHDG\
WRH[HFXWHP\SODQ%XWZKHQ,JRWWRWKH
GRRUJXHVVZKRWKHVXEVWLWXWHWHDFKHUZDV"

2IDOOWKHSHRSOHLQWKHZRUOGWREHRXUVXE
WRGD\LWZDV0RP,WKRXJKW0RPVGD\VRI
JHWWLQJLQYROYHGDWP\VFKRROZHUHRYHU
6KHXVHGWREHRQHRIWKRVHSDUHQWVZKRFDPH
LQWRKHOSRXWLQWKHFODVVURRP%XWWKDWDOO
FKDQJHGDIWHU0RPYROXQWHHUHGWREHD
FKDSHURQHIRURXUILHOGWULSWRWKH]RRZKHQ
,ZDVLQWKLUGJUDGH


0RPKDGSUHSDUHGDOOVRUWVRIPDWHULDOWRKHOSXV
NLGVDSSUHFLDWHWKHGLIIHUHQWH[KLELWVEXWDOO
DQ\RQHZDQWHGWRGRZDVZDWFKWKHDQLPDOVJR
WRWKHEDWKURRP

$Q\ZD\0RPWRWDOO\IRLOHGP\SODQWRZLQ&ODVV
&ORZQ,PMXVWOXFN\WKHUHVQRWDFDWHJRU\
FDOOHG%LJJHVW0DPDV%R\EHFDXVHDIWHUWRGD\
,GZLQWKDWRQHLQDODQGVOLGH



:HGQHVGD\

7KHVFKRROSDSHUFDPHRXWDJDLQWRGD\,TXLW
P\MREDVVFKRROFDUWRRQLVWDIWHU|&UHLJKWRQWKH
&XULRXV6WXGHQW}FDPHRXWDQG,GLGQWUHDOO\
FDUHZKRWKH\SLFNHGWRUHSODFHPH
%XWHYHU\RQHZDVODXJKLQJDWWKHFRPLFVSDJHDW
OXQFKVR,SLFNHGXSDFRS\WRVHHZKDWZDVVR
IXQQ\$QGZKHQ,RSHQHGLWXS,FRXOGQW
EHOLHYHP\H\HV

,WZDV|=RR:HH0DPD}$QGRIFRXUVH0U,UD
GLGQWFKDQJHDVLQJOHZRUGRI5RZOH\VVWULS



6RQRZ5RZOH\VJHWWLQJDOOWKHIDPHWKDWZDV
VXSSRVHGWREHPLQH

(YHQWKHWHDFKHUVDUHNLVVLQJ5RZOH\VEXWW,
DOPRVWORVWP\OXQFKZKHQ0U:RUWKGURSSHGKLV
FKDONLQ+LVWRU\FODVV{



0RQGD\

7KLV|=RR:HH0DPD}WKLQJKDVUHDOO\JRWPH
ZRUNHGXS5RZOH\LVJHWWLQJDOOWKHFUHGLWIRUD
FRPLFWKDWZHFDPHXSZLWKWRJHWKHU,ILJXUHG
WKHOHDVWKHFRXOGGRZDVSXWP\QDPHRQWKH
VWULSDVWKHFRFUHDWRU
6R,ZHQWXSWR5RZOH\DIWHUVFKRRODQGWROG
KLPWKDWVZKDWKHZDVJRQQDKDYHWRGR%XW
5RZOH\VDLG|=RR:HH0DPD}ZDVDOO+LVLGHD
DQGWKDW,GLGQWKDYHDQ\WKLQJWRGRZLWKLW
,JXHVVZHPXVWYHEHHQWDONLQJSUHWW\ORXG
EHFDXVHWKHQH[WWKLQJ\RXNQHZZHDWWUDFWHG
DFURZG



7KHNLGVDWP\VFKRRODUH$O:$\VLWFKLQJWR
VHHDILJKW0HDQG5RZOH\WULHGWRZDONDZD\
EXWWKRVHJX\VZHUHQWJRLQJWROHWXVJRXQWLO
WKH\VDZXVWKURZVRPHSXQFKHV
,YHQHYHUEHHQLQDUHDOILJKWEHIRUHVR,GLGQW
NQRZKRZ,ZDVVXSSRVHGWRVWDQGRUKROGP\
ILVWVRUDQ\WKLQJ$QG\RXFRXOGWHOO5RZOH\
GLGQWNQRZZKDWKHZDVGRLQJHLWKHUEHFDXVHKH
MXVWVWDUWHGSUDQFLQJDURXQGOLNHDOHSUHFKDXQ

,ZDVSUHWW\VXUH,FRXOGWDNH5RZOH\LQD
ILJKWEXWWKHWKLQJWKDWPDGHPHQHUYRXVZDV
WKHIDFWWKDW5RZOH\WDNHVNDUDWH,GRQWNQRZ
ZKDWNLQGRIKRFXVSRFXVWKH\WHDFKLQ5RZOH\V
NDUDWHFODVVHVEXWWKHODVWWKLQJ,QHHGHGZDV
IRUKLPWROD\PHRXWULJKWWKHUHRQWKHEODFNWRS


%HIRUHPHRU5RZOH\PDGHDPRYHWKHUHZDVD
VFUHHFKLQJVRXQGLQWKHVFKRROSDUNLQJORW$
EXQFKRIWHHQDJHUVKDGVWRSSHGWKHLUSLFNXS
WUXFNDQGWKH\VWDUWHGSLOLQJRXW
,ZDVMXVWKDSS\WKDWHYHU\RQHVDWWHQWLRQZDV
RQWKHWHHQDJHUVLQVWHDGRIPHDQG5RZOH\%XW
DOOWKHRWKHUNLGVWRRNRIIZKHQWKHWHHQDJHUV
VWDUWHGKHDGLQJRXUZD\

$QGWKHQ,UHDOL]HGWKDWWKHVHWHHQDJHUV
ORRNHGDZIXOO\IDPLOLDU
7KDWVZKHQLWKLWPH7KHVHZHUHWKHVDPH
JX\VZKRFKDVHGPHDQG5RZOH\DURXQGRQ
+DOORZHHQQLJKWDQGWKH\KDGILQDOO\FDXJKWXS
ZLWKXV


%XWEHIRUHZHFRXOGPDNHDUXQIRULWZHKDGRXU
DUPVSLQQHGEHKLQGRXUEDFNV
7KRVHJX\VZDQWHGWRWHDFKXVDOHVVRQIRU
WDXQWLQJWKHPRQ+DOORZHHQQLJKWDQGWKH\
VWDUWHGDUJXLQJRYHUZKDWWKH\VKRXOGGRZLWKXV

%XWWREHKRQHVWZLWK\RX,ZDVPRUHFRQFHUQHG
DERXWVRPHWKLQJHOVH7KH&KHHVHZDVRQO\DIHZ
IHHWIURPZKHUHZHZHUHVWDQGLQJRQWKHEODFNWRS
DQGLWZDVORRNLQJQDVWLHUWKDQHYHU



7KHELJWHHQDJHUPXVWKDYHFDXJKWP\H\H
EHFDXVHWKHQH[WWKLQJ,NQHZKHZDVORRNLQJ
DWWKH&KHHVHWRR$QG,JXHVVWKDWJDYHKLP
WKHLGHDKHZDVORRNLQJIRU
5RZOH\JRWVLQJOHGRXWILUVW7KHELJNLGJUDEEHG
5RZOH\DQGGUDJJHGKLPRYHUWRWKH&KHHVH
1RZ,GRQWZDQWWRVD\H[DFWO\ZKDWKDSSHQHG
QH[W%HFDXVHLI5RZOH\HYHUWULHVWRUXQIRU
3UHVLGHQWDQGVRPHRQHILQGVRXWZKDWWKHVHJX\V
PDGHKLPGRKHZRQWKDYHDFKDQFH
6R,OOSXWLWWR\RXWKLVZD\7KH\PDGH5RZOH\
BBBWKH&KHHVH



,NQHZWKH\ZHUHJRQQDPDNHPHGRLWWRR,
VWDUWHGWRSDQLFEHFDXVH,NQHZ,ZDVQWJRLQJ
WREHDEOHWRILJKWP\ZD\RXWRIWKLVVLWXDWLRQ
6R,GLGVRPHIDVWWDONLQJLQVWHDG

$QGEHOLHYHLWRUQRWLWDFWXDOO\ZRUNHG



,JXHVVWKHWHHQDJHUVZHUHVDWLVILHGWKH\KDG
PDGHWKHLUSRLQWEHFDXVHDIWHUWKH\PDGH
5RZOH\ILQLVKRIIWKHUHVWRIWKH&KHHVHWKH\
OHWXVJR7KH\JRWEDFNLQWKHLUWUXFNDQG
WRRNRIIGRZQWKHURDG
0HDQG5RZOH\ZDONHGKRPHWRJHWKHU%XWQHLWKHU
RQHRIXVUHDOO\VDLGDQ\WKLQJRQWKHZD\EDFN
,WKRXJKWDERXWPHQWLRQLQJWR5RZOH\WKDW
PD\EHKHFRXOGKDYHSXOOHGRXWDFRXSOHRIKLV
NDUDWHPRYHVEDFNWKHUHEXWVRPHWKLQJWROGPH
WRKROGRIIRQWKDWWKRXJKWIRUULJKWQRZ



7XHVGD\

$WVFKRROWRGD\WKHWHDFKHUVOHWXVRXWVLGH
DIWHUOXQFK
,WWRRNDERXWILYHVHFRQGVIRUVRPHRQHWR
UHDOL]HWKH&KHHVHZDVPLVVLQJIURPLWVVSRWRQ
WKHEODFNWRS

(YHU\ERG\FURZGHGDURXQGWRORRNDWZKHUHWKH
&KHHVHXVHGWREH1RERG\FRXOGEHOLHYHLWZDV
DFWXDOO\JRQH
3HRSOHVWDUWHGFRPLQJXSZLWKWKHVHFUD]\WKHRULHV
DERXWZKDWKDSSHQHGWRLW6RPHERG\VDLGWKDW
PD\EHWKH&KHHVHJUHZOHJVDQGZDONHGDZD\


,WWRRNDOOP\VHOIFRQWUROWRNHHSP\PRXWK
VKXW$QGLI5RZOH\ZDVQWVWDQGLQJULJKW
WKHUH,KRQHVWO\GRQWNQRZLI,FRXOGKDYH
NHSWTXLHW

$FRXSOHRIWKHJX\VZKRZHUHDUJXLQJRYHUZKDW
KDSSHQHGWRWKH&KHHVHZHUHWKHVDPHRQHVZKR
ZHUHHJJLQJPHDQG5RZOH\RQ\HVWHUGD\DIWHUQRRQ
6R,NQHZLWZDVQWJRLQJWREHORQJEHIRUH
VRPHRQHSXWWZRDQGWZRWRJHWKHUDQGILJXUHGRXW
WKDWZHPXVWKDYHKDGVRPHWKLQJWRGRZLWKLW
5RZOH\ZDVVWDUWLQJWRSDQLFDQG,GRQW
EODPHKLPHLWKHU,IWKHWUXWKHYHUFDPHRXW
DERXWKRZWKH&KHHVHGLVDSSHDUHG5RZOH\ZRXOG
EHILQLVKHG+HGKDYHWRPRYHRXWRIWKHVWDWH
DQGPD\EHHYHQWKHFRXQWU\


7KDWVZKHQ,GHFLGHGWRVSHDNXS
,WROGHYHU\RQHWKDW,NQHZZKDWKDSSHQHGWR
WKH&KHHVH,VDLG,ZDVVLFNRILWEHLQJRQWKH
EODFNWRSDQG,MXVWGHFLGHGWRJHWULGRILWRQFH
DQGIRUDOO
)RUDVHFRQGWKHUHHYHU\RQHMXVWIUR]H,
WKRXJKWSHRSOHZHUHJRLQJWRVWDUWWKDQNLQJPH
IRUZKDW,GLGEXWER\ZDV,ZURQJ
,UHDOO\ZLVK,KDGZRUGHGP\VWRU\DOLWWOH
GLIIHUHQWO\%HFDXVHLI,WKUHZDZD\WKH&KHHVH
JXHVVZKDWWKDWPHDQW",WPHDQWWKDW,KDYH
WKH&KHHVH7RXFK



-XQH

)ULGD\

:HOOLI5RZOH\DSSUHFLDWHGZKDW,GLGIRUKLP
ODVWZHHNKHKDVQWVDLGLW%XWZHYHVWDUWHG
KDQJLQJRXWDIWHUVFKRRODJDLQVR,JXHVVWKDW
PHDQVPHDQGKLPDUHEDFNWRQRUPDO

,FDQKRQHVWO\VD\WKDWVRIDUKDYLQJWKH
&KHHVH7RXFKKDVQWEHHQDOOWKDWEDG
,WJRWPHRXWRIGRLQJWKH6TXDUH'DQFHXQLW
LQ3K\V(GEHFDXVHQRRQHZRXOGSDUWQHUXS
ZLWKPH$QG,YHKDGWKHZKROHOXQFKWDEOHWR
P\VHOIHYHU\GD\
7RGD\ZDVWKHODVWGD\RIVFKRRODQGWKH\
KDQGHGRXW\HDUERRNVDIWHUHLJKWKSHULRG


,IOLSSHGWRWKH&ODVV)DYRULWHVSDJHDQG
KHUHVWKHSLFWXUHWKDWZDVZDLWLQJIRUPH

$OO,FDQVD\LVLIDQ\RQHZDQWVDIUHH\HDUERRN
WKH\FDQGLJRQHRXWRIWKHWUDVKFDQLQWKH
EDFNRIWKHFDIHWHULD
<RXNQRZ5RZOH\FDQKDYH&ODVV&ORZQIRUDOO,
FDUH%XWLIKHHYHUJHWVWRRELJIRUKLVEULWFKHV
,OOMXVWUHPLQGKLPWKDWKHZDVWKHJX\ZKRDWH
WKHBBBBBB


You might also like