>şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů

dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ

$XOD  7HRULD H 4XHVW}HV &RPHQWDGDV &(6*5$15,2

680È5,2 5(680,'2 3È*,1$

 ± )RUPDomR GH )UDVHV 
  6XEVWDQWLYRV 
 ± $UWLJRV 
  3URQRPHV 
  3UHSRVLo}HV 
 ± 7H[WR  4XHVW}HV &RPHQWDGDV H 7UDGXomR 
 ± 7H[WR  4XHVW}HV &RPHQWDGDV H 7UDGXomR 
  7H[WR  9RFDEXOiULR H 7UDGXomR 
 ± 9RFDEXOiULRV 
 ± /LVWD GH 4XHVW}HV &RPHQWDGDV H *DEDULWRV 

2EVHUYDomR LPSRUWDQWH HVWH FXUVR p SURWHJLGR SRU GLUHLWRV DXWRUDLV

FRS\ULJKW  QRV WHUPRV GD /HL  TXH DOWHUD DWXDOL]D H FRQVROLGD D
OHJLVODomR VREUH GLUHLWRV DXWRUDLV H Gi RXWUDV SURYLGrQFLDV

*UXSRV GH UDWHLR H SLUDWDULD VmR FODQGHVWLQRV YLRODP D OHL H SUHMXGLFDP RV

SURIHVVRUHV TXH HODERUDP R FXUVRV 9DORUL]H R WUDEDOKR GH QRVVD HTXLSH
DGTXLULQGR RV FXUVRV KRQHVWDPHQWH DWUDYpV GR VLWH (VWUDWpJLD &RQFXUVRV

  )RUPDomR GH )UDVHV

1D /tQJXD ,QJOHVD RV HOHPHQWRV HVVHQFLDLV GD RUDomR HQFRQWUDPVH QHVVD

RUGHP VHQWHQFH ZRUG RUGHU  VXMHLWR  YHUER  FRPSOHPHQWR
REVHUYH RV H[HPSORV DEDL[R

6ZLVV SULYDWH EDQN %6, 6$ DJUHHG WRGD\ WR SD\ D  PLOOLRQ SHQDOW\
2 %DQFR SULYDGR VXtoR %6, 6$ FRQFRUGRX KRMH HP SDJDU XPD PXOWD 
PLOK}HV GyODUHV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
6XMHLWR ± 6ZLVV SULYDWH EDQN %6, 6$ ,W
9HUERV ± DJUHHG WR SD\
&RPSOHPHQWR ± WRGD\ D  PLOOLRQ SHQDOW\

³<RXU VWXGHQWV KDYH D YHU\ OLWWOH ODQJXDJH´

³6HXV DOXQRV WrP XPD OLQJXDJHP PXLWR UHVWULWD´

6XMHLWR ± <RXU VWXGHQWV 7KH\

9HUER ± KDYH
&RPSOHPHQWR ± D YHU\ OLWWOH ODQJXDJH

1R HQWDQWR DV YH]HV D IUDVH p HVFULWD QD RUGHP LQGLUHWD 9HMD R

H[HPSOR

$W QRRQ RQ 7XHVGD\ GXULQJ WKH VXPPHU 7LP VKRRWV DW VTXLUUHOV ZLWK KLV
ROG JXQ
$R PHLRGLD GH WHUoDIHLUD GXUDQWH R YHUmR 7LP DWLUD HP HVTXLORV FRP VXD
YHOKD DUPD

7LP ± VXMHLWR
6KRRWV ± YHUER QR 3UHVHQW 6LPSOH  SHVV GR VLQJXODU
$W VTXLUUHOV ZLWK KLV JXQ ± REMHWR
$W QRRQ RQ 7XHVGD\ GXULQJ WKH VXPPHU ± FRPSOHPHQWR

7KH VLPSOH VHQWHQFH IUDVH VLPSOHV  p XPD RUDomR TXH WHP DSHQDV XPD
LQGHSHQGHQW FODXVH FOiXVXOD LQGHSHQGHQWH  WDPEpP FKDPDGD GH PDLQ
FODXVH RUDomR SULQFLSDO FRQWpP XP VXMHLWR H XP YHUER H jV YH]HV XP
FRPSOHPHQWR H H[SUHVVD XP SHQVDPHQWR FRPSOHWR

7KH VWXGHQWV FRPH IURP KXQGUHGV RI HWKQLF DQG ODQJXDJH EDFNJURXQGV

2V DOXQRV YHP GH FHQWHQDV GH JUXSRV pWQLFRV H LGLRPDV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ Ϯ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
,Q WKH HYHQLQJ RQ 6XQGD\ GXULQJ WKH ZLQWHU -DQH ZDWFKHV KHU IDYRULWH
VKRZ LQ KHU EHGURRP
1D QRLWH GH GRPLQJR GXUDQWH R LQYHUQR -DQH DVVLVWH VHX VKRZ IDYRULWR HP
VHX TXDUWR

1R HQWDQWR jV YH]HV VH DGLFLRQDP DOJXPDV SDODYUDV DV FRQMXQo}HV )RU

$QG1RU%XW2U<HW6R SDUD FRPELQDU IUDVHV LQGHSHQGHQWHV 4XDQGR LVWR
DFRQWHFH WHPRV HQWmR WKH FRPSRXQG VHQWHQFH YHMD RV VHJXLQWHV
H[HPSORV

:H DOZD\V DUULYH DW WKH DLUSRUW HDUO\ EXW WRGD\ ZH DUULYHG ODWH

1yV VHPSUH FKHJDPRV DR DHURSRUWR FHGR PDV KRMH FKHJDPRV DWUDVDGRV

7KHLU FDU ZDV EURNH GRZQ VR WKH\ FDOOHG D WD[L

2 FDUUR GHOHV HVWDYD FRP SUREOHPD HQWmR HOHV FKDPDUDP XP WD[L

+H ZRUNHG LQ D EDQN DQG HQMR\HG D FRPIRUWDEOH OLIHVW\OH

(OH WUDEDOKDYD QXP EDQFR H WLQKD XP HVWLOR GH YLGD FRQIRUWiYHO

4XDQGR QmR IRU XVDGD XPD FRQMXQomR SDUD XQLU DV GXDV IUDVHV
VLPSOHV SRGH VHU XVDGR R SRQWR H YtUJXOD

7LP ZRUNV GRZQWRZQ LQ D VFKRRO KLV ZLIH -DQH ZRUNV LQ DQ RIILFH QHDUE\
7LP WUDEDOKD QR FHQWUR GD FLGDGH HP XPD HVFROD D HVSRVD GHOH WUDEDOKD
HP XP HVFULWyULR SUy[LPR

 6XEVWDQWLYRV

8P VXEVWDQWLYR QRXQ p XPD SDODYUD XVDGD SDUD QRPHDU XPD SHVVRD

DQLPDO OXJDU FRLVD LGHLD DEVWUDWD $VVLP FRPR QR 3RUWXJXrV RV
VXEVWDQWLYRV QD /tQJXD ,QJOHVD SRGHP VHU DIHWDGRV SRU RXWURV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϯ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
FRPSRQHQWHV GD IUDVH $V SDODYUDV GHVWDFDGDV QDV VHJXLQWHV IUDVHV DEDL[R
VmR VXEVWDQWLYRV VLPSOHV RQHZRUG QRXQV 

7&8 KDV FRRSHUDWLRQ UHODWLRQV ZLWK WKH 6XSUHPH $XGLW ,QVWLWXWLRQV ± 6$,V
RI YDULRXV FRXQWULHV 3RUWDO GR 7&8

2 7&8 WHP UHODo}HV GH FRRSHUDomR FRP DV ,QVWLWXLo}HV 6XSHULRUHV GH

$XGLWRULD  6D,V GH YiULRV SDtVHV

7KHVH WHFKQLFDO JURXSV FRQYHQH IURP WLPH WR WLPH WR H[FKDQJH H[SHULHQFHV

DQG DVVHVV WKH SURJUHVV RI WKHLU DFWLYLWLHV 3RUWDO GR 7&8

(VWHV JUXSRV WpFQLFRV UH~QHPVH GH YH] HP TXDQGR SDUD WURFDU

H[SHULrQFLDV H DYDOLDU R DQGDPHQWR GH VXDV DWLYLGDGHV

4XDQGR R VXEVWDQWLYR p FRPSRVWR GH GXDV SDODYUDV p FKDPDGR FRPSRXQG

QRXQ 3RGHP VHU GRLV VXEVWDQWLYRV XP VXEVWDQWLYRDGMHWLYR RX XP
VXEVWDQWLYR  DGYpUELR ([HPSORV EUHDVW IHHGLQJ EUHDVWIHHGLQJ RX
EUHDVWIHHGLQJ ERWWOH IHHGLQJ ERWWOHIHHGLQJ RX ERWWOHIHHGLQJ

6KH KDG D FKRLFH EHWZHHQ EUHDVWIHHGLQJ RU ERWWOHIHHGLQJ KHU QHZERUQ

(OD WLQKD XPD HVFROKD HQWUH DPDPHQWDU RX GDU PDPDGHLUD DR VHX EHEr
UHFpPQDVFLGR

$OJXQV FRPSRXQG QRXQV VmR IRUPDGRV GH SDODYUDV VLPSOHV H FRQWpP

KtIHQ ([HPSORV

-DQH ZDV OLYLQJ ZLWK KHU PRWKHULQODZ DQG KHU VLVWHULQODZ

-DQH HVWDYD PRUDQGR FRP VXD VRJUD H VXD FXQKDGD

8P VXEVWDQWLYR HP XPD IUDVH SRGH H[HUFHU GLIHUHQWHV IXQo}HV FRPR

VXMHLWR REMHWR GLUHWR REMHWR LQGLUHWR FRPSOHPHQWR GR VXMHLWR RX REMHWR

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϰ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
XP DSRVWR XP DGMHWLYR RX XP DGYpUELR 9DL GHSHQGHU GR FRQWH[WR HP TXH
HOH VH HQFRQWUD

8P VXEVWDQWLYR FRQWiYHO FRXQWDEOH QRXQ VH UHIHUH D FRLVDV TXH

H[LVWHP HP XQLGDGHV LQGLYLGXDLV GLVWLQWDV e H[SUHVVR FRP R DFUpVFLPR GH
XP V QR ILQDO GD SDODYUD ([HPSORV GRJ ± GRJV FmR FmHV  PRQWK ±
PRQWKV PrV ± PHVHV  WHDFKHU ± WHDFKHUV SURIHVVRUSURIHVVRUHV 

, ERXJKW WZR ERWWOHV RI ,WDOLDQ ZLQH

&RPSUHL GXDV JDUUDIDV GH YLQKR LWDOLDQR *DUUDIDV GH YLQKR SRGHP VHU
FRQWDGDV

8P VXEVWDQWLYR LQFRQWiYHO XQFRXQWDEOH QRXQ JHUDOPHQWH QmR p

H[SUHVVR FRP R DFUpVFLPR GH XP V QR ILQDO GD SDODYUD RX VHMD QmR WHP D
IRUPD GR SOXUDO ([HPSORV PLON OHLWH  PRQH\ GLQKHLUR  IRRG DOLPHQWR 
ZDWHU iJXD 

7KH ZLQH VSLOOHG RQ P\ GUHVV

2 YLQKR FDLX QR PHX YHVWLGR TXDQWRV YLQKRV" YLQKR QmR SRGH VHU FRQWDGR

3OXUDO GRV 6XEVWDQWLYRV

2 3OXUDO GRV VXEVWDQWLYRV p IRUPDGR GH GLIHUHQWHV IRUPDV 1D PDLRULD GRV

VXEVWDQWLYRV ID]VH R SOXUDO SRU DFUHVFHQWDU DSHQDV XP ³6´ j SDODYUD
4XDQGR R VXEVWDQWLYR WHUPLQDU HP &+ 6+ 6 66 ; RX = p DFUHVFHQWDGR
³(6´ SDUD ID]HU VHX 3OXUDO 4XDQGR R VXEVWDQWLYR WHUPLQDU HP < p GHOHWDGR
R < H DFUHVFHQWDGR ³,(6´ (P DOJXQV VXEVWDQWLYRV TXH WHUPLQDP HP ) p
GHOHWDGR R ³)´ H DFUHVFHQWDGR 9(6 9HMD RV H[HPSORV

7KH )HGHUDO &RXUW RI $FFRXQWV RI %UD]LO 7ULEXQDO GH &RQWDV GD 8QLmR  7&8

DXGLWV WKH DFFRXQWV RI DGPLQLVWUDWRUV DQG RWKHU SHUVRQV UHVSRQVLEOH IRU
IHGHUDO SXEOLF IXQGV DVVHWV DQG RWKHU YDOXDEOHV DV ZHOO DV WKH DFFRXQWV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϱ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
RI DQ\ SHUVRQ ZKR PD\ FDXVH ORVV PLVDSSOLFDWLRQ RU RWKHU LUUHJXODULWLHV
LUUHJXODULW\ WKDW PD\ FDXVH ORVVHV WR WKH SXEOLF WUHDVXU\ 3RUWDO GR 7&8

2 7ULEXQDO GH &RQWDV GD 8QLmR GR %UDVLO 7ULEXQDO GH &RQWDV GD 8QLmR 

7&8 DXGLWRULD DV FRQWDV GRV DGPLQLVWUDGRUHV H GHPDLV UHVSRQViYHLV SRU
UHFXUVRV S~EOLFRV IHGHUDLV DWLYRV H RXWURV REMHWRV GH YDORU EHP FRPR DV
FRQWDV GH TXDOTXHU SHVVRD TXH SRVVD FDXVDU SHUGD PDX XVR  RX RXWUDV
LUUHJXODULGDGHV TXH SRVVDP FDXVDU SUHMXt]R DR HUiULR S~EOLFR

2XWURV H[HPSORV ER[ ER[HV FDL[DV  JDV JDVHV

$OJXQV VXEVWDQWLYRV WHP R SOXUDO LUUHJXODU ([HPSORV FKLOG ± FKLOGUHQ

FULDQoDV  ZRPDQ ZRPHQ PXOKHUHV  PRXVH ± PLFH UDWRV

*rQHURV GRV 6XEVWDQWLYRV 1RXQV *HQGHU

1D /tQJXD ,QJOHVD GLIHUHQWH GR 3RUWXJXrV DOJXQV VXEVWDQWLYRV WHP R

PHVPR IRUPDWR SDUD R PDVFXOLQR H IHPLQLQR 2XWURV VmR YDULiYHLV GH
DFRUGR FRP R JrQHUR 2EVHUYH DEDL[R DOJXQV GHOHV

DFFRXQWDQW FRQWDGRU D
DFWRUDFWUHVV DWRUDWUL]
HQJLQHHU HQJHQKHLUR D
MDQLWRU ]HODGRU D
ODZ\HU DGYRJDGR D
QXUVH HQIHUPHLUR D
VWXGHQW DOXQR D
WHDFKHU SURIHVVRU D
ZDLWHUZDLWUHVV JDUoRQJDUoRQHWH

6XEVWDQWLYR TXH LQGLFD 3RVVH WKH JHQLWLYH

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϲ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ

1R FDVR SRVVHVVLYR XP VXEVWDQWLYR PXGD VXD IRUPD GH PRVWUDU TXH HOH

SRVVXL RX HVWi LQWLPDPHQWH UHODFLRQDGR D RXWUD FRLVD 1RUPDOPHQWH RV
VXEVWDQWLYRV WRUQDPVH SRVVHVVLYRV SRU DGLomR GH XPD FRPELQDomR GH XP
DSyVWURIR H D OHWUD V 2 FDVR SRVVHVVLYR GH XP VXEVWDQWLYR VLQJXODU TXH
WHUPLQD HP V p IRUPDGR DGLFLRQDQGRVH DSHQDV XP DSyVWURIR REVHUYH DV
VHJXLQWHV IUDVHV

7KH EOXH KRXVH LV 7KRPDV¶

$ FDVD D]XO p GR 7KRPDV

7KH EDQN¶V VWRFN ORVW D WKLUG RI LWV YDOXH LQ WZR PRQWKV

$V Do}HV GR EDQFR SHUGHUDP XP WHUoR GH VHX YDORU HP GRLV PHVHV

,I ILJKWLQJ VSLOOV EH\RQG 6\ULD¶V ERUGHUV WKHVH ZHDSRQV FRXOG WKUHDWHQ

DOOLHV OLNH 7XUNH\ -RUGDQ DQG ,VUDHO 1< 7LPHV 
6H D OXWD XOWUDSDVVDU DV IURQWHLUDV GD 6tULD HVVDV DUPDV SRGHULDP
DPHDoDU DOLDGRV FRPR D 7XUTXLD -RUGkQLD H ,VUDHO

%XW ,¶P DOVR WKH SUHVLGHQW RI WKH ZRUOG¶V ROGHVW FRQVWLWXWLRQDO

GHPRFUDF\ 1 < 7LPHV 
0DV WDPEpP VRX R SUHVLGHQWH GD PDLV DQWLJD GHPRFUDFLD
FRQVWLWXFLRQDO GR PXQGR

2V Q~PHURV QXPEHUV LQGLFDP VLQJXODU RX SOXUDO $V PXGDQoDV QRV

Q~PHURV RFRUUHP FRP VXEVWDQWLYRV RX SURQRPHV SHVVRDLV SRU TXH DPERV
PXGDP D VXD IRUPD SDUD PRVWUDU D GLIHUHQoD HP Q~PHURV $ FRQIXVmR FRP
Q~PHURV RFRUUH HVSHFLDOPHQWH HQWUH XP SURQRPH H R VHX DQWHFHGHQWH H
HQWUH SDODYUDV FXMR VLJQLILFDGR VH UHODFLRQDP XPD D RXWUD /HPEUHVH TXH
R XVR GRV SURQRPHV QR VLQJXODU VH UHIHUH DRV DQWHFHGHQWHV QR VLQJXODU H
RV SURQRPHV QR SOXUDO DRV DQWHFHGHQWHV QR SOXUDO

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϳ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
,I D SHUVRQ GRHV QRW NHHS XS ZLWK KRXVHKROG FKRUHV KH RU VKH ZLOO ILQG
WKDW WKLQJV SLOH XS ZLWK DODUPLQJ VSHHG

6H XPD SHVVRD QmR DFRPSDQKDU DV WDUHIDV GRPpVWLFDV HOH RX HOD YDL

DFKDU TXH DV FRLVDV VH DFXPXODP FRP XPD YHORFLGDGH DODUPDQWH

,I SHRSOH GR QRW NHHS XS ZLWK KRXVHKROG FKRUHV WKH\ ZLOO ILQG WKDW WKLQJV
SLOH XS ZLWK DODUPLQJ VSHHG

6H DV SHVVRDV QmR DFRPSDQKDUHP DV WDUHIDV GRPpVWLFDV HOHV DV YmR

DFKDU TXH DV FRLVDV VH DFXPXODP FRP XPD YHORFLGDGH DODUPDQWH

$OO WKH WHDFKHUV KDYH JRRG UHSXWDWLRQV

7RGRV RV SURIHVVRUHV WrP ERDV UHSXWDo}HV

(P ,QJOrV RV PLOKDUHV VmR GLYLGLGRV SRU YtUJXOD H QmR SRU SRQWR FRP QR
3RUWXJXrV ( RV GHFLPDLV VmR GLYLGLGRV SRU SRQWR

7KH\ OHYLHG  ILQHV RQ WHQ HFRQRPLVWV IRU SXUSRUWHGO\ PLVOHDGLQJ

FRQVXPHUV
(OHV DSOLFDUDP PXOWDV QR YDORU GH  GyODUHV HP GH] HFRQRPLVWDV
SRU VXSRVWDPHQWH HQJDQDUHP RV FRQVXPLGRUHV

)LUVW ± VW 3ULPHLUR D

6HFRQG ± QG 6HJXQGR D
7KLUG ± UG 7HUFHLUR D
)RXUWK ± WK 4XDUWR D
7ZHQWLHWK ± WK 9LJpVLPR D
2QH KXQGUHGWK ± WK &HQWHVLPR D

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϴ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
  $UWLJRV

2V DUWLJRV DUWLFOHV HP ,QJOrV VmR WUrV WKH GHILQLWLYH 7KH R D RV

DV H WKH LQGHILQLWH DUWLFOH D XP XPD H DQ XP XPD  QR VLQJXODU
VHQGR TXH R D YHP DQWHV GH SDODYUDV TXH FRPHoDP FRP FRQVRDQWH RX TXH
WHP VRP GH FRQVRDQWH H R DQ DQWHV GH SDODYUDV TXH FRPHoDP FRP YRJDO
RX VRP GH YRJDO TXDQGR VH H[SUHVVD XQV XPDV XVDVH R DGMHWLYR
GHWHUPLQDQWH  VRPH

+3 LV QR VWUDQJHU WR WKH DOOLQRQH PDUNHW KDYLQJ FKXUQHG RXW D QXPEHU

RI PXOWL WRXFKFDSDEOH PDFKLQHV XQGHU WKH 7RXFK 6PDUW OLQH 7&(63 
 ± )&&

+3 QmR p HVWUDQKR SDUD R PHUFDGR GH ³WRGRV HP XP´ WHQGR SURGX]LGR

XPD VpULH GH PiTXLQDV FRP D FDSDFLGDGH PXOWL WRTXH VRE D OLQKD 6PDUW
7RXFK

1RW DOO FODPVKHOOV ZLOO KDYH DQ ,QWHO SURFHVVRU WKRXJK 7&(63 
)&&
1R HQWDQWR QHP WRGRV FODPVKHOOV WHUmR XP SURFHVVDGRU ,QWHO

7KH WDPEpP p XVDGR TXDQGR QRV UHIHULPRV D DOJR TXH Mi IRL PHQFLRQDGR
DQWHV 3RUWDQWR Mi HVSHUDPRV TXH R RXYLQWH VDLED GH TXH FRLVD HVWDPRV
IDODQGR

, KDYH D IULHQG ZKR FRPHV IURP 7DLZDQ EXW VKH LVQ¶W DV OLYHO\ DV WKH IULHQG
ZH KDYH IURP %UD]LO
(X WHQKR XPD DPLJD TXH p GH 7DLZDQ PDV HOD QmR p WmR DQLPDGD FRPR D
DPLJD TXH WHPRV GR %UDVLO

)RL XVDGR WKH HP WKH IULHQG ZH KDYH IURP %UD]LO SRLV R RXYLQWH Mi D
FRQKHFH VDEH D TXHP VH UHIHUH

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϵ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ

, YLVLWHG D UHVWDXUDQW \HVWHUGD\ EXW LW ZDVQ¶W DV GLUW\ DV WKH UHVWDXUDQW ZH

LQVSHFWHG ODVW ZHHN
(X YLVLWHL XP UHVWDXUDQWH RQWHP PDV HOH QmR HVWDYD WmR VXMR FRPR R
UHVWDXUDQWH TXH QyV LQVSHFLRQDPRV QD VHPDQD SDVVDGD

1yV XVDPRV WKH UHVWDXUDQW SRU TXH QmR p QRYLGDGH UHIHUHVH D XP

UHVWDXUDQWH GR TXDO QyV Mi VDEHPRV ORFXWRU H LQWHUORFXWRU SRU TXH Mi IRL
YLVWR SRU QyV QD VHPDQD SDVVDGD

7DPEpP XVDPRV WKH HP VHQWHQoDV FRPR

%XW WKH OHDGHUV RI %UD]LO 5XVVLD ,QGLD DQG &KLQD VWRSSHG VKRUW RI
FULWLFLVLQJ WKH ZRUOG¶V GRPLQDQW FXUUHQF\ WKH 86 GROODU $75)%  
 (6$)
0DV RV OtGHUHV GR %UDVLO 5~VVLD ËQGLD H &KLQD GHFLGLUDP SDUDUGLPLQXLU
DV FUtWLFDV j PRHGD GRPLQDQWH GR PXQGR R GyODU DPHULFDQR

7KH )RRG DQG 'UXJ $GPLQLVWUDWLRQ )'$ KDV FRQGXFWHG D TXDOLWDWLYH ULVN
DVVHVVPHQW
$ $GPLQLVWUDomR GH 0HGLFDPHQWRV H $OLPHQWRV )'$ UHDOL]RX XPD
DYDOLDomR TXDOLWDWLYD GRV ULVFRV

'R \RX KDYH PXFK IUHH WLPH GXULQJ WKH GD\"

9RFr WHP PXLWR WHPSR OLYUH GXUDQWH R GLD"

:KDW V WKH WLPH LQ /RQGRQ QRZ" ,W V  DP :KDW V WKH ZHDWKHU OLNH"
4XH KRUDV VmR HP /RQGUHV DJRUD" e  GD PDQKm &RPR HVWi R WHPSR"

7KH ]HUR DUWLFOH p H[SUHVVR SULQFLSDOPHQWH FRP VXEVWDQWLYRV FRQWiYHLV

QR SOXUDO HP VHQWLGR JHQpULFR FRP VXEVWDQWLYRV GH PDVVD H FRP

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϬ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
VXEVWDQWLYRV SUySULRV 'L]VH DUWLJR ]HUR TXDQGR RV VXEVWDQWLYRV
GLVSHQVDP R XVR GR DUWLJR GHILQLGR WKH H LQGHILQLGR D Q 

%RRNV DUH IDVFLQDWLQJ

2V OLYURV VmR IDVFLQDQWHV

$QLPDOV DUH VXIIHULQJ WKH GHYDVWDWLQJ FRQVHTXHQFHV RI KXPDQ

HQFURDFKPHQW $ZDNH 
2V DQLPDLV HVWmR VRIUHQGR DV FRQVHTrQFLDV GHYDVWDGRUDV GD LQYDVmR
KXPDQD

:DWHU LV HVVHQWLDO WR OLIH

$ iJXD p HVVHQFLDO j YLGD

-DQH LV 7LP¶V ZLIH

$ -DQH p HVSRVD GR 7LP

'LQQHU LV UHDG\
2 MDQWDU HVWi SURQWR

  3URQRPHV

2V 3URQRPHV 3HVVRDLV 3HUVRQDO 3URQRXQV VmR GLYLGLGRV HP 3URQRPHV

VXMHLWR 6XEMHFW 3URQRXQV  TXH VmR HTXLYDOHQWHV DRV SURQRPHV GR FDVR
UHWR HP 3RUWXJXrV H 3URQRPHV 2EMHWR 2EMHFW 3URQRXQV HTXLYDOHQWHV
DR FDVR REOtTXR 6mR SDODYUDV SHTXHQDV TXH YRFr SRGH XVDU SDUD VXEVWLWXLU
XPD SHVVRD RX FRLVD TXDQGR YRFr Mi IDORX VREUH HOHV RX VHMD XVDPRV RV
SURQRPHV SHVVRDLV TXDQGR QmR p QHFHVViULR UHSHWLU QRPHV RX IUDVHV
QRPLQDLV DRV TXDLV HOHV VH UHIHUHP 3RU H[HPSOR

-RKQ ORYHV 0DU\ +H -RKQ LV DOZD\V EX\LQJ KHU JLIWV

-RKQ DPD 0DU\ (OH -RKQ HVWi VHPSUH FRPSUDQGR SUHVHQWHV SDUD HOD

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϭ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ

*OREDOL]DWLRQ LV ERWK D FDXVH DQG D UHVXOW RI WKH PRGHUQ LQIRUPDWLRQ

UHYROXWLRQ ,W JOREDOL]DWLRQ LV GULYHQ E\ GUDPDWLF LPSURYHPHQWV LQ
WHOHFRPPXQLFDWLRQV
$ JOREDOL]DomR p WDQWR D FDXVD FRPR R UHVXOWDGR GD PRGHUQD UHYROXomR
GD LQIRUPDomR (OD JOREDOL]DomR p LPSXOVLRQDGD SRU VXUSUHHQGHQWHV
PHOKRUDV QDV WHOHFRPXQLFDo}HV

6LQJXODU H 3OXUDO
2EVHUYH QR TXDGUR DEDL[R RV 3URQRPHV 3HVVRDLV VXMHLWR ODGR HVTXHUGR H
REMHWR ODGR GLUHLWR 

3URQRPH 6XMHLWR 3URQRPH 2EMHWR

, HX PH PHPLP
+H HOH KLP OKH R D HOH
6KH HOD KHU OKH D D HOD
,W QHXWUR LW OKH R D
<RX \RX OKH R D WH WL D YRFr
:H QyV XV QRV
<RX \RX YRV OKHV YRFrV
7KH\ HOHV HODV WKHP OKHV RV DV

2V SURQRPHV SHVVRDLV QR VLQJXODU VmR XVDGRV SDUD VXEVWLWXLU XP HOHPHQWR

H RV SURQRPHV QR SOXUDO VXEVWLWXHP PDLV GH XP HOHPHQWR SHVVRD RX FRLVD
2EVHUYH QR TXDGUR DFLPD TXH R <RX SRGH VHU XVDGR SDUD VXEVWLWXLU WDQWR
XPD SHVVRD FRPR PDLV GH XPD SRLV HOH VHUYH SDUD DPERV VLQJXODU H
SOXUDO

8VR GR LW ,W p R SURQRPH SHVVRDO TXH QyV XVDPRV DR LQYpV GH

VKHKHU RX KHKLP TXDQGR QRV UHIHULPRV D FRLVDV DQWHV TXH D
SHVVRDV QR VLQJXODU &RPSDUH RV VHJXLQWHV H[HPSORV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϮ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
, KDYH D IULHQG ZKR FRPHV IURP 7DLZDQ +H LV HLJKWHHQ \HDUV ROG , KDYH
NQRZQ KLP VLQFH , ZDV WZHOYH
(X WHQKR XP DPLJR TXH p GH 7DLZDQ (OH WHP GH]RLWR DQRV (X R FRQKHoR
GHVGH TXH HX WLQKD GR]H DQRV

<RX KDYH D JUHDW PRP 6KH LV QLFH DQG D KDUG ZRUNHU <RX VKRXOG WDNH
FDUH RI KHU
9RFr WHP XPD JUDQGH PmH (OD p yWLPD H WUDEDOKDGRUD 9RFr GHYHULD
FXLGDU GHOD

%UHQGD LV VWLOO D FORVH IULHQG , KDYHQ W VHHQ KHU IRU WKUHH \HDUV QRZ EXW
VKH HPDLOV PH HYHU\ ZHHN , PLVV KHU
%UHQGD p DLQGD XPD DPLJD tQWLPD (X QmR D WHQKR YLVWR SRU WUrV DQRV DWp
DJRUD PDV HOD PH PDQGD HPDLOV WRGD VHPDQD 7HQKR VDXGDGHV GHOD

-RmR LV D JRRG WHDFKHU +H WHDFKHV LQ WKH +LJK VFKRRO :H OLNH WR DWWHQG

KLV FODVVHV
-RmR p XP ERP SURIHVVRU (OH HQVLQD QD HVFROD GH HQVLQR PpGLR 1yV
JRVWDPRV GH DVVLVWLU DV DXODV GHOH

7KLV ULQJ LV RYHU D KXQGUHG \HDUV ROG ,W XVHG WR EHORQJ WR P\ PRWKHU ,

JDYH LW WR P\ GDXJKWHU ZKHQ VKH ZDV WZHOYH \HDUV ROG
(VWH DQHO WHP PDLV GH FHP DQRV (OH SHUWHQFLD D PLQKD PmH (X R GHL j
PLQKD ILOKD TXDQGR HOD WLQKD GR]H DQRV

2 SURQRPH SHVVRDO LW p XVDGR PHVPR TXDQGR QmR WHP QHQKXPD SHUJXQWD

RX QRPH R SUHFHGHQGR 1yV XVDPRV LW FRPR XP VXMHLWR YD]LR TXDQGR QRV
UHIHULPRV D FOLPD WHPSHUDWXUD WHPSR GLVWkQFLDV RX FLUFXQVWkQFLDV DWXDLV
2EVHUYH RV H[HPSORV VHJXLQWHV

,W V MXVW DZIXO ,W V WKH ZHHNHQG DJDLQ DQG LW V EHHQ UDLQLQJ VLQFH HDUO\
PRUQLQJ

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϯ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
e VLPSOHVPHQWH KRUUtYHO e ILP GH VHPDQD GH QRYR H WHP FKRYLGR GHVGH
PDQKm FHGR

&XLGDGR 1mR FRQIXQGD ,W¶V FRP ,WV R SULPHLUR p D FRQWUDomR GR

SURQRPH SHVVRDO VXMHLWR ,W  LV YHUER WR EH QD WHUFHLUD SHVVRD GR
VLQJXODU H R VHJXQGR ,WV p R SURQRPH SRVVHVVLYR GD SHVVRD ,W R
TXDO VHUi YLVWR PDLV QD IUHQWH QHVWD DXOD

,W ZDV  GHJUHHV RQ 1HZ <RUN \HVWHUGD\

(VWDYD  JUDXV HP 1RYD <RUN RQWHP

+RZ IDU LV LW IURP 'D\WRQ WR &ROXPEXV" a , P QRW VXUH , WKLQN LW V DERXW

 NLORPHWHUV
4XDO D GLVWkQFLD GH 'D\WRQ SDUD &ROXPEXV" a (X QmR HVWRX FHUWD $FKR TXH
 TXLO{PHWURV

2EVHUYH TXH WKH\ H WKHP VmR DV IRUPDV QR SOXUDO GR LW H TXH WKH\ H

WKHP SRGHP UHIHULUVH D DPERV FRLVDV H SHVVRDV

:KHUH DUH P\ 7VKLUWV" a 7KH\ UH RQ WKH WRS VKHOI a , FDQ W ILQG WKHP
2QGH HVWmR PLQKDV FDPLVHWDV" a (ODV HVWmR QD SUDWHOHLUD GH FLPDa (X
QmR DV HQFRQWUR

8VR GR 3URQRPH 3HVVRDO 2EMHWR 3HUVRQDO 3URQRXQV 2EMHFW

2V SURQRPHV SHVVRDLV REMHWR VmR XVDGRV FRPR FRPSOHWR GLUHWR RX LQGLUHWR

GH XP YHUER (PSUHJDPRV HVVHV SURQRPHV QRV VHJXLQWHV FDVRV

 &RPR FRPSOHPHQWR GLUHWR

4XDQGR D DomR GH XP YHUER DIHWD XPD SHVVRD RX DOJR

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϰ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
7KH\ KDG WR ORZHU WKHP WKHLU SULFHV  VLQFH GHPDQG ZDV ORZ DQG
FRPSHWLWLRQ ZDV ILHUFH
(OHV WLYHUDP TXH EDL[iORV RV SUHoRV GHOHV  YLVWR TXH D GHPDQGD HUD
EDL[D H D FRPSHWLomR HUD DFLUUDGD

 &RPR FRPSOHPHQWR LQGLUHWR

4XDQGR D DomR GH XP YHUER EHQHILFLD D SHVVRD

+H JDYH WKHP D IHZ FORWKHV

(OH GHXOKHV DOJXPDV URXSDV

 $SyV SUHSRVLo}HV

7KH\ ZDLW IRU XV

(OHV HVSHUDP SRU QyV

 (P H[FODPDo}HV

7KH FRQVWUXFWLRQ FRPSDQ\ HPSOR\HG WKHP

$ FRPSDQKLD GH FRQVWUXomR RV HPSUHJRX

'LIHUHQoD HQWUH RV 3URQRPHV 3HVVRDLV H RV 3URQRPHV 5HIOH[LYRV

(QTXDQWR RV 3URQRPHV 3HVVRDLV VmR XVDGRV SDUD H[SUHVVDU R VXMHLWR RV

3URQRPHV 5HIOH[LYRV 5HIOH[LYH 3URQRXQV VmR XVDGRV SDUD LQGLFDU
TXH D DomR UHIOH[LYD UHFDL VREUH R SUySULR VXMHLWR 1HVVH FDVR R SURQRPH
YHP ORJR DSyV R YHUER H FRQFRUGD FRP R VXMHLWR

(VWHV SURQRPHV VH FDUDFWHUL]DP SHODV WHUPLQDo}HV VHOI QR VLQJXODU H

VHOYHV QR SOXUDO  3DUD FDGD 3URQRPH 3HVVRDO 3HUVRQDO 3URQRXQ H[LVWH
XP 3URQRPH 5HIOH[LYR 5HIOH[LYH 3URQRXQ  1D WDEHOD DEDL[R HVWmR

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϱ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
LQGLFDGRV RV 3URQRPHV 3HVVRDLV 3HUVRQDO 3URQRXQV H RV 3URQRPHV
5HIOH[LYRV 5HIOH[LYH 3URQRXQV DRV TXDLV HOHV VH UHIHUHP

, HX ± P\VHOI $ PLP PHVPR PH

<RX WXYRFr ± \RXUVHOI $ WL D YRFr PHVPR WH VH
+H HOH  KLPVHOI $ VL D HOH PHVPR VH
6KH HOD  KHUVHOI $ VL D HOD PHVPD VH
,W HOHHOD QHXWUR  LWVHOI $ VL PHVPR D  VH
:H QyV  RXUVHOYHV $ QyV PHVPRV DV  QRV
<RX YyVYRFrV  \RXUVHOYHV $ YyVYRFrV PHVPRV DV  YRV
VH
7KH\ HOHVHODV ± WKHPVHOYHV $ HOHV PHVPRV DV  D VL

2EVHUYH DWD[LD ODJRRQV H[DPSOHV

:KHQ 0DU\ FXW KHU KDQG VKH KXUW KHUVHOI
2QGH KHU SURQRPH REOLTXR VKH SURQRPH VXMHLWR H KHUVHOI SURQRPH
UHIOH[LYR
4XDQGR 0DU\ FRUWRX D PmR GHOD HOD PDFKXFRX D VL PHVPD

6RPH PLQXWHV DIWHU WKH WUDLQ OHIW WKH VWDWLRQ LW VWRSSHG E\ LWVHOI
2QGH LW SURQRPH VXMHLWR H LWVHOI UHIOH[LYR
$OJXQV PLQXWRV GHSRLV TXH R WUHP GHL[RX D HVWDomR HOH SDURX SRU VL Vy

'LIHUHQoD HQWUH RV 3URQRPHV 3HVVRDLV H RV 3RVVHVVLYRV

(QTXDQWR RV SURQRPHV SHVVRDLV LQGLFDP R VXMHLWR RV SRVVHVVLYRV

LQGLFDP SRVVH PHX VHX WHX GHOH HWF  (P LQJOrV H[LVWHP GXDV IRUPDV
GH SURQRPH SRVVHVVLYR XPD SDUD RV SURQRPHV DGMHWLYRV SRVVHVVLYRV
SRVVHVVLYH DGMHFWLYHV SURQRXQV H RXWUD SDUD RV SURQRPHV
VXEVWDQWLYRV SRVVHVVLYRV SRVVHVVLYH SURQRXQV  2V SURQRPHV
VXEVWDQWLYRV SRVVHVVLYRV H RV DGMHWLYRV SRVVHVVLYRV PRVWUDP D TXHP R

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϲ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
HOHPHQWR SHUWHQFH 2EVHUYH QD WDEHOD DEDL[R QD SULPHLUD FROXQD HVWmR RV
DGMHWLYRV SRVVHVVLYRV TXH DFRPSDQKDP RV VXEVWDQWLYRV  QD VHJXQGD
RV SURQRPHV SRVVHVVLYRV TXH UHWRPDP RV VXEVWDQWLYRV 

3RVVHVVLYH $GMHFWLYHV 3RVVHVVLYH 3URQRXQV

+H  KLV KLV GHOH
, ± P\ PLQH PHXPLQKD
,W ± LWV LWV GHOHGHODQHXWUR
6KH ± KHU KHUV GHOD
7KH\  WKHLU WKHLUV GHOHVGHODV
:H ± RXU RXUV QRVVR
\RX  \RXU \RXUV YRVVRYRVVD
<RX ± \RXU \RXUV VHXVXD

2EVHUYH DOJXQV H[HPSORV

0\ EODFN ZDOOHW LV IXOO RI PRQH\
0LQKD FDUWHLUD SUHWD HVWi FKHLD GH GLQKHLUR

7KH EODFN ZDOOHW WKDW LV IXOO RI PRQH\ LV PLQH

$ FDUWHLUD SUHWD TXH HVWi FKHLD GH GLQKHLUR p PLQKD
2QGH P\ p R SURQRPH DGMHWLYR H PLQH R SRVVHVVLYR

³)ODVK PHPRU\ KDV EHFRPH D FULWLFDO FRPSRQHQW LQ SRUWDEOH GHYLFHV

EHFDXVH LW LV QRQYRODWLOH ,WV SHUIRUPDQFH KDV LPSURYHG WR D KLJK OHYHO´
2QGH LW SURPRWH VXMHLWR H ,WV SURQRPH SRVVHVVLYR
$ PHPyULD IODVK WHP VH WRUQDGR XP FRPSRQHQWH FUtWLFR HP GLVSRVLWLYRV
SRUWiWHLV SRU TXH HOD p QmR YROiWLO 6HX GHVHPSHQKR WHP PHOKRUDGR D XP
QtYHO HOHYDGR

/RFDO RIILFLDOV LPSRVHG GR]HQV RI    LOOHJDO FKDUJHV WR SDG WKHLU RZQ

SRFNHWV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϳ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
2QGH WKHLU SURQRPH SRVVHVVLYR
$V DXWRULGDGHV ORFDLV LPSXVHUDP GH]HQDV GH« HQFDUJRV LOHJDLV SDUD IRUUDU
VHXV SUySULRV EROVRV

2V SRVVHVVLYH SURQRXQV SURQRPHV VXEVWDQWLYRV SRVVHVVLYRV RFRUUHP

TXDQGR

+i YHUER WR EH R VHSDUDQGR GR VXEVWDQWLYR

7KLV EXGJHW LV KHUV

(VWH RUoDPHQWR p GHOD

 (P FRQVWUXo}HV FRP RI

0LFKDHO DQG 3HWHU DUH JRRG WHDFKHUV RI RXUV

0LFKDHO H 3HWHU VmR ERQV SURIHVVRUHV QRVVRV

/HW PH LQWURGXFH \RX D IULHQG RI PLQH

'HL[HPH DSUHVHQWDUOKH XP DPLJR PHX

, VKRXOG KDYH UHDG VRPH HPDLOV RI \RXUV

(X GHYHULD WHU OLGR DOJXQV HPDLOV VHXV

2V SRVVHVVLYH DGMHFWLYHV SURQRXQV SURQRPHV DGMHWLYRV RFRUUHP

4XDQGR DFRPSDQKDGRV SRU VXEVWDQWLYR VHP YHUER WR EH SDUD VHSDUiORV

7KLV LV KHU EDQN DFFRXQW

(VWH p D FRQWD EDQFiULD GHOD

, VKRXOG KDYH UHDG WKHLU PHVVDJHV

(X GHYHULD WHU OLGR DV PHQVDJHQV GHOHV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϴ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
&XLGDGR 2 ±V QR ILQDO GH \RXUV KHUV LWV RXUV H WKHLUV
QmR LQGLFD SOXUDO 2V SURQRPHV SRVVHVVLYRV WrP D PHVPD IRUPD QR
VLQJXODU H QR SOXUDO $TXL H[SOLFR D REVHUYDomR TXH IL]
DQWHULRUPHQWH

2V 3URQRPHV 'HPRQVWUDWLYRV 'HPRQVWUDWLYH SURQRXQVDGMHFWLYHV

VHUYHP SDUD DSRQWDU LQGLFDU H PRVWUDU DOJXPD FRLVD OXJDU SHVVRD RX
REMHWR (VVHV SURQRPHV SRGHP DWXDU FRPR DGMHWLYRV DQWHV GR
VXEVWDQWLYR RX FRPR SURQRPHV VXEVWDQWLYRV 2EVHUYH PDLV
GHWDOKDGDPHQWH RV 3URQRPHV 'HPRQVWUDWLYRV 'HPRQVWUDWLYH
3URQRXQV OLVWDGRV DEDL[R

7KLV ± HVWH HVWD LVWR 7KHVH ± HVWHV HVWDV

7KDW ± DTXHOH DTXHOD DTXLOR 7KRVH ± DTXHOHV DTXHODV

 7KLV (VWH (VWD ,VWR

7KLV LV P\ WHDFKHU GHPRQVWUDWLYH SURQRXQ

(VWH p R PHX SURIHVVRU SURQRPH GHPRQVWUDWLYR VXEVWDQWLYR

7KLV WHDFKHU LV ROG GHPRQVWUDWLYH DGMHFWLYH

(VWH SURIHVVRU p YHOKR SURQRPH GHPRQVWUDWLYR DGMHWLYR

7KDW $TXHOH DTXHOD DTXLOR

7KDW LV KLV V\VWHP

$TXHOH p R VLVWHPD GHOH

,Q WKDW V\VWHP PXOWLQDWLRQDO FRUSRUDWLRQV ZLHOG YDVW SRZHU

1DTXHOH VLVWHPD DV FRUSRUDo}HV PXOWLQDFLRQDLV H[HUFHP XP YDVWR SRGHU

 7KHVH (VWHV HVWDV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϵ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ

7KHVH DUH RXU WHFKQRORJLHV

(VWDV VmR QRVVDV WHFQRORJLDV

³7KHVH WHFKQRORJLHV DUH KHOSLQJ WR RYHUFRPH WKH EDUULHUV RI SK\VLFDO

GLVWDQFH´
³(VWDV WHFQRORJLDV HVWmR DMXGDQGR D YHQFHU DV EDUUHLUDV GD GLVWkQFLD
ItVLFD´

7KRVH $TXHOHV DTXHODV

7KRVH DUH $PHULFDQ DFWRUV
$TXHOHV VmR DWRUHV DPHULFDQRV

7KRVH DFWRUV DUH YHU\ IDPRXV

$TXHOHV DWRUHV VmR PXLWR IDPRVRV

&RPR R WHUPR GHPRQVWUDWLYR VXJHUH WKLV H WKDW VmR PDLV HQIiWLFRV TXH
LW H SRGHP VHU XVDGRV SDUD FKDPDU DWHQomR SDUD XP IDWR RX VLWXDomR
&RPSDUH RV H[HPSORV VHJXLQWHV

'RQ W PLVV (QJOLVK FRXUVHV RQ WKLV VLWH ,W V D VLWH WKDW HYHU\RQH VKRXOG VHH
1mR SHUFD RV FXUVRV GH ,QJOrV QHVWH VLWH e XP VLWH TXH WRGRV GHYHULDP
YHU

'RQ W PLVV (QJOLVK FRXUVHV RQ WKLV VLWH 7KLV LV D VLWH WKDW HYHU\RQH VKRXOG
VHH
1mR SHUFD RV FXUVRV GH ,QJOrV QHVWH VLWH (VWH p XP VLWH TXH WRGRV
GHYHULDP YHU

2V SURQRPHV GHPRQVWUDWLYRV WDPEpP SRGHP WHU R VLJQLILFDGR GH HVVH

HVVD LVVR SULQFLSDOPHQWH R 7KLV H R 7KDW

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϮϬ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
:KDW¶V WKLV" aa 7KLV LV D PHHWLQJ 'RQ¶W IRUJHW WKDW
2 TXH p LVVR" a ,VVR p XPD UHXQLmR 1mR HVTXHoD GLVVR

2V 3URQRPHV ,QGHILQLGRV ,QGHILQLWH 3URQRXQV SRGHP VHU

VXEVWDQWLYRV LQGHILQLWH SURQRXQV  TXDQGR RV VXEVWLWXHP RX DGMHWLYRV
LQGHILQLWH DGMHFWLYHV  TXDQGR TXDOLILFDP RV VXEVWDQWLYRV 9HMD QR TXDGUR
DEDL[R RV 3URQRPHV ,QGHILQLGRV ,QGHILQLWH 3URQRXQV H[LVWHQWHV QD
/tQJXD ,QJOHVD

3HVVRDLV

VRPHERG\ ± VRPHRQH DOJXpP

HYHU\RQH  HYHU\ERG\ WRGRV WRGR R PXQGR
DQ\RQH  DQ\ERG\ DOJXpP TXDOTXHU SHVVRD
QR RQH ± QRERG\  QRQH ± QLQJXpP QHQKXP D

6RPHERG\VRPHRQH UHIXVHV WR SHUPLW $19,6$ LQYHVWLJDWRUV DFFHVV WR

UHFRUGV
$OJXpP VH UHFXVD D SHUPLWLU TXH RV LQYHVWLJDGRUHV GD $19,6$ WHQKDP
DFHVVR DRV UHJLVWURV

(YHU\ERG\HYHU\RQH LV LQ WKH KRVSLWDO

7RGRV HVWmR QR KRVSLWDO

,PSHVVRDLV͗

DQ\WKLQJ TXDOTXHU FRLVD

HYHU\WKLQJ WXGR
QRWKLQJ  QRQH QDGD QHQKXP D
VRPHWKLQJ DOJXPD FRLVD

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ Ϯϭ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
, QHHG VRPHWKLQJ WR GULQN
(X SUHFLVR EHEHU DOJXPD FRLVD

7KH\ GR DQ\WKLQJ WR NHHS ORZHU WKHLU SULFHV

(OHV ID]HP TXDOTXHU FRLVD SDUD PDQWHU RV SUHoRV GHOHV EDL[RV

(P JHUDO
VRPHZKHUH (P DOJXP OXJDU
VRPHKRZ 'H DOJXPD PDQHLUD MHLWR

$V D )RRG 7HFKQRORJLVW IRU WKH SDVW  \HDUV , FRXOG ZRUN VRPHZKHUH

UHJDUGLQJ )RRG +HDOWK DQG 6DIHW\
&RPR XP WHFQyORJR GR DOLPHQWR GXUDQWH RV ~OWLPRV  DQRV HX SRGHULD
WUDEDOKDU HP DOJXP OXJDU UHODFLRQDGR D 6D~GH H 6HJXUDQoD $OLPHQWDU

6RPHKRZ , ZLOO YLVLW \RX

'H DOJXPD PDQHLUD HX YRX YLVLWDU YRFr

6XEVWDQWLYRV HP PDVVD

6RPH DOJXP V D DOJR XP V D  XP

SRXFR GH
$Q\ DOJXP V D QHQKXP V D 
TXDOTXHU
$OO WRGRV
QRQH QHQKXP D

,QGHILQLGRV HP PDVVD  6XEVWDQWLYRV RX SURQRPHV TXH H[SUHVVDP

JUDQGH TXDQWLGDGH RX TXH QmR WrP SOXUDO

6RPH H $Q\ $PERV SURQRPHV SRGHP VHU XP SURQRPH DGMHWLYR

LQGHILQLWH DGMHFWLYH RX XP SURQRPH VXEVWDQWLYR LQGHILQLWH SURQRXQ 

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϮϮ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
6RPH H VHXV FRPSRVWRV VmR XVDGRV HP IUDVHV DILUPDWLYDV 6RPH
WDPEpP SRGH VHU XVDGR HP IUDVHV LQWHUURJDWLYDV TXDQGR VH WUDWD
GH XP RIHUHFLPHQWR RX SHGLGR RX TXDQGR VH HVSHUD XPD UHVSRVWD
SRVLWLYD

:H H[SHFWHG VRPH UDLQ WKLV ZHHNHQG DJDLQ DQG UHDOO\ LW V EHHQ UDLQLQJ
VLQFH HDUO\ PRUQLQJ
(VSHUiYDPRV XP SRXFR GH FKXYD QHVWH ILP GH VHPDQD GH QRYR H
UHDOPHQWH WHP FKRYLGR GHVGH FHGR GD PDQKm

6PDUW%RRNV ZLOO UXQ VRPH YDULDQW RI DQ $50 SURFHVVRU ZLWK 4XDOFRPP

EHLQJ D KHDY\ IDYRULWH 7&(63 )&& 

2V 6PDUWERRNV YmR H[HFXWDU DOJXPD YDULDQWH GR SURFHVVDGRU $50 FRP R

4XDOFRPP VHQGR XP IRUWH IDYRULWR 

,QGHILQLGRV HP PDVVD  6XEVWDQWLYRV RX SURQRPHV TXH H[SUHVVDP

JUDQGH TXDQWLGDGH RX TXH QmR WrP SOXUDO

$1< p XVDGR  (P IUDVHV QHJDWLYDV  (P DILUPDWLYDV VLJQLILFDQGR

TXDOTXHU  (P LQWHUURJDWLYDV QD VXD PDLRULD

1HJDWLYDV 4XDQGR QD IUDVH Mi H[LVWH D XP DX[LOLDU QHJDWLYR '2 '2(6

',' RX R 127

7KHUH DUHQ¶W DQ\ PLVWDNHV

1mR Ki QHQKXP HUUR

, GR QRW KDYH DQ\ GRXEW

1mR WHQKR QHQKXPD G~YLGD

$ILUPDWLYDV

1DV IUDVHV DILUPDWLYDV DQ\ p XVDGR TXDQGR

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ Ϯϯ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
D DSDUHFHU DSyV D SDODYUD LI
E VLJQLILFDU TXDOTXHU
F KRXYHU SDODYUD GH VHQWLGR QHJDWLYR QD IUDVH FRPR VHOGRP
UDUDPHQWH  QHYHU QXQFD  UDUHO\ UDUDPHQWH  ZLWKRXW
VHP  HWF

7KH 1HZ <RUN 7LPHV KDV ZRQ  3XOLW]HU 3UL]HV PRUH WKDQ DQ\ RWKHU
QHZV RUJDQL]DWLRQ
$ 1HZ <RUN 7LPHV JDQKRX  SUrPLRV 3XOLW]HU PDLV GR TXH TXDOTXHU
RXWUD RUJDQL]DomR GH QRWtFLDV

3HVWV DUH DQ\ SODQW RU DQLPDO ZKRVH DFWLYLWLHV LQWHUIHUH ZLWK KXPDQ KHDOWK
FRQYHQLHQFH FRPIRUW RU SURILWV

3UDJDV VmR TXDOTXHU SODQWD RX DQLPDO FXMDV DWLYLGDGHV LQWHUIHUHP QD

VD~GH KXPDQD FRPRGLGDGH FRQIRUWR RX OXFURV

,QWHUURJDWLYDV

$UH WKHUH DQ\ WHOOHUV ZRUNLQJ QRZ"

+i DOJXQV FDL[DV GH EDQFR WUDEDOKDQGR DJRUD"

6RPH H VHXV FRPSRVWRV VmR XVDGRV HP IUDVHV DILUPDWLYDV 6RPH

WDPEpP SRGH VHU XVDGR HP IUDVHV LQWHUURJDWLYDV TXDQGR VH WUDWD
GH XP RIHUHFLPHQWR RX SHGLGR RX TXDQGR VH HVSHUD XPD UHVSRVWD
SRVLWLYD

6PDUW%RRNV ZLOO UXQ VRPH YDULDQW RI DQ $50 SURFHVVRU ZLWK 4XDOFRPP

EHLQJ D KHDY\ IDYRULWH 7&(63 )&& 

2V 6PDUWERRNV YmR H[HFXWDU DOJXPD YDULDQWH GR SURFHVVDGRU $50 FRP R

4XDOFRPP VHQGR XP IRUWH IDYRULWR 

'R \RX QHHG VRPH KHOS"

9RFr SUHFLVD GH DOJXPD DMXGD"

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ Ϯϰ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
  3UHSRVLo}HV 3UHSRVLWLRQV

3UHSRVLWLRQ p D SDODYUD TXH PRVWUD R UHODFLRQDPHQWR HQWUH XP

VXEVWDQWLYR RX SURQRPH H RXWUDV SDODYUDV HP XPD VHQWHQoD 3DUD TXH ILTXH
PDLV HVFODUHFLGR SDUD YRFr HX VHSDUHL DV SUHSRVLo}HV HP WUrV JUXSRV

D /XJDU
E 0RYLPHQWR
F 9DULDo}HV

9HMD QRV TXDGURV DEDL[R DV SULQFLSDLV SUHSRVLo}HV

/XJDU

$W WKH EDFN  DWUiV QR IXQGR ,Q GHQWUR

$W WKH IURQW  j IUHQWH $W HP QR D
$ERYH  DFLPD 2Q HP FLPD
$FURVV  DWUDYpV GH %HKLQG  DWUiV
,Q IURQW RI  HP IUHQWH GH EHORZEHQHDWK  DEDL[R GH GHEDL[R
GH
,Q WKH PLGGOH RI  QR PHLR GH %HVLGH  DR ODGR GH MXQWR GH DR Sp GH
1H[W WR  MXQWR D %HWZHHQ  QR PHLR GH HQWUH GRLV
$PLG  HQWUH VH ID]HU SDUWH GH 2XW  IRUD
XP JUXSR
$PRQJ  HQWUH RV ID]HQGR %\  SHUWR GH MXQWR D DR ODGR GH DR
SDUWH GH XP JUXSR Sp GH
$URXQG  DR UHGRU 2YHU  VREUH HP FLPD GH SRU FLPD GH
'RZQ  DEDL[R ,QVLGH  GHQWUR GH
$ZD\ IURP  ORQJH GH ,QWR  GHQWUR
)RU  SDUD 1HDU  SHUWR
2II  IRUD 2XWVLGH  GR ODGR GH IRUD

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ Ϯϱ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
8QGHU  HP EDL[R GH XS  DFLPD
2Q WKH OHIW  j HVTXHUGD 2Q WKH ULJKW  j GLUHLWD
8QGHUQHDWK  GHEDL[R GH SRU :LWKLQ  GHQWUR GH
EDL[R GH VRE

0RYLPHQWR

DFURVV  DWUDYpV GH GH WUDYpV

DORQJ  DR ORQJR GH
DURXQG  HP YROWD
DZD\ IURP  SDUD ORQJH GH
GRZQ  SDUD EDL[R
IURP  GH RULJHP
LQ  SDUD GHQWUR
LQWR  SDUD GHQWUR GH
RII  DIDVWDPHQWR
RQWR  SDUD FLPD GH
RXW RI  SDUD IRUD GH
RYHU  SRU FLPD GH
SDVW  HP IUHQWH MXQWR
URXQG  HP YROWD GH
WKURXJK  DWUDYpV GH
WRZDUGV HP GLUHomR D
XS SDUD FLPD
WR SDUD

9DULDo}HV 2 TXH FKDPHL GH ³YDULDo}HV´ UHIHUHVH DR PRGR YDULDGR

FRPR XVDPRV R 21 $7 H ,1 QDV SUHSRVLo}HV GH OXJDUHV SRLV LVWR
LPSOLFD HP FRPR YHPRV RV REMHWRV TXDQWR j DOWXUD ODUJXUD
SURIXQGLGDGH iUHD TXDQGR VH UHIHUH D XP WHPSR HVSHFtILFR D
PRYLPHQWR HWF 2EVHUYH RV H[HPSORV DEDL[R

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ Ϯϲ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
, DP QHZ LQ WKLV FLW\
(X VRX QRYR QHVWD FLGDGH

6LQFH LWV FUHDWLRQ LQ  WKH %DQN IRU ,QWHUQDWLRQDO 6HWWOHPHQWV %,6
DFWV DV D FRRSHUDWLRQ DJHQW IRU WKH FHQWUDO EDQNV ZZZEFEJRYEU
'HVGH D VXD FULDomR HP  R %DQFR GH &RPSHQVDo}HV ,QWHUQDFLRQDLV
%,6 DWXD FRPR XP DJHQWH GH FRRSHUDomR SDUD RV %DQFRV &HQWUDLV

7KH &RSRP XQDQLPRXVO\ GHFLGHG DW WKLV PRPHQW WR PDLQWDLQ WKH 6HOLF

UDWH DW  SHUFHQW ZLWKRXW ELDV ZZZEFEJRYEU
R &RSRP GHFLGLX SRU XQDQLPLGDGH QHVWH PRPHQWR PDQWHU D WD[D 6HOLF
HP  SRU FHQWR VHP YLpV

'R \RX KDYH IUHH WLPH RQ 6XQGD\V"

9RFr WHP WHPSR OLYUH QRV 'RPLQJRV"

:KDW WLPH DUH \RX OHDYLQJ IRU 6mR 3DXOR" aa , ZLOO OHDYH DW  SP
4XH KRUDV YRFr SDUWH SDUD 6mR 3DXOR"aa (X YRX SDUWLU jV  KRUDV GD WDUGH

2EVHUYH QR ~OWLPR H[HPSOR DFLPD TXH DW p XVDGR DR IDODUPRV GH WHPSR

QD UHVSRVWD 8VDVH WDPEpP R DW QDV H[SUHVV}HV

D DW WKH ZHHNHQG QR ILQDO GH VHPDQD

E DW &KULVWPDV QR QDWDO
F DW (DVWHU QD 3iVFRD
G DW QLJKW j QRLWH 

2 XVR GR DW QLJKW DFRQWHFH TXDQGR UHIHUHVH D XPD QRLWH TXDOTXHU H LQ

WKH QLJKW UHIHUHVH D XPD QRLWH HVSHFtILFD REVHUYH D GLIHUHQoD QRV
H[HPSORV DEDL[R

, XVXDOO\ ZDWFK PRYLHV DW QLJKW

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ Ϯϳ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
(X XVXDOPHQWH DVVLVWR ILOPHV j QRLWH

, ZDWFKHG D PRYLH LQ WKH QLJKW WKDW \RX WUDYHOHG WR 5HFLIH

(X DVVLVWL XP ILOPH QD QRLWH HP TXH YRFr YLDMRX SDUD 5HFLIH

2EVHUYH D VHJXLU R XVR GR DW TXDQGR VH UHIHUH D XP OXJDU HVSHFtILFR

+H LV DQ HQYLURQPHQW DGYLVHU DW WKH %UD]LOLDQ RIILFH RI WKH ,QWHU$PHULFDQ

'HYHORSPHQW %DQN ,'% 
(OH p XP FRQVXOWRU DPELHQWDO QD ILOLDO EUDVLOHLUD GR %DQFR GH
'HVHQYROYLPHQWR ,QWHUDPHULFDQR %,' 

+H IDLOHG WR VWRS DW WKH WUDIILF OLJKWV DQG ZHQW WKURXJK WKH OLJKW RQ UHG
(OH QmR FRQVHJXLX SDUDU QR VHPiIRUR H DWUDYHVVRX D OX] YHUPHOKD

, ZDV ZDLWLQJ IRU DW OHDVW KDOI DQ KRXU DW WKH VWDWLRQ EXW QR WUDLQ FDPH
(X HVWDYD HVSHUDQGR SRU SHOR PHQRV PHLD KRUD QD HVWDomR PDV QHQKXP
WUHP YHLR

9HMD D VHJXLU H[HPSORV FRP DV SUHSRVLo}HV OXJDU H PRYLPHQWR

6HYHUDO ORFDO YROXQWHHU DVVRFLDWLRQ KDYH FUHDWHG ³WLPH EDQNV´ WKDW

H[FKDQJH VHUYLFHV DPRQJ SHRSOH MZRUJ
9iULDV DVVRFLDo}HV YROXQWiULDV FULDUDP ³EDQFRV GH WHPSR´ TXH WURFDP
VHUYLoRV HQWUH DV SHVVRDV

7KLV FUHGLW FDUG ZDV LVVXHG E\ D EDQN

(VVH FDUWmR GH FUpGLWR IRL HPLWLGR SRU XP EDQFR

7KLV LQGHSHQGHQW EDQN KROGV PRQHWDU\ VRYHUHLJQW\ RYHU WKH SDUWLFLSDWLQJ

JRYHUQPHQWV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ Ϯϴ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
(VVH EDQFR LQGHSHQGHQWH p VREHUDQR HP TXHVW}HV ILQDQFHLUDV VREUH RV
JRYHUQRV SDUWLFLSDQWHV

3DUD WHPSRV FRPR 6iEDGR GH PDQKm 6DWXUGD\ PRUQLQJ RX 'RPLQJR j

WDUGH 6XQGD\ HYHQLQJ  QyV XVDPRV RQ SDUD UHIHULUVH D SDUWHV GR GLD

<RX FDQ¶W ERUURZ P\ FDU RQ 6DWXUGD\ DIWHUQRRQ

9RFr QmR SRGH SHJDU HPSUHVWDGR PHX FDUUR QR 6iEDGR j WDUGH

:H DUH DUULYLQJ LQ 1HZ <RUN &LW\ RQ  WK 1RYHPEHU

1yV FKHJDUHPRV HP 1RYD ,RUTXH HP  GH 1RYHPEUR

3DUD IDODU GH VpFXORV HVWDo}HV PHVHV VHPDQDV H SDUD IUDVHV GH WHPSR

XVDPRV LQ 

:H DUH DUULYLQJ LQ 1HZ <RUN LQ WKH VSULQJ

1yV FKHJDUHPRV HP 1RYD ,RUTXH QD 3ULPDYHUD

, DP JRLQJ WR KDYH OXQFK LQ RQH KRXU

(X HVWDUHL LQGR DOPRoDU HP XPD KRUD

%UD]LO ILUVW ZRQ WKH :RUOG &XS LQ  DQG WKHQ DJDLQ LQ  EXW LQ
 LW ZDV (QJODQG V WXUQ
2 %UDVLO JDQKRX SULPHLUR D &RSD GR 0XQGR HP  H HQWmR QRYDPHQWH
HP  PDV HP  IRL D YH] GD ,QJODWHUUD

2EVHUYH DV GXDV H[SUHVV}HV LQ WLPH DQWHV GR WHPSR GHWHUPLQDGR H RQ

WLPH H[DWDPHQWH QR WHPSR GHWHUPLQDGR  YHMD D GLIHUHQoD QRV H[HPSORV
D VHJXLU

7KH  WUDLQ LV DOZD\V RQ WLPH EXW \HVWHUGD\ LW ZDV ODWH

2 WUHP GDV  HVWi VHPSUH QR KRUiULR PDV RQWHP FKHJRX WDUGH

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ Ϯϵ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
2XU IULHQGV FRXOGQ¶W DUULYH LQ WLPH IRU WKH EHJLQQLQJ RI WKH FRQFHUW
1RVVRV DPLJRV QmR SXGHUDP FKHJDU D WHPSR SDUD R LQtFLR GR FRQFHUWR

4XDQWR DR XVR GR LQ H RQ SDUD OXJDUHV

D XVDPRV LQ SDUD HVSHFLILFDU XPD SRVLomR GHQWUR GH XPD iUHD ODUJD WDO
FRPR FRQWDLQHUV VDODV FLGDGHV SDtVHV HWF 
E XVDPRV RQ SDUD HVSHFLILFDU SRVLomR HP XPD OLQKD RX DOJR FRQWtQXR

2EVHUYH RV H[HPSORV DEDL[R

:H PRYHG WR &DPERUL~ EHFDXVH ZH ZDQWHG WR OLYH LQ WKH

FRXQWU\VLGH $V WKH VXPPHU LQ WKH QRUWK HDVW FDQ EH TXLWH KDUVK ZH
GHFLGHG WR PRYH WR WKH VRXWK
1yV QRV PXGDPRV SDUD &DPERUL~ SRU TXH TXHUtDPRV YLYHU QR FDPSR
&RPR R YHUmR QR 1RUGHVWH p PXLWR VHYHUR GHFLGLPRV QRV PXGDU SDUD R
6XO

%,=8 5HOHPEUH XPD GDV 7pFQLFDV GH &RPSUHHQVmR TXH YLPRV QD

DXOD GHPRQVWUDWLYD /HU SULPHLUR DV TXHVW}HV  HPERUD QRVVD
WHQGrQFLD VHMD OHU ORJR R WH[WR PDV DR OHU ORJR D RSomR ILFD EHP
PDLV IiFLO GH HQFRQWUDU D UHVSRVWD SRLV JDQKDUi WHPSR H TXDQGR
IRU SDUD R WH[WR Mi YDL SURFXUDU DV SDODYUDV TXH IRUDP FLWDGDV DR
HQXQFLDGR $JRUD Yi SDUD D SiJLQD GD /LVWD GH 4XHVW}HV
$SUHVHQWDGDV H WHQWH UHVROYHU VR]LQKR D  Vy GHSRLV FRQILUD R
JDEDULWR H RV &RPHQWiULRV GDV 4XHVW}HV $VVLP YRFr WLUDUi PDLV
SURYHLWR SRLV SHUFHEHUi RQGH WHP TXH PHOKRUDU

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϯϬ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
 ± 7H[WR  4XHVW}HV &RPHQWDGDV H 7UDGXomR

3HWUREUiV 'LVWULEXLGRUD 6$ ±  ± )XQGDomR &(6*5$15,2 

3URILVVLRQDO -~QLRU IRUPDomR $GPLQLVWUDomR

6NLOOVHW YV 0LQGVHW :KLFK :LOO *HW <RX WKH -RE"

%\ +HDWKHU +XKPDQ

7KHUH¶V D GHEDWH JRLQJ RQ DPRQJ FDUHHU H[SHUWV DERXW ZKLFK LV PRUH

LPSRUWDQW VNLOOVHW RU PLQGVHW :KLOH VNLOOV DUH FHUWDLQO\ GHVLUDEOH IRU PDQ\
SRVLWLRQV GRHV KDYLQJ WKH ULJKW RQHV JXDUDQWHH \RX¶OO JHW WKH MRE"
:KDW LI \RX KDYH WKH PLQGVHW WR JHW WKH ZRUN DFFRPSOLVKHG EXW FXUUHQWO\
ODFN FHUWDLQ VNLOOV UHTXHVWHG E\ WKH HPSOR\HU" -HQQLIHU )UHPRQW6PLWK &(2
RI 6PDUWHUHU DQG 3DXO * 6WROW] 3K' FRDXWKRU RI 3XW <RXU 0LQGVHW WR
:RUN 7KH 2QH $VVHW <RX 5HDOO\ 1HHG WR :LQ DQG .HHS WKH -RE <RX /RYH
UHFHQWO\ VDW GRZQ ZLWK 86 1HZV WR VRXQG RII RQ WKLV LVVXH

+HDWKHU :KDW LV PRUH LPSRUWDQW WR WRGD\¶V HPSOR\HUV VNLOOVHW RU

PLQGVHW" :K\"

-HQQLIHU )RU PDQ\ MREV VNLOOVHW QHHGV WR FRPH ILUVW 7KH HPSOR\HU
DEVROXWHO\ PXVW ILQG SHRSOH ZKR KDYH WKH KDUG VNLOOV WR GR ZKDWHYHU LW LV
WKH\ DUH EHLQJ KLUHG WR GR 3URJUDPPHUV KDYH WR NQRZ KRZ WR SURJUDP
([FHO 0DUNHWHUV PXVW NQRZ WKHLU PDUNHWLQJ WRROV DQG 'DWD DQDO\VWV QHHG
WR NQRZ KRZ WR FUXQFK QXPEHUV LQ VRIWZDUH 6RFLDO PHGLD PDQDJHUV PXVW
NQRZ WKH WRROV RI WKHLU WUDGH OLNH 7ZLWWHU )DFHERRN :RUG3UHVV DQG KDYH
ZULWLQJ DQG FRPPXQLFDWLRQ VNLOOV $IWHU WKH HPSOR\HUV KDYH LGHQWLILHG
FDQGLGDWHV ZLWK WKHVH KDUG VNLOOV WKH\ FDQ VKLIW WKHLU IRFXV WR WKHLU
FDQGLGDWHV¶ PLQGVHWV  DWWLWXGH LQWHJULW\ ZRUN HWKLF SHUVRQDOLW\ HWF

3DXO 0LQGVHW XWWHUO\ WUXPSV VNLOOVHW

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϯϭ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
+HDWKHU 'R \RX KDYH DQ\ GDWD RU VWDWLVWLFV WR EDFN XS \RXU
DUJXPHQW"

-HQQLIHU 'HVSLWH UHFRUG KLJK XQHPSOR\PHQW PDQ\ MREV VLW HPSW\

EHFDXVH HPSOR\HUV FDQ¶W ILQG FDQGLGDWHV ZLWK WKH ULJKW VNLOOV ,Q D UHFHQW
VXUYH\ FLWHG LQ WKH :DOO 6WUHHW -RXUQDO RYHU  SHUFHQW RI FRPSDQLHV
UHSRUWHG GLIILFXOW\ ILQGLQJ DSSOLFDQWV ZLWK WKH ULJKW VNLOOV &RPSDQLHV DUH
UXQQLQJ OHDQ DQG PHDQ LQ WKLV HFRQRP\ ± WKH\ GRQ¶W KDYH WKH WLPH WR WUDLQ
IRU WKRVH NH\ VNLOOV

3DXO >&RDXWKRU -DPHV 5HHG DQG ,@ DVNHG WHQV RI WKRXVDQGV RI WRS

HPSOR\HUV ZRUOGZLGH WKLV TXHVWLRQ ,I \RX ZHUH KLULQJ VRPHRQH WRGD\
ZKLFK ZRXOG \RX SLFN $ WKH SHUVRQ ZLWK WKH SHUIHFW VNLOOV DQG
TXDOLILFDWLRQV EXW ODFNLQJ WKH GHVLUHG PLQGVHW RU % WKH SHUVRQ ZLWK WKH
GHVLUHG PLQGVHW EXW ODFNLQJ WKH UHVW" 1LQHW\HLJKW SHUFHQW SLFN $ $GG WR
WKLV WKDW  SHUFHQW VDLG LW LV PRUH OLNHO\ WKDW D SHUVRQ ZLWK WKH ULJKW
PLQGVHW ZLOO GHYHORS WKH ULJKW VNLOOVHW UDWKHU WKDQ WKH RWKHU ZD\ DURXQG

+HDWKHU +RZ GR \RX GHILQH VNLOOVHW"

-HQQLIHU $W 6PDUWHUHU ZH GHILQH VNLOOVHW DV WKH VHW RI GLJLWDO VRFLDO DQG

WHFKQLFDO WRROV SURIHVVLRQDOV XVH WR EH HIIHFWLYH LQ WKH ZRUNIRUFH
3URIHVVLRQDOV DUH UDSLGO\ DFFXPXODWLQJ WKHVH VNLOOV DQG WKH WRROV
WKHPVHOYHV DUH SUROLIHUDWLQJ DQG HYROYLQJ ± ZH¶UH JLYLQJ SHRSOH D VLPSOH
VPDUW ZD\ IRU SHRSOH WR YDOLGDWH WKHLU VNLOOVHW DQG DUWLFXODWH LW WR WKH ZRUOG

+HDWKHU +RZ GR \RX GHILQH PLQGVHW"

3DXO :H GHILQH PLQGVHW DV ³WKH OHQV WKURXJK ZKLFK \RX VHH DQG QDYLJDWH
OLIH´ ,W XQGHUJLUGV DQG DIIHFWV DOO WKDW \RX WKLQN VHH EHOLHYH VD\ DQG GR

+HDWKHU +RZ FDQ MRE VHHNHUV VKRZ WKH\ KDYH WKH VNLOOVHW
HPSOR\HUV DUH VHHNLQJ WKURXJKRXW WKH HQWLUH KLULQJ SURFHVV"

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϯϮ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ

-HQQLIHU $W WKH EHJLQQLQJ RI WKH SURFHVV VHHNHUV FDQ VKRZFDVH WKH VNLOOV
WKH\ KDYH E\ LQFRUSRUDWLQJ WKHP VXFK DV WKHLU 6PDUWHUHU VFRUHV
WKURXJKRXW WKHLU SURIHVVLRQDO DQG SHUVRQDO EUDQG PDWHULDOV 7KH\ VKRXOG EH
DUWLFXODWLQJ WKHLU VNLOOV LQ WKHLU UHVXPH FRYHU OHWWHU /LQNHG,Q SURILOH EORJ
ZHEVLWH ± HYHU\ZKHUH WKH\ H[SUHVV WKHLU SURIHVVLRQDO LGHQWLW\

+HDWKHU +RZ FDQ MRE VHHNHUV VKRZ WKH\ KDYH WKH PLQGVHW
HPSOR\HUV DUH VHHNLQJ WKURXJKRXW WKH HQWLUH KLULQJ SURFHVV"

3DXO 2QH RI WKH PRVW KHDGVSLQQLQJ VWXGLHV ZH GLG ZKLFK ZDV FRQGXFWHG
E\ DQ LQGHSHQGHQW VWDWLVWLFLDQ VKRZHG WKDW RXW RI  &9VUHVXPHV
ZKHQ \RX ORRN DW ZKR JHWV WKH MRE DQG ZKR GRHV QRW $ 7KH FRQYHQWLRQDO
ZLVGRP IDLOV DW EHVW  1RQH RI WKH FODVVLF DFFHSWHG DGYLFH OLNH XVLQJ
DFWLRQ YHUEV RU LQFOXGLQJ KREELHVLQWHUHVWV DFWXDOO\ PDGH DQ\ GLIIHUHQFH %
7KH RQO\ IDFWRU WKDW PDGH WKH GLIIHUHQFH ZDV WKDW WKRVH ZKR KDG RQH RI WKH
 PLQGVHW TXDOLWLHV IURP RXU PDVWHU PRGHO DUWLFXODWHG LQ WKHLU &9UHVXPH
LQ D VSHFLILF ZD\ ZHUH WKUHH WLPHV DV OLNHO\ WR JHW WKH MRE )XUWKHUPRUH
WKRVH ZKR KDG WZR RU PRUH RI WKHVH VWDWHPHQWV ZHUH VHYHQ WLPHV PRUH
OLNHO\ WR JHW WKH MRE RIWHQ RYHU RWKHU PRUH TXDOLILHG FDQGLGDWHV
$YDLODEOH DW KWWSPRQH\XVQHZVFRPPRQH\EORJVRXWVLGHYRLFHV
FDUHHUVVNLOOVHWYVPLQGVHWZKLFKZLOOJHW\RXWKHMRE!
5HWULHYHG RQ  6HSW  $GDSWHG
)RQWH ZZZFHVJUDQULRRUJEU

&RPHQWiULRV

 7KH PDLQ SXUSRVH RI WKH WH[W LV WR

$ H[SODLQ WKH UHDVRQV ZK\ XQHPSOR\PHQW LV VR KLJK LQ WKH FXUUHQW JOREDO

HFRQRPLF FULVLV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϯϯ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
% GLVFXVV WKH TXDOLWLHV WKDW HPSOR\HUV KDYH EHHQ ORRNLQJ IRU LQ
SURVSHFWLYH MRE FDQGLGDWHV
& OLVW WKH PRVW LPSRUWDQW SHUVRQDOLW\ WUDLWV HPSOR\HUV KDYH EHHQ ORRNLQJ
IRU LQ SURVSHFWLYH HPSOR\HHV
' FRQYLQFH MRE VHHNHUV WKDW KDYLQJ WKH DSSURSULDWH WHFKQLFDO VNLOOV IRU D
JLYHQ IXQFWLRQ LV DOO WKH\ QHHG WR JHW D MRE
( MXVWLI\ WKDW WKH DFWXDO GLIILFXOW HFRQRPLF VLWXDWLRQ SUHYHQWV MRE
DSSOLFDQWV IURP GHYHORSLQJ WKH QHFHVVDU\ WHFKQLFDO VNLOOV IRU WKH MRE PDUNHW

 7KH PDLQ SXUSRVH RI WKH WH[W LV WR

 2 SULQFLSDO REMHWLYR GR WH[WR p

2SomR $ H[SODLQ WKH UHDVRQV ZK\ XQHPSOR\PHQW LV VR KLJK LQ WKH FXUUHQW

JOREDO HFRQRPLF FULVLV H[SOLFDU DV UD]}HV SHODV TXDLV R GHVHPSUHJR p WmR
DOWR QD DWXDO FULVH HFRQ{PLFD JOREDO

-HQQLIHU 'HVSLWH UHFRUG KLJK XQHPSOR\PHQW PDQ\ MREV VLW HPSW\

EHFDXVH HPSOR\HUV FDQ¶W ILQG FDQGLGDWHV ZLWK WKH ULJKW VNLOOV ,Q D UHFHQW
VXUYH\ FLWHG LQ WKH :DOO 6WUHHW -RXUQDO RYHU  SHUFHQW RI FRPSDQLHV
UHSRUWHG GLIILFXOW\ ILQGLQJ DSSOLFDQWV ZLWK WKH ULJKW VNLOOV &RPSDQLHV DUH
UXQQLQJ OHDQ DQG PHDQ LQ WKLV HFRQRP\ ± WKH\ GRQ¶W KDYH WKH WLPH WR WUDLQ
IRU WKRVH NH\ VNLOOV

-HQQLIHU $SHVDU GR DOWR UHFRUGH GH GHVHPSUHJR PXLWRV SRVWRV GH

WUDEDOKR HQFRQWUDPVH GHVRFXSDGRV SRUTXH RV HPSUHJDGRUHV QmR
FRQVHJXHP HQFRQWUDU FDQGLGDWRV FRP DV FRPSHWrQFLDV DGHTXDGDV (P
XPD SHVTXLVD UHFHQWH FLWDGD QR :DOO 6WUHHW -RXUQDO PDLV GH  SRU FHQWR
GDV HPSUHVDV UHODWDUDP GLILFXOGDGH HP HQFRQWUDU FDQGLGDWRV FRP DV
FRPSHWrQFLDV DGHTXDGDV $V HPSUHVDV HVWmR WUDEDOKDQGR FRP XP
TXDGUR GH IXQFLRQiULRV SHTXHQR QHVWD HFRQRPLD  HOHV QmR WrP WHPSR SDUD
WUHLQDU SDUD WHU DTXHODV FRPSHWrQFLDVFKDYH

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϯϰ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
2EVHUYH QR VHJPHQWR GR WH[WR DFLPD TXH DSHVDU GH PHQFLRQDU D DOWD WD[D
GH GHVHPSUHJR R DXWRU FKDPRX D DWHQomR SDUD DV KDELOLGDGHV GRV
FDQGLGDWRV D HPSUHJR FLWDQGR D SDODYUD VNLOOV YiULDV YH]HV 3RUWDQWR
REVHUYDVH FODUDPHQWH TXH R GHVHPSUHJR QmR p R DVVXQWR SULQFLSDO TXH
HVWi HP SDXWD QR WH[WR 2SomR HUUDGD

2SomR % GLVFXVV WKH TXDOLWLHV WKDW HPSOR\HUV KDYH EHHQ ORRNLQJ IRU LQ
SURVSHFWLYH MRE FDQGLGDWHV GLVFXWLU DV TXDOLGDGHV TXH RV HPSUHJDGRUHV
WrP SURFXUDGR QRV SURVSHFWLYRV FDQGLGDWRV D HPSUHJR

$IWHU WKH HPSOR\HUV KDYH LGHQWLILHG FDQGLGDWHV ZLWK WKHVH KDUG VNLOOV WKH\
FDQ VKLIW WKHLU IRFXV WR WKHLU FDQGLGDWHV¶ PLQGVHWV  DWWLWXGH LQWHJULW\ ZRUN
HWKLF SHUVRQDOLW\ HWF

'HSRLV TXH RV HPSUHJDGRUHV LGHQWLILFDUHP RV FDQGLGDWRV FRP HVVDV

KDELOLGDGHV QRWiYHLV HOHV SRGHP PXGDU VHX IRFR SDUD DV PHQWDOLGDGHV GRV
FDQGLGDWRV  DWLWXGH LQWHJULGDGH pWLFD GH WUDEDOKR SHUVRQDOLGDGH HWF

3DUD VDEHU TXDO R DVVXQWR SULQFLSDO GLVFXWLGR QR WH[WR D PLQKD GLFD p

REVHUYH R WHPD VXEWtWXORV SULPHLUDV IUDVHV GRV SDUiJUDIRV H RV HQXQFLDGRV
GDV RXWUDV TXHVW}HV SRU TXH p Oi TXH D EDQFD YDL FKDPDU D DWHQomR SDUD R
DVVXQWR PDLV LPSRUWDQWH HP SDXWD 2EVHUYH TXH HP WRGDV DV SHUJXQWDV GD
HQWUHYLVWD VmR FLWDGDV DV SDODYUDV

VNLOOV KDELOLGDGHV FRPSHWrQFLDV H PLQGVHW DWLWXGH PHQWDOLGDGH

SHUVRQDOLGDGH TXDOLWLHV TXDOLGDGHV

2EVHUYH QR VHJPHQWR DFLPD TXH HVWHV VmR RV GRLV HOHPHQWRV PDLV

LPSRUWDQWHV SURFXUDGRV SHORV HPSUHJDGRUHVRX VHMD VmR TXDOLGDGHV H p
HVWH DVVXQWR TXH p GLVFXWLGR HP WRGR R WH[WR 3RUWDQWR VHP G~YLGD HVWD p
D RSomR FRUUHWD

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϯϱ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
2SomR & OLVW WKH PRVW LPSRUWDQW SHUVRQDOLW\ WUDLWV HPSOR\HUV KDYH EHHQ
ORRNLQJ IRU LQ SURVSHFWLYH HPSOR\HHV OLVWDU RV WUDoRV GH SHUVRQDOLGDGH
PDLV LPSRUWDQWHV TXH RV HPSUHJDGRUHV WrP SURFXUDGR HP IXWXURV
HPSUHJDGRV

&RPR DFDEDPRV GH YHU QR VHJPHQWR GD RSomR DQWHULRU VmR GHVWDFDGRV

GRLV HOHPHQWRV VNLOOV KDELOLGDGHV H PLQGVHW SHUVRQDOLGDGH H QmR
DSHQDV SHUVRQDOLGDGH GL]HU TXH R REMHWLYR SULQFLSDO GR WH[WR p GHVWDFDU
DSHQDV RV WUDoRV GH SHUVRQDOLGDGH TXH RV HPSUHJDGRV SURFXUDP p XPD
DVVHUWLYD HUUDGD

2SomR ' FRQYLQFH MRE VHHNHUV WKDW KDYLQJ WKH DSSURSULDWH WHFKQLFDO VNLOOV
IRU D JLYHQ IXQFWLRQ LV DOO WKH\ QHHG WR JHW D MRE FRQYHQFHU DTXHOHV TXH
SURFXUDP HPSUHJR GH TXH WHU KDELOLGDGHV WpFQLFDV SDUD XPD GHWHUPLQDGD
IXQomR p WXGR TXH HOHV SUHFLVDP

7KH RQO\ IDFWRU WKDW PDGH WKH GLIIHUHQFH ZDV WKDW WKRVH ZKR KDG RQH RI WKH
 PLQGVHW TXDOLWLHV IURP RXU PDVWHU PRGHO DUWLFXODWHG LQ WKHLU &9UHVXPH
LQ D VSHFLILF ZD\ ZHUH WKUHH WLPHV DV OLNHO\ WR JHW WKH MRE )XUWKHUPRUH
WKRVH ZKR KDG WZR RU PRUH RI WKHVH VWDWHPHQWV ZHUH VHYHQ WLPHV PRUH
OLNHO\ WR JHW WKH MRE RIWHQ RYHU RWKHU PRUH TXDOLILHG FDQGLGDWHV

2 ~QLFR IDWRU TXH IH] D GLIHUHQoD IRL TXH DTXHOHV TXH WLYHUDP XPD GDV 
TXDOLGDGHV GH SHUVRQDOLGDGH GR QRVVR PRGHOR PHVWUH DUWLFXODGD HP VHX
FXUUtFXOR  &9 GH XPD PDQHLUD HVSHFtILFD HUDP WUrV YH]HV PDLV SURYiYHLV
GH FRQVHJXLU R HPSUHJR $OpP GLVVR DTXHOHV TXH WLYHUDP GXDV RX PDLV
GHVVDV GHFODUDo}HV WLQKDP VHWH YH]HV PDLV FKDQFHV GH FRQVHJXLU R
HPSUHJR PXLWDV YH]HV HP GHWULPHQWR GH RXWURV FDQGLGDWRV PDLV
TXDOLILFDGRV

$ RSomR H[SUHVVD R RSRVWR GR TXH GL] R WH[WR &RPR YRFr SRGH REVHUYDU
QR VHJPHQWR DFLPD HP XP GHWHUPLQDGR PRPHQWR R TXH ID]LD GLIHUHQoD

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϯϲ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
HQWUH XP FDQGLGDWR H RXWUR SDUD TXH HOHV IRVVHP HVFROKLGRV HUD D VXD
SHUVRQDOLGDGH (P QHQKXP PRPHQWR R WH[WR GL] H DWp VHULD XP
FRQWUDFHQVR TXHUHU FRQYHQFHU RV FDQGLGDWRV GH TXH DSHQDV VXDV
KDELOLGDGHV WpFQLFDV VmR OHYDGDV HP FRQWD 2SomR HUUDGD

2SomR ( MXVWLI\ WKDW WKH DFWXDO GLIILFXOW HFRQRPLF VLWXDWLRQ SUHYHQWV MRE
DSSOLFDQWV IURP GHYHORSLQJ WKH QHFHVVDU\ WHFKQLFDO VNLOOV IRU WKH MRE PDUNHW
H[SOLFDU TXH D VLWXDomR HFRQ{PLFD GLItFLO H[LVWHQWH LPSHGH RV
FDQGLGDWRV D GHVHQYROYHU DV FRPSHWrQFLDV WpFQLFDV QHFHVViULDV SDUD R
PHUFDGR GH WUDEDOKR

1mR Vy HVVH QmR p R DVVXQWR TXH SHUPHLD R WH[WR FRPR HP QHQKXP

PRPHQWR R WH[WR GL] LVVR 3RUWDQWR D RSomR HVWi HUUDGD

*$%$5,72 %

 -HQQLIHU )UHPRQW6PLWK DQG 3DXO * 6WROW] DUH ERWK LQWHUYLHZHG LQ WKLV

DUWLFOH EHFDXVH WKH\

$ KDYH ZULWWHQ ERRNV RQ KRZ WR FRQTXHU D GUHDP MRE

% DUH FKLHI H[HFXWLYHV IURP UHQRZQHG $PHULFDQ FRPSDQLHV
& KDYH LGHQWLFDO SRLQWV RI YLHZ DQG H[SHULHQFHV DERXW WKH QHFHVVDU\
TXDOLILFDWLRQV LQ DQ HPSOR\HH
' VKRZ GLIIHUHQW SHUVSHFWLYHV FRQFHUQLQJ ZKDW HPSOR\HUV YDOXH LQ D MRE
FDQGLGDWH
( DJUHH WKDW DOO HPSOR\HUV YDOXH WKH VDPH VHW RI WHFKQLFDO VNLOOV LQ DOO
HPSOR\HHV

 -HQQLIHU )UHPRQW6PLWK DQG 3DXO * 6WROW] DUH ERWK LQWHUYLHZHG LQ WKLV

DUWLFOH EHFDXVH WKH\
 -HQQLIHU )UHPRQW6PLWK H 3DXO *6WROW] VmR DPERV HQWUHYLVWDGRV QR
DUWLJR SRU TXH HOHV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϯϳ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ

7KHUH¶V D GHEDWH JRLQJ RQ DPRQJ FDUHHU H[SHUWV DERXW ZKLFK LV PRUH

LPSRUWDQW VNLOOVHW RU PLQGVHW :KLOH VNLOOV DUH FHUWDLQO\ GHVLUDEOH IRU PDQ\
SRVLWLRQV GRHV KDYLQJ WKH ULJKW RQHV JXDUDQWHH \RX¶OO JHW WKH MRE" :KDW
LI \RX KDYH WKH PLQGVHW WR JHW WKH ZRUN DFFRPSOLVKHG EXW FXUUHQWO\ ODFN
FHUWDLQ VNLOOV UHTXHVWHG E\ WKH HPSOR\HU" -HQQLIHU )UHPRQW6PLWK &(2 RI
6PDUWHUHU DQG 3DXO * 6WROW] 3K' FRDXWKRU RI 3XW <RXU 0LQGVHW WR :RUN
7KH 2QH $VVHW <RX 5HDOO\ 1HHG WR :LQ DQG .HHS WKH -RE <RX /RYH UHFHQWO\
VDW GRZQ ZLWK 86 1HZV WR VRXQG RII RQ WKLV LVVXH

+i XP GHEDWH HP FXUVR HQWUH RV HVSHFLDOLVWDV VREUH TXDO FDUUHLUD p PDLV

LPSRUWDQWH FRQMXQWR GH KDELOLGDGHV RX PHQWDOLGDGH (QTXDQWR DV
KDELOLGDGHV VmR FHUWDPHQWH GHVHMiYHO SDUD PXLWDV SRVLo}HV QmR WHQGR DV
SHVVRDV FHUWDV JDUDQWR TXH YRFr YDL FRQVHJXLU R HPSUHJR" ( VH YRFr WHP
D PHQWDOLGDGH SDUD FRPHoDU R WUDEDOKR UHDOL]DGR PDV DWXDOPHQWH QmR
SRVVXHP FHUWDV KDELOLGDGHV VROLFLWDGDV SHOR HPSUHJDGRU" -HQQLIHU )UHPRQW
6PLWK FKHIH H[HFXWLYD GR HVFULWyULR GD 6PDUWHUHU H 3DXO * 6WROW] 3K'
FRDXWRU GH FRORFDU R VHX 0LQGVHW SDUD 7UDEDOKDU R DWLYR TXH YRFr
UHDOPHQWH SUHFLVD SDUD JDQKDU H PDQWHU R WUDEDOKR TXH YRFr DPD
UHFHQWHPHQWH VHQWRXVH FRP 861HZV SDUD GLVFXWLU HVWD TXHVWmR

2So}HV $ KDYH ZULWWHQ ERRNV RQ KRZ WR FRQTXHU D GUHDP MRE WrP HVFULWR
OLYURV VREUH FRPR FRQTXLVWDU R HPSUHJR GRV VRQKRV ( % DUH FKLHI
H[HFXWLYHV IURP UHQRZQHG $PHULFDQ FRPSDQLHV VmR FKHIHV H[HFXWLYRV GH
UHQRPDGDV HPSUHVDV DPHULFDQDV

$PEDV DV RSo}HV QmR H[SUHVVDP R TXH GL] R WH[WR  SRLV DSHQDV 3DXO p
PHQFLRQDGR FRPR VHQGR HVFULWRU GRLV OLYURV H DSHQDV -HQQLIHU p &(2 ±
FKHIH H[HFXWLYD GH XPD HPSUHVD  DOpP GLVVR R WH[WR QmR DILUPD TXH HVWHV
VmR RV PRWLYRV SHORV TXDLV HOHV IRUDP HVFROKLGRV SDUD VHU HQWUHYLVWDGRV (
SRU LVVR DV RSo}HV HVWmR HUUDGDV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϯϴ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
2SomR & KDYH LGHQWLFDO SRLQWV RI YLHZ DQG H[SHULHQFHV DERXW WKH QHFHVVDU\
TXDOLILFDWLRQV LQ DQ HPSOR\HH WrP H[SHULrQFLDV H SRQWRV GH YLVWD LGrQWLFRV
VREUH DV TXDOLILFDo}HV QHFHVViULDV HP XP HPSUHJDGR

$ RSomR H[SUHVVD R RSRVWR GR TXH GL] R WH[WR FRPR YRFr SRGH REVHUYDU QR
VHJPHQWR DFLPD p XP GHEDWH HQWUH RV GRLV HOHV WrP RSLQL}HV H QmR LJXDLV
3RUWDQWR RSomR HUUDGD

2SomR ' VKRZ GLIIHUHQW SHUVSHFWLYHV FRQFHUQLQJ ZKDW HPSOR\HUV YDOXH LQ

D MRE FDQGLGDWH PRVWUDP SHUVSHFWLYDV GLIHUHQWHV VREUH R TXH RV
HPSUHJDGRUHV YDORUL]DP HP XP FDQGLGDWR D HPSUHJR

'HEDWH ± GLVFXVVmR TXH HQYROYH GRLV RX PDLV SDUWLFLSDQWHV SDUD VH

DUJXPHQWDU SRQWRV GH YLVWDV RSRVWRV 'LVSXWD IRUPDO RQGH VH GHEDWHP
GHWHUPLQDGDV TXHVW}HV TXH FDXVDP SROrPLFD &RQWURYpUVLD DOWHUFDomR

6RXQG RII ± H[SUHVVDU VHX SRQWR GH YLVWD YLJRURVDPHQWH

&RPR YRFr REVHUYD FODUDPHQWH QR VHJPHQWR GR WH[WR DFLPD p MXVWDPHQWH

SRU LVVR TXH HOHV IRUDP HQWUHYLVWDGRV SRLV WrP SRQWRV GH YLVWDV GLIHUHQWHV
OHYDQGR DVVLP D XP GHEDWH FRPR YRFr SRGH REVHUYDU QD GHILQLomR GD
SDODYUD DFLPD $OpP GLVVR R YHUER IUDVDO VRXQG RII QR ILQDO GR WHUPR LQGLFD
DUJXPHQWDU YLJRURVDPHQWH DOJR TXH p FRPXP TXDQGR VH HVWi QXPD
GLVFXVVmR DUJXPHQWDQGRVH VREUH SRQWRV GH YLVWDV FRQWUiULRV 3RUWDQWR
HVWD p D QRVVD RSomR FRUUHWD

2SomR ( DJUHH WKDW DOO HPSOR\HUV YDOXH WKH VDPH VHW RI WHFKQLFDO VNLOOV LQ
DOO HPSOR\HHV FRQFRUGDP TXH WRGRV RV HPSUHJDGRUHV YDORUL]DP R PHVPR
FRQMXQWR GH KDELOLGDGHV WpFQLFDV HP WRGRV RV IXQFLRQiULRV

3DXO >&RDXWKRU -DPHV 5HHG DQG ,@ DVNHG WHQV RI WKRXVDQGV RI WRS

HPSOR\HUV ZRUOGZLGH WKLV TXHVWLRQ ,I \RX ZHUH KLULQJ VRPHRQH WRGD\

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϯϵ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
ZKLFK ZRXOG \RX SLFN $ WKH SHUVRQ ZLWK WKH SHUIHFW VNLOOV DQG
TXDOLILFDWLRQV EXW ODFNLQJ WKH GHVLUHG PLQGVHW RU % WKH SHUVRQ ZLWK WKH
GHVLUHG PLQGVHW EXW ODFNLQJ WKH UHVW" 1LQHW\HLJKW SHUFHQW SLFN $ $GG WR
WKLV WKDW  SHUFHQW VDLG LW LV PRUH OLNHO\ WKDW D SHUVRQ ZLWK WKH ULJKW
PLQGVHW ZLOO GHYHORS WKH ULJKW VNLOOVHW UDWKHU WKDQ WKH RWKHU ZD\ DURXQG

3DXOR >&RDXWRU -DPHV 5HHG H HX@ LQGDJRX D GH]HQDV GH PLOKDUHV GH

HPSUHJDGRUHV GH DOWR QtYHO HP WRGR R PXQGR HVWD SHUJXQWD 6H YRFr
HVWLYHVVH FRQWUDWDQGR DOJXpP KRMH TXDO YRFr HVFROKHULD D D SHVVRD FRP
DV KDELOLGDGHV H TXDOLILFDo}HV SHUIHLWDV PDV IDOWD D PHQWDOLGDGH GHVHMDGD
RX % D SHVVRD FRP D PHQWDOLGDGH GHVHMDGD PDV IDOWD R UHVWR" 1RYHQWD H
RLWR SRU FHQWR HVFROKHUDP $ $FUHVFHQWHVH TXH  SRU FHQWR GLVVH TXH p
PDLV SURYiYHO TXH XPD SHVVRD FRP D PHQWDOLGDGH FHUWD LUi GHVHQYROYHU R
FRUUHWR FRQMXQWR GH KDELOLGDGHV  DR LQYpV GR FRQWUiULR

-HQQLIHU )RU PDQ\ MREV VNLOOVHW QHHGV WR FRPH ILUVW 7KH HPSOR\HU
DEVROXWHO\ PXVW ILQG SHRSOH ZKR KDYH WKH KDUG VNLOOV WR GR ZKDWHYHU LW LV
WKH\ DUH EHLQJ KLUHG WR GR 3URJUDPPHUV KDYH WR NQRZ KRZ WR SURJUDP
([FHO

-HQQLIHU 3DUD PXLWRV HPSUHJRV D KDELOLGDGH SUHFLVD YLU SULPHLUR 2

HPSUHJDGRU SUHFLVD PHVPR HQFRQWUDU SHVVRDV TXH WHQKDP DV KDELOLGDGHV
QRWiYHLV GH ID]HU WXGR R TXH HODV HVWmR VHQGR FRQWUDWDGDV SDUD ID]HU 2V
SURJUDPDGRUHV WrP GH VDEHU FRPR SURJUDPDU ([FHO

(OHV QmR FRQFRUGDP VREUH LVWR REVHUYH FODUDPHQWH QRV VHJPHQWRV GD

HQWUHYLVWD TXH GHVWDTXHL DFLPD HQTXDQWR 3DXO H[S}H D PHQWDOLGDGH FRPR
PDLV LPSRUWDQWH SDUD RV DGPLQLVWUDGRUHV TXDQGR YmR FRQWUDWDU DOJXpP
-HQQLIHU GHFODUD TXH D KDELOLGDGH WpFQLFD p TXH p OHYDGD HP FRQWD HP
SULPHLUR OXJDU SHORV HPSUHJDGRUHV 7DQWR p TXH IRUDP HQWUHYLVWDGRV SDUD
H[SRU VHXV SRQWRV GH YLVWDV GLIHUHQWHV 2SomR HUUDGD

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϰϬ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
*$%$5,72 '

 $FFRUGLQJ WR -HQQLIHU )UHPRQW6PLWK

$ WRGD\¶V HPSOR\HUV LQWHQG WR LQYHVW ODUJH VXPV RI PRQH\ WUDLQLQJ QHZ
HPSOR\HHV
% PRVW HPSOR\HHV QRZDGD\V DUH LQGLIIHUHQW WR WKH XVH RI GLJLWDO VRFLDO
DQG WHFKQLFDO WRROV LQ WKH ZRUNSODFH
& FDQGLGDWHV VKRXOG EH DEOH WR GLVSOD\ DQG SUHVHQW WKHLU VNLOOV LQ GLIIHUHQW
IRUPDWV WKDW ZLOO EH VHHQ E\ SURVSHFWLYH HPSOR\HUV
' PDQ\ HPSOR\HUV FRQVLGHU LW XQQHFHVVDU\ WR OHDUQ DERXW WKH MRE VHHNHUV¶
DWWLWXGHV LQWHJULW\ DQG SHUVRQDOLW\
( QR FRPSDQ\ QRZDGD\V FDQ ILQG HPSOR\HHV ZLWK WKH KDUG VNLOOV UHTXLUHG
E\ WKH MRE PDUNHW

 $FFRUGLQJ WR -HQQLIHU )UHPRQW6PLWK

 'H DFRUGR FRP -HQQLIHU )UHPRQW6PLWK

2SomR $ WRGD\¶V HPSOR\HUV LQWHQG WR LQYHVW ODUJH VXPV RI PRQH\ WUDLQLQJ

QHZ HPSOR\HHV RV HPSUHJDGRUHV GH KRMH LQWHQFLRQDP LQYHVWLU XPD
JUDQGH VRPD GH GLQKHLUR QR WUHLQDPHQWR GH QRYRV HPSUHJDGRV

-HQQLIHU &RPSDQLHV DUH UXQQLQJ OHDQ DQG PHDQ LQ WKLV HFRQRP\ ± WKH\
GRQ¶W KDYH WKH WLPH WR WUDLQ IRU WKRVH NH\ VNLOOV

-HQQLIHU $V HPSUHVDV HVWmR WUDEDOKDQGR FRP XP TXDGUR GH IXQFLRQiULRV

SHTXHQR QHVWD HFRQRPLD  HOHV QmR WrP WHPSR SDUD WUHLQDU SDUD WHU
DTXHODV FRPSHWrQFLDVFKDYH

/HDQ DQG PHDQ LGLRPV FRP SRXFR SHVVRDO VHWRU SHVVRDO HQ[XWR

9RFr REVHUYRX FODUDPHQWH QD GHFODUDomR GH -HQQLIHU DFLPD TXH D

HFRQRPLD HVWi HP FULVH H RV HPSUHJDGRUHV QmR HVWmR LQYHVWLQGR QR

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϰϭ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
WUHLQDPHQWR QHP VHTXHU GRV TXH Mi VmR IXQFLRQiULRV TXDQWR PDLV GH QRYRV
HPSUHJDGRV 2SomR HUUDGD

2SomR % PRVW HPSOR\HHV QRZDGD\V DUH LQGLIIHUHQW WR WKH XVH RI GLJLWDO

VRFLDO DQG WHFKQLFDO WRROV LQ WKH ZRUNSODFH D PDLRULD GRV HPSUHJDGRV
KRMH HP GLD VmR LQGLIHUHQWHV TXDQWR DR XVR GH IHUUDPHQWDV WpFQLFDV H
VRFLDLV GLJLWDLV QR ORFDO GH WUDEDOKR

-HQQLIHU $W 6PDUWHUHU ZH GHILQH VNLOOVHW DV WKH VHW RI GLJLWDO VRFLDO

DQG WHFKQLFDO WRROV SURIHVVLRQDOV XVH WR EH HIIHFWLYH LQ WKH ZRUNIRUFH
3URIHVVLRQDOV DUH UDSLGO\ DFFXPXODWLQJ WKHVH VNLOOV DQG WKH WRROV
WKHPVHOYHV DUH SUROLIHUDWLQJ DQG HYROYLQJ ± ZH¶UH JLYLQJ SHRSOH D VLPSOH
VPDUW ZD\ IRU SHRSOH WR YDOLGDWH WKHLU VNLOOVHW DQG DUWLFXODWH LW WR WKH ZRUOG

-HQQLIHU 1D 6PDUWHUHU GHILQLPRV KDELOLGDGHV FRPR R FRQMXQWR GH

IHUUDPHQWDV GLJLWDO VRFLDO H WpFQLFD TXH RV SURILVVLRQDLV XVDP SDUD
VHUHP HILFD]HV QR PHUFDGR GH WUDEDOKR 2V SURILVVLRQDLV VmR UDSLGDPHQWH
DFXPXODQGR HVVDV KDELOLGDGHV H DV SUySULDV IHUUDPHQWDV VH PXOWLSOLFDP H
HYROXLU  QyV HVWDPRV GDQGR jV SHVVRDV XPD PDQHLUD VLPSOHV H LQWHOLJHQWH
SDUD DV SHVVRDV SDUD YDOLGDU R VHX FRQMXQWR GH KDELOLGDGHV H DUWLFXOiOR DR
PXQGR

2SomR & FDQGLGDWHV VKRXOG EH DEOH WR GLVSOD\ DQG SUHVHQW WKHLU VNLOOV LQ
GLIIHUHQW IRUPDWV WKDW ZLOO EH VHHQ E\ SURVSHFWLYH HPSOR\HUV RV
FDQGLGDWRV GHYHULDP VHU FDSD]HV GH PRVWUDU H DSUHVHQWDU VXDV KDELOLGDGHV
HP GLIHUHQWHV IRUPDWRV TXH VHUmR YLVWRV SRU SURVSHFWLYRV HPSUHJDGRUHV

-HQQLIHU $W WKH EHJLQQLQJ RI WKH SURFHVV VHHNHUV FDQ VKRZFDVH WKH VNLOOV
WKH\ KDYH E\ LQFRUSRUDWLQJ WKHP VXFK DV WKHLU 6PDUWHUHU VFRUHV
WKURXJKRXW WKHLU SURIHVVLRQDO DQG SHUVRQDO EUDQG PDWHULDOV 7KH\ VKRXOG EH
DUWLFXODWLQJ WKHLU VNLOOV LQ WKHLU UHVXPH FRYHU OHWWHU /LQNHG,Q SURILOH EORJ
ZHEVLWH ± HYHU\ZKHUH WKH\ H[SUHVV WKHLU SURIHVVLRQDO LGHQWLW\

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϰϮ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ

1R VHJPHQWR DFLPD REVHUYH FODUDPHQWH FRPR R HQXQFLDGR FRQFRUGD FRP

R WH[WR -HQQLIHU GHFODUD TXH RV FDQGLGDWRV GHYHULDP GLVSOD\ PRVWUDU VXDV
KDELOLGDGHV GH GLIHUHQWHV IRUPDV (VWD p D QRVVD RSomR FRUUHWD

([WUD ,QIRUPDWLRQ 7HUPLQRORJLD  FRYHU OHWWHU ± WDPEpP FKDPDGD GH

FRYHULQJ OHWWHU p XPD FDUWD TXH p HQYLDGD MXQWR FRP R FXUUtFXOR H RXWURV
GRFXPHQWRV SDUD H[SOLFDU PDLV GHWDOKDGDPHQWH H DGLFLRQDU PDLV
LQIRUPDo}HV VREUH R FDQGLGDWR D HPSUHJR

2SomR ' PDQ\ HPSOR\HUV FRQVLGHU LW XQQHFHVVDU\ WR OHDUQ DERXW WKH MRE
VHHNHUV¶ DWWLWXGHV LQWHJULW\ DQG SHUVRQDOLW\ PXLWRV HPSUHJDGRUHV DFKDP
GHVQHFHVViULR DSUHQGHU VREUH DV DWLWXGHV LQWHJULGDGH H SHUVRQDOLGDGH GRV
FDQGLGDWRV D HPSUHJR

$IWHU WKH HPSOR\HUV KDYH LGHQWLILHG FDQGLGDWHV ZLWK WKHVH KDUG VNLOOV WKH\
FDQ VKLIW WKHLU IRFXV WR WKHLU FDQGLGDWHV¶ PLQGVHWV  DWWLWXGH LQWHJULW\
ZRUN HWKLF SHUVRQDOLW\ HWF

'HSRLV TXH RV HPSUHJDGRUHV LGHQWLILFDUHP RV FDQGLGDWRV FRP HVVDV

KDELOLGDGHV FRPSOH[DV HOHV SRGHP PXGDU VHX IRFR SDUD DV
PHQWDOLGDGHV GRV FDQGLGDWRV  DWLWXGH LQWHJULGDGH pWLFD GH WUDEDOKR
SHUVRQDOLGDGH HWF

9HMD GH IRUPD FODUD QR VHJPHQWR DFLPD TXH RV HPSUHJDGRUHV IRFDP VLP

VXD DWHQomR WDPEpP QD SHUVRQDOLGDGH GRV FDQGLGDWRV 3RUWDQWR D RSomR
HVWi HUUDGD SRLV H[SUHVVD R RSRVWR GR TXH GL] R WH[WR

2SomR ( QR FRPSDQ\ QRZDGD\V FDQ ILQG HPSOR\HHV ZLWK WKH KDUG VNLOOV
UHTXLUHG E\ WKH MRE PDUNHW QHQKXPD HPSUHVD KRMH HP GLD SRGH
HQFRQWUDU IXQFLRQiULRV FRP DV FRPSOH[DV FRPSHWrQFLDV UHTXHULGDV SHOR
PHUFDGR GH WUDEDOKR

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϰϯ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ

-HQQLIHU )RU PDQ\ MREV VNLOOVHW QHHGV WR FRPH ILUVW 7KH HPSOR\HU
DEVROXWHO\ PXVW ILQG SHRSOH ZKR KDYH WKH KDUG VNLOOV WR GR ZKDWHYHU LW LV
WKH\ DUH EHLQJ KLUHG WR GR 3URJUDPPHUV KDYH WR NQRZ KRZ WR SURJUDP
([FHO

-HQQLIHU 3DUD PXLWRV HPSUHJRV GH KDELOLGDGHV SUHFLVDP YLU SULPHLUR 2

HPSUHJDGRU SUHFLVD PHVPR HQFRQWUDU SHVVRDV TXH WrP DV KDELOLGDGHV
QRWiYHLV GH ID]HU WXGR R TXH HOHV HVWmR VHQGR FRQWUDWDGRV SDUD ID]HU 2V
SURJUDPDGRUHV WrP GH VDEHU FRPR SURJUDPDU ([FHO

PXVW SUHFLVDU GHYHU WHU TXH ID]HU

2 YHUER DX[LOLDU PXVW QD GHFODUDomR GH -HQQLIHU H[SUHVVD DOJR TXH VH

SUHFLVD ID]HU H QmR DOJR TXH QmR VH FRQVHJXH ID]HU $ IUDVH QmR p
QHJDWLYD3RUWDQWR R HQXQFLDGR HVWi HP GHVDFRUGR FRP R WH[WR 2SomR
HUUDGD

*$%$5,72 &

$ RSomR HVWi LQFRUUHWD SRLV FRPR YRFr SRGH REVHUYDU QR VHJPHQWR DFLPD
-HQQLIHU H[SUHVVD TXH RV HPSUHJDGRV XVDP VLP DV IHUUDPHQWDV GLJLWDLV
VRFLDLV H WpFQLFDV QR VHX WUDEDOKR DR SDVVR TXH R HQXQFLDGR GL] R RSRVWR
TXH HOHV VmR LQGLIHUHQWHV FRPR VH QmR SUHFLVDVVHP GDV IHUUDPHQWDV SDUD
VHU HILFD]HV

 $FFRUGLQJ WR WKH IUDJPHQW LQ OLQHV  LW LV WUXH WKDW

$ ZRUNHUV DUH QRW ZLOOLQJ WR VSHQG WLPH LQ LQFRPSDQ\ WUDLQLQJ SURJUDPV

% XQHPSOR\PHQW UDWHV DUH KLJK EHFDXVH ZRUNHUV DUH ORRNLQJ IRU KLJKHU
VDODULHV
& PDQ\ MREV DUH QRW WDNHQ EHFDXVH HPSOR\HUV DUH EHFRPLQJ H[FHVVLYHO\
FULWLFDO

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϰϰ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
' FRPSDQLHV DUH QRW LQWHUHVWHG LQ KLULQJ PRUH ZRUNHUV EHFDXVH RI WKH KDUG
HFRQRPLF WLPHV
( PRUH WKDQ  RI FRPSDQLHV KDYH QRW IRXQG FDQGLGDWHV ZLWK WKH SURILOH
WKH\ DUH ORRNLQJ IRU

 $FFRUGLQJ WR WKH IUDJPHQW LQ OLQHV  LW LV WUXH WKDW

 'H DFRUGR FRP R IUDJPHQWR GDV OLQKDV  p YHUGDGH TXH

-HQQLIHU 'HVSLWH UHFRUG KLJK XQHPSOR\PHQW PDQ\ MREV VLW HPSW\

EHFDXVH HPSOR\HUV FDQ¶W ILQG FDQGLGDWHV ZLWK WKH ULJKW VNLOOV ,Q D UHFHQW
VXUYH\ FLWHG LQ WKH :DOO 6WUHHW -RXUQDO RYHU  SHUFHQW RI FRPSDQLHV
UHSRUWHG GLIILFXOW\ ILQGLQJ DSSOLFDQWV ZLWK WKH ULJKW VNLOOV &RPSDQLHV DUH
UXQQLQJ OHDQ DQG PHDQ LQ WKLV HFRQRP\ ± WKH\ GRQ¶W KDYH WKH WLPH WR WUDLQ
IRU WKRVH NH\ VNLOOV

-HQQLIHU $SHVDU GH R GHVHPSUHJR UHFRUGH PXLWRV SRVWRV GH WUDEDOKR

HVWmR GHVRFXSDGRV SRUTXH RV HPSUHJDGRUHV QmR SRGHP HQFRQWUDU
FDQGLGDWRV FRP DV FRPSHWrQFLDV DGHTXDGDV (P XPD SHVTXLVD UHFHQWH
FLWDGR QR :DOO 6WUHHW -RXUQDO PDLV GH  SRU FHQWR GDV HPSUHVDV
UHODWDUDP GLILFXOGDGH HP HQFRQWUDU FDQGLGDWRV FRP DV FRPSHWrQFLDV
DGHTXDGDV $V HPSUHVDV HVWmR WUDEDOKDQGR FRP XP TXDGUR SHVVRDO
SHTXHQR QHVWD HFRQRPLD  HODV QmR WrP WHPSR SDUD WUHLQDU SDUD DV
FRPSHWrQFLDVFKDYH

2 VHJPHQWR GDV OLQKDV  TXH D EDQFD Mi FLWD p HVWH DFLPD

2SomR $ ZRUNHUV DUH QRW ZLOOLQJ WR VSHQG WLPH LQ LQFRPSDQ\ WUDLQLQJ

SURJUDPV 2V WUDEDOKDGRUHV QmR HVWmR TXHUHQGR JDVWDU WHPSR HP
SURJUDPDV GH WUHLQDPHQWR QDV HPSUHVDV

2EVHUYH R TXH p GLWR QR ILQDO GR SDUiJUDIR R PRWLYR GH HOHV QmR ID]HUHP

WUHLQDPHQWR p SRU TXH R TXDGUR GH SHVVRDO HVWi DSHUWDGR HQWmR HOHV QmR

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϰϱ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
WrP WHPSR QmR WHP FRPR GHVORFDU IXQFLRQiULR GR SRVWR GH WUDEDOKR SDUD
WUHLQDPHQWR QmR p SRU TXH RV IXQFLRQiULRV QmR TXHLUDP 3RUWDQWR D RSomR
HVWi HUUDGD

2So}HV %  XQHPSOR\PHQW UDWHV DUH KLJK EHFDXVH ZRUNHUV DUH ORRNLQJ IRU
KLJKHU VDODULHV 2V WD[DV GH GHVHPSUHJR VmR DOWDV SRU TXH RV
WUDEDOKDGRUHV HVWmR SURFXUDQGR SRU VDOiULRV PDLV DOWRV H & PDQ\ MREV
DUH QRW WDNHQ EHFDXVH HPSOR\HUV DUH EHFRPLQJ H[FHVVLYHO\ FULWLFDO 0XLWRV
HPSUHJRV QmR HVWmR VHQGR WRPDGRV SRU TXH RV HPSUHJDGRUHV VmR
H[FHVVLYDPHQWH FUtWLFRV

(VWH QmR VmR RV PRWLYRV 2EVHUYH TXH ORJR QR LQtFLR GR VHJPHQWR IDOD TXH
DSHVDU GD WD[D GH GHVHPSUHJR HVWi DOWD R PRWLYR SHOR TXDO RV SRVWRV GH
WUDEDOKR HVWmR YD]LRV p SRU TXH HOHV QmR FRQVHJXHP HQFRQWUDU SHVVRDV
FRP DV KDELOLGDGHV DGHTXDGDV 3RUWDQWR DV RSo}HV QmR H[SUHVVDP R TXH
GL] R WH[WR H SRU LVVR HVWmR HUUDGDV

2SomR ' FRPSDQLHV DUH QRW LQWHUHVWHG LQ KLULQJ PRUH ZRUNHUV EHFDXVH RI
WKH KDUG HFRQRPLF WLPHV $V HPSUHVDV QmR HVWmR LQWHUHVVDGDV QD
FRQWUDWDomR GH WUDEDOKDGRUHV SRU FDXVD GD VLWXDomR HFRQ{PLFD GLItFLO

2EVHUYH R FRQHFWLYR 'HVSLWH DSHVDU GH HPERUD ORJR QR LQtFLR (VWH

FRQHFWLYR p XVDGR TXDQGR VH TXHU ID]HU XP FRQWUDVWH HQWUH GXDV LGHLDV
RSRVWDV $SHVDU GD FULVH HFRQ{PLFD H GDV DOWDV WD[DV GH GHVHPSUHJR HOHV
TXHUHP VLP FRQWUDWDU SHVVRDO PDV QmR RV HQFRQWUDP FRP DV KDELOLGDGHV
DGHTXDGDV 3RUWDQWR D RSomR ' WDPEpP HVWi HUUDGD

2SomR ( PRUH WKDQ  RI FRPSDQLHV KDYH QRW IRXQG FDQGLGDWHV ZLWK WKH
SURILOH WKH\ DUH ORRNLQJ IRU 0DLV GH  GDV HPSUHVDV QmR WrP
HQFRQWUDGR WUDEDOKDGRUHV FRP R SHUILO TXH HOHV HVWmR SURFXUDQGR

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϰϲ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
(VWD p D RSomR FRUUHWD 2EVHUYH TXH D RSomR H[SUHVVD XVDQGR VLQ{QLPRV
H[DWDPHQWH R TXH GL] R VHJPHQWR FLWDGR GR WH[WR 2EVHUYH DEDL[R

UHSRUW GLIILFXOW WR ILQG UHODWDP GLILFXOGDGH HP HQFRQWUDU KDYH QRW

IRXQG QmR WrP HQFRQWUDGR
DSSOLFDQW DOJXpP TXH VH FDQGLGDWD D XP HPSUHJR FDQGLGDWH
FDQGLGDWRV
ZLWK WKH ULJKW VNLOOV FRP DV DGHTXDGDV KDELOLGDGHV ZLWK WKH SURILOH
FRP R SHUILO

*$%$5,72 (

 7KH SURQRXQ WKH\ LQ ³WKH\ GRQ¶W KDYH WLPH WR WUDLQ IRU WKRVH NH\ VNLOOV´
OLQHV  UHIHUV WR

$ ³HPSOR\HUV´ OLQH 
% ³FDQGLGDWHV´ OLQH 
& ³FRPSDQLHV´ OLQH 
' ³DSSOLFDQWV´ OLQH 
( ³WKRXVDQGV´ OLQH 

 7KH SURQRXQ WKH\ LQ ³WKH\ GRQ¶W KDYH WLPH WR WUDLQ IRU WKRVH NH\ VNLOOV´
OLQHV  UHIHUV WR
 2 SURQRPH WKH\ HP ³ HOHV QmR WrP WHPSR SDUD WUHLQDU SDUD DTXHODV
KDELOLGDGHV´ OLQKD  UHIHUHVH D

-HQQLIHU 'HVSLWH UHFRUG KLJK XQHPSOR\PHQW PDQ\ MREV VLW HPSW\

EHFDXVH HPSOR\HUV FDQ¶W ILQG FDQGLGDWHV ZLWK WKH ULJKW VNLOOV ,Q D UHFHQW
VXUYH\ FLWHG LQ WKH :DOO 6WUHHW -RXUQDO RYHU  SHUFHQW RI FRPSDQLHV
UHSRUWHG GLIILFXOW\ ILQGLQJ DSSOLFDQWV ZLWK WKH ULJKW VNLOOV &RPSDQLHV DUH
UXQQLQJ OHDQ DQG PHDQ LQ WKLV HFRQRP\ ± WKH\ GRQ¶W KDYH WKH WLPH WR WUDLQ
IRU WKRVH NH\ VNLOOV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϰϳ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ

-HQQLIHU $SHVDU GH R GHVHPSUHJR UHFRUGH PXLWRV SRVWRV GH WUDEDOKR

HVWmR GHVRFXSDGRV SRUTXH RV HPSUHJDGRUHV QmR SRGHP HQFRQWUDU
FDQGLGDWRV FRP DV FRPSHWrQFLDV DGHTXDGDV (P XPD SHVTXLVD UHFHQWH
FLWDGR QR :DOO 6WUHHW -RXUQDO PDLV GH  SRU FHQWR GDV HPSUHVDV UHODWDUDP
GLILFXOGDGH HP HQFRQWUDU FDQGLGDWRV FRP DV FRPSHWrQFLDV DGHTXDGDV $V
HPSUHVDV HVWmR WUDEDOKDQGR FRP XP TXDGUR SHVVRDO SHTXHQR QHVWD
HFRQRPLD  HODV QmR WrP WHPSR SDUD WUHLQDU SDUD DV FRPSHWrQFLDVFKDYH

2SomR $ ³HPSOR\HUV´ OLQH  ³HPSUHJDGRV´ OLQKD  

2 SURQRPH SHVVRDO WKH\ HOHV HODV e XVDGR TXDQGR QmR VH TXHU UHSHWLU
R VXMHLWR GD IUDVH $ SDODYUD HPSOR\HUV HPSUHJDGRUHV p VXMHLWR PDV QmR
GHVVD IUDVH TXH DSDUHFH R WKH\ H VLP GH XPD RXWUD IUDVH QR LQtFLR GR
SDUiJUDIR 3RUWDQWR RSomR HUUDGD

2So}HV % ³FDQGLGDWHV´ OLQH  FDQGLGDWRV H '³DSSOLFDQWV´ OLQH 

DSOLFDQWHV

$V GXDV RSo}HV GL]HP D PHVPD FRLVD VmR VLQ{QLPRV H Vy SRU LVVR Mi QmR
SRGHP VHU D UHVSRVWD FHUWD 3RUWDQWR RSo}HV HUUDGDV

2SomR & ³FRPSDQLHV´ OLQH  HPSUHVDV

(VWD p QRVVD RSomR FRUUHWD REVHUYH TXH FRPSDQLHV p R VXMHLWR GD IUDVH

RQGH DSDUHFH R WKH\ RX VHMD R WKH\ ID] R SDSHO GH VXMHLWR QR PHLR GD IUDVH
GHSRLV GR WUDYHVVmR TXH SRGHULD WDPEpP VHU XPD YtUJXOD VXEVWLWXLQGR D
SDODYUD FRPSDQLHV SDUD QmR WHU TXH UHSHWLOD

2SomR ( ³WKRXVDQGV´ OLQH  PLOKDUHV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϰϴ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
(VWD QmR WHP QDGD D YHU QHP GH ORQJH SRLV QHP QR SDUiJUDIR D SDODYUD
HVWi DOpP GLVVR YHP GHSRLV GR WKH\ H FRPR Mi H[SOLTXHL RV SURQRPHV
SHVVRDLV VHUYHP SDUD VXEVWLWXLU VXMHLWRV Mi FLWDGRV 2SomR HUUDGD

*$%$5,72 &

 %DVHG RQ WKH PHDQLQJV LQ WKH WH[W WKH WZR LWHPV DUH V\QRQ\PRXV LQ

$ ³DFFRPSOLVKHG´ OLQH  ± VWDUWHG

% ³FXUUHQWO\´ OLQH  ± DFWXDOO\
& ³KLUHG´ OLQH  ± UHMHFWHG
' ³NH\´ OLQH  ± PDLQ
( ³SUROLIHUDWLQJ´ OLQH  ± GHFUHDVLQJ

 %DVHG RQ WKH PHDQLQJV LQ WKH WH[W WKH WZR LWHPV DUH V\QRQ\PRXV LQ
 %DVHDGR QRV VLJQLILFDGRV QR WH[WR RV GRLV LWHQV VmR VLQ{QLPRV HP

(VWD p XPD TXHVWmR SXUDPHQWH GH YRFDEXOiULR QR FDVR Vy SUHFLVDULD YRFr

UHFRUUHU DR WH[WR VH YRFr QmR OHPEUDVVH R VLJQLILFDGR GH DOJXPD GHODV 3RU
TXH R FRQWH[WR WH DMXGDULD HQWmR D GHGX]LU R VLJQLILFDGR

2SomR $ ³DFFRPSOLVKHG´ OLQH  ± VWDUWHG UHDOL]DGR ± FRPHoDGR

$ RSomR p HUUDGD SRLV DR LQYpV GH VLQ{QLPRV VmR DQW{QLPRV 2EVHUYH 

DFFRPSOLVK UHDOL]DU FRPSOHWDU FRQFOXLU
VWDUWHG FRPHoDU LQLFLDU SULQFLSLDU

2SomR % ³FXUUHQWO\´ OLQH  ± DFWXDOO\ DWXDOPHQWH ± YHUGDGHLUDPHQWH

&XLGDGR 1HP WXGR TXH SDUHFH p$ EDQFD HVSHUWLQKD S}H Dt XP IDOVR
FRJQDWR SUD HQJDQDU RV GHVDYLVDGRV (PERUD SDUHoD FRP D SDODYUD ³DWXDO´

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϰϵ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
HP 3RUWXJXrV D SDODYUD DFWXDOO\ p XP WUXH IULHQG IDOVR DPLJR  3RUWDQWR
D RSomR HVWi HUUDGD REVHUYH

&XUUHQWO\ DWXDOPHQWH QR PRPHQWR SUHVHQWH

$FWXDOO\ YHUGDGHLUDPHQWH QD UHDOLGDGH

2SomR & ³KLUHG´ OLQH  ± UHMHFWHG HPSUHJDU ± UHMHLWDU

(VWD WDPEpP HVWi HUUDGD SRLV DR LQYpV GH VLQ{QLPRV WUD] GRLV DQW{QLPRV

+LUH ± FRQWUDWDU HPSUHJDU

5HMHFW ± UHMHLWDU GLVSHQVDU

2SomR ' ³NH\´ OLQH  ± PDLQ FKDYH ± SULQFLSDO

(VWD VLP p QRVVD RSomR FRUUHWD 2EVHUYH DEDL[R FRPR VmR VLQ{QLPRV

.H\ FKDYH XVR ILJXUDGR GHFLVLYR HVVHQFLDO PDLQ SULQFLSDOPDLV

LPSRUWDQWH

2SomR ( ³SUROLIHUDWLQJ´ OLQH  ± GHFUHDVLQJ SUROLIHUDQGR GHFUHVFHQGR

2SomR HUUDGD SRLV RV YRFiEXORV VmR RSRVWRV

SUROLIHUDWLQJ SUROLIHUDQGR GHVHQYROYHQGR

GHFUHDVLQJ GHFUHVFHQGR GLPLQXLQGR

*$%$5,72 '

 7KH VHQWHQFH LQ ZKLFK WKH EROGIDFHG LWHP H[SUHVVHV DQ DGYLFH LV

$ ³7KH HPSOR\HU DEVROXWHO\ PXVW ILQG SHRSOH´ OLQH 

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϱϬ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
% ³3URJUDPPHUV KDYH WR NQRZ KRZ WR SURJUDP´ OLQH 
& ³'DWD DQDO\VWV QHHG WR NQRZ KRZ WR FUXQFK QXPEHUV´ OLQH 
' ³WKH\ FDQ VKLIW WKHLU IRFXV WR WKHLU FDQGLGDWHV¶ PLQGVHWV´ OLQHV 
( ³7KH\ VKRXOG EH DUWLFXODWLQJ WKHLU VNLOOV´ OLQHV 

 7KH VHQWHQFH LQ ZKLFK WKH EROGIDFHG LWHP H[SUHVVHV DQ DGYLFH LV

 $ IUDVH QD TXDO R LWHP HP QHJULWR H[SUHVVD XP FRQVHOKR p

(VWD TXHVWmR FREUD R FRQKHFLPHQWR GR FRQFXUVDQGR TXDQWR DRV YHUERV

DX[LOLDUHV H PRGDLV $VVXQWR TXH YHUHPRV EHP GHWDOKDGDPHQWH QD DXOD 
 9RX HQWmR GDU D H[SOLFDomR WHyULFD SHUWLQHQWH j TXHVWmR

2So}HV $ ³7KH HPSOR\HU DEVROXWHO\ PXVW ILQG SHRSOH´ OLQH  ³2

HPSUHJDGRU SUHFLVD PHVPR HQFRQWUDU SHVVRDV´ OLQKD  H %
³3URJUDPPHUV KDYH WR NQRZ KRZ WR SURJUDP ([FHO´ OLQH  ³2V
SURJUDPDGRUHV WHP TXH VDEHU FRPR SURJUDPDU ([FHO´ OLQKD  

2 XVR GR PXVW H GR KDYH WR VmR PXLWR SDUHFLGRV TXDQGR R KDYH p XVDGR

FRPR DX[LOLDU RV GRLV VmR XVDGRV SDUD H[SUHVVDU XPD IRUWH REULJDomR 1mR
p LVVR TXH R HQXQFLDGR HVWi SHGLQGR 3RUWDQWR RSo}HV HUUDGDV

2SomR & ³'DWD DQDO\VWV QHHG WR NQRZ KRZ WR FUXQFK QXPEHUV´ OLQH 
³2V DQDOLVWDV GH GDGRV SUHFLVDP VDEHU FRPR SURFHVVDU RV Q~PHURV´ OLQKD
 

$ RSomR p HUUDGD SRLV QmR H[SUHVVD FRQVHOKR H VLP TXDVH R PHVPR

VLJQLILFDGR GDV DQWHULRUHV

QHHG PXVW KDYH WHP TXH WHU SUHFLVD WHU TXHU PXLWR DOJR

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϱϭ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
2SomR ' ³WKH\ FDQ VKLIW WKHLU IRFXV WR WKHLU FDQGLGDWHV¶ PLQGVHWV´ OLQHV
 ³(OHV SRGHP PXGDU R IRFR GHOHV SDUD D PHQWDOLGDGH GRV
FDQGLGDWRV´ OLQKDV  

&DQ p XP GRV YHUERV PRGDLV PDLV XVDGRV HP ,QJOrV (OH SRGH VHU XVDGR
SDUD H[SUHVVDU FDSDFLGDGH RX RSRUWXQLGDGH SDUD VROLFLWDU RX RIHUHFHU
SHUPLVVmR H SDUD PRVWUDU SRVVLELOLGDGH RX LPSRVVLELOLGDGH 3RUWDQWR
RSomR HUUDGD

2SomR ( ³7KH\ VKRXOG EH DUWLFXODWLQJ WKHLU VNLOOV´ OLQHV  ³(OHV

SRGHULDP HVWi DUWLFXODQGR VXDV KDELOLGDGHV´ OLQKDV  

2 VKRXOG SRGH VHU XVDGR SDUD H[SUHVVDU XPD REULJDomR RX H[SHFWDWLYD

0DV R VHX XVR PDLV FRPXP p SDUD ID]HU XPD UHFRPHQGDomR RX GDU
FRQVHOKRV3RUWDQWR HVWD p QRVVD RSomR FRUUHWD

*$%$5,72 (

 7KH VWXG\ PHQWLRQHG E\ 3DXO 6WROW] OLQHV  VKRZV WKDW WR JHW D
MRE FDQGLGDWHV PXVW

$ PHQWLRQ LQ WKHLU &9V RU UHVXPHV DW OHDVW RQH PLQGVHW TXDOLW\ IURP D SUH
VHOHFWHG JURXS LGHQWLILHG LQ 6WROW]¶V PRGHO
% VKRZ WKH\ DUH TXDOLILHG DSSOLFDQWV IRU WKH IXQFWLRQ E\ PDNLQJ D OLVW RI
WKHLU VHYHQ EHVW PLQGVHW TXDOLWLHV
& OLVW WKHLU  PRVW UHOHYDQW DSWLWXGHV DQG FDSDELOLWLHV LQ DFFRUGDQFH ZLWK
6WROW]¶V PDVWHU PRGHO
' VHQG WKHLU UHVXPHV WKUHH WLPHV WR WKH VDPH HPSOR\HU EHIRUH EHLQJ
DFFHSWHG
( XVH DFWLRQ YHUEV DQG UHSRUW RQ KREELHV DQG LQWHUHVWV LQ WKHLU UHVXPHV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϱϮ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
 7KH VWXG\ PHQWLRQHG E\ 3DXO 6WROW] OLQHV  VKRZV WKDW WR JHW D
MRE FDQGLGDWHV PXVW
 2 HVWXGR PHQFLRQDGR SRU 3DXO 6WROW] OLQKDV  PRVWUD TXH SDUD
FRQVHJXLU XP HPSUHJR RV FDQGLGDWHV SUHFLVDP

2SomR $ PHQWLRQ LQ WKHLU &9V RU UHVXPHV DW OHDVW RQH PLQGVHW TXDOLW\ IURP
D SUHVHOHFWHG JURXS LGHQWLILHG LQ 6WROW]¶V PRGHO PHQFLRQDU QR FXUUtFXOR
GHOHV RX UHVXPRV DR PHQRV XPD TXDOLGDGH GH PHQWDOLGDGH GH XP JUXSR
SUpVHOHFLRQDGR LGHQWLILFDGR QR PRGHOR 6WROW]

% 7KH RQO\ IDFWRU WKDW PDGH WKH GLIIHUHQFH ZDV WKDW WKRVH ZKR KDG RQH RI
WKH  PLQGVHW TXDOLWLHV IURP RXU PDVWHU PRGHO DUWLFXODWHG LQ WKHLU
&9UHVXPH LQ D VSHFLILF ZD\ ZHUH WKUHH WLPHV DV OLNHO\ WR JHW WKH MRE

% 2 ~QLFR IDWRU TXH IH] D GLIHUHQoD IRL TXH DTXHOHV TXH WLYHUDP XPD GDV
 TXDOLGDGHV GH PHQWDOLGDGH GR QRVVR PRGHOR PHVWUH DUWLFXODGD HP VHX
FXUUtFXOR  &9 GH XPD PDQHLUD HVSHFtILFD WLQKDP WUrV YH]HV PDLV FKDQFHV
GH FRQVHJXLU R HPSUHJR

PHQWLRQ PHQFLRQDU FLWDU DUWLFXODWH HQXQFLDU IDODU EHP VREUH

DW OHDVW RQH DR PHQRV XPD SHOR PHQRV XPD RQH RI WKH XPD GDV
XPD GHODV
6WROW]¶V PRGHO PRGHOR GR 6WROW] PDVWHU PRGHO PRGHOR GR PHVWUH

2EVHUYH QRV VLQ{QLPRV TXH GHVWDTXHL DFLPD TXH R HQXQFLDGR H[SUHVVD D

PHVPD PHQVDJHP WH[WXDO XVDQGR DSHQDV YRFiEXORV VLPLODUHV 3RUWDQWR
HVWD p D RSomR FRUUHWD

2SomR % VKRZ WKH\ DUH TXDOLILHG DSSOLFDQWV IRU WKH IXQFWLRQ E\ PDNLQJ D
OLVW RI WKHLU VHYHQ EHVW PLQGVHW TXDOLWLHV PRVWUDU TXH HOHV VmR FDQGLGDWRV
DGHTXDGRV SDUD D IXQomR SRU ID]HU XPD OLVWD GDV VHWH PHOKRUHV TXDOLGDGHV
GH PHQWDOLGDGH

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϱϯ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ

)XUWKHUPRUH WKRVH ZKR KDG WZR RU PRUH RI WKHVH VWDWHPHQWV ZHUH VHYHQ
WLPHV PRUH OLNHO\ WR JHW WKH MRE RIWHQ RYHU RWKHU PRUH TXDOLILHG FDQGLGDWHV

$OpP GLVVR DTXHOHV TXH WLYHUDP GXDV RX PDLV GHVVDV GHFODUDo}HV HUDP
VHWH YH]HV PDLV SURYiYHLV GH FRQVHJXLU R HPSUHJR PXLWDV YH]HV HP
GHWULPHQWR GH RXWURV FDQGLGDWRV PDLV TXDOLILFDGRV

$TXL D EDQFD WURFD DV SDODYUDV SDUD WHVWDU R VHX QtYHO GH FRPSUHHQVmR GR

WH[WR 2EVHUYH TXH R Q~PHUR VHWH p FLWDGR SDUD VH UHIHULU jV SURYiYHLV
FKDQFHV GRV FDQGLGDWRV H QmR DR Q~PHUR GH TXDOLGDGHV D VHUHP FLWDGDV
&RPR YLPRV QD RSomR DQWHULRU EDVWDULD TXH FLWDVVHP XPD GHODV QR &9 H
QmR VHWH SRUWDQWR D RSomR p HUUDGD

2SomR & OLVW WKHLU  PRVW UHOHYDQW DSWLWXGHV DQG FDSDELOLWLHV LQ

DFFRUGDQFH ZLWK 6WROW]¶V PDVWHU PRGHO OLVWDU VXDV  FDSDFLGDGHV H
DSWLG}HV PDLV UHOHYDQWHV GH DFRUGR FRP R PRGHOR GR PHVWUH 6WROW]

% 7KH RQO\ IDFWRU WKDW PDGH WKH GLIIHUHQFH ZDV WKDW WKRVH ZKR KDG RQH RI
WKH  PLQGVHW TXDOLWLHV IURP RXU PDVWHU PRGHO DUWLFXODWHG LQ WKHLU
&9UHVXPH LQ D VSHFLILF ZD\ ZHUH WKUHH WLPHV DV OLNHO\ WR JHW WKH MRE

% 2 ~QLFR IDWRU TXH IH] D GLIHUHQoD IRL TXH DTXHOHV TXH WLYHUDP XPD GDV
 TXDOLGDGHV GH PHQWDOLGDGH GR QRVVR PRGHOR PHVWUH DUWLFXODGD HP VHX
FXUUtFXOR  &9 GH XPD PDQHLUD HVSHFtILFD WLQKDP WUrV YH]HV PDLV FKDQFHV
GH FRQVHJXLU R HPSUHJR

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϱϰ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
2SomR ' VHQG WKHLU UHVXPHV WKUHH WLPHV WR WKH VDPH HPSOR\HU EHIRUH
EHLQJ DFFHSWHG HQYLDU VHX FXUUtFXOR WUrV YH]HV SDUD R PHVPR HPSUHJDGRU
DQWHV GH VHU DFHLWR

% 7KH RQO\ IDFWRU WKDW PDGH WKH GLIIHUHQFH ZDV WKDW WKRVH ZKR KDG RQH RI
WKH  PLQGVHW TXDOLWLHV IURP RXU PDVWHU PRGHO DUWLFXODWHG LQ WKHLU
&9UHVXPH LQ D VSHFLILF ZD\ ZHUH WKUHH WLPHV DV OLNHO\ WR JHW WKH MRE

% 2 ~QLFR IDWRU TXH IH] D GLIHUHQoD IRL TXH DTXHOHV TXH WLYHUDP XPD GDV
 TXDOLGDGHV GH PHQWDOLGDGH GR QRVVR PRGHOR PHVWUH DUWLFXODGD HP VHX
FXUUtFXOR  &9 GH XPD PDQHLUD HVSHFtILFD WLQKDP WUrV YH]HV PDLV
FKDQFHV GH FRQVHJXLU R HPSUHJR

2 WH[WR H[SUHVVD WUrV YH]HV SDUD UHIHULUVH jV FKDQFHV GR FDQGLGDWR H QmR

DR HQYLR GR FXUUtFXOR 3RUWDQWR RSomR HUUDGD

2SomR ( XVH DFWLRQ YHUEV DQG UHSRUW RQ KREELHV DQG LQWHUHVWV LQ WKHLU
UHVXPHV XVDU YHUERV GH DomR H UHODWDU KREELHV H LQWHUHVVHV HP VHXV
UHVXPRV

1RQH RI WKH FODVVLF DFFHSWHG DGYLFH OLNH XVLQJ DFWLRQ YHUEV RU LQFOXGLQJ
KREELHVLQWHUHVWV DFWXDOO\ PDGH DQ\ GLIIHUHQFH

1HQKXP GRV FOiVVLFRV DFHLWDUDP FRQVHOKRV FRPR D XWLOL]DomR GH YHUERV

GH DomR RX D LQFOXVmR GH SDVVDWHPSRV H LQWHUHVVHV UHDOPHQWH IH] DOJXPD
GLIHUHQoD

$ RSomR H[SUHVVD MXVWDPHQWH R RSRVWR GR WH[WR FRPR YRFr SRGH REVHUYDU

QR VHJPHQWR DFLPD VmR FLWDGRV HOHPHQWRV TXH GHYH VH HYLWDU H QmR TXH
GHYH VH FRORFDU QR FXUUtFXOR 3RU LVVR D RSomR p LQFRUUHWD

*$%$5,72 $

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϱϱ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ

%RRVWHU 9RFDEXODU\
EHVLGHV DOpP GLVVR DOpP GR TXH
IXUWKHUPRUH DOpP GLVVR DOpP GR PDLV
KRZHYHU HQWUHWDQWR FRQWXGR WRGDYLD
LQVWHDG DR LQYpV GLVVR HP YH] GH
RQ WKH RWKHU KDQG SRU RXWUR ODGR GH RXWUR PRGR
XWWHUO\ FRPSOHWDPHQWH WRWDOPHQWH

 ,Q ³)XUWKHUPRUH WKRVH ZKR KDG WZR RU PRUH RI WKHVH VWDWHPHQWV ZHUH

VHYHQ WLPHV PRUH OLNHO\ WR JHW WKH MRE´ OLQHV   )XUWKHUPRUH FDQ EH
VXEVWLWXWHG ZLWKRXW FKDQJH LQ PHDQLQJ E\

$ ,QVWHDG
% +RZHYHU
& %HVLGHV
' 7KHUHIRUH
( 2Q WKH RWKHU KDQG

 ,Q ³)XUWKHUPRUH WKRVH ZKR KDG WZR RU PRUH RI WKHVH VWDWHPHQWV ZHUH

VHYHQ WLPHV PRUH OLNHO\ WR JHW WKH MRE´ OLQHV   )XUWKHUPRUH FDQ EH
VXEVWLWXWHG ZLWKRXW FKDQJH LQ PHDQLQJ E\
 (P ³$OpP GLVVR DTXHOHV TXH WLYHUDP GXDV RX PDLV GHVVDV
GHFODUDo}HV WLQKDP VHWH YH]HV PDLV FKDQFHV GH FRQVHJXLU R HPSUHJR´
OLQKDV   $OpP GLVVR SRGH VHU VXEVWLWXtGR VHP PXGDQoD QR
VLJQLILFDGR SRU

2SomR $ LQVWHDG DR LQYpV GH

2 LQVWHDG p XVDGR TXDQGR VH TXHU FRQWUDSRU XPD LGHLD QmR p VLQ{QLPR GR

IXUWKHUPRUH 3RU LVVR D RSomR p HUUDGD

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϱϲ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
2SomR % KRZHYHU HQWUHWDQWR

2 KRZHYHU p XP DGYpUELR FRQHFWLYR H p XVDGR SDUD H[SUHVVDU XPD UHODomR

GH FRQIOLWR HQWUH D LGHLD GD IUDVH DQWHFHGHQWH FRP D FRQVHTXHQWH 7DPEpP
QmR VXEVWLWXL R IXUWKHUPRUH QD IUDVH 2SomR HUUDGD

2SomR & EHVLGHV DOpP GLVVR

(VWD p D RSomR FRUUHWD YLVWR TXH RV YRFiEXORV VmR VLQ{QLPRV H SRGHP VHU
VXEVWLWXtGRV XP SHOR RXWUR VHP TXH R WH[WR VRIUD DOWHUDomR GH VLJQLILFDGR

%HVLGHV DOpP GLVVR DOpP GR PDLV IXUWKHUPRUH DOpP GLVVR DOpP

GR PDLV

2SomR ' WKHUHIRUH ORJR SRUWDQWR SRU HVWH PRWLYR

2 DGYpUELR FRQHFWLYR WKHUHIRUH PRVWUD XPD UHODomR GH FDXVD H HIHLWR HQWUH

D IUDVH DQWHULRU H D SRVWHULRU 1mR VDWLVID] DR SHGLGR GR HQXQFLDGR (UUDGD

2SomR ( 2Q WKH RWKHU KDQG SRU RXWUR ODGR

7DPEpP p XPD H[SUHVVmR GH RSRVLomR 2 IXUWKHUPRUH p XP FRQHFWLYR GH

DGLomR 2SomR HUUDGD

*$%$5,72 &

 $FFRUGLQJ WR -HQQLIHU )UHPRQW6PLWK DQG 3DXO * 6WROW] PLQGVHW

LQFOXGHV DOO RI WKH IROORZLQJ (;&(37

$ SURIHVVLRQDO TXDOLILFDWLRQV OHDUQHG LQ D WUDLQLQJ SURJUDP

% WKH SHUVSHFWLYH LQ ZKLFK WKH HPSOR\HH VHHV KLV OLIH DQG ZKDW KH GRHV
& WKH DWWLWXGH SHUVRQDOLW\ DQG ZD\V RI WKLQNLQJ WKDW PD\ DIIHFW RQH¶V OLIH

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϱϳ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
' DQ HWKLFDO DQG PRUDO SRVWXUH ZKLFK LV WKH VXSSRUW IRU RQH¶V DFWLRQV DQG
WKRXJKWV
( RQH¶V PHQWDO DWWLWXGH WRZDUGV OLIH ZKLFK DIIHFWV KRZ RQH VHHV DQG
H[SUHVVHV LGHDV

 $FFRUGLQJ WR -HQQLIHU )UHPRQW6PLWK DQG 3DXO * 6WROW] PLQGVHW

LQFOXGHV DOO RI WKH IROORZLQJ (;&(37
 'H DFRUGR FRP -HQQLIHU )UHPRQW6PLWK H 3DXO *6WROW] PHQWDOLGDGH
LQFOXL WRGRV RV VHJXLQWHV (;&(72

2SomR $ SURIHVVLRQDO TXDOLILFDWLRQV OHDUQHG LQ D WUDLQLQJ SURJUDP

TXDOLILFDomR SURILVVLRQDO DSUHQGLGD HP SURJUDPD GH WUHLQDPHQWR

+HDWKHU +RZ GR \RX GHILQH PLQGVHW"

+HDWKHU &RPR YRFr GHILQH D PHQWDOLGDGH"

3DXO :H GHILQH PLQGVHW DV ³WKH OHQV WKURXJK ZKLFK \RX VHH DQG QDYLJDWH
OLIH´ ,W XQGHUJLUGV DQG DIIHFWV DOO WKDW \RX WKLQN VHH EHOLHYH VD\ DQG GR

3DXO 1yV GHILQLPRV PHQWDOLGDGH FRPR D OHQWH DWUDYpV GD TXDO YRFr Yr H

QDYHJD D YLGD ,VWR IRUWDOHFH H DIHWD WXGR R TXH YRFr SHQVD Yr DFUHGLWD
GL] H ID]

2EVHUYH QR VHJPHQWR GR WH[WR DFLPD TXH D GHILQLomR GH PHQWDOLGDGH QDGD

WHP D YHU FRP DSUHQGL]DGR DGTXLULGR HP SURJUDPD GH WUHLQDPHQWR
3RUWDQWR YLVWR TXH R HQXQFLDGR SHGH D H[FHomR HVWD p D RSomR FRUUHWD 

2SomR % WKH SHUVSHFWLYH LQ ZKLFK WKH HPSOR\HH VHHV KLV OLIH DQG ZKDW KH
GRHV D SHUVSHFWLYD HP TXH R WUDEDOKDGRU Yr D VXD YLGD H R TXH HOH ID]
$ GHILQLomR GD RSomR FRQFRUGD FRP R WH[WR H SRU LVVR QmR p XPD H[FHomR
RSomR HUUDGD

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϱϴ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ

7KH OHQV WKURXJK \RX VHH DV OHQWHV SHODV TXDLV YRFr Yr XVR ILJXUDGR
WKH SHUVSHFWLYH LQ ZKLFK WKH HPSOR\HH VHHV KLV OLIH D SHUVSHFWLYD
QD TXDO R WUDEDOKDGRU Yr D YLGD

2SomR & WKH DWWLWXGH SHUVRQDOLW\ DQG ZD\V RI WKLQNLQJ WKDW PD\ DIIHFW
RQH¶V OLIH D DWLWXGH SHUVRQDOLGDGH H IRUPDV GH SHQVDU TXH SRGHP DIHWDU
D VXD YLGD

$ RSomR XVD VLQ{QLPRV GH SDODYUD SDUD H[SUHVVDU D PHVPD LQIRUPDomR TXH

VH HQFRQWUD QR WH[WR 3RUWDQWR RSomR HUUDGD

:D\V RI WKLQNLQJ WKDW PD\ DIIHFW RQH¶V OLIH IRUPDV GH SHQVDU TXH
SRGHP DIHWDU D YLGD GH DOJXpP QDYLJDWH OLIH QDYHJD D YLGD XVR
ILJXUDGR

2SomR ' DQ HWKLFDO DQG PRUDO SRVWXUH ZKLFK LV WKH VXSSRUW IRU RQH¶V DFWLRQV
DQG WKRXJKWV XPD SRVWXUD pWLFD H PRUDO TXH p R VXSRUWH SDUD VXDV Do}HV
H SHQVDPHQWRV

$ RSomR XVD SDODYUDV GLIHUHQWHV SDUD GL]HU D PHVPD FRLVD ( Mi TXH

FRQFRUGD FRP R WH[WR p HUUDGD

,W XQGHUJLUGV DQG DIIHFWV DOO WKDW \RX WKLQN VHH EHOLHYH VD\ DQG
GR LVWR UHIRUoD H DIHWD WXGR R TXH YRFr SHQVD Yr DFUHGLWD GL]H ID]
HWKLFDO DQG PRUDO SRVWXUH SRVWXUD pWLFD H PRUDO

2SomR ( RQH¶V PHQWDO DWWLWXGH WRZDUGV OLIH ZKLFK DIIHFWV KRZ RQH VHHV DQG
H[SUHVVHV LGHDV XPD DWLWXGH PHQWDO TXDQWR DR VHQWLGR GD YLGD TXH DIHWD
D IRUPD FRPR VH Yr H H[SUHVVD DV LGHLDV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϱϵ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
(VWD RSomR WDPEpP WUDGX] FRP RXWUDV SDODYUDV R TXH R WH[WR GL] SRUWDQWR
p HUUDGD

0HQWDO DWWLWXGH WRZDUGV OLIH DWLWXGH PHQWDO TXDQWR DR VHQWLGR GD YLGD

QDYHJDWH OLIH QDYHJD D YLGD XVR ILJXUDGR

*$%$5,72 $

7UDQVODWLRQ

6NLOOVHW YV 0LQGVHW :KLFK :LOO *HW <RX WKH -RE"

&RQMXQWR GH KDELOLGDGHV YHUVXV PHQWDOLGDGH 4XDO GHOHV YDL OKH

ID]HU FRQVHJXLU R HPSUHJR "

%\ +HDWKHU +XKPDQ

7KHUH¶V D GHEDWH JRLQJ RQ DPRQJ FDUHHU H[SHUWV DERXW ZKLFK LV PRUH

LPSRUWDQW VNLOOVHW RU PLQGVHW :KLOH VNLOOV DUH FHUWDLQO\ GHVLUDEOH IRU PDQ\
SRVLWLRQV GRHV KDYLQJ WKH ULJKW RQHV JXDUDQWHH \RX¶OO JHW WKH MRE" :KDW
LI \RX KDYH WKH PLQGVHW WR JHW WKH ZRUN DFFRPSOLVKHG EXW FXUUHQWO\ ODFN
FHUWDLQ VNLOOV UHTXHVWHG E\ WKH HPSOR\HU" -HQQLIHU )UHPRQW6PLWK &(2 RI
6PDUWHUHU DQG 3DXO * 6WROW] 3K' FRDXWKRU RI 3XW <RXU 0LQGVHW WR :RUN
7KH 2QH $VVHW <RX 5HDOO\ 1HHG WR :LQ DQG .HHS WKH -RE <RX /RYH UHFHQWO\
VDW GRZQ ZLWK 86 1HZV WR VRXQG RII RQ WKLV LVVXH

+i XP GHEDWH HP FXUVR HQWUH RV HVSHFLDOLVWDV HP FDUUHLUD VREUH TXDO p

PDLV LPSRUWDQWH FRQMXQWR GH KDELOLGDGHV RX PHQWDOLGDGH (QTXDQWR DV
KDELOLGDGHV VmR FHUWDPHQWH GHVHMiYHLV SDUD PXLWDV SRVLo}HV WHQGR DV
FHUWDV JDUDQWH TXH YRFr YDL FRQVHJXLU R HPSUHJR" ( VH YRFr WHP D
PHQWDOLGDGH SDUD FRQVHJXLU TXH R WUDEDOKR VHMD FRQFOXtGR PDV DWXDOPHQWH
QmR SRVVXL FHUWDV KDELOLGDGHV VROLFLWDGDV SHOR HPSUHJDGRU" -HQQLIHU
)UHPRQW6PLWK &KHIH H[HFXWLYD GR HVFULWyULR GD 6PDUWHUHU H 3DXO *

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϲϬ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
6WROW] 3K' FRDXWRU GH &RORFDU D VXD PHQWDOLGDGH SDUD 7UDEDOKDU R DWLYR
TXH YRFr UHDOPHQWH SUHFLVD SDUD JDQKDU H PDQWHU R WUDEDOKR TXH YRFr DPD
UHFHQWHPHQWH VHQWRXVH FRP 86 1HZV SDUD GHEDWHU VREUH HVWD TXHVWmR

+HDWKHU :KDW LV PRUH LPSRUWDQW WR WRGD\¶V HPSOR\HUV VNLOOVHW RU

PLQGVHW" :K\"

-HQQLIHU )RU PDQ\ MREV VNLOOVHW QHHGV WR FRPH ILUVW 7KH HPSOR\HU
DEVROXWHO\ PXVW ILQG SHRSOH ZKR KDYH WKH KDUG VNLOOV WR GR ZKDWHYHU LW LV
WKH\ DUH EHLQJ KLUHG WR GR 3URJUDPPHUV KDYH WR NQRZ KRZ WR SURJUDP
([FHO 0DUNHWHUV PXVW NQRZ WKHLU PDUNHWLQJ WRROV DQG 'DWD DQDO\VWV QHHG
WR NQRZ KRZ WR FUXQFK QXPEHUV LQ VRIWZDUH 6RFLDO PHGLD PDQDJHUV PXVW
NQRZ WKH WRROV RI WKHLU WUDGH OLNH 7ZLWWHU )DFHERRN :RUG3UHVV DQG KDYH
ZULWLQJ DQG FRPPXQLFDWLRQ VNLOOV $IWHU WKH HPSOR\HUV KDYH LGHQWLILHG
FDQGLGDWHV ZLWK WKHVH KDUG VNLOOV WKH\ FDQ VKLIW WKHLU IRFXV WR WKHLU
FDQGLGDWHV¶ PLQGVHWV  DWWLWXGH LQWHJULW\ ZRUN HWKLF SHUVRQDOLW\ HWF

+HDWKHU 2 TXH p PDLV LPSRUWDQWH SDUD RV HPSUHJDGRUHV GH KRMH

FRQMXQWR GH KDELOLGDGHV RX PHQWDOLGDGH" 3RU TXr"

-HQQLIHU 3DUD PXLWRV HPSUHJRV GH KDELOLGDGHV SUHFLVDP YLU SULPHLUR 2

HPSUHJDGRU SUHFLVD PHVPR HQFRQWUDU SHVVRDV TXH WrP DV KDELOLGDGHV
QRWiYHLV GH ID]HU WXGR R TXH HOHV HVWmR VHQGR FRQWUDWDGRV SDUD ID]HU 2V
SURJUDPDGRUHV WrP GH VDEHU FRPR SURJUDPDU ([FHO 2V SURILVVLRQDLV GH
PDUNHWLQJ GHYH FRQKHFHU VXDV IHUUDPHQWDV GH PDUNHWLQJ H RV DQDOLVWDV GH
GDGRV SUHFLVD VDEHU FRPR ID]HU FiOFXORV QR VRIWZDUH *HUHQWHV GH PtGLD
VRFLDO GHYHP FRQKHFHU DV IHUUDPHQWDV GH VHX RItFLR FRPR R 7ZLWWHU
)DFHERRN :RUG3UHVV H WHU KDELOLGDGHV GH HVFULWD H FRPXQLFDomR 'HSRLV
TXH RV HPSUHJDGRUHV LGHQWLILFDUHP RV FDQGLGDWRV FRP HVVDV KDELOLGDGHV
FRPSOH[DV HOHV SRGHP PXGDU VHX IRFR SDUD DV PHQWDOLGDGHV GRV
FDQGLGDWRV  DWLWXGH LQWHJULGDGH pWLFD GH WUDEDOKR SHUVRQDOLGDGH HWF

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϲϭ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
3DXO 0LQGVHW XWWHUO\ WUXPSV VNLOOVHW

3DXO D PHQWDOLGDGH WULXQID WRWDOPHQWH VREUH R FRQMXQWR GH KDELOLGDGHV

+HDWKHU 'R \RX KDYH DQ\ GDWD RU VWDWLVWLFV WR EDFN XS \RXU

DUJXPHQW"

-HQQLIHU 'HVSLWH UHFRUG KLJK XQHPSOR\PHQW PDQ\ MREV VLW HPSW\

EHFDXVH HPSOR\HUV FDQ¶W ILQG FDQGLGDWHV ZLWK WKH ULJKW VNLOOV ,Q D UHFHQW
VXUYH\ FLWHG LQ WKH :DOO 6WUHHW -RXUQDO RYHU  SHUFHQW RI FRPSDQLHV
UHSRUWHG GLIILFXOW\ ILQGLQJ DSSOLFDQWV ZLWK WKH ULJKW VNLOOV &RPSDQLHV DUH
UXQQLQJ OHDQ DQG PHDQ LQ WKLV HFRQRP\ ± WKH\ GRQ¶W KDYH WKH WLPH WR WUDLQ
IRU WKRVH NH\ VNLOOV

+HDWKHU 9RFr WHP TXDLVTXHU GDGRV RX HVWDWtVWLFDV SDUD DSRLDU VHX

DUJXPHQWR"

-HQQLIHU $SHVDU GH R GHVHPSUHJR UHFRUGH PXLWRV SRVWRV GH WUDEDOKR

HQFRQWUDPVH YD]LRV SRUTXH RV HPSUHJDGRUHV QmR SRGHP HQFRQWUDU
FDQGLGDWRV FRP DV FRPSHWrQFLDV DGHTXDGDV (P XPD SHVTXLVD UHFHQWH
FLWDGD QR :DOO 6WUHHW -RXUQDO PDLV GH  SRU FHQWR GDV HPSUHVDV UHODWDUDP
GLILFXOGDGH HP HQFRQWUDU FDQGLGDWRV FRP DV FRPSHWrQFLDV DGHTXDGDV $V
HPSUHVDV HVWmR RSHUDQGR FRP R VHWRU SHVVRDO HQ[XWR QHVWD HFRQRPLD 
HODV QmR WrP WHPSR SDUD WUHLQDU SDUD DV FRPSHWrQFLDVFKDYH

3DXO >&RDXWKRU -DPHV 5HHG DQG ,@ DVNHG WHQV RI WKRXVDQGV RI WRS

HPSOR\HUV ZRUOGZLGH WKLV TXHVWLRQ ,I \RX ZHUH KLULQJ VRPHRQH WRGD\
ZKLFK ZRXOG \RX SLFN $ WKH SHUVRQ ZLWK WKH SHUIHFW VNLOOV DQG
TXDOLILFDWLRQV EXW ODFNLQJ WKH GHVLUHG PLQGVHW RU % WKH SHUVRQ ZLWK WKH
GHVLUHG PLQGVHW EXW ODFNLQJ WKH UHVW" 1LQHW\HLJKW SHUFHQW SLFN $ $GG WR
WKLV WKDW  SHUFHQW VDLG LW LV PRUH OLNHO\ WKDW D SHUVRQ ZLWK WKH ULJKW
PLQGVHW ZLOO GHYHORS WKH ULJKW VNLOOVHW UDWKHU WKDQ WKH RWKHU ZD\ DURXQG

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϲϮ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ

3DXO >&RDXWRU -DPHV 5HHG H HX@ IL]HUDP D GH]HQDV GH PLOKDUHV GH

HPSUHJDGRUHV GH DOWR QtYHO HP WRGR R PXQGR HVWD SHUJXQWD 6H YRFr
HVWLYHVVH FRQWUDWDQGR DOJXpP KRMH TXH YRFr HVFROKHULD D D SHVVRD FRP
DV KDELOLGDGHV H TXDOLILFDo}HV SHUIHLWDV PDV IDOWD D PHQWDOLGDGH GHVHMDGD
RX % D SHVVRD FRP D PHQWDOLGDGH GHVHMDGD PDV IDOWD R UHVWR" 1RYHQWD H
RLWR SRU FHQWR HVFROKHP $ $FUHVFHQWH D LVVR TXH  SRU FHQWR GL]HP TXH
p PDLV SURYiYHO TXH XPD SHVVRD FRP D PHQWDOLGDGH FHUWD LUi GHVHQYROYHU
R FRQMXQWR GH KDELOLGDGHV GLUHLWR DR LQYpV GR FRQWUiULR

+HDWKHU +RZ GR \RX GHILQH VNLOOVHW"

-HQQLIHU $W 6PDUWHUHU ZH GHILQH VNLOOVHW DV WKH VHW RI GLJLWDO VRFLDO DQG

WHFKQLFDO WRROV SURIHVVLRQDOV XVH WR EH HIIHFWLYH LQ WKH ZRUNIRUFH
3URIHVVLRQDOV DUH UDSLGO\ DFFXPXODWLQJ WKHVH VNLOOV DQG WKH WRROV
WKHPVHOYHV DUH SUROLIHUDWLQJ DQG HYROYLQJ ± ZH¶UH JLYLQJ SHRSOH D VLPSOH
VPDUW ZD\ IRU SHRSOH WR YDOLGDWH WKHLU VNLOOVHW DQG DUWLFXODWH LW WR WKH ZRUOG

+HDWKHU &RPR YRFr GHILQH FRQMXQWR GH KDELOLGDGHV"

-HQQLIHU 1R 6PDUWHUHU GHILQLPRV KDELOLGDGHV FRPR R FRQMXQWR GH

IHUUDPHQWDV GLJLWDLV VRFLDLV H WpFQLFDV TXH RV SURILVVLRQDLV WpFQLFRV XVDP
SDUD VHUHP HILFD]HV QR PHUFDGR GH WUDEDOKR 2V SURILVVLRQDLV HVWmR
UDSLGDPHQWH DFXPXODQGR HVVDV KDELOLGDGHV H DV SUySULDV IHUUDPHQWDV VH
PXOWLSOLFDP H HYROXHP  HVWDPRV GDQGR jV SHVVRDV XPD PDQHLUD VLPSOHV
H LQWHOLJHQWH SDUD TXH YDOLGHP R VHX FRQMXQWR GH KDELOLGDGHV H R DUWLFXOHP
DR PXQGR

+HDWKHU +RZ GR \RX GHILQH PLQGVHW"

3DXO :H GHILQH PLQGVHW DV ³WKH OHQV WKURXJK ZKLFK \RX VHH DQG QDYLJDWH
OLIH´ ,W XQGHUJLUGV DQG DIIHFWV DOO WKDW \RX WKLQN VHH EHOLHYH VD\ DQG GR

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϲϯ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
+HDWKHU &RPR YRFr GHILQH PHQWDOLGDGH"

3DXO 1yV GHILQLPRV PHQWDOLGDGH FRPR D OHQWH DWUDYpV GD TXDO YRFr Yr H

QDYHJD D YLGD ,VWR UHIRUoD H DIHWD WXGR TXH YRFr SHQVD Yr DFUHGLWD GL]
H ID]

+HDWKHU +RZ FDQ MRE VHHNHUV VKRZ WKH\ KDYH WKH VNLOOVHW
HPSOR\HUV DUH VHHNLQJ WKURXJKRXW WKH HQWLUH KLULQJ SURFHVV"

-HQQLIHU $W WKH EHJLQQLQJ RI WKH SURFHVV VHHNHUV FDQ VKRZFDVH WKH VNLOOV
WKH\ KDYH E\ LQFRUSRUDWLQJ WKHP VXFK DV WKHLU 6PDUWHUHU VFRUHV
WKURXJKRXW WKHLU SURIHVVLRQDO DQG SHUVRQDO EUDQG PDWHULDOV 7KH\ VKRXOG EH
DUWLFXODWLQJ WKHLU VNLOOV LQ WKHLU UHVXPH FRYHU OHWWHU /LQNHG,Q SURILOH EORJ
ZHEVLWH ± HYHU\ZKHUH WKH\ H[SUHVV WKHLU SURIHVVLRQDO LGHQWLW\

+HDWKHU &RPR SRGHP RV FDQGLGDWRV D HPSUHJR PRVWUDUHP TXH

HOHV WrP R FRQMXQWR GH KDELOLGDGHV TXH RV HPSUHJDGRUHV HVWmR
EXVFDQGR HP WRGR R LQWHLUR SURFHVVR GH FRQWUDWDomR "

-HQQLIHU 1R LQtFLR GR SURFHVVR RV LQWHUHVVDGRV SRGHP PRVWUDU DV

KDELOLGDGHV TXH HOHV SRVVXHP LQFRUSRUDQGRDV WDLV FRPR RV UHVXOWDGRV GH
VHXV SRQWRV QD 6PDUWHUHU DWUDYpV GH VHXV PDWHULDLV GH PDUFDV SHVVRDLV H
SURILVVLRQDLV (OHV GHYHP HVWDU DUWLFXODQGR VXDV KDELOLGDGHV HP VHXV
FXUUtFXORV FDUWDV GH DSUHVHQWDomR SHUILO QR VLWH /LQNHG,Q  EORJ  ZHEVLWH
 HP WRGRV RV OXJDUHV TXH HOHV H[SUHVVHP VXD LGHQWLGDGH SURILVVLRQDO

+HDWKHU +RZ FDQ MRE VHHNHUV VKRZ WKH\ KDYH WKH PLQGVHW
HPSOR\HUV DUH VHHNLQJ WKURXJKRXW WKH HQWLUH KLULQJ SURFHVV"

3DXO 2QH RI WKH PRVW KHDGVSLQQLQJ VWXGLHV ZH GLG ZKLFK ZDV FRQGXFWHG
E\ DQ LQGHSHQGHQW VWDWLVWLFLDQ VKRZHG WKDW RXW RI  &9VUHVXPHV
ZKHQ \RX ORRN DW ZKR JHWV WKH MRE DQG ZKR GRHV QRW $ 7KH FRQYHQWLRQDO

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϲϰ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
ZLVGRP IDLOV DW EHVW  1RQH RI WKH FODVVLF DFFHSWHG DGYLFH OLNH XVLQJ
DFWLRQ YHUEV RU LQFOXGLQJ KREELHVLQWHUHVWV DFWXDOO\ PDGH DQ\ GLIIHUHQFH
% 7KH RQO\ IDFWRU WKDW PDGH WKH GLIIHUHQFH ZDV WKDW WKRVH ZKR KDG RQH RI
WKH  PLQGVHW TXDOLWLHV IURP RXU PDVWHU PRGHO DUWLFXODWHG LQ WKHLU
&9UHVXPH LQ D VSHFLILF ZD\ ZHUH WKUHH WLPHV DV OLNHO\ WR JHW WKH MRE
)XUWKHUPRUH WKRVH ZKR KDG WZR RU PRUH RI WKHVH VWDWHPHQWV ZHUH VHYHQ
WLPHV PRUH OLNHO\ WR JHW WKH MRE RIWHQ RYHU RWKHU PRUH TXDOLILHG FDQGLGDWHV
$YDLODEOH DW KWWSPRQH\XVQHZVFRPPRQH\EORJVRXWVLGHYRLFHV
FDUHHUVVNLOOVHWYVPLQGVHWZKLFKZLOOJHW\RXWKHMRE!
5HWULHYHG RQ  6HSW  $GDSWHG

+HDWKHU &RPR SRGHP RV FDQGLGDWRV D HPSUHJR PRVWUDUHP TXH

HOHV WrP D PHQWDOLGDGH TXH RV HPSUHJDGRUHV HVWmR SURFXUDQGR HP
WRGR R LQWHLUR SURFHVVR GH FRQWUDWDomR "

3DXO 8P GRV HVWXGRV PDLV HVWRQWHDQWHV TXH IL]HPRV TXH IRL FRQGX]LGR
SRU XP HVWDWtVWLFR LQGHSHQGHQWH PRVWURX TXH GRV  FXUUtFXORV 
UHVXPRV TXDQGR VH H[DPLQD TXHP FRQVHJXH R WUDEDOKR H TXHP QmR R
FRQVHJXH $ $ VDEHGRULD FRQYHQFLRQDO IDOKD QD PHOKRU GDV KLSyWHVHV 
1HQKXP GRV FOiVVLFRV DFHLWDUDP FRQVHOKR FRPR D XWLOL]DomR GH YHUERV GH
DomR RX D LQFOXVmR GH SDVVDWHPSRV H LQWHUHVVHV UHDOPHQWH QmR IH]
GLIHUHQoD DOJXPD % 2 ~QLFR IDWRU TXH IH] D GLIHUHQoD IRL TXH DTXHOHV TXH
WLYHUDP XPD GDV  TXDOLGDGHV GD QRVVD PHQWDOLGDGH GR PRGHOR PHVWUH
DUWLFXODGD HP VHX FXUUtFXOR  &9 GH XPD PDQHLUD HVSHFtILFD WLYHUDP WUrV
YH]HV PDLV FKDQFHV GH FRQVHJXLU R HPSUHJR $OpP GLVVR DTXHOHV TXH
WLYHUDP GXDV RX PDLV GHVVDV GHFODUDo}HV HUDP VHWH YH]HV PDLV SURYiYHLV
GH FRQVHJXLU R HPSUHJR PXLWDV YH]HV HP GHWULPHQWR GH RXWURV FDQGLGDWRV
PDLV TXDOLILFDGRV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϲϱ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ

  7H[WR  4XHVW}HV &RPHQWDGDV H 7UDGXomR

$1$/,67$ (0 &,Ç1&,$ ( 7(&12/2*,$  &$3(6  &(6*5$15,2

+RZ WR GLJ RXW IURP WKH LQIRUPDWLRQ DYDODQFKH

0DMRULW\ RI ZRUNHUV IHHO RYHUZKHOPHG E\ GHOXJH RI GDWD VXUYH\ ILQGV

%\ (YH 7DKPLQFLRJOX

'RQ¶W H[SHFW 6KDXQ 2VKHU WKH &(2 RI &RUH *URXS 0DUNHWLQJ LQ 1HZ
<RUN WR DQVZHU \RXU HPDLO ULJKW DZD\ +H KDV VWRSSHG UHVSRQGLQJ WR H
PDLOV HYHU\ PLQXWH DQG RQO\ FKHFNV KLV HPDLO DFFRXQW WZLFH D GD\ +H
 DOVR VWDUWHG WXUQLQJ RII KLV %ODFN%HUU\ GXULQJ PHHWLQJV
7KLV WDFWLF KDV PDGH KLP VR PXFK PRUH SURGXFWLYH WKDW HDUOLHU WKLV
\HDU KH KHOG D PHHWLQJ ZLWK KLV VWDII RI  DQG ³VWURQJO\ VXJJHVWHG´ WKDW
WKH\ VWRS UHO\LQJ VR KHDYLO\ RQ HPDLO DQG DFWXDOO\ VWDUW FDOOLQJ FOLHQWV RQ
WKH SKRQH
 $QG KH UHTXHVWHG KLV HPSOR\HHV SXW FHOO SKRQHV DQG 3'$V RQ VLOHQW
PRGH GXULQJ PHHWLQJV DV ZHOO DV FXUWDLO WKH FRPPRQ SUDFWLFH RI FFLQJ
HYHU\ERG\ ZKHQ VHQGLQJ RXW DQ HPDLO ³7KHUH ZDV VR PXFK UHGXQGDQF\
VR PXFK XQQHFHVVDU\ ZRUN´ KH H[SODLQV ³2QH SHUVRQ FRXOG KDQGOH DQ

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϲϲ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
 LVVXH WKDW VKRXOG WDNH WZR PLQXWHV EXW ZKHQ DQ HPDLO JRHV RXW DQG
ILYH SHRSOH JHW FFHG WKHQ HYHU\ERG\ UHVSRQGV WR LW DQG WKHUH¶V D VQRZEDOO
HIIHFW´
,W¶V QRW WKDW 2VKHU KDV DQ\WKLQJ DJDLQVW WHFKQRORJ\ ,Q IDFW KH
 ORYHV LW 7KH SUREOHP LV ODVW \HDU KH UHDOL]HG KH ZDV LQXQGDWHG ZLWK VR
PDQ\ HPDLOV DQG VR PXFK LQIRUPDWLRQ LQ JHQHUDO WKDW KH EHJDQ WR
H[SHULHQFH GDWD RYHUORDG ³,Q WKH EHJLQQLQJ HPDLO DQG DOO WKLV GDWD ZDV D
JUHDW SKHQRPHQRQ UHYROXWLRQL]LQJ ZKDW ZH GR %XW WKH SHQGXOXP KDV
VZXQJ ZD\ WRR PXFK WR WKH RWKHU VLGH´ KH PDLQWDLQV ³:H¶UH OHVV
 SURGXFWLYH´
2VKHU LVQ¶W WKH RQO\ RQH RXW WKHUH XQGHU D GDWD DYDODQFKH 7KDQNV
WR WHFKQRORJLFDO LQQRYDWLRQV \RX FDQ EH WDONLQJ WR D FXVWRPHU RQ \RXU FHOO
SKRQH DQVZHULQJ D /LQNHG,Q LQYLWDWLRQ RQ \RXU ODSWRS DQG UHVSRQGLQJ WR
HPDLO RQ \RXU 3'$ DOO DW WKH VDPH WLPH %HVLGHV GXULQJ WRXJK HFRQRPLF
WLPHV ZKR ZLOO ZDQW WR PLVV DQ\ LQIRUPDWLRQ ZKHQ \RXU MRE FRXOG EH RQ
WKH OLQH LI \RX LQGXOJH LQ WKH OX[XU\ RI EHLQJ RIIOLQH" 7XUQV RXW VHYHQ RXW
RI  RIILFH ZRUNHUV LQ WKH 8QLWHG 6WDWHV IHHO RYHUZKHOPHG E\ LQIRUPDWLRQ
LQ WKH ZRUNSODFH DQG PRUH WKDQ WZR LQ ILYH VD\ WKH\ DUH KHDGHG IRU D GDWD
³EUHDNLQJ SRLQW´ DFFRUGLQJ WR D UHFHQWO\ UHOHDVHG :RUNSODFH 3URGXFWLYLW\
6XUYH\
0LNH :DOVK &(2 RI /H[LV1H[LV 86 /HJDO 0DUNHWV VD\V WKHUH DUH D
 KRVW RI UHDVRQV ZH¶UH DOO RQ WKH LQIRUPDWLRQ EULQN ³H[SRQHQWLDO JURZWK
RI WKH VL]H RI WKH LQIRUPDWLRQ µKD\VWDFN¶ WKH LPPHQVLW\ DQG LPPHGLDF\ RI
GLJLWDO FRPPXQLFDWLRQV DQG WKH IDFW WKDW SURIHVVLRQDOV DUH QRW EHLQJ
SURYLGHG ZLWK VXIILFLHQW WRROV DQG WUDLQLQJ WR KHOS WKHP NHHS SDFH ZLWK WKH
JURZLQJ LQIRUPDWLRQ EXUGHQ´
 (OOHQ .RVVHN D SURIHVVRU IURP 0LFKLJDQ 6WDWH EHOLHYHV ZH DUH OHVV
SURGXFWLYH LQ WKLV DJH RI  WHFKQRORJ\ DQG RXU PXOWLWDVNLQJ PHQWDOLW\
KDV VSDZQHG D ³QRWPHQWDOO\ SUHVHQW´ VRFLHW\ ³:H¶UH EHFRPLQJ DQ
DWWHQWLRQGHILFLW GLVRUGHU VRFLHW\ VZLWFKLQJ EDFN DQG IRUWK OLNH FUD]\´

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϲϳ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
 .RVVHN VD\V ³:H¶UH FRQQHFWHG DOO WKH WLPH :H¶UH ZRUNLQJ RQ SODQHV
LQ FRIIHH VKRSV ZRUNLQJ RQ WKH ZHHNHQGV :RUN LV YHU\ VHGXFWLYH EXW \HW
ZH¶UH DFWXDOO\ OHVV HIIHFWLYH´
7KH NH\ WR JHWWLQJ \RXU KHDG DERYH WKH GDWD IORRG DFFRUGLQJ WR
ZRUNSODFH H[SHUWV LV PDQDJLQJ DQG UHGXFLQJ WKH LQIRUPDWLRQ \RX¶UH
ERPEDUGHG ZLWK
‹ 061%& ,QWHUDFWLYH  VOLJKWO\ DGDSWHG
KWWSZZZPVQEFPVQFRPLG

&RPHQWiULRV
-XGJH WKH IROORZLQJ LWHPV DERXW WKH LGHDV DQG WKH OLQJXLVWLF VWUXFWXUHV RI
WKH WH[W DERYH

 7KH SXUSRVH RI WKLV DUWLFOH LV WR

$ EODPH PRGHUQ EXVLQHVVPHQ IRU EHLQJ RIIOLQH GXULQJ PHHWLQJV
% LQWURGXFH QHZ WUHQGV LQ WKH PDUNHW FRQFHUQLQJ HPDLO VRIWZDUH
& FRQYLQFH EXVLQHVVPHQ RI WKH DGYDQWDJHV RI ZRUNLQJ RQOLQH RQ
ZHHNHQGV
' DGYHUWLVH PRGHUQ WHFKQRORJLFDO GHYLFHV WKDW DUH H[SHFWHG WR
UHYROXWLRQL]H WKH ZRUOG
( UHSRUW RQ VRPH HIIHFWLYH DOWHUQDWLYHV WR DYRLG WKH LQIRUPDWLRQ EXUGHQ
DW WKH ZRUNSODFH

-XGJH WKH IROORZLQJ LWHPV DERXW WKH LGHDV DQG WKH OLQJXLVWLF VWUXFWXUHV RI
WKH WH[W DERYH
-XOJXH RV VHJXLQWHV LWHQV VREUH DV LGHLDV H DV HVWUXWXUDV OLQJXtVWLFDV GR
WH[WR DFLPD

 7KH SXUSRVH RI WKLV DUWLFOH LV WR

 2 REMHWLYR GHVWH DUWLJR p

2SomR $ EODPH PRGHUQ EXVLQHVVPHQ IRU EHLQJ RIIOLQH GXULQJ PHHWLQJV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϲϴ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
FXOSDU RV PRGHUQRV H[HFXWLYRV SRU QmR HVWDUHP FRQHFWDGRV QD UHGH
GXUDQWH UHXQL}HV H 2SomR & FRQYLQFH EXVLQHVVPHQ RI WKH DGYDQWDJHV RI
ZRUNLQJ RQOLQH RQ ZHHNHQGV FRQYHQFHU RV HPSUHViULRV VREUH DV
YDQWDJHQV GH WUDEDOKDU FRQHFWDGRV j UHGH GH ,QWHUQHW QRV ILQV GH VHPDQD

7KLV WDFWLF KDV PDGH KLP VR PXFK PRUH SURGXFWLYH WKDW HDUOLHU WKLV \HDU
KH KHOG D PHHWLQJ ZLWK KLV VWDII RI  DQG ³VWURQJO\ VXJJHVWHG´ WKDW WKH\
VWRS UHO\LQJ VR KHDYLO\ RQ HPDLO DQG DFWXDOO\ VWDUW FDOOLQJ FOLHQWV RQ WKH
SKRQH

(VVD WiWLFD IH]OKH PXLWR PDLV SURGXWLYR TXH QR LQtFLR GHVWH DQR HOH
UHDOL]RX XPD UHXQLmR FRP VXD HTXLSH GH  H  VXJHULX IRUWHPHQWH  TXH
SDUHP GH GHSHQGHU WmR IRUWHPHQWH GH HPDLO H UHDOPHQWH FRPHoHP D
YLVLWDU RV FOLHQWHV DR WHOHIRQH

2 WH[WR QmR FXOSD RV H[HFXWLYRV SRU LVVR PDV H[SUHVVD TXH R IDWR GH
HVWDUHP GHVFRQHFWDGRV SRU DOJXP WHPSR p DOJR SRVLWLYR H PDLV SURGXWLYR
2 LQFHQWLYR p TXH DR LQYpV GH WUDEDOKDUHP RQ OLQH XVHP R WHOHIRQH SDUD
FRQWDWDU RV FOLHQWHV 2So}HV HUUDGDV

2SomR % LQWURGXFH QHZ WUHQGV LQ WKH PDUNHW FRQFHUQLQJ HPDLO VRIWZDUH

DSUHVHQWDU DV QRYDV WHQGrQFLDV GR PHUFDGR UHODWLYDV DR VRIWZDUH GH HPDLO
H 2SomR ' DGYHUWLVH PRGHUQ WHFKQRORJLFDO GHYLFHV WKDW DUH H[SHFWHG WR
UHYROXWLRQL]H WKH ZRUOG DQXQFLDU PRGHUQRV GLVSRVLWLYRV WHFQROyJLFRV RV
TXDLV VH HVSHUD TXH YHQKDP D UHYROXFLRQDU R PXQGR

7KH SUREOHP LV ODVW \HDU KH UHDOL]HG KH ZDV LQXQGDWHG ZLWK VR PDQ\ H
PDLOV DQG VR PXFK LQIRUPDWLRQ LQ JHQHUDO WKDW KH EHJDQ WR H[SHULHQFH GDWD
RYHUORDG ³,Q WKH EHJLQQLQJ HPDLO DQG DOO WKLV GDWD ZDV D JUHDW
SKHQRPHQRQ UHYROXWLRQL]LQJ ZKDW ZH GR %XW WKH SHQGXOXP KDV VZXQJ
ZD\ WRR PXFK WR WKH RWKHU VLGH´ KH PDLQWDLQV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϲϵ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
2 SUREOHPD p TXH QR DQR SDVVDGR HOH SHUFHEHX TXH HVWDYD LQXQGDGR FRP
WDQWRV HPDLOV H WDQWDV LQIRUPDo}HV HP JHUDO TXH HOH FRPHoRX D VHQWLU
VREUHFDUJD GH GDGRV 1R LQtFLR HPDLO H WRGRV HVVHV GDGRV IRL XP JUDQGH
IHQ{PHQR UHYROXFLRQDQGR R TXH ID]HPRV 0DV R SrQGXOR RVFLORX GHPDLV
SDUD R RXWUR ODGR  HOH DILUPD

2EVHUYH QR SDUiJUDIR DFLPD TXH R WH[WR QHP DQXQFLD QRYRV PRGHORV GH

VRIWZDUH QHP DILUPD TXH QRYRV GLVSRVLWLYRV YmR UHYROXFLRQDU R PXQGR PDV
DR LQYpV GLVVR DOHUWD SDUD R SHULJR TXH HVVH IHQyPHQR WURX[H j VRFLHGDGH
2So}HV HUUDGDV

2SomR ( UHSRUW RQ VRPH HIIHFWLYH DOWHUQDWLYHV WR DYRLG WKH LQIRUPDWLRQ

EXUGHQ DW WKH ZRUNSODFH
2SomR ( UHODWDU DOJXPDV DOWHUQDWLYDV HILFD]HV SDUD HYLWDU D VREUHFDUJD GH
LQIRUPDomR QR ORFDO GH WUDEDOKR

+RZ WR GLJ RXW IURP WKH LQIRUPDWLRQ DYDODQFKH

&RPR GHVHQWHUUDU D DYDODQFKH GH LQIRUPDo}HV

0DMRULW\ RI ZRUNHUV IHHO RYHUZKHOPHG E\ GHOXJH RI GDWD VXUYH\ ILQGV

0DLRULD GRV WUDEDOKDGRUHV VH VHQWH RSULPLGR SHOR GLO~YLR GH GDGRV
OHYDQWDPHQWR UHYHOD

LQIRUPDWLRQ EXUGHQ VREUHFDUJD GH LQIRUPDomR LQIRUPDWLRQ

DYDODQFKH DYDODQFKH GH LQIRUPDo}HV GHOXJH RI GDWD GLO~YLR GH
GDGRV

2EVHUYH R WHPD H R VXEWHPD HOHV WUD]HP R HVFODUHFLPHQWR GD DVVHUWLYD

3HUFHED FRPR RV WHUPRV VmR VLQ{QLPRV HQWUH VL UHODFLRQDGR DVVHUWLYD H
WHPDV $ SDODYUD ZRUNHUV WUDEDOKDGRUHV QR VXEWHPD H[SUHVVD TXH HVWi
VH UHIHULQGR j FODVVH GRV WUDEDOKDGRUHV TXH WHP UHODomR FRP ZRUNSODFH
ORFDO GH WUDEDOKR QR HQXQFLDGR GD DVVHUWLYD (VWH p R REMHWLYR GR WH[WR

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϳϬ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
GLFDV SDUD FRPR OLGDU FRP D DYDODQFKH GH LQIRUPDo}HV QR ORFDO GH WUDEDOKR
3RUWDQWR HVWD p D RSomR FRUUHWD

'LFDV $R VH GHSDUDU FRP XPD TXHVWmR DVVLP VHPSUH GHL[H SDUD

UHVROYHU SRU ~OWLPR SRLV HQWmR YRFr WHUi XPD YLVmR PDLV FODUD GR
WH[WR 2EVHUYH R V WHPD V  SRLV HOH VLQWHWL]D TXDO R SULQFLSDO
REMHWLYR GR WH[WR

*$%$5,72 (

 ³7KLV WDFWLF´ OLQH  UHIHUV WR ZKLFK RI 6KDXQ 2VKHU¶V EHKDYLRU"

$ +ROGLQJ PHHWLQJV ZLWK KLV VWDII RI ILIW\ SHRSOH

% $YRLGLQJ FRS\LQJ HYHU\ERG\ ZKHQ VHQGLQJ RXW DQ HPDLO
& &DOOLQJ FOLHQWV RQ WKH SKRQH DQG QRW UHO\LQJ VR KHDYLO\ RQ HPDLO
' &KHFNLQJ KLV HPDLO DFFRXQW RQO\ WZLFH D GD\ DQG WXUQLQJ RII KLV
%ODFNEHUU\ GXULQJ PHHWLQJV
( 5HVSRQGLQJ WR HPDLOV HYHU\ PLQXWH DQG SXWWLQJ FHOO SKRQHV DQG 3'$V
RQ VLOHQW PRGH GXULQJ PHHWLQJV

 ³7KLV WDFWLF´ OLQH  UHIHUV WR 6KDXQ 2VKHU¶V EHKDYLRU LQ

 (VWD WiWLFD OLQKD  UHIHUHVH DR FRPSRUWDPHQWR GH 6KDXQ 2VKHU HP

2SomR $ +ROGLQJ PHHWLQJV ZLWK KLV VWDII RI ILIW\ SHRSOH 5HDOL]DomR GH

UHXQL}HV FRP D HTXLSH GHOH GH  SHVVRDV H 2SomR % $YRLGLQJ FRS\LQJ
HYHU\ERG\ ZKHQ VHQGLQJ RXW DQ HPDLO (YLWDU PDQGDU FySLD SDUD WRGR
PXQGR DR HQYLDU XP HPDLO H 2SomR & &DOOLQJ FOLHQWV RQ WKH SKRQH DQG
QRW UHO\LQJ VR KHDYLO\ RQ HPDLO 7HOHIRQDU SDUD RV FOLHQWHV H QmR GHSHQGHU
WmR IRUWHPHQWH GH HPDLO H 2SomR ( 5HVSRQGLQJ WR HPDLOV HYHU\ PLQXWH
DQG SXWWLQJ FHOO SKRQHV DQG 3'$V RQ VLOHQW PRGH GXULQJ PHHWLQJV
5HVSRQGHU D HPDLOV D FDGD PLQXWR H FRORFDU WHOHIRQHV FHOXODUHV H 3'$V HP
PRGR VLOHQFLRVR GXUDQWH DV UHXQL}HV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϳϭ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ

7KLV WDFWLF KDV PDGH KLP VR PXFK PRUH SURGXFWLYH WKDW HDUOLHU WKLV \HDU
KH KHOG D PHHWLQJ ZLWK KLV VWDII RI  DQG ³VWURQJO\ VXJJHVWHG´ WKDW WKH\
VWRS UHO\LQJ VR KHDYLO\ RQ HPDLO DQG DFWXDOO\ VWDUW FDOOLQJ FOLHQWV RQ WKH
SKRQH
(VVD WiWLFD IH]OKH PXLWR PDLV SURGXWLYR TXH QR LQtFLR GHVWH DQR HOH
UHDOL]RX XPD UHXQLmR FRP VXD HTXLSH GH  H  VXJHULX IRUWHPHQWH  TXH
SDUHP GH GHSHQGHU WmR IRUWHPHQWH GH HPDLO H UHDOPHQWH FRPHoHP D
YLVLWDU RV FOLHQWHV DR WHOHIRQH

 $QG KH UHTXHVWHG KLV HPSOR\HHV SXW FHOO SKRQHV DQG 3'$V RQ VLOHQW
PRGH GXULQJ PHHWLQJV DV ZHOO DV FXUWDLO WKH FRPPRQ SUDFWLFH RI FFLQJ
HYHU\ERG\ ZKHQ VHQGLQJ RXW DQ HPDLO
( SHGLX VHXV HPSUHJDGRV SDUD FRORFDUHP WHOHIRQHV FHOXODUHV H 3'$V
QR PRGR VLOHQFLRVR GXUDQWH DV UHXQL}HV EHP FRPR UHGX]LU D SUiWLFD
FRPXP GH PDQGDU FySLD SDUD WRGR PXQGR TXDQGR HQYLDU XP HPDLO

2 SURQRPH WKLV UHIHUHVH D DOJR TXH IRL FLWDGR DQWHV D UHXQLmR EHP FRPR
R IDWR GH PDQGDU FySLDV GH HPDLO SDUD WRGRV H GHSHQGHU IRUWHPHQWH GRV H
PDLOV VmR IDWRV PHQFLRQDGRV GHSRLV 2So}HV HUUDGDV

2SomR ' &KHFNLQJ KLV HPDLO DFFRXQW RQO\ WZLFH D GD\ DQG WXUQLQJ RII KLV
%ODFNEHUU\ GXULQJ PHHWLQJV YHULILFDU VXD FRQWD GH HPDLO DSHQDV GXDV
YH]HV SRU GLD H GHVOLJDU VHX %ODFNEHUU\ GXUDQWH DV UHXQL}HV

'RQ¶W H[SHFW 6KDXQ 2VKHU WKH &(2 RI &RUH *URXS 0DUNHWLQJ LQ 1HZ <RUN
WR DQVZHU \RXU HPDLO ULJKW DZD\ +H KDV VWRSSHG UHVSRQGLQJ WR HPDLOV
HYHU\ PLQXWH DQG RQO\ FKHFNV KLV HPDLO DFFRXQW WZLFH D GD\ +H DOVR
VWDUWHG WXUQLQJ RII KLV %ODFN%HUU\ GXULQJ PHHWLQJV

1mR HVSHUH TXH 6KDXQ 2VKHU R GLUHWRU H[HFXWLYR GH 0DUNHWLQJ GR JUXSR

&RUH HP 1RYD <RUN UHVSRQGD VHX HPDLO LPHGLDWDPHQWH (OH SDURX GH

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϳϮ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
UHVSRQGHU DRV HPDLOV D FDGD PLQXWR H Vy YHULILFD VXD FRQWD GH HPDLO GXDV
YH]HV SRU GLD (OH WDPEpP FRPHoRX D GHVOLJDU VHX %ODFN%HUU\ GXUDQWH DV
UHXQL}HV

7KLV WDFWLF KDV PDGH KLP VR PXFK PRUH SURGXFWLYH WKDW HDUOLHU WKLV \HDU
KH KHOG D PHHWLQJ ZLWK KLV VWDII RI  DQG ³VWURQJO\ VXJJHVWHG´ WKDW WKH\
VWRS UHO\LQJ VR KHDYLO\ RQ HPDLO DQG DFWXDOO\ VWDUW FDOOLQJ FOLHQWV RQ WKH
SKRQH

(VVD WiWLFD IH]OKH PXLWR PDLV SURGXWLYR TXH QR LQtFLR GHVWH DQR HOH
UHDOL]RX XPD UHXQLmR FRP VXD HTXLSH GH  H  VXJHULX IRUWHPHQWH  TXH
SDUHP GH GHSHQGHU WmR IRUWHPHQWH GH HPDLO H UHDOPHQWH FRPHoHP D
YLVLWDU RV FOLHQWHV DR WHOHIRQH

2EVHUYH R SDUiJUDIR DQWHULRU FRQWH[WR  D WiWLFD D TXDO R SDUiJUDIR VH

UHIHUH QD FLWDomR GR HQXQFLDGR p MXVWDPHQWH R FRPSRUWDPHQWR GH 6KDXQ
2VKHU GH SDVVDU D YHULILFDU VHX HPDLO Vy GXDV YH]HV SRU GLD H GHVOLJDU R
%ODFN%HUU\ GXUDQWH DV UHXQL}HV (VWD p D RSomR FRUUHWD

*$%$5,72 '

 ,Q ³2QH SHUVRQ FRXOG KDQGOH DQ LVVXH WKDW VKRXOG WDNH WZR PLQXWHV´
OLQHV   ³KDQGOH´ PHDQV ³WR GHDO ZLWK´ 0DUN WKH VHQWHQFH LQ ZKLFK
WKH ZRUG ³KDQGOH´ LV XVHG LQ WKH VDPH ZD\

$ &DQ \RX JHW D KDQGOH RQ ZKDW \RXU QHZ ERVV H[SHFWV RI \RX"
% &XVWRPHUV DUH DVNHG QRW WR KDQGOH WKH JRRGV LQ WKH VKRS
& 7KH FOXH ZDV D KDQGOH IRU VROYLQJ WKH P\VWHU\
' 7KH WUDYHOHUV ZHUH DGYLVHG WR SLFN XS WKH VXLWFDVHV E\ WKH KDQGOH
( ,W ZDV D GLIILFXOW VLWXDWLRQ DQG WKH PDQDJHU KDQGOHG LW YHU\ ZHOO

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϳϯ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
 ,Q ³2QH SHUVRQ FRXOG KDQGOH DQ LVVXH WKDW VKRXOG WDNH WZR PLQXWHV´
OLQHV   ³KDQGOH´ PHDQV ³WR GHDO ZLWK´ 0DUN WKH VHQWHQFH LQ ZKLFK
WKH ZRUG ³KDQGOH´ LV XVHG WKH VDPH ZD\
 (P 8PD SHVVRD SRGHULD OLGDU FRP XPD TXHVWmR TXH GHYH OHYDU GRLV
PLQXWRV OLQKDV   KDQGOH VLJQLILFD OLGDU FRP 0DUTXH D IUDVH HP
TXH D SDODYUD KDQGOH p XVDGD GD PHVPD IRUPD

2SomR $ &DQ \RX JHW D KDQGOH RQ ZKDW \RXU QHZ ERVV H[SHFWV RI \RX"
9RFr SRGH WHU XPD FRPSUHHQVmR VREUH R TXH R VHX QRYR FKHIH HVSHUD GH
YRFr"

KDQGOH YHUER QR WH[WR GDU FRQWD GH OLGDU FRP FRQWURODUDGPLQLVWUDU

UHVROYHU
KDQGOH VXEVWDQWLYR HQWHQGLPHQWR FRPSUHHQVmR

2EVHUYH TXH D SDODYUD KDQGOH WHP VLJQLILFDGRV GLYHUVRV 1R WH[WR p XVDGD

QR SDSHO GH YHUER PDV QD IUDVH FLWDGD QR HQXQFLDGR p GLIHUHQWH SRLV DOpP
GH VHU XVDGD FRPR VXEVWDQWLYR WHP RXWUR VLJQLILFDGR (UUDGD

2SomR % &XVWRPHUV DUH DVNHG QRW WR KDQGOH WKH JRRGV LQ WKH VKRS $RV
FOLHQWHV p SHGLGR TXH QmR WRTXHP RV SURGXWRV QD ORMD

KDQGOH YHUER QR WH[WR GDU FRQWD GH OLGDU FRP FRQWURODUDGPLQLVWUDU

UHVROYHU
KDQGOH YHUER QD RSomR WRFDU PH[HU PDQXVHDU

(PERUD HP DPEDV DV FLWDo}HV HOHV VHMDP XVDGRV FRPR YHUER VHXV

VLJQLILFDGRV VmR GLIHUHQWHV

2SomR &7KH FOXH ZDV D KDQGOH IRU VROYLQJ WKH P\VWHU\ $ SLVWD HUD XPD
GLFD SDUD UHVROYHU R PLVWpULR

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϳϰ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
KDQGOH YHUER QR WH[WR GDU FRQWD GH OLGDU FRP FRQWURODUDGPLQLVWUDU
UHVROYHU
KDQGOH VXEVWDQWLYR QD RSomR GLFD HVFODUHFLPHQWR HQWHQGLPHQWR
SDUD VH DOFDQoDU DOJR

1D DOWHUQDWLYD R KDQGOH HVWi ID]HQGR SDSHO GH YHUER H QmR WHP R PHVPR

VHQWLGR GDTXHOH H[SUHVVR QR WH[WR

2SomR ' 7KH WUDYHOHUV ZHUH DGYLVHG WR SLFN XS WKH VXLWFDVHV E\ WKH KDQGOH
2V YLDMDQWHV IRUDP DFRQVHOKDGRV D SHJDU DV PDODV SHOD DOoD

KDQGOH YHUER QR WH[WR GDU FRQWD GH OLGDU FRP FRQWURODUDGPLQLVWUDU

UHVROYHU
KDQGOH VXEVWDQWLYR QD RSomR DOoD OXJDU HP TXH VH SHJD VXSRUWH

2 YRFiEXOR KDQGOH QD DOWHUQDWLYD QDGD WHP D YHU FRP R VHQWLGR HP TXH p

XVDGR QR WH[WR (UUDGD

2SomR ( ,W ZDV D GLIILFXOW VLWXDWLRQ DQG WKH PDQDJHU KDQGOHG LW YHU\ ZHOO
)RL XPD VLWXDomR GLItFLO H R JHVWRU D DGPLQLVWURX PXLWR EHP

³2QH SHUVRQ FRXOG KDQGOH DQ LVVXH WKDW VKRXOG WDNH WZR PLQXWHV EXW
ZKHQ DQ HPDLO JRHV RXW DQG ILYH SHRSOH JHW FFHG WKHQ HYHU\ERG\ UHVSRQGV
WR LW DQG WKHUH¶V D VQRZEDOO HIIHFW´

8PD SHVVRD SRGHULD UHVROYHU XP DVVXQWR TXH GHYHULD OHYDU GRLV PLQXWRV
PDV TXDQGR XP HPDLO p HQYLDGR H FLQFR SHVVRDV UHFHEHP FySLD HQWmR
WRGR PXQGR UHVSRQGH D HOH H Ki XP HIHLWR GH EROD GH QHYH 

KDQGOH YHUER QR WH[WR GDU FRQWD GH OLGDU FRP FRQWURODUDGPLQLVWUDU

UHVROYHU KDQGOH YHUER QD DOWHUQDWLYD DGPLQLVWUDU UHVROYHU OLGDU

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϳϱ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
(P DPEDV DV IUDVHV WDQWR GD DOWHUQDWLYD FRPR QR WH[WR R VHQWLGR p
UHVROYHU XP DVVXQWR DGPLQLVWUDU XPD VLWXDomR (VWD p D RSomR FRUUHWD

*$%$5,72 (

%L]X $SUHQGD RV GLYHUVRV VLJQLILFDGRV GD SDODYUD KDQGOH SRLV D

PHVPD FDL DRV PRQWHV HP WH[WRV GD /tQJXD ,QJOHVD

 :KHQ 6KDXQ 2VKHU DIILUPV WKDW ³« WKH SHQGXOXP KDV VZXQJ ZD\ WRR
PXFK WR WKH RWKHU VLGH´ OLQHV   KH PHDQV WKDW

$ DQ H[FHVV RI HPDLOV KDV JHQHUDWHG D VXGGHQ LQFUHDVH LQ SURGXFWLYLW\

% FHOO SKRQHV 3'$V DQG ODSWRSV KDYH EHFRPH H[FHVVLYHO\ FRPSOH[
GHYLFHV
& H[FHVVLYH HPDLOV DQG GDWD RYHUORDG KDYH EHJXQ WR QHJDWLYHO\ LPSDFW
ZRUN
' RIILFHV KDYH EHFRPH PRUH HIILFLHQW GXH WR HPDLO DQG RWKHU LQIRUPDWLRQ
WHFKQRORJ\ DGYHQWV
( GDWD DYDODQFKH KDV EHHQ D IRUWXQDWH FRQVHTXHQFH RI WKH ZLGHVSUHDG
DGRSWLRQ RI LQIRUPDWLRQ WHFKQRORJ\

 :KHQ 6KDXQ 2VKHU DIILUPV WKDW ³« WKH SHQGXOXP KDV VZXQJ ZD\ WRR
PXFK WR WKH RWKHU VLGH´ OLQHV   KH PHDQV WKDW
 4XDQGR 6KDXQ 2VKHU DILUPD TXH  R SrQGXOR RVFLORX GHPDLV SDUD R
RXWUR ODGR OLQKDV   HOH TXHU GL]HU TXH

2SomR $ DQ H[FHVV RI HPDLOV KDV JHQHUDWHG D VXGGHQ LQFUHDVH LQ

SURGXFWLYLW\ XP H[FHVVR GH HPDLOV WHP JHUDGR XP DXPHQWR V~ELWR GD
SURGXWLYLGDGH H 2SomR ' RIILFHV KDYH EHFRPH PRUH HIILFLHQW GXH WR HPDLO
DQG RWKHU LQIRUPDWLRQ WHFKQRORJ\ DGYHQWV WDUHIDV WRUQDUDPVH PDLV
HILFLHQWHV GHYLGR DR HPDLO H RXWURV DGYHQWRV GD WHFQRORJLD GH LQIRUPDomR

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϳϲ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ

7KLV WDFWLF KDV PDGH KLP VR PXFK PRUH SURGXFWLYH WKDW HDUOLHU WKLV \HDU
KH KHOG D PHHWLQJ ZLWK KLV VWDII RI  DQG ³VWURQJO\ VXJJHVWHG´ WKDW WKH\
VWRS UHO\LQJ VR KHDYLO\ RQ HPDLO DQG DFWXDOO\ VWDUW FDOOLQJ FOLHQWV RQ WKH
SKRQH
(VVD WiWLFD IH]OKH PXLWR PDLV SURGXWLYR TXH QR LQtFLR GHVWH DQR HOH
UHDOL]RX XPD UHXQLmR FRP VXD HTXLSH GH  H  VXJHULX IRUWHPHQWH  TXH
SDUHP GH GHSHQGHU WmR IRUWHPHQWH GH HPDLO H UHDOPHQWH FRPHoHP D
YLVLWDU RV FOLHQWHV DR WHOHIRQH

3HOR FRQWUiULR R TXH WHP FDXVDGR R DXPHQWR GH SURGXWLYLGDGH p QmR

GHSHQGHU GH HPDLO RX VHMD R GHFUpVFLPR GR Q~PHUR GH HPDLOV (UUDGD

2SomR % FHOO SKRQHV 3'$V DQG ODSWRSV KDYH EHFRPH H[FHVVLYHO\ FRPSOH[
GHYLFHV WHOHIRQHV FHOXODUHV 3'$V H ODSWRSV WRUQDUDPVH GLVSRVLWLYRV
H[FHVVLYDPHQWH FRPSOH[RV

2 SrQGXOR DR TXH R DXWRU VH UHIHUH HP VHQWLGR ILJXUDGR QmR WHP QDGD D

YHU FRP R DXPHQWR GD FRPSOH[LGDGH GRV DSDUHOKRV ODSWRS 3'$V H
FHOXODUHV RSomR HUUDGD

2SomR & H[FHVVLYH HPDLOV DQG GDWD RYHUORDG KDYH EHJXQ WR QHJDWLYHO\
LPSDFW ZRUN R H[FHVVR GH HPDLOV H VREUHFDUJD GH GDGRV FRPHoDUDP D
LPSDFWDU QHJDWLYDPHQWH R WUDEDOKR

7KH SUREOHP LV ODVW \HDU KH UHDOL]HG KH ZDV LQXQGDWHG ZLWK VR PDQ\ H
PDLOV DQG VR PXFK LQIRUPDWLRQ LQ JHQHUDO WKDW KH EHJDQ WR H[SHULHQFH GDWD
RYHUORDG ³,Q WKH EHJLQQLQJ HPDLO DQG DOO WKLV GDWD ZDV D JUHDW
SKHQRPHQRQ UHYROXWLRQL]LQJ ZKDW ZH GR %XW WKH SHQGXOXP KDV VZXQJ
ZD\ WRR PXFK WR WKH RWKHU VLGH´ KH PDLQWDLQV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϳϳ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
2 SUREOHPD p TXH QR DQR SDVVDGR HOH SHUFHEHX TXH HVWDYD LQXQGDGR FRP
WDQWRV HPDLOV H WDQWDV LQIRUPDo}HV HP JHUDO TXH HOH FRPHoRX D VHQWLU
VREUHFDUJD GH GDGRV 1R LQtFLR HPDLO H WRGRV HVVHV GDGRV IRL XP JUDQGH
IHQ{PHQR UHYROXFLRQDQGR R TXH ID]HPRV 0DV R SrQGXOR RVFLORX GHPDLV
SDUD R RXWUR ODGR  HOH DILUPD

$R UHIHULUVH D SrQGXOR RVFLODU SDUD RXWUR ODGR 6KDXQ 2VKHU ID] UHIHUrQFLD
XPD FRQGLomR TXH PXGRX GH DOJR TXH HUD VXUSUHHQGHQWH QR LQtFLR SDUD
DOJR TXH SDVVRX D WHU XP HIHLWR QHJDWLYR QR WUDEDOKR (VWD p D RSomR
FRUUHWD

2SomR ( GDWD DYDODQFKH KDV EHHQ D IRUWXQDWH FRQVHTXHQFH RI WKH

ZLGHVSUHDG DGRSWLRQ RI LQIRUPDWLRQ WHFKQRORJ\ DYDODQFKH GH GDGRV IRL
XPD FRQVHTXrQFLD IHOL] GD DGRomR JHQHUDOL]DGD GD WHFQRORJLD GD
LQIRUPDomR

0DMRULW\ RI ZRUNHUV IHHO RYHUZKHOPHG E\ GHOXJH RI GDWD VXUYH\ ILQGV

0DLRULD GRV WUDEDOKDGRUHV VH VHQWH RSULPLGR SHOR GLO~YLR GH LQIRUPDo}HV
OHYDQWDPHQWR UHYHOD

2YHUZKHOPHG RSULPLGR VREUHFDUUHJDGR HVPDJDGR VRWHUUDGR

HVJRWDGR

)RL XPD FRQVHTXrQFLD VLP PDV QmR IHOL] 2EVHUYH R VXEWHPD GR WH[WR
DFLPD R DXWRU GHVWDFD XPD FRQVHTXrQFLD QHJDWLYD GD DYDODQFKH RX GLO~YLR
GH GDGRV 2SomR HUUDGD

*$%$5,72 &

 ,Q ³\RXU MRE FRXOG EH RQ WKH OLQH LI \RX LQGXOJH LQ WKH OX[XU\ RI EHLQJ
RIIOLQH"´ OLQHV  WKH H[SUHVVLRQV µRQ WKH OLQH¶ DQG µRIIOLQH¶
UHVSHFWLYHO\ PHDQ

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϳϴ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ

$ DW ULVN  GLVFRQQHFWHG
% QRW DFFHVVLEOH  SXW RII
& RQ WKH ZLUH  OLQNHG WR WKH LQWHUQHW
' LQ WXQH ZLWK QHZ LGHDV  RII WKH KRRN
( RYHU WKH WHOHSKRQH  QRW FRQQHFWHG WR WKH LQWHUQHW

 ,Q ³\RXU MRE FRXOG EH RQ WKH OLQH LI \RX LQGXOJH LQ WKH OX[XU\ RI EHLQJ
RIIOLQH"´ OLQHV  WKH H[SUHVVLRQV µRQ WKH OLQH¶ DQG µRIIOLQH¶
UHVSHFWLYHO\ PHDQ DW
 (P  R VHX WUDEDOKR SRGHULD HVWDU HP ULVFR VH YRFr HQWUDU QR OX[R GH
HVWDU GHVFRQHFWDGR" /LQKDV  DV H[SUHVV}HV RQ OLQH H RIIOLQH 
UHVSHFWLYDPHQWH VLJQLILFDP

2SomR $ DW ULVN ± GLVFRQQHFWHG HP ULVFR  GHVFRQHFWDGR

%HVLGHV GXULQJ WRXJK HFRQRPLF WLPHV ZKR ZLOO ZDQW WR PLVV DQ\
LQIRUPDWLRQ ZKHQ \RXU MRE FRXOG EH RQ WKH OLQH LI \RX LQGXOJH LQ WKH OX[XU\
RI EHLQJ RIIOLQH" 7XUQV RXW VHYHQ RXW RI  RIILFH ZRUNHUV LQ WKH 8QLWHG
6WDWHV IHHO RYHUZKHOPHG E\ LQIRUPDWLRQ LQ WKH ZRUNSODFH DQG PRUH WKDQ
WZR LQ ILYH VD\ WKH\ DUH KHDGHG IRU D GDWD ³EUHDNLQJ SRLQW´ DFFRUGLQJ WR D
UHFHQWO\ UHOHDVHG :RUNSODFH 3URGXFWLYLW\ 6XUYH\

$OpP GLVVR GXUDQWH WHPSRV HFRQ{PLFRV GLItFHLV TXHP YDL TXHUHU SHUGHU
TXDOTXHU LQIRUPDomR TXDQGR R VHX WUDEDOKR SRGHULD HVWDU HP ULVFR VH
YRFr HQWUDU QR OX[R GH HVWDU GHVFRQHFWDGR" $FRQWHFH TXH VHWH GH 
WUDEDOKDGRUHV GH HVFULWyULR QRV (VWDGRV 8QLGRV VH VHQWHP VREUHFDUUHJDGRV
SRU LQIRUPDomR QR ORFDO GH WUDEDOKR H PDLV GH GRLV HP FDGD FLQFR GL]HP
TXH HVWmR VH GLULJLQGR SDUD XP SRQWR GH UXSWXUD GH LQIRUPDo}HV VHJXQGR
XPD UHFpPODQoDGD 3HVTXLVD GH 3URGXWLYLGDGH QR /RFDO GH 7UDEDOKR

&XLGDGR  1mR FRQIXQGLU RQ OLQH FRP RQ WKH OLQH 

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϳϵ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
RQ OLQH FRQHFWDGR
RQ WKH OLQH HP ULVFR HP SHULJR DW ULVN HP ULVFR
RIIOLQH GHVFRQHFWDGR

$ DVVHUWLYD UHIOHWH R FRUUHWR VLJQLILFDGR GDV SDODYUDV GHVWDFDGDV GR WH[WR

3RUWDQWR HVWD p D RSomR FRUUHWD

2SomR % QRW DFFHVVLEOH  SXW RII QmR DFHVVtYHO ± DGLDU

2 SULPHLUR YRFiEXOR p VLQ{QLPR GR RIIOLQH GR HQXQFLDGR PDV D TXHVWmR

HVWi LQFRUUHWD SRLV R VLJQLILFDGR GR RXWUR QmR FRUUHVSRQGH H DOpP GLVVR p
SHGLGR TXH DV SDODYUDV HVWHMDP QD VHTXHQFLD UHVSHFWLYDPHQWH (UUDGD

2SomR & RQ WKH ZLUH  OLQNHG WR WKH LQWHUQHW 1R ILR ± OLJDGR j LQWHUQHW

$ SULPHLUD SDODYUD QmR FRUUHVSRQGH H D VHJXQGD DOpP GH WDPEpP QmR

FRUUHVSRQGHU p R RSRVWR GDTXHOD FLWDGD QR HQXQFLDGR (UUDGD

2SomR ' LQ WXQH ZLWK QHZ LGHDV  RII WKH KRRN (P VLQWRQLD FRP QRYDV
LGHLDV ± IRUD GR JDQFKR

2II WKH KRRN ,GLRPV ± VHU OLYUDGR GH XPD FXOSD RX GH XPD REULJDomR
LQF{PRGD WHU XPD UHSUHHQVmR VXDYH SHUPLWLU TXH DOJXpP HVFDSH GH XPD
VLWXDomR GLItFLO HYLWDU ID]HU DOJR TXH QmR JRVWD

(PERUD D VHJXQGD H[SUHVVmR WHQKD VLJQLILFDGR OLWHUDO HX FRORTXHL DFLPD

SDUD YRFr WDPEpP R VHQWLGR HP TXH HOD p XVDGD GH PRGR ILJXUDGR
1HQKXPD GDV H[SUHVV}HV VmR VLQ{QLPRV GDTXHOD GR HQXQFLDGR (UUDGD

2SomR ( RYHU WKH WHOHSKRQH  QRW FRQQHFWHG WR WKH LQWHUQHW SRU WHOHIRQH
± QmR FRQHFWDGR j LQWHUQHW

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϴϬ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
1RW FRQQHFWHG WR WKH LQWHUQHW QmR FRQHFWDGR j ,QWHUQHW RIIOLQH

$SHQDV D VHJXQGD H[SUHVVmR FRUUHVSRQGH DR VLJQLILFDGR GR HQXQFLDGR

(UUDGD

*$%$5,72 $

 $FFRUGLQJ WR 0LNH :DOVK &(2 RI /H[LV1H[LV 86 /HJDO 0DUNHWV LQ

3DUDJUDSK  OLQHV  
$ VRFLHW\ DV D ZKROH ODFNV H[SHULHQFHG SURIHVVLRQDOV FDSDEOH RI GHWDLQLQJ
WKH LQIRUPDWLRQ JURZWK
% SURIHVVLRQDOV IHHO EXUGHQHG E\ WKH SUHVHQW GDWD RYHUIORZ EHFDXVH WKH\
KDYH QRW OHDUQHG KRZ WR GHDO ZLWK WKLV QHZ EXVLQHVV VFHQDULR
& IXWXUH SURIHVVLRQDOV DUH SURSHUO\ WUDLQHG LQ FROOHJH DQG DUH JLYHQ
HQRXJK SUDFWLFH LQ GHDOLQJ ZLWK GLJLWDO FRPPXQLFDWLRQ WRROV
' EXVLQHVVPHQ DUH RQ WKH YHUJH RI D FULVLV DV WKH\ KDYH WR OHDUQ WR GHDO
ZLWK DQ H[FHVV RI WRROV DQG WUDLQLQJ PHWKRGV WR LQWHQVLI\ WKH LQIRUPDWLRQ
EXUGHQ
( EXVLQHVVPHQ KDYH DYRLGHG WKH LQIRUPDWLRQ RYHUORDG LQ RUGHU WR VWRS
ZRUNLQJ RQ ZHHNHQGV

 $FFRUGLQJ WR 0LNH :DOVK &(2 RI /H[LV1H[LV 86 /HJDO 0DUNHWV LQ

3DUDJUDSK  OLQHV  
 'H DFRUGR FRP 0LNH :DOVK GLUHWRU H[HFXWLYR GRV 0HUFDGRV -XUtGLFRV
$PHULFDQRV /H[LV1H[LV  QR SDUiJUDIR  ž OLQKDV  

2SomR $ VRFLHW\ DV D ZKROH ODFNV H[SHULHQFHG SURIHVVLRQDOV FDSDEOH RI

GHWDLQLQJ WKH LQIRUPDWLRQ JURZWK D VRFLHGDGH FRPR XP WRGR QmR WHP
SURILVVLRQDLV H[SHULHQWHV FDSD]HV GH GHWHU R FUHVFLPHQWR GD LQIRUPDomR

0LNH :DOVK &(2 RI /H[LV1H[LV 86 /HJDO 0DUNHWV VD\V WKHUH DUH D KRVW
RI UHDVRQV ZH¶UH DOO RQ WKH LQIRUPDWLRQ EULQN ³H[SRQHQWLDO JURZWK RI WKH

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϴϭ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
VL]H RI WKH LQIRUPDWLRQ µKD\VWDFN¶ WKH LPPHQVLW\ DQG LPPHGLDF\ RI GLJLWDO
FRPPXQLFDWLRQV DQG WKH IDFW WKDW SURIHVVLRQDOV DUH QRW EHLQJ SURYLGHG ZLWK
VXIILFLHQW WRROV DQG WUDLQLQJ WR KHOS WKHP NHHS SDFH ZLWK WKH JURZLQJ
LQIRUPDWLRQ EXUGHQ´

0LNH :DOVK GLUHWRU H[HFXWLYR GH 0HUFDGRV -XUtGLFRV $PHULFDQRV /H[LV1H[LV

 GL] TXH Ki XPD VpULH GH UD]}HV SHODV TXDLV HVWDPRV WRGRV j EHLUD GH
LQIRUPDomR 2 FUHVFLPHQWR H[SRQHQFLDO GR WDPDQKR GD LQIRUPDomR µ XP
SDOKHLUR µ D LPHQVLGmR H D UDSLGH] GDV FRPXQLFDo}HV GLJLWDLV H GR IDWR GH
TXH RV SURILVVLRQDLV QmR HVWmR VHQGR VXSULGRV FRP IHUUDPHQWDV H
WUHLQDPHQWR VXILFLHQWHV SDUD DMXGiORV D PDQWHU R ULWPR FRP D FDUJD GH
LQIRUPDo}HV FDGD YH] PDLRU 

2 WH[WR QmR GL] TXH QmR VH WHP SURILVVLRQDLV H[SHULHQWHV R TXH R WH[WR GL]
p TXH QmR Ki IHUUDPHQWDV H WUHLQDPHQWR SDUD FDSDFLWiORV D OLGDU FRP D
FDUJD GH LQIRUPDo}HV FDGD YH] PDLRU (UUDGD

2SomR % SURIHVVLRQDOV IHHO EXUGHQHG E\ WKH SUHVHQW GDWD RYHUIORZ EHFDXVH

WKH\ KDYH QRW OHDUQHG KRZ WR GHDO ZLWK WKLV QHZ EXVLQHVV VFHQDULR
SURILVVLRQDLV VHQWHPVH VREUHFDUUHJDGRV FRP R H[FHVVR GH GDGRV SUHVHQWH
SRUTXH HOHV QmR DSUHQGHUDP D OLGDU FRP HVVH QRYR FHQiULR HPSUHVDULDO

0LNH :DOVK &(2 RI /H[LV1H[LV 86 /HJDO 0DUNHWV VD\V WKHUH DUH D KRVW
RI UHDVRQV ZH¶UH DOO RQ WKH LQIRUPDWLRQ EULQN ³H[SRQHQWLDO JURZWK RI WKH
VL]H RI WKH LQIRUPDWLRQ µKD\VWDFN¶ WKH LPPHQVLW\ DQG LPPHGLDF\ RI GLJLWDO
FRPPXQLFDWLRQV DQG WKH IDFW WKDW SURIHVVLRQDOV DUH QRW EHLQJ SURYLGHG
ZLWK VXIILFLHQW WRROV DQG WUDLQLQJ WR KHOS WKHP NHHS SDFH ZLWK WKH
JURZLQJ LQIRUPDWLRQ EXUGHQ´

0LNH :DOVK GLUHWRU H[HFXWLYR GH 0HUFDGRV -XUtGLFRV $PHULFDQRV /H[LV1H[LV

 GL] TXH Ki XPD VpULH GH UD]}HV SHODV TXDLV HVWDPRV WRGRV j EHLUD GH
LQIRUPDomR 2 FUHVFLPHQWR H[SRQHQFLDO GR WDPDQKR GD LQIRUPDomR µ XP

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϴϮ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
SDOKHLUR µ D LPHQVLGmR H D UDSLGH] GDV FRPXQLFDo}HV GLJLWDLV H GR IDWR GH
TXH RV SURILVVLRQDLV QmR HVWmR VHQGR VXSULGRV FRP IHUUDPHQWDV H
WUHLQDPHQWR VXILFLHQWHV SDUD DMXGiORV D PDQWHU R ULWPR FRP D FDUJD GH
LQIRUPDo}HV FDGD YH] PDLRU 

&RPSDUH R SDUiJUDIR FRP D DOWHUQDWLYD H REVHUYH TXH HVWD UHVXPH EHP

XVDQGR RXWUDV SDODYUDV H[DWDPHQWH R TXH GL] R WH[WR 2SomR FRUUHWD

2SomR & IXWXUH SURIHVVLRQDOV DUH SURSHUO\ WUDLQHG LQ FROOHJH DQG DUH JLYHQ
HQRXJK SUDFWLFH LQ GHDOLQJ ZLWK GLJLWDO FRPPXQLFDWLRQ WRROV IXWXURV
SURILVVLRQDLV VmR GHYLGDPHQWH WUHLQDGRV QD IDFXOGDGH H OKHV GmR EDVWDQWH
SUiWLFD HP OLGDU FRP DV IHUUDPHQWDV GH FRPXQLFDomR GLJLWDO

$ DOWHUQDWLYD UHIOHWH H[DWDPHQWH R RSRVWR GR TXH GL] R WH[WR SRLV QHP RV

SURILVVLRQDLV VmR DGHTXDGDPHQWH WUHLQDGRV H QHP VmR VXSULGRV FRP D
SUiWLFD TXDQWR DR XVR GDV IHUUDPHQWDV GLJLWDLV (UUDGD

2SomR ' EXVLQHVVPHQ DUH RQ WKH YHUJH RI D FULVLV DV WKH\ KDYH WR OHDUQ WR
GHDO ZLWK DQ H[FHVV RI WRROV DQG WUDLQLQJ PHWKRGV WR LQWHQVLI\ WKH
LQIRUPDWLRQ EXUGHQ HPSUHViULRV HVWmR j EHLUD GH XPD FULVH HOHV WrP GH
DSUHQGHU D OLGDU FRP XP H[FHVVR GH IHUUDPHQWDV H PpWRGRV GH WUHLQDPHQWR
SDUD LQWHQVLILFDU D FDUJD GH LQIRUPDomR

$ DOWHUQDWLYD WUD] XP ILQDO FRPSOHWDPHQWH HTXLYRFDGR YLVWR TXH Mi H[LVWH

HVVD LQWHQVD FDUJD GH LQIRUPDomR SRUWDQWR RV HPSUHViULRV WHP TXH DSHQDV
DSUHQGHU D OLGDU FRP HOD H QmR DXPHQWiOD (UUDGD

2SomR ( EXVLQHVVPHQ KDYH DYRLGHG WKH LQIRUPDWLRQ RYHUORDG LQ RUGHU WR

VWRS ZRUNLQJ RQ ZHHNHQGV HPSUHViULRV WHP HYLWDGR D VREUHFDUJD GH
LQIRUPDo}HV D ILP GH SDUDU GH WUDEDOKDU QRV ILQV GH VHPDQD

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϴϯ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
2 WH[WR QmR GL] LVVR 0LNH :DOVK H[S}H D GLILFXOGDGH GRV HPSUHViULRV HP
OLGDU FRP D LQIRUPDomR PDV QmR GL] TXH HOHV D HYLWDP H PXLWR PHQRV TXH
VHMD SDUD QmR WUDEDOKDU ILP GH VHPDQD 2SomR HUUDGD

*$%$5,72 %

%RRVWHU 9RFDEXODU\
DFWXDOO\ QD YHUGDGH QD UHDOLGDGH
EHVLGHV DOpP GLVVR DOpP GR PDLV
KD\WDFN PRQWH GH IHQR SDOKHLUR
RYHUZKHOP RSULPLU VXIRFDU VHU PXLWR SDUD
DOJR
VXUYH\ OHYDQWDPHQWR GH GDGRV SHVTXLVD
WRROV IHUUDPHQWDV LQVWUXPHQWRV

 %DVHG RQ (OOHQ .RVVHN¶V DQDO\VLV LQ 3DUDJUDSK  OLQHV  

$ PXOWLWDVNLQJ KDV EURXJKW DODUPLQJ FRQVHTXHQFHV WR PRGHUQ VRFLHW\

% ZLGHVSUHDG WHFKQRORJ\ KDV RQO\ EURXJKW EHQHILWV WR KXPDQ EHLQJV
& ZRUNLQJ RQ SODQHV DQG FRIIHH VKRSV RQ ZHHNHQGV LV D VWUDWHJ\ RI
VHGXFWLRQ
' DOO WHFKQRORJ\ ZRUNHUV KDYH EHHQ GLDJQRVHG ZLWK DWWHQWLRQGHILFLW
GLVRUGHUV
( H[FHVVLYH ZRUN PDNHV SURIHVVLRQDOV PRUH HIIHFWLYH LQ WKH DJH RI 
WHFKQRORJ\

 %DVHG RQ (OOHQ .RVVHN¶V DQDO\VLV LQ 3DUDJUDSK  OLQHV  

 &RP EDVH QD DQiOLVH GH (OOHQ .RVVHN QR SDUiJUDIR  OLQKDV  

2SomR $ PXOWLWDVNLQJ KDV EURXJKW DODUPLQJ FRQVHTXHQFHV WR PRGHUQ

VRFLHW\ D PXOWLWDUHID WURX[H FRQVHTrQFLDV DODUPDQWHV SDUD D VRFLHGDGH
PRGHUQD

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϴϰ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ

(OOHQ .RVVHN D SURIHVVRU IURP 0LFKLJDQ 6WDWH EHOLHYHV ZH DUH OHVV

SURGXFWLYH LQ WKLV DJH RI  WHFKQRORJ\ DQG RXU PXOWLWDVNLQJ PHQWDOLW\
KDV VSDZQHG D ³QRWPHQWDOO\ SUHVHQW´ VRFLHW\ ³:H¶UH EHFRPLQJ DQ
DWWHQWLRQGHILFLW GLVRUGHU VRFLHW\ VZLWFKLQJ EDFN DQG IRUWK OLNH
FUD]\´ .RVVHN VD\V ³:H¶UH FRQQHFWHG DOO WKH WLPH :H¶UH ZRUNLQJ RQ
SODQHV LQ FRIIHH VKRSV ZRUNLQJ RQ WKH ZHHNHQGV :RUN LV YHU\ VHGXFWLYH
EXW \HW ZH¶UH DFWXDOO\ OHVV HIIHFWLYH´

(OOHQ .RVVHN SURIHVVRU GR HVWDGR GH 0LFKLJDQ DFUHGLWD TXH VmR PHQRV

SURGXWLYRV QHVWD pSRFD GH WHFQRORJLD GH  H QRVVD PHQWDOLGDGH
PXOWLWDUHID JHURX XPD VRFLHGDGH QmRPHQWDOPHQWH SUHVHQWH 
(VWDPRV QRV WRUQDQGR XPD VRFLHGDGH WUDQVWRUQR GH IDOWD GH DWHQomR
PXGDQGR SDUD WUiV H SDUD IUHQWH FRPR ORXFRV .RVVHN GL] (VWDPRV
FRQHFWDGRV R WHPSR WRGR (VWDPRV WUDEDOKDQGR HP DYL}HV HP FDIpV
WUDEDOKDQGR QRV ILQV GH VHPDQD 2 WUDEDOKR p PXLWR VHGXWRU PDV Mi
HVWDPRV QD YHUGDGH PHQRV HILFD]HV 

2 WH[WR PHQFLRQD D IDOWD GH FRQFHQWUDomR DWLWXGHV RX FRPSRUWDPHQWR

LQVDQR H IDOWD GH HILFiFLD FRPR FRQVHTXrQFLDV TXH DODUPDP RX SHUWXUEDP
D VRFLHGDGH PRGHUQD SRU FDXVD GD PXOWLWDUHID $ DVVHUWLYD H[SUHVVD D
PHVPD LQIRUPDomR WH[WXDO (VVD p D FRUUHWD

2SomR % ZLGHVSUHDG WHFKQRORJ\ KDV RQO\ EURXJKW EHQHILWV WR KXPDQ

EHLQJV WHFQRORJLD GLIXQGLGD Vy WURX[H EHQHItFLRV SDUD RV VHUHV KXPDQRV

$ DOWHUQDWLYD H[SUHVVD R RSRVWR GD LQIRUPDomR WH[WXDO D GLIXVmR GD

WHFQRORJLD VHJXQGR R WH[WR QmR WURX[H DSHQDV EHQHItFLRV PDV WDPEpP
FRQVHTXrQFLDV GHVDVWURVDV 2SomR HUUDGD

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϴϱ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
2SomR & ZRUNLQJ RQ SODQHV DQG FRIIHH VKRSV RQ ZHHNHQGV LV D VWUDWHJ\ RI
VHGXFWLRQ WUDEDOKDU HP DYL}HV H FDIpV QRV ILQV GH VHPDQD p XPD
HVWUDWpJLD GH VHGXomR

³:H¶UH FRQQHFWHG DOO WKH WLPH :H¶UH ZRUNLQJ RQ SODQHV LQ FRIIHH VKRSV
ZRUNLQJ RQ WKH ZHHNHQGV :RUN LV YHU\ VHGXFWLYH EXW \HW ZH¶UH DFWXDOO\
OHVV HIIHFWLYH´

(VWDPRV FRQHFWDGRV R WHPSR WRGR (VWDPRV WUDEDOKDQGR HP DYL}HV HP

FDIpV WUDEDOKDQGR QRV ILQV GH VHPDQD 2 WUDEDOKR p PXLWR VHGXWRU PDV Mi
HVWDPRV QD YHUGDGH PHQRV HILFD]HV 

2 DXWRU FLWD TXH HVWDPRV FRQHFWDPRV WRGR R WHPSR LQFOXVLYH TXDQGR

HVWDPRV YRDQGR RX QRV FDIpV GHSRLV QD IUDVH VHJXLQWH HOH PHQFLRQD TXH
R WUDEDOKR p VHGXWRU GH PDQHLUD JHQHUDOL]DGD HOH QmR HVWDYD VH UHIHULQGR
DRV DYL}HV H FDIpV FRPR VHQGR HVWUDWpJLDV GH VHGXomR QDGD D YHU 2SomR
HUUDGD

2SomR ' DOO WHFKQRORJ\ ZRUNHUV KDYH EHHQ GLDJQRVHG ZLWK DWWHQWLRQGHILFLW
GLVRUGHUV WRGRV RV TXH WUDEDOKDP FRP WHFQRORJLD WrP VLGR GLDJQRVWLFDGRV
FRP WUDQVWRUQR GH IDOWD GH DWHQomR 

(OOHQ .RVVHN D SURIHVVRU IURP 0LFKLJDQ 6WDWH EHOLHYHV ZH DUH OHVV

SURGXFWLYH LQ WKLV DJH RI  WHFKQRORJ\ DQG RXU PXOWLWDVNLQJ
PHQWDOLW\ KDV VSDZQHG D ³QRWPHQWDOO\ SUHVHQW´ VRFLHW\ ³:H¶UH
EHFRPLQJ DQ DWWHQWLRQGHILFLW GLVRUGHU VRFLHW\ VZLWFKLQJ EDFN DQG IRUWK
OLNH FUD]\´ .RVVHN VD\V

(OOHQ .RVVHN SURIHVVRU GR HVWDGR GH 0LFKLJDQ DFUHGLWD TXH VmR PHQRV

SURGXWLYRV QHVWD pSRFD GH WHFQRORJLD GH  H QRVVD PHQWDOLGDGH
PXOWLWDUHID JHURX XPD VRFLHGDGH QmRPHQWDOPHQWH SUHVHQWH

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϴϲ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
(VWDPRV QRV WRUQDQGR XPD VRFLHGDGH WUDQVWRUQR GH IDOWD GH DWHQomR
PXGDQGR SDUD WUiV H SDUD IUHQWH FRPR ORXFRV .RVVHN GL]

1mR VmR WRGRV R DXWRU GHVWDFD D JHUDomR GH  D  DQRV TXH VmR

H[DWDPHQWH RV TXH QDVFHUDP QD pSRFD WHFQROyJLFD FRPR VHQGR RV
SULQFLSDLV SRUWDGRUHV GR WUDQVWRUQR GH IDOWD GH DWHQomR 2SomR HUUDGD

2SomR ( H[FHVVLYH ZRUN PDNHV SURIHVVLRQDOV PRUH HIIHFWLYH LQ WKH DJH RI

 WHFKQRORJ\ H[FHVVR GH WUDEDOKR ID] FRP TXH RV SURILVVLRQDLV VHMDP
PDLV HILFD]HV QD HUD GD WHFQRORJLD QD LGDGH GH 

e R FRQWUiULR QHVVD LGDGH VHJXQGR R DXWRU VmR PHQRV HILFD]HV (UUDGD

*$%$5,72 $

 :KLFK RSWLRQ GHVFULEHV DFFXUDWHO\ WKH PHDQLQJ UHODWLRQVKLS EHWZHHQ WKH

SDLUV RI ZRUGV"

$ ³DFWXDOO\´ OLQH  PHDQV UDUHO\

% ³FXUWDLO´ OLQH  LV WKH RSSRVLWH RI UHGXFH
& ³RYHUZKHOPHG´ OLQH  DQG XQDIIHFWHG DUH V\QRQ\PRXV
' ³LPPHGLDF\´ OLQH  DQG SUR[LPLW\ DUH DQWRQ\PV
( ³VSDZQHG´ OLQH  FRXOG EH UHSODFHG E\ JHQHUDWHG

 :KLFK RSWLRQ GHVFULEHV DFFXUDWHO\ WKH PHDQLQJ UHODWLRQVKLS EHWZHHQ

WKH SDLUV RI ZRUGV"
 4XH RSomR GHVFUHYH FRP SUHFLVmR R VLJQLILFDGR GR UHODFLRQDPHQWR HQWUH
R SDU GH SDODYUDV"

2SomR $ ³DFWXDOO\´ OLQH  PHDQV UDUHO\ ³QD YHUGDGH´ OLQKD  VLJQLILFD

UDUDPHQWH

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϴϳ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
DFWXDOO\ QD YHUGDGH GH IDWR

,QFOXVLYH p XP IDOVR FRJQDWR DPLJR SRLV QmR VLJQLILFD DWXDOPHQWH FRPR

SDUHFH H QHP WDPEpP UDUDPHQWH (UUDGD

2SomR % ³FXUWDLO´ OLQH  LV WKH RSSRVLWH RI UHGXFH UHGX]LU OLQKD 

p R RSRVWR GH UHGX]LU

&XUWDLO UHGX]LU UHVWULQJLU HQFXUWDU DEUHYLDU UHGXFH UHGX]LU

1mR p RSRVWR (OHV VmR VLQ{QLPRV 2SomR HUUDGD

2SomR & ³RYHUZKHOPHG´ OLQH  DQG XQDIIHFWHG DUH V\QRQ\PRXV

RSULPLGR OLQKD  H QmR DIHWDGRV VmR VLQ{QLPRV

RYHUZKHOPHG RSULPLGR VREUHFDUUHJDGR HVPDJDGR VRWHUUDGR

HVJRWDGR
XQDIIHFWHG QmR DIHWDGR TXH QmR VRIUH HIHLWRV

2V GRLV YRFiEXORV VmR RSRVWRV DR LQYpV GH VLQ{QLPRV (UUDGD

2SomR ' ³LPPHGLDF\´ OLQH  DQG SUR[LPLW\ DUH DQWRQ\PV

LPHGLDWLVPR OLQKD  H D SUR[LPLGDGH VmR DQW{QLPRV

(UUDGD (OHV WHP VLJQLILFDGRV GLIHUHQWHV SRUpP QmR VmR RSRVWRV

2SomR ( ³VSDZQHG´ OLQH  FRXOG EH UHSODFHG E\ JHQHUDWHG ³JHUDGR´

OLQKD  SRGHULD VHU VXEVWLWXtGR SRU JHUDGR

(OOHQ .RVVHN D SURIHVVRU IURP 0LFKLJDQ 6WDWH EHOLHYHV ZH DUH OHVV

SURGXFWLYH LQ WKLV DJH RI  WHFKQRORJ\ DQG RXU PXOWLWDVNLQJ PHQWDOLW\
KDV VSDZQHG D ³QRWPHQWDOO\ SUHVHQW´ VRFLHW\

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϴϴ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ

(OOHQ .RVVHN SURIHVVRU GR HVWDGR GH 0LFKLJDQ 6 DFUHGLWD TXH VmR PHQRV

SURGXWLYRV QHVWD pSRFD GH WHFQRORJLD GH  H QRVVD PHQWDOLGDGH
PXOWLWDUHID JHURX XPD VRFLHGDGH QmRPHQWDOPHQWH SUHVHQWH

VSDZQ FDXVDU JHUDU JHQHUDWH FULDU JHUDU

$ DVVHUWLYD WUD] XP VLQ{QLPR GR YRFiEXOR HQFRQWUDGR QR WH[WR 7DQWR ID]

XVDU XP FRPR R RXWUR TXH QmR YDL DOWHUDU D LQWHUSUHWDomR WH[WXDO &HUWD

*$%$5,72 (

7UDQVODWLRQ

+RZ WR GLJ RXW IURP WKH LQIRUPDWLRQ DYDODQFKH

&RPR GHVHQWHUUDU D DYDODQFKH GH LQIRUPDo}HV

0DMRULW\ RI ZRUNHUV IHHO RYHUZKHOPHG E\ GHOXJH RI GDWD VXUYH\ ILQGV

0DLRULD GRV WUDEDOKDGRUHV VH VHQWH RSULPLGR SHOR GLO~YLR GH LQIRUPDo}HV
OHYDQWDPHQWR UHYHOD

'RQ¶W H[SHFW 6KDXQ 2VKHU WKH &(2 RI &RUH *URXS 0DUNHWLQJ LQ 1HZ <RUN
WR DQVZHU \RXU HPDLO ULJKW DZD\ +H KDV VWRSSHG UHVSRQGLQJ WR HPDLOV
HYHU\ PLQXWH DQG RQO\ FKHFNV KLV HPDLO DFFRXQW WZLFH D GD\ +H DOVR
VWDUWHG WXUQLQJ RII KLV %ODFN%HUU\ GXULQJ PHHWLQJV

1mR HVSHUH TXH 6KDXQ 2VKHU R GLUHWRU H[HFXWLYR GH 0DUNHWLQJ GR JUXSR

&RUH HP 1RYD <RUN UHVSRQGD VHX HPDLO LPHGLDWDPHQWH (OH SDURX GH
UHVSRQGHU DRV HPDLOV D FDGD PLQXWR H Vy YHULILFD VXD FRQWD GH HPDLO GXDV
YH]HV SRU GLD (OH WDPEpP FRPHoRX D GHVOLJDU VHX %ODFN%HUU\ GXUDQWH DV
UHXQL}HV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϴϵ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ

7KLV WDFWLF KDV PDGH KLP VR PXFK PRUH SURGXFWLYH WKDW HDUOLHU WKLV \HDU KH
KHOG D PHHWLQJ ZLWK KLV VWDII RI  DQG ³VWURQJO\ VXJJHVWHG´ WKDW WKH\ VWRS
UHO\LQJ VR KHDYLO\ RQ HPDLO DQG DFWXDOO\ VWDUW FDOOLQJ FOLHQWV RQ WKH SKRQH

(VVD WiWLFD IH]OKH PXLWR PDLV SURGXWLYR TXH QR LQtFLR GHVWH DQR HOH
UHDOL]RX XPD UHXQLmR FRP VXD HTXLSH GH  H  VXJHULX IRUWHPHQWH  TXH
SDUHP GH GHSHQGHU WmR IRUWHPHQWH GH HPDLO H UHDOPHQWH FRPHoHP D
YLVLWDU RV FOLHQWHV DR WHOHIRQH

$QG KH UHTXHVWHG KLV HPSOR\HHV SXW FHOO SKRQHV DQG 3'$V RQ VLOHQW PRGH
GXULQJ PHHWLQJV DV ZHOO DV FXUWDLO WKH FRPPRQ SUDFWLFH RI FFLQJ HYHU\ERG\
ZKHQ VHQGLQJ RXW DQ HPDLO ³7KHUH ZDV VR PXFK UHGXQGDQF\ VR PXFK
XQQHFHVVDU\ ZRUN´ KH H[SODLQV ³2QH SHUVRQ FRXOG KDQGOH DQ LVVXH WKDW
VKRXOG WDNH WZR PLQXWHV EXW ZKHQ DQ HPDLO JRHV RXW DQG ILYH SHRSOH JHW
FFHG WKHQ HYHU\ERG\ UHVSRQGV WR LW DQG WKHUH¶V D VQRZEDOO HIIHFW´

( SHGLX VHXV HPSUHJDGRV SDUD FRORFDUHP WHOHIRQHV FHOXODUHV H 3'$V QR

PRGR VLOHQFLRVR GXUDQWH DV UHXQL}HV EHP FRPR UHGX]LU D SUiWLFD FRPXP
GH PDQGDU FySLD SDUD WRGR PXQGR TXDQGR HQYLDU XP HPDLO +DYLD
UHGXQGkQFLD GHPDLV PXLWR WUDEDOKR GHVQHFHVViULR H[SOLFD HOH 8PD
SHVVRD SRGHULD UHVROYHU XP DVVXQWR TXH GHYH OHYDU GRLV PLQXWRV PDV
TXDQGR XP HPDLO p HQYLDGR H FLQFR SHVVRDV UHFHEHP FySLD HQWmR WRGR
PXQGR UHVSRQGH D HOH H Ki XP HIHLWR GH EROD GH QHYH 

,W¶V QRW WKDW 2VKHU KDV DQ\WKLQJ DJDLQVW WHFKQRORJ\ ,Q IDFW KH ORYHV LW
7KH SUREOHP LV ODVW \HDU KH UHDOL]HG KH ZDV LQXQGDWHG ZLWK VR PDQ\ H
PDLOV DQG VR PXFK LQIRUPDWLRQ LQ JHQHUDO WKDW KH EHJDQ WR H[SHULHQFH GDWD
RYHUORDG ³,Q WKH EHJLQQLQJ HPDLO DQG DOO WKLV GDWD ZDV D JUHDW
SKHQRPHQRQ UHYROXWLRQL]LQJ ZKDW ZH GR %XW WKH SHQGXOXP KDV VZXQJ
ZD\ WRR PXFK WR WKH RWKHU VLGH´ KH PDLQWDLQV ³:H¶UH OHVV SURGXFWLYH´

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϵϬ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
1mR p TXH 2VKHU WHQKD DOJR FRQWUD D WHFQRORJLD 'H IDWR HOH D DPD2
SUREOHPD p TXH QR DQR SDVVDGR HOH SHUFHEHX TXH HVWDYD LQXQGDGR FRP
WDQWRV HPDLOV H WDQWDV LQIRUPDo}HV HP JHUDO TXH HOH FRPHoRX D VHQWLU
VREUHFDUJD GH GDGRV 1R LQtFLR HPDLO H WRGRV HVVHV GDGRV IRL XP JUDQGH
IHQ{PHQR UHYROXFLRQDQGR R TXH ID]HPRV 0DV R SrQGXOR RVFLORX GHPDLV
SDUD R RXWUR ODGR  HOH DILUPD ³1yV HVWDPRV PHQRV SURGXWLYRV´

2VKHU LVQ¶W WKH RQO\ RQH RXW WKHUH XQGHU D GDWD DYDODQFKH 7KDQNV WR
WHFKQRORJLFDO LQQRYDWLRQV \RX FDQ EH WDONLQJ WR D FXVWRPHU RQ \RXU FHOO
SKRQH DQVZHULQJ D /LQNHG,Q LQYLWDWLRQ RQ \RXU ODSWRS DQG UHVSRQGLQJ WR
HPDLO RQ \RXU 3'$ DOO DW WKH VDPH WLPH

2VKHU QmR p R ~QLFR Oi IRUD VRE XPD DYDODQFKH GH GDGRV *UDoDV jV

LQRYDo}HV WHFQROyJLFDV YRFr SRGH HVWDU IDODQGR FRP XP FOLHQWH HP VHX
WHOHIRQH FHOXODU UHVSRQGHQGR D XP FRQYLWH /LQNHG,Q HP VHX ODSWRS H
UHVSRQGHQGR DR HPDLO QR VHX 3'$ WXGR DR PHVPR WHPSR

%HVLGHV GXULQJ WRXJK HFRQRPLF WLPHV ZKR ZLOO ZDQW WR PLVV DQ\
LQIRUPDWLRQ ZKHQ \RXU MRE FRXOG EH RQ WKH OLQH LI \RX LQGXOJH LQ WKH OX[XU\
RI EHLQJ RIIOLQH" 7XUQV RXW VHYHQ RXW RI  RIILFH ZRUNHUV LQ WKH 8QLWHG
6WDWHV IHHO RYHUZKHOPHG E\ LQIRUPDWLRQ LQ WKH ZRUNSODFH DQG PRUH WKDQ
WZR LQ ILYH VD\ WKH\ DUH KHDGHG IRU D GDWD ³EUHDNLQJ SRLQW´ DFFRUGLQJ WR D
UHFHQWO\ UHOHDVHG :RUNSODFH 3URGXFWLYLW\ 6XUYH\

$OpP GLVVR GXUDQWH WHPSRV HFRQ{PLFRV GLItFHLV TXHP YDL TXHUHU SHUGHU
TXDOTXHU LQIRUPDomR TXDQGR R VHX WUDEDOKR SRGHULD HVWDU HP ULVFR VH YRFr
HQWUDU QR OX[R GH HVWDU GHVFRQHFWDGR" $FRQWHFH TXH VHWH GH 
WUDEDOKDGRUHV GH HVFULWyULR QRV (VWDGRV 8QLGRV VH VHQWHP VREUHFDUUHJDGRV
SRU LQIRUPDomR QR ORFDO GH WUDEDOKR H PDLV GH GRLV HP FDGD FLQFR GL]HP
TXH HVWmR VH GLULJLQGR SDUD XP SRQWR GH UXSWXUD GH LQIRUPDo}HV VHJXQGR
XPD UHFpPODQoDGD 3HVTXLVD GH 3URGXWLYLGDGH QR /RFDO GH 7UDEDOKR

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϵϭ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
0LNH :DOVK &(2 RI /H[LV1H[LV 86 /HJDO 0DUNHWV VD\V WKHUH DUH D KRVW
RI UHDVRQV ZH¶UH DOO RQ WKH LQIRUPDWLRQ EULQN ³H[SRQHQWLDO JURZWK RI WKH
VL]H RI WKH LQIRUPDWLRQ µKD\VWDFN¶ WKH LPPHQVLW\ DQG LPPHGLDF\ RI GLJLWDO
FRPPXQLFDWLRQV DQG WKH IDFW WKDW SURIHVVLRQDOV DUH QRW EHLQJ SURYLGHG ZLWK
VXIILFLHQW WRROV DQG WUDLQLQJ WR KHOS WKHP NHHS SDFH ZLWK WKH JURZLQJ
LQIRUPDWLRQ EXUGHQ´

0LNH :DOVK GLUHWRU H[HFXWLYR GH 0HUFDGRV -XUtGLFRV $PHULFDQRV /H[LV1H[LV

 GL] TXH Ki XPD VpULH GH UD]}HV SHODV TXDLV HVWDPRV WRGRV j EHLUD GH
LQIRUPDomR 2 FUHVFLPHQWR H[SRQHQFLDO GR WDPDQKR GD LQIRUPDomR
SDOKHLUR  D LPHQVLGmR H D UDSLGH] GDV FRPXQLFDo}HV GLJLWDLV H GR IDWR GH
TXH RV SURILVVLRQDLV QmR HVWmR VHQGR VXSULGRV FRP IHUUDPHQWDV H
WUHLQDPHQWR VXILFLHQWHV SDUD DMXGiORV D PDQWHU R ULWPR FRP D FDUJD GH
LQIRUPDo}HV FDGD YH] PDLRU 

(OOHQ .RVVHN D SURIHVVRU IURP 0LFKLJDQ 6WDWH EHOLHYHV ZH DUH OHVV

SURGXFWLYH LQ WKLV DJH RI  WHFKQRORJ\ DQG RXU PXOWLWDVNLQJ PHQWDOLW\
KDV VSDZQHG D ³QRWPHQWDOO\ SUHVHQW´ VRFLHW\ ³:H¶UH EHFRPLQJ DQ
DWWHQWLRQGHILFLW GLVRUGHU VRFLHW\ VZLWFKLQJ EDFN DQG IRUWK OLNH FUD]\´
 .RVVHN VD\V ³:H¶UH FRQQHFWHG DOO WKH WLPH :H¶UH ZRUNLQJ RQ SODQHV
LQ FRIIHH VKRSV ZRUNLQJ RQ WKH ZHHNHQGV :RUN LV YHU\ VHGXFWLYH EXW \HW
ZH¶UH DFWXDOO\ OHVV HIIHFWLYH´

(OOHQ .RVVHN SURIHVVRU GR HVWDGR GH 0LFKLJDQ DFUHGLWD TXH VmR PHQRV

SURGXWLYRV QHVWD pSRFD GH WHFQRORJLD GH  H QRVVD PHQWDOLGDGH
PXOWLWDUHID JHURX XPD VRFLHGDGH QmRPHQWDOPHQWH SUHVHQWH  (VWDPRV
QRV WRUQDQGR XPD VRFLHGDGH WUDQVWRUQR GH GpILFLW GH DWHQomR PXGDQGR
SDUD WUiV H SDUD IUHQWH FRPR ORXFRV .RVVHN GL] (VWDPRV FRQHFWDGRV R
WHPSR WRGR (VWDPRV WUDEDOKDQGR HP DYL}HV HP FDIpV WUDEDOKDQGR QRV
ILQV GH VHPDQD 2 WUDEDOKR p PXLWR VHGXWRU PDV DLQGD HVWDPRV QD
YHUGDGH PHQRV HILFD]HV 

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϵϮ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
7KH NH\ WR JHWWLQJ \RXU KHDG DERYH WKH GDWD IORRG DFFRUGLQJ WR ZRUNSODFH
H[SHUWV LV PDQDJLQJ DQG UHGXFLQJ WKH LQIRUPDWLRQ \RX¶UH ERPEDUGHG ZLWK
‹ 061%& ,QWHUDFWLYH  VOLJKWO\ DGDSWHG
KWWSZZZPVQEFPVQFRPLG

$ FKDYH SDUD REWHU D VXD OLGHUDQoD VREUH R GLO~YLR GH GDGRV GH DFRUGR FRP
HVSHFLDOLVWDV QR ORFDO GH WUDEDOKR p JHUHQFLDU H UHGX]LU D LQIRUPDomR FRP
D TXDO YRFr p ERPEDUGHDGR 

  7H[WR  9RFDEXOiULR H 7UDGXomR

3HWUREUDV 3UREHV 3UHVVXUH %UD]LOLDQ %DQNV $VVHW 4XDOLW\

)LWFK 5DWLQJV6DR 3DXOR -DQXDU\ 

5LVN ZLWKLQ RLO DQG FRQVWUXFWLRQUHODWHG ORDQ SRUWIROLRV RI PDQ\ %UD]LOLDQ

EDQNV KDV ULVHQ GXH WR FRUUXSWLRQ VFDQGDOV XQFRYHUHG E\ LQYHVWLJDWLRQV LQWR
LOOHJDO FRQWUDFWV EHWZHHQ 3HWUREUDV DQG PXOWLSOH FRPSDQLHV DFURVV WKH FLYLO
FRQVWUXFWLRQ DQG RLO DQG JDV FKDLQV VD\V )LWFK 5DWLQJV

7KH VFDQGDOV KDYH HOHYDWHG WKH FKDOOHQJHV IRU WKH %UD]LOLDQ EDQN VHFWRU DQG
FRXOG UHVXOW LQ KLJKHU SDVW GXH ORDQV ORDQ ORVV SURYLVLRQV DQGRU ORDQ
UHVWUXFWXULQJV LQ  HVSHFLDOO\ IRU %UD]LO V ODUJH SXEOLF EDQNV

)LWFK V GRZQJUDGH RI WKH FLYLO FRQVWUXFWLRQ FRPSDQ\ 2$6 6$ 2$6 ,VVXHU
'HIDXOW 5DWLQJ ,'5 WR 5' IURP & RQ -DQ  LV WKH PRVW UHFHQW UDWLQJ
DFWLRQ UHODWHG WR WKH FRUUXSWLRQ VFDQGDO LQYROYLQJ 3HWUREUDV 2Q 1RY 
 )LWFK SODFHG DOO UDWHG %UD]LOLDQ FRQVWUXFWLRQ FRPSDQLHV RQ 5DWLQJ
:DWFK 1HJDWLYH GXH WR WKH DJHQF\ V FRQFHUQV DERXW WKH ILQDQFLDO DQG
EXVLQHVV LPSDFW RI WKH DOOHJDWLRQV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϵϯ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
%UD]LO LV DOUHDG\ FRQWHQGLQJ ZLWK ZHDN *'3 JURZWK )LWFK V H[SHFWDWLRQ RI
 IRU  DQG MXVW  LQ   KLJK LQIODWLRQ UDWHV FXUUHQW
GRPHVWLF 6HOLF DW  \HDU DQG GHYDOXDWLRQ RI WKH ORFDO FXUUHQF\
%UD]LOLDQ UHDO GRZQ  LQ   7KHVH ZHDN HFRQRPLF FRQGLWLRQV IRU
FRUSRUDWHV DUH H[SHFWHG WR FRQWLQXH LQ  5RXJKO\  RI %UD]LOLDQ EDQN
ORDQV DUH LQ WKH %UD]LOLDQ FRUSRUDWH VHFWRU &RUUXSWLRQ VFDQGDOV FDQ UHVXOW
LQ UHGXFHG DSSHWLWHV IRU %UD]LOLDQ ULVN LQ WKH LQWHUQDWLRQDO FDSLWDO PDUNHWV
DQG UHGXFH ORFDO DYDLODEOH FUHGLW DIIHFWLQJ WKH FRPSDQLHV OLTXLGLW\ DQG
DGGLQJ WR WKH FKDOOHQJLQJ PDFUR HQYLURQPHQW

%UD]LO V SXEOLF LH VWDWHRZQHG EDQNV FRXOG EH PRUH SURQH WR RLO DQG
FRQVWUXFWLRQUHODWHG DVVHW TXDOLW\ GHWHULRUDWLRQ LQ WKH QHDU IXWXUH GXH WR
WKHLU DJJUHVVLYH ORDQ JURZWK RYHU WKH ODVW IRXU \HDUV 3XEOLF EDQNV DUH DOVR
PRUH VXVFHSWLEOH WR SROLWLFDO LQWHUIHUHQFH ZKLFK FDQ OHDG WR ODUJHU ORDQV
UHODWLYH WR SULYDWH EDQNV WR LQIUDVWUXFWXUH VHFWRUV ZKLFK KDYH EHHQ
ERWWOHQHFNV IRU WKH FRXQWU\ V JURZWK 7KH RLO DQG JDV DQG FLYLO
FRQVWUXFWLRQ LQGXVWULHV ILW LQ WKHVH FDWHJRULHV WKXV SXEOLF EDQNV DUH PRUH
H[SRVHG WR WKHVH LQGXVWULHV DQG )LWFK H[SHFWV ODUJHU SURYLVLRQ QHHGV IRU
SXEOLF EDQNV LQ 

7KH FDSLWDOL]DWLRQ OHYHOV RI %UD]LO V SXEOLF EDQNV )LWFK &RUH &DSLWDO RU )&&
RI  DV RI -XQH  DQG GHIDXOW UDWLRV  GD\V SDVW GXH DW 
DV RI 1RYHPEHU  XS IURP  RI \HDUHQG  KDYH DOUHDG\ VKRZQ
GHWHULRUDWLRQ WUHQGV UHODWLYH WR SULYDWH SHHUV 7KH ORZHU GHIDXOW UDWLRV
FRPSDUHG ZLWK SULYDWH SHHUV DUH PDLQO\ MXVWLILHG E\ VWURQJHU JXDUDQWHHV RI
ERWK %1'(6 DQG &DL[D V FUHGLW SRUWIROLR 1RUPDOO\ ,'5V RQ SXEOLF EDQNV DUH
GHULYHG IURP VRYHUHLJQ VXSSRUW PHDQLQJ WKDW DQ\ GHWHULRUDWLRQ RQ WKHVH
EDQN V ILQDQFLDO SURILOHV ZRXOG QRW KDYH D GLUHFW LPSDFW RQ LWV ,'5V

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϵϰ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
)RQWH
KWWSVZZZILWFKUDWLQJVFRPJZVHQILWFKZLUHILWFKZLUHDUWLFOH3HWUREUDV
3UREHV3UHVVXUH

9RFDEXOiULR 7UDGXomR
DVVHW DWLYR
ERWWOHQHFN FUtWLFR FRQJHVWLRQDPHQWR
& 5LVFR GH FUpGLWR H[FHSFLRQDOPHQWH DOWR
D LQDGLPSOrQFLD p LPLQHQWH RX LQHYLWiYHO RX
R HPLVVRU HVWi VHP DOWHUQDWLYDV
KWWSVZZZILWFKUDWLQJVFRPEUSDJHVG
HIBUWJBFUHGLWBHPLVVRU
GHIDXOW UDWLR ËQGLFH GH LQDGLPSOrQFLD
*'3 *URVV 3,% 3URGXWR ,QWHUQR %UXWR
'RPHVWLF 3URGXFW
JURZWK FUHVFLPHQWR
,'5 ,VVXHU 'HIDXOW 5DWLQJV GH 3UREDELOLGDGH GH ,QDGLPSOrQFLD
5DWLQJV GR (PLVVRU
ORDQ SRUWIROLR FDUWHLUD GH HPSUpVWLPR
SDVW GXH YHQFLGR DWUDVDGR
SUREH LQYHVWLJDU VRQGDU LQYHVWLJDomR
SURQH WHQGHQWH SURSHQVR
UDWH FODVVLILFDU DYDOLDU
UDWLQJ FODVVLILFDomR DYDOLDomR
5' ,QDGLPSOrQFLD 5HVWULWD
5DWLQJV µ5'¶ LQGLFDP QD RSLQLmR GD )LWFK
TXH XP HPLVVRU HVWi LQDGLPSOHQWH QR
SDJDPHQWR QmR UHVROYLGR GH XP E{QXV
HPSUpVWLPR RX RXWUD LPSRUWDQWH REULJDomR
ILQDQFHLUD PDV TXH QmR HQWURX OHJDOPHQWH
HP SURFHVVR GH UHFXSHUDomR MXGLFLDO

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϵϱ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
LQWHUYHQomR DGPLQLVWUDWLYD OLTXLGDomR RX GH
HQFHUUDPHQWR IRUPDO RX TXH QmR HQFHUURX
VXDV
DWLYLGDGHV KWWSVZZZILWFKUDWLQJVFRP
EUSDJHVGHI UWJ FUHGLW HPLVVRU
6WDWHRZQHG GH SURSULHGDGH GR HVWDGR HVWDWDO
LH LVWR p

7UDQVODWLRQ

3HWUREUDV 3UREHV 3UHVVXUH %UD]LOLDQ %DQNV $VVHW 4XDOLW\

,QYHVWLJDo}HV QD 3HWUREUDV 3UHVVLRQDP 4XDOLGDGH GRV $WLYRV GH %DQFRV

)LWFK 5DWLQJV6DR 3DXOR -DQXDU\ 

5LVN ZLWKLQ RLO DQG FRQVWUXFWLRQUHODWHG ORDQ SRUWIROLRV RI PDQ\ %UD]LOLDQ

EDQNV KDV ULVHQ GXH WR FRUUXSWLRQ VFDQGDOV XQFRYHUHG E\ LQYHVWLJDWLRQV LQWR
LOOHJDO FRQWUDFWV EHWZHHQ 3HWUREUDV DQG PXOWLSOH FRPSDQLHV DFURVV WKH FLYLO
FRQVWUXFWLRQ DQG RLO DQG JDV FKDLQV VD\V )LWFK 5DWLQJV

2 ULVFR GD FDUWHLUD GH HPSUpVWLPRV GH PXLWRV EDQFRV EUDVLOHLURV

UHODFLRQDGRV FRP D FRQVWUXomR H SHWUyOHR WHP DXPHQWDGR GHYLGR D
HVFkQGDORV GH FRUUXSomR GHVFREHUWRV SRU LQYHVWLJDo}HV VREUH FRQWUDWRV
LOHJDLV HQWUH 3HWUREUDV H YiULDV HPSUHVDV GR UDPR GH FRQVWUXomR FLYLO H
FDGHLDV GH SHWUyOHR H JiV DILUPD D )LWFK 5DWLQJV

7KH VFDQGDOV KDYH HOHYDWHG WKH FKDOOHQJHV IRU WKH %UD]LOLDQ EDQN VHFWRU DQG
FRXOG UHVXOW LQ KLJKHU SDVW GXH ORDQV ORDQ ORVV SURYLVLRQV DQGRU ORDQ
UHVWUXFWXULQJV LQ  HVSHFLDOO\ IRU %UD]LO V ODUJH SXEOLF EDQNV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϵϲ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
2V HVFkQGDORV WrP HOHYDGR RV GHVDILRV SDUD R VHWRU EDQFiULR EUDVLOHLUR H
SRGH UHVXOWDU HP DOWRV HPSUpVWLPRV YHQFLGRV SURYLV}HV SDUD SHUGDV GH
HPSUpVWLPRV H  RX UHHVWUXWXUDo}HV GH HPSUpVWLPRV HP 
HVSHFLDOPHQWH SDUD JUDQGHV EDQFRV S~EOLFRV GR %UDVLO

)LWFK V GRZQJUDGH RI WKH FLYLO FRQVWUXFWLRQ FRPSDQ\ 2$6 6$ 2$6 ,VVXHU
'HIDXOW 5DWLQJ ,'5 WR 5' IURP & RQ -DQ  LV WKH PRVW UHFHQW UDWLQJ
DFWLRQ UHODWHG WR WKH FRUUXSWLRQ VFDQGDO LQYROYLQJ 3HWUREUDV 2Q 1RY 
 )LWFK SODFHG DOO UDWHG %UD]LOLDQ FRQVWUXFWLRQ FRPSDQLHV RQ 5DWLQJ
:DWFK 1HJDWLYH GXH WR WKH DJHQF\ V FRQFHUQV DERXW WKH ILQDQFLDO DQG
EXVLQHVV LPSDFW RI WKH DOOHJDWLRQV

2 UHEDL[DPHQWR GRV 5DWLQJV GH 3UREDELOLGDGH GH ,QDGLPSOrQFLD GR (PLVVRU

GH &XUWR H /RQJR 3UD]R ,'5V GD HPSUHVD GH &RQVWUXomR &LYLO 2$6 6$
SDUD 5' GH & HP  GH MDQHLUR p D PDLV UHFHQWH DomR GH GHODomR
UHODFLRQDGD DR HVFkQGDOR GH FRUUXSomR HQYROYHQGR D 3HWUREUDV (P 
QRYHPEUR GH  D )LWFK FRORFRX WRGDV DV FRQVWUXWRUDV EUDVLOHLUDV
DYDOLDGDV HP 2EVHUYDomR 1HJDWLYD GHYLGR D SUHRFXSDo}HV GD DJrQFLD VREUH
R LPSDFWR ILQDQFHLUR H GH QHJyFLRV GDV DFXVDo}HV QHVVDV HPSUHVDV

%UD]LO LV DOUHDG\ FRQWHQGLQJ ZLWK ZHDN *'3 JURZWK )LWFK V H[SHFWDWLRQ RI

 IRU  DQG MXVW  LQ   KLJK LQIODWLRQ UDWHV FXUUHQW
GRPHVWLF 6HOLF DW  \HDU DQG GHYDOXDWLRQ RI WKH ORFDO FXUUHQF\
%UD]LOLDQ UHDO GRZQ  LQ   7KHVH ZHDN HFRQRPLF FRQGLWLRQV IRU
FRUSRUDWHV DUH H[SHFWHG WR FRQWLQXH LQ  5RXJKO\  RI %UD]LOLDQ EDQN
ORDQV DUH LQ WKH %UD]LOLDQ FRUSRUDWH VHFWRU &RUUXSWLRQ VFDQGDOV FDQ UHVXOW
LQ UHGXFHG DSSHWLWHV IRU %UD]LOLDQ ULVN LQ WKH LQWHUQDWLRQDO FDSLWDO PDUNHWV
DQG UHGXFH ORFDO DYDLODEOH FUHGLW DIIHFWLQJ WKH FRPSDQLHV OLTXLGLW\ DQG
DGGLQJ WR WKH FKDOOHQJLQJ PDFUR HQYLURQPHQW

2 %UDVLO Mi HVWi HQIUHQWDQGR R IUDFR FUHVFLPHQWR GR 3,% D H[SHFWDWLYD GD

)LWFK GH  SDUD  H GH DSHQDV  HP   DV WD[DV GH LQIODomR

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϵϳ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
HOHYDGDV DWXDO 6HOLF GRPpVWLFD HP   DQR H GHVYDORUL]DomR FDPELDO
D PRHGD EUDVLOHLUD R UHDO   HP   3UHYrVH TXH HVWDV IUDFDV
FRQGLo}HV HFRQ{PLFDV SDUD HPSUHVDV FRQWLQXHP HP  &HUFD GH 
GRV HPSUpVWLPRV EDQFiULRV EUDVLOHLURV HVWmR QR VHWRU FRUSRUDWLYR EUDVLOHLUR
2V HVFkQGDORV GH FRUUXSomR SRGHP UHVXOWDU HP DSHWLWHV UHGX]LGRV SDUD R
ULVFR %UDVLO QRV PHUFDGRV LQWHUQDFLRQDLV GH FDSLWDO H UHGX]LU R FUpGLWR
GLVSRQtYHO ORFDO DIHWDQGR D OLTXLGH] GDV HPSUHVDV H DGLFLRQDQGR DR
DPELHQWH PDFUR GHVDILDGRU

%UD]LO V SXEOLF LH VWDWHRZQHG EDQNV FRXOG EH PRUH SURQH WR RLO DQG
FRQVWUXFWLRQUHODWHG DVVHW TXDOLW\ GHWHULRUDWLRQ LQ WKH QHDU IXWXUH GXH WR
WKHLU DJJUHVVLYH ORDQ JURZWK RYHU WKH ODVW IRXU \HDUV 3XEOLF EDQNV DUH DOVR
PRUH VXVFHSWLEOH WR SROLWLFDO LQWHUIHUHQFH ZKLFK FDQ OHDG WR ODUJHU ORDQV
UHODWLYH WR SULYDWH EDQNV WR LQIUDVWUXFWXUH VHFWRUV ZKLFK KDYH EHHQ
ERWWOHQHFNV IRU WKH FRXQWU\ V JURZWK 7KH RLO DQG JDV DQG FLYLO FRQVWUXFWLRQ
LQGXVWULHV ILW LQ WKHVH FDWHJRULHV WKXV SXEOLF EDQNV DUH PRUH H[SRVHG WR
WKHVH LQGXVWULHV DQG )LWFK H[SHFWV ODUJHU SURYLVLRQ QHHGV IRU SXEOLF EDQNV
LQ 

2V %DQFRV S~EOLFRV GR %UDVLO RX VHMD GH SURSULHGDGH HVWDWDO SRGHULDP

VHU PDLV SURSHQVRV D SHWUyOHR H GHWHULRUDomR GD TXDOLGDGH GRV DWLYRV
UHODFLRQDGRV FRP D FRQVWUXomR QR IXWXUR SUy[LPR GHYLGR DR VHX
FUHVFLPHQWR HPSUpVWLPR DJUHVVLYR DR ORQJR GRV ~OWLPRV TXDWUR DQRV 2V
EDQFRV S~EOLFRV WDPEpP VmR PDLV VXVFHWtYHLV j LQWHUIHUrQFLD SROtWLFD R TXH
SRGH OHYDU D PDLRUHV HPSUpVWLPRV HP UHODomR DRV EDQFRV SULYDGRV SDUD
RV VHWRUHV GH LQIUDHVWUXWXUD TXH WrP VLGR FUtWLFRV SDUD R FUHVFLPHQWR GR
SDtV $V LQG~VWULDV GH SHWUyOHR H JiV EHP FRPR FRQVWUXomR FLYLO VH
HQFDL[DP QHVVDV FDWHJRULDV DVVLP RV EDQFRV S~EOLFRV HVWmR PDLV H[SRVWRV
D HVWDV LQG~VWULDV H D )LWFK DFUHGLWD TXH D QHFHVVLGDGH GH SURYLVLRQDPHQWR
GHVVH JUXSR EDQFiULR DXPHQWDUi HP 

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϵϴ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
7KH FDSLWDOL]DWLRQ OHYHOV RI %UD]LO V SXEOLF EDQNV )LWFK &RUH &DSLWDO RU )&&
RI  DV RI -XQH  DQG GHIDXOW UDWLRV  GD\V SDVW GXH DW  DV
RI 1RYHPEHU  XS IURP  RI \HDUHQG  KDYH DOUHDG\ VKRZQ
GHWHULRUDWLRQ WUHQGV UHODWLYH WR SULYDWH SHHUV 7KH ORZHU GHIDXOW UDWLRV
FRPSDUHG ZLWK SULYDWH SHHUV DUH PDLQO\ MXVWLILHG E\ VWURQJHU JXDUDQWHHV RI
ERWK %1'(6 DQG &DL[D V FUHGLW SRUWIROLR 1RUPDOO\ ,'5V RQ SXEOLF EDQNV DUH
GHULYHG IURP VRYHUHLJQ VXSSRUW PHDQLQJ WKDW DQ\ GHWHULRUDWLRQ RQ WKHVH
EDQN V ILQDQFLDO SURILOHV ZRXOG QRW KDYH D GLUHFW LPSDFW RQ LWV ,'5V
6RXUFH
KWWSVZZZILWFKUDWLQJVFRPJZVHQILWFKZLUHILWFKZLUHDUWLFOH3HWUREUDV
3UREHV3UHVVXUH

2V QtYHLV GH FDSLWDOL]DomR GRV EDQFRV S~EOLFRV GR %UDVLO 1~FOHR GH &DSLWDO

)LWFK RX )&& GH  D SDUWLU GH -XQKR GH  H tQGLFHV GH
LQDGLPSOrQFLD  GLDV GH DWUDVR HP  D SDUWLU GH QRYHPEUR GH 
DFLPD GRV  GR ILQDO GR DQR GH  Mi PRVWUDUDP WHQGrQFLDV GH
GHWHULRUDomR HP UHODomR DRV VHXV SDUHV SULYDGRV 2V tQGLFHV GH
LQDGLPSOrQFLD Mi UHYHODP WHQGrQFLDV GH GHWHULRUDomR HP FRPSDUDomR FRP
RV VHXV SDUHV SULYDGRV $ WD[D GH LQDGLPSOrQFLD PHQRU TXH D GR VHWRU
SULYDGR p H[SOLFDGD SULQFLSDOPHQWH SHODV IRUWHV JDUDQWLDV H[LVWHQWHV QDV
FDUWHLUDV GH FUpGLWR GR %DQFR GH 'HVHQYROYLPHQWR 1DFLRQDO  %1'(6 H GD
&DL[D (FRQ{PLFD )HGHUDO (P JHUDO R ,'5 HP EDQFRV S~EOLFRV VmR GHULYDGRV
GH DSRLR VREHUDQR R TXH VLJQLILFD TXH TXDOTXHU GHWHULRUDomR QRV SHUILV
ILQDQFHLURV GHVWHV EDQFRV QmR WHULDP XP LPSDFWR GLUHWR VREUH VHXV ,'5V

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϵϵ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
  9RFDEXOiULRV

9RFDEXOiULR 7UDGXomR
DFWXDOO\ QD YHUGDGH QD UHDOLGDGH
DGG DGLFLRQDU VRPDU
DGYLFH FRQVHOKR DGPRHVWDomR
DOORZ SHUPLWLU DXWRUL]DU
DOUHDG\ Mi
EODPH FXOSDU
EROGIDFHG QHJULWR
EXUGHQ VREUHFDUUHJDU
FUXQFK PDVWLJDU SURFHVVDU WULWXUDU
HYHU\ZKHUH HP WRGR OXJDU SRU WRGR OXJDU
IDLO IDOKDU IUDFDVVDU
IXUWKHUPRUH DOpP GLVVR DOpP GR PDLV
JLYH XS GHVLVWLU GHVFRQWLQXDU
KLUH HPSUHJDU RFXSDU
OLNHO\ SURYiYHO HVSHUDGR
RYHUIORZ H[FHVVR DEXQGkQFLD
RYHUZKHOP VREUHFDUUHJDU
SLFN SHJDU DSDQKDU HVFROKHU
UDWKHU GH SUHIHUrQFLD DQWHV TXH
UHO\ FRQILDU GHSHQGHU GH
VHHN EXVFDU LQYHVWLJDU
VPDUW HVSHUWR LQWHOLJHQWH
WKURXJKRXW SRU WRGR WHPSR RX HVSDoR
WKXV DVVLP GHVVH PRGR
WRROV IHUUDPHQWDV LQVWUXPHQWRV
XQGHUJLUG UHIRUoDU IRUWDOHFHU
ZLGHVSUHDG HVSDOKDU GLIXQGLU

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϬϬ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
6LQ{QLPRV 6\QRQ\PV

9RFDEXOiULR 6LQ{QLPRV
DFWXDOO\ LQ IDFW UHDOO\
DGG VXSSO\ FRQWULEXWH
DGYLFH FRXQVHO UHFRPPHQGDWLRQ
EROGIDFHG QHJULWR
HYHU\ZKHUH HYHU\SODFH DOO RYHU
IDLO ORRVH QHJOHFW
IXUWKHUPRUH PRUHRYHU EHVLGHV
KLUH HPSOR\
OLNHO\ SUREDEOH DSSDUHQW
RIWHQ IUHTXHQWO\ PXFK
RYHUIORZ H[FHVV WRR PXFK
SLFN FKRLFH VHOHFWLRQ
UDWKHU LQVWHDG NLQG RI
UHO\ WUXVW GHSHQGDEOH
VHHN ORRN IRU VHDUFK
VKRZFDVH YLWULQH W\SHIDFH
VPDUW LQWHOOLJHQW FOHYHU
WKURXJKRXW HQGWRHQG
WKXV WKHUHIRUH
WRROV LQVWUXPHQWV
XQGHUJLUG EUDFH XS
ZLGHVSUHDG FRYHULQJ ODUJH DUHD

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϬϭ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ

  /LVWD GH 4XHVW}HV &RPHQWDGDV H *DEDULWRV

7H[WR  6NLOOVHW YV 0LQGVHW :KLFK :LOO *HW <RX WKH -RE"

7KHUH¶V D GHEDWH JRLQJ RQ DPRQJ FDUHHU H[SHUWV DERXW ZKLFK LV PRUH

LPSRUWDQW VNLOOVHW RU PLQGVHW :KLOH VNLOOV DUH FHUWDLQO\ GHVLUDEOH IRU PDQ\
SRVLWLRQV GRHV KDYLQJ WKH ULJKW RQHV JXDUDQWHH \RX¶OO JHW WKH MRE" :KDW
LI \RX KDYH WKH PLQGVHW WR JHW WKH ZRUN DFFRPSOLVKHG EXW FXUUHQWO\ ODFN
FHUWDLQ VNLOOV UHTXHVWHG E\ WKH HPSOR\HU" -HQQLIHU )UHPRQW6PLWK &(2 RI
6PDUWHUHU DQG 3DXO * 6WROW] 3K' FRDXWKRU RI 3XW <RXU 0LQGVHW WR :RUN
7KH 2QH $VVHW <RX 5HDOO\ 1HHG WR :LQ DQG .HHS WKH -RE <RX /RYH UHFHQWO\
VDW GRZQ ZLWK 86 1HZV WR VRXQG RII RQ WKLV LVVXH

+HDWKHU :KDW LV PRUH LPSRUWDQW WR WRGD\¶V HPSOR\HUV VNLOOVHW RU

PLQGVHW" :K\"

-HQQLIHU )RU PDQ\ MREV VNLOOVHW QHHGV WR FRPH ILUVW 7KH HPSOR\HU
DEVROXWHO\ PXVW ILQG SHRSOH ZKR KDYH WKH KDUG VNLOOV WR GR ZKDWHYHU LW LV
WKH\ DUH EHLQJ KLUHG WR GR 3URJUDPPHUV KDYH WR NQRZ KRZ WR SURJUDP
([FHO 0DUNHWHUV PXVW NQRZ WKHLU PDUNHWLQJ WRROV DQG 'DWD DQDO\VWV QHHG
WR NQRZ KRZ WR FUXQFK QXPEHUV LQ VRIWZDUH 6RFLDO PHGLD PDQDJHUV PXVW
NQRZ WKH WRROV RI WKHLU WUDGH OLNH 7ZLWWHU )DFHERRN :RUG3UHVV DQG KDYH
ZULWLQJ DQG FRPPXQLFDWLRQ VNLOOV $IWHU WKH HPSOR\HUV KDYH LGHQWLILHG
FDQGLGDWHV ZLWK WKHVH KDUG VNLOOV WKH\ FDQ VKLIW WKHLU IRFXV WR WKHLU
FDQGLGDWHV¶ PLQGVHWV  DWWLWXGH LQWHJULW\ ZRUN HWKLF SHUVRQDOLW\ HWF

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϬϮ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ

3DXO 0LQGVHW XWWHUO\ WUXPSV VNLOOVHW

+HDWKHU 'R \RX KDYH DQ\ GDWD RU VWDWLVWLFV WR EDFN XS \RXU

DUJXPHQW"

-HQQLIHU 'HVSLWH UHFRUG KLJK XQHPSOR\PHQW PDQ\ MREV VLW HPSW\

EHFDXVH HPSOR\HUV FDQ¶W ILQG FDQGLGDWHV ZLWK WKH ULJKW VNLOOV ,Q D UHFHQW
VXUYH\ FLWHG LQ WKH :DOO 6WUHHW -RXUQDO RYHU  SHUFHQW RI FRPSDQLHV
UHSRUWHG GLIILFXOW\ ILQGLQJ DSSOLFDQWV ZLWK WKH ULJKW VNLOOV &RPSDQLHV DUH
UXQQLQJ OHDQ DQG PHDQ LQ WKLV HFRQRP\ ± WKH\ GRQ¶W KDYH WKH WLPH WR WUDLQ
IRU WKRVH NH\ VNLOOV

3DXO >&RDXWKRU -DPHV 5HHG DQG ,@ DVNHG WHQV RI WKRXVDQGV RI WRS

HPSOR\HUV ZRUOGZLGH WKLV TXHVWLRQ ,I \RX ZHUH KLULQJ VRPHRQH WRGD\
ZKLFK ZRXOG \RX SLFN $ WKH SHUVRQ ZLWK WKH SHUIHFW VNLOOV DQG
TXDOLILFDWLRQV EXW ODFNLQJ WKH GHVLUHG PLQGVHW RU % WKH SHUVRQ ZLWK WKH
GHVLUHG PLQGVHW EXW ODFNLQJ WKH UHVW" 1LQHW\HLJKW SHUFHQW SLFN $ $GG WR
WKLV WKDW  SHUFHQW VDLG LW LV PRUH OLNHO\ WKDW D SHUVRQ ZLWK WKH ULJKW
PLQGVHW ZLOO GHYHORS WKH ULJKW VNLOOVHW UDWKHU WKDQ WKH RWKHU ZD\ DURXQG

+HDWKHU +RZ GR \RX GHILQH VNLOOVHW"

-HQQLIHU $W 6PDUWHUHU ZH GHILQH VNLOOVHW DV WKH VHW RI GLJLWDO VRFLDO DQG

WHFKQLFDO WRROV SURIHVVLRQDOV XVH WR EH HIIHFWLYH LQ WKH ZRUNIRUFH
3URIHVVLRQDOV DUH UDSLGO\ DFFXPXODWLQJ WKHVH VNLOOV DQG WKH WRROV
WKHPVHOYHV DUH SUROLIHUDWLQJ DQG HYROYLQJ ± ZH¶UH JLYLQJ SHRSOH D VLPSOH
VPDUW ZD\ IRU SHRSOH WR YDOLGDWH WKHLU VNLOOVHW DQG DUWLFXODWH LW WR WKH ZRUOG

+HDWKHU +RZ GR \RX GHILQH PLQGVHW"

3DXO :H GHILQH PLQGVHW DV ³WKH OHQV WKURXJK ZKLFK \RX VHH DQG QDYLJDWH
OLIH´ ,W XQGHUJLUGV DQG DIIHFWV DOO WKDW \RX WKLQN VHH EHOLHYH VD\ DQG GR

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϬϯ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
+HDWKHU +RZ FDQ MRE VHHNHUV VKRZ WKH\ KDYH WKH VNLOOVHW
HPSOR\HUV DUH VHHNLQJ WKURXJKRXW WKH HQWLUH KLULQJ SURFHVV"

-HQQLIHU $W WKH EHJLQQLQJ RI WKH SURFHVV VHHNHUV FDQ VKRZFDVH WKH VNLOOV
WKH\ KDYH E\ LQFRUSRUDWLQJ WKHP VXFK DV WKHLU 6PDUWHUHU VFRUHV
WKURXJKRXW WKHLU SURIHVVLRQDO DQG SHUVRQDO EUDQG PDWHULDOV 7KH\ VKRXOG EH
DUWLFXODWLQJ WKHLU VNLOOV LQ WKHLU UHVXPH FRYHU OHWWHU /LQNHG,Q SURILOH EORJ
ZHEVLWH ± HYHU\ZKHUH WKH\ H[SUHVV WKHLU SURIHVVLRQDO LGHQWLW\

+HDWKHU +RZ FDQ MRE VHHNHUV VKRZ WKH\ KDYH WKH PLQGVHW
HPSOR\HUV DUH VHHNLQJ WKURXJKRXW WKH HQWLUH KLULQJ SURFHVV"

3DXO 2QH RI WKH PRVW KHDGVSLQQLQJ VWXGLHV ZH GLG ZKLFK ZDV FRQGXFWHG
E\ DQ LQGHSHQGHQW VWDWLVWLFLDQ VKRZHG WKDW RXW RI  &9VUHVXPHV
ZKHQ \RX ORRN DW ZKR JHWV WKH MRE DQG ZKR GRHV QRW $ 7KH FRQYHQWLRQDO
ZLVGRP IDLOV DW EHVW  1RQH RI WKH FODVVLF DFFHSWHG DGYLFH OLNH XVLQJ
DFWLRQ YHUEV RU LQFOXGLQJ KREELHVLQWHUHVWV DFWXDOO\ PDGH DQ\ GLIIHUHQFH %
7KH RQO\ IDFWRU WKDW PDGH WKH GLIIHUHQFH ZDV WKDW WKRVH ZKR KDG RQH RI WKH
 PLQGVHW TXDOLWLHV IURP RXU PDVWHU PRGHO DUWLFXODWHG LQ WKHLU &9UHVXPH
LQ D VSHFLILF ZD\ ZHUH WKUHH WLPHV DV OLNHO\ WR JHW WKH MRE )XUWKHUPRUH
WKRVH ZKR KDG WZR RU PRUH RI WKHVH VWDWHPHQWV ZHUH VHYHQ WLPHV PRUH
OLNHO\ WR JHW WKH MRE RIWHQ RYHU RWKHU PRUH TXDOLILHG FDQGLGDWHV
$YDLODEOH DW KWWSPRQH\XVQHZVFRPPRQH\EORJVRXWVLGHYRLFHV
FDUHHUVVNLOOVHWYVPLQGVHWZKLFKZLOOJHW\RXWKHMRE!
5HWULHYHG RQ  6HSW  $GDSWHG
)RQWH ZZZFHVJUDQULRRUJEU

 7KH PDLQ SXUSRVH RI WKH WH[W LV WR

$ H[SODLQ WKH UHDVRQV ZK\ XQHPSOR\PHQW LV VR KLJK LQ WKH FXUUHQW JOREDO

HFRQRPLF FULVLV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϬϰ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
% GLVFXVV WKH TXDOLWLHV WKDW HPSOR\HUV KDYH EHHQ ORRNLQJ IRU LQ
SURVSHFWLYH MRE FDQGLGDWHV
& OLVW WKH PRVW LPSRUWDQW SHUVRQDOLW\ WUDLWV HPSOR\HUV KDYH EHHQ ORRNLQJ
IRU LQ SURVSHFWLYH HPSOR\HHV
' FRQYLQFH MRE VHHNHUV WKDW KDYLQJ WKH DSSURSULDWH WHFKQLFDO VNLOOV IRU D
JLYHQ IXQFWLRQ LV DOO WKH\ QHHG WR JHW D MRE
( MXVWLI\ WKDW WKH DFWXDO GLIILFXOW HFRQRPLF VLWXDWLRQ SUHYHQWV MRE
DSSOLFDQWV IURP GHYHORSLQJ WKH QHFHVVDU\ WHFKQLFDO VNLOOV IRU WKH MRE PDUNHW

 -HQQLIHU )UHPRQW6PLWK DQG 3DXO * 6WROW] DUH ERWK LQWHUYLHZHG LQ WKLV

DUWLFOH EHFDXVH WKH\

$ KDYH ZULWWHQ ERRNV RQ KRZ WR FRQTXHU D GUHDP MRE

% DUH FKLHI H[HFXWLYHV IURP UHQRZQHG $PHULFDQ FRPSDQLHV
& KDYH LGHQWLFDO SRLQWV RI YLHZ DQG H[SHULHQFHV DERXW WKH QHFHVVDU\
TXDOLILFDWLRQV LQ DQ HPSOR\HH
' VKRZ GLIIHUHQW SHUVSHFWLYHV FRQFHUQLQJ ZKDW HPSOR\HUV YDOXH LQ D MRE
FDQGLGDWH
( DJUHH WKDW DOO HPSOR\HUV YDOXH WKH VDPH VHW RI WHFKQLFDO VNLOOV LQ DOO
HPSOR\HHV

 $FFRUGLQJ WR -HQQLIHU )UHPRQW6PLWK

$ WRGD\¶V HPSOR\HUV LQWHQG WR LQYHVW ODUJH VXPV RI PRQH\ WUDLQLQJ QHZ

HPSOR\HHV
% PRVW HPSOR\HHV QRZDGD\V DUH LQGLIIHUHQW WR WKH XVH RI GLJLWDO VRFLDO
DQG WHFKQLFDO WRROV LQ WKH ZRUNSODFH
& FDQGLGDWHV VKRXOG EH DEOH WR GLVSOD\ DQG SUHVHQW WKHLU VNLOOV LQ GLIIHUHQW
IRUPDWV WKDW ZLOO EH VHHQ E\ SURVSHFWLYH HPSOR\HUV
' PDQ\ HPSOR\HUV FRQVLGHU LW XQQHFHVVDU\ WR OHDUQ DERXW WKH MRE VHHNHUV¶
DWWLWXGHV LQWHJULW\ DQG SHUVRQDOLW\

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϬϱ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
( QR FRPSDQ\ QRZDGD\V FDQ ILQG HPSOR\HHV ZLWK WKH KDUG VNLOOV UHTXLUHG
E\ WKH MRE PDUNHW

 $FFRUGLQJ WR WKH IUDJPHQW LQ OLQHV  LW LV WUXH WKDW

$ ZRUNHUV DUH QRW ZLOOLQJ WR VSHQG WLPH LQ LQFRPSDQ\ WUDLQLQJ SURJUDPV

% XQHPSOR\PHQW UDWHV DUH KLJK EHFDXVH ZRUNHUV DUH ORRNLQJ IRU KLJKHU
VDODULHV
& PDQ\ MREV DUH QRW WDNHQ EHFDXVH HPSOR\HUV DUH EHFRPLQJ H[FHVVLYHO\
FULWLFDO
' FRPSDQLHV DUH QRW LQWHUHVWHG LQ KLULQJ PRUH ZRUNHUV EHFDXVH RI WKH
KDUG HFRQRPLF WLPHV
( PRUH WKDQ  RI FRPSDQLHV KDYH QRW IRXQG FDQGLGDWHV ZLWK WKH SURILOH
WKH\ DUH ORRNLQJ IRU

 7KH SURQRXQ WKH\ LQ ³WKH\ GRQ¶W KDYH WLPH WR WUDLQ IRU WKRVH NH\ VNLOOV´
OLQHV  UHIHUV WR

$ ³HPSOR\HUV´ OLQH 
% ³FDQGLGDWHV´ OLQH 
& ³FRPSDQLHV´ OLQH 
' ³DSSOLFDQWV´ OLQH 
( ³WKRXVDQGV´ OLQH 

 %DVHG RQ WKH PHDQLQJV LQ WKH WH[W WKH WZR LWHPV DUH V\QRQ\PRXV LQ

$ ³DFFRPSOLVKHG´ OLQH  ± VWDUWHG

% ³FXUUHQWO\´ OLQH  ± DFWXDOO\
& ³KLUHG´ OLQH  ± UHMHFWHG
' ³NH\´ OLQH  ± PDLQ
( ³SUROLIHUDWLQJ´ OLQH  ± GHFUHDVLQJ

 7KH VHQWHQFH LQ ZKLFK WKH EROGIDFHG LWHP H[SUHVVHV DQ DGYLFH LV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϬϲ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
$ ³7KH HPSOR\HU DEVROXWHO\ PXVW ILQG SHRSOH´ OLQH 
% ³3URJUDPPHUV KDYH WR NQRZ KRZ WR SURJUDP´ OLQH 
& ³'DWD DQDO\VWV QHHG WR NQRZ KRZ WR FUXQFK QXPEHUV´ OLQH 
' ³WKH\ FDQ VKLIW WKHLU IRFXV WR WKHLU FDQGLGDWHV¶ PLQGVHWV´ OLQHV 
( ³7KH\ VKRXOG EH DUWLFXODWLQJ WKHLU VNLOOV´ OLQHV 

 7KH VWXG\ PHQWLRQHG E\ 3DXO 6WROW] OLQHV  VKRZV WKDW WR JHW D
MRE FDQGLGDWHV PXVW

$ PHQWLRQ LQ WKHLU &9V RU UHVXPHV DW OHDVW RQH PLQGVHW TXDOLW\ IURP D

SUHVHOHFWHG JURXS LGHQWLILHG LQ 6WROW]¶V PRGHO
% VKRZ WKH\ DUH TXDOLILHG DSSOLFDQWV IRU WKH IXQFWLRQ E\ PDNLQJ D OLVW RI
WKHLU VHYHQ EHVW PLQGVHW TXDOLWLHV
& OLVW WKHLU  PRVW UHOHYDQW DSWLWXGHV DQG FDSDELOLWLHV LQ DFFRUGDQFH ZLWK
6WROW]¶V PDVWHU PRGHO
' VHQG WKHLU UHVXPHV WKUHH WLPHV WR WKH VDPH HPSOR\HU EHIRUH EHLQJ
DFFHSWHG
( XVH DFWLRQ YHUEV DQG UHSRUW RQ KREELHV DQG LQWHUHVWV LQ WKHLU UHVXPHV

 ,Q ³)XUWKHUPRUH WKRVH ZKR KDG WZR RU PRUH RI WKHVH VWDWHPHQWV ZHUH

VHYHQ WLPHV PRUH OLNHO\ WR JHW WKH MRE´ OLQHV   )XUWKHUPRUH FDQ EH
VXEVWLWXWHG ZLWKRXW FKDQJH LQ PHDQLQJ E\

$ ,QVWHDG
% +RZHYHU
& %HVLGHV
' 7KHUHIRUH
( 2Q WKH RWKHU KDQG

 $FFRUGLQJ WR -HQQLIHU )UHPRQW6PLWK DQG 3DXO * 6WROW] PLQGVHW

LQFOXGHV DOO RI WKH IROORZLQJ (;&(37

$ SURIHVVLRQDO TXDOLILFDWLRQV OHDUQHG LQ D WUDLQLQJ SURJUDP

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϬϳ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
% WKH SHUVSHFWLYH LQ ZKLFK WKH HPSOR\HH VHHV KLV OLIH DQG ZKDW KH GRHV
& WKH DWWLWXGH SHUVRQDOLW\ DQG ZD\V RI WKLQNLQJ WKDW PD\ DIIHFW RQH¶V OLIH
' DQ HWKLFDO DQG PRUDO SRVWXUH ZKLFK LV WKH VXSSRUW IRU RQH¶V DFWLRQV DQG
WKRXJKWV
( RQH¶V PHQWDO DWWLWXGH WRZDUGV OLIH ZKLFK DIIHFWV KRZ RQH VHHV DQG
H[SUHVVHV LGHDV

7H[WR  +RZ WR GLJ RXW IURP WKH LQIRUPDWLRQ DYDODQFKH

0DMRULW\ RI ZRUNHUV IHHO RYHUZKHOPHG E\ GHOXJH RI GDWD VXUYH\ ILQGV

'RQ¶W H[SHFW 6KDXQ 2VKHU WKH &(2 RI &RUH *URXS 0DUNHWLQJ LQ 1HZ
<RUN WR DQVZHU \RXU HPDLO ULJKW DZD\ +H KDV VWRSSHG UHVSRQGLQJ WR H
PDLOV HYHU\ PLQXWH DQG RQO\ FKHFNV KLV HPDLO DFFRXQW WZLFH D GD\ +H
 DOVR VWDUWHG WXUQLQJ RII KLV %ODFN%HUU\ GXULQJ PHHWLQJV
7KLV WDFWLF KDV PDGH KLP VR PXFK PRUH SURGXFWLYH WKDW HDUOLHU WKLV
\HDU KH KHOG D PHHWLQJ ZLWK KLV VWDII RI  DQG ³VWURQJO\ VXJJHVWHG´ WKDW
WKH\ VWRS UHO\LQJ VR KHDYLO\ RQ HPDLO DQG DFWXDOO\ VWDUW FDOOLQJ FOLHQWV RQ
WKH SKRQH
 $QG KH UHTXHVWHG KLV HPSOR\HHV SXW FHOO SKRQHV DQG 3'$V RQ VLOHQW
PRGH GXULQJ PHHWLQJV DV ZHOO DV FXUWDLO WKH FRPPRQ SUDFWLFH RI FFLQJ
HYHU\ERG\ ZKHQ VHQGLQJ RXW DQ HPDLO ³7KHUH ZDV VR PXFK UHGXQGDQF\
VR PXFK XQQHFHVVDU\ ZRUN´ KH H[SODLQV ³2QH SHUVRQ FRXOG KDQGOH DQ
 LVVXH WKDW VKRXOG WDNH WZR PLQXWHV EXW ZKHQ DQ HPDLO JRHV RXW DQG
ILYH SHRSOH JHW FFHG WKHQ HYHU\ERG\ UHVSRQGV WR LW DQG WKHUH¶V D VQRZEDOO
HIIHFW´
,W¶V QRW WKDW 2VKHU KDV DQ\WKLQJ DJDLQVW WHFKQRORJ\ ,Q IDFW KH
 ORYHV LW 7KH SUREOHP LV ODVW \HDU KH UHDOL]HG KH ZDV LQXQGDWHG ZLWK VR
PDQ\ HPDLOV DQG VR PXFK LQIRUPDWLRQ LQ JHQHUDO WKDW KH EHJDQ WR
H[SHULHQFH GDWD RYHUORDG ³,Q WKH EHJLQQLQJ HPDLO DQG DOO WKLV GDWD ZDV D
JUHDW SKHQRPHQRQ UHYROXWLRQL]LQJ ZKDW ZH GR %XW WKH SHQGXOXP KDV
VZXQJ ZD\ WRR PXFK WR WKH RWKHU VLGH´ KH PDLQWDLQV ³:H¶UH OHVV

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϬϴ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
 SURGXFWLYH´
2VKHU LVQ¶W WKH RQO\ RQH RXW WKHUH XQGHU D GDWD DYDODQFKH 7KDQNV
WR WHFKQRORJLFDO LQQRYDWLRQV \RX FDQ EH WDONLQJ WR D FXVWRPHU RQ \RXU FHOO
SKRQH DQVZHULQJ D /LQNHG,Q LQYLWDWLRQ RQ \RXU ODSWRS DQG UHVSRQGLQJ WR
HPDLO RQ \RXU 3'$ DOO DW WKH VDPH WLPH %HVLGHV GXULQJ WRXJK HFRQRPLF
WLPHV ZKR ZLOO ZDQW WR PLVV DQ\ LQIRUPDWLRQ ZKHQ \RXU MRE FRXOG EH RQ
WKH OLQH LI \RX LQGXOJH LQ WKH OX[XU\ RI EHLQJ RIIOLQH" 7XUQV RXW VHYHQ RXW
RI  RIILFH ZRUNHUV LQ WKH 8QLWHG 6WDWHV IHHO RYHUZKHOPHG E\ LQIRUPDWLRQ
LQ WKH ZRUNSODFH DQG PRUH WKDQ WZR LQ ILYH VD\ WKH\ DUH KHDGHG IRU D GDWD
³EUHDNLQJ SRLQW´ DFFRUGLQJ WR D UHFHQWO\ UHOHDVHG :RUNSODFH 3URGXFWLYLW\
6XUYH\
0LNH :DOVK &(2 RI /H[LV1H[LV 86 /HJDO 0DUNHWV VD\V WKHUH DUH D
 KRVW RI UHDVRQV ZH¶UH DOO RQ WKH LQIRUPDWLRQ EULQN ³H[SRQHQWLDO JURZWK
RI WKH VL]H RI WKH LQIRUPDWLRQ µKD\VWDFN¶ WKH LPPHQVLW\ DQG LPPHGLDF\ RI
GLJLWDO FRPPXQLFDWLRQV DQG WKH IDFW WKDW SURIHVVLRQDOV DUH QRW EHLQJ
SURYLGHG ZLWK VXIILFLHQW WRROV DQG WUDLQLQJ WR KHOS WKHP NHHS SDFH ZLWK WKH
JURZLQJ LQIRUPDWLRQ EXUGHQ´
 (OOHQ .RVVHN D SURIHVVRU IURP 0LFKLJDQ 6WDWH EHOLHYHV ZH DUH OHVV
SURGXFWLYH LQ WKLV DJH RI  WHFKQRORJ\ DQG RXU PXOWLWDVNLQJ PHQWDOLW\
KDV VSDZQHG D ³QRWPHQWDOO\ SUHVHQW´ VRFLHW\ ³:H¶UH EHFRPLQJ DQ
DWWHQWLRQGHILFLW GLVRUGHU VRFLHW\ VZLWFKLQJ EDFN DQG IRUWK OLNH FUD]\´
 .RVVHN VD\V ³:H¶UH FRQQHFWHG DOO WKH WLPH :H¶UH ZRUNLQJ RQ SODQHV
LQ FRIIHH VKRSV ZRUNLQJ RQ WKH ZHHNHQGV :RUN LV YHU\ VHGXFWLYH EXW \HW
ZH¶UH DFWXDOO\ OHVV HIIHFWLYH´
7KH NH\ WR JHWWLQJ \RXU KHDG DERYH WKH GDWD IORRG DFFRUGLQJ WR
ZRUNSODFH H[SHUWV LV PDQDJLQJ DQG UHGXFLQJ WKH LQIRUPDWLRQ \RX¶UH
ERPEDUGHG ZLWK
‹  061%& ,QWHUDFWLYH  VOLJKWO\ DGDSWHG
KWWSZZZPVQEFPVQFRPLG

 7KH SXUSRVH RI WKLV DUWLFOH LV WR

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϬϵ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
$ EODPH PRGHUQ EXVLQHVVPHQ IRU EHLQJ RIIOLQH GXULQJ PHHWLQJV
% LQWURGXFH QHZ WUHQGV LQ WKH PDUNHW FRQFHUQLQJ HPDLO VRIWZDUH
& FRQYLQFH EXVLQHVVPHQ RI WKH DGYDQWDJHV RI ZRUNLQJ RQOLQH RQ
ZHHNHQGV
' DGYHUWLVH PRGHUQ WHFKQRORJLFDO GHYLFHV WKDW DUH H[SHFWHG WR
UHYROXWLRQL]H WKH ZRUOG
( UHSRUW RQ VRPH HIIHFWLYH DOWHUQDWLYHV WR DYRLG WKH LQIRUPDWLRQ EXUGHQ
DW WKH ZRUNSODFH

 ³7KLV WDFWLF´ OLQH  UHIHUV WR ZKLFK RI 6KDXQ 2VKHU¶V EHKDYLRU"

$ +ROGLQJ PHHWLQJV ZLWK KLV VWDII RI ILIW\ SHRSOH

% $YRLGLQJ FRS\LQJ HYHU\ERG\ ZKHQ VHQGLQJ RXW DQ HPDLO
& &DOOLQJ FOLHQWV RQ WKH SKRQH DQG QRW UHO\LQJ VR KHDYLO\ RQ HPDLO
' &KHFNLQJ KLV HPDLO DFFRXQW RQO\ WZLFH D GD\ DQG WXUQLQJ RII KLV
%ODFNEHUU\ GXULQJ PHHWLQJV
( 5HVSRQGLQJ WR HPDLOV HYHU\ PLQXWH DQG SXWWLQJ FHOO SKRQHV DQG 3'$V
RQ VLOHQW PRGH GXULQJ PHHWLQJV

 ,Q ³2QH SHUVRQ FRXOG KDQGOH DQ LVVXH WKDW VKRXOG WDNH WZR PLQXWHV´
OLQHV   ³KDQGOH´ PHDQV ³WR GHDO ZLWK´ 0DUN WKH VHQWHQFH LQ ZKLFK
WKH ZRUG ³KDQGOH´ LV XVHG LQ WKH VDPH ZD\

$ &DQ \RX JHW D KDQGOH RQ ZKDW \RXU QHZ ERVV H[SHFWV RI \RX"
% &XVWRPHUV DUH DVNHG QRW WR KDQGOH WKH JRRGV LQ WKH VKRS
& 7KH FOXH ZDV D KDQGOH IRU VROYLQJ WKH P\VWHU\
' 7KH WUDYHOHUV ZHUH DGYLVHG WR SLFN XS WKH VXLWFDVHV E\ WKH KDQGOH
( ,W ZDV D GLIILFXOW VLWXDWLRQ DQG WKH PDQDJHU KDQGOHG LW YHU\ ZHOO

 :KHQ 6KDXQ 2VKHU DIILUPV WKDW ³« WKH SHQGXOXP KDV VZXQJ ZD\ WRR
PXFK WR WKH RWKHU VLGH´ OLQHV   KH PHDQV WKDW

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϭϬ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
$ DQ H[FHVV RI HPDLOV KDV JHQHUDWHG D VXGGHQ LQFUHDVH LQ SURGXFWLYLW\
% FHOO SKRQHV 3'$V DQG ODSWRSV KDYH EHFRPH H[FHVVLYHO\ FRPSOH[
GHYLFHV
& H[FHVVLYH HPDLOV DQG GDWD RYHUORDG KDYH EHJXQ WR QHJDWLYHO\ LPSDFW
ZRUN
' RIILFHV KDYH EHFRPH PRUH HIILFLHQW GXH WR HPDLO DQG RWKHU LQIRUPDWLRQ
WHFKQRORJ\ DGYHQWV
( GDWD DYDODQFKH KDV EHHQ D IRUWXQDWH FRQVHTXHQFH RI WKH ZLGHVSUHDG
DGRSWLRQ RI LQIRUPDWLRQ WHFKQRORJ\

 ,Q ³\RXU MRE FRXOG EH RQ WKH OLQH LI \RX LQGXOJH LQ WKH OX[XU\ RI EHLQJ
RIIOLQH"´ OLQHV  WKH H[SUHVVLRQV µRQ WKH OLQH¶ DQG µRIIOLQH¶
UHVSHFWLYHO\ PHDQ

$ DW ULVN  GLVFRQQHFWHG
% QRW DFFHVVLEOH  SXW RII
& RQ WKH ZLUH  OLQNHG WR WKH LQWHUQHW
' LQ WXQH ZLWK QHZ LGHDV  RII WKH KRRN
( RYHU WKH WHOHSKRQH  QRW FRQQHFWHG WR WKH LQWHUQHW

 $FFRUGLQJ WR 0LNH :DOVK &(2 RI /H[LV1H[LV 86 /HJDO 0DUNHWV LQ

3DUDJUDSK  OLQHV  

$ VRFLHW\ DV D ZKROH ODFNV H[SHULHQFHG SURIHVVLRQDOV FDSDEOH RI GHWDLQLQJ

WKH LQIRUPDWLRQ JURZWK
% SURIHVVLRQDOV IHHO EXUGHQHG E\ WKH SUHVHQW GDWD RYHUIORZ EHFDXVH WKH\
KDYH QRW OHDUQHG KRZ WR GHDO ZLWK WKLV QHZ EXVLQHVV VFHQDULR
& IXWXUH SURIHVVLRQDOV DUH SURSHUO\ WUDLQHG LQ FROOHJH DQG DUH JLYHQ
HQRXJK SUDFWLFH LQ GHDOLQJ ZLWK GLJLWDO FRPPXQLFDWLRQ WRROV
' EXVLQHVVPHQ DUH RQ WKH YHUJH RI D FULVLV DV WKH\ KDYH WR OHDUQ WR GHDO
ZLWK DQ H[FHVV RI WRROV DQG WUDLQLQJ PHWKRGV WR LQWHQVLI\ WKH LQIRUPDWLRQ
EXUGHQ

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϭϭ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ
( EXVLQHVVPHQ KDYH DYRLGHG WKH LQIRUPDWLRQ RYHUORDG LQ RUGHU WR VWRS
ZRUNLQJ RQ ZHHNHQGV

 %DVHG RQ (OOHQ .RVVHN¶V DQDO\VLV LQ 3DUDJUDSK  OLQHV  

$ PXOWLWDVNLQJ KDV EURXJKW DODUPLQJ FRQVHTXHQFHV WR PRGHUQ VRFLHW\

% ZLGHVSUHDG WHFKQRORJ\ KDV RQO\ EURXJKW EHQHILWV WR KXPDQ EHLQJV
& ZRUNLQJ RQ SODQHV DQG FRIIHH VKRSV RQ ZHHNHQGV LV D VWUDWHJ\ RI
VHGXFWLRQ
' DOO WHFKQRORJ\ ZRUNHUV KDYH EHHQ GLDJQRVHG ZLWK DWWHQWLRQGHILFLW
GLVRUGHUV
( H[FHVVLYH ZRUN PDNHV SURIHVVLRQDOV PRUH HIIHFWLYH LQ WKH DJH RI 
WHFKQRORJ\

 :KLFK RSWLRQ GHVFULEHV DFFXUDWHO\ WKH PHDQLQJ UHODWLRQVKLS EHWZHHQ WKH

SDLUV RI ZRUGV"

$ ³DFWXDOO\´ OLQH  PHDQV UDUHO\

% ³FXUWDLO´ OLQH  LV WKH RSSRVLWH RI UHGXFH
& ³RYHUZKHOPHG´ OLQH  DQG XQDIIHFWHG DUH V\QRQ\PRXV
' ³LPPHGLDF\´ OLQH  DQG SUR[LPLW\ DUH DQWRQ\PV
( ³VSDZQHG´ OLQH  FRXOG EH UHSODFHG E\ JHQHUDWHG

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϭϮ ĚĞ ϭϭϯ

 >şŶŐƵĂ /ŶŐůĞƐĂ ƉĂƌĂ Ž ĂŶĐŽ ĚŽ ƌĂƐŝů
dĞŽƌŝĂ Ğ ĞdžĞƌĐşĐŝŽƐ ĐŽŵĞŶƚĂĚŽƐ
WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ

*$%$5,726
7H[WR  % ' & ( & ' ( $ & 
$

7H[WR  ( ' ( & $ % $ (

&RQFOXLVH HQWmR HVWH QRVVR HQFRQWUR FRP D DXOD  (P EUHYH QRV
HQFRQWUDUHPRV QD DXOD  VXFHVVR QRV HVWXGRV

8P DEUDoR FKHLR GH Ip RWLPLVPR H HVSHUDQoD

(QD 6PLWK
KWWSVZZZIDFHERRNFRPHQDVPLWK

WƌŽĨǐ͘ ŶĂ ^ŵŝƚŚ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϭϯ ĚĞ ϭϭϯ