Socialpsykologi SP5313
Handledare: Zeth Ståhl 2009-05-28
Examinator: Philip Lalander
Connected to ‘the world’
An explorative inquiry about audience relations towards news media
Vivian Röhl
Due to the nature of human experience every person is deemed to understand ‘reality’ in relative terms. Even though one might not always realize that in everyday life I think the appreciation of that phenomenon is vital to a study about audience relations towards the news media. Abstract information may be felt to be different from concrete experiences. It can nevertheless become part of our convictions about reality.
The present study asks the following questions: How do we relate to the news media as provider of such information? Are we aware of the impact a news source can have on our understanding of the world? Why do we attend to news media in the first place?
In this study I will present social psychological theories which help to understand why
‘reality’ is a relative phenomenon connected to human experience, shaped by depictions and grasped selectively. The interview study with ten voluntary participants shall shed some light on real persons’ attempts to nevertheless try to come to terms with things “going on in the world.”
The findings suggest that the relation towards the news media is marked by a focus on a specific aspect of the relation: the information given, the position of the attending person wanting to be informed, or the news media conduct which can be seen quite critical.
The reasons for gathering information are also diverse. For example personal grounds can be prevailing, interest in other people, or the conviction that information is the foundation for joint action, while aiming towards change for the better. Accordingly some evidence was found that it would be preferable if the news media cut down on negativity concerning their reporting that could for instance lead to feelings of apathy.
Sometimes elaborate opinions were uttered about in how far events reported about could be seen as ‘representative’ in comparison to what is felt to be the underlying ‘reality’.
Regarding ideas about the news media audience in general, no greater trust in other people’s willingness to make an effort to see beyond the immediate information given was found. This mentally distancing from other people could in turn contribute to the feeling of not being able to (collectively) impact ‘the reality’ that is communicated via the news media.
Keywords:
Audience, interview study, news media, reality, social constructionism
En undersökning om publikens relationer till nyhetsmedier
Sammanfattning
:Människan upplever verkligheten på ett relativt sätt. Även om man inte alltid är medveten om det i det vardagliga livet är det viktigt att förstå detta fenomen om man har att göra med en studie kring publikens relation till nyhetsmedier. Information från abstrakta källor kan upplevas vara annorlunda än konkreta erfarenheter. Men denna information kan ändå bli en del av ens uppfattningar om verkligheten.
Denna studie ställer följande frågor: Hur relaterar vi till nyhetsmedier som förmedlare av sådan abstrakt information? Är vi medvetna om våra nyhetskällors inflytande på vår förståelse av världen? Varför ägnar vi oss överhuvud taget åt inhämtandet av nyheter?
Studien är både teoretisk och empirisk till sin karaktär. Den presenterar socialpsykologiska teorier som kan bidra till en förståelse av varför ’verkligheten’ är ett relativt fenomen,
förbunden med människors erfarenheter, utformad enligt (media)rapporteringens formgivning och logik och förstådd på ett selektivt sätt. En intervjustudie med tio frivilliga deltagare syftar till att belysa verkliga personers försök att hantera ”vad som pågår i världen”.
Resultaten visar att olika aspekter är viktiga för förståelsen av människors relation till nyhetsmedierna: informationen som ges, förväntningar av den som letar efter information, eller en kritisk syn på hur nyhetsmedier sköter sitt jobb.
Enligt de intervjuade finns olika skäl till att samla in information om omvärlden.
Huvudanledningen uppgavs vara personliga anledningar, intresse för andra personer, eller övertygelsen att information är basen för gemensam handling, om man vill åstadkomma positiv förändring. I intervjuerna framkom det även att många intervjupersoner var kritiska till att nyhetsmedier ofta fokuserar på negativa händelser. Detta ansågs kunna leda till känslor av apati.
Några av de intervjuade uttryckte även genomtänkta idéer om hur pass ’representativa’ de rapporterade nyhetsinslagen är (eller kan vara) för vad som anses vara den bakomliggande
’verkligheten’.
Nyhetsmediernas publik ansågs inte vara kritiskt nog för att mer djupgående kunna tänka igenom nyhetsinslagen. Denna åsikt uttrycktes oftast i samband med reflektioner om andra personer. Detta mentala fjärmandet från andra personer sades i sin tur kunna bidra till känslan av att inte vara i stånd att (gemensamt) kunna påverka ’verkligheten’ som kommuniceras till oss via nyhetsmedierna.
Nyckelord
:Intervjustudie, nyhetsmedier, publik, realitet, social konstruktionism
1. Establishing a point of view about reality – human fate?...
2. Purpose – Another study about ’the News’? ...
3. Aim & Scope – answers to which questions do I seek? ...
4. Method – This is how I do ...
5. Reality, reality construction and reality view ...
5.1 The making of ‘reality’ ...
5.2 Being exposed to ‘reality’ – taking for granted the order of things...
5.3 Accumulating and spreading knowledge – objectivations and sign systems...
5.4 It makes sense – reality as experienced ...
5.5 Possibilities to look upon the constructions of realities...
5.6 The difference between the lifeworld and the potential world...
5.7 Gathering (abstract) knowledge from the centre of one’s social world...
5.8 Broadening one’s horizon?...
5.9 Spreading images...
5.10 The emotive aspect of abstract information ...
5.11 Representing reality ...
6. Interpretation of the interview participant’s perspectives...
6.1 Explaining the news...
6.2 Reasons for attending to the news ...
6.3 Trustworthiness ...
6.4 News – Reflecting one’s ‘bigger picture’?...
6.5 Influence of news media on ways of reflecting about ‘the world’ ...
7. Building up an idea about ‘the world’ – theory and practice...
7.1 The news – a means of distancing or getting closer together? ...
7.2 Broadening and impacting one’s horizon or gathering empty schemes?...
7.3 The news media – A reliable source of information?...
7.4 Setting the mood – selection and depiction of events...
7.5 The news’s impact on people’s thinking – for better or worse? ...
8. More kinds of connection ...
Attachment_A: Questionnaire...
Attachment_B: Interview guide ...
Attachment_C: Diagrams about samples 1, 2 and 3 (age, sex, nationality) ...
Attachment_D: Diagrams about samples 2 and 3 (attendance and medium preferences) ...
Attachment_E: Interview summaries ...
Attachment_F: BBC news example ...
References ...
1 2 2 3 5 6 7 8 9 11 11 12 14 14 15 16 16 17 20 23 27 31 36 37 39 40 42 44 47 49 51 53 55 56 71 74
(VWDEOLVKLQJDSRLQWRIYLHZDERXWUHDOLW\±KXPDQIDWH"
,¶PVLWWLQJDWP\GHVNLQIURQWRIWKHFRPSXWHUDQG,VWLOOKDYHVRPHPLQXWHVEHIRUH,¶OOEHRQ
P\WRWKH9l[M|XQLYHUVLW\7KHLQWHUQHWLVUXQQLQJDQG,W\SHLQFHUWDLQOHWWHUV
$5'GH:K\WKHVHOHWWHUV"
, ZDQW WR NQRZ ZKDW¶V JRLQJ RQ LQ WKH ZRUOG WRGD\ $5' ZDV WKH ILUVW 79FKDQQHO LQ
*HUPDQ\DQGLVVWLOOWKHSXEOLFVHUYLFHFKDQQHO,WUXVWPRVWZKHQLWFRPHVWRQHZV,KDYHWKH
IHHOLQJLWVWDQGV IRUWUXVWZRUWK\LQIRUPDWLRQDQG WKDWLVZK\WKH QHZVSDUWRIWKHLU LQWHUQHW
GRPDLQLVP\ILUVWFKRLFHIRUJHWWLQJWKHODWHVWXSGDWHVDERXWFXUUHQWHYHQWV
:K\GR,ZDQWWREHLQIRUPHG"
,WKLQN LW LV P\ ZD\ RI RULHQWLQJ P\VHOI WRWKH VXUURXQGLQJ ZRUOG , ZDQWWR NQRZ ZKDW¶V
JRLQJRQLQµWKHZRUOG¶DQG,UHJXODUO\WDONDERXWZKDW,IHHOWREHLPSRUWDQW
,QWKLVEULHIGHVFULSWLRQRQHFDQILQGPDQ\GLIIHUHQWDVSHFWVRIZKLFK,ZDQWWRLQYHVWLJDWH
VRPHLQJUHDWHUGHWDLO,VWKHPRWLYDWLRQWRZDWFKWKHQHZVLQRUGHUWRNQRZZKDW¶VJRLQJRQ
VRPHWKLQJWKDWRWKHUSHRSOHH[SHULHQFHLQDVLPLODUZD\":KDWRWKHU±PD\EHPRUHFRQFUHWH
±PRWLYDWLRQVPD\WKHUHEH":KDWGRHVEHLQJLQIRUPHGPHDQWRSHRSOH",VFKRRVLQJDQHZV
PHGLXPDPDWWHURIWUXVWRUFDQLWDOVREHVRPHWKLQJHOVH"&DQRQHVD\WKDWYLHZLQJWKHQHZV
LVUHODWHGWREXLOGLQJXSDQRSLQLRQDERXWµWKHZRUOG¶":KRVHLGHDVZLOOLWEXLOGRQ"
,ZDQWWRILQGRXWDERXWSRVVLEOHLGHDVDERXWWKHFRQQHFWLRQEHWZHHQZDWFKLQJWKHQHZVDQG
GHYHORSLQJDSRLQWRIYLHZDERXW¶UHDOLW\¶,IZHGRQRWKDYHSHUVRQDOH[SHULHQFHVZLWKRWKHU
SDUWVRIWKHSODQHWDQGWKHSHRSOHOLYLQJWKHUHZLOOWKHOLWWOHLQIRUPDWLRQZHGRJHWLQIOXHQFH
RXUUHIOHFWLRQVDERXWLW"&DQWKLVSLHFHRILQIRUPDWLRQEHFRPHSDUWRIRQH¶VFRQYLFWLRQVDERXW
¶UHDOLW\¶"'RHVLWPDNHDGLIIHUHQFHZKHWKHURUQRURQHLVDZDUHRIWKDW"
0LFKDHO 3RODQ\L ZULWHV DERXW KRZ FRQYLFWLRQV DUH FUHDWHG +H VD\V WKDW WKLV SURFHVV LV
GHSHQGHQWRQWKHSHUVRQZKRFUHDWHVWKHPDQGRQWKHµUHDOLW\¶WKHSHUVRQLQTXHVWLRQOLYHVLQ
>$@Q\DWWHPSWWRDYRLGWKHUHVSRQVLELOLW\IRUVKDSLQJWKHEHOLHIVZKLFKZHDFFHSWDV
WUXHLVDEVXUG EXWWKHH[LVWHQWLDOLVWFODLPRIFKRRVLQJRXUEHOLHIV IURP]HUR LV QRZ
SURYHGDEVXUGWRR7KRXJKWFDQOLYHRQO\RQJURXQGVZKLFKZHDGRSWLQWKHVHUYLFHRI
DUHDOLW\WRZKLFKZHVXEPLW
7KHVLQJOHLQYHUWHGFRPPDVDUHXVHGWRLQGLFDWHWKHUHODWLYLW\RIWKHµYLEHV¶WKHPDUNHGSKUDVHLVFKDUJHGZLWK
3RODQ\L[L
3XUSRVH$QRWKHUVWXG\DERXW¶WKH1HZV¶"
7KLVVWXG\LVQRWSULPDULO\DERXWWKHQHZVPHGLDLWLVDERXWUHDOSHUVRQ¶VUHODWLRQVDQGSRLQWV
RIYLHZVDERXWLW7KHSXUSRVHRIWKLVVWXG\LVWRH[SORUH¶WKHQHZV¶DVDSKHQRPHQRQZKLFK
SHRSOHFDQUHODWHWRLQWKHLUHYHU\GD\OLIH,¶PJRLQJWRSUHVHQWDUDQJHRISRVVLEOHUHODWLRQV
SHRSOHFRXOGKDYHWRZDUGVQHZVPHGLD7REHDEOHWRGRWKDW,FRQGXFWHGLQWHUYLHZVZLWKWHQ
YROXQWDU\ SDUWLFLSDQWV 7KH FRQWHQWV RI WKH UDQJH RI SRLQWV RI YLHZV ZLOO EH EDVHG RQ P\
LQWHUSUHWDWLRQRIWKHLURZQSHUVSHFWLYHV
$XGLHQFHVLQPHGLDUHVHDUFKKDYHEHHQGHSLFWHGLQYDULRXVZD\VVRPHWLPHVDVDQRQ\PRXV
SDVVLYHRUKRPRJHQRXVPDVVHV7KHSUHVHQFHRIWKHPRWLYDWLRQIRUZDWFKLQJQHZVKDVRIWHQ
EHHQWDNHQIRUJUDQWHG,WKLQNWKLVDVSHFW±WKHH[SHFWDWLRQVDQGRSLQLRQVRIFRQFUHWHSHUVRQV
±LVDQDVSHFWZRUWKIXUWKHULQYHVWLJDWLRQ
$OVRWKHµQDWXUHRIUHDOLW\¶LVWDNHQIRUJUDQWHGLQDORWRIUHVHDUFKDQGKDVQRWEHHQUHJDUGHG
ZRUWKPHQWLRQLQJ,WKLQNQHZVPHGLDUHVHDUFKFDQJDLQIURPWKLVNLQGRIUHIOHFWLRQVVLQFH
PDQ\ FRQFOXVLRQ GUDZQ LQ LW GLUHFWO\ WRXFK RQ WKH DXGLHQFH¶V ZD\ RI UHODWLQJ WR µUHDOLW\¶
)URP P\ SHUVSHFWLYH LW LV XVHIXO WR DGG D VRFLDO SV\FKRORJLFDO XQGHUVWDQGLQJ DERXW WKH
PXOWLOD\HUHGDQGUHODWLYHµQDWXUH¶RIWKLVSKHQRPHQRQFDOOHGµUHDOLW\¶
$LP 6FRSH±DQVZHUVWRZKLFKTXHVWLRQVGR,VHHN"
7KHVHDUHWKHTXHVWLRQV,DPLQWHUHVWHGLQ
+RZGRµZH¶SHUFHLYHWKHQHZVDVDSKHQRPHQRQ"
:KDWGRµZH¶H[SHFWRIDWWHQGLQJWRWKHQHZV"
+RZPXFKGRµZH¶WUXVWLQWKHQHZVWKDWLVUHSRUWHGWRXV"
'RHVWKHQHZVFRYHUDJHUHIOHFWµRXU¶LGHDVDERXW¶UHDOLW\¶"
'RµZH¶WKLQNWKHQHZVPHGLDKDVDQLPSDFWRQµRXU¶ZD\VRIUHIOHFWLQJDERXWµWKHZRUOG¶"
)XUWKHUPRUH,DPLQWHUHVWHGLQWKHTXHVWLRQZKHWKHURUQRWµZH¶GRHPEHGZKDWZHOHDUQYLD
WKHQHZVPHGLDLQRXUOLIHZRUOGFRQYHUVDWLRQV$UHGLVFXVVLRQVZLWKRWKHUSHRSOHDERXWZKDW
LVJRLQJRQLQWKHZRUOGDIUHTXHQWDQGYDOXHGRFFXUUHQFHLQµRXU¶HYHU\GD\OLIH"$QG'R
µZH¶H[SHULHQFHWKHµUHDOLW\¶µZH¶DWWHQGWRWKURXJKQHZVPHGLDLQUHODWLYHWHUPV"
,ZULWH¶ZH¶DQG¶XV¶DQG¶RXU¶EXW,GRQ¶WPHDQWRJHQHUDOL]H:KDW,ZDQWWRH[SUHVVZLWK
WKHVH WHUPV LV D VHQVH RI WKH VSHFWUXP WKDW RXUSHUVRQDO PRWLYDWLRQV PXVW EH SDUW RI 0\
PRWLYDWLRQVWRZDWFKWKHQHZVPD\EHGLIIHUHQWRUVLPLODUWR\RXUWKHUHDGHU¶VPRWLYDWLRQV
VHHEHORZ
,QWKLVSDUWLFXODUVWXG\WKHUHZLOOSUREDEO\PRUHSRWHQWLDOSRLQWVRILGHQWLILFDWLRQIRU\RXQJSHRSOHZKRDUH
LQWHUHVWHGLQWKHQHZVRUZD\VRIUHODWLQJRQHVHOIWRRQH¶VVXUURXQGLQJZRUOG
%XWWKH\ZLOOIRUPDSDUWRI¶RXU¶PRWLYDWLRQVWRJDWKHUVRPHQHZV,ZLOOXVHVXFKWHUPVDV
¶ZH¶RUµRQH¶ LQWKLV VSLULW IXOO\DZDUHWKDWLWGRHVQ¶WUHSUHVHQWDKRPRJHQHRXVJURXSWKDW
HYHU\ UHDGHU RI WKLV SDSHU DOZD\V ZLOO EH DEOH WR LGHQWLI\ KLPVHOI ZLWK 7KH ¶ZH¶ LQ HDFK
TXHVWLRQ LV VXSSRVHG WR LQGLFDWH WKDW LW LV SRVVLEOH WR UHIOHFW RQ RQH¶V RZQ VWDQG RQ WKH
SDUWLFXODUTXHVWLRQ(YHU\¶ZH¶ZLOOXOWLPDWHO\FRQVLVWRIGLIIHUHQW¶,¶VDUWLFXODWHGSRVLWLRQV
)LUVWDQRQJRLQJGLVFXVVLRQDQGFRPSDULVRQRIWKHVHGLIIHUHQWVWDQGVZLOOVKHGVRPHOLJKWRQ
WKHGLPHQVLRQVRIWKHVSHFWUXP
7KHUHDUH VRPHDVSHFWV,ZRQ¶WRFFXS\ P\VHOI ZLWK,KDYHD FOHDU IRFXVRQ LQYHVWLJDWLQJ
ZKDWWKHQHZVPHDQVWRSHRSOHDWWHQGLQJWRLW,ZRQ¶WLQYHVWLJDWHWKHSURIHVVLRQDOV¶SDUWRI
QHZVSURGXFWLRQZKLFKPHDQV,ZRQ¶WLQYHVWLJDWHPHGLDHIIHFWVLQWKHFRQYHQWLRQDOPDQQHU
$ORWRIUHVHDUFKKDVEHHQGRQHLQWKLVDUHDDQG,GRQ¶WIHHOLWQHHGVUHSHDWLQJKHUH'XHWRWKH
WKHRUHWLFDOVWDQG,WDNH,DPFRQYLQFHGWKDWWKHUHZLOOEHHIIHFWV
,ZLOORQO\RFFXS\P\VHOIZLWKFRQWHQWVRIQHZVPHGLDIHDWXUHVLILWLVQHFHVVDU\WRFODULI\
HLWKHUWKHRUHWLFDOLGHDVRUWKHLQWHUYLHZSDUWLFLSDQWV¶SRLQWVRIYLHZV
:KDW , ZLOO IRFXV XSRQ LV UHDO SHUVRQ¶V RSLQLRQV TXRWHV WR EH SUHFLVH :KDW NLQGV RI
UHIOHFWLRQVDUHµRXWWKHUH¶DERXWRQH¶VUHODWLRQVWRWKHQHZVPHGLD",IRXQGLWKDUGHUWRDFFHVV
OLWHUDWXUH FRQWDLQLQJ LQWHUYLHZ H[FHUSWV RI WKLV NLQG QHZV DXGLHQFHV¶ H[SUHVVHG RSLQLRQV
DERXWWKHQHZVPHGLDWKDQOLWHUDWXUHRQO\WKHRUL]LQJDERXWDXGLHQFHV7KHUHIRUH,GHFLGHGWR
SXWWKHHPSKDVLVRIWKLVVWXG\RQWKHDQDO\VHVDQGLQWHUSUHWDWLRQRIWKDWNLQGRIGDWD
5HSUHVHQWHGLQWKHLQWHUYLHZVWXG\DUHRQO\SHUVRQVZKRDUHSHUVRQDOO\LQWHUHVWHGHQRXJKLQ
WKHQHZVPHGLDDVDSKHQRPHQRQWRYROXQWDULO\SDUWLFLSDWHLQLW
0HWKRG±7KLVLVKRZ,GR
)LUVWRIDOO,ZDQWWRHVWDEOLVKDVRFLDOSV\FKRORJLFDOSRLQWRIYLHZDERXWµUHDOLW\¶7KHZD\RI
H[SHULHQFLQJUHDOLW\LVLPSDFWHGE\GLIIHUHQWNLQGVRIFRPPXQLFDWLRQDOFKDQQHOVDOVRE\WKH
QHZVPHGLD7KHQHZVPHGLDLVDPHDQVRILQIRUPDWLRQWKDWRQHFRXOGXVHLQRUGHUWRDGMXVW
RQH¶VUHIOHFWLRQVDERXWµWKHZRUOG¶RQDQDEVWUDFWOHYHO
, LQWHQG WKLV SDUW WR EH D GHVFULSWLRQ RI DQ LQWHUSUHWLYH KXPDQ SUDFWLFH LQVSLUHG E\ VRFLDO
FRQVWUXFWLRQLVWDQGSKHQRPHQRORJLFDOZD\VRIUHIOHFWLQJ,WKLQNLWLVDYLWDOSDUWRIWKLVSDSHU
WR SURYLGH WKH UHDGHU ZLWK WKH VRFLDO SV\FKRORJLFDO EDFNJURXQG NQRZOHGJH KH QHHGV WR
FRPSUHKHQGDQGUHIOHFWDERXWWKHLQWHUSUHWDWLRQV,ZLOOSUHVHQWXQGHUSRLQWVDQG
:KHQHYHU,ZULWHKLPRUKH,DOVRPHDQKHUDQGVKH
7R PH WU\LQJ WR UHODWH RQHVHOI WR RQH¶V VXUURXQGLQJ ZRUOG LV DV PXFK DQ HVVHQWLDO
SKHQRPHQRQDVLWLVDQLQGLYLGXDOHQWHUSULVHLPSDFWHGE\RQH¶VVRFLDOVXUURXQGLQJVSKHUH
,ZLOOUHODWHWKHUDWKHUIDUUHDFKLQJFRQFHSWVRIWDNLQJSDUWLQHVWDEOLVKLQJPXWXDOO\PHDQLQJIXO
YLHZVDERXWUHDOLW\WRWKHWKHPHRIWKLVVWXG\SHRSOHZKRVHHNRXWWRJDWKHULQIRUPDWLRQIURP
WKHQHZVPHGLDE\LQVHUWLQJ
FRPPHQWVGHDOLQJZLWKDQDFWXDOQHZVIHDWXUHH[DPSOHIURPWKH%%&DQG
TXHVWLRQVWKDW,ZLOOWU\WRDQVZHULQSDUW
7KHVHFRQGSDUWRIWKLVVWXG\ZLOOGHDOZLWKHPSLULFDOGDWDFROOHFWHGLQWHQLQWHUYLHZV,Q
WKLVSDUW,ZLOOWU\WRSUHVHQWP\LQWHUYLHZSDUWLFLSDQWVSRLQWVRIYLHZVZKLOHVLPXOWDQHRXVO\
XVLQJWKHLUVWDWHPHQWVWRJLYHVKDSHWRLGHDOW\SHVVFKHPDWLFSURFHVVW\SHVRQDFRQWLQXXP WKDWFRXOGEHFU\VWDOOL]HGRXWRIWKHP,UHDOL]HWKDWWKLVLVDGHOLFDWHHQWHUSULVHEXW,WKLQNLWLV
QHFHVVDU\LQRUGHUWRHQVXUHWKHFRPSUHKHQVLELOLW\RIKRZ,GHULYHDWP\LQWHUSUHWDWLRQV,ZLOO
WUHDWP\LQWHUYLHZSDUWLFLSDQW¶VVWDWHPHQWVERWKDVLQGLFDWRUVIRUWKHSRLQWVRIYLHZVRIWKRVH
ZKR XWWHUHG WKHP DQG DV UHODWLYH REMHFWLILFDWLRQV RI LGHDV WLHG WR DQG PHDQLQJIXO RQO\ LQ
FRQQHFWLRQWRWKHVLWXDWLRQWKH\RFFXUUHGLQ6LQFHDOOXWWHUDQFHVDUHVXEMHFWWRWKLVGXDOLW\,
ZLOOXVHWKHVWDWHPHQWVDVUHSUHVHQWDWLRQVRISUHVHQWO\DYDLODEOHSRLQWVRIYLHZVDERXWQHZV
PHGLDDVSRLQWVRIUHIHUHQFHQRWDVUHSUHVHQWDWLYHVDPSOH
7KLVLVKRZLWFDPHDERXWWKDW,PHWZLWKH[DFWO\WKHVHWHQSHUVRQVIURPQRZRQFDOOHGP\
LQWHUYLHZSDUWLFLSDQWV
2QVW-DQXDU\,VHQGRXWDVLPSOHTXHVWLRQQDLUHWRSHRSOHRQDXQLYHUVLW\UHODWHGOLVW
FRQWDLQLQJWKHLUHPDLODGGUHVVHVVDPSOH8QWLOWKHHQGRI)HEUXDU\RIWKHVHSHUVRQV
DQVZHUHGWKHTXHVWLRQQDLUHVDPSOH,WFRQWDLQVDTXHVWLRQLQZKLFK,DVNZKHWKHURUQRW
WKH\ ZDQWHG WR SDUWLFLSDWH LQ WKH LQWHUYLHZ VWXG\ , ZDV SODQQLQJ WR FRQGXFW RI WKHP
DQVZHUHGHLWKHU³\HV´RU³PD\EH´WRWKLVTXHVWLRQ$IWHUZULWLQJWRWKH³PD\EH´SDUWLFLSDQWV
DJDLQ,KDGSHRSOHZKRZHUHLQWHUHVWHGLQEHLQJLQWHUYLHZHGLQ0DUFKRU$SULO:KHQ,
VHQGRXWDQRWKHUHPDLOWRDVNLIWKH\ZHUHVWLOOXSIRUDQLQWHUYLHZ,JRWUHVSRQVHVIURP
SHUVRQVZKREHFDPHP\DFWXDOLQWHUYLHZSDUWLFLSDQWVVDPSOH
FI6FKU¡GHUHWDOI
,WZDVUHDOO\QLFHRI\RXWRPHHWPHDQG,ZDQWWRWKDQN\RXKHUHIRUGRLQJLW
$WWDFKHPHQWB$
$WWDFKHPHQWVB&DQGB'FRQWDLQVRPHGHVFULSWLYHGLDJUDPVFRQFHUQLQJDJHVH[QDWLRQDOLW\DWWHQGDQFH
IUHTXHQFLHVDQGSUHIHUHQFHVFRQFHUQLQJQHZVPHGLXP
,PHWZLWKWKHPEHWZHHQWK0DUFKDQGWK$SULOHLWKHULQDXQLYHUVLW\EXLOGLQJRUDWWKHLU
SODFHV2QHRIWKHLQWHUYLHZVZDVDSDLULQWHUYLHZ6&(3DQG.12:ZKRKDYHEHHQIULHQGV
IRU\HDUV(YHU\LQWHUYLHZODVWHGEHWZHHQKDOIDQKRXUDQGWZRDQGDKDOIKRXUV7KLVEURXJKW
PHDJUHDWDPRXQWRIGDWD'XHWRWKHODFNRIWLPHDQGVSDFH,FDQQRWUHYLHZDOORILWLQWKH
FRXUVH RI WKLV WKHVLV , ZDV IRUFHG WR VHOHFW SDUWV RI WKH LQWHUYLHZV IRU H[DPLQDWLRQ 7KH
VHOHFWHGTXHVWLRQVDUHLQEROGIDFHLQWKHLQWHUYLHZJXLGH$WWDFKHPHQWB%$WWDFKHPHQWB(
FRQWDLQVDEULHIVXPPDU\RIHDFKLQWHUYLHZ
,QWKH ODVWSDUW,ZDQWWRVKHG OLJKWRQ P\ LQWHUYLHZSDUWLFLSDQW¶VVWDWHPHQWVDQG LGHDO
W\SHVGHULYHGDWWRWKHRU\7KHSXUSRVHLVWRILQGRXWZKDWDWWHQGLQJWRQHZVPHGLDPHDQVWR
SHUVRQVZKRDUHLQWHUHVWHGHQRXJKLQLWWRPHHWDVWUDQJHUDQGWDONDERXWLW
$GPLWWHGO\P\VDPSOHFDQRQO\EHDVWDUWLQJSRLQWIRUVXFKFRQFOXVLRQVVLQFHLWLVFRPSRVHG
RIRQO\VWXGHQWVEHWZHHQWKHDJHRIWZHQW\DQGWKLUW\VHYHQ
5HDOLW\UHDOLW\FRQVWUXFWLRQDQGUHDOLW\YLHZ
0D\EH±RUSUREDEO\±WKHUHLVMXVWRQH¶UHDOLW\¶7KLQJVKDSSHQSHRSOHDUHERUQDQGGLHUXOH
ILJKWORYHDQGLQWHUDFWLQYDULRXVZD\VPLOOLRQVRIVWRULHVZH¶OOQHYHUEHDEOHWROLVWHQWR
7KLVRQH¶UHDOLW\¶LVSUREDEO\WRRELJIRUDKXPDQPLQGWRJUDVSLQLWVHQWLUHW\HYHU\WKLQJWKDW
LVDQGHYHU\WKLQJWKDWKDSSHQV%XWGRQ¶WZHQHHGDQLGHDRIWKLVUHDOLW\"
,ZRUNIURPWKHK\SRWKHVLVWKDWZHGRWKDWZHQHHGWRILQGDZD\WRUHODWHRXUVHOYHVWRWKH
VXUURXQGLQJZRUOG$QG IRUWKDWWRKDSSHQZH QHHGDWOHDVWVRPHNLQGRI LGHDRI KRZWKLV
DOVRVRFLDO¶RXWVLGHZRUOG¶ZRUNVZKDWLWLVZKDWZHFDQDZDLWRILW
%HOLHYLQJWKDWZHFDQEXLOGXSDQLGHDDERXWHYHQWVDQGSDUWVRIWKHZRUOGZHFDQQRWSHUFHLYH
GLUHFWO\ ZLWK RXU RZQ VHQVHV PDNHV XV ZKDW *LOHV FDOOV LQVSLUHG E\ .DQW ³WUDQVFHQGHQWDO
UHDOLVWV´ 2QH PLJKW EH FULWLFDO LQ EHOLHYLQJ RQH VRXUFH EXW VHYHUDO VRXUFHV DUH DEOH WR
FRQYLQFHDSHUVRQWKDWDUHSRUWHGHYHQWKDVLQGHHGDµUHDO¶FRXQWHUSDUW
7KHLQWHUHVWHGUHDGHUFDQWU\WREXLOGXSDSLFWXUHRIP\LQWHUYLHZSDUWLFLSDQWV,3¶VWKDWZLOOXOWLPDWHO\EH
LQIOXHQFHGE\P\LQWHUSUHWDWLRQDQLGHD,39LYLVHHEHORZ7KHVXPPDULHVDOVRFRQWDLQSDUWVRIWKHLQWHUYLHZV
QRWLQFOXGHGLQWKHDQDO\VLV
FIEDVLFD[LRPVRI86SV\FKRORJLFDOVRFLDOSV\FKRORJ\IRUH[DPSOHLQ6PLWK 0DFNLH
:LWKQHZVPHGLDLWVHHPVZHDUHDOOWUDQVFHQGHQWDOUHDOLVWVRWKHUZLVHZHZRXOGQRW
ERWKHUZLWKDQ\RILW,QGHHGZHUHO\RQQHZVPHGLDWRHQOLJKWHQXVDERXWWKLQJVWKDW
ZHDUHXQDEOHWRVHHZLWKRXURZQH\HVEXWLWLVTXLWHFOHDUWKDWZHFDQQRWUHO\RQDQ\
RQH VRXUFH RXU FRQILGHQFH LQ WKH H[LVWHQFH RI HYHQWV FDQ RQO\ EH EXLOW XS E\
FRQVXOWLQJVHYHUDO
(YHU\SHUVRQZLOOH[SHULHQFHDQGKHDUDERXWGLIIHUHQWµHYHQWV¶+HQFHHYHU\ERG\ZLOOEXLOG
XSLGHDVDERXWWKHVXUURXQGLQJZRUOGWKDWZLOOGLIIHUWRVRPHGHJUHHLQFRPSDULVRQWRRWKHU
SHRSOH¶VSHUVSHFWLYHVHYHQWKRXJKVRFLDOIDFWRUVHQVXUHDSSUR[LPDWLRQ
7KLVSHUVRQDOLGHD±RI¶WKHZRUOG¶±,¶PJRLQJWRFDOOUHDOLW\YLHZ:LWKUHJDUGWRWKLV,WDNH
WKH7KRPDV7KHRUHPDVSODXVLEOHSKHQRPHQRQ³,ISHRSOHGHILQHVLWXDWLRQVDVUHDOWKHQWKRVH
GHILQLWLRQVDUHUHDOLQWKHLUFRQVHTXHQFHV«7KHGHILQLWLRQQRWWKHUHDOLW\OHDGVSHRSOHWR
GRFHUWDLQWKLQJVDQGQRWRWKHUV´
6LQFH , WKLQN WKLV DOVR DSSOLHV WR GHILQLWLRQV RI ³VLWXDWLRQV´ GHDOW ZLWK LQ WKH QHZV , ILQG
SHUVRQDOUHODWLRQVWRZDUGVWKHQHZVPHGLDZRUWKH[SORUDWLRQ
7KHUHDOLW\YLHZRQHHVWDEOLVKHVLVJRLQJWRIHHO¶UHDO¶SHUGHILQLWLRQ,WLVDSHUVRQ¶VSHUVRQDO
ZD\RI¶PDNLQJVHQVH¶RIWKHZRUOGDQGHYHU\WKLQJWKDWKDSSHQVLQLW%XWLWZLOODOVRKROG
DJDLQVWWKHFRPSDULVRQZLWKRWKHUSHRSOH¶VUHDOLW\YLHZVRUWKHH[WHUQDOL]DEOHSDUWVRILW,Q
IDFWWKLVFRPSDULVRQZLOOEHDYLWDOLQJUHGLHQWLQVWUHQJWKHQLQJWKHVHQVHRI¶UHDOQHVV¶RIRQH¶V
UHDOLW\ YLHZ DQG VRFLDO LQIOXHQFHV ZLOO SURYLGH IRU FRPSDUDEOH µH[SHULHQFHV¶ OHDGLQJ WR
LQFUHDVHGFKDQFHVRIPDNLQJVHQVHRIWKHZRUOGLQVLPLODUZD\V
,QRUGHUWRFODULI\WKHUHOHYDQFHRIWKHIROORZLQJWKHRUHWLFDOLGHDV,ZLOODVPHQWLRQHGDSSO\
WKHPWRDQH[DPSOHQHZVVWRU\IURPWKH%%&ZRUOGQHZVZHEVLWHVHH$WWDFKHPHQWB)
7KHPDNLQJRIµUHDOLW\¶
7KRPDV %HUJHU DQG 3HWHU /XFNPDQQ VXPPRQ XS WKHLU VXEMHFW RI WKH ERRN 7KH 6RFLDO
&RQVWUXFWLRQRI5HDOLW\WKLVZD\³7KLVREMHFWLVVRFLHW\DVSDUWRIDKXPDQZRUOGPDGHE\
PHQLQKDELWHGE\PHQDQGLQWXUQPDNLQJPHQLQDQRQJRLQJKLVWRULFDOSURFHVV³
7KLVWKHRUHWLFDOSHUVSHFWLYH,ILQGUHOHYDQWWRWKLVVWXG\,WKLQNWRJDWKHULQIRUPDWLRQDERXW
µWKHZRUOG¶RUWRDWWHQGWRQHZVPHGLDZLOOLQIOXHQFHRQH¶VSHUFHSWLRQRIWKHZRUOGZKLFKLQ
WXUQZLOOLPSDFWRQH¶VEHDULQJRQLW
*LOHV
5LW]HU
,WZDVWDNHQIURPKWWSQHZVEEFFRXNKLDIULFDVWPRQWK0D\WLWOHG6XGDQRSHQVXSWR
PRUHDLGJURXSV
%HUJHU /XFNPDQQ
4XHVWLRQ ,W LV D FRPPRQO\ GLVFXVVHG LGHD WKDW VRFLDO LQIOXHQFHV ± IRU H[DPSOH WKHVH
EURXJKWDERXWE\WKHQHZVPHGLD±KDYHWKHSRZHUWRLPSDFWSHRSOH¶VWKLQNLQJ
LH³PDNHPHQ´:KLFKVWDQGZLOOP\LQWHUYLHZSDUWLFLSDQWVWDNHFRQFHUQLQJ
WKHLVVXHRIµLQIOXHQFH¶"
%HLQJH[SRVHGWRµUHDOLW\¶±WDNLQJIRUJUDQWHGWKHRUGHURIWKLQJV
&KDUDFWHULVWLFIRUWKHHYHU\GD\OLIHLVWKDWLWFRQWDLQVDORWRINQRZOHGJHZKLFKLVWDNHQIRU
JUDQWHGE\SHRSOHOLYLQJWKHLUHYHU\GD\OLIH7KLVNQRZOHGJHFDQEHXVHGZLWKRXWEHLQJDZDUH
RI KRZ LW HPHUJHG ,W IHHOV VR QRUPDO WKDW LW LV XVXDOO\ DFFHSWHG ZLWKRXW TXHVWLRQLQJ LW
Ä&RPPRQVHQVHNQRZOHGJHLVWKHNQRZOHGJH,VKDUHZLWKRWKHUVLQWKHQRUPDOVHOIHYLGHQW
URXWLQHVRIHYHU\GD\OLIH7KHUHDOLW\RIHYHU\GD\OLIHLVWDNHQIRUJUDQWHGDVUHDOLW\³
7KHNQRZOHGJHZKLFK%HUJHUDQG/XFNPDQQGHVFULEHDV³RUGHURIREMHFWV´VHHEHORZKDV
EHHQEXLOGXSWKURXJKRXWJHQHUDWLRQVDQGSUHVHQWVLWVHOIWRSHUVRQVLQWKHLUUHDG\PDGHIRUPV
Ä7KHUHDOLW\RIHYHU\GD\ OLIHDSSHDUVDOUHDG\REMHFWLILHGWKDWLVFRQVWLWXWHGE\DQRUGHURI
REMHFWVWKDWKDYHEHHQGHVLJQDWHGDVREMHFWVEHIRUHP\DSSHDUDQFHRQWKHVFHQH³
&RQFHUQLQJ WKH QHZV H[DPSOH WKLV FRXOG IRU H[DPSOH EH µWKH ZRUOG¶ GLYLGHG LQWR QDWLRQ
VWDWHVKDYLQJDQ³81¶VKHDGRIKXPDQLWDULDQDIIDLUV´DQ³,QWHUQDWLRQDO&ULPLQDO&RXUW´DQG
³DLGJURXSV´)URPWKHGHVFULEHGWKHRUHWLFDOSRLQWRIYLHZ,DVDQDWWHQGDQWWRWKHQHZVDP
OLNHO\ WR WDNH DQ\ RI WKHVH ³REMHFWV´ DV REMHFWLYH DQG LQGLVSHQVDEOH SDUWV RI WKH RUGHU RI
WKLQJV
1RWRQO\REMHFWVRURUJDQLVDWLRQVDUHLQFRUSRUDWHGLQRXUZD\RIEXLOGLQJXSLGHDVDERXWWKH
µQDWXUHRIUHDOLW\¶$OVRJURXSVRISHRSOHWKHLUOLYLQJFRQGLWLRQVDQGWKHG\QDPLFVLPSDFWLQJ
WKHVHDUHVXEMHFWWRWKLVSURFHVV7KHLGHDVRISHRSOHZHKDYHQRSHUVRQDOH[SHULHQFHVZLWK
HQWHURXUPLQGVYLDH[WHUQDOVRXUFHV
%HUJHU DQG /XFNPDQQ VD\ WKDW ZH KDYH DFFHVV WR ³W\SLILFDWRU\ VFKHPHV´ RU LGHDV DERXW
RWKHUSHRSOHWKDWHQDEOHXVWRLQWHUDFWZLWKWKHP,QWRGD\¶VVRFLHW\QRWRQO\IDFHWRIDFH
LQWHUDFWLRQVDUHSDUWRIRXUOLYHV(YHQPRUHDEVWUDFWDQRQ\PRXVUHODWLRQVWRSHRSOHZHNQRZ
DERXWRUKHDUDERXWIRUH[DPSOHYLDWKHQHZVPHGLDDUHSDUWRIRXUHYHU\GD\UHDOLWLHVVHH
EHORZ7KHW\SLILFDWLRQRUFDWHJRUL]DWLRQZLOOEHWKHPRUHDQRQ\PRXVWKHPRUHDEVWUDFWWKH
FRQWDFWVLWXDWLRQ
FILQWKLVWKHVLV
%HUJHU /XFNPDQQ
%HUJHU /XFNPDQQ
FI%HUJHU /XFNPDQQ
FI%HUJHU /XFNPDQQ
,QUHJDUGVWRWKHQHZVH[DPSOH,DPJHWWLQJDW\SLILFDWRU\VFKHPHDERXWWKHUHJLRQRI'DUIXU
IURP WKH %%& RU DQ H[LVWLQJ RQH LV VWUHQJWKHQHG RU GHYHORSHG 7KH SLFWXUH LQFOXGHV
PDVVLYHJURXSVRISHRSOHEHLQJIRUFHGWROHDYHWKHSODFHVWKH\OLYHGLQ7KHSHUVRQVDIIHFWHG
DUHGHVFULEHGDV³PLOOLRQGULYHQIURPWKHLUKRPHV´)XUWKHUPRUHWKH6XGDQHVHSUHVLGHQW
LV SDUW RI WKDW SLFWXUH ³RUFKHVWUDWLQJ DWURFLWLHV DJDLQVW FLYLOLDQV´ DQG GLIIHUHQW SHRSOH RU
RUJDQL]DWLRQVIRUZKRPLWLVEHLQJPDGHGLIILFXOWWRDWWHPSWWRLPSURYHWKHVLWXDWLRQ
$FFXPXODWLQJDQGVSUHDGLQJNQRZOHGJH±REMHFWLYDWLRQVDQGVLJQV\VWHPV
7KHQHZVPHGLDPDNHVLWSRVVLEOHWRDWWHQGWRLQIRUPDWLRQDERXWSDUWVRIWKHZRUOGWKHSHUVRQ
JDWKHULQJWKHLQIRUPDWLRQGRHVQRWLQKDELW7KLVRQO\ZRUNVEHFDXVHKXPDQEHLQJVDUHDEOHWR
FRPPXQLFDWH ZLWK WKH KHOS RI FRPSOH[ VLJQ V\VWHPV QDPHO\ ODQJXDJH SLFWXUHV DQG RWKHU
VRUWVRIUHSUHVHQWDWLRQDOV\VWHPV
%HUJHUDQG/XFNPDQQQDPHWKLVSURFHVVRISURGXFLQJFRPPRQO\DYDLODEOH ³SURGXFWV´IRU
H[DPSOHDQHZVIHDWXUHREMHFWLYDWLRQÄ+XPDQH[SUHVVLYLW\LVFDSDEOHRIREMHFWLYDWLRQWKDW
LVLWPDQLIHVWVLWVHOILQSURGXFWVRIKXPDQDFWLYLW\WKDWDUHDYDLODEOHERWKWRWKHLUSURGXFHUV
DQGWRRWKHUPHQDVHOHPHQWVRIDFRPPRQZRUOG³1HZVIHDWXUHVFRXOGEHDQH[DPSOHIRU
REMHFWLYDWLRQVDYDLODEOHIRUDXGLHQFHVDOORYHUWKHZRUOG
7R %HUJHU DQG /XFNPDQ ³ODQJXDJH´ SOD\V D NH\ UROH LQ LQWHUKXPDQ FRPPXQLFDWLRQ
Ä/DQJXDJHZKLFKPD\EHGHILQHGKHUHDVDV\VWHPRIYRFDOVLJQVLVWKHPRVWLPSRUWDQWVLJQ
V\VWHP RI KXPDQ VRFLHW\³ 7KLV LV EHFDXVH LW DOORZV SHRSOH WR WDON DERXW DEVWUDFW DQG
H[WHQVLYHVXEMHFWVZLWKRXWUHO\LQJRQDQ\SK\VLFDOREMHFWVRIUHIHUHQFHÄWKURXJKODQJXDJHDQ
HQWLUHZRUOGFDQEHDFWXDOL]HGDWDQ\PRPHQW´7KLVFRQFHUQVERWKWKHSRVVLELOLW\WRHQFRGH
DQGWRGHFRGHWKHV\PEROVÄ/DQJXDJHLVFDSDEOHQRWRQO\RIFRQVWUXFWLQJV\PEROVWKDWDUH
KLJKO\DEVWUDFWHGIURPHYHU\GD\H[SHULHQFH EXWDOVRRIÃEULQJLQJ EDFNµWKHVHV\PEROVDQG
DSSUHVHQWLQJWKHPDVREMHFWLYHO\UHDOHOHPHQWVLQHYHU\GD\OLIH³
,QUHJDUGVWRWKHQHZVH[DPSOHWKH%%&MRXUQDOLVWFDQDFWXDOL]HKLVGHSLFWLRQRIWKHFXUUHQW
VLWXDWLRQLQ'DUIXUDQG,FDQDWWHQGWRWKLVGHVFULSWLRQZLWKWKHKHOSRIWKHQHZVIHDWXUH
7KHGD\WRGD\XVHRI ODQJXDJH OHDGVWRWKHWDNHQIRUJUDQWHGHIIHFWGHVFULEHG DERYH7KH
FRGHIRUWDONLQJDERXWQDPHDEOHWKLQJVIHHOVQDWXUDOHYHQWKRXJKLWSUHVFULEHVWKHSDWWHUQV
RQHKDVWRXVHWRPDNHDPHVVDJHPHDQLQJIXOÄ$VDVLJQV\VWHPODQJXDJHKDGWKHTXDOLW\RI
%HUJHU /XFNPDQQ
%HUJHU /XFNPDQQ
%HUJHU /XFNPDQQ
REMHFWLYLW\,HQFRXQWHUODQJXDJHDVDIDFWLFLW\H[WHUQDOWRP\VHOIDQGLWLVFRHUFLYHLQLWVHIIHFW
RQPH/DQJXDJHIRUFHVPHLQWRLWVSDWWHUQV³
7KLVLVQRWHDV\WRGHSLFWZLWKWKHKHOSRIDVKRUWH[DPSOHEXW,ZLOOWU\,QWKHHQGRIWKH
H[DPSOHQHZVIHDWXUHRQHFDQUHDG³8QOHVVWKH6XGDQHVHJRYHUQPHQWJDYHLWVSHUPLVVLRQ
WKHFRQIHUHQFHZRXOGKDYHWREHDEDQGRQHGKHDGGHG´7KHODQJXDJHLQIRUPVPHWKDWWKLV
VHQWHQFHLVDERXW6XGDQPRUHSUHFLVHO\WKH6XGDQHVHJRYHUQPHQW7KHFRQFHSWXDOLGHDRID
VWDWH¶V JRYHUQPHQW WKDW , ZLOO DVVRFLDWH ZKLOH UHDGLQJ WKH ZRUGV GHFRGLQJ WKH VLJQV ZLOO
DOORZPHWRFRPSUHKHQGZK\WKLVLQVWLWXWLRQFRXOGKDYHWKHSRZHUWRLPSDFWZKHWKHURUQRW
DFRQIHUHQFH,ZLOOXQGHUVWDQGWKHFRQFHSWZLOOEHKHOG,WZLOOIXUWKHUPRUHEHUDWKHUKDUG
IRUPHWRTXHVWLRQWKHµUHDOQHVV¶RIWKDWFRUUHODWLRQZKLFKLVUHSUHVHQWHGLQDVKRUWVHQWHQFH
/DQJXDJHVDQGWKHLUSDWWHUQVDUHXVHGWRDPDVVGLIIHUHQWJURXSV¶FRPPRQNQRZOHGJHZKLFK
WKDWZD\FDQEHSDVVHGRQÄODQJXDJHLVFDSDEOHRIEHFRPLQJWKHREMHFWLYHUHSRVLWRU\RIYDVW
DFFXPXODWLRQVRIPHDQLQJDQGH[SHULHQFHZKLFKLWFDQWKHQSUHVHUYHLQWLPHDQGWUDQVPLWWR
IROORZLQJ JHQHUDWLRQV³ 7KH DFFXPXODWHG UHSRVLWRU\ %HUJHU DQG /XFNPDQQ FDOO ³VWRFN RI
NQRZOHGJH´6LQFHWKLVNQRZOHGJHLVQRWRQO\DYDLODEOHWRSHUVRQVLQWKHLUGDLO\URXWLQHVEXW
DOVRXVHGLWLVVRWRVSHDNNHSWDOLYH
,WPDNHVVHQVH±UHDOLW\DVH[SHULHQFHG
1RWRQO\FRPPRQNQRZOHGJHDERXWREMHFWVRUSHRSOHLVEXLOGXSLQWKHVWRFNRINQRZOHGJH
EXW DOVR XQGHUVWDQGLQJV RI RUJDQLVDWLRQDO VWUXFWXUHV RU LQVWLWXWLRQV DUH VWRUHG IRU H[DPSOH
VFKRROVFKXUFKHVSROLFH HQIRUFHPHQWRUQHZV PHGLD FRUSRUDWLRQV :KHQRQH LV ERUQDQG
WKHVH LQVWLWXWLRQV DOUHDG\ H[LVW WKH\ IHHO OLNH D SDUW RI WKH µQDWXUDO¶ HQYLURQPHQW ÄWKH
LQVWLWXWLRQVDUHQRZH[SHULHQFHGDVSRVVHVVLQJDUHDOLW\RIWKHLURZQDUHDOLW\WKDWFRQIURQWV
WKHLQGLYLGXDODVDQH[WHUQDODQGFRHUFLYHIDFW³
,WZRXOGIRUH[DPSOHEHGLIILFXOWWRGD\WRTXHVWLRQWKHH[LVWHQFHRIQDWLRQVWDWHVRUWKHQHZV
PHGLDDVLQVWLWXWLRQHYHQWKRXJKRQHFRXOGEHDZDUHRIWKHIDFWWKDWWKH\KDYHEHHQLQYHQWHG
RQHWLPH
$OO WKH DFFXPXODWHG NQRZOHGJH DQG SUDFWLFHV LQ WKHLU HQWLUHW\ IRUP ZKDW %HUJHU DQG
/XFNPDQQFDOOD³V\PEROLFXQLYHUVH´³7KHFU\VWDOOL]DWLRQRIV\PEROLFXQLYHUVHVIROORZVWKH
SURFHVVHV RI REMHFWLYDWLRQ VHGLPHQWDWLRQ DQG DFFXPXODWLRQ RI NQRZOHGJH 7KDW LV
%HUJHU /XFNPDQQ
%HUJHU /XFNPDQQ
%HUJHU /XFNPDQQ
%HUJHU /XFNPDQQ
V\PEROLF XQLYHUVHV DUH VRFLDO SURGXFWV ZLWK D KLVWRU\ WKHVH SURGXFWV RI KXPDQ
FRQVFLRXVQHVV E\ WKHLU YHU\ QDWXUH SUHVHQW WKHPVHOYHV DV IXOOEORZQ DQG LQHYLWDEOH
WRWDOLWLHV´7KDWPHDQVWKDWHYHU\WKLQJLQWKHSUHH[LVWLQJDOVRVRFLDOHQYLURQPHQWVHHPVWR
FRYHUHYHU\SDUWRIUHDOLW\DQLQGLYLGXDOZKRLVERUQLQWRWKDWFRXOGWDNHSDUWLQ8VXDOO\
WKHVH XQLYHUVHV DUH WDNHQ IRU JUDQWHG DQG QRW TXHVWLRQHG VLQFH WKH\ VHHP VR UHDO DQG
REMHFWLYHO\H[LVWLQJ
7KHV\PEROLFXQLYHUVHVDUHDOVRVDLGWREHLPSRUWDQWWRKXPDQEHLQJVEHFDXVHWKH\SURYLGHD
IUDPH RI UHIHUHQFH ZKHQ LW FRPHV WR VHHLQJ RQH¶V RZQ OLIH LQ D PHDQLQJIXO OLJKW Ä7KH
V\PEROLF XQLYHUVH SURYLGHV RUGHU IRU WKH VXEMHFWLYH DSSUHKHQVLRQ RI ELRJUDSKLFDO
H[SHULHQFH³
,FRXOGIRUH[DPSOHPDNHVHQVHRIP\DWWHQGLQJWRWKHQHZVLQWKHOLJKWRIWDNLQJDGYDQWDJH
RIWKH IUHHGRPWRIRUP P\RZQRSLQLRQZKLFK,DPHQWLWOHGWR7KLV IUHHGRP LVSDUWRID
FRQVWUXFWHGODZWKDW,EHOLHYHLQDVSDUWRIP\V\PEROLFXQLYHUVH,WDNHIRUJUDQWHG
3HRSOHWDNHSDUWLQWKLVZRUOGDVVRFLDOEHLQJV'RLQJWKLVRQHERWKH[WHUQDOL]HVRQHVHOIEXW
DOVR LQWHUQDOL]HV µHYHU\WKLQJ¶ RQH LV FRQIURQWHG ZLWK DVSHFWV FRQWDLQHG LQ WKH V\PEROLF
XQLYHUVH7KLVSURFHVVEHJLQVRQFHDSHUVRQLVERUQ:KDWRQHPHHWVGXULQJWKLVHDUO\WLPH
LQOLIHRQHZLOOLQWHUQDOL]HDVUHDOLW\V\PEROLFXQLYHUVHZLWKRXWTXHVWLRQLQJLWRUUHDOL]LQJ
WKDWLWLVDUHODWLYHUHDOLW\YLHZ³7KHFKLOGGRHVQRWLQWHUQDOL]HWKHZRUOGRIKLVVLJQLILFDQW
RWKHUVDVRQHRIPDQ\SRVVLEOHZRUOGV+HLQWHUQDOL]HVLWDVWKHZRUOG³
$VDFKLOGLWZRXOG±IURPWKLVSRLQWRIYLHZ±EHYLUWXDOO\LPSRVVLEOHWRTXHVWLRQWKDWWKHUHLV
WKH81WKDWWKHUHLVWKH,&&DQGWKDWWKHZRUOGLVGLYLGHGLQWRQDWLRQVWDWHVLIIRUH[DPSOHKLV
SDUHQWVWHOOKLPVR
7KHSURFHVVRILQWHUQDOL]DWLRQLVDOVRFDOOHG³VRFLDOLVDWLRQ´%HUJHUDQG/XFNPDQQDUHFDUHIXO
WRSRLQWRXWWKDWWKLVLVQRWDVWDWLFXQDOWHUDEOHSURFHVVDQGWKDWLWZLOOFRQWLQXHWKURXJKRXWWKH
ZKROHOLIH
%HUJHU /XFNPDQQ
%HUJHU /XFNPDQQ
%HUJHU /XFNPDQQ
FI%HUJHU /XFNPDQQ
%HUJHU /XFNPDQQ
FI%HUJHU /XFNPDQQ
3RVVLELOLWLHVWRORRNXSRQWKHFRQVWUXFWLRQVRIUHDOLWLHV
*HQHUDOO\ DOO ³WDNHQIRUJUDQWHGURXWLQHV³ LQ WKH HYHU\GD\ UHDOLW\ FDQ EH ³VRFLDOO\
FKDOOHQJHG³ ZKLFK PHDQV VKDNHQ LQ WKHLU VHHPLQJO\ DEVROXWH YDOLGLW\ 7R GR WKDW JHWV
KDUGHUDQG KDUGHUGHSHQGLQJRQ KRZGHHSO\ HQJUDLQHGWKHUHVSHFWLYHSDUWRIµUHDOLW\¶ LV LQ
RQH¶VFRQVFLRXVQHVV0RVWO\LWLVHDVLHUWRFKDOOHQJHSDUWVWKDWKDYHEHHQLQWHUQDOLVHGDWDODWHU
SDUWLQOLIHWKDQWKRVHRIWKH³SULPDU\VRFLDOLVDWLRQ´
7KHDXWKRUVDUJXHWKDWWKHDYDLODELOLW\RIGLIIHUHQWEHOLHYHV FRQFHUQLQJ KRZVRFLDOUHDOLWLHV
VKRXOG RU FRXOG EH EXLOG XS ZLOO OHDG WR LQFUHDVHG DZDUHQHVV DERXW WKH YDULDELOLW\ DQG
UHODWLYLW\RIZRUOGYLHZV³$VRFLHW\LQZKLFKGLVFUHSDQWZRUOGVDUHJHQHUDOO\DYDLODEOHRQD
PDUNHWEDVLVHQWDLOVVSHFLILFFRQVWHOODWLRQVRIVXEMHFWLYHUHDOLW\DQGLGHQWLW\7KHUHZLOOEHDQ
LQFUHDVLQJO\JHQHUDOFRQVFLRXVQHVVRIWKHUHODWLYLW\RIDOOZRUOGVLQFOXGLQJRQH¶VRZQZKLFK
LVQRZVXEMHFWLYHO\DSSUHKHQGHGDVÃDZRUOGµUDWKHUWKDQÃWKHZRUOGµ´
4XHVWLRQ :LOOP\LQWHUYLHZSDUWLFLSDQW¶VHYDOXDWLRQRIWKHQHZVPHGLDUHIOHFWDZDUHQHVV
DERXWWKHUHODWLYLW\RISHUFHSWLRQVRIWKHZRUOG"'RHVWKDWSOD\DUROHLQWKHLU
GHVFULSWLRQVRIWKHQHZVPHGLD"
%HUJHUDQG/XFNPDQQ DOVRSRLQWRXWWKDWWKHNQRZOHGJHDERXWµKRZWKHZRUOGZRUNV¶ KDV
EHHQVWUDWLILHGLQWKHPRGHUQZRUOGDQGLVQRZOHIWWRWKHRUL]LQJHOLWHVZKRSURYLGHVFKHPHV
RI UHDOLW\ YLHZV WKH\ ILQG GHVLUDEOH 7KH NQRZOHGJH DERXW PHDQLQJIXO FRUUHODWLRQV DQG
H[SODQDWLRQVFRQFHUQLQJKRZWKHZRUOGIXQFWLRQVLVLQWKHSXEOLFIRUWKHPRVWSDUWOLPLWHGWR
LGHDV DERXW ZKDW RU ZKR ZRXOG EH D UHOLDEOH VRXUFH RI LQIRUPDWLRQ DERXW WKH DVSHFW LQ
TXHVWLRQ
4XHVWLRQ 'RP\LQWHUYLHZSDUWLFLSDQWVIHHOWKHQHZVPHGLDFDQEHDUHOLDEOHVRXUFHRI
LQIRUPDWLRQDERXWGLIIHUHQWSDUWVRIWKHZRUOG"
7KHGLIIHUHQFHEHWZHHQWKHOLIHZRUOGDQGWKHSRWHQWLDOZRUOG
:KHQSHRSOHDUHERUQLQWRWKLVZRUOGZLWKDOUHDG\HVWDEOLVKHGUHDOLWLHVWKH\QHYHUWKHOHVVKDYH
WR PDNH WKHLU RZQ H[SHULHQFHV ZKLOH EHFRPLQJ D SDUW RI LW (YROXWLRQDU\ VSHDNLQJ KXPDQ
EHLQJVDUHVXLWHGIRUGLUHFWHQFRXQWHUVLQVPDOOJURXSVEXWDOVRDGDSWHGWRKDQGOHDQRQ\PRXV
UHODWLRQVWRPLOOLRQVRIUDWKHUFOLFKpGRWKHUV
%HUJHU /XFNPDQQ
%HUJHU /XFNPDQQ
%HUJHU /XFNPDQQ
FIDQGLQWKLVWKHVLV
%HUJHU /XFNPDQQ
FIDQGLQWKLVWKHVLV
FI(KUOLFKII
,QRUGHUWRFODULI\WKHGLIIHUHQFHEHWZHHQERWKZD\VRIUHODWLQJRQHVHOIWRRWKHUV,ZDQWWR
SUHVHQW$OIUHG6FKXW]¶VWKHRULHVDERXWWKHOLIHZRUOGDQGLW¶VPRUHDEVWUDFWFRXQWHUSDUWZKLFK
,¶PJRLQJWRFDOOWKHµSRWHQWLDOZRUOG¶
7KH VXUURXQGLQJ ZRUOG WR ZKLFK D VSHFLILF KXPDQ EHLQJ KDV DFFHVV WKURXJK KLV SK\VLFDO
SUHVHQFHLVFDOOHGWKHµOLIHZRUOG¶E\6FKXW]7KLVLVWKHZRUOGLQZKLFKRQHFDQLQWHUDFWZLWK
FRQFUHWHRWKHUSHUVRQVZHUHODWLRQV7KHSRWHQWLDOZRUOG LVHYHU\WKLQJ EHVLGHVWKDWHYHU\
HQFRXQWHU WKDW LV DW WKH PRPHQW RXW RI UHDFK EXW WKHRUHWLFDOO\ FRXOG EH HVWDEOLVKHG 7KH
NQRZOHGJH RQH FRXOG DFFXPXODWH DERXW WKLV µZRUOG¶ ZLOO EH GHSHQGHQW RQ LQIRUPDWLRQ RI
VHFRQGDU\RUGHUIURPRWKHUVRXUFHVWKDQRQHVHOI
*DWKHULQJDEVWUDFWNQRZOHGJHIURPWKHFHQWUHRIRQH¶VVRFLDOZRUOG
,Q HYHU\GD\ OLIH WKH LQGLYLGXDO H[SHULHQFHV LWVHOI DV EHLQJ WKH FHQWUH RI KLV VRFLDO ZRUOG )URPWKHUHRQHFDQEXLOGXSLGHDVDERXWRQH¶VVXUURXQGLQJZRUOG7KHGLIIHUHQFHEHWZHHQWKH
OLIHZRUOGNQRZOHGJHDQGWKHPRUHDEVWUDFWNQRZOHGJHRIWKHSRWHQWLDOZRUOGLVWKDWWKHODWWHU
FRQWDLQV IDU OHVV GHWDLOV :KHQ WKHUH LV WRWDO DQRQ\PLW\ QR SHUVRQDO H[SHULHQFHV WKH
UHODWLRQWRLQGLYLGXDOVZKLFKDUHWKHWDUJHWHGREMHFWVRIWKHNQRZOHGJHZLOOIHHODQRQ\PRXV
DQGLQWHUFKDQJHDEOH7KLVLVDQLPSRUWDQWGLVWLQFWLRQ2WKHUKXPDQEHLQJV±ZKRPRQHKDV
KDGSHUVRQDOH[SHULHQFHVZLWKLQWKHOLIHZRUOG±ZLOOEHVHHQDVPXOWLOD\HUHGSHUVRQVXQLTXH
DFWXDODQGFRQFUHWH7KHIXUWKHUDZD\WKHLPDJLQHGSHUVRQLVIURPWKHFHQWUHRIRQH¶VRZQ
VRFLDOZRUOGWKHPRUHDEVWUDFWDQGDQRQ\PRXVWKLVLQGLYLGXDOZLOOVHHP
7KHZD\RIEXLOGLQJXSNQRZOHGJHRURSLQLRQVDERXWWKHVXEMHFWVDQGREMHFWVLQWKHOLIHZRUOG
DQGLQWKHSRWHQWLDOZRUOGDUHVLPLODUWKRXJKOHDGLQJWRGLIIHUHQWO\GHWDLOHGSLFWXUHV
:KDWEHFRPHVSDUWRIRQH¶VIHOWUHDOLW\ZLOOGHSHQGRQDFRXSOHRIIDFWRUV6FKXW]QDPHVD
IHZ+HVD\VµUHDOLW\¶LVZKDWKDVDFRQQHFWLRQWRDSHUVRQ¶VHPRWLRQDODQGDFWLYHOLIHZKDW
VWLPXODWHVKLVLQWHUHVWDQGRUZKDWKHEHFRPHVDZDUHRI6RIRUVRPHWKLQJWREHLQWHJUDWHG
LQ RQH¶V UHDOLW\ YLHZ RQH KDV WR EHFRPH DZDUH RI LW EH LQWHUHVWHG LQ LW RU HVWDEOLVK DQ
HPRWLRQDORURWKHUZLVHLQYROYHGUHODWLRQWRWKHLVVXHLQTXHVWLRQ
FI6FKXW]
FI6FKXW]
FI6FKXW]
FI6FKXW]
FI6FKXW]
&RQFHUQLQJWKHQHZVH[DPSOHWKHPLOOLRQSHUVRQVLQ'DUIXUDOUHDG\KDYHDJRRGFKDQFH
RI EHFRPLQJ SDUW RI P\ DEVWUDFW DQRQ\PRXV VFKHPDWLF LGHDV RI WKH ZRUOG ZKHQ , VWDUW
UHDGLQJWKHDUWLFOHWKDWPHQWLRQVWKHP/HWDORQHWKLVZDVQRWWKHILUVWWLPH,KHDUGDERXW
µWKHP¶:KHQ,FOLFNRQWKHOLQNOHDGLQJWRWKHDUWLFOHZLWKWKHKHDGOLQH6XGDQRSHQVXSWR
PRUHDLGJURXSV,ZLOOSUREDEO\DOUHDG\EHLQWHUHVWHGLQWKHSHRSOHOLYLQJWKHUH7KHZRUGV
XVHGLQWKHDUWLFOHPDNHPHFRQVFLRXVDERXWWKHLUVLWXDWLRQDQG,FDQIHHOVRPHWKLQJIRUWKHP
(YHU\WKRXJKWIURPWKHUHLVSDVWµWKHLU¶EHFRPLQJSDUWRIP\IHOWUHDOLW\
)XUWKHUPRUHHYHU\VHWRINQRZOHGJHDERXWDVSHFLILFREMHFWLVFRPSRVHGRIGLIIHUHQWDVSHFWV
2QO\VRPHRIWKHVHDVSHFWVZLOOEHLQWHUHVWLQJWRWKHLQGLYLGXDOXVLQJWKHVHW±ZKLFKZLOO
GHSHQGRQWKHFLUFXPVWDQFHVDQGWKHUHOHYDQWPRWLYHV
4XHVWLRQ +RZGRP\LQWHUYLHZSDUWLFLSDQWVUHIOHFWDERXWWKHLGHDWKDWMRXUQDOLVWVPXVW
VHOHFWSDUWVRIUHDOLW\DQGWKXVUHSRUWRQWKHPDVWKHPRVWPHDQLQJIXOLVVXHVRI
WKDWGD\"
6FKXW]SRLQWVRXWWKDWWKH LQWHUVHFWLRQVRIGLIIHUHQWVXEMHFWLYH LGHDVDERXWDQREMHFWKDYHD
VSHFLILFVWDQGLQJ7KH\DUHFDOOHG³UHFLSURFDOSHUVSHFWLYHV´DQGDUHH[SHULHQFHGDVREMHFWLYH
DQG DQRQ\PRXV NQRZOHGJH +H DUJXHV WKDW WKLV LV WKH SDUW RI NQRZOHGJH WKDW LV RI VRFLDO
RULJLQ
,ZRXOGZDQWWRLOOXVWUDWHWKLVE\SUHVHQWLQJLGHDVDERXWQHZVPHGLDDXGLHQFHVZKLFKFRXOG
EHSHUFHLYHGDV³REMHFWLYHNQRZOHGJH´EHFDXVHSDUWVRILWDUHVKDUHGE\PDQ\
$JRRGH[DPSOHRIDGHVFULSWLRQRIDW\SLFDOUHODWLRQWRZDUGVQHZVPHGLDFDQEHIRXQGLQ
cVD .URRQ¶V LQWURGXFWLRQ WR WKH WH[W ³7KH LPSRVVLEOH REMHFWLYLW\´ LQ D SRSXODU VFLHQWLILF
6ZHGLVKMRXUQDO7KHILUVWDVSHFWRIWKHLGHDLVWKDW³PRVWSHRSOH´NQRZWKH\DUHSUHVHQWHG
ZLWKDQDQJOHGDQGVHOHFWHGSDUWRID³PXFKPRUHFRPSOLFDWHGUHDOLW\´7KHVHFRQGDVSHFWLV
WKHLGHDWKDWPRVWSHRSOHQHYHUWKHOHVVDUHQRWDEOHWRGHYHORSD³KHDOWK\GLVWDQFH´WRZKDW
WKH\VHHRQWKHQHZVDQGWKHUHIRUHWDNHLWDV³WUXH´
)RUWKHQHZVH[DPSOH,WDNHLWWKLVZRXOGPHDQWKDW,FRXOGUHDOL]HWKDWQRZRUNHURIDQDLG
RUJDQL]DWLRQ LV TXRWHG EXW , ZRXOG IRU H[DPSOH KDYH GLIILFXOWLHV TXHVWLRQLQJ ZKDW LW µLQ
UHDOLW\¶DFWXDOO\ FRPSULVHGWKDWGHOHJDWHVZKRZDQWHGWRDWWHQGWKHSODQQHGFRQIHUHQFH LQ
(WKLRSLDZHUHÄKDUDVVHG³DQGZK\WKLVUHVXOWHGLQZKLFKFRQVHTXHQFHV
FI6FKXW]
FILQWKLVWKHVLV
FI6FKXW]I
.URRQLQ7YlUVQLWWP\WUDQVODWLRQV
%URDGHQLQJRQH¶VKRUL]RQ"
6KDULQJ WKH H[SHULHQFHV RI RWKHUV FRXOG EH DSSHDOLQJ WR SHRSOH EHFDXVH WKH\ FDQ ± XQOLNH
RQH¶VRZQ±EHDWWHQGHGWRIURPWKHSHUVSHFWLYHRIDQREVHUYHURQHFDQVHHWKHPZKLOHWKH\
KDSSHQ6FKXW]VD\VWKDWDERXWHQFRXQWHUVLQWKHOLIHZRUOGEXWDOVRGLVWDQFHGH[SHULHQFHV
FDQEHVKDUHGYLDWKHQHZVPHGLD
4XHVWLRQ &RXOGWKDWEHVHHQDVDQRSSRUWXQLW\IRUEURDGHQLQJRQH¶VKRUL]RQHYHQLIWKH
SLFWXUHRQHJHWVLVDQDOUHDG\SURFHVVHGRQH"
6FKXW]ZULWHVWKDWRQHFUHDWHV³LGHDOW\SHV´RIREMHFWVDQGSHRSOH7KDWLVWKHVHWRILGHDVRQH
KDV DERXW FHUWDLQ µW\SHV¶ KLV H[DPSOH LV WKH SLFWXUH RI DQ LGHDO W\SLFDO PDLOPDQ $QRWKHU
H[DPSOH FRXOG EH WKH SLFWXUH RI D 'DUIXUL 7KH OHVV SHUVRQDO H[SHULHQFHV RQH KDV ZLWK D
FHUWDLQ LGHDO W\SH WKH PRUH W\SLILHG RU DEVWUDFW WKH DVVXPSWLRQV DERXW LW ZLOO EH 7KH
UHODWLRQVWRSHUVRQVLQWKLVDEVWUDFWVSKHUHZLOOIHHODQRQ\PRXV
4XHVWLRQ :LOOP\LQWHUYLHZSDUWLFLSDQWVPHQWLRQVRPHWKLQJDERXWWKLVDVSHFWRIEXLOGLQJ
XSUDWKHUHPSW\VFKHPDWLFLGHDV"'RWKH\IHHOQHZVPHGLDFDQKHOSLPSURYH
WKHZHDOWKRIGHWDLORIWKHVHSLFWXUHV"
6SUHDGLQJLPDJHV
7KH LPDJH RI WKH FRQFUHWH µRWKHUµ LV GHWDLOHG 7KH LPDJH RI WKH DEVWUDFW µRWKHUµ LV UDWKHU
HPSW\ EXW QRQHWKHOHVV H[LVWHQW $QG DOO WKHVH LPDJHV SHUVRQDO RU W\SLILHG LGHDV FDQ EH
VKDUHGWRR6FKXW]WDNHVWKHH[DPSOHRIVRPHRQH$ZKRFRQVWUXFWVDSLFWXUHRIKLVIULHQG
;ZKHQ KHWDONVDERXWKLPZLWK VRPHRQH HOVH%7KH LPDJHWKDW%JHWV;$%ZLOO EH
LQIRUPHG E\ $¶V GHVFULSWLRQV EXW GLIIHUHQW IURP KLV SLFWXUH ;$ 7KLV SURFHVV VHHPV
DQDORJXHWRZKDWKDSSHQVZKHQMRXUQDOLVWVLQIRUPWKHSXEOLF%XWWKHMRXUQDOLVW¶VSLFWXUHRI
ZKDWKHUHSRUWVRQZLOODOUHDG\EHPXFKPRUHDEVWUDFWDQGLQIOXHQFHGE\RWKHU¶VGHSLFWLRQV
EHIRUHKHSDVVHVRQKLVGHVFULSWLRQV,QVWHDGRIDSLFWXUH;$%WKHSHUVRQDWWHQGLQJWRWKHQHZV
LVPRUHOLNHO\WRJHWDSLFWXUH;$%&'(
FI6FKXW]
FILQWKLVWKHVLV
FI6FKXW]
FILQWKLVWKHVLV
FI6FKXW]I
7KHUHE\PRUHOHWWHUVDUHQRWOLNHO\WRPHDQPRUHGHWDLOVLQVWHDGSUREDEO\VRPHGHWDLOVZLOOEHORVWZLWKHYHU\
VWHSIXUWKHUIURP;¶VOLIHZRUOG
7KHHPRWLYHDVSHFWRIDEVWUDFWLQIRUPDWLRQ
5DQGDOO&ROOLQVSUHVHQWVLQKLVERRN,QWHUDFWLRQ5LWXDO&KDLQVDQHODERUDWHWKHRU\FRQFHUQLQJ
VSHFLDOW\SHVRIOLIHZRUOGLQWHUDFWLRQVZKLFKKHGHVFULEHVDVµULWXDOV¶(YHQWKRXJKLWLVQRW
SULPDULO\FRQFHUQHGZLWKGLVWDQFHHQFRXQWHUVRQHSDUWRIWKHWKHRU\LVUHOHYDQWWRWKLVWKHVLV
WKH SDUW DERXW FKDUJLQJ V\PEROV ZLWK HPRWLRQV DQG WKH SRVVLELOLW\ WR UHFLUFXODWH WKHVH
HPRWLRQV WKURXJK WKH XVH RI V\PEROV HYHQ WKURXJK DEVWUDFW PHGLD¶V XVH RI V\PEROV +H
DUJXHVWKDWWKHV\PEROV± ORDGHGZLWK VSHFLDOHPRWLRQV±FDQ EH VSUHDGDV LIUHODWHGDQG
EHFRPHSDUWRISHRSOH¶VLGHDVDERXWWKHREMHFWLQTXHVWLRQ&ROOLQVZULWHV³2QFHLQIXVHGZLWK
HPRWLRQV V\PEROV FDQ EH FLUFXODWHG WKURXJK QHWZRUNVRI FRQYHUVDWLRQ DQG LQWHUQDOL]HG DV
WKLQNLQJZLWKLQWKHLQGLYLGXDOVFLUFXLWVRIPLQG´+HDUJXHVWKDWWKHXVHRIV\PEROVFDQUH
DURXVHIHHOLQJV
,WKLQNKLVGHVFULSWLRQILWVDOVRZHOOWRWKHSURFHVVZKLFKFDQHYRNHHPRWLRQVLQDSHUVRQZKR
LVDWWHQGLQJWRDQHZVVWRU\HYHQWKRXJKWKHLQFLGHQWGHVFULEHGLVDOUHDG\RYHU³7KHVHRWKHU
WKLQJV>V\PEROV@DUHFRQVWDQWO\EULQJLQJWKHPWRPLQGDQGDURXVLQJWKHP>VHQWLPHQWV@LWLVDV
WKRXJKWKHFDXVHZKLFKH[FLWHGWKHPLQWKHILUVWSODFHFRQWLQXHGWRDFW´
&ROOLQVDOVRGLVFXVVHVWKHUROHRIWKHPHGLDDQGWKLQNVWKDWWKHUHDURXVLQJRIHPRWLRQVFRXOG
EHFDXVHGE\LWHYHQWKRXJKKHVD\VWKDWWKHQHZVPHGLDLV³IXUWKHURXWLQWKHV\PEROLF
FLUFXODWLRQ´
4XHVWLRQ 'RP\LQWHUYLHZSDUWLFLSDQWVIHHOWKLVHPRWLYHDVSHFWLVDUHOHYDQWLVVXH"
&ROOLQV GHILQLWLRQ RI µULWXDO¶ LV DOVR LQWHUHVWLQJ WR WKLV WKHVLV HYHQ WKRXJK LW LV PHDQW IRU
GHVFULELQJ ZKDW KDSSHQV GXULQJ OLIH ZRUOG HQFRXQWHUV ³ULWXDO LV D PHFKDQLVP RI PXWXDOO\
IRFXVVHGDWWHQWLRQSURGXFLQJDPRPHQWDULO\VKDUHGUHDOLW\´S7KHQHZVPHGLDFRXOGEH
VHHQ DV D FDVH RI LPDJLQLQJ D IRFXVVHG DWWHQWLRQ E\ IRU H[DPSOH µWKH JOREDO QHZV PHGLD
DXGLHQFH¶7KLVFRXOGFUHDWHWKHIHHOLQJRIDWWHQGLQJWRLQIRUPDWLRQFRQFHUQHGZLWKDµVKDUHG
UHDOLW\¶HYHQWKRXJKWKHUHFLSURFLW\FRXOGQRWDVGLUHFWO\EHFKHFNHG
4XHVWLRQ &RXOGWKHQHZVPHGLDEHDPHDQVRIHYRNLQJWKHIHHOLQJRILQKDELWLQJDVKDUHG
UHDOLW\RULVGLVWDQFHGFRPPXQLFDWLRQDIDFWRUIRUGHFUHDVLQJWKLVIHHOLQJ"
&ROOLQV[LL
&ROOLQV
&ROOLQV
FILQWKLVWKHVLV
FILQWKLVWKHVLV
5HSUHVHQWLQJUHDOLW\
6WXDUW +DOO¶V WKHRUHWLFDO LGHDV DERXW UHSUHVHQWDWLRQV GHDO ZLWK WKH ZD\ RFFXUUHQFHV LQ WKH
DFWXDO ZRUOG DUH GHSLFWHG ZKHQ WKH\ VKDOO EH FRPPXQLFDWHG +H VD\V WKDW ³WKLQJV µLQ
WKHPVHOYHV¶UDUHO\LIHYHUKDYHDQ\RQHVLQJOHIL[HGDQGXQFKDQJLQJPHDQLQJ´DQGWKDWLWLV
SHRSOHZKRDOORFDWHWKHVHWKLQJVDPHDQLQJ
+DOODUJXHVWKDWLQWHUQDOL]HGFRGHVDUHLQYROYHGLQHQFRGLQJDQGGHFRGLQJPHVVDJHVZKLFK
PHDQV ZKLOH XVLQJ UHSUHVHQWDWLRQDO VLJQ V\VWHPV WR FRPPXQLFDWH +H ZULWHV WKDW WKH
³XQFRQVFLRXVO\LQWHUQDOL]HGFRGHV´FDQIHHOQDWXUDOO\FRQQHFWHGWRWKHPRUHRQWRORJLFDOJLYHQ
HQWLWLHVWKDWWKH\DUHVXSSRVHGWRGHVFULEHLQDPHDQLQJIXOPDQQHUEHFDXVH³FRGHVIL[WKH
UHODWLRQVKLSEHWZHHQFRQFHSWVDQGVLJQV´
:KHQ FRPPXQLFDWLQJ D PHVVDJH RQH SUREDEO\ DLPV DW EHLQJ XQGHUVWRRG LQ WKH LQWHQGHG
PDQQHU7KHUHIRUHRQHFDQWU\WRJXLGHWKHUHFHLYHUVWRZDUGVDFHUWDLQZD\RIGHFRGLQJRQH¶V
PHVVDJH$OVRMRXUQDOLVWVRIWHQIDYRXUDZD\RILQWHUSUHWLQJWKHLUPHVVDJHZKHQSXEOLVKLQJD
VWRU\+DOOFDOOVWKDWWKH³SUHIHUUHGPHDQLQJ´+HGHVFULEHVWKHSURFHVVRIQDUURZLQJGRZQ
WKH SRVVLELOLWLHV RI LQWHUSUHWDWLRQ ZKHQ KH GLVFXVVHV KRZ GLVSOD\HG LWHPV LQ PXVHXPV DUH
SUHVHQWHGWRWKHYLVLWRUVSHRSOHGHFRGLQJPHVVDJHV+HVD\VWKDWWKHZD\WKHSUHVHQWDWLRQLV
FRQGXFWHGZLOO³GLUHFWWKHYLVLWRUWRZDUGVFHUWDLQLQWHUSUHWDWLRQVDQGXQGHUVWDQGLQJV´
4XHVWLRQ :KDWWKRXJKWVLIDQ\GRP\LQWHUYLHZSDUWLFLSDQWVKDYHDERXWKRZHYHQWVDUH
GHSLFWHGLQWKHQHZVPHGLD"
,QWHUSUHWDWLRQRIWKHLQWHUYLHZSDUWLFLSDQW¶VSHUVSHFWLYHV
, KDYH SUHVHQWHG D WKHRUHWLFDO IUDPHZRUN ZLWK WKH KHOS RI ZKLFK RQH FRXOG GHVFULEH ZKDW
KDSSHQVZKLOHDWWHQGLQJWRWKHQHZV7KDWLVRQHLQWHUQDOL]HVSDUWVRIDSURFHVVHGUHDOLW\WKDW
DUH DVVRFLDWHG ZLWK HPRWLRQV , ZRUN IURP WKH DVVXPSWLRQ WKDW LW LV LPSRVVLEOH WR GHSLFW
µUHDOLW\¶ZLWKRXWDWWULEXWLQJPHDQLQJWRWKHFKRVHQSDUWVWKURXJKWKHVLJQV\VWHPVDWXVH7KLV
LQWHUQDOL]DWLRQDVDSKHQRPHQRQLVDQRUPDODVSHFWRIDKXPDQEHLQJVHQWHUSULVHRIPDNLQJ
H[SHULHQFHVLQWKHZRUOGDQGEXLOGLQJXSLGHDVDERXWWKHREMHFWVDQGVXEMHFWVKHPHHWVRQKLV
ZD\WKURXJKOLIH7KHUHIRUHZKDWLVLQWHUQDOL]HGZLOODOZD\VGHSHQGRQWKHVRFLDOZRUOGRQH
OLYHVLQWKHV\PEROLFXQLYHUVH7KHQHZVPHGLDLVSDUWRIWKLVVRFLDOLQIOXHQFHRQRQH¶VLGHDV
DERXWUHDOLW\ 7KH LGHDV FRXOG EH EDFNHG E\ SHUVRQDO OLIHZRUOG H[SHULHQFHV RU EH EURXJKW
DERXWE\LQIRUPDWLRQDERXWWKHSRWHQWLDOZRUOGRQO\
FI+DOO
+DOO
+DOO
+DOO
FILQWKLVWKHVLV
1RZ,ZDQWWRWU\WRGHSLFWWHQDFWXDOSHUVRQV¶LGHDVDERXWWKHLUUHODWLRQWRZDUGVWKHQHZV
PHGLD+RZZLOOWKH\UHODWHWRWKHµUHDOLW\¶WKH\DWWHQGWR":LOOWKH\GHVFULEHLWLQUHODWLYH
WHUPV"
$V PHQWLRQHG , ZLOO DOVR WU\ WR JLYH VKDSH WR LGHDO W\SHV WKDW , VHH µVKLQLQJ WKURXJK¶ WKH
DPDVVHGGDWDRIFROOHFWHGSRLQWVRIYLHZV
([SODLQLQJWKHQHZV
³7KHQHZVLVMXVWDGHVFULSWLRQRIDQHYHQWWKDWKDSSHQHGDQGWKDWVRPHERG\GHFLGHG ZDV
LPSRUWDQWHQRXJKWRWHOORWKHUSHRSOHDERXW´.12:
$IWHU WDONLQJ DERXW WKHLU VSHFLILF ZD\ RI XVLQJ WKH QHZV PHGLD , DVNHG P\ LQWHUYLHZ
SDUWLFLSDQWV WR H[SODLQ WR PH ZKDW µWKH QHZV¶ LV :KHQ DQVZHULQJ WKH\ HPSKDVL]HG
GLIIHUHQWDVSHFWVWKHHYHQWVUHSRUWHGRQWKHSURFHVVLQJRILQIRUPDWLRQLQWRQHZVIHDWXUHVRU
WKHH[SHFWDWLRQVRIWKHDXGLHQFH
7KHVHDUHWKHNH\ZRUGVWKHLQWHUYLHZSDUWLFLSDQWVXVHGZKLOHDWWHPSWLQJWRH[SODLQZKDWWKH
QHZVLVDVDSKHQRPHQRQ
(YHQWKRXJKWKHSDUWLFLSDQWVVKRZHG±GXULQJWKHFDXVHRIWKH LQWHUYLHZV±WKDWWKH\ KDYH
VRPHWLPHVHODERUDWHLGHDVDERXWDOOWKRVHDVSHFWVVRPHRIWKHPIRFXVVHGRQVSHFLILFSDUWV
ZKLOH GHILQLQJ WKH QHZV , ZDQW WR DUJXH WKDW WKRVH SDUWV DUH RI JUHDWHU LPSRUWDQFH WR WKH
SHUVRQ¶V ZD\ RI UHODWLQJ WR KLV SRWHQWLDO ZRUOG XQGHUVWDQGLQJ RI WKH QHZV DV LQVWLWXWLRQ
SURYLGLQJDEVWUDFWLQIRUPDWLRQ
7KHPDGHXSQDPHVRIWKHLQWHUYLHZSDUWLFLSDQWVDUHFKRVHQGXHWRWKHRYHUDOOLPSUHVVLRQ,JRWIURPWKHPVHH
IRU$WWDFKHPHQWB(
VHH$WWDFKPHQWB%
HYHQWV SURFHVVLQJ DXGLHQFH
³FXUUHQWHYHQWV´
³DQHYHQWWKDWKDSSHQHG´
³DSLHFHRILQIRUPDWLRQ´
³WKHPRVWELJQHZV´
³DFFXPXODWLRQ RI
LQIRUPDWLRQ´
³GHVFULSWLRQRIDQHYHQW´
³GHHPHGLPSRUWDQWRUQRWHZRUWK\´
³VHUYHDVVWUDLJKWLQIRUPDWLRQRUWU\
DQGWKURZLQVRPHLGHRORJ\´
³GHFLGHGZDVLPSRUWDQWHQRXJK´
³VRPHRQHLQYHVWLJDWLQJDQGRXWOLQLQJ´
³KRSHIXOO\ZLWKRXWDQDJHQGD´
³SHRSOH¶VZD\RILQIRUPLQJWKHSXEOLF´
³PDNLQJLWHDVLHUWRXQGHUVWDQG´
³HYHU\WKLQJ WKDW DIIHFWV \RXU
OLIH´
³WKH ZD\ WKDW SHRSOH JHW
LQIRUPHG´
³DVRXUFHRILQIRUPDWLRQ´
³DQ\WKLQJ WKDW LV LPSRUWDQW WR
SHRSOH´
7DEOH$NH\ZRUGVIRUGHILQLQJWKHQHZV
7KDWWKHQHZVLVGHVFULEHGDVEHLQJDERXWFXUUHQWHYHQWVRUDSRVVLELOLW\RIJHWWLQJLQIRUPHGLV
REYLRXVO\QRWVXUSULVLQJ1HYHUWKHOHVV,ZDQWWRFRPSDUHVRPHVWDWHPHQWVLQRUGHUWRSRLQW
RXW VRPH GLIIHUHQFHV LQ WKH QXDQFHV 7KH VWDWHPHQWV , ZDQW WR FRPSDUH DUH IURP $&&6
6&(3623+$87+DQG&200
$&&61HZVDUH/HW¶VVD\LW¶VDSLHFHRILQIRUPDWLRQWKDWWDONVDERXWFXUUHQWDIIDLUV
6RPHWKLQJWKDWLVQHZQRYHOWKDWMXVWKDSSHQHG<DWKLVLVQHZV
$&&6¶VGHILQLWLRQLVFOHDUO\IRFXVVHGRQWKHDFWXDOHYHQWWKDWFRPHVWREHDSLHFHRIQHZV
7KDWWKH HYHQW ZLOO EH FRPPXQLFDWHG WR KLP DQG UHFHLYHG E\ KLP LV RI OHVVHU LPSRUWDQFH
$&&6¶VUHODWLRQWRWKHQHZVPHGLDLHSRWHQWLDOZRUOGLVPDUNHGE\LQWHUHVWLQWKHSUHVHQWHG
LQIRUPDWLRQ
6&(3:KDW">ODXJKV.12:ODXJKV@:KDWWKHQHZVLV",W¶VDELJTXHVWLRQ:HOOWKH
QHZV LV EDVLFDOO\ DQ DFFXPXODWLRQ RI LQIRUPDWLRQ FRYHULQJ D ZLGH UDQJH RI WRSLFV
SROLWLFVVFLHQFHWHFKQRORJ\HQWHUWDLQPHQWEXVLQHVV%DVLFDOO\HYHU\WKLQJWKDWDIIHFWV
\RXU OLIH DQG WKDW¶V GHHPHG LPSRUWDQW RU QRWHZRUWK\ 7KH\ FDQ HLWKHU VHUYH LW DV
VWUDLJKWLQIRUPDWLRQSUHVHQWDWLRQRUWU\DQGWKURZLQVRPHLGHRORJ\SROLWLFDOEHOLHIV
6&(3 PHQWLRQV DOO WKUHH DVSHFWV HYHQW SURFHVVLQJ DXGLHQFH LQ KLV H[SODQDWLRQ +LV
H[SODQDWLRQ FRQWDLQV D ORW RI GHWDLOV +H VWDUWV ZLWK WKH µHYHQW¶DVSHFW IRFXVVLQJ RQ LWV
EHFRPLQJ³LQIRUPDWLRQ´ZKHQFDWHJRUL]HGLQWRVSHFLILFQHZVJHQUHV7KHQKHSRLQWVRXWWKDW
LWLVDERXWVRPHWKLQJWKDW³DIIHFWV\RXUOLIH´ZKLFKPHDQVKHVHHVDGLUHFWFRQQHFWLRQWRWKH
DXGLHQFH%XWWKHQKHDGGVWKDWVRPHRQHKDVWRFKRRVHWRPDNHWKHHYHQWDSDUWRIWKHQHZV
7KHUHE\KHVKLIWVWRWKHSHUVRQDOSURQRXQ³WKH\´DQGSRLQWVRXWWKDWWKHSHRSOHSUHSDULQJDQG
SUHVHQWLQJWKHQHZVKDYHWKHRSSRUWXQLW\WRLPSDFWWKHZD\WKHLVVXHVDWKDQGDUHUHSUHVHQWHG
6&(3¶VUHODWLRQWRWKHQHZVLVPXOWLOD\HUHG
623++RZZRXOG,H[SODLQ"2ND\,KDYHWRWKLQNDERXWWKLV<RXDVNHGPH
ZKDWWKHQHZVLV,W¶VDVRXUFHRILQIRUPDWLRQ
623+GHHPVWKHQHZVDVRQHVRXUFHRILQIRUPDWLRQDUDWKHULUUHOHYDQWRQHWRKLP,ZDQWWR
DGG +H KDV GHFLGHG WR WDNH DGYDQWDJH RI RWKHU VRXUFHV RI LQIRUPDWLRQ LQ RUGHU WR UHODWH
KLPVHOIWRKLVVXUURXQGLQJZRUOGDQGWRIRUPRSLQLRQVDERXWGLIIHUHQWSKHQRPHQD623+KDV
DGLVWDQFHGUHODWLRQWRWKHQHZVPHGLD
$87+ 'HVFULEH ZKDW QHZV LV $QG ZK\ , ZDWFK LW" 1HZV LV KRSHIXOO\ D
VRPHRQHUHSRUWLQJDQGVRPHRQHLQYHVWLJDWLQJDQGRXWOLQLQJDSDUWLFXODUSKHQRPHQRQ
RU VRPHWKLQJ DQ RFFXUUHQFH LQ WKH ZRUOG +RSHIXOO\ DQ XQVODQWHG SRLQW RI YLHZ
ZLWKRXWDQDJHQGDWKH\WU\WRMXVWUHSRUWVRPHWKLQJWKDWKDVRFFXUUHGWKDWFRXOGEH
SHUFHLYHG>WKHUHVW@LVNHSWWRWKHSHUVRQZKRLVUHDGLQJRUZDWFKLQJRUOLVWHQLQJWR
WKHQHZV
$87+¶VGHVFULSWLRQRIWKHQHZVIRFXVHVRQWKHµSURFHVVLQJ¶DVSHFW+HH[SODLQVWRPHWKDWDQ
³RFFXUUHQFHLQWKHZRUOG´ZLOOKDYHWREHLQYHVWLJDWHGDQGRXWOLQHGLQRUGHUWREHUHSUHVHQWHG
WRWKHDXGLHQFH+HSXWVVRPHSUHVVXUHRQWKHLGHDWKDWWKHUHSRUWLQJVKRXOGEHDVQHXWUDODV
SRVVLEOH 7KDW KH WKLQNV ZRXOG PDNH LW HDVLHU WR WKH DWWHQGLQJ SHUVRQ WR IRUP KLV RZQ
RSLQLRQDERXWWKHLVVXHSRWHQWLDOZRUOG$87+¶VUHODWLRQWRZDUGVWKHQHZVPHGLDLVPDUNHG
E\VFHSWLFLVPDERXWWKHSRVVLELOLW\RIVWHHULQJSHRSOH¶VLGHDVDERXWWKHSUHVHQWHGRFFXUUHQFHV
&200 2ND\ , WKLQN WKH QHZV 7KDW¶V D WRXJK TXHVWLRQ , WKLQN WKH QHZV LV
DQ\WKLQJ WKDW LV LPSRUWDQW WR PDQ\ SHRSOH 6RPHWKLQJ WKDW LV KDSSHQLQJ QRZ OLNH
FXUUHQWDIIDLUV6ROHW¶VVD\WKHUHLVDQHDUWKTXDNHRUPD\EHVRPHFULPHVRPHZKHUH
7KHQLW¶VLPSRUWDQWWRWKHFRPPXQLW\RULW¶VLPSRUWDQWWRSHRSOH6RWKDW¶VZK\LW¶V
QHZVDQGWKDW¶VZK\SHRSOHILQGLWLPSRUWDQW
&200¶V GHVFULSWLRQ RI ZKDW WKH QHZV LV IRFXVHV RQ WKH DXGLHQFH¶V SHUVSHFWLYH 7KH
LQVWLWXWLRQIURPKLVSRLQWRIYLHZLVVXSSRVHGWRGHSLFWFXUUHQWHYHQWVWKDWDUH³LPSRUWDQWWR
PDQ\SHRSOH´7KHHPSKDVLVOLHVRQWKHZRUG³LPSRUWDQW´ZKLFKLPSOLHVWKDWQHZVVKRXOG
KDYHDUHOHYDQWFRQQHFWLRQWRDORWRISHRSOH¶VOLYHV&200¶VUHODWLRQWRZDUGVWKHQHZV
PHGLDLVPDUNHGE\DQH[SHFWDWLRQRIUHOHYDQFHFORVHQHVVWROLIHZRUOG
7DEOH%LGHDOW\SHVRIDXGLHQFHUHODWLRQVWRQHZVPHGLD
7KH WKUHH OLWWOH DUURZV DUH VXSSRVHG WR SUHVHQW SRVVLEOH LGHDO W\SHV FRQFHUQLQJ UHODWLRQV
WRZDUGV WKH QHZV PHGLD 2QH FRXOG LPDJLQH D SHUVRQ ZKR LV RQO\ LQWHUHVWHG LQ WKH
LQIRUPDWLRQDERXWWKHHYHQWV,7LQWKHSURFHVVLQJ,7RULQKRZWKHLQIRUPDWLRQUHODWHV
WRKLVSHUVRQDOOLIH,7)XUWKHUPRUHRQHFDQLPDJLQHDQLGHDOW\SHPLUURULQJLQWHUHVWLQDOO
WKHWKUHHDVSHFWVWRWKHVDPHH[WHQW,7RURQHLQGLFDWLQJMXVWJHQHUDOO\DZDUHQHVVRIWKH
SKHQRPHQRQµQHZV¶LQDUDWKHUGLVWDQWPDQQHU,7$QLGHDOW\SHRIDQ\RWKHUFRPELQDWLRQ
ZRXOG EH FRQFHLYDEOH IRU H[DPSOH WZR DUURZV SRLQWLQJ WR µHYHQW¶ DQG RQH DUURZ WR
µDXGLHQFH¶WZRDUURZVSRLQWLQJWRµSURFHVVLQJ¶DQGRQHDUURZWRµDXGLHQFH¶DQGVRIRUWK
,Q SUDFWLFH LW LV RI FRXUVH YHU\ OLNHO\ WKDW DQ\ RQH SHUVRQ DWWHQGLQJ WR WKH QHZV ZLOO EH
LQWHUHVWHGLQWKHFRQWHQWVRIWKHQHZVWRVRPHH[WHQWZKDWKDSSHQVLQWKHSRWHQWLDOZRUOG
7KHLGHDOW\SHVDUHVXSSRVHGWRVKHGVRPHOLJKWRQWKHSRVVLEOHPLQGVHWVRQHFRXOGEHLQ
ZKLOHJDWKHULQJLQIRUPDWLRQIURPWKHQHZVPHGLD
5HDVRQVIRUDWWHQGLQJWRWKHQHZV
³$QG LW MXVW KHOSV PH EDVLFDOO\ XQGHUVWDQG HYHU\RQH DQG HYHU\WKLQJ DURXQG PH D OLWWOH
EHWWHU´6&(3
7KHUHDUHSUREDEO\DVPDQ\UHDVRQVIRUSD\LQJDWWHQWLRQWRWKHQHZVDVWKHUHDUHSHRSOHGRLQJ
LW%XW,WKLQNVRPHLGHDOW\SLFDOO\WHQGHQFLHVFDQEHORFDWHG
7DNLQJ LQWR DFFRXQW WKH ULVN IRU RYHUW\SLILFDWLRQ , ZDQW WR FDOO WKH LGHDOL]HG PRWLYDWLRQDO
IDFWRUV WKH µ,¶UHDVRQV µ:H¶UHDVRQV DQG µ7KH\¶UHDVRQV 7KH µ,¶UHDVRQV DUH PDUNHG E\ D
PRWLYDWLRQWRILQGRXWDERXWWKLQJVWKDWFRXOGDIIHFWWKHQHZVJDWKHUHUSHUVRQDOO\7KHµ:H¶
UHDVRQVDUHPRUHDERXWEHLQJLQIRUPHGDERXWRFFXUUHQFHVFRQFHUQLQJVRFLDOJURXSVRQHLVSDUW
RI7KHPRWLYDWLRQWRJDWKHUQHZVLVWKHIHHOLQJWKDWLWPDNHVDGLIIHUHQFHKRZZHOOLQIRUPHG
RQH LV ZKHQ WU\LQJ WR RU DFWXDOO\ LPSDFWLQJ WKH GHYHORSPHQW RI DQ LVVXH DW KDQG
LPSOLFDWLRQV IRU OLIHZRUOG 7KH µ7KH\¶UHDVRQV DUH FRQFHUQHG ZLWK OHDUQLQJ DERXW RWKHU
SHRSOHDQGWKHLUOLIH¶VFLUFXPVWDQFHV7KHSXUSRVHIRUWU\LQJWRXQGHUVWDQGµWKHP¶FRXOGHLWKHU
EHWR³HGXFDWH´RQHVHOIRUWREHEHWWHUSUHSDUHGWRLQWHUDFWZLWKµWKHRWKHU¶
µ,¶UHDVRQV µ7KH\¶UHDVRQV µ:H¶UHDVRQV
)RFXVRULHQWDWLRQ )RFXVHGXFDWLRQ )RFXVLQWHUDFWLRQ
$LP .QRZLQJ DERXW
WKH UHODWLRQ WR ZKDW
NLQG RI ZRUOG DQG
HIIHFWVRQVHOI
$LP3UHSDULQJRQHVHOIWRLQWHUDFWVXIILFLHQWO\ $LP 6HHLQJ SRVVLELOLWLHV WR
DFKLHYH VRPHWKLQJ FRQFHUQLQJ
VRFLDOLVVXHV 7DEOH&LGHDOW\SHVRIUHDVRQVIRUDWWHQGLQJWRWKHQHZV
)RU WKLV TXHVWLRQ , ZDQW WR FRPSDUH WKH VWDWHPHQWV RI $&&6 +23( &+$1 +$33 DQG
&200
+23( ,WKLQN PD\EH , FDUH DERXWWKH WKLQJV KDSSHQLQJ DURXQG PH <HV , VKRXOG
NQRZ WKH WKLQJV KDSSHQLQJ DURXQG PH ZKDW WKLQJV KDSSHQHG :LOO WKH\ KDYH D
UHODWLRQVKLSZLWKPHRUZLOOLWHIIHFWPH<D,WKLQNLW¶VLPSRUWDQW
+23(WHOOVPHDERXWKHU³,´UHDVRQV6KHZDQWVWRNQRZDERXWWKLQJVKDSSHQLQJDURXQGKHU
6KHHPSKDVL]HVWKDWVKHWKLQNVLWLVLPSRUWDQWWRKHUWRNQRZZKDWFRXOGDIIHFWKHUSHUVRQDOO\
&+$1,ZDWFKLWEHFDXVH,EHOLHYHWKDWSHRSOHVKRXOGEHLQIRUPHGRIZKDW¶VJRLQJ
RQLQWKHLUFRXQWULHVDQGLQWKHZRUOGWREHDEOHWRKDYHDPRUHLQIRUPDWLYHRSLQLRQ
DQGPRUHFLYLFFXOWXUH
&+$1XQGHUOLQHVWKHµ:H¶UHDVRQV6KHILQGVLWLPSRUWDQWIRUSHRSOHWREHZHOOLQIRUPHGDQG
WRKDYHHODERUDWHRSLQLRQVDERXWWKHLVVXHVFRQFHUQLQJWKHP7RKDYHD³FLYLFFXOWXUH´PHDQV
WRWU\DQGEHSDUWRIWKHGHYHORSPHQWRIDSROLWLFDOO\LQIRUPHGDQGDFWLYHFLWL]HQU\7R&+$1
EHLQJLQIRUPHGLVWKHIRXQGDWLRQIRUSDUWLFLSDWLRQ
$&&6,WKLQN,QWKLVZRUOGWKHPRUH\RXNQRZDERXWSHRSOHDERXWWKLQJVDERXW
FRXQWULHVDERXWHYHQWVWKHEHWWHURII\RXDUH3UHSDUHGWRWDNHXSFKDOOHQJHV«,I
LQDGLVFXVVLRQRULQDGHEDWHRQDSDUWLFXODULVVXH,NQRZYHU\OLWWOHDERXWZK\RU
ZKDW (XURSHDQV WKLQN DERXWWKDW LVVXH 2EYLRXVO\ P\ DUJXPHQWV ZLOO MXVW EH RQH
VLGHG 7KHUH LV QR ZD\ , ZLOO XQGHUVWDQG WKH RWKHU RQH 7KHUH LV QR ZD\ , ZLOO
DSSUHFLDWHRWKHUSHUVRQ¶VRSLQLRQVEHFDXVH,GRQ¶WNQRZDERXWLW
,Q$&&6¶VVWDWHPHQWV,VHHWKHHPSKDVLVRQWKHµ7KH\¶UHDVRQV+HWKLQNVWKDWNQRZOHGJH
DERXWRWKHUSHRSOHKHOSVZKHQZDQWLQJWREULQJDERXWDFRQVWUXFWLYHGLVFXVVLRQ+HDUJXHV
WKDWWKHDZDUHQHVVDQGH[DPLQDWLRQRIWKHRWKHURQH¶VSRLQWRIYLHZSULRUWRWKHLQWHUDFWLRQ ZLOO LQFUHDVHWKHXQGHUVWDQGLQJ IRUDQGDSSUHFLDWLRQRIWKHFRXQWHUSDUWGXULQJDGLVFXVVLRQ
7KDWKHSKUDVHVWKDWRQHZLOOEH³SUHSDUHGWRWDNHXSFKDOOHQJHV´SRLQWVWRWKHZLOOLQJQHVVWR
WDNHDQDFWLYHVWDQGDQGWRLPSDFWLVVXHVDWKDQG7KLVOHDGVPHWRWKHLGHDWKDWLQWHUHVWLQDQG
XQGHUVWDQGLQJ IRU µWKH RWKHU¶ ZLOO HQFRXUDJH LQWHUDFWLRQ 7KLV LQFUHDVHV WKH FKDQFHV RI
WUDQVIRUPLQJDQµ,¶DQGDµ7KH\¶LQWRDµ:H¶ZKLFKLQWXUQLQFUHDVHVWKHSRVVLELOLW\RIWDNLQJ
MRLQWDFWLRQ7KLVWKRXJKWLVVWUHQJWKHQHGE\$&&6¶VGHVFULSWLRQRIZKDWZLOOKDSSHQLIRQHLV
QRWLQWHUHVWHGLQµWKHRWKHU¶DQGGRHVQRWWU\WRLPSURYHRQH¶VSLFWXUHVRIµWKHRWKHU¶LGHDO
W\SHVE\DGGLQJPRUHDQGPRUHGHWDLOV+HVD\V³7KHQ\RXVWDUWWRVWHUHRW\SHDQGWKHQ\RX
WDNH \RXU GLVSHQVHV DQG WKHQ \RX REYLRXVO\ DFKLHYH YHU\ OLWWOH´ +H GHVFULEHV EHLQJ
XQLQIRUPHGDVEHLQJFRXQWHUSURGXFWLYHLQDQLQWHUDFWLRQ
&2000D\EH,¶PDWDVWDJHDSDUWRIP\OLIHZKHUHDZDQWWROHDUQZKHUH,ZDQW
WRLPSURYHP\VHOI$QG,ILQGLI,UHDGWKHQHZVRULI,OHDUQDERXWWKHZRUOGWKHQ,
IHHOOLNH,¶PHGXFDWLQJP\VHOI2U,¶P,GRQ¶WNQRZ,WJLYHVP\OLIHDPHDQLQJ,
WKLQN>ODXJKV@
,ZRXOGLQWHUSUHW&200¶VVWDWHPHQWLQDVLPLODUOLJKWVLQFHKHXVHVZKDWKHOHDUQVYLDWKH
QHZVPHGLDWRH[FKDQJHLGHDVZLWKRWKHUSHRSOH%XWKHSXWVPRUHSUHVVXUHRQWKHLGHDWKDW
NQRZOHGJHDERXWRWKHUSHRSOHRU³WKHZRUOG´OHDGVWRFKDQJHVLQKLPVHOI+HGHVFULEHVWKLV
FKDQJHDV³LPSURYLQJ´DQG³HGXFDWLQJ´DQGKHHYHQVD\VWKDWOHDUQLQJDERXWWKHZRUOGJLYHV
KLVOLIH³DPHDQLQJ´+HODXJKVDWWKLVVWDWHPHQWEXW,GRQ¶WWKLQNLWZDVPHDQWDVDMRNH,
WKLQNWKLVODXJKLQJLQGLFDWHVWKHUHDOL]DWLRQWKDWLWLVGLIILFXOWWRQDPHWKHIHHOLQJDGMXVWLQJ
RQHVHOIWRDEURDGHQHGUHDOLW\YLHZ
+$33,WKLQNLW¶VLPSRUWDQWWREH:KDW¶VWKHZRUG,¶PORRNLQJIRU"7REHHGXFDWHG
DERXW ZKDW¶V JRLQJ RQ LQ WKH ZRUOG +RZ LW¶V UHODWHG WR RWKHU WKLQJV WKDW DUH
KDSSHQLQJ(VSHFLDOO\LQUHJDUGVWRSROLWLFV/LNHLIWKHUHLVDQHOHFWLRQJRLQJRQRULI
WKHUHLVDQHZOHDGHURUVRPHWKLQJOLNHWKDW7KHQHZVJLYHV\RXUHDOO\DJRRGVRXUFH
RILQIRUPDWLRQDERXWWKRVHWKLQJVDQGWKHQ\RXFDQXVHWKDWWR\RXUDGYDQWDJHDVIDU
DVZKR\RX¶UHYRWLQJIRURUZKDWHYHU$QGWKHQRWKHUZLVH,WKLQNLW¶VMXVWJRRGWR
NQRZZKDW¶VKDSSHQLQJ<RXGRQ¶WIHHOVRLVRODWHGDQG\RXFDQOHDUQDORW
+$33¶VVWDWHPHQWSRLQWVWRVHYHUDOUHDVRQVZK\VKHLVDWWHQGLQJWRWKHQHZV6KHZDQWVWREH
LQIRUPHGWRXVHWKHLQIRUPDWLRQVKHJHWVDQGNQRZLQJDERXWZKDWLVKDSSHQLQJPDNHVKHU
IHHOFRQQHFWHGWRWKHVXUURXQGLQJZRUOG,ZRXOGDUJXHWKDWWKHµ,¶DQGWKHµ7KH\¶UHDVRQV
SUHYDLO+$33VHHVWKHQHZVDV³JRRGVRXUFHRILQIRUPDWLRQ´IURPZKLFKVKHFDQ³OHDUQD
ORW´ DQG ³EH HGXFDWHG´ 7KLV LV VLPLODU WR RWKHU SDUWLFLSDQW¶V VWDWHPHQWV DERXW ZDQWLQJ WR
XQGHUVWDQG µRWKHU SHRSOH¶ %XW VKH DOVR VD\V RQH FDQ XVH LQIRUPDWLRQ WR RQH¶V DGYDQWDJH