0DFURELRWLFV

$Q,QYLWDWLRQWR
+HDOWKDQG
+DSSLQHVV
*HRUJH2KVDZD
(GLWHGDQG$SSHQGHGE\+HUPDQ$LKDUD

*HRUJH2KVDZD0DFURELRWLF)RXQGDWLRQ
&KLFR&DOLIRUQLD
2WKHUERRNVE\*HRUJH2KVDZDLQ(QJOLVKLQFOXGH7KH$UWRI3HDFH
&DQFHUDQGWKH3KLORVRSK\RIWKH)DU(DVW(VVHQWLDO2KVDZD*DQGKL
WKH(WHUQDO<RXWK-DFNDQG0LWLH0DFURELRWLF*XLGHERRNIRU/LYLQJ
2UGHURIWKH8QLYHUVH3KLORVRSK\RI2ULHQWDO0HGLFLQH7KH8QLTXH
3ULQFLSOH <RX $UH $OO 6DQSDNX DQG =HQ 0DFURELRWLFV &RQWDFW WKH
SXEOLVKHUDWWKHDGGUHVVEHORZIRUDFRPSOHWHOLVWRIDYDLODEOHWLWOHV

&RYHUGHVLJQE\&DUO&DPSEHOO
7H[WOD\RXWDQGGHVLJQE\&DUO)HUUp
.H\ERDUGLQJE\$OLFH6DOLQHUR

)LUVW(GLWLRQ  

‹FRS\ULJKWE\
*HRUJH2KVDZD0DFURELRWLF)RXQGDWLRQ
32%R[&KLFR&DOLIRUQLD
ID[JRPI#HDUWKOLQNQHW

,6%1
 &RQWHQWV

$1,19,7$7,2172+($/7+$1'+$33,1(66
  3UHIDFH
 , :KDWLV+DSSLQHVV
 ,, -XGJPHQWDQG+HDOWK
,,, 6HYHQ&RQGLWLRQVRI+HDOWK
 ,9 )RRGVIRU+HDOWK +DSSLQHVV
 9 +RZWR(DW
9, 0DFURELRWLF([WHUQDO7UHDWPHQW

$33(1',;E\+HUPDQ$LKDUD
 $ +LVWRU\RI0DFURELRWLFV
 % :DUQLQJWKH5HVSHFWWR'LHW1R
 & +RZWR6WDUWD0DFURELRWLF'LHW
 ' 0DFURELRWLF&RRNLQJ
 ( 5HFLSHV&RUQHOOLD$LKDUD
 ) 'RHVWKH0DFURELRWLF'LHW6XSSO\(QRXJK3URWHLQ
 * 9LWDPLQV
 + &RQFOXVLRQ
  (LJKW0DFURELRWLF3ULQFLSOHV
  7KH8QLI\LQJ3ULQFLSOH
  7KH2UGHURIWKH8QLYHUVH
  $XWKRU


 3UHIDFH

2ULHQWDOVFLHQFHDQGSKLORVRSK\DUHSUDFWLFDODQGXVHIXO7KHODWWHU
LV0DFURELRWLFVZKLFK,DPJRLQJWRLQWURGXFHWR\RXLQWKLVERRN
7KHIRUPHULVSK\VLRJQRP\RIZKLFK,ZLOOWHDFK\RXVRWKDW\RXFDQ
JUDVSZKDW2ULHQWDOVFLHQFHLV2ULHQWDOVFLHQFHLQFOXGHVPHGLFLQH
EDVHG RQ WKH REVHUYDWLRQ RI SKHQRPHQD 'HGXFWLRQ RI WKH WKHRU\
KRZHYHULVEDVHGRQDSULQFLSOHRIOLIHRUWKH2UGHURIWKH8QLYHUVH
<LQDQG<DQJ%\XVLQJWKH<LQ<DQJSULQFLSOHHDFKVFLHQFHRUSKL
ORVRSK\FDQUHODWHWRSUDFWLFDOGDLO\OLIHDQGZLOOQRWORVHWKHLUZD\
LQWRDQDO\WLFDOVHFWLRQDOLVPDQGDFDGHPLFNQRZOHGJH
:HVWHUQVFLHQFHKDVDOVRWULHGWRVWDUWHVWDEOLVKLQJKDSSLQHVVLQ
0DQ'XHWRWKHODFNRIWKHIXQGDPHQWDOOLIHSULQFLSOHKRZHYHULW
KDV UHDFKHG FRQIXVLRQ LQ WU\LQJ WR VROYH PDQ\ SUREOHPV²FDQFHU
KHDUW GLVHDVHV PHQWDO GLVHDVHV GLDEHWHV GUXJ XVH DERUWLRQ ELUWK
FRQWURODOOHUJ\FULPHVRFLDOGLVRUGHUVSROOXWLRQRYHUSRSXODWLRQ
SRYHUW\HWF
:KDWHYHUSUREOHPVZHZDQWWRVROYHZHVKRXOGVWDUWZLWKRXU
VHOYHV7KLVLVWKH2ULHQWDODSSURDFK$KDSS\VRFLHW\PXVWEHEXLOW
RQKDSS\LQGLYLGXDOV(YHU\RQH¶VKDSSLQHVVGHSHQGVRQKLVKHDOWK
2QH¶V KHDOWK LV KLV SK\VLFDO FRQVWLWXWLRQ DQG FRQGLWLRQ ZKLFK DUH
PDQLIHVWHGLQKLVIDFHH\HVQRVHHDUVKDLUHWF
2ULHQWDOSK\VLRJQRP\LVEDVHGRQELRORJ\SK\VLRORJ\DQGHP
EU\RORJ\,WLVXVHIXODQGDPD]LQJ,WWHOOVRQH¶VIDWHE\KLVIDFHDQG
ERQHVWUXFWXUH0DFURELRWLFVWHDFKHVWKHPHFKDQLVPRIVXFKSK\VL
FDOIRUPDWLRQV7KHUHIRUHRQHFDQFUHDWHSK\VLFDOKDSSLQHVVDVZHOO
DVFKDQJHSRRUKHDOWKWRJRRG
0DQLVDIUHHDQLPDOZKRFDQFKDQJHKLVIDWH0DFURELRWLFVLV

 0DFURELRWLFV$Q,QYLWDWLRQWR+HDOWKDQG+DSSLQHVV

D WHDFKLQJ RI WKH ZD\ RI WKLV FKDQJH +H ZKR GRHVQ¶W NQRZ KRZ
WRFKDQJHPXVWUHPDLQDVODYHWRPRQH\WRDMREDPDQZKROLYHV
OLIHPRQRWRQRXVO\DQGPHFKDQLFDOO\DQGGHSHQGVROHO\RQIDPHDQG
VWDWXV,I\RXZDQWWREHIUHHIURPVXFKGHSHQGHQF\\RXPXVWEH
KHDOWK\¿UVW7KLVERRNLVIRUSHRSOHZKRVHDLPLVKHDOWKDQGKDSSL
QHVVE\DQGIRUKLPVHOI
)RUVXFKSHRSOHWKH2ULHQWDOSK\VLRJQRP\LVXVHIXO+HUHLVLWV
³VKRUWFXW´VHFUHW

,(DUV
2QHZKRVHHDUOREHLVODUJHZLOOKDYHDKDSSLHUOLIH2QHZKRVH
HDUOREHLVFOHDUFXWIURPKLVIDFHZLOOKDYHJRRGOXFNORQJHYLW\DQG
VHFXULW\LQOLIH2QHZKRGRHVQ¶WKDYHDQHDUOREHZLOOEHXQKDSS\
+DSSLQHVVLVRQHZKRKDVHDUVZKLFKDUHÀDWDJDLQVWWKHVLGHRIKLV
IDFHVRWKDWWKH\FDQUDUHO\EHVHHQIURPWKHIURQW8QKDSSLQHVVLV
RQHZKRVHHDUVDUHZLGHOLNHDUDEELW

(\HV
$PDQEHFRPHVKDSSLHUZKHQKHKDVVPDOODQGWKLQH\HVOLNHD
VOLW$ZRPDQEHFRPHVKDSSLHUZKHQVKHKDVVPDOOEXWURXQGH\HV
DQGEULJKWO\RSHQHG([WUXGLQJH\HVDUHDV\PSWRPRIDZHDNKHDUW
6XFKH\HVDUHDVLJQRILUUHJXODUPHQVWUXDWLRQLQZRPHQ7KH\IRUH
WHOODGLI¿FXOWOLIHIRUHLWKHUPDQRUZRPDQ

6DQSDNX(\HV
2EVHUYDWLRQ RI WKH H\H LV WKH ¿UVW VWHS RI 2ULHQWDO SK\V
LRJQRP\

D 7KLV H\H LV WKH VLJQ RI JUHDW YLWDOLW\ RI WKH
ULVLQJVXQ+HZKRKDVWKLVH\HGRHVQ¶WNQRZ
IHDURULQVHFXULW\$OOEDELHVDUHOLNHWKLV

E 7KLV LV D QRUPDO H\H +H ZKR KDV WKLV H\H
FDQEHKHDOWK\DQGKDSS\
 3UHIDFH 

F 7KLV LV WKH EHJLQQLQJ RI 6DQSDNX EHFDXVH

ZKLWHVWDUWVWRDSSHDUEHWZHHQWKHORZHUVLGH
RI WKH LULV DQG WKH ORZHU OLG 2QH ZKR KDV
WKLVH\HVWDUWVWRVKRZVOXJJLVKQHVV

G &RPSOHWH6DQSDNX2QHZKRKDVWKLVH\HLV
VXVSLFLRXVIHDUIXOLQVHFXUHTXLFNWRPLVXQ
GHUVWDQG DQG SDVVLYH +LV KHDUW VH[XDO RU
JDQVOLYHUNLGQH\DQGOXQJVDUHYHU\VLFN
+HFDQQRWNHHSSURPLVHVZDVWHVWLPHKDVD
EDGPHPRU\LVSURQHWRDFFLGHQWVDQGDPLV
HUDEOH GHDWK /LQFROQ -) .HQQHG\ +LWOHU
/HQLQ6WDOLQ7\URQH3RZHU0DULO\Q0RQ
URHZHUHDOO6DQSDNX0RVWSROLWLFDOOHDGHUV
KDYHVXFKH\HV7KLVLVWKHPDLQFDXVHRIWKH
ZRUOG FULVHV DQG VWUXJJOHV WKDW H[LVW WRGD\
7KHSHUVRQVRQZDQWHGSRVWHUVLQSRVWRI¿FHV
LQWKH8QLWHG6WDWHVKDYHVXFK6DQSDNXH\HV
0RVWRIWKHFULPLQDOVWKLHYHVVXLFLGHVDQG
RWKHUSHUVRQVZDQWHGE\WKH)%,DUH6DQ
SDNX

H :KHQRQHGLHVWKHEODFNSDUWJRHVZD\XS
7KLVLVWKHVLJQRIGHDWK

,IDWD[LGULYHULV6DQSDNXLWLVEHWWHUWRDYRLGDULGHLQKLVFDU
:DWFK\RXURSSRQHQWZLWKZKRP\RXGLVFXVVRUQHJRWLDWHEHFDXVH
KHLVWULFN\7KH¿QDOZLQQHULVDOZD\VKHZKRLVQRW6DQSDNX
2QH ZKR KDV 6DQSDNX H\HV PXVW FXUH LW DV VRRQ DV SRVVLEOH
:DWFK \RXU EHWWHU KDOI¶V H\HV ,I KH RU VKH LV 6DQSDNX \RX PXVW
FKDQJHLW2WKHUZLVH\RXUPDUULDJHZLOOEHXQKDSS\
0DQ¶V6DQSDNX ,PSRWHQFH
:RPDQ¶V6DQSDNX ,UUHJXODULW\ LQ RYDULHV LUUHJXODULW\ RI
PHQVWUXDWLRQPDOIRUPDWLRQRIWKHZRPE
GLVOLNHRIVH[LQDELOLW\WRFRQFHLYH
 ,

:KDWLV+DSSLQHVV
,WVHHPVWRPHWKDWPDQ¶VXOWLPDWHGHVLUHLVKDSSLQHVV,UDUHO\¿QGD
SHUVRQKRZHYHUZKRVHOLIHLVUHDOO\KDSS\0DQ\OLYHLQFRPSODLQW
GLVFRQWHQWIHDUDQGGHVSDLU(YHQDKDSS\SHUVRQUDUHO\FDQFRQWLQXH
WREHKDSS\PRUHWKDQD\HDURUWZRZLWKRXWKDYLQJDFDUDFFLGHQWD
GLYRUFHDVHSDUDWLRQKHDUWDWWDFNRUFDQFHU,IKHLVKDSS\IRUDERXW
WHQ\HDUVKHPXVWEHNHSWLQDPXVHXPEHFDXVHVXFKDSHUVRQKDV
EHFRPHH[WLQFWLQRXUVRFLHW\
:HUH ZH ERUQ LQ WKLV ZRUOG WR VXIIHU DQG WR VSHQG PLVHUDEOH
XQKDSS\OLYHVIRUVHYHQW\RUHLJKW\\HDUV"+RZPLVHUDEOHZHDUHLI
ZHVSHQGHYHQDVKRUWWLPHRIOLIHLQIHDUDQGLQVHFXULW\DJRQ\DQG
VDGQHVV
+HUH,LQWURGXFHWR\RXDVLPSOHDQGSUDFWLFDOGLHWZKLFKZLOO
OHDG \RX WR D MR\RXV KDSS\ DQG ZRQGHUIXO OLIH 7KLV GLHW ZDV D
EDVLFSULQFLSOHRIPDMRU2ULHQWDOUHOLJLRQVXQWLOWKHLQWHOOHFWXDOLW\RI
:HVWHUQPDQGLVFDUGHGVXFKSUDFWLFDOWHDFKLQJDQGWKHGHYHORSPHQW
RIVFLHQFHDQGWHFKQRORJ\RYHUVKDGRZHGLWVXVHIXOQHVV
0\DLPLQZULWLQJWKLVVPDOOERRNOHWLVWRLQWURGXFH\RXWRWKH
ZD\RIHDWLQJDQGVHOHFWLRQRIIRRGVZKLFKZLOOHYHQWXDOO\OHDG\RX
WRWUXHHWHUQDOKDSSLQHVV
)LUVWRIDOOZHQHHGWROHDUQRQO\RQHWKLQJ²QRWKLQJHOVHKDS
SLQHVV (YHU\RQH LV VHHNLQJ KDSSLQHVV :KDW LV WKH GH¿QLWLRQ RI
KDSSLQHVV"
7KHUHDUHYDULRXV2FFLGHQWDOGH¿QLWLRQVRIKDSSLQHVVIURPWKH
6\QWRSLFRQ$FFRUGLQJWR.DQW³7KHSULQFLSOHRISULYDWHKDSSLQHVV
LV WKH GLUHFW RSSRVLWH RI WKH SULQFLSOHRI PRUDOLW\´ +H XQGHUVWRRG
KDSSLQHVVWRFRQVLVWLQ³WKHVDWLVIDFWLRQRIDOORXUGHVLUHV´+HQFH


 0DFURELRWLFV$Q,QYLWDWLRQWR+HDOWKDQG+DSSLQHVV

WKHUHLVQRXQLYHUVDOVROXWLRQWRWKHSUREOHPRIKRZWREHKDSS\
$FFRUGLQJWR/RFNH³7KRXJKDOOPHQ¶VGHVLUHVWHQGWRKDSSL
QHVV\HWWKH\DUHQRWPRYHGE\WKHVDPHREMHFW0HQPD\FKRRVH
GLIIHUHQWWKLQJVDQG\HWDOOFKRRVHULJKW´7KHDQFLHQWSKLORVRSKHUV
ZLWKZKRP/RFNHGLVDJUHHVLQVLVWWKDWDVFLHQFHRIHWKLFVGHSHQGV
RQD¿UVWSULQFLSOHZKLFKLVVHOIHYLGHQWLQWKHVDPHZD\WRDOOPHQ
+DSSLQHVVLVQRWWKDWSULQFLSOHLIWKHFRQWHQWRIKDSSLQHVVLVZKDW
HDFKPDQWKLQNVLWWREHIRUQRXQLYHUVDOO\DSSOLFDEOHGH¿QLWLRQRI
KDSSLQHVV FDQ EH JLYHQ:LWK WKHLU FRQFHSWLRQ RI ZKDW FRQVWLWXWHV
KDSSLQHVVRQHPDQPD\EHDVULJKWDVDQRWKHU7KHQWKHIDFWWKDWDOO
PHQDJUHHXSRQJLYLQJWKHQDPH³KDSSLQHVV´WRZKDWWKH\XOWLPDWHO\
ZDQWDPRXQWVWRQRPRUHWKDQDQRPLQDODJUHHPHQW6XFKQRPLQDO
DJUHHPHQWLQWKHRSLQLRQRI$ULVWRWOHDQG$TXLQDVGRHVQRWVXI¿FH
WRHVWDEOLVKDVFLHQFHRIHWKLFVZLWKUXOHVIRUWKHSXUVXLWRIKDSSLQHVV
ZKLFKVKDOODSSO\XQLYHUVDOO\WRDOOPHQ7KHPRVWREYLRXVPDUNRI
WKHKDSS\PDQDFFRUGLQJWR$ULVWRWOHLVWKDWKHZDQWVQRWKLQJRUKH
KDVHYHU\WKLQJ7KHKDSS\OLIHOHDYHVQRWKLQJWREHGHVLUHG$TXLQDV
GH¿QHGKDSSLQHVVWKHVDPHDV$ULVWRWOH
$FFRUGLQJWR3ORWLQXVKDSSLQHVVLVRQHZLWKMXVWLFHEHFDXVHMXV
WLFHRUYLUWXHLQJHQHUDOLV³WKHKHDOWKDQGEHDXW\DQGZHOOEHLQJ
RIWKHVRXO´7KLVDVVRFLDWLRQRIKDSSLQHVVZLWKKHDOWK²WKHRQHD
KDUPRQ\LQWKHVRXODVWKHRWKHUDKDUPRQ\LQWKHERG\²DSSHDUV
DOVR LQ )UHXG¶V FRQVLGHUDWLRQ RI KXPDQ ZHOOEHLQJ )RU )UHXG
WKH LGHDO RI KHDOWK²QRW PHUHO\ ERGLO\ KHDOWK EXW WKH KHDOWK RI
WKH ZKROH PDQ²VHHPV WR LGHQWLI\ KDSSLQHVV ZLWK SHDFH RI PLQG
³$Q\RQH ZKR LV ERUQ ZLWK DQ HVSHFLDOO\ XQIDYRUDEOH LQVWLQFWXDO
FRQVWLWXWLRQ´ KH ZULWHV ³DQG ZKRVH OLELGRFRPSRQHQWV GR QRW JR
WKURXJKWKHWUDQVIRUPDWLRQDQGPRGL¿FDWLRQQHFHVVDU\IRUVXFFHVV
IXODFKLHYHPHQWLQODWHUOLIHZLOO¿QGLWKDUGWRREWDLQKDSSLQHVV´
)UHXGLVULJKWWRWKLQNWKDWDFKLHYHPHQWRIKDSSLQHVVGHSHQGVRQWKH
SK\VLFDOFRQGLWLRQ+RZHYHUKHGRHVQ¶WGH¿QHWKLVKDSSLQHVV
0LOOFRQVLGHUHGDFKLHYHPHQWRIKDSSLQHVVIURPWKHSRLQWRIHFR
QRPLFVDQGSROLWLFV6LQFHKDSSLQHVVRIPDQLVOLPLWHGE\SROLWLFDO
VWDWHV DQG HFRQRPLFDO FRQGLWLRQV 0LOO¶V YLHZ LV WKDW KDSSLQHVV LV
DQLOOXVRU\JRDO6XFKDFRQFOXVLRQRQKDSSLQHVVEULQJVXSWKHWKHR
 :KDWLV+DSSLQHVV 

ORJLFDOFRQVLGHUDWLRQRIKDSSLQHVV$FFRUGLQJWRWKHRORJLDQVSHUIHFW
KDSSLQHVVEHORQJVWRWKHHWHUQDOOLIHRIWKHLPPRUWDOVRXOZKLFKLVDW
UHVWLQWKHYLVLRQRI*RGDQGXQLWHVWKHLQ¿QLWHJRRG
$FFRUGLQJWR2FFLGHQWDOGH¿QLWLRQVWKHUHIRUHKDSSLQHVVLVYHU\
XQKDSS\7KH\DUHDOOWRRFRQFHSWXDOSKLORVRSKLFDORUVWRLF7KHUH
DUHVRPDQ\GLIIHUHQWDQVZHUVDQGLQWKHHQGWKH\VD\WKDWWUXHSHDFH
RIVRXOFDQEHIRXQGRQO\E\UDUHLQGLYLGXDOVDQGWKDWKDSSLQHVVLV
DQ LOOXVRU\ JRDO ,W VHHPV WR PH WKDW QR RQH FOHDUO\ GH¿QHV ZKDW
KDSSLQHVVLV,WLVREYLRXVZK\VRPXFKWUDJHG\KDVEHHQSURGXFHG
LQWKH:HVWHUQZRUOG'R\RXDJUHHZLWKWKHFRQFHSWLRQVRIWKH:HVW
RUWKH³/LJKWIURPWKH(DVW´"
7KHUHZHUHKXQGUHGVRIJUHDWSKLORVRSKHUVLQ&KLQDVRPHWKRX
VDQGVRI\HDUVDJR7KH\FROODERUDWHGWRFRLQWKH&KLQHVHGH¿QLWLRQ
RIKDSSLQHVV
7ROLYHLQLQWHUHVWLQJDPXVLQJMR\IXOORQJHYLW\ZLWKRXW
NQRZLQJROGDJH
1RWWREHZRUULHGDERXWPRQH\
7RKDYHFDOPQHVVWUDQTXLOLW\RIPLQG1RWWRJHWDQJU\
RU HPRWLRQDOO\ XSVHW E\ DQ\ DFFLGHQWV WUDJHGLHV RU
GLI¿FXOWLHV/DFNRIVXFKFDOPQHVVPD\FDXVHSUHPDWXUH
GHDWK
7RKDYHPXFKJUDWLWXGHDQGWRORYHWRSXWHYHU\WKLQJLQ
RUGHU7REHDJRRGRUJDQL]HUDQGJHQHURXVJLYHU
1RWWREHWKH¿UVWZKRZLOOODWHUEHWKHODVW,WLVVDLG
LQWKH%LEOH³7KH¿UVWZLOOEHFRPHWKHODVWDQGWKHODVW
ZLOOEHFRPHWKH¿UVW%XWEHWKHODVWZKRZLOOEHWKH
¿UVWLQWKHHQGDQGIRUHYHU´7RKDYHKXPLOLW\WREHD
YHU\PRGHVWDQGPRGHUDWHSHUVRQ
:KDWGR\RXWKLQNRIWKLV&KLQHVHGH¿QLWLRQRIKDSSLQHVV")RU
PHWKLVLVWRRFRPSOLFDWHGWRRVFKRODUO\WRRLQWHOOHFWXDOWRRSKLOR
VRSKLFDODQGPHWDSK\VLFDO
7KH ,QGLDQ SHRSOH FRLQHG DQRWKHU GH¿QLWLRQ RI KDSSLQHVV WKDW
LV ³0DND +DQQ\D +DUDPLWWD 6XWUD´ RU ³0DND 3UDMXQD +DUDPLWWD
6KLQJ\R´VHH7KH6XSUHPH-XGJPHQW7DXJKWE\%XGGKDSXEOLVKHG
 0DFURELRWLFV$Q,QYLWDWLRQWR+HDOWKDQG+DSSLQHVV

E\WKH*HRUJH2KVDZD0DFURELRWLF)RXQGDWLRQ,WFRQVLVWVRIRQO\
ZRUGV,WLVYHU\GLI¿FXOWWRXQGHUVWDQGWKLV6XWUD7KLVLVWKH
HVVHQFHRI%XGGKD¶VWHDFKLQJ$FFRUGLQJWR%XGGKDZHKDYHHLJKW
W\SHVRIVXIIHULQJV

$%LRORJLFDODQG3K\VLRORJLFDOVXIIHULQJV
 3DLQDQGVXIIHULQJIURPOLYLQJ
 6LFNQHVV
 6XIIHULQJDQGROGDJH
 3DLQDQGVXIIHULQJRIGHDWK

%3V\FKRORJLFDOVXIIHULQJV
6XIIHULQJIURPWKHVHSDUDWLRQIURPRQH¶VORYHGRQH
VRRQHURUODWHU
6XIIHULQJIURPKDWUHG
 'HVLUHV WKDW DWWUDFW DOO WHPSWDWLRQV LQ WKLV ZRUOG
0DQ¶VWHPSWDWLRQVVXFKDVVHHNLQJEHDXWLIXOZRP
HQ GHOLFLRXV IRRGV GHOLFLRXV GULQN FRPIRUWDEOH
KRXVH DQG OX[XULRXV FDU HWF FDXVH DQ[LHW\ ZRUU\
DQGXQVDWLV¿HGDJRQ\LQKLP
6XIIHULQJIURPLQFDSDFLW\DQGIUXVWUDWLRQRIQRWJHW
WLQJZKDWRQHZDQWV

7RDEROLVKDOOWKHVHHLJKWVXIIHULQJVRIPDQ%XGGKDLQYHQWHGD
QHZWHDFKLQJFDOOHG³%XGGKLVP´ZKLFKWHDFKHVXVWRDWWDLQKDSSLQHVV
WKURXJKHLJKWULJKWHRXVZD\V,Q%XGGKLVPKDSSLQHVVLVGH¿QHGDV
³6DWRUL´RU³1LUYDQD´
0\ RZQ GH¿QLWLRQ RI KDSSLQHVV LV WR GR DQ\WKLQJ RQH ZDQWV
DQGHQMR\LWGD\DQGQLJKWXSWRWKHHQGRIKLVOLIHUHDOL]LQJDOOKLV
GUHDPVDQGEHLQJORYHGE\DOOGXULQJOLIHDQGHYHQDIWHUGHDWK6XFK
OLIHLVKDSSLQHVVLWVHOI
,I\RXDJUHH,ZLOOJLYH\RXDNH\WRHQWHUVXFKDKDSS\ODQG
,WVHHPVLPSRVVLEOHWRKDYHVXFKDOLIH0U(DVWPDQRI.RGDNFRP
PLWWHGVXLFLGH(YHQ7KRPDV(GLVRQZDVYHU\VDGWRZDUGWKHHQGRI
KLVOLIH+HZDVGHVSHUDWH+HVDLGDIWHU\HDUV³,GHYRWHGDOOP\
 :KDWLV+DSSLQHVV 

OLIHLQYHQWLQJLQYHQWLRQV$OOZHUHPDGHWRSURPRWHKDSSLQHVV
IRUSHRSOHEXWQRZ,VHHWKHZRUOGLVQRKDSSLHUWKDQLWZDV\HDUV
DJR´*DQGKLIRXJKWDOOKLVOLIHZLWKRXWZHDSRQVDJDLQVWWKH%ULWLVK
(PSLUHDQGKHFRQTXHUHG+HLVOLNHD*RGLQ,QGLDDQGWKHZRUOG
%XWHYHQKHGLHGGHVSHUDWHO\+HUHDOL]HGWKHOLEHUDWLRQRIDOO,QGLDQV
EXW,QGLDZDVGLYLGHGDQGVHSDUDWHG+HZLVKHGWREHNLOOHGDVVRRQ
DVSRVVLEOH7KHUHDUHPDQ\H[DPSOHVOLNHWKLVXQKDSSLQHVV%XW,
JXDUDQWHH\RX\RXUKDSSLQHVV,WVZD\LV0DFURELRWLFV,Q$PHULFD
WKHUHDUHKXQGUHGVRISHRSOHZKRKDYHFRPSOHWHO\UHQHZHGWKHLUOLIH
DQGEHJXQDQHZRQH