Sie sind auf Seite 1von 15

$JDVVLRQ/HLEQL]



-+LVW,GHDV
/(,%1,=63/$&(,17+(+,6725<2)3+<6,&6 
%<-26(3+$*$66,
7KH5RRWVRI(LQVWHLQV/HLEQL]LDQLVP$3UREOHP

/HLEQL]LVDWHUVHDQGSX]]OLQJZULWHUZKRVHZRUNVDUHVWUHZQZLWKKLJKO\VXJJHVWLYH

LGHDV WKH UHDO ZRUWK RI ZKLFK FDQ EH IXOO\ DSSUHFLDWHG RQO\ LQ UHWURVSHFW 7KLV LW
VHHPV LVDIDLUO\ FRPPRQ DSSUDLVDO 7KH LQWULJXLQJ TXHVWLRQ LV KRZPDQ\ RI WKHVH
LGHDV KDYH ERUQH IUXLW" 7KH SUHVHQW HVVD\ ZLOO FHQWHU RQ RQH RI /HLEQL]V PRVW

VXJJHVWLYHLGHDVFRQFHUQLQJSK\VLFDOUHDOLW\YL]KLVVSHFXODWLYHYLHZRIVSDFHQRWDV

DQ DXWRQRPRXV VXEVWDQFHDV WDXJKW E\ 'HPRFULWXV 3ODWR (XFOLG 'HVFDUWHV DQG

1HZWRQEXW DV D V\VWHP RI UHODWLRQV RI RUGHU DPRQJ WKLQJV (LQVWHLQ SURIHVVHG

KLPVHOID/HLEQL]LDQDQGGHFODUHGWKDWWKHVXSHULRULW\RI/HLEQL]LDQLVPLVVRREYLRXV
WKDWRQHFDQRQO\H[SODLQWKHWULXPSKRI1HZWRQLDQLVPE\WKHDEVHQFHRIVXIILFLHQW

PDWKHPDWLFDOWRROVLQWKHKDQGVRI/HLEQL]WRGHYHORSDSK\VLFDOVFLHQWLILFWKHRU\WKDW
ZRXOG VXFFHVVIXOO\ FRPSHWH ZLWK WKDW RI 1HZWRQ 7KDW (LQVWHLQ ZDV QRW GLUHFWO\

LQIOXHQFHGE\WKHZRUNVRI/HLEQL]LVIDLUO\REYLRXV7KHTXHVWLRQLVZDV(LQVWHLQV
GHYHORSPHQW VRPHKRZ LQGHEWHG WR /HLEQL]V VXJJHVWLRQ RU ZDV LW LQGHSHQGHQW"

(LQVWHLQV /HLEQL]LDQLVP ZDV QRWLFHG E\ 5HLFKHQEDFK ZKR WRRN LW IRU JUDQWHG
KRZHYHU WKDW LW ZDV DQ LQGHSHQGHQW FUHDWLRQ , VKDOO WU\ WR VKRZ WKDW VRPH RI

/HLEQL]VLGHDVZHUHSDUWO\UHVSRQVLEOHIRUWKHGHYHORSPHQWRIGLIIHUHQWLDOJHRPHWU\

LQPDWKHPDWLFVDQGRIILHOGWKHRU\LQSK\VLFV

7KLVDSSURDFKZLOOVROYHDQRWKHUSUREOHP:DV(LQVWHLQPHUHO\OXFN\WRILQG

DQ HODERUDWH PDWKHPDWLFDO WRRO ZDLWLQJ IRU KLP WR XVH" 3K\VLFLVWV KDYH RIWHQ
FRQFOXGHGIURPKLVVXFFHVVWKDWPDWKHPDWLFVUHJXODUO\DOEHLWXQLQWHQWLRQDOO\IRUJHV

WRROV IRU SK\VLFV 1HLWKHU WKH PHWKRGRORJ\ QRU WKH KLVWRU\ RI SK\VLFV ZLOO EHDU WKLV
RXWDQG (LQVWHLQV VXFFHVV GRHV VHHP XQXVXDOHYHQ LQ DFODVV RIOXFN\DFFLGHQWV RI

VLPLODU QDWXUH :KDW , VKDOO WU\ WR VKRZ LV WKDW SK\VLFV DQG PDWKHPDWLFV LQ WKH
QLQHWHHQWKFHQWXU\VWUXJJOHGZLWKSUREOHPVRIFRPPRQ/HLEQL]LDQKHULWDJHVRWKDWLW

ZDVQRWHQWLUHO\DPDWWHURIOXFNWKDWWKH\FRQYHUJHGWRWKHSRLQWZKHUH(LQVWHLQFRXOG
XVHWKHRQHWRVROYHSUREOHPVLQWKHRWKHU7KHFRQYHUJHQFHLVQRWFRPSOHWHKRZHYHU

RUHOVH(LQVWHLQVZRUNZRXOGQRWKDYHEHHQVRYHU\RULJLQDO7KHSDUDOOHOLVPEHWZHHQ

SK\VLFV DQG PDWKHPDWLFV KDV EHHQ LOOXVWUDWHG E\ 0D[ -DPPHU LQ KLV &RQFHSWV RI
 

(LQVWHLQVLQWURGXFWLRQWR0D[-DPPHU&RQFHSWVRI6SDFH  
+5HLFKHQEDFK'LH%HZHJXQJVOHKUH%HL1HZWRQ/HLEQL]XQG+X\JKHQV.DQW6WXGLHQ
 WUDQVDQGHGE\0DULD5HLFKHQEDFK0RGHUQ3KLORVRSK\RI6FLHQFH  



$JDVVLRQ/HLEQL]



6SDFH S +HFRPSDUHV5LHPDQQVPHWULFZLWK)DUDGD\VILHOGDQGLQYRNHVWKH

QDPHRI/HLEQL]<HWDOOKHVD\VE\ZD\RIFRQQHFWLRQLVWKDWZHVHHKHUH/HLEQL]V
SULQFLSOHV RI FRQWLQXLW\ DQG RI DFWLRQ LQ WKH YLFLQLW\ 1RZ LI ZH GR QRW ZLVK WR
DWWULEXWHWKHSULQFLSOHRIFRQWLQXLW\WR$UFKLPHGHVWKHQLWKDVWRJRWR*DOLOHRDQGLI

ZHGRQRWZLVKWRDWWULEXWHWKHSULQFLSOHRIDFWLRQE\FRQWDFWWR'HPRFULWXVRU3ODWR
WKHQLWKDVWRJRWR*DOLOHRRU'HVFDUWHV-DPPHUGRHVQRWWKHQVXFFHHGLQSUHVHQWLQJ
WKH/HLEQL]LDQOLQNEHWZHHQ)DUDGD\DQG5LHPDQQ

'HVFDUWHV SURJUDP ZDV WR UHGXFH SK\VLFV WR JHRPHWU\ DQG JHRPHWU\ WR

DOJHEUD  :KHQ /HLEQL] IRXQG &DUWHVLDQ SK\VLFV XQVDWLVIDFWRU\ KH UHYHUVHG WKH

SURJUDP)RU'HPRFULWXVERWKVSDFHDQGPDWWHUZHUHLQGHSHQGHQWHQWLWLHV3ODWRDQG
KLV IROORZHUV YLHZHG PDWWHU DV WKH SURSHUW\ RI VSDFH DQG YLHZHG VSDFH DORQH DV

DXWRQRPRXV RU VXEVWDQWLDO /HLEQL] VXJJHVWHG WKDW RQO\ PDWWHU DQG QRW VSDFH LV
VXEVWDQWLDOLQ VRPH VHQVH RI VXEVWDQWLDO +HUH KH WRRN KLV OHDGIURP 6SLQR]D ZKR

YLHZHG WLPH DV PHUHO\ DQ RUGHULQJ UHODWLRQ EHWZHHQ HYHQWV DQG SHUKDSV DOVR IURP
$ULVWRWOHVWKHRU\RIVSDFHDVDFROOHFWLRQRISODFHV6SDFHDQGWLPHVDLG/HLEQL]DUH

WKH UHODWLRQV RI RUGHU YL] RI FRH[LVWHQFH DQG VXFFHVVLRQ DPRQJ SKHQRPHQD DQG

TXDOLWLHV ,Q RUGHU WR DYRLG TXHVWLRQEHJJLQJ LW LV TXLWH REYLRXV WKLQJV PXVW EH

XQH[WHQGHGDQGHYHQWVPXVWWDNHQRWLPHDWDOOWRRFFXUWLPHWKHQZLOOEHWKHRUGHU

RI VXFFHVVLRQ RI LQVWDQWDQHRXV HYHQWV DQG VSDFH WKH RUGHU RI UHDGLQHVV WR LQWHUDFW

WKURXJKWKHSUR[LPLW\RIXQH[WHQGHGTXDOLWLHV

7KH UHODWLRQ EHWZHHQ /HLEQL]V LGHDV KHUH DQG KLV FRQWULEXWLRQ WR WKH

GHYHORSPHQWRIWKHFDOFXOXVLVWKHWRSLFRIDVHSDUDWHSDSHUDVLVDOVRKLVFULWLTXHRI

WKH&DUWHVLDQVFKRRODQGHYHQKLVDSSOLFDWLRQRILWLQSDUWWR1HZWRQLDQLVP<HWRQH

LWHP IURP WKH FULWLTXH RI &DUWHVLDQLVP LV HVVHQWLDO WR WKH GHYHORSPHQW RI WKH
/HLEQL]LDQWKHRU\RIVSDFH/HLEQL]IRXQGXQVDWLVIDFWRU\'HVFDUWHVYLHZRIPDWWHUDV
SXUH H[WHQVLRQ PDWWHU VD\V /HLEQL] LV ERWK H[WHQVLRQ DQG IRUFH DQG E\ IRUFH KH

PHDQW ERWK SDVVLYH PRPHQWXP DQG DFWLYH NLQHWLF HQHUJ\ $QG VR ZKHQ /HLEQL]

GHFLGHG WKDW H[WHQVLRQ ZDV QRW HVVHQWLDO WR PDWWHU KH GHFLGHG WKDW IRUFH DORQH LV
H[WHQVLRQWKHQLVWKHRUGHURIUHODWLRQVDPRQJSRLQWVHQGRZHGZLWKIRUFH

 

1RULVWKLVHDV\,QWKHODVWQRWHWRWKHLQWURGXFWLRQWRKLV(OHFWULF:DYHV+HUW]VD\V7KHH[SUHVVLRQ
HOHFWULFIRUFHLVRQO\DQRWKHUQDPHIRUDVWDWHRISRODUL]DWLRQRIVSDFH\HWKHVKRZVQRLQWHQWLRQ
RIDSSO\LQJWKLVWRJHRPHWU\

7KLVDOOXGHVWRWKHWZRRWKHUSDSHUVLQWKHILUVWVHVVLRQRIWKH6\PSRVLXPE\'U&DURO\Q,OWLVRIWKH
8QLYHUVLW\RI:LVFRQVLQDQG'U8WD0HU]EDFK&XUDWRURI0DWKHPDWLFDO,QVWUXPHQWVDWWKH
6PLWKVRQLDQ,QVWLWXWH


$JDVVLRQ/HLEQL]



7KLV LQWHUSUHWDWLRQRI/HLEQL]V LGHDV RZHV PXFK WRUHFHQWFRPPHQWDWRUV RQ

/HLEQL]IURP5XVVHOORQZDUGV+RZPXFKRILWLVUHDGLQWR/HLEQL]LVKDUGWRVD\EXW

WKH NHUQHO RI WKH UHODWLYH YLHZ RI VSDFH LV XQGHQLDEO\ LQ /HLEQL]V ZULWLQJV /HW XV

DVVXPH QRZ WKDW WKLV /HLEQL]LDQ NHUQHO LV WKH NHUQHO RI (LQVWHLQV WKHRU\ RI VSDFH

:HVKDOOH[DPLQHWKLVDVVXPSWLRQDWWKHHQGRIWKLVSDSHU 7KHTXHVWLRQEHIRUHXV

WKHQLVZKHWKHUWKHVHNHUQHOVDUHKLVWRULFDOO\OLQNHG'LG/HLEQL]KDYHDQ\LPSDFWRQ
WKHGHYHORSPHQWRISK\VLFV"

,QWKHHDUO\HLJKWHHQWKFHQWXU\/HLEQL]ZDVDIRUPLGDEOHRSSRQHQWWKHJUDQG

ROGPDQRIWKHRSSRVLWLRQ7KHPLGFHQWXU\VDZDUDGLFDOFKDQJH9ROWDLUHVDYDJHO\
ULGLFXOHGKLPDQGHYHQ(XOHUSRNHGJHQWOHIXQDWKLP'$OHPEHUWWULHGWRVD\DNLQG
ZRUG DERXW KLP LQ KLV 3UHOLPLQDU\ 'LVFRXUVH EXW KDG SUHFLRXV OLWWOH WR VD\ 7KH

QLQHWHHQWK FHQWXU\ UHOHJDWHG KLP WR 1DWXUSKLORVRSKLH DQG KH ZDV WKHQ DOPRVW

XQNQRZQLQVFLHQWLILFVRFLHW\,Q5XVVHOOGHFODUHGZDURQWKHUHODWLYLVWWKHRU\RI

VSDFH VWDUWLQJ ZLWK WKH UHPDUN WKDW DOO SKLORVRSKHUV RI WKDW SHULRG DFFHSWHG LW

GRJPDWLFDOO\,WKDUGO\QHHGVVD\LQJWKDWLQSK\VLFVWKHSDUDOOHOVLWXDWLRQLQWKDWSHULRG
ZDVH[DFWO\WKHUHYHUVH/HLEQL]LVQRWPHQWLRQHGLQ5XVVHOOVSDSHUDJDLQVWUHODWLYH

VSDFH WKRXJK D WUDQVODWLRQ RI /HLEQL] LQWR (QJOLVK DQG D ERRN RQ /HLEQL]E\
5XVVHOOKDG DSSHDUHG D VKRUW ZKLOH EHIRUH 7KH UHYLYDO RI LQWHUHVW LQ /HLEQL]
H[HPSOLILHG E\ WKH ZRUNV RI 5XVVHOO &RXWXUDW 'HZH\ DQG &DVVLUHU PDUNV D QHZ

GHYHORSPHQW EH\RQG WKH VFRSH RI WKH SUREOHPV RI WKH SUHVHQW SDSHU ,I DQ\

FRQQHFWLRQEHWZHHQWKH(LQVWHLQLDQUHYROXWLRQDQG/HLEQL]LVWREHIRXQGLWZLOOQRW

EHIRXQGLQWKHHDUO\WZHQWLHWKFHQWXU\QRULQWKHQLQHWHHQWKFHQWXU\ZKHQ/HLEQL]LDQ
SKLORVRSKHUVEDUHO\FRQIURQWHG1HZWRQLDQVFLHQWLVWVDVWKH\GLGLQWKHODWHHLJKWHHQWK

FHQWXU\7KHUDSLGO\GZLQGOLQJSRSXODULW\RI/HLEQL]LQWKHPRUHVFLHQWLILFFLUFOHVRI
WKH WLPH PDNHV RXU VHDUFK UDWKHU HDV\ ,I DQ\ OLQN DW DOO EHWZHHQ /HLEQL] DQG WKH

QLQHWHHQWKFHQWXU\VFLHQWLILFDOO\UHVSHFWDEOHFLUFOHVLVWREHIRXQGLWVHHPVIDLUO\VDIH

WRFRQVLGHURQO\WZRSRVVLEOHFDQGLGDWHV.DQWDQG%RVFRYLFK,VKDOOVSHDNRI.DQWV
UHODWLRQ WR WKH GHYHORSPHQW RI QLQHWHHQWKFHQWXU\ PDWKHPDWLFV DQG WKH .DQW

%RVFRYLFK PRGHO DQG LWV LPSDFW RQ QLQHWHHQWKFHQWXU\ SK\VLFVZLWK VSHFLDO

UHIHUHQFHWR/HLEQL]RIFRXUVH

$6WDUWLQJ3RLQW/HLEQL]WKH&ULWLF
7KHPRVWLPSRUWDQWDQGOHDVWHDVLO\GLVPLVVHGSDUWRIDWKLQNHUVFRQWULEXWLRQLVKLV

FULWLFLVPRIFXUUHQWYLHZV6XFKFULWLFLVPPD\RUPD\QRWEHWKHEHJLQQLQJRIKLVRZQ

$JDVVLRQ/HLEQL]



DOWHUQDWLYH WKHRU\ %XW LI LW LV YDOLG WKH PD[LPVRI UDWLRQDO GLVFRXUVH UHTXLUH WKDW LW
VKRXOGEULQJDERXWVRPHFKDQJHRUDQRWKHU,PXVWWKHQEHJLQZLWK/HLEQL]VFULWLTXH
RI1HZWRQDQGVHHZKDWFKDQJHLIDQ\LWEURXJKWDERXW

,Q(QJODQGWKHEHVWNQRZQZRUNRI/HLEQL]ZDVSHUKDSVKLVFRUUHVSRQGHQFH

ZLWK&ODUNHZKLFKWHUPLQDWHGRQO\ZLWK/HLEQL]VGHDWK,QLWKHUDPEOHVDVXVXDO

VWUHVVLQJKLVWKHRORJ\KDUSLQJRQWKHSXEOLFVPHFKDQLVWLFELDVLQIDYRURIDFWLRQE\
FRQWDFW DQG DWWDFNLQJ WKH LGHD RI HPSW\ VSDFH FKLHIO\ RQ WKHRORJLFDO JURXQGV <HW

VRPHRIKLVFULWLFLVPLVWRRSRZHUIXOWREHLJQRUHGDVFRQVHUYDWLYHRULGLRV\QFUDWLFRU

WKHRORJLFDO,IVSDFHLVKRPRJHQHRXVDQGLVRWURSLFKHVD\VWKHQZHODQGLQWKHXVXDO
GLIILFXOWLHVDVVRFLDWHGZLWKLQILQLW\DQGDEVROXWHQHVVRIIUDPHRIUHIHUHQFH0RUHRYHU

WKHORFDWLRQRIDQ\SLHFHRIPDWWHULQVSDFHLVDUELWUDU\VLQFHVSDFHLVKRPRJHQHRXV
H[FHSWLQUHODWLRQWRRWKHUPDWWHU%XWLIZHORFDWHPDWWHULQUHODWLRQWRRWKHUPDWWHU
WKHQZHQHHGQRDGGLWLRQDOIUDPHRIUHIHUHQFHKHQFHZHQHHGQRVSDFHDVVXFKIRUWKH
ORFDWLRQ 7KH VDPH PD\ EH VDLG PRUH VWURQJO\ RI WZR 1HZWRQLDQ DWRPV WKDW DUH

LGHQWLFDOH[FHSWIRUWKHLUORFDWLRQDQGHYHQPRUHVRRIWZRSDUWVRIHPSW\VSDFHWKH\

FDQ EH DQFKRUHG QRZKHUH LQ VSDFH DV VXFK DQG WKH\ DUH RQO\ GLVWLQJXLVKDEOH E\
UHIHUHQFH WR HDFK RWKHU ,I VSDWLDO RUGHU LV UHODWLRQDO HVVHQWLDOO\ DQG LQGHSHQGHQW RI

DXWRQRPRXVVSDFHWKHQVXUHO\WKHODWWHUFDQEHGLVPLVVHGDVSHUIRUPLQJQRIXQFWLRQ
DWDOO

7KHVH FULWLFLVPV DUH YHU\ SRZHUIXO :HUH WKH\ XWWHUO\ PLVXQGHUVWRRG" :HUH

WKH\WRWDOO\LJQRUHG"+LVWRULDQVRIVFLHQFHZRXOGDQVZHULIDWDOOLQWKHDIILUPDWLYH

DQG GRFXPHQWV GR VHHP WR VXSSRUW WKLV YLHZ <HW WKHUH LV D WUDGLWLRQ RI SXEOLFO\

GHQRXQFLQJ FULWLFV RI DFFHSWHG VFLHQWLILF GRFWULQHV ZKLOH WKHLU FULWLFLVP LV SUREHG

EHKLQGFORVHGGRRUV3XEOLFO\%HUNHOH\VFULWLTXHRI1HZWRQVFDOFXOXVZDVGHVSLVHG
DQGGLVPLVVHGRXWRIKDQG7KDWKHZDVQRQHWKHOHVVWDNHQYHU\VHULRXVO\LVDNQRZQ
IDFW7KLVWUDGLWLRQLVVWLOODOLYHWRGD\:KHQDFRYDULDQWYHUVLRQRITXDQWXPWKHRU\LV

DFFHSWHG EXW QRW EHIRUH WKHQ WKH GHVLUDELOLW\ RI VXFK D YHUVLRQ ZLOO EH DGPLWWHG

RIILFLDOO\ 0HDQZKLOH HYHQ WKRVH ZKR VSHQG PXFK WLPH DQG HIIRUW LQ VHDUFK IRU LW
RIWHQRSHQO\GHQ\LWVGHVLUDELOLW\

7KH UHVXOW LV WKDW ZH FDQQRW ILQG GLUHFW GHFLVLYH HYLGHQFH WR GHWHUPLQH

ZKHWKHUWKHYDULRXVDSSHDUDQFHVRIDFULWLFLVPDUHLQWHUUHODWHGE\DFRPPRQVRXUFH

 

)RUH[DPSOH3$0'LUDF5HY0RG3K\V  )RUDPRUHGHWDLOHGGLVFXVVLRQVHHP\7RZDUGV


$Q+LVWRULRJUDSK\RI6FLHQFH UHSULQW:HVOH\DQ8QLYHUVLW\3UHVV 

$JDVVLRQ/HLEQL]



E\DFRPPRQLQQHUORJLFRUE\VRPHVRUWRIDFFLGHQW7KDWWKH/HLEQL]LDQFULWLTXHGLG
UHFXULVDIDFWZKDWLIDQ\ZDVWKHOLQNEHWZHHQLWVYDULRXVUHFXUUHQFHV"
.DQWLQD1HZ3HUVSHFWLYH
0XFKVFRUQKDVEHHQSRXUHGRQ.DQWVKHDGRQDFFRXQWRIKLVLQDELOLW\WRIRUHWHOO
WKDW *DXVVDQG (LQVWHLQZHUH JRLQJ WR EUHDNDZD\ IURP KLVDSULRULVWLF DGKHUHQFH WR
(XFOLG(YHU\ERG\EHIRUH.DQWLQFOXGLQJ1HZWRQKHOGVLPLODUYLHZVEXWWKLVRQO\

PDNHVWKHQHHGIRUDVFDSHJRDWDOOWKHPRUHLQWHQVH$QGWKHVFDSHJRDWLV.DQW7KH

QHHGIRUVFDSHJRDWVLVEDVHGRQWKHYLHZWKDWVFLHQWLVWVVKRXOGEHDEOHWRDYRLGHUURU

1RZDGD\V D PRUH OLEHUDO YLHZ RI VFLHQFH KDV HPHUJHG DFFRUGLQJ WR ZKLFK
LQWHOOHFWXDOSURJUHVVHVSHFLDOO\VFLHQWLILFSURJUHVVLVWKHRXWFRPHRIVHYHUHFULWLFLVPV
RIEROGLGHDVDQGWKHLUUHSODFHPHQWE\RWKHUEROGLGHDVDQGVRRQLQGHILQLWHO\7KLV

YLHZKDVEHHQVWDWHGPRVWVXFFLQFWO\E\6LU.DUO3RSSHUDQGDSSOLHGE\KLPDQGKLV

GLVFLSOHVWR YDULRXV ILHOGVRIVFLHQFHDQGLWV KLVWRU\ LW KDVHYHQ EHHQDSSOLHGWR WKH


ILHOGRIPDWKHPDWLFV E\/DNDWRV 

2QH RI WKH PRVW LPSRUWDQW SKLORVRSKLFRKLVWRULFDO ZRUNV RQ WKH VXEMHFW RI

VSDFHLQWKHSUH(LQVWHLQLDQHUDLV5XVVHOOV)RXQGDWLRQVRI*HRPHWU\  ZKLFK

LV D PRVW UHPDUNDEOH DQG ODPHQWDEO\ QHJOHFWHG ZRUN ,W LV QHJOHFWHG LQFLGHQWDOO\
EHFDXVH LQ LW 5XVVHOO VXSSRUWV WKH LGHD RI EDVLQJ PHWULF JHRPHWU\ RQ SURMHFWLYH

JHRPHWU\ DQ LGHD ZKLFK ORVW PXFK RI LWV DWWUDFWLRQ ZLWK WKH GHYHORSPHQW RI QRQ

PHWULFVSDFHVWRSRORJ\LQJHQHUDODQGWKHVHWWKHRUHWLFDOIRXQGDWLRQVRIPDWKHPDWLFV
LQSDUWLFXODUWRZKLFKRIFRXUVH5XVVHOOVORJLFDOFRQWULEXWLRQLVEHWWHUNQRZQ7KLV

VKRZV WKDW WRR PDQ\ RI XV VWLOO YDOXH D ZRUN RQO\ LI ZH DJUHH ZLWK LWV FRQWHQW
&HUWDLQO\5XVVHOOLQWKDWYROXPHDFTXLHVFHVLQWKDWDWWLWXGHWKRXJKKLVWRQHLVRQHRI

PRGHUDWLRQ+HTXRWHVWKHFRQWHPSWXRXVFULWLFLVPVOHYHOHGE\)HOL[.OHLQDQG6RSKXV
/LHDJDLQVW+HOPKROW]VYHQWXUHLQWRJHRPHWU\DQGWULHVWRDEVROYH+HOPKROW]RQWKH
JURXQGWKDW+HOPKROW]GLGPDNHRQHODVWLQJFRQWULEXWLRQZKHQKHSURYHG5LHPDQQV

JHQHUDOL]HG3\WKDJRUHDQ7KHRUHPIRULQILQLWHVLPDOV LHWKHGHSHQGHQFHRIWKHPHWULF
WHQVRURQWKHFRRUGLQDWHVDORQH 6LPLODUO\5XVVHOOPHQWLRQVWKDWWKHZRUNRI*DXVV
DQG KLV IROORZHUV ZDV DLPHG DV PXFK DW GLVFUHGLWLQJ .DQW DV DW DGYDQFLQJ

0DWKHPDWLFV$QGDJDLQ5XVVHOODFFHSWVWKHGLVFUHGLWWRWKHH[WHQWWKDWKHDFFHSWV

WKH FULWLFLVP %XW KH GRHV VDOYDJH IURP .DQWV SKLORVRSK\ ZKDW FDQ EH RU HYHQ

VKRXOGEHVDOYDJHGLQWKHOLJKWRIVXFKODWHUGHYHORSPHQWVDV.OHLQVDQG/LHV7KHVH

$JDVVLRQ/HLEQL]



SHRSOH ZHUH QRW LQWHUHVWHG LQ SKLORVRSK\ 5XVVHOO VD\V EXW WKHLU ZRUN LV
SKLORVRSKLFDOO\YHU\LQWHUHVWLQJ

7RWUDQVODWHDOOWKLVLQWRPRGHUQSDUODQFHLVHQOLJKWHQLQJ7KRXJK+HOPKROW]V

FRQWULEXWLRQZDVLQGHHGUHMHFWHGE\KLVIROORZHUVKLVFRQFHUQKLVSUREOHPVDQGKLV

RULHQWDWLRQV ZHUH UHVSHFWHG DQG WKDW LV ZK\ SKLORVRSKLFDOO\ .OHLQ FRXOG EH

XQLQWHUHVWHG\HWKLJKO\LQWHUHVWLQJ:KHWKHU.DQWVGLUHFWLQIOXHQFHHJRQ5LHPDQQ
LVWDNHQVHULRXVO\RUQRWLVSKLORVRSKLFDOO\OHVVLPSRUWDQWWKDQWKHIDFWWKDWHYHQKLV

PRVW DUGHQW RSSRQHQWV VXFK DV *DXVV WRRN XS SUREOHPV UDLVHG E\ .DQW *DXVVV

ZRUN LV SKLORVRSKLFDOO\ YHU\ LQWHUHVWLQJ SUHFLVHO\ EHFDXVH LW LV D UHDFWLRQ WR .DQWV

YLHZVRQPDWKHPDWLFDODQGSK\VLFDOFRQFHSWVDQGODZV)LQDOO\DVWR*DXVVVZLVKWR

GLVFUHGLW.DQWLWLVLQGHHGWR.DQWVRUWRDQ\RQHVIRUWKDWPDWWHUKLJKHVWFUHGLW
WKDWWKHDWWHPSWVWRGLVFUHGLWKLPOHGWRGHYHORSLQJQHZLGHDV/HWPHJRLQWRGHWDLO
.DQWV&RQFHSWRI6SDFHLQ5XVVHOOV,PSURYHG9HUVLRQ
)RU D ORQJ WLPH .DQW YDFLOODWHG EHWZHHQ /HLEQL]LDQ UHODWLYH VSDFH DQG 1HZWRQLDQ
DEVROXWH VSDFH +H XOWLPDWHO\ VHWWOHG IRU 1HZWRQ EXW H[SUHVVHG KLV V\PSDWK\ ZLWK
/HLEQL]HYHQWKHQ,QKLVGLVFXVVLRQRIWKHPDWKHPDWLFDODQWLQRPLHVLQWKH&ULWLTXH2I

3XUH 5HDVRQ KH VD\V KH ZRXOG EH D /HLEQL]LDQ KDG KH WKRXJKW WKDW VFLHQFH ZDV

FRQFHUQHGZLWKWKLQJVLQWKHPVHOYHVUDWKHUWKDQWKDWVFLHQFHZDVDIRUPRILQWXLWLRQ

IRUWKHRUJDQL]DWLRQRIH[SHULHQFH

+RZHYHU 1HZWRQLDQ .DQW ZLVKHG WR EH KH FRXOG QRW EH 1HZWRQLDQ LQ RQH

IXQGDPHQWDO UHVSHFW KHFRXOG QRW VHH VSDFH DV D VXEVWDQFHDQ\ PRUH WKDQ KHFRXOG

VHHDQ\RWKHUREMHFWRIVFLHQWLILFLQTXLU\DVDVXEVWDQFHRUDWKLQJLQLWVHOI6SDFHZDV

1HZWRQLDQLQWKHVHQVHWKDWLWPXVWEHHPSW\LQGHHGZDVDSULRULHPSW\LQRUGHUWR
EH ILOOHG ZLWK WKLQJV RU UDWKHU RXU FRQFHSWLRQ RI WKLQJV %XW VSDFH DV D PRGH RI

LQWXLWLRQDVDPHQWDOUHFHSWDFOHGLIIHUVIURP1HZWRQVUHDOUHFHSWDFOHDQGZLOO\QLOO\
FRPHVFORVHUWR/HLEQL]VLGHDVRIVSDFHDVDVHWRIUHODWLRQV

:H VHH KHUH WKH SRZHU RI /HLEQL]V LGHDV 7DNH /HLEQL]LDQ VSDFH DQG

1HZWRQLDQ VSDFH WDNH D FRQFHSWXDO LPDJH RI HLWKHU DQG \RX VHH WKDW WKH LPDJHV
DOPRVW FRLQFLGH WKLV LV VR EHFDXVH WKH PDLQ FRQFHSWXDO UROH RI VSDFH LV WKDW RI
RUGHULQJ/HLEQL]VLGHDWKHQLVPRUHHFRQRPLFDOLQ2FNKDPVVHQVH,WLVQRWDWDOO

HDV\ WR DSSO\ 2FNKDPV UD]RU VLQFH 2FNKDP VSHDNV YDJXHO\ RI QRW PXOWLSO\LQJ

WKLQJV XQQHFHVVDULO\ EXW MXVW ZKDW LV QHFHVVDU\ LV OHIW RSHQ ,W ORRNV DV LI %HUNHOH\

$JDVVLRQ/HLEQL]



VKDUHVZLWK/HLEQL]WKHLGHDRIGHQ\LQJWKHH[LVWHQFHRIDXWRQRPRXVVSDFH%XWWKLVLV
TXLWHPLVOHDGLQJ,WLVHDV\WRGHQ\WKHH[LVWHQFHRIDOOVXEVWDQFHV7KHTXHVWLRQZDV
KRZWRDFFRXQWIRUSK\VLFDOSKHQRPHQDOLNHPRWLRQ+HUH%HUNHOH\VLGHDRIVSDFHLV

SV\FKRORJLFDO DQG WKXV LUUHOHYDQW 1HZWRQV FRQFHSW RI VSDFH LV YHU\ XVHIXO DQG

/HLEQL]VLVDQXQGHYHORSHGLGHD:KDW/HLEQL]GLVFRYHUHGZDVWKHIXQFWLRQRIVSDFH

DVDVHWRIRUGHULQJUHODWLRQVDQXQGHYHORSHGLGHDVLQFHLWGLGQRWLQLWVHOIOHDGWRWKH

FRQVWUXFWLRQRIDQHZJHRPHWU\,VKDOOQRZWU\WRVKRZWKDW.DQWLQIDFWGHYHORSHG

/HLEQL]VLGHD HYHQ WKRXJK KHSUHIHUUHG WR UHJDUG KLPVHOI DV D 1HZWRQLDQ DQG WKDW
WKURXJK.DQW/HLEQL]VLGHDERUHIUXLW

2QHPLJKWXVH5XVVHOOVODWHUFODULILFDWLRQRIWKLVRQHPLJKWVD\WKDW.DQWV

IRUPRIVSDFHZDVQRWDVHWRIDFWXDOUHODWLRQVDPRQJWKLQJVEXWDFRQFHSWXDOWRROIRU

GHVFULELQJ WKHP DQG WKXV SURYLGHG D VHW RU D V\VWHP RI SRVVLEOH UHODWLRQV DPRQJ
WKLQJV DV RSSRVHG WR WKH VXEVSDFH RI DQ\ JLYHQ VSDWLDO RUGHU VXFK DV D V\VWHP RI

DFWXDO UHODWLRQV EHWZHHQ WKLQJV ZKLFK RFFXSLHV RQO\ RQH RI PDQ\ VHWV RI SRVVLEOH
RUGHULQJUHODWLRQV

7KDWLQVXFKDIRUPRIVSDFHWKHHOHPHQWVDUHSRLQWVLVREYLRXVEXWWKHDWRPV

RIVSDFHQHHGQRWEHSK\VLFDOVRWKDWWKHQDWXUHRIWKHSK\VLFDODWRPFDQUHPDLQRSHQ
7KDWLQVXFKVSDFHHPSWLQHVVPD\EXWQHHGQRWEHSHUPLWWHGLVREYLRXVWRR,IWKLQJV
DUH LQ D VSDFH RI SRVVLEOH UHODWLRQV DQG RFFXS\ RQH VHW RI LQILQLWHO\ PDQ\ VHWV RI
SRVVLEOH UHODWLRQV ZKDW KDSSHQV WR WKH RWKHU VHWV ZKLFK DUH XQRFFXSLHG" 7KH

XQRFFXSLHGVHWVPD\KDYHQRWKLQJWRGRZLWKWKHRFFXSLHGVHWZLWKWKHWKLQJVZKLFK
RFFXS\ LW $OWHUQDWLYHO\ WKH XQRFFXSLHG VHWV PD\ FRQVWLWXWH D SULPDU\ SURSHUW\ RI

WKHVH WKLQJV 7KHVH WZR DOWHUQDWLYHV ZRXOG UHQGHU HPSW\ VSDFH SRVVLEOH DQG
LPSRVVLEOH UHVSHFWLYHO\ 7KDW LV WR VD\ WKH PRUH ZH YLHZ WKLQJV DV VXEVWDQWLDO WKH

PRUH.DQWVVSDFHORRNVHPSW\7KHPRUHZHYLHZWKLQJVDVGLVSRVLWLRQDOWKHPRUH

.DQWV VSDFH ORRNV OLNH D SOHQXP RI GLVSRVLWLRQV RU SRVVLELOLWLHV  ,QGHHG WR VROYH
FHUWDLQ GLIILFXOWLHV LQKHUHQW LQ WKH .DQW5XVVHOO YLHZ ZH VKDOO KDYH WR GR MXVW WKDW
7KH GLIILFXOWLHV DUH WKH RQHV DGXPEUDWHG E\ /HLEQL] ZKLFK ZHUH DJDLQ UDLVHG E\
5XVVHOODV,VKDOOVRRQVKRZDQGVROYHGE\(LQVWHLQ

7R UHSHDW LQ 5XVVHOOV REMHFWLILHG YHUVLRQ .DQWV VSDFH LV D VSDFH RI D

SRVVLEOHRUGHURIUHODWLRQVDQGDVVXFKLWLVDQLPSURYHPHQWRQ/HLEQL],WLVHPSW\

DQG LV WKXV YXOQHUDEOH WR VRPH /HLEQL]LDQ REMHFWLRQV .DQWV VSDFH LV ILOOHG E\

$JDVVLRQ/HLEQL]



(LQVWHLQZLWKPDWWHU%RWK5XVVHOODQG(LQVWHLQDUHOLQNHGWR/HLEQL]YLD.DQWDQGWR
.DQWYLDWKHWUDGLWLRQRIQLQHWHHQWKFHQWXU\JHRPHWU\

1LQHWHHQWK&HQWXU\*HRPHWU\
1LQHWHHQWKFHQWXU\JHRPHWU\GHYHORSHGZLWKDQLQQHUORJLFRILWVRZQ*DXVVUHEHOOHG

DJDLQVW .DQWV FODLPV KH HYHQ WULHG LQ YDLQ  WR ZRUN RXW D FUXFLDO H[SHULPHQW
EHWZHHQ (XFOLG DQG %RO\DL 7KH VWRU\ RI QRQ(XFOLGHDQ JHRPHWU\ LV RIWHQ WROG ZLWK
WKHVWUHVVRQWKHD[LRPRISDUDOOHOV7KLVVWUHVVLVMXVWLILHGWRWKHH[WHQWWKDWIRUVRPH

KLVWRULFDOUHDVRQVWKLVD[LRPZDVYLHZHGQRORQJHUWRGD\DVWKHPRVWYXOQHUDEOH

SDUWRI(XFOLGVD[LRPDWLFV\VWHP%XWHYHQKHUHWKHLGHDWKDWDYXOQHUDEOHSDUWZDV

EDWWHUHGDJDLQDQGDJDLQXQWLOLWJDYHZD\VHHPVUDWKHUQDLYHZK\GLGLWJLYHZD\MXVW
WKHQDQGQRWEHIRUHRUDIWHU"7KHWUXWKVHHPVWREHUHODWHGWRGLVVDWLVIDFWLRQZLWKWKH
(XFOLGHDQLQILQLW\RIVSDFHDQGWKLVZDVUHIOHFWHGLQ.DQWVDQWLQRPLHV7UXHVRPHRI

/HLEQL]VREMHFWLRQVZHUHLQYDOLGDWHGE\5LHPDQQLQWKHPLGQLQHWHHQWKFHQWXU\ZKHQ

KHFRQVWUXFWHGDVSKHULFDOILQLWHVSDFHKRPRJHQHRXVDQGLVRWURSLF WKXVSURYLQJWKDW
LQILQLW\ZDVQRWWKHRXWFRPHRIWKHVHSURSHUWLHVDQGVRLWWXUQVRXWWKDWRQWKLVUDWKHU

FHQWUDOLVVXH/HLEQL]ZDVLQORJLFDOHUURU <HWRQWKLVYHU\SRLQW5LHPDQQVLQWHUHVW

LQ VSKHULFDO JHRPHWU\ FDQ EH OLQNHG WR /HLEQL] YLD .DQW WKH SDUDOOHO D[LRP ZDV

GLVPLVVHG DQG WKHQ SDUDOOHO OLQHV DOWRJHWKHU ZKLOH KRPRJHQHLW\ DQG LVRWURS\ ZHUH

SUHVHUYHG%XWWRFRPHEDFNWRWKHVWUHVVRQWKHD[LRPRISDUDOOHOV)LUVWJLYLQJLWXS

DV D UHDFWLRQ WR .DQW PHDQW UHDFWLQJ DJDLQVW .DQWV DWWHPSW WR UHFRQFLOH WKH WZR

FRPSHWLQJDSSURDFKHVRI1HZWRQDQG/HLEQL]WRJHRPHWU\6HFRQGLPSRUWDQWDVWKH

GHILDQFH RI (XFOLGV D[LRPV ZDV WKH JUHDW SURJUHVV PDGH LQ JHRPHWU\ ZDV QRW

GHULYHG IURP QRQ(XFOLGHDQ D[LRPDWLF V\VWHPV K\SHUEROLF VSKHULFDO RU RWKHU WKH
JUHDWSURJUHVVFDPHIURPWKHGLIIHUHQWLDOPHWULFJHRPHWU\RI*DXVVDQG5LHPDQQ7KH

FKLHI SUREOHPV WKLV GHYHORSPHQW HLWKHU HQFRXQWHUHG HQ URXWH RU WRRN DV EDVLF ZHUH
W\SLFDOO\ .DQWLDQ DVVXPLQJ QRWKLQJ EXW WKH SRVVLELOLW\ RI PRWLRQ RI ULJLG ERGLHV LQ

VSDFH DQG WKH SRVVLELOLW\ RI WKH UHODWLRQV RI GLVWDQFH LQ VSDFH ZKDW FRQVWUDLQWV GR

WKHVH DVVXPSWLRQV LPSRVH RQ RXU JHRPHWU\" 7KLV LV D WUDQVFHQGHQWDO DUJXPHQW LQ

JHRPHWU\ ,I VXFK DUJXPHQW LV QRW LQGHEWHG WR .DQW WKHQ ZH KDYH WR UHYLVH RXU

FRQFHSWVRILQWHOOHFWXDOLQIOXHQFH,IDV,WKLQNLWLVLQGHEWHGWR.DQWWKHQZHPXVW

UHMHFW WKH YLHZ WKDW .DQWV LQIOXHQFH ZDV PDUJLQDO $V 5XVVHOO LOOXVWUDWHV LQ KLV
)RXQGDWLRQVRI*HRPHWU\WKLVWUDQVFHQGHQWDODSSURDFKLVYHU\FHQWUDOWRQLQHWHHQWK
FHQWXU\JHRPHWULFDOWKLQNLQJ

$JDVVLRQ/HLEQL]



,W LV YHU\ LQWHUHVWLQJ WR VHH WKH VLPLODULW\ EHWZHHQ .DQW DQG /HLEQL] DV LW

HPHUJHVIURPQLQHWHHQWKFHQWXU\JHRPHWU\7KHGHYHORSPHQWRIJHRPHWU\GLGPXFK

WR FODULI\ SKLORVRSKLFDO LVVXHV DQG QDLO GRZQ SRVLWLRQV 5XVVHOOV SKLORVRSKLFDO
VXPPDU\ RI QLQHWHHQWKFHQWXU\ JHRPHWULFDO HIIRUWV LV SDUWO\ .DQWLDQ EXW PRUH

/HLEQL]LDQWKDQ.DQWLDQ,QLWKHGRHVQRWPHQWLRQ/HLEQL]DWDOODQGWKLVWKUHH\HDUV
EHIRUHKLV&ULWLFDO([SRVLWLRQ RI7KH3KLORVRSK\ RI/HLEQL]  ,WORRNVDVLIKH
KDG QRW UHDG /HLEQL] XQWLO WKHQ ,W LV YHU\ VWUDQJH WKDW LQ VXFK D KLVWRULFDO

SKLORVRSKLFDOERRNDV5XVVHOOV)RXQGDWLRQVRI*HRPHWU\/HLEQL]LVQRWPHQWLRQHG

WKRXJK WKH FHQWUDO SKLORVRSKLFDO SUREOHPV LW VROYHV DUH RI W\SLFDO /HLEQL]LDQ VWRFN
7KH WKUHH FHQWUDO SUREOHPV RI JHRPHWU\ VD\V 5XVVHOODUHILUVW ZKDWPDNHV YDULRXV

SDUWVRIVSDFHGLVWLQJXLVKDEOHVHFRQGWRZKDWDUHSRLQWVLQVSDFHUHODWHGDQGWKLUG

ZK\LVLWWKDWVSDWLDOILJXUHVDUHUHODWLRQV\HWGLYLVLELOLW\DSSOLHVRQO\WRILJXUHVDQG
QRWWRUHODWLRQV7KHILUVWTXHVWLRQFRPHVDVLIVWUDLJKWIURP/HLEQL]VWKLUGOHWWHUWR

&ODUNH 7KH GLIILFXOWLHV RFFXU HYHQ WKRXJK 5XVVHOOVVSDFH LV D V\VWHP RI UHODWLRQV

EHFDXVH LW LV D V\VWHP RI SRVVLEOH UHODWLRQV LQ LWVHOI HPSW\ 5XVVHOO SXWV LQWR VSDFH
VRPH DEVWUDFW PDWWHU LQ RUGHU WR RYHUFRPH WKLV NLQG RI SUREOHP %XW KH VHHV WKLV
VROXWLRQ DV .DQWLDQ KH GRHV QRW LQVLVW WKDW VSDFH LQKHUHQWO\ FDQQRW H[LVW ZLWKRXW

PDWWHULQVLGHLWKHVD\VWKDWZHFDQQRWHQYLVDJHHPSW\VSDFH+HUHKHIDLOHGWRUHQGHU
.DQWLDQLVP DV REMHFWLYH DV KH KDG LQWHQGHG DQG WKXV IDLOHG WR VWDUW WKH OLQH RI
DSSO\LQJQLQHWHHQWKFHQWXU\JHRPHWU\WRSK\VLFV(LQVWHLQGLGWKDWVLQJOHKDQGHG

5XVVHOOV .DQWLDQLVP RI  LV YHU\ PXFK LQ WKH WUDGLWLRQ LQ JHRPHWU\

GHYHORSHGE\&OLIIRUG  DQG3RLQFDUp  VRLVKLVODFNRIDELOLW\


RUGHVLUHWRDSSO\WKHQHZJHRPHWU\WRFRQFUHWHSUREOHPVRISK\VLFV7KHUHZHUHQR

SUREOHPVRISK\VLFVVWHPPLQJIURPWKHDFFHSWDQFHRI(XFOLGHDQVSDFH*DXVVWULHGWR
IRUFH RQH RQ WKH ZRUOG EXW IDLOHG *HRPHWU\ ZDV DQ H[HUFLVH LQ SRVVLEOH ZRUOGV
SURYLGHG FHUWDLQ JHQHUDO JHRPHWULFDO IDFWV VXFK DV PRWLRQ DQG VSDWLDO UHODWLRQV RI

GLVWDQFH ZHUH SHUPLWWHG 7KH VWUHVV RQ WKH SRVVLELOLW\ RI UHODWLRQV LV .DQWLDQ LQ
FRQWUDGLVWLQFWLRQ WR D VWUHVV RQ DFWXDO UHODWLRQV ZKLFK LV /HLEQL]LDQ DV ZHOO DV WR D
VWUHVV RQ SK\VLFDO SURSHUWLHV RI VSDFH DV VXFK ZKLFK LV WKH WUDGLWLRQDO (XFOLGHDQ
1HZWRQLDQYLHZ

3UHOXGHWR)LHOG7KHRU\

5HODWLRQDOVSDFHGHPDQGVSRLQWDWRPVVLQFHH[WHQGHGDWRPVQHHGILUVWDVSDFH

LQZKLFKWREHHPEHGGHG%XWDXWRQRPRXVVSDFHGRHVQRWUHTXLUHH[WHQGHGRUSRLQW

$JDVVLRQ/HLEQL]



DWRPV%RVFRYLFK  SHRSOHG1HZWRQVDXWRQRPRXVVSDFHZLWK/HLEQL]LDQ

SRLQWDWRPV+LVSUREOHPZDVWKDWRIHODVWLFFROOLVLRQV,QILQLWHO\KDUGERGLHVZKLFK
FROOLGHH[HUWLQILQLWHIRUFHRQHDFKRWKHURIFRXUVH7RDYRLGWKLVFDODPLW\WKH\PXVW

EHHODVWLF/DYRLVLHU\HDUVODWHUSXWKLVLQILQLWHO\KDUGDWRPVLQWRDSHUIHFWO\HODVWLF
DQG FRQWLQXRXV PHGLXP FDORULF WR DYRLG WKH VDPH FDODPLW\ , GR QRW NQRZ KRZ

VXFFHVVIXOO\  %RVFRYLFK KDG QR XVH IRU DQ\ PHGLXP DQG KH KDG QRW LQYHQWHG D

SHUIHFWO\ HODVWLF PHGLXP 7R PDNH KLV DWRPV HODVWLF KH HQGRZHG WKHP ZLWK D

UHSXOVLYHIRUFHZKLFKLQFUHDVHVUDSLGO\ZLWKWKHLQFUHDVHRUULVNRIFROOLVLRQLHZLWK
WKHLQFUHDVHRISUR[LPLW\RIWKHDWRPVDERXWWRFROOLGH7KLVJDYHHDFKDWRPDFHUWDLQ

VKLHOG ZKLFK UHVHPEOHG LPSHQHWUDELOLW\ ,I VR UHDVRQHG %RVFRYLFK WKHQ WKHUH LV QR
QHHGIRU1HZWRQVDWRPVWRKDYHEXONWKHH[WHQVLRQRIPDWWHUPD\EHH[SODLQHGDV
WKHUHVXOWRIUHSXOVLYHIRUFHVDQGVRDFROOHFWLRQRIDWRPVZRXOGDSSHDUEXON\HYHQLI
WKH\DUHSRLQWDWRPVLQWKHYRLG7KLVLQHVVHQFHLV%RVFRYLFKVVSHFXODWLRQ

.DQW LQ KLV SUHFULWLFDO SHULRG SUHFHGHG %RVFRYLFK LQ PDNLQJ D VLPLODU

SURSRVDOIRUVLPLODUWKRXJKOHVVH[SOLFLWUHDVRQV8QOLNH/HLEQL]%RVFRYLFKIDLOVWR

H[SODLQVSDFHDVDSURSHUW\RIPDWWHUEXWIROORZLQJ/HLEQL]KHGRHVH[SODLQEXONRU

H[WHQVLRQLQVSDFHDVDSURSHUW\RIPDWWHU,IZHKDYHVSDFHZK\QRWIROORZ'HVFDUWHV
DQG H[SODLQ PDWWHUDVRFFXS\LQJ VSDFH" 7KH DQVZHULVWKDW ZLWK WKH LQWURGXFWLRQ RI

1HZWRQLDQIRUFHV%RVFRYLFKIRXQGWKLVSURFHGXUHGHIHFWLYH%XWLIEXONLVH[SODLQHG
DVDSURSHUW\RIDWRPVHQGRZHGZLWKIRUFHZK\QRWH[SODLQVSDFHDVWKHWRWDOLW\RI

EXON"7KHDQVZHUHYHQWRGD\LVQRRQHNQRZVKRZWRIRUPXODWHVXFKDQH[SODQDWLRQ

0HDQZKLOHVSDFHLWVHOIKDVEHFRPHLQRQHVHQVHVWLOOPRUH1HZWRQLDQWKDQ&DUWHVLDQ
IRU 'HVFDUWHV DQG /HLEQL] VSDFH ZDV IXOO IRU 1HZWRQ LW ZDV HPSW\ H[FHSW IRU WKH
DWRPIRU%RVFRYLFKLWZDVDOPRVWHPSW\LQWKHVWULFWHVWVHQVHRIDOPRVW

,QKLVFULWLFDOSHULRG.DQWSURGXFHGDPRUH/HLEQL]LDQYDULDQWRIWKLVWKHRU\

)RU%RVFRYLFKDERG\LVGHQVHUDQGPRUHULJLGRUVROLGZKHQPRUHPDVVSRLQWVDUH

FRPSUHVVHG LQWR LWV YROXPH .DQW VHHPV WR REMHFW WR %RVFRYLFK KHUH 'HQVLW\ RI

UHSXOVLYHIRUFHRUHODVWLFLW\LVWRKLPTXLWHGLIIHUHQWIURPGHQVLW\RIDWWUDFWLYHIRUFH

ZKLFK LV 1HZWRQLDQ PDVV GLVWULEXWLRQ DV H[HPSOLILHG KH VD\V E\ ZDWHU DQG

TXLFNVLOYHU HDFK RI ZKLFK PD\ EHFRPH GHQVHU RU UDUHU E\ FRPSUHVVLRQ RU GLODWLRQ

 

%RVFRYLFKGLGWR\ZLWK/HLEQL]LDQVSDFHEXWQRWKLQJFDPHRIWKLVH[FHSWVRPHYDLQFODLPVWKDWZHUH
WRWDOO\RYHUORRNHG

%RVFRYLFKGLGWR\ZLWK/HLEQL]LDQVSDFHEXWQRWKLQJFDPHRIWKLVH[FHSWVRPHYDLQFODLPVWKDWZHUH
WRWDOO\RYHUORRNHG


$JDVVLRQ/HLEQL]



/LNH %RVFRYLFK .DQW ZLVKHV WR H[SODLQ EXON E\ UHSXOVLYH IRUFH DQG DVVXPHV WKH
UHSXOVLYHIRUFHWREHDVKRUWUDQJHHODVWLFIRUFHXQOLNH%RVFRYLFKEXWOLNH/HLEQL]

.DQW YLHZV WKH DWRP DV VSDFH ILOOHG ZLWK UHSXOVLYH IRUFHZKRVH VL]H KH DGGHG LV
GHWHUPLQHGE\WKHFRQIOLFWEHWZHHQDWWUDFWLRQRUUHSXOVLRQRUUDWKHUQRWWKHFRQIOLFW
EXWWKHUHVXOWDQWEDODQFLQJRIWKLVFRQIOLFW

$Q DWRPPD\ SRVVHVV WKH VDPH YROXPH ZKHQ LWV DWWUDFWLRQ LQFUHDVHV RQ WKH

FRQGLWLRQ WKDW LWV UHSXOVLRQ WRR LQFUHDVHV 7KH DWWUDFWLRQ DQG UHSXOVLRQ WKXV RSHUDWH

ORFDOO\ VLPXOWDQHRXVO\ LQWKH ZKROH LQWHULRU RI WKHDWRP ZKHUHDV WKH DWWUDFWLRQ DOVR

DFWVRQUHPRWHERGLHV5HPRWHERGLHVLQUHWXUQPD\FDXVHFKDQJHZLWKLQWKHDWRP

GLODWHRUFRPSUHVVLW,IDQDWRPLVGLODWHGLWLVOHVVGHQVHLQWKHPDWKHPDWLFDOVHQVHLW
ILOOVVSDFHOLNH6ZLVVFKHHVHRQO\LQDFRQWLQXRXVIDVKLRQ OLNHWKHVHWRIDOOUDWLRQDO

IUDFWLRQVDVFRPSDUHG ZLWKWKH VHW RI UHDO QXPEHUV  +HQFH VD\V .DQW ZKHUHDV WKH
GHQVLW\RIPDWWHUZLWKUHVSHFWWRDWWUDFWLRQLH1HZWRQLDQPDVVGHQVLW\LVDQLQWULQVLF

FKDUDFWHULVWLF RI DWRPV YDU\LQJ LQ D IL[HG PDQQHU EHWZHHQ ZDWHU DQG PHUFXU\ WKH

GHQVLW\RIPDWWHUZLWKUHVSHFWWRUHSXOVLRQKDVQRPD[LPDRUPLQLPDLGHDOO\DQDWRP

FDQEHFRPSUHVVHGWRDSRLQWRUVSUHDGRYHUWKHZKROHRIVSDFH7KLVLVWKHHPEU\R

HODVWLF VSDFH DV RSSRVHG WR VSDFH ILOOHG ZLWK HODVWLF PDWWHU VLQFH HODVWLFLW\ DQG
JUDYLW\DUHIRU.DQWZKDWPDNHVPDWWHUPDWHULDO 

.DQWVPRVWLPSRUWDQWGLVFLSOHZDVUVWHG  UVWHGVSUREOHPZDV

HOHFWURFKHPLVWU\DQGKLVVWDUWLQJSRLQWZDVWKH.DQW%RVFRYLFKPRGHO+HFRXOGQRW

H[SODLQ ZLWK WKH KHOS RI WKDW PRGHO KRZ FKHPLFDO DIILQLW\ EHFRPHV HOHFWULF IRUFH
VLQFH LQ WKDW PRGHO IRUFHV GHSHQG RQ FRQILJXUDWLRQ RQO\ +H SRVWXODWHG WKDW IRUFHV

FKDQJH WKHLU FKDUDFWHU GHSHQGLQJ RQ WKH SK\VLFDO VHWXS RU WKH SK\VLFDO *HVWDOW LQ

ZKLFK WKH\ RSHUDWH +H DFNQRZOHGJHG WKH LQIOXHQFH RI 6FKHOOLQJ KHUH WKDW LV RI

6FKHOOLQJVRUJDQLFLVWYLHZRIQDWXUHZKLFKLQFLGHQWDOO\DOVRRZHVPXFKWR/HLEQL]
EXWDORQJOHVVUHSXWDEOHVFLHQWLILFOLQHV

1RWRQO\GLGUVWHGSURSRVHKLVWKHRU\RIFRQYHUVLRQRIIRUFHVZKLFK)DUDGD\

 GHYHORSHGLQWRWKHWKHRU\RIFRQVHUYDWLRQRIIRUFHV IRUFHVFDQFRQYHUW

LQWR RWKHU IRUFHV EXW QRW YDU\ PXFK OHVV EH GHVWUR\HG  :KHQ UVWHG UHSRUWHG KLV
GLVFRYHU\RIHOHFWURPDJQHWLVPLQKHVDLGWKDWWKHHOHFWULFFRQIOLFW WKHZRUG
PD\FRPHIURP.DQWVHHDERYH ZKLFKFRQVWLWXWHVWKHHOHFWULFFXUUHQW ZKDWHYHUWKLV

PD\PHDQ OHDYHVWKHFRQGXFWLQJZLUHDQGJRHVWKURXJKVSDFHWRGHIOHFWWKHPDJQHWLF

QHHGOH)DUDGD\ GHQLHVLQKLVSDSHURIRQWKHHOHFWULFPRWRU WKHH[LVWHQFHRI

$JDVVLRQ/HLEQL]



PDJQHWLFDWWUDFWLRQDQGUHSXOVLRQDVHOHPHQWDU\+HGHFODUHVWKHPFRPSRXQGIRUFHV
7KH SULPDU\ IRUFHV RIDOO PDJQHWV KH VD\V DUHDOOFLUFXODUDQG UHFWLOLQHDU IRUFHV

DWWUDFWLRQ DQG UHSXOVLRQDUH UHVXOWDQWV RI FRXSOHV RI URWDWLRQDO IRUFHV DORQJ
WDQJHQWLDOFLUFOHVLQRSSRVLWHGLUHFWLRQV

2QHLQWHUHVWLQJDVSHFWRIWKLVLVWKDW)DUDGD\VWKHRU\FRPHVWRGRDZD\ZLWK

DFWLRQ DW D GLVWDQFHD SHW DYHUVLRQ RI KLV ZKLFK KH WULHG WR HOLPLQDWH DW WKH ILUVW

RFFDVLRQ 6HFRQG KLV IRUFHV OLNH 2HUVWHGV DUH QRW ERXQG WR FHQWHUV RI IRUFH DQG
PRYHIUHHO\LQHPSW\VSDFHOLNHJRGV)DUDGD\NQHZQRWKLQJRI/HLEQL]RURI.DQW
SUHVXPDEO\ +H QHYHU WULHG WR UHGXFH VSDFH WR ILHOGV KDG KH NQRZQ RI 5LHPDQQV

ZRUNKHPLJKWKDYHGRQHVREXWKHGLGQRW<HWKHWULHGWRUHGXFHDOOPDWWHUWRILHOGV

RI IRUFH LQFOXGLQJ EXON LQHUWLD DQG JUDYLW\ ,Q WKLV KH VDLG KH ZDV LQGHEWHG WR

%RVFRYLFKV UHGXFWLRQ RI EXON WR IRUFHV %XW XQOLNH %RVFRYLFKV IRUFHV DQG OLNH

2HUVWHGV )DUDGD\V IRUFHV ILOOHG HPSW\ VSDFH 7KH FRPSOHPHQWDULQHVV EHWZHHQ

)DUDGD\ DQG 5LHPDQQLVLQGHHGDVVWULNLQJ DV -DPPHU QRWHV EXW LWLV QRW VRPXFK

SOHQLVP DQG FRQWLQXLW\ DV SOHQLVP RI GLVSRVLWLRQV RI UHODWLRQV LQ D FRQWLQXLW\ RI

UDQJH%XW5LHPDQQVUHODWLRQVDUHRIGLVWDQFHDQG)DUDGD\VRILQWHUDFWLRQ7KHUHLV
VWLOODFKDVPZKLFKZDVEULGJHGRYHUKDOIDFHQWXU\ODWHUE\WKHJHQLXVDQGOXFNRI
(LQVWHLQ

)LHOG7KHRU\

)DUDGD\V GHVLUH WR H[SODLQ PDWWHU E\ D WKHRU\ RI IRUFH PDGH 'H OD 5LYH YLHZ

)DUDGD\VVSHFXODWLRQVDVGDQJHURXVO\FORVHWRLGHDOLVPDVKHSXWLWLQKLVPHPRULDO
RQ)DUDGD\'HOD5LYHWKXVH[SUHVVHGWKHSRVLWLYLVWLFVHQWLPHQWRIKLVJHQHUDWLRQ$
JHQHUDWLRQ ODWHU VHQWLPHQWV ZHQW WKH RWKHU ZD\ (YHQ LI RXU WKHRU\ RI PDWWHU ZHUH

PRVW VDWLVIDFWRU\ +HDYLVLGH   GHFODUHG ZH FRXOG VWLOO ZLVK WR H[SODLQ LW
IXUWKHU7KHLPSRUWDQWDVSHFWRI0D[ZHOOVYLHZV3R\QWLQJ  VDLGLQKLV

 

)DUDGD\NQHZ7KRPDV<RXQJZHOODQG<RXQJZDVIDPLOLDUZLWK.DQWVGRFWULQHVKHLVNQRZQWR
KDYHFHQVXUHG.DQWVVW\OHLQDPDQQHULQGLFDWLQJWKDWKHWKRXJKWWKHVXEWOHW\RI.DQWVYLHZZDVQRW
VRJUHDWDVWRMXVWLI\VRFXPEHUVRPHDQH[SRVLWLRQ)DUDGD\DOOXGHVWR.DQWLQKLVQRWHVWRKLVOHFWXUHV
WRWKH&LW\3KLORVRSKLFDO6RFLHW\5R\DO,QVWLWXWLRQ06S6HHDOVRP\)DUDGD\DVD1DWXUDO
3KLORVRSKHU

,WLVRQWKLVFUXFLDOSRLQWWKDW,WKLQN)DUDGD\VRULJLQDOLW\LVXQDFNQRZOHGJHGHYHQE\//:K\WH
DQG/3:LOOLDPV

1RWLFHVXU0LFKDHO)DUDGD\WUDQVLQ3KLO0DJ  6\OYDQXV37KRPSVRQWHOOV
KRZVXUSULVHGKHZDVWRILQGDQLGHDRIKLVLQ)DUDGD\VZRUNFI-DQH67KRPSVRQ6\OYDQXV
7KRPSVRQ+LV/LIH$QG/HWWHUV /RQGRQ 


$JDVVLRQ/HLEQL]



FHOHEUDWHGSDSHURQHQHUJ\IORZLVWKLVWRZDUGVWKHHQGRIKLVOLIH0D[ZHOOLQVLVWHG

RQWKHH[LVWHQFHRISXUHHQHUJ\LQHPSW\VSDFH

,W LV GRXEWIXO WKDW +HDYLVLGH RU 3R\QWLQJ KDG UHDG )DUDGD\ RU NQHZ RI KLV

VSHFXODWLRQV )DUDGD\ ZDV YLHZHG DV DQ HWKHULVW ERWK DW WKDW WLPH DQG XQWLO YHU\
UHFHQWO\ ZLWKWKHH[FHSWLRQRIePLOH0H\HUVRQSHUKDSVDQGRI(LQVWHLQZKRLQWKH

/RQGRQ 7LPHV )HEUXDU\   GHVFULEHG )DUDGD\V YLHZ RI ILHOGV RI IRUFHV LQ

HPSW\VSDFH $V(LQVWHLQSRLQWHGRXWWKHORJLFRIWKHVLWXDWLRQIRUFHG0D[ZHOODQG

ODWHU +HUW] LQWR D PRUH )DUDGD\DQ SRVLWLRQ DQG VR WKRXJK )DUDGD\ ZDV QRW ZHOO
NQRZQ KLVLGHDV VXUYLYHG$JDLQ ZHVHH WKHORJLF RI D VLWXDWLRQIRUFLQJ WKLQNHUV WR
UHYLYHLGHDVZKLFKKDGJLYHQULVHWRWKHLUSUREOHP

/HWXVUHWXUQWR'HOD5LYHVFKDUJHWKDW)DUDGD\VWKHRU\ZDVLGHDOLVWLF7KH

RSSRVLWHRILGHDOLVPLVUHDOLVPRUWKHYLHZWKDWWKHPDWHULDOZRUOGH[LVWV7KHUHDUH

PDQ\YHUVLRQVRUFODVVHVRIYHUVLRQVRIUHDOLVPRQHRIZKLFKLVNQRZQDVPDWHULDOLVP

RU PHFKDQLVWLF PDWHULDOLVP 7KLV GRFWULQH DVVHUWV WKDW WKH HVVHQFH RI WKH PDWHULDO
ZRUOGLVPDWWHUZKLFKEHKDYHVLQDFFRUGZLWK'HVFDUWHVSULQFLSOHVRU1HZWRQVRU

%RVFRYLFKVHWF7KHUHLVQRORJLFDOLPSRVVLELOLW\LQDVVHUWLQJERWKWKDWWKHSK\VLFDO
ZRUOGH[LVWVDQGWKDWLWVHVVHQFHLVQRWPDWWHUEXWVD\VSLULWVRIWKLQJV DQLPLVP RU
IRUFHRUHQHUJ\<HWYLHZLQJPDWWHUDVHVVHQWLDOO\IRUFHRUHQHUJ\LVYLHZLQJPDWWHU

DVSRWHQWLDO$QGWKLVUDLVHVWKHTXHVWLRQ:KDWGRHVWKLVSRWHQWLDOLW\DFWXDOL]HLQWR"
7KH DQVZHU LV LQHYLWDEO\ LQWR RWKHU SRWHQWLDOLWLHV DQG VR RQ 7KLV ORRNV YHU\

IUXVWUDWLQJ DQG REMHFWLRQDEOH DQG VR RSSRVLWLRQ WR )DUDGD\ LV HYHQ PRUH

XQGHUVWDQGDEOH WKDQ RSSRVLWLRQ WR /HLEQL]DV )DUDGD\ KDG D FOHDUHU FRQFHSWLRQ RI
IRUFH

$ULVWRWOHV PDWWHU LV ERWK SRWHQWLDO DQG DFWXDO ,Q KLV /HWWHUV 7R $ *HUPDQ

3ULQFHVV   (XOHU SUDLVHV 'HVFDUWHV IRU KDYLQJ UHGXFHG WKH SRWHQWLDO WR WKH

DFWXDOWKLQJVUHSHOHDFKRWKHUEHFDXVHRWKHUZLVHWKH\ZRXOGQRWEHZKDWWKH\DUH%XW

 

6\OYDQXV37KRPSVRQWHOOVKRZVXUSULVHGKHZDVWRILQGDQLGHDRIKLVLQ)DUDGD\VZRUNFI-DQH
67KRPSVRQ6\OYDQXV7KRPSVRQ+LV/LIH$QG/HWWHUV  

/HQLQV0DWHULDOLVPDQG(PSLULR&ULWLFLVP  LVRIWHQFLWHGDVDWH[WLQZKLFKUHDOLVPLVYLHZHG
DVPRUHIXQGDPHQWDOWKDQPDWHULDOLVPDQGHTXDWLQJPDVVZLWKHQHUJ\DVDWOHDVWSUHVHUYLQJUHDOLVP
<HWLQWKDWYHU\GLVFXVVLRQ/HQLQVOLGHVUDWKHUDSRORJHWLFDOO\IURPPDWHULDOLVPWRDQRQ
PDWHULDOLVWLF
UHDOLVPKHGRHVQRWDGPLWWKDWHTXDWLQJPDVVZLWKHQHUJ\UHDOLVWDVLWLVLVDQWLPDWHULDOLVW0RUHRYHU
WKRVHZKRTXRWH/HQLQDUHUDWKHUDSRORJHWLFWRRWKH\GRQRWQRWLFHWKDWKHLVKHUHUHDG\WRPRYHRQO\
XQGHUWKHSUHVVXUHRIVFLHQFHWKDWPRUHRYHUKHLVQRWFRQYLQFHGWKDWWKHSUHVVXUHH[LVWV+HVD\V
VLQFHHQHUJ\LVGHILQHGE\PDVVLWLVWRRFLUFXODUWRGHILQHPDVVE\HQHUJ\7KLVSHUFHSWLYHUHPDUNLV
RYHUORRNHGE\KLVDSRORJHWLFGHIHQGDQWV,QGHHGWKLVREMHFWLRQZDVPHWE\WZHQWLHWK
FHQWXU\
)DUDGD\DQVHVSHFLDOO\(LQVWHLQDQG6FKU|GLQJHU


$JDVVLRQ/HLEQL]



WKHQSHUVLVWHQFHRIDFWXDOHVVHQFHLVWKHRQHDQGWKHRQO\SRWHQWLDOLW\'HVFDUWHVGRHV
UHTXLUH )DUDGD\V WKHRU\ LV UHYHUVHG &DUWHVLDQLVP ZKLFK PD\ EH GHIHQGHG E\
FODLPLQJ WKDW HYHQ WKH PRVW DFWXDO DFWXDOLW\ FRQWDLQV SRWHQWLDOLW\ DQ\ZD\ +HUH

3RSSHUV WKHRU\ RI GLVSRVLWLRQV DV LQKHUHQW HYHU\ZKHUH DQG RI SURSHQVLWLHV DV
REMHFWLYH GLVSRVLWLRQV LV YDOXDEOH DV D SRVWKRF FODULILFDWLRQ VLPLODU WR 5XVVHOOV
DERYH 

7KH(QGRIWKH&RQWURYHUV\

,QJHQHUDOUHODWLYLW\PDWWHUPRYHVLQDFFRUGZLWKVRPHODZRILQHUWLDEXWRQO\DIWHU

GHIRUPLQJ VSDFH :KDW GRHV LW PDWWHU ZKHWKHU PDWWHU JUDYLWDWHV DQG WKXV GHYLDWHV
IURP LWV LQHUWLDO SDWK RU ZKHWKHU LQVWHDG RI JUDYLWDWLQJ LW GHIRUPV LWV LQHUWLDO SDWK"
7KHUHDUHPDWKHPDWLFDOGLIIHUHQFHVEHWZHHQWKHIRUPXODHRIVHFRQGRUWKLUGRUGHURI

PDJQLWXGH7KLVPD\EHDQDFFLGHQWRIDIRUPDOPDWKHPDWLFDOQDWXUHDQGLQLWVHOIWKLV
GLIIHUHQFH PLJKW EH RYHUORRNHG %LJJHU H[SHULPHQWDO GLVFUHSDQFLHV DUH WROHUDWHG

ZLWK HTXDQLPLW\ ZKHQ WKH SUREOHPV WKH\ LQYROYH DUH QRW UHDOO\ LQWHUHVWLQJ VXFK

GLVFUHSDQFLHVDUH PHUHO\FRYHUHG E\ VRPHFRUUHFWLRQ IDFWRURU RWKHU:KDW LV UHDOO\


VLJQLILFDQWDFFRUGLQJWR(LQVWHLQLVWKDWJUDYLWDWLRQDQGJHRPHWU\EHFRPHRQHWKXV

LQVXULQJWKDWJHRPHWU\LVDSDUWRISK\VLFVSURSHU)URPWKHVWDUW(LQVWHLQZDVUHDG\WR
H[SODLQPDWWHU:KHQ0D[ZHOOLDQILHOGVVKRZHGWKHPVHOYHVWRSRVVHVVPDVVGHQVLW\

SURSRUWLRQDOWRWKHLUHQHUJ\GHQVLW\(LQVWHLQWULHGWRH[SODLQDOOPDVVDVDSURSHUW\RI

HQHUJ\ WKXV GHSULYLQJ WKH PDVVSRLQW RI LWV PDWHULDOLW\ WKRXJK LW VWLOO SRVVHVVHG

JUDYLW\EXWJUDYLW\VKRXOGEHDILHOG9LHZLQJVSDFHWLPHDVDVHWRIGLVSRVLWLRQVDQG
ILHOGSK\VLFVDVDVHWRIGLVSRVLWLRQVWRRWKHLGHDRIYLHZLQJWKHRQHDVDQDVSHFWRI

WKHRWKHUVHHPVSRVVLEOHKRZHYHUUHPRWHO\

,Q(LQVWHLQVYLHZRIXQLILHGILHOGWKHRU\DVDJHQHUDOL]HGJHRPHWU\RQHPLJKW

VD\ WKDW ILHOGV RI IRUFH EHFRPH D SURSHUW\ RI VSDFH RU YLFHYHUVD IRUFHILHOG DQG
VSDFHEHFRPHRQH,WZRXOGQRWEHFOHDUWKHQZKHWKHUWKHJHQHUDOL]HGWKHRU\ZRXOGEH

D PRGLILHG &DUWHVLDQLVP PDWWHU LV D SURSHUW\ RI VSDFH  RU PRGLILHG /HLEQL]LDQLVP
VSDFHLVD SURSHUW\ RIPDWWHU  ,WLV OHVVFOHDU QRZVLQFHWKH SURMHFW VHHPV WR KDYH
IDLOHG ,W VHHPV WKDW VRRQHU RU ODWHU VXFK TXHVWLRQV FHDVH WR KDYH VLJQLILFDQFH VLQFH

PRGLILFDWLRQKDVVLQFHJRQHEH\RQGHDUOLHULPDJLQDWLRQ<HWWKHH[LVWHQFHRIERWKD
&DUWHVLDQHOHPHQW JHRPHWU\DVSK\VLFV DQGD/HLEQL]LDQHOHPHQW PDWWHUDVIRUFH LQ

 


+35REHUWVRQLQ$OEHUW(LQVWHLQ3KLORVRSKHU6FLHQWLVWLQ3$6FKLOSSHG  

$JDVVLRQ/HLEQL]



FRQWHPSRUDU\ WKHRU\ DV ZHOO DV WKH DEVHQFH RI VRPH SRZHUIXO XQLI\LQJ LGHDV

KRZHYHUSUHOLPLQDU\PD\EHSRLQWHGRXWZLWKVRPHLQWHUHVWDQGSHUKDSVFRQFHUQ

7RFRQFOXGH(LQVWHLQVJHRPHWUL]DWLRQRIJUDYLW\LVDSDUWRIDORQJVWUXJJOH

/HLEQL]KDGDWKHRU\RIERWKVSDFHDQGPDWWHUZKLFKZDVYHU\XQRUWKRGR[,WVJUHDWHVW
VKRUWFRPLQJ(XOHUDVVHUWHGFRUUHFWO\LVWKDWLWFRXOGQRWUHSODFH(XFOLGVJHRPHWU\

ZLWK ZKLFK LW FRQIOLFWHG %RWK %RVFRYLFK DQG .DQW WHQGHG WRZDUGV /HLEQL]LDQLVP
ZLWKUHJDUGWRERWKVSDFHDQGPDWWHU.DQWPRUHVRWKDQ%RVFRYLFK7KURXJK.DQWV

DFFHSWDQFH RI (XOHUV FULWLFLVP DQG LQ D SHULRG RI UHDFWLRQ WR .DQW QRQ(XFOLGHDQ
JHRPHWU\ZDVERUQ7KURXJK.DQWVWKHRU\RIPDWWHUILHOGWKHRU\ZDVERUQ7KHWZR
ZHUHXQLWHGLQ(LQVWHLQ

<HWRQHVKRXOGQRWH[DJJHUDWHWKHFRQWLQXLW\ZKLFKREWDLQVQRWVRPXFKIRU

LQIOXHQWLDO LGHDV DV IRU SURJUDPV DQG SUREOHPV ,W VKRXOG EH VWUHVVHG WKDW QRQ

(XFOLGHDQ JHRPHWU\ UHLQIRUFHG LQ D QRQ/HLEQL]HDQ IDVKLRQ WKH KRPRJHQHLW\ DQG


LVRWURS\RIVSDFH,WLVWKXVLPSRUWDQWWRQRWHWKDWGHYLDWLRQVIURPWKHVHGRJPDVZHUH

ILUVW DWWHPSWHG LQ WKH ILHOG RI HODVWLFLW\ RU RI DSSOLHG PDWKHPDWLFV ZKLFK FDPH

RSSRUWXQHO\IRU(LQVWHLQ,WLVDOVRLPSRUWDQWWRQRWHWKDWLWLVQRWHDV\WRGHFLGHKRZ
PXFK(LQVWHLQVSURJUDPLVDYDULDQWRIWKDWRI/HLEQL]
%RVWRQ8QLYHUVLW\

Das könnte Ihnen auch gefallen