Добавил:
Опубликованный материал нарушает ваши авторские права? Сообщите нам.
Вуз: Предмет: Файл:

Flatland - a romance of many dimensions

.pdf
Скачиваний:
0
Добавлен:
06.09.2026
Размер:
2 Мб
Скачать
H\HDQGPRXWKVKRXOGEHGLVWLQJXLVKDEOHIURPKLVKLQGHUKDOI7KH\ WKHUHIRUHEURXJKWEHIRUHDJHQHUDODQGH[WUDRUGLQDU\$VVHPEO\RIDOO WKH6WDWHVRI)ODWODQGD%LOOSURSRVLQJWKDWLQHYHU\:RPDQWKHKDOI FRQWDLQLQJWKHH\HDQGPRXWKVKRXOGEHFRORXUHGUHGDQGWKHRWKHU KDOIJUHHQ7KH3ULHVWVZHUHWREHSDLQWHGLQWKHVDPHZD\UHGEHLQJ DSSOLHGWR WKDW VHPLFLUFOHLQ ZKLFK WKHH\HDQG PRXWK IRUPHGWKH PLGGOHSRLQWZKLOHWKHRWKHURUKLQGHUVHPLFLUFOHZDVWREHFRORXUHG JUHHQ 7KHUHZDVQROLWWOHFXQQLQJLQWKLVSURSRVDOZKLFKLQGHHGHPDQDWHG QRW IURP DQ\ ,VRVFHOHV  IRU QR EHLQJ VR GHJUDGHG ZRXOG KDYH DQJXODULW\HQRXJKWRDSSUHFLDWHPXFKOHVVWRGHYLVHVXFKDPRGHO RI VWDWHFUDIW EXW IURPDQ ,UUHJXODU &LUFOH ZKR LQVWHDGRI EHLQJ GHVWUR\HG LQ KLV FKLOGKRRG ZDV UHVHUYHG E\ D IRROLVK LQGXOJHQFH WR EULQJ GHVRODWLRQ RQ KLV FRXQWU\ DQG GHVWUXFWLRQ RQ P\ULDGV RI IROORZHUV 2QWKHRQHKDQGWKHSURSRVLWLRQZDVFDOFXODWHGWREULQJWKH:RPHQ LQDOOFODVVHVRYHUWRWKHVLGHRI WKH &KURPDWLF ,QQRYDWLRQ )RU E\ DVVLJQLQJ WR WKH :RPHQ WKH VDPH WZR FRORXUV DV ZHUH DVVLJQHG WR WKH 3ULHVWV WKH 5HYROXWLRQLVWV WKHUHE\ HQVXUHG WKDW LQ FHUWDLQ SRVLWLRQV HYHU\:RPDQZRXOG DSSHDU DV D 3ULHVW DQG EH WUHDWHG ZLWKFRUUHVSRQGLQJUHVSHFWDQGGHIHUHQFHDSURVSHFWWKDWFRXOGQRW IDLOWRDWWUDFWWKH)HPDOH6H[LQDPDVV %XW E\ VRPH RI P\ 5HDGHUV WKH SRVVLELOLW\ RI WKH LGHQWLFDO DSSHDUDQFHRI3ULHVWVDQG:RPHQXQGHUDQHZ/HJLVODWLRQPD\QRW EHUHFRJQL]HGLIVRDZRUGRUWZRZLOOPDNHLWREYLRXV ,PDJLQHDZRPDQGXO\GHFRUDWHGDFFRUGLQJWRWKHQHZ&RGHZLWK WKHIURQWKDOILHWKHKDOIFRQWDLQLQJ WKHH\HDQGPRXWKUHG DQG ZLWKWKHKLQGHUKDOIJUHHQ/RRNDWKHUIURPRQHVLGH2EYLRXVO\\RX ZLOOVHHDVWUDLJKWOLQHKDOIUHGKDOIJUHHQ 1RZ LPDJLQH D 3ULHVW ZKRVH PRXWK LV DW 0 DQG ZKRVH IURQW VHPLFLUFOH $0% LV FRQVHTXHQWO\ FRORXUHG UHG ZKLOH KLV KLQGHU VHPLFLUFOHLVJUHHQVRWKDWWKHGLDPHWHU$%GLYLGHVWKHJUHHQIURP WKHUHG,I\RXFRQWHPSODWHWKH*UHDW0DQVRDVWRKDYH\RXUH\HLQ WKHVDPHVWUDLJKWOLQHDVKLVGLYLGLQJGLDPHWHU$%ZKDW\RXZLOO VHH ZLOO EHD VWUDLJKW OLQH &%' RIZKLFK RQH KDOI &% ZLOOEH UHGDQG WKHRWKHU%'JUHHQ7KH ZKROH OLQH&'ZLOOEHUDWKHU VKRUWHUSHUKDSVWKDQWKDWRIDIXOOVL]HG:RPDQDQGZLOOVKDGHRII


PRUHUDSLGO\WRZDUGVLWVH[WUHPLWLHVEXWWKHLGHQWLW\RIWKHFRORXUV ZRXOG JLYH \RX DQ LPPHGLDWH LPSUHVVLRQ RI LGHQWLW\ LQ &ODVV PDNLQJ\RX QHJOHFWIXO RI RWKHUGHWDLOV%HDU LQ PLQG WKHGHFD\RI 6LJKW5HFRJQLWLRQZKLFKWKUHDWHQHGVRFLHW\DWWKHWLPHRIWKH&RORXU UHYROW DGG WRR WKH FHUWDLQW\ WKDW :RPDQ ZRXOG VSHHGLO\ OHDUQ WR VKDGHRIIWKHLUH[WUHPLWLHVVRDVWRLPLWDWHWKH&LUFOHVLWPXVWWKHQEH VXUHO\REYLRXVWR\RXP\GHDU5HDGHUWKDWWKH&RORXU%LOOSODFHGXV XQGHUDJUHDWGDQJHURIFRQIRXQGLQJD3ULHVWZLWKD\RXQJ:RPDQ +RZDWWUDFWLYH WKLV SURVSHFWPXVWKDYH EHHQ WR WKH)UDLO6H[ PD\ UHDGLO\EHLPDJLQHG7KH\DQWLFLSDWHGZLWKGHOLJKWWKHFRQIXVLRQWKDW ZRXOGHQVXH$W KRPH WKH\PLJKWKHDU SROLWLFDO DQGHFFOHVLDVWLFDO VHFUHWVLQWHQGHGQRWIRUWKHPEXWIRUWKHLUKXVEDQGVDQGEURWKHUVDQG PLJKWHYHQLVVXHVRPHFRPPDQGVLQWKHQDPHRIDSULHVWO\&LUFOHRXW RIGRRUVWKHVWULNLQJFRPELQDWLRQRIUHGDQGJUHHQZLWKRXWDGGLWLRQ RIDQ\RWKHUFRORXUVZRXOGEHVXUHWROHDGWKHFRPPRQSHRSOHLQWR HQGOHVVPLVWDNHVDQG WKH:RPDQZRXOGJDLQZKDWHYHUWKH &LUFOHV ORVWLQWKHGHIHUHQFHRIWKHSDVVHUVE\$VIRUWKHVFDQGDOWKDWZRXOG EHIDOOWKH&LUFXODU&ODVVLIWKHIULYRORXVDQGXQVHHPO\FRQGXFWRIWKH :RPHQZHUHLPSXWHGWRWKHPDQGDVWRWKHFRQVHTXHQWVXEYHUVLRQ RIWKH&RQVWLWXWLRQ WKH )HPDOH 6H[FRXOGQRWEHH[SHFWHG WR JLYH D WKRXJKW WR WKHVH FRQVLGHUDWLRQV (YHQ LQ WKH KRXVHKROGV RI WKH &LUFOHVWKH:RPHQZHUHDOOLQIDYRXURIWKH8QLYHUVDO&RORXU%LOO 7KHVHFRQGREMHFWDLPHGDWE\WKH%LOOZDVWKHJUDGXDOGHPRUDOL]DWLRQ RIWKH&LUFOHVWKHPVHOYHV,QWKHJHQHUDOLQWHOOHFWXDOGHFD\WKH\VWLOO SUHVHUYHGWKHLUSULVWLQHFOHDUQHVVDQGVWUHQJWKRIXQGHUVWDQGLQJ)URP WKHLU HDUOLHVW FKLOGKRRG IDPLOLDUL]HG LQ WKHLU &LUFXODU KRXVHKROGV ZLWK WKH WRWDO DEVHQFH RI &RORXU WKH 1REOHV DORQH SUHVHUYHG WKH 6DFUHG$UWRI6LJKW5HFRJQLWLRQZLWKDOOWKHDGYDQWDJHVWKDWUHVXOW IURPWKDWDGPLUDEOHWUDLQLQJRIWKHLQWHOOHFW+HQFHXSWRWKHGDWH RIWKHLQWURGXFWLRQRIWKH8QLYHUVDO&RORXU%LOOWKH&LUFOHVKDGQRW RQO\KHOGWKHLURZQEXWHYHQLQFUHDVHGWKHLUOHDGRIWKHRWKHUFODVVHV E\DEVWLQHQFHIURPWKHSRSXODUIDVKLRQ 1RZWKHUHIRUHWKHDUWIXO,UUHJXODUZKRP,GHVFULEHGDERYHDVWKHUHDO DXWKRURIWKLVGLDEROLFDO %LOO GHWHUPLQHG DW RQHEORZ WRORZHUWKH VWDWXVRIWKH+LHUDUFK\E\IRUFLQJWKHPWRVXEPLWWRWKHSROOXWLRQRI &RORXUDQGDWWKHVDPHWLPHWRGHVWUR\WKHLUGRPHVWLFRSSRUWXQLWLHV RIWUDLQLQJ LQ WKH$UW RI 6LJKW 5HFRJQLWLRQVRDVWR HQIHHEOH WKHLU


LQWHOOHFWV E\ GHSULYLQJ WKHP RI WKHLU SXUH DQG FRORXUOHVV KRPHV 2QFH VXEMHFWHG WR WKH FKURPDWLF WDLQW HYHU\ SDUHQWDO DQG HYHU\ FKLOGLVK &LUFOH ZRXOG GHPRUDOL]H HDFK RWKHU 2QO\ LQ GLVFHUQLQJ
EHWZHHQWKH )DWKHU DQGWKH 0RWKHU ZRXOGWKH &LUFXODU LQIDQW¿QG
SUREOHPVIRUWKHH[HUFLVHRIKLVXQGHUVWDQGLQJSUREOHPVWRRRIWHQ OLNHO\ WR EH FRUUXSWHG E\ PDWHUQDO LPSRVWXUHV ZLWK WKH UHVXOW RI VKDNLQJWKHFKLOG¶VIDLWKLQDOOORJLFDOFRQFOXVLRQV7KXVE\GHJUHHV WKH LQWHOOHFWXDO OXVWUH RI WKH 3ULHVWO\ 2UGHU ZRXOG ZDQH DQG WKH URDGZRXOG WKHQ OLHRSHQ IRU DWRWDOGHVWUXFWLRQ RI DOO$ULVWRFUDWLF /HJLVODWXUHDQGIRUWKHVXEYHUVLRQRIRXU3ULYLOHJHG&ODVVHV


6(&7,21  2I WKH 6XSSUHVVLRQ RI WKH &KURPDWLF 6HGLWLRQ
7KHDJLWDWLRQIRUWKH8QLYHUVDO&RORXU%LOOFRQWLQXHGIRUWKUHH\HDUV DQGXSWRWKHODVWPRPHQWRIWKDWSHULRGLWVHHPHGDVWKRXJK$QDUFK\ ZHUHGHVWLQHGWRWULXPSK
$ZKROHDUP\RI3RO\JRQVZKRWXUQHGRXWWR¿JKWDVSULYDWHVROGLHUV
ZDVXWWHUO\DQQLKLODWHGE\DVXSHULRUIRUFHRI,VRVFHOHV7ULDQJOHV WKH6TXDUHVDQG3HQWDJRQVPHDQZKLOHUHPDLQLQJQHXWUDO :RUVH WKDQ DOO VRPH RI WKH DEOHVW &LUFOHV IHOOD SUH\ WR FRQMXJDO IXU\ ,QIXULDWHG E\ SROLWLFDO DQLPRVLW\WKH ZLYHVLQ PDQ\D QREOH KRXVHKROGZHDULHGWKHLUORUGVZLWKSUD\HUVWRJLYHXSWKHLURSSRVLWLRQ
WRWKH &RORXU %LOODQGVRPH ¿QGLQJ WKHLUHQWUHDWLHVIUXLWOHVV IHOO
RQDQG VODXJKWHUHG WKHLULQQRFHQW FKLOGUHQ DQG KXVEDQGSHULVKLQJ WKHPVHOYHV LQ WKH DFW RI FDUQDJH ,W LV UHFRUGHG WKDW GXULQJ WKDW WULHQQLDO DJLWDWLRQ QR OHVV WKDQ WZHQW\WKUHH &LUFOHV SHULVKHG LQ GRPHVWLFGLVFRUG *UHDW LQGHHG ZDV WKH SHULO ,W VHHPHG DV WKRXJK WKH 3ULHVWV KDG QR FKRLFH EHWZHHQ VXEPLVVLRQ DQG H[WHUPLQDWLRQ ZKHQ VXGGHQO\ WKH FRXUVH RI HYHQWV ZDV FRPSOHWHO\ FKDQJHG E\ RQH RI WKRVH SLFWXUHVTXH LQFLGHQWV ZKLFK 6WDWHVPHQ RXJKW QHYHU WR QHJOHFW RIWHQWRDQWLFLSDWHDQGVRPHWLPHVSHUKDSVWR RULJLQDWHEHFDXVHRI WKHDEVXUGO\GLVSURSRUWLRQDWHSRZHUZLWK ZKLFK WKH\ DSSHDO WR WKH V\PSDWKLHVRIWKHSRSXODFH ,WKDSSHQHGWKDWDQ ,VRVFHOHV RI DORZW\SHZLWKDEUDLQOLWWOHLI DW DOODERYHIRXUGHJUHHVDFFLGHQWDOO\GDEEOLQJLQWKHFRORXUVRIVRPH 7UDGHVPDQZKRVHVKRSKHKDGSOXQGHUHGSDLQWHGKLPVHOIRUFDXVHG KLPVHOIWREHSDLQWHGIRUWKHVWRU\YDULHVZLWKWKHWZHOYHFRORXUVRI D'RGHFDJRQ*RLQJLQWRWKH0DUNHW3ODFHKHDFFRVWHGLQDIHLJQHG YRLFH D PDLGHQ WKH RUSKDQ GDXJKWHU RI D QREOH 3RO\JRQ ZKRVH DIIHFWLRQLQIRUPHUGD\V KH KDG VRXJKWLQYDLQDQG E\ D VHULHVRI GHFHSWLRQVDLGHGRQWKHRQHVLGHE\DVWULQJRIOXFN\DFFLGHQWVWRR ORQJWRUHODWHDQGRQWKHRWKHUE\DQDOPRVWLQFRQFHLYDEOHIDWXLW\ DQGQHJOHFWRIRUGLQDU\SUHFDXWLRQVRQWKHSDUWRIWKHUHODWLRQVRIWKH EULGHKH VXFFHHGHG LQ FRQVXPPDWLQJWKHPDUULDJH7KHXQKDSS\ JLUO FRPPLWWHG VXLFLGHRQ GLVFRYHULQJWKH IUDXG WR ZKLFK VKHKDG EHHQVXEMHFWHG


:KHQ WKH QHZV RI WKLV FDWDVWURSKH VSUHDG IURP 6WDWH WR 6WDWH WKH PLQGV RI WKH :RPHQ ZHUH YLROHQWO\ DJLWDWHG 6\PSDWK\ ZLWK WKH PLVHUDEOH YLFWLP DQG DQWLFLSDWLRQV RI VLPLODU GHFHSWLRQV IRU WKHPVHOYHV WKHLU VLVWHUV DQG WKHLU GDXJKWHUV PDGH WKHP QRZ UHJDUGWKH&RORXU %LOOLQDQHQWLUHO\QHZ DVSHFW 1RWDIHZRSHQO\ DYRZHGWKHPVHOYHVFRQYHUWHG WR DQWDJRQLVP WKHUHVWQHHGHGRQO\ DVOLJKW VWLPXOXVWRPDNHDVLPLODU DYRZDO6HL]LQJWKLVIDYRXUDEOH RSSRUWXQLW\WKH&LUFOHVKDVWLO\FRQYHQHGDQH[WUDRUGLQDU\$VVHPEO\ RIWKH6WDWHVDQGEHVLGHVWKHXVXDOJXDUGRI&RQYLFWVWKH\VHFXUHG WKHDWWHQGDQFHRIDODUJHQXPEHURIUHDFWLRQDU\:RPHQ $PLGVWDQXQSUHFHGHQWHGFRQFRXUVHWKH&KLHI&LUFOHRIWKRVHGD\V
E\QDPH3DQWRF\FOXVDURVHWR¿QGKLPVHOIKLVVHGDQGKRRWHGE\
D KXQGUHG DQG WZHQW\ WKRXVDQG ,VRVFHOHV %XW KH VHFXUHG VLOHQFH E\GHFODULQJ WKDWKHQFHIRUWKWKH&LUFOHVZRXOGHQWHURQDSROLF\RI &RQFHVVLRQ\LHOGLQJWRWKHZLVKHVRIWKHPDMRULW\WKH\ZRXOGDFFHSW WKH&RORXU%LOO7KHXSURDUEHLQJDWRQFHFRQYHUWHGWRDSSODXVHKH LQYLWHG&KURPDWLVWHV WKH OHDGHURIWKH 6HGLWLRQ LQWRWKHFHQWUH RI WKHKDOOWRUHFHLYHLQWKHQDPHRIKLVIROORZHUVWKHVXEPLVVLRQRIWKH +LHUDUFK\7KHQIROORZHGDVSHHFKDPDVWHUSLHFHRIUKHWRULFZKLFK RFFXSLHGQHDUO\DGD\LQWKHGHOLYHU\DQGWRZKLFKQRVXPPDU\FDQ GRMXVWLFH :LWK D JUDYH DSSHDUDQFH RI LPSDUWLDOLW\ KH GHFODUHG WKDW DV WKH\
ZHUHQRZ¿QDOO\FRPPLWWLQJWKHPVHOYHVWR5HIRUP RU ,QQRYDWLRQ
LWZDVGHVLUDEOHWKDWWKH\VKRXOGWDNHRQHODVWYLHZRIWKHSHULPHWHU RIWKHZKROHVXEMHFWLWVGHIHFWVDVZHOODVLWVDGYDQWDJHV*UDGXDOO\ LQWURGXFWLRQ WKH PHQWLRQ RI WKH GDQJHUV WR WKH 7UDGHVPHQ WKH 3URIHVVLRQDO &ODVVHV DQG WKH *HQWOHPHQ KH VLOHQFHG WKH ULVLQJ PXUPXUV RI WKH ,VRVFHOHV E\ UHPLQGLQJ WKHP WKDW LQ VSLWH RI DOO WKHVHGHIHFWVKHZDVZLOOLQJWRDFFHSWWKH%LOOLILWZDVDSSURYHGE\ WKHPDMRULW\%XWLWZDVPDQLIHVWWKDWDOOH[FHSWWKH,VRVFHOHVZHUH PRYHGE\KLVZRUGVDQGZHUHHLWKHUQHXWUDORUDYHUVHWRWKH%LOO 7XUQLQJQRZWRWKH:RUNPHQKHDVVHUWHGWKDWWKHLULQWHUHVWVPXVWQRW EHQHJOHFWHGDQGWKDWLIWKH\LQWHQGHGWRDFFHSWWKH&RORXU%LOOWKH\ RXJKWDWOHDVWWRGRVRZLWKIXOOYLHZRIWKHFRQVHTXHQFHV0DQ\RI WKHPKHVDLGZHUHRQWKHSRLQWRIEHLQJDGPLWWHGWRWKHFODVVRIWKH 5HJXODU7ULDQJOHVRWKHUVDQWLFLSDWHGIRUWKHLUFKLOGUHQDGLVWLQFWLRQ WKH\FRXOGQRWKRSHIRUWKHPVHOYHV7KDWKRQRXUDEOHDPELWLRQZRXOG


QRW KDYH WR EH VDFUL¿FHG :LWKWKH XQLYHUVDO DGRSWLRQ RI &RORXU
DOO GLVWLQFWLRQV ZRXOG FHDVH 5HJXODULW\ ZRXOG EH FRQIXVHG ZLWK ,UUHJXODULW\ GHYHORSPHQW ZRXOG JLYH SODFH WR UHWURJUHVVLRQ WKH :RUNPDQ ZRXOGLQ D IHZ JHQHUDWLRQV EHGHJUDGHG WR WKH OHYHO RI WKH0LOLWDU\RUHYHQWKH&RQYLFW&ODVVSROLWLFDOSRZHUZRXOGEHLQ WKHKDQGVRIWKHJUHDWHVWQXPEHUWKDWLVWRVD\WKH&ULPLQDO&ODVVHV ZKR ZHUH DOUHDG\ PRUH QXPHURXV WKDQ WKH :RUNPHQ DQG ZRXOG VRRQRXWQXPEHUDOOWKHRWKHU&ODVVHVSXWWRJHWKHUZKHQWKHXVXDO &RPSHQVDWLYH/DZVRI1DWXUHZHUHYLRODWHG $VXEGXHGPXUPXURIDVVHQWUDQWKURXJKWKHUDQNV RIWKH$UWLVDQV DQG&KURPDWLVWHVLQDODUPDWWHPSWHGWRVWHSIRUZDUGDQGDGGUHVV WKHP %XW KH IRXQGKLPVHOI HQFRPSDVVHG ZLWK JXDUGV DQG IRUFHG WRUHPDLQVLOHQWZKLOHWKH&KLHI&LUFOHLQDIHZLPSDVVLRQHGZRUGV
PDGHD¿QDODSSHDOWRWKH:RPHQH[FODLPLQJWKDWLIWKH&RORXU%LOO
SDVVHGQRPDUULDJHZRXOGKHQFHIRUWKEHVDIHQRZRPDQ¶VKRQRXU VHFXUHIUDXGGHFHSWLRQK\SRFULV\ZRXOGSHUYDGHHYHU\KRXVHKROG GRPHVWLFEOLVVZRXOG VKDUHWKHIDWHRIWKH&RQVWLWXWLRQ DQGSDVVWR VSHHG\SHUGLWLRQ³6RRQHUWKDQWKLV´KHFULHG³FRPHGHDWK´ $WWKHVHZRUGVZKLFK ZHUH WKHSUHFRQFHUWHGVLJQDOIRUDFWLRQWKH
,VRVFHOHV&RQYLFWVIHOORQDQGWUDQV¿[HGWKHZUHWFKHG&KURPDWLVWHV
WKH5HJXODU &ODVVHV RSHQLQJWKHLUUDQNV PDGH ZD\ IRUDEDQG RI :RPHQZKRXQGHUGLUHFWLRQRIWKH&LUFOHVPRYHGEDFNIRUHPRVW LQYLVLEO\DQGXQHUULQJO\XSRQWKHXQFRQVFLRXVVROGLHUVWKH$UWLVDQV LPLWDWLQJ WKH H[DPSOH RI WKHLU EHWWHUV DOVR RSHQHG WKHLU UDQNV 0HDQWLPH EDQGV RI &RQYLFWV RFFXSLHG HYHU\ HQWUDQFH ZLWK DQ LPSHQHWUDEOHSKDODQ[ 7KH EDWWOH RU UDWKHU FDUQDJH ZDV RI VKRUW GXUDWLRQ 8QGHU WKH VNLOOIXO JHQHUDOVKLS RI WKH &LUFOHV DOPRVW HYHU\ :RPDQ¶V FKDUJH ZDVIDWDO DQG YHU\PDQ\H[WUDFWHG WKHLU VWLQJ XQLQMXUHGUHDG\IRU DVHFRQGVODXJKWHU%XW QR VHFRQG EORZ ZDV QHHGHG WKHUDEEOH RI WKH,VRVFHOHVGLGWKHUHVWRIWKHEXVLQHVV IRUWKHPVHOYHV6XUSULVHG
OHDGHUOHVVDWWDFNHGLQIURQWE\LQYLVLEOHIRHVDQG¿QGLQJHJUHVVFXW
RIIE\ WKH&RQYLFWV EHKLQG WKHP WKH\ DW RQFH  DIWHU WKHLU PDQQHU ORVWDOOSUHVHQFH RI PLQG DQG UDLVHG WKHFU\RI³WUHDFKHU\´7KLV VHDOHGWKHLU IDWH(YHU\ ,VRVFHOHV QRZVDZ DQG IHOWD IRH LQHYHU\ RWKHU,QKDOIDQKRXUQRWRQHRIWKDWYDVWPXOWLWXGHZDVOLYLQJDQG WKHIUDJPHQWVRIVHYHQVFRUHWKRXVDQGRIWKH&ULPLQDO&ODVVVODLQE\


RQHDQRWKHU¶VDQJOHVDWWHVWHGWKHWULXPSKRI2UGHU 7KH &LUFOHV GHOD\HG QRW WR SXVK WKHLU YLFWRU\ WR WKH XWWHUPRVW 7KH :RUNLQJ 0HQ WKH\ VSDUHG EXW GHFLPDWHG 7KH 0LOLWLD RI WKH (TXLODWHUDOVZDVDWRQFHFDOOHGRXWDQGHYHU\7ULDQJOHVXVSHFWHGRI ,UUHJXODULW\RQUHDVRQDEOHJURXQGVZDVGHVWUR\HGE\&RXUW0DUWLDO ZLWKRXWWKHIRUPDOLW\RIH[DFWPHDVXUHPHQWE\WKH6RFLDO%RDUG7KH KRPHVRIWKH0LOLWDU\DQG$UWLVDQFODVVHVZHUHLQVSHFWHGLQDFRXUVH RIYLVLWDWLRQH[WHQGLQJWKURXJKXSZDUGV RI D \HDU DQG GXULQJWKDW SHULRGHYHU\WRZQYLOODJHDQGKDPOHWZDVV\VWHPDWLFDOO\SXUJHGRI WKDWH[FHVVRIWKHORZHURUGHUVZKLFKKDGEHHQEURXJKWDERXWE\WKH QHJOHFWWRSD\WKHWULEXWHRI&ULPLQDOVWRWKH6FKRROVDQG8QLYHUVLW\ DQG E\ WKH YLRODWLRQ RI RWKHU QDWXUDO /DZV RI WKH &RQVWLWXWLRQ RI )ODWODQG7KXVWKHEDODQFHRIFODVVHVZDVDJDLQUHVWRUHG 1HHGOHVVWRVD\WKDWKHQFHIRUWKWKHXVHRI&RORXUZDVDEROLVKHGDQG LWVSRVVHVVLRQSURKLELWHG (YHQWKHXWWHUDQFHRIDQ\ ZRUG GHQRWLQJ
&RORXUH[FHSWE\WKH&LUFOHVRUE\TXDOL¿HGVFLHQWL¿FWHDFKHUVZDV
SXQLVKHGE\DVHYHUHSHQDOW\2QO\DWRXU8QLYHUVLW\LQVRPHRIWKH YHU\KLJKHVWDQGPRVWHVRWHULFFODVVHVZKLFK,P\VHOIKDYHQHYHU EHHQSULYLOHJHG WR DWWHQG LWLV XQGHUVWRRG WKDWWKHVSDULQJXVH RI &RORXULVVWLOOVDQFWLRQHGIRUWKHSXUSRVHRILOOXVWUDWLQJVRPHRIWKH GHHSHUSUREOHPVRIPDWKHPDWLFV%XWRIWKLV,FDQRQO\VSHDNIURP KHDUVD\ (OVHZKHUHLQ)ODWODQG&RORXULVQRZQRQH[LVWHQW7KHDUWRIPDNLQJ LWLVNQRZQWRRQO\RQHOLYLQJSHUVRQ WKH&KLHI&LUFOHIRUWKHWLPH EHLQJDQGE\KLPLWLVKDQGHGGRZQRQKLVGHDWKEHGWRQRQHEXWKLV 6XFFHVVRU2QH PDQXIDFWRU\ DORQH SURGXFHV LWDQG OHVWWKH VHFUHW VKRXOGEHEHWUD\HGWKH:RUNPHQDUHDQQXDOO\FRQVXPHGDQGIUHVK RQHV LQWURGXFHG 6R JUHDW LV WKH WHUURU ZLWK ZKLFK HYHQ QRZ RXU $ULVWRFUDF\ORRNVEDFNWRWKHIDUGLVWDQWGD\VRIWKHDJLWDWLRQIRUWKH 8QLYHUVDO&RORXU%LOO


6(&7,21&RQFHUQLQJRXU3ULHVWV
,W LV KLJK WLPH WKDW , VKRXOG SDVV IURP WKHVH EULHI DQG GLVFXUVLYH QRWHVDERXW WKLQJVLQ)ODWODQGWRWKHFHQWUDOHYHQWRIWKLVERRNP\ LQLWLDWLRQLQWRWKHP\VWHULHVRI6SDFH7KDWLVP\VXEMHFWDOOWKDWKDV JRQHEHIRUHLVPHUHO\SUHIDFH )RUWKLVUHDVRQ,PXVWRPLWPDQ\PDWWHUVRIZKLFKWKHH[SODQDWLRQ
ZRXOGQRW,ÀDWWHUP\VHOIEHZLWKRXWLQWHUHVWIRUP\5HDGHUVDVIRU
H[DPSOHRXUPHWKRGRISURSHOOLQJDQGVWRSSLQJRXUVHOYHVDOWKRXJK
GHVWLWXWHRIIHHWWKHPHDQVE\ZKLFKZHJLYH¿[LW\WRVWUXFWXUHVRI
ZRRG VWRQHRU EULFN DOWKRXJK RI FRXUVH ZH KDYH QR KDQGV QRU FDQZHOD\IRXQGDWLRQVDV\RXFDQQRUDYDLORXUVHOYHVRIWKHODWHUDO SUHVVXUHRIWKHHDUWKWKHPDQQHULQZKLFKWKHUDLQRULJLQDWHVLQWKH LQWHUYDOVEHWZHHQRXUYDULRXV]RQHVVRWKDWWKHQRUWKHUQUHJLRQVGR QRWLQWHUFHSWWKHPRLVWXUHIDOOLQJRQWKHVRXWKHUQWKHQDWXUHRIRXU KLOOVDQGPLQHVRXUWUHHVDQGYHJHWDEOHVRXUVHDVRQVDQGKDUYHVWV RXU$OSKDEHW DQG PHWKRGRIZULWLQJDGDSWHG WR RXU OLQHDUWDEOHWV WKHVHDQG D KXQGUHG RWKHUGHWDLOVRIRXU SK\VLFDO H[LVWHQFH ,PXVW SDVV RYHU QRU GR , PHQWLRQ WKHP QRZ H[FHSW WR LQGLFDWH WR P\ UHDGHUVWKDW WKHLU RPLVVLRQSURFHHGVQRW IURP IRUJHWIXOQHVV RQWKH SDUWRIWKHDXWKRUEXWIURPKLVUHJDUGIRUWKHWLPHRIWKH5HDGHU
<HWEHIRUH,SURFHHGWRP\OHJLWLPDWHVXEMHFWVRPHIHZ¿QDOUHPDUNV
ZLOO QR GRXEW EH H[SHFWHG E\ P\ 5HDGHUV XSRQ WKHVH SLOODUV DQG PDLQVWD\V RI WKH &RQVWLWXWLRQ RI )ODWODQG WKH FRQWUROOHUV RI RXU FRQGXFWDQGVKDSHUVRIRXUGHVWLQ\WKHREMHFWVRIXQLYHUVDOKRPDJH DQGDOPRVWRIDGRUDWLRQQHHG,VD\WKDW,PHDQRXU&LUFOHVRU3ULHVWV" :KHQ , FDOO WKHP 3ULHVWV OHW PH QRW EH XQGHUVWRRG DV PHDQLQJ QR PRUH WKDQ WKH WHUPGHQRWHV ZLWK\RX :LWK XV RXU 3ULHVWV DUH $GPLQLVWUDWRUVRIDOO%XVLQHVV$UWDQG6FLHQFH'LUHFWRUVRI7UDGH &RPPHUFH *HQHUDOVKLS $UFKLWHFWXUH (QJLQHHULQJ (GXFDWLRQ 6WDWHVPDQVKLS /HJLVODWXUH 0RUDOLW\ 7KHRORJ\ GRLQJ QRWKLQJ WKHPVHOYHVWKH\DUHWKH&DXVHV RI HYHU\WKLQJ ZRUWK GRLQJ WKDWLV GRQHE\RWKHUV $OWKRXJKSRSXODUO\HYHU\RQHFDOOHGD&LUFOHLVGHHPHGD&LUFOH\HW DPRQJWKHEHWWHUHGXFDWHG&ODVVHVLWLVNQRZQWKDWQR&LUFOHLVUHDOO\ D&LUFOHEXWRQO\D3RO\JRQZLWKDYHU\ODUJHQXPEHURIYHU\VPDOO VLGHV$VWKHQXPEHURIWKHVLGHVLQFUHDVHVD3RO\JRQDSSUR[LPDWHV


WR D &LUFOH DQG ZKHQ WKH QXPEHU LV YHU\ JUHDW LQGHHG VD\ IRU
H[DPSOHWKUHHRUIRXUKXQGUHGLWLVH[WUHPHO\GLI¿FXOWIRUWKHPRVW
GHOLFDWHWRXFKWRIHHODQ\SRO\JRQDODQJOHV/HWPHVD\UDWKHULWZRXOG
EHGLI¿FXOWIRUDV,KDYHVKRZQDERYH5HFRJQLWLRQE\)HHOLQJLV
XQNQRZQDPRQJWKHKLJKHVWVRFLHW\ DQG WR IHHO D &LUFOH ZRXOG EH FRQVLGHUHG D PRVW DXGDFLRXV LQVXOW7KLV KDELW RI DEVWHQWLRQ IURP )HHOLQJLQWKHEHVWVRFLHW\HQDEOHVD&LUFOHWKHPRUHHDVLO\WRVXVWDLQ WKHYHLORIP\VWHU\ LQ ZKLFK IURPKLVHDUOLHVW\HDUVKHLVZRQWWR HQZUDSWKH H[DFW QDWXUHRI KLV 3HULPHWHU RU&LUFXPIHUHQFH7KUHH IHHWEHLQJWKHDYHUDJH3HULPHWHULWIROORZVWKDWLQD3RO\JRQRIWKUHH KXQGUHGVLGHVHDFKVLGHZLOOEHQRPRUHWKDQWKHKXQGUHGWKSDUWRI DIRRWLQOHQJWKRUOLWWOHPRUHWKDQWKHWHQWKSDUWRIDQLQFKDQGLQ D 3RO\JRQ RIVL[ RUVHYHQ KXQGUHG VLGHV WKH VLGHVDUH OLWWOHODUJHU WKDQWKHGLDPHWHURID6SDFHODQGSLQKHDG,WLVDOZD\VDVVXPHGE\ FRXUWHV\ WKDW WKH &KLHI &LUFOHIRU WKH WLPHEHLQJ KDV WHQWKRXVDQG VLGHV 7KHDVFHQWRIWKH SRVWHULW\ RI WKH &LUFOHVLQWKHVRFLDOVFDOHLV QRW UHVWULFWHGDVLWLVDPRQJWKHORZHU5HJXODU FODVVHV E\ WKH /DZ RI 1DWXUHZKLFKOLPLWVWKHLQFUHDVHRIVLGHVWRRQHLQHDFKJHQHUDWLRQ,I LWZHUHVRWKHQXPEHURIVLGHVLQWKH&LUFOHZRXOGEHDPHUHTXHVWLRQ RISHGLJUHHDQGDULWKPHWLFDQGWKHIRXUKXQGUHGDQGQLQHW\VHYHQWK GHVFHQGDQWRIDQ(TXLODWHUDO7ULDQJOHZRXOGQHFHVVDULO\EHDSRO\JRQ
ZLWK ¿YH KXQGUHG VLGHV %XW WKLV LV QRW WKH FDVH 1DWXUH¶V /DZ
SUHVFULEHVWZRDQWDJRQLVWLFGHFUHHVDIIHFWLQJ&LUFXODU SURSDJDWLRQ
¿UVWWKDWDV WKH UDFHFOLPEVKLJKHULQWKHVFDOH RIGHYHORSPHQWVR
GHYHORSPHQWVKDOOSURFHHGDWDQDFFHOHUDWHGSDFHVHFRQGWKDWLQWKH VDPHSURSRUWLRQWKHUDFHVKDOOEHFRPHOHVVIHUWLOH&RQVHTXHQWO\LQ
WKHKRPHRID3RO\JRQRIIRXURU¿YHKXQGUHGVLGHVLWLVUDUHWR¿QG
DVRQ PRUHWKDQRQHLVQHYHUVHHQ2QWKHRWKHUKDQGWKH VRQRID
¿YHKXQGUHGVLGHG3RO\JRQKDVEHHQNQRZQWRSRVVHVV¿YHKXQGUHG DQG¿IW\RUHYHQVL[KXQGUHGVLGHV
$UW DOVR VWHSV LQ WR KHOS WKH SURFHVV RI KLJKHU (YROXWLRQ 2XU SK\VLFLDQV KDYH GLVFRYHUHG WKDW WKH VPDOO DQG WHQGHU VLGHV RI DQ LQIDQW3RO\JRQRIWKH KLJKHU FODVV FDQ EHIUDFWXUHG DQGKLVZKROH IUDPH UHVHW ZLWK VXFK H[DFWQHVV WKDW D 3RO\JRQ RI WZR RU WKUHH KXQGUHGVLGHVVRPHWLPHVE\QRPHDQVDOZD\VIRU WKH SURFHVV LV DWWHQGHG ZLWK VHULRXVULVN  EXWVRPHWLPHV RYHUOHDSV WZRRU WKUHH


KXQGUHGJHQHUDWLRQVDQGDVLWZHUHGRXEOHDWDVWURNHWKHQXPEHURI KLVSURJHQLWRUVDQGWKHQRELOLW\RIKLVGHVFHQW
0DQ\DSURPLVLQJFKLOGLVVDFUL¿FHGLQWKLVZD\ 6FDUFHO\ RQH RXW
RIWHQVXUYLYHV<HWVRVWURQJLVWKHSDUHQWDODPELWLRQDPRQJWKRVH 3RO\JRQVZKRDUHDVLWZHUHRQWKHIULQJHRIWKH&LUFXODUFODVVWKDW
LWLVYHU\UDUHWR¿QGWKH1REOHPDQRIWKDWSRVLWLRQLQVRFLHW\ZKR KDVQHJOHFWHGWRSODFHKLV¿UVWERUQLQWKH&LUFXODU1HR7KHUDSHXWLF
*\PQDVLXPEHIRUHKHKDVDWWDLQHGWKHDJHRIDPRQWK 2QH\HDUGHWHUPLQHV VXFFHVVRUIDLOXUH$WWKHHQGRI WKDWWLPHWKH FKLOGKDVLQDOOSUREDELOLW\DGGHGRQHPRUHWRWKHWRPEVWRQHVWKDW FURZGWKH1HR7KHUDSHXWLF&HPHWHU\EXWRQUDUHRFFDVLRQDODJODG SURFHVVLRQEHDUVEDFNWKHOLWWOHRQHWRKLVH[XOWDQWSDUHQWVQRORQJHU D3RO\JRQEXWD&LUFOHDWOHDVWE\FRXUWHV\DQGDVLQJOHLQVWDQFHRI VREOHVVHGDUHVXOWLQGXFHVPXOWLWXGHVRI3RO\JRQDOSDUHQWVWRVXEPLW
WRVLPLODUGRPHVWLFVDFUL¿FHZKLFKKDYHDGLVVLPLODULVVXH

