A )UDLOWLHV
AETHERIANS %\ 'H*RULDQ 6PLWK GDLRGDQQHQ#KRWPDLOFRP &KDQJHOLQJ%H\RQG$UFDGLDDQG0DJH7KH9RLG
IRU
'HVFULSWLRQ
$QDFKURQLVWLF 7KH WHFKQRORJ\ WKH\ XVH LV HLWKHU WRR IDU LQ WKH SDVW RU WRR IXWXULVWLF $Q\ FRLQFLGHQWDO HIIHFW IURP DQ DUFKDLFIXWXULVWLF GHYLFH ZLOO EH LJQRUHG 7KLV LV EHFDXVH 5HDOLW\ ZLOO SDVV LW RII DV OXFN WKDWWKHGHYLFHZRUNHG 7HFKQRPDJLFV 7KH RQO\ ZD\ DQ $HWKHULDQ FDQ GR PDJLF LV ZLWK D WHFKQRIRFXV
7KH 6RQV RI (WKHU DQG WKH 1RFNHUV KDYH EHHQ IULHQGV VLQFH WKH EHJLQQLQJ RI WKH $VFHQVLRQ :DU %HIRUH WKH GHVWUXFWLRQ RI (DUWK WKH 1RFNHUV KHOS WKH 6RQV RI (WKHU HVFDSH :HOO WR FXW WR WKH FKDVH WKH $HWKHULDQVRU$HWKHUOLWHVDVWKHLUSDUHQWVFDOOWKHPDUHWKHFKLOGUHQRI WKH1RFNHUVDQGWKH6RQVRI(WKHU
$SSHDUDQFH
4XLUNV ,QVWHDG RI KDYLQJ WKH QRFNHU V )ODZV WKH $HWKHULDQV JHW TXLUNV 7KHLU LQYHQWLRQV ZRUN JUHDW WRR ZHOO DW WLPHV 7KHLU LQYHQWLRQV VRPHWLPHV ZLOO KDYH D XQLTXH HIIHFW XQGHVLUDEOH RU QRW ([DPSOH$URERWZKRIROORZVRUGHUVWRROLWHUDOO\
)RFL 7HFKQRIRFXV$OO
7KH\ DSSHDU UHODWLYHO\ KXPDQ ZLWK D UHGGLVK IDFH ,Q WKHLU IDH PHLQV WKH\KDYHPRUHUHGGLVKIDFHVDQGSRLQWHGHDUV
4XRWH
6HHPLQJV
7KLVLVWKHEHVWGHYLFHIRUWKLVMRE
&KLOGOLQJV 7KH\ FUDZO DURXQG WKHLU SDUHQWV GHYLFHV OLNH JUHPOLQV IL[LQJRQHWKLQJZKLOHEUHDNLQJDQRWKHU
2XWORRN
:LOGHUV 7KLV LV WKH PDLQ DJH JURXS RI WKH $HWKHULDQV 7KHLU LQYHQWLRQVDUHWKHVWXIIVWRULHVDUHPDGHIURPFRPHGLHVDQGWUDJHGLHV
%RJJDQV
*UXPS$VRIQRZWKHUHDUHQRJUXPSV
(VKX 7KH\ GRQ W XVH RXU GHYLFHV EXW WKH\ FDQ WHOO XV VWRULHV DERXW IRONVZKRKDYH
/LIHVW\OHV
&OXULFKDXQ6HOOWKHPZHDSRQV7KH\ OOORYH\RXIRUOLIH
*KLOOH'KX7KH\ UHLQWRRUJDQLFV+RZ9HUEHQD3URJHQLWRUOLNH
7LQNHULQJ DQG ,QYHQWLQJ 7KH\ KDYH ODEV ZLWK WKHLU SDUHQWV RU ZRUNVKRSVRPHZKHUHHOVH
1RFNHUV7KDWSDUWJRHVWKHUH'DG7KDWSDUWJRHVWKHUH*RWLW" 3RRND7KH\ORYHURFNHWSRZHUHGSRJRVWLFNV 5HGFDSV$OZD\VIHHGWKHPDKRPHPDGHERPE
$IILQLW\
6DW\U 2ND\ VR P\ ODVW LQYHQWLRQ VHQW RQH WR WKH PHGLF +H VHHPHG KDSS\
3URS
6HONLHV:DWHUVXLWVWKH\ZDQWZDWHUVXLWV
%LUWKULJKWV
6LGKH)DQF\VKLSVQRIXQFWLRQDOLW\ 6OXDJK7KHWKLQJVWKH\ZDQW6KXWWHU
)L[LW$OO6HH&KDQJHOLQJ7KH'UHDPLQJS
7UROOV $GYDQFH ZHDSRQV WKH\ OLNH 2OGIDVKLRQ ZHDSRQV WKH\ OLNH 7KH\DUHHDV\WRSOHDVH
0DJLFNV $HWKHULDQV KDYH DFFHVV WR WUXH PDJLFNV $OO $HWKHULDQV PXVW EHJLQZLWKDQ$YDWDUEDFNJURXQGRIWZRDQGDQ$UFDQHRIWZR
1HSKDQGL7KH\OLNHDQQLKLODWLRQ6RZH OODQQLKLODWHWKHP
&KLPHUD&UHDWLRQ6HH&KDQJHOLQJ7KH'UHDPLQJS
&HOHVWLDO&UXVDGHUV'LG*RGWHOO\RXWROHDYHP\IRONVEHKLQG"
$(7+(5,$16
7HNQRORUGV7KH\KDWHRXUSHWV
6WHUHRW\SHV
:X/XQJ1LFHGUDJRQ*RRGGUDJRQ &\EHUPDQFHUV7KH9LUWXDO$GHSWVKDYHILQDOO\JRWLWULJKW (XWKDQDWRV(PEUDFHGHDWKDQGJHWLWRYHUZLWK )UHHWUDGHU,ILWZRUNVDQGLWVUHDOO\IDQF\WKH\ OOE\LW 7KH2UGHU, OOKDYHDFKHHVHVWHDN\RXSRPSRXVWZLW 3URJHQLWRUV
AGAPE FELLOWSHIP %\=DFKDU\7LHPDQWLHPDQJ#LQWHJULW\RQOLQHFRP
'HVFULSWLRQ 7KH $JDSH )HOORZVKLS LV DQ RIIVKRRW RI WKH &HOHVWLDO &KRUXV EHOLHYLQJ WKH\ WKH &HOHVWLDO &KRUXV KDYH JRQH DVWUD\ LQ WKHLU ZD\V E\ WKHLU DOO WRRKXPDQ PHDQV 7KH )HOORZVKLS FODLPV WR KDYH QR SDUW RI WKH &KRUXV EXW IRU WKH VDPH DV DOO HOVH DOO PXVW EH FDUHG IRU ORYHG DQG PLQLVWHUHG WR ,W GRHVQ W PDWWHU LI WKH\ DUH QRUPDO VOHHSHUV RU K\SHU SRZHUIXO PDJHV ZKHWKHU WKH\ DUH VDLQWV RI DQRWKHU JDWKHULQJ RU WKH HPERGLPHQW RI HYLO 7KH\ RQO\ H[FHSWLRQ WR WKLV UXOH LV WR HYLO VSLULWV RU WKRVH WKDW DUH FDSDEOH DQGRU SODQQLQJ WR FDXVH KDUP 7KHVH VKRXOG EH FDVW DZD\ DQGRU GHVWUR\HG DW DOO FRVWV 7R KDYH PRUH RI DQ LGHD MXVWUHDGWKH%LEOHDVWKH\DUH&KULVWLDQV 7KHUH LV QR VHW JURXS KRPH RI DQ\ VRUW DV WKH\ EHOLHYH WKLV ZRUOG LV QRW RQH WR ZKLFK WKH\ EHORQJ $OO VHH HDFK RWKHU DV EURWKHUV DQG VLVWHUV ZLWK QRQH DERYH WKH RWKHUV (YHQ WKH QHZHVW PHPEHUV KDYH WKH VDPH UHVSHFW DV WKH HOGHUV 7R EHFRPH RQH RQH RQO\ PXVW ZLVK WR MRLQDQGEHOLHYHWKHVDPHZLWKIXOOFRQYLFWLRQ 2QO\ WZR W\SHV RI PDJLF PD\ EH XVHG WKRVH RI KHDOLQJ UDLVLQJ WKH GHDG HWF RU GHDOLQJ FDVWLQJ DZD\ RI GHVWUR\LQJ ZLWK HYLO VSLULWV ,Q KHDOLQJ WKHUH ZLOO EH QR 3DUDGR[ EXW WKH VXEMHFW PXVW KDYH FRPSOHWH DQG WRWDO IDLWK LW ZLOO ZRUN RU QRWKLQJ ZLOO KDSSHQ ,Q UDLVLQJ WKH GHDG WKHUH PXVW EH RWKHUV SUHVHQW DQG WKH\ PXVW KDYH WRWDO IDLWK LW ZLOO ZRUN 7KHQ LW LV IRU WKH 6WRU\WHOOHU WR GHFLGH 'HDOLQJ ZLWK VSLULWV LV DV WKH QRUP H[FHSW IRU WKDW IRU HDFK QHDUE\ SHUVRQ WKDW FRPSOHWHO\ EHOLHYHV WKH GHHG ZLOO ZRUN WKH &KULVWLDQ V UROO ZLOO EH LQFUHDVHG E\ SHUFHQW +HDOLQJ VSHOOV RI DQ\ VRUW GRQH E\ DQRWKHU FKDUDFWHU PD\ QRW ZRUN DJDLQVW D FKDUDFWHU RI WKLV RUGHU XQOHVV WKH\ DUH DOVR RI WKH $JDSH )HOORZVKLS $OVR EDWWOH VSHOOV ZLOO EH UHQGHUHG LQHIIHFWLYH LI WKH FKDUDFWHU NQRZV RQH LV EHLQJ GRQH WR WKHP EHIRUH LW WDNHV HIIHFW KDV D ZLOOSRZHU RI DQG VSHQGV WZLFH WKH WLPH LW WDNHV WR FDVW WKH RIIHQVLYHVSHOOLQPHGLWDWLRQWKHUHDQGWKHQ
3KLORVRSK\ 7KHUH LV D *RG WKHUH LV D 6DWDQ $Q\RQH WKDW GRHV QRW JHW VDYHG ZLOO JRWR+HOO3HULRG/RYHHYHU\RQH7U\WRJHWWKHPVDYHG
6SKHUH 6SLULW
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
The Ahl-i-batin Revised %\%ULDQ&RQQRUVFRQQRUEG#EFHGX
+LVWRU\ 7KH $UDELF PDJL ZKR FUHDWHG 0RXQW 4DI DUH DQ DQFLHQW RUGHU RQH RI WKHIHZWKDWUHDFKEDFNWRWKH5RPDQHUD7KHLUURRWVGDWHEDFNWRWKH HDUO\ GD\V RI WKH 5RPDQ (PSLUH ZKHQ D JURXS RI PDJHV LQ PRGHUQ
7KH$KOLEDWLQ5HYLVHG
,W ZRUNHG IDLUO\ ZHOO IRU D ZKLOH 7KH %DWLQL DQG WKH 6ROLILFDWL XOWLPDWHO\ FRXOG QRW JHW DORQJ ZHOO EXW VLQFH WKH 2UGHU RI +HUPHV ZDV WKH RQO\ JURXS WKDW GLG LW ZDVQ W VXUSULVLQJ +RZHYHU LQ WKH V D IHPDOH $KOL%DWLQ QDPHG
+ROORZ2QHV,ZRXOGORYHWRNQRZZKDWWKH\KROGDVDQLGHDO7KH\ DUHDFRPSOHWHP\VWHU\WRPHDQGZKDW,XQGHUVWDQG,GRQ WOLNH
7KH $KOL%DWLQ ZHUH VOLJKWO\ VKDPHG IURP WKDW SRLQW RQ EXW ZHUH VWLOO DW OHDVW WROHUDWHG 7KH WUXH FUXVKLQJ EORZ FDPH ZKHQ RLO ZDV GLVFRYHUHG LQ $UDELD DQG WKH 7HFKQRFUDF\ PDGH D SRZHU JUDE 7KH %DWLQL ZHUH IRUFHG WR OHDYH EHKLQG WKHLU FRXQFLO GXWLHV WR JR EDFN DQG GHIHQG WKHLU DQFHVWUDO WHUULWRU\ 7KH\ KDYH QRW EHHQ KHDUG IURP DV DQ RUJDQL]DWLRQVLQFH
9LUWXDO $GHSWV :KDW ZH ZHUH WKH\ DUH 7KRXJK WKH\ QHHG WR UHDOL]HWKDWWKH95JRJJOHVDUHRYHUNLOOIRUZKDWWKH\GRWKH\DUHWUXO\ RXUKHLUV
7KH\ FRQWLQXH WKRXJK DQG DUH ELGLQJ WKHLU WLPH XQWLO WKH\ KDYH HQRXJK SRZHU WR UHWXUQ WR WKH &RXQFLO 7KH KDFNHU HWKLF LV ZOO HQWUHQFKHG DPRQJ WKHP LQFLGHQWDOO\ WKH YDVW PDMRULW\ RI PRGHUQ %DWLQL DUH &KULVWLDQ DQG RI WKH IHZ 0RVOHPV DPRQJ WKHP QRQH DUH VWULFWO\ IXQGDPHQWDOLVW DQG WKH\ LQ IDFW PDLQWDLQ WKDW 0RXQW 4DI DQGWKH9LUWXDO:HEDUHRQHDQGWKHVDPH
,WHUDWLRQ ; 7KH\ KDYH LW EDFNZDUGV
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
3KLORVRSK\ 7KHUH DUH DGYDQWDJHV WR NQRZLQJ KRZ WR DUFKLYH WKLQJV :H UHDOL]HG FHQWXULHV DJR ZKDW WKH 6OHHSHUV DUH RQO\ QRZ XQGHUVWDQGLQJ LQIRUPDWLRQ LV WKH NH\ WR HYHU\WKLQJ 7KHUHIRUH ZH QHHG WR NQRZ KRZ WRWUDQVSRUWLWVWRUHLWDQGLIQHHGEHUDWLRQLW
)RFL
2UGHU RI +HUPHV *RRG /RUG WKH\ QHHG WR OLJKWHQ XS 7KH ZKROH LGHDRIPDJLFNLVWKDW\RXGRQ WKDYHWRSOD\E\WKHUXOHV 6RQV RI (WKHU 7KH VRXUFH RI WKH IDLOLQJV RI WKH $GHSWV 7KHLU ORYH RI WHFKQRORJ\ZLOOJHWWKHPLQWURXEOHLIWKH\JHWFDUULHGDZD\ 9HUEHQD%ORRGEORRGEORRG$IWHUDOOWKHVH\HDUVWKH\ UHVWLOOSDJDQV EXWDWOHDVWWKH\DGPLWLW
7HFKQRFUDF\ 7KH\ KDYH JRQH RYHU WKH OLQH WRR PDQ\ WLPHV 7KH LQGLYLGXDOV PD\ EH SDUGRQHG EXW WKHLU RUJDQL]DWLRQ PXVW EH GLVPDQWOHG
1HZ:RUOG2UGHUFURVVHVKLPVHOIDQGVKXGGHUV 3URJHQLWRUV3HUYHUWV3ODLQDQGVLPSOH 7KH 6\QGLFDWH , ZRXOG ORYH WR NQRZ ZKDW WKH 9LUWXDO $GHSWV DUH XS WRZLWKWKHP7KH\GHVHUYHDJRRGFKDLQ\DQNLQJ 9RLG (QJLQHHUV 7KHLU DPELWLRQ LV UHDOO\ UDWKHU VHSDUDWH IURP ZKDW LV UHDOO\SUDFWLFDO$WOHDVWWKH\DUHUHODWLYHO\KDUPOHVV 1HSKDQGL /RVH WKHP LQ WKHLU RZQ FRUUXSWLRQ
AKASHIC BROTHERHOOD PARADIGM %\7HWVX
$XWKRU V1RWHV
3HUKDSV WKH 7HFKQRFUDF\ KDV VWROHQ RXU LGHDV EXW RXU HWKLFV DUH VRPHWKLQJ WKH\ ZLOO QHYHU XQGHUVWDQG )ROORZ XV DQG OHDUQ WKH WUXH PHDQLQJRIOLEHUDWLRQ
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
6WHUHRW\SHV
7KH3DUDGLJP
$NDVKLF %URWKHUKRRG :H KDYH SKLORVRSKLFDO GLIIHUHQFHV EXW PXFK RI RXU FXOWXUH FRPHV IURP WKHLUV 5HVSHFW HYHQ IRU WKRVH \RX GR QRW OLNHLVLQRUGHU
7KH:D\7KHUHDUHWKLQJVDQGWKHUHLVD:D\WRDOOWKLQJV7KHUHLVD ZD\ WR SDLQW DQG D :D\ WR SDLQW WKHUH LV D ZD\ WR VKRRW DQ DUURZ DQG D :D\ WR VKRRW DQ DUURZ 7KHUH LV D ZD\ WR PRYH DQG D :D\ WR PRYH \RXU WUDLQLQJ LQ 'R WHDFKHV \RX SDUW RI WKH :D\ RI PRYLQJ DV ZHOO DV WKH :D\ RI ILJKWLQJ 'R LV PXFK PRUH WKDQ WKLV EXW \RX PXVW XQGHUVWDQG WKH H[LVWHQFH RI WKH :D\ EHIRUH \RX FDQ SURFHHG RQ WKH 3DWK
2SWLFDOLQVWUXPHQWVSDSHUSHQFLOV
6SKHUH &RUUHVSRQGHQFH
4XRWH
&HOHVWLDO &KRUXV 7KH\ DUH WRR FRQVHUYDWLYH ,W LV WKHLU IDXOW ZH DUH VRFORVHWREHLQJORVW &XOWRI(FVWDV\7KH\QHHGDIRFXV 'UHDPVSHDNHUV 7KH\ KDYH WKH ULJKW LGHD DERXW LQIRUPDWLRQ EXW WKH\JRDERXWLWWKHKDUGZD\ (XWKDQDWRV 7KHLU F\FOH LV WRR FRQYHQLHQW /LIH VLPSO\ GRHVQ W ZRUN WKDWZD\
$.$6+,&%527+(5+22'3$5$',*0
7KH :D\ RI GRLQJ D WKLQJ LV WR GR LW FRUUHFWO\ VR WKDW PLQG ERG\ DQG VSLULW DUH RQH DQG IRFXVHG RQ WKH DFKLHYHPHQW RI WKH JRDO 0DVWHUV OLYH WKHLU FKRVHQ :D\ DW DOO WLPHV ZKHWKHU LW LV WKH :D\ RI SDLQWLQJ VKRRWLQJDQGDUURZRU'R
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
6SKHUHV
YLQGLFWLYH JRRG RU HYLO RU VRPHWKLQJ LQ EHWZHHQ
$UHWH7KH3DWK (DFK PHPEHU RI WKH $NDVKLF %URWKHUKRRG KDV VHW KLPVHOI XSRQ D SDWK RI NQRZOHGJH DQG VHOI GLVFRYHU\ 2Q WKLV SDWK HDFK ZLOO OHDUQ PXFK DERXW KLPVHOI RWKHUV DQG WKH ZRUOG 3URJUHVV RQ WKH SDWK LV PHDVXUHG E\ WKH DPRXQW RI KDUPRQ\ EHWZHHQ PLQG ERG\ DQG VSLULW $W WKH HQG RIWKHSDWKOLHV(QOLJKWHQPHQW
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
6NLOO LQ 'R LV QRW WKH 3DWK LW LV RQO\ D SDUW D WRRO XVHG E\ PDVWHUV WR WHDFK FHUWDLQ VNLOOV WR WKH 'LVFLSOHV 3K\VLFDO SURZHVV LV HDVLO\ OHDUQHG DQG PDVWHUHG ZLWK SUDFWLFH 0XFK KDUGHU WR EULQJ LQWR KDUPRQ\ DUH WKH VLFNQHVVHV RI WKH PLQG DQG WKH SRZHU RI WKH VSLULW 0DVWHUV RI 'R DUH JHQHUDOO\ HTXDOO\ PDWFKHG SK\VLFDOO\ LW LV WKH PRUH VXEWOH GHYHORSPHQW RI :LOOSRZHU JXLOH :LWV DQG ,QWHOOLJHQFH WKDW ZLOO GHWHUPLQHWKHRXWFRPHRIDQ\FRQWHVW
(QWURS\ :HDNQHVV 1RWKLQJ RQ WKLV ZRUOG LV SHUIHFW LQFOXGLQJ \RXUVHOI
7KH IRUFH WKDW IORZV WKURXJK DQG ELQGV WKH XQLYHUVH FDQ EH FKDQQHOHG ZLWK WKH SURSHU )RFXV 7KLV LV ZK\ \RX PXVW OHDUQ WR VHQVH .L ZLWKLQ \RXUVHOI DQG LQ WKH ZRUOG ,Q WKH ZRUOG \RX ZLOO ILQG SODFHV ZKHUH WKH IORZ LV YHU\ VWURQJ DQG HYHQ WKH VSULQJV IURP ZKLFK WKLV IORZ FRPHV 7KHVH DUH SODFHV RI JUHDW LPSRUWDQFH LQ WKH ZRUOG
.DUPD -RVV )DWH LQ WKLV ZRUOG FDQQRW EH FRXQWHG XSRQ EXW LW FDQ EHLQIOXHQFHG )RUFHV 0DWWHU 7KH (OHPHQWV 7KH $QFLHQWV EHOLHYHG WKH ZRUOG WR EH PDGH RI ILYH HOHPHQWV (DUWK )LUH :DWHU :LQG DQG 9RLG
4XLQWHVVHQFH.L&KL
3DUDGR[,QFRUUHFWDFWLRQ ,I DQ DFWLRQ LV WDNHQ ZLWK LPSURSHU )RFXV WKHUH LV WKH SRVVLELOLW\ RI HUURU 7R PDNH DQ HUURU LV D :HDNQHVV DQG :HDNQHVV RSHQV XS RQHVHOI WR WKH FRQVHTXHQFHV RI WKHLU LQFRUUHFW DFWLRQ 6RPHWLPHV DQ RSSRQHQW ZLOO WDNH DGYDQWDJH RI WKH RSSRUWXQLW\ 3HUKDSV WKH XQLYHUVH ZLOO DWWHPSW WR GHQ\ \RXU VXFFHVV DQG \RX ZLOO DFFXPXODWH %DG .DUPD 8OWLPDWHO\ LW LV \RXU IDLOXUH WKDW ZLOO DOORZ RWKHUV WR KDUP \RX 'R QRWIDLO
$VFHQVLRQ(QOLJKWHQPHQW 7KLV LV WKH JRDO RI \RXU VWXGLHV WKH WRWDO KDUPRQ\ RI ERG\ PLQG DQG VSLULW :KHQ \RX KDYH DFKLHYHG (QOLJKWHQPHQW \RX ZLOO KDYH PDVWHUHG WKH :D\
Secret Sects of the Akashic Brotherhood %\(PUH\%DUQHV
6HFUHW6HFWVRIWKH$NDVKLF%URWKHUKRRG
$XWKRU V1RWHV 7KH $NDVKLF %URWKHUKRRG 7UDGLWLRQ ERRN IRU 0DJH 7KH $VFHQVLRQ LV QRZ DYDLODEOH $ ORW KDV JRQH LQWR WKH ERRN EXW ZH FRXOGQ W ILW HYHU\WKLQJ +HUH V VRPH VXSSOHPHQWDU\ PDWHULDO RQ RXU PDUWLDO PDJH IULHQGV ,W FRPHV IURP WKH DXWKRU RI WKH VXSSOHPHQW DQG KDV WKH 0DJH OLQHGHYHORSHU VVWDPSRIDSSURYDO
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
7HDFKLQJVRIWKH6FDOHVRIWKH'UDJRQ 7KH 6FDOHV RI WKH 'UDJRQ VWXG\ ERG\KDUGHQLQJ ULWHV NQRZQ DV NDWDV WR LQFUHDVH WKHLU SK\VLFDO VWUHQJWK >LQFUHDVLQJ LQLWLDWHV
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
6LPLODULWLHVRI
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
6RFLDO $WWULEXWHV@ LV YHU\ LPSRUWDQW PDQ\ 'R PDQHXYHUV WDXJKW WR 0HQWDO
6HFUHW6HFWVRIWKH$NDVKLF%URWKHUKRRG
$WWULEXWHV@ DOVR EHFRPHV HVVHQWLDO WKH 'RLVW PXVW OHDUQ WR FRPH WR JULSVZLWKDQHQWLUHO\QRQKXPDQPHWKRGRIGHDOLQJZLWKH[LVWHQFH
HDFK DWWDFNHU WZR DJDLQVW WKH ILUVW DQG RQH DJDLQVW WKH VHFRQG IRU H[DPSOH @
+HUERORJ\ 0HGLFLQH@ 7KH\ VWXG\ WKH VXWUDV >&RVPRORJ\ (QLJPDV 2FFXOW@ WR OHDUQ KRZ PDQLSXODWLRQ RI WKH HQYLURQPHQW RFFXUV RXWVLGH RI WKH ERXQGDULHV RI WKH SK\VLFDO UHDOP 6WXGLHV RI VXSHUQDWXUDO OLIHIRUPV >YDULRXV /RUHV@ WKDW ILQG WKHLU ZD\ LQWR WKH $NDVKLF5HFRUGDUHRIWHQZULWWHQE\
)RXUKHDGHG'HIHQGHU
$NDVKLF 6SKHUH RI 7LPH@ UDWKHU WKDQ LQ D OLQHDU RQH 'R PDQHXYHUV XVHG WR OLQN WKH 6W\OLVW LQWR WKH FXUUHQWV RI WLPH WLH LQWR WKH RWKHU ZDONLQJ PHGLWDWLRQV 7KH 6W\OLVW OHDUQV WR JULS IUDPHV RI UHIHUHQFH DQG PDQLSXODWH WKHP 7KLV DOVRKHOSVWKH'RLVWWRXQGHUVWDQGKLVRZQ'UDKPDDQGWKDWRIRWKHUV 7KH WUXH PDVWHU RI WKH
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
5RWHV,QKHULWHGIURPWKH6HFWV 7KH IROORZLQJ DUH URWHV WKDW KDYH EHHQ SDVVHG GRZQ RU KDYH PLJUDWHG IURP WKH IRXU 6HFWV GLVFXVVHG KHUH 7KHVH URWHV DUH DYDLODEOH WR DQ\ $NDVKLF EURWKHU EXW D WHDFKHU SULY\ WR VXFK OHDUQLQJV PD\ KDYH WR EH VRXJKWWRXQGHUVWDQGWKHP %URQ]H%RG\
/LIH 0LQG
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
/LIH
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
0DWWHU
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
6HFUHW6HFWVRIWKH$NDVKLF%URWKHUKRRG
/LNH WKH 6RQV RI (WKHU $OFKHPLVWV SXUVXH WKHLU SHW SURMHFWV ZLWK VLQJOHPLQGHG GHWHUPLQDWLRQ RIWHQ QRW VWRSSLQJ XQWLO WKH\ VXFFHHG RU IDLO PLVHUDEO\ ,I DQ $OFKHPLVW KDV DQ LGHD KH ZLOO QRW KHVLWDWH WR GR DQ\WKLQJ WR WHVW LW 7KLV KDV OHG WR VRPH EULOOLDQW UHVXOWV OLNH 3DUDFHOVXV +RPXQFXOXV EXW DOVR WR WKH HDUO\ GHDWK RI PDQ\ $OFKHPLVWV
ALCHEMISTS %\$QGHUV6DQGEHUJ
,QWURGXFWLRQ 7KH $OFKHPLVWV DUH D VXEJURXS VRPHZKHUH EHWZHHQ 2UGHU RI +HUPHV DQG WKH 6RQV RI (WKHU :KLOH WKH\ XVH WKH WHUPLQRORJ\ DQG V\PEROV RI WKH 2UGHU WKH\ VKDUH WKH VROLWDU\ DWWLWXGH DQG WKH LQWHUHVW LQ WKH VSKHUHRIPDWWHUZLWKWKH(WKHULWHV
+LVWRU\DQG3ROLWLFV 7KH RULJLQ RI DOFKHP\ LV ORVW LQ WLPH $OFKHPLVWV VRPHWLPHV FODLP WKDW WKH $UW ZDV FUHDWHG LQ (J\SW E\ WKH JRG 7KRWK 6RPHWLPHV LGHQWLILHG ZLWK WKH *UHHN +HUPHV 'XULQJ WKH $OH[DQGUDQ SHULRG WK WR WK FHQWXU\ $' DOFKHP\ IORXULVKHG $OFKHP\ GHYHORSHG LQIOXHQFHG E\ WKH *QRVWLFV DQG E\ KHUPHWLF JURXSV LQ WKH 0HGLWHUUDQHDQ 0DQ\ $OFKHPLVWV DUJXH WKDW WKH JUHDW WUXWKV RI WKH $UW ZHUH ILUVW GLVFRYHUHG E\ +HUPHV 7ULVPHJLVWURV 7KH WKULFH EOHVVHG +HUPHV D PDJH VRPHZKHUH LQ WKH ILUVW FHQWXU\ %XW LW ZDV QRW XQWLO WKH PLGGOH DJHV WKDWDOFKHP\EHFDPHWKH$UWNQRZQWRGD\ 7KH $OFKHPLVWV KDYH D KLVWRU\ RI LJQRULQJ WKH SROLWLFV RI WKH 2UGHU /LNH WKH &DEDOLVWV WKH\ JDLQHG FRQVLGHUDEOH LQIOXHQFH DIWHU WKH IDOO RI WKH IDOVH RUGHU 'LVDSSRLQWHG KHUPHWLFV MRLQHG WKH $OFKHPLVWV DQG WKH\ EHFDPH RQH RI WKH PRVW LQIOXHQWLDO VXEJURXSV RI WKH 2UGHU GXULQJ WKH UHQDLVVDQFH 'XULQJ WKLV WLPH WKH $OFKHPLVWV ZHUH WKH EULGJH EHWZHHQ WKH 2UGHU RI +HUPHV DQG WKH 6RQV RI (WKHU 7KH\ FRXOG SHUIRUP WKHLU DUWV DOPRVW LQ SODLQ VLJKW DV SK\VLFLDQV DQG OHDUQHG PHQ 7KHUH ZHUH VHYHUDO IDPRXV PDJHV LQ WKHLU UDQNV OLNH $UWHSKLXV *HEHU 3DUDFHOVXV $JULSSD DQG &RXQW 6DLQW*HUPDLQ 6RPH RIWKHVHPD\VWLOOEHDURXQG 7KH $OFKHPLVWV XQZLWWLQJO\ FUHDWHG WKH LGHDV WKH 7HFKQRFUDF\ XVHG WR FUHDWH WKHLU FKHPLVWU\ DQG PHGLFLQH WKHUHE\ VORZO\ GHVWUR\LQJ WKH SRZHU EDVH IRU WKHP DV SK\VLFLDQV DQG SKDUPDFHXWLFLVWV ,Q IDFW VRPH $OFKHPLVWV MRLQHG WKH 7HFKQRFUDF\ LQ RUGHU WR KHOS WKHP FUHDWH D WUXH V\VWHP RI WKH VFLHQFH RI PDWWHU 1HZWRQ PD\ KDYH EHHQ RQH RI WKHP $FFRUGLQJ WR PDOLJQ UXPRXUV DPRQJ $OFKHPLVWV WKH \RXQJ 1HZWRQ KDUGO\ PRUH WKDQ DSSUHQWLFH KDG FUHDWHG DQ LQWHOOLJHQFH LQFUHDVLQJ HOL[LU ZKLFK KH XVHG WKDW IDWHIXO VXPPHU ZKHQ KH GLVFRYHUHG WKH ODZV RI PHFKDQLFV DQG JUDYLW\ $IWHUZDUGV KH MRLQHG WKH 9RLG (QJLQHHUV IRXQGHG E\ &RSHUQLFXV KLPVHOI %XW XQIRUWXQDWHO\ KLV UHOLDQFH RQ KLV VHFUHW HOL[LU PDGH KLP SUHPDWXUHO\ VHQLOH D MXVW SXQLVKPHQWDFFRUGLQJWRWKH$OFKHPLVWV 7KH $OFKHPLVWV EHFDPH NQRZQ DV JROGPDNHUV DQG IUDXGV DV WKH WHFKQRPDQFHU JULS RQ FKHPLVWU\ PHGLFLQH DQG SK\VLFV LQFUHDVHG %XW WKH $OFKHPLVWV WXUQHG RXW WR EH D ELW PRUH UHVLVWDQW WKDQ WKH WHFKQRPDQFHUV WKRXJKW DQG PDQDJHG WR VXUYLYH 7RGD\ WKH\ VWLOO XVH WKHLU PDJLFN XVLQJ KHDOWK IRRG DQG DOWHUQDWLYH PHGLFLQH DV FDPRXIODJH IRU WKHLU RZQ PHGLFLQH $OFKHPLFDO VRFLHWLHV H[LVW LQ PDQ\ ODUJHUFLWLHV 7KH $OFKHPLVWV DQG WKH 6RQV RI (WKHU DUH YHU\ FORVH 6RPH $OFKHPLVWV KDYH EHJXQ WR XVH WKH PHWKRGV RI WKH 6RQV WU\LQJ HOHFWULFLW\ DQG WHFKQLFDO PHWKRGV 6RQV RI (WKHU KDYH EHHQ GHHSO\ LQIOXHQFHG E\ WKH $OFKHPLVWV LQ WKHLU PRGHOV RI KRZ WKH HWKHU EHKDYHV 7KH $OFKHPLVWV FODLP WR KDYH GHYHORSHG WKH WKHRU\ LQ WKH HDUO\ PLGGOH DJHV VRPHWKLQJ WKH (WKHULWHV KRWO\ GLVSXWH ,Q IDFW LW LV KDUG WR WHOO ZKHUH WKH $OFKHPLVWV HQG DQG WKH (WKHULWHV EHJLQ 7KH PRVW QRWDEOH GLIIHUHQFH LV WHUPLQRORJ\ $OFKHPLVWV SUHIHU WKH KHUPHWLF REWXVH V\PEROLVP XVLQJ &DEDOD DVWURORJ\ DQG WKH *UHHN JRGV LQ WKHLU PDJLFNZKLOHWKH6RQVSUHIHUWKHLURZQTXDVLVFLHQWLILFMDUJRQ
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
$/&+(0,676
DQLPDO KDV VXEWOH VLJQV WHOOLQJ WKH H[SHULHQFHG $OFKHPLVW WKHLU XVHV DQGV\PEROLVP
3KLORVRSK\ :KHQ KDQGOHG SURSHUO\ WKH EDVH PDWHULDO ZLOO WXUQ LQWR 7KH %ODFN 6WRQH 7KH %ODFN 6WRQH ZLOO EH WUDQVPXWHG LQWR WKH
2UJDQLVDWLRQ $ ORRVH QHWZRUN RI LQGLYLGXDOV DQG DOFKHPLFDO VRFLHWLHV 0RVW $OFKHPLVWV DUH VROLWDU\ ZLWK SHUKDSV DQ DSSUHQWLFH RU VRPH KHOSHUV 6RPHWLPHV HVSHFLDOO\ LQ ODUJHU FLWLHV WKH\ IRUP DOFKHPLFDO VRFLHWLHV ZKHUHWKH\PHHWWRGLVFXVVWKHDUW
0HHWLQJV 6HOGRP 7KH DOFKHPLFDO VRFLHWLHV VRPHWLPHV PHHW RQ DVWURORJLFDOO\ LPSRUWDQW GD\V WR SHUIRUP H[SHULPHQWV WRJHWKHU 0DQ\ $OFKHPLVWV VFKHGXOH WKHLU ZRUN DIWHU WKH VWDUV SODQQLQJ VR WKDW LW ZLOO EH LQLWLDWHG DQGHQGRQFRUUHFWGD\VWKLVPD\ORZHUWDUJHWQXPEHUV
,QLWLDWLRQ 6HYHUDO \HDUV RI DSSUHQWLFHVKLS DUH UHTXLUHG 'XULQJ WKLV SHULRG WKH DSSUHQWLFH LV RIWHQ WUHDWHG PRUH DV D MDQLWRU WKDQ D IXWXUH PDJH 6ORZO\ WKH DSSUHQWLFH OHDUQV WKH DUW IURP VFUDSV RI LQIRUPDWLRQ WKH UDQWLQJV RI WKH PDVWHU DQG KLV RZQ LQWXLWLRQ 6RPH $OFKHPLVWV FODLP WKDW WKH KDUG DSSUHQWLFHVKLS LV QHFHVVDU\ IRU WR LPSDUW WKH SUDFWLFDO NQRZOHGJHDQGWKHEXUQLQJGHVLUHWRVXFFHHGDWUXH$OFKHPLVWQHHG
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
$OFKHPLVWV RIWHQ VWD\ DW WKH FKDQWULHV RI RWKHU KHUPHWLFV EXW VHOGRP IRXQG WKHLU RZQ ,Q 3DULV WKHUH H[LVWV D DOFKHPLFDO VRFLHW\ IRXQGHG E\ FRXQW 6DLQW*HUPDLQ KLPVHOI KH LV UXPRXUHG WR VWLOO EH WKH OHDGHU ZKLFKKDVDVHFUHWFKDQWU\VRPHZKHUH
7LPH 7LPH $OFKHPLVWV XVLQJ 7LPH ZLOO SHUIRUP DQ DOFKHPLFDO SURFHVV WDNLQJ D FHUWDLQ WLPH DQG SUHIHUDEO\ RQ DQ DVWURORJLFDOO\ FRUUHFW GD\ 7KH WLPH XVHG GHSHQG RQ KRZ SRZHUIXO WKH HIIHFW LV $ VLPSOH 7LPH HIIHFW LV MXVW D PLQXWH RI VLOHQW WKRXJKW PDQ\ $OFKHPLVWV XVH 7LPH WR WLPH WKHLU H[SHULPHQWV ZKLOH D SRZHUIXO 7LPH URWH ZRXOG WDNH VHYHUDO PRQWKV RI WLPH 7KH URWH =HQ DQG WKH $UW RI 3DQKDQGOLQJ ZRXOG LI DQ $OFKHPLVW SHUIRUPHG LW SHUKDSV FRQVLVW RI NHHSLQJ JROG DQG LURQ PHOWHG LQ D FUXFLEOH IRU VHYHQ PRQWKV DQG WKHQ SRXULQJ WKH PL[WXUH LQWR ZDWHU DQG GULQNLQJ WKH KRW ZDWHU RQ D 6XQGD\ 0DQ\ $OFKHPLVWV SUHIHU WR DOORZ WKHLU SURFHVVHV WR WDNH ORQJWLPHMXVWWREHVXUH
$FRO\WHV
&RQFHSWV
$PDWHXUFKHPLVWVKHDOWKIRRGIUHDNVJXOOLEOHULFK
&KHPLVW+HUEDOKHDOHU6FLHQWLVW
6SKHUH
4XRWH
0DWWHU $OFKHPLVWV RIWHQ VWXG\ /LIH DOPRVW DV LQWHQVHO\ DV PDWWHU 0RVW $OFKHPLVWV VWDUW ZLWK 0DWWHU WKHQ EHJLQ WR VWXG\ /LIH ZKHQ 0DWWHU LV PDVWHUHG 2WKHU FRPPRQ VSKHUHV DUH 3ULPH )RUFHV DQG 0LQG 7LPH LV YHU\ VHOGRP XVHG GXH WR WKH VHYHUH UHVWULFWLRQV VHH EHORZ
'R \RX NQRZ ZKDW ,15, UHDOO\ PHDQV" 2I FRXUVH , NQRZ ZKDW WKH &KXUFK VD\V ,HVX 1D]DULQXV 5H[ ,XGRUHP EXW WKDW LV MXVW WKH H[RWHULF PHDQLQJ 7KH HVRWHULF PHDQLQJ RI ,15, LV ,JQL 1DWXUD 5HQRYDWXU ,QWHJUD $OO RI QDWXUH LV UHQHZHG E\ ILUH 'R \RX XQGHUVWDQG" 'RQ W \RX VHH QRZ ZK\ \RX PXVW NHHS WKH ILUH FRQVWDQWO\ EXUQLQJ XQGHU WKH FUXFLEOH" 'RQ W \RX VHH KRZ WKLV UHODWHV WR WKH *UHDW :RUN WR WKH $VFHQVLRQ"
&KDQWU\
)RFL $OFKHPLVWV XVH FKHPLVWU\ QRW WKH WHFKQRPDQFHU SHUYHUVLRQ RI FRXUVH HYHQ LI VRPH $OFKHPLVWV DUH TXLWH DGHSW FKHPLVWV WRR DV IRFXV IRU DOO
$/&+(0,676
PHUFXU\ 7KH FUXFLEOH LV KHDWHG DQG WKH UHVXOW LV WKDW WKH JROG DEVRUEV QRXULVKPHQWIURPWKHPHWDODQGWKHKHDWDQGEHFRPHVPRUHJROG
6WHUHRW\SHV $NDVKLF %URWKHUKRRG 0HGLWDWLRQ LV QLFH EXW KDUGO\ DQ\ PDJLFN $QGPDUWLDODUWVFDQEHXVHIXOWRREXWWKH\DUHDOVRKDUGO\PDJLFN &HOHVWLDO &KRUXV :KDW DUH WKH\ WU\LQJ WR GR" 7KH *UHDW :RUN FDQQRW EH GRQH E\ PHUHO\ VLQJLQJ K\PQV DQG SUDLVLQJ WKH OLJKW 7KH\ VLPSO\ SUHIHU WR EDVN LQ WKH NQRZOHGJH RI WKH +LJKHU EXW QRW WR DFKLHYHLW &XOW RI (FVWDV\ &DQ W VD\ PXFK DERXW WKHLU PDJLFN EXW VHYHUDO RI WKHP DUH JRRG FXVWRPHUV RI PLQH
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
)DPRXV$OFKHPLVWV &RXQWGH6DLQW*HUPDLQ &RXQW GH 6DLQW*HUPDLQ DOLDV &RXQW 6XUPRQW &RXQW :HOOGRQH &RXQW 6ROWLNRII &RXQW 7]DURJ\ 0DUTXLVH GL $\PDU 3ULQFH 5DNRF]L RU $KDVYHUXV LV RQH RI WKH PRVW SRZHUIXO $OFKHPLVWV DURXQG .QRZQ DV DQ DGYHQWXUHU JHQWOHPDQ DQG VFKRODU ([DFWO\ KRZ ROG KH LV XQNQRZQ DV LV KLV QDWLRQDOLW\ $FFRUGLQJ WR UXPRXUV KH OHDUQHG DOFKHP\LQ(J\SWDQGLVPRUHWKDQ\HDUVROG :KDW LV NQRZQ LV WKDW KH ZDV LQ )UDQFH LQ ZKHUH KH PRYHG LQ WKH KLJKHVW DULVWRFUDF\ +H ZDV IDYRXUHG E\ /XGYLJ ;9 DQG EHFDPH HQYR\ WR 1HWKHUODQGV 6RPHWKLQJ ZHQW ZURQJ DQG KH IOHG WR /RQGRQ ,Q KH ZDV LQ 5XVVLD DQG WKHQ LQ %HOJLXP ZKHUH KH PHW
$/&+(0,676
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
THE ALHAMBRA FOUNDATION %\$QGHUV6DQGEHUJQYDVD#QDGDNWKVH -XQH
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
Alternate Etheric Science %\-LPP\0F.LQQH\YRUORQ#LJORXFRP
,QWURGXFWLRQ ,Q GLVFXVVLRQV RI WKH 6RQV&KLOGUHQ3HUVRQV7HDP RI (WKHU PRVW SHRSOH DUH DW D ORVV WR WKLQN RI DQ\ RWKHU FKDUDFWHUL]DWLRQV WKDQ WKH 0DG 6FLHQWLVW VWHUHRW\SH :KLOH WKHUH LV QRWKLQJ ZURQJ ZLWK WKLV VRUW RI 6R( WKH\ DUH LQ IDFW P\ IDYRULWH VRUW , DP SUREDEO\ QRW KHOSLQJ
$OWHUQDWH(WKHULF6FLHQFH
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
5DGLFDO6FLHQWLVWV 7KH ILUVW RI WKHVH LV WKH RQH , OLNH WR FDOO WKH 5DGLFDO 6FLHQWLVW ,Q D ODERUDWRU\ VHWWLQJ 5DGLFDO 6FLHQWLVWV WHQG WR ORRN LQGLVWLQJXLVKDEOH IURP WKHLU PXQGDQH RU WHFKQRFUDWLF FRXQWHUSDUWV 7KH\ HPSOR\ IULQJH VFLHQFH DQG UDGLFDO VFLHQFH WR H[SORUH WKH ERXQGDULHV RI 6FLHQFH 7KHVH DUH WKH PHQ DQG ZRPHQ LQ WKH ZRUOG V ODEV WKDW FDQ VWHHU DQ DYHUDJH PXQGDQH H[SHULPHQW LQWR WKH UHDOP RI (WKHULF 6FLHQFH 7\SLFDOO\ WKH\ VSHFLDOL]H LQ VRPH ILHOG OLNH SK\VLFV RU FKHPLVWU\ DQG ZRUN WR IXUWKHU WKH JRDOV RI WKH 6R( E\ SURSRVLQJ UDGLFDO RU IULQJH WKHRULHV WR GR VR 7KHVH JX\V DUH WKH RSSRVLWH RI WHFKQRFUDWLF VFLHQWLVWV WKDW VDERWDJH 6R( WKHRULHV LQ WKH ODEV 7KH\ UDUHO\ LI HYHU JHW YXOJDU DQG UDUHO\ DWWUDFW DWWHQWLRQ WR WKHPVHOYHV RU WKHLU SDUW LQ D UDGLFDO QHZ WKHRU\LIWKHWKHRU\LWVHOIDWWUDFWVWKHZRUOG VDWWHQWLRQWKDW VILQH $ELOLWLHV .QRZOHGJHV HVSHFLDOO\ PHGLFDO RU VFLHQWLILF NQRZOHGJHV RI DUH D PXVW DV ZLWK PRVW 6R(V &RPSXWHU LV DQRWKHU W\SLFDO DSWLWXGHLQWRGD\ VODERUDWRU\HQYLURQPHQW 6SKHUHV 5DGLFDO 6FLHQWLVWV WHQG WR KDYH RQH KLJKO\ GHYHORSHG VSKHUH RU WZR DQG YHU\ OLWWOH LQ DQ\WKLQJ HOVH 7KHVH VSKHUHV DUH UHODWHG WR WKHDUHDRIVSHFLDOL]DWLRQRIFRXUVH )RFL /RWV RI KLJKWHFK HTXLSPHQW WR WHVW WKHRULHV ZLWK 7KH WKHRU\ LWVHOIPD\VHUYHDVDIRFXVLQPRVWFDVHV ([DPSOHV &ROG )XVLRQ WKH ILOP &KDLQ 5HDFWLRQ 1LNROD 7HVOD WKRXJK QRW ODE RULHQWHG DQG PRUH YLVLEOH WKDQ DYHUDJH DPDWHXUV WKDWH[SORUHKHOLFDOFRLOILHOGG\QDPLFVDQGWKHOLNH
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
UHODWLYLW\
3DUDSV\FKRORJLVWV 2EVHVVHG ZLWK H[SORULQJ WKH VXSHUQDWXUDO WKHVH PDJHV H[SHULPHQW DQG UHVHDUFK LQWR SDUDQRUPDO DFWLYLW\ DQG UHFRUG WKHLU REVHUYDWLRQV 7KH\ DUH WKH PRVW OLNHO\ WR UXQ LQWR WKH RWKHU GHQL]HQV RI WKH :R' DQG WKH PRVW OLNHO\ WR EH DWWDFNHG E\ VDPH /HVV REYLRXVO\ WKH PRUH ORRVH FDQQRQV DPRQJ WKHP RIWHQ KDYH FORVH WLHV WR VXFK HOHPHQWV DV WKH &XOW RI (FVWDF\ IRU H[DPSOH IRU H[SORULQJ WKH HIIHFWV RI /6'W\SH GUXJV XSRQ (63 SRWHQWLDOV RI VOHHSHUV 7KHVH 6FLHQWLVWV DUH DOVR WKH PRVW OLNHO\ WR WXUQ *XQJ+R LI WKH\ GRQ W OLNH ZKDW WKH\ ILQG DQG XVH WKHLUVFLHQFHWRDWWDFNRWKHUUDFHV $ELOLWLHV 5HVHDUFK 7HFKQRORJ\ ,QYHVWLJDWLRQ DQG 6FLHQFH XVXDOO\ SV\FKRORJ\DQGSDUDSV\FKRORJ\ 6SKHUHV 0LQG IRU (63 UHVHDUFK 6SLULW(QWURS\ IRU JKRVWO\ DUHDV 7LPH LV XVHG LQ SUHSRVW FRJQLWLRQ )RUFHV IRU H[SORULQJ 3.( RU WHOHNLQHWLFHQHUJLHV )RFL $ ZLGH DUUD\ RI WHFKQRORJLFDO GHYLFHV VRPH PXQGDQH VRPH QRW 6XFK WKLQJV DV .LUOLDQ OHQVHV LQIUDUHG ILOP 3.( YDOHQFH PHWHUV DQG GHFNRIVWDQGDUG(63WHVWLQJFDUGV
7KH(GXFDWRUV %HVLGHV WKH H[SHULPHQWDO DQG UHVHDUFKHU 6FLHQWLVWV WKH WUDGLWLRQ DOVR LQFOXGHV WKRVH ZKR KDYH GHGLFDWHG WKHLU FDUHHUV WR HGXFDWLQJ RWKHUV 7KRXJK WKH\ UXQ WKH HQWLUH VSHFWUXP IURP EL]DUUH WR PXQGDQH WKHUH DUHWZRZKRZRUNLQWDQGHPWKDW, GOLNHWRH[SORUH
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
([DPSOHV +HLVHQEHUJ V 8QFHUWDLQW\ 3ULQFLSOH 4XDQWXP 3K\VLFV 'DUN 0DWWHU DV WKH ORVW (WKHU WDFK\RQV DV D ORRSKROH LQ WHFKQRFUDWLF
$OWHUQDWH(WKHULF6FLHQFH
)RFL 8VXDOO\ VRPH SVHXGRVFLHQWLILF H[SODQDWLRQ OLNH FRVPLF UD\V RU UDGLRDFWLYHVSLGHUELWHV
8UEDQ0\WKRORJLVWV $Q 8UEDQ 0\WK LV D OHJHQG WKDW KDV JURZQ XS DURXQG VRPH SRVVLEO\ ILFWLRQDO RFFXUUHQFH RU GHYLFH 7KH\ DUH SDUDGLJP VKDWWHULQJ EHOLHIV LQ WKLQJV WKH WHFKQRFUDF\ ZRXOG UDWKHU \RX GLG QRW WKLQN DERXW 7KH 8UEDQ 0\WKRORJLVWV DUH D JURXS RI 6RQV RI (WKHU WKDW FUHDWH SURSRJDWH GHEXQN GHGHEXQN UHGHEXQN DQG GHIHQG WKHVH XUEDQ P\WKV 7KH HQG UHVXOW LV WKDW HYHU\RQH NQRZV DERXW WKHP DQG HYHU\RQH LV DGDPDQW DERXW EHOLHYLQJ RU GLVEHOLHYLQJ WKHP 5HJDUGOHVV RI ZKLFK LW LV QRW RQO\ GRHV WKLV LQVSLUH GRXEW LQ WKH DYHUDJH SHUVRQ EXW LW RIWHQ LQVSLUHV GRXEW LQ WKH PLQGV RI WKRVH RQ ERWK VLGHV ,Q DQ\ FDVH WKH 7HFKQRFUDF\ V SDUDGLJP LV VWUHWFKHG MXVW WKH WLQLHVW ELW IRU HDFK RQH RI WKHVH DQG WKH 8QLRQ LV QHDUO\ KHOSOHVV WR FRXQWHUDFW LW $Q\WKLQJ WKH\ GR VLPSO\ PDNHV WKH VLWXDWLRQ ZRUVH 'RXEW DQG D SHUIHFWO\ SUHGLFWDEOH ZRUOGYLHZ DUH QRW HVSHFLDOO\ FRPSDWLEOH FRQFHSWV ,I WKHVH PDJHV XVH WKHLU PDJLFN DW DOO RXWVLGH RI FRLQFLGHQWDO PLQG PDJLFNV LW ZRXOG EH WR SURYLGH VRPH IDOVLILHG RU SHUKDSV UHDO HYLGHQFH WR PRUH H[FLWDEOH VOHHSHUV ZKR WKHQ SURFHHG WR GR WKHLU MRE IRUWKHP $ELOLWLHV 6XEWHUIXJH 6FLHQFH 2FFXOW 8UEDQ /RUH ,QWXLWLRQ 5HVHDUFK 6SKHUHV 0LQG IRU FRQYLQFLQJ GHEDWHV /LIH 0DWWHU RU )RUFHV SOXV 3ULPHWRIDOVLI\RUXQFRYHUHYLGHQFH )RFL+LJKO\YDULDEOH ([DPSOHV $OOLJDWRUV LQ WKH 6HZHUV :DWHU EXUQLQJ RU PSJ FDUV DQ\WKLQJHOVHIURPDOWIRONORUHXUEDQ
+HURHV
([DPSOHV 6SLGHUPDQ 7KH ,QFUHGLEOH +XON 7KH 7KLQJ $Q LQWHUHVWLQJ YHUVLRQ RI WKHVH JX\V FRXOG EH PDGH IRU WKH 2R+ RU WKH &&IRUH[DPSOH6SDZQWKH'HPRQDQG$YHQJHO\QH
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
(WKHUQDXWV
7KLV FDWHJRU\ RI PDJHV FRYHUV DOO WKRVH ZKR FKDPSLRQ WKH LQQRFHQWV GHIHQG WKH ZRUOG IURP LQYDGHUV RU WU\ WR HOLPLQDWH RU FRQWDLQ VXSHUQDWXUDOWKUHDWV6SRRRRRRRQ
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
7KHUH DUH PDQ\ H[SORUHUV LQ WKH 6RQV RI (WKHU 6RPH H[SORUH WKH (DUWK V FRUH VRPH WKH RFHDQV RWKHUV WKH XPEUD RU 'LJLWDO :HE 7KLV FDWHJRU\ GHDOV ZLWK D VXEFODVV RI H[SORUHUV NQRZQ DV WKH (WKHUQDXWV WKRVH ZKR H[SORUH EH\RQG WKH KRUL]RQ 7KHVH VFLHQWLVWV GLIIHU PDLQO\ LQ WKH PHWKRGV WKH\ XVH WR GR VR , SODQ WR ZULWH DQ DUWLFOH RQ WKH QDWXUH RI WKH (WKHU IRU WKHVH JX\V VR NHHS DQ H\H RXW 7KH\ DUH EURNHQ XSLQWRWKUHHPDLQFDWHJRULHV
6WDUMDPPHUV 7KH PDJHV WKDW OLWHUDOO\ VDLO WKURXJK VSDFH LQ OLWHUDO VSDFH VKLSV 7KHVH PDJHV DUH EDUHO\ (WKHULDQV DW DOO DQG KDYH D ORW RI WLHV WR WKH 9RLG (QJLQHHUV 7KH PDLQ GLVWLQJXLVKLQJ SRLQW LV WKH EHOLHI LQ WKH EUHDWKDEOH HWKHURIVSDFH $ELOLWLHV6DLOLQJ$VWURJDWLRQVKLSEXLOGLQJ 6SKHUHV$Q\
6SKHUHV $Q\ 1RUPDOO\ GRHV QRW XVH YXOJDU HIIHFWV H[FHSW IURP WDOLVPDQVRUZHDSRQU\
)RFL 1DXWLFDO DSSDUDWXV RI YDULRXV VRUWV FKDUWV DQG FRPSDVVHV IRU FRUUHVSRQGHQFHEDURPHWHUVDQGZHDWKHUYDQHVIRUIRUFHVHWF
)RFL 9HU\ SHUVRQDOL]HG 7\SLFDO WKLQJV WR XVH DUH ZHDSRQV EL]DUUH GHYLFHVOLNHDQWLJUDYLW\EHOWVDQGODERUDWRU\FRPSXWHUDQDO\]HUV
([DPSOHV 7KH (WKHU-DPPHU IURP WKH 6R( WUDGERRN $ ORW RI WKH VWXII IURP WKH 765 VXSSOHPHQW 6SHOOMDPPHU )URP ZKDW , XQGHUVWDQG DOVR VRPH PDWHULDO !IURP *': V 6N\ *DOOHRQV RI 0DUV , WKLQN ZKLFK LV UHODWHGWRWKH6SDFHPDWHULDOLQVRPHZD\
([DPSOHV'RF(RQ%DWPDQ,QGLDQD-RQHV
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
9LFWRULDQVDND,QGXVWULDO9LFWRULDQ(WKHULVPRU 6WHDPSXQN 7KHVH PDJHV H[SORUH WKH XQLYHUVH LQ -XOHV 9HUQHHVTXH %UDVV DQG LURQFODG YHVVHOV UHVHPEOLQJ QRWKLQJ VR PXFK DV JLDQW ]HSSHOLQV RUQLWKRSWHUV EDWK\VFDSHV DQG VXEPDULQHERDWV +HDY\ ORRNLQJ EROWHG PHWDO VHJPHQWHG KXOOV H\HOLNH SRUWKROHV DQG RGG ILQOLNH SURWUXVLRQV DQGVFDOORSVDUHWKHQRUP $ELOLWLHV $VWURJDWLRQ WHFKQRORJ\ WR UHSDLU WKH VKLS V SURSHOOHUZKDWHYHU PHWDOZRUNLQJWRPDNHWKHGDUQHGWKLQJV HWF
6SKHUHV$Q\
$OWHUQDWH(WKHULF6FLHQFH
6SKHUHV 0DWWHU LV FRPPRQ IRU EXLOGLQJ (QWURS\ LV XVHIXO WR NHHS WKH VKLS LQ JRRG RUGHU )RUFHV IRU GHIHQVH PHFKDQLVPV VHH WKH :HLUGVHHNHUGHVFULSWLRQIRUH[DPSOHV
JUDQGLRVH WLWOHV 7KH $PD]LQJ 5RGQH\ -XOLDQ WKH 0HQWDOLVW RU HYHQ 6LP $OODKEDU'DEDK 0DVWHU RI WKH )RXU :LQGV ,W LV YLWDOO\ LPSRUWDQWQRWWRWDNHWKHVHWLWOHVVHULRXVO\WKH$QFLHQW2UGHUGRHVQ W
)RFL 9DULDEOH ([DPSOHV 7KH 1DXWLOXV IURP WKH ILOP /HDXJHV XQGHU WKH VHD DQ\ YHUVLRQ HVSHFLDOO\ WKH RULJLQDO 'LVQH\ DGDSWDWLRQ YDULRXV VFLIL VWRULHV IURP WKH V DUW IURP WKH 6R( WUDGERRN 6WRULHV RI -XOHV 9HUQH DQG + * :HOOV 3UREDEO\ DQ\WKLQJ IURP 6SDFH ZKLFK,KDYHQ WUHDGEXWNQRZVRPHRIWKHEDVLFVRI
:LWKLQ WKH 2UGHU 6OHHSHUV DUH RIWHQ UHIHUUHG WR DV 7KH $XGLHQFH 7UDGLWLRQ PDJHV DUH JHQHUDOO\ FDOOHG WKH +RSHOHVV %H\RQG WKLV WKH $QFLHQW2UGHUKDVDGRSWHGD9DXGHYLOOHHVTXHMDUJRQDOOLWVRZQ
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
2WKHUV , GRQ W KDYH WLPH WR JR LQWR DQ\ PRUH ULJKW QRZ EXW , PLJKW ODWHU , DOVR LQWHQGHG WR ZULWH XS D GHVFULSWLRQ RI WKH GLIIHUHQFHV EHWZHHQ ZHLUG VFLHQFH IULQJH VFLHQFH UDGLFDO VFLHQFH DQG SVHXGR VFLHQFH DV ZHOO DV WKURXJK VRPH VWXII OLNH RFFXOW VFLHQFH WKLQN 0DJLWHFK RU 7RUJ V 2FFXOWHFK LQWR WKH PL[ 7KDW ZLOO KDYH WR ZDLW IRU DQRWKHU DUWLFOH )RUQRZHQMR\DQGPD\WKHHWKHUEHZLWK\RX
THE ANCIENT ORDER OF SEERS
3KLORVRSK\ $V YDULHG DV WKH LPDJHV WKH\ DGRSW IHZ 6HHUV VKDUH D SKLORVRSK\ 7KH\ DOO DJUHH RQ WKH LPSRUWDQFH RI DQ LPDJH DQG IDFDGH 0RVW KDYH GLIILFXOW\ EHOLHYLQJ LQ DQ $VFHQVLRQ DOWKRXJK WKH ROGHU 6HHUV DIWHU VHWWOLQJ GRZQ KDYH WDNHQ DQ RFFDVLRQDO VWDQG RQ WKLV WRSLF LI RQO\ WRGHEDWHLWZLWKWKHLUFRPUDGHV
2UJDQL]DWLRQ $ VHW RI ORRVH HWKLFV SURPXOJDWHG WKURXJK PDVWHUDSSUHQWLFH WUDLQLQJ XQLILHV WKH $QFLHQW 2UGHU RI 6HHUV 7KHVH FRGHV ZKLOH RQO\ YHU\ JHQHUDO JXLGHOLQHV KDYH KHOG IRU PRUH WKDQ WZR FHQWXULHV 7KH 7UHDW\ VR QDPHG E\ WKH &RXQFLO RI 1LQH ZDV ERUQ RI QHFHVVLW\ DQG QHZ DPHQGPHQWVDUHDGGHGDVFRQGLWLRQVGLFWDWH L
5HVSHFWHYHU\6HHU VPHWKRGV(YHU\VKWLFNLVHTXDOWR\RXURZQ
LL
1HYHU YLRODWH WKH VDQFWLW\ RI D EURWKHU V SHUIRUPDQFH 7KH 6KRZ PXVWQRWEHEURNHQQRULQWHUUXSWHG
LLL
5HVSHFW D EURWKHU V WHUULWRU\ $Q DWWHPSW WR RXWSHUIRUP D 6HHU LV DFKDOOHQJH
5HVSHFW D EURWKHU V VHFUHWV 7HFKQLTXHV DUH WR EH VKDUHG ZLWK LY $SSUHQWLFHV QRW ZLWK RXWVLGHUV 'R QRW VKDUH WULFNV ZLWK WKH $XGLHQFH Y
7KH +RSHOHVV DUH QRW RI WKH $QFLHQW 2UGHU 'R QRW VKDUH WULFNV ZLWKWKHRWKHU$ZDNHQHG
'R QRW YLRODWH WKH VDQFWLW\ RI D EURWKHU V ,PDJH &RS\ QHLWKHU WHFKQLTXHQRUFRVWXPH 1RWH WKDW WKH &RGH LV PHUHO\ D VHW RI SURWRFROV DQG LQ WLPHV RI FULVLV GXULQJ FRPSHWLWLRQ ZLWK DQRWKHU 6HHU IRU H[DPSOH WKH\ DUH IODJUDQWO\ YLRODWHG $V WUDYHOOLQJ HQWHUWDLQHUV WKH $QFLHQW 2UGHU GRHV QRW PDLQWDLQ D KLHUDUFK\ RU LQWHUQDO VWUXFWXUH 0RUH WKDQ DQ\ 7UDGLWLRQWKH$QFLHQW2UGHURI6HHUVLVDVRFLHW\RIHTXDOV YL
0HHWLQJV %\ 7KHVOLQ WKHVOLQ#PDLOXWH[DVHGX
:DQGHUVWKURXJK%UDPEOH
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
7KH $QFLHQW 2UGHU GR QRW VFKHGXOH UHJXODU PHHWLQJV 2FFDVLRQDO FRPSHWLWLRQV DUH KHOG DW $QFLHQW 2UGHU &KDQWULHV JDOD DIIDLUV DWWHQGHG E\ YDVW FURZGV RI 6OHHSHUV DQG PDJHV DOLNH 7KHVH FRPSHWLWLRQV DUH JUXHOLQJ DIIDLUV DQ\ VOLS GXULQJ DQ DFW DQ\ DVVLVWDQW SHUPDQHQWO\ GLYLGHG LQWR WZR SLHFHV DQ\ GRYHV FRQMXUHG ZLWK EURNHQ ZLQJV RU VSULQJORDGHG FRQWUDSWLRQV ZUDSSHG DURXQG LWV OHJV FRVWV WKH SHUIRUPHUDJRRGGHDORIUHVSHFW
,QLWLDWLRQ $V ZLWK PDQ\ RI WKH 7UDGLWLRQV LQLWLDWLRQ LQ WKH $QFLHQW 2UGHU RI 6HHUV UHTXLUHV D OHQJWK\ DSSUHQWLFHVKLS GXULQJ ZKLFK WLPH WKH DSSUHQWLFH DFFRPSDQLHV KLV PDVWHU RQ KLV MRXUQH\V DLGV KLP GXULQJ VKRZV PRUH GDQJHURXV WKDQ LW VRXQGV DQG YHU\ UDUHO\ OHDUQV KLV 0DVWHU V WULFNV $IWHU D SHULRG RI VHYHUDO \HDUV WKH DSSUHQWLFH LV SXW RXW RQ KLV RZQ ,W LV YHU\ EDG IRUP IRU DQ DSSUHQWLFH WR FRS\ KLV PDVWHU V VKWLFN 8QRULJLQDOLW\ LV EDG HQRXJK SODJLDULVP LV D YHU\ GDQJHURXVKDELWZLWKLQWKH2UGHU
6SKHUH 0LQG 6RPH PHPEHUV RI WKH $NDVKLF %URWKHUKRRG KROG JUXGJHV IRU WKLVOLWWOHWUDQVJUHVVLRQ
1DPHV 6WDJH KDPV WKDW WKH\ DUH PHPEHUV RI WKH $QFLHQW 2UGHU DGRSW
7+($1&,(1725'(52)6((56
&HOHVWLDO &KRUXV 7KH\ NQRZ D ELW DERXW SDJHDQWU\ WKH\ FDQ UXQ D VKRZEXWWKH\MXVWFDQ WDGYHUWLVH/HW HPGLHLIWKH\ZDQWWR
$FRO\WHV 6WDJH KDQGV YROXQWHHUV IURP WKH DXGLHQFH %HDXWLIXO $VVLVWDQWV URDGLHVDQGJURXSLHV
2QO\ D VWHS EHWWHU WKDQ WKH &XOW RI (FVWDV\ , VKDOO QRW GLVFXVV WKHP IXUWKHU &ODUH'H IUDQFRLV&HOHVWLDO&KRUXV
&RQFHSWV
&XOW RI (FVWDV\ 7KH\ ZRQ W DPRXQW WR DQ\WKLQJ EXW \RX FRXOG KDUGO\DVNIRUDPRUHDSSUHFLDWLYHDXGLHQFH
)DNLU6WDJH0DJLFLDQ&ORZQ6SHFLDO(IIHFWV:L]DUG0HQWDOLVW
&RRO < NQRZ DIWHU D PXVKURRP RU WZR WKHLU VKRZV DUH ZRUWK ZDWFKLQJ *UHHQVOHHYHV&XOWLVWRI(FVWDV\
)RFL
'UHDPVSHDNHUV +HUH DQG QRZ ER\V KHUH DQG QRZ +RZ FDQ SHRSOH EHVRRXWRIWRXFK"
p p p p p
, KDYHQ W PHW WKHP EXW WKH\ VRXQG PLVJXLGHG , FDQ W VHH KRZ WKH\ KDYH DQ\ UHDOIRFXVLQOLIH)R[5HLO\'UHDPVSHDNHU
$OO6SKHUHV,PDJH 6SLULW3ULPH)RUFHV:DQG 0DWWHU+DW 0LQG(QWURS\3DWWHU 7LPH&RUUHVSRQGDQFH/LIH&DSH
(XWKDQDWRV 6LFN VLFN EDFNZDUGV OLWWOH GHOXGHG GUDEV /HW HP VWHZ ZLWKWKH+HUPHWLFVIRUDIHZFHQWXULHV
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
4XRWH $VFHQVLRQ" :KR KDV WLPH" /LIH LVQ W DERXW KLJK JRDOV LW V DERXW WKH URDURIWKHFURZG
6WHUHRW\SHV $NDVKLF %URWKHUKRRG 6R YHU\ VDG 2XU OLWWOH IULHQGV KDYH OHDUQHG VR PXFK RI KLJKHU WKLQJV LQ OLIH WKDW WKH\ YH IRUJRWWHQ WKH ORZHU , EHOLHYH WKH\ YHDFWXDOO\IRUJRWWHQKRZWRDSSODXG :KR".DL6KDQ$NDVKLF%URWKHUKRRG
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
5RWHV &DUG7ULFNV 6SKHUHV0LQG
(QWURS\
'HVFULSWLRQ 3LFN D FDUG $Q\ FDUG ,W V D VL[ RI VSDGHV ULJKW" &DUG 7ULFNV LV DQ ROG VWDSOH RI WKH 2UGHU RI 6HHUV DV LV DQ\ 7ULFN WKDW OO JLYH WKHP XOWLPDWH FRQWURO RYHU D GHFN RI FDUGV ,W V D JUHDW URWH IRU JDPEOLQJDVZHOO 6\VWHP :LWK WKLV URWH LQ HIIHFW WKH 6HHU FDQ SUHGLFW ZKLFK FDUG LQ D JLYHQ GHFN LV LQ ZKDW SRVLWLRQ ZLWK DOPRVW SHUIHFW DFFXUDF\ (QWURS\ OD\V WKH SDWWHUQ WKH FDUGV DUH VKXIIOHG LQWR 0LQG DOORZV WKH FDVWHU WR SHHNZLWKWKHYLFWLP VH\HV .QRZ\RXU$XGLHQFH 6SKHUHV0LQG
RU
&RUUHVSRQGHQFH
'HVFULSWLRQ 6RPHWLPHV \RX GRQ W NQRZ ZKDW WR H[SHFW IURP D FURZG -DUUDG 7KH *UHDW 5DU\ +DQGHOO VROYHG WKDW SUREOHP :LWK .QRZ \RXU $XGLHQFH KH FRXOG SHUIRUP DV KLV FURZGV ZLVKHG DQG DOZD\VWRDIXOOKRXVH 6\VWHP 7KH VHFRQG OHYHO RI 0LQG DOORZV WKH 6HHU NQRZOHGJH RI KLV VXEMHFW V RSLQLRQV DQG HPRWLRQV *UHDWHU OHYHOV RI 0LQG DQG D NQDFN IRU &RUUHVSRQGHQFH DOORZ WKH PDJH WR SHHN LQWR DQ DXGLHQFH DV D
7+($1&,(1725'(52)6((56
ZKROH UDWKHU WKDQ RQH WDUJHW DW D WLPH 7KH PDJH PD\ DVN RQH TXHVWLRQ RI KLV DXGLHQFH RU WDUJHW UHJDUGLQJ WKH WDUJHWV DWWLWXGHV HPRWLRQVDQGRSLQLRQVFRQFHUQLQJWKHFDVWHUSHUVXFFHVV
0DJLF6PRNH 6SKHUHV)RUFHV
0DWWHU
3ULPH
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
/LIH 3ULPH 'HVFULSWLRQ $ FRPSOLPHQWDU\ HIIHFW WR 0DJLF 6PRNH WKLV ROG 7ULFN PRPHQWDULO\ GLVWUDFWV DQ\ERG\ ORRNLQJ DW WKH PDJH SURGXFLQJ UHVXOWVIURPDEULHIEOLQNWRDSODJXHRIGD\GUHDPHUV 6\VWHP 3ULPH /LIH DQG 0LQG DUH XVHG WR ORFDWH LQGLYLGXDOV REVHUYLQJ WKH FDVWLQJ PDJH 0LQG DOVR DOORZV WKH FDVWHU WR FDVW WKH LPSXOVH WR EOLQN RU FRXJK RU ZKDWKDYH\RX LQWR WKH DXGLHQFH V FXPXODWLYH PLQG 7KH QXPEHU RI VXFFHVVHV HTXDO WKH VHYHULW\ RI WKH GLVWUDFWLRQ 2QH VXFFHVV LQGLFDWHV D TXLFN EOLQN ZKLOH ILYH VXFFHVVHV ZLOO WLH XS WKH DXGLHQFH IRU WZR RU WKUHH VHFRQGV 6RPHWLPHV DOO WKDW V QHFHVVDU\ LV WKHWLQLHVWPRPHQWRIGLVWUDFWLRQ
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
7KH PDJH EOHZ KLV VHWXS 7KH DXGLHQFH H[SHFWV D SRRU VKRZ $OO GLIILFXOWLHV IRU VSHOOV DUH LQFUHDVHG E\ 5RWHV ZKLFK ZHUH QRW REYLRXVO\ IDNHG UHDG &RLQFLGHQWDO 7KH DFH ZDV XS KLV VOHHYH \RX FRXOG VHH WKH ZLUHV DUH FRQVLGHUHG 9XOJDU 0DJLFN ZLWK :LWQHVV $OO ERWFKHG PDJLFNGUDZVDQH[WUDSRLQWRI3DUDGR[*RRGOXFN
7KH DXGLHQFH H[SHFWV D GXOO VKRZ 7KH GLIILFXOW\ RI DQ\ 9XOJDUHIIHFWLVLQFUHDVHGE\
7KH DXGLHQFH LV H[SHFWLQJ D GHFHQW VKRZ 7KH GLIILFXOW\ RI &RLQFLGHQWDOPDJLFNLVGHFUHDVHGE\
7KH DXGLHQFH LV H[SHFWLQJ D JUHDW VKRZ 7KH GLIILFXOW\ RI DOO PDJLFN LV GHFUHDVHG E\ ,Q DGGLWLRQ WKH PDJH UHFHLYHV D SRLQW RI 4XLQWHVVHQFH ZKHQHYHU D VSHOO VXFFHHGV GUDPDWLFDOO\ ZLWK VSHFWDFXODU DQG H\HFDWFKLQJ UHVXOWV DQGDWOHDVWIRXUVXFFHVVHV
7KH DXGLHQFH LV HDWLQJ RXW RI \RXU KDQG KDQJLQJ RQ \RXU ZRUGV DQG ZDLWLQJ IRU WKH QH[W WULFN ZLWK EDLWHG EUHDWK 0DJLFN GLIILFXOWLHV DUH GHFUHDVHG E\ WKH 0DJH UHFHLYHV D SRLQW RI 4XLQWHVVHQFH IRU GUDPDWLF VXFFHVVHV 7KH 6KRZ PRYHV RQH VWHS DKHDG RI \RX DV XQH[SHFWHG SURSV DSSHDU WR ZRUN WKHPVHOYHV LQWR \RXU DFW DOO PDJLFN LV FRQVLGHUHGFRLQFLGHQWDOIRUWKHGXUDWLRQRIWKHVKRZ
THE ANIMAGICIANS %\6WHSKHQ(VGDOH6(6'$/(#IOHPLQJFRQFD 1RY
,QWURGXFWLRQ 0LND 6KLPL]X ZDV D SURGXFWLRQ DUWLVW IRU .DGRZNDZD 3XEOLVKLQJ &RPSDQ\ D -DSDQHVH $QLPDWLRQ -DSDQLPDWLRQ FRPSDQ\ WKDW ZDV NQRZQ DPRQJ RWKHU WKLQJV IRU WKH DQLPDWHG PRYH 6LOHQW 0RHELXV 6KH G ZRUNHG IRU PDQ\ VWXGLRV EHHQ DQ DUWLVW IRU PDQ\ IHDWXUHV LQFOXGLQJ$NLUD9DPSLUH+XQWHU'DQG%XEEOHJXP&ULVLV
7+($1,0$*,&,$16
LQWKHEDVHPHQW\RX0LNDVSDWRXWWKHZRUGV 1R 1R KHOS 1DRUL V VPLOH EURDGHQHG , PDGH LW LQ DERXW ILIWHHQ PLQXWHV,QFOXGLQJILYHPLQXWHVIRUFRIIHH
$)HZ1RWHVDERXWWKH$QLPDJLFLDQV p
$QLPDJLFLDQVDUHDQH[WUHPHO\GLYHUVHJURXSUDQJLQJIURPVFLHQFH ILFLWLRQ PHFKDEXLOGHUV WR VXUUHDO 0DQJD HQWKXVLDVWV (YHQ ZLWKLQ WKDW JURXS HYHU\RQH LV DQ LQGLYLGXDOLVW LQVSLUDWLRQ HDFK FRPLQJ IURP D GLIIHUHQW -DSDQLPDWLRQ IHDWXUH RU D GLIIHUHQW FKDUDFWHU 7KHUH LV QR FOHDU VWHUHRW\SH RI WKH $QLPDJLFLDQV RWKHU WKDQWKHLUIDFLQDWLRQZLWK$QLPH
p
0DQ\$QLPDJLFDQVIROORZLQJ
p
p
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
3KLORVRSK\ 7HFKQRORJ\ WR EH WUXO\ G\QDPLF PXVW XQVKDFNOH LWVHOI IURP DOO WKHRULHV DQG UHVWUDLQWV :KHWKHU WKH\ EH ERUQ RI WKH 7HFKQRPDQFHU
3RJURP RU WKH DVSK\[LDWLQJ WKHRULHV RI RWKHUV RI RXU NLQG 7HFKQLFDO DFKLHYHPHQW FDQ RQO\ EH DFKLHYHG IURP WKH SRZHU RI LPDJLQDWLRQ :H PDNH WKH WKRXJKW WDNH IRUP PDNH WKH GUDZLQJ EHFRPH UHDO 7KURXJK WKH XQIHWWHUHG UHDOLW\ WKH ZRUOG RI $QLPDWLRQ KDV JLYHQ XV ZH ZLOO UHVKDSHWKHZRUOGRIVOHHSHUVLQWRDZRUOGRIZRQGHUV
2UJDQL]DWLRQ $QLPDJLFDQV DUH OHVV RUJDQL]HG WKDQ WKH 6R( PRVW ZRUN DORQH LQ LVRODWHG ODEV DW WKHLU &KDQWU\ RU LQ WKHLU RZQ DQLPDWLRQ VWXGLRV WKURXJKRXW WKH ZRUOG $W LWV EHVW $QLPDJLFLDQV ZLWK WKH VDPH $QLPH VRXUFH RI LQVSLUDWLRQ JURXS WRJHWKHU HDFK DVVXPLQJ WKH UROH RI D GLIIHUHQW FKDUDFWHU /LNH WKH 6R( $QLPDJLFLDQV VWDWXV FRPHV IURP VFLHQWLILF DFKLHYHPHQW +RZHYHU WKH RQO\ DFFRPSOLVKPHQW WKHVH 0DJHV UHVSHFW DUH $QLPH REMHFWV PDGH UHDO ZKLFK IXQFWLRQ LQ RXU UHDOLW\DVWKH\RQFHOOXORLG
0HHWLQJV $QLPDJLFDQV GR QRW PHHW UHJXODUO\ 2FFDVLRQDOO\ D PHHWLQJ ZLOO EH FDOOHG LQ WKH &KDQWU\ LI VRPH LPSRUWDQW GLVFRYHU\ LV XQFRYHUHG RU VRPH GLVFXVVLRQ LV XUJHQWO\ UHTXLUHG 6PDOO JURXSV RI $QLPDJLFDQV ZKR ZRUN RQ VLPLODU ZDYHOHQJWKV VD\ $PHULFDQ 5RERWHFK $QLPDJLFDQV DQG WKHLU -DSDQHVH 0DFURVV FRXQWHUSDUWV RU KDYH WKH VDPH LQVSLUDWLRQV VD\ *XQEXVWHU ZLOO PHHW UHJXODUO\ WR FRPSDUH QRWHV 2WKHUZLVH $QLPDJLFLDQV ZRUN DORQH RU LQ WKHLU UHJXODU FOLTXHV VHHRUJDQL]DWLRQ
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
&KDQWU\ 7DNDUD-LPD DQ LVODQG DSSUR[LPDWHO\ PLOHV VRXWK RI .\ VKX 3URYLQFH RI -DSDQ PLGZD\ EHWZHHQ WKH PDLQ LVODQG DQG 2NLQDZD 7KH LVODQG KROGV D SRZHUIXO XQGHUJURXQG &KDQWU\ DQG ODERUDWRU\ FRPSOH[ WKDW LV FXUUHQWO\ EHLQJ NHSW VHFUHW IURP WKH RWKHU 7UDGLWLRQV HVSHFLDOO\ WKH 6RQV RI (WKHU ZKR ZRXOG GLH RU SHUKDSV NLOO WR JHW WKHLU KDQGV RQ WKLV LPSRUWDQW UHVRXUFH :KHQ UHIHUULQJ WR WKH LVODQG PDQ\PHPEHUVMXVWXVHWKHZRUG0DFURVV
$FRO\WHV $QLPDWRUV$UWLVWV-DSDQLPDWLRQ(QWKXVLDVWV
6SKHUH 0DWWHU
)RFL %HFDXVH RI WKH YDVW QDWXUH RI $QLPDWLRQ DQG $QLPH LW ZRXOG EH OXGLFURXV WR DWWHPSW WR OLVW IRFL IRU WKHP DOO (DFK GLIIHUHQW VXEJHQUH RI $QLPH KDV D GLIIHUHQW DWPRVSKHUH 7KRVH 0DJHV WKDW XVH -DSDQLPDWLRQ IRU WKHLU LQVSLUDWLRQ GHYHORS WKHLU RZQ )RFL WKDW HQIRUFHV WKDW 3DUDGLJP RI UHDOLW\ DQG DOORZV WKHP WR WDS WKH SRZHU RI WKHLU DYDWDU 2QO\ WKH 'UDZLQJ 8WHQVLOV 0DWWHU/LIH3ULPH DUH XVHG E\ DOO $QLPDJLFDQV 7KHUHIRUH D SOD\HU PXVW NQRZ KLV FKDUDFWHU FRQFHSW
7+($1,0$*,&,$16
DQG KLV DQLPDWLRQ VRXUFH ZHOO HQRXJK WR FRQVWUXFW VXLWDEOH IRFL IRU WKH RWKHU VL[ VSKHUHV 7KH IROORZLQJ LV DQ H[DPSOH XVHG E\
DQG WKH 6RQV RI $QDFKURQLVP LI LW ZDVQ W IRU WKH 'LJLWDO :HE :2: :H KDYH WR PHHW ZLWK WKHVH JX\VWKH :HE ZLOO PDNH D JUHDW SODFH WR WHVWQHZ0HFKDGHVLJQV
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
5RWHVRIWKH$QLPDJLFDQV
6SLULW)RUFHV +HDGV 8S 'LVSOD\ $ VHW RI *RJJOHV RU WKH FODVVLF $QLPH PRQRFOHYLVRU 7KHVH VSHFLILFDOO\ GLVSOD\ DOO VRUWV RI LQIRUPDWLRQ DERXW 6SHFWURVFRSLF DQG 6SLULWVFRSLF LQIRUPDWLRQ ,W LV QRWXQLTXH
1RW \RXU IDWKHU V >LQVHUW FDU QDPH KHUH@ &RUUHVSRQGHQFH 0DWWHU %DVLFDOO\ WKH VDPH DV 6HPL$XWR &$' &$0 VHH 0DJH 5RWHV SJ H[FHSW LW FRPELQHV WKH EHVW DVSHFWV RI YHKLFOHV LQWR RQH IRUP (DFK VXFFHVV DOORZV WKH PDJH WR H[FKDQJH RQH DVSHFW RI WKH YHKLFOH WRS VSHHG VL]H PDQHXYHUDELOLW\ HWF 7KH YHKLFOH ZLOO UHVHPEOHERWKRIWKHROGYHKLFOHVZLWKDGLVWLQFWLYH$QLPHWZLVWLIWKH $QLPDJLFLDQGRHVQ WIRUFHKLPVHOIQRWWR
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
&RQFHSWV 6HH$FRO\WHV
6WHUHRW\SHV $KOL%DWLQ7KH$OL:+2"$UHWKHVHJX\VIRUUHDO" $NDVKLF %URWKHUKRRG
9LGFRP &RPPXQLFDWLRQV &RUUHVSRQGHQFH )RUFHV $Q XQQHHGIXOO\ FRPSOH[ URWH EXW QHFHVVDU\ IRU VRPH JURXSV LQ WKH $QLPDJLFDQV IRU VWDWXV PRVWO\ WKLV FUHDWHV D YLGHR FRPPXQLFDWLRQ V\VWHP LPLWDWLQJ KRORJUDP SURMHFWLRQ 7KRVH VHHLQJ WKH SHUVRQ YLHZ KLPVXVSHQGHGDQGDRYDOVKDSH'REMHFWJORZLQJZLWKDQHHU\JUHHQ OLJKW 7KLV LV XVHG PRVW RIWHQ WR FDOO WRJHWKHU IRU WKRVH LQIUHTXHQW PHHWLQJVDW0DFURVV
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
$QLPDJLFLDQ7DOLVPDQV $NLUD%LNH/HYHO 2PHJD%DWWOHU0HFKD6XLW=/HYHO
THE APOSTLES OF IALDABAOTH %\$QGHUV6DQGEHUJ0DUFK
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
7+($3267/(62),$/'$%$27+
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
3KLORVRSK\ $VFHQVLRQ ZKR FDUHV"
,QLWLDWLRQ 8VXDOO\ WKH $SRVWOHV JUDGXDOO\ LQWURGXFH VOHHSHUV WR WKHLU ZRUOG DQG SKLORVRSK\ VKRZLQJ WKHP XQLPDJLQDEOH ZHDOWK DQG QHZ SOHDVXUHV 7KRVH IHZ ZLWK WKH ULJKW VSDUN WR GHOYH ULJKW LQWR LW DUH LQLWLDWHG E\ MRXUQH\V RI SOHDVXUH DQG EHDXW\ WKDW ZRXOG LPSUHVV HYHQ WKH PRVW MDGHG &XOWLVWV RI (FVWDV\ ,W RSHQV WKHLU H\HV WR WKH DPD]LQJ WKLQJV WKHUH LV WR HQMR\ LQ WKH ZRUOG DQG WKH HTXDOO\ PDQLIROG ZD\V D PDJH FDQJHWWKHP
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
7+($3267/(62),$/'$%$27+
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
&KDQWU\ 7KH $SRVWOHV KDYH QR UHDO FKDQWULHV 0RVW DUH VROLWDU\ RU JDWKHU LQ VPDOO FOLTXHV WR HQMR\ WKHPVHOYHV :KLOH VRPH JDWKHU DW EURWKHOV H[FOXVLYH UHVRUWV RU RQ SULYDWH \DFKWV RWKHUV SUHIHU WR NHHS PRYLQJ DOO WKH WLPH $ IHZ IRXQG YDULRXV VHFWV UDQJLQJ IURP VDWDQLF FRYHQV DQG VH[FXOWVWRWHOHYDQJHOLVWFKXUFKHV
2UGHU RI +HUPHV DQG LV PDLQO\ XVHG DERXW WKRVH $SRVWOHV DFWLYHO\ FRUUXSWLQJ RWKHUV 7KH &HOHVWLDO &KRUXV QDPH WKHP DIWHU WKH JQRVWLF PRYHPHQWV WKH\ LQIOXHQFHG DV 6DUNLNHV +\OLNHV DQG %RUERULWHV 2WKHU FRPPRQ QDPHV IRU WKHP DUH 7KH &KLOGUHQ RI 0D\D WKH :RUPV RI WKH &OD\ 7KH 6RQV RI 0DWWHU 'HVFHQGHUV DQG 7KH 6HUYDQWV RI WKH 'HPLXUJH
3RSXODUV\PEROV 7KH GRZQZDUG SRLQWLQJ SHQWDJUDP V\PEROLVLQJ PDWWHU RYHU PLQG FOD\ WKH PDWHULDO ZRUOG DQG D GHVFHQGLQJ OLJKWHQLQJ EROW WKH GHVFHQWIURPVSLULWLQWRPDWWHU
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
4XRWH
7KH\ VHOGRP VHDUFK RXW HDFK RWKHU VLPSO\ EHFDXVH WKH\ GRQ W QHHG WR 7KH\ KDYH QR GRFWULQDO GLIIHUHQFHV WR VHWWOH QR KLJKHU DVSLUDWLRQV QR VHHNLQJRI$VFHQVLRQ
/HW PH JHW WKLV VWUDLJKW
$FRO\WHV
5RWHV
+HGRQLVWV7KULOO6HHNHUV3RHWV
3HUIHFWWKH(FVWDV\/LIH0LQG
&RQFHSWV
7KLV LV RIWHQ XVHG E\ WKH $SRVWOHV WR HQKDQFH WKHLU H[SHULHQFHV 7KH\ JR LQWR DQ DOWHUHG VWDWH RI FRQVFLRXVQHVV ZKHUH WKH\ H[SHULHQFH HYHU\WKLQJ DV GLIIHUHQW NLQGV RI SOHDVXUH VRXQGV WRXFK SDLQ WKRXJKW VRUURZ DQG VLJKW DOO DUH H[FLWLQJ VHQVDWLRQV 7KH PDJH ZLOO VWLOO EH DZDUH RI WKH RXWVLGH ZRUOG DOWKRXJK WKH SOHDVXUH PD\ FORXG KLV MXGJHPHQWDIWHUDOOLQWKLVVWDWHDFDUDFFLGHQWLVRUJDVPLF
0HHWLQJV
7HPSWHU3OD\ER\6HOIPDGHPDQ$GYHQWXUHU
2WKHU1DPHV 7KH $SRVWOHV KDYH QR FHQWUDO RUJDQLVDWLRQ DQG KDYH QR UHDO QDPH IRU WKHPVHOYHV 7KH QDPH 7KH $SRVWOHV RI ,DOGDEDRWK ZDV FRLQHG E\ WKH
$QLPDO$WWUDFWLRQ&RUUHVSRQGHQFH0LQG/LIH 7KLV ILOOV WKH PDJH DQG D YLFWLP ZLWK LQWHQVH VH[XDO DWWUDFWLRQ WR HDFK RWKHU ERWK RQ WKH PHQWDO DQG SK\VLFDO OHYHO 7KH\ DUH OLQNHG WRJHWKHU
7+($3267/(62),$/'$%$27+
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
ASATRU %\$QGHUV6DQGEHUJ
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
+LVWRU\RIWKH$VDWUX 7KH 9HUEHQD KDYH DOZD\V EHHQ UHJLRQDO DQG GLIIHU PXFK IURP DUHD WR DUHD ,Q 6FDQGLQDYLD WKH 9HUEHQD KDYH EHHQ WKH SURWHFWRUV RI WKH ROG UHOLJLRQ DQG WKH ROG ZD\V DJDLQVW WKH WLGH RI &KULVWLDQLW\ DQG WKH 7HFKQRFUDF\ $FWXDOO\ WKH 9HUEHQD ZDV EHKLQG WKH 2OG )DLWK RI
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
$6$758
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|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
3KLORVRSK\ 2QFH XSRQ D WLPH WKHUH ZDV RQO\ WKH JUHDW YRLG RI *LQXQJDJDS :KHQ WKH LFH IURP 1LIHOKHLP WKH ZRUOG RI LFH DQG PLVW DQG WKH ILUH IURP 0XVSHOKHLP WKH ZRUOG RI ILUH DQG KHDW PHW LQ WKH YRLG WKH\ FUHDWHG WKH LPPHQVH JLDQW
$6$758
PXQGDQH :H PXVW NHHS
2UJDQLVDWLRQ 7KH EHOLHYHUV FRQJUHJDWH DURXQG VDFUHG VLWHV DQG DUH OHG E\ WKHLU SULHVWV 7KHVH SULHVWV DUH JHQHUDOO\ HTXDO DOWKRXJK WKH ROGHVW DQG PRVW UHVSHFWHG RI WKHP OHDG WKH RWKHUV 'LIIHUHQW JURXSV KDYH OLWWOH FRQWDFW EXW VRPHWLPHV SULHVWV FRQWDFW QHLJKERXULQJ JURXSV WR GLVFXVV PXWXDO SUREOHPV
0HHWLQJV
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
0DLQO\ DW WKH HTXLQR[HV HVSHFLDOO\ 0LGZLQWHU 6SULQJ DQG 0LGVXPPHU $OVR VRPH FHUHPRQLHV DW WKH RWKHU 6DEEDWKV DQG DW VSHFLDO RFFDVLRQV RIWHQ MXVW WR FHOHEUDWH DQG WKDQN WKH JRGV IRU VXFFHVV RU WR DVN WKHP IRU KHOS %HVLGH WKH %ORW PDQ\ ZRUVKLSSHUV KROG VPDOO SUD\HU PHHWLQJV ZKHUH WKH SDUWLFLSDQWV WRDVW WKH JRGV VLQJWKHDQFLHQWVRQJVDQGVDFULILFHVRPHIRRG
,QLWLDWLRQ
7KLV FLUFOHW LPLWDWHV WR WKH %URVLQJDPHQH WKH VLOYHU QHFNODFH ZRUQ E\ )UH\D $FFRUGLQJ WR RQH P\WK VKH KDV WR OHW /RNL ZHDU LW KDOI RI WKH \HDU DIWHU KH VWROH LW DQG WULFNHG KHU LQWR KLV GHEW 'XULQJ WKLV WLPH QDWXUH YDQHV DQG GDUNQHVV UHLJQ EXW LQ WKH VSULQJ VKH ZLOO ZHDU LW DJDLQ DQG EHFRPH KDSS\ WKXV HQVXULQJ VSULQJ DQG VXPPHU ,W WKXV UHSUHVHQW ERWK WKH DOOXUHPHQW RI )UH\D DQG WKH FXQQLQJ RI /RNL D ILWWLQJV\PEROIRU0LQG
&RQFHSWV
7KH LQLWLDWHV DUH PRVWO\ FKRVHQ DPRQJ WKH IDLWKIXO 2QH FRPPRQ ZD\ WR $ZDNHQ LQLWLDWHV LV WR FHUHPRQLDOO\ KDQJ WKHP LQ D VDFUHG RDN DQG OHW WKHP KDQJ WKHUH 7KH GHOLULRXV LQLWLDWHV ZLOO XQGHUJR WKH VDPH YLVLRQV WKDW 2GLQ VDZ ZKHQ KH KXQJ KLPVHOI DQG ZLOO WKXV EHFRPH DZDNHQHGRUWKHLQLWLDWHVZLOOGLHDQGEHFRPHDVDFULILFHWR2GLQ
&KDQWU\ $VDWUX KDV QR WUXH FKDQWULHV 7KHUH KDYH EHHQ QR UHDO FKDQWULHV LQ 6ZHGHQ VLQFH WKH EXUQLQJ RI WKH WHPSOH RI 8SSVDOD DURXQG \HDU DQG SUREDEO\ QR RWKHUV LQ WKH UHVW RI 6FDQGLQDYLD ,QVWHDG WKH EHOLHYHUV RIWHQ IRUP VPDOO LVRODWHG FRPPXQLWLHV ZKHUH WKH\ FDQ SUDFWLFH WKHLU UHOLJLRQ LQ SHDFH 7KH DFRO\WHV PRVW RIWHQ FRPH IURP WKHVH FRPPXQLWLHV
$FRO\WHV
5HFOXVHORFDOSROLWLFLDQHFFHQWULFVHFWOHDGHU
4XRWH :KDW DUH \RX GRLQJ WR SURWHFW WKH :RUOG 7UHH
6WHUHRW\SHV $NDVKLF %URWKHUV 7KH\ PLJKW EH JRRG ZDUULRUV EXW VSHQGLQJ DOO GD\WKLQNLQJLVQRWJRRGIRUDQ\PDQ 7KH\ ODFN IRFXV DQG FHOHEUDWH ERG\ RYHU PLQG 7KH\ ZLOO QHYHU OHDUQ DQ\WKLQJ
)DUPHUVVXUYLYDOLVWVQHRQD]LVILVKHUPHQDQGKXQWHUV
6SKHUH /LIH7KHSULHVWVHVSHFLDOO\GHYRWHGWR2GLQJHQHUDOO\OHDUQDERXW0LQG DQG 3ULPH ZKLOH WKH SULHVWV RI 7KRU OHDUQ )RUFHV DQG 0DWWHU )HPDOH SULHVWV WHQG WR FRQFHQWUDWH RQ WKH SUHSDUDWLRQ RI SRWLRQV PHDG DQG WKH VLQJLQJ RI JDOGHUV ZKLOH PDOH SULHVWV OHDUQ WKH DUW RI WKH UXQHV 7KHY|OYDVDUHWKHRQO\PDJHVZKRGHDOPDLQO\LQ6SLULWDQG7LPHVHH EHORZ
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
&HOHVWLDO &KRUXV 7KHLU JRG RI OLJKW DQG FDULQJ LV D ZRUVH W\UDQW WKDQ DQ\ PRUWDO NLQJ 7KH\ PHUFLOHVVO\ FUXVK DQ\WKLQJ LQ WKHLU SDWK MXVW WR PDNH VXUH QRERG\ GDUH WR GLVDJUHH ZLWK WKHP 7KH\ EXUQW RXU WHPSOHV EULEHG WKH OHDGHUV DQG GHIDFHG WKH UXQHV 7KH\ GHVHUYH DOO WKH PLVIRUWXQHVWKH\KDYHVXIIHUHGDQGPRUH 3DJDQVZKRVHEORRGULWHVZHUHMXVWO\VWRSSHG &XOW RI (FVWDV\ 7KH\ FHOHEUDWH WKH MR\ RI OLYLQJ OLNH ZH GR EXW ZLWKRXWDQ\UHVSHFW :LOG SRZHUIXO DQG VFDU\ 7KRVH SHRSOH DUH GDQJHURXV DQG PRUH WKDQ D OLWWOH LQVDQH
$6$758
LVYHU\EDODQFHG0DQ\RIWKHPKDYHWKHIDWDOLVPRIWUXHZDUULRUV
VSHFLDOEORRGOLQHVZKLFKFRQWDLQWKHOLIHRIWKHSHRSOH
2UGHU RI +HUPHV 7\SLFDO FLW\ GZHOOHUV 7KH\ VSHQG DOO WKHLU WLPH LQ WKHLU KRXVHV ORRNLQJ LQ ERRNV LQVWHDG RI ORRNLQJ DW WKH UHDOLW\ WKDW VXUURXQGVWKHP
%UHZ 9HQRP /LIH 3ULPH (QWURS\ :KLOH WKH 9LNLQJV UHJDUGHG SRLVRQ DV IRXO VRPH RI WKH PRGHUQ PDJHV XVH LW LQ WKH GHIHQFH RI WKHLU KRPHV DQG WUDGLWLRQV %\ ERLOLQJ WRJHWKHU D IRXO PL[WXUH RI EORRG VDOW \HDVW HDUWK LURQ LFH DQG VRPH GURSV RI VQDNH YHQRP XQGHU LQYRFDWLRQV RI WKH SRZHUV RI GHDWK WKH\ FUHDWH D SRWHQW DQG XQWUDFHDEOH SRLVRQ 7KH SRLVRQ FDQ EH DSSOLHG LQ IRRG RU GULQN SODFHG RQ ZHDSRQV RU HYHQ RQ VXUIDFHV 7KH SRLVRQ ZLOO VHHN RXW WKH ZHDNHVWSRLQWRIWKHYLFWLPDQGPDNHKLPYHU\VLFNRUNLOOKLP
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
5RWHV
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
+HULWDJH RI WKH %ORRG 7LPH /LIH ,Q DQFLHQW WLPH WKH JRG +HLPGDOOU WUDYHOOHG WKH ODQG DQG VLUHG WKH WKUDOOV WKH EDUGV WKH IDUPHUVDQGWKHMDUOVWKHOHDGHUV 7KHWUDFHRIWKHJRGLVVWLOOXSRQWKH SHRSOH DQG D SULHVW NQRZOHGJHDEOH LQ WKH ZD\V RI WKH EORRG FDQ VWLOO VHH LW %\ IHHOLQJ WKH IRUFH LQ WKH EORRG WKH PDJH FDQ IROORZ WKH OLQHDJH EDFN WKURXJK WLPH WR LWV VRXUFH DQG VHH ZKLFK JURXS VRPHRQH UHDOO\ EHORQJV WR 7KLV LV DOVR XVHG WR WUDFH WKH OLQHDJHV DQG ILQG WKRVH
*LOMHJDOGHU 0LQG 7KLV JDOGHU HYRNHV ORYLQJ IHHOLQJV IURP D SHUVRQ RIWKHRSSRVLWHVH[ /|VHJDOGHU 0DWWHU 7KLV LV D JDOGHU ZKLFK KHOSV PDJHV ZKR KDYH EHHQ LPSULVRQHG 7KH PDJH VLQJV WKH JDOGHU WR WKH ERQGV ZKLFK ZLOO UHOHDVHKLP
$6$758
5XQHV3ULPH
6HLG6SLULW7LPH
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|OYDV 7KH\ DUH UHVSHFWHG EXW D ELW DSDUW IURP WKH SULHVWKRRG RI WKH $HVLU 7KH\ DUH UHFRJQLVHG E\ WKHLU PDJLFNDO URGV Y|OYD PHDQV OLWHUDOO\ IHPDOH EHDUHU RI D URG ZKLFK DUH WKHLU XQLTXH IRFL IRU 6SLULW DQG 7LPH 6RPH Y|OYDV DUH HYHQ VDLG WR IO\ RQ WKHLU URGV RU RQ ZROYHV 7KHLU OLQN WR WKLV URG LV VR VWURQJ WKDW WKH\ DUH VDLG WR SURWHFWLWHYHQDIWHUWKHLURZQGHDWK
9LJUXQRU (QWURS\ 0LQG 3ULPH 7KHVH DUH UXQHV ZKLFK DUH LQVFULEHG RQ D ZHDSRQ XQGHU LQYRFDWLRQV WR 7\U DQG ZLOO JLYH WKH ZLHOGHU VXFFHVV LQ EDWWOH +H ZLOO EH DEOH WR VHH WKH ZHDNQHVVHV RI KLV HQHPLHVEHFRPHEUDYHDQGIHDUVRPHWRKLVIRHV 6\VWHP 7KH (QWURS\ HIIHFW ZLOO PDNH WKH XVHU QRWLFH WKH ZHDNQHVVHV RIKLVIRHZKLOHWKHWZR0LQGHIIHFWVZLOOPDNHKLPEUDYHDQGIHDUOHVV ZKLOHKLVIRHVZLOOEHFRPHQHUYRXV %Ul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
6HLG LQYROYHV HFVWDWLF WUDQFHV ZKHUH WKH Y|OYD FDQ FRPPXQLFDWH ZLWK WKH VSLULWV DQG VHH WKH IXWXUH DQG SDVW 7KHVH DUH DFKLHYHG E\ KHU VLWWLQJ RQ D VSHFLDO VHWWHH VLQJLQJ FHUWDLQ DQFLHQW JDOGHUV RU KDYLQJ DFRO\WHV VLQJ WKHP DW KHU 7KHVH JDOGHUV DUH UHSXWHGO\ ERWK EHDXWLIXO DQG WHUULI\LQJ EXW VHHP WR VHQG WKH Y|OYD LQWR WUDQFH 1RZ VKH FDQ JR RXW LQWR WKH VSLULW ZRUOG VXPPRQ WKH GHDG VHH SDVW DQG IXWXUH RU UHYHDOWKHKLGGHQVHFUHWV
7DOLVPDQV ,GROV/HYHO %ROYHUN/HYHO 6SDZQRI'UDXSQLU/HYHO 5RGRIWKH9ROYD/HYHO
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
AVATARS OF JUSTICE %\&DUO/&RQJGRQFDUOFRQJ#QQLFRP
3UHOXGH 7KHILUVWTXHVWLRQ,DOZD\VDVNP\VHOIDV, PJHWWLQJLQWRP\FRVWXPH LV ZK\ :K\ QRW MXVW JHW RXW WKHUH DQG ILJKW" :K\ ULVN P\ QHFN DW DOO" 'RQ W WKH 0DFKLQH +HDGV KDYH VSHFLDO WURRSV IRU WKLQJV OLNH WKLV" :K\ QRW MXVW GLDO " %XW DV WKH VFUHDPV JHW ORXGHU , UHDOL]H , GR LW WR NHHS KRSH DOLYH , GR LW EHFDXVH QR RQH HOVH ZLOO , GR LWEHFDXVH $ PRPHQW WR SDXVH WR EHFRPH RQH ZLWK P\ IDQF\ VXLW DQG , P UHDG\ WR
$9$7$562)-867,&(
WDNH FDUH RI WKH 7KLQJ WKRVH EDVWDUGV VXPPRQHG +RSHIXOO\ QR RQH V EHHQVHULRXVO\KXUW
2UJDQL]DWLRQ
'HVFULSWLRQ
7KH QHZ UHFUXLWV DUH ORRNHG XSRQ ZLWK UHVSHFW DQG KRSH ZKLOH WKH YHWHUDQ KHURHV DUH SUL]HG IRU WKHLU H[SHULHQFH DQG VDYY\ 2Q WKH ZKROHHYHU\WKLQJLVGHFLGHGLQDGHPRFUDWLFPDQQHU
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
,QLWLDWLRQ 0DQ\ VRORV ZKR KDYH $ZDNHQHG DUH SLFNHG XS DQG WDXJKW D IHZ WKLQJV WKDW HYHU\ PDJH VKRXOG NQRZ -RLQLQJ LV YROXQWDU\ LURQLFDOO\ WKH QXPEHUV RI WKLV &UDIW DUH JURZLQJ DW D UHPDUNDEOH UDWH 7KH LQLWLDWH SODQV KLV SHUVRQD FRVWXPH FDWFKSKUDVH PRFNKLVWRU\ DQG VSHFLDO SRZHUV DQG DQQRXQFHV WKHP WR KLV PHQWRUV $IWHU D FRXSOH RI PLVVLRQV WKH LQLWLDWH LV DFFHSWHG HLWKHU DV D IXOO PHPEHU RU DV D FRQWDFW
$YDWDU 8VXDOO\ DSSHDUV DV WKH JKRVW RI D ORVW UHODWLYH D FRPLFERRN KHUR DQ DOLHQFRQWDFWRUDHQLJPDWLFPHQWRU
)ROORZHUV )DPLO\ IDQER\V DQG IDQJLUOV VFLIL QXWV WUXH EHOLHYHUV H[FRQYLFWV RQ WKHVWUDLJKWDQGQDUURZ
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
&RQFHSWV
2ULJLQV
7HFKQRFUDF\ (QGV GR QRW MXVWLI\ PHDQV (QGV EHFRPH PHDQV DQG VRRQ PHDQV EHFRPH HQGV LQ WKHPVHOYHV
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
3KLORVRSK\ :H DUHQ W JRGV ZH DUHQ W ZLOOZRUNHUV ZH DUH KHURHV 7KDW LV WKH EHJLQQLQJ DQG HQG RI ZK\ ZH GR LW :H GR LW IRU WKH SHRSOH ZH GR LW IRU RXUVHOYHV ZH GR LW EHFDXVH HYHU\RQH KDV WR UHOHDUQ WKDW ZKDW WKH\ GR PDWWHUV
3LFNXSDFRPLFERRNDQGILJXUHLWRXW
6WHUHRW\SHV &RXQFLO 2I 1LQH ,I \RX UH QRW KHOSLQJ 7KH 3HRSOH \RX UH QRW GRLQJ ZKDW\RX UHVXSSRVHGWR)
\RXUSRLQWOHVV$VFHQVLRQ:DU
1HSKDQGL 7KH $QWLWKHVLV RI XV $VN IRU QR TXDUWHU DQG LI QHFHVVDU\ JLYH QRQH , ZLVK WKHUH ZDV D EHWWHU ZD\ EXW VRPHWLPHV WKHUH VLPSO\ LVQ W 0DUDXGHUV $V GDQJHURXV DV WKH 1HSKDQGL 3LW\ WKHP EXW NHHS WKHP DZD\IURPWKHLQQRFHQWILUVWDQGIRUHPRVW 2USKDQV7KH\ OOFRPHDURXQG
1RWHV 7KH 6XSHUKHUR (IIHFW ZKDW DOORZV WKHP WR SXOO RI WKHLU NHZO VWXQWV DQGVRRSHUSRZHUV LVDOORZHGE\D&KDULVPD%ODWDQF\UROOGLIILFXOW\ $OVR WKHLU $UFDQH FDQ IOXFWXDWH GHSHQGLQJ RQ ZKHWKHU RU QRW WKH\ UHZHDULQJWKHLUFRVWXPHVRUQRW
7RROV6W\OH 7KH ZLQG DW RXU EDFNV WKH HQHP\ LQ IURQW RI XV ZLWK RQO\ WKH SRZHU RI ULJKWHRXVQHVV DQG WKH ZLOO WR PDNH LW KDSSHQ WKDW V ZKDW PDNHV XV ZKDW ZH DUH 7KH FDSHV JDGJHWV UKHWRULF DQG IRROLVK VWXQWV DUH DOO JDXG\ ZUDSSLQJ ZH NQRZ LW DQG VR GRHV HYHU\RQH HOVH :KDW PDWWHUV LV WKDW ZH VHSDUDWH RXUVHOYHV IURP WKH PXQGDQH DQG LQ VR GRLQJ ULVH DERYH LW %XW ZH SURWHFW WKRVH ZKR FDQ W KHOS WKHPVHOYHV DQG WKDW V ZKHUHRXUSRZHUFRPHVIURPRXUSXUSRVH
$9$7$562)-867,&(
B IRU WKH PXWXDO GHIHQFH RI WKH QRUWKHUQ &HOWLF ODQGV ZKLOH WKH\ FDUU\ RXWWKHLUYDULRXVDJHQGDV
BLACKSMITH
0HHWLQJV %\7KRP6FRWWWKVFRWW#LQGLDQDHGX 7KH HLJKW 6DEEDWV RI WKH \HDU DQG WKH QHZ PRRQV 7KH\ VSHQG IXOO PRRQVDWWKHIRUJHVRQ6N\HFUHDWLQJSRZHUIXOWDOLVPDQV
+LVWRU\ ,Q DQFLHQW 6FRWODQG WKHUH ZDV D JRGGHVV 6FDWKD ZKR FRPPDQGHG WKDW DOO WKRVH ZKR ZRXOG EH EODFNVPLWKV DQG WUXO\ ZLVKHG WR EH PDVWHUV RI WKH FUDIW FRPH WR KHU 6KH WRRN KXPDQ IRUP DQG PDGH KHU KXPDQ KRPH RQ WKH ,VOH RI 6N\H ZKHUH VKH ZDV NQRZQ DV D SURSKHWHVV DQG ZLVH ZRPDQ %XW WR WKH SURVSHFWLYH EODFNVPLWKV VKH ZDV IDU PRUH 6KH WDXJKW WKHP QRW RQO\ WKH IRUJH EXW WKH DUWV RI ZDU KHDOLQJ DQG PDJLF :RH EHWLGH WKH IRROLVK PDQ RU PRQVWHU ZKR GDUHG WRFKDOOHQJHDWRZQZKRVHVPLWKKDGVSHQWKLV\RXWKRQ6N\H :KHQ WKH YLNLQJV FDPH 6N\H DQG KHU %DFNVPLWKV KHOG WKHP DQG WKHLU UXQHFDVWHUV RII :KHQ WKH LQTXLVLWLRQ FDPH LQ WKH EXUQLQJ WLPHV WKH XQOXFN\ LQTXLVLWRUV GLVFRYHUHG WKH ILUHV RQ WKH LQVLGH RI WKH ZLFNHUPDQ :KHQ WKH %ODFN 6SLUDO 'DQFHUV WULHG WR WDNH 6N\HZHOO \RXJHWWKHSLFWXUH 7KH 7HFKQRFUDF\ LV EHJLQLQJ WR IRUFH LWV ZD\ VORZO\ LQWR QRUWKHUQ 6FRWODQG DQG WKH %ODFNVPLWKV VWDQG UHDG\ WR WKLV GD\ 7KH\ KDYH SDVVHG WKH NQRZOHGJH RI WKH IRUJH DQG WKH ILUH ZLWKLQ IURP PDVWHU WR DSSUHQWLFH DV 6FDWKD WDXJKW WKH ILUVW RI WKHP 7KLV WLPH WKH\ NQRZ WKH\ FDQQRW ZDLW IRU WKH HQHP\ WR FRPH WR WKHP 7KH\ PXVW VWULNH DQGGHVWUR\WKH7HFKQRFUDF\ZKLOHWKH\FDQ )URP WKH ,VOH RI 6N\H WKH\ KDYH SUHSDUHG IRU WKH ZDU JDWKHULQJ UHVRXUFHV DQG DOOLHV 7KH ,VOH IRU QRZ JLYHV WKHP WKDW IUHHGRP 7KH\ NQRZLWZLOOEHDKDUGILJKWWRPDLQWDLQLW
,QLWLDWLRQ 3URPLVLQJ \RXQJ FUDIWVSHRSOH DUH FRQWDFWHG DQG WHVWHG LI WKH\ SDVV WKH\DUHDSSUHQWLFHGWRDPDVWHUWROHDUQWKH&UDIW
&KDQWU\ 7KH ,VOH RI 6N\H 1RUWKHUQ 6FRWODQG 7KH ,VODQG LV VWLOO UHODWLYHO\ LPPXQH WR SDUDGR[ GXH WR WKH LPPHQVH EXIIHU RI WKH 6FRWWLVK KLJKODQGV DQG UXUDO ,UHODQG ZKHUH WKH WHFKQRPDQFHUV KDYH KDG OLWWOH VXFFHVV RYHUFRPLQJ VXSHUVWLWLRQ DQG ORFDO IRON EHOLHIV 6RPH KDYH WKHRUL]HG WKDW WKH 7HFKQRFUDF\ SULPDULO\ VXSSRUWV WKH ZDU LQ 1RUWKHUQ ,UHODQG WR UHGXFH KRSH VR LW FDQ EHWWHU WU\ WR RYHUFRPH WKRVH EHOLHIV
$FRO\WHV 6FXOSWRUVVWHHOZRUNHUVFRQVWUXFWLRQZRUNHUVHQJLQHHUV
6SKHUH 0DWWHU
3KLORVRSK\
)RFL
7KH 7HFKQRFUDF\ KDV WR JR DQG ZH UH JRQQD VHH WKHP WR 0DFKD V EODFN GRRU 0DQ ZDV QRW PHDQW WR EH WXUQHG LQWR VRPH PDVVLYH PDFKLQH IRU WKHLU DPXVHPHQW :KHQ ZH JHW WKURXJK ZLWK WKHP WKH\ OO NQRZ KRZ WKH VWHHO IHHOV ZKHQ WKH KDPPHU FRPHV GRZQ 7KH\ WKLQN WKDW $VFHQVLRQ LV WKDW" 7KH\ UH IRROV HDFK PXVW ILQG WKHLU RZQ$VFHQVLRQLWFDQQRWEHFKRVHQIRUWKHP
p p p p
2UJDQL]DWLRQ
)RUJH0DWWHU3ULPH :HDSRQ)RUFHV&RUUHVSRQGHQFH 7RRO0LQGVSLULW(QWURS\ -HZHOU\7LPH/LIH
&RQFHSWV 6HHDFRO\WHVEODFNVPLWK
&ORVH NQLW DOPRVW D FODQ 7KH\ YH EHHQ VHQGLQJ UHSUHVHQWDWLYHV WR WKH PRUH SURPLVLQJ WUDGLWLRQV VHHNLQJ DOOLHV 7KH\ KDYH DOVR IRUPHG DQ DOOLDQFH ZLWK WKH )LDQQD (LULQQ WKH *DURX )LDQQD DQG WKH 6N\H PDQHV
%/$&.60,7+
6WHUHRW\SHV $NDVKLF %URWKHUKRRG 7KH\ XQGHUVWDQG WKH YDOXH RI LQWURVSHFWLRQ DQG WKH GULYH IRU SHUIHFWLRQ EXW WKH\ QHHG WR SXW LW WR FRQVWUXFWLYH XVH &HOHVWLDO &KRUXV 7RR KLJK DQG PLJKW\ IRU P\ WDVWH 3OXV WKH LGHD RI JLYLQJXSP\LQGLYLGXDOLW\WREHFRPHSDUWRIWKHLURQH1RWKDQNV &XOWRI(FVWDV\3RRUNLGV/RWVDSRWHQWLDOOLWWOHUHWXUQ 'LVFRUGLDQV 7KH\ FRPH LQ KDQG\ RQ RFFDVLRQ EXW GRQ W VWDUW WDONLQ
SROLWLFVZLWKRQH 'UHDPVSHDNHUV 7KH\ UH VSRRN\ DV KHOO EXW ZH OLNH HP 7KH\ UHVSHFW WKHHDUWKDQGLWVFUHDWXUHVDQGWKHYDOXHRIKDUGZRUN (XWKDQDWRV 2QH RI WKHP WULHG WR WDNH PH KHK OLIWV KDPPHU , JRW
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
6RQV RI -XSLWHU 6RPH RI WKHVH EORNHV DUH JUHDW 6RPH &RQVWDQWLQH LQ SDUWLFXODUDUHUHDOEDVWDUGV
5RWHV
&HUHEXV 8VHIXO DV ORQJ DV WKH\ ZRUN DJDLQVW WKH 0DQFHUV 'RQ W FDUH RWKHUZLVH
&LW\VFDSH
1HFURPDQFHUV'RHVORQJMDXQWVKRUWIXUQDFHJLYHDFOXH" )LDQQD (LULQQ *RRG ILJKWHUV KHDGV RQ VWUDLJKW DQG ZRUVH EDVWDUGV WKDQXVLQDILJKW%HWZHHQXVWKHUH VDFKDQFHIRUWKLV(DUWK
BLADES OF MERCURY
&RUUHVSRQGHQFH
0LQG 7KLVURWHDOORZV%ODGHUVDVVRPHOLNHWREHFDOOHG WRFRQMXUHXSDPDS RI WKH FLW\ LQ WKHLU PLQGV $IWHU KDYLQJ VWXGLHG DQ DFWXDO FLW\ FKDUW %ODGHUV FDQ ORFDWH WKHPVHOYHV DQ\ZKHUH LQ WKH FLW\ DQG HYHQ GLVFHUQ VWUHHW FRQGLWLRQV LH WUDIILF URDG FORVXUHV SRWKROHV WKDW PD\ LPSHGHGWKHLUWUDYHO 7XUQWKH&RUQHU &RUUHVSRQGHQFH
%\1LFKRODV5RVVLHUURVVLHU#VFIXVFHGX
$ %ODGHU RIWHQ QHHGV WR NQRZ ZKDW OD\V MXVW DURXQG WKH QH[W FRUQHU 7KLVURWHJLYHVWKHPWKHH[WUDIHHOIRUWKHWHUUDLQDQGZKDWWKH\PD\ HQFRXQWHU
'HVFULSWLRQ 7KH LQOLQH VNDWLQJ SKHQRPHQD RI WKH ODVW GHFDGH KDV VSXUUHG RQ WKH GHYHORSPHQW RI D PXOWLWUDGLWLRQDO JURXS FDOOHG WKH %ODGHV RI 0HUFXU\ 7KH\ DUH RIWHQ IRXQG LQ ODUJHU XUEDQL]HG FLWLHV RI WKH 8QLWHG 6WDWHV SDUWLFXODUO\ LQ 1HZ
&URVVLQJWKH6WUHHW &RUUHVSRQGHQFH
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
/LIH RQ WKH VWUHHW FDQ JHW URXJK DQG VRPHWLPHV LW LV QHFHVVDU\ WR OHW WKH RWKHU JX\ KDYH LW :KLOH PRVW %ODGHUV DUH SK\VLFDOO\ ILW QRW DOO KDYH EUDZOLQJ VNLOOV DQG D TXLFN DQG GLUW\ DGYDQWDJH LV RIWHQ QHHGHG 5HODWHG WR WKH $NDVKLF URWH 6WULNH RI WKH )RXU :LQGV WKLV DOORZV D %ODGHU WR VWULNH DQ RSSRQHQW ZLWK D VLQJOH EORZ WKDW FRPHV IURP PDQ\GLUHFWLRQV
%/$'(62)0(5&85<
, P2XWWD+HUH
$UHWH
7LPH
&RUUHVSRQGHQFH
1DWXUH9LVLRQDU\'HPHDQRU-REVZRUWK(VVHQFH4XHVWLQJ
$V GDQJHUV RQ WKH VWUHHW LQFUHDVH HVSHFLDOO\ IURP DWWDFNV E\ WKH 0HQ LQ %ODFN DQJU\ YDPSLUHV RU SHVN\ *DURX D %ODGHU PD\ ILQG LW QHFHVVDU\ WR HQDFW D WDFWLFDO UHWUHDW WKDW DVVXUHV VXFFHVV 7KLV HIIHFW H[WUDGLWHV WKH %ODGHUV IURP KDUP LQ WKH EOLQN RI DQ H\H DQG PDQ\ UHDFK VSHHGV H[FHHGLQJ PSK IRU DW OHDVW D IHZ PRPHQWV 5XQQLQJ WKH YHU\ HGJH RI &RLQFLGHQFH WKLV URWH LV XVHG RQO\ ZKHQ UHDO GDQJHU RUVLPSOHIOLJKWZLOOQRWEHHQRXJKWRHVFDSH
6SKHUHV&RUUHVSRQGHQFH7LPH0LQG
5RFNHW6NDWHV )RUFHV
3ULPH
:KLOH PRVW %ODGHUV IHHO LW LV VDFULOHJLRXV WR LQFRUSRUDWH PHFKDQLFDO DLGV LQWR VNDWHV WKH 6RQV RI (WKHU KDYH PDGH D FDVH IRU HQKDQFHG VNDWHV 7KHVH ZLOO RIWHQ KDYH D VPDOO DWWDFKPHQW PDGH WR WKH VLGHV RI WKH KHHO RI WKH VNDWH WR VXPPRQ D SRZHUIXO EXUVW RI VSHHG WR JHW DQ H[WUD HGJH 6RPH PRGLILFDWLRQV )RUFHV
LQFOXGH DQ DGGHG ERQXV RI DOORZLQJ WKH %ODGHU WR VNDWH ULJKW XS WKH VLGHV RI EXLOGLQJV 7KLV RI FRXUVH LV DFFRPSDQLHG E\ D VRQLF ERRP DQG D EOLQGLQJ IODVK RI OLJKW DOORZLQJ WKH HIIHFW WR EH &RLQFLGHQWDO DV ORQJ DV LW RQO\ ODVWV IRU D IHZ PRPHQWV
3KLORVRSKLHV
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
7KH0HVVHQJHU
.QRZOHGJHV$UHD.QRZOHGJH/DZ
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
%DFNJURXQGV$YDWDU'HVWLQ\'UHDP$UFDQH
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
7HPSODWHV
0HULWV&RGHRI+RQRU)ODZV&RPSXOVLRQ-XGJHRWKHUV 4XRWH,DPWKHVKLQLQJKRSHLQWKHGDUNHVWQLJKW)HDUQRPRUH 5RDG:DUULRU 6WU'H[6WD0DQ&KD$SS,QW:LW3HU :LOOSRZHU $UHWH 1DWXUH)DQDWLF'HPHDQRU'HYLDQW(VVHQFH3ULPRUGLDO 6SKHUHV&RUUHVSRQGHQFH0LQG(QWURS\)RUFHV 7DOHQWV $OHUWQHVV $WKOHWLFV %UDZO 'RGJH ,QWLPLGDWLRQ 6WUHHWZLVH 6NLOOV0HOHH6WHDOWK7HFKQRORJ\ .QRZOHGJHV$UHD.QRZOHGJH/DZ2FFXOW %DFNJURXQGV$OOLHV'HVWLQ\5HVRXUFHV 0HULWV8QGHUZRUOG7LHV )ODZV 'ULYLQJ *RDO 5XOH WKH 6WUHHWV 6KRUW )XVH 6RPH KDYH 'HUDQJHPHQWV 4XRWH , VDLG , ZDQW P\ PRQH\ QRZ 2K \RX GRQ W KDYH LW :HOO , WKLQNLWVWLPH\RXOHDUQHGDOLWWOHUHVSHFW*HW HPER\V /RQH:ROI 6WU'H[6WD0DQ&KD$SS,QW:LW3HU :LOOSRZHU $UHWH 1DWXUH3HQLWHQW'HPHDQRU/RQHU(VVHQFH'\QDPLF 6SKHUHV&RUUHVSRQGHQFH)RUFHV0LQG3ULPH7LPH 7DOHQWV$OHUWQHVV$ZDUHQHVV$WKOHWLFV6WUHHWZLVH6XUYLYDO %UDZO 6NLOOV6WHDOWK)LUHDUPV7HFKQRORJ\ .QRZOHGJHV$UHD.QRZOHGJH2FFXOW(QLJPDV/LQJXLVWLFV %DFNJURXQGV$UFDQH$YDWDU 0HULWV,URQ:LOO)ODZV6WUDQJHQHVV6HFUHW'DUN)DWH 4XRWH,KDYHQRWKLQJWRVD\IRUQRZ
0HVVHQJHU 6WU'H[6WD0DQ&KD$SS,QW:LW3HU :LOOSRZHU
%/$'(62)0(5&85<
BROTHERHOOD OF BERTRANDO %\$QGHUV6DQGEHUJQYDVD#QDGDNWKVH $SU
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
BROTHERHOOD OF CAINE %\'DYLG*DOORHDIX#RULRQRDFXFLHGX -XQH
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
3KLORVRSK\ 9DPSLUHVDUHWKHORVWFKLOGUHQ0DQ\KDYHDWWHPSWHGWRGHILQHWKHP WR XQGHUVWDQG WKHP DQG QRQH KDYH VXFFHHGHG :H ORRN DW WKHP DV VHSDUDWH EHLQJV WUDSSHG DV WKH\ DUH 7KHLU DYDWDUV KDYH EHHQ WZLVWHG GHIRUPHG DQG LQ WKH SURFHVV WKH\ KDYH EHHQ GHQLHG ZKDW VKRXOG EH ULJKWIXOO\ WKHLUV $VFHQVLRQ 7KURXJK WKHLU OXVW WKHLU KXQJHU WKH\ ILJKW WKHLU RZQ LQWHUQDO VWUXJJOHV $QG ZH REVHUYH %\ REVHUYLQJ ZH
%527+(5+22'2)&$,1(
FDQ DWWHPSW WR KHOS WKHP 7R JXLGH WKHP EDFN WR WKH SDWK WRZDUGV $VFHQVLRQ 3HUKDSV RQH GD\ ZH ZLOO EH DEOH WR FXUH WKLV GLVHDVH %XW IRU QRZ ZH H[SHULPHQW DQG JDWKHU RXU GDWD $ IHZ PLJKW VXIIHU EXW LWLVIRUWKHJUHDWHUJRRG
2UJDQL]DWLRQ 7KHVH PDJHV WHQG WR JDWKHU LQ H[SHULPHQWODE JURXSV HDFK KHDGHG E\ D UHVHDUFK VSHFLDOLVW ,Q WXUQ HDFK VSHFLDOLVW PDNHV PRQWKO\ UHSRUWV WR DVXSHUYLVLRQERDUGZKLFKSXWVRXWDTXDUWHUO\UHSRUWRQILQGLQJV
0HHWLQJV 7KH %URWKHUKRRG XVXDOO\ JDWKHUV RQFH RU WZLFH D \HDU LQ YDULRXV ORFDWLRQVGLVJXLVHGDVFRQIHUHQFHVFRQYHQWLRQV
,QLWLDWLRQ 8VXDOO\ QHZ PHPEHUV DUH LQLWLDWHG EDVHG RQ H[SHULHQFH ZLWK DQG LQWHUHVW LQ WKH VXEMHFW 7KH\ ZLOO WKHQ EH JLYHQ D IHZ EUHDNV LQ WKH IRUP RI JUDQWV QHZ ILQGLQJV HWF DQG REVHUYHG WR VHH KRZ WKH\ UHVSRQG
&KDQWU\ 7KH PDLQ FKDQWULHV DUH ORFDWHG LQ (J\SW (QJODQG 1HZ
$FRO\WHV %ORRGEDQNZRUNHUVODEDVVLVWDQWV%ORRG'ROOVYDPSLUHKXQWHUV
6SKHUHV 0HPEHUV XVXDOO\ SLFN RQH RI WKH IROORZLQJ DV WKHLU SULPDU\ VSKHUH /LIH 0DWWHU 3ULPH RU 6SLULW %\ IDU 3ULPH DQG 0DWWHU DUH WKH PRVW SRSXODUZLWK/LIHDVDFORVHVHFRQG
)RFL p p p
6\ULQJH/LIH3ULPH6SLULW 0LFURVFRSHRURWKHUODEHTXLSPHQW /LIH0DWWHU %ORRG$OOVSKHUHV
&RQFHSWV 'RFWRU YDPSLURORJLVWV YLURORJLVWV LPPXQRORJLVWV KHPDWRORJLVW 9DPSLUH+XQWHU2FFXOWLVW+LVWRULDQ
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
BROTHERHOOD OF THE MYSTICAL WORK %\$QGHUV6DQGEHUJ
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
%527+(5+22'2)7+(0<67,&$/:25.
C ZHQWDORQJZLWKWKHLUIDWHIXOSODQ
CABALISTS %\$QGHUV6DQGEHUJ9HUVLRQ
,QWURGXFWLRQ 7KH &DEDOLVWV DUH DPRQJ WKH ROGHVW DQG PRVW LQIOXHQWLDO VXEJURXSV LQ WKH ZKROH 2UGHU RI +HUPHV 7KHLU V\PEROLVP DQG PHWKRGV DUH WKH EDFNERQH RI PRGHUQ :HVWHUQ KHUPHWLFLVP )RU H[DPSOH WKH 6HDO RI 6RORPRQ LV RI &DEDOLVWLF RULJLQ DV LV PXFK RI WKH V\PEROV XVHG LQ WKH &LUFOH
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
&$%$/,676
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
2UJDQLVDWLRQDQG0HHWLQJV 9HU\ LQIRUPDO LI DQ\ DW DOO &DEDOLVWV DUH RIWHQ VROLWDU\ DQG PHHW LQ LQIRUPDO ZD\V WR GLVFXVV WKHLU ODWHVW WKHRULHV DQG LGHDV 0DQ\ &DEDOLVWVFRPPXQLFDWHRQO\E\PDLORUXVLQJPDJLFN
&$%$/,676
RYHUO\ PHGGOLQJ LQ PRUWDO DIIDLUV +DYH WKH\ QRW OHDUQHG DW OHDVW IURP WKHLURZQPLVWDNHV"
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
&KDQWU\
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
7KH &DEDOLVWV KDYH IHZ FKDQWULHV EXW WKH PRVW LPSRUWDQW OLHV LQ 3UDJXH 7KLV FKDQWU\ KRXVHV WKH VHFRQG ODUJHVW OLEUDU\ LQ WKH ZKROH 2UGHU 7KH ODUJHVW LV SUREDEO\ &RUGRED 7KLV OLEUDU\ FRQWDLQV PDQ\ H[WUHPHO\ UDUH WRPHV LQ HYHU\ FRQFHLYDEOH ODQJXDJH (VSHFLDOO\ ERRNV IURP WKH PLGGOH HDVW DUH YHU\ ZHOO UHSUHVHQWHG 0DQ\ PDJHV IURP RWKHUWUDGLWLRQVYLVLWWKH/LEUDU\
'UHDPVSHDNHUV 7KHVH PDJHV ZRUVKLS 0DONXWK WKH GDXJKWHU RI *RG7KH\VHHNWRUHVWRUHWKHEDODQFHWRUHXQLWHKHUZLWKKHUKXVEDQG LQ 7LSKDUHWK 8QIRUWXQDWHO\ WKHLU PDJLFN LV SULPLWLYH DQG WRR ERXQG WRWKHORZHUSODQHVWREHRIDQ\XVH
$FRO\WHV
(XWKDQDWRV 3HUKDSV WKLV 7UDGLWLRQ KDYH XQGHUVWRRG WKH $E\VV RI 'DDWK EHWWHU WKDQ DQ\ RWKHUV %XW WKH\ KDYH QRW FURVVHG LW \HW ,I WKH\ PDQDJHWRGRWKDWWKH\ZLOOEHFRPHVRPHWKLQJQHYHUVHHQEHIRUH
3LRXV-HZV6FKRODUV$UWLVWV
(QRFKLDQV 6WUDQJH PDJHV 7KH\ KDYH LQGHHG IRXQG VRPHWKLQJ RU LV LWVRPHWKLQJWKDWKDVIRXQGWKHP"
+ROORZ2QHV6WUDQJHFKLOGUHQ:HGRQRWXQGHUVWDQGWKHP
6SKHUH 6SLULW RU )RUFHV 0DQ\ &DEDOLVWV VWXG\ 0LQG DQG 3ULPH ZLWK JUHDW ]HDO 0DWWHU DQG (QWURS\ LV UHJDUGHG DV D ELW GDQJHURXV DQG VWXG\ LV VRPHWLPHV GLVFRXUDJHG E\ RWKHU &DEDOLVWV 6WLOO PDQ\ &DEDOLVWV KDYH KDG LPSRUWDQW LQVLJKWV LQ WKH VWUXFWXUHV RI 0DWWHU DQG WKH UROH RI (QWURS\
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
&RQFHSWV 5DEEL:LVHROG0DQ6XUUHDO$XWKRU
4XRWH &RQWHPSODWH WKH VHFUHW PHDQLQJ RI WKH 6HDO RI 6RORPRQ 7KH ORZHU WULDQJOH LV WKH V\PERO RI ILUH DQG WKH XSSHU WULDQJOH WKH V\PERO RI ZDWHU :DWHU DQG )LUH 7KH 6WDU RI 'DYLG VKRZ WZR RSSRVLWHV EDODQFLQJ HDFK RWKHU LQ SHUIHFW KDUPRQ\ FUHDWLQJ VRPHWKLQJ JUHDWHU WKDQ LWV SDUWV ,W LV D ILWWLQJ V\PERO IRU WKH 0DFURFRVP 1RWLFH LW KDV VL[UD\VVKRZLQJWKDWLWUHSUHVHQW7LSKDUHWK,I\RXSXWLWRQWKH7UHH LWV UD\V ZLOO SRLQW DW WKH SODQHWV ZLWK WKH 6XQ DW LWV FHQWUH ,W LV D PRVWSRZHUIXOV\PERORIEDODQFH
6WHUHRW\SHV $KO,%DWLQ :H DUH VR DOLNH \HW WKH\ GR QRW UHDOL]H WKH GDQJHU RI
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
&$%$/,676
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
0DJLFN'HFLVLRQPDNLQJ
%OHVV WKH )DLWKIXO 6HUYDQW 3ULPH 6SLULW 7KH PDJH EOHVVHV D VSLULW SRXULQJ TXLQWHVVHQFH LQWR LWV SDWWHUQ 7KLV LV VRPHWKLQJ PRVW VSLULWV GHVLUH DV LW ZLOO PDNH WKHP PRUH SRZHUIXO LQ WKH ORQJ UXQ %HVLGHV DW OHDVW WR D KXPDQ WKH\ VHHP WR GHULYH SOHDVXUH IURP LW 7KLV URWHLVRIWHQXVHGWRWKDQNVSLULWVZKRKDYHKHOSHGWKHPDJH
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
7KH ,QYRFDWLRQ RI WKH )RXU $UFKDQJHOV 6SLULW 7KH PDJH VWDQG ZLWK KLV DUPV VWUDLJKW RXW WR WKH VLGHV VR WKDW KLV ERG\ IRUPV D FURVV +H LQYRNHV WKH IRXU $UFKDQJHOV %HIRUH PH 5DSKDHO %HKLQG PH *DEULHO 2Q P\ ULJKW KDQG 0LFKDHO 2Q P\ OHIW KDQG 8ULHO )RU DURXQG PH IODPHV WKH SHQWDJUDP DQG ZLWKLQ PH VKLQHV WKH VL[UD\HG VWDU %\ XVLQJ WKLV URWH WKH PDJH ZLOO VFDUH DZD\ PRVW VSLULWV IHDUIXO IRU WKH SRZHUIXO $UFKDQJHOV DQG WKH SRZHUIXO PDJH 7KH 5RVLFUXFLDQV KDYH GHYHORSHG WKHLU RZQ YHUVLRQ WKH /HVVHU %DQLVKLQJ RI WKH 3HQWDJUDPZKLFKZRUNVLQDOPRVWWKHVDPHZD\
6SKHUHV
> 7KH $UFKDQJHOV ZLOO QRUPDOO\ QRW DSSHDU LQ SHUVRQ EXW ZLOO LI WKH PDJH LV OXFN\ VHQG VXERUGLQDWHV WR WKH PDJH 7KH\ ZLOO QRW PDQLIHVW SK\VLFDOO\ EXW WKHLU SUHVHQFH LV RIWHQ IHOW 7KH VXERUGLQDWH DQJHOV ZLOO VFDUH DZD\ OHVVHU EHLQJV IURP WKH YLFLQLW\ $IWHU WKH\ DUH GRQH WKH\ ZLOO UHSRUW EDFN WR WKHLU VXSHULRUV ZKDW KDSSHQHG ,W LV YHU\ XQZLVH WR PLVXVHWKLVURWH@
CARTOGRAPHERS %\0DUN9DQGHU0HXOHQ=#ZSRFVRQLXHGX
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
,W LV LPSRUWDQW WR UHPHPEHU WKDW WKH 0DJH LVQ W PRYLQJ KLPVHOI WR DQRWKHU ZRUOG ZKHUH ZKDW KH ZDQWV H[LVWV EXW UDWKHU LV PDNLQJ D GHFLVLRQ DERXW KLPVHOI DQG DERXW WKH WKLQJV WKDW GHVFULEH KLP LQ WKLV ZRUOG DQG WKHQ FKDQJLQJ WKRVH GHVFULSWRUV $OVR KXPDQV WHQG WR UHERXQG EDFN LQWR WKHLU QRUPDO VWDWH LQ WKH LQILQLWHGLPHQVLRQDO XQLYHUVH XQOHVV VSHQGLQJ FRQWLQXLQJ DWWHQWLRQ WR ZKHUH WKH\ DUH 7KLV LVQRWDKDUGDQGIDVWUXOHEXWDJHQHUDOL]DWLRQ
&RUUHVSRQGHQFH0RYHPHQW )RUDEHLQJZKRLVOHDUQLQJWRPRYHLQLQILQLWHGLPHQVLRQDOVSDFHWKH YDJDULWLHV RI QRUPDO WKUHH GLPHQVLRQDO VSDFH DUH TXLWH VLPSOH 7KH PDJH PD\ VLPSO\ PRYH KLPVHOI LQWR D GLPHQVLRQ ZKHUH VSDWLDO GLVWDQFHV DUH PXFK VPDOOHU WDNH D VLQJOH VWHS DQG WKHQ PRYH EDFN RXWLQWRVSDFH
(QWURS\7KH&RKHVLYH&KRLFH 0DWHULDO H[LVWHQFH LQ LQILQLWHGLPHQVLRQDO VSDFH PD\ VHHP VOLJKWO\ VWUDQJH WR VRPHRQH XQXVHG WR LW 2QH RI WKH FKRLFHV WKDW DQ\ PDWHULDO WKLQJ PDNHV LV ZKHWKHU LWV FRPSRQHQW SDUWV ZLOO UHPDLQ WRJHWKHU RU ZLOO GLVSHUVH WR EH XVHG LQ WKH IRUPLQJ RI VRPHWKLQJ HOVH 1RUPDO KXPDQV FDQ GR WKLV E\ FRQYLQFLQJ WKH SDUW WR FRPH DSDUW E\ VODPPLQJ LW DJDLQVW VRPHWKLQJ KDUG 7KLV LV FDOOHG WKH &RKHVLYH &KRLFH DQG LV RQH RI WKH FKRLFHV WKDW D 0DJH FDQ PDNH IRU DQRWKHU REMHFWE\LPSRVLQJKLVZLOO
)RUFHV7KH$FWLYH&KRLFH 0DWHULDO WKLQJV FDQ DOVR FKRRVH WR EH LQ PRWLRQ RU WR EH VWLOO 7KLV LV WKH EDVLF FKRLFH WKDW JLYHV ULVH WR DOO WKH IRUFHV WKDW ZH NQRZ LQ WKH RUGLQDU\ ZRUOG WKH PRYHPHQW RI HOHFWURQV WR SURGXFH HOHFWULFLW\ WKH PRYHPHQW RI SKRWRQV WR SURGXFH OLJKW 1RUPDO KXPDQV NQRZ KRZ WR SXW DQ REMHFW LQWR PRWLRQ E\ WKURZLQJ LW :LWK WKH LPSRVLWLRQ RI ZLOO WKH 0DJH FDQ OHDUQ WR PDNH WKH $FWLYH &KRLFH IRU DQ REMHFW RU WR FKDQJH WKH GLPHQVLRQDOLW\ RI D PDWHULDO REMHFW ZKLFK LV DOUHDG\ PRYLQJ
0DWWHU7KH6WDWLF&KRLFH 0DWHULDO WKLQJV DOVR PDNH WKH FKRLFH RI ZKDW WR EH 8VXDOO\ PDWHULDO WKLQJVDUHXQDEOHWRPDNHFKRLFHVIRUWKHPVHOYHVDQGVRWHQGWRUHWDLQ WKHLU FXUUHQW FKRLFH XQWLO LW LV FKDQJHG IRU WKHP 1RUPDO KXPDQV NQRZKRZWRFKDQJHWKHVWDWHRIZDWHUIURPOLTXLGWRLFHE\FRROLQJLW 0DJHV FDQ LPSRVH WKHLU ZLOO RQ VXFK PDWHULDO WKLQJV WR PDNH WKDW FKRLFH
/LIH7KH9HVVHO 7KLQJV ZKLFK DUH OLYLQJ DUH VSHFLDO W\SHV RI PDWHULDO WKLQJV ZKLFK KDYH DW OHDVW VRPH DELOLW\ WR PDNH WKHLU RZQ FKRLFHV 7KXV WKHLU QRUPDO VWDWH LV WR EH PRYLQJ DW OHDVW SDUWLDOO\ WKURXJK LQILQLWH
&$572*5$3+(56
GLPHQVLRQDO VSDFH 7KXV WKH\ FDQ EH FRPSDUHG WR ERDWV RQ DQ RFHDQ 6LPSOH OLIH IRUPV FDQ RQO\ PDNH YHU\ VLPSOH FKRLFHV ,W LV RQO\ E\ SRVVHVVLQJDWUXH0LQGWKDWWKHIXOOUDQJHRISRVVLELOLWLHVFDQRSHQXS
VHW WR QRQ]HUR FRRUGLQDQWV RU HOVH LW HVFDSHV PDWHULDO IRUP DQG LV UHF\FOHG +RZHYHU LQ WKLV VLPSOH IRUP LW LV YHU\ HDV\ WR PDNH IRU LW DQ\FKRLFHWKH0DJHZLVKHV
0LQG7KH1DYLJDWRU
$UFDQH3ULYDF\
/LIH FDQ PDNH UXGLPHQWDU\ FKRLFHV EXW RQO\ D WUXH PLQG FDQ EH FUHDWLYH DQG UHDOL]H FKRLFHV ZKLFK DUH QRW REYLRXV WR RXU DGPLWWHGO\ OLPLWHGQRUPDOVHQVHSHUFHSWLRQV
,W V DPD]LQJ KRZ HIIHFWLYH D PDJH FDQ EH D &KRRVLQJ QRW WR EH ERWKHUHG
3ULPH3RVVLELOLW\ 7KLQJV ZKLFK FDQ DFWXDWH WKHPVHOYHV LQ WKH LQILQLWHGLPHQVLRQDO XQLYHUVH DUH FRPSRVHG RI D NLQG RI VWXII IRU ZKLFK GHFLVLRQV FDQ EH PDGH :H FDOO WKLV VWXII RXW RI ZKLFK DOO UHDO WKLQJV DUH PDGH SRVVLEOLW\ ,W LV SRVVLEOH WR UHPRYH WKH SRVVLELOLW\ IURP DQ REMHFW DW ZKLFK WLPH DOO FKRLFHV LQ LW DUH VHW WR QDXJKW DQG WKH SRVVLELOLW\ JDLQHG FDQ EH XVHG WR PDNH WKH FKRLFHV IRU LW ZKLFK ZLOO EULQJ VRPHWKLQJQHZLQWRH[LVWHQFH
6SLULW7KH8QFKRVHQ ,W VHHPV WKDW WKLQJV RQFH FKRVHQ FDQQRW HDVLO\ EH XQFKRVHQ +XPDQV KDYH XVHG WKHLU PLQGV WR EHOLHYH LQ D JUHDW PDQ\ WKLQJV GXULQJ WKHLU WLPH LQ H[LVWHQFH :KHQ WKH\ EHOLHYHG WKHP WKH\ ZHUH UHDO EXW ZKHQ WKH\ FKRRVH WR GLVEHOLHYH WKHP WKH\ GLGQ W EHFRPH XQUHDO EXW VLPSO\ PRYHG RXW RI UHDFK :H FDQ VHDUFK WKLV ZDVWHODQG RI ORVW LGHDV WR H[SDQGRXUPLQGVZLWKJUHDWEHQHILW
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
%DFNJURXQGV
'HVWLQ\:LQGLQ\RXU6DLOV 6RPH PDJHV VHHP WR EH FRPSHOOHG LQWR QHZ LGHDV DQG FKRLFHV 7KH\ PD\ ILQG YHU\ SRZHUIXO QHZV DUHDV RI WKH LQILQLWHGLPHQVLRQDO VSDFH RU FKDQJH WKH FXUUHQW SDWK RI &RQVHQVXDO 5HDOLW\ VHH EHORZ LQ D QHZ DQGSRZHUIXOZD\
'UHDP,QVLJKW 6RPH PDJHV KDYH WKH DELOLW\ WR RSHQ WKHPVHOYHV XS WR QHZ SDUWV RI WKH LQILQLWHGLPHQVLRQDO XQLYHUVH DQG ILQG DUHDV WR ZKHUH WKH\ FDQ PRYH LQ RUGHU WR JHW FHUWDLQ WKLQJV GRQH >6WRU\7HOOHU V QRWH VRPH FKDUDFWHUV ZLOO WU\ WR VD\ WKDW WKH\ ZLOO PRYH WKHPVHOYHV WR DQ DUHD RU LQILQLWHGLPHQVLRQDO VSDFH ZKHUH WKH\ VXGGHQO\ KDYH D LQ )LUHDUPV $GPLW WR WKHP WKDW WKLV LV SRVVLEOH EXW WKDW WKH\ KDYHQ W H[SORUHG WKH ULJKWSDUWVRILQILQLWHGLPHQVLRQDOVSDFHWRJHWWKHUH@
1RGH 6RPH PDWHULDO WKLQJV ZKLFK VHHP WR EH QRQOLYLQJ QHYHUWKHOHVV VHHP WR LPSRVH D FKRLFH XSRQ 3RVVLELOLW\ ,Q WKHVH DUHDV SULPDO XQLQFRUSRUDWHG 3RVVLELOLW\ LV JLYHQ D IHZ QRQ]HUR FRRUGLQDWHV ZKLFK PDNH LW SRVVLEOH IRU D 0DJH WR JHW D KDQGOH RQ LW DQG XVH LW IRU KHURZQSXUSRVHV
7DOLVPDQ &HUWDLQ DUHDV RI LQILQLWHGLPHQVLRQDO VSDFH DUH VR KDQG\ LW SD\V WR ZULWH WKHP GRZQ VR \RX FDQ PRYH \RXUVHOI WKHUH LQ D KXUU\ 2QH RI WKH HDVLHVW ZD\V WR GR WKLV LV WR ILQG D KHOSIXO VSLULW WR PHPRUL]H LW IRU \RXDQGWKHQNHHSLWZKHUH\RXFDQJHWDKROGRILW
)RFL
$UHWH3HUVSHFWLYH $ 0DJH VORZO\ H[SORUHV DQG XQGHUVWDQGV D JUHDWHU DQG JUHDWHU SRUWLRQ RI WKH LQILQLWHGLPHQVLRQDO VSDFH DQG ILQGV LW HDVLHU DQG HDVLHU WR FRUUHFWO\QDYLJDWHLQLW
$YDWDU&RQYLFWLRQ 7KLV PHDVXUHV WKH 0DJH V IDLWK LQ KLPVHOI DQG WKHUHIRUH KLV DELOLW\ WR IRUFHKLVGHFLVLRQVXSRQRWKHUPDWHULDOREMHFWV
3DUDGR[(GGLHV8QVWDEOHODQGVFDSH ,QILQLWHGLPHQVLRQDO VSDFH VHHPV WR KDYH VRPH RI WKH SURSHUWLHV RI D VWUDQJH IOXLG 3HUKDSV WKLV LV WKH ]HURHG 3RVVLELOLW\ WKDW KDV EHHQ UHPRYHG IURP PDWHULDO REMHFWV DQG EHIRUH LW FDQ EH LQFRUSRUDWHG LQWR VRPHWKLQJ QHZ $W DQ\ UDWH PRYHPHQW WRR IDVW RU WRR IDU RU DORQJ WRR PDQ\ D[HV VHHPV WR VWLU LW XS WR WKH SRLQW ZKHUH LW FDQ EHFRPH GDQJHURXVQRWOHDVWEHFDXVHLWFDQRYHUFRPHWKH1DYLJDWLQJ0LQGDQG LPSRVH LWV RZQ GHFLVLRQV XSRQ WKH 0DJH ,QGHHG DW WLPHV LW VHHPV WR KDYHDVWUDQJHIRUPRI0LQGLWVHOI
p p p
&RPSDVV(QWURS\)RUFHV0DWWHU 0DS&RUUHVSRQGHQFH0LQG/LIH 6H[WDQW3ULPH6SLULW7LPH
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
4XLQWHVVHQFH7UDSSHG3RVVLELOLW\ ,Q RUGHU WR VWRUH SULPDO 3RVVLELOLW\ DW OHDVW D IHZ RI LWV D[HV PXVW EH
&$572*5$3+(56
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
RQH SODFH D JLUOIULHQG PD\ JHW WKH SHUIHFW MRE LQ D GLVWDQW FLW\ WKHQ WKH VXEMHFW ORVHV KLV RZQ MRE KDV KLV DSDUWPHQW UREEHG WKHQ WKH EXLOGLQJ FRQGHPQHG KLV EDQN FORVHV LQ VFDQGDO -XVW ZKHQ LW VHHPV KH KDV QR RSWLRQV D ORQJ ORVW DXQW OHDYHV KLP DQ HVWDWH LQ 0DGDJDVFDU RU D KLJK VFKRRO EXGG\ RIIHUV KLP D MRE DW WKH FRPSDQ\ EUDQFK LQ 3DUDJXD\RU)LQODQGRU7KDLODQG
:HUHZROYHV 7KH &DUWRJUDSKHUV KDYH ORQJ FXOWLYDWHG IULHQGVKLSV ZLWK WKH *DURX ZKR KDYH D XQLTXH SHUVSHFWLYH ZKLFK WKH PDJHV ILQG IDVFLQDWLQJ ,W LV QRW XQKHDUG RI IRU D &DUWRJUDSKHU DQG D 6LOHQW 6WULGHU WR MRXUQH\ WRJHWKHU IRU VRPH WLPH RU IRU D &DUWRJUDSKHU WR VHHN D UHQRZQHG 6WDUJD]HU 7KH\ WHQG WR OHDYH WKH PRUH FRQIURQWDWLRQDO WULEHV DORQH KRZHYHU 'XH WR WKLV ORQJ DVVRFLDWLRQ WKHLU 7UDGLWLRQ V *DURX /RUH LV EHWWHUWKDQWKDWRIDQ\RWKHUH[FHSWWKH'UHDPVSHDNHUV
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
&$572*5$3+(56
&KDQWU\7KH(UUDWLFXV5H[ 7KH 7UDGLWLRQ KDV RQO\ RQH &KDQWU\ QRW VXUSULVLQJ IRU D JURXS ZKRVH SKLORVRSK\ LV WR NHHS PRYLQJ ,W LV FDOOHG WKH (UUDWLFXV 5H[ ZKLFK LV /DWLQ DQG WUDQVODWHV URXJKO\ DV :DQGHUHU .LQJ 7KH &KDQWU\ LWVHOI LV D KXJH ZRRGHQ VDLOLQJ VKLS ZKLFK LV JHQHUDOO\ IRXQG VDLOLQJ WKH *UHDW 2FHDQLF 3ODQH RI WKH 6KDUG 5HDOP RI 0DWWHU +RZHYHU GXH WR D VWUDQJH &RUUHVSRQGHQFH6SLULW 5RWH ZRUNHG LQWR WKH YHU\ ZRRG RI WKH KXOO LW LV DEOH WR VDLO WKURXJK WKH 8PEUD WR RWKHU SODFHV 7KLV PRELOLW\KDVVRIDUNHSWLWVDIHIURPWKH9RLG(QJLQHHUV 7KH 6KLS LWVHOI LV FRPSRVHG RI WKUHH KXOOV WKH PDLQ KXOO RQO\ VOLJKWO\ VPDOOHU WKDQ WKH IDPRXV 4( DQG VPDOOHU RXWULJJHU KXOOV RQ WKH SRUW DQG VWDUERDUG VLGHV RI FRXUVH 7KH RXWULJJHU KXOOV LQFOXGH FDUJR KROGV DV ZHOO DV JXHVW VXLWHV DQG FODVVURRPV ZKLOH WKH KXOO KRXVHV WKH &KDQWU\ PHPEHUV DQG WKHLU ODEV DV ZHOO DV WKH IDPRXV 0DS 5RRP 7KLV URRP FRQWDLQV DW OHDVW RQH FRS\ RI YLUWXDOO\ HYHU\ PDS WKDW KDV EHHQ PDGH E\ KXPDQV ,Q DGGLWLRQ WKHUH DUH PDSV PDGH E\ WKH &DUWRJUDSKHUV WKHPVHOYHV LQFOXGLQJ WKH IDPRXV 8PEUDO 0DSV ZKLFK DUH LQ JUHDW GHPDQG IURP PHPEHUV RI WKH RWKHU WUDGLWLRQV )XUWKHU EHFDXVH WKH PDJLFNDO ZULWLQJ RI WKH &DUWRJUDSKHUV FRQVLVWV RI PDSV WKLV URRP DOVR IXQFWLRQV DV WKH DUFDQH OLEUDU\ 5HPHPEHU WKDW WR LQWUHSUHW WKLV PDJLFNDO ZULWLQJ RU WKDW RI WKH 8PEUDO 0DSV WKH XVHU PXVW KDYH DW OHDVW RQH SRLQW LQ WKH FDUWRJUDSK\ VNLOO 7KLV VNLOO FDQ EH WDXJKWE\DQ\&DUWRJUDSKHU 7KH 0DS 5RRP LV D ORQJ URRP WKDW UXQV DORQJ WKH FHQWHU RI WKH PDLQ KXOO DOPRVW WKH HQWLUH OHQJWK RI WKH VKLS $OWKRXJK PRVW PDSV DUH SULQWHG RQ SODVWLFSDSHUSDUFKPHQWSDS\UXV WKHUH DUH DOVR D QXPEHU RI JOREHV VWDUERZOV DVWURODEHV DQG HYHQ PRUH FXULRXV ' PDSV +RZHYHU WKH PRVW ZRQGURXV PDS RI WKHP DOO UHVLGHV QRW LQ WKH 0DS 5RRP EXW LQ LWV RZQ WKUHH VWRUH\ WDOO URRP DW WKH KHDUW RI WKH VKLS 7KLV LV WKH *UDQG 8PEUDO $VWURODEH DQG LW LV D PDJLFNDO WDOLVPDQ RI JUHDW SRZHU ZKRVH JUHDW %UDVV DQG ZRRG HSLF\FOHV DQG RUELWV FKDUW RXW WKH PRYHPHQWV RI WKH YDULRXV 8PEUDO 5HDOPV LQ UHODWLRQ WR RQH DQRWKHU DV ZHOO DQG SLQSRLQW WKH ORFDWLRQ RI WKH &KDQWU\ LQ WKH 8PEUD 7KLV LV D JUHDW DLG WR WKH &DSWDLQ RI WKH &KDQWU\ ZKHQ KH QDYLJDWHV WKH &KDQWU\ WKURXJK WKH 8PEUD 7KH *UDQG 8PEUDO $VWURODEH LV PDJLFNDOO\ VHW WR UHDG WKH XPEUD ZLWK &RUUHVSRQGHQFH DQG 6SLULW PDJLFNV DQG WKHQ GLVSOD\ ZKDW LW ILQGV XVLQJ 0DWWHU DQG )RUFHV 1DWXUDOO\ LW LV PRUH DFFXUDWH ZLWK WKH DUHD FORVH WR WKH VKLS WKDW ZLWK WKDW RQ WKH RSSRVLWH VLGH RI WKH 8PEUD EXW LW LV DEOH WR FKDUW WKH DSSHDUDQFH DQG PRYHPHQW RI XQVWDEOH SKHQRPHQRQ VXFK DV 'UHDP 5HDOPV DQG 3DUDGR[ 5HDOPV 7KLV PD\ EH YDOXDEOH WR FKDUDFWHUVVHHNLQJSDUDGR[JUDEEHGFRPSDQLRQVRUPHQWRUV 7KH &KDQWU\ LV JRYHUQHG E\ LWV &DSWDLQ ZKR KDV ILQDO DXWKRULW\ LQ DOO WKLQJV DQG LV WKH RQO\ PHPEHU ZKR DOZD\V UHPDLQV RQ ERDUG 7KH FXUUHQW &DSWDLQ LV D 0DVWHU RI ERWK &RUUHVSRQGHQFH DQG 6SLULW DQG HQMR\V H[SORULQJ WKH YDULRXV SDUWV RI WKH 8PEUD 6R ZKLOH WKH &KDQWU\ LV PRVW RIWHQ IRXQG LQ WKH 6KDUG 5HDOP RI 0DWWHU RU LQ WKH 6KDUG 5HDOP RI &RUUHVSRQGHQFH IRU WHDFKLQJ SXUSRVHV LW FDQ SRWHQWLDOO\ EH IRXQG DOPRVW DQ\ZKHUH LQFOXGLQJ LQ WKH PLGGOH RI ZKDW PD\ DSSHDU LQ WKH VSLULWXDO WRSRJUDSK\ DV FRPSOHWHO\ GU\ ODQG 7KH &DSWDLQ LV WKH RQH ZKR FKDUDFWHUV PXVW VHH WR DSSO\ IRU DVVRFLDWH PHPEHUVKLS DQG WKXV DGPLVVLRQ WR WKH 0DS 5RRP DQG WKH *UDQG 8PEUDO $VWURODEH 7KH &DSWDLQ XVXDOO\ UHTXLUHV HLWKHU D TXHVW WR SURYH WKHLU ZRUWK RU HOVH D UHFRXQWLQJ RI WKHLU WUDYHOV DQG WKH HQOLJKWHQPHQW LW KDV EURXJKW WKHP SURSRXQGHG DV D SXEOLF VSHHFK IRU WKH JHQHUDO EHQHILW ,QGHHG VXFK WDONV RU 7UDYHOORJXHV DV WKH\ DUH FDOOHG DUH WKH VRFLDO HYHQWV RI WKH &KDQWU\ 7KH &DSWDLQ DSSRLQWV WKUHH PHPEHUV RI WKH &KDQWU\ WR VLW RQ D FRPPLWWHH WR GHWHUPLQH WKH ZRUWK RI WKH VSHDNHU 7KH DIIDLU LV KHOG LQ D 6DORQ LQ WKH PDLQ KXOO VHW DVLGH IRU MXVW WKLV SXUSRVH 7KH\ DUH XVXDOO\ IROORZHG ZKHQ WKH FDQGLGDWH LV VXFFHVVIXO E\ D SDUW\ DQG EDQTXHW 7KH SDUWLHV WHQGV WR UXQ PRUH WRZDUG EDOOURRP GDQFLQJ DQG VWRU\WHOOLQJ WKDQ WR ORXG PXVLF DQG GULQNLQJ EXW VWUDQJHU WKLQJV KDYH KDSSHQHG %HVLGHV LW LV VDLG WKDW PRUH ORUH LV VSLOOHG DW SDUWLHV RQ WKH (UUDWLFXV5H[WKDQEHHUDWD&XOWLVWUDYH 7KH LQKDELWDQWV RI WKH &KDQWU\ RWKHU WKDQ WKH PDJHV DUH DOO VHQWLHQW FUHDWXUHV UHVHPEOLQJ ZDWHUELUGV 7KHUH DUH JXOO GHFNKDQGV DOEDWURVV ORRNRXWV SHQJXLQ KRVSLWDOLW\ VWDII SHOLFDQ FKHIV RVSUH\ PDULQHV DQG
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
HISTORY OF THE CELESTIAL CHORUS %\3DXO6WUDFNSIVWUDFN#FKJUSFRP
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
+,6725<2)7+(&(/(67,$/&+2586
7KLV SHDFH ZDV QRW WR ODVW 6XFFHVVLYH ZDYHV RI *UHHN LQYDGHUV SXVKHG WKH 0LQRDQV RII WKH PDLQODQG DQG HYHQWXDOO\ UHDFKHG &UHWH DV ZHOO 7KRXJK PRUH WHFKQRORJLFDOO\ DQG PDJLFDOO\ DGYDQFHG WKDQ WKH *UHHNV WKH SHDFHIXO *RGGHVV ZRUVKLSSHUV ZHUH XQDEOH WR GHDO ZLWK WKHLU ZDUOLNH ZD\V DQG ZHUH VORZO\ RYHUFRPH %\ %& WKH 0LQRDQV ZHUH FRPSOHWHO\ FRQTXHUHG E\ WKH *UHHNV DQG WKH 2QH *RGGHVV ZDV UHSODFHG E\ *UHHN GHLWLHV 6RPH RI WKH 0LQRDQ PDJHV DVVLPLODWHGEXWPRVWIOHGLQVHDUFKRIDQRWKHUKRPH
%DE\ORQLDQ LQIOXHQFH DQG HVWDEOLVKLQJ WKH UXOH RI 6HPLWLF SHRSOH LQ WKHQDWLRQRI,VUDHO
$NKHQDWRQ
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
7KH5LVHDQG)DOORI,VUDHO :LWK D QHZ ZDUULRU LPDJH RI WKH 2QH 0RVHV UDOOLHG KLV SHRSOH DQG DOOLHGKLPVHOIZLWKRWKHU6HPLWLFWULEHVLQWKHZLOGHUQHVV:KHQKHIHOW KH ZDV UHDG\ KH OHG KLV SHRSOH WR &DQDDQ DQG WKH SURPLVHG ODQG 0RVHV KLPVHOI ZDV QHYHU WR UHDFKHG LW DV KH SHULVKHG IURP DJH RQ LWV YHU\ ERUGHUV :LWK WKH VWUHQJWK RI WKH &HOHVWLDO &KRUXV EHKLQG WKHP WKH +HEUHZV VZHSW WKURXJK &DQDDQ GULYLQJ RXW (J\SWLDQV DQG
2QFH HVWDEOLVKHG KRZHYHU WKH VFKLVP EHJDQ WR ULVH DJDLQ 6RPH RI WKH +HEUHZV EHJDQ WR ZRUVKLS WKH ROGHU *RGGHVV 7KH UXOLQJ +HEUHZV FDOOHG WKLV EODVSKHP\ DQG GLG WKHLU EHVW WR VWDPS LW RXW 7KH *RGGHVV ZRUVKLSLQJ &HOHVWLDOV IRU WKHLU SDUW FODLPHG WKH +HEUHZ KDG EHFRPH DV YLROHQW DQG FRUUXSW DV WKHLU HQHPLHV RI WKH SDVW 7KH NLQJGRP ZDV SODJXHGZLWKLQWHUQDOGLVSXWHVDQGZDVXQDEOHWRGHIHQGLWVHOI
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
+,6725<2)7+(&(/(67,$/&+2586
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
+,6725<2)7+(&(/(67,$/&+2586
FRQWLQXHG HVSHFLDOO\ XQGHU WKH JXLGDQFH RI WKH 9HUEHQD 'HVSLWH WKH IDFW WKDW WKH 9HUEHQD DQG WKHLU GUXLGLF IROORZHUV KDG DOVR EHHQ SHUVHFXWHG E\ 5RPH WKH &KRUXV VDZ QR VLPLODULW\ EHWZHHQ WKH WZR 7UDGLWLRQV 7KH &KXUFK V WHQGHQF\ WR LGHQWLI\ SDJDQ JRGV ZLWK WKH $GYHUVDU\ GLG QRWKLQJ WR ZLQ WKHP SRSXODULW\ LQ 9HUEHQD FLUFOHV HLWKHU
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
7KH*UDQG([SORUDWLRQ (YHQ DV (XURSH ZDV HPEURLOHG LQ LQWHUQDO UHOLJLRXV ZDUV LW ZDV UDSLGO\
+,6725<2)7+(&(/(67,$/&+2586
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
6XEWUDGLWLRQV 7KH &HOHVWLDO &KRUXV KDV DOZD\V EHHQ ULIH ZLWK LQWHUQDO GLVSXWHV (YHQ ZLWK WKH QHZ GRFWULQH RI UHOLJLRXV DFFHSWDQFH WKH &KRUXV KDV PDQ\ VXEJURXSV ZLWKLQ LW 1RW DOO PHPEHU RI WKH &KRUXV EHORQJ WR WKHVH VXEWUDGLWLRQVDQGVRPHEHORQJWRVHYHUDO
0LVVLRQDULHV 7KH 0LVVLRQDULHV EHOLHYH WKH SULPDU\ WDVN RI WKH &KRUXV LV WR KHOS DQG SURWHFW WKH 6OHHSHUV 0LVVLRQDULHV VSHQG PRVW RI WKHLU WLPH LQ WKH ILHOG GRLQJ WKHLU EHVW WR VWDYH RII WKH FULVHV RI PRGHUQ WLPHV 7KH\ ZRUN FRQVWDQWO\ WR IUHH SHRSOH IURP GUXJV KXQJHU SRYHUW\ DQG
+,6725<2)7+(&(/(67,$/&+2586
GHVSDLU 7KH\ VRPHWLPHV FRPH LQWR FRQIOLFW ZLWK WKH 7HFKQRFUDF\ EXW RIWHQ ZRUN DJDLQVW RUGLQDU\ VOHHSHUV LQFOXGLQJ FULPLQDOV DQG FRUUXSW JRYHUQPHQWV 7KH 0LVVLRQDULHV DUH QRW H[FOXVLYH DQG DFFHSW PHPEHUVIURPRWKHUVXEWUDGLWLRQV
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
*QRVWLFV *QRVWLF &HOHVWLDOV WUDFH WKHLU RULJLQV EDFN WKH HDUO\ &KULVWLDQV $V WKH\ GLG WKHQ WKH\ IHHO WKDW DQ LQGLYLGXDOV SHUVRQDO H[SHULHQFH ZLWK WKH 2QH RXWZHLJKV DQ\ GRFWULQH 7KH\ VHHN WKURXJK YDULRXV PHDQV RIWHQ HFVWDWLF WR UHFHLYH UHYHODWLRQV RI WKH 2QH 0RGHUQ *QRVWLFV FULWLFL]H PDQ\ RI WKH OLPLWDWLRQV WKH &KXUFK KDV SXW RQ LWV PHPEHUV LQFOXGLQJ FHOLEDF\ DQG RWKHU IRUPV SHUVRQDO GHQLDO 6RPH HYHQ VHHN WKURXJK WKH XVH RI GUXJV WR JDLQ YLVLRQV RI WKH 2QH 2WKHU &HOHVWLDOV EHOLHYH WKH JURXSKDVEHHQWRRGHHSO\LQIOXHQFHGE\WKH&XOWRI(FVWDV\
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
0LOOHQLDOLVWV 7KLV VXEWUDGLWLRQ GUDZV EHOLHYHUV IURP HYHU\ZKHUH LQ WKH &KRUXV
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
'LVFLSOHVRI0RKDPPHG 7KLVVPDOOVHJPHQWRIWKH&KRUXVVXEVFULEHVWRWKH,VODPLFIDLWKDVWKH WUXH PDQLIHVWDWLRQ RI WKH 2QH 7KH ORQJWLPH FRQIOLFW EHWZHHQ ,VODP DQG &KULVWLDQLW\ KDV KHLJKWHQHG WHQVLRQV EHWZHHQ WKLV VXEWUDGLWLRQ DQG WKH UHVW RI WKH &KRUXV 6RPH &HOHVWLDOV ILQGLQJ WKH WHUP 'LVFLSOHWR EH HJRWLVWLFDO UHIHUV WR WKLV JURXS E\ WKH LQVXOWLQJ WHUP 0RKDPPHGDQV 7KH OLQNV EHWZHHQ WKLV JURXS DQG WKH $KOL%DWLQ DUH XQFOHDU
2UJDQL]DWLRQ 7KH &HOHVWLDO &KRUXV LV WLJKWO\ RUJDQL]HG LQ D KLHUDUFK\ UHVHPEOLQJ WKDW RI WKH &DWKROLF &KXUFK 7KH KLJKHVW PHPEHUV RI WKH RUJDQL]DWLRQ DUH WKH &RXQFLO RI 7ZHOYH LQ 5RPH ZKR GLUHFW WKH DFWLYLWLHV RI WKH 7UDGLWLRQ DV D ZKROH 7KHVH LQGLYLGXDOV DUH NQRZQ DV WKH 3ULQFHSV DIWHU5RPDQWUDGLWLRQ7KHSURSHUIRUPRIDGGUHVVXVHGZKHQVSHDNLQJ WRD3ULQFHSLV
+,6725<2)7+(&(/(67,$/&+2586
WKH KHDG RI D &KDQWU\ DQG RIWHQ KDYH D IHZ RWKHU &KDQWULHV XQGHU WKHLU MXULVGLFWLRQ LQFOXGLQJ &KDQWULHV RI PL[HG WUDGLWLRQV 7KH SURSHU WHUP RI DGGUHVV IRU (SLVFRSXV DQG $UFKHSLVFRSXV LV
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
&RUUHVSRQGHQFH 7KH 2QH LV RPQLSUHVHQW EHLQJ HYHU\ZKHUH DW RQFH %\ RSHQLQJ \RXU PLQG WR
+,6725<2)7+(&(/(67,$/&+2586
WKLV DVSHFW RI WKH 2QH \RX FDQ VXSHUFHGH QRUPDO VSDFH %HLQJ HYHU\ZKHUH DW RQFH\RXFDQFKRRVHWRSHUFHLYHRUWUDYHODQ\ZKHUH
7LPH
(QWURS\
7KH 2QH LV DOONQRZLQJ DQG DOO WKDW KDV KDSSHQHG ERWK SDVW DQG SUHVHQW OD\ RSHQ EHIRUH LW ,Q WLPHV RI QHHG VKH FDQ JUDQW XV YLVLRQV RI WKH IXWXUH 'R QRW WKLQN WKDW WKLV LQYDOLGDWHV RXU IUHH ZLOO IRU WKRXJK WKH 2QH NQRZV XV VR ZHOOWKDWVKHNQRZVDOOWKDWPD\FRPHWRSDVVWKHFKRLFHLVVWLOORXUV
7KLV LV D GDQJHURXV SRZHU XVHG E\ WKH VHUYDQWV RI WKH $GYHUVDU\ 7KH SRZHU RI WKH GHDWK LV D GDQJHURXV RQH DQG XOWLPDWHO\ LOOXVRU\ :H NQRZ RI WKH LPPRUWDOLW\ RI WKH VRXO DQG ZKLOH WKH ERG\ DQG PLQG PD\ GHFD\ WKH VRXO LV HWHUQDO
)RUFH /LJKW LV WKH KDPPHU RI WKH 2QH ,W LV WKH SULPDU\ PDQLIHVWDWLRQ RI KHU ZUDWK 'RQRWDEXVHWKHSRZHUVKHJUDQWV
/LIH $OO OLIH ZDV FUHDWHG LQ WKH LPDJH RI WKH 2QH $V WKH XQLYHUVH LV WKH KRXVH IRU WKH VRXO RI WKH 2QH WKH ERG\ LV WKH KRXVH IRU WKH VRXO RI FUHDWXUHV DQG SODQWV $V ZH ZRUN WR KHDO WKH XQLYHUVH ZH OHDUQ DOVR WR KHDO RXU RZQ ERGLHV DQG RWKHUV 'R QRW HQJDJH LQ WKH IDOVH FUHDWLRQ RI OLIH KRZHYHU 7KLV LV WKH GRPDLQ RI WKH 2QH 6XFK SRRU FUHDWXUHV DUH DW EHVW VRXOOHVV DQG DW ZRUVW D KRXVH IRU PDOLJQDQWVSLULWVWRHQWHU
0LQG -XVW DV ZH EHQG RXUVHOYHV WR WKH ZLOO RI WKH 2QH ZH PD\ EHQG WKH ZLOO RI RWKHUV 2QO\ E\ VXUUHQGHU WR 'LYLQH :LOO FDQ RQH LQFUHDVH WKLV SRZHU IRU LW LV WUXO\ WKH ZLOO RI WKH 2QH WKH\ VXUUHQGHU WR 'R QRW DEXVH WKLV SRZHU KRZHYHU &KRLFH LV WKH JLIW JLYHQ WR DOO WKH 2QH V FUHDWXUHV IRU RQO\ E\ FKRLFH PD\ RQH FRPHLQWRJUDFH,WLVQRWRXUULJKWWRWDNHLWDZD\
3ULPH 7KLV LV WKH WUXH PDQLIHVWDWLRQ RI WKH 2QH DQG WKLV LV ZK\ VWXG\ LW DERYH DOO HOVH :LWKRXW LW PDJLF LV EXW LOOXVLRQ DQG SKDQWDVP IRU QRWKLQJ UHDO PD\ EH FUHDWHG $V SULPH LV WKH HVVHQFH RI WKH 2QH LW LV WKH HVVHQFH RI DOO WKLQJV 7KXV WKH HVVHQFH RI WKH 2QH SHUPHDWHV DOO RI FUHDWLRQ %\ KHU ZLOO ZH PD\ XVHWKHSXUHHVVHQFHRIWKH2QHWRVPLWHKHUHQHPLHV
6SLULW
6WHUHRW\SHV $NDVKLF %URWKHUKRRG 2XU (DVWHUQ EURWKHUV VKDUH PDQ\ RI RXU EHOLHIV EXW WKH\ REVHVV RQ WKH LQWHUQDO PLQG 7KH\ PXVW FRQWDFW WR WKDW ZKLFK LV RXWVLGH RI WKHPVHOYHV LQFOXGLQJ WKH DOOSUHVHQW 2QH WR ILQGWUXHVDOYDWLRQ &XOW RI (FVWDV\ 7KHVH IRROV SXUVXH HQGOHVV SOHDVXUHV DQG WKH GHJUDGDWLRQV RI WKH IOHVK 7KH\ NQRZ QRWKLQJ RI WKH GDQJHUV IDFLQJ WKHPORVWDVWKH\DUHLQWKHLURZQGHFDGHQFH 'UHDPVSHDNHUV7KHVKDPDQVKDYHJUHDWSHDFHRIPLQGDQGDQLQQHU ZLVGRP RQH PXVW HQY\
7KH ZRUOG RI VSLULWV LV D GDQJHURXV DQG SRZHUIXO RQH 7KH VSLULW ZRUOG LV FRQVWUXFWHG RI VHYHUDO RYHUODSSLQJ VSKHUHV DVFHQGLQJ DQG GHVFHQGLQJ WR WKH 2QH DQG WR WKH $GYHUVDU\ 7KH ERXQGDULHV PD\ EH GLIILFXOW WR GLVFHUQ E\ WKH XQNQRZOHGJHDEOH VR WUHDG ZLWK FDUH LQ WKH VSLULW ODQGV 'R QRW VHHN WR DVFHQG E\ SRZHU DORQH WR WKH SODFH RI WKH 2QH IRU QRW RQO\ LV WKLV LPSRVVLEOH LWLVDQDFWRIKHHGOHVVSULGH
9LUWXDO $GHSWV 7KH\ KDYH WUXO\ EURNHQ WKHLU DOOHJLDQFH IURP WKH 7HFKQRFUDF\ 1RZ DOO WKH\ QHHG GR LV IUHH WKHPVHOYHV IURP WKH 7HFKQRFUDWV PLVEHJRWWHQLGHDV
7DNH FDUH ZKHQ \RX KDYH FRQJUHVV ZLWK VSLULWV 7KH 6HUYDQWV RI WKH $GYHUVDU\ DUH PDQ\ VHHNLQJ WR VHGXFH XQZDU\ 'HVWUR\ WKHP ZKHQHYHU \RX FDQ 2XU DOOLHV LQ WKH VSLULW ZRUOG DUH WKH $QJHOLF KRVW VHUYDQWV RI WKH 2QH :LWK VWXG\ RQH FDQ OHDUQ KRZ WR FDOO IRU WKHLU DLG :H UHFRJQL]H QRZ WKDW WKHUH DUH VSLULWV QRW DOLJQHG ZLWK HLWKHU WKH 2QH RU WKH $GYHUVDU\ EXW WKH\ GR QRWFRQFHUQXV7KH\DUHXQLPSRUWDQWLQWKHVFKHPHRIWKLQJV
7KH 7HFKQRFUDF\ 7KHVH YLOH ILHQGV DUH UHVSRQVLEOH IRU PXFK RI WKH HYLO LQ WKH PRGHUQ ZRUOG 7KH\ KDYH QR UHVSHFW IRU WKH 2QH )LJKW WKHP DW HYHU\ WXUQ (YHQ LI WKH\ DUH QRW VHUYDQWV RI WKH $GYHUVDU\ WKH\XQNQRZLQJO\GRKLVZRUN
7KH $QJHOV WKH &KRUXV GHDOV ZLWK UHVHPEOH WKH EHQHYROHQW VSLULWV RI WKH YDULRXV IDLWKV WKH &HOHVWLDOV VXEVFULEH WR 7KH &KRUXV ZLOO RQO\ EDUJDLQ ZLWK VXFK $QJHOV QHYHU FRPSHO WKHP )RU WKHLU SDUW WKH $QJHOV DUH SUHGLVSRVHG WR DLG WKH &KRUXV EXW RQO\ LQ ULJKWHRXV WDVNV 7KH $QJHOV OLNH PRVW VSLULWV DUH H[WUHPHO\ UHWLFHQW ZKHQ LW FRPHV WR GLVFXVVLQJ WKH VWUXFWXUH RI WKH VSLULW ZRUOG RIWHQ VD\LQJ ,W LV QRW IRU XV WRVSHDNRIVXFKWKLQJV
1HSKDQGL 7KHVH ILHQGV DUH LUUHGHHPDEOH KDYLQJ ZLOOLQJO\ VROG WKHLU VRXOVWRWKH$GYHUVDU\6KRZWKHPQRPHUF\
5HFHQWO\WKHUHKDVEHHQVRPHLQGLFDWLRQWKDWWKHVSLULWVZRUNLQJZLWK WKH &KRUXV DUH WKH OHVVHU SDUW RI D JUHDWHU KRVW $SSDUHQWO\ WKH\ KDYH FRPH WR WKH ORZHU UHDOPV DV SDUW RI DQ DFW RI SHQDQFH ZKHUHE\ WKH\ DUH DEOH WR UHPRYHG VRPH VRUW RI WDLQW 7KH $QJHOV WKHPVHOYHV ZLOO QRW VSHDN RI WKH PDWWHU :KLOH WKH &KRUXV FDQ V\PSDWKL]H ZLWK WKH TXHVW IRU UHGHPSWLRQV WKH LGHD RI HYHQ VOLJKWO\ IDOOHQ $QJHOV PDNHV PRVW RI WKH&KRUXVGLVWLQFWO\XQFRPIRUWDEOH
2USKDQV 7KHVH ORVW VRXOV DUH D VLJQ RI WKH GDUNQHVV RI WRGD\ 7DNH WKHP LQ ZKHUH \RX ILQG WKHP DQG JXLGH WKHP WR WKH OLJKW 6XFK SRRU LQGLYLGXDOVDUHRIWHQWDUJHWVIRUWKH$GYHUVDU\
0DUDXGHUV 3RRU FRQIXVHG VRXOV WUDSSHG LQ WKHLU PDGQHVV $LG WKHP ZKHUH\RXFDQ$YRLGWKHPRWKHUZLVH
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
+,6725<2)7+(&(/(67,$/&+2586
DV VXFK KDOIZD\ EHWZHHQ WKH 'LYLQH DQG WKH ,QIHUQDO 'R QRW JLYH WKHP\RXUWUXVW
CELESTIAL CHORUS PARADIGM %\$QGHUV6DQGEHUJ
$XWKRU VQRWHV 6RPH SDUWV HVSHFLDOO\ WKH GHVFULSWLRQV RI 0LQG 7LPH DQG /LIH KDYH EHHQERUURZHGIURP7KH&HOHVWLDO&KRUXVE\3DXO6WUDFN
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
0DJLFN
$UHWH
0LUDFOHV $OWKRXJK WKH JUHDW 6RQJ IROORZV LWV RZQ ODZV WKH 2QH ORYHV XV VR PXFK WKDW ZH DUH DOORZHG WR LPSURYLVH RXUVHOYHV ZLWKLQ FHUWDLQ UHVWULFWLRQV $ SHUVRQ ZLWK HQRXJK IDLWK FDQ RYHUFRPH WKH QRUPDO UXOHV DQG SHUIRUP PLUDFOHV 'LG QRW -HVXV VD\ 9HULO\ YHULO\ , VD\ XQWR \RX +H WKDW EHOLHYHWK RQ PH WKH ZRUNV WKDW , GR VKDOO KH GR DOVR DQG JUHDWHU ZRUNV WKDQ WKHVH VKDOO KH GR EHFDXVH , JR XQWR P\ )DWKHU-RKQ "
)DLWK $OO PDJLFN VWHPV IURP IDLWK )DLWK LQ \RXUVHOI IDLWK LQ PDJLFN DQG IDLWK LQ WKH 2QH 6RPH VD\ WKH 2QH JLYHV WKH IDLWKIXO JUHDWHU LQVLJKW DV WKHLU IDLWK JURZV 2WKHUV VD\ IDLWK JURZV DV WKH PDJH XQGHUVWDQGV FUHDWLRQ PRUH DQG FRPHV WR UHDOL]H KRZ DOOSRZHUIXO DQG HYHUSUHVHQW WKH 2QH LV %RWK H[SODQDWLRQV DUH RI FRXUVH MXVW UDWLRQDOL]DWLRQVIDLWKLWVHOILVEH\RQGORJLF
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
4XLQWHVVHQFH 7KH (VVHQFH (YHU\WKLQJ WKDW H[LVWV LV PDGH RI WKH GLYLQH (VVHQFH ,Q RUGHU WR FUHDWH WKH ZRUOG WKH +LJKHVW KDG WR VKDSH LW RXW RI ,WVHOI LQIXVLQJ LW ZLWK GLYLQH SRZHU 7KLV (VVHQFH LV KLGGHQ LQVLGH HYHU\WKLQJJLYLQJLWH[LVWHQFHDQGEHDXW\
3DUDGR[ 'RXEW 'RXEW LV DOO WRR SUHVHQW LQ WKH ZRUOG WRGD\ $ PDJH ZKR GRXEWV KLV PDJLFN ZLOO ORVH FRQWURO RYHU LW DQG GRXEWLQJ ZLWQHVVHV FDQ VLPLODUO\ GLVWXUE WKH VLQJLQJ RI WKH VRQJ :KHQ GRXEW KDV DSSHDUHG LW FDQ RIWHQ EH XVHG E\ GDUN IRUFHV VHHNLQJ WR KDUP WKH GRXEWHU RU OHDG KLPDVWUD\+RZHYHUWKLVLVMXVWDQRWKHUQHFHVVDU\WHVWRIRXUIDLWK
$ZDNHQLQJ 7KH 9LVLRQ 7R IXOO\ FRPH WR IDLWK D SHUVRQ PXVW KDYH WKH 9LVLRQ RI WKH 2QH 7KHUH LV D JUHDW GLIIHUHQFH EHWZHHQ EHOLHYLQJ LQ WKH +LJKHVW DQG DFWXDOO\ H[SHULHQFH ,W $IWHUZDUGV WKH PDJH ZLOO FRQVWDQWO\ EH DZDUHRIWKH'LYLQH3UHVHQFHLQWKHZRUOG
0DJHVSHFLILF%DFNJURXQGV $UFDQH 3URWHFWLRQ 7KH 2QH SURWHFWV KLV IROORZHUV QRW WKURXJK YLROHQFH RU FXQQLQJ EXW WKURXJK KXPLOLW\ $ SURWHFWHG PDJH ZLOO EH LJQRUHGXQVHHQ\HWDEOHWRDFWDQGZRUN $YDWDU *XDUGLDQ $QJHO 6RPH PDJHV DUH EOHVVHG ZLWK JUHDWHU SRZHU RI WKHLU *XDUGLDQ $QJHOV WKDQ RWKHU PDJHV 7KH\ DUH LQ FORVHU FRQWDFW ZLWK WKH KLJKHU UHDOPV DQG FDQ ERWK JLYH SRZHU DQG ZLVGRP WR WKH TXHVWLQJPDJH
&(/(67,$/&+25863$5$',*0
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
WKH VWUHHW 0LUDFXORXVO\ D FDE ZDV MXVW WKHQ JRLQJ E\ :H IODJJHG LW GRZQDQGKRSSHGLQ :KHUH\DKHDGHG"DVNHGWKHFDEELH &KXOD9LVWDVDLG5RJHUDQGWKHZHWRRNRII /XFN\ \RX FDXJKW PH VDLG WKH FDEELH :H GRQ W WRR PDQ\ FDEV
URXQGKHUHWKLVWLPHRIQLJKW 5RJHUVPLOHG
CELESTINE
:HOO VDLG 5RJHU LW DOO VWDUWHG ZKHQ D SULHVW , NQRZ JDYH PH D FRS\ RIDPDQXVFULSWDQGDVNHGPHWRJHWLWRXWRIWKHFRXQWU\
%\(ULN1LHOVHQHULNUHG#FFNRFKLXDFMS
'HVFULSWLRQ
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
&(/(67,1(
WKURXJK RWKHU SHRSOH WKH\ VD\ EXW LW LV EHWWHU LI WKLV HQHUJ\ LV JDLQHG IURP WKH HQYLURQPHQW WKURXJK D NLQG RI PHGLWDWLRQ WKDW GHDOV ZLWK DSSUHFLDWLQJ WKH DPELHQW EHDXW\ 2QFH LQIXVHG ZLWK WKLV HQHUJ\ DOO WKLQJV EHFRPH HIIRUWOHVV WR WKH &HOHVWLQH DV RQH IROORZV RQH V RZQ GHVWLQ\SHUIHFWO\ 7KH &HOHVWLQHV DUH D &UDIW FRPSRVHG DOPRVW HQWLUHO\ RI WKH VSRQWDQHRXVO\ DZDNHQHG 7KH\ DUH QRW WDNHQ YHU\ VHULRXVO\ E\ WKH PRUH WUDGLWLRQDO PDJHV EHFDXVH WKHLU PHWDSK\VLF VHHPV WR UXQ UDWKHU VKDOORZ
3KLORVRSK\ 7KHUH LV EHDXW\ LQ HYHU\WKLQJ LQ WKH ZRUOG DQG \RX MXVW KDYH WR RSHQ \RXU PLQG WR LW 2QFH \RX XQGHUVWDQG WKH ,QVLJKWV \RXU OLIH ZLOO IDOO LQWR RUGHU DQG \RX OO WUXO\ EHFRPH ZKDW LW LV \RX UH GHVWLQHG WR EHFRPH
6W\OH 7KLV &UDIW V PDJLFN LV DOPRVW HQWLUHO\ FRLQFLGHQWDO 7KH\ SUHIHU HQHUJ\ PDQLSXODWLRQ WR RXWULJKW YXOJDU PDJLFN 6LQFH PRVW RI WKHLU PDJLFN KDV WR GR ZLWK WKH JDLQLQJ DQG VKDULQJ RI TXLQWHVVHQFH WKH\ IRFXV D ORWRQPHGLWDWLRQ
6SKHUH 3ULPH 1RWH WKDW VLQFH WKHLU SDUDGLJP KDV PDLQO\ WR GR ZLWK HQHUJ\ IHZ &HOHVWLQHV SURJUHVV DERYH WKH VHFRQG UDQN LQ DQ\ RWKHU 6SKHUH H[FHSW 0DWWHU DQG )RUFHV LQ ZKLFK WKH\ YHU\ UDUHO\ SURJUHVV DERYH WKH ILUVW UDQN DQG /LIH LQ ZKLFK PDQ\ VHHP WR SURJUHVV WR WKH WKLUG UDQN $OVR D &HOHVWLQH PD\ QHYHU KDYH D UDQN LQ DQRWKHU 6SKHUH KLJKHU WKDQ KLV RU KHU UDQN LQ 3ULPH )RU PDQ\ &HOHVWLQHV WKH SURJUHVVLRQ VHHPVWREHIURP3ULPHWR(QWURS\
&RPPRQ)RFL 0HGLWDWLRQ EHDXWLIXO VXUURXQGLQJV EUHDWKLQJ H[HUFLVHV VRPH RI WKH PRUHP\VWLFDOO\RULHQWHG&HOHVWLQHVPD\DOVRXVHFU\VWDOV
2UJDQL]DWLRQ 0RVW ODUJH FLWLHV KDYH DW OHDVW RQH FKDSWHU (DFK FKDSWHU SURGXFHV LWV RZQ QHZVOHWWHU GHWDLOLQJ WKH DFWLYLWLHV RI WKH FKDSWHU DQG SURYLGLQJ LQVLJKWV RQ WKH ,QVLJKWV 2WKHUZLVH PRVW &HOHVWLQHV WHQG WR PHHW VLPSO\E\FRLQFLGHQFHLI\RXEHOLHYHLQFRLQFLGHQFHRIFRXUVH
,QLWLDWLRQ ,W DOO VWDUWV ZLWK D VLQJOH ERRN ,I WKH ,QLWLDWH DSSHDUV UHFHSWLYH WR WKH ,QVLJKWV D PRUH VHQLRU PHPEHU ZLOO DFW DV 0HQWRU WR WKH ,QLWLDWH )RU VRPH WKLV OHDGV WR $ZDNHQLQJ IRU RWKHUV WKLV OHDGV WR EHLQJ DQ DFRO\WH
$FRO\WHV &HOHVWLQHV ZLWK OLWWOH P\VWLFDO DSWLWXGH 1HZ $JHUV 1HZ $JH &KULVWLDQVIOHGJHOLQJVWXGHQWVRIWKHRFFXOW
&RQFHSWV 'UHDPHUVVHHNHUVVWXGHQWVWHDFKHUV
CEREBUS %\&OD\WRQ6&DGG\FBFDGG\#R]SO\PRXWKHGX 2FW
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
&(5(%86
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
0HHWLQJV 0HPEHUV ZLWK 0LQG RI PD\ FRPPXQLFDWH ZLWK RWKHUV WKURXJK WKH &RPPRQ0LQGDJUHDWWHOHSDWKLFFRQIHUHQFHZKLFKLVDOZD\VEX]]LQJ ZLWK DFWLYLW\ $Q\ PDJH ZLWK 0LQG PD\ FRQWDFW WKH &RPPRQ 0LQG DV ZHOO EXW PD\ QRW EH LPPHGLDWHO\ ZHOFRPHG 2WKHUZLVH IDFHWRIDFH PHHWLQJ DUH VRPHWLPHV GLIILFXOW DV WKH PHPEHUV DUH IUHTXHQWO\VFKRODUVVROGHUVRUKHUPLWV
,QLWLDWLRQ
&RQFHSWV 6ROGLHU 6FKRODU 7HDFKHU 3V\FKRORJLVW $Q\ PDJH IURP DQRWKHU WUDGLWLRQFRQYHUW
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
2UGHU RI +HUPHV 6FKRODUV EH\RQG FRPSDUH 7KHLU UHVHDUFK KDV DLGHGXVPDQ\WLPHVLQWKHSDVW
&KDQWU\
9HUEHQD %ORRG LV RI WKH ERG\ EXW LV QRW LQ LWVHOI SRZHU 7KH OLIH LWVHOI LV
$OWKRXJKWKHFRPPRQPLQGVHUYHVDVWKHSULPDU\FKDQWU\WKH8QLWHG 6WDWHV 0LOLWDU\ $FDGHP\ DW :HVW 3RLQW VHUYHV DV D PHHWLQJ SRLQW IRU PDQ\ PHPEHUV 7KHUH DUH RWKHU FKDQWULHV EHJLQQLQJ WR DSSHDU PRVW DW&ROOHJHV0LOLWDU\%DVHVRUWUDLQLQJJURXQGVDQGWKHOLNH
$FRO\WHV
6RQV RI (WKHU 7KH PLUURU RI WKH 7HFKQRFUDF\ ZH VXSSRUW WKHP DV PXFKDVSRVVLEOH7KH\DOVRPDNHVRPHJUHDWZHDSRQV 7HFKQROLEHUWDULDQV /LNH WKH 6RQV RI (WKHU WKH\ EULQJ WHFKQRORJ\ ZLWKRXWFUXVKLQJIUHHWKRXJKW
9LUWXDO $GHSWV (OHFWURQLF SXOVHV IURP D FRPSXWHU DUH QRW DV SRZHUIXODVWKRVHRIWKHPLQG6HOIUHOLDQFHLVQHHGHG
5RWHV 3V\FKRNLQHVLV )RUFH 3ULPH 7KH DELOLW\ WR PRYH REMHFWV E\ ZLOO DORQH WKRXJK D JUHDW P\VWHU\ WR VFLHQFH LV VHFRQG QDWXUH WR PDQ\&HUHEXV%\LPDJLQLQJWKHREMHFW VPRYHPHQWWKHZLOOFDXVHVLW
$Q\RQHVHOIDZDNHQHG2USKDQV
6\VWHP6LPSOH7HOHNLQHVLVDVGHVFULEHGLQWKHERRN
6SKHUHV 7KH SULPDU\ VSKHUHV XVHG E\ WKH &HUHEXV DUH 0LQG &RUUHVSRQGHQFH DQG )RUFH 2QH SRLQW PXVW EH SODFHG LQ RQH RI WKHVH VSKHUHV 7KH RWKHU ILYH PD\ EH SODFHG DQ\ZKHUH :KHQ DGYDQFLQJ WKHVH WKUHH DUH DOO FRQVLGHUHG SULPDU\ VSKHUHV EXW DOO RWKHU VSKHUHV DGYDQFH DV 2USKDQV ,QDGGLWLRQQRVSKHUHFDQEHKLJKHUWKDQWKHPDJH V0HGLWDWLRQVFRUH
)RFL p p p
5XQHFDVWHUV 1REOH ZDUULRUV EXW WKH\ IRFXV WRR OLWWOH RQ WKH 7HFKQRFUDF\DQGWRRPXFKRQWKH3\KUULFHQHPLHVRIWKHIXWXUH
(\H&RUUHVSRQGDQFH7LPH :HDSRQ(QWURS\)RUFH0DWWHU/LIH 0HGLWDWLRQ 0LQG3ULPH6SLULW (\H $Q\ SLHFH RI MHZHOU\ GHSLFWLQJDQH\HEDOO2IWHQDULQJRUQHFNODFH
:HDSRQ $Q\ ZHDSRQ PD\ EH FKRVHQ IURP D NQLIH WR D VXEPDFKLQH JXQ 0HGLWDWLRQ 7KH PDJH PXVW VXFFHVVIXOO\ HQWHU D PHGLWDWLYH VWDWH WR FDVW D VSHOO 7KH PDJH PD\ RSW WR DWWHPSW WR UHGXFH WKH GLIILFXOW\ GLIILFXOW\ EXW PXVW VXFFHVVIXOO\ PHGLWDWH ILUVW HIIHFWLYHO\ VSHQGLQJRQHURXQGFRQFHQWUDWLQJ
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
&(5(%86
7DOLVPDQV
IUHHGRPV 7KH\ ZHUH SDWULRWV DQG WKH\ ZRXOG FXOO WKH WURXEOHVRPH IURPWKHHDUWK
%HFDXVHWKH\VWUHVVVHOIUHOLDQFHVRPXFK&HUHEXVWDOLVPDQVDUHDOOEXW XQKHDUG RI 2FFDVLRQDOO\ RQH PD\ WDNH D ZHDSRQ IURP WKH 6RQV RI (WKHU RU D VFU\LQJ GHYLFH IURP WKH 9$ RU +HUPHWLFV EXW IHZ KDYH FRQVWUXFWHG WKHLU RZQ LWHPV 0RVW RI WKRVH WKDW GR H[LVW ZRXOG ILW WKH GHVFULSWLRQVRIWKRVHPHQWLRQHGDERYHZHDSRQVFU\LQJ
2UJDQL]DWLRQ
2SWLRQDOQRWHV 7KH &HUHEXV DUH NQRZQ DV WKH JUHDW WHDFKHUV RI PDJLFN 7KHLU ZLVGRP LVYDOXDEO\VRXJKW,IRQHZDVZLOOLQJWRMRLQWKHLUUDQNVE\FRQYHUWLQJ WR WKH &HUHEXV WKH\ PD\ OHDUQ IURP WKHP ,Q WKH V\VWHP VWXG\ SRLQWV DYDLODEOH IURP DOOLHV RI WKH &HUHEXV DUH '28%/( WKHLU QRUPDO YDOXHLHDQDOO\ZKRFRXOGQRUPDOO\JLYHVWXG\SRLQWVFDQJLYH 7KLVPD\QRWEHDYDLODEOHDWWKH6WRU\WHOOHUVGLVFUHWLRQ
CHAMBER OF THORNS %\&KULVWRSKHU.REDU
+LVWRU\ 7KLV JURXS ZDV IRXQGHG LQ 1HZ
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
THE CHILDREN OF THE ANTICHRIST E\$QGHUV6DQGEHUJ
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
7+(&+,/'5(12)7+($17,&+5,67
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
3KLORVRSK\ 7KHVHDUHWKHQLQHVDWDQLFVWDWHPHQWV
p p p
6DWDQUHSUHVHQWVLQGXOJHQFHLQVWHDGRIDEVWLQHQFH
p
6DWDQ UHSUHVHQWV NLQGQHVV WR WKRVH ZKR GHVHUYH LW LQVWHDG RI ORYH ZDVWHGRQLQJUDWLDWHV
p p
6DWDQUHSUHVHQWVYHQJHDQFHLQVWHDGRIWXUQLQJWKHRWKHUFKHHN
p
6DWDQ UHSUHVHQWV PDQ DV MXVW DQRWKHU DQLPDO VRPHWLPHV EHWWHU
6DWDQUHSUHVHQWVYLWDOH[LVWHQFHLQVWHDGRIVSLULWXDOSLSHGUHDPV 6DWDQ UHSUHVHQWV XQGHILOHG ZLVGRP LQVWHDG RI K\SRFULWLFDO VHOI GHFHLW
6DWDQ UHSUHVHQWV UHVSRQVLELOLW\ WR WKH UHVSRQVLEOH LQVWHDG RI FRQFHUQIRUSV\FKLFYDPSLUHV
PRUH RIWHQ ZRUVH WKDQ WKRVH ZKR ZDON RQ DOOIRXUV ZKR EHFDXVH RI KLV GLYLQH VSLULWXDO DQG LQWHOOHFWXDO GHYHORSPHQW KDV EHFRPH WKHPRVWYLFLRXVDQLPDORIDOO
p
6DWDQ UHSUHVHQWV DOO RI WKH VRFDOOHG VLQV DV WKH\ DOO OHDG WR SK\VLFDOPHQWDORUHPRWLRQDOJUDWLILFDWLRQ
p
6DWDQ KDV EHHQ WKH EHVW IULHQG WKH FKXUFK KDV HYHU KDG DV KH KDV NHSWLWLQEXVLQHVVDOOWKHVH\HDUV
)URP7KH6DWDQLF%LEOHE\$QWRQ6]DQGRU/D9H\
2UJDQLVDWLRQ 7KH &KLOGUHQ DUH QRWRULRXVO\ EDG DW IROORZLQJ RUGHUV WHQGLQJ WR FKDOOHQJH DXWKRULW\ DW HYHU\ VWHS +DYLQJ WRR PDQ\ &KLOGUHQ LQ WKH VDPH RUJDQLVDWLRQ LV D UHFLSH IRU FRQIOLFW 0RVW &KLOGUHQ EUHDN RXW RI WKH RUJDQLVDWLRQV RI WKHLU PHQWRUV DIWHU SHUVRQDO FRQIOLFWV DQG VWDUW WKHLU RZQ 0DQ\ RI WKH &KLOGUHQ OHDG FXOWV RU LQIRUPDO QHWZRUNV RI 6DWDQLVWV RU ZRUN FRPSOHWHO\ LQGLYLGXDOO\ 7KHUH LV QR JOREDO RUJDQLVDWLRQPHUHO\LQWHUDFWLRQVEHWZHHQWKHFKLOGUHQRQDORFDOOHYHO
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
,QLWLDWLRQ *HQHUDOO\ D %ODFN 0DVV ZKHUH WKH FDQGLGDWH LV FRQIURQWHG ZLWK WKH GDUNQHVV RI KLPVHOI 7KH FDQGLGDWH VHHV KLV JUHHG OXVW SULGH DQG JOXWWRQ\DQGFKRRVHVWRDFFHSWLWFRPSOHWHO\+HVZHDUVDQRDWKWRGR ZKDW KH GHVLUHV DQG UHQRXQFHV DOO WKH ROG PRUDOV KH PD\ KDYH KDG $IWHUZDUGV KH SOXQJHV LQWR WKH GDUNQHVV DQG WU\ WR GR DOO WKLQJ KH HDUOLHUZDVWRRLQKLELWHGRUDIUDLGIRUWRGR
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
7+(&+,/'5(12)7+($17,&+5,67
%H\RQG WKH\ GR QRW ZDQW WR VHUYH WKHP 7KH\ GR QRW WDNH DQ\ RUGHUV IURP EHORZ DQ\ PRUH WKDQ WKH\ ZRXOG WDNH RUGHUV IURP DQ\ERG\ HOVH ,I WKH GHPRQV DQG VSLULWV VHUYH WKHP DQG WKHLU SXUSRVHV JRRG %XW LI WKH GHPRQV WU\ WR RUGHU WKHP DURXQG WKH\ ZLOO ILQG WKHPVHOYHV WKURZQ EDFN LQWR WKH DE\VV 6WLOO VRPH &KLOGUHQ IUHHO\ FRRSHUDWH ZLWKWKH1HSKDQGLRIGLIIHUHQWUHDVRQV
PXFK RQ WKH GHUDQJHG VLGH :KLOH WKH\ VKDUH RXU SKLORVRSK\ WKH\ DUH IDU WRR ZUDSSHG XS LQ WKHLU RZQ OLWWOH GUHDPV WR WDNH DQ\ QRWLFH RI KRZ QLFH WKH PDWHULDO ZRUOG DOUHDG\ LV 3HUKDSV WKH\ VSHQG WRR PXFK WLPHLQWKH8PEUD
7KH JURXS RI PDJHV ZLWK PRVW LQ FRPPRQ ZLWK WKH FKLOGUHQ LV WKH 0DUDXGHUV 7KH WRWDO IUHHGRP DQG DQDUFK\ RI WKH 0DUDXGHUV DSSHDO WR WKH &KLOGUHQ DQG VRPH MRLQ WKHP %XW PRVW DUH FRQWHQW WR OHDQ EDFN DQGZDWFKWKHILUHZRUNV
2UGHU RI +HUPHV 'XVW\ HXQXFKV ZKR ZLOO SHULVK ZKHQ ZH VHW ILUH WR WKH SLOHV RI OLHV WKH\ FROOHFW :KDW JRRG LV D VWXG\ RI IDOVHKRRGV XQOHVVHYHU\RQHEHOLHYHVLQIDOVHKRRGV"
&KDQWU\
1HSKDQGL :KDW V WKH SRLQW LQ VHUYLQJ WKH GHPRQV ZKHQ \RX FDQ EH WKHLU0DVWHU"
6RQV RI (WKHU 6RPH RI WKHP DUH UHDOO\ IXQ HVSHFLDOO\ ZKHQ \RX GHIHDW WKHP $OO WKHLU LOOXVLRQV RI JUDQGHXU FRPH FUDVKLQJ GRZQ UHYHDOLQJWKHIULJKWHQHGOLWWOHQHUGLQVLGH 6RQV RI -XSLWHU 7KHVH JX\V DUH TXLWH DOO ULJKW JHQHUDOO\ VSHDNLQJ 7KH\ MXVW KDYHQ W JRW DQ\ UHDO FOXH DERXW ZKDW PDJLFN LV XVHG IRU 7KH 3ULFH RI 0DJLFN LV WKH WRWDO IUHHGRP DQG SRZHU RI D PDJH EXW WKH\ GRQ WGDUHIDFHLW
1RQH
$FRO\WHV +HDY\PHWDOIDQV6DWDQLVWV1LKLOLVWV)DVFLVWV
6SKHUH 1RQH EHLQJ RUSKDQV 0DQ\ &KLOGUHQ VWXG\ (QWURS\ 0LQG DQG /LIH DV WKH\ DUH SUDFWLFDO DQG RI GDLO\ XVH 6RPH RI WKH PRUH DGYDQFHG RU VHULRXV &KLOGUHQ VWXG\ 6SLULW 0RVW RI WKH &KLOGUHQ UHO\ KHDYLO\ RQ FRLQFLGHQWDO PDJLFN WR DYRLG DURXVLQJ WRR PXFK VXVSLFLRQ ,W LV FRPPRQ DPRQJ WKH &KLOGUHQ WR OHDUQ VHYHUDO VSKHUHV WR D ORZ OHYHO LQVWHDGRIDIHZWRKLJKOHYHO
)RFL
7HFKQRPDQFHUV 7KH\ VKRZ QR PHUF\ DQG UXWKOHVVO\ KXQW GRZQ DQ\ERG\ ZKR RSSRVHV WKHP 7KH\ KDYH GRQH H[DFWO\ WKH VDPH WKLQJ ZHZRXOGKDYHGRQHLQWKHLUVLWXDWLRQ 7UHQFKFRDWHUV 2RK WKH 3URWHFWRUV RI +XPDQLW\ IURP WKH (YLO 3RZHUV",WUHPEOH
:KLOH WKH &KLOGUHQ DUH 2USKDQV DQG GR QRW QHHG IRFL PDQ\ PHPEHUV EHOLHYH WKH\ QHHG HYLO WR ZRUN WKHLU PDJLFN :KDW HYLO LV DQG KRZ LWLVXVHGYDULHVTXLWHDELW6RPH&KLOGUHQFKDQWQDPHVRIGHPRQVVD\ EODVSKHPLHV RU SUD\ EDFNZDUGV 2WKHUV XVH SOHDVXUH DQG YLFHV OLNH WKH &XOW RI (FVWDV\ 2WKHUV XVH SDLQ EORRG RU GHDWK DV IRFL 0DQ\ YDU\ WKHLUPHWKRGVGHSHQGLQJRQPRRGDQGVXUURXQGLQJV
:LNNDQV 3ROLWLFDOO\ &RUUHFW ZLWFKHV &XWH 3HUKDSV ZH VKRXOG LQYLWHWKHPWRDUHDO6DEEDWK"
&RQFHSWV
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
6DWDQLFSULHVWPDGPDQUXWKOHVVEXVLQHVVPDQ
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
9LUWXDO$GHSWV1HUGV
5RWHV
> (DFK VXFFHVV ZLOO LQFUHDVH WKH GXUDWLRQ DQG VWUHQJWK RI WKH URWH 7KH PRUH VXFFHVVHV WKH PRUH SRZHUIXO DQG XQVHWWOLQJ FRLQFLGHQFHV ZLOO DSSHDU@ 6SLULWV RI 'HOLJKW 6SLULW 7KH &KLOG VXPPRQV VSLULWV ZKR ZLOO JLYH KLP VRPH SOHDVXUH DQG HQWHUWDLQPHQW ,W PD\ EH VSHFWUDO PXVLF DOOXULQJ VFHQWV LOOXVLRQV RI EHDXWLIXO ZRPHQ FDUHVVHV DQG NLVVHV RU DOPRVW DQ\WKLQJ 7KH PRUH VXFFHVVIXO WKH URWH LV WKH PRUH SRZHUIXO VSLULWV DUH DWWUDFWHG DQG WKH ORQJHU WKH HIIHFW ODVW ,QFXEL DQG 6XFFXEL DUHPDWHULDOPDQLIHVWDWLRQVRITXLWHSRZHUIXOVSLULWVZKRRQO\H[LVWWR SOHDVHWKHPDJHDWOHDVWWKDWLVZKDWWKH\DUHVD\LQJ 6XPPRQ /RYHU 0LQG 7KH &KLOG XVHV KLV SRZHU RYHU WKH FDUQDO GHVLUHV DQG WULHV WR LQIOXHQFH D SDUWQHU 7KH YLFWLP ZLOO IHHO D VXEFRQVFLRXV GHVLUH IRU WKH &KLOG DQG ZLOO DW OHDVW VH[XDOO\ EH GUDZQ WRZDUGV KLP 6RPHWLPHV WKH &KLOG XVHV D PDVV YHUVLRQ LQFUHDVLQJ KLV RU KHU RZQ FKDULVPD DQG VH[ DSSHDO WR DURXVH HYHU\ERG\ LQ WKH YLFLQLW\ >(DFKVXFFHVVZLOOJLYHRQHDXWRPDWLFVXFFHVVRQVHGXFWLRQDWWHPSWV@ &XUVH 0LQG 7KH &KLOG FXUVHV VRPHERG\ RIWHQ YHU\ JUDSKLFDOO\ DQG RIWHQ XVLQJ VRPH PDWHULDO LPSOHPHQW ZDYLQJ HQWUDLOV DW WKH YLFWLP RU VSLWWLQJ DW KLP 7KH FKLOG LPSODQWV D VXEFRQVFLRXV GHVLUH WR JHW KXUW 7KH YLFWLP ZLOO RIWHQ EHFRPH XQVHWWOHG QHUYRXV RU GHSUHVVHG :KHQ DQ RSSRUWXQLW\ SUHVHQWV LWVHOI WKH VXEFRQVFLRXV PLQG ZLOO WU\ WR PDNH WKH YLFWLP KXUW KLPVHOI RU D ORYH RQH 6RPH
7+(&+,/'5(12)7+($17,&+5,67
&KLOGUHQ DGG (QWURS\ WR JLYH IDWH D KDQG FUHDWLQJ PRUH RSSRUWXQLWLHVIRUWKHFXUVHWRZRUN
)RFL
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
p p
CHILDREN OF AVALON
p
/LIH6SLULW3ULPH0XVLFLQVWUXPHQWRUVRQJ 0DWWHU)RUFHV :HDSRQ VZRUG LV FRPPRQ IRU WKLV SXUSRVH DOWKRXJKLQPRGHUQWLPHVILUHDUPVDUHVRPHWLPHVXVHG &RUUHVSRQGDQFH0LQG7LPH3RHWU\:RUG
&RQFHSWV &HOWLF 1DWLRQDOLVW$FWLYLVW)UHHGRP ILJKWHU 'UXLG %DUG 3RHW 0XVLFLDQ6FKRODU'UHDPLQJDVSLULQJ +HUR
$FRO\WHV &HOWLF VFKRODUV &HOWLF 5HYLYDOLVWV 1HZ $JHUV ,5$3ODLG &\PUX 0HPEHUVLQPRGHUQWLPHV 0XVLFLDQV$QWLTXLWDULDQV
6WHUHRW\SHV
%\,DQ7RUUH\WRUUH\L#YLYDQHWFRP
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
2UJDQL]DWLRQ
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
)LOWHUHG WKURXJK QHR'UXLGLF%DUGLF JURXSV &HOWLF QDWLRQDOLVWV DFWLYLVWVILJKWHUV DQG VFKRODUV /HDGHUV DPRQJ HDFK JURXS DUH FKRVHQ PXFK DV KRO\ PHQ RQFH ZHUH DPRQJ WKHLU FXOWXUHV 0HHWLQJV WDNH SODFHRQWKHILUVWGD\RIHYHU\VHDVRQ
9LUWXDO $GHSWV 0DQ LV ZKHUH WKH 7UXWK OLHV QRW 0DFKLQH 0DQ\ RI WKHVH PDJHV DUH ORVW D FRPSXWHU LV D WRRO QRWKLQJ PRUH FHUWDLQO\ QRW UHDOLW\ $OWKRXJK LW FDQ VWRUH NQRZOHGJH DQG LQIRUPDWLRQ DQG VSUHDG WKH7UXWK
3ULPDU\VSKHUH
*DURX )HOORZ LQKDELWDQWV RI RXU ZRUOG WKH\ VKRXOG EH WUHDWHG DV VXFK 7KH ZROI KDV DV PXFK SODFH LQ WKH ODQG DV WKH VKHHS 7KH\ EDWWOH RXU HQHPLHV WKH 7HFKQRFUDF\ DQG WKHLU :\UP ZKLFK VHHPV WR EH WKH VDPH RU DOOLHG WR WKH 1HSKDQGL 7KH\ DOVR RSSRVH WKH VDPH 'DUN 6SLULWV ZH GR ,W LV LPSRUWDQW WR QRWH WKDW WKH RQHV NQRZQ DV )LDQQD KDYHEHHQLQYDOXDEOHDOOLHV0DQ\RIXVKDYHPDUULHGLQWRWKHLUOLQHV
0D\SLFN/LIH6SLULWRU)RUFHV
&+,/'5(12)$9$/21
9DPSLUHV 3HUYHUVLRQV DQG DVVDXOWV RQ QDWXUH DV ZHOO DV DJDLQVW WKH 7UXWK 7KHLUV LV QRW (WHUQDO /LIH EXW (WHUQDO 'HDWK :KLOH ZH KDYH EHWWHUWKLQJVWRGRWKDQKXQWWKHVHZUHWFKHVGRZQZHWDNHJUHDWFDUH WRSUHYHQWWKHLUVSUHDG
PLOOHQQLD 2WKHUV FODLP WKDW WKH DVFHQGHHV ZKR VXGGHQO\ GLHV LQ WKHLU HFVWDV\ KDYH DVFHQGHG RU DW OHDVW WUDQVFHQGHG WR JRGKRRG $OO DUH KRZHYHU XQLWHG LQ WKH EHOLHI WKDW LW LV SRVVLEOH DQG WKDW E\ DVFHQGLQJ SHRSOHWKH\VHUYH$VFHQVLRQ
)DH *RRG )DH WKDW LV 2XU IULHQGV WHDFKHUV DQG DOOLHV IURP WKH ILUVW DQG WR WKH HQG :H DLP WR SURWHFW WKHP DV PXFK DV WKH\ KDYH DLGHG XV
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
7+(&+,/'5(12),1'5$ 6/,*+7(1,1*
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
CONGLOMERATION %\(PLO*6LJQHVD#/HKLJKHGX -XQH
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
2UJDQL]DWLRQ 7KH &RQJORPHUDWLRQ KDV PDQ\ KROGRYHUV IURP LWV GD\V RI WKH 7HFKQRFUDF\ ZLWK IODYRXULQJV 7KH HQWLUH 7UDGLWLRQ LV JRYHUQHG E\ D +LJK &RXQFLO RI PDJHV %HORZ WKH +LJK &RXQFLO DUH WKH WKUHH $QFLOODU\ &RPPLVVLRQV RI ILYH PDJHV HDFK %HORZ WKHP DUH WKH 2YHUVHHUV WKH UDQN JLYHQ WR PDJHV ZKR DFKLHYH D 0DVWU\ RI PRUH WKDQ RQH 6SKHUH DQG H[SUHVV D GHVLUH WR RYHUVHH KHQFH WKH QDPH &RQJORPHUDWLRQ DFWLYLWHV LQ 7KH 0RRUH RU RQ (DUWK 6RPH PHPEHUV KDYH REMHFWHG WR VXFK D ZDVWH RI JRRG PDJHV ZKHQ WKH 7UDGLWLRQ ERDVWVVRIHZPDJHVWREHJLQZLWKEXWQRFKDQJHLVH[SHFWHG
0HHWLQJV 7KH &RQJORPHUDWLRQ KROG PHHWLQJV RQ (DUWK RQFH SHU PRQWK DOZD\V FKDQJLQJ ORFDWLRQ EHWZHHQ PHHWLQJV 6RPH FRPPRQ VLWHV LQFOXGH 1HZ
,QLWLDWLRQ :KLOH LQ WKH SDVW &RQJORPHUDWLRQ PDJHV ZHUH FKRVHQ IURP PDJHV DOUHDG\ $ZDNHQHG WKHUH KDV EHHQ D UHFHQW LQIOX[ RI PDJHV $ZDNHQHG GLUHFWO\ LQWR WKH &RQJORPHUDWLRQ 7KHVH PDJHV DUH NQRZQ DV 0DJL
&21*/20(5$7,21
3ULPH DQG DUH WUHDWHG ZLWK D ELW PRUH UHVSHFW WKDQ DYHUDJH 'LVFLSOHV 7KHLU XVXDO LQLWLDWLRQ LQYROYHV ILQGLQJ D 6OHHSHU ZLWK JRRG SRWHQWLDO 'UHDP $YDWDU 'HVWLQ\ DQG WHDFKLQJ KHU WKH VFLHQFHEDVHG WKHRULHV RI WKH 7UDGLWLRQ ,I WKH $FRO\WH UHVSRQGV ZHOO WR WKHVH VKH LV WDXJKW PRUH RI WKH ZD\V RI PDJLFN XQWLO VKH FDQ EH $ZDNHQHG LQWR WKH 3DWK RI WKH &RQJORPHUDWLRQLVWV 7KLV RQH PD\ QRWH LV TXLWH VLPLODU WR WKH SURFHVVRIWKH6RQVRI(WKHU
(XWKDQDWRV ,Q WKHRU\ WKH\ UH ZRQGHUIXO ,Q UHDOLW\ WKH\ UH D EXQFK RIVRFLRSDWKVZKRP,DGYLVH\RXWRDYRLG
&KDQWU\
,WHUDWLRQ ; 7KHVH WLQNHUWR\V ZRXOG KDYH XV GHVWUR\HG EHFDXVH ZH GRQ W ZDQW RXU $YDWDUV UHSODFHG ZLWK SRFNHWZDWFKHV DQG WUDQVLVWRUV 7KH\ KDYH D WZLVWHG YLHZ EXW GRQ W PHVV ZLWK HP WKH\ UH GDQJHURXVDVKHOO
7KH 0RRUH 7KH 0RRUH LV DFFHVVDEOH WKURXJK D +RUL]RQ 5HDOP QHDU 'XEOLQZKHUHWKHRULJLQDO&RQVWUXFW5('ZDVORFDWHG
$FRO\WHV :LFFDQVTXDQWXPSK\VLFLVWVWHFKQRSDJDQVSKLORVRSKHUV
6SKHUH :KLOH PDQ\ PDJHV MRLQ WKLV 7UDGLWLRQ DIWHU OHDYLQJ DQRWKHU WKH &RQJORPHUDWLRQWHQGVWRIRFXVVWXGLHVRQWKH6SKHUHRI3ULPH
)RFL p p
p
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
&RQFHSWV 7HDFKHU&RQJORPHUDWLRQPLVVLRQDU\UHVHDUFKHUWKHRULWLFLDQ
+ROORZ2QHV,WKDVEHHQQRWHGWKDWPDQ\2USKDQ$ZDNHQLQJVPD\ KDYH JHQHWLF FDXVHV 3HUKDSV LI ZH FRXOG JHW D IHZ VSHFLPHQV WR VXEPLW WKHPVHOYHV IRU VWXG\ 7KLV JURXS RI 0DJHV LV ODUJHO\ LQHIIHFWXDO WKDW LV JRRG 7KH\ DUH DOVR KRZHYHU D ELW WRR FUHHS\ IRU PHSHUVRQDOO\
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
4XRWH
CONSTABLES
5HDOLW\ H[LVWV QRW WR EH HQXPHUDWHG DQG VWUXFWXUHG QRU LV LW KHUH WR EH EHQW WR WKH ZLOOV RI FRQIXVHG FKLOGUHQ ,W KDV LWV RZQ UHDVRQ DQG LWV RZQ ZLOO 7KLV FDQ EH GHPRQVWUDWHG WKURXJKW WKH H[LVWHQFH RI 9DPSLUH DQG :HUHZROYHV :H VLPSO\ XVH WKH WRROV JLYHQ WR XV WR PDNH H[LVWHQFH PRUH LQWHUHVWLQJ DQG PRUH EHQHILFLDO WR DOO VHQWLHQWV LQYROYHG0D\WKH7HOOXULDQVPLOHRQ\RX
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
&2167$%/(6
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
&2167$%/(6
WKHVDNHRIILJKWLQJZURQJV
6SKHUH6SLULW
$NDVKLF %URWKHUKRRG &RQVWDEOH , KDYH VZRUQ WR SURWHFW WKLV UHDOP ZLWK P\ PLQG DQG ERG\ ,I \RX EUHDN LWV VDFUHG UXOHV , VKDOO EUHDN\RX
$FRO\WHV3ROLFHPHQ*RYHUQPHQW$JHQWV0LOLWDU\
&HOHVWLDO &KRUXV &RQVWDEOH $OO UHDOPV DUH SDUW RI WKH 2QH DQG LW ZDWFKHV RYHU DOO , DP MXVW D PRUH GLUHFW UHSUHVHQWDWLYH DV \RX VKDOO ILQG WR \RXU HWHUQDO VRUURZ , KRSH WKH 2QH GHFLGHV WR HPEUDFH \RXU VSLULWDIWHU,GLVSDWFKLW &XOW RI (FVWDV\ &RQVWDEOH 7KLV ZRUOG LV UHDOO\ FRRO 7KH ZDYHV DUH SKHQRP DQG WKH KHDW ZDYHV \RX FDWFK DUH MXVW XS WKHUH PDQ &KLOO RXWDQGGLJPDQGRQ WFUDVKDQGEXUQ 'UHDPVSHDNHU &RQVWDEOH ,I *DLD KDG QRW GHVLUHG WKLV ODQG WR EH LW ZRXOG QRW EH ,I \RX GLVWXUE WKLV ODQG *DLD ZLOO GHVLUH PH WR GR VRPHWKLQJWRUHFWLI\\RXUFRQWLQXHGSUHVHQFHKHUH (XWKDQDWRV &RQVWDEOH ,I D ODQG KDV ZRUWK , VKDOO SURWHFW LW ZLWK P\ OLIH ,I D ODQG KDV QRQH , VKDOO OHDYH LW WR WKH PDJJRWV ,I D ODQG LPSRVHV RQ DQRWKHU ODQG RI JUHDWHU ZRUWK , VKDOO GHVWUR\ WKDW HQWLUH ODQG%\WKH*RGV,VKDOOHQMR\WKDWFKDOOHQJH +ROORZ 2QH &RQVWDEOH :K\ DP , SURWHFWLQJ WKLV SODFH" :HOO LWV EHWWHU WKDQ (DUWK DQG DQ\WKLQJ D VWHS XS IURP WKDW GHVHUYHV D FKDQFH 2UGHU RI +HUPHV &RQVWDEOH 7KLV ODQG ZDV FUHDWHG ZLWK SXUSRVH DQG ZH DUH LWV GHVLJQDWHG HQIRUFHPHQW RIILFLDOV 2EH\ RU VXIIHU \RXU FKRLFH 6RQV RI (WKHU &RQVWDEOH $ KLJKHU 4 WR WKH SRZHU RI 0 IDFWRU ZRXOG SURYLGH MXVW WKH ULJKW VHJPHQWHG SRZHU WR HQWLFH WKDW KLOO EDFN LQWR LWV SURSHU SODFH , WKLQN D SRZHU VKLHOG RI KLJKHU PDJ PLJKW EH D JRRG LGHD IRU QH[W WLPH WKH\ WU\ WR DWWDFN UHDOP S :KDW DERXW D IOX[ILHOGYDULDEOHLQWHUFKDQJHVKLHOGDPS 9LUWXDO $GHSW &RQVWDEOH 'DPQ WKDW 7HFKQR5DW KDV OHIW 6\GQH\ YLD D JDWHZD\ 1HHG WR ORJ LQWR WKH 'HOWD 1HW UHOD\ DQG FDWFK WKH QH[W 4XLQW6KLIW OLQN 7KRP KDYH \RX JRW DQ DFFHVV FRGH IRU WKDW QHZ GDWD VHFWLRQ \HW" ,I ZH GRQ W KXUU\ ZH FRXOG ORVH KLP $1' UHDOP S :H QHHG WR NQRZ WKHLU SRZHU OHYHOV DQG UHLQIRV EHIRUH EDWWOH DQG ZH QHHGWRNQRZLWQRZ 7KHUH LV PXFK PRUH FRRSHUDWLRQ DQG XQGHUVWDQGLQJ DPRXQJVW WKH GLIIHUHQW 7UDGLWLRQ PDJHV ZKR DUH SDUW RI WKH &RQVWDEOHV IRU WKH\ NQRZ WKDW ZKHQ WKH VKLW KLWV WKH IDQ LQ D UHDOP WKH\ DUH SURWHFWLQJUHVSRQVLEOHIRUWKH\ YHRQO\JRWHDFKRWKHUWRUHO\RQ 7UXH &RQVWDEOH 7KHVH DUH WKH UXOHV RI WKLV ODQG 2EH\ WKHP DQG DOO ZLOO EH ILQH %UHDN WKHP DQG QR UHDOP QR PDWWHU KRZ IDU IOXQJ ZLOO KLGH\RXIURPXV RU 7R3URWHFWDQG7R6HUYHWKLV5HDOP&HDVHDQG'HVLVW 7UXH &RQVWDEOHV 7UXH &RQVWDEOHV XQOLNH WKH RWKHUV DUH WKRVH IHZ $ZDNHQHG ZLWKLQ WKH IROG RI WKH &RQVWDEOHV 7KH\ DUH EURXJKW WR WKH &RQVWDEOH UHDOP &KDQWU\ DQG HGXFDWHG ERWK LQ WKH XVH RI WKHLU 6SKHUHV DQG LQ WKH DELOLWLHV VRXJKW DIWHU LQ D QHZ &RQVWDEOH (PSKDVLV LV SODFHG XSRQ WKH 6SKHUH RI 6SLULW DV LW LV SUHIHUHG LI WKH &RQVWDEOH FDQ PRYH WKHPVHOYHV WKURXJK WKH 8PEUD DV HPHUJHQFLHV RIWHQ GHPDQG TXLFN UHVSRQVHV $ VWUDQJH PL[WXUH RI EUXWH IRUFH DQG KLJK LQWHOOLJHQFH DUH PRVW QHHGHG DV RQH PRPHQW WKH &RQVWDEOH FRXOG EH NQHHGHHS LQ D YLROHQW EORRGEDWK ZLWK VHYHUDO 0DUDXGHUV DQG WKH QH[W WKH\ OO EH SRQGHULQJ P\VWLF ZULWLQJ RQ VRPH YDVW VWRQH VWUXFWXUH LQ D QHZO\ GLVFRYHUHGUHDOP 3KLORVRSK\ 6LPSOH 7KH\ KDYH D MRE WR GR DQG VR WKH\ GR LW 1R PDWWHU KRZ GLUW\ WKH WDVN RU WKH ORVVHV DORQJ WKH ZD\ WKH\ VWDQG IRU VRPHWKLQJ DQG ZLOO GLH WR PDLQWDLQ WKDW LGHDO 7KH\ VHH WKHPVHOYHV DV QRW MXVW GHIHQGLQJ UHDOPV EXW WKH LGHD RI KXPDQLW\ GHIHQGLQJ LWV GUHDPV ZKLFK LV ZKHUH PRVW UHDOPV VWHP IURP 7KHVH FUHDWHG ODQGV SURYLGH KXPDQLW\ ZLWK WKH PHDQV WR EUHDN IURP (DUWK V UHDOLW\ DQG HQYLVDJH D EULJKWHU ZRUOG 7KURXJK EHWWHU PDGH DQG WKRXJKW RXW UHDOPV KXPDQLW\ ZLOO FUHDWH D PRGHO RI D EHWWHU VRFLHW\ DQG RI D EHWWHU PLQG $VFHQVLRQ ZLOO EH DFKLHYHG ZKHQ KXPDQLW\ KDV FUHDWHG WKH SURSHU HQYLURQPHQW IRU KLPKHUVHOI WR H[LVW LQ 8QWLO WKHQ WKHVH UHDOPVWKHVHWHVWVRIGLIIHUHQWODQGVPXVWEHSURWHFWHGDQGQXUWXUHG
)RFL
p p p
:HDSRQ)RUFHV(QWURS\&RUUHVSRQGDQFH7LPH 8QLIRUP0DWWHU/LIH0LQG %DGJH6SLULW3ULPH
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
&2167$%/(6
'XULQJ GLVWXUEDQFHV LQ FHUWDLQ UHDOPV WKH &RQVWDEOH FDQ FDOO IRU EDFNXS DQG WKH GDWDEDVH DQG FRQWUROOHUV ZLOO DQDO\VH WKH VLWXDWLRQ DQG DVVLJQ YDULRXV EDFNXS &RQVWDEOHV HLWKHU IURP WKH &KDQWU\ LWVHOI RU IURPDVVLJQPHQWLQRWKHUUHDOPVRULQ(DUWK VUHDOLW\
THE CONTINUUM %\ &RQVWDQWLQH 7KRPDV FWKRPDV#ODQFDVWHUDFXN $OVR VHH 1H[XV 6KHOE\ %DEE V DGGLWLRQV DQG $UWKXU7UHYRU '0 /DVKHU V6RXWKURQ5HSXEOLFYLUWXDO
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
'HVFULSWLRQ
$HJ\SW
$Q(J\SWLDQFLYLOLVDWLRQVXUYLYHVWRWKHSUHVHQWGD\
6DXURQ
$ 'LQRVDXU FLYLOLVDWLRQ IORXULVKHV +XPDQV GR QRW H[LVW
/XFLIHU
/LIHQHYHUIRUPHGRQ(DUWK
1HYHUODQG
$OO KLJKHU OLIHIRUPV P\VWHULRXVO\ GLVDSSHDUHG IURP (DUWKWZR\HDUVDJR
/HPXULD
7KH 'UHDPVSHDNHUV SULPLWLYHVRFLHWLHV
7HUUD3ULPH
7KH 7HFKQRFUDF\ ZRQ WKH $VFHQVLRQ :DU YHU\ KLJK WHFKQRORJ\
5HLFK
7KH1D]LVZRQWKH6HFRQG:RUOG:DU
ZRQ
WKH
$VFHQVLRQ
:DU
$UPDJHGGRQ 7KH&XEDQPLVVLOHFULVLVHUXSWHGLQWRQXFOHDUZDU ,W VKRXOG EH QRWHG WKDW LI WKHUH ZDV D JHQHUDO WKHPH WR WKH &RQWLQXXP LW VKRXOG EH WKDW RI 0\VWHU\ 7KH 9LUWXDOV WKDW WKH &RQWLQXXP H[SORUHV DUH QRW WKH LQKDELWHG RQHV OLNH 5HLFK RU $HJ\SW EXW DUH UDWKHU WKH RQHV WKDW DUH OHIW P\VHWHULRXVO\ XQWRXFKHG E\ VHQWLHQW OLIH HJ /XFLIHU DQG 1HYHUODQG , WKLQN WKDW GHVLJQLQJ 9LUWXDOVDORQJWKHVHOLQHVZRXOGGRWKH&RQWLQXXPWKHPRVWMXVWLFH
7+(&217,1880
$V IRU 5RWHV WKHUH DUHQ W DQ\ KHUH SULPDULO\ EHFDXVH , KDYHQ W JRWWHQ DURXQG WR WKLQNLQJ DERXW WKRVH \HW :KHQ , GR JHW URXQG WR WKLQNLQJ VRPH XS WKDW DUH XQLTXHO\ &RQWLQXXPRULHQWHG , OO WU\ DQG JHW WKHP SXEOLVKHG , OO WU\ DQG WKHP ZULWWHQ XS VRRQ +RSHIXOO\ WKH &RQWLQXXP VKRXOG EH XVDEOH DV LW VWDQGV XVLQJ H[LVWLQJ 5RWHV DQG 7DOLVPDQV 5HPHPEHU WKDW WKH\ UH 7HFKQRFUDWLF 0DJHV WKRXJK ZKR UHTXLUH GHYLFHV IRU WKHLU HIIHFWV VHH IRFL LQ WKH &RQWLQXXP 'HVFULSWLRQ
DOO P\ HPDLOV $QG RI FRXUVH , DP LQGHEWHG WR $QGHUV IRU SXWWLQJ WKLV RQKLV0DJH3DJHLWVDQKRQRXUWREHKHUH7KDQNVDORWJX\V
+RZHYHU RQH LPSRUWDQW WKLQJ WR QRWH DERXW WKH 9LUWXDOV LV WKDW EHFDXVH RI WKHLU XQXVXDO 7LPHOLNH QDWXUH WKH\ FDQ EH HQWHUHG XVLQJ HLWKHU 6SLULW VWHSSLQJ VLGHZD\V RU XVLQJ 7LPH DV D GLUHFW HTXLYDOHQW WR 6SLULW , VKRXOG KDYH PHQWLRQHG WKLV LQ WKH UXOHV EXW , IRUJRW
7+(&217,1880
%LEOLRJUDSK\
7LPH
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
$FNQRZOHGJHPHQWV )LQDOO\ EXW E\ QR PHDQV OHDVWO\ , PXVW WKDQN WKRVH UHVSRQVLEOH IRU KHOSLQJ PH WR JHW WKLV DOO SXEOLVKHG &HUWDLQO\ ZLWKRXW WKH FRQWULEXWLRQV RI '- 6KHOE\ %DEE DQG $QGHUV 6DQGEHUJ WKLV PRQVWHU ZRXOG QHYHU KDYH JRWWHQ RII WKH JURXQG 0DQ\ RI WKH LGHDV LQ KHUH FDPH IURP WKHVH WZR JX\V DQG , UHDOO\ DSSUHFLDWH WKH SDWLHQFH DQG WLPH WKDW '- DQG $QGHUV SXW LQWR KHOSLQJ PH DQG IRU SXWWLQJ XS ZLWK
7KDW V LW IURP WKH SUHIDFH HQMR\ WKH &RQWLQXXP DQG 1H[XV ,I DQ\RQH V JRW DQ\ TXHVWLRQV FRPPHQWV LGHDV HWF WKHQ , FDQ EH FRQWDFWHGDW FWKRPDV#ODQFDVWHUDFXN 7KDQNV IRU UHDGLQJ WKLV DQG HQMR\ WKH VKRZ77)1&RQVWDQWLQH7KRPDV
6SHFLDOLW\6SKHUH
6HFRQGDU\6SKHUHV $Q\
+LVWRU\DQG2YHUYLHZ 7KH &RQWLQXXP LV DQ XQXVXDO JURXS RI 0DJHV VHSDUDWH IURP ERWK WKH 7HFKQRFUDF\ DQG WKH 7UDGLWLRQV WKRXJK LW ZDV RQFH SDUW RI WKH IRUPHU ZKR VSHFLDOLVH LQ WKH 6SKHUH RI 7LPH 7KH\ DUH HQWLUHO\ GHYRWHG WR WKH GHIHQFH RI UHDOLW\ IURP WKH 1HSKDQGL ZKLFK WKH\ FDOO
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
7+(&217,1880
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
(DUWK7KLV%UDQFKPRVWRIWHQZRUNVZLWK0DJHVRIRWKHU7UDGLWLRQV
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
7+(&217,1880
(DUWK DQG GHDOV ZLWK WKH HQHPLHV RI WKH &RQWLQXXP WKHUHLQ $V VXFK WKH\ DUH QRW TXLWH DV VSHFLDOLVHG DV 5HSXOVLRQ %UDQFK DV WKH\ KDYH WR GHDO ZLWK WKH 7HFKQRFUDF\ :UDLWKV DQG WKH RGG 0DUDXGHU ,Q DGGLWLRQ WKH\ PXVW DFTXLUH FHUWDLQ WDUJHWV DOLYH VXFK DV QHZ UHFUXLWV IRU WKH &RQWLQXXP DQG SURWHFW WKHP IURP WKHLU HQHPLHV 7DUJHW 1HXWUDOLVDWLRQ LV D KLJKO\ PLOLWDULVWLF RUJDQLVDWLRQ ZKLFK OLDVHV FORVHO\ ZLWKWKH(DUWK6HFWLRQRI5HSXOVLRQ%UDQFK
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
3XEOLF 5HFRUGV &OHUNV 7DUJHW $FTXLVLWLRQ 6ROGLHUV $UPHG )RUFHV 6XUYLYDOLVWV
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
)RFL 6LQFH WKH\ KDYH VSHQW D IHZ KXQGUHG \HDUV DV PHPEHUV RI WKH 7HFKQRFUDF\ &RQWLQXXP $JHQWV UHTXLUH IRFL IRU DOO WKHLU HIIHFWV XQWLO WKHLU$UHWHUHDFKHV 6SKHUHV
0HGLWDWLRQ
)RUFHV0DWWHU/LIH
:HDSRQ
(QWURS\
&DOFXODWRU
7LPH
7LPHSLHFH
p
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
0HGLWDWLRQ 2EVHUYDWLRQ LV WKH NH\ WR &RQWLQXXP 0DJLFN VHH WKH 3DUDGLJP 3DJH EHORZ $Q $JHQW KDV PHUHO\ WR FRQFHQWUDWH IRU D IHZ VHFRQGV WR 2EVHUYH WKH GHVLUHG HIIHFW IRU LW WR RFFXU 7KLV UHTXLUHV DW OHDVW RQH URXQG RI PHGLWDWLRQ SHU 6SKHUH GRW DQG RQH SRLQWLQWKH0HGLWDWLRQVNLOOUHJDUGOHVVRIWKHOHYHORIWKHHIIHFW
1RWH WKDW &RXQWHUPDJLFN FDQ EH FDVW LQ WKH VDPH URXQG DV WKH LQFRPLQJ HIIHFW DQG GRHV QRW UHTXLUH VXFK PHGLWDWLRQ )DVWFDVWLQJ LV DOVR SRVVLEOH DQG DOORZV WKH HIIHFW WR EH FDVW LQ RQH URXQG ZLWK D SHQDOW\ RI WR WKH GLIILFXOW\ $OO 6SKHUHV WKDW GR QRW QHHG D SK\VLFDO IRFXV LH &RUUHVSRQGHQFH0LQG3ULPH6SLULW FDQ RQO\ EH FDVW WKURXJKPHGLWDWLRQ
p
&DOFXODWRU &KDRV DQG (QWURS\ FDOFXODWLRQV PXVW EH GRQH RQ VRPH IRUP RI FDOFXODWLQJ GHYLFH EH LW DEDFXV FDOFXODWRU RU FRPSXWHU
p
7LPHSLHFH )UHTXHQWO\ WKLV LV D SRFNHW ZDWFK RI VRPH VRUW WKRXJK VRPH $JHQWV SUHIHU D GLJLWDO ZDWFK 7KLV KHOSV WR IRFXV WKH $JHQW VPLQGRQWKH2EVHUYDWLRQRI7LPH,WLVDXQLTXHLWHP
p
:HDSRQ 7KLV LV RIWHQ D KLJKWHFK ZHDSRQ RI VRPH VRUW DQG LV XQLTXH WR HDFK HIIHFW &RQWLQXXP $JHQWV DUH FRPSOHWHO\ LQFDSDEOH RI XVLQJ 0DWWHU )RUFHV RU /LIH ZLWKRXW WKH UHOHYDQW ZHDSRQ ZKLFK LV LQ IDFW D XQLTXH WDOLVPDQ 7KXV WR ILUH D ODVHU DW D WDUJHW WKH $JHQW QHHGV KLV /DVHU 5LIOH ZKLFK LV D )RUFHV 3ULPH GHYLFH (DFK GHYLFH LV D XQLTXH LWHP 7KH UXOHV IRU WKHVH DUHVLPLODUWRWKRVHIRUWKHGHYLFHVRIWKH6RQVRI(WKHU
,QWHOOLJHQFH $FTXLVLWLRQ 7KLV LV D PXFK PRUH RSHQ %UDQFK RI WKH &RQWLQXXP ,W DSSURDFKHV WKRVH LQ RWKHU 7UDGLWLRQV ZKR FKRRVH WR VSHFLDOLVH LQ 7LPH DQG 0LQG DQG UHTXHVWV WKDW WKH\ MRLQ WKLV %UDQFK ,W DOVR NHHSV DQ H\H RXW IRU 6OHHSHUV ZKR VHOIDZDNHQ DQG VKRZ DSWLWXGH LQ WKH 7LPH 6SKHUH LW WKHQ SLFNV WKHP XS XVXDOO\ ZLWK D 7DUJHW 1HXWUDOLVDWLRQWHDP EHIRUHWKH7HFKQRFUDF\FDQJHWKROGRIWKHP
&RQFHSWV
7DUJHW 1HXWUDOL]DWLRQ 0DQ\ RI WKH $JHQWV ZKR MRLQ 5HSXOVLRQ %UDQFK ZRUN LQ 7DUJHW 1HXWUDOLVDWLRQ ILUVW KRQLQJ WKHLU VNLOOV RQ PRUH PXQGDQH HQHPLHV WKDQ WKH 'DUNQHVV 6RPH UHPDLQ LQ 7DUJHW 1HXWUDOLVDWLRQ WUDLQLQJ RWKHUV ZKR FRPH WR MRLQ WKH )URQW /LQH RQ (DUWK
4XRWH
2WKHU,QIRUPDWLRQ
)RFXV
&RUUHVSRQGHQFH0LQG3ULPH6SLULW
6ROGLHU ,QIRUPDWLRQ *DWKHUHU 6HFUHW DJHQW GHWHFWLYH DQ\RQH ZKR V GLVFRYHUHGWKLQJVWKH\ZHUHQ WPHDQWWRNQRZ
'DUN IRUFHV DUH DW ZRUN KHUHDQG WKH\ UH YHU\ FXQQLQJ VR IDU 7KLV FRXOGEHDWUDS
6WHUHRW\SHV &KDQWU\ 7KH PDLQ &KDQWU\ IRU WKH 5HSXOVLRQ %UDQFK LV DW &HQWUDO 2IILFH LQ 1H[XV WKH 6KDGH 5HDOP RI 7LPH ,QWHOOLJHQFH $FTXLVLWLRQ DQG 7DUJHW 1HXWUDOLVDWLRQ DUH EDVHG RQ (DUWK DQG WKH\ VKDUH D PDLQ &KDQWU\ZKLFKLVORFDWHGLQ/RQGRQ(QJODQG $FRO\WHV 5HSXOVLRQ 1RQH $OO PHPEHUV RI 5HSXOVLRQ %UDQFK DUH IXOO\ $ZDNHQHG ,QWHOOLJHQFH $FTXLVLWLRQ 'HWHFWLYHV 3ROLFHPHQ
7KH &RQWLQXXP V RSLQLRQ RI WKH 7UDGLWLRQV LV GHVFULEHG EHORZ 7KH 7UDGLWLRQV RSLQLRQ RI WKH &RQWLQXXP LV GHQRWHG LQ HPSKDVL]HG VFULSW EHORZ WKLV >1RWH WKDW PDQ\ RI WKH VXEWUDGLWLRQV KHUH FDQ EH IRXQG LQ WKHYDULRXV0DJH$UFKLYHVRQWKH1HW@
7+(&217,1880
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
HPSOR\HUV FRPLQJ 7KHLU LGHDV RI YLUJLQ QHZ 9LUWXDO :RUOGV DUH LQWHUHVWLQJ EXW VKRXOG ZH IDOO WKHLU ZRUOGV ZLOO EH GHVWUR\HG DV VXUHO\ DVRXURZQ 7KH &RQWLQXXP KDYH JRW LW DOO ZURQJ RXU ZRUOGV FDQ VXUYLYH DQ\WKLQJ WKH 1HSKDQGLWKURZDWWKHP
2USKDQV
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
7+(&217,18803$5$',*03$*( 1RWH
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
7KH 3DUDGLJP DV GHVFULEHG KHUH LV SUREDEO\ RQO\ LPSRUWDQW WR $JHQWV RI WKH 5HSXOVLRQ %UDQFK &RQWLQXXP $JHQWV ZLWKLQ ,QWHOOLJHQFH $FTXLVLWLRQ DQG 7DUJHW 1HXWUDOLVDWLRQ WHQG WR EH PRUH (DUWKERXQG
WKDQ WKRVH LQ 5HSXOVLRQ %UDQFK VR PDQ\ URXQG GRZQ WKHLU SHUVRQDO SDUDGLJPV WR D PXFK OHVV HVRWHULF OHYHO )RU H[DPSOH D 7DUJHW 1HXWUDOLVDWLRQ DJHQW LV SUREDEO\ PRUH OLNHO\ WR MXVW 7HOHSRUW LH WKLQN
, QHHG WR JHW IURP $ WR % LQ QR WLPH DW DOO DQG WKHQ WHOHSRUW WKDQ WR WKLQN DERXW H[DFWO\ KRZ KH LV PRYLQJ DFURVV WKH &RUULGRU LQ D 6SDFH /LNH 3DWK $V D UHVXOW 5HSXOVLRQ %UDQFK $JHQWV VRPHWLPHV WKLQN WKH\ WDNH WKHLU MRE PXFK PRUH VHULRXVO\ WKDQ WKHLU $FTXLVLWLRQ1HXWUDOLVDWLRQFRXQWHUSDUWV
7KH3DUDGLJP 7KH &RUULGRU 5HDOLW\ LV DQ HQGOHVV &RUULGRU ZLWK WLPH DV LWV OHQJWK DQG VSDFH DV LWV ZLGWK 7KH &RUULGRU LV XQGHU FRQVWDQW DWWDFN IURP WKH 'DUNQHVV EH\RQG LWV ZDOOV DQG LWV DJHQWV ZLWKLQ 7KH ZDOOV RI WKH
7+(&217,1880
&RUULGRU PXVW EH FRQWLQXDOO\ JXDUGHG DQG DQ\ KROHV LQ LWV ZDOOV PXVW UDSLGO\EHVHDOHGEHIRUHDQ\SHUPDQHQWGDPDJHLVGRQH
3DWWHUQV
0DJLFN
p
2EVHUYDWLRQ $Q $FFHSWHU >6OHHSHU@ VHHV HYHQWV DURXQG KLP DV WKH\ KDYH EHHQ GHILQHG E\ WKH 2EVHUYDWLRQV RI RWKHU PRUH DVWXWH 2EVHUYHUV >0DJHV@ REVHUYLQJ DQ HYHQW IL[HV LW LQ WLPH DQG VSDFH LH WKH &RUULGRU 2EVHUYHUV DUH DEOH WR VHH ZKDW WKH\ ZDQW WR VHH WKXV IL[LQJHYHQWVLQWKH&RUULGRUDFFRUGLQJWRWKHLURZQUHTXLUHPHQWV
)RUFHV ,QWHUDFWLRQ $OO IRUFHV *UDYLW\ (OHFWURPDJQHWLF 6WURQJ DQG :HDN DUH PDQLIHVWDWLRQV RI XQVHHQ LQWHUDFWLRQV EHWZHHQ SDUWLFOHV 2QO\ LQ FHUWDLQ FLUFXPVWDQFHV GR WKHVH LQWHUDFWLRQV PDQLIHVW DV UHDO SDUWLFOHV VXFK DV SKRWRQV DQG HOHFWURQV %\ 2EVHUYLQJ WKHVH LQWHUDFWLRQV DQ 2EVHUYHU FDQ LQIOXHQFH WKH IRUFHV WKDWDIIHFWWKHPDFURPLFURVFRSLFZRUOG
p
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
6SKHUHV p
&RUUHVSRQGHQFH 6SDFH/LNH 3DWKV 6LGHVWHS %\ WUDYHOOLQJ DORQJ D VSDFHOLNH SDWK HIIHFWLYHO\ E\ PRYLQJ VLGHZD\V LQ WKH &RUULGRU DQ 2EVHUYHU FDQ E\SDVV 7LPH DQG WUDYHO JUHDW GLVWDQFHV LQVWDQWDQHRXVO\ %\ VKLIWLQJ RQH V SHUFHSWLRQV DORQJ WKH ZLGWK RI WKH &RUULGRU DQ 2EVHUYHU FDQ VHQVH GLVWDQW HYHQWV DQG ORFDWLRQV %\ UHDFKLQJ DFURVV WKH &RUULGRU DQ 2EVHUYHU FDQ SK\VLFDOO\ DIIHFW WKHVHGLVWDQWORFDWLRQV
1RWH WKDW LW LV QRW SRVVLEOH IRU $FFHSWHUV WR WUDYHO DFURVV WKH &RUULGRU LQ WKLV ZD\ WKH FORVHVW WKH\ FDQ HYHU JHW LV WKH WKHRUHWLFDO PD[LPXP RI WKH VSHHG RI OLJKW F ZKLFK LWVHOI FDQQRW WUDYHO DFURVV WKH &RUULGRU LQVWDQWDQHRXVO\ +RZHYHU DFFHOHUDWLRQ WR VXFK YHORFLWLHV ZDUSV WKH IDEULF RI WKH &RUULGRU VXFK WKDW 6SHFLDO 5HODWLYLVWLF HIIHFWV FDQ RFFXU WR VORZ WKH VXEMHFWLYH SDVVDJH RI WLPH 2EVHUYHUV WUDYHO RQ 6SDFH/LNH 3DWKV VR ERWK W DEVROXWH WUDYHO 7LPH DQG 7DX VXEMHFWLYH WUDYHO 7LPH
p
(QWURS\ &KDRV 4XDQWXP 0HFKDQLFV %\ REVHUYLQJ HYHQWV DW WKH 4XDQWXP /HYHO DQ 2EVHUYHU FDQ FRQWURO SUREDELOLW\ DQG UDQGRPQHVV
p
0LQG 2SLQLRQ 2QH RI WKH PRUH HVRWHULF FRQFHSWV ZLWKLQ WKH 3DUDGLJP RI WKH &RUULGRU VLQFH REVHUYDWLRQ GHILQHV UHDOLW\ RSLQLRQ RI ZKDW RQH VHHV SOD\V D FULWLFDO UROH LQ GHWHUPLQLQJ ZKDW RQH KDV MXVW VHHQ 7KXV RSLQLRQ LV DOVR D YLWDO IDFWRU LQ IL[LQJ UHDOLW\
p
3ULPH 7KH )ORZ $OO WKLQJV DUH SXVKHG LQ RQH GLUHFWLRQ WKURXJK WKH &RUULGRU WKH FXUUHQW WKDW GULYHV WKHP LV WKH )ORZ %\ LQFUHDVLQJ RU GHFUHDVLQJ WKH GHQVLW\ RI WKH )ORZ WKURXJK DQ REMHFW LW FDQ EH PRUH RU OHVV ILUPO\ DQFKRUHG WR WKH &RUULGRU 'HFUHDVLQJ WKH )ORZ GHQVLW\ FDXVHV DQ REMHFW WR EHFRPH LQKHUHQWO\ XQVWDEOH XQWLOLWFRPSOHWHO\GLVFRUSRUDWHVZKHQWKHGHQVLW\UHDFKHV]HUR
p
6SLULW 2SHQLQJ WKH GRRUV 7KHUH DUH PDQ\ VLGH GRRUV LQ WKH &RUULGRU WKURXJK ZKLFK EUDQFK FRUULGRUV ZLWK GLIIHULQJ SDUDPHWHUV WR RXU RZQ PD\ EH HQWHUHG ,W LV EHOLHYHG WKDW RWKHU &RUULGRUV DV RSSRVHG WR %UDQFKHV GR H[LVW SUHVXPDEO\ DOVR XQGHUFRQVWDQWVLHJHIURPWKH'DUNQHVVLQZKLFKWKH\UHVW
p
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
,QFUHDVLQJ WKH IRUZDUG PRWLRQ PDNHV 7LPH SDVV DW D IDVWHU VXEMHFWLYH UDWH GHFUHDVLQJ WKH IRUZDUG PRWLRQ PDNHV 7LPH SDVV DW D VXEMHFWLYHO\ VORZHU UDWH $QFKRULQJ WKH REMHFW WR &RUULGRU VR WKDW LW KDV QR IRUZDUG PRWLRQ IUHH]HV WKDW REMHFW LQ 7LPH ([SHULPHQWV DUH FXUUHQWO\ XQGHUZD\ WR UHYHUVH WKH GLUHFWLRQ RI PRWLRQ LQ D WHVW REMHFW EXW DOO DWWHPSWV VR IDU KDYH IDLOHG WKH UHYHUVDO RI FDXVDOLW\ FDXVH DQG HIIHFW WKDW UHVXOWV FUHDWHV D 6LQJXODULW\ VLQFH VXFK SKHQRPHQD DUH QRWVWDEOHLQWKH&RUULGRU
>1RWH WKDW WKLV LV MXVW EDFNJURXQG LQ UHDOLW\ 0DWWHU DV XVHG E\ D &RQWLQXXP $JHQW ZLOO LWVHOI GUDZ WKH HQHUJ\ IURP HOVHZKHUH LQ WKH 8QLYHUVH VD\ D FORXG RI LQWHUVWHOODU JDV D WKRXVDQG OLJKW\HDUV DZD\ RU WKH DLU DURXQG WKH WDUJHWHG REMHFW WR FUHDWH WKH PDWHULDOREMHFW &RUUHVSRQGHQFHRU0LQGLVQRWUHTXLUHGWRXVH0DWWHU @
p
/LIH 0DVVHQHUJ\ /LYLQJ EHLQJV DUH VWLOO FRQVWUXFWHG RI EDVLF PDWWHU EXW WKLV LQWHUDFWV LQ D FRPSOH[ ELRFKHPLFDO PDQQHU WR IXHO WKH ERG\ $IIHFWLQJ /LYLQJ FUHDWXUHV UHTXLUHV PRUH ILQHVVH DQG FRQFHQWUDWLRQ WKDQ WKDW UHTXLUHG IRU QRQOLYLQJ PDWHULDO DQG E\ QHFHVVLW\ WKH SUREOHP PXVW EH DSSURDFKHG IURP D VHSDUDWH GLUHFWLRQ
>/LIH LV DIIHFWHG LQ D VLPLODU ZD\ WR 0DWWHU EXW VLQFH OLYLQJ ERGLHV DUH PXFK PRUH FRPSOH[ WKDQ QRQOLYLQJ PDWHULDO D QHZ DSSURDFK PXVW EH VHW XS LQ WKH 2EVHUYHU V PLQG KHQFH /LIH LV D VHSDUDWH 6SKHUH WR 0DWWHU@
$UHWH $VWXWHQHVV 0RUH $VWXWH 2EVHUYHUV FDQ XQGHUVWDQG WKH &RUULGRU EHWWHU E\ VHHLQJ LQ PRUH GHWDLO 2EVHUYHUV EHFRPH PRUH DVWXWH WKURXJK H[SHULHQFH E\ QRWLFLQJ WKH VXEWOH QXDQFHV LQ HYHU\ 2EVHUYDWLRQ
4XLQWHVVHQFH (QHUJ\ (QHUJ\ LV DQ XQXVXDO TXDQWLW\ :KLOH LQ WKH FRQYHQWLRQDO XQLYHUVH LW PDQLIHVWV DV D IRUFH RU DV PDVV WKH WUXWK LV PXFK GHHSHU WKDQ WKLV (QHUJ\ LV LQ IDFW D SK\VLFDO PDQLIHVWDWLRQ RI WKH GHQVLW\ RI WKH )ORZ WKH FXUUHQW WKDW SHUSHWXDOO\ SXVKHV HYHQWV IRUZDUGV LQ WLPH DORQJ WKH &RUULGRU ,Q WKH SK\VLFDO ZRUOG WKH (QHUJ\ 'HQVLW\ RI WKH IORZ FDQ PDQLIHVW LQ PDQ\ IRUPV LQ WKH ULJKW FLUFXPVWDQFHV 7KLV (QHUJ\ FDQ EH XVHG WR EDFN XS 2EVHUYDWLRQV HQVXULQJ WKH\ DUH SHUFHLYHGFRUUHFWO\
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
$ZDNHQLQJ$VFHQVLRQ 6DSLHQFH 6DJDFLW\ $FFHSWHUV ZKR VWDUW WR TXHVWLRQ ZKDW WKH\ VHH EHFRPH 6DSLHQW %\ GRXEWLQJ WKH 2EVHUYDWLRQV RI RWKHUV LQVWHDG RI
7+(&217,1880
MXVW DFFHSWLQJ WKHP WKH\ IRUPXODWH WKHLU RZQ 2SLQLRQ DQG VR EHFRPH 2EVHUYHUVWKHPVHOYHV ,W VKRXOG EH QRWHG WKDW WKH &RQWLQXXP GRHV QRW EHOLHYH LQ $VFHQVLRQ 7KH VWUXJJOH DJDLQVW WKH 'DUNQHVV LV FRQWLQXRXV DQG VR FDQ QHYHU KDYH VXFK D FXOPLQDWLRQ >RWKHU WKDQ WKH WRWDO GHVWUXFWLRQ RI 0DLQ &RUULGRU@
0DJH6SHFLILF%DFNJURXQGV p
$UFDQH &RYHULQJ WKH 7UDFNV 2EVHUYHUV DUH FDSDEOH RI VHHLQJ UHDOLW\ LQ LWV WUXH IRUP WKH &RUULGRU %\ ORRNLQJ EHKLQG WKHP >LQ WKH SDVW@ WKH\ FDQ FRYHU WKHLU WUDFNV VR WKH\ SDVV ZLWK YHU\ OLWWOH WUDFHDORQJWKH&RUULGRU
p
$YDWDU 'HQVH )ORZ 2EVHUYHUV H[LVW EHFDXVH WKH )ORZ WKURXJK WKHP LV GHQVHU WKDQ WKH )ORZ WKURXJK QRUPDO $FFHSWHUV ,Q DGGLWLRQ 2EVHUYHUV FDQ GUDZ XSRQ WKLV H[FHVV GHQVLW\ DV D NLQG RI (QHUJ\ EDWWHU\ ZLWKZKLFKWREDFNXSWKHLU2EVHUYDWLRQV
p
'HVWLQ\ 5HFRJQLWLRQ 6RPH 2EVHUYHUV DUH VLPSO\ YHU\ JRRG DW ZKDW WKH\ GR RU VKRZ D IDLQW KLQW RI H[WUDRUGLQDU\ WDOHQW DV VXFKWKH\GHVHUYHUHFRJQLWLRQ
p
'UHDP 6FDQQLQJ WKH &RUULGRU 6LQFH WKH &RUULGRU FRQWDLQV HYHU\WKLQJ WKDW ZLOO EH LV RU KDV EHHQ LQ H[LVWHQFH LW LV SRVVLEOH WR VFDQ LWV FRQWHQWV DW OHDVW LQ WKH LPPHGLDWH YLFLQLW\ IRU NQRZOHGJHWKDWWKH2EVHUYHUPD\UHTXLUH
p
1RGH (QHUJ\ &RQFHQWUDWLRQV 7KH )ORZ WKURXJK VRPH UHJLRQV RI WKH &RUULGRU LV GHQVHU WKDQ QRUPDO PRUH (QHUJ\ FDQ WKXV PDQLIHVWLQWKHVHORFDWLRQV
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
VXUURXQGV WKH &RUULGRU >LH WKH 'HHS 8PEUD@ 6XFK GRRUV DUH VRXJKW RXW DQG DUH FRQWLQXDOO\ JXDUGHG VLQFH WKH\ SUHVHQW DQ REYLRXV URXWH IRU WKH 'DUNQHVV WR HQWHU WKH &RUULGRU 0RUH DGYHQWXURXV 2EVHUYHUV FODLP WR KDYH VHHQ RWKHU &RUULGRUV >LH 5HDOPV LQ WKH 'HHS 8PEUD@ VXVSHQGHG LQ WKH 'DUNQHVV DURXQG RXU RZQ EXW WKH &RQWLQXXP FDQQRW DIIRUG WR H[SHQG LWV OLPLWHG UHVRXUFHV E\ LQYHVWLJDWLQJ WKHP DQG GHIHQGLQJ RXU RZQ DW WKH VDPH WLPH ,W LV DVVXPHG WKDW WKHVH RWKHU&RUULGRUVDUHDOVRXQGHUVLHJHE\WKH'DUNQHVV :UDLWKV 7KH &RQWLQXXP KROGV ZKDW DSSHDUV WR EH D YLROHQWO\ SDUDQRLG RSLQLRQ RI :UDLWKV LW DFWLYHO\ VHHNV DQG GHVWUR\V WKHP ZKHUHYHU WKH\ H[LVW ,Q WKHLU YLHZ ZKHQ VRPHWKLQJ GLHV LW PD\ OHDYH DQ ,PSULQW RI LWVHOI >LH D :UDLWK@ RQ UHDOLW\ D JRRG DQDORJ\ ZRXOG EH WR HTXDWH WKH ,PSULQW WR DQ DIWHULPDJH OHIW RQ WKH UHWLQD DIWHU D EULJKW OLJKWLVVKRQHLQWRRQH VH\HV 7KH &RQWLQXXP SHUFHLYHV WKHVH ,PSULQWV DV D YHU\ UHDO WKUHDW WR WKH &RUULGRU V LQWHJULW\ IRU LW LV WKURXJK WKHP WKDW LWV ZDOOV EHFRPH ZHDNHQHG DOORZLQJ WKH 'DUNQHVV RXWVLGH HDVLHU SDVVDJH WR UHDOLW\ %\ UHVRQDWLQJ ZLWK WKH ,PSULQW V GHVLUHV WKH LQYDGHU FDQ PDQLIHVW LWVHOI ZLWKLQ WKH &RUULGRU /LQJHULQJ PHPRULHV DQG GHVLUHV QXUVHU\ UK\PHV DQG HYHQ ROG SKRWRJUDSKV KDYH SURYHQ WR EH D PDMRU WKRUQ LQ WKH VLGH RI WKH &RQWLQXXP DV LW IHQGV RII DWWHPSWV E\ WKH 'DUNQHVV WR EUHDN WKURXJKWKHZHDNHQHGZDOOV 7KHUH LV PXFK GHEDWH RQ ZKHWKHU RU QRW WKHVH ,PSULQWV DUH VHQWLHQW 6RPH DUJXH WKDW ,PSULQWV DUH MXVW WKDW HPRWLRQDO DIWHULPDJHV OHIW RQ UHDOLW\ ZLWK QR VHQWLHQFH RU LQWHOOLJHQFH 2WKHUV HVSHFLDOO\ WKRVH ZKR KDYH FRPH IDFHWRIDFH ZLWK :UDLWKV EHOLHYH WKDW WKH\ DUH LQGHHG VHQWLHQW EXW FDQ EH GULYHQ XVHG RU WULFNHG E\ WKH 'DUNQHVV LQWR DFWLQJ DV D JDWHZD\ LQWR WKH &RUULGRU $OO IDFWLRQV EHOLHYH WKDW ZKLOH WKHVH ,PSULQWV PD\ RU PD\ QRW EH D GLUHFW WKUHDW WKH\ UHPDLQ D ZHDN OLQN WKURXJK ZKLFK WKH 'DUNQHVV FDQ EUHDN WKURXJK VR WKH\ VKRXOG EH UHPRYHG ZKHUHYHU IRXQG 6RPH $JHQWV DFWLYHO\ VHHN DQG GHVWUR\ )HWWHUV LQ RUGHU WR ORRVHQ WKH ERQGV RI D :UDLWK WR WKH /LYLQJ :RUOG >,Q JDPH WHUPV WKH &RQWLQXXP VHHV :UDLWKV DV D GLUHFW OLQN WR WKH IRUFHV RI 2EOLYLRQ WR\V WR EH XVHG E\ WKH 'DUNQHVV WR SHQHWUDWH WKH ZDOOV RI WKH &RUULGRU ,W VKRXOG EH QRWHG WKDW WKH 8QGHUZRUOG KDV QRW EHHQ GLVFRYHUHG E\ WKH &RQWLQXXP DQG FDQQRW EH DFFRXQWHG IRU ZLWKLQLWV3DUDGLJP &KURQLFOHV LQYROYLQJ WKH LQWHUDFWLRQFRQIURQWDWLRQ EHWZHHQ :UDLWKV DQG &RQWLQXXP $JHQWV HVSHFLDOO\ 5HSXOVLRQ %UDQFK DUH SRWHQWLDOO\ WKH PRVW LQWHUHVWLQJ RI DOO ,QVSLUDWLRQ FDQ EH IRXQG LQ WKH HDUO\ V %ULWLVK 6FL)L 6HULHV 6DSSKLUH DQG 6WHHO VWDUULQJ -RDQQD /XPOH\ DQG 'DYLG 0DF&DOOXP ,QGHHG WKH 3DUDGLJP RI WKH &RQWLQXXP LV H[WUDSRODWHG IURP LQIRUPDWLRQ KLQWHG DW LQ WKH VL[ DGYHQWXUHV WKDW PDGH XS WKLV VHULHV $GYHQWXUH LQ SDUWLFXODU LV D YHU\ JRRG H[DPSOH RI :UDLWKV EHLQJ XVHG E\ WKH 'DUNQHVV IRU LWV RZQ HQGV $V DQ DVLGH 6DSSKLUH DQG 6WHHO WKHPVHOYHV FDQ EH FRQVLGHUHG DV 5HSXOVLRQ %UDQFK )LHOG 2SV ZLWK /HDG DQG 6LOYHU ZKR DOVR DSSHDU LQ WKH VHULHV RFFDVLRQDOO\ DV5HSXOVLRQ%UDQFK6SHFLDOLVWV @ *DURX 7KH &RQWLQXXP LV QHXWUDO WR WKH *DURX SULPDULO\ EHFDXVH LW NQRZV VR OLWWOH DERXW WKHP 7KH &RQWLQXXP YLHZV WKH *DURX DV QDWXUDO K\EULGV RI WKH IRUFHV ZLWKLQ WKLV &RUULGRU DQG LWV %UDQFKHV VLQFH WKH\ H[LVW DW RU QHDU WKH 3HULSKHU\ LH WKH :DOOV RI WKH &RUULGRU ,I WKH &RQWLQXXP NQHZ HQRXJK *DURX FRVPRORJ\ WKH\ ZRXOG SUREDEO\ EHOLHYH WKDW WKH :\UP LV \HW DQRWKHU PDQLIHVWDWLRQ RI WKH 'DUNQHVV ,W LV QRW FHUWDLQ WKDW WKH *DURX DUH DZDUH RI WKH H[LVWHQFH RI WKH&RQWLQXXPEXWZKHUHWKH\FDQWKHWZRVLGHVSUHIHUWROHDYHHDFK RWKHUWRILJKWWKHLURZQEDWWOHVZLWKWKH'DUNQHVVRQWKHLURZQWHUPV 9DPSLUHV :KLOH WKH H[LVWHQFH RI 9DPSLUHV LV UXPRXUHG WKH &RQWLQXXP NQRZV WRR OLWWOH DERXW WKHVH FUHDWXUHV WR GUDZ DQ RSLQLRQ 7KH JHQHUDO FRQVHQVXV LV WKDW WKH\ DUH D IRUP RI XQXVXDO EXW QDWXUDO OLIHIRUP XQLTXH WR RXU RZQ &RUULGRU SRVVLEO\ IRUPLQJ ZKHQ DQ $FFHSWHU GLHV ZKLOH EHFRPLQJ 6DSLHQW WR FUHDWH D SDUWLDOO\6DSLHQW FUHDWXUH $OO RI WKLV LV FRQMHFWXUH LI WUXWK EH WROG 9DPSLUHV DUH D ODUJHO\ XQNQRZQ TXDQWLW\ WR WKH &RQWLQXXP +RZHYHU LW LV EHOLHYHG WKDW WKHUH LV QR FRQQHFWLRQ EHWZHHQ WKH 'DUNQHVV DQG WKHVH HQWLWLHV :KHUHYHU SRVVLEOH 9DPSLUHV VKRXOG EH VWXGLHG FDUHIXOO\ E\ &RQWLQXXP $JHQWV DOWKRXJK WKHLU SDWKV UDUHO\ FURVV 1HYHUWKHOHVV WKH &RQWLQXXP LV DZDUH WKDW VRPH RI WKHVH FUHDWXUHV DFWLYHO\ DLGLQJ WKH'DUNQHVVDQGWULHVWRVHHNDQGGHVWUR\WKHPZKHQWKH\FDQ
7+(&217,1880
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
CONTINUUM AND NEXUS %\ &RQVWDQWLQH 7KRPDV FWKRPDV#ODQFDVWHUDFXN $OVR VHH &RQWLQXXP WUDGLWLRQ 6KHOE\%DEE VDGGLWLRQV DQG $UWKXU 7UHYRU'0/DVKHU V6RXWKURQ5HSXEOLFYLUWXDO
1(;867KH6KDGH5HDOPRI7LPH 7KHPH 7KLV PD\ EH D JRRG SRLQW WR GHILQH WKH CWKHPH RI WKH &RQWLQXXP DQG 1H[XV 7KLV WKHPH LV WKH H[SORUDWLRQ DQG LQWHUSUHWDWLRQ RI WKH 0\VWHULRXV 8QNQRZQ 7KH 6WUDQJH WKH :HLUG DQG WKH 8QXVXDO (QLJPDWLF $OLHQ DUWHIDFWV RQ HPSW\ ZRUOGV GLVDSSHDULQJ FLWLHV PLQG EORZLQJ +DUG 6FL)L P\VWHU\ VWUDQJH IRUFHV VKDSLQJ UHDOLWLHV FLYLOLVDWLRQV QHYHU HQFRXQWHUHG EHIRUH DQG VR RQ %HDU WKLV LQ PLQG ZKHQGHVLJQLQJ\RXURZQ9LUWXDOV
$Q,QWURGXFWLRQWR1H[XV 1H[XV LV D WUXO\ LQFUHGLEOH 5HDOP DQG LV KRPH WR &HQWUDO 2IILFH WKH 0DLQ &KDQWU\ RI WKH &RQWLQXXP ,W LV IURP KHUH WKDW WKH &RQWLQXXP FRRUGLQDWHVLWVGHIHQFHRIWKH&RUULGRU $VLGH IURP LWV EL]DUUH LQKDELWDQWV DQG HQYLURQPHQW 1H[XV RSHQV ZKROH QHZ 9LVWDV RI RSSRUWXQLW\ DQG DGYHQWXUH IRU 0DJHV WKURXJK WKH9LUWXDOVWKDWFDQEHDFFHVVHGIURPLW 6RPH SHULRGV RI +LVWRU\ DSSHDU WR UHVXOW LQ WKH FUHDWLRQ RI DQ $OWHUQDWH &RUULGRU WR WKH 0DLQ &RUULGRU 0& UHSUHVHQWLQJ (DUWK +LVWRU\ PD\ WDNH D GLIIHUHQW FRXUVH LQ WKHVH $OWHUQDWH &RUULGRUV NQRZQ DV 9LUWXDO )XWXUHV RU PRUH FRPPRQO\ YLUWXDOV :LWKLQ WKHVH 9LUWXDOV DQ H[DFW GXSOLFDWH RI 0& LV FUHDWHG EXW ZLWK RQH GLIIHUHQFH WKHRXWFRPHRIWKHHYHQW :KHQ WKH WLPH FRPHV IRU WKH HYHQW WR RFFXU LQ 0& RQH RI WKHVH 9LUWXDOV FU\VWDOOLVHV RU EHFRPHV 5HDO 7KLV IRUPHU 9LUWXDO QRZ UHSUHVHQWV WKH RXWFRPH RI WKH HYHQW LQ 0& 7KH RWKHU 9LUWXDOV DW WKLV SRLQW VKHDU RII WKH 0DLQ &RUULGRU DQG WKHVH IDLOHG 9LUWXDOV DUH FDVW DGULIW LQ WKH 'DUNQHVV 0DQ\ LI QRW PRVW RI WKHVH 9LUWXDOV DUH UDSLGO\ GLVVROYHG E\ WKH 'DUNQHVV EXW VRPH VXUYLYH IRU ORQJ HQRXJK WR EH FDSWXUHGE\1H[XVDQGPDGH5HDO 7KH 'DUNQHVV LWVHOI UHTXLUHV VRPH IXUWKHU H[SODQDWLRQ ,W UHSUHVHQWV WKH FRUUHFWLYH IRUFHV RI WKH 0HWDYHUVH 7KH &RUULGRUV WKHPVHOYHV DUH DFWXDOO\ DEHUUDWLRQV LQ WKH IDEULF RI WKH 0HWDYHUVH DQG DV D UHVXOW DUH TXLWH XQVWDEOH 7R UHVWRUH HTXLOLEULXP WKH 'DUNQHVV WKH QDWXUDO IDEULF RI WKH 0HWDYHUVH VHHNV WR GLVVROYH WKHVH LQVWDELOLWLHV 2Q 0DLQ &RUULGRU WKH RQO\ 7UXH &RUULGRU DERXW ZKLFK DQ\WKLQJ LV NQRZQ DW SUHVHQW WKHVH DWWHPSWV DW FRUUHFWLRQ PDQLIHVW RQ WKH ZKROH DV VHHPLQJO\ LQWHOOLJHQW HQWLWLHV VHHNLQJ WR LQYDGH DQG GHVWUR\ RXU UHDOLW\ WKH &RQWLQXXP V VROH SXUSRVH LV WR UHSHO WKHVH LQYDGHUV 7KH &RQWLQXXP LV IXOO\ DZDUH WKDW LW FDQ QHYHU CZLQ WKLV 3HUSHWXDO :DU DQG DV VXFK VROHO\ RSHUDWHV GHIHQVLYHO\ IRLOLQJ LQYDVLRQ DWWHPSWV DV DQG ZKHQ WKH\ RFFXU 7R VRPH WKHVH LQYDVLRQV DSSHDU WR EH GULYHQ E\ LQGLYLGXDO HQWLWLHV WKH *DURX VHH DQ HQWLW\ NQRZQ DV WKH :\UP
&217,1880$1'1(;86
+RZHYHU WKLV LV DQ LOOXVLRQ 7KH &RQWLQXXP NQRZ WKDW WKH :\UP DQG WKH RWKHU GHYLOV RI WKH $ZDNHQHG DUH EXW WKH SK\VLFDO UHSUHVHQWDWLRQV RI D PXFK JUHDWHU FRQFHSW ,Q D VHQVH WKH 'DUNQHVV LWVHOI RU DW OHDVW LWV SK\VLFDO UHSUHVHQWDWLRQV PD\ EH FRQVLGHUHG DV VHQWLHQW LQ DQ H[WUHPHO\ DOLHQ ZD\ ,W FDQQRW GHVWUR\ RXU 7UXH &RUULGRU GLUHFWO\ EXW LQVWHDG VHHNV WR ZHDNHQ LW IURP WKH LQVLGH WKURXJK WKHVH LQYDVLRQV $V VXFK LW PDQLIHVWV ZLWKLQ 0DLQ &RUULGRU DV HQWLWLHV ZKLFK DSSHDU CHYLO DQG CQLKLOLVWLF $OWKRXJK WKH &RQWLQXXP GHVWUR\V RU EDQLVKHV :UDLWKV ZKHUH LW ILQGV WKHP GXH WR WKH IDFW WKDW WKH\ VHHP WR ZHDNHQ WKH :DOOV RI WKH &RUULGRU ZKHUH WKH\ DSSHDU WKH 2EOLYLRQ RI WKHVH *KRVWV LV SUREDEO\ PXFK FORVHU WR D WUXH XQGHUVWDQGLQJRIWKHFRQFHSWRIWKH'DUNQHVVWKDQWKH:\UP 1H[XV LWVHOI LV XQXVXDO LQ WKH FRVPRORJ\ RI WKH &RQWLQXXP ,W LV GLUHFWO\ DWWDFKHG WR 0DLQ &RUULGRU UXQQLQJ SDUDOOHO WR LW XQOLNH WKH %UDQFKHV ZKLFK UDGLDWH IURP WKH VLGHV EXW ERUGHUV GLUHFWO\ RQ ERWK WKH 'DUNQHVV DQG 0DLQ &RUULGRU LWVHOI WKXV LQ 0DJH WHUPV LW LV D +RUL]RQ 5HDOP ZLWK DFFHVV WR ERWK WKH 'HHS 8PEUD DQG WKH 1HDU 8PEUD DQG (DUWK 7KXV LW FDQ FROOHFW WKH 9LUWXDOV WKDW DUH FDVW DGULIW IURP0DLQ&RUULGRU ,W LV QRW HQWLUHO\ FOHDU ZKDW IDFWRUV DOORZ FHUWDLQ 9LUWXDOV WR VXUYLYH GLVVROXWLRQ E\ WKH 'DUNQHVV 7KH SUREDELOLW\ RI WKHLU RXWFRPH LV YHU\ OLNHO\ WR EH RQH IDFWRU DOWKRXJK WKH DPRXQW RI (QHUJ\ 4XLQWHVVHQFH WKH\ KROG DOVR DSSHDUV WR EH LPSRUWDQW 6RPHWLPHV LW MXVW VHHPV WR EH WKH ZLOO RI LWV LQKDELWDQWV H[LVWHQFH WKDW JLYHV WKH 9LUWXDO VWUHQJWK DJDLQVW WKH 'DUNQHVV 2QH SRVVLELOLW\ ZKLFK WKH &RQWLQXXP RU DQ\ RWKHU PRUWDO LV FRPSOHWHO\ XQDZDUH RI DQG LV TXLWH SRVVLEO\ DIUDLG WR FRQVLGHU LV WKDW 1H[XV LWVHOI LV DFWLYHO\ VDYLQJ 9LUWXDOV IURP GHVWUXFWLRQ 7KLV DOVR UDLVHV WKH TXHVWLRQ RI ZKHWKHU RU QRW 1H[XV LWVHOILVLQIDFWWKH2UDFOHRIWKH&RQWLQXXP 1H[XV LV VXUURXQGHG E\ WKRXVDQGV LI QRW PLOOLRQV RI 9LUWXDOV DFFXPXODWHG LW VHHPV IURP WKH EHJLQQLQJV RI RXU RZQ &RUULGRU 7KHVH 9LUWXDOV VXUURXQG 1H[XV OLNH D ILEUHRSWLF FDEOH ZLWK 1H[XV EHLQJ WKH FRUH ILEUH +RZHYHU ZKHQ DFFHVVLQJ 1H[XV IURP 0& LW FDQ EH HQWHUHG GLUHFWO\ ZLWKRXW UHFRXUVH WR KDYLQJ WR SDVV WKURXJK D 9LUWXDO ILUVW 7KH 9LUWXDOV WKHPVHOYHV FDQ RQO\ EH DFFHVVHG YLD 1H[XV DQG QRW IURP 0& ,W DSSHDUV WKDW WKH 9LUWXDOV UHODWHG WR (DUWK DQG KXPDQLW\ DUH WKH PRVW HDV\ WR DFFHVV IURP 1H[XV ZKLOH RWKHU PRUH
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
PRVW DUH ZHDNHU WKDQ 0& 1RGHV WKHUH DUH VR PDQ\ WKDW LW PDNHV OLWWOHGLIIHUHQFH
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
7LPHDQGWKH(QYLURQPHQW 7KH 3DVVDJH RI 7LPH 7LPH LV D VWUDQJH DQG KLJKO\ ORFDOL]HG SKHQRPHQRQ LQ 1H[XV ,W DSSHDUV WKDW LQGLYLGXDO DZDUH EHLQJV LH DQLPDOV DQG VDSLHQWV KDYH WKHLU RZQ ,QWHUQDO 7LPH )LHOG LQ ZKLFK WKH\ RSHUDWH UHJDUGOHVV RI WKH ([WHUQDO HQYLURQPHQWDO 7LPH )LHOG IRU H[DPSOH D KXPDQ 0DJH IURP 0& (DUWK FDXJKW LQ DQ ([WHUQDO )LHOG ZKHUH 7LPH DSSDUHQWO\ SDVVHV WLPHV VORZHU ZLOO VWLOO EH DEOH WR PRYH DW KLV QRUPDO UDWH +RZHYHU HYHU\WKLQJ DURXQG KLP WKDW LV
&217,1880$1'1(;86
QRW DQRWKHU DQLPDO RU VDSLHQW EHLQJ ZLOO EH PRYLQJ PXFK VORZHU SODQWV ZLOO VZD\ OD]LO\ LQ WKH ZLQG EXOOHWV ZLOO WDNH ORQJHU WR UHDFK WKHLUWDUJHWVHWF
,QWHUQDO 7LPH )LHOGV RSHUDWH DV QRUPDO WKH ([WHUQDO )LHOG ZLOO VWLOO EH SUHVHQW WKRXJK VR WKH\ ZLOO QRW EH DZDUH RI WKH SDVVDJH RI WLPH DW DOO >7KLQNRIWKH1H[XVLQC6WDU7UHN*HQHUDWLRQV LI\RX YHVHHQLW@
+RZHYHU LW LV VWLOO SRVVLEOH IRU 0DJHV VWXG\LQJ 7LPH WR FRQWUDFW RU GLODWH WKHLU RZQ 7LPH )LHOGV WKXV LQ D SDUW RI 1H[XV ZKHUH 7LPH SDVVHVWZLFHDVIDVWDVQRUPDOWKH0DJHFDQVSHHGXSKLVRZQ,QWHUQDO )LHOG XVLQJ 7LPH 0DJLF WR PDWFK WKH ([WHUQDO )LHOG ,I WKLV LV GRQH WKH ([WHUQDO DQG ,QWHUQDO )LHOGV DUH V\QFKURQLVHG DQG WR WKH 0DJH V SHUVSHFWLYH7LPHSDVVHVDWDQRUPDOUDWHIRUKLP
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
:HDWKHU 7KH :HDWKHU LQ 1H[XV LV JHQHUDOO\ HDUWKOLNH EXW WKH WHPSRUDO HIIHFWV RI WKH HQYLURQPHQW FDQ SURGXFH VHYHUDO XQXVXDO SKHQRPHQD WKH PRVW VWULNLQJ RI WKHVH DUH WKH 6ORZ6WRUPV 7KHVH DUH WKXQGHUVWRUPV WKDW DFFXPXODWH DQG GLVSHUVH YHU\ VORZO\ DOPRVW DV LI WKH\ ZHUH LQ D PXFK VORZHU 7LPH =RQH :KHQ WKH\ GR DFFXPXODWH WKH OLJKWQLQJ EROWV WKH\ WKURZ WUDYHO WR WKH JURXQG H[WUHPHO\ VORZO\ VORZ HQRXJK IRU EHLQJV WR VHH WKHP FRPLQJ DQG GRGJH 2WKHU XQXVXDO PHWHRURORJLFDO FRQGLWLRQV LQFOXGH )DVW6WRUPV OLNH 6ORZ6WRUPV EXW WKH\ DFFXPXODWH ZLWKLQ PLQXWHV DQG DUH RYHU YHU\ UDSLGO\ VHHLQJ RQH IURP D GLVWDQFH LV RQH RI WKH PRVW VSHFWDFXODU VLJKWV RQ 1H[XV DV WKRXVDQGV RI OLJKWQLQJ EROWV UDLQ GRZQ LQ D IHZ PLQXWHV DQG +DUG +DLO +DLO IDOOLQJ LQ DQ DFFHOHUDWHG ([WHUQDO )LHOG WKXV ZKHQ WKH\ VWULNH KXPDQV PRYLQJ ZLWK DQ ,QWHUQDO &ODVV )LHOG WKH\ DSSHDU WR IDOO PXFK IDVWHU DQG WKXV FDQ DFWXDOO\ FDXVH VHULRXV SK\VLFDOGDPDJHZKHQWKH\VWULNH 7LPH6WRQH 7LPHVWRQH LV QRWKLQJ OHVV WKDQ 6ROLG 6SDFH7LPH ,W LV WKH EDVH IURP ZKLFK DOO UHDOLW\ LV FRQVWUXFWHG IURP DQG LV H[WUHPHO\ UDUH LQ WKH 0HWD9HUVH LQGHHG LW KDV VR IDU EHHQ IRXQG RQO\ RQ 1H[XV ,Q VLWX LW LV D EURZQLVKWLQJHG WUDQVOXFHQW URFN WKURXJK ZKLFK RWKHU UHDOLWLHV FDQ GLPO\ EH SHUFHLYHG ,WV SURSHUWLHV DUH DV ODUJHO\ XQNQRZQ EXW LW LV NQRZQ WKDW LI RQH FRQFHQWUDWHV DQG WULHV WR CZDON WKURXJK D 7LPHVWRQH H[SRVXUH RQH FDQ HQWHU WKH 9LUWXDO WKDW OLHV RQ WKH RWKHU VLGH +RZHYHU LW LV RIWHQ PXFK HDVLHU DQG PRUH UHOLDEOH WR HQWHU D 9LUWXDO XVLQJ 6SLULW PDJLFN WKDQ YLD 7LPHVWRQH VLQFH WKH VDPH 9LUWXDOUDUHO\UHPDLQVEHKLQGD7LPH6WRQHH[SRVXUHIRUORQJ ,W KDV EHHQ GLVFRYHUHG WKDW 7LPH6WRQH KDV WKH SURSHUW\ RI EHLQJ GHWHFWDEOH ZLWKLQ RWKHU 9LUWXDOV WKURXJK WKH XVH RI 7LPH %HLQJ D SDUW RI 1H[XV LW LV RQO\ SHUFHSWDEOH WR 0& 0DJHV DQG WKRVH ZLWK 7HPSRUDO $YDWDUV 7KXV LW FDQ EH XVHG E\ &RQWLQXXP $JHQWV DV D NLQGRIKRPLQJEHDFRQWRRWKHUVRIWKHLUNLQGLQRWKHUUHDOLWLHV ,Q 1H[XV 7LPH6WRQH KDV D PRVW XVHIXO SURSHUW\ D NLORJUDP OEV RI 7LPH6WRQH LV HTXLYDOHQW WR D VLQJOH SDZQ SRLQW RI /HYHO 0& TXDOLW\ 7LPH RU &RUUHVSRQGHQFH 6SDFH 7DVV 7KXV LW FDQ RQO\ EH XVHG WR IXHO HLWKHU 7LPH RU &RUUHVSRQGHQFH HIIHFWV 7KH PDVV UHTXLUHG SUHFOXGHV LW IURP EHLQJ FDUULHG DURXQG E\ LQGLYLGXDOV LQ KXJH TXDQWLWLHV 8QIRUWXQDWHO\ RXWVLGH RI 1H[XV 7LPHVWRQH LV VLPSO\ DQRWKHU OXPS RI JODVV\ EURZQ URFN ZKLFK KDV QR HIIHFW RQ PDJLFN SUHVXPDEO\LWLVWRRXQLTXHWR1H[XVWREHRIDQ\XVHDQ\ZKHUHHOVH *HRORJ\ ,Q PDQ\ SODFHV LQ 1H[XV WKH JHRORJ\ LV JHQHUDOO\ (DUWKOLNH KRZHYHU WKH UDWH RI JHRORJLFDO HYROXWLRQ LV TXLWH YDULHG DQG FRQIXVLQJO\ VHHPV WR KDYH QR FRQQHFWLRQ ZLWK WKH ([WHUQDO 7LPH )LHOG 0RXQWDLQ 5DQJHV KDYH EHHQ NQRZQ WR DSSHDU RYHUQLJKW DQG HURVLRQ FDQ RFFXU H[WUHPHO\ UDSLGO\ XVXDOO\ GHSHQGLQJ RQ WKH (QWURS\ UDWLQJ RI WKH DUHD *ODFLHUV KDYH EHHQ REVHUYHG WUDYHOOLQJ YHU\ TXLFNO\ ZKLOH YROFDQLF HUXSWLRQV KDYH RFFXUUHG DW YHU\ VORZ UDWHV )RUWXQDWHO\ &2 DSSHDUV WR EH VLWXDWHG LQ D UHDVRQDEO\ VWDEOH UHJLRQ RI 1H[XV
6SKHUH5DWLQJV , WKLQN LWV D JRRG LGHD WR QRW RQO\ WUHDW 5DWLQJV DV SOXVHV RU PLQXVHV EXW DOVR DV DFWXDO 6SKHUH OHYHOV $V LW VWDQGV &RUUHVSRQGHQFH LPSOLHV WKDW ,PPHGLDWH 6SDWLDO 3HUFHSWLRQ &RUU &RORFDOLW\ SHUFHSWLRQ &RUU DQG 7HOHSRUWDWLRQ &RUU DUH QDWXUDOO\ SRVVLEOH LQDUHDOP
&217,1880$1'1(;86
%XW , GRQ W ZDQW WKLV ZKDW LI , MXVW ZDQW D UHDOP LQ ZKLFK 7HOHSRUWDWLRQ LV QDWXUDO EXW WKH 3HUFHSWLRQ HIIHFWV DUH QRW" 6LPSOH , MXVW SXW WKH UDWLQJ DV &RUUHVSRQGHQFH 1R SOXVHV RU PLQXVHV 7KLV LPSOLHV WKDW HIIHFWV LQYROYLQJ &RUUHVSRQGHQFH DORQH DUH QDWXUDO LQ WKLV UHDOP DQG GR QRW UHTXLUH D VSHOOFDVWLQJ UROO RU DW PRVW MXVW UHTXLUH D FRLQFLGHQWDO UROO $OO RWKHU &RUUHVSRQGHQFH HIIHFWV LQYROYLQJ RWKHUOHYHOVDUHWUHDWHGDVQRUPDOPDJLFNDOHIIHFWV &RUUHVSRQGHQFH
(QWURS\
6SHFLDO
)RUFHV
/LIH
0DWWHU
0LQG
3ULPH
6SLULW
9LUWXDOVRQO\
7LPH 7RH[SODLQ
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
3DUDGR[
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
1H[XV LV VR PXFK D SDUW RI WKH &RQWLQXXP V 3DUDGLJP DQG YLFH YHUVD WKDW PDJLFN LQ LW LV FRQVLGHUDEO\ KDUGHU IRU WKRVH ZKR OLYH RXWVLGH WKLV SDUDGLJP 7KH VLWXDWLRQ LV UDWKHU VLPLODU WR WKDW ZKLFK PXVW H[LVW LQ $XWRFKWKRQLD WKH +RPH 5HDOP RI ,WHUDWLRQ; 7UDGLWLRQ 0DJLFN PXVW EH LPSRVVLEOH RU DW OHDVW YHU\ GLIILFXOW WKHUH VLQFH LW LV VR DJDLQVWWKHSDUDGLJPRIWKDW&RQYHQWLRQ
1DGD 2QH 7KLV LV D P\VWHULRXV FLW\ RI JODVV ZKLFK DSSHDUV DORQJ ZLWK WKH VPDOO URFN\ LVODQG LW LV VLWXDWHG RQ RXW RI WKLQ DLU LQ WKH VRXWKHUQ ,QGLDQ 2FHDQ RQ (DUWK ,W DOZD\V DSSHDUV DW VXQVHW DQG LV RQO\YLVLEOHZKLOHWKH6XQ VGLVNWRXFKHVWKHRSHQVHDDQGHYHQWKHQLW LV RQO\ SK\VLFDOO\ UHDO LI YLHZHGDSSURDFKHG IURP FHUWDLQ DQJOHV $IWHU WKH6XQVHWVLWGLVDSSHDUVIRUWKHUHVWRIWKHQLJKWDQGIROORZLQJGD\
&RQWLQXXP $JHQWV FDQ FDVW WKHLU PDJLFNV DV QRUPDO LQ 1H[XV XVLQJ WKH VSKHUH UDWLQJV GHVFULEHG DERYH EXW DQ\ LQYDGLQJ 7UDGLWLRQV RU WKH 7HFKQRFUDF\ KDYH WR FRSH ZLWK 3DUDGR[ 3DUDGR[ WKXV VWULNHV DV
1DGD 2QH LWVHOI LV D EHDXWLIXO HHULH DQG VLOHQW SODFH ,W LV XQLQKDELWHG DQG FRPSOHWHO\ XQDIIHFWHG E\ WKH HQYLURQPHQW LW LV H[WUHPHO\ FOHDQ DQG WKH JODVV LW LV FRQVWUXFWHG RQ LV SHUIHFWO\ XQEOHPLVKHG 7KH JODVV
&217,1880$1'1(;86
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
&217,1880$1'1(;86
KDV LWV RZQ UROH WR SOD\ LQ WKH GHIHQVH RI UHDOLW\ ZKLFK LV D IXOOWLPH MRELQLWVHOI
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
9LUWXDO 7UDYHO SURFHGXUH GHVFULEHG EHORZ $OVR QRWH WKDW 3RUWDOV FDQ RQO\ EH VHHQ LQ D 9LUWXDO XVLQJ 7LPH WKH\ DUH RWKHUZLVH LQYLVLEOH RQ WKH9LUWXDOVLGH 7KH PRVW FRPPRQ ZD\ WR DFFHVV DQG OHDYH 9LUWXDOV LV YLD WKH 9LUWXDO 7UDYHO 3URFHGXUH LH 5RWH WKH &RQWLQXXP UHWDLQV PXFK RI WKHLU 7HFKQRFUDWLF WHUPLQRORJ\ ZKHQ GHDOLQJ ZLWK 0DJLFN 1H[XV LWVHOI FDQ RQO\ EH HQWHUHG YLD WKH 1H[XV (QWU\ 3URFHGXUH D FRQMXFWLRQDO 6SLULW7LPHHIIHFW7KHVH3URFHGXUHVDUHGHVFULEHGEHORZ
7HPSRUDO $YDWDU WKHUH LV DEVROXWHO\ QR HIIHFW LI DQ\RQH HOVH DWWHPSWV LW 7KH 3URFHGXUH PXVW DOVR EH LQLWLDWHG DW WKH VLWH RI D 3RUWDO 7KHUH DUH WZR PDLQ ZD\V WKLV 3URFHGXUH FDQ EH DWWHPSWHG 6LQJOH RU 0XOWLSOH ERWK RI ZKLFK DUH IXUWKHU VXEGLYLGHG LQWR %DVLF DQG 7DUJHWHG %RWK ,QGLYLGXDO 3URFHGXUHV LH ,QGLYLGXDO %DVLF DQG ,QGLYLGXDO 7DUJHWHG RQO\ DOORZ WKH 0DJH WR WUDQVSRUW KLPVHOI ZKLOH WKH0XOWLSOH3URFHGXUHVDOORZWKH0DJHWREULQJRWKHUVZLWKKLP
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
(QHUJ\ 6XFFHVVHVQHHGHG
'LIILFXOW\
1HZ3URFHGXUHV
1H[XV(QWU\6SLULW7LPH
8
1H[XV (QWU\ DOORZV $JHQWV WR HQWHU 1H[XV GLUHFWO\ IURP DQ\ ORFDWLRQ ZLWKLQ 0DLQ &RUULGRU *DWHZD\V TY DUH QRW UHTXLUHG WR HQWHU RU OHDYH 1H[XV XQOLNH 3RUWDOV $JHQWV DOZD\V DUULYH LQ 1H[XV DW WKH VLWH RIRQHRIWKHWZR*DWHZD\VWKHUHWKHVHDUHFRQVWDQWO\JXDUGHG >%RWK 6SLULW DQG 7LPH DUH UHTXLUHG VLQFH 1H[XV LV VXUURXQGHG E\ DQ XQXVXDO *DXQWOHW ZLWK ERWK 6SLULW DQG 7HPSRUDO FRPSRQHQWV WR LW 7KUHH VXFFHVVHV PXVW EH UROOHG WR SHQHWUDWH WKLV *DXQWOHW DW GLIILFXOW\ @ 9LUWXDO7UDYHO ,QGLYLGXDO%DVLF
7LPH6SLULW
,QGLYLGXDO7DUJHWHG
&RUUHVSRQGHQFH7LPH6SLULW
0XOWLSOH%DVLF
7LPH6SLULW
0XOWLSOH7DUJHWHG &RUUHVSRQGHQFH7LPH6SLULW 7KLV 3URFHGXUH DOORZV WKH $JHQW WR FURVV WKH 7HPSRUDO *DXQWOHW WKDW VHSDUDWHV WKH 9LUWXDOV DQG 1H[XV IURP HDFKRWKHU 7KLV 7HPSRUDO *DXQWOHW LV FUHDWHG DV D QDWXUDO VLGHHIIHFW RI WKH EDVLF 0HWDYHUVDO /DZ RI &RQWLQXLW\ ,W FDQ RQO\ EH XVHG IURP 1H[XV RU D 9LUWXDO DQG FDQ RQO\ EH XVHG E\ DQ 0& 0DJH RU DQ\ 9LUWXDO ,QKDELWDQW ZLWK D
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
&217,1880$1'1(;86
&RQWLQXXP $JHQWV UHTXLUH WKHVH IRFL ZKHQ DWWHPSWLQJ WKLV 3URFHGXUH VLQFH DV 7HFKQRPDJHV WKH\ FDQQRW LJQRUH WKHLU IRFL XQWLO WKH\ UHDFK $UHWH 1RWH WKDW WKLV %UDFHOHW LV QRW HVVHQWLDO WR XVH WKH 9LUWXDO 7UDYHO 3URFHGXUHV WKH $JHQW GRHV QRW QHHG WR VSHFLILFDOO\ KDYH D 7UDYHO %UDFHOHW WR FURVV WKH 7HPSRUDO *DXQWOHW +RZHYHU KH PXVW KDYH WKH QHFHVVDU\ 6SKHUHV UHTXLUHG IRU WKH 3URFHGXUHV DQG PXVW VWLOO XVH WKH UHOHYDQWIRFL 9LUWXDO7UDYHO%UDFHOHW 4XDUDQWLQHG 9LUWXDOV 7KH 7HPSRUDO *DXQWOHW DURXQG 4XDUDQWLQHG 9LUWXDOV 'DQJHU &RGH 4 KDYH EHHQ VWUHQJWKHQHG E\ &RQWLQXXP 6SHFLDOLVWV 7KH 'LIILFXOWLHV WR HQWHU RU OHDYH WKHVH 9LUWXDOV LV VHW DW WKRXJKWKHQXPEHURIVXFFHVVHVUHTXLUHGUHPDLQVWKHVDPH 6HDOHG 9LUWXDOV 7KH 7HPSRUDO *DXQWOHW DURXQG 6HDOHG 9LUWXDOV 'DQJHU &RGH = KDV EHHQ LQFUHDVHG WR VXFK DQ H[WHQW WKDW WKH 'LIILFXOW\ WR HQWHU RU OHDYH WKHP LV LQFUHDVHG WR $GGLWLRQDOO\ D WRWDORIVXFFHVVHVRQWKH3URFHGXUHUROOPXVWEHJDLQHGWRSHQHWUDWH RWKHUZLVH WKH 6HDO KROGV 7KXV RQO\ WKH PRVW SRZHUIXO PDJLFNV FDQ SHQHWUDWH WKH 6HDO DQG HYHQ WKHQ D ODUJH DPRXQW RI 4XLQWHVVHQFH PXVWEHEXUQHGWRUHGXFHWKHGLIILFXOW\ 0RVW 6HDOV DUH KHDYLO\ JXDUGHG DQG DOO KDYH PDJLFNDO PRQLWRUV EXLOW LQWR WKHP WKDW FDQ GHWHFW DWWHPSWV WR SHQHWUDWH LW DQG DOHUW WKH JXDUGV LI D SHQHWUDWLRQ DWWHPSW LV PDGH HYHQ LI LW IDLOV 1RWH WKDW WKH 6HDO LV QRW EURNHQ HYHQ LI LW LV SHQHWUDWHG WKRVH OHDYLQJ WKH 9LUWXDO PXVWDJDLQUROOVXFFHVVHVDJDLQVWGLIILFXOW\WROHDYH 7LPHVWRQH ([SRVXUHV 7LPHVWRQH LV D UDUH JODVV\ VKLPPHULQJ WUDQVOXFHQW EURZQ URFN IRXQG LQ WKH GHSWKV RI VRPH PRXQWDLQ UDQJHV LQ 1H[XV ,W DSSHDUV WR EH WKH EDUHVW IRXQGDWLRQ RQ ZKLFK 1H[XV LV FRQVWUXFWHG VROLG 6SDFH7LPH 7LPHVWRQH H[SRVXUHV DUH XQXVXDO LQ WKDW 9LUWXDOV FDQ EH VHHQ ZLWKLQ WKHP KRZHYHU WKH 9LUWXDOV EHKLQG
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
&217,1880$1'1(;86
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
CONTINUUM AND NEXUS MODIFICATIONS %\ 6KHOE\ %DEE VEDEE#FRPSXDUNHGX ZLWK DGGLWLRQV E\ &RQVWDQWLQH 7KRPDV DQG $QGHUV 6DQGEHUJ IRU &RQVWDQWLQH 7KRPDV V &RQWLQXXP WUDGLWLRQ $OVR VHH &RQVWDQWLQH 7KRPDV V 1H[XV DQG $UWKXU7UHYRU '0 /DVKHU V 6RXWKURQ 5HSXEOLFYLUWXDO
&UHDWXUHVRI1H[XV ,QWURGXFWLRQ 6FDWWHUHG WKURXJKRXW 1H[XV DUH QXPHURXV IRUPV RI OLIH XQLTXH WR WKH GLPHQVLRQ 6RPH IRUPV RI OLIH XVH WKH IOXFWXDWLRQV RI WLPH WR DFFHOHUDWH WKHPVHOYHV VORZ WKHLU SUH\ RU HYHQ DV D VRXUFH RI IRRG &RQWLQXXP UHVHDUFKHUV KDYH GLVFRYHUHG PDQ\ VWUDQJH SODQWV DQG DQLPDOV DQG HYHQ D IHZ HYHQ PRUH H[RWLF OLIH IRUPV PDQLSXODWLQJ WLPH WR DLG LQ WKHLU VXUYLYDO %HORZ DUH MXVW D IHZ RI WKH PRUH FRPPRQO\HQFRXQWHUHGFUHDWXUHVQDWLYHWR1H[XV
&217,1880$1'1(;8602',),&$7,216
EHHQ NQRZQ WR LPPHGLDWHO\ UHWXUQ WR WKRVH LW KDV SDVVHG RYHU UHYHUVLQJLWVRZQFKDQJHV
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
>)RU WKRVH WKH :DYH DJHV VXEWUDFW RQH IURP DOO 3K\VLFDO DWWULEXWHV DQG DGG RQH WR DOO 0HQWDO DWWULEXWHV )RU WKRVH WKH ZDYH PDNHV \RXQJ VXEWUDFW RQH IURP ,17 DQG 675 DQG DGG RQH WR '(; DQG 67$ ,QDQLPDWH LWHPV DUH DOVR DIIHFWHG VR WKDW DQ ROG FDU PD\ EHFRPH QHZ DJDLQRUDQHZZDWFKPD\WXUQUXVWHGDQGVWRSZRUNLQJ@
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
&217,1880$1'1(;8602',),&$7,216
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
-XPSLQJ3ODQWV $QRWKHU UHODWLYHO\ KDUPOHVV NLQG RI EHLQJ 0DQ\ SODQWV DUH DEOH WR PRYH WKURXJK WLPH DQG XVH WKLV ERWK WR JHW DV PXFK VXQOLJKW DV SRVVLEOHDQGWRDYRLGKHUELYRUHV:KHQWKHVXQLVFORXGHGWKHZHDWKHU LV JRLQJ WR EHFRPH WRR GU\ RU WKH SODQW LV LQ VKDGRZ LW ZLOO PRYH IRUZDUG LQWR WLPH XQWLO FRQGLWLRQV DUH JRRG DJDLQ DQG LW ZLOO YDQLVK ZKHQ VRPHRQH WULHV WR HDW LW RU KXUW LW 6RPHWLPHV ZKROH ILHOGV RU JURYHVMXVWYDQLVKRQO\WRUHDSSHDUODWHU
:DLWLQJ5DEELWV 7KHVH VPDOO FUHDWXUHV ORRN VRPHZKDW OLNH YHU\ VPDOO UDEELWV DOWKRXJK WKH\ VSHQG PRVW RI WKHLU WLPH VLWWLQJ DURXQG ZDLWLQJ 7KH\ DUH DEOH WR VQDWFK EHLQJV RXW RI WKH WLPHVWUHDP HVSHFLDOO\ -XPSLQJ 3ODQWV DQG VSHQG PRVW RI WKHLU WLPH ZDLWLQJ IRU VRPHWKLQJ WR SDVV 7KH\ FDQ PDNH ORQJ MXPSV LQ WLPH DQG VSDFH DQG ZKHQ VFDUHG WKH\ MXVW YDQLVK 7KH\ DOVR KDYH WKH LUULWDWLQJ KDELW RI VQDWFKLQJ SDVVLQJ WKLQJV UHJDUGOHVVRIZKDWWKH\DUHDQGKLGLQJWKHPLQWKHLUEXUURZV
7LPHVSLGHUV 7KHVH ODUJH VSLGHUV EXLOG HODERUDWH IRXUGLPHQVLRQDO QHWV FDWFKLQJ VPDOO DQLPDOV PRYLQJ WKURXJK VSDFHWLPH LQWR WKHLU UHJLRQ 7KH\ ORRN OLNH D 3LFDVVR UHQGLWLRQ RI D VSLGHU FRQVWDQWO\ VKLIWLQJ LQ SHUVSHFWLYH DQG VXUURXQGLQJ E\ D VWUDQJH QHW ZKLFK VHHPV WR JURZ IURP QRWKLQJ H[SDQG WR D VL]H RI D IHZ PHWHUV DQG WKHQ VKULQN DQG YDQLVK DV QRZ
PRYHV SDVW LW 7LPH PRVTXLWRV \RXQJ ZDLWLQJ UDEELWV DQG ELUGV VXGGHQO\ILQGWKHPVHOYHVWUDSSHGLQWKHQHWDQGHDWHQE\WKHVSLGHU
(DWLQJ%DOOV $ VSKHULFDO FUHDWXUH ZKHQ \RXQJ QRW XQOLNH D WULEEOH IURP 6WDU 7UHN EXW LWV DGXOW IRUP LV D ELJ VKDJJ\ EDOO ZKLFK UROOVMXPSV DQG WHOHSRUWV VR WKDW VRPHWKLQJ PRYLQJ WKURXJK WLPH ZLOO JHW WUDSSHG LQVLGH WKHLU VSHFLDOO\ DGDSWHG GLJHVWLYH V\VWHPV WKH\ GRQ W QHHG DQ\ PRXWK 7KH\ DUH RPQLYRURXV DQG HDW WLPH PRVTXLWRV MXPSLQJ SODQWV ZDLWLQJUDEELWVDQGFDUHOHVVFKURQRQDXWV
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
&217,1880$1'1(;8602',),&$7,216
SRLQWV RI 9LUWXDO 4XLQWHVVHQFH DUH HTXLYDOHQW WR RQH SRLQW RI 0& 4XLQWHVVHQFH 0DQ\ 9LUWXDOV DUH KDYH D 4XLQW 5DWLQJ RI LH WZR 9LUWXDO 4XLQW SRLQWV DUH HTXLYDOHQW WR RQH 0& 4XLQW 3RLQW 7KH PRVW SRWHQW 9LUWXDOV KDYH D 4XLQW 5DWLQJ RI ZKLFK PHDQV WKDW RQH 9LUWXDO4XLQWSRLQWKDVWKHVDPHVWUHQJWKDVRQIURP0&
0DJLFNGRHVQRWH[LVWLQDQ\IRUPDQGQHYHUKDV9XOJDUPDJLFNV DUH LPSRVVLEOH DQG FRLQFLGHQWDO PDJLFN FDXVHV SDUDGR[ DV 9XOJDU GRHV QRUPDOO\ (VFDSH IURP WKH 9LUWXDO LV XVXDOO\ RQO\ SRVVLEOH E\ VRPH VSHFLDO ZD\ HJ UHDO (DUWK V %HUPXGD 7ULDQJOH 1RWH KRZHYHU WKDW 4XLQWHVVHQFH DOZD\V H[LVWV HYHQ RQ PDJLFNIUHH 9LUWXDOV
2QH SDUDGLJP RI PDJLFN KROGV VZD\ DQG LV FRPPRQO\ DFFHSWHG DV WUXWK $OO RWKHUV DUH VXEMHFW WR 3DUDGR[ HJ WKH 2UGHU RI +HUPHVGXULQJWKH0\WKLF(UD
0DLQ &RUULGRU 2QO\ 0DLQ &RUULGRU KDV WKLV UDWLQJ 7KLV PHDQV WKDWWKH&RUULGRULVDQRULJLQDODQGQRWD9LUWXDO
$ JDWKHULQJ RI SDUDGLJPV DUH PHUJHG DQG KROG SRZHU ZKLOH DOO RWKHU PDJLFNV DUH VXEMHFW WR 3DUDGR[ HJ WKH 7HFKQRFUDF\ LQ WKH :RUOGRI'DUNQHVVDQGWKH&DEDORI'HDWKWHFK
/HYHO 9LUWXDO 7KH 9LUWXDO LV GHULYHG IURP 0& EXW LV VWURQJ HQRXJK WKDW RQH SRLQW RI 9LUWXDO 4XLQW LV HTXLYDOHQW WR RQH SRLQW RI 0& 4XLQW 7KH GLIIHUHQFH EHWZHHQ &RGHV DQG LV VXEWOH ZKLOH D &RGH 9LUWXDO PD\ EH 4XLQWHVVHQWLDOO\ DV VWURQJ DV 0DLQ &RUULGRULWLVVWLOOGHULYHGIURP0&
$OO FROOHFWLYH SDUDGLJPV DUH HPSRZHUHG EXW WKH WKUHDW RI 3DUDGR[ VWLOO H[LVWV GXH WR PDJHV VWLOO EHLQJ IHZ LQ QXPEHU DQG WKH PDMRULW\ RI LQGLYLGXDOV XQDFFHSWLQJ RI PDJLFN )RU H[DPSOH PDJHV DUH FDSDEOH RI PDQ\ IHDWV H[SHFWHG RI WKHP EXW 3DUDGR[ ZRXOGKLQGHURWKHUHIIHFWVHJ(OGULWFK
$OO LQGLYLGXDO SDUDGLJPV DUH VXSSRUWHG DQG 3DUDGR[ LV QRQ H[LVWHQW ,QGLYLGXDO WKRXJKWV HYHQ RI QRQ$ZDNHQHG EHLQJV FDQ DOWHU YDVW DPRXQWV RI UHDOLW\ 7KH &RQWLQXXP KDV \HW WR HQFRXQWHU VXFK D 9LUWXDO DQG EHOLHYHV WKHP WR EH PHUHO\ WKHRUHWLFDO
7KH (QHUJ\ 5DWLQJ RI WKH 9LUWXDO GHWHUPLQHV KRZ YXOQHUDEOH LW LV WR DWWDFNE\WKH'DUNQHVVZHDNHU9LUWXDOVPD\EHPRUHXQVWDEOH >(GLWRU V QRWH , P VXUH WKDW WKH VWUHQJWK RI WKH 9LUWXDOV ZRXOG KDYH RWKHULPSRUWDQWHIIHFWVRQPDJLFNFDVWE\0&0DJHVWKHUHEXW,FDQ W ILJXUH RXW ZKDW WKLV HIIHFW ZRXOG EH DVLGH IURP WKH GLIIHUHQFH LQ 4XLQWVWUHQJWK DQ\LGHDV"@
/HYHO 9LUWXDO 7KH PRVW FRPPRQ W\SH RI 9LUWXDO ZKHUH WZR SRLQWVRI9LUWXDO4XLQWDUHHTXLYDOHQWWRRQHSRLQWRI0&4XLQW /HYHO 9LUWXDO 7KH ZHDNHVW NQRZQ 9LUWXDOV WKHVH DUH SDUWLFXODUO\ VXVFHSWLEOH WR GHVWUXFWLRQ E\ WKH 'DUNQHVV 7KUHH SRLQWV RI 9LUWXDO 4XLQWHVVHQFH DUH HTXLYDOHQW WR RQH SRLQW RI 0& 4XLQWHVVHQFHKHUH
& 2QH RU PRUH QRQKXPDQ VSHFLHV PD\ KDYH PDJLFDO DELOLWLHV DQG RQO\WKHVHFUHDWXUHVSRVVHVVPDJLFNDODELOLWLHV
8 8QVWDEOH 9LUWXDO 9HU\ IHZ 9LUWXDOV UHFHLYH WKLV FODVVLILFDWLRQ ZKLFK LQGLFDWHV WKDW WKH 9LUWXDO LV ORVLQJ FRKHVLRQ HLWKHU WKURXJK LQYDVLRQ E\ WKH 'DUNQHVV RU RWKHU XQNQRZQ PHDQV &ROODSVH PD\ RU PD\ QRW EH LPPLQHQW EXW LW LV LQHYLWDEOH XQOHVV WKH SURFHVV FDQEHKDOWHGVRPHKRZHJ1HYHUODQG 1RWHWKDWWKHUHDUHQR9LUWXDOVZHDNHUWKDQOHYHO
7 ,QGLFDWHVWKHGRPLQDQFHRIDWHFKQRPDQFHUSDUDGLJP
7KH +XPDQ )DFWRU 7KH ILUVW QXPEHU RI DQ\ ODEHO WKH +XPDQ )DFWRU LQGLFDWHV WKH SUHVHQFH DQG VWUHQJWK RI KXPDQLW\ LQ D JLYHQ 9LUWXDO
8 ,QGLFDWHV WKH H[LVWHQFH RI XQLTXH DQG XQNQRZQ SDUDGLJPV LQ WKH 9LUWXDO 7HFKQRORJ\ )DFWRU 7KLV IDFWRU UHSUHVHQWV KRZ VLPLODU WKH WHFKQRORJ\ RI D 9LUWXDO LV WR WKDW RI WKH PDLQVWUHDP QRQ3DUDGR[LFDO WHFKQRORJ\RI0DLQ&RUULGRU
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
4XLQWHVVHQFH H[LVWV DV GRHV 3DUDGR[ 7KXV RQO\ 0DJHV DQG $ZDNHQHG EHLQJV FDQ SHUIRUP PDJLFN +RZHYHU WKHUH LV QR GRPLQDQW SDUDGLJP ZKLFK DOORZV WKH 0DJH WR SHUIRUP DOO 9XOJDU 0DJLFN DV LI LW ZDV &RLQFLGHQWDO $Q H[DPSOH RI WKLV LV WKH 0& 8PEUD 7KLV LV IUHTXHQWO\ WKH FDVH LQ XQLQKDELWHG 9LUWXDOV HJ/XFLIHU
1 ,QGLFDWHVWKHGRPLQDQFHRIDQRQWHFKQRPDQFHUSDUDGLJP 0 ,QGLFDWHV WKH GRPLQDQFH RI D PL[HG WHFKQRPDQFHU DQG QRQ WHFKQRPDQFHUSDUDGLJP ,
,QGLFDWHV WKH H[LVWHQFH RI LGHQWLFDO RU VLPLODU SDUDGLJPV WR 0& LQ WKH9LUWXDO
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
,QFRQYHQLHQW HQYLURQPHQW *HQHUDOO\ (DUWKOLNH EXW VXUIDFH FRQGLWLRQV UHTXLUH VSHFLDO QHHGV (J %UHDWKDEOH EXW WDLQWHG DLU SODQHWFRYHUHGHQWLUHO\E\ZDWHUGHVHUWRUJODFLDOSODQHWV
' 'DQJHURXV HQYLURQPHQW $LU LV VWLOO EUHDWKDEOH EXW SK\VLFDO HQYLURQPHQW LV GDQJHURXV WR OLIH HJ KLJKO\ YROFDQLF ZRUOGV KLJKUDGLDWLRQOHYHOVHWF
&217,1880$1'1(;8602',),&$7,216
; ([WUHPH HQYLURQPHQW &RQGLWLRQV DUH QRW UHPRWHO\ (DUWKOLNH DQG KLJKO\ GDQJHURXV ZLWKRXW VXEVWDQWLDO SURWHFWLRQ (J QRWR[LFFRUURVLYH DWPRVSKHUH XQXVXDO SK\VLFDO ODZV YHU\ KLJK RUORZVXUIDFHWHPSHUDWXUHHJ/XFLIHU &RQWURO )DFWRU $Q LPSRUWDQW IDFWRU WR H[SORUHUV DPRQJ WKH &RQWLQXXP WKH FRQWURO IDFWRU LQGLFDWHV WKH OHYHO RI IUHHGRP DQG RSSUHVVLRQ DQG DOVR FKDRV DQG VWDELOLW\ SUHVHQW LQ D 9LUWXDO DV FRPSDUHG WR WKDW RI 0DLQ &RUULGRU DV ZHOO DV KRZ WKH H[LVWHQFH RI WKH &RQWLQXXP1H[XVDQGPDJLFNZRXOGEHYLHZHGE\QDWLYHV
(
1R FRQWURO 7KH 9LUWXDO LV XQLQKDELWHG &RGH DORQH LPSOLFLWO\ DVVXPHV WKDW QR &RQWLQXXP %DVH KDV EHHQ HVWDEOLVKHG RQ WKH 9LUWXDO +RZHYHU &RGH % VHH EHORZ LQGLFDWHV WKDW ZKLOH WKH 9LUWXDO LWVHOI LV XQLQKDELWHG WKH &RQWLQXXP KDV HVWDEOLVKHG D EDVHWKHUH
5 $ VHQWLHQW UDFH SUHVHQW LQ WKH 9LUWXDO KDV EHHQ HYDOXDWHG DV WRR PXFK RI D KD]DUG DQG FRQWDFW ZLWK PHPEHUV RI WKLV UDFH LV WR EH DVOLPLWHGDVSRVVLEOH
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
:LWKLQ WKLV 9LUWXDO H[LVW RQH RU PRUH EHLQJV RI LPPHQVH SRZHU HTXDOWRWKDWDWWULEXWHGWRJRGVRIOHJHQG
: 7KLV 9LUWXDO GHILQLWHO\ GRHV QRW SRVVHVV SRZHUIXO HQWLWLHV VXFK DV 2UDFOHV ,QFDUQD RU $QWHGLOXYLDQV +RZHYHU ZRUVKLS RI VLPLODU VXFK HQWLWLHV PD\ VWLOO EH SUHVHQW GHVSLWH WKH ODFN RI GHLWLHV 6XFK9LUWXDOVXVXDOO\KDYHORZ0DJLFN)DFWRUV 8 7KH H[LVWHQFH RU QRQH[LVWHQFH RI 3RZHUIXO (QWLWLHV LQ WKLV 9LUWXDOLVXQNQRZQ 'DQJHU )DFWRU 7KH VLQJOH PRVW LPSRUWDQW ODEHO WR PDQ\ PHPEHUV RI WKH &RQWLQXXP WKH GDQJHU IDFWRU LQGLFDWHV WKH QDWXUH RI HVSHFLDOO\ GDQJHURXV 9LUWXDOV 2QO\ WKH PRVW GHDGO\ RI 9LUWXDOV FDQ H[SHFW D VSHFLDOQRWDWLRQ
7KHUH DUH RQH RU PRUH HQWLWLHV LQ WKLV 9LUWXDO ZKLFK WKUHDWHQ WKRVH ZKR ZRXOG H[SORUH WKH 9LUWXDO 0RUH RIWHQ WKDQ QRW WKHVH 9LUWXDOVDUHJLYHQD=UDWLQJLQVWHDGDQGDUHVHDOHG
0 7KHUHDUHPXOWLSOHIDFWRUVWKDWKDYHFRPELQHGWRPDNHWKHZRUOG DVGHDGO\DQGGDQJHURXVDVLWLV 3
7KH SODQW OLIH IRXQG RQ WKLV ZRUOG LV PXFK PRUH GDQJHURXV WKDQ QRUPDOO\ H[SHFWHG ([WUHPHO\ VR 2FFDVLRQDOO\ VXFK FUHDWXUHV DUH WKH GRPLQDQW OLIH RI WKH 9LUWXDO DQG DQLPDO OLIH PD\ EH XQNQRZQ
9 7KHUH DUH RQH RU PRUH LOOQHVVHV SUHVHQW LQ WKH 9LUWXDO ZKLFK DUH KLJKO\ KD]DUGRXV 0DQ\ VXFK 9LUWXDOV UHFHLYH WKH = UDWLQJ LI WKH\ DUHIRXQGWREHJUHDWDWKUHDWWR1H[XV 4 4XDUDQWLQHG 1R FRQWDFW LV DOORZHG IURP 1H[XV H[FHSW E\ VSHFLDOO\ WUDLQHG WHDPV DQG H[FHSWLRQDO FLUFXPVWDQFHV 7KH 3RUWDO WR WKH 9LUWXDO LV FRQVWDQWO\ JXDUGHG DQG DQ\ LQKDELWDQWV ZKR HVFDSH E\ KDYLQJ D 7HPSRUDO $YDWDU DUH KXQWHG GRZQ DQG
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
$ OLWHUDO SDUDGLVH 7KUHDWV WR OLIH DUH SUDFWLFDOO\ XQNQRZQ DQG QRQH[LVWHQW 2QO\ WKUHH 9LUWXDOV KDYH HYHU UHFHLYHG WKLV FRGH DQGRQHODWHUKDGLWUHYRNHG
3UHKLVWRULF 'LYHUJHQFH %UDQFKLQJ IURP 0& KLVWRU\ RFFXUUHG ZLWKLQ WKH SDVW PLOOLRQ \HDUV WKH GDZQ RI WKH &DPEULDQ (UD 7KLVHQFRPSDVVHVWKHKLVWRU\RIPXOWLFHOOHGOLIHRQWKHSODQHW
7KH GDQJHUV ZLWKLQ WKLV 9LUWXDO DUH URXJKO\ HTXDO WR WKRVH IRXQG ZLWKLQ WKH 0DLQ &RUULGRU DQG 1H[XV 7KLV LV WKH PRVW FRPPRQ FODVVLILFDWLRQWREHIRXQGIRUWKH'DQJHU)DFWRU
$UFKDHDQ DQFLHQW 'LYHUJHQFH %UDQFKLQJ IURP 0& KLVWRU\ RFFXUUHG ZLWKLQ WKH SDVW PLOOLRQ \HDUV XS WR WKH IRUPDWLRQ RIWKH(DUWKDQG6RODU6\VWHP LWVHOI
$ 7KH DQLPDO OLIH IRXQG RQ WKLV ZRUOG LV PXFK PRUH GDQJHURXV WKDQ QRUPDOO\ H[SHFWHG ([WUHPHO\ VR 8VXDOO\ VXFK FUHDWXUHV DUHWKHGRPLQDQWOLIHRIWKH9LUWXDO
8QLYHUVDO 'LYHUJHQFH %UDQFKLQJ IURP 0& KLVWRU\ WRRN SODFH EHIRUH WKH (DUWK HYHU H[LVWHG XS WR PLOOLRQ \HDUV DJR WKH ELUWKRIWKH8QLYHUVH
&217,1880$1'1(;8602',),&$7,216
1RWH WKDW 9LUWXDOV ZLWK 3UR[LPLW\ UDWLQJ DERYH &RGH DUH LQFUHDVLQJO\ OLNHO\ WR GLIIHU IURP 0& (DUWK DV WLQ\ FKDQJHV LQ WKH 9LUWXDO V KLVWRU\ WKLV IDU EDFN DUH OLNHO\ WR KDYH YHU\ ODUJH NQRFN RQ HIIHFWV IXUWKHU GRZQ WKH OLQH &KDRV 7KHRU\ LV DOLYH DQG ZHOO LQ HYROXWLRQ
DSSHDUDQFH LQ *HUPDQ\ :LWK WKH SRZHUV WKDW WKH YDPSLUHV KHOG WKH\ RYHUZKHOPHG HYHU\ HQHP\ WKH\ HQFRXQWHUHG DGGLQJ IDOOHQ VROGLHUV WR WKHLU UDQNV DV WKH\ VZHSW DFURVV (XURSH 7KH ILUVW :RUOG :DU EHJDQ DV $PHULFD 5XVVLD (QJODQG DQG $IULFDQ IRUFHV DOO XQLWHG WR FRQWDLQ DQG RYHUZKHOPWKHXQGHDGRI(XURSH7KHQWKH6HFRQG:DYHEHJDQ
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
([LVWLQJ9LUWXDO&RGHVXSGDWHG :LWK WKLV H[SDQGHG FODVVLILFDWLRQ LQ PLQG WKH 3URILOHV IRU WKH H[LVWLQJ 9LUWXDOVDUHQRZDVIROORZV .(< 1DPH
&RPPRQQDPHIRU9LUWXDO
(QHUJ\ (QHUJ\>4XLQW@UDWLQJ +XP
+XPDQ)DFWRU
0DJ
0DJLFNDO)DFWRU
7HFK
7HFKQRORJLFDO)DFWRU
(QY
(QYLURQPHQWDO)DFWRU
&WUO
&RQWURO)DFWRU
(QW
(QWLW\)DFWRU
'QJU
'DQJHU)DFWRU
3UR[
7HPSRUDO3UR[LPLW\
,' 1DPH
,'&RGH (QHUJ\ +XP 0DJ
9DPS:RUOG )XQJDO:LQG :RWDQ $HJ\SW 6DXURQ /XFLIHU 1HYHUODQG 8 /HPXULD 7HUUD3ULPH 5HLFK $UPDJHGGRQ
6 6 6 6 6 ; 6 6 6 6
, ; ( ( ( ; ( ( ( ( '
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
7HFK (QY &WUO(QW 'QJU 3UR[ ,'
&, 3 &18 &08$ &18 $ &1, 3 7, ) &08) 3
&XUUHQWO\ WKH YDULRXV FODQV RI YDPSLUHV YLHZ HDFK RWKHU LQ D QXPEHU RI GLIIHUHQW ZD\V DOO XQGHU WKH OHDGHUVKLS RI WKH /DVRPEUD OHG &DPDULOODDJDLQVWWKH7UHPHUHVXSSRUWHGKXPDQIRUFHVRIWKH6DEEDW
6 ( 6 : $% ( 6% ( 6% 8 % 8 % 8 6% ( 6 ( 6 8 6 :
0 9= (04 0 504 504 0
903 <) :27 $(* 6$8 /&) 195 37 7(5 5&+ *%
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
9LUWXDO6&,6(09039DPS:RUOG
7KH 1RVIHUDWX OLNH WKH *LRYDQQL LQ WKH SDVW DUH EHLQJ KXQWHG WR H[WLQFWLRQ 7KH 0HWKXVHODKV DQG D IHZ (OGHUV DUH DOO WKDW UHPDLQV EXW WKH\ KDYH EDQGHG WRJHWKHU LQ WKH LVODQGV RI 1HZ =HDODQG DQG DUH SUHSDULQJ IRU WKH ZRUVW 1R OLIH LV DOORZHG WR FRPH QHDU WKH LVODQGV VDYHWKHKHUGVRIQDWLYHSLJV
)LUVW FDPH WKH ZDUQLQJV RI 9DUQH\ WKH 9DPSLUH DQG WKHQ 'UDFXOD EXW LW ZDVQ W XQWLO WKH \HDU WKDW WKH ZRUOG FDPH WR UHDOL]H WKH WUXWK RI YDPSLULF H[LVWHQFH ZKHQ WKH 'DPQHG /HJLRQ PDGH LW V ILUVW
7KH 5DYQRV KDYH MRLQHG WKH 6DEEDW VHHLQJ WKH ELUWK RI WKH 'DUNVSKHUH DQG WKH FRPSOHWH GHYDVWDWLRQ RI WKH ZRUOG DV D KRUUHQGRXV DERPLQDWLRQ 7KH 5DYQRV DUH DOVR WKH RQO\ RWKHU FODQ WR UHJXODUO\ GHDO ZLWKWKH0DONDYLDQVZKRVHHWKHPDVZRUWK\IRUVXUYLYDO
&217,1880$1'1(;8602',),&$7,216
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
&217,1880$1'1(;8602',),&$7,216
DW OHDVW \HDUV DQG VRPH EHOLHYH WKLV FRXOG EH H[WHQGHG DQRWKHU 7KH ZRUVKLS RI 2GLQ LV GRQH SDUWLDOO\ RXW RI IHDU DQG SDUWLDOO\ IURP IDLWK E\ WKH PDVVHV 7KH &RQWLQXXP KDV DOVR QRWHG WKDW VRPH :RWDQ V HTXLYDOHQF\ RI &KULVWLDQV DQG 0RVOHPV YLHZ 2GLQ DV D JUHDW GHFHLYHU WU\LQJ WR OXUH WKHP DZD\ IURP WKH ZRUVKLS RI WKH WUXH /RUG 7KH\ SRLQW WR WKH PHGGOLQJ RI 2GLQ LQ KXPDQ DIIDLUV DV WKH ZRUN RI D JUHDW HYLO EHLQJ EXW WKH &RQWLQXXP GLVUHJDUGV WKHVH VWDWHPHQWV DV WKH ZRUGV RI HQYLRXV UHOLJLRXV PLQRULWLHV 2GLQ ILQGV WKH HQWLUH VLWXDWLRQ TXLWH KXPRURXV 7KH H[LVWHQFH RI RWKHU 1RUVH JRGV LQ :RWDQ LV GHQLHG E\ 2GLQ EXW WKH\ PD\ H[LVW HOVHZKHUH 7KH &RQWLQXXP GUHDGV WKH FRQFHSW RI *RGOLNH EHLQJV KRSSLQJ DURXQG WKH PXOWLYHUVH XVLQJ 1H[XV DV D ODXQFK SDG $V LI WKLV ZHUHQ W HQRXJK PDQ\ RI 2GLQ V FKLOGUHQ RI ZKRP WKHUH DUH KXQGUHGV SRVVHVV OLPLWHG YHUVLRQVRI2GLQ VYDVWSRZHUV
IRU SHDFH ,Q IDFW 3UHVLGHQW 0F&OHOODQ V ILUVW VSHHFK VHHPHG WR LQGLFDWH WKDW KH FRXOG OLYH ZLWK D FRQWLQHQW GLYLGHG EHWZHHQ WKH WZR QDWLRQV 7KDW WKRXJKW KRZHYHU ZDV VWLOOERUQH DV DQ DVVDVVLQ V EXOOHW ODLG ORZ 0F&OHOODQ RQ 0DUFK 7KH SHUSHWUDWRU WKH &RSSHUKHDG 'HPRFUDW DQG DFWRU -RKQ :LONHV %RRWKH LPPHGLDWHO\ FDXVHG DQ HOHFWULI\LQJ VHQVDWLRQ DFURVV WKH PRXUQLQJ QDWLRQ 7KH 1RUWK RIIHUHG SHDFH DQG WKH 6RXWK RU VR LW ZDV WKRXJKW %RRWKH V WLHV WR 5LFKPRQG ZHUHWHQXRXVDWEHVW JDYHWKHPZDU
Southron Republic
7KH ZRUOG SRZHUV SDUWLFXODUO\ WKH %ULWLVK ZKR G SDVVHG WKH RSSRUWXQLW\ WR UHFRJQLVH WKH &RQIHGHUDF\ ZKHQ 5LFKPRQG VHHPHG WR EH ZLQQLQJ ZHUH KRUULILHG 7KH 5R\DO 1DY\ ZDV RUGHUHG WR KHOS HYDFXDWH DQ\ 6RXWKHUQ IDPLO\ WKDW FRXOG UHDFK SRUWFDOO 2IILFLDOV &RQIHGHUDWH DQG %ULWLVKVFUDPEOHG WR RUJDQLVH WKLV XQSUHFHQGHQWHG HYDFXDWLRQ :LWK WKH
%\ $UWKXU7UHYRU '0 /DVWHU DWODVKHU#L[QHWFRPFRP IRU &RQVWDQWLQH 7KRPDV V &RQWLQXXP7UDGLWLRQ $OVR VHH 1H[XV DQG6KHOE\%DEE VDGGLWLRQV
9LUWXDO,8 (6(67+6RXWKURQ 5HSXEOLF $ VLPLODU LGHD ZDV SUHVHQWHG E\ 60 6WLUOLQJ LQ KLV 'UDND VHULHV RI ERRNV 0LQH , EHOLHYH KDV D PXFK KDSSLHU HQGLQJ DQG WKH GHWDLOV RI WKH VRFLHW\LQGHHG KRZ LW VWDUWHGDUH TXLWH GLIIHUHQW 'RQ W WKLQN RI LWDVGHULYDWLYHEXWDVDSDUDOOHOSURSRVDO
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
$QG VR WKH QHZO\ DVFHQGHG 3UHVLGHQW 'RXJODV JDYH WKH SHRSOH ZKDW WKH\VRXJKWIRUD-LKDG7RWDOZDU &LW\ DIWHU 6RXWKHUQ FLW\ IHOO DOO EXUQHG WR WKH JURXQG DQG ORRWHG WKH YHQJHIXO
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
6RXWKURQ5HSXEOLF
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
LPSOLFDWLRQ WKDW WKHUH UHDOO\ ZDVQ W DOO WKDW PXFK RI D FKRLFH LQ WKH PDWWHU (YHQWXDOO\ WKH 5HSXEOLF ZRXOG EX\ EDUWHU RU VHL]H DQ\ DQG DOO ODQG VKH SRVVLEO\ FRXOG PDNLQJ KHU ZD\ WKURXJK WKH %HOJLDQ &RQJR*HUPDQ(DVW$IULNDDQG%ULWLVK.HQLD
$GGLWLRQDOO\ DOO WDULIIV EHWZHHQ %ULWDLQ DQG WKH 5HSXEOLF ZHUH HYHQWXDOO\ SKDVHG RXW RU OHVVHQHG WKXV DOORZLQJ DQ HYHQ JUHDWHU H[SDQVLRQ RI WKH 6RXWKURQ HFRQRP\ RYHU WKH QH[W GHFDGH ,Q %ULWDLQ &DSHZLQHVEHFDPHDOOWKHUDJHGRPLQDWLQJWKHPDUNHW
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
$SULO 0DUFK 0DWDEHOH :DU 7KH 0DWDEHOH WULEH LQ 6RXWKHUQ 5KRGHVLD DOOLHG ZLWK VHYHUDO RWKHU PLQRU WULEHV RQ ERWK VLGHV RI WKH ERUGHU RI WKH 6RXWKURQ 5HSXEOLF UHEHOV DJDLQVW %ULWLVK UXOH YHU\ QHDUO\ FDXVLQJ WKH FROODSVH RI WKH VHWWOHU UHJLPH LQ 6DOLVEXU\ $IWHU ZDWFKLQJ ZLWK LQFUHDVLQJ KRUURU WKH UHEHOOLRQ IRU PRUH WKDQ D \HDU &DSH 7RZQ XS XQWLO WKHQ RQO\ LQWHUHVWHG LQ NHHSLQJ WKH 9HQGD DQG WKH *D]DQNXOX WULEHV SDFLILHG LQ WKH QRUWKHUQ 7UDQVYDDO DUHD RUGHUV LQ WKH XQWHVWHG 3UDHWRULDQ *XDUG WKH QDVFHQW DUP\ RI WKH 6RXWKURQ 5HSXEOLF $ VHULHV RI EXVK ZDUV HQVXHV DQG WKH UHEHOOLRQ FROODSVHV &DSH 7RZQ LV WKHQ OHIW ZLWK D JUHDW DPRXQW RI LQIOXHQFH RYHU6DOLVEXU\ 0DQQLQJ ZDWFKHG ZLWK LQWHUHVW WKH VHTXHQFH RI HYHQWV ZKLFK OHG WR WKH ZDU LQ 0DWDEHOHODQG 7KHUH ZDV LQGLUHFW HYLGHQFH RI ZHUHEHDVW DFWLYLW\ DQG QRW D IHZ LQVWDQFHV RI RXWULJKW &DPDULOOD LQYROYHPHQW SDUWLFXODUO\ ZKHQ WKH *XDUG HQWHUHG WKH FRQIOLFW ,Q WKH HQG KRZHYHU HYHU\WKLQJ ZHQW DFFRUGLQJ WR SODQ DQG WKLV FRQIOLFW VHW WKH VWDJHIRUWKHFRPLQJUHIHUHQGXP 1RYHPEHU $ JUDWHIXO 6RXWKHUQ 5KRGHVLD VWLOO UHHOLQJ IURP WKH DIWHUHIIHFWV RI WKH 0DWDEHOH :DU YRWHV LQ D UHIHUHQGXP WR MRLQ WKH 6RXWKURQ5HSXEOLFEHFRPLQJWKHQDWLRQ VILIWKSURYLQFH 7KH ILUVW 6DEEDW SDFN HQWHUV 6DOLVEXU\ RQ WKLV QLJKW RULJLQDOO\ KDLOLQJ IURPWKHQRUWKHUQ7UDQVYDDO $UFKELVKRS 0DQQLQJ SUHSDUHV WR HYDFXDWH PRVW RI WKH 6DEEDW SUHVHQFH IURP VRXWKHUQ (QJODQG DQG :DOHV OHDYLQJ RQO\ WKH VFDWWHUHG FRXQWU\SDFNVRI6FRWODQGDQGQRUWKHUQ(QJODQGWRPDNHDPHVVRIWKH DOUHDG\ FRQYROXWHG .LQGUHG SROLWLFV LQ WKH QDWLRQ +LV SODQ LV WR VHW XS 6DEEDW VWURQJKROGV FDOOHG *DUULVRQ +RXVHV LQ WKH PDMRU FLWLHV RI WKH 6RXWKURQ 5HSXEOLF IURP ZKLFK WKH VHFW FRXOG H[WHQG WKHLU FRQWURO RYHU WKH UHJLRQ +RXVHV LQ &DSH 7RZQ 3UHWRULD %ORHPIRQWHLQ 'XUEDQ1HZ5LFKPRQG1HZ$WODQWDDQG6DOLVEXU\DUHVHWXS $XJXVW 7KH *UHDW :DU EHJLQV LQ (XURSH $IWHU QHDUO\ WZHQW\ \HDUV DV D VHOIJRYHUQLQJ VWDWH WKH 6RXWKURQ 5HSXEOLF LV IRUFHG WR PDNH D GLIILFXOW FKRLFH $V D PHPEHU RI WKH %ULWLVK (PSLUH &DSH 7RZQ ZRXOG QRPLQDOO\ KDYH EHHQ H[SHFWHG WR MRLQ LQ WKH KRVWLOLWLHV +RZHYHU D VL]HDEOH SRUWLRQ RI ERWK WKH &RQIHGHUDWH DQG $IULNDDQHU SRSXODWLRQ ZHUH OHHU\ RI JHWWLQJ WRR GHHSO\ LQYROYHG LQ WKHLU WKH (XURSHDQV ZDU $ GHOLFDWH WKUHHZD\ HWKQLF EDODQFH HQVXHG :LWK WKH SRSXODWLRQ DV D ZKROH QXPHULFDOO\ LQ IDYRXU RI WKH &RQIHGHUDWHV WKH PLQLQJ HFRQRP\ GRPLQDWHG E\ WKH $IULNDDQHUV DQG WKH EXUHDXFUDF\ E\ WKRVH RI %ULWLVK GHVFHQW QR PLVWDNHV FRXOG EH PDGH WKDW ZRXOGQ W ULVN LQWHUFRPPXQDO VWULIH 3ULPH 0LQLVWHU $QGHUVRQ D &RQIHGHUDWH KLPVHOI DQG WKH ILUVW WR KROG VXFK D SRVW PDGH WKH PRVW LPSRUWDQWGHFLVLRQLQWKHQDWLRQ VKLVWRU\ +H GHFODUHG WKH 5HSXEOLF V SROLF\ WR EH WKDW RI VHOIGHIHQVH DW WKH H[SHQVH RI DOO DQG VHW DERXW SURVHFXWLQJ KLV RZQ ZDU KLV ZD\ LQGHSHQGHQW RI /RQGRQ RU WKH $OOLHV /D\LQJ FODLP WR 5KRGHV ROG GUHDP RI D FRPPXQLW\ IURP &DSH WR &DLUR $QGHUVRQ SUHVHQWHG D SURJUDPPH WR 3DUOLDPHQW RXWOLQLQJ D YDVW DQG EUHDWKWDNLQJ YLVLRQ 7KH 5HSXEOLF ZRXOG LPPHGLDWHO\ DQQH[ WKH %ULWLVK SURWHFWRUDWHV RI %HFKXDQDODQG %DVXWRODQG DQG 6ZD]LODQG DV DUHDV LQWHJUDO WR WKH VWDELOLW\ RI WKH 6RXWKURQ QDWLRQ )ROORZLQJ WKLV XS ZRXOG EH WKH /RQGRQUHTXHVWHG ODQG LQYDVLRQ RI *HUPDQ 6RXWK:HVW $IULND ZLWK DQ DGGHG JRDO RI VHL]LQJ 3RUWXJHVH $QJROD DQG 0R]DPELTXH $W WKH FRQFOXVLRQ RI KRVWLOLWLHV &DSH 7RZQ ZRXOG RIIHU SURYLQFLDOKRRG WR 1\DVVDODQG DQG 1RUWKHUQ 5KRGHVLD WKRXJK ZLWK WKH VWURQJ
%HKLQG WKH VFHQHV WKH 6DEEDW ZHUH IDVW DW ZRUN PXVWHULQJ XS WKH QHHGHG LQGXVWULDO RXWSXW WR VXVWDLQ VXFK JUDQGLRVH YLVLRQV VRIWHQLQJ WKH ORFDO SRSXODFH WR WKH PHDVXUHV DQG GHDOLQJ ZLWK WKH LQFUHDVLQJ LQWHUIHUHQFH IURP &DPDULOOD RSHUDWLYHV SDUWLFXODUO\ LQ 1RUWKHUQ 5KRGHVLDDQG%ULWLVK.HQLD
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
6RXWKURQ5HSXEOLF
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
7KH*ROGHQ7ZHQWLHV
:LWK $IULFD XQGHU WKH 6DEEDW DQG WKH &RQYHQWLRQV FRGRPLQLXP WKH 6RXWKURQ 5HSXEOLF EHFDPH D KRWEHG RI HFRQRPLF WHFKQRORJLFDO DQG VRFLDO IHUPHQW DV ERWK IRUFHV IRXQG WKH DUHD WKH SHUIHFW VHWWLQJ IRU DOO VRUWV RI H[SHULPHQWV RQ D JUDQG VFDOH $Q DUHD RI PDVVLYH SURSRUWLRQV KHUPHWLFDOO\ VHDOHG RII IURP SUHWHUQDWXUDO LQIOXHQFH RXWVLGH RI WKHLUV WKHDOOLHVDOORZHGWKHPVHOYHVIUHHUHLJQ $PRQJ WKH PRUH QRWHZRUWK\ DGYDQFHV RI WKH HUD DOORZHG WR OHDN RXW IURP&RQYHQWLRQODERUDWULHV
p p p p
$UWLILFLDOUXEEHU $GYDQFHG DQWLELRWLFV QHHGHG DJDLQVW WKH VXEWURSLFDO HQYLURQPHQWV WKH 6RXWKURQ VHWWOHUV PHW ZKLOH FRQVROLGDWLQJ WKHLU KROGRQWKHFHQWUDOJLUWKRIWKHFRQWLQHQW 7HOHYLVLRQ LQ DGGLWLRQ WR DGYDQFHG PRQLWRULQJ WHFKQLTXHV WKURXJKWZRZD\WHOHYLVHGWUDQVPLVVLRQV )XHO HIILFLHQW LQWHUQDO FRPEXVWLRQ HQJLQHV OHVVHQLQJ WKH QHHG IRU SHWUROHXP LQ WKH UHODWLYHO\ RLOSRRU FHQWUDO DQG VRXWKHUQ ]RQHV RI WKH FRQWLQHQW DV H[SORUDWLRQH[SORLWDWLRQ ZDV UHGLUHFWHG LQ WKH QRUWKHUQUHDFKHV
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
YDPSLUHV LQ HDUOLHU UHSRUWV ZHUH VLPSO\ WKH 1D]L V RZQ FRYHUW UHFRPELQDQW H[SHULPHQWV WKH &DEDO KDV YHU\ QHDUO\ VHFXUHG IRU WKHPVHOYHV WRWDO FRQWURO RYHU WKH SODQHW V SDUDGLJP 7UDGLWLRQ 0DJHV ZRUOGZLGH DUH ILQGLQJ LW KDUGHU QRW WR FRXUW 3DUDGR[ DV WKH UHSHUFXVVLRQV RI IDNH VXSHUQDWXUDO GULYH WKH UHDOVXSHUQDWXUDO HYHQ
6RXWKURQ5HSXEOLF
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
6RXWKURQ5HSXEOLF
LPPRUWDOLW\RIWKHVHULDOFORQHG5HYHQDQW 7KH &DPDULOOD DW OHDVW LQ (XUDVLD DQG $IULFD DUH DOO EXW H[WLQFW 6RPH ILHVW\ DQG GHFLGHGO\ PDG .LQGUHG FDQ VWLOO EH IRXQG LQ PRUH RXW RI WKH ZD\ DUHDV OLNH WKH VWHSSHV RI WKH 6LEHULDQ (PSLUH RU WKH LVOH RI 0DGDJDVFDUEXWWKH\DUHIHZDQGIDUIDULQEHWZHHQ (YHQ LQ 1RUWK $PHULFD WKHUH LV WKH ORRPLQJ GDQJHU RI WKH 6DEEDW WKRXJK ZLWK WKH 6FKLVP DQG WKH LPSRUWDWLRQ RI WKH 6FKLVPDWLFV WKDW WKUHDW LV D ORW OHVV WKDQ LW ZDV D IHZ GHFDGHV HDUOLHU 1RZ WKH DUHDV HQFRPSDVVLQJ WKH 8QLWHG 6WDWHV &DQDGD DQG PXFK RI &HQWUDO $PHULFDDUHIUHHRI6DEEDWLQIOXHQFH 6RXWK$PHULFDKRZHYHULVDQRWKHUVWRU\6LQFHWKH VWKH\ YHIDOOHQ XQGHU WKH VZD\ RI WKH 5HSXEOLF DQG DUH QRZ SULPH EUHHGLQJ JURXQGV IRU WKH &DEDO 7KH UHDO DGYHQWXUH IRU DQ\ &DPDULOOD VHFW PHPHEHU LQ VHDUFK RI LW LV WR EH IRXQG RQ WKH VWUHHWV RI 5LR RU 6DR 3DXOR ZKHUH 6RXWKURQ PHJDFRUSV DUH WLJKWHQLQJ WKHLU JULS RQ WKH 6RXWK $PHULFDQ HFRQRPLHVDQGW\LQJWKHPHYHUFORVHUWR&DSH7RZQ VRUELW ([WLQFWLRQ ORRPV IRU WKH ZRUOG V /XSLQHV DQG RWKHU ZHUHEHDVWV QRW LQ OHDJXH ZLWK WKH &DEDO $IULFD LV IRU DOO LQWHQWV DQG SXUSRVHV GHQXGHG RI O\FDQWKURSHV VDYH IRU WKH %DVWHW ZKR VXUUHQGHUHG HQ PDVVH GXULQJ WKH 0DJKUHE :DU LQ UHWXUQ IRU HWHUQDO VHUYLFH WR &DSH 7RZQ V ZKLPV ,W LV IURP WKDW VWRFN LQ IDFW WKDW WKH 3URJHQLWRUV DQG 7]LPLVFH KDYH FUHDWHGWKH6DWULQD%LRUJWKHSOHDVXUHPRGHO ,Q (XURSH WKH VLWXDWLRQ LVQ W PXFK EHWWHU WKRXJK YDVWHU GLVWDQFHV DQG OHVVHU GLUHFW SROLWLFDO FRQWURO HTXDWHV WR D PXFK ODUJHU O\FDQWKURSLF SRSXODWLRQ 6WLOO &DEDORULHQWDWHG LQGXVWULHV DQG JRYHUQPHQWV DUH UXQQLQJ D FDPSDLJQ WR IOXVK WKH VKDSHVKLIWHUV RXW LQWR WKH RSHQ XVLQJ ZKDWHYHU PHDQV WKH\ FDQ WR GR LW ,Q SDUWLFXODU WKH %UDWRYLWFK JKRXOV DUHEHLQJSXWWRXVHKXQWLQJGRZQWKHLUDQFLHQWDGYHUVDULHV 1RUWK $PHULFD KRZHYHU VHHPV WR KDYH EHFRPH D KDYHQ IRU GLVSODFHG O\FDQWKURSHV IURP DOO FRQWLQHQWV (YHQ WKH IHZ %DVWHW ZKR PDQDJHG WR HVFDSH FDSLWXODWLRQ DUH ZHOFRPHG ZLWK RSHQ DUPV KHUH $V WKH 6FKLVPDWLFV EHJLQ WKHLU GHFRQVWUXFWLRQ RI LQGXVWULDODJH WHFKQRORJ\ WKH O\FDQWKURSHV QXPEHUV DQG PRUH LPSRUWDQWO\ WKHLU LGHRORJ\ KDV LQFUHDVHG ,I WKHUH EH D ODVW VWDQG IRU WKH ZHUHEHDVWV OLQH LW ZLOO EH KHUH 1RWKLQJ PXFK FDQ EH VDLG IRU 6RXWK $PHULFD H[FHSW WKDW IRU WKH O\FDQWKURSHV LW LV D ORVW FDXVH $V WKH &DEDO FRQWLQXH WR LQFUHDVH WKHLU LQIOXHQFH RQ WKH ORFDO JRYHUQPHQWV PRUH DQG PRUH RI WKHP HPLJUDWH WR 1RUWK $PHULFDRU GLH LQ WKH DWWHPSW ,W LV UXPRXUHG WKDW WKH 6LFDULL RU DW OHDVW D SRUWLRQ RI WKHP DUH EHLQJ SUHSDUHG IRU DQ DOORXW DVVDXOW RQ WKH IHZ UHPDLQLQJ ZHUHEHDVW IRUWUHVVHV GHHS LQ WKH $PD]RQ
3ULQFLSOH &LWLHV
-RKDQQHVEXUJ $OH[DQGULD 1HZ5LFKPRQG 1HZ$WODQWD /HHVEXUJ &DLUR $OJLHUV &DUWKDJH /HSWLV 0DJQD 1RYD5RPD 'DYLVYLOOH 'XUEDQ 3UHWRULD 6DOLVEXU\
*RYHUQPHQW 6WURQJ'HPRFUDWLF&RQIHGHUDWLRQ6LPLODU7R &DQDGD +HDG2I 6WDWH
3UDHWRU3UHWRULXV'H1DQW,Q2IILFH2FW
+HDG2I 3ULPH0LQLVWHU$QGUHZ'DYLV,L,Q2IILFH1RY *RYHUQPHQW 0DMRU 3ROLWLFDO 3DUWLHV
5XOLQJ1DWLRQDO3DUW\7KH1DWV 3DWULRW3DUW\ 0RYHPHQW)RU'HPRFUDWLF$FWLRQ2SSRVLWLRQ /DERXU3DUW\1DWLRQDO)URQW/LEHUDO3DUW\$IULFDQ 1DWLRQDO8QLRQ
0RQHWDU\ 8QLW
6ROLGXV
3HU&DSLWD ,QFRPH
1DWXUDO ,QFUHDVH
$QQXDO
/LWHUDF\
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
)DFWV$QG)LJXUHV 6RXWKURQ5HSXEOLF 3RSXODWLRQ
&HQVXV
8UEDQ
(WKQLF *URXSV
&DXFDVLDQ&RQIHGHUDWHV$IULNDDQHUV %ULWLVK$UDE2U%HUEHU2WKHU 3ULPDULO\*HUPDQ %ODFNV%DQWX 3ULPDULO\=XOX$QG;KRVD +DXVD )XODQL.RUHDQ@ 0L[HG 5DFH&DSH&RORXUHGV$OH[DQGULDQV 0DJKUHEV2WKHUV
/DQJXDJHV
(QJOLVK$QG$IULNDDQV%RWK2IILFLDO
5HOLJLRQV
(SLVFRSDOLDQLVP'XWFK5HIRUPHG&KXUFK &DWKROLF,VODP,QGLJHQRXV%HOLHIV
&DSLWDO
&DSH7RZQ
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
6RXWKURQ5HSXEOLF
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
COURSERS %\&KULV&KDPEHUVEY#\IQ\VXHGX
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
3KLORVRSK\
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
)RFL /LIH&RUUHVSRQGHQFH)RUFHV$XJPHQWDWLRQV
7DOLVPDQ &RROVXLW
6WHUHRW\SHV $NDVKLF %URWKHUKRRG $ JRRG WKRXJKW LQ WKLV LQIRDJH EHLQJ FRQQHFWHGWRHYHU\WKLQJ 7KH\DEDQGRQWKHLUKXPDQLW\WRDIDOVHSURPLVHRISRZHU
7KH ZRUOG LV D GHDGO\ SODFH 7KH V\VWHP HYHQ PRUH VR :H ZRUN WKH XQGHUVLGHEDUHO\PDNLQJDSURILW:HKDYHVHHQWKHSUREOHPVIURPWKH ERWWRP 7KH V\VWHP LV VXSSRVHG WR SURWHFW XV EXW PRUH RIWHQ WKHQ QRW LW PHUHO\ QRUPDOL]HV HOLPLQDWLQJ WKRVH ZKR GLVDJUHH ZLWK LWV SROLF\ 7KH 6OHHSHUV WRR RIWHQ JHW FDXJKW XS LQ XSSHUOHYHO SROLWLFV 7KH\JHWKXUW:HQHHGWRGRVRPHWKLQJDERXWWKDW
&HOHVWLDO &KRUXV 7KHVH SHRSOH DUH VR PLUHG GRZQ ZLWK DQDFKURQLVPVWKDWWKH\FDQ WVHHZKDW VULJKWLQIURQWRIWKHLUQRVHV 'RJVFDQILQG7KH2QHDOVR:KDW"7KH\DUH2USKDQV" &XOW RI (FVWDV\ 7UXWK LQ +HGRQLVP" , GRQ W WKLQNV VR 7KHVH SHRSOH ZRXOGPRYHVORZHUWKDQWKH&KRUXVLIQRWIRUWKHLUFRQWURORIWLPH 0DQLWZRXOGEHD586+WRUXQDW03+ 'UHDPVSHDNHUV 7KH VSLULW LV LPSRUWDQW :H GRQ W GHQ\ WKDW %XW LW LVQ WHYHUWKLQJ
4XRWH
2UJDQL]DWLRQ 7KH\ DUH RUJDQL]HG LQWR DW WKH ORZHVW OHYHO &DEDOV WKHQ JURXSV RI WR &DEDO V FDOOHG 3DFNV DQG DW WKH KLJHVW OHYHO :DUORUGV ZKR FRQWURO VHYHUDO 3DFNV 3DFNV DUH RIWHQ JHRJUDSKLFDOO\ VHSDUDWH EXW KDYH DFRPPRQJRDO
,QLWLDWLRQ 7KH LQLWLDWLRQ FRQVLVWV RI WKH EDVLF DXJPHQWDWLRQ 7KH\ FDQ WKHQ IRFXV WKHLU PDJLFN WKURXJK WKHVH HQKDQFHPHQWV LQFUHDVLQJ WKHLU SK\VLFDO DWWULEXWHVWRVXSHUKXPDQOHYHOV
&KDQWU\
7KH\ KDYH WXUQHG WR 7HFKQRORJ\ WR WUDQVFHQG WKHPVHOYHV 7KH\ GR QRW VHH WKDW ZHKDYHIRXQGWKHVDPHWKLQJ (XWKDQDWRV 7KH JRRG 'HDWK" , GRQ W WKLQN VR
7KHLU PDLQ FKDQWU\ LV LQ %DOWLPRUH ,W LV D PLFURVXUJHU\ ZDUG XQGHU D F\EHUSXQNEDU
9HUEHQD :H VWHHU FOHDU RI WKHP 7KH\ VHHP WR WKLQN WKDW WKH %XUQLQJ7LPHVDUHRYHU7KH\ UHGHDG:URQJ
$FRO\WHV
7KH\RSSRVHWKHVHFUHF\ZHQHHGWRSUHYHQWDQRWKHU%XUQLQJ7LPHV
&\EHUSXQNV1HWKHDGVZHLUGRV
9LUWXDO $GHSWV 7KHVH DUH WKH JX\V ZKR JRW XV KHUH 7KH\ YH JRW WKLV ZHLUGDIIOLFWLRQZLWKUHJDUGWRFRPSXWHUV 7KHVH *X\V DUH SUHWW\ FRRO :H JHW WR VHH ZKDW VRPH RI RXU LGHDV ZRXOG EH OLNHLQWKHIOHVK
&2856(56
GLIIHUHQWSURMHFWVDFURVVERUGHUVDQGGLIIHUHQWFRQYHQWLRQV
&UHGLWV &UDVK&RXUVHE\:LOKHOLPLQD%DLUG $&ORFNZRUN2UDQJHE\$QWKRQ\%XUJHVV 7RR PDQ\ ILOHV WR OLVW RQ $EH 'DVKLHOO V %- =DQ]LEDUV :RUOG RI 'DUNQHVVSDJH 0DJH7KH$VFHQVLRQQG(GLWLRQE\:KLWH:ROI*DPHV 4XRWH ,V LQ 1DG6DW WKH VODQJ WKDW $OH[ DQG KLV IULHQGV XVH LQ $ &ORFNZRUN2UDQJH0DQ\RIWKH&RXUVHUVXVHLWDVZHOO
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
7+(&25(
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
7+(&25(
PHQWDO PRQLWRUV LQ WKH &RUH WR WUDFN DQ\ ZHDNQHVVHV RU VHHGV RI LQVDQLW\ DPRQJ WKH PHPEHUV %\ DQDO\]LQJ WKH PHQWDO SDWWHUQ DQG ORRNLQJ IRU DUHDV RI KLJK HQWURS\ WKH XVHU PD\ ILQG VLJQV RI LQFLSLHQW LQVDQLW\DQGVWDUWWUHDWLQJWKHP
'DQJHURXV DQG LQVSLULQJ 7KH\ PLJKW EH WUDLWRUV EXW WKH\ DUH GRLQJ ZKDWZHZRXOGOLNHWRGR
5HZLUH 'HVLUHV 0LQG /LIH RU 7KH XVHU FDQ UHPRGHO ZKDW H[SHULHQFHV JLYH SOHDVXUH SDLQ KXQJHU WKLUVW DQJHU RU DQ\ RWKHU EDVH HPRWLRQ %\ FDUHIXOO\ UHGLUHFWLQJ WKH OLQNV IURP K\SRWKDODPXV LQWR WKH FRUUHFW UHJLRQ RI WKHLU RU DQ\RQH HOVH V EUDLQ WKH\ FDQ FKDQJH ZKLFK VWLPXOL ZKLFK FUHDWHV ZKLFK HPRWLRQ )RU H[DPSOH LW LV SRVVLEOH WR OLQN SOHDVXUH WR SURILW DQG SDLQ WR ILQDQFLDO ORVVHV WKLV LV UXPRXUHG WREHFRLQFLGHQWDODPRQJ6\QGLFDWHPHPEHUV
7KH\ VHHN WR EHFRPH WKH VSLGHU LQ WKH QHW ZHDYLQJ HYHU\WKLQJ LQWR WKHLUGHDGZHERIFKURPHDQGJODVV
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
$XJPHQWDWLRQ7DOLVPDQV
0DUDXGHUV :DUSLQJ UHDOLW\ LQWR FKDRV IRU IXQ LV XVHOHVV DQG MXVW HJRPDQLD
1HZ :RUOG 2UGHU 3DUDQRLGV ZKR KDYH QR LGHDOV 7KH\ VHHN WR WUDS HYHU\RQHLQWRWKHLUJUH\UHDOLW\LQVWHDGRI$VFHQGLQJ 'DQJHURXV WUDLWRUV ZKLFK PXVW EH GHVWUR\HG WR WHDFK ,WHUDWLRQ ; D OHVVRQ 1HSKDQGL 7KH\ DUH XQVWDEOH DQG FKDRWLF 7KH\ DFW LQ QRERG\ V LQWHUHVW 7KH&RUHLVDOUHDG\URWWHQ:HMXVWKDYHWRJLYHLWDVOLJKWSXVK 2USKDQV ,QWHUHVWLQJ SKHQRPHQRQ 0LJKW EH D VLJQ WKDW SDUWV RI PDQNLQG VSRQWDQHRXVO\ VWDUW GHYHORSLQJ WKHLU RZQ SRZHUV $ JRRG VLJQ8JK7XUQLQJLQWRPDFKLQHVVRXQGVOLNHEDG6) 2UGHURI+HUPHV(OHJDQWIRUPDOLVPQRFRQWHQW 8QEDODQFHG SKHQRPHQD WHQG WR EHFRPH PRUH XQEDODQFHG LQ WLPH XQWLOWKH\VSRQWDQHRXVO\EUHDNGRZQDQGUHWXUQWRWKHEDODQFHGVWDWH 7KH&RUHLVTXLWHXQEDODQFHG 3URJHQLWRUV :H ZLOO WUDQVFHQG RXU ELRORJLFDO ERGLHV EXW LQ GRLQJ VR ZHQHHGWKHLUNQRZOHGJH 7KH\ GRQ W XQGHUVWDQG WKDW E\ DEDQGRQLQJ WKHLU ELRORJLFDO KHULWDJH WKH\DEDQGRQWKHLUKXPDQLW\7KH\FRXOGDVZHOOEHDOLHQV 6RQV RI (WKHU 7RR GLYLGHG WR PDNH DQ\ JUHDWHU GLIIHUHQFH EXW PDQ\ RI WKH LQGLYLGXDOV KDYH YHU\ XVHIXO LGHDV 7RR EDG PDQ\ RI WKHP DUH VHFUHWLYHDQGWU\WRKLGHWKHPIURPXV :RQGHUIXO LGHDV 7RR EDG WKH\ KDYH ORVW WKHLU KXPDQLW\ WRR WKHLU FUHDWLRQV KDYH ORVW WKHLU EHDXW\ DQG ORRN OLNH WKH VWUHDPOLQHG 7HFKQRFUDWLFFRQVWUXFWV 6\QGLFDWH 7R LQYROYHG ZLWK VLOO\ SROLWLFDO JDPHV ZLWK VOHHSHUV DQG WKHRWKHUFRQYHQWLRQVWRUHDOLVHWKDWPDQNLQGLVEHFRPLQJREVROHWH
&RSURFHVVRUV/HYHO
7KHUHLVQRPRQH\LQWKH&RUH
0HQWDO/LQN/HYHO
9HUEHQD 8VHOHVV DQG GDQJHURXV /HWWLQJ WKH ELRORJLFDO ERG\ UXOH WKH PLQG LV UHJUHVVLRQ DQG PXVW EH VWRSSHG 7KH IXWXUH LV SRVW ELRORJLFDO DQ\ZD\
&RPSXWHU/LQN/HYHO ,QWHUQDO&RPSXWHU/HYHO
7KLVFDQFHUFDQRQO\EHFXUHGE\UDGLFDOVXUJHU\
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
7+(&25(
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
CRAFTMASONS
8PEUD %XW LW DOO FDPH DSDUW DV WKH WUDQVLWLRQ IURP 2UGHU WR 8QLRQ ZDV FRPSOHWHG WKH &UDIWPDVRQV OHJHQGDULO\ WKH PRVW QREOH RI WKH &RQYHQWLRQV UHIXVHG WR IROORZ WKH FRUUXSWHG SDWKV RI WKH &RQYHQWLRQV DQG OHIW 7KHLU JUHDWHVW FRQVWUXFW RI DOO WKH 8PEUDO FRQVWUXFW NQRZQ PRVW IUHTXHQWO\ DV WKH *URXQGV ZDV WDNHQ RYHU E\ ,WHUDWLRQ ; WR EHFRPH WKH PRQVWURXV UHDOP RI 0(&+$ $OWKRXJK WKHUH ZDV D KDOIKHDUWHG DWWHPSW WR JR DORQJ WKH RUJDQL]DWLRQ DV D ZKROHVSOLQWHUHGDQGWKHUHPQDQWVOHIWWKH7HFKQRFUDF\GLVLOOXVLRQHG $IWHU DOO WKDW LW VHHPV WKH &UDIWPDVRQV DUH D &UDIW ZLWK QR SODFH 7KH\ ZRXOG EH UHGXQGDQW RQ WKH &RXQFLO RI 1LQH WKH 6RQV RI (WKHU KDYH ORQJ VLQFH WDNHQ RYHU WKHLU SODFH DV WKH FUHDWRUV RI WKH LQYHQWLRQV WKDW PDNH WKH ZRUOG DQ HDVLHU SODFH WR OLYH DQG WKH &UDIWPDVRQV KDYH QR SDUW LQ WKH ZRUOG RI WKH 9LUWXDO $GHSWV ,WHUDWLRQ ; KDV IUR]HQ WKHP RXW RI WKH EXLOGLQJ ZRUN RI WKH 7HFKQRFUDF\ DQG LQ UHWXUQ WKH &UDIWPDVRQV ZDQW QR SDUW RI WKH 3URJHQLWRUV DQG WKHLU IUHDNLVKQHVV 7KH HOLWLVP RI WKH RQHWLPH 2UGHU RI 5HDVRQ QR ORQJHU VXLWV WKH &UDIWPDVRQV ZKR VLPSO\ KDYH QHYHU EHHQ DV SRZHU KXQJU\ DV WKH UHVW RI WKH 8QLRQ KDV EHFRPH ,Q WKH ODVW IHZ \HDUV RI WKH WK &HQWXU\ WKH &UDIWPDVRQV FUHDWHG WZR KXJH LQYHQWLRQV TXLFNO\ WKH VXEZD\ DQG WKH 3DUDGR[GHI\LQJ VN\VFUDSHU DQG GURSSHG RII WKH IDFH RI WKH (DUWK ,W VHHPHG WKDW ZD\ DW WKH WLPH DQ\ZD\ WKH 7HFKQRFUDF\ KROGV QR SDUWLFXODU JUXGJH DJDLQVW WKH DVVXPHGYDQLVKHG &UDIWPDVRQV WKH ZD\ WKH\ GR WKH 9LUWXDO $GHSWV DQG WKH 6RQV RI (WKHU ,W VHHPV HYHQ PRUH WKH FDVH WKDW QRERG\ TXLWH UHDOL]HV WKDW WKH\ DUH VWLOO WKHUH +RZHYHU WKH\KDYHLQIOXHQFHVDOORYHUWKHZRUOG &UDIWPDVRQ EDFNODVKHV DUH XQLTXH HYHQ IRU 0DWWHU EDFNODVKHV 2QH ZHOONQRZQ RQH KDSSHQHG LQ %RVWRQ VHYHUDO GHFDGHV DJR ZKHQ D &UDIWPDVRQ EXLOGHU DWWHPSWHG DQ H[SHULPHQWDO PHWKRG RI SRXULQJ FRQFUHWH LQ WKH ZLQWHU 7KRXJK LW ZRUNHG LQ RWKHU SDUWV RI WKH ZRUOG SDUWLFXODUO\ LQ VXE$UFWLF &DQDGD ZKHUH WKH WHFKQLTXH ZDV GHYHORSHG WKH UHDOLW\ WKUHVKKROG LQ ZDUPHU %RVWRQ ZDV PRUH GLIILFXOW WR EUHDN DQG WKH EXLOGLQJ FROODSVHG ZKHQ WKH IUR]HQ FRQFUHWH WKDZHG 7KH &UDIWPDVRQV DUH NQRZQ WR KDYH GHHSURRWHG FRQQHFWLRQV ZLWK WKH YDPSLUH FODQV 7RUHDGRU DQG 1RVIHUDWX PDQ\ RI WKRVH FODQV ZKR SRVVHVV YDULDQWV RI WKH 7UHPHUH 'LVFLSOLQH RI 7KDXPDWXUJ\ SDWWHUQ WKHLU SDWKV DQG ULWXDOV DIWHU WKH ZRUN RI WKH &UDIWPDVRQV DQG WKH 1RVIHUDWX KDYH IUHTXHQWO\ HPSOR\HG &UDIWPDVRQV DV SODQQHUV IRU WKHLU P\VWHULRXVZDUUHQV
3KLORVRSK\ 7KH HDVLHVW ZD\ WR GHI\ 3DUDGR[ LV WR EXLOG 1DWXUH LWVHOI WZLVWV UHDOLW\ ZKHQ JHRORJLFDO IRUPDWLRQV DUH FUHDWHG WKHUH LV QR UHDVRQ ZK\ ZH FDQQRW GR WKH VDPH 6R RQZDUG DQG XSZDUG KDYH ZH DOZD\V JRQH DQG ZLOOZHDOZD\VJR
6W\OH
%\%ULDQ&RQQRUVFRQQRUEG#EFHGX
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
0DJLFN DV WKH &UDIWPDVRQV XVH LW LV RI D SHUPDQHQW QDWXUH 7KHLU FDOOLQJ LV WR EXLOG DQG WKH\ QRW ,WHUDWLRQ ; FDQ OD\ FODLP WR EXLOGLQJ WKH IRXQGDWLRQV RI WKH JUHDW PRGHUQ FLWLHV (YHQ WKHLU VPDOOHU ZRUNV DUH PHWLFXORXVO\ SODQQHG 3DWWHUQ DYDWDUV DUH WKHUHIRUH VWURQJO\ IDYRUHGG\QDPLFHVVHQFHVDUHDOPRVWIHDUHG
6SKHUH 0DWWHU
&RPPRQIRFL %OXHSULQWV EXLOGLQJ PDWHULDOV $ SLHFH RI FRQVWUXFWLRQ HTXLSPHQW ZLOO RFFDVLRQDOO\EHIRXQGWREHD&UDIWPDVRQWDOLVPDQ
2UJDQL]DWLRQ 2QFH D PLUURU RI WKH )UHHPDVRQ KLHUDUFK\ WKH &UDIWPDVRQV QR ORQJHU
&5$)70$6216
KDYH DQ\ UHDO RUJDQL]DWLRQDO ERG\ 6PDOO JURXSV PHHW EHKLQG WKH VFHQHVDWDUFKLWHFWXUDODQGEXLOGHUV FRQYHQWLRQV
$XWKRU V1RWHV
6WHUHRW\SHV
7HFKQRFUDWLF 8QLRQ 7KH\ KDYH EHWUD\HG XV DQG RXU LGHDOV :H ZLVK QRWKLQJ PRUH WR GR ZLWK WKHP OHW WKHP WDNH WKHLU SHUYHUVLRQ RI RXU 2UGHURI5HDVRQDQGPD\WKH\FKRNHRQLW
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
$NDVKLF %URWKHUKRRG :KDW GR WKH\ KDYH RWKHU WKDQ WKHPVHOYHV" 7KH\VHHPWRUHYHOLQGHYHORSPHQWWKURXJKVWDJQDWLRQ
1LFNQDPHV
&RXQFLO RI 1LQH 7KHUH LV QR SODFH IRU XV DPRQJ WKHP 7KLV LV VDG EHFDXVHZHDQGWKH6RQVRI(WKHUKDYHVRPXFKLQFRPPRQ
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
CTHULHOIDS %\'DQ7XWWOH]HBGRFWRUBLV#KRWPDLOFRP
7KH&WKXORLGRU&XOWLVWRI&WKXOKXDOVR'HHS2QHV
7KH3DUDGLJP 2EHGLDQFH WR WKH *UHDW 2QHV &WKXOKX DQG WKH (OGHU *RGV VOXPEHU VRXQGO\ LQ 5\OHK XQGHU WKH WLGHV RI WKH 3DFLILF ,Q VOXPEHU WKHLU SRZHUV XQIROG RQWR RXU PRUWDO FRLO 7KH *UHDW &WKXOKX DQG WKH RWKHU (OGHU *RGV JUDQW XV WKH SRZHU WR DOWHU UHDOLW\ WR KHUG WKH VKHHS VOHHSHUV :LWKRXW WKH *UHDW 2QH WKHUH ZRXOG EH QR PDJLFN 7KH 'UHDPLQJ RQHV ORQJ WR $ZDNHQ DQG KDYH DURXVHG RXU VOXPEHULQJ PLQGVLQIDLWKWKDWZHVKDOOGRWKHVDPHIRUWKHP
0DJLFN ([WHQVLRQ RI *RG V ZLOO 7KH *UHDW &WKXOKX DQG KLV VXERUGLQDWH *RGV JUDVS LQ WKHLU GHHS VOXPEHU DQ HQRUPRXV DPRXQW RI SRZHU 7KLV
0DJLFN ZKLFK KDV EHHQ JUDQWHG WR XV LV D PHUH IUDFWLRQ RI WKHLU :LOO :LWKWKH(OGHU*RGVEHKLQGXVQRWKLQJLVLPSRVVLEOH
6SKHUHV &RUUHVSRQGDQFH ,WKDTXD 7KH :LQG:DONHU DQG WKH :HQGLJR WKH KDXQWHU RI WKH DUWLF :LQGV LV DOVR WKH PDVWHU RI GLVWDQFHV DQG FRQQHFWLRQV 7KRVH ZKR FDOO XSRQ KLV IDYRUV PD\ WUDYHUVH JUHDW GLVWDQFHVZLWKDPHUHWKRXJKW (QWURS\ 7RXFK RI WKH 2OG 2QHV $Q\ IROORZHU ZKR LV VWXGLHG HQRXJK PD\ DIIHFW RWKHUV LQDQLPDWH DQG OLYLQJ DOLNH ZLWK WKH EOHVVLQJV RU FXUVHVRIWKH*UHDW2QHV )RUFHV &RRSHUDWLRQ :KHQ D IROORZHU FDOOV XSRQ DOO RI WKH *UHDW 2QHV LW LV YLDEOH WKDW KH RU VKH PLJKW EH DEOH WR KDYH D VPDOO GRPLQLRQ RYHU WKH QDWXUH RI SK\VLFV DQG RWKHU PRUWDO EHOLHIV )HDWV KDYH EHHQ DFFRPSOLVKHG E\ VXFK LQFDQWDWLRQV DV PDVVLYH VWRUPV DQG VXGGHQ OLJKWQLQJVWULNHVSURRIWKDWEHOLHIFRQTXHUVWKHLPSRVVLEOH /LIH 'DJRQ 7KH 2FHDQ *RG RI WKH 3DQWKHRQ DOVR JUDQWHU RI LPPRUWDOLW\ WR VRPH VHOHFW VHUYDQWV NQRZQ DV 'HHS 2QHV ,QYRNHUV RI 'DJRQ FDQ UHZHDYH WKH YHU\ IRUPV RI DOO WKLQJV OLYLQJ DQG DOWHU WKHLURZQIRUPWREHWWHUVHUYHWKH*UHDW2OG2QHV 0DWWHU .RQ 7KH /RUG RI (DUWKTXDNHV .RQ KROGV GRPLQLRQ RI WKH XQOLYLQJ RI WKH LQDQLPDWH 7KRVH ZKR ZHDYH WKH SRZHUV RI .RQ KDYH FRQWURORYHUWKRVHWKLQJVDVZHOO 0LQG 6OXPEHU 0RUWDOV QRQIROORZHUV DUH QRW DZDNH 7KH\ FDQQRW VHQVH WKH WUXH SRZHU RI WKH 2OG 2QHV DQG LW LV WKDW VOXPEHU WKDW LJQRUDQFH WKDW OHWV XV WDNH JULS XSRQ WKHP 6RPH IROORZHUV KDYH XVHG
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
&7+8/+2,'6
7LPH
$UHWH 5HVSRQVLELOLW\ :LWK HYHU\ QHZ UHVSRQVLELOLW\ WKDW WKH *UHDW (OGHUV RUGDLQ XV ZLWK ZLWK LW FRPHV JUHDWHU SRZHU $ PHUH LQLWLDWH RI WKH IROORZLQJ PD\ QRW SHUIRUP DV JUHDW IHDWV DV DQ $PEDVVDGRU WR WKH *UHDW6OXPEHULQJ2QHVWKHPVHOYHV
7KH3DUDGLJP 7KH ([SHULHQFH ([LVWHQFH LV D VHULHV RI H[SHULHQFHV WKDW H[SDQG DQG FKDQJH WKH LPPRUWDO EHLQJ ZLWKLQ WKH &XOWLVW ,I D VRXO H[SHULHQFHV HYHU\SRVVLEOHHYHQWLWLVH[SDQGHGWRH[WUDKXPDQVWDWXV
0DJLFN :KLPV\ 7KH ZLOO RI WKH FXOWLVW LV IRFXVHG LQWR FUHDWLQJ PRUH RSSRUWXQLWLHVIRUH[SHULHQFHV
4XLQWHVVHQFH
6SKHUHV
)UDJPHQWV RI WKH 'UHDPV 7KH *UHDW &WKXOKX ORUGPDVWHU RI 'UHDPLQJV VRPHWLPHV VHQGV IUDJPHQWV RI KLV HVVHQFH WR WKH 0RUWDO 5HDOP WR DLG KLV IROORZHUV 7DNH LQ WKLV UDZSRZHU DQG XWLOL]H LW DV &WKXOKX ZRXOG VHH ILWWLQJ 6TXDQGHULQJ RI KLV HVVHQFH LV DQ XQVSHDNDEOHFULPH
7LPH 7KH 3DVVDJH 7KH 3DVVDJH UHFRUGV WKH ([SHULHQFH LQ WRWDO KHDOV DOO ZRXQGV RYHUFRPHV DOO %DG ([SHULHQFHV LI DQ\ H[SHULHQFH FDQ EH WUXO\%DGPHWDSK\VLFDOO\VSHDNLQJ
3DUDGR[ &WKXOKX V :UDWK :KHQ D IROORZHU WULHV WR HQDFW D PDJLFN WKDW ZRXOG DWWUDFW WRR PXFK DWWHQWLRQ WR WKH 6OXPEHULQJ 2QH RU ZKHQ D IROORZHU IDLOV WR ZRUN KLV FUDIW LW DWWUDFWV WKH 6OXPEHULQJ 2QH V DWWHQWLRQ LQ D %$' ZD\ $WWUDFWLQJ WRR PXFK RI KLV DWWHQWLRQ ZLOO UHVXOW LQ KDYLQJ PLQLRQV SDUDGR[ VSLULWV GLVSDWFKHG WR WKH RIIHQGHU &WKXOKX GLVOLNHV IDLOXUH
$ZDNHQLQJ $ULVLQJ IURP VOXPEHU $V WKH *UHDW 2QH VOHHSV VR GRHV WKH PRUWDO UDFH :KHQ WKH *UHDW &WKXOKX GHHPV D PRUWDO ZRUWK\ RI VHUYLFH KH URXVHV WKH VOXPEHULQJ PLQG LQWR UHDOL]DWLRQ UHDOL]DWLRQ WKDW 7KH (OGHU *RGV DUH WKH 6RXUFH RI DOO SRZHU 8QNQRZLQJ PRUWDOV PD\ FDOO WKLV PDGQHVV:HNQRZWKLVDVWKHRQO\VDQHWUXWK
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
CULT OF ECSTASY PARADIGM %\3DXO%HDNOH\DGS\E#DFYD[LQUHDVXHGX
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
$UHWH :KLP 7KH ([SHULHQFH LV WR EH ZDUSHG DQG DOWHUHG WR WKH ZKLP RI WKH FDVWHU 7KH JUHDWHU RU PRUH ZRUWK\ WKH ZKLP WKH PRUH OLNHO\ 7KH ([SHULHQFH ZLOO ZDUS LWVHOI IRU WKH EHQHILW RI WKH &XOWLVW 2OG IRUP .LD)LDW
4XLQWHVVHQFH ([SHULHQFH 6RPHZKDW V\QRQ\PRXV ZLWK 7KH ([SHULHQFH LH WKH SDUDGLJP PRGHO LWVHOI &XOWLVWV EHOLHYH WKDW ([SHULHQFH FDQ EH DFFXPXODWHG PDNLQJ 7KH ([SHULHQFH PRUH NQRZDEOH DQG WKHUHIRUH PRUH FKDQJHDEOH 2QFH D :KLP KDV EHHQ HQDFWHG ZLWK WKH KHOS RI WKH &XOWLVW V ([SHULHQFH WKRXJK D QHZ H[SHULHQFH PXVW EH IRXQG WR HQDFW KLVQH[W:KLP
3DUDGR[ 7KH %DG ([SHULHQFH 6FUHZ ZLWK 7KH ([SHULHQFH WRR PXFK DQG LW WXUQV %DG RQ \RX 7KLQJV JR ZURQJ H[SHULHQFHV DQG ZKLPV DUH ZDUSHGDQGPDGHHYLODQGHYHQWXDOO\WKH&XOWLVWLVUHPRYHGIURP7KH ([SHULHQFHHQWLUHO\
&8/72)(&67$6<3$5$',*0
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
$PD]LQJO\ HQRXJK WKH (FVWDWLFV VHHP WR JHW RQ UHPDUNDEO\ ZHOO ZLWK YDPSLUHV:KLOHVRPHRIWKH&XOWIHHOYDPSLUHVDUHDOVRFKHDWLQJGHDWK WKH PDMRULW\ VHH WKHP DV H[LVWLQJ SHUPDQHQWO\ ZLWKLQ WKH (FVWDV\ WKDW EUHDNLQJ GRZQ RI LOOXVLRQV DQG KHLJKWHQHG VWDWH RI DZDUHQHVV WKDW RFFXUV DW WKH PRPHQW RI GHDWK DQG VR WUHDW WKHP DOPRVW UHYHUHQWO\
&KDQWU\ 1R PDLQ FKDQWU\ H[LVWV &OXEV ZLWKLQ HDFK FLW\ XVXDOO\ FRQVLVW RI RQH RI WKH IRXQGHUV DQG D IHZ RWKHUV 2FFDVLRQDOO\ ZHDOWK\ VOHHSHUV DUH DOORZHG DFFHVV WR WKH FOXEV WKRXJK WKH\ DUH NHSW IURP NQRZLQJZKDWWKHFOXE VWUXHSXUSRVHLV
7KH\ DOVR KDSSHQ WR EH RQ YHU\ JRRG WHUPV ZLWK WKH ZUDLWK
6SKHUH %RWK (QWURS\ DQG 7LPH WKRXJK WKH\ OHDUQLQJ ERWK
$FRO\WHV 7KH GHFDGHQW ULFK JUDYHGLJJHUV PHPEHUV RI ERWK WKH ULJKWWROLIHDQGULJKWWRGLHRUJDQLVDWLRQVZUDLWKVDQGYDPSLUHV
&8/72)),1$/(&67$6<
&RUUHVSRQGHQFH DQG )RUFHV DW WKH VDPH UDWH DV RUSKDQV DV WKHVH ODFN DQ\GLUHFWUHODWLRQWR7KH(FVWDV\DQGWKHGHDG
2WKHUVYLHZVRIWKH&XOW
)RFL
$NDVKLF %URWKHUKRRG 1R FRQWURO 7KH\ IDLO WR FRQWURO WKHLU RZQ PLQGVDQGERGLHVDQGFRPPLWDWWURFLWLHVDORQJWKHZD\
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
&HOHVWLDO&KRUXV6KXGGHU 7KLVHYLOPXVWEHVWRSSHG
$OO (FVWDWLFV KDYH DW OHDVW RQH YLFH WKDW WKH\ XVH WR DVVLVW WKHLU FRQFHQWUDWLRQ GXULQJ PDJLF DQG WR DOVR KDYH D ORW RI IXQ $SSURSULDWH YLFHV LQFOXGH FDQQLEDOLVP QHFURSKLOLD WRUWXUH GULQNLQJ KXPDQ EORRG RU DQ\WKLQJ HOVH XVXDOO\ FRQVLGHUHG PRUDOO\ UHSXJQDQW WKDW LV UHODWHG LQVRPHZD\WRGHDWKDQGSDLQOLIHDQGVRUURZ
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
'XH WR WKH QDWXUH RI WKHLU PDJLFN WKH ERGLHV RI WKH GHDG RU DSSURSULDWH SDUWV WKHUHRI DUH SRZHUIXO IRFL WKDW FDQ EH XVHG IRU DQ\ VSKHUH DQG DUH LQYROYHG LQ DOPRVW DOO FRQMXQFWLRQDO PDJLFN WKH (FVWDWLFVGR
9HUEHQD7KH\RIIHQGRWKHUV SHWW\PRUDOLW\EXWQRWRXUV
&RUUHVSRQGHQFH 'DQFLQJ (QWURS\ %RQHV )RUFHV :HDSRQ 8VXDOO\ D NQLIH LW V PRUH XS FORVH DQG SHUVRQDOOLNH /LIH 9LFH 0LQG 3DLQ 7KH (FVWDV\ 0DWWHU %RQHV 3ULPH 9LFH 7KH (FVWDV\ 6SLULW 7KH (FVWDV\7LPH9LFH
6RPH&RPPRQ5RWHV
&RQFHSWV'RFWRUVKDPDQZLWFKGRFWRUSOD\ER\
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
4XRWH'RHVWKLVKXUW"+RZDERXWWKLV"*RRGLVQ WLW"
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
9LUWXDO$GHSWV7KH&XOWRI)LQDO(FVWDV\"7KDW1HSKDQGLJURXS" *DURX*UUUUU:\UP.LOO
(\HVRIWKH%OLQG&RUUHVSRQGHQFH
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
&8/72)),1$/(&67$6<
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
CULT OF MAGNA MATER %\$QGHUV6DQGEHUJ
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
&8/72)0$*1$0$7(5
3KLORVRSK\ 7KH *UHDW 0RWKHU OLYHV +HU ERG\ LV WKH HDUWK EHORZ XV JLYLQJ ELUWK WR HYHU\WKLQJ OLYLQJ DQG QRXULVKLQJ LW 6KH LV OLIH DQG KHU VHFUHWV DUH WKH VHFUHWV RI OLIH 2QO\ WKH ZRPHQ FDQ XQGHUVWDQG WKHP WKH PDOHV ZRXOG QRW XQGHUVWDQGDQGZRXOGRQO\VXIIHUWKHIDWHRI$WWLVLIWKH\WULHG
p
(FVWDV\(QWURS\7KHWRWDOGLVVROXWLRQRIHYHU\WKLQJ,WZDVPRVW IUHTXHQWO\ DFKLHYHG WKURXJK FRPSOHWH RUJLHV ZKHUH GHFHQF\ UHDVRQDQGHYHU\WKLQJHOVHZDVFDVWDVLGHIRUWKHSULPDOFKDRV
p
6H[ RU PDOH JHQLWDOV 3ULPH 7KH RULJLQ RI HYHU\WKLQJ 7KH JHQLWDOV RI WKH VDFULILFLDO EXOOV ZHUH RIWHQ XVHG DQG VRPHWLPHV WKH JHQLWDOV RI WKH JHOOL 6RPH SULHVWHVVHV FRQVHUYHG WKHP OHDWKHUHG WKH VNLQ DQG PDGH WKHP SRUWDEOH IRFL EXW IUHVK JHQLWDOV ZHUH DOZD\VUHJDUGHGDVWKHPRVWSRZHUIXO
p
'DQFH7LPH
2UJDQLVDWLRQ (DFK WHPSOH ZDV LQGHSHQGHQW RI HDFK RWKHU DOWKRXJK VRPH WHPSOHV KDG PRUH LQIOXHQFH WKDQ RWKHUV ,Q HDFK WHPSOH WKH +LJK 3ULHVWHVV KDG WKH JUHDWHVW VWDWXV IROORZHG E\ WKH $UFKLJDOOL %HORZ LQ VWDWXV ZDV WKH RUGLQDU\SULHVWHVVHVDQGORZHVWWKHJDOOL
&RQFHSWV
0HHWLQJV
4XRWH
%HVLGH WKH PDMRU FHOHEUDWLRQV WKH SULHVWHVVHV PHW LQ VHFUHW FHOHEUDWLRQVGHSHQGLQJRQSKDVHRIPRRQ
,R &\EHOH ,R 0DJQD 0DWHU ,PSOHDW ODSLEXV LOOLV FDORULEHP 0DJQD 0DWULV0XOLHULEXVSDUVYLPWXDGHW,R,R&\EHOH
,QLWLDWLRQ
5RWHV
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
+HUEDO5HPHG\
&KDQWU\
/LIH
)HPDOHP\VWLF0LGZLIH'HFDGHQWQREOHZRPDQ
/LIH0LQG 0DQ\ RI WKH SULHVWV DQG SULHVWHVVHV ZHUH JUHDW KHDOHUV 7KHLU VHFUHW ZDV WR ILUVW VWXG\ WKH SDWLHQW DQG WKHQ DOPRVW LQVWLQFWLYHO\ NQRZ WKH ULJKW KHUEV RU PHWKRGV WR KHDO WKH GLVHDVH 7KH\ RIWHQ ZDQGHUHG WKH FRXQWU\VLGH RU SDUNV VWXG\LQJ WKH SODQWV DQG DQLPDOV RI WKH 0RWKHU VHHLQJZKLFKZRXOGZRUNEHVWIRUZKLFKGLVHDVH 7KH0RWKHU V%OHVVLQJ
7KH WHPSOHV PDLQO\ LQ 3KU\JLD *UHHFH DQG ,WDO\ 7KH PDLQ WHPSOH ZDV LQ 5RPH ZKHUH WKH 9DWLFDQ FXUUHQWO\ OLHV ,W LV SRVVLEOH WKDW VRPH SDUWV RI LW UHPDLQ EHORZ 6W 3HWHUV &DWKHGUDO PD\EH HYHQ WKH VDFUHG VWRQH $QRWKHU PDMRU WHPSOH ZDV LQ 'HOSKL ZKLFK ZDV ODWHU UH FRQVHFUDWHG WR $SROOR DQG EHFDPH PXFK PRUH IDPRXV IRU KLV RUDFOH 7RGD\QRQHRIWKHROGWHPSOHVDUHLQXVH
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
$FRO\WHV
2PIDORV
+HDOHUV(XQXFKV%RQ9LYDQWV0RWKHUV
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
&RUUHVSRQGHQFH)RUFHV
6SKHUH /LIH 7KH *UHDW 0RWKHU HQFRPSDVVHG DOO WKLQJV OLYLQJ DQG JURZLQJ DOO SDUWV RI WKH OLIH F\FOH IURP ELUWK WR GHDWK ,Q LWV RULJLQDO IRUP WKH /LIH PDJLFN RI WKH FXOW ZDV PDLQO\ GLUHFWHG WRZDUGV KHDOLQJ DQG IHUWLOLW\ /DWHU VRPH SDUWV RI WKH FXOW EHJDQ WXUQLQJ PRUH DQG PRUH P\VWLFDO VHHNLQJ WR XVH /LIH WR UHDFK GHHSHU JRDOV RIWHQ XVHG LQ FRPSOHPHQW ZLWK HFVWDV\ DQG VHFUHW ULWHV %RWK WKH SULHVWHVVHV DQG SULHVWV VWXGLHG /LIH SULPDULO\ EXW WKH SULHVWV ZHUH WKH RQO\ RQHV VWXG\LQJ 7LPH XVLQJ WKHLU GDQFHV DQG WKH SULHVWHVVHV 6SLULW DQG (QWURS\ XVLQJ WKHLU RUJLHV DQGEORRGPDJLFN
)RFL p p
p
3UD\HUWRWKH*UHDW0RWKHU $OOVSKHUHV 6DFUHG VWRQH RU ,GRO /LIH &RUUHVSRQGHQFH 0DQ\ VWRQHV ZHUH PHWHRULWHV OLNH WKH VWRQH LQ 0HFFD 2WKHU VDFUHG VWRQHV ZHUH PHQKLUV RU PRQROLWKV ZKLFK ZHUH UHSXWHG WR JDWKHU WKH SRZHU RI WKH (DUWK 0RWKHU DQG JLYH LW WR ZRPHQ ZKR WRXFKHG WKHP ,Q VRPHFDVHVFDYHVRUZHOOVZHUHXVHG %ORRG 6SLULW %\ SRXULQJ WKH EORRG DV D VDFULILFH WKH VSLULWV ZRXOG JDWKHU WR IHHG RQ LW 7KLV ZDV RIWHQ FRPELQHG ZLWK WKH WDXUREROLXP
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
&8/72)0$*1$0$7(5
RIWHQ SURIHVVLRQDO ZHHSHUV ZHUH KLUHG WR FU\ DQG ODPHQW LQ WKH EDFNJURXQG 'XULQJ WKH WLPH WKH ERG\ ZDV DQRLQWHG ZLWK RLOV DQG EORRG $V D ILQDO DFW PDOH VXEMHFWV ZHUH FDVWUDWHG DQG IHPDOH VXEMHFWV DZDNHQHG E\ ULWXDO LQWHUFRXUVH ZLWK D PDOH WKH SULHVWHVVHV KDG SRVVHVVHG ZLWK WKH SRZHU RI 3DQ 7KH FDVWUDWLRQ FRXOG QHYHU EH KHDOHG RUWKHVXEMHFWZRXOGGLHDJDLQ2QWKHJRRGVLGHE\JRLQJWKURXJKWKLV ULWH WKH VXEMHFW ZLOO DOZD\V KDYH D FORVH WLH WR $WWLV DQG SDUWLDOO\ EHFRPHWKHOLYLQJHPERGLPHQWRIWKHIHUWLOLW\JRG
CYBERGNOSTICS %\$QGHUV6DQGEHUJQYDVD#QDGDNWKVH
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
0DJLFN
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
&<%(5*1267,&6
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
9LUWXDO$GHSW3DUDGR[%HLQJV GHYQXOO(QWURS\ 7KLV QDVW\ OLWWOH VSLULW HDWV LQIRUPDWLRQ GHVWUR\LQJ LW VR WKDW LW FDQ QHYHU EH UHWULHYHG ,W KDV DQ DQQR\LQJ DELOLW\ WR ILQG WKH PRVW LPSRUWDQW ILOHV DQG HUDVH WKHP LQFOXGLQJ WKHLU EDFNXSV ,W FDQ RQO\ EH IHOWDVDFKLOOGUDIWDQGVXGGHQDEVHQFHRIVRPHWKLQJLPSRUWDQW .UDFK0DWWHURU)RUFHV
6RPHWLPHV SDUDGR[ PDQLIHVWV DJDLQVW WKH FRPSXWHUV RI WKH $GHSWV LQVWHDG DJDLQVW WKHPVHOYHV .UDFK SRVVHVVHV HOHFWURQLFV DQG PDNHV LW IDLO RU EUHDN GRZQ LQ WKH ZRUVW SRVVLEOH ZD\ 'ULYHV EUHDN GRZQ FLUFXLWV SRS DQG PHPRULHV RYHUKHDW 7KH VSLULW XVXDOO\ TXLHWO\ KLGHV LQ D V\VWHP XQWLO LW VXGGHQO\ VWULNHV DQG WKHQ OHDYHV 6HHQ LQ WKH 8PEUD .UDFK ORRNV OLNH D VPDOO EXUQHG SDWFK RQ WKH SXUH HOHFWURQLFV RI WKH 'LJLWDO:HE 6KXE,QWHUQHW&RUUHVSRQGHQFH
6KXE,QWHUQHWLVRQHRIWKHQDVWLHVWSDUDGR[VSLULWVKXQWLQJWKH9LUWXDO $GHSWV ,W UHSUHVHQWV DOO WKH SUREOHPV WKDW FDQ RFFXU ZLWKLQ D FRPSXWHU QHWZRUN VXFK DV FRQJHVWLRQ OLQH QRLVH YDQLVKHG GDWDSDFNHWV DQG IODPHZDUV ,W KDV WRWDO FRQWURO RYHU GDWD WUDIILF DQG FDQ QRW RQO\ GLVUXSW QHWZRUN FRQQHFWLRQV EXW DFWXDOO\ PDNH DQ $GHSW XQDEOH WR LQWHUIDFH ZLWK LW 6KXE,QWHUQHW KDV QR GLVWLQFW IRUP DOWKRXJK WKHUH DUH UXPRXUV RI D GDUN FRLOLQJ PDVV KLGLQJ EHQHDWK WKH FRPSXWHUVRI16$DQG3HQWDJRQ
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
>7KLV YHU\ HIILFLHQWO\ FXWV WKHP RII IURP WKH XVH RI 6SLULW DQG 3ULPH LI WKH\ QHHG WKH 1HW DV D IRFL DQG DOVR IURP FRPPXQLFDWLRQV ZLWK RWKHU $GHSWV 7KH VSLULW FDQ HYHQ FRQWDFW WKH 7HFKQRFUDF\ DQG JLYH WKHP WKHSRVLWLRQRIWKH$GHSW@
)RFL $OO VSKHUHVFRPSXWHU 3ULPH6SLULWUHOLJLRXV WH[WV 7KHVH FRXOG EHWH[WILOHVRUWKHDFWXDOZULWWHQPDWHULDO)RUFHVKRO\V\PERO
CYBER-QABALISTS
4XRWH+RZ FDQ , GHILQH WKH 'LYLQH" ,W NHHSV JRLQJ DQG JRLQJ 1RERG\ KDV HYHU VHHQ WKH ODVW GLJLW RI 3L 1RERG\ ZLOO HLWKHU %XW P\ FRPSXWHUKDVVKRZQPHZKDWLW VOLNH,W VJRLQJWREHJORULRXV
&RQFHSWV &ROOHJH 6WXGHQW (GLWRU )RXFDXOWV 3HQGXOXP 0DWKHPDWLFDO 7KHRULVW 5RERWLFV GHVLJQHU 5DEEL &RPSXWHU 6DOHVPDQ6\VRS
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
&<%(54$%$/,676
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
'$1&(56
0HHWLQJV *HQHUDOO\ E\ FKDQFH DOWKRXJK WKH\ WU\ WR JDWKHU DW OHDVW RQFHD\HDUWRH[FKDQJHQHZVDQGPHHWWKHQHZ,QLWLDWHV
WUXWK KLGLQJ EH\RQG WKH ,OOXVLRQ :KHQ DOO LV JRQH WKH 6SLULW DQG WKH 0LQGUHPDLQ7KH0LQGFUHDWHVWKH'DQFHDQGWKH6SLULWVXVWDLQVLW
,QLWLDWLRQ 7KH ,QLWLDWH LV WDXJKW WKH SKLORVRSK\ RQ D SHUVRQDO P\VWLFDO OHYHO 6KH LV VKRZQ WKH ZHE RI SUREDELOLWLHV ZKLFK LV WKH 'DQFH DQG WKH PHDQV E\ ZKLFK LW FDQ EH DOWHUHG :KHQ WKH 'DQFH LV ILQDOO\SHUFHLYHGWKH,QLWLDWHLVDFFHSWHGLQWRWKH'DQFHUV
2WKHU IRFL FDQ EH XVHG$Q\ FRPSOH[ SK\VLFDO DFWLYLW\ VXFK DV 'R FRXOG VXEVWLWXWH IRU WKH 'DQFH 7KH ORWXV FDQ EH UHSODFHG E\ DQ\ UHSUHVHQWDWLRQ RI WKH SK\VLFDO XQLYHUVH %ORRG FRXOG EH XVHG EXW LV XQFRPPRQ 2WKHU IORZHUV DUH NQRZQ WR EH IDYRUHG VXFK DV URVHV 7KH EODGH FDQ EH UHSODFHG ZLWK D SHQ IRU H[DPSOH ZKLFK FDQ EH XVHG WR UHYHDORUFRQFHDOWKHWUXWK
&KDQWU\ 7KHLU $QFHVWUDO &KDQWU\ KDV (DUWKO\ PDQLIHVWDWLRQV LQ 1HZ 'HOKL 2WKHU PDQLIHVWDWLRQV LQFOXGH 1HZ
6WHUHRW\SHV
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
$NDVKLF %URWKHUKRRG :KLOH WKH\ XQGHUVWDQG WKH LPSRUWDQFH RI RXU SKLORVRSK\ WKHLU 'R LV DQ DVSHFW RI WKH JUHDW 'DQFH 8QIRUWXQDWHO\ WKH\ XVH WKHLU XQGHUVWDQGLQJ DV UHDVRQ WR VKXW RXW WKH UHVW RI WKH ZRUOG7KH\VHHRQO\DVPDOOSDUWRIUHDOLW\
7KLV LV WKH SURJUHVV RI WKH 'DQFH $V LW FRQWLQXHV WKLQJV FKDQJH 7KH\ JURZ PDWXUH ZHDNHQ DQG GLHDQG QHZ WKLQJV ULVH WR WDNH WKHLU SODFH
&HOHVWLDO &KRUXV 7KH\ DUH VRPHZKDW FRUUHFW 7KHUH LV D *RGGHVV LQGHHG 7KHLU 2QH +RZHYHU WKH\ VHHN $VFHQVLRQ LQ WKH ZURQJ PDQQHU :H DUH DOUHDG\ WKH *RGGHVV ZKDW LV QHHGHG LV XQGHUVWDQGLQJ DQGWUXHYLVLRQ1RWXQLW\
7KLV LV WKH IORZ RI WKH 'DQFH :LWKRXW LW QRWKLQJ QHZ FRXOG FRPH LQWR EHLQJ (QHUJ\ LV DOZD\V EHLQJ H[FKDQJHG WKURXJKRXW WKH LOOXVLRQ DQGWKLVLVXQGHUVWDQGLQJRIWKHZD\VLWPRYHV
&XOWLVWV RI (FVWDV\ 3OHDVXUH LV PHDQLQJIXO EXW LV QRW XVHIXO DV WKH XOWLPDWHHQG,WLVJRRGIRUUHOD[DWLRQEXWWKH'DQFHPXVWFRQWLQXH
7KLV LV WKH '\QDPLF (VVHQFH RI WKH 9HLO ,W LV UDZ SRZHUWKH OLJKW RI WKH VXQ WKH KHDW RI WKH IODPH ,W KROGV XV WR WKH HDUWK \HW DOORZV XV WR VRDU
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
3ULPH
)RUFHV
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
5RWHV ,QQHU 'DQFH 7LPH (QWURS\ :LWK WKLV URWH WKH 'DQFHU PDLQWDLQV DQ DZDUHQHVV RI WKH QHDU SUREDELOLWLHV DQG GHWHUPLQHV ZKLFK DUH PRVW OLNHO\ WR RFFXUDQG UHDFWV WR WKHP ,W FDQ EH XVHG WR DLG WKH $ELOLW\ XVH LQ DQ\ LQVWDQFH ZKHUH IRUHVLJKW FRXOG KHOS &RPEDW DXWR UDFLQJ HWF
'$1&(56
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
6SKHUH 3ULPH
)RFL 3ULPH%ORRGRIDSDVWYLFWLP )RUFHV0DWWHU+DLURIDSDVWYLFWLP /LIH%ORRGRIDSDVWYLFWLP 0DWWHU3DLQ 7LPH3OHDVXUH (QWURS\6DQG 6SLULW$VKDUSZHDSRQ 0LQG$Q\WKLQJUHIOHFWLYH
&RQFHSWV
THE DARK HARMONY %\6SDUN\FDOOLRSH\[#DROFRP
4XRWH
,QWURGXFWLRQ
6LQH'LDEROR1XOOXV'RPLQXV
0DULD ZDQGHUHG LQWR WKH GDUN FKXUFK KHDULQJ D GHHS WHQRUEDVV FKRUXV 6KH WKRXJKW LW ZDV DEDQGRQHG 6KH HQWHUHG DQG ZDWFKHG DV VHYHQ PHQ VWRRG LQ EODFN SULHVW FORDNV VLQJLQJ HDFK SHUIHFWO\ LQWXQH LQ WKHLU GDUN KDUPRQLHV 6KH FRQWLQXHG IRUZDUG DV LI FDOOHG E\ D VLUHQ V VRQJ 7KH XQIRUWXQDWH WKLQJ ZDV WKDW VKH KDG MXVW ZDONHG LQWR RQH RI WKHLUPDVVHVVKHZDVWKHVDFULILFLDOODPE
DEADHEADS %DVHGRIIWKHFKDUDFWHUVDQGHYHQWVIURP&\EHULD
7KH 'DUN +DUPRQ\ LV TXLWH DQ ROG JURXS 7KH\ YLHZ WKH ZRUOG H[DFWO\ DV WKH &HOHVWLDO &KRUXV GRHV EHLQJ WKH GDUN EHDWV RI WKH 2QH V 6\PSKRQ\ 7KH GLVUXSW WKH QRUPDOLW\ RI WKH ZRUOG VR WKHLU &KRUXVWHU EURWKHUV FRXOG UHSDLU LW ZLWK D WZLUOLQJ FUHVFHQGR 7KHLU KLVWRU\ GDWHV EDFN DOPRVW DV IDU DV WKH &KRUXV EXW WKH SDVW RI WKH VRQJ LV LUUHOHYHQW OLVWHQWRLWQRZ
2UJDQL]DWLRQ 7KH 'DUN +DUPRQ\ KLGHV IRU JRRG UHDVRQ 7KH\ DUH WKH YLOH UDSLVWV PXUGHUHUV DQG WKLHYHV 7KH\ KDYH VPDOO GHQV RI WZR WR VHYHQ PHPEHUV 5DUHO\ FDQ PRUH WKDQ VHYHQ EH QHDU HDFK RWKHU WKH\ DUH XVXDOO\QRWWKHPRVWFRRSHUDWLYHFUHZ
0HHWLQJV 7KHGHQVKDYHTXLWHHODERUDWHULWXDOVPDQ\WLPHVLQYROYLQJVRPHSRRU VDFULILFHPDQ\WLPHVKXPDQV
,QLWLDWLRQ $Q LQLWLDWH PXVW VKRZ JUHDW GHSUDYLW\ LQ KDUPLQJ DQRWKHU SHUVRQ SRVVLEO\HYHQRQHLQWKH'DUN+DUPRQ\LWVHOI
&KDQWU\ 0DQ\ SUHWHQG WR EH &HOHVWLDO &KRULVWHUV DVLGH IURP WKRVH WKHUH LV QR IRUPDOFKDQWU\
5DSLVWVPXUGHUHUVERUHGSHRSOH
:LWKRXWWKH'HYLOQR*RG
%\5DYHQUDYHQ#GFVTPZDFXN 2FW
'HVFULSWLRQ
$FRO\WHV
& PRQ \RX UH SOD\LQJ RQH RI WKRVH GHYLOJDPHV , P VXUH \RX UH GHSUDYHGHQRXJKWRFRPHXSZLWK\RXURZQ
'HDGKHDGV DUH D VPDOO VXEJURXS RI WKH 9LUWXDO $GHSWV 7KH\ IROORZ WKH SDUDGLJP RI WKH RULJLQDO KDFNHUV GHVFULEHG LQ &\EHULD 7KHLU ZD\ RI OLIH DQG WKHLU YLHZV VRPHWLPHV FRQIOLFWLQJ RQ GLIIHUHQW WKLQJV KD YH HDUQHG WKHP WKH UHVSHFW RI VRPH DQG WKH GLVOLNH DQG GLVDSSURYDO RI PDQ\ 7KHLU SHFXOLDU QDWXUHV KDYH IRUFHG WKHP WR EHFRPH DOLHQDWHG ZLWK WKH DVSHFWV RI VRFLHW\ PRVW SHRSOH ZRXOG FRQVLGHU QDWXUDO DQG WKH\ PRVWO\ SUHIHU WR PLQJOH ZLWK WKHLU RZQ NLQG %XW ZKDW DUH WKH 'HDGKHDGVUHDOO\" )LUVW RI DOO WKHLU QLFNQDPH 'HDGKHDGV KDV EHHQ GHULYHG E\ WKHLU IDYRXULWH JURXS QDPHO\ *UDWHIXO 'HDG 7KHLUV LV WKH PXVLF WKDW DOZD\V SOD\V LQ WKH EDFNJURXQG ZKHQ D 'HDGKHDG OHDYHV KLV PHDW ERG\ EHKLQG DQG HQWHUV WKH PDOOHDEOH UHDOLW\ RI WKH :HE 7KH VRFLHW\ WKDW 'HDGKHDGV KDYH FUHDWHG IRU WKHPVHOYHV LV RQH RI RSHQ PLQGHGQHVV $V D UHVXOW WKH\ DUH QRW DIUDLG RI H[SHULPHQWLQJ 5DWKHU WKH\ HQFRXUDJH LW 7KDW LV RQH RI WKH SULPDU\ UHDVRQV ZK\ RQH ZRXOG EH VXUH WR ILQG SV\FKHGHOLF VXEVWDQFHV LQ WKH FOXEV WKH\ KDQJ RXW ,QGHHG LW LV D UDUH 'HDGKHDG WKDW VXUIV WKH GDWD LQ WKH :HE ZLWKRXW EHLQJ XQGHU WKH LQIOXHQFH RI /6' RU RWKHU SV\FKHGHOLFV 6RPH PDJHV VKXQ WKHP IRU WKHLU XVH RI VXFK DEXVLYHV DV WKH\ FDOO WKHVH VXEVWDQFHV EXW WKH 'HDGKHDGV DUJXH WKDW SV\FKHGHOLFV FRQIHU D FOHDU VWDWH RI PLQG WKDW RQH FDQQRW DWWDLQ WKURXJK QRUPDO PHDQV ,QGHHG WKH\ KDYH EHHQ NQRZQ WR GHYHORS VSHFLILF URWHV WR KHOS HQKDQFH WKH HIIHFW WKH GUXJ KDV RQ WKHLU EUDLQV 7KH\ FODLP WKDW ZKLOH XVLQJ SV\FKHGHOLFV D SHUVRQ LV DEOH WR GLVFDUG DOO LUUHOHYDQW WKRXJKWV DQG FRQFHQWUDWHPXFKEHWWHURQWKHWDVNDWKDQGLH0DJLFNDQGWKH:HE 7KH\ EDVLFDOO\ DUH DQDUFKLVWV DW KHDUW ZKR UDWKHU WKDQ WRVVLQJ PRORWRYV SUHIHU PRUH VXEWOH DQG GLVFUHHW ZD\V RI PDNLQJ WKHLU SUHVHQFH NQRZQ 7KH\ RIWHQ SOD\ SUDFWLFDO MRNHV RQ SHRSOH ZKR UHJDUG WKHLU V\VWHPV RI EHLQJ VDIH DQG WKH KDYRF FUHDWHG LQ FRPSXWHUV RI FRUUXSWJRYHUQPHQWRIILFLDOVLVRIWHQWKHLUGRLQJ 2I DOO WKH 9LUWXDO $GHSWV LW FRXOG EH WKDW WKH 'HDGKHDGV KDWH WKH 7HFKQRFUDF\ WKH PRVW 7KH UHDVRQ IRU WKDW LV WKDW WKH 7HFKQRFUDF\ UHSUHVHQWV 2UGHU WKH YHU\ IRUFH WKDW LV GLUHFWO\ RSSRVHG WR WKH EHOLHIV RI WKHVH DQDUFKLVWV :KDW LV PRUH GXULQJ WKH WLPHV WKDW WKH 9LUWXDO
'($'+($'6
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
4XLQWHVVHQFH IRU $UHWH DQ\WKLQJ KLJKHU WKDQ WKLV FRVWV WKH XVHU 4XLQWHVVHQFHSRLQWV
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
1HZ%DFNJURXQG'HFN
7KH FKDUDFWHU KDV D GHFN FRQVLVWLQJ RI FDUGVPD[ 4XLQWHVVHQFH
7KH FKDUDFWHU KDV D PD[LPXP GHFN RI FDUGV PD[ 4XLQWHVVHQFH
+DV'HFNRIXSWRFDUGVLQWRWDOPD[4XLQWHVVHQFH
'HFN PD\ QRW H[FHHG WKH OLPLW RI FDUGV PD[ 4XLQWHVVHQFH
%\%ULFH'DXU\FXEHEDOO#FLW\WHOFLW\WHOQHW
0D[LPXP'HFNVL]HRIFDUGVPD[4XLQWHVVHQFHRI
'HVFULSWLRQ
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
DECKERS
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
*DPH6WDWV
DISCIPLES OF ERIS %\ 6DUDK 7URXW KRO\FKDR#VZEHOOQHW $OVR VHH WKH 'LVFLSOHV RI(ULVEORRGOLQH
3DUHQW7UDGLWLRQ &XOWRI(FVWDF\
',6&,3/(62)(5,6
DURXQGWKHQHFNDQGUXQJODUJHTXDQWLWLHVRIEHHU
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
2UJDQL]DWLRQ 7KH(ULVLDQKLHUDUFK\LVGHVLJQHGWRSRNHIXQDWWKHUHYHUHG3\UDPLGRI WKH 7UHPHUH $SSUHQWLFHV DUH FDOOHG 3RSHV ZKLOH 0DVWHUV DUH UHIHUUHG WR DV &ORZQV 3RR%DKV RU 'XGHV 2WKHU WKDQ WKDW WKHUH UHDOO\ LVQ W PXFK VWUXFWXUH WR VSHDN RI (ULVLDQV KROG PHHWLQJV RQ WKH UG RI HDFK PRQWK WR GLVFXVV SURJUHVV LQ WKH $VFHQVLRQ :DU DQG WR HDW KRW GRJV %\DERXWWKHKDOIKRXUPDUNWKHPHHWLQJGHWHULRUDWHVLQWRDSDUW\
,QLWLDWLRQ
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
3KLORVRSK\ :K\ EH QRUPDO"
6W\OH
9DULHV ZLOGO\ ,QLWLDWHV PXVW GHPRQVWUDWH PDJLFNDO WDOHQW ZLW DQG SODLQROG DWWLWXGH 2QH RI WKH PRUH LPDJLQDWLYH DQG GDQJHURXV WHVWV LQYROYHVKDYLQJWKHLQLWLDWHWLHDEHOODURXQGDVOHHSLQJ7UHPHUH VQHFN
$FRO\WHV $QDUFKLVWV'LVFRUGLDQVKHGRQLVWV
&RQFHSWV 5HDOLW\EXVWHUFXWH\SXQNERUGHUOLQH0DUDXGHUPDWHULDO
6WHUHRW\SHV $NDVKLF %URWKHUKRRG VQRUH@ 1XIIVDLG &XOW RI (FVWDF\ 2XU URRWV OLH ZLWK WKHVH ZRQGHUIXO IRONV :H VWDQG ZLWKWKHPQRPDWWHUZKDW 'UHDPVSHDNHUV *RRGLGHDVJUHDWGUXJVORXV\VHQVHRIKXPRU (XWKDQDWRV:KR"2K\HDKWKRVHJX\V>VKXGGHU@1RFRPPHQW 2UGHU RI +HUPHV *HW ZLWK WKH WLPHV 0HUOLQ %HVLGHV WKDW WKHVH FUHHSVVSDZQHGWKH7UHPHUH 6RQV RI (WKHU , GRQ W NQRZ DERXW VRPH RI WKHLU VWXII EXW WKH\ VHHP SUHWW\KDUPOHVVWRPH 9HUEHQD VKUXJ@:KDWHYHU
DISCORDIANS %\'HLUGUH%URRNV[HQ\D#WHOHSRUWFRP
7LVDQLOOZLQGZKLFKEORZVQRPLQGV3ULQFLSLD'LVFRUGLD
7KH 'LVFRUGLDQ PDJLFN RI WKH (ULVLDQV VHUYHV D GXDO SXUSRVH )LUVW WKH OLJKW DQG KXPRURXV QDWXUH RI 'LVFRUGLDQ ZRUNLQJV UHOLHYHV VRPH RI WKH VWUHVV DQG QHUYRXVQHVV WKDW JRHV DORQJ ZLWK PDJLFNDO ZRUN DQG PDNHV LW PXFK HDVLHU WR SXOO RII KLJKOHYHO HIIHFWV 6HFRQG (ULVLDQ PDJLFN LV RIWHQ XQGHUHVWLPDWHG EHFDXVH RI LWV OHYLW\ (ULVLDQV DUH XVXDOO\QRWWDNHQVHULRXVO\XQWLOLW VWRRODWH
6SKHUH 7LPH
&RPPRQ)RFL ,QFHQVH PXVLF D VSHFLDO EHOO FDOOHG WKH &KDR %HOO ZKLFK LV ZRUQ
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
',6&25',$16
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
DERXWLWVSXUSRVH&KDQJH&+$1*(1RWGHFD\DQGGHVWUXFWLRQ +ROORZ 2QHV :H FRXOG JHW DORQJ ZLWK WKHVH NLGV WRR ,I RQO\ WKH\ ZHUHQ W VR JORRP\ $W OHDVW WKH\ UH WKXPELQJ WKHLU QRVHV DW DFFHSWHG UHDOLW\ 2UGHURI+HUPHV7KHVHVQREVDUHQHDUO\DVULJLGDVWKH&RQYHQWLRQV 7KHLU RZQ UXOHV LQKLELW LPDJLQDWLRQ DQG UHVWULFW FUHDWLYLW\ ,W V QR ZRQGHUWKHLUH[SHULQHPWLQWKHPLGGOHDJHVIDLOHG 6RQV RI (WKHU 1RZ WKHVH JX\V DUH UHDOO\ FRRO , PHDQ \RX JRWWD DGPLUH VRPHRQH ZKR PDNHV %XFN 5RJHUV JDGJHWV DQG PDNHV WKHP ZRUN 9HUEHQD 7KH\ ZRUVKLS OLIH WKURXJK VDFULILFH RI EORRG" &RPH RQ WKDW VPRUHWZLVWHGWKDQ%XVK VVSHHFKHV 9LUWXDO $GHSWV 0RGHUQ FRPPXQLFDWLRQV DUH RQH RI WKH NH\V WR SRZHU EXW RQH VKRXOG EH FDUHIXO OHVW KH ORVH KLV WRXFK WR WKH SK\VLFDO DQGVSLULWXDOUHDOPV
6RPH'LVFRUGLDQ5RWHV
0HHWLQJV :KHQHYHU WKHUH DUH WKUHH RU PRUH 'LVFRUGLDQV LQ WKH VDPH URRP WKH\ KDYH D PHHWLQJ 2WKHUZLVH WKH\ DUH YHU\ LQIRUPDO 2FFDVLRQDOO\ ODUJH JURXSV DVVHPEOH DQG UHDOLW\ IORZV OLNH PHOWHG ZD[ DW WKHVH HYHQWV 3DUDGR[ 6SLULWV DUH NQRZQ WR GLVDSSHDU LQ ODUJH QXPEHUVDWWKLVWLPH
, VXQN &RUUHVSRQGHQFH (QWURS\ 7KLV 5RWH DOORZV WKH 'LVFRUGLDQ WR GURS VRPHWKLQJ RQ DQ REMHFW ZKLFK FDQ EH DQ\WKLQJ EXW ZRUNV EHVW LI LW LV D SDUW RI WKH VWUXFWXUH RU LWHP WDUJHWWHG DQG GHFODUH , VXQN WKH 7LWDQLF RU ZKDWHYHU LV EHLQJ DWWDFNHG 7KH UHVXOW ZKLOH QRW GHDGO\ FDQ EH DPXVLQJ ,W FDXVHV UDQGRP FKDRWLF HIIHFWV WR RFFXU VXFK DV VHWWLQJ RII WKH VSULQNOHU V\VWHPV LQ D EXLOGLQJ SODFLQJ WKH PHVVDJH %LWH WKH $SSOH RQ HYHU\ FRPSXWHU VFUHHQ RI D QHWZRUN RU DQ\ RWKHU RGG HIIHFWV 7KH\ WHQG WR EH IDLUO\ UDQGRP KRZHYHU 7KH PDJHVKRXOGEHVRPHZKDWIDPLOLDUZLWKWKHWDUJHWWHGLWHP
,QLWLDWLRQ 1RUPDOO\ VRPHRQH ZLWK QRQWUDGLWLRQDO YDOXHV DQG LGHDV RU HYHQ VRPHRQH ZLWK KLJKO\ WUDGLWLRQDO YDOXHV DQG LGHDV DWWUDFWV WKH DWWHQWLRQ RI WKH 'LVFRUGLDQ 7KH 0DJH WKHQ SXWV WKH SRWHQWLDO LQLWLDWH WKURXJK D VHULHV RI H[SHULHQFHV ZKLFK DUH GHVLJQHG WR EORZ WKH PLQG DQG RSHQ WKH LQLWLDWH WR QHZ OHYHOV RI UHDOLW\ 6KRFN LV D FRPPRQ IDFWRU LQ WKHVH HYHQWV WR SURYLGH WKH LQLWLDWH ZLWK D QHZ LPSULQW RU UHDOLW\EOXHSULQW
7KH 7XUNH\ &XUVH (QWURS\ 0LQG :LWK WKLV 5RWH WKH 'LVFRUGLDQ FDQ FDXVH WKH WDUJHWWHG LQGLYLGXDO WR QRW RQO\ ORVH WUDFN RI ZKDW VKH ZDV GRLQJ EXW ILOO KHU PLQG ZLWK WRWDO FRQIXVLRQ DQG D WHQGHQF\WRSHUIRUPWKHRSSRVLWHRIZKDWVKHLQWHQGHG7KHUHDVRQIRU WKLVLVWKH0DJHLVIORRGLQJWKHWDUJHW VPLQGZLWKKHURZQSHUFHSWLRQV RI UHDOLW\ ZLWKRXW SURYLGLQJ WKH GLVFLSOLQH EHKLQG LW 7KLV LV VRPHWLPHVXVHGWRVKRFNSHRSOHRXWRIWKHLUDFFHSWHGUHDOLW\
&KDQWU\ 7KHUH DUH UHIHUHQFHV WR D \HOORZ VXEPDULQH WKDW WUDYHOV WKH 8PEUDO DQG SK\VLFDO RFHDQV EXW WKDW LV SODLQO\ ULGLFXORXV HYHQ IRU 'LVFRUGLDQV
0DODFO\SVH V 0DQ\ )DFHV /LIH 0LQG 7KLV LV QDPHG IRU WKH 'LVFRUGLDQ ZKR ILUVW XVHG LW 7KLV DOORZV WKH 'LVFRUGLDQ WR QRW RQO\ WDNHRQDQHZIRUPEXWDOVRWDNHRQWKHRXWZDUGPDQQHULVPVPHQWDO DWWLWXGHV DQG HYHQ DSSURSULDWH WKRXJKWV IRU WKH IRUP 7KHVH DUH DOO PDVNVDQGWKH0DJH VRZQWKRXJKWVDUHFRQFHDOHGE\WKH5RWH
$FRO\WHV *HXULOOD 2QWRORJLVWV :HLUG 3KLORVRSKHUV 'LVFRUGLDQV 'ROSKLQV 6SKHUH ,QLWLDWH V FKRLFH 7KH 'LVFRUGLDQV DUH PRVW FHUWDLQO\ QRW ERXQGE\DQ\UXOHV
DREAMERS
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
%\$QGHUV6DQGEHUJ 9HUVLRQ
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
'5($0(56
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
'5($0(56
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
PDJLFN WKHLU LQWHUHVW LV XVXDOO\ VROHO\ GLUHFWHG WRZDUGV GUHDPPDJLFN ZKLFK PDNH WKHP XVH VOHHS WRR (YHQ WKH PRUH DGYDQFHG PDJHV ZKR QR ORQJHU UHTXLUHV VOHHS WR ZRUN WKHLU PDJLFN XVH LW VLQFH WKH\ PXVW HQWHUWKHGUHDPLQJVRPHKRZ
3KLORVRSK\ 6RPHWLPHV , EHOLHYH WKDW WKLV OHVV PDWHULDO OLIH LV RXU WUXHU OLIH DQG WKDW RXU YDLQ SUHVHQFH RQ WKH WHUUDTXHRXV JOREH LV LWVHOI WKH VHFRQGDU\ RU PHUHO\ D YLUWXDOSKHQRPHQRQ/RYHFUDIW%H\RQGWKH:DOOVRI6OHHS
2UJDQLVDWLRQ 7KH 'UHDPHUV DUH HYHQ OHVV RUJDQLVHG WKDQ WKH &XOW RI (FVWDV\ 0DQ\ DUH VROLWDU\ PDJHV ZRUNLQJ DORQH DQG EHORQJLQJ WR QR FKDQWU\ 0RVW 'UHDPHUV IRUP ORRVH FOLTXHV RU DVVRFLDWLRQV RIWHQ FRQJUHJDWLQJ LQ VRPHFROOHFWLYHGUHDPVDQGZRUNLQJWRJHWKHU
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
$FRO\WHV $UWLVWV'UHDPHUV1HZ$JHUV3V\FKRORJLVWV
&RQFHSWV :HLUGR-XQNLH:ULWHU9LVLRQDU\
)RFL
4XRWH
6OHHS $OO VSKHUHV 7KH 'UHDPHUV PDJLFN ZRUNV E\ PDQLSXODWLQJ WKH VWXII GUHDPV DUH PDGH RI DQG WKLV QDWXUDOO\ UHTXLUHV WKHP WR EH DVOHHS WR EH DEOH WR ZRUN WKHLU PDJLFN 6RPH 'UHDPHUV H[SHULPHQW ZLWKRWKHUDOWHUHGVWDWHVRIFRQVFLRXVQHVVPDLQO\GUXJLQWR[LFDWLRQ
7KH &LW\ RI ,OOXVLRQV LV UDWKHU QLFH EXW GRQ W JR WRR FORVH RU \RX ZLOO IDOO GRZQ WR WKH XQGHUVLGH RI WKH ZRUOG 1RZ ZH VKDOO JR DQG PHHW WKH LQKDELWDQWVRIWKDWWRZHU'R\RXKDYH\RXUJUHHQWRJDZLWK\RX"
7KLV LV DOVR RQH RI WKH UHDVRQV 2USKDQV DUH DFFHSWHG LQWR WKH JURXS $OWKRXJK WKH 'UHDPHU 2USKDQV GR QRW UHTXLUH VOHHS WR GR WKHLU
'5($0(56
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
'5($0(56
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
)XUWKHU5HDGLQJ + 3 /RYHFUDIW 7KH 'UHDP4XHVW RI 8QNQRZQ .DGDWK DQG KLV VKRUW VWRULHV %H\RQG WKH :DOO RI 6OHHS +\SQRV DQG &HOHSKDLV DUH YHU\ LOOXPLQDWLQJ 1HLO *DLPDQ 6DQGPDQ LV RI FRXUVH D PXVW WR XQGHUVWDQG WKH VWUDQJH ZRUOGRIWKH&KLPHUDHDQGWKH2QH7UXH'UHDPORUG 7KH GHVFULSWLRQV RI 'UHDPPDJLFN DQG WKH 'UHDPORUGV LQ .8/7 DUH DOVRTXLWHXVHIXO $QRWKHU H[FHOOHQW VRXUFH RI PDWHULDO LV \RXU RZQ GUHDP GLDU\ , DFWXDOO\ UHFRPPHQG NHHSLQJ RQH IRU DQ\ 6WRU\WHOOHU
'5($0(56
HYHUH[SHFWHG
DREAMSPEAKERS PARADIGM %\'DYLG+RRGGDYLGKRRG#VWRQHERZRWDJRDFQ]
$XWKRU VQRWHV 7KLV LV DERXW DV FORVH DV , FDQ FRPH WR D XQLILHG 'UHDPVSHDNHU SDUDGLJP WKRXJK DQ\ LQGLYLGXDO 'UHDPVSHDNHU ZRXOG SUREDEO\ YDU\ WKLV SDUDGLJP V WHUPLQRORJ\ , GRQ W WKLQN PDQ\ ZRXOG DFWLYHO\ GLVDJUHH ZLWK WKH FRQFHSWXDO IUDPHZRUN (PSKDVL]HG ZRUGV DUH PDGH RXWRISDUDGLJP
'HVFULSWLRQ 8QGHUVWDQG WKDW ZH DUH DOO KHOG LQ WKH PLQG RI *DLD 3DUDGLJP ZH OLYH LQ KHU GUHDPV 2XU OLYHV DQG VWUXJJOHV DUH SOD\HG RXW ZLWKLQ KHU VOHHS *DLD LV WKH PRWKHU RI WKH XQLYHUVH DQG LV SUHVHQW LQ DOO SDUWV RI WKH XQLYHUVH ,I \RX ZLVK WR FKDQJH *DLD PDJLF RU UDWKHU FRQYLQFH *DLD WR EH FKDQJHG \RX PXVW ILUVW XQGHUVWDQG WKDW WKH ZRUOG LV QRW DV \RX KDYH DOZD\V EHHQ WDXJKW
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
DYNAMICS %\7&6+$1WFVKDQ#DROFRP
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
3KLORVRSK\ 6LPSOH \HW FRPSOH[ :H ZLVK WR XQGHUVWDQG UHDOLW\ LQ ZD\V QR RWKHU 7UDGLWLRQ KDV EHIRUH KRZ WKH PDQ\ OD\HUV RI LW ZHUH FUHDWHG ZK\ 3DUDGR[ H[LVWV DQG VR RQ 2QFH ZH NQRZ DOO WKHVH WKLQJV ZH OO FUHDWH RXU RZQ UHDOLW\ RQH IUHH RI WKH 7HFKQRFUDF\ DQG 3DUDGR[ IUHH RI WKH FRLQFLGHQFHV WKDW EOLQG 6OHHSHUV DQG FRQIRXQG WKH 7UDGLWLRQV $IWHU WKDWWKHQWKHUHDOIXQZLOOVWDUW
'<1$0,&6
2UJDQL]DWLRQ &UHDWHG RXW RI 2USKDQV DV ZHOO DV WKRVH PDJHV ZKR OLNH 6FKQHLGHU IHOW WKHLU 7UDGLWLRQ GLGQ W KDYH DOO WKH DQVZHUV WKH JURXS LV RUJDQL]HG VRPHZKDWOLNHDFOXEZLWKFKDUWHUVJURXSOHDGHUVDQGHYHQWUHDVXUHUV
0HHWLQJV
&HOHVWLDO &KRUXV :LWK DOO GXH UHVSHFW WR UHOLJLRQ WKH &KRULVWHUV GLGQ W VHHP WR NQRZ WKH DQVZHUV RU HYHQ VKRZ LQWHUHVW LQ WKHP 0DU\+HSIRUG 7KH 2QH ZRUNV LQ P\VWHULRXV ZD\V +RZ FDQ ZH H[SODLQ +HU JUDQG GHVLJQ WRDWKHLVWV" &XOW RI (FVWDV\ , DOPRVW MRLQHG WKH &XOW EXW , GRQ W ZDQQD UXLQ P\ KHDOWK ZLWK GUXJV DQG LOOLFLW VH[ \RX NQRZ" 7KH '\QDPLFV VHHP FRRO WKRXJK3-6WHYHQV
0RQWKO\ ERDUG PHHWLQJV DUH KHOG DW &KDQWULHV DW DERXW SP /HVV IRUPDO PHHWLQJV WZR '\QDPLFV PHHWLQJ LQ D FRIIHH VKRS IRU H[DPSOH DUH GLVJXLVHG DV QRUPDO FRQYHUVDWLRQ VSRNHQ LQ KXVKHG WRQHVRULIRQHKDV0LQGPDJLFN WDNHSODFHWHOHSDWKLFDOO\
:KHQ WKH\ VLW GRZQ DQG WDON \DZQ FLW\ %XW ZKHQ WKH FRVWXPH SDUW\ VWDUWV LWJHWVFRRO
,QLWLDWLRQ
7KH\ DUH ZLOOLQJ WR OLVWHQ WR XV EXW DVN TXHVWLRQV IRU ZKLFK ZH KDYH QR DQVZHU
'\QDPLFV PHPEHUV XVXDOO\ KDQJ DURXQG FRPLF ERRN VWRUHV RU VFLIL DQG FRPLF ERRN FRQYHQWLRQV $Q\RQH ZKR GLVFXVVHV KRZ VRFDOOHG PDJLF RU VXSHUSRZHUV FDQ H[LVW LQ UHDOLW\ DQG KDV D JRRG LGHD KRZ LV VXJJHVWHG WR MRLQ WKH FOXE $Q\RQH ZKR VD\V \HV GRQ W ZRUU\ WKH '\QDPLFVGRWDNHQRIRUDQDQVZHU LVLQGRFWULQDWHGLQWRWKHJURXS
&KDQWU\ 8VXDOO\ LQ PHHWLQJ KDOOV EXW FRPLF VKRSV DQG HYHQ UHJXODU ERRNVWRUHV GRXEOHDV&KDQWULHV
'UHDPVSHDNHUV , JHW WKH *DLD WKLQJ EXW ZKDW DERXW \RX NQRZ WKH UHVWRIWKHXQLYHUVH"-HURPH:DOGHQ
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
$FRO\WHV
6RQV RI (WKHU /LNH D ORW RI SDUHQWV WKH 6RQV RI (WKHU PHDQ ZHOO EXW GRQ W VHHP WR DSSURYH RI WKHLU RIIVSULQJ V GHFLVLRQV %XW OLNH DQ\ FKLOG WKH'\QDPLFVMXVWQHHGVRPHSURSHUQXUWXULQJ-HVVLFD:DONHQ
&RPLFIDQVVFLILIDQWDV\EXIIVGLVVDWLVILHGPDJHV
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
+PP \HV ZDLW MXVW D VHFRQG >:DONV RXW K\VWHULFDO ODXJKWHU@ :KDW ZDVWKDWVLOO\6FKQHLGHUWKLQNLQJ" 9HUEHQD 7KHUH LV D SRZHU LQ QDWXUH EXW KRZ GRHV LW ZRUN" *HUWUXGH0RUQLQJODGH *URZQ PHQ DQG ZRPHQ UXQQLQJ DURXQG LQ ULGLFXORXV FRVWXPHV +RZ IRROLVK$UHWKH\HYHQPDJHV" 9LUWXDO $GHSWV 7KH $GHSWV VKRXOG VHH RXU 95 H[SHULPHQWV ,I WKLV UHDOLW\ GRHVQ W ZDQW WKHP WKH\ FDQ KDYH RXUV -RVKXD )HHGEDFN 9HQWQHU 7KH\ WUXVW XV HQRXJK WR XVH 95 7KH\ VHHP SUHWW\ ZDU\ RI WKH RWKHU 7HFKQR 7UDGLWLRQVWKRXJK
&RQFHSWV
.LQGUHG /RQJ DV WKH\ GRQ W VXFN XV ZH GRQ W JHW PDG 7KHLU XQGHDWK VZRUWKVWXG\LQJWKRXJK
6FLILIDQWDV\VXSHUKHUREXIISKLORVRSKHUVFLHQWLVW
7KH\ UH GDQJHURXV EDVWDUGV \RX KHDU" 2QH RI WKHP ZDV D ZDONLQJ VXQEHDP &DOOHG KLPVHOI 6RODUPDQ RU VRPH VKLW , DOPRVW JRW NLOOHG MXVW EHLQJLQWKHVDPHDUHD
4XRWHV ,I ZH FDQ W OLEHUDWH WKLV UHDOLW\ IURP 3DUDGR[ ZH OO KDYH WR UHFUHDWH RXU RZQ ZRQ WZH" :KRHYHU FRLQHG WKH WHUP SOD\LQJ *RG QHYHU NQHZ MXVW ZKDW KDUG ZRUN LW UHDOO\LV
6WHUHRW\SHV %HFDXVH '\QDPLF PDJHV WHQG WR EH IURP RWKHU 7UDGLWLRQV LW V YHU\ KDUG WR VWHUHRW\SH WKHP +HUH V ZKDW VRPH FRQYHUWV KDG WR VD\ DQG ZKDWWKHLUIRUPHU7UDGLWLRQVVD\DERXW'\QDPLFV $NDVKLF %URWKHUKRRG 7KH $NDVKLFV VHHPHG WRR PXFK OLNH D NXQJIX JURXS RU D EDG YLGHR JDPH , SUHIHU SKLORVRSKLFDO GHEDWHV DQG WKLQN =HQW\SH VWXII DQG '\QDPLF SKLORVRSK\ PDNH DQ LQWHUHVWLQJ FRPER 6XOL&KHQ
*DURX 7KH\ VKDUH WKH VDPH EHOLHI LQ *DLD DV WKH 'UHDPVSHDNHUV ,QWHUHVWLQJ
7KH\ WHQG WR SUDQFH DURXQG LQ LGLRWLF FRVWXPHV EXW WKHLU VSLULWV DUH QREOH DQGWKH\EULQJXSLQWHUHVWLQJTXHVWLRQV
'<1$0,&6
E &RPPRQ)RFL
EBONITES
6H[EORRGUXQHVERQHV %\6KDZQ$UEXFNOHVD[#KRWPDLOFRP
2UJDQL]DWLRQ
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
3KLORVRSK\ :H DUH ZKDW \RX IHDU EXW ZK\ GR \RX IHDU XV" )RU WKH SRZHUV ZH FRPPDQG RU IRU ZKDW ZH KROG LQ RXW KHDUWV" )HDU XV LI \RX ZLVK EXW GRQRWZURQJXVLI\RXYDOXH\RXUKLGH
7KH (ERQLWH FRYHQV QXPEHU EXW JURXSV DV VPDOO DV RIWHQ OLYH ZLWKLQFLWLHV
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
$OVR VHYHQ LV D QXPEHU RI JUHDW LPSRUWDQFH WR WKH (ERQLWHV 6HYHQ LV WKH QXPEHU RI GD\V (O\VLDQ ZDV XQFRQVFLRXV IRU DQG VHYHQ LV WKH QXPEHURIVSLULWVWKDWYLVLWHGKHU
6W\OH
%\&KULV.REDU
7KLV WUDGLWLRQ URRWV LWVHOI GHHSO\ LQ SDJDQ EHOLHIV DQG HYHQ VRPHZKDW LQ 1HSKDQGL EHOLHIV ,W LV QRW XQFRPPRQ IRU DQ (ERQLWH WR EH PLVWDNHQ IRU 1HSKDQGL 7KH\ GR QRW KROG WKH VDPH DJHQGDV DV WKH 1HSKDQGL EXW WKH (ERQLWHV WUHDW WKHLU HQHPLHV WKH VDPH ZD\ WKH 1HSKDQGL WUHDW HYHU\RQH /LNH WKH 9HUEHQD WKH (ERQLWHV NQRZ ZKDW OLIH WUXO\ LV EXW WKH\DUHPXFKPRUHZLOOLQJWRWDNHOLIHWKDQWKH9HUEHQDDUH
6SKHUHV 9DULHV/LIHLIQRWKLQJHOVHILWV
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
(03$7+6
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
)RFL /LNH DOO PDJHV (PSDWKV UHTXLUH FHUWDLQ IRFL LQ RUGHU WR SURMHFW WKHLU :LOO7KHIROORZLQJDUHW\SLFDOH[DPSOHVRIWKHLUIRFL 6HQWLPHQWDO 2EMHFW RI 7DUJHW V (PSDWK PXVW KDYH LQ KLV RU KHU VLJQLILFDQW VHQWLPHQWDO YDOXH WR WKH VXFK DV SODQWV RU PLFURRUJDQLVPV DSSURSULDWHV\PSDWKHWLFIRFXV
&RQVFLRXVQHVV9HVVHO 7KH SRVVHVVLRQ DQ REMHFW WKDW KDV WDUJHW RI WKH HIIHFW )RU WKLQJV WKH (PSDWK XVHV VRPH RWKHU
6HQWLPHQWDO 2EMHFW RI (PSDWK V (PRWLRQ3VLRQLFV 6LPLODU WR WKH DERYH IRFXV EXW LQ WKLV FDVH WKH IRFXV PXVW EH RQH WKDW LV RI VHQWLPHQWDOYDOXHWRWKH(PSDWK 3HQGXOXP %DODQFH&DXVDWLRQ3UR[LPLW\ ,Q RUGHU WR SURSHUO\
(03$7+6
VHUYH DV D IRFXV WKH SHQGXOXP PXVW DFWXDOO\ EH GHSHQGLQJ IUHHO\ 7KLV FDQ EH DV VLPSOH DV D ZHLJKW RQ D VWULQJ LI QHHG EH WKRXJK PRVW (PSDWKVSUHIHUYHU\XQLTXHSHQGXOXPVLISRVVLEOH 0DJQHW 5HODWLRQV&RQVWUXFWV 5HSUHVHQWDWLYH RI PDWHULDO REMHFWV DQG WKH IRUFHV ZKLFK WKH\ LQWHUDFW ZLWK PDJQHWV DUH WKH IRFXV RI FKRLFHIRUWKHJLYHQ9LUWXHV
3VLRQV4XLQWHVVHQFH $OO RI UHDOLW\ LV FRPSRVHG RI SXUH SV\FKLF SRWHQWLDO ZDLWLQJ WR EH PDQLSXODWHG E\ D 3V\FKH V SURMHFWLRQ RI :LOO 7KLV SRWHQWLDO PD\ EH PRUH HDVLO\ VSRNHQ RI LQ PHDVXUDEO\ GLVFUHWH DPRXQWV FDOOHG 3VLRQV %\ DFFXPXODWLQJ 3VLRQV DQ $ZDNHQHG LQGLYLGXDO PD\ GLUHFW KLV RU KHU 3V\FKH WR SURMHFW LWV :LOO PRUH HDVLO\ DV WKDW 3V\FKH ZLOO KDYH D PXFK JUHDWHU SV\FKLF SRWHQWLDO WKDQ DQRWKHU 3V\FKH RU HYHQ WKDQ WKH FROOHFWLYHVXEMHFWLYH3V\FKHRIWKH6OHHSHUV 3V\FKLF 1H[XV 1RGH ,Q VRPH ORFDWLRQV VXFK D JUHDW GHDO RI SV\FKLF HQHUJ\ KDV EHHQ H[SHQGHG WKDW LW FRDOHVFHV DQG OLWHUDOO\ EXUQV D KROH WKURXJK WKH VXEMHFWLYH ZRUOG RQH ZLWK LPPHQVH SVLRQLF SRWHQWLDO 7KLV FDQ EH WDSSHG LQWR E\ WKRVH ZKR XQGHUVWDQG WKLV HQHUJ\ ZHOO HQRXJK SURYLGLQJ D YHU\ VLPSOH PHDQV RI DFFXPXODWLQJ 3VLRQV (FWRSODVP 7DVV 6RPHWLPHV FHUWDLQ 1H[XVHV KDYH VXFK SV\FKLF SRWHQWLDO WKDW LI XQWDSSHG WKH\ ZLOO QHYHUWKHOHVV OHDN VRPH RI WKDW SRWHQWLDO RXW LQWR WKH VXEMHFWLYH ZRUOG 7KLV W\SH RI HQHUJ\ LV FDOOHG 3URWRSODVP DQG LV D YHU\ SRUWDEOH IRUP RI SV\FKLF SRWHQWLDO 0HDVXUHG LQ 3VLRQV WKH SRWHQWLDO RI 3URWRSODVP FDQ YDU\ ZLGHO\ DQG LV WKHUHIRUH KLJKO\WUHDVXUHG
3DUDGR[
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
Enochians %\$QGHUV6DQGEHUJ
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
(QRFKLDQV
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
2UJDQLVDWLRQ 1RQH (DFK (QRFKLDQ LV ZRUNLQJ DORQH RQ KLV OLWWOH SDUW LQ WKH *UHDW 3ODQ %XW WKH\ GR NHHS LQ WRXFK XVLQJ WKH VSLULWV DQG RIWHQ JHW WKHLU RUGHUV IURP DERYH ,Q SUDFWLFH HDFK (QRFKLDQ WHQG WR NQRZ KLV SODFH LQ WKH FRVPLF KLHUDUFK\ DQG EHFRPH YHU\ LUULWDWHG ZKHQ VRPHRQH RU VRPHWKLQJRYHUVWHSKLVERXQGV
0HHWLQJV 1RQH
,QLWLDWLRQ (QRFKLDQV VHOGRP WUDLQ DSSUHQWLFHV 0RVW PHPEHUV DUH PDJHV IURP WKH 2UGHU RI +HUPHV RU &HOHVWLDO &KRUXV ZKR KDYH VHHQ WKH (QRFKLDQ YLVLRQ DQG MRLQHG 6RPH DUH RUSKDQV ZKR KDYH FRQWDFWHG RU EHHQ FRQWDFWHG E\ WKH (QRFKLDQ VSLULWV WKHPVHOYHV 7KH\ KDYH QHYHU KDG DQ\KXPDQPHQWRUDQGWHQGWREHYHU\VWUDQJH
&KDQWU\ 1RQH 0DQ\ (QRFKLDQV VHDUFK IRU QRGHV WR EXLOG WHPSOHV RQ 7KHVH DUH JXDUGHG E\ WKH PRVW SRZHUIXO VSLULWV DQG IRUFHV WKH PDJH DQG KLV DVVLVWLQJHQWLWLHV FDQVXPPRQ
$FRO\WHV 1RQH (QRFKLDQ PDJHV WHQG WR EH VROLWDU\ ,Q WKH ROG WLPHV WKH\ RIWHQ XVHG D PHGLXP WR VSHDN ZLWK WKH VSLULWV WKH PDJH VXPPRQHG EXW WRGD\WKHPDJHXVXDOO\VSHDNVZLWKWKHVSLULWVKLPVHOI
(QRFKLDQV
6SKHUH )RUFHV 6SLULW RU 3ULPH $OPRVW DOO WKH RWKHU VSKHUHV DUH UHJDUGHG DV XQLPSRUWDQW7KHPDJHFKRRVHVRQHVSKHUHDVKLVVSHFLDOLW\
&RQFHSW +HUPLW:HLUG2OG0DQ&HUHPRQLDO0DJLFLDQ
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
4XRWH 7KLV , ZDV WROG E\ WKH WKLUG DUFKDQJHO RI $LU LQ )LUH ZH PXVW FRQVHFUDWH WHPSOHV DURXQG WKH ZRUOG WR SUHSDUH IRU WKH GD\ ZKHQ WKH WLPH LV UHDG\ 7KDW GD\ WKH OLQHV RI IRUFH EHWZHHQ WKHP ZLOO EXUQ WKURXJK WKH EDUULHUV 7KDW GD\ WKHIRXQGDWLRQVZLOOFUXPEOH7KDWGD\PDQNLQGZLOOILQGLWVGHVWLQ\
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
([DPSOH5RWHV 2SHQLQJ WKH )RXU :DWFKWRZHUV 6SLULW )RUFHV 7KH PDJH VXPPRQ WKH SRZHUV RI WKH IRXU HOHPHQWV WR SURWHFW KLP DQG KLV WHPSOH $V ORQJ DV WKH PDJH VWD\ LQVLGH WKH WHPSOH KH LV SURWHFWHG E\ WKH (QRFKLDQ KLHUDUFK\ $Q\WKLQJ WKDW KDSSHQV LQVLGH WKH WHPSOH LV NQRZQ E\ WKH VSLULWV ZKR PD\ FKRRVH WR LQWHUYHQH 7KH\ PRVWO\ XVH FRLQFLGHQWDOPDJLFNEXWPD\LQH[WUHPHFDVHVFKRRVHWRPDQLIHVW &ORVLQJ WKH 9HLO RI WKH 7HPSOH 0LQG 3ULPH 7KLV URWH LV D
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
(QRFKLDQV
7KH PDJH VXPPRQV RQH RI WKH PRVW SRZHUIXO VSLULWV LQ WKH KLHUDUFK\ WR SURWHFW KLP $ULQQDS ZLOO LI WKH PDJH KDV D JRRG UHDVRQ SURWHFW KLPIURPDQ\KDUP$Q\ERG\ZKRWULHVWRKDUPWKHPDJHLQDQ\ZD\ HYHQ XQLQWHQWLRQDO ZLOO EH VODLQ E\ WKH /RUG 7KLV /RUG LV QRW WR WULIOH ZLWKDQGFDQEHDVGDQJHURXVIRUWKHPDJHVIULHQGVDVIRUKLVHQHPLHV
ECOLOGIC
FRPSOH[LW\LQ3ULJRJLQH VWHUPV RUWKHQH[WSKDVHRIHYROXWLRQ 9RLG (QJLQHHUV ZKR EHOLHYH WKDW PRYLQJ KXPDQLW\ RXW WKHUH LV D GHVLUDEOHSDUWRIDF\FOHRIUHFRYHU\IRU*DLD
%\%UXFH%DXJKEUXFHDE#WHOHSRUWFRP
PRVW&HOHVWLDO&KRULVWHUVZKRDUHQ WNHHQRQGLYHUVLW\
:KDW GR 9HUEHQD &HOHVWLDO &KRULVWHUV 9LUWXDO $GHSWV DQG 9RLG (QJLQHHUV KDYH LQ FRPPRQ" ,Q VRPH FDVHV LW V PHPEHUVKLS LQ (FR/RJLFDIDFWLRQZLWKLQWKH:RUOGRI'DUNQHVVGHGLFDWHGWRLJQRULQJ WKHXVXDOOLPLWV
'UHDPVSHDNHUV ZKR WHQG WR KDYH D IDLUO\ WLJKW YLVLRQ RI KRZ KXPDQLW\ VKRXOG EHVW LQWHUDFW ZLWK *DLD DQG ZKR DUHQ W PXFK RSHQ WRUHYLVLRQRILW
(FR/RJLF KDV LWV URRWV LQ WKH ODWH WK FHQWXU\ ZKHQ D QXPEHU RI PDJHV LQ GLIIHUHQW WUDGLWLRQV DOO KDG WKH VDPH YLVLRQ RI KXPDQLW\ V SODFH LQ WKH ZRUOG &DUHIXOO\ WKH\ VRXJKW HDFK RWKHU RXW DQG EDQGHG WRJHWKHUIRUPXWXDOVXSSRUW7KHKHDUWRIWKHYLVLRQLVWKLV
9LUWXDO$GHSWVZKRGRQ WJLYHDKRRWDERXWWKHQDWXUDOZRUOG
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
+HUPHWLFV ZKR KDYH QR XVH IRU WKH LGHD WKDW KXPDQLW\ VKRXOG OHDUQ LWVOHVVRQVIURPQDWXUHWKDWZD\ ,WHUDWLRQ;LVWVZKRZDQWWRVXEMXJDWHQDWXUHQRWYLFHYHUVD 7KH 1HZ :RUOG 2UGHU ZKR GLGQ W ZDQW WR KHDU +D\HN DQG YRQ 0LVHV WHOO WKHP DERXW XQFRQWUROODEOH V\VWHPV DQG GRQ W ZDQW WR KHDU LWIURP(FR/RJLFHLWKHU 3URJHQLWRUVZKRZDQWWRVXEMXJDWHQDWXUHQRWYLFHYHUVD (FR/RJLF RUJDQL]DWLRQ LV EXLOW WR VHOIGHVWUXFW PRUH RU OHVV 7KH EDVLF XQLW LV WKH ILYHSHUVRQ FHOO DOORZLQJ IRU LQWHUHVWLQJ LQWHUDFWLRQV ZLWKRXW EHFRPLQJ WRR ERJJHG GRZQ (YHU\ WZR \HDUV DOO WKH (FR/RJLFLDQV RQ D FRQWLQHQW JDWKHU IRU D FRQFODYH ([LVWLQJ FHOOV DUH GLVVROYHG DQG QHZ RQHV IRUPHG DQG QR WZR PHPEHUV FDQ EH LQ WKH VDPH FHOO WZLFH LQ D URZ (DFK FHOO SLFNV D GHOHJDWH KRZHYHU LWV PHPEHUV FKRRVH WR WKH &RXQFLO IRU WKDW FRQWLQHQW 7KH &RXQVHOORUV HDFK SLFN D GHOHJDWH DJDLQ E\ DQ\ PHDQV GHHPHG DSSURSULDWH WR WKH 6HQLRU &RXQFLO 1R SHUVRQ FDQ EH D FRXQVHOORU WZLFH LQ D URZ DQG LW V FRQVLGHUHGJRRGIRUPWROHWHYHU\RQHGRLWRQFHLQDZKLOH >6WLOO ZRUNLQJ RQ QXPEHUV IRU WKH JURXS WKLQNLQJ RI DERXW DFWLYH PHPEHUVDQGVRPHPRUHRUOHVVLQDFWLYHRQHV@ (FR/RJLFLVDFWLYHRQVHYHUDOIURQWV 'LUHFW DFWLRQ :KHQ FHOOV WKLQN LW QHFHVVDU\ WKH\ OO VWULNH RXW DW WKH HQHP\ 7KLV LV PRVW XVXDOO\ GRQH WR EULQJ GRZQ WRRSRZHUIXO JURXSV WU\LQJWRUXOHDVRFLHW\ 3URSDJDQGD (FR/RJLF IXQGV DOO NLQGV RI FKDOOHQJHV WR GRPLQDQW SDUDGLJPV LQFOXGLQJ DQDUFKLVW JURXSV FRPPXQLWDULDQ PRYHPHQWV DQGVRIRUWK7KH\DOVRZRUNWRXQGHUPLQHHIIRUWVWRPDNHVFLHQFHDQG SKLORVRSK\ VHUYH ZKDW WKH\ UHJDUG DV XQQDWXUDO DLPV VRFLDOLVP FRUSRUDWLVPDQGIDVFLVPDQGWKHOLNH 5HVHDUFK 6LQFH WKH ZKROH SRLQW LV WR EH LQ DFFRUG ZLWK QDWXUH V UXOHV PDQ\(FR/RJLFLDQVGRDFWLYHUHVHDUFK %DFNGRRU HIIRUWV (FR/RJLFLDQ 9RLG (QJLQHHUV WLQNHU ZLWK WKH VRODU V\VWHP WR SURYLGH QHZ KRPHV IRU OLIH (FR/RJLFLDQ 6RQV RI (WKHU ORRN IRU ELRORJLFDO ZD\V WR UHSODFH PHFKDQLFDO SURFHVVHV (FR/RJLFLDQ 9HUEHQD FUHDWH HFRORJLFDO HQFODYHV ZKHUH OLIH FDQ IORXULVK RXWVLGH WKH GRPLQDQW SDUDGLJPV 0DQ\ (FRORJLFLDQV UHJDUG DV YHU\ LPSRUWDQW WR EH FUHDWLQJ SUHVHQWPRPHQW DOWHUQDWLYHV DV ZHOO DV ZRUNLQJ WR LPSURYHWKHIXWXUH
EPICUREAN GUILD %\$QGHUV6DQGEHUJ
'HVFULSWLRQ 7KLV *XLOG ZDV IRUPHG E\ PHPEHUV RI WKH &XOW RI (FVWDV\ GXULQJ WKH UHQDLVVDQFH LQ ,WDO\ PDLQO\ DV D SDURG\ RI WKH VHULRXV JXLOGV DQG WKH WUDGLWLRQV 2YHU WKH ODVW FHQWXULHV WKH JXLOG KDV GLVVROYHG VHYHUDO WLPHV RQO\ WR EH UHVWDUWHG DQG UHRUJDQLVHG DJDLQ WKH LGHD RI D VRFLHW\ IRU KHGRQLVWVVHHPVWRKDYHPXFKYLWDOLW\
(3,&85($1*8,/'
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
&RPPRQ)RFL
8QOLNH WKH &XOW RI WKH QHZ ZRUOG WKH (SLFXUHDQV SUHIHU VXEWOH SOHDVXUHV /LIH LV QRW OLYHG IRU SOHDVXUH OLIH LWVHOI VKRXOG EH D SOHDVXUH SUHIHUDEO\ ZLWK DV PXFK FODVV DQG ILQHVVH DV SRVVLEOH 3OHDVXUHV FDQ DOZD\V EH UHILQHG WR KLJKHU OHYHOV DQG WKH VHQVHV WUDLQHG WR QRWH WKH PRVW VXEWOH GHWDLOV WR PDNH HYHQ D VLS RI ZLQH RU WKH KLQW RI SHUIXPH DQHFVWDWLFPRPHQW
,QLWLDWLRQ
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
$UWZRUN0DWK6W\OXV6WDJH0DJLF
2UJDQL]DWLRQ 1RW YHU\ VWUXFWXUHG JHQHUDOO\ QHZ PHPEHUV DUH FKRVHQ E\ ROGHU PHPEHUVIRUPDJLFDQGDUWLVWLFDELOLW\
'HFLGHGRQDFDVHE\FDVHEDVLV
$FRO\WHV 0DJLFLDQJURXSLHVDUWORYHUV
&RQFHSWV 0DWKHPDWLFLDQ6WDJH0DJLFLDQ3URIHVVRURI3KLORVRSK\6WUHHW$UWLVW
ESPERS %\'-+DUSHUGKDUSHU#PXVWDQJXZRFD
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
ESCHERS %\&/8',#DROFRP
'HVFULSWLRQ 7KH (VFKHUV DUH PDJHV ZKR VHH WKDW WKH LQILQLWH LV WKH RQH WUXH ZD\ WR $VFHQVLRQ 2QO\ E\ VHHLQJ DQG EHLQJ DEOH WR FRPSUHKHQG LQILQLW\ ZLOO RQH V PLQG EH DEOH WR DVFHQG 7KH (VFKHUV DUH IHZ DQG IDU EHWZHHQ KRZHYHU WKH\ DUH FUXVDGLQJ WR JDLQ QHZ UHFUXLWV 7KH PDJLFN RI WKH JURXS LV SURGXFHG LQ HIIHFWV WKDW EHQG VSDFH ZKLOH WKLV ZRXOG EH YXOJDUIRUVRPHSHRSOHVRIDUWKH\JHQHUDOO\SXOOLWRIITXLWHQLFHO\
3KLORVRSK\ :H VHH WKH SDWWHUQ LQ DOO RQO\ ZH NQRZ WKDW WKH WUXH SDWK WR $VFHQVLRQ OLHV LQ WKH LQILQLWH :H VHH WKH LQILQLWH LQ DUW DQG PDJLF EXW ZH FDQ KHOS DOO RI \RX WR VHH LW ZKHUHYHU \RX QHHG LW :H FUHDWH WKH LQILQLWH LQ IURQW RI WKH H\HV RI PLOOLRQV EULQJLQJ WKHP MXVW D OLWWOH FORVHU7DNHRXUKDQGVDQGEHFRPHRQHZLWKWKHLQILQLWHZLWKLQXVDOO
6W\OH 6R IDU LW V EDVHG RII RI VWDJH PDJLF DQG VXEWOH PLQG FRQWURO ,W VHHPV WR EH QRW VR YXOJDU EHFDXVH RI KRZ DPD]HG DQG MR\IXO SHRSOH DUH ZLWK (VFKHUSDLQWLQJVDQGWKHLUZDQWLQJWREHOLHYHLWFDQZRUN
6SKHUH %HLQJ2USKDQVWKH\GRQ WKDYHDUHDORQHEXWWKH\SUHIHU0DWWHU
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
(63(56
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
6SKHUH )RUPHU WHOHSDWKLFV JDLQ 0LQG WHOHNLQHWLFV JDLQ )RUFH DQG FODLUYR\DQWVJDLQ&RUUHVSRQGHQFH
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
&KDQWU\ (VSHUV DUH PRUH FRPPRQO\ IRXQG LQ 1RUWK $PHULFD WKDQ WKH UHVW RI WKH ZRUOG EXW WKH\ DUH E\ QR PHDQV FOXVWHUHG DQ\ZKHUH 7KH\ KDYH QR RQH FRQWURO EDVH RU KHDGTXDUWHUV QRW EHLQJ DQ HVWDEOLVKHG RU DFFHSWHG WUDGLWLRQ \HW (VSHUV PHHW DW VHDQFHV SDUDSV\FKLF FRQYHQWLRQVDQGLQWKHFDVHRIFODLUYR\DQWHVSHUVE\SXUHFKDQFHRQ WKH VWUHHW 7KH 1HZ
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
,QWURGXFLQJHVSHUVLQWR\RXUFDPSDLJQ 2QH REYLRXV URXWH WR WDNH LV WKDW RI WKH HVSHUV WU\LQJ WR HVWDEOLVK WKHPVHOYHV :KLOH WKH LGHD RI SV\FKLFV LV LQ PDQ\ FXOWXUHV
P\WKRORJLHV WR VRPH H[WHQW LW LV DOVR DQG SHUKDSV PRUH DSSURSULDWHO\ D TXDVLVFLHQWLILF SKHQRPHQRQ DQG SDUW RI VFLHQFHILFWLRQ 7KH WUDGLWLRQV MHDORXVO\ JXDUG WKHLU VXSUHPDF\ LQ WKHLU RZQ VSKHUHV 7KHUH DUH DOUHDG\ WHQ 7UDGLWLRQV IRU RQO\ QLQH VSKHUHV DQG WKH (VSHUV ZRXOG OD\ FODLP WR WKUHH RI WKHVH )XUWKHU WKHLU YLHZ RI PDJLF PD\ DFWXDOO\ OLHFORVHUWRWKH7HFKQRFUDF\ V 7KH\ DUH LQ D XQLTXH SRVLWLRQ VFLHQFHXVLQJ EXW PDJLFNORYLQJ PDJHV ZKR ZLHOG VFLHQFH DV WKHLU WRRO IRU WKHLU PDJLFN EXW ZKR SUHIHU WKH ROGHUZD\VWKHXQH[SODLQDEOHDQGP\VWHULRXV7KH7HFKQRFUDF\LVQRW HYLO RQO\ PLVJXLGHG DV DUH WKH 7UDGLWLRQV $ IOHGJOLQJ JURXS RI HVSHUV PLJKW ORRN WR WKH 7HFKQRFUDF\ WR EHFRPH WKHLU VL[WK FRQYHQWLRQ UDWKHU WKDQ MRLQ WKH WUDGLWLRQV 7KHLU SKLORVRSK\ PHDQV WKH\ FRXOG WU\ WR FKDQJH WKH 7HFKQRFUDF\ IURP ZLWKLQ UDWKHU WKDQ ILJKW LW DQG EH GHVWUR\HG &HUWDLQO\ WKH (VSHUV DUH LQ QR SRVLWLRQ WR DUJXH 7KH\ DUH ZHDN IHZ LQ QXPEHU \RXQJ ZLWKRXW UHVRXUFHV DQG OLPLWHG WR RQO\ D IHZ SODFHV 7KH\ PD\ DWWHPSW WR DOO\ ZLWK WKH 7HFKQRFUDF\ EXW WKH\ ZRQ W KROG WKHLU EUHDWKV HLWKHU 7KH 7HFKQRFUDF\ KDV EHHQ WU\LQJ WR
SURYH SV\FKLF SRZHUV DUH IDNH IRU VR ORQJ FDQ WKH\ UHDOO\ FKDQJH WKHLU PLQGV" 'R WKH\ HYHQ ZDQW WR" ,I WKH\ JHW D EHWWHU RIIHU IURP WKH 7UDGLWLRQV \RX FDQ EHW WKH (VSHUV ZLOO JR IRU LW 7KH\ GHVSHUDWHO\ QHHG SURWHFWLRQ EXW PRUH WKDQ WKDW DFFHSWDQFH &KDQJH FDQ DOZD\V FRPH ODWHU
Mage: The Void 7KH(WKHULDQ/HDJXH %\ -LPP\ *UHJRU 0F.LQQH\ YRUORQ#LJORXFRP IRU 0DJH 7KH9RLG
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
0DJH7KH9RLG
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
)DFWLRQV 7KH5HIRUPLVWV *HQWOHPHQ LW IDOOV WR XV WR GR ZKDW PXVW EH GRQH 2XU KRPH ZRUOG LV IDFLQJ D WKUHDW PRUH GLUH WKDQ DQ\ WKDW KDYH FRPH EHIRUH \HW ERWK RXU VRFDOOHG DOOLHV LQ WKH 7UDGLWLRQV DQG RXU ROG HQHPLHV LQ WKH 7HFKQRFUDF\ DUH VHOILVKO\ WKLQNLQJ RQO\ RI WKHPVHOYHV :H FODLP WKDW RXU 6FLHQFH KDV DOZD\V EHHQ IRU EHQHILWRIWKHSHRSOH:HOOQRZLVWKHWLPHWRSURYHLW3URIHVVRU2]RQH 7KH UHIRUPLVW IDFWLRQ DUJXHG WKDW WKH 6FLHQWLVWV VKRXOG GR HYHU\WKLQJ LQ WKHLU SRZHU WR KDOW WKH GHVWUXFWLRQ RI (DUWK HYHQ LI LW PHDQW VDFULILFLQJ WKHLU RZQ OLYHV LQ WKH SURFHVV :KDW ZDV WKH SRLQW RI 6FLHQFHWKH\DUJXHGLIQRWIRUWKHEHQHILWRIPDQNLQG" 7KH\ EXLOW WKHLU 3KORJLVWDWLF :DYH (QJLQHV DQG 3ROOXWDQW 5HSURFHVVLQJ V\VWHPV LQ DQ DWWHPSW WR UHYHUVH WKH FRPLQJ GHVWUXFWLRQ ZKLOH WKH RWKHU WUDGLWLRQV DQG FRQYHQWLRQV WULHG WR VDYH WKHPVHOYHV OLNH GURZQLQJ UDWV 6XUSULVLQJO\ KDG LW QRW EHHQ IRU WKH VHOIFHQWHUHG DWWLWXGHRIWKHRWKHUVWKHUHIRUPLVWVPLJKWKDYHVXFFHHGHG 0RVW RI WKH VXUYLYLQJ 0DJHV WRGD\ UHIXVH WR DGPLW LW EXW LI LW ZHUH QRW IRU WKH HIIRUWV RI WKH UHIRUPHUV WKH GDUNQHVV ZRXOG KDYH FRPH IDU PRUHVZLIWO\DQGQRERG\ZRXOGKDYHHVFDSHG(DUWK VODVWGD\V7RWKLV GD\ WKH GHVFHQGDQWV RI WKH (XWKDQDWRV UHPHPEHU WKHVH (WKHULWHV ZLWK D IRQGQHVV WKDW WKH 'HDWK 0DJHV RI (DUWK V WLPH GLG QRW VKDUH 9LFWRULD 6WDWLRQ RQFH D WKULYLQJ HWKHULF SRUW RI FDOO QRZ VWDQGV DV D PRQXPHQW WR WKH 5HIRUPLVWV DQG LV WHQGHG E\ WKH (XWKDQDWRV LQ WKH DUHD 7KH6WDUOLIWHUV :KLOH LW LV WUXH WKDW RXU 6FLHQFH LV IRU WKH EHQHILW RI WKH 6OHHSHUV , KDYH QR VXFK DOOHJLDQFH WR WKLV ZRUOG ZLWK LWV ULJLG UHDOLW\ DQG FRUUXSW 1HSKDQGLF WDLQW :H KDYH WKH NQRZOHGJH DQG WKH WRROV WR OLIW KXPDQLW\ WR WKH VWDUV DQG EH\RQG , VHH QR UHDVRQ ZH FDQQRW IXOILOO RXU REOLJDWLRQV WR WKHP E\ GRLQJ VR ,QIDFW,IHHOWKDWZHPXVWGRVR6LFDWXUDGDVWUD&DSWDLQ1HEXOD 7KH 6WDUOLIWHU IDFWLRQ OLNH WKH WHFKQRFUDWLF FRQYHQWLRQV DQG WKH RWKHU WUDGLWLRQV EXLOW ODUJH VSDFH 5RFNHWV ZLWK WKH DVVLVWDQFH RI V\PSDWKHWLF 9RLG (QJLQHHUV DQG WULHG WR VDYH DV PDQ\ SHRSOH DV WKH\ FRXOG 8QOLNH WKH FUDIW RI PRVW RWKHU JURXSV WKHVH VKLSV ZHUH QRW UHVHUYHG IRU WKRVH SHRSOH WKDW IROORZHG WKH HWKHULF SDUDGLJP SDVVDJH ZDVJLYHQWRDQ\RQHWKDWFRXOGJHWWRWKHP 6RRQ DIWHU HYDFXDWLRQ 6WDUOLIWHU $UNV PDGH VHYHUDO FODQGHVWLQH WULSV LQWR DUHDV FRQWUROOHG E\ RWKHU 7UDGLWLRQV WR GURS RII SHRSOH V\PSDWKHWLF WR WKRVH 7UDGLWLRQV ,Q WKH FRQIXVLRQ RI WKH VLWXDWLRQ YHU\ IHZ SHRSOH QRWLFHG WKDW WKH QXPEHU RI UHIXJHHV ZDV KLJKHU WKDQ H[SHFWHG DQG QR RQH TXHVWLRQHG WKHP HQRXJK WR OHDUQ RI WKH (WKHULWH IOHHW 2QFH WKLV WDVN ZDV FRPSOHWHG WKH VSDFH DUNV ZHUH GLVPDQWOHG DQG UHEXLOW LQWR D IOHHW RI VKLSV ZKLFK WKH 6WDUOLIWHUV DQG WKHLU IROORZHUV WRRN RXW RI FKDUWHG VSDFH RQ DQ H[SORUDWLRQ PLVVLRQ 7KHUH KDYH EHHQ QR IXUWKHU UHSRUWV IURP WKH IOHHW VLQFH LW GHSDUWHG EXW WKHQ DJDLQ QRERG\ WKDW VWD\HG EHKLQG UHDOO\ NQHZ PXFK DERXW LW LQ WKH ILUVW SODFH 7KH&RQWLQXXP
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
5HFHQW+LVWRU\ 2Q WKUHH RFFDVLRQV D 9RQ 1HXPDQQ SUREH IURP WKH *HUQVEDFN &RQWLQXXP KDV ORFDWHG D QRGH FRQWUROOHG E\ VRPH RWKHU JURXS DQG ZDV VXEVHTXHQWO\ GHVWUR\HG WKH LQGHSHQGHQWV DUH LQFUHDVLQJO\ EODPHG IRU WKH SUREOHP DV WKH SUREHV DUH XVXDOO\ DOPRVW UHFRJQL]DEO\ (WKHULF 7KH LQGHSHQGHQWV DUH QRW DZDUH RI WKH FRQWLQXHG H[LVWHQFH RI WKHLU ROG FRPSDWULRWV EXW WKLV VRUW RI WKLQJ LV VWDUWLQJ WR PDNH WKHP VXVSLFLRXVWKDWVRPHWKLQJVWUDQJHLVJRLQJRQ
$ERXW7KH*HUQVEDFN&RQWLQXXP $K WKH *HUQVEDFN &RQWLQXXP YLVLRQ RI WKH SHUIHFW UHDOLW\ IRU PDQ\ LQ WKH 6RQV RI (WKHU 7RGD\ WKH *HUQVEDFN &RQWLQXXP GRHV QRW ORRN GLIIHUHQW WKDQ ZKHQ LW ZDV D +RUL]RQ 5HDOP LQ D TXDOLWDWLYH VHQVH EXW LWLVQRZPXFKPXFKELJJHU 7KHUH KDV EHHQ D ELW RI D VKLIW LQ WHUPLQRORJ\ VLQFH WKH &RQWLQXXP JDLQHG LWV LQGHSHQGHQFH IURP (DUWK V UHDOLW\ 7KH *HUQV UHIHUV WR WKH SODQHW WKDW ZDV WKH RULJLQDO +RUL]RQ 5HDOP ZKLOH 7KH *HUQVEDFN &RQWLQXXP RU VLPSO\ 7KH &RQWLQXXP XVXDOO\ UHIHUV WR WKH SHFXOLDU DUWLILFLDO UHDOLW\ LW LQKDELWV 7KH *HUQV LV QRZ D SODQHWDU\ ERG\ LQ D VSXOSFRPLFYHUVLRQRIRXWHUVSDFH 7KHUH DUH QR GLVWLQFW FLWLHV &LYLOL]DWLRQ DQG 1DWXUH DUH FRPSOHWHO\ LQWHJUDWHG KHUH DQG DW SHDFH ZLWK RQH DQRWKHU 7KHUH DUH VLPSO\ UHJLRQV ZKHUH WKH EXLOGLQJV DUH PRUH QXPHURXV WKDQ WKH WUHHV DQG YLFH YHUVD 7KH *HUQV LV HYHU\ ELW WKH EHQHYROHQW 8WRSLD WKDW WKH 6RQV ZRXOGKDYHZDQWHGIRU(DUWK
0DJH7KH9RLG
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
Mage: The Void 3DUW _3DUW_3DUW_3DUW_3DUW_3DUW_3DUW_ %\7KH0LUURUEDOO0DQMBKLUW#\DKRRFRP
'LVFODLPHUV , P QRW D JHQXLQH (QJOLVK VSHDNHU VR SOHDVH H[FXVH PH IRU DOO WKH PLVWDNHV LQ WKLV WH[W 6SHOOFKHFNHUV FDQ RQO\ GR VR PXFK ,I \RX ZDQW WRVHQGPHDFRUUHFWHGFRS\RILWSOHDVHIHHOIUHHWRGRVR 7KLV LV QRW D FRPSOHWH JDPH
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
Euthanatos: Beyond the Good Death %\&ROLQ<6&&KHH\XQJ#YD[OVHDFXN
3UHDPEOH
1R LW LV QRW RIILFLDO PDWHULDO VR , P QRW ERXQG WR IROORZ WKH JRVSHO DFFRUGLQJ WR :KLWH :ROI ,I VRPH GHWDLOV DUH LQDFFXUDWH LW LV HLWKHU EHFDXVH , GRQ W FDUH RU EHFDXVH P\ NQRZOHGJH LV OLPLWHG 6LQFH LW LV D YDULDWLRQ RI 0DJH VHW LQ WKH IXWXUH ZULWLQJ LW KDV LQYROYHG FKRLFHV 2I FRXUVH \RX DUH QRW FRPSHOOHG WR DJUHH ZLWK WKHVH FKRLFHV EXW SOHDVH GRQ W VHQG PH HPDLOV WHOOLQJ PH KRZ ZURQJ , DP , DP QRW D YHU\ GRJPDWLFSHUVRQ
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
+RZHYHU IHHO IUHH WR ZULWH VWXII EDVHG RQ WKLV PDWHULDO LI \RX ZDQW
36 (XWKDQDWRV KDV EHHQ XVHG KHUH DV ERWK WKH VLQJXODU DQG SOXUDO VHQVHV RI WKH ZRUG $Q\RQH ZKR KDV D SUREOHP ZLWK WKDW FDQ VSHDN WR P\ODZ\HU
1R0DJH7KH9RLGKDVQ WEHHQWHVWHG
3URFODLPHU 0DJH 7KH 9RLG ZDV ERUQ RXW RI P\ IUXVWUDWLRQ ZKHQ , OHDUQHG DERXW 0DJH VKLVWRULFDOJDPH6RUFHUHU V&UXVDGHLVILQHDQGZHOOZULWWHQEXW , KDG DOZD\V ZDQWHG WR VHH D VSDFHRSHUD YHUVLRQ RI 0DJH MXVW DV PXFK DV , ZRXOG KDYH OLNHG WR VHH D F\EHUSXQNIODYRUHG :UDLWK :HOO LW V DOZD\V WKH VDPH ZLWK UROHSOD\LQJ JDPHV ZKHQ WKH\ GRQ W GR LW GRLW\RXUVHOI
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
(XWKDQDWRV%H\RQGWKH*RRG'HDWK
P\VWLFDO FXOWV ZKLFK HPSKDVL]H RQH V SHUVRQDO UHODWLRQVKLS ZLWK WKH 'LYLQH 7KURXJKRXW LWV H[LVWHQFH WKH (XWKDQDWRV KDV PDQLSXODWHG WKH FXOWV RI %DDO DQG $QDWK WKH GDUN ZRUVKLS RI $KULPDQ WKH 6KLLWH VHFW RI $VVDVVLQV WKH FXOW RI 5DQJGD WKH 7KXJJHHV DQG WKH 6DLYD6KDNWD VHFWVRI,QGLD7KH(XWKDQDWRVLWVHOILVQRWDUHOLJLRQEXWLWVGRFWULQHRI GHDWK DQG WUDQVPLJUDWLRQ VKDUHV PXFK LQ FRPPRQ ZLWK UHOLJLRXV P\VWLFLVP HVSHFLDOO\ +LQGXLVP ZKLFK LW LQIOXHQFHG DQG ZDV LWVHOI LQIOXHQFHGE\ 7KH (XWKDQDWRV GR QRW WUXO\ ZRUVKLS 6KLYD RU .DOL RU DQ\ RI WKH RWKHU JRGV RI +LQGXLVP ,QVWHDG 6KLYD LV VHHQ DV WKH SHUVRQLILFDWLRQ RI WKH (XWKDQDWRV LGHDO WR EH FRQWHPSODWHG DQG HPXODWHG 0DQ\ PRGHUQ PDJHV IHHO WKDW WKH UHOLJLRXV WUDSSLQJV RI 6DLYD WKH DGRUDWLRQ RI 6KLYD DUH QR ORQJHU QHFHVVDU\ DV DQ DLG WR $VFHQVLRQ EXW PDQ\ RWKHUV IHHO WKDW6DLYDUHPDLQVLPSRUWDQWDVDIRFXVIRUWKH7UDGLWLRQ %ULHIO\ 6KLYD UHSUHVHQWV DOO WKDW LV GDUN DQG XQFRQWUROODEOH LQ WKH XQLYHUVH ,Q +LQGXLVP KH LV RQH RI WKH WZR JUHDWHVW PDQLIHVWDWLRQV RI WKH 'LYLQH DORQJVLGH 9LVKQX WKH HPERGLPHQW RI OLJKW DQG RUGHU $OO RI 6KLYD V DVSHFWV DUH PHWDSKRUV IRU WKH PDQ\ IDFHV RI (QWURS\ WKH JRG RI VWRUPV KDXQWHU RI WRPEV PDVWHU RI JKRVWV EULQJHU RI SHVWLOHQFH ORUG RI WKH GLFH GULQNHU RI SRLVRQ DQG WKH 'HVWUR\HU RI ZRUOGV +LV GDQFH NHHSV WKH XQLYHUVH LQ PRWLRQ DQG DV KLV EUHDWK FUHDWHGWKLVH[LVWHQFHVRKLVKDQGVKDOOGHVWUR\LW
+LVWRU\
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
(VFKDWRORJ\
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
3DUDGLJP DQGRQHLVUHOHDVHGIURPWKHMDZVRIGHDWK.DWKD8SDQLVKDG +XPDQLW\ LV WUDSSHG ZLWKLQ DQ HQGOHVV F\FOH RI UHELUWK DNLQ WR LPSULVRQPHQW 7KLV LV EHFDXVH RI WKH FRVPLF ODZ RI .DUPDQ WKDW FRQVHTXHQFHV RI RQH V GHHGV ZLOO SXUVXH RQH UHOHQWOHVVO\ (YHQ GHDWK LV QR HVFDSH VLQFH .DUPDQ IROORZV RQH WKURXJK DOO LQFDUQDWLRQV FRQGHPQLQJ D SHUVRQ WR UHELUWK LQ RUGHU WR UHDS WKH IUXLWV RI DFWLRQV QRW \HW ULSHQHG LQ WKLV OLIH $VFHQVLRQ LV HVFDSH IURP WKLV F\FOH FDOOHG
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
(XWKDQDWRV%H\RQGWKH*RRG'HDWK
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
6KLYD WKH LGHDO RI WKH (XWKDQDWRV D +LQGX GHLW\ SRUWUD\HG ZLWK IRXU DUPV FRYHUHG ZLWK DVKHV DQG VHUSHQWV ZLWK D WKLUG H\H LQ KLV IRUHKHDG 6LGGKL0DJLFN 6UL&KDNUDWKH:KHHORI/LIHDQG'HDWK 7UDLORN\DWKH7KUHH:RUOGVRI+LJK0LGGOHDQG/RZ8PEUDH 7ULODND KH P\VWLFDO WKLUG H\H ZKLFK ORRNV LQZDUGV EXW FDQ EH XVHG WRUHOHDVHGHYDVWDWLQJSRZHU
EUTHANATOS PARADIGM (version 1) %\$QGHUV6DQGEHUJ
7KH3DUDGLJP 7KH :KHHO 7KH *UHDW :KHHO RI ([LVWHQFH FRQVWDQWO\ WXUQV PRYHG E\ (QWURS\ (YHU\WKLQJ WKDW LV ZLOO VRPHGD\ EH QR PRUH $V RQH SDUW ULVHV DQRWKHU SDUW PXVW VLQN 7KHUH FDQ EH QR OLIH ZLWKRXW GHDWK 7KHUH FDQ EH QR OLJKW ZLWKRXW GDUNQHVV 7KHUH FDQ EH QR VXFFHVV ZLWKRXW IDLOXUH 2XU GXW\ LV WR PDNH VXUH WKH *UHDW :KHHO WXUQV VPRRWKO\VRWKDWIUHVKSRVVLELOLWLHVDUHFUHDWHGDVROGDUHUHPRYHG
0DJLFN 7XUQLQJ WKH :KHHO :H FDQ WXUQ WKH :KHHO PDNLQJ LW PRYH IDVWHU RU VORZHU RU HYHQ EULHIO\ VWRS LW EXW WKLV HQWDLOV D KHDY\ SULFH (YHU\WKLQJ WKDW H[LVWV LV OLQNHG WR FKDQJH DQG DOO FKDQJH LV UXOHG E\ WKH :KHHO %\ OHDUQLQJ KRZ GLIIHUHQW WKLQJV FKDQJH WRZDUGV GHDWK DQG GHFD\ ZH FDQ OHDUQ KRZ WKH\ LQWHUDFW ZLWK WKH :KHHO DQG WKXV FRQWUROWKHP
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
(87+$1$7263$5$',*0YHUVLRQ
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
$UHWH 'LVLOOXVLRQ (YHU\ EHLQJ LV YHLOHG LQ LOOXVLRQV EXW VRPH KDYH EURNHQ GRZQ VRPH RI WKH OHVVHU RQHV 7KH\ VHH PRUH RI WKH WUXH ZRUOG DQG WKXV JDLQ WKH SRZHU WR XQGHUVWDQG WKH :KHHO 0DQ\ SURXGO\ SURFODLP WKHLU HQOLJKWHQPHQW DQG UHIXVH WR VHDUFK IXUWKHU DIUDLG RI EUHDNLQJ WKHLU QHZ LOOXVLRQV 7KH JUHDWHVW LOOXVLRQ RI DOO LV WKDW RQH KDYH IUHHG RQHVHOIIURPDOOLOOXVLRQV7KLVLVDOVRDQLOOXVLRQ
EUTHANATOS PARADIGM (version 2) %\&KULVWRSKHU.REDU
7KH*UHDW:KHHO7KH7HOOXULDQ 7KH HQWLUH XQLYHUVH LV VLPSO\ D ZKHHO WKDW URWDWHV IRUHYHU RQ LWV P\VWLFDO D[LV $OO WKLQJV DUH SDUW RI WKLV *UHDW :KHHO DQG DOO DFWLRQV DUHVLPSO\SDUWRIWKHRYHUDOOWXUQLQJRIWKHZKHHORUWKH&\FOH 7XUQLQJ RU *XLGLQJ WKH :KHHO 0DJLFN 7KH (XWKDQDWRV DQG WKHLU NLQG DUH DEOH WR H[HUW WKHLU ZLOO XSRQ WKH *UHDW :KHHO DQG WXUQ LW DVWKH\GHVLUHIRUWKHLURZQHQGV ,QIDQWV 6OHHSHUV 7KRVH ZKR KDYH QHYHU \HW JOLPSVHG WKH 6KDGRZODQGV
4XLQWHVVHQFH
7KH 5HDSLQJ 7KH $ZDNHQLQJ 7KH PRPHQW DW ZKLFK D GHDG LQGLYLGXDO KDV WKH &DXO WRUQ IURP KLV IDFH VR WKDW KH PD\ VHH WKH 8QGHUZRUOGIRUZKDWLWLV
3RVVLELOLWLHV :KHQ 3RVVLELOLWLHV ILUVW DSSHDU WKH\ DUH ZLWKRXW IRUP DQG PHDQLQJ 6RRQ WKH\ ZLOO EHFRPH UHDO XQGHU WKH LQIOXHQFH RI (QWURS\ EXW D ZLVH PDJH FROOHFWV VRPH SRVVLELOLWLHV WR XVH LQ WKH 7XUQLQJ
7XUQLQJ LQ WKH )RJ &RLQFLGHQWDO 0DJLFN $ PHDQV RI 7XUQLQJ WKH :KHHO VR WKDW WKH DFW RI GRLQJ VR LV PDVNHG E\ D )RJ NHHSLQJ WKH ,QIDQWVIURPUHDOL]LQJZKDWKDVKDSSHQHG
*XLGHV 0DJHV 7KRVH LQGLYLGXDOV ZKR KDYH XQGHUJRQH WKH 5HDSLQJ DQGKDYHVLQFHOHDUQHGKRZWR7XUQWKH:KHHODWZLOO
3DUDGR[
6RXO $YDWDU 7KH WUXH HVVHQFH RI WKH LQGLYLGXDO WKDW FDQQRW GLH SHU VH EXW FDQ EHFRPH GHVWUR\HG E\ EHLQJ GLVVROXWHG LQWR QRWKLQJQHVV 2EOLYLRQ
%ORFNDJH 6RPHWLPHV PDJHV DWWHPSWLQJ WR WXUQ WKH :KHHO WRR YLROHQWO\ IDLO DQG FDXVH LW WR EHFRPH VWXFN RU GLVWXUE LWV VPRRWK WXUQLQJ 7KH :KHHO ZLOO SUHVV DJDLQVW WKH EORFNDJH DQG VRRQHU RU ODWHU LWZLOOJLYHDZD\FDXVLQJGDPDJHEXWUHVWRULQJWKHEDODQFH
(LGRORQ $UHWH $ PHDVXUH RI D VRXO V HQOLJKWHQPHQW DQG VWUHQJWK DJDLQVW LWV LJQRUDQW GDUN VLGH RIWHQ FDOOHG RQH V 6KDGRZ %\ LQFUHDVLQJ RQH V(LGRORQ7UDQVFHQGHQFHLVPDGHHDVLHU
$ZDNHQLQJ 'HDWK (YHU\ EHLQJ LV DZDNHQHG RQFH LQ LWV OLIHWLPH DW WKH PRPHQW RI G\LQJ ,W ZLOO VHH EH\RQG WKH LOOXVLRQV RI LWV H[LVWHQFH DQG SDVV LQWR D QHZ H[LVWHQFH 8QIRUWXQDWHO\ DOPRVW DOO FKRRVH WR IRUJHW WKDW PRPHQW ,W LV RXU WDVN WR DZDNHQ WKRVH ZKR DUH UHDG\ DQG PDNH RWKHUVUHDG\
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
(87+$1$7263$5$',*0YHUVLRQ
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
)ULFWLRQ+HDW3DUDGR[ :KHQHYHU VRPHRQH WXUQV WKH ZKHHO WRR PXFK WKH *UHDW :KHHO ZLOO UHVLVW UHVXOWLQJ LQ IULFWLRQ 7KLV IULFWLRQ ZLOO EXUQ ZKRHYHU WULHG WR GR WKH WXUQLQJ WKH UHVXOWV UDQJLQJ IURP OLWHUDO EXUQV WR EHLQJ FDXJKW LQWKHVSRNHV
(87+$1$7263$5$',*0YHUVLRQ
F-G &KDQWU\ $ UHDOP LQ WKH XPEUD SRSXODWHG E\ GHVFHQGDQWV RI WKH DQFLHQW FHOWV 7KH WHFKQRORJ\ LV D ERKHPLDQ PL[ RI PRGHUQ WHFK DOWHUHG WR UXQ RQ PDJLFN 7KH SHRSOH RI WKH )LDQQD UHDOP KDYH EHJXQ WULQJ WR NHHS DQ H\H RQ WKH ZRUOG EXW FXOWXUDO\ DUH VWLOO YHU\ FORVH WR QDWXUH
FIANNA EIRINN %\7KRP6FRWWWKVFRWW#LQGLDQDHGX 7KH (LULQQ WR DYRLG FRQIXVLRQ DUH WKH LQKHULWRUV RI WKH SURXG 0LOHVLDQ WUDGLWLRQ WKH &HOWLF PDJLZDUULRUV ZKR GZHOOHG EHWZHHQ WKH ZRUOGV %HLQJ EDVHG LQ D VHSDUDWH UHDOP IURP (DUWK WKH\ KDYH VXIIHUHG OLWWOH IURP WKH SRJURP DQG LQ IDFW DUH GLVPLVVHG E\ WKH 7HFKQFUDF\ DV GHOXGHG9HUEHQDRIIVKRRWVQRWWKHSRZHUIXOIRUFHWKH\DUH
$FRO\WHV &HOWV PDUWLDO DUWLVWV :LFFDQV DQ\RQH RI D QDWXUDOLVW PLQGVHW 6SKHUH6SLULW )RFL
7KH (LULQQ ZHUH RQH RI WZR FODVVHV RI DQFLHQW FHOWLF ZDUULRU $ FRGH RI KRQRXU DQG WKH IDYRU RI WKH JRGV PDGH WKHP WKH VXEMHFW RI OHJHQG :KHQ DW ORQJ ODVW WKH\ ZHUH QR ORQJHU QHHGHG WKH\ UHWLUHG WR WKH XPEDOUHDOPRIWKHLUSDVWDQG$UFDGLD
p p p p
7KH\ DUH D IULJKWHQLQJ IRUFH WR EHKROG 7KH\ HPHUJH IURP WKH 8PEUD ZLWKRXW ZDUQLQJ ILJKWLQJ WKH 1HSKDQGL :\UP PLQLRQV IRPRUL DQG WHFKQRFUDF\DOLNH7KH\VWULNHKDUGDQGIDGHEDFNWRWKHXPEUD
4XRWH :H KDYH EHHQ JRQH WRR ORQJ DQG VHH WKDW ZH QHYHU VKRXOG KDYH OHIW &DOO XV IRROV LI \RX PXVW EXW ZH KDYH RQH UHVRXUFH \RX GR QRW :H FDQ GHVWUR\ WKHP 7KH\ FDQQRW ILQG XV :H ZLOO VDYH WKLV ZRUOGIURPWKHP
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
&ORWKLQJVSLULWFRUUHVSRQGHQFH :HDSRQIRUFHVHQWURS\OLIH -HZHOU\SULPHWLPHPDWWHU &LUFOHWPLQG
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
),$11$(,5,11
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
GNOSTICS
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
7KH*QRVWLFV7RGD\
%\$QGHUV6DQGEHUJ
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
*1267,&6
ZHUH H[FXVHV WR KHDS ULGLFXOH RQ RWKHU UHOLJLRQV 6RPH ZHUH DWWHPSWV WR ULGLFXOH WKH LGHD RI XQGHUVWDQGLQJ WKH SURFHVV ZLWK WKH PLQG DW DOO ,Q FRQVWUXFWLQJ WKHVH WKHRULHV WKH\ SURGXFHG D YDULHG DQG FRORXUIXO LQWHUPHGLDWH PDJLFNDO ZRUOG RI YDULRXV $HRQV DQG $UFKRQV EHWZHHQ WKLVZRUOGDQGWKH8OWLPDWH
LPLWDWLRQ RI WKH KLJKHU SODQHV FUHDWHG E\ D LQFRPSHWHQW JRG \RX ZLOO EH DEOH WR HQMR\ LW 7R DVFHQG \RX KDYH WR GHVFHQG 'HVFHQG LQWR WKH QHWKHUPRVW GHSWKV RI SOHDVXUH SDLQ DQG GHJHQHUDWLRQ DQG \RX ZLOO ILQG WKH PRVW VXEOLPH WUXWKV $VFHQG LQWR WKH KLJKHVW DHWKHUV DQG \RX ZLOOILQGUXGHMRNHVVFUDZOHGRQWKHZDOOV
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
2UJDQLVDWLRQDQG:ULWLQJV
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
3KLORVRSK\
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
0HHWLQJV 7KH *QRVWLFV GRQ W KDYH DQ\ PXWXDO KRO\ GD\V EXW VRPHWLPHV DJUHH WR PHHW LQ VPDOO JURXSV 7KHVH PHHWLQJV FDQ KDSSHQ DQ\WLPH DQ\ZKHUH DQG WHQG WR EHFRPH LQIRUPDO GLVFXVVLRQV DERXW SKLORVRSK\ PDJLFN DQG UHOLJLRQ 6RPH PD\ ODVW IRU ZHHNV DV WKH SDUWLFLSDQWV EHFRPH LQYROYHG LQ KHDWHG DUJXPHQWV 7RGD\ PHHWLQJV DUH YHU\ UDUH GXHWRWKHODFNRIPHPEHUV
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
&KDQWU\ 1RQH NQRZQ 7KHUH DUH UXPRXUV DERXW VHFUHW FKDQWULHV KLGGHQ LQ WKH 8PEUD LQ XQGHUJURXQG FLWLHV LQ 7LEHW RU ROG PRQDVWHULHV LQ WKH PRXQWDLQVRIWKH0LGGOH(DVWEXWWKHVHUXPRXUVVHHPXQIRXQGHG
$FRO\WHV &XOWLVWV6HHNHUVRI7UXWK$VFHWLFV,QVDQHSHRSOH/LEHUWLQHV
6SKHUH 3ULPH *QRVWLFV WHQG WR VWXG\ 6SLULW WR XQGHUVWDQG WKH QDWXUH RI WKH XQLYHUVH0DWWHUWRXQGHUVWDQGWKHZRUNRIWKH'HPLXUJHDQG0LQGLQ RUGHU WR LQIOXHQFH SHRSOH 7KH *QRVWLFV KDYH D WUDGLWLRQ RI H[FHOOHQF\ LQ 0LQG ZKLFK WKH\ XVH WR JDWKHU IROORZHUV LQILOWUDWH RWKHU JURXSV DQG WR DFKLHYH JQRVLV 0DWWHU LV RIWHQ UHJDUGHG DV D YHU\ XQFOHDQ VSKHUHZKLFKPDQ\*QRVWLFVDYRLG
)RFL 7KH *QRVWLFV KDYH QHYHU VWDQGDUGLVHG WKHLU IRFL DQG PRVW PDJHV KDYH WKHLURZQLGHDV6RPHIRFLDUHTXLWHFRPPRQ
*1267,&6
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
&RQFHSWV
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
+RO\PDGPDQ3KLORVRSKHU6HFWOHDGHU
4XRWHV
5RWHV
, KDYH FRPH IURP WKH OLJKW DQG WKH JRGV 1RZ , DP DQ H[LOH VHSDUDWHG IURP WKHP)UDJPHQWIURP7LUID QPDQXVFULSW 2XU FDXVH LV D VHFUHW LQ D VHFUHW WKH VHFUHW RI VRPHWKLQJ WKDW LV FRQFHDOHG D VHFUHW ZKLFK FDQ RQO\ EH H[SODLQHG E\ DQRWKHU VHFUHW LW LV D VHFUHW DERXW D VHFUHWZKLFKLVVDWLVILHGE\DQRWKHUVHFUHW-DIDUDO6DLGWKHWK,PDP
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
6HH WKH ,QILQLWH &RUUHVSRQGHQFH 7KLV URWH LV XVHG WR DFKLHYH JQRVLV ,W ZRUNV MXVW OLNH &RORFDOLW\ SHUFHSWLRQ WKH PDJH VXFFHVVLYHO\ VHHV PRUH DQG PRUH RI WKH ZKROH XQLYHUVH ,QVWHDG RI LQVWDQWO\ VHHLQJ HYHU\WKLQJ ZKLFK HYHQ WKH *QRVWLFV DFNQRZOHGJH ZRXOG EH GLVDVWURXV WKH\ VWDUW ZLWK WKH WKLQJV LQ WKH YLFLQLW\ VORZO\ H[SDQGLQJ WKHLU YLVLRQ RXWZDUGV 7KH PDJH VHHV PRUH DQG PRUH DQG ZLOO KRSHIXOO\ EHJLQ WR XQGHUVWDQG VRPHWKLQJ RI WKH LGHD RI WKH LQILQLWH DV WKH\ H[SDQG WKHLU YLVLRQ 0DQ\ *QRVWLFV PHGLWDWH XVLQJ WKLV URWH WU\LQJ WR H[SDQG WKH YLVLRQ MXVW D OLWWOH ELW PRUH 7KLV SUDFWLFH LV RI FRXUVH GDQJHURXV DQG FRXQWOHVV *QRVWLFV KDYH EHFRPH LQVDQH RU GLHG DIWHU DFFLGHQWDOO\ VHHLQJ WRR PXFK 6RPH *QRVWLFV GHIHQG WKHPVHOYHV E\ FRPELQLQJ WKLV URWH ZLWK 0LQG DQG SURMHFWLQJ WKH,QILQLW\LQWRWKHKHDGRIDQDWWDFNHU > 0DQ\ *QRVWLFV FRPELQH LW ZLWK RWKHU VSKHUHV GHSHQGLQJ RQ NQRZOHGJHWRDFKLHYHDHYHQPRUHFRPSOHWHYLVLRQ@ 7KH 9RLFH 0LQG 7KH PDJH JLYH KLV YRLFH D WRQH RI DXWKRULW\ DQG SRZHU PDNLQJ LW KDUG WR UHVLVW RUGHUV RU VXJJHVWLRQV PDGH :KDWHYHU WKH PDJH VD\V LW ZLOO EH UHPHPEHUHG 0DQ\ *QRVWLFV XVH WKH 9RLFH LQ WHDFKLQJRUWRJDWKHUIROORZHUV > (DFK VXFFHVV DGG RQH GLFH WR VRFLDO UROOV 7R UHVLVW DQ GLUHFW RUGHU IURP WKH PDJH WKH YLFWLP PXVW VXFFHHG LQ D ZLOOSRZHU UROO ZLWK D WDUJHW QXPEHU HTXDO WR WKH PDJHV ZLOOSRZHU VXLWDEO\ PRGLILHG $ GLUHFW VLPSOH RUGHU DV GURS LW ZLOO LQFUHDVH WKH WDUJHW QXPEHU ZKLOH DFRPSOH[RUGDQJHURXVRUGHUZLOOGHFUHDVHLW @ 9LVLRQTXHVW 0LQG 6SLULW $OVR NQRZQ DV 9LVLRQ 7KLQJ DPRQJ WKH +ROORZ 2QHV 7KH PDJH SXWV KLPVHOI LQWR D VWDWH RI JQRVLV E\ LQWR[LFDWLRQ IDVWLQJ SDLQ RU SOHDVXUH $V WKH PDJH VLQNV LQWR D WUDQFH KH ZLOO EHJLQ WR VHH YLVLRQV RI WKH ZRUOG DURXQG KLP WKH 8PEUD DQG KLV RZQ PLQG 7KH ZRUOG VHHPV WR EHFRPH IOXLG LQ WKH SHUFHSWLRQ RI WKH PDJH FRQVWDQWO\ FKDQJLQJ DQG UHIRUPLQJ ,I WKH PDJH FRQFHQWUDWHV RQ D SUREOHP RU D TXHVWLRQ WKH YLVLRQV ZLOO EHJLQ WR UHIOHFW WKLV 8VLQJ D YLVLRQTXHVW D PDJH FDQ XQGHUVWDQG WKH VHFUHW FRQQHFWLRQV DQG V\PEROV KH QRUPDOO\ ZRXOGQ W XQGHUVWDQG 8QIRUWXQDWHO\ WKH PDJH VHOGRP UHPHPEHU DQ\WKLQJ DERXW ZKDW KH VDZ DIWHUZDUGV DQG EHFRPHV YHU\ LQFRKHUHQW GXULQJ WKH TXHVW ZKLFK VHYHUHO\ OLPLW WKH XVH RI WKH URWH 0DQ\ *QRVWLFV XVH WKHLU DFRO\WHV WR ZULWH GRZQ ZKDW WKH\ VHH GXULQJ WKHLU YLVLRQV DQG DIWHUZDUGV WU\ WR XQGHUVWDQG ZKDW WKH\ GLVFRYHUHG $ PDJH XQGHUJRLQJ D YLVLRQTXHVW LV LQ VHULRXV GDQJHU IURP KLV VXEFRQVFLRXV ZKLFK PD\ HUXSW LQWR KLV YLVLRQV LI LW FRQWDLQV VWURQJ QHJDWLYH HPRWLRQV WUDXPDV RU LOOQHVVHV 6RPH VSLULWV PD\ DOVR VHL]H WKH RSSRUWXQLW\ WR HQWHU WKH PDJHV FRQVFLRXVQHVVDVKLVGHIHQFHVDUHGRZQ > 'XULQJ WKH YLVLRQ WKH PDJHV GUHDP LQWXLWLRQ HQLJPDV FRVPRORJ\ DQG RFFXOW DUH LQFUHDVHG E\ WKH QXPEHU RI VXFFHVVHV 2Q WKH RWKHU
*1267,&6
KDQG ZLOOSRZHU DQG DOO VRFLDO DQG PHQWDO DWWULEXWHV DUH KDOYHG URXQG GRZQ 7KLVVKRXOGUHDOO\EHUROHSOD\HG@
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
*2(7,$
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
4XRWH 2 3ULQFH /XFLIHU , DP IRU WKH WLPH FRQWHQWHG ZLWK WKHH , QRZ OHDYH WKHH LQ SHDFH DQG SHUPLW WKHH WR UHWLUH ZKHUHVRHYHU LW PD\ VHHPJRRGWRWKHHVRLWEHZLWKRXWQRLVHDQGZLWKRXWOHDYLQJDQ\HYLO VPHOO EHKLQG WKHH %H PLQGIXO KRZHYHU RI RXU HQJDJHPHQW IRU VKRXOGVW WKRX IDLO LQ LW HYHQ IRU D PRPHQW EH DVVXUHG WKDW , VKDOO HWHUQDOO\ VPLWH WKHH ZLWK WKH %ODVWLQJ 5RG RI WKH JUHDW $'21$< (/2+,0$5,(/DQG-(+29$0$PHQ
6XPPRQLQJ VSLULWV" :HOO WKH\ UHDOO\ DUH VHOIVXVWDLQLQJ SDWWHUQV LQ WKH (WKHU EXW WKH *RHWLFV ZRQ W XQGHUVWDQG LW %\ WKH ZD\ WKH UHDO UHDVRQ D SHQWDJUDP RU D WULDQJOH NHHSV WKHP LQ LV WKDW WKH PRUSKRJHQHWLFILHOGRIDQJOHVGLVWXUEWKHP
6WHUHRW\SHV
/LNH DOO +LJK PDJHV WKH\ KDYH ORVW WRXFK ZLWK QDWXUH DQG WKHPVHOYHV 7KHLU H[SHULPHQWV KDYH PDGH WKH ZUDWK RI &KXUFK DQG 6WDWH GHVFHQG RQ DOO RI XV %XW WKH\ ZLOO KDUYHVW ZKDW WKH\ KDYH SODQWHGVRRQHURUODWHU,QPDQ\FDVHVLWVVRRQHUIRUWKHP
$NDVKLF%URWKHUKRRG:HGRQ WKDYHPXFKFRQWDFWZLWKWKHP 7KH\ DUH WRR PDWHULDO HYHQ ZKHQ GHDOLQJ ZLWK VSLULWV 7KH\ PD\ OLVWHQWRDQJHOVDQGGHPRQVEXWGRWKH\OLVWHQWRWKHPVHOYHV" &HOHVWLDO &KRUXV 7KH\ FODLP ZH DUH 6DWDQLVWV DQG ZRUVH 7KH\ KDYH
9HUEHQD /LNH XV WKH\ KDYH EHHQ XQIDLUO\ SHUVHFXWHG E\ DQ PLVXQGHUVWDQGLQJ ZRUOG ,Q WKHLU FDVH WKH SHUVHFXWRUV PD\ KDYH EHHQ PRUHULJKWWKDQZURQJ
9LUWXDO $GHSWV $PXVLQJ WKHPVHOYHV ZLWK OLWWOH JDPHV DQG SHWW\ LOOXVLRQV
*2(7,$
'UDZLQJ SHQWDJUDPV FKDQWLQJ ZHLUG UREHV DQG VXPPRQLQJ GHPRQV ZK\ GRHV WKH\ VRXQG OLNH WKH FODVVLF ZL]DUG LQ D YLGHR JDPH"
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
*2(7,$
$V D UXOH RI WKXPE LI WKH PDJH PDQDJHV WR JHW KDOI DV PXFK VXFFHVVHV DV QHHGHG WKH EHLQJ ZLOO FRQWDFW KLP +RZHYHU WKH JHQHUDO GLVSRVLWLRQ FDQ YDU\ HVSHFLDOO\ LI WKH EHLQJ IHOW WKDW WKH VXPPRQLQJ ZDVVORSS\RULPSROLWH@
DQG RWKHU OLYLQJ EHLQJV $QJHOV JHQHUDOO\ SUHIHU DHWKHULF HVVHQFHV IORZHUV RU H[SHQVLYH EDOVDPV (OHPHQWDOV ORYH VXEVWDQFHV ILWWLQJ WR WKHLU RZQ HOHPHQW OLNH VDFULILFLQJ DPEUD RU ILVK WR XQGLQHV RU JDVROLQH WRVDODPDQGHUV 7DVVLVDOZD\VDKLW
%HOLDO LV RQH RI WKH PRVW SRZHUIXO GHPRQV D PLJKW\ NLQJ +H ORRNV OLNH D EHDXWLIXO DQJHO ZLWK D SOHDVDQW YRLFH DQG VHDWHG LQ D FKDULRW RI ILUH +H LV YHU\ SRZHUIXO HVSHFLDOO\ LQ DUHDV RI SROLWLFV IULHQGV DQG IDYRXUV +H DOVR FRQWUROV ORWV RI RWKHU VSLULWV 7R VXPPRQ KLP WKH PDJHKDVWRSHUIRUPVDFULILFHV>@
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
7DOLVPDQV 0LUURURI6KDGHV6SLULW 6FHSWUHRI&RPPDQG6SLULW0LQG 3URWHFWLYHVHDOV6SLULW 7KH5LQJRI6RORPRQ6SLULW
THE GUILD OF ARTIFICERS AND ALCHEMISTS %\"""6HQGPHHPDLOLI\RXNQRZZKRZURWHWKLV
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
$QJHOLF 6XPPRQLQJV 7KHVH ZRUN DOPRVW H[DFWO\ DV GHPRQLF VXPPRQLQJV WKH HYRFDWLRQV DQG VHDOV DUH GLIIHUHQW EXW WKH QRUPDO SURFHGXUH ZLWK FLUFOH WULDQJOH DQG VHDO LV LGHQWLFDO $QJHOV DUH JHQHUDOO\ PRUH HDV\ WR GHDO ZLWK EXW KDYH RIWHQ PXFK PRUH VSHFLILHG DQG JRRG SRZHUV $PRQJ JRHWLF PDJHV DQJHOV DUH SUHIHUUHG DV WHDFKHUV DQG GHPRQV DQG VSLULWV IRU SUDFWLFDO ZRUNV +RZHYHU QRW DOO DQJHOV DUH SHDFHIXO RU WUXWKIXO DQG WKH PDJH EHWWHU ZDWFK KLPVHOI ZKHQVXPPRQLQJRQHRIWKHVHEHLQJV
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
0DNLQJ VXPPRQLQJ HDVLHU 6DFULILFHV KDYH DOZD\V EHHQ XVHIXO DQG E\ VDFULILFLQJ VRPHWKLQJ RU VRPHRQH WKH VXPPRQHG EHLQJ OLNHV WKH PDJH FDQ JHW VRPH H[WUD JRRGZLOO %ORRG LV D WUDGLWLRQDO VDFULILFH IRU VXPPRQLQJ JKRVWV DQG PDQ\ GHPRQV OLNH VDFULILFHV RI VQDNHV FDWV
7KH UHVXOW ZDV WKDW WKH\ GLVWDQFHG WKHPVHOYHV IURP KXPDQLW\ VWD\LQJ DZD\ IURP WKH FHQWUHV RI 5HDVRQ ZKHUH GXOO JUH\ PDFKLQHV FKXJJHG PRQRWRQRXVO\ DQG WKH JORU\ DQG ZRQGHU DQG EHDXW\ RI FUHDWLRQ OHIW WKH ZRUOG 7KH ,QGXVWULDO 5HYROXWLRQ DUULYHG DQG WKH $JH
7+(*8,/'2)$57,),&(56$1'$/&+(0,676
RI'DUNQHVVZDVFRPSOHWH
3KLORVRSK\ &RQIOLFWLVQDWXUDODQGZKLOHPHQOLYHWKH\ZLOOZDUDJDLQVWHDFKRWKHU IRU UHDVRQV QR RWKHUV FDQ XQGHUVWDQG ,Q WKH SDVW ZH SURYLGHG D VHUYLFH SURYLGLQJ WKH ZDUULRUV ZLWK WKHLU ZHDSRQV DQG DUPRXU ZLWK ZKLFK WR ILJKW WKH ZDUV EXW LQ UHFHQW WLPHV LW KDV EHFRPH QHFHVVDU\ WKDW ZH EH PRUH VHOHFWLYH LQ RXU WUDGH 7KH SULFH LV WRR KLJK WR VHOO RQO\ WR WKH KLJKHVW ELGGHU ZH PXVW WDNH LQWR DFFRXQW WKH IXWXUH DQG ILJKWDORQJVLGHWKRVHZKRGHVLUHIUHHGRP
2UJDQLVDWLRQ
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
7KH *XLOG LV FRPSRVHG RI VHYHUDO *XLOG +RXVHV &KDQWULHV ZLWK D ULJLG KLHUDUFK\ VLPLODU WR WKDW SUHVHQW LQ PRVW DFDGHPLF LQVWLWXWLRQV (DFK *XLOG +RXVH LV VHSDUDWH LQ LWV RZQ ULJKW DQG WKH\ RQO\ FRPPXQLFDWH LQ WKHLU PHHWLQJV 6WDWXV ZLWKLQ WKH *XLOG LV REWDLQHG WKURXJK WKH &UDIW $ SLHFH RI ZRUN PXVW EH SURGXFHG ZKLFK PHHWV WKH VWDQGDUGV RI WKH 0DVWHUV RI WKH *XLOG DQG LW LV KHUH ZKHUH WKH WHVW OLHV DV QRW RQO\ PDJLFNDO HIIHFW LV MXGJHG EXW DOVR DHVWKHWLF YDOXH DV ZHOO ,I DQ\WKLQJPDJLFNLVVHFRQGDU\
0HHWLQJV 7KH *XLOGV PHHW RQFH D \HDU LQ 7ROHGR DW WKH PDLQ &KDQWU\ ZKHQ WKH JUHDWHVW RI WKH ZRUNV DUH GLVSOD\HG DQG WKH LQGLYLGXDOV UHZDUGHG IRU WKHLU ZRUN *XLOGPDVWHUV PHHW RQFH D VHDVRQ WR GLVFXVV LPSRUWDQW PDWWHUV XVXDOO\ LQ 7ROHGR WKRXJK RWKHU ORFDWLRQV VXFK DV 0XVHXPV KDYHEHHQXWLOLVHG
,QLWLDWLRQ 2QO\ WKH PRVW WDOHQWHG FUDIWVPHQ DUH HYHU FKRVHQ WR EH $ZDNHQHG DQG DOVR WKHLU NLQ DV WKH VNLOO LV REYLRXVO\ SDVVHG IURP JHQHUDWLRQ WR JHQHUDWLRQ -XGJHPHQW RI DQ LQGLYLGXDO LV UHVHUYHG IRU WKRVH ZKR VKRZ JUHDWHVWGHGLFDWLRQDQGGLOOLJHQFHLQFRPSOHWLQJWKHLUFRPPLVVLRQV
&KDQWU\ 7ROHGR6SDLQ
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
$FRO\WHV
$UPRXULVDWGLFH
&UDIWVPHQMHZHOHUV
6SKHUH 0DWWHU
)RFL p p p p p
&HOHVWLDO &KRUXV )RU DOO WKHLU FODLPV RI 'LYLQLW\ WKHUH ZHUH QRQH LQ WLPHV SDVW ZKR ZHUH PRUH EUXWDO LQ EDWWOH :RUWK\ HYHQ WKRXJK WKHLU JRDOLVQRWWDQJLEOH
)RUJH0DWWHU&RUUHVSRQGHQFH %UD]LHU6SLULW0LQG 6WLOO/LIH &UXFLEOH)RUFHV3ULPH *ODVV'URSSHU7LPH(QWURS\
4XRWH
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
:KDW GR ZH VHHN" :K\ WKH FUHDWLRQ RI EHDXW\ DQG WKH EHDXW\ RI FUHDWLRQ3RZHU"
6WHUHRW\SHV $NDVKLF %URWKHUKRRG 7KHLU GHGLFDWLRQ LV DGPLUDEOH EXW WKH\ WHQG WRWHFKQLTXHVDQGIRUPVUDWKHUWKDQILQLVKHGSURGXFWV
6RUURZ%ODGH0DWWHU/LIH3ULPH 7KHEODGHFUHDWHGZLOOQRW RQO\ GR QRUPDO GDPDJH IRU LWV W\SH EXW ZKHQ WKH EODGH VFDQV D WDUJHW XVLQJ LWV /LIH LW ZLOO UHFRQILJXUH WKH EODGH VR WKDW LW LV WR[LF WR WKH RUJDQLVP RU ZLOO SURGXFH WR[LF HIIHFWV LI QRW WUHDWHG 7KLV FDQ EH DV VLPSOH DV WKH EODGH EHFRPLQJ VLOYHU ZKHQ FRPEDWLQJ *DURX WR WKH EODGH SURGXFLQJ KDUPIXO PLFURRUJDQLVPV RQ LWV VXUIDFH 'XULQJ WKH WXUPRLORIWKH$JHRI0DJLFNWKLVEODGHZDVNQRZQDV6RUURZ6WHHODV
7+(*8,/'2)$57,),&(56$1'$/&+(0,676
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
7+(*8,/'2)$57,),&(56$1'$/&+(0,676
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
6SKHUHYDULHV
p p p p
+\SQRWLVW0LQG 0HGLXP6SLULW )RUWXQH7HOOHU7LPH 0DJLFLDQ&RUUHVSRQGDQFH
)RFL :ZDQG 3ULPH )RUFHV &DUGV (QWURS\ 7LPH 6SLULW WKH ODWWHU WZR DUH XVXDOO\ 7DURW &RQFHDOPHQW &RUUHVSRQGDQFH :DWFK 0LQG 7LPH QRW DSSOLFDEOH WR WLPH VHQVHV RU FRJQLWLRQ 6ZRUG /LIH 7ULFN0DWWHU 4XRWH3LFNDFDUG
Stereotypes $NDVKLF %URWKHUKRRG 1LFH HQRXJK EORNHV
6WHUHRW\SHV
GLVWUDFWPHIURPP\JLYHQWDVNZLWKWULYLDOLWLHV
the concealament of everything related to the history of the Grail. see file NWO30098AG)
HISTORIANS %\'DYLG'HDG$YDWDU%DUUHQDD#]LSLILXSPHV ,W LVQ W SRVVLEOH WR FKDQJH WKH KLVWRU\ FKDQJLQJ WKH SLFWXUHV RI D ZDOO -DZDKDUODO1HKUX +$+$+$+$+$$QRQ\PRXVPDJH ,QWHUQDO )LOH 1:2,9 6XEMHFW 7KH +LVWRULDQV $FFHVV JUDQWHG WR FODVVHV $%' 5HODWHG )LOHV 62(*81:2231:2$*1:2361:2 ': 1:2':1:2+,,7;(+6<1*'1:2 +,7(&+ 6WDUWRIILOH
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
1. The Choice. Three members of the Historians meet with representatives of the five Conventions to decide what Changes are needed. Of course, each Convention tries to get its proposals accepted by the Historians, but they only choose the Change most beneficial to all the Conventions, usually what is proposed by New World Order.
1.1.2 Substitution of old paradigms for the Convention's paradigm. One of the most dangerous threats to the Conventions is the possible spread of a belief in the existence of other paradigms, like the ones proposed by the Traditions. The mission of the Historians is to make sure nobody has the opportunity of "accidentally" discovering that our reality is not the only possibility (We know our paradigm is the best, but this kind of knowledge could be dangerous to an untrained mind). Another reason for this substitution is the fact (this theme was studied long ago by us (see file NWO732168PS)) that people accept any knowledge more easily as older the knowledge is. 2. Analysis. Two things are analyzed by The Historians: 2.1. What does need to be modified. The Rote Locate Physical Rests (see file NWO38690DW)is used in an object related to the historical fact that is going to be Changed. 2.2. Possible consequences.
1.1. Motives of a Change. 1.1.1 Elimination of old paradigms. This is the main objective of the Historians,and they have been very successful. The rest of the old paradigms(i.e. the Celestial Chorus' paradigm in the western world. see file NWO298792OP) must be deleted,an any evidence of magick must be disguised as superstition and legend. This tactic, to disguise real history as legend, has brought us our most succesful Changes (one of the most incredible Changes, because of its difficulty and the success we achieved was
If too many things need to be modified (usually because the Change proposed is more important in the flow of the history than it seemed) or the consequences too uncontrollable (the Change has too many ramifications) then the Change is rejected and another Choice is proposed. This is the opposite of what is done by the Forecasters, the group of Technomancers dedicated to predicting the future and who seek these points with many ramifications (or bifurcation points, as the Forecasters call them) and try to use and modify them. If this kind of modifications were used by the Historians in their work, the Paradox
+,6725,$16
produced could destroy the Historians and possibly many years of work of the whole Technocracy. This reasoning has drove the Historians to the "rule of minimum Change". Following this rule, they try to adjust the history to achieve what they want making the less possible modifications to the history. (i.e. When skeletons of giant reptiles were discovered, the old legends about dragons were Changed for modern theories about dinosaurs. Unfortunately, we were unable to eradicate the stories about dragons, and this is a serious threat to our objectives. The current way of work is to make the dinosaurs very popular among the Masses to get a total oblivion of dragons in year 2040. Jurassic Park (with the cooperation of Progenitors and The Syndicate) was a very useful tool to achieve this goal.Tests have been made to subjects aged 8-12, and have demostrated that most subjects don't remember dragons flew and breathed fire, but are able to point the differences between many types of dinosaurs.) 3. Execution. Once the Change has been accepted, the third step begins.
revised and a new edition is written, and each new edition is subtly changed to suit our needs.The effect is so subtle that only if two editions with more than 20-25 years of difference between them are compared the modifications could be seen, and even if they are perceived, are usually imputed to the "new discoveries"(our other Changes). 3.1.3. Sometimes, these kind of demostrations have already been done by scientists. In these cases the tactic is to denounce this evindence as falsifications, discrediting any scientist who had proved the authenticity of the evindence. If the scientist persists in his theories, he must be eliminated (i.e. the discoveries in the Tutankhamon's tomb (see file SYN439803GD) produced the elimination of Lord Carnavon, some members of his family and many other people who had discovered the real treasure. Our agent in the field, Howard Carter, did great work. Unfortunately, the Traditions used these deaths to spread the idea of a curse, that was easily accepted by the gullible part of the Masses. This idea has damaged us in our efforts to make the Masses forget the old superstitions and it has made us to be more careful in other eliminations).
3.1. Destruction of proof. The first step is to destroy any physical rest of the historical fact and delete(or modify) any written record of its existence. 3.1.1. If the rest has not been discovered (i.e. any archeological rest below the earth) then is directly destroyed using the rote Reality Erasure (see file NWO38691DW). 3.1.2. If the object if known by the Masses, proofs are build to show what is "really" the object (i.e. see file NWO32226HI: The holy bed-sheet.) A very good tactic is the use of radioactive tests to know the "real" age of an object,like the C-14 test to use in organic objets( see file ITX98373EH). The modifications to written texts are not as radical, because it is not necessary. Each year (or decade) the history books are
3.2. This step (usually mixed with the first) consists in creating new proofs about the historical fact you want to "prove", followed by the "discovering" of these proofs, usually with a big display of propaganda (helped by The Syndicate) to make the new history known by the greater part posible of the Masses. 3HUVRQQHO +LVWRULDQV7KHW\SLFDOJURXSRIKLVWRULDQVLVFRPSRVHGE\PHPEHUV $QDO\VWV :RUNLQJ FORVHO\ ZLWK VRPH PHPEHUV RI WKH )RUHFDVWHUV WKH\ DQDO\]H WKH UDPLILFDWLRQV RI D &KDQJH DQG GHFLGH LI WKH &KDQJH LV SRVVLEOH )LHOG $JHQWV 7KH\ ORFDWH DQG GHVWUR\RU PRGLI\ WKH SK\VLFDO HYLGHQFH RI KLVWRU\ DQG PDNH WKH QHFHVVDU\ GHDOV ZLWK DUFKDHRORJLVWV DQGRWKHUVFLHQWLVWVDERXWWKHHYLGHQFHDOUHDG\GLVFRYHUHG 3XEOLFLVWV 7KH\ ZRUN ZLWK WKH 6\QGLFDWH WR PDNH RXU YHUVLRQ RI WKH KLVWRU\ ZLGHO\ NZRZQ DPRQJ WKH 0DVVHV 7KH\ XVH DQ\ PHDQ LQ WKHLU KDQGV WR VSUHDG WKHLU LGHDV IURP FRPPHPRUDWLYH IHVWLYLWLHV RI HYHQWV WKDW UHDOO\ GLGQ W H[LVW RU HYHQWV WKDW H[LVWHG LQ D GLIIHUHQW ZD\ DV DUH UHPHPEHUHGVHHILOH1:2+,:RRGVWRFN WRERRNVRUPRYLHV 0HQ LQ %ODFN 7KH 0,% DUH XVHG ZKHQ LV QHHGHG D GLUHFW DFWLRQ
+,6725,$16
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
(QGRI)LOH
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
(QGRI)LOH )LOH 1:2': 6XEMHFW5HDOLW\ (UDVXUH 5RWH $FFHVV JUDQWHG WRFODVVHV$%'+,5HODWHG)LOHV1:2,9 6WDUWRI)LOH
8VH7KLV5RWHLVXVHGE\WKH+LVWRULDQVVHHILOH1:2,9 .QRZOHGJHVQHHGHG3ULPH&RUUHVSRQGHQFH .QRZQ HIIHFWV 7KH URWH H[WUDFWV DOO WKH UDZ 4XLQWHVVHQFH RI DQ REMHFW V SDWWHUQ7KH REMHFW WKXV GLVDSSHDUV IURP UHDOLW\ 6LPLODULWLHV KDV EHHQ GLVFRYHUHG EHWZHHQ WKLV URWH DQG WKH HIIHFW NQRZQ WR PHPEHUVRIWKH&HOHVWLDO&KRUXVDV)ODPHVRI3XULILFDWLRQ &RUUHVSRQGHQFH LV UHTXLUHG RQO\ LI WKLV URWH LV QRW FDVWHG WR DQ REMHFW QHDU WKH PDJH &RUUHVSRQGHQFH WR FDVW WKH URWH OLQH RI VLJKW &RUUHVSRQGHQFH LI WKH XVH RI 4LQWHVVHQFH LV QHHGHG DV XVXDOO\ GRHV LIZRUNLQJIURPDGLVWDQFH/LQHRIVLJKWLVKDUG
(QGRI)LOH )LOH 62(*8 6XEMHFW+XPDQ &RPSXWHUV 5RWH $FFHV JUDQWHG WRFODVVHV$%*-5HODWHG)LOHV 6WDUWRI)LOH
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
(QGRI)LOH
5RWHV
7DOLVPDQ
)LOH 1:2': 6XEMHFW/RFDWH 3K\VLFDO 5HVWV 5RWH $FFHVV JUDQWHGWRFODVVHV$%'+,5HODWHG)LOHV1:2,9 6WDUWRI)LOH
8VH7KLV5RWHLVXVHGE\WKH+LVWRULDQVVHHILOH1:2,9 .QRZOHGJHVQHHGHG&RUUHVSRQGHQFH0LQG0DWWHU7LPH
)LOH 1:2$* 6XEMHFW7KH *UDLO $FFHVV JUDQWHG WR FODVVHV $%+,5HODWHG)LOHV1:2,96<16WDUWRI)LOH
$SSHDUDQFH 8QNQRZQ 'HVFULEHG DV D FKDOLFH D FDXOGURQ RU DQRWKHU FRPSOHWHO\GLIIHUHQWWKLQJGHSSHQGLQJRQWKHVRXUFH
+,6725,$16
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
3KLORVRSK\
(QGRI)LOH
HOLY ONES %\&KDUOHV3KLSSVWFS#]RRPQHWQHW
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
2UJDQL]DWLRQ $V VWDWHG WKHUH LV YHU\ OLWWOH RUJDQL]DWLRQ WR WKH +RO\ 2QHV $W PRVW WKHUH LV OLNHO\ WR EH D FKDQWU\ RI WKHP SHUKDSV D FDEDO DQG HYHQ PRUH OLNHO\ D VLQJOH RQH ZRUNLQJ DPRQJ D JURXS RI PDJHV GRLQJ KLV EHVW WR KHOSWKHPDQGRWKHUV
0HHWLQJV +RO\ 2QHV RIWHQ VHHN RQH DQRWKHU RXW DQG ZKHQ WKH\ PHHW LW LV XVXDOO\ WKH EHJLQQLQJ RI D OLIH ORQJ IULHQGVKLS RU PHQWRUVKLS +RZHYHU YHU\ UDUHO\ GR WKH\ DFWXDOO\ PHHW HDFK RWKHU 0DQ\ KDYH WR JR WKURXJK OLIH RQO\ KDYLQJ KHDUG RI RWKHUV LI WKDW 6RPHWLPHV WKH\ ZLOO PHHW VRPHRQH ZKRP WKH\ WKLQN LV DQRWKHU RI WKHLU NLQG EXW ILQG WKHPVHOYHV PLVWDNLQJ IDOVH SLHW\ IRU WKH UHDO WKLQJ 1R RQH LV LQIDOOLEO DQG\RXPXVWUROOZLWKWKHSXQFKHV
,QLWLDWLRQ ,QLWLDWLRQ RFFXUV ZKHQ RQH DFFHSWV WKH SKLORVRSK\ DERYH DQG FKRRVHV WR DFW RQ LW XVXDOO\ FDXVLQJ D PDMRU ULIW ZLWK WKHLU FKRVHQ 7UDGLWLRQ RU &RQYHQWLRQLWLVQRWDQHDV\SDWKEXWLWLVWKHULJKWRQH
'HVFULSWLRQ
&KDQWU\
7KH +RO\ 2QHV DV VWDWHG E\ 4XHQWLQ 7UDYHOOHUV LV D VWDWH RI EHLQJ DFKLHYDEOH E\ DQ\RQH QRW MXVW PDJHV EXW LW LV WKH\ ZKR PRVW NQRZ RI WKHP 7KH DFWXDO QXPEHU RI +RO\ 2QHV LV YDULHG EXW WKH\ UH DUH SHUKDSV VL[ RU VHYHQ DFWLYH PDJHV XVXDOO\ UHPHPEHUHG LQ PDJLF FKURQLFOHV DW DQ\ JLYHQ WLPH ,I DVNHG WKH +RO\ 2QHV ZLOO FRXQW PDQ\ KLJKHU EXW DPRQJ WKDW DUH IRON WKDW QR PDJH ZLOO KDYH HYHU KHDUG RI DQG PDQ\ DPRQJ WKHP ZKLFK KDYH QHYHU KHDUG RI PDJHV PDJLFN RU WKHIRUFHVRIWKHVXSHUQDWXUDO
7KHUH LV QR DFWXDO FKDQWU\ WR WKH +RO\ 2QHV EXW PRVW WDNH FRPIRUW LQ YLVLWLQJ WKH JUDYH VLWHV DQG DERGHV RI WKRVH WKDW ZHUH DPRQJ WKHLU RUGHU VDLQWV UHOLJLRXV OHDGHUV HYHQ JRRG JRYHUQPHQWDO RIILFLDOV DOO ZKLFKHPERGLHGZKDWWKH\EHOLHYHLQ
$FRO\WHV 6HHNHUV RI HQOLJKWHQPHQW WKH GLVHQFKDQWHG DQG ORVW ZKRP UHFHLYH D
+2/<21(6
ZHOFRPHKDQG &KLOGUHQRI*DLD6DOXEULWKHIDLWKIXO
PXFKWROHUDQFHRIWKHLUHYLOWKHPVHOYHV
6SKHUHV
+XPDQV ZLOO QHYHU XQGHUVWDQG XV +H IRXJKW ZLWK XV DJDLQVW WKH :\UP VSLULWV EXW EDWWOHG XV ZKHQ ZH VRXJKW WR VOD\ WKH 3HQWH[ ZRUNHUV LQ WKH SODQW*XWVWKH6HUYDQW:HQGLJR$KURXQ
7KHUHLVQRVHWRUSUHIHUUHGVSKHUHWKDWWKH+RO\2QHVSUDFWLFHEXW/LIH LV SUHIHUUHG JLYHQ WKDW LW FDQ GR WKH PRVW YLVLEOH JRRG LQ DQ\ JLYHQ VLWXDWLRQ DQG PRVW 0LQG HIIHFWV GLVGDLQHG PDQ\ EHOLHYLQJ WKH PDQLSXODWLRQ RI LW LV D WHUULEOH DFW ZRUWK\ RI WKH VWURQJHVW RI VFRUQ RU GHULVLRQ 6SLULW LV D PL[HG YLHZHG VSKHUH ZLWK LW EHLQJ RQ RQH KDQG EHOLHYHG WR EH WKH NH\ WR XQFRYHULQJ WKH QDWXUH RI WKH SODQ DQG RQ WKH RWKHU JOXW IXOO RI WKH PLVWDNHV DQG PLVFRQFHSWLRQV RI D YHU\ ORVW SRSXORXV
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
&RQFHSWV +RO\0DQ6HHNHURI7UXWK:DQGHULQJ'R*RRGHU*HQHUDOQLFHJX\
4XRWH , GRQ W FODLP WR NQRZ WKH WUXWK EXW , GR NQRZ VRPH WKLQJV WKDW DUH WUXH /HW PHWHOO\RXWKHP
9LHZV 0RUWDOV ,W V WHPSWLQJ WR VD\ WKDW PRUWDOV DUH WKH PRVW EOHVVHG RI IRONV RU WKH PRVW DFFXUVHG LQ LJQRUDQFH EXW WKDW V D PLVWDNH ,Q WUXWK WKH\ FDQ EH MXVW DV HYLO RU JRRG DV XV 7KDW V EHFDXVH WKH\ OLNH XV DUH DOO KXPDQ :KDW ZH KDYH LQ WKH HQG LV MXVW D OLWWOH PRUH EDJJDJH WKDQ WKH UHVW 0DQ\ DUH +RO\ 2QHV ZLWKRXW NQRZOHGJH RI WKH VXSHUQDWXUDO DQGPDQ\DUHPRUHORVWWKDQVRPHRIWKHZRUVW1HSKDQGL
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
FRXJK DQG SHUKDSV HYHQ DQ HYLO RQH FRXJK (XWKDQDWRV KRFN
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
+2/<21(6
H[LVW DV VWDEOH OLJKW LQ HQGOHVV WZLVWLQJ VFUHDPLQJ YRLG %ZKDKDKDKDKDKDKDKDKDKD 7KXQGDU WKH 'HVWUR\HU 0DVWHU RI 6SLULW/LIHDQG)RUFHV)RUPHUO\%RE:LONHQVYLGHRVDOHVFOHUN
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
WRWDOO\ GHVWUR\V DOO SHUVRQ DJDLQVW WKHLU ERQG LW V HIIHFWV DW EHOLHYH WKDW D PDLQ LQWR LW DJDLQVW WKHLU
5HSHQWDQFH 6SLULW0LQG/LIH $ SRZHU WKDW DOO +RO\ 2QHV VWULYH IRU LW LV D SRZHU WKDW KDV EURXJKW %ODFN 6SLUDO 'DQFHUV EDFN LQWR :KLWH +RZOHUV UHGHHPHG 1HSKDQGXV DQG WXUQHG WKHP LQWR +RO\ 2QHV DQG EURXJKW ZUDLWKV WR WUDQVFHQGHQFH 7KH\ FODLP DOO SHRSOH FDQ GR WKLV EXW WKH PDJLFNDO RRPSK PDNHV WKLQJV HDVLHU ,W LV WKH WRWDO FOHDQVLQJ RI WKH VSLULW DQG EUHDNLQJ RI DOO WLHV WR GDUNHU HQWLWLHV LQVLGH WKH VSLULW 7KH UHTXLUHPHQW LV KHDG\ WKRXJK WKH VXEPLWWHG WR WKH SRZHU PXVW EH ZLOOLQJ DQG WUXO\ UHPRUVHIXO IRU KLV DFWLRQV +LV FODLP LV HQRXJK WR SRZHU WKLV VSHOO 6RPH FODLP 3DUDGR[ DIIHFWV WKLV GLIIHUHQWO\ WKDQ RWKHU URWHV DQG LQVWHDG RI IODZV WKH VXEMHFW V SRZHU LV ZHDNHQHG D WRWDO IDLOXUH RU EDFNODVK ZLWK D NLOOLQJ UHVXOW LQVWHDG WXUQLQJ WKH VXEMHFW LQWR D QRUPDO KXPDQ :DOODJDLQVWWKH'DUNQHVV &RUUHVSRQGHQFH3ULPH 7KLV ULWXDO FDXVHV DQ LPSHQHWUDEOH FLUFOH RU ZDUG DJDLQVW HYLO GHPRQV EDQHV YDPSLULF DVVDXOW HWF WR EH IRUPHG DURXQG D SDUWLFXODU DUHD D SDUWLFXODU SHUVRQ RU D VPDOO DUHD 7KH SHRSOH LQVLGH PXVW EH ZLOOLQJ DQG RI MXVW ZLOO RU WKH ULWXDO ZLOO IDLO PDJHV VSHFXODWH ZDOOV DJDLQVW HYLO DUH RQO\ DV VWURQJ DV WKHLU ZHDNHVW OLQN ,I XVHG ZLWK 7LPH LW LV HIIHFWLYHO\ SHUPDQHQW YHU\ HIIHFWLYH LI WKH URWH LV XVHG WR SUHYHQW D SHUVRQ IURP EHLQJ YXOQHUDEOH WR SRVVHVVLRQ RU EHLQJ GUDLQHG ,W DGGV D ERQXV RI WKUHH GLFH RI FRXQWHU PDJLF DJDLQVW HYLO PDJLF DV ZHOO DQG SUHYHQWV HYLO PDJHV 1HSKDQGXV DQG FHUWDLQ RWKHUV IURP FURVVLQJ XQOHVVDOORZHG
THE HOMELESS %\$EH'DVKLHOODGDVKLHO#VWHHOXFVLQGLDQDHGX
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
7+(+20(/(66
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
&RQFHSWV 'HVSLWH VKDULQJ WKH VDPH QDPH $ZDNHQHG +RPHOHVV DUH RIWHQ YHU\ GLIIHUHQW IURP WKHLU 6OHHSHU FRXQWHUSDUWV 7KH\ XVXDOO\ GR QRW HQG XS RQ WKH VWUHHWV VLPSO\ EHFDXVH WKH\ DUH LQFDSDEOH RI PDNLQJ HQRXJK PRQH\ WR SD\ WKH UHQW ,QVWHDG WKH\ DUH WKHUH EHFDXVH WKH\ FDQ ILQG QR SODFH WKDW ZLOO DFFHSW WKHP RU WKDW WKH\ FDQ DFFHSW 7KH\ FRPH IURP DOO ZDONV RI OLIH WKH\ RIWHQ KDYH IDPLO\ DQG IULHQGV EXW VRPHWKLQJ DERXW $ZDNHQLQJ VKDWWHUHG WKHLU SHUVRQDOLWLHV $ +RPHOHVV PLJKW ORRN OLNH D EDJ ODG\ ZLQR VWUHHW PLPH RU RWKHU SHUIRUPHU D SURVWLWXWH VKH OO UDUHO\ KDYH D SLPS WKRXJK VWUHHW XUFKLQ DQ XUEDQ KHUPLW WKLQN 6HEDVWLDQ IURP %ODGH 5XQQHU DQ DGGLFW D PDGPDQ RU DQ\ RI WKH RWKHU VNLG URZ VWHUHRW\SH \RX FDQ WKLQN RI +RZHYHU DSSHDUDQFHV DUH GHFHLYLQJ HYHQ DPRQJ 6OHHSHU VWUHHW SHRSOH IRU WKH +RPHOHVV WKLV LV HYHQ PRUH DSSDUHQW :KLOH *XQWKHU .RKO PD\ SRUWUD\ WKHP DV XQLIRUPO\ KRSHOHVV DQG GLVFRQQHFWHG UHPHPEHU WKDW KH UHSUHVHQWV WKH SRLQW RI YLHZ RI DQ RXWVLGHU 7KH +RPHOHVV DUH SHRSOH ZLWK SUREOHPV \HV EXW WKH\ DUH HYHU\ ELW DV FRPSOH[ DV DQ\RQH HOVH ,Q IDFW ZLWK WKHLU H[SDQGHG YLHZ RI UHDOLW\ WKH\ DUH HYHQ PRUH VR
0DJLFN 0RVW +RPHOHVV DUH 2USKDQV WKRXJK IDOOHQ 7UDGLWLRQ PDJHV DQG HYHQ WKH RFFDVLRQDO WHFKQRPDQFHU FDQ EH FRXQWHG DPRQJ WKHLU UDQNV 7KRVH ZKR XVH WKHP FKRRVH IURP D EURDG UDQJH RI IRFL 7KHUH DUH PDQ\ GLVFLSOHV RI /LIH DPRQJ WKHP (QWURS\ DQG 0LQG DUH DOVR SRSXODU
7KH P\VWHULRXV 6OXDJK NHHS WR WKHPVHOYHV PRUH WKDQ HYHQ WKH 1RVIHUDWX+RZHYHUVRPH+RPHOHVVHVSHFLDOO\WKRVHZLWKDQ$IILQLW\
7+(+20(/(66
&KDUDFWHU&UHDWLRQ &RPPRQ EDFNJURXQGV DUH $UFDQH )DPLOLDU 6DQFWXP DQG 'UHDP 6WUHHWZLVH $OHUWQHVV 6WHDOWK %ODWDQF\ $K LW V MXVW D EXP 6FURXQJLQJ $UHD .QRZOHGJH DQG YDULRXV /RUHV DUH FRPPRQ DELOLWLHV 0HULWV LQFOXGH &RPPRQ 6HQVH 6XSHUQDWXUDO &RPSDQLRQ )DHULH $IILQLW\ DQG 6SLULW 0DJQHW )ODZV RIWHQ SRVVHVVHG DUH 'DUN 6HFUHW &RPSXOVLRQ $GGLFWLRQ 1LJKWPDUHV 6K\ )ODVKEDFNV &RQIXVHG 6SLULW 0DJQHW6WUDQJHQHVVDQG(FKRHV
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
7+(+256(0(12)7+($32&$/<36(
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
DURXQG WKH ZRUOG 7KLV GRHVQ W ZRUN WKH RWKHU ZD\ VRPHERG\ ZDQWLQJ WR HQWHU PXVW VLJQDO LW WR WKH &RQVWUXFW DQG WKH\ ZLOO VHQG DQ HOHYDWRU (YHU\WKLQJ LV FOHDQ HIILFLHQW DQG VOLJKWO\ WHFKQRFUDWLF 0RVW PHPEHUV ILQG LW YHU\ RSSUHVVLYH EXW LWV DOVR WKH RQO\ VDIH SODFH IRUWKH+RUVHPHQDQGWKH&HQWUDO&RRUGLQDWRUDFWXDOO\OLYHVKHUH
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
7+(+256(0(12)7+($32&$/<36(
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
ORDER OF HERMES: HOUSE IGNACIO %\%ULDQ&RQQRUVFRQQRUEG#EFHGX
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
3KLORVRSK\ *RG JLYHV XV WKH SRZHU WR FKDQJH UHDOLW\ :LWK WKDW SRZHU PXVW DOZD\V EH GLVFLSOLQH 7KLV LV ZK\ ZH KROG VR PXFK EDFN DQG WKLV LV ZK\ ZH DUH VR VWULFW DERXW RXU PDJLFN DQG LWV IRUPXODH 'R QRW IHHO OHIW RXW EHFDXVH ZH WHOO \RX QRWKLQJ LW WDNHV D ORQJ WLPH WR OHDUQ ZKDW ZHWHDFKDQGQRWDOODUHUHDG\IRULW
%DFNJURXQG 0RVW DUH SULHVWV RI WKH 6RFLHW\ RI -HVXV D IHZ DUH OD\SHRSOH 7KHUH DUH FXUUHQWO\ QR ZRPHQ LQ WKH RUGHU WKRXJK WKHUH LV QR SURKLELWLRQ DV WKHUH LV LQ WKH &DWKROLF SULHVWKRRG 9LUWXDOO\ DOO DUH &DWKROLF WKHUH DUH D FRXSOH RI /XWKHUDQV LQ WKH -DSDQ FKDQWU\ DQG D -HZ LQ WKH %RVWRQ FKDQWU\ 0RVW DUH EHWZHHQ DQG \HDUV ROG %\ FRQYHQWLRQ WKH
25'(52)+(50(6+286(,*1$&,2
SUHVLGHQWV RI WKH VL[ -HVXLW XQLYHUVLWLHV KDYH DOZD\V EHHQ PHPEHUV RI WKH +RXVH WKLV SUHFHGHQW ZDV DOPRVW EURNHQ LQ WKH HDUO\ V ZKHQ WKH UHFWRU RI WKH -HVXLW FRPPXQLW\ RI RQH RI WKH XQLYHUVLWLHV WKH PDQ ZKR WUDGLWLRQDOO\ KDG WKH SUHVLGHQF\ ZDV QRW D PHPEHU 7KH FXUUHQW LQFRPLQJSUHVLGHQWRIWKDWFROOHJHLVDQDSSUHQWLFHWRWKHKRXVH
)RFL 7KHLU ERRNV DUH DOO WKH\ QHHG (YHQ D KRO\ V\PERO VPDFNV RI LGRODWU\ VRPHWKLQJ WKH +RXVH ,JQDFLR FRQGHPQV MXVW DV YHKHPHQWO\ DQ\ RWKHU &KULVWLDQERG\
6SKHUHV 6DPH DV WKH 2UGHU RI +HUPHV WKRXJK WKH\ GR WDNH DQ H[WUD LQWHUHVW LQ 0LQG0RVWHVFKHZ(QWURS\DVWDLQWHG
4XRWH 7KH /RUG EOHVV \RX 1RZ WR WKH WDVN DW KDQG 'R \RX XQGHUVWDQG ZK\\RXPXVWDOZD\VGRDV,WHOO\RX"
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
HSIEN SHIH: The Wandering Scholars %\$QGUHZ-%RQKDPSDUDGR[SKLORVRSKHU#ZRUOGQHWDWWQHW
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
+6,(16+,+7KH:DQGHULQJ6FKRODUV
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
3KLORVRSK\ $OO WKLQJV IORZ IURP WKH 7DR $FFHSW DOO WKLQJV
6W\OH
WKHP DW WKH VDPH OHYHO 7KH H[FHSWLRQ WR WKLV UXOH LV 6SLULW ZKLFK LV VHSDUDWH IURP DOO WKLQJV KDUNHQLQJ EDFN WR WKH SULPDO 7DR 7KH RQH EHQHILW RI WKLV LV HQOLJKWHQPHQW +VLHQ 6KLK RQO\ SD\ FXUUHQW UDWLQJ [ IRU$UHWH 6SKHUH 3DLUV 0LQG /LIH )RUFHV 0DWWHU 3ULPH (QWURS\ 7LPH &RUUHVSRQGHQFH6SLULW
+DUPRQ\RIWKH:RUOGVWKRXJKWVRQWKHRWKHUV $NDVKLF %URWKHUKRRG 2XU EURWKHUV LQ DFWLRQ LI QRW LQ SXUSRVH /HW WKHPSXUVXHWKHLUJRDOVDQGDLGWKHPZKHQ\RXFDQ &HOHVWLDO &KRUXV 7KH\ VHH WKH XQLW\ RI WKH 7DR EXW GHQ\ LWV GXDO QDWXUH*RRGSHRSOHQRQHWKHOHVV &XOW RI (FVWDV\ 7KH\ KDYH PDVWHUHG
7R WKH 6KLK EDODQFH LV WKH FUHDWLRQ RI PDJLFN 7KH VWUDQJH VFKRODUV VHHN WKLV EDODQFH WKURXJK PHGLWDWLRQ ULGGOHV DOFKHP\ PDUWLDO DUWV DQG WKH WHDFKLQJ RI WKH \RXQJ 7R WKHP DOO RI OLIH LV PDJLFN ZLWK WKHLU SRZHU MXVW DSSHDULQJ PRUH UHDGLO\ DV WKH\ OLWHUDOO\ UHVKDSH WKH
2UGHU RI +HUPHV 0DJLFN LV OLNH D SHDFK WUHH 8VH LW WR IHHG \RXUVHOI DQG \RX DUH VWURQJ 8VH LW WR IHHG DOO PHQ DQG \RX DUH VWURQJHU VWLOO 7KH\KDYHPXFKWROHDUQ
6SKHUH
9HUEHQD 7KHVH WKURZEDFNV PXVW PRYH EH\RQG VHQVDWLRQV DQG SHUFHLYHWKHJUHDWHUJRRG*URZXSRUZHVKDOOIRUFH\RX
0LQGDQG/LIHUHSUHVHQWLQJWKH
9LUWXDO$GHSWV
6RQV RI (WKHU 7KH\ IHHO WKH 7DR DURXQG WKHP EXW ORRN RQO\ DW LWV PDQLIHVWDWLRQVQRWLWVVRXUFH)XQDVKHOOKRZHYHU
&RPPRQ)RFL
:XQJ /XQJ 7KHVH ERPEDVWLF QREOHV KDYH VXEMXJDWHG XV IRU FHQWXULHV1RZLVRXUFKDQFHWRVKRZWKHPWKHHUURURIWKHLUZD\V
0HGLWDWLRQ PDUWLDO DUWV GHYLRXV ULGGOHV DQG EL]DUUH DOFKHP\ LQWHUQDODQGH[WHUQDO DOOSOD\LQWRWKLVVWUDQJHFUDIW VWRROV
1HSKDQGL 7KHVH SHUYHUWHUV RI WKH WUXWK PDNH WKH 7DR ORRN PRQVWURXV5HWXUQWKHPWRZKHQFHWKH\FDPH
2UJDQL]DWLRQ 7KHUH LV DOPRVW QR RUJDQL]DWLRQ DPRQJ WKLV JURXS VDYH IRU WKHLU DOFKHPLVWV ZKR H[FKDQJH JRVVLS DQG &UDIW QHZV WKURXJK VWUDQJH SRWLRQV FDUULHG E\ XQZLWWLQJ PHVVHQJHUV 0DQ\ +VLHQ 6KLK DOVR FRPPXQLFDWHWKURXJKZDNLQJGUHDPV
7HFKQRFUDF\ 7KH\ VHHN WR FRQWURO UDWKHU WKDQ DFFHSW 7KLV LV LQDXVSLFLRXVDQGQR[LRXVRPHQVDERXQG 7KH 6KHQ +RZ FDQ ZH MXGJH WKDW ZKLFK ZH GR QRW XQGHUVWDQG" /HDYHWKHPWRWKHLURZQEXWQHYHUWXUQGRZQWKHFKDQFHWRDLGRQH
ILLUMINATES
,QLWLDWLRQ 7KH 7DR GRHV QRW ILQG \RX \RX PXVW ILQG WKH 7DR :KHQ D VWXGHQW DZDNHQV WR WKH FRVPLF EDODQFH DQ HVWDEOLVKHG +VLHQ 6KLK ZLOO LQWURGXFH WKHP WR WKH
$FRO\WHV 0DUWLDO DUWLVWV )DQJ 6KLK JHRPDQFHUV YHQHUDEOH WHDFKHUV DQG FRPPRQODERUHUV
&RQFHSWV :DQGHULQJVDJHGULYHQDOFKHPLVWQREOHPRQNJLIWHGVFKRODU
4XRWH 3HUFHSWLRQRIWKH7DRLVWUXHHPSWLQHVV'DUH\RXDFKLHYHWKLVXQLW\"
7KH%DODQFHRI0DJLFN
%\WKH3XSSHW0DVWUHWKHDUFKPDJXV#KRWPDLOFRP
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
%HFDXVH RI WKHLU HPSKDVLV RQ GXDOLW\ DQG EDODQFH +VLHQ 6KLK DOZD\V OHDUQ PDJLFN LQ RSSRVHG SDLUV %HIRUH DGYDQFLQJ LQ PDJLFN WKH SOD\HU PXVW KDYH HQRXJK H[SHULHQFH SRLQWV WR UDLVH ERWK VSKHUHV NHHSLQJ
p p
6SKHUH 1DWXUDO WKLV LV WKH VSKHUH WKDW ZLOO EH FRQVLGHUHG WKHLUPDLQRQHQRPDWWHUZKDWFXUUHQWUDWLQJ FRVW 3ULPDO 0DUNV DOO ,OOXPLQDWHV DUH ROG DQG IDLUO\ SRZHUIXO VRXOV
,//80,1$7(6
p p p p p p p p
3ULPDO(VVHQFHVHHDERYHIODZ /RUHLQDWOHDVWRQHDUHD 2FFXOW /LEUDU\ $UFDQH $YDWDU $ZDUHQHVV $WOHDVWUDQNVLQ)RUFHVDQGUDQNLQ3ULPH
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
,//80,1$7(6
I-J +RZ FDQ WKH\ OHW KLP 'DG 3HWHU WZLVWHG RXW RI KLV IDWKHU JULS WR ORRN KLP LQ WKH IDFH +H NLOOHG /LQGD DQG 0LVWHU DQG 0LVVXV &ROHPDQ WRR
ISTREB
+LV IDWKHU FURXFKHG QH[W WR KLP VWRSSLQJ KLV RXWEXUVW ZLWK UDLVHG KDQG +XVK 3HWHU 9DOHQWLQH .DOHWLQ VDLG WLUHGO\ /HW V JR KRPH WKHUHLVQRWKLQJKHUHOHIWIRUXV
%\*UHJRU\'H\FKJGH\FK#SRSFVZLVFHGX
7KH3DVW
6HSWHPEHU
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
,675(%
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
SDWFK LQ SODFH KH ZDV DEOH WR SHUFHLYH VKDGRZ\ IRUPV RI ([WUD 7HUUHVWULDO (QWLWLHV IORDWLQJ WKURXJK WKH DUHD +H UHYHUVHG TXLFNO\ DQG FUDZOHG GRZQ WR WKH IORRU RI WKH KLOORFN 6SHQGLQJ D IHZ H[WUD VHFRQGV WRFDWFKKLVEUHDWKKHDFFHVVHGWKHWUDQVPLWWHUDUUD\
,675(%
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
7KH6XSHUQDWXUDO$QJOH %\ IDU PRVW RI WKH DJHQWV RI WKH ,675(% DUH 6OHHSHUV EXW PRVW RI WKHP FRXOG EH TXDOLILHG DV ZKDW 7HFKQRPDQFHUV UHIHU DV 6\PSDWKL]HUV SHRSOH ZKR DUH WUDLQHG DQG FRQGLWLRQHG WR DFFHSW WKH KLJK WHFKQRORJ\ XVHG E\ WKH 7HFKQRFUDF\ 7KH 2SHUDWLRQV DJHQWV DUH DOPRVW XQLYHUVDOO\ HQKDQFHG ZLWK ,WHUDWLRQ ; F\EHUQHWLFV EXW WKH LPSODQWV WHQG WR EH OHVV RVWHQWDWLRXV WKDQ RQHV XWLOL]HG E\ WKH ,W;HUV WKHPVHOYHV ,QWHOOLJHQFH $JHQWV LQ NHHSLQJ ZLWK WKHLU 1:2 URRWV WHQGWRXVHJDGJHWVPRUHWKDQLPSODQWV 0RVW RI WKH $ZDNHQHG SHUVRQQHO DUH FRQFHQWUDWHG LQ WKH 6 6 EXW VHYHUDO $NDVKLFV DUH SDUW RI WKH 2SHUDWLRQV GHSDUWPHQW DQG WKHUH DUH D IHZ H[1:2 0HQ LQ WKH ,QWHOOLJHQFH ZLQJ ,I D PLVVLRQ UHTXLUHV PDJLFDO VXSSRUW EH\RQG ZKDW D IHZ JDGJHWV FDQ GR D PDJH LV DVVLJQHG WR WKH WHDP $OVR GXH WR LQWHQVH VFUHHQLQJ &DUVRQ IRXQG VHYHUDO ODWHQW SV\FKLFV LQ WKH UDQNV RI ,675(% 7KH\ IRUP D VHOHFW JURXS RYHUVHHQ GLUHFWO\ E\ &DSWDLQ +HQU\ 6KX RQH RI $OH[ V $NDVKLF GLVFLSOHV 7KH RWKHU VHOHFW JURXS RI $ZDNHQHG FRQJUHJDWHV LQ WKH &RXQWHU ,QWHOOLJHQFH JURXS ,W FRQVLVWV RI D PHPEHU RI +RXVH RI 7KLJ D 9LUWXDO
,675(%
$GHSWDQGDQ$NDVKLFEURWKHU
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
6DIH 0D[ 0DQHXYHU &UHZ $UPRU :HDSRQV 6SHHG 6SHHG
6XEXUEDQ
PSK
PSK
QRQH
+HOLFRSWHU
PSK
PSK
QRQH VHQVRUV
*XQVKLS
PSK
PSK
PP FDQQRQ URFNHWSRGV
1DPH
6XSSRUW:HDSRQV 'LI 'DPDJH 5DQJH 5DWH &DSDFLW\ :HLJKW
PPFDQQRQ
5RFNHW
6PDOODUPV 'LI 'DPDJH 5DQJH 5DWH
1DPH ;0 5LIOH
$VVDXOW
OEV
OEV
&DSDFLW\ :HLJKW
OEV
;0D 3HUVRQDO OEV :HDSRQ 1RWH $OO RI WKH ZHDSRQV KDYH EHHQ FUHDWHG E\ 7HFKQRPDQFHU UHVHDUFK EXW DUH FRLQFLQGHQWDO HQRXJK QRW WR UHTXLUH $UHWH UROO QRU IRU WKDW PDWWHU 4XLQWHVVHQVH WKHVH DUH QRW WDOLVPDQV 7KHVH DUH OLTXLG ELQDU\ SURSHOODQW ZHDSRQV DQG DPPR IRU WKHP LV QRW REWDLQDEOHDQ\ZKHUHHOVH
&\EHUQHWLFV %RG\ $UPRU 7KH LPSODQWHG SRO\WURSLF LVRNHYODU VKHHWLQJ SODFHG ULJKW XQGHU WKH VNLQ SURWHFWV WKH XVHU IURP DOO VRUWV RI SURMHFWLOH KDUP 7KHXVHUJDLQVH[WUDGLFHRIVRDNRYHUKLVZKROHERG\ /LIH
0DWWHU
%LRQLF 2UJDQ 5HFRQVWUXFWLRQ 7KH SURFHVV LQYROYHV LQVWDOOLQJ DGGLWLRQDO F\EHUQHWLF V\VWHPV WKDW FDQ DVVLVW LQ WKH IXQFWLRQLQJ RI QRUPDO RUJDQV $V D UHVXOW WKH RSHUDWLYH FDQ VXVWDLQ PDQ\ PRUH LQMXULHVEHIRUHEHFRPLQJLQFDSDFLWDWHGH[WUD+HDOWK/HYHOV /LIH
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
0XVFOH *UDIW $ UHODWLYHO\ VLPSOH DGGLWLRQ RI PXVFOH ILEHUV WR DXJXPHQW WKH SDWLHQW V H[LVWLQJ PXVFXODU VWUXFWXUH 7KH H[WUD PXVFOH WLVVXH LV GHVLJQHG WR DFWLYDWH RQO\ ZKHQ WKH XVHU GHVLUHV WKDW H[WUD EXUVWRIVWUHQJWKZKLFKDOVRWHQGVWRSUHVHUYHFRLQFLGHQWLDOLW\ 6WUHQJWK DFWLYDWHG E\ D :LOOSRZHU UROO YV +H DOVR JDLQV WR 6WDPLQDDFWLYHDOOWKHWLPH /LIH
7LPH
(QWURS\
JEDI KNIGHTS (version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
-(',.1,*+76YHUVLRQ
HYLOV RI WKH 7HFKQRFUDF\ PRUH FOHDUO\ DQG WKHVH PRYLHV PDNH WKHP ZRQGHU DQG SHUKDSV LQ WKHLU DQFHVWUDO PHPRULHV DQG LQ WKHLU GUHDPV WKH\ UHPHPEHU WKH 0\WKLF $JH DQG WKH KHURV RI WKRVH WLPHV :H KDYH PDQ\ QHZ DSSUHQWLFHV DQG KRSHIXOO\ ZLWK WKHP DQG WKH RWKHU 7UDGLWLRQV ZH ZLOO ZLQ WKH $VFHQVLRQ :DU DQG GHVWUR\ WKH IRUFHV RI WKH 'DUN 6LGH ZKLFK GULYH WKH 7HFKQRFUDF\ -HGL 0D\ WKH )RUFH EH ZLWK \RX IURP WKH WHDFKLQJV RI 0DVWHU 6HLNL 7DLUD IURP WKH -HGL +RORFURQV
6SHFLDOW\VSKHUH
)RFL
(DFK -HGL V PD\ EH GLIIHUHQW WKLV LV MXVW DQ LGHD $OWHU VSKHUHV *HVWXUHV 6HQVH VSKHUHV 0HGLWDWLYH WUDQFH &RQWURO VSKHUHV 0HGLWDWLYHWUDQFH
p p p p
3XULILFDWLRQ6SLULW(QWURS\ 'R&RUUHVSRQGHQFH3ULPH7LPH :HDSRQ/LIH)RUFHV *HVWXUH 0LQG)RUFHV 0DWWHU *HVWXUH PHDQV D PRYHPHQW VLPLODU WR ZKDW WKH -HGL GLG LQ WKH PRYLHV LH 9DGHU SRLQWLQJ KLV KDQGV DW VRPHRQH ZKR KH ZLVKHV WR FKRNH %7: )RUFHV IRU :HDSRQLVVXSSRVHGWREH
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
'DUNVLGH DQ\ RI WKH $OWHU GLVFLSOLQHV /LJKWVLGH DQ\ RI WKH FRQWURO GLVFLSOLQHV
)RFXV
7DOLVPDQ /LJKW6DEUH
-HGL V9LHZVRIWKH2WKHUV 7UDGLWLRQ 0DJHV 1HLWKHU JRRG QRU HYLO WKH\ GR QRW XQGHUVWDQG WKH WUXH QDWXUH RI WKH )RUFH
&KDQWU\1R$QFHVWUDO&KDQWU\
:HUHZROYHV 7KH\ XQGHUVWDQG WKHLU SODFH DQG \HW ODFN WUXH XQGHUVWDQGLQJ7UXHDOOLHVDQGOLWWOHPRUHWKDQFKLOGUHQ
7KHUHPD\EHPRUHWRWKLVGRFXPHQWEXWWKLVLVDOO,KDYH
2WKHUVKDSHFKDQJHUV /LNHWKHLUEUHWKUHQWKH*DURXFKLOGUHQ :UDLWKV 7KH GHDG VKRXOG VWD\ GHDG XQOHVV WKH\ KDYH VRPHWKLQJ LPSRUWDQWWRVD\WKHVHUDUHO\GR
JEDI (version 2)
&KDQJOLQJV)RROV 0XPPLHV5HVSHFWWKHLUDQFLHQWSRZHUDQGWKHLUDQFLHQWNQRZOHGJH ,PPRUWDOV 'HDWK GRHV QRW WRXFK WKHVH EXW RWKHUZLVH WKH\ DUH PHUHO\KXPDQ
%\$[OH6WHHOHURJDO#XLXFHGX
3KLORVRSK\7KH)RUFH
5RWHV
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
$IHZRIWKHPRUHIDPRXV-HGLSRZHUV 6HQVH)RUFH 3ULPH6SULW 'HVFULSWLRQ 7KH -HGL UHDFKHV RXW ZLWK KLV PLQG WR VHQVH WKH )RUFH LQ WKHDUHD 6\VWHP EDVLFDOO\ WKH VDPH WKLQJ DV 3ULPH VHQVH TXLQWHVVHQFH EXW WKH VSLULW HOHPHQW DOORZV D -HGL WR WHOO LI VRPHWKLQJ LV RI WKH /LJKW RU 'DUNVLGHLHJRRGRU(YLOQRWZ\UPWDLQWHGZ\UPWDLQWHGHWF /LJKWVDEUHFRPEDW 0LQG)RUFHV
6SKHUHV
'HVFULSWLRQ
$OWHU6HQVH&RQWURO
6\VWHP 7KH PLQG FRPPSRQHQW DOORZV WKH -HGL WR NHHS WKLV SRZHU XS DQG VWLOO XVH KLV IXOO GLFH SRRO IRU RWKHU QRQPDJLFNDO DFWLRQV WKH )RUFHV FRPPSRQHQW PDNHV WKH OLJKW VDEUH GR PRUH RU OHVV GDPDJH OHYHOSHUVXFFHVV
7KH-HGLGRQRWGLYLGHUHDOLW\LQWRWKHVSKHUHVRIWUDGLWLRQPDJHVEXW LQVWHDG E\ ZKDW WKH\ DUH GRLQJ WR WKH )RUFH DOWHULQJ LW VHQVLQJ LW DQG FRQWUROOLQJ LW
7UDQVIHU/LIH 3ULPH0LQG6SLULW 'HVFULSWLRQ XVHG E\ WKH HPSHURU WR PRYH KLV PLQG IURP RQH ERG\ WR DQRWKHUDIWHU5HWXUQRIWKH-HGLDQGLQ'DUN(PSLUHDQG 6\VWHP 7KH XVHU H[SHQGV DOO RI KLV 4XLQWHVVHQFH ZKHQ XVLQJ WKLV DELOLW\ DQG FDWDSDXOWV KLV PLQG DQG VSLULW FRPSOHWO\ LQWR DQRWKHU ERG\ 7KLV RWKHU ERG\ PXVW EH PLQGOHVV RU WKH URWH ZLOO IDLO DQG WKH PDJH ZLOO GLH ,I VXFFHVVIXO RQ WKH $UHWH UROO WKH PDJH ZLOO EH LQ WKH
-(',YHUVLRQ
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
)DPRXV-HGL
Jedi (version 3)
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
%\ 6DUD /DQIRUG WRPODQ#IODVKQHW ZLWK RULJLQDO FRQFHSW E\ '2
$XWKRU VQRWH 7KLVLVVRPHWKLQJWKDWP\IULHQGVDQG,FDPHXSZLWKDZKLOHDJRDQG LW LV FRPSDWLEOH ZLWK D 6WDU :DUV XQLYHUVH RU PRGHUQGD\ 7KH\ ZHUH FUHDWHG IRU D ZRUOG ZKHUH WKH PRYLH 6WDU :DUV GRHV QRW H[LVW , KRSH WKDW \RX ZLOO JHW DV PXFK HQMR\PHQW RXW RI WKLV FKDUDFWHU FODVV DV ZH GLG
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
6WDUWLQJ6SKHUH )RUFHV
$WWULEXWHV
+XPDQLW\
:LOOSRZHU
$ELOLWLHV
'HUDJPHQWV ,QWHOOHFWXDOL]DWLRQ 0HJORPDQLD 3DUDQRLD 'HOXVLRQV RI *UDQGXHU"""" 1RWHV 6XUH KH V RXWUDJHRXVO\ SRZHUIXO EXW KH V WKH (PSHURU KH HYHQ VFDUHVWKHKHOORXWRIWKHOHDGHUVRIWKH1HSKDQGL &DYHDW 7ZR VHWV RI PDJLFDO VWDWV KDYH EHHQ SUHVHQWHG RQH WKDW LV IRU WKH PRYLH YHUVLRQ RQO\ WKH PRYLHV WDNHQ LQWR DFFRXQW DQG WKH RWKHU EDVHG RQ :HVW (QG *DPHV DQG WKH FRPLFV 7KH PRYLH YHUVLRQV DUH PXFKOHVVSRZHUIXO
%DFNJURXQGSRLQWV $XWRPDWLFLQ0HQWRU
-HGLYHUVLRQ
$ ORQJ ORQJ WLPH DJR LQ D ODQG IDU IDU DZD\ WKH $NDVKLF %URWKHUKRRG IRXJKW WKH 'DUN 6LGH 7KHLU VNLOO LQ WKH PDUWLDO DUWV GLG PXFK WR VWRS WKH VSUHDG RI WKH FRUUXSWLRQ DQG GHFD\ ZKLFK HSLWRPLVHV WKH 'DUN 6LGH %XW WKH PDUWLDO DUWV ZHUH QRW HQRXJK VRPHWKLQJ PRUH G\QDPLF PRUH SRZHUIXO ZDV QHHGHG $ QHZ SHUVSHFWLYH SKLORVRSK\ HYHQZDVQHFHVVDU\,WZDVIURPWKDWQHHGWKDWRXU7UDGLWLRQJUHZ
)UHHELHSRLQWV
0D[LPXP7UDLW5DWLQJ
:H VWLOO HPERG\ PXFK RI WKH WHDFKLQJV RI WKH %URWKHUKRRG IRU H[DPSOH WKH 6SKHUH RI 0LQG LV VWLOO KHOG LQ JUHDW UHJDUG E\ XV %XW ZH KDYH ORRNHG IXUWKHU ZH VHH WKH LQYLVLEOH HQYLURQPHQW WKH XQGHUO\LQJ FXUUHQWV RI WKH ZRUOG WKH FXUUHQWV ZKLFK DIIHFW XV GLUHFWO\ HYHU\ RQH RIXV7KH)RUFH
5HVWULFWLRQRQ$ELOLWLHV 'R,QWXLWLRQ$ZDUHQHVV/LJKWVDEHU-HGL/RUH
:H KDYH WUDLQHG RYHU WKH FHQWXULHV WR XWLOLVH WKH )RUFH ZLWK LW PDQ\ WKLQJVFDQEHDFFRPSOLVKHGZHHQKDQFHRXUZDUULRUZD\VDQGPRUH
1HZ6NLOO/LJKWVDEHU
'HFHQWEXWQRWYHU\JRRG
-HGL.QLJKW
-HGL0DVWHU
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
1HZ.QRZOHGJH-HGL/RUH
2QO\PDUJLQDOO\EHWWHUWKDQOHYHO
7KHUH LV QRWKLQJ RI -HGL KLVWRU\ DQG WKHRORJ\ WKDW \RX GRQ WNQRZ
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
7DOLVPDQ /LJKWVDEHU )RUFHVUDWLQJ$JJ
6HH ZKDW FDQ EH DFFRPSOLVKHG ZKHQ \RX RSHQ \RXUVHOI XS WR WKH )RUFH
'LII /HYHO
9LHZV
0HHWLQJV'XHWRWKHRUJDQLVDWLRQWKHUHDUHQRIRUPDOPHHWLQJV
,W LV DJDLQVW WKHLU WHDFKLQJV WR PDNH D MXGJHPHQW DJDLQVW D FUHDWXUH WKH\GRQ WNQRZSHUVRQDOO\
JHADAYE
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
%\7KH'LJLWDO0DJHPQUJH#VVEDWKDFXN %DVHGRQWKHPRYLHWULORJ\E\*HRUJH/XFDV 6LWGRZQSOHDVH\RXPXVWEHKXQJU\VXFKDORQJVHDUFKWRILQGPH, ZRXOG RIIHU \RX VRPH VXVWHQDQFH EXW , GR QRW QHHG DQ\ DQG VR KDYH QRQH VWRUHG \RXU KXQJHU ZLOO KDYH WR ZDLW IRU , ZLOO WHOO \RX WKH KLVWRU\ RI P\ NLQG RU GRHV \RXU ERGLO\ QHHG IRU IRRG RYHUZKHOP \RXU PLQG VVHDUFKIRUNQRZOHGJH" *RRG ,I \RX KDG VDLG \HV , ZRXOG KDYH DVNHG \RX WR OHDYH 'LVFLSOLQH GHWHUPLQDWLRQ DQG \RXU PLQG V FRQWURO RYHU \RXU SK\VLFDO IRUPLVZKDWLVQHHGHG
7KH'DUN6LGH
$FRO\WHV ,I DQ\ 0DUWLDO $UWLVWV =HQ SUDFWLWLRQHUV )UDWHUQDO RUGHUV 0RQNV%XGGKLVW6FKRODUV 6SKHUH)RUFHVWKRXJK0LQGLVDOVRKLJKO\SUL]HG )RFL
p p p p
'R&RUUHVSRQGDQFH7LPH *HVWXULQJ0LQG3ULPH)RUFHV 3XULILFDWLRQ6SLULW(QWURS\ :HDSRQ/LIH0DWWHU
7DOLVPDQ $ -KDGD\H ZLOO PRVW OLNHO\ IDYRXU D VZRUG DV WKHLU ZHDSRQ DQGRIWHQWKH\FKDUJHLWZLWKWKHSRZHURIWKH)RUFH 9LHZ/LJKW6DEHUWDOLVPDQ &RQFHSWV -KDGD\H NQLJKW WKHVH JX\V DUH RIWHQ WKRVH ZKR DUH PRUH G\QDPLFLQWKHLUDSSURDFKWRFRPEDWWLQJWKH'DUN6LGH
-+$'$<(
-KDGD\H 0DVWHU RIWHQ UHFOXVLYH WKH\ REVHUYH IURP DIDU IRU DQ\ VLJQ RI WKH 'DUN 6LGH VRPH KRZHYHU ZDQGHU DPRQJVW WKH ZRUOG QRW UHYHDOLQJ WKHLUWUXHQDWXUH 4XRWH8VHWKH)RUFHIHHOLWUXQQLQJWKURXJK\RX
7KH *DURX 7KH\ DUH RXU JUHDWHVW DOO\ $OWKRXJK WKH\ FDOO LW E\ D GLIIHUHQWQDPHWKH\NQRZWKHHYLORIWKH'DUN6LGH 2QH RI WKHP VDYHG P\ OLIH KHOSHG PH GHIHDW D %DQH , FDOO WKHP IULHQG+HZKRSURZOVDWQLJKW/XSXV$KURXQ*HWRI)HQULV
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
-+$'$<(
L LEAGUE OF CARTOGRAPHERS %\ 7KHVOLQ WKHVOLQ#PDLOXWH[DVHGX
:DQGHUVWKURXJK%UDPEOH
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
3KLORVRSK\ /RRN KHUH DQG KHUH DQG KHUH 'RQ W \RX VHH" 7KH DQJOHV DQG FXUYHV RI WKH 4XLQWHVVHQFH 7HFWRQLF IORZFKDUW LQGLFDWH EXLOGXSV ZKLFK ZH FRXOG XVH WR RXU DGYDQWDJH 6LPSO\ VWDQG EHWZHHQ WKH WZR WUHHV RQ
/($*8(2)&$572*5$3+(56
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
9HQXV DQG WKH PRRQ ZLOO FKDQQHO DQ XQXVXDO FRQFHQWUDWLRQ RI 4XLQWHVVHQVH LQWR WKH 7HOOXULDQ :H FDQ DFKLHYH WKLV $VFHQVLRQ LI ZH FDQ VRPHKRZ PRYH 6WRQHKHQJH WR WKH VRXWKHUQPRVW SRLQW RI )ORULGD ,IQRWZH OOMXVWKDYHWRWDNHWKHVORZHUURXWH
2UJDQL]DWLRQ
&XOW RI (FVWDV\ &RPSOHWHO\ RIIEDVH 7KDW WKH\ KDYH DQ\ SRZHU WR DIIHFW UHDOLW\ LV LQGLFDWLYH RI D WHUULEOH PLVFDOFXODWLRQ RQ RXU SDUW :H VKDOOEULQJWKLVXSDWWKH6\PSRVLXP
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
0HHWLQJV 7KH /HDJXH RI &DUWRJUDSKHUV PHHW LQ WKH 7HFKQRFUDF\ V PRQWKO\ V\PSRVLXPV WR GLVFXVV WKHLU DJHQGDV 0\VWLFDO &DUWRJUDSKHUV GR QRW PHHW UHJXODUO\ WKRXJK WKH\ FRPPXQLFDWH EHWZHHQ FDEDOV YLD D URWH NQRZQDVSRLQWQRGHIRFXVLQJ
6WHUHRW\SHV $NDVKLF %URWKHUKRRG 7KH\ FDQ WHQG WR WKHLU LQWHUQDO VWDWXV LI WKH\ ZLVKWR:HWDNHWKHODUJHUSLFWXUH
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
,WHUDWLRQ ; 7KH\ XVH IDU WRR PXFK RI WKH 7HFKQRFUDF\ V UHVRXUFHV LQ ZKDW ZLOO SURYH WR EH D GHDGHQG SDWK 7KHLU FRPSXWHUV DUH LQFUHGLEO\ XVHIXOLQRXUSXUVXLWVEXWWKHLUF\ERUJVDUHIULJKWHQLQJ 1HZ :RUOG 2UGHU )ULHQGV DQG HQHPLHV ERWK %LJ %URWKHU LV XVHIXO LQ RXU HIIRUWV EXW WKH\ G NLOO XV LI WKH\ NQHZ DERXW RXU IULHQGV LQ WKH 7UDGLWLRQV 7KH 3URJHQLWRUV 7KH\ OHDYH XV DORQH ZH OHDYH WKHP DORQH ,W V D SHDFHIXOUHODWLRQVKLS
6WURQJKROG
7KH 6\QGLFDWH $V WKH (XWKDQDWRV VD\ WKH\ KDYH UXQ RXW RI SRVVLELOLWLHV ,I WKH\ ZRXOG RQO\ RSHQ WR QHZ LGHDV LQVWHDG RI ZKLWWOLQJ DWRXUIXQGLQJ
7KH IRUWUHVV RI WKH 7HFKQRFUDWLF &RQYHQWLRQ DQG WKH &KDQWU\ RI WKH RUSKDQHG 0\VWLF &DUWRJUDSKHUV ERWK LV ORFDWHG LQ 0RUDFFR QHDU WKH 6WUDLWRI*LEUDOWHU
9RLG (QJLQHHUV 2XU 3DUHQWV DQG RXU JUHDWHVW VXSSRUWHUV (YHU VLQFH WKH\ YH EHHQ VR NLQG LQ IXQGLQJ RXU SURMHFWV 6WLOO LW ZRXOG EH QLFHLIWKH\ GWXUQLQZDUGLQVWHDGRIRXWZDUG:H GJHWPRUHGRQH
$FRO\WHV
1RWHVRQ)RFL
0DSPDNHUVJHRJUDSKHUVH[SORUHUVJHRPHWULVWV
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
6SKHUH 3ULPH
)RFL $UUDQJHPHQW JHRGHVLF GRPH PDS DQG FRPSDVV WKHRGROLWH S\UDPLG JUDSKLQJFDOFXODWRUJHLJHUFRXQWHUDOPRVWDQ\VXUYH\RU VLQVWUXPHQW
&RQFHSWV 6XUYH\RUH[SORUHUIULQJHDVWURQRPHUDUFKLWHFW
4XRWH 7KH *OREDO $VFHQVLRQ ZLOO XQGRXEWDEO\ RFFXU RQ WKH IRXUWHHQWK RI 1RYHPEHU ZKHQ D SDUWLFXODUO\ DXVSLFLRXV DOLJQPHQW RI 0DUV
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
/($*8(2)&$572*5$3+(56
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
)DYRULWH3URFHGXUHV
WKUHH VXFFHVVHV FDQ DOLJQ WZR REMHFWV ZKLFK DUH YHU\ IDPLOLDU WR WKH PDJH E\ FUHDWLQJ D VLQJOH JDWH DQG DXJPHQWLQJ WKH HIIHFW V UDQJH RU DOLJQ WKUHH REMHFWV ZKLFK DUH ZLWKLQ WKH PDJH V ILHOG RI YLHZ E\ FUHDWLQJ WZR JDWHV $W OHDVW WZR VXFFHVVHV PXVW EH VFRUHG WR VXFFHVVIXOO\FDVWWKLVURWH 'DPWKH)ORZ 6SKHUHV3ULPH
(QWURS\
'HVFULSWLRQ 7KHWIRUG KHUVHOI ILUVW XVHG WKLV URWH WR GLVDEOH WKH 6LOYHU 0RRQ &KDQWU\ LQ
(PEOHP
,Q DGGLWLRQ WR WKH IROORZLQJ WKH /HDJXH RI &DUWRJUDSKHUV LV DOVR IRQG RI VXFK URWHV DV 3ULPH /RFDWLRQ +\PQ RI %HDWLILF +DUPRQ\ DQG HIIHFWVGHDOLQJZLWKQRGHVDQGOH\OLQHV 3RLQW1RGH)RFXVLQJ 6SKHUHV&RUUHVSRQGHQFH
3ULPH
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
'HVFULSWLRQ &DUHIXO DOLJQPHQW RI ZLGHO\ VHSDUDWH REMHFWV LV DQ HVVHQWLDO HOHPHQW LQ &DUWRJUDSKHU PDJLFN ,Q D SLQFK WKLV 5RWH FDQ EH XVHG WR IRUFH VXFK DUUDQJHPHQWV 8VLQJ DQ HIIHFW VLPLOHU WR +HUPHV
3RUWDO WKH &DUWRJUDSKHU FDQ FUHDWH ZLQGRZV LQ VSDFH WR FUHDWH WKH LOOXVLRQ RI DUUDQJHPHQW LQ D VWUDLJKW OLQH 7KURXJK WKH XVH RI WKLV URWH WKH PDJH PD\ ZRXQG ILYH GLIIHUHQW WDUJHWV ZLWK WKH VDPH EXOOHW RU SOD\DJDPHRIWXJRIZDULQWKUHHFLWLHVDWRQFH 6\VWHP 7KLV HIIHFW UHOLHV RQ &RQMRLQ /RFDOLWLHV WR DOLJQ GLYHUVH REMHFWV 6XFFHVVHV GHWHUPLQH WKH UDQJH RI WKH HIIHFWV UHIHU WR WKH &RUUHVSRQGHQFH 5DQJH &KDUW RU WKH QXPEHU RI JDWHV FUHDWHG 7KXV
$ *HRPHWULF FRPSDVV 9VKDSHG SRLQWHG GHYLFH IRU ILJXULQJ GLVWDQFHV ZKRVH SRLQWV KROG D QDYLJDWLRQDO FRPSDVV LQVWHDG RI 1 DQG 6 IRU 1RUWK DQG 6RXWK WKH FRPSDVV VKRZV WKH JO\SKV RI &RUUHVSRQGHQFHDQG6SLULW(DQG:DUHXQFKDQJHG
LEAGUE OF DEGENERATION %\JREOLQNLQJ#P\GHMDQHZVFRP
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
/($*8(2)'(*(1(5$7,21
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
FRPPXQLW\ 'U $UOLV KDV DWWHPSWHG WR UHYROXWLRQL]H SDUWLDOO\ WKH DWWLWXGH WKDW WKH &RQYHQWLRQV KDYH KHOG IRU VR ORQJ DERXW WKH RQH VSKHUHWKDWWKH\VHHPWRODFNVLJQLILFDQWFRQWURORI
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
2UJDQL]DWLRQ
4XLWH VLPSO\ P\ HVWHHPHG FROOHDJXHV 2UGHU FDQQRW PDLQWDLQ LWVHOI DV DQ HYROXWLRQDU\ DQG G\QDPLFDOO\ VXSHULRU VWDWH ZLWKRXW 7KH &KDQJH 7KH *UHDWHU 2UGHU UHPDLQV LQWDFW EHFDXVH LW UHIXVHV WR FRPSURPLVH LWVHOI WR DQ\ RXWVLGH HQWLW\ E\ HPSOR\LQJ DJHQWV RI 7KH &KDQJH WR VHFXUHLWVIXQGDPHQWDOH[LVWHQFH
6LQFH 'U $UOLV LV IRUPHUO\ RI WKH 3URJHQLWRU &RQYHQWLRQ WKH /HDJXH LV VHW XS YHU\ VLPLODU LQ IXQFWLRQ WR WKDW RI WKH 3URJHQLWRUV /HDJXH PHPEHUVRUJDQL]HWKHPVHOYHVDORQJDFDGHPLFOLQHVLQYDULRXVUHVHDUFK DQG HGXFDWLRQ FHQWHUV (DFK PDMRU VFLHQWLILF GLVFLSOLQH KDV D 5HYLHZ %RDUG WKDW HYDOXDWH YDULRXV 7HFKQRPDQFHU V ZRUN DQG GHWHUPLQLQJ ZKRZLOOJHWIXQGLQJDQGZKRZLOOEHFXW
:KHQ D PLOLWDU\ FRXS LV RYHUWKURZQ E\ SDUWLVDQ UHEHOV IRU WKH EHQHILW RIWKHZKROH7KH&KDQJHLVSUHVHQW
0HHWLQJV
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
7KH /HDJXH LV YHU\ DFWLYH ZLWKLQ LWV &RQYHQWLRQ ZKHQ LW FRPHV WR FRPPXQLFDWLRQ DQG WKH VKDULQJ RI NQRZOHGJH DQG LGHDV 6LQFH WKH &RQYHQWLRQ LV EDVLFDOO\ DQ LQIDQW LQ WKH JUDQGH VFKHPH RI WKH 7HFKQRFUDF\ WKHUH LV VWLOO D ERQGLQJ SURFHVV RFFXULQJ EHWZHHQ LWV PHPEHUV $OVR VLQFH WKH /HDJXH LV VR VPDOO WKHVH PHHWLQJV DUH PRUH SUDFWLFDOWKDQZLWKWKHODUJHU&RQYHQWLRQVVXFKDVWKH1:2
,QLWLDWLRQ /LNH ,WHUDWLRQ ; WKH /HDJXH ORRNV PRVWO\ WR WKH DFDGHPLF DQG HQHUJ\ ZRUOG WR ILQG LWV UHFUXLWV 5HFHQWO\ KRZHYHU PRUH DQG PRUH UHFUXLWV DUH FRPLQJ LQ WR WKH &RQYHQWLRQ WKURXJK WKH HQYLURQPHQWDO HQJLQHHULQJDQGRGGO\HQRXJKFRQVHUYDWLRQDOLVWVFLHQFHWKHDWUHV7KLV LV LQYDOXDEOH WR WKH VFLHQWLILF WKLQN WDQN WKDW UHOLHV VR KHDYLO\ RQ LQYHQWLYH DQG FXWWLQJ HGJH WKHRULHV RQ VXFK WKLQJV DV QXFOHDUELRORJLFDOFKHPLFDOGLVSRVDODQGUHF\FOLQJ
$FRO\WHV 6DQLWDWLRQ (QJLQHHUV 0HGLFDO 3HUVRQQHO (FR:DUULRUV 'HPROLWLRQV :RUNHUV
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
/($*8(2)'(*(1(5$7,21
)RFL p p p p p
)RUFH(QWURS\=LSSR/LJKWHU7KHUPDO/LJKWHU /LIH0LQG:DWFK 7LPH3DOPWRS&RPSXWHU &RUUHVSRQGHQFH0DWWHU&HOOXODU3KRQH/DSWRS)D[ 3ULPH6SLULW(OHFWULFLW\
&RQFHSWV 1XFOHDU 'LVSRVDO (QJLQHHU &HQWHU IRU 'LVHDVH &RQWURO $QDO\VW +\GURSRQLF 6FLHQWLVW +RVWLOH (QYLURQPHQW 5HVHDUFKHU &KDRV 0DWKHPDWLFLDQ
4XRWH (YHU\WKLQJLVUHF\FOLEOH
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
LUCIFERION JUSTIKUM
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
6W\OH /XFLIHULRQ PDJLFN FRPHV IURP QDWXUDO VRXUFHV WKDW OHDG GLUHFWO\ WR WKH FRQVFLRXVQHVV DQG WKH (DUWK LWVHOI ,W VWHPV IURP OXVW DQG KDWUHG WKH WZR PRVW SRZHUIXO XUJHV RI WKH KXPDQ PLQG VWXGLHG E\ 6LJPXQG )UHXG 7KH $YDWDU LV SXUHO\ D SHUVRQDOO\ FUHDWHG V\PERO RI WKLV HQHUJ\ LQ HDFK $ZDNHQHG EHLQJ ,W LV FRQVFLRXVQHVV QDPHO\ WKH RWKHU GRUPDQW SDUW RI WKH EUDLQ 0DJLFN HIIHFWV RI DOO QDWXUHV DUH KDUQHVVHG E\WKH-XVWLNXPWRILQGWKHLUHQGV
6SKHUH (QWURS\
%\'DYLG/)R[GOIVW#SLWWHGX
&RPPRQ)RFL
,QWURGXFWLRQ 7KH IROORZLQJ TXRWH VSRNHQ E\ IRXQGHU NQRZQ RQO\ DV 6KDGDU /RJRWK LQ WKH 2DNODQG VRFLDOFLW\ FHQWHU RI 3LWWVEXUJK 3HQQV\OYDQLD LQ VHFUHW GXULQJ WKHPRQWKRI-XQH+HDGGUHVVHGDJURXSRIWKHLQLWLDOPHPEHUV :H DUH DQLPDOV ZH DUH DZDNHQHG EHDVWV :H DUH ERUQ LQWR WKH UHDOP RI RXU H[LVWHQFH DQG WKURXJK DQ HQWURSLF GRZQZDUG VSLUDO LV RXU FRQVFLRXVQHVV UHOHDVHG RQFH DJDLQ LQWR WKH (DUWK %HLQJ $ZDNHQHG ZH KDYH WDSSHG LQWR WKH QRZ KLGGHQ SRZHU RI ZKDW LW LV WR EH DQ H[WUHPHO\ LQWHOOLJHQW FUHDWXUH %HLQJ EHDVWV ZH KDYH QDWXUDO ZLOOV DQG OXVWV :H PXVW IHHG ZH FRQWURO WHUULWRU\ ZH OXVW IRU VHQVXDO SOHDVXUH DQG GLH VRPHZKHUH DORQJ WKH SDWK UDUHO\ IUHH RI SDLQ 0DQ\ RWKHUV WKDW VKDUH RXU H[LVWHQFH RQ WKH ZRUOG DWWHPSW ZKHWKHU NQRZLQJO\ RU QRW WR ZHDNHQ DQG GHVWUR\ ZKDW LW WUXO\ LV WR EH KXPDQ :H ZDJH ZDU DJDLQVW WKDW WUHDVRQ 7KH\ RXWQXPEHU XV EXW ZH DUH VWURQJHU $OWKRXJK DQ DGDSWLYH ERG\ PXVW KRXVH RXU EHLQJ PRUH LPSRUWDQWO\ PXVW D VWURQJ PLQG H[LVW LQ WKH KXPDQ WKDW ZLVKHV WR SUHYDLO :H ZLOO QRW DFWLYHO\ VHDUFK RXW RWKHUV WR MRLQ RXU UDQNV IRU QRW HDFK SHUVRQ RI RXU EHOLHIV QHHG HQWHU D JURXS DQG QRW HDFK KXPDQ WKDW WUXGJHV WKH (DUWK V VRLO LV ZRUWK\ RI RXU HQVKDGRZLQJ 7KRVH WKDW FDQ OHDUQ IURP EHLQJ DURXQG RWKHUV RI WKHLU QDWXUH ZLOO ILQG XV HYHQWXDOO\ LI WKH\ VHHILWWRGRVR
0HGLWDWLRQ FKDQWLQJ VNXOOV DQG RWKHU ERQHV SHQWDJUDPV $QNKV
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
7KH/XFLIHULRQ-XVWLNXP5HJHOWXP 7KHIROORZLQJLVDQH[FHUSWIURPOLWHUDWXUHJLYHQWRDFWLYH-XVWLNXPPHPEHUV
p
3KLORVRSK\
p
7KHIROORZLQJLVDQH[FHUSWIURPOLWHUDWXUHJLYHQWRLQWHUHVWHGSDUWLHV
p
:H DUH WKH /XFLIHULRQ -XVWLNXP :H HPEUDFH QDWXUH DQG WHFKQRORJ\ DV WKH\ DUH FRXSOHG EH\RQG KRSH RI VHSDUDWLRQ :H EHOLHYH LQ IDFWV :H ZRUVKLS RXUVHOYHV DV KXPDQV :H WUXVW LQ HYROXWLRQ :H DUH VFLHQWLVWV ZH DUH ZLWFKHV ZH DUH P\VWLFV ZH DUH HYHU\ZKHUH 2XU UDQNV DUH PDGH XS RI $ZDNHQHG HYROXWLRQLVWV WKDW ZDQW WR PDNH D FKDQJH
p
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
/8&,)(5,21-867,.80
p
XQWLO WKH\ GR ,I GHDWK EH WKH HQG UHVXOW RI WKH SXQLVKPHQW VR LV WKHIDWHRI\RXUYLFWLP :KHQ DVNHG IURP D ZRUWK\ SDUW\ DERXW \RXU ZD\V LW LV \RXU GXW\ WRDGGEORRGWRRXUFDXOGURQFXW
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
WRDLGWKHZDUULRU" 9LUWXDO $GHSWV 7KH\ KDYH $ZDNHQHG WKHPVHOYHV WKURXJK WKH PRGHUQ ZRPE 7KHLU NQRZOHGJH DQG H[SHULPHQWV LQ 95 FRXOG EH RI JUHDW KHOS WR RQH RI RXU NLQG 6FLHQFH ZLOO QRW FHDVH LWV VWDPSHGH :H PXVW HPEUDFH LWV FKDQJHV EXW QRW IRUJHW RXU IOHVK 7KH\ QHHG WR PRGHUDWHWKHLUXVDJH +ROORZ 2QHV 7KHVH IRUVDNHQ FKLOGUHQ DUH ZKHUH PRVW RI WKH -XVWLNXP VUDQNVFRPHIURP7KH\ZLOOILQGXVLQWKHLURZQWLPH
$FRO\WHV RFFXOWLVWV $QWRQ /DYH\ VDWDQLVWV KXPDQLVWV HYROXWLRQLVWV JHQHWLF SLRQHHUV
&RQFHSWV DVVDVVLQ YLJLODQWH VFLHQWLVW UHVHDUFKHUSROLWLFLDQVS\
QHRSDJDQ
QDWXUDOLVW
VXUYLYDOLVW
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
/8&,)(5,21-867,.80
M %\0DUN-RQHVPKM#JULIIRQPZVFHGX
RI OLJKW (YLO LV WKH GDUNQHVV DQG ZH UXOH LW RXW 7KH FKLOGUHQ V H\HV DUH RSHQ DQG ZH FDQ WHOO WKHP WKH WUXWK $QLPDOV WUXVW XV DQG KHOS XV DFKLHYH RXU JRDOV WKRXJK ZH ZHDU VPLOHV DQG VHHN WKHP LQ RWKHUV RXU FDXVH LV YHU\ VHULRXV DQG ZH GR QRW MRNH DERXW LW -RNH" KD KD , PDGH D IXQQ\
'HVFULSWLRQ
2UJDQL]DWLRQ
$ OHVVHU NQRZQ FUDIW LQ WKH $VFHQVLRQ :DU WKH 0DVWHUV RI &HUHPRQ\ 0& LV VDLG WR KDYH H[LVWHG HYHU VLQFH WKH GD\V ZKHQ WKH ILUVW PDQ SDLQWHG KLV IDFH EHIRUH HQWHUWDLQLQJ KLV .LQJ 2WKHUV VXJJHVW WKDW WKH FUDIW EHJDQ EDFN LQ WKH GD\V RI WKH 1DWLYH $PHULFDQV ZKHQ WKH\ VWURGH LQWR EDWWOH ZLWK ZDUSDLQW GHFRUDWLRQV EXW WKLV WKHRU\ KROGV OLWWOHZHLJKW
7KH 0&V WUDYHO WRR RIWHQ WR KDYH DQ\ VHW PHHWLQJV EXW HYHU\ QRZ DQG WKHQ WKH\ ZLOO VFKHGXOH D FORZQ FRQYHQWLRQ GXULQJ WKH RII VHDVRQ WR GLVFXVV QHZ WULFNV JDGJHWV DQG JL]PRV /LWWOH PDJH ZRUN LV HYHU DFFRPSOLVKHG
MASTERS OF CEREMONY
7KH 0&V LQ VKRUW KDYH VHHQ WKH SDLQ DQG VXIIHULQJ WKDW KROGV PDQNLQG LQ D GHDWKJULS DQG WKH\ ZDQW QR SDUW RI LW 3DLQ LV IRU VRPHRQH HOVH WR GHDO ZLWK :K\ EH GRZQ DQG GHSUHVVHG ZKHQ WKHUH LV VR PXFK WR EH KDSS\ DERXW" 7KH 0&V VHH KXPDQLW\ DV FDVFDGLQJ DORQJ RQH RQJRLQJ GRZQZDUG VSLUDO +XPDQLW\ ZRQ W ODVW YHU\ PXFK ORQJHU DQG WKH 0&V GRQ W ZDQW WR EH RQ ERDUG ZKHQ WKH VKLS JRHV GRZQ )RU WKLV UHDVRQ WKH 0&V SDLQW WKHLU IDFHV WR VHSDUDWH WKHPVHOYHVIURPKXPDQLW\
0HHWLQJV 0RVW PHHWLQJV RFFXU LQ WKH WUDLOHUV RI 0&V RQ FLUFXV JURXQGV ZLWK D KDQGIXORIRWKHU0&V7KHPDMRULW\RIWKHFRQYHUVDWLRQVGHDOZLWKWKH 7HFKQRFUDF\ V KDWUHG RI WKHP DQG ZKDW WKH\ SODQ RQ GRLQJ DERXW WKDW GXULQJWKHLUVKRUWVWD\LQWKHFLW\
,QLWLDWLRQ
0&V GR QRW VHH WKHPVHOYHV DV KXPDQ 7KH\ DUH HLWKHU EHWWHU RU EHQHDWK WKDW 7KH\ H[LVW LQ WZR FRQFHSWV WKH FKHHUIXO FORZQ RU WKH VRUURZHGVRXO
8SRQ DFFHSWDQFH LQWR WKH 0&V DQ DSSUHQWLFH VWHSV LQWR D VPDOO FDU ZLWK PDQ\ RWKHU DFFRPSOLVKHG 0&V DQG ZDONV RXW GXULQJ D VKRZ 2QFHKHSHUIRUPVWKLVWULFNKHLVUHFRJQL]HGDVDPHPEHURIWKHFUDIW
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
&KDQWU\
$ VRUURZHG VRXO LV DQRWKHU PDWWHU 7KHVH DUH 0&V ZKR KDYH EHHQ VWRPSHG RQ E\ WKHLU KXPDQ HPRWLRQV 7KH\ FDQ QR ORQJHU GHDO ZLWK WKH HPRWLRQV WKDW KXPDQV VKXIIOH DURXQG RQ D GD\ WR GD\ EDVLV 7KH\ VXUUHQGHU WKHLU KXPDQLW\ WR EHFRPH VRPHWKLQJ HOVH D FUHDWXUH RI GHSUHVVLRQ DQG EHWUD\DO 7KLV LV WKH SHUVRQ WKDW EHOLHYHV KLV HPRWLRQV KDYH EHWUD\HG KLP DQG ZDQWV RXW 6RUURZHG VRXO 0&V ZLOO EH VDG DQG GHSUHVVHGDQGVKRZIHZKLJKOLJKWVLQOLIH6RPHZLOOQHYHUVPLOH
3KLORVRSK\
8QFOH%RE V&ORZQ&ROOHJH1HZ
$FRO\WHV &LUFXVSHUIRUPHUVVLGHVKRZDWWUDFWLRQVFKLOGUHQ
6SKHUH 0LQG
)RFL -XJJOHEDOOVVLOO\VWULQJFORZQWULFNVRWKHUSHRSOH VODXJKWHU
/DXJKWHU LV WKH EHVW PHGLFLQH VR LW LV QDWXUDOO\ WKH ILUVW VWHS RQ WKH URDG WR $VFHQVLRQ :H DUH WKH JXDUGLDQV RI D JUHDWHU VHFUHW WKH VHFUHW
0$67(562)&(5(021<
&RQFHSWV &ORZQVPLPHVIUHDNVVWUHHWSHUIRUPHUVHQWHUWDLQHUVFRPHGLDQV
4XRWH :H DUH QR OHVV PDJHV WKDQ \RX MXVW EHFDXVH ZH FKRRVH WR KLGH RXU IDFHV DQG QRW IROORZ \RXU DOWHUHG SDUDGLJP EXW UDWKHU IROORZ RXU RZQ :H DUH KXQWHG E\ WKH VDPH SHRSOH WKDW KXQW \RX EXW ZH GRQ W PDNH D ZDU RI LW
6WHUHRW\SHV $NDVKLF %URWKHUKRRG
6\PERO , FDQ W GUDZ ZRUWK D FUDS EXW LPDJLQH D \LQ\DQJ WKDW LV D VPLOH\ IDFH RQ RQH VLGH DQG D IURZQ RQ WKH RWKHU 7KDW LV WKHLU V\PERO ,I , FDQ HYHUKDYHVRPHRQHGUDZLWXS, OOSRVWLW
MATHEMAGICIANS %\$QGHUV6DQGEHUJ 0DWKHPDWLFV5HVHDUFK*URXS05*WKH0DWKHPDJLFLDQV 7KH PDWKHPDWLFDO EUDQFK RI WKH 9RLG (QJLQHHUV LV OLWWOH NQRZQ E\ WKH 7UDGLWLRQV EXW LW LV D YLWDO SDUW RI WKH 7HFKQRFUDF\ ,W GHYHORSV QHZ PHWKRGV IRU XVH LQ WKH UHVHDUFK RULHQWHG FRQYHQWLRQV FRQWURO WKH DFDGHPLF GLVFLSOLQHV UHODWHG WR PDWKHPDWLFV DQG FRQVWDQWO\ UHVHDUFK
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
0$7+(0$*,&,$16
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
'U5REHUW+LOO 'RFWRU +LOO LV DPRQJ WKH PRVW GDQJHURXV HQHPLHV RI WKH 9LUWXDO $GHSWV LQ WKH 7HFKQRFUDF\ HVSHFLDOO\ EHFDXVH KH DSSHDUV WR EH VR LQQRFXRXV :KDW FRXOG D 9RLG (QJLQHHU PDWKHPDWLFLDQ GR DJDLQVW WKH
0$7+(0$*,&,$16
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
Str: * Dex: * ***** Sta: **
Cha: *** Man: ***
Per: *** Int (ordered):
App: **
Wit: ***
([SUHVVLRQ
6XEWHUIXJH
'ULYH
/HDGHUVKLS 5HVHDUFK 'LUHFWRU
&RPSXWHU WKHRU\
(QLJPDV PDWKHPDWLFDO SUREOHPV
5HVHDUFK
/LQJXLVWLFV *HUPDQ )UHQFK 5XVVLDQ -DSDQHVH
6FLHQFH0DWKHPDWLFV
:LOOSRZHU $UHWH 6SKHUHV0LQG&RUUHVSRQGHQFH3ULPH(QWURS\ )RFLDOOVSKHUHV0DWKHPDWLFV(QWURS\DQG3ULPH&RPSXWHU %DFNJURXQGV 6WDWXV
$OOLHV
$UFDQH
5ROHSOD\LQJ WLSV
MC LUHAN'S KIDS %\7LPRWK\7RQHUWKDQDWRV#LQWHUDFFHVVFRP )HE
,QWURGXFWLRQ 7ZR ILJXUHV VWRRG KXGGOHG EHQHDWK D VLQJOH IOLFNHULQJ OLJKW $ WKLUG DSSURDFKHG VZLIWO\ GRZQ WKH DOOH\ WU\LQJ WR DYRLG WKH VSRQWDQHRXV IORZ IURP EURNHQ JXWWHUV ,W ZDV D GLVPDO NLQG RI QLJKW D PRRG UHIOHFWHGRQWKHIDFHVRIDOOWKUHH 7KHQRVHRIRQHWZLWFKHGQRWLFHDEO\$QRWKHURQH*UHDW 7KH QHZFRPHU VPLOHG LQQRFHQWO\ .XQGHU *ODG WR VHH WKH\ OHW \RX RXWRIWKHFDJH
0&/8+$1 6.,'6
.XQGHUJURZOHG
+H\JX\V:KDWKDSSHQHGWR5XII"
+DVFRPEH*RRGWRVHH\RXPDQ
%RWK WXUQHG $ QLQHWHHQ \HDU ROG JLUO VWRRG EHKLQG WKHP ZHDULQJ D UDJWDJ DVVRUWPHQW RI FORWKHV 6KH ORRNHG OLNH D NLG IURP WKH VWUHHWV ZKR KDG PDGH D ILYHILQJHUHG UXQ WKURXJK D PDOO ,Q KHU OHIW KDQG VKH JUDVSHGDYHU\FRPSOLFDWHGUHPRWH
:KLWH\",WKRXJKWWKH\JRW\RXLQWKH3DUNODVW\HDU 1DK 7KH UHSRUWV RI P\ GHDWK KDYH EHHQ JUHDWO\ H[DJJHUDWHG $ WLWWHU RIODXJKWHUHFKRHGLQWKHKDOOZD\ .XQGHU KDWHG JHWWLQJ ZHW ,W PDGH KLV IXU LWFK 6R +DVFRPEH ZK\ G \RXGUDJXVRXWKHUH" +DVFRPEH V SDOH IDFH GDUNHQHG DQG KH EHJDQ WR JODQFH DERXW UHDFKLQJ IRU DQ LQYLVLEOH VLGHDUP .XQGHU \RX OHIW D PHVVDJH RQ P\ PDFKLQHULJKW" 7KH ODUJH PDQ FORVHG KLV H\HV DQG OHW RXW D VLOHQW SUD\HU :H LQ WURXEOH"
:KRWKHKHOODUH\RX" 0DOORULH .HDWRQ /LVWHQ $OH[ VHQW PH *HUROG JRW EXVWHG D IHZ GD\V DJR DQG WKH UHQWV JRW D KROG RI KLV ILOHV 7KLV ZDV D VHW XS /HW V JHW RXW RI KHUH EHIRUH WKH 7 JHWV LW WRJHWKHU
7KH ZRUGV UHYHUEHUDWHG DJDLQVW WKH ZDOOV ,W ZDV ULFK DQG EROG $QG UHDOO\UHDOO\FRQILGHQW
'HVFULSWLRQ
:KRDUH\RX"
7KH .LGV VWDQG DV D WUXH RGGLW\ ZLWKLQ WKH :RUOG RI 'DUNQHVV 7HFKQRPDQFHU 2USKDQV :KHUHDV PRVW RI WKHLU FOHYHU VFKHPHV ZHUH GHVLJQHG WR NHHS 6OHHSHUV DVOHHS VHYHUDO JURXSV VDZ WKURXJK WKH FOHYHU UXVHDQGJUDEEHGKROGRIZKDWZDVULJKWIXOO\WKHLUV
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
0&/8+$1 6.,'6
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
3KLORVRSK\ 7XUQ RQ 7XQH LQ 7KLQN ,W V DOO WKHUH D VDYDJH OLWWOH GUDPD EHLQJ SHUIRUPHG IRU \RXU EHQHILW
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
,QLWLDWLRQ 7KH PRPHQW D .LG $ZDNHQV DQG LQWHUDFWV ZLWK D SURJUDP LW LV RIWHQ QRWLFHG E\ RWKHU .LGV ZKR FRPH WR WKDW SHUVRQ WKURXJK D YDULHW\ RI PHDQV DQG WUDLQV KHU LQ KRZ QRW WR EH QRWLFHG $IWHU WKLV LQLWLDO WUDLQLQJ WKH\ DUH LQYLWHG WR VXUI ZKLFK LV WR ILJXUH RXW KRZ WR LQWHUDFW LQ D SRVLWLYH ZD\ ZLWK D JRRG SURJUDP RU WR EULQJ GRZQ D EDG SURJUDP 2QFH WKH\ KDYH SURYHQ WKHPVHOYHV HQHPLHV RI WKH 7HFKQRPDQFHUVWKH\DUHJLYHQWKH5HPRWH
&KDQWU\ 0DQ\ .LGV PDLQWDLQ &KDQWULHV LQ WKH UHDO ZRUOG ZKHUH 3LUDWH 79 LV MXVW D FDEOHER[ DZD\ (DFK KRXVH LV PRGHOOHG DIWHU WKH PRWLI RI D VHULHVDQGRQHFDQJDLQVWDWXVE\ILQGLQJDQGGHVLJLQLQJDKRXVHZKLFK LV YLUWXDOO\ LGHQWLFDO WR D IDYRULWH VKRZ .LGV SUHIHU WR OLYH WRJHWKHU VLQFH LW LV RIWHQ GLIILFXOW WR OLYH ZLWK SHRSOH ZKR GR QRW VKDUH WKHLU GUHDP
$FRO\WHV &RXFK SRWDWRHV 7UHNNHUV QHWZRUN YLVLRQDULHV FDEOH UHSDLUPHQ PHGLDVWXGLHVPDMRUVQHZVUHSRUWHUV
6SKHUHV &RUUHVSRQGHQFH
)RFL 5HPRWH$OO6SKHUHV79&RUUHVSRQGHQFH6SLULW
&RQFHSWV $FWRUSURGXFHUVWXGHQW
4XRWH 7KH$VFHQVLRQZLOOEHWHOHYLVHG
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
0&/8+$1 6.,'6
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
7KH5HPRWH
7KHWUXO\WZLVWHGDVSHFWRI.LGPDJLFNLVWKDWLWKDVDEL]DUUHHIIHFWRQ 6OHHSHUV PXFK OLNH WKH *DURX V 'HOHULXP $ VOHHSHU VHHLQJ D 6FKWLFN ZLOO VXEFRQVFLRXVO\ PXWWHU 'LGQ W , VHH WKDW RQ 79" 7KH SRZHUIXO VXVSHQVLRQ RI GLVEHOLHI ZKLFK FRXUVHV WKURXJK 79 UHDOLW\ DOORZV WKH .LGV WR JHW DZD\ ZLWK 3DUDGR[ ULJKW DQG OHIW 7KXV WKLV LV WKHLU FRLQLFLGHQWDO 0DJLFN $Q\ RWKHU 0DJLFN LV LQKHUHQWO\ YXOJDU 7KH RQO\ EHDULQJ LV JHWWLQJ WKH HIIHFW ULJKW ZKHWKHU WKURXJK DGHTXDWHO\ UHPHPEHULQJLWRUEULQJLQJWKHULJKWSURSV
(DFK .LG JHWV D GHGLFDWHG IRFXV ZKLFK ORRNV OLNH D VRSKLVWLFDWHG NOXQN\ PXOWLPHGLD UHPRWH FRQWURO XSRQ $ZDNHQLQJ 7KH\ PXVW XVH WKH 5HPRWH WR SHUIRUP WKHLU 0DJLFN HVSHFLDOO\ &RUUHVSRQGHQFH DQG 6SLULW ,W WDNHV D ZHHN WR GHGLFDWH D QHZ 5HPRWH VR WKH .LGV DUH ZRQW WRORVHWKHLUV
3URSV DUH FULWLFDO IRU VFKWLFNV ,I D .LG LV JRLQJ WR YDSRUL]H D IRH ZLWK D SKDVHU KH KDV WR KDYH D UHSOLFD PDGH VR DXWKHQWLF WKDW DQ\ VOHHSHU REVHUYLQJ ZLOO LPPHGLDWHO\ PDNH WKH FRQQHFWLRQ :LWKRXW WKH SURSHU SURSV RQ KDQG WKH HIIHFW LV LPSRVVLEOH 8VXDOO\ RQO\ WKH REMHFWV DUH QHFHVVDU\ EXW RFFDVLRQDOO\ VRSKLVWLFDWHG 6FKWLFNV UHTXLUH DFFXUDWH FRVWXPLQJDQGPDNHXS
9LUWXDO $GHSWV :H WULHG WR ERUURZ VRPH RI WKHLU JHDU IRU WKDW UHDOO\ ELJ VFUHHQ HIIHFW DQG WKH\ WROG XV WR JR DZD\ \RX OLWWOH 7HFKQR GZHHEV%R\WKH\ UHQRWLQYLWHGWRWKHDIWHU$VFHQVLRQSDUW\
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
0&/8+$1 6.,'6
3LUDWH 79 DOVR DOORZ WKHP WR WDS LQWR WKH 7ZLOLJKW =RQH RU WKH 'HHS 8PEUD D SODFH ZKHUH VHOGRP JR IRU IHDU WKDW WKH\ HLWKHU FDQQRW UHWXUQRUZLOOQRWZDQWWRUHWXUQ
7RRQ /LIH 7KLV 6FKWLFN DOORZV WKH 0DJH WR EH DV UHVLOLHQW DV D FDUWRRQ FKDUDFWHU ,W LV D FRQVWDQW WUDQVIRUPDWLRQ IURP RQH IRUP WR DQRWKHU WR EHWWHU DFFHSW WKH GDPDJH +RZHYHU HDFK DFWLRQ ZHDNHQV WKH FDUWRRQ FKDUDFWHU V VKDUG DQG VRPH FKDUDFWHUV KDYH EHHQ XQZLWWLQJO\HUDVHGIURPPHPRU\E\FDUHOHVVPDJHV
0DQ\ +HUPHWLF PDJHV ZKR VWXG\ WKH FRQVWUXFWLRQ RI 3LUDWH 79 DUH DVWRQLVKHG WKDW LW ZRUNV 7R NHHS LW HQYLURQPHQWDOO\ VRXQG DV ZHOO DV PDLQWDLQLQJ LWV 7$5',6 LQWHULRU ZRXOG UHTXLUH D +8*( WDVV H[SHQGLWXUH DQG VLQFH LW GRHV QRW UHVW RQ D QRGH DOO WDVV KDV WR EH LPSRUWHG 6R ZKHUH LV LW FRPLQJ IURP" 1RW HYHQ WKH .LGV NQRZ WKH WUXWK
%XFNHW R :DWHU /LIH 7KLV H[WUHPHO\ QDVW\ 6FKWLFN RQO\ ZRUNV YHUVXVRQHWKLQJD9HUEHQD 1XIIVDLG ,QVWDQW 5HSOD\ 7LPH 7KH .LGV ZKR EHFRPH 0DVWHUV RI 7LPH GHYHORS DQ H[FHHGLQJO\ SRZHUIXO URWH WKDW DOORZV WKHP WR DFWXDOO\ UHSOD\ WKH SDVW VHFRQGV 'RLQJ VR LQIOLFWV D SHUPDQHQW SW 3DUDGR[ IODZKRZHYHUHDFKWLPHLWLVGRQH
3LUDWH 79 ZDV 1$6$ V SULPDU\ UHOD\ VWDWLRQ IRU WKH OLYH LPDJHV IURP WKH OXQDU ODQGLQJ 6XEVHTXHQWO\ LW ZDV WKH SULPDU\ URXWH IRU WKH $UFDGLD &RQQHFWLRQ 7KH FRQQHFWLRQ LV VWLOO LQWDFW 7KH )DHULHV KDYHQ W DQQRXQFHG WKHLU SUHVHQFH RQ 3LUDWH 79 EXW WKH\ OLNH ZKDW V JRLQJ RQDQGZLOOVXSSRUWWKHPZKHQHYHUSRVVLEOH
+RZWKH.LGVUHODWHWRWKH:RUOGRI'DUNQHVV
WDOLVPDQ FRVWV RQH 7DVV D PRQWK ,Q DGGLWLRQ D 7DOLVPDQ PXVW EH FUHDWHGWRFRQVWDQWO\LQFUHDVHWKHLUVWRFN
.LG7DOLVPDQV
0RVW 0DJHV GHVSLVH WKH .LGV HLWKHU EHFDXVH WKH 7UDGLWLRQV WKLQJ WKH\ UH LQ OHDJXH ZLWK WKH 7HFKQRPDQF\ RU WKH 7HFKQRPDQFHUV WKLQN WKHPEHQHDWKQRWH +RZHYHU WKH RWKHU GHQL]HQV RI WKH :R' GRQ W TXLWH NQRZ ZKDW WR PDNHRIWKH.LGVH[FHSWWKDWWKH\ UHDOZD\VLQWHUHVWLQJWRWDONWR
7KH*XLGH/HYHO
9DPSLUHV 1LFNQDPHV %DUQDE\ 1LFN &RXQW &KRFXOD 7KH DYHUDJH YDPSLUH VSHQGV YHU\ OLWWOH WLPH ZDWFKLQJ WHOHYLVLRQ DQG VXEVHTXHQWO\ WKLQN WKH DYHUDJH .LG VSRXWLQJ HQGOHVV VWUHDPV RI FOLFKHGGLDORJXHYHU\DQQR\LQJ
0DJLFN$QWHQQD/HYHO 5DEELW(DUV/HYHO 'HDG$LU/HYHO
7KH .LGV IRU WKHLU SDUW NQRZ YHU\ OLWWOH DERXW YDPSLUHV ZKLFK DFWXDOO\ ZRUNV WR WKHLU DGYDQWDJH :LWK +RXVH RI 'UDFXOD VKRZLQJ RQFH D ZHHN WKH .LGV FDQ VXEMHFW D YDPSLUH WR HYHU\ FOLFKH LQ WKH ERRN$KWKHSULFHRILJQRUDQFH
)HOL[ V%DJ/HYHO
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
)LQDOO\ WKH .LGV DUH SURQH WR GR YHU\ HUUDWLF WKLQJV WKH OHDVW RI ZKLFK ZDV WKH EOLW] RI ,W V D :RQGHUIXO /LIH D IHZ \HDUV DJR ZKLFK KDV EHHQ GLUHFWO\ OLQNHG WR WKH UHFHQW DFFHSWDQFH RI $QJHOV LQWR WKH UHDOLW\ RI PRGHUQPDQ3HUKDSVWKH\DUHQ WDVIULHQGOHVVDVWKH\VHHP
7KH 6RXQGERDUG 0LQG 7KLV LV DFWXDOO\ D ZKROH FODVV RI 6FKWLFNV KDYLQJ WR GR ZLWK VXEOLPLQDO VRXQG JHQHUDWLRQ 7KH 3URS FRQVLVWV RI D FOLS RI WKH VRXQG SOD\HG RQ D WDSH SOD\HU ZLWK LWV VSHDNHU GLVFRQQHFWHG1RWHWKDW$VWUDOFUHDWXUHVFDQKHDUWKHQRLVH
MEGANS
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
%\7&6+$1WFVKDQ#DROFRP $K KXPDQV /RYHO\ VXSHUVWLWLRXV KXPDQV &DQ W \RX GR DQ\WKLQJ ULJKW" /XFLHQ7KH0DJLFNVRI0HJDV7X
$XWKRU V1RWHV , JRW WKH LGHD IRU WKLV 7UDGLWLRQ IURP DQ ROG 6WDU 7UHN FDUWRRQ 7KH 0DJLFNV2I0HJDV7X
'HVFULSWLRQ 8QOLNH PRVW 7UDGLWLRQV WKH 0HJDQV DUH QRW ERUQ RQ (DUWK EXW FRPH IURP D +RUL]RQ 5HDOP WKH\ FDOO 0HJDV7X 7KHUH HYHU\RQH LV $ZDNHQHG DQG FDQ SHUIRUP PDJLFN 'HVSLWH WKLV WKH PDMRULW\ RI WKHPPDLQWDLQHQRXJKVHOIFRQWUROQRWWRJR0DUDXGHU
0(*$16
+LVWRU\
3UHOXGH
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
+LV FORWKLQJ ORRNHG QHDW DQG QHZ KLV KDLU ZHOOEDUEHUHG +H PLJKW KDYH EHHQ DQ\ UHDVRQDEO\ DWWUDFWLYH PDQ ZKR G PDGH WKH EHVW RI KLV OLIH DIWHU ORVLQJ ERWK OHJV DW WKH KLS 7KHQ DJDLQ KH ZDV PDVWXUEDWLQJ ,Q KLV ZKHHOFKDLU LW GLG QRW ORRN DV LI KH ZDV PHUHO\ DGMXVWLQJ KLV FURWFK +H ZDV ZKROO\DEVRUEHGLQWKHDFWKHDUWVRXODQGERWKKDQGV
2QH RI WKH LQKDELWDQWV RI 0HJDV7X /XFLHQ UHVHPEOHV D VDW\U LQ IRUP DQG SHUVRQDOLW\ :KHWKHU KH LV D 0HJDQ RU HYHQ LQGLJHQRXV WR 0HJDV7X RU LI KH LV UHDOO\ D VDW\U DQG LI VR ZKDW )DH DUH GRLQJ RQ 0HJDV7XDUHDQ\RQH VJXHVVHV
$GYDQWDJHV
+H VKH VULJKWRXWLQWKHRSHQ-XGHVDLGDGGLQJKHUGLVJXVWWRWKDWRIWKH OHVV VHOIDEVRUEHG SDVVHUVE\ , , GRQ W WKLQN KH V HYHQ DZDUH DQ\ERG\ V ZDWFKLQJ 1R QR KH ZDVQ W ZDV KH" +LV H[XOWDQW DEDQGRQ (OOHQ IRXQG WKLV WKH PRVW IDVFLQDWLQJ DVSHFW RI WKH GLVSOD\ +LV FKRLFH RI ORFDOH DQG WLPLQJ PD\ KDYH EHHQ DZU\ EXW VKH VDZ RQ KLV IDFH PRUH SDVVLRQ DQG HFVWDV\ WKDQ VKH G QRWLFHGRQWKHIDFHVRIODVWZHHN VHLJKWRUWHQORYHUVFRPELQHG ([FHUSW IURP *RGIOHVK E\ %ULDQ +RGJH SXEOLVKHG LQ +RW %ORRG 6WUDQJHU%\1LJKW
2YHUYLHZ
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
5ROHSOD\LQJ1RWHV 7KH 0HJDQV KDYH D JUHDW GLVWUXVW LQ KXPDQV GXH WR WKH WULDOV DQG ZLWFKKXQWV WKDW SODJXHG WKHP 7KH\ DUH FXUUHQWO\ ZDLWLQJ IRU WKH GD\ ZKHQ JUHHG IHDU DQG SUHMXGLFH DUH QR ORQJHU D WKUHDW WR WKHLU NLQG 6DGO\ WKRVH HPRWLRQV UHIXVH WR SDUGRQ WKH SKUDVH PDJLFDOO\ GLVDSSHDU)RUQRZWKH0HJDQVDUHVXVSLFLRXVDQGZDU\
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
MINIMISTS $XWKRU V1RWHV
2UJDQL]DWLRQ
, -XVW ILQLVKHG UHDGLQJ WKH HURWLF KRUURU DQWKRORJ\ +RW %ORRG 6WUDQJHU E\ 1LJKW DQG FDPH DFURVV D VWRU\ E\ %ULDQ +RGJH HQWLWOHG *RGIOHVK 7KH VWRU\ SUHVHQWV D JURXS ZLWK D YLHZSRLQW WKDW ZRXOG ILW LQ JUHDW ZLWK WKH 0DJH 7KH $VFHQVLRQ JDPH VR KHUH V P\ WDNH RQ KLV JURXS , FDOOWKHPWKH0LQLPLVWV,WKLQN\RX OOVHHZK\
7KH 0LQLPLVWV KDYH QR IRUPDO RUJDQL]DWLRQ +RZHYHU ZKHQ D 0LQLPLVW HLWKHU D VOHHSHU RU D PDJH JHWV WR WKH SRLQW ZKHUH DOO KHU OLPEV KDV EHHQ UHPRYHG VKH PXVW EH WDNHQ FDUH RI 8VXDOO\ VKH LV WDNHQLQE\DQHZPHPEHURIWKHJURXS+RZHYHULWLVDOPRVWDOZD\V
0,1,0,676
DJURXSFDUHVLWXDWLRQ 8VXDOO\ DIWHU H[SHULHQFLQJ D IHZ LQIRUPDO JDWKHULQJV WKH DPRXQW RI HPRWLRQDO ERQGLQJ EHWZHHQ WKH QHZ PHPEHU DQG RWKHUV LQ WKH JURXS PRUH FORVHO\ DSSUR[LPDWHV WKDW RI ORYHUV ZKR KDYH EHFRPH IDPLOLDU ZLWKHDFKRWKHURYHUWKHFRXUVHRIGHFDGHV
0HHWLQJV 7KH 0LQLPLVWV JDWKHU DW LUUHJXODU LQWHUYDOV XVXDOO\ IRU VHQVXDO UHDG RUJLDVWLF H[SHULHQFHV $WWHQGDQFH LV YROXQWDU\ DQG VRPH DWWHQG HYHU\ ZHHN ZKLOH RWKHUV RQO\ VKRZ XS IRU WKH ILYH\HDU UHXQLRQV 7KH\ FDQ EH IRXQG LQ DOO FDVWHV DQG VRFLDO VWDWLRQV EXW XVXDOO\ NHHS D ORZ SURILOH EHFDXVH PRVW RI VRFLHW\ VHHPV WR IHHO XQFRPIRUWDEOH DURXQG SHRSOHWKH\IHHODUHOHVVWKDQZKROH
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
&KDQWU\ 7KH FHQWUDO FKDQWU\ LV ORFDWHG QHDU D YHWHUDQV KRVSLWDO LQ 9LUJLQLD 1RQH ZLOO UHYHDO WKH H[DFW ORFDWLRQ WKRXJK 7KH\ KDYH DFFHVV WR D KRUL]RQUHDOPWRKHOSVSHHGKHDOLQJDQGKHLJKWHQVHQVXDOLW\
6SKHUH 7KH 0LQLPLVWV KDYH QR EDVH VSKHUH +RZHYHU PRVW 0LQLPLVWV ZLOO HQFRXUDJH QHZ PDJHV WR H[SORUH WKH VSKHUHV RI /LIH DQG 6SLULW WR DLG LQWKHDWWDLQPHQWRIDVFHQGDQFH
&RPPRQ)RFL 'LVDELOLW\DLGV&DQHSURVWKHWLFOLPEHWF &RUUHVSRQGHQFH(QWURS\ ,QFHQVH6SLULW7LPH 6FDU7LVVXH/LIH0LQG3ULPH 7RXFK)RUFHV0DWWHU
$FRO\WHV :DU9HWHUDQV$FFLGHQWYLFWLPV6SLULWXDOIULQJHWKULOOVHHNHUV
1R 7KH YLHZ VXFK SHRSOH PLJKW HVSRXVH LV SODLQ ZURQJ
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
&RQFHSWV H[VROGLHUH[VWXQWPHQIHWLVKLVW
:KR" 7KDW V ZHLUG ,W V RQH WKLQJ WR GULOO D KROH LQ \RXU KHDG IRU D QHXUDO LQWHUIDFH LW V DQRWKHU WKLQJ HQWLUHO\ WR GULOO D KROH LQ \RXU KHDG WR KDYH D KROH LQ\RXUKHDG6WHSKHQ+DYHUILHOG7HUUDILHOG5HFRQ$JHQW
6WHUHRW\SHV $KOL %DWLQ 7KH\ ZHUH SUHWW\ EUDYH 7RR EDG WKHUH DLQ W DQ\ RI WKHP OHIWDQ\PRUH , KRXVHG D IHZ RI WKHP DIWHU :RUOG :DU ,, ,W V DQ LQWHUHVWLQJ DSSURDFK 1RW RQH ZH G UHFRPPHQG EXW LI LW KHOSV WKHP DORQJ WKH SDWK &ODULVVD 5RWFKHW2ZQHU7DELWKD+RXVH $NDVKLF %URWKHUKRRG 7KH $NDVKLFV WDON DERXW 'R 'R LV WKH IRFXVLQJ RI HQHUJ\ WR D FHQWUDO SRLQW LQ WKH ERG\ :H DUH GRLQJ WKH VDPHWKLQJWKURXJKGHFUHDVLQJWKHERG\DUHD
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
0,1,0,676
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
MURPHY'S LAW
IODJJLQJ VWUHQJWK +H JULWWHG KLV WHHWK WR VWRS WKH FKDWWHULQJ EXW KLV ERG\ WUHPRUHG VWLOO DQG KLV FRDW VHHPHG HYHQ KHDYLHU 7KH ZLQG URDUHG DJDLQ ULSSLQJ WKH XPEUHOOD RXW RI KLV KDQGV ,W WXPEOHG DQG VNLWWHUHG GRZQ WKH VLGHZDON FRPLQJ WR UHVW XQVHHQ LQ WKH VKDGRZV EHWZHHQ WKHZLGHO\VSDFHGVWUHHWOLJKWV /HQQ\ VWDUHG DIWHU LW PRXUQIXOO\ DQG KHDYHG D UHVLJQHG VLJK ,W KDG EHHQ D EDG QLJKW IURP WKH VWDUW DQG LW FHUWDLQO\ ZDVQ W JHWWLQJ DQ\ EHWWHU 'RQ W ZRUU\ /HQQ\
%\$EH'DVKLHOO 6KLW :RXOGQ W \RX NQRZ LW /HQQ\ IXPEOHG ZLWK KLV XPEUHOOD DV D JXVW RI ZLQG QHDUO\ WRUH LW RXW RI KLV JUDVS 7KH GULYLQJ UDLQ FXW LQWR KLP VFRXULQJ KLV GUHQFKHG FORWKHV DQG QXPELQJ KLV DOUHDG\ IUHH]LQJ KDQGV +H SXOOHG KLV FRDW WLJKWHU EXW LW RIIHUHG QR VRODFH IURP WKH FROG ZHW QLJKW /DGHQ ZLWK ZDWHU LW FOXQJ WR KLP GUDJJLQJ DW KLV
8QDEOH WR FRQWURO KLV IHDU DQ\ ORQJHU KH WRRN RII LQ D GHDG UXQ +H ORRNHG RYHU KLV VKRXOGHU DQG WR KLV KRUURU WKUHH ILJXUHV VWHSSHG RXW RI WKH 'DUN 3ODFH DQG EHJDQ WR SXUVXH KLP 7ZR ZHUH PDQVL]HG EXW WKH\ ZHUH DQ\WKLQJ EXW KXPDQ 7KHLU H\HV EXUQHG EULJKW UHG DQG WKH\ PRYHG IDVWHU WKDQ DQ\RQH KDG D ULJKW WR 7KH WKLUG IRUP ZDV VRPHWKLQJ RXW RI D QLJKWPDUH 6WDQGLQJ KHDG DQG VKRXOGHUV DERYH WKH RWKHU WZR LW ERUH QR VHPEODQFH WR DQ\WKLQJ KXPDQ /HQQ\ JDVSHG LQ
0853+< 6/$:
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
1DPHV
-RQHVFRQW G +LVWRU\" :HOO ZH UH QRW OLNH \RX +HUPHWLFV ZKR QR RIIHQVH GRFXPHQW HYHU\WLPH D PHPEHU EUXVKHV KLV WHHWK , VXSSRVH ZH YH EHHQ DURXQG LQ RQH IRUP RU DQRWKHU IRU D ORQJ WLPH $ IULHQG RI PLQH WROG PH WKDW
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
9DULDEOHVZRQ W&RQVWDQWVDUHQ W2VERUQ V/DZ ([FHUSWVIURPP\LQWHUYLHZVZLWK/HRQDUG-RQHV
%DFNJURXQG ,IDQ\WKLQJFDQJRZURQJLWZLOO0XUSK\ VVW/DZ
0853+< 6/$:
FRPSDQ\ VR LI \RX YH KLW WKH ERWWRP GRQ W WDNH LW IRU JUDQWHG WKDW WKH RQO\GLUHFWLRQLVXS7KHUHLVQRVXFKWKLQJDVZRUVW
SDUDGLJP0XUSKVDUHDZDNHQHGE\DSDUDGLJP
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
0HHWLQJV
-RQHV
$FRO\WHV
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
)RFL 7KH SUREDELOLW\ RI DQ\WKLQJ KDSSHQLQJ LV LQ LQYHUVH UDWLR WR LWV GHVLUDELOLW\*XPSHUVRQ V/DZ
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
&RPSLOHU V QRWHV :KDW PDUNV 0XUSK\ V /DZ DV HVSHFLDOO\ XQXVXDO LV LWV LQWHUSUHWDWLRQ RI PDJLFN DQG PRUH LPSRUWDQWO\ WKH RGG QDWXUH RI LWV IRFL $V , PHQWLRQHG EHIRUH WKH\ KDYH RQO\ RQH IRFXV ZKLFK WKH\ XVH IRU DOO QLQH VSKHUHV $V WKH\ EHFRPH PRUH HQOLJKWHQHG WKH\ PD\ DEDQGRQ WKLV IRFXV IRU WKRVH VSKHUHV WKH\ XQGHUVWDQG WKH PRVW WKRXJKIHZRIWKHPGRVR -RQHV )RFL HK"
0853+< 6/$:
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
+H\ , QHYHU KDYH EDG WULSV , OO EH GDPQHG LI KH GLGQ W ]DS PH ZLWK VRPHWKLQJ DQG , KDG WKH ZRUVW WULS HYHU 0DGH PH JLYH XS GUXJV ULJKW WKHQDQGWKHUH%DVWDUG+DVKFDW'LVFLSOHRI7LPH 'UHDPVSHDNHUV :KLOH LW LV WUXH WKDW HYHU\ OXFN\ EUHDN LV SDLG IRU E\ IXWXUH PLVIRUWXQH WKHVH JX\V DUH SURRI SRVLWLYH WKDW WKH RSSRVLWH GRHV QRWQHFHVVDULO\RFFXU:HUHWKH\HYHURQWRS" :KHQ WKHVH ORVW VRXOV ZHUH ERUQ *DLD ZHSW IRU WKHP %ODFN &ORXG 0DVWHURI6SLULW
0853+< 6/$:
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
DUHYHU\VWUDQJH5RELQ%DVKLU$GHSWRI/LIH 9LUWXDO $GHSWV 2QH OLWWOH VHPLFRORQ RXW RI SODFH DQG WKH ZKROH SURJUDPFUDVKHV1RZWKDWLV0XUSK\DWZRUN JURDQ , DYRLG WKHP EHFDXVH HYHU\WLPH , VHH RQH , LPPHGLDWHO\ JHW EXJVHYHU\ZKHUH'LDQH.HUIRRW'LVFLSOHRI&RUUHVSRQGHQFH 7KH 7HFKQRFUDF\ /LNH , VDLG WKH\ DUH UHDOO\ DVNLQJ IRU LW 7KHLU KHDGV DUH ELJJHU WKDQ WKH +HUPHWLFV WKH &KRULVWHUV DQG WKH (WKHULWHV
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
6RXUFHV -XVW ZKHQ \RX VHH WKH OLJKW DW WKH HQG RI WKH WXQQHO WKH URRI FDYHV LQ)RUV\WK V6HFRQG&RUROODU\WR0XUSK\ V/DZV )RU0DJH7KH$VFHQVLRQE\:KLWH:ROI*DPHV6WXGLRV 3DUDGR[HIIHFWVLQVSLUHGE\7LP7RQHU V7UHQFKFRDWHUV KWWSZZZFKHPLHIXEHUOLQGHGLYHUVHPXUSK\PXUSK\KWPO D NHHQZHESDJHZLWKORWVRI0XUSK\ VVW\OHTXRWHV
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
0853+< 6/$:
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
1(&520$1&(56
7KH 1HFURPDQFHUV SXEOLVK D TXDUWHUO\ MRXUQDO NQRZQ DV WKH 1HFURILOHV WKDW WHOO RI UHFHQW UXPRUV ILQGV DQG GLJV WKDW KDYH RFFXUUHG LQ WKH 1HFURPDQF\ FRPPXQLW\ 7KH 1HFURILOHV DUH YHU\ FU\SWLFDOO\ ZRUGHG EXW RQH RI WKH ILUVW WKLQJV DFRO\WHV DUH WDXJKW LV KRZWRGHFLSKHUWKLVFRGH
0DJLFN ,W V DOVR UXPRUHG WKDW WKH ZDU EHWZHHQ ,UDQ DQG ,UDT ZDV D 1HFURPDQFHU DWWHPSW WR UHJDLQ RU FDSWXUH SUHFLRXV DUFKHDRORJLFDO DUHDV
7KH 1HFURPDQFHU RUJDQL]DWLRQ LV YHU\ PXFK WDLORUHG OLNH DQ DVVRFLDWLRQ LQ DFDGHPLD D JURXS RI SURIHVVRUV IURP DOO DURXQG WKH ZRUOG XQLWHG LQ D FRPPRQ SXUVXLW RI D FHUWDLQ DFDGHPLF GLVFLSOLQH ,Q WKLVFDVHIRUWKHVWXG\RIWKH1HFURPLFRQ
6SKHUH $V WKH (XWKDQDWRV WKH VSHFLDOLW\ 6KHUH LV (QWURS\ 2QH RI WKH PDLQ6SKHUHVRIFRQWUROLQWKH1HFURPLFRQLVVXSSRVHGO\(QWURS\
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
$FRO\WHV $UFKHDRORJLVWV *UDG 6WXGHQWV ([SORUHUV $FDGHPLFV +LVWRULFDO6FKRODUV
)RFL
p p p p p p
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
6WHUHRW\SHV $NDVKLF %URWKHUKRRG 7KH\ XQGHUVWDQG WKH QHHG IRU GLVFLSOLQH DQG FRQWURO%XWWKHUH VWRRPDQ\MRFNVDPRQJWKHP7KH\VKRXOGEHXVLQJ WKHLUPLQGVIRUVHDUFKLQJIRUWKH%RRNRIWKH'HDG &HOHVWLDO &KRUXV *RRG VFKRODUV EXW WKHLU ZRUNV DUH JURXQGHG WRR PXFK LQ WKH $OPLJKW\ *RG LV GHDG 7KH RQO\ WUXH VRXUFH RI DQFLHQW SRZHUDQGNQRZOHGJHLVLQWKH1HFURPLFRQ &XOWRI(FVWDV\1RGLVFLSOLQHQRJRDOQRZRUWK 'LVFRUGLDQV 7KH\ FRPH DFURVV DV FUD]\ IRROV EXW WKH\ SRVVHVV JUHDW NQRZOHGJHRIWKLVZRUOG'RQRWOHWWKHLUZHLUGQHVVGHOXGH\RX
1(&520$1&(56
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
6\VWHP VDPH UROOV DV D QRUPDO DWWDFN RQ WKH SK\VLFDO ZRUOG 1RWH WKDW WKH DWWDFN DSSHDUV LQ WKH 8PEUD VR LW IROORZV WKH UXOHV IRU FROOHFWLQJ RI 3DUDGR[ LQ WKH 8PEUD 7KHUH V QR QHHG IRU FRLQFLGHQWDO HIIHFWV 2I FRXUVH WKH 1HFURPDQFHU VKRXOG SHHN LQWR WKH 8PEUD EHIRUHFDVWLQJWKHURWHRUHOVHKHZRQ WNQRZZKHUHWRVKRRW 6HH
D
IHZ
H[DPSOHV
RI
1HFURQRPLFRQ
WDOLVPDQV
1HSKDQGL 7KH5HGHPSWLRQ
%\-RQDWKDQ/DQJWUDYHOHU#LRFRP
,QWURGXFWLRQ 7KLV LV DQ H[SDQVLRQ RQ WKH EDFNJURXQG LQWURGXFHG LQ WKH %RRN RI 0DGQHVV LW FRYHUV WKRVH UDUH 1HSKDQGL ZKR KDYH PDQDJHG WR UHVLVW WKH FRUUXSWLRQ 7KHLU VRXOV DUH WDLQWHG ZLWK GDUNQHVV \HW WKH\ FRQVWDQWO\ ILJKW DJDLQVW WKH FRUUXSWLRQ RI WKHLU VRXO WKH\ DUH WKH 5HSHQWDQW
'DUN$YDWDU (YHU\ 1HSKDQGXV KDV D 'DUN $YDWDU DJDLQVW ZKLFK WKH 5HSHQWDQW VWUXJJOHV WKH 7UXH 1HSKDQGL KDYH DOUHDG\ ORVW WKLV VWUXJJOH DQG DUH GRPLQDWHGE\WKHLUGDUNVLGHV
'DUN1DWXUH (YHU\ 1HSKDQGXV KDV WKUHH $UFKW\SHV LQVWHDG RI WKH XVXDO WZR 1DWXUH 'HPHDQRU DQG 'DUN 1DWXUH 7KH 'DUN 1DWXUH GHILQHV KRZ WKH 1HSKDQGL V $YDWDU DWWHPSWV WR FRQWURO KHU )ROORZLQJ LV D OLVW RI WKHSRVVLEOH'DUN1DWXUHV
p p p p p p p p p p
7KH$EXVHU 7KH'LUHFWRU 7KH)UHDN 7KH/HHFK 7KH0DUW\U 7KH0RQVWHU 7KH3DUHQW 7KH3HUIHFWLRQLVW 7KH3XVKHU 7KH5DWLRQDOLVW
)RU GHWDLOV DERXW HDFK 'DUN 1DWXUH ORRN XS WKH HTXLYHOHQW 6KDGRZ $UFKW\SHIURP:UDLWKWKH2EOLYLRQ
&RUUXSWLRQ 7KLV WUDLW UHSUHVHQWV WKH WDLQW RQ WKH 1HSKDQGL V $YDWDU DV WKH 5HSHQWDQW ORVHV JURXQG LQ KHU VWUXJJOH KHU &RUUXSWLRQ LQFUHDVHV :KHQ WKH PDJH V 3HUPDQHQW &RUUXSWLRQ UHDFKHV VKH EHFRPHV D )DOOHQ 2QH DQG ORVHV KHU FKDQFH DW 5HGHPSWLRQ $ 5HSHQWDQW 1HSKDQGL VWDUWV ZLWK VL[ SRLQWV RI &RUUXSWLRQ KH FDQ PRGLI\ WKLV ZLWK )UHHELH 3RLQWV DV EHORZ SHUPDQHQW &RUUXSWLRQ FDQQRW VWDUW EHORZ RU DERYH DQG WHPSRUDU\ &RUUXSWLRQ FDQQRW VWDUW EHORZ RUDERYH
p p p p
3HUPDQHQW&RUUXSWLRQSRLQW)ODZ 7HPSRUDU\&RUUXSWLRQSRLQW)ODZ 3HUPDQHQW&RUUXSWLRQSRLQW0HULW 7HPSRUDU\&RUUXSWLRQSRLQW0HULW
*DLQLQJ&RUUXSWLRQ 7KHUHDUHVHYHUDOZD\VWKH1HSKDQGXVFDQJDLQ&RUUXSWLRQ
p
4OLSSRWKLF 'LFH $W DQ\ WLPH WKH $YDWDU FDQ RIIHU WKH 1HSKDQGXV H[WUD GLFH RQ DQ\ UROO KH PDNHV HDFK %RWFK RQ WKHVH 4OLSSRWKLF 'LFH HDUQV WKH PDJH D SRLQW RI &RUUXSWLRQ 7KH $YDWDU FDQRIIHUXSWRILYHH[WUDGLFHIRUDJLYHQUROO
1(&520$1&(56
p
WKH +LHUDUFK\ RI 6LQV :KHQHYHU WKH 1HSKDQGL GRHV VRPHWKLQJ HYLO RU FRUUXSW VKH PXVW PDNH D &RUUXSWLRQ UROO DJDLQVW D GLIILFXOW\ IRXQG RQ WKH +LHUDUFK\ RI 6LQV OLVWHG EHORZ UHPHPEHU WKH UXOH RI $XWRPDWLF 6XFFHVVHV LI KHU &RUUXSWLRQ HTXDOV RU H[FHHGV WKH 'LIILFXOW\ RI WKH 6LQ VKH DXWRPDWLFDOO\ VXFFHHGV 2Q D IDLOXUH VKH JDLQV D SRLQW RI &RUUXSWLRQ RQ D ERWFK VKH JDLQV WZRSRLQWV 7KH+LHUDUFK\RI6LQV
'LIILFXOW\ 6LQ
$FFLGHQWDO:URQJGRLQJ
3XUSRVHIXO:URQJGRLQJ
3XUSRVHIXO,QIOLFWLRQRI,QMXU\
7KHIWDQG5REEHU\
8QSUHPHGLWDWHG0XUGHU
:DQWRQ'HVWUXFWLRQ
'HOLEHUDWH&DXVHRI,QMXU\
6DGLVPDQG3HUYHUVLRQ
3UHPHGLWDWHG0XUGHU
p
%\'DUUHQ:KHDWFURIW :H WUDYHO EHFDXVH ZH DUH IUHH 1RW OLNH \RX WUDSSHG LQ \RXU OLWWOH KRXVHV ZLWK WKHLU JDUGHQV 7KH ZRUOG LV RXU EDFN JDUGHQ WKH VWUHDPV DUH RXU SOXPELQJ 7KH PDJLF LV RXUV WR HQMR\ 0DJLF RI WKH RSHQ URDG PDJLFRIWKHVRXO 7KH 7UHPHUH FODQ RI YDPSLUHV LQ WKH ODWH WK FHQWXU\ EHJDQ WKH SRSXODU PRYHPHQW RI VSLULWXDOLVWV WKDW SUHYDLOHG LQ WKDW WLPH 7KH 9HQWUXH DVVLVWHG E\ WKH 7HFKQRFUDF\ EHDW GRZQ WKLV PRYHPHQW PHUFLOHVVO\
2QO\WKHPRVWGHSUDYHGDQGLPPRUDODFWV 4OLSSRWKLF 0DJLFN 4OLSSRWKLF 0DJLFN LV WKH GDUN VLGH RI WKH 6SKHUHV DQG LV XVHG H[FOXVLYHO\ E\ WKH 1HSKDQGL ZKHQHYHU 4OLSSRWKLF0DJLFNERWFKHVWKH0DJHJDLQVDSRLQWRI&RUUXSWLRQ
7KH 5HSHQWDQW FDQ ILJKW RII &RUUXSWLRQ E\ GLVSOD\V RI KHURLVP XQFRPPRQ FRPSDVVLRQ RU UHPRUVH IRU SDVW HYLO GHHGV 7KH PRUH FRUUXSW WKH PDJH LV WKH JUHDWHU WKH GHHG PXVW EH WR UHFRYHU D SRLQW RI &RUUXSWLRQ 5HPRYLQJ D SRLQW RI &RUUXSWLRQ LV FRPSDUDEOH LQ GLIILFXOW\ DQG WHFKQLTXH WR JDLQLQJ D SRLQW RI $UHWH WKH 0DJH PXVW JR WKURXJK DQ (SLSKDQ\ LQ WKDW KH PXVW FRQIURQW KLV $YDWDU +RZHYHU KH LV FRQIURQWLQJ WKH WDLQW LQ WKH $YDWDU DQG SXULI\LQJ LW UDWKHU WKDQ EHLQJ WHVWHGE\WKH$YDWDU
7DLQWV $5HSHQWDQWKDVVRPHDGGLWLRQDOFKRLFHVIRU0HULWVDQG)ODZV
p p p p
NEW AGE TRAVELERS
/HQGXVDILYHU"
/RVLQJ&RUUXSWLRQ
p
QRORQJHUD1HSKDQGL
7DLQWHG 7UDLW FRVW YDULHV WKH PDJH JHWV DQ H[WUD SRLQW IRU XVH LQ RQH WUDLW GHFLGHG DW FKDUDFWHU FUHDWLRQ KRZHYHU DQ\ XVH RI WKH H[WUD SRLQW HDUQV WKH PDJH D SRLQW RI &RUUXSWLRQ 7KH FRVW GHSHQGVRQWKHWUDLWEHLQJWDLQWHG $WWULEXWHVSRLQWVSHUGRW $ELOLWLHVSRLQWSHUGRW 6SKHUHVSRLQWVSHUGRW %DG .DUPD SRLQW )ODZ WKH $YDWDU FDQ VSHQG D SRLQW RI &RUUXSWLRQ WR GHFUHDVH WKH QXPEHU RI VXFFHVVHV JDLQHG E\ WKH PDJH MXVW DV WKH PDJH FDQ H[SHQG D SRLQW RI :LOOSRZHU WR LQFUHDVHWKHQXPEHURIVXFFHVVHV
p
)UHXGLDQ 6OLS SRLQW )ODZ %\ VSHQGLQJ D SRLQW RI WHPSRUDU\ &RUUXSWLRQ WKH $YDWDU FDQ IRUFH WKH PDJH WR SHUIRUP RQH DFWLRQ 7KLV FDQ EH UHVLVWHG E\ VSHQGLQJ D SRLQW RI :LOOSRZHU DQG PDNLQJ D:LOOSRZHUUROOGLIILFXOW\ &RUUXSWLRQPLQLPXPRI
p
'HYLO V 'DUH SRLQW )ODZ 7KH $YDWDU PD\ LQYHVW D QXPEHU RI SRLQWV RI WHPSRUDU\ &RUUXSWLRQ LQWR D VLQJOH DFWLRQ EHIRUH WKH HQG RI WKH VHVVLRQ WKH PDJH PXVW SHUIRUP WKDW DFWLRQ ,I VKH GRHVQ W VKH ORVHV D QXPEHU RI :LOOSRZHU SRLQWV HTXDO WR WKH QXPEHURI&RUUXSWLRQSRLQWVWKDWWKH$YDWDUH[SHQGHG
5HGHPSWLRQ ,I D 1HSKDQGL HYHU UHGXFHV KHU &RUUXSWLRQ WR ]HUR VKH KDV DFKLHYHG 5HGHPSWLRQ VKH ORVHV KHU 'DUN 1DWXUH DQG 7DLQWV FRPSOHWHO\ DQG LV
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
1(:$*(75$9(/(56
IRU DW OHDVW WKUHH \HDUV 8SRQ DZDNHQLQJ WKH\ KROG D SDUW\ DQG DOO WKH JURXS DWWHQG 7KHUH DUH WZR RI WKHVH LQLWLDWLRQV HYHU\ \HDU DW *ODVWRQEXU\DQG5HDGLQJIHVWLYDOV>@
ZLOGHUQHVVD WKHUHLVQR'HHSZLOGHUQHVVLQWKH8QLWHG.LQJGRP
&KDQWU\7KHPDLQFKDQWU\LVLQ'XEOLQ(LUH
>@ 7UHDW DV RQH OHYHO OHVV IRU SXUSRVHV RI EUHDFKLQJ WKH JDXQWOHW GRZQWRZQ EHFRPHV D WKH UHVW RI WKH FLW\ EHFRPHV 1RGHV VWLOO QHHGRQHVXFFHVVKRZHYHU
$FRO\WHV1HZ$JH7UDYHOHUV'URSRXWV *UHHQLHV
6SKHUH1RQHEXWVKRZDSUHIHUHQFHIRU6SLULWDQG/LIH )RFL0D\QRWHDWPHDWRUHOVHWKH\ORVHWKHLUSRZHUV &RQFHSWV'URSRXWV1HZDJHWUDYHOHUV *UHHQLHV
6WHUHRW\SHV
>@ ,I D &UXVW\ HDWV PHDW WKHLU DYDWDU WHPSRUDULO\ ZHDNHQV DQG DOO VSKHUHVDUHWUHDWHGDVEHLQJRQHOHVVXQWLOWKH0DJH)DVWVIRUDGD\
>@ :KLFK LV ZK\ WKH SROLFH DOZD\V VKRZ D JUHDWHU LQWHUHVW LQ VWRSSLQJWKHVHIHVWLYDOV >@ 7KH +ROORZ 2QHV DUH D SXUHO\ $PHULFDQ RUGHU DQG KDYH QR EUDQFKHV LQ WKH 8. ,I WKH\ GLG WKH UHVSRQVH ZRXOG EH 6$' *27+6
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
NUMEROLOGISTS %\ 5LFKDUG 6FRWW VFRWULFK#FZLVLVXHGX 0DUFK $Q 2UGHURI+HUPHVVXE7UDGLWLRQ
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
180(52/2*,676
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
0HHWLQJV :KHQHYHU WKHUH LV PRUH WKDQ RQH 1XPHURORJLVW LQ WKH VDPH SODFH WKHUH ZLOO XVXDOO\ EH LQIRUPDO PHHWLQJV EHWZHHQ WKHP 7KH RQO\ IRUPDO PHHWLQJV DUH GXULQJ LQLWLDWLRQV RI QHZO\ DZDNHQHG 0DJHV DW WKHLU FKDQWU\ +RZHYHU WKH\ ZLOO PHHW RQFH SHU \HDU PLQLPXP LI QR 0DJHV DUH LQLWLDWHG WKDW \HDU 7KLV ZLOO EH DW WKHLU FKDQWU\ RQ WKH ELUWKGD\RI3\WKDJRUDV
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
&RQFHSWV *HRPHWU\ WHDFKHU DFFRXQWDQW DFWXDU\ ZDLWUHVV DQ\RQH ZLWK DQ LQWHUHVW LQ QXPEHUV ZKR LV QRW FROGO\ WHFKQLFDO RU ZLWKRXW OLIH RWKHU RFFXOWLVWVVXFKDV.DEEDOLVWVPD\ZHOOILWKHUHWRR
4XRWH :H UH RQ IORRU " :K\ LV WKH KRXVHZDUHV GHSDUWPHQW RQ IORRU " , GRQ W XQGHUVWDQG WKDW GRHVQ W ILW 1XPEHUV DUH LPSRUWDQW LQ OLIH \RX NQRZ
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
$FRO\WHV
+ROORZ 2QHV :H SLW\ WKHP EXW RXU FRPSDWULRWV VQHHULQJ GLVOLNH LV PLVSODFHG:H GOLNHWRKHOSWKHPLISRVVLEOHWRILQGWKHLUZD\
1XPHURORJLVW DFRO\WHV FDQ EH IRXQG LQ DOO ZDONV RI OLIH 7KH\ ZLOO JHQHUDOO\ WDNH SHRSOH ZKR KDYH VKRZQ D FDVXDO LQWHUHVW LQ QXPHURORJ\ 7KH PDQ ZKR UHDG &ROLQ :LOVRQ DV D NLG DQG SOD\HG DURXQG ZLWK KLV QDPH 7KH FRS ZKR OLNHV ELRUK\WKPV DIWHU KLV ZLIH VKRZHG KLP DQG UHDG D OLWWOH ELW PRUH $Q DWKOHWH ZKR LV D FDVXDO 7DURW HQWKXVLDVW LQWHUHVWHG LQ UHODWLQJ LW WR QXPEHUV 1RUPDO HYHU\GD\ SHRSOH QRW QHFHVVDULO\ J\SV\ IRUWXQH WHOOHUV RU QHZVSDSHU DVWURORJHUV
6RQV RI (WKHU 7KHLU MXU\ULJJHG PDFKLQHV MXVW VHHP WR JHW LQ WKH ZD\ :K\ VR FRPSOH[" 7RR PXFK WR WULS RYHU HYHQ LI WKH\ DUH IOH[LEOH:HFDQZRUNWRJHWKHUEXWLWLVGLIILFXOW
6SKHUHV 1XPHURORJLVWV KDYH WKH VDPH SULPDU\ VSKHUH DV WKHLU PDLQ 7UDGLWLRQ )RUFHV 0LQG DQG 0DWWHU ZLOO RIWHQ EH RI LQWHUHVW WR WKH 1XPHURORJLVW DVZHOO(QWURS\DQG7LPHDUHQRWDVFRPPRQ
9HUEHQD $ FHOHEUDWLRQ RI /LIH ZH XQGHUVWDQG EXW WKH\ WHQG WR EH D ELW PHVV\ :H JHW FDOOHG ROG IDVKLRQHG DQG GXOO EXW WKDW LV EHWWHU WKDQ JRUH7KH\KDYHDJRRGRXWORRN 9LUWXDO $GHSWV 7KH\ FRXOG ZHOO EH WKH ORJLFDO PRGHUQ H[WHQVLRQ RI RXUVHOYHV +DV WHFKQRORJ\ SDVVHG XV E\" 7KH VDPH DV WKH 6RQV WKRXJK WRR FRPSOLFDWHG ,I \RX FDQ W GR LW LQ \RXU KHDG LV WKHUH DQ\ SRLQW" +DYLQJ RQO\ V DQG V GRHV QRW PDNH D ORW RI VHQVH WR XV +RZHYHU WKH\ PD\ KDYH VRPHWKLQJ $V DOOLHV ZH FRXOG DFFRPSOLVK D JUHDWGHDO
1XPHURORJLVW0DJLF1RWHV 7R DIIHFW VRPHWKLQJ D 1XPHURORJLVW VKRXOG NQRZV LWV QXPEHU 6LPSOH HQRXJK ZKHQ LW LV D FKDLU WR ZRUN RXW LQ \RXU KHDG LQ D VHFRQG
180(52/2*,676
PRUH FRPSOLFDWHG ZKHQ D QDVW\ 1HSKDQGL GHPRQ DSSHDUV +RZHYHU LI D QXPHURORJLVW KDV GRQH WKLV UHGXFH WKHLU GLIILFXOW\ E\ RQH ,I WKH\ KDYHQ W WKH GLIILFXOW\ VKRXOG EH UDLVHG E\ WZR 6R D 1XPHURORJLVW 0DJH PD\ QHHG WR VSHQG D WXUQ GRLQJ WKLV ZKLFK FRXOG EH D SUREOHP 7KRVH ZLWK WKH /LJKWQLQJ &DOFXODWRU PHULW ZKLFK D ORW RI 1XPHURORJLVWVGHYHORS FDQRIIVHWWKLVDOLWWOH 'HPRQV DQG RWKHUV VKRXOG EH FDUHIXO ZLWK WKHLU WUXH QDPHV DV WKDW JLYHVD1XPHURORJLVWDORWWRZRUNZLWK
180(52/2*,676
O OCTARINE MAGES %\3HORTXLQNDYDQDGLV#NDUOVNURQDPDLOWHOLDFRP
3UHOXGH
KDYHDQHZDSSUHQWLFH" 6KHSRNHGKLPLQWKHULEV
7KH,OOXPLQDWHG%UHWKUHQRI2FWDULQH/LJKW $UW WKRX D ZLWFK YLYD HVSDxD" 7HUU\ 3UDWFKHWW DQG 1HLO *DLPDQ
2&7$5,1(0$*(6
*RRG2PHQV 7KH ,%2/ LV RQH RI WKH ROGHVW DQG RQH RI WKH ZHLUGHVW RUGHUV RI 7UXH 0DJHVLQH[LVWDQFH7KH\VXIIHUWKHJUHDWPLVIRUWXQHRIEHLQJIRUFHGWR XVH PRUH DFWXDO 4XLQWHVVHQFH WKDQ RWKHU PDJHV DQG WKH SUREOHP RI QRWEHLQJDEOHWRSHUIRUPPDJLFNVZLWKRXWWKHLU)RFL %XW 7KH\ KDYH QR SUREOHPV ZLWK 3DUDGR[ 6SLULWV 7KH\ FDQ SHUIRUP OHVVHU YXOJDU PDJLFNV LQ IXOO YLHZ $QG WKH\ KDYH NQRZOHGJH DERXW WKH )DU 8PEUDO5HDOPVWKDWWKH7UDGLWLRQDO0DJLZRXOGNLOOWRREWDLQ 7KH ILUVW HQFRXQWHUV ZLWK WKHVH 0DJL FDPH ZKHQ D \RXQJ 'UHDPVSHDNHU QDPHG 7KRPDV 5LMQVZDQG KDSSHQHG XSRQ D 5HDOP KH KDGQHYHUEHIRUHKHDUGRI ,W ZDV EDVLFDOO\ D JLJDQWLF WXUWOH VZLPPLQJ WKURXJK WKH 'HHS 8PEUD ZLWK IRXU FRORVVDO HOHSKDQWV RQ LWV EDFN ZKLFK LQ WXUQ FDUULHG DWHQWKRXVDQGPLOHVZLGHIODWZRUOG 7KH'LVFZRUOG ,Q WKLV ZRUOG ZKLFK KH ILUVW EHOLHYHG HPSW\ KH IRXQG WR KLV DPD]HPHQW QRW RQO\ KXPDQV EXW DOO PDQQHUV RI P\WKLFDO FUHDWXUHV DQG PRVW DPD]LQJ RI DOO WZLVWHG YHUVLRQV RI $ZDNHQHG EHLQJV $QG 7UXH0DJL 7KH 0DJL JUHHWHG 7KRPDV LQYLWHG KLP LQ IRU WHD DQG VFRQHV DQG WKHQ SURFHHGHG WR WHOO KLP VRPH RI WKH 5HDOP KH KDG FRPH XSRQ $FFRUGLQJ WR WKHP WKH\ ZHUH WKH DQFHVWRUV RI 7UXH 0DJL DQG KXPDQV ZKR KDG OHIW WKH 7HOOXULDQ ORQJ DJR IRU UHDVRQV WKH\ GLG QRW UHPHPEHU DQ\ ORQJHU ,Q IDFW PRVW RI WKHP ZHUH WU\LQJ WR UHWXUQ WR RXU ZRUOG QRW DQ HDV\ WDVN ZKHQ RQH GRHV QRW UHPHPEHU KRZ RQH FDPH WR WKH 5HDOP WR EHJLQ ZLWK %XW 7KRPDV VKRZHG WKHP KRZ KH KDG GRQH LW DQG WKH\ HDJHUO\ OHDUQHG IURP KLP DQG LQ WXUQ WHDFKLQJ KLP VHYHUDO URWHVDQGVSHOOVRIPDJLFRIWKDW5HDOP $QG ZKHQ KH ZHQW EDFN VRPH RI WKHP ZHQW ZLWK KLP WR UHYLVLW WKH 7HOOXULDQWKH\OHIWEHKLQGVRPDQ\PLOOHQQLDDJR 6RPHRIWKHPVWD\HG
)RFL :L]DUGV VWDII WKH IHPDOH KDOI QHHG QR IRFL DQG JDLQ WKH GLFH LI WKH\XVHDQ\
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
1LFNQDPH :L]DUGV )URP WKH ROG ZRUG Z\VHDUVRQH ZKR DW ERWWRP EHOLHYHV KHNQRZVDOO
3KLORVRSK\ $K QRWKLQJ OLNH D ZDUP ILUH WR ZDUP RQHV VSLULW RQ D FROG ZLQWHU QLJKWHKROGER\"3XWDQRWKHUORJRQWKHILUHZLOO\RX"
2XWORRN 'R QRWH WKDW WKHVH SUHMXGLFHV DUH VWULFWO\ IRU WKH 7HOOXULDQEDVHG ,%2/ DV WKRVH VWLOO RQ WKH 'LVFZRUOG NQRZ QRWKLQJ RI WKH ZRUOG WKH\ OHIW EHKLQG $NDVKLF%URWKHUKRRG7KHVRXQGRIRQHKDQGFODSSLQJLVZKLII ,KDYHPHWWKHVHSDUWLFXODU$ZDNHQHGDQGWKH\KDYHQRGLVFLSOLQH &HOHVWLDO &KRUXV 7KH 2QH" +HK , NQRZ D QXPEHU RI JRGV DQG WKH\ ORYHLWZKHQSHRSOHZRUVKLSWKHPDVEOLQGO\DVWKHVHGR
$FRO\WHV
7KH\KDYHQRUHVSHFWIRUWKH2QH
/LEUDULDQVRFFXOWLVWVFROOHJHSURIHVVRUV
&XOWRI(FVWDV\$OFRKRO":K\QRW
,QLWLDWLRQ
&RRROPDQOLNHWKH\ UHOLNHIDW*DQGDOIV
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
'UHDPVSHDNHUV *RRG GD\ PDWH WKURZ DQRWKHU VKULPS RQ WKH EDUE\" )RROV (XWKDQDWRV5HDOO\WKDWDWWLWXGHLVVRRXWGDWHG ,VWLOOKDYHIRXQGQRXVHIRUWKHVH +ROORZ2QHV,QHYHUFRXOGVWRPDFKWKDWJRWKLFORRN 6RPHRQHJLYHWKHVHROGFRGJHUVDKLVWRU\ERRNPDQ 2UGHURI+HUPHV7KH\ UHMXVWMHDORXVWKDWZHGRQ WJHW3DUDGR[ #
6RQVRI(WKHU,QHYHUFRXOGVWRPDFKDOFKHPLVWV ,QHYHUFRXOGVWRPDFKZL]DUGV
&RQFHSWV
9HUEHQD,KDYHDEVROXWHO\QRWKLQJDJDLQVWZLWFKHVKRQHVWO\
/D]\ IDW EDVWDUGV FRZDUGO\ IHUUHWOLNH F\QLFV ZLWK $UUHWH DQG 6SKHUHV DOO FDQ \RX VD\ 5LQFHZLQG ER\V DQG JLUOV" ROG PHGGOLQJ ZLWFKHVVHQLOHSURIHVVRUVDQGDFDGHPLFV
%ORRG\ZL]DUGVDOZD\VPHGGOLQJLQWKLQJVWKH\VKRXOGQ WEHGRLQJ 9LUWXDO$GHSWV:KDW VD FRPSXWHU " %RRRRULQJ
2&7$5,1(0$*(6
4XRWH $1' 12: :,7+ 7+( 32:(5 2) $+$69(586 , 6(1' 7+(( 72 7+(6,;7+/(9(/2)RKEXJJHUWKHVWDIIPDOIXQFWLRQHGDJDLQ
7KH'LVFZRUOG 3UHOXGH 6RGRP\QRQVDSLHQV VDLG$OEHUWXQGHUKLVEUHDWK
:KDWGRHVWKDWPHDQ"
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
2&7$5,1(0$*(6
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
IDPRXV DPRQJ WKHP IRU KLV DELOLW\ WR FRXQW WR PRUH WKDQ VHYHUDO WKRXVDQG (YHQ LI LW V MXVW LQ WKH ZD\ RI2QHHU WZRRRR WKUHH IRXU HUILYHVL[VHYHQHLJKWVQLQHUWHQ 0DJHV \HV WKHUH DUH PDJHV DOWKRXJK RQ WKH 'LVF WKH\ DUH NQRZQ DV ZLWFKHV DQG ZL]DUGV 7KH\ GRQ W KDYH WR ZRUU\ DERXW 3DUDGR[ DV WKH 'LVFZRUOG LV RQH ELJ 3DUDGR[ LWVHOI EXW LQVWHDG LI WKH\ XVH WRR PXFK PDJLF DW RQFH WKH\ PLJKW DWWUDFW DWWHQWLRQ IURP WKH 7KLQJV LQ WKH 'XQJHRQ 'LPHQVLRQV ZKR DOZD\V ORRN IRU D ZD\ LQWR RXU GLPHQVLRQ
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
p
p
p
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
7+(25'(52)$(6&/(3,86
p p
:LQJHG6KRHV&RUUHVSRQGHQFH 6DQG(QWURS\
$FRO\WHV 'RFWRUV 1XUVHV 3DUDPHGLFV )DLWK +HDOHUV &KLURSUDFWRUV 3V\FKLDWULVWVDQG3V\FKRORJLVWV0HGLFDO6WXGHQWV+\SRFKRQGULDFV
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
9LUWXDO $GHSWV )DVFLQDWLQJ 3HUKDSV WKH\ FDQ EXLOG XV D EHWWHU ZRUOG)RUWKHPRPHQWZHVKDOOZDLWDQGVHH
$QRWKHU DUHD RI UHVHDUFK LV 2USKDQV 2(' ILQG WKHP KLJKO\ LQWHUHVWLQJ :K\ GR WKH\ DZDNHQ" :KDW NHHSV VRPH RI WKHP IURP JRLQJ LQVDQH ZKLOH RWKHUV TXLFNO\ JR PDG" :KDW IDFWRUV LQIOXHQFH WKHP ERWK KHUHGLWDU\ DQG HQYLURQPHQWDOO\" 7KH\ WU\ WR ILQG RXW VRPHWLPHV LQWHUYLHZLQJ RUSKDQV RU VLPSO\ HQJDJLQJ LQ FRQYHUVDWLRQV 7KH\DOVRVWXG\WKHIDPLOLHVRI2USKDQVKRSLQJWRILQGXVHIXOWUDLWV
ORDER OF THE ETERNAL DAWN
7KH (XWKDQWHL LQ 2(' DOVR ZHHG RXW XQGHVLUDEOH WUDLWV 7KH\ XVXDOO\ XVH GXSHV ZKLFK GR WKH GLUW\ ZRUN 6RPH PDJHV ZRUN LQ KRVSLWDOV ZKHUH WKH\ LQ VHFUHW GHFLGH ZKR LV XVHIXO DQG ZKR LV QRW 6RPH RI WKHP KDYH EHJXQ LQILOWUDWLQJ VSHUPEDQNV VZDSSLQJ XVHOHVV PDWHULDO IRUZKDWWKH\FRQVLGHUXVHIXO
9HUEHQD $QRWKHU EOLJKW RQ WKH ZRUOG 7KH\ JLYH XV DOO D EDG QDPH 3HUKDSV WKH\ DUH QRW \HW KRSHOHVV EXW WKH KHDOLQJ RI WKHLU VRXOV ZLOO EH DQXSKLOOURDG
%\$QGHUV6DQGEHUJ 7KH 2UGHU RI WKH (WHUQDO 'DZQ 2(' ZDV IRXQGHG LQ WKH EHJLQQLQJ RI WKLV FHQWXU\ ZKHQ VHYHUDO PDJL RI (XWKDQDWRV DQG 9HUEHQD ZKR WR WKHLUVXUSULVHIRXQGRXWWKDWWKH\KDGVLPLODUJRDOV7KH\ERWKZRUNHG RQ SXULI\LQJ WKH UDFH DOEHLW LQ TXLWH GLIIHUHQW ZD\V 7KH LQYROYHG (XWKDQDWRV KDG EHHQ ZRUNLQJ RQ WKH 0HVVLDKSURMHFW IRU FHQWXULHV WU\LQJ WR ZHHG RXW WKH ZHDN DQG HQFRXUDJLQJ WKH XVHIXO WUDLWV LQ
2WKHU SURMHFWV LQYROYH WUDLQLQJ DQG LPSULQWLQJ RI WKH SURWHFWHG IDPLOLHV DQG WKHLU FKLOGUHQ SROLWLFDO DQG VFLHQWLILF LQILOWUDWLRQ WR PDNH WKHLU YLHZV D ELW PRUH 3& DJDLQ DQG SXUH PDJLFNDO UHVHDUFK RQ MXVW ZKDW WUDLWV DUH XVHIXO DQG ZKDW WKH QHZ UDFH ZLOO EHFRPH 7KH\ KDYH GRQH VRPH H[SHULPHQWV VWXG\LQJ JDURXOLQHDJHV DQG WKH HIIHFWV RI NLQGUHGEORRGEXWVRIDUWKH\KDYHQRWSURYHQXVHIXOWRWKHP 2(' KDYH VHFUHW PHHWLQJ SODFHV 2QH RI WKH PRVW W\SLFDO LV DQ RIILFH EHORQJLQJ WR *RRG /LIH ,QVXUDQFH LQ 1HZ
25'(52)7+((7(51$/'$:1
XVHG WR VWRUH WKHLU VHFUHW GRFXPHQWV SODQV DQG UHVXOWV XVLQJ VHYHUDO VXEWOH PDJLFNDO GHIHQFHV $ VOHHSHU YLHZLQJ WKH GRFXPHQWV ZRXOG WKLQN WKH\ DUH QRUPDO DFFRXQWLQJ RI QR LQWHUHVW &RLQFLGHQWDO HIIHFWV SUHYHQW WKHP IURP EHLQJ VWROHQ $Q DQWLPDJLFNDO VKLHOG VWUHQJWKHQV WKH *DXQWOHW DQG GDPSHQV DOO PDJLFN +HUH WKH (DVW &RDVW 2(' PHHWWRGLVFXVVWKHLUODWHVWILQGLQJVDQGSODQV
5RWHV )ROORZ %ORRG /LIH 7LPH 7KH PDJH WRXFKHV VRPH EORRG IURP VRPHRQH 7KH UHVXOW LV WKDW WKH PDJH JDLQV SK\VLRORJLFDO NQRZOHGJH DERXW WKH RZQHU KLV DJH FRQGLWLRQ DSSHDUDQFH VLFNQHVVHV PDUNLQJV DQG VR RQ %\ WUDFLQJ WKH EORRG EDFNZDUGV WKH PDJH FDQ OHDUQ KRZ WKH RZQHU ZDV ZKHQ KH ZDV \RXQJHU 7KH PDJH PD\ DOVR FRQWLQXH WKH WUDFLQJ EDFN WR WKH RZQHUV SDUHQWV DQG WKHLU SDUHQWV DQG VR RQ $ VLQJOHWUDLWPD\EHIROORZHGEDFNWRLWVVRXUFH (QG %ORRG /LIH 7KH PDJH WRXFKHV WKH YLFWLP ZLWK VRPH EORRG YHU\ OLWWOH LV UHTXLUHG 7KH UHVXOW LV D VPDOO LQIHFWLRQ UHQGHULQJ WKH YLFWLP VWHULOH DQG XQDEOH WR SDVV RQ XQGHVLUDEOH WUDLWV 7KH YLFWLP ZLOO QRWQRWLFHDQ\WKLQJ *XDUGLDQ $QJHO 6SLULW 7KH PDJH VXPPRQV D SURWHFWLYH VSLULW ZKLFK ZLOO IROORZ D SHUVRQ DURXQG ,I WKH SHUVRQ LV LQ GDQJHU LV YLFWLP WR PDJLFN RU RWKHUZLVH GLVWXUEHG WKH VSLULW ZLOO DOHUW WKH VXPPRQHU 7KLVURWHLVRIWHQXVHGWRSURWHFWGHVLUDEOHIDPLOLHV )LQG 7HPSODWH /LIH &RUUHVSRQGHQFH 7KH PDJH VHDUFKHV IRU OLIH PDWFKLQJ D WHPSODWH OLNH D FHOOVDPSOH KDYLQJ D FHUWDLQ PDUN RU D GHVLUDEOH WUDLW ,I WKHUH DUH DQ\ PDWFKLQJ OLIH IRUPV WKH PDJH ZLOO NQRZ ZKHUH WKH\ DUH 7KLV LV XVHG E\ VRPH PHPEHUV WR WUDFN WKHLU SURWHFWHGIDPLOLHV 0DUN WKH %ORRG /LIH 3ULPH 7KH PDJH PDUNV WKH EORRG RI D SHUVRQ 7KLV PDUNLQJ ZLOO EH SDVVHG RQ WR WKH FKLOGUHQ DQG VR RQ 6RPHWLPHV WKLV PDUNLQJ LV ERXQG WR D VSHFLDO WUDLW 7KH PDUN FDQ EH UHDG E\ /LIH 'LIIHUHQW PDUNLQJV KDYH GLIIHUHQW PHDQLQJV DQG DUH XVHG WR NHHS WUDFN RI FHUWDLQ WUDLWV 2(' KDYH DOVR IRXQG WKDW WKHUH H[LVW RWKHU PDUNLQJV LQ VHYHUDO EORRGOLQHV ZKLFK WKH\ KDYH QRW SXW WKHUH 6RPH PHPEHUV EHOLHYH WKDW WKHUH PXVW KDYH EHHQ RWKHU PDJHV GRLQJ WKH VDPH WKLQJ DV WKH\ LQ WKH SDVW 2WKHU H[SODLQ LW DZD\ DV D OXVXVQDWXUDHDVWUDQJHEXWXVHOHVVQDWXUDOSKHQRPHQRQ
ORDER OF HERMES PARADIGM %\$QGHUV6DQGEHUJ
7KH3DUDGLJP 7KH 7UDGLWLRQ (YHU\WKLQJ KDV RQFH DQG IRU DOO EHHQ GHILQHG DQG FRGLILHG LQWR WKH *UHDW 7UDGLWLRQ E\ WKH DQFLHQW PDVWHUV 1RWKLQJ FDQ HYHU EH DGGHG WR WKLV XQLYHUVDO NQRZOHGJH WKH EHVW D PDJH FDQ KRSH IRU LV WR UHFDSLWXODWH DQG WHDFK WKH DQFLHQW ZLVGRP HYHU PRUH VXEWO\ +RZHYHU PXFK RI WKH JUHDW 7UDGLWLRQ LV ORVW GXH WR WKH UDYDJHV RI WLPH KXPDQ IROO\ DQG LQFRPSHWHQFH ,W LV WKH GXW\ RI DOO KHUPHWLF PDJHV WR VHHN WR UHVWRUH LW WR LWV DQFLHQW JORU\ E\ FROOHFWLQJ WKH VFDWWHUHGIUDJPHQWV
0DJLFN &RQWURO 7KH PDJH FDQ FRQWURO WKH ZKROH RI FUHDWLRQ E\ DSSO\LQJ WKH VHFUHWV RI WKH 7UDGLWLRQ )RU HYHU\ SRVVLEOH FLUFXPVWDQFH WKHUH LV ROG ZLVGRP WR IDOO EDFN RQ VDIHU DQG PRUH SRZHUIXO WKDQ DQ\ QHZ PDJLFN 7KH ZKROH RI WKH XQLYHUVH LV EXLOW RQ WKH VHFUHW OLQNV RI FRQWURO DQG UXOHUVKLS DQG D NQRZOHGJHDEOH PDJH NQRZV KRZ WR GHDO ZLWKWKHP
6SKHUHV &RUUHVSRQGHQFH 6\PSDWK\ (YHU\WKLQJ LQ WKH XQLYHUVH LV OLQNHG WR
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
$UHWH 7KH *UHDW :RUN (DFK PDJH PXVW SXUVXH WKH *UHDW :RUN IRU KLPVHOI VXSSRUWHG E\ KLV SHHUV DQG KHOSHG E\ KLV 0DVWHUV $V KH SXUVXHV KLV JRDOV KH ZLOO OHDUQ PRUH DQG PRUH RI WKH 7UDGLWLRQ ZKLFK ZLOO VKRZ KLP WKH WUXH QDWXUH DQG ZD\V RI WKH XQLYHUVH 7KLV ZLOO QRW RQO\JLYHKLPFRQWURORYHULWLWZLOODOVRJLYHKLPFRQWURORYHUKLPVHOI
4XLQWHVVHQFH %RXQGHG /LJKW FDQ PDQLIHVW LQ PDQ\ ZD\V ,W FDQ EH LPSULVRQHG LQ PDWWHU IORZ LQ WKH FRVPLF IRUFHV FKDUJH FHUWDLQ REMHFWV RU MXVW H[LVW 2ULJLQDOO\ LW FDPH IURP WKH +LJKHVW DQG ZLOO RQH GD\ UHWXUQ WR LQILQLW\EXWFXUUHQWO\LWLVERXQGHGE\WKHORZHUSODQHV
3DUDGR[ 8QEDODQFHG IRUFHV ,I D PDJH EUHDNV DJDLQVW WKH 7UDGLWLRQ RU IDLOV WR SURSHUO\ EDODQFH WKH IRUFHV RI WKH XQLYHUVH DQ LPEDODQFH ZLOO UHVXOW 7KLV ZLOO LQHYLWDEO\ JUDYLWDWH WR KLP DQG LQ GXH WLPH GHVWUR\ KLP XQOHVVKHFDQUHVWRUHWKHFRVPLFEDODQFH
$ZDNHQLQJ .QRZOHGJH DQG &RQYHUVDWLRQ ZLWK WKH +RO\ *XDUGLDQ $QJHO (DFK KXPDQ EHLQJ KDV KLV RZQ +RO\ *XDUGLDQ $QJHO +*$ KLV KLJKHU VHOI JXLGLQJ KLP WKURXJK H[LVWHQFH WRZDUGV $VFHQVLRQ $ PDJH LV D SHUVRQ ZKR KDV QRW RQO\ PHW KLV +*$ EXW H[SHULHQFHG WKH UHDOLW\ RIWKHKLJKHUZRUOGVLWUHSUHVHQWVDQGFKRVHQWRIROORZLW
25'(52)+(50(63$5$',*0
&HOHVWLDO &KRUXV ZKRP WKH\ DVVXUHGO\ YLHZ DV KHUHWLFV ZKR KDYH LQILOWUDWHGWKHERG\RIWKHFKXUFK
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
7KH 2UGHU FRQVLGHUV WKHPVHOYHV WR EH RXWVLGHUV WR WKH $VFHQVLRQ :DU 7KH\GRQRWWKLQNPXFKPRUHKLJKO\RIWKH7UDGLWLRQVWKDQWKH\GRRI WKH 7HFKQRFUDF\ $ PHPEHU PD\ RFFDVLRQDOO\ ILQG KLPVHOI RQ WKH VDPH VLGH DV HLWKHU IDFWLRQ SHUKDSV LQ RSSRVLWLRQ WR D 0DUDXGHU RU D 1HSKDQGXV ,Q JHQHUDO WKH 1HULXVLWHV JR DERXW WKH ZRUOG SHUIRUPLQJ WLQ\ DFWV RI FKDULW\ DQG SUDFWLFLQJ YLUWXH RQ D YHU\ VPDOO VFDOH D JOLPPHU RI OLJKW LQ D :RUOG RI 'DUNQHVV EXW D JOLPPHU WKDW LV QHYHU TXLWHH[WLQJXLVKHG 7KH 6WULFWXUHV 7KH 2UGHU RI 6W 1HULXV ZDV D TXLHW EXW YLVLEOH IRUFH LQ WKH VKDGRZ 2UGHU RI +HUPHV DQG PHGLHYDO VRFLHW\ DV D ZKROH GRZQ WR WKH HQG RI WKH 0LGGOH $JHV $URXQG WKH WK FHQWXU\ KRZHYHU WKH VDPH WLPH DV WKH ULVH RI WKH 7HFKQRFUDF\ DQG WKH IDOO RI WKH VKDGRZ 2UGHU RI +HUPHV VRPHWKLQJ KDSSHQHG WR WKHP (YHQ WKH\ WKHPVHOYHVGRQRWDSSHDUWREHFHUWDLQZKDWLWZDV
%\ &UDLJ - 1HXPHLHU QHXPH#PDURRQWFXPQHGX 0D\
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
7KH PHPEHUV RI WKH PRGHUQ 2UGHU RI 6W 1HULXV GR QRW DSSHDU WR NQRZ WKHPVHOYHV SUHFLVHO\ ZKDW IDLOXUH RI WKHLU SUHGHFHVVRU EURXJKW RQ WKH 6WULFWXUHV DOWKRXJK WKH\ VD\ WKH KHDG RI WKH 2UGHU ZKR LV FHUWDLQO\DQ2UDFOHPDLQWDLQVWKHNQRZOHGJH6HH$SSHQGL[IRUDIHZ RIP\VXJJHVWLRQV :KDWHYHU WKH FDXVH WKH 6WULFWXUHV WKHPVHOYHV DUH FOHDU ,I D PHPEHU GLVREH\V WKHP RWKHU 1HULXVLWHV ZLOO LQYDULDEO\ DSSHDU DQG SXQLVK KLP RUKHUZLWKJLOJXO8QOLNHWKH7UDGLWLRQVWKH2UGHUDSSHDUVWRUDWHWKLV SXQLVKPHQWDVOHVVVHYHUHWKDQGHDWK
)RU SXUSRVHV RI WKLV SRVW , YH WDNHQ WKH 5HFHLYHG 9HUVLRQ RI WKH &KRUXV DV WUXWK 7KH 1HULXVLWHV DW OHDVW DUH FRPSOHWHO\ FRQYLQFHG WKDW WKH &KRUXV RQO\ JDLQHG IXOO FRQWURO RYHU WKH &KXUFK DW D UHODWLYHO\ ODWH SRLQW LQ LWV KLVWRU\ DQG WKH\ SUREDEO\ KDYH GRFXPHQWV WR EDFN XS WKHLUFODLP7KH&KRUXVSUREDEO\KDVFRQWUDU\GRFXPHQWV
7KH6WULFWXUHV
ORDER OF ST. NERIUS
, P QRW VXUH WKH 2UGHU LV D JRRG VRXUFH IRU 3&V WKH\ PD\ QRW MRLQ &KDQWULHV DV ZLOO EH VHHQ DQG WKHUH DUH VR PDQ\ UHVWULFWLRQV RQ WKHLU EHKDYLRU WKDW SOD\LQJ RQH ZRXOG EH D IUXVWUDWLQJ H[SHULHQFH ,W V QRW LQFRQFHLYDEOH WKDW RQH FRXOG DVVRFLDWH KLPVHOI ZLWK D JURXS RI 7UDGLWLRQ PDJHV EXW , UHDOO\ WKLQN RI WKHP PRUH DV D IHDWXUH RI WKH EDFNJURXQG
p
7KH 6WULFWXUH RI 6LOHQFH 0HPEHUV RI WKH 2UGHU PD\ QRW FDOO RQ WKH +LJKHVW IRU LQIRUPDWLRQ QRU RQ VHUYDQWV RI WKH 'LYLQH 2QFH PHPEHUV RI WKH 2UGHU RI 6W 1HULXV FODLP WR KDYH VSRNHQ ZLWK DQJHOV RQ D UHJXODU EDVLV 7KLV QR ORQJHU KDSSHQV 6LQFH *DEULHO DQQRXQFHG WKH VWULFWXUHV WR WKHP +HDYHQ KDV EHHQ VLOHQW WR WKH 2UGHU (YHQ WKHLU DYDWDUV QHYHU VD\ DQ\WKLQJ WR WKHP 7KH 2UGHU YLHZVWKLVDVWKHPRVWELWWHURIWKHLUSXQLVKPHQWV
p
7KH 6WULFWXUH RI )RUEHDUDQFH 1HULXVLWHV GR QRW DWWHPSW WR FKDQJH VRFLDO VWUXFWXUHV 1RW ZLWK WKHLU PDJLFDO SRZHUV DQ\ZD\ DQG QRW HYHQ DV DFWLYLVWV HYHQ LQ D FRQYHQWLRQDO KXPDQ VHQVH 7KXV WKH 2UGHU GRHV QRW RSSRVH WKH 7HFKQRFUDF\ SHU VH WKRXJK WKH\ RFFDVLRQDOO\ ILQG WKHPVHOYHV GHIHQGLQJ RQH RU DQRWKHU RI LWV YLFWLPV 1HLWKHU GR WKH\ FKDOOHQJH WKH SRZHU RI WKH &HOHVWLDO &KRUXVRYHUWKH&KXUFK
p
7KH 6WULFWXUH RI 6HSDUDWLRQ 0HPEHUV RI WKH 2UGHU DUH IRUELGGHQ WR IRUP WLHV WR WKH ZRUOG 7KLV HQFRPSDVVHV WKHLU YRZV RI SRYHUW\ DQG FKDVWLW\ EXW JRHV PXFK IXUWKHU 1HULXVLWHV FDQQRW EHORQJ WR DQ\ RUJDQL]DWLRQ ZKHWKHU RI 6OHHSHUV RU $ZDNHQHG RQ D SHUPDQHQWEDVLV
p
7KH 6WULFWXUH RI %HQHYROHQFH :KDW 1HULXVLWHV DFWXDOO\ GR ZLWK WKHPVHOYHV WKHQ LV UHVWULFWHG WR GHDOLQJV RQ WKH OHYHO RI LQGLYLGXDO KXPDQ EHLQJV ,Q WKRVH GHDOLQJV KRZHYHU WKH\ DUH HQMRLQHG WR GR ZKDWHYHU LV QHFHVVDU\ WR KHOS WKHP VXEMHFW WR WKH OLPLWV RI WKHLU &KULVWLDQ PRUDOLW\ 1HULXVLWHV DUH YHU\ VNLOOHG DW FRXQVHOOLQJ KHDOLQJDQGSURWHFWLQJWKHLQQRFHQW
, YH WULHG P\ EHVW WR ILW WKLV EXQFK WR WKH WRQH RI WKH :RUOG RI 'DUNQHVV ZLWKRXW EHWUD\LQJ WKHLU LQQHU QDWXUH 2QH RI WKH FKLHI UHDVRQV IRU WKHLU H[LVWHQFH LV WR WHVWLI\ WKDW 'DUNQHVV LV QRW DIWHU DOO WKHILQDOUHDOLW\%XWXQGHUFXUUHQWFRQGLWLRQVWKH\KDYHWREHVRTXLHW DERXW LW WKDW LW V QRW VXUSULVLQJ WKDW VR IHZ SHRSOH KDYH KHDUG WKH JRRG QHZV
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
6SHFLDO 5XOHV 7KH 1HULXVLWHV ILUP EHOLHI KDV DSSDUHQWO\ VWUHQJWKHQHG WKHLU PDJLF EH\RQG WKDW QRUPDOO\ DYDLODEOH ,Q DGGLWLRQ WR :LOOSRZHU DOO 1HULXVLWHV KDYH WKH FKDUDFWHULVWLF )DLWK ZKLFK UHSUHVHQWV WKHLU EHOLHI DQG WUXVW LQ *RG RU WKH +LJKHVW DV WKH\ WHQG WR FDOO +LP WKHVH GD\V 7KLV FKDUDFWHULVWLF ZRUNV H[DFWO\ OLNH
25'(52)671(5,86
:LOOSRZHU EHLQJ VSHQW WHPSRUDULO\ WR JDLQ VXFFHVVHV +RZHYHU WKHUH LV RQH PDMRU H[FHSWLRQ LI D )DLWK SRLQW LV VSHQW RQ D VSHOO WKDW VSHOO LV QRW VXEMHFW WR 3DUDGR[ HIIHFWV %\ DQG ODUJH WKLV DELOLW\ LV RQO\ XVHG ZLWK WKH VWDQGDUG VRUWV RI PLUDFOHV KHDOLQJV PXOWLSOLFDWLRQ RI ORDYHV DQG ILVKHV WKDW NLQG RI WKLQJ EXW WKHUH LV QRWKLQJ WR VWRS WKHP IURP XVLQJ LW IRU DQ\ HIIHFW )DLWK LV UHJDLQHG WKURXJK PHGLWDWLRQ DQG SDUWLFLSDWLRQ LQ UHOLJLRXV ULWXDOV DV ZHOO DV E\ DQ\ HYHQW ZKLFK WHQGV WRVWUHQJWKHQWKHLUEHOLHIV 7KH 2UGHU YLHZV WKLV DELOLW\ DV EHLQJ D UHVXOW RI WKHLU SRZHU V RULHQWDWLRQ WRZDUG WKH +LJKHVW ZKR LV RI FRXUVH EH\RQG WKH UHDFK RI KXPDQ EHOLHI QR PDWWHU ZKDW ZURQJKHDGHG 0HWDSK\VLF RWKHU PDJHV PD\DFFHSW2WKHUPDJHVWHQGWRFRQVLGHULWPHUHO\DQHIIHFWRINH\LQJ LQWR D SDUDGLJP PLUDFOH ZRUNLQJ E\ KRO\ LQGLYLGXDOV ZKLFK LV DIWHU DOO DFFHSWHG DV WUXH E\ D YHU\ ODUJH SURSRUWLRQ RI KXPDQLW\ ,W LV WUXH WKDW1HULXVLWHVZRUNDOPRVWH[FOXVLYHO\DPRQJ&KULVWLDQV ,Q DGGLWLRQ WKH 2UGHU DOO RI WKHP EHLQJ RUGDLQHG DV H[RUFLVWV DUH SDUWLFXODUO\ VNLOOHG DW FDVWLQJ VSLULWV RXW RI WKH ZRUOG 7KHUH DUH VWRULHV WKDW WKLV DELOLW\ DSSOLHV WR 3DUDGR[ VSLULWV DV ZHOO DV WKH PRUH XVXDO 1HSKDQGXVDOOLHG YLFWLPV :KHQ D 1HULXVLWH LV FDVWLQJ D VSHOO WKDW KDV WKH HIIHFW RI VHQGLQJ DZD\ D VSLULW DGG KDOI RI KLV FXUUHQW )DLWK SRLQW WRWDO WR WKH GLFH SRRO ,I KH WDNHV WKH WLPH WR SHUIRUP D IXOO H[RFLVP ULWXDO ZLWK EHOO ERRN DQG FDQGOH DGG WKH HQWLUH )DLWK VFRUH WR WKH SRRO 7KHUH DUH ZKROH FODVVHV RI VSHOOV WKDW 1HULXVLWHV DUH IRUELGGHQ WR FDVW DV EHLQJ DJDLQVW WKH ZLOO RI WKH +LJKHVW 7KH\ GR QRW HYHU XVH 0LQG VSHOOV WR RYHUULGH KXPDQ IUHH FKRLFH IRU LQVWDQFH 7KH\ JR WR JUHDW OHQJWKVWRDYRLGXVLQJOHWKDOIRUFH
ODQJXDJH IRFXV ZLWK WKH VSHFLDO UXOH WKDW WKH\ JHW SHQDOL]HG RQH GLH IRU VSHDNLQJVRIWO\RUWZRGLFHIRUVLOHQFHEXWPD\VWLOOFDVW 2U XVH WKH PRUHRUOHVVFRPSOHWHO\ LQYHQWHG $UFKDQJHO FRUUHVSRQ HQFLHV DOWHUHG IURP WKH $UV0 YHUVLRQ IRU 0DJH 6LQFH WKHUH DUH RQO\ DUFKDQJHOVP\OLVWJRHVOLNHWKLV
p p p p p p p p p
&RUUHVSRQGHQFH*DEULHOPHVVHQJHUDQJHO (QWURS\6XULHO$QJHORI'HDWK )RUFHV0LFKDHOIODPLQJVZRUG /LIH5DSKDHO*RGKDVKHDOHG 0DWWHU-RSKLHOWKH:DWFKHU 0LQG$GDPJLYHURIQDPHV 3ULPH(YHWKHPRWKHURIDOOOLYLQJ 6SLULW=DGNLHODQJHORIWKHFHOHVWLDOVSKHUH 7LPH&KDPXHOWKHUHFRUGLQJDQJHO
,QYRFDWLRQV FDQ EH E\ QDPH RU VHDO >3OHDVH GRQ W ZULWH DQG WHOO PH WKDW VRPH RI WKH GHVFULSWLRQV RI WKH DUFKDQJHOV DUH VWUDQJH DQG KDYH OLWWOHRUQREDVLVLQUHDODQJHORORJ\,NQRZWKDW@ &RQFHSWVKHUPLWZDQGHULQJKRO\PDQ 4XRWH 5HFDOO WKDW ZKHQ \RX OHDYH WKH ZRUOG \RX VKDOO EH MXGJHG DQG DOO \RXU DUWV DQG DOO \RXU ULWXDOV VKDOO QRW DYDLO \RX DJDLQVW +LV ZLOO IURP 6W 1HULXV VSHHFK WR WKH +HUPHWLF WULEXQDO ZKLFK FRQGHPQHGDQGNLOOHGKLP
6WHUHRW\SHV
3KLORVRSK\ 0DJLFN LV ZKDW UHPDLQV RI WKH SRZHU WKDW ZDV JLYHQ E\ WKH +LJKHVW WR WKH )LUVW RI RXU NLQG WR EH PDVWHU DQG VWHZDUG RI WKH HDUWK )DOOHQ KXPDQLW\ UHWDLQV RQO\ VKDWWHUHG IUDJPHQWV RI WKH JLIW DQGDUHIDUWRRHDVLO\FRUUXSWHGE\WKHP
7KH 7UDGLWLRQV ,W LV RQO\ WKHLU IDLOXUHV ZKLFK DOORZ DQ\ RI WKHP WR DYRLG WKH VQDUHV ZKLFK KDYH FDXJKW WKH 7HFKQRFUDF\ 3HUKDSV LW LV D IRUP RI JUDFH XSRQ WKHP WKH\ KDYH QHYHU EHHQ IRUFHG OLNH WKH 7HFKQRFUDF\ WR GLVFRYHU KRZ OLPLWHG WKHLU PHUHO\ KXPDQ YLVLRQV RI $VFHQVLRQWUXO\DUH
$VFHQVLRQ LV WKH PDJHV ZD\ RI JURSLQJ WRZDUG XQLRQ ZLWK WKH 'LYLQH ,W LV D JUHDW VLQ RI 3ULGH IRU WKHP WR WKLQN WKDW WKH\ FDQ HYHU DWWDLQ WKH WUXH OLJKW E\ WKHLU RZQ HIIRUWV &DQ D VKDGRZ FRXOG WHDU LWVHOI RII D ZDOO"%XWDOOWKLQJVDUHSRVVLEOHZLWK*RG
$NDVKLF %URWKHUKRRG 7KH\ DUH WUXH P\VWLFV LQ WKHLU OLPLWHG IDVKLRQ 7KH\ VHHN WKH HPSWLQHVV DQG YRLG DQG GR QRW NQRZ WKH /LJKW ZKLFKDORQHFDQILOOLW
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
25'(52)671(5,86
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
ORDER OF TREMERE %\7LPRWK\7RQHUWKDQDWRV#LQWHUDFFHVVFRP
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
DQG VHSDUDWLQJ LW LQWR WKH V\VWHP RI IRUPV DQG WHFKQLTXHV ZH NQRZ WRGD\ $ERXW WHQ \HDUV LQWR WKH SURJUDP KH ZDV UHDG\ WR VWDUW WUDLQLQJ D JURXS RI DSSUHQWLFHV WR FRQWURO WKLV QHZ IRUP RI SRZHU ZKLFK KH GXEEHG $UV 0DJLFD +H VHQW D FRS\ RI KLV SURSRVDO WR WKH 2UGHU RI +HUPHVDQGWKH\UHSOLHGSURPSWO\GHPDQGLQJKLVSUHVHQFHEHIRUHWKH &RQFODYH 7KLV SDUW RI KLVWRU\ KDV ORQJ EHHQ KLGGHQ EHKLQG WKH FORVHG GRRUV RI WKDW HQFODYH 6RPH VD\ WKDW LW ZDV WKH ILUVW LQFXUVLRQ ZLWK WKH 0DXUDXGHUV RWKHUV VD\ LW ZDV D UXQ LQ ZLWK WKH 1HSKDQGL 6WLOO PRUH FODLPHG LW ZDV WKH ILUVW 3DUDGR[ EDFNODVK 7KH FDXVH ZDV KLGGHQ EXW WKH HIIHFW ZDV REYLRXV $ JURXS RI \RXQJ LQH[SHULHQFHG PDJHV KDG SUREHG WRR IDU DQG XQOHDVKHG VRPHWKLQJ GUHDGIXO 7KH 2UGHU ZDV WUDSSHG LQ D GLOHPPD ,W QHHGHG WR WUDLQ PRUH PDJL WR GHIHQG DJDLQVW IXUWKHU DVVDXOWV DQG \HW LW GDUHG QRW H[SRVH DQ\ PRUH 1HRQDWHV WR WKH UHDOLW\ ULSSLQJ SRZHU OHVW PRUH KROHV RSHQ XS DQG OHW PRUH FUHDWXUHV VSLOO IRUWK %RQLVDJXV KHDUG DOO WKLV DQG VPLOHG +H NQHZ ZKDW WKH\ ZHUHJRLQJWRDVNDQGKHZDVVXSUHPHO\SOHDVHGZLWKKLPVHOI ,QGHHG WKH\ DVNHG IRU KLP WR SUHVHQW WKH IRUPXODH IRU KLV ZRUN +H NQHZ WKDW KDG KH EHHQ DOORZHG WR FUHDWH KLV PDJHV D \HDU EHIRUH XQGHU WKH DXVSLFHV RI WKH 2UGHU FRPSURPLVHV ZRXOG KDYH EHHQ PDGH 1RZ WKDW WKH\ QHHGHG KLP KH FRXOG H[HUW DV PXFK FRQWURO XSRQ WKH ZRUNLQJV RI WKH QHZ 2UGHU DV KH GHHPHG QHFHVVDU\ $ERYH DOO WKH FDUGLQDOUXOHZDV ',6&,3/,1( :LWKRXWLWWKHPDJLFZRXOGQRWIORZ DQGDOOZDVORVW +H FUHDWHG D V\VWHP FRQWDLQLQJ VWUXFWXUH \HW IUHH HQRXJK WR DOORZ IRU VSRQWDQHRXV HYHQWV ZKLFK ZRXOG SOHDVH WKRVH RQFH HQDPRUHG ZLWK 0DJLFN 7KH SRZHU GHULYHG QRW IURP WKH UDSLQJ RI UHDOLW\ EXW UDWKHU WKH VXEWOH KDUYHVWLQJ RI WKH SRZHU IURP WKLV RWKHU SODFH WKLV
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
25'(52)75(0(5(
WKH 3URKLEHUDP /HFWDUH HK" 6XFK LQWHOOLJHQFH ZLOO JHW \RX WKLUW\ ZKDFNVDIWHUFODVV :KHUHZDV,"
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
25'(52)75(0(5(
FDOOHGRXWDVWRQLVKHG 7KH PDVWHU ZDYHG KLV KDQG DQG WKH WDONLQJ GLHG 6R ZKHUH GRHV WKDW OHDYHXV" *RRG TXHVWLRQ HK *XQWHU" *XQWHU
+LVWRU\ 7KH 2UGHU RI 7UHPHUH FDPH LQWR LWV SUHVHQW IRUP GXULQJ WKH V ZKHQ WKH UHPDLQLQJ +RXVHV H[LVWLQJ ODUJHO\ LQ QDPH RQO\ DQG ELWWHUO\ ILVKLQJ RYHU WKH UHPDLQLQJ VXSSOLHV RI YLV GHFLGHG WR EDQG WRJHWKHU IRU PXWXDO SURWHFWLRQ %LWWHUO\ KDWHIXO IRU EHLQJ DEDQGRQHG E\ WKH 2UGHU RI +HUPHV WR EH IHG WR WKH MXVWLFH RI WKH 7HFKQRFUDF\ WKH\GHFLGHGWRSUHVHUYHWKHKLJKHVWLGHDOVRI%RQLVDJXV
25'(52)75(0(5(
,W ZDV DW WKLV WLPH WKDW D V\PSDWKHWLF YRLFH LQ WKH 2UGHU RI +HUPHV PDGH WKH SHUVRQDO MRXUQDOV DYDLODEOH WR WKH 5HPQDQWV DV WKH\ ZHUH FDOOHG E\ WKH 2UGHU RI +HUPHV 7KH\ SRXUHG RYHU WKH QRWHV DQG DIWHU GRLQJDOLWWOHELWRIHVSLRQDJHRQWKHLURZQGLVFRYHUHGWKHWUXWKORQJ VXSSUHVVHGE\DGLVEHOLHYLQJ2UGHU 7KLV NQRZOHGJH KHOSHG EROVWHU WKHP LQ WKHLU FDXVH 7KH 6KDGRZ (PS\UHDQ ZDV D SODFH DQG QRW MXVW D IRUFH DV RULJLQDOO\ EHOLHYHG 7KLV UHYHODWLRQ PDGH WKHP GLJ GHHSHU LQWR WKH KLGGHQ UHFRUGV RI WKH +RXVHV $ JURXS RI 0DJHV WKH VXUYLYLQJ PHPEHUV RI +RXVH 7UHPHUH WKHQ OHG D QHZ FUXVDGH 7KH\ RSHQHG WKH VHFUHW UHFRUGV RI WKH EHWUD\DO WKH WUDQVIRUPDWLRQ RI WKH +RXVH LQWR WKH &ODQ 6R PRYHG ZHUH WKH\ E\ WKH UHFRUG RI VDFULILFH WKH\ UHQDPHG WKHLU 2UGHU DQG UHIRFXVHG WKHLU PLVVLRQ WR UHJDLQ WKH 6KDGRZ (PS\UHDQ DQG UHWXUQ IUHH PDJLFN WR WKHZRUOG 6RPH GLVVRQDQW YRLFHV ZLWKLQ WKH 2UGHU FODLP WKDW WKH VXUYLYRUV RI +RXVH 7UHPHUH IDNHG WKH GRFXPHQWV WR PDNH WKHPVHOYHV VHHP OHVV FRZDUGV UXQQLQJ IURP GHPRQV DQG PRUH FUXVDGHUV ILJKWLQJ WKH JRRG ILJKW +RZHYHU RQH VXFK GHWUDFWRU DSSURDFKHG D PHPEHU RI WKH 7UHPHUH ,QQHU &LUFOH WR OHDUQ WKH WUXWK 7KH 7UHPHUH PHUHO\ VPLOHG DQGQRGGHGEHIRUHHPEUDFLQJWKHFXULRXVPDJH :KDWHYHU WKH FDVH WKH SRZHUIXO UKHWRULF HVSRXVHG DERYH LQ WKH ILQDO VSHHFK EHIRUH WKH $ZDNHQLQJ NHHSV PDQ\ RI WKH FULWLFV LQ OLQH 7KH\ UHDOL]H WKHLUV LV D VHFUHWLYH RUGHU QRZKHUH QHDU DV SRZHUIXO DV WKH SRWHQW7UDGLWLRQVDQG\HWRPQLSRWHQWLQWKHLURZQZD\ ,QWKLVGD\WKH2UGHURI7UHPHUHLVVSUHDGLQJDFURVVWKHZRUOGILQGLQJ WKRVH ZKR FDQ EH $ZDNHQHG DQG \HW DUH SDVVHG RYHU E\ ERWK WKH 7UDGLWLRQV DQG WKH 7HFKQRFUDF\ IRU QRW SRVVHVVLQJ WKH SURSHU SKLORVRSK\ 0DQ\ ZRXOG DFFXVH WKH 2UGHU RI EUDLQZDVKLQJ EXW WKH PLQGOHVV GHYRWLRQ RQO\ SHUWDLQV WR WKH ZD\ WKH\ UHDFW WR WKH RWKHU 0DJLFNXVLQJ JURXSV 7KH\ ZLVK WKDW DOO KXPDQLW\ FRXOG ZLHOG PDJLF EXW NQRZ OLNH DQ\ JRRG SDUHQW WKDW XQOHVV GLVFLSOLQH LV HQIRUFHG LW ZLOODOOEHORVW 2IWHQ PHPEHUV RI WKH 7UDGLWLRQV ZLOO XVH WKH 7UHPHUH DV JR EHWZHHQV ZKHQ WKH\ KDYH WR GHDO ZLWK WKH RWKHU GHQL]HQV RI WKH :R' 0DQ\ VHH WKH +HUPHV ([SHULPHQW DV D EORW LQ WKH +LVWRU\ RI 0DJLFN DQG ZLOO GR DQ\WKLQJ WR DOOHYLDWH WKH VXIIHULQJ RI WKH YLFWLPV 7R WKHP WKH 7UHPHUH DUH YLFWLPV WR EH SLWLHG $V FDQ EH LPDJLQHG WKLV PDNHV WKH DYHUDJH7UHPHUHOLYLG:KHQRQHFDQZLHOGWKHIRUFHRIDUFDQHILUHRQH VKRXOGQRWEHSDWWHGRQWKHKHDG 7KH 7UHPHUH DUH WUXO\ QRW VHHQ DV D WKUHDW VLQFH WKHLU PDJLFN FDQ EH HDVLO\ GLVSHOOHG ZLWK WKH VOLJKWHVW DSSOLFDWLRQ RI 3ULPH 3ULPH +RZHYHU WKLV LV D GDQJHURXV P\WK 7KH 7UHPHUH ZLVH WR WKH ZD\V RI WKH :RUOG RI 'DUNQHVV PHUHO\ DOORZ WKH 7UDGLWLRQV WR WKLQN WKHP ZHDN ZLWKRXW SURWHFWLRQ ,Q WUXWK PDQ\ DUH $GHSWV RI 3ULPH ULJKW RXWRIWUDLQLQJ 7KHRWKHUPHPEHUVRIWKHZRUOGRI'DUNQHVVSHUKDSVDELWVFDUHGWKDW WUXH 0DJL FDQ FRQWURO VXFK DZHVRPH SRZHU SUHIHU WR VHH WKH 7UHPHUH DV WKH UHSUHVHQWDWLYHV RI 0DJLFN LQ WKH ZRUOG ,I D YDPSLUH RU *DURX ZLVKHV WR FRQVXOW RQ D PDWWHU RI DUFDQH SULQFLSOH FKDQFHV DUH WKDW WKH IRUFHV RI WKH XQLYHUVH ZLOO GLUHFW WKHP WR D 7UHPHUH ZKR ZRXOG EH FRQWHQWWRDQVZHUWKHTXHVWLRQIRUWKHXVXDOIHH :KHQWKH7UHPHUHGHDOZLWKYDPSLUHVWKH\QHYHUXVHWKHQDPHRIWKH RUGHU 2IWHQ WKH\ ZLOO KDUNHQ EDFN WR VLPSOHU GD\V FDOOLQJ WKHPVHOYHV +HUPHWLF 0DJHV DQG VPLOLQJ EURDGO\ DW WKRVH YDPSLUHV ROG HQRXJK WR UHPHPEHU ZKDW WKDW PHDQW 6XFK EHLQJV DUH DQ HQGOHVV VRXUFH RI NQRZOHGJH EHOLHYHG ORVW DQG VXEVHTXHQWO\ PDQ\ PDJHV NHHS LQ WKH JRRGJUDFHVRIDFLW\ V.LQGUHGSRSXODWLRQ 7KH *DURX WRR FKRRVH WR GHDO ZLWK PDJHV ZKHQ WKH\ FRPH DFURVV PDJLFNDO SUREOHPV WKDW WKH\ FDQQRW FRPSUHKHQG 2IWHQ WKH 7UHPHUH ZLOO GLUHFW WKHP WR D ORFDO 'UHDPVSHDNHU WKRXJK LW LV UXPRUHG WKDW WKH 6KDGRZ /RUGV DQG WKH 7UHPHUH KDYH D JOREDO SDFW RI PXWXDO SURWHFWLRQDQGQRQLQWHUIHUHQFH 7KH ILQDO JRDO RI WKH 2UGHU LV WR VKDWWHU WKH *DXQWOHW EHWZHHQ WKH 6KDGRZ (PS\UHDQ DQG (DUWK 2QFH WKLV LV GRQH DOO SHRSOH ZLOO EH DEOH WR ZLHOG VDIH PDJLFN DQG D QHZ 0\WKLF $JH ZLOO VZHHS WKH ZRUOG ,Q RUGHU WR DFFRPSOLVK WKLV JRDO WKH 7HFKQRFUDF\ PXVW EH GHIHDWHG
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
0HHWLQJV 0HHWLQJV DUH KHOG HYHU\ WKUHH ZHHNV RQ D GD\ RI WKH ZHHN WKDW YDULHV IURP &KDQWU\ WR &KDQWU\ 7KH PHHWLQJV DUH UXQ OLNH DQ\ FRUSRUDWLRQ ZLWK D 6HFUHWDU\ JDWKHULQJ WKH 0LQXWHV DQG D 3UHVLGHQW FRQWUROOLQJ WKHIORZRIWKHPHHWLQJ
,QLWLDWLRQ 7KH PRVW ULJRURXV RI DQ\ 7UDGLWLRQ WKH ,QLWLDWHV RI WKH 2UGHU DUH VFUHHQHG IRU WZR \HDUV DV WKH\ DUH VORZO\ VSRRQIHG WKH +LVWRU\ RI WKHLU 2UGHU 2QH ZKR OHDUQV WRR IDVW PD\ QRW QHFHVVDULO\ EH D JRRG PDJH KRZHYHU )HZ DUH DOORZHG WR DFFHOHUDWH WKURXJK WKLV SHULRG VLQFH LW LV SDWLHQFH ZKLFK PDNHV D JRRG 7UHPHUH )URP WKHUH WKH ,QLWLDWH LV HQWHUHG LQWR D SHULRG RI WUDLQLQJ QRW PRUH WKDQ ILYH \HDUV DQG QR IHZHU WKDQ D \HDU 'XULQJ WKDW WLPH WKH VWXGHQW LV DOORFDWHG RQH SDUFHO RI 7DVV D ZHHN WR FRQILUP KLV HIIHFWV ,Q VKRUW RQO\ DIWHU KH LV SRVLWLYH KH KDV PRXWKHG WKH ZRUGV FRUUHFWO\ LV KH DOORZHG WR WXUQ
25'(52)75(0(5(
WKHP LQWR HIIHFW 7KRVH ZKR GR ZHOO DUH DOORZHG WR DFFHOHUDWH IDVWHU WKDQ WKRVH IRU ZKRP PDJLFN LV D FKRUH +RZHYHU VRPH RI WKH JUHDWHVW VFKRODUV LQ WKH :RUOG RI 'DUNQHVV WRGD\ ZHUH RU DUH 7UHPHUH ZKR VSHQW WKH ILYH \HDUV VWXG\LQJ )RU WKRVH ZKR ZDLW WKH WLPH LV XVXDOO\ ZHOOVSHQW
7HFKQRPDQFHU V VWHHO FODZ RU WKH 7UDGLWLRQ V 9XOJDU WDORQ
$IWHUWKH,QLWLDWHLVSUHSDUHGVKHLVJLYHQKHUILQDOH[DPDQGRQFHWKDW LV SDVVHG LV DVNHG WR UHFRUG D FDVWLQJ QDPH DQG WKH IRUP DQG WHFKQLTXH VKH ZLOO HPSOR\ 7KHQ LQ D VROHPQ FHUHPRQ\ D JURXS RI 7UHPHUH NQRZQ DV :DONHUV 0DVWHUV RI 6SLULW HVFRUW WKH ,QLWLDWHV LQWR WKH 8PEUD DQG EDWKH WKHP LQ WKH 6KDGRZ (PS\UHDQ VR WKDW IRUHYHUPRUH WKH\ FDQ WDVWH LWV HVVHQFH DQG NQRZ LW IRU ZKDW LW LV DQG ZKHUH LW KLGHV ,W LV WKHQ WKDW WKH 7UHPHUH DZDNHQV DQG JDLQV KHU $YDWDU
6WHUHRW\SHV
$IWHU WKLV SRLQW D VKRUW WLPH LV VSHQW DW WKH &KDQWU\ VHOGRP PRUH WKDQ D PRQWK OHDUQLQJ WKH 3ULPH 5DP URWH DV ZHOO DV EHFRPLQJ UHDFTXDLQWHG ZLWK WKH ZRUOG RXWVLGH 7KH $FRO\WH LV WKHQ DVNHG ZKHUH VKH ZDQWV WR OLYH DQG LV UHHVWDEOLVKHG WKHUH ZLWK D OLVW RI WKUHH FRQWDFWV LQ WKH DUHD MXVW QDPHV QR DGGUHVVHV RU SURPLVHV RI )DYRUV LV JLYHQ $ IHZ FKRRVH WR UHPDLQ DQG WHDFK 5HJDUGOHVV RI ZKHUH WKH\ JR D 7UHPHUH LV H[SHFWHG WR PDNH WKHLU ZD\ WR WKH FORVHVW &KDQWU\ IRU WKHPHHWLQJV
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
$FRO\WHV 2FFXOWLVWV VWXGHQWV FKDUODWDQV GHVFHQGDQWV RI SRZHUIXO 0DJL XQDZDUHRIWKHLUSRWHQWLDO
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
)RFL 3ULPH6SLULW6WDIIQRQXQLTXH 5HWULEXWLYHYDULHV
&RQFHSWV
$NDVKLF %URWKHUKRRG :KDW DUH \RX EURWKHU"
6FKRODU3KLORVRSKHU5DGLFDO
:LNNDQV $ EUDYH DQG QREOH JURXS WKH\ XQGHUVWDQG WKH ROG ZD\V EHWWHUWKDQDQ\
4XRWH :H ZKR ZHUH OHIW WR GLH QRZ ULVH IURP WKH DVKHV 7KHUH FDQ EH QR SURILW JDLQHG IURP WKH UDSLQJ RI UHDOLW\ ZKHWKHU E\ WKH
25'(52)75(0(5(
5RWHV
OUJELITAS
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
1HZ%DFNJURXQGV
%\+HFWRU$OYDUH]$ORQVRDQG$GULDQ5RGULJXH] 1RWH WKDW WKH RULJLQDO YHUVLRQ RI WKLV GRFXPHQW ZDV LQ YHU\ JDUEOHG (QJOLVK , KDYH WULHG WR SXW LW LQ D PRUH XQGHUVWDQGDEOH IRUP EXW LI , KDYH PLVUHSUHVHQWHG WKH LQWHQWLRQV RI WKH DXWKRUV SOHDVH OHW PH NQRZ
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
0\VWLFDO &RQWDFW /LNH WKH VRXSHGXS YHUVLRQ RI WKH $OOLHV %DFNJURXQG LQ 0DJH WKLV RQH EHVW H[SUHVVHV WKHLU FRQQHFWLRQ WR WKH VHDPLHU VLGH RI WKH :R' ,W FRVWV WZLFH WKH DPRXQW RI WKH 6WDQGDUG &RQWDFW DQG ZLOO \LHOG 6XSHUQDWXUDO &RQWDFW SHU OHYHO 7KLV FDQ EH DQ\WKLQJ IURP RWKHU 0DJHV WR 9DPSLUHV WR *DURX WR 6SLULWV DQG )DHULHV $OO WKLV FRQVLVWV RI LV D VOLS RI SDSHU ZLWK D QDPH DQG SHUKDSV D SKRQHQXPEHU7KH&RQWDFWPXVWEHFRPSHQVDWHGIRUVHUYLFHV
7KH URDG ZLOO EH PDGH REVFXUH VRPHWLPHV PDQ\ ZLOO KDYH WR VXFFXPE WR WKHLU PLVWDNHWKH\ZLOOHDWRXUGUHJVEHFDXVHZLOOQRWEHPHQE\WKHWHUURU 2XUV LV WKH IHUYRU RI LWV WKLUVW WKLUVW RI SRZHU YLROHQFH DQG GHDWK ,Q 1XPDQFLDFDSLWDORIWKHGHDWK 2XMHO 6XPPR 6DFHUGR RI 7XJHM -DQXDU\ 1XPDQFLD $UDJRQ 6SDLQ /LWWOH LV NQRZQ DERXW 2XMHO DQG DOPRVW QRWKLQJ DERXW KRZ KH KDG
28-(/,7$6
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
7KH3DUDGLJP
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
0DJLF 7KH 2XMHOLWDV EHOLHYH LQ D IRUP RI QHFURVSLULWXDOLVP WKH\ FDOO 2VFXULVPR 7KH\ DUH H[SHUWV RI GHDWK DQG WKRXJK WKH\ DUH QRW SURQH WR IDVW DQG YXOJDU PDJLFNV WKHLU ULWXDOV DUH H[WUHPHO\ SRZHUIXO DQG IHDUHG
$OO WKH 2XMHOLWDV ZKR EHJLQ WKLV ILHOG NQRZ WKDW OLIH DQG GHDWK SURFHVVHV DUH DOZD\V XQLWHG LQ F\FOHV DQG WLPH HIIHFWV IRU WKHP DUH XQLWHGDOVRLQWKHF\FOHV
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
6SKHUHV
:KHQ D 2XMHOLWD VWDUWV WR WDNH KLV ILUVW VWHSV WRZDUG DVFHQVLRQ KH VWDUWV WR SHUFHLYH DQ LPSXOVH WRZDUG WKH YLROHQFH ,W LV QRW VRPHWKLQJ HOVH EXW KLV /DUYD ,QWHUQD WKDW FDXVHV KLV FKDQJH DQG ZLOO JXLGH LW E\ WKHURDG
&RUUHVSRQGHQFH7KH9LVLRQ
$UHWH7KH/DUYD,QWHUQD
7KH 2XMHOLWDV OHDUQHG WKLV ILHOG IURP WKH RWKHU 7UDGLWLRQV DQG DIWHU PDQ\ \HDUV D 6DFHUGR DGDSWHG LW WR WKH SKLORVRSK\ RI 7XJHM 7KH\ DUH FDSDEOH RI VHHLQJ WKURXJK LQVHFWV RI SUDFWLFDOO\ DQ\ QRFWXUQDO DQLPDO ,Q DGGLWLRQ WR DOUHDG\ OHDUQLQJ ZKDW LV VXIILFLHQW WKH\ FDQ OHDS DQG LQ DQLQVWDQWDQGUHDSSHDUZKHUHEHIRUHWKHUHZDVDQLQVHFW
:KHQ DQ 2XMHOLWD KDV $UHWH KLV /DUYD ,QWHUQD UHWXUQV WR EH UHERUQ E\ PHDQV RI D ULWXDO WKDW WKH 6XSUHPH 6DFHUGR DORQH NQRZV WR DFFRPSOLVK DQG VWDUWV WR FRPPXQLFDWH ZLWK KLP E\ PHDQV RI PHVVDJHVWKDWRQO\WKH2VFXULVWDFDQXQGHUVWDQG
ULWXDOVDUHH[WUHPHO\SRZHUIXODQGIHDUHG
(QWURS\7KH9LROHQFH 7KH 9LROHQFH LV WKH PRWKHU RI DOO WKH RWKHU VSKHUHV 7KURXJK 7KH 9LROHQFHLVSURFXUHGDOODQGWKH2XMHOLWDVFDQEHFRQVLGHUHGFRUUXSWLYH E\ WKHLU RZQ YLROHQFH 7KH 2XMHOLWDV FDQ LQIOXHQFH YLROHQFH RQ WKH OLYLQJDQGGHDGEHLQJVDQGRQLQDQLPDWHDQGDQLPDWHREMHFWV
%DFNJURXQGV $UFDQH2VFXULVPR
)RUFHV,JQLV
7XJHM WRGD\ LV DIUDLG ,W KDV KDG WR IOHH LWV KRXVH WZLFH EHIRUH VR QRZ LW XVHV 2VFXULVPR WR KLGH WKH 2VFXULVWDV 7R WKH 2XMHOLWDV 2VFXULVPR LVDVLJQWKDWWKHLUJRGLVDOLYH
)LUH LV DOPRVW WKH RQO\ IRUFH WKDW WKH 2XMHOLWDV NQRZ WKXV WKH\ DUH FDSDEOH RI FUHDWLQJ DQG ILQLVKLQJ ZLWK ILUH 3HUKDSV LW LV DIWHU VR PDQ\ \HDUVILJKWLQJZLWKWKHLUHQHPLHVWKH)ODPEHDX
7KH 2XMHOLWDV XSRQ $ZDNHQLQJ VDFULILFH WKHPVHOYHV WR 9LROHQFH 7KH DYDWDURID2XMHOLWDLVPDUNHGE\D]HDOIRUYLROHQFH
$YDWDU7KH/DUYD,QWHUQD
28-(/,7$6
'HVWLQ\7KH%UDQG 7KH 2XMHOLWDV ZKR KDYH EHHQ VHOHFWHG IRU D KLJK IXWXUH DUH ODEHOHG E\ 7XJHM EHWZHHQ LWV EUHHG LW FKRRVHV WKHLU FKRVHQ RQHV WKXV KLV IXWXUH ZLOOEHYHU\KLJKDQGYLROHQW 'UHDP7KH'UHDP 7XJHM FRPPXQLFDWHV ZLWK WKHP WKURXJK LPSXOVHV WKDW WKH 2XMHOLWDV GRQRWFRQWDLQWKXV7XJHMWHDFKHVWKHPWREHEHWWHU 1RGH7KH$OWDLU 7KHUH DUH SODFHV WKDW DUH FRQYHUWHG LQWR SHUIHFW SODFHV IRU WKH YLROHQFH GXH WR WKH JUHDW TXDQWLW\ RI XQOHDVKHG YLROHQFH DOUHDG\ WKHUH 7KXV ODUJHTXDQWLWLHVRIUHVLGXHDUHIRUPHGWKHUH
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
7KH 6LOHQW DUH 8QDZDNHQHG PHPEHUV ZKR DUH KLJKO\ YDOXHG IRU WKHLU DFWLRQVDQGFRQGXFW 1HRSK\WHV 7KH\DUHHYHU\RQHHOVHZKRZRUVKLS7XJHM
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
&XUUHQWSUDFWLFHV 7KH PDJLFLDQV RI 2XMHO DUH PHQ DQG ZRPHQ ZKR KDYH D JUHDW DSSUHFLDWLRQ RI WKH PDWHULDO DQG DGRUH WR EH VXUURXQGHG E\ OX[XULHV 7R KDYH SRVLWLRQV RI SRZHU DPRQJ WKH 6OHHSHUV LV GHVLUDEOH IRU WR EH JUHDW DPRQJ WKHP DOORZV WKHP WR EHWWHU DEOH WR PDVWHU WKHP 7KH\ SUHVV WKH 6OHHSHUV WRZDUGV YLROHQW VLWXDWLRQV NQRZLQJ WKDW LW ZLOO PDNHWKHPSURVSHU
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
28-(/,7$6
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
3$5$36<&+2/2*,676
FHQWHUV LQ WKH XQLYHUVLWLHV 7KH\ GLVFUHGLWHG SVLRQLFV DQG SDUDSV\FKRORJ\ UHVHDUFKHUV 7KH GDPDJH ZDV H[WHQVLYH KRZHYHU DQG WKH 7HFKQRFUDWV ZHUH XQDEOH WR IXOO\ HOLPLQDWH WKH LGHD RI SV\FKLF SRZHU IURP WKH SXEOLF 7KH SV\FKLFV WKHPVHOYHV ZHUH SXW RQ SUREDWLRQDU\ VWDWXV DQG FDUHIXOO\ PRQLWRUHG 7KH 6\QGLFDWH DQG ,WHUDWLRQ ; DGYRFDWHG D SXUJH EXW WKH 1:2 ZKLFK QRZ LQFOXGHG VRPH KLJKO\ SODFHG SDUDSV\FKRORJLVWV IRXQG WKH 0LQG 0DJHV WRR XVHIXODQGSURWHFWHGWKHPIURPGHVWUXFWLRQ
URRP 7KH SUHVHQFH RI VR PXFK FRXQWHUDFWLQJ HQHUJ\ PDNHV LW YHU\ GLIILFXOWWRZRUNP\SRZHUVSURSHUO\,VHQVHKRVWLOLW\FDSWDLQ
6RPHRISDUDSV\FKRORJLVWVVOLSSHGTXLHWO\DZD\XVLQJ0LQGPDJLFNWR HUDVH WKH PHPRU\ RI WKHLU H[LVWHQFH 7KH\ MRLQHG WKHLU EUHWKUHQ DPRQJVW WKH 6RQV RI (WKHU KHOSLQJ HVWDEOLVK D YDVW QHWZRUN RI SDOP UHDGHUV SV\FKLF FRQVXOWDQWV DQG PRUH UHFHQWO\ SKRQHOLQHV 7KLV KHOSV ERWK WR KLGH WKHVH SDUDSV\FKRORJLVWV IURP WKH 3RJURP DQG NHHS WKHLGHDRISVLRQLFVIUHVKLQWKHPLQGVRIWKH6OHHSHUV
*RRG IHOORZV WKHLU UHVHDUFK LV VROLG DQG WKHLU LGHDV ZHOO IRXQGHG 7KH\ GR WHQG WR EH D ELW WRR JURXQGHG LQ VWDQGDUG VFLHQFH IRU P\ WDVWHDWOHDVWRXWVLGHWKHUHDOPRISVLRQLFV
6WHUHRW\SHV 6RQV RI (WKHU 7KHVH SHRSOH XQGHUVWDQG WKH QHHG WR H[SORUH EH\RQG WKH OLPLWV RI DFFHSWHG VFLHQFH 7KH\ DUH RXU FORVHVW EURWKHUV 6RPH RI WKHPFDQEHSUHWW\ORRS\KRZHYHU
9LUWXDO$GHSWV+HLQRXVWUDLWRUV7KHVHIRROVKDYHQRLGHDKRZPXFK VXIIHULQJDQGGHDWKWKHLUDQWLFVKDYHFDXVHG
7KH SDUDSV\FKRORJLVWV WKDW VWD\HG LQ WKH 7HFKQRFUDF\ DUH LQ D YHU\ SUHFDULRXV SRVLWLRQ 7KH 1:2 VXSSRUWV WKHP EXW PRVW RWKHU 7HFKQRFUDWV WKLQN RI WKHP DV SRWHQWLDO WUDLWRUV 7KH\ DUH FRQVWDQWO\ ZDWFKHG DQG OLYH LQ IHDU WKDW WKH DFWLRQV RI WKHLU EUHWKUHQ DPRQJVW WKH 7UDGLWLRQV ZLOO WULJJHU D SXUJH 7KH\ KDQJ RQ WKRXJK OXUHG E\ WKH SRVVLELOLW\ WKDW WKH 1:2 ZLOO UHYHUVH LWV GHFLVLRQ DQG UHLQWURGXFH SVLRQLFV LQWR WKH SDUDGLJP 7KLV PRUH WKDQ DQ\WKLQJ LV ZKDW WKH\ GHVLUH
6RPH RI WKHP DUH 6RQV RWKHUV 7HFKQRFUDWV 7UXVW RQH NLOO WKH RWKHU 7KH\ UH WRXJK WR WHOO DSDUW VRPHWLPHV WKRXJK :KHQ LQ GRXEW VKRRW WKHRQHVLQODEFRDWV
3KLORVRSK\ 7KH KXPDQ PLQG KDV YDVW SRWHQWLDOV XQNQRZQ WR PRGHUQ PDQ 6XFK PLQRU SRZHUV DV WKH SODFHER HIIHFW LQ PHGLFLQH DUH RQO\ WKH WLQLHVW KLQW RI ZKDW LV SRVVLEOH 9LJRURXV VFLHQWLILF LQYHVWLJDWLRQVRIWKHVHSRVVLELOLWLHVLVWKHRQO\UHDVRQDEOHFRXUVH:KHQ WKLV SRWHQWLDO LV IXOO\ XQGHUVWRRG DQG FDQ EH WDSSHG DW ZLOO D SHDFH ZLOOGHVFHQGRQWKHZRUOGWKDWKDVQHYHUEHHQVHHQEHIRUH
7KH 1HZ :RUOG 2UGHU 2XU RQO\ IULHQG LQ WKH 7HFKQRFUDF\ 7KH\ ZLOOHYHQWXDODOORZXVWRPRYHIRUZDUGLQWRWKHPDLQVWUHDP
2UJDQL]DWLRQ 7KH SDUDSV\FKRORJLVWV RXWVLGH WKH 7HFKQRFUDF\ XVH WKH ORRVH FRQWDFWV RI WKH 6RQV RI (WKHU LQFOXGLQJ WKH PDJD]LQH 3DUDGLJPD :LWKLQ WKH 7HFKQRFUDF\ WKH SV\FKLFV DUH VXEMHFW WR WKH ULJLG VFLHQWLILF KLHUDUFKLHV RI WKH &RQYHQWLRQV KDPSHUHG E\ WKH VXVSLFLRQWKH\EHDU
,W LV RQO\ D PDWWHU RI WLPH EHIRUH WKH\ JR WKH ZD\ RI WKH 9LUWXDO $GHSWV:HVKRXOGGHVWUR\WKHPQRZEHIRUHLW VWRRODWH
0HHWLQJV 3DUDSV\FKRORJLVWV IROORZ WKH PHHWLQJ VWUXFWXUH RI WKH RUJDQL]DWLRQWKH\DUHLQHLWKHUWKH6RQVRI(WKHURUWKH7HFKQRFUDF\ ,QLWLDWLRQ 3DUDSV\FKRORJLVWV DUH FRQVWDQWO\ WHVWLQJ LQGLYLGXDOV IRU SV\FKLF SRWHQWLDO 0RVW KDYH QRQH D IHZ KDYH OLPLWHG SRZHU DQG D UDUH VHW RI LQGLYLGXDOV DUH FDSDEOH RI PDJLFN 7KHVH LQGLYLGXDOV DUH SXW WKURXJK IXUWKHU EDWWHULHV RI WHVWV XVLQJ HTXLSPHQW DQG SVLRQLFV WR DZDNHQ WKHLU $YDWDU $IWHU DZDNHQLQJ WKH ,QLWLDWH LV JLYHQ WUDLQLQJ LQ WKHLUSRZHUDQGWDXJKWWKHSURFHGXUHVRIH[SHULPHQWDOVFLHQFH &KDQWU\ 7KH SDUDSV\FKRORJLVWV KDG WKHLU PRVW LPSRUWDQW &KDQWU\ LQ 5XVVLD ZKHUH SV\FKLF SRZHUV KDYH D ZLGH DFFHSWDQFH EXW WKH UHFHQW FKDRV LQ WKDW FRXQWU\ KDG PDGH FRQWDFW SUREOHPDWLF $QRWKHU LPSRUWDQW &KDQWU\ LV WKH 5KLQH ,QVWLWXWH LQ 'XUKDP 1& RQFH DVVRFLDWHG ZLWK 'XNH 8QLYHUVLW\ QRZ NQRZQ DV WKH )RXQGDWLRQ IRU 5HVHDUFKRQWKH1DWXUHRI0DQ $FRO\WHV3V\FKLFWHOHSKRQHRSHUDWRUVQHZDJHUVFROOHJHVWXGHQWV 6SKHUHV 7KHLU ORQJ DVVRFLDWLRQ ZLWK WKH 1:2 PHDQV WKH SV\FKLFV KDYH DGRSWHG WKH VSKHUH RI 0LQG DV WKHLU SULPDU\ FRQFHQWUDWLRQ 7KH\ DUHRIWHQWDOHQWHGZLWK)RUFHVIRUWHOHNLQHVLV 7LPHIRUSUHFRJQLWLRQ DQG &RUUHVSRQGHQFH IRU FODLUYR\DQFH DQG DVWUDO VLJKW 7KH\ WHQG WR VK\ DZD\ IURP (QWURS\ DQG 6SLULW 7KHLU XVH RI WKH VSKHUH RI )RUFHV LV H[FHSWLRQDO )RU SDUDSV\FKRORJLVWV NLQHWLF HQHUJ\ LV D PLQRU IRUFH DFFHVVLEOH DW )RUFHV DQG (OHFWURPDJQHWLF HQHUJ\ LV D PDMRU IRUFH RQO\DYDLODEOHDW)RUFHVDQG )RFL 8QOLNH PRVW 7HFKQRPDQFHUV WKH SV\FKLFV GHVSLVH )RFL $V D PDWWHU RI IDFW WKHLU SULPDU\ VSKHUH 0LQG UHTXLUHV QR )RFL DW DOO 0RVW SDUDSV\FKRORJLVW ZLOO KDYH QR PRUH VSKHUHV WKDQ WKHLU $UHWH VR WKH\ ZLOO QRW QHHG WR XVH )RFL 7KRVH WKDW KDYH PRUH VSKHUHV WKDQ WKLV DUH IRUFHG WR XVH YDULRXV SLHFHV RI HTXLSPHQW OLNH 3V\FKLF (QKDQFHU +HOPHWV DQG 3VLRQLF :DYH 'HWHFWRUV 3DUDGR[LFDOO\ PDQ\ RI WKHLU 5RWHV GR LQYROYH HTXLSPHQW VXFK DV .LUOLDQ SKRWRJUDSK\ IRU GHWHFWLQJ DQGH[DPLQLQJDXUDV &RQFHSWV SV\FKLF DGYLVRU WR WKH VWDUV SDUDSV\FKRORJ\ UHVHDUFKHU &,$RU.*%SVLRQLFVS\ 4XRWH +PP , P UHFHLYLQJ D ORW RI QHJDWLYH HPRWLRQV IURP WKLV
2WKHU 7UDGLWLRQV $QDFKURQLVPV 7KH\ UHIXVH WR PRYH ZLWK WKH WLPHV 0RUH WKDQ DQ\ RWKHU JURXS LQ WKH 6RQV WKHVH PDJHV DUH GDQJHURXVO\ FORVH WR WKH 7HFKQRFUDF\ 7KHUH DUH HYHQ UXPRUV WKDW VRPH RI WKHP DUHVWLOOPHPEHUV
8VHIXO SDZQV 7KH FDUURW RI VFLHQWLILF DFFHSWDQFH NHHSV WKHP LQ OLQH %HFDUHIXOWKRXJKVRPHRIWKHPDUHTXLWHSRZHUIXO 2WKHU7HFKQRPDQFHUV:K\GRWKH\GLVWUXVWXVVR"
THE PRIESTESSES OF INANNA %\$QGHUV6DQGEHUJ
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
7+(35,(67(66(62),1$11$
LV UHOHDVHG DQG IHUWLOLW\ DQG JURZWK \HW DJDLQ UHWXUQV WR WKH ODQG DV ,QDQQDUHMRLFHV 7KLV LV WKH RULJLQ RI WKH VXPHULDQ 1HZ
3KLORVRSK\ :H EULQJ IHUWLOLW\ WR QRW RQO\ WKH ODQG EXW WR WKH ZRPEV WKH KHDUWV DQG PLQGV RI WKH SHRSOH 2XU ODG\ ,QDQQD EURXJKW WKH ZLVGRP DQG SRZHU RI WKH 6N\ DQG (DUWK WR XV DQG QRZ LWV RXU GXW\ WR IROORZ KHU LQKHUIRRWVWHSV
2UJDQLVDWLRQ 2ULJLQDOO\ WKH SULHVWHVVHV EHORQJHG WR WKHLU WHPSOHV ZKLFK ZHUH UXQ E\ WKH +LJK 3ULHVWHVV DQG VRPHWLPHV VRPH LQWHUPHGLDU\ OHYHOV RI SULHVWHVVHV 0DOH SULHVWV KDG WKHLU RZQ KLHUDUFK\ EHVLGH WKH IHPDOH $V WKH FXOW ZLWKHUHG DZD\ WKH VWULFW RUJDQLVDWLRQ EHFDPH PRUH LQIRUPDO 0DQ\ SULHVWHVVHV ZHUH VROLWDU\ SUDFWLWLRQHUV RI WKHLU DUWV ZKLOH RWKHUV FRQJUHJDWHGWRJHWKHULQVPDOOFOLTXHV
&KDQWU\ 7KH PDLQ FKDQWU\ ZDV RI FRXUVH WKH +RXVH RI +HDYHQ LQ 8UXN FXUUHQWO\ D UXLQ LQ PRGHUQ :DUND NP 6RXWKHDVW RI %DJKGDG 2WKHU WHPSOHV H[LVWHG LQ PRVW PDMRU FLWLHV LQ 6XPHU DQG ODWHU WKH ZKROHPLGGOHHDVW7RGD\QRQHRIWKHPUHPDLQ
$FRO\WHV 3URVWLWXWHV,QWHOOHFWXDOV(XQXFKV
6SKHUH /LIH PDLQO\ GLUHFWHG WRZDUGV IHUWLOLW\ PDJLFN 0RVW SULHVWHVVHV FRQFHQWUDWHG WKHLU PDJLFN FRPSOHWHO\ WRZDUGV /LIH ,Q RUGHU WR XVH WKH RWKHU VSKHUHV WKH SULHVWHVVHV XVXDOO\ LQYRNHG RWKHU GHLWLHV RU DVNHG IRU KHOS IURP WKHLU SULHVWV 0RVW FRPPRQ ZDV WKH VHUYDQW RI ,QDQQD 1LQVKXEXU WKH 4XHHQ RI (DVW ZKR FRQWUROOHG WKH SRZHUV RI )RUFHV DQG &RUUHVSRQGHQFH 7KH ZDWHUJRG (QNL JDYH ZLVGRP DQG FRQWUROOHG 0LQG 7LPH DQG 0DWWHU 'UHDG (UHVKNLJDO UXOHG RYHU GHDWK WKH XQGHUZRUOG6SLULWDQG(QWURS\
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
&RQFHSWV &RXUWHVDQ,QGHSHQGHQWZRPDQ6H[FXOWOHDGHU
4XRWH
0HHWLQJV 7KH RULJLQDO FXOW IHDVWHG DW HDFK QHZ PRRQ EXW WKH PDLQ FHOHEUDWLRQ ZDV WKH 1HZ
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
5RWHV %OHVV *URZWK /LIH 7KLV LV WKH PRVW FRPPRQ URWH HYHU XVHG E\ WKHSULHVWHVVHV%\UHFLWLQJWKHQDPHVRIWKHSODQWVDQLPDOVDQGSHRSOH ZKLOH PDNLQJ ORYH WR 'XPX]L WKH\ PDNH WKHP JURZ IDVWHU DQG EHFRPH PRUH IHUWLOH 7KH SRZHU RI WKLV URWH LV LQFUHDVHG LI LW LV SHUIRUPHG ZLWK HLWKHU WKH .LQJ ZKR LV WKH SHUVRQLILFDWLRQ RI WKH ODQG RUZLWKDSULHVWRI'XPX]L
7+(35,(67(66(62),1$11$
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
352*1267,&$7256)25(&$67(56
WLPHLVUXQQLQJRXW
9HU\VKRUWGD\V
$QRWKHU SUREOHP LV WKH URXJH )RUHFDVWHUV %HVLGH WKRVH )RUHFDVWHUV ZKR OHIW ZLWK WKH 9LUWXDO $GHSWV WKHUH DUH RWKHUV 7KH 7HFKQRFUDF\ KDV WULHG WR VXSSUHVV WKH WUXH PHWKRGV RI IRUHFDVWLQJ EXW QRW HQWLUHO\ VXFFHHGHG 6RPHWLPHV FDUHOHVVQHVV RU LQGHSHQGHQW GLVFRYHULHV KDYH DOORZHG RXWVLGHUV WR OHDUQ WKH VHFUHW DQG WKLV KDV OHG WR VPDOO JURXSV RIURXJH)RUHFDVWHUV
6KRUWZHHNV
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
)DVWFKDRWLFGHYHORSPHQW
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
352*1267,&$7256)25(&$67(56
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
PSIONIC MAGES AND THE PHOENIX COVENANT %\3HWHU)ODQDJDQURODQG[#L[QHWFRPFRP
3VL,QWHUQDO3RWHQWLDO 7KDW WKH $ZDNHQHG H[LVW LV LUUHIXWDEOH 7KH 7HFKQRFUDF\ LV LWVHOI DQ RUJDQL]DWLRQ RI (QOLJKWHQHG EHLQJV GHIHQGLQJ WKH KXPDQ UDFH IURP
LQFRPSUHKHQVLEOH IRUFHV 7KH SV\FKLF SDUDGLJP LV WKH SDWK RI VHOI GLVFRYHU\ WKH VWUXJJOH WR HDFK GD\ EH PRUH WKDQ WKH RQH EHIRUH LW UHILQHGWRLWVXOWLPDWHH[WHQW
&DWKHULQH EOLQNHG DV WKH F\ERUJV WKDW KDG EHHQ KXQWLQJ KHU ORRNHG DW HDFK RWKHU LQ FRQIXVLRQ WKHQ ZDONHG RII WKH ZD\ WKH\ FDPH :KDW WKH KHOOLVJRLQJRQKHUH" 5HOD[VKHKHDUGLQKHUPLQG
3V\FKLFV WHQG WR EH FODQQLVK WKH %ODFN 6XLWV DQG GRQ W FDOO XV 0HQ LQ %ODFN WKH +HUPHWLFV PDGH WKDW QDPH XS KDYH EHHQ DFFXVHG RI EHLQJ D KLYHPLQG DQG WKH $NDVKLFV VHFOXGH WKHPVHOYHV LQ WKHLU WHPSOHV H[FHSW IRU WKHLU UHVSHFWLYH ZDUULRUV ZKR DUH XVXDOO\ VROLWDU\ 7KH &UDIWV DUH HYHQ PRUH LQVXODU VKLHOGLQJ WKHPVHOYHV IURP WKRVH ZKR ZRXOGGHVWUR\WKHP$QGQRWDOO2USKDQVMRLQWKH+ROORZ2QHV 3V\FKLF SKHQRPHQD ZKLOH WUHDWHG DV D SVHXGRVFLHQFH E\ WKH VFLHQWLILF HVWDEOLVKPHQW HQMR\V PRUH FUHGXOLW\ WKDQ DQ\ RWKHU IRUP RI
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
36,21,&0$*(6$1'7+(3+2(1,;&29(1$17
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
2ND\OHWPHJHWWKLVVWUDLJKW, PDQ2USKDQDPDJHQRWDSV\FKLF 1R \RX DUH D SV\FKLF
VHHPLQJO\ REOLYLRXV WR WKH PDQ\ PLOG MROWV RI HOHFWULFLW\ WKDW ZHUH VWULNLQJKHUILQJHUWLSVXQOHVVWKH\ZHUHFRPLQJIURPKHUILQJHUV ,VWKHUHDQ\RQHHOVH,VKRXOGNQRZDERXW".DWHDVNHG 7KHUH DUH RWKHU RUJDQL]DWLRQV EDVHG RQ WKHRULHV RI UHDOLW\ 0DUFXV UHSOLHG VRIWO\ :H DUH WKH PRVW RUJDQL]HG XQOHVV \RX FRXQW WKH 7HFKQRFUDF\EXWZHXQOLNHWKH\ZRUNZLWKRXUIHOORZPDJL
2QHELJKDSS\IDPLO\.DWHPXWWHUHG
3KRHQL[&RYHQDQW $ UHODWLYHO\ QHZ &UDIW WKH &RYHQDQW OLNH WKH 9RLG (QJLQHHUV PDNHV OLWWOH GLVWLQFWLRQ EHWZHHQ WKRVH JLIWHG ZLWK 1XPLQD 6FDQQHUV WKH KDOI$ZDNHQHG DQG 7UXH 3VLRQV 0DJL LQ WKH JURXS 7KH\ DUH DOO GHYRWHG WR WKH VDPH WKLQJV IUHHGRP RI WKRXJKW DQG SURWHFWLRQ RI WKH 7HOOXULDQ )RXQGHG LQ WKH V LQ WKH ZDNH RI -% 5KLQH V JURXQG EUHDNLQJ ZRUN LQ ZHGGLQJ VFLHQFH DQG WKRXJKWPDJLFN WKH\ EHJDQ DV DQ LQGHSHQGHQW &UDIWEXW DWWUDFWHG FRQVLGHUDEOH DWWHQWLRQ IURP ERWK WKH 1HZ :RUOG 2UGHU DQG WKH 7UDGLWLRQV 0DQ\ SV\FKLFV GLVVDWLVILHG ZLWK WKHLU RZQ RUJDQL]DWLRQV IRU RQH UHDVRQ RU DQRWKHU MRLQHG WKH &RYHQDQW ZKLFK HYROYHG WR EHFRPH RQH SDUW VFLHQFH RQH SDUW 'R D VPDWWHULQJ RI 6WUDQJHU LQ D 6WUDQJH /DQG DQG D OLWWOH FRPLFERRN UHDOLW\ WKURZQ LQ IURP D IHZ 6R(V ZKR QHYHU TXLWH JUHZ XS 1RZ WKHLU H[WHQGHG IDPLO\ WULHV WR LQVWLOO D VHQVH RI ERWK ZRQGHU DQG UHVSRQVLELOLW\ LQ HDFK RWKHU DQG WKH &RQVHQVXV ZKLOH ILJKWLQJ ERWK WKH RSSUHVVLRQ RI WKH RWKHU RUJDQL]DWLRQV DQG IDU PRUH WKH HYLOV RI WKH1HSKDQGL
0LQ VPLOHG :H DUH SDUW RI UHDOLW\ :H XVH RXU SRZHU WR DOWHU RXUVHOYHV
3KLORVRSK\
$KKKK .DWH VPLOHG $ ZUHQFK IORDWHG RYHU WR ZKHUH 0DULD ZDV ZRUNLQJ DQG WKH WHFKLH WXUQHG D EROW LQWR SODFH VHDOLQJ WKH ZLQJ LQWR SODFH
:H DUH WKH RQHV ZKR VWDQG DJDLQVW WKH PDGQHVV WKH W\UDQQ\ DQG 2EOLYLRQ LWVHOI &KDOOHQJH \RXUVHOI DOZD\V EXW QHYHU IRUJHW WKDW ZLWK JUHDW SRZHU FRPHV JUHDW UHVSRQVLELOLW\ 2XUV LV WKH JUHDWHVW UHVSRQVLELOLW\ RI DOO IRU RXUV LV WKH SRZHU RI WKH PLQG XQIHWWHUHG 'R QRW IRUFH \RXU 3DWK RQ RWKHUV EXW UDWKHU VKRZ RWKHUV RXU 3DWK DQG OHW WKHP GHFLGH 1R PDWWHU ZKDW WKRXJK QHYHU GHQ\ WKH KRQHVW VHHNHU WUXWK7KDWZD\OLHVFRUUXSWLRQ
3V\FKLFV KDYH DQ RGG UHODWLRQVKLS ZLWK 3DUDGR[ $NDVKLFV DQG WKH 1:2 DUH QRWRULRXV IRU JHWWLQJ DZD\ ZLWK PHWDSK\VLFDO PXUGHU ZLWKRXWEHLQJYXOJDURQWKHRWKHUKDQGWKHLU4XLHWVWHQGWREHHSLFLQ VFRSH ZKHQ WKH\ KLW 7KHLU RWKHU 3DUDGR[ HIIHFWV WHQG WR EH VRPHZKDW SUHGLFWDEOH LI QR OHVV KDUVK 7KLV FRPHV IURP WKHLU VNLOO LQ
LQWHUQDOL]LQJ WKHLU SRZHUV PDNLQJ WKHP PRUH QDWXUDO E\ XVLQJ WKHLU RZQ ERGLHV DQG PLQGV DV IRFL 1HHGOHVV WR VD\ WKLV KDV LWV GDQJHUV EXW WKHUHDUHEHQHILWVDVZHOO $Q\ SV\FKLF QR PDWWHU WKH VSHFLILFV RI WKHLU SDUDGLJP ORVHV WKHLU ILUVW IRFXV DW $UHWH OLNH DQ\ P\VWLFN PDJH DQG FRQWLQXHV IURP WKHUH 7KH\ JDLQ 3DUDGR[ QRUPDOO\ VDYH IRU WKH LQFUHDVHG FKDQFH RI FRLQFLGHQFH 7KH\ FDQ DOVR FUHDWH QRUPDO FRLQFLGHQFHV RI FRXUVH DQG H[FHO DW SV\FKRNLQHWLF DFFLGHQWV +RZHYHU WKHLU 3DUDGR[ EDFNODVKHV WHQG WR WDNH WKH IRUP RI 4XLHWV RI YDU\LQJ VL]HV DQG WUDGLWLRQDO SVL GLIILFXOWLHVVXFKDVQRVHEOHHGVKHDGDFKHVRYHUVHQVLWLYHWHOHSDWK\DQG DW KLJKHU UDQNV DFWXDO SK\VLFDO LQMXU\ DQG KDQGLFDSV $ ILYHSRLQW 3DUDGR[ )ODZ PLJKW EH WHPSRUDU\ SDUDO\VLV WRWDO RU D FRPSOHWH ORVV RI FRQWURO RI WKH WKH FKDUDFWHU V SV\FKRNLQHWLF SRZHUV 1R IXUWKHU 3DUDGR[ LV LQFXUUHG IRU WKLV KLJKO\ YXOJDU %DFNODVK WKH 7HFKQRFUDF\ DWWHQWLRQ LW GUDZV DQG WKH SRWHQWLDO IRU PDVVLYH GLVDVWHU WHQG WR EH HQRXJKRIDSUREOHP
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
6W\OH 7DNH $NDVKLF GLVFLSOLQH %ODFN 6XLW WUDLQLQJ VRPH 2USKDQV
PHGLWDWLRQ WHFKQLTXHV DQG PHWDOFU\VWDO ORUH DQG \RX KDYH WKH EDVLFV %XW SV\FKLF VW\OH LV E\ GHILQLWLRQ D SHUVRQDO TXHVW DQG WKH DYHUDJH &RYHQDQWPHPEHUEHOLHYHVLQWKH JXLGHGRQ WSXVK PHWKRGRIPDJLFN DQGSKLORVRSK\%XWLID3KRHQL[JHWVSXVKHGWKH\SXVKEDFNKDUG
6SKHUH 0LQG
&RPPRQ)RFL 0HGLWDWLRQ 'R FU\VWDOV VLOYHU RU JROG MHZHOU\ DVVRUWHG $ELOLWHV HVSHFLDOO\$ZDUHQHVV([SUHVVLRQ/HDGHUVKLSDQG6FLHQFH
5RWH)RFL 0RUH WKDQ DQ\ RWKHU &UDIWSDUDGLJP SVLV PDNH XVH RI LQGLYLGXDO IRFL IRU VSHFLDO URWHV 7KLV PDNHV WKHP QR OHVV IOH[LEOH EXW WKH\ ILQG WKHVH WULFNV XVHIXO IRU FRLQFLGHQFH 7KH\ LQFOXGH &RPEDW 0DQHXYHUV IURP :R' &RPEDWRQH URWH SHU 0DQHXYHU ZHDSRQV SVLRQLF HQKDQFHUV DQGELRFKHPLFDOV
2UJDQL]DWLRQ 7KHLU VPDOO QXPEHUV DQG ZLGHUDQJLQJ JRDOV PDNH LW KDUG IRU WKHP WR PDLQWDLQ D IRUPDO RUJDQL]DWLRQ WKHLU 0LQG 6FLHQFHVPDJLFNV
36,21,&0$*(6$1'7+(3+2(1,;&29(1$17
KRZHYHU PDNH LW UHODWLYHO\ HDV\ WR VWD\ LQ WRXFK 7KHLU SULPDU\ &KDQWU\ E\ WKH +XGVRQ OHVV WKDQ DQ KRXU IURP 1HZ
,QLWLDWLRQ 3URVSHFWLYHPHPEHUVDUHIRXQGIURPPDQ\VRXUFHVEXWSULPDULO\IURP SRWHQWLDO 7HFKQRPDQFHU WHUULWRU\ WKDW WKH 7HFKQRFUDWV E\ DQG ODUJH LJQRUH &RQYHQWLRQV RI ILFWLRQDO DQG JDPLQJ JURXSV SDUDSV\FKRORJ\ LQVWLWXWHV HYHQ LQGHSHQGHQW SV\FKLF UHDGHUV DUH DOO FRQVLGHUHG SRWHQWLDO PHPEHUV )UDXGV DUH LI ZLOOLQJ WDXJKW WKH WUXWK DQG LI XQZLOOLQJFRQYLQFHGWRFKDQJHSURIHVVLRQV
6WDQGDUGUHDOLW\GHYLDQWV5HSURJUDPDVVLPLODWHRUGHVWUR\ 1HZ :RUOG 2UGHU 1RW KDOI DV EDG DV WKH 7UDGV ZRXOG OLNH WR EHOLHYH 7KDW V VWLOO SUHWW\ EDG WKRXJK :H KHOS WKRVH RQ WKH IUHHGRP VLGHRIWKH6FKLVPDVEHVWZHFDQDQGDYRLGWKHRWKHUV 7KH\ KDYH JUHDW SRWHQWLDO DQG DUH D JUHDW GDQJHU 8VH WKHP EXW GR VR ZLWK FDXWLRQDVWKH\DUHGDQJHURXVHQHPLHV7KH\NQRZWKH6HFUHW 3URJHQLWRUV 7KH PRVW VFKL]RSKUHQLF RUJDQL]DWLRQ LQ WKH ZRUOG +DOI RI WKHP DUH FDULQJ FRQFHUQHG SK\VLFLDQV DQG WKH UHVW DUH VHOI DEVRUEHG VRXOOHVV ORRQLHV ZKR ULYDO WKH 0DUDXGHUV 6FDQ EHIRUH HQJDJLQJ :KDWLQWHUHVWLQJVXEMHFWV 6\QGLFDWH ,I \RX IROORZ WKH *UD\ &RGH VKRRW WR NLOO ,I \RX IROORZ WKH)RXU&RORU&RGHUXLQ HP&RUUXSWFRUUXSWFRUUXSW 6KRRWRQVLJKWDQGGRQ WWHOOWKH1HZ:RUOG2UGHUWKDW\RXVDZRQH
$FRO\WHV
9RLG (QJLQHHUV *UHDW DOOLHV IXQ FRPUDGHV WRWDOO\ FOXHOHVV ZKHQ LW FRPHVWRSVL7RREDGWKH\ YHJRWJUHDWSRWHQWLDO
:LOG7DOHQWV6FDQQHUVSDUDSK\VLFLVWV1HZ$JHUV
7KH\ DSSUHFLDWH WKH GDQJHU RI WKH 7KLQJV 7KDW 0XVW 1RW %H DQG WKH\ ORYH D JRRGDGYHQWXUH-XVWNHHSDQH\HRQWKHPWKH\ UHDELWORRQ\
&RQFHSWV
0DUDXGHUV5XQDZD\5XQDZD\ 7HOHSDWKLF VS\ SDUDSV\FKRORJLVW
/HQVPDQ
VXSHUKHUR
PHQWDO
H[SORUHU
/RRNXSLQWKHVN\,W VDELUG,W VDSODQH,W V6XSHUPDJH 1HSKDQGL 6HH 6\QGLFDWH EXW PRUH VR ,I \RX FDQ PXVWHU XS WKH VWRPDFKWRNLOODQ\WKLQJNLOOWKHVHJX\V
6WHUHRW\SHV
'LIILFXOWWRFRUUXSWEXWZRUWKWKHULVNRIVRPHRQHHOVH
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
PYTHAGOREAN BROTHERHOOD
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
%\$QGHUV6DQGEHUJQYDVD#RGHUQDGDNWKVH
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
3<7+$*25($1%527+(5+22'
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
3KLORVRSK\ (YHU\WKLQJ LV FUHDWHG RXW RI WKH ZKROH QXPEHUV )URP WKHLU UDWLRV GLIIHUHQFHV DQG VXPV HYHU\WKLQJ LV PDGH 7KH VSKHUHV DUH DUUDQJHG E\ WKHLU LPPXWDEOH ODZV URWDWLQJ LQ HWHUQDO KDUPRQ\ ,Q WKH VDPH ZD\
ZH FDQ DWWDLQ SHUIHFW KDUPRQ\ ZLWK WKH FRVPRV E\ RSHQLQJ RXU PLQGV WRWKHWUXWKRIQXPEHUV
2UJDQLVDWLRQ 7KH 3\WKDJRUHDQV ZHUH SUREDEO\ RUJDQLVHG RU GLVRUJDQLVHG OLNH D QRUPDO *UHHN VFKRRO RI SKLORVRSK\ ,Q WKH FHQWUH ZDV WKH 0DVWHU ZKLFK HYHU\RQH KDG WR OLVWHQ WR DQG REH\ $URXQG KLP ZDV D FLUFOH RI WUXVWHG IULHQGV DQG VWXGHQWV ZKLFK SHUIRUPHG PRVW RI WKH WHDFKLQJ DQG WUDLQLQJ 7KH DFRO\WHV DQG QHZ VWXGHQWV KDG WKH OHDVW VWDWXV DQG ZHUHQRWSHUPLWWHGWRVSHDN
0HHWLQJV :KHQHYHU WKH 0DVWHU FDOOHG KLV VWXGHQWV RU ZKHQHYHU WKHUH ZDV D SDUWLFXODU QHHG 7KHUH ZDV QR VSHFLDO FHOHEUDWLRQV RU IHDVWV LQ WKH JURXS
,QLWLDWLRQ $IWHU VSHQGLQJ ILYH \HDUV OLVWHQLQJ WR WKH WHDFKLQJV LQ WRWDO VLOHQFH WKH VWXGHQW ZDV OHIW LQ D FDYH WR PHGLWDWH ,I KH KDG XQGHUVWRRG WKH WHDFKLQJV FRUUHFWO\ DQG KDG WKH ULJKW W\SH RI PLQG KH ZRXOG WKHQ EH DEOH WR KHDU WKH KDUPRQ\ RI WKH VSKHUHV ,I KH VXFFHHGHG KH ZDV PDGH D IXOO PHPEHU RI WKH JURXS ZKLOH LI KH IDLOHG KH ZDV WKURZQ RXW RU IRUFHGWRUHPDLQVLOHQWIRUILYHPRUH\HDUV
&KDQWU\ 7KHUH ZHUH QHYHU DQ\ WUXH FKDQWULHV H[FHSW IRU WKH PHHWLQJ SODFHV RI WKH JURXS LQ &URWRQH +RZHYHU WKH FDYHV DQG EHDFKHV QHDUE\ ZHUH RIWHQ XVHG IRU PHGLWDWLRQ WHDFKLQJ DQG PXVLFDO H[SHULPHQWV EHVW SHUIRUPHGEH\RQGWKHUHDFKRIWKHHDUVRIPRUWDOV
$FRO\WHV 3KLORVRSKHUV\RXQJQREOHVSROLWLFLDQVPDWKHPDWLFDOFUDQNV
6SKHUH &RUUHVSRQGHQFH 7KH 3\WKDJRUHDQV UHJDUGHG JHRPHWU\ DV WKH KLJKHVW IRUP RI PDWKHPDWLFV DQG WKH ILHOG PRVW ZRUWK\ RI VWXG\ 7KH UHODWLRQV EHWZHHQ SRLQWV OLQHV FLUFOHV DQG RWKHU ILJXUHV SURYLGHG DQ HQGOHVV VRXUFH RI P\VWHULHV WR XQGHUVWDQG +RZHYHU WKH\ DOVR VWULYHG WR SHUIHFW WKHLU XQGHUVWDQGLQJ RI PXVLF DQG DFRXVWLFV XVLQJ 7LPH DQG )RUFHV WKHPHQWDOZRUOGDQGWKHZRUOGRIVSLULWV
)RFL p
$OO VSKHUHV *HRPHWULF FRQVWUXFWLRQV 7R IXOO\ XQGHUVWDQG VRPHWKLQJ WKH 3\WKDJRUHDQV KDG WR VHH KRZ LW UHODWHG WR WKH IXQGDPHQWDO FRQFHSWV FUHDWLQJ HYHU\WKLQJ WKH QXPEHUV DQG JHRPHWULFDO REMHFWV (YHU\WKLQJ WKH\ VWXGLHG ZDV FDUHIXOO\ GUDZQ DQG DQDO\VHG 7KH\ JHQHUDOO\ PDGH GLDJUDPV DQG FRQVWUXFWLRQV XVLQJ UXOHU DQG FRPSDVV LQ ILQH VDQG VRPHWLPHV HQJUDYLQJ WKHP LQZD[
p
0LQG 7LPH 0HGLWDWLRQ 0DQ\ 3\WKDJRUHDQV IROORZHG WKH 0DVWHU E\ OHDUQLQJ WR OLVWHQ WR WKHLU LQQHU YRLFHV XQGHUVWDQGLQJ WKHLURZQDQGRWKHUV PLQGV
p
)RUFHV /LIH 6SLULW 3ULPH 0XVLF %\ SOD\LQJ WKH KDUS RU OXWH WKH S\WKDJRUHDQV FRXOG FUHDWH YLEUDWLRQV VKRZLQJ WKH VXEWOH SURSHUWLHV RI VXUURXQGLQJ REMHFWV ,W DOVR JDYH WKHP WKH DELOLW\ WR VHH KRZ WKH YLEUDWLRQV WKH\ FUHDWHG LQWHUDFWHG ZLWK WKH PXVLF RI WKH VSKHUHV 6RPH PXVLF ZDV KDUPRQLRXV ZLWK LW DQG HQIRUFHG DQG KHDOHG 2WKHU NLQGV RI PXVLF ZDV GLVFRUGDQW DQG FRXOG KXUW RU FDXVH GDQJHURXV HIIHFWV 4XLWH XQGHUVWDQGDEO\ WKH S\WKDJRUHDQV WRRN PXVLF VHULRXVO\ DQG FRXOGQ W VWDQG LI LW ZDV
3<7+$*25($1%527+(5+22'
DSDUW XVLQJ WKH LQHUWLD RI WKH ZKROH XQLYHUVH (DFK VXFFHVV ZLOO PDNH GDPDJH OHYHOV DQG WKH YLFWLP ZLOO EH VSUHDG RXW RYHU WKH XQLYHUVH OHDYLQJQRWUDFHEHKLQG@
SOD\HGLQFRUUHFWO\RUSRRUO\
&RQFHSWV 3KLORVRSKHUPDWKHPDWLFLDQKHUPLWPXVLFLDQ
QUANTUM MECHANICS
4XRWH 7KH *ROGHQ 5DWLR PDQLIHVWV LQ WKH ZKROH RI FUHDWLRQ 7DNH WKH UDWLR RI WKH OHQJWK RI D PDQ DQG WKH KHLJKW RI KLV QDYHO 7KH UDWLR RI WKH VLGHV RI WKH *UHDW 7HPSOH 7KH UDWLR EHWZHHQ WKH ORQJ DQG VKRUW VLGHV RI D SHQWDJUDP :K\ LV WKLV" %HFDXVH WKH UDWLR RI WKH :KROH WR WKH *UHDWHULVWKHUDWLRRIWKH*UHDWHUWRWKH/HVVHU
%\&KLDURVFXUR
5RWHV
,I DQ\RQH ZLQGV XS ZRQGHULQJ ZKDW LQ WKH 1LQH +HOOV JRHV RQ RQFH 'RLVVHWHS JRHV ERRP WKH &KDQWU\ RFFXS\LQJ WKH 6KDGH 5HDOP RI )RUFHVLVQRZDIWHUHYHQWVGHVFULEHG 'LUDF6WDWLRQ
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
7KH IROORZLQJ LV D SDUWLDO ZULWHXS ZRUNLQSURJUHVV RI D 7UDGLWLRQ , DP FRQVWUXFWLQJ IRU P\ 0DJH FDPSDLJQ 9DULRXV HYHQWV DQG SHUVRQV GHVFULEHG LQ WKH ZULWHXS DUH DUWLIDFWV RI WKDW FDPSDLJQ , WKRXJKW LW PLJKWEHLQWHUHVWLQJPD\EHVSDUNVRPHFRPPHQWV
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p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
7KLV URWH ZDV SUREDEO\ QHYHU XVHG EXW UHPDLQHG D WKHRUHWLFDO DSSOLFDWLRQ RI WKH PDJLFN RI WKH 3\WKDJRUHDQV %\ YHU\ FDUHIXOO\ VHWWLQJ XS D UHVRQDQFH XVLQJ PXVLF DQG JHRPHWU\ ZLWK WKH VSKHUHV D OLQN FRXOG EH IRUPHG EHWZHHQ WKH XQLYHUVH DQG DQ REMHFW RU SHUVRQ %\ VXGGHQO\ WKURZLQJ WKH PXVLF LQWR GLVFRUG WKH KDUPRQLRXV OLQN FRXOG WXUQ LQWR D PRVW GHDGO\ IRUFH DV WKH IRUFHV RI WKH XQLYHUVH ULSV WKH REMHFW RU SHUVRQ DSDUW DQG VSUHDGV LW DFURVV DOO RI FUHDWLRQ LQ DQ LQVWDQW
$Q LPDJHU LV VLPSO\ DQ\ VRUW RI UHDVRQDEO\ DGYDQFHG GLVSOD\ GHYLFH 4XDQWXP 0HFKDQLFV HPSOR\ HYHU\WKLQJ IURP FRPSXWHU PRQLWRUV WR SDOPVL]HG UHDGRXW SDGV WR LPDJLQJ VXQJODVVHV IRU XVH ZKHQ LQWHUDFWLQJ ZLWK 6SLULW IRUFHV RU PDQLSXODWLQJ 4XLQWHVVHQFH SDUWLFXODUO\LQWKHDUHDRI3DWWHUQPDJLFN
> 7KH PDJH FRORFDWHV WKH DIIHFWHG REMHFW WR PDQ\ SODFHV DW RQFH WLHV LW WRWKHPXVLQJ3ULPHDQGWKHQUHOHDVHVLW7KHUHVXOWLQJHIIHFWZLOOULSLW
&DOFXODWRUV DUH XVHG ZKHQ )RUFHV DQG V\VWHPLF FKDQJHV DUH FRQFHUQHG WR SUHFLVHO\ GHILQH WKH PDFURFRVPLF HIIHFWV GHVLUHG IURP WKH 4XDQWXP
p
p
,PDJHU6SLULW3ULPH
&DOFXODWRU)RUFHV(QWURS\
48$17800(&+$1,&6
0HFKDQLF V PLFURFRVPLF ZRUNLQJV 0DQ\ 40V KDYH H[FHHGLQJO\ DGYDQFHG FDOFXODWRUV WKDW WKH\ SULGH WKHPVHOYHV RQ RIWHQ FUHDWLQJ D IULHQGO\RQHXSPDQVKLSDPLGVWWKH\RXQJHU'LVFLSOHV
p
6OLGH5XOH&RUUHVSRQGHQFH7LPH
2XWPRGHG IRU GHFDGHV VOLGH UXOHV ZHUH VWLOO NHSW HYHQ XVHG E\ FHUWDLQ 9RLG (QJLQHHUV DV D V\PERO RI WKHLU KLVWRU\ :KHQ WKH &RQYHQWLRQ ILVVLRQHG DQG WKH URJXHV MRLQHG WKH QHZO\IRUPLQJ 4XDQWXP 0HFKDQLFV LW ZDV IRXQG WKDW WKH ROG GHYLFHV PDGH D UHPDUNDEO\ KDQG\ WRRO IRU DLGLQJ LQ WKH PDQLSXODWLRQ RI ERWK SK\VLFDO DQG WHPSRUDO GLPHQVLRQV 1HZ VWUDQJHO\PDUNHG VOLGH UXOHV HQMR\ D UHVXUJHQFHDPRQJWKLV7UDGLWLRQDVDUHVXOW
48$17800(&+$1,&6
R HOUSE RHIANNON %\0LGRUL0+LUW]HOHOVSHWK#ORFDOQHWFRP
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
+286(5+,$1121
WKH YDULRXV +RXVHV XQLWH XQGHU RQH +HUPHWLF 7UDGLWLRQ 6KH QHDUO\ EURNH ZLWK WKH 2UGHU EXW WKHQ WKH WKUHDW RI WKH &DEDO RI 3XUH 7KRXJKW UHDUHG LWV KHDG DQG +RXVH 5KLDQQRQ WKUHZ LQ EHKLQG LWV +HUPHWLF EURWKHUV DQG VLVWHUV LQ RUGHU WR FRPEDW LW $ QXPEHU RI WKH +RXVH V 0DJL DQG LWV IDHULH DOOLHV ORVW WKHLU OLYHV LQ WKH EDWWOH DQG WKLV EHJDQ WKHLU HWHUQDO KDWUHG RI WKH &DEDO DQG LWV VXFFHVVRUV WKH 7HFKQRFUDF\
&RQFHSWV
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
)DQWDV\ILFWLRQIDQVPHGLHYDOLVWV&KDQJHOLQJV
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
&KDUDFWHU&UHDWLRQ $OO WKH PHPEHUV RI +RXVH 5KLDQQRQ DUH GHVFHQGHG IURP (OULF DQG /\VVHWWH 7KLV FDQQRW EH VWUHVVHG KLJKO\ HQRXJK 2QO\ WKHLU IDHULH EORRG RIIHUV WKHVH PDJHV LPPXQLW\ WR 3DUDGR[ $Q\ PDJH QRW RI WKH EORRGRIWKH+RXVHZLOOEHDVWDQGDUG+HUPHWLF
,QLWLDWLRQ $OO WKH FKLOGUHQ RI +RXVH 5KLDQQRQ DUH ZDWFKHG IRU VLJQV RI WKH *LIW IURP ELUWK 7KRVH ZKR GLVSOD\ 0DJHWDOHQW DUH WUDLQHG IURP DQ HDUO\ DJH DQG RIWHQ VSHQG PXFK WLPH DW WKH IDPLO\ V DQFHVWUDO &KDQWU\ LQ *UHDW %ULWDLQ EHIRUH EHLQJ DVVLJQHG D 0HQWRU ZKR ZLOO IXUWKHU WKHLU HGXFDWLRQ LQ WKH $UW $IWHU SDVVLQJ D ULJRURXV VHULHV RI WHVWV WKH\ DUH LQLWLDWHG LQWR WKH 2UGHU LQ D FHUHPRQ\ KHOG DW WKH DQFHVWUDO &KDQWU\ HYHU\VHYHQ\HDUV
2UJDQL]DWLRQ 7KH +RXVH LV OHG E\ LWV 3ULPD /\VVHWWH IURP WKH PDLQ &KDQWU\ LQ *UHDW %ULWDLQ 0DQ\ RI WKH PDJHV UHVLGH WKHUH WKRVH ZKR GR QRW WHQG WR FRQJUHJDWH LQ VPDOO JURXSV XVXDOO\ PDGH XS RI D PDVWHU DQG D QXPEHURIVWXGHQWV
&KDQWU\ 7KH +RXVH V PDLQ &KDQWU\ ZKLFK WKH\ FDOO D &RYHQDQW DIWHU WKH ROG +HUPHWLF IRUP LV LQ *UHDW %ULWDLQ RQ WKH VDPH VLWH ZKHUH WKHLU VHFRQG &RYHQDQW ZDV IRXQGHG LQ WKH 0LGGOH $JHV 7KH\ KDYH DOVR HVWDEOLVKHG D QXPEHU RI VPDOOHU &RYHQDQWV LQ RWKHU FLWLHV WKH PRVW SURPLQHQW RQH LV ORFDWHG DW *HRUJHWRZQ 8QLYHUVLW\ LQ :DVKLQJWRQ '&
8QLYHUVLW\SURIHVVRUPDJLFLDQSDJDQIDQWDV\ZULWHUVFKRODU
$FRO\WHV
&RPPRQ)RFL &LUFOHV VLJLOV ULWXDO LPSOHPHQWV VZRUGV ZDQGV HWF ODQJXDJHV MHZHOU\HVSHFLDOO\SHQWDFOHGHVLJQHG
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
5HVWWLPH
1RSHQDOW\
PLQXWHV
GLH
PLQXWHV
GLH
PLQXWHV
GLFH
KRXU
GLFH
KRXUV
GLFH
KRXUV
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
+286(5+,$1121
3KLORVRSK\ :H DUH WKH SURWHFWRUV RI PDJLF DQG WKH )DH ,W LV RXU VDFUHG GXW\ WR FRPEDW WKH 7HFKQRFUDF\ DQG WR DLG RXU EURWKHUV DQG VLVWHUV EDFN WR $UFDGLD ZKHQHYHU ZH FDQ 7KHLU JLIW WR XV GHVHUYHV QR OHVV :H VKDOO VHH WKH UHWXUQ RI PDJLF WR WKLV ZRUOG RQFH PRUH DQG WKHQ RXU FRXVLQV VKDOOUHWXUQWRLW,ILWWDNHVDPLOOHQQLXPZHVKDOOEHIUHH
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
ROSICRUCIANS %\$QGHUV6DQGEHUJ
'HVFULSWLRQ 7KH 5RVLFUXFLDQV DUH QRW D WUDGLWLRQ EXW D FDPS LQVLGH WKH 2UGHU RI +HUPHV $IWHU WKH IDLOXUH GXULQJ WKH PLGGOH DJHV RI WKH IDOVH RUGHU WKH 2UGHU ZDV VKDNHQ WR LWV IRXQGDWLRQV 0DQ\ PDJHV VLPSO\ OHIW WR RWKHU WUDGLWLRQV RU IRXQGHG WKHLU RZQ VPDOO JURXSV 0DQ\ FODLPHG WKDW WKH IDLOXUH ZDV GXH WR H[FHVVLYH FRQWDFW ZLWK WKH PXQGDQH ZRUOG DQG UHWUHDWHGLQWRSXUHVWXG\ 7KH 5RVLFUXFLDQV ZHUH D PRUH UDGLFDO FDPS RI WKH RUGHU 7KH\ FODLPHG
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
526,&58&,$16
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
3KLORVRSK\
2UJDQL]DWLRQ 7KH 5RVLFUXFLDQ RUGHU DUH WLJKWO\ RUJDQL]HG LQWR VPDOOHU RUGHUV EXW WKH GLIIHUHQW RUGHUV KDYH OLWWOH FRQWDFW 7KLV KDYH OHG WR LQFLGHQWV ZKHUH WZR RUGHUV KDYH EHJXQ WR ILJKW HDFK RWKHU ZLWKRXW UHDOLVLQJ ZKR WKH HQHP\ ZDV 7KH RUGHUV DUH RUJDQL]HG LQWR JUDGHV RI LQLWLDWLRQ (DFK PHPEHU KDYH D JUDGH DQG LV QRW DOORZHG WR OHDUQ WKH VHFUHWV RI WKH KLJKHU JUDGHV XQWLO KH LV LQLWLDWHG LQWR LW 7KH LQLWLDWLRQV DUH FRPSOH[ ULWXDOV ZKHUHLQ WKH FDQGLGDWH LV LQVWUXFWHG LQWR WKH P\VWHULHV WKH VHFUHW SDVVZRUGV DQG KDQGVKDNHV 7KH JUDGHV EHORZ DUH DQ H[DPSOH EDVHG RQ WKH +HUPHWLF 2UGHU RI WKH *ROGHQ 'DZQ RQH RI WKHLUPRVWVXFFHVVIXOIURQWRUGHUV
p p
p
p
JUDGHVDUHIRUWKRVHZKRKDYHUHDFKHGIRUFHV 0DJXV DQG 0DJLVWHU 7HPSOLL 7KH PDJH QRZ KDYH SRZHU RYHU WKH JUHDWHU IRUFHV $GHSWV RI )RUFHV 0DQ\ PDJHV RI WKHVH JUDGHV FRQWUROGLIIHUHQWVHFUHWVRFLHWLHVIRUWKHPDLQRUGHU ,SLVVLPXV 1RZ WKH PDJH LV D 0DVWHU RI WKH IRUFHV DQG RIWHQ DOORZHGWRFUHDWHKLVRZQRUGHU
0HHWLQJV 0DLQO\ WKH IRXU HTXLQR[HV DQG HDFK IXOO PRRQ 'LIIHUHQW RUGHUV KDYH TXLWH GLIIHUHQW VFKHGXOHV RIWHQ UDWKHU VLPLODU WR ORGJH PHHWLQJV RI PDVRQLF RUGHUV 7KHVH PHHWLQJV DUH UDWKHU FHUHPRQLDO EXW DIWHU WKH VROHPQ SDUW PRVW JURXSV KDYH GLQQHU DQG GLVFXVV OHVV LPSRUWDQW RU PXQGDQHPDWWHUV
,QLWLDWLRQ 9DULHV DPRQJ WKH RUGHUV $ W\SLFDO LQLWLDWLRQ FRQVLVWV RI DQ HODERUDWH 0DVRQLFORRNLQJ ULWXDO ZKHUHLQ WKH LQLWLDWH LV OHG DURXQG WKH WHPSOH DQG SUHVHQWHG ZLWK GLIIHUHQW V\PEROV JXDUGLDQV DQG PXVW DQVZHU TXHVWLRQV DQG VZHDU RDWKV $IWHU D ORQJ DQG WLULQJ WLPH GXULQJ ZKLFK WKH VXVSHQVH KDV EHHQ VORZO\ EXLOW XS WKH LQLWLDWH LV XQH[SHFWHGO\ VKRFNHG LQ VRPH ZD\ ZKLFK ZLOO KRSHIXOO\ DZDNHQ KLV DYDWDU 2IWHQWKHLQLWLDWHZLOOKDYHVRPHVRUWRIYLVLRQRIWKHDYDWDU
&KDQWU\ 9LHQQD LV WKH VLWH RI WKH ROGHVW FKDQWU\ DQ ROG PDQRU 7KLV FKDQWU\ LV RQHRIWKHPRVWLQIOXHQWLDO+HUPHWLFFKDQWULHVLQ(XURSH,WLVRIILFLDOO\ RZQHG E\ WKH IUDWHUQDO RUGHU 2UGR 5RVDH &UXFLV WR EH VHFUHW \RX KDYH WR REYLRXV 0RVW 5RVLFUXFLDQV UHVLGH RU KDYH WLHV WR +HUPHWLF FKDQWULHV RU UXQ WKHLU RZQ FKDQWULHV GLVJXLVHG DV VHFUHW VRFLHWLHV RU 0DVRQLFRUGHUV
$FRO\WHV )UHHPDVRQVPHPEHUVRIVHFUHWRUJDQL]DWLRQVLOOXPLQDWLIDQVQXUVHV
6SKHUH
0DQNLQG PXVW $VFHQG EXW LV KLQGHUHG E\ LWV LJQRUDQFH PDOLFH DQG JUHHG :H PXVW SUHSDUH WKH ZD\ LQ VHFUHF\ LQLWLDWLQJ WKH ZRUWK\ LQWR WKH P\VWHULHV DQG VSUHDGLQJ WKH HQOLJKWHQPHQW LQWR WKH ZRUOG 7KLV PXVW EH GRQH LQ VHFUHF\ OHVW RXU HQHPLHV ZLOO ILQG DQG GHVWUR\ XV $V ORQJ DV ZH KLGH DPRQJ RXU LPLWDWRUV ZH DUH VDIH ,Q RUGHU WR JXDUG RXU VHFUHWVZHPXVWUHYHDOWKHP
p
p
3UREDWLRQHU $ FDQGLGDWH IRU PHPEHUVKLS EXW QRW D PDJH \HW 0DQ\DUHDFRO\WHV 1HRSK\WH 7KH FDQGLGDWH LV LQLWLDWHG DQG DZDNHQHG +H LV LQVWUXFWHGDQGUHPDLQLQWKLVJUDGHXQWLOKHKDVPDVWHUHG)RUFHV =HODWRU 7KHRULFXV 3UDFWLFXV 3KLORVRSKXV 7KHVH IRXU JUDGHV UHSUHVHQW WKH HOHPHQWV (DUWK $LU :DWHU DQG )LUH 7KH LQLWLDWH OHDUQ WR FRQWURO WKH OHVVHU IRUFHV :KHQ WKH PDJH KDV PDVWHUHG D IRUFHKHPD\EHLQLWLDWHGWRWKHQH[WJUDGH $GHSWXV 0LQRU $GHSWXV 0DMRU DQG $GHSWXV ([HPSWXV 7KHVH
)RUFHV LV WKH PDLQ VSKHUH KDYLQJ JUHDW V\PEROLF LPSRUWDQFH 'LIIHUHQW VXEJURXSV FRQFHQWUDWH RQ 0LQG /LIH RU 3ULPH GHSHQGLQJ RQ SKLORVRSK\ DQG QHHG 0LQG LV SRSXODU DPRQJ WKH FRQVSLUDWRUV ZKR XVH LW ERWK WR PDQLSXODWH SHRSOH DQG WR SURWHFW WKHPVHOYHV /LIH LV FRPPRQ DPRQJ WKH KHDOHUV ZKR VSHFLDOL]H LQ FDULQJ IRU WKH VLFN DQG QHHG\ 3ULPH LV VWXGLHG PDLQO\ E\ WKH PRUH P\VWLF PHPEHUV ZKR VHH LWDVWKHOLQNWRWUXH$VFHQVLRQ
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
526,&58&,$16
WKLV 6SKHUH WR GLVUXSW RU XQGXO\ WUDQVPXWH OLYLQJ EHLQJV LV DQ DIIURQW WRDOOVHQVLELOLW\ 0DWWHU 0DWWHU LV FRPSRVHG RI IRUFHV ZKLFK KDYH EHHQ ZRYHQ LQWR VWDEOH SDWWHUQV ,W LV DQ LQHUW VSKHUH IRUPLQJ WKH IORRU RI WKH 7HPSOH RI $VFHQVLRQ EXW ODFNLQJ WKH SRZHU WR ULVH XSZDUGV 0DWWHU LV HDVLO\ FRQWUROOHG XVLQJ WKH ORZHU IRUFHV DQG LV D PLJKW\ VHUYDQW LI XVHG SURSHUO\EXWDKHDY\EXUGHQLIPLVXVHG 0LQG 7KH IRUFHV RI WKH 0LQG DUH VXEWOH DQG SRZHUIXO 8QHQOLJKWHQHG PLQGV DUH ILOOHG ZLWK FKDRV VWUD\ WKRXJKWV DQG EDWWOLQJ HPRWLRQV 7KH (QOLJKWHQHG RQHV FDQ FRQWURO WKHVH IRUFHV DQG KRQH WKHP LQWR PLJKW\ WRROVIRU$VFHQVLRQ 3ULPH 7KLV LV WKH KLJKHVW IRUFH WKH IRUFH ZKLFK WLHV WKH 8QLYHUVH WRJHWKHU ,W LV WKH OLJKW IURP WKH )LDW RI WKH *UHDW $UFKLWHFW RI WKH 8QLYHUVH7RXQGHUVWDQGLWLVQHFHVVDU\IRUDOOZRUNVRIKLJKHUPDJLFN 6SLULW 7KH VSLULWXDO ZRUOG UHSUHVHQW D KLJKHU ZRUOG ZKHUH WKH WUXH V\PEROV RI UHDOLW\ H[LVW %\ OHDUQLQJ WR ULVH WR KLJKHU SODQHV D PDJH FDQ ILQG GHHS WUXWKV DQG VHH WKH JUHDW :RUN FOHDUHU %XW EHZDUH RI WKH WUHDFKHURXV DQG FDSULFLRXV EHLQJV IURP WKH $E\VV WKH\ RQO\ VHHN WR WULFNDQGGRKDUP 7LPH (YHU\WKLQJ WKDW KDSSHQV DUH EXW D SDUW LQ WKH JUHDW FKDLQV RI GHVWLQ\ %\ OHDUQLQJ KRZ WKHVH OLQNV ZRUN D GLOLJHQW PDJH FDQ IROORZ WKHLU SDWKV EDFNZDUGV DQG GLYLQH WKHLU IXWXUH ZD\V %XW 'HVWLQ\ LV D PRVW SRZHUIXO IRUFH DQG DWWHPSWLQJ WR FKDQJH LW ZLOO EULQJ GRZQ KLGHRXVGDQJHU
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
+ROORZ 2QHV 3HUKDSV D VLJQ WKDW RXU ZRUN KDYH EHJXQ WR JLYH IUXLW 7RR EDG WKH\ VHHP WR ODFN DQ\ GLUHFWLRQ DQG PRVW RI WKHP DUH QRW ZRUWK\ WKHLU SRZHUV ,I ZH FDQ ILQG WKHP EHIRUH WKH\ JHW FDXJKW LQWR WKHLURZQZHLUGEHOLHIVZHFDQPD\EHWXUQWKHPWRWKHOLJKW 6WXII\ SUHWHQWLRXV DQG DUURJDQW 7KH\ OLYH LQ D HWHUQDO VS\QRYHO MXVW WR DYRLGIDFLQJUHDOLW\ 2UWKRGR[ 2UGHU RI +HUPHV 7KH\ GR QRW VHHN WR VSUHDG WKH $VFHQVLRQ DPRQJ WKH VOHHSHUV DQ\PRUH ,QVWHDG WKH\ KDYH UHWUHDWHG LQWRSXUHUHVHDUFKWRDYRLGWKHGDQJHUVRXWVLGH6WLOOZLWKRXWWKHPZH ZRXOGQRWKDYHEHHQDEOHWRJHWWKLVIDU 2YHUO\SROLWLFDOEXWRWKHUZLVHILQHPDJHV 8QRUWKRGR[ 2UGHU RI +HUPHV &KDRV PDJHV 7KHOHPD HWF $ WUDJLF PLVWDNH :H FDQQRW DYRLG UHVSRQVLELOLW\ IRU WKHVH SHUYHUVLRQV RI WKH RUGHU 7KLV FOHDUO\ VKRZV KRZ LPSRUWDQW LW LV WR EH FDUHIXO ZKHQ LQLWLDWLQJ $OHLVWHU &URZOH\ VKRXOG QHYHU KDYH EHHQ LQLWLDWHG DQG ZH DUHVWLOOSD\LQJWKHSULFH
&RQFHSWV
7KH\ EHOLHYH LWV WKHLU GXW\ WR UXQ HYHU\WKLQJ LQFOXGLQJ XV $QG WKH\ ZRQ W WDNH QR IRUDQDQVZHU
0DVRQFRQVSLUDWRUFHUHPRQLDOPDJLFLDQSK\VLFLDQ
6RQV RI (WKHU 6WLOO OHIW RQ WKH PDWHULDO SODQH $QG WKH\ DUH HYHQ OHVV RXWZDUGO\DFWLYHWKDQRXUEUHWKUHQLQWKHROGRUGHU
4XRWH
:KR"
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
6WHUHRW\SHV
5RWHV
$NDVKLF %URWKHUKRRG 2XU HDVWHUQ DOOLHV 7KH\ KDYH DW ODVW VHHQ WKH QHHG WR VSUHDG WKH HQOLJKWHQPHQW 8QIRUWXQDWHO\ PDQ\ DUH VWLOO ORFNHG XSLQVLGHWKHLUROGPRQDVWHULHV
7KH 0LGGOH 3LOODU 5LWXDO 3ULPH 7KLV URWH KDV EHHQ GHYHORSHG IURP D &DEDOLVW H[HUFLVH DQG EHFDPH YHU\ SRSXODU LQ WKH +HUPHWLF 2UGHU RI WKH *ROGHQ 'DZQ ,W ZLOO VWUHQJWKHQ WKH ERG\ PLQG DQG VRXO RI WKH PDJH 7KH PDJH VWDQGV DQG YL]XDOLVHV KLPVHOI DV WKH PLGGOH SLOODU RI WKH 6HSKLURWKLF 7UHH %HORZ KLP LV WKH PDWHULDO ZRUOG DQG
7KH\ DUH WRR WLHG XS LQ WKHLU ZDU RI VKDGRZV WR QRWLFH WKDW WKH 7UXWK LV ULJKW
526,&58&,$16
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
581(&$67(56
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
7KH$YDWDU 7KH 6FULEH KDV D PRUH GLUHFW OLQN ZLWK D PDJH V $YDWDU WKDQ D PDJH KLPVHOI LQ PDQ\ FDVHV EHLQJ DEOH WR FRQQHFW RQ VRPH VSLULWXDO OHYHO WKDW D VWDUWLQJ PDJH FDQQRW REWDLQ
6RQV RI (WKHU :HUH WKH\ QRW QR ULGLFXORXV WKH\ ZRXOG EH SDZQV RI WKH7HFKQRFUDF\
1DWXUHRIWKH6FULEHV
9HUEHQD 7KH\ XQGHUVWDQG WKH PLJKW RI
>$W WKLV SRLQW VHYHUDO RSWLRQV SUHVHQWHG WKHPVHOYHV WR PH VR , SUHVHQW WR \RX WKHVH VHYHUDO RSWLRQV WR SLFN DQG FKRRVH RU LJQRUH DV \RX IHHO LV DSSURSULDWHWR\RXUFDPSDLJQ@
9LUWXDO $GHSWV 7KH\ DUH XQZLWWLQJ WRROV RI WKH WHFKQRPDQFHUV IDVFLQDWHGE\EOLQNLQJOLJKWV
RUNELORDS %\ 0DUN .LOIRLO PNLOIRLO#$6*WHFKQRORJLHVFRP 0DUFK
'HVFULSWLRQ 7KH 5XQHORUGV DUH PDVWHUV RI WKH ZRUG DQG WKH V\PERO DEOH WR PDQLSXODWH H[LVWHQFH ZLWK D ILQH SHQ VWURNH RU D VWULQJ RI V\OODEOHV 7KH\ DUH DOVR ZLVH RI WKH ORUH RI PDQ\ FHQWXULHV DQG VHHN WR SUHVHUYH LW ZKHUHHYHU LW LV IRXQG 7KLV ORUH FRPHV LQ PXOWLWXGLQRXV IRUPV HYHU\WKLQJ IURP DQFLHQW UXQHV IRXQG HQJUDYHG LQ ROG WHPSOHV WR WKH SRHPVRIVRPHRIWKHPRVWLQIOXHQWLDOZULWHUV
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
581(/25'6
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
7KH7UHPHUH
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
6LJLOVZDUGVDQGWDWWRRV 7KH PRVW SRZHUIXO WRROV WKDW WKH 5XQHORUGV XVH DUH WKH V\PEROV WKDW WKH\ ILQG ,Q WKHP WKH\ VHH LPPHQVH SRZHUV FDSWXUHG LQ IORZLQJ OLQHVDFFXUDWHFXUYHVDQGEHDXWLIXOV\PPHWULHV $ GLDJUDP LV MXVW OLQHV ZLWKRXW PHDQLQJ 7KH PHDQLQJ FRPHV IURP WKH LQWHUSUHWDWLRQ RI WKH GLDJUDP 7KH LQWHUSUHWDWLRQ RI WKH GLDJUDP FDXVHV PDJLFN VR WKH 5XQHORUGV EHOLHYH %XW VLPSO\ NQRZLQJ ZKDW VRPHWKLQJ PHDQV LVQ W TXLWH HQRXJK KRZHYHU
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
581(/25'6
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
RUNESEERS %\PFFOHOODQBMQ#0HUFHU3HDFK1HW('8
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
$YDWDU EDFNJURXQG RI DW OHDVW WZR $UHWH DQG 0DJLFN FDQ W EH UDLVHG ZLWKIUHHELHSRLQWV 1REOH%HDULQJVHH&KDQJHOLQJ7KH'UHDPLQJS
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
2XWORRN %RJJDQV:KROHWWKH+REELWVLQ" (VKX*RRGVWRU\WHOOHUVEXWEDGJXLGHV 1RFNHUV7KHVHJX\VVKRXOGKRRNXSZLWKWKH(WKHUER\V 3RRND,VPHOODUDWDQGWKHUHKHLV 5HGFDSV*UHDWERG\JDXUGVXQWLOWKH\HDW\RXUERRNV 6DW\UV:K\DVNZK\" 6LGKH7KH\HQY\XVDVPXFKDVZHKDWHWKHP 6OXDJK7KH\ UHRXUXQZLWWLQJDOOLHVLQWKHZDUDJDLQVWWKH6LGKH 7UROOV:LWKWKHLUKHOSWKH6LGKHZLOOIDOO
4XRWH /RRNLQWRP\H\HVIRU,FDQVKRZ\RXWKHWUXWK
6HHPLQJV
)RFL
&KLOGOLQJV &KLOGOLQJV DUH \RXU W\SLFDO VSRLOHG VLGKH H[FHSW WKH\ DUH JHQHUDOO\ JLYHQ ZKDW WKH\ ZDQW QRW EHFDXVH WKH\ \HOO DQG VFUHDP EXW EHFDXVH WKH\ WKURZ OLJKWHQLQJ EROWV &KLOGOLQJV JHW VL[ GRWV IRU PDJLFN VSKHUHVDQGKDYHDEHJLQQLQJ$UHWHRIWKUHH :LOGHUV :LOGHUV DUH VRPEUH DQG TXLHW LQGLYLGXDOV ZKR UDGLDWH DQ DXUD RI SRZHU DQG ZLVGRP :LOGHUV JHW HLJKW GRWV IRU PDJLFN VSKHUHV QRQHKLJKHUWKDQWKUHH DQGKDYHDEHJLQQLQJ$UHWHRIIRXU
5XQHVWRQHV 7LPH&RUUHVSRQGHQFH0DWWHU 6WDII )RUFHV3ULPH/LIH +HOP&URZQ(QWURS\0LQG6SLULW
%DFNJURXQGV
*UXPSV *UXPSV GRQ W H[LVW IRU WKH VLPSOH IDFW WKDW LI EDQDOLW\ GRHVQ WJHWFKDWKHQWKHQSDUDGR[ZLOO
7KH 5XQHVHHU PDNH WDNH WKH IROORZLQJ EDFNJURXQGV DV ZHOO DV DQ\ LQ WKH &KDQJHOLQJ ERRN $YDWDU VKRXOG KDYH DW OHDVW WZR GRWV /LEUDU\ 6DQFWXPDQG$UFDQH1RGHLVWKHVDPHWKLQJDV+ROGLQJV
/LIHVW\OHV
([SHULHQFH7DEOH
5XQHVHHUV SUHIHU HLWKHU RXWODQGLVKO\ JDZG\ PDQVLRQV RU TXLHWO\ REVFXUH KDXQWHG KRXVHV 7KH\ WHQG WR EH ZHOO RII ILQDQFLDOO\ DQG KDYHMREVDWEDQNVRURWKHUSODFHVRISRZHU
$UWV
$SSHDUDQFH
FXUUHQW[
6SKHUHV FXUUHQW[ $UHWH
FXUUHQW[
/LNHWKHLUVLGKHEUHWKUHQWKH\DUHXQHDUWKO\EHDXWLIXO
$IILQLWLHV 6LQFHWKH\DUHKDOIVLGKHWKH\KDYH\HWWRGHYHORSDQDIILQW\
%LUWKULJKWV $ZHDQG%HDXW\VHH&KDQJHOLQJ7KH'UHDPLQJS 0DJLFN 5XQHVHHUV KDYH D OLPLWHG FDSDFLW\ WR XVH WUXH PDJLFN DQG PD\ DFKLHYH XS WR WKH UDQN RI 0DVWHU LQ XS WR WZR VSKHUHV DQG $GHSW LQ WKH RWKHU VHYHQ 1RWH $OO 5XQHVHHUV VKRXOG EHJLQ WKH JDPH ZLWK DQ
581(6((56
S SATURDAY'S CHILDREN %\ -DVRQ 6FKQHLGHUPDQ MDVRQ#VDEOHDGHOSKLHGX 0DUFK $6XE7UDGLWLRQRIWKH+ROORZ2QHV 5DLQ:K\GLGLWKDYHWRUDLQWRQLJKW" $VKH OHDQHG DJDLQVW WKH SODWH JODVV ZLQGRZ RI 3ROO\ (VWHU V WU\LQJ WR NHHS KLV H\HOLQHURI+RUXV IURP UXQQLQJ GRZQ KLV SRZGHUHG FKHHN +LV OHDWKHUV ZHUH VRDNHG KLV ERRWV ZHUH PXGGLHG KLV KDLU VDJJLQJ XQGHU WKH ZDWHU V ZHLJKW $QG LW ZDV D 7KXUVGD\ IRU *RG V VDNH +H VKRXOG KDYH EHHQ UHVWLQJ XS IRU WKH ZHHNHQG V FOXE FUDZO LQVWHDG KH ZDV VWXFN ORLWHULQJ RXWVLGH WKLV EDU D PXQGDQH EDU QR OHVV DWWUDFWLQJVWDUHVQRWHYHQKLVDUFDQHQDWXUHFRXOGVXSSUHVV 6WLOO KH G QHYHU EH DEOH WR VKRZ KLV IDFH EDFN DW WKH FKDQWU\ LI KH GLGQ W PDQDJH WR WRXFK EDVH ZLWK WKH $GHSW 7KHUH ZHUHQ W PDQ\ +ROORZ 2QHV LQ WKLV FLW\ WR EHJLQ ZLWK WKLV ZDV D &XOWLVW WRZQ KDSSLQHVV ZDV PDQGDWRU\ DQG KH G QHYHU OLYH GRZQ OHWWLQJ DQ HOGHU VOLS WKURXJK KLV ILQJHUV ZLWKRXW DW OHDVW JHWWLQJ D SURSHU LQWURGXFWLRQ $QG KH NQHZ WKDW WKH RQH ZKR FDOOHG KHUVHOI %UDQG\ IUHTXHQWHG WKLV FOXE RIWHQ DOWKRXJK KH FRXOGQ W VHH ZK\ 7KH PXVLF VHHPHG DQQR\LQJO\ XSEHDW %RXQF\ HYHQ 7KHUH PXVW EH D VHFUHW DOFRYH LQ WKH EDVHPHQW
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
6$785'$< 6&+,/'5(1
V GLVFR WKH UHFHQW UHVXUJHQFH RI QRVWDOJLD DPRQJ UDYHUV DQG FOXEJRHUV KDV FDXVHG PRUH DQG PRUH RI WKH 6DWXUGD\ V &KLOGUHQ WR DZDNHQ %RQ 9LYDQW LV WKH PRVW FRPPRQ QDWXUH ZLWK D 'HYLDQW GHPHDQRUZLWK&KLOGDQG&DUHJLYHUIROORZLQJ $FRO\WHV &OXEJRHUV FULWLFV FOXE RZQHUV PHPRUDELOLD VWRUH PDQDJHPHQW &KDQWULHV 2IWHQ IRXQG LQ DQWLTXH FORWKLQJ VWRUHV DQG FORVHGGRZQ GLVFRWKHTXHV 6WXGLR LQ 1HZ
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
6((.(562)7+(0,5525 66+$5'6
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
SEEKERS OF THE VOID %\$QGHUV6DQGEHUJQYDVD#WLJULVQDGDNWKVH 2FW
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
6((.(562)7+(92,'
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
H[SODQDWLRQV DQG SKLORVRSK\ XQWLO WKH\ KDYH WXUQHG \RX LQWR RQH RI WKHP 7KH 0DUDXGHUV 7KH\ VHHN WR SOD\ WKHLU JDPHV RI H[LVWHQFH QRW FDULQJ DERXW WKH SDLQ DQG VXIIHULQJ WKH\ FDXVH 7KH\ DUH WUXO\ LQKXPDQ %RRRRULQJ 7KH RWKHU 1HSKDQGL 0DQ\ RI WKHP VHUYH EHLQJV IURP WKH *UHDW 8QNQRZQ ILJKWLQJ LQ WKH LGLRWLF ZDU DERXW UHDOLW\ $ IHZ RWKHUV KDYH XQGHUVWRRG HYHQ D IHZ RI WKH EHLQJV DQG VXSSRUW XV %XW EH FDUHIXO WKHLU DOLHQQHVV LV GDQJHURXV DQG SUHYHQWV WKHP IURP VHHLQJ WKDW WKH 9RLGVKRXOGEHVRXJKWRXWRIPHUF\QRWKDWH 7KH\GHVHUYHWKHVLOHQFHWKH\VHHN 7KH :UDLWKV 6RPH RI WKH GHDG JHW WUDSSHG LQ D VWDWH EHWZHHQ OLIH DQG GHDWK QRW GDULQJ WR JR IXUWKHU XQDEOH WR UHWXUQ WR OLIH ,WV RXU GXW\WRKHOSWKHVHXQIRUWXQDWHVRXOVWRILQGWKHLUZD\LQWRWKH9RLG )RFL 6RPH PHPEHUV DUH UHFUXLWV IURP RWKHU WUDGLWLRQV DQG WKXV XVH WKHLU RZQIRFLRWKHUVXVHWKHIROORZLQJ
p
$FRO\WHV%XGGKLVWV0\VWLFV6HHNHUVRISXULW\ &RQFHSWV0RQN3KLORVRSKHU&XOWLVW 0HHWLQJV $OO GD\V DUH HTXDOO\ KRO\ RU SURIDQH IURP WKH 6HHNHU SRLQW RI YLHZ 7KH\ UDUHO\ JDWKHU WRJHWKHU SUHIHUULQJ WR VHHN WKH 9RLG LQ PHGLWDWLRQ 5HVSHFWHG PHPEHUV VRPHWLPHV DWWUDFW JURXSV RI VWXGHQWV ZKRJDWKHUWRKHDUWKHLUWHDFKLQJVZKHQWKH\MXGJHLWSURSHUWRVSHDN 2UJDQLVDWLRQ 7KH 6HHNHUV KDYH QR FHQWUDO RUJDQLVDWLRQ LQVWHDG WKH\ JURXS WRJHWKHU LQ DXWRQRPRXV FDEDOV ZKLFK DFW LQGHSHQGHQWO\ DQG ZLWK QR NQRZOHGJH RI HDFK RWKHU 7KH FDEDOV DUH XVXDOO\ IDLUO\ GHPRFUDWLFRIWHQUXOHGE\FRQVHQVXV &KDQWULHV 0DQ\ 6HHNHU FDEDOV ODFN SHUPDQHQW FKDQWULHV SUHIHUULQJ WR UHPDLQ PRELOH 7KH 6HHNHUV ZKR WDNH XS SHUPDQHQW UHVLGHQFH VHOGRP EXLOG DQ\WKLQJ ZKLFK FRXOG EH FDOOHG ODE\ULQWKV WKHLU FKDQWULHV ORRN TXLWH RUGLQDU\ HYHQ RQ WKH LQVLGH 0RVW DUH YHU\ KDUG WR WHOO IURP DXVWHUH DSDUWPHQWV RU HPSW\ ZDUHKRXVHV +RZHYHU WKH IHHOLQJ RI HPSWLQHVV DQG VLOHQFH LV RIWHQ RSSUHVVLYH DQG HYHU\WKLQJ VHHPGDPSHQHG 7KHUH DUH UXPRXUV RI ELJJHU FKDQWULHV LQ WKH 'HHS 8PEUD ZKHUH WKH JUHDWHVW 6HHNHUV JXLGH WKH \RXQJHU FDEDOV DQG GHYHORS QHZ ZD\V WR HQG H[LVWHQFH 2QH RI WKHVH FKDQWULHV LV UXPRXUHG WR EH ORFDWHG LQ WKH &LW\RI3\UDPLGVRQWKHHGJHRIWKH$E\VV 6SKHUH 7KH 6HHNHUV VSHFLDOLVH LQ 3ULPH WKH PDQLSXODWLRQ RI ([LVWHQFH 7KH\ DOVR SODFH JUHDW LPSRUWDQFH LQ (QWURS\ DQG 6SLULW ZKLOH PRVW RWKHU VSKHUHV DW PRVW DUH UHJDUGHG DV WRROV RU LUUHOHYDQW 7KH\ PDLQO\ XVH 6SLULW WR WUDYHO LQWR WKH 8PEUD DQG RSHQ SRUWDOV WRZDUGV WKH 9RLG QRW WR VXPPRQ VSLULWV ,Q IDFW WKH 6HHNHUV UHJDUG PRVW VSLULWV DV IDLUO\ XQSUHGLFWDEOH DQG WRR VHOILVK WR EH RI DQ\ XVH (QWURS\LVXVHGWRGLVSHUVHWKLQJVDQGHQGWKHLUFXUUHQWH[LVWHQFH
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
p
p
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
4XRWH([LVWHQFHLVWKH*UHDW0LVWDNH
5RWHV 6HH WKH 3LOODUV RI 3DLQ 3ULPH (QWURS\ 7KH 6HHNHUV DUH FRQVWDQWO\ RQ WKH ORRNRXW IRU WKLQJV SODFHV RU SHRSOH ZKR DUH RI YLWDO LPSRUWDQFH WR H[LVWHQFH LQ RUGHU WR GHVWUR\ RU VDERWDJH WKHP 7KHVH SLOODUV FDQ EH DOPRVW DQ\WKLQJ UDQJLQJ IURP QRGHV WR FHUWDLQ KRXVHZLYHV RU D KDOOZD\ LQ D PXVHXP ,I WKH\ DUH WUXO\ GHVWUR\HG D OLWWOH ELW RI WKH VWDELOLW\ RI H[LVWHQFH LV ORVW IRUHYHU 6RPH 6HHNHUV VSHQG PXFK RI WKHLU WLPH ORRNLQJ IRU WKHVH SLOODUV RIWHQ XVLQJ &RUUHVSRQGHQFH WR ORFDWH WKHP IURP DIDU DQG 7LPH WR ILQG WKH H[DFW ULJKWPRPHQWWRVWULNH 6FDWWHU WKH 'XVW 3ULPH 6SLULW (QWURS\ $OWKRXJK DW WKLV OHYHO RI 3ULPH WKH PDJH LV QRW VNLOOHG HQRXJK WR WRWDOO\ UHPRYH 4XLQWHVVHQFH KH FDQ XVH WKLV URWH WR VFDWWHU LW RYHU WKH ZKROH RI H[LVWHQFH 7KH PDJH UHOHDVHV WKH 4XLQWHVVHQFH DQG EULHIO\ PHGLWDWHV XSRQKRZLWLVHYHQO\VSUHDGWKURXJKRXWWKHZRUOG 2SHQ WKH 9RLG 6SLULW 3ULPH 7KLV RSHQV XS D ZHOO LQWR WKH 9RLG RU DW OHDVW WKH 'HHSHVW 8PEUD ,W OLWHUDOO\ GHVWUR\V UHDOLW\ RSHQLQJ D \DZQLQJ 9RLG LQ LWV SODFH ,W LV FRPPRQO\ SHUIRUPHG E\ VLOHQW PHGLWDWLRQ RIWHQ E\ D ZKROH JURXS RI 6HHNHUV LQ D FLUFOH ,QVLGH WKH FLUFOH UHDOLW\ GLVVROYHV DQG RSHQV XS LQWR D 9RLG $URXQG WKH 9RLG UHDOLW\ IORZV DQG FKDQJHV LQ XQSOHDVDQW ZD\V VRPHWLPHV VSRQWDQHRXVO\ UXSWXULQJ IXUWKHU (YHU\WKLQJ WKDW HQWHUV WKH 9RLG GLVVROYHVLQWRQRWKLQJQHVV > 7KH PDJH PXVW EUHDN WKURXJK WKH JDXQWOHW OLNH %UHDFK WKH *DXQWOHW WR FUHDWH D WUXH VRPHZKDW VWDEOH 9RLG 2WKHUZLVH LW ZLOO MXVW EHFRPH D PDMRU 3DUDGR[ ZDUS LQVWHDG $Q\WKLQJ LQVLGH WKH 9RLG ZLOO GLVVROYH LQWR QRWKLQJQHVV DW D IULJKWHQLQJ UDWH WZLFH WKH QXPEHU RI VXFFHVVHV SHU WXUQ 7R KHDO DQ H[SDQGLQJ 9RLG WKH VSLULW URWH 6XVWDLQ([LVWHQFHKDVWREHXVHG@ (QG 3ULPH 7KLV URWH LV WKH FHQWUDO VHFUHW RI WKH 6HHNHUV ,W FDQ GLVVROYH DQ\ SDWWHUQ DQG PDNHV WKH 4XLQWHVVHQFH IRUPLQJ LW YDQLVK
6((.(562)7+(92,'
WRWDOO\ 7KH GHVWUR\HG REMHFW LV LPSRVVLEOH WR UHWULHYH HYHQ XVLQJ 7LPH PDJLFN > :KHWKHU WKH 4XLQWHVVHQFH LV WRWDOO\ GHVWUR\HG RU MXVW FKDQQHOOHG LQWR D WRWDOO\ LQDFFHVVLEOH VWDWH LV XQNQRZQ 7KH 6HHNHUV NQRZ ZKDW WKH\WKLQN@
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
$GKHUHQW 7KH $GKHUHQW LV D UDQN EHWZHHQ 'LVFLSOH DQG $GHSW 7KH UROH RI DQ $GKHUHQW LV PDQ\DPRXQJ WKHVH UROHV LV WR WHDFK WKH XQGHUOLQJV $GKHUHQWV ZLOO DOVR VSHQG D ODUJH DPRXQW RI WLPH LQ WUDYHO RQ TXHVWV IRU WKHLU WHDFKHUV WR VHHN RXW IROORZHUV RU WR EULQJ HTXLOLEULXPWRWKHHEELQJWLGHRIGDUNQHVVDQGOLJKW 3KLORVRSK\7KHVWXG\RIDOOWKLQJVZLOOEULQJHQOLJKWHQPHQWDQGRQH FORVHU WR $VFHQVLRQ 7R VWUHQJWKHQ WKH PLQG DQG EHFRPH RQH ZLWK WKH
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
6+,172'5($063($.(56
RFFDVLRQV RQ ZKLFK WKH 'UHDPVSHDNHU FRXOG DFFHSWDEO\ XVH 6SLULW PDJLFLQ-DSDQ7LPHVDUHWRXJKWKH:HDYHUVSLQVDWLJKWZHE 7KHIRFLDUHDERXWWKHRQO\FKDQJHWRWKHUXOHVWKDWZRXOGEHUHTXLUHG , WKLQN WKRXJK WKDW GLIIHUHQW FXOWXUHV FRXOG DSSURDFK WKH VDPH HVVHQWLDO YLHZ RI UHDOLW\ IURP GLIIHUHQW GLUHFWLRQV ZLWK GLIIHUHQW SURSV DQG WRROV 2WKHU PRUH REYLRXV SRVVLELOLWLHV IRU 'UHDPVSHDNHUV 6LEHULDQ 6KDPDQV $XVWUDOLDQ $ERULJLQLHV :KDW UHDOO\ KDSSHQHG WR WKH 'UHDPWLPH" 6RXWK $PHULFDQ ,QGLDQV
HOUSE OF SINANJU
3KLORVRSK\ $VVDVVLQDWLRQ IRU WKH JRRG RI DOO LV D SXEOLF VHUYLFH :H SURYLGH WKDW VHUYLFH
2UJDQL]DWLRQ 2QH0DVWHUDQGRQHVWXGHQW2WKHUJURXSVZLOOYDU\
0HHWLQJV :KHQHYHUWKHVWXGHQWLVEHLQJWDXJKW
,QLWLDWLRQ 7KH LQLWLDWH LV HLWKHU WKH 0DVWHU V VRQ RU RQH IURP KLV 9LOODJH 2WKHUV REYLRXVO\ YDU\ 7KH DFW RI OHDUQLQJ WKH EDVLFV RI 6LQDQMX WULJJHUV WKH $YDWDU ZKLFK PDQLIHVWV LQ GUHDPV RI D GUDJRQ ZKLFK WKH VWXGHQW PXVW GHIHDW 7KRVH WKDW SUHYDLO JR RQ WR OHDUQ WKH JUHDWHU VHFUHWV RI 6LQDQMX WKRVH WKDW IDLO GLH 7KLV $ZDNHQLQJ KDSSHQV WR DOO VWXGHQWV RI 6LQDQMX
&KDQWU\
%\0DUN.LQQH\DOEHULFK#LJORXFRP 1RY
7KH +RXVH RI 6LQDQMX LV EDVHG IURP D YLOODJH QHDU WKH 1RUWK .RUHDQ FLW\ RI 6LQDQMX ZKLFK VKDUHV WKH QDPH RI WKH YLOODJH 7KH YLOOLDJH LV DQ LQGHSHQGHQW HQWLW\ DV PRVW ORFDO OHDGHUV KDYH KHDUG RI 6LQDQMX 7KH :DIDPLO\LVEHOLHYHGWREHEDVHGVRPHZKHUHRQ+RNNDLGRLVODQG
%DVHGRII5HPR:LOOLDPV
$FRO\WHV
'HVFULSWLRQ
9LOODJHUV
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
6SKHUH
7KH 0DVWHUV FRQWLQXHG WR KLUH WKHPVHOYHV RXW DV DVVDVVLQV RYHU WKH \HDUV ZLWK LPLWDWRUV DFFRUGLQJ WR WKRVH 0DVWHUV VWDUWLQJ WKH YDULRXV NQRZQ PDUWLDO DUWV 7KH 1LQMD DUH HVSHFLDOO\ UHYLOHG DV D -DSDQHVH OHDGHU KLUHG WKH 0DVWHU RI WKH WLPH VSHFLILFDOO\ VR RQH RI KLV PHQ FRXOG ZDWFK KLP LQ DFWLRQ DQG OHDUQ WKH PRYHV DQG DFFRUGLQJ WR WKRVH LQ WKH NQRZ WKH 0DVWHU SURFODLPHG WKDW LI DQ\ 1LQMD HYHU ZRUNV ZLWK WKHLUIDFHXQFRYHUHGWKHQDOO1LQMDZRXOGEHVODLQ
&RQFHSW
$V WKH \HDUV ZHQW E\ DQG EHOLHI LQ PDJLFN RI DOO VRUWV ZDQHG WKH ZRUOG FDOOHG RQ 6LQDQMX OHVV DQG OHVV DQG E\ WKH WLPH RI WKH 6HFRQG ,GLRF\ RI WKH %DUEDULDQ 1DWLRQV ZHUH SUDFWLFDOO\ IRUJRWWHQ ,W LV EHOLHYHG WKDW WKH 8QLWHG 6WDWHV KDV WKH FXUUHQW 0DVWHU RQ UHWDLQHU EXW ZKHWKHU WKLV LV WUXH RU QRW LV XQNQRZQ 7KH FXUUHQW PDVWHU &KLXQ LV NQRZQ WR EH WUDLQLQJ DQ $PHULFDQ VR WKLV PD\ LQ IDFW EH WKH FDVH
6LQDQMX LV WKH VXQ VRXUFH DOO WKH RWKHU ILJKWLQJ DUWV DUH DV PDWFKHV 7KLV LV ZKDW \RX ZLOO OHDUQ 1RZ GHPRQVWUDWH WKH PRYH , WDXJKW \RX WKLV PRUQLQJ 1R 1R 1R
7KH IDFW WKDW WKHUH DUH RQO\ WZR RIILFLDO SUDFWLWLRQHUV GRHV QRW PHDQ WKDW LW LV LPSRVVLEOH IRU RWKHUV WR OHDUQ $ IRUPHU VWXGHQW RI &KLXQ 1XLKF UHEHOOHG DQG LV NQRZQ WR KDYH WUDLQHG VHYHUDO RWKHUV DQG D IDPLO\ WKDW ZHUH EDQLVKHG IURP 6LQDQMX WKH :D PD\ WUDLQ RXWVLGHUV EXW WKHVH ZRXOG QRW EH UHFRJQL]HG E\ WKH 0DVWHUV DV PHPEHUV RI WKH +RXVHRI6LQDQMX
$NDVKLF %URWKHUKRRG 7KHLU 'R PD\ EH VWURQJ EXW WKH\ DUH VWLOO SUHWHQGHUVWRWKHVXQVRXUFH
7KH PHPEHUV RI WKHVH JURXSV ZKR NQRZ WKH EDFNJURXQG RIWHQ DUJXH ZLWK PHPEHUV RI WKH $NDVKLF %URWKHUKRRG DV ERWK EHOLHYH WKHLU PDUWLDO DUW LV WKH RULJLQDO RQH 3UDFWLWLRQHUV RI 6LQDQMX GLVGDLQ EODGHG ZHDSRQVDQGZLOOQRWXVHJXQVDWDOO
0LQG
)RFL $OOLVGHSHQGDQWXSRQWKHLUPDUWLDODUW6LQDQMX
$VVDVVLQ
4XRWH
6WHUHRW\SHV
&HOHVWLDO&KRUXV 2FFDVLRQDOO\WKH\DUHJRRGFOLHQWV &XOW RI (FVWDF\ ,W LV QR ZRQGHU WKH\ VPHOO VR EDG UHHNLQJ RI WKHLU UHGPHDWDQGGUXJV,WZLOOEHWKHGHDWKRIWKHP 'LVFRUGLDQV 6LQDQMX ZDV KHUH ZKHQ (ULV ZDV ILUVW ZRUVKLSHG 7KHVH DUHPHUHSUHWHQGHUVGHVWUR\LQJLQKHUQDPH 'UHDPVSHDNHUV7KH\PXVWEDODQFHWKHRXWVLGHZLWKWKHLQVLGH (XWKDQDWRV $ JRRG DVVDVVLQDWLRQ LV D SXEOLF VHUYLFH 0LQGOHVV NLOOLQJ LQWKHQDPHRIPDJLFNLVPXUGHU +ROORZ2QHV7KH\DUHQRWKLQJ
+286(2)6,1$1-8
2UGHU RI +HUPHV 7KLV ZDV D SRSXODU WDUJHW VHYHUDO KXQGUHG \HDUV DJR 6RQV RI (WKHU 7KH\ PD\ PHDQ ZHOO EXW WKHLU WR\V ZKHQ QRW GDQJHURXVDUHXVHOHVV 7UHQFKFRDWHUV $ VDG UHVXOW RI WKH )LUVW ,GLRF\ RI WKH %DUEDULDQ 1DWLRQV ,I WKH\ KDG UHPHPEHUHG WKH YDOXH RI D TXDOLW\ DVVDVVLQDWLRQ WKHVHQHHGQHYHUKDYHH[LVWHG 9HUEHQD$QRWKHUIDYRUHGFOLHQWDOWKRXJKZHDEKRUWKHLUSUDFWLFHV 9LUWXDO $GHSWV 0RUH WR\V" $ WUXH 0DVWHU KDV QR QHHG IRU VXFK WKLQJV :LND 1R EORRG DQG WKH\ QHYHU KLUHG XV EXW RWKHUZLVH OLNH WKH 9HUEHQD
SOCIAL ENGINEERS %\$QGHUV6DQGEHUJ
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
FRQYHQWLRQ KDYH HYHU GDUHG WR WU\ (YHQ WKH (QJLQHHUV WKHPVHOYHV VHHPV WR GLVOLNH WKH XVH RI PDJLFN DQG KLJK WHFKQRORJ\ ,QVWHDG WKH\ UHO\RQRUJDQLVDWLRQSODQQLQJDQGH[SHUWV 7KH PRVW VSRRN\ WKLQJ DERXW WKH (QJLQHHUV DUH WKDW WKH\ DUH RPQLSUHVHQW (YHU\ RWKHU FRQYHQWLRQ UHO\ RQ EXUHDXFUDF\ WR VRPH H[WHQW 0RVW PRGHUQ VWDWHV FRXOG QRW H[LVW ZLWKRXW WKHLU DGPLQLVWUDWLRQ $QG \HW WKH\ DUH DOPRVW FRPSOHWHO\ LQYLVLEOH :KLOH WKH 7UDGLWLRQV IHDU WKH LQILOWUDWRUV RI WKH 3URJHQLWRUV WKH 0HQ LQ %ODFN IURP WKH 6\QGLFDWH DQG WKH F\ERUJV RI ,WHUDWLRQ ; WKH\ DOZD\V XQGHUHVWLPDWH WKH (QJLQHHUV 7KLV LV DOVR WUXH LQVLGH WKH 7HFKQRFUDF\ ZKHUH PRVW WHFKQRPDQFHUV DUH FRQWHQW WR EHOLHYH WKDW WKH (QJLQHHUV DUH D SDUW RI 1:2 ,Q WKH PHDQWLPH WKH (QJLQHHUV PD\ SODQ VRPHWKLQJDQGQRERG\H[SHFWVDQ\WKLQJ :KLOH WKH 6\QGLFDWH FRQWUROV %LJ %XVLQHVV DQG PXFK RI WKH FULPLQDO ZRUOG DQG 1:2 FRQWURO PXFK RI WKH 0LOLWDU\ DQG ,QWHOOLJHQFH EXVLQHVV WKH (QJLQHHUV FRQWURO *RYHUQPHQW EXUHDXFUDF\ FRPSOHWHO\ 2I FRXUVH (QJLQHHU FRQWURO LV DOZD\V H[WUHPHO\ VXEWOH DQG VRPHKRZ ZRYHQ LQWR WKH V\VWHP :KHQ WKH (QJLQHHUV ZDQW WR FKDQJH VRPHWKLQJ WKH\ GR LW FRPSOHWHO\ OHJDOO\ DQG LQ DQ RUGLQDU\ ZD\ 7KHLU EXUHDXFUDF\DQGHYHU\RWKHUEXUHDXFUDF\DUHVHDPOHVVO\MRLQHGDQGQR VOHHSHUV HYHQ QRWLFH WKH IDFW 7KH EXUHDXFUDWV VLPSO\ JHW WKHLU RUGHUV IURP D GLVWDQW GHSDUWPHQW PRVW HPSOR\HHV QHYHU KDYH KHDUG IURP 6KRXOG DQ\ERG\ FKHFN LW RXW LW ZLOO WXUQ RXW WR EH SHUIHFWO\ QRUPDO DQG DFFRUGLQJ WR URXWLQH $QG ZKR JDYH WKH RUGHU WR WKH GLVWDQW GHSDUWPHQW" :HOO DQRWKHU GHSDUWPHQW ZKLFK VRPHWLPHV VHQGV WKHP RUGHUV WR LPSOHPHQW $QG VR RQ LQWR LQILQLW\ 7KHUH LV QHYHU DQ HQG ZKHQWKH(QJLQHHUVDUHLQYROYHG :KDW DUH WKHLU JRDOV" ,W VHHPV WKDW WKH\ OLNH WKHLU RZQ EXUHDXFUDWV RQFH WKH\ KDYH JDLQHG SRZHU ZLOO GR DQ\WKLQJ WR UHWDLQ LW EXW GR QRW ZDQW WR JR IXUWKHU 2QFH WKLV FRQYHQWLRQ ZDV UHVSRQVLEOH IRU WKH UHYROXWLRQV ZKLFK VKDNHG (DVWHUQ (XURSH 7KH\ FUHDWHG WKH 6FDQGLQDYLDQ ZHOIDUHVWDWHV %XW ZKHQ WKH\ KDG JDLQHG HQRXJK SRZHU WKH\ EHFDPH PRUH DQG PRUH FRQVHUYDWLYH 7KH UDGLFDOV OHIW IRU WKH RWKHU SDUWV RI 1HZ :RUOG 2UGHU EXW PRVW PHPEHUV SUHIHUUHG WR VSUHDG WKHLU EXUHDXFUDF\ ZLWKRXW DQ\ REYLRXV JRDO $V ORQJ DV QRERG\ LQWHUIHUHV WKH (QJLQHHUV DUH FRQWHQW WR ZDWFK ZKDW LV JRLQJ RQ %XW LI VRPHERG\ WKUHDWHQV WKHP WKH\ FDQ ELWH EDFN VXEWO\ DQG \HW IHURFLRXVO\ $QRWKHU JRDO EHVLGHV WKHLU SUHVHUYDWLRQ RI WKHLU DGPLQLVWUDWLRQ LV WR VSUHDG WKHLU LGHD RI VRFLHW\ DFURVV WKH ZRUOG :KLOH WKH\ PRVWO\ ZHUH FRQWHQW WR VXSSRUW WKH FRXQWULHV WKH\ KDG IRUPHG WKH IDOO RI (DVWHUQ (XURSH EHFDPH D VKRFN 0DQ\ (QJLQHHUV UHDOLVHG WKDW WKH\ KDG OHW WKLQJV VOLS WRR IDU DQG EHJDQ WR WU\ WR UHDVVHUW WKHPVHOYHV DURXQG WKH ZRUOG LQ GLIIHUHQW ZD\V 7KH\ KDYH VWDUWHG WR WU\ WR VDYH ZKDW V OHIW RI (DVWHUQ (XURSH DQG KDYH EHJDQ WR FRXQWHUWKHDGYDQFHVRIWKH6\QGLFDWHLQ6FDQGLQDYLD,Q$PHULFDWKH\ KDYH VWDUWHG WR VSUHDG WKHLU LGHDV WU\LQJ WR FUHDWH D PRUH HIILFLHQW VRFLDOVHFXULW\DQGKHDOWKFDUHV\VWHP7KH\DUHWU\LQJWRWXUQWKH((& LQWR WKHLU GRPDLQ LQ KDUG FRQIOLFW ZLWK WKH 6\QGLFDWH 2YHUDOO WKH 6\QGLFDWH WHQG WR RSSRVH WKH (QJLQHHUV ZKLOH WKH 1HZ :RUOG 2UGHU WHQGVWRSURWHFWWKHP 7KH (QJLQHHUV DUH PDVWHUV RI PDQLSXODWLQJ VRFLDO PRYHPHQWV XVLQJ RUJDQLVDWLRQV DQG SXEOLF RSLQLRQ ,QVWHDG RI VXSSRUWLQJ JURXSV WKH\ DSSURYH RI LQ DQ\ REYLRXV ZD\ OLNH KHOSLQJ WKHP LQ WKH EXUHDXFUDF\ RU KLQGHULQJ WKHLU HQHPLHV WKH (QJLQHHUV RIWHQ KHOS WKHP E\ PDNLQJ WKHLU RUJDQLVDWLRQV ZRUN EHWWHU $Q RUJDQLVDWLRQ ZKLFK RWKHUZLVH ZRXOG KDYH WURXEOH VXUYLYLQJ GXH WR LQWHUQDO FRQIOLFWV DQG ODFN RI IXQGV ZLOO EHJLQ WR VWDELOLVH EHFRPLQJ PRUH HIILFLHQW LQ VSUHDGLQJ LWV RSLQLRQV 4XLWH VRRQ LW ZLOO KDYH EHFRPH PXFK ODUJHU DQG SRZHUIXO DQG DV D UXOH OHVV H[WUHPH ZKDWHYHU LWV RULJLQDO RSLQLRQV ZHUH 7KH (QJLQHHUVGLVOLNHIDQDWLFLVP 7KH (QJLQHHUV VHOGRP XVH PDJLFN ,Q IDFW LW FDQ EH TXHVWLRQHG ZKHWKHU WKH\ UHDOO\ DUH PDJHV RU VRPH NLQG RI DZDNHQHG DFFRXQWDQWV 7KH\ VHHP WR XQGHUVWDQG ZKDW WKH RWKHU FRQYHQWLRQV DUH GRLQJ DQG VXSSRUW WKHP %XW WKH\ QHYHU LQIOXHQFH UHDOLW\ LQ DQ\ RYHUW ZD\ ,QVWHDG WKH\ UHO\ RQ WKH DGPLQLVWUDWLYH VWUXFWXUHV WR GR WKHLU PDJLFN :KHQ WKH\ DFWXDOO\ XVH PDJLFN LW LV DOZD\V FRLQFLGHQWDO DQG RIWHQ H[WUHPHO\ QRUPDO $ IRUP KDV QRW EHHQ SURSHUO\ VLJQHG $ FKDQJH LQ UHJXODWLRQV 6RPHERG\ KDV ORVW WKH GRFXPHQWV 'XH WR VHFXULW\ UHDVRQV ZKLFK KDSSHQV WR DSSO\ LQ WKLV FDVH DFFHVV WR FHUWDLQ
62&,$/(1*,1((56
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
3KLORVRSK\
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
$FRO\WHV $GPLQLVWUDWRUVSROLWLFLDQVEXUHDXFUDWV
:H VWULYH WR EXLOG D VRFLHW\ ZKHUH HYHU\ERG\ LV HTXDO DQG VROLGDULFDOO\ FRRSHUDWH (YHU\ERG\ ZLOO EH SURWHFWHG DQG VXSSRUWHG E\ WKH VWDWH 7R DFKLHYH WKLV REYLRXVO\ GHVLUDEOH JRDO ZH DUH FUHDWLQJ D JUHDW DGPLQLVWUDWLYH VWUXFWXUH WR VXSSO\ HYHU\ QHHG :KHQ ZH DUH FRPSOHWHG RXU DGPLQLVWUDWLRQ ZLOO EH DEOH WR KDQGOH DQ\ UHDVRQDEOH UHTXHVWLQWKHPRVWHIILFLHQWZD\SRVVLEOH
4XRWH 7KH VXEPLWWHG SURSRVDO GR QRW FRQIRUP WR WKH FXUUHQW UHJXODWLRQV DQG FDQ QRW EH HYDOXDWHG E\ WKH FRPPLVVLRQ XQWLO LW KDV EHHQ HLWKHU UHVXEPLWWHG LQ D IRUP FRQIRUPLQJ WR WKH UHJXODWLRQV RU EHHQ DSSURYHG IRU QRQVWDQGDUG HYDOXDWLRQ E\ WKH UHOHYDQW FRPPLWWHH GXH WR HPHUJHQF\ UHDVRQV DV GHILQHG LQ WKHVWDQGDUGUHJXODWLRQV
2UJDQLVDWLRQ
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
7KH (QJLQHHUV DUH LQWHQVHO\ DZDUH RI RUJDQLVDWLRQ 7KH\ DUH RUJDQLVHG DV DQ HQRUPRXV EXUHDXFUDF\ FRQVLVWLQJ RI LQQXPHUDEOH FRPPLVVLRQV GLYLVLRQV DQG GHSDUWPHQWV 0RVW RI WKHVH JURXSV GRQ W NQRZ H[DFWO\ ZKDW SXUSRVH WKHLU ZRUN VHUYHV RU ZKDW SODFH WKH\ KDYH LQ WKH JUHDWHU ZKROH 7KDW GRHVQ W OHVVHQ WKH RYHUDOO HIILFLHQF\ RI WKH RUJDQLVDWLRQ 0RVW PHPEHUV DUH VOHHSHUV DQG PRVW GRQ W HYHQ NQRZ WKH ZKROH SLFWXUH2QO\DIHZPD\EHDZDNHQHGLIDQ\
0HHWLQJV 7KH (QJLQHHUV PHHW LQ VHFWLRQ PHHWLQJV DFFRUGLQJ WR LQGLYLGXDO VFKHGXOHV GHFLGHG E\ D SODQQLQJ FRPPLVVLRQ 7KHVH DUH FRPSOHWHO\ OLNH RUJDQLVDWLRQDO PHHWLQJV LQ DQ\ ODUJH DGPLQLVWUDWLRQ 0XFK HPSKDVLVLVSXWRQWKHIRUPDOLDWRNHHSWKHPHHWLQJVRUGHUO\
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
62&,$/(1*,1((56
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
5RWHV &XUVHRI.DIND0LQG3ULPH 7KH(QJLQHHUFUHDWHVDSDWWHUQLQ WKH DXUD RI VRPHERG\ ZKLFK ZLOO PDNH EXUHDXFUDWV DQG DGPLQLVWUDWRUV VXEFRQVFLRXVO\ GLVOLNH WKH LQGLYLGXDO 7KLV ZLOO OHDG WR HQGOHVV SUREOHPV DV DGPLQLVWUDWLRQ ZLOO VWDUW WR WXUQ DJDLQVW WKH YLFWLP 'RFXPHQWV DUH ORVW LPSRUWDQW SHRSOH DUH LQ PHHWLQJV DQG VHFUHWDULHV KDSSHQV WR VSHOO WKH QDPH RI WKH YLFWLP ZURQJ (YHQ WR ILOO
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
THE SOCIETY OF SENTINELS %\$QGHUV6DQGEHUJ0DUFK $OWKRXJK RIILFLDOO\ DFFHSWHG E\ WKH RWKHU WUDGLWLRQV WKH 6RQV RI (WKHU DQG 9LUWXDO $GHSWV DUH ZDWFKHG VXVSLFLRXVO\ E\ PDQ\ WUDGLWLRQ PDJHV $IWHU DOO WKH WZR WUDGLWLRQV DUH WHFKQRPDQFHUV DQG ZKR NQRZVZKHUHWKHLUUHDOOR\DOWLHVOLH" 7KH 6RFLHW\ RI 6HQWLQHOV DUH DQ LQIRUPDO JURXS RI PDJHV ZKR NHHS DQ H\H RQ WKH DFWLYLWLHV RI WKH WUDGLWLRQ WHFKQRPDQFHUV DQG WKHLU V\PSDWKLVHUV 7KH\ RULJLQDOO\ FDPH LQWR H[LVWHQFH VKRUWO\ DIWHU WKH 6RQV RI (WKHU EURNH IUHH DQG MRLQHG WKH WUDGLWLRQV 6HYHUDO JURXSV RI PDJHV KDG UHSHDWHGO\ SRLQWHG RXW WKDW WKH WUDGLWLRQV ZHUH LQ GDQJHU RI EHLQJ LQILOWUDWHG E\ WKH 7HFKQRFUDF\ RQ D KXJH VFDOH E\ DJHQWV DQG FROODERUDWRUV ZLWKLQ WKH (WKHULWHV QRW WR PHQWLRQ IRUFHG WR DFFHSW WHFKQRPDJLFN DV D YDOLG IRUP RI PDJLFN ,I WKH\ DFFHSWHG WKH 6RQV RI (WKHU WKH 7UDGLWLRQV ZHUH LQ GDQJHU RI EHFRPLQJ PRUH OLNH WKH WHFKQRPDQFHUVWKHPVHOYHV0RVWRWKHUPDJHVZHUHKRZHYHUGHOLJKWHG ZLWK WKH RSSRUWXQLW\ WR LQFUHDVH WKHLU QXPEHUV DQG ZHDNHQ WKH 7HFKQRFUDF\DQGUHJDUGHGWKHVFHSWLFVDVRYHUFDXWLRXVFRQVHUYDWLYHV ,Q WKH \HDUV DIWHU WKH GHIHFWLRQ VRPH RI WKH PDJHV ZKR KDG SURWHVWHG PHW ZLWK HDFK RWKHU VXPPRQHG E\ WKH LQIOXHQWLDO &KRULVW ELVKRS .ODXV :ROOKHLP RI $HGHV /XFLV 'HL 7KH\ GLVFXVVHG KRZ WKLQJV KDG
7+(62&,(7<2)6(17,1(/6
JRQH DQG ZKLOH WKH\ DJUHHG WKDW VRPH RI WKHLU IHDUV KDG EHHQ XQIRXQGHG WKH WKUHDW VWLOO UHPDLQHG 7KH 6RQV RI (WKHU ZHUH QRZ PRYLQJ DPRQJ WKH WUDGLWLRQV OHDUQLQJ WKLQJV DERXW FKDQWULHV DQG LQWHUQDO SROLWLFV ZKLFK FRXOG JUHDWO\ KDUP WKH 7UDGLWLRQV LI HYHU WKH 7HFKQRFUDF\ JRW ZLQG RI LW 7KH ELVKRS SURSRVHG WKDW WKH SDUWLFLSDQWV DQG WKHLU IULHQGV ZRXOG IRUP DQ LQIRUPDO QHWZRUN LQ RUGHU WR FRXQWHU WKH JURZLQJ LQILOWUDWLRQ DQG URRW RXW 7HFKQRFUDF\ LQILOWUDWRUV $IWHU VRPH GHEDWH DERXW WKH WHFKQLFDO GHWDLOV DQG H[DFW DLP WKH\ DJUHHG DQG IRUPHG WKH 6RFLHW\ RI 6HQWLQHOV 6RFLHWDV &XVWRUXP ,WV SXUSRVH ZDV WR VHFUHWO\ NHHS ZDWFK RYHU WKH (WKHULWHV DQG WKHLU V\PSDWKLVHUV FDUHIXOO\ PRQLWRULQJ WKHLU DFWLYLWLHV IRU VLJQV RI WUHDFKHU\ DQG WKH HOLPLQDWLRQ RI 7HFKQRFUDF\ DJHQWV 7KH 6RFLHW\ FRQVLVWHG RI VHYHUDO LQGHSHQGHQW JURXSV OLQNHG E\ D QHWZRUN RI PDJLFNDO FRPPXQLFDWLRQ DQGVHFUHWFRGHV 7KH 6HQWLQHOV KDG VRPH LQLWLDO VXFFHVV D IHZ \HDUV ODWHU LQ WKH *ROGVWHLQ FDVH $ 6RQ RI (WKHU LQYROYHG LQ WKH GHYHORSPHQW RI UDGLR FRPPXQLFDWLRQV ZDV IRXQG WR EH D 7HFKQRFUDF\ DJHQW OHDNLQJ YLWDO LQIRUPDWLRQ WR WKH HQHP\ XVLQJ KLV GHYLFHV 7KH 6HQWLQHOV PDGH WKH WUHDFKHU\ SXEOLF DQG *ROGVWHLQ GLVDSSHDUHG SUREDEO\ NLOOHG E\ PDJHV IURP WKH FKDQWU\ KH KDG EHWUD\HG $IWHU WKDW HYHQW VHYHUDO PRUH PDJHV MRLQHG WKH UDQNV RI WKH 6HQWLQHOV 2YHU WKH \HDUV WKH\ EXLOW XS D QHWZRUN RI FRQWDFWV DQG DOOLHV DPRQJ WKH WUDGLWLRQV :KHQ WKH 9LUWXDO $GHSWV GHIHFWHG WKH 6HQWLQHOV GLG WKHLU EHVW WR FRQYLQFH WKH WUDGLWLRQV QRW WR DGPLW WKHP EXW IDLOHG DJDLQ PDLQO\ GXH WR WKH HIIRUWV RI WKH 6RQV RI (WKHU $W D VHFUHW PHHWLQJ RI WKH PRVW LQIOXHQWLDO PHPEHUV WKH6HQWLQHOVGHFLGHGWRZDWFKRYHUWKH9LUWXDO$GHSWVWRR 7KH 6RFLHW\ RI 6HQWLQHOV DUH VWURQJHVW LQ (XURSH ZKHUH VRPH RI WKHLU PRVW LQIOXHQWLDO PHPEHUV FRQWURO VHYHUDO RI WKH ROG DQG JUHDW FKDQWULHV 7KH ROG FRUH RI FRQVHUYDWLYH KHUPHWLF DQG FKRUXV PDJHV VWLOO KDYH PXFK SRZHU %LVKRS .ODXV :ROOKHLP KDV UHWLUHG DV QRPLQDO OHDGHU LQ IDYRU RI KLV SXSLO 'HDFRQ 1LFRODL .UDQW] DOVR RI $HGHV /XFLV 'HL EXW WKH 'UHDPVSHDNHUV 9HUEHQD DQG &XOWLVWV KDYH EHFRPH D G\QDPLF SDUW RI WKH 6RFLHW\ ,W LV YHU\ GLVFUHHW DQG PRVW PHPEHUV PHHW LQ LQIRUPDO JURXSV ZLWK QR WLHV WR HDFK RWKHU 7KH PHPEHUV JHQHUDOO\ EHKDYH DQG ZRUN DV XVXDO EXW DOZD\V NHHS DQ H\H IRU 7HFKQRFUDF\ LQILOWUDWLRQ DQG WKH DFWLYLWLHV RI WKH 6RQV RI (WKHU DQG 9LUWXDO $GHSWV ,I WKH\ QRWLFH VRPHWKLQJ VXVSLFLRXV WKH\ FRQWDFW WKH 6RFLHW\ ZKLFK ZLOO LQYHVWLJDWH IXUWKHU 7KHVH LQYHVWLJDWLRQV DUH YHU\ VXEWOH RIWHQ HPSOR\LQJ PDJHV IURP RXWVLGH WKH VRFLHW\ DV LQYHVWLJDWRUV RU GXSHV 7KH 6RFLHW\ VHOGRP WDNHV DFWLRQ DJDLQVW RIIHQGHUV SUHIHUULQJ WR OHDN WKH LQIRUPDWLRQ WR RWKHU PDJHV HVSHFLDOO\ VXFK JURXSV DV WKH %URWKHUKRRG RI %HUWUDQGR RU WKH 4XDHVLWRUV RI 2UGHURI+HUPHV 7KH 6RFLHW\ LV QRW ZLWKRXW LQWHUQDO VFKLVPV 7KH PDLQ FDXVH RI GLVDJUHHPHQWLVEHWZHHQWKHFRQVHUYDWLYHVRI2UGHURI+HUPHVDQGWKH &HOHVWLDO &KRUXV ZKR MXVW ZDQW WR PDNH VXUH WKH WHFKQRPDQFHUV VWD\ SXW DQG GRQ W WKUHDWHQ WKH WUDGLWLRQV DQG KDUGOLQHUV IURP WKH 9HUEHQD DQG 'UHDPVSHDNHUV ZKR ZDQW WR ILQG ZD\V WR H[SHO WKHP IURP WKH WUDGLWLRQV DOWRJHWKHU 7KH FRQVHUYDWLYHV FODLP WKDW LW ZRXOG EH ERWK KDUG DQG GDQJHURXV DQG ZRXOG ULVN H[SRVLQJ WKH 6RFLHW\ 7KH UDGLFDOV UHJDUG WKH FRQVHUYDWLYHV DV WRR FDXWLRXV DQG DIUDLG RI WDNLQJ DFWLRQ $QRWKHU FDXVH RI DUJXPHQWV LV ZKHWKHU WR DOORZ OR\DO 6RQV RI (WKHU RU 9LUWXDO $GHSWV WR KHOS WKH VRFLHW\ RU HYHQ MRLQ $SSDUHQWO\ VRPH $GHSWV KDYH IRUPHG WKHLU RZQ JURXS RI 6HQWLQHOV NQRZQ DV WKH 6XSHUYLVRU 0RGH WR ZDWFK RYHU WKHLU RZQ WUDGLWLRQ DQG HOLPLQDWH RXWVLGH LQILOWUDWLRQ 7R PDNH PDWWHU HYHQ PRUH FRPSOLFDWHG WKH 6XSHUYLVRU 0RGH LV UXPRXUHG WR EH OLQNHG WR UDGLFDO 9LUWXDO $GHSWV ZRUNLQJ DJDLQVW UDGLFDO QDWXUHRULHQWHG PDJHV ZKLFK PDNHV WKH 5DGLFDOVYHU\VXVSLFLRXVDJDLQVWWKHJURXS 7KH 6RFLHW\ KDV VXFFHHGHG TXLWH ZHOO LQ KLGLQJ LWV H[LVWHQFH ,W LV QR VHFUHW WKDW WKHUH DUH PDJHV VFHSWLFDO WR WKH WUDGLWLRQ WHFKQRPDQFHUV EXW WKH LGHD WKDW WKH\ DUH RUJDQLVHG LV JHQHUDOO\ UHJDUGHG DV \HW DQRWKHU FRQVSLUDF\ WKHRU\ WKLV LV RI FRXUVH HQFRXUDJHG E\ WKH 6HQWLQHOV ZKR JODGO\ DGG RXWUDJHRXV UXPRXUV WR PDNH WKH WKHRU\ HYHQ PRUH VLOO\ 7KH 6XSHUYLVRU 0RGH VXVSHFWV WKHUH LV VRPH NLQG RI UHVLVWDQFH MXGJLQJ IURP WKH UHVXOWV RI WKHLU FRPSXWHU VLPXODWLRQV EXW KDYHVRIDUQRWEHHQDEOHWRSURYHLW
SOLIFICATI %\$QGUHZ/DUVHQ
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
62/,),&$7,
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
2UJDQL]DWLRQ 7KH 6ROLILFDWL KDYH QR WUXH RUJDQL]DWLRQ DOWKRXJK WKHUH LV VRPH LQIRUPDO FRQWDFW EHWZHHQ WKHP DV WKH\ VKDUH WKHRULHV DQG WUDGH UHVXOWV RI H[SHULPHQWV 7KHUH KDYH EHHQ VSRUDGLF DWWHPSWV WR JDWKHU PDQ\ DOFKHPLVWV WRJHWKHU IRU DQRWKHU 6HVVLRQ EXW WKHVH LQHYLWDEO\ IRXQGHU RYHU D YDULHW\ RI LVVXHV 7R ILQG PRUH WKDQ WZR RU WKUHH 6ROLILFDWLLQRQHSODFHDWWKHVDPHWLPHLVKLJKO\XQFRPPRQ
,QLWLDWLRQ /LNH WKH 2UGHU RI +HUPHV WKHUH LV D ORQJ SHULRG RI DSSUHQWLFHVKLS UHTXLUH ZKLFK PXFK KDUG PDQXDO ZRUN ZKLFK LV WKRXJKW RI DV WKH ILUVW VWDJH RI SXULILFDWLRQ RI WKH EDVH KXPDQ QDWXUH 'XULQJ WKLV WLPH WKH PDVWHU VSHDNV LQ REVFXUH DOOHJRULFDO ODQJXDJH NQRZLQJ WKDW ZKHQ WKH DSSUHQWLFH KDV SRQGHUHG WKHVH PDWWHUV HQRXJK KH ZLOO EHJLQ WR XQGHUVWDQGWKHPIRUKLPVHOIDWZKLFKWLPHKHZLOO$ZDNHQ
6SKHUH 0DWWHU
62/,),&$7,
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
6WHUHRW\SHV
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
$NDVKLF %URWKHUKRRG 7KH\ SXUVXH HQOLJKWHQPHQW PRUH ]HDORXVO\ WKDQ DQ\ RWKHU VHFW EXW WKH\ YLHZ WKH ZRUOG DV DQ H[WHQVLRQ RI WKHPVHOYHVUDWKHUWKDQVHHLQJWKDWLWVYDOXHLVLQWULQVLF &HOHVWLDO &KRUXV 7KH\ KDYH DOZD\V IHDUHG XV IRU ZH WUDQVIRUP RXUVHOYHVUDWKHUWKDQZDLWLQJIRUVRPHWKLQJWRWUDQVIRUPXV &XOW RI (FVWDV\ 7R DSSUHFLDWH WKH ZRUOG V H[WHUQDO EHDXW\ LV DQ DGPLUDEOH EHJLQQLQJ EXW WKH\ KDYH QRW OHDUQHG WR VHH WKH WUXH PHDQLQJRIWKDWEHDXW\ 'UHDPVSHDNHUV 7KH\ VKXQ WKH PDWHULDO ZRUOG DVVXPLQJ WKDW WKH VSLULWXDO ZRUOG ZLOO H[SODLQ LWVHOI SODLQO\ 7KH\ DUH WRR LPSDWLHQW DQG XQZLOOLQJWRFRQWHPSODWHWKHVHP\VWHULHVIRUORQJ (XWKDQDWRV 7KH\ GHVLUH WR IRVWHU $VFHQVLRQ EXW WKH\ KDYH QR PHUF\ :KHQWKHSXSLOVWXPEOHVVKHVKRXOGEHFRUUHFWHGQRWNLOOHG 2UGHU RI +HUPHV 7KH\ XQGHUVWDQG PXFK EXW WKH\ DUH SURXG DQG VHOILVK 7KH FUDIW VKRXOG EH WDXJKW WR DOO ZKR FDUH WR OHDUQ QRW KRDUGHGMHDORXVO\7KHMRXUQH\WRXQGHUVWDQGLQJLVLWVRZQUHZDUG 6RQV RI (WKHU 7KHVH IRROV DUH EOLQG WR WKH OHVVRQV RI WKLV ZRUOG 7KH\ VHHNWRSOXQGHUQDWXUHRILWVVHFUHWVQRWWRXQGHUVWDQGWKHP 9HUEHQD 7KH\ ORYH WKH ZRUOG DV PXFK DV ZH EXW WKH\ UHO\ WRR PXFK RQ WKH XQVWDEOH DQG FKDQJLQJ QDWXUH RI OLYLQJ WKLQJV 7KDW ZKLFK GHFD\VLVWRRLPSHUIHFWWRJXLGHXVWR$VFHQVLRQ 9LUWXDO $GHSWV 7R IOHH WKH ZRUOG IRU VRPH VKDOORZ FRS\ WKHUHRI LV WKH KHLJKW WR IROO\ 7KH\ PXVW OHDUQ WR VHH WKH ZRUOG DURXQG WKHP QRW LQYHQWDQHZRQH +ROORZ 2QHV &KLOGLVK DQG XQGLVFLSOLQHG 7KH\ PXVW OHDUQ WR SRQGHU PRUHDQGFRPSODLQOHVV
5RWHV
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
62/,),&$7,
KHUEDO RQHV LV HIIHFWLYHO\ D VLQJOHXVH WDOLVPDQ XVDEOH E\ DQ\RQH LQFOXGLQJ D 6OHHSHU ZKLFK FDQ EH GDQJHURXV VLQFH DQ\ 3DUDGR[ DFTXLUHG LV VXIIHUHG E\ WKH XVHU :LWKRXW WKLV URWH DQ\ 6ROLILFDWL SRWLRQ ZLOO RQO\ ZRUN LQ WKH SUHVHQFH DQG E\ WKH VXIIUDJH RI WKH PDJH RWKHUZLVH PRVW RI WKHLU SRWLRQV DUH WR[LF DQG ZLOO FDXVH D SRLQW RI +HDOWKGDPDJHSHUOHYHORIHIIHFWWKHSRWLRQLVLQWHQGHGIRU
3DUDGR[ 3DUDGR[)ODZ%DFNODVK4XLHW
0LVFHOODQ\
7KH -DGH&RPSRXQGHG &DODPLW\$OOD\LQJ (OL[LU 0DWWHU 3ULPH
(FFHQWULFLW\%ODWDQF\ /HWKHULF3RWHQWLDO'UHDP
%\ GLVWLOOLQJ H[SHQVLYH LQJUHGLHQWV GRZQ WR WKHLU EDVH SXULW\ WKH PDJH FDQFUHDWHOLTXLG7DVVRQHSRLQWSHUVXFFHVV
:HLUG6FLHQFH
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
SONS OF ETHER PARADIGM AND WEIRD SCIENCE
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
6\VWHP $ FKDUDFWHU PD\ LQYHQW DV PDQ\ GHYLFHV DV KH ZLVKHV WKRXJK KH ZLOO EH OLPLWHG E\ FRVW DQG WLPH )XUWKHUPRUH HDFK JDGJHW ZLOO KDYH D UHODWLYH HQFXPEUDQFH WKDW ZLOO GLFWDWH KRZ PDQ\ PD\ EH FDUULHG DW D WLPH 1RUPDOO\ HDFK LQYHQWLRQ ZLOO SHUIRUP RQH URWH WKRXJK DV ORQJ DV WKH URWHV XWLOL]H WKH VDPH VSKHUHV DQG DOO URWHV ZHUH EXLOW LQWR WKH GHYLFH XSRQ LWV FUHDWLRQ PRUH FDQ EH LQVWDOOHG 1RWH WKDW WKLV ZLOO LQFUHDVHDOOWKHOLPLWDWLRQVDVPHQWLRQHGDERYH &RVW [ WRWDO VSKHUH OHYHOV [ $UHWH ([DPSOH D 0DWWHU &RUUHVSRQGHQFH (QWURS\ URWH GHYLFH PDGH E\ D PDJH ZLWK DQ $UHWHRIZRXOGFRVW
%\&KULVWRSKHU.REDU
7KH3DUDGLJP
7LPH WR PDNH 2QH GD\ SHU VSKHUH OHYHO [ $UHWH 7KH H[DPSOH LQYHQWLRQ DERYH ZRXOG WDNH IRUW\QLQH GD\V WR PDNH 7\SLFDOO\ RQH GD\DVVXPHVDIXOOZRUNLQJGD\ZLWKIHZGLVWUDFWLRQV
7KH(WKHUHDO3ODQH7KH7HOOXULDQ
3KHQRPHQD0DJLFN 7KH %OLQG 6OHHSHUV 7KH 0RPHQW RI 7UXWK 7KH $ZDNHQLQJ 7UXH 6FLHQWLVW0DJH 2UGLQDU\ 3KHQRPHQD &RLQFLGHQWDO 3KHQRPHQD9XOJDU0DJLFN
7KHIROORZLQJVKRXOGKHOSFRORUDQGEULQJWROLIH6RQVRI(WKHU
0DJLFN
([WUDRUGLQDU\
6XEFRQVFLRXV$YDWDU *HQLXV$UHWH 7KH(FWRWURSLF3ODQH7KH8PEUD 7KH&DWHJRULHV7KH6SKHUHV 'LPHQVLRQ &RUUHVSRQGHQFH (QWURS\ (OHFWURSODVP )RUFHV %LRSODVP /LIH 3ODVP 0DWWHU 3V\FKRSODVP 0LQG (WKHU 3ULPH &DXVDOLW\ 7LPH (WKHU4XLQWHVVHQFH (WKHULF5HVLGXH7DVV (WKHUJDWH1RGH
(QFXPEUDQFH :HLJKV SRXQG SHU VSKHUH OHYHO [ $UHWH 7KH JDGJHW ZRXOG RQO\ ZHLJK ILYH SRXQGV 5RXQG DOO UHVXOWV WR WKH QHDUHVW KDOISRXQG 1RWH 5HJDUGOHVV RI KRZ PDQ\ URWHV DUH DFWXDOO\ LQVWDOOHG LQ DQ LQYHQWLRQ ZKHQ ILUVW PDGH WKH ZHLJKW RI WKH GHYLFH LV RQO\ GHULYHG IURP QRQUHSHWLWLYH VSKHUHV ,I WKH GHYLFH DERYH DOVR KDG D 0LQG &RUUHVSRQGHQFH URWH RQO\ WKH WZR OHYHOV RI PLQG ZRXOG KDYH WR EH DGGHG WR WKH ZHLJKW FDOFXODWLRQ PDNLQJ LW SRXQGV KHDYLHUIRUDWRWDOILQDOHQFXPEHUDQFHRI SRXQGV
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
62162)(7+(53$5$',*0$1':(,5'6&,(1&(
:LWQHVVHV,WFDQQRWPDNHDYXOJDUHIIHFWFRLQFLGHQWDO
SONS OF ETHER: KEPLERIANS %\3DXO%HDNOH\DQG%LOO\%LVKLS
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
0DJLFN7KHRUHP (DFK HIIHFW LV HVVHQWLDOO\ D WKHRUHP SOD\HG RXW LQ WKH 0RGHO WKH UHVXOWVRIZKLFKDUHPHDVXUHGIRUIXWXUHUHVHDUFK
$UHWH,QVLJKW 7KH WUDLW WKDW DOO WUXH UHVHDUFKHUV VHHN :LWK VXIILFLHQW LQVLJKW LQWR WKH LQWHUDFWLRQ RI YLEUDWRU\ HQHUJLHV RQ WKH 0RGHO WKH 0RGHO FDQ EH VXEWO\ DOWHUHG ZLWKRXW RXWZDUG VLJQV RI FKDQJHV (YHQWXDOO\ WKH KLJKHVW OHYHOV RI LQVLJKW ZLOO DOORZ H[WUHPH DOWHUDWLRQV WR WKH 0RGHO
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
62162)(7+(5.(3/(5,$16
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
0DJHVSHFLILF%DFNJURXQGV $UFDQH $FRXVWLF 0XIIOLQJ 6RPH VFLHQWLVWV DSSHDU DEOH WR DOWHU WKHLU DFRXVWLFV ZLWKLQ WKH 0RGHO VHHPLQJ WR GHVWUXFWLYHO\ LQWHUIHUH ZLWK5HYHUEHUDWLRQIUHTXHQFLHVDWZLOOZLWKLQDFHUWDLQUDQJH $YDWDU %DWWHU\ 7KH QDPH LV LQDFFXUDWH \HW KLJKO\ VDWLVI\LQJ 9LEUDWLRQ =HUR HQHUJLHV GR VHHP WR SRZHU PDJLFN 'HSHQGLQJ RQ WKH DYDWDU D VFLHQWLVW FDQ LQWXLWLYHO\ SUHGLFW XVHIXO W\SHV RI ]HUR WR EH DGGHG WR IXWXUH H[SHULPHQWV 7KH VFLHQWLVW DGGV WKHVH YDOXHV WR KLV RZQ SDWWHUQ XQWLO QHHGHG 7KXV (WKHULDQV GR QRW DOZD\V UHODWH WKHLU 0XVH ,QVSLUDWLRQ HWF WR WKH VL]H RI WKHLU %DWWHU\ &KDQWU\ $ &KDQWU\ VHW XS E\ WKH 6RQV RI (WKHU ZRXOG EH FDOOHG D 5HVHDUFK ,QVWLWXWH 6FLHQWLILF 6RFLHW\ RU SHUKDSV HYHQ D 7KLQN 7DQN 2IWHQ (WKHULDQV EHFRPH PHPEHUV RI PXOWL7UDGLWLRQ &KDQWULHV RU &KDQWULHV VHW XS E\ RWKHU 7UDGLWLRQV DQG WKH\ ZLOO JR DORQJ ZLWK ZKDWHYHU QDPH LWKDVEHHQJLYHQ &KDQWU\ PHPEHUVKLS LV PL[HG EOHVVLQJ ,Q VRPH ZD\V LW LV OLNH WKH JRRG WHUP XVHG DGYLVHGO\ ROG GD\V ZKHQ (WKHULDQV FRXOG JHW JHQHURXV 5HVHDUFK *UDQWV DFFHVV WR =HUR HQHUJ\ IURP RWKHU &RQYHQWLRQV %HVLGHV WKLV WKH &KDQWU\ HQYLURQPHQW LV XVXDOO\ RSWLPL]HG WR DFRXVWLFDOO\ EDIIOH KDUPIXO KDUPRQLFV +RZHYHU VRPH VFLHQWLVWV GLVOLNH WKH LQWHUQDO SROLWLFV WKDW GLVWUDFW DOO EXW WKH PRVW )RFXVHGVHHEHORZ IURPWKHLUSURMHFWV 'HVWLQ\ )RFXV 6FLHQWLVWV ZLWK LQWHQVH IRFXV FDQ ZRUN PLUDFOHV DQG QHYHU VWUD\ IURP WKHLU UHVHDUFK 7KRVH ZLWK WKLV PXFK IRFXV DUH LQYDULDEO\ EULOOLDQW DQG DUURJDQW +LJKO\ IRFXVHG VFLHQWLVWV DUH QRW DERYH VWHDOLQJ RWKHU VFLHQWLVW V ZRUN DQG VRPH KDYH PDGH WKHLU QDPHV VROHO\ E\ WKLV PHWKRG 7KRVH ZLWK )RFXV WHQG WR PDNH RWKHU (WKHULDQV ZDON RQ HJJVKHOOV EXW WKH\ DUH D VRXUFH RI KRSH DQG LQVSLUDWLRQ WR WKH HQWLUH7UDGLWLRQDVZHOO '5($0 'DWD 5(WUHLYDO $QG 0DQDJPHQW 7KLV WHUP ZDV GRXEWOHVV ERUURZHG IURP D 9LUWXDO $GHSW RU DQ (WKHULDQ ZKR ZRUNHG FORVHO\ ZLWK WKHP 6RPH VFLHQWLVWV OHDUQ WR DWWXQH WKHLU PHQWDO
UHVRQDQFH WR DEVRUE LQIRUPDWLRQ IURP 9LEUDWLRQ WKH VRXUFH RI DOO SDWWHUQVDQGWKHUHSRVLWRU\RIDOOH[LVWLQJGDWD 1RGH *HQHUDWRU 3HUFHLYLQJ XVHIXO YDOXHV RI ]HUR WHQGV WR EH DLGHG E\ EHLQJ QHDU D JHQHUDWRU *HQHUDWRUV KDYH WKH LQWHUHVWLQJ DQG DV \HW XQH[SODLQHG DELOLW\ WR JHQHUDWH XVHIXO YDOXHV RI ]HUR ORFNHG ZLWK LQ 0DWWHU RU %LR SDWWHUQV .HSOHULDQ QRGHV WHQG WR KDYH DV WKHLU FHUWDLQ SLHFH DQ (QJLQH DLGV WKLV SURFHVV E\ JHQHUDWLQJ UDQGRP YDOXHV RI ]HUR LQWKHKRSHVD=HURSDWWHUQZLOOFRDOHVFHDURXQGWKHP
SONS OF ETHER PARADIGM: MAGICK, SCIENCE AND TECHNOLOGY, THE THREE KEYS %\:D\QH0\HUVDQG%LOO\%LVKRS
3DUDGLJP 7KURXJK PDJLFN DQG VFLHQFH WHFKQRORJ\ LV FUHDWHG 7KHVH WKUHH FRQFHSWVPDNHDOOUHDOLW\SRVVLEOH:LWKLQWKH067V\VWHP 0DJLFN 5DZ FUHDWLYLW\ 7KH EXLOGLQJ EORFNV RI UHDOLW\ DOVR NQRZQ DV VWUDQGV 5DQGRP 3UREDELOLW\ &UHDWLRQ 53& +XPDQLW\ LV WKH RQO\ NQRZQ VSHFLHV WR KDYH GHPRQVWUDWHG WKH XVH RI PDJLFN $W WKLV OHYHO DOOWKLQJVDUHHSKHPHUDO 6FLHQFH 7KURXJK UDQGRP LQWHUDFWLRQV DQG FKDQJHV RUGHU FDPH DERXW 6FLHQFH LV WKLV RUGHU 6FLHQFH WHQGV WR JXLGH 0DJLFN E\ FKDQQHOOLQJ LW VSHHGLQJ LW XS VORZLQJ LW GRZQ HWF $OVR NQRZQ DV /RJLFDO&RPSRVLWLRQ6WUXFWXUH/&6 7HFKQRORJ\6FLHQFHXVHV0DJLFNWRFUHDWH7HFKQRORJ\7HFKQRORJ\ LV DQ HQG SURGXFW ,W LV ZKDW 6OHHSHUV WKLQN RI DV 5HDOLW\ 7KH FRPELQDWLRQRI53&DQG/&6
$VFHQVLRQ 5HDOLW\ LV D 5RERW DOVR NQRZQ DV 6FLHQFH (DFK 'LYLQH (QJLQHHU '( ZDQWV WR ILQG D JDWHZD\ WR WKH 6XSHUIOXRXV )OX[ WKH VRXUFH RI 0DJLFN ZKLFK OLHV RXWVLGH WKH 5RERW 2QFH WKHUH 'LYLQH (QJLQHHUV ZLOO EH WR SHUIHFWO\ H[SUHVV WKHLU FUHDWLYLW\ DQG SHUVRQDO YLVLRQ WKURXJKRXW WKHLU RZQFRVPRVDQGHWHUQLW\DV5RERWVWKHPVHOYHV
0DJLFN (QJLQHHULQJ 7KLV LV QRW 0DJLFN LQ WKH 067. VHQVH 7KLV LV WKH ZRUNLQJ PDQLSXODWLRQ DQG XQGHUVWDQGLQJ RI WKH 5RERW DQG LWV IXQFWLRQ
3DUDGR[ (OHFWURWRQXV ,Q WKH DFW RI FKDQQHOOLQJ 0DJLFN 6FLHQFH VWULSV 0DJLFN RI VRPH RI LWV SUREDELOLW\ 7KLV SUREDELOLW\ LV FRQVHUYHG DQG EHFRPHV JHQHUDOO\ VSHDNLQJ D GHVWUXFWLYH E\SURGXFW '( V WHQG WR DFFXPXODWH :DVWH 3URGXFW E\ WKHLU 6FLHQFH DV ZHOO 6RPH RI WKLV FRQVHUYHG SUREDELOLW\DFWXDOO\FUHDWHVGHVWUXFWLYHHQWLWLHVDVZHOO
6SKHUHV $SSOLFDWLRQV DV DERYH WKHVH DUH DSSOLFDWLRQV RI 0DJLFN 6FLHQFH DQG 7HFKQRORJ\ &RUUHVSRQGHQFH &UDZO 6SDFH 7KLV LV D SURGXFW RI 6FLHQFH WKRXJK WKHUH DUH 7HFKQRORJLFDO LPSOLFDWLRQV 7KH 5RERW QHHGV DQ LQWHUQDO
62162)(7+(53$5$',*00$*,&.6&,(1&($1'7(&+12/2*< 7+(7+5((.(<6
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
$UHWH )5((6)DPLOLDULW\RI5RERW(OHFWURQLF(QJLQHHULQJ
4XLQWHVVHQFH )OX[ 0DJLFN OHDNV LQWR WKH 5RERW IURP WKH 6XSHUIORXV )OX[ $V VXFK LW KDV YHU\ KLJK LQKHUHQW SUREDELOLW\ ZKLFK PD\ EH XVHG LQ PDQLSXODWLRQRIWKHURERW VV\VWHPV
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
SONS OF ETHER PARADIGM: THE QUANTUM WAVE %\$QGHUV7RUOLQG
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
0DJLFN ([SHULPHQWV 7KH PRGHO DQG WKH WKHRULHV RI LW DUH FRQVWDQWO\ EHLQJ UHYLVHG DQG LPSURYHG DQG LQ VRPH FDVHV HYHQ VWUHQJWKHQHG E\ H[SHULPHQWV 7R EH D 6FLHQWLVW LV WR H[SHULPHQW DQG WKH PRUH IDU IHWFKHG WKH HIIHFWV RI DQ H[SHULPHQW WKH JUHDWHU FRQFOXVLRQV PD\ EH PDGHE\LW
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
62162)(7+(53$5$',*07+(48$1780:$9(
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
3DUDGR[ 0LVWDNHV :KHQ D VFLHQWLVW PDNHV PLVWDNHV WKH\ PLJKW EH VR VHULRXV WKDW WKH\ DIIHFW WKH XQLYHUVH GLUHFWO\ ZLWK WRWDOO\ XQIRUHVHHQ UHVXOWV 7KHVH UHVXOWV DOVR VHHP WR JHQHUDOO\ EH YHU\ XQOLNHO\ 0LVWDNHV RIWHQ DOVR DIIHFW WKH VFLHQWLVWV RZQ VHOIVXVWDLQLQJ V\VWHPV FUHDWLQJ VPDOO LPEDODQFHV WKDW PLJKW LQ WKH ORQJ UXQ PXOWLSO\ DQG FDXVH JUHDWHU DQG JUHDWHU SUREOHPV 7KLV PLJKW HYHQ OHDG WR WKH GHDWK RI D VORSS\ VFLHQWLVW%HZDUH
$UHWH ,QVLJKW 7KH JUHDWHU WKH LQVLJKW WKH JUHDWHU FKDQJHV PD\ EH PDGH WR WKH XQLYHUVH ZLWKRXW IHDU RI PLVWDNHV ,QVLJKW LV JHQHUDOO\ JDLQHG E\ YHU\ KDUG VWXG\ FRQFOXGHG E\ DQ H[SHULPHQW ZKLFK ZLOO FRQILUP RQHV OHDUQLQJWKHQWKHIODVKRILQVLJKWZLOOVWULNH
4XLQWHVVHQFH )UHH :DYHV :DYHV DUH WKH HVVHQFH RI WKH XQLYHUVH WKH\ DUH ZKDW PDNH LW XS )UHH ZDYHV DUH ZDYHV ZKLFK KDYH QR LQWHUIHUHQFHSRLQWV 7KLV PHDQV WKDW WKH\ KDYH JUHDW SRWHQWLDO RI XVH DV QRWKLQJ WDSV WKHLU HQHUJ\ )UHH ZDYHV PD\ EH JDLQHG IURP HYHU\WKLQJ LI \RX NQRZ KRZ WR FRQWURO ZDYHV E\ H[WUDFWLQJ WKH ZDYHV WKDW KDV RQO\ RQH LQWHUIHUHQFHSRLQW WKDW LV WKDW RQH SRLQW OLHV LQ WKH REMHFW IURP ZKLFK \RXDUHH[WUDFWLQJ
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
62162)-83,7(5
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
EHKLQG WKH ZRUOG RI WKH 6OHHSHUV EH LW WKH PDFKLQDWLRQV RI WKH .LQGUHG WKH :DU RI WKH *DURX RU WKH UHDOLW\IOX[ RI WKH 0DJL \RX FDQQRW MXVW ZDON DZD\
RFFXOWLVWV
KLVWRULDQV
FRQ
PHQ
6SKHUH 'XH WR WKH 2USKDQLF KHULWDJH IURP ZKLFK WKH\ URVH 6RQV DUH DOORZHG WR SLFN WKHLU FHQWUDO 6SKHUH 0LQG DQG (QWURS\ DUH SRSXODU ZKLOHWKH0DVWHUVRI6SLULWJDLQWKHPRVWUHVSHFWIURPWKHLUSHHUV )RFL 7KH 6RQV RI -XSLWHU HYROYHG DQRWKHU EHQHILW RYHU WKH 2USKDQV WKH\ FKRRVH WKHLU RZQ IRFL 7KH 7UXH 1DPH RI WKH IRH LV QHFHVVDU\ IRU
62162)-83,7(5
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
6WHUHRW\SHV $NDVKLF %URWKHUKRRG &RPEDW PRQVWHUV /HDYH WKHP DORQH DQG WKH\ OO SURWHFW WKHPVHOYHV MXVW ILQH %XW LI \RX QHHG DQ DOO\ LW LV WRXJK WRILQGEHWWHU &HOHVWLDO &KRUXV 7RR VFDU\ WR EH LJQRUHG ZKDW LI WKH\ BGRB JHW WKHLU SRZHU IURP RQ +LJK" ,W ZRXOG FHUWDLQO\ FKDQJH WKH VFRSH RI WKH (WHUQDO:DU &HUHEXV 7R EH YDOXHG DQG DGPLUHG IRU WKHLU RUJDQL]DWLRQ DQG VWUHQJWK &XOW2I(FVWDF\:K\" 'LVFRUGLDQV 7RR XQVWDEOH WR EH WUXVWZRUWK\ EXW PD\EH WKH\ KDYH VRPHDOOLDQFHZLWKWKH0DUDXGHUVWKDWZHFRXOGXVH 'UHDPVSHDNHUV 7KH\ DUH UHIXJHHV IURP WKH 8PEUD WKHLU WUXH KRPH $OPRVWSLWLDEOH$OPRVW (XWKDQDWRV &RUUXSWLRQ DQG GHFD\ ZDLWLQJ WR XQFRLO %XW WR ZKDW HQG" 1HYHU EHOLHYH LQ WKHP 7KH\ ZRXOG PDNH IRU VWURQJ DOOLHV EXW WKH\FDQRQO\WUXVWLQGHFD\ +ROORZ2QHV&XOOWKHVH2USKDQVIRUWKRVHZLWKWUXHSRZHU 1HFURPDQFHUV 7UXH PDJHV DIWHU RXU RZQ KHDUWV EXW WRR IRFXVHG RQ WKHLU%RRNDQGRQWKLVUHDOLW\ 2UGHU 2I +HUPHV 7KH\ SUHWHQG WR ORRN GRZQ RQ XV EHFDXVH ZH DUH WKHLUPRVWSRZHUIXOULYDO 5XQHFDVWHUV/HIWRYHUUHPLQGHUVRIDSDVWWKH\ORVW 6RQV RI (WKHU )DVFLQDWLQJ XVH RI PDJLF WR SURYH VFLHQFH WKH RSSRVLWH RI KXPDQ KLVWRU\ *RRG DOOLHV LI \RX FDQ FRQYLQFH RQH WR EDQG ZLWK XV 7HFKQROLEHUWDULDQV $QRWKHU SLHFH RI SURRI WKDW WKH 7HFKQRPDQFHUV DUH VSOLQWHULQJ OLNH D VKDWWHUHG JODVV 1RW TXLWH DV DFFHVVLEOH DV WKH 6RQVRI(WKHUWKRXJK 9HUEHQD7KH\IROORZWKHJUHDWROGZD\V7RDIULJKWHQHLQJGHJUHH 9LUWXDO $GHSWV 7KLV LV DQ H[DPSOH RI ZKDW WKH 7HFKQRFUDWV FRXOG HYROYH LQWR ZLWK WKH ULJKW SURPSWLQJ 8QIRUWXQDWHO\ WKH $GHSWV DUH MXVW DV ORVW DV WKH 'UHDPVSHDNHUV WKH\ GRQ W EHORQJ LQ RXU UHDOLW\ DQ\PRUH 7+*,1(02&(%6(,/)5(778%
5RWHV ,JQRUH 3DLQ 0LQG /LIH $OORZV WKH PDJH WKURXJK PDVWHU\ RI KHU RZQ PLQG WR FRPSOHWHO\ UHPRYH DOO SDLQ >7KLV PHDQV QR PLQXVHV WR DFWLRQV GXH WR GDPDJH@ +RZHYHU WKLV DOVR PHDQV WKDW WKH 0DJH KDV RQO\ D YDJXH LGHD RI KRZ KXUW WKH\ UHDOO\ DUH >7KH 67 VKRXOG NHHS WUDFN RI WKH SOD\HU V DFWXDO GDPDJH RQO\ OHWWLQJ WKH SOD\HU NQRZ LQ YDJXH WHUPV LI WKH SOD\HU VSHFLILFDOO\ VWDWHV KH LV ORRNLQJ :DKOOO \RX JRWV D ELJ JDVK RQ \HU FKHVW DQG \HU OHIW DUP LV PLVVLQJ %XW \HZ GRQ W IHHOLWVR VLW VRNHH@
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
TXLQWHVVHQFH VLQN ZKLFK IRROV DQ\ $ZDNHQHG EHQJV LQWR WKLQNLQJ WKDW WKH PDJH LV PXFK PRUH SRZHUIXO WKDQ VKH DSSHDUV >-XVW KDV VRPH TXDOLW\ RI SRZHU DERXW KHU@ $W WKH VDPH WLPH LW VHQGV RXW D VRUW RI PHQWDO EHDFRQ ZKLFK FDXVHV HYHU\RQH LQ UDQJH WR QRWLFH DQG ORRNDWWKH0DJHDWWKHVDPHWLPH OLJKWV FLJDUHWWH 1RERG\ WRXFKHV WKH ER\ 7KDW V ULJKW 7KH ER\ V PLQH $QG LQ WKLUW\ VHFRQGV PH DQG KLP DQG WKH ZLWFK DUH JRLQJ WR ZDON RXW RI KHUH \HV \RX QHHG D VOHHSLQJ SHUVRQ WR GR LW 3OHDVH QRWH WKDW WKH XVHU ZLOO KDYH WR OHDYH WKH SHUVRQ V GUHDP DQG HQWHU DQRWKHU GUHDP EXW WKLV LV XVXDOO\ QRW WRR PXFK RI D SUREOHP $OVR QRWH KRZ XVHIXO WKDW 'UHDP EDFNJURXQGEHFRPHV@ 9LVLRQ 4XHVW 0LQG &RUUHVSRQGHQFH 7KLV URWH LV RIWHQ XVHG LQFRQMXQFWLRQZLWKWKHLQLWLDWLRQRIDQHZPHPEHULQWRWKH6RQV7KH 0DJH WDSV LQWR WKH LQLWLDWH V PLQG FRPSOHWHO\ FRQWUROOLQJ WKH PHQWDO ODQGVFDSHDQGRFFXUUHQFHV6HH([RUFLVWIRUDJRRGVFHQH /XFUHWLD P\ 5HIOHFWLRQ &RUUHVSRQGHQFH 0LQG $OORZV WKH FDVWHU WR FRPPXQLFDWH ZLWK D SHUVRQ E\ ORRNLQJ LQ D PLUURU DQG FRQFHQWUDWLQJ RQ WKHP LW ZRXOG DOVR KHOS WKH WDUJHW ZD DOVR ORRNLQJ LQ D PLUURU 7ZR ZD\ FRPPXQLFDWLRQ LV SRVVLEOH EXW PRUH LPSRUWDQWO\ LW DOORZV WKH FDVWHU WR WHOHORFDWH WKHPVHOYHV GLUHFWO\ WR WKH SHUVRQ E\ VWHSSLQJ LQWR WKH PLUURU &UHDWHG E\ 6WDQLVODXV 6LOYHU ZKR XVHG PLUURUV IRU PRVW RI KLV IRFL >8VH UDQJHV IRU &RUUHVSRQGHQFH EXWORZHUGLIILFXOW\E\@
62162)-83,7(5
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
SPANNERS
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
p p p p p
&LUFOH7LPH&RUUHVSRQGHQFH :HDSRQ)RUFHV(QWURS\ /DQJXDJH 6SLULW3ULPH 0LUURU/LIH0LQG 'DUNQHVV0DWWHU
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
6WHUHRW\SHV 9LUWXDO $GHSWV 7KLHYHV WKH\ VWROH 0RXQW 4DI MXVW DV ZH ZHUH EHJLQLQJWRXQGHUVWDQGLW6WLOODVRQHGRRUFORVHVDQRWKHURSHQV &XOWRI(FVWDV\'RQ WWKH\NQRZWKHUH VDZDURQ"
%\-HUHP\6WUHHWHUVWUHHWHU#FKULVWDXQKHGX $OVRFDOOHG0LWDNR\R\DVLQ
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
63$11(56
EHJXQ WR WHDFK SRZHUIXO URWHV DQG WR KHOS WKH 0DJHV OHDUQ VKH KDG EHJXQ WR SURYLGH VRPH OLPLWHG UHVRXUFHV DQG OLEUDULHV DV ZHOO DV VRPH WXWRUV+HULQIOXHQFHKDVEHHQHQRXJKDQGKDVIRUPHGWKLV&UDIWLQWRD IRUPLGDEOHRQHKRZHYHUVWLOOZHDN
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
2UJDQL]DWLRQ
&KDQWU\ 1RZ EHLQJ FRQVWUXFWHG KRSHIXOO\ WR EH ILQLVKHG E\ KRZHYHU WKH IXQGV DUH UXQQLQJ ORZ DQG D IXQGUDLVHU LV EHLQJ KHOG 7KH &KDQWU\ LV EHLQJ SODFHG LQ WKH +LPDOD\DV IUHH IRU VWXG\ DQG ZLOO EH DFFRPSDQLHG E\WKHVHFRQGODUJHVWOLEUDU\FROOHFWLRQLQWKHZRUOG
$FRO\WHV +ROORZ2QHV
6SKHUH 3ULPH
)RFL p p
7UDQVFHQGHQFH3ULPH/LIH0DWWHU(QWURS\6SLULW0LQG 3DUDGR[ 3ULPH/LIH0DWWHU6SLULW)RUFHV(QWURS\0LQG7LPH&RUUHVSRQG HQFH
&RQFHSWV 1HZ$JHWKLQNHUPXVLFLDQVFKRODUWKHRORJLVWDUWLVWVVFLHQWLVWV
5RWHV
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
0HHWLQJV 7KH VPDOOHUV JURXSV KDYH RUJDQL]HG UHJXODU PHHWLQJV DV RIWHQ DV SRVVLEOH DQG FRPPXQH HYHU\ ZHHN $ ODUJHU JDWKHULQJ SHUKDSV WKH (DVWHUQ 6HD %RDUG RU VRPHWKLQJ OLNH WKDW RFFXUV RQFH D PRQWK IRU WKH VPDOOHUV JURXSV ,W LV GLIILFXOW WR IROORZ $OH[DQGUD DQG 9H]HU LQ PRUWDO VRFLHW\ EHFDXVH SHRSOH JHQHUDOO\ 6OHHSHUV MXVW GRQ W WHQG WR UHPHPEHUHLWKHURIWKHPWKH\ERWKKDYHDQ$UFDQHRI
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
63$11(56
IRU \RXU ILVWV DQG IHHW DQG FUHDWLQJ VPDOO ULSSOHV LQ WKH XQLYHUVH ZKHUH \RXU GLUHFW GHQVLW\ PDVV DQG ZHLJKW DUH KLJKHU WKDQ QRUPDO $V ZHOO ZLWK )RUFHV \RX FUHDWH WKH VWUHQJWK DQG IRUFH EHKLQG WKH VWULNHV HQRXJK WR NLOO DQ\ 6OHHSHU EHLQJ VWUXFN 2QO\ WKH EHVW PDUWLDO DUWV PDVWHUV FRXOG VXUYLYH WKLV RQVODXJKW QRUPDOO\ RU RQH RI WKRVH UHDOO\ ELJ WRXJK JX\V LQ IURQW RI D EDU RU SHUKDSV \RX PHVVHG ZLWK D .LQGUHG ZKRRSV :HOO \RX DUH WKHUH QRZ DQG DOO GDPDJH LV TXDGUXSOHG LQ IRUFH IRU WKLV URWH 7KH QXPEHU RI DWWDFNV \RX KDYH LV GHWHUPLQHG E\ KRZ PDQ\ VXFFHVV \RX JHW DQG \RX JDLQ ILUVW LQWLDWLYH WR DWWDFN DJDLQ QH[W URXQG 1RW EDG EXW PRVW OLNHO\ \RX KDYH JDLQHG 3DUDGR[ SRLQWV IRU WKLV DFWLRQ LQ DGGLWLRQ WR D %DFNODVK QRUPDOO\ FRQFHUQLQJ ORVV RI IULFWLRQ WHPSRUDO SHUFHSWLRQ FKDQJHV DQG XPEUDO ULSSOHV NQRFN \RX RYHU DV LI WKH\ ZHUH SK\VLFDO REMHFWV *RW WR VXFN DURXQG*DURX
FRQWLQXXP 7KHUH LV D GRZQVLGH WR DOO RI WKLV DV 3DUDGR[ LV QRZ FORVHU WR \RX RU SHUKDSV VWLOO QRW QLFH WR \RX 8QOHVV \RX WDNH WKH SW0HULWDERYHWKLVRQH
,QYRNH3DUDGR[,QYRNH7UDQVFHQGHQFH
5RWH 0DVWHU\ SW 6XSHUQDWXUDO 0HULW
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
2QFH LQLWLDWHG WKLV 6SHOO FDQQRW EH GLUHFWO\ FRXQWHUHG DV D QRUPDO URWH 7KH 0DJH FRXQWHULQJ PXVW VSHQG RU ORVH HLWKHU ZD\ \RX VHH LW D SRLQW RI 4XLQWHVVHQFH WR VWRS WKH SURFHVV IRU HDFK VXFFHVV WKH 0DJH FDVWLQJKDV
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
'\LQJ $YDWDU SW 6XSHUQDWXUDO )ODZ
7KH 1DWXUDO 7UXH 0DJH SW 6XSHUQDWXUDO 0HULW
SPIRITUAL KNIGHTS %\$OH[)HHO\DIH#DQGUHZFPXHGX 7KH 6SLULWXDO .QLJKWV KDYH D KD]\ SDVW WKH\ VHHP WR KDYH VSDZQHG URXJKO\ DURXQG WKH P\VWLF DJH ZKHQ NQLJKWV SURSHU DQG ZL]DUGV Z\OG WKULYHG PDJLFNDO EHDVWV URDPHG WKH HDUWK DQG WKH *DURX LQ WKHLU IHURFLW\ WHUURUL]HG WKH WRZQV 7KH .QLJKWV DUH WKH SURWHFWRUV RI KXPDQLW\ DQG WKH PRVW VWDOZDUW RSSRVHUV RI WKH :\UP 1RW RQO\ EOXQW FUDVV EXIIRRQV ZKR OLNH VROGLHUV ULGH DJDLQVW WKH :\UP DQG LW V PLQLRQV WKHVH DUH PHQ DQG ZRPHQ RI WKRXJKW DQG DFWLRQ WKH\ FRYHU VHYHUDO VFRSHV RI WKRXJKW DQG DFWLYLW\ FRQYHUJLQJ LQ RQO\ RQH VSRW DOZD\V 2SSRVH WKH :\UP DQG SURWHFW KXPDQLW\ DOZD\V IRUHYHU DQG FRPSOHWHO\ZLOODOO\RXUVRXO $V WKH P\WKLFDO DJH FDPH WR DQ HQG WKH\ ZHUH IRUFHG XQGHUJURXQG 7KHLU XVH RI PDJLFN DORQJ ZLWK FRPEDW DQG QREOH LQIOXHQFH HYHQWXDOO\ ZRUH WKLQ DQG ZDV DOPRVW FXW RII ZKHQ WKH 5HQQLVDQFH DJH FDPH WR (XURSH DQG PRUH DWWHQWLRQ ZDV SDLG WR WKHLU FRDW RI DUPV WKDQ WKHPVHOYHV 7KURXJKRXW KLVWRU\ WKH\ KDYH EHHQ DOOLHG ZLWK VRPH VHFWV RI *DURX WKRVH WKDW GR QRW ZLVK WR ZLSH RXW WKH KXPDQV WKH\ SURWHFW DQG WKH ,PPRUWDOV 7KH\ DUH WKH LQLWLDWRUV RI FKDQJH WKH QREOHPDQ WKH PDQ RI UR\DO GHVFHQW LQ \RXU TXLHW OLWWOH WRZQ ZKR RQH QLJKW NLOOHG D UDSLVW ZLWK KLV EDUH KDQGV WKRVH ZKR RSSRVH FULPH ,ULVK SROLFHPDQ RI ROGHQ GD\V ZKR WKUHZ WKHPVHOYHV LQWR GHQV RI SDLQ DQG IRXJKW WRRWK DQG QDLO RSSRVLQJ WKH SHVWLOHQFH WKH :\UP 7KH SKLORVRSKHUV WKDW VSRNH RI WKH PHULWV RI JRRG DQG QRW MXVW JRG 7KH JRRG VDPDULWDQV WKH ZRPDQ ZKR GUDJJHG KHU FKLOG RXW RI GUXJGHQV DQG OHG FLYLO PRYHPHQWV DJDLQVW WKHVH GUXJV FOHDQLQJ XS WKH
63,5,78$/.1,*+76
QHLJKERUKRRG HYHQ D ELW DOWKRXJK JHWWLQJ NLOOHG LQ WKH SURFHVV +DUULHW 7XEPDQ DQG WKRVH OLNH KHU ZKR KHOSHG KXPDQLW\ IUHH LWVHOI IURP WKH JULSRIVODYHV7KHVHDUHWKH6SLULWXDO.QLJKWVRIKLVWRU\ 3KLORVRSK\
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
SUBDUCTIONISTS
$FRO\WHV$FWLYLVWVQREOHPDQRIFKDUDFWHUILJKWHUVIRUWKHGHSUHVVHG 6SKHUH 7KH $SSUHQWLFH PD\ FKRRVH EHWZHHQ /LIH )RUFHV RU 3ULPH DV WKHSULPDU\6SKHUH )RFL
p p p p
3HUVRQDO6LJLO&RUUHVSRQGHQFH6SLULW :HDSRQ)RUFHV3ULPH *DXQWOHW*ORYH /LIH0DWWHU 5RVH(QWURS\0LQG7LPH
&KRLFHRI:HDSRQRU*DXQWOHWDV8QLTXH &RQFHSWV .QLJKW RI WKH 3HRSOH .QLJKW RI QREOH /LQHDJH $FWLYLVW /HDGHU 4XRWH
6WHUHRW\SHV $NDVKLF %URWKHUKRRG 7KHVH DUH RXU NLQ 7KH\ WRR DUH 6SLULWXDO .QLJKWVRIDQHDVWHUQVHQVH &HOHVWLDO &KRUXV 7KH\ ORVH WRXFK ZLWK ZKDW LV WKURXJK WKHLU SODFH RIEODPHXSRQ0RUWDOV &XOW RI (FVWDV\ 7KHVH DUH VHOI LQGXOJHQW SHRSOH OLWWOH EHWWHU WKDQ PRUWDOVZLWKPDJLFN
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
68%'8&7,21,676
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
+LVWRU\ 7KH 6XPPRQHUV DUH DQ RIIVKRRW RI WKH 9HUEHQD 7KH\ ZHUH IRXQGHG E\DPDQQDPHG6DQ'UD[6DQ'UD[ZDVDIDVWOHDUQHUDQGKHTXLFNO\ PDVWHUHG VHYHUDO VSKHUHV /LIH DQG 6SLULW ZHUH WKH RQHV WKDW LQWHUHVWHG KLP PRVW 6DQ'UD[ EHFDPH REVHVVHG ZLWK WKH LGHD RI VXPPRQLQJ FUHDWXUHV WR VHUYH KLP LQ YDULRXV UROHV :KHQ 6DQ'UD[ KDG ILQDOO\ OHDUQHG DOO KH FRXOG IURP WKH 9HUEHQD KH PRYHG WR IRUP KLV RZQ 7UDGLWLRQZKLFKKHQDPHGWKH6XPPRQHUV
3KLORVRSK\ $OO FUHDWXUHV DUH DW RXU EHFN DQG FDOO :H VXPPRQ DQ\ WKLQJ ZH FKRRVHWRRVHUYHXVDVZHVHHILW
6W\OH
0DGDP 0RUULJDQ &HOHVWLDO &KRUXV EDUDEEL 0DVWHU RI 3ULPH $GHSW RI /LIH 0DGDP 0RUULJDQ KHDGV D VPDOO FKXUFK LQ %HUNHOH\ GHYRWHG WR WKH (DUWK 0RWKHU WKH &UHDWRU RI $OO 6KH EHOLHYHV WKDW WKH WLPH KDV FRPH IRU WKH 2QH DV WKH (DUWK 0RWKHU VKRXOG ULVH XS DJDLQVW WKRVH WKDW ZRUN DJDLQVW KHU 6KH EHOLHYHV $QGURPDOHN WR EH DQ HPPLVDU\ RI WKH (DUWK 0RWKHU VHQW WR DVVLVW KHU +HU FXOW IROORZV KHU VWDXQFKO\ PDQ\ RI WKHP LQYROYHG LQ (DUWK )LUVW DQG RWKHU UDGLFDO HQYLURQPHQWDO FDXVHV
7KLV WUDGLWLRQ KDV YHU\ VKDOORZ URRWV WKXV IDU $V WLPH SDVVHV WKH\ ZLOO IRUP WKHLU RZQ EHOLHIV DQG WKHLU URRWV VKDOO UHDFK GHHS LQWR WKH HDUWK $W WKH PRPHQW PHPEHUV RI WKLV WUDGLWLRQ WHQG WR GUHVV LQ ZKDWHYHU VW\OH WKH\ FKRRVH 6RPH PD\ DSSHDU DV D *RWKV RWKHUV DV 3XQNV DQG VRPHPD\HYHQDSSHDUWRREHEXVLQHVVSURIHVVLRQDOV
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
6XPPRQLQJ
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
6SKHUHV
&RPPRQ)RFL 6H[EORRGUXQHVDQGERQHV
2UJDQL]DWLRQ 7KH 6XPPRQHUV WHQG WR EH VROLWDU\ SUHIHUULQJ WR SUDFWLFH WKHLU DUW ZKHUHYHU WKH\ IHHO PRVW FRPIRUWDEOH 7KH 6XPPRQHUV GR PDLQWDLQ RQH ODUJH FRYHQ ORFDWHG VRPHZKHUH LQ 6FRWODQG DQG DW OHDVW RQH VPDOO FRYHQ LQ HDFK PDMRU FLW\ 7KHVH FRYHQV SURYLGH WKH 6XPPRQHUV ZLWK D SODFH WR PHHW DQG GLVFXVV PDWWHUV WKDW FRQFHUQ WKHP WKH PRVW 7KHVH FRYHQVDOVRRYHUDSODFHIRUWKH6XPPRQHUVWRRUHFUXLWQHZPHPEHUV
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
7KHUH DUH QR VWDWV IRU $QGUDPDOHN IRU WKHVH DUH PHDQLQJOHVV ,W KROGV WKH SRZHU WR ZDUS DQG WZLVW UHDOLW\ DQG DV DQ DUWLIDFW RI DQ HDUOLHU PRUH SRZHUIXO XQLYHUVH VXFK D EHLQJ ZRXOG ZUHDN WRWDO KDYRF RQ WKH ZRUOGEHJLQQLQJZLWKDIXOODQGWRWDOEUHDFKRIWKH*DXQWOHW $V VXFK WKH 6XEGXFWLRQLVWV DUH D VHW RI QDVW\ IRHV EXW WKH HOHPHQW LV WLPLQJ 7KH\ DUH ZDLWLQJ IRU ZKHQ WKH WLPH LV ULJKW WR VWULNH 6WHDOWK DQG JXLOH FDQ GHIHDW WKHP D JRDO WKDW PXVW EH DFFRPSOLVKHG IRU HYHQ WKH\NQRZQRWZKDWWKH\GR
SUMMONERS %\6KDZQ$UEXFNOHVD[#PDLOFLW\FRP
680021(56
T TECHNITE MAGI %\%ULDQ&RQQRUVFRQQRUEG#EFHGX
%DFNJURXQGV
7HFKQLWHV RI 'UHDPVSHDNHU RULJLQ DUH FRQVLGHUHG D WUXH DERPLQDWLRQ DPRQJ 'UHDPVSHDNHUV DQG LW LV UDUH WKDW D 'UHDPVSHDNHU ZLOO DOORZ RQH RI WKHLUV WXUQHG WR WKH 7HFKQRFUDF\ WR JHW DZD\ ZLWK WKHLU OLYHV 7KHLU SULPDU\ IXQFWLRQ LQ WKH 7HFKQRFUDF\ LV WR KHOS ZLWK VKRULQJ XS WKH *DXQWOHW DQG WKH\ DUH JHQHUDOO\ FRQVLGHUHG D FRQYHQLHQFH PRUH WKDQWUXO\HTXDOPHPEHUVRIWKH8QLRQ
(XWKDQDWRV7HFKQLWHV
7KH UDQNV RI WKH 7HFKQRFUDF\ FRQWDLQ PDQ\ PHPEHUV ZKR DUH IRUPHU 7UDGLWLRQ PDJL 7KH\ KDYH WKHLU RZQ FOLTXHV EDVHG RQ WKHLU IRUPHU 7UDGLWLRQV DQG PDQ\ DUH PHPEHUV 7KH\ DUH UDWKHU XQOLNH WKH EDUDEEL RI WKH 1HSKDQGL 7KH\ DUH QR PRUH HYLO WKDQ WKH 7HFKQRFUDF\ DW ODUJH DVRPHZKDWYDULDEOHIDFWRU
$NDVKLF%URWKHUKRRG7HFKQLWHV )DYRUHG&RQYHQWLRQV6\QGLFDWH,WHUDWLRQ; 7KH LQIOX[ RI PRQH\ LQWR VRXWKHDVW $VLD DQG -DSDQ VLQFH ::,, KDV YDVWO\ LQFUHDVHG WKH LQIOXHQFH RI WKH 6\QGLFDWH LQ WKH DUHD DQG PDQ\ $NDVKLF %URWKHUV KDYH OHIW EHKLQG WKH %URWKHUKRRG IRU WKH VHGXFWLRQ RI PRQH\ DQG SRZHU ([$NDVKLFV LQ IDFW FRQVWLWXWH WKH QHDUHQWLUHW\ RI WKH 6\QGLFDWH PHPEHUVKLS RI &KLQD DQG 9LHWQDP DQG D VLJQLILFDQW IUDFWLRQRIWKDWLQ-DSDQ
&HOHVWLDO&KRUXV )DYRUHG&RQYHQWLRQV1HZ:RUOG2UGHU 7KH UHOLJLRQV RI WKH ZRUOG KDYH RFFDVLRQDOO\ WXUQHG LQWR EDWWOHJURXQGV EHWZHHQ PDJL DQG WKH &HOHVWLDO &KRUXV DQG WKH 1HZ :RUOG 2UGHU KDYH PRUH RIWHQ WKDQ QRW EHHQ WKH SDUWLHV LQYROYHG &KRULVWHUV WKDW WXUQWRWKH7HFKQRFUDF\DUHVWHHUHGWRZDUGVWKH1:2WKHSDUWRIWKH 7HFKQRFUDF\ ZKHUH PLVVLRQDULHV DUH PRVW ZHOFRPH )HZ JR UHOXFWDQWO\ WKH FORVHQHVV RI WKH WZR KDV H[LVWHG IRU D ORQJ WLPH DQG WKH\DUHWUXO\WZRVLGHVRIRQHFRLQ
&XOWRI(FVWDV\ )DYRUHG&RQYHQWLRQV3URJHQLWRUV6\QGLFDWH 7KH (FVWDWLF PDJHV ZKR KDYH MRLQHG WKH 7HFKQRFUDF\ WHQG WR EH WKH RQHVZKRDUHXVHGDVH[SHQGDEOHV
'UHDPVSHDNHU7HFKQLWHV
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
2UGHURI+HUPHV7HFKQLWHV )DYRUHG&RQYHQWLRQV1HZ:RUOG2UGHU6\QGLFDWH 7KHOXUHRIWKH7HFKQRFUDF\LWVPRQH\DQGLWVVWULFWGLVFLSOLQDU\EDVLV KDV SURYHG LUUHVLVWLEOH WR PDQ\ +HUPHWLF PDJL 6RPH KDYH HYHQ VXJJHVWHG WKDW WKH &UDIWPDVRQV RULJLQDO IRXQGHUV RI WKH 2UGHU RI 5HDVRQ ZHUH LQIOXHQFHG E\ WKH 2UGHU RI +HUPHV WKLV PD\ RU PD\ QRW EH WKH FDVH EXW WKHUH LV D FHUWDLQ OHYHO RI +HUPHWLFQHVV WKDW VRPH VD\ WKH\VHHDPRQJWKH7HFKQRFUDF\DQG\RXQHYHUNQRZ
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
9HUEHQD7HFKQLWHV
)DYRUHG &RQYHQWLRQV 9RLG (QJLQHHUV 1HZ :RUOG 2UGHU 7KH
)DYRUHG&RQYHQWLRQV3URJHQLWRUV
7(&+1,7(0$*,
7KH SRZHU RI /LIH PDJLFN GUDZV DOO IRUPHU 9HUEHQD LQ WKH 7HFKQRFUDF\ WR WKH 3URJHQLWRUV ZLWK QR NQRZQ H[FHSWLRQV 7HFKQRPDQFHU 9HUEHQD DUH VDLG WR KDYH UHILQHG WKH DUW RI EORRG PDJLF WR WKH SRLQW WKDW '1$ LWVHOI LV WKH IRFXV RI WKH PDJLF EHFDXVH RI WKHP WKH 3URJHQLWRUV DUH FDSDEOH RI SURGXFLQJ VRPH WUXO\ IULJKWHQLQJ SURFHGXUHVZLWKLW
9LUWXDO$GHSW7HFKQLWHV )DYRUHG &RQYHQWLRQV 9RLG (QJLQHHUV ,WHUDWLRQ ; 7KH ZRXQGV PD\ QHYHU KHDO EHWZHHQ WKH $GHSWV DQG WKH 8QLRQ EXW VRPH KDYH FRPH EDFN WR WKH IROG RYHU WKH \HDUV 7KH\ DUH DFFHSWHG XQHTXLYRFDOO\ RQO\ DPRQJ WKH :HEUXQQLQJ PHPEHUV RI WKH 9RLG (QJLQHHUV WKRXJK VRPH KDYHPDGHQDPHVIRUWKHPVHOYHVDPRQJWKHUDQNVRI,WHUDWLRQ;
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
.QRZOHGJH
&RUUHVSRQGHQFH
3K\VLFV0DWKHPDWLFV
7(&+12/,%(57$5,$1
(QWURS\
3K\VLFV%LRORJ\
)RUFHV
3K\VLFV
/LIH
%LRORJ\
0DWWHU
3K\VLFV&KHPLVWU\
0LQG
3V\FKRORJ\%LRORJ\
3ULPH
0DWKHPDWLFV2FFXOW
6SLULW
&RVPRORJ\
7LPH 3K\VLFV0DWKHPDWLFV &RQFHSWV6FLHQWLVWDFDGHPLFOLEHUWDULDQ
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aGFDFBPLUURUH[LH[WURS\KWPO IRU D PDMRU VRXUFH RI PRUH LQIRUPDWLRQ 2WKHU VRXUFHV LQFOXGH WKH *UHDWHVW &RQVSLUDFLHV RI $OO 7LPH ::: SDJH KWWSZZZZHEFRPFRPaFRQVSLUHH[WURKWPO DOWKRXJK , ZRXOGQ W FDOO ([WURSLDQV D FRQVSLUDF\ DQG WKH +\SHUB:HLUGQHVV RQ WKH ::: SDJH KWWSZZZSK\VLFVZLVFHGXaVKDOL]LK\SHU ZHLUGFRQVSLUDF\KWPOVHDUFKLQJIRU([WURSLDQV
1HZ9LUWXHV)ODZV
2UGHU RI +HUPHV 2UJDQL]HG DQG DOWKRXJK WKH\ ZRQ W DGPLW LW VHPLVFLHQWLILFEXWJHQHUDOO\WRRULJLGDQGDUURJDQW
6FLHQWLILF 7LHV SRLQW 9LUWXH 7KLV LV WKH HTXLYDOHQW RI &KXUFK 7LHV IRU WKH VFLHQWLILF FRPPXQLW\ DOWKRXJK ZLWK VRPHZKDW OHVV LQIOXHQFH DQG VRPHZKDW PRUH NQRZOHGJH
6RQV RI (WKHU , OO JLYH WKHP FUHGLW D ORW RI FUHGLW LW DOORZV IRU IUHH ZLOO HYHQ LQVLGH WKH 7HFKQRFUDF\ IRU LQWURGXFLQJ 4XDQWXP 0HFKDQLFV %XW WKH\ UH MXVW DV EDG DW VFUHZLQJ XS GRLQJ VFLHQFH WKHRUL]LQJ WKHQ VHWWLQJ XS VR DV WR FRQILUP WKDW WKHRU\ DV WKH 7HFKQRFUDWV
/LPLWHG 6SKHUH SRLQW IODZ 2QH VSKHUH FKRVHQ DW FKDUDFWHU FUHDWLRQ LV FRQVLGHUHG DW GRXEOH LWV OHYHO IRU SXUSRVHV RI H[SHULHQFH QHFFHVVDU\ WR UDLVH LW 7HFKQROLEHUWDULDQ DQG RWKHU HJ 'R VNLOOEDVHG OLPLWV HWFHWHUD )UHHELH SRLQWV SXW LQWR LW DUH KDOYHG DV DUH LQLWLDO 6SKHUHSRLQWVSXWLQWRLW7KLVLVDOHVVHUYHUVLRQRI6SKHUH,QHSW
6RQV RI -XSLWHU
&RS\ULJKW E\ (G $OOHQ 6PLWK ($//(160,7+#0%&/587*(56('8 0D\ EH IUHHO\ UHGLVWULEXWHG VR ORQJ DV WKLV FRS\ULJKW QRWLFH LV OHIW LQWDFW DQG DQ\ RWKHUFKDQJHVDUHFOHDUO\LQGLFDWHG
(XWKDQDWRV $V ORQJ DV WKH\ NLOO WKH ULJKW RQHV DQG QRW WKH ZURQJ RQHV , GRQ W KDYH DQ\ GLVDJUHHPHQW ZLWK WKHP +RZHYHU , VXVSHFW WKH\PDNHPRUHPLVWDNHVLQWKDWUHJDUGWKDQWKH\ GDGPLW +ROORZ 2QHV , VXVSHFW , KRSH WKDW D ORW RI WKH GRRPDQGJORRP LV D SXWRQ , FDQ V\PSDWKL]H ZLWK WKHP RQ WKHLU SUREOHPV ZLWK WKH ROGHU7UDGLWLRQV
9HUEHQD , KDYH WR DJUHH ZLWK WKH &HOHVWLDO &KRUXV ZLWK UHVSHFW WR WKHP 3OXV WKH\ OLPLW WKHPVHOYHV VR PXFK ZLWK WKHLU UHVSHFW IRU /LIH 2QWKHRWKHUKDQG,DJUHHZLWKWKHPDERXWWKH6HOI 9LUWXDO $GHSWV 1LFH ,I , ZHUH EHWWHU DW FRPSXWHUV DQG P\ PDJLF ZDVRULHQWHGWKDWZD\ ,PLJKWKDYHMRLQHGWKHP 'LVFRUGLDQV )XQ DQG LQWHUHVWLQJ DOWKRXJK QRW WKH ZD\ , FKRRVH WR IXQFWLRQ :LND 6DPH DV IRU WKH 9HUEHQD DOWKRXJK PRUH UHDVRQDEOH , DJUHH ZLWKWKHPDERXWWKH&HOHVWLDO&KRUXV
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
PLAYERS GUIDE TO THE TECHNOCRACY 7KH 7HFKQRFUDF\ D IHDUIXO ZRUG IRU WKH PDMRULW\ RI PDJHV 7KLV RUJDQL]DWLRQ RI PDJHV LV SRRUO\ XQGHUVWRRG DQG ZLGHO\ IHDUHG 0RVW PHPEHUV RI WKH 7UDGLWLRQV NQRZ RQO\ WKDW WKH 7HFKQRFUDF\ KDWHV PDJLFN DQG VHHNV WR HUDGLFDWH LW
7KH7HFKQRFUDF\ \0DQLIHVWR 7KH2ULJLQDO7H[WZULWWHQVRPHWLPHGXULQJWKH WKFHQWXU\ :H EHDU ZLWQHVV WR WKH KRUURUV XQOHDVKHG E\ WKH LQGLVFULPLQDWH XVH RI PDJLFN 7KH ,QTXLVLWLRQ WKURXJK ZKLFK ZH QRZ VXIIHU LV LQ SDUW WKH UHDFWLRQ RI WKH PDVVHV DJDLQVW WKDW PDJLFN 7KURXJKRXW KLVWRU\ PDJHV KDYH FRQWUROOHG DQG PDQLSXODWHG PDQNLQG ERWK RYHUWO\ DQG IURP WKH VKDGRZV 7KH\ KDYH GHDOW ZLWK IRUFHV EHVW OHIW DORQH ZLWK
3/$<(56*8,'(727+(7(&+12&5$&<
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
3/$<(56*8,'(727+(7(&+12&5$&<
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
3/$<(56*8,'(727+(7(&+12&5$&<
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
7KH6HUYDQWVRIWKH7HFKQRFUDF\ 7UDGLWLRQV YLHZ WKH 7HFKQRFUDF\ DV DQ RUJDQL]HG JOREDO FRQVSLUDF\ 7KH 7HFKQRFUDF\ VHH LWVHOI DV WKH EHOHDJXHUHG GHIHQGHU RI PDQ ZLWK LWV UHVRXUFHV RIWHQ VWUHWFKHG GDQJHURXVO\ WKLQ 7KH 7HFKQRFUDF\ KDV LQWHUHVWV RQ VR PDQ\ GLIIHUHQW IURQWV WKDW WKH\ RIWHQ VXIIHU IURP GHVSHUDWH PDQVKRUWDJH SUREOHPV 7KLV LV SDUWLFXODUO\ WUXH RI WKHLU PDJHVZKRDUHSHUKDSVIHZHULQQXPEHUWKDQWKHWUDGLWLRQV 7R PDNH XS IRU WKLV ODFN WKH 7HFKQRFUDF\ PDNHV ZLGHVSUHDG XVH RI QRQDZDNHQHG LQGLYLGXDOV 0DQ\ RI WKHVH SHRSOH DUH XQDZDUH WKDW WKH\ DUH VHUYLQJ WKH 7HFKQRFUDF\ ,WHUDWLRQ; DQG WKH 3URJHQLWRUV PDNH H[WHQVLYH XVH RI RUGLQDU\ VFLHQWLVW WR UHDOLW\WHVW WKHLU WKHRULHV 7KH 1:2 XVHV H[LVWLQJ LQWHOOLJHQFH DJHQFLHV WR JDWKHU PXFK RI WKHLU LQIRUPDWLRQ 7KH 6\QGLFDWH XVHV RUGLQDU\ EXVLQHVVPHQ DQG RUJDQL]HG FULPH WR PDLQWDLQ WKHLU LQYHVWPHQWV 7KH 9RLG (QJLQHHUV LQGLUHFWO\ FRQWUROVYLUWXDOO\HYHU\VSDFHDJHQF\RQWKHSODQHW ,Q DGGLWLRQ WR WKHVH XQNQRZLQJ VHUYDQWV PRVW 7HFKQRFUDF\ &RQVWUXFWV KDYH D ODUJH QXPEHU RI PXQGDQH HPSOR\HHV ZRUNLQJ IRU WKHP GLUHFWO\ )RU WKH PRVW SDUW WKHVH LQGLYLGXDOV DUH XQDZDUH RI WKH PDJLFNDO QDWXUH RI WKHLU HPSOR\HUV EHOLHYLQJ WKH\ DUH ZRUNLQJ LQ FXWWLQJHGJH VFLHQWLILF UHVHDUFK VXFFHVVIXO EXVLQHVVHV RU VHFUHW LQWHOOLJHQFH VXEDJHQFLHV (YHQ WKH GHQVHVW WKHP ZLOO QRWLFH WR PDQ\ VWUDQJH WKLQJV RYHU WLPH KRZHYHU 7KH 7HFKQRFUDWV GHDO ZLWK WKLV E\ FXOWLYDWLQJ D VWURQJ VHQVH RI OR\DOW\ GLVFRXUDJLQJ TXHVWLRQLQJ DQG RFFDVLRQDOO\ ZLSLQJ PHPRULHV RU UHVRUWLQJ WR PRUH GUDVWLF PHDVXUHV 7KHVH HPSOR\HHV DOVR PDNH VRPH RI WKH EHVW UHFUXLWLQJ JURXQGV IRU WKHLUOR\DOW\FDQEHREVHUYHGRYHUORQJSHULRGVRIWLPH 1RW DOO RI WKH 7HFKQRFUDF\ V VHUYDQWV DUH LJQRUDQW RI LWV WUXH QDWXUH 7KH 7HFKQRPDQFHUV KDYH D KXJH QXPEHU RI HQKDQFHG VHUYDQWV PRVWO\ ELRHQJLQHHUHG F\EHUHG DQG HQFKDQWHG KXPDQV EXW LQFOXGLQJ D ZLGH DUUD\ RI PDFKLQHV DQG VSLULWV DV ZHOO 7\SLFDO H[DPSOHV RI WKHVH LQGLYLGXDO YDU\ IURP &RQYHQWLRQ WR &RQYHQWLRQ 0DQ LQ %ODFN +LW 0DUNVDQG6XSHULRUVDUHDPRQJVWWKHEHVWNQRZQ $QRWKHU FRPPRQ VHUYDQW RI WKH 7HFKQRFUDF\ DUH WKH VSLULW 0RQLWRUV 7KH VSLULWV VHUYDQWV RI WKH 9RLG (QJLQHHUV ZDWFK IRU EUHHFKHV LQ WKH *DXQWOHW 0RQLWRUV WUDYHO LQ JURXSV RI DW OHDVW WKUHH $Q\ VHULRXV LQWUXVLRQ LQ WKH VSLULWXDO UHDOP UHVXOWV LQ RQH RI WKHP IOHHLQJ WR UHSRUW WKH EUHHFK ZKLOH WKH UHVW HLWKHU GHDO ZLWK WKH LQWUXGHUV RU DW WKH YHU\
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
3/$<(56*8,'(727+(7(&+12&5$&<
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
7HFKQRFUDWLF+LVWRU\ $Q H[FHOOHQW KLVWRU\ RI WKH 7HFKQRFUDF\ LV JLYHQ LQ WKH %RRN RI 6KDGRZV SS 7KH 7HFKQRFUDF\ OLNH PRVW 7UDGLWLRQV WUDFHV LWV RULJLQ EDFN LQWR SUHKLVWRU\ EXW WKLV LV PRUH D VWXG\ LQ ZKDW LGHDV OHG WR LWV GHYHORSPHQW 7KHUH LV QR VROLG HYLGHQFH WKH 7HFKQRFUDF\ KDG DQ\UHDOH[LVWHQFHSULRUWRWKHWKFHQWXU\
,WHUDWLRQ;
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
p p p p p
)RUFHV3ULPH0DWWHU(OHFWULFLW\ (QWURS\&RUUHVSRQGHQFH&DOFXODWRU 7LPH/LIH:DWFK 0LQG(OHFWURGHV 6SLULW)RUELGGHQ
&RQFHSWV&ROG6FLHQWLVW&\EHU$VVDVVLQ0HFKDQLFDO(QJLQHHU
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
3/$<(56*8,'(727+(7(&+12&5$&<
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
p p p p
&RUUHVSRQGHQFH(QWURS\6WDWLVWLFV 0LQG6SLULW%DGJH )RUFHV/LIH0DWWHU(OHFWULFLW\ /LIH3ULPH:HDSRQ
&RQFHSWV6HFUHW$JHQW3V\FKLF'LYLVLRQRIWKH)%,3ROLWLFLDQ 4XRWH 7KHVH LQGLYLGXDOV UHSUHVHQW D FOHDU DQG SUHVHQW GDQJHU WR WKH VRYHUHLJQW\ RI WKH 8QLWHG 6WDWHV 7KH\ PXVW EH HOLPLQDWHG ODZ KDV QRWKLQJWRGRZLWKLW ,WHUDWLRQ; 7KH\ SURYLGH XV ZLWK WKH 7HFKQRORJ\ WKH PDVVHV QHHG EXWWKHLUIDQDWLFDOSXUVXLWRIWKHSRJURPHQGDQJHUVRXUVHFUHF\ 3URJHQLWRUV :LWK WKHLU DLG LPPRUWDOLW\ OLHV ZLWKLQ RXU JUDVS 1RZ ZHPXVWDVFHUWDLQKRZWRNHHSLWRXWRIWKHLUFRQWURO
6\QGLFDWH 7KHVH IRROV PHGGOH WR PXFK LQ RXU DIIDLUV ,W LV RQO\ D PDWWHURIWLPHEHIRUHZHVKRZWKHPRXUWUXHVWUHQJWK 9RLG (QJLQHHUV *RRG VROGLHUV DOEHLW VWUDQJH 7KH\ QHHG ZDWFKLQJ OHVWWKH\JRWKHZD\RIWKH9LUWXDO$GHSWV
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p )RUFH(QWURS\(OHFWULFLW\ p 'UXJV/LIH0LQG p 6WRSZDWFK7LPH p &RUUHVSRQGHQFH0DWWHU&DOFXODWRU p 3ULPH6SLULW9LDO &RQFHSWV'UXJ(QJLQHHU*HQHWLF5HVHDUFKHU'RFWRU
3/$<(56*8,'(727+(7(&+12&5$&<
4XRWH'RQ WZRUU\7KLVZRQ WKXUWDELW ,WHUDWLRQ; 7KH\ DUH DW OHDVW VROLG VFLHQWLVWV 7KHLU REVHVVLRQ ZLWK PDFKLQHU\ LV WDNLQJ WKHP GRZQ D IDOVH SDWK KRZHYHU $VFHQVLRQ LV RQO\DYDLODEOHWRWKHOLYLQJ 1HZ :RUOG 2UGHU $V RXU OHDGHU WKH\ GR D SDVVDEOH MRE OHDYLQJ XV WRGRZKDWZHGREHVW1HYHUWUXVWWKHPWKRXJK 6\QGLFDWH 7KHVH EXVLQHVVPHQ FDQ EH H[WUHPHO\ XVHIXO EXW VKRUW VLJKWHG2XUEULHIIRUD\LQWRWKHGUXJZRUOGPDNHVLWFOHDUWKH\DUHQRW H[SORLWLQJWKHIXOOSRWHQWLDORIWKHLUPDUNHWV 9RLG (QJLQHHUV :H GR QRW FODLP WR XQGHUVWDQG WKHLU REVHVVLRQ ZLWK VSDFH EXW KDYH QR SUREOHP ZLWK LW HLWKHU $W OHDVW WKH\ RFFDVLRQDOO\UHWXUQZLWKLQWHUHVWLQJQHZVSHFLPHQV
6SKHUH 7KH 6\QGLFDWH LV WKH RQO\ &RQYHQWLRQ ZLWK D ZHOO GHYHORSHG XQGHUVWDQGLQJ RI WKH VSKHUH RI 3ULPH 7KH\ KDYH GHYHORSHG D SRZHUIXO PHDQV RI UHJXODWLQJ WKH IORZ RI 4XLQWHVVHQFH WKURXJK WKH XVH RI PRQH\ %\ GLUHFWLQJ FDSLWDO WRZDUG RU DZD\ IURP GLIIHUHQW YHQWXUHV WKH6\QGLFDWHFDQFRQWUROWKHLUVXFFHVVRUIDLOXUHLQUHDOLW\ )RFL
p p p p p
&RUUHVSRQGHQFH3KRQH 7LPH:ULVWZDWFK 6SLULW0LQG&RQWUDFW 3ULPH0DWWHU/LIH0RQH\ (QWURS\)RUFHV&DOFXODWRU
&RQFHSWV&(2%XVLQHVV7\FRRQ&ULPHORUG 4XRWH,WWDNHVPRQH\WRPDNHPRQH\
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
,WHUDWLRQ; 7KHVH JX\V JLYH XV WKH EHVW WKLQJV WR VHOO EXW WKH\ KDYH QR VHQVH RI SUHVHQWDWLRQ 1HDUO\ HYHU\WKLQJ WKH\ LQYHQW ZRXOG QHYHU PDNHLWLQWRWKHSDUDGLJPZLWKRXWRXUDGYHUWLVLQJ 1HZ :RUOG 2UGHU 2XWGDWHG EXUHDXFUDWV 7KH\ QHHG WR VWHS DVLGH IRUVRPHSHRSOHZLWKUHDOGULYH 3URJHQLWRUV :H ZHOFRPH WKHLU KHOS LQ WKH GUXJ PDUNHWV VR ORQJ DV WKH\UHPHPEHUWKDWGLVWULEXWLRQDQGPDUNHWLQJLVRIWKHZRUN 9RLG (QJLQHHUV 7KHVH SRRU VRGV GRQ W VHHP WR UHDOL]H WKDW XQOHVV LV VSDFHLVSURILWDEOHWKHVOHHSHUVZLOOQHYHUJRIRULW
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
3/$<(56*8,'(727+(7(&+12&5$&<
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
4XRWH7RJREROGO\ZKHUHQRRQHKDVJRQHEHIRUH
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
,WHUDWLRQ; :KLOH WKHLU WHFKQLFDO VXSSRUW LV XVHIXO WKHLU EOLQG LJQRUDQFH RI WKH VSLULW ZRUOG LV DVWRXQGLQJ 6SLULWV PD\ QRW PHVK ZHOO ZLWKWKHVFLHQWLILFSDUDGLJPEXWWKDWVRUWRIGHQLDOLVQRWKHDOWK\
ZKLOH WKH 77 LV QRPLQDOO\ DOOLHG WR WKH 7UDGLWLRQV , IHHO WKDW WKLV JURXSLVWDLQWHGE\LWVDVVRFLDWLRQZLWKWKH7HFKQRPDQFHUV*UHDWFDUH VKRXOGEHWDNHQZKHQGHDOLQJZLWKWKLVJURXS
1HZ :RUOG 2UGHU 7KH\ DUH SHUIHFWO\ KDSS\ WR XVH RXU VS\ VDWHOOLWHVEXWDUHXQZLOOLQJWRJLYHXVWKHVXSSRUWZHQHHG
([WUDFWIURP'RF*ULQEHFK VOHWWHUDERXWWKH773DUDGLJPDYROLLL
)RFL
p p p p
6SLULW&RUUHVSRQGHQFH0LQG5DGDU /LIH(QWURS\6HQVRUV 7LPH:DWFK )RUFHV0DWWHU3ULPH(OHFWULFLW\
&RQFHSWV%ROG([SORUHU6WDOZDUW*XDUGLDQRIWKH*DXQWOHW
3URJHQLWRUV 7KH 3URJHQLWRUV JLYHV XV WKH OHDVW SUREOHPV SULPDULO\ EHFDXVHWKH\DUHWRRDEVRUEHGLQWKHLURZQUHVHDUFK 6\QGLFDWH :KHUH WKH KHOO LV WKH IXQGLQJ WKH\ NHHS SURPLVLQJ" $ VN\ IXOORIFRPPXQLFDWLRQVDWHOOLWHVLVQRWH[DFWO\ZKDWZHKDGLQPLQG
THEORETICAL THEISTS
WKHUH LV QR GHQ\LQJ WKDW WKH 7KHRUHWLFDO 7KHLVWV DUH JRRG VFLHQWLVWV EXW RQH PXVW TXHVWLRQ WKHLU UHOLDQFH RQ JRG RU WKH $UFKLWHFW DV WKH\ UHIHU WR KLPKHULW VHH KRZ VWXSLG WKLV LV" WR MXVWLI\ WKHLU WKHRULHV 7KHVH SHRSOH XVH JRG DV D SODVWHU WR ILOO XS KROHV LQ WKHUH WKHRULHV 6XUHO\ VFLHQFH KDV WKH DQVZHUV WKH\ DUH ORRNLQJ IRU ZLWKRXW XVLQJ JDUEDJHWKDWHYHQWKH&KRUXVUHMHFWV 5HSO\IURPWKH(GLWRU3DUDGLJPDYROLLL
%\'DUU\O$GDPVGWDGDPV#]RQNJHNRFRPDX -XQH
:H ZHOFRPH DQ\ LQSXW WKDW WKH 7KHRUHWLFDO 7KHLVWV KDV LQ WKLV MRXUQDO 7R UHMHFW DQ\ QHZ VFLHQFH EHFDXVH RI LWV VRXUFH LV D VLJQ RI VKDOORZ WKLQNLQJ 7KH 77 ZKLOH XQRUWKRGR[ KDV WKH ULJKWV WKDW DOO RI RXUEURWKHUKRRGVKDUHLQRXUXQLRQ
,QWURGXFWLRQ
7KH8QLRQRI6FLHQFHDQGWKH'HYLQH$UFKLWHFW
)URP WKH 6SHHFK RI 3URIHVVRU 0LFKHDO 2VDND 2[IRUG &KDQWU\ RQ WKH FRPPHQFHPHQWRIWKHFODVVRI7KHRUHWLFDO7KHLVWDFRO\WHV
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
0DJLFN(IIHFWV 7KH 77 E\ YLUWXH RI WKHLU JHQHVLV IURP WKH &HOHVWLDO &KRUXV DQG 6RQV RI (WKHU KDYH D FKRLFH RI 3ULPH DQG 0DWWHU DV WKHLU SULPDU\ 6SKHUH 7KHLU IRFL DUH VLPLODU WR WKH 62( *LYH PH VRPH WLPH DQG , ZLOO WKLQN
7+(25(7,&$/7+(,676
RIVRPHGLIIHUHQFH&DQ\RXXVHWKH%LEOH"
5HODWLRQVZLWKWKHRWKHU7UDGLWLRQVDQGWKH &RQYHQWLRQV $NDVKLF %URWKHUKRRG 7KH %URWKHUKRRG DUH WRR LQZDUG ORRNLQJ :KLOH WKH WUXWKV WKH\ OHDUQ KDYH JUHDW SRZHU LW LV WKH SRZHU RI RQH :H QHHG WR ORRN DW WKH XQLYHUVH DQG RXU SDUW LQ LW WR JDLQ WUXH SRZHU ZHQHHGWKH$UFKLWHFWVJXLGDQFH
ZDVWH $ )LQDO 1RWH :H KHDU WKH 9( VHHN RXW DQG GHVWUR\ VKDGHV DQG RWKHU GHQL]HQV RI WKH DIWHUZRUOG :H UHMHFW WKLV DV WKH $UFKLWHFW LV WKH ILQDO DUELWHU RI ZKDW KDSSHQV DIWHU ZH GLH DQG LW LV KXEULV WR LQWHUIHUH LQKLVZRUN 6\QGLFDWH 0RQH\ LV JRG :RUVKLS PRQH\ 1R ZRQGHU VRFLHW\ LV D PHVV
2WKHU'HQL]HQVRIWKH:RUOGRI'DUNQHVV
&HOHVWLDO &KRUXV 7KH\ GRQ W WUXVW XV 6D\ ZH DUH SDUW RI WKH 7HFKQRFUDF\ RU D ORRQ\ IULQJH RI WKH 62( 0D\EH ZH DUH :H EHOLHYH LQ WKH $UFKLWHFW KRZHYHU DQG IHHO WKDW KH JXLGHV XV LQ WKH XQORFNLQJ RI WUXWK DQG WKURXJK WUXWK $VFHQVLRQ 7KH &KRUXV LV DIUDLG RI WKH VFLHQFHV ZH HVSRXVH DV LW LV IXQGDPHQWDOO\ GLIIHUHQW WR WKH WUXVW XV ZH DUH WKH FKXUFK DSSURDFK ,W IDLOHG ZLWK /HRQDUGR LW IDLOHG ZLWK &RSHUQLFXV LW IDLOV ZLWK XV :H VHDUFK IRU WKH WUXWK IRU WKH WUXWK KDV WKH$UFKLWHFWVPHVVDJHRI$VFHQVLRQ
9DPSLUHV :H NQRZ OLWWOH RI WKHVH :H KDYH KRZHYHU IRXQG VRPH UHIHUHQFHV WR &DLQH ZKR WKH\ VHH DV VRPH NLQG RI JRG 7KH NLQVOD\HU RIJRG+RZGHSUHVVLQJ
&XOW RI (FVWDV\ 6H[ DQG 'UXJV DQG 5RFN DQG 5ROO 7KHVH WHDU DW WKH KHDUW ZKDW PDGH WKH (PSLUH JUHDW FDVW DVLGH WKH HIIRUW ZH PDGH WRZDUGVWKH$VFHQVLRQ
:UDLWKV 7KHVH DUH WRUWXUHG VRXOV VHHNLQJ WR ILQG WKH $UFKLWHFW V ORYH +HOS WKHP LI \RX FDQ SURWHFW \RXUVHOI LI \RX FDQ W 'R QRW GHVWUR\ WKHPWKDWLVWKH$UFKLWHFWVSUHURJDWLYH
'UHDPVSHDNHUV ,W DPD]HV XV WKDW WKHUH LV VWLOO SDJDQV RXW WKHUH DIWHU WKH DPRXQW RI HIIRUW ZH WRRN WR EULQJ ZRUG RI WKH $UFKLWHFW WR WKH (PSLUH :KLOH WKH VSLULW UHDOP LV UHDO WR WKHP LW SDOHV WR WKH JORU\ RI WKH $UFKLWHFW 3K\VLFV $VWURQRP\ (YROXWLRQ WKHVH DUH WUXWKV QRW EHDWLQJGUXPVDQGGDQFLQJLQFLUFOHV
)DLULHV7KH)D\DUHEHQHIDFWRUVRIWKH62(DQGE\GHIDXOWRXUVHOYHV
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
:HUHZROYHV 7KHVH FUHDWXUHV WDNH JUHDW SOHDVXUH LQ GHVWUR\LQJ RXU LQVWDOODWLRQV ZLWK FU\ RI .LOO WKH 6FLHQWLVWV 7KH\ VHHP WR KROG WKH PRRQ DQG HDUWK DV VDFUHG DQG WKHLU P\WKRORJ\ IROORZ WKH 'UHDPVSHDNHUV 7KH\ DUH GDQJHURXV $SDUW IURP WKDW ZH KDYH OLWWOH NQRZOHGJHRIWKHP
THE THIRD STAR %\ 7KHVOLQ WKHVOLQ#PDLOXWH[DVHGX
:DQGHUVWKURXJK%UDPEOH
3UHOXGH :H WKUHH FDOO .HHSHUV RI OLJKW :KLFK PHVVHQJHU ZLOO VLW ZLWK XV XQGHUWKHQHZPRRQ" 8QGHU WKHLU ILQJHUV WKH SODQFKHWWH VORZO\ EHJDQ WR JOLGH ,W DOZD\V GLG ZKHQ WKH FLUFOH V VSLULW JXLGH JRW WKH %ODFN %LUG WKUHH PLQXWH ORQJ LQYRFDWLRQ ULJKW 7KH KHDUWVKDSHG ELW RI SODVWLF GULIWHG WRXFKLQJ WKH * ,W VGRLQJLWDJDLQ.DVH
7+(7+,5'67$5
7KH DWPRVSKHUH RI WKH FOXWWHUHG DSDUWPHQW VKLIWHG IURP ZDUP DQG PHVV\ WR FROG DQG PHQDFLQJ $ YRLFH IURP KHU UDEELW KLQGEUDLQ EHJDQ WR VFUHDP DQG &RU\Q NQHZ IURP WKDW SDUW RI KHU PLQG VKH KDG WUDLQHG OLNH WKH ERRNV VDLG WKDW VRPHWKLQJ ZDV JRLQJ KRUULEO\ SHUYHUVHO\ZURQJ
PDOHILF SRZHUV 6KH FORVHG KHU H\HV DQG VDZ WKH ZKLUOSRRO RI SXUH ZKLWH IRUFH )HHOLQJ QDXVHDWHG VKH YLVXDOL]HG WKH EHDVW LQ DV IXOO GHWDLO DV VKH FRXOG LPDJLQH SXOOLQJ LW LQWR WKH YRUWH[ FORVHU WR KHU LQWR WKH ILHOG FUHDWHG E\ WKH &KDQW 6KH FURVVHG KHUVHOI FDOOLQJ XSRQ VDLQWV DQG VWDUVDQGVSDWWKHMDJJHG/DWLQRIWKH5LWH
$ KHDY\ IRRWIDOO VRXQGHG IURP WKH NLWFKHQ IURP WKH VKDWWHUHG JODVV VKHOYHV $ IRRWIDOO WKHQ D GU\ VFUDSLQJ QRLVH DQG WKH FODWWHU RI VRPHWKLQJ VRPHKRZ DUDFKQLG 7KH NLWFKHQ GRRU VKRZQ D VLFNHQLQJ EORRGUHG
&RU\Q RSHQHG KHU H\HV .DVH ZDV VWLOO RQ WKH IORRU VREELQJ 5DYHQ ZDV EURNHQLQVKDUGVRIFKLQDDQGULSSHGVLONV7KHPRQVWHU
,W SXVKHG LWV KHDG DURXQG WKH GRRU ,WV IDFH ZDV FUXVWHG LQ EURZQ DQG LFKRUJUHHQ SODWHV RI FKLWLQ ,W EURXJKW D OHJ WKURXJK WKH GRRU D EODFN GUDJRQ V FODZ :LWK D VFUDSH LW SXOOHG LWV RWKHU OLPE LQWR WKH URRP D PXVFOHG VFDOHG PHPEHU HQGLQJ QRW LQ WDORQV EXW LQ D KXPDQ VSLQH :KHUH LWV FODZ DQG YHUWHEUDWD WRXFKHG WKH IORRU WKH FDUSHW ULSSOHG DQG FKDQJHG LQWR RLO\ VOLFNV RI EORRG ,Q WKH YRLFH RI D FKRLU RI HOHFWURFXWHGPXUGHUHUVWKHWKLQJVSRNH,DP*UNV]LOUG
6KH UHDFKHG EHKLQG KHU QHFN XQFODVSLQJ WKH FKDLQ ZKLFK KHOG KHU TXDUW] SHQGDQW 6KH KHOG WKH FU\VWDO WR WKH OLJKWLWV SULVWLQH OLQHV KHOG DGDUNVPRNH\IODZ7KHFKDLQIHOWWDUQLVKHG 4XDUW] *RRG IRU GHDOLQJV ZLWK WKH VSLULW ZRUOG 3URPRWHV FOHDU WKLQNLQJ&RU\QVLOHQWO\WKDQNHG,OO\VHQ3UHVVIRULWVZRUN
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
7+(7+,5'67$5
3KLORVRSK\
6WHUHRW\SHV
/HW JR DQG OHW *RGGHVV $VFHQVLRQ FRPHV ZLWK WKH UHDOL]DWLRQ WKDW \RX UH D SDUW RI WKH ZRUOG WKH ZRUOG LV D SDUW RI \RX DQG ERWK DUH D SDUW RI VRPHWKLQJ ELJJHU &U\VWDOV DQG SUD\HUV FDQ KHDO DQG VDYH XV , VDZ WKH DQVZHU WR WKH *OREDO $VFHQVLRQ RQ D EXPSHU VWLFNHU 9LVXDOL]H :RUOG 3HDFH 7KDW V LW %XW HYHU\RQH V JRW WR GR LW WRJHWKHUVRZH OODOOGRRXUSDUWWRLOOXPLQDWHWKHZRUOGZLWKWKHOLJKW RIWKHFHOHVWLQHVDQGWKHORYHRIWKH0RWKHU
$V WKH 7KLUG 6WDU DV D &UDIW LV QDLYH WR PXFK RI WKH $ZDNHQHG ZRUOG WKH\ KDYH QRW \HW IRUPHG D FOHDU SLFWXUH RI WKH 7UDGLWLRQV DQG WKH 7HFKQRFUDF\ %XW LI WKH\ KDG WKHLU H[WUHPH RSHQPLQGHGQHVV DQG RSWLPLVP ZRXOG FRORU WKHLU XQGHUVWDQGLQJV RI PDQ\ RI WKH PDJLFNDO IDFWLRQV
2UJDQL]DWLRQ
&OLQJLQJLQIDQWV7KH\KDYHQRXQGHUVWDQGLQJRIWKHLURZQSRZHU
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
0HHWLQJV 0HPEHUV RI WKH 7KLUG 6WDU PHHW UHJXODUO\ DW ODUJH FRQYHQWLRQV RI SV\FKLFV SDUDSV\FKRORJLVWV 1HZ $JH ERRNVHOOHUV DQG FROOHFWRUV DQG VR IRUWK 0DQ\ ORFDO JURXSV PHHW RQ D ZHHNO\ EDVLV OHDGLQJ WKHPHG RUJDQL]DWLRQVVXFKDVWDURWJURXSVDQG
,QLWLDWLRQ 0HPEHUV RI WKH 7KLUG 6WDU $ZDNHQ ZLWKLQ WKH ORYLQJ DUPV RI WKH 1HZ $JH PRYHPHQW VXUURXQGHG E\ OLNHPLQGHG 6OHHSHUV DQG DQ RSWLPLVWLF HQYLURQPHQW $ZDNHQHG PHPEHUV VZLIWO\ JDWKHU FLUFOHV RI DFRO\WHV IROORZHUV DQG JURXSLHV 7KH KLJKHU PHPEHUV RI WKH 7KLUG 6WDU WKH WUXH VRXO RI WKHLU RUGHU JDWKHU WKHVH ULQJOHDGHUV DQG VKRZ WKHP WKH %LJ 3LFWXUH 7KH\ DUH WKHQ VHW IUHH WR OHDG RU IROORZ DV WKH\ VHHILW
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
&KDQWU\
9HUEHQD 7KH +HUPHWLFV KDYH WKH QHZ ZLVGRP DQG WKH 9HUEHQD NHHSWKHROG%RWKDUHQHFHVVDU\7KHEORRGKRZHYHULVQRW
7KH KHDGTXDUWHUV RI WKH 7KLUG 6WDU LV WKH PHHWLQJ SODFH RI WKH 3DUDSV\FKRORJLFDO 6RFLHW\ RI &DOLIRUQLD ZKLFK WHQGV WR ZDQGHU DURXQGWKHVWDWH,WXVXDOO\UHVLGHVLQ/RV$QJHOHV
+ROORZ2QHV2XUGDUNVKDGRZV
7KH RUSKDQV RI WKH 7KLUG 6WDU DUH LQ D VHQVH RXU FKLOGUHQ 7KH\ GR QRW VHH WKH VZRUGV RYHU WKHLU KHDGV LQ WKHLU 7HFKQRFUDWLF PDVWHUV 3HUKDSV WKH\ ZLOO $ZDNHQHQWLUHO\DQGFRPHKRPH 2XUGHOXGHGZLPS\WKLUGFRXVLQV
$FRO\WHV
,WHUDWLRQ ; $QDWKHPD WR WKH WUXH OLJKW RI WKH :RUOG 7R FRPELQH 0DQZLWK0DFKLQHZRXOGNLOOWKH0DQ
*URXSLHVZULWHUVYLVLRQDULHV3DJDQV1HZ$JHUV
&XWWKHPORRVHJXQWKHPGRZQ7KHVHFKDUDFWHUVDUHDWKUHDW
6SKHUH
1HZ:RUOG2UGHU7KH\NLOOWKHVSLULW$ZIXO$QGWKH\ UHVRELJ
6SLULW
7KH 6\QGLFDWH NHHSV WKHVH FUHDWXUHV DURXQG IRU SURILW DQG HQWHUWDLQPHQW :H YH WULHG WR VWULS WKHLU SRZHU IURP WKHP EXW LW UHJHQHUDWHV HYHU\ WLPH ,I WKH\ GHYHORS IXUWKHU ZH ZLOO KDYH JUHDW DOOLHV RU WHUULEOH IRHV 3HUKDSV ZH VKRXOGNLOOWKHPQRZZKLOHWKHUH VWLPHEXWWKH,YRU\7RZHUIRUELGV
)RFL %RRNV FU\VWDOV DURPDWKHUDS\ PHGLWDWLRQ KHUEV SXULILFDWLRQ DQG RFFDVLRQDOO\'R
&RQFHSWV
7KH 3URJHQLWRUV 7KH\ WDNH DOO WKH ZURQJ PHWKRGV WR VDYH WKH KXPDQUDFH7HUULEOH :H YH JRW D ZRQGHUIXO SRLVRQ UHDG\ WKDW OO VROYH WKH SUREOHP LQ QR WLPH DW DOO 3OHDVH" 7KH 6\QGLFDWH :H OO KDYH QRWKLQJ WR GR ZLWK WKHVH PDWHULDOLVWV 7KH\DUHVRIDUUHPRYHGIURPRXUOLJKW
3ULHVWSV\FKLF6HHNHURI.QRZOHGJH+HDOHU
4XRWH
7KH EHVW FXVWRPHUV DUH WKH UHSHDW FXVWRPHUV :KDW KDUP FDQ WKHVH EXJV GR" 7KH\ EULQJ XV PRQH\ DQG LW V IXQ WR VHH ZKDW QHZ VWUDZ WKH\ JUDVS DW 'LG \RXVHHWKHWLPHZHVKRZHGWKHP5ROILQJ"
&ORVH \RXU H\HV DQG OHW WKH :KLWH /LJKW RI WKH *RGGHVV ILOO \RXU EHLQJ
9RLG (QJLQHHUV *RRG SODQ SRRU LQWHQWLRQV 7KH\ JR RXW LQWR WKH *UHDW 8QNQRZQ ZLWK WRR PDQ\ SUHFRQFHSWLRQV 6RPH RI WKHP DUH FRPLQJDURXQGWKRXJK
7+(7+,5'67$5
7KH\ UH JRRG IRU D ODXJK DQG WKH\ UH DV HDJHU DV ZH DUH WR WRXFK WKH XQNQRZQ7KHLURSWLPLVPLVDOLWWOHGLVWXUELQJWKRXJK
1RWHVRQ)RFL /LNH WKH 7HFKQRPDQFHUV WKH 7KLUG 6WDU GUDZV SRZHU IURP LWV IDLWK LQ )RFL0HPEHUVDUHQRWDOORZHGWRGURSWKHLUIRFLXQWLOWKH\UHDFK$UHWH 7KH IRFL RI WKH 7KLUG 6WDU DUH PHUFXULDO 7KH PDJH PD\ VZHDU E\ WKH SRZHU RI
(PEOHP $ FLUFXODU GHVLJQ /RZHU KDOI LV VROLG EODFN XSSHU KDOI LV OLQHV UDGLDWLQJ RXWZDUG IURP D SRLQW REVFXUHG E\ ORZHU VHFWLRQ %RUGHU ORZHUXSSHU VHFWLRQV D ZDYH SDWWHUQ RI SHDNV DQG WURXJKV VR WRWDO HIIHFW LV D VW\OL]HG VHDVFDSH MXVW EHIRUH VXQULVH RU MXVW DIWHU VXQVHW 7KUHH VWDUV HDFKRIGLIIHUHQWVL]HVKDQJLQWKHVN\
TIME LORDS %\0DUN.LQQH\.,11(0$#:.89;%,71(7 %DVHGRQWKH'RFWRU:KRWHOHYLVLRQVHULHV
(YHQWXDOO\ WKH IRFL IRU WKHLU WLPH WUDYHO UHIHUUHG WR E\ WKH DFURQ\P 7$5',6 7LPH $QG 5HODWLYH 'LPHQVLRQ ,Q 6SDFH ZDV FUHDWHG SRZHUHG E\ WKH (\H RI +DUPRQ\ DQG PDGH LQWR PRUH RI D 7DOLVPDQ WKDQ D IRFXV ZLWK VHYHUDO SRZHUV RI LWV RZQ LQFOXGLQJ WKH DELOLW\ WR GLVJXLVH LWV DSSHDUDQFH 3DUWV RI WRRONLWV EHFDPH IRFL IRU RWKHU WKLQJV DQGWKH(\HRI+DUPRQ\FKDQJHGWKHIROORZHUVRIWKLVSDWKVRWKDWWKH (\H FRXOG EH XVHG UHPRWHO\ DOWKRXJK 3DUDGR[ IRU VRPH UHDVRQ FKRVH WR DOWHU WKH 7LPH /RUGV SK\VLRORJ\ EHFDXVH RI WKLV JLYLQJ WKHP WZR KHDUWV DQG FDXVLQJ RWKHU FKDQJHV DV ZHOO 2PHJD V SRVVLEOH UROH LQ WKLV LVXQNQRZQ $Q LQFLGHQW WKDW UHVXOWHG LQ WKH GHVWUXFWLRQ RI DQ HQWLUH UHDOP FDXVHG WKH 7LPH /RUGV WR EHFRPH RIILFLDOO\ QHXWUDO LQ DOO H[WHUQDO DIIDLUV H[FHSW ZKHUH WKH H[FHVVHV RI D JURXS XVXDOO\ WKH 0DUDXGHUV EXW DQ\ RWKHU JURXS DV ZHOO LQWHUIHUH ZLWK WKH NQRZQ WLPH VWUHDP DV UHFRUGHG LQ WKH 3DQRSWLFRQ WKH 7LPH /RUGV KLVWRULFDO UHFRUG 7KH\ KDYH DOVR RQ RFFDVLRQ KDG WR DFW ZKHQ LQFXUVLRQV LQWR WKH 8PEUDO UHDOPV EHJDQ E\ 7HFKRPDQFHUHQJLQHHUHG FUHDWXUHV 7KH\ UHIXVH WR RIILFLDOO\ WDNH VLGHV LQ WKH FRQIOLFW EHWZHHQ WKH 7UDGLWLRQV DQG WKH 7HFKQRFUDF\ DOWKRXJK VRPH LQGLYLGXDOV UHIHUUHG WR DV 5HQHJDGHV RFFDVLRQDOO\ KHOS RQH VLGH RU WKH RWKHU RFFDVLRQDOO\ ZLWK FRYHUW KHOS IURP VLPLODUO\ PLQGHGPHPEHUVRIWKH7LPH/RUG+LJK&RXQFLO
3KLORVRSK\ 7KH WLPHVWUHDPV DUH RXUV WR PDQLSXODWH EXW RQO\ ZKHUH DEVROXWHO\ QHFHVVDU\ 2XU MRE LV PRUH WR SURWHFW ZKDW UHDOLW\ LV OHIW IURP WKH 7HFKQRPDQFHUV 0DUDXGHUV DQG 1HSKDQGL EXW ZH PXVW DFW DJDLQVW WKH7UDGLWLRQVZKHQQHHGHGDVZHOO
2UJDQL]DWLRQ 9HU\ KLHUDUFKDO 7KH 7LPH /RUGV DUH OHG E\ DQ HOHFWHG /RUG 3UHVLGHQW ZKR DORQJ ZLWK WKH &KDQFHOORU VRUW RI D SULPH PLQLVWHU DQG &DVWHOODQ VLPLODU WR D VHFXULW\ KHDG KHDG XS WKH +LJK &RXQFLO 7KUHH FROOHJHVWUDLQ7LPH/RUGVWKH3U\GRQLDQEHLQJWKHPRVWSUHVWLJLRXV
0HHWLQJV 'HSHQGV RQ WKH +LJK &RXQFLO 2WKHUV XVXDOO\ RSHUDWH LQ JURXSV DOWKRXJK 5HQHJDGHV RIWHQ ZRUN DORQH RU ZLWK FRPSDQLRQV SLFNHG XS GXULQJWKHLUWUDYHOV
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
,QLWLDWLRQ %HLQJ VHSDUDWHG IURP +XPDQLW\ 7LPH /RUGV DUH ERUQ LQWR WKHLU SRVLWLRQ:KHWKHUWKH\UHFUXLWRWKHUZLVHLVXQNQRZQEXWXQOLNHO\
&KDQWU\ 7KH0DLQ&KDQWU\LVLQWKH5HDOPRI*DOOLIUH\LQWKH'HHS8PEUD
$FRO\WHV 6FLHQWLILFRULHQWHGW\SHV
)RFL p p p
7$5',67LPH&RUUHVSRQGHQFH 7RRONLW0DWWHU)RUFHV(QWURS\ (\HRI+DUPRQ\6SLULW/LIH3ULPH0LQG
&RQFHSW 7HFKQLFLDQ6FLHQWLVW([SORUHU
7,0(/25'6
7RZHU PD\ WDNH WKH 5LQJ RI 5DVVLORQ IURP KLV ERG\ DQG EH JUDQWHG ,PPRUWDOLW\
4XRWH 1RZ UHPHPEHU ZH UH RQO\ KHUH WR REVHUYH :H PXVW QRW FKDQJH KLVWRU\
6WHUHRW\SHV 7KH 7UDGLWLRQV $OWKRXJK ZH KDYH VHHQ WKH HQGV RI 7HFKQRPDQFHU GRPLQDQFH ZH FDQQRW DVVLVW WKHVH WKHLU HQHPLHV +LVWRU\ PXVW SOD\ RXWLWVVFULSW 7KH 7HFKQRFUDF\ 7KHLU HQGV DUH HYLO DW WKHLU IDUWKHVW H[WHQW EXW ZH PXVWQ WDIIHFWWKHLUEDWWOHV 7KH 0DUDXGHUV 7KH\ ULVN WKH FRQWLQXXP ZLWK WKHLU FRQVWDQW GLVUXSWLRQRIUHDOLW\7KH\DUHRXUFRQVWDQWHQHPLHV 7KH 1HSKDQGL 7KH\ KDYH LQWHUIHUHG ZLWK KLVWRU\ EHIRUH :DWFK WKHPFDUHIXOO\DQGEHSUHSDUHGWRDFWDJDLQVWWKHP
5RWHV
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
'HVFULSWLRQ 7KLV URWH LV XVHG ZKHQ VRPHWKLQJ VR GLVUXSWLYH WR WKH WLPHOLQH LV EHLQJ XVHG RU FUHDWHG 7KLV URWH VHSDUDWHV WKHLU ZRUOG IURP WKH UHVW RI WKH WLPHOLQH VR WKDW WKHLU LQIOXHQFH ZLOO QRW HIIHFW WKH IORZ RIKLVWRU\ 6\VWHP 7KLV URWH UDLVHV WKH *DXQWOHW RI D WDUJHW 5HDOP WR HVVHQWLDOO\ FXWWLQJ LW RII IURP WKH 8PEUD 7KHUH LV SUHVHQWO\ QR ZD\ WR DFWXDOO\GHVWUR\DUHDOP
7DOLVPDQ 7$5',6
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
75$9(/(56
7KH +XQWHUV DUH E\ QR PHDQV HYLORQO\ H[WUHPHO\ HIILFLHQW DQG ZLOO PRVW XVXDOO\ FDUU\ RXW WKH GHDWK VHQWHQFH LQ D ZD\ WKDW ZLOO PDNH RWKHUVWKLQNWZLFHEHIRUHFRUUXSWLQJWKHIORZRIWLPH
:HOO -DQLFH WROG PH WKDW -HII ZDQWHG WR JR EDFN WR KLV URRP DQG VKH ZDVQ W VR VXUH VLQFH KH ZDV VXSSRVHG WR EH JRLQJ RXW ZLWK 0DU\ ODWHU RQWKDWQLJKW
7KH WKLUG ILHOG DJHQF\ LV NQRZQ DV WKH :DONHUV DOVR DV WKH .HHSHUV 7KH :DONHUV IRU WKH PRVW SDUW FRPELQH WKH WZR RWKHU JURXSV 7KH :DONHUV PXVW PDLQWDLQ WKH RUGHU RI WLPH :KLFK DW WLPHV JLYHV WKHP WKH UROH RI 2EVHUYHU DQG +XQWHU 7KH :DONHUV DUH WKH RQHV ZKR PDLQWDLQ WKH ZHE RI WLPH 7KH\ DUH SUREDEO\ WKH PRVW NQRZOHGJHDEOH RI WKH WKUHH JURXSV 7KH :DONHUV LQWHUDFW ZLWK SHRSOH WR PDNH VXUH WKDW FHUWDLQ HYHQWV FRQWLQXH WKHLU VFKHGXOHG FRXUVH $W WLPHV GXH WR LQWHUIHUHQFH RU VLPSO\ D ULSSOH LQ WLPH VHTXHQFHV ZLOO JHW RXW RI SODFH WKHUHIRUH WKH :DONHUV PXVW VWHS LQ DQG FRUUHFW WKH VLWXDWLRQ 7KH UROH RI:DONHUVLVRQHRISUHVWLJHDQGPDQ\DVSLUHWRUHDFKVDLGSRVLWLRQ
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
TRENCHCOATERS %\7LPRWK\7RQHUWKDQDWRV#LQWHUDFFHVVFRP
3UHOXGH 6RWKHQZKDWKDSSHQHG"
:HOOWKDW VZKDWVKHWROGPH
6KH VWRRG DQG OHIW GHVSLWH DQ DGPRQLVKLQJ JODUH IURP WKH WHDFKHU $ ORW RI VWXGHQWV ZKR GLG WKLV QHYHU FDPH EDFN .DUHQ UHDVVXUHG KHU ZLWKDVPLOHDQGVWHSSHGRXWWKHGRRU +HUHLQRQHRIWKHPRVWDQWLVHSWLFDUHDVRIWKH8QLYHUVLW\DIHDUERUQH RI VLOHQFH DQG VWHULOLW\ VWDLQHG WKH ZDOOV ZLWK ZKLWH ,W ZDV D QLJKW FODVV VR VKH GLGQ W H[SHFW WKH KDOOV WR EH EXVWOLQJ ZLWK SHRSOH EXW WKHUHVHHPHGWREHVRPHWKLQJDEVHQWDOWRJHWKHU
1R 0HU PLQG VXGGHQO\ GLVWDQW FRXOGQ W JUDVS LW 6KH KDVWHQHG WR WKH ZDVKURRP VSODVKHG ZDWHU LQ KHU IDFH DQG VLJKHG DW WKH UHIOHFWLRQ %UDG ZDV VXSSRVHG WR EH ZDLWLQJ IRU KHU ZKHQ VKH UHWXUQHG 1RZ VKH G KDYH WR UHDSSO\ WKH PDNHXS DQG IL[ KHU KDLU :K\ GLG , KDYH WR VSODVKP\IDFHZLWKZDWHU":K\GRQ W,WKLQN"
$ VKDSH SDVVHG EHIRUH WKH PLUURU 1R %HKLQG WKH PLUURU 6KH WRRN D VWHSEDFNDQGVWDUHGVWDUHGDWWKHWRRIDPLOLDUIDFHUHIOHFWLQJEDFN ,WZDVOLNHDIOXWWHURIPRYHPHQWDQGWKHQLWZDVJRQH .DUHQ EHJDQ WR ZDON EDFN WR WKH URRP ZDWHU VWLOO VORZO\ GULSSLQJ IURP KHU ILQJHUV 6KH ZDV QXPE DQG KHU PLQG VHHPHG WR EH RQ DXWRSLORW , OOJHWP\EDJDQGJR
:KDW KDG VKH VHHQ" ,W ZDV DV LI KHU PLQG ZRXOGQ W JUDVS LW IRU IHDU RI
75(1&+&2$7(56
DFFHSWLQJ WKH LPSRVVLEOH ,W ZDV PRYHPHQW ZLWKRXW FDXVH PRWLRQ ZLWKRXW H[SODLQDWLRQ 7KH PRVW SX]]OLQJ DVSHFW ZDV WKDW VKH ZDVQ W VFDUHGDWWKHOHDVW6KHMXVWGHVLUHGWRJRWROHDYHWKLVSODFH 6KH IRXQG KHUVHOI DW WKH GRRU DQG WXUQHG WKH FRRO NQRE VORZO\ ZDLWLQJ IRU WKH FOLFN 7KH PRYLH SOD\HG RQ ZLWKLQ WKH URRP EXW ZKDW HOVH ZDLWHG IRU KHU RQ WKH RWKHU VLGH" 7KH PLUURU FRXOGQ W RSHQ 7KLV FRXOG:RXOGLWEHWKHUH" 1R 1RWKLQJ 7KH ERUHG FODVV FRQWLQXHG WR VWDUH RQ DW WKH IOLFNHULQJ ER[ DQG WKH VWUDQJHU FRQWLQXHG WR VWDUH EODQNO\ DW WKH GRRU +H IURZQHG DW KHU HQWUDQFH DQG VORZO\ VKRRN KLV KHDG 7KDW V ZKDW V EHHQ EXJJLQJ PH , ZDVQ W EORFNLQJ KLV YLHZ RI WKH WY , ZDV EORFNLQJ KLVYLHZRIWKHGRRU
7KLV NQRZOHGJH GLGQ W VHWWOH KHU DW DOO 'HVSLWH KHU PRXQWLQJ FRQFHUQV QRW IHDUVFRQFHUQV VKH WRRN KHU VHDW DQG ZDWFKHG RQ VORZO\ VOLGLQJ KHUFKDLUWRWKHOHIWWRJLYHKLPZKDWHYHUKHGHVLUHG 0LQXWHV DQJXLVKHG DQG VXIIHUHG WUDQVIRUPLQJ LQWR KRXUV E\ WKH VWUDLQ RIZDLWLQJ:DLWLQJ :DLWLQJIRUZKDW"
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
1RW WDNH .LOO 7KLV VKH NQHZ HYHQ WKRXJK VKH GLG QRW XQGHUVWDQG ,I VKHGLGQRWKLQJKHUIULHQGZRXOGGLHDQGGLHKRUULEO\
6XUH:KDWDERXW
:KDWDERXW\RX"
$QG .DUHQ ZKR KXQJ XS WKH SKRQH RQ KHU EHVW IULHQG ZKR ZDV GLVWUDXJKW RYHU WKH ORVV RI D ER\IULHQG ZKR GLGQ W VHH WKH SRLQW RI ZHHSLQJ DW D IXQHUDO RI D VRURULW\ VLVWHU ZKR KDG 2' HG RQ DPSKHWDPLQHV.DUHQFDUHG
,I\RXGRFDUHVWD\GRZQ
7KLV ZDV DQ DOLHQ YRLFH LQ KHU KHDG PDOH PDVFXOLQH UHDVVXULQJ 6KH VKRXOG KDYH EHHQ DQJHUHG E\ WKH LQYDVLYH QDWXUH P\VWLILHG E\ LWV XQNQRZQVXGGHQHVVEXWVKHZDVQHLWKHU 1RZ\RXVLWDQGOHDUQ
7KRVHJX\V"7KH\ZRQ WEHDEOHWRUHPHPEHUDGDPQWKLQJ 0H" , OO SUREDEO\ JHW D QHZ FRDW .HHS WKDW RQH 6RPHWKLQJ WHOOV PH \RX OOEHQHHGLQJLW , NQRZ WKLV LV DOO UHDOO\ FRQIXVLQJ WR \RX ULJKW QRZ EXW GRQ W ZRUU\ ,W JHWV HDVLHU -XVW ORRN IRU RWKHU OLNH \RX ZHDULQJ WKH FRDW
$OO WKLV WRRN PHUH VHFRQGV EXW LW ZDV HQRXJK .DUHQ FRXOG PRYH FRXOG DFW 7KH SDUDO\VLV ZDV JRQH DV ZDV VRPHWKLQJ HOVH VKH FRXOGQ W TXLWHSODFH
6KH VORZO\ VRDNHG KHU KDQGV LQ WKH FRRO ZDWHU RI WKH VLQN LJQRULQJ WKH VFUHDPVWKDWHFKRHGLQWKHKDOOVWKHVREELQJRIFODVVPDWHVKRUULILHGE\ WKH GLVFRYHU\ :KHQ VKH ZDV GRQH VKH RSHQHG WKH GUDLQ DQG OHW LW DOO ZDVK DZD\ 6KH VOLSSHG RQ WKH FRDW DQG ZDONHG WR ZKHUH WKH\ ZHUH ZDLWLQJ IRU KHU 7KH ZHLJKW RI WKH JXQ VWLOO LQ D SRFNHW SUHVVHG DJDLQVWKHUKLS
&RPH 3DWW\\RXU IDWKHU KDV PDGH FDUULRQ RI P\ FKLOGUHQ DQG QRZ , UHWXUQWKHKRQRU3DWW\VORZO\VWRRGWRRVFDUHGWRGLVREH\
6KH ZDVQ W ZRUULHG 7KH\ ZRQ W DVN PH WR RSHQ WKH FRDW 7KH\ ZRQ W VHHZKDW VLQP\SRFNHW
$ VKRW UDQJ RXW QH[W WR .DUHQ VFRUFKLQJ KHU HDUV ZLWK LWV EODVW ,W VPDOOHGLQWRWKHFUHDWXUHZLWKQRQRWLFLEOHHIIHFW
$QG WKH\ GLGQ W 6KH VSHQW WKH HQWLUH LQWHUYLHZ VRPEHUO\ VWDULQJ IRUZDUG 7KH SROLFH WRRN LW IRU VKRFN ,W ZDV LQ IDFW UHYHODWLRQ $OO KHU KRSHV ZHUH FRQILUPHG 7KH VHFUHW ZRUOG VKH DOZD\V GUHDPHG DERXW DV D OLWWOH JLUO WDONHG DERXW LQ KLJK VFKRRO ZDV RXW WKHUH $W ODVW WKH PDJLFN IORZHG WKURXJK KHU TXLHWO\ +HU PLGQLJKW ZLVKHV ILQDOO\ KDG FRPHWUXH
1RZ,VLWDQGOHDUQ
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
$QGVKHZDVVFDUHGDVKHOO
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
75(1&+&2$7(56
LQWHOOLJHQFH VHHNLQJ RXW WKH WUHQFKHV ILOOHG ZLWK OLIH 7DQNV JUHQDGHV IODPHWKURZHUV DOO VDZ WKHLU VWDUW LQ WKH ILHOGV RI )UDQFH 7KRVH WKDW VKRZHG SURPLVH ZHUH ODWHU UHILQHG DQG HQKDQFHG 7KRVH GHHPHG WRR EUXWDOZHUHXQLYHUVDOO\EDQQHGDVXQVSRUWLQJ :KHQ LW ZDV GRQH WKH 7HFKQRPDQFHUV VKRXOG KDYH UHMRLFHG $IWHU DOO PDQNLQG ZDV IRUFHG WR ORRN GHHS ZLWKLQ WKH KHDUW RI LWV LQWHOOHFW DQG UDWKHU WKDQ UHYLOLQJ WHFKQRORJ\ DV WKH\ KDG GRQH LQ WKH WLPH RI WKH /XGGLWHV WKH\ LQVWHDG EODPHG WKHLU IODZHG QDWXUH RQ D GLVSDVVLRQDWH RU DEVHQW JRG DQG GUDQN WKHPVHOYHV WR 6OHHS :LWK D IHZ UDUH H[FHSWLRQV ZHDSRQV ZRXOG QHYHUPRUH EH UHYLOHG DV ZURQJIXO WRROV DQGWKH.LQGHUFROWFRXOGDWODVWFODLPJUHDWFRQWURORYHUZDU ,QGHHG :RUOG :DU , ZDV WKH ODVW RI WKH ZDUV WKDW DFWLYHO\ HPSOR\HG 0DJLFN 6ROGLHUV VSRNH RI OHJLRQV RI VSLULWV ULVLQJ XS LQ DQJXLVK DW WKH VXIIHULQJ FDXVHG E\ ERWK VLGHV ,Q UHDOLW\ (XWKDQDWRV PDJHV ZHUH XVLQJ VXFK VSLULWV WR ZDU RQ WKH RWKHU VLGH 7KH HQWLUH FRQWLQJHQW ZDV ZLSHG RXW E\ SDUDGR[ ZKHQ RQ WKH QH[W GD\ D SV\FKLDWULVW SURFODLPHG WKH HIIHFW VKHOO VKRFN DQG WKH HYHQW D VRUW RI PDVV KDOOXFLQDWLRQ 7KH VROGLHUV ZHUH KHDUWHQHG E\ WKH IDFW WKDW WKHUH ZDV DUDWLRQDOH[SODQDWLRQDQG7KHQH[WWLPHWKH(XWKDQDWRVWULHGLWWKH\ ZHUHGRRPHG +RZHYHU GHVSLWH WKH IDFW WKDW WKH 7HFKQRPDQFHUV ZRQ D ZDU ERWK VLGHV ORVW WKH .LQGHUFROW ZLWK WKHLU OHDGHU .UXSS ZHUH VLQJXODUO\ UHYLOHG DIWHU WKH ZDU ,W ZRXOG VHHP WKH RWKHU 7HFKQRPDQFHUV IHDUHG WKHLU JURZLQJ SRZHU DQG VXEVHTXHQWO\ RYHUWKUHZ WKHP H[LOLQJ WKHP WRDVHFWLRQRIWKH'HHS8PEUDIURPZKHUHWKH\FRXOGQHYHUHVFDSH )RU LQGHHG WKH .LQGHUFROW ZHUH QRW HQWLUHO\ VXFFHVVIXO LQ WKHLU HQGHDYRUV 7KHLU PDFKLQHV RI GHDWK DQG LURQ KDG HIIHFWV IDU EH\RQG WKH PHUH SK\VLFDO PDQLIHVWDWLRQV 7KH SDLQ DQG VXIIHULQJ ZURXJKW WKHUH FRKHVFHG DQG VWDONHG WKH WUHQFKHV VHDUFKLQJ IRU PRUH IUHVK EORRG 7R DOO EXW D IHZ WKH\ ZHUH LQYLVLEOH VWULNLQJ DW UDQGRP DQG OHDYLQJ FDUQDJH LQ WKHLU ZDNH 7KHUH DUH WKRVH WKDW VD\ WKHVH VSLULWV VWLOO ZDON QRZ IDU IURP KRPH GUDZQ WR SODFHV RI VODXJKWHU ZKHUH WKH\ NLOO UDSWXURXVO\ DQG OHDYH RQO\ D SRVVHVVHG KXPDQ WR WDNH WKH IDOO %XW WKHVH FUHDWXUHV ZHUH QRW WKH JUHDWHVW PLVWDNH RI WKH .LQGHU 7KH\ ZHUHKRZHYHUWKHFDWDO\VWIRUZKDWZRXOGKDSSHQQH[W 7KRVH ZKR IRXJKW RQ WKH VLGH RI WKH (QJOLVK ZHUH D PRWOH\ EXQFK 7KH ULVH RI WKH PLGGOH FODVV PHDQW WKDW WKHUH QRZ ZDV PXFK EOXUULQJ LQ UDQN DQG VWDWH 2QFH WKH ORZHU FODVVHV VZHOOHG WKH WUHQFKHV OHDG PLQGOHVVO\ E\ WKH LQGLIIHUHQW DULVWRFUDWV ZKR ZHUH PRUH FRQFHUQHG ZLWKKLOOVRQOLWWOHSLHFHVRISDSHUWKDQDFWXDOKXPDQOLYHV 1RZ WKH VRQV RI WKH PLGGOH FODVV ILOOHG WKH WUHQFKHV :HOO HGXFDWHG WKH\ FDPH QRW RXW RI FRPSXOVLRQ EXW LQVWHDG KLJK PLQGHG LGHDOV 'HPRFUDF\ +RQRU 'XW\ (YHU\ PDQ KDG KLV SDUW LQ WKLV JUDQG JORULRXVJDPH)RUWRRPDQ\LWZDVWRGLHRIG\VHQWDU\IDUIURPKRPH :KDW KRZHYHU ZDV KDSSHQLQJ ZDV WKDW YDVW JURXSV RI WKHVH HGXFDWHG PHQ ZHUH VHHLQJ WKH KRUURUV RI ZDU ILUVWKDQG 7KHLU GUHDPV WKH\ KDG FRQMXUHG ZHUH ULSSHG DQG WKH UHDOLW\ RI D VDIH KDYHQ LQ WKLV KRUULG SODFH ZDV EORZQ WR DWRPV ZLWK WKH ILUVW ERPE EODVW 3V\FKRORJLFDO ZDUIDUH SOD\HG D FULWLFDO UROH LQ WKH GHPRUDOL]DWLRQ RI WKH WURRSV EXW UDWKHU WKDQ FRZLQJ WKH PDVVHV DV LW KDSSHQHG LQ WKH SDVWLQRWKHUGLUW\OLWWOHZDUVLW&KDQJHGQRWDIHZ 6WRULHV DERXQG RI EL]DUUH DFWV RI VXLFLGDO EUDYHU\ WKDW SD\ RII $ OLHXWHQDQW VSRWWHG D PDQ WUDSSHG LQ 1R 0DQ V /DQG +LV FRPPDQGLQJ RIILFHU GHHPHG KLP WRR ULVN\ WR VDYH 7KH OLHXWHQDQW GDVKHG DFURVV WKH ILHOG JUDEEHG WKH PDQ DQG GXFNHG LQWR WKH WUHQFK $IWHU WKH PDQ ZDV WXUQHG RYHU WR WKH PHGLFV WKH RIILFHU H[DPLQHG KLPVHOI WKH FRDW KH ZDV ZHDULQJ ZDV ULGGOHG ZLWK EXOOHWV +H ZDV XQKDUPHG $W KLV FRXUW PDUWLDO KH KDG GHILHG RUGHUV WR UHPDLQ DW KLV SRVW WKH OLHXWHQDQW FODLPHG,ZRXOGQRWOHWDQRWKHUPDQGLH :KHQ WKH ZDU HQGHG WKHVH FKLOGUHQ RI WKH EDWWOHILHOGV $ZDNHQHG LQ WKH PRVW KRUULEOH ZD\V LPDJLQDEOH VRXJKW HDFK RWKHU RXW WU\LQJ WR ILQG VROXWLRQV 7KH\ IRUPHG LQIRUPDO VRFLHWLHV DQG GLVFRYHUHG WKDW GHVSLWH WKH IDFW WKDW WKH\ ZHUH DOO IURP YDULRXV VRFLRHFRQRPLF VWUDWD WKH\ KDG RQH WKLQJ LQ FRPPRQ DW RQH SRLQW DOO H[SUHVVHG DQ LQWHUHVW LQ WKH RFFXOW 7KH\ DOVR GLVFRYHUHG WKDW WKHLU WUDXPD WKHUH KDG DIIHFWHG WKHP LQ XQNQRZQ ZD\V 7KLQJV ZRXOG JR WKHLU ZD\ RQH PLQXWH WKHQ WKHLU OLYHV ZRXOG VKDWWHU WKH QH[W 3HRSOH ZRXOG RIWHQ
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
75(1&+&2$7(56
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
7KH %DU ZDV D PLUDFXORXV ZHDSRQ ZKLFK ZRXOG PDNH WKH QHHG WR JDWKHU DOO EXW SRLQWOHVV %DVHG RQ WKH KLJKHVW SULQFLSOHV RI WKH 6SKHUHV RI DOO EXW (QWURS\ DQG /LIH LW ZRXOG DFW DV D EDWWHULQJ UDP ULGLQJ WKH OH\ OLQHV LQ WKH QHDU 8PEUD RUELWLQJ WKH SODQHW DQG VKDWWHULQJ 4XLQWHVVHQFH GDPV FUHDWHG E\ JUHHG\ PDJHV :KDW LW DOVR ZRXOG GR ZRXOG EH WR DFW DV D UHFHLYHU D VWDEOH SRLQW E\ ZKLFK WKH 7UHQFKFRDWHUV FRXOG GLUHFW WKHLU SRZHUV DQG GUDZ RQ IRU UHIHUHQFH LQIRUPDWLRQ DQG DVVLVWDQFH 7KH %DU ZRXOG DFW RQ D VXEFRQVFLRXV OHYHO WR VHQG LQIRUPDWLRQ WR WKRVH 7UHQFKFRDWHUV XQDZDUH RI LWV H[LVWHQFH
2UJDQL]DWLRQ
7KH SRLQW RI DOO WKLV ZDV WR SURYLGH 7UHQFKFRDWHUV ZLWK UHVRXUFHV RXWVLGH WKH UHDOP RI VWDQGDUG 0DJLFN 0XQGDQH PHDQV RI KXQWLQJ 7UHQFKFRDWHUV WKURXJK HDFK RWKHU ZDV LPSRVVLEOH VLQFH WKH RQO\ WDQJLEOH OLQN ZDV WKH HYHU PRYLQJ QHYHU GHWHFWDEOH 5RG )XUWKHU WKH %DU SURYHG WR EH WKH FHQWUDO IRFXV RI WKH 7UHQFKFRDWHU PRYHPHQW V\PEROL]LQJ WKHLU LQWHUFRQQHFWHGQHVV WR RWKHUV RI WKHLU NLQG DQG WR DOO WKLQJV
0RVW ZRXOG VD\ WKHUH LV OHVV RUJDQL]DWLRQ DPRQJ WKH 7UHQFKFRDWHUV DV ILIWHHQ GUXQN IDHULHV WU\LQJ WR WLH D JKRVW V VKRHODFHV WRJHWKHU GXULQJ D ULRW +RZHYHU WKHLU DELOLW\ WR VXGGHQO\ FRPH WRJHWKHU DQG WKZDUW DQ\WKLQJ GHVSLWH WKH EHVW HIIRUWV RI &KDQWULHV WR KLGH WKHLU VHFUHW SODQV OHDGV PDQ\ PDJHV WR EHOLHYH WKDW WKH\ DUH VHULRXVO\ XQGHUHVWLPDWLQJ WKHDELOLWLHVRIWKHVHSRRUFRXVLQV
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
3KLORVRSK\ 7UHQFKFRDWHUV DUH WKRVH ZKR DUH $ZDNHQHG E\ H[SRVXUH WR PDJLFN GDUN DQG YLROHQW 6XEVHTXHQWO\ WKH\ DUH DJDLQVW WKRVH ZKR DEXVH WKH SRZHU WKDW WKH\ KDYH EHHQ JUDQWHG 7KH\ VHHN WR SUHYHQW RWKHUV IURP VKDULQJ WKHLU IDWH DQG WR KHOS WKRVH ZKR OLNH WKHP ZHUH $ZDNHQHG DJDLQVW WKHLU ZLOO 3XQLVKPHQW DJDLQVW WKRVH ZKR SLVV RII D 7UHQFKFRDWHU LV XVXDOO\ VORZO\ DQG FDUHIXOO\ SODQQHG RXW VHHPLQJ PLQRU DW ILUVW XQWLO VXGGHQO\ WKH YLFWLP V ZRUOG GLVLQWHJUDWHV 7UHQFKFRDWHUV VHOGRP SXOO SXQFKHV XQOHVV WKH YLFWLP UHDOO\ UHOHQWV 7UHQFKFRDWHUV DFWLYHO\ VHHN WR UHSXOVH GHPRQV VSLULWV DQG RWKHU
0HHWLQJV :KHQHYHU
&KDQWU\ 2QFH DJDLQ PRVW ZRXOG FRQFOXGH WKDW D EXQFK RI ZDQGHULQJ ORQHUV ZRXOG KDYH QR FKDQWU\ 7KLV LV D EDOGIDFH OLH ,QGHHG HYHU\ PDMRU PHWURSROLWDQ FLW\ KDV D VHHG\ EDU OLQNHG GLUHFWO\ WR WKH %DU 7KURXJK WKLV IRFXV D PDJH FDQ OLQN KLPVHOI WR VHYHUDO RWKHUV $ VWUDQJH GXDO ORFDOLW\ ZLOO WDNH SODFH DQG SHRSOH LQ EDUV LQ /RQGRQ FDQ PHHW DQG WDON WR PDJHV LQ 1HZ
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
6SKHUH /LNH PRVW 2USKDQV QRQH 6SKHULF PDJLFN FRPHV PXFK PRUH GLIILFXOW WR 7UHQFKFRDWHUV 7KHLU PD[LPXP UDWLQJ LQ RQH VSKHUH FDQ EH DOO RWKHUV DUH PD[HG DW WKUHH 2QO\ WKURXJK \HDUV RI LQWHQVLYH VWXG\LQJ
75(1&+&2$7(56
XOWLPDWHO\ E\ VXUUHQGHULQJ WKH OLIH RI D 7UHQFKFRDWHU FDQ RQH EHFRPH D0DVWHURIDVSKHUH7KHVHDUHXVXDOO\UHYLOHGE\RWKHU7UHQFKFRDWHUV
)RFL
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
&RQFHSWV
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
6WXGHQW3URIHVVLRQDO'ULIWHU2XWFDVW
4XRWH
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
75(1&+&2$7(56
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
3DUDGR[ 3DUDGR[ DIIHFWV 7UHQFKFRDWHUV EXW LQ D ZD\ QRW WUXO\ H[SHFWHG RU XQGHUVWRRG 7KH PDMRULW\ RI WKH WLPH ZKHQ 3DUDGR[ KLWV LW LQVWHDG
75(1&+&2$7(56
U-Z THE UNCONSCIOUS
7KH :DQGHUHUV DUH RQH RI WKH VPDOOHVW DQG PRVW ORRVHO\ NQLW RI DOO WKH 7UDGLWLRQV 7KH\ KDYH QR VSHFLDO RU GUDPDWLF QDPH IRU WKHPVHOYHV DV PRVWRWKHUJURXSVRI0DJHVGR:DQGHUHULVHQRXJK
%\DQGHUVRQE#PLQGVSULQJFRP
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
WANDERERS %\)UDQN76URQFHIWV#FVWDPXHGX
'HVFULSWLRQ
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
3KLORVRSK\ (YHU\WKLQJ KDV D OHVVRQ WR WHDFK
:$1'(5(56
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
2UJDQL]DWLRQ :DQGHUHUV KDYH OLWWOH IRUPDO VWUXFWXUH $ JLYHQ :DQGHUHU PD\ EH NQRZQ IRU H[SHUWLVH LQ D JLYHQ DUHD EXW KLV VWXGHQWV DUH H[SHFWHG WR LQWHUSUHW WKLQJV IRU WKHPVHOYHV QRW DFFHSW KLV DQVZHUV EOLQGO\ :DQGHUHUVVXSSRUWHDFKRWKHUZKHQQHFHVVDU\ZKLFKLWUDUHO\LV
0HHWLQJV 7KH\ RIWHQ HQFRXQWHU HDFK RWKHU LQ VWUDQJH DQG LQWHUHVWLQJ SODFHV EXW RUJDQL]HG PHHWLQJV DUH UDUH DQG DUH JHQHUDOO\ RQO\ FDOOHG ZKHQ D JUHDW DQGWHPSRUDU\ RSSRUWXQLW\IRUOHDUQLQJKDVEHHQGLVFRYHUHG
,QLWLDWLRQ :DQGHUHUV VHHP WR DSSHDU VSRQWDQHRXVO\ 2QFH D VHOIDZDNHQHG :DQGHUHU UHDOL]HV WKDW KLV OHDUQLQJ LV LQVXIILFLHQW KH ZLOO XVXDOO\ JR VHDUFKLQJ IRU DQ LQVWUXFWRU 5DUH DV :DQGHUHUV DUH WKH\ XVXDOO\ KDYH OLWWOH GLIILFXOW\ ILQGLQJ RWKHUV RI WKHLU RZQ NLQG SUREDEO\ EHFDXVH WKHLU $YDWDUV KDYH FRPPXQLFDWHG LQ SUHYLRXV OLYHV 7KHUH LV QR IRUPDO ,QLWLDWLRQ SURFHGXUH WKH QHZ :DQGHUHU V H[LVWHQFH ZLOO HYHQWXDOO\ EH NQRZQWRDOORIKLVIHOORZV %HFDXVH HYHU\ :DQGHUHU NQRZV WKDW KH FDQ OHDUQ IURP KLV VWXGHQWV DV ZHOO DV WHDFKLQJ WKHP XVXDOO\ WKH RQO\ UHDO UHVWULFWLRQ WR UHFHLYLQJ LQVWUXFWLRQIURPDJLYHQ:DQGHUHULVEHLQJDEOHWRILQGKLP
&KDQWU\ 7KH :DQGHUHUV QDWXUDOO\ KDYH QR VHW PHHWLQJ SODFH 7KHLU PHHWLQJV XVXDOO\ RFFXU ZKLOH WKH JURXS PRYHV DW D VORZ ZDON WKURXJK D VFHQLF RU RWKHUZLVH LQWHUHVWLQJ DUHD $W WLPHV WKH\ ZLOO VHHP WR EH SD\LQJ PRUH DWWHQWLRQ WR WKHLU VXUURXQGLQJV WKDQ WR HDFK RWKHU EXW GRQ W EH IRROHG :DQGHUHUV DUH TXLWH VNLOOHG DW FDWFKLQJ HYHU\ SLHFH RI LQIRUPDWLRQDURXQGWKHP
$FRO\WHV
6SKHUH &RUUHVSRQGHQFH
)RFL
p p p p p
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
:DQGHUHUVDQGWKH7HFKQRFUDF\
H[SORUHUV KLNHUV PRXQWDLQ FOLPEHUV KRERV DQ\RQH ZLWK ZDQGHUOXVW RURQDZDONDERXW
p
6WHUHRW\SHV
&RUUHVSRQGHQFH $ :DONLQJ 6WLFN SHUVRQDO IRFXV D URDG RU D GRRU 7LPH$ZDWFKRUFORFNRIVRPHVRUW 6SLULW $ GRRUZD\ DQ DUHD RI GDUNQHVV VWDUPRRQOLJKW DOORZHG RUDIRUHVW )RUFHV 0DWWHU$:DONLQJ6WLFN /LIH0LQG 3ULPH$QRSHQILHOG (QWURS\$GHVHUWDEDUUHQZDVWHRUDUHDRIGHDGJUDVV
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
:$1'(5(56
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
THE WEAVERS
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
VHUYDQWVKRZHYHUIRUWKH\DUHFXQQLQJDQGVNLOOHGZDUULRUV 7LPH &KURQRQV 7LPH LV QRW D VWUHDP QR LW LV D SHDUOEDQG RI PRPHQWV %HWZHHQ WKHVH FKURQRQV OLHV RWKHU FKURQRQV DQG LW LV KHUH RXU HQHPLHV KLGH WKH JUHDW ZRUPV WKDW SUH\ RQ DOO KXPDQLW\ V HYLO DQG SDLQ %\ DFFHVVLQJ WKH HPSW\ FKURQRQV ZH FDQ OHDYH SDWWHUQV LQ ZDLWRURXUVHOYHV
%\&'6NRJVEHUJFG#DOIDNRQVXOWVH
'HVFULSWLRQ 7KH :HDYHUV DUH D UHODWLYHO\ PLQRU &UDIW ZKRVH PDLQ SXUSRVH VHHPV WREHILJKWLQJ1HSKDQGLDQGWKHLUVHUYDQWVWKH\KDYHDWWLPHVDLGHG 7UDGLWLRQ DQG 7HFKQRPDQFHU 0DJHV GXULQJ PDMRU 1HSKDQGL LQFXUVLRQV
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
0DJLFN5H:HDYLQJ 7KH *UHDW :HDYH KDV LWV RZQ ODZV EXW ZH ZKR NQRZ WKDW LW FDQ EH UHZRYHQ FDQ GR VR ZLWKLQ OLPLWV 7U\ WR DOWHU WKH :HDYH WRR PXFK DQGWKHWKUHDGVZLOOVWUDQJOH\RX
6SKHUH
$UHWH /LQN WR WKH 3RZHU $OO $ZDNHQHG KDYH D OLQN WR WKH SRZHU LW ZDV RSHQHG ZKHQ ZH $ZRNH 7KH JUHDWHU RXU OLQN WR WKH SRZHU WKH PRUH ZHFDQDOWHUWKH:HDYHDQGWKHPRUHZHXQGHUVWDQGWKH:HDYH
4XLQWHVVHQFH7KH3RZHU 7KLV LV SRZHU WKDW OHWV XV FKDQJH ZKDW LV DQG VR \RX VKRXOG XVH LW ZLVHO\ ,W UXQV WKURXJK WKH ZRUOG DQG LW FDQ EH WDSSHG LQ WKH QH[L RI WKHIORZV
3DUDGR[8QUDYHOLQJ 7KH *UHDW :HDYH FDQ FRPH XQUDYHOHG ZKHQ LW LV VWUDLQHG WRR PXFK 7KHUHIRUH EH FDUHIXO LQ KRZ \RX DOWHU WKH ZHDYHV RI H[LVWHQFH ,I \RX FDXVH WRR PXFK XQUDYHOLQJ WKLQJV FDQ FRPH WKURXJK WKH JDSV EHWZHHQ WKH WUHDGV 3DUDGR[ VSLULWV RU \RX FDQ EHFRPH WUDSSHG LQ EXEEOHV LQ WKH :HDYH 3DUDGR[ 5HDOPV RU \RXU SDWWHUQ FDQ EH XQUDYHOHG%DFNODVK
$ZDNHQLQJ %HLQJ RSHQHG WR WKH 3RZHU :KHQ \RX UH RSHQHG WR WKH SRZHU IRU WKH ILUVW WLPH LW FDQ EH D SUHWW\ WUDXPDWLF HYHQW 7KH JUHDWHU FRQQHFWLRQ WR WKH SRZHU WKDW DOORZV XV WR DOWHU WKH :HDYH WKDW LV RSHQHG WKH JUHDWHUWKHWUDXPD
7LPHRU6SLULW&KRRVHRQH
6SKHUHGHVFULSWLRQV
0DJHVSHFLILF%DFNJURXQGV
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
0DWWHU :HDYLQJ 0DWWHU 0DWWHU OLNH OLIH KDV SDWWHUQV LQ WKH :HDYH $OWHU RU FUHDWH WKHP EXW DOZD\V UHPHPEHU WKDW XQUDYHOLQJ FRPHV WR
7+(:($9(56
$VFHQVLRQRUJXLGLQJVLJQVWRDVWHHSHVW'HVFHQVLRQ"
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
THE WHEEL TURNERS %\ 0DWWKHZ *OLFN PJOLFN#XQL[LQIRVHUYHQHW )HEUXDU\
,QWURGXFWLRQ 7KHVH GDQJHURXV WLPHV KDYH VHHQ PDQ\ SRZHUV GHVWUR\HG 0DQ\ HOGHU RUJDQL]DWLRQV KDYH IDOOHQ DSDUW DQG PDQ\ EHOLHIV DQG WUDGLWLRQV KDYH EHFRPH LUUHOHYDQW RU HYHQ GDQJHURXV WR WKHLU IROORZHUV $OPRVW HYHU\RQH EHOLHYHV WKDW WR FRPH IRUWK DQG GDUH WR EH QHZ LQ WKLV PRGHUQ FKDRV LV OXGLFURXV :KHQ D WUDGLWLRQ GRHV QRW VXSSRUW \RX WR HPHUJH LV VXLFLGH
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
7+(:+((/7851(56
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
+LVWRU\ \RIWKH:KHHO7XUQHUV 7KH JUHDWHVW SLHFH RI ZLVGRP , KDYH HYHU OHDUQHG LV WKLV ZKHUH OLIH WDNHV XV LV VRPHWKLQJ IDU WRR FRPSOH[ WR XQGHUVWDQG ZKHWKHU \RX DUH D PDJH RU QRW , NQRZ ZH PDJHV PDNH RXU RZQ UHDOLWLHV EXW GRQ W \RX JHW WKH IHHOLQJ VRPHWLPHV WKDW ZH UH MXVW DORQJ IRU WKH ULGH -RQDWKDQ 6WHLQ (XWKDQDWRV $GHSWIRXQGHURIWKH:KHHO7XUQHUV 7KH KLVWRU\ RI WKH :KHHO 7XUQHUV LV DQ H[WUDRUGLQDU\ EXW SHUSOH[LQJ WDOH 'HVSLWH LWV EUHYLW\ LW LV TXLWH FRPSOH[
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
7+(:+((/7851(56
WR6XQ\L VKRPHQHDU7RN\R 'HVSLWH WKH H[FHOOHQW SHUVRQDO UHODWLRQVKLS WKH WZR VKDUHG -RQDWKDQ IHOW WKDW VRPHWKLQJ ZDV ODFNLQJ $V WLPH ZHQW RQ LW EHFDPH HYLGHQW WR ERWK RI WKHP WKDW KH QHHGHG WR UHWXUQ WR 1RUWKD $PHULFD $IWHU RQO\ PRQWKV -RQDWKDQ OHIW KLV WHDFKHU V KRPH LQ -DSDQ WR UHWXUQ WR 9DQFRXYHU
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
%LUWK 2Q $XJXVW WKH HQWLUH QHZ JURXS PHW DW -RQDWKDQ V KRXVH LQ 9DQFRXYHU IRU WKH ILUVW WLPH 7KLV ZRXOG ODWHU EH NQRZQ DV WKH ILUVW PHHWLQJ 0RVW RI ZKDW WKH :KHHO 7XUQHUV DUH WRGD\ ZDV GHFLGHG DW WKLV FRQJUHVV ,W ZDV KHUH WKDW :KHHO 7XUQHUV WUXO\ GHILQHG WKHPVHOYHV DQG WKH UHSHUFXVVLRQV RI KRZ WKH\ GLG LW DUH UHYHUEHUDWLQJ ORXGHUDQGORXGHU ,W ZDV WKHUH WKDW WKH :KHHO 7XUQHUV DGRSWHG WKHLU QDPH ,W ZDV WKHUH WKDW WKH\ DVNHG WR EH WUHDWHG DV D YDOLG FDPS RI WKH (XWKDQDWRV 'LVFXVVLRQV ZHQW RQ IRU WKUHH GD\V DERXW WKH SUDFWLFH RI WKH JRRG GHDWK $W WKH HQG WKH JURXS ILQDOO\ ZHQW ZLWK D WRWDO EDQ RQ WKH SUDFWLFH ,W ZDV GHFLGHG WKDW LI LW ZDV QHHGHG WKH\ ZRXOG FDOO LQ VRPHRQH HOVH ,W ZDV DOVR KHUH WKDW WKH HQPLW\ ZLWK VR PXFK RI WKH UHVW RI WKH FODQ VWDUWHG 7KH WUDGLWLRQ V LQYLWHG REVHUYHU DIIDLU ZDONHG RXW DIWHU WKH 7XUQHUV GHFLVLRQ DJDLQVW WKH JRRG GHDWK 7KH REVHUYHU -HIIUH\ 5DQGROSK WKHQ SURFHHGHG WR GHVFULEH WKH HQWLUH JURXS DV OLWWOH FKLOGUHQSOD\LQJGUHVVXSJDPHV $OVR DGRSWHG ZHUH WKH V\PEROV RI WKH JURXS 7ZR SDUWLFXODU WDURW FDUGV ZHUH FKRVHQ 7KH ILUVW ZDV &KDQJH WKH WZR RI GLVNV IURP WKH $OHLVWHU &URZHO\ 7KRWK GHFN DQG WKH VHFRQG FDUG ZDV WKH 0DMRU $UFDQD7KH8QLYHUVHIURPWKHVDPHGHFN
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
7+(:+((/7851(56
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
3UHVHQW'D\ 7KH :KHHO 7XUQHUV DUH ILQDOO\ WDNLQJ D EUHDN IURP WKH LQWHQVLW\ RI WKH SDVW WZR \HDUV 7KH FRQGLWLRQV RI WKH SHDFH WUHDW\ UHVXOWHG LQ D H[RGXV RI DSSUR[LPDWHO\ KDOI WKH JURXS IURP D IHZ ODUJH FKDQWULHV LQ PDMRU FLWLHV 9DQFRXYHU 1HZ
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
:,.$
0HHWLQJV7KHHLJKW6DEEDWVRIWKH
p p p p
$WKDPH/LIH0LQG :DQG&RUUHVSRQGHQFH)RUFHV7LPH &XS(QWURS\6SLULW &U\VWDO0DWWHU3ULPH
1RWH $WKDPH LV D NQLIH WKDW BKDV QHYHU GUDZQ EORRGB ,W PXVW DOVR EH DWWXQHG WR WKH :LNDQ ZKR XVHV LW EXW GRHVQ W UHDOO\ TXDOLI\ DV XQLTXH ,W VLPSO\ PHDQV WKDW D :LNDQ FDQ W MXVW EX\ D NQLIH DQG XVH LW ULJKWDZD\ &RQFHSWVGUXLGZLWFKDQWKURSRORJLVW 4XRWH 6RPH RI WKH VOHHSHUV VD\ ZH IROORZ WKHLU &KULVWLDQ GHYLO WKH 9HUEHQD VD\ ZH DUH EOLQG WR WKH PHDQLQJ RI OLIH 8QOLNH HLWKHU JURXS ZH KDYH WKH UHVSHFW IRU OLIH WKDW WKH\ KDYH HLWKHU IRUJRWWHQ RU QHYHU KDG
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
%\7RP)UDQNV(7'2;#&0890&69&0,&+('8
$FRO\WHV 6WXGHQWV RI .HQGR *DURX HVSHFLDOO\ $KURXQ DQG 7KHXJH $XVSLFHV ,W LV VDLG WKDW WKH $VVDPLWH HPEUDFHG PDQ\ :RUVKLSSHUV LQ WKHLU ZDUV DJDLQVW WKH &DPDULOOD WKRXJK D WUXFH QRZ DOORZV WKHP WR VWXG\ ZLWKRXW HPEUDFLQJ WKH PDVWHU 7DWWRR DUWLVWV ,PPRUWDOV WKRXJK XQDEOH WR ZLHOG PDJLFN KDYH VWXGLHG XQGHU WKH :RUVKLSSHUV DQG DUH RIWHQ WKHLU JXDUGLDQV DV ZHOO .LQIRON DUH HVSHFLDOO\ IDYRUHG DV ZHOO DV WKRVH LQ WXQH ZLWK WKH UHDOPV RI WKH GHDG +XQWHUV DUH XVXDOO\ QRWRSHQO\DLGHGDVWKH7UDGLWLRQEHOLHYHVLQQHXWUDOLW\
>RND\GXHWRPDQ\UHTXHVWV,ZLOOWU\WRUHSRVWP\WUDGLWLRQEXWEHDU
,QLWLDWLRQ 7KH $ZDNHQLQJ RI D :RUVKLSSHU LV EHJXQ ZLWK D EDWWOH
WORSHIPPERS OF THE WHISPERING BLADE
:256+,33(562)7+(:+,63(5,1*%/$'(
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
p p
:RUVKLSSHUVRIWKH%ODGH0DWWHU :RUVKLSSHUVRIWKH6FDU6SLULW
p p p p
*DURX 2XU DQFLHQW DOOLHV DQG SURWHFWRUV +RZHYHU UHPHPEHU WKDW EDODQFH NHHSV XV IURP GHVWUXFWLRQ 5HPHPEHU WKDW WKH SDWK RI OLIH LV RIWHQ JUH\ 7KHLU GDUN RQHV WKH ZRUVKLSSHUV RI 7KXQGHU DVN IRU WHUULEOH EODGHV IRU WKHLU ZDUV XSRQ WKH PRXQWDLQ 7KHLU 6LOHQWV RQHV RIWHQ ZDON ZLWK XV LQWR WKH UHDOPV RI WKH GHDG WR ILQG ZLVGRP 7KH IDOOHQ RQHV WKRVH ZKR *QDZ WKH ERQHV RI GHVSDLU VKRXOG DOZD\V EH SURWHFWHG 7KH IROORZHUV RI WKH )XULHV DUH JUHDW IRUJHUV LQ WKHLU RZQ ULJKWPXFKKDYHZHOHDUQHGWRJHWKHU ,PPRUWDOV 2XU DOOLHV DQG JXDUGLDQV WKH VZRUGV ZH IRUJH IRU WKHP DUH ERXQG E\ VSLULWV RI GHFHSWLRQ LQ WKLV ZD\ WKH\ FDQ UHPDLQ KLGGHQ XQWLO QHHGHG 1R LPPRUWDO KDV HYHU EHWUD\HG XV IRU WKH\ NQRZ WKH VZRUGVZRXOGVHYHUWKHLURZQKHDGVILUVW 6SLULWV DQG )H\ 6RPH RI XV KDYH FUHDWHG VZRUGV WKDW VWHDO VRXOV %HZDUH
)RFL
p
RIWKH6FDU9HQWUXHSD\ZHOOIRURXUEODGHV'RQRWLJQRUHWKRVHRIWKH GHSWKV DV WKH\ ZHDU XSRQ WKHLU ERGLHV WKHLU EDWWOHV ZLWK WKHLU VRXOV DQGRQFHPDGHWKH\DUHJUHDWDOOLHV
0DWWHU/LIH $Q\ EODGH OLNH REMHFW WKRXJK LW PXVW EH PDGH E\ WKH PDJL &RUUHVSRQGHQFH,URQWULDQJOH 6SLULW:RDGV7DWWRRV )RUFHV3ULPH)LUH 7LPH(QWURS\+DQGIXORIGXVWDVKHV
4XRWH 7KHUH ZDV D WLPH WR VOD\ WKH GUDJRQ WKDW WLPH LV SDVW 5HDOL]H WKDWLQRUGHUWRVDYHWKH0RWKHUZHPXVWKHDOWKHVHYHULQJRIEDODQFH 7KHUHFDQEHQR$VFHQVLRQZLWKRXWDUHWXUQWRWKHEDODQFHRIWKHWULDW
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
6WHUHRW\SHV
$UWLIDFWV 7KH7HDUVRI(PSKDLQ WKH .ODLYH RI 6KDGRZV WKH :RDGV RI&X&KXODLQQ
$NDVKLFV 7KH ZD\V RI 'R DUH D WUXH SDWK EXW ZH EHOLHYH WKDW WKH ERG\DQGVRXOPXVWSUHFHGHWKHPLQGLQWR$VFHQVLRQ
5RWHV)RXQGLQJRIWKH)RUJH%ODGHZDONLQJ
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
YAMOMAMO SHABORI %\1DWKDQ*UDKDP
'HVFULSWLRQ 7KH
<$020$026+$%25,
7KH )DU 2QHV DUH WKRVH ZKR GR QRW UHJXODUO\ FRPPXQLFDWH ZLWK WKH
6KDERUL)RFL (EHQH $ JUHHQ SRZGHUHG GUXJ WKDW LV VQLIIHG LQGXFLQJ D WUDQFH WKLV FDXVHV WKH PXFXV WR EHFRPH GDUN JUHHQ DQG WR KDQJ LQ D GLVJXVWLQJ IDVKLRQRXWWKHQRVH 6LQJLQJ 7KH VRQJV WKH +HNXUD VLQJ DUH DEOH WR DWWUDFW DQG LPSUHVV WKHPZKHQVXQJE\DKXPDQ 'HFRUDWLRQV 7KH VSLULWV DUH PRUH OLNHO\ WR FRPH WR D VKDPDQ ZKR KDV PDGH KLPVHOI EHDXWLIXO WKLV LV XVXDOO\ GRQH ZLWK IHDWKHUV DQG SDLQW
<$020$026+$%25,
Index %OXH6NLQ7HDFKLQJV 5RWHV,QKHULWHGIURPWKH6HFWV
Index
ALCHEMISTS........................................................................7 ,QWURGXFWLRQ +LVWRU\DQG3ROLWLFV $OFKHPLFGRFWULQH 3KLORVRSK\ 2UJDQLVDWLRQ 0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUH )RFL &RQFHSWV 4XRWH 6WHUHRW\SHV 5RWHV )DPRXV$OFKHPLVWV
AETHERIANS..........................................................................1 'HVFULSWLRQ $SSHDUDQFH 6HHPLQJV /LIHVW\OHV $IILQLW\ %LUWKULJKWV )UDLOWLHV )RFL 4XRWH 2XWORRN
AGAPE FELLOWSHIP..........................................................2 'HVFULSWLRQ 3KLORVRSK\ 6SKHUH 6WHUHRW\SHV
The Ahl-i-batin Revised.........................................................2
THE ALHAMBRA FOUNDATION.....................................10 'HVFULSWLRQ
+LVWRU\ 3KLORVRSK\ )RFL 6SKHUH 4XRWH 6WHUHRW\SHV
Alternate Etheric Science.....................................................10
AKASHIC BROTHERHOOD PARADIGM............................3
:L]DUGV 8UEDQ0\WKRORJLVWV
$XWKRU V1RWHV 7KH3DUDGLJP 0DJLFN 6SKHUHV $UHWH7KH3DWK 4XLQWHVVHQFH.L&KL 3DUDGR[,QFRUUHFWDFWLRQ $VFHQVLRQ(QOLJKWHQPHQW
,QWURGXFWLRQ 5DGLFDO6FLHQWLVWV $UPFKDLU6FLHQWLVWV 3DUDSV\FKRORJLVWV
7KH(GXFDWRUV
+HURHV
3XOS+HURHV 6XSHUKHURHV *XQJ+R3V\FKR$WWDFN6FLHQWLVWV
(WKHUQDXWV
6WDUMDPPHUV 9LFWRULDQVDND,QGXVWULDO9LFWRULDQ(WKHULVPRU6WHDPSXQN 6SDFHER\VDND$UW'HFR
Secret Sects of the Akashic Brotherhood.............................4 $XWKRU V1RWHV 'HVFULSWLRQ 6LPLODULWLHVEHWZHHQ2UDQJH5REHVDQGWKH6FDOHVRIWKH 'UDJRQ 7KH3UDFWLFHVRI2UDQJH5REHV 7HDFKLQJVRIWKH6FDOHVRIWKH'UDJRQ 6LPLODULWLHVRI
2WKHUV
THE ANCIENT ORDER OF SEERS...................................13
,QGH[
%DFNJURXQG 1DPHV 3KLORVRSK\ 2UJDQL]DWLRQ 0HHWLQJV
,QLWLDWLRQ 6SKHUH $FRO\WHV &RQFHSWV )RFL )RFL1RWHV 4XRWH 6WHUHRW\SHV 5RWHV 2SWLRQDO5XOH6HHUVDQGWKH6WDJH
$YDWDU )ROORZHUV &RQFHSWV 6WHUHRW\SHV 1RWHV
BLACKSMITH......................................................................26 +LVWRU\ 3KLORVRSK\ 2UJDQL]DWLRQ 0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUH )RFL &RQFHSWV 6WHUHRW\SHV
THE ANIMAGICIANS...........................................................15 ,QWURGXFWLRQ $)HZ1RWHVDERXWWKH$QLPDJLFLDQV 3KLORVRSK\ 2UJDQL]DWLRQ 0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUH )RFL &RQFHSWV 6WHUHRW\SHV 5RWHVRIWKH$QLPDJLFDQV $QLPDJLFLDQ7DOLVPDQV
BLADES OF MERCURY......................................................27
THE APOSTLES OF IALDABAOTH..................................17
BROTHERHOOD OF CAINE.............................................29
'HVFULSWLRQ 3KLORVRSK\ ,QLWLDWLRQ 6SKHUHVDQGPDJLFN &KDQWU\ 0HHWLQJV $FRO\WHV &RQFHSWV 2WKHU1DPHV 3RSXODUV\PEROV 6WHUHRW\SHV 4XRWH 5RWHV
ASATRU................................................................................20 7KH6SHHFKRIWKH+LJK2QH +LVWRU\RIWKH$VDWUX $VDWUX7RGD\ 7KH)DLWK 3KLORVRSK\ 2UJDQLVDWLRQ 0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUH )RFL &RQFHSWV 4XRWH 6WHUHRW\SHV 5RWHV *DOGHUV 5XQHV3ULPH 6HLG6SLULW7LPH 7DOLVPDQV $UWLIDFW
'HVFULSWLRQ 5RWHV 3KLORVRSKLHV 7HPSODWHV
BROTHERHOOD OF BERTRANDO................................29 'HVFULSWLRQ 'HVFULSWLRQ 3KLORVRSK\ 2UJDQL]DWLRQ 0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUHV )RFL &RQFHSWV
BROTHERHOOD OF THE MYSTICAL WORK.............30 'HVFULSWLRQ
CABALISTS............................................................................31 ,QWURGXFWLRQ 2ULJLQDQG+LVWRU\ /LQNVWR2WKHU*URXSV 7KH&DEDOD 3KLORVRSK\ 2UJDQLVDWLRQDQG0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUH )RFL &RQFHSWV 4XRWH 6WHUHRW\SHV 5RWHV
CARTOGRAPHERS.............................................................34 3DUDGLJP&KRLFH 0DJLFN'HFLVLRQPDNLQJ 6SKHUHV
AVATARS OF JUSTICE......................................................24 3UHOXGH 'HVFULSWLRQ 2ULJLQV 3KLORVRSK\ 7RROV6W\OH 2UJDQL]DWLRQ ,QLWLDWLRQ
&RUUHVSRQGHQFH0RYHPHQW (QWURS\7KH&RKHVLYH&KRLFH )RUFHV7KH$FWLYH&KRLFH 0DWWHU7KH6WDWLF&KRLFH /LIH7KH9HVVHO 0LQG7KH1DYLJDWRU 3ULPH3RVVLELOLW\ 6SLULW7KH8QFKRVHQ 7LPH7KH9R\DJH
%DFNJURXQGV
,QGH[
$UHWH3HUVSHFWLYH $YDWDU&RQYLFWLRQ 3DUDGR[(GGLHV8QVWDEOHODQGVFDSH 4XLQWHVVHQFH7UDSSHG3RVVLELOLW\ $UFDQH3ULYDF\ 'HVWLQ\:LQGLQ\RXU6DLOV 'UHDP,QVLJKW 1RGH 7DOLVPDQ
4XLQWHVVHQFH 3DUDGR[ $ZDNHQLQJ 0DJHVSHFLILF%DFNJURXQGV
CELESTINE..........................................................................46 3UHOXGH 'HVFULSWLRQ 3KLORVRSK\ 6W\OH 6SKHUH &RPPRQ)RFL 2UJDQL]DWLRQ ,QLWLDWLRQ $FRO\WHV &RQFHSWV
)RFL &RQVHQVXDOUHDOLW\ 6WHUHRW\SHV 7KH7UDGLWLRQV 7KH7HFKQRFUDF\ :HUHZROYHV 9DPSLUHV :UDLWKV
CEREBUS..............................................................................47 %DFNJURXQG 2UJDQL]DWLRQ 0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUHV )RFL &RQFHSWV 6WHUHRW\SHV 5RWHV 7DOLVPDQV 2SWLRQDOQRWHV
1HZ6NLOO&DUWRJUDSK\ &KDQWU\7KH(UUDWLFXV5H[
HISTORY OF THE CELESTIAL CHORUS......................37 $XWKRU V1RWHV 7KH0LQRDQV $NKHQDWRQ 7KH([RGXVDQGWKH)LUVW6FKLVP 7KH5LVHDQG)DOORI,VUDHO =RURDVWULDQLVP 7KH5HGHHPHU 7KH6HFWVRIWKH(DUO\&KXUFK 7KH5RPDQ&KXUFK 7KH(DUO\0HGLHYDO&KXUFKDQGWKH'LYLQH3DUDGLJP 7KH&KDOOHQJHRI,VODPDQGWKH)DLOXUHRIWKH 5HFRQFLOLDWLRQ 7KH,QTXLVLWLRQ 7KH3URWHVWDQW5HIRUPDWLRQDQGWKH)DOORIWKH&KXUFK 7KH*UDQG([SORUDWLRQ 7KH6HYHQWK&RXQFLORI1LFDHD 7KH7ULEXQDODQGWKH+RUL]RQ:DUV 7KH&HOHVWLDO&KRUXV1RZ 6XEWUDGLWLRQV
0LVVLRQDULHV )ROORZHUVRIWKH8QLYHUVDO3DWK *QRVWLFV %HQH*HVVHULW 6HUYDQWVRIWKH6XQ 0LOOHQLDOLVWV 7KH,QTXLVLWLRQ &DEDOLVWV 'LVFLSOHVRI0RKDPPHG
CHAMBER OF THORNS...................................................49 +LVWRU\ 2UJDQL]DWLRQ 0DJLFN
THE CHILDREN OF THE ANTICHRIST..........................49 'HVFULSWLRQ 3KLORVRSK\ 2UJDQLVDWLRQ 0HHWLQJVDQG7KHXUJ\ ,QLWLDWLRQ 5HODWLRQVWR2WKHU7UDGLWLRQV &KDQWU\ $FRO\WHV 6SKHUH )RFL &RQFHSWV 6WHUHRW\SHV 5RWHV
CHILDREN OF AVALON....................................................52 %DFNJURXQG 3KLORVRSK\ 2UJDQL]DWLRQ 3ULPDU\VSKHUH )RFL &RQFHSWV $FRO\WHV 6WHUHRW\SHV
2UJDQL]DWLRQ 0HWDSK\VLF &RUUHVSRQGHQFH (QWURS\ )RUFH /LIH 0LQG 3ULPH 6SLULW 7LPH
THE CHILDREN OF INDRA'S LIGHTENING...................53 CONGLOMERATION........................................................54
6WHUHRW\SHV
CELESTIAL CHORUS PARADIGM...................................45 $XWKRU VQRWHV 7KH3DUDGLJP 0DJLFN 6SKHUHV $UHWH
,QGH[
'HVFULSWLRQ 3KLORVRSK\ 2UJDQL]DWLRQ 0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUH )RFL &RQFHSWV
4XRWH 6WHUHRW\SHV
7UDQ 7LPH0RVTXLWRV -XPSLQJ3ODQWV :DLWLQJ5DEELWV 7LPHVSLGHUV (DWLQJ%DOOV 6QDWFKHUV
CONSTABLES......................................................................55 THE CONTINUUM.............................................................58 35()$&(
,QWURGXFWLRQWRWKH&RQWLQXXPDQG1H[XV $Q$OWHUQDWLYH&KURQLFOH7KH&RQWLQXXPYVWKH 7HFKQRFUDF\ 9LUWXDOVDQG5RWHV %LEOLRJUDSK\ $FNQRZOHGJHPHQWV
&RGLQJ9LUWXDOV
,QWURGXFWLRQ &RGLQJ([SODQDWLRQV ([LVWLQJ9LUWXDO&RGHVXSGDWHG 9LUWXDO6&,6(09039DPS:RUOG 9LUWXDO66:9<))XQJDO:LQG 9LUWXDO6&18$(752:RWDQ
7+(&217,1880 6SHFLDOLW\6SKHUH 6HFRQGDU\6SKHUHV +LVWRU\DQG2YHUYLHZ 3KLORVRSK\ 2UJDQLVDWLRQ 0HHWLQJV ,QLWLDWLRQ 2WKHU,QIRUPDWLRQ 6SKHUH )RFL &RQFHSWV 4XRWH 6WHUHRW\SHV 7UDGLWLRQV 2USKDQV 2UGHURI+HUPHV
Southron Republic................................................................79 9LUWXDO,8 (6(67+6RXWKURQ5HSXEOLF 3UHOXGH $6KRUWDQG6HFUHW+LVWRU\RIWKH6RXWKURQ5HSXEOLF 7KH3RVW:DU:RUOG %HKLQGWKH6FHQHV )DFWV$QG)LJXUHV 1RWHRQ5DFH5HODWLRQVDQG3RSXODWLRQ'HPRJUDSKLFV
COURSERS..........................................................................84 'HVFULSWLRQ 3KLORVRSK\ 4XRWH 2UJDQL]DWLRQ ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUH )RFL 7DOLVPDQ 6WHUHRW\SHV &UHGLWV
7+(&217,18803$5$',*03$*(
1RWH 7KH3DUDGLJP 0DJLFN 6SKHUHV 3DWWHUQV $UHWH 4XLQWHVVHQFH 3DUDGR[ $ZDNHQLQJ$VFHQVLRQ 0DJH6SHFLILF%DFNJURXQGV 9LHZVRQRWKHU0DJHUHODWHGLVVXHV
CONTINUUM AND NEXUS..............................................65 1(;867KH6KDGH5HDOPRI7LPH
CPAC......................................................................................85 THE CORE............................................................................85 5RWHV $XJPHQWDWLRQ7DOLVPDQV 6WHUHRW\SHV
CRAFTMASONS..................................................................88 'HVFULSWLRQ 3KLORVRSK\ 6W\OH 6SKHUH &RPPRQIRFL 2UJDQL]DWLRQ 6WHUHRW\SHV
7KHPH $Q,QWURGXFWLRQWR1H[XV
1(;867+(5($/0
,QWURGXFWLRQ 7LPHDQGWKH(QYLURQPHQW 6SKHUH5DWLQJV 3DUDGR[ 1RGHVDQG9LUWXDOV &HQWUDO2IILFH&2 &RQWLQXXP3ROLF\5HJDUGLQJ9LUWXDOV 3ROLF\5HJDUGLQJWKH7UDGLWLRQVDQG7HFKQRFUDF\ 3ROLF\5HJDUGLQJWKH0DUDXGHUV
CTHULHOIDS......................................................................89 $XWKRU V1RWHV 1LFNQDPHV 7KH3DUDGLJP 0DJLFN 6SKHUHV $UHWH 4XLQWHVVHQFH 3DUDGR[ $ZDNHQLQJ %DFNJURXQGV
$&&(66729,578$/6$1'1(;86
,QWURGXFWLRQ 1HZ3URFHGXUHV 7HPSRUDO$YDWDUV *DWHZD\VDQG$FFHVVLQJ1H[XV 1HZ3URFHGXUH7HPSRUDO&RQWDLQPHQW
CONTINUUM AND NEXUS MODIFICATIONS.............72
CULT OF ECSTASY PARADIGM.....................................90
&UHDWXUHVRI1H[XV
,QWURGXFWLRQ /DQFH*UDVV )XQJDO:LQG 6KLPPHU:DYH .HHYDU )DOOHUV
,QGH[
7KH3DUDGLJP 0DJLFN 6SKHUHV $UHWH 4XLQWHVVHQFH 3DUDGR[ 0DJHVSHFLILF%DFNJURXQGV
2UJDQLVDWLRQ &KDQWU\ 0HHWLQJV $FRO\WHV &RQFHSWV 4XRWH 6WHUHRW\SHV 5RWHV )XUWKHU5HDGLQJ
CULT OF FINAL ECSTASY................................................91 )RFL 6WHUHRW\SHV 2WKHUVYLHZVRIWKH&XOW 6RPH&RPPRQ5RWHV
CULT OF MAGNA MATER..............................................93 'HVFULSWLRQ 3KLORVRSK\ 2UJDQLVDWLRQ 0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUH )RFL &RQFHSWV 4XRWH 5RWHV
DREAMSPEAKERS PARADIGM.......................................107 $XWKRU VQRWHV 'HVFULSWLRQ
DYNAMICS..........................................................................107 'HVFULSWLRQ 3KLORVRSK\ 2UJDQL]DWLRQ 0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUH)RFL &RQFHSWV 4XRWHV 6WHUHRW\SHV
CYBERGNOSTICS...............................................................95 'HVFULSWLRQ 0DJLFN 5RWHV 9LUWXDO$GHSW3DUDGR[%HLQJV
CYBER-QABALISTS............................................................96 DANCERS.............................................................................97
EBONITES...........................................................................109 +LVWRU\ 3KLORVRSK\ 6W\OH 6SKHUHV &RPPRQ)RFL 2UJDQL]DWLRQ ,QLWLDWLRQ
6WHUHRW\SHV 5RWHV
THE DARK HARMONY......................................................99 ,QWURGXFWLRQ 'HVFULSWLRQ 2UJDQL]DWLRQ 0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUH )RFL &RQFHSWV 4XRWH
DEADHEADS........................................................................99 DECKERS............................................................................100
EMPATHS...........................................................................109 'HVFULSWLRQ 7KH(PSDWK V8QLYHUVH 3V\FKLF3URMHFWLRQRIWKH:LOO0DJLFN 7KH9LUWXHV7KH6SKHUHV )RFL 3VLRQV4XLQWHVVHQFH 3DUDGR[ 0LVFHOODQ\
Enochians...............................................................................111 'HVFULSWLRQ +LVWRU\DQG3KLORVRSK\ 3KLORVRSK\ 2UJDQLVDWLRQ 0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUH &RQFHSW )RFL 4XRWH 6WHUHRW\SHV ([DPSOH5RWHV
'HVFULSWLRQ *DPH6WDWV 4XLQWHVVHQFH 1HZ%DFNJURXQG'HFN
DISCIPLES OF ERIS...........................................................100 3DUHQW7UDGLWLRQ 'HVFULSWLRQ 3KLORVRSK\ 6W\OH 6SKHUH &RPPRQ)RFL 2UJDQL]DWLRQ ,QLWLDWLRQ $FRO\WHV &RQFHSWV 6WHUHRW\SHV
ECOLOGIC..........................................................................114 EPICUREAN GUILD............................................................114
DISCORDIANS.....................................................................101
'HVFULSWLRQ
6WHUHRW\SHV 6RPH'LVFRUGLDQ5RWHV
ESCHERS..............................................................................115
DREAMERS.........................................................................102 'HVFULSWLRQ 'UHDPVDQG'UHDPLQJ 6SKHUHVDQG0DJLFN )RFL 3KLORVRSK\
,QGH[
'HVFULSWLRQ 3KLORVRSK\ 6W\OH 6SKHUH &RPPRQ)RFL 2UJDQL]DWLRQ ,QLWLDWLRQ
$FRO\WHV &RQFHSWV
ESPERS.................................................................................115
7DOLVPDQV
THE GUILD OF ARTIFICERS AND ALCHEMISTS.......130 +LVWRU\ 3KLORVRSK\ 2UJDQLVDWLRQ 0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUH )RFL 4XRWH 6WHUHRW\SHV 5RWHV
+LVWRU\ 6SKHUH )RFL &KDQWU\ 3KLORVRSK\ *DPH0HFKDQLFV ,QWURGXFLQJHVSHUVLQWR\RXUFDPSDLJQ
Mage: The Void...................................................................116 7KH(WKHULDQ/HDJXH
+LVWRU\ )DFWLRQV 5HFHQW+LVWRU\ $ERXW7KH*HUQVEDFN&RQWLQXXP $7KRXJKW
Mage: The Void...................................................................118 'LVFODLPHUV 3URFODLPHU
+LVWRU\
THE HIDDEN CIRCLE.......................................................133 Stereotypes...........................................................................133 HISTORIANS.......................................................................134 5RWHV 7DOLVPDQ
HOLY ONES........................................................................137 3UHOXGH 'HVFULSWLRQ 3KLORVRSK\ 2UJDQL]DWLRQ 0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUHV )RFL &RQFHSWV 4XRWH 9LHZV 5RWHV
Euthanatos: Beyond the Good Death.................................118 3UHDPEOH %DFNJURXQG +LVWRU\ 3DUDGLJP (VFKDWRORJ\ &RVPRORJ\DQG0DJLFN $6DQVNULW*ORVVDU\
EUTHANATOS PARADIGM (version 1)...........................120 7KH3DUDGLJP 0DJLFN 6SKHUHV $UHWH 4XLQWHVVHQFH 3DUDGR[ $ZDNHQLQJ 0DJHVSHFLILF%DFNJURXQGV
EUTHANATOS PARADIGM (version 2)...........................121 7KH*UHDW:KHHO7KH7HOOXULDQ 7KH9HQRXV6WHSV7KH6SKHUHV ,QHUWLD4XLQWHVVHQFH )ULFWLRQ+HDW3DUDGR[ 0LVFHOODQ\
THE HOMELESS...............................................................139 'LVFXVVLRQ &RQFHSWV 0DJLFN &KDUDFWHU&UHDWLRQ
THE HORSEMEN OF THE APOCALYPSE....................141 7KH&RRUGLQDWRU&RXQFLO 6WRU\,GHDV
ORDER OF HERMES: HOUSE IGNACIO......................143 $XWKRU VQRWH 'HVFULSWLRQ 3KLORVRSK\ %DFNJURXQG )RFL 6SKHUHV 4XRWH 6WHUHRW\SHV
FIANNA EIRINN...................................................................123 6WHUHRW\SHV
GNOSTICS..........................................................................124 'HVFULSWLRQ +LVWRU\ 7KH*QRVWLFV7RGD\ *QRVWLF3KLORVRSK\ 3KLORVRSK\ 2UJDQLVDWLRQDQG:ULWLQJV 0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUH )RFL &RQFHSWV 4XRWHV 6WHUHRW\SHV 5RWHV
GOETIA...............................................................................127 6WHUHRW\SHV 5RWHV (OHPHQWDOVXPPRQLQJV
HSIEN SHIH: The Wandering Scholars...........................144 'HVFULSWLRQ 3KLORVRSK\ 6W\OH 6SKHUH &RPPRQ)RFL 2UJDQL]DWLRQ ,QLWLDWLRQ $FRO\WHV &RQFHSWV 4XRWH 7KH%DODQFHRI0DJLFN +DUPRQ\RIWKH:RUOGVWKRXJKWVRQWKHRWKHUV
ILLUMINATES....................................................................145
,QGH[
'HVFULSWLRQ
ISTREB.................................................................................147
LUCIFERION JUSTIKUM..................................................159
7KH3DVW &XUUHQW6WDWXV 6WUXFWXUH 5HJXODWLRQV 7KH&RPPRQ.QRZOHGJH 7KH6XSHUQDWXUDO$QJOH 2WKHU*URXSV 7R\VIRUWKH%R\V &\EHUQHWLFV
,QWURGXFWLRQ 3KLORVRSK\ 6W\OH 6SKHUH &RPPRQ)RFL 2UJDQL]DWLRQ 7KH/XFLIHULRQ-XVWLNXP5HJHOWXP ,QLWLDWLRQ $FRO\WHV &RQFHSWV 6WHUHRW\SHV
JEDI KNIGHTS (version 1)...................................................150 JEDI (version 2).....................................................................151 3KLORVRSK\7KH)RUFH 6SKHUHV 6SHFLDOW\VSKHUH )RFXV 7DOLVPDQ -HGL V9LHZVRIWKH2WKHUV 5RWHV )DPRXV-HGL 7KH(PSHURU VYLHZVRQWKHRWKHUV
MASTERS OF CEREMONY.............................................161 'HVFULSWLRQ 3KLORVRSK\ 2UJDQL]DWLRQ 0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUH )RFL &RQFHSWV 4XRWH 6WHUHRW\SHV 6\PERO
Jedi (version 3)......................................................................152 $XWKRU VQRWH 'HVFULSWLRQ 6WDUWLQJ6SKHUH $WWULEXWHV $ELOLWLHV %DFNJURXQGSRLQWV )UHHELHSRLQWV 0D[LPXP7UDLW5DWLQJ 5HVWULFWLRQRQ$ELOLWLHV 1HZ6NLOO/LJKWVDEHU 1HZ.QRZOHGJH-HGL/RUH 7DOLVPDQ 9LHZV
MATHEMAGICIANS..........................................................162 5HODWLRQVWRRWKHUFRQYHQWLRQV 5RWHV 'U5REHUW+LOO
MC LUHAN'S KIDS............................................................164 ,QWURGXFWLRQ 'HVFULSWLRQ 3KLORVRSK\ 2UJDQL]DWLRQ ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUHV )RFL &RQFHSWV 4XRWH 6WHUHRW\SHV 7KH5HPRWH 7KH2WKHUZRUOG .LG V0DJLFN 3LUDWH79 .LG7DOLVPDQV 5RWHV +RZWKH.LGVUHODWHWRWKH:RUOGRI'DUNQHVV
JHADAYE..............................................................................153 6WHUHRW\SHV
LEAGUE OF CARTOGRAPHERS.....................................155 3UHOXGH 7KH/HDJXHRI&DUWRJUDSKHUV 3KLORVRSK\ 2UJDQL]DWLRQ 0HHWLQJV ,QLWLDWLRQ 6WURQJKROG $FRO\WHV 6SKHUH )RFL &RQFHSWV 4XRWH 6WHUHRW\SHV 1RWHVRQ)RFL )DYRULWH3URFHGXUHV (PEOHP
MEGANS.............................................................................168 $XWKRU V1RWHV 'HVFULSWLRQ +LVWRU\ $GYDQWDJHV 5ROHSOD\LQJ1RWHV ,GHDV
LEAGUE OF DEGENERATION........................................157 ,QWURGXFWLRQ 2YHUYLHZ 3KLORVRSK\ 2UJDQL]DWLRQ 0HHWLQJV ,QLWLDWLRQ $FRO\WHV 6SKHUH )RFL &RQFHSWV 4XRWH 6WHUHRW\SHV
MINIMISTS.........................................................................169
,QGH[
$XWKRU V1RWHV 3UHOXGH 2YHUYLHZ 3KLORVRSK\ 2UJDQL]DWLRQ 0HHWLQJV ,QLWLDWLRQ &KDQWU\ 6SKHUH &RPPRQ)RFL
$FRO\WHV &RQFHSWV 6WHUHRW\SHV 6RPH&RPPRQ5RWHV
$ZDNHQLQJ 0DJHVSHFLILF%DFNJURXQGV
ORDER OF ST. NERIUS...................................................189 7KH2UGHURI6W1HULXV 7KH6WULFWXUHV 6WHUHRW\SHV
MURPHY'S LAW.................................................................171 1DPHV %DFNJURXQG 3KLORVRSK\ 2UJDQL]DWLRQ 0HHWLQJV ,QLWLDWLRQ $FRO\WHV 6SKHUH )RFL 3DUDGR[ 6WHUHRW\SHV 6RXUFHV
ORDER OF TREMERE......................................................191 ,QWURGXFWLRQ +LVWRU\ 3KLORVRSK\ 2UJDQL]DWLRQ 0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUH )RFL &RQFHSWV 4XRWH 6WHUHRW\SHV 5RWHV 6SHFLDO%RQXVHVDQG+LQGUDQFHV 1HZ%DFNJURXQGV
NECROMANCERS.............................................................176 6WHUHRW\SHV 5RWHV ,QWURGXFWLRQ
'DUN$YDWDU 'DUN1DWXUH
&RUUXSWLRQ *DLQLQJ&RUUXSWLRQ /RVLQJ&RUUXSWLRQ
OUJELITAS.........................................................................196 6KRUW+LVWRU\ 7KH3DUDGLJP 0DJLF 6SKHUHV (OHPHQWVRI0DJH7KH$VFHQVLRQ %DFNJURXQGV &XUUHQWH[WHQVLRQRIWKH&XOW &XUUHQWSUDFWLFHV 6WUXFWXUHRI3RZHU 5RWH
7DLQWV 5HGHPSWLRQ
NEW AGE TRAVELERS...................................................179 6WHUHRW\SHV
NUMEROLOGISTS...........................................................180 3KLORVRSK\ 2UJDQLVDWLRQ 0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUHV )RFL &RQFHSWV 4XRWH 6WHUHRW\SHV 1XPHURORJLVW0DJLF1RWHV
PARAPSYCHOLOGISTS....................................................199 6WHUHRW\SHV
THE PRIESTESSES OF INANNA....................................200 'HVFULSWLRQ 3KLORVRSK\ 2UJDQLVDWLRQ 0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUH )RFL &RQFHSWV 4XRWH 5RWHV
OCTARINE MAGES...........................................................183 3UHOXGH 7KH,OOXPLQDWHG%UHWKUHQRI2FWDULQH/LJKW 1LFNQDPH 3KLORVRSK\ $FRO\WHV ,QLWLDWLRQ &RQFHSWV )RFL 3DUDGLJP 2XWORRN 4XRWH 7KH'LVFZRUOG
PROGNOSTICATORS (FORECASTERS)......................202 PSIONIC MAGES AND THE PHOENIX COVENANT.204 3VL,QWHUQDO3RWHQWLDO 3KRHQL[&RYHQDQW
3KLORVRSK\ 6W\OH 6SKHUH &RPPRQ)RFL 5RWH)RFL 2UJDQL]DWLRQ ,QLWLDWLRQ $FRO\WHV &RQFHSWV 6WHUHRW\SHV
THE ORDER OF AESCLEPIUS........................................186 6WHUHRW\SHV
ORDER OF THE ETERNAL DAWN................................187 5RWHV
ORDER OF HERMES PARADIGM...................................188 7KH3DUDGLJP 0DJLFN 6SKHUHV $UHWH 4XLQWHVVHQFH 3DUDGR[
PYTHAGOREAN BROTHERHOOD................................206
,QGH[
+LVWRU\ 3KLORVRSK\ 2UJDQLVDWLRQ
0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUH )RFL &RQFHSWV 4XRWH 5RWHV
SHINTO DREAMSPEAKERS............................................223 HOUSE OF SINANJU........................................................224 'HVFULSWLRQ 3KLORVRSK\ 2UJDQL]DWLRQ 0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUH )RFL &RQFHSW 4XRWH 6WHUHRW\SHV
QUANTUM MECHANICS...............................................208 HOUSE RHIANNON..........................................................210 +LVWRU\ &KDUDFWHU&UHDWLRQ ,QLWLDWLRQ 2UJDQL]DWLRQ &KDQWU\ &RQFHSWV $FRO\WHV &RPPRQ)RFL :HDNQHVV 3KLORVRSK\ 6WHUHRW\SHV
SOCIAL ENGINEERS........................................................225 'HVFULSWLRQ 3KLORVRSK\ 4XRWH 2UJDQLVDWLRQ 0HHWLQJV ,QLWLDWLRQ &RQVWUXFWV $FRO\WHV 6WHUHRW\SHV 5RWHV
ROSICRUCIANS.................................................................212 'HVFULSWLRQ 3KLORVRSK\ 2UJDQL]DWLRQ 0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUH 9LHZVRIWKH6SKHUHV )RFL &RQFHSWV 4XRWH 6WHUHRW\SHV 5RWHV
THE SOCIETY OF SENTINELS......................................227 SOLIFICATI........................................................................228 +LVWRU\ 3KLORVRSK\ 6W\OH 2UJDQL]DWLRQ ,QLWLDWLRQ 6SKHUH )RFL 6WHUHRW\SHV 5RWHV
6WHUHRW\SHV
SONS OF ETHER PARADIGM AND WEIRD SCIENCE ...............................................................................................231
RUNELORDS......................................................................216
7KH3DUDGLJP
RUNECASTERS..................................................................215
3KHQRPHQD0DJLFN 6XEFRQVFLRXV$YDWDU *HQLXV$UHWH 7KH(FWRWURSLF3ODQH7KH8PEUD 7KH&DWHJRULHV7KH6SKHUHV 3DUDGR[ 0LVFHOODQ\
'HVFULSWLRQ 7KH$YDWDU 1DWXUHRIWKH6FULEHV 7KH7UHPHUH 6LJLOVZDUGVDQGWDWWRRV 5XQHORUGVDQGWKH7UDGLWLRQV
RUNESEERS........................................................................218 'HVFULSWLRQ 6HHPLQJV /LIHVW\OHV $SSHDUDQFH $IILQLWLHV %LUWKULJKWV )UDLOWLHV 2XWORRN 4XRWH )RFL %DFNJURXQGV ([SHULHQFH7DEOH
SATURDAY'S CHILDREN.................................................219 6WHUHRW\SHV
:HLUG6FLHQFH
,QYHQWLRQV5RWH)RFL 6\VWHP $GYDQWDJHV
SONS OF ETHER: KEPLERIANS.....................................232 2YHUYLHZ 7KH3DUDGLJP7KH0RGHO 0DJLFN7KHRUHP $UHWH,QVLJKW 7KH6SKHUHV 0DJHVSHFLILF%DFNJURXQGV
SONS OF ETHER PARADIGM: MAGICK, SCIENCE AND TECHNOLOGY, THE THREE KEYS...............................233
SEEKERS OF THE MIRROR'S SHARDS........................220 5RWH
SEEKERS OF THE VOID..................................................221 6WHUHRW\SHV 5RWHV
SHADES...............................................................................223
,QGH[
3DUDGLJP $VFHQVLRQ 0DJLFN 3DUDGR[ 6SKHUHV $UHWH 4XLQWHVVHQFH
0DJH%DFNJURXQGV
,WHUDWLRQ; 1HZ:RUOG2UGHU 3URJHQLWRUV 6\QGLFDWH 9RLG(QJLQHHUV
SONS OF ETHER PARADIGM: THE QUANTUM WAVE ..............................................................................................234 7KH3DUDGLJP 0DJLFN 6SKHUHV 3DUDGR[ $UHWH 4XLQWHVVHQFH 0DJHVSHFLILF%DFNJURXQGV
THEORETICAL THEISTS................................................252 ,QWURGXFWLRQ +LVWRU\ 7KH8QLRQRI6FLHQFHDQGWKH'HYLQH$UFKLWHFW 0DJLFN(IIHFWV 5HODWLRQVZLWKWKHRWKHU7UDGLWLRQVDQGWKH&RQYHQWLRQV 2WKHU'HQL]HQVRIWKH:RUOGRI'DUNQHVV
SONS OF JUPITER............................................................235 6WHUHRW\SHV 5RWHV
THE THIRD STAR..............................................................253 3UHOXGH 'HVFULSWLRQ 3KLORVRSK\ 2UJDQL]DWLRQ 0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUH )RFL &RQFHSWV 4XRWH 6WHUHRW\SHV 1RWHVRQ)RFL (PEOHP
SONS OF LOVECRAFT...................................................238 6WHUHRW\SHV
SPANNERS..........................................................................238 'HVFULSWLRQ 3KLORVRSK\ 2UJDQL]DWLRQ 0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUH )RFL &RQFHSWV 5RWHV 1HZ0HULWVDQG)ODZV
TIME LORDS.....................................................................256 'HVFULSWLRQ 3KLORVRSK\ 2UJDQL]DWLRQ 0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV )RFL &RQFHSW 4XRWH 6WHUHRW\SHV 5RWHV 7DOLVPDQ
SPIRITUAL KNIGHTS.......................................................240 6WHUHRW\SHV
SUBDUCTIONISTS............................................................241 SUMMONERS...................................................................242 +LVWRU\ 3KLORVRSK\ 6W\OH 6SKHUHV &RPPRQ)RFL 2UJDQL]DWLRQ ,QLWLDWLRQ
TECHNITE MAGI..............................................................243 %DFNJURXQGV $NDVKLF%URWKHUKRRG7HFKQLWHV &HOHVWLDO&KRUXV &XOWRI(FVWDV\ 'UHDPVSHDNHU7HFKQLWHV (XWKDQDWRV7HFKQLWHV 2UGHURI+HUPHV7HFKQLWHV 6RQVRI(WKHU7HFKQLWHV 9HUEHQD7HFKQLWHV 9LUWXDO$GHSW7HFKQLWHV
TECHNOLIBERTARIAN...................................................244 6WHUHRW\SHV 1RWHV 1HZ9LUWXHV)ODZV
PLAYERS GUIDE TO THE TECHNOCRACY...............245 7KH7HFKQRFUDF\0DQLIHVWR
7KH2ULJLQDO7H[WZULWWHQVRPHWLPHGXULQJWKHWK FHQWXU\ *RDOVRIWKH7HFKQRFUDF\DGGHGWRWKHPDQLIHVWRLQWKHWK FHQWXU\
9LHZV 7HFKQRFUDF\/HDGHUVKLS 7KH6HUYDQWVRIWKH7HFKQRFUDF\ 7KH'LYLVLRQVRI7HFKQRPDQFHUV 7HFKQRFUDWLF+LVWRU\
TRAVELERS.......................................................................257 TRENCHCOATERS...........................................................258 3UHOXGH +LVWRU\ 3KLORVRSK\ 2UJDQL]DWLRQ 0HHWLQJV &KDQWU\ $FRO\WHV 6SKHUH )RFL &RQFHSWV 4XRWH 6WHUHRW\SHV 6SHFLDO3RZHUV 9DULDEOHDQG'LPLQLVKLQJ%DFNJURXQGV 3DUDGR[
THE UNCONSCIOUS......................................................264 'HVFULSWLRQ
WANDERERS....................................................................264
,QGH[
'HVFULSWLRQ *DPH0HFKDQLFV 3KLORVRSK\ 2UJDQL]DWLRQ
0HHWLQJV ,QLWLDWLRQ &KDQWU\ $FRO\WHV 6SKHUH )RFL 6WHUHRW\SHV :DQGHUHUVDQGWKH7HFKQRFUDF\
THE WEAVERS.................................................................266 'HVFULSWLRQ 3DUDGLJP7KH:HDYH 0DJLFN5H:HDYLQJ 6SKHUH 6SKHUHGHVFULSWLRQV $UHWH 4XLQWHVVHQFH7KH3RZHU 3DUDGR[8QUDYHOLQJ $ZDNHQLQJ 0DJHVSHFLILF%DFNJURXQGV 2SLQLRQVRQRWKHU$ZDNHQHG
THE WHEEL TURNERS..................................................267 ,QWURGXFWLRQ :KR$UH7KH\" :KDW0DNHVD:KHHO7XUQHU 3KLORVRSKLHVDQG3UDFWLFHV %XUGHQV0RVW+HDY\ +LVWRU\RIWKH:KHHO7XUQHUV
&RQFHSWLRQ 3UHJQDQF\ %LUWK :HDQLQJ +RUL]RQ&KDQWU\ 3UHVHQW'D\
WIKA...................................................................................270 6WHUHRW\SHV
WORSHIPPERS OF THE WHISPERING BLADE...........271 :RUVKLSSHUVRIWKH:KLVSHULQJ%ODGH 6WHUHRW\SHV
YAMOMAMO SHABORI..................................................272 'HVFULSWLRQ 6KDERUL)RFL
,QGH[