SlideShare uma empresa Scribd logo
1 de 12
Baixar para ler offline
/HVVRQV IURP /,*$77 _ 1DWLRQDO &EHU 6HFXULW                                                   KWWSQDWLRQDOFEHUVHFXULWFRPOHVVRQVIURPOLJDWW



                    +RPH
                    $ERXW
                    RQWDFW
                    (DUQ DVK %ORJJLQJ
                    /RJ ,Q
                    16 'DLO 5DGLR


          /HVVRQV IURP /,*$77
          1HZV5RRP _ -XO  




          , KDYH EHHQ ZULWLQJ ERRN UHYLHZV RQ LQIRUPDWLRQ VHFXULW DQG WHFKQRORJ ERRNV IRU TXLWH D ZKLOH 7RSLFV VXFK DV DXWKHQWLFDWLRQ VHFXULW
          GHVLJQ RSHUDWLRQDO UHVLOLHQFH ELRPHWULFV DQG VHFXULW SROLF DUH UDWKHU WDPH DQG PRVW RI WKH UHYLHZV GRQ¶W JHQHUDWH D KXJH DPRXQW RI
          FRQWURYHUV

          ,Q IDFW EHIRUH -XQH  QR ERRN UHYLHZ , ZURWH HYHU OHDG WR EHLQJ LQWHUYLHZHG E D PDMRU QHWZRUN IRU DQ H[SRVH RI WKHLUV RU D SHUVRQDO
          DWWDFN E WKH DXWKRU LQFOXGLQJ EHLQJ FDOOHG D UDFLVW DQG D VWRFN EDVKHU
DJDLQVW PVHOI KULV -RKQ 5LOH 6DP %RZQH DQG RWKHUV
          7KHVH FULWLTXHV E DIRUHPHQWLRQHG DQG RWKHUV ZHUH QHYHU D SHUVRQDO LVVXH DQG WKLV DUWLFOH LV VLPSO D UHFRUG RI OHVVRQV OHDUQHG

                                                 :ULWLQJ ERRN UHYLHZV LV VRPHWKLQJ , GR DV D SDVWLPH DQG ZLWK WKDW , JHQHUDOO UHIUDLQ IURP ZULWLQJ
                                                 QHJDWLYH ERRN UHYLHZV %XW RFFDVLRQDOO VRPH ERRNV DUH VR SUREOHPDWLF WKDW RQH FDQ¶W UHPDLQ
                                                 VLOHQW

                                                 7KDW LV ZKDW OHDG WR P -XQH  UHYLHZ RI +RZ WR EH WKH :RUOG¶V  +DFNHU ZULWWHQ E *UHJRU
                                                 ' (YDQV RI /,*$77 6HFXULW ,QWHUQDWLRQDO DQG 6322)(020 DQG +LJK 7HFK ULPH 6ROXWLRQV
                                                 ,QF
, GHPRQVWUDWHG DV GLG %ULDQ %DVNLQ
WKDW VLJQLILFDQW DPRXQWV RI WKH ERRN ZHUH SODJLDUL]HG
                                                 7KLV ZDV EDVHG RQ WKH XVH RI WKH L7KHQWLFDWH VHUYLFH L7KHQWLFDWH LV RQH RI WKH OHDGLQJ SODJLDULVP
                                                 GHWHFWLRQ VHUYLFHV WKDW SURYLGHV LPSDUWLDO FRQWHQW DQDOVLV , SXEOLVKHG WKH ERRN UHYLHZ DQG
                                                 WKRXJKW WKDW ZDV WKH HQG RI LW

                                                 )RU WKRVH ZKR QHHG D EULHILQJ RQ WKH /,*$77 VDJD $WWULWLRQ QRWHV WKDW (YDQV GHVFULEHV KLPVHOI
                                                 DV D KLWHFK KXVWOHU 7KH :RUOG¶V 1R  +DFNHU DQG D FRQYLFWHG IHORQ $WWULWLRQ IXUWKHU ZULWHV WKDW
                                                 (YDQV KDV LQYHQWHG KLPVHOI DV VRPH IRUP RI KDFNHU ZLWK WKH DELOLW WR EUHDN LQWR DQWKLQJ DQG VSLQ
                                                 WKDW VXSSRVHG NQRZOHGJH LQWR DGYLVLQJ FRPSDQLHV RQ VHFXULW

          ,W LV WKH FRPPRQ RSLQLRQ RI LQGXVWU H[SHUWV WKDW (YDQV DQG KLV FRPSDQ KDYH OLWWOH UHDO NQRZOHGJH EHRQG SHGHVWULDQ KDFNLQJ
          WHFKQLTXHV IRXQG LQ SODJLDUL]HG ERRNV DQG EHJLQQHU KDFNLQJ WH[WV /,*$77 RIIHUV SURGXFWV WKDW DUH VLPSO EORDWHG YHUVLRQ RI FRPPRQ
          WRROV VXFK DV SLQJ DQG QPDS

          'XH WR D YDULHW RI XQH[SHFWHG HYHQWV WKDW WRRN SODFH P ERRN UHYLHZ GLG QRW VLPSO HQG WKHUH , XOWLPDWHO OHDUQHG D FRQVLGHUDEOH
          DPRXQW DERXW D QXPEHU RI WRSLFV IURP IDLU XVH WR VHFXULWLHV ODZ DQG PRUH DQG PHW D ORW RI VPDUW SHRSOH DORQJ WKH ZD , ZRXOG OLNH WR
          VKDUH WKRVH OHVVRQV ZLWK RX

          7ZLWWHU LV D SRZHUKRXVH IRU DFWLRQ

          'HWDLOV

          )URP DV HDUO DV  WKH XVH RI 7ZLWWHU IRU RUJDQL]HG VWXGHQW SURWHVWV VLJQLILFDQWO FKDQJHG WKH GQDPLFV RI PDVV FRPPXQLFDWLRQV ,Q
           ZH VDZ WKH XVH RI 7ZLWWHU WR RYHUWKURZ WKH FRUUXSW 7XQLVLDQ JRYHUQPHQW DQG ILJKW WKH RSSUHVVLYH 6ULDQ UHJLPH 7ZLWWHU LV LQGHHG
          D SRZHUKRXVH IRU DFWLRQ

          7ZLWWHU DQG RWKHU VRFLDO PHGLD RXWOHWV DUH FKDQJLQJ WKH ZD EXVLQHVV DQG PDUNHWLQJ DUH GRQH

          /HVVRQ

          :KLOH )R[ %ORRPEHUJ DQG RWKHU PHGLD RXWOHWV KDG (YDQV RQ WKHLU VKRZ 7ZLWWHU ZDV RIWHQ WKH PHGLXP IRU WKRVH WKDW GLG QRW YLHZ (YDQV
          DV WKH QXPEHU  VHFXULW H[SHUW WR JHW WKH ZRUG RXW YLD WKH /LJDWW KDVK WDJ 3HRSOH DQG RUJDQL]DWLRQV VXFK DV $WWULWLRQ SKOLD 6DP
          %RZQH 0DUFXV DUH KULV -RKQ 5LOH DQG NUSWLD XVHG WKH /,*$77 KDVKWDJ WR JHW WKHLU PHVVDJH DFURVV

          6HOISXEOLVKLQJ

          'HWDLOV

          ,QGLH PRYLHV FDPH DERXW GXH WR WKH IUHTXHQW LQDELOLW IRU VPDOOHU PRYLH SURGXFHUV WR JHW WKH DWWHQWLRQ RI WKH PDMRU VWXGLRV :KHQ LW




 RI                                                                                                                                        30
/HVVRQV IURP /,*$77 _ 1DWLRQDO EHU 6HFXULW                                                     KWWSQDWLRQDOFEHUVHFXULWFRPOHVVRQVIURPOLJDWW


          FRPHV WR ERRNV VHOISXEOLVKLQJ LV RIWHQ D JUHDW ZD WR ESDVV WUDGLWLRQDO SXEOLVKHUV DQG TXLFNO JHW D ERRN LQWR SULQW

          %XW ZLWK WKDW DELOLW PDQ DXWKRUV ZLOO VHOISXEOLVK ESDVVLQJ WKH HGLWLQJ IDFW FKHFNLQJ DQG ULJRURXV SODJLDULVP FKHFNLQJ WKDW D
          WUDGLWLRQDO SXEOLVKLQJ KRXVH ZLOO WSLFDOO SHUIRUP

          5LFK 2¶+DQOH SXEOLVKHU DW $XHUEDFK 3XEOLFDWLRQV DQG 5 3UHVV QRWHV WKDW SODJLDULVP FRQWLQXHV WR SODJXH ERWK KLV ILUP DQG WKH HQWLUH
          LQGXVWU WKDQNV WR WKH VHOISXEOLVKLQJ DQG WKH ZHE DQG LWV HWKRV WKDW LQIRUPDWLRQ VKRXOG EH IUHH 7KH UHDOLW LV WKDW LW LV IDU WRR HDV IRU
          DXWKRUV WR XVH ZKDWHYHU LV DYDLODEOH

          2¶+DQOH LV QRW VXUH LI WKH PRWLYDWLRQ WR SODJLDUL]H LV GULYHQ E LJQRUDQFH RI FRSULJKW UXOHV RU VLPSO WKH SHUFHSWLRQ WKDW WKH ZRQ¶W EH
          FDXJKW (YHQ DXWKRUV ZKRVH FDUHHUV SUHGDWH WKH ZHE IDOO YLFWLP WR WKLV DQG XVH PDWHULDO WKH FDQ FXWDQGSDVWH WKDW WKH OLNHO ZRXOGQ¶W
          XVH LI WKH KDG WR UHWSH LW 5 3UHVV KDV WLJKWHQHG WKH ZKROH SHUPLVVLRQV SURFHVV EXW LW¶V VWLOO D PDWWHU RI WUXVWLQJ WKH DXWKRU DQG KLV
          RU KHU DWWHVWDWLRQV

          /HVVRQ

          +DG +RZ WR EH WKH :RUOG¶V  +DFNHU EHHQ VHQW WR D WUDGLWLRQDO SXEOLVKHU LW OLNHO ZRXOG KDYH EHHQ IODJJHG LPPHGLDWHO DQG QHYHU
          DOORZHG LQWR SULQW

          (YDQV KDV FODLPHG LQ LQWHUYLHZV DQG VHOIPDGH RX7XEH YLGHRV WR KDYH KDG SHUPLVVLRQ IURP WKH VRXUFHV KH XVHG %XW DV RI -XO 
          KH KDV HW WR VKRZ D VLQJOH GRFXPHQW HPDLO RU FRQWUDFW WKDW HQWLWOHG KLP WR UHSXEOLVK WKH ZRUNV RI RWKHUV

          )DLU XVH

          'HWDLOV

          7KH 86 MXGLFLDO VVWHP VHH  86 †  DQG  86 † $
DOORZV IRU WKH IDLU XVH RI FRSULJKWHG FRQWHQW :KLOH WKHUH LV QR
          GHILQLWLYH OHYHO RI ZKHUH IDLU XVH HQGV DQG SODJLDULVP EHJLQV +RZ WR EH WKH :RUOG¶V  +DFNHU FURVVHV WKH OLQH DFFRUGLQJ WR D
          UHDVRQDEOH DVVHVVPHQW RI ZKDW IDLU XVH LV

          ,Q $Q ,QGHSHQGHQW 3ODJLDULVP 5HYLHZ RI +RZ WR %HFRPH WKH :RUOG¶V 1R  +DFNHU %ULDQ %DVNLQ QRWHG WKDW RX ZLOO ILQG WKDW PDQ RI WKH
          UHIHUHQFHV DUH IURP 105 D VLWH UXQ E 6LPSOH 1RPDG 6LPSOH 1RPDG GHYHORSHG WKH EDVLF VWUXFWXUH WKDW (YDQV XVHG WR SODQ KLV WDEOH
          RI FRQWHQWV DV ZHOO DV RULJLQDOO GHYHORSHG WKH PDWHULDO XVHG E (YDQV LQ KLV ERRN 7KLV ZDV H[FHOOHQWO ZULWWHQ PDWHULDO EXW LV GDWHG
          RULJLQDOO IURP 

          :KDW (YDQV DOVR GLG ZDV PRGLI VRPH RI WKH WH[W WKDW 6LPSOH 1RPDG ZURWH WR PDNH LW ORRN OLNH KH ZDV LQ IDFW WKH WUXH DXWKRU

          5RQ ROHPDQ 3DUWQHU +HDG RI ,QWHOOHFWXDO 3URSHUW 'HSDUWPHQW DW *RHW] )LW]SDWULFN //3 DQG JHQHUDO FRXQVHO RI WKH 0HGLD %ORJJHUV
          $VVRFLDWLRQ QRWHV WKDW HYHQ VHDVRQHG DWWRUQHV DUH RIWHQ DW VHD DERXW ZKHUH D TXRWDWLRQ FURVVHV WKH OLQH IURP IDLU XVH WR FRSULJKW
          LQIULQJHPHQW

          ROHPDQ REVHUYHG WKDW ³IDLU XVH LV D YHU IDFWVSHFLILF LQTXLU ZKHUH FRXUWV DUH RIWHQ DVNHG WR ZHLJK D ORW RI IDFWRUV DW WKH VDPH WLPH
          7KH WULFN SDUW LV WKDW ZKLOH MXGJHV DUH PDNLQJ YHU VXEMHFWLYH GHFLVLRQV DERXW OLDELOLW WKH FRSULJKW VWDWXWH LV GHVLJQHG ² ZLWK
          PDQGDWRU DZDUGV RI DWWRUQHV¶ IHHV DQG LQ VRPH FDVHV RI VWDWXWRU GDPDJHV ² WR SXQLVK HYHU LQIULQJHU DV LI KH NQHZ LQ DGYDQFH KRZ
          WKDW HTXDWLRQ ZRXOG FRPH RXW ,Q WKH FORVH FDVHV WKDW¶V VLPSO LPSRVVLEOH´

          /HVVRQ

          %HIRUH , ZURWH P UHYLHZ , ZDV QRW DZDUH RI WKH ILQH GHWDLOV RI IDLU XVH :LWK +RZ WR EH WKH :RUOG¶V  +DFNHU REMHFWLYH DQDOVLV
          GHPRQVWUDWHG WKDW WKHUH ZDV ORW RI XVH DQG YHU OLWWOH RI LW IDLU

          RSULJKWV

                                                  'HWDLOV

                                                  $ FRSULJKW LV D VHW RI H[FOXVLYH ULJKWV JUDQWHG E D VWDWH WR WKH FUHDWRU RI DQ RULJLQDO ZRUN RU WKHLU
                                                  DVVLJQHH IRU D OLPLWHG SHULRG RI WLPH LQ H[FKDQJH IRU SXEOLF GLVFORVXUH RI WKH ZRUN 7KLV LQFOXGHV
                                                  WKH ULJKW WR FRS GLVWULEXWH DQG DGDSW WKH ZRUN

                                                  :LWKRXW FRSULJKW SURWHFWLRQ PRVW DUWLVWV DQG DXWKRUV ZRXOG QRW FUHDWH PXVLF RU ERRNV LI WKHLU
                                                  ZRUNV FRXOG QRW EH SURWHFWHG :LWK WKDW FRSULJKW RZQHUV KDYH WKH H[FOXVLYH VWDWXWRU ULJKW WR
                                                  H[HUFLVH FRQWURO RYHU FRSLQJ DQG RWKHU H[SORLWDWLRQ RI WKH ZRUNV IRU D VSHFLILF SHULRG RI WLPH DIWHU
                                                  ZKLFK WKH ZRUN LV VDLG WR HQWHU WKH SXEOLF GRPDLQ 8VHV FRYHUHG XQGHU OLPLWDWLRQV DQG H[FHSWLRQV
                                                  WR FRSULJKW VXFK DV IDLU XVH GR QRW UHTXLUH SHUPLVVLRQ IURP WKH FRSULJKW RZQHU $OO RWKHU XVHV
                                                  UHTXLUH SHUPLVVLRQ

                                                7KH QRWLRQ RI D FRSULJKW KDV LWV URRWV LQ WKH 8QLWHG 6WDWHV RQVWLWXWLRQ ZKHUH LW VWDWHV LQ $UWLFOH ,
                                                6HFWLRQ  ODXVH  NQRZQ DV WKH RSULJKW ODXVH
WKDW HPSRZHUV WKH 8QLWHG 6WDWHV RQJUHVV
          WR ³SURPRWH WKH 3URJUHVV RI 6FLHQFH DQG XVHIXO $UWV E VHFXULQJ IRU OLPLWHG 7LPHV WR $XWKRUV DQG ,QYHQWRUV WKH H[FOXVLYH 5LJKW WR WKHLU
          UHVSHFWLYH :ULWLQJV DQG 'LVFRYHULHV´



 RI                                                                                                                                            30
/HVVRQV IURP /,*$77 _ 1DWLRQDO EHU 6HFXULW                                                    KWWSQDWLRQDOFEHUVHFXULWFRPOHVVRQVIURPOLJDWW


          /HVVRQ

          $V GHWDLOHG LQ *UHJRU ' (YDQV RSULJKW 9LRODWLRQV IRU 2YHU D HDU (YDQV KDV EHHQ SODJLDUL]LQJ FRQWHQW IRU KLV 7ZLWWHU IHHG DQG
          DVVRFLDWHG ZHE VLWHV KHUH DQG KHUH

          7KH FRSULJKW YLRODWLRQV DUH WKDW WKH /,*$77 VLWHV VFUDSH HQWLUH QHZV DUWLFOHV LQFOXGLQJ WKH JUDSKLFV ZLWKRXW SHUPLVVLRQ :KLOH /,*$77
          XOWLPDWHO JDYH JLYH FUHGLW WR WKH RULJLQDO VRXUFH DW WKH HQG RI WKH DUWLFOH WKDW GRHV QRW MXVWLI ZKDW KH LV GRLQJ RU PDNH LW OHJDO
          5HSURGXFLQJ DQ HQWLUH SLHFH RI ZRUN ZLWKRXW SHUPLVVLRQ LV D FRSULJKW YLRODWLRQ

          2QH VLWH /,*$77 VFUDSHG D VLJQLILFDQW DPRXQW RI FRQWHQW IURP LV WKH .USWLD EORJ 1RWH WKDW WKH IROORZLQJ VWDWHPHQW RQ WKH EORJ VLWH
          OHDYHV OLWWOH URRP IRU DPELJXLW $OO FRQWHQW RI WKLV VLWH LV FRSULJKW RI .USWLD 6FRW $ 7HUEDQ
DQG QRW WR EH FRSLHG XQOHVV H[SUHVV
          FRQVHQW LV JLYHQ LQ ZULWLQJ E LWV DXWKRU /,*$77 QHYHU UHFHLYHG SHUPLVVLRQ WR XVH WKH FRQWHQW

          %ORJ RZQHU 6FRW 7HUEDQ REVHUYHG WKDW ³LW VHHPV WR EH WKH VWDQGDUG RI SUDFWLFH RQ WKH /,*$77 VLWHV WKDW QR RULJLQDO FRQWHQW LV HYHU
          SRVWHG E 0U (YDQV 7KHUH DUH TXLWH D IHZ 35 SLHFHV DQG OLQNV WR LQWHUYLHZV KH KDV GRQH LQ WKH SDVW %XW DV IDU DV KLV RZQ RULJLQDO
          FRQWHQW WKHUH LV QRQH ,QVWHDG WKHUH LV DQ RYHUDEXQGDQFH RI VFUDSHG FRQWHQW IURP ZHOONQRZQ LQIRUPDWLRQ VHFXULW ZHE VLWHV DQG
          QRWHG DXWKRUV PDQ RI ZKRP OLNHO GRQ¶W NQRZ WKDW WKHLU FRQWHQW KDV EHHQ FRSLHG´

          3HQQ VWRFNV

          0XFK RI WKH VSDP RX JHW LV DURXQG ZHLJKW ORVV DQG YDULRXV VFKHPHV WR PDNH PRQH 5DUHO ZLOO D GD JR E WKDW RX ZRQ¶W UHFHLYH
          QXPHURXV VSDP HPDLOV WRXWLQJ D KRW VWRFN WLS

          2IWHQ WKHVH HPDLOV DUH XVHG LQ SXPSDQGGXPS VFKHPHV 3'
7KH 86 6HFXULWLHV DQG ([FKDQJH RPPLVVLRQ 6(
GHILQH 3' DV ³WKH
          WRXWLQJ RI D FRPSDQ¶V VWRFN WSLFDOO PLFURFDS FRPSDQLHV
WKURXJK IDOVH DQG PLVOHDGLQJ VWDWHPHQWV WR WKH PDUNHWSODFH $IWHU SXPSLQJ
          WKH VWRFN IUDXGVWHUV PDNH KXJH SURILWV E VHOOLQJ WKHLU FKHDS VWRFN LQWR WKH PDUNHW´

          6LQFH PRVW RI WKHVH FRPSDQLHV EHLQJ SXPSHG DUH OLVWHG RQ WKH 3LQN 6KHHW DQ XQUHJXODWHG PDUNHW

Mais conteúdo relacionado

Mais procurados

Effects and Control of Pulsating Flow in Gas Measurement
Effects and Control of Pulsating Flow in Gas MeasurementEffects and Control of Pulsating Flow in Gas Measurement
Effects and Control of Pulsating Flow in Gas MeasurementRicardo Carmona
 
In tech competence-based_curriculum_development_in_higher_education_a_globali...
In tech competence-based_curriculum_development_in_higher_education_a_globali...In tech competence-based_curriculum_development_in_higher_education_a_globali...
In tech competence-based_curriculum_development_in_higher_education_a_globali...lavanter simamora
 
SAJBM 45(4) - Desember 2014
SAJBM 45(4) - Desember 2014SAJBM 45(4) - Desember 2014
SAJBM 45(4) - Desember 2014Stefan Du Toit
 
The giant-with-the-feets-of-clay-raul-hilberg-and-his-standard-work-on-the-ho...
The giant-with-the-feets-of-clay-raul-hilberg-and-his-standard-work-on-the-ho...The giant-with-the-feets-of-clay-raul-hilberg-and-his-standard-work-on-the-ho...
The giant-with-the-feets-of-clay-raul-hilberg-and-his-standard-work-on-the-ho...RareBooksnRecords
 
Imprimir -first_alternative_-_solaris_10_zone_configuration_and
Imprimir  -first_alternative_-_solaris_10_zone_configuration_andImprimir  -first_alternative_-_solaris_10_zone_configuration_and
Imprimir -first_alternative_-_solaris_10_zone_configuration_andodd23
 
Orru sustainable use_of_estonian_peat_reserves_and_environmenta_challenges
Orru sustainable use_of_estonian_peat_reserves_and_environmenta_challengesOrru sustainable use_of_estonian_peat_reserves_and_environmenta_challenges
Orru sustainable use_of_estonian_peat_reserves_and_environmenta_challengesIngo Valgma
 
ConocoPhillipsLNG_Brochure
ConocoPhillipsLNG_BrochureConocoPhillipsLNG_Brochure
ConocoPhillipsLNG_BrochureIslam Ahmed
 
Russo's Franchise Booklet
Russo's Franchise BookletRusso's Franchise Booklet
Russo's Franchise Bookletpizboy
 
Thanos niforos comments in aolnews
Thanos niforos comments in aolnewsThanos niforos comments in aolnews
Thanos niforos comments in aolnewsThanos Niforos
 
Sample report
Sample reportSample report
Sample reporttk99
 
Led spring11 web
Led spring11 webLed spring11 web
Led spring11 webAricent Bug
 

Mais procurados (20)

Effects and Control of Pulsating Flow in Gas Measurement
Effects and Control of Pulsating Flow in Gas MeasurementEffects and Control of Pulsating Flow in Gas Measurement
Effects and Control of Pulsating Flow in Gas Measurement
 
In tech competence-based_curriculum_development_in_higher_education_a_globali...
In tech competence-based_curriculum_development_in_higher_education_a_globali...In tech competence-based_curriculum_development_in_higher_education_a_globali...
In tech competence-based_curriculum_development_in_higher_education_a_globali...
 
SAJBM 45(4) - Desember 2014
SAJBM 45(4) - Desember 2014SAJBM 45(4) - Desember 2014
SAJBM 45(4) - Desember 2014
 
Toxic Tech: The Dangerous Chemicals in Electronic Products
Toxic Tech: The Dangerous Chemicals in Electronic ProductsToxic Tech: The Dangerous Chemicals in Electronic Products
Toxic Tech: The Dangerous Chemicals in Electronic Products
 
Nlg book review
Nlg book reviewNlg book review
Nlg book review
 
The giant-with-the-feets-of-clay-raul-hilberg-and-his-standard-work-on-the-ho...
The giant-with-the-feets-of-clay-raul-hilberg-and-his-standard-work-on-the-ho...The giant-with-the-feets-of-clay-raul-hilberg-and-his-standard-work-on-the-ho...
The giant-with-the-feets-of-clay-raul-hilberg-and-his-standard-work-on-the-ho...
 
Imprimir -first_alternative_-_solaris_10_zone_configuration_and
Imprimir  -first_alternative_-_solaris_10_zone_configuration_andImprimir  -first_alternative_-_solaris_10_zone_configuration_and
Imprimir -first_alternative_-_solaris_10_zone_configuration_and
 
Orru sustainable use_of_estonian_peat_reserves_and_environmenta_challenges
Orru sustainable use_of_estonian_peat_reserves_and_environmenta_challengesOrru sustainable use_of_estonian_peat_reserves_and_environmenta_challenges
Orru sustainable use_of_estonian_peat_reserves_and_environmenta_challenges
 
Sb8.2Sparkbright.
Sb8.2Sparkbright.Sb8.2Sparkbright.
Sb8.2Sparkbright.
 
ConocoPhillipsLNG_Brochure
ConocoPhillipsLNG_BrochureConocoPhillipsLNG_Brochure
ConocoPhillipsLNG_Brochure
 
Detroit Property Report v3
Detroit Property Report v3Detroit Property Report v3
Detroit Property Report v3
 
Russo's Franchise Booklet
Russo's Franchise BookletRusso's Franchise Booklet
Russo's Franchise Booklet
 
Crowley A. The Book Of Thoth[1]
Crowley A.   The Book Of Thoth[1]Crowley A.   The Book Of Thoth[1]
Crowley A. The Book Of Thoth[1]
 
Thanos niforos comments in aolnews
Thanos niforos comments in aolnewsThanos niforos comments in aolnews
Thanos niforos comments in aolnews
 
Sample report
Sample reportSample report
Sample report
 
CPA Journal June 2014
CPA Journal June 2014CPA Journal June 2014
CPA Journal June 2014
 
Sontext Acoustic Panels Catalogue
Sontext Acoustic Panels CatalogueSontext Acoustic Panels Catalogue
Sontext Acoustic Panels Catalogue
 
28 35 tratado psicologia revolucionaria www.gftaognosticaespiritual.org
28 35 tratado psicologia revolucionaria www.gftaognosticaespiritual.org28 35 tratado psicologia revolucionaria www.gftaognosticaespiritual.org
28 35 tratado psicologia revolucionaria www.gftaognosticaespiritual.org
 
28 04 comenzando a despertar www.gftaognosticaespiritual.org
28 04 comenzando a despertar  www.gftaognosticaespiritual.org28 04 comenzando a despertar  www.gftaognosticaespiritual.org
28 04 comenzando a despertar www.gftaognosticaespiritual.org
 
Led spring11 web
Led spring11 webLed spring11 web
Led spring11 web
 

Semelhante a Lessons from ligatt from national cyber security nationalcybersecurity com

Semelhante a Lessons from ligatt from national cyber security nationalcybersecurity com (14)

Toxic Tech - The Dangerous Chemicals in Electronic Products
Toxic Tech - The Dangerous Chemicals in Electronic ProductsToxic Tech - The Dangerous Chemicals in Electronic Products
Toxic Tech - The Dangerous Chemicals in Electronic Products
 
Etiquettes for teachers : Aadaabul Mu`allimeen
Etiquettes  for teachers : Aadaabul Mu`allimeenEtiquettes  for teachers : Aadaabul Mu`allimeen
Etiquettes for teachers : Aadaabul Mu`allimeen
 
Etiquettes for teachers
Etiquettes for teachersEtiquettes for teachers
Etiquettes for teachers
 
Teaching of social science
Teaching  of social scienceTeaching  of social science
Teaching of social science
 
eNewsletter sample
eNewsletter sampleeNewsletter sample
eNewsletter sample
 
Inheritance : Common Errors and Solutions
Inheritance : Common Errors and Solutions Inheritance : Common Errors and Solutions
Inheritance : Common Errors and Solutions
 
Sql server firewall settings
Sql server firewall settingsSql server firewall settings
Sql server firewall settings
 
Texto 6
Texto 6Texto 6
Texto 6
 
Wealth and Happiness, Empirical Evidence from Indonesia
Wealth and Happiness, Empirical Evidence from IndonesiaWealth and Happiness, Empirical Evidence from Indonesia
Wealth and Happiness, Empirical Evidence from Indonesia
 
P.O.R.T.
P.O.R.T.P.O.R.T.
P.O.R.T.
 
Rover c ii new edition tomb and grave detector - copy
Rover c ii new edition   tomb and grave detector - copyRover c ii new edition   tomb and grave detector - copy
Rover c ii new edition tomb and grave detector - copy
 
Rover c ii new edition tomb and grave detector
Rover c ii new edition   tomb and grave detectorRover c ii new edition   tomb and grave detector
Rover c ii new edition tomb and grave detector
 
Gardiner Dismantling - Transportation Association of Canada Paper (1)
Gardiner Dismantling - Transportation Association of Canada Paper (1)Gardiner Dismantling - Transportation Association of Canada Paper (1)
Gardiner Dismantling - Transportation Association of Canada Paper (1)
 
Isome hoa pdf
Isome hoa pdfIsome hoa pdf
Isome hoa pdf
 

Mais de Ben Rothke

Securing your presence at the perimeter
Securing your presence at the perimeterSecuring your presence at the perimeter
Securing your presence at the perimeterBen Rothke
 
Rothke rsa 2012 building a security operations center (soc)
Rothke rsa 2012  building a security operations center (soc)Rothke rsa 2012  building a security operations center (soc)
Rothke rsa 2012 building a security operations center (soc)Ben Rothke
 
Rothke rsa 2012 what happens in vegas goes on youtube using social networks...
Rothke rsa 2012   what happens in vegas goes on youtube using social networks...Rothke rsa 2012   what happens in vegas goes on youtube using social networks...
Rothke rsa 2012 what happens in vegas goes on youtube using social networks...Ben Rothke
 
Rothke rsa 2013 - the five habits of highly secure organizations
Rothke   rsa 2013 - the five habits of highly secure organizationsRothke   rsa 2013 - the five habits of highly secure organizations
Rothke rsa 2013 - the five habits of highly secure organizationsBen Rothke
 
Rothke rsa 2013 - deployment strategies for effective encryption
Rothke   rsa 2013 - deployment strategies for effective encryptionRothke   rsa 2013 - deployment strategies for effective encryption
Rothke rsa 2013 - deployment strategies for effective encryptionBen Rothke
 
E5 rothke - deployment strategies for effective encryption
E5   rothke - deployment strategies for effective encryptionE5   rothke - deployment strategies for effective encryption
E5 rothke - deployment strategies for effective encryptionBen Rothke
 
Locking down server and workstation operating systems
Locking down server and workstation operating systemsLocking down server and workstation operating systems
Locking down server and workstation operating systemsBen Rothke
 
Mobile security blunders and what you can do about them
Mobile security blunders and what you can do about themMobile security blunders and what you can do about them
Mobile security blunders and what you can do about themBen Rothke
 
Securing your presence at the perimeter
Securing your presence at the perimeterSecuring your presence at the perimeter
Securing your presence at the perimeterBen Rothke
 
Lessons from ligatt
Lessons from ligattLessons from ligatt
Lessons from ligattBen Rothke
 
Interop 2011 las vegas - session se31 - rothke
Interop 2011   las vegas - session se31 - rothkeInterop 2011   las vegas - session se31 - rothke
Interop 2011 las vegas - session se31 - rothkeBen Rothke
 
Infosecurity Needs Its T.J. Hooper
Infosecurity Needs Its T.J. HooperInfosecurity Needs Its T.J. Hooper
Infosecurity Needs Its T.J. HooperBen Rothke
 
Rothke effective data destruction practices
Rothke   effective data destruction practicesRothke   effective data destruction practices
Rothke effective data destruction practicesBen Rothke
 
Rothke computer forensics show 2010
Rothke   computer forensics show 2010Rothke   computer forensics show 2010
Rothke computer forensics show 2010Ben Rothke
 
The Cloud is in the details webinar - Rothke
The Cloud is in the details webinar - RothkeThe Cloud is in the details webinar - Rothke
The Cloud is in the details webinar - RothkeBen Rothke
 
Webinar - Getting a handle on wireless security for PCI DSS Compliance
Webinar - Getting a handle on wireless security for PCI DSS ComplianceWebinar - Getting a handle on wireless security for PCI DSS Compliance
Webinar - Getting a handle on wireless security for PCI DSS ComplianceBen Rothke
 
La nécessité de la dlp aujourd’hui un livre blanc clearswift
La nécessité de la dlp aujourd’hui   un livre blanc clearswiftLa nécessité de la dlp aujourd’hui   un livre blanc clearswift
La nécessité de la dlp aujourd’hui un livre blanc clearswiftBen Rothke
 
The Need for DLP now - A Clearswift White Paper
The Need for DLP now - A Clearswift White PaperThe Need for DLP now - A Clearswift White Paper
The Need for DLP now - A Clearswift White PaperBen Rothke
 
Rothke secure360 building a security operations center (soc)
Rothke   secure360 building a security operations center (soc)Rothke   secure360 building a security operations center (soc)
Rothke secure360 building a security operations center (soc)Ben Rothke
 
Infotec 2010 Ben Rothke - social networks and information security
Infotec 2010   Ben Rothke - social networks and information security Infotec 2010   Ben Rothke - social networks and information security
Infotec 2010 Ben Rothke - social networks and information security Ben Rothke
 

Mais de Ben Rothke (20)

Securing your presence at the perimeter
Securing your presence at the perimeterSecuring your presence at the perimeter
Securing your presence at the perimeter
 
Rothke rsa 2012 building a security operations center (soc)
Rothke rsa 2012  building a security operations center (soc)Rothke rsa 2012  building a security operations center (soc)
Rothke rsa 2012 building a security operations center (soc)
 
Rothke rsa 2012 what happens in vegas goes on youtube using social networks...
Rothke rsa 2012   what happens in vegas goes on youtube using social networks...Rothke rsa 2012   what happens in vegas goes on youtube using social networks...
Rothke rsa 2012 what happens in vegas goes on youtube using social networks...
 
Rothke rsa 2013 - the five habits of highly secure organizations
Rothke   rsa 2013 - the five habits of highly secure organizationsRothke   rsa 2013 - the five habits of highly secure organizations
Rothke rsa 2013 - the five habits of highly secure organizations
 
Rothke rsa 2013 - deployment strategies for effective encryption
Rothke   rsa 2013 - deployment strategies for effective encryptionRothke   rsa 2013 - deployment strategies for effective encryption
Rothke rsa 2013 - deployment strategies for effective encryption
 
E5 rothke - deployment strategies for effective encryption
E5   rothke - deployment strategies for effective encryptionE5   rothke - deployment strategies for effective encryption
E5 rothke - deployment strategies for effective encryption
 
Locking down server and workstation operating systems
Locking down server and workstation operating systemsLocking down server and workstation operating systems
Locking down server and workstation operating systems
 
Mobile security blunders and what you can do about them
Mobile security blunders and what you can do about themMobile security blunders and what you can do about them
Mobile security blunders and what you can do about them
 
Securing your presence at the perimeter
Securing your presence at the perimeterSecuring your presence at the perimeter
Securing your presence at the perimeter
 
Lessons from ligatt
Lessons from ligattLessons from ligatt
Lessons from ligatt
 
Interop 2011 las vegas - session se31 - rothke
Interop 2011   las vegas - session se31 - rothkeInterop 2011   las vegas - session se31 - rothke
Interop 2011 las vegas - session se31 - rothke
 
Infosecurity Needs Its T.J. Hooper
Infosecurity Needs Its T.J. HooperInfosecurity Needs Its T.J. Hooper
Infosecurity Needs Its T.J. Hooper
 
Rothke effective data destruction practices
Rothke   effective data destruction practicesRothke   effective data destruction practices
Rothke effective data destruction practices
 
Rothke computer forensics show 2010
Rothke   computer forensics show 2010Rothke   computer forensics show 2010
Rothke computer forensics show 2010
 
The Cloud is in the details webinar - Rothke
The Cloud is in the details webinar - RothkeThe Cloud is in the details webinar - Rothke
The Cloud is in the details webinar - Rothke
 
Webinar - Getting a handle on wireless security for PCI DSS Compliance
Webinar - Getting a handle on wireless security for PCI DSS ComplianceWebinar - Getting a handle on wireless security for PCI DSS Compliance
Webinar - Getting a handle on wireless security for PCI DSS Compliance
 
La nécessité de la dlp aujourd’hui un livre blanc clearswift
La nécessité de la dlp aujourd’hui   un livre blanc clearswiftLa nécessité de la dlp aujourd’hui   un livre blanc clearswift
La nécessité de la dlp aujourd’hui un livre blanc clearswift
 
The Need for DLP now - A Clearswift White Paper
The Need for DLP now - A Clearswift White PaperThe Need for DLP now - A Clearswift White Paper
The Need for DLP now - A Clearswift White Paper
 
Rothke secure360 building a security operations center (soc)
Rothke   secure360 building a security operations center (soc)Rothke   secure360 building a security operations center (soc)
Rothke secure360 building a security operations center (soc)
 
Infotec 2010 Ben Rothke - social networks and information security
Infotec 2010   Ben Rothke - social networks and information security Infotec 2010   Ben Rothke - social networks and information security
Infotec 2010 Ben Rothke - social networks and information security
 

Último

GenCyber Cyber Security Day Presentation
GenCyber Cyber Security Day PresentationGenCyber Cyber Security Day Presentation
GenCyber Cyber Security Day PresentationMichael W. Hawkins
 
Automating Google Workspace (GWS) & more with Apps Script
Automating Google Workspace (GWS) & more with Apps ScriptAutomating Google Workspace (GWS) & more with Apps Script
Automating Google Workspace (GWS) & more with Apps Scriptwesley chun
 
Histor y of HAM Radio presentation slide
Histor y of HAM Radio presentation slideHistor y of HAM Radio presentation slide
Histor y of HAM Radio presentation slidevu2urc
 
Partners Life - Insurer Innovation Award 2024
Partners Life - Insurer Innovation Award 2024Partners Life - Insurer Innovation Award 2024
Partners Life - Insurer Innovation Award 2024The Digital Insurer
 
Neo4j - How KGs are shaping the future of Generative AI at AWS Summit London ...
Neo4j - How KGs are shaping the future of Generative AI at AWS Summit London ...Neo4j - How KGs are shaping the future of Generative AI at AWS Summit London ...
Neo4j - How KGs are shaping the future of Generative AI at AWS Summit London ...Neo4j
 
Axa Assurance Maroc - Insurer Innovation Award 2024
Axa Assurance Maroc - Insurer Innovation Award 2024Axa Assurance Maroc - Insurer Innovation Award 2024
Axa Assurance Maroc - Insurer Innovation Award 2024The Digital Insurer
 
How to convert PDF to text with Nanonets
How to convert PDF to text with NanonetsHow to convert PDF to text with Nanonets
How to convert PDF to text with Nanonetsnaman860154
 
08448380779 Call Girls In Diplomatic Enclave Women Seeking Men
08448380779 Call Girls In Diplomatic Enclave Women Seeking Men08448380779 Call Girls In Diplomatic Enclave Women Seeking Men
08448380779 Call Girls In Diplomatic Enclave Women Seeking MenDelhi Call girls
 
How to Troubleshoot Apps for the Modern Connected Worker
How to Troubleshoot Apps for the Modern Connected WorkerHow to Troubleshoot Apps for the Modern Connected Worker
How to Troubleshoot Apps for the Modern Connected WorkerThousandEyes
 
The Codex of Business Writing Software for Real-World Solutions 2.pptx
The Codex of Business Writing Software for Real-World Solutions 2.pptxThe Codex of Business Writing Software for Real-World Solutions 2.pptx
The Codex of Business Writing Software for Real-World Solutions 2.pptxMalak Abu Hammad
 
The 7 Things I Know About Cyber Security After 25 Years | April 2024
The 7 Things I Know About Cyber Security After 25 Years | April 2024The 7 Things I Know About Cyber Security After 25 Years | April 2024
The 7 Things I Know About Cyber Security After 25 Years | April 2024Rafal Los
 
Driving Behavioral Change for Information Management through Data-Driven Gree...
Driving Behavioral Change for Information Management through Data-Driven Gree...Driving Behavioral Change for Information Management through Data-Driven Gree...
Driving Behavioral Change for Information Management through Data-Driven Gree...Enterprise Knowledge
 
Salesforce Community Group Quito, Salesforce 101
Salesforce Community Group Quito, Salesforce 101Salesforce Community Group Quito, Salesforce 101
Salesforce Community Group Quito, Salesforce 101Paola De la Torre
 
Injustice - Developers Among Us (SciFiDevCon 2024)
Injustice - Developers Among Us (SciFiDevCon 2024)Injustice - Developers Among Us (SciFiDevCon 2024)
Injustice - Developers Among Us (SciFiDevCon 2024)Allon Mureinik
 
Breaking the Kubernetes Kill Chain: Host Path Mount
Breaking the Kubernetes Kill Chain: Host Path MountBreaking the Kubernetes Kill Chain: Host Path Mount
Breaking the Kubernetes Kill Chain: Host Path MountPuma Security, LLC
 
Strategies for Unlocking Knowledge Management in Microsoft 365 in the Copilot...
Strategies for Unlocking Knowledge Management in Microsoft 365 in the Copilot...Strategies for Unlocking Knowledge Management in Microsoft 365 in the Copilot...
Strategies for Unlocking Knowledge Management in Microsoft 365 in the Copilot...Drew Madelung
 
Scaling API-first – The story of a global engineering organization
Scaling API-first – The story of a global engineering organizationScaling API-first – The story of a global engineering organization
Scaling API-first – The story of a global engineering organizationRadu Cotescu
 
IAC 2024 - IA Fast Track to Search Focused AI Solutions
IAC 2024 - IA Fast Track to Search Focused AI SolutionsIAC 2024 - IA Fast Track to Search Focused AI Solutions
IAC 2024 - IA Fast Track to Search Focused AI SolutionsEnterprise Knowledge
 
04-2024-HHUG-Sales-and-Marketing-Alignment.pptx
04-2024-HHUG-Sales-and-Marketing-Alignment.pptx04-2024-HHUG-Sales-and-Marketing-Alignment.pptx
04-2024-HHUG-Sales-and-Marketing-Alignment.pptxHampshireHUG
 
08448380779 Call Girls In Greater Kailash - I Women Seeking Men
08448380779 Call Girls In Greater Kailash - I Women Seeking Men08448380779 Call Girls In Greater Kailash - I Women Seeking Men
08448380779 Call Girls In Greater Kailash - I Women Seeking MenDelhi Call girls
 

Último (20)

GenCyber Cyber Security Day Presentation
GenCyber Cyber Security Day PresentationGenCyber Cyber Security Day Presentation
GenCyber Cyber Security Day Presentation
 
Automating Google Workspace (GWS) & more with Apps Script
Automating Google Workspace (GWS) & more with Apps ScriptAutomating Google Workspace (GWS) & more with Apps Script
Automating Google Workspace (GWS) & more with Apps Script
 
Histor y of HAM Radio presentation slide
Histor y of HAM Radio presentation slideHistor y of HAM Radio presentation slide
Histor y of HAM Radio presentation slide
 
Partners Life - Insurer Innovation Award 2024
Partners Life - Insurer Innovation Award 2024Partners Life - Insurer Innovation Award 2024
Partners Life - Insurer Innovation Award 2024
 
Neo4j - How KGs are shaping the future of Generative AI at AWS Summit London ...
Neo4j - How KGs are shaping the future of Generative AI at AWS Summit London ...Neo4j - How KGs are shaping the future of Generative AI at AWS Summit London ...
Neo4j - How KGs are shaping the future of Generative AI at AWS Summit London ...
 
Axa Assurance Maroc - Insurer Innovation Award 2024
Axa Assurance Maroc - Insurer Innovation Award 2024Axa Assurance Maroc - Insurer Innovation Award 2024
Axa Assurance Maroc - Insurer Innovation Award 2024
 
How to convert PDF to text with Nanonets
How to convert PDF to text with NanonetsHow to convert PDF to text with Nanonets
How to convert PDF to text with Nanonets
 
08448380779 Call Girls In Diplomatic Enclave Women Seeking Men
08448380779 Call Girls In Diplomatic Enclave Women Seeking Men08448380779 Call Girls In Diplomatic Enclave Women Seeking Men
08448380779 Call Girls In Diplomatic Enclave Women Seeking Men
 
How to Troubleshoot Apps for the Modern Connected Worker
How to Troubleshoot Apps for the Modern Connected WorkerHow to Troubleshoot Apps for the Modern Connected Worker
How to Troubleshoot Apps for the Modern Connected Worker
 
The Codex of Business Writing Software for Real-World Solutions 2.pptx
The Codex of Business Writing Software for Real-World Solutions 2.pptxThe Codex of Business Writing Software for Real-World Solutions 2.pptx
The Codex of Business Writing Software for Real-World Solutions 2.pptx
 
The 7 Things I Know About Cyber Security After 25 Years | April 2024
The 7 Things I Know About Cyber Security After 25 Years | April 2024The 7 Things I Know About Cyber Security After 25 Years | April 2024
The 7 Things I Know About Cyber Security After 25 Years | April 2024
 
Driving Behavioral Change for Information Management through Data-Driven Gree...
Driving Behavioral Change for Information Management through Data-Driven Gree...Driving Behavioral Change for Information Management through Data-Driven Gree...
Driving Behavioral Change for Information Management through Data-Driven Gree...
 
Salesforce Community Group Quito, Salesforce 101
Salesforce Community Group Quito, Salesforce 101Salesforce Community Group Quito, Salesforce 101
Salesforce Community Group Quito, Salesforce 101
 
Injustice - Developers Among Us (SciFiDevCon 2024)
Injustice - Developers Among Us (SciFiDevCon 2024)Injustice - Developers Among Us (SciFiDevCon 2024)
Injustice - Developers Among Us (SciFiDevCon 2024)
 
Breaking the Kubernetes Kill Chain: Host Path Mount
Breaking the Kubernetes Kill Chain: Host Path MountBreaking the Kubernetes Kill Chain: Host Path Mount
Breaking the Kubernetes Kill Chain: Host Path Mount
 
Strategies for Unlocking Knowledge Management in Microsoft 365 in the Copilot...
Strategies for Unlocking Knowledge Management in Microsoft 365 in the Copilot...Strategies for Unlocking Knowledge Management in Microsoft 365 in the Copilot...
Strategies for Unlocking Knowledge Management in Microsoft 365 in the Copilot...
 
Scaling API-first – The story of a global engineering organization
Scaling API-first – The story of a global engineering organizationScaling API-first – The story of a global engineering organization
Scaling API-first – The story of a global engineering organization
 
IAC 2024 - IA Fast Track to Search Focused AI Solutions
IAC 2024 - IA Fast Track to Search Focused AI SolutionsIAC 2024 - IA Fast Track to Search Focused AI Solutions
IAC 2024 - IA Fast Track to Search Focused AI Solutions
 
04-2024-HHUG-Sales-and-Marketing-Alignment.pptx
04-2024-HHUG-Sales-and-Marketing-Alignment.pptx04-2024-HHUG-Sales-and-Marketing-Alignment.pptx
04-2024-HHUG-Sales-and-Marketing-Alignment.pptx
 
08448380779 Call Girls In Greater Kailash - I Women Seeking Men
08448380779 Call Girls In Greater Kailash - I Women Seeking Men08448380779 Call Girls In Greater Kailash - I Women Seeking Men
08448380779 Call Girls In Greater Kailash - I Women Seeking Men
 

Lessons from ligatt from national cyber security nationalcybersecurity com

  • 1. /HVVRQV IURP /,*$77 _ 1DWLRQDO &EHU 6HFXULW KWWSQDWLRQDOFEHUVHFXULWFRPOHVVRQVIURPOLJDWW +RPH $ERXW RQWDFW (DUQ DVK %ORJJLQJ /RJ ,Q 16 'DLO 5DGLR /HVVRQV IURP /,*$77 1HZV5RRP _ -XO , KDYH EHHQ ZULWLQJ ERRN UHYLHZV RQ LQIRUPDWLRQ VHFXULW DQG WHFKQRORJ ERRNV IRU TXLWH D ZKLOH 7RSLFV VXFK DV DXWKHQWLFDWLRQ VHFXULW GHVLJQ RSHUDWLRQDO UHVLOLHQFH ELRPHWULFV DQG VHFXULW SROLF DUH UDWKHU WDPH DQG PRVW RI WKH UHYLHZV GRQ¶W JHQHUDWH D KXJH DPRXQW RI FRQWURYHUV ,Q IDFW EHIRUH -XQH QR ERRN UHYLHZ , ZURWH HYHU OHDG WR EHLQJ LQWHUYLHZHG E D PDMRU QHWZRUN IRU DQ H[SRVH RI WKHLUV RU D SHUVRQDO DWWDFN E WKH DXWKRU LQFOXGLQJ EHLQJ FDOOHG D UDFLVW DQG D VWRFN EDVKHU
  • 2. DJDLQVW PVHOI KULV -RKQ 5LOH 6DP %RZQH DQG RWKHUV 7KHVH FULWLTXHV E DIRUHPHQWLRQHG DQG RWKHUV ZHUH QHYHU D SHUVRQDO LVVXH DQG WKLV DUWLFOH LV VLPSO D UHFRUG RI OHVVRQV OHDUQHG :ULWLQJ ERRN UHYLHZV LV VRPHWKLQJ , GR DV D SDVWLPH DQG ZLWK WKDW , JHQHUDOO UHIUDLQ IURP ZULWLQJ QHJDWLYH ERRN UHYLHZV %XW RFFDVLRQDOO VRPH ERRNV DUH VR SUREOHPDWLF WKDW RQH FDQ¶W UHPDLQ VLOHQW 7KDW LV ZKDW OHDG WR P -XQH UHYLHZ RI +RZ WR EH WKH :RUOG¶V +DFNHU ZULWWHQ E *UHJRU ' (YDQV RI /,*$77 6HFXULW ,QWHUQDWLRQDO DQG 6322)(020 DQG +LJK 7HFK ULPH 6ROXWLRQV ,QF
  • 3. , GHPRQVWUDWHG DV GLG %ULDQ %DVNLQ
  • 4. WKDW VLJQLILFDQW DPRXQWV RI WKH ERRN ZHUH SODJLDUL]HG 7KLV ZDV EDVHG RQ WKH XVH RI WKH L7KHQWLFDWH VHUYLFH L7KHQWLFDWH LV RQH RI WKH OHDGLQJ SODJLDULVP GHWHFWLRQ VHUYLFHV WKDW SURYLGHV LPSDUWLDO FRQWHQW DQDOVLV , SXEOLVKHG WKH ERRN UHYLHZ DQG WKRXJKW WKDW ZDV WKH HQG RI LW )RU WKRVH ZKR QHHG D EULHILQJ RQ WKH /,*$77 VDJD $WWULWLRQ QRWHV WKDW (YDQV GHVFULEHV KLPVHOI DV D KLWHFK KXVWOHU 7KH :RUOG¶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
  • 5. /HVVRQV IURP /,*$77 _ 1DWLRQDO EHU 6HFXULW KWWSQDWLRQDOFEHUVHFXULWFRPOHVVRQVIURPOLJDWW FRPHV WR ERRNV VHOISXEOLVKLQJ LV RIWHQ D JUHDW ZD WR ESDVV WUDGLWLRQDO SXEOLVKHUV DQG TXLFNO JHW D ERRN LQWR SULQW %XW ZLWK WKDW DELOLW PDQ DXWKRUV ZLOO VHOISXEOLVK ESDVVLQJ WKH HGLWLQJ IDFW FKHFNLQJ DQG ULJRURXV SODJLDULVP FKHFNLQJ WKDW D WUDGLWLRQDO SXEOLVKLQJ KRXVH ZLOO WSLFDOO SHUIRUP 5LFK 2¶+DQOH SXEOLVKHU DW $XHUEDFK 3XEOLFDWLRQV DQG 5 3UHVV QRWHV WKDW SODJLDULVP FRQWLQXHV WR SODJXH ERWK KLV ILUP DQG WKH HQWLUH LQGXVWU WKDQNV WR WKH VHOISXEOLVKLQJ DQG WKH ZHE DQG LWV HWKRV WKDW LQIRUPDWLRQ VKRXOG EH IUHH 7KH UHDOLW LV WKDW LW LV IDU WRR HDV IRU DXWKRUV WR XVH ZKDWHYHU LV DYDLODEOH 2¶+DQOH LV QRW VXUH LI WKH PRWLYDWLRQ WR SODJLDUL]H LV GULYHQ E LJQRUDQFH RI FRSULJKW UXOHV RU VLPSO WKH SHUFHSWLRQ WKDW WKH ZRQ¶W EH FDXJKW (YHQ DXWKRUV ZKRVH FDUHHUV SUHGDWH WKH ZHE IDOO YLFWLP WR WKLV DQG XVH PDWHULDO WKH FDQ FXWDQGSDVWH WKDW WKH OLNHO ZRXOGQ¶W XVH LI WKH KDG WR UHWSH LW 5 3UHVV KDV WLJKWHQHG WKH ZKROH SHUPLVVLRQV SURFHVV EXW LW¶V VWLOO D PDWWHU RI WUXVWLQJ WKH DXWKRU DQG KLV RU KHU DWWHVWDWLRQV /HVVRQ +DG +RZ WR EH WKH :RUOG¶V +DFNHU EHHQ VHQW WR D WUDGLWLRQDO SXEOLVKHU LW OLNHO ZRXOG KDYH EHHQ IODJJHG LPPHGLDWHO DQG QHYHU DOORZHG LQWR SULQW (YDQV KDV FODLPHG LQ LQWHUYLHZV DQG VHOIPDGH RX7XEH YLGHRV WR KDYH KDG SHUPLVVLRQ IURP WKH VRXUFHV KH XVHG %XW DV RI -XO KH KDV HW WR VKRZ D VLQJOH GRFXPHQW HPDLO RU FRQWUDFW WKDW HQWLWOHG KLP WR UHSXEOLVK WKH ZRUNV RI RWKHUV )DLU XVH 'HWDLOV 7KH 86 MXGLFLDO VVWHP VHH 86 † DQG 86 † $
  • 6. DOORZV IRU WKH IDLU XVH RI FRSULJKWHG FRQWHQW :KLOH WKHUH LV QR GHILQLWLYH OHYHO RI ZKHUH IDLU XVH HQGV DQG SODJLDULVP EHJLQV +RZ WR EH WKH :RUOG¶V +DFNHU FURVVHV WKH OLQH DFFRUGLQJ WR D UHDVRQDEOH DVVHVVPHQW RI ZKDW IDLU XVH LV ,Q $Q ,QGHSHQGHQW 3ODJLDULVP 5HYLHZ RI +RZ WR %HFRPH WKH :RUOG¶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³IDLU XVH LV D YHU IDFWVSHFLILF LQTXLU ZKHUH FRXUWV DUH RIWHQ DVNHG WR ZHLJK D ORW RI IDFWRUV DW WKH VDPH WLPH 7KH WULFN SDUW LV WKDW ZKLOH MXGJHV DUH PDNLQJ YHU VXEMHFWLYH GHFLVLRQV DERXW OLDELOLW WKH FRSULJKW VWDWXWH LV GHVLJQHG ² ZLWK PDQGDWRU DZDUGV RI DWWRUQHV¶ IHHV DQG LQ VRPH FDVHV RI VWDWXWRU GDPDJHV ² WR SXQLVK HYHU LQIULQJHU DV LI KH NQHZ LQ DGYDQFH KRZ WKDW HTXDWLRQ ZRXOG FRPH RXW ,Q WKH FORVH FDVHV WKDW¶V VLPSO LPSRVVLEOH´ /HVVRQ %HIRUH , ZURWH P UHYLHZ , ZDV QRW DZDUH RI WKH ILQH GHWDLOV RI IDLU XVH :LWK +RZ WR EH WKH :RUOG¶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
  • 7. WKDW HPSRZHUV WKH 8QLWHG 6WDWHV RQJUHVV WR ³SURPRWH WKH 3URJUHVV RI 6FLHQFH DQG XVHIXO $UWV E VHFXULQJ IRU OLPLWHG 7LPHV WR $XWKRUV DQG ,QYHQWRUV WKH H[FOXVLYH 5LJKW WR WKHLU UHVSHFWLYH :ULWLQJV DQG 'LVFRYHULHV´ RI 30
  • 8. /HVVRQV IURP /,*$77 _ 1DWLRQDO EHU 6HFXULW KWWSQDWLRQDOFEHUVHFXULWFRPOHVVRQVIURPOLJDWW /HVVRQ $V GHWDLOHG LQ *UHJRU ' (YDQV RSULJKW 9LRODWLRQV IRU 2YHU D HDU (YDQV KDV EHHQ SODJLDUL]LQJ FRQWHQW IRU KLV 7ZLWWHU IHHG DQG DVVRFLDWHG ZHE VLWHV KHUH DQG KHUH 7KH FRSULJKW YLRODWLRQV DUH WKDW WKH /,*$77 VLWHV VFUDSH HQWLUH QHZV DUWLFOHV LQFOXGLQJ WKH JUDSKLFV ZLWKRXW SHUPLVVLRQ :KLOH /,*$77 XOWLPDWHO JDYH JLYH FUHGLW WR WKH RULJLQDO VRXUFH DW WKH HQG RI WKH DUWLFOH WKDW GRHV QRW MXVWLI ZKDW KH LV GRLQJ RU PDNH LW OHJDO 5HSURGXFLQJ DQ HQWLUH SLHFH RI ZRUN ZLWKRXW SHUPLVVLRQ LV D FRSULJKW YLRODWLRQ 2QH VLWH /,*$77 VFUDSHG D VLJQLILFDQW DPRXQW RI FRQWHQW IURP LV WKH .USWLD EORJ 1RWH WKDW WKH IROORZLQJ VWDWHPHQW RQ WKH EORJ VLWH OHDYHV OLWWOH URRP IRU DPELJXLW $OO FRQWHQW RI WKLV VLWH LV FRSULJKW RI .USWLD 6FRW $ 7HUEDQ
  • 9. DQG QRW WR EH FRSLHG XQOHVV H[SUHVV FRQVHQW LV JLYHQ LQ ZULWLQJ E LWV DXWKRU /,*$77 QHYHU UHFHLYHG SHUPLVVLRQ WR XVH WKH FRQWHQW %ORJ RZQHU 6FRW 7HUEDQ REVHUYHG WKDW ³LW VHHPV WR EH WKH VWDQGDUG RI SUDFWLFH RQ WKH /,*$77 VLWHV WKDW QR RULJLQDO FRQWHQW LV HYHU SRVWHG E 0U (YDQV 7KHUH DUH TXLWH D IHZ 35 SLHFHV DQG OLQNV WR LQWHUYLHZV KH KDV GRQH LQ WKH SDVW %XW DV IDU DV KLV RZQ RULJLQDO FRQWHQW WKHUH LV QRQH ,QVWHDG WKHUH LV DQ RYHUDEXQGDQFH RI VFUDSHG FRQWHQW IURP ZHOONQRZQ LQIRUPDWLRQ VHFXULW ZHE VLWHV DQG QRWHG DXWKRUV PDQ RI ZKRP OLNHO GRQ¶W NQRZ WKDW WKHLU FRQWHQW KDV EHHQ FRSLHG´ 3HQQ VWRFNV 0XFK RI WKH VSDP RX JHW LV DURXQG ZHLJKW ORVV DQG YDULRXV VFKHPHV WR PDNH PRQH 5DUHO ZLOO D GD JR E WKDW RX ZRQ¶W UHFHLYH QXPHURXV VSDP HPDLOV WRXWLQJ D KRW VWRFN WLS 2IWHQ WKHVH HPDLOV DUH XVHG LQ SXPSDQGGXPS VFKHPHV 3'
  • 10. 7KH 86 6HFXULWLHV DQG ([FKDQJH RPPLVVLRQ 6(
  • 11. GHILQH 3' DV ³WKH WRXWLQJ RI D FRPSDQ¶V VWRFN WSLFDOO PLFURFDS FRPSDQLHV
  • 12. WKURXJK IDOVH DQG PLVOHDGLQJ VWDWHPHQWV WR WKH PDUNHWSODFH $IWHU SXPSLQJ WKH VWRFN IUDXGVWHUV PDNH KXJH SURILWV E VHOOLQJ WKHLU FKHDS VWRFN LQWR WKH PDUNHW´ 6LQFH PRVW RI WKHVH FRPSDQLHV EHLQJ SXPSHG DUH OLVWHG RQ WKH 3LQN 6KHHW DQ XQUHJXODWHG PDUNHW
  • 13. D VWRFN PRYLQJ XS MXVW RQH FHQW VLQFH WKHVH FRPSDQLHV KDYH DV PDQ DV ELOOLRQ VKDUHV RI VWRFN RU PRUH
  • 14. FDQ EULQJ VLJQLILFDQW PRQH WR WKRVH SXPSLQJ LW ZKHQ WKH ILQDOO GXPS LW +RZ WR ,GHQWLI D 3XPS DQG 'XPS 6WRFN 6FDP QRWHV WKDW LI WKH VWRFN WUDGHV RQ WKH 27 2YHU 7KH RXQWHU
  • 15. RU 3LQN 6KHHW ([FKDQJHV LW LV RIWHQ DQ LQGLFDWRU RI D VFDP 6WRFNV WUDGHG RQ WKHVH H[FKDQJHV GR QRW IXOILOO WKH ULJRURXV UHTXLUHPHQWV RI WKH 16( 1$6'$4 RU $PHULFDQ 6WRFN ([FKDQJHV ,Q 7LSV 7R ,GHQWLI 3XPS $QG 'XPS 6FKHPHV DW 0RWOH )RRO D IHZ TXLFN WLSV WR KHOS LGHQWLI 3' VFKHPHV DUH WR ORRN DW WKH VWUXFWXUH RI WKH FRPSDQ H[DPLQH WKH WUDGLQJ DQG SULFH KLVWRU WDNH D FORVH ORRN DW WKH IRXQGHUV RI WKH FRPSDQ SUHYLRXV H[SHULHQFH EDFNJURXQG HWF
  • 16. ORRN DW WKH SHUFHQWDJH RZQHUVKLS RI WKH FRPSDQ LQVLGHU UHWDLO LQVWLWXWLRQDO
  • 17. ORRN DW DQ 9 LQYHVWRUV WKDW KDYH PDGH LQYHVWPHQWV LQ WKH FRPSDQ +DUU 'RPDVK ZULWHV LQ %HZDUH RI SXPSDQGGXPS VWRFNV WKDW SURPRWHUV SXPS WKH VWRFN E LVVXLQJ FRSLRXV PHGLD UHOHDVHV DQQRXQFLQJ WKH ILUP¶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¶V FFOH RI 3' KH ZDV OHIW VXFNHG GU KROGLQJ D YDOXHOHVV FRUSRUDWH VKHOO GHEW DQG IDFLQJ WKH SURVSHFW RI VHULRXV OHJDO UHSHUFXVVLRQV /HVVRQ /LNH PDQ FRPSDQLHV OLVWHG RQ WKH SLQN VKHHWV /,*$77 ZKLOH QRW QHFHVVDULO D 3' VWRFN
  • 18. VHHPHG WR FRQVLVWHQWO XVH PULDG SUHVV UHOHDVHV DV D PHWKRG RI JDUQHULQJ DWWHQWLRQ WR WKH FRPSDQ ZKLFK ZRXOG RVWHQVLEO VHUYH WR LQFUHDVH WKH SHUFHLYHG YDOXH RI WKH FRPSDQ RI 30
  • 19. /HVVRQV IURP /,*$77 _ 1DWLRQDO EHU 6HFXULW KWWSQDWLRQDOFEHUVHFXULWFRPOHVVRQVIURPOLJDWW /,*$77 SUHVV UHOHDVHV DUH VRPHZKDW XQLTXH LQ WKDW PDQ RI WKHP DUH XQLGLUHFWLRQDO LQ WKDW WKH RWKHU SDUW GRHV QRW LVVXH D FRUUHVSRQGLQJ SUHVV UHOHDVH 2QH RI FRXQWOHVV H[DPSOHV RI ELGLUHFWLRQDO SUHVV UHOHDVHV LV WKH -XQH VWUDWHJLF SDUWQHUVKLS RI -XQLSHU 1HWZRUNV DQG 2Q/LYH XQGHU ZKLFK -XQLSHU ZLOO EH WKH H[FOXVLYH QHWZRUNLQJ SURYLGHU IRU 2Q/LYH¶V QHWZRUN LQIUDVWUXFWXUH 7KLV ZDV DQQRXQFHG RQ ERWK -XQLSHU¶V ZHE VLWH DQG FRUUHVSRQGLQJO RQ 2Q/LYH¶V ZHE VLWH :KHQ LW FRPHV WR /,*$77 , FRXOG QRW ILQG D FRPSDQ RU RUJDQL]DWLRQ PHQWLRQHG LQ WKHLU SUHVV UHOHDVHV WKDW KDV UHFLSURFDWHG ZLWK D VLPLODU SUHVV UHOHDVH 1RWLFH WKH IROORZLQJ /,*$77 6HFXULW ,QWHUQDWLRQDO¶V 3UHVLGHQW DQG (2 7XUQV ,QWHUQHW RQWURYHUV LQWR 3URILW ± ,Q WKLV SUHVV UHOHDVH /,*$77 DQQRXQFHV WKH DUH WR VWDU LQ WKHLU RZQ UHDOLW VKRZ ZKLFK ZRXOG EH WKH ILUVW FEHUVHFXULW FRPSDQ UHDOLW VKRZ LQ WKH KLVWRU RI WHOHYLVLRQ HW ZLWK DOO WKH IDQIDUH QR QHWZRUN HYHU DQQRXQFHG WKH KDYH VXFK D VKRZ LQ WKHLU OLQHXS DQG /,*$77 GRHV QRW VD ZKR ZLOO SURGXFH RU ZKDW QHWZRUN ZLOO DLU LW *UHJRU ' (YDQV 3URYHV WR EH WKH 0RVW 5HFRJQL]HG RPSXWHU 6HFXULW RQVXOWDQW ± 7KLV FRPHV IURP /,*$77 EXW RI DOO WKH PHGLD RXWOHWV DQG SHULRGLFDOV WKH TXRWH QRQH RI WKHP LVVXHV D FRUUHVSRQGLQJ SUHVV UHOHDVH /,*$77 6HFXULW ,QWHUQDWLRQDO 6LJQV RQWUDFW :LWK 2QH RI WKH /DUJHVW %LOOLRQ 'ROODU 2QOLQH 5HWDLOHUV 3 0DOO ± ZKLOH WKLV LV QRWKLQJ PRUH WKDQ D UHVHOOHU DJUHHPHQW LI WKH LVVXH ZDV WKDW VLJQLILFDQW RQH ZRXOG WKLQN WKDW 3 0DOO ZRXOG ILQG WKH WLPH WR LVVXH WKHLU RZQ UHOHDVH /,*$77 6HFXULW ,QWHUQDWLRQDO 7KH 2IILFLDO EHU 6HFXULW 3URYLGHU IRU 3KLOLSV $UHQD WKH 1%$ $WODQWD +DZNV DQG 1+/ ± 1RW RQO ZDV WKHUH QRW D FRUUHVSRQGLQJ SUHVV UHOHDVH ± 7UDF :KLWH KLHI 6DOHV 2IILFHU DQG 6HQLRU 93 RI 6DOHV DQG 0DUNHWLQJ IRU $WODQWD 6SLULW // WKH SDUHQW FRPSDQ RI WKH $WODQWD 7KUDVKHUV VWDWHG WKDW ³/,*$77 GRHVQ¶W SURYLGH QRU KDYH WKH HYHU SURYLGHG
  • 20. VHUYLFHV IRU WKH +DZNV 7KUDVKHUV RU 3KLOLSV $UHQD´ 5HJXODWLRQ KDV LWV OLPLWV 'HWDLOV (YHQ ZLWK 62; */%$ DQG RWKHU UHJXODWLRQV WKH FRQVXPHU DQG LQYHVWRU XOWLPDWHO FDQ¶W EH IXOO SURWHFWHG 7KH ILQDQFH VVWHP DQG ILQDQFLDO PDUNHWV LQ WKLV FRXQWU DUH VR FRPSOH[ ZLWK VR PDQ ODHUV DQG ZLWK VR PDQ LQWHUUHODWHG SDUWV WKDW LW LV ULSH IRU DEXVH (YHQ ZLWK WKH 6( LQ SODFH WR UHJXODWH VXFK HQWLWLHV SXEOLFO WUDGHG FRPSDQLHV RQ WKH 3LQN 27 0DUNHWV 3LQN 6KHHWV
  • 21. DUH ORZHU SULRULW IRU LQYHVWLJDWLRQV IRU PDQ UHDVRQV (YHQ WKH )RRG DQG 'UXJ $GPLQLVWUDWLRQ )'$
  •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¶W ZRUN LV WKDW DQ LQYHVWRU ZLWK DQ LQVDWLDEOH DSSHWLWH IRU SURILWV RIWHQ ILQGV WKDW WKHLU DELOLW WR UHDVRQ LV RFFOXGHG RPELQH WKLV ZLWK WKH IODVK RI PHJDJDLQV WKDW WKH 3' PDNHU¶V VXSSO DQG SHRSOH ZLOO LQYDULDEO ILQG WKHPVHOYHV RQ WKH ORVLQJ HQG RI WKH GHDO ZLWK QR UHFRXUVH LQ ZKLFK WR UHFRXS WKHLU ORVVHV RUUHVSRQGLQJ WR ZKDW 5N (GHOVWHLQ REVHUYHG HDUOLHU DERXW WKH ZHOOLQWHQWLRQHG EXVLQHVV RZQHU WKHUH DUH PDQ HQWLWLHV UHTXLUHG WR PDNH D 3' ZRUN IURP ODZHUV VHFXULWLHV XQGHUZULWHUV WUDQVIHU DJHQWV DQG PXFK PRUH $Q UHJXODWLRQ WKDW ZRXOG HQFRPSDVV DOO RI WKH PULDG HQWLWLHV ZRXOG KDYH WR EH VR GUDFRQLDQ DV WR VWRS DOO PDUNHW DFWLYLWLHV $QG VXFK D WKLQJ ZLOO QHYHU KDSSHQ /HVVRQ (YHQ ZLWK WKH PDQ /,*$77 ODZVXLWV LQFOXGLQJ PDQ IULYRORXV FDVHV ILOHG E (YDQV WKH PRVW UHFHQW FDVH RQ $SULO WKH OHJDO FDVH /,*$77 ILOHG ZDV WKURZQ RXW RI FRXUW DQG WKH ILUP RUGHUHG WR SD RYHU LQ OHJDO FRVWV WR WKH RWKHU SDUW :LWK DOO RI WKLV DV RI -XO WKH 6( KDV QRW DQQRXQFHG DQ VRUW RI LQYHVWLJDWLRQ DJDLQVW /,*$77 1RU KDYH DQ VHFXULWLHV ODZHUV , FRQVXOWHG VDLG WKH H[SHFW DQ LQYHVWLJDWLRQ DJDLQVW WKH ILUP DQ WLPH VRRQ 3LQN VKHHWV DUH QRW IRU JLUOV¶ EHGV :KLOH WKHUH LV WKH 16( 1$6'$4 DQG RWKHU UHSXWDEOH H[FKDQJHV LW VKRXOG EH QRWHG WKDW WKH 3LQN 6KHHWV LV QRW D VWRFN H[FKDQJH ,Q IDFW ILUPV KDYH YHU OLWWOH UHTXLUHPHQWV LQ RUGHU WR EH TXRWHG LQ WKH 3LQN 6KHHWV 6LQFH PDQ RI WKHVH ILUPV GR QRW VXEPLW WLPHO ILQDQFLDO VWDWHPHQWV QRU SHUIRUP WKLUGSDUW DXGLWV LW PDNHV LW GLIILFXOW IRU WKH LQYHVWRU WR UHDOO XQGHUVWDQG ZKDW WKH DUH JHWWLQJ LQWR ,W LV TXHVWLRQDEOH ZK DQ QRYLFH LQYHVWRU ZRXOG ZDQW WR LQYHVW LQ D ILUP WKDW FDQ¶W DIIRUG RU ZRQ¶W VXEPLW DQ DXGLWHG ILQDQFLDO VWDWHPHQW ,W LV IRU WKHVH UHDVRQV DQG PRUH WKDW 3LQN 6KHHW ILUPV DUH H[WUHPHO ULVN 5HDG D SODFH ZKHUH QDwYH LQYHVWRUV FDQ ORVH WKHLU HQWLUH LQYHVWPHQW TXLFNO DQG HIIRUWOHVVO 7KLV GRHV QRW PHDQ WR LPSO WKDW DOO 3LQN 6KHHW VWRFNV VKRXOG EH DYRLGHG DV WKHUH DUH FHUWDLQO PDQ OHJLWLPDWH 3LQN 6KHHW FRPSDQLHV RI 30
  • 23. /HVVRQV IURP /,*$77 _ 1DWLRQDO EHU 6HFXULW KWWSQDWLRQDOFEHUVHFXULWFRPOHVVRQVIURPOLJDWW 0DQ DUH VPDOOHU ILUPV ZLWK OHJLWLPDWH LQWHQWLRQV RI VWDUWLQJ VPDOO DQG JURZLQJ ELJ %XW JLYHQ WKHUH DUH VR PDQ WKDW DUH QRW OLNH WKDW WKH QRYLFH LQYHVWRU LQ WKH 3LQN 6KHHW PDUNHW LV JRLQJ GRZQ D URDG IUDXJKW ZLWK ILQDQFLDO ULVN 0XFK RI WKH KSH RI VRPH RI WKHVH 3LQN 6KHHW FRPSDQLHV LV RIWHQ EDVHG RQ WKH FKDULVPD DQG KSHUEROH RI WKH ILQDQFLDO SHRSOH DQG H[HFXWLYHV DW WKH FRPSDQLHV 8QHGXFDWHG DQG XQVRSKLVWLFDWHG LQYHVWRUV ZKR ODFN WKH PRVW EDVLF ILQDQFLDO ZKHUHZLWKDO DQG IDLO WR SHUIRUP GXH GLOLJHQFH EHFRPH YLFWLPV WR WKHVH FKDUODWDQV $V QRWHG LQ WKH SUHYLRXV SDUDJUDSK WKH YHU QDWXUH RI 3LQN 6KHHWV PHDQV WKH FDQ QHYHU EH IXOO DQG SURSHUO UHJXODWHG :LWK WKDW ODFN RI FRPPRQ ILQDQFLDO VHQVH RI EDVLF LQYHVWRUV DQG %DUQXP¶V REVHUYDWLRQV WKRVH SHRSOH DUH IRU WKH PRVW SDUW GRRPHG WR ORVLQJ WKHLU LQYHVWPHQW ,QYHVWRUV ZKR DUH QRW FRPIRUWDEOH ZLWK WKH XQGHUOLQJ PHFKDQLFV RI KRZ WKH ILQDQFLDO PDUNHWV RSHUDWH VKRXOG FRQVLGHU WKH SLQN VKHHW PDUNHW MXVW OLNH D 9HJDV DVLQR ZKHUH WKH RGGV DUH VWDFNHG DJDLQVW WKHP IURP WKH VWDUW $ PDUNHW PDNHU ZKR ZRUNV LQ WKH SLQN VKHHW ZRUOG VXFFLQFWO WROG PH WKDW ³WKHVH VWRFNV DUH JDUEDJH RX EX D VWRFN IRU D KDOI D FHQW DQG KRSH LI JRHV WR D SHQQ´ /HVVRQ /,*$77 /*773.
  •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
  • 25. RI 30
  • 26. /HVVRQV IURP /,*$77 _ 1DWLRQDO EHU 6HFXULW KWWSQDWLRQDOFEHUVHFXULWFRPOHVVRQVIURPOLJDWW /HVVRQ 1XPHURXV PHGLD RXWOHWV KDG (YDQV RQ DLU LUUHVSHFWLYH RI KLV IDOVH DVVRFLDWLRQV $WODQWD +DZNV $WODQWD 7KUDVKHUV /RV $QJHOHV OLSSHUV 3KLOOLSV $UHQD DQG PRUH
  • 27. IDOVH FHUWLILFDWLRQV DQG DXWKRUVKLS RI SODJLDUL]HG ERRNV WR PDNH KLP VHHP OLNH KH ZDV LQGHHG WKH ³ZRUOGV KDFNHU´ :LWK WKDW RQH FDQ SRVH WKH TXHVWLRQ ± LI WKH PDMRU PHGLD RXWOHWV VXFK DV )R[ 11 %ORRPEHUJ HW DO FDQ¶W JHW LW ULJKW ZLWK D JXHVW RQ WHFKQRORJ ZKDW GRHV WKDW VD DERXW WKHLU DSSURDFK IRU IRUHLJQ SROLF LQYHVWPHQW QHZV DQG PRUH SUHVVLQJ FRQFHUQV :KLOH WKH PDMRU PHGLD SODHUV LJQRUHG (YDQ¶V TXDOLILFDWLRQV LW LV ZRUWK QRWLQJ WKDW WKH VPDOOHU PHGLD RXWOHWV VXFK DV 7KH 5HJLVWHU 7HFK +HUDOG DQG %6 $WODQWD DIILOLDWH GLG UXQ H[SRVHV DERXW WKH ILUP DQG LWV WLWXODU KDFNHU 5DFLVP LQ WKH 86$ 1RW D 0LOH UXV VRQJ EXW UDFLVP LV D VHULRXV WUDQVJUHVVLRQ ,W ZDVQ¶W WKDW ORQJ DJR WKDW DQ $IULFDQ $PHULFDQ FRXOGQ¶W XVH D SXEOLF UHVWURRP RU GULQNLQJ IRXQWDLQ LQ WKLV FRXQWU 7KHVH UDFLVW LQHTXDOLWLHV ZHUH WKH GULYLQJ IRUFH EHKLQG WKH HVWDEOLVKPHQW RI WKH 1$$3 DQG RWKHU VXFK RUJDQL]DWLRQV ,Q WKH HDUV VLQFH WKH IRXQGLQJ RI WKH 1$$3 D ORW KDV FKDQJHG 7DNH D ORRN DW WKH IRUPHU 6HFUHWDU RI 6WDWH WKH FXUUHQW 3UHVLGHQW DQG $WWRUQH *HQHUDO LW LV FOHDU WKDW VWDWHVSRQVRUHG UDFLVP LV QR ORQJHU DQ LVVXH 3HUKDSV ILJKWLQJ UDFLVP LV QR ORQJHU WKH UDLVRQ G¶r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¶W TXLWH VHH LW WKDW ZD 'U %RFH :DWNLQV 3URIHVVRU DW 6UDFXVH 8QLYHUVLW ZULWHV WKDW LI DQRQH HYHU ZDQWV WR XQGHUVWDQG ZK VR PDQ LQ WKH EODFN FRPPXQLW KDYH ORVW IDLWK LQ FHUWDLQ HOHPHQWV RI WKH 1$$3 RX QHHG WR ORRN QR IXUWKHU WKDQ WKLV LQFLGHQW +H QRWHV WKDW ,W¶V RQH WKLQJ IRU WKH 1$$3 WR UHPDLQ TXLHW DERXW .LG 5RFN¶V XVH RI RQH RI WKH PRVW WUDXPDWLF VPEROV LQ $PHULFDQ KLVWRU EXW TXLWH DQRWKHU IRU WKHP WR VWHS XS DQG JLYH KLP DQ DZDUG IRU LW /HVVRQ 7KH 1$$3 SUHVHQWHG (YDQV ZLWK LWV 1$$3 KXPDQLWDULDQ DZDUG LQ %XW /,*$77 XVHG SUHVV UHOHDVHV WR DFFXVH UHVSHFWHG SURIHVVLRQDOV ZKR GLG GHHSHU LQYHVWLJDWLRQV DQG DQDOVLV LQWR LWV DFWLYLWLHV RI KDYLQJ D UDFLVW DJHQGD DQG EHLQJ VRPH RI WKH ZRUOG¶V ZRUVW FEHUEXOOLHV 6RPH H[DPSOHV LQFOXGH D EORJ SRVWLQJ LQ -XQH +RZ DQ RPSXWHU 1HUGV %H 5DFLVW ZKHUH /,*$77 DFFXVHG WKLV DXWKRU DQG KULV -RKQ 5LOH RI EHLQJ UDFLVW DQG HPSKDVL]HG WKH FODLPV WKDW FULWLFLVP OHYHOHG DW (YDQV¶ DQG /,*$77 DUH DOO UDFLDOO PRWLYDWHG RI 30
  • 28. /HVVRQV IURP /,*$77 _ 1DWLRQDO EHU 6HFXULW KWWSQDWLRQDOFEHUVHFXULWFRPOHVVRQVIURPOLJDWW )RU D IXOO DFFRXQW VHH 6HFXULW ILUP ILJKWV UDFLVP LQ ,QIR6HF ZKLOH DSSDUHQWO SURILWLQJ IURP LW DQG :RUOG¶V 1R KDFNHU¶ WRPH URFNV VHFXULW ZRUOG ±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
  • 29. WKDW LW ZRQ¶W EH DV PXFK DV DQ DGYHQWXUH DV WKLV UHYLHZ ZDV 2Q WKH XSVLGH , OHDUQHG D ORW PRUH E ZULWLQJ WKH UHYLHZ WKDQ E UHDGLQJ (YDQV¶ ERRN %HQ 5RWKNH ,663 ,6$ #EHQURWKNH
  • 30. ZRUNV LQ WKH LQIRUPDWLRQ VHFXULW ILHOG ZULWHV WKH 6HFXULW 5HDGLQJ 5RRP EORJ DQG LV WKH DXWKRU RI RPSXWHU 6HFXULW 7KLQJV (YHU (PSORHH 6KRXOG .QRZ 0F*UDZ+LOO
  • 31. $UWLFOH VRXUFH KWWSVZZZLQIRVHFLVODQGFRPEORJYLHZ/HVVRQVIURP/,*$77KWPO 7DJV HWKLFDO KDFNHUV DWHJRU (WKLFDO +DFNLQJ RPPHQWV DUH FORVHG 7UDQVODWH 7R $QRWKHU /DQJXDJH 6HDUFK $OO DWHJRULHV -RLQ 2XU )DFHERRN 3DJH 1DWLRQDO EHU 6HFXULW /LNH /LVWHQ 7R 16 'DLO 5DGLR RI 30
  •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
  • 33. /HVVRQV IURP /,*$77 _ 1DWLRQDO EHU 6HFXULW KWWSQDWLRQDOFEHUVHFXULWFRPOHVVRQVIURPOLJDWW RI 30
  • 34. /HVVRQV IURP /,*$77 _ 1DWLRQDO EHU 6HFXULW KWWSQDWLRQDOFEHUVHFXULWFRPOHVVRQVIURPOLJDWW RI 30
  • 35. /HVVRQV IURP /,*$77 _ 1DWLRQDO EHU 6HFXULW KWWSQDWLRQDOFEHUVHFXULWFRPOHVVRQVIURPOLJDWW DWHJRULHV $QQRXQFHPHQWV $SSOLFDWLRQ 6HFXULW %OXHWRRWK 6HFXULW %XVLQHVV 6HFXULW HOO 3KRQH 6HFXULW KLOG 6DIHW 2QOLQH RPSXWHU )RUHQVLFV RPSXWHU +DFNLQJ EHU %XOO EHU ULPH EHU ([WRUWLRQ6H[WRUWLRQ6H[WLQJ EHU )UDXG EHU 6HFXULW $OHUW EHU 6HFXULW ,QGXVWU :DWFK EHU 6WDONLQJ EHU 7HUURULVP :DWFK EHU :DUV EHU :DUV /XO]6HF
  • 36. (PDLO3KLVKLQJ $OHUWV 6FDPV (WKLFDO +DFNLQJ (YHQWV DQG RQIHUHQFHV )HDWXUHG 6WRULHV *HQHUDO RI 30
  • 37. /HVVRQV IURP /,*$77 _ 1DWLRQDO EHU 6HFXULW KWWSQDWLRQDOFEHUVHFXULWFRPOHVVRQVIURPOLJDWW *RYHUQPHQW EHU :DUV *RYHUQPHQW 6HFXULW :DWFK +DFNHU *HDU 2QOLQH ORWKLQJ +DFNHUV ,Q 7KH 1HZV +DFNLQJ +DFNLQJ 7RROV ,GHQWLW 7KHIW :DWFK ,QWHUQHW EHU /DZ ,QWHUQHW 6DIWH ,7 1HZV DQG ,QIRUPDWLRQ /DSWRS 6HFXULW /DZ ,QWHUQHW EHU /,*$77 6HFXULW ,Q 7KH 1HZV 1DWLRQDO EHU 6HFXULW 5DGLR 2WKHU 6HFXULW 1HZV 3, DQG RPSOLDQFH 3HQHWUDWLRQ 7HVWLQJ 3LUDF ± 6RIWZDUH 0XVLF DQG 0RYLHV 3ULVRQ 7LPH 3URGXFW $QQRXQFHPHQWV 6HFXULW -REV ,QWHUQVKLSV 6HFXULW 1HZV 6HFXULW 7KUHDWV 6HFXULW 7LSV 6RFLDO 0HGLD 7KUHDWV 6SRRILQJ 6SZDUH DQG 0DOZDUH 6SZDUH EHU 6QRRSLQJ 7ZLWWHU 8QFDWHJRUL]HG 9LGHR /LEUDU 9LUXV0DOZDUH:RUPV 92,3 9XOQHUDELOLWLHV([SORLWV :LUHOHVV 6HFXULW RI 30