Quotes & gems of wisdom

2.085 Aufrufe

Veröffentlicht am

Veröffentlicht in: Seele & Geist
0 Kommentare
0 Gefällt mir
Statistik
Notizen
  • Als Erste(r) kommentieren

  • Gehören Sie zu den Ersten, denen das gefällt!

Keine Downloads
Aufrufe
Aufrufe insgesamt
2.085
Auf SlideShare
0
Aus Einbettungen
0
Anzahl an Einbettungen
2
Aktionen
Geteilt
0
Downloads
3
Kommentare
0
Gefällt mir
0
Einbettungen 0
Keine Einbettungen

Keine Notizen für die Folie

Quotes & gems of wisdom

  1. 1. *HPVRI:LVGRP4XRWHVIURP:HVWHUQDQG(DVWHUQ7KLQNHUV RQ5HODWLRQVKLSV:RUN6HOI*URZWK DQG7UXWK 3/864XHVWLRQWR3RQGHURQHDFKWRSLF EHEUDRKHQ/6: RSULJKW‹
  2. 2. *HPVRI:LVGRP 4XRWHVZLWK4XHVWLRQVWR3RQGHU EHEUDRKHQ/6: 3XEOLVKHG3XEOLVKHGEHEUDRKHQ/6:RFRSOXPLUFOHRFRQXWUHHN)ORULGDDQG86$^HEUDRKHQ$OOULJKWVUHVHUYHG1RSDUWRIWKLVSXEOLFDWLRQPDEHUHSURGXFHGVWRUHGLQDUHWULHYDOVVWHPRUWUDQVPLWWHGLQDQIRUPRUEDQPHDQVHOHFWURQLFPHFKDQLFDOUHFRUGLQJRURWKHUZLVHZLWKRXWWKHSULRUZULWWHQSHUPLVVLRQRIWKHDXWKRU 0DQXIDFWXUHGLQWKH8QLWHG6WDWHVRI$PHULFD *HPVRI:LVGRPEHEUDRKHQ/6:
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¶V2WKHU6HUYLFHV 6WUHVV5HGXFWLRQ:RUNVKRSVIRU$VVRFLDWLRQVDQG%XVLQHVVHV 0HGLWDWLYH:DONLQJ5HWUHDWV RJDDQG0HGLWDWLRQ6HPLQDUV 3KRQHDQG(PDLORQVXOWVIRU6HOI*URZWK 7R 5HFHLYH4XRWHVGDVDZHHNEHPDLOVXEVFULEHWR PDLOWRSKLORVRSKTXRWHVVXEVFULEH#OLVWERWFRP RXFDQZULWHHEELHDW PDLOWRGHEUF#L[QHWFRPFRP RFRSOXPLUFOH RFRQXWUHHN)ORULGD *HPVRI:LVGRPEHEUDRKHQ/6:
  4. 4. 7$%/(2)217(176)UHH9HUVLRQKDVILUVW FKDSWHUVKDSWHU,QWURGXFWLRQKDSWHU$FWLRQKDSWHU$WWDFKPHQWKDSWHUKDUDFWHUKDSWHURXUDJHKDSWHU(PSWLQHVVKDSWHU)HDUKDSWHU*RDOVKDSWHU*UDWLWXGHKDSWHU*URZWKKDSWHU+DELWKDSWHU+RSHKDSWHU/RYHKDSWHU0HQDQG:RPHQKDSWHU0RQHKDSWHU0RWLYDWLRQKDSWHU3DWLHQFHKDSWHU3HUVHYHUDQFH *HPVRI:LVGRPEHEUDRKHQ/6:
  5. 5. KDSWHU5HFRJQLWLRQKDSWHU6ROLWXGHKDSWHU:LVGRPKDSWHU=HQDQGRVPLF+XPRUKDSWHU5HVRXUFHVDQG5HFRPPHQGDWLRQV *HPVRI:LVGRPEHEUDRKHQ/6:
  6. 6. ,QWURGXFWLRQ HEUDRKHQ/6:³$TXRWDWLRQDWWKHULJKWPRPHQWLVOLNHEUHDGWRWKHIDPLVKHG´ 7KH7DOPXG³2QHZKRDVNVDTXHVWLRQLVDIRROIRUILYHPLQXWHVRQHZKRGRHVQRWDVNDTXHVWLRQUHPDLQVDIRROIRUHYHU´ KLQHVHSURYHUE*UHDWLGHDVFUHHSXSRQXVDQGFDQPDNHXVVTXLUPWUDQVFHQGRXUGDLOSHUVSHFWLYHWKURXJK KXPRUVWRSXVGHDGLQRXUWUDFNVDQGVKRZXVDGRRUWRDQRWKHUYLVLRQRJL%KDMDQVDVWKDWDUHDOWKRXJKWZLOO³3RNH3URYRNHWRD5HDFWLRQRQIURQWDQG(OHYDWH´7KHTXRWHVLQWKLVERRNDUHRUJDQL]HGXQGHUWKHFDWHJRULHVRI³:RUN´³5HODWLRQVKLSV´³6HOI*URZWK´³7UXWK´DQG³=HQDQG(DVWHUQ7KHPHV´ZLWKWKHLQWHQWRILOOXPLQDWLQJHYHUGDOLIH,¶YHDOVRDGGHGTXHVWLRQVDIWHUHDFKFKDSWHUWRKHOSVWLPXODWHIXUWKHULQTXLU,ILQGWKDWZKHQ,UHDGDERRNDSKUDVHRULGHDZLOORIWHQORRNKDUGDWPHDQGUHYHUVHPRUGLQDUVHQVHRIEHLQJWKH³ORRNHU´:KHQZHVSHDNRILQVLJKWVLW¶VLQWHUHVWLQJWKDWYLROHQWSKUDVHVDUHRIWHQXVHGVXFKDV³LWVWUXFNPH´³LWKLWPH´³,ZDVERZOHGRYHU´RU³LWEOHZPHDZD´5HOLJLRXVOVRPHSHRSOHXVHWKHSKUDVH ³KDVHGE/LJKW´,W¶VKDUGWRDYRLGIHHOLQJKDXQWHGE1LHW]VFKH¶VOLQH³7KHPRVWFRPPRQOLHLVWKHOLHRQHWHOOVWRRQHVHOIOLQJWRRWKHUVLVUHODWLYHOWKHH[FHSWLRQ´$QGZKHQ:RRG$OOHQVDV³,¶PQRWDIUDLGRIGHDWK,MXVWGRQ¶WZDQWWREHWKHUHZKHQLWKDSSHQV´ZHFDQ¶WKHOSKDYLQJDVHQVHRIUHOLHIIURPWKHFRVPLFTXHVWLRQV,KRSHWKLVFROOHFWLRQRITXRWHVDQGTXHVWLRQVZLOOKHOSWRDGGVRPHZRQGHUVSDUNQHZWKRXJKWVFUHDWHDSDXVHDQGDLGRQH¶VZDONRQWKHMRXUQH6HHLQJWKHFRXUDJH DQGHIIRUWVRIRWKHUVKHOSVRQHXQGHUJRWKHWULDOVLQYROYHGLQVHOIWUDQVIRUPDWLRQ3OHDVHVXEVFULEHWRPIUHHTXRWHVQHZVOHWWHUDQGUHFHLYHEHPDLOWKRXJKWVIURPWKHJUHDWPLQGVRIWKH(DVWDQG:HVWDFFRPSDQLHGE *HPVRI:LVGRPEHEUDRKHQ/6:
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³:RUN5HODWLRQVKLSV6HOI*URZWK7UXWKDQG=HQDQG(DVWHUQ7KHPHV7KHUHLVDOVRDUHVRXUFHSDJHDWWKHHQGRIWKHERRNIRUIXUWKHUVWXGDQGUHODWHGFRQWHQW,QDGGLWLRQWRLQIRUPDWLRQRQTXRWHVRXFDQOHDUQKRZWRFUHDWHRXURZQHERRN,KRSHWKLVHERRNZLOOFRQQHFWXVWRWKHWLPHOHVVWUXWKVWKDW(DVWHUQDQG:HVWHUQWKLQNHUVKDYHFDSWXUHGDQGLOOXPLQDWHRXUUHODWLRQVKLSVWRZRUNIULHQGVKLSORYHDQGVHOIWUDQVIRUPDWLRQ *HPVRI:LVGRPEHEUDRKHQ/6:
  8. 8. DWHJRULHV6HOI*URZWKRXUDJH)HDU*UDWLWXGH+DELWV+RSH3DWLHQFH5(/$7,216+,36/RYH0HQDQG:RPHQ6ROLWXGH=HQDQGRVPLF$QHFGRWHV:25.$FWLRQ*RDOV0RQH0RWLYDWLRQ3HUVHYHUDQFH5HFRJQLWLRQ=HQDQG(DVWHUQ7KHPHV$WWDFKPHQW(PSWLQHVV:LVGRP=HQ+XPRU7UXWKKDUDFWHU0HDQLQJ:LVGRP *HPVRI:LVGRPEHEUDRKHQ/6:
  9. 9. $FWLRQRRXNQRZWKDWGLVHDVHDQGGHDWKPXVWQHHGVRYHUWDNHXVQRPDWWHUZKDWZHDUHGRLQJ:KDWGRRXZLVKWREHGRLQJZKHQLWRYHUWDNHVRX,IRXKDYHDQWKLQJEHWWHUWREHGRLQJZKHQRXDUHVRRYHUWDNHQJHWWRZRUNRQWKDW a(SLFHWXVa+RZFDQDQRQHVHHVWUDLJKWZKHQKHGRHVQRWVHHKLPVHOIDQGWKHGDUNQHVVKHXQFRQVFLRXVOFDUULHVZLWKKLPLQWRDOOKLVGHDOLQJV aDUO-XQJa7KHJUHDWHQGRIOLIHLVQRWNQRZOHGJHEXWDFWLRQ a7KRPDV+HQU+X[OHa$FWLRQVKRXOGFXOPLQDWHLQZLVGRP a%KDJDYDG*LWDa:HFDQQRWSXWRIIOLYLQJXQWLOZHDUHUHDG7KHPRVWVDOLHQWFKDUDFWHULVWLFRIOLIHLVLWVFRHUFLYHQHVVLWLVDOZDVXUJHQWKHUHDQGQRZZLWKRXWDQSRVVLEOHSRVWSRQHPHQW/LIHLVILUHGDWXVSRLQWEODQN a-RVH2UWHJD*DVVHWa *HPVRI:LVGRPEHEUDRKHQ/6:
  10. 10. 4XHVWLRQV
  11. 11. :KDWLVWKHQDWXUHRIGLVWUDFWLRQ:KGRQWZHGRZKDWZHZLVKWREHGRLQJ
  12. 12. :KDWVWKHUHODWLRQEHWZHHQDFWLRQDQGNQRZOHGJHRZHVRPHWLPHVXVHRQHWRGRGJHWKHRWKHU:KDWLVDFWLRQIRUWKHPDQRIZLVGRP$WWDFKPHQW,IRXDUHGLVWUHVVHGEDQWKLQJH[WHUQDOWKHSDLQLVQRWGXHWRWKHWKLQJLWVHOIEXWWRRXURZQHVWLPDWHRILWDQGWKLVRXKDYHWKHSRZHUWRUHYRNHDWDQPRPHQW a0DUFXV$XUHOLXVa7KHPDQZKRQHYHUDOWHUVKLVRSLQLRQLVOLNHVWDQGLQJZDWHUDQGEUHHGVUHSWLOHVRIWKHPLQG a:LOOLDP%ODNHa%HWWHUVKXQWKHEDLWWKDQVWUXJJOHLQWKHVQDUH a-RKQ0LOWRQa%XGGKDVGRFWULQHPDQVXIIHUVEHFDXVHRIKLVFUDYLQJWRSRVVHVVDQGNHHSIRUHYHUWKLQJVZKLFKDUHHVVHQWLDOOLPSHUPDQHQWKLHIDPRQJWKHVHWKLQJVLVKLVRZQSHUVRQIRUWKLVLVKLVPHDQVRILVRODWLQJKLPVHOIIURPWKHUHVWRIOLIHKLVFDVWOHLQWRZKLFKKHFDQUHWUHDWDQGIURPZKLFKKHFDQDVVHUWKLPVHOIDJDLQVWH[WHUQDOIRUFHV+HEHOLHYHVWKDWKLVIRUWLILHGDQGLVRODWHGSRVLWLRQLVWKHEHVWPHDQVRIREWDLQLQJKDSSLQHVVLWHQDEOHVKLPWRILJKWDJDLQVWFKDQJHWRVWULYHWRNHHSSOHDVLQJWKLQJVIRUKLPVHOIWRVKXWRXWVXIIHULQJDQGVKDSHFLUFXPVWDQFHVDVKHZLOOV,QVKRUWLWLVKLVPHDQVRI UHVLVWLQJOLIH7KH%XGGKD *HPVRI:LVGRPEHEUDRKHQ/6:
  13. 13. WDXJKWWKDWDOOWKLQJVLQFOXGLQJKLVFDVWOHDUHHVVHQWLDOOLPSHUPDQHQWDQGDVVRRQDVPDQWULHVWRSRVVHVVWKHPWKHVOLSDZDWKLVIUXVWUDWLRQRIWKHGHVLUHWRSRVVHVVLVWKHLPPHGLDWHFDXVHRIVXIIHULQJ a$ODQ:DWWVa=HQPDVWHUVKROGWKDWDQLQGLYLGXDOVIXOOXQGHUVWDQGLQJRI=HQLVRIWHQSUHFLSLWDWHGEWKHKHDULQJRIDVLQJOHSKUDVHH[DFWOFDOFXODWHGWRGHVWURKLVSDUWLFXODUGHPRQRILJQRUDQFHVRWKHKDYHDOZDVIDYRUHGWKHEULHISDUDGR[LFDOGLDORJXHDVDPHDQVRILQVWUXFWLRQILQGLQJLWRIJUHDWYDOXHLQJLYLQJDVXGGHQMROWWRDSXSLOVPLQGZKLFKPDSURSHOKLPWRZDUGVRURYHUWKHEULQNRI(QOLJKWHQPHQW a-RKQ%ORIHOGaLVDSSRLQWPHQWDOZDVDVKRFNWRWKHIHHOLQJVLWQRWRQOWKHPRWKHURIELWWHUQHVVEXWWKHVWURQJHVWSRVVLEOHLQFHQWLYHWRDGLIIHUHQWLDWLRQRIIHHOLQJ7KHIDLOXUHRIDSHWSODQWKHGLVDSSRLQWLQJEHKDYLRXURIVRPHRQHRQHORYHVFDQVXSSOWKHLPSXOVHHLWKHUIRUDPRUHRUOHVVEUXWDORXWEXUVWRIDIIHFWRUIRUDPRGLILFDWLRQDQGDGMXVWPHQWRIIHHOLQJDQGKHQFHIRULWVKLJKHUGHYHORSPHQW7KLVFXOPLQDWHVLQZLVGRPLIIHHOLQJLVVXSSOHPHQWHGEUHIOHFWLRQDQGUDWLRQDOLQVLJKW aDUO-XQJa(YHUPDQWDNHVWKHOLPLWVRIKLVRZQILHOGRIYLVLRQIRUWKHOLPLWVRIWKHZRUOG a$UWKXU6FKRSHQKDXHUa4XHVWLRQV
  14. 14. :DWWVVSHDNVDERXWDWWDFKPHQWDV³UHVLVWDQFHWROLIH´:KDWLVWKHUHODWLRQEHWZHHQGHVLUHDQGUHVLVWDQFH
  15. 15. ,IRXUSDLQDWORVVLVDIXQFWLRQRIRXUSHUFHSWLRQ0DUFXV$XUHOLXV
  16. 16. ZKGRZHWHQGWRDWWULEXWHWKHSDLQWRVRPHWKLQJH[WHUQDORIRXUPLQGV *HPVRI:LVGRPEHEUDRKHQ/6:
  17. 17. KDUDFWHU%OHVVHGLVKHZKRKDVOHDUQHGWRDGPLUHEXWQRWHQYWRIROORZEXWQRWLPLWDWHWRSUDLVHEXWQRWIODWWHUDQGWROHDGEXWQRWPDQLSXODWH a:LOOLDP$UWKXU:DUGa 7DNHFDUHRIRXUWKRXJKWV 7KHQDFWLRQVZLOOWDNHFDUHRIWKHPVHOYHV RXVRZDQDFWLRQDQGUHDSDWHQGHQF RXVRZDWHQGHQFDQGUHDSDKDELW RXVRZRXUKDELWDQGUHDSRXUFKDUDFWHU RXVRZRXUFKDUDFWHUDQGUHDSRXUGHVWLQ 7KHUHIRUHGHVWLQLVLQRXUKDQGV a6DWKD6DL%DEDa7DOHQWLVQXUWXUHGLQVROLWXGHKDUDFWHULVIRUPHGLQWKHVWRUPELOORZVRIWKHZRUOG a*RHWKHa,WLVZLWKWULIOHVDQGZKHQKHLVRIIJXDUGWKDW DPDQEHVWUHYHDOVKLVFKDUDFWHU a6FKRSHQKDXHUa,I,WUWREHOLNHKLPZKRZLOOEHOLNHPH aLGGLVK3URYHUEa *HPVRI:LVGRPEHEUDRKHQ/6:
  18. 18. RXFDQQRWGUHDPRXUVHOILQWRDFKDUDFWHURXPXVWKDPPHUDQGIRUJHRXUVHOIRQH a-DPHV)URXGHa4XHVWLRQV
  19. 19. ,I6FKRSHQKDXHULVULJKWWKDWRQH¶VFKDUDFWHULVUHYHDOHGZKHQRQHLVRIIJXDUGWKHQZKDWLVLWWKDWPRVWSHRSOHDUHGLVSODLQJDZDUHRIWKHRWKHU¶VJODQFH
  20. 20. :KDWGRZHPHDQZKHQZHVHH³FKDUDFWHU´LQVRPHRQH¶VIDFHRXUDJH,WLVQRWEHFDXVHWKLQJVDUHGLIILFXOWWKDWZHGRQRWGDUHLWLVEHFDXVHZHGRQRWGDUHWKDWWKLQJVDUHGLIILFXOW a6HQHFDa:KDWHYHURXGRRXQHHGFRXUDJH:KDWHYHUFRXUVHRXGHFLGHXSRQWKHUHLVDOZDVVRPHRQHWRWHOORXWKDWRXDUHZURQJ7KHUHDUHDOZDVGLIILFXOWLHVDULVLQJWKDWWHPSWRXWREHOLHYHRXUFULWLFVDUHULJKW7RPDSRXWDFRXUVHRIDFWLRQDQGIROORZLWWRDQHQGUHTXLUHVVRPHRIWKHVDPHFRXUDJHWKDWDVROGLHUQHHGV3HDFHKDVLWVYLFWRULHVEXWLWWDNHVEUDYHPHQDQGZRPHQWRZLQWKHP a5DOSK:DOGR(PHUVRQa0DQFDQQRWGLVFRYHUQHZRFHDQVXQOHVVKHKDVWKHFRXUDJHWRORVHVLJKWRIWKHVKRUH a$QGUH*LGHa *HPVRI:LVGRPEHEUDRKHQ/6:
  21. 21. $KHURLVQREUDYHUWKDQDQRUGLQDUPDQEXWKHLVEUDYHUILYHPLQXWHVORQJHU a5DOSK:DOGR(PHUVRQa:HJDLQVWUHQJWKDQGFRXUDJHDQGFRQILGHQFHEHDFKH[SHULHQFHLQZKLFKZHUHDOOVWRSWRORRNIHDULQWKHIDFHZHPXVWGRWKDWZKLFKZHWKLQNZHFDQQRW a(OHDQRU5RRVHYHOWaRXUDJHLVWKHILUVWRIKXPDQTXDOLWLHVEHFDXVHLWLVWKHTXDOLWZKLFKJXDUDQWHHVWKHRWKHUV a$ULVWRWOHa:HPXVWDFFHSWILQLWHGLVDSSRLQWPHQWEXWQHYHUORVHLQILQLWHKRSH a0DUWLQ/XWKHU.LQJ-Ua4XHVWLRQV
  22. 22. (PHUVRQSRLQWVRXWWKDWZHDUHHDVLOGLVFRXUDJHGERWKHUVFULWLFLVPV+RZFDQZHQRWEHLQIOXHQFHGEWKHLUGRXEWV
  23. 23. :KHQZHORRNIHDULQWKHIDFHKRZGRHVWKDWWUDQVIRUPLW,VIHDUDQLOOXVLRQ,VLWVRPHWKLQJWKDWORRPVEHFDXVHZHZRQWWDFNOHLW,VLWOLNHORRNLQJDWWKHERRJHPDQ
  24. 24. 6RPHWLPHVZHORVHKHDUWDQGRXUZLOOFROODSVHV+RZFDQZHUHPHPEHUWRWUDQVFHQGWKHLPPHGLDWHUHVSRQVHRIGHIHDW *HPVRI:LVGRPEHEUDRKHQ/6:
  25. 25. (PSWLQHVV7KHXQLTXHQHVVRI]D]HQ]HQPHGLWDWLRQ
  26. 26. OLHVLQWKLVWKDWWKHPLQGLVIUHHGIURPERQGDJHWRDOOWKRXJKWIRUPVYLVLRQVREMHFWVDQGLPDJLQLQJVKRZHYHUVDFUHGRUHOHYDWLQJDQGEURXJKWWRDVWDWHRIDEVROXWHHPSWLQHVVIURPZKLFKDORQHLWPDRQHGDSHUFHLYHLWVRZQWUXHQDWXUHRUWKHQDWXUHRIWKHXQLYHUVH a3KLOLS.DSOHDXa7KHTXLHWHURXEHFRPHWKHPRUHRXFDQKHDU a5DPDVVa,WRRNDZDON6XGGHQO,VWRRGVWLOOILOOHGZLWKWKHUHDOL]DWLRQWKDW,KDGQRERGRUPLQG$OO,FRXOGVHHZDVRQHJUHDWLOOXPLQDWLQJ:KROH RPQLSUHVHQWSHUIHFWOXFLGDQGVHUHQH a+DQ6KDQa,IRXUPLQGLVHPSWLWLVDOZDVUHDGIRUDQWKLQJLWLVRSHQWRHYHUWKLQJ,QWKHEHJLQQHU¶VPLQGWKHUHDUH PDQSRVVLELOLWLHVEXWLQWKHH[SHUW¶VWKHUHDUHIHZ a6KXQUX6X]XNLa7ZRPRQNVZHUHDUJXLQJDERXWWKHWHPSOHIODJ2QHVDLGWKHIODJPRYHGWKHRWKHUVDLGWKHZLQGPRYHG0DVWHU(QRRYHUKHDUGWKHPDQGVDLG³,WLVQHLWKHUWKHZLQGQRUWKHIODJEXWRXUPLQGWKDWPRYHV´7KHPRQNVZHUHVSHHFKOHVV a7ROGE-RQ:LQRNXULQ³=HQWR*R´a *HPVRI:LVGRPEHEUDRKHQ/6:
  27. 27. 4XHVWLRQV
  28. 28. DQGLVFULPLQDWLRQOHDGWRHPSWLQJWKHPLQG
  29. 29. :KGRFRQFHSWVIRUPVDQGPHQWDOUHSUHVHQWDWLRQVUDUHODSSHDUWRXVDV³ERQGDJH´DV.DSOHDXFDOOVLW)HDU,FRXQWKLPEUDYHUZKRRYHUFRPHVKLVGHVLUHVWKDQKLPZKRFRQTXHUVKLVHQHPLHVIRUWKHKDUGHVWYLFWRULVRYHUVHOI a$ULVWRWOHa,WLVQRWGHDWKWKDWDPDQVKRXOGIHDUEXWKHVKRXOGIHDUQHYHUEHJLQQLQJWROLYH a0DUFXV$XUHOLXVa7RRQHZKRLVDIUDLGHYHUWKLQJUXVWOHV a6RSKRFOHVa7KHUHLVJUHDWEHDXWLQJRLQJWKURXJKOLIHZLWKRXWDQ[LHWRUIHDU+DOIRXUIHDUVDUHEDVHOHVVDQGWKHRWKHUKDOIGLVFUHGLWDEOH a8SDQLVKDGVa+HZKRVHHVDOOEHLQJVLQKLVRZQ6HOI DQGKLVRZQ6HOILQDOOEHLQJVORVHVDOOIHDU a8SDQLVKDGVa *HPVRI:LVGRPEHEUDRKHQ/6:
  30. 30. 4XHVWLRQV
  31. 31. +RZFDQZHVHHWKDWPDQRIRXUIHDUVDUHEDVHOHVV
  32. 32. :KZRXOGRXULQDELOLWWRVHHWKH6HOILQWKHRWKHUSHUVRQEHUHODWHGWRIHDU,VRXUVHQVHRILQGLYLGXDOLWWLHGXSZLWKIHHOLQJRYHUDJDLQVWDQRWKHUFRPSHWLWLYHRUMHDORXV*RDOV%HQRWDIUDLGRIJURZLQJVORZOEHDIUDLGRQORIVWDQGLQJVWLOO aKLQHVH3URYHUEa7RRPDQEXVLQHVVPHQQHYHUVWRSWRSRQGHUZKDWWKHDUHGRLQJ7KHUHMHFWWKHQHHGIRUVHOIGLVFLSOLQH7KHDUHVDWLVILHGWREHFOHYHUZKHQWKHQHHGWREHZLVH a/RXLV)LQNHOVWHLQa1RWKLQJLVVRIDWLJXLQJDVWKHHWHUQDOKDQJLQJRIDQXQFRPSOHWHGWDVN a:LOOLDP-DPHVa1HYHUORRNGRZQWRWHVWWKHJURXQGEHIRUHWDNLQJWKHQH[WVWHSRQOKHZKRNHHSVKLVHHVIL[HGRQWKHIDUKRUL]RQZLOOILQGKLVULJKWURDG aDJ+DPPDUVNMROGa7KHVKRUWHVWZDWROLYHZLWKKRQRULQWKHZRUOGLVWREHLQUHDOLWZKDWZHZRXOGDSSHDUWREHDOOKXPDQYLUWXHVLQFUHDVHDQGVWUHQJWKHQWKHPVHOYHVEWKHSUDFWLFHDQGH[SHULHQFHRIWKHP a6RFUDWHVa *HPVRI:LVGRPEHEUDRKHQ/6:
  33. 33. ,IRXZDQWWKHSUHVHQWWREHGLIIHUHQWIURPWKHSDVWVWXGWKHSDVW a6SLQR]Da4XHVWLRQV
  34. 34. ,IWKHUHLVDWLUHGQHVVZKHQDQXQFRPSOHWHGSURMHFWLVRQWKHEDFNEXUQHUZKLVLWVRGLIILFXOWIRUXVWRVWRSSURFUDVWLQDWLQJ
  35. 35. $UHZHDIUDLGWRVWXGWKHSDVWEHFDXVHFKDQJHLVPRUHGLIILFXOWWKDQUHSHDWLQJDKDELW*UDWLWXGH7RVSHDNJUDWLWXGHLVFRXUWHRXVDQGSOHDVDQWWRHQDFWJUDWLWXGHLVJHQHURXVDQGQREOHEXWWROLYHJUDWLWXGHLVWRWRXFK+HDYHQ a-RKDQQHV$*DHUWQHUa5HIOHFWXSRQRXUSUHVHQWEOHVVLQJVRIZKLFKHYHUPDQKDVSOHQWQRWRQRXUSDVWPLVIRUWXQHVRIZKLFKDOOPHQKDYHVRPH aKDUOHVLFNHQVa,QHYHURQHVOLIHDWVRPHWLPHRXULQQHUILUHJRHVRXW,WLVWKHQEXUVWLQWRIODPHEDQHQFRXQWHUZLWKDQRWKHUKXPDQEHLQJ:HVKRXOGDOOEHWKDQNIXOIRUWKRVHSHRSOHZKRUHNLQGOHWKHLQQHUVSLULW a$OEHUW6FKZHLW]HUaRQRWVSRLOZKDWRXKDYH EGHVLULQJZKDWRXKDYHQRWEXWUHPHPEHUWKDWZKDWRXQRZKDYHZDVRQFHDPRQJWKHWKLQJVRQOKRSHGIRU a(SLFXUXVa *HPVRI:LVGRPEHEUDRKHQ/6:
  36. 36. *UDWLWXGHXQORFNVWKHIXOOQHVVRIOLIH,WWXUQVZKDWZHKDYHLQWRHQRXJKDQGPRUH,WWXUQVGHQLDOLQWRDFFHSWDQFHFKDRVWRRUGHUFRQIXVLRQWRFODULW,WFDQWXUQDPHDOLQWRDIHDVWDKRXVHLQWRDKRPHDVWUDQJHULQWRDIULHQG*UDWLWXGHPDNHVVHQVHRIRXUSDVWEULQJVSHDFHIRUWRGDDQGFUHDWHVDYLVLRQIRUWRPRUURZ a0HORG%HDWWLHa7KHUHDUHRQOWZRZDVWROLYHRXUOLIH2QHLVDVWKRXJKQRWKLQJLVDPLUDFOH7KHRWKHULVDVWKRXJKHYHUWKLQJLVDPLUDFOH a$OEHUW(LQVWHLQa,IWKHRQOSUDHURXVDLQRXUZKROHOLIHLVµWKDQNRX¶WKDWZRXOGVXIILFH a0HLVWHU(FNKDUWa4XHVWLRQV
  37. 37. :KLVLWWKDWZHIRUJHWWKHLQVLJKWRI(SLFXUXVWKDWZKDWZHKDYHQRZLVRQHRIWKHWKLQJVZKLFKZHRQFHKRSHGIRU
  38. 38. :KDWPDNHVDUHDOL]HGKRSHIDGHDVDQREMHFWRIGHVLUH*URZWK7KHNHWRJURZWKLVWKHLQWURGXFWLRQRIKLJKHUGLPHQVLRQV RIFRQVFLRXVQHVVLQWRRXUDZDUHQHVV a3LU9LODDW.KDQa *HPVRI:LVGRPEHEUDRKHQ/6:
  39. 39. 7KHPLQXWHDPDQFHDVHVWRJURZQRPDWWHUZKDWKLVHDUVWKDWPLQXWHKHEHJLQVWREHROG a:LOOLDP-DPHVa/LIHFDQRQOEHXQGHUVWRRGEDFNZDUGVEXWPXVWEHOLYHGIRUZDUGV a6RUHQ.LHUNHJDDUGa([SHULHQFHLVQRWZKDWKDSSHQVWRDPDQ,WLVZKDWDPDQGRHVZLWKZKDWKDSSHQVWRKLP a$OGRXV+X[OHa,FRXQWKLPEUDYHUZKRRYHUFRPHVKLVGHVLUHVWKDQKLPZKRFRQTXHUVKLVHQHPLHVIRUWKHKDUGHVWYLFWRULVWKHYLFWRURYHUVHOI a$ULVWRWOHa,WLVWKHWDVNRIWKHFRQVFLRXVPLQGWRXQGHUVWDQGWKHVHKLQWV,IWKLVGRHVQRWKDSSHQWKHSURFHVVRILQGLYLGXDWLRQZLOOQHYHUWKHOHVVFRQWLQXH7KHRQOGLIIHUHQFHLVWKDWZHEHFRPHLWVYLFWLPVDQGDUHGUDJJHGDORQJEIDWHWRZDUGVWKDWLQHVFDSDEOHJRDOZKLFKZHPLJKWKDYHUHDFKHGZDONLQJXSULJKWLIRQOZHKDGWDNHQWKHWURXEOHDQGEHHQSDWLHQWHQRXJKWRXQGHUVWDQGWKHPHDQLQJRIZKDWFURVVHVRXUSDWK aDUO-XQJa4XHVWLRQV
  40. 40. :KDWLVWKHFRQQHFWLRQEHWZHHQVHOIJURZWKDQGVHOIRYHUFRPLQJ+RZDUHZHUHODWHGWRWKHVHOIWKDWZHDUHRYHUFRPLQJ
  41. 41. +RZFDQZHXVHWKHWKRUQVDQGGLVDSSRLQWPHQWVRIOLIHIRUJURZWKZLWKRXWEHFRPLQJELWWHURUGLVLOOXVLRQHG *HPVRI:LVGRPEHEUDRKHQ/6:
  42. 42. +DELW+DELWLVDFDEOHZHZHDYHDWKUHDGRILWHDFKGDDQGDWODVWZHFDQQRWEUHDNLW a+RUDFH0DQQa6XFKDVDUHRXUKDELWXDOWKRXJKWVVXFKDOVRZLOOEHWKHFKDUDFWHURIRXUPLQGIRUWKHVRXOLVGHGEWKHWKRXJKWV a0DUFXV$XUHOLXVa 7DNHFDUHRIRXUWKRXJKWV 7KHQDFWLRQVZLOOWDNHFDUHRIWKHPVHOYHV RXVRZDQDFWLRQDQGUHDSDWHQGHQF RXVRZDWHQGHQFDQGUHDSDKDELW RXVRZRXUKDELWDQGUHDSRXUFKDUDFWHU RXVRZRXUFKDUDFWHUDQGUHDSRXU GHVWLQ 7KHUHIRUHGHVWLQLVLQRXUKDQGV a6DWKD6DL%DEDa2QHZLOOVHOGRPJRZURQJLIRQHDWWULEXWHVH[WUHPHDFWLRQVWRYDQLWDYHUDJHRQHVWRKDELWDQGSHWWRQHVWRIHDU a)ULHGULFK1LHW]VFKHa%XGGKDVGRFWULQHPDQVXIIHUVEHFDXVHRIKLVFUDYLQJWRSRVVHVVDQGNHHSIRUHYHUWKLQJVZKLFKDUHHVVHQWLDOOLPSHUPDQHQWKLHIDPRQJWKHVHWKLQJVLVKLVRZQSHUVRQIRUWKLVLVKLVPHDQVRILVRODWLQJKLPVHOIIURPWKHUHVWRIOLIHKLVFDVWOHLQWRZKLFKKHFDQUHWUHDWDQGIURPZKLFKKHFDQDVVHUWKLPVHOIDJDLQVWH[WHUQDOIRUFHV+HEHOLHYHVWKDWKLVIRUWLILHGDQGLVRODWHGSRVLWLRQLVWKHEHVWPHDQVRIREWDLQLQJKDSSLQHVVLWHQDEOHVKLPWRILJKWDJDLQVWFKDQJHWRVWULYHWRNHHSSOHDVLQJWKLQJVIRUKLPVHOIWRVKXWRXWVXIIHULQJDQGVKDSH *HPVRI:LVGRPEHEUDRKHQ/6:
  43. 43. FLUFXPVWDQFHVDVKHZLOOV,QVKRUWLWLVKLVPHDQVRIUHVLVWLQJOLIH7KH%XGGKDWDXJKWWKDWDOOWKLQJVLQFOXGLQJKLVFDVWOHDUHHVVHQWLDOOLPSHUPDQHQWDQGDVVRRQDVPDQWULHVWRSRVVHVVWKHPWKHVOLSDZDWKLVIUXVWUDWLRQRIWKHGHVLUHWRSRVVHVVLVWKHLPPHGLDWHFDXVHRIVXIIHULQJ a$ODQ:DWWVa4XHVWLRQV
  44. 44. :DWWVPDNHVDQLQWHUHVWLQJSRLQWWKDWRXUKDELWVDFWXDOODUHDPHDQVRINHHSLQJOLIHRXW:KDWDUHZHWULQJWRNHHSRXW
  45. 45. ,VKDELWKDUGWREUHDNSULPDULOEHFDXVHRIWKHKLVWRURIUHSHWLWLRQRULVLWWLHGXSZLWKDKRSHWKDWWKHUHSHWLWLRQDSSHDUVWRVROYH+RSH,VQWLWWKHPRPHQWRIPRVWSURIRXQGGRXEWWKDWJLYHVELUWKWRQHZFHUWDLQWLHV3HUKDSVKRSHOHVVQHVVLVWKHYHUVRLOWKDWQRXULVKHVKXPDQKRSHSHUKDSVRQHFRXOGQHYHUILQGVHQVHLQOLIHZLWKRXWILUVWH[SHULHQFLQJLWVDEVXUGLW a9DFODY+DYHOa+RSHLVWKHPRVWWUHDFKHURXVRIKXPDQIDQFLHV a-DPHV)HQLPRUHRRSHUa+RSHLVPHUHOGLVDSSRLQWPHQWGHIHUUHG a:%XUWRQ%DOGUa *HPVRI:LVGRPEHEUDRKHQ/6:
  46. 46. :HORYHWRH[SHFWDQGZKHQH[SHFWDWLRQLVHLWKHUGLVDSSRLQWHGRUJUDWLILHGZHZDQWWREHDJDLQH[SHFWLQJ a6DPXHO-RKQVRQa3UDHULVQRWDQROGZRPDQVLGOHDPXVHPHQW3URSHUOXQGHUVWRRGDQGDSSOLHGLWLVWKHPRVWSRWHQWLQVWUXPHQWRIDFWLRQ a0DKDWPD*DQGKLa:HPXVWDFFHSWILQLWHGLVDSSRLQWPHQWEXWZHPXVWQHYHUORVHLQILQLWHKRSH a0DUWLQ/XWKHU.LQJ-Ua4XHVWLRQV
  47. 47. .LHUNHJDDUGDQG%DOGUVHHKRSHDVWDNLQJDZDDFKDQFHIRUXVWROHWJRRIDVROXWLRQWKDWLVQWZRUNLQJLHDFHUWDLQKDELWRIPLQGRUSDWWHUQWKDWDOZDVJHWVXVXSDJDLQVWWKHZDOO
  48. 48. 0DQVSHDNRIDFDODPLWRUDFULVLVLQWKHVRXODVWKHJUHDWHVWPRWLYDWRU,VWKLVGHVSDLUWKHEDVLVIRUVHOIWUDQVIRUPDWLRQ
  49. 49. 7KHRSSRVLWHSKLORVRSKLHVVSHDNRI127ORVLQJKRSHEXWSHUVHYHULQJRWKHVHWZRSKLORVRSKLHVFRQIOLFWRULVWKHFRQIOLFWRQHRIDSSHDUDQFH)RUH[DPSOHPDQLQWKHPRWLYDWLRQDODQGDIILUPDWLRQWUDGLWLRQVSHDNRIH[DPLQLQJRQHVPRWLYHVJRDOVDQGSODQVWRVHHLIWKHDUHZRUWKSXUVXLQJ/RYH:KHQZHWUHDWPDQDVKHLVZHPDNHKLPZRUVHWKDQKHLVZKHQZHWUHDWKLPDVLIKHDOUHDGZHUHZKDWKHSRWHQWLDOOFRXOGEHZHPDNHKLPZKDWKHVKRXOGEH a*RHWKHa *HPVRI:LVGRPEHEUDRKHQ/6:
  50. 50. RXOGDJUHDWHUPLUDFOHWDNHSODFHWKDQIRUXVWRORRNWKURXJKHDFKRWKHUVHHVIRUDQLQVWDQW a+HQUDYLG7KRUHDXa)RUQHLWKHUELUWKQRUZHDOWKQRUKRQRXUVFDQDZDNHQLQWKHPLQGVRIPHQWKHSULQFLSOHVZKLFKVKRXOGJXLGHWKRVHZKRIURPWKHLURXWKDVSLUHWRDQKRQRXUDEOHDQGH[FHOOHQWOLIHDV/RYHDZDNHQVWKHP a3ODWRa:RPHQKDYHDWHQGHQFWRDVVHVVWKHLUVHQVHRIVHOIZRUWKLQUHODWLRQWRWKHFRQGLWLRQRIWKHLULQWLPDWHUHODWLRQVKLSV a0DJJLH6FDUIa%HLQJGHHSOORYHGEVRPHRQHJLYHVRXVWUHQJWKZKLOHORYLQJVRPHRQHGHHSOJLYHVRXFRXUDJH a/DR7]Xa7KHJUHDWHVWJRRGRXFDQGRIRUDQRWKHULVQRWMXVWWRVKDUHRXUULFKHVEXWWRUHYHDOWRKLPKHUKLVKHURZQ a%HQMDPLQLVUDHOLa,QORYHWKHSDUDGR[RFFXUVWKDWWZR EHLQJVEHFRPHRQHDQGHWUHPDLQWZR a(ULF)URPPa,QDQUHODWLRQVKLSLQZKLFKWZRSHRSOHEHFRPHRQHWKHHQGUHVXOWLVWZRKDOISHRSOH a:DQHZHUa *HPVRI:LVGRPEHEUDRKHQ/6:
  51. 51. 4XHVWLRQV
  52. 52. :KDWLVWKHGLIIHUHQFHEHWZHHQLPPDWXUHORYHDQGPDWXUHORYH
  53. 53. ,VLWWUXHDVLVFRPPRQOWKRXJKWWKDWZRPHQXVHUHODWLRQVKLSVIRUVHOIZRUWKZKLOHPHQXVHSHUVRQDODFKLHYHPHQW *HPVRI:LVGRPEHEUDRKHQ/6:
  54. 54. *HW0RUH1RZ 7KH5HVWRIWKH4XRWHV1RZWKDWRXKDYHUHDGRXUIUHHVDPSOHZRXOGRXOLNHPRUH:HOORXFDQKDYHLW7KHFRPSOHWHYHUVLRQKDVPRUHFKDSWHUVDQGFRYHUVWRSLFVVXFKDV+DELW+RSH/RYH0HQ:RPHQ0RQH0RWLYDWLRQ3DWLHQFH3HUVHYHUDQFH5HFRJQLWLRQ6ROLWXGH:LVGRP=HQDQGRVPLF+XPRU7RSXUFKDVHWKHIXOOYHUVLRQRIWKLVERRNIRURQOSOHDVHYLVLWKWWSZZZTXRWHVTXRWDWLRQVFRPTXRWHVKWPO:HDOVRRIIHUDIUHH1HZVOHWWHUWKDWJRHVRXWWRWLPHVDZHHNIXOORILQVSLUDWLRQDOTXRWHVZLWKTXHVWLRQVWRSRQGHU)RUPRUHLQIRUPDWLRQRQWKLVDQGRWKHUXVHIXOVHUYLFHVWKDWZHRIIHUVWRSEDQGWDNHVRPHWLPHWRUHDGWKH$UFKLYHVIURPSDVWLVVXHVRIWKHQHZVOHWWHU6HHZKDWWKHJUHDWPLQGVRIWKH(DVWDQG:HVWKDYHWRVDRQ%UHDNLQJ+DELWVRU/RYH9LVLWKWWSZZZTXRWHVTXRWDWLRQVFRPTXRWHVKWPO *HPVRI:LVGRPEHEUDRKHQ/6:
  55. 55. /LIHLVD-RXUQH 5HPHPEHUWKDWNQRZOHGJHLVQW,QIRUPDWLRQLWV7UDQVIRUPDWLRQ5HDGLQJDIHZTXRWHVDGDKHOSVWRJLYHXVPRUHHOHYDWLRQDQGSHUVSHFWLYHDQGWRUHDOL]HRXUKLJKHVWSRWHQWLDO ,IRXKDYHDQIHHGEDFN K JKHVWSRWHQW6XJJHVWLRQVRUFRPPHQWVVHQGPHDQHPDLOPDLOWRGHEUF#L[QHWFRPFRP *HPVRI:LVGRPEHEUDRKHQ/6:

×