³7KH0RWLRQRI3ODQHWV$URXQGWKH6XQ´ FHQWHURIWKH6XQ,QRWKHUZRUGV,UHSLFWXUHWKHRUELWZLWKWKHVXFFHVVLRQ RI SRLQWV- / 0 1 ZKLFK FRUUHVSRQGQRWWRHTXDOLQVWDQWVOLNHWKH\ GLGLQ WKHGLDJUDPEHIRUHEXWUDWKHU >WR@ HTXDO DQJOHV RI LQFOLQDWLRQ IURP WKHRULJLQDOSRVLWLRQ7RPDNHWKLVDOLWWOHELWVLPSOHUDOWKRXJKLWLVQRWDW DOOHVVHQWLDO,KDYHVXSSRVHGWKDWWKHRULJLQDOPRWLRQZDVSHUSHQGLFXODUWR WKH 6XQ DW WKH ILUVW SRLQW²EXW WKDW¶V QRW HVVHQWLDO LW MXVW PDNHV WKH GLDJUDPVFOHDQHU 'LDJUDPIURP)H\QPDQ¶VOHFWXUHQRWHV 1RZ ZH NQRZ IURP WKH SURSRVLWLRQ SUHYLRXVO\ WKDW HTXDO >DUHDV@ RFFXS\ HTXDO WLPHV WR EH VZHSW WKURXJK 1RZOLVWHQ,ZRXOGSRLQWRXWWR \RX WKDWHTXDODQJOHVZKLFK LVZKDW ,¶PDLPLQJIRUPHDQVWKDWDUHDV DUH QRW HTXDO QR EXW WKH\ DUH SURSRUWLRQDO WR WKH VTXDUH RI WKH GLVWDQFH IURP WKH 6XQ IRU LI , KDYH D WULDQJOH RI D JLYHQ DQJOH LW LV FOHDU WKDW LI , PDNHWZRRIWKHPWKDWWKH\DUHVLPLODUDQGWKHSURSRUWLRQDODUHDRIVLPLODU WULDQJOHV LV SURSRUWLRQDO WR WKH VTXDUH RI WKHLU GLPHQVLRQV (TXDO DQJOHV WKHUHIRUH PHDQV²VLQFH DUHDV DUH SURSRUWLRQDO WR WLPH²HTXDO DQJOHV WKHUHIRUH PHDQV WKDW WKH WLPHV WR EH VZHSW WKURXJK WKHVH HTXDODQJOHV DUH SURSRUWLRQDOWRWKHVTXDUHRIWKHGLVWDQFH,QRWKHUZRUGVWKHVHSRLQWV²- /DQGVRRQ²GRQRWUHSUHVHQWSLFWXUHVRIWKHRUELWDWHTXDOWLPHVQR 7KLVLVWKHSRLQWH[SODLQHGLQ WKHIRRWQRWH WR&KDSWHUSDJH )(WKHQXFOHXV@DOPRVW KHDGRQ 6R WKRVH ZKLFK FRPH YHU\ FORVH WR WKH QXFOHXV GR QRW VHHP WR FRPH RXW WKH ZD\ WKH\ RXJKW WR DQG WKH UHDVRQ LV WKDW WKH QXFOHXV KDV D VL]H ,¶YH JRW WKH VWRU\ EDFNZDUGV ,I WKH QXFOHXV KDG D ELJ VL]H WKHQ WKRVH ZKLFK ZHUH VXSSRVHGWRFRPHRXWDWODUJHDQJOHVZRXOGQ¶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²ZKDWGRHVLWPHDQ",WPHDQVWKDWDOO WKHFKDQJHVLQYHORFLW\DUHLQWKHGLUHFWLRQRIWKHYHORFLW\%XWWKHFKDQJHV LQ WKH YHORFLW\ DUH LQ WKH GLUHFWLRQ RI WKH 6XQ DQG WKDW PHDQV WKDW WKLV YHORFLW\LQWKLVSDUWRIWKHGLDJUDPLVLQWKHGLUHFWLRQRIWKH6XQEHFDXVH LW LV LQ WKH GLUHFWLRQ RI WKH FKDQJHV 7KDW LV WR VD\ WKLV SRLQW KHUH DV ZH DSSURDFK WKLV SRLQW KHUH²ZKLFK , FRXOG FDOO [ VD\² FRUUHVSRQGV WR FRPLQJIURPLQILQLW\WRZDUGWKH6XQDORQJDOLQHKHUH7KDWLVYHU\IDURXW ZHDUHGLUHFWHGWRZDUGWKH6XQYHU\FORVHO\QRWWKH6XQEXWWKHQXFOHXV DQGWKHQDVLWFRPHVDURXQGKHUH²WKLVGLDJUDPVKRXOGEHWKHRWKHUZD\ ³7KH0RWLRQRI3ODQHWV$URXQGWKH6XQ´ WKHRWKHUZD\WKHDUURZVVKRXOGEHKHUH,JRWWKHFKDQJHVWKHZURQJZD\ LQWLPH²FRPHVDURXQGKHUHDQGJRHVRXWWKLVZD\DQGJRLQJRXWWKDWZD\ FRUUHVSRQGVWRJRLQJZLWKWKHYHORFLW\RIILQWKLVGLUHFWLRQ 1RZLIZHGUDZWKHQWKHRUELWPRUHFDUHIXOO\LWZLOOORRNYHU\PXFK OLNHWKLV,WJRHVDURXQGOLNHWKLV,I,FDOOWKLVSRLQWKHUH9f WKHQWKH YHORFLW\WKDWWKHSDUWLFOHKDVDWWKHEHJLQQLQJLV9f ,IRQWKHVDPHVFDOH ,FDOOWKHUDGLXVRIWKLVFLUFOH9²WKHYHORFLW\FRUUHVSRQGLQJWRWKHUDGLXV RIWKHFLUFOH²,¶PJRLQJWRPDNHXSVRPHHTXDWLRQ,¶PQRWJRLQJWRGRLW )(