(*
7KH ODWHVW IXVLOODGH LQWKH ZDU RI ZRUGV EHWZHHQ 5HG
%XOO DQG 0HUFHGHV HQGHG LQ D ZKLPSHU DV WKH ),$ IRXQG QR
HYLGHQFH RI D WULFN μGHYLFH¶ RQ WKH :¶V UHDU VXVSHQVLRQ 5HG
%XOO LQLWLDOO\ UDLVHG WKH LVVXH ZLWK WKH JRYHUQLQJ ERG\ GXULQJ
WKH 7XUNLVK UDQG 3UL[ ZHHNHQG ZKHUH LW ZDV REVHUYHG WKDW
WKH :V RI /HZLV +DPLOWRQ DQG 9DOWWHUL %RWWDV ZHUH VTXDWWLQJ
DW WKH UHDU ZKLOH UXQQLQJ DW VSHHG
$V ZHOO DV ORGJLQJ D UHTXHVW IRU D μFODUL¿FDWLRQ¶ RI WKH
VXSSRVHG GHYLFH 5HG %XOO WHDP SULQFLSDO &KULVWLDQ +RUQHU
YHUEDOLVHG WKH FODLPV YLD6N\ 6SRUWV ) SURYRNLQJ D ZKLUOZLQG
RI H[FLWHPHQW %XW WKH ),$¶V LQYHVWLJDWLRQV LQWR WKH PDWWHU
UHYHDOHG WKDW QRW RQO\ ZDV 0HUFHGHV¶ UHDU VXVSHQVLRQ
FRPSOLDQW ZLWK WKH UXOHV LW KDG QRW FKDQJHG VLQFH
/RZHULQJ WKH UHDU ULGH KHLJKW DW VSHHG FDQ JLYH D SRZHUIXO
DGYDQWDJH VLQFH LW FDQ FDXVH WKH GLɣXVHU WR VWDOO WKHRUHWLFDOO\
UHGXFLQJ GUDJ &HUWDLQO\ LQ 7XUNH\ 0HUFHGHV VHHPHG WR KDYH
GHYHORSHG D VWUDLJKWOLQH VSHHG DGYDQWDJH ZKLFK KDG EHHQ
ODFNLQJ LQ UHFHQW UDFHV %XW DQ\ GHYLFH ZKLFK DFWLYHO\ GURSV WKH
UHDU ULGH KHLJKW ZRXOG EH LOOHJDO VLQFH LW ZRXOG IDOO XQGHU WKH
UHPLW RI D PRYHDEOH DHURG\QDPLF GHYLFH
3 5DFLQJXQGHUVWDQGV WKH 0HUFHGHV UHDU VXVSHQVLRQ
JHRPHWU\ LV GHVLJQHG LQ VXFK D ZD\ WKDW WKH μWKLUG VSULQJ¶
ZKLFK PDQDJHV YHUWLFDO PRYHPHQW RI WKH FKDVVLV RɣHUV OHVV
UHVLVWDQFH RQFH LW SDVVHV D FHUWDLQ ORDG WKUHVKROG 6LQFH WKLV
V\VWHP KDV WR EH HQWLUHO\ SDVVLYH
WR FRPSO\ ZLWK WKH UXOHV WKH WULFN
LV LQ WKH WXQLQJ ± DSSO\LQJ HQRXJK
GRZQIRUFH ORDG YLD WKH DHURG\QDPLF
GHYLFHV WR SDVV WKDW WKUHVKROG 7KDW
SURFHVV KDV EHHQ FRPSOLFDWHG WKLV
\HDU E\ QHZ UXOHV FXWWLQJ Rɣ SDUW
RI WKH ÀRRU DUHD DQG LW KDV WDNHQ
0HUFHGHV WLPH WR FODZ EDFN YLD
DHURG\QDPLF XSGDWHV DGGHG WR WKH
: WKURXJKRXW WKH \HDU
,W¶V SUREDEO\ WKDW 7XUNH\ ZDV DQ RXWOLHU LQ WKDW WKH WUDFN
DFFHQWXDWHG WKH :¶V EHKDYLRXU DQ LPSUHVVLRQ EROVWHUHG
GXULQJ WKH 86 *3 ZHHNHQG ZKHQ WKH 0HUFHGHV ORRNHG VORZHU
LQ D VWUDLJKW OLQH 7KLV WRJHWKHU ZLWK WKH ¿QGLQJV RI WKH ),$
SUREH ZDV HQRXJK WR SHUVXDGH 5HG %XOO WR GURS WKH PDWWHU
³7KHUH ZHUH REYLRXVO\ VRPH VWUDLJKWOLQH VSHHGV WKDW ZHUH
TXLWH H\HZDWHULQJ ́ VDLG WHDP SULQFLSDO &KULVWLDQ +RUQHU
³:LWK IXUWKHU DQDO\VLV ZH ZHUH DEOH WR XQGHUVWDQG KRZ WKH\
ZHUH DFKLHYLQJ WKDW DW WKDW W\SH RI FLUFXLW ́
³:H¶UH WU\LQJ WR UHDOO\ FRPSUHKHQG RXU FDU EHWWHU DQG DGG
SHUIRUPDQFH LQ ODS WLPH ́ VDLG 0HUFHGHV ERVV 7RWR :ROɣ
³ZLWKRXW OLVWHQLQJ WRR PXFK WR WKH QRLVH ́
& &)!" &
! ! ")" " &
!
" ( & &
&&&
)& &
!
& &&
&
" (*(*
2F /0G<!+! ;"0F+0F)" 0 +A< ;<
F";"52F";"! G 20 !" 0 (+ 0 "< '' &'2; ?' 9
+/++--30"0,2+ 0 "!A)"BII<A;A< .D
AF)+ ); "+0CI 419
)AF<+ )2.< A+%:< )+()"<A(;+!52<+A+ 20
+0)+<!" DA <"<20 2$CICI 4'A) 4&A) 2; 4?A)
2D; !+$$";"0A +..+/< !;+E";< F20D<A;.+
< )".! A!".+!"8 )2 ;" A)"G
)+ ) +< A)" 20.G ; " A)A";00!2.20<2 )<
.+/"! 52." 52<+A+20 $2; A);"" A+/"<
)"0 F< " <A+0 "AA".:< /2<A ;" "0A4 F+
0! A F)+ ) F< +A
;D" 2; $.<" /D+ 2 G<)+:<2;/D. 4 52+0A<
A..G +< (;"A"; A)0 A)" 2/ +0"! 52+0A< < 2;" 2$
.. A)" 2A)";
50"<"4 !;+E";<
5 A2 0! +0 .D!+0( A)" AF2 ; "< A)+<
<"<20 )E" )! %E" !+$$";"0A ; " ."!";<
)+ )< ;" A)"G
)+ ) 2A)"; +; D+A +0.2;+! 5;A $;2/
+/+
)< )2<A"! F2;.! )/5+20<)+54; "
E"; A)" A);"" <"<20< A)A0A20+2+2E+0HH+
0! +/+ +--30"0 )E" ""0 A"/*/A"< A
.$ 2/"2 F)2 )< ."! /2;" .5<C
B
'
&
?
>
#
4I
+.. /20 2DA<"0 )+";;G 4&A)' D<A;+0( '' 4C7I ? CII& CII6C ;+A+<) +(".
0<".. "-" 2< ";(< A.+0 H"; +,0 0! ;D"# 41 +0(52;"IC$7 I +2E+0HH+ 6' A2 * " ;+0( 641&17 ^=
=
=