*QRPHQJDUGH
³*QRPHQJDUGH ́LVEDODQFHGIRUFKDUDFWHUVRIVW
OHYHOWKRXJKFKDUDFWHUVRIQGOHYHOPLJKWILQGFHUWDLQ
WUDSVDQGKD]DUGVFKDOOHQJLQJ&KDUDFWHUVRIUGOHYHORU
KLJKHUVKRXOGEHDEOHWRGHDOZLWKWKHXQH[SHFWHGWURXEOH
KHUHDQGJHWZKDWWKH\QHHGIURPWKHURFNJQRPHVZLWK
RXWKDYLQJWRH[SHQGPDQ\UHVRXUFHVWKRXJKWKHUROH
SOD\LQJLQWKLVTXHVWVKRXOGEHIXQUHJDUGOHVV
/RFDWLRQ 2 YHUYLHZ
7KHFDYHVRI*QRPHQJDUGHDUHFDUYHGLQWRWKHEDVHRID
PRXQWDLQVRXWKHDVWRI3KDQGDOLQDURXQGDQDUURZZD
WHUIDOO7KHURFNJQRPHZL]DUGVZKRRFFXS\WKHVHFDYHV
IRUPVWUDWHJLFDOOLDQFHVZLWKWKHLUKXPDQDQGGZDUI
QHLJKERUVDVQHHGVZDUUDQW5HFOXVLYHDQGVHFUHWLYHWKH
JQRPHVFUDIWPLQRUPDJLFLWHPVDQGXVHIXOQRQPDJLFDO
LQYHQWLRQVWRSDVVWKHWLPH,QWKHVHHQGHDYRUVWKHLU
IDLOXUHVRXWQXPEHUWKHLUVXFFHVVHV7KH\VHOGRPVWUD\
IDUIURPKRPHVXEVLVWLQJODUJHO\RQWKHPXVKURRPVWKDW
JURZRQPLVW\LVODQGVRXWVLGHWKHLUFDYHV
*QRPHQJDUGHKDVWZRPDUULHGNLQJVZKRUXOHLQWDQ
GHP²*QHUNOLDQG.RUER].RUER]UHFHQWO\ORVWKLVPLQG
DQGLVNHHSLQJ*QHUNOLDVKLVSULVRQHU7KHLUVXEMHFWV
GRQ¶WXQGHUVWDQGWKHQDWXUHRI.RUER]¶VDIIOLFWLRQDQGDUH
DWDORVVDVWRZKDWWRGR7KH\ZLVKQRKDUPWREHIDOOHL
WKHUNLQJEXWWKH\DFNQRZOHGJHWKDW.RUER]KDVEHFRPH
DGDQJHUWRKLPVHOIDQGRWKHUV
,QDGGLWLRQWRWKHGDQJHUSRVHGE\WKHPDGNLQJ
WZRJQRPHVKDYHP\VWHULRXVO\YDQLVKHGZLWKLQWKH
ODVWWHQGD\1RRQHH[FHSW.LQJ.RUER]NQRZVWKDW
DVKDSHFKDQJLQJPRQVWHUDPLPLFKDVFUHSWLQWR
*QRPHQJDUGHDQGLVIHHGLQJRQWKHJQRPHVFKDQJLQJ
LWVDSSHDUDQFHDVLWPDNHVLWVZD\WKURXJKWKHFRPSOH[
.RUER]ZDVDWWDFNHGDQGDOPRVWNLOOHGE\WKHFUHDWXUH
ZLWKWKDWHYHQWLQVSLULQJKLVPDGQHVV+HKDVVHTXHV
WHUHGKLPVHOIDQGKLVEHORYHG*QHUNOLLQWKHLUTXDUWHUV
EHFDXVHKHGRHVQ¶WZDQWWKHPRQVWURXVVKDSHFKDQJHUWR
GHYRXUWKHP.RUER]KRSHVWKHFUHDWXUHZLOOWLUHRIHDW
LQJJQRPHVDQGOHDYH3URYLGLQJ.RUER]ZLWKHYLGHQFHRI
WKHPLPLF¶VGHPLVHUHVWRUHVKLVVDQLW\
QRPHQJDUGH)HDWXUHV
&QRPHQJDUGH¶VFDYHVDUHKHZQIURPVROLGURFNDQGVKDUH
WKHIROORZLQJIHDWXUHV
&HLOLQJV&HLOLQJVWKURXJKRXWDUHIHHWKLJKDQGIODW
'RRUV1RUPDOGRRUVDUHPDGHRIZRRGILWWHGZLWKUXVW\
LURQKDQGOHVDQGKLQJHV$ORFNHGGRRUFDQEHRSHQHGZLWK
DVXFFHVVIXO'&'H[WHULW\FKHFNXVLQJWKLHYHV¶WRROV$
ORFNHGGRRUFDQEHIRUFHGRSHQDVDQDFWLRQZLWKDVXFFHVV
IXO'&6WUHQJWK$WKOHWLFVFKHFN6HFUHWGRRUVDUHPDGH
, RIVWRQHDQGEOHQGLQZLWKWKHVXUURXQGLQJVWRQHZRUN
)LQGLQJDVHFUHWGRRUUHTXLUHVDVHDUFKRIWKHZDOODQGD
VXFFHVVIXO'&:LVGRP3HUFHSWLRQFKHFN
/LJKW$OOFDYHVDUHLOOXPLQDWHGE\KDQJLQJRLOODQWHUQVDW
WDFKHGWRURSHDQGSXOOH\PHFKDQLVPVWKDWPDNHLWHDV\IRU
WKHJQRPHVWRORZHUWKHODQWHUQVDQGUHILOOWKHPZLWKRLO
:DWHUIDOO7KHFDYHVRIQRPHQJDUGHHFKRZLWKWKHURDU
RIWKHQHDUE\ZDWHUIDOO7KHVRXQGLVVRORXGWKDWJQRPHV
DQGYLVLWRUVPXVWVKRXWWREHKHDUGXQOHVVWKHUH¶VDFORVHG
GRRUEHWZHHQWKHPDQGWKHZDWHUIDOO
4 XHVW*RDOV
7RFRPSOHWHWKH*QRPHQJDUGH4XHVWSDJHWKH
FKDUDFWHUVPXVWREWDLQDWOHDVWRQHPDJLFLWHPIURPWKH
JQRPHV2IWKHLWHPVWKH\FDQVHFXUHRQO\WKHKDWRIZL]
DUGU\LQWHUHVWV7RZQPDVWHU+DUELQ:HVWHUZKRRIIHUV
WREX\LWIRUJSHYHQWKRXJKKHNQRZVQRRQHZKRFDQ
DWWXQHWRLW+RZHYHUWKHJQRPHVZRQ¶WKDQGRYHUDQ\
PDJLFLWHPVXQWLOWKHFKDUDFWHUVVSHDNWR)LKEOHVWLEDQG
'DEEOHGRELQDUHD*OO
*QRPH0DGH 0 DJLF,WHPV
,IWKHFKDUDFWHUVUHVFXH*QHUNOLDQGHQG.RUER]¶VPDG
QHVVWKHJUDWHIXOJQRPHVJLYHWKHPDFORFNZRUNDPXOHW
DQGSROHRIFROODSVLQJIURPDUHD*7KHFKDUDFWHUV
DOVRUHFHLYHDJLIWIURPHDFKNLQJDZDQGRIS\URWHFKQLFV
IURP*QHUNOLDQGDKDWRIZL]DUGU\IURP.RUER]*LYH
WKHSOD\HUVWKH&ORFNZRUN$PXOHW+DWRI:L]DUGU\3ROH
RI&ROODSVLQJDQG:DQGRI3\URWHFKQLFVFDUGVDVWKHLU
FKDUDFWHUVREWDLQDQGLGHQWLI\HDFKLWHP
$UULYDO
$VWUHDPOHDGVWKHFKDUDFWHUVWRDSRROIHGE\DZDWHUIDOO
WKDWWXPEOHVGRZQWKHPRXQWDLQVLGH'HVFULEH*QRPHQ
JDUGH¶VORFDWLRQWRWKHSOD\HUVDVIROORZV
<RXIROORZDVWUHDPXSKLOOWRWKHEDVHRIWKHPRXQWDLQ
ZKHUHZDWHUIDOOHURVLRQKDVFDUYHGRXWDQDWXUDOFRQFDYLW\
7KHURDULQJZDWHUIDOOFUHDWHVDFORXGRIPLVWDVLWSOXQJHV
LQWRDVKDOORZSRRORIZDWHUZLWKLQZKLFKULVHWZRVPDOO
LVODQGVFRYHUHGZLWKWZRIRRWWDOOUHGJUHHQDQGSXUSOH
PXVKURRPV6HYHUDOFDYHRSHQLQJVRYHUORRNWKHSRRO
IURPURFN\OHGJHVWZHQW\WRWKLUW\IHHWDERYH7KHPRXQ
WDLQEORFNVDQ\VXQOLJKWIURPUHDFKLQJWKLVSODFH
*QRPHQJDUGHKDVILYHFDYHHQWUDQFHVSHUFKHGDWRS
OHGJHVZLWKVKHHUURFN\VORSHV&OLPELQJWRDFDYHUH
TXLUHVDVXFFHVVIXO'&6WUHQJWK$WKOHWLFVFKHFN$
QDUURZIRRWSDWKDVFHQGVWKHQRUWKHDVWVORSHPDNLQJLW
DQHDV\FOLPEWRWKDWFDYHHQWUDQFHZLWKRXWDFKHFN
*QRPHQJDUGH 5 RVWHU B
7ZHQW\URFNJQRPHUHFOXVHVVHHSDJHIRUWKHLU
VWDWEORFNGZHOOLQ*QRPHQJDUGHLQFOXGLQJ.LQJ*QHUNOL
DQG.LQJ.RUER]7KHJQRPHV¶QDPHVDQGORFDWLRQVDUH
GHVFULEHGLQWKH³*QRPHQJDUGH/RFDWLRQV ́VHFWLRQ
0 \VWHU\ 0 RQVWHU
7KHUHXVHGWREHWZHQW\WZRJQRPHVOLYLQJLQWKHFDYHV
EXWDPLPLFVHHSDJHIRULWVVWDWEORFNGHYRXUHG
WZRJQRPHV²QDPHG2UU\QDQG:DUU\Q²LQWKHSDVW
WHQGD\7KHFUHDWXUHLVFXUUHQWO\GLVJXLVHGDVDEDUUHOLQ
DUHD*EXWLWZLOOGHYRXUPRUHJQRPHVRQFHLWVKXQJHU
UHWXUQVXQOHVVLWLVGHDOWZLWK,WFDQPRYHDURXQGDQG
DGRSWRWKHUGLVJXLVHVDVQHHGHGWKRXJKLWVIRUPVDUH
OLPLWHGWR0HGLXPREMHFWVVXFKDVFKDLUVODUJHFKHVWV
OHFWHUQVDQGZHLUGJQRPLVKLQYHQWLRQVRIWKHPLPLF¶V
*120(1*$5'(