sequoia investor day
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7/21/2019 Sequoia Investor Day
http://slidepdf.com/reader/full/sequoia-investor-day 1/26
Oeo Keclnjro4
Keel `ermamk jml wgche`g te eur amvgster ljy. [g wacc tjig qugstaems umtac :?482. [g fjvg te vjhjtg tfg ree`
oy emg e'hcehi, out wg wacc og jreuml ogtwggm :?482 jml :422 te jmswgr jmy qugstaems yeu `akft stacc fjvg. Ognerg
wg ogkam, A weucl caig te amtreluhg eur tgj`. Em `y rakft jrg Krgk Jcgxjmlgr jml Krgk Xtgam`gtz. Em `y cgnt jrg
Ljval Reppg, wfe as tfg prgsalgmt en eur nar`, jml Dem Orjmlt. \fg rgst en eur tgj` as sgjtgl am tfg nremt en tfg
ree`. Am jcpfjogtahjc erlgr, tfgy jrg Xjjtvai Jkjrwjc, Karasf Ofjiee, Defm Fjrras, Djig Fgmmg`utf, Jr`jm Icamg,
\rgver @jkyjr, [acc Rjm, \grgmhg Rjrá, _ery Rraljy, Hfjsg Xfgraljm, @ahfjgc Xceygr, Xtgpfjm vjm lgr @grshf, jml@jrh [jccjhf. A weucl jcse caig te amtreluhg Dem Kress wfe as eur larghter en hcagmt sgrvahgs. Am tfg nremt rew jrg tfg
larghters en Xgqueaj Numl4 _ekgr Cewgmstgam, Oacc Mgufjusgr, Xfjrem Esogrk, jml Oeo Xwakkgtt. [atf tfjt, wg jrg
rgjly ner qugstaems.
Zugstaem4
\fjmi yeu ner leamk suhf j krgjt deo, jml tfjmis ner emhg jkjam hcesamk tfg numl. Js yeu se herrghtcy metgl jt
cjst ygjr's `ggtamk, ^jcgjmt fjs j fjrl ta`g hemsu``jtamk lgjcs watf puocahcy fgcl he`pjmags. As ats krewtf-oy-
jhquasataem ousamgss `elgc ncjwgl5 Hjm at rgamvgst hjsf jt :7% er ?2% an at hjmmet le oakkgr puocah he`pjmy lgjcs
jt rgjsemjocg prahgs gvgm watf tfg jal en fglkg numl `jmjkgrs5 Jml samhg gvgrytfamk yeu sjal joeut ^jcgjmt jt cjst
ygjr's `ggtamk jml am tfg jmmujc rgpert wjs se herrght, weucl yeu fjzjrl j kugss js te wfgtfgr tfg Jccgrkjm lgjc
wacc gvgmtujccy og hemsu``jtgl5
Oeo Keclnjro4
[g jrg met keamk te fjzjrl j kugss em tfg cjttgr. [g jrg met am tfg rasi jroatrjkg ousamgss.
_ery Rraljy4
_akft mew ^jcgjmt as zgre ner twe am tfg puocah jrgmj am tgr`s en tryamk te jhquarg he`pjmags wfgm at as festacg. A
tfami tfjt ^jcgjmt as keamk te fjvg j lannahuct ta`g watf Jccgrkjm. Js Oeo sjal, A le met tfami tfjt wg sfeucl `jig
jmy predghtaems joeut tfg euthe`g. Out A le met tfami tfjt ^jcgjmt mggls te jhquarg oak puocah he`pjmags te iggp
krewamk jt lghgmt rjtgs. @aig Rgjrsem, ^jcgjmt‑s HGE, sjal gjrcagr tfas ygjr tfjt tfgrg wgrg j cet en pravjtgcy fgcl
he`pjmags tfjt `jmjkg`gmt as ceeiamk jt. Eur a`prgssaem en tfg `jrigt as tfjt tfgrg jrg met `jmy en tfesg
he`pjmags tfjt fjvg rgvgmugs am gxhgss en j
oaccaem leccjrs er se. Wsujccy he`pjmags tfjt oak ke puocah jt se`g peamt. Xe ^jcgjmt wacc preojocy fjvg j fjrl ke en
at jt se`g ta`g am tfg nuturg. Out jt tfas stjkg, tfg he`pjmy hjm preojocy stacc krew jt j lghgmt rjtg oy jhquaramk
pravjtg he`pjmags. Out an @aig hjmmet naml he`pjmags te jhquarg, fg wacc preojocy le se`gtfamk gcsg. Eovaeuscy
watf tfg Jccgrkjm lgjc, ^jcgjmt as ogamk prgtty hrgjtavg jt tryamk te naml wjys te hemsu``jtg trjmsjhtaems. \fjt as tfg
emg tfamk tfjt stjmls eut joeut ^jcgjmt “ @aig sgts vgry j`oataeus kejcs, jml fg kgts hratahazgl ner tfjt se`gta`gs.
Out A le met tfami fg sgts tfg` watfeut fjvamk j pjtf am `aml te kgt tfgrg. A le met wjmt te epamg em wfgtfgr at asrakft er wremk te sgt oak juljhaeus kejcs. Out fg fjs j pjtf am `aml jml fg fjs oggm prgtty hrgjtavg am tfg pjst.
Amvgrsaems jrg am tfg mgws j cet teljy, out @aig lal emg neur ygjrs jke watf Oaevjac.
@aig jml fas tgj` jrg hrgjtavg gmeukf te le tfamks ognerg etfgr pgepcg tfami en leamk tfg`, jml yeu sgg j cet en
neccewgrs. Xe A tfami tfjt fg wacc try te og hrgjtavg am krewamk tfg he`pjmy gvgm an fg hjmmet hemsu``jtg j oak
puocah lgjc.
Zugstaem4
[fjt kavgs yeu suhf krgjt hemnalgmhg am @aig Rgjrsem5 Jhi`jm puts fa` am j cgjkug watf \e` @urpfy jml
Lr. Fgmry Xamkcgtem. Xgqueaj emhg amvgstgl watf \e` @urpfy. As @aig Rgjrsem am j cgjkug watf tfesg pgepcg jml
tfg etfgr krgjt HGEs wfe` [accaj` \fermlaig wretg joeut rghgmtcy am \fg Eutsalgrs5
_ery Rraljy4
A wjs met jreuml wfgm Xgqueaj amvgstgl watf \e` @urpfy. Out A try te rgjl gvgrytfamk A hjm joeut pgepcg caig
fa`. \fgrg jrg se`g keel valges em Qeu\uog watf \e` @urpfy. \fgrg as emg tfrgg feurs cemk am wfahf @urpfy
tjcis joeut tfg gvecutaem en fas he`pjmy. Xe yeu try te cgjrm joeut pgepcg caig \e` @urpfy. @y a`prgssaem as tfgtgj` jt ^jcgjmt as js nehusgl em hrgjtamk sfjrgfeclgr vjcug js tfg pgepcg tfjt yeu `gmtaemgl. A fjvg jcwjys ngct tfjt
emg en tfg hfjccgmkgs @aig Rgjrsem njhgl wjs tfjt cgkjhy ^jcgjmt wjs oetf umlgr`jmjkgl jml am se`g ousamgssgs
tfjt wgrg met js keel js tfg emgs \e` @urpfy wjs am. Xe @aig fjl te kgt ral en tfg wgji ousamgssgs. \fg Oaevjac
`grkgr oreukft j mu`ogr en preluhts tfjt wgrg suodght te kgmgrahazjtaem, out tfjt wjs stacc j keel lgjc oghjusg en
tfg tjx amvgrsaem. Am tfg pjst, ^jcgjmt oeukft he`pjmags hfgjpcy tfjt fjl se`g preluhts tfjt wgrg cesamk pjtgmt
gxhcusavaty. Xuosgqugmtcy, @aig fjs nehusgl em jhquaramk ogttgr ousamgssgs watf `erg lurjocg
7/21/2019 Sequoia Investor Day
http://slidepdf.com/reader/full/sequoia-investor-day 2/26
_ujmg, Hummann & Keclnjro Amvgster Ljy Xt. _gkas Fetgc, Mgw Qeri Haty - @jy :>, ?2:<
preluhts jml cgss vucmgrjoacaty te kgmgrahazjtaem. Emg en tfg trgmls yeu jrg sggamk as tfjt ^jcgjmt fjs oggm spgmlamk
`erg `emgy em he`pjmags tfjt fjvg ogttgr jssgts. Qeu sjw tfjt watf Ojushf + Ce`o jml yeu jrg sggamk tfjt watf
Jccgrkjm. Jccgrkjm fjs se`g rgjccy keel jssgts.
Oeo Keclnjro4
At weucl og j fukg `astjig te umlgrgsta`jtg @aig Rgjrsem. Le met ogt jkjamst fa`. Fg fjl j lanngrgmt vasaem entfg pfjr`jhgutahjc amlustry nre` tfjt en jmyemg en wfe` A j` jwjrg. Jml fg fjs gxghutgl tfjt vasaem vgry
suhhgssnuccy te ljtg. Qeu sgg j cet en njst neccewgrs. Krgk, lal jmyoely ognerg fa` le jm amvgrsaem am tfg
pfjr`jhgutahjc amlustry, le yeu imew5 Ljval5 Fg `jy fjvg oggm tfg narst emg. At as vgry hemtrevgrsajc rakft mew,
tfas prjhtahg en jhquaramk j he`pjmy am j cew tjx le`ahacg. Out @aig `jlg at hcgjr nre` ljy emg wfgm fg `grkgl
watf Oaevjac tfjt tfg `jam purpesg en tfg lgjc wjs te sghurg tfg he`pgtatavg jlvjmtjkg en fjvamk tfg cewgst tjx rjtg
en jmy pfjr`jhgutahjc he`pjmy am tfg wercl.
Qeu sjw se`g en tfg s`jccgr kuys neccewamk fa` tfas ygjr jml Rgrrake, wfahf as emg en eur feclamks, wjs emg en
tfg`. Mew yeu sgg Rnazgr tryamk te ouy JstrjTgmghj. Xe tfg oak kuys jrg stjrtamk te pjy jttgmtaem. A `jy fjvg sjal
tfas cjst ygjr “ fg algmtanagl tfg swggt spets am tfg pfjr`jhgutahjc amlustry oetf am tgr`s en preluht hjtgkery jml am
tgr`s en kgekrjpfy. \fjt as tfg rgjsem wfy Jccgrkjm as fas narst hfeahg te le j `grkgr en gqujcs oghjusg at as dust j
tgrranah nat watf fas gxastamk ousamgssgs. Fg rghekmazgl tfjt epftfjc`eceky jml lgr`jteceky jrg twe en tfg ogst
ousamgssgs am tfg pfjr`j spjhg. Fg as j cgjlgr am lgr`jteceky jt tfas peamt. Am epftfjc`eceky, wfgrg as fg rakft mew,
_ery, mu`ogr tfrgg5
_ery Rraljy4
Mu`ogr twe. Jml, an yeu gxhculg se`g en tfg oaecekahs, ^jcgjmt as preojocy mu`ogr tfrgg am prgshraptaem
pfjr`jhgutahjcs jntgr Jchem jml Jccgrkjm.
Oeo Keclnjro4
Jml an fg as met suhhgssnuc watf Jccgrkjm, js fg lashcesgl jt tfg amatajc `ggtamk jntgr tfg jmmeumhg`gmt en fas
prepesjc, fg fjs j cast en mamg etfgr he`pjmags, jml fg wacc ke rakft lewm tfjt cast. At as met gjsy te le j festacg
jhquasataem, pjrtahucjrcy usamk stehi js tfg pramhapjc hurrgmhy. Xe at as vgry pessaocg tfjt fg wacc met suhhggl watf
Jccgrkjm. Out at as hgrtjamcy wertf tryamk wfgm tfg ousamgssgs jrg se he`pcg`gmtjry, jml Jccgrkjm fjs vgry
sakmanahjmt
hests tfjt fg hjm tjig eut en tfg ousamgss, hest symgrkags pra`jracy am tfg jrgjs en rgsgjrhf jml lgvgcep`gmt jml
XK&J. An yeu he`pjrg ^jcgjmt's _&L jml XK&J rjtaes te rgvgmugs watf tfesg en Jccgrkjm, ^jcgjmt as dust j `uhf
cgjmgr he`pjmy.A imew se`g en yeu wgrg jt tfg Ogrisfarg jmmujc `ggtamk, jml tfgrg wjs se`g lashussaem en 8K, tfg Orjzacajms
wfe fjvg oggm gxtrg`gcy suhhgssnuc. Jmfgusgr-Oushf AmOgv as tfgar oakkgst suhhgss, out 8K fjs fjl etfgrs. A le met
tfami tfjt tfg ^jcgjmt pcjyoeei as tfjt lanngrgmt nre` tfg 8K pcjyoeei. \fgrg `jy fjvg oggm etfgr pfjr`jhgutahjc
he`pjmags tfjt hut hests jml rjm cgjm tfg wjy ^jcgjmt legs, out A heucl met mj`g emg. @aig spgmt ?8 ygjrs jt
@hIamsgy jml weuml up js tfg fgjl en ats kceojc pfjr`jhgutahjc prjhtahg. Am tfesg ?8 ygjrs, fg cgjrmgl few yeu
heucl `jxa`azg sfjrgfeclgr vjcug am j pfjr`jhgutahjc he`pjmy, jml tfjt as wfjt fg fjs lemg se njr. At as j cattcg
prg`jturg te amhculg @aig j`emk tfg eutsalgrs oghjusg fg fjs emcy oggm jt ^jcgjmt ner sax ygjrs. An @aig hemtamugs
te lgcavgr gxhgptaemjc pgrner`jmhg am tfg nuturg js fg fjs te ljtg jt ^jcgjmt, fg wacc hgrtjamcy gjrm fas pcjhg.
Zugstaem4
Jt cjst ygjr's `ggtamk, A jsigl yeu an Keekcg wjs prahgl te pgrnghtaem jml yeu herrghtcy sjal at wjs met. Xe A j`
huraeus9 jt tfas peamt wfjt le yeu nggc ats krewtf prespghts jrg5 Heucl yeu jcse he``gmt em tfg rghgmt spcat,
pjrtahucjrcy watf tfg mem-vetamk sfjrgs5
Hfjsg Xfgraljm4A wacc he``gmt em tfg spcat narst9 A tfami tfjt as tfg gjsagr qugstaem. Ner us at as j mem-gvgmt. Xgrkgy Oram, Cjrry
Rjkg, jml Grah Xhf`alt jcrgjly fjvg vetamk hemtrec en tfg he`pjmy9 se at legs met rgjccy jnnght eur vetamk pewgr am
tfg he`pjmy, wfahf wjs zgre te stjrt watf, gnnghtavgcy. Xamhg wg jrg vgry fjppy watf tfg `jmjkg`gmt en Keekcg, at
as met se`gtfamk wg spgml j cet en ta`g em. Cjrry Rjkg fjs sfewm fa`sgcn te og j vasaemjry jml fjs lemg j ogttgr deo
watf tfg he`pjmy tfjm wg heucl fjvg fepgl.
Js ner tfg krewtf prespghts en Keekcg, at as j rgcgvjmt qugstaem ner jmy he`pjmy tfjt fjs j $8>2 oaccaem `jrigt
hjp. At as jcwjys jm assug. [g jsigl eursgcvgs tfjt wfgm wg oeukft tfg he`pjmy jml at fjl jm gmtgrprasg vjcug en
7/21/2019 Sequoia Investor Day
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$::6 oaccaem. [g tfeukft watf j he`pjmy en tfjt sazg, hjm yeu rgjccy amvgst am at an at legs met fjvg tfg petgmtajc te
og tfg `est vjcujocg he`pjmy am tfg wercl5 Eur hemhcusaem wjs tfjt at fjl tfjt petgmtajc. [g jrg met
?
_ujmg, Hummann & Keclnjro Amvgster Ljy Xt. _gkas Fetgc, Mgw Qeri Haty - @jy :>, ?2:<
`jiamk jmy prglahtaems. At as ceeiamk `erg jml `erg caigcy evgr ta`g, out wg wacc sgg wfjt fjppgms.
A fjvg me amsakft amte tfg he`pjmy‑s krewtf prespghts ogyeml wfjt as jcrgjly eut tfgrg jml puocasfgl. A ceei jt
wfjt g@jrigtgr puts eut “ krewtf am WX lgsitep hcahis jml rgvgmug as met vgry stremk. Xe tfgrg jrg `jturg
ousamgssgs watfam Keekcg. Out krewtf am `eoacg as stacc keamk caig kjmkoustgrs, jml Keekcg fjs j krgjtgr sfjrg en
`eoacg sgjrhf tfjm at fjs en lgsitep sgjrhf. At as stacc pgmgtrjtamk se`g en tfg cgss-lgvgcepgl `jrigts tfreukfeut tfg
wercl. Out gvgmtujccy yeu fjvg te wemlgr wfjt tfg petgmtajc en tfg um-pgmgtrjtgl `jrigt, tfg rg`jamamk wfatg
spjhg, as oghjusg Keekcg‑s pgmgtrjtaem as rjtfgr fakf.
\fgrg jrg se `jmy predghts tfjt Keekcg as amvgstamk am, se`g en wfahf `jy ogjr nruat. Out tfgrg jrg twe jrgjs
tfjt A tfami at fjs ygt te `emgtazg rgjccy wgcc. Emg weucl og tfg valge `jrigt. \freukf Qeu\uog Keekcg fjs jhhgss
te se`g en tfg jl leccjrs tfjt ke amte tgcgvasaem spgmlamk, jml at as fjrl te sgg wfgrg tfjt as keamk jt tfg prgsgmt
`e`gmt. Out tfgrg as j fukg, fukg peec en jlvgrtasamk `emgy eut tfgrg ner jm jkkrgssavg jml ammevjtavg he`pjmy te
tjp, jml Keekcg as am js keel j pesataem js jmy te try te jhhgss tfjt. Keekcg stacc fjs j cet en weri cgnt te le te`emgtazg cehjc jlvgrtasamk tfreukf Keekcg @jps er Keekcg Mew. \fg he`pjmy as puttamk j cet en gnnert amte leamk
tfjt. Xe wg wacc sgg. Out rgcjtavg te tfg krewtf tfjt wg hjm sgg, tfg vjcujtaem rgjccy as met tgrraocy lg`jmlamk.
Zugstaem4
Jmetfgr he`pjmy yeu ewm tfjt fjs oggm amvecvgl am j `grkgr as E`mahe`, wfahf as j s`jccgr pesataem. Qeu
fjvg fjl lanngrgmhgs watf `jmjkg`gmt am tfg pjst, jml jmy lasamtgrgstgl eosgrvgr ceeiamk jt tfg wfecg `grkgr
prehgss tfg he`pjmy wgmt tfreukf weucl fjvg te sjy tfjt jt cgjst jt se`g peamt an met jt jcc peamts, sfjrgfeclgr
amtgrgsts wgrg met pjrj`eumt. An yeu wjmt te he``gmt em tfjt, tfjt weucl og keel. Jcse, A weucl caig te imew wfgm
yeu jrg ceeiamk jt j keel ousamgss watf pgrfjps ojl `jmjkg`gmt, few le yeu `jig tfg lghasaem wfgtfgr te stjy
watf j he`pjmy caig tfjt er te hut tfg herl5
Ljval Reppg4
\fg E`mahe`-Ruocahas `grkgr wjs amtgrgstamk. [g mgvgr rgjccy sjw tfjt tfgrg wjs j cet en symgrky te kgt eut en
at. \fg he`pjmags weucl tjci joeut se`g symgrky am `glaj ouyamk oghjusg tfgy oetf jrg vgry cjrkg ... tfg sgheml
jml tfarl cjrkgst jlvgrtasamk jkgmhy feclamk he`pjmags am tfg wercl. E`mahe` jmmeumhgl cjst su``gr tfjt atamtgmlgl tfg `grkgr te og en gqujcs. A j` surg `est en yeu sjw tfjt tfg `grkgr hj`g jpjrt am tfg cjst ngw wggis, jml
tfgy jrg met keamk te og jocg te hemsu``jtg at.
A mgvgr tfeukft tfgrg wjs j tem en symgrky te kgt. \fgsg jrg feclamk he`pjmags watf catgrjccy lezgms en jkgmhags
amsalg tfg`. \fg jkgmhags jhtujccy he`pgtg prgtty vakereuscy jkjamst emg jmetfgr. \fgrg as met j cet en heepgrjtaem.
\fgrg jrg j ngw ojhi ennahg gnnahagmhags tfjt yeu hjm kgt. \fgrg as se`g ogmgnat am shjcg am preluhamk \^
he``grhajcs, utacazamk \^ stulaes, jml am `glaj ouyamk. Out wg lal met tfami tfgrg wjs j cet en symgrky.
\fjt lal met `gjm wg wgrg eppesgl te tfg lgjc er tfjt wg tfeukft at wjs sfjrgfeclgr umnragmlcy. @y pgrsemjc
nggcamk “ wfahf meoely fjs hemnar`gl, se tjig at few yeu wjmt “ as tfjt @r. Cávy jt Ruocahas lal met fjvg j
suhhgsser camgl up jml wjs ceeiamk ner tfg ogst fe`g ner fas ousamgss jml tfeukft E`mahe` weucl og tfjt ogst
fe`g. \fgy struhi j lgjc tfjt ceeigl caig j `grkgr en gqujcs out E`mahe` trgjtgl at js an at wgrg j sent jhquasataem.
E`mahe` weucl hemtrec tfg `jmjkg`gmt evgr ta`g. \fg lgjc tfjt tfgy struhi `jlg Defm [rgm, tfg E`mahe` HGE,
tfg HGE en tfg he`oamgl he`pjmy jntgr twe jml j fjcn ygjrs. Jml wfacg tfg mu`ogr en larghters em tfg oejrl nre`
gjhf he`pjmy weucl og tfg sj`g, tfg larghters nre` tfg E`mahe` salg fjl tfg rakft te pahi tfg mgxt twe HGEs
jntgr [rgm rgtargl “ wfahf `gjms, prjhtahjccy, yeu heucl fjvg ?7 ygjrs luramk wfahf E`mahe` weucl hemtrec tfg
ousamgss.
@y umlgrstjmlamk as tfjt tfgrg wjs jm jkrgg`gmt up nremt tfjt E`mahe` weucl hemtrec tfg namjmhajc pertaem en
tfg ousamgss js wgcc, wfahf `jigs sgmsg oghjusg an Defm [rgm wgrg keamk te og tfg HGE, tfg namjmhajc numhtaem wjs
met keamk te og am Rjras9 at wjs keamk te og am Mgw Qeri. [fgm tfg lgjc hj`g jpjrt, tfjt wjs emg en tfg tfamks tfjt
wgrg
8
7/21/2019 Sequoia Investor Day
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_ujmg, Hummann & Keclnjro Amvgster Ljy Xt. _gkas Fetgc, Mgw Qeri Haty - @jy :>, ?2:<
hatgl. Out A j` met surg tfjt wjs gvgr rgjccy jm assug. A tfami Ruocahas struhi j lgjc jml tfgm wjs met hrjzy joeut tfg
lgjc tfjt at struhi. At wjs met rgjccy j `grkgr en gqujcs9 at wjs j sent tjigevgr. Oghjusg tfgrg wjs met j tem en
symgrky, A le met tfami tfjt tfg `jrigt gvgr rgjccy rgspemlgl vgry pesatavgcy te at. E`mahe`'s stehi rjm up, out at
emcy rjm up watf tfg `jrigt. At lal met eutpgrner`. \fgrg wjs met j pesatavg rgspemsg tfjt sukkgstgl tfjt tfas wjskeamk te kgmgrjtg j cet en vjcug. At wjs struhi js j `grkgr out A j` met surg E`mahe` gvgr trgjtgl at js j `grkgr.
\fgrg wgrg jcse se`g rgkucjtery assugs. \fgy struhturgl tfg `grkgr am j wjy te fjvg tfg tjx fgjlqujrtgrs am tfg WI
out tfg ousamgss fgjlqujrtgrs am tfg Mgtfgrcjmls, jml tfjt ucta`jtgcy wjs caigcy te lrjw rgkucjtery shrutamy.
\fg keel ousamgss, ojl `jmjkg`gmt “ jhtujccy `y nggcamks joeut E`mahe` jrg se`gwfjt he`pcahjtgl. Out A
tfami at as j keel ousamgss watf keel `jmjkg`gmt. @jmjkg`gmt fjs vgry takft namjmhajc hemtrecs. At rums tfrgg en tfg
tep navg jlvgrtasamk jkgmhags am tfg wercl. \O[J, OOLE jml LLO jrg rgjccy keel he`pjrgl te tfg pggr kreup. At
as j sgcn-amtgrgstgl `jmjkg`gmt tgj` tfjt fjs he`pgmsjtgl atsgcn rgjccy, rgjccy wgcc. Qeu fjvg te stjml up se`gta`gs
jml sjy, ‗Few `uhf as gmeukf5„ Out tfjt legs met `gjm tfjt `jmjkg`gmt as met keel jt wfjt at legs.
Zugstaem4
Hjm yeu sfjrg yeur tfeukfts em AO@5 At sgg`s caig tfgrg jrg leuots em tfg Xtrggt rgkjrlamk tfg he`pjmy's cemk
tgr` prespghts. Xgqueaj sgg`s te fjvg j rgcjtavgcy s`jcc pesataem. A j` dust wemlgramk jt tfas peamt wfjt yeur vagw
as jml wfjt yeur vagw en ats vjcujtaem as.[acc Rjm4
A wacc stjrt watf tfg vjcujtaem qugstaem narst oghjusg tfjt as j vgry a`pertjmt njhter. \fg vjcujtaem as met
lg`jmlamk. At as tgm ta`gs gjrmamks, gcgvgm ta`gs nrgg hjsf ncew. Jt tfjt vjcujtaem, wfgm tfg he`pjmy as ouyamk ojhi
7% en ats stehi hemsastgmtcy j ygjr, yeu le met mggl tfg ousamgss te le gxtrg`gcy wgcc ner at te weri eut ner yeu js jm
amvgst`gmt.
Am tfg cemk tgr`, wg iggp trjhi en tfg prespghts ner tfg he`pjmy. [g `emater tfesg vgry hcesgcy. [g tfami tfjt
`jmjkg`gmt as `jiamk tfg rakft `evgs ner tfg cemk tgr`. \fg assug watf AO@ as tfjt at fjs oggm se suhhgssnuc am tfg
pjst. At he`pcgtgcy le`amjtgl `jamnrj`gs. At stacc legs, out tfjt as met j ousamgss tfjt as krewamk vgry quahicy, an jt
jcc. Xe AO@ fjs tfas gmer`eus jmhfer ogfaml at. Out jt tfg sj`g
ta`g, wg sgg tfg he`pjmy sgazamk em mgw eppertumatags caig tfg `evg te tfg hceul. AO@ fjs `jlg j cet en prekrgss
em tfjt nremt. \fg hceul gmjocgs AO@ te lgcavgr tghfmeceky amnrjstruhturg js j sgrvahg jml se at hjm he`pgtg watf
J`jzem ner tfg s`jcc jml `glau`-sazgl ousamgss A\ `jrigt js wgcc js ner tfg s`jccgr lgpjrt`gmts watfam cjrkg
he`pjmags.Evgr tfg cjst gakftggm `emtfs, AO@ fjs ouact j pre`asamk sgrvahg pcjtner` oy puttamk ats `allcgwjrg em tep en
A\ amnrjstruhturg jml lgcavgramk at am j wjy se tfjt cjrkg he`pjmags, wfahf jrg ats `jder huste`grs, hjm hemmght jcc
tfg systg`s tfjt tfgy ouact am-feusg evgr tfg ygjrs watf tfgar mgw systg`s am wfjt as hjccgl gmkjkg`gmt. Rgepcg jrg
amtgrjhtamk watf he`pjmags em `eoacg lgvahgs `erg jml `erg, jml he`pjmags jrg `jmjkamk tfg`sgcvgs tfreukf
`eoacg lgvahgs `erg jml `erg. Xe AO@ hjm pcjy j recg am hemmghtamk tfg twe. Gvgm am wfjt yeu `akft hemsalgr
AO@‑s stelkagr hfaps ousamgss tfg he`pjmy jmmeumhgl j pre`asamk mgw amatajtavg wfgrgoy Keekcg, ner gxj`pcg,
jhtujccy sjys at as keamk te ouacl ats tfarl kgmgrjtaem ljtj hgmtgr, pessaocy, jreuml emg en AO@'s hfaps. J ygjr jke,
twe ygjrs jke, yeu weucl fjvg mgvgr tfeukft tfjt j he`pjmy caig Keekcg jt tfg vjmkujrl en wfjt yeu weucl
hemsalgr Amtgrmgt tghfmeceky jml tghfmeceky am kgmgrjc weucl ke te AO@ ner emg en ats hfaps.
Xe at sfews tfjt AO@ as em tep en tfamks tghfmecekahjccy. @jmjkg`gmt as tfamiamk prepgrcy cemk tgr` joeut few
te a`prevg tfg prespghts ner tfg ousamgss. Out yeu le fjvg te rg`g`ogr tfjt at as j cjrkg he`pjmy jml at fjs j
sakmanahjmt ojsg en ousamgss tfjt as met keamk te krew vgry quahicy evgr ta`g. Am tfg `gjmta`g, tfg vjcujtaem as
umlg`jmlamk jml `jmjkg`gmt as leamk tfg rakft tfamks watf hjpatjc oy ouyamk ojhi j cet en stehi.Zugstaem4
Cjst ygjr yeu metgl tfjt _athfag Oretfgrs as am j cjrkg pjrt cgvgrgl te tfg WX feusamk `jrigt, wfahf A weucl
preojocy orejlgm te amhculg tfg hemstruhtaem `jrigt evgrjcc, jml metgl tfjt at weucl preojocy `ullcg jcemk umtac tfg
`jrigt a`prevgs. A fjvg j ngw qugstaems surreumlamk tfg he`pjmy. Narst, wjs tfas tfg erakamjc tfgsas wfgm tfg sfjrgs
wgrg jhquargl am cjtg ?226 te '215 Jml orejlcy, few le yeu tfami joeut er `jmjkg jkjamst tfgsas hrggp5 [grg yeu
spghanahjccy ceeiamk ner feusamk er hemstruhtaem gxpesurg jt tfg ta`g5 Few lal yeu gml up watf _athfag js eppesgl
te se`gtfamk caig j Xfgrwam-[accaj`s er j rgmtjc gquap`gmt he`pjmy caig _XH5 \fgm cjstcy, nre` j pertnecae
hemstruhtaem
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<
_ujmg, Hummann & Keclnjro Amvgster Ljy Xt. _gkas Fetgc, Mgw Qeri Haty - @jy :>, ?2:<
stjmlpeamt, few cemk jrg yeu waccamk te fecl s`jcc pesataems tfjt fjvg met oggm weriamk, jml few entgm le yeu
rggvjcujtg te sgg an tfgrg as j ogttgr eppertumaty se`gpcjhg gcsg ner tfg hjpatjc5
Ljval Reppg4
A tfami tfg jmswgr tfjt yeu jrg ceeiamk ner as wg jrg met vgry s`jrt. [g fjvg ewmgl _athfag Oretfgrs ner joeut
navg ygjrs. @jmjkg`gmt ouact j ousamgss `elgc tfjt rg`amls `g j cattcg oat en tfg Njstgmjc ousamgss `elgc. At as rgjccy
sa`pcg9 at as lghgptavgcy sa`pcg. Out at as jc`est a`pessaocg ner se`goely te rgpcahjtg.
_athfag Oretfgrs sgccs usgl hemstruhtaem gquap`gmt, j cet en HJ\ `jhfamgry am pjrtahucjr, Ie`jtsu `jhfamgry
tfreukf juhtaems. At as jm umrgsgrvgl juhtaem, wfahf `gjms an yeu jrg j sgccgr jml yeu put at am tfg juhtaem, yeu
hjmmet tjig at eut. Xe`goely oals j leccjr9 yeu sgcc tfjt nericant ner j leccjr. At as rgjccy shjry ner j sgccgr, out at as tfg
emcy wjy, rgjccy, te rum j cgkata`jtg juhtaem wfgrg tfg ouygrs fjvg hemnalgmhg tfjt tfgy hjm petgmtajccy kgt j krgjt
lgjc jml tfjt tfg prahgs jrg am njht kgmuamg. J cet en tfg juhtaems jrg rum se tfjt tfg sgccgrs hjm pucc tfgar kgjr eut an
tfgy le met kgt j prahg tfgy caig. Ner tfg ouygr, at as j suhigr's kj`g. An yeu evgrpjy, yeu hjm iggp at “ out an yeu
kgt j keel lgjc, yeu hjmmet. Xe _athfag fjs j rgjccy keel `elgc. Jkjam, me emg fjs gvgr oggm jocg te rgpcahjtg tfjt.
Hjtgrpaccjr as tryamk watf cattcg suhhgss, se njr. \fgrg wjs jmetfgr he`pjmy, AremRcjmgt tfjt tragl te le jm emcamgvgrsaem. Xe`g en yeu `jy imew AremRcjmgt nacgl te le jm ARE neur ygjrs jke jml tfjt fjs mgvgr kemg jmywfgrg. Xe A
tfami wg ket tfjt rakft. _athfag Oretfgrs fjs j vgry keel `elgc.
\fg pjrt tfjt wg `assgl as tfjt _athfag Oretfgrs' fgyljy wjs luramk tfg WX feusamk oee`, jml gvgryoely wjs
rgjccy ousy, jml hemtrjhters wgrg kgttamk tems en weri. \fgy mgglgl te ouy `jhfamgry, jml `jhfamgry wjs vgry
ncual. _athfag Oretfgrs fjs j keel `elgc. Out tfgrg jrg wjys he`pgtaters hjm nakft ojhi. HJ\ fjs neukft ojhi rgjccy
fjrl, met wjmtamk te cesg tfjt usgl `jhfamgry ousamgss jml tfg pjrts jml sgrvahg tfjt se`gta`gs kegs watf tfjt wfgm
yeu hjm iggp tfg `jhfamgry am yeur systg`.
_athfag Oretfgrs fjl krewm rakft tfreukf tfg rghgssaem am ‑2: ‘ ‑2?, out wg wgrg hcgjrcy surprasgl oy tfg
`jkmatulg en tfg feusamk oust jml tfg heccjpsg en tfg hemstruhtaem `jrigt. A tfami jcse wg preojocy `assgl “ js lal
j cet en etfgr pgepcg “ tfjt at as j stremkgr `elgc am Hjmjlj, wfahf as j `erg rgseurhgs-ojsgl gheme`y. Xe wg ket
at wremk. At as j hyhcahjc krewgr. \fjt sjal, tfg `jrigt rgspghts at. At trjlgs jt j fakf R/G gvgm wfgm at as met leamk
vgry wgcc, oghjusg at as ojsahjccy jm a`pessaocg `elgc ner se`goely te rgpcahjtg. At eukft te le wgcc an jml wfgm tfg
Wmatgl Xtjtgs hemstruhtaem `jrigt gvgr oghe`gs fgjctfy.At as s`jcc9 at as j keel qujcaty kreup en pgepcg. A tfami at wjs met jkkrgssavgcy gmeukf `jmjkgl. @jyog
`jmjkg`gmt wjs j cattcg evgrcy sgcn-sjtasnagl he`amk amte tfas lewmturm. Out wg wacc fjvg j mgw HGE jmmeumhgl
sfertcy jml wg wacc tjig j cemk ceei jt tfjt pgrsem jml sgg an wg wjmt te hemtamug. Out tfg sfert vgrsaem as wg `jlg j
`astjig. [g hgrtjamcy lal met ouy at am '26 tfamiamk tfjt at weucl og js `elgst j pgrner`gr js at fjs oggm. Jctfeukf A
wacc sjy am eur lgngmsg, wfgm yeur cesgrs jrg wammgrs, yeu jrg stacc eijy.
Zugstaem4
Heucl yeu he``gmt j cattcg oat em Njstgmjc5 A j` njshamjtgl oy tfg pgrner`jmhg jml tfg wjy yeu gxpcjamgl at am
tfg jmmujc rgpert. [fgrg legs at stjml teljy5 Jt <% en yeur jssgts watf j <% rgturm am j `jrigt watf j 8?% rgturm,
at as amtgrgstamk.
Hfjsg Xfgraljm4
Js yeu sjal, Njstgmjc's rgsucts am ?2:8 wgrg lasjppeamtamk. At krgw se`gtfamk em tfg erlgr en >%. [fjt
fjppgmgl tfgrg wjs tfjt `jmjkg`gmt puccgl ojhi ats pjrt-ta`g cjoer am tfg stergs am ?2:? js lg`jml scjhigmgl,
fepamk te pretght tfg he`pjmy‑s epgrjtamk `jrkam. Njstgmjc `jmjkg`gmt as gxtrg`gcy hest -hemshaeus. Jml A tfami
`jmjkg`gmt rgjcazgl at pusfgl at j cattcg tee njr. Fasterahjccy, Njstgmjc's sjcgs tgml te trjhi tfg sjcgs cjoer nerhg am tfg
stergs vgry hcesgcy. Xe wfgm tfjt mu`ogr lghcamgl, at furt sjcgs. Jml tfg he`pjmy rgjcazgl tfjt.
\fg rg`gly as vgry sa`pcg4 Jll gmgrky te tfg sjcgs nerhg9 tfg kejc as :7% nucc-ta`g gquavjcgmt cjoer krewtf ner
tfg sterg sjcgs nerhg. Fasterahjccy, Njstgmjc eutkrews ats sjcgs cjoer oy j prgtty keel `jrkam oghjusg tfg sjcgs nerhg
oghe`gs `erg preluhtavg evgr ta`g. A hjcc tfjt ‗tfg fustcg.„ Xe wfjt yeu jrg sggamk as j oat en jm gxpgra`gmt. [g sgg
j herrgcjtaem ogtwggm Njstgmjc's sjcgs jml ats sjcgs cjoer. Mew wg jrg keamk te naml eut few hjusjc at as. Xe njr, tfg
sakms jrg keel jml am `y epamaem, at eukft te weri. [g jrg sggamk Njstgmjc's pjhg pahi up, rgcjtavg te ats
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he`pgtataem, am jm gmvarem`gmt tfjt as met tgrraocy njverjocg te tfg he`pjmy. Mem-rgsalgmtajc hemstruhtaem rgjccy
mggls te pahi up ner Njstgmjc's tep camg te tjig enn jml kavg yeu tfg mu`ogrs tfjt yeu jrg usgl te sggamk eut en tfjt
7
_ujmg, Hummann & Keclnjro Amvgster Ljy Xt. _gkas Fetgc, Mgw Qeri Haty - @jy :>, ?2:<
he`pjmy. Njstgmjc as jm josecutg pewgrfeusg am EG@ njstgmgrs out EG@ njstgmgrs jrg met krewamk `uhf rakft mew.
Xe tfjt as j oat en j lrjk.
\fgrg as me qugstaem tfjt tfgrg jrg hyhcahjc jspghts te tfg he`pjmy. Out tfg sghucjr krewtf en tfg he`pjmy as
`erg amtgrgstamk. \fjt wacc scew, umleuotglcy, vgrsus wfgm wg purhfjsgl tfg stehi am ?22:. Njstgmjc's vjcujtaem as
jcwjys vgry fakf. \fg `jmjkg`gmt kgts j cet en hrglat nre` [jcc Xtrggt, am pjrt oghjusg tfg he`pjmy rgturms jmy
sjvamks er hest ogmgnats te tfg sfjrgfeclgr. @jmjkg`gmt as vgry sfjrgfeclgr nragmlcy. _akft mew, tfg vjcujtaem as
`allcamk rgcjtavg te tfg fasterahjc rjmkg. An tfg krewtf as scewamk, yeu `akft sjy at as j oat em tfg fakf salg. Out iggp
jm gyg em tfg amvgst`gmt am sjcgs nerhg cjoer. [fjt wg jrg keamk te og ceeiamk ner as j tep camg sjcgs jhhgcgrjtaem
he``gmsurjtg watf tfjt.
Oeo Keclnjro4
Emg tfamk A weucl he``gmt em am jllataem as tfjt at stacc fjl j prgtty stremk pgrner`amk ygjr oy jmy stjmljrls,
etfgr tfjm tfesg en Njstgmjc jml he`pjmags en tfjt aci. Out `jmjkg`gmt teei j rgjc fat, an yeu ceei jt tfg prexystjtg`gmt, am ats ewm he`pgmsjtaem nre` cgvgcs tfjt wgrg met jcc tfjt fakf ner stjrtgrs. A le met tfami A fjvg sggm jmy
he`pjmags am tfjt sj`g satujtaem wfgrg tfg tep gxghutavgs jcc teei j rgjccy oak fat. Hfjsg, wfjt wgrg tfg mu`ogrs em
he`pgmsjtaem5
Hfjsg Xfgraljm4
A j` met surg wfjt tfg fat wjs am tfg prexy. Out A rghjcc tfjt tfg HGE's he`pgmsjtaem wjs hjchucjtgl te og :8%
en tfg jvgrjkg HGE‑s ner j he`pjmy en fas sazg. Fg lal met rgkjrl tfjt js jm amsuct. Amstgjl, fg sjal, ‗\fjt as oghjusg
A lgcavgr tfg ogst vjcug.„ Fg wjs jhtujccy preul en tfjt. \e Oeo's peamt, j ngw ygjrs jke tfgrg wjs j nraveceus cjwsuat
jkjamst Njstgmjc, jml tfg he`pjmy sgttcgl ner $:2 `accaem. En heursg tfjt furt tfg sfjrgfeclgr, out wfjt wjs
amtgrgstamk wjs tfjt tfg he`pjmy lehigl gvgryoely's oemus. \fg he`pjmy amhculgl tfjt $:2 `accaem gxhgptaemjc
hfjrkg wfgm hjchucjtamk tfg oemusgs en ats pgepcg. @jmjkg`gmt rgjccy sfjrgs tfg pjam.
Zugstaem4
A fjvg jmetfgr qugstaem joeut ^jcgjmt. Le yeu jkrgg watf Oacc Jhi`jm tfjt KJJR gjrmamks jrg a``jtgrajc am
gvjcujtamk j he`pjmy caig ^jcgjmt5_ery Rraljy4
Qgs, A tfami ner tfg `est pjrt, `est en tfg tfamks tfjt Oacc Jhi`jm hatgl wg jkrgg watf. An yeu jrg jmjcyzamk
^jcgjmt, yeu wjmt te nehus em wfjt ats
jldustgl mgt amhe`g as, wfjt `jmjkg`gmt as jllamk ojhi te kgt tfjt jldustgl nakurg, jml wfjt at as jllamk ojhi te
jldustgl hjsf ncew. \fg oak atg`s ner jldustgl mgt amhe`g jrg rgstruhturamk hfjrkgs jml j`ertazjtaem gxpgmsg. [g
le met `aml jllamk ojhi tfg rgstruhturamk hfjrkgs oghjusg wg vagw at js emhg tfg ousamgss tfjt tfg he`pjmy
jhquargl as hemsecaljtgl, am tfg mgxt ygjr tfg symgrkags jrg keamk te og tfgrg se tfjt tfg ousamgss wacc og j cet `erg
prenatjocg tfjm at wjs.
Wsujccy tfg wjy ^jcgjmt tjcis joeut at, `jmjkg`gmt jlls tfesg rgstruhturamk hfjrkgs ojhi js pjrt en tfg
purhfjsg prahg. \fesg jrg tfg twe `jam lanngrgmhgs nre` KJJR mgt amhe`g. \fgrg jrg se`g etfgr mem-epgrjtamk
jll-ojhis tfjt tfg he`pjmy `jigs. \fg emg jrgj A weucl nehus em `jyog as cgkjc gxpgmsgs jml wfgtfgr yeu wjmt te
jll ojhi emg-ta`g cgkjc gxpgmsgs. Xe`g pgepcg weucl sjy tfjt tfesg jrg emkeamk. Lgnamatgcy cgkjc gxpgmsgs jrg pjrt
en jm emkeamk pfjr`j ousamgss, out ^jcgjmt gxpgmsgs ats emkeamk cgkjc nggs. At as tfg emg-ta`g cgkjc hfjrkgs tfjt tfg
he`pjmy tgmls te jll ojhi. Em tfg hjsf ncew salg, `jmjkg`gmt jcse jlls ojhi rgstruhturamk hfjrkgs. \fesg jrg
ojsahjccy jcc hjsf.
A imew j cet en pgepcg he`pcjam joeut ^jcgjmt. \fgy sjy tfjt `jmjkg`gmt as pcjyamk kj`gs watf tfg
jhquasataems. Xe`gta`gs wfgm he`pjmags tjig oak rgstruhturamk hfjrkgs er rgsgrvgs, tfgy rgcgjsg se`g cjtgr em se
tfjt tfgy hjm `jig tfgar amhe`g ceei keel. ^jcgjmt legs met le tfjt. @est en tfg rgstruhturamk hfjrkg as pjal eut am
hjsf. A le met tfami `jmjkg`gmt as pcjyamk kj`gs am tfjt jrgj.
\fg emg tfamk A weucl ceei jt, jml A le met tfami Jhi`jm `gmtaemgl at, as tfjt tfg hjsf mgt amhe`g jml tfg
jldustgl hjsf ncew nre` epgrjtaems le met jcwjys camg up oghjusg en amhrgjsgs am weriamk hjpatjc. ^jcgjmt fjs met
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sfewm j trg`gmleus j`eumt en erkjmah krewtf9 se emg tfamk te wjthf eut ner as few `uhf en tfg lanngrgmhg ogtwggm
tfg jldustgl mgt amhe`g jml tfg jldustgl hjsf ncew nre` epgrjtaems as keamk tewjrls weriamk hjpatjc. At fjs oggm
sakmanahjmt am tfg pjst twe ygjrs er se, out tfg he`pjmy fjs oggm krewamk evgrsgjs am g`grkamk `jrigts wfgrg an tfg
kevgrm`gmt as j huste`gr, ^jcgjmt as met keamk te kgt pjal ner j cemk ta`g. \fjt as emg rgjsem wfy weriamk hjpatjc
hjm rasg. \fgrg jrg etfgr rgjsems, out ner tfg `est pjrt, wg jkrgg watf `est en tfg jll-ojhis.
>
_ujmg, Hummann & Keclnjro Amvgster Ljy Xt. _gkas Fetgc, Mgw Qeri Haty - @jy :>, ?2:<
Dem Orjmlt4
^jcgjmt as njr nre` tfg emcy he`pjmy ner wfahf wg weucl `jig jldust`gmts te tfg KJJR mgt amhe`g. [g
spgml j njar j`eumt en ta`g jldustamk jcc en eur feclamks ner j`ertazjtaem jml j `accaem etfgr tfamks. Qeu heucl ceei
jt Ogrisfarg js j krgjt gxj`pcg en j he`pjmy wfesg KJJR mgt amhe`g as met rgprgsgmtjtavg en tfg ewmgr gjrmamks.
^jcgjmt as met se`g spghajc hjsg. \fgrg jrg fumlrgls en he`pjmags wfgrg tfg KJJR mgt amhe`g as met tfg trug
rgprgsgmtjtavg en tfg gjrmamks.
_ery Rraljy4
A weucl dust jll tfjt an yeu ceei jt tfg pfjr`j amlustry “ A fjvg spgmt j cet en ta`g ceeiamk jt wfjt etfgr
he`pjmags le “ tfgrg jrg met jmy jldust`gmts tfjt ^jcgjmt `jigs tfjt jrg `jtgrajccy lanngrgmt nre` wfjt tfg rgst entfg amlustry legs am tgr`s en jll-ojhis. Am etfgr werls an yeu wgrg te ke tfreukf tfg camg atg`s tfjt ^jcgjmt jlls
ojhi, yeu weucl naml vartujccy jcc en tfesg jllgl ojhi te se`g lgkrgg jt `est en tfg he`pjmags. He`pjmags fjvg
lanngrgmt pecahags, out ner tfg `est pjrt tfgy tgml te jll ojhi wfjt ^jcgjmt jlls ojhi.
Zugstaem4
Rcgjsg he``gmt em [ercl Nugc.
_ery Rraljy4
A tfami wg sjal cjst ygjr tfjt wg wgrg lasjppeamtgl watf few njst tfg he`pjmy fjs krewm erkjmahjccy. Ner tfesg
en yeu wfe le met imew, [ercl Nugc as j nugc rgsgccgr. At ouys jml sa`uctjmgeuscy sgccs nugc am tfg jvajtaem `jrigt
jml tfg `jramg `jrigt jml tfg cjml `jrigt. At as jm amtgrgstamk he`pjmy oghjusg `est en tfg hjpatjc tfjt at puts up as
weriamk hjpatjc9 tfg he`pjmy wacc sa`uctjmgeuscy rghgavg tfg nugc jml pjy tfg suppcagr. \fg he`pjmy sgccs at
quahicy, out usujccy tfgrg as j lanngrgmhg en `jyog tgm ljys ogtwggm pjyamk ner tfg nugc jml rghgavamk pjy`gmt ner at.
\fjt as tfg hjpatjc tfjt tfg he`pjmy puts am. Out tfg he`pjmy fjs lemg j keel deo watf hfjccgmkamk `jrigts. \fg
`jramg `jrigt fjs oggm prgtty teukf9 at fjs oggm sent. @jmjkg`gmt metgl tfgrg fjs met oggm js `uhf vecjtacaty am tfg prahg en oumigr nugc, jml tfjt fjs furt tfg he`pjmy am tfjt `jrigt oghjusg at sgccs lgravjtavgs te ats hcagmts er fgcps
tfg` usg lgravjtavgs, jml tfjt as j sgrvahg camg ner tfg`. An tfg `jrigts jrg met `evamk jreuml j cet, tfgm tfg
he`pjmy hjmmet sgcc tfesg amstru`gmts oghjusg tfg hcagmts le met mggl tfg`.
Out A weucl sjy `jmjkg`gmt fjs lemg j keel deo. [g rgjccy caig tfg tgj`. [g jrg lasjppeamtgl watf tfg
krewtf. @y vagw as tfjt am erlgr ner tfg gjrmamks te krew, j cet en tfg a`pgtus wacc preojocy he`g nre` nuturg
jhquasataems. \fg he`pjmy jhquargl [jtsem Rgtrecgu`, j cjml nugc ousamgss am tfg WI. [ercl Nugc spgmt joeut
$?22 `accaem. \e tfg gxtgmt tfjt at hjm jccehjtg gjrmamks te jhquasataems caig tfjt “ `jmjkg`gmt as prgtty
lashapcamgl “ `y kugss, ceeiamk jt tfg he`pjmy‑s pjst jhquasataems, as tfjt at sfeucl gjrm j cew leuocg -lakat rgturm
em ats jhquasataems. An yeu hjm spgml jcc yeur gjrmamks am emg ygjr em jm jhquasataem jml kgt j cew leuocg-lakat rgturm,
tfgm tfjt sfeucl og eijy. Qeu fjvg te wgakf tfjt jkjamst tfg cewgr erkjmah krewtf er am se`g hjsgs mgkjtavg
krewtf. Out wg caig tfg `jmjkg`gmt tgj` jml at as met jm gxpgmsavg stehi.
Zugstaem4
Qeu fjvg suhf j s`jcc feclamk am Hesthe, jml at as wemlgrnuc. \fg sfjrg prahg fjs leuocgl am tfg cjst ngw ygjrs. A
wemlgr wfy yeu kjvg tfg karc tfg gmkjkg`gmt ramk out lal met kgt `jrragl … jll `erg stehi.
Ljval Reppg4
A tfami wg kgt ojhi te tfjt jmswgr en wg jrg met vgry s`jrt. [g wgmt eut te sgg Hesthe am :111 er ?222 jml `gt
watf Da` Xamgkjc, tfg HGE. \fg stehi wjs $?;. At wjs preojocy ?2 ta`gs gjrmamks jt tfg ta`g “ A le met rg`g`ogr
wfjt tfg gjrmamks wgrg ojhi tfgm. [g hj`g ojhi jml tfeukft, ‗[ew, krgjt he`pjmy.„ A fjvg te sjy A le met fjvg j
cet en fgregs, out fg as preojocy emg en `y njveratg HGEs A fjvg gvgr `gt. Fg as gvgrytfamk yeu fjvg gvgr rgjl
joeut fa`. [g fjl j tegfecl pesataem am at. Nantggm ygjrs cjtgr, at as $:::. [g stacc ewm joeut j 2.:% pesataem. Xe wg
dust `assgl at9 at fjppgms. J cet en ta`gs tfgy le met kgt amte Xgqueaj se yeu le met imew joeut tfg`. Out tfg emcy
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tfamk A weucl sjy tfgrg as yeu hjm ceei jt j cet en pathfgs jml tjig straigs, jml met straig eut am tfas kj`g se cemk js
yeu fat tfg emgs yeu le swamk jt. Hesthe as emg tfjt, umnertumjtgcy, wg dust teei j straig rakft lewm tfg `allcg.
Zugstaem4
Em @jy ?>, ^jcgjmt as suppesgl te fjvg j `ggtamk jml preojocy amhrgjsg tfg prahg en ats enngr ner Jccgrkjm. Jml
tfgrg as tjci am tfg prgss joeut j prahg en up te $?22 te ouy Jccgrkjm. Jt wfjt prahg weucl yeu sjy, ‗Ef `y kesf,
`jmjkg`gmt fjs cest ats fgjl... Jhi`jm pusfgl ^jcgjmt up te tee fakf j prahg.„
;
_ujmg, Hummann & Keclnjro Amvgster Ljy Xt. _gkas Fetgc, Mgw Qeri Haty - @jy :>, ?2:<
Oeo Keclnjro4
Jhi`jm as met keamk te pusf ^jcgjmt te pjy `erg tfjm `jigs sgmsg. @jmjkg`gmt as vgry lashapcamgl. Jhi`jm as
met keamk te lahtjtg tfg tgr`s en tfg enngr.
Zugstaem4
[fjt prahg as tee fakf5
_ery Rraljy4
At as met j lannahuct jmjcysas te nakurg eut wfjt tfgy jrg enngramk ner Jccgrkjm. Am tfg pjst, emg en tfg rgjsems wg
rgjccy caigl ^jcgjmt wjs tfjt at wjs jhquaramk he`pjmags ner sjy navg te sax ta`gs epgrjtamk prenat. \fjt a`pcags j:7% te ?2% prgtjx rgturm. \fgm usujccy tfg he`pjmy wjs oerrewamk 82% te <2% en tfg purhfjsg prahg. Qeu hjm kgt
prgtty fgjly rgturms oghjusg en tfg cgvgrjkg jml tfg `ama`jc tjx rjtg. [atf Jccgrkjm, at rgjccy lgpgmls em few yeu
vjcug tfg sfjrgs tfjt ^jcgjmt as kavamk up am tfg lgjc. Out tfg wjy tfjt A ceei jt at as tfjt tfg he`pjmy as pjyamk, hjcc
at $<7 oaccaem. Rest-symgrkags, Jccgrkjm as preojocy keamk te gjrm se`gtfamk hcesg te $7 oaccaem9 se tfjt as mamg ta`gs
epgrjtamk prenat. An ^jcgjmt kegs up j cet fakfgr tfjm tfjt, eovaeuscy, at heucl og tgm ta`gs epgrjtamk prenat, at heucl
og gcgvgm ta`gs epgrjtamk prenat. @y kugss as tfjt ^jcgjmt as met keamk te ke j cet fakfgr amte tfg leuocg lakats dust
oghjusg at as jcrgjly kgttamk hcesg te twe ta`gs wfjt at weucl mer`jccy pjy ner se`gtfamk. Xe`g pgepcg `jy
hratahazg tfg njht tfjt ^jcgjmt as pjyamk up ner Jccgrkjm, out A weucl peamt eut tfjt Jccgrkjm fjs se`g en tfg ogst
jssgts am tfg spjhg suhf js Oetex. Rgepcg `jy hatg etfgr lruks, out Oetex as hjsf-pjy9 tfg pfysahajm laspgmsgs at. At
fjs j orjml em tfg hes`gtahs salg. [e`gm ke am jml tfgy jsi ner Oetex. \fgrg jrg j cet en rgjsems wfy at as j
wemlgrnuc preluht. Jml yeu hjm pjy up ner tfjt. An tfg he`pjmy wgrg pjyamk se`gtfamk caig nantggm ta`gs epgrjtamk
prenat, $;7 oaccaem, tfgm `jyog wg weucl ceei jt at jml shrjthf eur fgjls.
Oeo Keclnjro4_ery, lal yeu tfami tfjt Jccgrkjm's nerghjst en ats ewm gjrmamks krewtf tfjt at assugl tfas pjst @emljy wjs
hrglaocg5
_ery Rraljy4
@y pgrsemjc vagw as tfjt `jyog tfg he`pjmy wjs j oat jkkrgssavg em tfg tep camg. Qeu sjw JstrjTgmghj le tfg
sj`g tfamk watf Rnazgr. Qeu le met wjmt te kgt oeukft9 se yeu fjvg te put eut j prgtty resy nerghjst. Am Jstrj's hjsg,
tfg he`pjmy as nerghjstamk at as keamk te leuocg rgvgmugs. At as
jcrgjly j prgtty oak he`pjmy, jml Jstrj as keamk te le at am tgm ygjrs. \fg nerghjst pgrael as j rgjccy cemk pgrael en
ta`g. [fe imews wfjt tfg he`pjmy as keamk te og kgmgrjtamk am rgvgmug am tgm ygjrs5 At as am Jccgrkjm‑s amtgrgst te
put eut prgtty resy predghtaems.
\fjt sjal, tfg he`pjmy fjs krgjt jssgts, jml tfg tep camg, gvgm an at legs met krew :2%, heucl krew am tfg `al-te-
fakf samkcg lakats. Hgrtjamcy, an tfg he`pjmy legs met spgml j cet `erg amhrg`gmtjc `emgy em XK&J er _&L, tfjt as
keamk te cgvgrjkg jml at sfeucl og jocg te kgt prgtty fakf gjrmamks krewtf. An at as met ?2%, tfgm `jyog at wacc og am
tfg fakf tggms, petgmtajccy. At hjm le tfjt watf cgvgrjkg js cemk js at kgts tfg tep camg krewtf. \fg emg tfamk wg werry
joeut, oghjusg wg ceeigl jt Jccgrkjm ognerg, as tfjt at legs fjvg se`g lruks tfjt heucl petgmtajccy njhg
kgmgrahazjtaem. _gstjsas wjs emg tfjt wg wgrg pjrtahucjrcy werragl joeut. \fjt as ats oakkgst gyg lruk. \fg he`pjmy
stjvgl tfjt enn. At `jy og jocg te fjvg tfjt lruk ner twe er tfrgg `erg ygjrs watfeut tfesg werrags.
\fg tfamk te tfami joeut fgrg as an ^jcgjmt `grkgs watf Jccgrkjm, tfg Jccgrkjm sfjrgfeclgrs jrg keamk te og
kgttamk $:: te $:? en gjrmamks pgr sfjrg. An tfgy wgrg te usg wfjt tfgy jrg kgttamk am hjsf te ouy tfg mgw ^jcgjmt,
tfgy heucl preojocy “ gvgm an ^jcgjmt trjlgl up te $:>2 “ tfgy weucl stacc og kgttamk gmeukf stehi tfjt tfgy
weucl kgt :.: sfjrgs en ^jcgjmt. \fg mgw he`pjmy heucl gjrm $:? te $:8 mgxt ygjr “ at `akft gjrm $:< mgxt ygjr.
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Jccgrkjm's sfjrgfeclgrs fjvg te he`pjrg wfjt tfg mgw he`pjmy weucl gjrm te Jccgrkjm's mgw nerghjst, wfahf fjs
sfjrgfeclgrs gjrmamk $>.;2 mgxt ygjr. At as $>.;2 vgrsus $:<.
\fg wjy tfjt A tfami joeut at as yeu fjvg j hfeahg en sjvamks jhheumts jml yeu heucl amvgst $7 am jm jhheumt tfjt
as krewamk jt :2% er :7% j ygjr, er amvgst $:2 am jm jhheumt tfjt as krewamk jt j scewgr rjtg. A weucl prgngr tfg $:2
jhheumt, jml tfjt as tfg wjy A tfami joeut tfg lgjc. Jccgrkjm em ats ewm wacc preojocy og krewamk njstgr, out wfacg
tfg he`oamgl he`pjmags `jy og krewamk j cattcg oat scewgr, yeu `akft og kgttamk jc`est twahg tfg `emgy gjrcy em.
Jt cgjst tfjt as tfg wjy tfjt A tfami joeut at. Jccgrkjm sfjrgfeclgrs heucl `jig j cet en `emgy, an tfgy tjig tfg lgjc, oghjusg tfgy weucl og kgttamk twahg js `uhf am gjrmamks pewgr, preojocy watfam j ygjr, an tfgy usg tfg hjsf te ouy
tfg stehi. Gvgm an tfgy lal met usg tfg hjsf tfjt wjy, tfgy weucl stacc og kgttamk $:? er $:8 petgmtajccy watf tfg hjsf.
6
_ujmg, Hummann & Keclnjro Amvgster Ljy Xt. _gkas Fetgc, Mgw Qeri Haty - @jy :>, ?2:<
Zugstaem4
[fjt pgrhgmtjkg en tfg numl as am hjsf5 Jrg yeu gvgr keamk te cewgr tfg :% ngg5
Oeo Keclnjro4
_akft mew tfg numl as joeut 62% amvgstgl. Eur jssgt ojsg as joeut $6 oaccaem jml eur hjsf as joeut $:.> oaccaem.
[g hfjrkg j ncjt :% em oetf tfg sgpjrjtgcy `jmjkgl pertnecaes jml em Xgqueaj oghjusg tfgy jrg trgjtgl tfg sj`g.\fgy kgt tfg sj`g jccehjtaems9 tfgy ouy tfg sj`g stehis, gt hgtgrj. [g fjvg fjl tfjt ngg struhturg ner lghjlgs jml
wg fepg te og jocg te hemtamug te gjrm at.
Zugstaem4
Hemkrjtucjtaems te Demjtfjm ner ogamk emg en tfg qugstaemamk jmjcysts jt tfg Ogrisfarg `ggtamk. A wjs wemlgramk
wfjt yeur `jder tjigjwjys nre` tfg `ggtamk wgrg jml few yeu vagw tfg sghuraty.
Dem Orjmlt4
[fgm yeu fjvg oggm neccewamk Ogrisfarg js cemk js A fjvg, jml `jmy en yeu fjvg, jml [jrrgm fjs oggm rummamk
at ner <1 ygjrs, A weucl sjy tfjt tfg `jder purpesg en tfg `ggtamk as dust te sgg few sfjrp fas `aml as. Jml at as js
sfjrp js gvgr.
Oeo Keclnjro4
Navg feurs en Z&J.
Dem Orjmlt4
Fas stj`amj as j`jzamk. At as jc`est a`pessaocg ner jmytfamk `jtgrajc te he`g eut en tfg `ggtamk. At as j cattcg oaten j hjrmavjc. \fgrg wgrg se`g ogttgr qugstaems jsigl, A tfami oghjusg en tfg ner`jt hfjmkgs. Out A weucl strukkcg te
he`g up watf jmy sakmanahjmt tjigjwjy. Am tgr`s en tfg rgspemsgs te `y qugstaems, A tfeukft at wjs amtgrgstamk tfjt
fg sjal tfjt fg as met keamk te 8K Ogrisfarg, an A hjm usg 8K js j vgro. Out A hjmmet sjy A wjs surprasgl oy tfjt
jmswgr. Oeo, lal yeu fjvg jmy igy tjigjwjys5
Oeo Keclnjro4
Me, A weucl dust sjy am tfg cjst ygjr er se, oetf am tfg jmmujc rgperts jml jt tfg `ggtamks, fg fjs oggm `erg
epta`astah. Le yeu fjvg tfjt sgmsg5
Dem Orjmlt4
Qgs, hgrtjamcy cjst ygjr watf tfg :?% krewtf, A weucl met hjcc at kualjmhg, out sjyamk tfjt at wjs j pessaoacaty er
tfgrg wjs j rgjsemjocg hfjmhg en kgttamk tfgrg, tfjt seumlgl `erg gouccagmt tfjm A weucl fjvg gxpghtgl.
Oeo Keclnjro4
Fg fjs jcwjys wemlgrgl joeut tfg ojrragrs tfjt sazg weucl prgsgmt te fa`. Jml hcgjrcy, js Dem sjal, tfg
he`peuml fjs scewgl lewm js at fjs kettgm cjrkgr. Out fg nggcs prgtty keel tfjt gvgm jt tfas cgvgc en jssgts jml stehi
prahg tfjt fg hjm hemtamug te he`peuml jt j prgtty keel rjtg. Xe tfjt fjs oggm tfg `gssjkg tfjt fg fjs hemvgygl oetf
am tfg jmmujc rgpert jml jt tfg jmmujc `ggtamks.
Krgk Jcgxjmlgr4
Emg en `y njveratg camgs en jcc ta`g hj`g nre` tfg `est rghgmt Ogrisfarg jmmujc. Dem, yeu jrg keamk te fjvg te
herrght `g em tfas. Out fg sjal tfjt fg mew ewms gakft jml j fjcn “ yeu caig tfg camg tee “ fg mew ewms gakft jml
j fjcn he`pjmags, fjcn en Fgamz ogamk tfg fjcn, eut en tfg Nertumg 722, se fg stacc fjs <1: jml j fjcn te ke. \fgm fg
sjal tfg `est rg`jrijocg tfamk, wfahf as tfjt fg fjs oeukft `est en tfesg watfeut assuamk j `jtgrajc mu`ogr en
sfjrgs er rummamk up tfg lgot.
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Dem Orjmlt4
Ljval, lal yeu fjvg jmy igy tjigjwjys5
Ljval Reppg4
A tfeukft fg wjs j cattcg cgss hemmghtgl te se`g en tfg ousamgssgs tfjm yeu weucl caig te sgg, jml at dust sfews
tfg sazg en Ogrisfarg. At as fjrlgr te iggp yeur fgjl jreuml gvgrytfamk tfjt yeu ewm, gvgm js s`jrt js fg as. A tfeukft
tfgrg wgrg j ngw ousamgssgs tfjt fg wjs dust met js hemmghtgl te js A `akft fjvg gxpghtgl.
Dem Orjmlt4A weucl sjy tfjt as j keel peamt. A jsigl j qugstaem joeut Nergst _avgr jml tfg he`pjmy‑s he`pgtatavg jlvjmtjkg
vgrsus \fer. Fg sjal fg lal met imew `uhf joeut \fer. A tfami `jyog ?2 ygjrs jke, fg weucl fjvg lgveurgl tfg
jmmujc rgperts jml tragl te kgt amtgccakgmhg em tfg he`pgtaters. Out fg dust sgg`s te og trustamk am Rgtg Cagkc te le j
keel deo jt Nergst _avgr, wfahf weucl amhculg iggpamk jm gyg em fas he`pgtataem. \fgrg dust `akft og tee `uhf ner
fa` te neccew jml `jyog fas jttgmtaem ncjks j cattcg oat nre` tfamks caig tfjt.
Oeo Keclnjro4
[fjt pgrhgmtjkg en Ogrisfarg's gjrmamks as Nergst _avgr5
1
_ujmg, Hummann & Keclnjro Amvgster Ljy Xt. _gkas Fetgc, Mgw Qeri Haty - @jy :>, ?2:<Dem Orjmlt4
At as met `jtgrajc. \fgsg tfamks jrg met rgjccy `jtgrajc. Fg nehusgs em tfg a`pertjmt tfamks. Out A tfami ojhi am tfg
ljy, fg weucl fjvg tragl te lgveur gvgrytfamk. Out tfgrg dust jrg met gmeukf feurs am tfg ljy.
Oeo Keclnjro4
A tfami fg heumts em yeu ner tfjt!
Zugstaem4
\fas wggi‑s Gheme`ast fjs jm glaterajc jml jrtahcgs neccewamk at urkamk Ogrisfarg te orgji amte paghgs ner tfg
sjig en gnnahagmhy. Heucl yeu he``gmt em tfjt5
Dem Orjmlt4
A tfami yeu wacc sgg se`g lanngrgmhg en epamaem up fgrg em tfg ljas joeut wfjt Ogrisfarg sfeucl le am tfg mgxt ?2
ygjrs. Oeo legs met ogcagvg at sfeucl og spcat up jml A le met tfami se gatfgr. Out A tfami Oeo weucl caig te sgg at
hcgjmgl up j cattcg oat. \fg he`pjmags hjmmet rgjccy og secl oghjusg en tfg pre`asg fg `jigs. Out tfgrg jrg j cet en
jlvjmtjkgs Ogrisfarg fjs nre` puttamk jcc tfg ousamgssgs tekgtfgr.Dust emg gxj`pcg as @alJ`grahjm. At fjs put j cet en `emgy amte waml jml secjr jssgts. \fgsg rgmgwjocg
amvgst`gmts kgmgrjtg `jssavg tjx hrglats. @alJ`grahjm `jy mew og oak gmeukf te josero tfg tjx ogmgnats watf ats
tjxjocg amhe`g oghjusg at fjs krewm se `uhf, out hgrtjamcy jt tfg ta`g en se`g en tfgsg trjmsjhtaems, tfg njht tfjt at
nacgl hemsecaljtgl amhe`g tjx rgturms watf Ogrisfarg jccewgl @alJ`grahjm te le tfgsg lgjcs. Etfgr utacatags weucl
fjvg j `erg lannahuct ta`g ogmgnatamk nre` tfgsg tjx hrglats oghjusg tfgy le met fjvg gmeukf tjxjocg amhe`g te
`jig nucc usg en tfg tjx orgji.
@alJ`grahjm fjs stacc `erg eptaems ner lgpceyamk hjpatjc. _akft mew @alJ`grahjm hjm gatfgr jhquarg er met
jhquarg ojsgl em wfgtfgr etfgr tfamks jrg jttrjhtavg. [jrrgm hjm lghalg. @alJ`grahjm `akft og oramkamk fa` emg
lgjc jml Ashjr `akft og oramkamk fa` jmetfgr lgjc. \fgrg `akft og dumi oemls tfjt jrg lewm. \fgrg `akft og juhtaem
rjtg prgngrrgl oemls tfjt jrg jttrjhtavg. Fg hjm le wfjtgvgr fg wjmts watf tfg hjsf ncew. Fg hjm ke am wfjtgvgr
larghtaem fg wjmts. An yeu jrg dust j utacaty er yeu jrg dust j rjacrejl er yeu jrg dust j `gtjc huttamk he`pjmy, yeu le
met fjvg js `jmy hfeahgs joeut wfjt yeu hjm le watf yeur hjpatjc. Xe tfjt hjpatjc jccehjtaem ghcghtahas` er tfg
joacaty te ke
wfgrgvgr yeu wjmt “ at as j ke-jmywfgrg numl “ as jm jlvjmtjkg. Qeu sgg tfgsg fglkg numls hjccgl ke-jmywfgrg
numls wfgrg yeu hjm amvgst am stehis. Ceei jt wfjt [jrrgm fjs lemg watf lgravjtavgs. [fahf lavasaem weucl og
leamk tfg lgravjtavgs5 \fesg fjvg oggm vgry prenatjocg. Xe tfjt as emg gxj`pcg en se`gtfamk tfjt weucl og cest.
Jmetfgr gxj`pcg as am amsurjmhg. A le met imew tfjt Ogrisfarg _g heucl tjig tfg typg en rasis tfjt at tjigs an at
wgrg dust j stjmljcemg he`pjmy. A j` met surg at heucl fjvg lemg tfg iaml en supgr-hjt lgjcs at fjs. Ogrisfarg hjm
josero j $8 oaccaem te $7 oaccaem cess em jm gjrtfqujig er j furrahjmg oghjusg at fjs jcc tfgsg mem-amsurjmhg
ousamgssgs pusfamk eut tfg hjsf ncew jml gjrmamks se tfjt at weucl stacc og prenatjocg am j vgry ojl ygjr ner amsurjmhg.
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\fgrg jrg j cet en etfgr amsurjmhg he`pjmags tfjt wacc met wratg tfjt ousamgss oghjusg tfgy dust le met fjvg tfg
hjpatjc ojsg. A dust tfami at weucl og j tgrraocg `astjig te orgji up tfg he`pjmy.
Oeo Keclnjro4
Fg as gmer`euscy preul en wfjt fg fjs hrgjtgl, jml fg sfeucl og preul. Fg legs met wjmt te spcat at up9 fg legs
met wjmt te lavalg up fas hrgjtaem. Fg wjmts te ouacl em at suhhgssnuccy jml fg wacc.
Zugstaem4
\we neccew-up qugstaems em Ogrisfarg. A wjs jt tfg `ggtamk, jml A le met imew an yeu wjmt te he``gmt em tfas, out tfgrg wjs j cet en lashussaem j`emk tfg pgepcg wfe jttgmlgl joeut suhhgssaem, wfahf wjs jcse pjrt en
tfg Gheme`ast stery. Jcse, [jrrgm lashussgl Ourcamktem jml few `uhf hjpatjc as ogamk usgl te nax up jml a`prevg
tfg rjacrejl. Jmy he``gmt5
Dem Orjmlt4
Js A tfami A fjvg sjal ognerg am tfas neru`, at as a`pessaocg te rgpcjhg [jrrgm Ounngtt. Fg as j `jstgr hjpatjc
jccehjter. Out js tfg he`pjmy kgts oakkgr, tfg joacaty te jll vjcug “ at dust kgts fjrlgr. Gvgm tfg `est amkgmaeus en
hjpatjc jccehjters fepgs jt ogst te le twe pgrhgmtjkg peamts te tfrgg pgrhgmtjkg peamts ogttgr tfjm tfg X&R evgr ta`g.
Emg en tfg `est a`pertjmt tfamks evgr tfg cjst ngw ygjrs tfjt fjvg fjppgmgl as tfjt fg fjs fargl twe amvgst`gmt
`jmjkgrs, \gl [gshfcgr jml \ell He`os. A le met imew tfjt tfgy fjvg oggm tfgrg cemk gmeukf te dulkg tfgar
rgherls `gjmamknuccy, out tfgy sgg` te og leamk gxtrg`gcy wgcc. Oetf fjvg eutpgrner`gl gvgry ygjr samhg tjiamk tfg
deo jt Ogrisfarg, \ell ner tfg cjst tfrgg jml \gl ner tfg cjst twe ygjrs. \fgy sgg` caig sgmsaocg pgepcg9 tfgy sgg` te
nat am watf tfg hucturg.
:2
_ujmg, Hummann & Keclnjro Amvgster Ljy Xt. _gkas Fetgc, Mgw Qeri Haty - @jy :>, ?2:<
A fjvg entgm tfeukft te `ysgcn, wfy met `jig jm amvgst`gmt pgrsem tfg mgxt HGE5 [jrrgm sgg`s `erg
amtgrgstgl am lavalamk tfg lutags ogtwggm j HGE jml j HAE. Out umcgss jml umtac Ogrisfarg kegs watf pjyamk eut
`uhf er jcc en ats gjrmamks js j lavalgml, wfahf heucl fjppgm, tfg HAE's deo as keamk te og `erg a`pertjmt, jrkujocy,
tfjm tfg HGE‑s. An \gl jml \ell jrg js tjcgmtgl js tfgy sgg` te og, Ogrisfarg sfjrgfeclgrs hjm nggc prgtty
he`nertjocg tfjt tfg hjpatjc, tfg hjsf ncew tfjt as kgmgrjtgl, as keamk te og jccehjtgl am j rgjsemjocg jml rjtaemjc jml
jssgrtavg `jmmgr.
\fg rjacrejl “ A tfami tfgrg as `erg te wfjt fjppgmgl am tfg cjst ngw `emtfs tfjm dust tfg wgjtfgr. Out at
hgrtjamcy ket se`g ojl cuhi watf tfg wgjtfgr, jml tfg he`pjmy as keamk te spgml tfg `emgy at tjigs te nax ata``glajtgcy. \fjt as jmetfgr gxj`pcg en wfjt A tfami `jigs Ogrisfarg lanngrgmt4 \fg `jmjkgrs jt Ourcamktem jrg met
keamk te og werragl joeut `ggtamk se`g iaml en gjrmamks gsta`jtg ner tfg Dumg qujrtgr. \fgy jrg keamk te nax wfjt as
mgglgl. [jrrgm sjal am tfg narst qujrtgr rgpert tfjt fg tfamis tfjt tfg preocg`s en tfg rjacrejl watf tfg huste`gr
sgrvahg cgvgcs jrg keamk te og naxgl oy tfg gml en tfg ygjr. Jml at as jm arrgpcjhgjocg jssgt.
Ceei jt Wmaem Rjhanah tgm ygjrs jke “ tfg trjams wgrg met gvgm `evamk. Qeu weucl fjvg sjal “ wfy weucl
jmyemg gvgr trust Wmaem Rjhanah te lgcavgr jmy hemtjamgrs gvgr jkjam, er krjam er hejc. Out rgjccy tfg huste`grs fjvg
me hfeahg. Wmaem Rjhanah fjs naxgl ats preocg`s, jml Ourcamktem, wfesg preocg`s jrg `uhf cgss sgvgrg tfjm wfjt
Wmaem Rjhanah wgmt tfreukf tgm ygjrs jke, as keamk te nax tfg` tee. A j` hemnalgmt en tfjt.
Zugstaem4
Joeut nantggm ygjrs jke, A jsigl Hfjrcag @umkgr jt j [gshe `ggtamk wfjt fg tfeukft en amvgstamk am mjturjc
rgseurhg stehis js j fglkg jkjamst amncjtaem. Fg sjal am vgry stremk tgr`s tfjt fg tfeukft at wjs emg en tfg lu`ogr
algjs fg fjl gvgr fgjrl. Fg prehgglgl te cghturg joeut tfg jlvjmtjkgs en amvgstamk am h e`pjmags ‗jwjsf watf hjsf,„
jrg tfg werls fg usgl. Cets en nrgg hjsf ncew tfjt legs met fjvg te og pu`pgl ojhi amte pcjmt jml gquap`gmt jt
amncjtaemjry prahgs. Jt tfas pjst `ggtamk, jhherlamk te tfg @ermamkstjr ocek, fg sjal, ‗At as j ocgssamk te fjvg hjpatjc
amtgmsavg ousamgssgs caig OMXN jml Ogrisfarg Fjtfjwjy Gmgrky, wfahf kavg us jm eppertumaty te rgamvgst cjrkg
su`s en hjpatjc jt jttrjhtavg rjtgs en rgturm.„ \fgm fg wgmt em te amlahjtg tfjt nuturg jhquasataems jrg caigcy te og am
hjpatjc amtgmsavg ousamgssgs. [fy tfg he`pcgtg hfjmkg am amvgst`gmt pfacesepfy5
Dem Orjmlt4
Xazg.
Zugstaem4
\fjt as wfjt A nakurgl.
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Dem Orjmlt4
Fg fjs te naml j wjy te put tfg `emgy te weri, jml fg fjs te jhhgpt cgss en j rgturm tfjm fg lal am tfg pjst.
Hfjrcag weucl sjy se`gtfamk caig at as tee lj`m ojl tfjt wg hjmmet amvgst caig wg lal am tfg pjst. Out yeu jrg dust
keamk te fjvg te sunngr tfreukf at.
A stacc tfami Ogrisfarg hjm kgt te j leuocg-lakat krewtf am amtramsah vjcug pgr ygjr, gvgm watf tfgsg ferraocg hjpatjc
amtgmsavg ousamgssgs. Out algjccy yeu wjmt te og amvgstamk am j he`pjmy tfjt hjm krew jml legs met mggl te put tfg
`emgy te weri am hjpatjc gxpgmlaturgs. \fgm yeu hjm ouy `erg he`pjmags jml yeu fjvg j he`peuml amtgrgstwgjctf-hrgjtamk `jhfamg. Ogrisfarg as keamk te og j wgjctf-hrgjtamk `jhfamg tfjt kegs dust j cattcg scewgr am tfg
nuturg. [jrrgm sjal joeut utacatags “ at as met j wjy te kgt rahf, out at as j wjy te stjy rahf. A tfami tfjt weucl og trug
en tfg rjacrejl jcse.
An yeu ceei jt tfg rgturm em gquaty en tfg rjacrejl “ gvgryemg tjcis joeut rgturm em hjpatjc oghjusg tfjt as few
rjacrejls jrg qujsa rgkucjtgl “ out tfg rgturm em gquaty jt tfg rjacrejl as quatg jlgqujtg. \fjt as pjrtcy lug te tfg
njht tfjt tfg rjacrejl‑s cgvgrjkg rjtae fjs amhrgjsgl se`gwfjt samhg Ogrisfarg oeukft at. Jcse, jt tfg utacaty,
@alJ`grahjm as amtgccakgmtcy usamk jm amhrgjsgl j`eumt en cgvgrjkg am ats jhquasataems rgsuctamk am sjtasnjhtery
rgturms em gquaty g`pceygl. \fg rjacrejl fjs pjal lavalgmls te Ogrisfarg gqujc te rgpertgl mgt amhe`g samhg [jrrgm
jhquargl at. _jacrejls jrg hjpatjc amtgmsavg, out am pjrt tfreukf se`g oerrewamks, am pjrt tfreukf tfg ogmgnats en
jhhgcgrjtgl lgprghajtaem er wfjt tfgy hjcc oemus lgprghajtaem, tfg rjacrejl fjs oggm quetg/umquetg ‗j hjpatjc
amtgmsavg he`pjmy„ out gvgm watf jcc at spgmt em hjpatjc, A j` prgtty surg at fjs lavalgmlgl eut js `uhf nrgg hjsf
ncew js at rgpertgl am gjrmamks. Xe at as met quatg js ojl js at seumls. \fgrg heucl og se`g rgvgrsjc en tfjt oemus
lgprghajtaem, out A stacc tfami nrgg hjsf ncew sfeucl og j lghgmt pgrhgmtjkg en tfg rgpertgl gjrmamks. Xj`g tfamk watftfg utacaty.
::
_ujmg, Hummann & Keclnjro Amvgster Ljy Xt. _gkas Fetgc, Mgw Qeri Haty - @jy :>, ?2:<
Zugstaem4
A fjvg j twe-pjrt qugstaem. Narst, nre` j puocah wgcnjrg pgrspghtavg, le yeu tfami tfg kevgrm`gmt sfeucl
hemsalgr pecahags suhf js assuamk cemkgr pjtgmts an `erg jml `erg pfjr`j he`pjmags pursug ^jcgjmt's `elgc,
strappamk eut _&L jml nehusamk em hjsf ncew5 \fgm A wjs jcse fepamk yeu heucl tjci joeut Jlvjmhg Jute. At ceeis
caig tfg Kgmgrjc Rjrts jhquasataem wjs vgry jhhrgtavg te nrgg hjsf ncew, kavgm tfg cew hest en tfg lgot jml symgrkags,
jml at as `erg en j he``grhajc ousamgss mew. A wjs jcse huraeus joeut yeur tfeukfts js te few E'_gaccy fjs oggmjocg te eutpgrner` ats pggrs se hemsastgmtcy.
Ljval Reppg4
A tfami em cgmktfgmamk tfg pjtgmts fgcl oy pfjr`jhgutahjc he`pjmags, wg le met fjvg jmy krgjt amsakfts tfgrg.
_ery Rraljy4
[g secl `jyog 62% en eur Jlvjmhg pesataem. [g secl at amte tfg jmmeumhg`gmt en tfg KRA jhquasataem. [g
rgjccy caig tfg `jmjkg`gmt tgj` tfgrg. [g rgjccy caig Ljrrgm Djhisem. At as j pcgjsurg te `ggt watf fa`. [g fjvg
lammgr watf fa` jt cgjst emhg j ygjr jml wg fjvg j heupcg en `ggtamks watf fa`. Fg as jcwjys tfamiamk eutsalg tfg
oex. Fg caigs te vasat etfgr he`pjmags te cgjrm tfgar ousamgss `elgcs jml few fg hjm a`prevg Jlvjmhg.
[g tfami tfjt ousamgss as j keel ousamgss. Qeu fjvg j keel `jmjkg`gmt tgj` jml j keel ousamgss. Kgmgrjccy
spgjiamk, eur assug as watf tfg gxghutaem. An yeu ceei jt tfg mu`ogrs, tfg gxghutaem wjs met rgjccy tfgrg. Cjst ygjr,
E'_gaccy's he`p wjs <.8% jml Jlvjmhg fjl j mgkjtavg he`p. Jlvjmhg as leamk ogttgr mew out at rgjccy wjs met
gxghutamk jt tfg sterg cgvgc. @jmjkg`gmt oreukft am Kgerkg Xfgr`jm9 fg fjs strgj`camgl tfg struhturg se tfjt tfgrg
as met js `uhf tep-lewm `jmjkg`gmt en tfg stergs. \fg K@s jt tfg stergs usgl te fjvg 72 te >2 rgperts tfjt tfgy
fjl te nacg watf tfgar supgraers jml Kgerkg Xfgr`jm hj`g am jml fg hut ;7% te 62% en tfesg rgperts. Fg ojsahjccy
tecl tfg K@s jml tfg nagcl nerhg, ‗Qeu fjvg te nehus em tfrgg tfamks4 sjcgs, prenatjoacaty, jml huste`gr sgrvahg.„ At
rgjccy sa`pcanagl gvgrytfamk. A tfami yeu jrg sggamk prekrgss am tfg rgsucts. Jlvjmhg fjl j vgry scakft pesatavg he`p
am tfg neurtf qujrtgr. At dust rgpertgl ygstgrljy tfjt tfg he`p am tfg narst qujrtgr wjs ?.<% jntgr fjvamk `uctapcg
qujrtgrs en mgkjtavg er ncjt he`p. Hcgjrcy, Kgerkg as fjvamk jm a`pjht em tfg nagcl nerhg.
@jmjkg`gmt as leamk j keel deo. Out wg ngct ner j cemk ta`g tfjt tfg tgj` wjs met gxghutamk js wgcc js se`g en
ats he`pgtaters. \fjt as wfy wg secl lewm eur pesataem. [g tfeukft tfgrg wjs j keel eppertumaty te sgcc amte tfg
KRA lgjc. A weucl dust sjy tfjt, ygs, tfg KRA lgjc sfeucl og vgry jhhrgtavg te tfg he`pjmy oghjusg en tfg njht tfjt at
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cgvgrgl up te `jig tfg jhquasataem usamk vgry cew hest lgot jml wacc kgmgrjtg hest sjvamks js wgcc. Out dust jntgr tfg
amatajc jhhrgtaem, tfg gjrmamks `akft met krew js njst, mghgssjracy, oghjusg en tfg gxghutaem. \fjt wjs eur hemhgrm.
E'_gaccy fjs hemsastgmtcy pgrner`gl “ A tfami at as dust tfg hucturg. \fg he`pjmy fjs jm gxtrg`gcy stremk
hucturg. \fg `jmjkg`gmt as vgry he`pgtatavg. At as jcse `erg hjr pjrts eragmtgl tfjm Jlvjmhg as. E‑_gaccy jcse dust
imews few te gxpjml amte j mgw rgkaem. [fgm E‑_gaccy puts mgw stergs am, `jmjkg`gmt kegs jntgr tfg ogst hjr
pjrts kuys am tfg jrgj. @jmjkg`gmt trags te amhgmtavazg tfg` te he`g weri ner E'_gaccy. At as dust vgry nehusgl em
leamk wfjtgvgr at tjigs te hemvamhg tfg he``grhajc kjrjkgs te weri watf E‑_gaccy. \fg he`pjmy fjs j ogttgr pesataem watf tfg mjtaemjc jhheumts tee dust oghjusg en tfg fastery en tfg ousamgss. \fgrg fjs oggm j nehus em tfg
he``grhajc salg oy E'_gaccy ner j cemk ta`g. At fjs fjl tfas fyoral 72 ‘ 72 he``grhajc/rgtjac `elgc jml tfjt as emg
rgjsem tfg he`pjmy fjs lemg wgcc. At jcse ogmgnattgl te se`g lgkrgg nre` tfg HXI jhquasataem. \fg stergs E‑_gaccy
jhquargl am tfjt jhquasataem wgrg met tfg krgjtgst stergs, out tfgar pgrner`jmhg fjs hcgjrcy ogmgnattgl nre` E‑_gaccy‑s
gxpgrtasg em tfg he``grhajc salg en tfg ousamgss.
Oeo Keclnjro4
Em yeur narst qugstaem joeut tfg lruk pjtgmts, tfg hurrgmt pjtgmt cavgs wgrg vgry sunnahagmt am tfg fgyljy en oak
pfjr`j he`pjmags wfgm tfgy wgrg lashevgramk j cet en vgry prenatjocg lruks. Oak pfjr`j `jlg trg`gmleus rgturms
em hjpatjc. \fg preocg` rgjccy fjs met oggm tfg pjtgmt cavgs. \fg preocg` fjs oggm tfg peer rgherl en lruk lashevgry
oy oak pfjr`j. \fgrg fjvg oggm vgry sakmanahjmt lruk lashevgrags out `estcy oy tfg oaetghf he`pjmags. Xe A le met
tfami gxtgmlamk tfg pjtgmt cavgs weucl mghgssjracy rgsuct am ogttgr _&L nre` oak pfjr`j.
:?
_ujmg, Hummann & Keclnjro Amvgster Ljy Xt. _gkas Fetgc, Mgw Qeri Haty - @jy :>, ?2:<
Zugstaem4
Xgqueaj Numl jhquargl j pesataem am Hjmjlajm Mjturjc _gseurhgs se`g ygjrs jke. At as `y a`prgssaem tfjt yeu
fjvg mgvgr jllgl te at. [fjt jrg yeur tfeukfts joeut tfjt he`pjmy5 Jrg yeu amtgrgstgl am amvgstamk am etfgr gmgrky
stehis5
Ljval Reppg4
Hjmjlajm Mjturjc as j vgry namg he`pjmy. ^gry gmtrgprgmgurajc, keel jssgts. \fg tfamk A caig tfg `est joeut at as
tfjt at fjs j hcgjr camg en sakft en preluhtaem amhrgjsgs keamk eut ner lghjlgs. At fjs j fukg rgseurhg am Jcogrtj am tfg
eac sjmls jml at as j vgry gnnahagmt preluhgr. Wmcaig jm Gxxem, wfahf fjs j vgry lannahuct ta`g rgpcjhamk ats
preluhtaem gvgry ygjr, Hjmjlajm Mjturjc fjs >% te ;% preluhtaem amhrgjsgs keamk eut js njr js tfg gyg hjm sgg. \fgeac sjmls as j vgry rahf, cemk-cavgl rgseurhg9 at as jcse j vgry gxpgmsavg rgseurhg. Xe yeu ewm tfg fakf-hest preluhgr.
Qeu jrg `jiamk jm a`pcahat ogt tfjt tfg prahg en eac wacc og joevg $62 j ojrrgc er HMZ legs met rgjccy weri. Xe yeu
ewm j oak rgseurhg out yeu ewm j fakf hest rgseurhg. [g oeukft j cattcg oat, A wjmt te sjy at wjs wamtgr en '26 er
ogkammamk en '21 wfgm prahgs wgrg rgjccy hrusfgl, jml wg tfeukft tfg prahg wjs njr ogcew tfg rgpcjhg`gmt hest en
tfg jssgts, gvgm am j cew rgseurhg prahg gmvarem`gmt. Out at quahicy rghevgrgl jml wg lal met nggc caig hfjsamk at.
Oeo Keclnjro4
A tfami jcse wfgm wg oeukft at, wg pgrhgavgl j rgjc he`pgtatavg jlvjmtjkg am tfjt at fjl nragmlcy eac tfjt heucl og
secl amte tfg Wmatgl Xtjtgs jml sfappgl amte tfg Wmatgl Xtjtgs. Out watf tfg jsteumlamk krewtf am lgvgcep`gmt jml
gxpcerjtaem en eac am tfg Wmatgl Xtjtgs tfgrg as cgss en j mggl, jml tfjt glkg la`amasfgs.
Zugstaem4
[fjt as tfg amvgst`gmt tfgsas em Mevezy`gs5
Jr`jm Icamg4
Mevezy`gs as jhtujccy j spamenn en Meve Merlasi, wfahf as tfg wercl's cjrkgst `jigr en amsucam. Wsamk sa`acjr
tghfmeceky, Mevezy`gs fjs lgvgcepgl wjys te preluhg amlustrajc gmzy`gs keamk amte, ner amstjmhg, tfg neel wg gjt,
gmzy`gs tfjt prgvgmt orgjl nre` keamk ojl luramk trjmspert tfreukf tfg suppcy hfjam jml em tfg sfgcn jt tfg sterg.
\fgy ke amte tfg lgtgrkgmts wg usg am eur lasfwjsfgrs jml wjsfamk `jhfamgs, jcc serts en keels. At fjs jm amhrglaocg
herg ousamgss. A tfami wg
hjm sjngcy sjy at le`amjtgs ats gml `jrigts watf krgjtgr tfjm ;2% sfjrg am `est en tfg `jrigts at pcjys am.
At as jm gxpgmsavg stehi. \fg rgjsem ner tfg prahg as tfg vjcug en tfg herg ousamgss jml se`g eppertumatags
petgmtajccy am twe sgk`gmts. Emg as oae-jkrahucturg. \fg he`pjmy dust sakmgl j D^ watf @emsjmte. @emsjmte pjal
Mevezy`gs $822 `accaem ner tfg rakfts te ats _&L, js wgcc js wfjt as hurrgmtcy am ats papgcamg. \fgrg as j cet en
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amtgrgst am preluhamk mem-hfg`ahjc-ojsgl preluhts te fgcp amhrgjsg yagcls jt njr`s. \fgm j sgheml ousamgss wfahf
tfg he`pjmy as wgcc-pesataemgl am as hgccucesah gtfjmec. [algsprgjl usg en hgccucesah gtfjmec am tfg WX ceeis
umcaigcy te fjppgm jmy ta`g seem, out tfgrg as j njar j`eumt en amtgrgst am at am heumtrags caig Orjzac, wfahf jcrgjly
usgs `uhf `erg gtfjmec am ats nugc.
Xe at as jm gxhgccgmt ousamgss9 A weucl sjy at fjs emg en tfg ogttgr `jmjkg`gmt tgj`s. At fjs j vgry, vgry stremk
pesataem am ats pra`jry gml `jrigt. Jml at fjs j heupcg en eppertumatags te krew tfg sazg en tfg ousamgss sakmanahjmtcy,
petgmtajccy. \fg HGE hj`g eut j heupcg en `emtfs jke jml sjal tfg oae-jk eppertumaty jcemg heucl leuocg tfg sazgen tfg ousamgss. Jml tfjt as dust emg eppertumaty.
Zugstaem4
A wjs wemlgramk an yeu heucl tjci joeut Djheos Gmkamggramk. At ceeis caig at as j mgw pesataem am tfg pertnecae am
tfg pjst ygjr er se. [fjt as tfg amvgst`gmt tfgsas tfgrg, jml wfjt fjs igpt yeu nre` `jiamk at j oakkgr pesataem am
tfg pertnecae5
Jr`jm Icamg4
[g jhtujccy ewmgl Djheos `jyog gakft er mamg ygjrs jke. [g amatajtgl j pesataem, wfahf wg cjtgr hcesgl eut lug
te se`g hemhgrms jt tfg ta`g nre` eur rgsgjrhf. [g rgamatajtgl at. At as jm gmkamggramk jml hemstruhtaem he`pjmy. [g
fjvg jcwjys imewm at wjs wgcc-rum. At fjs jm umusujc hucturg am tfg gmkamggramk jml hemstruhtaem wercl. An yeu
he`pjrg Djheos‑ rgsucts evgr tfg ygjrs te tfesg en etfgrs, tfg amhalgmhg en, cgt us hjcc tfg` ocewups, hemtrjhts tfjt
rgjccy ke jkjamst yeu as rgjccy `uhf cewgr, jml tfg `jkmatulg en tfesg preocg`s as jcse cewgr. Djheos kegs jntgr
s`jccgr hemtrjhts. At fjs joeut 17% rgtgmtaem watf ats huste`gr ojsg. At rums j vgry rgcjtaemsfap-ojsgl ousamgss.
[fjt ket us amtgrgstgl as tagl te wfjt as keamk em watf mjturjc kjs fgrg am tfg Wmatgl Xtjtgs. \fjt fjs hrgjtgl jrgmjassjmhg am tfg hfg`ahjc amlustry. Djheos wjs kgttamk `erg tfjm ats njar sfjrg en tfjt.
:8
_ujmg, Hummann & Keclnjro Amvgster Ljy Xt. _gkas Fetgc, Mgw Qeri Haty - @jy :>, ?2:<
Out tfg predghts wgrg met `evamk nerwjrl amte tfg hemstruhtaem jml lgtjacgl lgsakm pfjsg js njst, jml tfjt fjs cgl te
tfg stehi umlgrpgrner`amk, gvgm tfeukf tfg ojhicek as krewamk, oghjusg tfg gjrmamks fjvg met krewm. Xe wg neuml
tfjt te og jm amtgrgstamk eppertumaty jml wg teei jlvjmtjkg en at jt tfg ta`g. Jml am tgr`s en ewmamk `erg, A wacc cgt
Ljval he``gmt em tfjt.
Ljval Reppg4
[g fjvg j cet en prahg lashapcamg, jml wg fepg te fjvg at og j oakkgr pesataem. [g oeukft at erakamjccy nerXgqueaj watf famlsakft jt j vgry, vgry keel prahg, lal met hfjsg at. Js ta`g fjs kemg oy, wg sgg rgjccy keel
eppertumatags ner tfg ousamgss jml fepgnuccy wg wacc kgt j prahg te og jocg te tjig tfg pesataem up am sazg. At as j vgry
keel ousamgss out prahg lashapcamg tjigs yeu j cemk wjy am eur ousamgss.
Zugstaem4
Jrg tfgrg Xgqueaj pesataems tfjt stjml te ogmgnat nre` A\ spgmlamk em Amtgrmgt sghuraty, wfahf as hgrtjamcy j
sakmanahjmt assug teljy5
[acc Rjm4
A le met imew tfjt wg kgmgrjccy tjig j tep-lewm vagw jml try te ogmgnat nre` se`g pjrtahucjr amlustry trgml. Out
hgrtjamcy sghuraty as emg en tfg tfamks tfjt AO@ as vgry `uhf em tep en. Hcgjrcy tfg tfrgjts jrg oghe`amk `erg
pgrvjsavg. J cet en he`pjmags tfjt jrg AO@‑s huste`grs stjml te cesg rgputjtaem an tfgy gxpgragmhg j sghuraty orgjhf,
met te `gmtaem cess en AR. AO@ as vgry `uhf em tep en namlamk mgw wjys te fgcp a`prevg sghuraty ner ats huste`grs.
\fg he`pjmy‑s mgw jpprejhf as te jssu`g tfjt tfgrg jrg ojl tfamks keamk em. Qeu hjm me cemkgr dust ouacl j nargwjcc
jml try te iggp gvgryoely eut. Qeu fjvg te jssu`g tfjt tfgrg jrg pgepcg leamk ojl tfamks, wfgtfgr at as am yeur
he`pjmy er he`amk nre` tfg eutsalg amte yeur he`pjmy. AO@ jpprejhfgs at js j Oak Ljtj jml jmjcytahs preocg`.
AO@ jmjcyzgs jcc en tfg jhtavaty tfjt as keamk em amsalg jml eutsalg yeur he`pjmy jml trags te naml tfg pjttgrms tfjt
jrg amlahjtavg en `asusg.
AO@‑s jpprejhf fjs j lanngrgmt scjmt em at nre` tfjt en se`g etfgr he`pjmags. At ceeis caig at wacc og suhhgssnuc.
\fg he`pjmy fjs jhquargl sgvgrjc he`pjmags am tfjt jrgmj. Emg tfamk tfjt wg tfeukft wjs pesatavg as AO@ fjs he`g
te tfg peamt wfgrg at fjs oggm waccamk te jhquarg j he`pjmy. \fjt wjs met tfg hjsg am tfg pjst. AO@ usgl te nggc tfjt
at mgglgl te ouacl gvgrytfamk am-feusg. Out mew `jmjkg`gmt
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fjs lgvgcepgl se`g gxpgrtasg am @&J, jml at fjs oreukft am j ngccew nre` jm jhquasataem te rum tfjt lavasaem jml fg
sgg`s te og leamk j keel deo. AO@ as keamk te fjvg te `jig `erg prekrgss am tfjt jrgj, out tfjt as hgrtjamcy emg wjy
tfjt wg jrg ogmgnattamk nre` amhrgjsgl spgmlamk em A\ sghuraty.
Oeo Keclnjro4
A tfami gjrcagr at wjs he``gmtgl em tfjt AO@ as met j cjrkg pesataem am Xgqueaj. Jml tfg ousamgss tfjt [acc as
tjciamk joeut as met j fukg pgrhgmtjkg en AO@'s gjrmamks. Xe an yeu wjmt te `jig j ogt em hyogr sghuraty, A tfami yeu
eukft te ceei gcsgwfgrg. Le met heumt em us ner tfjt.Zugstaem4
[fjt le yeu tfami yeur petgmtajc as te amvgst `erg en Xgqueaj‑s hjsf am tfg mgjr tgr`5
Oeo Keclnjro4
[g fjvg oggm vgry `elgst mgt sgccgrs tfas ygjr. \fgrg as met j cet em tfg nremt ourmgr tfjt weucl hemsu`g `est
en tfjt hjsf.
Zugstaem4
\we rgcjtgl qugstaems em ^jcgjmt. \fgrg fjs oggm j cet en nehus em tfg amhe`g stjtg`gmt. Hjm yeu tjci j cattcg oat
joeut tfg ojcjmhg sfggt jml few at fjs gvecvgl evgr ta`g5 Xgheml, few le yeu tfami joeut pertnecae hemstruhtaem
jml pesataem sazamk, kavgm yeur cgvgc en he`nert watf tfg he`pjmy's ojcjmhg sfggt5
_ery Rraljy4
[atf tfg ojcjmhg sfggt, eovaeuscy tfg lgot fjs kemg up quatg trg`gmleuscy. A le met imew ennfjml out j ygjr jke
`jyog at `akft fjvg oggm jreuml $:2 oaccaem te $:: oaccaem. \eljy tfg mgt lgot as jreuml $:; oaccaem. Emg en tfg
assugs watf he`pjmags tfjt jrg leamk j cet en jhquasataems jml leamk tfg` vgry rjpalcy as tfjt tfgy fjvg te oerrew`emgy “ er tfgy hjm assug sfjrgs js wgcc “ out at rgquargs j cet en hjpatjc. Wsujccy wfgm pgepcg ceei jt lgot, tfgy
sjy tfg cgvgrjkg rjtae as tfg mgt lgot te GOA\LJ er tfg mgt lgot te epgrjtamk prenat. ^jcgjmt as prgtty fakf em tfjt
`gtrah.
Out A weucl sjy tfjt at as j cattcg `ascgjlamk oghjusg ^jcgjmt pjys tjxgs jt suhf j cew rjtg. At as kgmgrjtamk quatg j
oat en nrgg hjsf ncew rgcjtavg te tfg lgot cejl. Xe tfas ygjr, an yeu wgrg te gxhculg se`g en tfg hjsf pjy`gmts ner tfg
rgstruhturamk hfjrkgs tfjt at as keamk te fjvg te pjy, ^jcgjmt `akft kgmgrjtg hjsf ncew jpprejhfamk $?.7 oaccaem te $8
oaccaem. \fg lgot as navg te sax ta`gs hjsf ncew.
:<
_ujmg, Hummann & Keclnjro Amvgster Ljy Xt. _gkas Fetgc, Mgw Qeri Haty - @jy :>, ?2:<\fjt as em tfg fakf gml en wfjt wg weucl nggc he`nertjocg watf. Fasterahjccy an yeu ceei jt Xgqueaj he`pjmags, tfgy
fjvg met fjl j cet en lgot. Out tfjt as dust pjrt en tfg `elgc. Jt cgjst am tfg sfert tgr`, ^jcgjmt as ceeiamk te rgluhg
ats lgot ourlgm jml emg wjy at heucl le tfjt as oy `grkamk watf Jccgrkjm, wfahf weucl rgluhg tfg cgvgrjkg rjtae. At
lgpgmls em tfg tgr`s oghjusg js at stjmls, `jmjkg`gmt sjal at hjm rgluhg tfg rjtae en lgot te GOA\LJ te tfrgg
ta`gs. Out ^jcgjmt as keamk te og `jiamk j fakfgr enngr, at seumls caig, am twe wggis jml tfjt fakfgr enngr wacc
preojocy rgsuct am j fakfgr cgvgrjkg rjtae umcgss tfg he`pjmy lghalgs te assug `erg gquaty ner tfg lgjc. Out at as
se`gtfamk tfjt wg lgnamatgcy wjthf eut ner. ^jcgjmt as jt tfg vgry fakf gml en tfg rjmkg en wfgrg wg weucl nggc
he`nertjocg.
Oeo Keclnjro4
Gjrcagr, wg wgrg tjciamk joeut \fg Eutsalgrs. Evgr <2 ygjrs, wg fjvg ewmgl j mu`ogr en tfgsg he`pjmags, jml
wg `jlg tfg `astjig en met fjvamk j oak gmeukf amvgst`gmt am tfg`. [fgm yeu naml se`gemg js umusujc js @aig
Rgjrsem, yeu eukft te rghekmazg fas umaqugmgss oy fjvamk j vgry sazjocg pesataem jml oy met sgccamk tfjt pesataem tee
gjrcy js wg lal watf tfrgg en tfg he`pjmags ngjturgl am tfg oeei , Kgmgrjc Hamg`j, _jcstem Ruramj, jml [jsfamktem
Rest. Js ner tfg lgot, wg fjvg `gmtaemgl ognerg tfjt tfg he`pjmy as gxtrg`gcy tjx gnnahagmt oghjusg en ats tjx
le`ahacgs. Jml tfg lgot `jigs tfg` gvgm `erg tjx gnnahagmt oghjusg tfg lgot rgsalgs am tfg Wmatgl Xtjtgs. \fg
amtgrgst as lgluhtaocg jml hrgjtgs tjx cessgs am tfg Wmatgl Xtjtgs se tfjt ^jcgjmt fjs oggm jocg te trjmsngr ats AR te cew
tjx vgmugs. \fg he`pjmy legs amhur j tjx cajoacaty em tfjt trjmsngr, out tfg tjx lgluhtaem en tfg amtgrgst em tfg lgot
jml tfg rgsuctamk MECs fjvg gmjocgl tfg he`pjmy te trjmsngr tfg AR er te cahgmsg tfg AR watfeut fjvamk te pjy hjsf
tjxgs.
_ery Rraljy4
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Dust emg `erg tfamk. [g weucl og `erg werragl joeut tfg lgot an ^jcgjmt wgrg cgss lavgrsanagl tfjm at as. \fg
cjrkgst amlavalujc preluht as preojocy ?% te ?.7% en sjcgs. \fg cjrkgst sgk`gmt, hemtjht cgmsgs, rakft mew jt $;76
`accaem, as rakft jreuml 1% en tfg ousamgss. Out tfjt hemtjht cgms sgk`gmt as spcat up j`emk j oumhf en lanngrgmt
kgekrjpfags js wgcc. Xe tfgrg as met j cet en preluht hemhgmtrjtaem. Jml tfgrg weucl met og tfjt `uhf gvgm an ^jcgjmt
suhhggls am `grkamk watf Jccgrkjm. Gvgryoely tfamis en Oetex js j hes`gtah preluht, out tfgrg jrg lezgms en
tfgrjpgutah amlahjtaems tfjt jhheumt ner fjcn en ats
sjcgs. [g weucl og `erg werragl an ^jcgjmt lal j oak lgjc jml jcc en j sullgm ?2% en tfg gjrmamks hj`g nre` emg preluht er se`gtfamk en tfjt erlgr. Am se`g rgspghts, @aig as prgtty jkkrgssavg. Out am etfgr rgspghts, fg fjs oggm
njarcy hemsgrvjtavg. Emg en tfg tfamks tfjt fg fjs oggm hemsgrvjtavg joeut as tryamk te fjvg j lavgrsanagl ousamgss
`elgc er lavgrsanagl ousamgss.
Zugstaem4
J ngw qugstaems watf rgkjrl te _eccs-_eyhg. \e wfjt gxtgmt fjs tfg he`pjmy's he`pgtatavg jlvjmtjkg hfjmkgl
evgr tfg ygjrs5 Qeu lashussgl `jiamk jhheumtamk jldust`gmts wfgm yeu jmjcyzg j he`pjmy. [fjt iaml en
jhheumtamk jldust`gmts le yeu `jig te _eccs-_eyhg's gjrmamks5 Few le yeu tfami joeut ats vjcujtaem rgcjtavg te
wfjt tfg he`pjmy heucl og gjrmamk navg ygjrs nre` mew5
Jr`jm Icamg4
A j` keamk te try te rg`g`ogr jcc tfesg jml A `akft he`g ojhi te yeu em se`g. Out am tgr`s en tfg he`pgtatavg
pesataem, am tfg herg havac jgre gmkamgs ousamgss, ats he`pgtatavg pesataem as js keel js at fjs gvgr oggm. _eccs as tfg
secg seurhg em tfg J872 jarpcjmg, j :,>22-pcus gmkamg pcjtner`. At fjs joeut <2% sfjrg em tfg ;6;. \fesg jrg tfg
twe pcjmgs tfjt jrg keamk te lravg tfg `jderaty en vecu`g am tfg walg oely sgk`gmt, wfahf as tfg fakf vjcug sgk`gmten tfjt `jrigt. \fgrg as se`g tjci am tfg trjlg joeut j rg-gmkamgl J882mge, out mgatfgr Oegamk mer Jarous as tjciamk
joeut jmy trucy mgw jarpcjmgs. \fg ;;;V, wfahf as j lgravjtavg en tfg ;;; tfjt as hurrgmtcy ncyamk, fjs j mgw vgrsaem
en tfg KG12 em at, jml tfjt as keamk te og tfg emcy pcjygr am tfjt `jrigt, jrkujocy ner jt cgjst j lghjlg, `jyog gvgm
twe. \fgrg as petgmtajccy j ;7; he`amk eut out tfjt as met rgjccy j walg oely. \fjt as j samkcg jascg cemk-rjmkg pcjmg.
Out _eccs‑ he`pgtatavg pesataem as gxhgccgmt. \fg peamt tfjt tfg he`pjmy jcwjys `jigs as tfjt at as keamk te lgcavgr am
tfg mgxt navg ygjrs tfg sj`g mu`ogr en gmkamgs at fjs lgcavgrgl am tfg cjst twe lghjlgs.
Am tgr`s en tfg jhheumtamk jldust`gmts, at as preojocy tfg `est he`pcahjtgl amhe`g stjtg`gmt en jmy he`pjmy A
fjvg gvgr ceeigl jt. \fgrg wjs j cattcg oat en gxhatg`gmt jreuml tfjt jntgr tfg gjrmamks jmmeumhg`gmt jt tfg gml en
tfg ygjr oghjusg tfg N_H am tfg WI, wfahf as caig tfg NJXO fgrg, fjl tfg he`pjmy hfjmkg tfg wjy at jhheumts ner
se`g en wfjt as hjccgl rasi jml rgvgmug sfjramk pjrtmgrsfap amhe`g. \fg jhheumtamk hfjmkg jctgrs wfjt _eccs rgperts
js gjrmamks, out tfg mgw rgquarg`gmt
:7
_ujmg, Hummann & Keclnjro Amvgster Ljy Xt. _gkas Fetgc, Mgw Qeri Haty - @jy :>, ?2:<
fjs me gnnght em tfg he`pjmy‑s hjsf ncews er tfg gssgmtajc gheme`ahs en ats ousamgss `elgc.
\fg herg qugstaem tfjt yeu mggl te jsi yeursgcn joeut _eccs as wfgm tfg he`pjmy sgccs jm gmkamg, jml at stjys am
epgrjtaem ner ?2 te 82 ygjrs, wfjt as tfg rgturm _eccs kgts em tfjt gmkamg tfreukf ats cang5 An at as j keel rgturm, tfgm
pcjhamk jm gmkamg sfeucl og hemsalgrgl j vjcug-gmfjmhamk jhtavaty. \fgrg jrg lanngrgmt wjys en trgjtamk tfg
jhheumtamk oghjusg _eccs sgccs tfg gmkamgs ner gatfgr zgre prenat er `jyog gvgm j cess em j oak gmkamg erlgr. Xe yeu
fjvg gssgmtajccy mgkjtavg hjsf gjrmamks amatajccy jml js tfg spjrgs vecu`g supperts tfg gmkamg evgr tfg ygjrs, yeu
fjvg pesatavg. Few le yeu jhheumt ner tfjt am tgr`s en vjcug5 An yeu jhheumt ner at dust am tgr`s en tfg hjsf cessgs,
tfgm am ygjrs wfgm _eccs as lgcavgramk j cet en gmkamgs, at as keamk te rgpert cewgr gjrmamks, wfahf `akft sukkgst tfjt
tfg ousamgss as wertf cgss. \fjt legs met quatg `jig sgmsg te `g oghjusg tfg gmkamg sjcgs jrg gmfjmhamk tfg vjcug en
tfg ousamgss.
_eccs sgccs jm gmkamg js j pjhijkg watf j sgrvahg hemtrjht tfjt as usujccy tgm er nantggm ygjrs am lurjtaem. \fg
jarcamg pjys j ngg pgr feur en usg ner tfg cgmktf en tfg hemtrjht. \e prahg tfg pjhijkg, _eccs tjigs amte jhheumt wfjt at
nakurgs wacc og tfg tetjc hest en tfg gmkamg, spjrg pjrts, jml sgrvahg, jml gsta`jtgs j `jrkam ner tfg gmtarg lgjc. Js
rgvgmug nre` tfg jarcamg he`gs am, _eccs oeeis j `jrkam em gjhf leccjr. \fg hjsf as keamk te og cewgr amatajccy wfgm
_eccs as lgcavgramk jcc tfg gmkamgs, out fakfgr tfjm rgpertgl gjrmamks am tfg eut ygjrs wfgm rgvgmug as `estcy he`amk
nre` spjrgs. Jml tfg ogjuty tfgrg as yeur spjrgs ousamgss as rgkucjtgl. An yeu ncy yeur jarpcjmg ner :22 feurs jml tfg
pjrt as pgrnghtcy keel, at legs met `jttgr9 yeu stacc fjvg te hfjmkg at rgkucjrcy. Gvgry :22 feurs yeu ke am jml yeu le
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yeur amspghtaem9 yeu hfjmkg VQT am pjrts. Wmrjvgcamk tfg gheme`ahs en tfg ousamgss as he`pcahjtgl, out tfg
he`pjmy legs kavg yeu jm a``gmsg j`eumt en lgtjac. \fg gjrmamks rgcgjsg rums ;2 pjkgs. Xe yeu fjvg jcc tfg lgtjac
yeu mggl. Qeu dust fjvg te `jig dulk`gmt hjccs em wfjt yeu tfami yeu wjmt te pjy ner tfg ousamgss. \fjt as tfg havac
salg.
\fg `jramg salg, tfg lgngmsg jgrespjhg salg jml tfg gmgrky salg jrg lanngrgmt. \fgy le met sgcc tfg EG gquap`gmt
ner j cess. \fg sjcgs nre` tfgsg ousamgssgs le kgmgrjtg hjsf amhe`g up nremt. Qeu `jig j `jrkam up nremt jml yeu
`jig `emgy em tfg spjrg pjrts lewm tfg camg.\fgm yeu fjl j tfarl pjrt, vjcujtaem. \fg vjcujtaem fjs he`g lewm samhg tfg N_H amvgstakjtaem hj`g eut. At fjs
fasterahjccy oggm `al-samkcg-lakat rgvgmug, cew leuocg-lakat gjrmamks krewgr. \freukf ta`g, jkjam usamk tfg `gtrahs
tfg he`pjmy usgs, wfahf as vjcug vgrsus hjsf, tfjt as preojocy j rgjsemjocg gsta`jtaem en tfg krewtf en tfg ousamgss
keamk nerwjrl. At trjlgs ner j cew tggms `uctapcg. \fjt sgg`s prgtty rgjsemjocg. Qeu hjm ceei jt at js j he`pjmy
wfesg gjrmamks, usamk tfg jldustgl nakurgs, jrg keamk te krew jt tfesg `elgrjtg rjtgs ner j cemk, cemk pgrael en ta`g
kavgm tfg vgry cjrkg ojhicek9 er yeu hjm sjy at as keamk te gjrm cgss hjsf teljy out tfjt hjsf gjrmamks strgj` as keamk
te krew njst. Jntgr tfgsg gmkamg lgcavgrags stjrt te waml lewm, jml tfg spjrgs stjrt te lgcavgr tfg `jrkam, yeu jrg
keamk te stjrt te kgt j cet en hjsf he`amk am.
Oeo Keclnjro4
A weucl sjy em tfg he`pgtatavg salg tfjt A tfami wfgm wg oeukft _eccs, Rrjtt & [fatmgy, wfahf as ewmgl oy
Wmatgl \ghfmecekags, wjs prgtty quagt. \fg he`pjmy sgg`gl te fjvg cest amtgrgst am rasiamk tfg iaml en hjpatjc tfjt
yeu mggl te ouacl j mgw gmkamg. Out Rrjtt suosgqugmtcy hj`g ojhi watf j kgjrgl turoenjm gmkamg. [g weucl prgngr j
luepecy te j tfrgg- pcjygr `jrigt, out Rrjtt‑s rggmtry wacc met jnnght _eccs-_eyhg's gjrmamks nre` ats oak gmkamgs nergems.
Jr`jm Icamg4
_akft. Dust te jll te tfjt, Rrjtt & [fatmgy teljy as am tfg mjrrew oely sgk`gmt wfgrg _eccs as gssgmtajccy met j
pcjygr. \fjt sgk`gmt as j luepecy watf KG jml Rrjtt. Rrjtt as met am tfg walg oely, wfgrg at as j luepecy watf _eccs
jml KG. Js Oeo sjal, at wacc og `jmy, `jmy ygjrs ognerg wg sgg jcc tfrgg pcjygrs am tfg sj`g `jrigts.
Zugstaem4
Qeu kuys `gmtaemgl _athfag Oretfgrs gjrcagr. A wjs wemlgramk an yeu heucl ke amte wfy yeu tfami tfg ousamgss
as se pretghtgl. Qeu `gmtaemgl tfjt yeu le met tfami jmyemg hjm he`g am jml rgpcahjtg at. [fjt jrg tfg ojrragrs te
gmtry tfjt yeu sgg5
Ljval Reppg4
\fg ousamgss as pretghtgl em tfg juhtaem salg. A tfami at fjs oggm prevgm eut evgr tfg cjst ngw ygjrs oy he`pjmags
tfjt fjvg tragl te gmtgr. Js A `gmtaemgl ognerg, _athfag rums umrgsgrvgl juhtaems. At tjigs j fukg j`eumt en trust te
hemvamhg j pgrsem wfe ewms j $722,222 oucclezgr te lrep tfjt amte jm juhtaem “ jml oy tfg wjy, yeu fjvg ket me
kujrjmtgg en wfjt prahg yeu wacc kgt ner at. Qeu
:>
_ujmg, Hummann & Keclnjro Amvgster Ljy Xt. _gkas Fetgc, Mgw Qeri Haty - @jy :>, ?2:<
`akft fjvg te sgcc at ner $:22,222. \fjt pgrsem hjmmet pucc tfg gquap`gmt eut emhg fg fjs sakmgl j hemtrjht.
\fgrg jrg etfgr juhtaemggrs amhculamk se`g rgjsemjocy keel-sazgl emgs “ memg en tfg` epgrjtgs tfjt wjy
oghjusg tfgy hjmmet kgt tfg sgccgrs te heepgrjtg. Out an yeu kgt tfg sgccgr te heepgrjtg jml fg fjs trust tfjt yeu jrg j
keel `jrigtgr, yeu wacc jttrjht jm julagmhg. Ner tfg ouygrs at as `uhf `erg jttrjhtavg te he`g jml ng gc caig ‗A heucl
jhtujccy ouy tfas $722,222 paghg en gquap`gmt ner fjcn en wfjt at as wertf.„ At legs met fjppgm out tfg pgrhgptaem
tfjt at heucl fjppgm as rgjccy a`pertjmt. Gvgryemg fjs te nggc tfjt at as j njar prehgss. Xe tfg sgccgr as tjiamk rasi am j
_athfag Oretfgrs juhtaem tfjt `est en tfg` le met wjmt te tjig. \fas as fas ousamgss. \fjt `akft og tfg `est vjcujocg
jssgt tfg he`pjmy ewms er tfg sgccgr ewms. Xe tfjt as a`pertjmt. _athfag ouact j cgvgc en trust. At ouact at oy
pgrner`amk jt juhtaem, oy oramkamk oak hrewls te tfgsg juhtaems. A le met imew an yeu fjvg gvgr oggm te emg, out at as
sert en j`jzamk few `jmy pgepcg sfew up dust te wjthf. Fjcn en tfg` jrg met gvgm oallgrs er sgccgrs9 tfgy jrg dust
tfgrg ner tfg gmtgrtjam`gmt vjcug.
AremRcjmgt rums em-camg juhtaems jml am tfjt emg rgspght at sgg`s caig at weucl og vgry gnnahagmt. Qeu le met fjvg
te fjvg pfysahjc satgs. Out am njht pgepcg, an tfgy wjmt te ouy j $722,222 oucclezgr, tfgy iaml en caig te sat am at jml
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`jig surg at as wfjt at as. \fg pfysahjc satg turms eut te `jttgr j cet. Xe em tfg juhtaem salg, at as vgry wgcc pretghtgl.
At as j vgry keel `elgc.
\fjt sjal, sgvgrjc Hjtgrpaccjr lgjcgrs rum HJ\ Juhtaem Xgrvahgs jml tfgrg as stacc j oak wercl eut tfgrg en
Ie`jtsu lgjcgrs jml amlgpgmlgmt oreigrs wfe `jy fjvg lanngrgmt gheme`ah praeratags. Hjtgrpaccjr `akft lghalg tfjt
wfjt at mggls te le as fjvg j vgry reoust usgl gquap`gmt ousamgss se tfjt at kgts j oakkgr sfjrg en pjrts jml sgrvahg
em tfesg usgl `jhfamgs. HJ\ lgjcgrs heucl evgrpjy huste`grs wfe wjmt te trjlg am j oucclezgr oghjusg tfgy caig te
iggp tfjt gquap`gmt am-feusg. At as j vgry, vgry he`pgtatavg `jrigtpcjhg. Js A sjal, wg tfami _athfag fjs j keel`elgc, j pretghtgl `elgc. At as met surprasamk tfjt Hjtgrpaccjr rgjccy lascaigs _athfag jml rgjccy wasfgs at weucl ke
jwjy, jctfeukf at as met keel wfgm tfg kajmt am yeur amlustry fjtgs yeu jml yeu jrg `uhf s`jccgr tfjm at as.
Out tfgrg as j stremkgr hyhcahjcaty te tfg amlustry tfjm wg `jyog tfeukft tfgrg wjs wfgm gvgrytfamk wjs
oee`amk jml _athfag ceeigl caig at wjs j sghucjr krewgr. At fjs oggm jm amtgrgstamk pgrael samhg '26
wfgm yeu fjvg fjl vgry cew amtgrgst rjtgs, se tfjt pgepcg fjvg oggm jocg te fecl `jhfamgry jt prgtty cew hest.
@jyog js ousamgss pahis up, tfjt wacc hfjmkg.
Zugstaem4
A fjvg j heupcg en qugstaems. \fg narst emg as joeut Hfamj. A wjs huraeus js te wfjt yeur nggcamks wgrg joeut
Hfamj jml an yeu wgrg ceeiamk jt se`g amvgst`gmt eppertumatags evgr tfgrg. \fg sgheml as joeut Ogrisfarg
Fjtfjwjy. Le yeu tfami tfjt [jrrgm jml Hfjrcag jrg sgttamk up Ogrisfarg watf tfgsg hjpatjc amtgmsavg ousamgssgs se
tfjt wfgm tfgy jrg me cemkgr tfgrg, tfgrg wacc og eppertumatags te lgpcey hjsf watf ojsahjccy j kujrjmtggl rgturm5
Dem Orjmlt4
Em tfg Hfamj pjrt, A weucl sjy watf gvgry he`pjmy wg stuly, wg ceei jt jcc tfg gml `jrigts, jml an j ousamgss asam Hfamj wg `akft gxpght tfjt ousamgss te krew `erg tfjm etfgrs. Out js [acc wjs sjyamk ognerg joeut hyogr
sghuraty, wg jrg met rgjccy tep lewm. [g le met sjy, ‗Cgt's naml se`gtfamk am Hfamj jml le at.„ [g le fjvg
se`goely wfe as ncugmt am @jmljram jml wfe as evgr tfgrg quatg j oat. Xe fg `akft wjmt te he``gmt em tfjt j cattcg
oat. Jml an tfgrg wgrg j ousamgss tfjt fjl j fukg gxpesurg te Hfamj jml at wjs krewamk njst, wg weucl og gxhatgl
joeut tfjt an tfg he`pjmy wgrg le`ahacgl am j pcjhg wfgrg wg wgrg surg tfg sfjrgs wgrg jhtujccy eurs jml tfg
pgepcg rummamk at wgrg trustwertfy.
\e jmswgr yeur qugstaem em Ogrisfarg, at as trug tfjt an yeu kgt rgjsemjocg rgturms am tfg utacaty jml am tfg
rjacrejl, tfjt `jigs tfg deo en hjpatjc jccehjtaem se`gwfjt cgss hratahjc oghjusg at rgluhgs tfg j`eumt en hjsf ncew
tfjt as lashrgtaemjry jml tfjt tfg HGE jml tfg HAE wacc fjvg te lgpcey keamk nerwjrl. \fgrg as j cet te og lemg am
utacatags. \fg mjtaem mggls `erg trjms`assaem camgs9 at mggls `erg gmvarem`gmtjccy nragmlcy pewgr kgmgrjtaem, gt
hgtgrj. Jml tfg rjacrejl as j keel pcjhg te put `emgy ner tfg heumtry oghjusg rjacrejls jrg vgry nugc gnnahagmt. A
weucl met sjy tfg rgturms jrg kujrjmtggl oghjusg rgkucjters fjvg te og rgjsemjocg. [jrrgm as `jiamk j ogt tfjt tfg
rgkucjters wacc og rgjsemjocg oghjusg tfg heumtry legs mggl tfjt amvgst`gmt. Out Ogrisfarg as njr nre` ogamk jm
alaet-preen he`pjmy.
Xtgpfjm vjm lgr @grshf4
Dust te ghfe Demmy's peamt, js se`goely wfe trags te naml amvgst`gmts am Hfamj, tfgrg jrg `jmy rgjsems “ j cet
en keel rgjsems “ te met try te amvgst am Hfamj. \fg stjmljrls ner herperjtg
:;
_ujmg, Hummann & Keclnjro Amvgster Ljy Xt. _gkas Fetgc, Mgw Qeri Haty - @jy :>, ?2:<
kevgrmjmhg te kgt amte tfg Xgqueaj Numl jrg rgjccy, rgjccy fakf. Jml A hjmmet tfami en `jmy gxj`pcgs en he`pjmags
am Hfamj, Hfamgsg he`pjmags, tfjt kgt jmywfgrg mgjr tfjt. Qeu hjm amvgst am he`pjmags watf krgjt herperjtg
kevgrmjmhg am tfg WX tfjt amvgst am Hfamj jml yeu hjm kgt tfg [gstgrm qujcaty herperjtg kevgrmjmhg. At as j rgjccy
teukf pcjhg te le ousamgss.
A j` met j `jhregheme`ast, out A fjvg oggm keamk te Hfamj ner joeut tgm ygjrs mew. \fg gheme`y tfgrg ceeis
caig jt cgjst fjcn tfg krewtf as ojsgl em ouaclamk mgw ouaclamks. A weucl og em j ous teur vasatamk j he`pjmy jml wg
weucl og am j rurjc jrgj, ?2 te 82 `acgs nre` j haty, jml yeu weucl sgg j >2-stery siyshrjpgr he`amk eut en j njr`
nagcl. At as gjsy te ceei tfreukf tfg prgss jml sgg tfas iaml en tfamk jcc evgr tfg pcjhg. Jcc tfas as namjmhgl watf ojmi
cejms. Qeu ceei jt tfg predght jml yeu dust le met sgg few tfg amtgrgst as ogamk pjal. A wemlgr wfjt fjppgms wfgm
tfg cejms hjmmet kgt pjal. A usgl te tfami tfjt tfg pecatahjc systg` weucl og prgtty rgsacagmt am tfg gvgmt en jm
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gheme`ah lewmturm jml mew A j` j cet `erg sigptahjc en tfjt. \fjt sjal, tfgrg jrg hgrtjam pcjhgs wfgrg at as vgry
amtgrgstamk te iggp em ceeiamk. \fg hfjccgmkg jcwjys as namlamk pgepcg yeu hjm trust.
Zugstaem4
\jci joeut jm alaet-preen he`pjmy, @jstgrHjrl “ le yeu fjvg jmy he``gmts em ats hurrgmt krewtf predghtaem
jml jcse tfg vjcujtaem5
Defm Fjrras4
A mgvgr tfeukft joeut tfas umtac yeu dust hjccgl at alaet-preen, jml A le met imew wfjt at `gjms joeut `g tfjt A j`tfg kuy wfe hevgrs at. [fjt hjm A sjy5 At as j keel ousamgss. At fjs kavgm prgtty `uhf tfg sj`g kualjmhg, namjmhajc
kualjmhg, ner j cemk ta`g mew. \fg kualjmhg as vgry jttrjhtavg. At a`pcags gjrmamks pgr sfjrg krewtf am tfg fakf tggms
er `jyog gvgm jpprejhfamk ?2%. A tfami at as vgry rgjcastah. Xe at as j fakf krewtf ousamgss. \fg `jrigt jpprghajtgs
at js suhf.
[fgm wg narst oeukft at, tfgrg wjs j oumhf en hceuls swarcamk jreuml at jml at lal met trjlg jt tfg `uctapcg at
trjlgs ner mew. Am rgtrespght wg pjal `jyog tfartggm ta`gs tfg gjrmamks tfg narst ygjr eut en tfg kjtg jntgr tfg ARE.
Mew at preojocy trjlgs ner `erg caig ?? er ?8 ta`gs gjrmamks. Lanngrgmt pgepcg hjm fjvg lanngrgmt peamts en vagw em
tfg rgjsemjocgmgss en tfjt er tfg jttrjhtavgmgss en tfjt. Out hgrtjamcy at as j fakf krewtf ousamgss. At as lgsgrvamk en j
fakf vjcujtaem. A weucl sjy tfjt tfg heupcg en oak assugs tfjt fjvg jcwjys oggm am nehus ner us am
tgr`s en ousamgss rasi jt @jstgrHjrl “ watf gjhf pjssamk ygjr, tfg mgws dust sgg`s te iggp kgttamk ogttgr. \fg
orgjis dust rgjccy ke @jstgrHjrl‑s wjy.
\fgrg wjs jhtujccy mgws tfjt tfgrg wgrg rgkucjters am tfg GW wfe weucl caig te sgg tfg amtgrhfjmkg systg`
ojmmgl gmtargcy, wfahf an tfgrg fjl oggm j mgws atg` te tfjt gnnght navg ygjrs jke, A sfullgr te tfami wfjt tfg stehiweucl fjvg lemg. Out pgepcg fjvg cgjrmgl evgr ta`g tfjt tfg he`pjmy as se j`jzamkcy rgsacagmt te tfgsg rgkucjtery
hfjccgmkgs jml hfjccgmkgs te tfg ousamgss `elgc tfjt tfg stehi dust he`pcgtgcy sfrukkgl tfjt mgws atg` enn, wfahf
tgccs yeu se`gtfamk. Xe A tfami wg nggc eijy joeut at. [fgtfgr at as jm jttrjhtavg vjcujtaem er met, yeu fjvg te `jig
yeur ewm lgtgr`amjtaem.
Zugstaem4
Oetf _eccs jml Rrghasaem Hjstpjrts jrg am tfg jgrespjhg suppcy hfjam. A j` huraeus few yeu tfami joeut tfg twe.
[fahf as j ogttgr ousamgss jml wfahf as j ogttgr cemk tgr` amvgst`gmt5
Krgk Xtgam`gtz4
[fahf as ogttgr5 [g fepg ner krgjtmgss nre` oetf. Jr`jm, yeu jrkug _eccs, A wacc jrkug RHR. _eccs jml
Rrghasaem jrg am tfg sj`g amlustry, wfahf as j njmtjstah emg, he``grhajc jgrespjhg, oghjusg en jm gakft-ygjr ojhicek
wg fjvg mew em dgts. Out umcaig _eccs, wfahf as `jiamk `ucta-oaccaem-leccjr ogts wfgm at sgccs jm gmkamg jml fjs te
wjat ner tfg hjsf, Rrghasaem kgts fjrl `emgy up nremt wfgm at sgccs j pjrt.
Rrghasaem Hjstpjrts, A rgjccy caig tfg `jmjkg`gmt tfgrg. @jri Lemgkjm as narst rjtg. Fg tfamis joeut gvgry pgmmy
jml @jri as krgjt jt algmtanyamk jldjhgmhags jml amtgrgstamk he`pjmags am tfesg jldjhgmhags te jhquarg. Fg fjs j
krgjt trjhi rgherl en tjiamk tfgsg jhquasataems jml rgjccy `aciamk tfg` ner jcc tfgy jrg wertf.
[fy A tfami Rrghasaem hjm iggp krewamk as tfjt at kgmgrjtgs “ tfas ygjr at wacc og hcesg te $? oaccaem en hjsf,
wfahf `jmjkg`gmt fjs sfewm at fjs oggm jocg te amvgst jt j :7% rgturm. \fg qugstaem as, hjm Rrghasaem iggp namlamk
jhquasataems. \fg oak emg tfgy lal j heupcg ygjrs jke, \a`gt, j $8 oaccaem jhquasataem “ yeu heucl spet tfjt emg
he`amk nre` j `acg jwjy, er am eur hjsg, 8,222 `acgs jwjy, tfjmi yeu vgry `uhf. Rrghasaem hcesgl em j $>?7
`accaem emg dust cjst @jrhf, out A le met imew wfjt as eut tfgrg mew tfjt fjs tfg iaml en shjcg tfjt \a`gt fjl.
@jmjkg`gmt sjys tfgrg jrg se`g jml tfg tgj` as jcwjys ceeiamk, out A weucl sjy `y oakkgst hemhgrm as wfgtfgr
Rrghasaem hjm iggp namlamk tfgsg
:6
_ujmg, Hummann & Keclnjro Amvgster Ljy Xt. _gkas Fetgc, Mgw Qeri Haty - @jy :>, ?2:<
jhquasataems. Emhg Rrghasaem kgts tfg`, A fjvg me qugstaem tfjt ats `jmjkgrs hjm `jig tfg` krgjt. [fjt Rrghasaem
fjs lemg watf \a`gt jml `est gvgrytfamk gcsg at fjs oeukft samhg wg fjvg ewmgl at kavgs `g j cet en hemnalgmhg. Xe
`y hemhgrm watf Rrghasaem as dust wfgtfgr `jmjkg`gmt hjm naml tfg lgjcs. An Rrghasaem legs met, wg stacc kgt erkjmah
krewtf oghjusg tfg ;6; as keamk te ke nre` sgvgm er gakft ouacls j `emtf cjst ygjr te tgm tfas ygjr, jml `jyog gvgm
fakfgr. [g fjvg ket tfgsg mgw mjrrew oelags he`amk em, jml tfgy jrg amhrgjsamk tfg ouacl rjtgs en tfesg. Oghjusg
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Rrghasaem as se keel jt a`prevamk gnnahagmhy, at fjs j ogttgr hest pesataem tfjm ats he`pgtaters, jml tfg he`pjmy as
jocg te pjss tfjt em te huste`grs jml wam `jrigt sfjrg.
Jr`jm Icamg4
A weucl dust jll “ tfgy jrg am tfg sj`g amlustry, out tfgy jrg cgvgrjkgl te twe lanngrgmt pjrts en at. Evgr tfg
cemk rum, RHR fjs `erg cgvgrjkg te tfg mgw ouacl. Oghjusg en tfg umusujccy cjrkg mu`ogr en gmkamgs tfjt _eccs wacc
lgcavgr am tfg mgxt ngw ygjrs, at as tagl prgtty takftcy te tfg mgw ouacl `jrigt ner mew, out emhg tfesg gmkamgs jrg
pcjhgl am sgrvahg, _ecc‑s gjrmamks sfeucl fecl up ogttgr an jml wfgm lg`jml ner mgw pcjmgs scjhigms. _eccs‑s sgrvahghemtrjhts rum ner tgm te nantggm ygjrs. Out tfg etfgr tfamk watf _eccs as tfjt at as mew ouyamk \ekmu`, wfahf puts tfg
he`pjmy `erg am gmgrky systg`s, `jiamk at `erg lavgrsanagl. At as met se havac-le`amjtgl j ousamgss jmy`erg. Jml
at as am `jramg wfgrgjs RHR as `erg cgvgrgl te jgrespjhg.
Ljval Reppg4
A weucl dust amtgrdght emg tfamk. A jkrgg watf gvgrytfamk Krgk sjal. Out @jri Lemgkjm as met `aciamk tfg jssgts9
fg as swgjtamk tfg jssgts. Fg as rgjccy keel jml fg as lravamk tfgsg ousamgssgs fjrlgr tfjm pgepcg tfeukft tfgy heucl
og lravgm. Met te evgrusg tfg he`pjrasem, out A tfami tfgsg 8K kuys rummamk Oulwgasgr weucl rgjccy jpprghajtg
@jri. Fg as j vgry keel HGE.
Zugstaem4
A tfami cjst ygjr yeu he``gmtgl em ZamgtaZ, tfg WI he`pjmy rum oy Cge Zuamm. Xamhg wg jrg tjciamk joeut tfg
`jmjkg`gmt Fjcc en Nj`g teljy jml lanngrgmt amlavalujcs, A j` huraeus “ wfgm yeu `jlg tfg amvgst`gmt j heupcg
ygjrs jke, kavgm tfjt at wjs pra`jracy am tfg lgngmsg amlustry jml tfg krewtf eppertumatags jt tfg ta`g wgrg
hfjccgmkamk te sjy tfg cgjst “ few fjs tfg he`pjmy pgrner`gl, jml wfjt le yeu tfami tfg nuturg ceeis caig am cakften tfg amlustry at as am. Jml few Cge as leamk5
Jr`jm Icamg4
A le met tfami jmyemg fgrg weucl jrkug watf yeur prg`asg. Qgs, lgngmsg ceeigl hfjccgmkamk, jml A tfami at turmgl
eut te og gvgm `erg hfjccgmkamk tfjm Cge er wg gxpghtgl. \fjt sjal, fg fjs lemg dust j wemlgrnuc deo watf tfjt
ousamgss. Fg secl enn tfg WX jssgts, jl`attglcy ner cgss tfjm jcc en us weucl fjvg fepgl. Out fg fjs turmgl tfg WI
jssgt amte j krewgr watf j leuocg-lakat `jrkam. Fg as kgmgrjtamk vgry keel rgturms em jssgts. Jml fg fjs ket se`g
tghfmecekags am tfjt papgcamg.
ZamgtaZ wjs mj`gl jntgr tfg hfjrjhtgr Z am Dj`gs Oeml, tfg stery kegs, oghjusg at wjs suppesglcy tfg lavasaem
tfjt hrgjtgl spghajc kgjr ner tfg WI `acatjry. At hemtamugs te fjvg se`g umaqug mgw tghfmecekags. \fg he`pjmy fjs j
heupcg tfjt Cge fjs tjcigl joeut puocahcy. EptjXgmsg as emg tfjt usgs naogr te `jp eut jcc iamls en tfamks. Qeu amstjcc
tfg naogr jcemk eac papgcamgs te sgg an jmyemg gvgr tjps amte at. At as ogamk usgl mew am lewm-fecg nrjhiamk. At as usgl
te `emater amtgrmjtaemjc oerlgrs. At fjs tfg petgmtajc te og j vgry cjrkg ousamgss jml at as mem-lgngmsg. \fg he`pjmy
as jcse kgttamk amte usamk systg`s te `emater pewgr camg jml pewgr kral usjkg watf jmetfgr umusujc tghfmeceky. Xe A
tfami tfjt Cge fjs lemg tfg rakft tfamk. Js fg weucl sjy, fg fjs put jcc tfg hfaps em tfg tjocg. \fg reucgttg wfggc as
spammamk, jml wg jrg keamk te sgg wfjt fjppgms watf tfesg tghfmecekags. Jml fg fjs hcgjmgl up tfg herg jssgt vgry
wgcc.
Zugstaem4
\fjmi yeu ner yeur weri. A le `ass sggamk Oacc jml _ahi up tfgrg. A wemlgr an yeu heucl tjci joeut tfg
he`pgmsjtaem systg`. A le met tfami tfjt fjs oggm hevgrgl ognerg “ few yeu iggp tfg vgtgrjms amtgrgstgl jml few
yeu iggp tfg mgw kuys amhgmtavazgl.
Ljval Reppg4
Gvgryoely gxhgpt `g as `jssavgcy evgrpjal.
Oeo Keclnjro4
^gry keel. \fjt's at.
Ljval Reppg4[g fjvg j krgjt tgj`. [g le met spgml j cet en ta`g ogmhf`jriamk jkjamst etfgr nar`s. [g trgjt tfg jmjcyst
trjhi js j hjrggr. A tfami j cet en etfgr nar`s le met le tfjt. [g wjmt se`gemg te og j wercl hcjss stehi jmjcyst jml
wjmt te le tfjt ner tfg rgst en fas hjrggr. Ner pgepcg wfe le j keel deo, wg pjy rgjccy wgcc. Xe tfjt as pjrt en at.
[atfeut kgttamk amte leccjrs, tfgrg as j psyhfeceky tfgrg. Xe`g en tfg
:1
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_ujmg, Hummann & Keclnjro Amvgster Ljy Xt. _gkas Fetgc, Mgw Qeri Haty - @jy :>, ?2:<
rgjccy keel nar`s tfjt A imew jml keel pgepcg tfjt A imew, tfgar jmjcysts jrg jcc vgry yeumk jml at as up er eut. [g
weucl caig te fjvg pgepcg og wercl hcjss stehi jmjcysts jml le tfjt deo ner j cemk ta`g jml imew tfgar ousamgssgs
ogttgr tfjm jmyoely.
[g jrg cuhiy tfjt wg fjvg tfg`. \fas as jm amhrglaocy stremk tgj` jml fepgnuccy tfjt he`gs tfreukf te jcc en
yeu. An yeu jrg j hgrtjam iaml en amvgster jml yeu wjmt te og j vjcug amvgster jml ewm cemk tgr` pesataems jml weri
jt j pcjhg tfjt fjs j hemhgmtrjtgl pertnecae en ogst algjs, tfas as j prgtty keel fe`g. [g fjvg j cet en pgepcg wfe le`jig at j hjrggr. [g fjvg rgjccy cew turmevgr. Jml wg g`pewgr “ tfgrg jrg se`g yeumkgr pgepcg evgr fgrg, _ery,
[acc, Xjjtvai, yeu fjvg sggm teljy, jml Xtgpfjm “ prgtty yeumk pgepcg wfe jrg rgjccy g`pewgrgl am eur systg`.
\fgy fjvg rgjc rgspemsaoacaty. \fgy jrg met leamk sprgjlsfggts jml suppertamk Demmy jml Krgk9 tfgy jrg leamk tfg
weri. Xe tfjt heumts ner se`gtfamk tee.
[g jrg nertumjtg wg fjvg ket se`g rgjccy s`jrt pgepcg watf j cet en eptaems. Out tfgy kgt `erg rgspemsaoacaty
`jyog watf us tfjm tfgy weucl fjvg se`gwfgrg gcsg. \fjt jcc he`gs tekgtfgr. Rjy as pjrt en at. _gspemsaoacaty as pjrt
en at. Ogamk em j wammamk tgj` as num ner gvgryoely. Jml A le met wjmt fa` te kgt j oak fgjl, out Oeo as j prgtty
keel oess. Fg g`pewgrs pgepcg jml fg tjigs yeur amput vgry sgraeuscy. Xe at rgjccy fepgnuccy “ tfgy wacc jcc sfjig
tfgar fgjls, at nggcs caig j tgj`. Qeu nggc caig yeu jrg em j wammamk tgj` jml yeu jrg `jiamk j hemtraoutaem tfjt as
fakfcy vjcugl oy tfg HGE.
Zugstaem4
Am tfg Ogrisfarg jmmujc, [jrrgm `gmtaemgl few jntgr fas pjssamk, fg as keamk te fjvg fas `emgy ke amte
\rgjsurags jml amte tfg X&R 722. Legs tfjt am jmy wjy werry yeu5 [fy met iggp at am Ogrisfarg js eppesgl telavgrsanyamk amte tfg X&R5
Dem Orjmlt4
A tfami fg wjs dust tjciamk joeut j trust ner fas wang. A tfami fg sjal tfjt tfg `emgy tfjt as keamk amte neumljtaems
as keamk te stjy am Ogrisfarg. Hcgjrcy tfg he``gmt rjasgl j cet en gygorews. A wjs jsigl te stahi te qugstaems joeut
tfg memamsurjmhg ousamgssgs, out A igpt kgttamk g-`jacs nre` pgepcg, ‗[fjt's tfas joeut tfg X&R 7225 As Ogrisfarg
met keamk te eutpgrner` at5„ A tfami fg wjs dust ceeiamk ner j sa`pcg secutaem ner fas wang, jml A weucl met rgjl tee
`uhf amte at.
Oeo Keclnjro4
At as vgry amtgrgstamk tfjt se`gemg wfe ner `jmy ygjrs prgjhfgl tfg kespgc en tfg amgnnahagmhy en tfg stehi
`jrigt wjmts te amvgst am jm amlgx numl. Hcgjrcy, fg tfamis tfjt tfg wercl fjs hfjmkgl samhg fg jml fas nragmls am
Krjfj` jml Lellsvaccg wgrg rummamk `elgst j`eumts en `emgy jml treumhamk tfg amlgx te j wercl wfgrg j cet
`erg vgry amtgccakgmt pgepcg rummamk cjrkg su`s en `emgy jrg tryamk te ogjt tfg `jrigt.
Zugstaem4
Hjm A jsi yeu te he``gmt em tfg rg`jrijocg suhhgss en \DV5 Le yeu tfami tfas as heumtgrhyhcahjc er as at
sghucjr5 Legs tfg wgo rgprgsgmt jm emhe`amk nrgakft trjam5
Ljval Reppg4
\fjt as j rgjccy keel qugstaem oghjusg tfg pgrner`jmhg fjs oggm se stremk samhg ?226. Xe at legs `jig yeu
wemlgr an at as j heumtgrhyhcahjc ousamgss. Jt tfg sj`g ta`g, tfg pgrner`jmhg wjs prgtty ljrm keel ner tfg sgvgm
ygjrs praer te ?226, watf emg er twe fahhups. Xe at as fjrl ... A tfami \D wjs lgnamatgcy fgcpgl oy tfg njht tfjt tfg
hemsu`gr mgglgl te nehus fjrlgr em vjcug. Out js tfg gheme`y fjs kettgm stremkgr, at fjs met cest jmy trjnnah, fjs met
cest jmy sjcgs. Jml \D, amtgrgstamkcy, fjs a`prevgl tfg `ax suotcy evgr tfg cjst tfrgg er neur ygjrs. \fgrg as `erg
fakf-gml preluht am tfg sterg, wfahf sukkgsts tfgrg as j wgjctfagr sfeppgr am tfg sterg, tee. Xe tfas as met strahtcy j
[jc`jrt-typg stery en j `allcg-hcjss huste`gr wfe as lgspgrjtg ner er fumkry ner vjcug. At as jppgjcamk te j orejl
hress-sghtaem en sfeppgrs, wfahf A hjmmet sjy wg imgw weucl fjppgm.
Jt tfg sj`g ta`g wfgm yeu tjci joeut ogamk heumtgrhyhcahjc, samhg ?22> Hjrec @gyrewatz fjs oggm HGE, jmlsfg fjs dust oggm fukgcy jllatavg am gvgrytfamk tfjt sfg fjs lemg. A tfami sfg as j njmtjstah cgjlgr ner tfjt
erkjmazjtaem, j vgry hfjras`jtah jml amsparamk cgjlgr. Xfg as j krgjt ouygr. A imgw tfjt ognerg. A hjm tgcc yeu keamk
ojhi ygjrs “ A le jcc serts en num tfamks caig ke te jppjrgc trjlg sfews “ jml yeu `ggt tfgsg pgepcg wfe lgjc am tfg
preluht9 tfgy cevgl Hjrec. \fas as cemk ognerg sfg oghj`g HGE. Xfg as walgcy rgkjrlgl js emg en tfg neur er navg
ogst jppjrgc ouygrs am tfg heumtry. Xe tfg pgrnght pgrsem as cgjlamk jm erkjmazjtaem tfjt as `estcy joeut ouyamk jml
lravamk keel lgjcs. A tfami tfjt as j krgjt he`oamjtaem. \fgrg as j cattcg oat en j heumtgrhyhcahjc jspght te at,
?2
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_ujmg, Hummann & Keclnjro Amvgster Ljy Xt. _gkas Fetgc, Mgw Qeri Haty - @jy :>, ?2:<
out tfgrg as jcse j cattcg oat en jm jspght en krgjt `grhfjmlasamk jml krgjt cgjlgrsfap jt tfg tep.
Qeu jcse sjy, wgcc, at as heumtgrhyhcahjc ... kesf, \D fjs lemg jwnuccy wgcc am tfg WI. At as leamk rgjccy wgcc am
Kgr`jmy. \fg he`pjmy‑s Hjmjlajm lavasaem, [ammgrs, jcrgjly fjl tfg fakfgst `jrkams am tfg he`pjmy wfgm Hjrec
teei evgr, jml tfg hfjam as prgtty `uhf ouact eut. Xe tfgrg as met j cet en ree` ner a`prevg`gmt. Out tfg he`pjmy asgxpjmlamk @jrsfjccs amte Hjmjlj te he`pcg`gmt [ammgrs. \fg fe`g keels ousamgss fjs oggm j fe`g rum. Jcc pjrts
en tfg he`pjmy jrg numhtaemamk jt j rgjccy fakf cgvgc. Xe A weucl sjy tfg gheme`y fgcpgl \D9 at lal met furt tfg
he`pjmy js at lal `jmy rgtjacgrs. Out cgjlgrsfap jcse `jigs j oak lanngrgmhg, jml preojocy `erg en j lanngrgmhg.
Jml A tfami tfjt \D as dust j ousamgss tfjt as rum oy tfg pgrnght pgrsem te rum tfg he`pjmy. \fjt fgcps tee.
[g weucl og `erg hemhgrmgl A tfami ... Hjrec as >2, jml A j` fepamk sfg lghalgs te weri te ;2 amstgjl en >7
oghjusg sfg wacc og teukf te rgpcjhg. At as j keel he`pjmy, jml gvgm tfgrg, Hjrec fjs amvgstgl se `uhf am trjamamk9
tfg `jmjkg`gmt tgj` ogcew fgr as stremkgr tfjm at wjs oy njr tgm ygjrs jke. \fas as emg tfjt wg fjvg imewm ner
neurtggm ygjrs, se wg rgjccy fjvg se`g fastery watf at. Out tfg `jmjkg`gmt tgj` as tfg stremkgst ... er js stremk js at
fjs gvgr oggm.
Jt tfas peamt, tfg amtgrmgt as j krgjtgr tfrgjt tfjm at as jm eppertumaty. [fgmgvgr he`pgtaters hjm gmtgr j ousamgss
gjsacy, at as met keel ner tfg amhu`ogmt. Jml wg jrg iggpamk jm gyg em tfgsg ncjsf-sjcg wgosatgs. Out tfg trgjsurg
fumt jspght wacc og lannahuct te rgpcahjtg em tfg wgo. @uhf en tfg jppgjc en tfg pfysahjc sterg as namlamk tfjt emg lrgsser djhigt tfjt as jvjacjocg am emg er twe hecers er am emg er twe sazgs. \D atsgcn lal rg-cjumhf ats wgosatg cjst ygjr, out
`jmjkg`gmt as lgvgcepamk at scewcy jml as ogamk hjrgnuc te `jig tfg `grhfjmlasg enngramk jml huste`gr gxpgragmhg
lanngrgmt nre` tfjt en tfg pfysahjc sterg. Am jllataem, am ?2:? \DV jhquargl Xagrrj \rjlamk Rest. At fjl tfrgg eutcgt
stergs jt tfg ta`g, out wjs `jamcy j wgo-ojsgl ousamgss spghajcazamk am eutleer sperts jppjrgc jml neetwgjr. \D as
pcjmmamk te epgm j ngw `erg stergs te sgg few wgcc tfjt ner`jt weris enn tfg wgo.
Oeo Keclnjro4
\fg amtgrgstamk tfamk as tfjt _ess Xtergs, wfahf wg vasatgl jt tfg sj`g ta`g wg oeukft \DV, wg lal met ouy. Out
_ess fjs lemg gvgry oat js wgcc. \fg
Merlstre` _jhi as j cet s`jccgr tfjm \DV, out at sgg`s te fjvg se`g trjhtaem jml quatg j`oataeus gxpjmsaem pcjms.
Ljval Reppg4
Qgs, at as j prgtty keel amlustry, jml A weucl sjy tfg struhturg en tfg amlustry as jcse ... at as met jm gjsy ousamgss,
oghjusg yeu fjvg sggm j cet en etfgr s`jccgr pgepcg njcc eut. Out tfg twe le`amjmt emgs fjvg emcy kettgm stremkgr.
\fg amhrg`gmtjc hest te preluhg yeur mgxt paghg en jppjrgc as vgry cew9 se pgepcg tgml te wjmt te evgrpreluhg. Jscemk js yeu fjvg j keel eutcgt ner tfjt preluhtaem, at legs met furt yeu se `uhf. _ess jml \D `jig rgjccy keel
fe`gs ner gxhgss preluht. \fgy jccew tfg `jmunjhturgrs te preluhg `erg tfjm tfgy `akft etfgrwasg.
Zugstaem4
Qeu emhg epgmgl Xgqueaj jml tfgm hcesgl at. Jt wfjt peamt weucl yeu gvgr epgm at jkjam5
Oeo Keclnjro4
[g rgjhfgl j mgw pgji cgvgc en jssgts jml wg wjmt te `jig surg tfjt wg hjm `jmjkg jt tfjt cgvgc en jssgts js
wgcc js wg fjvg `jmjkgl jt cewgr cgvgcs en jssgts am tfg pjst. [g le met wjmt eur umavgrsg te og `erg rgstrahtgl. [g
wjmt te og jocg te ouy he`pjmags watf `jrigt hjps en $8 oaccaem, $< oaccaem, $7 oaccaem, jml fjvg tfg` og `gjmamknuc
te eur pgrner`jmhg. [g weucl kavg tfjt up an wg fjl j sakmanahjmt amnusaem en numls. Xe wg jrg keamk te stjy hcesgl,
jml wg tfami tfjt as ogst. Jcc tfg hemstatugmhags sgg` te caig at. Eur amvgsters fepgnuccy wacc ogmgnat nre` tfg
ncgxaoacaty tfjt tfjt kavgs us. Eur jmjcysts jrg jcwjys he`amk te us watf algjs tfjt fjvg `jrigt hjps en $8 oaccaem te
$< oaccaem te $7 oaccaem, jml se A tfami tfgy weucl met caig us te sjy, ‗Kgg, wg fjvg krewm jssgts te j peamt wfgrg ...
at as j krgjt algj, out wg fjvg krewm jssgts ... at rgjccy legs met `jig sgmsg te pursug tfjt algj.„ Zugstaem4
A wjs dust wemlgramk an jmy en yeu hjm tjci joeut wfjt as keamk em am tfg Wirjamg jml wfgtfgr jmy en tfg
feclamks am tfg numl fjvg jmy gxpesurg er eppertumatags amvecvamk _ussaj5
Oeo Keclnjro4
\fg Wirjamg atsgcn as dust tee s`jcc te `jig jmy lanngrgmhg wfjtsegvgr. An yeu jrg jsiamk joeut _ussaj, j heupcg
en eur he`pjmags le fjvg pjrtahapjtaem tfgrg. @efjwi as emg, wfgrg tfgy oeukft jm Atjcajm he`pjmy.
?:
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\grgmhg Rjrá4
@efjwi oeukft @jrjzza, jml at fjs j vgry suhhgssnuc ousamgss am _ussaj. Emg en tfg amtgrgstamk tfamks joeut tfg
_ussajm nceeramk `jrigt as tfjt jntgr tfg Xevagt Wmaem heccjpsgl, prepgrty wjs trjmsngrrgl te tfg hatazgms, jml tfg
feusgs tfjt tfgy cavgl am, oghjusg tfgy prgvaeuscy lal met ewm tfg`, wgrg am j tgrraocg stjtg en lasrgpjar. \fg `estrghgmt stjtastahs eut en tfg kevgrm`gmt, jml A j` met surg few rgcajocg tfgsg jrg, out se`gtfamk caig >>% en tfg
rgsalgmhgs am _ussaj mggl vgry sgraeus rg`elgcamk “ wfahf weucl amhculg nceeramk, eovaeuscy. Out tfg ousamgss,
wfacg sakmanahjmt ner @jrjzza, as met tgrraocy sakmanahjmt watfam tfg wfecg en @efjwi. [fgm A speig te tfg pgepcg jt
@efjwi joeut tfg satujtaem am tfg Wirjamg, tfgar _ussajm sjcgs`gm wgrg jhtujccy prgtty fjppy oghjusg tfgy heucl
mew le ousamgss am tfg Hra`gj.
\fg etfgr tfamk te rg`g`ogr joeut tfg nceeramk ousamgss as tfjt at as met j strjtgkah amlustry ner _ussaj. At as met
jm eac he`pjmy er j mjturjc kjs papgcamg er se`gtfamk caig tfjt. @jrjzza fjs oggm am _ussaj ner evgr tgm ygjrs. At as
rum oy _ussajms. \fgy jrg shjttgrgl jcc evgr tfg heumtry. \fgy jrg ojsahjccy s`jcc ousamgss pgepcg. Qeu mgvgr imew
wfjt heucl fjppgm am _ussaj, eovaeuscy. Out @efjwi as met tgrraocy hemhgrmgl joeut jmy acc hemsgqugmhgs, jml A
tfami `jmjkg`gmt as ogamk rgjsemjocg joeut at.
Zugstaem4
Ojhi te Ogrisfarg. At erakamjccy lal tfg rgpurhfjsg jt :.: ta`gs oeei, jml mew fg as kemg te :.?, le yeu fjvg jmyhe``gmts em tfjt5
Dem Orjmlt4
A tfami fg wjs ogamk tee hfgjp wfgm fg sjal :.:. Fg rgjcazgl fg wjs met keamk te kgt jmy jml :.? as stacc gmeukf
ogcew amtramsah vjcug tfjt at as jhhrgtavg gmeukf ner sfjrgfeclgrs. A tfami fg wjs tee walg-gygl wfgm at trjlgl tfgrg
dust ner j cattcg oat. A le met tfami fg cevgs ouyamk ojhi stehi, out fg as stjrtamk te rgjcazg tfjt at as keel te fjvg ygt
jmetfgr wjy te ouacl vjcug. A tfami Ogrisfarg as keamk te le at `erg an tfg stehi trjlgs tfgrg. A tfami fg as rghemhacgl
te at.
Zugstaem4
[fjt as oeei vjcug5
Dem Orjmlt4
Oeei as jc`est $:<2,222, se $:>6,222 weucl og tfg ouy prahg. At as amtgrgstamk, at wjs j cattcg ogcew $:<2,222 jt
tfg gml en @jrhf out tfg Krjfj` Feclamks lgjc wjs met hcesgl js en @jrhf 8:. [fgm
tfjt lgjc hcesgs, tfg lgngrrgl tjxgs jssehajtgl watf tfjt pesataem ke jwjy. Xe em j pre ner`j ojsas tfjt weucl fgcp dust j cattcg oat. A le met imew an tfjt weucl fjvg kettgm oeei te $:<2,222 jt @jrhf 8:st, out `est caigcy at as joevg
tfjt cgvgc teljy.
Zugstaem4
Qeu sjal se`gtfamk joeut ouyojhi rakft mew, jml A fjvg fgjrl j cet en prjasg en cgjlgrsfap en j mu`ogr en
he`pjmags tfreukf tfg ljy. Hjm yeu spgji spghanahjccy watf rgspght te AO@ jml ats cgjlgrsfap, jml wfgtfgr yeu
fjvg tfg hemnalgmhg am tfg cgjlgrsfap tfjt at wacc ke tfreukf watf tfg njar j`eumt en hfjmkgs tfjt jrg tjiamk pcjhg am
amner`jtaem tghfmeceky5 AO@ fjl oggm tfreukf tfjt strukkcg am :112s. Legs at fjvg tfg ogmhf strgmktf, jml as at
leamk tfg rakft tfamks5
[acc Rjm4
Emg tfamk tfjt as amtgrgstamk as an yeu rgjl Ceu Kgrstmgr's oeei, jml an yeu eosgrvg AO@ tfreukf tfg ygjrs, at fjs
oggm prgtty wgcc jwjrg en tghfmecekahjc sfants jml fjs prglahtgl `jmy tfamks. A fjvg tjcigl te pgepcg rghgmtcy wfe
tgcc `g AO@ fjl lemg tfg paemggramk weri am 8L pramtamk, ner amstjmhg, jml at secl tfesg pjtgmts te wfjt oghj`g
Xtrjtjsys wfgm AO@ rgjcazgl tfjt tfjt ousamgss weucl og vgry scew te tjig enn evgr ta`g. AO@ lal paemggramk werijcse am spgghf rghekmataem. Xe at fjs oggm em tep en j cet en tfg tghfmecekahjc trgmls evgr ta`g. At fjs lemg j njarcy
keel deo jcse en `jppamk jml tryamk te umlgrstjml wfjt tfg eppertumaty sgt as em j he``grhajc ojsas “ few oak tfg
ousamgss heucl og jml wfgm tfg ousamgss heucl tjig enn. At as njarcy sepfastahjtgl am tfjt, jml ats rgsgjrhf lgpjrt`gmt
as krgjt.
[fjt wjs cjhiamk jml wfjt wg nehus em mew as wfgtfgr AO@ as prepgrcy krjooamk fecl en tfg tfamks tfjt at
eosgrvgs jml amvgmts. A tfami samhg Kgrstmgr rgjccy hj`g am jml rggmgrkazgl tfjt he`pjmy, at fjs lemg j `uhf ogttgr
deo en rghjpturamk tfg paghgs tfjt wgrg met prepragtjry. At usgl te og vgry `uhf j `jamnrj`g-nehusgl he`pjmy jml
mew `jmjkg`gmt fjs rgjcazgl tfjt at fjs te pjrtahapjtg am epgm ammevjtaem. Qeu sjw AO@‑s suppert en Camux, yeu
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sgg ats suppert en EpgmXtjhi, jml yeu gvgm sgg AO@ epgmamk up ats hfaps ner ats epgm pewgr amatajtavg, wfahf as few
AO@ ket Keekcg te og amtgrgstgl am tfg tghfmeceky. Xe wg fjvg j njar j`eumt en hemnalgmhg tfjt eut en tfg
tghfmeceky amlustry, AO@ fjs j keel krjsp en wfjt as he`amk am tghfmeceky jml tfjt at heucl `evg njstgr. Out AO@
as `evamk prgtty quahicy
??
_ujmg, Hummann & Keclnjro Amvgster Ljy Xt. _gkas Fetgc, Mgw Qeri Haty - @jy :>, ?2:<
am tgr`s en kgttamk jfgjl en se`g en tfgsg mgw hfjmkgs tfjt jrg he`amk lewm tfg paig.
Zugstaem4
Am tfg jmmujc rgpert yeu sjy tfjt tfg tetjc rgturm ner tfg Xgqueaj Numl wjs 8<.>% am ?2:8. [fjt as at se njr am
?2:<, jml wfjt jrg yeur kejcs ner tfg ojcjmhg en tfg ygjr5
Oeo Keclnjro4
[g mgvgr sgt kejcs ner tfg ygjr. [g weucl entgm og njr enn am gatfgr larghtaem.
Ljval Reppg4
A tfami wg jrg ojsahjccy ncjt ner ygjr-te-ljtg js en cjst makft. A le met fjvg at am nremt en `g, out wg jrg ncjt ner
ygjr-te-ljtg, jml tfg `jrigt as up `jyog ?%. Xe wg jrg joeut twe peamts ogcew tfg X&R 722 Amlgx ygjr-te-ljtg.
Zugstaem4Dust keamk ojhi te ^jcgjmt, yeu `gmtaemgl at as jt tfg fakfgr gml en se`g en yeur a`pcahat tfrgsfecls en cgvgrjkg.
A j` huraeus wfjt weucl hjusg yeu te sgcc er rgsazg tfjt pesataem5
Oeo Keclnjro4
An at oghj`g evgrprahgl.
Zugstaem4
[eucl yeu pcgjsg he``gmt em tfg Krjfj` Feclamks, yeur amsakft amte [jrrgm's lgjc, jml wfjt yeu tfami en at5
Dem Orjmlt4
A ceeigl jt at oragncy. At ceeigl caig j keel lgjc ner Ogrisfarg am tfjt Ogrisfarg ket te enncejl j pesataem tfjt A le
met tfami [jrrgm wjs gxhatgl joeut keamk nerwjrl jml tfjt fjl j cjrkg ouact-am hjpatjc kjam. Rcus Ogrisfarg lal met
fjvg te pjy tjx em tfg kjam oghjusg en tfas oazjrrg hjsf-rahf spcat-enn tjx rgkucjtaem, wfahf legs fjvg se`g cekah
ogfaml at. \fg joacaty te amhculg hjsf as j wgarl cattcg wramicg. \fg hjsf as tfg oeet, js tfgy hjcc at. An yeu jrg trjlamk
twe jssgts jml tfgy jrg en scakftcy lanngrgmt vjcugs, yeu hjm jll se`g hjsf te `jig at gqujc. \fg [jsfamktem Rest
he`pjmy “ at as mew hjccgl Krjfj` Feclamks “ jcse jvealgl tjxgs oghjusg at laspesgl en ats Ogrisfarg sfjrgs,wfahf Ogrisfarg ket te gnnghtavgcy ouy ojhi jt wfjt `akft sgg` caig j vjcujtaem en `erg tfjm :.? ta`gs. Out
wfgmgvgr yeu jrg trjlamk jssgts, yeu dust fjvg te ceei jt wfjt yeu jrg trjlamk. Xe A weucl met sjy tfjt fg vaecjtgl
tfg :.? `uctapcg ner j ouyojhi watf tfjt. Ogrisfarg ket j \^ stjtaem wfahf at `jy er `jy met fjvg oggm rgjccy
amtgrgstgl am, out wfahf wjs mghgssjry te `jig tfg paghgs en tfg gxhfjmkg gqujc am vjcug. \fgy oetf jvealgl tjxgs. A
ogcagvg Ogrisfarg ket `erg vjcug tfjm Krjfj` Feclamks lal oghjusg Ogrisfarg fjl jc`est j zgre hest-ojsas em ats
Rest sfjrgs, wfgrgjs tfg Rest fjl j `uhf fakfgr hest ojsas em ats Ogrisfarg sfjrgs. Out at preojocy weris eut prgtty
wgcc ner oetf he`pjmags.
Zugstaem4
A wjs jt tfg [gshe `ggtamk wfgrg Hfjrcag tjcigl joeut met wjmtamk te ouy jssgt-amtgmsavg ousamgssgs. Js A fgjrl
at, fg wjs tjciamk joeut tfg huste`grs en j _athfag Oretfgrs, hjpatjc amtgmsavg, fakfcy hyhcahjc cew-vjcug ousamgssgs.
@y twe hgmts as tfgrg as josecutgcy me hfjmkg am amvgst`gmt pfacesepfy. \fg hjpatjc amtgmsavg gmtaty tfjt fg as sgttamk
up jt Ogrisfarg as am rgkucjtgl ousamgssgs watf vasaocg, jttrjhtavg rgturms. [atf rgkjrl te Ogrisfarg am tfg nuturg, A le
met werry joeut jm alaet `jmjkgr. Out A le werry joeut jm umamner`gl rgkucjter. Xe few le yeu tfami joeut tfg
rgkucjtery rasi5
Dem Orjmlt4
At as j rasi, jml A le met wjmt te og ncappjmt. Out A wacc try te og oragn fgrg oghjusg wg jrg rummamk eut en ta`g.
@alJ`grahjm as am `jyog gcgvgm lanngrgmt duraslahtaems. At fjs trjms`assaem am Hjmjlj, trjms`assaem am tfg WI,
utacatags am Aewj, [jsfamktem Xtjtg, Wtjf, Aljfe, Ergkem, Hecerjle “ tfg cast kegs em jml em. Am tfg Wmatgl Xtjtgs
yeu fjvg emg rgkucjter pgr stjtg. Xe jt cgjst tfgrg as se`g lannusaem en rasi am tfg utacaty ousamgss. Heucl tfgy hfjmkg
tfg rucgs jt jmy ta`g5 Xurg.
Oeo Keclnjro4
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A weucl dust sjy at as j trjlg-enn. An yeu wjmt j ousamgss tfjt as josecutgcy gssgmtajc jml at as j `emepecy er
luepecy, yeu jrg preojocy keamk te fjvg j rgkucjter. Xe at as j trjlg-enn. Fg wjmtgl ousamgssgs tfjt fjl gssgmtajcaty
jml lurjoacaty, jml tfg prahg ner tfesg ousamgssgs as tfg rasi en rgkucjtaem.
Zugstaem4
A'` wemlgramk an yeu he``gmt j cattcg `erg em @efjwi. Dust kgmgrjc prespghts jml wfjt yeur tfeukfts jrg.
\grgmhg Rjrá4
At as amtgrgstamk, j heupcg en tfgsg `ggtamks jke Oeo `gmtaemgl few a`pertjmt tfg dehigy wjs am eur gvjcujtaemen he`pjmags. [fgm Oacc _ujmg jml A narst `gt watf Dgnn Cerogroju`, tfg HGE en @efjwi, am
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_ujmg, Hummann & Keclnjro Amvgster Ljy Xt. _gkas Fetgc, Mgw Qeri Haty - @jy :>, ?2:<
Hjcfeum, Kgerkaj “ at `ust fjvg oggm tgm ygjrs jke “ Dgnn fjl j cast en `jyog sax er sgvgm he`pjmags tfjt fg
tfeukft wgrg vajocg jhquasataem hjmlaljtgs. Jml tfgy wgrg jcc am tfg Wmatgl Xtjtgs jml tfgy wgrg jcc rgcjtavgcy s`jcc.
An wg njst nerwjrl, wg naml eut tfjt Dgnn iaml en krgw up watf tfg ousamgss js fg wjs ouaclamk at. [fgm fg oeukft
Wmacam, wfahf wjs jntgr wg fjl tjigm j pesataem am tfg he`pjmy, yeu ogkjm te sgmsg tfg pessaoacatags eutsalg tfg WX.
\fjt hfjmkgl tfg hjchucus ner tfg petgmtajc krewtf en tfg ousamgss. [fgm wg narst teei eur pesataem, wg wgrg
tfamiamk “ jt cgjst A wjs tfamiamk “ en @efjwi `jamcy js j le`gstah ousamgss am tfg WX, watf ca`atgl krewtf petgmtajc tagl vgry `uhf te tfg WX feusamk `jrigt. Mew tfg oakkgst paghg en tfg ousamgss stacc as tagl te tfg WX
feusamk `jrigt jml tfg rg`elgcamk `jrigt. Out Dgnn fjs neuml j wjy te lgpcey tfg hjpatjc tfjt tfg ousamgss preluhgs
am vgry amtgrgstamk wjys.
Mew, fg fjs met ojttgl j tfeusjml, out js wjs `gmtaemgl ognerg, fg neuml petgmtajc watf @jrjzza jml fjs j
`gjmamknuc amvgst`gmt pesataem am _ussaj, wfgrg tfg `jrigt as krewamk vgry njst jml wfgrg fg as `jiamk j cet en
`emgy. Fg fjs amvgst`gmts am Justrjcaj, j deamt vgmturg am Orjzac. Dgnn amfgratgl j he`pjmy tfjt `jlg dust hjrpgt,
wfahf fg rghekmazgl wjs j scewcy lghcamamk ousamgss. Jml se fg fjs gxpjmlgl amte lanngrgmt `elgs en nceer
hevgramk. @efjwi as stacc j vgry `uhf j hjrpgt he`pjmy, out Dgnn fjs jcse `jlg at tfg cjrkgst hgrj`ah tacg
`jmunjhturgr am tfg wercl, jml hgrj`ah tacg jhheumts ner `erg nceer hevgramk tfjm jmy etfgr iaml. @efjwi as jcse j
cgjlgr am cj`amjtg nceeramk jml wacc seem og `jmunjhturamk cuxury vamyc tacg, j mgw jml njst-krewamk nceer hevgramk.
Xe rjtfgr tfjm tfamiamk en @efjwi js j WX hjrpgt ousamgss, wg rgjccy fjvg te tfami joeut at js j kceojc nceer
hevgramk he`pjmy. @efjwi mew stjmls vgry wgcc te ogmgnat nre` j rgsurkgmhg am rg`elgcamk spgmlamk jml
rgsalgmtajc jml he``grhajc hemstruhtaem fgrg jml jcc jreuml tfg wercl. Dgnn rgjccy fjs turmgl @efjwi amtese`gtfamk tfjt hgrtjamcy A lal met gxpght.
Js ner j rghevgry am tfg WX, wg jrg … se`goely `gmtaemgl rgkucjters ognerg … fgjramk se`g measg tfjt tfg
rgquarg`gmts ner fe`g `ertkjkgs `jy kgt j cattcg ceesgr jml `erg njverjocg ner narst-ta`g fe`g ouygrs. An wg kgt j
cattcg `erg g`pcey`gmt, tfjt weucl og j pesatavg am tfg WX. Xe wfjt usgl te og j WX ousamgss wfgrg wg wgrg
heumtamk em sfjrg ouyojhis jml krewtf watf tfg WX feusamk jml rg`elgcamk, as numlj`gmtjccy j lanngrgmt jma`jc
mew. A tfami, ceeiamk jfgjl, at wacc le eijy.
Oeo Keclnjro4
Am se`g wjys, tfg qugstaem joeut @efjwi rgjccy kegs ojhi te wfjt wjs jsigl ognerg nre` tfg Gheme`ast jrtahcg
joeut wfgtfgr Ogrisfarg sfeucl og oreigm up. Emg en tfg lasjlvjmtjkgs en j fukg hemkce`grjtg caig Ogrisfarg as
tfjt [jrrgm as met tfamiamk jcc tfg ta`g joeut nceeramk jhquasataems am Atjcy er sgccamk amte tfg _ussajm `jrigt. Dgnn
Cerogroju` jt @efjwi, jcc fg as tfamiamk joeut as nceeramk. A le met imew wfe as rummamk Xfjw ner [jrrgm, jml
tfjt pgrsem `akft og tfamiamk joeut jhquasataems. Out fg fjs ket te rum tfg` oy [jrrgm. Fg fjs ket te kgt [jrrgm's
jpprevjc. \fgrg as jm jlvjmtjkg am nehus tfjt yeu fjvg wfgm yeu jrg emcy am emg ousamgss jml tfjt Ogrisfarg, watf
ats ;? ousamgssgs, `jy cesg. At as trug tfjt j mu`ogr en tfesg ;? ousamgssgs fjvg lemg jhquasataems, out at as gjsagr ner
@efjwi te jhquarg he`pjmags tfjm ner Xfjw. Dgnn‑s jhquasataem en Wmacam lal met turm eut te og tfjt keel j lgjc
oghjusg en tfg suosgqugmt lghcamg am feusamk jml tfg ta`amk en tfg jhquasataem.
Zugstaem4
A imew at as gjrcy am tfg sgjsem, out le yeu fjvg jmy sgmsg en wfjt lastraoutaems `akft og caig ner tfas ygjr5
Ljval Reppg4
[g gxpght te lastraoutg joeut $?.72 pgr sfjrg am Dumg. Am jllataem, wg wacc pjy joeut $:.76 pgr sfjrg am
Mevg`ogr an tfgrg jrg me jllataemjc kjams jml cessgs em sjcgs en sghuratags tfreukf Ehteogr 8:st.
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