:ULWHDOHWWHUWKDWKDVDOLQH
RIV\PPHWU\
(PLO\ZDQWV0DULDWRJXHVVDWKUHHGLJLW
QXPEHU6KHWHOOV0DULDWKDWKHUQXPEHU
KDVWKUHHGLIIHUHQWGLJLWV7KHGLJLWVDUH
DQG0DULDWKLQNV6KHWKHQJXHVVHV
WKHQXPEHU:KDWDUHWKHFKDQFHV
WKDW0DULDKDVJXHVVHGFRUUHFWO\"
:KDWWLPHLVKRXUVDIWHU
SP"
7KHEORFNEHORZLVWKHVXPRIWKHWZREORFNVDERYH)LOOLQWKHPLVVLQJEORFNV
,WKDVEHHQYHU\UDLQ\LQ0DULDVKRPHWRZQ
WKLV\HDU,WHYHQUDLQHGRQ6SOXUJH'D\
0DULDFRXOGQWJRWRWKHEHDFK,WKDVUDLQHG
LQFKHVLQWKHODVWIRXUGD\V2Q0RQGD\LW
UDLQHG
LQFK2Q7XHVGD\LWUDLQHG
LQFK
2Q:HGQHVGD\LWUDLQHG LQFK+RZPXFK
GLGLWUDLQRQ7KXUVGD\"
-HVVLFDLVPDNLQJILYHSRVWHUVWRKRQRUVRPH
RIWKHILUHILJKWHUVDQGSROLFHRIILFHUVWKDW
KHOSHGLQWKHUHVFXLQJRISHRSOHIURPWKH
:RUOG7UDGH&HQWHUWRZHUVLQ1HZ<RUN&LW\
6KHGLYLGHGHDFKSLHFHRISRVWHUERDUGLQWR
HLJKWHHQVHFWLRQV7KHUHZLOOEHSLFWXUHVRI
ILUHILJKWHUVLQWZRQLQWKVRIWKHVHFWLRQV
SLFWXUHVRISROLFHRIILFHUVLQ
VHYHQHLJKWHHQWKVRIWKHVHFWLRQVDQGWH[WLQ
WKHUHVWRIWKHVHFWLRQV+RZPDQ\VHFWLRQV
ZLOOFRQWDLQWH[WRQHDFKSRVWHU"
-XVWLQOLQHGXSLQFKORQJEORFNVQH[WWRHDFKRWKHU+HKDGRIWKHVHEORFNV
1RZ%LOO\ZDQWVWRPDNHWKHVDPHOHQJWKEXWXVHLQFKEORFNV+RZPDQ\LQFKEORFNV
ZLOOKHQHHGWRXVH"
:KDWLVWKHDUHDRID
UHFWDQJOHZLWKVLGHVFP
DQGFP"
5RXQGWRWKHQHDUHVW
WKRXVDQG 7KHGLDPHWHURIDFLUFOHLV
FP:KDWLVWKHUDGLXV
RIWKLVFLUFOH"
5HGXFH
WRLWVORZHVW
WHUPV
&KDQJH
WRDPL[HG
QXPEHU
)LQGWKHOHDVWFRPPRQ
GHQRPLQDWRU
DQG
5HGXFH
WRLWVORZHVW
WHUPV
P \
1
[ [ [
[ [ [
[ [ [
[ [ [
[
[
[
[
[
[
[
[
[ [ [
[ [ [
[ [ [
[ [ [
(ULQZURWHDUHSRUWDERXWVRPHRIWKH
1DWLYH$PHULFDQIRRGVRIORQJDJR6KH
ZURWHDERXW,QGLDQSXGGLQJZLOGQXWVRXS
EHUULHVDQGZLOGULFHDQGIHDVWGD\SXIIV7R
JHWLQIRUPDWLRQVKHVSHQWKRXUVDQG
PLQXWHVGRLQJUHVHDUFKRQOLQHDQGKRXUV
GRLQJUHVHDUFKDWWKHOLEUDU\,WWRRNKHU
KRXUVDQGPLQXWHVWRZULWHKHUURXJKGUDIW
DQGDQRWKHUWKLUW\HLJKWPLQXWHVWRZULWHKHU
ILQDOGUDIW+RZORQJGLGLWWDNH(ULQWR
UHVHDUFKDQGZULWHKHUUHSRUW"
7KHILIWKJUDGHVWXGHQWVZURWHRQDEDOORRQ
DERXWWKHLUKXUWIHHOLQJV7KHQWKH\ILOOHGWKH
EDOORRQVZLWKKHOLXPWLHGWKHPDQGOHWWKHP
JR7ZHOYHSHUFHQWRIWKHVWXGHQWV
UHOHDVHGEDOORRQVHDFK7KHUHPDLQLQJ
VWXGHQWVUHOHDVHGRQO\EDOORRQHDFK+RZ
PDQ\EDOORRQVZHUHUHOHDVHGLQDOO"
0DULDKDVFHQWV:KDWIUDFWLRQRIDGROODULVWKDW"%HVXUHWRVLPSOLI\WKHIUDFWLRQ
5HZULWH
ZRUGURRW FRU FDQPHDQ ZLWKRUWRJHWKHU FRUUXSWFRUUXSWLRQ
[
[
[
[
[ [
[
[
[
[
ZRUGURRW QRP FDQPHDQ QDPHRURUGHU PLVQRPHU
6NHWFKDQREWXVHDQJOH
QDPHG %&'
6NHWFKDULJKWDQJOHQDPHG
'()
:KDWNLQGRIDQJOHKDV
DPHDVXUHRIEHWZHHQ
RDQG
R"
&KDQJHWRDSHUFHQW
)LQGRI &KDQJHWRDIUDFWLRQ
)LQGWKHVXPRIDQG
[
[
[
:KHQ(ULFJRWPDUULHGKHZDV\HDUVROG+LVVLVWHUZDVWZRWKLUGVKLVDJHSOXV\HDUV
WKDQKLVVLVWHUZKHQKHJRWPDUULHG"
:KLOH<XNRZDVLQ-DSDQVKHERXJKWDGROOWKDWFRVW\HQ+RZPXFKGLGWKHGROOFRVW
LQ86GROODUV"7KHH[FKDQJHUDWHZDV\HQSHUGROODU
6DQG\V6ZHHW6KRSSHVROGFKRFRODWHLFHFUHDPFRQHVRQ6XQGD\7KDWDPRXQWLV
)6AA)(RIWKHWRWDOQXPEHURIFRQHVVROG+RZPDQ\FRQHVZHUHVROGLQDOO"
)LOOLQWKHPLVVLQJQXPEHUV+RZ"7KHVXPRIWKHIRXUVXUURXQGLQJQXPEHUVLVLQWKHFHQWHURIHDFKVTXDUH
([DFWO\RQHRIWKHIRXUQXPEHUVKDVWREHRQHRIWKHVHQXPEHUVRU
7KHRWKHUWKUHHQXPEHUVKDYHWRDOOEH',))(5(17DQGPXVWEHIURPWKHVH
RU
JUHDWHUWKDQ
JUHDWHUWKDQ
JUHDWHUWKDQ
HLWKHURU
JUHDWHUWKDQ
HLWKHURU
HYHQ
OHVVWKDQ RGG
RGG
RGG HYHQ
JUHDWHUWKDQ
HYHQ
JUHDWHUWKDQ
JUHDWHUWKDQ
RGG HYHQ
OHVVWKDQ
JUHDWHUWKDQ HLWKHURU
RGG
RGG
HLWKHURU OHVVWKDQ
OHVVWKDQ
HYHQ
OHVVWKDQ RGG
JUHDWHUWKDQ
RGG HLWKHURU
OHVVWKDQ
JUHDWHUWKDQ
RGG
HYHQ
HYHQ
RGG
JUHDWHUWKDQ RGG OHVVWKDQ
OHVVWKDQ
RGG HLWKHURU
JUHDWHUWKDQ
RGG RGG
OHVVWKDQ
RGG JUHDWHUWKDQ
RGG
JUHDWHUWKDQ
OHVVWKDQ
JUHDWHUWKDQ
JUHDWHUWKDQ HLWKHURU
RGG
RGG
1DWKDQLVIO\LQJIURPKLV
KRPHWRKLV
JUDQGSDUHQWVKRPHLQ
1HEUDVND+HZLOOOHDYH
DWDPDQGZLOO
DUULYHLQ1HEUDVNDDW
SP:KDWLVWKH
WRWDOIOLJKWWLPH"1RWH
$VVXPHQRWLPH]RQH
FKDQJHV
,WZDVDEHDXWLIXOVSULQJ
GD\+DQQDKZDV
DPD]HGDWDOOWKH
EXWWHUIOLHV$VDPDWWHU
RIIDFWVKHKDGDOUHDG\
FRXQWHG2IWKRVH
ZHUH0RQDUFK
EXWWHUIOLHV:KDWLVWKH
SUREDELOLW\WKDWWKHQH[W
EXWWHUIO\VKHVHHVZLOOEH
D0RQDUFK":ULWHDVD
IUDFWLRQLQORZHVWWHUPV
7KHVWXGHQWVZHUHEXLOGLQJ
DPRGHORIDGUDJRQIRU
WKHVFKRROSOD\7KHPRGHO
ZDV IHHWKLJK,WZDV
WZLFHDVORQJDVLWZDVKLJK
+RZORQJZDVWKHGUDJRQ"
¶
+RZPDQ\IHHWDUHLQLQFKHV"
IHHW
+ROO\ZDVJLYHQILYHQXPEHUV
DQG6KHQHHGVWRXVHWZRRI
WKHVHQXPEHUVWRPDNHDIUDFWLRQ
&DQVKHPDNHDIUDFWLRQWKDWLVOHVV
WKDQWKUHHIRXUWKV"
&DQEHHYHQO\GLYLGHGE\"&LUFOH
LVHYHQO\GLYLVLEOHE\
LV127HYHQO\GLYLVLEOHE\
7KHSULQFLSDORI\RXUVFKRROZDQWVWREX\
WZHQW\RQHERRNV(DFKERRNFRVWV6KH
ZDQWVWRHVWLPDWHKRZPXFKLWZLOOFRVW6KRZKHU
KRZ\RXZRXOGHVWLPDWHWKHFRVW
&LUFOHWKHJUHDWHVWQXPEHU
OE R]
OE R]
+RZIDUGR\RXWKLQNLWLV
IURP\RXUGHVNWR\RXU
WHDFKHUVGHVN":ULWHDQ
HVWLPDWHRIWKHGLVWDQFH\RX
WKLQNLWFRXOGEH
&DQEHHYHQO\GLYLGHGE\"&LUFOH
LVHYHQO\GLYLVLEOHE\
LV127HYHQO\GLYLVLEOHE\
FP PP
6L[NLGVDQGWKUHHDGXOWVDUHJRLQJWRWKHFLUFXV
.LGVWLFNHWVDUHRQVDOHIRURQO\KDOIWKHSULFHRI
DGXOWWLFNHWV7KHWRWDOFRVWLV+RZPXFKLV
RQHNLGVWLFNHW"+RZPXFKLVRQHDGXOWWLFNHW"
¶
[
0DU\LQYHQWHGDURERW7KHURERWV
QDPHLV3HWHU3HWHUFDQJRDPD[LPXP
VSHHGRIPSK$WWKDWUDWHKRZORQJ
ZRXOGLWWDNH3HWHUWRJRPLOHV"
&LUFOHWKHDGGLWLRQSURSHUW\
IRU
DVVRFLDWLYHSURSHUW\
FRPPXWDWLYHSURSHUW\
:ULWHLQZRUGV
:HQG\PXOWLSOLHGWZRRQHGLJLW
QXPEHUVDQGWKHQDGGHG7KH
UHVXOWZDV$SULOGRHVQRW
EHOLHYHKHUDQGWKLQNV:HQG\
PDGHDPLVWDNH:KRLVFRUUHFW"
&DQEHHYHQO\GLYLGHGE\"&LUFOH
LVHYHQO\GLYLVLEOHE\
LV127HYHQO\GLYLVLEOHE\
$FP[FP[FXEHZDVPDGHE\$GDP+H
XVHGFHQWLPHWHUEORFNV+RZPDQ\EORFNVGLGKH
XVH"
&LUFOHWKHGLJLWLQWKHKXQGUHGWKVSODFH
)RUZULWHWKH
GLJLWWKDWLVLQWKHKXQGUHG
WKRXVDQGVSODFH
)RUWKHVXPPHUSURJUDP
FKLOGUHQFDPHWRWKH
SDUN7KH\ZHUHGLYLGHG
LQWRJURXSV+RZPDQ\
FKLOGUHQZHUHLQHDFK
JURXS"
8VHWKHSLHFHVDERYHWRKHOS\RXILOOLQWKHUXQDZD\PDWKSX]]OH
$YDZLOOZLQLIDUDQGRPQXPEHU
SXOOHGRXWRIDER[LVDQHYHQ
QXPEHUSLHFHVRISDSHU
QXPEHUHGWRDUHSXWLQVLGHD
ER[:KDWLVWKHFKDQFHWKDW$YD
ZLOOQRWZLQ"
:ULWHWKLVDVDQXPEHULQVWDQGDUGIRUP
8VHDFRPPDLQ\RXUQXPEHU
IRXUKXQGUHGVHYHQW\IRXUWKRXVDQGWZR
KXQGUHGWZHQW\RQH
:KDWSDUWRIVSHHFKLVXQGHUOLQHGLQWKLV
VHQWHQFH"
Hey! You can't copy from my quiz!
2 + + 7 = 2
0 + 7
+ + 1 =
9 + 7
4 8 = 1 2
1 0 = 4
= 4 - 0 = -
1 2
6 - = 1 - 0
- 5 = 6 4 9
-
:KDWLVPLVVLQJ"
[[ [
-DFREQHHGVWRVKRZWKHFODVVKLVKRPHZRUN+HGUHZWZRUHFWDQJOHVRIHTXDODUHD7KH
ILUVWUHFWDQJOHLVFPE\FP7KHVHFRQGUHFWDQJOHKDVRQHVLGHWKDWLVFPEXW-DFRE
FDQWUHDGKLVRZQKDQGZULWLQJIRUWKHRWKHUVLGH+HQHHGVWRILJXUHLWRXWLQKLVKHDG
ZKLOHKHLVH[SODLQLQJWRWKHFODVV:KDWVWKHRWKHUVLGH"4XLFN+HOSKLP
-RVKLQYHQWHGDZHLUGGLJLWDOFORFNDSS,WVD\V
PLQXWHVDJRLWZDVKRXUVXQWLOLQWKHDIWHUQRRQ
:KDWWLPHLVLWQRZ"
[
[
[
¶ [
<XPP\'RQXWVJDYHWKUHH
GR]HQFKRFRODWHGRQXWV
DQGVL[GR]HQMHOO\GRQXWV
WRWKHVFKRRO+RZPDQ\
GRQXWVGLGWKH\JLYH"
:KDWLVWKHDUHDRID
UHFWDQJOHZLWKVLGHVFP
DQGFP"
GLYLGHGE\HTXDOV
7KHDUHDRIDUHFWDQJOH
LVFP
:KDWFRXOG
WKHOHQJWKRIWKHVLGHV
EH"
7KHSHULPHWHURID
UHFWDQJOHLVFP7KH
ORQJHUVLGHLVFP+RZ
ORQJLVWKHVKRUWHUVLGH"
%) 159=
$UHFWDQJOHLVFPRQ
RQHVLGHDQGFPRQ
DQRWKHUVLGH:KDWLVWKH
SHULPHWHU"
,WZDVGHJUHHVRXWVLGH
:KDWZRXOGWKH
WHPSHUDWXUHEHLILWJRW
GHJUHHVFROGHU"
/DVWZHHNYROXQWHHUVSODQWHGSODQWVLQWKH1LOHV&LW\3DUN:ULWHWKDWQXPEHULQ
H[SDQGHGIRUP
7KHUHZHUHWXUNH\VLQWKHSHQ6L[PRUHWXUNH\VMRLQHGWKHP7KUHHWXUNH\VZHUHWDNHQ
RXWRIWKHSHQDQGSXWLQWKHEDUQ:ULWHDQH[SUHVVLRQWRILQGWKHQXPEHURIWXUNH\VOHIW
LQWKHSHQ6ROYHLW
1DWKDQDWUDFNVWDUDWWKH)ORULGD6FKRROIRUWKH%OLQGUXQVWZRPLOHVHDFKVFKRROGD\WR
NHHSLQVKDSH2Q6DWXUGD\DQG6XQGD\KHUXQVIRXUPLOHVRQERWKGD\V+RZPDQ\
PLOHVGRHV1DWKDQUXQLQIRXUZHHNV"
:ULWHWKHPLVVLQJIDPLO\
IDFW
¶
¶
[
+RZPXFKWLPHLVLWIURP
DPWRDP" :KDWFRLQVDGGXSWR
FHQWV"
0UDQG0UV%URZQVKRXVHQHHGHGDQHZ
URRI0U%URZQVDLGWKH\ZRXOGJHWDQHZ
URRIODWHU+HSURFUDVWLQDWHGIRUWKUHH\HDUV
)LQDOO\WKHURRIIHOOLQDQGWKH\KDGWREXLOGD
QHZKRXVH7KHQHZKRXVHFRVW
$QHZURRIIRUWKHROGZRXOGKDYHFRVW
+RZPXFKPRUHGLGWKH\VSHQG
EHFDXVHWKH\SURFUDVWLQDWHG"
$WWKHHQGRIWKHLUVWXG\RIWKHNLQGVRI
HOHFWULFLW\0UV<RXQJVFODVVFRPSOHWHGD
TXL]RQWKHZRUNWKH\KDGGRQH7KHUHZHUH
WZHQW\VHYHQVWXGHQWVLQWKHFODVV6HYHQRI
WKHVWXGHQWVPDGHRQHKXQGUHGRQWKHWHVW
VL[PDGHQLQHW\WZRPDGHHLJKW\DQGWKH
UHVWPDGHVHYHQW\:KDWZDVWKHDYHUDJH
TXL]VFRUHIRUWKHFODVV"
,QDJDPH$QQHDQG6DUDHDFKKDYHWKHLURZQWHUULWRU\DQGFXUUHQF\:KHQ\RXYLVLW
$QQH\RXZLOOXVHZKDWWHUV2QWKHRWKHUKDQGLI\RXYLVLW6DUD\RXZLOOXVHFOLQJGRQHV
7KHYDOXHRIRQHZKDWWHULVHTXDOWRFOLQJGRQHV6DUDZDQWVWRYLVLW$QQH6KHKDV
FOLQJGRQHVVRVKHH[FKDQJHVKDOIRIKHUFOLQJGRQHVIRUZKDWWHUV+RZPXFKLQZKDWWHUV
DQGFOLQJGRQHVGRHV6DUDFXUUHQWO\KDYH"
0U0DUWLQH]UHSODFHGRQHRIWKHEXOEVLQWKHFODVVURRPZLWKDZDWWEXOEWKDWLV
VXSSRVHGWRODVWKRXUV7KHEXOEZLOOEHXVHGKRXUVHDFKGD\VFKRROLVLQVHVVLRQ
,QKRZPDQ\VFKRROGD\VZLOOWKLVEXOEQHHGWREHUHSODFHGDJDLQ"
7KLVSX]]OHKDVDODUJHQXPEHULQWKHPLGGOHZKLFKLVWKHVXPRIWKHIRXUQXPEHUVWKDWVXUURXQGLW
6DPSOH
LVWKHVXP
RQHV
RQHV
WHQV
RQHV
LVWKHVXP
RQHV
WHQV
RQHV
LVWKHVXP
WHQV
RQHV
RQHV
([DPSOH
([DPSOH
)LOOLQWKHPLVVLQJQXPEHUV+RZ"7KHVXPRIWKHIRXUVXUURXQGLQJQXPEHUVLVLQWKHFHQWHURIHDFKVTXDUH
([DFWO\RQHRIWKHIRXUQXPEHUVKDVWREHRQHRIWKHVHQXPEHUVWHQVWHQVRUWHQV
7KHRWKHUWKUHHQXPEHUVKDYHWRDOOEH',))(5(17DQGPXVWEHIURPWKHVHRQHVRQHV
RQHVRQHVRURQHV
RQHV
RQHV
WHQV
RQHV
RQHV
RQHV
RQHV
WHQV
WHQV RQHV
WHQV
RQHV
RQHV
RQHV
WHQV
RQHV
WHQV
RQHV
)LOOLQWKHPLVVLQJQXPEHUV+RZ"7KHVXPRIWKHIRXUVXUURXQGLQJQXPEHUVLVLQWKHFHQWHURIHDFKVTXDUH
([DFWO\RQHRIWKHIRXUQXPEHUVKDVWREHRQHRIWKHVHQXPEHUVWHQVWHQVRUWHQV
7KHRWKHUWKUHHQXPEHUVKDYHWRDOOEH',))(5(17DQGPXVWEHIURPWKHVHWHQWKVWHQWKV
WHQWKVRUWHQWKV
WHQV
WHQWKV
WHQWKV
WHQWKV
WHQWKV
WHQV
WHQWKV
WHQWKV
WHQV
WHQV
WHQWKV
WHQWKV
WHQV
WHQWKV
WHQWKV
WHQWKV
WHQWKV
WHQV
WHQWKV
WHQWKV
WHQWKV
WHQV
WHQWKV
WHQWKV
WHQWKV
WHQV
WHQV WHQWKV
WHQV
WHQWKV
&URVVRXWDOORIWKHSUHSRVLWLRQDO
SKUDVHVLQWKHVHQWHQFH
&DOHEUDQWRZDUG,VDDFEHIRUH
WKURZLQJWKHIRRWEDOO
&LUFOHWKHVPDOOHVWQXPEHU
7UXH )DOVH
7UXH )DOVH
7UXH )DOVH 7UXH )DOVH
7UXH )DOVH
7UXH )DOVH
7UXH )DOVH
'LG\RXILQGWKDWWZRDUHWUXH",IQRWORRNDJDLQ
+LQW,I\RXVHHWKHVDPHSLHFHVRQERWKVLGHV\RXPLJKWQHHGWRUHPRYHERWKSLHFHV
<RXVKRXOGRQO\PDUN758(LI\RXDUHDEVROXWHO\VXUHLWLVFRUUHFW
ZRUGURRW SDWK FDQPHDQ IHHOLQJ WHOHSDWK\HPSDWK\
:RUGVFDQEHWRWKH5,*+7'2:1/()7RU83(YHU\OHWWHULVXVHG21&(
6 2 6 6 ( $ % 2 0 % ( 1 8 5 3 ( $ ( & 2 1 * 5 $ 7 8 / $ 7 ( 1 5 , 6 4 8 , 5 7 6 ( 5 $ 0 ( ' 5 1 , 5 ( 6 , * 1 . ( < 9 3 ( 2 ) ' 2 2 7 6 5 ( ' 1 8 ,
$ 6 / ( $ 3 ( $ * 2 1 , ( 6 * 5 7 2 * $ 0 ' ( < ( 1 5 8 2 - 7 6 & * & 2 0 0 8 1 , & $ 7 ( :ULWHWKHZRUGVIRXQG
&20081,&$7( -2851(<('
:ULWHDQHTXDWLRQWRUHSUHVHQWWKLV
7KHGLIIHUHQFHEHWZHHQILIWHHQDQGVHYHQ
LVHLJKW
-XVWLQLQYHQWHGDURERWLFEXJ7KHEXJ
FDQFUDZOVL[FHQWLPHWHUVLQWZHQW\IRXU
VHFRQGV+RZORQJZRXOGLWWDNHWKHEXJ
WRFUDZOILIW\IRXUFHQWLPHWHUV"
:KLFKKDVWKHODUJHVWDQVZHU"
¶ ¶ ¶
ZRUGURRW H[ FDQPHDQ RXWRUDZD\ H[FODLPH[WHUPLQDWHH[WUDFW
,QVHUWDFRPPDLQWKHDSSURSULDWH
SODFHLQWKLVVHQWHQFH
:HFRXOGKDYHLFHFUHDPIRU
GHVVHUWRUZHFRXOGKDYH
FKRFRODWHFDNH