be you.

Page 1

ERRN IURQW FRYHU

GHGLFDWHG WR \RX

DWWULEXWLRQ , RQFH UHDG D UHVSRQVH IURP VRPH IDPRXV SHUVRQ DIWHU VKH ZDV RQFH DJDLQ DSSODXGHG IRU KHU LGHDV 6KH ZURWH DERXW KRZ PXFK PRUH LW ZRXOG PHDQ WR KHU LI UDWKHU WKDQ WKDQNLQJ KHU DQG WHOOLQJ KHU KRZ JUHDW KHU LGHDV ZHUH SHRSOH ZRXOG MXVW OLYH RXW WKRVH LGHDV , OLNH WKDW ,W¶V VR GLIILFXOW WR DWWULEXWH SHRSOH ZKHQ VR PDQ\ LQIOXHQFH \RX GDLO\ ,I \RX KHDU \RXU ZRUGV DV PDQ\ RI \RX ZLOO NQRZ ZH DGPLUH \RXU DUW YLVLRQ WR VHW SHRSOH IUHH WR EH QRWLFH GUHDP FRQQHFW GR ZRUN WKDW PDWWHUV .QRZ WKDW ZH¶UH OLYLQJ RXW \RXU LGHDV

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


7KHUH KDV EHHQ SOHQW\ RI WKHRU\ UHVHDUFK LQYHVWHG LQ ZKDW ZH DUH GRLQJ DQG WKDW ZLOO EH RQJRLQJ %XW PRVWO\ ZH KDYH KDG WKH SULYLOHJH DQG GHOLJKW WR LQGXOJH LQ H[SHULPHQWDWLRQ IDLOXUH SURWRW\SLQJ HWF 7R SUDFWLFH YXOQHUDELOLW\ LQ FRQWH[W 7KH IROORZLQJ LV RXU FXUUHQW EHVW DWWHPSW WR FDSWXUH WKH NH\ HOHPHQWV OHDUQHG IURP NH\ IDLOXUHV 2XU GHVLUH LV WKDW DQ\RQH DQ\ZKHUH FDQ H[SHULHQFH WKH H[KLODUDWLRQ RI OHDUQLQJ LQ VSDFHV RI SHUPLVVLRQ WR EH 7DNH D OLVWHQ LI \RX ZLOO ZLWK QR DJHQGD IRU PRUH KLVWRU\ RI WKH ODE VHH WKLV YLGHR VHW GRFXPHQWDWLRQ UHYHUVH FKURQRORJLFDO RUGHU RU WKLV ELUG¶V H\H YLHZ IRU FXUUHQW XSGDWHV LQIR RQ WKH ODE VHH ODEFRQQHFWLRQV PRVW LWDOLFL]HG ZRUGV DUH WLWOHV RI VOLGHGHFNV IRXQG ZLWKLQ WKLV QDUUDWLYH GHFN DZDNHQLQJ LQGLVSHQVDEOH SHRSOH

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

HVVHQFH

:H DUH 3DQGR 5KL]RPDWLF /HDUQLQJ 0DU\ $QQ 5HLOO\ ,W LV DQ XQEHDUDEO\ KRW GD\ DV P\ KXVEDQG VRQ DQG , VORZO\ PRWRU KRPH WR 1HZ -HUVH\ IURP :DVKLQJWRQ ' & )URP WKH EDFN RI WKH FDU , FDQ KHDU P\ VRQ WDONLQJ DQG , WXUQ DQG VHH KLP KXQNHUHG GRZQ LQ WKH VHDW ZHDULQJ KHDGSKRQHV DQG KROGLQJ KLV SKRQH LQ RQH KDQG :KR DUH \RX WDONLQJ WR" 7RP 7RP" <HDK 7RP IURP /RQGRQ µ7RP IURP /RQGRQ¶ LV D \HDU ROG ZKR SOD\V 0LQHFUDIW RQ P\ \HDU ROG VRQ V VHUYHU +H DQG D GR]HQ ER\V UDQJLQJ IURP WR \HDUV ROG IURP 1RUWK $PHULFD (XURSH $XVWUDOLD DQG


$VLD DUH DYLG 0LQHFUDIW SOD\HUV RQ WKH VHUYHU 7KHLU SOD\ UHSUHVHQWV D FRQWUDVWLQJ ZD\ WR WKLQN DERXW OHDUQLQJ IURP ZKDW LV RIIHUHG DV XVXDO IDUH DW VFKRROV -DPHV *HH DQG (OL]DEHWK +D\HV PLJKW FODVVLI\ WKH ER\V¶ SOD\ DV DQ H[DPSOH RI D SDVVLRQDWH DIILQLW\ VSDFH ZKHUH ³SHRSOH RUJDQL]H WKHPVHOYHV LQ WKH UHDO ZRUOG DQG RU YLD WKH ,QWHUQHW RU D YLUWXDO ZRUOG WR OHDUQ VRPHWKLQJ FRQQHFWHG WR D VKDUHG HQGHDYRU LQWHUHVW RU SDVVLRQ´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´ ZKR DUH FRQWLQXRXVO\ IRUPHG DQG UHIRUPHG EDVHG RQ DOOLDQFHV GHWHUPLQHG E\ QHHGV LQWHUHVWV GLUHFWLRQV TXHVWLRQV UHGLUHFWLRQV DVVHVVPHQWV DQG FRPPLWPHQWV 8QOLNH WKH GHVLJQ RI PDQ\ WUDGLWLRQDO VFKRROV D UKL]RPDWLF OHDUQLQJ VSDFH LV EDVHG RQ MRLQLQJ DQG UHMRLQLQJ ,Q UKL]RPDWLF OHDUQLQJ WKLQNLQJ UHVHPEOHV WKH WDQJOH RI URRWV DQG VKRRWV ERWK EURNHQ DQG ZKROH 3UREOHP IUDPLQJ DQG GHFLVLRQ PDNLQJ UHVW ZLWK DOO OHDUQHUV $JDLQ 'ULVFROO¶V GHVFULSWLRQ RI UKL]RPDWLF OHDUQLQJ LV LPSRUWDQW 6KH ZULWHV %UHDN WKH UKL]RPH DQ\ZKHUH DQG WKH RQO\ HIIHFW LV WKDW QHZ FRQQHFWLRQV ZLOO EH JURZQ 7KH UKL]RPH PRGHOV WKH XQOLPLWHG SRWHQWLDO IRU NQRZOHGJH FRQVWUXFWLRQ EHFDXVH LW KDV QR IL[HG SRLQWV«DQG QR SDUWLFXODU RUJDQL]DWLRQ S +LVWRULFDOO\ ZKHQ FRQIURQWHG ZLWK VWXGHQW DFKLHYHPHQW FRQFHUQV WKHUH KDV EHHQ D WHQGHQF\ WR WLJKWHQ FRQWURO LQ DQ HIIRUW WR LQFUHDVH OHDUQLQJ ODUJHO\ EHFDXVH ZKDW KDV FRXQWHG DV NQRZLQJ KDV EHHQ OLPLWHG WR D SHUFHLYHG µVHW¶ ERG\ RI FRQWHQW 'RXJ 7KRPDV DQG -RKQ 6HHO\ %URZQ GHVFULEH WKLV OHDUQLQJ «DV D VHULHV RI VWHSV WR EH PDVWHUHG DV LI VWXGHQWV ZHUH EHLQJ WDXJKW KRZ WR RSHUDWH D PDFKLQH RU HYHQ LQ VRPH FDVHV DV LI WKH VWXGHQWV WKHPVHOYHV ZHUH PDFKLQHV EHLQJ SURJUDPPHG WR DFFRPSOLVK WDVNV 7KH XOWLPDWH HQGSRLQW RI D PHFKDQLVWLF SHUVSHFWLYH LV HIILFLHQF\ WKH JRDO LV WR OHDUQ DV PXFK DV \RX FDQ DV IDVW DV \RX FDQ 7KRPDV %URZQ /RFDWLRQ RI ,Q WKLV PLVWDNHQ VFKHPD NQRZOHGJH KDV EHHQ FRQVLVWHQWO\ VLWXDWHG DV VWDEOH²DV WKDW ZKLFK FDQ EH OLVWHG LQ D VHW RI VWDQGDUGV DQG JLYHQ WR WHDFKHUV WR WUDQVIHU %XW ZH NQRZ WKDW NQRZOHGJH LV QRW VWDEOH 6FKRQ 7KRPDV %URZQ 7KRPDV DQG %URZQ VWDWH >P@DNLQJ NQRZOHGJH VWDEOH LQ D FKDQJLQJ ZRUOG LV DQ XQZLQQDEOH JDPH´ /RFDWLRQ RI .QRZOHGJH DFWXDOO\ KDV QHYHU EHHQ VWDEOH EXW JLYHQ WKH GLVUXSWLYH SRZHU RI WKH ,QWHUQHW ZKDW FRXQWV DV NQRZOHGJH LV D VKLIWLQJ PDWWHU WKDW LV PRUH HDVLO\ UHFRJQL]HG HVSHFLDOO\ E\ WKRVH KROGLQJ SRZHU ZKRVH FRQFHSW RI NQRZLQJ LQ WKH SDVW ZDV RIWHQ VLWXDWHG DV WUXWK 2QH RQO\ KDV WR WKLQN RI WKH *UHDW &KDLQ RI %HLQJ WR XQGHUVWDQG KRZ WKH VDQFWLW\ RI NQRZLQJ ZDV RIWHQ D PDWWHU RI SRZHU


,Q FRQWUDVW WR VXFK FHUWDLQW\ 7KRPDV DQG %URZQ SRVLW WKDW WKHUH LV D QHZ FXOWXUH RI OHDUQLQJ LQIRUPHG E\ D PDVVLYH LQIRUPDWLRQ QHWZRUN WKDW SURYLGHV DOPRVW XQOLPLWHG DFFHVV DQG UHVRXUFHV WR OHDUQ DERXW DQ\WKLQJ«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¶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³, KDG WR IRRO DURXQG D ELW DQG WHVW RXW ZD\V WR PDNH WKH SUHVVXUH SODWH ZRUN , FRXOGQ¶W VHH KRZ LW ZRXOG EH SRVVLEOH ´ :KHQ , DVNHG KLP ZK\ KH ZRXOG UHWXUQ WKH FRLQ WR WKH SOD\HU KH VDLG WKDW KH GLGQ¶W ZDQW WR H[FOXGH DQ\RQH IURP SOD\LQJ :KHUHDV HYHU\RQH RQ WKH VHUYHU KDG VRPH FRLQ WKH\ FRXOG XVH QRW DOO KDG WKH VDPH ³, ZDQWHG WKHP WR PDNH D FRPPLWPHQW E\ SOD\LQJ D FRLQ EXW , GLGQ¶W ZDQW WR WDNH WKHLU FRLQV :H¶UH IULHQGV ´ 6XVWDLQHG FRQYHUVDWLRQ UHSUHVHQWV WKH GRPLQDQW PHWKRG IRU LQTXLU\ DQG LV VXJJHVWLYH RI WKH ER\V¶ HPHUJLQJ VHQVH RI DJHQF\ 0\ VRQ HQJDJHV LQ VXVWDLQHG FRQYHUVDWLRQV YLD 6N\SH ZLWK WKH RWKHU SOD\HUV LQ RUGHU WR EUDLQVWRUP LQQRYDWH ILQG PXOWLSOH VROXWLRQV FRPSOHWH WDVNV K\SRWKHVL]H DQG HQJDJH LQ SOD\ 7DON LV LPSRUWDQW DQG LQ WKH KRUL]RQWDO ZRUOG RI JDPH SOD\LQJ LW LV QRW OLPLWHG WR RU FRQWUROOHG E\ D WHDFKHU -RKQ *RRGODG UHSRUWHG LQ KLV UHVHDUFK DERXW VFKRROV WKDW WHDFKHUV ³RXW WDONHG WKH HQWLUH FODVV RI VWXGHQWV WKUHH WR RQH´ S &HQWUDO WR WKHVH OHDUQHUV¶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¶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«LV QRW GULYHQ E\ SUHGHWHUPLQHG LQSXWV IURP H[SHUWV LW


LV FRQVWUXFWHG DQG QHJRWLDWHG LQ UHDO WLPH E\ WKH FRQWULEXWLRQV RI WKRVH HQJDJHG LQ WKH OHDUQLQJ SURFHVV QS 7KHVH UKL]RPDWLF OHDUQLQJ VSDFHV WKH ER\V LQKDELW DUH LQKHUHQWO\ QDWLYH WR WKHLU RZQ JURXQG HYHQ DV WKH\ LQYROYH OHDUQHUV IURP DFURVV YDVW JHRJUDSKLF VSDFHV 0HPEHUVKLS LQ WKH JDPH VKLIWV DQG FKDQJHV DFURVV WLPH DQG H[SHUWLVH LV QRW GHWHUPLQHG E\ VRFLDO PDUNHUV VXFK DV DJH UDFH RU FUHGHQWLDOV²DOWKRXJK JHQGHU GRHV VHHP WR EH D FRQGLWLRQ SUHVHQWO\ $V OHDUQHUV ZRUN DORQH LQ SDLUV VPDOO JURXSV DQG ODUJH FROOHFWLYHV QHZ DOOLDQFHV IRUP DQG EUHDN 7KH ER\V¶ JDPH SOD\LQJ UHSUHVHQWV D UKL]RPDWLF PDS DQ RSHQ SRVVLELOLW\ WKDW LV ³GHWDFKDEOH UHYHUVLEOH VXVFHSWLEOH WR FRQVWDQW PRGLILFDWLRQ ,W FDQ EH WRUQ UHYHUVHG DGDSWHG WR DQ\ NLQG RI PRXQWLQJ UHZRUNHG E\ DQ LQGLYLGXDO JURXS RU VRFLDO IRUPDWLRQ´ 'HOHX]H *XDWWDUL S 7KH SOD\HUV FKRRVH WR SDUWLFLSDWH LQ KDUG ZRUN HDFK DQG HYHU\ GD\ 7KH\ VHW WDVNV WR EH FRPSOHWHG DQG HVWDEOLVK WLPHOLQHV WR GR VR $V -DQH 0F*RQLJDO UHSRUWV ³*DPHV PDNH XV KDSS\ EHFDXVH WKH\ DUH KDUG ZRUN WKDW ZH FKRRVH IRU RXUVHOYHV´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¶V OHDUQHG KRZ WR ZRUN ZLWK RWKHUV KRZ WR VHDUFK ORFDWH DQG HYDOXDWH LQIRUPDWLRQ KRZ WR UXQ DQ HIIHFWLYH VHUYHU DQG QHJRWLDWH D FRQWUDFW ZLWK D FRPSDQ\ WR KRVW WKH VHUYHU KRZ WR EDUWHU VHUYLFHV LQ H[FKDQJH IRU PRQH\ WR SD\ IRU WKH VHUYHU KRZ WR H[SODLQ DQ LQVWDOODWLRQ SURFHVV RI PRGV WR RWKHUV KRZ WR FUHDWH D PRG KRZ WR DQWLFLSDWH D SDUWQHU¶V SOD\ LQ D JDPH KRZ WR EXLOG D VWUXFWXUH ZLWK VRPHRQH QRW LQ WKH VDPH URRP KRZ WR LPDJLQH D SODFH DQG EXLOG LW KRZ WR JLYH DQG WDNH LGHDV KRZ WR PDNH PLVWDNHV LQ RUGHU WR SURJUHVV LQ D JDPH KRZ WR EXLOG D GHVLJQ EDVHG RQ VRPHRQH¶V LGHD KRZ WR VFULSW KRZ WR PRGHO KRZ WR UHVROYH VRFLDO SUREOHPV ZKHQ WKH\ DULVH KRZ WR XVH UHVRXUFHV RQOLQH DQG RIIOLQH WR JXLGH EXLOGLQJ KRZ WR PDNH JDPHV LQVLGH RI JDPHV KRZ WR PDNH ILOPV DQG XSORDG WKHP WR <RX7XEH DQG KRZ WR QDUURZ WKH IRFXV RI D ILOP 'XULQJ WKLV OHDUQLQJ WKH ER\V DUH DOVR OHDUQLQJ DERXW RQH DQRWKHU VLEOLQJV ZKHUH WKH\ OLYH FXUUHQF\ JHRJUDSK\ IRRG SROLWLFV DQG DOO WKLQJV 0LQHFUDIW 0\ VRQ LV DGDPDQW WKDW WKLV SOD\LQJ LV QRW OHDUQLQJ ,W V QRW OLNH VFKRRO KH WHOOV PH UHSHDWHGO\ 6DGO\ , WKLQN KH V ULJKW $SSO\LQJ 5KL]RPDWLF 6HQVLELOLWLHV WR µ/HDUQHU¶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³+RZ GR ZH HGXFDWH FKLOGUHQ"´ ZLOO EH FKDOOHQJHG &HUWDLQO\ WKHUH KDYH EHHQ DOWHUQDWLYHV WR WUDGLWLRQDO VFKRRO UDLVHG DQG RIIHUHG LQ WKH SDVW :KDW PDNHV WKHVH WLPHV GLIIHUHQW LV WKDW LQ WKH SDVW LW


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³5KL]RPDWLF HGXFDWLRQ &RPPXQLW\ DV FXUULFXOXP ´ 5HWULHYHG RQ IURP KWWS GDYHFRUPLHU FRP HGEORJ UKL]RPDWLF HGXFDWLRQ FRPPXQLW\ DV FXUULFXOXP 'HOHX]H *LOOHV DQG *XDWWDUL )pOL[ $ WKRXVDQG SODWHDXV &DSLWDOLVP DQG VFKL]RSKUHQLD /RQGRQ &RQWLQXXP 'ULVFROO 0DUF\ 3 3V\FKRORJ\ RI /HDUQLQJ DQG ,QVWUXFWLRQ UG (GLWLRQ $OO\Q %DFRQ *RRGODG -RKQ $ SODFH FDOOHG VFKRRO 1HZ <RUN 0F*UDZ +LOO 0F*RQLJDO -DQH 5HDOLW\ LV EURNHQ :K\ JDPHV PDNH XV EHWWHU DQG KRZ WKH\ FDQ FKDQJH WKH ZRUOG 1HZ <RUN 3HQJXLQ 3UHVV 6FK|Q 'RQDOG 7KH UHIOHFWLYH SUDFWLWLRQHU KRZ SURIHVVLRQDOV WKLQN LQ DFWLRQ 1HZ <RUN %DVLF %RRNV 7KRPDV 'RXJ -RKQ 6HHO\ %URZQ $ QHZ FXOWXUH RI OHDUQLQJ &XOWLYDWLQJ WKH LPDJLQDWLRQ IRU D ZRUOG RI FRQVWDQW FKDQJH &UHDWH 6SDFH .LQGOH 3DQGR $OVR NQRZQ DV WKH 7UHPEOLQJ *LDQW 3DQGR LV D FORQDO FRORQ\ RI D VLQJOH PDOH 4XDNLQJ $VSHQ ORFDWHG LQ 8WDK (DFK JHQHWLFDOO\ LGHQWLFDO LQGLYLGXDO WUHH RU ³VWHP´ LV FRQQHFWHG E\ D VLQJOH URRW V\VWHP 6SUHDGLQJ DFURVV PRUH WKDQ DFUHV 3DQGR LV EHOLHYHG WR EH RYHU \HDUV ROG DQG FROOHFWLYHO\ ZHLJKV RYHU WRQV PDNLQJ LW WKH KHDYLHVW RUJDQLVP RQ WKH SODQHW DV ZHOO DV RQH RI WKH ROGHVW IURP /HDI DQG /LPE 7UHH 6HUYLFH EORJ

FRPPXQLFDWLRQ


YHUELDJH DV ZH¶UH FXUUHQWO\ VHHLQJ XVLQJ LW 7KH VLQJOH ELJJHVW SUREOHP LQ FRPPXQLFDWLRQ LV WKH LOOXVLRQ WKDW LW KDV WDNHQ SODFH *HRUJH %HUQDUG 6KDZ

FXOWXUH :H¶UH WKLQNLQJ WKDW WUDQVSDUHQF\ LV WKH QHZ FXUUHQF\ 7KDW NQRZLQJ SHRSOH EXLOGLQJ D FRPPXQLW\ KDV PXFK PRUH YDOXH WKDQ ZKDW PRVW RI XV HQG XS VSHQGLQJ PRVW RI WKH KRXUV LQ D GD\ GRLQJ :H¶UH WKLQNLQJ VFKRRO KDV SHUSHWXDWHG D FRUSRUDWH $PHULFD ORQJ EH\RQG LW¶V QHHG WR EH LI LW HYHU ZDV D QHHG :H¶UH WKLQNLQJ WHFK ZDQWV WR IUHH XV XS EDFN WR D IRFXV RQ SHRSOH FRQYHUVDWLRQ FRPPXQLW\ VKDULQJ OLVWHQLQJ :H¶UH H[SHULPHQWLQJ ZLWK D IRFXV RQ D VRFLDO FXUUHQF\ UDWKHU WKDQ D PRQHWDU\ FXUUHQF\ 0RVW RI ZKDW ZH¶UH VXJJHVWLQJ GRLQJ EHLQJ ZLOO RQO\ WKULYH LQ D FXOWXUH RI WUXVW UHDG PRUH DERXW FXOWXUH RI WUXVW LQ FK

IRU PRUH VHH VOLGHGHFN PRUH UHVRXUFHIXO

SHUSHWXDO EHWD 1HYHU HQGLQJ QHYHU GRQH EHJLQQLQJ $OZD\V IUHVK PLQGIXO QHZ ,W V GLUW\ DQG ZKROHVRPH ,W V WKH ZD\ WKDW NQRZOHGJH DFWXDOO\ LV UDWKHU WKDQ WKH ZD\ ZH WU\ WR SDFNDJH LW VR WKDW LW FDQ EH PHDVXUHG 'DYH &RUPLHU

2QH WKLQJ SHRSOH KDYH VDLG WKDW KDYH YLVLWHG WKH EH \RX KRXVH LV WKDW HYHU\ WLPH WKH\ FRPH LW¶V GLIIHUHQW 5RXWLQH FDQ FULSSOH XV 'RLQJ WKLQJV WR ILQLVK FDQ FRPSURPLVH XV :H¶UH SUDFWLFLQJ HPEUDFLQJ PRGHOLQJ SHUSHWXDO EHWD WKURXJK RXU HDJHUQHVV WR OHDUQ IURP RXUVHOYHV DQG RWKHUV DV ZH VKDUH RXU PLVWDNHV DQG VHHN WR KROG RXUVHOYHV DFFRXQWDEOH WR D FRQWLQXDO IUHVKQHVV PLQGIXOQHVV GLVUXSWLRQ DV SHU &OD\ &KULVWHQVHQ >D TXLHW UHYROXWLRQ@

ż ż

%\ GHVLJQ ZH DUH FXUUHQWO\ LQ WKH VKDGRZV WKH OHIW HQG RI WKH XSZDUG H[SRQHQWLDO FXUYH $V ZH EHJLQ EHLQJ WKRVH PRVW LQ ORYH ZLWK WKH LGHD H[SHULPHQW IDLO WZHDN FRQWLQXDOO\ PDNLQJ EHLQJ :H¶UH H[SHULPHQWLQJ ZLWK WUDQVSDUHQW VKDGRZV UDZ IRRWDJH YLGHRV RQ \RXWXEH PRQN

IDFHERRN JURXS WVG LQQRYDWLRQ ODE


ż LQIR DQG XSGDWH VLWH ODEFRQQHFWLRQV

ż VWDQG DORQH VLWH EH \RX :H DUH VWLOO LQ WKH VKDGRZV WR WKRVH QRW LQWHQWLRQDOO\ VHHNLQJ XV RXW EHFDXVH ZH DUHQ¶W VHOOLQJ DQ\WKLQJ RU SXVKLQJ DQ\WKLQJ :H EHOLHYH REVFXULW\ LV NH\ WR VHOI GLUHFWHG OHDUQLQJ DV LPSRVHG GHILQLWLRQ URXWLQH DQG IRFXV RQ RXWFRPH FDQ HQFRXUDJH PLQGOHVVQHVV :H ZHOFRPH WKH VKDGRZV DV ZH EHOLHYH \RX PD\ EH PRUH LQFOLQHG WR EH ZRUNLQJ GRLQJ IDLOLQJ WKHUH <RX PD\ EH PRUH LQFOLQHG WR EH \RX WKHUH 3XEOLFLW\ RIWHQ QXGJHV XV WRZDUG WKHRU\ DQG PHHWLQJV DQG GHIHQGLQJ DQG WDONLQJ SHUIHFW FDVH VFHQDULRV PRUH VR WKDQ GRLQJ EHLQJ :H EHOLHYH LQ ZKDW ZH¶UH GRLQJ $QG ZKLOH ZH¶UH QRW VHOOLQJ SXVKLQJ ZH EHOLHYH ZH¶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

SHRSOH DJHQGD 2XU GHVLUH LV WR EH JUHHQ DERXW SHRSOH 7R YDOXH HPEUDFH GHOLJKW LQ ZKDW LW PHDQV WR EH KXPDQ DQG DOLYH >D IDYRULWH TXRWH IURP &DURO %ODFN¶V EHDXWLIXO ILOP 6FKRROLQJ WKH :RUOG@ :H¶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¶UH FUHDWLQJ VSDFHV RI IUHHGRP IRU D VPDOO IHZ SHUFHQWDJH WR JHW DW DXWKHQWLF H[SHULPHQWDWLRQ LQQRYDWLRQ 6SDFHV WR WHVW QHZ LGHDV RXW ZLWKLQ


D FRPPXQLW\ ZKHUH IDLOXUH ZRQ¶W DIIHFW RIIVHW WKH ZKROH EXW XQH[SHFWHG XQNQRZQ GHOLJKWIXO VXFFHVV ZLOO FHUWDLQO\ DQG SOHDVDQWO\ EHQHILW WKH ZKROH 6DXO .DSODQ FRQQHFWHG DGMDFHQF\ JRRJOH WKHVH VOLGHGHFNV MRL LWR ZLNLSHGLD WKH GDQGHOLRQ DIIHFW ERRNV WKH PHVK WKH SRZHU RI SXOO GHVFKRROLQJ VRFLHW\ FKLOG LQ WKH FLW\ GL\X GL\ FROOHJH FUHGHQWLDOV

WDFLW NQRZOHGJH

.QRZLQJ PRUH WKDQ RQH FDQ WHOO 1RW DFTXLUHG IURP RWKHU LW UHTXLUHV OHDUQLQJ WKURXJK PLQG ERG\ DQG VHQVHV DQG LV IDFLOLWDWHG E\ H[SHULPHQWDWLRQ DQG LQTXLU\ 0DU\ $QQ 5HLOO\ -RKQ +DJHO (GJH 3HUVSHFWLYHV

DGMDFHQW SRVVLELOLWLHV 6WHYHQ -RKQVRQ¶V 7(' 7KH SRWHQWLDO VHUHQGLSLGW\ FUHDWHG ZKHQ \RX FRQQHFW QRWLFH WKH XQOLNHO\

VHOI GLUHFWHG OHDUQLQJ .QRZLQJ ZKDW WR GR ZKHQ \RX GRQ¶W NQRZ ZKDW WR GR (ULFD 0F:LOOLDPV

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¶V QHHGV DQG LQWHUHVWV WKDW KDYH EHHQ LQ VRPH ZD\ SUH VHOHFWHG RU IDYRUDEO\ ILOWHUHG DQG WKDW PD\ KDYH EHHQ FUHDWHG E\ SURGXFWLRQ VWXGLRV WHDFKHUV RWKHU VWXGHQWV RU WKH VWXGHQW KLP RU KHUVHOI &RQWHQW ± LQWHUDFWLRQ PHGLD GDWD ± IORZV EDFN DQG IRUWK EHWZHHQ WKH OHDUQLQJ HQYLURQPHQW DQG WKH H[WHUQDO UHVRXUFHV KHOG WRJHWKHU E\ WKH VLQJOH LGHQWLW\ EHLQJ HPSOR\HG E\ WKH OHDUQHU LQ WKLV FRQWH[W (GXFDWLRQDO GHOLYHU\ V\VWHPV ZLOO UHFRJQL]H WKH LGHQWLW\ RI WKH VWXGHQW PDNLQJ WKH UHTXHVW DQG ZLOO FRRUGLQDWH ZLWK RWKHU RQOLQH DSSOLFDWLRQV ZKLFK PD\ LQFOXGH FRPPHUFLDO EURNHUV RSHQ UHVRXUFH UHSRVLWRULHV RU DGGLWLRQDO VWXGHQW UHFRUGV WR IDFLOLWDWH WKH VWXGHQW¶V OHDUQLQJ DFWLYLW\ 6WHSKHQ 'RZQHV IURP

SUHVFULEHG OHDUQLQJ 7R GDWH PXFK RI RXU DWWHQWLRQ HYHQ LQ WKH ILHOG RI RQOLQH OHDUQLQJ KDV EHHQ IRFXVHG RQ D V\VWHP RI OHDUQLQJ FHQWHUHG RQ WKH FODVV RU FRKRUW JURXSV RI VWXGHQWV VWXG\LQJ WKH VDPH FXUULFXOXP SDFH WKURXJK WKH VDPH VHW RI OHDUQLQJ DFWLYLWLHV )HQQLQJ :H FRQWLQXH WR RUJDQL]H FODVVHV LQ JUDGHV VRUWHG HVSHFLDOO\ LQ WKH HDUOLHU \HDUV E\ DJH 7LPH FRQWLQXHV WR EH WKH GRPLQDQW


PHWDSKRU IRU XQLWV RI OHDUQLQJ DQG OHDUQLQJ FRQWLQXHV WR EH FRQVWUDLQHG E\ WLPH $V LW ZDV WHQ \HDUV DJR WKH PRGHO LV WKDW RI D JURXS RI SHRSOH VWDUWLQJ DW WKH VDPH WLPH VWXG\LQJ WKH VDPH PDWHULDOV DW WKH VDPH SDFH DQG HQGLQJ DW WKH VDPH WLPH 6WHSKHQ 'RZQHV

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

WKH EDVLFV 7KH PRVW FRPPRQ TXHVWLRQ ZH JHW LV ³:KDW DERXW WKH EDVLFV"´ )LQG D JUHDW DQVZHU WR WKDW RQ WKH VLWH RI WKH %URRNO\Q )UHH 6FKRRO 7KH DQVZHU LV D TXHVWLRQ ³:KDW DUH WKH EDVLFV"´ 3HUKDSV WKDW¶V ZKDW ZH QHHG WR UHGHILQH SHU DQ LQGLYLGXDO FRPPXQLW\ $QG LI WKH\ DUH UHDOO\ EDVLF FDQ ZH QRW WUXVW WKHP WR VKRZ XS" 6KRXOGQ¶W EDVLFV EH XVHG XVHIXO" 2Q WKH RWKHU KDQG DQG VWULNLQJO\ PRUH RI D ULVN \HW PRUH RYHUORRNHG GHQLHG DFFHSWHG WRR PDQ\ SHRSOH DUHQ¶W JHWWLQJ ZKDW ZH WKLQN DUH WKH EDVLFV QRZ 7KH\ PD\ EH SOD\LQJ WKH VFKRRO JDPH VR ZHOO WKDW LW DSSHDUV WKH\ DUH EXW OHJLWLPDWHO\ JHWWLQJ WKH EDVLFV KDV EHHQ SURYHQ WLPH DQG DJDLQ WR EH IDOVH ZKHQ WKH\ HQWHU WKH MRE IRUFH RU DUULYH DW WKH XQLYHUVLW\ FDPSXV DQG DUH XQDEOH WR SHUIRUP H[SHFWHG EDVLFV .LGV LQ WKH ODE DUH WKLQNLQJ WKDW DV PXFK DV RI NLGV HLWKHU FKHDW RU FUDP WKH GD\ EHIRUH D WHVW VR WKDW D ZHHN ODWHU WKH\ GRQ¶W UHPHPEHU LH ,W¶V KDUG WR JR WKURXJK D GD\ RI UHDO OLIH ZLWKRXW HQJDJLQJ LQ PDWKHPDWLFDO WKLQNLQJ 6FKRRO PDWK KRZHYHU SHU WKH FRPPRQ FRUH VWDQGDUGV LVQ¶W QHFHVVDULO\ SUDFWLFDO XVHIXO EDVLF +DYH \RX UDWLRQDOL]HG D GHQRPLQDWRU RU FRQMXJDWHG DQ LPDJLQDU\ QXPEHU ODWHO\" $QG LI \RX KDYH KRZ FRPPRQ GR \RX WKLQN WKDW LV"

:H¶UH PLVVLQJ RSSRUWXQLWLHV DQG EULOOLDQW PLQGV EHFDXVH LQ RXU FRQFHUQ IRU FRYHULQJ WKH EDVLFV ZH KDYH EHFRPH VR ERJJHG GRZQ LQ QRQ HVVHQWLDOV WR D SHUVRQ $QG DV D UHVXOW PDQ\ RI XV KDYH EHFRPH PLQGOHVV WR PRUH FULWLFDO \HW QDWXUDO WKLQNLQJ :KDW ZH FDOO WKH EDVLFV WRGD\ ZKDW ZH PHDVXUH DQG ODEHO DQG FUHGLW DUH QR ORQJHU ERGLQJ XV ZHOO 0DMRU XQLYHUVLWLHV &(2¶V 1$6$ «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¶UH PDNLQJ WRR PDQ\ GHFLVLRQV EDVHG RQ WRR OLWWOH LQIRUPDWLRQ $Q\D .DPHQHW]


HTXLW\ (TXLW\ GRHVQ¶W PHDQ HTXDO (TXLW\ LQYROYHV SHUVRQDOL]DWLRQ ,W EHJV FKRLFH ,W DOORZV IRU UHGHILQLWLRQ RI VXFFHVV SHU LQGLYLGXDO FRPPXQLW\ 7KH DFKLHYHPHQW JDS LV D PLVQRPHU ZKHQ ZH SUHVFULEH ZKDW WKH JDS LV DERXW 1RQH RI WKH GDWD ZH¶YH EHHQ JDWKHULQJ DQG VSHQGLQJ PRVW RI RXU WLPH HQHUJ\ PRQH\ SHRSOH RQ KDV D VWDWLVWLFDOO\ VRXQG EDVLV (YHU\WKLQJ LV YDULDEOH GHEDWDEOH LH 3,6$ WKH WHVW PRVW RIWHQ UHIHUUHG WR ZKHQ FRPSDULQJ FRXQWULHV KDV LW¶V PDLQ IRFXV RQ PDWK 0DWK PDQ\ VD\ LV PRUH XQLYHUVDO EHFDXVH WKHUH DUH UHODWLYHO\ IHZ EDUULHUV GXH WR ODQJXDJH <HW WKH PDWK RQ WKHVH WHVWV DUH PRUH OLNHQHG WR VFKRRO PDWK WKDQ PDWKHPDWLFDO WKLQNLQJ 7KLV FDQ WUDQVODWH WR D FRPSHWLWLRQ EHWZHHQ FRXQWULHV RQ D WRSLF WKDW LV YHU\ UHVWULFWLYH DQG QRW EHQHILFLDO WR PRVW SHRSOH :H¶UH VXJJHVWLQJ D PRUH HTXLWDEOH PHDQV WR PRQLWRU JURZWK LI \RX PXVW PRGHO PRUH RI D VHOI GLUHFWHG IHHGEDFN ORRS FRPSDULQJ SHUVRQDO EHVWV

(TXLW\ ZLOO FRPH ZKHQ ZH IUHH SHRSOH RI D SUHGHWHUPLQHG RXWFRPH (TXLW\ ZLOO FRPH ZKHQ ZH RIIHU UHVRXUFHV SHU FKRLFH DQG IDFLOLWDWH VHOI GLUHFWHG OHDUQLQJ (TXLW\ IDGHV WKH PRUH ZH IRFXV RQ D PHDQV WR LPSURYH VWDQGDUGL]DWLRQ LH :H UHDOL]H PDQ\ PRUH UHVRXUFHV LI ZH DOORZ SHRSOH WR ORRN DW DQG XVH ZKDW WKH\ KDYH 0DQ\ SHRSOH KDYH DQG SUHIHU FHOO SKRQH XVH VR ZK\ LQVLVW HYHU\RQH KDYH DQ LSDG 6DYH WKH PRQH\ IRU WKH IHZ WKDW GRQ¶W KDYH DQ\WKLQJ EXW DJDLQ OHW WKHP FKRRVH WKHLU PHDQV RI DFFHVV :H¶UH WKLQNLQJ D JRRG VWDUW IRU FKRLFH RI FRQQHFWLRQ DFFHVV LQYROYHV ODSWRSV SKRQHV ELNHV EXV SDVVHV DUW S LQ ,YDQ RWKHU IURP *RGLQ

3HUIHFWLRQ LQ PDNLQJ LV DQ DUW 3HUIHFWLRQ LQ DFWLQJ LV D YLUWXH ,YDQ ,OOLFK

7U\LQJ WR JHW DZD\ IURP DFWLQJ EHLQJ SHRSOH WKDW ZH DUHQ¶W IRU ZKDWHYHU UHDVRQV DQG GRLQJ ZKDW PDWWHUV PRVW WR XV $UW LV WKDW LQWHUHVWLQJ SLHFH LQVLGH HDFK RQH RI XV ,W¶V WKDW WKLQJ \RX FDQ¶W QRW GR ,Q SURYLGLQJ VSDFHV WR EH ZH DOORZ SHRSOH WR ILQG JURZ FUHDWH WKHLU DUW ,I SHRSOH DUH GRLQJ PDNLQJ EHLQJ WKHLU DUW WKH\ EHFRPH LQGLVSHQVDEOH UDWKHU WKDQ VLPSO\ YLUWXRXV RU ERUHG RU GHOLQTXHQW RU GHSUHVVHG :H JHW VR ZRUULHG DERXW DQG H[SHQGHG LQ D PHDQV WR LPSURYH RU WR SURYH ,I ZH IRFXV RQ DXWKHQWLF DUW DV RSSRVHG WR SUHVFULEHG OHDUQLQJ WKH SURYLQJ ZLOO QRW ORQJHU EH DQ LVVXH :H¶OO ZRQGHU ZKDW DOO WKH IXVV ZDV 7KH NLGV DOUHDG\ ZRQGHU 7KH DUW WKH VKDULQJ RI WKDW DUW EHFDXVH \RX FDQ¶W QRW LV LWV RZQ UHZDUG ULVN 6FKRROV WRGD\ DUH ILOOHG ZLWK SHRSOH ORYHO\ SHRSOH 3HRSOH WKDW KDYH QR LOO LQWHQWLRQV 3HRSOH GRLQJ WKHLU EHVW WR PDNH WKLQJV OLIH EHWWHU +RZHYHU PRVW DUH SHRSOH ERXQG E\ SROLF\ 7KH SROLFLHV WKH LQVWLWXWLRQ RI VFKRRO KDV ELUWKHG DQG EUHG QRZ KROG PDQ\ FDSWLYH 7KH IROORZLQJ VSHDNV RI WHDFKHU DQG VWXGHQW EXW ZH¶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


VFKRROURRP WR VHUYH DV D PDJLF ZRPE IURP ZKLFK WKH FKLOG LV GHOLYHUHG SHULRGLFDOO\ DW WKH VFKRRO GD\¶V DQG VFKRRO \HDU¶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

WHFK YV ZHE :H¶UH VHHLQJ TXLWH D GLIIHUHQFH KHUH :H VHH WKH ZHE DV FRQQHFWLRQV &RQQHFWLRQ WR LQIRUPDWLRQ DQG WR SHRSOH 7KHVH FRQQHFWLRQV KDYH UHDOO\ FKDQJHG FRQVLGHUDEO\ LQ WKH ODVW \HDUV :H EHOLHYH WKLV FKDQJH LV ZK\ ZH DUH DEOH WR EROGO\ UHGHILQH VFKRRO HGXFDWLRQ :H EHOLHYH WKLV QHZO\ DPSOLILHG DFFHVV WR SHRSOH DQG LQIR LV WKH UHDVRQ ZH¶UH DEOH WR DFWXDWH LGHDV WKHRULHV WRZDUG VHOI GLUHFWHG OHDUQLQJ WKDW KDYH EHHQ DGGUHVVHG GHVLUHG IRU KXQGUHGV RI \HDUV 7KHVH FRQQHFWLRQV DUH DOORZLQJ XV WR GLIIHUHQWLDWH WR LQILQLW\ LQ SXEOLF HG :H VHH WHFK DV WRROV :H¶UH VXJJHVWLQJ OHVV RI D IRFXV RQ WKH WHFK WRRO DQG PRUH IRFXV RQ WKH ZHE FRQQHFWLRQV ,I SHRSOH JHHN RXW RQ WHFK WKDW LV ILQH WKDW LV JUHDW ZH QHHG WKRVH SHRSOH :H¶UH VXJJHVWLQJ WKDW D IRFXV RQ WKH WHFK FDQ FDXVH XV WR JHW VLGHWUDFNHG LQWR WKLQNLQJ LW¶V WKH WLFNHW WR FKDQJH LH LI ZH DOO KDYH WKH VDPH WRROV RU OHDUQ XVH WKHP LQ WKH VDPH ZD\ GHWR[

'HWR[ LV VLPSO\ ZKDW ZH DUH FDOOLQJ D SURFHVV RI OHDUQLQJ WR OHDUQ 7KH ZRUGV ZH DUH XVLQJ WR SHQ GHWR[ DUH EH QRWLFH GUHDP FRQQHFW GR :H¶UH ZRQGHULQJ LI LW PLJKW KHOS PDQ\ RI XV JHW EDFN WR RXU SURSHQVLW\ WRZDUG FXULRVLW\ :H¶UH ZRQGHULQJ LI LW PLJKW KHOS WKRVH RI XV ZKR KDYH EHFRPH DGGLFWHG WR URXWLQH GLUHFWLRQV SUHVFULSWLRQV WR UHJDLQ XQOHDVK VWUHQJWKHQ DZDNHQ RXU QDWXUDO PLQGIXOQHVV WRZDUG LPDJLQDWLRQ DQG SOD\ PRUH DERXW GHWR[ LQ FK


WKH LQQRYDWLRQ ODE <HDU RQH WKH ODE ZDV D SK\VLFDO VSDFH ZKHUH NLGV FRXOG JR WR OHDUQ SHU SDVVLRQ :H DUH KRSLQJ WKDW LQ \HDU SHRSOH ZLOO VHH WKDW UDWKHU WKDQ D SK\VLFDO VSDFH WKH\ WKHPVHOYHV DUH WKH LQQRYDWLRQ ODE WR ZKDWHYHU GHJUHH WKH\ FKRRVH :LWK WKLV PLQGVHW GLVSHUVLQJ LQWR WKH HQWLUH GLVWULFW ZH HQYLVLRQ D \RXU VFKRRO GHVLJQ LW FRPPXQLW\ DV VFKRRO DW WKH HQG RI IRXU \HDUV PRUH RQ WKLV LQ FKDSWHU UHDG PRUH DERXW D GLVWULFW YLVLRQ KHUH FRQQHFW HG

WKH EH \RX KRXVH <HDU WZR WKH KRXVH LV D SK\VLFDO VSDFH PLPLFNLQJ WKH IOXLGLW\ WUDQVSDUHQF\ PDOOHDELOLW\ DQG DOOXUH RI WKH ZHE ,V WKH ZHE JHWWLQJ XV EDFN WR D PRUH KXPDQH VWDWH SHUKDSV UHPLQGLQJ XV ZKDW LW¶V OLNH WR EH DOLYH" $ VSDFH RI SHUPLVVLRQ WR EH $ VSDFH WR MXPS VWDUW FXULRVLW\ LPDJLQDWLRQ DQG SOD\ WR HQOLYHQ VHOI GLUHFWHG OHDUQLQJ $ VSDFH HQFRXUDJLQJ PLQGIXOQHVV $ VSDFH PRGHOLQJ QR FKLOG OHIW EHKLQG 1&/% UHGHILQHG D VDIH VSDFH RI UHVRXUFHV D SHUVRQDO PHQWRU LQ SDUWLFXODU $ VDIH VSDFH IRU ERWK SOD\ DQG VROLWXGH $ VSDFH ZLWKLQ WKH FLW\ XVLQJ WKH FLW\ DV IORRUSODQ SURWRW\SLQJ \HDU ¶V YLVLRQ $ VSDFH RI DOOXUH DQG IDFLOLWDWLRQ IRU \RXU FXULRVLWLHV $Q HFFOHFWLF VSDFH OLNH WKH ZHE $ SK\VLFDO VSDFH WR SURWRW\SH PRGHO ZKDW D FLW\ FRXOG EH OLNH ZKDW D QDWLRQ RU D JOREH FRXOG EH OLNH ZKHQ YLUWXDO DQG UHDOLW\ SOD\ WRJHWKHU IRU WKH JRRG RI SHRSOH D WRXU RI WKH KRXVH KHUH EH \RX JRRJOHSOH[ JRRJOH VSDFH PRGHOLQJ IRU HYHU\RQH LQ WKH GLVWULFW ERRNV .HYLQ .HOO\ :KDW 7HFK :DQWV 3HWHU +DZNHQ %OHVVHG 8QUHVW /LVD *DQVN\ 7KH 0HVK

WDEOH RI FRQWHQWV


OLYH GRF RI WDEOH RI FRQWHQWV FK GHWR[ UKL]RPDWLF OHDUQLQJ

WKH ZK\ 6LPRQ 6LQHN¶V 7(' WDON DERXW WKH LPSRUWDQFH RI ZK\ KDG XV LQLWLDOO\ FXULRXV :K\ ZK\ ILUVW" +RZ VHHPHG DZIXOO\ KXJH $V GLG ZKDW 7KH PRUH ZH GDEEOHG ZLWK LW WKH VWURQJHU ZK\ EHFDPH :H WKH ZRUOG KDYH EHHQ TXLWH REVHVVHG ZLWK KRZ VFKRRO LV GRQH DV VHHQ E\ \HDUV RI VWXG\ RI SHGDJRJ\ (YHQ RXU RZQ UHVHDUFK WR UHGHILQH VFKRRO LQWHQVLILHG \HDUV DJR IRFXVHG RQ WKH DQVZHU WR KRZ EHFDXVH RI RXU SUHVXSSRVHG ZKDW :KDW ZH¶YH FRPH WR ILQG HYHQ IURP RXU VPDOO VDPSOH RI WKH ZRUOG LV WKDW HYHU\RQH OHDUQV GLIIHUHQWO\ 1RWKLQJ LV IRU HYHU\RQH LQ WKH KRZ 1RW YHU\ PDQ\ FKDOOHQJH WKDW WKHVH GD\V ,Q IDFW PRVW RI RXU PRQH\V DQG HQHUJLHV DQG UHVRXUFHV JR WRZDUG GLIIHUHQWLDWLRQ RI WKH KRZ +RZ ZH JHW WKRVH FRUH VWDQGDUGV LQWR HDFK FKLOG :KDW LI ZH¶UH IRFXVLQJ RQ D KRZ WR D ZURQJ ZKDW EHFDXVH ZH KDYHQ¶W WDNHQ WKH HQHUJ\ VWUHQJWK WLPH WR DVN D PRUH FULWLFDO TXHVWLRQ ZK\ )RU D YHU\ ORQJ WLPH QRZ ZH KDYH SUHVXSSRVHG D ZKDW $QG IRU TXLWH D ORQJ VSHOO WKDW ZRUNHG IRU XV 4XHVWLRQLQJ WKH ZKDW WRGD\ KRZHYHU FUHDWHV D QHZ JDPH


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¶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¶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¶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¶UH H[SHULPHQWLQJ ZLWK ZKHUH D SHUVRQ¶V H[SRVXUH WR WKLV SURFHVV >GHWR[@ PLJKW OHDG :H DUH GRFXPHQWLQJ HYLGHQFH LQ VHYHUDO ZD\V )URP RXU H[SHULHQFH RYHU WKH ODVW WKUHH \HDUV ZH EHOLHYH KRSH ZH FDQ JDWKHU HQRXJK HYLGHQFH WR VKRZ WKDW QR PDWWHU ZKDW VXEMHFW WRSLF SURMHFW D OHDUQHU FKRRVHV WR VSHQG WLPH RQ WKLV SURFHVV RI OHDUQLQJ LV VWUHQJWKHQHG DFWXDOO\ HYHQ PRUH VR WKH PRUH WKH OHDUQHU IOLWV DURXQG DQG OHDUQLQJ EHFRPHV VHFRQG QDWXUH :H EHOLHYH D VHOI GLUHFWHG OHDUQHU LV D OLIH ORQJ OHDUQHU VRPHRQH ZKR NQRZV ZKDW WR GR ZKHQ WKH\ GRQ¶W NQRZ ZKDW WR GR :LWK SUHFLVHO\ WKDW HPSRZHUPHQW SHRSOH RZQLQJ WKHLU OHDUQLQJ ZH EHOLHYH HGXFDWLRQ ZLOO EH WKH YHKLFOH WR VRFLDO FKDQJH


IRU PRUH LQIR LQVLJKW RQ WKH ZK\ RI GHWR[ WDNH D OLVWHQ WR WKLV YLGHR KWWS ZZZ \RXWXEH FRP ZDWFK" Y Z0YZ - L-2N IHDWXUH SOD\HUBHPEHGGHG RU D ORRN DW WKLV VOLGHGHFN KWWS ZZZ VOLGHVKDUH QHW PRQN XQSDFNLQJ GHWR[ WKH ZK\ RU UHDG PRUH KHUH KWWS ODEFRQQHFWLRQV EORJVSRW FRP S FRPPXQLW\ KWPO IRU PRUH LQVLJKW RQ ZK\ QRZ WDNH D ORRN DW JUDE \RXU [ G JODVVHV KWWSV GRFV JRRJOH FRP 'RF" GRFLG $; - +ZP; Z=*4 2;S FMKI1M%M1P5 =+%Q1Z KO HQB86 HULFD PFZLOOLDPV

ERRN GHVFKRROLQJ VRFLHW\ OLQFKSLQ HOHPHQW WDOHQW FRGH WKH PHDQLQJ RI LW DOO WKH VLJQLILFDQFH RI OLIH KRZ ZH WKLQN

WKH ZKDW $JDLQ WKH ZRUGV DUH QRW PDJLFDO EH QRWLFH GUHDP FRQQHFW GR EXW WKH\ KDYH EHHQ GLOLJHQWO\ VRXJKW DIWHU FUDIWHG LQ RUGHU WR FDSWXUH D QDWXUDO SURFHVV RI OHDUQLQJ LI WKH OHDUQHU LV SURYLGHG PHQWDO SK\VLFDO VSDFHV RI SHUPLVVLRQ WR EH :UDSSLQJ WKDW SURFHVV LQ XVHU IULHQGO\ YHUELDJH ZH KRSH WR FUHDWH DV PXFK RI D OHJLW PHDQV WR H[SHULPHQW GRFXPHQW KRZ SHRSOH H[SHULHQFH WKLV SURFHVV +RSLQJ WKDW GRFXPHQWDWLRQ PDSSLQJ RI WKLV SURFHVV LQ OHDUQHUV SURYLGHV LQVLJKW UHIOHFWLRQ IRU WKH OHDUQHU LQ RUGHU IRU KLP KHU WR EHFRPH D PRUH VHOI GLUHFWHG OLIH ORQJ OHDUQHU FUHDWLQJ OHJLW RQJRLQJ LQWHUQDO IHHGEDFN ORRSV DQG UHIOHFWLRQ SD\ LW IRUZDUG VKDULQJ DQ LQVLJKW UHSRVLWRU\ IRU RWKHUV VHHNLQJ WR EH VHOI GLUHFWHG OHDUQHUV LH ,Q RXU YLGHR UHSRVLWRU\ DORQH \RX FRXOG VHDUFK WVGLO QRWLFH LQ RUGHU WR H[SORUH WKH DUW RI QRWLFLQJ 2U \RX FRXOG SXOO XS D FHUWDLQ WRSLF WR VHH KRZ RWKHUV FRQQHFWHG WR SHRSOH DQG LQIR RQ WKDW WRSLF D PHDQV WR PRQLWRU JURZWK LQ SXEOLF HGXFDWLRQ UDWKHU WKDQ RXU FXUUHQW PHDQV VWDQGDUGL]HG WHVWLQJ RI D YHU\ UHVWULFWHG DQG WRGD\ YHU\ SURKLELWLQJ OLPLWLQJ FRQWHQW 7KLV JURZWK PHDVXUH LV DV FRPSDUHG WR VHOI UDWKHU WKDQ RWKHUV RU VRPH VWDQGDUG >(YLGHQFHV IURP VRPH VRUW RI GHWR[ ERRWK FRXOG EH FDSWXUHG 'HE 5R\ VW\OH LI GHVLUHG DQG XVHG E\ WHDFKHUV IDFLOLWDWRUV DGPLQ GLVWULFW VWDWH FROOHJHV EXVLQHVVHV DV D PHDQV RI HYDOXDWLQJ GHWHUPLQLQJ DQ\RQH¶V JURZWK LH ZKDW DUH \RX OHDUQLQJ DUH \RX EHFRPLQJ D EHWWHU VHOI GLUHFWLQJ OLIH ORQJ OHDUQHU @ IRU PRUH VHH WKH VOLGHGHFN RQ GRLQJ GHWR[ WKH KRZ

$ EULHI GHVFULSWLRQ RI HDFK RI WKH ILYH ZRUGV SDUWV HOHPHQWV EH 5LG \RXU PLQG RI FKDWWHU WKDW KDV SUHYLRXVO\ GHWHUPLQHG D SHUFHLYHG VHOI )RU VRPH IRU PRVW HYHQ WKLV HOHPHQW RI GHWR[ FRXOG WDNH TXLWH D ZKLOH :H KDYH EHFRPH VR XVHG WR SOHDVLQJ RWKHUV WR OLVWHQLQJ WR RWKHU YRLFHV

:KLOH LW¶V GLIILFXOW IRU VRPH WR EH DORQH PDQ\ QHHG VSDFH WR OLVWHQ IURP ZLWKLQ 6SDFHV RI SHUPLVVLRQ VSDFHV RI VROLWXGH WKHVH DUH SDUWV RI WKH FXOWXUH UHVSHFW ZH DUH FUHDWLQJ H[SHULPHQWLQJ ZLWK ,W¶V QRW DERXW SUHVFULELQJ \RX LW¶V DERXW EHFRPLQJ XQYHLOLQJ \RX


:KDW LV UHDO"

EHJLQ EHLQJ IRU PRUH RQ EH ERRNV EXFFDQHHU VFKRODU VLJQLILFDQFH RI OLIH

QRWLFH 6WHS RXW RI WKH URXWLQH 1RWLFH WKH XQOLNHO\ (OOHQ /DQJHU ZULWHV LQ 0LQGIXOQHVV 0F&ODLQ ZULWHV LQ $W :RUN ZLWK 7KRPDV (GLVRQ DQG &ROLQ :DUG ZULWHV LQ 7KH &KLOG LQ WKH &LW\ KRZ IRFXV RQ RXWFRPHV FDQ OHDG WR PLQGOHVVQHVV 0DQ\ RI XV WRGD\ DUH PLQGOHVV :H GRQ¶W ZDQGHU :H GRQ¶W HPEUDFH IDLOXUH DV D PHDQV WR QRWLFH OHDUQ PRUH :H¶UH IHDUIXO RI WKH XQSODQQHG \HW WKH XQSODQQHG WKH XQOLNHO\ DIIRUGV XV D VSDFH WR PDNH GHFLVLRQV EDVHG RQ WKH QHZQHVV RI WKH PRPHQW 0LQGIXOQHVV DORQH FRXOG FKDQJH WKH ZRUOG IRU PRUH RQ QRWLFH

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

FRQQHFW 7RGD\ \RX UHDOO\ FDQ FKRRVH ZKDW ZKHQ ZKHUH KRZ DQG ZLWK ZKRP \RX ZDQW WR FRQQHFW $QG ZH FDQ VWDUW ZLWK WKH SHUVRQDOL]HG IUDPHZRUN RI ZK\ 7KDW FKRLFH KDV WKH SRWHQWLDO RI XOWLPDWH HPSRZHUPHQW 7KDW FKRLFH IDFLOLWDWHV DQG HQOLYHQV D SHUVRQ¶V FXULRVLW\ JHWWLQJ DW D GHHS LQWHOOHFWXDO OHDUQLQJ IRU PRUH RQ FRQQHFW ERRNV WDOHQW FRGH SRZHU RI SXOO UHDOLW\ LV EURNHQ GL\ X GL\ FROOHJH FUHGHQWLDOV

GR 1R UHDOO\ -XVW GR LW 7KH FULWHULD \RXWK KDYH GHWHUPLQHG IRU GRLQJ GRHV LW PDWWHU" DQG LV LW DZHVRPH" %RWK EHJ WR ZKRP ZKLFK LV H[DFWO\ WKH PLQGVHW ZH EHOLHYH LV YLWDO WR WKLV SDUDGLJP VKLIW :H FDQ QRZ IDFLOLWDWH SHUVRQDOL]HG GHILQLWLRQV RI VXFFHVV LQ SXEOLF HG <RXWK¶V SURSHQVLW\ FRQWUDU\ WR WKH EHOLHI RI VRPH FRQWUDU\ WR SHUFHLYHG DFWLYLW\ LQDFWLYLW\ LV QRW WRZDUG OD]LQHVV <RXWK FUDYH KDUG ZRUN $ JUHDW TXHVWLRQ IRU D KHDOWK\ VHOI SHUSHWXDWHG IHHGEDFN ORRS DP , GRLQJ WKLV WR ILQLVK RU DP , GRLQJ WKLV WR GR EH PDNH" 5HPDLQLQJ PLQGIXO RI WKDW PLQGVHW FRXOG VHW \RX IUHH WR H[SHULHQFH WKH ULFKHVW RI OLYHV IRU PRUH RQ GR ERRNV DW ZRUN ZLWK WKRPDV HGLVRQ UHDOLW\ LV EURNHQ

IRU PRUH LQIR LQVLJKW RQ WKH ZKDW RI GHWR[ WDNH D OLVWHQ WR WKLV YLGHR KWWS ZZZ \RXWXEH FRP ZDWFK" Y Z0YZ - L-2N IHDWXUH SOD\HUBHPEHGGHG RU D ORRN DW WKLV VOLGHGHFN KWWS ZZZ VOLGHVKDUH QHW PRQN SURFHVV IRU VOLGHVKDUH RU UHDG PRUH KHUH KWWS ODEFRQQHFWLRQV EORJVSRW FRP S ZKDW LV GHWR[ KWPO D YLVXDO WKDW PLJKW KHOS KHUH KWWSV GRFV JRRJOH FRP GUDZLQJV G VR+ KV6R'HS, E&L,Q;2/]G <:\L< .N.*R HGLW" KO HQB86

RU WLQNHU ZLWK WKH SURFHVV KHUH KWWS UHGHILQHVFKRRO ZRUGSUHVV FRP

ERRN EDFK PLQGIXOQHVV NDWH IULGNLV HVS RQ EH PD\EH OLVW VSHFLILF ERRNV XQGHU HDFK HOHPHQW RI GHWR[


WKH KRZ +RZ ZH¶UH GRLQJ GHWR[ WKLV \HDU ZH¶UH IURQW HQGLQJ D OLWWOH PRUH ZLWK PXOWLSOH H[SODQDWLRQV RI GHWR[ SHU VWXGHQW VXJJHVWLRQ :H¶UH FUDIWLQJ WKLV ERRN ZH¶UH GHVLJQLQJ D SK\VLFDO VSDFH WR PRGHO LW DQG ZH¶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¶UH KRSLQJ VRPH VRUW RI DFWLYLW\ V\VWHPV PDSSLQJ ZLOO JURZ RXW RI YDULHG FRPSLODWLRQV RI RXU YLGHR ORJJLQJ VLPLODU WR 'HE 5R\¶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¶V ELJJHU WKDQ DQ\ RI XV :H¶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¶YH EHHQ GRLQJ LW IRU WKH ODVW WZR \HDUV RWKHUV KDYH EHHQ GRLQJ LW IRU PDQ\ PRUH <HW SHU VWXGHQW YRLFH WKLV LV QR ORQJHU DQ RSSRUWXQLW\ LW¶V D UHVSRQVLELOLW\ WR VXSSRUW SURYLGH HTXLW\ :H EHOLHYH WKDW KRZ ZH GR GHWR[ FRXOG EH NH\ WR FUHDWLQJ RIIHULQJ FKDQJH IRU DOO IRU PRUH LQIR LQVLJKW RQ WKH ZKDW RI GHWR[ WDNH D OLVWHQ WR WKLV YLGHR KWWS ZZZ \RXWXEH FRP ZDWFK"


Y 9<) G3M(J IHDWXUH SOD\HUBHPEHGGHG RU D ORRN DW WKLV VOLGHGHFN KWWS ZZZ VOLGHVKDUH QHW PRQN GRLQJ GHWR[ WKH KRZ RU UHDG PRUH KHUH KWWS ODEFRQQHFWLRQV EORJVSRW FRP S ZKDW LV GHWR[ KWPO

*HRUJH 6LHPHQV FRQQHFWLYLVP ERRNV WKH ZDU RI DUW WKH GHVLJQ RI EXVLQHVV WKH EOXH VZHDWHU UHZRUN ZKDW WHFK ZDQWV GL\ X GHPRFUDWLF HGXFDWLRQ ELJ SLFWXUH QHZ FXOWXUH RI OHDUQLQJ EOHVVHG XQUHVW

RQFH DJDLQ ZK\ GRFXPHQWDWLRQ RI GHWR[ 7KLV PD\ EH UHGXQGDQW IRU VRPH EXW LW¶V DW WKH KHDUW RI RXU PLVVLRQ IRU WKH QH[W \HDU RU WZR :H IHHO HVSHFLDOO\ UHVSRQVLEOH WR GRFXPHQW SHRSOH¶V H[SHULHQFHV ZLWK GHWR[ EHFDXVH ZH IHHO LW FRXOG SRWHQWLDOO\ DIIHFW UHVHDUFK LQ RUGHU WR HUDGLFDWH VWDQGDUGL]DWLRQ &DUQHJLH XQLW VHDW WLPH HWF LQ SXEOLF HG :H¶UH WKDQNIXO IRU ZKDW ZH DUH DEOH WR GR LQ RXU GLVWULFW DQG ZH NQRZ RI RWKHUV HQMR\LQJ VRPH RI WKH VDPH IUHHGRPV +RZHYHU UDWKHU WKDQ MXVW EHFRPLQJ VHOI GLUHFWHG LQ RXU RZQ OLWWOH SRROV RXU GHVLUH LV WKDW SHRSOH DQ\ZKHUH FDQ EH LPPHUVHG LQ DQG KDYH VXFK IUHHGRPV :H¶UH WKLQNLQJ WZR NH\ HOHPHQWV RI GHWR[ JLYH JUHDW SRWHQWLDO 2QH LV WKDW LW PRGHOV WKH SURFHVV RI OHDUQLQJ WR OHDUQ 7KLV FDQ EH VHHQ DV DQ RYHUDUFKLQJ FXUULFXOXP WUDQVFHQGLQJ DQG EULQJLQJ WRJHWKHU DOO VDLG FXUULFXOD 7KH RWKHU LV WKDW LWV GRFXPHQWDWLRQ LV D PHDQV WR PRQLWRU JURZWK DV FRPSDUHG WR VHOI UDWKHU WKDQ WR RWKHUV RU WR D SUHVFULEHG IL[HG VWDQGDUG %HFDXVH LW¶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

'HWR[ UKL]RPDWLF OHDUQLQJ $ WHPSRUDU\ PHDQV WR JHW SHRSOH EDFN WR D QDWXUDO VWDWH RI OHDUQLQJ EHLQJ GRLQJ 7KH ZRQGHU LQWHOOHFWXDO FXULRVLWLHV PRVW RI XV KDG DW OHDVW XQWLO WKH DJH RI RU FRPH WRJHWKHU DV D SHRSOH WR HUDGLFDWH WKH VWDQGDUGL]DWLRQ RI SXEOLF HG DV ZH NQRZ LW FK FLW\ DV IORRU SODQ UKL]RPDWLF VSDFHV

+RZ GR ZH HQJHQGHU VSDFHV ZKHUH MR\ LV PRUH LPSRUWDQW PRUH VDOLHQW WKDQ FRUH FRQWHQW VWDQGDUGV DQG DQ HQGOHVV VHD RI VWDQGDUGL]HG WHVWV DQG WKH DFFRPSDQ\LQJ QDUURZ SHGDJRJ\ WKDW JHWV HQDFWHG LQ RUGHU IRU VWXGHQWV WR JHW UHDG\ IRU VXFK PLQXWLD" 0DU\ $QQ 5HLOO\¶V SRVW

7KH HQG RI WKH IRXU \HDU SODQ KDV FRPPXQLW\ DV VFKRRO ZLWK WKH HQWLUH FLW\ DV WKH IORRUSODQ 7KH KLJK VFKRRO EXLOGLQJV EHFRPH UHVRXUFH FHQWHUV DQG PHHW XS VSDFHV 7KHUH LV D FLW\ ZLGH DUW KDOO DQG HQJLQHHULQJ KDOO 7KH WRZQ DFWV PRUH OLNH D XQLYHUVLW\ FDPSXV ZKHUH SHRSOH DUH ZDONLQJ ELNLQJ WR DQG IURP EXLOGLQJV WKURXJK WKH FRXUVH RI D GD\ $V ZH RIIHU PRUH RSWLRQV IRU OHDUQLQJ DV ZH DSSURDFK GLIIHUHQWLDWLRQ WR LQILQLW\ ZH ILQG ZH GRQ¶W QHHG PRUH UHVRXUFHV :KHQ ZH VLPSO\ VWDUW WDONLQJ WR SHRSOH LQ RXU FRPPXQLW\ ZH FRPH WR ILQG RXW WKH ODG\ GRZQ WKH VWUHHW KDV EHHQ WUDQVODWLQJ -DSDQHVH IRU \HDUV WKH PDQ DFURVV WKH VWUHHW LV D ODZ\HU RQ WKH ERDUG IRU D KRPHOHVV VDIH KRXVH VRPHRQH HOVH LV D


ORFDO XQLYHUVLW\ UHVHDUFKHU RI WKH $QWDUFWLF R]RQH OD\HU :H OHDUQ WR XVH WKH UHVRXUFHV DQG H[SHUWLVH DOUHDG\ LQ WKH FRPPXQLW\ 2QH JUHDW DGYDQWDJH WR WKLV LV WKDW QRZ VFKRRO EHFRPHV OLIH /HDUQLQJ LV FRQVLGHUHG QDWXUDO DJDLQ DQG OLIH ORQJ OHDUQLQJ LV HPEUDFHG -XVW LQ WLPH OHDUQLQJ UHGLUHFWV HQHUJ\ WLPH VSDFH DQG PRVW RI DOO SHRSOH :KR¶V WRJHWKHU LQ D URRP VSDFH EHFRPHV D SHU FKRLFH SURSRVLWLRQ

7KH WLPH PRQH\ SHRSOH ZH FXUUHQWO\ VSHQG RQ FODVVURRP PDQDJHPHQW DQG SROLF\ LV QR ORQJHU D EXUGHQ $JDLQ LI LW¶V EDVLF LW VKRXOG VKRZ XS 2WKHUZLVH ZH ZRXOG VSHQG RXU WLPH EHWWHU TXHVWLRQLQJ LI LW UHDOO\ LV EDVLF UDWKHU WKDQ FRQWLQXLQJ WR GHIHQG D V\VWHP WKDW LV ZRQGHUIXO LQ LWV RZQ ULJKW EXW WRGD\ RQO\ IRU D VHOHFW IHZ ,Q WKLV ERRN ZH DUH KHDY\ RQ WKH RSWLRQV WKDW FXUUHQWO\ DUHQ¶W EHLQJ RIIHUHG EXW WKDW GRHVQ¶W PHDQ ZH ZLVK ZKDW DOUHDG\ H[LVWV ZLOO JR DZD\ 7KH IRFXV KHUH LV RQ HYHU\RQH 7KH SHRSOH ZKR ORYH OHFWXUHV FKHPLVWU\ VFKRRO PDWK WKH\ ZLOO EHQHILW IURP WKLV IUHHGRP DV ZHOO LH 7KH SHRSOH JDWKHUHG ZLWK WKHP LQ WKHLU VSDFH ZLOO DOO EH WKHUH SHU FKRLFH 2QFH ZH XQGHUVWDQG WKDW OHDUQLQJ FDQ DQG VKRXOG RFFXU RXWVLGH WKH FODVVURRP LW ZLOO EHFRPH FRPPRQSODFH WR VHH VWXGHQWV HQJDJHG LQ OHDUQLQJ DFWLYLWLHV WKURXJKRXW WKH FRPPXQLW\ 'RZQHV

YLGHR GHVFULELQJ WKLV PHVK PHQWDOLW\ RI VSDFH KWWS YLPHR FRP VFDOH IUHH VFKRROV ERRNV ELJ SLFWXUH GHPRFUDWLF HG FKLOG LQ WKH FLW\ WKH PHVK GHVFKRROLQJ VRFLHW\ EXFFDQHHU VFKRODU

&LW\ DV )ORRU 3ODQ UKL]RPDWLF VSDFHV $ PHDQV WR XVLQJ XQOLNHO\ VKDUHG VSDFHV WR DFWXDOL]H WKH SRWHQWLDO ZKHQ ZH OLYH OHDUQ EH ZLWK QR SXEOLFO\ SUHVFULEHG DJHQGD

FK LQWHUGHSHQGHQF\ UKL]RPDWLF FRPPXQLWLHV UHODWLRQVKLSV

7KH WHUP LQWHUGHSHQGHQF\ FDPH DV ZH ZHUH UHVHDUFKLQJ ODZV IRU KRPHOHVV WHHQV :KLOH VRPH VWDWHV DOORZ \HDU ROGV WR GHFODUH LQGHSHQGHQFH RIWHQ UHVXOWLQJ LQ KRPHOHVVQHVV VRPH DUH WU\LQJ WR UHVWDWH WKDW WR D GHFODUDWLRQ RI LQWHUGHSHQGHQFH ZKHUH HDFK WHHQ LV PDWFKHG XS ZLWK DQ DGXOW ,I ZH ZDQW WR FUHDWH VSDFHV RI SHUPLVVLRQ ZKHUH OHDUQLQJ LV DFFRPSOLVKHG WKURXJK OLYLQJ ZH IHHO LQWHUGHSHQGHQF\


ZLOO SURYLGH VWDELOLW\ LQ SRWHQWLDO DQG LQ IDFW HQFRXUDJHG FKDRV 7KLV FRQQHFWLRQ FDQ SURYLGH QHHGHG VXSSRUW VDIHW\ DFFRXQWDELOLW\ 7KH EHOLHI WKDW \RX DUH XQGHUVWRRG E\ VRPHRQH LV RQH RI WKH PRVW OLEHUDWLQJ IHHOLQJV D SHUVRQ FDQ KDYH DQ LQFUHGLEO\ YLWDO SLHFH WR IUHHLQJ \RXU PLQG XS WR EHLQJ EHFRPLQJ \RXUVHOI 0HHWLQJ XS ZLWK $OH[ 3DSSDV RI +RXUVFKRRO EHWD KDV EHHQ KXJH 7KH\¶UH VHHNLQJ WR PDWFK XS SHRSOH WR ORFDO PHQWRUV WHDFKHUV :KHQ \RX DUULYH DW WKHLU VLWH \RX DUH VLPSO\ DVNHG ZKDW GR \RX ZDQW WR OHDUQ" $QG WKHQ WKH\ ILQG SHRSOH ZLWKLQ \RXU FRPPXQLW\ WKDW FDQ KHOS \RX ZLWK WKDW WRSLF :H KDG VR PDQ\ FRPPRQ WKUHDGV EXW WKH ELJJHVW ORRNLQJ IRU WKRVH PHQWRUV WHDFKHUV LQ ORFDO \HW XQOLNHO\ SODFHV :H ORRN IRUZDUG WR H[SHULPHQWLQJ ZLWK WKHP 7KLV LV D JUHDW ZD\ WR PRGHO WKDW ZH GRQ¶W QHHG PRUH UHVRXUFHV ,I \RX WDNH D ORRN DW WKH FRPPXQLW\ DURXQG \RX WKHUH DUH LQFUHGLEOH PHQWRUV WHDFKHUV DQG XQOLNHO\ WRSLFV LQ XQOLNHO\ SODFHV 7KDW¶V QRW HYHQ WDSSLQJ LQWR RXU JOREDO YLUWXDO UHVRXUFHV ZKLFK DUH D ELW QHJOHFWHG KHUH :H DUH UHFRYHULQJ IURP D \HDU ZKHUH ZH WKRXJKW YLUWXDO ZDV DOO ZH QHHGHG :KDW ZH IRXQG ZDV WKDW ZLWKLQ WKH VFKRRO V\VWHP 6N\SH GLGQ¶W DOZD\V ZRUN DQG VRPHWLPHV WKH WLPH ]RQH LVVXHV NHSW XV IURP PHHW XSV ZH ZHUH FUDYLQJ 7KLV ZDV JRRG *RLQJ JOREDO WDXJKW XV KRZ WR WDS LQWR RXU ORFDO FRPPXQLW\ 1R GRXEW JOREDO YLUWXDO FRQQHFWLRQV DUH KXJH ,Q IDFW WKH\ DUH PDNLQJ WKLV SDUDGLJP VKLIW SRVVLEOH 7KH\ DUH ZKDW ,OOLFK DQG 'HZH\ DQG VR PDQ\ RWKHUV ZHUH KRSLQJ ZDLWLQJ IRU -XVW OLNH HYHU\WKLQJ HOVH WKLV LVQ¶W DQ HLWKHU RU EXW UDWKHU DQ LQFUHGLEOH DQG ,PDJLQH DQ \HDU ROG ZKR XVXDOO\ VSHQGV KLV WLPH ZDWFKLQJ 79 QRZ FRQQHFWHG WR D \HDU ROG ZKR GUHDPV RI EHLQJ GRLQJ VLPLODU WKLQJV WKH \HDU ROG KDV GRQH EHHQ 7KLV PDWFK XS LV SHU SDVVLRQ UDWKHU WKDQ SHU NLQGQHVV VR ERWK FDQ¶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

7KLV LV D TXLHW UHYROXWLRQ WR RYHUFRPH D GHSHQGHQF\ WKDW PRVW RI XV DUH KDUGO\ DZDUH RI :H WKLQN WKH LQWHUQDO LVVXHV VWUXJJOHV ZH IDFH GDLO\ DUH MXVW VRPHWKLQJ ZH DUH GHDOLQJ ZLWK EHFDXVH SHUKDSV


ZH MXVW DUHQ¶W QRUPDO :KHQ D SHUVRQ UHDOL]HV WKLV UHDOO\ JHWV WKH ERQGDJH SLHFH WKHLU ILUVW UHVSRQVH LV WR GHFODUH LQGHSHQGHQFH :KLOH LQGHSHQGHQFH VHHPV D EHWWHU VSDFH WKDQ ZKDW WKH\ DUH FXUUHQWO\ H[SHULHQFLQJ D GHFODUDWLRQ RI LQWHUGHSHQGHQFH FDQ EH QRW RQO\ PRUH OLEHUDWLQJ EXW PRUH PHDQLQJIXO DV LW KDV UHODWLRQVKLS DW LWV FRUH

\RX JRWWD EHOLHYH KRXUVFKRRO

,QWHUGHSHQGHQF\ UKL]RPDWLF FRPPXQLWLHV UHODWLRQVKLSV $ PHDQV WR UHPDLQ FDOP VDIH JURZLQJ LQ WKH FKDRV 7KH VDIHW\ RI WKH EXGG\ V\VWHP DPSHG LQWHOOHFWXDOO\ UHODWLRQDOO\ HWF E\ DOORZLQJ IDFLOLWDWLQJ QRQ SUHVFULEHG OHDUQLQJ OLYLQJ &UHDWLQJ VHUHQGLSLW\ FK PHQWRU DORQJVLGH UKL]RPDWLF H[SHUWLVH

,I \RX DUH OXFN\ HQRXJK WR EH FRQQHFWHG WR VRPHRQH SHU SDVVLRQ RU EH NQRZQ E\ VRPH \RXWK RQH NH\ HOHPHQW WRZDUG IDFLOLWDWLQJ VHOI GLUHFWHG OHDUQLQJ LV WR GHOLEHUDWHO\ QRW WHDFK :H OLYH LQ D ZRUOG WKDW LV VR XVHG WR GLUHFWLRQV VR XVHG WR EHLQJ WROG KRZ ZKDW WR GR LW¶V KDUG IRU PDQ\ RI XV WR IXQFWLRQ RQ RXU RZQ ,Q PRVW OHDUQLQJ VLWXDWLRQV RSSRUWXQLWLHV ZH VHHN RXW WKH SHUFHLYHG H[SHUW VLW LQ WKHLU SDWK DQG ZDLW WR EH ILOOHG 7KLV PLQGVHW GLVDEOHV GLVHQJDJHV WKH LQGLVSHQVDEOH SHUVRQ IURP ZLWKLQ 7KLV SDWWHUQ WUDGLWLRQ WUDLQLQJ HQFRXUDJHV PLQGOHVVQHVV ,I WKH JRDO LV VHOI GLUHFWHG OHDUQLQJ LI WKH GHVLUH LV \RXWK ZKR NQRZ ZKDW WR GR ZKHQ WKH\ GRQ¶W NQRZ ZKDW WR GR LI WKH DLP LV IRU \RXWK WR IDOO LQ ORYH ZLWK OHDUQLQJ WKHQ WKH PHQWRU QHHGV WR EH SRVLWLRQHG SK\VLFDOO\ DQG PHQWDOO\ DORQJVLGH $ORQJVLGH GRLQJ WKHLU RZQ WKLQJ PRGHOLQJ ZKDW LW LV WR OHDUQ ZKDW LW LV WR EH 8VHIXO LJQRUDQFH WKHQ EHFRPHV D VSDFH RI SHGDJRJLFDO SRVVLELOLW\ UDWKHU WKDQ D EDVH WKDW QHHGV WR EH FRYHUHG µ1RW NQRZLQJ¶ QHHGV WR EH SXW WR ZRUN ZLWKRXW VKDPH RU EOXVWHU (ULFD 0F:LOOLDPV 0HQWRUV DYDLODEOH WR WKH \RXWK DQG UHDG\ WR OHDUQ IURP WKH \RXWK DUH PRVW EHQHILFLDO 7KH PHQWRU¶V PLQGVHW VKRXOG EH WKDW RI NHHQ LQWHUHVW DQG LQTXLU\ LQWR ZKDW LV JRLQJ RQ LQ WKH \RXWK¶V KHDG 1R UHDOO\ LQ WKH \RXWK¶V KHDG QRW WKH PHQWRU¶V $V JRRG PHQWRUV ZH ZLOO OLVWHQ ZLWKRXW DQ DJHQGD GHPRQVWUDWLQJ DQG FRPPXQLFDWLQJ JHQXLQH SDWLHQFH DQG FDULQJ :H ZLOO HQFRXUDJH WKH H[SUHVVLRQ RI LGHDV HYHQ DQG HVSHFLDOO\ LI WKH\ DUH GLIIHUHQW WKDQ RXU RZQ :H ZLOO QRW EH DODUPHG E\ DQ\WKLQJ VDLG EXW WU\ WR KRQHVWO\ XQGHUVWDQG WKH XQGHUO\LQJ VHQWLPHQW LQ RUGHU WR PRUH IXOO\ XQGHUVWDQG )RU DQ HIIHFWLYH PHQWRU ³, GRQ W NQRZ´ LV DOZD\V DQ RND\ DQVZHU ³, GRQ W NQRZ´ LV DQ RSSRUWXQLW\ WR DFFHVV DQG XVH UHVRXUFHV WRJHWKHU :KHQ ZH GRQ W NQRZ ZH EUDLQVWRUP WRJHWKHU ZLWK \RXWK :H ZULWH GRZQ RXU VKDUHG LGHDV DQG UHIOHFW XSRQ WKHP :H GR QRW GHYHORS DQ LQIODWHG YLHZ RI RXU UROHV WKHUH DUH PHQWRUV DOO DURXQG XV 7KH NH\ HOHPHQW LV WR GHOLEHUDWHO\ QRW WHDFK DV FRQVWDQW LQVWUXFWLRQ HQFRXUDJHV PLQGOHVVQHVV 'R QRW GR DFWLYLWLHV IRU WKH \RXWK HQFRXUDJH LQGHSHQGHQFH <RXWK QHHG


WLPH IRU VHOI GLVFRYHU\ 7LPH WR EH :H PXVW WUXVW WKDW OHDUQLQJ ZLOO KDSSHQ 1R ZH PXVW NQRZ WKDW OHDUQLQJ LV KDSSHQLQJ $V JRRG PHQWRUV ZH DUH DYDLODEOH WR \RXWK PRGHOLQJ ZKDW LW LV WR OHDUQ ZKDW LW LV WR EH GRLQJ RXU RZQ WKLQJ H[SORULQJ RXU SDVVLRQ GLVFRYHULQJ RXUVHOYHV :H QHHG WR IRUJHW WKH ROG DGDJH ³'R DV , VD\ QRW DV , GR ´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¶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µFKDQJHG¶ VHH =XOO WKURXJK KDQGV RQ PLQGV RQ H[SHULPHQWDWLRQ DQG KRZ LW LV QRW FKDQJHG E\ LQVWUXFWLRQ OHG SHGDJRJ\ (ULFD 0F:LOOLDPV 1DWXUDO VHOI LQGXFHG IHHGEDFN ORRSV KHOS HQFRXUDJH VHOI GLUHFWHG OHDUQLQJ E\ IRFXVLQJ RQ KDUG ZRUN DQG HIIRUW DV RSSRVHG WR WDOHQW DQG RU PRPHQWDU\ VXFFHVV 7KH UKL]RPDWLF FDSDFLW\ RI QHWZRUNV WR IORZ DURXQG D SRLQW LQ D FKDLQ PHDQV WKDW WHDFKHUV PD\ EH ORFDWHG LQ D OLQHDU VXSSO\ FKDLQ RI SHGDJRJLFDO VHUYLFHV EXW H[FOXGHG IURP WKHLU VWXGHQWV¶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


MXVW EH WKHUH EHLQJ \RX OHDUQ DORQJVLGH OLVWHQ OLVWHQ ZLWKRXW DQ DJHQGD 3DUWLDO )UHHGRP LV QR IUHHGRP .ULVKQDPXUWL 7KH 6LJQLILFDQFH RI /LIH 3VHXGR IUHHGRP PD\ EH ZRUVH WKDQ QR IUHHGRP DW DOO 6WHYH 'HQQLQJ

DP\¶V KRZ WR EH D PHQWRU HULFD PFZLOOLDPV XQOHDUQLQJ KRZ WR WHDFK IDEHU PD]OLVK KRZ WR WDON VR NLGV FDQ OHDUQ QLF DVNHZV DORQJVLGH PDU\ DQQ UHLOO\¶V ZULWLQJV RQ UKL]RPHV VOLGHVKDUH KRZ WR EH D PHQWRU H[SHUW LQGLYLGXDO WXWRU ERRNV PLQGVHW WKH ZDU RI DUW EXFFDQHHU VFKRODU VLJQLILFDQFH RI OLIH GHPRFUDWLF HGXFDWLRQ UHZRUN WKH WDOHQW FRGH WKH DUW RI SRVVLELOLW\ PLQGIXOQHVV

0HQWRU $ORQJVLGH UKL]RPDWLF H[SHUWLVH $ PHDQV WR UHDOL]H XWLOL]H WKH H[SHUWLVH LQ HYHU\RQH FK FXOWXUH RI WUXVW UKL]RPDWLF FXUUHQF\

&OD\ 6KLUN\ WHOOV D VWRU\ RI WHQ GD\FDUH FHQWHUV LQ ,VUDHO LQ KLV ERRN &RJQLWLYH 6XUSOXV 7KH VWRU\ UHDOO\ JHWV DW WKLV FXOWXUH ZH EHOLHYH LV YLWDO WR FKDQJH +HUH¶V WKH VKRUW YHUVLRQ 7KHVH WHQ FHQWHUV KDG QR ODWH IHH IRU SLFNLQJ XS FKLOGUHQ DQG YHU\ IHZ SDUHQWV FDPH ODWH DQG QRW E\ YHU\ PXFK 7KHQ WKH\ LPSRVHG DSSUR[LPDWHO\ D WKUHH GROODU ILQH RQ RI WKH FHQWHUV 7KH QXPEHU RI ODWH SDUHQWV LQFUHDVHG DQG VWD\HG HOHYDWHG HYHQ DIWHU WKH ILQH ZDV GURSSHG 6KLUN\ H[SODLQV WKH SDUHQWV VHH WKH GD\ FDUH ZRUNHUV DV SDUWLFLSDQWV LQ D PDUNHW WUDQVDFWLRQ UDWKHU WKDQ DV SHRSOH ZKR¶V QHHGV VKRXOG EH UHVSHFWHG 3DUHQWV YLHZHG ZRUNHUV WLPH DV D FRPPRGLW\ 7KH\ DVVXPH WKH ILQH UHSUHVHQWV IXOO SULFH RI WKH LQFRQYHQLHQFH WKH\ ZHUH FDXVLQJ +H JRHV RQ WR H[SODLQ WKH GLIILFXOW\ RQFH D QHZ PLQGVHW IRU WKH UHODWLRQVKLS KDV RFFXUUHG WR JR EDFN WR WKH FXOWXUH RI WUXVW DQG KXPDQLW\ 'HDOLQJ ZLWK RQH DQRWKHU DV D PDUNHW FDQ IXQGDPHQWDOO\ DOWHU UHODWLRQVKLSV MXVW XVH WKDW VOLGHGHFN RU KDYH LW DV OLQN"

+DYH ZH WXUQHG UHODWLRQVKLSV LQWR PDUNHWLQJ WUDQVDFWLRQV WKDW QRZ UHTXLUH VXFK D ODUJH RYHUKHDG WKDW ZH KDYH ORVW WKH DUW RI OLYLQJ" $UH ZH WUXVWLQJ YDOXLQJ SHRSOH" 2U DUH ZH WUXVWLQJ YDOXLQJ SDSHUZRUN WKDW EDVLFDOO\ UHSUHVHQWV PLVWUXVW" $QG SUHWW\ PXFK WDNHV FORVH WR ELOOLRQ D \HDU WR UXQ 6DPH ZLWK VHDW WLPH ZKLFK LV WKH EDVLV IRU ILJXULQJ RXW PRQH\ :H FRXOG EH HGXFDWLQJ WKH ZRUOG EXW SROLF\ NHHSV JHWWLQJ LQ WKH ZD\ 'DYLG :LOH\ &HDVH WR VHWWOH ,YDQ ,OOLFK

2Q WKH DUW RI PHVV\ OHDUQLQJ DQG WKH DUW RI OHDYLQJ WKLQJV EHWWHU WKDQ KRZ \RX IRXQG WKHP 7KH FKDOOHQJH RI WKH VFKRRO V\VWHP LW WHDFKHV WUDLQV XV WR DFFRXQW IRU D FXVWRGLDQ VR RI FRXUVH ZH QHHG D FXVWRGLDQ ,W DOVR WHQGV WR WHDFK XV WKDW PHVVHV DUH D VLJQ RI OD]LQHVV RU KDYRF $ FKDOOHQJH RI WKH EH \RX KRXVH ZLOO EH ILQGLQJ D EDODQFH RI PHVV\ ORXG OHDUQLQJ DQG RI UHVSHFWLQJ RWKHU¶V QHHG IRU VROLWXGH ,W ZLOO EH D FKDOOHQJH WR QRW LQVLVW RQ RUGHUOLQHVV DQG \HW WRR WR UHVSHFW RWKHUV¶ SURSHUW\ DQG VSDFH EHLQJ PLQGIXO RI RWKHUV


:HOO RYHU ,¶G HYHQ VD\ RI RXU WLPH LQ DOO DUHDV RI OLIH VHHP WR EH VSHQW RQ SROLF\ RQ PDQDJHPHQW RI D V\VWHP FUHDWHG EHFDXVH RI PLVWUXVW :KLOH WKH PLVWUXVW LVQ¶W QHFHVVDULO\ EODWDQW LW¶V D OHDUQHG DUW LW¶V KRZ LW KDV DOZD\V EHHQ 7KH V\VWHP PDNHV XV GHSHQGHQW XSRQ WKH V\VWHP WR WKH ULJKW ILQG RXU DXS IRU WHFK XVH RXU GUHVV FRGH RXU KRXVH UXOHV RXU SOD\ ZRUN UXOHV HWF DOO UROOHG LQWR FXOWXUH JXLGHOLQHV UHSXWDWLRQ

%XW WKDW VDLG DV PRUH DQG PRUH RI D SHUVRQ¶V OLIH EHFRPHV DYDLODEOH RQOLQH WKH QHHG IRU FHUWLILFDWLRQ ZLOO GLPLQLVK DV SHRSOH DFTXLUH UHSXWDWLRQV RI WKHLU RZQ $ SHUVRQ¶V VWDQGLQJ LQ D FRPPXQLW\ FDQ EH UHFRJQL]HG E\ PHPEHUV RI WKDW FRPPXQLW\ DQG LV DFTXLUHG WKURXJK PRQWKV DQG \HDUV RI SDUWLFLSDWLRQ LQ WKH ZRUN RI WKDW FRPPXQLW\ :KHUH FHUWLILFDWLRQ LV JUDQWHG SHRSOH SUHVHQWLQJ FHUWLILFDWLRQ ZLWKRXW KDYLQJ DFTXLUHG D UHSXWDWLRQ IRU ZRUN LQ WKH FRPPXQLW\ ZLOO EH YLHZHG ZLWK VXVSLFLRQ 'RZQHV

,I ZH ZDQW WR DZDNHQ LQGLVSHQVDEOH SHRSOH ZH¶YH JRW WR WUXVW WKHP :H¶YH JRW WR WUXVW OHDUQLQJ 6HDW WLPH SUHVFULEHG OHDUQLQJ FXUULFXOXP VWDQGDUGL]HG WHVWV HYHQ SURMHFW EDVHG OHDUQLQJ DV ZH NQRZ LW FRPSURPLVHV WKH JHQLXV LQVLGH DOO RI XV 7KHVH DUH DOO LQVWLWXWLRQDO HIIRUWV WKDW UHSUHVHQW PLVWUXVW IHDU GHSHQGHQF\ ,QQRYDWLRQ LV JUHDW ,W¶V QDWXUDO )LWWLQJ QHZ LGHDV LQWR ROG PDQGDWHV SROLF\ VWUXFWXUH LV ZDVWLQJ SHRSOH /HW¶V EH JUHHQ DERXW SHRSOH /HW¶V VKKK RQ DOO WKH SROLF\ DQG WDNH D OLVWHQ WR SHRSOH /HDUQLQJ LV QRW DERXW SURRI /HDUQLQJ LV DERXW OHDUQLQJ DQG VKDULQJ /HW¶V XQ PDUNHW VFKRRO VOLGHGHFN FXOWXUH RI WUXVW ERRNV GHOLYHULQJ KDSSLQHVV PLQGVHW OLQFKSLQ FRJQLWLYH VXUSOXV EOXH VZHDWHU VLJQLILFDQFH RI OLIH EXFFDQHHU VFKRODU DW ZRUN ZLWK WKRPDV HGLVRQ GHVFKRROLQJ VRFLHW\ WKH HOHPHQW GULYH

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¶YH MXVW VKDUHG PD\ HQG XS KHDY\ RQ WKH IDFH WR IDFH VLGH IRU VRPH KHDY\ RQ WKH VKDULQJ VLGH IRU RWKHUV KHDY\ RQ WKH DUWLVWLF VLGH RU KHDY\ RQ QRQSUHVFULEHG OHDUQLQJ 2XU LQWHQW LV WR RSHQ H\HV KHDUWV WR PRUH RSWLRQV 2XU LQWHQW LV QRW WR VXJJHVW RQH ZD\ IRU DQ\RQH EXW WR IDFLOLWDWH HYHU\WKLQJ 3UHMXGLFH GHFUHDVHV DV GLVFULPLQDWLRQ LQFUHDVHV (OOHQ /DQJHU 7RGD\ SHRSOH DUH OHDUQLQJ RQOLQH RQ ERDWV LQ EXVHV LQ FODVVURRPV LQ VFKRROV RI DOO VRUWV LQ RWKHU FRXQWULHV DW KRPH LQ WKH FLW\ « WKLV LV JUHDW :KDW ZH DUH VXJJHVWLQJ LV WKDW ZH QR


ORQJHU SLJHRQ KROH OHDUQHUV WR DQ\ RI WKHVH VSDFHV <RX ZDQW WR OHDUQ RQ D ERDW *UHDW %XW OHW¶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¶V D OLWWOH LURQLF WKDW PDQ\ RI XV WHQG WR WKLQN RXU H[SHULHQFH ZLWK VFKRRO LV VSHFLDO 7KH V\VWHP ILW HYHU\RQH HOVH SHUIHFWO\ , MXVW ZDVQ¶W QRUPDO HQRXJK WR ILW LQ $QG VR ZH UHPDLQ VDWLVILHG ZLWK WKLQJV DV WKH\ DUH %HFDXVH KH\ WKHUH¶V PRUH RI WKHP WKDQ PH <HW WKLV LV WKH YHU\ WKLQJ WKDW ZH VKRXOG FRPH WRJHWKHU DQG VHH VD\ VKDUH ZKDW ZH DOO KDYH LQ FRPPRQ 1RWKLQJ LV IRU HYHU\RQH 7KH YHU\ UHVWULFWLYH SXEOLFO\ SUHVFULEHG DQG FRPSXOVRU\ VFKRRO DJHQGD LV ZRQGHUIXO IRU D YHU\ VPDOO SHUFHQWDJH RI XV 7KHUH DUH QR UHSOLFD WKXPE SULQWV 7KDW LV GLVFULPLQDWLRQ WR LQILQLW\ :KHQ ZH IDFLOLWDWH WKDW SUHMXGLFH ZLOO GHFUHDVH :KDW WKH ZRUOG QHHGV PRVW LV SHRSOH EHLQJ WKHPVHOYHV 3HRSOH GULYHQ E\ WKDW ZKLFK WKH\ FDQ¶W QRW GR 7KH JRRG QHZV PDQ\ DUH GRLQJ EHLQJ :KLOH WKLV FKDQJH PD\ VHHP KXJH GDXQWLQJ HYHQ LW¶V UHDOO\ TXLWH FDOPLQJ 7KLV LVQ¶W DERXW D GHPROLWLRQ RI DQ\ VRUWV UDWKHU PRUH RI D UHGLVWULEXWLRQ :KR¶V WRJHWKHU LQ D VSDFH SHU FKRLFH 7KLV LVQ¶W DERXW JHWWLQJ ULG RI DQ\WKLQJ ,I \RX ORYH ZKDW \RX DUH GRLQJ NHHS RQ 0DQ\ DUH DQG ZLOO ,I \RX GRQ¶W ORYH ZKDW \RX DUH GRLQJ RU RQO\ ORYH D SDUW RI ZKDW \RX DUH GRLQJ OHW¶V WDNH D EUHDWK DQG UHVSHFWIXOO\ TXHVWLRQ WKDW 7KLV TXLHW UHYROXWLRQ LV DERXW UHPRYLQJ UHDGMXVWLQJ UHWKLQNLQJ WKH SROLF\ SUHVFULSWLRQ WKDW LV SHUSHWXDWLQJ D GHSHQGHQF\ RQ GHSHQGHQF\ 7KLV TXLHW UHYROXWLRQ LV DERXW ILQGLQJ FUHDWLQJ SHUPLVVLRQV IRU SHRSOH WR EH

ERRN EDFN FRYHU

RU MXVW JUHHQ DERXW SHRSOH


Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.