',6$33($5+(5(
7$1<$%$.(5
0$67(52)),1($576 6&+22/2)0(',$$576 &2//(*(2)),1($576 81,9(56,7<2)1(:6287+:$/(6 $&.12:/('*(0(176 /\QQH5REHUWV*RRGZLQ'HEUD3KLOOLSV.DWLH'DLVKDQG%REE\+DPLOWRQ ,1'(;
',6$33($5+(5(
&285$*(
(;,67(17,$/,60
$57,676
&+2,&(6
',6$33($5+(5(
$''(1'80
(1'127(6
%,%/,2*5$3+<
),/02*5$3+<
/,672),//8675$7,216
)LJ7DQ\D%DNHU E &RPSDULQJWKHJORRPWRZDUGVWKHQRUWKZLWKWKHGDUNQHVV WRZDUGVWKHVRXWK3DUW&RXUWHV\RIWKHDUWLVW7DQ\D%DNHU
$OORXUH[LVWHQFHLVKDXQWHGDWHYHU\PRPHQWE\DQDZDUHQHVVZKLFKZHXVXDOO\FRQFHDOIURP RXUVHOYHVRIRXURZQXOWLPDWHQRWKLQJQHVV²RXUEHLQJWRZDUGVGHDWK7KLVDZDUHQHVVRIGHDWK LV H[SHULHQFHG DV DQJXLVK $QJVW ZKLFK IRU +HLGHJJHU LV WKH PRVW IXQGDPHQWDO RI DOO RXU H[LVWHQWLDOPRRGV
',6$33($5 +(5( :RRG\ $OOHQ·V ÀOP ,QWHULRUV LV DERXW WKUHH VLVWHUV DQG WKHLU UHODWLRQVKLSZLWKWKHLUSDUHQWVDQGDOVRWKHLUSHUVRQDOUHODWLRQVKLSVZLWKDUWDQGH[SUHVVLRQ 7KHROGHUVLVWHU¶5HQDWD· 'LDQH.HDWRQ LVDVXFFHVVIXOSRHWZKREORFNVRXWHYHU\RQHIRU KHUDUW7KHPLGGOHVLVWHU¶)O\Q· .ULVWLQ*ULIÀWK LVDVXFFHVVIXO+ROO\ZRRGDFWUHVV7KH \RXQJHUVLVWHU¶-RH\· 0DU\%HWK+XUW KRZHYHUKDVQRGLVFHUQDEOHWDOHQWLQWKHPRYLH -RH\LQGLVFXVVLRQZLWKKHUKXVEDQGFRPSODLQV
-RH\ ,ZDQWWRTXLWP\MRE
+XVEDQG 2K-RH\
-RH\ ,FDQ·WNHHSP\PLQGRQLW ,FDQ·WFRQFHQWUDWH,MXVWVLWWKHUHDOOGD\UHDGLQJRWKHUSHRSOH·VPDQXVFULSWVDQG KDOIZD\WKURXJK,ORVHLQWHUHVW ,JHWKHDGDFKHVIURPWKHZRUGVDQGWKHQ,·PVXSSRVHGWRVLWGRZQDQGZULWHDQ RSLQLRQ,W·VMXVWQRWIDLUWRWKHDXWKRUV
+XVEDQG $PRQWKDJR\RXVDLG\RXÀQDOO\IRXQGVRPHWKLQJ\RXHQMR\HG
-RH\ :HOO,ZDVZURQJ,WKLQNDERXWJRLQJEDFNWRDFWLQJ 2K,·P,·PQRWDQDFWUHVVFDQ·WGRWKDWDJDLQ)O\Q·VWKHDFWUHVVLQWKLVIDPLO\
+XVEDQG :K\GRQ·W\RXZRUNZLWKPH"
-RH\ %HFDXVHSROLWLFDODFWLYLW\LVQRWP\LQWHUHVW,·PWRRVHOIFHQWHUHGIRUWKDW
+XVEDQG 7KDW·VP\ZKROHSRLQW²LWZRXOGJHW\RXRII\RXUVHOI
-RH\ 6RPHWLPHV,WKLQNLIZHKDGDFKLOG«2KJRG,PHDQWKDWWKDWUHDOO\PDNHVPH DQ[LRXV,W·VWRWDOO\LUUHYRFDEOH
+XVEDQG :KDWHYHUKDSSHQHGWR\RXUSKRWRJUDSK\" -RH\ ,KDWHLWLW·VVWXSLG,IHHODUHDOQHHGWRH[SUHVVVRPHWKLQJEXW,GRQ·WNQRZZKDW LWLV,ZDQWWRH[SUHVVRUKRZWRH[SUHVVLW $V:RRG\$OOHQGHVFULEHVLQDQLQWHUYLHZZLWK6WLJ%M|UNPDQLQUHIHUHQFHWR,QWHULRUV¶-RH\ ZDVLQWKHZRUVWSUHGLFDPHQWRIDOOEHFDXVH-RH\KDGQRWDOHQW6KHZDVIXOORIIHHOLQJVEXW VKHKDGQRZD\RIH[SUHVVLQJWKHP·$OOHQFRQWLQXHV¶5HQDWDLVOXFN\EHFDXVHVKHKDVKHU WDOHQWDQGVKHKDVZKDW-RH\GRHVQ·WKDYHWKDWLVDPHDQVRIH[SUHVVLQJDOOWKHVHSDLQIXO WKLQJVWKDWWURXEOHXVLQOLIH« KRZHYHU 5HQDWDKDVFRPHWRWKHUHDOL]DWLRQHDUO\RQWKDW KHUDUWLVQRWJRLQJWRVDYHKHUDQGLW·VERWKHULQJKHU·)XUWKHUKHVWDWHV¶6RPHDUWLVWVWKLQN WKDWDUWZLOOVDYHWKHPWKDWWKH\ZLOOEHLPPRUWDOL]HGWKURXJKWKHLUDUWWKDWWKH\ZLOOOLYHRQ WKURXJKWKHLUDUWEXWWKHWUXWKRIWKHPDWWHULVDUWGRHVQ·WVDYH\RX«ZKDWZH·UHDOOWDNLQJ DERXWLVWKHWUDJHG\RISHULVKLQJ$JHLQJDQGSHULVKLQJ,W·VVXFKDKRUULEOHKRUULEOHWKLQJIRU KXPDQVWRFRQWHPSODWHWKDWWKH\GRQ·WFRQWHPSODWHLW7KH\VWDUWUHOLJLRQVWKH\GRDOONLQGV RIWKLQJVQRWWRFRQWHPSODWHLW7KH\WU\WREORFNLWRXWLQHYHU\ZD\·+RZHYHULQDQRWKHU LQWHUYLHZ$OOHQWDNHVRQDVOLJKWO\GLIIHUHQWYLHZ¶3HRSOHSXWWRRPXFKRIDSUHPLXPRQ WDOHQWWKDWZDVWKHSUREOHPRIWKHFKDUDFWHUVLQ,QWHULRUV«,QWHUPVRIKXPDQDWWULEXWHV ZKDWUHDOO\PDWWHUVLVFRXUDJH· &285$*(7KHPDLQLGHDZLWKLQWKHH[LVWHQWLDOSKLORVRSK\GLVFXVVHGLQWKLVSDSHULVWRFDUU\ RQWRPDNHDGHFLVLRQWRWDNHRQWKHZHLJKWRIHDFKRQHDVLIZHKDGWROLYHRXUOLIHLQWKH VDPHZD\RYHUDQGRYHUDJDLQIRUDOOHWHUQLW\)XUWKHULWLVWRRZQRXUFKRLFHVDQGWRPRYH IRUZDUGNQRZLQJWKDWZHDUHE\GHÀ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ÀQHSXUSRVHKRZWRFUHDWHPHDQLQJIRUDQH[LVWHQFHLQWKHIDFHRIWLPHDQGWKH H[SORUDWLRQRIQRWLRQVRIIUHHGRPDQGFKRLFHZLWKLQOLIH7KURXJKGLVFXVVLRQRIP\ZRUN ,ZLOOH[DPLQHWKHYDFLOODWLRQEHWZHHQFKRLFHVDQGWKHVXEVHTXHQWZHLJKWWKLVIUHHGRPKDV RQWKHLQGLYLGXDODQGRXUSDVWDQGKRZWKLVGHÀQHVRXUSUHVHQWLQWKHEHFRPLQJRIZKRZH DUH,WZLOODOVRH[DPLQHWKHEHOLHIWKDW¶H[LVWHQFHSUHFHGHVHVVHQFH·DVGHÀQHGE\6DUWUH 7KHQ,ZLOOEULHÁ\GLVFXVVDQGIUDPHWKHZRUNRI1DQ*ROGLQDQG:ROIJDQJ7LOOPDQVZKRVH HIIRUWVWRGHÀQHWKHPHDQLQJRIWKHLUH[LVWHQFHDVZHOODVWKHLUSODFHLQWKHZRUOGLQYROYHG WKH SKRWRJUDSKLF GRFXPHQWDWLRQ RI WKHLU QLFKH VRFLDO JURXSV DQG SULYDWH OLYHV 7KRXJK GLVVLPLODUWRP\SUDFWLFHERWK*ROGLQDQG7LOOPDQVGRFXPHQWWKH'LRQ\VLDQDSSURDFKWR EHLQJDQGWKHUHIRUHDUHV\PSDWKHWLFWRWKHH[LVWHQWLDOLVWLGHDVWKDWUXQWKURXJKP\ZRUN )LJ7DQ\D%DNHU E $WWLPHV,ZLVKHGKH·GIDOOLQWRWKHULYHUDQGGURZQVR,FRXOG ZDWFK3DUW&RXUWHV\RIWKHDUWLVW7DQ\D%DNHU 3UHYLRXVZRUNKDVWDNHQWKHWUDMHFWRU\RIFUHDWLQJQDUUDWLYHVWKURXJKVHULHVDQGWH[W WLWOHV RQWKHSURYLVRWKDWQDUUDWLYHVHUYHVWRKHOSPDNHVHQVHRIRXUVHOYHVDQGRIRXUSHUVRQDO LGHQWLW\8VLQJLPDJHVSODFHGWRJHWKHUWRFUHDWHDVWRU\QDUUDWLYHLVFUHDWHGE\SHUFHSWXDO LOOXVLRQPHWDSKRUDQGRXULQWHUSUHWDWLRQRIWKHLPDJHVZKHQSODFHGWRJHWKHU¶7KHPHDQLQJ LVQRWLQWKHLPDJHLWLVLQWKHVKDGRZRIWKHLPDJHSURMHFWHGE\PRQWDJHRQWRWKHÀHOGRI FRQVFLRXVQHVVRIWKHVSHFWDWRU·7RIRUPDVWRU\RIIRUPDWLYH\HDUVDQGLQEHWZHHQWLPHV WKURXJKWKHVHHPLQJO\GLVSDUDWHLPDJHV¶0HPRU\DOORZVDQHQGOHVVÁRZRIFRQQHFWLRQV« ,IHDFKSLFWXUHLVDVWRU\WKHQWKHDFFXPXODWLRQRIWKHSLFWXUHVFRPHVFORVHUWRWKHH[SHULHQFH RIPHPRU\DVWRU\ZLWKRXWHQG· :LWKRQHRISKRWRJUDSK\·VPDLQIXQFWLRQVEHLQJWR¶SURYLGHDPHDQVWRUHPHPEHU·ZLWKLQ WKHVHULHV'LVDSSHDU+HUH PHPRULHVDQGSODFHVDUHFUHDWHGEHORQJLQJWRDQ\RQH 7RJHWKHUWKH\DUHLQWHQGHGWRFRQMXUHDIHHOLQJRIHPSWLQHVVDQGLVRODWLRQIURPWKHSDVWDQG WKHZRUOGDURXQGXV7KH\VWULYHWRH[FDYDWHDSDVWZLWKLQWKHSUHVHQWDQGWRJHWKHUZLWK RXULPDJLQHGYLHZRIZKRZHDUHGHÀQHRXUSODFHLQWKHZRUOG7KHVHÀFWLWLRXVPHPRULHV RIFKLOGKRRGDUHSHUKDSVDQLOOXVLRQRIPHDQLQJDQGFRQVWUXFWHGPHPRU\IRUWKHYLHZHU $V3URXVWGHVFULEHVLQ6ZDQQ·V:D\¶6RWKDWHDFKWLPHZHVHHWKHIDFHRUKHDUWKHYRLFH LWLVRXURZQLGHDVRIKLPZKLFKZHUHFRJQL]HDQGZKLFKZHOLVWHQ·,WLVDOZD\VRXURZQ LQWHUSUHWDWLRQRIZKDWZHVHHLQIURQWRIXVZKLFKZHUHFRJQLVH )LJ7DQ\D%DNHU E ,·YHVHHQDQRWKHUZRUOG&RXUWHV\RIWKHDUWLVW 7DQ\D%DNHU (;,67(17,$/,607KHPHVLQDUWDVVRFLDWHGZLWKH[LVWHQWLDOLVPDUHFKDUDFWHULVHGE\LQWHUQDO FRQÁLFWDQGPRUDOVWUXJJOHV7KHDGYHQWRIPRGHUQLW\EURXJKWZLWKLWDGHDUWKRIKDELWXDO PHDQLQJ3UHYLRXVO\SHRSOHJHQHUDOO\WKRXJKWRIFUHDWLRQDVD¶JUHDWFKDLQRIEHLQJ·RU D¶ODGGHURIEHLQJ·DVDFFRUGLQJWR*XLJQRQDQG3HUHERRPLQZKLFKHYHU\WKLQJRUHYHU\ WKLQJKDGDSURSHUSODFH7KHZRUOGZDVUHJDUGHGDVDIDPLOLDUKRPHIRUKXPDQVDSODFH ÀOOHGZLWKPHDQLQJDQGVLJQLÀFDQFH+RZHYHUWKHULVHRIPRGHUQVFLHQFHEURXJKWDERXW DGLVHQFKDQWPHQWRIWKHZRUOGDVSHRSOHGLVFRYHUHGWKDWWKHUHLVQRSUHJLYHQPHDQLQJLQWKHLU VXUURXQGV3HRSOHEHJDQWRREMHFWLI\WKHZRUOGDQGWKHXQLYHUVHEHFDPHZLWKQHZYLVLRQ DYDVWDJJUHJDWHRIPHDQLQJOHVVREMHFWVODFNLQJDQ\LQKHUHQWYDOXHRUVLJQLÀFDQFH)XUWKHU *XLJQRQ DQG 3HUHERRP DGG WKDW ¶([LVWHQWLDOLVWV KDYH FKDUDFWHULVHG KXPDQ H[LVWHQFH DV LQYROYLQJDSURIRXQGWHQVLRQRUFRQÁLFWDQRQJRLQJVWUXJJOHEHWZHHQRSSRVLQJHOHPHQWV· ZLWKLW·VFOHDUVLJKWHGUHFRJQLWLRQRIRXUODFNRIDEVROXWHVLQWKHPRGHUQDJH )DPRXVO\ GHFODULQJ WKDW ¶*RG LV GHDG· 1LHW]VFKH ² IRXQGHG KLV ERXQGOHVV RSWLPLVPRQWKLVYHU\DEVHQFHRIJRGZKLFKSUHIDFHGKLVDUJXPHQWLQIDYRXURIWKH¶UHELUWK RIWUDJLFDUW·DVDZD\RIGHYHORSLQJDOLIHDIÀUPLQJFXOWXUHLQPRGHUQLW\WKURXJKWKHDGYHQW RIQLKLOLVP1LKLOLVPDFFRUGLQJWR1LHW]VFKHGHYHORSVZKHQWUDGLWLRQDOVRXUFHVRIYDOXHDQG PHDQLQJZLWKLQDVRFLHW\FRPHLQWRTXHVWLRQGXHWRFKDQJHDQGWKHJURZWKRINQRZOHGJH 1LKLOLVPLVDWWLPHVGHÀQHGDQGLVRIWHQLQWHUSUHWHGLQWKHQHJDWLYHDVD¶EHOLHILQ1RWKLQJ· KRZHYHU1LHW]VFKHFRQVLGHUHGLWDSRVLWLYHIRUFHVHUYLQJWRUHGHÀQHWUDGLWLRQDOFRQFHSWVRI ¶JRRG·DQG¶HYLO·DQGWRUHOHDVHVRFLHW\IURPFODVVLFDOYDOXHVLQRUGHUWRFUHDWHQHZPRUH PRGHUQRQHV1LKLOLVP¶UHSUHVHQWVWKHXOWLPDWHORJLFDOFRQFOXVLRQRIRXUJUHDWYDOXHVDQG LGHDOV ² EHFDXVH ZH PXVW H[SHULHQFH QLKLOLVP EHIRUH ZH FDQ ÀQG RXW ZKDW YDOXHV WKHVH ´YDOXHVµUHDOO\KDG²:HUHTXLUHDWVRPHWLPHQHZYDOXHV·,QRWKHUZRUGVZHPXVW H[SHULHQFHQRWKLQJRUDEHOLHILQQRWKLQJLQRUGHUWRDVVHVVROGYDOXHVDQGLQWXUQFUHDWHDQHZ VSLULWXDODQGSKLORVRSKLFDOZD\RIEHLQJDQGDQHZLPDJHRIWKH6HOI7KXVDQXQLQKLELWHG DQGOLJKWH[LVWHQFHZLWKRXWWKHKHDY\EXUGHQVRIWKHRXWGDWHGDWWLWXGHVRIWKHSDVWLVIRUPHG WKURXJK0DQDVFUHDWRURIKLVRZQGHVWLQ\ &HUWDLQFRQFHSWVDQGLGHRORJLHVDUHVKDUHGE\+HLGHJJDU6DUWUH1LHW]VFKHDQG.LHUNHJDDUG ¶WKHVWUHVVRQWKHLQGLYLGXDODQGWKHVXEMHFWLYHH[SHULHQFHDVHQVHRIGHVSDLULQWKHIDFHRI WKHLQFRPSUHKHQVLEOHQDWXUHRIH[LVWHQFHDQGWKHLPSRUWDQFHRIFKRLFHVDQGDFWVLQRUGHUWR JLYHPHDQLQJLQDQRWKHUZLVHDEVXUGOLIH· +RZHYHUWKHSRVVLELOLWLHVRIRXUFRQGLWLRQDFFRUGLQJWREUDQFKHVRIH[LVWHQWLDOLVWWKRXJKW DUH IDU JUHDWHU WKDQ LWV FRQVWUDLQWV ² DEVXUGLW\ DQG PHDQLQJOHVVQHVV ² WKH\ GR QRW PHDQ WKDW LW LV LPSRVVLEOH WR OHDG D KDSS\ DQG IXOÀOOHG OLIH ¶([LVWHQWLDOLVW WKRXJKW WKDW ´OLIH KDVQRPHDQLQJµGRHVQRWLPSO\WKDWWKHUHFDQQRWEHRQHEXWWKDWWKHUHLVQRSUHGHÀQHG SUHGHWHUPLQHGDQGLQKHUHQWPHDQLQJWRRXUH[LVWHQFH7RPDNHOLIHPHDQLQJIXORQHKDVWR PDNHGHFLVLRQV·,WLVRXUFKRLFHVDQGVXEVHTXHQWDFWLRQE\ZKLFKZHGHÀQHRXUOLYHVDQG LWLVWKURXJKWKHFXOPLQDWLRQRIVXFKWKDWZHFUHDWHRXURZQPHDQLQJ 1LHW]VFKHFKRRVHVWKHKLVWRULFDOUHIHUHQFHRI*UHHNWUDJHG\IRUKLVLGHDWKDWWUDJLFDUWZLOO VDYHXVIURPWKHQLKLOLVWLFWHQGHQFLHVRIPRGHUQLW\GXHWRWKHGHDWKRIRUTXHVWLRQLQJRI PRUDOJXLGHOLQHVVXFKDVWKRVHGHÀQHGE\UHOLJLRQ$VGLVFXVVHGLQ7KH%LUWKRI7UDJHG\ *UHHN WUDJHG\ DFFRUGLQJ WR 1LHW]VFKH LV GHÀQHG E\ WZR RSSRVLQJ IRUFHV WKH $SROORQLDQDQGWKH'LRQ\VLDQ7KHVHIRUFHVFRPELQHLQDUWWRPLUURURXUVHOYHVDQGUHÁHFW EDFNWRXVWKHWZRDVSHFWVRIRXUVHOYHVLHRXULGHQWLW\RULQGLYLGXDOLVDWLRQDQGWKHGHVLUH ZKLFKIRUPVLQDOORIXVWRSURSHORXUVHOYHVIRUZDUGDVSDUWRIDZLGHUFRPPXQLW\7KXV¶E\ VKRZLQJKRZOLIHEHDXWLIXOO\DVVHUWVLWVHOILQWKHIDFHRIDPHDQLQJOHVVXQLYHUVHE\VKRZLQJ WKHMR\DQGVSOHQGRURIKXPDQPDNLQJLQDZRUOGRIEHFRPLQJLWJLYHVLWVVSHFWDWRUDZD\ RIFRQIURQWLQJQRWRQO\WKHSDLQIXOHYHQWVRIWKHGUDPDEXWDOVRWKHSDLQVDQGFHUWDLQWLHVRI OLIHERWKSHUVRQDODQGFRPPXQDODZD\WKDWLQYROYHVKXPDQVHOIUHVSHFWDQGVHOIUHOLDQFH UDWKHUWKDQJXLOWRUUHVLJQDWLRQ· 7KH$SROORQLDQLQÁXHQFHLVFKDUDFWHULVHGE\WKHZD\ZHDUHLQWKHHYHU\GD\DVLQGLYLGXDOV FUHDWLQJDQLGHQWLW\WKDWLVZHOOIRUPHGVWURQJDQGVHSDUDWHWRRWKHUVWKDWLVKRZZHGHÀQH RXUVHOYHV,WLV¶WKHQHHGWRGHPDUFDWHDQLQWULQVLFDOO\XQRUGHUHGZRUOGPDNLQJLWLQWHOOLJLEOH IRU RXUVHOYHV· KRZHYHU 1LHW]VFKH IXUWKHUV WKLV E\ H[SODLQLQJ WKDW ¶KDYLQJ HIIHFWHG DQ RUGHULQJZHFRQYLQFHRXUVHOYHVWKDWLWLVUHDOO\WKHZD\WKHZRUOGLV·DVDZD\RIPDNLQJ RXUVHOYHVVHFXUHLQWKHZRUOGDOWKRXJKKHEHOLHYHVWKDWKXPDQLQGLYLGXDOLW\LVDQLOOXVLRQ $SROORUHSUHVHQWVWKLVLOOXVLRQWKLVUHSUHVHQWDWLRQDQG¶WKHEHDXW\RIWKLQJVLQFOXGLQJKXPDQ EHLQJV·LQWXUQWKLVOHDGVWRWKHQHHGIRU'LRQ\VXVZKRUHSUHVHQWVWKHLQWR[LFDWLRQDQGWKH ORVVRIWKHLQGLYLGXDWLRQRIWKH6HOI&RQVHTXHQWO\ZHH[SHULHQFHWKHWZRVLGHVRIKXPDQ QDWXUH 7KH'LRQ\VLDQLVDQLPSXOVHWKDWXQLÀHVKXPDQH[LVWHQFHDVDZKROHDQGLQVSLUHVXVWR DJUHDWHUVHQVHRIEHLQJE\DOORZLQJXVWRH[SHULHQFHDFFRUGLQJWR1XVVEDXPD¶KHLJKWHQHG DZDUHQHVVRIIUHHGRPKDUPRQ\DQGXQLW\·,WVKRZVXVWKDWZHDUHSDUWRIVRPHWKLQJWKDW LVEHWWHUDQGELJJHUWKDQWKH,QGLYLGXDOE\DOORZLQJXVWRVWHSDZD\IURPRURXWVLGHRI RXUVHOYHVDQGRXULQGLYLGXDOVXIIHULQJWRVHHWKDWWKHUHDUHH[WHQVLYHIRUFHVDWZRUNWKDW LQVSLUHDQGPRYHXV1XVVEDXPFRQWLQXHV¶7KHFUXHOW\DQGDUELWUDULQHVVRIOLIHDUHVHHQDV LQVHSDUDEOHIURPLWVP\VWHULRXVULFKQHVV· )LJ:ROIJDQJ7LOOPDQV E 6WLOOOLIH1HZ 7KH 'LRQ\VLDQ HQHUJ\ VHHPV WR RSHUDWH EHQHDWK WKH HYHU\GD\ DW D OHYHO WKDW UHDFKHV DOO VSHFWDWRUVLQWKHVDPHZD\VHHPLQJO\ELQGLQJKXPDQLW\WKURXJKVHQVXRXVHPRWLRQ7KURXJK WKLVH[SHULHQFHRIDUWZHVHHRXUOLYHVUHÁHFWHGLQWKHOLYHVRIWKRVHLQWKHVWRU\WKLVEUHDNV GRZQWKHEDUULHUVRIWKHLQGLYLGXDOZHVHHRXUVHOYHVQRWDVLQGLYLGXDOVEXWRQHLQWKHVDPH DVRWKHUVDFROOHFWLYH7KHUDWLRQDOLW\RIWKH$SROORQLDQLQÁXHQFHIDOOVDZD\DQGZHDUH FDXJKWXSLQZKDWLVGHÀQHGDVWKHLQÁXHQFHRI'LRQ\VXVFKDUDFWHULVHGE\WKLVIHHOLQJRI HXSKRULDWKDWLVIHOWZKHQZHVWHSRXWVLGHRIRXUVHOYHVDQGEHFRPHSDUWRIWKH¶ZLGHUVRFLDO ZRUOG·:HORVHRXULQKLELWLRQVDQGWKHUDWLRQDOLW\RIWKHLOOXVLRQDU\ZRUOGZHKDYHFUHDWHG 7KLV'LRQ\VLDQLPSXOVHUHOLHYHVXVIURPWKHHYHU\GD\VRWKDWZHPD\XSRQUHWXUQLQJWR WKHOHYHORILQGLYLGXDOVWDWXVEHLQVSLUHGDQGPRYHGWRFRQWLQXHRXUOLYHVDVLQGLYLGXDOV DVSDUWRIDZKROH$VVSHFWDWRUWUDJLFDUWWKHUHIRUHSURYLGHVWKLVUHÁHFWLRQE\LQWHQVLI\LQJ KXPDQVXIIHULQJDQGWKHHYHU\GD\DOORZLQJXVWRYLHZDQHZSHUVSHFWLYHDVZHORVHRXU LQGLYLGXDWLRQDQGLWLVWKLVDEVRUSWLRQZLWKLQWKHVWRU\WKDWSURYLGHVDOLIHDIÀUPLQJUHVXOW PDNLQJDUWDQ¶DQWLGRWHWRQLKLOLVP· 7KHIDWHRI6LV\SKXVWKH*UHHNP\WKRORJLFDONLQJLVUHSUHVHQWDWLYHRIWKHQHYHUHQGLQJTXHVW WRHPEHGPHDQLQJDFFRUGLQJWR$OEHUW&DPXV 6LV\SKXVZDVVHQWHQFHGWRDQ HWHUQLW\RIIUXVWUDWLRQIRUFHGWRUROODODUJHVWRQHXSDKLOO:KHQWKHVWRQHZDVGHOLYHUHGWR WKHSHDNLWZRXOGUROOEDFNGRZQDQG6LV\SKXVZRXOGKDYHWRVWDUWDJDLQ2YHUDQGRYHUKH DFFRPSOLVKHGQRWKLQJ7KXVWKLVFHQWUDOLPDJHRIWKH0\WKRI6LV\SKXV¶LVDYLYLGV\PERO RIPDQ·VDEVXUGFRQGLWLRQDQGKLVIXWLOHHIIRUWV·WRLQVWLOOPHDQLQJWRH[LVWHQFH ,WLVWKHLGHDRIFKRLFHKRZHYHUZKLFKDOORZV6LV\SKXVWREHIUHHIURPWKHDEVXUGLW\RIKLV VLWXDWLRQ&DPXVEHOLHYHV¶+LVIUHHGRPOLHVLQWKHDFFHSWDQFHRIKLVIDWHDVZHOODVLQKLV FRQWHPSWRILWDQGLQWKHSRVVLELOLW\WRPDNHRIKLVVLWXDWLRQZKDWHYHUKHFKRRVHVWRPDNH RILW·7KLVYLHZLVVLPLODUWR6DUWUH·VYLHZZKLFKVWUHVVHV¶WKDWHYHQWKRXJKRQHFDQQRW FKDQJHRQH·VRULJLQDOVLWXDWLRQRQHFDQDFWIUHHO\ZLWKLQLWDQGLVWKHUHIRUHDOZD\VIUHH· 7KHUHIRUHWKHUHVSRQVHRI&DPXVWRWKHDEVXUGLW\RIH[LVWHQFHDQGWKHGHDWKRI*RGZDVWR UHJDUG6LV\SKXVDFRQWHQWHGPDQ ,IPRGHUQLW\KDVOHIWXVEHUHIWRI*RG PHDQLQJ DQGWKHPRQRWRQ\RIH[LVWHQFHLVFKDUDFWHULVHG E\6LV\SKXVKRZGRZHFRQVWUXFWPHDQLQJLQWKHHYHU\GD\"1LHW]VFKHSURSRVHGWKHLGHD RI(WHUQDO5HFXUUHQFHRIWKH6DPHLQZKLFKHYHU\WKLQJWKDWKDVKDSSHQHGLQDSHUVRQ·VOLIH KDVKDSSHQHGDQGZLOOKDSSHQRYHUDQGRYHUDJDLQDQLQÀQLWHQXPEHURIWLPHVH[DFWO\WKH VDPHZD\*XLJQRQDQG3HUHERRPVWDWH¶,IZHQRORQJHUKDYHWKHDVVXUDQFHWKDWWKHUHLV VRPHIXWXUHVWDWHWKDWLVUHDOO\ZRUWKVWULYLQJIRUWKHQZHVHHPWREHVLPSO\GULIWLQJWKURXJK OLIHZLWKQRVHQVHRISXUSRVHRUMXVWLÀFDWLRQ·7KXVLIWKHHIIHFWRIWKHGHDWKRI*RGLVDVHQVH RIZHLJKWOHVVQHVVRIDOOWKLQJVOHDGLQJWRDOLIHZLWKRXWDVHQVHRIJUDYLW\DQGFRQVHTXHQWO\ WR D PHDQLQJOHVV VHULHV RI HSLVRGHV ZLWKRXW DQ\ FXPXODWLYHQHVV FRKHUHQFH RU GLUHFWLRQ HWHUQDORFFXUUHQFHWKURXJKLWVUHSHWLWLYHQHVVSURYLGHVDZHLJKWZKLFKFRPEDWVWKLVVHQVHRI ZHLJKWOHVVQHVV*XLJQRQDQG3HUHERRPFRQWLQXH 2QFH ¶HYHU\WKLQJXQVSHDNDEO\VPDOODQG JUHDWLQ\RXUOLIHWDNHVRQJUHDWZHLJKWDQGFRQVHTXHQFH7KHSDVVDJHLVXVHGWRHQFRXUDJH \RX WR FRQVLGHU VRPHWKLQJ VR XQVHWWOLQJ WKDW HYHQ WKH WKRXJKW RI LW PLJKW EULQJ DERXW DUDGLFDOWUDQVIRUPDWLRQLQ\RXUOLIH· )LJ7DQ\D%DNHU E ,I,JRÀUVW,·OOZDLWIRU\RXWKHUHRQWKHRWKHUVLGHRIWKHGDUN ZDWHUV&RXUWHV\RIWKHDUWLVW7DQ\D%DNHU 0DUWLQ +HLGHJJHU EHOLHYHG WKDW ZH DUH ¶WKURZQ· LQWR WKH ZRUOG IRU ¶QR GLVFHUQDEOH UHDVRQ·7DNLQJD SKHQRPHQRORJLFDO DSSURDFK KH DVNHG TXHVWLRQV DERXW ¶KRZKXPDQEHLQJVVKRXOGOLYHZKRDQGZKDWWKH\DUHDQGWKHPHDQLQJRIOLIHDQGGHDWK· +HGLIIHUHQWLDWHGEHWZHHQWZRGLIIHUHQWW\SHVRISHRSOH²WKRVHZKRDUHDZDUHRIWKHLURZQ PRUDOLW\DQGDFWDFFRUGLQJO\DQGWKXVOHDGDQH[LVWHQFHWKDWLVDXWKHQWLFDQGWKRVHZKROLYH VXSHUÀFLDOO\DQGOHWWKHLUOLYHVEHGHWHUPLQHGE\VRFLDOQRUPVWKHUHE\ZLWKDQLQDXWKHQWLF H[LVWHQFH -HDQ3DXO 6DUWUH ² FRLQHG WKH WHUP ([LVWHQWLDOLVP DQG EHOLHYHG WKDW H[LVWHQFHSUHFHGHVHVVHQFHUHDVRQLQJWKDWWKHUHLVQRLQKHUHQWHVVHQFHEXWWKDWDOOPHDQLQJ ZLWKLQH[LVWHQFHLVPHDQLQJLQYHQWHGDQGDWWULEXWHGWRLWE\PDQ¶/LIHLVVRWRVSHDNZLWKRXW PHDQLQJZKLFKGRHVQRWE\DQ\PHDQVVLJQLI\WKDWLWGRHVQRWKDYHWKHSRWHQWLDORIEHLQJ ÀOOHGZLWKPHDQLQJ·7KXVDFFRUGLQJWR6DUWUH¶RQHLVQHYHUIUHHRIRQH·V´VLWXDWLRQµEXW RQHLVDOZD\VIUHHWR´QHJDWHµWKDWVLWXDWLRQDQGWU\WRFKDQJHLW·)RUODFNRIDQHVVHQFH RUDJRGLWLVPDQKLPVHOIZKRLVLQIXOOFRQWURORIKLVDFWLRQVDQGZKRVHOLIHLVQHLWKHU SUHGHWHUPLQHGQRUXQDOWHUDEOH/LNH6DUWUH6RUHQ.LHUNHJDDUG EHOLHYHGWKDW ZKDWPDWWHUVLVRQH·VDFWLRQVEHOLHYLQJWKDWH[LVWHQFHLVPRUHWKDQMXVWEHLQJWKHUHLWPHDQV LQWHQVHOLYLQJDQGGHGLFDWLRQWRFKRLFHV 2QHRIWKHEDVLFDVVXPSWLRQVRIDQDWKHLVWH[LVWHQWLDOLVPLVWRZLWWKDWWKHUHLVQR*RGDQG WKXVWKHUHLVQRVLJQLÀFDQFHLQKHUHQWWREHLQJ+RZHYHUZHKDYHWKHLQWHOOHFWXDOFDSDFLWLHV WRDVNRXUVHOYHVEDVLFTXHVWLRQVDERXWOLIHDQGWKHUHIRUHLQRXUDWWHPSWVWRPDNHVHQVHRILW ZHPXVWQHFHVVDULO\IDLO'XHWRWKHODFNRIVRPHWKLQJWREHVHHQRXUTXHVWLRQLQJLVQHYHU VDWLVÀHGDQGRQHLVFRQVWDQWO\DZDUHRIDQDEVHQFH 7KHKXPDQFDSDELOLW\WRFRQVFLRXVO\VHOIUHÁHFWDQGWRVHOIHYDOXDWHLQOLJKWRIDQRYHUDUFKLQJ YLVLRQRIWKHVXPPDWLRQRIRQH·VOLIHWKXVIDULQWURGXFHVDFKDQJHLQWKHRUGHURIQDWXUH%RWK +HLGHJJHUDQG6DUWUHVHHWKLVDVWKHXQLTXHQHVVRIKXPDQV²WKDWWKHLUEHLQJLVLQTXHVWLRQ RUDWLVVXHIRUWKHP¶+XPDQVDUHQRWFRQWHQWZLWKVLPSO\VDWLVI\LQJWKHLUEDVLFGHVLUHVIRU WKH\FDUHDERXWZKDWNLQGVRIEHLQJVWKH\DUHDQGWKH\WKHUHIRUHUHÁHFWRQWKHZRUWKRI WKHWKLQJVWKH\GHVLUH·7KLVIRUPDWLRQRIRWKHUGHVLUHVDVVHSDUDWHWREDVLFGHVLUHVDOORZV KXPDQVWKHDELOLW\WRFRYHWZDQWVRYHUIXQGDPHQWDOQHHGV)XUWKHUWKHDELOLW\WRVHOIUHÁHFW DQGWRVHOIHYDOXDWHDFFRUGLQJWRH[LVWHQWLDOLVWVZLOODOZD\VOHDGWRWKHFRQVFLRXVQRWLRQ RIZKDWVKRXOGDQGFRXOGEHLQRQH·VOLIHUDWKHUWKDQZKDWLVDOUHDG\WKHUH&RQVHTXHQWO\ DVHQVHRIQRWKLQJQHVVLVLQWURGXFHGLQWRWKHIXOOQHVVRIEHLQJE\KXPDQH[LVWHQFHWKURXJK DQLQÀQLWHF\FOHRIZDQWDFRQÁLFWLRQHPHUJHV )LJ:ROIJDQJ7LOOPDQV E 6QD[&RXUWHV\RIWKHDUWLVW7DQ\D%DNHU 7KH FRQFHSW RI WKH LQGLYLGXDO FDXJKW LQ D FRQVWDQW VWUXJJOH DJDLQVW DQ LPSHUVRQDO DQG GHKXPDQLVLQJ VRFLHW\ LV LQKHUHQW WR WKH VHQVH RI DOLHQDWLRQ DQG LVRODWLRQ FHQWUDO WR WKH FRQWHPSRUDU\SV\FKH:KDWGHÀQHVRQH·VLGHQWLW\DVDQLQGLYLGXDOLVQRWDQHQGXULQJVHWRI SURSHUWLHVRQHUHWDLQVWKURXJKWLPHEXWLVLQVWHDGWKH¶HYHQWRIEHFRPLQJ·ZKHUHE\RQH VWUXJJOHVWRÀQGDUHVROXWLRQWRWKHWHQVLRQWKDWGHÀQHVRQH·VWHPSRUDOEHLQJLQWKHZRUOG $VDQRQJRLQJKDSSHQLQJ,DPZKDW,PDNHRIP\VHOIWKURXJKRXWWKHFRXUVHRIP\OLIHDVD ZKROH:HDUHDOZD\V´RXWWKHUHµDOUHDG\EH\RQGRXUEHLQJDVPHUHHQWLWLHVLQWKHSUHVHQW:H DUH´VWDQGLQJRXWVLGHµDV+HLGHJJHUZRXOGVD\:HDUHDWDQ\PRPHQWDFXOPLQDWLRQRIRXUSDVW DQGWKHGLUHFWLRQDOLW\RIWKHIXWXUH:HDUHZKDWZHGRLQWKHFRXUVHRIOLYLQJRXWRXUDFWLYH OLYHV:HDUHVHOIFUHDWLQJ:HGHÀQHRXUEHLQJWKURXJKRXURQJRLQJFKRLFHVLQGHDOLQJZLWKWKH ZRUOG 7KLVH[SODLQV6DUWUH·VGHÀQLWLRQRIH[LVWHQWLDOLVPDVWKHQRWLRQWKDWH[LVWHQFHSUHFHGHVHVVHQFH +HEHOLHYHGWKDWHDFKSHUVRQGHFLGHVWKHLURZQGHÀQLWLYHHVVHQFHWKURXJKWKHPDNLQJRI FKRLFHVDQGFRPPLWPHQWWRWKHP)RUH[LVWHQWLDOLVWVWKHQOLIHLVDWDVNDQGDFKDOOHQJH2QH FDQQRWGLVWDQFHWKHPVHOYHVIURPWKHLUUHVSRQVLELOLW\IRUWKHLUOLYHVSUHWHQGLQJWKDWVRPH H[WHUQDOFLUFXPVWDQFHEH\RQGWKHLUFRQWUROIRUFHGWKHPWRDFWLQDFHUWDLQZD\5DWKHU´ZH FDQHPEUDFHRXUUHVSRQVLELOLW\IRUVHOI²IDVKLRQLQJDQGVHL]LQJRQRXUOLYHVZLWKFODULW\ LQWHJULW\DQGFRXUDJH $57,676 ([LVWHQWLDOLVW WKHPHV DQG PRWLIV FDQ EH HDVLO\ UHFRJQLVHG LQ OLWHUDWXUH IURP 7KH &DWFKHU,Q7KH5\H -'6DOLQJHU WR7KH8QEHDUDEOH/LJKWQHVV2I%HLQJ 0LODQ .XQGHUD DQGVHHQLQ([LVWHQWLDOLVWDQWLKHUR¶&OD\·IURP%UHWW(DVWRQ(OOLV·QRYHO /HVV7KDQ=HUR )LOPVVXFKDV7HUUHQFH0DOLFN·V%DGODQGV DQG7KH7KLQ 5HG/LQH DOVRWHOOVWRULHVRISHRSOHLQVHDUFKRIZKDWLVUHDOWU\LQJWRÀQGWUXWKDQG LGHQWLW\ZLWKLQWKHLUSDUWLFXODUPLOLHX+RZHYHUH[LVWHQWLDOLVWWKHPHVDUHOHVVREYLRXVLQ FRQWHPSRUDU\SKRWRJUDSK\%LOO+HQVRQGLVSOD\VDQH[FHOOHQWVHQVHRIWKHRSSRVLQJIRUFHV RIQDWXUHWKURXJKWKHXVHRIOLJKWDQGGDUNDQGKLVUHSUHVHQWDWLRQRIWHHQDJHUVRQWKHYHUJH RIGDUNQHVVGLVORFDWHGIURPHLWKHUFKLOGKRRGRUDGXOWKRRG'DUUHQ6\OYHVWHU·VFRQWLQXLQJ XVHRIÀOPLFLPDJHU\DORQJZLWKGHVFULSWLYHWLWOHVGLVSOD\V\RXQJDGXOWVRIWHQLQDVWDWH RIVHOIUHÁHFWLRQDQGTXHVWLRQLQJZLWKLQFRQWHPSRUDU\OLIHUHÁHFWLQJRQLGHQWLW\DQGWKH VWUXJJOHRISHUVRQDOSROLWLF +RZHYHU WKHUH DUH WZR SKRWRJUDSKHUV LQ SDUWLFXODU ZKR VWDQG RXW DV IRFXVLQJ RQ WKH 'LRQ\VLDQ DSSURDFK WR OLYLQJ WKURXJK WKHLU ZRUN 1DQ *ROGLQ DQG :ROIJDQJ 7LOOPDQV WKURXJK WKHLU UHVSHFWLYH ERGLHV RI ZRUN 7KH %DOODG 2I 6H[XDO 'HSHQGHQF\ DQG ,I2QH7KLQJ0DWWHUV(YHU\WKLQJ0DWWHUV HDFKRIIHUWKHYLHZHUVRPHWKLQJPRUH WKDQWKHHYHU\GD\ %RWKDUWLVWVZHUHREVHVVHGZLWKGRFXPHQWLQJVRFLDOULWXDOVDQGWKHSOHDVXUHVRIFRPPXQDO OLIH7LOOPDQV¶&KURQLFOHVWKHOLIHRIRXWVLGHUV«IULHQGVDQGDFTXDLQWDQFHVWKHLQKDELWDQWV RI D ERKHPLDQ GHPL PRQGH « KH KDV EHHQ DSSODXGHG IRU IDLWKIXOO\ GRFXPHQWLQJ JULWW\ VRFLDOUHDOLW\IRUFDSWXULQJZLWKLQVLGHUDXWKHQWLFLW\WKHH[LVWHQWLDOIDFWVRIDOWHUQDWLYH\RXWK FXOWXUH·7KHUHIRUHWKURXJK7LOOPDQ·VLPDJHVZHFDQUHÁHFWRQKXPDQH[LVWHQFHLPPHUVHG LQH[SHULHQWLDOWUDQVFHQGHQFHVRLQWHQVHWKDWWLPHDQGGHDWKGLVDSSHDUDFFRUGLQJWR+HOHQ (QQLV7KLVVWDWH²¶RIHFVWDV\UDSWXUHRIORVLQJRQHVHOI·LVD'LRQ\VLDQH[SHULHQFH¶7KH LGHDRIORVLQJRQHVHOIDQGORVLQJWLPHDOVR·(QQLVDGGV¶HTXDWHVWRWKHPDNLQJRISKRWRJUDSKV DQGRIYLHZLQJWKHP·7KLVFDQDOVREHVHHQLQ*ROGLQ·VZRUN $WWKHEHJLQQLQJRIWKHWKFHQWXU\WKHUHZDVDQH[SDQGLQJRISHUFHSWLRQDQGLGHQWLÀFDWLRQ RIWKHZRUOGDQGLW·VERXQGDULHVLQUHODWLRQWRWKHLQGLYLGXDO6WDQOH\&DYHOOEHOLHYHGWKDW RXULQGLYLGXDOLW\EHFDPHRXULVRODWLRQRXULVRODWLRQIURPWKHZRUOGDQGWKURXJKRXUGHVLUH WRFRQQHFWZLWKWKHZRUOGZHFRQQHFWHGZLWKSKRWRJUDSK\3KRWRJUDSK\SRUWUD\HGRXUOLYHV VLWXDWHGZLWKLQWKHZRUOGDQGIUHHGXVIURPWKHLVRODWLRQRILQGLYLGXDOLVP:HZHUHDEOHWR VDWLVI\WKLVGHVLUHWRIHHODWRQHZLWKWKHZRUOG )LJ1DQ*ROGLQ E &RXSOH,Q%HG&KLFDJR&RXUWHV\RIWKHDUWLVW7DQ\D%DNHU 7KLVLGHDFDQEHVHHQDVDSUHGRPLQDWHWKUHDGWKURXJK1DQ*ROGLQDQG:ROIJDQJ7LOOPDQV· LPDJHV7KURXJKWKHFDSWXULQJRIWKHLUVRFLDOFLUFOHRQÀOPZHSHUKDSVVHHWKH'LRQ\VLDQ LQÁXHQFHDWZRUNWKHGHVLUHWRVKHGLQGLYLGXDOLVPLQRUGHUWRIHHOSDUWRIDFROOHFWLYHZKROH RUWRVKHGWKHFRQFHSWRILVRODWLRQDQGDOLHQDWLRQLQRUGHUWRÀQGWKHLUSODFHLQWKHZRUOG 7KLVLVZKDWZHWRRDVYLHZHUVFDQUHODWHWRZLWKLQWKHLUDUW:HVHHRXUVHOYHVUHÁHFWHG LQWKHLULPDJHVZHVHHLQGLYLGXDOVMRLQLQJWRJHWKHUWRFHOHEUDWHDEHLQJLQWKHZRUOGZLWK RWKHUV 1DQ*ROGLQ·VLPDJHVZHUHLQLWLDOO\PRWLYDWHGE\WKHQHHGWRIHHODVHQVHRIEHORQJLQJDQGWR KROGRQWRWKDWVHQVHRIEHORQJLQJWKURXJKWLPH+RZHYHUWHQ\HDUVRQ*ROGLQUHÁHFWVRQWKLV ,Q*ROGLQWDONHGDERXW7KH%DOODUGRI6H[XDO'HSHQGHQF\DVEHLQJGULYHQE\WKHQHHG WRUHPHPEHUKHUH[WHQGHGIDPLO\6KHKRSHGWKDWSKRWRJUDSKLQJZDVDZD\WRKROGRQWRKHU IULHQGV7HQ\HDUVODWHUVKHZURWH¶3KRWRJUDSK\GRHVQ·WSUHVHUYHPHPRU\DVHIIHFWLYHO\DV ,KDGWKRXJKWLWZRXOG«,DOZD\VWKRXJKWWKDW,FRXOGVWDYHRIIORVVWKURXJKSKRWRJUDSKLQJ ,DOZD\VWKRXJKWWKDWLI,SKRWRJUDSKHGDQ\RQHRUDQ\WKLQJHQRXJK,ZRXOGQHYHUORVHWKH SHUVRQ,ZRXOGQHYHUORVHWKHPHPRU\,ZRXOGQHYHUORVHWKHSODFH%XWWKHSLFWXUHVVKRZ PHKRZPXFK,·YHORVW· 7KLVVHQWLPHQWUHLQIRUFHV5RODQG%DUWKHV·LGHDWKDW¶7KH3KRWRJUDSKGRHVQRWFDOOXSWKH SDVW QRWKLQJ3URXVWLDQLQDSKRWRJUDSK 7KHHIIHFWLWSURGXFHVXSRQPHLVQRWWRUHVWRUH ZKDW KDV EHHQ DEROLVKHG E\ WLPH E\ GLVWDQFH EXW WR DWWHVW WKDW ZKDW , VHH KDV LQGHHG H[LVWHG·,QWKLVVHQVHDOOSKRWRJUDSKVRISHRSOHHVVHQWLDOO\IXQFWLRQOLNH*ROGLQ·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·VZRUNJHQHUDWHV VWRULHV¶UHÁHFWLIQRWWKHELRJUDSK\RIWKHDUWLVWRUKHUVXEMHFWVWKHQWKDWRIWKHYLHZHU« SURYLGLQJLPDJHVWKDWDUHQRORQJHUDERXWWKHLQGLYLGXDOPLVÀWEXWUDWKHU¶¶ÀWLQWRDXQLYHUVDO SDWWHUQ··· 7KHUHIRUHLWFDQEHVDLGDZRUOGRSHQVXSWRXVZKHQZHYLHZDSKRWRJUDSK:HDUHDEOH WRUHFRJQLVHWKHZRUOGDQGSURMHFWRXUVHOYHVRQWRWKHLPDJH7LOOPDQV·LPDJHVUDQJLQJIURP WKHSRUWUD\DORIFRXSOHVJDWKHULQJVGHPRQVWUDWLRQVDQGFOXEEHUVZLWKWKHLUH[WUHPHO\IUHH OD\RXWLQH[KLELWLRQDUHEDVHGRQLQYROYHPHQWDQGLQFOXVLRQUDWKHUWKDQFODVVLÀFDWLRQDQG GLIIHUHQWLDWLRQ(DFKLPDJH¶FRPPXQLFDWHVDQH[LVWHQFHDWRQFHVLQJXODUDQGFRQQHFWHGDQ LQGLYLGXDOLQDPRPHQWDQHQWLUHERG\RIZRUNRYHUWLPH· :HDUHDEOHWRFRQQHFWZLWKVRFLHW\WKURXJKWKH'LRQ\VLDQLPDJHU\DQGLQWXUQIHHOOHVV LVRODWHGIURPRWKHUV¶EHLQJWRJHWKHUFDQVRPHWLPHVFUHDWHVWDWHVRIPLQGWKDWOLEHUDWHWKH LQGLYLGXDOIURPWKHH[SHULHQFHRIEHLQJFRQÀQHGDQGORFNHGLQWRÀQLWXGH·7KHUHIRUHWKH LPDJHVWKDW*ROGLQDQG7LOOPDQVSUHVHQW¶HYRNHDQHZXQXVXDOGLPHQVLRQWKDWRIOLEHUDWHG WLPH WKH\ VHHP WR LQGLFDWH WKH SRVVLELOLW\ RI EHLQJLQWKHZRUOG WKDW LV QRW GLFWDWHG WKH SRVVLELOLW\RIDQLQIRUPDOOLIHZLWKRXWREOLJDWLRQVZLWKRXWDOLHQDWLRQ$\RXWKIXOOLIHVW\OH «RIIHUHGE\WKHDUWLVWQRWDVDVRFLRORJLFDOQRWDWLRQKRZHYHUEXWDVDPHWDSKRUDVWKHYHU\ LGHDRIIUHHGRP· 7KXVQRWRQO\GRWKHVHDUWLVWVVKRZXVWKHLUXQLTXHZRUOGVWKURXJKSKRWRJUDSK\WKH\DUH DOVRDEOHWRLPSUHVVXSRQWKHYLHZHUDVHQVHRIEHORQJLQJDQGDVHQVHRISODFHIRUGLVFRXUVH 7KH1LHW]VFKLDQLGHDOWKDWWKH'LRQ\VLDQZLOOUHEXIIWKHIHHOLQJRIDOLHQDWLRQFRPPRQO\ H[SHULHQFHGLQPRGHUQLW\LVHPERGLHGDWWLPHVRYHUZKHOPLQJO\ZKHQYLHZLQJ*ROGLQDQG 7LOOPDQVZRUN )LJ7DQ\D%DNHU E 6PLOH*RG/RYHV CHOICES: $OY\ $OY\ ,KDYHDYHU\SHVVLPLVWLFYLHZRIOLIH $OY\ ,GRQ·WNQRZKRZWKH\JHWWKURXJKOLIH,W·VDPD]LQJWRPH $QQLH 8KXK 7KHZRUN,I ,I VXEMHFWV·LQQHUMRXUQH\8VLQJPHWDSKRUVRIWUDYHODQGLVRODWLRQWRLPSUHVVXSRQDQGDPSOLI\ WKHSV\FKRORJLFDOVSDFHZHRFFXS\ZKHQIDFHGZLWKLQGLYLGXDOPRPHQWVRIFKRLFH7KHZRUN UHÁHFWVWKHSDVVDJHRIWLPHSDVWSUHVHQWDQGIXWXUHDQGLOOXVWUDWHVWKHGHOLFDWHHTXLOLEULXP EHWZHHQVSDFHV%\FRQVWUXFWLQJLPDJHDQGWH[WZLWKLQDQDUUDWLYHWRGHYHORSWKHLOOXVLRQRI WLPHSDVVLQJLWVSHFLÀFDOO\LOOXVWUDWHVWKHVORZQHVVRILQEHWZHHQWLPH )LJ7DQ\D%DNHU E 6RPHWLPHV,ZLVKHG,FRXOGIDOODVOHHSDQGEHWDNHQRIIWRVRPH PDJLFDOODQGEXWWKLVQHYHUKDSSHQHG&RXUWHV\RIWKHDUWLVW7DQ\D%DNHU 7KHVXEOLPHPL[RIGUHDGDQGSOHDVXUHZKHQIDFLQJWKHXQNQRZQFDQVHHPWRVXVSHQGWLPH DQG PRWLRQ DQG ZH FDQ EHFRPH FDXJKW LQ WKH GUHDP\ VWDWH RI VHOIUHÁ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¶7KH ÀUVW DEVWUDFWLRQ RI SKRWRJUDSK\ LV LW·V HOLPLQDWLRQ RI QRLVH WKH VHFRQG LW·V DUUHVWLQJ RI PRYHPHQW·7KURXJKWKLVVORZLQJGRZQRIIUDJLOHPRPHQWVRXUORRNLQJLVFRQFHQWUDWHG FUHDWLQJDGHHSHUH[SHULHQFHRIWKHSLFWXUHDQGWKXVZHHQWHUWKHVXEMHFW·VZRUOG ,$P$5RFN,$P$Q,VODQG UHÁHFWVWKHDUELWUDU\QDWXUHRIH[LVWHQFH7KHZRUN FRPSULVHV RI D VHULHV RI WULSW\FKV VHHPLQJO\ GLVSDUDWH LPDJHV WKDW IRUP MX[WDSRVLWLRQ EHWZHHQWKHNQRZQDQGWKHXQNQRZQWKDWLVWKHIUDJLOLW\RIOLIHDQGWKHFHUWDLQW\DQGÀQDOLW\ RIGHDWK7KHVHULHVLOOXVWUDWHVWKHFRQQHFWLRQEHWZHHQWKHH[WHULRUDQGWKHLQWHULRURIWKH LQGLYLGXDO7KHLPDJHVDWWHPSWWRFDSWXUHWKHLQWDQJLEOHIHHOLQJRIORVVDQGXQFHUWDLQW\E\ UHFROOHFWLQJRXUSDVWDQGSURMHFWLQJRXUIXWXUH7KHWLWOHVRIHDFKVHWDLPWRDPSOLI\WKH LQWHULRUODQGVFDSHRIWKHLQGLYLGXDODQGSURYLGHDYRLFHRYHUQDUUDWLYHWKDWUXQVSDUDOOHOWR WKHLPDJHV,QSUHYLRXVERGLHVRIZRUN,KDYHXVHGQDUUDWLYHWRH[DPLQHWKHLGHDRIFKRLFH DQGWKHZHLJKWRIFKRLFHRQWKHLQGLYLGXDO7KLVVHULHVGHSDUWVIURPH[DPLQLQJWKHLQWHULRU WRUHÁHFWRQWKHSURFHVVRIH[LVWHQFHRQDZLGHUVFDOH 7KHGHSLFWLRQRIFDGDYHUVLVVHHQWRUHSUHVHQWWKHÁHHWLQJQDWXUHRIH[LVWHQFHDUHPLQGHURIWKH ÀQLWXGHRIWLPH7RUHÁHFWRQWKHDUELWUDU\QDWXUHRIH[LVWHQFHDQGLVRODWLRQRIWKHLQGLYLGXDO DVHULHVFRPSULVLQJ$XWLVWLFFKLOGUHQZDVXQGHUWDNHQ%HFDXVHRIWKHLULPSDLUPHQWVSHRSOH ZLWK$XWLVPRIWHQH[SHULHQFHRYHUZKHOPLQJDQ[LHW\IUXVWUDWLRQDQGFRQIXVLRQZKHQIDFHG ZLWKWKHGHPDQGVRIHYHU\GD\OLIH3ODFHGVLGHE\VLGHZLWKODQGVFDSHZKHWKHUWKDWRID VXEXUEDQKRXVHRUWKHYDVWHPSWLQHVVRIWKHLQWHULRUHDFKZDVFKRVHQWRLOOXVWUDWHZKHUHZH DUHIURPRXU¶EHLQJLQWKHZRUOG·LQWKH+HLGHJJHULDQVHQVHQRWDVGHWDFKHGIURPVRPH H[WHUQDOUHDOLW\ZKLFKLV¶RXWWKHUH·EXWDVLQVHSDUDEOHIURPLW 7RPRUURZ,V$/RQJ7LPH DVHULHVRISKRWRGLSW\FKVHFKRLQJHDUOLHUZRUNSUHVHQWV D VHULHV RI SRUWUDLWV DQG ODQGVFDSHV WKDW UHÁHFW WKH YLHZHU DQG WKHLU SODFH LQ WKH ZRUOG H[SORULQJWKHPHVRIFKRLFHLQWKHIDFHRIWLPHFKRLFHVEHWZHHQLQGLYLGXDWLRQDQGORVVRIWKH 6HOI:LWKUHIHUHQFHWRDQ$SROORQLDQYHUVXV'LRQ\VLDQZD\RIOLIHWKHZRUNUHÁHFWVXSRQ WKHEDODQFHRULPEDODQFHRIZRUNDQGSOD\DQGGXW\DQGIUHHGRPLQWKHHYHU\GD\ 7KH VHULHV SRVHV PDQ\ TXHVWLRQV ,I WLPH QHYHU HQGHG IRU WKH LQGLYLGXDO ZRXOG ZH OLYH GLIIHUHQWO\"2ULVOLIHLQLWVÀQLWHIRUPPHDQLQJOHVV",VWLPHDIRUFHWRDFWLRQRUWKHRSSRVLWH" 7KXVWKHZHLJKWRIFKRLFH²GRZHOLYHDV'LRQ\VXVFRQQHFWHGZLWKWKHXQLYHUVHWKURXJK WKHORVVRILQGLYLGXDOLW\RU$SROORDVLQGLYLGXDOVLVRODWHGDQGDOLHQDWHGIURPRWKHUV"7KLV LV H[SORUHG YLVXDOO\ LQ WKH VHULHV KLJKOLJKWLQJ WKH LVRODWLRQ RI WKH LQGLYLGXDO WKURXJK SRUWUDLWXUHDQGODQGVFDSHDVDPHWDSKRUIRURXUSODFHLQWKHZRUOGDORQJVLGHSURSKHWLF VWDWHPHQWVZULWODUJHLQQHRQ 7KH WZR DVSHFWV WR OLIH DQ $SROORQLDQ VWDLG GHÀ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ÀQHGE\LWVÀQLWXGHWKHOLPLWVWKDWGHÀQH ZKRZHDUHZKDWZHDUHDQGWKHOLPLWVRIZKDWZHFDQNQRZ,QWXUQRXUPRUWDOLW\EHFRPHV QRWVRPHWKLQJDEVWUDFWDQGXQIDPLOLDU:LOOP\DFWLRQVVDYHPHRUDUHWKH\IXWLOHLQWKHIDFH RIWLPH"2UGRRXUDFWLRQVGHÀQHXVDQGJLYHOLIHPHDQLQJ"7KHFKRLFHEHFRPHVDQLGHDRI DFWLRQYVLQDFWLRQ 7ZR GLIIHULQJ ERGLHV RI ZRUN 7RPRUURZ ,V $ /RQJ 7LPH ZDV LQLWLDOO\ SURSRVHG DQG VXEVHTXHQWO\ FRPSOHWHG ZLWK DQ H[KLELWLRQ DW *DIID *DOOHU\ LQ 0DUFK DIWHUZKLFK WZRODUJHVFDOHZRUNVZHUHSURGXFHGIRUH[KLELWLRQZLWKLQJURXSVKRZV7KHVHZRUNVXVHG PRQWDJHWRFUHDWHRQHSLHFHZKLFKH[SORUHGRXUIXWLOHDWWHPSWVWRVHHVRPHWKLQJPRUHWKDQ WKHVXUIDFHRIWKLQJV6PLOH*RG/RYHV , VXEVHTXHQWO\ MRXUQH\HG WR WKH WRZQ ZKHUH , JUHZ XS LQ WKH KRSH RI GRFXPHQWLQJ WKH KRXVHVDQGODQGVFDSHVHPEHGGHGLQP\PHPRU\EHOLHYLQJ,FRXOGWULJJHUHDFKLPDJHZLWK DZRUOGRIPHDQLQJ'ULYLQJWKURXJKIDPLOLDUQHLJERXUKRRGVHYHU\KRXVHVWRRGDVLWKDGLQ FKLOGKRRGHYHU\WKLQJIHOWWKHVDPHEXWVPDOOHUDQGZLWKOHVVVKLQHDQGPRUHFOXWWHU8QGHU ZKHOPHG:KDW GLG WKLV PHDQ" 3DUNLQJ QHDU P\ FKLOGKRRG KRPH LW VHHPHG VPDOO DQG LQVLJQLÀFDQWGLIIHUHQWLQVW\OHWRWKHRWKHUKRXVHVRQWKHVWUHHW:DVWKLVKRZ,GHYHORSHG DVHQVHRIVHOI"+RZGLGVRPDQ\WKLQJVWKDWPDNHPHZKR,DPKDSSHQLQWKLVOLWWOHKRXVH" ,ZDVQRWÀOOHGZLWKQRVWDOJLD,ZDVÀOOHGZLWKLQFRPSUHKHQVLRQWU\LQJWRWDNHDSKRWREXW LWZDVQ·WWKHUHWKHUHZDVQRWKLQJWKHUH,ZDONHGLQWRWKHVXUURXQGLQJEXVKODQGZKHUH,XVHG WRSOD\DQGGRFXPHQWHGLQVWHDGWKHLPSRVLQJZDWHUWRZHUDNLQGRIPRQROLWKWRP\SDVW )LJ7DQ\D%DNHU E ,QWKLVZRUOGDPDQKLPVHOILVQRWKLQJDQGWKHUHDLQ·WQRZRUOG EXWWKLVRQH 0RQROLWK &RXUWHV\RIWKHDUWLVW7DQ\D%DNHU )LJ7DQ\D%DNHU E )LQDOO\,HQGHGXSDWDKRXVHWKDW,KDGPRYHGEDFNWRLQP\·VDIWHUPRYLQJDZD\DWWKH HQGRIKLJKVFKRROQRWIDUIURPP\VHFRQGIDPLO\KRPHZKHUHP\SDUHQWVVWLOOOLYHGDWWKH WLPH ZKLFK,DOVRIDLOHGWRGRFXPHQW 7KHOLWWOHKRXVHVWRRGZKHUH,OHIWLWRQWKHVLGHRI WKHPRXQWDLQDOVRRQWKHHGJHRIEXVKODQGDQGGLVORFDWHGIURPWKHPDLQURDGE\DPLQ GULYHDKDXQWLQJLPDJHRILVRODWLRQ ',6$33($5+(5(7KLVLPDJHIRUPVDSDUWRIWKHÀQDOERG\RIZRUN'LVDSSHDU+HUH DVHULHVZKLFKDWWHPSWVWRGRFXPHQWWKHH[LVWHQWLDOLGHDRIRXUDSSDUHQWIUHHGRPWKURXJK FKRLFH LQ WKH IDFH RI WLPH LQ D ZRUOG GHYRLG RI WUDGLWLRQDO PHDQLQJ RXU FXOPLQDWLRQ RI FKRLFHVDQGRXUPHPRU\RIWKHVHZKLFKKHOSWRGHÀQHXVLQWKHWHPSRUDOSODFHZHDUHWRGD\ DQGKRZWKLVSURYLGHVPHDQLQJWKURXJKLGHQWLW\7KHVHULHVUHOLHVRQDGRXEOLQJRILPDJHVWR UHSUHVHQWWKHLGHDRIFKRLFHIRUWKHLQGLYLGXDOLQWKHIDFHRIPRUWDOLW\'RRXUFKRLFHVUHDOO\ PDWWHU"'RHVRQHSDWKPDWWHURYHUDQRWKHULQDZRUOGZKHUHDWWLPHVWKHUHLVQRGLVFHUQDEOH PHDQLQJQRJXLGLQJIRUFHFRQVLGHULQJDOOSDWKVOHDGWRWKHVDPHHQG"+RZGR,PDNHLW ZRUWKZKLOHKRZGR,PDNHLWPHDQVRPHWKLQJ" $QGLWLVQ·WHQRXJKIRUXVWRLGHQWLI\ZLWKRXUVHOYHVLWLVQHFHVVDU\WRGRVRSDVVLRQDWHO\WRWKH SRLQWRIOLIHDQGGHDWK%HFDXVHRQO\WKLVZD\FDQZHUHJDUGRXUVHOYHVQRWPHUHO\DVDYDULDQWRI DKXPDQSURWRW\SHEXWDVDEHLQJZLWKLW·VRZQLUUHSODFHDEOHHVVHQFH )LJ7DQ\D%DNHU E &RPSDULQJWKHJORRPWRZDUGVWKHQRUWKZLWKWKHGDUNQHVV WRZDUGVWKHVRXWK3DUW&RXUWHV\RIWKHDUWLVW7DQ\D%DNHU $''(1'80$OOLPDJHVZLWKLQWKHVHULHVTXHVWLRQWKHLGHDRIGLIIHUHQFH RIRQHWKLQJRYHUDQRWKHUDQGZKHWKHURXUFKRLFHVPDWWHULQWKHIDFH RIGHDWK&RPSDULQJWKHJORRPWRZDUGVWKHQRUWKZLWKWKHGDUNQHVV WRZDUGVWKHVRXWK3DUWDQGSLFWXUHWKHVDPHULYHUGHSLFWHGIURP RQHVWDQGSRLQWZLWKDYLHZRIERWKGLUHFWLRQVEHFRPLQJDPHWDSKRU IRUWKHUHDOPRISRVVLELOLWLHVLQWKHIDFHRIÀQLWXGHDQGWKHVXEVHTXHQW YDFLOODWLRQ EHWZHHQ WZR SDWKV ZLWK WKH VDPH HQG 7KH ULYHUV DUH GHSLFWHGQRWDVLPDJHVRIWUXWKDVVHHQIURPGLIIHUHQWSHUVSHFWLYHV EXWLQVWHDGSRVHGDVWZRZD\VRIVHHLQJWKHVDPHHQG0HPHQWRPRUL LVREVHUYHGWKURXJKGRFXPHQWDWLRQRIFDQLQHFDGDYHUV$FFRUGLQJWR -D\5XE\¶$KRXVHKROGSHWSDUWLFXODUO\WKHIDPLO\GRJVHUYHVDVD VXUURJDWHFKLOG·&RQVHTXHQWO\WKHGRPHVWLFSHWLVRIWHQRXUÀUVW DVVRFLDWLRQZLWKGHDWKDQGWKXVRXURZQPRUWDOLW\(DFKFDGDYHULV GHSLFWHG WKURXJK WZR LPDJHV WZR YLHZV RI WKH VDPH GRJ MXVW DV WKHRFHDQZLWKLW·VYDVWDQGLQÀQLWHVSDFHLVVKRZQWRUHSUHVHQWWKH NQRZQ ZLWKURFN YLVjYLVWKHXQNQRZQRUXQVHHQ 81.12:1:KLOVW,ZDVFRPSOHWLQJP\KRQRXUV,KDGDQHYHUEHIRUH IHOW]HDO,PDGHFKRLFHV,IROORZHGWKURXJK7KHDQJVWRIWKHFKRLFHV ZDVDWWLPHVXQEHDUDEOH$WQRRWKHUWLPHLQP\OLIHKDG,GRQHWKLV DWQRRWKHUWLPHLQP\OLIHKDG,IROORZHGWKURXJKWLOOWKHHQGDOZD\V RSWLQJRXWDOZD\VÀQGLQJVRPHWKLQJHOVHWRGR *HWWLQJ WKURXJK LW DQG JHWWLQJ WKURXJK LW VXFFHVVIXOO\ ZDV MXVWGRLQJLWLWZDVDERXWQRWVWRSSLQJDQGQRWIDLOLQJ$QG,ZDV VXFFHVVIXOWRVRPHGHJUHH,DFKLHYHGDÀ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À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·W KDYH WR UHVXOW LQ DQ\WKLQJ VXFK DV D FDUHHU DSSDUHQWO\ $FFRUGLQJWRH[LVWHQWLDOSKLORVRSK\,MXVWKDYHWRFKRRVHWRÀQLVK DQGWKDWLVHQRXJKWRFODLPDXWKHQWLFLW\,DOVRKDYHWRDFFHSWWKH IXOOUHVSRQVLELOLW\RIDFWLRQ7KLVZDVP\PRPHQWRIFULVLVZKHUH, FRQIURQWWKHGHDWKLQRUGHUWRLQGXFHWKHPRPHQWRIFKRLFH (1'127(6 1 Richard Kearney, Modern Movements in European Philosophy: Phenomenology, Critical Theory, Structuralism (Manchester: Manchester University Press, 1994), p.35. 2 Interiors. Writ. & Dir. Woody Allen. Metro-Goldwyn-Mayer Studios Inc. 1978. 3 Woody Allen, Woody Allen on Woody Allen in Conversation with Stig Björkman (Faber and Faber: London & Boston, 1995), p.98. 4 Woody Allen, Woody Allen: Interviews (Conversations With Filmmakers Series) (University of Mississippi Press, 2006), p.44. 5 Ian Jarvie. ‘Woody Allen and the Search for Moral Integrity’ in Philosophy of the Film; Epistemology, Ontology, Aesthetics (Routledge & Kegan Paul: New York, 1987), p.347. 6 André Bazin. “The Ontology of the Photographic Image” and other selections from What is Cinema?, Vol. 1 trans. H. Gray (University of California Press, 1967) in T. Wartenburg and A. Curran (eds.), The Philosophy of Film (Blackwell, 2005), pp.59-69. 7 Nan Goldin, The Ballad of Sexual Dependency (New York: Aperture Foundation, 1986), p.10. 8 Jay Ruby, Secure the Shadow: Death and Photography in America (Cambridge, Massachusetts: MIT Press, 1995), p.114. 9 Marcel Proust. In Search of Lost Time 1: Swann’s Way, trans Moncrieff, S. and Kilmartin, T (Vintage, 2002), p.20. 10 Sonja Dormann, ‘The Catcher of Zero Existentialism in Contemporary U.S.-American Literature’ (unpublished Masters thesis, Universität Wien, 2010), p.24. 11 C. Guignon and D. Pereboom (eds.). Existentialism: Basic Writings (Hackett Publishing Company, Inc.: Indianapolis/Cambridge, 2001), p.xvii. 12 Friedrich Nietzsche. The Gay Science: With a Prelude in Rhymes and an Appendix of Songs (Vintage Books, 1974), Section 125. 13 Guignon and Pereboom, p.103. 14 Dormann, p.26. 15 Thomas Mautner, The Penguin Dictionary of Philosophy 2nd Edition (London: Penguin Books, 2005), p.549. 16 Martha C. Nussbaum, ‘Nietzsche, Schopenhauer, and Dionysus’ in The Cambridge Companion to Schopenhauer, ed. Christopher Janaway (Cambridge University Press, 2000), p.368. 17 Nussbaum, p.359. 18 Aaron Ridley, ‘Redemption through art: The Birth of Tragedy’ in his Routledge Philosophy Guidebook to Nietzsche on Art (Abingdon: Routledge, 2007), p.17. 19 Nussbaum, p.357. 20 Ridley, p.17. 21 Ridley, P.18. 22 Dormann, p.24. 23 Dormann, p.25. 24 Guignon and Pereboom, p.104. 25 Dormann, p.15. 26 Mautner, p.549. 27 Guignon and Pereboom, p.xviii. 28 Guignon and Pereboom, p.xix. 29 Guignon and Pereboom, p.xix. 30 Dormann, p.20. 31 N. Goldin, ‘The Ballad’ 32 Wolfgang Tillmans, If One Thing Matters Everything Matters, (Munich : Hatje Cantz 2003). 33 Wolfgang Tillmans. Wolfgang Tillmans (Hammer Museum: Los Angeles, 2006), p. 90. 34 Helen Ennis, Reveries Photography & Mortality (National Portrait Gallery, 2007), p.10. 35 Stanley Cavell, 7KH :RUOG 9LHZHG 5HÀHFWLRQV RQ WKH 2QWology of Film, 2nd edition (Cambridge, Massachusetts: Harvard University Press, 1979), p.22. 36 Fletcher, Goldin, Heiferman, Killip, p.10. 37 Jonathan Weinberg and Joyce Henri Robinson, Fantastic Tales The Photography of Nan Goldin (Tate Publishing 2005), p.23. 38 Marvin Heiferman, ‘Pictures of Life and Loss’ in Nan Goldin I’ll Be Your Mirror by Nan Goldin, David Armstrong and Hans Werner Holzwarth (eds.) (Whitney Museum of American Art, 1996), p.278. 39 Stanley Cavell, 1979, p.24. 40 Wolfgang Tillmans, p. 90 41 Wolfgang Tillmans, p.28. 42 Wolfgang Tillmans, p.147. 43 Annie Hall. Writ. & Dir. Woody Allen. United Artists. 1977. 44 James Longwood, ‘Different Times’ in The Epic and the Everyday; Contemporary Photographic Art (The South Bank Centre, 1994), p.18. 45 André Bazin, p.65. 46 0RQROLWKVDUH¿FWLRQDODGYDQFHGPDFKLQHVEXLOWE\DQXQVHHQH[WUDWHUUHVWULDOVSHFLHVWKDW DSSHDULQ$UWKXU&&ODUNH¶V6SDFH2G\VVH\VHULHVRIQRYHOVDQG¿OPV7KHVXEVHTXHQW response of the characters to their discovery drives the plot of the series. . (Also referenced in Director Stanley Kubrik’s 2001- A Space Odyssey 1968) 47 Milan Kundera, Immortality (London : Faber and Faber, 1991), p.14. 48 Jay Ruby, Secure the Shadow: Death and Photography in America (Cambridge, Massachusetts: MIT Press, 1995), p.85. BIBLIOGRAPHY Agamben, Giorgio, The Man Without Content (Stanford, California : Stanford University Press, 1999) Allen, Woody, Woody Allen on Woody Allen in Conversation with Stig Björkman (Faber and Faber: London & Boston, 1995) Allen, Woody, Woody Allen: Interviews, Conversations With Filmmakers Series, (University of Mississippi Press, 2006) Bazin, André, ‘The Ontology of the Photographic Image’ and other selections from What is Cinema?, Vol.1 trans. H. Gray (University of California Press, 1967), in T. Wartenberg and A. Curran (eds.), The Philosophy of Film (Oxford : Blackwell, 2005), pp.59-69 Benjamin, Walter ‘The Work of Art in the Age of Mechanical Reproduction’, in Illuminations: (VVD\VDQG5HÀHFWLRQV, (London : Fontana Press, 1992), pp.211-244 Brougher, Kerry and Crary, Jonathan, Hall of Mirrors : Art and Film Since 1945 (Los Angeles, California : Museum of Contemporary Art 1996) Bullock, Natasha cat. Essay exhibition We Can Love Since We Know We Know We Can’t Lose Love, Darren Sylvester, Sullivan And Strumpf Galleries (2005) Cavell, Stanley, 7KH:RUOG9LHZHG5HÀHFWLRQVRQWKH2QWRORJ\RI)LOP, 2nd edition (Cambridge, Ma.: Harvard University Press, 1971/79), pp. 14-41; 68-73 Cousineau-Levine, Penny, Faking death : Canadian Art Photography and the Canadian Imagination (Montreal : McGill-Queen’s University Press, 2003) Dormann, Sonja, ‘The Catcher of Zero Existentialism in Contemporary U.S.-American Literature’ (unpublished Masters thesis, Universität Wien, 2010) Ellis, Bret Easton, Less Than Zero, (New York : Simon and Schuster, 1985) Ennis, Helen, Photography and Australia (Oxford : Oxford University Press, 2003) Ennis, Helen, Reveries Photography & Mortality (National Portrait Gallery, 2007) Fletcher, S., Goldin, N., Heiferman, M., & Killip, C., The Ballad of Sexual Dependency (New York: Aperture Foundation, 1986) Guignon, C. and Pereboom, D. eds Existentialism: Basic Writings (Indianapolis/Cambridge : Hackett Publishing Company, Inc. 2001) Heiferman, Marvin, ‘Pictures of Life and Loss’ in Nan Goldin I’ll Be Your Mirror by Nan Goldin, David Armstrong and Hans Werner Holzwarth (eds.) (Whitney Museum of American Art, 1996), Jarvie, Ian, ‘Woody Allen and the Search for Moral Integrity’ in Philosophy of the Film; Epistemology, Ontology, Aesthetics (New York : Routledge & Kegan Paul, 1987) Kearney, Richard, Modern Movements in European Philosophy: Phenomenology, Critical Theory, Structuralism (Manchester: Manchester University Press, 1994) Kundera, Milan, Immortality (London : Faber and Faber, 1991) Patterson, Hannah, ed, The Cinema of Terrence Malick: Poetic Visions Of America (London: :DOOÀRZHU3UHVV Proust, Marcel, In Search of Lost Time 1: Swann’s Way, trans Moncrieff, S. and Kilmartin, T., (London : Vintage, 2002) Goldin, Nan, I’ll Be Your Mirror, eds. David Armstrong and Hans Werner Holzwarth (Whitney Museum of American Art, 1996) Grimshaw, Mike, Cultural Pessimism and Rock Criticism Bret Easton Ellis’ Writing (as) Hell, (2002) Available www.ctheory.net/articles.aspx?id=346 eds. Arthur and Marilouise Kroker Henson, Bill, Bill Henson: Mnemosyne, Art Gallery of New South Wales, (Zurich : Scalo, 2005) +DQÀLQJ2VZDOGThe Quest for Meaning, (Cambridge : Cambridge University Press, 1991) Ismael, Jenann, ‘The Ethical Importance of Death’ Death and Anti Death, Vol.4 ed Charles Tandy (Ria University Press, 2006) Klemke, E. D., The Meaning of Life, 2nd ed. (New York : Oxford University Press, 2000) Longwood, James ‘Different Times’ in The Epic and the Everyday; Contemporary Photographic Art (The South Bank Centre, 1994) Petsche, Johanna, ‘Religion, God and the Meaninglessness of it all in Woody Allen’s Thought and Films’ Eternal Sunshine of the Academic Mind: Essays on Religion and Film Available http://escholarship.usyd.edu.au/journals/index.php/SSR/article/viewFile/712/704 Mautner, Thomas, The Penguin Dictionary of Philosophy 2nd Edition (London: Penguin Books, 2005) Nietzsche, Friedrich, ‘Attempt At Self Criticism’ and ‘The Birth Of Tragedy’ ss 1-15, from The Birth Of Tragedy and the Case of Wagner, Trans. Walter Kaufmann (New York: Vintage Books, 1967) Nietzsche, Friedrich, The Gay Science: With a Prelude in Rhymes and an Appendix of Songs (Vintage Books, 1974) Nussbaum, Martha C., “Nietzsche, Schopenhauer, and Dionysus” in The Cambridge Companion to Schopenhauer, ed. Christopher Janaway (Cambridge University Press, 1999) Orvell, Miles, American Photography (Oxford : Oxford University Press, 2003) Ridley, Aaron, ‘Redemtion through Art: The Birth Of Tragedy’ in his Routledge Philosophy Guidebook to Nietzsche on Art (Abingdon: Routledge, 2007) pp. 9-33 Ruby, Jay, Secure the Shadow: Death and Photography in America (Cambridge, Massachusetts: MIT Press, 1995) Sabau, Luminita with Cramer, Iris and Kirchberg, Petra, eds, The Promise of Photography: The DG Bank Collection, Essays by Boris Groys, Rosalind E. Krauss and Paul Virilio. (Munich : Prestel-Verlag, 1998) Syring, Marie Luise, ed. Andreas Gursky; Photographs From 1984 To The Present, With texts by Lynne Cooke, Rupert Pfab and Marie Luise Syring, (Munich : Schirmer/Mosel 1998) Tillmans, Wolfgang, If One Thing Matters Everything Matters 2VW¿OGHUQ+DWMH&DQW] Tillmans, Wolfgang, Wolfgang Tillmans. Hammer Museum: Los Angeles, (Yale University Press, 2006) Tillmans, Wolfgang, View From Above ed. Zdenek Felix, Conception Wolfgang Tillmans, 2VW¿OGHUQ+DWMH&DQW]3XEOLVKHUV Weinberg, Jonathan and Henri Robinson, Joyce, Fantastic Tales The Photography of Nan Goldin (Tate Publishing 2005) Weski, Thomas and Liesbrock, Heinz, eds, How You Look At It: Photographs of the 20th Century (London : Thames and Hudson, 2000) Wielenberg, Erik J., Value and Vitue in a Godless Universe (Cambridge : Cambridge University Press, 2005) Young, Julian, The Death of God and The Meaning Of Life, (New York, N.Y.: Routledge, 2003) FILMOGRAPHY 2001- A Space Odyssey. Writ. and Dir.Stanley Kubrik. Metro-Goldwyn-Mayer. 1968 Annie Hall. Writ. and Dir. Woody Allen. United Artists. 1977 Badlands. Writ. and Dir. Terrence Malick. Pressman-Williams Enterprises. 1973 Interiors. Writ. and Dir. Woody Allen. Metro-Goldwyn-Mayer Studios Inc. 1978 The Passanger. Dir. Michelangelo Antonioni Metro-Goldwyn-Mayer. 1975 The Thin Red Line. Writ. and Dir. Terrence Malick. Twentieth Century Fox. 1998 /,672),//8675$7,216 7DQ\D%DNHU¶&RPSDULQJWKHJORRPWRZDUGVWKHQRUWKZLWKWKHGDUNQHVVWRZDUGVWKH VRXWK3DUW·W\SH&SULQW[FP'LVDSSHDU+HUH&2)$6SDFH*DOOHU\ 7DQ\D%DNHU¶$WWLPHV,ZLVKHGKH·GIDOOLQWRWKHULYHUDQGGURZQVR,FRXOGZDWFK 3DUW·W\SH&SULQW[FPIf You See Her, Say Hello, Phatspace, Sydney 2005 7DQ\D%DNHU¶,·YHVHHQDQRWKHUZRUOG·W\SH&SULQW[FP'LVDSSHDU+HUH&2)$ 6SDFH*DOOHU\6\GQH\ :ROIJDQJ7LOOPDQV6WLOOOLIH1HZ 7DQ\D%DNHU¶,I,JRÀUVW,·OOZDLWIRU\RXWKHUHRQWKHRWKHUVLGHRIWKHGDUNZDWHUV· W\SH&SULQW[FP,$P$5RFN,$P$Q,VODQG4&3%ULVEDQH4/'3&3 3HUWK:$ :ROIJDQJ7LOOPDQV6QD[W\SH&SULQW 1DQ*ROGLQ&RXSOH,Q%HG&KLFDJRW\SH&SULQW[FP 7DQ\D%DNHU¶6PLOH*RG/RYHV 7DQ\D%DNHU¶6RPHWLPHV,ZLVKHG,FRXOGIDOODVOHHSDQGEHWDNHQRIIWRVRPHPDJLFDO ODQGEXWWKLVQHYHUKDSSHQHG·W\SH&SULQW[FP If You See Her, Say Hello, Phatspace, Sydney 2005 7DQ\D%DNHU,QVWDOODWLRQ7RPRUURZ,V$/RQJ7LPH*DIID*DOOHU\6\GQH\ 7DQ\D%DNHU¶,QWKLVZRUOGDPDQKLPVHOILVQRWKLQJDQGWKHUHDLQ·WQRZRUOGEXWWKLV RQH 0RQROLWK ·W\SH&SULQW[FP'LVDSSHDU+HUH&2)$6SDFH*DOOHU\ 6\GQH\ 7DQ\D%DNHU¶ 7DQ\D%DNHU¶&RPSDULQJWKHJORRPWRZDUGVWKHQRUWKZLWKWKHGDUNQHVVWRZDUGVWKH VRXWK3DUW·W\SH&SULQW[FP'LVDSSHDU+HUH&2)$6SDFH*DOOHU\6\GQH\ 7DQ\D%DNHU¶7RGD\7RPRUURZ6DP,·W\SH&SULQW[FP 'LVDSSHDU+HUH&2)$6SDFH*DOOHU\6\GQH\