)RUHZRUG
.QLIHPDNLQJPD\VWULNH\RXDVDFXULRXVHQGHDYRU:LWKVRPDQ\JRRGNQLYHV DYDLODEOH\RXPLJKWDVNZK\...
53 downloads
693 Views
42MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
)RUHZRUG
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
3UHIDFH
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
,QWURGXFWLRQ
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
&KDSWHU
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
$WKUHHILQJHUHGLQFKXWLOLW\NQLIH ZLWKDOLJQXPYLWDHKDQGOH
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
JHQHUDOO\QRWEHXVHGIRUSUDFWLFDOZRUN7KH\DUH XVXDOO\SURPLQHQWO\RUVXEWO\ GLVSOD\HG 7KHERXQGDU\EHWZHHQWKHVHWZRW\SHVRINQLYHVLV TXLWHIX]]\DQGZKDWZRXOGEHDXVHU VNQLIHIRURQH SHUVRQPLJKWZHOOEHDSULPHFROOHFWRU VLWHPIRU DQRWKHU $.QLIHPDNHU V2YHUYLHZ ,DPJRLQJWREULHIO\RXWOLQHWKHNQLIHPDNLQJSURFHVV GHVFULEHGLQWKLVERRNVR\RXZLOOKDYHD
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
%DVLF6NLOOV 2QHRIWKHPDLQGLIILFXOWLHVIRUWKHSHUVRQZKR ZDQWVWRPDNHRQHRUWZRNQLYHVDVZHOODVWKRVHMXVW EHJLQQLQJ WKH WUDGH LV JDLQLQJ DFFHVV WR WKH SURSHU WRROV DQG NHHSLQJ WKHP LQ JRRG ZRUNLQJ RUGHU 7KLV WDNHV VRPH PHFKDQLFDO DSWLWXGH HVSHFLDOO\ LQ FDVHV ZKHUH PDFKLQHV DUH ROGHU RU FKHDSO\ PDGH 7KHVH PDFKLQHV PD\ QHHG PRGLILFDWLRQ HYHQ IRU VPDOOWLPH SURGXFWLRQ ZRUN DQG LI \RX DUH QRW DW ILUVW KDQG\ LQ GLDJQRVLQJ WKH QRLVH DQG YLEUDWLRQ RI DQ HOHFWULF PD FKLQH \RX ZLOO EH DIWHU PDNLQJ VHYHUDO NQLYHV 0DQ\ MXQLRU FROOHJHV DQG WUDGH VFKRROV RIIHU FODVVHV LQ VPDOO PDFKLQHRUJHQHUDOVKRSWKDWLQFOXGHIXQGDPHQWDOVRI HOHFWULF ZLULQJ ZHOGLQJ JULQGLQJ EXIILQJ HW FHWHUD 7KLV ZRXOG EH KHOSIXO LQ VHWWLQJ XS \RXU VKRS LQ NQRZLQJZKLFKWRROV\RXQHHGWRXVHIRUZKDWRSHUD WLRQVDQGLQOHDUQLQJWRUHFRJQL]HJRRGTXDOLW\WRROV +DQGPDGHGRHVQRWPHDQLQHIILFLHQWDQGLI\RX QHHGWRPDNHDOLYLQJHYHQDPRGHVWRQH\RXKDYHJRW WR NHHS WKLQJV PRYLQJ )DFH IDFWV XQOHVV \RX DUH DQ H[SHUW UHDG EDVLF WH[WV RQ WKH IROORZLQJ VXEMHFWV SOXV DQ\WKLQJHOVH\RXWKLQNLVUHOHYDQW 2[\DFHW\OHQHFXWWLQJDQGZHOGLQJ 6LPSOHWRROPDFKLQLQJDQGPHWDOOXUJ\ (OHFWULFDOZLULQJ (OHFWULFDOPRWRUV
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
7KLV YROXPH 7RRO 6WHHOV E\ * $ 5REHUWV - & +DPDNHU -U DQG $ 5 -RKQVRQ ILUVW SXEOLVKHG LQ LV WKH DXWKRULWLYH ZRUN RQ WKH VXEMHFW , G G GL I K $ L
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
&KDSWHU
7RROV 2EYLRXVO\WKHVKRSDUUDQJHPHQWV\RXQHHGZLOO EHGHWHUPLQHGLQSDUWE\WKHQXPEHUDQGWKH TXDOLW\RINQLYHV\RXSODQWRPDNH,I\RXZLVK WRPDNHMXVWDIHZNQLYHV\RXFDQSUREDEO\ ERUURZRUUHQWWKHPDFKLQHV\RXGRQRWKDYH
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
EXUQRXW,ILWLVXQGHUWRRPXFKVWDUWLQJVWUDLQLW PD\RQO\EXUQRXWWKHPRWRUVWDUWLQJXQLW
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
WKLQNPD\KDYHEHHQGURSSHGRUKLW
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
DVLGHIURPSRZHUDWOHDVWKRUVHSRZHU LVWKDWLW WUDFNV WKH EHOWV DFFXUDWHO\ 6RPHWLPHV \RX ZDQW WKH EHOWWRWUDFNSUHFLVHO\RQFHQWHUDQGVRPHWLPHV\RX ZDQW WKH EHOW WR ODS RYHU RU PD\EH LQFK 7KH EHOW VKRXOG RYHUODS WKH ZKHHO VR \RX FDQ ZRUN RYHU WKH HGJH RI WKH ZKHHO DQG JHW LQWR WLJKW DUHDVVXFKDVILQJHUJULSVHWFHWHUD
&OHDUDQFH 7KHEHOWVDQGHUZLWKWKHIURQWZKHHOVXVSHQGHG RQ D VWXG LV SUHIHUDEOH WR EHDULQJV RQ HDFK VLGH RI WKHZKHHOEHFDXVHWKHUHLVFRPSOHWHFOHDUDQFHWRJHW DWFHUWDLQDUHDVRIWKHZRUNSLHFH
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
7KHUHDUHVHYHUDOGLIIHUHQWW\SHVRIIODSVDQGHUVRQ WKHPDUNHW7KHPRVWHFRQRPLFDOW\SHXVHVVHSDUDWH UHSODFHDEOHUROOVRIDEUDVLYHVWULSDOORZLQJ\RXWR ZLQGRXWVRPHPRUHZKHQWKHDEUDVLYHZHDUVGRZQ :KHQWKHVWULSVDUHXVHGXS\RXVLPSO\UHILOO
2WKHU(TXLSPHQW'ULOO3UHVV $QRUGLQDU\EHQFKW\SHGULOOSUHVVLVTXLWHDGHTXDWH IRUNQLIHPDNLQJ,WLVSUHIHUDEOHIRULWWRKDYHDWOHDVW WZRVSHHGVORZVSHHGIRUPHWDODQGKLJKVSHHGIRU ZRRG ,I\RXGRQRWKDYHDGULOOSUHVVEXWGRKDYHDQ HOHFWULFKDQGGULOO\RXFDQJHWDGULOOSUHVVIUDPHWKDW KDVDFODPSWRKROGDKDQGGULOO7KHVHDUHLQH[SHQ VLYHDQGZRUNZHOOHQRXJKWRJHW\RXE\
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
6PDOO7RROV
ZRRGIRUNQLIHKDQGOHV+DYLQJDOOWKHVHWRROVVHWXS WKLVZD\FRPHVLQYHU\KDQG\IRUGRLQJPDQ\RWKHU WKLQJVEHVLGHVNQLIHPDNLQJ /LJKWLQJ
&KDSWHU
'LIIHUHQW.LQGV RI.QLYHV :HKDYHRQHPRUHDUHDWRFRYHUEHIRUHZHDFWXDOO\ VWDUWPDNLQJNQLYHVNLQGVRINQLYHV
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
LQFKHVRUPRUH$JRRGVL]HIRUWKHKRPHNLWFKHQLV DERXWLQFKHV7KHGURSSHGHGJHFDQEHIURPLQFK WRDERXWLQFKHVEHORZWKHKDQGOH 7KHKDQGOHRIDFKHIVNQLIHDVZHOODVDOOFKRSSLQJ DQGFDUYLQJNQLIHKDQGOHVVKRXOGEHODUJHHQRXJKWR DFFRPPRGDWHWKHIXOOJUDVSRIDFORVHGKDQG 7KHEODGHKDVDKLJKILQHKROORZJULQGRUDILQH ZHGJHVKDSH7KHILUVW LQFKRUVRRIVWHHODERYH WKHFXWWLQJHGJHVKRXOGEHDVWKLQDQGVWURQJDV SRVVLEOHIRUPLQLPXPFXWWLQJUHVLVWDQFHDVZHOODV HDVHRIVKDUSHQLQJ,ILWLVILQHO\JURXQGXSWR LQFKLWZLOO
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
)LOHWNQLYHV7KHVPDOOHVWRQHLVIRU WURXWRUSHUKDSVHJJSODQW(WFKLQJVE\ )UDQFLQH0DUWLQ )LOHW.QLYHV )LOHWNQLYHVVKRXOGEHIDLUO\ORQJLQFKHVWR LQFKHV DQGYHU\WKLQQDUURZDQGIOH[LEOH
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
8VLQJDWUHHDUHDRIWKHDEUDVLYHEHOWLHVRPH SODFHDZD\IURPWKHZKHHOJULQGEHWZHHQWKHWLQHV,I \RXGRQRWKDYHVXFKDIUHHVSDFHRQ\RXUPDFKLQHRU LI\RXDUHZRUNLQJZLWKRXWDEHOWJULQGHUXVHDILOHDQG SLHFHVRIDEUDVLYHJOXHGWRDWKLQERDUG 7KH VKDSH RI WKH KDQGOH VKRXOG EH FRPIRUWDEOH IRUHLWKHUKROGLQJXSVLGHGRZQRUULJKWVLGHXSEHFDXVH LWLVKHOGLQHLWKHUSRVLWLRQLQFDUYLQJ
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
EDVHHGJHDQGPRYHGLQDQDZNZDUGEXWHIIHFWLYH FKRSSLQJDFWLRQDFURVVWKHIRRG 7KHVTXDUHVKDSHSURYLGHVSOHQW\RIZHLJKWDORQJ WKHZKROHOHQJWKRIWKHEODGH2ULHQWDOFRRNVXVH WKHPIRUYHU\SUHFLVHKLJKVSHHGFKRSSLQJ:KLOH
RQHKDQGLVFKRSSLQJWKHRWKHUKDQGLVIHHGLQJLQ WKHYHJHWDEOHVDQGJXLGLQJWKHSDWKRIWKHEODGH %ODGHJULQGLQJLVLGHQWLFDOWRWKDWXVHGIRUWKH )UHQFKFKHIVEODGH
%UHDG.QLYHV %UHDGNQLYHVVKRXOGKDYHDILQHHGJHWKLQ VKDQN DQG HQRXJK OHQJWK WR FRPIRUWDEO\ VOLFH D ORDI6PDOOQRWFKHVFDQEHFXWLQWRWKHHGJHZLWKD LQFK FXWRII ZKHHO WR SURGXFH D VDZ WRRWK EODGHIRUFXWWLQJKDUGFUXVW%UHDGNQLYHVDUHRIWHQ XVHGWRPDNHVDQGZLFKHVVRLWLVIXQFWLRQDOWRKDYH DIDLUO\EOXQWEURDGHQGIRUVSUHDGLQJPD\RQQDLVH EXWWHUHWF $NQLIHOLNHWKLVFDQEHFRPHDXWLOLW\ NLWFKHQNQLIHVHUYLQJDVDVSDWXODLILWLVZLGH HQRXJK$O
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
ZKLFKUDQJHVXSWRLQFKWKLFN7KHVKDSHLVGLI IHUHQWIURPWKDWRIDYHJHWDEOHFKRSSHULWVKRXOGEH WKLFNHU ZLGHU JHQHUDOO\ VKRUWHU DQG ZLWK D FXUYHG FXWWLQJ HGJH 7KH FXWWLQJ HGJH VKRXOG EH D WKLFN FRQYH[ZHGJHOLNHDOLJKWKDWFKHWHGJH6HHFKDSWHU S
6NLQQLQJ.QLYHV 7KHWUDGLWLRQDOVNLQQLQJNQLIHKDVDFXUYHGEODGH IURPWRLQFKHVORQJ,WXVXDOO\KDVDILQJHUJXDUG RU
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
8WLOLW\.QLIH $XWLOLW\NQLIHLVDPXOWLSXUSRVHNQLIH7KLVNQLIH LVKDQG\IRUPDQ\XVHVIRRGSUHSDUDWLRQIURPFOHDQ LQJILVKVNLQQLQJDQGFOHDQLQJJDPHWRVOLFLQJFKHHVH RU VWULSSLQJ EDUN D NQLIH WR WDNH EDFNSDFNLQJ RQH WKDW LV VWURQJ DQG OLJKW DQG D KDQG\ NQLIH WKDW ZLOO ZKLWWOHDQGWULP $QDVVRUWPHQWRIXWLOLW\NQLYHV VKDSHVWKDWKDYH EHHQLQFRPPRQXVHLVVKRZQ ,KDYHIRXQGWKHVHNQLYHVZKLFKDUHSURWRW\SHV IRUPRVWNQLYHVLQFRPPRQXVDJHWREHRYHUO\ODUJH
8WLOLW\NQLYHV1RWHWKDWWKHEODGH DUHDQHDUWKHWLSLVDOLWWOHVWUDLJKWHU RQWKHXWLOLW\NQLYHVWKDQRQWKH VNLQQLQJNQLYHV (WFKLQJVE\)UDQFLQH0DUWLQ
DQGFOXPV\7KHKDQGOHVDUHQRWILWWHGWRWKHKDQG DQGWKHEODGHVGRQRWIORZJUDFHIXOO\IURPWKH KDQGOH8WLOLW\DQGVLGHNQLYHVKDYHEHFRPH FRQVLGHUDEO\VPDOOHURYHUWKH\HDUV%DFNLQ-LP %RZLH VWLPHRQHGLGQ WQHHGDJUHDWLPDJLQDWLRQWR SLFWXUHKLPVHOIKHZLQJWLPEHUIRUVKHOWHURI ILJKWLQJ
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
+DWFKHW )ROORZLQJRUGLQDU\NQLIHPDNLQJSURFHGXUHV\RX FDQ WXUQ ODUJH KHDY\ FLUFXODUVDZ EODGHV LQWR ILQH KDWFKHWV$KDWFKHWWHQGVWREHKHDY\XQOHVV\RXXVH DOLJKWSLHFHRIVWHHOVD\VLQFKWKLFN 7KHFKRSSLQJDFWLRQLVDOLWWOHGLIIHUHQWIURPWKDW RI DQ RUGLQDU\ ZRRGHQKDQGOHG KDWFKHW ZKLFK KDV WKHFHQWHURIEDODQFHFORVHUWRWKHKHDG7KHIXOOWDQJ KDWFKHWLVKLJKO\SUL]HGDPRQJKXQWHUVDQGFROOHFWRUV EHFDXVHLWLVVROLGDQGSDFNVDJRRGZDOORS7KLVWRRO LVVLPLODUWRDFOHDYHUEXWZLWKDVKRUWEODGHDQGORQJ JUDFHIXOO\FXUYLQJKDQGOH 7KH HGJHLVDFRQYH[EHYHO
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
IURP D SV\FKRORJLFDO GLVDGYDQWDJHWKDW LV VRPH SHRSOHOLNHWRVHHWKHIXOOWDQJ
$YDULHW\RIIXOOWDQJVFDOHKDQGOHV
2EYLRXVO\ WKHUH LV D ZLGH UDQJH RI ZD\V WR FRQVWUXFW NQLIH KDQGOHV 7KLV LV RQH RI WKH IDFWRUV WKDWPDNHEHQFKPDGHNQLYHVXQLTXHWKHYDULHW\RI KDQGOHW\SHV,QWKLVERRN,DP JRLQJ WR GHVFULEH WZRPDMRUPHWKRGVRIKDQGOHFRQVWUXFWLRQWKHIXOO WDQJ VFDOH KDQGOH DQG WKH KDOIWDQJ RQHSLHFH KDQGOH 7KHVH VLPSOHWRPDNH KDQGOHV FDQ EH GXUDEOH DQG EHDXWLIXO ,I \RX PDNH NQLYHV ZLWK RQH RU ERWK RI WKHVHPHWKRGVDQGWKHQZLVKWRGHYLVHVRPHRWKHU PHWKRG LW ZLOO QRW EH GLIILFXOW EHFDXVH \RX ZLOO KDYHSHQHWUDWHGWKHVHQVHRIWKHSUREOHP
'HVLJQLQJWKH.QLIH 1RZ WKDW \RX NQRZ ZKDW NLQG RI NQLIH \RX ZDQW GUDZ D IXOOVFDOH RXWOLQH RQ D SLHFH RI FDUGERDUG RU SRVWHUERDUG $IWHU \RX IHHO VDWLVILHG ZLWKWKHVLOKRXHWWHFXWLWRXWZLWKDUD]RUNQLIHRU EDQG VDZ 3UHWHQG LW LV D UHDO NQLIH +RZ GRHV LW IHHO".HHSLWDURXQGIRUDGD\RUWZRDQGVHHKRZ \RXU IHHOLQJV FKDQJH DERXW WKH VKDSH
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
&KDSWHU
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
&XWWLQJRXWVRPHXWLOLW\ VKHDWKEODQNVZLWKDWRUFK
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
7KRURXJKO\FOHDQWKHVWHHOEHIRUH FXWWLQJ 8VHDVPDOOVL]HWLSNHHSLWFOHDQ 8VHDQRSHQPHWDOIUDPHWRVXSSRUWWKH VWRFNZKLOHFXWWLQJ 7KRURXJKO\ SUHKHDW ZKHQ VWDUWLQJ D FXW EHIRUH VKRRWLQJ R[\JHQ RU \RX PD\ EORZ DZD\SDUWRIWKHNQLIH 'RQRWKDYHWKHR[\JHQSUHVVXUHWRRKLJKRU LWZLOOSRS,IWKHOLWWOHEHDGVRIPROWHQVWHHO
&XWWLQJDXWLOLW\VKHDWKNQLIHIURP $VWHHOZLWKDEDQGVDZ
ZKLFK UROO DZD\ IURP WKH IODPH RQ WKH WRSRIWKHVWHHOEHFRPHVXSHUKHDWHGDQG H[SORGH LQFUHDVH DFHW\OHQH SUHVVXUH RU GHFUHDVH R[\JHQ SUHVVXUH DW WKH WDQN UHJXODWRU ,IXVLQJDZLGHSLHFHRIVWRFNVWDUWZLWK WKLQ VKDSHV IDUWKHVW DZD\ DQG ZRUN WRZDUG \RXUVHOI RU \RX ZLOO EH FRRNLQJ \RXUKDQGVRYHUKRWVWHHO
&XWWLQJWKH6WHHOZLWKD%DQG6DZ $OWKRXJKWKLVLVDVORZHUDQGPRUHGLIILFXOW PHWKRGRIFXWWLQJRXWWKHEODGHLWLVVXSHULRU EHFDXVHLWLVPXFKPRUHSUHFLVHDQGWKHUHLVYHU\ OLWWOHKHDWJHQHUDWHGZKLFKFRXOGVHWXSXQQHFHVVDU\ VWUHVVHVLQWKHVWHHO 7R NHHS IURP UXLQLQJ DQ\ VWHHOFXWWLQJ EDQG VDZEODGHWKHILUVWUXOHLVWKDWWKHVWHHOWKDW\RXFXW PXVW EH SURSHUO\ DQQHDOHG ,I \RX EX\ IURP WKH IDFWRU\WKHVWHHOZLOOPRVWOLNHO\EHLQWKHDQQHDOHG VWDWH ZKHQ \RX JHW LW ,I QRW WKHQ \RX FDQ W FXW LW ZLWK D EDQG VDZ XQOHVV \RX DQQHDO WKH VWHHO \RXUVHOI 7R DQQHDO VDZEODGH VWHHO RU DQ\ ORZDOOR\ FDUERQ VWHHO KHDW LW LQ D NLOQ WR DERXW ) GXOOIDLQWUHG DQGFRROVORZO\IRUWKUHHKRXUVE\ WXUQLQJ WKH NLOQ RII ZLWK WKH VWHHO VWLOO LQVLGH 2U KHDW WKH EODGH DQG SODFH LW LQ SRZGHUHG OLPH RU ILUHSODFHDVKHVWRKROGWKHKHDWLQWKHVWHHOFDXVLQJ LWWRFRROYHU\VORZO\ 7KH PHWDOFXWWLQJ EODGH PXVW EH RI ILQH TXDOLW\ DQG ZLWK WHHWK VPDOO HQRXJK VR WKDW WKUHH DUH RQ WKH ZRUNSLHFH DW DOO WLPHV 6R IRU LQFK VWHHO \RX VKRXOG XVH DQ HLJKWHHQWRRWKSHULQFK EODGH ,W LV DOVR LPSRUWDQW WKDW W VDZ UXQV DW WKH ULJKW VSHHG 8QIRUWXQDWHO\ IRU FXWWLQJ VWHHO WKH ULJKWVSHHGLVYHU\YHU\VORZ$URXQG)30IRU PRVW VWHHOFXWWLQJ EODGHV , KDG WR PRGLI\ P\ VDZ ZLWKDGRXEOHVHWRIODUJHDQGVPDOOSXOOH\VWRPDNH LW UXQ VORZO\ HQRXJK VR WKDW LW GLGQ W NQRFN WKH WHHWKRIIWKHEODGH
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
\RX PXVW WULP RXW RQO\ WKH XQQHFHVVDU\ DUHDV RI VWHHO VWRFN OHDYLQJ WKRVH VWUXFWXUDO OLQHV WKDW IDLWKIXOO\ FRQYH\WKHDFWLRQ
&KDSWHU
*ULQGLQJWKH%ODGH 7KLV LV RI FRXUVH WKH HVVHQWLDO VWHS LQ NQLIHPDNLQJ ,W LV DOVR RQH RI WKH PRVW FUXFLDO DQG GLIILFXOW 7KHUH DUH D QXPEHU RI GLIIHUHQW ZD\V WR JULQG D EODGH JLYLQJLWDQ\WKLQJIURPDFRQYH[WRD FRQFDYHVKDSH 7\SHVRI*URXQG(GJHV &RQVLGHUWKHVHEODGHFURVVVHFWLRQVDQGLPDJLQH WKHEHVWXVHVIRUHDFK)RUH[DPSOHEODGHNQRZQ DVDFRQYH[EHYHOLVEHVWIRUFXWWLQJWKLQJVZKLFKDUH KHDY\DQGKDUGZKHUHDODUJHDPRXQWRIIRUFHLV XVHG *ULQGLQJDVPDOOXWLOLW\NQLIH XVLQJDZRUNUHVWDQG SUHVVXUHSODWHEHKLQGWKH EODGH
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
7KH3URSHU$WWLWXGH
*ULQGLQJ7HFKQLTXH %HJLQ JULQGLQJ WKH EODGH WDNLQJ ORQJ HYHQ SDVVHVDORQJWKHIXOOOHQJWKRIWKHEODGH%HFDUHIXO QRW WR VWRS LQ DQ\ RQH SODFH RU LW ZLOO EHFRPH GHHSHU LQ WKDW VSRW 6LQFH WKLV LQHYLWDEO\ KDSSHQV GHYHORS WKH FDSDFLW\ WR IHHO WKH HYHQQHVV RI \RXU ZRUN VR \RX DXWRPDWLFDOO\ OLJKWHQ XS ZKHQ \RX FRPH WR D GHSUHVVLRQ RU KROG ORQJHU ZKHQ \RX FRPH WR D KLJK VSRW *ULQGLQJ OLNH OLIH LWVHOI EHFRPHV VHOIFRUUHFWLYH GXH WR WKLV LPPHGLDWH IHHGEDFN WKURXJK WKH VHQVH RI WRXFKD SURFHVV RI FRPPXQLFDWLRQ
LW 7KHUHIRUH DERXW KDOIZD\ WKURXJK JULQGLQJ \RX VKRXOG FRQFHQWUDWH PRUH LQWHQVHO\ WR NHHS WKH HGJH HYHQ 7KH+ROORZ*ULQG 7DNHRXWDWURXJKDORQJWKHEODGHFRUUHVSRQGLQJ WRWKHDUFRI\RXUZKHHO7KHQWLOWLQJWKHEODGHEDFN ZDUGVOLJKWO\LQVXEVHTXHQWSDVVHVJUDGXDOO\UHPRYH PRUH DQG PRUH VWRFN WRZDUG WKH HGJH SURGXFLQJ D VWUDLJKW OLQH IURP WKH GHHSHVW SRLQW RI WKH KROORZ JULQGWRWKHFXWWLQJHGJH 5HSHDWWKLVSURFHVVXQWLODERXWKDOIWKHZRUNRQ RQHVLGHLVILQLVKHG7KHQWXUQWKHEODGHDURXQGDQG SURFHHGRQWKHRWKHUVLGH7KHLGHDLVWRQRWWDNHWRR PXFKRIILQDQ\RQHSODFH:KHQERWKVLGHVDUHDS SUR[LPDWHO\ KDOIJURXQG SURFHHG PRUH FDUHIXOO\ NHHSLQJWKLQJVHYHQDQGDERXWWKHVDPHGLVWDQFHXS RQHDFKVLGHRIWKHEODGH7DNH\RXUJORYHVRIIDQG GLS WKH EODGH LQ ZDWHU RFFDVLRQDOO\ UXQQLQJ \RXU ILQJHUV XS DQG GRZQ WKH HGJH IHHOLQJ IRU WKLFN DQG WKLQ VSRWV *ULQG WKH EODGH WR DERXW SHUFHQW RI FRPSOHWLRQVLQFH\RXZLOOFRPSOHWHWKHJULQGLQJRQ WKHEHOWPDFKLQH ,I \RX DUH JULQGLQJ D SDUWLFXODUO\ ILQH WKLQ EODGHVXFKDVDFKHIVYHJHWDEOHNQLIH\RXPD\QRW EH DEOH WR JULQG DV PXFK SULRU WR WHPSHULQJ ,I WKH EODGH LV JURXQG WRR WKLQ SULRU WR WHPSHULQJ LW ZLOO ZDUS7KHUHIRUH\RXJULQGRQO\ VR WKLQWHPSHUWKH EODGH WKHQ FDUHIXOO\ VR DV QRW WR KHDW WKH EODGH UHJULQG LW WR LWV GHVLUHG WKLFNQHVV 7KLV UHJULQGLQJ LV EHVWGRQHRQD
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
PLJKW FXW \RXUVHOI ZKLOH ZRUNLQJ RQ WKH EODGH /DWHU RQ ZKHQ \RX DUH PRUH VNLOOHG DW JULQGLQJ \RX FDQ VNLS WKLV VWHS OHDYLQJ WKH HGJH VTXDUH XQWLO WKH ILQDO VKDUSHQLQJHGJLQJ SURFHGXUH +RZ0XFKWR*ULQG %HIRUH+HDWWUHDWLQJ" $IWHUUHDGLQJWKHFKDSWHUVRQUHJULQGLQJDQGKHDW WUHDWLQJWKHEODGHGHFLGHRQWKHGHVLUHGWKLFNQHVV\RX ZDQW IRU \RXU EODGH HGJH &RQVLGHU WRR WKH EHVW WKLFNQHVV IRU WKH EODGH ZKLOH LW LV EHLQJ WUHDWHG
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
JULQG WRR GHHSO\ \RX PDNH WKH EODGH WRR WKLQ
&KDSWHU
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
ZD\V WR GR WKLV DUH WR EUD]H WKH SLHFHV WRJHWKHU VROGHUWKHPRUSLQWKHPWRJHWKHU7KHEUD]LQJPXVW EH GRQH EHIRUH KDUGHQLQJ ZKLOH WKH VROGHULQJ DQG SLQQLQJ PHWKRGV DUH GRQH DIWHU WHPSHULQJ 6LQFH , SUHIHUEUD]LQJWKLVLVWKHZD\,PDNHP\NQLYHV
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
&XWWLQJEUDVVHDUVIURP PLOOHGVWULS
&XWWLQJWKHVORWGRZQWKHFHQWHU RIDSURVSHFWLYHEROVWHUILQJHU JXDUGZLWKDEDQGVDZ
8VLQJWKHEHOWJULQGHU WRSUHFLVHO\PLOORXWWKH WRSQRWFKRQDEROVWHU ILQJHUJXDUG
5HILQLQJWKHDOUHDG\SUHFLVH QRWFKZKLFKZLOOUHFHLYHWKH EUDVVILOOMRLQLQJWKHWZR SLHFHVRIEUDVVDWWKHWRSRI WKHEROVWHUILQJHUJXDUG
*ULQGLQJ WKH VLGH QRWFKHV WR UHFHLYH WKH EUDVV ILOO 7U\ WKLV ZLWK D ILOH WKH ILUVW IHZ WLPHV EHFDXVHLW VWULFNLHUWKDQLWORRNV
%UD]LQJ7HFKQLTXH ,UHFRPPHQGSRZGHUHGUDWKHUWKDQOLTXLGEUD]LQJ IOX[
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
)LOOLQJWKHWRSQRWFK WKXVMRLQLQJWKHWZR EUDVVHDUVRIDEROVWHU
2QFHWKHWZRHDUVKDYHEHHQ EUD]HGDWWKHWRSFKHFNWRVHH LIWKH\DUHSUHFLVHO\VWUDLJKW DORQJWKHVLGHQRWFKHV,IQRW DGMXVWWKHPE\EHQGLQJWKHP ZLWKSOLHUVZKLOHVWLOOKRW
EUD]LQJURGWRIORZLQWKHUH2WKHUZLVHEXEEOHVZLOO DSSHDUZKHQ\RXIDLUGRZQWKHEUD]HGVXUIDFH,IWKLV RFFXUVLQVSLWHRI\RXUHIIRUWVVSULQNOHRQVRPHPRUH IOX[DQGWU\JRLQJRYHUWKHEHDGDJDLQWKLVWLPHPDN LQJVXUHWRKHDWLWULJKWGRZQWRWKHYHU\ERWWRP FRUQHURIZKHUHWKHWZRPHWDOVFRPHWRJHWKHU.HHS WKHZRUNFOHDQ %UD]HWKHEUDVVSRLQWDWWKHERWWRPHGJHRIWKHWDQJ DQGEHVXUHWKDWWKHEUD]LQJURGIORZVGHHSO\LQWRWKH FUDFNDWWKLVSRLQW
,IFDUERQGHSRVLWVEXLOGXSUHGXFLQJWKHEUDVVIORZ VSULQNOHDOLWWOHSRZGHUHGIOX[RQWKHKRWZRUNSLHFH
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
%HIRUHWHPSHULQJWKHEODGHIDLUGRZQWKHEUDVV VR WKDW LW PDNHV D VPRRWK FXUYHG WUDQVLWLRQ WR WKH VLGHRIWKHEODGH7KHEUDVVVKRXOGPHHWWKHVWHHODW WKH QRWFK RQ HDFK VLGH RI WKH EODGH 8VH WKH FRUQHU RIWKHEHOWZKHHOZLWKWKHEHOWRYHUODSSHGDQVLQFK WRUHDFKWKLVDUHD*ULQGWKHEUDVVHQRXJKWRVHHWKDW WKHUHDUHQREXEEOHVRUJDSVLQWKHEUD]LQJDQGJULQG WKHILOODWWKHWRSDQGERWWRPRIWKHEROVWHUIOXVKZLWK WKHWDQJ3URFHHGWRVKDSHWKHEROVWHUILQJHUJXDUG
)DLULQJGRZQWKHILOOEHWZHHQWKH VLGHRIWKHEODGHDQGWKHEROVWHU,W GRHVQ WORRNOLNHLWLQWKHSLFWXUH EXWWKHVWLIIQHVVRIWKHHGJHRIWKH EHOWKDVEHHQEURNHQGRZQWR SURGXFHDURXQGHGILOOEHWZHHQWKH WZRVXUIDFHV
&RPSOHWLQJWKHDERYH RSHUDWLRQWKLVWLPH IDLULQJGRZQWKHILOODVLW UHDFKHVWKHIDFHRIWKH EROVWHU
'RLQJWKHVDPHDW WKHERWWRPQRWFK
)DLULQJWKHILOODWWKHWRS QRWFKIOXVKZLWKWKHWRSHGJH RIWKHWDQJDOOWKHZKLOH KRSLQJQRWWRXQFRYHUD EXEEOH
&OHDQLQJ WKH DUHD ZKHUH WKH GURSSHG EODGH IRUPV D ILQJHU JXDUG
&OHDQLQJWKHVLGHVRIWKHEROVWHULQSUHSDUDWLRQ IRUKDUGHQLQJ$OVREHVXUHWKDWWKHVLGHVRIWKH EODGHKDYHEHHQFOHDQHGXSQLFHDQGVKLQ\IURP WKHEUD]LQJSURFHVV,KDYHVHHQVRPHW\SHVRI DFLGLFEUD]LQJIOX[HDWSLWVLQWKHVLGHVRIWKHEODGH GXULQJWKHKDUGHQLQJKHDWWUHDWPHQW
7ZRYLHZVVKRZLQJWKHILQJHUJXDUGEHLQJ FDUYHGRXWWRILWDJDLQVWWKHILQJHUXVLQJWKH VRIWHQHGHGJHRIWKHEHOWDURXQGWKHPHWDOHGJH RIWKHEDFNVWRS
5HEUD]H WKH SLHFH LI \RX ILQG DQ\ LQVXIILFLHQFLHV 5HPHPEHU \RX FDQQRW UHEUD]H RQFHWKHEODGHLVWHPSHUHGXQOHVV\RXUHWHPSHUDV ZHOO 5HPRYLQJD+ROH +ROHV FDXVHG E\ LPSXUH EUDVV FDQQRW EH UHSDLUHGZLWKRXWUHEUD]LQJLQWKHIROORZLQJPDQQHU )LUVWFRPSOHWHWKHWZRUHPDLQLQJVWHSVLQWKHKHDW WUHDWLQJ SURFHVV VR WKDW WKH DUHD DURXQG WKH EROVWHU LVDQQHDOHG8VLQJDVPDOOELWWKDWZLOOUHDPRXWWKH KROH GULOO D VPDOO KROH VWUDLJKW GRZQ WKURXJK WKH EXEEOHDQGLQWRWKHVWHHORIWKHNQLIHVKDQN'ULOODW OHDVW
WKUHH WLPHV GHHSHU WKDQ WKH GLDPHWHU RI WKH KROH
%XLOGLQJD%ROVWHUIRUD3DUWLDOWDQJ2QHSLHFH +DQGOH 8VXDOO\WKLVW\SHRIKDQGOHLVPDGHRIERQHRU KRUQ ,I\RXKDYHGHVLJQHGDQGVKDSHGWKHNQLIH SURSHUO\WKHUHVKRXOGEHDLQFKWDQJH[WHQGLQJ DERXWLQFKHV
7KUHHYLHZVRIDILQLVKHGEROVWHUILQJHUJXDUG
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
+ROGLQJWKHSLHFHVWRJHWKHUZKLOHGULOOLQJLV GLIILFXOW:LWKDSDLURI9LVH*ULSVWXUQHGVLGHZD\V DQGVKLPPHGXSZLWKDSLHFHRIZRRG\RXFDQ GULOORQHKROHVHWWKDWSLQWKHQWXUQWKHNQLIH DURXQGLQWKH9LVH*ULSVDQGGULOOWKHRWKHUKROH
&KDSWHU
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
)RUDPRUHFRPSOHWHGLVFXVVLRQRIPHWDOOXUJ\WKHRU\DVZHOODV SUDFWLFDO KHDWWUHDWPHQW LQVWUXFWLRQV IRU VHYHUDO DOOR\ VWHHOV SRSXODUZLWKDGYDQFHGNQLIHPDNHUVVHHDSSHQGL[
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
+HDWWKHKDQGOHDUHDZLWKWKHWRUFK VRWKDWLWZLOOEHVRIWHQRXJKWR VWUDLJKWHQDQGGULOO+HDWWKHVWHHO XQGHUQHDWKWKHEROVWHUDUHD VXIILFLHQWO\RULWPD\FUDFNDWWKH EROVWHULI\RXKDYHWRVWUDLJKWHQLW WKHUHRUSRVVLEO\HYHQGXULQJXVH
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
&KDSWHU
7UXHLQJ8SWKH%ODGH 6WUDLJKWHQLQJ WKH EODGH FDQ EH D SUREOHP
DFXVKLRQ8VLQJDVPRRWKKHDY\URXQGHGKDPPHU VLPSO\ EHDW WKH EODGH IODW 3ODFH WKH FRQFDYH VLGH GRZQRQWKHSDGGHGRUVOLJKWO\FRQFDYHDQYLO6WULNH ZLWKWKHFHQWHURIWKHKDPPHUKHDGQRWWKHHGJHRU \RX ZLOO GHQW VZHHW OLWWOH VPLOHV DOO RYHU WKH VLGH RI WKHEODGH +LWLWHDVLO\DWILUVWWKHQKDUGHU
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
FDUHIXOWHPSHULQJEROVWHUHGNQLYHV+HDWWKHPHYHQO\ DQG\RXSUREDEO\ZLOOQRWKDYHWKLVSUREOHP ,I \RX SODQ WR VLOYHUVROGHU RU SLQ DQ\ DGGLWLRQDO SLHFHVWRWKHEODGHRUKDQGOHVXFKDVDEUDVVEROVWHU WXUQWRFKDSWHUDQGFRPSOHWHWKDW RSHUDWLRQWKHQ UHWXUQWRWKHVHFWLRQRQGULOOLQJWKHULYHWRUSLQKROHV ,W LV SUHIHUDEOH WR VROGHU WKH EROVWHU EHIRUH GULOOLQJ WKHKROHVEHFDXVH\RXFDQGRDEHWWHUMRERISODFLQJ WKHKROHVRQFH\RXFDQVHHDQGIHHOWKHNQLIHZLWKWKH EROVWHURQ
&KDSWHU
5HJULQGLQJDQG 3ROLVKLQJWKH%ODGH ,IWKHNQLIHLVLQWHQGHGWRKDYHDILQHWKLQ HGJH \RX VKRXOG GR WKH ODVW SRUWLRQ RI WKH JULQGLQJ DIWHU WHPSHULQJEHFDXVHDYHU\WKLQHGJHZLOOZDUSGXULQJ WKHKHDWLQJSURFHVV+RZHYHUJULQGLQJWKHHGJHDIWHU LW LV WHPSHUHG LV DOVR ULVN\ VLQFH JULQGLQJ KHDW FDQ UHPRYH VRPH RI WKH KDUGQHVV
EODGHLQZDWHUDIWHUHYHU\RQHRUWZRSDVVHVDFURVV WKHZKHHO8VHDQHZEHOWIRUWKLVSURFHVVEHFDXVH QHZ DEUDVLYHV JULQG ZLWK OHVV KHDW WKDQ JULQGVWRQHV,XVHJULWIRUWKLVVWHS 5HPRYLQJWKH*ULQGHU0DUNV 7R SUHSDUH WKH EODGH IRU SROLVKLQJ \RX ZLOO QHHG WR UHJULQG WKH EODGH ZLWK DQ JULW EHOW LI \RX KDYH QRW DOUHDG\ GRQH VR 7KHQ UHSHDW WKLV SURFHVV ZLWK DQG JULW EHOWV
URUILQLVK7KLVLVLPSRUWDQWQRWRQO\IRUWKHDS SHDUDQFHRIWKHEODGHEXWIRUHDVHRIFOHDQLQJ .HHSWZRWKLQJVLQPLQGHDFKWLPH\RXJRRYHU WKH EODGH )LUVW GR QRW KHDW WKH FXWWLQJ HGJH ,I LW WXUQV EOXH RU VLJQLILFDQWO\ GDUNHQV \RX HLWKHU KDYH WR FDUHIXOO\ JULQG WKDW SDUW RI WKH EODGH RII RU UHWHPSHUWKHEODGH6HFRQGPDLQWDLQDQGSHUIHFWWKH FOHDQ DQG ZHOOGHILQHG JULQGLQJ OLQHV RI WKH NQLIH 2FFDVLRQDOO\ YDU\ WKH DQJOH RI JULQGLQJ VOLJKWO\ VR \RXFDQVHHLI\RXDUHJHWWLQJGRZQSDVWSUHYLRXVJULW PDUNV
5HJULQGLQJWKHEODGHXVLQJ DZRUNUHVWWRVWHDG\WKH ZRUN7KLVLVHVVHQWLDOIRU PHDWOHDVWWRDFKLHYHD JRRGVWUDLJKWJULQGLQJ OLQH
,I \RX DUH UHJULQGLQJ D EODGH PRUH WKDQ LQFKHV ORQJ \RX FDQ DFKLHYH D VWUDLJKWHU PRUH SUHFLVHJULQGLQJOLQHE\XVLQJDZRUNUHVWRQWKHEHOW JULQGHU 7KLV LV D 8VKDSHG EUDFNHW OLNH WKH RQH GHVFULEHG LQ WKH EHQFKJULQGHU VHFWLRQ RI WKH 7RROV FKDSWHU+RZHYHUWKLVRQHGRHVQ WKDYHWREHTXLWH DVDGMXVWDEOH7KHZRUNZKHHORQDEHOWJULQGHUXQ OLNHDJULQGVWRQHGRHVQRWFKDQJHVL]HFRQVWDQWO\DO WKRXJK LW VKRXOG EH HDV\ WR PRYH RXW RI WKH ZD\ ZKHQ\RXFKDQJHEHOWV :KHQHYHUJULQGLQJDWHPSHUHGEODGHXVHRQO\D YHU\VKDUSJULQGLQJLPSOHPHQWOLNHDVKDUSVWRQHRU DEUDQGQHZDEUDVLYHFORWKEHFDXVHWKHVKDUSHULWLV WKHOHVVKHDWLVJHQHUDWHGZLWKLQWKHVWHHO $JULWEHOWZLOOUHPRYHDOOWKHJULWJULQG LQJPDUNVDQGSXWWKHILQDOWRXFKHVRQWKHEODGH VXFKDVWDSHULQJWKHFXWWLQJHGJHWR\RXUOLNLQJ ZRUNLQJRYHUWKHWLSDQGSHUKDSVPDNLQJWKHKROORZ JULQGGHHSHUFOHDUHUDQGPRUHSUHFLVH
$YLHZIURPWKH RSHUDWRU VSRVLWLRQ ORRNLQJGRZQDWD PHGLXPFKHI VNQLIH EHLQJEXIIHG
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
&KDSWHU
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
0RYLQJ D KROH WKDW ZDV VWDUWHG D OLWWOH RIIFHQWHU
FDQ PRYH WKH KROH VOLJKWO\ E\ WLOWLQJWKHZRUNSLHFH 'RWKLVE\VLPSO\SODFLQJVRPHWKLQJXQGHUWKHVLGH RIWKHKDQGOH\RXZDQWWKHKROHWRPRYHDZD\IURP 7KHWLSRIWKHGULOOZLOOVNDWHDFURVVWKHVWHHOLQWKH GRZQKLOOGLUHFWLRQ%HFDUHIXOQRWWREUHDNWKHELW /RVLQJ:HLJKW
ZLOOSUREDEO\KDYHWRRUGHUWKHPIURPDWRRODQGG\H VXSSO\KRXVH )RU WKH LQH[SHQVLYH PHWDO ULYHWV XVH D ELW VL]H WKDWLVRQO\VOLJKWO\ODUJHUVD\LQFK WKDQWKHULYHW VKDIW 6HH FKDSWHU )RU WKH RUGLQDU\ LQFK EUDNHVKRHULYHWVXVHDLQFKGULOO7KHRYHUVL]HG ULYHWKROHVDOORZVSDFHIRUWKHULYHWVWRH[SDQGVOLJKWO\ ZKHQKDPPHUHGWRJHWKHU,I\RX UHXVLQJSLQVLQVWHDG RIULYHWVFKRRVHDGULOOH[DFWO\WKHVDPHVL]HDVWKHSLQ EHFDXVHLWGRHVQRWQHHGURRPWRH[SDQG,WGRHVQRW PDWWHUZKDWVL]HWKHHSR[\ULYHWKROHVDUH 6KDUSHQLQJD'ULOO%LW 7KHGULOOELWEHFRPHVGXOODIWHUDFHUWDLQDPRXQW RIXVH6KDUSHQLWDWRQFH,I\RXJRRQXVLQJLWWKHELW ZLOOKHDWXSDQGORVHLWVWHPSHURULWZLOOVKDWWHU2QFH \RXJHWWKHNQDFNRILWLWWDNHVRQO\DIHZVHFRQGVWR VKDUSHQDGULOOELW 7DNHDJRRGORRNDWDQHZRUSURSHUO\VKDUSHQHG ELW2EVHUYHWKHFXWWLQJHGJHVDQGKRZWKH\DQJOHLQWR WKHVWRFNDVWKHGULOOVSLQV 6HHKRZQLFHDQGQHDWWKHIDFHWVDUHWKDWIRUPWKH FXWWLQJ HGJH 7KH\ DUH VTXDUH QRW URXQGHG ,I WKH\ FXUYHWKH\VORSHEDFNZDUGVRWKHKLJKHVWSRLQWDORQJ
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
&KDSWHU
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
7KLVVHTXHQFHVKRZVKRZWRFXWDOORIWKH SLQVDQHTXDODQGSURSHUOHQJWK$SLHFHRI ZRRGLVFODPSHGWKHSURSHUGLVWDQFHIURPWKH EODGH7KLVIRUPVDVWRSRUMLJWRKROGWKH SLQVWRFNDWWKHULJKWOHQJWK7KHSLHFHRI EUDVVWKDWWKHSLQVWRFNLVULGLQJRQJLYHVD OLWWOHFOHDUDQFHVRWKHILQJHUVFDQJULSLW
&XWWKHURGVLQWROHQJWKVRQO\VOLJKWO\ORQJHU WKDQWKHZLGWKRIWKHVFDOHKDQGOH%HYHORIIWKH FRUQHUVRIWKHSLQVDWRQHHQGVRWKH\VOLGHWKURXJK WKHKROHHDVLO\,ZLOOWHOO\RXKRZWRVHWWKHPLQWKH VHFWLRQRQJOXLQJWKHKDQGOHZLWKSLQVLQFKDSWHU ,QH[SHQVLYH5LYHWV 2UGLQDU\ EUDNHVKRH ULYHWV DUH H[FHOOHQW IRU KROGLQJWKHKDQGOHVODEVWRJHWKHU
$OWKRXJKWKH\ZHUHQRWLQWHQGHGWREHXVHGLQ WKLVPDQQHULWWXUQVRXWWKDWWKHVKDQNRIWKHVL]H ILYHULYHWVFDQEHKDPPHUHGLQWRWKHKROHDWWKHHQG RIWKHVL]HVHYHQULYHWVIRUPLQJDYHU\WLJKWPDOH IHPDOHSUHVVILW ,PSURYLQJWKH5LYHWV 7KH WLJKWQHVV RI WKH ILW FDQ EH LQFUHDVHG E\ JULQGLQJ RII WKH WLSV RI WKH ILYH VHULHV PDOH ULYHWV GRZQ SDVW WKH KROH 7KH SRUWLRQ SRXQGHG LQWR WKH IHPDOH
ULYHW ZLOO WKHQ EH VROLG UDWKHU WKDQ WXEXODU 7KH WXEXODU WLS RI WKH PDOH ULYHW FRXOG FROODSVH VOLJKWO\ SRVVLEO\ VOLSSLQJ RXW DW VRPH IXWXUH WLPH 2UGHUVL]HILYHPDOH ULYHWVDERXWWKUHH VL]HVORQJHUWKDQ\RXDFWXDOO\QHHGDQGJULQG WKHPRIISDVWWKHKROH*ULQGDYDULHW\RIOHQJWKV DQGSXWHDFKVL]HLQDVHSDUDWHFRQWDLQHU%HYHO WKHPRIIVRWKH\ZLOOILQGWKHIHPDOHULYHW HDVLO\
$FRXQWHUVLQNELWZLWKD PDWFKLQJGULOOELW7KLVRQH ZDVPDGHIURPDQROG VFUHZGULYHU
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
&KDSWHU
+DQGOH0DWHULDOV
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
7KH GHJUHH RI GU\QHVV LV FUXFLDO WRSURSHUO\DW WDFKLQJ WKH KDQGOH EHFDXVH DQ\ SLHFH RI ZRRG RU ERQH UHDFWV WR KXPLGLW\ E\ FRQWUDFWLQJ DQG H[SDQGLQJ :RRG PXVW EH VXIILFLHQWO\ GU\ WR VWDUW ZLWKVRWKDWWKHFKDQJHLVPLQLPDO([SDQVLRQRIWKH ZRRG LQ ZHW FOLPDWHV LV DOPRVW XQQRWLFHDEOH EXW D OLWWOH FRQWUDFWLRQ EUHDNV DSDUW WKH FHPHQW OHDYLQJ JDSV WKDW ZHDNHQ WKH KDQGOH DQG FROOHFW PRLVWXUH DQGFUXGDQGORRNWHUULEOH6R,UHSHDWVWDUWRXWZLWK ZRRGWKDWLVSOHQW\GU\EXWQRWSDUFKHG
$'U\LQJ.LOQ ,PDGHDGU\LQJNLOQRXWRISO\ZRRGZLWKLQFK E\LQFKILUIUDPH,WLVIHHWKLJKE\IHHWZLGHDQG IHHWGHHS7KHVKHOYHVDUHKHDY\ZLUHPHVKWKDW DOORZVWKHZDUPDLUWRPRYHDURXQGIUHHO\7KHGRRUV RSHQDOOWKHZD\WRJLYHHDV\DFFHVVWRWKHVKHOYHV,W LVSRZHUHGE\DZDWWHOHFWULFKHDWHUDLPHGDWD WLQIRLOUHIOHFWRUZKLFKGLIIXVHVWKHKHDW $ GU\LQJ NLOQ LV LQGLVSHQVDEOH IRU PH EHFDXVH , OLYH QHDU WKH FRDVW ZKHUH LW LV DOZD\V GDPS ,W LV SUREDEO\ LQGLVSHQVDEOH WR DQ\ NQLIHPDNHU ZKR GRHV QRWOLYHLQWKHGHVHUW
&KDSWHU
0DNLQJD)XOOWDQJ 6FDOH+DQGOH :HKDYHFRYHUHGQHDUO\HYHU\WKLQJ\RXQHHGWR NQRZWREXLOGDIXOOWDQJVFDOHKDQGOH
)LWWLQJWKH6FDOHVWRWKH7DQJ )LUVWXVLQJDQHZJULWEHOWPDNHWKHLQVLGH VXUIDFHRIWKHVFDOHVSHUIHFWO\IODWE\SUHVVLQJDJDLQVW WKHIODWEHOWVXSSRUWRQWKHVDQGHU,XVXDOO\IOLSWKH VFDOHVLQVLGHRXWILUVWEHFDXVHWKHSODQHGVXUIDFHRI WKHVWRFN VRXWVLGHLVIODWWHUDQGVPRRWKHUWKDQWKH
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
7KLVNQLIHPDNHU XVHVRQO\RQHKDQG WRIODWWHQWKHVODE EXWKHKDVKDGDORW RISUDFWLFH
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
&KHFNLQJIRUFUDFNV EHWZHHQWKHKDQGOHDQG WDQJ 6WUDLJKWHQLQJDWDQJ RQDUDLOURDGWUDFN DQYLO:HXVHDVSHFLDO RQHFODZHGKDPPHUIRU WKLVRSHUDWLRQ
3XWWKHWZRWRJHWKHUDQGKROGWKHPWLJKWO\DVRQH XQLWDQGEHYHOWKHPYHU\FDUHIXOO\DJDLQVWWKHZKHHORI WKH VDQGHU 6WDUW ZLWK DERXW DQ JULW EHOW WKHQ WKH JULWDQGILQLVKZLWKDERXWDJULWEHOW7XUQWKH VFDOHVRYHUDQGIDLUGRZQWKHRXWVLGHVWRMXVWVOLJKWO\ WKLFNHUWKDQ\RXZLOOZDQWWKHPLQWKHILQLVKHGNQLIH +ROGWKHPHYHQO\DV\RXGLGZKHQ\RXIODWWHQHGWKH LQVLGHV %HYHOLQJDQG SROLVKLQJWKH IURQWHQGVRIWKH VODEV
)LWWLQJWKH6FDOHVWRWKH%ROVWHU 7ULP WKH LQVLGH RI WKH EROVWHU DUHD ZLWK D ILOH VR LW V QHDW DQG FOHDQ DQG SHUIHFWO\ VTXDUH WR UHFHLYHWKH VODEV )LWWLQJ WKH VFDOHV WR D NQLIH ZLWK D EROVWHU LV RI FRXUVH D OLWWOH WULFN\ +RSHIXOO\ \RX FXW WKH SLHFHV VOLJKWO\RYHUVL]H&DUHIXOO\JULQGGRZQWKHHQGRI
HDFK VFDOH ZLWK DQ JULW EHOW XQWLO LW SUHFLVHO\ ILWV DJDLQVWWKHEROVWHU8VHDILOHWRJHWWKHPH[DFW,I\RX KDYHPDGHWKHVFDOHVDOLWWOHWRRORQJWRVWDUWZLWK\RX KDYHURRPIRUHUURUDQGFDQWULPDOLWWOHRIIKHUHDQG WKHUH XQWLO LW ILWV H[DFWO\ +ROG LW XS WR WKH OLJKW DQG VHH LI WKHUH DUH DQ\ JDSV EHWZHHQ VFDOH DQG EROVWHU *ULQGRIIWKHWLSVRIWKHEROVWHUVRWKH\DUHIOXVKZLWK WKHKDQGOHPDWHULDO ,IWKHVFDOHPXVWILWEHWZHHQDEROVWHUDQGDEXWW WKHMRELVPRUHGLIILFXOWEHFDXVHWKHUHLVQRURRPIRU PLVWDNHV
ZLWK D SDLU RI 9LVH *ULSV DQG ZLWK WKH VODE VLGH GRZQ GULOO WKHKROHVLQWKHVODEXVLQJ WKH SUHGULOOHG ULYHW KROHV LQ WKH WDQJ DV D WHPSODWH 0DNH VXUH WKH VFDOHVDUHVQXJDJDLQVWWKHEROVWHUDQGWKDWWKHKROHV DUH SHUIHFWO\ OLQHG XS $IWHU UHPRYLQJ WKH ILUVW VODE FODPS WKH VHFRQG RQH DJDLQVW WKH RWKHU VLGH RI WKH WDQJDQGGULOOLWLQWKHVDPHIDVKLRQ 1RZGULOOVKDOORZKROHVLQWKHLQVLGHRIWKHVODE DGMDFHQWWRHDFKRIWKHHSR[\ULYHWKROHV,GRWKLVE\ PDUNLQJ WKH KDQGOH PDWHULDO ZLWK D SHQFLO DQG WKHQ UHPRYLQJ WKH FODPSHGRQ WDQJ VR , FDQ VHH H[DFWO\ KRZGHHSWRJR2EYLRXVO\LWZRXOGEHDGLVDVWHULI \RX ZHQW WRR GHHS DQG WKH KROH HPHUJHG RQ WKH RWKHU VLGH RI WKH VODE , GULOO WKHP DERXW LQFK GHHS ,I\RXZLOOEHVHWWLQJWKHVODEVZLWKULYHWVLQVWHDG RI SLQV GULOO RXW WKH FRXQWHUVLQN KROHV IRU WKH ULYHW KHDGVDVSLFWXUHGRQSDJHV
'ULOOLQJ WKURXJK WKH SUH GULOOHG WDQJ WR PDNH D SLQ KROH LQ WKH VODE 7KH VODE DQG WKH WDQJ DUH FODPSHG WRJHWKHU ZLWK D SDLU RI 9LVH *ULSV 7KH EORFN RI ZRRG VXSSRUWLQJ WKH VODE KDV D 8 VKDSHG VHFWLRQ UHPRYHG WR PDNH URRP IRU WKH 9LVH *ULSV7KLVZD\DOOWKHKROHV DUH DOZD\V GULOOHG DW WKH VDPH DQJOH 2WKHUZLVH WKH SLQV FDQ EH LPSRVVLEOH WR JHWWKURXJKWKHKROHV
&ODPSLQJWKH6FDOHVWRWKH6KDQN %HIRUHPL[LQJXSWKHHSR[\ZDLW*HW\RXU FODPSVUHDG\
&ODPSWKHZKROHWKLQJWRJHWKHURQFHIRUSUDFWLFH EHIRUHPL[LQJWKHHSR[\5HPHPEHU\RXGRQRWQHHG WKHPRGLILHGFODPSJRLQJOHQJWKZLVHXQOHVV\RXKDYH DEROVWHURUILQJHUJXDUGRQWKHNQLIH *R EDFN WR FKDSWHU DQGSUHSDUH WKH ULYHWV RU SLQV0DNHVXUHWKHEUDVVULYHWVRUSLQVDUHWKHFRUUHFW OHQJWK 3UDFWLFH VHWWLQJ WKHP VR WKDW \RX FDQ GR LW VPRRWKO\DIWHUWKHHSR[\LVPL[HG (SR[\*OXH 7KLVLVDYHU\VWURQJSODVWLFDGKHVLYHILOOHUWKDWLV DFWLYDWHG DQG EHFRPHV KDUG DIWHU LWV WZR FRQVWLWXHQW SDUWVDUHPL[HGWRJHWKHU
7KHUHDUHPDQ\EUDQGVDQGW\SHVRIHSR[\FHPHQW GHVLJQHG IRU D YHU\ ZLGH YDULHW\ RI XVHV 0DQ\ NQLIHPDNHUV XVH DQ LQGXVWULDOJUDGH HSR[\ WKDW LV VXLWDEOH IRU ERQGLQJ ZRRG WR VWHHO
&OHDQLQJRIIWKHWDQJ ZLWKDFHWRQH
3XWWLQJ9DVHOLQHRQ WKHHQGVRIWKHVODEVVR WKDWWKHHSR[\ZRQ W VWLFNWKHUH
ILOO WKH LQVLGHV RI WKH KROHV LQ WKH VKDQN ZKLFK ZLOO IRUP HSR[\ ULYHWV &RDW WKH SLQV RU ULYHWV 3ODFH WKH VODEVDJDLQVWWKHVKDQNDQGVHWWKHULYHWVRUSLQV'R QRWJHWDQ\HSR[\LQVLGHWKHIHPDOHULYHWRULWPD\QRW FRPSUHVVSURSHUO\DQG\RXZLOOKDYHDPHVV +HUHUXEEHUJORYHVDUH XVHGWRNHHSWKHHSR[\ RIIWKHKDQGVKRZHYHU, ILQGWKDWFXPEHUVRPH, XVHSHDQXWRLORQP\ KDQGVLQVWHDGDQGDP YHU\FDUHIXOQRWWRWRXFK DQ\RIWKHJOXHVXUIDFHV ZLWKWKHRLO
*OXLQJDOOWKHVXUIDFHVDQGKROHV
7LJKWHQWKHFODPSVRQWRWKHKDQGOH*RHDV\,I \RX KDYH D EROVWHU VWDUW ZLWK WKH OHQJWKZLVH FODPS DQGVQXJWKHVFDOHVXSDJDLQVWWKHEROVWHU2QFHWKH VODEV DUH VQXJJHG XS WR WKH EROVWHU WDNH WKH KDQGOH RXWRIWKDWFODPSDQGSUHVVLQWKHVLGHVRIWKHKDQGOH ZLWKWKUHHRUIRXUFODPSVRU\RXFDQOHDYHLWLQDQG FODPSLW 3XWWLQJLQ WKHSLQV
6QXJJLQJXS WKHEROVWHU
8QGRLQJWKH VQXJJHUDQGVTXHH]LQJ WKHVODEVWLJKWO\ZLWK WKHYLVHDQGFODPSV
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
*ULQGLQJRIIWKHWRSVRIWKHSLQVDJDLQVW WKHIODWEHOWEDFNLQJNHHSVWKHVLGHRIWKH NQLIHIODWDQGHYHQ2WKHUZLVHWKHZRRG EHWZHHQWKHSLQVWHQGVWRGLVKRXWGXULQJ WKHVKDSLQJ
%HYHOLQJWKHZRRGDQGVWHHOIOXVK DORQJWKHWRSRIWKHKDQGOH
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
0DNLQJ)LQJHU*ULSV ,I\RXZDQWVRPHQLFHURXQGHGGHSUHVVLRQVIRU WKHILQJHUVWRJULSLWZRXOGDSSHDUWKDWWKLVVLPSO\ FDQQRWEHDFFRPSOLVKHGRQWKHEHOWVDQGHU1RWWUXH 7KHWULFNKHUHLVWROHW\RXUEHOWUXQDOLWWOHWRRQH VLGHRIFHQWHUVRWKDWLWRYHUODSVWKHSODWHQ7KHQ WDNHD
SLHFH RI VFUDS LURQ DQG EUHDN GRZQ WKH VWLIIQHVV RI WKH RYHUODSSLQJ VHFWLRQ RI WKH EHOW E\ IRUFLQJ LW ZKLOH WKH PDFKLQH LV UXQQLQJ WR EHQG DEUXSWO\ DW RQHSRLQW 2QFHWKHVLGHRIWKHEHOWKDVEHHQVRIWHQHGXS XVH WKLV RYHUODSSLQJ EHOW DUHD WR UHDFK LQ DQG EHYHO RXWILQJHUJULSVDQGWRVKDSHQLFHFXUYHVLQDUHDVWKH VDQGHU ZKHHO ZRXOG QRW RWKHUZLVH UHDFK )RUP WKH ILQJHU JULSV DV QHDWO\ DQG SUHFLVHO\ DV SRVVLEOH
:KLFK*ULW6L]HV" 8VHWKHFRDUVHJULWEHOWWRGRWKHURXJK VKDSLQJKHQXVHSURJUHVVLYHO\ILQHUJULWVWRILQLVK DQGSROLVKKHKDQGOHMXVWDV\RXGLGRQWKHEODGH, XVHEHOWVKDWKDYHEHFRPHWRRZRUQWRFXWVWHHO HIIHFWLYHO\EXWKDWDUHVWLOOVKDUSHQRXJKWRFXWWKH ZRRG , GR WKH URXJK VKDSLQJ ZLWK WKH JULW IROORZLQJ KDW ZLWK DQ JULW D JULW D JULW DQGWKHQILQLVKLQJZLWKDJULWRQWKHIODSVDQGHU
*ULQG WKH ZRRG DQG WKH WRSV RI WKH ULYHWV RU SLQVDVZHOODVWKHEROVWHUDQGEXWWSODWHVRWKH\DUH D OLWWOH PRUH SHUIHFWO\ IOXVK ZLWK HDFK VWHS 5HPHPEHUWKHULYHWKHDGVDUHYHU\WKLQVR\RXGRQ W ZDQWWRWDNHPRUHRIIWKDQ\RXKDYHWR
)LQLVKWKHXQVKDUSHQHGHGJHVRIWKH EODGH*LYHWKHVHDUHDVDVOLJKWO\ URXQGHGVKDSH
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
VWULNHWKHZRUNSLHFHDWKLJKVSHHG8VHLWWRVDQGWKH KROORZDUHDVRIWKHKDQGOH,WLPSDUWVDYHU\VPRRWK ILQLVK WR WKH KDQGOHRUZLWKGLIIHUHQW W\SHV RIDEUD VLYHV LW FDQ SURGXFH GLIIHUHQW HIIHFWV RQ WKH KDQGOH VXFK DV GULIWZRRG RU D UDLVHG JUDLQ HIIHFW 7KH IODS VDQGHU DFWLRQ LV YHU\ PXFK OLNH WKHDFWLRQRID VDQG EODVWHU , XVH D JULW 6DQGRIOH[ WUHDWPHQW IROORZLQJ WKH JULW VWHS RQ WKH EHOW VDQGHU WKHQ IROORZ XS ZLWKWKHEXIILQJVWHS 'DQLVK2LO $IWHU EXIILQJ WKH KDQGOH , FOHDQ LW DQG OHW D KHDY\FRDWRID'DQLVKRLOVXFKDV:DWFRVRDNLQWR WKHZRRGIROORZHGE\DVHFRQGFRDWLQDERXWDKDOI KRXU$IWHUWKLVFRDWVRDNVLQIRUKDOIDQKRXU,ZLSH DVPXFKRIWKHRLORIIDV,FDQZLWKDFOHDQUDJDQGOHW LWGU\RYHUQLJKW7KLVRLOSHQHWUDWHVWKHVXUIDFHRIWKH ZRRGDQGKDUGHQVVHDOLQJLWDJDLQVWPRLVWXUH
&KDSWHU
7KH3DUWLDOWDQJ 2QHSLHFH+DQGOH $RQHSLHFHKDQGOHFDQEHPDGHIURPDSLHFHRI ERQHKRUQZRRGRUSODVWLF,ZRXOGVD\WKDW SHUFHQWRIWKHPDUHPDGHRXWRIVWDJDQWOHU/HW V DVVXPHWKDW\RXDUHLQIDFWPDNLQJRQHRXWRIDSLHFH RIVWDJDQWOHU
7DNH D JRRG ORRN DW \RXU NQLIH EODGH FRQVLGHU WKH XVH \RX SODQ IRU LW DQG VHOHFW WKH EHVW SLHFH RI DQWOHU IRU \RXU SXUSRVH 7KLV PRVW OLNHO\ ZLOO EH WKH EXWWHQGRIDQDQWOHUWKDWLVDERXWLQFKLQGLDPHWHU +ROG WKH NQLIH XS WR WKH DQWOHU DQG GHWHUPLQH ZKHUHWRVDZLWRIIDQGDWZKDWDQJOH&XWWKHDQWOHU OHDYLQJ DQ H[WUD LQFK RU VR WR SOD\ ZLWK 1RZ ZLWKWKHEHOWJULQGHUFDUHIXOO\EHYHORIIWKHHQGZKHUH LW KDV EHHQ FXW VR WKDW WKH DQWOHU ZLOO EXWW SURSHUO\ DJDLQVWWKHEROVWHU
6HOHFWDGULOOELWWKDWLVDERXWWKHVDPHGLDPHWHUDV WKHWDQJ*ULQGGRZQWKHWDQJWRWKHVL]HRIWKHGULOO 'ULOODKROHLQWRWKHDQWOHUWRUHFHLYHWKHSDUWLDOWDQJ 'ULOOWKLVKROHLQWKHULJKWVSRWRQWKHDQWOHUDQGDW WKHSURSHUDQJOH3XWWKHKDQGOHRQWKHEODGH'RHV LWILWDOOWKHZD\XSWRWKHEROVWHU"
EXEEOHV)LOOWKHOLWWOHKROHVLQWKHEROVWHU&RDWWKH WDQJZLWKHSR[\DQGILWWKHKDQGOHLQSODFH0DNH VXUHWKHILWLVSHUIHFWO\VQXJDQGWKDWWKHKDQGOHLV WXUQHGLQH[DFWO\WKHFRUUHFWSRVLWLRQ +ROGWKHNQLIHWRJHWKHUXQWLOWKHHSR[\VHWVXS,I \RXKDYHVHWWKHKDQGOHZLWKILYHPLQXWHHSR[\\RX FDQKROGLWLQ\RXUKDQGVXQWLOWKHJOXHLVILUP,I\RX KDYHXVHGVORZHUHSR[\SODFHWKHNQLIHKDQGOHLQD YLVHEODGHXSVRWKHZKROHWKLQJLVEDODQFHG&KHFN WKHDOLJQPHQWHYHU\VRRIWHQLQFDVHLWGULIWVDOLWWOH )LQLVKLQJWKH+DQGOH 6WDUWLQJZLWKDJULWEHOWIDLUGRZQWKHERQHDQG EUDVVXQWLOWKH\DUHIOXVK'RQRWRYHUKHDWWKH
HSR[\7KHUHVKRXOGEHQRJDSEHWZHHQWKHWZR PDWHULDOV ,WLVDPDWWHURISHUVRQDOWDVWHDVWRKRZ PXFKRIWKHDQWOHULVSROLVKHGDQGKRZPXFKLV OHIWQDWXUDO,IDLUGRZQWKHDUHDQHDUWKHEROVWHU DQGDQ\VKDUSRUXQFRPIRUWDEOHSURWUXVLRQV 2WKHUZLVH,OHDYHWKHORRNRIWKHKDQGOHDV QDWXUDODVSRVVLEOH 5HVDQGWKHKDQGOHWRDJULWWH[WXUHDQGWKHQ JRRYHULWZLWKWKHIODSVDQGHU 7KHNQLIHLVQRZUHDG\WRSROLVK6HHFKDSWHU 'RQRWEXIIWKHERQHZLWKWKHVDPHZKHHOWKDW \RXEXIIWKHUHVWRIWKHNQLIHZLWK7KHGLUWIURP WKHZKHHOZLOOEHFRPHJXPPHGLQWRWKHSRUHVRI WKHERQH8VHDFRPSOHWHO\FOHDQEXIILQJZKHHO IRUWKHERQH
&KDSWHU %XIILQJWKH.QLIH 7KHUHDUHPDQ\NLQGVRIEXIILQJZKHHOV DYDLODEOHFRPSRVHGRIDZLGHYDULHW\RI PDWHULDOVVXFKDVIODQQHODEUDVLYHSDFNHG UXEEHUIHOWPHWDOEUXVKHVZLWKFRPSRXQGLQWKH EULVWOHVHWFHWHUD,KDYHWULHGRQO\IODQQHO ZKHHOVDQG,KDYHIRXQGWKDWKDUGIODQQHOLVEHVW IRUNQLYHV
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
%XIILQJWKHIDFHRI WKHEODGHRIDVPDOO FKHI VNQLIH
PRUHWLPHVRLWLVDVFOHDQDVDPLUURU'RQRW RYHUKHDWWKHFXWWLQJHGJHVLQFHWKLVFRXOGUHGXFHWKH KDUGQHVV :KHQEXIILQJWKHKDQGOHGRQ WEHDUGRZQWRRKDUG RU\RXZLOOEXUQWKHZRRGSODVWLFRUERQH,I
%XIILQJWKHWLJKWVSRWV ZKHUHWKHXQGHUQHDWK RIWKHKDQGOHFRPHV XSWRWKHEODGH
\RXILQGGLUW\FRPSRXQGSLOLQJXSLQFHUWDLQDUHDVRI WKHKDQGOHVXFKDVRQWKHWDQJEXIILQWKHGLUHFWLRQRI WKHEHOWJULQGLQJPDUNVPLFURVFRSLFDVWKH\PD\ DSSHDU8VHSOHQW\RIFRPSRXQGDQGWKHZKHHOZLOOFXW IDVWHUDQGFOHDQHU$JDLQLIWKHUHDUHDQ\JULQGHUPDUNV JREDFNDVWHSRUWZRDQGUHPRYHWKHP &OHDQLQJWKH%XIILQJ:KHHO 5HPRYHWKHH[FHVVGLUW\FRPSRXQG7RGRWKLV FDUHIXOO\SUHVVWKHVLGHRIDQROGGXOONQLIHEODGHLQWRWKH IDFHRIWKHZKHHOWLOWLQJWKHEODGHLQWRWKHZKHHOVRLW VNLPVRIIWKHROGFRPSRXQG
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
%HJLQQLQJWREXIIWKH EXUURIIDXWLOLW\ VNLQQHU
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
7KLVLVDGHPRQVWUDWLRQ SHRSOHXVH7KH\VD\/RRNKRZ VKDUSWKLVEODGHLV7KHWURXEOH ZLWKWKLVPHWKRGLVWKDW\RXVRRQ UXQRXWRIDUPKDLUDQGKDYHWR VWDUWRQ\RXUOHJV
VR WKDWWKHPLFURVFRSLFWLSRIWKHHGJHLVURXQGHG RII KHQFH DW WKH PLFURVFRSLF OHYHO WKH HGJH LV EOXQW OLNH D FKLVHO 7KH FKLVHOHGJH UHVLVWV VWUHVVHV RI DOO NLQGV 7KLV HGJH LV VKDUS HQRXJK WR VKDYH WKH KDLU RII \RXU DUP DQG VPRRWK HQRXJK WR VOLGH HDVLO\DFURVV\RXUILQJHUQDLO +RZWR6HHWKH6KDUSQHVV 7KHUH DUH VHYHUDO ZD\V WR GHWHUPLQH LI DQ HGJH LV VKDUS 7U\ FXWWLQJ VRPHWKLQJ VXFK DV SDSHU URSH RU FDUGERDUG $ VLPSOH DQG PRUH VXUHILUH PHWKRGLVWRORRNDWLWFDUHIXOO\,IWKHHGJHLVWKH VOLJKWHVW ELW GXOO WKHUH ZLOO EH D JOLQW ZKLFK LV D UHIOHFWLRQ RI OLJKW RQ WKH IDFHW ZKLFK LV WKH URXQGHG HGJH :KHQ WKH HGJH LV SHUIHFWO\ VKDUS WKHUH ZLOO EH QR YLVLEOH JOLQW HYHQ ZKHQ KHOG RSSRVLWHDVWURQJOLJKW +DQGVKDUSHQLQJ $NQLIHPDNHUVKRXOGEHFRPHH[SHUWLQKDQG VKDUSHQLQJ1RWRQO\ZLOO\RXQHHGWRVKDUSHQLQ WKHILHOGEXW\RXZLOOQHHGWRLQVWUXFW\RXU FXVWRPHUVRQWKHEHVWZD\VWRREWDLQDJRRGHGJH TXLFNO\ZLWKKDQGWRROV 7RROV $ ILQH VKDUSHQLQJ VWHHO LV D JRRG WRRO IRU PDLQWDLQLQJDQHGJH,IWKHHGJHEHFRPHVGXOODQG QHHGV VKDUSHQLQJ XVH RQH RU PRUH FOHDQ JRRG TXDOLW\ ZKHWVWRQHV 7KH FKHDS YDULHWLHV WKDW DUH VRIW DQG SRURXV DUH QRW JRRG NQLIHVKDUSHQLQJ WRROV+LJKHUTXDOLW\FDUERUXQGXPVWRQHVZLWKWKH VPRRWK DQG FRDUVH VLGHV DUH JRRG $UNDQVDV VWRQHV VLPLODU WR FDUERUXQGXP VWRQHV FRPH LQ D YDULHW\RIJUDGHVIURPFRDUVHWRH[FHHGLQJO\ILQH &OHDQLQJWKH:KHWVWRQH ,WLVLPSRUWDQWWRNHHSWKHVWRQHFOHDQ3HULRG LFDOO\ZDVKWKHVWRQHZLWKVRDSDQGZDWHURUXVHD
VROYHQWDQGDUDJ2FFDVLRQDOO\LWPD\EHQHFHVVDU\WR FOHDQWKHSRUHVRIWKHVWRQHLIWKH\DUHFORJJHGXS7R GRWKLVVRDNWKHVWRQHLQNHURVHQHZUDSWLJKWO\LQD WRZHODQGEDNHLQDVORZRYHQ) 6KDUSHQLQJ 6WDUWZLWKDFRDUVHVWRQHLIWKHNQLIHLVYHU\GXOO6WURNH HYHQO\NHHSLQJWKHDQJOHWRWKHVWRQHFRQVWDQW,IWKH NQLIHLVXVHGKDUGVKDUSHQDWDVOLJKWO\VWHHSHUDQJOH VD\DERXWGHJUHHVIRUYHJHWDEOHNQLYHVGHJUHHV IRUFDPSLQJNQLYHVGHJUHHVIRUFOHDYHUVDQG KDWFKHWV7DNHIXOOHYHQVWURNHVLQHLWKHURUERWK GLUHFWLRQV(YHQO\KRQHDOOSDUWVRIWKHFXWWLQJHGJH 'RQ WKLWWKHHGJHRIWKHVWRQHDVPDOOFKLSLQWKHHGJH PD\GXOOWKHNQLIH,I
:RUNLQJDILQHHGJHRQDXWLOLW\ VNLQQHUXVLQJD:DVKLWDVWRQH$OVR VKRZQDUHWKUHHRWKHUW\SHVRI VKDUSHQLQJVWRQHV
%ULQJXSWKHHGJHRQD VPDOOFKHI VNQLIHZLWKD VPDOOVTXDUHILQH,QGLD VWRQH:LWKDVPDOOVWRQHLW LVKDQGLHUWRKROGWKHNQLIH DJDLQVWDILUPVXUIDFHDQG PRYHWKHVWRQHDFURVVLW
6DPHRSHUDWLRQXVLQJD ILQHPRRQVWRQHZKLFKLV DFWXDOO\KDUGSRUFHODLQ
8VLQJDVPDOOSRUFHODLQ URG$YDLODEOHDWDSRWWHU\ NLOQVWRUHIRUMXVWDIHZFHQWV WKLVVPDOOURGZLOOVKDUSHQD EODGHDVTXLFNO\DQGDVNHHQO\ DVDODUJHUVWRQH:DWFKRXW \RXGRQ WEUHDNRQHGXULQJ XVHDQGFXW\RXUILQJHU
)HHOLQJWKHHGJHZLWK WKHWKXPEFDQWHOO\RXD OLWWOHEXWLWLVJHQHUDOO\ QRWDUHFRPPHQGHGWHVW 7RWHVWVKDUSQHVVFXW VRPHOHDWKHUFDUGERDUG SDSHURUURSH2UORRN DWWKHHGJHDVGHVFULEHG LQWKHWH[W
\RX SUHVV KDUG RQ WKH VWRQH ZLWKRXW ORVLQJ WKH SURSHU DQJOH WKH NQLIH ZLOO VKDUSHQ IDVWHU JHWWLQJ MXVW DV VKDUS 8VH D ILQH KRQLQJ RLO RU VDOLYD WR NHHS WKH SRUHV RI WKH VWRQH IURP FORJJLQJ XSDQG ZLSH WKH VXUIDFH RI WKH VWRQH IUHTXHQWO\ :RUN IURPWKHFRDUVHUWRWKHILQHUJULWVWRQHV 6WURSSLQJWKH%ODGH $IWHU WKH EODGH LV VKDUSHQHG RQ WKH VWRQH LW PD\ EH VWURSSHG 7KLV IXUWKHU VKDUSHQV WKH HGJH DQG PRUH LPSRUWDQW PDNHV DQ HGJH WKDW ZLOO ODVW ORQJHU7KHUHODWLYHO\VRIWVWURSSLQJOHDWKHUURXQGV WKH PLFURVFRSLF WLS RI WKH HGJH VOLJKWO\ PDNLQJ LW VWURQJHUDVZHOODVEULQJLQJLWWRDILQHUSRLQW 7RVWURSWKHEODGHUXEVRPHILQHDEUDVLYHFRP SRXQGLQWRWKHVPRRWKVLGHRIDSLHFHRIDKHDY\ OHDWKHUVWUDSDQGZRUNWKHEODGHPRYLQJDZD\ IURPWKHHGJH 5HSHDWWKLVRSHUDWLRQXQWLOWKHHGJHLVILQHDQG VPRRWKHQRXJKWRVOLGHDFURVV\RXUILQJHUQDLO ZLWKRXWWKHVOLJKWHVWWHQGHQF\WRFDWFK$VWURSSHG HGJHLVDKLJKHUTXDOLW\HGJHDQGVKRXOGEH WRXFKHGXSRFFDVLRQDOO\RQWKHVWURSQRWRQD VWHHORUVWRQHRWKHUZLVH\RXZLOOORVHWKH PLFURVFRSLFUROOHGHGJH
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
&XWRXWWKHNQLIH 7ULPDQGVKDSHWKHVLOKRXHWWHZLWKD JULQGHU *ULQGWKHFXWWLQJHGJH 5HJULQGWKHHGJHDQGVLGHVRIWKHEODGH ZLWKDEHOWJULQGHUXVLQJDQGJULW DEUDVLYH5HILQHWKHVLOKRXHWWH 'HVLJQDQGFXWRXWWKHEUDVVSLHFHV &XWRXWWKHQRWFKHVWRUHFHLYHEUDVVILOO %UD]HRQWKHEROVWHU )DLUGRZQWKHEUDVVFOHDQXSWKHEODGH DQGVKDSHWKHEROVWHU 6WUDLJKWHQWKHEODGH +DUGHQWKHEODGHE\KHDWLQJWRFULWLFDO WHPSHUDWXUHDQGWKHQTXHQFKLQJ 7HVWKDUGQHVVZLWKDILOHDQGWKHEHOW JULQGHU &OHDQWKHVXUIDFHZLWKDZRUQDEUDVLYHEHOW 7HPSHUWKHEODGHWRWKHGHVLUHGFRORUKDUG QHVV $QQHDOWKHEDFNRIWKHEODGHDQGWKHWDQJ 8VLQJWKHEHOWJULQGHUWHVWWKHKDUGQHVV DJDLQ 6WUDLJKWHQWKHEODGHDJDLQ 5HJULQGWKHHGJHZLWKDQHZJULWEHOWRU DZDWHUFRROHGJULQGHU 5HJULQGWKHHQWLUHEODGHZLWKILYHRUVL[ SURJUHVVLYHO\ILQHUSROLVKLQJVWHSVIURP WRJULW (WFKWKHEODGHLIGHVLUHG 'ULOOWKHULYHWKROHV &DUHIXOO\FOHDQWKHKDQGOHDUHDDQGWKHLQ VLGHRIWKHEROVWHU 7UDFHDQGFXWWKHKDQGOHVODEVRQWKHEDQG VDZ 6KDSHWKHIURQWRIWKHKDQGOHWRSUHFLVHO\ILW DJDLQVWWKHEROVWHU
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
DJDLQ
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
EODGHDQ\WLPH,ZDQWWRFKHFNLWZLWKP\ILQJHUV7KLV LVDIDVWURXJKJULQGLQJVWHS $IWHUJRLQJWKURXJKDOOWKHNQLYHVWKDW,KDYHFXW RXW,WKHQVWUDLJKWHQWKHPRQWKHDQYLODQGJRRYHU WKHPDJDLQRQWKHVWRQHWKLVWLPHYHU\FDUHIXOO\ %ODGHVWKDWZLOOEHWKLQO\JURXQGVXFKDVFKHIV NQLYHVDUHJURXQGDVILQHDVSRVVLEOHZLWKRXWGDQJHU RIZDUSDJH
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
NQLIHIURPRYHUKHDWLQJGXULQJWKHSROLVKLQJ SURFHVV6HFRQGWKHZDWHUVSUD\DUUDQJHPHQWLV VRPHZKDWGLIILFXOWWRVHWXS
)UDQFLQHJLYLQJDILQDOSROLVK DQGLQVSHFWLRQWRDEDWFKRI DVVRUWHGNQLYHV
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
7KH(WFKLQJ7RRO ,I\RXSODQWRGRDORWRIHWFKLQJJHWDWOHDVW RQH JRRG HWFKLQJ EXULQ VLQFH \RXU DELOLW\ WR FOHDUO\ LQVFULEH WKH GHVLJQ LQWR WKH ZD[ LV OLPLWHG E\ WKH WRRO
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
7KDWWKLQJLQIURQWRI )UDQFLQH VIDFHLVDPDJQLI\LQJ JODVVZLWKSDSHUVKDGHWRUHGXFH WKHJODUHIURPWKHOLJKWEXOE
$QHWFKHU VH\HYLHZRIDZD[HG EODGH)LUVWVKHVWDUWVZLWKWKH RXWOLQHRIWKHPDMRUIRUPVLQWKH SLHFHWKHQWDNHVRXWWKH EDFNJURXQGDVVKHZRUNVLQWKH GHWDLO
8VLQJWKH$FLG%DWK +HUH FRPHV WKH WULFN\ SDUW
*LYLQJWKHDUHDVZKHUHWKH ZD[LVWKLQDQH[WUDFRDW7KLVLVD YHU\LPSRUWDQWVWHSEHFDXVHDQ\ZHDN DUHDVLQWKHZD[LQFOXGLQJQLFNVDQG VFUDWFKHVFDQUHVXOWLQGHHSELWHVLQWR WKHVLGHRIWKHFXWWLQJHGJHDQGWKH ERUGHUVRIWKHHWFKLQJ
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
$FOHDQO\ELWWHQEXWWRRVKDOORZHWFKLQJLQD SDULQJNQLIH,IWKHEODGHKDGEHHQOHIWLQWKHDFLG ORQJHUWKHELWHZRXOGKDYHEHHQGHHSHUEXWWKH JURXQGZRXOGKDYHOLIWHGDURXQGVRPHRIWKH GHWDLOUXLQLQJWKHHWFKLQJ7KHDFLGZDVWRRIUHVK 7KHQLFHWKLQJDERXWIUHVKDFLGWKDWLVDFLGWKDW \RXEHJLQXVLQJDIWHURQHPRQWKRIDJLQJLVWKDWWKH ELWH WKRXJK VKDOORZ LV YHU\ FOHDQ (YHU\ GHWDLO ZLOO EH ELWWHQ SHUIHFWO\ DQG WKH EDFNJURXQG ZLOO EH DEVROXWHO\IUHHRIEOHPLVKHV7KHNQLYHVVKRZQKDYH EHHQELWWHQWRDJRRGGHSWKZLWKFOHDUEDFNJURXQGV DQGJRRGGHWDLO
7ZRFOHDQO\ELWWHQHWFKLQJVRQLQFKFKHI V EODGHV(OHSKDQW+HUGE\-HVVLH2VWHUDQG &RVPLF/DG\RQ6PDOO3ODQHWE\-R\FH6LHUUD
&ORVHXSRI&RVPLF/DG\VKRZLQJDFOHDQ HYHQELWHDQGDFOHDUEDFNJURXQG
$IWHU\RXKDYHELWWHQVD\DERXWNQLYHVZLWK D EDWFK RI WZR JDOORQV \RX ZLOO QRWLFH VRPH IXQQ\ WKLQJVKDSSHQLQJLQWKHEDFNJURXQGRI\RXUHWFKLQJV $WILUVWWKH\ZLOOVKRZDEHDXWLIXOTXLOWLQJHIIHFW$V \RX FRQWLQXH WR XVH WKH EDWK WKH EDFNJURXQG ZLOO EHJLQWRVKRZEORWFKHVDQGEXEEOHV)XUWKHUPRUHDV WKHDFLGEHJLQVWREHFRPHWRRROGLWZLOOSLWWKHEDFN JURXQGVRPHZKDWDQGWKHPRUH\RXXVHWKHDFLGWKH ZRUVHWKHSUREOHPEHFRPHV
$V WKH DFLG LV XVHG RYHU DQG RYHU WKH TXDOLW\ RI WKH EDFNJURXQG EHJLQV WR FKDQJH $W ILUVW WKHUH LV D EHDXWLIXO JHQWOH TXLOWLQJ HIIHFW DV VKRZQ LQ WKH EDFNJURXQG RI 3ODQWDLQ E\ )UDQFLQH0DUWLQ
7KHEDFNJURXQGRIWKLV HWFKLQJ/DG\3LFNLQJ $SSOHVLVGHHSO\SLWWHGLQ VHYHUDOSODFHV
'HWDLORIFDUYLQJNQLIHVKRZQDWWKHEHJLQQLQJRIWKH FKDSWHU1RWHWKHVOLJKWO\PRWWOHGEDFNJURXQGWKH KDUELQJHURIZRUVHWKLQJVWRFRPH
7ZRLQFKFKHI VNQLYHVHWFKHGE\)UDQFLQH0DUWLQ1RWHWKH EODFNHQHGDUHDVLQWKHEDFNJURXQG$JDLQWKHDFLGLVWRRROG FDXVLQJWKRXVDQGVRIPLFURVFRSLFSLWVWRIRUP
7KH7HPSHUDWXUHRIWKH$FLG%DWK 7KHDFLGVKRXOGEHVOLJKWO\DERYHURRP WHPSHUDWXUHZKHQHWFKLQJVD\DERXW WR ) 2WKHUZLVHWKHELWHLVWRRVORZDQGWKHJURXQG FRXOGOLIWEHIRUHWKHELWHLVGHHSHQRXJK
7KH%DWK 7KH EHVW SRVLWLRQ IRU WKH NQLIH LV IODW LQ D SDQ ZLWK WKH HWFKLQJ IDFLQJ XS :HWULHGHWFKLQJ LQ D YHUWLFDO SRVLWLRQ EXW UDQ LQWR WURXEOH HVSHFLDOO\ ZLWK NQLYHV WKDW KDYH EROVWHUV :KHQ WKH EXEEOHV JLYHQ RII E\ WKH DFWLRQ ULVH WKH\ QDWXUDOO\ IROORZ WKH VXUIDFH RI WKH EODGH 7KH\ WHQG WR DJLWDWH WKH VHFWLRQ RI WKH HWFKLQJ DFURVV ZKLFK WKH\ WUDYHO FDXVLQJ WKLV VHFWLRQ WR ELWH IDVWHU
%LWLQJWKH.QLIH $IWHU GRXEOHFKHFNLQJ IRU XQZDQWHG QLFNV VFUDWFKHVDQGWKLQVSRWVLQWKHJURXQGVOLSLQWKH EODGH HWFKLQJ XS $ERXW HYHU\ WHQ PLQXWHV RU VR WDNH RXW WKH NQLIH DQG FDUHIXOO\ LQVSHFW LW %UXVK RXW WKH HWFKLQJ ZLWK D IDLUO\ VRIW DFLG EUXVK RU D ODUJH IHDWKHU 7KLV EUXVKLQJ DFWLRQ VZDEV RXW WKH UHVLGXH FDXVHG E\ WKH FKHPLFDO DFWLRQ OHDYLQJ D FOHDU DYHQXH RI FRPPXQLFDWLRQ EHWZHHQ WKH VWHHO DQGWKHDFLG
,QVSHFWLQJDQGFOHDQLQJWKHHWFKLQJHYHU\ILYHWRWHQPLQXWHVPDNHV IRUDQHYHQELWHDQGJXDUDQWHHVWKDWWKHZD[ZLOOQRWOLIWXQQRWLFHG
+XPSEDFN:KDOHHWFKLQJE\)UDQFLQH 0DUWLQRQDLQFKGURSSHGHGJHXWLOLW\ VNLQQHUZLWKDEXIIDORKRUQKDQGOH
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
ZD\ DQ HWFKLQJ ZRUNV ZLWK D EODGHKRZ WKH PRYHPHQW LQ WKH GHVLJQ KDUPRQL]HV ZLWK WKH PRYHPHQWLQWKHNQLIHLWVHOI
/DG\ZLWK*UDSHVHWFKLQJE\)UDQFLQH0DUWLQRQDFKHI VNQLIH
1XGH/RYHUVHWFKLQJE\-R\FH6LHUUD RQDLQFKVOLFLQJNQLIH
&DVWOHHWFKLQJE\-HVVLH2VWHU RQDLQFKFKRSSLQJNQLIH
(OIDQG6SLGHU'ULQNLQJ7HD HWFKLQJE\-HVVLH2VWHU RQDFKHI VNQLIH
0RRQOLW/RYHUVHWFKLQJE\$QGUD5XGROI RQDLQFK&KLQHVHVW\OHFKRSSLQJNQLIH
7KUHHGURSSHGHGJHXWLOLW\NQLYHV+RUVHHWFKLQJE\-R\FH 6LHUUD:KDOHDQG5DEELWHWFKLQJVE\)UDQFLQH0DUWLQ
&KDSWHU 6KHDWKPDNLQJ , XVH WKUHH EDVLF W\SHV RI VKHDWKV IRU P\ NQLYHV6KRUWNQLYHVZLWKRXWILQJHUJXDUGVVXFKDV P\ IDYRULWH XWLOLW\ GHVLJQ DUH XVXDOO\ ILWWHG ZLWK VRPHIRUPRISRXFKVKHDWK:LWKWKLVW\SHWKHUHLV QRVQDS,WLVIRUPILWWHGDQGWKHNQLIHILWVVQXJO\ LQWRWKHVKHDWKKHOGLQSODFHE\WKHSUHVVXUHRIWKH OHDWKHUDJDLQVWWKHKDQGOH
)URQWDQGUHDUYLHZVRIWZRSRXFKVKHDWKV
)URQWDQGUHDURIWZRVQDSSRXFKVKHDWKV
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on’t position the snap strap too close to the top of the front piece or it may be cut by the blade. Don’t position the snap strap too high on the belt loop since it won’t hold the blade in well. Determine a good
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
6HW WKH VQDSV RQ WKH VQDS VWUDS 7KH VWUDS WKDW IROGV RQ WKH ERWWRP VKRXOGKDYHWKHIHPDOH VQDS DQG WKH RQH RQ WRS VKRXOG KDYH WKH PDOH 0DNH WKH VQDS ILW VQXJO\ DURXQG WKH NQLIH KDQGOH/HDYHDOLWWOHWDERQWKHHQGRIWKHVWUDS &RYHU WKH LQVLGH VXUIDFH RIWKHIHPDOHVQDSZLWK D YHU\ WKLQ FLUFOH RI OHDWKHU VR LW ZRQ W DEUDGH DJDLQVW WKH KDQGOH +ROG WKLV SDG LQ SODFH ZLWK HSR[\FHPHQW )LQDOO\EHYHOWKHVLGHVRIWKHEODGHFDVHZLWK WKH EHOW VDQGHU DQG G\H DQ\ DUHDV RI WKH VKHDWK WKDWQHHGLW
0DNLQJD3RXFK6KHDWK 0DQ\RIWKHWHFKQLTXHVDUHWKHVDPHIRUWKLV VKHDWK ,W WRR LV PDGH RI WR RXQFH RDN RU )UHQFKWDQQHG OHDWKHU %XW IRU WKLV VKHDWK \RX ZLOO VRDN WKH OHDWKHU LQ ZDWHU VR WKDW LW FDQ EH PROGHG WR WKH NQLIH :KHQ LW GULHV WKH OHDWKHU ZLOO EH YHU\ VWLII DQG ZLOO UHWDLQ WKH PROGHG VKDSH :UDSWKHNQLIHLQPDVNLQJWDSHRUDOXPLQXP IRLOVRLWZLOOEHNHSWGU\/D\RXWWKHOHDWKHU 3ODFHWKHNQLIHRQWKHOHDWKHUDQGGUDZDOLQH DERXW LQFKZLGHUWKDQWKHRXWVLGHRIWKH NQLIH7KHQFDUHIXOO\
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
6RDNWKHOHDWKHU LQDGLVKRI ZDWHU
1. Draw out the pattern on a piece of paper. The knife should be able to "roll" from one side to another and stay in position on each side of the pattern.
/D\RXWWKHNQLIHLQSUHSDUDWLRQ IRUWKHPROGLQJRSHUDWLRQ
6TXHH]HWKHOHDWKHUDURXQGWKH EROVWHUILQJHUJXDUG7KHEODGHLV FRYHUHGZLWKPDVNLQJWDSHDQG 9DVHOLQH7KH9DVHOLQHNHHSVWKHVDZ EODGHVWHHOIURPUXVWLQJGXULQJWKH GU\LQJVWHS
3UHVVWKHEODGH FDVHQLFHDQGIODW
&RPSOHWHWKHPROGLQJVRWKDW WKHVQDSVWUDSILWVQLFHO\DURXQGWKH ILQJHUJXDUG,WVKRXOGEHSODFHGLQD ZDUPVSRWWRGU\
8VHDJRXJHWRLQVHWWKH VWLWFKHVLQWKHEHOWORRS
6KDYHWKHVSDFHUWRWKH SURSHUWKLFNQHVVWRKROGWKH NQLIHVQXJO\LQWKHFDVH
&RDWHDFKVXUIDFHZLWK FREEOHU VFHPHQWIRUDSURSHU ERQG
3XQFKWZRODUJHUKROHVDWWKHWRSRI WKHEODGHFDVHVRWKHUHLVURRPWREHJLQ ZLWKDTXDGUXSOHVWLWFK
8VHDWKURQJLQJFKLVHOWR SXQFKRXWWKHVWLWFKLQJKROHV DURXQGWKHEODGHFDVH
*RXJHRXWWKHVKDOORZ WURXJKWRLQVHWWKHVWLWFKHV
$IWHUWKHWKUHDGKDV EHHQZUDSSHGDURXQGIRXUWLPHV RQWKHWRSVWLWFKLWLVWLHGWLJKWO\ ZLWKDVTXDUHNQRW7KHNQRWLV WKHQGHIWO\SXOOHGDURXQGVRWKDW LWLVKLGGHQLQVLGHWKHVWLWFKLQJ KROH7KHEODGHFDVHLVWKHQ KDQGVHZQZLWKDVWDLUVWHS VWLWFKDVVKRZQDERYH
7KHHGJHVRIWKHEODGHFDVHDUHEHYHOHGLQ WZRGLIIHUHQWZD\V7KHEHOWVDQGHU DFWXDOO\GRHVDQLFHUMREEHFDXVHLW SROLVKHVDQGEXUQLVKHVWKHOHDWKHULI\RX XVHDQROGEHOW
8VHWKHKRUQRIWKHDQYLOWRVHW WKHVQDS$QDGGLWLRQDOVWHSQRW VKRZQLVWRFRYHUWKHLQVLGHPHWDO VXUIDFHRIWKHVQDSZLWKWKLQOHDWKHU VRWKDWLWZLOOQRWVFUDSHWKHNQLIH KDQGOH7KLVOHDWKHUSDGLVKHOGLQ SODFHZLWKHSR[\FHPHQW
$SSHQGL[
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
3KRVSKRUXVDQG6XOIXU 5HJDUGHG DV KDUPIXO LPSXULWLHV SKRVSKRUXV DQG VXOIXU DUH NHSW WR D PLQLPXP7KHH[FHSWLRQLVWKHLUXVHLQLPSURYLQJWKHPDFKLQDELOLW\RIVRPH KLJKDOOR\WRROVWHHOV 7KHUHDUHRWKHUDOOR\VXVHGLQVWHHOPDQXIDFWXUHRIFRXUVHEXWWKHVHDUH WKHRQHVZHDUHFRQFHUQHGZLWKLQNQLIHPDNLQJVWHHOV 3RSXODU.QLIHPDNLQJ6WHHOV /HW VWDNHDORRNDWVRPHRIWKHVWHHOVQRZLQXVHE\WKHWRSNQLIHPDNHUV 7KHVHVWHHOVYDU\JUHDWO\DVGRWKHNQLIHPDNHUVZKRXVHWKHP7KHUHDUH
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
7KHDERYHGDWDVXPPDUL]HG IURP7RRO6WHHOVE\*$ 5REHUWV-&+DPDNHU-U DQG$5-RKQVRQILUVW SXEOLVKHGLQE\WKH $PHULFDQ6RFLHW\IRU 0HWDOV0HWDOV3DUN2KLR DQGLQIRUPDWLRQSUHVHQWHG LQPDQXIDFWXUHUV VSHFLILFDWLRQVKHHWV
,KDYHQ WEHHQDEOHWRILQG VSHFLILFSHUIRUPDQFHGDWD EXWIURPWKHDQDO\VLVDQG UHSRUWVIURPXVHUVZHDU UHVLVWDQFHVKRXOGEHHTXLY DOHQWWR'EXWZLWK JUHDWHUWRXJKQHVV
2RLO:ZDWHU
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
$ 7KLV LV D KLJKHU DOOR\ DQG D EHWWHU JUDGH RI NQLIH VWHHO WKDQ DQ\ GLVFXVVHG VR IDU ,W KDV LQFUHDVHG ZHDU UHVLVWDQFH DQG LQFUHDVHG WRXJKQHVV RYHU,QDGGLWLRQ$KDVPLOGFRUURVLRQUHVLVWDQFHGXHWRWKHSHUFHQW FKURPLXPLQ
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
7KHUHFRPPHQGHGKDUGQHVVIRU$VWHHOLV5F
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
*HQHUDOO\WKLVVWHHOLVQRWWHPSHUHGDERYH)EHFDXVHWKH FRPSUHVVLYHVWUHQJWKJRHVGRZQDVWKHKDUGQHVVJRHVGRZQDERYH) $VXE]HURTXHQFKLVQRWXVHGZLWKWKLVDOOR\ $VZLWK$GRQRWWU\WRDQQHDOWKHEDFNERQHDQGKDQGOHDUHDEXW LQVWHDGSUHGULOOWKHKDQGOHDUHDSULRUWRKDUGHQLQJ 8QOHVV\RXKDYHWLPHWRH[SHULPHQWZLWKWKHGLIIHUHQWYDULDEOHV, UHFRPPHQGWKDW\RXKDYHWKLVJUDGHDVZHOODVWKHRQHVWRIROORZ SURIHVVLRQDOO\KHDWWUHDWHG,I\RXGHFLGHWRGR\RXURZQWUHDWLQJ\RX VKRXOGKDYHHDFKNQLIHSURIHVVLRQDOO\WHVWHGIRUKDUGQHVVXQWLO\RXIHHOVXUH DERXWZKDW\RXDUHGRLQJ
0 7KLVLVDKLJKVSHHGVWHHOGHVLJQHGIRUXVHLQWKHIRUPRIFXWWLQJWRROV 7KHVWHHOFDQUHWDLQD5RFNZHOOKDUGQHVVRIDWWHPSHUDWXUHVRIRYHU
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
$JDLQOHWPHVXJJHVWVHHLQJ\RXUORFDOKHDWWUHDWPHQWSURIHVVLRQDO ' 1RZ KHUH LV D VWHHO WKDW D ORW RI NQLIHPDNHUV KDYH XVHG ,W ZDV GHYHORSHGDURXQG:RUOG:DU,VRLWKDVEHHQDURXQGDORQJWLPH,W LV QRW D UHDO KDUG VWHHO ,W GHULYHV LWV H[FHSWLRQDO ZHDU UHVLVWDQFH IURP WKH FRPELQDWLRQ RI KLJK FDUERQ DQG FKURPH ZKLFK SURGXFHV KDUGFKURPLXPFDUELGHV ,Q DGGLWLRQ ' LV VRPHZKDW VWDLQUHVLVWDQW7KHKLJKFKURPLXP FRQWHQWPDLQWDLQVDYHU\EULJKWILQLVKLQWKHIDFHRIPDQ\FRUURVLYHV VXFKDVFLWUXVDQGRWKHUDFLGLFIRRGV
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
,UHFRPPHQGDGRXEOHWHPSHULQJRI)SURGXFLQJD5RFNZHOORI & +HUHZHDUHDSSURDFKLQJWKHLGHDORIFRUURVLRQUHVLVWDQFHEXWXQIRUWX QDWHO\ZHKDYHWRVDFULILFHDOLWWOHRQVRPHRWKHULPSRUWDQWSRLQWV$V\RX FDQVHHWKHKDUGQHVVDWTXHQFKLVDQRWWRRKDUGDQGDQ\WHPSHULQJWR UHGXFHEULWWOHQHVVZLOOUHGXFHKDUGQHVVHYHQIXUWKHU7KHUHIRUHWKHWUDGHRIIV ZLWKWKLVW\SHRIVWHHODUHVRPHZKDWVHYHUH
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
,UHFRPPHQGDERXWDGUDZZKLFKZLOOJLYH\RXDKDUGQHVVLQWKHUDQJHZLWK JRRGWRXJKQHVV
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
2EYLRXVO\ZLWKWKHDOOR\VWKDWKDUGHQDWWHPSHUDWXUHVDERYHWKH PHOWLQJSRLQWRIEUDVV\RXFDQ WYHU\ZHOOXVHDEROVWHUWKDWLVEUD]HG RQSULRUWRKDUGHQLQJFDQ\RX"7KHUHIRUHLI\RXZDQWEUDVVRUQLFNHO VLOYHUSLHFHVLQFRUSRUDWHGLQWRWKHKDQGOH\RXDUHJRLQJWRKDYHWR VROGHUWKHPDIWHUWHPSHULQJZLWKORZWHPSHUDWXUHVLOYHUVROGHU