Astrology Restored William Ramesey 1653 Edited and annotated by Kim Farnell
,QWURGXFWLRQ
:LOOLDP 5DPHVH\ W...
241 downloads
1655 Views
7MB 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
Astrology Restored William Ramesey 1653 Edited and annotated by Kim Farnell
,QWURGXFWLRQ
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·W DSSHDU WR KDYH EHHQ SDUWLFXODUO\ IRQG RI ZRPHQ DW DOO DV KH VD\V LQ9R[ 6WHOODUXP ´$QG QRZ , FDQQRW EXW UHMRLFH ZKHQ , FRQVLGHU WKDW , DP QRW PDUULHG«QRWKLQJ WR GR ZLWK ZRPHQ« SURPLVH\RXWKH\DUHWRRKRWWRPHGGOHZLWKµ$WOHDVWSDUWRIKLVGLVOLNHRI ZRPHQFRXOGEHDWWULEXWHGWRKLVIHDURIFDWFKLQJV\SKLOLV´2U(QJOLVKSR[ DVLWPD\QRZEHWHUPHGIRUWKHIUHTXHQF\RILWDPRQJXVµ )RU PXFK RI KLV OLIH KH OLYHG ZLWK KLV IDWKHU LQ +ROERUQ /RQGRQ 0HGLFLQH ZDV KLV PDLQ LQWHUHVW DQG KH KDG D SDUWLFXODU HQWKXVLDVP IRU SRLVRQV DQG YHQRP DV VKRZQ LQ KLV ZRUNV RQ WKH VXEMHFW $OWKRXJK LW FRPHV DV QR VXUSULVH WKDW KH FLWHG RSLXP DV EHLQJ GDQJHURXV KH ZDV HTXDOO\VFDWKLQJRIWKH´PHDQHVWDQGPRVWXQZRUWK\RIDOOYHJHWDEOHVµ²WKH OHHN+HEHOLHYHGWKHPWRFDXVHHSLOHSV\DQGPDGQHVV,QIDFWWKHERG\·V UHDFWLRQVWRFHUWDLQIRRGVHHPVWRKDYHEHHQDFRQVWDQWZRUU\WR5DPHVH\ DVKHUHODWHV´$JHQWOHPDQRQHGD\DW'LQQHUDWP\IDWKHUV,UHPHPEHUIHOO IURP KLV &KDLUH LQ D VZRRQ DW WKH VHUYLQJ XS RI D FXVWDUGµ &OHDUO\ \RX FRXOGQHYHUEHWRRFDUHIXO 0XFK RI KLV WLPH ZDV VSHQW ZLWK KLV FORVH IULHQG )HUGLQDQGR *RUJHV ZKR ZDV WKH JUDQGVRQ RI WKH QDYDO DQG PLOLWDU\ FRPPDQGHU RI WKH VDPH QDPH DQG WKH VRQ RI -RKQ *RUJHV )HUGLQDGR·V JUDQGIDWKHUZDVDQ(QJOLVKFRORQL]HUDQGWKHSURSULHWRURI0DLQH+HZDV NQLJKWHG IRU KLV VHUYLFHV WR +HQU\ ,9 DQG EHFDPH PLOLWDU\ JRYHUQRU RI 3O\PRXWK ,Q )HUGLQDQGR VROG DOO ULJKWV WR 0DLQH WR WKH VWDWH RI 0DVVDFKXVVHWWV IRU
+H PDUULHG 0DU\ $UFKGDOH RQ QG 0D\ DQGLVUHPHPEHUHGIRUZULWLQJDVHULHVRISDPSKOHWVDERXWKLVJUDQGIDWKHU·V OLIH5DPHVH\LVNQRZQWRKDYHOLYHGLQ3O\PRXWK(QJODQGLQDQGWKH *RUJHVIDPLO\KDGSURSHUW\LQ/RQGRQ
,Q5DPHVH\ZURWH´)URPP\DERDGLQ/RQGRQRQ-DQXDU\ «EHORYHGIULHQG)HUGLQDQGR*RUJHVZKRP,DPZLOOLQJWRSOHDVXUHLQ D KLJKHU QDWXUH«IULHQGV IRU WZHQW\ \HDUV VLQFH VFKRRO IULHQGV«µ )HUGLQDQGR FRQWULEXWHG WRZDUGV 5DPHVH\·V ZULWLQJV E\ZULWLQJOHWWHUVIRU KLPWRDQVZHU 5DPHVH\GHWDLOVKLVOLIHVWRU\LQ$VWURORJ\5HVWRUHG²SDUWLFXODUO\WKH VDJDRIKLVGLVSXWHZLWK'U+RPHV7KLVZDVQRWDKDSS\WLPHIRUKLPDV :LOOLDP 5RZODQG QRWHG ´´3RRU :LOO LW VHHPV E\ KLV 3DPSKOHW KH ZDV GLVWUDFWHG ZKHQ KH SHQQ·G LW )RU KH FRQIHVVHWK LQ KLV (SLVWOH WR $OO :HOO :LVKHUV FWKDWKHZDVPRUHSHUSOH[HGDQGWURXEOHGDWWKDWLQVWDQWRIWLPHKLV 7UHDWLVHZDVSHQQ·GWKDQDOOKLVOLIHµ 5DPHVH\·V ODVW SXEOLFDWLRQ ZDV LQ DQG QR UHFRUG KDV EHHQ IRXQGRIWKHQODWWHUSDUWRIKLVOLIHDQGLWLVXQNQRZQZKHUHDQGZKHQKH GLHG $VWURORJ\ 5HVWRUHG LV DQ LPSRUWDQW ZRUN DV LW UHPDLQV WKH SULPDU\ VRXUFHGLUHFWO\RULQGLUHFWO\IRUHOHFWLRQDODVWURORJ\9LYLDQ5REVRQ·VERRN (OHFWLRQDO$VWURORJ\ LVDOPRVWFRPSOHWHO\SODLJHULVHGIURP5DPHVH\·V ZRUN $OWKRXJK PXFK RI 5DPHVH\·V ZRUN GLIIHUV OLWWOH IURP WKDW RI RWKHU ZULWHUVVXFKDV:LOOLDP/LOO\KLVGHYRWLRQWRGHWDLOPHDQVWKDWKHSURYLGHV PRUH LQIRUPDWLRQ LQ SODFHV VXFK DV ZKHUH KH OLVWV SODQHWDU\ UXOHUVKLSV 5DPHVH\·V LQWHUHVWV YDU\ IURP RWKHU FRQWHPSRUDU\ DVWURORJHUV DQG KH GHYRWHV IDU PRUH VSDFH WR ZHDWKHU SUHGLFWLRQ IRU H[DPSOH WKDQWKH\GR 2QHRIWKHILUVWZULWHUVLQ(QJOLVKUDWKHUWKDQ/DWLQRQDVWURORJ\KLVZRUN ZDVWRUHDFKDZLGHDXGLHQFHDQGZDVVWLOOEHLQJUHIHUUHGWRZHOOLQWRWKH WZHQWLHWKFHQWXU\7KH6HFRQG:RUOG:DUOHGWRWKHORVVRILQQXPHUDEOH WH[WV DQG 5DPHVH\·V FRQWULEXWLRQ ZDV DOPRVW IRUJRWWHQ XQWLO KLV ZRUN EHFDPHDYDLODEOHLQUHSULQWGXULQJWKHODVWIHZ\HDUV
6RXUFHV
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·V6HFXULW\RU$3KLORVRSKLFDODQG3K\VLFDO'LVFRXUVH 6KRZLQJ WKH 1DPHV 1DWXUHV DQG 9LUWXHV RI DOO VRUWV RI 9HQRPV DQG 9HQHPRXV WKLQJV/RQGRQ 'LFWLRQDU\RI1DWLRQDO%LRJUDSK\
0DQ\ WKDQNV WR %HUQDUG (FFOHV IRU KLV KHOS WUDQVODWLQJ WKH /DWLQ H[WUDFWV DQG WR 'LDQD 5RVHQEHUJ LQ KHOSLQJ PH WR WUDFN WKH ORFDWLRQ RI VRPH YHU\ HOXVLYH SODFH QDPHV $OVR WKDQNV WR &DURO\Q 0LQVNHU IRU IRUZDUGLQJ D UHTXHVWIRUKHOSGHILQLQJVRPHDUFKDLFWHUPVWRKHUOLVW6WDUVWXG\ 1RWHVRQWKHDQQRWDWLRQV )RU WKH HDVH RI VWXG\ RI 5DPHVH\·V ZRUN WKLV HGLWLRQ KDV EHHQ KHDYLO\ DQQRWDWHG $UFKDLF WHUPV WKDW ZHUH FRPPRQ LQ 5DPHVH\·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·VRZQQRWHVWRWKHWH[WRULJLQDOO\LQFOXGHGLQWKHPDUJLQV DUH LQFOXGHG DV LWDOLVFLVHG IRRWQRWHV $OO RI 5DPHVH\·V QRWHV DUH LQFOXGHG ZLWKWKHH[FHSWLRQRIWKHPDQ\´QRWHµDQGVLPLODUVWDWHPHQWVKHLQFOXGHG ZKLFKRZLQJWRWKHLUIUHTXHQF\GROLWWOHWRHOXFLGDWHRXUXQGHUVWDQGLQJ 1RWHVRQVRXUFHV $OWKRXJK WKH VRXUFHV XVHG IRU WKH DQQRWDWLRQV DUH WRR QXPHURXV WR PHQWLRQ KHUH VRPH ZHUH UHIHUUHG WR PRUH WKDQ RWKHUV DQG VR WKHVH DUH QRWHG ,QGHILQLQJDUFKDLFWHUPV:HEVWHU·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
/DWLQ3ODFH1DPHVDW KWWS ZZZOLEE\XHGXa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·V+LVWRU\RI0DJLFDQG([SHULPHQWDO6FLHQFHZDVDOVRUHIHUUHG WRIUHTXHQWO\ .LP)DUQHOO-DQXDU\
7KLVHGLWLRQLVFRS\ULJKW.LP)DUQHOO ,QEX\LQJWKLVHERRN\RXKDYHSDLGIRURQHFRS\RQO\ ,IVRPHRQHKDVFRSLHGWKLVHERRNDQGVHQWLWWR\RXSOHDVHFRQWDFW.LP )DUQHOODW5DPHVH\#NLPIDUQHOOFRXNWRPDNH\RXUSD\PHQW
ASTROLOGY FULLY VINDICATED AND DEFENDED FROM ALL
56
CHAP I: Proving Astrology to be one of the Liberal Sciences.
56
CHAP II: That Astrology and Astronomy are one and the same Science, and that they were ever so received by the Ancients. 58 CHAP III: Containing the Excellency and Nobility of the Science of Astrology, as also its Antiquity, and the admirable power and virtue of the Heavens. 62 CHAP IV: That the Heavens and Stars have influence on inferior and Elementary things, Proved by Scripture or the word of God; And acknowledged by Philosophers, and the learned in former ages. 63 CHAP V: Showing that observation may be made of the Stars motions, in answer to those that hold it impossible for any man in his days to observe the particular configurations of every Planet, with the fixed Stars, and with one another; as also that thereby we may discern their influence if we have any capacity. 66 CHAP VI: That the variation of the Heavens from their places wherein they wherein Ptolemy’s time, or at the first Creation, causes no erring in Astrological Judgements.
68
CHAP VII: Showing the powerful influence of the Stars and Planets, and how far we are to have regard to the fixed Stars. 71 CHAP VIII: Showing the Influence of the Heavens on Inferior and Elementary Bodies. 79 CHAP IX: Showing that the Influences of the Heavens and redominancy of the stars in every Climate, is the cause of the several Laws and Customs of the People therein. 82 CHAP X: Containing the resolution of the main Objections against this divine Science. 85 CHAP XI: Containing an Introduction to the Vindication of my Lux Veritatis, from the aspersions of Doctor Homes and his second, with the first Reason why I account neither of them worth our of my notice. 93 CHAP XIII: Containing the fourth Reason, and Vindication from some of their abuses, and untruths. 97 CHAP XV: Showing that the Text in Psal. 19.v.3. alleged by the Author to prove the stars have influence, is no wise refelled. 106 CHAP XVI: Proving their Reply to Job 38.31. showing the stars to have influence, to be frivolous and of no effect. 107 CHAP XVII: Proving their Reply to Judges 5.20. weak, and nowise available to their intent or purpose. 109 CHAP XVIII: That the stars are proved both signs and causes by the word of God; and the Art lawful, notwithstanding all their malice. 110 CHAP XIX: Proving Astrology to be warranted by Councils, in spite of their Rabble.
112
CHAP XX: Containing the power and subject of Astrology, and how far the Author vindicates it.
113
AN INTRODUCTION TO THE JUDGEMENT OF THE STARS WHEREIN THE WHOLE ART OF ASTROLOGY
116
THE RIGHT HONOURABLE AND Truly Noble both for Learning and Parts, William Seymour, 117
To the Reader.
119
AN INTRODUCTION TO THE JUDGEMENT OF THE STARS.
120
CHAP I: Of the Names, and Number of the Planets, with their several Characters, and of the significations and nature of Saturn 120 CHAP II: Of the Significations and Nature of Jupiter
126
CHAP III: Of the Nature and Significations of MARS.
132
CHAP IV: Of the Nature and Significations of the SUN.
137
CHAP V: Of the Nature and Significations of VENUS.
144
CHAP VI: Of the Nature and Significations of MERCURY.
149
CHAP VII: Of the Nature and Significations of the Moon.
153
CHAP VIII: Of the Essential Dignities of the Planets.
157
CHAP IX : Showing the Use of these former dignities, & c.
160
CHAP X: Of the Houses of the Planets, and wherefore they were so distributed.
161
CHAP XI: Of the Exaltations and Fall of the Planets, and wherefore they were so constituted.
162
CHAP XII: Of the Triplicities of the Planets, and the Reasons why they were so appointed. 163 CHAP. XIII: Of the Terms of the Planets, wherefore so called, and so assigned to every of the five Planets. 164 CHAP XIV: Showing the use which is to be made of the Terms.
166
CHAP XV: Demonstrating the Use, Nature and Reasons of the Faces of the Planets.
168
CHAP XVI: Of the Joys of the Planets.
172
CHAP XVII : Of the Head and Tail of the Dragon.
172
CHAP XVIII: Of the Antiscions and Contrantiscions of the Planets.
173
CHAP XIX: Showing the Reasons of the names of the seven Planets and their Characters. 174 CHAP XX: Of the number of the Heavens and Spheres, their places, order and motions. 175
CHAP XXI: Of the Circles of Heaven, the Zodiac, and the divisions thereof.
176
CHAP XXII: Of the twelve Celestial Signs, and their manifold divisions.
178
CHAP XXIII: Showing the use which is to be made of the former Chapter.
180
CHAP XXIV: Demonstrating the Reasons of the names of the twelve signs; and why there are just twelve, and neither more nor less. 181 CHAP XXV: Showing the Reasons why the signs are reckoned from Aries, and not from any other sign; as also why they are not placed according to the order of the four Elements. 183 CHAP XXVI: Of the Nature, Signification and Equality of the Signs; and first of Aries.186 Of Taurus. 187 Of Gemini. 189 Of Cancer. 190 Of Leo 191 Of Virgo. 193 Of Libra. 194 Of Scorpio. 196 Of Sagittarius. 197 Of Capricorn. 199 Of Aquarius. Of Pisces.
200 201
CHAP XXVII: Of the Aspects of the Planets and Signs, their Names, Characters and Natures, and wherefore they were so named and charactered 203 CHAP XXVIII: Of the fixed Stars in the Zodiac; wherefore they are called fixed, their number, particular names, natures, magnitudes, latitudes and longitudes; and first of those in Aries, as they are delivered by the most learned in this Art. 205 The Names of the Stars
206
CHAP XXIX: Of the Fixed-stars in Taurus, their number, names, nature, magnitude, latitude, and longitude. 207 CHAP XXX: Of the Fixed-Stars in Gemini, their Number, Names, Nature, Magnitude, Latitude and Longitude. 210 CHAP XXXI: Of the fixed Stars in Cancer, their Number, Names, Nature, Magnitude, Latitude and Longitude 211 CHAP XXXII: Of the fixed Stars in Leo, their Number, Names, Nature, Magnitude, Latitude and Longitude. 212 CHAP XXXIII: Of the fixed Stars in Virgo, their Number, Names, Nature, Magnitude, Latitude and Longitude. 214 CHAP XXXIV: Of the fixed Stars in Libra, their Names, Number, Nature, Magnitude, Longitude and Latitude. 215 CHAP XXXV: Of the fixed Stars in Scorpio, their Number, Names, Natures, Magnitude, Latitude and Longitude. 216 CHAP XXXVI: Of the fixed Stars in Sagittarius, their Number, Names, Nature, Magnitude, Latitude and Longitude.
218
CHAP XXVII: Of the fixed Stars in Capricorn, their Number, Names, Nature, Magnitude, Latitude and Longitude. 220 CHAP XXXVII: Of the fixed Stars in Aquarius, their Number, Names, Nature, Magnitude, Latitude and Longitude. 221 CHAP XXXIX: Of the Fixed stars in Pisces, their nature, number, names, magnitude, latitude and longitude. 223 CHAP XL: Showing the use of all the former Tables
224
CHAP XII: Of the significations of the 12 Houses of Heaven, and wherefore they have such signification. 225 CHAP XLII : Of the division of the Houses into twelve equal parts.
229
CHAP XMII: Containing some Terms of Art very necessary to be known: as also Instructions how to erect a Figure of Heaven.
230
AN INTRODUCTION TO ELECTIONS
236
SECTION. I. Comprehending an Introduction to Elections, or necessary Instructions for electing any manner of work, by the secret operations of the Heavens, by the nature of the Signs, Planets, and Aspects of the Moon, &c. 242 CHAP I: Containing some necessary Instructions to the judging of Elections. 242 CHAP II: Of the signs, and their significations in Elections, and of the hindrances of the Moon, being a farther instruction to the judging of Elections. 249 CHAP Ill: Showing Elections by the Aspects of the Moon to the other six Planets, and by her Mansions. 252 SECTION. II. Containing Rules for Electing such matters as appertain to the signification of the first House of Heaven. 256 CHAP I: Containing necessary Rules for putting Children to Nurse, to School; or to a Trade, and of Weaning of Children. 256 CHAP II: Containing the Rules of Elections in the cutting of Hair. 258 CHAP III: Of cutting the Nails of the hands or feet, as also Corns. 258 SECTION III. Of Rules for Electing matters appertaining to the second House. 259 CHAP I: Of receiving and borrowing Money. 259 CHAP II: Containing other Rules concerning borrowing and lending of money. 260 CHAP III: Of buying to profit again by the sale thereof. 261 CHAP IV: Of selling to advantage. 262 CHAP V: Further concerning Buying and Selling in the ordinary course of the World 262 CHAP VI: Of buying clothing, or putting on of Apparel. 263 CHAP VII: Of flitting, or removing from one place to another. 264 CHAP VIII: Containing Rules of Electing any Work in the Art of Distillation, or Alchemy. 264 SECTION IV. Comprehending Rules, in Electing such matters as appertain to the signification of the third House. CHAP I: Of short Journeys, and their Elections. CHAP II: Of making of Friendship between Brethren, or any two at variance. CHAP III: Of applying the mind or study to Divine matters or contemplations.
266 266 266 267
SECTION V. Containing Rules of Elections, appertaining to the fourth House. CHAP I: Of building Houses. CHAP II: Of Building of Castles and Cities. CHAP III: Of Building of Churches. CHAP IV: Of Building or Erecting of Mills.
268 268 269 271 272
CHAP V: Of pulling down or destroying of Houses, or any Fabric whatsoever. 272 CHAP VI: Containing rules of Elections in buying of Land, Houses or Heritages. 273 CHAP VII: Of Buying of Land, or ground for Husbandry, and not to build on. 274 CHAP. VIII: Of bringing of Water to a house, either by Conduit, Pipe or Pump; and of digging of Wells. 275 CHAP IX: Of Tillage, or Manuring of the Ground 276 CHAP X: Of Renting or Hiring, and Letting of Houses, Land or Fruit, or any other thing to be Let or Hired 276 CHAP XI: of Planting of Trees or Grassing. 277 CHAP XII : Of Sowing of Seeds in the ground 278 CHAP XIII : Of riding Houses or places from evil Spirits. 279 SECTION VI : Containing Rules for Electing a time for any Work, or thing appertaining to the fifth House. 279 CHAP I : Showing a fit time for getting of Boys or Girls. 280 CHAP II : Of Delivering a dead Child. 281 CHAP III : Of Christening or Circumcising of Children. 282 CHAP IV : Of giving and receiving of Gifts or Presents. 283 CHAP V : Containing Rules for electing a time for putting on of Apparel. 284 CHAP VI : Of Feasting or eating of meat. 285 CHAP VII : Of Drinking of Wine and other Drinks. 286 CHAP VIII : Of writing of Letters, or anything else of Ingenuity. 287 CHAP IX : Of making Odoriferous smells and unguents. 288 CHAP X : Of sending Ambassadors or Messengers. 288 SECTION VII : Of Elections appertaining to the sixth House. 289 CHAP I : Of the true Knowledge of the Crisis or Critical and Judicial Days, very useful for those that study Physic. 289 CHAP II : Of Applying Medicines generally to all the parts of the body of Man. 293 CHAP III : Of the Administration of Remedies to the Diseases of the Head 294 CHAP IV : Of Applying remedies to the eyes, and preparatives in general. 295 CHAP V : Of Applying remedies to the Nose. 295 CHAP VI : Of injecting of Clisters, &c. and Stopping of Rheums or Fluxes. 296 CHAP VII : Of the administration of gargarisms, or sneezings, and such like. 296 CHAP VIII : Of giving of Vomits. 296 CHAP IX : Of administering Purges and Physic laxative. 297 CHAP X : Of Bathing, and Electing a time therefore. 302 CHAP XI : Of Electing a time for using Surgery. 302 CHAP XII : Of Electing a time for Phlebotomy or Blood-letting, of applying also Ventosies. 303 CHAP. XIII: Of the Physicians going to the Patient. 305 CHAP XIV : Of Hiring of Servants. 305 CHAP XV : Of buying of Birds, and letting them fly to return again. 306 CHAP XVI : Of buying four footed beasts. 307 CHAP XVII : Of bringing up Dogs, or Taming of small Cattle 308 SECTION VIII : Containing Elections appertaining to the seventh House. 309 CHAP I : Of Elections appertaining to the signification of the seventh house, and touching Marriage. 309 CHAP II : Of Venereal sports. 313 CHAP III : Of Partnership, or Agreements, or things between two. 314 CHAP IV : Of going to War, or beginning of Differences and Duels, Quarrels, Law-Suits, Controversies, and the like. 315 CHAP V : Of making of Peace, suppressing or encountering of Rebels, and storming of Castles and Town. 319 CHAP VI : Of buying of Arms, and preparing of Instruments of War, and Ships or Galleys. 321 CHAP. VII: Of seeking of Fugitives, and examining of Thieves and Malefactors. 322 CHAP VIII : To know the Subject and scope of the Whisperings or Clandestine Practices of any two, and of playing at Chess (or any other sitting Game) to win. 323
CHAP IX : Of Hunting, Fowling and Fishing.
326
SECTION IX : Containing Elections appertaining to the signification of the eighth House. 328 CHAP I : Of making of Wills. 328 CHAP II : Of the Heritages of the Dead. 328 SECTION X : Containing the Elections of the ninth House of Heaven. 329 CHAP I : Of the returning of such as are absent, and of going of journeys, and entering into anyplace. 329 CHAP II : Of building of Ships and tallies, and of launching them, and of voyaging by Sea. 333 CHAP III : Of learning of Sciences, and of Singing and Music. 335 SECTION XI : Containing Elections appertaining to the signification of the tenth House. 337 CHAP I : Of electing of Kings and Nobles, and of their installing and beginning their Rule or Government. 337 CHAP II : Of obtaining favour of Kings and great men, Justice on Enemies, and Pardons; also of going of Progress with the King, or any other Grandee. 338 CHAP III : Of learning any Art or Occupation. 339 SECTION XII : Containing such Elections as are under the signification of the eleventh House of Heaven. 340 CHAP I : Of accomplishing anything hoped for, and of gaining a good repute, and the love of friends 340 CHAP II : Of obtaining of Promises and Requests. 341 SECTION XIII : Comprehending the Elections of the Twelfth House. CHAP I : Of Freeing of Prisoners and Captives. CHAP II : Of Buying and Riding of Horses.
341 341 342
ASTROLOGIA MUNDA
343
To the Studious Reader.
347
ASTROLOGIA MUNDA
349
SECTION I : Containing the Ground-work of Revolutions, considerations before Judgement, and the true Significators of such things as are necessary to be judged of in this manner of Work 349 CHAP I: Showing the Ground work on which Astrological Judgements for the judging of Revolutions are to be built, and how many Schemes or Figures of Heaven ought to be erected for this Work. 350 CHAP II : Containing some necessary considerations before Judgement. 352 CHAP III : Showing which are the Significators of the King, People, their Enemies and Assistants, in any Revolution of the years of the World. 354 CHAP IV : Of the Significators of Rich and Noblemen, the Kings Standard or Armour-Bearer; also Clergy-men, and of Students, Merchants, Lawyers, and Women in general: also Fryers and Monks; and these according to the significations of the Planets. 356 SECTION II : Showing the state and condition of the King or Rulers, and their continuation and durability in any Revolution; as also the condition of the People from the position and fortitudes of their significators. Also how to know the Lord of the year in any Revolution of the years of the World, and the significations thereof in the twelve Houses, Signs and Aspects of the Planets; also of the significations of the Head and Tail of the Dragon in any of the twelve Houses. 358
CHAP I : Of the state or condition of the King or chief Rulers and People in any Annual Revolution. 358 CHAP II : Teaching how to judge of the permanency or durability of Kings, or such as are in Authority by any Revolution. 362 CHAP III : Showing the state and condition of the Common People in any Region, by any Revolution. 364 CHAP IV : How to know that Planet which is Lord of the Year in any Annual Revolution of the Years of the World. 370 CHAP V : Of the Significations of the seven Celestial Planets, when any of them is Lord of the Year, whether Fortunated or Impedited, and of the Aspects o f the other Planets with them. 374 CHAP VI : Containing the true Significations of the Planet Saturn as he is in any Annual Revolution accidentally placed in any of the Twelve Houses of Heaven, whether he be Lord of the Year or no. 378 CHAP VII : Of the Signification of Jupiter as he is accidentally placed in any of the Twelve Houses of Heaven in any Annual Revolution, whether he be Lord of the Year or no. 380 CHAP VIII : Containing the Significations of Mars in the Twelve Houses of Heaven in any annual Revolution, whether he be Lord of the Year or no. 383 CHAP IX : Showing the Significations of the Sun in the Twelve Houses of Heaven in any Annual Revolution, whether he be Lord of the Year or no. 384 CHAP X : Showing the Signification of Venus in the Twelve Houses of Heaven in any Annual Revolution, whether she be Lady of the Year or no. 386 CHAP XI : Of the Significations of Mercury in the Twelve Houses of Heaven in any Annual Revolution, whether he be Lord of the Year or no. 388 CHAP XII : Of the significations of the Moon in the Twelve Houses of Heaven in any Annual Revolution, whether She be Lady of the Year or no. 389 CHAP XIII : Containing the significations of the Head and Tail of the Dragon in the Twelve Houses of Heaven in any Annual Revolution of the Years of the World. 392 CHAP XIV : Showing the Significations of the Planets in any of the Triplicities, when any of them is Lord of the Year in any Annual Revolution of the years of the World. 394 CHAP XV : Demonstrating the Significations of Saturn when he is Lord of the Year in any of the twelve Signs. 395 CHAP. XVI. Showing the Significations of Jupiter, when he is Lord of the year in any of the Twelve Signs. 401 CHAP XVII : Showing the Significations of Mars, when he is Lord of the year in any of the twelve Signs. 404 CHAP XVIII : Containing the Accidents signified by the Sun when he is Lord of the year in any of the twelve Signs. 411 CHAP XIX : Of the things signified by Venus when she is Lady of the year in any of the Twelve Signs. 412 CHAP XX : Of the Significations of Mercury when he is Lord of the Year in any of the Twelve Signs. 416 CHAP XXI : Containing the Significations of the Moon, when she is Lady of the Year in any of the twelve Signs. 419 CHAP XXII : Showing what is signified by the Head and Tail of the Dragon, as they are placed in any of the Twelve Signs in any Revolution. 420 SECTION III : Containing some other necessary Instructions for the judging of Events portended by any Revolution of the Years of the World; Also showing how to judge of such Years as signify fertility, sterility, wars, peace, health or sickness, alteration of and in the air, and of all other things foreknown by the position of the Heavens at the Ingress of the Sun into the first point of Aries 423 CHAP I : Showing the Significations of the Planets in their Exaltations, and also in Conjunction, Square or Opposition of Saturn or Mars at that time in any Revolution. 423 CHAP II : Of the Significations of the Planets, and Dragons Head and Tail, as also Blazing-Stars, when they are (in any Revolution) exalted one above another. 426 CHAP III : Containing Considerations from the Sun and Moon when the Revolution is either Diurnal or Nocturnal, also when the Revolution happens at Sun-setting and break of day; from the Lord of the hour, Part of Fortune, the indisposition of Saturn and Mars, from their Conjunction with the Dragons Head and Tail in any Annual Revolution. 430
CHAP IV : Teaching how to judge of the evil of any year, the nature thereof, and when the year is most likely to be both turbulent, obnoxious, and unfortunate, also what is portended in any Revolution when one Planet transfers his light and nature to another. 436 CHAP V : Showing how to judge of health or sickness in any year. 438 CHAP VI : Of Wars or Peace. 439 CHAP VII : Of Fertility and Sterility. 443 CHAP. VIII. Teaching how to know the price of any thing in any Year. 444 CHAP IX : Containing some Instructions touching the alteration of the Air and change of weather in any Year. 448 CHAP. X. Showing how to judge of the weather by the Aspects of the Moon to the other Planets, and by the several Aspects of the Planets amongst themselves. 452 CHAP XI : Demonstrating the alteration of the Air by the Combustion, Orientality and Occidentality of the Planets in every of the 12 Signs. 454 CHAP XII : Containing further Instructions touching the alteration of the Air, from the application of the Moon to the other Planets, having separated from the Conjunction or Opposition of the Sun. 457 CHAP XIII : Teaching by other Rules how to judge of the alteration of the Air, and to know when Rain is to be expected. 460 CHAP XIV : Showing Haly his judgement on Weather and the alteration of the Air. 463 CHAP. XV. Showing how to judge of Weather from common Observation of the rising and setting of the Sun, colour of the Moon, appearance of the Rain-bow, Comets, Clouds, Brightness of the fixed Stars, also by the prime day, and from the time of the day wherein Thunder happens. 467 CHAP XVI : Demonstrating the Natural cause of many Suns, of the Rainbow, Rain, Hail, Frost, Snow, Dew, Wind, Earthquakes, Comets, Thunders, Lightnings and the cause of the Sun and the Moons Eclipse. 469 CHAP XVII : Of the Signification of the most notable fixed Stars both fortunate and unfortunate in any of the twelve Houses in Revolutions of the Years of the World 472 SECTION IV : Teaching how to judge of the Natural Mutations and Accidents of this Elementary World by the appearance of Eclipses, Comets, great Conjunctions and Blazing Stars. 475 CHAP I : Containing Ptolemy’s method in judging Eclipses, and how to know the Regions to which the Effects belong. 478 CHAP II : Showing the time when the Effects of any Eclipse shall' begin and how long continue. 478 CHAP III : Of the kinds of the Events of any Eclipse. 480 CHAP IV : Of the quality of the Events of any Eclipse, whether Good or Evil. 482 CHAP V : Of the Sun and Moon Eclipsed in any Decanate or Face of the twelve Celestial Signs. 485 CHAP VI : Of Comets and Blazing-Stars, what they are, the many sorts thereof, their Portences, and how long they appear at any time. 492 CHAP VII : Showing the Physical reasons of the horrid and terrible portences of Comets and Blazing-Stars. 495 CHAP VIII : Showing some other names of Comets or Blazing-Stars, and their Portences. 496 CHAP IX : Of the signification of Comets and Blazing-Stars appropriated to the seven Planets. 498 CHAP X : Showing the Significations of Comets, when they appear in any of the twelve Signs of Heaven. 500 CHAP XI : Of great Conjunctions, their Number, and how to judge of their Effects. 504 CHAP XII : Of the Conjunctions of the Superiors. 506 CHAP XIII : Of the mean and lesser Conjunctions, and their Effects. 507 CHAP XIV : Of the Conjunction of the Planets in the twelve Signs according to Hermes. 509 CHAP XV: Showing how to judge of the General Accidents of the World by the Falling of New-Years Day. 512
The Post-Script.
514
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´,WLVD JRRGKRUVHWKDWQHYHUVWXPEOHV$QGDJRRGZLIHWKDWQHYHUJUXPEOHVµ2U´+DUP ZDWFK+DUPFDWFK,WLVDJRRG+RUVHWKDWQHYHUVWXPEOHVµ$VJLYHQLQ1DWKDQ %DLOH\·V 'LFWLRQDU\RI3URYHUEV 9HUVLRQVDUHIRXQGLQ5XVVLDQ)UHQFK *HUPDQDQG(QJOLVK 1DWLYLWLHVDQG4XHVWLRQV ´7KHGD\VRIRXU\HDUVDUHWKUHHVFRUH\HDUVDQGWHQ DQGLIE\UHDVRQRIVWUHQJWK WKH\EHIRXUVFRUH\HDUV\HWLVWKHLUVWUHQJWKODERXUDQG VRUURZ IRULWLVVRRQFXWRII DQGZHIO\DZD\µ ´)RUZHDUHEXWRI\HVWHUGD\DQGNQRZQRWKLQJEHFDXVHRXUGD\VXSRQHDUWKDUH DVKDGRZµ $ZRUGWRWKHZLVH LVVXIILFLHQW
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
'R ZH QRW IROORZ WULIOHV" 3OD\ ZLWK WR\V" DQG QHJOHFW RXU %RRN RU 7UDGH WKDWZKLFKPLJKWPDNHXVPHQKHUHDIWHU"+DYHZHDQ\IRUHFDVW"$QG\HW ZLOOZHEHDGYLVHG".QRZZHZKDWLVJRRGIRURXUVHOYHV"DQG\HWFDQZH FRQGHVFHQGWREHWDXJKW"UXQZHQRWLQWRDOOHYLODQGH[WUDYDJDQWFRXUVHV" DQG \HW ZLOO ZHEHWDXJKWWKHZD\RIJRRGQHVV":KDWVKDOO,VD\"ZKHQ, KDYH VDLG DOO DQG KDYH PDGH WKH EHVW RI DOO , PXVW QHFHVVDULO\ EH FRQVWUDLQHGWRVD\$OOLVYDQLW\DQGYH[DWLRQRIVSLULW /HWXVFRPHQRZWRWKHIRXUWHHQWK\HDURIRXUDJHDQGVHHLIZH JURZ ZLVHU DV ZHJURZROGHU1RZZHIDOOLQORYHIRQGIRROVZLWKZKDW FDQZHWHOO"NQRZZHZK\"KDYHZHUHDVRQVXIILFLHQWWRJXLGHXV"KDYHZH VXIILFLHQW -XGJHPHQW IRU WKHVH RXU IRQG DQG FKLOGLVK DFWLRQV" ,V VKH EHDXWLIXO"KRZVLPSOHDUHZHVRWREHVRWRXUVHOYHVZLWKWKDWZKLFKDWWKH EHVWLVEXWXQFHUWDLQDQGZLWKRQHSXIIRIWKHVWRUP\ZLQGRIVLFNQHVVWKH 6PDOOSR[)HYHURUVXFKOLNH FZLWKHUVDQGIDGHV"+RZZHDNDUHZHWR VKLSZUHFN RXU -XGJHPHQWV RQ VXFK TXLFNVDQGV WR EXLOG RXU KRXVH RQ VR WRWWHULQJDIRXQGDWLRQZKLFKLVLPSRVVLEOHWRVWDQG"+RZFKLOGLVKDUHZHVR WR EHZLWFK RXU VHOYHV WR EDUH RXWVLGHV &DWFK DW VKDGRZV DQG QHJOHFW VXEVWDQFHVZKHQ9LUWXH5HOLJLRQ&KDVWLW\+XPLOLW\3DWLHQFH3UXGHQFH 0RGHVW\ RXJKW UDWKHU WR EH WKH UROOLQJ H\HV WKH ORYH GLPSOHV FXUOHG DUWLILFLDOORFNVQDNHGEUHDVWVFKHUU\FKHHNVFRUDOOLSVEODFNH\HEURZVOLO\ ZKLWH KDQGV VRIW JHQWOH VOHQGHU ZKLFK ZH VKRXOG ORRN WRR DQGFRYHW DQGHVWHHPDVWKHJUHDWHVWDQGFKLHIEHDXW\WKRXJKYDOLGXQGHUD&DQYDVV &XUWDLQ WKLVLVWKH-HZHOUDWKHUWREHSUL]HGRIWKHWZRWKRXJKORFNHGXSLQ DQKRPHO\&DELQHW WKLVLVWKDWYLUWXRXV:RPDQZKLFKVKDOOEHD&URZQWRKHU +XVEDQG 3URYHUEV 7KH JORU\ RIWKHPDQ&RULQWKLDQVDQGWKHZLIH WKDWEXLOGVXSKHUKRXVH3URYHUEV%XWWKHRWKHUZKLFKKDVRQO\EHDXW\ DQG D EDUH RXWVLGH LV WKHIRROLVK WKDW SOXFNV LW GRZQ DV LV H[SUHVVHGLQ WKH IROORZLQJ ZRUGV )RU DV D MHZHO RI JROG LQ D VZLQHV VQRXW VR LV D IDLU ZRPDQ ZLWKRXW GLVFUHWLRQ 3URYHUEV %XW DODV QRZ ZH DUH UDVK LQGLVFUHHW WKLQN RXU RZQ ZLWV EHVW OLNH ZLOG %XFNV RYHU KHGJH DQG GLWFK ZH JR ZLWKRXWIHDURUZLW UHVWUDLQRXUVHOYHVRIQRWKLQJIRUWKHVHVHYHQ\HDUVWLOO ZHKDYHVRZQRXUZLOG2DWVDQGFRPHKRPHZLWKZHHSLQJFURVV WKLQNZH KDYH WLPH HQRXJK WR UHSHQW GHOD\ WKH WLPH ZH DUH \RXQJ HQRXJK DQG WKHUHIRUHJRRQLQRXUZD\V 2EXWOHWXVFRQVLGHUWKHZRUGVRIWKDWEOHVVHG PDQ%XWNQRZ2PDQWKDWIRUDOOWKLV\RXVKDOOFRPHWR-XGJPHQW(FFOHVLDVWHV :HVKDOODQVZHUIRUHYHU\LGOHZRUG0DWWKHZ0XFKPRUHDVVXUHGO\ WKHQIRUHYHU\YDLQDQGIRROLVKLGOHDFWLRQHVSHFLDOO\ZKHQZHYROXQWDULO\ UXQWKHUHLQWRDQGZLOIXOO\DQGZLOOLQJO\JLYHRXUVHOYHVRYHUWRORRVHQHVV ZKLFKSURILWVQRWEXWLVDJUHDWHYLODQGYDQLW\LWVHOI +RZ GR ZH *DPH 6SRUW 'ULQN 5RDU LW DQG PDNH 5HYHOURXW 5DQW &XW LW DQG WHDU WKH JURXQG 9DSRXU 6ZDJJHU 'RPLQHHU 6WDUHDQG 6ZHDUIROORZDFRPSDQ\WRGRHYLOGRDVRXU&RPSDQLRQVDGYLVHXVRUDV ZH VHH WKHP GR QHYHU TXHVWLRQLQJ ZKHWKHU WKHUH EH 5HDVRQ :LW 'LVFUHWLRQ RU +RQHVW\ LQ LW :KRUH 'UDE DQG WDNH 7REDFFR DOO IRU FRPSDQ\ DQG VR GHVWUR\ ERWK ERG\ DQG VRXO EHLQJ QRZ IRU DQ\ GHVLJQ 7KH9DQLW\RIRXUILUVW@DQ\RWKHUWKHQD6FKRRORI.QDYHU\-XJJOLQJDQG K\SRFULV\ DQG DV LW ZHUH D 1XUVHU\ RI 9LFH 9LOODLQ\ DQG 3URIDQHQHVV ZKHUH HYHU\ RQHLVIRUKLPVHOIDQGKLVRZQVHOIHQGVYDOXLQJQRWKLQJWR WKH DFFRPSOLVKPHQW WKHUHRI QR QRW WKH IHDU RI *2' QRU KLV &RPPDQGPHQWVZKLFKLVDFFRUGLQJWRWKH5R\DO/DZRI/LEHUW\7RORYHRXU QHLJKERXUDVRXUVHHV,V&KULVWLDQLW\/RYH&RQVDQJXLQLW\$OOLDQFH&KDULW\ )ULHQGVKLS RU PXWXDO $FTXDLQWDQFH VXIILFLHQW WR UHFODLP XV" ,V QRW WKLV 3URYHUE1RORQJHU 3LSHQRORQJHU'DQFHYHULILHGLQPRVWRIWKH3HRSOHRI WKH:RUOG",VQRWHYHU\PDQD)ULHQGDQGDSURIHVVHG/RYHUWRKLPWKDWKDV QR QHHG RI WKHLU )ULHQGVKLS" 2 ZKDWJUHDVLQJ RIIDW 6RZV LQ WKH LV WKHUH IUHTXHQWO\ WR EH IRXQG WKURXJKRXW WKH ZKROH IDFH RI (DUWK EXW ZKLFK LV ZRUVH LV QRW WKLV YDQLW\ FRPPLWWHG E\ VXFK DV SURIHVV DQG PDNH D JUHDW RXWZDUG VKRZ RI 5HOLJLRQ DQG &KULVWLDQLW\" $QG \HW WR DQ DFTXDLQWDQFH $VVRFLDWHDGHFD\HG.LQVPDQEHWWHUDQGPRUHZRUWK\ERWKIRU%LUWK3DUWV DQG%UHHGLQJWKHQWKHPVHOYHVGRWKH\H[WHQGDQ\WKLQJVDYHDEXQGOHRI IODWWHULQJZRUGVDQGGLVVHPEOLQJ3URWHVWDWLRQVRI/RYHDIIHFWLRQDQGJRRG ZLOO"DQGWKHQDVVRRQDVWKHLUEDFNVDUHWXUQHGJLYHLWRXWKHLVZLFNHGD VZHDUHU D EHJJDU KH OLYHV E\WKLV DQG E\ WKDW KHUHOLHVDOOKLVKRSHDQG KHUH KLV JUHDWHVW UHIXJH QHYHU UHPHPEHULQJ,W LV DQ LOO ELUG WKDW GHILOHV KLV RZQ QHVW UHMRLFLQJ DW WKH GHFD\ DQG SRYHUW\ RI WKHP WKDW WKHPVHOYHV PLJKW EH KDG LQ JUHDWHVW HVWHHP" ,V QRW WKLV D JUHDW HYLO" +RZ PDQ\ $PERGH[WHUV -DQXVVHV +\SRFULWHV GRHV WKH ZRUOG DERXQG ZLWK WKDW DUH RXWZDUGO\/DPEV\HWLQZDUGO\:ROIVWKDWSOD\/HJHUGHPDLQDQGSUDFWLVH QRXJKW HOVH +RFXV 3RFXVVHV VHHPLQJ 6DLQWV \HW UHDOO\ 'HYLOV WKDW KDYH H[FXVHV IRU WKH JUHDWHVW VLQV QD\ IRU SULGH LWVHOIZKLFKKXUOHG/XFLIHUWKH JUHDW $QJHO RI OLJKW WKH JUHDW &DUULHU RI OLJKW DV KLV QDPH LPSRUWV EHLQJ LQWHUSUHWHG KHDGORQJWR+HOODQGHWHUQDOGHVWUXFWLRQ":HNQRZWKH$SRVWOH WR 7LPRWK\ 7LP H[KRUWV WKDW ZRPHQ DGRUQ WKHPVHOYHV LQ PRGHVW
$VKRUWGHVFULSWLRQRIWKHZRUOGDQGWKHY DQLW\WKHUHRI ´,ZLOOEHDVJUHDWDV$SROORµ ,DPDVWXSLGPDQ 7KHHLJKWKZLVHPDQ %ORRGUHODWLRQVKLS 2U´1RVRQJQRVXSSHUµ :RUGPLVVLQJIURPRULJLQDOWH[W ´,I,EHIDOVHWR(QJODQG(LWKHULQHDUQHVWRULQMHVW,PLJKWEHOLNHQHGW RDELUG WKDWGLGGHILOHLWVQHVWµ7UDGLWLRQDOSURYHUE $PELGH[WURXVSHRSOHGLVKRQHVWDV\RXGRQ·WNQRZZKDWWKHLUKDQGVDUHGRLQJ $WZRIDFHGSHUVRQDIWHU-DQXVWKHWZRIDFHG5RPDQJRG
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´ODTXDLVµ $YDQHRIWHQLQWKHILJXUHRIDFRFNPRXQWHGVRDVWRWXUQIUHHO\ZLWKWKHZLQG DQGVKRZLWVGLUHFWLRQDQGWKHUHIRUHDSHUVRQRUWKLQJWKDWFKDQJHVUHDGLO\RU RIWHQ $IRROLVKFRQFHLWHGSHUVRQ $KLUHOLQJZKRPD &DSWDLQRQPXVWHUGD\VIRLVWVLQWRKLVFRPSDQ\EDVH IROORZHU &KHDWHUGHFHLYHUEHJXLOHUHVSHFLDOO\RQHWKDWXVHVIDOVHFDUGVRUGLFH $EXIIRRQ
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pILQLVK $JURDWZDVDVLOYHUFRLQZRUWKIRXUSHQQLHV 7LWOHRIDSRSXODUVRQJ (YHU\-DFND QG-LOOLQRWKHUZRUGVHYHU\RUGLQDU\PDQRUZRPDQ
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´:KLFK MXVWLI\WKHZLFNHG IRUUHZDUG DQGWDNHDZD\WKH ULJKWHRXVQHVV RIWKH ULJKWHRXV IURPKLPµ &RZDUGO\DQGGHVSLFDEOHSHUVRQV
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µ 2IWKH3DODFHVRI.LQJV $PDQRIHOHYDWHGUDQNRUVWDWLRQHVSHFLDOO\D6SDQLVKRU3RUWXJXHVHQREOHPDQ RIWKHILUVWUDQN 7KH$XWKRUVH[KRUWDWLRQWRWKLVPDGZRUOG
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² 0XVOLPZDUULRUDQG$\\XELGVXOWDQRI(J\SW WKHJUHDWRSSRQHQWRIWKH&UXVDGHUV &RULQWKLDQV ,QVWUXFWLRQVKRZWRFKRRVHDIULHQG %UDJJDGRFLRV7 KRVHZKREUDJRUERDVW)URPWKHFKDUDFWHULQ )DHULH4XHHQH E\ (GPXQG6SHQVHU )DNHGLQVLQFHUH
YLUWXRXVDQGUHOLJLRXVDFWVEH\RXUDVVRFLDWHDQGFKRLFHFRPSDQLRQ IRUDV 3ODWR VD\V IULHQGVKLS ZDV JLYHQ E\ QDWXUH WR 0DQNLQG WR KHOS XV DQG IXUWKHUXVWRYLUWXRXVLQFOLQDWLRQVQRWWRYLWLRXVOHZGDQGVRUGLGSUDFWLFHV ZKHUHIRUH3\WKDJRUDVYHU\H[FHOOHQWO\VDLGLIZHZRXOGVKXQYLFHZHPXVW EHIDPLOLDUEXWZLWKIHZ DQG'LFHDUFKXVZRXOGLQWLPDWHWKHVDPHXQWRXV ZKHQKHDGYLVHVXVWRPDNHWKHYLUWXRXVRQO\RXU)ULHQGVLIZHGHVLUHWR NHHS WKH QDPH RI YLUWXRXV DQG KRQHVW PHQ DQG WKH UHVW RI WKH ZRUOG LI SRVVLEOH ZHOOZLOOHUV XQWR XV ZKHUHIRUH ZLVH%LDV YHU\ ZLVHO\ VDLG +H ZDV QRWZLVHWKDWZRXOGPDNHHYHU\RQHKLV)DPLOLDU ZKHQFH,PD\DOVR FRQFOXGHWKDWLQWKHPXOWLWXGHRIIULHQGVKLSLVIULHQGVKLSYLRODWHG'RQRW H[FHHGWKHQLQDEXQGDQFHRIIULHQGVDQGDFTXDLQWDQFH IRULI\RXKDYHEXWD IHZ KRQHVW PHQ DQG UHDO IULHQGV WR EH \RXU IULHQGV \RX PD\ EH DVVXUHG \RXGRH[FHHGLQJO\DERXQGLQIULHQGV $QGQRZWKDW\RXPD\QRWEHDQHQHP\WR\RXUVHOILQWKLV\RXU FKRLFHOHWPHKHUHJLYH\RXRQHRUWZR0HPRUDQGXPV)LUVWWKDW\RXOHW QRWFRPPRQDSSODXVHRUUHSURDFKEHDUXOHRUJURXQGWR\RXUDIIHFWLRQRU GLVHVWHHP RI DQ\ RQH EXW ILUVW VHULRXVO\ H[DPLQH WKH WUXWK DQG WKHQ DFFRUGLQJO\PD\\RXXVH\RXUGLVFUHWLRQDQGUHDVRQ 6HFRQGO\OHWQRWWKH 1DWLRQ RI D PDQ GHWHU \RX IURP UHDO DIIHFWLRQ LI WKHUH EHVXIILFLHQWFDXVH DQG JURXQG WR WKH FRQWUDU\ IRU LW ZHUH DEVXUG LQ XV WR WKLQN DOO 1DWLRQV HYLODQGRXUVHOYHVRQO\JRRG"$VWKHUHDUHERWKJRRGDQGEDGDPRQJVWXV VRLVWKHUHDOVRLQWKHYHU\UXUDOHVWRI1DWLRQV ZKDWUHDVRQKDYHZHWRWKLQN DOO WKH ,ULVK EORRGWKLUVW\ DOO WKH6FRWVGHFHLWIXODOOWKH)UHQFKIDQWDVWLFDO F EHFDXVH PDQ\ RI WKHP DUHVR")RUP\SDUWLI,PHHWZLWKDQ\PDQRI WKHVHWKDWLVWUXHKHDUWHGDQGKRQHVWRURIDQ\RWKHU1DWLRQWKH\VKDOOEH PRUH GHDU XQWR PH WKHQ D WKRXVDQG (QJOLVK .QDYHV DQG DV , ZLOO QRW FRQFOXGH DQ\ PDQ RI DQRWKHU 1DWLRQ D .QDYH RU +RQHVW WLOO , KDYH H[SHULHQFHWKHUHRIVRZLOO,QRWEHVRLQGXOJHQWDVWRPDNHQRTXHVWLRQRI WKRVHRIP\RZQ1DWLRQEXWFDUU\DOLNHVXVSLWLRQRIERWKWKHRQHDQGWKH RWKHUWLOO,DPULJKWO\DQGWUXO\LQIRUPHG 7KH6FRWVDUHYXOJDUO\DPRQJVWXV WUDGXFHGDQGHQYLHGDQG\HWWKH\FDQQRWEHVRRGLRXVKHUHEXWDPRQJVW WKHPZHDUHDVFRQWHPSWLEOH 7UDGLWLRQFDUULHVDJUHDWVZD\ZLWKIRROVDQG WKH YXOJDU EXW ZLWK ZLVH PHQ LW LV QHYHU UHJDUGHG 7KLUGO\ OHW QRW WKH DSSDUHO RU FORWKHV RI DQ\ RQH VWDYH \RX RII IURP WKH IDPLOLDU VRFLHW\ RI IULHQGVKLS LWLVQRWWKH3HDFRFNVILQHIHDWKHUWKDWFDQPDNHKLPVLQJOLNHD 1LJKWLQJDOH $ 3KLORVRSKHU PD\ EH LQ UDJV ZKHQ DQ ,GLRW LV JRUJHRXVO\ DUUD\HG ORRN QRW WR WKH RXWVLGH EXW WKH LQVLGH UDWKHU RI D PDQ DQG \RX VKDOOQRWEHGHFHLYHG 1RZ WR NQRZ WKH UHDOLW\ RI \RXU IULHQG RU ZKHWKHU \RX KDYH D WUXH IULHQG RU QR VHH WKDW LQ \RXU WULDO RI KLP \RX OHW KLP NQRZ \RXU FRQGLWLRQ OHW LW EH LQ ZKDW GHJUHH RU WKLQJ VRHYHU \RX SURYH KLP LQ LW ZRXOG EH WRR WHGLRXV D WKLQJ IRU PH WR VSHDN RI HYHU\ WKLQJ DQG ZD\ *UHHNSKLORVRSKHU%&( ²%&(DOVRVSHOW'LFDHDUFKXV+HZDVDVWXGHQW RI$ULVWRWOHDQGKLVZRUNLVDOPRVWORVWWRGD\+HZRUNHGPDLQO\LQWKHILHOG RI FDUWRJUDSK\ 2QHRIWKHVHYHQZLVHPHQRI*UHHFH &DYHDWVLQFKRRVLQJ RIIULHQGV +RZWRNQRZDWUXHIULHQG
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´1RRQHOLYHVDOLIHZLWKRXWFULPHµ'LRQ\VLXV&DWR
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³ )OHPLVKWKHRORJLDQ 7KHODVWRIWKHHDUO\FRVPRORJLVWV$UFKHODXVRI$WKHQVZKRZDVDGLVFLSOHRI $QD[DJRUDV+H LVDOVRVDLGWRKDYHEHHQWKHWHDFKHURI6RFUDWHV 7XOO\ 3OLQ\ *DLXV3OLQLXV6HFXQGXV (& EHWWHUNQRZQDV 3OLQ\WKH(OGHU DQDQFLHQW LPSRUWDQWDXWKRUDQGVFLHQWLVWZKRZURWH1DWXUDOLV+LVWRULDZKLFKDSSHDUVWREH WKHERRNUHIHUUHGWRKHU H3OLQ\·VZRUNZDVKHOGLQKLJKHVWHHPSDUWLFXODUO\GXULQJ WKH0LGGOH$JHV 7KH1DWXUDO+LVWRU\LVWKHRQO\RQHRI3OLQ\ VVHYHQZULWLQJVWR VXUYLYHDQWLTXLW\HQWLUH7KLVZRUNLQWKLUW\ VHYHQERRNVZDVDQDWWHPSWWRVXUYH\ DOOQDWXUDONQRZOHGJHV\VWHPDW LFDOO\LQDQXQDGRUQHGVW\OH%RRNDGGUHVVHV FRVPRORJ\DQGDVWURQRP\+LVLQIOXHQFHZDQHGDQGKLVZRUNVIHOORXWRIIDYRXU
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
SURSHUWLHV+HEHFDPHWKHPRVWIDPRXVDVWURORJHURIKLVWLPH ,QKHZDV HQJDJHGLQDSXEOLFGHEDWHLQ%RORJQDZLWKIULDU*LRYDQQL6FKLRGD9LFHQ]D " DYLJRURXVRSSRQHQWRIDVWURORJ\*XLGR%RQDWWLOHIWXVDQDVWURORJLFDO FRPSLODWLR QHQWLWOHG'HFHPFRQWLQHQVWUDFWDWXVDVWURQRPLDHZKLFKVXUYLYHVLQD ODUJHQXPEHURIFRGLFHVDQGZKLFKZDVSULQWHGWKUHHWLPHV 6HHDOVRKLVFKDS:KHUHXQGHUWKHZRUG$VWURQRP\DV\RXPD\VHHLQWKH&RQWHQWVRI WKHFKDSWHUKHSURYHV$VWURORJ\WR EHRQHRIWKH/LEHUDO6FLHQFHV $VWURQRP\RIQRJUHDWXVHRUYDOLGLW\ZLWKRXW$VWURORJ\
&+$3,,, &RQWDLQLQJWKH([FHOOHQF\DQG1RELOLW\RIWKH6FLHQFHRI $VWURORJ\DVDOVRLWV$QWLTXLW\DQGWKHDGPLUDEOHSRZHUDQGYLUWXHRI WKH+HDYHQV
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
$VWURORJ\ILUVWUHYHDOHGWRWKHILUVWPDQ$GDPE\*RGKLPVHOI QRW'LDEROLFDORU LOOHJDOEXWPRVWODZIXODQGPRVWWREHGHVLUHGRIDOOQDWXUDO6FLHQFHV$JUHDWP HDQV WRGUDZXVWR*RGDQGDFTXDLQWXVZLWKKLV'LYLQHLQFRPSUHKHQVLEOHVHOI
2QDFFRXQWRIWKLVDVWURORJ\LVQRWWREHGHQLHGWKDWLWLVDQREOHDQGDGPLUDEOHVFLHQFHWR WKHILUVWSDWULDUFK 3UREDEO\3LHUUHG·$LOO\ 3HWUXVGH$OODFR ,QKLVLQKLV&RQFRUGDQFHRI $VWURQRP\ZLWK+LVWRU\KHDWWHPSWVWRVKRZWKDWWKHGDWHVRIWKHPDLQHYHQWVRI KLVWRU\FDQEHGHWHUPLQHGE\DVWURQRPLFDOFDOFXODWLRQV+HDOVRZURWH 9LJLQWLORTXLXPRU&RQFRUGDQWLDDVWURQRPLHFXPWKHRORJLD &RQFRUGDQFHRI DVWURORJ \ZLWKWKHRORJ\ LQ,QWKLVKHOLVWHGWKHVHFRPSRQHQWVRI VXSHUVWLWLRXVRUIDOVHDVWURORJ\ 7KHEHOLHIWKDWDOOIXWXUHHYHQWVSUHFHGHE\IDWDO QHFHVVLW\IURPWKHVWDUV 7KHPLQJOLQJRIVXSHUVWLWLRXVPDJLFDUWVZLWKDVWURORJ\ 7KHSODFLQJ RIIUHHZLOODQGPDWWHUVVROHO\XQGHUGLYLQHRUVXSHUQDWXUDOFRQWURO ZLWKLQDVWURORJ\ VSRZHU 1RDK·VIORRG6HFWV6FKLVPVDQGRWKHUDFFLGHQWVIRUHNQRZQDQGVLJQLILHGE\WKH +HDYHQV7KH+HDYHQVLV*RG·VLQIOXHQFHE\ZKLFKKHJRYHUQVDQGUXOHVWKLV (OHPHQWDU\:RUOG7KH+HDYHQVKDYHPDQ\DQGGLYHUVHYLUWXHVDQGREH\WKH &RPPDQGPHQWRI*RG
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
&+$3,9 7KDWWKH+HDYHQVDQG6WDUVKDYHLQIOXHQFHRQLQIHULRUDQG (OHPHQWDU\WKLQJV3URYHGE\6FULSWXUHRUWKHZRUGRI*RG $QG DFNQRZOHGJHGE\3KLORVRSKHUVDQGWKHOHDUQHGLQIRUPHUDJHV
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´$QGWKH\OHIWDOOWKHFRPPDQGPHQWVRIWKH/25'WKHLU*RGDQGPDGHWKHP PROWHQLPDJHVHYHQWZRFDOYHVDQGPDGHDJURYHDQGZRUVKLSSHGDOOWKHKRVWRI KHDYHQDQGVHUYHG %D DO´ ´)RUKHEXLOWXSDJDLQWKHKLJKSODFHVZKLFK+H]HNL DKKLVIDWKHUKDG GHVWUR\HG DQGKHUHDUHGXSDOWDUVIRU%D DODQGPDGHDJURYHDVGLG$KDENLQJRI ,VUDHO DQGZRUVKLSSHGDOOWKHKRVWRIKHDYHQDQGVHUYHGWKHP$QGKHEXLOW DOWDUVLQ WKHKRXVHRIWKH/25'RIZKLFKWKH/25'VDLG,Q-HUXVDOHPZLOO,SXW P\QDPH$QGKHEXLOWDOWDUVIRUDOOWKHKRVWRIKHDYHQLQWKHWZRFRXUWVRIWKH KRXVHRIWKH/25'´ ´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µ ´7KHQWKHPRRQVKDOOEHFRQIRXQGHGDQGWKHVXQDVKDPHGZKHQWKH/25'RI KRVWVVKDOOUHLJQLQPRXQW=LRQDQGLQ-HUXVDOHPDQGEHIRUHKLVDQFLHQWV JORULRXVO\µ
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´7KH/25'RIKRVWVKDWKSXUSRVHGLWWRVWDLQWKHSULGHRIDOOJORU\DQGWREULQJ LQWRFRQWHPSWDOOWKHKRQRXUDEOHRIWKHHDUWKµ ´)RULWLVDGD\RIWURXEOHDQGRIWUHDGLQJGRZQDQGRISHUSOH[LW\E\WKH/RUG *2'RIKRVWVLQWKHYDOOH\RIYLVLRQEUHDNLQJGRZQWK HZDOOVDQGRIFU\LQJWRWKH PRXQWDLQVµ ´$QGLQWKDWGD\GLGWKH/RUG*2'RIKRVWVFDOOWRZHHSLQJDQGWRPRXUQLQJ DQGWREDOGQHVVDQGWRJLUGLQJZLWKVDFNFORWK µ ´$QGLWZDVUHYHDOHGLQPLQHHDUVE\WKH/25'RIKRVWV6XUHO\WKLVLQLTXLW\ VKDOOQRWEHSXUJHGIURP\RXWLOO\HGLHVDLWKWKH/RUG*2'RIKRVWV7KXVVDLWK WKH/RUG*2'RIKRVWV*RJHWWKHHXQWRWKLVWUHDVXUHUHYHQXQWR6KHEQDZKLFK LVRYHUWKHKRXVHDQGVD\µ ´$QGWKH\VKDOOKDQJXSRQKLPDOOWKHJORU\RIKLVIDWKHU VK RXVHWKHRIIVSULQJ DQGWKHLVVXHDOOYHVVHOVRIVPDOOTXDQWLW\IURPWKHYHVVHOVRIFXSVHYHQWRDOOWKH YHVVHOVRIIODJRQVµ ´DQGOHVWWKRXOLIWXSWKLQHH\HVXQWRKHDYHQDQGZKHQWKRXVHHVWWKHVXQDQG WKH0RRQDQGWKHVWDUVHYHQDOOWKHKRVWRI KHDYHQVKRXOGHVWEHGULYHQWR ZRUVKLSWKHPDQGVHUYHWKHPZKLFKWKH/25'WK\*RGKDWKGLYLGHGXQWRDOO QDWLRQVXQGHUWKHZKROHKHDYHQµ 7KHLQIOXHQFHRIWKHVWDUVH[WHQGVWRWKHWHPSHUDWXUHRIPHQDVZHUHLQ/XQDWLF7RWKH VXFFHVVRIPHQ·VDIIDLUVD OVRWKRXJKGHQLHGE\VRPH7KHLQIOXHQFHRIWKHVWDUVDFNQRZOHGJHG E\3KLORVRSKHUV ´$QGZKHQWKH\ZHUHFRPHWRWKHPXOWLWXGHWKHUHFDPHWRKLPDFHUWDLQPDQ NQHHOLQJGRZQWRKLPDQGVD\LQJµ ´7KH\IRXJKWIURPKHDYHQ WKHVWDUVLQWKHLUFRXUVHVIRXJ KWDJDLQVW6LV HUDµ ´&DQVWWKRXELQGWKHVZHHWLQIOXHQFHVRI3OHL DGHVRUORVHWKHEDQGVRI 2ULRQ"µ ´7KHKHDYHQVGHFODUHWKHJORU\RI*RG DQGWKHILUPDPHQWVKRZHWKKLV KDQGLZRUNµ
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
&+$39 6KRZLQJWKDWREVHUYDWLRQPD\EHPDGHRIWKH6WDUVPRWLRQV LQDQVZHUWRWKRVHWKDWKROGLWLPSRVVLEOHIRUDQ\PDQLQKLVGD\VWR REVHUYHWKHSDUWLFXODUFRQILJXUDWLRQVRIHYHU\3ODQHWZLWKWKHIL[HG 6WDUVDQGZLWKRQHDQRWKHU DVDOVRWKDWWKHUHE\ZHPD\GLVFHUQWKHLU LQIOXHQFHLIZHKDYHDQ\FDSDFLW\
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
2EVHUYDWLRQUHDFKHVXVWKHVWDUVLQIOXHQFH 7KDWWKHWUXHQ DWXUHRIWKH6WDUVPD\EHNQRZQDQGKRZ 7KHSRZHURIWKH3ODQHWV
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
&+$39, 7KDWWKHYDULDWLRQRIWKH+HDYHQVIURPWKHLUSODFHVZKHUHLQ WKH\ZKHUHLQ3WROHP\·VWLPHRUDWWKHILUVW&UHDWLRQFDXVHVQRHUULQJ LQ$VWURORJLFDO-XGJHPHQWV
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·VWLPHQRWLQGHHGVLQFHWKHIXOO &UHDWLRQ,VDQ\FDXVHRIHUURULQ$VWURORJHUVM XGJPHQWVLQWKLVRXU$JH
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·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|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·V WLPH EXW WKLV KLQGHUV RU YDULHV QR PRUH WKH ,QIOXHQFH RI WKH +HDYHQV IURP WKHLU QDWXUDO SURSHUWLHV DQG LQFOLQDWLRQV WKHQ WR DIILUP D )DJJRW RU DQ\ RWKHU FRPEXVWLEOH WKLQJ ZLOO QRW EXUQDOWKRXJKLWEHSXW LQWR WKH ILUH EHFDXVH LW LV QRW LQ D &KLPQH\ RU DQ\ VXFK ZKLPVLFDO DVVHUWLRQ FZKHUHIRUHOHWXVQRZVKRZWKHSRZHURIWKHLU,QIOXHQFHDQG VRGLVFKDUJHRXUIRUPHUSURPLVHVLQFHLWKHUHVRILWO\RIIHUVLWVHOI
0DQLIHVWHGE\FRPPRQH[SHULHQFH )DUWKHU\HWPDQLIHVW :K\WKH'R J'D\VDUHQRWDOO\HDUVDOLNHFRQWDJLRXV $WKLUGPDQLIHVWDWLRQWKHUHRI %XQGOHRIWZLJVXVHGWRVHWILUHV
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
&+$39,, 6KRZLQJWKHSRZHUIXOLQIOXHQFHRIWKH6WDUVDQG3ODQHWV DQGKRZIDUZHDUHWRKDYHUHJDUGWRWKHIL[HG6WDUV
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
WKH 6WDUV VLJQV IRUHWHOOLQJ WKH FKDQJHV RI WKH $LU DQG SOHQW\ GHDUWK SODJXHVGURXJKW FDQGLQKLV6WURPOLEQHFHVVDULHVWRGLUHFWWKHFRXUVH RI +XVEDQGU\ DQG 1DYLJDWLRQ EXW DOVR LQ WKH VDPH VL[WK %RRN D OLWWOH IXUWKHU LQ KLV GLVFRXUVH RI WKH VHYHQ 3ODQHWV KH DVFULEHV WKH 5XOH DQG *RYHUQPHQW RI WKH *OREH RI WKH HDUWK WKHUHXQWR WHVWLI\LQJ IDUWKHU WKDW WKH &KDOGHDQVE\WKHPGLGMXGJHRIWKHIXWXUHHYHQWVRIDOOWKLQJVDSSHUWDLQLQJ WRWKLVIUDLOOLIH DQGDOVRRI$FFLGHQWVWRFRPH/RRNPRUH3WRO,LE,FDSGH 4XDGULSZKHUHPD\EHVHHQWKHVHYHUDORSHUDWLRQVRIWKH3ODQHWVDQGIL[HG VWDUVLQDQGRYHUDOO1DWLRQV&RXQWULHVDQG3HRSOHDQGWKHUHDVRQRIWKHLU VHYHUDO&XVWRPV/DZV0DQQHUVDQG,QFOLQDWLRQV 7KXVPXFKIRUWKHJHQHUDOVLQFH\RXKDYHDOUHDG\KHDUGWKDWWKHLU IRUFHDQGSRZHUPD\EHDQGLVNQRZQE\REVHUYDWLRQ ZKHUHIRUHWR GHVFHQGWRSDUWLFXODUV ,IZHKDYHUHJDUGILUVWWRWKH6XQZHVKDOOILQGWKDWWKHSRZHURI WKH6XQDQGWKHTXDOLW\RIWKH+HDYHQVFDXVHWKHLQKDELWDQWVRIWKH7RUULG =RQH WR EH EODFN VXFK DUH WKH\ ZKLFK ZH FDOO YXOJDUO\ %ODFNPRRUV RU 1HJURHV DQG FDXVHV WKHP DOVR WR EH RI FRQVWLWXWLRQ &KROHULF WKHLU KDLU FXUOHGRIPHDQVWDWXUHE\UHDVRQRIWKHWHPSHUDWXUHRIWKHLUERGLHVZKLFK LVKRWDQGGU\ /RRN3WROOLEFDSGHTXDGULSDU:HIXUWKHUNQRZWKH6XQ GRHV DOVR WDQ HYHQ XV LQ WKLV RXU FOLPDWH DQG LV WKH FDXVH DOVR RI6SULQJ 6XPPHU $XWXPQ DQG :LQWHU GD\ DQG QLJKW DQG WKH FKLHI FDXVH RI WKH JHQHUDWLRQRIDOOOLYLQJFUHDWXUHVEXWPRUHHVSHFLDOO\WKRVHZKLFKSURFHHG IURP SXWUHIDFWLRQ F HYHU\ RQH NQRZV EULQJV DOVR WR PDWXULW\ DOO WKH IUXLWVRIWKHHDUWKDQGH[WLPXODWHVDOOFUHDWXUHVWRWKHDFWRIJHQHUDWLRQIRU WKH SURFUHDWLRQ RI WKHLU VHYHUDO NLQGV %XW WR EH VKRUW WKDW RI 'HXWYHU EHIRUH PHQWLRQHGDQGWKHWHVWLPRQ\RI0RVHV*HQ RI ZKLFK DQRQ WKDW WKH 6XQ DQG WKH 0RRQ ZHUH FRQVWLWXWHG IRU VLJQV DQG VHDVRQVDVZHOODVRWKHUVWDUVLVFOHDU:HNQRZDOVRKHLVRIDGU\LQJDQG DWWUDFWLYH 1DWXUH 7KDW &KURQLF GLVHDVHV IROORZ KLV FRXUVH DV DFXWH DQG VKDUSWKHFRXUVHRIWKH0RRQFXPPXOWLVDOLLV EXWKHUH,VKDOOSDVVWKHP E\ VLQFH WKHUH LV QR 3HDVDQW EXW FDQ DFTXDLQW XVZLWK VRPH RQH HIIHFW RU RWKHURIWKLVFOHDUO\E\H[SHULHQFHNQRZQXQWRKLP $QG ZKR LV VR LJQRUDQW EXW NQRZV WKDW WKH 0RRQ KDV D JUHDW LQIOXHQFHRQWKHHEELQJDQGIORZLQJRIWKH6HD"ZKLFKHYHU\ZDWHUPDQRQ &OHPHQWZDVDSUROLILFZULWHU+HZURWHWKH0LVFHOODQLHV 6WURPDWHLV WKH2XWOLQHV WKH$GGUHVVWRWKH*UHHNVWKH3 GDJRJXVDQGDVHULHVRIVKRUWHUZRUNV7KH $GGUHVVDQGWKH3 GDJRJXVZHUHGHVLJQHGWRLQWURGXFHQRQ&KULVWLDQV WRWKH IDLWK WKHIRUPHULVDFROOHFWLRQRISKLORVRSKLFDOUHIOHFWLRQVDQGQRWHV 7KDWWKH6XQKDVLQIOXHQFH ´DQGIRUWKHSUHFLRXVIUXLWVEURXJKWIRUWKE\WKHVXQDQGIRUWKHSUHFLRXVWKLQJV SXWIRUWKE\WKHPRRQµ ´$QG*RGVDLG/HWWKHUHEHOLJKWV LQWKHILUPDPHQWRIWKHKHDYHQWRGLYLGHWKH GD\IURPWKHQLJKW DQGOHWWKHPEHIRUVLJQVDQGIRUVHDVRQVDQGIRUGD\VDQG \HDUV µ 1RHQGWRWKH0RRQ 7KH0RRQREMHFW$QVZHU:K\WKHUHLVQRWLGHVRUVXFKDVFDQKDUGO\EHGLVFHUQHGLQWKH $WODQWLF VHDV:K\WKHUHDUHQRWLGHVLQIUHVKZDWHUVDQGZK\LQVRPHSODFHVWKHUHDUHQR WLGHV
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²LHFULWLFDOGD\V 2QHZKRFDVWUDWHVVRZVLQRWKHUZRUGVRQHZKRKDVDXVHOHVVRFFXSDWLRQ &RQUDGRU.RQUDG*HVQHU 6 ZLW]HUODQG ERUQ0DUFK=ULFKGLHG'HF =ULFK ZDVD6ZLVVSK\VLFLDQDQGQDWXUDOLVWEHVWNQRZQIRUKLVV\VWHPDWLF FRPSLODWLRQVRILQIRUPDWLRQRQDQLPDOVDQGSODQWV *HVQHUZDVSUREDEO\ WKH JUHDWHVWQDWXUDOLVWRIKLVDJH%HWZHHQDQG*HVQHUSXEOLVKHGDIRXU
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·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´WKHODQJXDJHRILWVFRXQWU\REH\VRUGHUVUHPHPEHUVGXWLHVLWKDVOHDUQHGOLNHV DIIHFWLRQDQGKRQRXUV PRUHLWKDVYLUWXHVUDUHLQPDQ KRQHVW\ZLVGRPMXVWLFH DQGUHVSHFWIRUWKHVWDUVDQGUHYHUHQFHIRUWKHVXQDQGWKHPRRQµ 7KHWKLUGGD\DIWHUWKHIXOO0RRQDIHPDOHIRDOERUQDWWKHWLPHRIWKHHFOLSVHRUFKDQJHRI WKH0RRQOLYHQRWORQJDQGZK\ 7KRVHERUQDWWKHWLPHRIDQ(FOLSVHRU&KDQJHRIWKH 0RRQOLYHQRWORQJDQGZK\ )RXQWDLQRIOLIH
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´%ODFN0RQGD\µ 1LFKRODV&XOSHSSHU SUHGLFWHG´$OOWKHHYLOVRIWKHVZRUGVHGLWLRQIDPLQHDQGSHVWLOHQFHFDQGRIRU (XURSHPD\EHH[SHFWHGIURPWKLVHFOLSVHµ:LOOLDP/LOO\LQKLVERRN $QQXV 7HQHEURVXV FRPPHQWHG¶«LWGHVLJQ VRUSUHGLFWVDQDEVROXWHIDOOLQJRXWRUEUHDFK RIIULHQGVKLSEHWZL[WXVDQGWKH'XWFK«IDPLQHLQ,UHODQGPRUWDOLW\DQGSRYHUW\ LQ6FRWODQG«RIDSODJXHDGHDWKRIPHQLQ(QJODQG,UHODQGDQG6FRWODQG·,Q 0D\ZDUEURNHRXWEHWZHHQWKH(QJOLVKDQGW KH'XWFK&KDUOHV,,IOHG 6FRWODQGIRU)UDQFHDIWHUWKHODVW5R\DOLVWVWURQJKROG'XQHWWDU&DVWOHFROODSVHGLQ 0D\RI
DQRQ ZKHQ ZH FRPH WR WUHDW RI (FOLSVHV &RPHWV *UHDW &RQMXQFWLRQV DQG %OD]LQJVWDUV ZKHUH ZHVKDOOVKRZDQGWHDFKWKHLUQDWXUHDQGLQIOXHQFH RYHUDOOHDUWKO\WKLQJVZKDWVRHYHU ,VKDOOIRUWKLVFRQVLGHUDWLRQDVDOVRIRU WKDWZHDUHKHUHLQWKLVSODFHVWLOOWRWUHDWRIWKHLQIOXHQFHRIWKH+HDYHQV DQG WKHQ WR VSHDN D ZRUG RU WZR RI WKDW 'LVFRXUVH ODWH SXEOLVKHG LQ SUHWHQFHRID5HSO\WRE\/X[YHULWDWLVOHDVWWKLV7UHDWLVHJURZWRRELJFUDYH \RXUSDUGRQWLOODQRQ
&+$39,,, 6KRZLQJWKH,QIOXHQFHRIWKH+HDYHQVRQ,QIHULRUDQG (OHPHQWDU\%RGLHV
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
6\QRQ\PIRUFRPHW,WLVXQFOHDUKRZ5DPHVH\GLIIHUHQWLDWHVEHWZHHQWKHWZR WHUPV $OOJHQHUDODFFLGHQWVZKDWVRHYHUDUHDQGPD\ EHNQRZQE\UHYROXWLRQVRIWKH:RUOG (FOLSVHV&RPHWVJUHDW&RQMXQFWLRQVDQG%OD]LQJ6WDUVLQDQDWXUDOZD\ 2IWKRVHZKROLYHLQWKH7RUULG=RQH 2IWKHLQKDELWDQWVRIWKH6RXWK 2QDFFRXQWRIWKHFORVHQHVVRIWKHLU=HQLWKWRWKHFLUFOHVRIWKHV LJQVDQGWKH ZDQGHULQJSODQHWV
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
&+$3;,9 &RQWDLQLQJWKH$XWKRUVIRXUWK5HDVRQDQGWKH6FULSWXUH SURRIVDOOHJHGIRU$VWURORJ\LQKLV/X[9HULWDWLVSURYHGWRUHPDLQ XQVKDNHQ
5HDVRQ )LIWKO\ )RU WKDW LW LV QRW DQ DQVZHU WR P\'LVFRXUVHZKLFKWKH OHDUQHG DQGMXGLFLRXVZLOOVRRQILQG ,PHDQWKH3HQQHUVWKHUHRIKDYHQR ZD\VDQVZHUHGWRWKRVHSDVVDJHVRIPLQHWKH\KDYHH[SUHVVHGDQGSUHWHQG WR UHIHOO , PLJKW KHUH VHW GRZQ PDQ\ SDVVDJHVRIWKDWUDEEOLQJ'LVFRXUVH
IURPPH LI\HZLOOQRWPDNHNQRZQXQWRPH WKHGUHDPZLWKWKHLQWHUSUHWDWLRQ WKHUHRI\HVKDOOEHFXWLQSLHFHVDQG\RXUKRXVHVVKDOOEHPDGHDGXQJKLOO -RKQ&KDPEHUVZKRSXEOLVKHG $7UHDWLVH$JDLQVW-XGLFLDO$VWURORJLH +HDUJXHG WKDWDVWURORJ\ZDVLQFRQVLVWHQWZLWK&KULVWLDQLW\+HDOVRZUR WHDUHSO\WR+H\GRQ ZKLFKZDVQHYHUSXEOLVKHG
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
LPSXGHQFHZUHVWLQJRI6FULSWXUHVDQGFRQFHDOHGQHVVWRXFKLQJZKRPWKH ZLVHVWRIPHQ 6RORPRQ 3URYWHVWLILHV
&+$3;9 6KRZLQJWKDWWKH7H[WLQ3VDO YDOOHJHGE\WKH$XWKRU WRSURYHWKHVWDUVKDYHLQIOXHQFHLVQRZLVHUHIHOOHG
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
´6HHVWWKRXDPDQZLVHLQKLVRZQFRQFHLW"WKHUHLVPRUHKRSHRIDIRROWKDQRI KLPµ 7KLVUHSO\WR3VDOP SURYHGQRWLQVXIILFLHQWDQGZHDNIRUWKHLUSXUSRVH :KRLVNLQJRIW KHVWDUV
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
&+$3;9, 3URYLQJWKHLU5HSO\WR-REVKRZLQJWKHVWDUVWRKDYH LQIOXHQFHWREHIULYRORXVDQGRIQRHIIHFW
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·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
7KLVLVDTXRWDWLRQIURP$XJXVWLQH V &LW\RI*RG %RRN9&KDSWHU$XJXVWLQH DOORZVWKHSODQHWVWRKDYHDQHIIHFWRQWKHSK\VLFDOZRUOGVXFKDVWLGHVDQG VHDVRQVEXWQRWRQWKHKXPDQVRXO´,WLVQRWHQWLUHO\DEVXUGWRVD\WKDWFHUWDLQ LQIOXHQFHVIURPWKHVWDUVGRKDYHDQHIIHFWEXWRQO\RQFHUWDLQERGLHVDVZKHQ ZLWKWKHDSSURDFKDQGUHFHVVLRQRIWKHVXQZHVHHWKHVHDVRQVRIWKH\HDULWVHOI YDU\DQGZLWKWKHZD[LQJDQGZDQLQJRIWKHPRRQFHUWDLQVRUWVRIWKLQJVVXFKDV VHDXUFKLQVDQGV KHOOILVKDQGWKHPDUYHOORXVWLGHVRIWKHRFHDQ \HWQRWWKDWWKH ZLVKHVRIWKHVSLULWDUHDOVRVXEMHFWWRWKHSRVLWLRQVRIWKHVWDUV µ /LEFKDSDQGOLEFKDSFRQWUD)DXVXP0DQFKHXP -RKQ&DOYLQERUQ1R\RQLQ3LFDUG\)UDQFH-XO\ GLHG DW*HQHYD0D\ &KULVWLDQUHIRUPHU+LVWKHRORJ\KDVEHHQJUHDWO\LQIOXHQWLDOLQPDQ\ 3URWHVWDQWGHQRPLQDWLRQV7KHSULPDU\WHQHWVRI&DOYLQLVPLQFOXGHDEHOLHILQWKH SULPDF\RIWKHVFULSWXUHDVDQDXWKRULW\IRUGRFWULQDOGHFLVLRQVDEHOLHILQ SUHGHVWLQDWLRQDEHOLHILQVDOYDWLRQZKROO\DFFRPSOLVKHGE\JUDFHZLWKQR LQIOXHQFHIURPZRUNVDQGDUHMHFWLRQRIWKHHSLVFRSDF\:URWHDWUHDWLVHH[SRVLQJ MXGLFLDODVWURORJ\
&+$3;9,, 3URYLQJWKHLU5HSO\WR-XGJHVZHDNDQGQRZLVH DYDLODEOHWRWKHLULQWHQWRUSXUSRVH
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
&+$3;9,,, 7KDWWKHVWDUVDUHSURYHGERWKVLJQVDQGFDXVHVE\WKH ZRUGRI*RG DQGWKH$UWODZIXOQRWZLWKVWDQGLQJDOOWKHLUPDOLFH
6R LQ P\ /X[ 9HULWDWLV FKDS 6HFW )URP WKHVH 7H[WV \RX ZLOO ILQG , SURYHWKDWWKHVWDUVDUHERWKVLJQVDQGFDXVHV*HQ+RVDQG'HXW WKH ZKLFK EHFDXVH LW ZRXOG KHUH EH WRR WHGLRXV WR UHKHDUVH , UHIHU XQWR\RXWRSHUXVHDW\RXURZQOHLVXUH WRDOOZKLFK\RXVKDOOILQGQRRWKHU UHSO\UHWXUQHGWKHQWKLVDWWKHODWWHUHQGRIWKHSDJH7KH'RFWRUGHQLHV QRW WKDW WKH VWDUV DUH FDXVHV DQG WKLV , EHOLHYH LV JUDQWHG PH EHFDXVH WKH\ NQHZ QR RWKHU UHSO\ ZLWKRXW UHQGHULQJ WKHPVHOYHV ULGLFXORXV WR WKH :RUOG EXW LI VR DQG DV LW LV IDUWKHU JUDQWHG WKDW KH DOORZV RI 1DWXUDO $VWURORJ\DQGVRFRQVHTXHQWO\WKDWWKHVWDUVDUHDOVRVLJQV OHWPHDVNDQ\ UDWLRQDO PDQ ZKDW WKH\DUJXHDJDLQVWWKHQLIWKHVWDUVEHFRQIHVVHGVLJQV DQG FDXVHV RI ZLQG KDOH VWRUPV WHPSHVWV DQG DOWHUDWLRQ RI ZHDWKHU" RU KRZ LV LW WKHQ XQODZIXO 'LDEROLFDO RU D GRFWULQH RI 'HYLOV WR SUDFWLVH RU SURJQRVWLFDWHWKHUHE\RIWKHVHDFFLGHQWV"DV'RFWRU+RPHVPRVWZLVHO\DQG GLVFUHHWO\WHUPVLW $QGWKXVKDVW\RXEULHIO\EHHQVKRZQWKHXWPRVWRIWKDW GLVFRXUVH IRU WKH UHIHOOLQJ RI PLQH E\ ZKLFK \RX VHH QRWZLWKVWDQGLQJ $VWURORJ\WRUHPDLQLQIXOOIRUFH WKDWWKHVWDUVKDYHLQIOXHQFHDQGDUHERWK VLJQV DQG FDXVHV ZDUUDQWHG E\ WKH'LYLQH:RUGRI*RG,WUHVWVWKHUHIRUH QRZ , RQO\ DGG WKLV RQH SODFH PRUH LQ WKH VHFW RI WKH FKDS RI P\ 'LVFRXUVHZKHUHLQ,SURYHWKDWWKH$UWRI$VWURORJ\LVQRWSURKLELWHGE\WKH ZRUG RI *RG QRU WKH VWXG\ WKHUHRI E\ *RG KLPVHOI EXW UDWKHU E\ KLP DOORZHGDQGWKHQVKDOOFRQFOXGHZLWKD5HODWLRQRIWKHSRZHUDQGVXEMHFW RI$VWURORJ\DQGKRZIDULWLVE\PHGHIHQGHGRUPDLQWDLQHGDQGSDVVRYHU DOOWKHUHVLGXHRIWKDWUDEEOLQJUDLOLQJUHSO\DVQRWZRUWKP\QRWLFH ,QWKDWIRXUWK6HFW ,VD\ SURYLQJWKHOHJDOLW\RI$VWURORJ\DQGWKDW *RGGRHVQRWSURKLELWWKHVWXG\WKHUHRIDVLVFOHDUE\WKDWWHVWLPRQ\RIWKH
7KDWWKHVWDUVDUHERWKVLJQVDQGFXDVHVSURYHGDQGFOHDUHG
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
&+$3;,; 3URYLQJ$VWURORJ\WREHZDUUDQWHGE\&RXQFLOVLQVSLWHRI WKHLU5DEEOH
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
7RZKLFKLQWKHLU WKSDJHWKH\5HSO\WKDWDV,SURYH$VWURORJ\QRWWR EHFRQGHPQHGE\WKH:RUGRI*RGMXVWVR DQGZLVHOLHU GR,SURYHLWQRW LPSXJQHGE\&RXQFHOVQDPHO\E\EDUHIDFLQJLWGRZQZLWKDEROGIRUHKHDG 1RZ,GHVLUHQREHWWHUSURRIWKDWLWLVQRWFRQGHPQHGE\&RXQFHOV WKHQ WKLV IRU LV WKHLU ZLVGRPVZLOODGPLWWKLVWREHSURYHGDVZLVHO\DQG MXVWDV,KDYHWKHRWKHUZKLFKDOOWKHLUZLW\RXVHHFRXOGQRWWKHOHDVWDQG ZHDNHVW SRLQW VLOHQFH P\ $UJXPHQW ZLOO EH JRRG DQG ILUP HQRXJK DQG HYLGHQWWRWKH5HDGHUWKDWWKH\UHPDLQDV\HWE\WKHPXQVKDNHQDQGWKDW WKH\KDYHQRRWKHUUHIXJHEXWEDUHO\WRIDFHLWGRZQZLWKDEROGDQGLPSXGHQW IRUHKHDGHVSHFLDOO\EHLQJLQWKHIRUPHUVRVKDPHIXOO\EDIIOHG :KHUHIRUH QRZ LW UHVWV , VKRZ \RX WKH IXOO SRZHU DQG VXEMHFW RI $VWURORJ\ DQG KRZ IDU , PDLQWDLQ RU DOORZ RI WKH $UW DQG KHUH GHVLVW UHIHUULQJ\RXIRUIXUWKHUVDWLVIDFWLRQWRWKDWGLVFRXUVHRIPLQHZKLFKLVDEOH WRMXVWLI\WKHVHP\ZRUGVVLQFHIRUDOOWKDWWKH5HSOLHUVWKHUHXQWRFDQVD\ WKH$UWUHPDLQVVWLOOXQVKDNHQDQGLWXQDQVZHUHG ZKHUHIRUHWKH\KDGEXW VPDOO UHDVRQWRWLWOHWKDWZHDNSLHFH-XGLFLDO$VWURORJ\-XGLFLDOO\FRQGHPQHG ZKHQ DODV WKHUH LV KDUGO\ D MXGLFLRXV VHQWHQFH WR EH IRXQG EHWZHHQ WKH EHJLQQLQJDQGHQGWKHUHRIXQOHVVERUURZHGRIVRPHRWKHU$XWKRUQHLWKHU DUH WKH\ RU LW DEOH WR VKRZ WKHLU IDFHV EHIRUH WKH MXGLFLRXV DQG LPSDUWLDO -XGJHV RI WKH PDWWHU ZLWKRXW VXIIHULQJ FRQGLJQ FRQGHPQDWLRQ WKHPVHOYHV
&+$3;; &RQWDLQLQJWKHSRZHUDQGVXEMHFWRI$VWURORJ\DQGKRZIDU WKH$XWKRUYLQGLFDWHVLW
