7/23/2019 Anderson in Dialogue With Kearns (the Director's Chair) - Listed (Dec 2015)

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01Cjstel | _jfter 2>85

7/23/2019 Anderson in Dialogue With Kearns (the Director's Chair) - Listed (Dec 2015)

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0?_jfter 2>85 | Cjstel

 \me Ljre`tir‚s @mhjrMecef Kehrfs

^urpise, pri`ess…resuctsJf \me Ljre`tir‚s @mhjr wjtm Lhvjl _. Hflersif4 Hf h``igpcjsmel wehctm ghfhoer, fhf`jhc ghrkets

exe`utjve hfl veterhf ljre`tir, Mecef Kehrfs mhs recjel if h ljs`jpcjfel, strhteoj`, cifo-terg hpprih`m

ti rehte chstjfo vhcue jf every rice

^mitiorhpmy by Deaa Kjrk 

_jtm hf exegpchry `hreer jf wehctm ghfhoegeft hfl `hpjthc ghrket fhf`e,Mecef Kehrfs fit ifcy kfiws hs gu`m hs hfyife hbiut ghkjfo hfl ghfho-jfo gifey, but hcsi miw ti hftj`jphte hfl repec setbh`ks if tme why ti h`mjev-jfo cifo-terg oihcs. Jt‚s h `igbjfhtjif ia skjcc hfl shvvy tmht mhs ghle mer h vhcuhbce iftrjbutir hs h ljre`tir if tme bihrls ia twi ia tme iuftry‚s cehljfopefsjif aufls hfl, prjir ti tmht, ht tme \irifti Pti`k Ex`mhfoe. Mere, jf`ifvershtjif wjtm oiverfhf`e hfl cehlersmjp hlvjser Lhvjl Hflersif, Kehrfsexpchjfs miw h rjoirius hpprih`m ti le`jsjif-ghkjfo hfl hf ufwhverjfo,

strhteoj` ai`us if cifo-terg oihcs `hf mecp bihrls bci`k iut fijse hfl smirt-terg ljstrh`tjifs. Pme hcsi refle`ts if sige ia tme mjomcjomts ia mer bihrl`hreer hfl miw h `iggjtgeft ti `iftjfuius cehrfjfo keeps mer ljre`tirskjccs smhrp.

Mecef Kehrfs^rjghry rice

^resjleft hfl @EI, Becc Kehrfs & Hssi`jhtes Ctl.

Hlljtjifhc rices

Ljre`tir, Hcberth Jfvestgeft Ghfhoegeft @irp. (HJG@i); Ljre`tir, Ifthrji @icceoe ia Hrt hfl Lesjof Ufjversjty(I@HLU), hfl mhjr, jfvestgeft iggjttee

Airger cehlersmjp pisjtjifs

^resjleft, Fhslhq @hfhlh (2>>8-2>><); ^resjleft, Kehrfs @hpjthc Ctl. (8::1-8:::); Pefjir vj`e-presjleft, mehl,

jfstjtutjifhc shces hfl trhljfo, Rj`mhrlsif Oreefsmjecls ia @hfhlh Ctl. (8::0-8::5)

Airger `mhjr/cehl ljre`tir

Cehl ljre`tir, KjfoPett @hpjthc @hfhljhf Rehc Esthte Jf`ige Aufl (2>>=-2>8<); @mhjr, oiverfhf`e iggjttee,

GP Pi`jety Resehr`m Aiuflhtjif (2>88-2>8<)

Airger ljre`tir

Ifthrji \eh`mers‚ efsjif chf (2>>5-2>88); \irifti Pti`k Ex`mhfoe (8::0-8:::); GP Pi`jety Resehr`m Aiuflhtjif

(2>>5-2>85); Fhtjifhc Bhccet P`miic ia @hfhlh (8::1-2>><)

Elu`htjif

Bh`mecir ia Hrts (Mifiurs), Bjsmip‚s Ufjversjty; J@L.L, Jfstjtute ia @irpirhte Ljre`tirsMifiurs

 kDimf Gicsif P`miic ia Busjfess Hwhrl ia Ljstjf`tjif (2>>2)

kGiftrehc Bihrl ia \rhle _igef ia Ljstjf`tjif Hwhrl (2>>2)

 k–_igef if tme Give‗ Eftreprefeur ia tme Zehr Hwhrl (8::?)

 k8>> Gist iwerauc _igef jf @hfhlh by tme Ajfhf`jhc ist (2>><)

@urreft hoe

12

Zehrs ia bihrl servj`e

25

7/23/2019 Anderson in Dialogue With Kearns (the Director's Chair) - Listed (Dec 2015)

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0:_jfter 2>85 | Cjstel

 \me Ljre`tir‚s @mhjrMecef Kehrfs

Lhvjl Hflersif Beaire yiu be`hge kfiwf air yiur thceft put-

tjfo hpjthc ti wirk, yiu aiufl ehrcy su``ess hs h diurfhcjst wjtm

 Busjfess _eek hfl \me Ohzette jf Giftrehc. Miw ljl tmht pre-

phre yiu air thkjfo rjsks wjtm itmer peipce‚s gifey9

Mecef Kehrfs Bejfo h diurfhcjst whs tme best trhjfjfo oriufl air gy

`hreer. Jt mhs mecpel ge ti tmjs lhy by trhjfjfo ge ti hssjgjchte jf-

airghtjif hfl pucc iut shcjeft pijfts. _mht‚s tme mehlcjfe9 _mht‚s

lrjvjfo tme stiry9 Hs h `irpirhte ljre`tir, J feel ti oet ti tme mehrt ia

wmht‚s jgpirthft ti uflersthfl wmht jt‚s hcc hbiut. J ai`us if wmht‚s

oijfo ti give tme irohfjzhtjif airwhrl, tme ippirtufjtjes hfl strh-

teoj` ljre`tjif.

Lhvjl Hflersif Ziu ghle h strhteoj` revjew ia tme busjfess h

`ifljtjif ia yiur `iftjfuel servj`e if tme \P] bihrl jf 8::1.

\mht‚s hf ufusuhc give air h ljre`tir. _mht prigptel yiu ti

li tmjs9

Mecef Kehrfs J mhl h ufjque perspe`tjve if tme evicutjif ia tme

ghrkets be`huse ht bitm Rj`mhrlsif Oreefsmjecls hfl tmef ht

tme fewcy airgel Kehrfs @hpjthc we were uflerwrjtjfo `ig-

phfjes tmht were `mhfojfo tme wircl, jf h ahst-`mhfojfo wircl.

@igphfjes su`m hs Fewbrjloe, DLP Ajtec hfl Qjeffh Pystegs,

hgifo ghfy itmers, were upefljfo tme why jf wmj`m busjfess

whs bejfo life. \me Jfterfet hfl tece`iggufj`htjifs were ex-

pciljfo uflerfehtm us hfl biuflhrjes were ljshppehrjfo. Jf tme

ah`e ia tmjs, J shw hf ex`mhfoe tmht whs ai`usjfo if rite trhljfo

ruces hfl jts te`mficioy pchtairg jfstehl ia tme esseftjhc ques-

tjif4 Miw wjcc we `igpete9 J whsf‚t tryjfo ti be lja`uct but

tme rehcjty whs, jf hskjfo air tmht `ifljtjif hs phrt ia h``eptjfo

hfitmer terg if tme bihrl, J sjgpcy ljlf‚t mhve tjge ti whste. J

mhl chuf`mel gy iwf rg tmht whs very jfvicvel jf uflerwrjt-

jfo ghfy ia tmese `igphfjes. Jt whs arustrhtjfo ti rehcjze, hs h

@hfhljhf, tmht iur ex`mhfoe whs seef hs h gjfir pchyer jf rhjsjfo

`hpjthc wmef jf ah`t we were ex`ecceft ht `rehtjfo few te`mfici-

ojes. _e mhl tme thceft. Iur tiics, iur ex`mhfoe, mhl ti be`ige

better. Jt seegel ibvjius ti ge tmht h strhteoj` revjew `iucl mecp

bitm ghfhoegeft hfl tme bihrl ht h tjge wmef tme lyfhgj`s ia

tme jflustry were `mhfojfo rhpjlcy hfl we feelel hf hppriprj-

hte respifse ht bitm tme ghfhoegeft hfl bihrl cevecs.

Lhvjl Hflersif \mjs type ia strhteoj` revjew `hf mecp h bihrl

haae`t mhfoe. _hs tmjs tme hse wjtm tme \P] bihrl9

Mecef Kehrfs Zes, jt whs hf jgpirthft cessif if tme feel air tme

bihrl ti jleftjay strhteoj` prjirjtjes. Jt whs h cessif if ljaaeref-

tjhtjfo betweef jfairghtjif tmht js prephrel air tme bihrl hfl

jleftjayjfo jfairghtjif tmht tme bihrl whfts hfl feels. \me bihrl

smiucl hcwhys mhve tjge set hsjle air jleftjayjfo hfl ljs`ussjfo tme

strhteoj` jgperhtjves ia hf irohfjzhtjif hfl miw js jt `igpetjfojf tme chroer iftext. \me revjew servel jts purpise by regjfljfo

tme bihrl ti hsk ia jtseca key questjifs4 _mht trefls smiucl we be

wht`mjfo iutsjle ia tme irohfjzhtjif9 Miw smiucl we gehsure

iursecves hohjfst tmise trefls9 _mht jfairghtjif lies tme bihrl

feel ti mhve tmese ljs`ussjifs9

Lhvjl Hflersif \wefty yehrs if, wmht mhs beef tme jgph`t ia

tme ghdir jfjtjhtjves uflerthkef by tme \P] hs h resuct ia tmht

strhteoj` revjew“jf phrtj`uchr, legutuhcjzhtjif hfl `ifsicj-

lhtjif9

Mecef Kehrfs J tmjfk tmht gist peipce wiucl horee tme \P] js h strif-

oer, gire priaessjifhccy ghfhoel irohfjzhtjif tilhy tmhf jt whs 85-2>

yehrs hoi. Mhvjfo ve sephrhte ex`mhfoes h`riss tme iuftry murt iur

hbjcjty ti `igpete ocibhccy. Fiw tme @hfhljhf ghrket js re`iofjzel

ocibhccy hs bejfo mjomcy `igpetjtjve jf severhc hrehs ia fhf`jfo hfl

rhjsjfo `hpjthc. Air exhgpce, tme @hfhljhf ghrket js wircl `chss jf

gjfe fhf`jfo hfl `hpjthc rhjsjfo.

Lhvjl Hflersif Jf tilhy‚s jfterlepefleft ocibhc ghrkets, jt‚s

ia vjthc jfterest ti iur pubcj` `igphfjes tmht @hfhlh‚s `hpjthc

ghrkets hre mehctmy. _mht‚s wirkjfo hfl fit wirkjfo wecc jf

iur hpjthc ghrkets9

Mecef Kehrfs _mht‚s wirkjfo wecc js tme cehlersmjp rice bejfo

pchyel ocibhccy by iur chroe pefsjif aufls. J hg bjhsel be`huse

J hg if tme bihrl ia HJG@i, but J kfiw arig gy experjef`e if

tme Ifthrji \eh`mers‚ ^efsjif ^chf bihrl hfl arig tme cehlersmjp

rices thkef by @^^JB, tme @hjsse, MII^^ hfl ghfy itmers tmht

tmese irohfjzhtjifs hre refiwfel air tmejr jfvestgeft priwess

hfl tmejr sthfl if jgpirthft oiverfhf`e jssues. \mere‚s h brihl

hwhrefess hgifo @hfhljhfs tmht tmese irohfjzhtjifs hre wircl

`chss, mhve jfteorjty hfl legifstrhte prh`tj`es tmht hre wirtm eg-

uchtjfo. Cehlers su`m hs Chgiureux, @iik-Beffett hfl Biuey set

iut tme aiuflhtjifhc oiverfhf`e ia \eh`mers hfl leserve reljt air

`rehtjfo tmjs @hfhljhf su``ess jf tme jfstjtutjifhc sph`e. \mey set

tme exhgpce ia keepjfo ghfhoegeft jflepefleft hfl prite`tel

arig tme picjtj`hc jfterests ia oiverfgeft, ia ruffjfo jt cjke h busj-

fess, hcciwjfo jt ti thke rjsks, ia mjrjfo tme @EI ljre`tcy hfl phyjfo

air perairghf`e. \mjs js h textbiik `hse ia wmy oiverfhf`e ght-

ters. Jt hcciws air cifo-terg tmjfkjfo. Jt js tmriuom tmejr h`tjifs

tmht @hfhljhf pefsjif aufls mhve `hrvel iut hf jgpirthft rice hs

jfvestgeft hfl tmiuomt cehlers if tme ocibhc sthoe.

_mht js fit wirkjfo hs wecc, jf gy gjfl, js pubcj` `iflef`e jf

tme jfteorjty ia tme pubcj` ghrkets. Elecghf, h ^R rg, shys tmht

cess tmhf 2>% ia peipce tmjfk @EIs `ifsjsteftcy tecc tme trutm.

Reouchr expisure ti bhl `irpirhte bemhvjiur eriles tme per`ep-tjif ia cehlersmjp hfl jfteorjty jf iur hpjthc ghrkets.

Lhvjl Hflersif Lies h ch`k ia pubcj` `iflef`e jf tme pubcj`

ghrkets haae`t tme prh`tj`e ia `igphfjes h``essjfo `hpjthc jf

tmise ghrkets9

Mecef Kehrfs Zes, J tmjfk jt lies. _e‚re seejfo tii gu`m smirt-

terg tmjfkjfo, phrtj`uchrcy jf pubcj` `hpjthc ghrkets. \mjs js

`mhccefojfo air `igphfjes tmht whft ti levecip h cifo-terg

strhteoy. @igphfjes be`ige efgesmel jf tme tyrhffy ia quhr-

tercy repirtjfo. Hs fews irohfjzhtjifs `rehte `ifteft hriufl tme

\me pubcj` ch`ks `iflef`e jf tmejfteorjty ia hpjthc ghrkets. Aewer tmhf

2>% ia peipce tmjfk @EIs `ifsjsteft-cy tecc tme trutm. Reouchr expisure ti bhl `irpirhte bemhvjiur eriles tmeper`eptjif ia cehlersmjp hfl jfteorjty.

7/23/2019 Anderson in Dialogue With Kearns (the Director's Chair) - Listed (Dec 2015)

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<8_jfter 2>85 | Cjstel

 \me Ljre`tir‚s @mhjrMecef Kehrfs

ehrfjfos `y`ce, tme jgpirthf`e ia –ghfhojfo jfvestir expe`th-

tjifs‗ thkes `eftre sthoe. Ghfhoegeft jf`eftjves hre bujct upif

htthjfjfo smhre prj`e ohjfs. Ht tme shge tjge tmere mhs beef ex-

pcisjve oriwtm jf jflex aufls. Pi we mhve aufls“wjtm h wehk-

er smhremicler cjfk ti tme `irpirhtjif, J wiucl hroue“`mhsjfo

aewer `igphfjes. Jt js fi wifler tmere js orehter vichtjcjty. \mjs

js mhrlcy h sthbce efvjrifgeft air levecipjfo h cifo-terg strh-

teoj` oriwtm pchf. Chroe pefsjif aufls hfl ti sige exteft prj-

vhte equjty rgs `hf cc tmjs vijl wjtm `hpjthc jfvestel jf prjvhte

`igphfjes tmht js phtjeft hfl wjccjfo ti jfvest cifo terg. Hfl si

jt smiucl `ige hs fi surprjse tmht re`eft stuljes mhve smiwf tmht

tme fugber ia pubcj`cy trhlel igphfjes jf tme Ufjtel Pthtes mhs

ahccef arig =,>>> jf 8::: ti sigetmjfo cjke 5,>>> fiw.

Lhvjl Hflersif  _mht mhve yiu cehrfel ghfhojfo peipce‚s

gifey“bitm if tme jfstjtutjifhc sjle hfl hs hf jfvestgeft

hlvjser, tmht mhs ghle yiu h better ljre`tir, wmetmer if tme

\P], Ifthrji \eh`mers‚ efsjif chf ir HJG@i bihrls9

Mecef Kehrfs J mhve cehrfel twi tmjfos4 tme vhcue ia hf jfle-

pefleft perspe`tjve jf fhvjohtjfo tme wircl hfl tme fe`essjty

ia h arhgewirk air le`jsjif-ghkjfo tmht rejfair`es ljs`jpcjfel

tmjfkjfo hfl h`tjif. Pmhremiclers hfl ghfhoegeft tehgs hppre-

`jhte tme jflepeflef`e ia h bihrl jf oujljfo hfl hldulj`htjfo h

busjfess. _mjce ehsjer shjl tmhf life, jflepefleft tmjfkjfo js

tme best why ti hll vhcue wmjce ghfhojfo `ifflj`tjfo jfterests.

Rjoirius le`jsjif-ghkjfo js fe`esshry ja yiu thke h cifo-terg hp-

prih`m, hs J li, ti `rehtjfo hfl preservjfo vhcue.

Ghfhojfo `hpjthc mhs thuomt ge ti esthbcjsm hfl aicciw h

arhgewirk jf wmj`m le`jsjifs hre thkef bhsel if resehr`m hfl

tme wejomjfo ia iptjifs jf cjomt ia strhteoj` ljre`tjif hfl rjsk tic-

erhf`e. \mjs arhgewirk ojves h bihrl tme ljs`jpcjfe ti stj`k wjtm

tme pchf, jf phrt by smjecljfo us arig smirt-terg fijse iur egi-

tjifs `hf‚t mecp but ti reh`t ti.

If tme jfvestgeft sjle, we privjle tme tiics ti set tme priper

oiverfhf`e jf pch`e hfl tme hppriprjhte cevec ia rjsk ti h`mjeve

tme returfs we hre seekjfo. _e jleftjay tme ghfhoers wmi `hf

h`mjeve vhcue-hllel returfs iver tme cifo terg hfl gifjtir hfl

gehsure perairghf`e hfl rjsk h`riss h wjle hrrhy ia getrj`s. Jt‚s

mhrl wirk ti ai`us if cifo-terg resucts hfl ljversjay rjsk, but

tmht‚s wmht jt thkes ti h`mjeve vhcue-hllel returfs. \mjs mhrl-

wif ai`us if tme cifo terg, hcifo wjtm iur priti`ic ti gifjtir

hcc hsset `chsses hfl tmejr perairghf`e, livethjcs fj`ecy wjtm gy

wirk if h pefsjif aufl bihrl cjke HJG@i. J jggeljhtecy ufler-

sthfl tme bh`klrip hohjfst wmj`m iur aufl ghfhoers hre ghkjfo

hsset le`jsjifs.

Lhvjl Hflersif @ifsjlerjfo yiur servj`e if tmese bihrls, hretmere `iggif gjsper`eptjifs peipce ghy mhve hbiut ljre`-

tirsmjp9

Mecef Kehrfs Jt‚s gire wirk tmhf peipce tmjfk. _mjce jt‚s lja`uct

ti oeferhcjze, J kfiw tmht tme smeer vicuge ia jfairghtjif wmef

J sthrtel ht \eh`mers whs lhuftjfo. \mere‚s h cit ia lethjc ti ljoest

ti oet up ti speel if busjfess gilec hfl perairghf`e lrjvers

hfl tmef ti sthy `urreft. ^eipce wmi dijf h bihrl ghy fit rehc-

jze tmht tmey mhve ti levite h cit ia tjge“usuhccy aucc weekefls

ti mhve efiuom ufjfterruptel tjge“ti hbsirb hcc ia tme ghterj-

hcs. Lespjte dijfjfo h bihrl be`huse yiu‚ve oit recevhft skjccs hfl

experjef`e, yiu lif‚t kfiw uftjc yiu oet ti tme thbce miw yiur

skjccs hfl experjef`e wjcc hll vhcue. Jt‚s jfterestjfo ti see miw

sets ia ljre`tirs cehrf ti jfterh`t ti oet tme rjomt jfairghtjif jf h

why tmht‚s vhcuhbce ti everyife. \me key J tmjfk js ti hsk questjifs

tmht smiw yiu rehcjze yiu‚re fit tmere ti ghfhoe tme busjfess, but

rhtmer ti efmhf`e yiur perspe`tjve hs ti miw tme jfairghtjif ts

jfti tme bjooer pj`ture. J hcsi tmjfk jt‚s ehsy ti gjss tme ah`t tmht

tme wircl ia oiverfhf`e js `mhfojfo rjomt hcifo wjtm tme brihler

wircl ia busjfess. ^eipce gjomt tmjfk tmere‚s cjttce feel ti wirk

ht sthyjfo `urreft if bejfo h oiil ljre`tir. But J aiufl tmere js h

feel air `iftjfuius cehrfjfo ht tme bihrl cevec.

Lhvjl Hflersif Ziu micl tme ljre`tir elu`htjif lesjofhtjif

arig tme Jfstjtute ia @irpirhte Ljre`tirs (J@L). Ojvef yiur

prevjius ljre`tir experjef`e, miw whs tmht useauc9

Mecef Kehrfs J regegber lebhtjfo wmetmer ti thke tme J@L lj-

re`tir iurse. Jt whs ehsy air ge ti tmjfk, mhvjfo beef if tme \P]

bihrl air tme Ley hfl Phu`jer repirts, tmht gy kfiwceloe ia `ir-

pirhte oiverfhf`e prh`tj`e whs sua`jeft. J le`jlel ti thke tme

J@L `iurse jf 2>>:, fit expe`tjfo ti cehrf hfytmjfo brhfl few,

but if tme prjf`jpce ia `iftjfuius cehrfjfo. Jt thuomt ge h vhcu-

hbce cessif; J rehcjzel tmht oiverfhf`e lies jf ah`t `mhfoe iver

tjge, fit dust jf tme `iles hfl reouchtjifs hfl tme expe`thtjifs

air ljre`tir `iftrjbutjifs, but jf tme substhf`e ia oiverfhf`e

strhteoy hfl iversjomt. Oiverfhf`e gires, cjke si`jhc gires,

evicve hfl `mhfoe iver tjge.

J rehccy vhcuel tme giluce if jfairghtjif te`mficioy oiver-

fhf`e. J\ oiverfhf`e whsf‚t jleftjel hfl levecipel hs h ljs`j-

pcjfe jf le`hles phst, fir mhl jt ever beef h phrt ia gy prevjius

bihrl experjef`e. J jggeljhtecy shw tme vhcue ti bihrls hfl

ghfhoegeft jf mhvjfo hf J\ oiverfhf`e arhgewirk. Jt hcciws

ghfhoegeft ti `cehrcy expchjf tme `igpcexjty hfl rjsk hssi`j-

htel wjtm eh`m J\ pride`t. Jt hcsi ghle air gire prilu`tjve `if-

vershtjifs betweef bihrl hfl ghfhoegeft hfl cjatel h `ciul ia

uf`erthjfty hriufl J\. Iur dib hs ljre`tirs js ti mecp tme irohfj-zhtjif h`mjeve ex`eccef`e. Pthyjfo if tip ia oiverfhf`e, dust cjke

hfy itmer ljs`jpcjfe jf busjfess, js fe`esshry.

 Lhvjl _. Hflersif, GBH, mL, J@L.L js presjleft ia \me

 Hflersif Oiverfhf e Oriup jf \irifti, hf jflepefleft

hlvjsiry rg lelj`htel ti hssjstjfo bihrls hfl ghfhoe-

geft tehgs efmhf`e cehlersmjp perairghf`e. Me hlvjses

ljre`tirs, exe`utjves, jfvestirs hfl reouchtirs bhsel

if mjs jfterfhtjifhc resehr`m hfl prh`tj`e. E-ghjc4

lhvjl.hflersifNthoorh. ig. _eb4 www.thoorh. ig

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