The financial markets are risky. Investing is risky. Past performance does not indicate future performance.

The foregoing has been prepared solely for informational purposes and is not a solicitation, or an offer to buy or sell any security.

Opinions are based on historical research and data believed reliable, but there is no representation that future results will be profitable.

No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this publication.

The past performance of any trading system or methodology is not necessarily indicative of future results.

Our business experience is global and we buy non-US companies.  This presents certain risks, particularly with respect to property rights, currency risk and liquidity.