PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING. WHEN CONSIDERING ALTERNATIVE INVESTMENTS, INCLUDING HEDGE FUNDS, YOU SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS: OFTEN ENGAGE IN LEVERAGING AND OTHER SPECULATIVE INVESTMENT PRACTICES THAT MAY INCREASE THE RISK OF INVESTMENT LOSS, CAN BE ILLIQUID, ARE NOT REQUIRED TO PROVIDE PERIODIC PRICING OR VALUATION INFORMATION TO INVESTORS, MAY INVOLVE COMPLEX TAX STRUCTURES AND DELAYS IN DISTRIBUTING IMPORTANT TAX INFORMATION, ARE NOT SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.

All material presented herein is believed to be reliable but we cannot attest to its accuracy. Investment recommendations may change and readers are urged to check with their investment counselors before making any investment decisions. Opinions expressed in these reports may change without prior notice.

Communications from Demogronomics are intended solely for informational purposes. Statements made by various authors, advertisers, sponsors and other contributors do not necessarily reflect the opinions of Demogronomics, and should not be construed as an endorsement by Demogronomics, LLC, either expressed or implied. Demogronomics is not responsible for typographic errors or other inaccuracies in the content. We believe the information contained herein to be accurate and reliable. However, errors may occasionally occur. Therefore, all information and materials are provided “AS IS” without any warranty of any kind. Past results are not now nor ever will be indicative of future results.

ANY PRESENTATION POSTED IS NOT INTENDED TO BE A SOURCE OF ANY SPECIFIC INVESTMENT RECOMMENDATIONS, AND MAKES NO IMPLIED OR EXPRESS RECOMMENDATIONS CONCERNING THE MANNER IN WHICH ANY CLIENT’S ACCOUNT SHOULD OR WOULD BE HANDLED, AS APPROPRIATE INVESTMENT STRATEGIES DEPEND UPON THE CLIENT’S INVESTMENT OBJECTIVES. IT IS THE RESPONSIBILITY OF ANY PERSON OR PERSONS IN POSSESSION OF THIS MATERIAL TO INFORM THEMSELVES OF AND TO AND TAKE APPROPRIATE ADVICE AS TO ANY APPLICABLE LEGAL REQUIREMENTS AND ANY APPLICABLE TAXATION AND EXCHANGE CONTROL REGULATIONS IN THE COUNTRIES OF THEIR CITIZENSHIP, RESIDENCE OR DOMICILE WHICH MIGHT BE RELEVANT TO THE SUBSCRIPTION, PURCHASE, HOLDING, EXCHANGE, REDEMPTION OR DISPOSAL OF ANY INVESTMENTS.

ANY PRESENTATION POSTED DOES NOT CONSTITUTE A SOLICITATION IN ANY JURISDICTION IN WHICH SUCH A SOLICITATION IS UNLAWFUL OR TO ANY PERSON TO WHOM IT IS UNLAWFUL. MOREOVER, THIS PRESENTATION NEITHER CONSTITUTES AN OFFER TO ENTER INTO AN INVESTMENT AGREEMENT WITH THE RECIPIENT OF THIS DOCUMENT NOR AN INVITATION TO RESPOND TO THE DOCUMENT BY MAKING AN OFFER TO ENTER INTO AN INVESTMENT AGREEMENT.

THE PORTFOLIO RISK MANAGEMENT PROCESS INCLUDES AN EFFORT TO MONITOR AND MANAGE RISK, BUT IS NOT INTENDED TO IMPLY LOW RISK. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS, WHICH MAY VARY. THE VALUE OF INVESTMENTS AND THE INCOME DERIVED FROM INVESTMENTS CAN GO DOWN AS WELL AS UP. FUTURE RETURNS ARE NOT GUARANTEED, AND A LOSS OF PRINCIPAL MAY OCCUR. OPINIONS EXPRESSED ARE CURRENT OPINIONS AS OF THE DATE APPEARING IN THIS MATERIAL ONLY. NO PART OF THIS MATERIAL MAY, WITHOUT DEMOGRONOMICS PRIOR WRITTEN CONSENT, BE (I) COPIED, PHOTOCOPIED OR DUPLICATED IN ANY FORM, BY ANY MEANS, OR (II) DISTRIBUTED TO ANY PERSON THAT IS NOT AN EMPLOYEE, OFFICER, DIRECTOR, OR AUTHORIZED AGENT OF THE RECIPIENT.