Performance Disclosures

The performance numbers, estimates and projections contained herein are hypothetical and intended for illustrative purposes only.  The performance numbers and estimates contained in past studies have many limitations that limit their applicability to future returns in actual investment portfolios.  For example, studies may or may not consider the effect of transaction costs (broadly defined) and taxes, among other variables.  Furthermore, studies may and frequently do include data errors or other methodological problems (such as hindsight) that can undermine their reliability.

One cannot invest in an index.  The performance of an index does not reflect the costs of an investment porfolio, including transaction costs, taxes and other fees.

Past performance may or may not repeat in the future.   Estimates or projected performance may or may not occur in the future.  There is no express or implied guarantee that return or risk objectives will be achieved.

Investing in stocks and other financial instruments is risky.  Investors can lose their entire investment.  Before investing, one should consider carefully his or her financial position and risk tolerance to determine the suitability and appropriateness of investing in any stock or financial instrument mentioned herein.