This site and the associated blog site Dual Momentum are for educational and informational purposes only. Nothing contained therein should be interpreted as personalized investment advice. Under no circumstances does this information represent a recommendation to buy, sell or hold any security. Users should be aware that all investments carry risk and may lose value. Users of these sites are urged to consult their own independent financial advisors with respect to any investment. Anyone using these sites for investment purposes does so at his or her own risk. By using these sites you assume the risk that the contents may at times be inaccurate, incomplete, or may not meet your needs and requirements. We are not liable for any errors or inaccuracies, regardless of cause, or for the delay or interruptions in the transmission of information to our users. Opinions and analysis included herein are based on sources believed to be reliable and written in good faith, but no representation or warranty is made as to their accuracy, completeness, or timeliness. You should always obtain your own current information and perform due diligence before making any investment decisions. Some hypertext (HTML) links on these sites lead to other websites. We provide these hypertext links only as a convenience. The inclusion of such hypertext links does not imply an endorsement by us of the linked site or any relationship between us and the hyperlinked organization. Visitors are permitted to use these sites for their personal, non-commercial use, and may not copy, modify, reproduce, sell, publish, distribute, retransmit, disseminate, display, broadcast, or create new works from any part of the data or content either on another website or as part of any commercial service without our prior written permission. All performance represents total returns and includes reinvestment of interest and dividends but does not reflect management fees, transaction costs, taxes, or other expenses. You cannot invest directly in indexes. Future performance of these models may differ significantly from historical performance. Hypothetical performance results are presented for illustrative purposes only and should not be interpreted as an indication of future performance. Hypothetical performance results (e.g., quantitative backtests) have many inherent limitations, some of which, but not all, are described herein. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or adhere to a particular trading program in spite of trading losses can adversely affect actual trading results. The hypothetical performance results contained herein represent the application of the quantitative models as currently in effect, and there can be no assurance that the models or portfolio constituents will remain the same in the future or that an application of the current models in the future will produce similar results because the relevant market and economic conditions that prevailed during the hypothetical performance period will not necessarily recur. The term “maximum drawdown” as used on this site means the maximum cumulative peak-to-valley retracement on a month-end basis. Intra-month maximum drawdowns may be substantially higher, and future maximum drawdowns may be higher still. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results, all of which can adversely affect actual trading results.