• Saving(s) Grace?

    Tuesday, February 28, 2017

    The savings rate is one of those elusive economic indicators that is often mentioned in the media but its significance is not always clear.  The savings rate is the percentage that people set aside from their disposable income for retirement or tougher days ahead. When people feel assured and believe that their jobs and incomes are secure, they do not feel the need to save as much and end up spending on discretionary items instead. Spending on discretionary items, such as restaurants, vacations, and other non-essential items is an important engine for economic growth and prosperity in the short run.

    When the savings rate is elevated the majority are trying to limit discretionary purchases and instead focusing on necessities at the lowest possible price, saving the remainder for the future.  This typically occurs due to unclear job prospects and anticipation of tougher conditions ahead.  So in the short run a lower savings rate is good for economic growth and is related to higher consumer sentiment and consumer spending. However, in the long run, a higher savings rate is positive and sets the stage for more sustainable economic growth, as people will be better covered in case of a sudden loss of income or an economic downturn.

    So what does this indicator show us today?

    Savings Rate gr

    Source: Bloomberg

    Today the savings rate is about 5.4% and the six month moving average is at 5.7%, which is down from a high of 8.2% in December of 2012 and 6.6% in May of 2009. This is encouraging and illustrates that people are not as insecure as they were a few years ago in the immediate aftermath of the Great Recession. Despite more optimism, the savings rate is a far cry from where it was in July of 2005 when just 1.9% of disposable income was being saved.  Since 2013, the metric seems to have found a sweet spot at a higher level than the previous decade. It looks like consumers have become more cautious after the recession, which should be good for their finances in the long run, but it is not very encouraging for consumer spending in the near future.

    So what is the path forward? Can we expect the savings rate to decline as people become more confident? Or is constant uncertainty the reason why we continue to feel the urge to save as much as we can? It turns out that we need to further break down and understand the components of this indicator in order to answer these questions.  According to our friends at Cornerstone Macro, the top 20% of income earners have a savings rate of over 20% compared with a negative savings rate for the bottom 40%. This leads to the conclusion that in order for the savings rate to decline and spending to increase, either lower income earners need to have an even more negative savings rate, which could lead to disaster down the road, or higher income earners need to spend more.

    The current elevated levels of the savings rate do not really provide the security we would expect in the future. If 40% of Americans, do not have any savings, this leaves them and the economy vulnerable if a recession hits.  In addition, those investors expecting a decline in the savings rate to spur economic growth are banking on wealthy individuals opening up their pocketbooks and parting ways with their cash.  Until uncertainty fades, the likelihood of a significant spending binge seems low.



  • Diagnosing Sector Opportunities

    Friday, January 13, 2017

    By Rayna Penelova

    With the Dow Jones approaching 20,000 and the S&P 500’s P/E ratio currently 21% higher than the mean, it is no surprise that all sectors in the market look expensive. The traditional valuation method (comparisons to their historical averages) is simply not comprehensive enough in the current market environment, as the market as a whole is quite expensive. We don’t believe bailing on the market is ever a good idea, so what’s an investor to do in this environment?  Looking at out how the sectors of the S&P 500 stack up against each other, over time, is one way to determine where to put your money.

    Anytime you look at valuations based on history you have to be concerned about a value trap.  A value trap is the term used when a stock or sector is undervalued, yet gets even more undervalued over time.   A value trap looks attractive to investors, based on price, but it turns out that there is a good reason for it to trade at a discount. This is why a comprehensive analysis should be done every time a security is selected. An undervalued stock/sector with opportunities for sales growth is one way to avoid value traps. Growth in a slow growth economic environment is quite scarce and therefore merits a premium. Any company or sector with a strong catalyst for growth is probably not going to end up as a value trap.

    After looking at relative sector valuation, using the price-to-sales ratio (P/S), we found health care to be a bright spot.  Health care was unloved in 2016; the worst performer in fact.  As a result, health care is now the most undervalued sector, using this approach. The series of charts below show the P/S ratio relationship between the sectors over time.  Health care has historically traded at a premium relative to other sectors, which can be seen by the value of the yellow line in the charts below.  For example, in comparison against the consumer staples sector, the average value of approximately 1.6 means that the health care sector P/S is historically 60% higher than the P/S ratio of the consumer staples sector.   If the blue line is below the yellow line, it means health care is trading at a discount to its historical relationship.  The charts below paint a clear picture that, relative to history, health care is cheap versus its peers.

    Is the sector a value trap?  We don’t believe so.  The health care sector ranks well on an estimated sales growth basis.  Sure, it’s not number one, but is respectfully in the middle of the pack.  In addition, many of the companies in the health care sector have less volatile earnings than the overall market, which adds to the quality of the stocks. This is especially true in an economic slowdown where earnings predictability warrants a premium. Any pull back in the price of such companies should be interpreted as a buying opportunity.

    Now, uncertainty around repealing and replacing the Affordable Care Act could keep health care stocks under pressure. However, I would argue that most of the costs involving the prospective changes are already priced in the market and are perhaps overdone. A policy solution is an opportunity, as it would clear uncertainty and provide a clearer outlook, which should let the sector loose to catch up to the overall market.

    HealthCareRelValuation2 HealthCareRelValuation2

    Charts source: Bloomberg


  • Lake Wobegon

    Thursday, July 7, 2016

    By Hugh Anderson, CFP, ChFC, CIMA

    Lake Wobegon is known to most of us as the fictional Minnesota town that colors and informs the made-up news reports of Garrison Keillor on his popular radio show A Prairie Home Companion. The program’s standard sign-off is, “Well, that’s the news from Lake Wobegon, where all the women are strong, all the men are good looking, and all the children are above average.” (A modern-day version of this mentality exists in the minds of those who think themselves above average drivers while believing everyone else on the roads is a complete idiot.)

    Regrettably, the bell curve and the law of large numbers indicate that about half of us are (horrors!) below average – and not just when driving.

    dist of variance TT

    One might think that subdividing humans into presumably smarter subgroups – like, say, investors – would render more above average individuals. Not so. A recent study by State Street Global Advisors and CoreData Research revealed and confirmed a long standing problem among investors:  a lack of financial literacy.

    Just how bad did the average investor do…?

    According to the study, we scored a D-. (Not exactly a result one proudly tapes to the refrigerator door.) The data also showed that it didn’t matter how wealthy a respondent was. Every single income bracket failed or came close to failing.


    Because we, the supposedly superior species in the animal kingdom, have a blind spot, just as we do when we’re driving. That blind spot is made possible by a very common human trait:  overconfidence.

    It’s a tough world out there, and one must maintain a steely nerve. Confidence can be key. However, many of us take this positive trait a step too far, especially when it comes to investing. According to the State Street/CoreData study, “almost two-thirds of investors say they have an advanced financial literacy level”.

    Lake Wobegon syndrome, to be sure.

    Surprisingly, this affliction also affects the professional class of investor. In a 2006 study entitled “Behaving Badly,” researcher James Montier found that 74% of the 300 professional fund managers surveyed believed that they had delivered above-average job performance. Of the remaining 26% surveyed, the majority viewed themselves as average. Incredibly, almost 100% of the survey group believed that their job performance was average or better.

    Clearly, only 50% of the sample could have been above average, suggesting an irrationally high level of overconfidence.

    What to do, what to do…?

    First, we must develop a stronger sense of reality-based self-awareness. It’s imperative that we recognize (and continue to remind ourselves) that we are wonderful but also fallible human beings. This alone will go a long way toward helping us avoid crashes, whether financial or automotive.

    Second, education, education, education. Whether through self-study or a trusted advisor or both, acquiring knowledge is a key to success. According to the State Street/CoreData study, “more financially literate investors tend to earn higher returns”. Ignorance is not bliss when it comes to sound investment fundamentals.

    If we do both these things, we may be able to say (without Keilloresque exaggeration) that not only our children but also our portfolios are above average.


  • Fear Makes the Wolf Bigger

    Wednesday, June 1, 2016

    By Rayna Penelova

    “Fear makes the wolf bigger than he is.”

    —- German Proverb

    In recent months we have been surrounded by polarizing politics and fear, which drives us apart. The phenomenon of Donald Trump’s campaign success is a vivid example. Trump has completely delighted supporters with his “say it like it is” attitude and hard-line stances, and absolutely outraged others. Bernie Sanders and his far left political views have also created widespread support and opposition. Extreme attitudes are not isolated to America. The Philippines just elected a radical for President, who supports death squads as a way to eradicate crime. Western Europe has been experiencing an avalanche of support for populists in recent elections and is about to vote on the massively populist Brexit referendum this June. But what drives people to such extremes? I would argue the answer is fear.

    Fear triggers support for extreme rhetoric, which on its end provokes uncertainty and fear of financial instability or worse. If the populists follow through with their promises, the result would most certainly be catastrophic for national and international security, as well as the world’s financial system. In fact, this year many analysts describe this as the largest risk of 2016. Fear seems to be the driving force of the world this year. It is driving polarization not only in the political realm but also across markets.

    We are witnessing an economy with a variety of improving tailwinds at a slow but sustainable pace: low levels of unemployment, persistently low energy prices, increasing wage growth, and a stable housing market. And yet, investors have been in fear of the next grand recession and flocking to safe haven sectors for the past 9 months, causing the market to swing like the mood of a pregnant woman (I know from experience, having given birth a few months ago). Staples and utilities, traditionally safe haven sectors, trade at all-time highs, making those positions increasingly risky. Odds of recession are still low and the market, at times, is behaving like GDP is negative. So will everything return back to normal in a few months or will recession become a self-fulfilling prophecy? The fear already priced in the market is destroying traditional cyclical strategies and forcing investors to find new and more rational ways to invest. If technology companies, with high growth rates and stable dividends, are trading at discount, aren’t those safer investments than overpriced consumer staples companies with low growth rates and low dividend yields? The funny thing is that the technology sector is traditionally the riskier choice.

    Getting sector calls right could end up being the difference between outperformance and underperformance in the year ahead. If utilities and staples are now expensive, when there is clearly no economic recession, it is only the matter of time before investors wake up and realize that their safe investments are actually quite risky. This could trigger a massive sell off in those overpriced sectors and cause reallocation between sectors. In addition, the political race is certain to shift sentiment in the healthcare and energy sectors, in particular, at least once between now and November.

    We are staying vigilant and on the look-out for opportunity and risks. So how will things unfold? How volatile is the market going to get and how much more polarizing can politics become? That remains to be seen, but one thing is certain. We should stay rational because fear is never a wise advisor.


  • Like Watching Paint Dry

    Wednesday, May 11, 2016







    12 months

    Total Return


    Maximum Gain


    Maximum Loss


    Courtesy: Cornerstone Macro

    Index Number of months with NO progress
    S&P 500

    14 months

    Russell 3000

    13 months

    Dow Jones Industrial Average

    16 months

    New York Stock Exchange Composite Index

    24 months

    Courtesy: Cornerstone Macro

    As the TV hucksters like to say, “But wait, there’s more!”

    At market lows on January 20, 2016, the percentage of stocks down more than 30% in the S&P 500 was 29%. In the Russell 3000, it was 49.6%. The above table shows just how little anything has moved for some time.

    Naturally, the thought arises…

    Don’t just sit there, do something! This is the natural impulse of an investor enduring a lull or stall. Continuous progress is desired, so continuous nothingness feels quite excruciating. Interminably. The key to successful investing is (1) knowing yourself and (2) knowing what you own.

    Let’s start with understanding what you own. If you have an Investment Policy Statement, you already have a road map to guide your investment decision making. Your investments should conform to your investment personality. A true investor, as compared to a speculator, will rarely incorporate low quality, speculative securities into their portfolio strategy. Instead, they choose securities of a certain minimum quality with fundamentals and/or technical prospects that offer a high probability for positive returns, at some point. We just never know when that point is, exactly.

    Knowing yourself is a bit harder. We, as a species, are hard-wired to act, and it can be supremely challenging to stand firm against thousands of years of evolution. For some, the urge to act stems from simple boredom with the lack of progress. For others, it may be an ever-growing fear that they might not meet their long-term financial goals (like a secure retirement). The antidote for the itch to take mindless action is looking under the hood. The stock prices of many companies may not be appreciating, but the company’s fundamentals may be chugging along quite favorably. Whether you invest in individual securities or funds, it pays to value the quality and longevity of the engine, not just the speed from 0 to 60.

    Like it or not, we are living in a slow-growth, low-return world. Until the “next big thing” (like the internet) comes along, we will probably be, shall we say, return challenged. This environment makes investment fundamentals that much more important as a focus. Additionally, we can concentrate on things like expense control, both in our portfolio and our personal lives.

    Be prudent with the companies you keep. High-quality financials, consistent earnings, and rising dividends all count toward making progress – sometimes a bit too slowly for our taste, but progress nonetheless.

    Paint dry


  • Your Money Manager May be Replaced by a Machine

    Thursday, April 7, 2016

    By Hugh Anderson, CFP, ChFC, CIMA

    New York-based Betterment has raised $100 million to expand its investment managementadvisory service. The company is a “robo-advisory” firm, which means it uses algorithms – not trained professionals – to guide clients’ portfolio decisions.

    Such firms are seen as a threat to traditional money managers, and now some main-line investment companies are partnering with their robo-rivals to stay relevant, according to a recent Business Insider article.

    After I read the BI piece, I had to pause and ponder its many implications.


    The rise of artificial “intelligence” momentarily tempts me to look for a comfortable bridge to live under. But… while we mere humans may well be trekking toward the land of the obsolete, we’re not there quite yet.

    Before we turn over the management of our money to a robo-advisor, let’s explore what a true financial advisor, wealth manager, or personal CFO actually does. Note where asset allocation and portfolio rebalancing rank on the graphic below.

    Screen Shot 2016-04-04 at 11.36.52 AM

    Source: Bob Seawright, Chief Investment & Information Officer for Madison Avenue Securities

    Prior to asset allocation decisions, discussions about and planning for consistent savings  consistent contributions to investment funds, understanding risk tolerance, and future goals and milestones must occur. This is never a static process. As life happens “the plan” needs to adapt.An algorithm simply cannot do it.

    As technology continues to advance, we can look forward to many professional endeavors being done better, faster, and cheaper by “the bots,” but the essence of an exceptional wealth management relationship is a deep understanding of you.

    Dalbar, Inc., the nation’s leading financial services market research firm, performs a variety of ratings and evaluations including measuring investor behavior. They recently released their 21st annual Quantitative Analysis of Investor Behavior study, which shows (once again) just how poorly investors perform relative to market benchmarks as well as showing the reasons for that underperformance.

    The key findings of the Dalbar study show that the average investor underperforms standard investment benchmarks (represented by the 0.00% line in the table below) by a fairly sizable margin:

    Screen Shot 2016-04-06 at 11.28.30 AM

    • In 2014, the average equity mutual fund investor underperformed the S&P 500 by a margin of 8.19%. The broader market return was more than double the average equity mutual fund investor’s return (13.69% vs. 5.50%).
    • In 2014, the average fixed-income mutual fund investor underperformed the Barclays Aggregate Bond Index by a margin of 4.81%. The broader bond market returned over five times that of the average fixed income mutual fund investor.

    Although a robo-advisor can certainly provide guidance regarding investment allocation, what facility does it offer to prevent a fearful client from underperforming the market by getting out of solid investments during declines or from adding to investments at inopportune times? Can a robo-advisor effectively answer the myriad questions of a client with a unique set of circumstances and goals?

    An expert human, who can relate to the client due to both personal and professional experience, does just that. Wealth management professionals truly earn their keep, not only by encouraging clients to invest wisely but also by keeping them invested when they may be tempted to unwisely bail out.

    Robo-advisors are being touted as a solution for technology-savvy millennials, but who will help those millennials develop a comprehensive financial plan designed for their unique needs and be there to talk them through decisions when life gets messy and times are tough?

    As the appeal of a new technology takes hold in the investment profession, savvy investors may want to remember that the artificial grass on the other side of the fence may not in fact be greener.

    Zeus and Caesar

     Photo source:  Hugh Anderson


  • Is Your Nonprofit Paying Too Much to Invest Funds?

    Friday, March 25, 2016

    By Hugh Anderson, CFP, ChFC, CIMA

    With overspending by nonprofit organizations in the news once again, it behooves those of us who donate to meaningful causes and/or sit on boards to know how donations are spent. When HighTower speaks with the board members of nonprofit organizations, we always ask how much it’s costing to invest the philanthropy’s funds. Many don’t know – and even if they think they know, they are probably wrong. In many cases, real costs are not all that easy to ascertain.

    Most organizations are willing to pay what they perceive as a reasonable management fee. The nice thing about a management fee is that it’s obvious and, many times, negotiable. This gives the charity’s board a sense of empowerment over the investment relationship.

    Now, let’s dig a little deeper. If a charity’s investments are individual securities, then a commission or mark-up/mark-down may also be paid. The commissions are usually obvious. The mark-ups/mark-downs, not so much. The real horror occurs, though, when investment “products” are introduced into the portfolio. These are incorporated for any number of sound investment reasons and sometimes for one very nefarious reason:  to increase the income of the investment vendor.

    A simple example of this is using mutual funds to manage a portfolio. Oftentimes the investment logic for doing this is sound:  diversification, investment discipline, etc. There should be no up-front sales “load” or fee; if there were, it would be obvious. Where the visibility of fees often breaks down, though, is in the area of “internal expense ratios”. This is the expense incurred to run the mutual fund (salaries, rent, computers, etc.) including the expense of contractual revenue-sharing with the vendor who is utilizing the fund in the philanthropy’s portfolio.

    The ultimate conflict occurs when the mutual funds being utilized are proprietary to the firm that is acting as investment advisor. In this case, the wealth management firm is charging a management fee and receiving the internal expense ratio, while not being very transparent about the product. This is not a best-practice in terms of transparency, to say the least. (For more on this, see here.) 

    If a nonprofit were to pay an ongoing management fee, and incur an up-front load fee to purchase shares, and pay a fee on illiquid investment vehicles, and pay an internal expense ratio fee, and pay a custodial fee for administrative services, it is quite likely that the cost to the fund could exceed two percentage points a year. With an endowment of $5 million, that’s $100,000 a year going to investment expenses rather than to the organization’s mission.

    Many nonprofits probably don’t realize there is treasure buried right there in their own portfolios, in the form of fees they could easily avoid. For years they may have entrusted both the custody of their funds and management of their investment portfolio to the same familiar friend or colleague, never questioning whether the reporting of fees is truly thorough and transparent or whether the return on investment is as great as possible. 

    At HighTower we firmly believe that a client should know, without having to search through reams of paperwork, the exact cost of doing business. We call this “An Unobstructed View,” and it is synonymous with transparency. We are ethically bound to act as a fiduciary, meaning that we will put your best interests first, provide detailed reporting, and avoid conflicts of interest, regardless of the situation.

    If you sit on a nonprofit board and want to know what custody and management of your investment portfolio is truly costing your organization, give me a call and I’ll help you craft a list of questions to ask your portfolio manager. You owe it to your donors, and the recipients of your services, to make sure you’re not paying too much.



  • Is consuming too much negative media the death of good investing?

    Thursday, December 31, 2015

    Conscience is defined in several ways but my favorite is:  the part of the superego in psychoanalysis that transmits commands and admonitions to the ego. Also known as: “the voice in your head”. http://www.merriam-webster.com/dictionary/conscience

    That voice in our heads is telling us to “look away” but regrettably, we are drawn to negativity like moths to a flame. Perhaps it stems from being hard-wired to always be on the lookout for predators. Carl Richards is a Certified Financial Planner™ and the director of investor education for the BAM ALLIANCE. He uses simple sketches to illustrate complex behavioral and financial topics. In a recent blog post he reasons that a group of us are consistently fixated on the worst case scenario despite the odds being slim to almost none that a particular event will befall us. http://www.behaviorgap.com/save-your-worry-for-that-tenth-trouble/.

    In a year where the headlines were something less than encouraging and a herd of job applicants for President of the United States are making sure we feel as lousy as possible so they can be our salvation, it has been tough to “look away”. But if we chose to, they would have seen the broad stock market indices travel a whopping fraction of one percent from the start of the year to the finish. Of course, if we’d taken only that long view, we would have missed a fair bit of volatility, but we would have survived. Why do we insist on frazzling our nerves by following every microscopic movement and horrifying headline? Masochism hurts.

    There is a certain financial commentator who, when the sound is turned off, reminds me of a gesticulating monkey. His recommendations over the years have been studied and shown to be a great hazard to one’s wealth should they follow his guidance. We must always remember the motivation of those who would proffer advice to us. In the case of the media, they are intent on driving ad revenue so they absolutely need our undivided attention. However, since they don’t know us personally, we must question what value they truly offer other than a superficial overview of current events.

    As we journey further into the realm of total immersion in electronic connectedness, it will become increasingly difficult to avoid succumbing to our baser instincts of fear and greed without a well-constructed filtering mechanism. Remembering to “look away” periodically can do wonders for our outlook.

    We must never confuse information with wisdom.

  • No Man’s Land

    Thursday, December 3, 2015

    Most commonly associated with the First World War, the phrase “no man’s land” actually dates back until at least the 14th century.  Its meaning was clear to all sides: no man’s land represented the area of ground between opposing armies – in this case, between trenches. It was at its most static however along the trenches of the Western Front where from late 1914 until the Spring of 1918     the war was not one of movement but rather one of attrition. http://www.firstworldwar.com/atoz/nomansland.htm

    The 2015 edition of the stock market bears some similarity to the “not one of movement but rather one of attrition” meme. The chart below shows the stock market as depicted by the S&P 500 crossing the zero-return line 21 times through December 2nd. of this year.

    No Man Land

     Courtesy of Strategas Research Partners

    As the reader will note, although 2015 registers as having had a relatively high frequency of 0% crossings it is not particularly noteworthy. It’s the war of attrition that could be interpreted as worrisome. At market close on December 2nd. , 2015 the Russell 3000 stock index had a year-to-date return of a paltry .67%. Not too shabby for a “bad” market year but the “war of attrition” has weighed heavily on the troops.

    Of the 3,011 securities represented in the index the table below shows what’s going on underneath the surface.

    Stocks down more than 10% year-to-date


    Stocks down more than 15% year-to-date


    Stocks down more than 20% year-to-date


    Courtesy of Cornerstone Macro

    Now do you understand why you feel worse than a .67% gain would indicate?

    Stock market breadth is a statistic that measures the number of advancing stocks versus declining stocks. Again our friends at Strategas Research Partners provide further proof that attrition is rampant among the market “troops” as evidenced by the fact that 94.9% of the S&P 500’s mediocre year-to-date return was derived from the 10 largest S&P constituents.

    “Where to Now St. Peter?” is a song by Elton John with lyrics by Bernie Taupin from his third album, Tumbleweed Connection. It addresses the subject of whether the final destination is heaven or hell told through the point of view of a dying soldier.


    Let’s hope we’re headed to market heaven and not hell.




  • What to make of Mr. Market?

    Thursday, October 22, 2015

    As of this writing the market as measured by the S&P 500 has rallied 9.86% from the lows established in late August. Current levels exceed 75% of Fibonacci retracement levels which usually implies recovering the full measure of the decline. In other words, we’ll soon be back to where we started. 

    S&P reversion

     Chart source: Factset

    Now what? Well, considering that the broad market had spent the better of  2015 trading in a well-defined trading range depicted by plenty of movement with little forward progress before the waterfall decline of late August then one must ask; “what’s changed?

    S&P trading range

    Chart source: Factset

    Is there anything in the fundamental outlook for the global or domestic economy that would justify propelling the market to new highs in the near term? Some would argue that the Federal Reserve backing away from their intent to raise interest rates this year provides good impetus for further rally. (Ah, the promise of continued “free” money with no unintended consequences. Right Sharon? Right?) Others indicate that earnings are coming in better than expected. Of course they are. If you spend the entire quarter lowering your expectations then anything “beats”. I’m chastened not only by some bellwether stocks reporting dismal earnings results but also simultaneously announcing large layoffs and offering very cautious, if not concerned outlooks for the next several quarters.

    Another symptom of current market conditions is the spate of hedge fund closings. http://www.msn.com/en-ae/money/other/why-are-so-many-key-hedge-funds-closing-down/ar-BBmhT8A. It’s interesting that the people who are supposed to be the most sophisticated, “in-the-know” investors are frustrated to the point of losing lots of their clients’ money or not willing to tarnish their reputations any longer because they can’t produce results sufficient to justify their fees.

    All that being said; the market has now entered the seasonally strong part of the year with equities arguably not dramatically overvalued. This could lead to marginal new highs through year-end and early next year. We may just want to enjoy the recovery of stock prices but it’s always prudent to “beware the Moors.”  http://www.imdb.com/title/tt0978569/?ref_=fn_al_tt_2




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This is not an offer to buy or sell securities. No investment process is free of risk, and there is no guarantee that the investment process or the investment opportunities referenced herein will be profitable. Past performance is not indicative of current or future performance and is not a guarantee. The investment opportunities referenced herein may not be suitable for all investors.

All data and information reference herein are from sources believed to be reliable. Any opinions, news, research, analyses, prices, or other information contained in this research is provided as general market commentary, it does not constitute investment advice. HighTower Las Vegas and HighTower shall not in any way be liable for claims, and make no expressed or implied representations or warranties as to the accuracy or completeness of the data and other information, or for statements or errors contained in or omissions from the obtained data and information referenced herein. The data and information are provided as of the date referenced. Such data and information are subject to change without notice.

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