Important Notice





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Our letters and reports, and other materials on this website, are intended for general information and communication with our existing clients and prospective clients. They are not a solicitation or recommendation to buy, hold, or sell any individual security.

The securities mentioned therein entail substantial business and market risks that can result in substantial losses. They are not suitable for all investors.

We do not make any recommendation with respect to any security without first considering the individual needs and circumstances of a client or prospective client, the composition of a client's or prospective client's investment portfolio, and the price of the security at the time a client or prospective client wishes to conduct a trade. Therefore, our rating on all securities is "Unrated" (0% "Buy, 0% "Hold/Neutral", 0% "Sell").

We have obtained information and data from sources we believe to be reliable, but we cannot guarantee accuracy or completeness. We provide links to other websites for convenience only; we have no control over other websites and do not imply or guarantee their accuracy or completeness.

All information and opinions are subject to change without notice.

The firm and/or its officers, including the writers of these reports, have long positions in the securities mentioned in our reports at the time the reports are released. These positions are subject to change without notice.

The writers of these reports certify that the views expressed therein accurately reflect their personal views about the subject companies and securities. Although the writers may benefit from taking positions in the securities, as disclosed in the preceding paragraph, their compensation is not directly or indirectly related to the specific recommendations or views expressed therein.



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