Performance Disclosure Information
Past results are not indicative of future performance. This portfolio comparison does not include a study of the income tax impact on the investor. The advisor does not provide tax advice. The appreciation/depreciation in value for the period shown has occurred in a market that has generally depreciated 30% to 40%. The actual results shown do reflect the deduction of advisory fees. The actual results shown do reflect the reinvestment of both interest and dividends. Many of the investments contained in the portfolios shown have a substantial risk of loss of principal. The investor may lose principal. The performance shown is generated from advisory account portfolios that may and often do have materially less volatility than the index comparisons. The results shown are derived from portfolios with an investment objective of income, capital appreciation and trading profits using bonds, bond funds, gold and silver ETF's, short-term equity trades, selling covered call options, dividend harvesting and occasionally holding large cash positions. 8. All of the results shown are from actual positions held or traded in advisory accounts and are materially affected by economic and market factors that could alter the results obtained. For a period from May 30, 2008 to December 22, 2008 trading was curtailed with prior trading proceeds being held in cash. During this portion of 2008 trading profits were unavailable. The securities held in the portfolios analyzed may or may not be part of the advisor's current recommendations to our advisory clients. This performance study includes all of the advisor's client accounts where discretion is granted to the advisor to trade the account and are grouped based upon the weighted average size of each account at the end of the period. The advisor's accounts that do not allow discretionary trading are not part of this study and may have different performance results.
