Terms and Disclosure – In formation, research and analytical tools contained herein are for informational and educational purposes only and should not be relied upon in isolation or construed as a guarantee of future performance. Simulated or hypothetical results and results generated by computer models contained herein possess certain inherent limitations. Unlike an actual performance record, simulated, hypothetical or model based results are based on KGW Capital Management analysis and do not represent actual trading or reflect the costs of managing the portfolio. Where historical data is not available return streams are simulated based on KGW Capital Management analysis. Since the trades have not actually been executed, the results may have under or over compensated for the impact, if any, of certain economic or market factors. We obtain economic and market data from government and private sources. Major external databases used include statistics compiled by the International Monetary Fund, central monetary authorities of G-8 countries, the OECD, the Commerce Department, and external data vendors, such as DRI, DataStream, Compustat, and Bloomberg. Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. Investors should consider whether any advice or recommendation provided is suitable for their particular circumstances and, where appropriate, seek independent professional advice, including tax advice. No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of KGW Capital Management LLC.
