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Staying Connected During COVID-19 – Introduction to a new weekly webinar

Given the current global uncertainty, our advisory team will be hosting weekly webinars to share our take on the news, policy changes, the economy and potential opportunities. Our goal is to stay connected, ease some of your fears and ensure you feel informed and empowered with regards to your financial plan. To learn more about the webinar series, please see the below brief video from our CEO, Jeff Sarti by clicking the image below or the following link: https://vimeo.com/399004159

We look forward to seeing you on the webinar and addressing any concerns you have about the market and your investments.

 

A Personal Video Message to Our Clients from CEO, Jeff Sarti

As many of you know, we have an incredible team at Morton Capital, where we treat each other as family within our four walls and truly look out for one another. Please know that all of you are an extension of that. You are all an extended part of our family and are in our thoughts. Please know that we are here for you if you need anything.

Click the image below to watch this personal. video message from CEO, Jeff Sartiby or visit this link https://vimeo.com/398091805 

You can also read Jeff’s accompanying letter here.

 

Mid-Quarter Newsletter & Reporting Update – March 2020

Morton Capital Reporting Update

As part of our efforts to provide you with up-to-date information in a secure and efficient manner, beginning in March 2020 Morton Capital will no longer automatically send out quarterly reports.  Clients will still be able to receive reports upon request.

We are making this change because our clients now have on-demand access to current account information, including performance and portfolio balances, via our online portal. We have had widespread adoption of the portal and received positive feedback as to its ease of use and timeliness of information.  In addition to being environmentally friendly, the portal also has important security features such as dual-factor authentication that make it more secure than email or mailed reports.

Please contact your advisory team if you need assistance in setting up or accessing your client portal.


VIDEO: Top Considerations When Selling Your Business

Business owners are often faced with numerous questions: What will become of my business after I retire? Am I financially prepared to retire? Will I be able to protect the financial future of my family during retirement? With roughly 4 million businesses owned by the baby boomer generation and nearly $10 trillion of wealth tied up in those businesses, it’s important to consider an exit planning strategy to help lead to your retirement goals.

Watch our Wealth Advisor and Senior Vice President, Joe Seetoo, as he touches on the first steps business owners should take in order to develop an exit planning strategy. Please click the image below or the following link: https://vimeo.com/395538551


Does the Secure Act Impact Your Financial Plan?

While the Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019, includes many updates to retirement account rules starting in 2020, we’ve highlighted a few below that could impact your financial plan:

  • Delayed Required Minimum Distributions (RMDs) – Mandatory distributions from your pre-tax retirement accounts are now required at age 72, increased from age 70½. (This only applies to individuals turning 70½ after January 1, 2020.)
  • No Age Limit on IRA Contributions – You can now contribute to your IRA after age 70½ (as long as you’re earning income).
  • Elimination of “Stretch” Provisions for Non-Spouse Beneficiaries – Previously, non-spouse beneficiaries could take distributions from inherited IRAs over their lifetimes; the SECURE Act now requires non-spouse beneficiaries (with some exceptions) to fully empty the inherited IRA within 10 years of inheritance. Since this change will impact your kids’ inheritance, you may have to consider other ways to maximize tax efficiency, such as using your IRA assets to give to charity.
  • Exceptions to this rule include minor children (until they reach adulthood), the disabled or chronically ill, or individuals no more than 10 years younger than the decedent. If you have beneficiaries with special needs, it’s important to revisit your estate plan to make sure these beneficiaries qualify for this exception.

Welcome Edward and Chris

Edward Garcia

Paraplanner

Edward Garcia joined Morton Capital in July 2019 after a career as an educator in both public and private education. In his role as a Paraplanner on the Financial Planning Team, he now collaborates with the advisory team to analyze and help prepare financial plans. He earned his Bachelor of Arts degree in English with an option in writing from California State University, Northridge, and a master’s in education with a specialization in cross-cultural education from National University in San Diego. Currently, Edward is in the process of earning his CERTIFIED FINANCIAL PLANNERTM certification from the University of California, Los Angeles. He resides in Oak Park with his wife and their two daughters, and enjoys traveling, adventures in the great outdoors, and a good book.

Chris Wahl

Client Service Administrator

Chris Wahl joined Morton Capital as a Client Service Administrator in August 2019. With more than six years of experience helping high-net-worth and institutional clients in the financial services industry, he has held various roles in operations, regulatory compliance, and consulting and has extensive trading experience. He uses the skills he has gained to provide excellent service and ensure client needs are met in a timely and efficient manner. Chris earned his Bachelor of Arts degree in marketing communication from California Lutheran University. He has passed the Series 7 and 63 securities exams, and is currently studying for the CERTIFIED FINANCIAL PLANNERTM designation. Outside of work, he enjoys cycling, yoga, and being outdoors with family.


The Great Race of Agoura Hills

We’re very excited to participate as a team in the 35th annual Great Race of Agoura Hills on Saturday, March 28. The Great Race has continuously been a popular family-friendly event in the local community since 1986. Interested in joining our team on race day? To learn more and reserve your spot, visit their website at greatrace.run. Choose from one of their featured race options: Old Agoura 10K, Deena Kastor 5K, Kids 1 Mile (ages 6-12) or Family Fun Run (all ages and strollers too) and don’t forget to select us, Morton Capital, as your team. Once you sign up, we’ll coordinate the race details with you directly and include an MC team shirt for you to wear on race day. We hope that you join us for this fun event!


Financial Bites Lunch Series

Our seventh and final event of our popular Financial Bites lunch series will take place on Friday, March 20, from 12 pm to 1 pm. This session will cover personal lines insurance, where we’ll be breaking down policies that deal with accidents and liabilities to help you understand how you’re covered.
You can RSVP to our last session by visiting mortoncapital.com/financialbites.

Last month, Kevin Rex and Patrice Bening, members of our advisory team, presented on life insurance and long-term care.

Watch the video below by clicking the image or following the link and learn the “when and when not to” rules on buying life and long-term care insurance policies.

Videos to all of our previous sessions are now available to watch on our website. Check out our Insights page to view the presentations or click the following link: https://mortoncapital.com/insights/

Monitoring the Coronavirus

The coronavirus originated in the city of Wuhan, China, in December, and as of our writing this communication it has infected over 82,000 people resulting in 2,800 deaths. Up until the last week, global stock markets shrugged off concerns about a wider spread of the virus. However, an increase in reported cases outside of China in recent days has raised concerns about the potential for a global pandemic. This has resulted in a stock market correction around the world with the S&P 500 correcting over 10% in the last week.

There are a few main issues that are occupying our minds and that of global markets:

How contagious and dangerous is the virus?

  • While the absolute number of cases outside of China still remains small, the increased pace of reported cases is concerning. Korea, Iran, Italy and Japan are currently hot spots of particular concern. As we write this, the first coronavirus case in the United States that could not be linked to foreign travel was confirmed as well.
  • However, it appears that the growth of reported cases in China has slowed in recent days. If this data can be relied upon and the trend in China continues, this may demonstrate that human behavior (e.g., quarantines) can control transmission of the virus and perhaps the virus is not as contagious as was originally believed.
  • Early estimates of the death rate upon contraction of the virus are roughly 2%. As a point of comparison, the SARS outbreak in 2003 had a fatality rate of 9.6%.
  • To date, there have been no reported deaths in those aged nine years and younger, implying that very young children are not as susceptible to this virus.

How much can the virus hurt global economic growth?

  • Efforts to contain the virus have resulted in numerous factories, public sites and workplaces being closed both in China and now abroad.
  • This has caused and will continue to cause substantial business disruption across the globe. One example is Apple’s recent warning that they expect lower revenue growth due to the outbreak’s impact on iPhone manufacturing (they have numerous factories near the heart of the outbreak).
  • At around 20% of the global gross domestic product (GDP), China is the second-largest economy in the world. Estimates are that growth in China in 2020 will slow from pre-virus forecasts of 5% down to 3%. This should reduce global GDP growth by roughly 0.4% from forecasts of 2.9% to 2.5%. These estimates may be somewhat rosy depending upon how far the virus ultimately spreads.

Historically, financial markets have been somewhat resilient in the face of past epidemics. Short-term corrections in global stock markets have typically been followed by renewed uptrends within a few months. The concern, of course, is that the spread of this virus will be more aggressive than the spread of other viruses in recent decades. The most important question for investors is whether your portfolio is prepared for the potentially challenging environment ahead. While our portfolios are not immune to stock market corrections, our concerned view of the world and heightened exposure to alternatives should provide some insulation against market shocks. We prefer to be prepared in advance of unexpected market events such as this as opposed to reacting after the fact. In the face of short-term volatility, it is important to keep in mind the goals and financial plan that helped build your portfolio for the long term.

Financial Bites – Life Insurance and Long-Term Care Video

We kicked off 2020 strong with the fifth session in our new Financial Bites lunch series, Life Insurance and Long-Term Care! The thing no one wants to pay for but everyone needs, life insurance, was this Financial Bites’ main course. Our advisors provided important how-to knowledge to ensure your dollar goes farther and that you get the most out of your insurance policy. Thank you to all our attendees as well as our outstanding wealth advisors, Kevin Rex and Patrice Benning, who presented.

Click on the above image or visit this link to watch our Life Insurance and Long-Term Care session:

https://vimeo.com/mortoncapital/fblifeinsuranceandlongtermcare

We hope you find this video valuable. Please feel free to share this link with family and friends and on your social media channels. Any feedback you have would be extremely valuable to our team, including any recommendations of topics you would like us to present on in the future. Financial Bites is a complimentary series and our upcoming sessions are filling up fast, so we encourage you to RSVP soon. Click on the link below to view all sessions and RSVP today!

https://mortoncapital.com/financialbites

We hope to see you soon and thank you for your continued support of Morton Capital.

The MC Team

Mid Quarter Newsletter – December 2019

No Profits? No Problem!

In the venture capital industry, a “unicorn” refers to a technology startup company that has reached a private valuation of $1 billion. While few and far between in the past, these types of companies are commonplace in today’s market, and, more surprisingly still, most are actually losing money.  Uber, Lyft and Peloton are a few high-profile examples of recent initial public offerings (IPOs) that are not profitable. Of late, the public markets have not been kind to these investments, as they are all trading well below their peak prices (see table below).

The most outrageous example has been the debacle associated with the collapse of the IPO plans for WeWork. A few short months ago, the office rental company was expected to offer shares to the public at a total business valuation of $47 billion. However, in the third quarter, WeWork reported a net loss of $1.25 billion despite having revenue for that same quarter of $934 million! When investors balked at these sky-high valuations, the company was forced to withdraw its IPO, which also led to the downfall of its charismatic founder, Adam Neumann.

Given the run-up in technology stocks in the past several years, it’s obvious that many startups are positioning themselves as tech companies to command these excessive valuations. Most of these companies, however, are not true technology companies. They all use technology to run their businesses, but WeWork is basically a real estate leasing company. Founders, early investors and investment banks have bought into these “story stocks,” resulting in excessively high pricing for these IPOs. Perhaps rationality is coming back to the market as evidenced by the recent poor stock performance of some of these name brands, along with the withdrawal or deferral of other planned IPOs such as with Airbnb. When markets eventually calm down, we’ll inevitably return to a time when profits actually matter more than stories.

How Will Impeachment Affect the Markets?

As we send out this article, it seems highly probable that President Trump will become the third president in U.S. history to be impeached. However, it’s important to note that impeachment does not necessarily mean removal from office. Our seventeenth president, Andrew Johnson, and our forty-second, Bill Clinton, the two previous presidents to be impeached, were not removed from office (Johnson narrowly avoided conviction in the Senate by 1 vote!). As an aside, Richard Nixon actually resigned from office before being formally impeached.

So how is impeachment different from removing a U.S. president from office? Impeachment in the U.S. is the process by which the House of Representatives files charges against a government official, and in any ensuing trial, the Senate would determine whether to convict and remove that official from office. While only a simple majority vote is required by the House of Representatives to initiate impeachment, a two-thirds vote is required in the Senate to convict the president. Based on party lines, the House is likely to vote for impeachment. However, assuming all Democrats in the Senate voted in favor of conviction, 20 Republicans would still have to cross party lines and vote for a conviction for the president to be removed from office.

How this relates to the market

Given the relatively limited information, it’s hard to draw a strong conclusion about how impeachment will impact the markets. The market was up decently during Clinton’s impeachment and down a fair amount around Nixon’s impeachment hearings. However, the economic forces at the time may have had a much larger impact than the impeachment proceedings themselves. More specifically, the Clinton impeachment happened during the tech boom of the late ’90s while Nixon’s hearings paralleled the OPEC oil embargo and runaway inflation of the early ’70s.

Assuming everything follows party lines, it’s likely that President Trump will be impeached but not convicted and removed from office. Since the probability of this outcome is really high, the market has essentially already priced it in at this stage, meaning this outcome will likely be a nonevent for stocks. On the other hand, if there were to be a surprise conviction in the Senate, then we would expect heightened volatility.

Welcome Austin and Milan

Austin Overholt
Private Investments Administrator

Austin Overholt joined the Private Investments Team at Morton Capital in May 2019, and is integral to the team’s alternative investment coordination and information management. He is a Marine Corps Veteran and, prior to transitioning into the financial services industry, was the Associate Director of the OC Learning Center in Westlake Village. Austin earned his Bachelor of Arts degree in communications with an emphasis in business from California State University, Channel Islands, and his master’s from Pepperdine University. Austin lives in Camarillo with his wife, Megan, and their two children and enjoys being outdoors, off-roading, and barbecuing.

Milan Pfeisinger
Research Analyst

Milan Pfeisinger joined Morton Capital in June 2019. He is a research analyst and works closely with the investment team. Milan previously worked as a cost analyst at Warner Bros. Entertainment. He is originally from Austria and moved to the United States to attend college. He graduated from California State University, Northridge, with a Bachelor of Arts degree in economics and a minor in finance. Milan recently passed the Level II exam of the CFA® program. Besides work, he enjoys taking long strolls with his pug, Zorro.

Financial Bites Lunch Series

Our Financial Bites lunch series has been a great success! If you haven’t joined us for any of the previous sessions, we encourage you to attend any of the remaining lunches in the new year.

Our next session, on life insurance and long-term care, on Friday, January 24, touches on the “when and when not to” rules on buying life and long-term care insurance policies.

You can RSVP to any of these events by visiting mortoncapital.com/financialbites.

This past September, Wealth Advisors Joseph Seetoo and Celia Meagher presented on budgeting.

Watch the video below and learn everything from what savings/spending strategies you should use to the importance of maintaining a good credit score.

The Six Way Investors Differ

Carl Richards, a CERTIFIED FINANCIAL PLANNER™, author and New York Times columnist, wrote an article comparing the good and the bad behavioral differences of investors. To read the article in full, please click on the below link.

Read Article >

Welcome to the World, Baby Harlowe!

We’re thrilled to announce the newest baby to join the MC family. Associate Wealth Advisor Sarah Ellis and her husband, Justin, welcomed their third baby girl, Harlowe Liv, on November 7. Congratulations to their beautiful family!

Financial Bites – Investments Video

The fourth installment in our new Financial Bites lunch series, Investments, was superb! In this session, our advisors discussed profitable investment behaviors, busted investment myths and shared helpful processes to begin investing like a pro. Thank you to all our attendees as well as our outstanding wealth advisors, Chelsea Watson and Bruce Tyson, who presented.

Click on the above image or visit this link to watch our investments session: https://vimeo.com/mortoncapital/fbinvestments

We hope you find this video valuable. Please feel free to share this link with family and friends and on your social media channels. Any feedback you have would be extremely valuable to our team, including any recommendations of topics you would like us to present on in the future. Financial Bites is a complimentary series and our upcoming sessions are filling up fast, so we encourage you to RSVP soon. Click on the link below to view all sessions and RSVP today!

https://mortoncapital.com/financialbites

We hope to see you soon and thank you for your continued support of Morton Capital.

The MC Team

White Paper – Multiple Advisors vs. One Advisor

Working in finance, it’s become clear to me that decisions surrounding money are commonly influenced by feelings. Those feelings can range from happiness and comfort to fear and greed—the list goes on and on. A natural result of these varied emotions is that people are often hesitant to use one advisor because they are concerned about “putting all of their eggs in one basket.” The choice to have one advisor or multiple advisors is very personal, but it shouldn’t be emotional.

Financial Bites – Budgeting Session Video and Update

The second event in our new Financial Bites lunch series, Budgeting, went off without a hitch. In this session, our advisors honed in on the keys to a successful budget and how to get your financial footing. Thank you to all our attendees as well as our phenomenal wealth advisors, Joe Seetoo and Celia Meagher, who presented.

Our goal is to make this information clear and accessible to everyone. This session focuses on the importance of checking your financial pulse – everything from what savings/spending strategies you should use to the importance of maintaining a good credit score.

Click on the above image or visit this link to watch our budgeting session: https://vimeo.com/mortoncapital/fbbudgeting

We hope you find this video valuable. Please feel free to share this link with family and friends and on your social media channels. Any feedback you have would be extremely valuable to our team, including any recommendations of topics you would like us to present on in the future. Financial Bites is a complimentary series and our upcoming sessions are filling up fast, so we encourage you to RSVP soon. Click on the link below to view all sessions and RSVP today!

https://mortoncapital.com/financialbites

We hope to see you soon and thank you for your continued support of Morton Capital.

The MC Team

Quarterly Commentary – Q3 2019

“May You Live in Interesting Times”

The above phrase is an English translation of a traditional Chinese omen.  While it seems like a blessing, it is actually meant ironically and foreshadows a period of disorder and trouble. The omen feels appropriate given our current era of political and economic instability.  With the combination of continued trade tensions between the U.S. and China, slowing global growth, the re-emergence of hyperactive central banks and rising geopolitical uncertainty, things are a little more interesting than we would like.

Yet despite these forces of turmoil, both stock and bond markets have continued their steep ascent.  Most major stock indices are up double digits for the year, and even core bonds are up a surprising 8.5% for just the first nine months of 2019.  The third quarter did start to show some cracks, however, as smaller U.S. stocks and international stocks lost some ground even as large U.S. stocks and core bonds posted relatively strong performance.  The standout asset class for the quarter, though, was gold, as the proliferation of negative-yielding bonds has made the case for owning gold even stronger. The table below summarizes the third-quarter and year-to-date (YTD) performance for selected indices.

“But Why Is the Rum Gone?”

The 2003 film Pirates of the Caribbean: The Curse of the Black Pearl saw a motley crew of pirates (led by Johnny Depp’s Captain Jack Sparrow) hunting for treasure, but also with a running gag about the pirates’ desperation for more rum.  Investors today are thirsty for yield in a similarly desperate fashion.  While the precipitous drop in interest rates so far this year has resulted in strong price appreciation for bonds, investors are now asking themselves, “But why is the yield gone?”

The yield on 10-year U.S. Treasury bonds collapsed from 2.68% at the beginning of the year down to 1.67% by the end of the third quarter. The cause of the drop is mainly due to slowing global growth and international trade.  While these heightened risks have dented CEO confidence and business investment activity, U.S. consumers (accounting for 70% of the U.S. economy) have remained resilient in their outlook and spending.  The Federal Reserve seemed to err more on the side of concern, cutting rates twice during the quarter.  Significantly, global central banks are once again using monetary policy as a panacea for all problems.  Their re-introduction of unconventional monetary policies has resulted in record levels of negative-yielding bonds, with roughly 27% of global bonds sporting negative yields by the end of the third quarter.

How Can a Bond Yield Be Negative?

Negative interest rates are a remarkable and counterintuitive concept.  The only reason this concept exists is that central banks across the globe are desperately trying to stimulate their economies, and negative rates are a key part of their plan to force banks to increase their lending activity.  Historically, banks that chose to hold higher levels of cash reserves would make some positive return on those reserves.  However, both the European Central Bank and the Bank of Japan have set those reserve rates at negative levels.  The central banks hope that charging banks to keep their money idle will incentivize them to lend the money to businesses and consumers, thus stimulating their respective economies.

Negative rates on these bank reserves are one thing, but negative-yielding bonds are a different animal altogether.  In a normal environment, lenders receive interest on their loans as compensation for the default risk that they are taking on.  That rate of compensation varies, of course, depending upon the perceived level of risk.  A negative-yielding bond, on the other hand, is typically issued with zero percent yield and at a price above par. By the time the bond matures, the price will drop back down to par, ensuring that the investor who holds the bond to maturity will incur a loss.  A numeric example would be an investor who pays $102 for a bond yielding 0% that matures at a price of $100.  If that investor holds the bond to maturity, he or she will lose $2, resulting in an effectively negative yield or return.

Given the above, one may wonder who in their right mind would buy negative-yielding bonds?  There are a number of non-economic or forced buyers out there, such as European banks and index funds, which must invest in government bonds for regulatory or investment policy reasons.  In addition, speculative buyers may purchase these bonds to try and profit from potential price appreciation, but do not intend to hold these bonds to maturity.

Why Do Negative Bond Yields Matter?

There are potential consequences to this strange experiment with negative rates and yields.  The most obvious has been the steep appreciation in the prices of risk assets (e.g., stocks, bonds, real estate, etc.) as savers have been forced to take on more risk to maintain their lifestyles.  For example, the yields on bank CDs and Treasury bonds no longer meet most savers’ income needs so they are forced to seek higher-yielding returns in the stock market. This has led to a decoupling of asset prices from the underlying fundamentals and heightened valuations.  Also, with the proliferation of cheap debt, corporations have become over-leveraged to the point where many companies will be vulnerable to defaults when rates eventually rise.  Most importantly, however, we believe that these types of extreme policies have actually suppressed the very economic growth that central banks are trying to create.  With cheap debt comes the misallocation of capital.  What that means is that weak companies are able to survive much longer than they should be able to, which in turn takes away growth opportunities from stronger companies.  The end result is that weak companies that should go out of business end up puttering along, thereby keeping stronger companies from flourishing as they should.

Unsurprisingly, there is no convincing evidence that setting short-term policy rates to zero or below and buying large amounts of longer-term bonds has stimulated the economies of Europe and Japan.  These policies were effective short-term tools in the aftermath of the Great Recession to stabilize financial markets.  However, the two long-term drivers of any country’s economic growth are productivity and the growth of its labor force.  With productivity stagnant over the past decade, population growth has become even more important than in decades past.  Population growth trends, however, are negative in both Japan and the developed European countries.  In the U.S., structural changes within the economy and a slowing immigration trend have also combined to reduce growth potential relative to the past half-century.

There is no way to know how long traditional stock and bond markets will continue to run without any apparent regard for the fundamentals.  While it seems like an obvious decision not to invest in negative-yielding debt, it is somewhat less obvious where to invest given the heightened levels of risk and the wide ranges of return scenarios with more traditional asset classes.  In view of this, we have chosen to position our client portfolios away from traditional core bonds and focus instead on specialized segments of the bond market in an attempt to generate reasonable returns regardless of what happens with interest rates.  We have also chosen to trade market risk for illiquidity in a portion of client portfolios as these less liquid investments are often driven by factors beyond just economic growth and interest rate movements.  In interesting times such as these, the more true diversification and consistency we can incorporate into portfolios, the better we sleep at night.

Please do not hesitate to contact your Morton Capital wealth advisory team if you have any questions or would like to review your portfolio or financial plan in more detail.  As always, we appreciate your continued confidence and trust.

Morton Capital Investment Team

 

 

Disclosures

This commentary is mailed quarterly to our clients and friends and is for information purposes only.  This document should not be taken as a recommendation, offer or solicitation to buy or sell any individual security or asset class, and should not be considered investment advice. This memorandum expresses the views of the author and are subject to change without notice. All information contained herein is current only as of the earlier of the date hereof and the date on which it is delivered by Morton Capital (MC) to the intended recipient, or such other date indicated with respect to specific information. Certain information contained herein is based on or derived from information provided by independent third-party sources. The author believes that the sources from which such information has been obtained are reliable; however, it cannot guarantee the accuracy of such information. Any performance information contained herein is for illustrative purposes only.

Certain private investment opportunities discussed herein may only be available to eligible clients and can only be made after careful review and completion of applicable offering documents. Private investments are speculative and involve a high degree of risk.

The indices referenced in this document are provided to allow for comparison to well-known and widely recognized asset classes and asset class categories. Q3 returns shown are from 06-28-2019 through 09-30-2019 and the year-to-date returns are from 12-31-2018 through 09-30-2019.  Index returns shown do not reflect the deduction of any fees or expenses. The volatility of the benchmarks may be materially different from the performance of MC.  In addition, MC’s recommendations may differ significantly from the securities that comprise the benchmarks.  Indices are unmanaged, and an investment cannot be made directly in an index.

Past performance is not indicative of future results.  All investments involve risk including the loss of principal. Details on MC’s advisory services, fees and investment strategies, including a summary of risks surrounding the strategies, can be found in our Form ADV Part 2A. A copy may be obtained at www.adviserinfo.sec.gov.