This newsletter and any related emails (the “Publication”) are provided for informational and educational purposes only. They do not constitute an offer, solicitation, or recommendation to buy, sell, or hold any security or other financial instrument, nor should they be interpreted as legal, tax, accounting, or investment advice. The Publication is general in nature and has been prepared without regard to the investment objectives, financial situation, or particular needs of any specific person. You should conduct your own independent research and consult with a qualified financial adviser and other professional advisers before making any investment decision. The information contained in the Publication is based on sources believed to be reliable, but its accuracy, completeness, or timeliness cannot be guaranteed. All information and opinions are subject to change without notice. Any forward looking statements or projections are inherently uncertain and actual results may differ materially due to various risks and uncertainties.Investing involves significant risks, including the possible loss of principal. Past performance is not indicative of, and does not guarantee, future results. The views expressed in the Publication are those of the author(s) in a personal capacity and do not necessarily reflect the views of any employer, affiliate, or other entity. The author(s) and related parties may hold or acquire positions in securities, instruments, or issuers discussed and may buy or sell such positions at any time without notice. Neither the author(s) nor any publisher, affiliate, director, officer, employee, or agent accepts any liability for any direct, indirect, incidental, consequential, or punitive damages arising out of the use of, or reliance on, the Publication.Jurisdictional and regulatory noticesUnited Kingdom: This Publication is general editorial content. It is not an invitation or inducement to engage in investment activity for the purposes of section 21 of the UK Financial Services and Markets Act 2000. If you choose to engage in any investment activity, you should rely only on the terms of the relevant offer as set out in the issuer’s prospectus and applicable regulatory filings.European Economic Area, North America, Australia, and Asia: Distribution of this Publication may be restricted by local law or regulation. It is not intended for any person in any jurisdiction where such distribution would be contrary to local law or regulation. Recipients are responsible for informing themselves about, and observing, any such restrictions that apply in their jurisdiction.By reading the Publication, you agree that you use it at your own risk and that you are solely responsible for any investment decisions you make.

Subscribe to Polymath Investor