Disclaimer

General

This publication is protected by U.S. and International Copyright laws. All rights reserved. This publication is proprietary and intended for the sole use of subscribers. No license is granted to any subscriber, except for the subscriber’s personal use. No part of this publication or its contents may be copied, downloaded, stored in a retrieval system, further transmitted, or otherwise reproduced, stored, disseminated, transferred, or used, in any form or by any means, except as permitted under the subscription agreement or with the prior written permission of TKL Inc. (“Kobeissi”).

Any further disclosure or use, distribution, dissemination or copying of this publication, message or any attachment is strictly prohibited. Each reproduction of any part of this publication or its contents must contain notice of Kobeissi's copyright. Pursuant to U.S. copyright law, damages for liability or infringing a copyright may amount to $30,000 per infringement and, in the case of willful infringement; the amount may be up to $150,000 per infringement, in addition to the recovery of costs and attorneys’ fees. Kobeissi is a financial publisher, publishing information about markets, industries, sectors and investments in which it believes subscribers may be interested. The information in this letter is not intended to be personalized recommendations to buy, hold or sell investments. Kobeissi is not permitted to offer personalized trading or investment advice to subscribers.

The information, statements, views and opinions included in this publication are based on sources (both internal and external sources) considered to be reliable, but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. Such information, statements, views and opinions are expressed as of the date of publication, are subject to change without further notice and do not constitute a solicitation for the purchase or sale of any investment referenced in the publication.

SUBSCRIBERS SHOULD VERIFY ALL CLAIMS AND DO THEIR OWN RESEARCH BEFORE INVESTING IN ANY INVESTMENTS REFERENCED IN THIS PUBLICATION. INVESTING IN SECURITIES AND OTHER INVESTMENTS, SUCH AS OPTIONS AND FUTURES, IS SPECULATIVE AND CARRIES A HIGH DEGREE OF RISK. SUBSCRIBERS MAY LOSE MONEY TRADING AND INVESTING IN SUCH INVESTMENTS.

Affiliates of Kobeissi serve as investment advisers to clients, including limited partnerships and other pooled investment vehicles. The affiliates may give advice and take action with respect to their clients that differs from the information, statements, views and opinions included in this publication. Nothing herein or in the subscription agreement shall limit or restrict the right of affiliates of Kobeissi to perform investment management or advisory services for any other persons or entities. Furthermore, we are not providing investment advice, but rather we are laying out our thoughts and leave it up to our audience to determine what they wish to do with the information.

Furthermore, nothing herein or in the subscription agreement shall limit or restrict affiliates of Kobeissi from buying, selling or trading securities or other investments for their own accounts or for the accounts of their clients. Affiliates of Kobeissi may at any time have, acquire, increase, decrease or dispose of the securities or other investments referenced in this publication. Kobeissi shall have no obligation to recommend securities or investments in this publication as result of its affiliates’ investment activities for their own accounts or for the accounts of their clients.

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