The opinions in this report are solely those of the author.
The information herein was obtained from various sources; however we do not
guarantee its accuracy or completeness. This research report is prepared for
general circulation and is circulated for general information only. It does
not have regard to the specific investment objectives, financial situation
and the particular needs of any specific person who may receive this report.
Investors should seek financial advice regarding the appropriateness of investing
in any securities or investment strategies discussed or recommended in this
report and should understand that statements regarding future prospects may
not be realized. Investors should note that income from such securities, if
any, may fluctuate and that each security's price or value may rise or fall.
Accordingly, investors may receive back less than originally invested. Past
performance is not necessarily a guide to future performance.
Neither the information nor any opinion expressed constitutes
an offer to buy or sell any securities or options or futures contracts. Foreign
currency rates of exchange may adversely affect the value, price or income
of any security or related investment mentioned in this report. In addition,
investors in securities such as ADRs, whose values are influenced by the currency
of the underlying security, effectively assume currency risk.
Moreover, from time to time, members of the Institutional
Advisors team may be long or short positions discussed in our publications.