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NOTICE: “HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.

EXAMPLES SHOWN OFTEN DO NOT TAKE INTO ACCOUNT ALL FACTORS SUCH AS SLIPPAGE, COMMISSION, AND MAY IGNORE CERTAIN MARKET RISKS SUCH AS NON-STATIONARITY.

PAST PERFORMANCE, WHETHER ACTUAL OR INDICATED BY SIMULATED HISTORICAL TESTS OF RESULTS, IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ANY AND ALL RESULTS SHOULD BE TREATED AS HYPOTHETICAL. ALL VIEWS ARE EXPRESSLY THE AUTHORS’ SOLE OPINION.

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