Even The Best
Have Their Sherpas

The newsletter average performance of The Prudent Speculator (TPS) has been the #1 ranked (1 out of 9), not adjusted for risk, investment newsletter since inception, according to Mark Hulbert and The Hulbert Financial Digest as of 06.30.18. A newsletter’s average Hulbert Financial Digest Ranking is based on the average of its several portfolios, in the event it recommends more than one, and includes portfolios that the newsletters have discontinued. Ranking is not indicative of future performance and may not be representative of any one client’s experience. Please visit http://hulbertratings.com for additional information.

AFAM Capital, Inc. is editor of The Prudent Speculator newsletter and is the investment advisor to individually managed client accounts and certain mutual funds. Investing involves risk, principal loss is possible, and there can be no assurance that investment objectives will be achieved. Past performance is no guarantee of future results. Registration of an investment adviser does not imply any certain level of skill or training.