“The crowded investment newsletter business is fiercely competitive, so superior or strong performance is difficult to achieve and sustain. But one particular newsletter, The Prudent Speculator, has been beating the market year after year, not just for a brief period of time but for four decades. Yes, four decades!

No wonder it has been ranked as the No. 1 investment newsletter by The Hulbert Financial Digest, which calculates newsletter performance on a total return basis, which reflects dividends, stock splits, corporate actions, margin and transaction costs. Its the little newsletter that crushed the market, according to Hulbert.”

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Important Information: The newsletter average performance of The Prudent Speculator(TPS) has been the #1 ranked (1 out of 14), not adjusted for risk, investment newsletter since inception, according to Mark Hulbert and The Hulbert Financial Digest as of 04.30.17. 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 and https://theprudentspeculator.com/disclosures for additional information.

Hulbert Ratings calculates newsletter portfolio returns (3.10.77–4.30.17) on a total return basis. Hypothetical execution of recommended trades is calculated at the prices prevailing when an anonymous subscriber would have first been able to act on the recommendation. Calculations do not take taxes into account. However, dividends, splits, corporate actions and fund distributions are credited on the day the security goes ex-dividend. There are inherent limitations within hypothetical or model performance results as the securities are not actually purchased or sold. Please see http://hulbertratings.com/methodology for additional information.

TPS Portfolio is Al Frank’s actual investment portfolio. Though not presently leveraged, it has been so in the past. Buckingham Portfolio is John Buckingham’s actual investment portfolio. Though not presently leveraged, it has been so in the past. Millennium Portfolio is unleveraged and hypothetical. PruFolio is unleveraged and hypothetical. The use of leverage magnifies gains and losses and increases risk to a portfolio.

The Prudent Speculator calculates performance on a total return basis and reflects the reinvestment of dividends, if any, margin leverage and margin interest charges, trading costs and subscription costs. There are inherent limitations with in hypothetical or model portfolio results as the securities are not actually purchased or sold. They may not reflect the impact, if any, of material market conditions which could have has an impact on decision-making if the hypothetical portfolios were real. Hypothetical performance is shown for illustrative purposes only and should not be interpreted as an indication of performance of any AFAM portfolio.

Performance of the TPS Portfolio is presented versus that of the S&P 500 Index, which is a broad market sample based on the market capitalizations of 500 large companies having common stock listed on the NYSE or NASDAQ. The Hulbert Financial Digest may also use the Wilshire 5000 Index, which is a market-capitalization-weighted index of the market value of all stocks actively traded in the United States. It is not possible to invest directly in an index.

Please note that the neither the newsletter performance as calculated by Hulbert, nor the performance of any of the above portfolios, either individually or in concert, is or is intended to be representative of any individual product available through AFAM Capital, Inc.

Investment recommendations provided herein are subject to change at any time. Those recommendations provided herein are provided for informational purposes only and are not provided as a recommendation to buy or sell any one security. Past and current recommendations that are profitable are not indicative of future results, which may in fact result in a loss. Performance and characteristics of AFAM portfolios and securities are subject to risks and uncertainties. The stocks selected for listing and discussion were based on proprietary analytical work performed by AFAM, and not based on performance, meaning that they are chosen irrespective of profits or losses. The securities presented do not represent all of the securities bought, sold or recommended. See our Previously Recommended Stocks PDF for a list of all past specific investment recommendations.

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.