Kovitz Investment Group Partners, LLC (“Kovitz”) is a registered investment advisor with the U.S. Securities and Exchange Commission. Kovitz serves as editor of The Prudent Speculator newsletter, weekly commentaries and any attendant publications (TPS: ISSN 0743-0809) and is the investment advisor to individually managed client accounts and certain mutual funds. Registration of an investment adviser does not imply any certain level of skill or training.Many of the securities contained within this newsletter mentioned are analyzed, recommended and transacted in by Kovitz and/or its associated persons for client and personal accounts. It is also possible that Kovitz and/or its associated persons may take a position in a security that is inconsistent with the recommendations provided in TPS or may purchase securities not mentioned in TPS without notice to its subscribers. All Kovitz employees are subject to a Code of Ethics, which prohibits, among other things, insider trading.Important Information & Previously Recommended StocksNothing presented herein is, or is intended to constitute, investment advice, nor sales material, and no investment decision should be made based on any information provided herein. Information provided reflects Kovitz views as of a particular time. Such views are subject to change at any point and Kovitz shall not be obligated to provide notice of any change. Any securities information regarding holdings, allocations and other characteristics are presented to illustrate examples of the types of investments or allocations that that Kovitz may have bought or pursued as of a particular date. It may not be representative of any current or future investments or allocations and nothing should be construed as a recommendation to purchase or sell a particular security or follow any investment strategy or allocation. Any forward looking statements or forecasts are based on assumptions and actual results are expected to vary from any such statements or forecasts. No reliance should be placed on any such statements or forecasts when making any investment decision. While Kovitz has used reasonable efforts to obtain information from reliable sources, we make no representations or warranties as to the accuracy, reliability or completeness of third party information presented herein. No guarantee of investment performance is being provided and no inference to the contrary should be made. There is a risk of loss from an investment in securities. Past performance is not a guarantee of future performance.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 Kovitz portfolios and securities are subject to risks and uncertainties. The stocks selected for listing and discussion in the newsletter were based on proprietary analytical work performed by Kovitz, 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.
For a list of all our previously recommended stocks please contact us at info@theprudentspeculator.com or download the complete list from https://theprudentspeculator.com/wp-content/uploads/tps_prevrec.pdf
Index Disclosures
The Dow Jones Industrial Average (DJIA) is a price-weighted average of 30 actively traded “blue chip” stocks, primarily industrials, but includes financials and other service-oriented companies. The components, which change from time to time, represent between 15% and 20% of the market value of NYSE stocks.
The Russell 3000 Index measures the performance of the largest 3,000 US companies and represents approximately 98% of the investable US equity market. The Russell 3000 Growth Index measures the performance of the broad growth segment of the U.S. equity universe represented by the Russell 3000 Index. The Russell 3000 Value Index measures the performance of the value sector of the of the U.S. equity universe represented by the Russell 3000 Index.
The S&P 500 Index is a broad market sample based on the market capitalizations of 500 large companies having common stock listed on the NYSE or NASDAQ.
Return figures are total return (i.e. include the impact of dividends and their reinvestment.) It is not possible to invest directly in an index.
Risk Disclosures
Investing involve risks including the possible loss of principal.
The Prudent Speculator utilizes an investing style that favors value investing and when out of favor may underperform alternate investing styles. Small and medium sized companies may be more vulnerable to adverse business or economic events, and thus a greater risk, than stocks of larger companies. The portfolios may invest in foreign securities that can be more volatile and less liquid than domestic securities.
Investment Terms
P/E – A valuation ratio of a company’s current share price compared to its per-share earnings.
Price-to-Book Value – A ratio used to compare a stock’s market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share.
Price-to-Sales – A valuation ratio of a company’s current share price compared to its sales.
Risk Reward – The principle that potential return rises with an increase in risk. Low levels of uncertainty (low risk) are associated with low potential returns, whereas high levels of uncertainty (high risk) are associated with high potential returns.
Portfolio Disclosures
TPS Portfolio is the Al Frank Credit Trust’s actual investment portfolio.
Buckingham Portfolio is John Buckingham’s actual investment portfolio. Though not presently leveraged, it has been so in the past. It is not based on actual client returns.
Millennium Portfolio is unleveraged and hypothetical. It is not based on actual client returns.
PruFolio is unleveraged and hypothetical. It is not based on actual client returns.
Buy List Excerpt – 40 stocks – A subset of all of the stocks Kovitz deems to be suitable of purchase at time of publication.
Portfolio Builder – 10 stocks selected from the 40 stock subset for additional discussion. Generally based around a special theme which has often been pending inclusion in one of our newsletter portfolios.
All portfolio returns are calculated on a total return basis and reflect 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 Kovitz’s 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 Kovitz portfolio. The use of leverage magnifies gains and losses and increases risk to a portfolio.
Subscriptions
TPS is published monthly, with weekly e-mail updates at the following rates:
Monthly: $33; 1-year: $325; 2-years: $595. For subscription inquiries, please contact us at info@theprudentspeculator.com or call 800.258.7786
