Disclosures

This content is provided as general information and investment commentary. It does not constitute an offer to provide investment advisory services, nor should any content be construed as personalized investment advice. Accessing this content does not create an investment advisory or client relationship. Opinions expressed are those of The Prudent Speculator team as of the date published and do not necessarily reflect the views, strategies, or investment decisions of Focus Partners Wealth. Shares of securities mentioned may be held by asset management clients of Focus Partners Wealth, and such holdings and allocations may differ from those recommendations provided to individual investors or clients. The information provided is not tailored to the circumstances of any individual or entity and should not be relied upon as a substitute for personalized advice. Investors should consult their financial, tax, or other professional advisors regarding the suitability of any strategy, investment, or approach based on their individual objectives, risk tolerance, and constraints.

Certain statements contained herein may be forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied. Forward-looking statements necessarily involve risks and uncertainties, and undue reliance should not be placed on them. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.  All investing involves risk, including the potential loss of principal. No investment strategy or risk management technique can guarantee returns or eliminate risk. Asset allocation and diversification do not ensure profitability or protect against loss. Higher-yielding investments typically involve greater risk. There is no guarantee that the strategies will achieve the investment objectives described.

Information is derived from third-party sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Market conditions can vary widely over time, and certain market and economic events having a positive impact on performance may not repeat themselves. Past performance does not guarantee future results. Information herein will not be updated after publication. This content does not purport to be a complete description of any investment strategy or approach discussed.

Any index or benchmark shown or discussed is for comparative purposes to establish market conditions. Index returns are unmanaged and do not reflect the deduction of any fees or expenses and assumes the reinvestment of dividends and other income. You cannot invest directly in an index.

Since inception, the newsletter has been managed at AFAM Capital, Inc. (until 11/01/2018), Kovitz Investment Group Partners, LLC (until 12/31/2025), and Focus Partners Wealth, LLC (current). Services are offered through Focus Partners Wealth, LLC (“Focus Partners”), an SEC registered investment adviser with offices throughout the country. Registration with the SEC does not imply a certain level of skill or training and does not imply that the SEC has endorsed or approved the qualifications of Focus Partners or its representatives. Prior to January 2025, Focus Partners was named The Colony Group, LLC. Focus Partners has been part of the Focus Financial Partners partnership since 2011. On 01/01/2026, the legacy business lines of Kovitz Investment Group Partners, LLC (“Kovitz”) formally joined Focus Partners Wealth, other than Kovitz’s Weatherstone business line, which formally joined Focus Partners Advisors Solutions, and its NorthCoast Asset Management business line, which is remaining with the legacy Kovitz legal entity, which has been renamed and rebranded as NorthCoast Asset Management LLC.

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