This material represents the views and opinions of Jay Warner as of 18 January 2024, which are based on current market conditions, will fluctuate, and are subject to change without notice. While the information contained herein is believed to be reliable, there is no guarantee to the accuracy or completeness of any statement in the discussion. This material is for informational purposes only and should not be considered as investment advice or a recommendation of any investment service, product or individual security. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs These risks typically are greater in emerging and less developed markets, including frontier markets. Securities of small- and medium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformed securities of large companies during some periods. There is also no guarantee that mid cap companies will grow to become large cap companies over time. Growth securities may underperform other asset types during a given period.

Price-to-Earnings (P/E) is a valuation ratio of a company’s current share price compared to its per-share earnings. Drawdown is a peak-to-trough decline during a specific period for an investment.

The Russell 2000® Index measures the performance of roughly 2,000 US small-cap companies. The S&P 500® Index measures the performance of 500 US companies focused on the large-cap sector of the market. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment.

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