How We Calculate Performance

• The "fixed" performance return is calculated based on investing a fixed percentage equal to 10% of your starting portfolio value in each trade recommendation. The "variable" performance return is calculated based on investing 10% of your current portfolio value In each trade recommendation. In practice we advocate continuing to increase or decrease your investment amount corresponding to the change in your overall portfolio value.

• Only closed trades are included in the portfolio results.

• Annualized portfolio results reported are based on a rolling 12-month basis.

• Portfolio results do not consider commissions, as these vary widely from broker to broker. Actual results will differ by the percentage amount of your broker's commissions. Margin (borrowing from your broker) is assumed if the cash balance of the portfolio falls below zero.

• Prior year results reported are based on closed positions during January-December of the year being reported.