This letter contains the current opinions of the authors and Fields Gottscho Capital
Management, LLC; such opinions are subject to change without notice. This letter is distributed for
informational purposes only. References to particular investments or types of investments are for
illustrative purposes only and are not recommendations to buy or sell such investments. Nor are these
references indicative in any way of performance returns in the accounts we manage. Forecasts,
estimates, and certain information contained herein are based upon proprietary research and should
not be considered as a recommendation of a particular security, strategy, or investment product.
Information contained herein has been obtained from sources believed to be reliable, but is not
guaranteed.
Past performance is not a guarantee or a reliable indicator of future results. Equities may
decline in value due to both real and perceived general market, economic, and industry conditions.
Bonds may decline in value due to market, interest rate, issuer, credit, and inflation risk. Investing in
foreign denominated and/or domiciled securities may involve heightened risk due to currency
fluctuations, and economic and political risks, which may be enhanced in emerging markets.
Commodities contain heightened risk including market, political, regulatory, and natural conditions.
There is no guarantee that these investment strategies will work under all market conditions or are
suitable for all investors and each investor should evaluate his or her ability to invest long-term,
especially during periods of downturn in the market.
