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This document does not constitute the investment policy of SC but merely the different assumptions, views and analytical methods of the authors. SC and/or any of its affiliates may have issued other documents that are inconsistent with, and reach different conclusions from the information and opinions presented in this document.
The value and income of any of the securities or financial instrument mentioned in this document can fall as well rise. Indeed, they may be affected by many factors. Past performance should not be taken as an indication or guarantee of future performance and no representation or warranty, expressed or implied, is made by SC and/or any of its affiliates regarding future performance. SC and/or any of its affiliates accept no liability for any loss or damage arising from the use of this document.
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This document may contain a series of trading tips, the reader should note that the model portfolio (if any) set out in this document is not a portfolio management product, it may not be updated and SC and/or any of its affiliates may discontinue the publication or distribution of the model portfolio at any time. The reader should not replicate part or all of, or rely on, the model portfolio to construct its own investment portfolio.
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Conflicts of interest
A part of the compensation of the authors may be, directly or indirectly, related to the specific performance of recommendations or views expressed in this document. Authors are also paid a salary plus bonus based on the overall revenue generated by SC which may include a portion generated by the trading profits of SC. SC, its affiliates or any of its employees are not subject to the prohibition on dealing in any financial instrument mentioned at any time before this document is distributed. For the companies mentioned in this document SC, its affiliates, or any of its employees involved and not involved in the preparation of this document may from time to time have long/short positions or holdings in the securities or other related investments. SC, its affiliates or any of its employees may use the above mentioned strategy for their own activity.
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The investment risks described herein are not purported to be exhaustive, any person considering an investment should seek independent advice on the suitability or otherwise of the particular investment. Past performance is not indicative of future results: prices of stocks and options can go up or down. Investors investing in investments products denominated in foreign (non-local) currency should be aware of the risk of exchange rate fluctuations that may cause loss of principal when foreign currency is converted to the investors home currency.