The document provides an economic and market outlook for February 2012. It notes that while recent increases in risk asset prices globally may be due to a turnaround in sentiment rather than fundamentals, several domestic avenues like long term debt, mid cap equities and infrastructure companies could provide returns with a genuine long term investment horizon. India's GDP growth slowed in the second quarter of FY12, but industrial output grew 5.9% in November. Inflation declined to 7.47% in December raising hopes that interest rates may start to fall. The equity market rallied in January led by banking, metals and capital goods sectors.

1. ADVICE for the WISE
Newsletter – FEBRUARY 2012

2. Contents
Index Page No.
Economic Update 4
Equity Outlook 8
Debt Outlook 12
Forex 14
Commodities 15
Real Estate 16
2

3. From the Desk of the CIO…
Dear Investor,
The month of January was marked by an unusual return of risk appetite In the current market scenario, there are several avenues to make
amongst investors globally. While we consider this to be a welcome break money provided the investment horizon is genuinely adhered to. Long
from the excessive risk aversion towards the end of 2011, a word of term debt, mid cap equities and infrastructure companies are the
caution is due. The fundamentals underlying the global economy as well as obvious candidates for the same right now. The long term debt strategy
the Indian economy have not changed much through the last month. is already yielding good results with 10 year bond prices rising by over
3%. Depending on inflation data and RBI stance going forward the
Hence the recent increase in the risk asset prices globally might be subject
appreciation is likely to continue. The horizons about 1 to 1.5 years. In
to a sharp reversal if even a minor macroeconomic hiccup were to occur in
the shorter term the yields may fluctuate in unexpected direction as
either Europe or the US. The recent rise in the asset prices seems based well.
more on a sharp turnaround in sentiment rather than actual
developments on the ground. Owing to this, the recent rally is highly Mid cap equities are looking attractive since the recent rally has
sensitive to even small change in sentiments – potentially leading to a indicated a bottom of sorts to the broad market level. Even if the
rapid selloff. markets were to correct from the current levels, midcap equities have
not rallied as much already and hence remain attractive buys. A good
Timing the markets has long been advised against by investment gurus bottom up strategy to select well-run mid cap companies is likely to be
and academics alike. We do subscribe to the broad philosophy of ill effects quite sound in the present market conditions. The horizon for these
ideas is 2 years – during which risk appetite should return sufficiently to
of trying to catch the falling market or being excessively swayed by the
transcend the now relatively cheaply available large cap equities.
rising one. However, the crucial element of execution while practicing long
term investing is disciplined review. The downside of declaring a three Infrastructure has long been taking a sustained beating in terms of
year horizon in principle but tracking portfolio value every day or every valuations as a sector. Since the earlier high prices of the infrastructure
week is that through the pressures of too low or too high levels of stocks implicitly had in them continued infrastructure development in
markets, one is likely to commit some error or other in investing hastily or India which did not fully materialize, some fall there was imminent.
divesting too soon or too little. The right approach then is to decide the However owing to high interest rates through 2011, these stocks went
horizon of each investment to oneself a priori and stick to the same unless down much more than expected. While some of these have staged a
something utterly unexpected happens. Unlike the conventional wisdom sharp recovery in January, the sector warrants more attention going
of three years as the default horizon for any risky investment, we believe forward as the interest rates go down and infrastructure development
picks up again. Our expected horizon for infrastructure turnaround is 1
there are multiple different horizons possible for an investment idea.
year. 3
“Advisory services are provided through Karvy Stock Broking Ltd. (PMS) having SEBI Registration No: INP000001512. Investments are subject to market risks. Please read the disclaimer on slide no.19”

4. Economic Update - Snapshot of
Key Markets
120 Sensex Nifty
As on 31st Change over Change over 115
110
S&P 500 Nikkei 225
Jan 2012 last month last year 105
100
95
BSE Sensex 17194 11.2% (6.2%) 90
85
80
Equity S&P Nifty 5199 12.4% (5.6%) 75
Markets S&P 500 1312 4.4% 2% 9.30
Nikkei 225 8802 4.1% (14.1%) 8.80 10 yr Gsec
8.30
7.80
7.30
10-yr G-Sec Yield 8.28% (29 bps) 22 bps
Debt Markets Call Markets 8.60% (40 bps) 170 bps 31000
29000 Gold
Fixed Deposit* 9.25% 0 bps 100 bps 27000
25000
23000
21000
19000
17000
RICI Index 3750 3.4% (6.7%) 15000
Commodity
Gold (`/10gm) 28122 3.5% 41.2%
Markets 56.00
54.00
Crude Oil ($/bbl) 110.26 2.0% 17.9% 52.00
50.00
`/$
48.00
46.00
44.00
42.00
Forex Rupee/Dollar 49.68 7.21% (7.79%) 40.00
Markets Yen/Dollar 76.59 1.1% 7.3%
* Indicates SBI one-year FD 4

5. Economy Update - Global
• The Conference Board Consumer Confidence Index which had increased in December retreated in
January. The index now stands at 61.1, down from 64.8 in December.
• Over the last 12 months, Consumer Price Index for All Urban Consumers (CPI-U)increased 3.0 percent
US before seasonal adjustment. It was unchanged in December on a seasonally adjusted basis
• Nonfarm payroll employment rose by 200,000 in December, and the unemployment rate, at 8.5 percent,
continued to trend down, the U.S. Bureau of Labor Statistics reported. Job gains occurred in
transportation and warehousing, retail trade, manufacturing, health care, and mining.
• Unemployment in the eurozone stayed at a record high in November as the impact of the sovereign debt
crisis rumbled on, according to official figures. The jobless rate in the 17 nations that use the euro was
Europe 10.3% in November for the second month in a row, (Oct-10.3%) according to the Euro statistics agency.
• Eurozone Manufacturing Purchasing Managers' Index (PMI) rose in January to 48.8 from December's 46.9.
The PMI was boosted by Eurozone manufacturing output rising marginally, up for first time since last July.
• The seasonally adjusted Markit /JMMA Purchasing Managers’ Index (PMI) is at 50.7 in January, up from
50.2 in December, signalling a second successive month-on-month improvement in manufacturing sector
Japan operating conditions.
• Japan's jobless rate rose to 4.6% in December from 4.5% in November as the strong yen continues to
squeeze manufactures.
• Consumer prices declined an annual 0.1% in December on back weak demand and sluggish wages.
• India's manufacturing sector grew at its fastest pace in eight months in January as factory output surged
the most on record on increased domestic and foreign demand. The seasonally adjusted HSBC Purchasing
Emerging Managers’ Index (PMI), edged up to 57.5 in January from December's final reading of 54.2.
economies
• China’s PMI registered 48.8 in January, broadly unchanged from December’s reading of 48.7, a level
indicating of moderate deterioration in Chinese manufacturing activity
5

6. Economy Outlook - Domestic
10.0% • In December, the RBI paused its aggressive tightening cycle
IIP
8.0% that involved lifting rates 13 times since March 2010, and
6.0% then in January CRR rate was cut by 50 basis points as the
4.0% inflation slowed down and economy showed signs of
2.0%
growth.
0.0% • India's economic growth rate slowed down further to 6.9 per
-2.0% Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov cent in the second quarter (July-September) of FY12 as
10 10 11 11 11 11 11 11 11 11 11 11 11 compared to 8.9 per cent achieved in the same quarter of
-4.0%
the previous financial year. The GDP growth rate for Q1 and
-6.0% Q2 FY11 was revised downwards to 8.1 and 8.4 respectively
from the previous estimates of 9.3 and 8.9%.
• India's industrial output recorded a 5.9% growth in • This was attributed largely to the negative growth in ‘mining
November after witnessing a sustained slowdown over
and quarrying’ and steep fall in the growth of manufacturing
the past few months. The growth was led by healthy
expansion of consumer durables, consume non-durables sector, as compared to their levels of growth in Q2 of 2010-
and electricity generation. Factory output, as measured by 11.
the Index of Industrial Production (IIP), had grown by • The burgeoning fiscal deficit situation, high inflation rate
6.4% in November last year. scenario and slowdown in corporate earnings growth have
• IIP growth was supported by 6.6% growth in the stalled India's growth story to some extent in 2011.
manufacturing sector which constitutes 76% of IIP. 10.0 GDP growth
Manufacturing activity surged to a six-month high in
9.0
December thanks to a spike in factory output and new
orders from domestic and international firm. 8.0
• During April-November, industrial production expanded 7.0
3.8%. Output grew by 7.8% in the 2010/11 fiscal year that 6.0
ended in March, slower than 10.5% clocked in the year
5.0
before.
4.0
FY10(Q2) FY10(Q3) FY10(Q4) FY11(Q1) FY11(Q2) FY11(Q3) FY11(Q4) FY12(Q1)
6

7. Economic Outlook - Domestic
Growth in credit & deposits of SCBs • The Wholesale Price Index (WPI) based inflation,
30.0%
Bank Credit Aggregate Deposits which has remained in double digits for almost two
25.0%
years, declined to 7.47% in December 2011 from 9.11%
in the previous month, raising popular hope that
20.0% interest rates could start coming down in a few weeks.
15.0%
A year ago, In December 2010, it was 9.45%.
10.0% • Prices of food items rose at a lower rate of 0.74% in
December, compared to 8.54% expansion in
5.0%
Dec/10 Jan/11 Feb/11 Mar/11 Apr/11 May/11 Jun/11 Jul/11 Aug/11 Sep/11 Oct/11 Nov/11 Dec/11
November. Food articles have a 14.3% share in the WPI
basket and experts attributed the moderation in
inflation to cheaper food articles. Inflation in overall
• As on December 30, bank credit grew 16% and deposits primary articles stood at 3.07% in December,
17.2% annually. This is the lowest rate of growth since March compared to 8.53% in November. Non-food primary
2010. Credit growth has been below the central bank’s articles, which include fibres and oil seeds also showed
projection of 18 per cent since the last two months. moderation by registering an inflation of 1.48% in
December, compared to 3.22% rise in the previous
• At its third quarterly monetary policy review on January 24, month
the central bank had injected Rs 32,000 crore into the system
by lowering the CRR by half-a-percentage point to 5.5 per
10.0%
cent but kept the short-term lending, or repo rate unchanged
9.5%
at 8.5%.
9.0%
8.5%
• On account of the slowing growth in the economy and the 8.0% Wholesale Price Index
decrease in inflation, a pause is seen in the interest rate hikes. 7.5%
In addition to this CRR was cut by 50 Bps. It now stands at 7.0%
5.50%
* End of period figures 7

8. Equity Outlook
The beginning of CY12 has brought positive macroeconomic news as reflected by the buoyancy in PMI numbers for
manufacturing and services as well as industrial production data and cool off in inflation number. The extremely negative
sentiment about India seen in last quarter seems to be reversing with FIIs coming back to the market. FII’s put in Rs.10,000
crs in equity markets in the month of January resulting in a market up move of 12%. The rally was lead by beaten down
sectors like banking, metals and capital goods.
January Performances of Key Sectoral Indices
CNX Infra 19.1%
CNX Midcap 16.2%
Bank Nifty 24.5%
CNX Metal 16.2%
Nifty 12.4%
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%
European debt markets have calmed due to massive liquidity injection done by European central bank. Bond yields of PIIGS
countries have been coming down. If Greece is able to arrive at a deal with private bond holders about the haircut in Greek
bond holdings, we would expect the situation in Europe to stabilize.
8

9. Equity Outlook
RBI has started the reversal of the tight monetary policy with a 50 bps cut in cash reserve ratio (CRR). The tone of the policy
statement by the Governor continues to be dovish while he expressed concerns about inflation remaining sticky. The CRR
cut would address structural pressure on liquidity and would add Rs.32,000 crs to the banking system. RBI governor
expressed his inability to cut repo rates just yet due to a very expansionary fiscal policy which has resulted in inflationary
pressures staying elevated. RBI has maintained an end March inflation target of 7%. We believe that if January and February
inflation number come around 7%, RBI might start repo rate cuts in the March policy. We expect a cumulative repo rate cut
of 100-150bps for this calendar year.
Downward Trend in Inflation (WPI)
10 9.7 9.7 9.6 9.8 10.0 9.9
9.5 9.5 9.5 9.4
9.1
9
8 7.5
7
6
Jan/11 Feb/11 Mar/11 Apr/11 May/11 Jun/11 Jul/11 Aug/11 Sep/11 Oct/11 Nov/11 Dec/11
Q3FY12 earnings have been more or less on expected lines. Private sector banks have again come up with impressive
growth considering the extremely tough macro environment. FMCG companies have also surprised on the positive with
good sales volume numbers. The biggest beneficiaries of the reversal in policy would be interest rate sensitive sectors like
banks, autos and capital goods. We are becoming more constructive on these sectors now. Several PSU banks which were
badly beaten down look extremely attractive from a valuation perspective. Also, a large number of midcap ideas appear
extremely attractive on valuation basis. From here on, a portfolio of fundamentally sound midcap companies would deliver
a superior return as compared to the broader markets.
9

10. Sector View
Sector Stance Remarks
Financial sector is undeniably the lubricant for economic growth. Whether the growth comes
from consumption or investments, credit growth is inevitable. Being a well regulated sector, BFSI
BFSI Overweight
in India has good asset quality and capital adequacy ratios. The reversal of the interest rate cycle
will assist in managing asset quality better and would lead to increase in credit growth
We prefer “discretionary consumption” beneficiaries such as Cigarettes and branded garments,
FMCG Overweight as the growth in this segment will be disproportionately higher vis-à-vis the increase in
disposable incomes.
We believe in the large sized opportunity presented by Pharma sector in India. India’s strength in
generics is difficult to replicate due to quality and quantity of available skilled manpower. With
Healthcare Neutral the developed world keen to cut healthcare costs, and a vast pipeline of drugs going off-patent,
Indian Pharma players are at the cusp of rapid growth. We would bet on the opportunity in
Generics and CRAMS space
The USD 1 trillion Infra opportunity is hard to ignore. However, The significant slowdown in
E&C Neutral order inflow activity combined with high interest rates has hurt the sector. Now since the
interest rate cycle has started to reverse, we have turned more constructive on this space
The regulatory hurdles, competitive pressures and leverage prevent any return to high
Telecom Neutral profitability levels in the short to medium term. However, incumbents have started to increase
tariffs slowly and we believe that consolidation will happen sooner than expected.
10

11. Sector View
Sector Stance Remarks
While US and European customers of Indian IT companies are in good health, Order inflows
IT/ITES Neutral might slow down in near term. However, in the next few quarters big rupee depreciation
will provide cushion to IT companies earnings .
Demand outlook remains robust with strong earnings growth. Raw material prices have
Automobiles Neutral started coming down which would boost margins. We are more bullish on two-wheeler and
agricultural vehicles segment due to lesser competition and higher pricing power.
Commodity prices have corrected significantly over the last few months due to concerns
Metals Neutral about growth in developed parts of the world. We believe the commodity prices will
bounce back once growth recovers and hence would be positive on industrial metals space.
We like the regulated return characteristics of this space. This space provides steady growth
Power Utilities Neutral
in earnings and decent return on capital.
Cement demand will certainly grow over the next three years. But the issue is on the supply
Cement Underweight
side. We do see an oversupply situation for the next 3-4 quarters.
We would stay away from oil PSUs, due to issues of cross subsidization distorting the
Energy Underweight
underlying economics of oil exploration and refinery businesses.
11

12. Debt Outlook
9.30
9.0 Yield curve
8.9 8.80
10-yr G-sec yield
8.8
8.7
8.30
8.6
(%)
8.5
7.80
8.4
8.3
7.30
8.2
8.1
6.80
8.0
7.9
11.1
14.7
10.1
12.0
12.9
13.8
15.7
16.6
17.5
18.4
19.4
0.9
4.6
0.0
1.9
2.8
3.7
5.5
6.5
7.4
8.3
9.2
• The 10 year benchmark G–Sec yield decreased by 19 bps in December to close at 8.54%.
• The inflation figures have come down with a reverse trend to be seen in the tight monetary policy.
• The AAA rated corporate bonds are giving an yield of around 9.3%.
12

13. Debt Strategy
Category Outlook Details
With the pause by RBI and the expected trend reversal of the
interest rates, we would not recommend investment in Shorter
Short Tenure term debt funds unless money necessarily needs to be parked for
Debt the shorter term by the investor. The ST funds still have high YTMs
(9.5% – 10%) providing interesting investment opportunities to
clients for the shorter term.
Some AA and select A rated securities are very attractive at the
current yields. A similar trend can be seen in the Fixed Deposits
Credit also. Tight liquidity in the system has also contributed to widening
of the spreads making entry at current levels attractive.
With the expected trend reversal in the interest rates, we would
strongly recommend investment in Longer term papers. These, while
Long Tenure being available at attractive yields, also provide an opportunity for
Capital appreciation due to a decrease in interest rates. Hence, these
Debt
would be suitable for both - investors who may want to stay invested
for the medium term (exiting when prices appreciate) and those who
would want to lock in high yields for the longer term.
13

14. Forex
Rupee movement vis-à-vis other currencies (M-o-M) 100 Trade balance and export-import data 0
Export Import Trade Balance (mn $)
8.00% 80 -5000
7.21%
60
7.00% -10000
40
6.00% 5.17% 5.37% -15000
5.03% 20
5.00% 0 -20000
4.00% -20 -25000
3.00%
2.00%
• India’s exports grew 6.71% to $25.01 billion in December,
2011, compared to $23.44 billion in the same year-ago
1.00%
month, while imports were up 19.81% at $37.75 billion
0.00%
translating into a trade deficit of $12.73 billion. In
USD GBP EURO YEN November, 2010, imports aggregated $31.51 billion.
• In January, the rupee has appreciated 7%, after being the 140000
Capital Account Balance
worst performing Asian currency in 2011. The gain can be
90000
attributed to the recent diversion of foreign funds towards
Indian debt and equity investments. 40000
• Besides active Forex intervention, RBI also took a number of -10000
FY 10 (Q2) FY 10 (Q3) FY 10 (Q4) FY 11 (Q1) FY 11 (Q2) FY 11 (Q3) FY 11 (Q4) FY 12 (Q1)
steps like relaxing external borrowings norms, cuts in
interbank net open positions and higher interest rates on • Capital account balance was positive throughout FY11 and
deposits for non-resident Indians to stimulate capital inflows stood at `273133 Cr. at the end of the year. For FY 12, the
and curb speculation. capital account is at `93,621Cr. for Q1.
• We expect factors as higher interest rates to attract more
• However, renewed concerns from the debt-ridden euro zone investments to India. Increased limits for investment by
may lead to another round of depreciation in the current FIIs would also help in bringing in more funds though
quarter, though there may not be any sharp downward uncertainty in the global markets could prove to be a
movement. dampener.
14

15. Commodities
After gaining for the 11th consecutive years, gold continued its uptrend 31000
in 2012. Rupee denominated gold gained 3.7% YTD. The sheen on the 29000 Gold
domestic rupee gold was taken away by the rupee appreciation despite 27000
gold in dollar denomination generating an YTD return of 12%. 25000
As the Fed holds the interest rates at the current levels until end of
Precious 2014, smart money will move into assets that would generate income
23000
21000
and outperform dollar deposit. This was clearly vindicated by the sharp
Metals 19000
up move in gold on the back of short covering and fresh long positions.
17000
The current gold holdings of 2,384.8 tons in bullion-backed exchange-
15000
traded products are within 0.4 percent of December’s all-time high,
indicating added bullishness to this counter.
Technically, gold broke its consolidating triangle and poised to set a
fresh all time high this year. With Greece and its creditors are
struggling to reach an agreement on a debt swap and market buzzing
that creditors might take a bigger hit than earlier planned, gold should
in all probability shine this quarter.
135.0
Crude
With uncertainties looming on the Greece front and tension on the 125.0
Iran disruption suicides, oil has started to show signs up cooling. Oil 115.0
trajectory should now be largely determined by the uptick in US and
Oil & Gas Europe economies. As the Fed indicated that US is on a slower
105.0
95.0
growth pace, it is logically to see crude oil softening. Expect oil to
trade in a range. 85.0
75.0

16. Real Estate Outlook - I
Asset Classes Outlook
In the residential space, low sales volumes have led to a sharp decline in the absorption rate from 21.4% in Q1
2011 to 11.5% in Q3 2011. However, strong pre-launch sales have kept the developers far from any correction.
Though sales have gone down to almost 35% as compared to last year, no correction has been witnessed in the
prices. The over-supplied locations remain stagnant and are expected to remain so for the next two quarters. In
cities like Pune, NCR, Hyderabad, Chennai and Bangalore entry points in the range of Rs. 3000 – Rs. 4600 per
Residential
Sqft are still valued by first time home -buyers. Infrastructure development and the new airports in these cities
have supported the residential development. On an average, prices in this segment still remain affordable.
Mumbai stands tall with prices at the peak in an over-supplied market also. Corrections are being reported by
media, however not being witnessed on ground level. The retail investors (second home buyers) and HNI
investors are postponing their decision due to expectations of price correction.
Average q-o-q rental growth in 3Q11 was recorded at 2.5%. Mumbai SBD BKC was among the most expensive
markets and Bangalore and Chennai among the least expensive in Asia Pacific, on the basis of Net Effective
Rents. Among the fastest growing office market in the world, India is constructing 100 million Sqft every 7-10
quarters. Office stock is expected to become 500 million Sqft by 2015. The Net Absorption is expected to grow
from 30.5 million Sqft in 2010 to 39.1 million Sqft in 2013. Absorption rate has been recorded at 13.3% in
3Q11. 8.5 million Sqft of office space was absorbed in 3Q11 compared to 10.5 million sq ft in 2Q11.
Commercial/IT Still in the shadows of over-supply and cautious expansion approach by corporates, this segment has gone
through a correction. Rates per Sqft have seen almost 30% down-trend and is expected to be stagnant for the
coming 2-3 quarters. After this correction we believe the segment is bottoming out and is the best time to buy
for companies looking at long term holding of real estate office space. With signs of recovery in the global
economy, the Indian office markets are expected to be nearing the end of the downturn. Despite improving
demand conditions, vacancies are rising in the short term due to massive infusion of office space. Markets of
Bangalore, Mumbai and NCR-Delhi are leading the property cycle as rentals have started to increase in these
markets.
16

17. Real Estate Outlook - II
Asset Classes Outlook
The FDI allowance has given lot of impetus to this sector. Since 2009 retail has seen a major transformation in
all its business aspects and has been built to suit Indian way of consumerism. Low cost, wide reach, more
variety, less innovation, close existence with competition, maximizing bottom line than top-line approach have
been making the retailers smarter. In the retail space, unorganized markets are still a preferred choice. Most
high-street locations are still expensive. Investors prefer Hi-street locations than malls since they would always
have capital appreciation due to dearth of available space.
Retail
Of 9.9 mn sq ft forecasted for absorption in 2011, 7.1 mn sq ft has already been absorbed till 3Q11 and another
1.3 mn sq ft is pre-committed. The northern regions of India rate high on propensity to consume followed by
the western, eastern and southern regions. Industrial towns are similar to each other in consumer preferences
and socio-economic & demographic profiles. Most of them remain equally under-served despite recent mall
developments in the last couple of years.
The trend of investment in land is still nascent since lack of transparency and unclear national land acquisition
policy/rules makes it tough for the organized players/investors to transact. However this seems to be a very
interesting time to buy land which is being traded more as a commodity now. It is getting absorbed fast. Land
Land sees immense opportunity since it can be used as a tangible asset and is the most credible pledge against
business. With the growing commitment of the Government in improving infrastructure (roads, bridges,
airports, rail metros), in the last 5 years many far flung areas now have very good connectivity to the CBD
locations.
The IC note is proposed to be presented every quarter
17

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Open Architecture – Widest array of products
We are an open-architecture firm at two levels – asset class level and product level :
• Offering COMPREHENSIVE choice of investing across all asset classes
• Offering EXTENSIVE choice of multiple products from different product providers under each asset class
Intensive Research
We closely track the historical performance across asset classes, sub-asset classes and product providers to identify, evaluate and
recommend investment products (KPW’s or third-party). We have our own proprietary methodology for evaluating products; for
product providers, we also note the investment style and risk management philosophy. Our comprehensive analysis determines
truly exceptional performers to be added to your portfolio
Honest, unbiased advise
Group-wide, we have no Mutual Fund or Insurance products of our own unlike most of the financial services groups (banks or
broking houses), who are doing wealth management. Neither do we have exclusive tie-up with any single insurance company like
all banks do.
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A talented team of leaders with global and Indian experience, having a unique blend of backgrounds of wealth management,
private equity, strategy consulting and building businesses powers Karvy Private Wealth and its operations.
18

19. Disclaimer
The information and views presented here are prepared by Karvy Private Wealth or other Karvy Group companies. The information contained
herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness
thereof. This material is for personal information and we are not responsible for any loss incurred based upon it.
The investments discussed or recommended here may not be suitable for all investors. Investors must make their own investment decisions
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