Terms of Use
This Web site is provided to you as a service by Aletheia Research and Management, Inc. ("ARMI"). By using this site, you agree to the following terms and conditions, as well as the Disclosures, which are part of these terms and conditions (collectively, the “Terms of Use”).
DISCLAIMER
The information contained on this site is provided for informational purposes only. All information and content on this Web site is subject to applicable statutes and regulations, furnished "AS IS" with no warranty of any kind, implied or expressed, including but not limited to implied warranties of merchantability, fitness for a particular purpose, or non-infringement. While ARMI seeks to provide accurate and timely information, there may be inadvertent technical or factual inaccuracies and typographical errors for which we apologize. We reserve the right to make changes and corrections at any time.
ARMI is not responsible for content that appears on this Web site provided by an independent third party, if any. Neither ARMI, nor any of its affiliates, partners, officers or employees, nor any third party vendor retained by ARMI, will be liable or have any responsibility of any kind for any loss or damage you incur in the event of any failure or interruption of this site, or resulting from the act or omission of any other party involved in the production or transmission of this site, or the data contained therein.
Nothing contained in this Web site constitutes an offer to sell or the solicitation of an offer to buy securities nor shall there be any sale of any securities in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. This Web site is not intended for distribution to or use by any person in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. ARMI makes no representations or warranties that the content of this site is applicable to or appropriate for use in locations outside of the United States of America.
Decisions based on information contained on ARMI’s site are the sole responsibility of the visitor, and in exchange for using ARMI’s site, the visitor agrees to hold ARMI harmless against any claims for damages arising from any decisions the visitor makes based on such information to the greatest extent allowable under applicable law.
Performance Disclosure
Aletheia Research and Management, Inc. (“Aletheia”) was established in 1997 for the purpose of providing investment advice and management services to individual investors and entities investing in securities. Aletheia is a registered investment advisor with the Securities and Exchange Commission under the Investment Advisers Act of 1940. Aletheia claims compliance with the Global Investment Performance Standards (GIPS®). Aletheia's claim of compliance has been verified for the periods January 1, 2001 through December 31, 2010 by independent accounting firms. Composite performance examinations prior to 2001 were conducted in accordance with the standards in effect at the time. A copy of the verification report is available upon request. Interested parties can obtain a presentation that complies with the requirements of GIPS and/or a list and description of all composites by contacting Aletheia at (310) 899-0800.
All returns are presented in U.S. dollars and have been calculated using time-weighted total rates of return. Total returns include dividends, interest, and realized and unrealized capital gains and losses. Gross-of-Fees returns are the returns on assets reduced by any trading expenses incurred during the period. Client return will be reduced by the management fees and any other expenses incurred. Aletheia’s investment management fees are described in Part II of the firm’s Form ADV. Net-of-Fees returns are reduced by the actual investment management fees charged for non-bundled fee portfolios, and bundled fee portfolios have been reduced by a 1.2% annual fee. Fees are accrued monthly. Prior to January 1, 2010, fees were applied quarterly.
To illustrate the effect an investment management fee, compounded over a period of years, could have on the total value of a portfolio: based on an initial investment of $10,000 in the S&P 500 for the period 03/31/05 to 03/31/10 and an investment management fee of 1% per annum, the total value of a client’s portfolio for the one-, three- and five-year time periods would be reduced from $11,172.28 to $11,061.16, from $11,859.64 to $11,509.27 and from $10,966.84 to $10,460.74, respectively. The S&P 500 is being used as a general market indicator.
This publication has been prepared solely for the use of the person to whom it has been delivered and may not be reproduced or used for any other purpose. It is intended only for institutional investment consultants, institutional investors or qualified investors. It is not meant for the general public. The information contained in this piece is not a complete analysis of every material fact regarding the market and any industry, sector, security, or portfolio. Statements of fact cited by Aletheia have been obtained from sources considered reliable, but no representation is made as to their completeness or accuracy. Because market and economic conditions are subject to rapid change, opinions provided are valid only as of the date of the material and are subject to change without notice.
The manager’s opinions are intended solely to provide insight into how the manager analyzes securities and are not a recommendation or individual investment advice for any particular security, strategy, or investment product. Any securities discussed were selected to demonstrate the style of the investment strategy. Any such securities may not represent an account’s entire portfolio and in the aggregate may represent a small percentage of an account’s portfolio holdings. There is no assurance that any such securities will remain in an account’s portfolio, or that securities sold have not been repurchased. It should not be assumed that any securities transactions discussed were or will prove to be profitable. The information provided should not be considered a recommendation to purchase, sell or hold any particular security.
All indexes are unmanaged. The performance of an individual portfolio may differ from that of a benchmark, representative account or composite included herein for various reasons, including, but not limited to, the objectives, limitations or investment strategies of a particular portfolio. Investment management fees will reduce the rate of return on any particular account or portfolio.
Leverage or derivatives are used as an active part of some investment strategies, which include short selling, with the short position covered by cash accounts that are marked to market on a daily basis.
There is no guarantee investment strategies will work under all market conditions, and investors should evaluate their ability to invest for the long term, especially during periods of market downturns. Past performance does not guarantee future results, and results may differ over future time periods.
EXTERNAL LINKS
This Web site may contain hyper-links to web sites produced and maintained by third parties, including third parties that are affiliates of ARMI. If you leave this Web site by way of any such hyper-link to another Web site, you understand that ARMI has not provided nor reviewed the content, terms of use, or privacy policies of that site.
INTELLECTUAL PROPERTY RIGHTS
The Web site is owned and operated by ARMI and its licensors, and this Web site and its content (and any intellectual property and other rights relating thereto) are and will remain the property of ARMI and its licensors.
Permission is granted to display and navigate this site with a computer using HTML browser software, solely for non-commercial, personal use. Any unauthorized commercial or public use of this Web site is strictly prohibited. No permission is granted to copy, distribute, modify, post, or frame any text, graphic, software code, user interface design, or logos on this Web site. Any such permission may only be provided by the express written consent of an authorized representative of ARMI.
The trademarks, logos, and service marks displayed on the Web site (collectively, the "Trademarks") are the registered and unregistered trademarks of ARMI. Nothing contained in these Terms of Use or the Web site should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any Trademarks without the express written permission of ARMI.
PRIVACY
ARMI is committed to protecting your personal and financial information ARMI’s privacy policy with respect to information collected via this Web site can be viewed “here”, and is part of these Terms of Use.
LIMITATIONS OF LIABILITY
NEITHER ARMI NOR ANY OF ITS LICENSORS, AGENTS, SUCCESSORS OR ASSIGNS, NOR OUR OR THEIR DIRECTORS, OFFICERS, EMPLOYEES, CONSULTANTS OR OTHER REPRESENTATIVES, ARE LIABLE FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY OR PUNITIVE DAMAGES ARISING OUT OF OR RELATING IN ANY MANNER TO YOUR USE OF THIS WEB SITE.
DISPUTE RESOLUTION AND GOVERNING LAW
The Terms of Use shall be governed by and construed in accordance with the laws of the State of California, excluding that body of law relating to conflict of laws. The parties agree that any controversy or claim arising out of or relating to these Terms of Use, or the breach thereof, will be settled by binding arbitration in accordance with the then-current rules and procedures of JAMS. The arbitration shall be a confidential proceeding. The arbitration will take place in Los Angeles, California and be conducted in the English language. The decision rendered by the arbitrator will be binding upon the parties hereto, and any judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. The parties consent to the jurisdiction of all federal and state courts in California. Venue will lie exclusively in Los Angeles, California. For the sake of clarity, nothing in this paragraph shall affect ARMI’s ability to seek from a court injunctive or equitable relief at any time.
GENERAL TERMS
If any provision of these Terms of Use is found to be unlawful, void, or for any reason unenforceable, then that provision shall be deemed severable from these Terms of Use and shall not affect the validity and enforceability of any remaining provisions. These Terms of Use are the entire agreement between you and ARMI relating to your use of this Web site and supersede any and all prior or contemporaneous written or oral agreements between you and ARMI with respect to such subject matter. These Terms of Use may not be changed, waived or modified except by ARMI as provided herein or otherwise by written instrument signed by ARMI. These Terms of Use or any right, obligation, or remedy hereunder is not assignable, transferable, delegatable, or sublicensable by you except with ARMI’s prior written consent, and any such attempted assignment, transfer, delegation, or sublicense shall be null and void. ARMI may assign, transfer, or delegate these Terms of Use or any right or obligation or remedy hereunder in its sole discretion. No waiver by either party of any breach or default hereunder shall be deemed to be a waiver of any preceding or subsequent breach or default.
NOTICE FOR CALIFORNIA USERS
Under California Civil Code Section 1789.3, California Web site users are entitled to the following specific consumer rights notice: The Complaint Assistance Unit of the Division of Consumer Services of the California Department of Consumer Affairs may be contacted in writing at 1625 N. Market Blvd., Suite S-202, Sacramento, California 95834, or by telephone at (800) 952-5210.
CHANGES TO THESE TERMS AND CONDITIONS
We reserve the right at any time, with or without cause, to change these Terms of Use; change this Web site, including eliminating or discontinuing any information or services or other feature of the Web site; or deny or terminate your use of and/or access to this Web site.
Any changes to these Terms of Use will be effective immediately upon our making such changes available on this Web site or otherwise providing you notice thereof. You agree that your continued use of this Web site thereafter constitutes your acceptance of such changes.
EFFECTIVE OCTOBER 2010