Definitions {Part I}

Net Market Positive or Net Buyers of Stock:

Should be interpreted that we have over a certain period of time become net buyers of securities. That is on a net basis we have added more securities, {usually ETFs} to client accounts than we have sold. We may be both buyers and sellers during this given time but on balance we will have purchased more securities than we have sold. Such an action can be confined to one of our individual investment categories or it could possibly be something we have attended to across substantially all of our client accounts. We will not disclose what percentage of our client accounts such a positive bias accounts for except in extraordinary circumstances. We may also indicate whether we are Net Market Positive or Net Buyers of Stock in a shorter time frame or for a longer period of time but we will not be obligated to do so.

Net Market Negative or Net Sellers of Stock:

Should be interpreted that we have over a certain period of time become net sellers of securities. That is on a net basis we have sold more securities, {usually ETFs} in client accounts than we have bought. We may be both buyers and sellers during this given time but on balance we will have sold more securities than we have bought. Such an action can be confined to one of our individual investment categories or it could possibly be something we have attended to across substantially all of our client accounts. We will not disclose what percentage of our client accounts such a negative bias accounts for except in extraordinary circumstances. We may also indicate whether we are Net Market Negative or Net Sellers of Stock in a shorter time frame or for a longer period of time but we will not be obligated to do so.

Market Neutral:

In general we are neither net buyers or sellers of stock.

As I've previously stated these definitions are a work in progress. Such a system is not perfect, no generalization ever is. This is also not at this time meant to be seen as a market timing model nor as a blanket description of every portfolio. That is it will not be an audited event and we will not be in the business of grading its results. It is simply our attempt at giving our clients and friends a better grasp of our investment positioning at certain points in time. As I reserve the right to change these definitions should events warrant it.