Use of this content, the ME Research LLC (DBA Mauldin Economics) website, and related sites and applications is provided under the ME Research LLC Terms and Conditions of Use.

Unauthorized Disclosure Prohibited

The information provided in this publication is private, privileged, and confidential information, licensed for your sole individual use as a subscriber. ME Research LLC reserves all rights to the content of this publication and related materials. Forwarding, copying, disseminating, or distributing this report in whole or in part, including substantial quotation of any portion the publication or any release of specific investment recommendations, is strictly prohibited.

Participation in such activity is grounds for immediate termination of all subscriptions of registered subscribers deemed to be involved at ME Research LLC’ sole discretion, may violate the copyright laws of the United States, and may subject the violator to legal prosecution. ME Research LLC reserves the right to monitor the use of this publication without disclosure by any electronic means it deems necessary and may change those means without notice at any time. If you have received this publication and are not the intended subscriber, please contact subscribers@mauldineconomics.com.

ME Research LLC reserves the right to cancel any subscription at any time, and if it does so it will promptly refund to the subscriber the amount of the subscription payment previously received relating to the remaining subscription period. Cancellation of a subscription may result from any unauthorized use or reproduction or rebroadcast of any ME Research LLC publication or website, any infringement or misappropriation of ME Research LLC proprietary rights, or any other reason determined in the sole discretion of ME Research LLC.

Disclaimers

The Mauldin Economics web site, and all of its current and future newsletters are published by ME Research LLC. Information contained in such publications is obtained from sources believed to be reliable, but its accuracy cannot be guaranteed. The information contained in such publications is not intended to constitute individual investment advice and is not designed to meet your personal financial situation. Any views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with, Mauldin's other firms. The opinions expressed in such publications are those of the publisher and editors and are subject to change without notice. The information in such publications may become outdated and there is no obligation to update any such information. You are advised to discuss with your financial advisers your investment options and whether any investment is suitable for your specific needs prior to making any investments.

John Mauldin, GG Holding Cos LLC, ME Research LLC and other entities in which he has an interest, employees, officers, family, and associates may from time to time have positions in the securities or commodities covered in these publications or web site. Corporate policies are in effect that attempt to avoid potential conflicts of interest and resolve conflicts of interest that do arise in a timely fashion. US regulations prohibit John from giving specific investment advice by email. Please go to www.mauldineconomics for more information.

Affiliate Notice

ME Research LLC has affiliate agreements in place that may include fee sharing. If you have a website or newsletter and would like to be considered for inclusion in the ME Research LLC affiliate program, please send an email to affiliates@mauldineconomics.com. Likewise, from time to time ME Research LLC may engage in affiliate programs offered by other companies, though corporate policy firmly dictates that such agreements will have no influence on any product or service recommendations, nor alter the pricing that would otherwise be available in absence of such an agreement. As always, it is important that you do your own due diligence before transacting any business with any firm, for any product or service.

Legal Disclosures:

John Mauldin is the Director of ME Research LLC. John Mauldin is also a registered principal of Mauldin Securities, LLC, a FINRA and SIPC registered broker-dealer. Mauldin Securities LLC is registered with the NFA/CFTC, as an Introducing Broker (IB) and Commodity Trading Advisor (CTA).

John Mauldin, Chief Economist and Investment Advisor Representative, CMG Capital Management Group, LLC, provides investment management services through its affiliated mutual fund, the CMG Mauldin Solutions Core Fund (the “Fund”), a series of Northern Lights Fund Trust, an investment company registered under the Investment Company Act of 1940. CMG receives a management fee as the investment manager to the Fund a portion of which is paid to John Mauldin.. A complete description of the Fund, its strategy, objectives, and costs is set forth in the Fund prospectus, a copy of which is provided to all clients that engage the Registrant’s services through the Fund.

Mauldin Securities, LLC can refer investors to private investment offerings with other independent firms such as Altegris Investments, Sanders Morris Harris LLC; Nicola Wealth Management or other similar broker/dealers. Funds or other investments recommended by Mauldin will pay a portion of their fees to these independent firms, who will share a portion of those fees with Mauldin Securities, LLC and thus with Mauldin. Any views expressed herein are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest with any CTA, fund, or program mentioned here or elsewhere. Before seeking any advisor's services or making an investment in a fund, investors must read and examine thoroughly the respective disclosure document or offering memorandum. Since these firms and Mauldin receive fees from the funds they recommend/market, they only recommend/market products with which they have been able to negotiate fee arrangements.

This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document. Past performance is not indicative of future performance. Please make sure to review important disclosures at the end of each article. Mauldin companies may have a marketing relationship with products and services mentioned in this letter for a fee.

PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING IN MANAGED FUNDS. WHEN CONSIDERING ALTERNATIVE INVESTMENTS, INCLUDING HEDGE FUNDS, YOU SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS: OFTEN ENGAGE IN LEVERAGING AND OTHER SPECULATIVE INVESTMENT PRACTICES THAT MAY INCREASE THE RISK OF INVESTMENT LOSS, CAN BE ILLIQUID, ARE NOT REQUIRED TO PROVIDE PERIODIC PRICING OR VALUATION INFORMATION TO INVESTORS, MAY INVOLVE COMPLEX TAX STRUCTURES AND DELAYS IN DISTRIBUTING IMPORTANT TAX INFORMATION, ARE NOT SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER. Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor’s interest in alternative investments, and none is expected to develop.

All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. John Mauldin and/or the staffs may or may not have investments in any funds cited above as well as economic interest. John Mauldin can be reached at 800-829-7273.

This information is not to be construed as an offer to sell or the solicitation of an offer to buy any securities.

This website has links to other agencies and organizations. When you go to another site through the links, you are no longer on our site and are subject to the terms and conditions of the new sites.

Please review the privacy policies on those Websites to understand their personal information handling practices. We make no representations concerning the privacy policies of these third party Websites.

Unauthorized attempts to upload information and/or change information on any portion of this site are strictly prohibited and are subject to prosecution under the Computer Fraud and Abuse Act of 1986 and the National Information and Infrastructure Protection Act of 1996 (see Title 18 U.S.C. §§ 1001 and 1030).

Please note: Changes to this legal statement or to the privacy policy will be documented here. Check back periodically for the latest updates.