AMOUNTS DISCLOSED BY CONGRESS ARE BANDS, NOT FIGURES — DIRECTION AND COUNT ARE THE ONLY HONEST MEASURES ▪ 65 MEMBERS IS NOT CONGRESS, 22 MANAGERS IS NOT THE MARKET ▪ INSTITUTIONAL FIGURES ARE SHARE-COUNT CHANGES PRICED AT THE LATER QUARTER, SO APPRECIATION IS NOT A PURCHASE ▪ 13F LANDS 45 DAYS AFTER THE QUARTER ▪ 546 OF 1,800 CONGRESSIONAL TRANSACTIONS (30%) WERE DISCLOSED PAST THE 45-DAY STATUTORY DEADLINE, WORST BY 880 DAYS ▪ NOTHING HERE IS ADVICE, AND EVERY POSITION WAS PUBLIC BEFORE YOU READ IT ▪ REPORTS OBTAINED UNDER THE ETHICS IN GOVERNMENT ACT, WHICH RESTRICTS COMMERCIAL USE ▪ AMOUNTS DISCLOSED BY CONGRESS ARE BANDS, NOT FIGURES — DIRECTION AND COUNT ARE THE ONLY HONEST MEASURES ▪ 65 MEMBERS IS NOT CONGRESS, 22 MANAGERS IS NOT THE MARKET ▪ INSTITUTIONAL FIGURES ARE SHARE-COUNT CHANGES PRICED AT THE LATER QUARTER, SO APPRECIATION IS NOT A PURCHASE ▪ 13F LANDS 45 DAYS AFTER THE QUARTER ▪ 546 OF 1,800 CONGRESSIONAL TRANSACTIONS (30%) WERE DISCLOSED PAST THE 45-DAY STATUTORY DEADLINE, WORST BY 880 DAYS ▪ NOTHING HERE IS ADVICE, AND EVERY POSITION WAS PUBLIC BEFORE YOU READ IT ▪ REPORTS OBTAINED UNDER THE ETHICS IN GOVERNMENT ACT, WHICH RESTRICTS COMMERCIAL USE ▪