TSP Performance

Any investment decisions must in all cases be made by the reader or by his or her investment adviser. Do NOT ever purchase any security without doing sufficient research. There is no guarantee that the investment objectives outlined will actually come to pass. All opinions expressed herein are subject to change without notice. Neither the editor, employees, nor any of their affiliates shall have any liability for any loss sustained by anyone who has relied on the information provided.

The analysis provided is based on both technical and fundamental research and is provided “as is” without warranty of any kind, either expressed or implied. Although the information contained is derived from sources which are believed to be reliable, they cannot be guaranteed.

The information contained in our websites and TopStockPortfolios publications is provided by Ridge Publishing Co. Inc. (Ridge). One of the principals of Ridge, Mr. David Moenning, is also President and majority shareholder of Heritage Capital Management, Inc. (HCM) a Chicago-based money management firm. HCM is registered with the U.S. Securities and Exchange Commission as an investment adviser. HCM also serves as a sub-advisor to other investment advisory firms. Ridge is a publisher and has not registered as an investment adviser. Neither HCM nor Ridge is registered as a broker-dealer.

Employees and affiliates of HCM and Ridge may at times have positions in the securities referred to and may make purchases or sales of these securities while publications are in circulation. Editors will indicate whether they or HCM has a position in stocks or other securities mentioned in any publication. The disclosures will be accurate as of the time of publication and may change thereafter without notice.

Returns for the TOP 5 prior to 2008 are a hypothetical implementation of the portfolio strategy allocating equal portions of the portfolio to the TOP 5 positions. Returns for 1/1/2008 through 9/30/2008 are hypothetical implementation of trading alerts based on actual transactions made by the editor in other live portfolios and are before commission costs. The results after 9/30/08 are live trades in a TOP 5 portfolio account and includes payment commissions and account admin fees. Hypothetical returns do not reflect actual trading. Please note that hypothetical test results do not take into account market conditions which could adversely affect management decisions.

Returns for Top 10 in 2006 are a hypothetical implementation of the portfolio strategy allocating equal portions of the portfolio to the TOP 10 positions. Hypothetical returns do not reflect actual trading. Please note that hypothetical test results do not take into account market conditions which could adversely affect management decisions. Results after 1/1/07 are live trades in a TOP 10 portfolio account and includes payment commissions and account admin fees.

The returns shown for the Institutional Portfolio from 1996 - 6/1/2005 are a hypothetical implementation of the portfolio strategy. Hypothetical returns do not reflect actual trading. Please note that hypothetical test results do not take into account market conditions which could adversely affect management decisions. Results after 6/1/05 are live trades in a control portfolio account and includes payment commissions and account admin fees.

Returns for the TSP Ursa Major are a hypothetical implementation of the portfolio strategy allocating equal portions of the portfolio. Returns after 12/31/2008 are hypothetical implementation of trading alerts published by the editor. Hypothetical returns do not reflect actual trading. Please note that hypothetical test results do not take into account market conditions which could adversely affect management decisions.

Returns for HedgePro beginning in 2009 are a hypothetical implementation of the portfolio strategy based on live trade alerts issued by the editor. Returns for HedgePro prior to 2009 are a hypothetical implementation of the portfolio strategy allocating equal portions of the portfolio to the TOP 5 and Ursa Major positions. Hypothetical returns do not reflect actual trading. Please note that hypothetical test results do not take into account market conditions which could adversely affect management decisions.

The Daily Decision Models are model portfolios. The return calculations for the Main Model and Aggressive from 8/1/09 represent the implementation of the model portfolio strategies based on the trade alerts issued by the service. Returns from 3/6/09 through 7/31/09 represent the implementation of the model portfolio strategy based on the Daily Decision Model signals as published on the website. Return calculations prior to 3/6/2009 represent hypothetical system testing. Returns for the main model assume going long the S&P 500 on buy signals, short the S&P 500 on sell signals, and to cash on neutral signals. Returns for the Aggressive model assume going long Proshares Ultra Russell 2000 ETF on buy signals and short the ETF on sell signals up to 9/2/09 and then implementing the trade alerts thereafter. Returns for the Hybrid model through 8/30/09 mirror the Aggressive model transactions. From 8/30/09 through 9/24/09 the Hybrid model returns assume using the Main Model signals and the Aggressive model positions. Returns after 9/24/09 represent the implementation of the trade alerts thereafter. Hypothetical system testing and model portfolios do not represent actual trading. It should be noted that backtested results do not take into account payment of commissions or reinvestment of dividends, have inherent limitations, incorporates the benefit of hindsight in the development of the model, and are for informational purposes only.

Your actual results may differ from results reported for the model portfolio for many reasons, including, without limitation: (i) performance results for the model portfolio do not reflect trading commissions that you may or may not incur; (ii) performance results for the model portfolio do not account for the impact, if any, of certain market factors, such as lack of liquidity, that may affect your results; (iii) the securities chosen for the model portfolio may be volatile, and although the "purchase" or "sale" of a security in the model portfolio will not be made in the model portfolio until confirmation that the email alert has been sent to all subscribers, delivery delays and other factors may cause the price you obtain to differ substantially from the price at the time the alert was sent; and (iv) the prices of securities in the model portfolio at the point in time you begin subscribing to our service may be higher than such prices at the time such stocks or options were chosen for inclusion in the model portfolio.

Index returns are price only and do not include the reinvestment of dividends. The S&P 500 is a stock market index containing the stocks of 500 large-cap corporations, most of which are US companies. The index is the most notable of the many indices owned and maintained by Standard & Poor's, a division of McGraw-Hill. S&P 500 is used in reference not only to the index but also to the 500 companies that have their common stock included in the index.

All live returns assume reinvestment of dividends. Investments in equities carry an inherent element of risk including the potential for significant loss of principal. Past performance is not an indication of future results.