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The performance of ZAM’s past recommendations and model results are not a guarantee of future results for reasons including the following. The effectiveness of model results can be diminished as other market participants adopt similar approaches and thereby reduce the profitability of such model results. Model results are necessarily based on the benefit of hindsight, and past patterns may not continue in the future. Model results do not reflect the effect of transaction costs or management fees or reflect actual investment results. Model results may not reflect actual historical recommendations and may exclude unsuccessful recommendations. ZAM may over time modify its approach to evaluating investment opportunities.
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