Past results are not necessarily indicative of future results. The risk of loss in trading can be substantial. You should, therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The high degree of leverage that is often obtainable in trading can work against you as well as for you. The use of leverage can lead to large loses as well as gains. In some cases, accounts are subject to charges for management, performance, and advisory fees. The information Alpine Lakes Fund Management and its employees provides is for informational and educational purposes only and should not be construed as financial or investment advice. All materials and opinions expressed are solely those of the author and are for educational purposes only. Investors should conduct their own due diligence, and obtain professional advice before making any investment decisions. Alpine Lakes Fund Management LLC is an investment advisor that manages the Perpetua Fund.