At the beginning of the year everyone makes “bold predictions” for the New Year.

Economists and analysts alike want to add their two cents to the outlook for the stock market, economy, central bank and more for 2024, with the hopes of having an “I told you so” moment come December. A lot of these predictions for the stock market often hinge on Wall Street’s old adage, “as January goes, so goes the year.”

The theory is that if the market posts a positive performance in January, then the stock market will end the year higher. On the flip side, if the market disappoints and dips lower in January, then it’s going to be a tough year for investors. Some folks refer to this as the “January barometer.”

Personally, I’ve never placed much weight in Wall Street’s adages. Thankfully, the indexes are in the green this January and if that alone gives investors confidence, all the better.

I say this because I have a lot of bullish optimism for what the rest of 2024 has in store—and I’m not alone. All of the analysts at Navellier & Associates agree that there are several factors currently in play that could propel the stock market higher in 2024.

3 Reasons Why we believe the Market Is Headed Higher in 2024

Now, I don’t have a crystal ball and there’s always uncertainty in the global markets, but there are a few developing trends that have the potential to play out this year. And as investors, I think it’s important that we consider what changes are on the horizon and how they could impact the stock market—and our stocks—in the near term and over the next 11 months.

Presidential Election Year

We may only be in the first quarter of the presidential election year, but it’s already shaping up to be an interesting—and likely ugly—battle up until the November election. The fact is that negative ads have already started, and we’ll likely only see more as we draw closer to the primaries and election day.

But the good news is that even though there can be a lot of negative commentary between candidates, presidential election years are often very positive for the stock market. Consider recent research from Jason Bodner (who writes Sector Spotlight in the Navellier & Associates weekly Marketmail):

“My research firm just studied market returns in the first quarter of presidential election years. Overall, we can expect a good year most years. Since 1980, the S&P 500 has averaged 10.3% annually. Looking at Q1, it historically averages +2.07%, while Q2 – Q4 accounts for 8% gains, but this is only the average.

When it comes to presidential election years, the results since 1980 are lower, especially in the first quarter. I looked at each election year since 1980. To summarize, stocks get sold early in the year and bought later on. This makes sense, as investors hate risk and would rather sidestep any major surprises.

There were 11 prior presidential elections since 1980. Historically, stocks are weaker in election years but January – March is typically when most of that weakness occurs. It turns out election Q1’s fall -1.49% versus the usual +2.07% since 1980, but Q2-Q4 average a stellar +8.06%, slightly better than the 7.96% average.”[1]

[1] https://navellier.com/1-9-24-will-the-recent-market-hangover-last-through-march/

Graphs are for illustrative and discussion purposes only.
Please read important disclosures at the end of this commentary.

Now, Bodner’s data is a little skewed since the Great Financial Crisis of 2008 hurt the average immensely. If you take out this outlier year, which showed the S&P 500 declined more than 38%, then the market averaged 10.2% in presidential election years since 1980.

I want to reiterate something that Bodner’s research brought to light—it’s not unusual for the stock market to have a slow start in presidential election years. As he noted, the first quarter is often the softest quarter of the year—and then the market takes off in the final three quarters of a presidential election year. (So, it doesn’t really matter how the market performed in January, does it?)

Why are presidential election years typically positive?

The reality is that candidates tend to lift both consumer and investor confidence with their endless campaign promises—and in turn, the market traditionally rallies right up to the November elections.

There are expected to be plenty of surprises this presidential election cycle, with Donald Trump remaining a wild card, Gavin Newson having the potential to steal the Democrat nomination and Robert F. Kennedy Jr., running as an independent. Who will ultimately prevail in 2024 is unknown, but the candidate with the most energy and positive campaign is expected to become the next President.

So, as candidates run around and promise voters everything and anything, both investor and consumer confidence should rise, further lifting the stock market. I anticipate that the stock market will rally right up to the November election, as it’s aided by not only endless campaign promises but also multiple key interest rate cuts.

A More Accommodative Central Bank

The Federal Reserve has already telegraphed its plans to cut key interest rates in 2024—the question is how many rate cuts and how soon?

The Fed’s “dot plot” expects three rate cuts in 2024 and another three to four rate cuts in 2025. So, in total, the “dot plot” showed that six to seven rate cuts are planned over the next two years, which will bring the Fed funds rate to between 3.5% and 3.75%.

However, if the Fed wants to stay out of the political debate in a presidential election year—and trust me, it does—then there’s a strong likelihood that the Fed could make all six to seven rate cuts before the presidential election in November.

Plus, we need to consider that the Fed is currently well above market rates. The 10-year Treasury yield stands at about 4.05%, versus the Fed funds rate of 5.25% to 5.5%. So, the Fed needs to cut interest rates to get back in line with market rates. In other words, six to seven rate cuts may be necessary this year.

The great news is that these rate cuts will not only stimulate the U.S. economy, but they will also coax a lot of cash on the sidelines back into the stock market. There’s a massive $6.142 trillion in cash in money market accounts just sitting on the sidelines. Jason Bodner pointed out…

“As rates fall and the Fed cuts the Fed funds rate to bring it closer to market rates, we have a setup for a boom-time in stocks. The market has already rocketed 16% up from its October lows. As rates fall, money market yields will collapse, and all that safe-haven cash will look for returns. And it will flow into stocks.”[2]

[2] https://navellier.com/12-27-23-when-opinions-go-to-war-rely-on-the-data/

And we believe that money is likely to pour into stocks with superior fundamentals.

Accelerating Earnings Momentum

Last year was a tough year for a lot of companies, as high interest rates and inflation weighed on top and bottom lines. But with the Fed set to cut key interest rates this year, market rates starting to dip and inflation continuing to cool—and the fact that earnings comparisons are much easier in 2024—investors are growing more bullish on stocks.

According to Bryan Perry, the Senior Director with Navellier Private Client Group, the market is set up to constructively build on its heady fourth-quarter gains when you consider that the earnings environment will improve dramatically this year.

“The ideal investing landscape is one of a stair-step pattern—a move higher, a lateral consolidation, then a new move higher. This price action can only be supported by further confirmation of lower future inflation trends, rising corporate sales and earnings growth, and a series of Fed rate cuts—which the market now expects.

The forward 12-month P/E ratio for the S&P 500 is now 19.3, which is slightly above the five-year average (18.8) and 10-year average (17.6). Considering the market is priced at the upper end of the 10-year range, this valuation must be supported by accelerating growth. Based on FactSet guidance, this should be the case…

‘Despite concerns about a possible recession next year, analysts expect the S&P 500 to report double-digit earnings growth in CY 2024. The estimated (year-over-year) earnings growth rate for CY 2024 is 11.8%, which is above the trailing 10-year average (annual) earnings growth rate of 8.4% (2013 – 2022). On a quarterly basis, analysts are expecting the highest earnings growth to occur in Q4 2024. For Q1 2024 through Q3 2024, analysts are projecting earnings growth of 6.8%, 10.8%, and 9.0%, respectively. For Q4 2024, analysts are projecting earnings growth of 18.2%.

All eleven sectors are predicted to report year-over-year earnings growth in CY 2024. Five of these sectors are projected to report double-digit growth led by the Health Care, Communication Services, and Information Technology sectors.’ (FactSet, by John Butters, December 11, 2023[3]

[3] https://insight.factset.com/sp-500-cy-2024-earnings-preview-analysts-expect-double-digit-earnings-growth

Despite concerns about geopolitical turmoil and the presidential elections, assuming this set of earnings growth projections is even close, one can argue that the market will maintain its premium valuation and build on its 2023 gains. In light of all the potential headline risk, what the market cares about most of all is sales and profit growth. This is the holy grail of bull markets. Everything else is secondary in priority.”[4]

[4] https://navellier.com/12-27-23-what-the-tea-leaves-are-telling-us-for-2024/0

The even more-recent estimates from FactSet reveal that earnings momentum is set to hit the gas in every single quarter of 2024, which will support that lofty prediction for 11.8% annual earnings growth in calendar year 2024.[5]

[5] https://advantage.factset.com/hubfs/Website/Resources%20Section/Research%20Desk/Earnings%20Insight/EarningsInsight_011224.pdf

Graphs are for illustrative and discussion purposes only.
Please read important disclosures at the end of this commentary.

The bottom line: earnings should accelerate in 2024, and a strong earnings environment typically equates to higher stock prices. So, the market should retrace its steps back to late-2023 highs and press higher to new all-time highs this year.

What Could Go Wrong?

It seems pretty clear that there’s a lot of positive momentum and developments set to drive the stock market higher in 2024. But if we’ve learned anything over the past three years, it’s that events can pop up and quickly derail an otherwise strong market.

Just consider a chart that Gary Alexander, a Senior Writer at Navellier & Associates, pulled together to cover the biggest shocks of 2023:[6]

[6] https://navellier.com/12-27-23-twelve-or-more-reasons-to-expect-a-prosperous-2024/

Graphs are for illustrative and discussion purposes only.
Please read important disclosures at the end of this commentary.

So, what about 2024? Again, I don’t have a crystal ball—and no one knows exactly what the New Year holds for us. But, in my opinion, the one thing that could go wrong in 2024 are the proxy wars around the world.

The reality is that wars and military conflicts have the potential to disrupt commerce and re-ignite inflation. As an example, Iran threatened to “close” the Mediterranean Sea if fighting persists in Gaza. Iranian proxies have attacked Israeli and American facilities in the Middle East. In the Red Sea, British and American warships, as well as cargo ships, have taken fire from Houthi rebels in Yemen. The U.S. Navy even sank three Houthi rebel ships in response to a distress call from a merchant vessel.

These events have effectively forced the insurance industry to redirect ships away from the Red Sea—and that’s raising the price of liquified natural gas (LNG) and container goods. Flexport recently reported that 299 cargo container ships have changed course and will not travel through the Red Sea. That represents 50% of container traffic.

The war between the Ukraine and Russia also persists, but it is best described as a “stalemate” with both sides losing. Abnormally warm weather has allowed the fighting to continue, but several days of snow and severe winter weather are anticipated in the Ukraine. So, hopefully, fighting will diminish, and ceasefire talks will resume.

I should also add that global tensions are now in our hemisphere, too. Venezuela really wants a claim to Guyana’s crude oil production, which could rise to 1.2 million barrels per day by 2027. Venezuela ordered its state-owned oil company to issue licenses for extracting oil in Guyana’s Essequibo region, which represents two-thirds of Guyana.

In response to the Venezuelan threat to Guyana, the U.K. diverted a patrol vessel from Barbados to Guyana to conduct “engagements.” Guyana is a former British colony. It is inevitable that both the U.K. and U.S. will defend Guyana since major oil companies have an interest in the biggest oil discovery in decades.

Even though there’s a lot of chaos in the world—and it has the potential to derail the stock market—we can protect ourselves no matter what happens this year.

Our Best Defense Is Always a Strong Offense

Now that we better understand the potential tailwinds and headwinds for the market in 2024, it is time to prepare for what lies ahead. The fact is that I anticipate a lot of change this year, and the steps that we take today, at the start of a New Year, will likely determine if 2024 is a positive year for us.

In my opinion, investing in growth stocks is always the best—and first—course of action to setting your personal portfolios up for a successful year.

You may already know this about me, I’m obsessed with fundamentally superior stocks. What constitutes a fundamentally superior stock? Stocks with strong sales and earnings growth, as well as positive analyst revisions. In other words, my main focus remains on the stocks with accelerating earnings momentum, as they should outperform throughout 2024.

My fascination with growth stocks started back in the late 1970s during my college years at Cal State Hayward. I wanted to uncover how to beat the market without taking on too much risk—and what I discovered was that a select group of stocks can consistently outperform the S&P 500: stocks with superior fundamentals.

Today, I’m a self-proclaimed “number guys” because the numbers do not lie—and right now, the numbers are telling me that stocks with accelerating earnings and sales momentum are the best way to prosper in 2024.

Our best defense is always a strong offense of fundamentally superior growth stocks.

Let me break it down for you…

Here at Navellier & Associates, we believe in the power of a well-balanced portfolio. It can literally neutralize the stock market’s uncertainty and take advantage of unique growth opportunities the market throws our way. That’s why we encourage our clients to take a diversified approach to managing their investments—one that can include growth, income, and capital preservation strategies.

Growth Portfolios

These portfolios feature companies that are committed to growing their sales and earnings. Our growth portfolios are segmented by market capitalization, are actively managed, and seek inefficiently priced growth stocks with opportunities for long-term price appreciation. We screen for small- and large-cap companies that are consistently growing sales and earnings. Our team actively manages this portfolio to find undervalued growth stocks.

Income Portfolios

These offerings provide dividend growth and income opportunities with capital appreciation. At Navellier, our dividend and income portfolios strive for portfolio growth through securities with capital appreciation, strong dividend growth, and income opportunities. We seek out companies that have a history of growing and paying dividends. Most importantly, these dividend-paying companies have free cash flow to cover each dividend payment. This can make it much easier to have reliable income in retirement.

Capital Preservation/Defensive Portfolios

These portfolios aim to outperform in up markets and limit losses in declining markets by moving to cash or bonds. This asset allocation plan allows investors to play defense in a declining market. Our capital preservation strategies can help you mitigate steep market losses with defensive ETFs and covered calls. Defensive ETFs can serve this need as they shift to cash or bonds when conditions permit.

When you add up everything we have discussed today, you can quickly see the importance of having a diversified approach to managing your investments—one that can include growth, income, and capital preservation strategies. The power of a well-balanced portfolio cannot be overstated.

When you dive deeper into the details of our exclusive portfolios and strategies, you will see that many of them cross boundaries and can be combined to form an overall portfolio strategy. That portfolio can then be customized to your personal financial goals and risk tolerance.

To build a personal portfolio that strives to deliver returns, it is important to think about things such as your retirement goals, how long you have to reach those goals, and what your risk tolerance is … just to name a few.

At Navellier & Associates, our team is here for you. We will work with you to answer these questions and discuss a customized solution tailored specifically towards you and your retirement goals.

Right now, we are optimistic about 2024, especially given that it’s a presidential election year, that the Federal Reserve is on tracks to cut key interest rates at least three times ahead of the November election, and that earnings momentum will hit the gas this year.

But it’s important to note that not all stocks will participate. Growth stocks are stepping back into the spotlight since the earnings environment will improve dramatically this year—and I anticipate that they will grab the lion’s share of investors’ attention (and cash!) this year.

We can help you build a personal portfolio of the fundamentally superior stocks our analysts have identified in 2024. In fact, here’s a sneak peek at how we select stocks for each of our custom portfolio offerings…

Our Proprietary 3-Step Stock Selection Process

At Navellier & Associates, our system was built to find inefficiency in the market, uncover what we think are the market’s best growth stocks, and utilize a disciplined quantitative and fundamental analysis system to create a customized portfolio for individual investors.

Consider an example of the three-step proprietary stock-selection process that we utilize for most portfolios:

1. Quantitative Analysis: Using our proprietary screening process, we measure reward (alpha) and risk (standard deviation) indicators to the appropriate market capitalization range for each portfolio. We rank stocks based on the reward/risk measure and reduce the initial investment universe to a select bucket of stocks that fall into the upper percentiles of the reward/risk measure.
2. Fundamental Analysis: We then apply fundamental variable screens to the stocks with the highest reward/risk measures. This shines the spotlight on which companies have exceptional profit margins, excellent earnings growth (and positive earnings surprise potential!) and reasonable price/earnings ratios (based on expected future earnings).
3. Securities Optimization: We use a proprietary optimization model to maximize alpha, while minimizing portfolio standard deviation. This can efficiently allocate the stocks and create portfolios that are well diversified across sectors and industries.

Primarily, our goal with the three-step stock selection process is to develop portfolios that have a low correlation to their benchmarks, increasing diversification, decreasing risk, and maximizing profits for investors like you.

With the stock market broadening out and earnings improving, more sectors and stocks are finally starting to pop on my screens. So, we believe that now could be a good time for you to have a custom investment strategy that focuses on your financial goals and risk tolerance, as well as diversification.

Navellier & Associates can help you build your own customized portfolio strategy. We rely on our extensive research, trend analysis, customized strategies, and historic market knowledge to manage our client-only portfolios and help our clients take advantage of opportunities that are presented by market corrections—short and long-term—as well as raging bull market situations.

Our proprietary models are built to work on U.S.-based portfolios with a minimum account value of $250,000. If your portfolio meets these criteria, please contact my Navellier & Associates team. They are standing by ready to discuss your personal portfolio and investment strategy to help you make the most of 2023.

Schedule Your Portfolio Review Today

Need some help determining if your portfolio is well-balanced? We can help!

The first step is contacting us to set up a no-obligation portfolio review. This is our opportunity to get to know you a bit more. And don’t worry, there is never a charge for this portfolio review. If you decide you would like Navellier & Associates to manage your portfolio—or one aspect of your portfolio—we will discuss any management fees for that service.

If you decide you’d like to continue to manage things yourself, we hope that we have given you some important information to consider during your portfolio review.

We are not here to simply preach to you, but rather share information that we have gained from our extensive market research and analysis. We also want to know about you so that we can make the right suggestions for your personal situation.

Click here now to schedule your no-obligation portfolio review.

I’m confident that Navellier & Associates can help guide you to build a portfolio to navigate the current environment and help you achieve your individual financial goals in 2024!

All the best to you and yours,

Louis Navellier
Chief Investment
Navellier & Associates, Inc. │ Private Client Group

IMPORTANT DISCLOSURES

Any holdings identified do not represent all of the securities purchased, sold, or recommended for advisory clients and it should not be assumed that investments in securities identified and described were or would be profitable. Performance results presented herein do not necessarily indicate future performance. Results presented include reinvestment of all dividends and other earnings. Investment in equity strategies involves substantial risk and has the potential for partial or complete loss of funds invested. Investment in fixed income components has the potential for the investment return and principal value of an investment to fluctuate so that an investor’s shares, when redeemed, may be worth less than their original cost. It should not be assumed that any securities recommendations made by Navellier & Associates, Inc. in the future will be profitable or equal the performance of securities mentioned in this report.

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1. Compliance Statement – Navellier & Associates Inc. claims compliance with the Global investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Navellier & Associates Inc. has been independently verified for the periods January 1, 1995 through December 31, 2020. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. The Navellier Power Dividend Composite has had a performance examination for the periods January 1, 2015 through December 31, 2020. The verification and performance examination reports are available upon request.”

2. Definition of Firm – Navellier & Associates, Inc. is a registered investment adviser established in 1987. Registration does not imply a certain level of skill or training. Navellier & Associates, Inc. manages a variety of equity assets for primarily U.S. and Canadian institutional and retail clients. The firm’s list of composite descriptions as well as information regarding the firm’s policies for valuing investments, calculating performance, and preparing GIPS reports are available upon request.

3. Composite Description – The composite creation date is March 31, 2006. As of October 1, 2019, the Navellier Power Dividend strategy was redefined to include both wrap and institutional accounts to more broadly market the strategy. Prior to this date, only wrap accounts were included in the composite. The Power Dividend Composite name changed from the Power Dividend Wrap Composite to the Power Dividend Composite. The Navellier Power Dividend Composite includes all discretionary Power Dividend equity accounts and are managed with similar objectives for a full month, including those accounts no longer with the firm. The strategy is designed for aggressive investors seeking to capitalize on the best opportunities within the group of publicly traded companies that pay dividends. The strategy invests in U.S. listed securities with market capitalizations greater than $250 million that pay dividends. Statistical measures may be used in an attempt to identify unusual price movements in individual stock prices, which may result in higher-than-average turnover and cash positions for the portfolio. At any given time, the strategy may hold up to 15% in American Depositary Receipts (ADRs). Stocks in the strategy typically exhibit positive return on equity and positive return on assets, usually have higher free cash flow than what they pay in dividends, and are usually growing dividends faster than the rate of inflation. Typically, the strategy invests in approximately 15 to 30 stocks. The strategy may invest in smaller capitalization stocks that may trade fewer shares than larger capitalization stocks; the liquidity risk among these types of stocks may increase the strategy’s risk. Performance figures that are net of fees take into account advisory fees, wrap fees, foreign withholding tax, and any brokerage fees or commissions that have been deducted from the account. “Pure” gross-of-fees returns do not reflect the deduction of any trading costs, fees, or expenses, and are presented only as supplemental information. Performance results are total returns and include the reinvestment of all income, including dividends. The composite inception date is January 1, 2006. Valuations and returns are computed and stated in U.S. Dollars.

4. Management Fees – The management fee schedule for accounts ranges from 0.30% to 1.25% of assets under management; however, some incentive fee, fixed fee, and fulcrum fee accounts may be included. Wrap fee schedules are provided by independent wrap sponsors and are available upon request from the respective wrap sponsor. Wrap fees generally range from 100 to 200 basis points and include custody, trading expenses, and other expenses associated with the management of the account. There are zero commissions accounts included in the composite. The client is referred to the firm’s Form ADV Part 2A for a full disclosure of the fee schedule. Net performance is calculated using actual fees.5. Composite Dispersion – If applicable, the dispersion of annual returns is measured by the standard deviation across asset-weighted portfolio level gross returns represented within the composite for the full year.

6. Benchmark – The primary benchmark for the composite is the Russell 3000® Index. The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The secondary benchmark for the composite is the Standard & Poor 500 Index (“S&P 500 Index”). The S&P 500 Index measures the performance of approximately 500 companies listed on U.S. stock exchanges selected by Standard & Poor. These indices are considered reasonable measures of the general performance of the broad U.S. equity market. The returns for the Russell 3000® and S&P 500 indices include the reinvestment of any dividends. The asset mix of Navellier Power Dividend equity accounts may not be precisely comparable to the presented indices. Presentation of index data does not reflect a belief by the Firm that the Russell 3000® or S&P 500 indices, or any other index, constitutes an investment alternative to any investment strategy presented in these materials or is necessarily comparable to such strategies. As of June 2012, the Russell 3000 Index is listed as the primary benchmark because it is a better representation of the investment strategy. The S&P 500 Index has replaced the Russell 1000 Index as the secondary benchmark.

7. General Disclosure – GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. The three-year annualized standard deviation measures the variability of the gross composite and the benchmark returns over the preceding 36-month period. Actual results may differ from composite results depending upon the size of the account, custodian related costs, the inception date of the account and other factors. Past performance does not guarantee future results. Investment in equity strategies involves substantial risk and has the potential for partial or complete loss of funds invested. Results presented include reinvestment of all dividends and other earnings. The securities identified and described do not represent all of the securities purchased, sold, or recommended for client accounts. It should not be assumed that any securities recommendations made by Navellier & Associates, Inc. in the future will be profitable or equal the performance of securities made in this report. A list of recommendations made by Navellier & Associates, Inc. for the preceding twelve months is available upon request.

I acknowledge and represent that Navellier & Associates, Inc. is authorized and has my consent to call me at the phone number I provided in the registration.

Please note that Navellier & Associates and The Navellier Private Client Group are managed completely independent of the newsletters owned and published by InvestorPlace Media, LLC and written by Louis Navellier, and investment performance of the newsletters should in no way be considered indicative of potential future investment performance for any Navellier & Associates product.

I acknowledge that I have read the Disclosure Language above. Also I give Navellier and Associates, Inc. express written consent to contact me with any offers or promotions via the phone number listed, which may be a cell phone, business line, or residential line (including use of automated dialing equipment and pre-recorded calls). This consent is not a condition of receiving services from Navellier & Associates Inc.

Past performance does not guarantee future results. Investment in equity strategies involves substantial risk and has the potential for partial or complete loss of funds invested. Investment in fixed income components has the potential for the investment return and principal value of an investment to fluctuate so that an investor’s shares, when redeemed, may be worth less than their original cost.

IMPORTANT NEWSLETTER DISCLOSURE: The hypothetical performance results for investment newsletters that are authored or edited by Louis Navellier, including Louis Navellier’s Growth Investor, Louis Navellier’s Breakthrough Stocks, Louis Navellier’s Accelerated Profits, and Louis Navellier’s Platinum Club, are not based on any actual securities trading, portfolio, or accounts, and the newsletters reported hypothetical performances should be considered mere “paper” or proforma hypothetical performance results and are not actual performance of real world trades. Navellier & Associates, Inc. does not have any relation to or affiliation with the owner of these newsletters. There are material differences between Navellier Investment Products’ portfolios and the InvestorPlace Media, LLC newsletter portfolios authored by Louis Navellier. The InvestorPlace Media, LLC newsletters contain hypothetical performance that do not include transaction costs, advisory fees, or other fees a client might incur if actual investments and trades were being made by an investor. As a result, newsletter performance should not be used to evaluate Navellier Investment services which are separate and different from the newsletters. The owner of the newsletters is InvestorPlace Media, LLC and any questions concerning the newsletters, including any newsletter advertising or hypothetical Newsletter performance claims, (which are calculated solely by Investor Place Media and not Navellier) should be referred to InvestorPlace Media, LLC at (800) 718-8289.