Chao & Company, Ltd. is an investment adviser registered with the U.S. Securities and Exchange Commission. You should not assume that any discussion or information contained in this commentary serves as the receipt of, or as a substitute for, personalized investment advice from Chao & Company, Ltd. It is published solely for informational purposes and is not to be construed as a solicitation nor does it constitute advice, investment or otherwise. A copy of our written disclosure statement (Form ADV Part 2A) regarding our advisory services and fees is available upon request. Our comments are an expression of opinion. While we believe our statements to be true, they always depend on the reliability of our own credible sources. Past performance is no guaranty of future returns.