The Landstreet Lens

Entertaining commentary on data from the U.S. economy, capital markets, and government policy.

Disclosures:

The content of The Landstreet Lens may not be distributed, transmitted, or otherwise communicated to others, in whole or in part, without the express consent of N3L Capital Partners (together with its affiliates, "N3L").

Unless otherwise noted, information included herein is presented as of the dates indicated. N3L makes no representation or warranty, expressed or implied, with respect to the accuracy, reasonableness, or completeness of any of the information contained herein, including, but not limited to, information obtained from third parties or government sources, which is subject to revision by the source agency. Opinions, estimates, and projections constitute the current judgment of the author as of the date indicated. They do not necessarily reflect the views and opinions of N3L and are subject to change at any time without notice. N3L does not have any responsibility to update the information to account for such changes. There can be no assurance that any trends discussed herein will continue.

Nothing herein constitutes an offer to sell, or the solicitation of an offer to buy, any security, product, or service, including any interest in any investment product or fund managed or advised by N3L. Investments in a private fund can be made only pursuant to such fund's subscription documents and private placement memorandum and only after careful consideration of the risk factors set forth therein. Investments entail significant risks and are suitable only for certain investors as part of an overall diversified investment strategy and only for investors able to withstand a total loss of investment. Past performance is no guarantee of future results.

Certain statements herein may be "forward-looking" in nature. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements, and undue reliance should not be placed on them. Forward-looking statements may be identified by terminology such as "may," "will," "should," "expect," "anticipate," "project," "estimate," "intend," "continue," or "believe," or the negatives or other variations thereof.

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