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Market Cycle Investment Management “Life Cycle” Portfolios Follow The MCIM Road… to a More Market Cycle Investment Management “Life Cycle” Portfolios Follow The MCIM Road… to a More Secure Retirement Income An Interactive Discussion with Professional Investor: Steve Selengut Author of: The Brainwashing of the American Investor

Disclosure ~ Disclaimer The information in this presentation is intended by Kiawah Golf Investment Disclosure ~ Disclaimer The information in this presentation is intended by Kiawah Golf Investment Seminars for the use of the individuals or entity to which it is presented, and may contain information that is privileged or otherwise confidential. Any mention or listing of securities, security symbols, or other individual investment entities are not to be considered specific buy, sell or hold recommendations. All performance illustrations are hypothetical. No information, ideas, suggestions, or thoughts expressed in any communication from Steve Selengut should ever be interpreted as legal or tax advice. . . EVER! Additionally, The Brainwashing of the American Investor is not a brochure of any kind or a promotional piece designed to sell any product. It is the sole property of author Steve Selengut and is simply a description and explanation of the methodologies, strategies, and procedures that are used within the Market Cycle Investment Management methodology, which is also the exclusive property of Steve Selengut.

Think About ‘Ems • Economic, market, & interest rate cycles impact the market value Think About ‘Ems • Economic, market, & interest rate cycles impact the market value of investment portfolios. . . and what is happening to the projected retirement income? • Most investment programs, especially IRAs, 401(k)s, & “target” funds ignore retirement income planning entirely. • Recent retirees are victims of the lowest interest rates in modern history… and the “pension” impact is? • “Life Cycle” portfolios prevent income “ageda” by growing portfolio “Base Income” annually. Base income is? • “Life Cycle” portfolios use cost-based asset allocation to assure regularly growing, income purpose, “Working Capital”. Could this have saved the private pension system? • “MCIM Life Cycle” portfolios “QDI” trading disciplines take advantage of both rising and falling market prices.

Equity Market Cycles vs. Income Equity Market Cycles vs. Income

What You Should Expect From an “MCIM Life Cycle” Program • • • Preparedness What You Should Expect From an “MCIM Life Cycle” Program • • • Preparedness for Corrections Higher MV Lows During Corrections Income Stability & Dependability Faster Moves to New MV Highs Annual “Working Capital” Growth Annual “Base Income” Growth • No Major Disappearing Profits - EVER!

Five Steps to a More Secure Income Investment Future • Develop an investment plan Five Steps to a More Secure Income Investment Future • Develop an investment plan • Apply risk minimization techniques • Manage the “Income Bucket” • Manage the “Equity Bucket” • Exorcize the Wall Street Demons

Risk Minimization Techniques ~ Both Buckets • “Cost Based” Asset Allocation • Security Selection Risk Minimization Techniques ~ Both Buckets • “Cost Based” Asset Allocation • Security Selection Rules • Diversification Rules • Income Rules • Profit Taking Targets

MCIM Asset Allocation using the Working Capital Model Capital Gains & Dividends Cost Based MCIM Asset Allocation using the Working Capital Model Capital Gains & Dividends Cost Based Equity Bucket % Dividends Cost Based Income Bucket % Capital Gains & Interest

High Quality Growth & Income: “Life Cycle Portfolios” • MCIM Max - 70 Equity High Quality Growth & Income: “Life Cycle Portfolios” • MCIM Max - 70 Equity – From day 1 through age 45 or 50 • MCIM 50 Equity ~ 50 Income – From age 45 – 50 until retirement - 5 • MCIM Max - 20 Equity – Within 5 years of retirement – New plan participants (small portfolios) – Low risk tolerance participants

Managing Equity Portfolios • Identify Selection Universe (IGVSI) • Equity CEFs & REITs • Managing Equity Portfolios • Identify Selection Universe (IGVSI) • Equity CEFs & REITs • QDI Rules and Standards • Rules for Buying: Macro and Micro • Setting Profit Taking Targets • Keeping Your Eye on The Ball

Interest Rate Expectations (IRE) Interest Rates And The Credit Environment Market Value Of Income Interest Rate Expectations (IRE) Interest Rates And The Credit Environment Market Value Of Income Securities

Interest Rate Expectations IRE Sensitive Securities • More emotional/transaction mistakes than in Equity Investing Interest Rate Expectations IRE Sensitive Securities • More emotional/transaction mistakes than in Equity Investing • All Portfolios Become Retirement Portfolios – Eventually • The IRA/401(k) Trap --- solved by ? • Fixed Income = Fixed Market Value? • Credit Market Trumps IRE: an example?

Retirement Income Portfolios • Reasonable Yield Assumptions? • Intellectual & Emotional Blinders • Total Retirement Income Portfolios • Reasonable Yield Assumptions? • Intellectual & Emotional Blinders • Total Return vs. Total Realized Return • Keep Your Eye On the Ball ? ? ?

Notes on Income Investing • The primary purpose of income securities is income • Notes on Income Investing • The primary purpose of income securities is income • More income is most often better than less income • Market value change most often has NO impact on income produced… nadda! • Income security prices normally vary inversely w/“IRE” • Seek out longer-term, investment-grade securities for higher yields • Focus on cost basis, not on market value --because? • Invest in tradable (liquid) income securities called Managed Closed End Funds

Income Portfolio Trading Guidelines • Generating income is job one; it’s OK if you Income Portfolio Trading Guidelines • Generating income is job one; it’s OK if you never take a profit • When prices rise, take profits: think “a year’s interest in advance, compounded” • When prices fall, add to your position, increasing yield and reducing cost basis • The same trading rules apply to all income securities, individual, and CEFs; its just so much easier using closed-end funds

Income Portfolio Performance Measurement • Focus on Growth of “Base Income” • Focus on Income Portfolio Performance Measurement • Focus on Growth of “Base Income” • Focus on overall growth in “Working Capital” • • Do NOT focus on market value Do NOT compare with market indices Do NOT think in calendar year terms Understand: trading profits are always “gravy”; “unrealized” and “total” returns are of no value whatsoever… EVER!!!

MCIM “Life Cycle” Suit of Armor • We have an Investment Plan • We’ve MCIM “Life Cycle” Suit of Armor • We have an Investment Plan • We’ve minimized our risk • We’ve adopted (adapted to) a methodology that supports our plan & grows our income • We have a cycle/reality-based operating system • We understand the primary purpose of our “two classes of securities” • We have valid performance expectations and rational measurement yardsticks • We have a disciplined buy and sell process

High Quality Growth & Income: “Life Cycle Portfolios” • MCIM Max - 70 Equity High Quality Growth & Income: “Life Cycle Portfolios” • MCIM Max - 70 Equity – From day 1 through age 45 or 50 • MCIM 50 Equity ~ 50 Income – From age 45 – 50 until retirement - 5 • MCIM Max - 20 Equity – Within 5 years of retirement – New plan participants (small portfolios) – Low risk tolerance participants

Questions? Steve’s Contact Information • email ~ phone: sanserve@aol. com ~ 800 -245 -0494 Questions? Steve’s Contact Information • email ~ phone: [email protected] com ~ 800 -245 -0494 • Information Websites: • Educational Programs - Kiawah. Golf. Investment. Seminars. net • Market Stats & Analysis – Value. Stock. Index. com • MCIM Account Info - Market. Cycle. Investment. Management. com • BOOK: “The Brainwashing of the American Investor”