ELM Advisors, LLC does not warrant the accuracy of the materials provided herein. Although the information provided is from sources we believe to be reliable, we do not guarantee the accuracy or timeliness of any information for any particular purpose. This information is for information purposes and does not constitute a recommendation for the purchase or sale of securities. Individual investment decisions should be made on the basis of each investor’s financial condition, suitability and risk tolerance. Investments may be volatile and can involve the loss of principal. Past performance is no guarantee of future returns. ELM Advisors and its employees may trade for their own accounts in any of the securities of issuers mentioned herein or in related investments. ELM Advisors does not undertake to provide clients with tax, legal or accounting advice and clients are admonished to consult their own attorneys and accountants for determining the tax, legal and accounting consequences of investments made on their behalf.