The information contained in this article represents Investment Management Associates’s (IMA) opinions, and should not be construed as personalized or individualized investment advice and are subject to change. Past performance is no guarantee of future results. Vitaliy Katsenelson, CEO and CIO, wrote this article. It should not be assumed that investing in any securities mentioned above will or will not be profitable. Portfolio composition is subject to change at any time and references to specific securities, countries, industries and sectors in this letter are not recommendations to purchase or sell any particular security. Current and future portfolio holdings are subject to risk. In preparing this document, IMA has relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. A list of all recommendations made by IMA within the past twelve-month period is available by clicking here.