Investments in model strategies have additional management fees and expose the investor to the risks inherent within the model and the specific risks of the underlying funds directly proportionate to their fund allocation. Cash Equivalents – There are risks associated with these investments including credit risk, interest rate risk shortfall risk and loss of purchasing power due to inflation. International Markets – The risks associated with investing on a worldwide basis include differences in regulation of financial data and reporting, currency exchange differences, as well as economic and political systems that may be different from those in the United States. Emerging Markets – International investing involves special risks not found in domestic investing, including increased political, social and economic instability. Investing in emerging markets can be riskier than investing in well-established foreign markets. Corporate Bonds – There is risks associated with fixed income investments, including credit risk, interest rate risk, and prepayment and extension risk. In general, bond prices rise when interest rates fall and vice versa. This effect is usually more pronounced for longer-term securities. Non-investment-grade securities, commonly called “high-yield” or “junk” bonds , generally have more volatile prices and carry more risk to principal and income than investment grade securities. U.S. Government Bonds – Although backed by the full faith of the government, there are risks involved to include: relative yield risk, reinvestment risk, inflation risk, market risk, selection risk, timing risk, legislative risk, duration risk and call risk Foreign Bonds – These are issued by governments or corporations located outside of one's domestic market and trade on foreign financial markets. Also, as one may expect, these bonds most often trade in the currencies of their domestic markets. A strong move by the U.S. dollar against the foreign currency would reduce the effective interest/principal payment you would receive after conversion. As such, it is important when investing in foreign bonds to understand this risk and evaluate the likely move of the relevant currencies before purchase. Default risk is of particular concern for foreign bonds that are issued in less industrialized countries or nations where there is considerable political strife. Under these conditions, interest rates and monetary policy can fluctuate more widely than in more established countries. Alternative investments- These provide investors with exposure to markets and investment strategies that cannot be accessed through traditional fixed income and equity markets (such as real estate, commodity or natural resources). Investing in these investments is speculative, not suitable for all clients, and intended for experienced and sophisticated investors who are willing to bear the high economic risks of the investments. Commodity based instruments- While IPCM does not invest directly in any commodity contracts these are created to reflect, at any given time, the market price of the commodity owned by the instrument at that time less expenses and liabilities. The price received upon the sale of the shares, which trade at market price, may be more or less than the value of the commodity represented by them. Commodities markets have historically been extremely volatile, creating the potential for losses regardless of the length of time the shares are held. Commodity futures trading may be illiquid. In addition, suspensions or disruptions of market trading in the commodities markets and related futures markets may adversely affect the value of your shares. Managed futures- While IPCM does not invest directly in any futures contracts, these investments involve significant risks, including the following: An investor could lose all or a substantial part of his or her investment. There is no guarantee that an investment of this type will achieve its objectives. Managed futures typically have high fees and expenses offset trading profits and reduce returns. Managed futures investments involve the use of significant leverage that may increase the risk of investment loss. Managed futures are not subject to the same regulatory requirements as many common investments. An investment in managed futures may be illiquid. A substantial portion of the trades executed with respect to managed futures investments may take place on foreign exchanges. Global Macro- While IPCM does not invest directly in any global macro strategies’ this strategy takes positions in financial derivatives, on the basis of forecasts and analysis about interest rate trends, movements in the general flow of funds, political changes, government policies, inter-government relations, and other broad systemic factors. For example, if a manager believes that the U.S. is headed into recession, then he or she might short sell stocks and futures contracts on major U.S. indexes or the U.S. dollar. Some global macro strategies may be illiquid. Real-estate based instruments are created to reflect, at any given time, the market price of the real estate owned by the instrument at that time less expenses and liabilities. The price received upon the sale of the shares, which trade at market price, may be more or less than the value of the real estate represented by them. Declines in the value of real estate, economic conditions, property taxes, tax laws and interest rates all present potential risks to real estate investments. Real estate markets have become increasingly volatile, creating the potential for losses regardless of the length of time the investments are held. Investing involves risk, including loss of principal. Investment returns, particularly over shorter time periods are highly dependent on trends in the various investment markets. An investor's shares, when sold, may be worth more or less than the original purchase price. Investment advisory services offered by Brecek and Young Advisors Inc., an SEC Registered Investment Advisor. Iron Point Capital Management (Iron Point) is the marketing name of the asset allocation and management services provided by Brecek and Young Advisors, Inc. Iron Point is not a separate company. Brecek and Young Advisors Inc. is affiliated with Securities America Inc. member FINRA/SIPC.