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Rules of the Road

I don’t want you to put money into the Jubak Global Equity Fund unless you feel that you can trust me to do the very best job that I can for you. Trust is what will preserve this relationship through the inevitable bad times in the markets. Trust is what will make it possible for you to stay on board for the long term.

And trust is what will get you to send me a second and a third check, and recommend this Fund to your friends.

Trust is the best policy for you and for me.

But I don’t assume that you’ll just grant me your trust because I ask for it.

I expect to have to earn it in the way that I run the Fund.

Here are some explicit promises to you from me.

The Fund Comes First.

As you probably know, I do a lot of writing and speaking. But my duties to the Fund come first. My best ideas will be enacted in the Fund before they’re published (or spoken about) anywhere. I’ll wait for at least three days after I’ve substantially finished buying or selling for the Jubak Global Equity Fund before I buy or sell a stock for any of my online portfolios.

I eat my own cooking.

I’ve got a big chunk of my own money is this Fund. Not all of it. Not all of my financial goals fit the Fund, just as not all of yours do. But from Day One I’ve invested enough money in the Fund so that my personal interests are aligned with yours. We both want the Jubak Global Equity Fund to do well.

I don’t buy or sell ahead of my investors.

I don’t buy shares in a stock before I buy it for the Fund. And I don’t sell shares personally before I sell a stock for the Fund.

I don’t own positions in stocks that are in the Fund in personal accounts outside of the Fund.

This took a little doing in the days before this Fund opened for business, but I’ve sold all the shares I held in personal accounts that might have been in the initial Fund portfolio or that I was even thinking about buying for the Fund in the future. I’ve pretty much sold everything in my personal accounts except for stocks that don’t fit the parameters of this Fund and shares in other mutual funds or ETFs.

I don’t short stocks.

Ever. There’s nothing wrong with shorting a stock, but being successful at shorting is an art all its own —and one that I don’t think I’ve mastered. In addition, shorting is a highly emotional issue for many investors and I get more than enough grief as it is, thank you very much, when a purchase goes bad.

I don’t use derivatives of any kind. (No MSG either.)

The Jubak Global Equity Fund is, by design, a very simple fund. I may invest in obscure companies in exotic markets but I only buy and sell stocks and stock-like assets (such as master limited partnerships, for example.) That’s it.