Market Commentary The Pelican Bay Group

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1 Market Commentary The Pelican Bay Group 1Q2019 The Pelican Bay Group at Morgan Stanley Earning season is here. For the next few weeks we will be inundated with reports from across the globe. All indications point to slower earnings per share (EPS) growth for 4Q2018 and more of the same heading into No one doubts the importance of these reports. As growth prospects dwindle, the animal spirits driving year after year of market gains diminish as well. As important as earnings are, they are not the only concern on our radar screen. Although not getting the same amount of air time as earnings, our attention has turned to the consumer. We concede recent jobs reports continue to be quite strong, but none the less, confidence appears to be rolling over Pittsford Victor Rd. Building 200, Suite Fifth Avenue, 11 th Floor New York, NY Market Street Suite 600 Denver, CO North Military Trail Suite 300 Boca Raton, FL N Main. Sheridan, WY Visit our website: Contact us please call: (800) Portfolio Management Team The Pelican Bay Group assists high net worth individuals and institutional clients in meeting their financial objectives by offering customized portfolio management strategies. The Pelican Bay Group, a team of Morgan Stanley s, has four experienced portfolio managers covering an array of disciplines and offering a variety of strategies designed to optimize risk to help meet their clients investment objectives. These investment styles are offered as fully discretionary strategies with a comprehensive fee based on the asset value being managed. The team currently manages over $2 billion in client assets. Source: Morgan Stanley GIC Weekly As the chart shown above illustrates, economic uncertainty appears to be taking its toll on confidence. When we add political uncertainty both home and abroad to the mix, we suspect confidence readings could shrink even further. The important point here is the timing between cause and effect. As the chart also shows, the increase in uncertainty was nearly simultaneous with the drop in confidence. The real world take away is as follows: If consumers feel their financial situation could be worse in the coming months or years, you can bet it won t take long for their concern to translate into reduced spending. We believe this is at least partially responsible for the slowdown in earnings growth and, by extension, the recent market pullback. To illustrate this point, we used the St. Louis Fed s charting capability to overlay their consumer opinion survey (blue) onto the S&P 500 price performance (red). After riding high for years, confidence measures suddenly rolled over in the middle of Not long after, the S&P500 followed suit. A similar patter can be seen on this chart back in mid-2014 and early We are not saying confidence is the sole reason for the market downturn, but, at minimum, it sure does look like a fairly reliable leading indicator.

2 Source: St Louis Fed From the above charts, it is clear that confidence measures can and do move around quite a bit. It is hard to be sure if what we are seeing now is a definite change in attitude rather than just another one of the many bumps in the trend line; nevertheless we are sure of the indicators importance. The consumer s influence on housing, retail, banking, credit and other sectors is hard to ignore. In all, nearly 70% of the economy dependent on the consumer so there is definitely sufficient reason to follow this closely. Russell Smith, CFA/MBA It s Still Time In the Market that Matters Mark Ryan A number of clients have asked about their December Client Statement (year-end). The month of December, to say the least, was highly volatile and the returns were negative. In many or most cases, it totally erased the returns for their entire year. The most well-known indexes, the Dow Jones Industrial Average, S&P 500 and NASDAQ Composite finished down -8.59%, -9.03% and -9.48% respectively for the month of December! However, as jaw-dropping as the plunge was from late September through late December, so too was the rally in the first ten trading days since the low. As the S&P chart below illustrates, after declining close to 20% in three months, the S&P 500 was on pace to close +10% off the lows in the span of just ten trading days! The point is that every day matters. It is during these volatile times that we must remind ourselves that trying to time the market rarely works. As always, it s TIME IN the market, not TIMING the market that really matters.

3 Source: Bespoke Investment Group, LLC The biggest threat to your investment portfolio is emotion. More money can be lost to how you respond (fear and greed) than to all of the economic, geopolitical and financial events combined. It s not the events themselves, but how the average investor responds to the event that causes the greatest harm to their returns. In fact, as the chart below demonstrates, the average investor hasn t come close to beating the S&P 500 index and doesn t even beat inflation for the 30 year period ending in Source: ClearBridge Investments We think one of the best ways to avoid emotion-driven mistakes is to meet regularly with your advisor and have open conversations about the makeup of your investment portfolio. It s important to have a properly diversified portfolio and, we believe, to own quality assets both stocks and bonds. If you haven t already done so, speak with your advisor about preparing a financial plan or even a retirement projection to determine how long your assets will last. Discuss the amount of risk that you re willing to take and the returns that you ll need to last you through your retirement years. The plan should be a flexible, fluid instrument that changes over time along with your situation. Some well thought out planning now may prove to be invaluable for your financial future. Corporate Earnings: Data and Facts Matter Jennifer Hartmann Bring on 2019! There is no lack of excitement as we turn the calendar ahead. As investment advisors and portfolio managers we are following and analyzing many moving pieces. Will the Federal Reserve continue to hike rates and how quickly? What impact will a trade war have? How long will the government shutdown last? In times when we are a tweet or a press conference away from unprecedented market movements, nothing matters - until it does. Specifically, what is the impact on our clients stock and bond portfolios? Where should we be positioned now? Our goal is to make money for clients without taking on unnecessary risk. When we discuss these things as a team, we often frame our approach as liking what we own. There is no substitute for high quality, when managing both stock and bond portfolios. In addition to the big picture questions above, one of the most relevant (and super interesting!) things that we consider are quarterly earnings that companies report. Earnings season starts the second week in January. There are two basic aspects to company earnings.

4 The first is how did the company do last quarter based on their earnings per share or EPS. This is math. It is not always simple but it is quantifiable and explainable. Basically, take the money earned from sales, subtract the costs of those sales and divide that dollar amount by the number of publicly traded shares outstanding. ( ) The result is the earning per share. Were these earnings what the company expected? If not, why not? How did they make money? Was it because they sold a record number of exciting new widgets or was it because they cut costs or laid people off? By the time you read this, most or all 4Q2018 company earnings will be out. So there will be some recent headlines to compare. The second, forward guidance. Let me explain:most companies estimate (give guidance about) what they expect to earn in the next quarter and even over the next year. Comments around expectations can often have a meaningful impact on the price of the stock. What happened last quarter is already old news; it is the outlook for the future that counts. ( ) If you take ONE action based on reading this market commentary take the time to actually listen to an earnings call anyone can listen. Excuse the enthusiasm, but we love this and it is so compelling! Start with your favorite earnings calendar: ( Pick a company you like. Maybe you own their phone, maybe your son or daughter works there, maybe you wear their clothes. Then, go to the company s website, search for earnings or investor relations. Information on how to access the call should be easy to find. Then listen to the earnings call live or recording. Why listen? You can hear the tone and inflection in the voice of the presenter, who is often the Chief Financial Officer or President or CEO. This is the part we love. What you will hear are mostly very polished senior managers reading from a script that has been vetted by teams of legal and compliance people. However, the tone and inflection come through, which is fascinating but more important, you can often gain valuable insight from it. Humans are humans after all. Some key topics we are listening for explanations on this earnings season are: the impact of tax reform, and trade war(s) as well as comments about expected growth. Many companies will not be impacted positively. Just how much remains to be seen and how much of this is the market pricing in? Earnings are one important factor that propels markets. At the end of the day, data and facts matter. The markets have been through a lot, and may need more time to make progress from here. Our job is to provide thoughtful advice to our clients. Know that we appreciate the opportunity, have our sleeves rolled up and are working hard every single day. Dealing with Market Declines Bill Vanden Brul It is a natural instinct for investors to flee the stock market when it drops and to jump back in when it skyrockets. Both can have a negative impact on your financial wellbeing. Below we ve outlined several strategies to help you deal with market volatility. Make sure that you are comfortable with your investments. If watching your balances fluctuate is too nerveracking and keeps you up at night, consider reevaluating your investment mix to one that feels right to you. Consider reducing the percentage that you have in aggressive stocks and allocate more to dividend paying stocks and bonds. Review your financial plan during market declines to make sure that you re still on track to meet your retirement goals. If you re already enjoying retirement, review your plan to ensure that you can still meet your spending goals in retirement. During times of market declines, review your expenses for ways to reduce your spending and withdrawals while the market is down. You can always increase your withdrawals when the markets recover. Remember that market declines are part of investing. While they may be upsetting, history tells us that the stock market has been able to recover from declines and still provide investors with positive returns over the long-term. Don t try to time the market. Stay invested. Missing just a few of the best days in the market can hurt your returns. No one can accurately predict short-term market moves, and investors who sit on the sidelines risk losing out on periods of meaningful price appreciation that typically follows market downturns. Diversify your investments. A diversified portfolio doesn t guarantee profits or provide assurances that investments won t decline in value, but it does lower risk. By investing in a mix of stocks, bonds and cash, you may lower your risk because you re not overexposed to any one type of investment. Investing in small, mid-sized and large company stocks provides exposure to companies of various sizes. Consider allocating a portion of your investments to international

5 or global stocks because markets outside the US often move in their own market cycles different from US stocks. Ideally, a decline in one type of asset will be balanced out by gains in another. Reduce volatility with fixed income investments. Bonds can offer protection from losses even when the broader market is in turmoil. Bonds can help create durable portfolios, and investors should seek bond funds with strong track records of positive returns through a variety of markets. Though bonds may not be able to match stocks growth potential, they have shown resilience in past equity market declines. Stick to your investment plan. Creating and adhering to an investment plan is another way to avoid making shortsighted investment decisions. If you re investing regularly through a company 401(k) plan, don t stop when the market is down. When the market is up, your dollars buy fewer shares of a stock or fund; when the market drops, the same dollar amount will buy more shares. This way of investing, also known as dollar cost averaging, won t guarantee a profit or protect against a loss, but over time a regular fixed dollar investment may result in an average price per share that s lower than the average market price, assuming you invest through both up and down markets. Add to stocks after large drops if you have available cash. If you start to buy after a significant decline it s best to do it gradually averaging in over a few weeks. It s natural for emotions to elevate during periods of market volatility. Those investors who can tune out the news and short-term noise are better positioned to plot out a wise investment strategy and more likely to reach their investment goals. Three Questions to Ask When Reviewing Your Stock Option Plan Shelley Ford I recently had a meeting with a terrific person who was in the midst of trying to understand her executive compensation as she was potentially going through a divorce. Her main issue was not only that the mediator was fairly confused as to the actual benefit of the executive compensation (and how it would affect her overall net worth), but the executive herself was very unclear as to what and how she would eventually be compensated through the company s plan. This is not uncommon. Executive compensation can be very confusing even to the most financially savvy individuals. This compensation can be even more difficult to understand if you are an executive of a privately held company. Not only is this an important issue for someone going through a divorce, it s especially important to understand your executive compensation when negotiating the opportunity for a new career. Executive compensation can range from salary and incentive bonuses to contingency payments. Stock Options (definition: the right, but not the obligation, to buy a share of the company at some point in the future at an exercise price) are typically difficult to navigate for many executives. Here are a few questions that you should ask about a stock option plan that will help you better understand how it will affect your overall compensation. 1. How is the company determining the current stock price? This is going to be especially important in companies that are privately held. Is the company doing this with a third party independent appraisal or is the price set by the board of directors? If set by the board of directors, make sure you examine or understand the reasoning behind that valuation. In my friend s case, her privately held stock market price was being quoted at 100 times more than the largest publicly traded company on the street. There might be good reason for this, but it s always good to understand it. When you review this information, it s also important to look at the option relative to the preferred stock price. Additionally, you should see (in the case of a privately held company) a discount from your option vs. the organization s preferred price. Why? This is because as investors come into the company they receive preferred stock which is the value of the organization at the time of the investment. For example, let s say an investor puts $5 million into a company which is $5.00 per share (of preferred stock). So, you would find that the common stock is worth significantly less. As an example, you could see that your options strike price may be as little as $1.50 per share. At any rate, you should notice a discount from preferred to common to option strike prices. 2. What is the vesting schedule? Generally it takes a number of years before you can exercise options. An average vesting schedule is four years. 3. What percentage of the company do the options offered actually represent? Often, executives get excited about the sheer number of options when they really need to understand what that means in terms of the percent of ownership. Is it better to have 1,000 options or 10,000 options? Well, it all depends on the number of outstanding shares. If I own 1,000 options of an organization that only has 20,000 shares outstanding, then I own 5 percent of the company. If I own 1000 shares of an organization with 200,000 shares outstanding then I only own.5 percent of the company.

6 These are all questions that your human resource manager or C-level should be able to answer so that you have a better feeling for your potential private net worth. Faster-Cheaper-Better Stephen Stribling, CPM Last Saturday, my wife Amber and I returned to Colorado on a redeye flight. We landed in Denver at 5:30am exhausted. Fighting sleep on the drive home, I checked messages on my cell phone and surfed the web. Within five minutes of crossing the threshold, I hear Amber say Wi-Fi and cable are down. Hit the panic button! How am I going to prepare for work next week? How am I going to check ? What about this weekend s games? Plugs were pulled. Input lines were checked. The cable running into the house was inspected in the freezing weather to no avail. I was forced to gulp call the cable company where after an hour of working with the technician I hear the dreaded, Sir, your cable and internet are down. We are going to have to send a technician out. The first available appointment is for tomorrow between three and five. Thirty-six hours in purgatory. My lack of connectivity allowed me to reflect on how much technology has changed our lives. When I was in my twenties the new technologies were personal computers, GPS, game consoles and the beginning of mobile phones. My children s generation was introduced to , digital cellular, the World Wide Web, text messaging and Google. Millennials in their twenties are embracing Facebook, Uber, Airbnb, electric cars, online dating the list goes on. What does each of these technological innovations do? They make things Faster, Cheaper and Better. The personal computer made complex computations faster and much more accurate, which saved immense amounts of time. It offered word processing where spelling could be automatically corrected, revisions made, and edits all on the machine, eliminating retyping, and, when complete, multiple copies could be quickly printed. sped up communication allowing access to multiple recipients at the blink of an eye. Today, video streaming allows us to bring entertainment into our home at any time. It allows us to watch a demonstration on how to fix or do almost anything at the click of a button Faster, Cheaper and Better. So what about the not so distant future? Here are some things that may be around the corner. Self-driving mobility. We have all heard about self-driving automobiles but what about self-driving semis, taxis, buses, airplanes? All of these are in development and are being tested in real time today. Studies have shown that the majority of accidents on our highways are caused by humans. What if these human errors were eliminated? Faster commutes, the ability to work, study or stream video on your daily drive with fewer accidents and cheaper insurance. Cross country travel would be 24/7. The movement of goods across the country would be faster with less chance of accidents and probably more secure. Need a ride to the airport? Uber has a concept of electric, self-flying taxis that can fly 25 mile missions for three hours. What about self-driving agriculture equipment? Twenty four hour planting, harvesting, fertilizing Faster, Cheaper and Better. Drones. Drones are already being used in the military and for a variety of civilian applications such as real estate and wedding photography. Companies are in advanced planning to use drones for deliveries from warehouses or restaurants to homes and businesses (Amazon and Dominos) in an effort to improve delivery time, consume less fuel, and reduce the chance of accidents. Imagine drones monitoring and directing traffic. A series of drones could be deployed on search and rescue missions allowing more geographic coverage, which would be much less expensive than traditional ship/helicopter sorties and could potentially offer faster results. Wild fire assessment, crop spraying, precision agriculture, oil pipeline inspections all could be done by drones. How many man hours will this save? How much money will be saved compared to current methods? How much faster can you spot a pipeline leak that s fueling a forest fire Faster, Cheaper and Better. Medicine. Computers are already being used for analyzing x-rays with incredible accuracy. At this year s Consumer Electronics Show (CES) a surgical glove was demonstrated that allowed a surgeon to direct a robot arm to perform surgery from miles away over 5G. As technology develops, it is very possible that a computer will be doing surgery that is less invasive, more accurate, faster, and with a lower infection profile; shortening recovery time, hospital stays and drug costs. Healthcare today is expensive. Eighty percent of healthcare costs are spent on fixing the problem rather than preventing it. What if MRIs, CAT scans, and other imaging technology gets so accurate that they can spot potential problems at the cellular level. What if a drug can be pinpointed to that exact group of cells to destroy the problem cells and not affect the surrounding area? Current genomic studies are identifying potential health issues from the molecular level. What if doctors can manipulate the problem gene to reverse say lung cancer before it occurs? This flips healthcare to 80 percent preventative and 20 percent therapeutic Faster, Cheaper and Better.

7 I am not even scratching the surface of what technology will be in the not too distant future. Technology will, as it has in the past, provide enormous personal, social and financial benefits. There will be opportunities in fields we have not even thought about today and it will be Faster, Cheaper and Better. Taking on the Role of Caregiver Cindy Walker-Laroche According to the most recent statistics from the National Alliance for Caregiving and AARP, 34.2 million people provided unpaid care to an aging adult in the last 12 months. These people are spouses, adult children, friends or neighbors. Many of these people may not realize that this new role can impact their life both personally and financially. Twenty years ago I found myself in the same situation in a flash of a minute. My father suffered a stroke that ended his life. My life would never be the same. My new role was taking care of my aging mother. Because finances were so tight my sister and I knew that we would never have enough money to care for my mother until the end of her life, but we were able to purchase a long term care policy for her when care was needed. Although there have been many challenges and hurdles caring for her these past 21 years, my sister and I are thankful every day for making the best financial decision of our lives. Through all of the falls, pneumonia, 24 hour home care, this policy has allowed us to provide my mother with excellent care. When my father passed my mother was 71. She is now a pretty active 93 year old. There are so many roles you will play as your parents age. Make sure you review their finances and determine if, with the ever increasing cost of care, you can self-insure for their lifetime. With each year that passes, as a result of technology, medical advances, and so on, people are living longer. You will go from accompanying your parent to a doctor s appointment to interviewing caregivers to help your parents with every day routines. My message is simply to take a hard look at the cost of care. Investigate the best long term care policies on the market. Most important, begin to prepare yourself for all the challenges an aging parent presents. Here are a few things that can get you ready for that day: Talk about finances and health care preferences. This should include reviewing trusts and wills. Have a power of attorney in place to pay bills that might come up. Know where the passwords are kept in order to have access to bill pay, automatic payments, HOA fees, and mortgage payments. Review life insurance policies. Have a health care proxy, living will or advance directive. Know what resources are available in your community. Get to know day care facilities, independent care and assisted living facilities. Get acquainted with their doctors, attorneys, accountants, and financial advisors. While talking about these things with your parents when they are healthy may be difficult for you and them, it s easier to do it before you are confronted with having to do it. Starting Off the Year on a Financially Healthy Note Jeanine Delgadillo If you are like me you look forward to the holidays, but on some level also look forward to them passing so you can get on with what you hope is an even better new year. The start of the year is an opportune time to reflect on what areas of your life can be improved upon including what you want to accomplish financially. Here are some financial tips to consider at the start of the year: Budget, Budget, Budget. Creating a monthly budget is one of the most basic and important things you can do to keep yourself on a healthy financial path. With everything on auto-pay, why spend time looking at all those bills? According to a Gallup poll, only about 32 percent of Americans maintain a household budget. Creating a budget forces you to look at your income, fixed expenses, variable expenses and savings. This makes you aware of your spending habits and allows you to improve on areas that may be costing you more than they should. Take Control of your Spending. Once your budget is in place, it is easy to shine a spotlight on where your money is going. Take the start of the year as a time to review all your expenses. Are you getting the best possible deals on your auto insurance, cell phone plans, credit card interest rates, etc.? I had been with my cell phone carrier for 15 years, but started to notice I was making extremely high monthly payments. I called and gave them an opportunity to lower my bill and when

8 they wouldn t, I went to a competitor. My house has five lines so by switching the savings amounted to almost $200/month. That money can now be redirected to savings or giving. Save as Much as You Can. As of November 2018, the Federal Reserve listed the average personal savings rate in the US at 6.0 percent. That number should be closer to 10 to 20 percent. If you automate your savings, the start of the year is the time to increase the amount you are transferring to your savings account. Also, make sure you review your retirement accounts and familiarize yourself with 2019 contribution changes. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government s Thrift Savings Plan increased from $18,500 to $19,000. The limit on annual contributions to an IRA, which last increased in 2013, went from $5,500 to $6,000. Be intentional with your savings, have an emergency fund and set specific goals. You will feel better knowing you are focused and have a plan in place. Who Is The Pelican Bay Group? Our team of financial professionals is national in scope with s stationed in strategic locations across the country. As part of Morgan Stanley, one of the world s most respected financial services firms, we offer access to extensive resources that can prove instrumental in helping you meet even your most complex financial challenges. Our team members include: Anthony M. Gallea Managing Director-Wealth Management Senior Portfolio Management Director Jennifer D. Hartmann, CIMA Managing Director-Wealth Management Senior Institutional Consultant Family Wealth Advisor New York, NY Stephen Stribling, CPM Executive Director-Wealth Management Senior Portfolio Management Director International Client Advisor Denver, CO Marcia Bonnet Vice President-Wealth Management Financial Planning Specialist Family Wealth Advisor Denver, CO Mark S. Ryan, CFP First Vice President-Wealth Management Portfolio Management Director Boca Raton, FL Cynthia Walker-Laroche Vice President-Wealth Management Boca Raton, FL Richard J. DiMarzo, CPM Senior Vice President-Wealth Management Senior Portfolio Management Director Paul M. Hanrahan, CRPS Senior Vice President-Wealth Management Senior Portfolio Management Director Professional Alliance Group Director Shelley Ford Denver, CO Jeff Praino, CFP Certified Divorce Financial Analyst Financial Planning Specialist Portfolio Manager William VandenBrul Vice President-Wealth Management Wealth Advisor Jeanine Delgadillo Portfolio Manager Boca Raton, FL Douglas Hockett Vice President-Wealth Management Senior Portfolio Manager Family Wealth Advisor Sheridan, WY

9 S&P 500 Index is an unmanaged, market value-weighted index of 500 stocks generally representative of the broad stock market. An investment cannot be made directly in a market index. Dow Jones Industrial Average is a price-weighted index of the 30 blue-chip stocks and serves as a measure of the U.S. market, covering such diverse industries as financial services, technology, retail, entertainment and consumer goods. An investment cannot be made directly in a market index. The investments listed may not be suitable for all investors. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, and encourages investors to seek the advice of a financial advisor. The appropriateness of a particular investment will depend upon an investor's individual circumstances and objectives. Information contained herein has been obtained from sources considered to be reliable, but we do not guarantee their accuracy or completeness. Bonds are subject to interest rate risk. When interest rates rise, bond prices fall; generally the longer a bond's maturity, the more sensitive it is to this risk. Bonds may also be subject to call risk, which is the risk that the issuer will redeem the debt at its option, fully or partially, before the scheduled maturity date. The market value of debt instruments may fluctuate, and proceeds from sales prior to maturity may be more or less than the amount originally invested or the maturity value due to changes in market conditions or changes in the credit quality of the issuer. Bonds are subject to the credit risk of the issuer. This is the risk that the issuer might be unable to make interest and/or principal payments on a timely basis. Bonds are also subject to reinvestment risk, which is the risk that principal and/or interest payments from a given investment may be reinvested at a lower interest rate. Investing in commodities entails significant risks. Commodity prices may be affected by a variety of factors at any time, including but not limited to, (i) changes in supply and demand relationships, (ii) governmental programs and policies, (iii) national and international political and economic events, war and terrorist events, (iv) changes in interest and exchange rates, (v) trading activities in commodities and related contracts, (vi) pestilence, technological change and weather, and (vii) the price volatility of a commodity. In addition, the commodities markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, participation of speculators and government intervention. The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its s which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its s are acting as experts in this field Please note that by clicking on this URL or hyperlink you will leave a Morgan Stanley Smith Barney LLC website and enter another website created, operated and maintained by a different entity. Morgan Stanley Smith Barney LLC is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the linked site; nor do we guarantee its accuracy or completeness. Morgan Stanley is not responsible for the information contained on the third party web site or the use of or inability to use such site. The views expressed herein are those of the author and do not necessarily reflect the views of Morgan Stanley Wealth Management or its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Past performance is no guarantee of future results. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The strategies and/or investments discussed in this material may not be suitable for all investors. Morgan Stanley Wealth Management recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a. The appropriateness of a particular investment or strategy will depend on an investor s individual circumstances and objectives. Morgan Stanley Smith Barney LLC. Member SIPC. CRC Date of first use: 1/22/2019