Roni Israelov of NDVR joins Mike and Harley to discuss his new firm, NDVR, and his recent work on diversification. For more information, visit http://www.simplify.us. Simplify Asset Management Inc. is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where Simplify Asset Management Inc. and its representatives are properly licensed or exempt from licensure. SEC registration does not constitute an endorsement of the firm by the Commission, nor does it indicate that the advisor has attained a particular level of skill or ability. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy. This website and information are not intended to provide investment, tax, or legal advice. This content is solely for informational purposes and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. These materials are made available on an “as is” basis, without representation or warranty. The information contained in these materials has been obtained from sources that Simplify Asset Management Inc. believes to be reliable, but accuracy and completeness are not guaranteed. This information is only current as of the date indicated, and may be superseded by subsequent market events or for other reasons. Neither the author nor Simplify Asset Management Inc. undertakes to advise you of any changes in the views expressed herein. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RETURNS. INVESTING INVOLVES RISK AND POSSIBLE LOSS OF PRINCIPAL CAPITAL. UNLESS OTHERWISE NOTED, ANY PERFORMANCE RETURNS PRESENTED IN THESE MATERIALS REFLECT HYPOTHETICAL PERFORMANCE. HYPOTHETICAL STRATEGIES AND INDICES PRESENTED ARE UNMANAGED, DO NOT REFLECT ANY FEES, EXPENSES, TRANSACTION COSTS, COMMISSIONS OR TAXES, AND ONE CANNOT INVEST DIRECTLY IN ANY OF THESE. THE RESULTS PRESENTED SHOULD NOT BE VIEWED AS INDICATIVE OF THE ADVISER’ SKILL AND DO NOT REFLECT THE PERFORMANCE RESULTS THAT WERE ACHIEVED BY ANY PARTICULAR CLIENT. DURING THIS PERIOD, THE ADVISER WAS NOT PROVIDING ADVICE USING THIS MODEL AND CLIENTS’ RESULTS MAY HAVE BEEN MATERIALLY DIFFERENT. Hypothetical model results have many inherent limitations, some of which, but not all, are described herein. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading.