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Carno Capital and Carno Research do not provide investment, financial, legal or tax advice. The material on these websites, including research reports, is for general information only. It is not a recommendation, or an offer or solicitation to buy or sell any security, futures contract, option or other financial instrument, or an offer of any advisory service. Trading and investing involve substantial risk of loss and are not suitable for every investor. Past performance, and any hypothetical or back-tested result, is not indicative of future results. Carno Capital, Carno Research and their principals may hold positions in the instruments discussed. See our Disclosures.