Reflections 2025-2026: Confidence Game

Group 1 - The document contains various disclaimers and risk disclosures related to investment advice and securities, emphasizing that the information is for informational purposes only and not a recommendation to buy or sell [2][3][4] - It highlights that past performance is not indicative of future results, and all investments involve risks, including the potential loss of principal [4][5][6] - The document mentions specific investment types such as municipal bonds, mortgage-backed securities, and alternative investments, outlining their associated risks and characteristics [7][20][11] Group 2 - The document provides definitions and explanations of financial terms and instruments, including asset-backed securities, credit derivatives, and yield curves, which are essential for understanding investment strategies [12][14][23] - It discusses the importance of credit ratings and their implications for investment decisions, noting that ratings can change without notice and are assessed by recognized organizations [15][19] - The document references various indexes that measure market performance, such as the S&P 500 Index and the Russell 2000 Index, which are used as benchmarks for investment performance [30][28]