The materials on this website do not constitute an offer to sell or a solicitation to purchase any securities or investment advisory services. Any such offer or solicitation shall be made only to “accredited investors” (as defined in Regulation D promulgated under the Securities Act of 1933), “qualified clients” (as defined in the Investment Advisors Act of 1940) and/or “qualified purchasers” (as defined in the Investment Company Act of 1940), pursuant to a private placement memorandum and related subscription materials. An investment in the strategy described herein involves a high degree of risk, including the possibility of loss of principal, and is illiquid due to restrictions on withdrawal. See the formal offering documents for full details regarding risks, minimum investments, fees and expenses. Past performance is no guarantee of future results. Any reference on this website to “margin of safety” does not imply that investments made by Spitfire are safe. “Margin of safety” is an investment term that refers to the difference between the intrinsic value of a security and its market price.