Top Reads: What We’re Reading At Avenue Living

From the top down, the team at Avenue Living is a group of continuous learners. We learn from each other and from industry leaders, but a lot of us also like to explore other aspects of human nature, including psychology, emotional intelligence, and what it means to be a good leader. Below, you’ll find some of our favourites — and maybe some new favourites of your own.

Dr. Angela Duckworth – Duckworth is a psychology professor at the University of Pennsylvania, science author, and the CEO and founder of the Character Lab, a non-profit that advances scientific insights that help children thrive. Duckworth studies the meaning of passion and persistence, or “grit,” a concept that resonates deeply with our CEO, Anthony Giuffre.

Book: Grit: The Power of Passion and Perseverance

Twitter: @angeladuckw

TED Talks: Angela Duckworth

Simon Sinek – Sinek’s books inspire leaders around the world, and our own leaders at Avenue Living are no exception. He’s on the “must-read” list for many here, for his optimism, his insights, and his conviction that we can build a better world together.

Books: Start With Why, Leaders Eat Last, Better Together

Podcast: A Bit of Optimism

TED Talks: Simon Sinek

Twitter: @SimonSinek

Brene Brown – Brown’s books also appeared on several lists. Barya Kabalan, VP of People and Culture, Aleena Lalani, Director of Strategic and Creative Services, and CEO Anthony Giuffre all find inspiration in her words. “The concepts are universal and they can be applied very well to business,” says Anthony. “What you’re really trying to do is understand your behaviour first and then others around you.”

Book: Dare to Lead

Twitter: @BreneBrown

Ray Dalio – The founder of the world’s largest hedge fund, Bridgewater Associates, is hailed as a renowned financial innovator. During his career, he pioneered investment strategies such as risk parity and currency overlay. His bestselling book, Principles: Life and Work resonated with Aleena Lalani, who found inspiration in the notion of “finding your winning statement” and in operating with “radical transparency.”

Book: Principles: Life and Work

Twitter: @raydalio

Dr. Kevin Leman, Bill Pentak – LOGYX CEO James Jung found inspiration in the insights from these co-authors and their focus on effective leadership, including ways to “infuse work with meaning” and “engage and energize your workforce.”

Book: The Way of the Shepherd: 7 Ancient Secrets to Managing Productive People.

The Economist – Our CFO Andrew Searby enjoys digging into this popular publication for a broader perspective on the world of finance. “I like to get a weekly world view of real estate and other industries beyond North America,” he says.

Barack Obama – The former U.S. President’s name popped up on several lists for his insights into leadership and human nature, including his willingness to “not be the smartest person in the room.” Kelly Mahajan, VP of Operations for Avenue Living Communities, enjoys his insights into what makes people tick.

Books: A Promised Land, The Audacity of Hope

Twitter: @BarackObama

This commentary and the information contained herein are for educational and informational purposes only and do not constitute an offer to sell, or a solicitation of an offer to buy, any securities or related financial instruments. This article may contain forward-looking statements. Readers should refer to information contained on our website at for additional information regarding forward-looking statements and certain risks associated with them.

Avenue Living Communities’ SVP Team Works Together to Put Residents First

“Our relationship with our residents starts on day one,” says Bernard Streeper, Senior Vice President for Northern Alberta. “The second they look up a suite or call us for more information, that’s the start.”

That relationship is at the centre of everything the Avenue Living Communities teams do, from the leadership team to the maintenance specialists. Led by three regional Senior Vice Presidents (SVPs), the teams manage approximately 10,000 doors in communities across Alberta, Saskatchewan, and Manitoba. Dividing the workload by regions allows leadership to have deeper knowledge of their markets and a more direct relationship with their teams and residents than would be possible with more centralized oversight.

Live and In-Person

On-site visits are key to developing that deeper knowledge and connection. The SVPs all make sure they can visit individual markets and buildings to see, in person, the successes and challenges their teams face. The challenges that arise in Saskatoon, for example, are not the same as those in Edmonton; and the challenges in Brooks may be different yet again.

“Being on-site is a great way to get to know residents. I guarantee you that if one resident shares their views with you, they’re not the only one who has those views,” says David Porter, SVP for Southern Alberta. The leaders also find it’s a great way to stay connected with and support their teams. “I like to say I’m really a facilitator,” says Bernard. “I really work for my team. I hear their challenges and help them get to the answer.”

The ability to visit in person also gives the SVPs a connection to networks in their broader communities, and the ability to establish relationships with vendors and trades they might not be able to from a distance. “We’re able to be more resourceful,” says Bernard. “I guarantee you there are things I hear about through my network that I wouldn’t hear about otherwise.”

“Whenever I visit a building, I look at it through the eyes of a resident,” says Graham Edge, SVP for Saskatchewan and Manitoba. “I look at the curb appeal. What would I think if I were coming home to this building? Is it safe and secure? Would I want my daughter living here?”

The residents’ first impressions are top of mind when SVPs inspect a newly renovated suite or common area, too, but the experience goes beyond that. “The property management business is not really about property,” says Bernard. “It’s about people.”

Working Together

Senior vice presidents work closely with each other — they meet with our Chief Operations Officer, Louise Elsey, every day, where they discuss their challenges and successes and share insights they’ve gleaned from their own unique experiences. “I have never met a better team or a more collaborative team than this one,” says Graham. “I’ve never seen a team that shares information the way that this team does. It’s amazing.”

“We all pull the rope from the same side,” says Bernard, of the collective effort it takes to ensure Avenue Living residents have the best experience possible. “We share the same goals and we’re driven by the same values,” agrees David.

That collaboration extends from the leadership through the entire team. Regional Vice Presidents also connect regularly to share information and ideas, and then teams in individual markets collaborate the same way. Keeping the lines of communication open encourages continual improvement, and the team structure sets clear expectations for accountability and keeps everyone dedicated to the same goals and values.

Those values, which put our duty of care to our residents and employees at the centre of everything we do, means the entire team is dedicated to a shared goal. And beyond those teams, the entire company works to support them. “We have great relationships with every functional group in the company,” says David. “There’s not a single person here who doesn’t recognize the importance of our residents.”

This commentary and the information contained herein are for educational and informational purposes only and do not constitute an offer to sell, or a solicitation of an offer to buy, any securities or related financial instruments. This article may contain forward-looking statements. Readers should refer to information contained on our website at for additional information regarding forward-looking statements and certain risks associated with them.

Why More Millennials are Choosing to Rent Long-term, & How We’re Staying Ahead of the Curve

Many Canadians are renting for longer than they have in the past, due to factors including, rising housing costs, stagnant wages and freedom associated with renting. At Avenue Living, we invest in workforce housing, an asset class which caters to a particular subset of the population – those who are overqualified for affordable housing but may not yet be able to afford to purchase average market-rate homes. Among Canadians, 28 per cent live in some form of rental housing and a large percentage of those are Millennials.

Millennials have been at the centre of media attention for many years, and as they transition from post-grads to making up the bulk of the workforce, they are faced with a whole new set of challenges. Individuals born between 1981 and 1996 were labelled “Millennials” because they would join society as adults around the turn of the millennium. They now represent the largest generation in the country, accounting for 27 per cent of the population according to Statistics Canada.

Millennials are also the most educated generation, as the current job market demands higher training, but also offers the opportunity for the highest returns. However, what comes hand-in-hand with increased education? Debt. With rising tuition, higher costs of living and stagnant incomes, Canadian Millennials are racking up debt like no generation before them. According to KPMG, the average debt-to-disposable income ratio in Canada was almost 87 per cent in 1990, and more than 175 per cent at the end of 2018 — a trend raising the Bank of Canada’s alarms about the country’s economic vulnerability. Add in looming student loans plus a newly mortgaged home, and many Millennials find themselves living paycheque to paycheque.

So why do Millennials rack up such high personal debt without knowing when (or if) they will be able to pay it off?

The answer is simple: the American Dream.

David Macdonald, senior economist at the Canadian Centre for Policy Alternatives (CCPA) explains that this unfortunate financial situation is mostly due to timing. Millennials are, “the cohort that graduated with record debt levels due to climbing tuition fees and are faced with a real estate market that requires dramatically more debt than it did even a decade ago.” People who bought property before the late 1990s are the ones who benefited from the large jump in home prices, his research shows.

Due to their success in the market, parents of Millennials, most often the Baby Boomer generation, see homeownership as the ultimate road to financial gain — it worked for them, so it will work for their children too. This ‘dream’ has led many Millennials to sign up for mortgages they can’t afford, adding to their ever-increasing personal debt from student loans, credit cards, the list goes on. KPMG reported that the debt-to-income ratio for young Millennials is as high as 216 per cent, while it was 125 per cent for Generation Xers at the same age (between 23 and 38), and 80 per cent for Baby Boomers.

From societal pressure, guilt from family members and envy that Millennials feel for other homeowners, they continue to accumulate debt in the hopes of achieving this lifelong goal, even if they’re sacrificing future retirement savings in exchange for owning a home. KPMG reports that 72 per cent of Canadian Millennials say that owning a home is a goal, but 46 per cent say that doing so in the near future is a pipe dream. On average, Millennials are taking 13 years to save for their 20 per cent down payment, while it took their parents only five years in 1976, according to Generation Squeeze.

This trend has been exacerbated by the COVID-19 pandemic, with real estate prices in many Canadian cities climbing to all-time highs. According to a recent poll from Royal Bank of Canada, 62 per cent of respondents saying they expect the majority of people will be priced out of the market over the next decade, with 36 per cent stating they have given up on ever buying a home.

This financial landscape leaves us with two conclusions for Millennials’ future living situations:

Millennials are renting for much longer than their parents’ generation in order to save up before buying their first home, therefore elongating their renting years.

Some Millennials will choose to rent long-term and never buy a home, building their wealth through investments, stocks, and other avenues in order to avoid homeowner costs, like a mortgage, accrued interest, property tax, repairs, etc.

Whether Millennials choose to rent long-term or eventually buy a house of their own, this trend of renting for longer means a tightening of the rental market and the potential for higher occupancy for real estate owners and investors. Millennials need comfortable, stable, affordable rental properties now — and in the future — that they can call home in this narrowing market. If this generation is renting for upwards of 13 years before buying their first home (if ever), the need for ‘home-like’ rentals will rise. However, the biggest obstacle to overcome will be the ‘American Dream’ mindset of owning a home to feel successful.

Buying isn’t always the right decision, despite what the older generation might say. Depending on their desired lifestyle, finances, future goals and dream living space, renting long-term can be a better option. Bridget Casey compares the cost of buying and renting the same Calgary home over the long-term, only to find that the cost would be about equal once you take into consideration repairs, property tax and interest accrued when buying, in opposition to investment opportunities for those with more capital when renting. Therefore, this age-old belief that buying property is always a safe option is no longer true. Renting can be a long-term solution to living a happy, prosperous, financially stable life.

With this generation extending the rental period and considering long-term rentals as a financial plan, this opens up the opportunity for multi-family owners and operators to step in and offer solutions. We understand the importance of quality construction, neighbourhood diversity and ever-changing societal trends, responding to what people need and when in real-time. Avenue Living’s focus continues to be on providing comfortable, affordable workforce housing.

We will continue to invest in safe, accessible properties with individuals, couples, and families in mind so that we can provide affordable solutions for those looking to rent long-term, giving them the value they desire without the responsibility of homeownership.

We’ve seen the trend of renting long-term grow over the years, and we’re working to stay ahead of the curve by accommodating the diverse needs of renters with all kinds of lifestyles, family situations, and ambitions.

This commentary and the information contained herein are for educational and informational purposes only and do not constitute an offer to sell, or a solicitation of an offer to buy, any securities or related financial instruments. This article may contain forward-looking statements. Readers should refer to information contained on our website at for additional information regarding forward-looking statements and certain risks associated with them

Building Relationships and Communities Through the Avenue Living Resident Experience

Building Relationships and Communities Through the Avenue Living Resident Experience

“Everything we do from an operations standpoint, we do to make sure our residents feel safe and comfortable in their homes,” says Kelly Mahajan, Vice President of Operations for Avenue Living Communities.

We often talk about how Duty of Care is one of the fundamental pillars of our business. Avenue Living has been built on providing quality homes for people across western Canada, and we’re keenly aware of what a significant responsibility that is. Our duty to our residents covers the physical environment we provide as well as all the services we offer to support them, from finding the suite that matches their needs to ensuring our response to any concern is timely and efficient.

Looking at the Big Picture

The resident experience is about so much more than what an individual suite is like. It encompasses our operations, our service, and the community we foster within each property.

“Really, it’s about understanding all of our touchpoints, and knowing what that experience is like for our residents,” says Kelly. “It’s about creating that welcoming community, that comfortable place to live with neighbours they know and staff they’re familiar with.”

Creating that experience encompasses everything from how we present a professional image through signage, staff uniforms, and communications to our approach to service and maintenance.

“We really want a consistent level of excellence in everything we do,” says Kelly. That includes how we handle resident concerns. “It’s about taking appropriate and timely action, and really empathizing with the resident. We really work to understand what the resident is dealing with, communicating clearly with the resident about their experience, and following through with an effective plan of action.”

Part of creating that experience means being proactive. We have a rigorous quality assurance program that involves regular assessments of all our properties to make sure everything is in working order. “

We also have a pledge to address any resident concerns within 72 hours. We manage to consistently beat this, with an actual average of 47.5 hours, thanks to our dedicated team of maintenance staff who execute maintenance requests to ensure our residents are comfortable and secure. And while not every request can be resolved that quickly (for example, the job may require parts delivery that takes longer than three days), we’re committed to ensuring we’re openly communicating with residents and addressing their concerns throughout the experience. We also follow up with them post-job, to make sure they’re satisfied with the work.

The Call Centre is available to residents around the clock, every day of the year, via phone, email and chat. But we’re working on ways to simplify things even further for them. “In the future, we’d really like to give residents more options for how they engage with information from us,” says Kelly. That may include tools such as a resident portal, which will provide a central place to access news and updates, as well as to contact Avenue Living with their concerns. “We want to simplify things from the resident’s perspective.”

Our residents are a diverse group, each with their own needs and preferences. As a result, we use a diverse set of communication tools to make sure we reach everyone. That includes print material, e-mail, and even text messages. We know that how we communicate with residents — right from the mode to the words and images we use — sets the tone for our relationship. So we take care to get it right.

Capex for Comfort

We make our decisions about capital expenditures carefully and strategically. Obviously as investors we want to add the most value to our assets and ensure they last as long as possible. But a key component of adding value is ensuring our residents feel safe, comfortable, and at home in our properties.

Our capital expenditures often focus on things that make a building more comfortable or safer for residents — for example, re-roofing, replacing flooring, or installing new boilers. These improvements mean the temperatures of their homes are more comfortable, and the durable finishes are cleaner and brighter. But we invest in other spaces, too. In Edmonton’s Delton Townhomes, for example, we’re making improvements to the outdoor space to give families a space to gather and play. In King’s Alley in Calgary, we’re renovating the community room to give residents a welcoming place to safely gather.

Continuous Improvement

We know that no matter how high our standards are, and how often we meet them, there’s always an opportunity to do better. We’re actively working on ways to improve our resident experience with short-term programs, like our new Resident Inquiry Program, which helps ensure Regional Portfolio Managers are aware of any inquiries that may come in outside of their working hours. But no matter how our residents communicate with us, or we with them, our priority is the same: making sure that when they live in one of our properties, they’re living in a place they can call home.

 This commentary and the information contained herein are for educational and informational purposes only and do not constitute an offer to sell, or a solicitation of an offer to buy, any securities or related financial instruments. This article may contain forward-looking statements. Readers should refer to information contained on our website at for additional information regarding forward-looking statements and certain risks associated with them.

Sustainable Real Estate Investing


Grant Alexander Wilson, Ph.D., Assistant Professor, Faculty of Business Administration, University of Regina

Jason Jogia, MBA, M.Fin., Chief Investment Officer, Avenue Living

Author Bios

Dr. Wilson is an Assistant Professor at the Hill and Levene School of Business, University of Regina. His research focuses on marketing, strategy, and innovation. He has published over 20 peer-reviewed articles in top management journals including Journal of Small Business ManagementResearch-Technology Management, and Journal of Business Strategy. His research has been featured in the National Post and by the World Economic Forum. Dr. Wilson is also a research consultant and contributor to Avenue Living Asset Management.

Mr. Jogia is the Chief Investment Officer at Avenue Living and has over 15 years of experience in real estate capital markets, originating over $10 billion in real estate loans and $1 billion in equity. He has extensive experience in real estate investment analysis and capital structure across various real estate classes. In addition to holding 2 Masters’ degrees in Finance, Mr. Jogia is pursuing his Doctorate of Business Administration and currently serves as an instructor at the University of Calgary, specializing in real estate finance.


In order for human society to survive in the ensuing years, we must operate sustainably (Lawrence & Weber, 2014). This means conducting ourselves, individually and collectively, in a manner that does not destroy or deplete natural resources for future generations. As Nidumolu et al. (2009) aptly state “there is no substitute for sustainable development.” Sustainable development refers to development that adequately meets the needs of today, without compromising future generations’ ability to meet their needs (International Institute for Sustainable Development, 2020). As such, the balance between environmental protection and economic progress is at the core of sustainable development (Lawrence & Weber, 2014).


The United Nations (2021a) created independent yet interrelated goals for sustainable development. “The 2030 Agenda for Sustainable Development, adopted by all United Nation Member States in 2015, provides a shared blueprint for peace and prosperity for people and the planet, now and into the future” (United Nations, 2021a). There are 17 priority areas for sustainable development including (1) no poverty, (2) zero hunger, (3) good health and well-being, (4) quality education, (5) gender equality, (6) clean water and sanitation, (7) affordable and clean energy, (8) decent work and economic growth, (9) industry, innovation, and infrastructure, (10) reduced inequalities, (11) sustainable cities and communities, (12) responsible consumption and protection, (13) climate action, (14) life below water, (15) life on land, (16) peace, justice, and strong institutions, and (17) partnership for the goals (Table 1). The final item, partnership for the goals, underscores the breadth of commitment required to achieve all objectives. Simply, achieving these sustainability goals is extraordinarily complex and it requires the participation of businesses, governments, civil society, and individuals (Lawrence & Weber, 2014).


“Business today is arguably the most dominant institution in the world” (Lawrence & Weber, 2014). As such, businesses are at the core of sustainable development and the traditional bottom-line measure of performance is no longer sufficient. Instead, Elkington’s (1997) triple bottom line is more appropriate, as it has been widely accepted as the optimal performance measure for over two decades (Elkington, 2018). The triple bottom line refers to a firm’s economic, social, and environmental obligations (Figure 1). It is based on stakeholder theory – the view that corporations serve to create value for all stakeholders, not just the stockholders – and argues that the responsibility and future success of enterprises will depend on their ability to make a profit, create value for people, and conserve the environment. According to Elkington (1997), sustainability is the intersection of the three perspectives.

“To some, adopting a triple bottom line approach may seem idealistic in a world that emphasizes profit over purpose. Innovative companies, however, have shown time and again that it’s possible to do well by doing good” (Miller, 2020). Triple bottom line does not value societal and environmental factors over economics, instead financial benefits are the long-term implications of this perspective. Narrowly focusing on short-term financial measures, impedes innovation and puts firms at competitive disadvantages in the long-term. Indeed, the triple bottom line perspective has grown due to its benefits and the importance of sustainability. The United Nations’ Sustainable Development Goals are forecasted to “generate market opportunities of over $12 trillion a year by 2030,” a sum so large no company can viably overlook (Elkington, 2018). While all industries will play a role in sustainable development, some will be more significant than others. An industry’s significance depends, in part, on the number of goal areas it impacts as well as its magnitude within these areas.


Sustainable development in real estate is highly salient, as real estate directly impacts many of these goals (e.g. poverty, infrastructure, cities, energy, etc.). Moreover, real estate’s influence on certain areas is second to none (e.g. carbon emissions and raw materials). According to the International Energy Association (2021), it is estimated that real estate accounts for “one-third of global final energy consumption and 40 percent of total direct and indirect carbon emissions.” According to Eichholtz et al. (2010), buildings are also responsible for 40% of raw material consumption. With population growth estimates, these conditions are likely to increase. However, with its challenges, there are also opportunities.

Among the many Rs of sustainability are reuse and repurpose. The continued use, renovations, and upgrades of existing rental stock for the future are of critical importance. Based on data from Canada, nearly 90% of the 2,126,060 residential rental properties were built before the year 2000 (Figure 2). This data shows that existing rental properties serve as the industry’s foundation. Although new sustainably-build properties are important, conservation and sustainability initiatives for the existing residential stock are arguably more important.

Retrofitting existing residential properties in an effort to improve energy efficiency is a core element of the United Nation’s (2021b) Global Alliance for Buildings and Construction. Upgrades to 30-year-old furnaces have been shown to increase efficiency, reducing energy waste, by as much as 40% (FortisBC, 2020). McGrath et al. (2013) also found that retrofits had energy performance benefits over existing and new builds. Specifically, McGrath compared pre-retrofit, post-retrofit, and new build scenarios over an 80-year period. Their results showed that pre-retrofits used 21,430 KWh/m2, post-retrofits used 6,250 KWh/m2, and new builds used 10,000 KWh/m2 (Figure 3).

In addition to the energy efficiency, retrofitting produces less construction waste as compared to new builds. In McGrath et al.’s (2013) study of the environmental performance of retrofit and new properties, it was found that retrofits significantly outperformed new builds in the assembly and operational stages. The authors showed that retrofits reduced raw material usage and were overall more environmentally friendly scenarios.

Despite the many sustainability benefits, retrofits can have tenant displacement implications. The term renoviction, used by many Canadian provinces, refers to large-scale tenant eviction in order to renovate or repair a rental property (British Columbia, 2019). In fact, renovictions impede many of the United Nations’ (2021a) Sustainable Development Goals. Ideally, the retrofitting process should be undertaken without displacing individuals and families. Balancing the undertaking of renovations and maintaining residential stability is complex but necessary for the fulfillment of all sustainability objectives.


A mix of sustainability criteria in for-profit enterprises’ agendas, thus a triple bottom line, has not been shown to diminish competitiveness, but rather maximize performance (Porter & Kramer, 2006). Sustainable real estate is no different. According to Botosan (1997), “sustainable real estate in a broader sense improves the business position and competitiveness of firms.” Moreover, there is a large body of empirical evidence that suggests sustainable initiatives and triple bottom line perspectives enhance financial performance (Budzik-Nowodzińska, 2020; Cajias et al., 2012; Eichholtz et al., 2010; Fuerst & McAllister, 2010; Newell, 2009; Westermann et al., 2018). These findings span all areas of the world and demonstrate the multi-faceted financial benefits of sustainable real estate.

Westermann et al.’s (2018) reviewed empirical findings related to sustainable initiatives and real estate performance. The authors found general support for the link between corporate social responsibility and enhanced performance of real estate investment trusts (REITs). Specifically, sustainability “strategies have been a reaction to the changing environment REITs are operating within” (Westermann et al., 2018). REITs have adopted measures, targets, timelines, sustainability ratings, and reporting systems for regulatory compliance. As a result of its measurement and reporting, sustainability is strategically managed. After all, “what gets measured, gets managed” (Drucker, 1954).

Others have looked at specific areas of the world (Europe, UK, and US) when examining the importance of sustainability. Cajias et al. (2012) examined European real estate firms based on their differing levels of sustainability intensity and explored their agendas with performance. According to the authors, there was a positive relationship between sustainability strategies and performance. These sustainable commitments were also found to enhance employee attitude and morale, having long-term organizational benefits. Cajias et al. (2012) concluded that sustainable commitments were both altruistic and financially viable. Similarly, Newell (2009) found that property companies operating in the UK that practiced sustainable development enjoyed higher risk-adjusted returns as compared to their competitors. Eichholtz et al. (2010) and Fuerst and McAllister (2010) found that there were selling price premiums for sustainable properties. According to Eichholtz et al. (2010), the “variations in the premium for green office buildings are systematically related to their energy-saving characteristics.” Based on the results of the explored US properties, there was an 18:1 ratio of property value increase to energy savings, achieved through efficiency investments (Eichholtz et al., 2010). Fuerst and McAllister (2010) found further support for this in their study of US commercial real estate assets, as eco-certified buildings yielded rental and sale price premiums.


Sustainability is the only viable path for the future. Individuals and institutions need to commit to the United Nations’ Sustainable Development Goals, as they are the actionable steps required to meet the needs of today without jeopardizing the needs of the future. Sectors, like real estate, have large roles to play, based on the number of areas they impact and the degree to which they impact these goals. New real estate initiatives must be approached with a sustainable development perspective. Furthermore, there is a tremendous opportunity to engage in sustainability initiatives with existing real estate properties. Ultimately, these initiatives should not be met with opposition, but instead with optimism due to their long-term and multi-dimensional performance benefits. In short, empirical evidence suggests real estate companies do well by doing good.


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This commentary and the information contained herein are for educational and informational purposes only and do not constitute an offer to sell, or a solicitation of an offer to buy, any securities or related financial instruments. This article may contain forward-looking statements. Readers should refer to information contained on our website at for additional information regarding forward-looking statements and certain risks associated with them.