Track Record Calculation Methodology

• Results are based on the average buy price (if there are multiple buy recommendations) and the average sell price (if there are multiple sell recommendations). Profit figures and returns do not include transaction costs. Dividends are included. Care is also taken to ensure that trades are only recorded if the stock actually trades at our recommended price.
• As many stocks are recommended numerous times, at different prices, we have endeavoured to be as fair as possible in determining the summary. When a stock is re-recommended at different prices either above or below the original purchase price, only the original buy price is considered when taking into account the entry price for our track record. Accordingly, the result is either one profit or one loss, as opposed to multiple results. In a situation where the stock has gone up and subsequent buy recommendations have been issued at higher prices, only the original, lowest buy price counts. In a situation where the stock has gone down and subsequent buy recommendations have been issued at lower prices, only the original, highest buy price counts. We feel that this system is equitable, in that it is occasionally to the benefit of our track record and occasionally to the detriment of our track record.
• The exception to this method is when a subsequent recommendation is made that is an entirely new recommendation of the same stock, as opposed to merely reiterating the same recommendation, simply at a different price. If the buy recommendation is supported by different reasons to the original recommendation, or much time has lapsed between recommendations, they are considered to be different recommendations such as specific half buys and half sells. This is often a judgment call, but is the only fair way of doing things in our view.
• The exit price is adjusted for dividends and where specifically stated, franking credits are included. 
• Please be aware that these results are not indicative of exactly how the portfolio of a Rivkin Report member will look. Obviously, one cannot and will not buy every stock. The results mentioned in no way represent current recommendations. Past performance is not a guide to future performance.