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Investment oldman
Management Stel
Important Information — Investment Risks Division
Risks vary by the type of investment. For example, investments that involve futures, equity swaps, and other derivatives, as well as non-investment grade
securities, give rise to substantial risk and are not available to or suitable for all investors. We have described some of the risks associated with certain
investments below. Additional information regarding risks may be available in the materials provided in connection with specific investments. You should not
enter into a transaction or make an investment unless you understand the terms of the transaction or investment and the nature and extent of the associated
risks. You should also be satisfied that the investment is appropriate for you in light of your circumstances and financial condition.
Any reference to a specific company or security is not intended to form the basis for an investment decision and are included solely to provide examples or
provide additional context. This information should not be construed as research or investment advice and should not be relied upon in whole or in part in
making an investment decision. Goldman Sachs, or persons involved in the preparation or issuance of these materials, may from time to time have long or
short positions in, buy or sell (on a principal basis or otherwise), and act as market makers in, the securities or options, or serve as a director of any companies
mentioned herein.
Alternative Investments. Alternative investments may involve a substantial degree of risk, including the risk of total loss of an investor’s capital and the use of
leverage, and therefore may not be appropriate for all investors. Private equity, private real estate, hedge funds and other alternative investments structured as
private investment funds are subject to less regulation than other types of pooled vehicles and liquidity may be limited. Investors in private investment funds
should review the Offering Memorandum, the Subscription Agreement and any other applicable disclosures for risks and potential conflicts of interest. Terms
and conditions governing private investments are contained in the applicable offering documents, which also include information regarding the liquidity of
such investments, which may be limited.
Commodities. Commodity investments may be less liquid and more volatile than other investments. The risk of loss in trading commodities can be substantial
due, but not limited to, volatile political, market and economic conditions. An investor’s returns may change radically at any time since commodities are
subject, by nature, to abrupt changes in price. Commodity prices are volatile because they respond to many unpredictable factors including weather, labor
strikes, inflation, foreign exchange rates, etc. In an individual account, because your position is leveraged, a small move against your position may result in a
large loss. Losses may be larger than your initial deposit. Investors should carefully consider the inherent risk of such an investment in light of their
experience, objectives, financial resources and other circumstances. No representation is made regarding the suitability of commodity investments.
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