Investment Commentary

2018 Fourth Quarter Investor Letter

January 3, 2019

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Pelican Bay Capital Management (PBCM) is Moran Wealth Management® (MWM) an SEC registered investment adviser located in Naples, Florida. Registration as an investment adviser does not imply a certain level of skill or training. The publication of PCBM’s web site on the Internet should not be construed by any consumer or prospective client as MWM’s solicitation or attempt to effect transactions in securities, or the rendering of personalized investment advice over the Internet.

A copy of MWM’s current written disclosure statement as set forth on Form ADV, discussing MWM’s business operations, services, and fees is available from MWM upon written request. MWM does not make any representations as to the accuracy, timeliness, suitability or completeness of any information prepared by any unaffiliated third party, whether linked to or incorporated herein. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

Results displayed herein prior to 12/31/2022 were achieved under a different firm prior to being acquired by Moran Wealth Management. The accounts managed at the predecessor firm were, however, achieved by the same personnel and were managed substantially similar to the accounts managed at Moran Wealth Management.

We are neither your attorneys nor your accountants and no portion of this material should be interpreted by you as legal, accounting or tax advice. We recommend that you seek the advice of a qualified attorney and accountant.

The Representatives of Moran Wealth Management® are also securities licensed by several states with B/D, an independent broker-dealer. Member NASD/SIPC.

Moran Wealth Management® is a separate entity and not affiliated with any other entity or practice that uses the same name.

ACCESS TO THIS WEB SITE IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND WITHOUT ANY WARRANTIES, EXPRESSED OR IMPLIED, REGARDING THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS OBTAINED FROM ANY INFORMATION POSTED ON THIS WEB SITE OR ANY THIRD-PARTY WEB SITE LINKED TO THIS WEB SITE.

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