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Copyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

Wheat First Sec.MY CAREER PATHMAY DAY 1975 COMISSION DEREGULATION Our Ball Game Changes

The genesis of discount brokerage / 1975 SEC deregulation offered an opening; Schwab stepped in

We never took Schwab seriously

Copyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

OPEN CHECK BOOK DEVELOP THE DEPARTMENTCopyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

Where it all Began

Copyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.COMBINING POINT & FIGURE SUPPLY & DEMAND WITH STATISTICSCopyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

DORSEY, WRIGHT & ASSOCIATES DEBUTSJanuary 2, 1987 the doors open at Dorsey, Wright & Associates. The 28 year race is on.Copyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.NOVEMBER 2, 1987Copyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

NYSE BULLISH PERCENT SAVED USCopyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.NYSE Bullish Percent (1974 - 1997)100 100 90 90 XXXXOXO5 OXXOBO4 O80 7 OX4 9 XO3 7 X80 XO2 OXOXC1 OXOXOX5 6 8 OXXOXOXO3 XOXO XOXO9 OXOXOX3 5 XO9 3 OXO XOXO9 XOXOOXO2 OXOX8 O 70 X8 X6 XX7 AXOXAX8 2 O1 O2 4 3 O7 OX70 XOXOXOXOXOXOXOX4 XOXOXXO6 A3 O2 XOX8 1 O 5 OXA8 OXAOX5 X6 XOXOX5 5 OXO2 XO2 5 XOXAX4 XO8 OXO4 OXO9 X8 C7 XO8 OXO7 3 OX5 XO1 O1 OXO1 2 OXOX8 XOXOXOXOXOXOX9 XOXO7 9 XOXOXOXOXOC4 XO8 XOC 60 XOXOC9 XOXOXXOX6 XOXOXOXOXOXOXOXO2 OX6 X4 XOXO7 O2 7 A 60 XOXOXO XO4 OXOXOX7 XOC1 XOBO1 O6 OXO8 XOXOXOXC3 XOXOX XO1 OXACXOXOXOXOXO9 OXOX1 OXOCOXOX O1 OX8 XOXO6 AXOX XOABOXO4 OXO1 2 XOXOXOXOXOXAXOXXOXA2 OXOXA1 OBOXOO9 X9 X OXOXO3 OXO7 OXOXO2 XOXOOXOXOOX BXOXXBX6 X4 5 O8 50 XOX OX1 XOXOX3 XO3 OXOXCOXOXOX OB6 OXOXOXO9 XOX 50 XOB3 OXOCOXOX8 XOX8 XOBOX1 XOXCXOOXO4 OX OXOXOBOXOXOCXXOXOOAOXO5 8 2 OOXOXO OXOXOXOXOXOXO5 OXOXXOXOXO3 OXO8 BX 4 XOXOXO6 OXOXOXOXO5 OXOXO1 OXO1 OXO3 40 OXOXOOXOOX1 X6 XOXOXOOXOXOXOXO2 40 OXO1 OX9 XOXOXOXO8 OX2 OX5 OX OXXOXOXOBOX7 XOOXOXOXCXOXOXOXOXOXO4 8 X6 XOXOCO5 BOXOCOXOX3 XO7 OXOX30 OXOXOXOXOXOXOXOX30 OXCXOXOXOXOOXXOXOXOXBO5 OAOXOXOXOXO1 OXOXOXOXOBOXOXOXOXOXCXOX20 OXOXOXOOXO9 X20 7 XOOXOXOOX4 XOXOAOOX8 XOB10 OXOX10 9 OXO 0 0 7 7 7 7 7 7 8 8 8 8 8 8 8 8 8 8 9 9 9 9 9 9 9 9 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 I KNEW THAT DAY DWA HAD TO BE REINVENTEDCopyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

TIME TO MAKE OPTIONS THE CABBOOSE AND TECHNICAL ANALYSIS THE LOCAMOTIVECopyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

IMMIDIATELY WENT INTO THE COMMODITY RESEARCH BUSINESS. CREATED A TECHNICAL ANALYSIS COMMODITY NEWS LETTER AND SOLD IT TO

INTERSTATE SECURITIES IN GEORGIA WITHIN 48 HOURS. Copyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

WALL STREET BRINGS WRAP ACCOUNTCopyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.We begin creating technical analysis based relative strength, rules based auto-managed models for our professional clients. First model was completed for Ishares in 2002. Country Rotation Model

DWA REINVENTS AGIN MOVES WITH THE SHARKS MER, MS, WFCFIRST TECHNICAL ANALYSIS BASED ETFThe Dorsey, Wright Technical Leaders ETF, PDP starts Trading March 1, 2007. March 1, 2015 DWA has 17 ETFs Trading. Copyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.MODEL BECOMES ETF 2014Copyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.DWA First Trust Focus Five

The purpose of the First Trust Focus Five Model is to identify major themes in the market, have exposure to those sectors controlled by demand and eliminate exposure to those sectors controlled by supply. The model is designed to hone in on the strongest ETFs from its inventory . The portfolio will attempt to capture the strongest trends and avoid the weakest trends. First Trust Sector ETFs are compared to each other in order to determine inclusion. The concept used is based on a relative strength matrix of the First Trust Sector ETFs.The top five sectors are bought and are only sold when they fall sufficiently out of favor versus the other potential sectors for the portfolio on a relative strength basis. Portfolio start date 12/31/1997. 15www.dorseywright.com1011 Boulder Springs Drive, Suite 150; Richmond, VA 23225 P: 804.320.8511A New Age, New Wage, WarTom DorseyCopyright 1995-2014 Dorsey, Wright & Associates, LLC.Battle lines have been drawn between financial advisors and financial programs, and the need to articulate meaningful value today remains clear and present.EVOLUTION OF STATE OF THE ART INFORMATIONCopyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

1920

19752015

2030 ?INDUSTRIALIZATION

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DIVISION OF LABOR

INDUSTRIALIZATION

ETHIOPIA JOINS THE INDUSTRIAL WORLDThe Evolution of ExchangesCopyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

Merrill Lynch Training 1975Copyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

MY VISION 10 YEARS AGOEVERYTHING WILL GO MOBILE

Copyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

Comparing Price At An Instant

Copyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

Watson will be taking your calls nowCopyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

Copyright 1995-2014 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

The more things change

A march toward efficiency is a natural byproduct of capitalismThis is nothing new for the US economy, or the financial services industry in particular.

Mutual Funds vs ETFsA Natural Evolution of US Market ShareSource: Dr. Theodore Modis As US Mutual Fund total asset growth reach maturity, the trajectory of asset growth in ETFs offers a different projection.Copyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

Wall Street Moved To The Other CoastCopyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

Wall Street NY. To California St. San FranciscoCopyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

The New Wall StreetCopyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

Copyright 1995-2014 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.THE COMMODITIZATION OF THE STRATEGIC ADVICE (MPT) INDUSTRYIS NO DIFFERENT THAN CHANGE ELSEWHERE WITHIN THE ECONOMY

The process begun many years ago in1975 and it will not stop moving forward.

VSThe Wake Up Call

MPT 1.25%+ $1,000,000 Account = $12,500MPT - 0Copyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public."For individual advisors to survive and thrive, it will become more necessary than ever to gain further expertise, specialize, establish niches, and create ways to differentiate themselves from the new low-cost financial planning indexing Vanguard solution. "

Source: www.riabiz.comHow Vanguard Group's robo-countering effort got to $1.3 billion of AUM so easily and why its future seems bright

ROBO MEETS HUMANCopyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

Betterment/RIAMan & Machines Come TogetherCopyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

Copyright 1995-2014 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.Vanguard Personal Advisor Services (VPAS)

30 bpsFighting Back

Copyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.RELATIVE STRENGTH/MomentumCopyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

Supply & DemandMarket/Sectors/StocksThe Peoples StrategyCopyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

Tata Motors answer tothe Peoples Car

Top 5 Best Funds Quarter Repeat Every Quarter 14 Years. +182% vs 75% SPX Last 6 Month Best +267% vs 75% Last 9 Month Best +249% vs 75% Last12Month Best +155% vs 75%

Question: Would a DWA Matrix based model do any better? Answer: YesUsing DWA 401k options at Fidelity buying the top 5 in the matrix and holdfor an entire quarter then repeat the process, the result is +529%

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The transmutation of common metals into goldALCHEMYCopyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

Copyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

Copyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.10/15/2000 to02/27/2015YTDCurr Value$ Change% Change$ Change% ChangeSML - S&P 600 Small Cap Index712.84507.13246.53%17.762.56%SPX S & P 500 Index2110.74

736.6453.61%51.842.52%SPXEWI S&P Equal Dollar Weighted Index3336.47

2199.16193.37%85.432.63%RPV Guggenheim S&P 500 Pure Value ETF55.35

39.99260.23%0.390.71%RPG Guggenheim S&P 500 Pure Growth ETF83.33

44.57115.00%3.814.79%PEOPLESPORT People's Portfolio1388181.72

1039614.51298.25%35544.262.63%MAJOR CHANGE OCTOBER 2000 LASTS 14 YEARSCopyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.03/22/2007 to03/22/2015YTDCurr Value$ Change% Change$ Change% ChangePEOPLESPORT - People's Portfolio1390420.18763860.84121.91%37782.722.79%MID S&P 400 Midcap Index1539.61

686.1780.40%87.176.00%SML S&P 600 Small Cap Index727.24

312.6875.42%32.164.63%SPX S & P 500 Index2108.06

673.5246.95%49.162.39%RSP Guggenheim S&P 500 Equal Weight ETF82.15

33.1067.48%2.102.62%RUT Russell 2000 Index1266.35

458.3056.72%61.655.12%People's PortfolioPEOPLESPORT03/22/2007 - 03/22/2015

Copyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

Copyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

ETF ALCHEME COMBINING ETFS TO ACHIEVE ONE GOALCopyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.

"People don't want to buy a quarter-inch drill. They want a quarter-inch hole!

- Theodore Levitt

VS.The Hole vs. The DrillCopyright 1995-2014 Dorsey, Wright & Associates, LLC.19872014Copyright 1995-2013 Dorsey, Wright & Associates, LLC. For Financial Professional Use Only. Not For Use With The Public.