Disclosures and terms of use

By accessing this site, subscribing to any newsletter or feed published from it, downloading any attachment made available on it, or otherwise relying on any content found on it, you agree to the terms set out below. If you do not agree, do not use the site.

1. Nature of the content

The materials published on this site — including all written posts, spreadsheets, attachments, emails, and feeds — are bona fide publications of general and regular circulation, made available impersonally to the public. Nothing on this site is tailored to your individual financial situation, investment objectives, risk tolerance, tax position, or any other particular circumstance.

The author publishes in reliance on the publisher's exclusion from the definition of “investment adviser” under Section 202(a)(11)(D) of the Investment Advisers Act of 1940 and the standard articulated by the United States Supreme Court in Lowe v. SEC, 472 U.S. 181 (1985). The author is not a registered investment adviser, broker-dealer, futures commission merchant, commodity pool operator, or commodity trading advisor in any jurisdiction.

2. Not investment, legal, tax, or accounting advice

Nothing published on this site constitutes, or should be construed as, investment advice, legal advice, tax advice, accounting advice, or a recommendation to buy, sell, hold, or trade any security or other financial instrument. If you require advice in any of these areas, you should consult a licensed professional able to take responsibility for your specific situation.

3. No offer or solicitation

Nothing on this site constitutes an offer to sell, or a solicitation of an offer to buy, any security, financial instrument, or service in any jurisdiction. All content is provided for informational and discussion purposes only.

4. Positions and potential conflicts of interest

The author may, at any time, hold long or short positions — directly or indirectly, including through derivatives — in any of the securities, instruments, or issuers discussed on this site. Where the author holds a position in a security at the time of publication, the author will use commercially reasonable efforts to disclose that fact in or near the relevant post. The author is under no obligation to disclose subsequent changes to any position, and any disclosed position may have been closed or reversed at any time after publication without further notice.

The author may also have business, professional, or personal relationships with issuers, their officers, directors, employees, or affiliates that may constitute potential conflicts of interest.

5. No compensation for content

The author does not accept payment, securities, or any other consideration in exchange for publishing favorable or unfavorable opinions about any security, issuer, or third party. This site does not host advertising and is not sponsored. Should this ever change, all material terms of any such arrangement will be disclosed in compliance with Section 17(b) of the Securities Act of 1933.

6. Information sources and accuracy

Information on this site is drawn from sources the author believes to be reliable — typically including public filings, regulatory disclosures, news media, and paid data services — together with the author's own analysis. The author makes no representation or warranty, express or implied, as to the accuracy, completeness, timeliness, or fitness for any particular purpose of any information presented. All content is provided “AS IS” and “AS AVAILABLE” without warranty of any kind, whether express, implied, statutory, or otherwise.

7. Forward-looking statements

Posts may contain forward-looking statements — including projections, forecasts, opinions about future market conditions, and estimates of intrinsic value or future cash flows. Forward-looking statements are inherently speculative, depend on assumptions that may prove inaccurate, and should not be relied upon. Actual results may differ materially from any forward-looking statement.

8. Past performance

Past performance — whether of a security, market, strategy, model, investor, or commentator — is not indicative of future results. Any discussion of past performance should not be construed as a prediction of future performance.

9. No fiduciary, advisory, or client relationship

Reading this site, subscribing to any newsletter or feed, downloading any attachment, or corresponding with the author by email or any other means does not create an investment-advisory, brokerage, fiduciary, agency, or client relationship of any kind. The author owes no duty of care, loyalty, suitability, or best execution to any reader.

10. Your responsibility

You are solely responsible for any decisions you make in connection with, or in reliance on, anything published on this site. You should perform your own due diligence — including reading primary-source materials, building your own models, and consulting professionals who know your situation — before acting on any view expressed here.

11. Limitation of liability

To the maximum extent permitted by applicable law, in no event shall the author be liable to you or to any third party for any direct, indirect, incidental, special, consequential, exemplary, or punitive damages — including, without limitation, loss of profits, loss of revenue, loss of use, loss of data, or loss of goodwill — arising out of or in connection with your access to or use of this site, any content published on it, any attachment downloaded from it, or any reliance placed on any view expressed on it, regardless of the legal theory on which such liability is based and regardless of whether the author has been advised of the possibility of such damages.

12. Indemnification

You agree to indemnify, defend, and hold harmless the author from and against any claims, liabilities, damages, losses, costs, or expenses (including reasonable attorneys' fees) arising out of or related to your use of this site or your breach of these disclosures.

13. Jurisdiction and intended audience

The content on this site is intended for general informational purposes for an audience located in jurisdictions where its publication is lawful. It is not directed at, and the content should not be relied upon by, any person located in a jurisdiction in which such publication, distribution, or reliance would be contrary to local law or regulation. Nothing on this site is intended to be, and should not be construed as, an offer of securities to any U.S. person in violation of the Securities Act of 1933 or to any non-U.S. person in violation of any applicable non-U.S. law.

14. Email, attachments, and privacy

If you subscribe with your email address, that address is stored with the author's email service provider and used only to deliver new posts. The author does not sell, rent, or otherwise share subscriber information with third parties for marketing purposes. You may unsubscribe from any email by following the unsubscribe link contained in that email.

Spreadsheet attachments and other downloadable materials are provided for informational purposes only. They reflect the author's own assumptions and methodologies as of the date of publication, may contain errors, and may become out of date without notice. You should not rely on any model attached to any post without independent verification.

15. Modifications

The author may modify these disclosures at any time by posting a revised version on this page. The “Last updated” date above will reflect the most recent revision. Your continued use of the site following any such modification constitutes your acceptance of the modified disclosures.

16. Severability

If any provision of these disclosures is found to be unenforceable or invalid by a court of competent jurisdiction, that provision shall be limited or eliminated to the minimum extent necessary so that these disclosures shall otherwise remain in full force and effect.

17. Governing law

These disclosures, and any dispute or claim arising out of or in connection with them, the site, or any content published on it, shall be governed by and construed in accordance with the federal laws of the United States and the laws of the State of [State of residence], without regard to its conflict-of-laws principles. You and the author submit to the exclusive jurisdiction of the federal and state courts located in [County, State] for the resolution of any such dispute.

18. Contact

Questions, corrections, or concerns regarding these disclosures may be directed to hello@example.com.