Disclaimer and Terms of Use

Last updated: 2026-05-15. By accessing this site or any of its research, writing, or other content you agree to the terms below. If you do not agree, do not use the site.

Not investment advice

All content on this site, including research papers, blog posts, ratios, charts, model output, ticker analysis, and any opinions expressed, is provided for general informational and educational purposes only. Nothing on this site is, or should be construed as, investment advice, financial advice, trading advice, tax advice, accounting advice, legal advice, or a recommendation, endorsement, solicitation, or offer to buy, sell, hold, short, or otherwise transact in any security, derivative, commodity, cryptocurrency, digital asset, or other financial instrument. The author is not a registered investment adviser, broker, dealer, salesperson, financial planner, accountant, tax professional, or lawyer in any jurisdiction and is not acting in any such capacity in producing or distributing this content.

Public information only

All facts, figures, prices, ratios, tickers, company information, macroeconomic data, fundamentals, charts, headlines, and other inputs used in the research on this site are sourced from publicly available information. This includes regulatory filings (10-Ks, 10-Qs, 8-Ks, Form 4s, S-1s, proxy statements, and equivalents in non-US jurisdictions), publicly accessible market data, exchange data feeds, published news, transcripts of public earnings calls, public press releases, public databases, and public APIs available to retail market participants. No material non-public information is used or intended to be used. The author does not hold any inside-information position with respect to any company discussed.

No fiduciary or advisory relationship

Accessing, reading, downloading, or referencing this site or its content does not create any adviser-client, fiduciary, agency, broker-customer, lawyer-client, accountant-client, or similar relationship between you and the author. The author owes no duty of care, suitability, best-interest, loyalty, or any other duty to any reader. Nothing on this site is tailored to your personal financial situation, risk tolerance, investment horizon, tax position, regulatory status, jurisdiction, or any other individual circumstance.

Author may hold positions

The author may now, or in the future, hold long or short positions in, derivatives on, or have any other economic or non-economic exposure to, any of the securities, sectors, themes, indices, currencies, commodities, or other instruments discussed on this site, and may increase, decrease, hedge, exit, or otherwise change these positions at any time, without notice and without updating prior writing. The author is under no obligation to disclose, update, or correct any position changes. Readers should assume the author has a financial interest in the subject matter of any piece on this site unless stated otherwise.

Forward-looking statements and opinion

Statements about the future of any market, sector, ticker, regime, macro variable, or economic outcome are forward-looking statements. They reflect the author's opinion at the time of writing and are subject to assumptions, modeling errors, data errors, and revision. Actual results may differ materially. Past performance is not indicative of, and is not a guarantee of, future results. References to specific price levels, range positions, ratios, correlations, regression statistics, or trade ideas describe what the data showed on a particular date and are not projections of what will happen next.

Do your own research

Before making any investment, trading, allocation, or related decision you should conduct your own due diligence and consult one or more licensed and independent professionals (investment adviser, broker, accountant, tax professional, attorney) qualified in your specific jurisdiction and personal circumstances. You are solely responsible for any action you take or do not take in reliance on information you find here.

Accuracy, completeness, and revisions

The author makes a good-faith effort to ensure that data, citations, and analysis are accurate as of the date of publication. However, no representation or warranty, express or implied, is made as to the accuracy, completeness, timeliness, suitability, reliability, availability, or merchantability of any information on this site. Data providers, news sources, and APIs may be inaccurate, delayed, or revised after publication. The author is under no obligation to update, correct, supplement, or retract any prior content.

No reliance, no liability

You access and use this site, its content, and any linked resources entirely at your own risk. To the maximum extent permitted by law, the author and any affiliated parties disclaim all warranties of any kind, whether express or implied, including but not limited to warranties of merchantability, fitness for a particular purpose, and non-infringement, and shall not be liable for any direct, indirect, incidental, special, consequential, exemplary, punitive, or other damages of any kind whatsoever, including but not limited to lost profits, lost capital, lost opportunities, trading losses, tax consequences, business interruption, or data loss, arising out of or in connection with the use of, or inability to use, this site or any content, even if advised of the possibility of such damages.

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Copyright and use

Original commentary, analysis, charts, tables, and code on this site are the copyright of the author. Brief, attributed quotation for personal, educational, journalistic, or research purposes is permitted. Reproduction or redistribution of substantial portions without attribution and a link back to the source is not permitted. Quotations of third-party material on this site (filings, news articles, press releases, regulatory text, etc.) are used on a fair-use / fair-dealing basis for purposes of comment, criticism, teaching, or news reporting. If you believe any content infringes your rights, contact the author and the material will be reviewed and, if appropriate, removed.

Jurisdiction and suitability

The content on this site is not directed at, and is not intended for use by, any person in any jurisdiction where its publication, use, or availability would be contrary to local law or regulation, or which would subject the author to any registration or licensing requirement. Nothing on this site is intended for distribution to, or use by, retail investors in jurisdictions that restrict access to the kind of analysis published here. You are responsible for determining whether you are legally permitted to access and act on this content in your jurisdiction.

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Changes to these terms

These terms may be updated at any time. The most current version is always at /disclaimer. Continued use of this site after any change constitutes acceptance of the revised terms.

Contact

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