Terms
Updated 14 September 2026. If you use the site, these terms apply. If they do not work for you, leave the page.
Research and investment decisions
The essays, charts, and tools are here to be read. They are not investment, tax, or legal advice, and they are not an offer to buy or sell anything. Numbers can be late or wrong. The next decision is yours.
Reading and reuse
Read the public pages. Short quotes with a link are fine. Do not republish an article in full, and do not scrape the tape into a paid product of your own. Do not present our composites as official statistics.
The server
Do not attack the server or flood the form. A polite crawler that respects robots.txt is welcome. A paid desk letter, if you have one, lives in a separate note — that note wins if it conflicts with this page.
If something breaks
The site is offered as it stands. To the extent the law allows, we are not on the hook for trading losses or lost profits from using these pages. If you paid us for a desk letter, our cap is what you paid in the last twelve months.