disclaimer

General information only

The content on this site, in our newsletter and in our community ("our content") is general information for research and educational purposes. It is impersonal and is not tailored to the investment needs, objectives or circumstances of any particular person. Nothing in our content is investment, financial, legal, tax or accounting advice, and nothing in it is a recommendation that any security, portfolio, transaction or strategy is suitable for you.

No adviser relationship, no registration

Practical Wisdom is not registered with any securities or derivatives regulator as an adviser, dealer, broker, portfolio manager or investment fund manager. Reading, subscribing to or paying for our content does not create an adviser–client, fiduciary or other professional relationship between you and us. We do not manage money for others, accept client assets, or offer investment products.

Not an offer

Nothing in our content is an offer to sell, or a solicitation of an offer to buy, any security or financial product. Our content is not directed at any person in any jurisdiction where its publication or availability would be unlawful.

Our positions and conflicts of interest

• We trade our own capital, mostly through systematic strategies that follow fixed rules. As a result, we may hold positions in, or trade, securities that our content mentions, at any time, including after publication.
• When a post discusses a specific security, it states whether we held a position in it at the time of writing.
• Discretionary (manual) trading in securities we write about follows the blackout in ourcode of conduct.
• We do not accept payment, or anything of value, from any issuer, promoter or third party to write about a security.

Hypothetical and backtested results

Much of our research reports simulated (backtested) results. Please read the following carefully.

Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Since the trades have not actually been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown.

We describe our testing methods in our research, including how we try to remove hindsight from them. Results we call "live" come only from real trading, and we label every result as one or the other.

The dashboard on the home page

The terminal dashboard on the home page is a simulation for illustration. Its names, forecasts, decisions, trade counts and cash figures are generated in your browser. They are not live trades, not our positions, and not our performance.

Past performance and forward-looking statements

Past performance, whether actual or simulated, is not indicative of future results. Statements about future expectations, estimates or plans are forward-looking. They involve risks and uncertainties, and actual results may differ materially.

Risk

Trading and investing involve substantial risk of loss and are not suitable for everyone. Short selling can produce losses greater than the amount invested. Use only money you can afford to lose. Before acting on anything you read here, do your own research and consult a qualified, registered professional who knows your circumstances.

Accuracy, data and AI

Our content relies on market data and other information from third parties that we believe to be reliable, but we do not guarantee its accuracy, completeness or timeliness. We use AI extensively in research, coding and writing. Every number we publish is checked against its source, and a person approves everything before it is published. Our content reflects our views at the time of writing, and we are under no obligation to update it. Links to third-party sites are provided for convenience; we are not responsible for their content.

Liability

Our content is provided "as is", without warranty of any kind. To the fullest extent permitted by law,Practical Wisdom is not liable for any loss or damage, including trading losses, arising from your use of, or reliance on, our content. See also our terms.

Questions: team@practical-wisdom.org