Disclaimer & Legal

General

Content published by Seeking Edge Investment LLC (“Seeking Edge”, “we”, “us”) is for informational and educational purposes only. Nothing on this website constitutes investment advice, a recommendation, or a solicitation to buy, sell or hold any security, derivative or financial instrument, and nothing should be read as a guarantee of any outcome.

Research views are unsized and carry no target

A research note may state a view such as “underweight”. That is a research conclusion about what a price requires, published with the observables that would change it. It is not sized, it carries no price target unless one is explicitly stated, and it is not a recommendation to any reader. Where a note publishes required growth rates or value grids, those are diagnostics of the assumptions, not forecasts.

Personal positions

Personnel of Seeking Edge Investment LLC may hold, or may have held, positions in securities discussed on this site or in research delivered to clients, in personal accounts, including derivative positions. Where a research note discusses a specific security, the note states the position relationship separately from the research view. Positions are not sized off the research, the research is not a trade record, and no trading outcome is offered as evidence for or against any view.

Not a registered investment adviser

Seeking Edge Investment LLC is not registered as an investment adviser, broker-dealer or commodity trading advisor with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Commodity Futures Trading Commission, or any state or international regulator. We do not manage money, execute trades for others, or hold client assets.

Hypothetical and backtested figures

Every performance figure on this website is hypothetical. The quant lab's long-short figures come from a walk-forward backtest with no execution costs; the options figures come from a forward Monte Carlo simulation and have never been backtested. None represents actual trading. Hypothetical results have inherent limitations:

• •No representation is made that any account will or is likely to achieve results similar to those shown.
• •Backtests are prepared with hindsight and do not reflect actual decisions, market impact, liquidity or financing.
• •There are frequently sharp differences between hypothetical performance and results subsequently achieved by any trading programme.
• •Past performance, hypothetical or actual, is not indicative of future results. The quantitative programme on this site is retired; its figures are historical.

Model outputs are not forecasts

Estimates, scores, tiers and similar figures are mathematical outputs of statistical models or ordinal judgments on a stated rubric. They are not predictions, forecasts or probabilities of return. They may be inaccurate, incomplete, or rest on assumptions that do not hold.

Execution costs and slippage

Where a module includes estimated costs, the Methodology page says which module and which costs. Actual execution costs vary with market conditions, order size, timing, commissions, fees, market impact and slippage, and no module accounts for all of them or for tax.

Options risk

Options involve substantial risk and are not suitable for all investors. Options can expire worthless, with total loss of premium; writing options can expose you to unlimited loss. Before trading options read the “Characteristics and Risks of Standardized Options” published by the Options Clearing Corporation at theocc.com. Options structures shown on this site are hypothetical model outputs, not recommendations.

No guarantee of accuracy

We try to be accurate and we publish our corrections, but we do not warrant that any information is complete, accurate, current or timely. Sources may contain errors; figures are point-in-time. Everything is provided “as is”.

Limitation of liability and indemnification

To the fullest extent permitted by law, Seeking Edge Investment LLC and its members shall not be liable for any direct, indirect, incidental, special, consequential or punitive damages arising from use of or reliance on this website. By using it you agree to indemnify and hold harmless Seeking Edge Investment LLC from claims arising from your use of the information or from investment decisions you make.

Third-party content

The site links to and cites third-party sources (filings, transcripts, exchange bulletins, press). We do not guarantee their accuracy and they are subject to their own terms.

Governing law

This disclaimer and your use of the website are governed by the laws of the State of New York. Disputes shall be resolved in the courts located in New York County, New York.