Disclaimer: This web site contains my own personal opinions and not those of my employer. My opinions will probably change over time as the environment changes and I reconsider my views in the light of those changes. Do not assume that something I wrote two years ago is still valid; the world moves quickly.

I do my best to keep my information accurate and up-to-date but both I and those third parties who supply me with opinion, information and data may sometimes make mistakes or come to the wrong conclusions. Be aware of that. Be aware also that I will not be held liable for any loss or injury that you suffer as a result, direct or indirect, of reading this web site. Everything on this web site, absolutely everything, is provided “as is” with no warranties or guarantees of any kind. It does not confer on you, the reader, any rights of any kind.

What it boils down to is this: you’re on your own. If you’re interested in something I write, that’s great, but don’t rely on that without conducting your own research. This is just common sense. It’s a big and unforgiving world out there, so you owe it to yourself to be careful. In particular, investing in individual stocks is a risky business even for professionals. If you have doubts, don’t do it. Historical investment performance may not reflect future performance.

On the positive side, be assured that I’m a straight arrow. I own no positions in any of the stocks I discuss, unless I explicitly say so. You don’t have to worry about me being influenced by a fat bonus from the investment banking business, because I don’t have an investment banking business. I say what I mean. If I like a stock, it’s genuine. If I dislike a stock you can be sure the feeling is real. So you can take some comfort in that. Not a lot, perhaps, but there you go.