Disclaimer/copyright notice


This weblog and its contents represent a non-commercial activity of its owner. Nothing herein contained is to be interpreted as “investment advice” as defined by the relevant regulations in the jurisdiction to which you are subject. Should there be any regulation applicable to you that would make it illegal for you to take notice of any of the content of this weblog, it is your entire responsibility to avert your eyes whenever necessary.

If anything written on this website leads you to believe that it represents a specific forecast on future market movements, assume that you are completely mistaken. If the author actually had any meaningful short-term forecasting skills, he would sell such information at an outrageous price and not make it available on a freely accessible website.

The author of this weblog pursues a separate, commercial activity consulting for a number of institutional investors. No client is in any way responsible for the content of this website. It does not necessarily represent their opinions. There might appear to be, from time to time, potential conflicts of interest between the pursuit of the commercial activity and this weblog, but since this website does not provide investment advice, there are actually no possible consequences of such conflicts, even if they should exist. Note that the mention of any specific product or firm in this weblog neither represents a recommendation nor a warning on the quality or lack thereof of such product or firm but is provided simply as an illustration in the context of a specific discussion. The author may have positions, either long or short, in any product or security mentioned in this weblog.

By reading and/or printing any part of this weblog, you acknowledge that the author of this weblog has no fiduciary responsibility towards you. You further acknowledge that the author reserves the right to change his opinions at any time without any obligation to announce this fact or to change any previous entries in this weblog to reflect that change of mind.

If you use any external links, you will leave this website and visit another website whose content is outside the control of the author of this website. The existence of the link does not constitute an endorsement of that outside website or of any of its contents.


Creative Commons Licence
The contents of this weblog are licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License. Where applicable, third party copyrights are acknowledged. Many users of the web are notoriously “relaxed” about other people’s intellectual property rights but, if necessary, the author of this website intends to defend his rights quite vigorously.

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