LEGAL
Legal Disclaimer
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This Legal Disclaimer forms part of our Terms of Use. By accessing, downloading or reading any research on this website, you agree to it. If you have obtained M Squared Cap LLC research in any manner other than by download from this website, you may not read such research without visiting this website and agreeing to the Terms of Use.
01
Research, not advice
M Squared Cap LLC (“M Squared Capital,” “we”) publishes independent research on retail and consumer companies. Our reports, postmortems, financial models and other content are for informational purposes only. They are general and impersonal. They do not take into account your investment objectives, financial situation or needs. Nothing we publish is an offer or solicitation to buy or sell any security, or a recommendation that any particular person buy, sell or hold any security.
02
Regulatory status
M Squared Cap LLC is not registered with the SEC or any state as an investment adviser, and is not a registered broker-dealer or accounting firm. We publish our research on a regular basis and make it available on the same terms to anyone who subscribes. We do not give individual advice, and do not answer questions about whether a particular security is suitable for you.
03
Do your own work
You use our research at your own risk. Before making any investment decision, do your own research and due diligence, and consult your own financial, legal and tax advisers. Investing in securities involves risk, including the loss of your investment. The results of past calls, including those discussed in our Immediate Call Postmortems, do not guarantee future results.
04
Our positions and trading
Each report states whether, as of its publication date, M Squared Cap LLC or its members hold a long or short position, including options, in the securities it discusses. Positions may change after publication. M Squared Cap LLC and its members do not buy or sell a covered security from [2] trading days before until [2] trading days after a report on it is published. We do not take a position contrary to a view expressed in a report while that view remains current. [M Squared Cap LLC does not manage money for clients or outside investors.] Reports published before [LAUNCH DATE] are covered by the disclosure in effect when they were published.
05
Who pays us
We are paid by our subscribers. We do not accept payment or other compensation from the companies we write about, or from anyone else, to publish research or to express a view on any security.
06
Sources
Our research is based on public information, such as company filings, earnings calls and press releases, and on our own primary research [such as store visits, product and pricing checks, and conversations with industry participants]. We believe our sources are reliable, but we do not independently verify all information and do not guarantee that it is accurate or complete. We do not seek, and will not knowingly use, material non-public information.
07
Opinions and forward-looking statements
Our research contains opinions, estimates and forward-looking statements, including financial models and projections. They reflect our judgment on the date of publication, rest on assumptions that may prove wrong, and may change without notice. We have no obligation to update any report or model after publication.
08
No warranty; limitation of liability
All content is provided “as is,” without warranty of any kind, express or implied. To the fullest extent allowed by law, neither M Squared Cap LLC nor its members, employees or affiliates are liable for any direct or indirect trading losses or other damages arising from your use of this website or our research. [Any claim must be brought within one year after it arises.] Our Terms of Use set out the full limitation of liability.
09
Copyright
All research, reports, financial models and other content on this website are the property of M Squared Cap LLC and are protected by copyright. Subscriber content is licensed for the personal use of the individual subscriber only. You may not copy, forward, post, resell or otherwise redistribute any report, model or subscriber-only content, in whole or in part, without our written permission. You may share a link to a page on this website.
10
Company names and links
Company names, tickers and trademarks belong to their owners and are used only to identify the companies we discuss. Links to other websites are for convenience; we are not responsible for their content.
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Jurisdiction
Our research is not directed at anyone in a jurisdiction where its publication or use would be unlawful. This Legal Disclaimer is governed by the laws of the State of New York, as set out in our Terms of Use.
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