What the published work is
Everything we publish is opinion, offered for information and education. These are estimates, not facts and not forecasts. Each rests on assumptions we have chosen and stated, and a reasonable person could choose differently and arrive somewhere else.
Nothing here is advice suited to your circumstances; we do not know them. It is not an offer or a solicitation to buy or sell any security. Treat it as a starting point for your own work.
Our work goes stale
An appraisal is made on a date, from the filings available then, against a price captured then. Businesses change, statements are restated, and markets move within the hour. We republish when the work changes. We do not undertake to keep any page current.
Positions and conflicts
We invest our own capital in this market and may hold a position in any company covered here, including one we have just published on. We would not ask anyone to take seriously a view we were unwilling to fund. It remains a conflict, and you should read us knowing it exists.
No company pays us for coverage, for a rating, or for a place in it. None sees an appraisal before publication, and none has a say in what it concludes.
Advisory and investment engagements
Advisory work is done under a written agreement, on terms agreed in advance. We advise one side of a transaction, never both.
Where investors participate alongside us in the primary market, each investor invests in their own name and makes their own decision. We do not pool investor money, manage it, or take custody of anyone's cash or shares. No return is promised by anyone, at any time.
Risk
Investing carries risk, including the loss of everything committed. Primary-market and thinly-traded positions can be impossible to exit at a sensible price, or at all, for long stretches. Past performance, ours or anyone's, says less about the future than it appears to. Take independent legal, tax and financial advice before you act.
Data and accuracy
Our figures come from companies' own filings, read by us, with the source page cited wherever a number matters. Prices are taken from public market data. We check what we publish and still expect to be wrong sometimes. Report an error and we will correct it, and say that we have.
Getting in touch
Corrections, questions and disagreements are all welcome at dropmail@tenthsquareventures.com.