Disclosures.

A holding disclosed in a note is accurate at the date of that note. It may change at any time — increased, reduced, closed or reversed — without notice, and without any announcement on this site.

The firm accepts no obligation to update a published note, to disclose a change in a position, or to tell readers when one has occurred. A note is a record of what the firm held and thought on the day it was written, not a statement of what it holds today.

Because a reader is entitled to know that the firm has money behind the argument it is making, and which way. Each note carries the disclosure at its foot rather than in a document nobody opens, and the publication record shows every note and the position held on the day it went out.

Not investment advice, not a personal recommendation, and not an offer or invitation to buy or sell any security. The firm is not authorised or regulated by the Financial Conduct Authority; its regulatory status is set out in full.