Disclosures

No advisory relationship

2 Comma Investor (@2commainvestor) is not a registered investment adviser, broker-dealer, or financial analyst, and is not registered with the SEC, FINRA, or any state securities regulator. No fiduciary relationship is created by reading this site, downloading a report, following the Twitter account, or contacting the author.

Nothing published here takes into account your individual financial situation, investment objectives, time horizon, tax position, or risk tolerance. A report that suits one reader may be entirely wrong for another. Consult a licensed financial professional before making any investment decision.

What a "rating" and a "price target" actually mean here

The ratings and price targets on this site borrow the format of sell-side research because the format is useful, not because it carries the same institutional weight. They are one person's opinion, published openly so it can be judged. Specifically:

• A price target is not a prediction. It is the output of a stated model with stated assumptions. If the assumptions are wrong, the target is wrong.
• Scenario weights are subjective. When a report says a bear case carries 25% probability, that number is a judgment, not a measurement.
• Reference prices are historical. Every call is stamped with the price it was made at. That price is stale the moment it publishes.
• Ratings are not maintained continuously. Unlike a covering analyst at a bank, I do not promise to update, downgrade, or withdraw a rating on any schedule. A report reflects a view on its publication date only.

Position disclosure

The author may hold, and may from time to time initiate, add to, reduce, or close, a position in any security discussed on this site or on the associated Twitter account — including positions that are inconsistent with a published view, and including at times before, during, or after publication.

Where a specific position exists at the time of writing, it is stated in that report. Assume that publishing a report and holding the stock can coincide, and weigh the analysis accordingly.

No compensation from covered companies

2 Comma Investor does not accept payment, securities, or other consideration from any company in exchange for coverage, for a rating, or for a favourable view. There is no investment banking, advisory, consulting, or business relationship with any company covered.

The site does not currently display advertising — see Advertising. If that ever changes, advertisers will have no input into what is covered or what a report concludes, and no ability to review a report before publication.

Sources and accuracy

Reports draw on company filings, earnings call transcripts, investor presentations, and third-party market data and consensus estimates. Third-party figures have not been independently verified and may be wrong, stale, or revised. Sources are listed in each report so you can check the work yourself. If you find an error, say so — corrections get made and noted.

Forward-looking statements

Reports contain forward-looking statements, including estimates, projections, price targets, scenario weights, and probability assessments. These are opinions based on information believed reliable at the publication date. They are not guarantees of future performance. Actual results will differ, potentially materially. Past performance does not indicate future results.

Risk

Investing in equities involves substantial risk, including the risk of losing your entire investment. Individual stocks can and do go to zero. Concentration increases that risk. Nothing on this site should be read as a suggestion that any security is safe, suitable, or appropriate for you.

Contact and corrections

Corrections, errors, and disagreements are welcome via @2commainvestor.